Pag. 4 Pag. 5 Pag. 8 Pag. 10 Pag. 11economic FXOWXU opinie sport eveniment

([SR]LLDHOHYLORU/LFHXOXLGH$UW

7RSXOUPHORUGLQvQYPkQW

0DLPXOWLVDXPDLSXLQGHFkWQRUPDO

0HPRULDOXOXL$QWUHQRULORUODOXSWH

=LXDGDVFOXOXLWUDQVLOYQHDQ

director fondator Aurelian GRAMA

in curs de auditare BRAT

ZZZ]LGH]LUR

RSDUWHGLQYLDDWD7J0XUH5HJKLQ6LJKLRDUD

Meteo Curs valutar

7kUJX0XUHNOAPTEA

40C0C0C0C0C

Reghin

6LJKLRDUD/XGX7kUQYHQL

1 eur ron1 usd ron

ron1 gr. aurZIUA170C

0LHUFXULRFWRPEULHAnul VIII, nr. 2067

SDJLQL

Adresa redactiei

Abonamente

6WU3ULPULHLQU7kUJX0XUH7HOredactia@zi-de-zi.ropublicitate@zi-de-zi.ro

3HQWUXDERQDPHQWHvLVWPODGLVSR]LLHODVHGLXOUHGDFLHLVDXODtelefon

WWW.ZI-DE-ZI.ROntrebarea zilei La ntrebarea de ieri

2ELQXLLVFRQVXPDLPHUHvQHFDUHVSWPkQ"

5VSXQVXULOHYRDVWUHDXIRVW

DA NU

9DLGHSODVDSkQvQDOWRUDGRDUSHQWUXa vedea un spectacol de teatru?

Declaratia zilei

0LUFHD0DUL

1HPXOXPLULOHVXQWIRDUWHPXOWHDFXPFXVFKLPEDUHDSULPDUXOXLLWUHEXLHVvQFHSHPFXFHHPDLXUJHQWvQIXQFLHGHFkWQHSHUPLWUHLEXJHWXO

S T I R Iinteresante

-DJHUPHLVWHU GLQ SDUWHDFDVHLOD00'6=3DUW\-RL RFWRPEULH VH YD OVDcu party n JazznBlues Club, MMDSZ Partz Autumn Jam. 6WXGHQLL VXQW DWHSWDL ODGLVWUDFLH FX FkWH XQ VKRW GHJagermeister din partea casei. $WPRVIHU EXQ EXWXUL LHIWLQHLPX]LFPL[DWGH'M5LERL'M6XUSULVH%LOHWXOGHLQWUDUHYDOHL3HQWUXGHWDOLL VDX UH]HUYUL0724 400 322. (B.R.)

6]FpQD3DUW\OD%XOJDNRYYLQHULDepp House, Electronic, New Disco, Minimal, Am-bient, Dubstep sau Future *DUDJH VXQW GRDU FkWHYD GLQULWPXULOH FH YRU EXEXL YLQHULseara, ncepnd cu ora 22, la %XOJDNRY SH 6WUDGD 5HYROX-WLHL QU GLQ 7kUJX0XUH6H DQXQ GHFL XQ SDUW\ SHcinste pentru iubitorii muzi-FLL HOHFWURQLFH /LQHXSXO YDIL DVLJXUDW GH 'M *RUDQJD70DV&KLRQJKHHL:5.,Q-WUDUHDYDILOHL(B.R.)

&ULQRLSXEOLFDWHGHHGLWXUDOD$UGHDOXOn aceste zile, la editura Ar-GHDOXO VH OXFUHD] OD SDWUX FULFDUH YRU SXEOLFDWH vQ FXUkQG$FHVWHD VXQW 5RQGHOXULGH ,RQ+RUHD )LOR]RD SULPHORU VHFROHFUHWLQH DFDGHPLFLDQ *KHRUJKH9OGXHVFX 5HWRULFD RJOLQ]LORUYROXPGHSRH]LHGH,XOLDQ%ROGHDL0HODQFROLLvQIRUPFRQWLQXDWGH.RFVLV)UDQFLVNRQHDLQIRUPDWEugeniu Nistor, directorul editurii. 9ROXPHOHYRUODQVDWHSUREDELOFXRFD]LD FRQIHULQHL &RPXQLFDUHFRQWH[WLQWHUFXOWXUDOLWDWHGLQ23 noiembrie. (V.C.)

OHL

3ULPDUXO'RULQ)ORUHDDDQXQDWDVHDUOD5HDOLWDWHD79FYDFDQGLGDSHQWUXSRVWXOGHVHQDWRU3'/)ORUHDDGDWYLQDSHWkUJXPXUHHQLLLDDFX]DWGHSDVLYLWDWHvQOXSWDSHFDUHHORGGHDQLFXSROLWLFLHQLLJQRUDQL1XPUXO GRL GLQSDUWLGXO OXL9DVLOH%ODJD OD WULPLV SH)UXQGD VPDL vQYHHSkQ FkQGYDDMXQJHODQLYHOXOVXFXOWXUDOLQWHOHFWXDOLSkQVOGHSHDVFSHYLFHSULPDUXOVXGHVXHW&VHJ]L6DQGRU$XFRQWLQXDWDSUHFLHULOHODDGUHVDYLLWRUXOXLFDQGLGDWOD3ULPULD7kUJX0XUH&ODXGLX0DLRU3HQDOSULPDUXOvQFvQIXQFLHDDWDFDWGXUSDWURQDWXOHOYHLDQGHOD$]RPXUHLLDFKHPDWSHFHWHQLODRGHPRQVWUDLHvPSRWULYDSROXULL$XIRVWFRQUPDLL6WURLDQ%DDLIRVWXOSULPDUGHOD/XGXFDLFDQGLGDLODDOHJHULOHGLQGHFHPEULH

Editorial

(DWkWGHJUHXVVSXLPXOXPHVF"0LKDL9(5(

$ IRVW XQ QDO GH VSWPkQIHULFLWSHQWUXEDVFKHWXOPXUHHDQGLVFLSOLQ GHYHQLW WRW PDLSRSXODU OD 7kUJX0XUH %LHLLGHOD%&0XUHDXUHSHWDWLVSUDYDGLQHGLLDWUHFXWvQYLQJkQGvQGH-SODVDUH FDPSLRDQD &68 3ORLHWL)HWHOH GH OD1RYD 9LWD DX RELQXWSULPDYLFWRULHvQHWDSDD9DGXSR YLFWRULH PXQFLW FX DWkW PDLIUXPRDV OD %UDRY $FHVWHD GLQSFDWHQXVXQWVXFLHQWVXVLQXWHQLFL QDQFLDU QLFL GH VXSRUWHULSUH]HQLvQQXPUSUHDPLFvQVDO7RW GLQSFDWH DFHDVWDQX WLX VSLDUG &ULWLFLOH OD DGUHVD HFKLSHLFDUH D UHXLW GRDU FkWH VDX puncte n trei dintre sferturile par-tidei au fost atacate, iar echipa n-a WLXW VPXOXPHDVFPLFLL JDOHULLFDUHDvQFXUDMDWRSkQODQDOLQ-diferent de rezultat. Personal, am VFULV FX GXUHUH vQ VXHW FURQLFDOHDP IRVW DOWXUL DP VSHFLFDWDWXQFLFkQGDPFRQVWDWDWFDIRVW

QHGUHSWLW FKLDU vQ FD]XO XQRUnfrngeri categorice. Suporterii DSUHFLD] GDF YG F HFKLSD SHFDUHRVXVLQGWRWXOvQWHUHQFKL-DUGDF UH]XOWDWXO OH HVWHQHIDYRU-DELO 8Q OXFUX GH vQYDW vQDLQWHGH QHDFFHSWDUHD FULWLFLORU $PYHQLW V vQFXUDMH]HFKLSDFXVXHtul, o fac atunci cnd pot pentru WRDWH FHOH FDUH UHSUH]LQW RUDXO$P WLPS vPL SODFH VSRUWXO LPEXFXU F DYHP DWkWHD HFKLSH vQRUD1XDWHSWQLPLFSHQWUXDVWDDPFHPLWUHEXLH&UHGWRWXLFXQsalut din partea echipei pe care am VXVLQXWRIUVLUHSURPGDFDMXFDWXQHRULVODEPHULWDPLQRLPL VD GHVWLQXLW XQXO GLQWUH VX-SRUWHUL3HDFHVWDvOYGvQPDMRUL-WDWHD JUXSXULORU FDUH vQFXUDMHD]HFKLSHOH WkUJXPXUHHQH L LDPdat dreptate. Este o atitudine a XQXLRPFDUHVDUPXOXPLWLFXXQPXOXPHVF(VWHFKLDUDWkWGHJUHX"

7ULRXOFDUH$5'HWkUJXO)ORUHD3DFDQ2SULFDQ

9LFWRULHDQXODWSHQWUX)&0Rndurile ligilor inferioare de fotbal VH UUHVF Y]kQG FX RFKLL 8OWLPDYLFWLP HVWH GLYL]LRQDUD VHFXQG9RLQD 6LELX $FHDVWD GXS XQ DQSHWUHFXWSHSULPDVFHQDUHWURJUD-GDWLDDYXWXQVWDUWH]LWDQWvQOLJDVHFXQG'XSGRDUDSWHHWDSHvQFDUH DX RELQXW GRX YLFWRULL L XQrezultat de egalitate, conducerea VLELHQLORUDGHFLVVUHWUDJHFKLSD0DP VWXUDW V WRW FHUHVF EDQLSHQWUX HFKLS -XFWRULL DX VDODUL-LOH QHDFKLWDWH FX VLJXUDQ XUPDXV GHSXQ PHPRULL SHQWUX D GH-YHQL OLEHULGHFRQWUDFW%DUHPXOGHDUELWUDMSHQWUXPHFLXOFX)&$UJHQX ODP SOWLW 0DUL YRP WULPLWHDGUHVDRFLDOOD)5)LDUPLHUFXULELHLLvLYRUSULPLGH]OHJULOH$VW-IHOOHIDFHPLORUXQELQHGHYLQOL-EHULGHFRQWUDFWLvLYRUSXWHDJVLDOWHHFKLSHDIRVWGHFODUDLDERPED SUHHGLQWHOXL FOXEXOXL ,RDQ+PEDQ DSUXW SH WRDWH VLWHXULOHGHVSHFLDOLWDWH$VWIHOMRFXOGHOD7kUJX0XUHGHVvPEWFkWLJDWFXWUXGGHFWUHPXUHHQLFXVFRUXOGHDIRVWXOWLPXODO DOEYHU]LORUConform regulamentului, deoarece

echipa nu ncheie turul campionatu-OXLDFHVWDYDDQXODWODIHOFDWRDWHFHOHODOWH VXVLQXWH GH FWUH VLELHQL$VWIHO YDFUHWHQXPUXOHFKLSHORUFDUH VWDX vQ HWDSHOH FDUH XUPHD])HGHUDLD5RPkQGH)RWEDOL/LJD3URIHVLRQLVWDUWUHEXLVVWHDLVJkQGHDVFPDLELQHvQDLQWHDVWDUWX-OXLXQHLHGLLLPDLDOHVGDF LQHPFRQWFDFHDVWDSRUQHDGLQVWDUWFXRHFKLSIUDGYHUVDULRDOWDFDUHVH WLD FQX YDSRUQL OD GUXP)&7LPLRDUD &HOH FkWHYD DEDQGRQXULOD QLYHOXO HDORDQHORU L YRU XUPDWHSUREDELOGHDOWHOHLFDPSLR-QDWHOH YRU DMXQJH OD GLPHQVLXQLOHXQRUJUXSHGHFDOLFDUH

0LKDL9(5(

2 1901717 octombrie 2012

facebook.com/zidezi

6WLPDLWkUJXPXUHHQL'HFkQGVXQWSULPDUXOPXQLFLSLXOXL7kUJX0XUHPLDPDVXPDWFXEXQFUHGLQLUHVSHFWUHODLDFXGXPQHDYRDVWUDFFHQWXkQGGLDORJXOLvQFUHGHUHD0DPGHFODUDW LP GHFODUPXOXPLW GH IDSWXO F URPkQL LPDJKLDUL vQ HJDOPVXUDL vQHOHVVWUGDQLDPHDvQDSUDUHDLQWHUHVHORURUDXOXLLPFRQVLGHUUVSOWLWSHQWUXFDPGHVFRSHULWRDGRXDSDVLXQHSHQWUXDGPLQLVWUDLDSXEOLFLDUDSUHFLHUHDGXPQHDYRDVWUDYHQLWVFHUWLFHDFHVWOXFUX$P OXSWDW vPSUHXQ L DP UHXLW V FUHPXQ FOLPDW FRUHFW L RQHVW VXEVXPDWYDORULORULGHQWLWDUHFRPXQHLDEVROXWGLIHULWIDGHEOD]DUHDSDVLYLWDWHDOLSVDGHvQFUHGHUHGHUHSHUHLFHUWLWXGLQLGHFLUFULDJHQHUDOL]DWODFDUHDVLVWPGHDWPRVIHUDYLWULRODWLvPEkFVLWGHUXWLLXUDXQRUSROLWLFLHQLPHGLRFUL FHDXFRQVFDWVSDLXOSXEOLFURPkQHVF0DPVWUGXLWWRWWLPSXOVGHPRQVWUH]FSROLWLFDQXvQVHDPQREU]QLFLDVDXPRMLFLDGHD]L&RQVWDWPvQVFXPXQLLUPkQWULEXWDULYRWXOXLGDWFXXXULQFKLDULQFRQWLHQ6HSDUHFQLFLGXSGHDQLQXQHDPYLQGHFDWGHPRGXOMDOQLFvQFDUHXQLLSROLWLFLHQLFXPSUXQYRWLHIWLQ6XQWRDPHQLIUVROXLLLIUYL]LXQHFDUHSULQSRSXOLVPLGHPDJRJLHIDFGLQFRQGXFHUHD5RPkQLHLXQH[SHULPHQWLQLPDJLQDELOODFDUHQXWUHEXLHVPSUWDL9VFULXSHQWUXDYFHUHR5($&,(ODDFHDVWVLWXDLHGHIDSWFDUHDGXV5RPkQLDvQSUDJXOFHOHLPDLJUDYHHWDSHLVWRULFHvQWUR(XURSvQFDUHQXQHPDLUHJVLPLGLQFDUHULVFPVPH[FOXLGLQFDX]DLVWHULHLVXSHUFLDOLWLLLLPDJLQLLKDOXFLQDQWHDPHGLXOXLWR[LFSULPLWLYLFRQWUDSURGXFWLYSHFDUHRRIHULP9H[SXQDFHVWHJkQGXULFXvQJULMRUDUHvQWURSHULRDGGHPHGLWDLHDVXSUDOXFUXULORUFXDGHYUDWLPSRUWDQWHSHFDUHWUHEXLHVOHvQISWXLPFKHPkQGXYODGLDORJL VROLFLWkQGXY VSULMLQXO vQ D FRQVWUXL YLLWRUXO7vUJX0XUHXOXL SULQ VXVLQHUHDSURLHFWHORURUDXOXLDWkWSHFHOHDDWHvQGHUXODUHFkWLSHFHOHGHODUJDQYHUJXUSUHFRQL]DWHSHQWUXSHULRDGDDQLORU&RQVWDWFXDPUFLXQHFQLFLRGDWQXDH[LVWDWXQPHGLXPDLRVWLOPDLDSOHFDWVSUHXULU]EXQDUHvQEORFDUHDORUvQGHWULPHQWXOXUEHLLDOFHWHQLORUVL6XQWPRWLYHOHSHQWUXFDUHPDGUHVH]GXPQHDYRDVWUvQDFHVWHPRPHQWHvQFDUHGHFL]LDPHDGHDUHSUH]HQWDvQWUXQDOWPRG7vUJX0XUHXOGHSLQGHGHUH]XOWDWXOFRQVXOWULORULGLDORJXOXLFXFHWHQLLRUDXOXLGHSDUWHQHULDWXOvQFDUHYRPSURPRYDSURLHFWHGHLPSRUWDQORFDOLUHJLRQDOvQGRPHQLLOHLQIUDVWUXFWXULLHFRQRPLFVRFLDOLFXOWXUDO'HUHDOL]DUHDORUGHSLQGHYLLWRUXOFRSLLORUQRWULSOXV7vUJX0XUH25$8/387(51,&QXHVWHvQWkPSOWRUvQSURJUDPXOPHXSHQWUXDFHDVWHWDS(OFRQJXUHD]vQWURQRXYL]LXQH]RQDPHWURSROLWDQSULQSRODUL]DUHDvQMXUXO7vUJX0XUHXOXLDXQRUFRPXQHvQYHFLQDWHGkQGRUDXOXLIRUvQDERUGDUHDSURLHFWHORUUHJLRQDOHVSUHEHQHFLXOFRPXQDOORFXLWRULORUGLQDFHVWDUHDO(VWHXQSURLHFWSHFDUHvOVXVLQGHPDLELQHGHXQDQLMXPWDWHEORFDW

vQVFXvQFSkQDUHLUHDYRLQ&DGRYDG7vUJX0XUHXOQXHVWHUHSUH]HQWDWvQ=RQD0HWURSROLWDQDFUHLVXSUHPDLHDIRVWDGMXGHFDWGH&RQVLOLXOXL-XGHHDQVWUXFWXUFDUHvQSDUDQWH]HVSXVYDGHVLQDWvQSHUVSHFWLYDUHJLRQDOL]ULLLGHVFHQWUDOL]ULLGHFL]LHLDGPLQLVWUDWLYH6XQWHPDVWIHOvQVLWXDLDDQDFURQLFvQFDUHFRPXQHOHGLQMXUGHFLWDUHFDLQIUDVWUXFWXUVHUYLFLLOLSVDORFXULORUGHPXQFHWFGHFLGvQORFXO7vUJX0XUHXOXL9VSXQWRDWHDFHVWHDDWkWURPkQLORUFkWLPDJKLDULORUGHRDUHFHWRWFHHDFHDYHPGHDSUDWLVWRULDWUDGLLDFXOWXUDSXWHPDSUDLFRQVWUXLGRDUvQWUXQ7vUJX0XUHSXWHUQLFDDWSULQWUHSULPHOHRUDHGLQDUSXQFWSULQFLSDOGHDWUDFLHvQ7UDQVLOYDQLDQXFRQGDPQDWODUHJUHVLVWRULFDDFXPLOGRUHVFXQLLGLQSDVLYLWDWHLQGROHQVDXPDLJUDYGLQLJQRUDQ6XQW QHFHVDUH SURLHFWH ORFDOH GH LQIUDVWUXFWXU vQ ]RQD SHULXUEDQ DXWRVWU]LGUXPXULRFROLWRDUHSRGXULSHVWH0XUHWUHQXOUDSLGXUEDQ7vUJX0XUH5HJKLQFL GH DFFHV VSUH 6LELX %LVWULD &OXM ]RQD LQGXVWULDO 3DUFXO 7HKQRORJLF ,7GH]YROWDUHD DHURSRUWXOXL UHDOL]DUHD VSLWDOXOXL WHULWRULDO D FHQWUXOXL ROLPSLF RSROLWLF ORFDWLY UHDOLVW ORFXLQH SHQWUX WLQHUL FHQWUH FRPHUFLDOH VXVLQHUHDvQYPkQWXOXLSURIHVLRQDO L WHKQLFGH]YROWDUHDYLHLLXQLYHUVLWDUH L D WHKQRORJLHLGHYkUIDVRFLHWLLLQIRUPDLRQDOH$VLJXUDUHDVHUYLFLLORUSXEOLFHJHVWLRQDUHDGHHXULORUGH]YROWDUHDHQHUJLLORUDOWHUQDWLYHvQ]RQHOHDGLDFHQWHVXQWHOHPHQWHFHSRWFRQVWLWXLGHDVHPHQHDVWUDWHJLLUHDOLVWHSHQWUXRUDL]RQDDGLDFHQW6PULP7vUJX0XUHXOvQSODQSDWULPRQLDOLGHPRJUDFSULQH[WLQGHUHFXPXOWFXUDMLFXFRQWLLQDFDFHVWOXFUXHVWHDEVROXWQHFHVDUDFXP7RDWHDFHVWHD UHSUH]LQWSDLSUHJWLWRUL SHQWUXFD 7vUJX0XUHXO V VH VLWXH]HSHSLFLRUGHHJDOLWDWHFXRUDHDDWHODGHNLORPHWUL&OXM%UDRY$OED,XOLD6LELX%LVWULDLVGHYLQQXQXPDLXQRUDSXWHUQLFFLLXQFHQWUXPRGHUQLHFLHQWGHDGPLQLVWUDLHSXEOLFORFDOFKLDUFDSLWDODXQHLUHJLXQLDGPLQLVWUDWLYHUHGXWDELOHXQSROGHGH]YROWDUHHFRQRPLFLVRFLDOFXDFFHVGLUHFWODIRQGXULHXURSHQH$FHVWHDLQXDOWHOHVXQWSUREOHPHOHQRDVWUHDLFLLDFXPODFDUHYLQYLWVUHHFWPVOHGH]EDWHPLVOHUH]ROYPvPSUHXQRSXQkQGLVWHULHLSROLWLFLDQLVWHSJXERDVHLFRQWUDSURGXFWLYHSHUVSHFWLYHYLDELOHUHDOLVWHFRHUHQWHLEHQHFHSHQWUXRUDQXSHQWUXWULEXWDULLLQWHUHVHORUvQJXVWHLPHVFKLQHDOHXQRUPDULRQHWHGHSDUWLGPDQHYUDWHGHSSXDULWXSHLWLLQHYROQLFL&XDFHHDLEXQFUHGLQLGHVFKLGHUHYLQYLWVWLPDLWkUJXPXUHHQLURPkQLLPDJKLDULODXQGLDORJVLQFHULSURGXFWLYVOXSWPvPSUHXQSHQWUXYLLWRUXOFRSLLORUQRWULvQWUXQPXQLFLSLXFXDGHYUDWSXWHUQLF

'U'RULQ)ORUHD3ULPDUXO0XQLFLSLXOXL7vUJX0XUH

9LQHULRFWRPEULHDDYXWORFOD&OXM1DSRFDvQPkQDUHDvQWUXQFDGUXIHVWLYDGLSORPHORUSHQWUXHOHYLLFDUH DXSURPRYDW H[DPHQXO'(/) VHVLXQHDPDL([DPHQXO D IRVW VXVLQXW GH HOHYL PXUHHQL GLQWUHFDUHDXIRVWLQYLWDLOD&OXM1DSRFDSDWUXGLQWUHHL(OHYD 7DPDUD .DUDFVDQL(UGHL D IRVW VLQJXUD SUH]HQWvQVRLWGH'DQLHO5DGXO\SURIHVRUXOSUHJWLWRU

3UH]HQLODHYHQLPHQW2UJDQL]DWRUXODFHVWXLWLSGHH[DPHQODOLPEDIUDQFH]HVWH0LQLVWHUXO(GXFDLHL1DLRQDOHGLQ)UDQDUHSUH]HQWDWvQDUSULQ&HQWUHOH&XOWXUDOHVDX,QVWLWXWHOH)UDQFH]HFHOPDLDSURSLDWGHPXQLFLSLXO7kUJX0XUHLQG,QVWLWXWXO)UDQFH]GHOD&OXM1DSRFD'LQSDUWHD,QVWLWXWXOXL)UDQFH]GLQ &OXM DX IRVW SUH]HQL OD DFWLYLWDWH 9LQFHQW +HQU\vQVUFLQDWXO SHQWUX PLVLXQHD GH FRRSHUDUH OLQJYLVWLFLHGXFDWLY(YD'HOFHDUHVSRQVDELO'(/) ODFDUHVDXDGXJDWSURIHVRULLvQVRLWRULDLHOHYLORU(OHYLLSUH]HQLvQVDODXYHQLWGLQ&OXM1DSRFD'HM=DOX2UDGHD7kUJX0XUH $OED ,XOLD VDX FKLDU GLQ &OUDL 6XQW IRDUWHIHULFLWSHQWUXFDVW]LDPLQWUDWvQSRVHVLDGLSORPHLPHOHGH%/D%DFDPHFKLYDODWGLSORPDGHQLYHO%SHQWUXFQXHUDXvQFLPSULPDWHQRLOHGLSORPHvQVVXQWFRQYLQVFQRXDGLSORPvPLYDGHVFKLGHSRULOHSHQWUXEXUVHvQVWULQWDWH DSOLFULGH FDQGLGDWXU ODGLYHUVH MREXUL VDXUHFXQRDWHUL GH FHUWLFDWH GH FRPSHWHQ OD IDFXOWDWH$FXP VXQW VXGHQW OD8%% )DFXOWDWHD GH GUHSW D GHFODUDW 7DPDUD.DUDFVRQ\(UGHL IRVWHOHYD/LFHXOXL7HRUHWLF%RO\DL)DUNDVGLQ7kUJX0XUH

6LPXOULOHH[DPHQXOXLVHUHSHW([DPHQXO FRQVW vQ VXVLQHUHD D SDWUX SUREHvQHOHJHUHDXQXLWH[WDXGLDW vQHOHJHUHDXQXLWH[WVFULVSURGXFHUHDXQXLPHVDMWH[WVFULVLSURGXFHUHDXQXLPHVDM RUDO 3XQFWDMXOPLQLPGH SURPRYDUH SHQWUX HFDUHSUREvQSDUWHHVWHGHLDUSHDQVDPEOXGHDGHFODUDW'DQLHO5DGXO\SURIHVRUvQGUXPWRULVHFUHWDUDO$VRFLDLHL3URIHVRULORUGH/LPED)UDQFH]&HUWLFDWXORELQXWHVWHXQXOUHFXQRVFXWLQWHUQDLRQDOLHVWHHFKLYDODWODH[DPHQXOGHEDFDODXUHDWSURED&6LQJXUDFRQGLLHHVWHRELQHUHDQLYHOXOXL%UHVSHFWLY%SHQWUXSUROXOELOLQJY Q VHVLXQHD GH %DFDODXUHDW GLQ DQXO DXIRVWHFKLYDODWHQRXFHUWLFDWH'(/)QLYHO%L%QXUPDVLPXOULORUGHVIXUDWHOD&ROHJLXO$JULFRO7UDLDQ

6YXOHVFXFkQGDXIRVW LQYLWDLSURIHVRULHYDOXDWRULGHOD&OXMLGLQMXGHXO0XUHDSUHFLHPFHOHYLLFDUHVDXSUH]HQWDWODH[DPHQXOGHOD&OXMDXDYXWUH]XOWDWHIRDUWHEXQH ,QWHQLRQPVUHSHWPVLPXOULOHDFHVWXL WLSGHH[DPHQLDQXODFHVWDFRODUDWkWSHQWUXQLYHOXO$FkWLSHQWUX%L%DDGXJDWSURIHVRUXOvQGUXPWRUQMXGHXO0XUHVH[LVWDRSWSURIHVRUL DFUHGLWDL FDHYDOXDWRUL'(/)RSDUWHGLQWUHDFHWLDDYkQGvQHFDUHDQHOHYLSDUWLFLSDQLODH[DPHQ

(PRLL]kPEHWHLVDWLVIDFLL$PSDUWLFLSDWFXSOFHUHODIHVWLYLWDWHDOWXULGHHOHYXOPHXSHFDUHODPSUHJWLWLODPVXVLQXWvQPRPHQWHOHLPSRUWDQWHQVDODSOLQD&ROHJLXOXL*KHRUJKHLQFDLGLQ &OXM1DSRFD DWPRVIHUD HUD SOLQ GH HPRLL ]kPEHWHLVDWLVIDFLLGHRDUHFHGLSORPHOHSULPLWHvQFXQXQDXR OXQJ SHULRDG GH SUHJWLUH GH LQYHVWLLH SHQWUX WRWLFHLLPSOLFDLGLUHFWVDXLQGLUHFW&HUWLFDWHOHDFRUGDWHDXIRVWGHODQLYHOXO$SHQWUXvQFHSWRULSkQOD%SHQWUXVHQLRULDYDQVDL D SUHFL]DW 'DQLHO 5DGXO\ 3URIHVRULLGH OLPED IUDQFH]GLQ MXGHXO0XUHSDUWLFLSSHULRGLFODVWDJLLGHSUHJWLUHLDU$VRFLDLD3URIHVRULORUGHOLPEDIUDQFH] $53)DOWXULGH ,6-0XUH VXVLQDFWLYLWLGHSUHJWLUHDHOHYLORULGHVLPXODUHDH[DPHQXOXL

2DQD05*,1($1

(OHYLL FODVHORU D ,9D VXQW DWHSWDL V SDUWLFLSH OD &RQFXUVXO 0LFXO OLQJYLVW FDUH DUH FD VFRSGHVFRSHULUHD IUXPXVHLLPX]LFDOLWLL OLPELL GDU L IDPLOLDUL]DUHD FX SUREOHPDWLFD LWDLQHOHH[HUFLLLORUDMRFXULORUOLQJYLVWLFH

0DLPXOWHFHQWUHGHFRQFXUV&RQFXUVXOFXSULQGHPDLPXOWHHWDSHSHFODVHWDSDSHFRDOHWDSD ]RQDO PXQLFLSDO L MXGHHDQ (WDSHOH SH FRDO VHYRU GHVIXUD SkQ vQ GDWD GH QRLHPEULH LDU HWDSHOH ]RQDOHSkQ vQGHFHPEULH(OHYLLDURQGDL]RQHL7kUJX0XUH YRU VXVLQH FRQFXUVXO vQ XUPWRDUHOH FHQWUH FRDOD*LPQD]LDO&UFLXQHWLFRDOD*LPQD]LDO6kQFUDLXGH0XUHFRDOD *LPQD]LDO 3HUL FRDOD *LPQD]LDO 5RPXOXV *XJDGLQ 7kUJX0XUH L /LFHXO GH $UW GLQ 7kUJX0XUH 3HQWUX6RYDWDFHQWUXOGHH[DPHQHVWHFRDOD*LPQD]LDO7UHL6DWHOD5HJKLQ FRDOD *LPQD]LDO 7RQFLX SHQWUX 6LJKLRDUD FRDOD*LPQD]LDO$XUHO0RVRUD6LJKLRDUD'HDVHPHQHDHOHYLLGLQ]RQD7kUQYHQLYRUVXVLQHH[DPHQXOODFRDOD%RUGL$QGUDV,GULIDLD OD/XGXFRDOD*LPQD]LDOGLQ/XGXQU L SHQWUX0LHUFXUHD1LUDMXOXLFRDOD*LPQD]LDO9UJDWD&DOHQGDUXOFRQFXUVXOXL FXSULQGHL HWDSDPXQLFLSDOGHVIXUDW vQGDWDGHLDQXDULHHWDSDMXGHHDQvQPDUWLHLDUHWDSDQDLRQDOYDDYHDORFvQGHFXUVXOOXQLLDSULOLH

$VSHFWHXUPULWH3URED GH VFULHUH VH GHVIRDU VXE IRUPDPXQFLL vQ HFKLSFXSULQ]kQGRSWMRFXULOLQJYLVWLFHFDUHWUHEXLHUH]ROYDWHvQWUXQWLPSOLPLWDW/DSUREDGHFLWLUHVHOHFWXUHD]XQIUDJPHQWGLQWUXQ WH[W OLWHUDU ODSULPDYHGHUH(OHYXOGHVHPQDWFDLQGFLWLWRUXOVHIDPLOLDUL]HD]FXWH[WXOGXSFDUHvOFLWHWHFRPLVLHLDGHFODUDW)HMHV5HNDLQVSHFWRUFRODUGHVSHFLDOLWDWH3UREDGHGUDPDWL]DUHSUHVXSXQHDOFWXLUHDXQHLSRYHWLVDXSRYHVWLULSHR DQXPLW WHP(FKLSDMXO DUH ODGLVSR]LLH PLQXWHSHQWUXSUHJWLUH&RPLVLDGHHYDOXDUHYDXUPULQLYHOXOGHGH]YROWDUHD YRFDEXODUXOXL DSOLFDUHD FUHDWLY D FXQRWLQHORU FLWLUHDXHQW URVWLUHD FRUHFW D VXQHWHORU D DGXJDW LQVSHFWRUXOFRODU /D SURED GH GUDPDWL]DUH VH YRU SXQFWD RULJLQDOLWDWHDORJLFDFRQVWUXFLHLOLPEDMXOFRUHFWRUGRQDUHDORJLF1XvQXOWLPXOUkQGGHRGHRVHELWLPSRUWDQVXQWLJHVWXULOHIFXWHPLPLFD IHHL vQ DUPRQLH FX FRQLQXWXOPRGDOLWDWHDGH H[SULPDUHLFDSDFLWDWHDGHFRODERUDUHDPHPEULORUHFKLSDMXOXL

2DQD05*,1($1

(OHYLLPXUHHQLSUHPLDLSHQWUXSURPRYDUHD'(/)XOXL

'DQLHO5DGXO\vPSUHXQFX7DPDUD.DUDFVRQ\(UGHLIRVWHOHYOD/LFHXO7HRUHWLF%RO\DL)DUNDVGLQ7kUJX0XUH

0LFXOOLQJYLVWLMRFXULOHOLQJYLVWLFH

3 EVENIMENT

GHFROLYRUGRWDWHSULQ352),WHSUHPLD](OHYLL PXUHHQL DX RFD]LD GH D SDUWLFLSDOD FRQFXUVXO 352), WHSUHPLD] vQ FDUH0LQLVWHUXO (GXFDLHL &HUFHWULL 7LQHUHWXOXL L 6SRUWXOXL HVWH SDUWHQHU 8Q QXPUGHGHFROLJLPQD]LDOHYRUGRGDWHFXODERUDWRDUH,7LDOWHGHFROLYRUFkWLJDYLGHRSURLHFWRDUH8QODERUDWRU,7FRQVWvQ QRWHERRNXUL XQ ODSWRS L XQ PRGHPZLUHOHVV(O.M.)

$UKLYHOH VL FHUFHWDUHD LVWRULFOD830$XOD0DJQD830YDJ]GXLMRLRFWRPEULH RUD VHVLXQHD GH FRPXQLFULWLLQLFH FX WLWOXO $UKLYHOH L FHUFHWDUHDLVWRULF (GLWLD D ;,D D HYHQLPHQWXOXLDUH FD RUJDQL]DWRUL $UKLYHOH 1DLRQDOH 'LUHFLD -XGHHDQ 0XUH 8QLYHUVLWDWHD3HWUX 0DLRU GLQ 7vUJX0XUH ,QVWLWXWXO GH &HUFHWUL 6RFLR8PDQH *KHRUJKHLQFDL DO $FDGHPLHL 5RPkQH L $VRFLDLD$UKLYLWLORU 'DYLG 3URGDQ OLDOD 7vUJX0XUH Q FDGUXO VHVLXQLL YRU VXVLQH FRPXQLFUL vQ SOHQ GU $OLQD 3DYHOHVFX GLUHFWRU DGMXQFW DO $UKLYHORU 1DLRQDOH DOH5RPkQLHL $UKLYHOH L VRFLHWDWHD FRQWHPSRUDQ L SURI XQLY GU &RUQHO6LJPLUHDQ $UKLYHOHLFHUFHWDUHD LVWRULHLvQYPkQWXOXLVXSHULRU (A.Z.)

&RQFHUW7RXORXVH/DXWUHFvQ-DL%LVWURW7UXSD7RXORXVH/DXWUHF ODQVHD]DOGRLOHDORU VLQJOH LQWLWXODW ,UUDWLRQDO L DXSRUQLW vQWUXQPLQL WXUQHX FDUH YD SRSRVL LOD7kUJX0XUH VkPEWRFWRPEULH vQVXIUDJHULD-DL%LVWURWQFGHODPRPHQWXOODQVULL WUXSD 7RXORXVH /DXWUHF $SDUWDPDQFKLWDUD'L]]\EDVVLYRFH*UHHQPDQWREHLDIFXWORFvQWRSXULOHLXELWRULORUGHDOWHUQDWLYHGH]YROWkQGXQVRXQGRULJLQDOPkQXLQGODIHOGHHOHJDQWYHUVXULOHvQ OLPED URPkQ HQJOH] L XQHRUL FKLDUIUDQFH]$XFkQWDWLOD3HQLQVXODDQXOWUHFXW LDUDFXPDYHLRFD]LDVLUHYHGHLLUHDVFXOWDOLYHSHFHLWUHLFDUHYRUDGXFHFXHLPX]LFLIDLQHGHWRWLQFOXVHSHDOEXPXOORULQWLWXODW+HURHV(A.Z.)

6HULGH-D]]L0X]LF&ODVLFOD570-RL RFWRPEULHGH ODRUD LQVWUXPHQWHOHGHSHUFXLHYRUYLEUDvQVDODGHFRQFHUWHD 6WXGLRXOXL GH 5DGLR 7kUJX0XUH GH SH%XOHYDUGXOGHFHPEULHQU$VWIHOYDGHEXWDFHDGHDGRXDVWDJLXQHDSURLHFWXOXL6HULGH-D]]L0X]LF&ODVLFOD5703ULPLLLQYLWDLDLDFHVWHLVWDJLXQLYRUPHPEULL ,FRQ $UWV 3HUFXVLRQ *URXS $OH[DQGUD&KLUD ,ULQD5GXOHVFX.LVV/HYHQWH L5DGX+DHJDQ9LEUDIRQXOPDULPEDWREHOHFRQJDLGMHPEHYRUPkQXLWHFXWDOHQWGHWLQHULLPX]LFLHQLLFDUHYRUVYFRQYLQJFULWPXOLHQHUJLDVXQWLQJUHGLHQWHOHGHED]DOH XQXL FRQFHUW UHXLW Q SURJUDP YRU SUH]HQWDWHXUPWRDUHOHOXFUUL&RUD]RQVXUGH6RWR0LODQ2UUL]RQWHGH6WHIDQR2WWRPDQR0RGXOGH1LFN%DUWVFK&DWKHGUDOGH7KLHUU\'HOHUX\OOH5DLQGDQFHGH$OLFH*RPH]%OXHVGH1H\5RVDXUR,OLMDVGH1HERMD=LYNRYLF0XVLFIRU\RXGH&ODXGLR6DQWDQJHOR L.DWDP\D (PPDQXHO6HMRXUQH ,QWUDUHDODHYHQLPHQWYDOLEHU(B.R.)

6WDUWODDYDQVXOSOLORUSHVXSUDIDQFHSkQGGHPDULRFWRPEULH$JHQLDGH3OLL,QWHUYHQLHSHQWUX$JULFXOWXU$3,$GHPDUHD]DYDQVXO ODSOLOHFWUHIHUPLHULLFDUH DX GHSXV FHUHUL vQ FDGUXO VFKHPHL GHSODW XQLF SH VXSUDID &DPSDQLD &XDQWXPXOSHQWUX6FKHPDGHSODWXQLFSHVXSUDIDHVWHGHHXURKD/DDFHVWDVD DSOLFDW FRHFLHQWXO GH UHGXFHUH OLQLDUGHXUPDUHDGHSLULLVXSUDIHHLGH UHIHULQ GH KD 3OLOH VH YRUIDFH ODFXUVXOGHVFKLPEGHOHLSHQWUXXQHXURVWDELOLWGHFWUH%DQFD&HQWUDO(XURSHDQvQGDWDGHVHSWHPEULHLSXEOLFDWvQ-XUQDOXO2FLDODO8QLXQLL(XURSHQHGLQVHSWHPEULH (A.Z.)

WLULinteresante

3UHJWLULOHSHQWUX%DOXO%RERFLORUGHOD&ROHJLXO 1DLRQDO 8QLUHD GLQ 7kUJX0XUHDXDMXQVODQDO-RLRFWRPEULHHYHQLPHQWXOvLYDvQFkQWDSHWRLFHLSUH]HQLFXRWHPDWLFGHRVHELWWLPSXULOHPLWLFHLOHJHQGHOH2OLPSXOXL

/RUDL%LW]FRQFHUWSHQWUX]HLWL0RPHQW XQLF vQ YLDD OLFHHQLORU %DOXO%RERFLORUHVWHXQHYHQLPHQWDWHSWDWFXLQWHUHVPDUFkQGGHEXWXOHOHYLORUFODVHORUD,;DvQYLDDFXOWXUDODFROLLGDULSHQWUXFVHFRQVWLWXLHvQWURSXQWHvQWUHGRXJHQHUDLLFODVHOHD,;DLFODVHOHD;,,D6SHFWDFROXOYDSXVvQVFHQMRL RFWRPEULH RUD OD7HDWUXO1DLRQDOGLQ7kUJX0XUHXUPkQGFD DFHVWD V FRQWLQXH OD*DOOHU\ 6RFLDO&OXE vQFHSkQG FX RUD FkQG YRUFRQFHUWDSHQWUX]HLWLGDULSHQWUXWRLLQYLWDLLDUWLWLL/RUDL%LW]

6XEWLWXODWXUD3HFXOPLOH2OLPSXOXL(WDSHOH SUHJWLULL EDOXOXL DX GHEXWDWvQF GLQ OXQD VHSWHPEULH FkQG HOHYLLFODVHORU D ;,,D DX GHSXV SURLHFWHOHSHQWUX WHPDWLFD EDOXOXL &UHDWLYLWDWHDRULJLQDOLWDWHDWHPHLPRGDOLWLOHGHSXQHUH vQSUDFWLFDX IRVWFULWHULLOHVHOHFWLYHLvQQDOWHPDDOHDVVDvQGUHSWDW FWUH WLPSXULOH PLWLFH L OHJHQGHOH2OLPSXOXLSHULRDGHGH ODUJUHVSLUDLHFXOWXUDO GDU L VXUVH LQHSXL]DELOH GHLQVSLUDLH DUWLVWLF D GHFODUDW $XURUD6WQHVFXGLUHFWRUDGMXQFW 3HFXOPLOH2OLPSXOXL D GHYHQLW DVWIHO WLWXODWXUD

EDOXOXL RUJDQL]DW GH HOHYLL &ROHJLXOXL 1DLRQDO 8QLUHD WHPDWLFD LQGGHWHUPLQDWQXGRDUGHSUHIHULQDHOHYLORU SHQWUX FXOWXUD JUHFRURPDQ FLLGH IDSWXO FGLQWRWGHDXQD LQWHUHVXOHOHYLORU L DO SURIHVRULORU VD vQGUHSWDWFWUHDWLQJHUHDSHUIRUPDQHLLVLWXDUHDSHFXOPLOHHGXFDLHL,PSOLFDLvQPRGGHRVHELWHOHYLL LSURIHVRULLGLULJLQLDLFODVHORU D;,,D DX vQFHSXW SUHJWLULOHL UHSHWLLLOH SHQWUX FD DWPRVIHUD GLQvQGHSUWDWXO2OLPSVSULQGYLD

0LVVLPLVWHU]HLWLDOH2OLPSXOXLXQLULVW(OHYLL &ROHJLXOXL 1DLRQDO 8QLUHDV

DX JkQGLW DVWIHO V HWDOH]H IUXPXVHHDERERFLORU DOWXUL GH FXQRWLQHOH GHFXOWXU JHQHUDO DOWHUQkQG PRPHQWHOH OHJDWH GH LVWRULD DQWLFKLWLL FXFHOH GLQ LVWRULD PRGHUQ D &ROHJLXOXL &RQIUXQWUL vQWUH ]HLWL GDQVXULJUHFHWL L PRGHUQH WHVWH GH FXOWXUGLQFXQRVFXWHOH OHJHQGHDOH2OLPSXOXLSUREHLQGLYLGXDOHVXQWGRDUFkWHYDGLQWUHPRPHQWHOHSUHJWLWHGHHOHYLLFODVHORUD,;DLD;,,DDFHVWHDFXOPLQkQGFX DOHJHUHD ERERFLORU PLVV L PLVWHU GHVHPQDL FD ]HLWL DOH 2OLPSXOXLXQLULVWDGHFODUDW&ULVWLQD&KLUDGLUHFWRUDO&ROHJLXO1DLRQDO8QLUHD

2DQD05*,1($1

/HJHQGHOH2OLPSXOXLSULQG YLDOD%DOXO%RERFLORUXQLULWL

/DHGLLDDGRXDD&XSHL0XUHODMXGRRUJDQL]DW OD VIkULWXO VSWPkQLL vQ6DOD 6SRUWXULORU GLQ 7kUJX0XUH DXSDUWLFLSDWSHVWHGHVSRUWLYLGHODGHFOXEXULGLQDU-XGHXO0XUHDIRVWUHSUH]HQWDW GH FLQFL FOXEXUL GH MXGR6DPXUDLL)ORULLGH&LUH9RLQLFHQLRUJDQL]DWRDUHDFRPSHWLLHL%XVKL6KLQ'R7kUJX0XUH 6SDUWDFXV 7kUQYHQL0XUHXO /XGX L $&6 +LNDULWRUL0XUH $WUDL GH PLUDMXO XQHL PDULFRPSHWLLL vQWUR GLVFLSOLQ ROLPSLF LGHSUH]HQDFHORUGRXPHGDOLDWHOD-RFXULOH2OLPSLFHGHOD/RQGUD$OLQD'XPLWUXL&RULQD&SULRUXPLFLLVSRUWLYLLDXGLVSXWDWFXDUGRDUHPHGDOLLOHSXVHvQMRF'LQWUHFOXEXULOHPXUHHQHRUJDQL]DWRULLLDXDGMXGHFDWFHOHPDLPXOWHPHGDOLL8QQXPUGHWUHLDIRVWRELQXWGH/DXUHQLX'DYLG*OLJDFDUHDFXFHULWGRXORFXUL,ODFDWHJRULDDQLLGHNLORJUDPHLRPHGDOLHGHDUJLQWODGHNLORJUDPHVXEDQL&DPSLRDQDFDWHJRULHL8ODGHNLORJUDPH3DXOD*OLJDDvQYLQVODDFHHDLFDWHJRULHLVDFODVDW SH ORFXO VHFXQG OD 8 7RW SH

ORFXO ,, VD FODVDW L WHIDQ3FXUDU ODGHNLORJUDPH80HGDOLLGHEURQ]SHQWUX FOXEXO GLQ 9RLQLFHQL DX UHXLW$OH[&RPHVOD8GHNLORJUDPHL,RDQD7PDODGHNLORJUDPH8

6DWLVIDFLLLQHPXOXPLUL5HSH]HQWDQWHOH FHORUODOWH FOXEXULPXUHHQHDXDYXWSHOkQJVDWLVIDFLLOHFODVULLSHSRGLXPDFkWRUYDSDUWLFLSDQLQHPXOXPLULSHQWUX IDSWXOFXQLLGLQWUH VSRUWLYLL ORU QX DX DYXW RFD]LD VSDUWLFLSH OD FDWHJRULD ORUGH YkUVW VDXJUHXWDWH QHLQG LQFOXVH vQ SURJUDPL DFHWLD DX HYROXDW OD FDWHJRULL VXSH

ULRDUH ULVFkQG DFFLGHQWDUHD &OXEXO%XVKL6KLQ'R7kUJX0XUHFRQGXVGH5RPXOXV6FULGRQDRELQXWSULQ FHL VSRUWLYLGRXORFXUL,LGRXORFXUL,,,UDWkQG DOWH GRXPHGDOLL GH EURQ] 3HSULPD WUHDSW D SRGLXPXOXL VDX FODVDW'DYLG0RUHQW OD8 NLORJUDPHL(ULF&LRQWHDOD8GHNLORJUDPH%URQ] DX FXFHULW 7XGRU 6FULGRQ GH DQLFDUHDSDUWLFLSDWOD8GHNLORJUDPHL2FWDYLD=JUHDQOD8GHNLORJUDPH'RXPHGDOLLXQDGHDUJLQWLXQDGHEURQ]DUHXLWFOXEXO6SDUWDFXV7kUQYHQLDQWUHQRU%RURV6DQGRUSUH]HQW vQ FRQFXUV FX FLQFL VSRUWLYL,RQX=VRUWVDFODVDWSHWUHDSWDDGRXDOD8NLORJUDPHLDU$OH[0DULDQOD8GHNLORJUDPHDRFXSDWORFXO,,,7RW GRX FODVUL SH SRGLXPD UHXLW LFOXEXO GLQ /XGX FRQGXV GH /DYLQLD%RORJDFDUHDIRVWSUH]HQWFXVSRUWLYL$PEHOHPHGDOLL DX IRVWGHEURQ]LQGUHXLWHGH$OHFVLD5XVFDWHJRULDGHNLORJUDPHODDQLL$QGUHHD%RORJDOD8GHNLORJUDPH

0LKDL9(5(

7kUJXO 0X]HHORU J]GXLW VPEW RFWRPEULH OD 7kUJX 0XUH D SULOHMXLWSUH]HQDPX]HHORUGLQ7UDQVLYDQLDSULQWUH FDUH L 0X]HXO 6DWXOXL %QHDQ GLQ7LPLRDUD FDUH H[SHULPHQWHD] FX VXFFHVVFRQFHSWXOGHPX]HXYLX

0X]HXOYLX(VWH XQ HYHQLPHQW LPSRUWDQW SHQWUXQRL DFHVW 7kUJ DO 0X]HHORU GH DLFL GH OD7kUJX0XUHPDLDOHVFQRLFHLGLQIRVWXO ,PSHULX$XVWUR8QJDUVXQWHPYHFLQLL FRODERUP IRDUWH ELQH L OHPXOXPLPFHORUGLQ7kUJX0XUHSHQWUXLQYLWDDGHDSDUWLFLSDODDFHVWWkUJXQGHDYHPDQVDV QH SUH]HQWP SXEOLFDLLOH H[SR]LLLOHL DQXDUHOH QRDVWUH (VWH H[WUDRUGLQDU FDXQ PX]HX V H YLX QRL FKLDU DYHP XQSURLHFW OD0X]HXO 6DWXOXL%QHDQ FDUH

VH QXPHWH FKLDU DD 0X]HXO YLX vQFRODERUDUHFXFHLGLQ&VRQJUDG8QJDULDvQ FDUH YRP DGXFH SDWUX UHSOLFL GH FDVHR FVX PDJKLDU R FVX VkUE XQDURPkQHDVFLXQDJHUPDQXQGHYDORFXLRIDPLOLHFDUHYDWULH[DFWFXPVHWULDGHSHODvQFRDFHQHDGHFODUDW&ODXGLX,ODGLUHFWRUXO0X]HXOXL6DWXOXL%QHDQGLQ7LPLRDUD

%UXNHQWKDOEUDQGGHVXFFHV8QXO GLQWUH FHOH PDL LPSRUWDQWH PX]HHGLQ DU0X]HXO 1DLRQDO %UXNHQWDO GLQ6LELX QX SXWHD OLSVL GH OD 7kUJXO 0X]HHORU 0X]HXO 1DLRQDO %UXNHQWDO HVWHSHQWUX D GRXD RDU OD 7kUJXO 0X]HHORUGH OD 7kUJX0XUH &DPSDQLD GH EUDQGLQJD vQFHSXWDFXPDQL LDU vQDFHVW DQVUEWRULP GH DQLGH LVWRULH0X]HXO

1DLRQDO %UXNHQWKDO HVWH SULPXO PX]HXGHVFKLV vQ 5RPkQLD ,PDJLQHD GH EUDQGDOHDV D IRVW LPDJLQD %DURQXOXL 6DPXHOYRQ %UXNHQWKDO IRQGDWRUXO PX]HXOXLvPEUFDW vQWUR LQXW GH FHUHPRQLH 'HDFHHDLQHPVPSUH]HQLODDVWIHOGHWkUJXULVQHSXWHPSURPRYDSHQWUXFHVWHIRDUWHLPSRUWDQWFDXQPX]HXVHXQXOYLXVHYL]LELOGHVFKLVIDGHYL]LWDWRDULLDFHDVWSURPRYDUHVVHIDFXQSLFPDLDJUHVLYPDLPRGHUQ LPDL DSURDSH GHYL]LWDWRUL 0X]HXO QX PDL WUHEXLH V HSHUFHSXWFDXQORFvQFKLVLYHFKLFLSUHFXP XQ VSDLX YLX vQFUFDW GH LVWRULH LIUXPRV D SUHFL]DW $QDPDULD 7XGRULHPX]HRJUDIvQFDGUXOVHFLHL(GXFDLH0DUNHWLQJL&RPXQLFDUHGLQFDGUXO0X]HXOXL1DLRQDO%UXNHQWDOGLQ6LELX

$OLQ=$+$5,(

0HGDOLLSHQWUXPXUHHQLVXESULYLULOH$OLQHL'XPLWUX

0HGDOLDLL*OLJDDOWXULGHPHGDOLDWHOHGHOD/RQGUD

$XURUD6WQHVFX(WDSHOHSUHJWLULLEDOXOXLDXGHEXWDWvQFGLQOXQDVHSWHPEULH

'HOD0X]HXOYLXOD&RQWHOH%UXNHQWKDOSHWDUDEHOH7kUJXOXL0X]HHORU

%LW]YDFkQWDSHQWUX]HLWLOHGHOD8QLUHD

(&2120,&RFWRPEULH

5HSDUDLL GH OHLOD$UWD6& 6PDUWFRQ ,GHDO 65/ GLQ7kUJX0XUH OLGHU DO DVRFLHULL GLQWUH 6& 6PDUWFRQ ,GHDO65/ L 6& 7URYDLQVWDO 65/ DFkWLJDW OLFLWDLD RUJDQL]DW GH3ULPULD7kUJX0XUHSHQWUXH[HFXWDUHD OXFUULORU GH UHSDUDLLL UHIXQFLRQDOL]DUH ]RQ DGLDFHQWP FL GH DFFHV L KROXUL ODFLQHPDWRJUDIXO $UWD 3RWULYLWOLFLWDWLDSXEOLFDURVDXSULPLWGRXRIHUWH LDUYDORDUHDFRQWUDFWXOXL HVWHGH OHL IU79$&RQIRUP SRUWDOXOXL OLVWDUPHUR6& 6PDUWFRQ ,GHDO 65/ DUH GRLDVRFLDL &OLQ L 6PDUDQGD9DQFHDLDUvQDDYXWDQJDMDLL SLHUGHUL GH OHL LDU 6&7URYDLQVWDO65/HVWHDGPLQLVWUDWGH *KHRUJKH 7URQ L D vQFKHLDWDQXO WUHFXW FX DQJDMDL FLIUGH DIDFHUL GH PLOLRDQH OHL LSURWGHOHL67

3ORPEULDVLJXUDWHGH$VWRU&RP6& $VWRU &RP 65/ GLQ 7kUJX0XUHOLGHUDODVRFLHULGLQWUH6&$VWRU&RP65/L6&&LWDGLQ3UHVW6$ D FkWLJDW OLFLWDLD RUJDQL]DWGH 3ULPULDPXQLFLSLXOXL 7kUJX0XUH FDUH DUH FD RELHFW UHIDFHUHDFDURVDELOXOXLWURWXDUHORUL]RQHORUYHU]L vQXUPDVSDUJHULORUGH XUJHQ 3RWULYLW OLFLWDWLDSXEOLFDURODOLFLWDLHDSDUWLFLSDWRVLQJXURIHUWFHDFkWLJWRDUHLDU YDORDUHD FRQWUDFWXOXL VHFLIUHD] OD VXPD GH OHLIU79$&RQIRUPSRUWDOXOXLOLVWDUPHUR 6& $VWRU &RP 65/DDYXWDQJDMDL vQDQvQFDUH D DYXW DIDFHUL GH PLOLRDQHOHLLSURWGHPLOLRDQHOHL$GPLQLVWUDWRUXOVRFLHWLLHVWH3HWULF6DOD67

WLULLQWHUHVDQWH

IDFHERRNFRP]LGH]L

&RWLGLDQXO =L GH =L FRQWLQX VHULDOXO GHSUH]HQWDUH D FHORU PDL EXQH VRFLHWL DOHMXGHXOXL 0XUH HSLVRGXO GH DVW]L LQGGHGLFDWUPHORUFDUHSRWULYLWFRGXOXL&$(1DX FD RELHFW GH DFWLYLWDWH QYPkQW&ODVDPHQWXO D IRVW UHDOL]DW vQ IXQFLH GHLQIRUPDLLOHIXUQL]DWHGHOLVWDUPHURSRUWDO FDUHFRQLQHFHDPDLFRPSOHWED]GHGDWHGHVSUHUPHOHGLQ5RPkQLD

&HQWUXOGH,QVWUXLUH3HJDV65/7kUJX0XUH6D vQLQDW vQLDUHFDGRPHQLXGHDFWLYLWDWH$OWHIRUPHGHvQYPkQWQFDDUHGRLDVRFLDL5RGLFDL&OLQ6DUFKL]FDUHvQGHSOLQHWH L IXQFLD GH DGPLQLVWUDWRU)LUPDQXDDYXWQLFLXQDQJDMDWvQDQvQFDUHDDYXWFLIUGHDIDFHULGHOHLLSURWGHOHL

3UR &RQVXOWLQJ ,QWHUQDWLRQDO65/7kUJX0XUH)XQFLRQHD] GH SDWUX DQL vQ GRPHQLXOvQYPkQWXOXL VHFXQGDU WHKQLF VDX SURIHVLRQDO L DUH GRL DVRFLDL FDUH VXQW L DGPLQLVWUDWRUL WHIDQ9OGHVFX L9LRUHO0ROGRYDQ Q H[HUFLLXO QDQFLDU VRFLHWDWHDD DYXW XQ DQJDMDW L D vQUHJLVWUDW SURW GHOHLLFLIUGHDIDFHULGHOHL

0XOWLSUDFWLF65/7kUJX0XUH$UH R YHFKLPH GH DVH DQL vQ DFWLYLWLGHQLWHGH&RGXO&$(1FD$OWH IRUPHGHvQYPkQW QFD L HVWH DGPLQLVWUDW GH3DYHO,HUQXDQFDUHHLDVRFLDWXQLF)LUPDD DYXW QRX VDODULDL vQ DQ vQ FDUHFRQVHPQPFLIUGHDIDFHULGHOHLLSURWGHOHL

5ROLPDDQ&RP65/7kUJX0XUH$UHFDRELHFWGHDFWLYLWDWHFROLGHFRQGXFHUHSLORWDMIXQFLRQHD]GLQLDUHXQDVRFLDWDGPLQLVWUDWRU/LYLX0XUHDQQ VRFLHWDWHD D vQUHJLVWUDW XUPWRULLLQGLFDWRULGHSHUIRUPDQFLIUGHDIDFHULGHOHLSURWGHOHLLDVHDQJDMDL

5LODVR65/&HXDXGH&kPSLH$UH FD RELHFW GH DFWLYLWDWH $OWH IRUPH GHvQYPkQWQFDQDDYXWQLFLXQDQJDMDWvQDQ vQFDUHD vQUHJLVWUDWDIDFHULGHOHLLSURWGHOHL6RFLHWDWHDDIRVWvQLQDWvQLDUHXQDVRFLDWFDUHHLDGPLQLVWUDWRU&DPHOLD6DEX

/DQJ(GX&RP65/%HGHQL'DWHD]GLQDQvQFDUHDDYXWXQDQJDMDWFLIUGHDIDFHULGHOHLLSURWGHOHL)LUPDDUHFDRELHFWGHDFWLYLWDWHvQYPkQWXOvQGRPHQLXOFXOWXUDOOLPELVWULQHPX]LFWHDWUXGDQVDUWHSODVWLFHLDUHGRLDVRFLDL0HGYH6DQGRUL6]DER3HWHUFDUHGHLQHLIXQFLDGHDGPLQLVWUDWRU

&7765/7kUJX0XUH6D vQLQDW vQ XUP FX FLQFL DQL DUH XQDVRFLDW DGPLQLVWUDWRU &ULVWLQD $QGUHHD6WUHMDF L DUH FD RELHFW GH DFWLYLWDWH $OWHIRUPH GH vQYPkQW QFD 6RFLHWDWHD DDYXWGRLDQJDMDLvQDQvQFDUHDvQUHJLVWUDWFLIUGHDIDFHULGHOHLLSURWGHOHL

(XUHND65/5HJKLQ)XQFLRQHD] GLQ DUH GRL DVRFLDL(XJHQLD /HQXD0XUHDQ L 5RGLFD ,RDQD%kQGLO FDUH H L DGPLQLVWUDWRU )LUPD

DUH FD RELHFW GH DFWLYLWDWH $OWH IRUPH GHvQYPkQW QFD L vQ H[HUFLLXO VFDODDYXWXQDQJDMDWLXUPWRULLLQGLFDWRUL HFRQRPLFRQDQFLDUL FLIU GH DIDFHULGHOHLSURWGHOHL

6FKRRO&RQVXOWLQJ65/6LJKLRDUD'DWHD] GLQ HVWH DGPLQLVWUDW GH$OH[DQGUX,XOLDQ3DFDWRWRGDWLDFLRQDUXQLF L DUH FD RELHFW GH DFWLYLWDWH $OWHIRUPHGHvQYPkQWQFDQDQXOWUHFXWVRFLHWDWHDDDVLJXUDWGRXORFXULGHPXQFLDvQUHJLVWUDWFLIUGHDIDFHULGHOHLLSURWGHOHL

$VHUWLY65/7kUJX0XUH$IRVWvQLQDWvQXUPFXFLQFLDQLDUHFDGRPHQLXGHDFWLYLWDWH$OWH IRUPH GH vQYPkQW QFD L DUHGRL DGPLQLVWUDWRUL FDUH VXQW L DVRFLDL3RUNRODE$QQDPDULDL7HUH]QVRFLHWDWHDDYXWXQDQJDMDWFLIUGHDIDFHULGHOHLLSURWGHOHL

$OH[727+DOH[WRWK#]LGH]LUR

&OLQ6DUFKL]DGPLQLVWUDWRUXO&HQWUXOXLGH,QVWUXLUH3HJDV65/7kUJX0XUH

7RSXOUPHORUGLQvQYPkQWGRPLQDWGH3HJDV

$OWHIRUPHGHvQYPkQWQFD$FHDVWFODVLQFOXGHvQYPkQWXOFDUHQXSRDWHvQFDGUDWvQWUXQXOGLQFODVHOH&$(1VHUYLFLLDOHFRQGXFWRULORUDFDGHPLFLFHQWUHGHvQYPkQWFDUHRIHUFXUVXULWHUDSHXWLFH FXUVXUL GH YHULFDUH D FXQRWLQHORUSURIHVLRQDOH SUHJWLUHD vQ GRPHQLXO OLPELORUVWULQH L DO GREkQGLULL DELOLWLORU GHFRQYHUVDLHLQVWUXLUHDvQGRPHQLXOFDOFXODWRDUHORULQVWUXLUHGHUHOLJLH SUHJWLUHD VDOYDPDULORU L D VDOYDPRQWLWLORULQVWUXLUHDvQPHWRGHGHVXSUDYLHXLUHLQVWUXLUHDvQRUDWRULHLQVWUXLUHDvQFLWLUHUDSLGFLWLUHLQYHUV

&8/785

&856,163(&7255()(5(175(6856(80$1(RUH

GLQQRLHPEULH

3URJUDPXOOXQLVLMRLGHODRUHOHODVHGLXO&&,0XUH6DODGHFXUVXUL/HFWRULSHUVRQDODXWRUL]DWGHOD,70VL&DVDGH3HQVLL

&856'(3(5)(&,21$5((;3(57$&+,=,,,38%/,&(RUH

GLQQRLHPEULH

3URJUDPXOGHODRUHOHVHVWDELOHVWHvQSULPDRUGHFXUVGHFRPXQDFRUGvQWUHOHFWRULFXUVDQL/HFWRUL3HUVRQDOFXSUHJWLUHGHVSHFLDOLWDWHvQGRPHQLX/RFDLH6HGLXO&DPHUHLGH&RPHUL,QGXVWULH0XUH

&HUWLFDWHOHGHDEVROYLUHDOHFXUVXULORUVXQWHPLVHVXEHJLGD00)(6L0(&

,QIRUPDLLLvQVFULHUL]LOQLFvQWUHRUHOHODVHGLXO&&,0XUHGLQ7J0XUHVWU3ULPULHLQUODQXPHUHOHGHWHOHIRQID[PRELOHPDLOFXUVXUL#FFLDPVURVDXZZZFFLDPVUR

$62&,$,$,167,7878/75$16,/9$1'(0(',(5(IXUQL]RUDXWRUL]DWvQGRPHQLXOPHGLHULLSULQ+RWDUDULOH&RQVLOLXOXLGH0HGLHUHQUVLvQFRODERUDUHFX

&$0(5$'(&20(5,,1'8675,(085(

2UJDQL]HD]FXUVXULGHIRUPDUHLQLLDOSHQWUXPHGLDWRULFXRGXUDWGHGHRUHOD7J0XUHvQSHULRDGD

QRLHPEULHvQWUHRUHOH

7D[DGHSDUWLFLSDUHOHL

7D[DDFRSHUDLQWHJUDOFRVWXULOHOHJDWHGHRUJDQL]DUHDFXUVXOXLVLDH[DPHQXOXLGHDEVROYLUHSUHFXPVLHOLEHUDUHDFHUWLFDWXOXLGHDEVROYLUHGHFDWUH&RQVLOLXOGH0HGLHUH7D[DQX DFRSHUD FRVWXULOH GH DXWRUL]DUH FDPHGLDWRU DFHVWHD LQG DFKLWDWHGLUHFW&RQVLOLXOXLGH0HGLHUHODGHSXQHUHDGRVDUXOXLGHDXWRUL]DUH&XUVXOGHIRUPDUHLQLLDOHVWHSULPXOSDVvQYHGHUHDDXWRUL]ULLFDPHGLDWRU&XUVXOFXSULQGHXUPDWRDUHOHPRGXOH/HJLVODWLDVLHWLFDPHGLHULL7HKQLFLGHQHJRFLHUH7HKQLFLGHFRPXQLFDUH ,QVWUXPHQWHGHDQDOL]DGHFRQLFW UROHSOD\VLQPHGLHUH)RUPDWRUL )RUPDWRUSULQFLSDO&KULVWLDQ5DGX&KHUHML )RUPDWRUSULQFLSDO3RS$GULDQ*ULJRUH

QVFULHUL L LQIRUPDLL VXSOLPHQWDUH ODZZZWLPXOWUDVLOYDPURHPDLOPHGLDWRU#XOWUDVLOYDPURLODWHOSHUVRDQDGHFRQWDFW&LSULDQ6DQGXVDXOD&DPHUDGH&RPHUL,QGXVWULH0XUHVWU3ULPULHLQUvQWUHRUHOHLVDXODQXPDUXOGHWHOHIRQSHUVRDQDGHFRQWDFW$QFD*LXUJLX

6SDLXO H[SR]LLRQDO8$30XUH GLQ 3DODWXO&XOWXULL D J]GXLWPDUL RFWRPEULHGHVFKLGHUHDH[SR]LLHLGHDUWHSODVWLFHVHPQDWHGHHOHYLL/LFHXOXLGH$UWGLQ7kUJX0XUHFLFOXOOLFHDO([SR]LLDFDUHYDGHVFKLVSXEOLFXOXL ODUJSkQSHRFWRPEULH UHXQHWH OXFUULOH UHDOL]DWHvQ FXUVXO DQXOXL FRODUSUHFHGHQW vQ FHOHSDWUXDWHOLHUHGLQFDGUXO/LFHXOXLGH$UWDWHOLHUXOGHSLFWXUGHJUDFVFXOSWXULDWHOLHUXOGHGHVLJQWH[WLOH/DORFGHFLQVWHVXQWOXFUULOHGHGLSORPDOHHOHYLORUGLQDQXOWHUPLQDOFRPSOHWDWHFX VXFFHVV GH OXFUULOH FROHJLORU ORU FHYDPDL WLQHUL vPSUHXQ UHXLQG V DGXFIUXPRVXO L FXORDUHD SH VLPH]HOH *DOHULLORU8$3(VWHIRDUWH LPSRUWDQWFHOHYLLDXSRVLELOLWDWHDVLH[SXQ OXFUULOHvQF GLQ SHULRDGD OLFHXOXL 2EVHUYPDFHVWOXFUXFkQGIDFHPVHOHFLDOXFUULORUL YHGHP FkW GHPXOW LQ HOHYLL OD DFHVWHOXFUULLGRUHVFVDLEPFDUROXFUDUHvQFDGUXOH[SR]LLHL6HvQWkPSOVSXWHPV OH VDWLVIDFHP DFHDVW GRULQ QX GHHFDUHGDWGHRDUHFHVSDLXOQXSHUPLWHLQGXQXOSUHDPLFSHQWUXQXPUXOPDUHGHOXFUULQHDGHFODUDW.ROXPEiQ.iQWRU =LWD LQLLDWRUXO H[SR]LLHL DOWXUL GHFROHJLLSURIHVRULGLQFDGUXO/LFHOXLGH$UWGLQ7kUJX0XUH

/XFUULGHRQREOHHDSDUWH3UH]HQWODGHVFKLGHUHDH[SR]LLHL6LPR

QD(OHQD7XUFXLQVSHFWRUGHVSHFLDOLWDWHDVDOXWDWPXQFDHOHYLORU/LFHXOXLGH$UWHGLQ7kUJX0XUH vQ VOXMEDDUWHL L D IUXPRVXOXL 'RUHVF FD DFHDVW H[SR]LLH VDWUDJPXOL YL]LWDWRUL GDWRULW OXFUULORUGHRVHELWH FDUH R FRPSXQ OXFUUL GH RQREOHH DSDUWH FDUH WH FDSWLYHD] SXU LVLPSOX L WH GHWHUPLQ V WH RSUHWL vQIDD ORU VVWDLPLQXWH vQLU L V OHDGPLULLvQDFHODLWLPSPLQWHDVvQFHDSV]ERDUHvQFXWRWXODOWORFvQWURVWDUHGHPHGLWDLHLFRQWHPSODUHDYLHLLvQVLQHDSUHFL]DW6LPRQD(OHQD7XUFX

3HSLQLHUGHDUWLWLYDORURL([SR]LLDGHVFKLVOD*DOHULLOH8$3RIHUDVWIHO SRVLELOLWDWHD WLQHULORU DUWLWL V vLSUH]LQWHOXFUULOHvQFGLQSHULRDGDGHOLFHXXQDGHYUDWLPSXOVSHQWUXRYLLWRDUHFDULHU GH VXFFHVV vQ GRPHQLXO DUWHORUSODVWLFH (VWH SRDWH XQ YLV DO HFUXLDGLQWUH HOHYL L FKLDU L GLQWUH SURIHVRULV SRDW DYHD R H[SR]LLH SHUVRQDO1X SXWHP WLL FLQH YD IDFH SDVXO FWUHR H[SR]LLH SHUVRQDO GDU FH WLP FXVLJXUDQ HVWH F GH SH EQFLOH /LFHXOXLGH $UW GLQ 7kUJX0XUH DX SLWPXOLvQOXPHDDUWLVWLFGHYHQLQGDUWLWLGHUHQXPH L V VSHUP F L GLQ DFHWLPLFLDUWLWL FDUH H[SXQ DFXP YRU GHYHQL vQWLPSPDUL DUWLWL D SUHFL]DW .ROXPEiQ.iQWRU=LWD

$OLQ=$+$5,(

(OHYLL/LFHXOXLGH$UWH[SXQOD*DOHULLOH8$3

6SDLXOH[SR]LLRQDO8$30XUHGLQ3DODWXO&XOWXULLDJ]GXLWPDULRFWRPEULHGHVFKLGHUHDH[SR]LLHLGHDUWHSODVWLFH

VHPQDWHGHHOHYLL/LFHXOXLGH$UWGLQ7kUJX0XUHFLFOXOOLFHDO

&HWLPFXVLJXUDQHVWHFGHSHEQFLOH/LFHXOXLGH$UWGLQ7kUJX0XUHDXSLWPXOLvQOXPHDDUWLVWLFDUWLWLGHUHQXPHLVVSHUPFLGLQDFHWLPLFLDUWLWLFDUHH[SXQDFXPYRUGHYHQLvQWLPSPDULDUWLWL

/XFUULGHRQREOHHDSDUWHFDUHWHFDSWLYHD]SXULVLPSOXLWHGHWHUPLQVWHRSUHWLvQIDDORU

([SR]LLHFDUHYDGHVFKLVSXEOLFXOXLODUJSkQSHRFWRPEULHUHXQHWHOXFUULOHUHDOL]DWHvQFXUVXODQXOXLFRODUSUHFHGHQWvQFHOHSDWUXDWHOLHUHGLQFDGUXO/LFHXOXLGH$UWDWHOLHUXOGHSLFWXUGHJUDF

6VWDLPLQXWHvQLULVOHDGPLULLvQDFHODLWLPSPLQWHDVvQFHDSV

]ERDUHvQFXWRWXODOWORFvQWURVWDUHGHPHGLWDLHLFRQWHPSODUHDYLHLLvQVLQH

63257RFWRPEULH

5HSRUWHU 9 UXJP V IDFHL RVFXUWSUH]HQWDUHDSULPDUXOXLFRPXQHL6XVHQL"0LUFHD 0DUL 0 QXPHVF 0LUFHD0DUL DP GH DQL FVWRULW WUHL FRSLL SULPDU DO FRPXQHL 6XVHQL GLQ LXQLH$P OXFUDW vQ VLVWHPXOQDQFLDUEDQFDUQXDPDYXWQLFLROHJWXUFXDGPLQLVWUDLD LPL VD FXQDW V DMXQJSULPDU L DP DMXQV FX DMXWRUXO ORFXLWRULORUGLQFRPXQD6XVHQL

5HS &DUH VXQW XUJHQHOH DFWXDOHODQLYHOXOFRPXQHL"00 $P vQFHSXW GHPDUHD OXFUULORUODSRGXULOHGHSH UD]D FRPXQHL&HQXDIFXWYHFKHDFRQGXFHUHDSULPULHLYUHPHGH DQL WUHEXLH V IDFHP QRL F GHDFHHD DP YHQLW OD FRQGXFHUHD SULPULHL1HPXOXPLULOH VXQW IRDUWH PXOWH DFXPFX VFKLPEDUHD SULPDUXOXL L WUHEXLH VvQFHSHPFXFHHPDLXUJHQWvQIXQFLHGHFkWQHSHUPLWUHLEXJHWXOQSULPDID]DPGHFLVVVFKLPEPWUHLSRGXULFDUHDXSURGXVLQXQGDLL$FHODLOXFUXODPIFXWLOD6XVHQLSULQFXUDWXOJkUOHLXQGHYLQHWRDWDSDGHSHGHDOSRGXULOHHUDXVXSHUvQIXQGDWHOXFUXFDUHDGXVvQOXQDLXQLHvQDLQWHGHDOHJHUL ODR LQXQGDLH vQ FHQWUXO6XVHQLXOXLLDUDFXPDOELDSkUkXOXLDIRVWGHFROPDWDW/D/XHULXGHPDULRFWRPEULH D vQFHSXW VFKLPEDUHD VLVWHPXOXL GH LOXPLQDW SXQHP EHFXUL QRLHFRQRPLFH FUHWHP FDSDFLWDWHD OD GHEHFXULVH OXPLQ vQVDWL ODDQXOVSHUPVIDFHPDFHODLOXFUXLOD6XVHQL

$FHVWHD VXQW OXFUXULOH FHOH PDL XUJHQWHFDUH OH DYHPGH IFXW GH OD DQXO YD ROLVW GH LQYHVWLLL PXOW PDL PDUH 7UHEXLHVUHDELOLWPFRDODGLQ6XVHQLGDFYRPDYHDWRDWHDXWRUL]DLLOHYRPVFKLPEDDFRSHULXOvQFXUVXODFHVWXLDQLGDFYUHPHDQHYDSHULPLWHLDUWHUPRL]RODLDYDSHQWUXDQXOYLLWRU9DWUHEXLVFRQWLQXPFX &PLQXO &XOWXUDO FX SDUFKHW GRWDUHFX YHVHOPHVH VFDXQH L WRW FH WUHEXLHvQWUXQFPLQ

5HS&XPYGHVFXUFDLFXEDQLL"00&XEDQLLQHGHVFXUFPGHVWXOGHJUHXGHRFDPGDWVSULMLQGLQSDUWHD&RQVLOLXOXL -XGHHDQQX DYHP SHQWUX FQXVXQWEDQL L VSHUPFDGLQGHFHPEULH

VVHVFKLPEHFHYDFkQGYRPGHFLGHFLQHYD UPkQH OD 3DUODPHQW 'HRFDPGDWLQYHVWLLLOH FH VH IDF OD 6XVHQL VH IDF GLQEXJHWXO ORFDO $P GHPDUDW DFLXQL GHvQFDVDUHD EDQLORU DVWIHO F FROHFWDUHDDFHVWRUD V H FkW GH FkW IFXW SHQWUXFLDFHVWDVSHFWDIRVWQHJOLMDWvQXOWLPDYUHPH (X LQG HFRQRPLVW GH PHVHULHWLXFXPVHFKHOWXLHEDQLLGDUWLXLFXPWUHEXLHDGXQDL

5HS&kQGDLSUHOXDWFRQGXFHUHDSULPULHLFDUHDXIRVWRIIXULOHFHOHPDLPDUL"000LDIRVWIRDUWHJUHXGHRDUHFHDPYHQLW vQWUXQ PHGLX IRDUWH RVWLO XQ RPGHVSUH FDUH XQLL VSXQHDX F QX WUHEXLH

VHDLFL1XDPDYXWQLFLXQDMXWRUGLQSDUWHDIRVWHLFRQGXFHULFDUHQXDIFXWQLFLPFDURSUHGDUH D VLWXDLHL GLQ3ULPULH)RVWXOYLFHSULPDUDSOHFDWWHUJkQGWRWFHHUDvQFDOFXODWRU LQFOXVLYED]DGHGDWHLHIHFWLYDPvQFHSXWWRWXOSHEkMELWH'RXOXQLDIRVWIRDUWHJUHXGHRDUHFHQXDIRVWQLFLXQIHOGHFRODERUDUHFXXQLLDQJDMDLDLSULPULHL$FXPOXFUXULOHvQFHSXRUVVHDH]HFLQHQXSRDWHOXFUDFXPLQHSOHDFDX SOHFDW R SDUWH GLQWUH HL FRQWDELOXOXUPHD]VYLQDOWXO2VPDLXUPH]HLDOWHSOFULPDLVXQWGRXGHPLVLLGHSXVHGDUVSHUPVUH]ROYPVLWXDLDVSXWHPOXFUDvQFRQWLQXDUHvQFRQGLLLEXQH

5HS&XPYvQHOHJHLFX&RQVLOLXO/RFDO"00 &X FHL GLQ &RQVLOLX /RFDO PvQHOHJGHVWXOGHJUHXFRORUDWXUDSROLWLFDDFHVWXLDLQGXQDGHVWXOGHYDULDWWUHLGHOD3'/GRL31/GRL36'GRL3&0LGRLFRQVLOLHUL8'05QFHUFP V IDFHP R DOLDQ vQ FDGUXO&RQVLOLXOXL /RFDO H[FOXV FX 36' FDUHQX GRUHWH DFHVW OXFUX GDU FHOHODOWHIRUPDLXQLVHSDUHFvQFHSVSXQOXFUXULOH OD SXQFW vQ DFHDVW SULYLQ vQ FHHDFHSULYHWHJVLUHD XQXLQXPLWRUFRPXQvQ FDGUXO &RQVLOLOXL /RFDO ,GHHD HVWH FSURLHFWHOHGHKRWUkUHVXQWSHQWUXFRPXQLWDWH QX VXQW SHQWUX F XQLL VDX DOLLSHQWUX QRL F VXQWHP GH OD 8'05 VDXGHOD36'&HHDFHIDFHPWUHEXLHVIDFHPSHQWUXRDPHQL

$FRQVHPQDW$OLQ=$+$5,(

&HHDFHIDFHPWUHEXLHVIDFHPSHQWUXRDPHQL$OHVvQIUXQWHDFRPXQHL6XVHQLODDOHJHULOHORFDOHGLQDFHDVWYDUSULPDUXO0LUFHD0DULYUHDVVFKLPEHIDDFRPXQHLFXSURLHFWHFDUHVUHDGXF6XVHQLXOSHOLQLDGHSOXWLUH'HVSUHSODQXULOHVDOHSUHFXPLGHVSUHPRWHQLUHDOVDWGHIRVWDFRQGXFHUHDSULPULHLvQLQWHUYLXOFDUHXUPHD]

(&2120,&

QFHSVHULOHGHPX]LFFODVLFvQ-D]]Q%OXHV&OXE/XQL RFWRPEULH YD SULPD VHDU GHPX]LF FODVLF GLQ DFHDVW VWDJLXQH vQ-D]]%OXHV&OXE$DFSkQ vQ OXQDPDLDDQXOXL vQ HFDUH OXQ LXELWRULL PX]LFLL FODVLFHYRUDYHDFXFHVHGHOHFWD/XQLGHODRUDSHVFHQD-D]]%OXHV&OXEYRUXUFDVWXGHQL DL $FDGHPLHL *K 'LPD GLQ &OXM1DSRFDFXXQODUJUHSHUWRULXFHYDFXSULQGHOXFUULFD:$0R]DUW1XQWDOXL)LJDUR$ULD%DUWRORLQWHUSUHWHD],RDQ2YLGLX6WDQFX*3XFFLQL %RHPLD $ULD 0LPL LQWHUSUHWHD]6LPRQD%XKDF)2EUDGRUV(OYLWRFDQ]RQHLQWHUSUHWHD] 0DULD 3RSD : $ 0R]DUW)ODXWXOIHUPHFDW$ULD6DUDVWURLQWHUSUHWHD]&ULVWLDQ,JQX:$0R]DUW'RQ*LRYDQQL'XHW ,QWHUSUHWHD]'DQLHOD%XUFX L.R]RFVD ,VWYiQ - 6WUDXVV /LOLDFXO &RXSOHWLQWHUSUHWHD]$OLGD%DUEXLPXOWHDOWHOH,QWUDUHDHVWHOLEHU%5

/LFRQPHQWHQDQHOHFWULFvQFROL6& /LFRQ 65/ GLQ 7kUJX0XUH D FkWLJDWOLFLWDLD RUJDQL]DW GH 3ULPULD PXQLFLSLXOXL7kUJX0XUH SHQWUX PHQWHQDQD LQVWDODLLORUHOHFWULFH GLQ LQVWLWXLLOH GH vQYPkQW DGPLQLVWUDWH GH &RQVLOLXO /RFDO DO PXQLFLSLXOXL7kUJX0XUH 3RWULYLW OLFLWDWLDSXEOLFDUR ODOLFLWDLHDXSDUWLFLSDWSDWUXRIHUWHLDUYDORDUHDWRWDO D FRQWUDFWXOXL HVWH GH OHL IU79$&RQIRUPSRUWDOXOXLOLVWDUPHURVRFLHWDWHD FkWLJWRDUH DUH WUHL DVRFLDL &OLQ XWHX0DULQ0DUFHO'DVFO L ,OLQFD)ORULQD0ROGRYDQLDUvQDDYXWDQJDMDLFLIUGHDIDFHULGHOHLLSURWGHOHL67

,QVWDURPOXFUDUHvQ%HLFDGH-RV6&,QVWDURP65/GLQ7kUJX0XUHDFkWLJDWOLFLWDLD RUJDQL]DW GH 3ULPULD FRPXQHL%HLFDGH-RVSHQWUXH[HFXWDUHDGH OXFUULGHFRQVWUXFLL GH FRQGXFWH GH DSH UH]LGXDOH vQFDGUXOFRQWUDFWXOXL 6LVWHPGHDOLPHQWDUHFXDS L FDQDOL]DUHPHQDMHU vQ FRPXQD %HLFDGH-RV3RWULYLWOLFLWDWLDSXEOLFDURODOLFLWDLHDX IRVW SULPLWH RSW RIHUWH LDU YDORDUHD FRQWUDFWXOXLHVWHGHOHLIU79$&RQIRUP SRUWDOXOXL OLVWDUPHUR 6& ,QVWDURP65/ IXQFLRQHD]GLQDUH FDRELHFWGHDFWLYLWDWH IXUQL]DUHD GH OXFUUL GH LQVWDODLLVDQLWDUHGH vQFO]LUH L GH DHU FRQGLLRQDW LDUHXQDVRFLDW'XPLWUX%OGHDQFDUHGHLQHLIXQFLDGHDGPLQLVWUDWRUQDQXOVRFLHWDWHDDDYXWGHDQJDMDLFLIUGHDIDFHULGHPLOLRDQHOHLLSURWGHOHL67

WLULLQWHUHVDQWH

6UEWRDUHD 0UXOXL GH OD %DWR D VFRVvQ HYLGHQ SURGXFWRULL ORFDOL GH ODPHUHOHJXPHRHWLQXvQXOWLPXOUkQGSURGXFWRULGHYLQUHSUH]HQWDWGHVHDPLQGYLQXULOHGLQJDPD/LOLDFSURGXVHGH$0%:LQH&RPSDQ\ FRPSDQLH FDUHLDJVLWOD%DWRORFXOLGHDOSHQWUXDvQYHVWLLDUHYLJRUDWUDGLLDYLWLFRO3UH]HQWODVUEWRDUHDGHOD%DWRFXXQVWDQGSURSULX$0%:LQH&RPSDQ\LDSUH]HQWDWRIHUWDSXEOLFXOXLYL]LWDWRUFDUHDDYXWDVWIHORFD]LDVVHFRQYLQJSHYLXGHFDOLWDWHDYLQXULORUSURGXVHOD%DWRGHFRPSDQLDDXVWULDF

7UDGLLDSRGJRULHL/HFKLQDFRQWLQXDW%DWRXO HVWH XQ ORF FX WUDGLLH vQYLWLFXOWXU IDFH SDUWH GLQ DUHDOXO GHFXOWXU/HFKLQDFDLSRGJRULHLDUGHQXPLUHD HVWH GH RULJLQH FRQWURODW $OIUHG0LFKDHO%HFNSURSLHWDUXO$0%+ROGLQJDYHQLWLDY]XWWHUHQXULOHGHDLFLGHOD%DWRFDUHHUDXvQWURVWDUHGHVWXOGHPDUHGHGHJUDGDUHLDGHFLVVLQYHVWHDVF$XIRVW LQYHVWLL SkQ vQ DFHVW PRPHQW GHSHVWHPLOLRDQHGH HXURSHQWUX UHDELOLWDUHDSODQWDLHLSHQWUXUHSODQWDUHDXQRUVXSUDIHH L SHQWUX ULGLFDUHD FUDPHL vQFDUHVHSURGXFHYLQXOQHDGHFODUDW,RDQD0LFX H[HFXWLYHPDQDJHU $0%:LQH&RPSDQ\EUDQGXO/LOLDF

QFXUDMDUHDWXULVPXOXLGLQ]RQQ VSDWHOH FDOLWLL YLQXULORU SURGXVHOD %DWR VW PXOW PXQF GHSXV GHDQJDMDLL FRPSDQLHL LQYHVWLLD DXVWULDFDGXFkQGXOH EHQHFLL QX GRDU DFHVWRUD FL L vQWUHJLL FRPXQLWL (VWH IRDUWH JUHX GH FRQWDELOL]DW FkW PXQF( YRUED GH IRDUWH IRDUWH PXOW PXQFGHRDUHFH WRDW PXQFD SRUQHWH GLQ YLHGXSFDUHXUPHD]SDUWHDGHFUDPDSRLPXOWPXQFSHSLDOHJDWGHPDUNHWLQJ YkQ]UL Q DFHVW PRPHQW VXQW DQJDMDLSHUPDQHQL FDUHVXQWGLQ%DWRL R SDUWH GLQ /HFKLQD XQGH QRL PDLDYHPSODQWDLL ( QRUPDO FD RDPHQLL GHDLFL V VH LPSOLFHGDF vQ ORFDOLWDWHD ORUYLQHXQLQYHVWLWRUDFHVWOXFUXvLDMXWQXGRDUSH HL DMXW FRPXQLWDWHD'RULP VGHPDUPvPSUHXQFXHLXQSURLHFWFDVvQFXUDMPLWXULVPXOvQ]RQVDWUDJHPFkWPDLPXOWOXPHDLFLLDWXQFLVSHUPFvQDFHVWSURLHFWFRPXQLWDWHDYDPXOW

PDL LPSOLFDW 3kQ OD XUP FRPSDQLDQRDVWU HVWH XQD DXVWULDF GHFL SXWHPVSXQHFDUHFkWHYDUGFLQLFXVSHFLFXOORFXOXL OHJWXUL FXOWXUDOH $FHDVW UHJLXQH D %DWRXOXL QX HVWH GRDU VVHDVFVXQWDLFLLURPkQLLPDJKLDULWRLWULHVFvQ DUPRQLH H R FRPXQLWDWH GHVWXO GHvQFKHJDWGLQFkWHQHDPGDW VHDPDDSUHFL]DW,RDQD0LFX

:LOOL2SLW]HRQRORJXOGLQVSDWHOHFDOLWLLYLQXULORU/LOLDF9L]LWDWRULLVWDQGXOXLDXDYXWSRVLELOLWDWHDV YDG V JXVWH VDX V FXPSHUH WRDWJDPD GH YLQXUL SURGXVH VXE EUDQGXO/LOLDF )HWHDVF $OE )HWHDVF 5HJDOL YLQXUL DOEH GLQ VRLXUL WUDGLLRQDOH6DXYLJQRQ%ODQF&KDUGRQD\3LQRW*ULVGLQ VRLXUL LQWHUQDLRQDOH XQ FXSDM GH5RX)HWHDVF1HDJUFX0HUORWXQVRLWUDGLLRQDO L XQXO LQWHUQDLRQDO SkQ ODGHMD UHQXPLWXO 1HFWDURI7UDQVLOYDQLD$YHP XQ YLQ PDL VSHFLDO 1HFWDU GH7UDQVLOYDQLD RELQXW GXS R WHKQRORJLH 6FKLOIZHLQ D UHQXPLWXOXL YLQLFDWRU:LOOL2SLW](VWHXQYLQGHGHVHUWVXQWHPSUDFWLF OLGHUL vQ 5RPkQLD vQ FH SULYHWHYLQXO GH GHVHUW SULQ DFHDVW WHKQRORJLH:LOOL2SLW]HVWHXQHRQRORJUHFXQRVFXWSHSODQPRQGLDOPDLDOHVSHQWUXYLQXULOHGHGHVHUW L D FRQWDW HQRUPGHPXOW LPSOLFDUHDVDvQJDPDGHYLQXUL/LOLDF3kQODXUPXQHRQRORJGH UHQXPHSRDWH VvLRIHUHRJDUDQLHDFDOLWLLXQXLYLQLHODDGXVDVWDvPSUHXQFXQXPHOHOXLSHQ

WUXQRL(OYLQHGHVWXOGHGHVvQ5RPkQLDFKLDU vL IDFH IRDUWHPDUH SOFHUH V VWHDvQ7UDQVLOYDQLD&kQGD IRVW DFKL]LLRQDWWHUHQXO GH DLFL GH OD %DWR HO D IRVW FHOFDUHDVWLPXODWLQYHVWLLDSHQWUXFDIRVWIRDUWH vQFkQWDWGH ]RQ L GHSRWHQLDOXOSHFDUHODY]XWDLFL OD%DWRDSUHFL]DW,RDQD0LFX

3LHHOHGHGHVIDFHUH5RPkQLDL$XVWULD9LQXULOH/LOLDFSURGXVHOD%DWRGHFWUHLQYHVWLWRUXODXVWULDFVXQWGHMDRFHUWLWXGLQHSHSLDDURPkQHDVFLvQDUDPDP$XVWULD SRQGHGHUHD LQG GH OD VXWvQ5RPkQLD 1RLQH DGUHVP vQ VSHFLDOVHJPHQWXOXL+R5H&DSHQWUXFQXSURGXFHP YROXP SURGXFHP FDQWLWL PLFLGH YLQ L PHUJHP vQ VSHFLDO SH DFHDVW]RQ SH PDJD]LQH VSHFLDOL]DWH Q PRPHQWXODFWXDOODVXWGLQYkQ]ULVXQWSH SLDD URPkQHDVF UHVWXO vQ $XVWULD/DQVULOH YLQXULORU /LOLDF DX IRVW FRQVHFXWLYH SULPD GDW DP ODQVDW YLQXULOHSHSLDDURPkQHDVFLODRGLIHUHQGHRVSWPkQDDYXWORFLODQVDUHDSHSLDDDXVWULDF Q FHHD FH SULYHWH HYROXLDQRDVWUSHSLDHX]LFFQHDPPLFDWIRDUWHELQHVXQWHPSUH]HQLvQWRDWDUDvQUHVWDXUDQWHOH vQFDUHQRLQHDPGRULWLFUHGFVXQWHPIRDUWHELQHSR]LLRQDLFD LPDJLQH EUDQGLQJ YkQ]UL SkQ vQDFHVWPRPHQWDPHQLRQDW,RDQD0LFX

$OLQ=$+$5,(

9LQXULOH/LOLDFRDVSHWHGHVHDPOD6UEWRDUHD0UXOXL

,RDQD0LFXH[HFXWLYHPDQDJHU$0%:LQH&RPSDQ\%UDQGXO/LOLDF

9LQXULOH/LOLDFQHOLSVLWHGHOD6UEWRDUHD0UXOXLGHOD%DWRV

8 OPINIE17 octombrie 2012

WWW.ZI-DE-ZI.RO

WWW.ZIARULDEMURES.RO

facebook.com/zidezi

Colectionar germanFXPSUPDLQLGHFXVXWJHUPDQH Zzinger, Singer Kayser, Naumann, Pfaff, Durkopp, Afrana, Anker, Werthaim, Haid-Neu, Gritzner, Kohler, etc.2IHUSODWDvQHXUR,QI OD WHO 0740799691 vQWUH RUHOH 10-18 FHUHP LRIHULPVHULR]LWDWH

RIFER TECHNOLOGY SRL GLQ *HUPDQLD LPSRUW GLVWULEXLH L PRQWHD] SDQRXUL GH vQFO]LUHLQIUDURLL GHVWLQDW vQ VSHFLDO SHQWUX DSDUWDPHQWH GHEORFXUL,QIRUPDLLODWHOHIRQ

(XJHQLX1LVWRUOHFWRUXQLYGUOD830GLUHFWRUXO HGLWXULL $UGHDOXO VHPQHD]GRXQRLYROXPHGHDFHDVWGDWGHVSUHORVRD FRPXQLFULL ,QWURGXFHUH vQORVRD FRPXQLFULL L D UHODLLORU SXEOLFHFXIRFDOL]DUHSHDVSHFWHOHGHFUL]SXEOLFDWOD(GLWXUD8QLYHUVLWLL3HWUX

0DLRUGLQ7kUJX0XUHL)LORVRHLFRPXQLFDUH VWXGLL L FHUFHWUL (GLWXUD $FDGHPLHL 5RPkQH &ULOH YRU ODQVDWH vQ FDGUXO FRQIHULQHL FX SDUWLFLSDUH LQWHUQDLRQDO &RPXQLFDUHFRQWH[WLQWHUFXOWXUDOLWDWHHGLLDD,,DFDUH VH YD GHVIXUD vQ QRLHP

EULHDGHFODUDW(XJHQLX1LVWRUSHQWUXFRWLGLDQXO=LGH]L(V.C.)

6XEVFULVD RomINSOL I.P.U.R.L., FX VHGLXO DOHVvQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO0DOO HW DS MXG 7XOFHD FRG SRWDO vQUHJLVWUDW vQ 5HJLVWUXO )RUPHORU GH 2UJDQL]DUHVXE QU DYkQG &,) 52 UHSUH]HQWDW OHJDO SULQ DVRFLDW FRRUGRQDWRU LQJ3DXO $SRVWRO n calitate de lichidator judiciar al debitorului S.C. Distileriile Regun S.R.L.(n faliment in bankruptcy en faillite), FX VHGLXO 5HJKLQ VWU 6DOFkPLORU QU $ MXG0XUH &,) 52 vQUHJLVWUDW OD 25&VXE QU - GHVHPQDW SULQ VHQWLQDFLYLO QU SURQXQDW vQ 'RV QU DO 7ULEXQDOXOXL &RPHUFLDO 0XUHDQXQ YkQ]DUHDSULQ OLFLWDLHSXEOLF FX VWULJDUH vQFRQIRUPLWDWH FX /HJHD QU L UHJXODPHQWXO GH YkQ]DUH QU vQ HFDUH ]L GHPLHUFXUL D VSWPkQLL RUD vQFHSkQG FX GDWDGHODVHGLXODOHVDOOLFKLGDWRUXOXLMXGLFLDUVLWXDWvQPXQ7XOFHDVWU%DEDGDJQUEO&RUDO0DOOHWDS MXG7XOFHD9kQ]DUHDVHYD IDFH vQEORFSHJUXSXULGHDFWLYHGXSFXPXUPHD] LPRELOVLWXDWvQ5HJKLQVWU6DOFkPLORUQU$MXG0XUHFRPSXVGLQWHUHQLQWUDYLODQLVSDLLLQGXVWULDOHLDGPLQLVWUDWLYHEXQXULPRELOHGHQDWXUDPLMORDFHORU[HVWRFXULLPDWHULLSULPHFXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$OHLIU79$ LPRELO VLWXDW vQ5HJKLQ VWU ,HUQXHQL QU MXG0XUH FRPSXVGLQ WHUHQ LQWUDYLODQ L FOGLULKDOvPEXWHOLHUHFDVGHFDUDPLGGHSR]LWFXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$ PRELO VLWXDW vQ 5HJKLQ VWU $SDOLQHL QU& MXG 0XUH FRPSXV GLQ WHUHQ LQWUDYLODQ LFRQVWUXFLH FXGHVWLQDLH VSDLXGHGHSR]LWDUHKDO FXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$ LPRELO VLWXDW vQ 5HJKLQ VWU 5HSXEOLFLLQUSDUWHUDSMXG0XUHFRPSXVGLQDSDUWDPHQWFXFDPHUHFXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$ 3HQWUXSDUWLFLSDUHDODOLFLWDLHRIHUWDQLLYRUGHSXQHODVHGLXOOLFKLGDWRUXOXLMXGLFLDUGRFXPHQWHOHSUHFL]DWHvQFDLHWXOGHVDUFLQLSkQvQSUH]LXDOLFLWDLHLRUD &DLHWXOGHVDUFLQLSHQWUXHFDUHJUXSGHDFWLYH YD SXWHD FXPSUDW FRQWUD VXPHL GH OHLH[FOXVLY79$GH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU*DUDQLD GH SDUWLFLSDUH OD OLFLWDLH HVWH GH GLQSUHXO GH SRUQLUH OD OLFLWDLH L VH GHSXQH SULQ YLUDPHQWEDQFDUvQFRQWXOXQLFGHVFKLVSHQXPHOHDYHULLGHELWRUXO6&'LVWLOHULLOH5HJXQ65/ FRQW FHYDPHQLRQDWvQFDLHWXOGHVDUFLQL,QIRUPDLL VXSOLPHQWDUH VH SRW RELQH OD WHOHIRQ VDX OD DGUHVD GH PDLO RIFHWXOFHD#URPLQVROUR

Vnd-cedez, caut asociat pe proiect FEADR PVXUD

DWHOLHUUHSDUDLLVHUYLFHVWDLH,73FXKDOLGRWULDWHOLHUWLQLFKLJHULHYRSVLWRULHKDOVLGRWUL

nerambursabil n localitatea Petelea.

,QIRUPDLLODWHOHIRQ

Curs pentru MEDIATOR AUTORIZAT

,QIRVDX

6& (21 *D] 'LVWULEXLH 6$ 7J 0XUHVRUJDQL]HD]vQGDWDGHRFWRPEULHODVHGLXOGLQVWUDGD*KH'RMDQUOLFLWDLHSXEOLFSHQWUXYkQ]DUHDXUPWRDUHORUSURSULHWL

3URSULHWDWHVLWXDW vQ7kUJX0XUHVWU)JHWIQMXG0XUHFRPSXVGLQPSWHUHQLFRQVWUXFLHvQVXSUDIDGHPS

3URSULHWDWH VLWXDW vQ 7kUJX0XUH VWU*KHRUJKH'RMDQUMXG0XUHFRPSXVGLQPSWHUHQLFRQVWUXFLHvQVXSUDIDGHPS

3URSULHWDWH VLWXDW vQ ORFDOLWDWHD2DUEDGH0XUHMXG0XUHFRPSXVGLQPSWHUHQLFRQVWUXFLHvQVXSUDIDGHPS

'H DVHPHQHD RUJDQL]HD] OLFLWDLH SXEOLF SHQWUX vQFKLULHUHD SURSULHWLL VLWXDWH vQ ORFDOLWDWHD%JDFLX MXGHXO 0XUH FRPSXV GLQ WHUHQ vQVXSUDID GH PS VL FRQVWUXFLL vQ VXSUDIDWRWDOGHPS

Q YHGHUHD SDUWLFLSULL OD SURFHVXO GH OLFLWDLHSHUVRDQHOH LQWHUHVDWH YRU GHSXQH VFULVRDUHD GHLQWHQLH SkQ OD GDWD GH RFWRPEULH ODVHGLXO GLQ VWUDGD*KHRUJKH'RMDQU ELURX VDX SH DGUHVD GH HPDLO PLKDHODVLPLRQ#HRQURPDQLDUR5HODLLVXSOLPHQWDUHVHSRWRELQHODQUGHWHOHIRQ

Opinie

0DLPXOWLVDXPDLSXLQdect normalValentin COVACIU

1RUPDO 6SHFWDFROHOH 7HDWUXOXL1DLRQDO GLQ 7kUJX0XUH VXQW VXSUDWLWUDWHFHOHGHODVHFLDURPkQvQPDJKLDUFHOHGHODVHFLDPDJKLDUvQ URPkQ 2 GHFL]LH FDUH QX YLQHGRDU vQ DMXWRUXO VSHFWDWRULORU FL LDO WHDWUXOXL FDUH vL PUHWH VHPQLFDWLY QXPUXO SRWHQLDOLORUFXPSUWRUL GH ELOHWH 0DL SXLQGHFkW QRUPDO HVWH LDUL F QRXOVLWH DO 7HDWUXOXL 1DLRQDO SUH]LQWDPEHOH FRPSDQLL L SH DJHQGD FXSURJUDPDUHD VSHFWDFROHORU VXQW WUHFXWHFRQFRPLWHQWUHSUH]HQWDLLOHDPEHORUVHFLLGDUSDJLQLOHFRPSDQLLORUQXVXQWWUDGXVHLGDFYUHLVPHUJLODXQVSHFWDFROGHODVHFLDPDJKLDUGH H[HPSOX L FD WRW RPXO LQWUL SHVLWHXO 1DLRQDOXOXL VL FLWHWL GHVFULHUHD GRDU *RRJOH WUDQVODWH WHSRDWHDMXWD1RUPDO QFHSkQG FX VWDJLXQHDWUHFXW1DLRQDOXOGLQ7kUJX0XUHDGHYHQLWPDLSULHWHQRVFXSXEOLFXOD vQFHSXW V VH PLWH IRDUWH ELQHL vQ FHHD FH SULYHWH SURGXFLLOH LFRODERUULOH L GRULQD GH D GHYHQLXQUHSHUSHKDUWDWHDWUDODULLHVWHHYLGHQWGHL ODQLYHOXOWHDWUHORUGHVWDW&OXMXOL6LELXOvQFQXUHVLPWRFRQFXUHQGLUHFW0DLSXLQGHFkWPLVHSDUHQRUPDOFDVOLOHGLQ7kUJX0XUHVQXHODIHOGHSRSXODWHFDFHOHGLQ&OXML6LELXSHQWUXFWLPS

GHFkLYDDQL LQVWLWXLDPXUHHDQDSHUVHYHUDW vQD vQGHSUWD OXPHDGLQLQFLQWD HL vQFHSkQG GH OD SXEOLF LSkQODDFWRUL3HQWUXFDXQVSHFWDWRUVVHvQWRDUFODWHDWUXDGXFkQGLSHDOLLFXHOWUHEXLHLPSUHVLRQDWLWUHEXLHVLFUHH]LLVLvQWUHLLXQVHQWLPHQWGHHPSDWLHIDGHLQVWLWXLHLFHOPDLLPSRUWDQWQXWUHEXLHDFX]DWQLFLRGDW

1RUPDO &DUPLQD %XUDQD D IRVWLQYLWDW OD 7RDPQD 2UGHDQ L DDYXW XQ VXFFHV LPHQV OD SXEOLFXO GHDFROR &HO SXLQ DD UHLHVH GLQ FH DXVFULV SH EORJXULOH SHUVRQDOH FHL FDUHDXY]XW VSHFWDFROXO 2OWHD VFULHSHEORJXO IHVWLYDOXOXL $P XUPULW XQVSHFWDFRO FDUH VXQWHP VLJXUL YD FHUXWvQWRDWOXPHD,DUQRLDPDYXWDQVDVPSULQWUHSULPLLFDUHvOYHGHP (L ELQHPDL SXLQ GHFkW QRUPDOPLVHSDUHIDSWXOF1DLRQDOXOQXUHXHWH VL SURPRYH]H SURGXFLDvQ DD IHO vQFkW DFHVW OXFUX V VH LvQWkPSOHL LDULPL VHSDUH FLXGDWFVSHFWDFROXOODXOWLPDUHSUH]HQWDLHVDMXFDWFXDSURDSHMXPWDWHGHVDOJRDO7RWXL&DUPLQD%XUDQDYDSUH]HQWvQ)17LDWHSWUHDFLLOH

1RUPDO 6H vPSOLQHVF GH DQL GHOD vQLQDUHD VHFLHL URPkQH $FHVWXL HYHQLPHQW vL YD GHGLFDW R

VSWPkQ vQ OXQD QRLHPEULH &XRFD]LD DFHVWHL DQLYHUVUL 7HDWUXO1DLRQDO GLQ 7kUJX 0XUH SHQWUXSURLHFWXO GH DQL GH LQWHUFXOWXUDOLWDWH EHQHFLD] GH R QDQDUHGH GH OHL GLQ SDUWHD $)&1$YkQGvQYHGHUHFQDQDUHDDIRVWFkWLJDWODDULD(GXFDLH&XOWXUDOvPL H[SULP VSHUDQD F vQ FDGUXOHYHQLPHQWXOXL QX VH YD UHVLPL RDWLWXGLQHPDLYHFKHSH FDUHDP WRWPLURVLWR vQLQFLQWDLQVWLWXLHLGHDYHQLvQIDDSXEOLFXOXLFXRDWLWXGLQHGLGDFWLF LDU DSRL vQ FD]XO vQ FDUHVSHFWDWRUXODUHFXWH]DQDGHDVWUkPEDGLQQDV FDGHGHSURVWSHQWUXFQX SULFHSH PHJDPHWDWHRULD GLQVSDWHOHSURGXVXOXLPDUHOXLDUWLVW$PUEXIQLWSXLQSHQWUXFFLWLQGFXSOFHUHLEXFXULHODXGHOHDGUHVDWH&DUPLQHL %XUDQD GXS 7RDPQD2UGHDQDUWLFROHODFDUHDPDMXQVGHRDUHFHDXIRVWSRVWDWHSHSDJLQDGHIDFHERRN D 1DLRQDOXOXLOLNH DPGDW SHVWH GHFODUDLD FDUHPL SUREDEQXLHOLOH 3XEOLFXO QX WLH IRDUWHPXOWH GHVSUH GDQVXO FRQWHPSRUDQ3RDWH H GH GDWRULD FUHDWRUXOXL VOHGXFH vQ DFHVW VHQVQX WLX'DU FHWLX H F VSHFWDWRUXO WUHEXLH HGXFDWvQ DUWD WHDWUDO D VSXV /DXUHQLX%ODJD vQ FDGUXO XQHL FRQIHULQH GHSUHVRUJDQL]DWOD2UDGHDFRQIRUPZZZOLOLVRUQHW

'RXQRLFULGHORVRHVHPQDWHGH(XJHQLX1LVWRU

9 $'0,1,675$,(

',5(&,$*(1(5$/$),1$1(/2538%/,&(085(

$'0,1,675$,$),1$1(/2538%/,&(7519(1,

$QXQRUJDQL]DUHD GH OLFLWDLLSXEOLFH ODVHGLXO LQVWLWXLHLGLQVWU5HSXEOLFLLQUvQ]LXDGHRUHOHSHQWUXYk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vQWLLQH]HGHVSUHDFHDVWDRUJDQXOGHH[HFXWDUHvQDLQWHGHGDWDVWDELOLWDSHQWUXYkQ]DUH7RWRGDWDSRWULYLWSUHYHGHULORUDUWDOLQOLWMGLQDFWXOQRUPDWLYPDLVXV DPLQWLW LQYLWPSHFHLLQWHUHVDLLQFXPSUDUHDEXQXULORUVVHSUH]LQWHODWHUPHQXOGHYkQ]DUHODORFXO[DWvQDFHVWVFRSLSRWULYLWDUWDOLQGLQDFWXOQRUPDWLYPDLVXVDPLQWLWVSUH]LQWHFXFHOSXWLQR]LLQDLQWHGHGDWDOLFLWDWLHLXUPDWRDUHOHGRFXPHQWHRIHUWDGHFXPSUDUHGRYDGDGHSXQHULLWD[HLGHSDUWLFLSDUHODOLFLWDLHUHSUH]HQWkQGGLQSUHXOGHSRUQLUHDOLFLWDLHLFDUHVHGHSXQHOD7UH]RUHULD7kUQYHQLEHQHFLDU '*)3085(6FRGVFDOEHQHFLDUFRQW,%$15275(=;;;VDXRVFULVRDUHGHJDUDQLHEDQFDUUHSUH]HQWkQG GLQ SUHXO GH SRUQLUH D OLFLWDLHL vPSXWHUQLFLUHD SHUVRDQHL FDUH vO UHSUH]LQW SH RIHUWDQW SHQWUX SHUVRDQHOH MXULGLFH GH QDLRQDOLWDWHURPDQFRSLHGHSHFHUWLFDWXOXQLFGHvQUHJLVWUDUHHOLEHUDWGHRFLXOUHJLVWUXOXLFRPHUXOXLSHQWUXSHUVRDQHOHMXULGLFHVWULQHDFWXOGHvQPDWULFXODUHWUDGXVvQOLPEDURPkQSHQWUXSHUVRDQHOH]LFHURPkQHFRSLHGHSHDFWXOGHLGHQWLWDWHGRYDGDHPLVGHFUHGLWRULLVFDOLFQXDXREOLJDLLVFDOHUHVWDQWHXUPkQGVVHSUH]LQWHODGDWDVWDELOLWSHQWUXYkQ]DUHLODORFXO[DWLQDFHVWVFRS $QXQXO SULYLQG YkQ]DUHD EXQXULORU VRFLHWDL,RU 6&&20,03(;)(57,% 65/6& 6,021 352'(; 65/6&6752,$ &20 65/6&$&7,9&216758&7 65/6& $//67$5 &216758&7 65/ YD DDW vQ GDWD GH OD VHGLXO $GPLQLVWUDLHL )LQDQHORU 3XEOLFH 7kUQYHQL OD VHGLXO3ULPULHL7DUQDYHQLODVHGLXOVRFLHWD,ORUGHELWRDUHLSHSDJLQDGHLQWHUQHWD0LQLVWHUXOXL)LQDQHORU3XEOLFH 3HQWUXLQIRUPDLLVXSOLPHQWDUHYSXWHLDGUHVDODVHGLXOQRVWUXVDXODWHOHIRQQXPDUXO%LURXOGHFROHFWDUHVLH[HFXWDUHVLOLWDSHUVRDQH]LFHLMXULGLFH

([WLQGHUHD VLVWHPXOXL GH FDQDOL]DUH LQIUDVWUXFWXUD UXWLHU L FHD HGXFDLRQDOVXQWSULQFLSDOHOHSULRULWLYL]DWHGHFRQGXFHUHD 3ULPULHL 0LHUFXUHD 1LUDMXOXLSHQWUXDOHUHDOL]DvQSHULRDGDQ FDGUXO SURJUDPULL EXJHWDUHPXOWLDQXDOH DIHUHQWH 3ROLWLFLL GH FRH]LXQHSHQWUX SHULRDGD vQ OLVWDSULRULWLORULGHQWLFDWHODQLYHOXOXQLWLLDGPLQLVWUDWLYH WHULWRULDOH 0LHUFXUHD1LUDMXOXL VXQW LQFOXVH L RELHFWLYH GH

LQYHVWLLL FDUH SULYHVF GLUHFW VDWHOHDSDULQWRDUH D H[SOLFDW 7RWK 6DQGRUSULPDUXORUDXOXL0LHUFXUHD1LUDMXOXL2 SDUWH GLQ LQYHVWLLL YL]HD] H[WLQGHUHDUHHOHL GH FDQDOL]DUH PHQDMHU vQ VDWHOHFRPSRQHQWH RUDXOXL 0LHUFXUHD 1LUDMXOXLLH[WLQGHUHDUHHOHLGHDOLPHQWDUHFXDSvQ0LHUFXUHD1LUDMXOXLLVDWHOHFRPSRQHQWH

'UXPFRPXQDOPRGHUQL]DW)LLQGSHOLVWDSULRULWLORULQIUDVWUXFWXUD

GHDSFDQDOL]DUHLDVIDOWDUHXUPHD]VVHHODERUH]HVWXGLLGH IH]DELOLWDWHSHQWUXDFHVWHRELHFWLYHGHLQYHVWLLLLVHYDDSOLFDSHQWUX RELQHUH GH QDQDUH Q FHHD FHSULYHWH LQIUDVWUXFWXUDUXWLHUDYHPGHMDHODERUDWXQVWXGLXGH IH]DELOLWDWHSHQWUXPRGHUQL]DUHD GUXPXOXL FRPXQDO DUGX1LUDMXOXL%HX9HD LQYHVWLLH vQ YDORDUHGH FLUFD OHL FRQIRUP GHYL]XOXL HVWLPDWLY 8UPHD] V VH JVHDVFQDQDUHSHQWUXUHDOL]DUHDHLQFHOHODOWHVDWHGUXPXULOHVXQWDVIDOWDWHDFRQWLQXDWSULPDUXO RUDXOXL 0LHUFXUHD 1LUDMXOXLSUHFL]kQGFH[LVWRSUREOHPFXUHDELOLWDUHD SRGXULORU GLQ 'XPLWUHWL L 7kPSD FDUH VH UHDELOLWHD] SULQ 2UGRQDQD/XFUULOHQXVDXSXWXWQDOL]DWRWGLQOLSVGHIRQGXUL$UIRDUWHLPSRUWDQW FD QDQDUHD OXFUULORU vQFHSXWH VH FRQWLQXDWH V VHSRDWHQDOL]D DOWIHOEDQLLSXEOLFL VXQW LURVLL vQRELHFWLYHQHWHUPLQDWHDPDLVSXV7RWK6DQGRU

FROLOHUHDELOLWDWHQ SUH]HQW VXQW vQ FXUV GH H[HFXLHOXFUULOHGHUHDELOLWDUH ODFRDODSULPDUGLQ /XUHQL L OD FRDOD SULPDU GLQ0RXQL OXFUULOH LQG QDQDWH GLQIRQGXUL VWUXFWXUDOH SULQ 3URJUDPXO2SHUDLRQDO 5HJLRQDO L GLQ EXJHWXO ORFDO3kQODVIkULWXODQXOXLFROLOHGLQVDWHOH0RXQLL/XUHQLYRUUHDELOL

WDWH Q VDWXO DUGX 1LUDMXOXL OXFUULOHGH UHDELOLWDUH DX IRVW QDOL]DWH LDU OD'XPLWUHWL OXFUULOH DX UPDV QHWHUPLQDWH GLQ FDX]D OLSVHL IRQGXULORU D FRQFKLVHGLOXOGLQ0LHUFXUHD1LUDMXOXL

$ULQD02/'29$1

$SLFDQDOL]DUHvQVDWHOHRUDXOXL0LHUFXUHD1LUDMXOXL

&X RFD]LD 6UEWRULL 0UXOXL GH OD%DWRSULQWHOHRUWRGR[,RDQ6DELQ6WRLFDDDGXVPXOXPLUL FHORUFDUHDXFRQWULEXLWODULGLFDUHDQRLLELVHULFLRUWRGR[HGLQ%DWRODFDUHOXFUULOHDXvQFHSXWvQ 3ULPXO FDUH D SULPLW PXOXPLULGLQSDUWHDSULQWHOXL6WRLFDD IRVW(PLO)DUDJRDFHVWDFRQVWULEXLQGVXEVWDQLDOOD SLDWUD GH WHPHOLH D YLLWRUXOXL OFDVIkQWGLQ%DWR)UDMXWRUXO OXL(PLO)DUDJRQXSXWHDPSXQHWHPHOLDODQRXDELVHULFRSGXUHGHRHOEHWRQ'XPQH]HXPDLWLHFkWHFLIHGHEHWRQFUPL]LLPXOWHDOWHOHLPXOXPLPLvLGRULPVLGHD'XPQH]HXVQWDWHLEHOXJDSUHFL]DWSULQWHOH6WRLFD,RDQ6DELQ

$FRSHULXOELVHULFLLIFXWGH3ULPULD%DWR$OGRLOHDGDUQXFHOGHSHXUPFDUHDSULPLWPXOXPLULDIRVWSULPDUXOFRPXQHL%DWR'XPLWUX&RWRLFDUHDSXVSHDJHQGD SULPULHL L VSULMLQXO DFRUGDWULGLFULLQRLLELVHULFL$SRLDOWRPFDUHYLQHVSXQXPUXOODQRXOOFDVIkQWHVWH SULPDUXO FRPXQHL %DWR 'XPLWUX&RWRLFDUHQHIDFHDFRSHULXOFHHDFHQXHSXLQOXFUXFXPDWHULDOHFXPHWHULLFUXLDvQDFHVWPRPHQWDPVLFHULHUWDUHSHQWUXFWRDW]LXDvLGDXWHOHIRQLvLFHUEDXQDEDDOWD8QHRULQHDPPDLLFHUWDWLDSRL LDUQHDPvPSFDWGDULDWFPHUJHPvQDLQWHFXELQHDSUHFL]DWSULQWHOH6WRLFD

'RDUXQHOHLQLPLVXQWSUHFXPSPkQWXOFHOEXQ3ULQWHOH6WRLFDDUHFXUV ODSLOGD(YDQJKHOLHLDVHPXLQGXLSHFHLGRLFXYUHGQLFLVHPQWRULGHGUDJRVWHLFUHGLQSHQWUXYLLWRDUHD&DVD'RPQXOXLGLQ%DWR (YDQJKHOLD ]LOHL GH 'XPLQLFRFWRPEULHFDUHVDURVWLWvQWRDWHELVHULFLOHGLQ5RPkQLDDUHRSLOGIRDUWH

IUXPRDV FDUH VHSRWULYHWHGHPLQXQHFHORU GRL RDPHQL LQLPRL FDUH QHDXDMXWDW OD ULGLFDUHD QRLL ELVHULFL ,HLWDVPQWRUXO V VDPHQH VPkQD VD8QHOHVHPLQHDXF]XWvQGUXPDOWHOHvQORFGHSLDWULDUDOWHOHvQWUHVSLQLLGRDURSDUWHvQSPkQWXOFHOEXQ(VWHYRUEDDLFL GH VPkQD FXYkQWXOXL GXPQH]HLHVF LDU 'XPQH]HX HVWH VPQWRUXO&XYkQWXO'RPQXOXLFDGHvQXQHOHLQLPLFDUHDUWUHEXLVHSPkQWEXQLURGLWRUvQUkQGXOFUHWLQLORU$DFSHGUXPXQLL VXQW FD GUXPXO vQ FRDFH LQFRORLQDXYUHPH$OWHOHFDGvQWUHSLHWUHLQX DXXPH]HDOD LXELULL L D FUHGLQHL LQX URGHVF GHVYkULW $OWHOH FDG vQWUHVSLQL L GRDU XQHOH LQLPL VXQW SUHFXPSPkQWXO FHOEXQDSUHFL]DWSULQWHOH6WRLFD6DELQ

$OLQ=$+$5,(

Toth Sandor,

SULPDUXORUDXOXL0LHUFXUHD1LUDMXOXL

'XPLWUX&RWRLL(PLO)DUDJRVHPLQHURGLWRDUHGHOFDVIkQWOD%DWR

/LYLX 7LPDU GLUHFWRUXO '$'5 0XUHSUH]HQW OD 6UEWRDUHD 0UXOXL GH OD%DWRDOXWDWGH]YROWDUHDVHFWRUXOXLDJULFROH[LVWHQWODQLYHOXOFRPXQHLvQVSHFLDOSRPLFXOWXUDYLWLFXOWXUDL]RRWHKQLD

WLPVIDFHPDJULFXOWXUSHUIRUPDQW6DYRUELWPXOWGHVSUHDQXOJUHXFDUHDIRVW'DUQRLFHLFDUHDPvQYDWFDUHVXQWHPSUHJWLLvQDFHVWGRPHQLXLQGFDPDYXWSURIHVRULGHVHDPSULPXOLQGFKLDU,RQ,RQHVFXGHOD%UDGDOFUXLEXVWD IRVW GH]YHOLW vQ FHQWUXO FRPXQHL WLPVGHSLPDFHVWHPRPHQWHPDLJUHOH LWLPVSUHJWLPDQXOFDUHXUPHD]&kQGYRUELPGHVSUH%DWRvQWRWGHDXQDQHJkQGLPODFkWHYDGRPHQLLIRDUWHLPSRUWDQWH1HJkQGLPODSRPLFXOWXUODYLWLFXOWXUOD ]RRWHKQLH L OD VHFWRUXO YHJHWDO /DSRPLFXOWXU DYHP vQWUDGHYU OLYH]L YHFKL GH SH YUHPHD GRPQXOXL 7RPD L DGLUHFWRUXOXL =EkUFHD GDU DYHP L OLYH]LXOWUDSHUIRUPDQWH FDUH FRQFXUHD] FXRULFHOLYH]LGLQ8QLXQHD(XURSHDQFHHDFHvQVHDPQFWLPVIDFHPDJULFXOWXUSHUIRUPDQW $YHP YLWLFOWXU L YLQXOGLQDFHDVW ]RQ FDUHDUH FHYD VSHFLF DIRVWOXDWvQDWHQLDLQYHVWLWRULORUGLQ$XV

WULD(VWH IRDUWHELQHFDXYHQLWLQGFFHL FDUHPXQFHVF vQ DFHVW GRPHQLX VXQWWRW RDPHQLL DFHVWRU ORFXUL $YHP VHFWRUXO ]RRWHKQLF R IHUP OD *RUHQL FDUHFRQFXUHD] FX RULFH IHUP GLQ 2FFLGHQWD GRPQXOXL LQJLQHU $QGRQH D SUHFL]DW/LYLX7LPDU

GHHXURSHQWUXHFDUHKHFWDUOXFUDW'LUHFWRUXO'$'5DUHDPLQWLWGHDQXOJUHXSHQWUX IHUPLHUL DFFHQWXkQG VSULMLQXORIHULW DJULFXOWXULL GLQ SDUWHD *XYHUQXOXLSHQWUXDFHVWDQ(VWHXQDQJUHXGDUVHvQFHDUFSULQDFWXDOXO*XYHUQFDRSDUWHGLQSLHUGHULOHSHFDUHOHDXDYXWDJULFXOWRULLvQDFHVWDQVHFRPSHQVDWH&HSRWVYVSXQODDFHDVWGDWHVWHFVHvQFHDUFVVHRIHUHFHDPDLPDUHVXPSHXQLWDWHDGHVXSUDIDODFDUHDUHGUHSWXO5RPkQLD(VWHYRUEDGHGHHXURSHQWUXHFDUHKHFWDU OXFUDW 3HQWUX FHL FDUH DXERYLQHVHYRUGDGHOHLSHHFDUHFDSGHDQLPDOLDUSHQWUXFUHVFWRULLGHRYLQHOHLSHFDSGHDQLPDO%LQHQHOHVVHYDGDLDFHVWDMXWRUGHPLQLPLVFDUHDSDUHQWHVWHRVXPPLFGDUODQLYHOGHMXGHVHULGLFODPLOLRDQHGHOHLDPHQLRQDW7LPDU

$OLQ=$+$5,(

%DWRXODJULFROOXGDWGHGLUHFWRUXO'$'50XUH

9LLWRUXOOFDVIkQWGLQ%DWR

63257RFWRPEULH

IDFHERRNFRP]LGH]L

'RLPXQLFLSDOLvQQDLRQDOD83ULQWUHFHLSDWUX MXFWRULGLQ/LJDD,,D FDUH DX IRVW WLWXODUL vQ IRUPDLDQDLRQDO GH IRWEDO 8 OD WXUQHXOGHFDOLFDUHSHQWUX&DPSLRQDWXO(XURSHDQDQWUHQDWGH$GULDQ9VkLDIFXWSDUWHLMXFWRUXO)&0XQLFLSDO7kUJX0XUH$OH[DQGUX'DQ(FKLSD D UHPL]DW FX (OYHLD VFRU DSLHUGXWFXvQIDD6FRLHLHFKLSDJD]G D WXUQHXOXL L D vQYLQV FX $UPHQLD7RWWLWXODUDIRVWL&ODXGLX%XPED FDUH HYROXHD] OD $65RPDVXEIRUPGHvPSUXPXW'LQFHOHJUXSH D FkWH HFKLSH VH FDOLF vQWXUXO GH HOLW GLQ SULPYDUD DQXOXLYLLWRUSULPHOHGRX FODVDWH SOXV FHOPDL EXQ ORF OXkQGXVH vQ FDOFXOGRDUSXQFWHOHGLQMRFXULOHFXSULPHOHGRX FODVDWH GLQ JUXSD UHVSHFWLY5RPkQLDDYHDQHYRLHGHRYLFWRULHODVFRU FX $UPHQLD FRURERUDW FX XQHHFODVFRUDO(OYHLHLvQIDD6FRLHLSHQWUX D YLVD OD FDOLFDUH (OYHLD DSLHUGXW FX LDU YLFWRULD OD OLPLWFX $UPHQLD QX D IRVW VXFLHQW vQPRPHQWXO vQ FDUH DFHDVWD D FHGDWSULPHOH GRXSDUWLGH FX 7ULFRORULLDXvQFKHLDWSHORFXOFXSDWUXSXQFWHODHJDOLWDWHFX(OYHLDGDUFXJRODYHUDMLQIHULRU09

'RVD1RUEHUWORFXOvQHWDSDD,,,DOD/LJD&DGHL/XSWWRUXO &OXEXOXL 6SRUWLY 0XUHXO7kUJX0XUH'RVD1RUEHUW D vQFKHLDWSH ORFXO VHFXQG OD FDWHJRULD NLORJUDPH vQ FDGUXO HWDSHL D ,,,D HWDSDD &DPSLRQDWXOXL 1DLRQDO SH HFKLSH&DGHL QVFXL vQ /DDFHDVW FRPSHWLLH HO D FRQFXUDW vQVSHQWUX&OXEXO6SRUWLYFRODU2GRUKHLX6HFXLHVFHFKLSDVDLQGFODVDWvQXUPDDFHVWHLHWDSHSHORFXOvQWkLSUHJWLQGXVHSHQWUXWXUQHXOQDOFHYDDYHDORFvQGDWDGHRFWRPEULH09

/LGHUXOVHGLVWDQHD]vQIUXQWHD/LJLL,9'XS RSW HWDSH GLVSXWDWH vQ /LJD D,9D0XUHODIRWEDO0XUHXO/XGXVDGHVSULQVODDVHSXQFWHIDGHDGRXD FODVDW /XGXHQLL DX RELQXWDRSWDYLFWRULHSH WHUHQSURSULXFX $606( 7kUJX0XUH L HVWHVLQJXUD FXPD[LPXPGH SXQFWH 3HORFXOVHD0XUHXO5XLL0XQLFX SXQFWH FDUHDX vQYLQV vQSDUWLGD FDS GH D D HWDSHL vQ GHSODVDUH *D] 0HWDQ 7kUJX0XUH FX7RWSXQFWHDUHL/DFXO8UVX0RELOD6RYDWDDFHDVWDLQGvQYLQVVXUSULQ]WRU OD 0XUHXO 1D]QD FX0HFLXUL WDUL vQHWDSDYLLWRDUH/DFXO 8UVX 0RELOD*D] 0HWDQ LQIULUHD9DOHD ,]YRDUHORU ORFXO 9SXQFWH0XUHXO/XGX09

WLULLQWHUHVDQWH

/DHGLLDMXELOLDUD;;DD0HPRULDOXOXL$QWUHQRULORUODOXSWHGLVSXWDWODVIkULWXOVSWPkQLLvQ6DOD6SRUWXULORUGLQ7kUJX0XUHRUJDQL]DWRDUHDFRPSHWLLHL&OXEXO6SRUWLY0XUHXO7kUJX0XUHVDFODVDWSHORFXO , FX GH SXQFWH LQG XUPDW GH&OXEXO6SRUWLYFRODU7kUJX0XUH FXGHSXQFWHLGH&OXEXO6SRUWLYFRODU2GRUKHLX6HFXLHVFGHSXQFWH/DVWDUWXOFRQFXUVXOXLGLVSXWDWvQFRODERUDUHFX'LUHFLD-XGHHDQ SHQWUX 6SRUW L 7LQHUHW0XUHvQ PHPRULD DQWUHQRULORU *\|UJ\ ,VWYiQ%DNy*\|UJ\6LPRQ/iV]Oy%HQHGHN/HYHQWHL,RDQRYLFL7LERUVDXDOLQLDWGHFRQFXUHQLGHODFOXEXULGLQDU'LQWUHFHOHFLQFLFOXEXULPXUHHQHSUH]HQWHFHOHPDLPXOWH FODVUL SH SULPD WUHDSW D SRGLXPXOXLOHDXUHXLWFHLGHOD&60XUHXODQWUHQRUL0DUWRQ-R]VHIL6LPRQ/DV]ORFXORFXUL,XUPDLvQDFHVWFODVDPHQWGH&OXEXO6SRUWLYFRODU7kUJX0XUH*\DUPDWL)HUHQFL)D]DNDV&VDEDFX&OXEXO6SRUWLY7kUQDYD0LF6kQJHRUJLXGH3GXUH)kQWkQHOH.R]PD-HQR&OXEXO6SRUWLYFRODU5HJKLQ3HUHV0LNORVL&66SDUWDFXV6LJKLRDUD6]DV]6DQGRUFkWH09

-XQLRULNJ%RGR(QGUH&67J0XUHORFXO.DQWRU7DPDV0XUHXOORFXONJ,RQX%XFXU&6ORFXO.DQWRU0LKDO\0XUHXOORFXONJ,V]ODL=VROW&6ORFXO

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

0DURVDQ=VROW0XUHXOORFXO3RQWL&OLQ0XUHXOORFXONJ)DWWDO0RKDPHG:DGDK0XUHXOORFXO&RSLL,,NJ.DOR%HQLDPLQ0XUHXOORFXONJ2WYRV=ROWDQ0XUHXOORFXO1\XODV(ORG&6ORFXONJ'HDN-R]VHI0XUHXOORFXO%LJD5RPHR5HJKLQORFXONJ6XFLX*HRUJH6SDUWDFXVORFXONJ%kUOHDQ5]YDQ0XUHXOORFXO&RSLL,,,NJ)D]DFDV1RUEHUW6]DEROFV0XUHXOORFXO0DUWRQ7DPDV0XUHXOORFXONJ0WHD$OH[DQGUX&6ORFXO NJ %LUR .ULV]WLDQ 7kUQDYD 0LFORFXO NJ )DOXGL *\RUJ\2GRQ 0XUHXOORFXONJ6]DV]=VRPERU6SDUWDFXVORFXO6]LOYHV]WHU(GXDUG&6ORFXO&RSLL,9NJ7RGHD9DOHQWLQ&6ORFXO/XFD(XVHELR&6ORFXO7RYLVVL+HQULN0XUHXOORFXONJ6LPRQ/DV]OR0XUHXOORFXO.DOL5REHUW&6ORFXO

NJ.HOS5LFKDUG0XUHXOORFXONJ%UDRYHDQX5DXO&6ORFXO1DJ\$QGUDV0XUHXOORFXO-XQLRDUHNJ)DUNDV1RHPL0XUHXOORFXO NJ 2OWHDQ $QQD 0DULD 0XUHXOORFXO&DGHWHNJ3DQWHD&RUQHOLD0XUHXOORFXO

&RSLL)HWH,NJ0XUHXOORFXO

&RSLL)HWH,,NJ'RGL(QLNR7kUQDYD0LFORFXO8QJUL5R[DQGUD6SDUWDFXVORFXO%RUGD'LDQD&6ORFXO NJ*\XUND &VHQJH 7kUQDYD 0LFORFXO6]HNHUHV0HOLQGD7kUQDYD0LFORFXO

&RSLL,,,)HWHNJ)RGRU+HQULHWWD 7kUQDYD0LFORFXO%HUHV$GULHQQ&6ORFXO NJ 0ROQDU )ORUD 7kUQDYD 0LFORFXO&RSLL,9)HWH NJ0DUNXV.ODXGLD 7kUQDYD0LFORFXO

&60XUHXOORFXUL,OD0HPRULDOXOXL$QWUHQRULORU

/XSWWRULLGHOD0XUHXODXGRPLQDW0HPRULDOXO

&ODVDPHQWXOSULPLORUWUHLFODVDLGLQMXGHXO0XUHSHFDWHJRULL

QHFDUH]LGHPDULDOXQLLvQFXUVvQWUHRUHOHFRQVLOLHUXO&ODXGLX0DLRUQOHJWXUWHOHIRQLFGLUHFWFXFHWHQLL

)RUPkQGQXPUXODSHODLGLUHFWvQHFDUH]LGHPDULDOXQLLvQFXUV3ULPULDPXQLFLSLXOXL7vUJX0XUH$SHOXOGXPQHDYRDVWUHVWHJUDWXLW L HVWHSUHOXDWGHFWUH FRQVLOLHUXO&ODXGLX0DLRU LGLUHFWRULLGHVSHFLDOLWDWHGLQFDGUXO3ULPULHLPXQLFLSLXOXL7vUJX0XUH/XFLDQ5DF]'LUHFLD7HKQLF)ORULDQ0ROGRYDQ$GPLQLVWUDLD'RPHQLXOXL3XEOLF'DQD0LKH$UKLWHFWHI'RULQ%HOHDQ'LUHFLDFROLL5HODLLFX$VRFLDLLOHGHSURSULHWDUL9DOHQWLQ%UHWIHOHDQ'LUHFLD3ROLLD/RFDO$XUHO7ULI'LUHFLD&RPXQLFDUH$QFD7HEDQ$GPLQLVWUDLD6HUHORU0DUWD0DLRU$VLVWHQ6RFLDODKLQ=VX]VDQQD6HUYLFLXO/RFDWLYQFD]XOvQFDUHDYHLRVHVL]DUHvQWUHEDUHVXJHVWLHVDXRUHFRPDQGDUHFDUHSULYHWHDFWLYLWDWHDLFRPSHWHQHOH3ULPULHLPXQLFLSLXOXL7vUJX0XUHDYHLSRVLELOLWDWHDVRWUDQVPLWHLvQPRGGLUHFW$SHOXOGXPQHDYRDVWUYDvQUHJLVWUDWPHVDMXOWUDQVPLVSXWkQGDYHDGXUDWDGHXQPLQXWQFD]XOvQFDUHGRULLXQUVSXQVHVWHQHFHVDUVYIDFHLFXQRVFXWHQXPHOHLQXPUXOGHWHOHIRQODFDUHSXWHLFRQWDFWDW3UREOHPHOHVHVL]DWHGHGXPQHDYRDVWUYRUWUDQVPLVHVSUHVROXLRQDUHvQPRGRSHUDWLYGLUHFLLORUGHVSHFLDOLWDWHGLQFDGUXOSULPULHL9HLFRQWDFWDWXOWHULRUSHQWUXDSULPLUVSXQVVDXYHLLQYLWDWvQDXGLHQODFRPSDUWLPHQWXOGHVSHFLDOLWDWHSHQWUXRGRFXPHQWDUHVXSOLPHQWDU$SHOXULOHVXQWSRVLELOHGLQRULFHUHHDGHWHOHIRQLH[VDXPRELO$WHSWPFXLQWHUHVDSHOXULOHGXPQHDYRDVWUvQHFDUH]LGHPDULDOXQLLvQFXUVvQWUHRUHOH

%LURXOGHSUHVDOSULPULHL

11 EVENIMENT

&RQFXUVXO GH0DWHPDWLF =ULQ\L ,ORQD*RUGLXV]RUJDQL]DWGH)XQGDLD0DWHJ\HVHYDGHVIXUDLvQDFHVWDQFRODUvQ GRX HWDSH HWDSD MXGHHDQ L FHDQDO &RPSHWLLD VH DGUHVHD] HOHYLORUGLQFODVHOH,,,;,,LXUPUHWHSURPRYDUHDPDWHPDWLFLLWHVWDUHDORJLFDHOHYLORULFRPSDUDUHDDELOLWLORUDFHVWRUD

1XPUQHOLPLWDWGHHOHYL/D FRQFXUV VH SRW vQVFULH XQ QXPU QHOLPLWDWGHHOHYLQMXGHXO0XUHvQDQXOFRODUDXSDUWLFLSDWGHHOHYL UHVSHFWLY OD QLYHO QDLRQDO FLUFDGHHOHYL(OHYLLFODVHORU,;;,,VHSRWvQVFULHvQGRXFDWHJRULLOLFHXUHVSHFWLYFRDOSUHIHVLRQDOL ODHWDSDQDOVHFDOLFVHSDUDWGLQFHOHGRXFDWHJRULLD GHFODUDW 9DVLOH *vQD LQVSHFWRU FRODUSHQWUXPDWHPDWLFLQIRUPDWLF

QVFULHULGRDURQOLQH3ULPD HWDS VH YD GHVIXUD vQ GDWD GH IHEUXDULHRUHOH vQFHOH

FHQWUH GH FRQFXUV H[LVWHQWH OD QLYHO GHMXGH'DWDOLPLWGHvQVFULHUHHVWHQRLHPEULH(OHYLLVHSRWvQVFULHQXPDL

SULQLQWHUQHWODDGUHVDZZZPDWHJ\HKX3HQWUX vQVFULHUHHVWHQHFHVDUXQFRGGHDFFHV 3HQWUX FD R FRDO QHSDUWLFLSDQW

SkQ vQ SUHVHQW V DLE FRGXO GH DFFHVWUHEXLH V VH DGUHVH]H RUJDQL]DWRUXOXLMXGHHDQ%DOLQW$WLLO6DQGRUODDGUHVDGHHPDLOEDOLQWDWWLOD#\DKRRFRPDH[SOLFDW9DVLOH*vQD

&HULQHLIDFLOLWLQ SHULRDGD PDUWLH YD DYHDORF HWDSD QDO D FRQFXUVXOXL FDUH VHYD GHVIXUD OD 9HV]SUHP 8QJDULDSDUWLFLSDQLORU LQGXOH DVLJXUDW JUDWXLWWUDQVSRUWXOFXDXWRFDUXOFD]DUHDLPDVD5HJXODPHQWXO SUHYHGH FD WLPSXO SXV ODGLVSR]LLD HOHYLORU GLQ FODVHOH ,,,,9 VHGHGHPLQXWHSHQWUXUH]ROYDUHDFHORUGHSUREOHPH'HDVHPHQHD HOHYLLFODVHORU 99, DX OD GLVSR]LLH GHPLQXWH LDU FHL GLQ FODVHOH 9,,;,, GHPLQXWHSHQWUXXQQXPUGHGHSUREOHPH 7UHEXLHPHQLRQDW IDSWXO F HFDUHSUREOHPDUHFLQFLUVSXQVXULSRVLELOHFXRVLQJXUYDULDQWFRUHFW

2DQD05*,1($1

&PLQXO &XOWXUDO GLQ FRPXQD 6DVFKL]D J]GXLW GXPLQLF RFWRPEULH HYHQLPHQWXOGHvQFKHLHUHDSURLHFWXOXL7$,)$67UDGLLH L DUW )DVFKLQJDXWHQWLFVVHVF 0DQLIHVWDUHD D GHEXWDW FX RVFXUW SUH]HQWDUH D SURLHFWXOXL UHDOL]DWGH )ORUHQWLQD &OXJU FRRUGRQDWRU GHSURLHFW GXS FDUHSH VFHQDXXUFDW FRSLLLGLQ6DVFKL]FDUHDXSUH]HQWDWRELFHLXO0DUXO &OXLORU vQ OLPELOH URPkQ LJHUPDQLQGGH DVHPHQHDSUH]HQWDWHL SHUVRQDMHOH L FRVWXPHOHPWL FDUHSDUWLFLSDXvQWUHFXWODDFHVWRELFHL7RWvQFDGUXOHYHQLPHQWXOXLHOHYLLGLQ6DVFKL]LGLQ9DOHD9LLORUDXSUH]HQWDWGRXVSHFWDFROHGHWHDWUXFXSSXLFRQIHFLRQDWHFKLDUGHHLVSHFWDFROHvQFDUHDXIRVWHYRFDWHYHFKL RELFHLXUL DOH VDLORU GLQ FHOH GRX

FRPXQLWL$IRVWSURLHFWDWLXQOPGHDUKLY LQWLWXODW 0DUXO &OXLORU OPUHDOL]DW vQDQXO vQFRPXQD6DVFKL](YHQLPHQWXO VD vQFKHLDW FX R VXLW GHGDQVXULSRSXODUHJHUPDQHSUH]HQWDWHGH)RUXPXO*HUPDQGLQ6LJKLRDUD

&RODERUDUH0XUH6LELX$IRVWRPDQLIHVWDUHUHXLWFDUHVDEXFXUDWGHVXFFHVDWkWvQUkQGXOORFDOQLFLORUFkW L vQ DO LQYLWDLORU GLQ DOWH ORFDOLWL$FHDVW PDQLIHVWDUH PDUFKHD] vQFKHLHUD SURLHFWXOXL FXOWXUDO 7$,)$6 7UDGLLHLDUW)DVFKLQJDXWHQWLFVVHVFSULQFDUHVDvQFHUFDWSXQHUHDvQYDORDUHD RELFHLXULORU WUDGLLLORU L VUEWRULORUWUDGLLRQDOH GLQ VDWHOH VVHWL 6DVFKL] L9DOHD9LLORUFKLDUGDFQXPUXOHWQLFLORU

VDLHVWHIRDUWHPLFODRUDDFWXDODGHFODUDW 2YLGLX RDLWD SULPDUXO FRPXQHL6DVFKL] 3URLHFWXO 7$,)$6 D IRVW GHUXODWGH%LEOLRWHFDFRPXQDO6DVFKL]GLQMXGHXO0XUHvQSDUWHQHULDWFX%LEOLRWHFDFRPXQDO9DOHD9LLORUGLQMXGHXO6LELXL%LEOLRWHFD FRODU D*LPQD]LXOXL GH 6WDW,RQ'DFLDQGLQ6DVFKL]3URLHFWXODIRVWQDQDWSULQSURJUDPXOGHJUDQWXULH&XOWXUD GLQ FDGUXO SURLHFWXOXL (FRQRPLD%D]DWSH&XQRDWHUHLQLLDWGH*XYHUQXO5RPkQLHLSULQ0LQLVWHUXO&RPXQLFDLLORUL 6RFLHWLL ,QIRUPDLRQDOH FX VSULMLQXO%QFLL0RQGLDOH

&HUFHWULHWQRJUDFHGHVSUHFDUQDYDOXOVVHVF$FWLYLWLOH SURLHFWXOXL DX FRQVWDW vQ UH

DOL]DUHD XQHL FHUFHWDUL HWQRJUDFH SULYLQG WUDGLLD FDUQDYDOXOXL VVHVF )DVFKLQJ vQFRPXQLWLOHGLQ6DVFKL] L9DOHD9LLORU XQ FRQFXUV FX SUHPLL 1H YHGHPOD ELEOLRWHDF DGUHVDW EHQHFLDULORUGLUHFL UHVSHFWLY FkWH WLQHUL FX YkUVWHvQWUH L DQL GLQHFDUH FRPXQLWDWHSDUWHQHU DWHOLHUH GH WHDWUX DQLPDLHL XQ VSHFWDFRO GH WHDWUX DQLPDLH vQDPEHOH FRPXQLWL SDUWHQHUH &RVWXO WRWDODOSURLHFWXOXLDIRVWGHOHLGLQFDUHOHLUHVSHFWLYUHSUH]LQWQDQDUH QHUDPEXUVDELO LDU DGLF OHL UHSUH]LQW FRQWULEXLD SURSULH DVROLFLWDQWXOXL

6HEDVWLDQ$1*+(/

3H WRW SDUFXUVXO ]LOHL GH VkPEW RFWRPEULH OD 6LJKLRDUD DX DYXWORFPDQLIHVWUL GHGLFDWH FHOHL GHD DHGLLL D =LOHL GDVFOXOXL WUDQVLOYQHDQRUJDQL]DWGH&RPLVLDGHHGXFDLHD)RUXPXOXLWUDQVLOYQHDQ

&DGUHGLGDFWLFHGLQWRDW7UDQVLOYDQLD/DHYHQLPHQWDXIRVWSUH]HQLQXPHURLHGXFDWRUL vQYWRUL SURIHVRUL L IRUPDWRUL GLQPDMRULWDWHD ORFDOLWLORU GLQ7UDQVLOYDQLD XQGH IXQFLRQHD] XQLWLGH vQYPkQW FX SUHGDUH vQ OLPEDJHUPDQ0HGLD6LELX%LVWULD'HYD6HEH %UDRY &OXM1DSRFD 7kUJX0XUH L 6LJKLRDUD 'XS PRPHQWXOIHVWLYFDUHDDYXWORFOD%LVHULFDGLQ'HDO&DUROLQH )HUQROHQG YLFHSUHHGLQWHDO )XQGDLHL 0LKDL (PLQHVFX 7UXVWD LQXW R SUHOHJHUH OD /LFHXO -RVHSK+DOWULFK FX WHPD 9DORULFDUHD DFWLYD PRWHQLULL FXOWXUDOHGXFDWLYH3DUWLFLSDQLL VDX vPSULW SH JUXSHGH OXFUX L DX DERUGDW WHPH VSHFLFH

HFUHL WUHSWH GH HGXFDLH vQWRFPLQGOXFUULFDUHDXIRVWSUH]HQWDWHvQSOHQODVIkULWXO]LOHLvQ6DOD)HVWLYD3ULPULHLPXQLFLSLXOXL6LJKLRDUD

7RWPDLSXLQLGDVFOLJHUPDQL7HPD SULQFLSDO D HGLLHL GLQ DFHVW DQD =LOHL GDVFOXOXL WUDQVLOYQHDQ D IRVW3DWULD L GH]YROWDUHD GXUDELO 1RL FHLFDUH PDL VXQWHP vQ FROLOH JHUPDQHDP GRUL V WUDQVPLWHP FRSLLORU FDUHQXVXQWGHHWQLHJHUPDQGDUXUPHD]FXUVXULOH DFHVWRU FROL WUDGLLLOH QRDVWUH vQHOHJHUHD L UHVSHFWXO ORU'RULQDPHD HVWH V OHJP DFHDVW WHP L GHVSWPkQDFDUH VHQXPHWH FRDODDOWIHOVvQGHPQPFROHJLLLVOHDUWPFHVHSRDWHIDFHvQHFDUHORFDOLWDWH'LQSFDWHGDVFOLJHUPDQLVXQWGLQFHvQFHPDLSXLQLGHLLQWHUHVXOSULQLORUSHQWUX FRDOD JHUPDQ FUHWH GDU PDMRULWDWHDGDVFOLORULDHOHYLORUQXPDLVXQWGHHWQLHJHUPDQDGHFODUDW/LHVHORWWH%DLHUSURIHVRUGH OLPEDJHUPDQ OD/LFHXO7HRUHWLF-RVHSK+DOWULFK

GHDQLGHvQYPkQW7RWFXDFHVWSULOHMD IRVWPDUFDW L vPSOLQLUHDDGHDQLGHH[LVWHQDFROLLGLQ'HDODFWXDOXO/LFHX7HRUHWLF-RVHSK+DOWULFKFDUHDUHRERJDWDFWLYLWDWHvQGRPHQLXOSURLHFWHORUHGXFDWLYHGHUXODWHDGHVRUL SULQ VFKLPEXUL FX FROL SDUWHQHUH GLQ *HUPDQLD (OYHLD L $QJOLD RSDUWHGLQDFHVWHDLQGLQFOXVHvQDJHQGDPDQLIHVWULL GHGLFDWH =LOHL GDVFOXOXLWUDQVLOYQHDQ $VWIHO JUXSD GH OXFUXFDUHDFXSULQVGDVFOLLGLQvQYPkQWXOSUHFRODU LSULPDUD OXDW FXQRWLQGH

SURLHFWH FDUH YL]HD] FRQVHUYDUHD SDWULPRQLXOXLFXOWXUDOLQDWXUDOSURWHFLDPHGLXOXL YDORULFDUHD WUDGLLLORU ORFDOHSUHFXP L GH SURJUDPHOH GH HGXFDLHPX]HDOGHVIXUDWHFXVSULMLQXO0X]HXOXL GH ,VWRULH LDU SURIHVRULL GH JLPQD]LXLOLFHXDXDYXWRFD]LDVFXQRDVFUH]XOWDWHOH FRQFUHWH DOH SURLHFWHORUHGXFDLRQDOH GHUXODWH SH DFHVW VHJPHQWHGXFDLRQDO vQ SDUWHQHULDW FX GLIHULWHRUJDQL]DLLGLQDULVWULQWDWH

6HEDVWLDQ$1*+(/

&RQFXUVXO=ULQ\L,ORQD*RUGLXV]XQSOXVDGXVPDWHPDWLFLL

QDQXOFRODUFRQFXUVXOVDEXFXUDWGHSDUWLFLSDUHD

DGHHOHYLPXUHHQL

=LXDGDVFOXOXLWUDQVLOYQHDQOD6LJKLRDUD0RPHQWXOIHVWLYDDYXWORFOD%LVHULFDGLQ'HDO

/DHYHQLPHQWDXIRVWSUH]HQLQXPHURLHGXFDWRULvQYWRULSURIHVRULLIRUPDWRULGLQPDMRULWDWHDORFDOLWLORUGLQ7UDQVLOYDQLD

7UDGLLLOHVVHWLDXUHvQYLDWOD6DVFKL]

&RSLLLGLQ6DVFKL]DXSUH]HQWDWRELFHLXO0DUXO&OXLORUvQOLPELOHURPkQLJHUPDQ

&8/785RFWRPEULH

([SR]LLD '(6(1&2/25 D IRVW YHQLVDWFX RFD]LD LQDXJXUULL UHVWDXUDQWXOXL 6DOHH 3HSH SRDWH YL]LWDW ]LOQLF vQWUH RUHOH OD DPEHOH QLYHOH DOH UHVWDXUDQWXOXL VLWXDW vQ 3LDD 7HDWUXOXL QU ([SR]LLDHVWHFXYkQ]DUH/XFUULOH H[SXVH DSDULQ DUWLVWHL &ULVWLQD*ULJRUD FDUH vQ LQWHUYLXO XUPWRU QH YDYRUELGHVSUHH[SR]LLHOXFUDUHDVDSUHIHUDWLFHDQXPHRLQVSLU

5HSRUWHU7HURJVWHSUH]LQLFLWLWRULORU=LGH]L"&ULVWLQD *ULJRUD $P DEVROYLW VHFLDGHSLFWXUD/LFHXOXLGH$UW7kUJX0XUHvQ VXE SUHJWLUHD SLFWRULHL /XFLD&OLQHVFX FUHLD GRUHVF VL PXOXPHVFSHQWUX EXQXO vQGUHSWDU vQWUDOH SLFWXULL8OWHULRU vQ DFHODL DQ DP IRVW DGPLVOD 8QLYHUVLWDWHD 1DLRQDO GH $UWH GLQ%XFXUHWLVHFLDSLFWXUODFODVDPDHVWUXOXL9ODGLPLU=DPILUHVFXFUXLDvLGUXLHVFWRDWDGPLUDLDUHVSHFWXOSHQWUXPRGHVWLDLEXQWDWHDVDLSHQWUXFPDvQYDWV GREkQGHVF vQPDJD]LQDUHD IRUPHL SULQVWXGLX'HL OXFUDP IRDUWHPXOW vQDWHOLHUvQ VSHFLDOSH IRUPDWHPDUL HUDPDWUDVGH QRLOH PHGLD SH FDUH OH FXQRVFXVHPDWXQFL vQ FDGUXO VHFLHL IRWRYLGHR FDSWDUHDLPDJLQLLSHILOPFRORU$=2085(GHRDUHFH vQDFHDSHULRDGPDLH[LVWDPDJD]LQXOGLQFHQWUXO7kUJX0XUHXOXLDOEQHJUX SH ILOP ODW GHYHORSDUHD ILOPXOXLPULUHD IRWRJUDILLORU UHYHODWRU vQUHJLVWUDUHDLPRQWDUHDLPDJLQLLYLGHR3HQWUXIRWRJUDILHDPUHQXQDWODSLFWXUvQFRQYLQV ILLQG F IRWRYLGHR HVWH FHHD FHYUHDXVFXQRVF

5HS 'LQ FHDL VSXV OD YHUQLVDMLQ PLQWH F VXQW OXFUUL GLQ GRXSHULRDGHGHVWXOGHGLVWDQDWHvQWLPS&HVDvQWkPSODWvQLQWHUYDOXOUHVSHFWLY D IRVW YRUED GH R SDX] GH ODSLFWXU"&* (VWH vQWUDGHYU R GLVWDQ HQRUPGH WLPSHVWHYRUEDGHVSUH DQL'DU vQWRWDFHVWWLPSQXDPUHQXQDWODSLFWXU3HQWUXF%XFXUHWLXOQXHVWHXQRUDLHIWLQDP IRVW QHYRLW V PXQFHVF vQFHSkQG FXPRELO SLFWDW LDU PDL DSRL SDWLQkQG GHFRUXUL GH OP SHQWUX VHULDOXO IUDQFH] /HV5RLV 0DXGLWV UHJL]DW GH -RVpH 'D\DQ LSDWLQkQG FRVWXPXO GH OP SHQWUX OXQJPHWUDMXO 3HUIXPH 7KH 6WRU\ RI D0XUGHUHUvQUHJLDOXL7RP7\NZHU

5HS &H vQVHDPQ D SDWLQD XQ FRVWXP"&* QVHDPQ D vQYHFKL D SLFWD SULQWHKQLFL PL[WH SDWLQD WLPSXOXL GXS ORJLFDX]XULLKDLQHORUGXSFDWHJRULDVRFLDO'DUDFHDVW vQYHFKLUH QX WUHEXLH V H SUHDIFXWSUHDH[DJHUDWSUHDDUWLFLDOHDWUHEXLHVHUHDVF

5HS$SRL"&*8OWHULRUDPFXQRVFXWLSUDFWLFDWVFHQRJUDD $P GHVHQDW VFKLH GH DWPRVIHUVKRRWLQJ L VWRU\ ERDUGXUL SHQWUX VSRWXULFRPHUFLDOHvQWHKQLFLPL[WHSHQWUXOPVHULDOEDFKLDUvQSULPDVFHQRJUDHDPSLFWDWSH SkQ] R OXFUDUH GHFRUDWLY SH FDUH DPLQWURGXVRvQVSDLXOUHVSHFWLY3LFWXUDPDXUPULWSHVWHWRW'HIDSWVFHQRJUDDvQDOXDWXO HL LQFOXGH L SLFWXUD 6FHQRJUDDDUPDVPLFUREXOFDUHPLDLQWUDWVXE

SLHOHSHQWUXFXOWHULRUDPUHYHQLWvQ7kUJX0XUHXQGHDPDEVROYLWvQYDUDDFHVWXLDQVHFLD GH 6FHQRJUDH L HYHQLPHQW DUWLVWLFGLQFDGUXO8QLYHUVLWLLGH$UWHVXEvQGUXPDUHD VFHQRJUDIHL -XGLW 'REUH.yWKD\FUHLDvLPXOXPHVFSHQWUXFPLDFOX]LWDWHQLDvQVSUHFXQRDWHUHDVSDLXOXLLPLDGHVFKLV SXSLOHOH JXVWDWLYH DOH RFKLORU FWUHWHDWUX

5HS&HWH LQVSLULFXPWUDGXFL vQOLPEDMSODVWLFFHHDFHYUHLVH[SULPL"&* 1DWXUD DOWIHO VSXV WRW FH PvQFRQMRDU1X FUHG F H[LVW FHYDPDL IUXPRV GHFkW QDWXUD QDWXUD QX HVWH R SLHVIDEULFDWvQVHULHHDGLIHUHVWHFHYDFHDIRVWFUHDW/DIHOFXPLXQDUWLVWvLFUHHD]RSHUD&RQVLGHU F RULFH WHKQLF DL IRORVL FHHD FHWUDQVSXLSHVXSRUWWUHEXLHVGHYLQYLXQXQHDSUDWSULQFXORDUHFLSULQH[SUHVLYLWDWH)LHFWXHOHVXQWH[SUHVLYHHOXPLQDVDXH FXORULOH H[SUHVLYH 6LPRQLGHV QXPHDSLFWXUD SRH]LH PXW LDU SRH]LD SLFWXUJULWRDUH 3LFWXUD VH OHDJ PDL PXOW GHVXEFRQWLHQW$FRORVXQWL]YRDUHOH

5HS&DUHDUPRWLYDLDH[SR]LLHL"&*'RULQDGHDUHSLFWD$VWDDIRVWLGH D UHDOL]D R H[SR]LLH vQ FDUH OXFUULOH QXDXRWHPFRPXQLVXQWUHDOL]DWHvQWLPSLGLIHULL9UHDXVRIHUGLQQRXPXOXPLULFHORUFDUHPDXvQGHPQDWGLUHFWVDXLQGLUHFWVUHSLFWH]LWXWXURUFHORUFDUHPDXVSULMLQLWPLSODFHFRODERUDUHDvQFHSXWFXSURSULHWDUDUHVWDXUDQWXOXL6DOHH3HSH$UWDFXOLQDUFDUHHVWHFRPELQDWFXDUWDSODVWLF

5HS7HURJVPLGHVFULLXQDGLQWUH

OXFUUL FDUH YUHL WX SRUQLQG GH ODWHKQLF FURPDWLF VLPEROXUL SkQODLDULFHYUHLWX'&*,QWHUSUHWDUHDGXSOXFUDUHDvQXOHLSHSkQ] D SUHUDIDHOLWXOXL 'DQWH *DEULHO 5RVVHWWL %HDWD %HDWUL[ WLWOXO WDEORXOXL WUDGXV vQ HQJOH] H %OHVVHG %HDWULFH HVWHFRQVLGHUFHDPDLH[SUHVLYGLQWUHOXFUULOHH[SXVH 3RYHVWHD WDEORXOXL HVWH R VWDUHVXHWHDVF DSVWRDUH 2 GHVFULH SH %HDWULFH3RUWLQDULGLQSRHPXOOXL'DQWH$OLJKLHUL/D9LWD1XRYDvQPRPHQWXOPRULLHL,QWHUHVXO OXL 5RVVHWWL SHQWUX DFHVW SRHP DSULQVUGFLQLvQFGLQFRSLOULHFkQGDvQFHSXWVOWUDGXFvQOLPEDHQJOH]3LFWRUXODPRGHODWRSH%HDWULFHGXSFKLSXOVRLHLGHFHGDWH (OL]DEHWK 6LGGDO 3LFWXUD D IRVWFRPSXV GLQ QHQXPUDWH GHVHQH SH FDUH5RVVHWWL OHD UHDOL]DW vQ WLPSXO Fk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kFQLUHD%HDWULFHL7HKQLFDUkPkQHvQXOHLGDUSHXQDOWVXSRUW

$FRQVHPQDW9DOHQWLQ&29$&,8

9UHDXFDIHULFLUHDVUPkQFXPLQHLGXSFHWUDJDSDRIUD]FHPLDUPDVvQPLQWHSkQODVIkULW$XYHQLWSHFRULGRU FXSLGRQLL vQ WLPS FH DWHSWDP VLQWUPvQVDOHX vPSUHXQFXDOL ]HFLGHRDPHQL7UHEXLHVQHvQDSRLDLWRWFHYGPDVWULJDWXQXOGLQWUHHL0DP WUH]LW vQPkQ FX XQ FKHVWLRQDUVFXUWLXQSL[DOEDVWUX$P FRPSOHWDW FKHVWLRQDUXO HX vPSUHXQFXDOL]HFLGHRDPHQL&HFXORDUHDUHIHULFLUHD"&HJXVW"8QGHRFDXLHWFvQWUHEULGLQWUDVWHD$PGDW vQDSRLFKHVWLRQDUXOLSL[XODSRLDPLQWUDWvQVDOXQGHDPRFXSDWORFXOGLQSULPXOUkQGFROXOGLQGUHDSWD6WWHDP GHFL vQ 6DOD 0LF D 7HDWUXOXL1DLRQDO GLQ 7kUJX0XUH L DWHSWDPVvQFHDS6SHFWDFROX/0HGH($,DPIFXWFXPkQD UDSLG OXL$V]WL $V]WDORV=VROW SHUFXLRQLVWXO FH VWWHD vQ IDDPHDODFDSWXORSXVLFHYDPDLvQVSDWHOkQJFKLWDULVWXO*\UJ\=VROW$X vQFHSXWVPkQJkLHXQULWPFHGHYHQHD WRWPDL DOHUW 3H VFHQDSH FDUHSUHGRPLQD DOEXO SH ULWPXO PX]LFLL OLYH FHLHHD GLQ LQVWUXPHQWHOH FHORU GRL PX]LFLHQL DX DSUXW FXSLGRQLL 'LGL L /X

FKL 'LDQD $YUPX L /XFKLDQ 3DQWHDLDXvQFHSXWVFkQWHGHVSUHIHULFLUHSHULWPGHKLSKRS,DXDGXVPDLDSRLSHUDQGvQIDDVFHQHLLQLLDXSUH]HQWDWSH0HGHHD(D(OHQD3XUHDLSH,DVRQ(O&RVWLQ*DYD])LHFDUHFXIHULFLUHDOXL'HDLFLDXvQFHSXWVVHFRQWXUH]HVWULOHFDUH IUDJPHQWDWHQ JkQGXUL L SUHGDWHQWDIHW GH OD XQ SHUVRQDM OD DOWXO VDXDPHVWHFDW FXPX]LFD FH UVXQD OLYH GLQFROXO GLQ VSDWH DO VFHQHL 7RQDOLWDWHDYRFLORU FUHWHD L VFGHDRGDW FXPX]LFD vPSOHWLQGXVHQWUXQ FkQWHF GHVSUHIHULFLUH L QHIHULFLUH 7UHFHUHD GLQWUHVFHQHDIRVWIFXWWRWGHFHLGRLFXSLGRFRULVWRDQLPDWRULFHGLVSUHDXLDSUHDXSH VFHQ SDUF GH QLFLHUL PRPHQWXOvQGUJRVWLULL QXQWD FRSLLL GHFHSLD VL

QXFLGHUHD0HGH(,

'HODWH[WODDXGLRLDUPDLDSRLSHVFHQ0HGH(D VDX'HVSUH IHULFLUHD FRQMXJDOD SRUQLW GH OD WH[WXO 5R[DQHL 0DULDQDGDSWDW PDL WkU]LX SHQWUX UDGLR $XWRUXO GUDPDWLF 5R[DQD 0DULDQ VFULLQGL PRQWkQG WH[WXO OD FRQGXV PDL DSRLSH VFHQ vQ FDGUXO XQXL IUXPRV SURLHFWDO 7HDWUXOXL 1DLRQDO GLQ 7kUJX0XUH7HDWUX GH ULVF 6FHQRJUDD L FRVWXPHOH DX IRVW PHULWXO $OLQHL +HUHVFX

3H VFHQ D DSUXW OD XQPRPHQW GDW L(PLOLD %DQFLX vQ UROXO IHWHL FX RULOHLVSLWDEUEDWXOXLvQFXWDUHGHFHYDQRX/DVIkULWFHLGRLDQLPDWRULDXLQWUDWGLQQRXvQFRQWDFWFXSXEOLFXOVSHFWDWRUSULQFkQWHFXOIHULFLULLSHFDUHvOUHLDXvQVSHYHUVXULvQDFURUFRPSRQHQDXIRVWLQWURGXVH UVSXQVXULOH QRDVWUH DQRQLPHODFKHVWLRQDUHOHGHOD vQFHSXW)HULFLUHDHURLHDOEDVWUWXUFRD]PLDUPDVvQPLQWHSkQDPDMXQVDFDV

)RWRLWH[W&ULVWLQD*1-

)HULFLUH0HGH(D

'(6(1&2/25H[SR]LLDGHSLFWXULGHVHQD&ULVWLQHL*ULJRUD