3DJ 3DJ 3DJ 3DJ 3DJVSRUW HFRQRPLF vQYPkQW FXOWXU SROLWLF

6HEDVWLDQ9OGHVFXURFDG FXXOOD5RPFDE

0XUHXOERPEDUGDWODSURSULXvQ7ULYDOH

9LQHYDFDQD

GHDQLGHWHDWUXvQOLPEDURPkQ

/DQVDUHDFDQGLGDLORU8'05

GLUHFWRUIRQGDWRU$XUHOLDQ*5$0$

LQFXUVGHDXGLWDUH%5$7ZZZ]LGH]LUR

RSDUWHGLQYLDDWD7J0XUH5HJKLQ6LJKLRDUD

0HWHR &XUVYDOXWDU

7kUJX0XUH12$37($

&&&&&

5HJKLQ6LJKLRDUD/XGX7kUQYHQL

HXU URQXVG URQ

URQJUDXU=,8$&

0DULQRLHPEULH$QXO9,,,QU

SDJLQL

$GUHVDUHGDFWLHL

$ERQDPHQWH

6WU3ULPULHLQU7kUJX0XUH7HOUHGDFWLD#]LGH]LURSXEOLFLWDWH#]LGH]LUR

3HQWUXDERQDPHQWHvLVWPODGLVSR]LLHODVHGLXOUHGDFLHLVDXODWHOHIRQ

:::=,'(=,52,QWUHEDUHD]LOHL /DLQWUHEDUHDGHLHUL

6XQWHLGHDFRUGFXDPHQGDUHDSHUVRDQHORUFDUHvLDEDQGRQHD]DQLPDOHOHGHFRPSDQLH"5VSXQVXULOHYRDVWUHDXIRVW

'$ 18

5HSUH]LQWSDUFXULOHLQGXVWULDOHYLLWRUXOvQGH]YROWDUHDHFRQRPLFDMXGHXOXL0XUH"

'HFODUDWLD]LOHL

9DVLOH7UXD

QFHSULYHWHXLFDvQDLQWHIFHDPEXWRDLHGLQOHPQGHIDJDSRLPXOLRDPHQLDXvQFHSXWVVHSOkQJFOHFXUJHGLQEXWRL'XGXOIUJDUXOGLQSFDWHDUHRHVHQIRDUWHVODE$DFDPvQFHSXWVIDFEXWRDLHSHQWUXXLFGRDUGLQOHPQGHVDOFkP

67,5,LQWHUHVDQWH

0LKDHOD 3LWDQ 4XDUWHWOD5700LKDHOD3LWDQ4XDUWHWYDVXVLQH XQ FRQFHUW vQ FDGUXO SURLHFWXOXL 6HUL GH MD]] L PX]LFFODVLF GH OD 5DGLR 7kUJX0XUH3XEOLFXOYDvQFkQWDWGH0LKDHOD 3LWDQ YRFH 0LKDL 3LWDQFODSH6HUJLX%RGHVFXFRQWUDEDVL $GULDQ %DQ EDWHULH $FHWLDYRU FRQFHUWD PLHUFXUL QRLHPEULH vQFHSkQG FX RUD SRWULYLW SDJLQLL GH IDFHERRN DHYHQLPHQWXOXL**

)ODXWXOGHDXUOD7kUJX0XUH7XUQHXO )ODXWXO GH DXU YDDMXQJH L OD 7kUJX0XUH vQ VHSWHPEULHGHODRUD&RQFHUWXO VXLQXW GH ,RQ %RJGDQWHIQHVFX DXW L GH +RULD0LKDLO SLDQ YD J]GXLW GH6WXGLRXO 6DODGH FRQFHUWH D5DGLR7kUJX0XUHGHSHEXOHEYDUGXO GHFHPEULH QU3HSDJLQDGHIDFHERRNDHYHQLPHQWXOFHLFDUHGRUHVFVSDUWLFLSH VXQW LQIRUPDL F vL SRWSDUFD PDLQLOH YL]DYL GH FXUWHD570VDXvQ3LDD'DFLD**

3URPRYDUHDSURLHFWXO6HUJLX$UGHOHDQ&RQFRPLWHQW FX DFWLYLWDWHD GH&RQVLOLHUH L RULHQWDUH VFKLPEGH H[SHULHQ L SURPRYDUH GHEXQHSUDFWLFLFRRUGRQDWGHSVLKRORJLL FRODUL GLQ XQLWLOH GHvQYPkQW YD SURPRYDW vQXQLWLOHFRODUHOLFHDOHLSURLHFWXO6HUJLX$UGHOHDQ(FKLSDFDUHYDIRUPDSURIHVRULLGLULJLQL ODQLYHOOLFHDO YD DOFWXLW GLQ SVLKRORJXOFRODULFRQVLOLHUXOHGXFDWLYFDGUHGLGDFWLFHFHDXEHQHFLDWGHIRUPDUH vQ FDGUXO SURLHFWXOXL DGHFODUDW 'DQLHOD $QD ,OLRDVD GLUHFWRU&-5$(0XUH20

&RQIHULQD 3DUFXUL LQGXVWULDOH2 VWUDWHJLH QDLRQDO RUJDQL]DW GH&RQVLOLXO-XGHHDQ0XUHLUHYLVWD7UDQVLOYDQLD%XVLQHVVLDGHVFKLVDVW]LSRULOH0LQLWULL'DQLHO&KLRLXL0LKDL9RLFXVHFUHWDULGHVWDWPDQDJHULGHSDUFXULLQGXVWULDOH H GH FRQVLOLL MXGHHQH SULPDUL GLQ WRDW DUD YRU GLVFXWD OD 7kUJX0XUHVWUDWHJLDGHUHLQGXVWULDOL]DUHD5RPkQLHLvQFRQFHSWHGHHFLHQ'RX]LOHSOLQHSHVWHGHSDUWLFLSDQLGHSUH]HQWULLVSHHFKXULZRUNVKRSXUL&RQFOX]LLOHLSURSXQHULOHYRUDMXQJHSHPDVD*XYHUQXOXL5RPkQLHL

0kLQLvQFHSH$/7(51$7,9(0LHUFXULQRLHPEULHYDGHEXWD)HVWLYDOXO,QWHUQDLRQDOGH)LOPGH6FXUWPHWUDM$/7(51$7,9(FDUHDDMXQVOD D ;;D HGLLH L VH YD GHVIXUDSkQGXPLQLFQRLHPEULHvQLQFLQWD3DODWXOXL&XOWXULLGLQ7kUJX0XUH

2UJDQL]DWRULL DX DYXW GH DOHV vQSUHVHOHFLDIHVWLYDOXOXLOPHGLQGHULLQGVHOHFLRQDWHGHOPHGLQGH UL1LYHOXOYDORULFDOOPHORUvQVFULVH vQ FRQFXUV HVWH XQXO IRDUWHULGLFDW SRWULYLW RUJDQL]DWRULORU FDUHDXDUPDWFQXDXIRVWVHOHFWDWHOPHFX QRWH IRDUWH EXQH VLPLODUH FX DOHOPHORU GLQ SULPD MXPWDWH D FHORUDOHVHvQDQLLDQWHULRUL

'LQ SURJUDP IDF SDUWH L OPH LPSRUWDQWH GH OXQJPHWUDM SULQWUH FDUHOPXO $JODMDRFRSURGXFLHXQJDURURPkQRSRORQH] FDUH D IRVW SUHPLDWOD )HVWLYDOXO GH )LOP GLQ $QWDO\D LFDUH YD DYHD SUHPLHUD QDLRQDO OD7kUJX 0XUH 'H DVHPHQHD SXEOLFXOWkUJXPXUHHDQYDDYHDRFD]LDVYDG

L OPXO 8QGHYD OD 3DOLOXOD UHJL]DWGH 6LOYLX 3XUFUHWH OPXO OXL /XFLDQ*HRUJHVFX7DWOIDQWRPGRFXPHQWDUXO VXHGH] 9LGHRFUDLH VDX OPXOSHQWUXDGXOL6H[HTXRGLQ,WDOLD

3UH]HQW OD FRQIHULQD GH SUHVRUJDQL]DW vQDLQWHD vQFHSHULL IHVWLYDOXOXL *DVSDULN $WWLOD XQXO GLQWUH LQLLDWRULL IHVWLYDOXOXL D H[SOLFDW FUHWHUHD FDOLWDWLY SULQ IDSWXOF OPHOH WULPLVH VXQW IFXWH GH RJHQHUDLH IDPLOLDUL]DW GH WLPSXULXFXFDPHUDGHOPDW*HQHUDLDFDUHQHWULPLWHOPHOHVFULHFXFDPHUDDSUHFL]DWDFHVWD

9DOHQWLQ&29$&,8

(GLWRULDO

*DORSGHVQWDWHFXOWXUDO9DOHQWLQ&29$&,8

&XP QH FRQIUXWP DGHVHD vQ7kUJX 0XUH FX VSWPkQL vQWUHJL DULGH GLQ SXQFWXO GH YHGHUH DO HYHQLPHQWHORU FXOWXUDOHSURJUDPXO DFHVWHL VSWPkQLYLQH FD R DYDODQ QWUH L QRLHPEULHVHYRUGHVIXUDGRXDFLXQL FXOWXUDOH IRDUWH GHQVH)HVWLYDOXO $/7(51$7,9( LGHDQLGHLQWHUFXOWXUDOLWDWH$VWIHOFYDGHXQGHVDOHJHPLQHYDFKLDUJUHXVDOHJHP&HOSXLQvQFD]XOPHXXQDGLQWUH FHOH PDL JUHOH GHFL]LL YD GDFVPHUJOD)ORULGHPLQVSHFWDFROSHFDUHGLQSFDWHvQFQX ODP Y]XW VDX OD OPXO OXL3XUFUHWH 8QGHYD OD 3DOLOXODFDUHYDSURLHFWDWDSUR[LPDWLYGHODDFHHDLRUOD3DODWXO&XOWXULLvQFDGUXO$/7(51$7,9($SXWHDDOHJH VSHFWDFROXO VSXQkQGXPLFOPXOSRDWHSRDWH vOYRLJVLODXQPRPHQWGDWSHLQWHUQHWVDX

SRDWH F YD UXOD vQ YUHXQ FLQHPDWRJUDIGLQRUD vQVODIHOGHELQHDSXWHDDWHSWDXUPWRDUHDUHSUH]HQWDLH D VSHFWDFROXOXLGDUFXPXUPWRDUHDQXHWUHFXWvQ SURJUDPXO OXQLL QRLHPEULHQX WLX FH YRL DOHJH RULFXPYRLDYHDGUHSWDWH,GHHD H F DP GH XQGH DOHJH LXOWLPXO OXFUX GH FDUH P SRWSOkQJHDUFVHVXSUDSXQGHLQXSRWVQXUHPDUFLURQLDIDSWXOXLvQVLQH$OWIHO WRDWH SkQ]HOH XPDWH GHYkQW L GH OD XQ OP OD R ODQVDUHGHFDUWHODXQVSHFWDFRO ODR PDV URWXQG XQ ZRUNVKRSGDFVHQLPHUHWHXQFRQFHUWGHMD]]VDXFHPLPDLFDGHvQFDOHL OD IHO Y LQYLW V IDFHL V YEXFXUDL GH ]LOHOH DFHVWHD L vQOLPLWD SURJUDPXOXL V SRUQLL vQDFHDVW VFXUW FXUV GXS HYHQLPHQWHFXOWXUDOHFDYHLFHSULQGH

=LXDVWUDWHJLHLSHLQGXVWULH

3DJ

OHL

62&,$/QRLHPEULH

IDFHERRNFRP]LGH]L

QHFDUH]LGHPDULDOXQLLvQFXUVvQWUHRUHOHFRQVLOLHUXO&ODXGLX0DLRU

QOHJWXUWHOHIRQLFGLUHFWFXFHWHQLL

)RUPkQGQXPUXODSHODLGLUHFWvQHFDUH]LGHPDULDOXQLLvQFXUV3ULPULDPXQLFLSLXOXL7vUJX0XUH$SHOXOGXPQHDYRDVWUHVWHJUDWXLWLHVWHSUHOXDWGHFWUHFRQVLOLHUXO&ODXGLX0DLRULGLUHFWRULLGHVSHFLDOLWDWHGLQFDGUXO3ULPULHLPXQLFLSLXOXL7vUJX0XUH/XFLDQ5DF]'LUHFLD7HKQLF)ORULDQ 0ROGRYDQ $GPLQLVWUDLD 'RPHQLXOXL 3XEOLF 'DQD 0LKH $UKLWHFWHI'RULQ%HOHDQ'LUHFLDFROLL5HODLLFX$VRFLDLLOHGHSURSULHWDUL9DOHQWLQ%UHWIHOHDQ'LUHFLD3ROLLD/RFDO$XUHO7ULI'LUHFLD&RPXQLFDUH$QFD7HEDQ$GPLQLVWUDLD6HUHORU0DUWD0DLRU$VLVWHQ6RFLDODKLQ=VX]VDQQD6HUYLFLXO/RFDWLYQFD]XOvQFDUHDYHLRVHVL]DUHvQWUHEDUHVXJHVWLHVDXRUHFRPDQGDUHFDUHSULYHWHDFWLYLWDWHDLFRPSHWHQHOH3ULPULHLPXQLFLSLXOXL7vUJX0XUHDYHLSRVLELOLWDWHDVRWUDQVPLWHLvQPRGGLUHFW$SHOXOGXPQHDYRDVWUYDvQUHJLVWUDWPHVDMXOWUDQVPLVSXWkQGDYHDGXUDWDGHXQPLQXWQFD]XOvQFDUHGRULLXQUVSXQVHVWHQHFHVDUVYIDFHLFXQRVFXWHQXPHOHLQXPUXOGHWHOHIRQODFDUHSXWHLFRQWDFWDW3UREOHPHOHVHVL]DWHGHGXPQHDYRDVWUYRUWUDQVPLVHVSUHVROXLRQDUHvQPRGRSHUDWLYGLUHFLLORUGHVSHFLDOLWDWHGLQFDGUXOSULPULHL9HLFRQWDFWDWXOWHULRUSHQWUXDSULPLUVSXQVVDXYHLLQYLWDWvQDXGLHQODFRPSDUWLPHQWXOGHVSHFLDOLWDWHSHQWUXRGRFXPHQWDUHVXSOLPHQWDU$SHOXULOHVXQWSRVLELOHGLQRULFHUHHDGHWHOHIRQLH[VDXPRELO$WHSWPFXLQWHUHVDSHOXULOHGXPQHDYRDVWUvQHFDUH]LGHPDULDOXQLLvQFXUVvQWUHRUHOH

%LURXOGHSUHVDOSULPULHL

5HJKLQXODEXQGDSHYUHPXULGHPHVHULLLPHVHULDLFDUHIFHDXFLQVWHQXGRDUDUWHLPHWHXJULWXOXL GDU L RUDXOXL&KLDUGDF WUDQ]LLDLDSXVDPSUHQWDVHULRV SH DFWLYLWDWHD L QXPUXO DFHVWRUDPDLVXQWRDPHQLFDUHVHDJDIUXPRVGHPHWHXJXOSHFDUHODXGREkQGLWFXPXOWHGHFHQLLvQXUPLSHFDUHFRQWLQXVOSUDFWLFH

&XUHODUXO1DJ\GHSH3DQGXULORU3H VWUDGD 3DQGXULRU FXP FRERUL GLQFHQWUXvQDLQWHGHLQWHUVHFLDFXGUXPXOFWUH%DWRODQUJVLPDWHOLHUXOOXL1DJ\)UDQFLVFXQXOGLQWUHFHLWUHLFXUHODULSHFDUHvLPDLDUH5HJKLQXO$OWXULGHXOVX)HULFRQWLQXDFHDVWIUXPRDVWUDGLLH H SLHOULWXOXL D SURGXVHORU GHKDUQDDPHQW /XFUH] vQ DFHDVW PHVHULHGLQXFHQLFLDPLDPIFXWRvQ FRDOD SURIHVLRQDO GLQ SkQvQ OD *KHRUJKHQL 'XS WHUPLQDUHD FROLL SURIHVLRQDOH PDP DQJDMDWOD&RRSHUDWLYD3URJUHVXOGLQ5HJKLQL GH DWXQFL DFWLYH] vQ DFHDVW PHVHULH GH FXUHODU &D OD HFDUH PHVHULHFH vQYHL vQ FRDO QX H VXFLHQW FD VSRL SRUQL vQWUR PHVHULH SH SDUFXUVvQYHLGHODPDLWULLFXFDUHOXFUH]L$SRLFkQGPDPJkQGLWFSRWVLQJXUVPLGHVIRUDFWLYLWDWHDDPvQLQDWRVHFLHGHFXUHOULHvQFDGUXO&RRSHUDWLYHL3URJUHVXO GLQ 5HJKLQ $LFL VH IFHDX SURGXVH GH KDUQDDPHQW PDURFKLQULHIFHDPFKLDULJHQL&HUHUHDDWXQFLHUDIRDUWHPDUHDFXPHDHVWHPXOWVF]XWL DFXP DUPHUJH DFHDVWPXQF GDUSUREOHPD HVWH F VXQW IRDUWH SXLQLPHVHULDL 6XQW GRDU FHL FDUH DX IXUDWPHVHULHFDUHDXOXDWXQPRGHOGHKDPLDXvQFHSXWVIDFKDPXUL'HH[HPSOXvQSDUWHD%LVWULHLVXQWPXOLDVWIHOGH PHVHULDL FDUH QX WLX GHFkW VFRSLH]H QHD GHFODUDW 1DJ\ )UDQFLVFPDLVWUXFXUHODU

&DOLWDWHDVLJXUDW)LLQGIFXWHPDQXDOFRVWXOKDPXULORUHVWHXQXO SHPVXU OD IHO L FDOLWDWHD GHORF

GH QHJOLMDW FkQG YLQH YRUED GH XQ KDP3UHXOYDULD]GHODODGHOHLvQIXQFLHGHPRGHOXOGHKDPLGHSUHWHQLLOHFHOXLFDUHvOFRPDQG6XQWKDPXULFDUHWHLQGHDQLLDUFHOHFDUHVXQWLHIWLQHGHODFRQFXUHQVXQWGHXQLFIRORVLQ7RDWH SURGXVHOH VXQW IFXWH PDQXDO DSUHFL]DWPDLVWUXOFXUHODU

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vQSLHHVDFDPGXVL WUHEXLHVVHUHSUROH]HvQIXQFLHLGHHYROXLDSLHHLDPHQLRQDW1DJ\)UDQFLVF

$OLQ=$+$5,(

$UWDFXUHOULHLUH]LVWOD5HJKLQJUDLHOXL1DJ\)UDQFLVF

1DJ\)UDQFLVFFXUHODUXOGHSHVWUDGD3DQGXULORUGLQ5HJKLQ

1H GP vQ YkQW GXS WUDGLLL L PHWHXJXULDYHPIHVWLYDOXULSHVWH IHVWLYDOXULvQ FDUH IUXPRV OH WUHFHP vQ WLWXODWXUDHYHQLPHQWXOXL GDU GLQ SFDUH DVLVWPFXP HOH GLVSDU vQFHWXO FX vQFHWXO (VWHL FD]XO GRJULWXOXL FDUH GDFL PDLSRDWH QXPUD SH GHJHWHOH GH OD RPkQPHVHULDLL 8QXO GLQWUH HL HVWH 9DVLOH7UXD GLQ 5HJKLQ RULJLQDU GLQ &FXFLXQXOGLQWUHXOWLPLLGRJDULGLQ]RQD5HJKLQXOXL/DPJVLW]LOHOHWUHFXWHvQDWHOLHUXOVXDOVDWPXQFDGHRSDUWHLQHDSRYHVWLWGHVSUHYLDDVDLFXPVDOLSLWPHVHULDGHGRJDUGHPkLQLOHLGHVXHWXOVX

0HWHXJGREkQGLWGHODWDWD*KHRUJKH1HD SRYHVWLW GH WDWO VX *KHRUJKHGRJDU GLQ &FXFL FROLW OD 7kUJX 0XUHOD 6LPRQ *H]D FDUH GXS U]ERL FRQWLQXDVIDFEXWRDLHFXRVLQJXUPkQSLHU]kQGXL EUDXO GUHSW vQ XUPD XQHLH[SOR]LLDQLDIFXWXFHQLFLHOD6LPRQ*H]D vQ7kUJX0XUH R IDEULFGHEXWXRDLHXQGHDSULPLWEUHYHWGHGRJDUGXSDQL$DGRJDULLHHDXGHDFRORFQLPHQLGLQWUHQRLQXODSXWXWvQWUHFHDVSXV9DVLOH7UXD

3UHFL]LDGRJULWXO9DVLOH 7UXD WkQU LQG LD GUXPXO%XFXUHWLXOXLODIRVWD)HUPD&RPLWHWXOXL&HQWUDO 'HFHPEULHXQGHD VWDWSkQ vQ $LFL RELQH FDOLFDUHD vQPHVHULDGHIRFKLVWLWRWDLFLVHFVWRUHWHFX9DOHQWLQD)RUIRWDFDSLWDOHLVHSDUHF

QX LD SULLW L UHYLQH DFDV VH DQJDMHD]IRFKLVWODIRVWXOLQWHUQDWDO/LFHXOXL,QGXVWULDO1U1XDEDQGRQHD]GRJULWXOSHFDUH vOSUDFWLFLDVW]L ODFHLGHDQL3HYUHPXULGRJULWXOVHIFHDQXPDLGLQEDUG JLOX L FLRFDQH Q SULPXO UkQGWUHEXLH VL SODF GHRDUHFH QX H GHORFXRUV IDFLXQEXWRL'HH[HPSOX ODXQWkPSODUGDFJUHHWHPDLSRDWHFRUHFWDGDUODEXWRDLHQXDLYRLHVJUHHWLGHORF8QSLFGDFJUHHWLOLFKLGXOVHVFXUJHGLQEXWRLLWUHEXLHOXFUDWFXIRDUWHPDUHSUHFL]LH1XHGHDMXQVVIDFLGRJULHWUHEXLHVLLSODFQHDGHFODUDW9DVLOH7UXD

%XWRDLHGLQVWHMDUVDOFkPPDLSXLQGXGQWUHEDW GH OHPQXO IRORVLW OD EXWRDLH9DVLOH7UXDQHDVSXVFVWHMDUXOUPkQHED]D vQ VSHFLDO OD EXWRDLHOH SHQWUX YLQLDUODFHOHSHQWUXXLFOHPQXOGHVDOFkPPXOWPDLUH]LVWHQWGHFFHOGHGXG$PIRVW OD UHSDUDW GH EXWRDLH vQ WRW IHOXO GHEHFLXUL XQGH YLQXO VH LQH vQEXWRDLHSHvQWXQHULF 9LQXOXL vL WUHEXLH vQWXQHULF vLWUHEXLHR OLQLWHV OXFUH]H OLQLWLWHOQXWUHEXLH SHUWXUEDW 7RW VHFUHWXO vO FRQVWOHPQXOVWHMDUXOFDUHvLGJXVWXODURPDYLQXOXL SOXV F YLQXO SULQ OHPQ UHVSLU'HDFHHDVWHMDUXOHIRDUWHEXQFDPDWHULDOSHQWUXEXWRDLHOHSHQWUXYLQQFHSULYHWHXLFD vQDLQWH IFHDP EXWRDLH GLQ OHPQGHIUDJDSRLPXOLRDPHQLDXvQFHSXWVVH SOkQJ F OH FXUJH GLQ EXWRL 'XGXOIUJDUXO GLQ SFDWH DUH R HVHQ IRDUWHVODE $D F DP vQFHSXW V IDF EXWRDLH

SHQWUXXLFGRDUGLQOHPQGHVDOFkPDSUHFL]DW9DVLOH7UXD

DQVHFDDFHVWPHWHXJVVHSLDUG3UH]HQWXO VH SDUH F QX OH VXUkGH GRJDULORU WLQHULL QX PDL vPEULHD] DFHVWPHWHXJ VXEMXJDW WRW PDL WDUH GHLQXHQDSODVWLFXULORUFDUHLDXIFXWORFFKLDULODVWkQHOHGHFLREDQL'XSFHQRLQXRPPDLQXWLXFLQHVHYDPDLRFXSDGHDFHVWPHWHXJ L VXQW DQVH FD DFHVW

PHWHXJ V VH SLDUG &X DQL vQ XUPIRVWXOSULPDU1DJ\$QGUDVQHDSURPLVFVHYDIDFHRVHFLHGHXFHQLFLHGHGRJDULGHFDUHVPRFXSHX'HPXOWHRULDPPHUV ODPXOWHSHUVRDQHL OHDPVSXVFOHGDXVFXOHGRDUFDDFHVWPHWHXJVHGXVPDLGHSDUWHSHQWUXFQXRVOHSDUUX'LQSFDWHLRDPHQLLVDXGHVFXUDMDWLQXVHPDLRULHQWHD]VSUHEXWRDLHOHGLQOHPQVSXQH7UXD

$OLQ=$+$5,(

0HWHXJXOGRJULWXOXLLQXWvQYLDGH9DVLOH7UXD9DVLOH7UXDGRJDUXO5HJKLQHDQFDUHFDXWIUVXFFHVXFHQLFL

(9(1,0(17

&2081,&$7'(35(6&RQVLOLXO-XGHHDQ0XUHvQFRODERUDUHFXUHYLVWD7UDQVLOYDQLD%XVLQHVVRUJDQL]HD] OD7vUJX0XUH vQGDWDGHLQRLHPEULH&RQIHULQHOH7UDQVLOYDQLD2SHQ%XVLQHVV3DUFXUL,QGXVWULDOH2VWUDWHJLHQDLRQDO(YHQLPHQWXODSOHFDWGHODSUHPLVDF5RPkQLDDFXQRVFXWvQXOWLPLLGHDQLXQSURFHVGHGH]LQGXVWULDOL]DUHGHWHUPLQDWvQSULPXOUkQGGHRFUL]SURIXQGGHVLVWHP3kQDFXP5RPkQLDDIXJLWGHSROLWLFLOHLQGXVWULDOHGHLQXHQLPLFUXvQ D DYHDRSROLWLF LQGXVWULDO8QLXQHD(XURSHDQDUH LRSURPRYHD]LQFOXVLYSULQ6WUDWHJLD(XURSD6WDWHOH8QLWHDXDYXWFKLDUXQHIRUWQDLRQDOGHUHLQGXVWULDOL]DUHvQDQLLLVHUHJVHVFDVW]LvQIDDXQHLQRLUHLQGXVWULDOL]ULPDLDOHVGXSFH FUL]DQDQFLDUDGHPRQVWUDW IUDJLOLWDWHDXQHLHFRQRPLLED]DWHSUHDPXOWSHVSHFXODLL3DUFXULOH LQGXVWULDOH VXQW R YDULDQW GH UHLQGXVWULDOL]DUHDGRSWDW FX VXFFHV GHPXOWH VWDWH GLQ FHQWUXO L HVWXO (XURSHL&HvPSLHGLF5RPkQLDVXUPH]HXQDVWIHOGHGUXP"&DUH VXQW SDLL" &XP GH]YROWP XQ SDUF LQGXVWULDO" &XPvO QDQP" &XP DWUDJHP FOLHQLL" &H IDFLOLWL DFRUGP"&HDUJXPHQWHDYHP IDGHFRQFXUHQ"&XPDXSURFHGDWDOLLvQMXU"&HWLSGHPDQDJHPHQWDSOLFP"'DUGHPDUNHWLQJ",DW vQWUHEUL ODFDUHVSHUPVDYHPUVSXQV vQQRLHPEULH OD &RQIHULQD 3DUFXUL LQGXVWULDOH 2 VWUDWHJLHQDLRQDOJ]GXLWGH*UDQG+RWHOGLQ7kUJX0XUH9RU FRQIHUHQLD 'U 'DQLHO &KLRLX0LQLVWUXO (FRQRPLHL&RPHUXOXL L 0HGLXOXL GH $IDFHUL LQJ 0LKDL 9RLFX 0LQLVWUX 'HOHJDW SHQWUX 0HGLXO GH $IDFHUL &LSULDQ 'REUHSUHHGLQWH&RQVLOLXO-XGHHDQ0XUHSURIXQLYGU9DVLOH3XFDPHPEUXvQ&RQVLOLXOGH$GPLQLVWUDLHL6HQLRU$GYLVHUSHQWUX3URJUDPH(XURSHQHvQFDGUXO%QFLL7UDQVLOYDQLD1HJLDW6DOL6XEVHFUHWDUGH6WDW'HSDUWDPHQWXOSHQWUX5HODLL,QWHUHWQLFH*XYHUQXO5RPkQLHL6LPRQD%ROERDF3XEOLF0DQDJHU vQ0LQLVWHUXO7UDQSRUWXULORUL ,QIUDVWUXFWXULL0DUFHO *ULJRUH GLUHFWRU JHQHUDO DGMXQFW DO $JHQLHL1DLRQDOH GH &DGDVWUX L 3XEOLFLWDWH ,PRELOLDU &OLQ&RQVWDQWLQ,VWURLXGLUHFWRU'LUHFLD3ROLWLFL,QGXVWULDOH0LQLVWHUXO (FRQRPLHL &RPHUXOXL L0HGLXOXL GH $IDFHUL,QJ (PLO 1LFRODH0XQWHDQ SUHHGLQWH $VRFLDLD 3DUFXULORU ,QGXVWULDOH 7HKQRORJLFH WLLQLFH L D ,QFXEDWRDUHORUGLQ5RPkQLD$3,76,$59DMGD/DMRVGLUHFWRU$6,0&29,RQX DD0DQDJLQJ 3DUWQHU )RQGDWRU ,FHEHUJ &RQVXOWLQJ&RQVXOWDQW WUDLQHULH[SHUW vQQDQUL1DJ\,VWYiQGLUHFWRU3DUF,QGXVWULDO0XUH6$.ODXV%LUWKOHUDUKLWHFWLPXOLDOLLSHFDUHvLJVLLvQDJHQGDDWDDW(YHQLPHQWXO YD SULPXO SDV vQ FRQWXUDUHD XQHL VWUDWHJLLSHQWUXUHLQGXVWULDOL]DUHD5RPkQLHL&LQHIDFHDOGRLOHDSDV"

3HQWUXGHWDOLLVXSOLPHQWDUHYL]LWDLZZZRSHQEXVLQHVVURZZZWEFRPUR

7vUJX0XUHQRLHPEULH

3URJUDPHYHQLPHQW+RWHO*UDQG6DODGHFRQIHULQH*UDQGHWDM7kUJX0XUH

$*(1'$=,/(,PDULQRLHPEULHQUHJLVWUDUHDSDUWLFLSDQLORUZHOFRPHFRIIHH'HVFKLGHUHDHYHQLPHQWXOXLFXYkQWvQDLQWHGLQSDUWHD RUJDQL]DWRULORU&LSULDQ'REUH SUHHGLQWH&RQVLOLXO-XGHHDQ 0XUH L $XUHOLDQ *UDPD GLUHFWRU 7UDQVLOYDQLD%XVLQHVV 9DVLOLFD %DFLX GLUHFWRU 'LUHFLD SHQWUXFRPXQLWLORFDOHGLQ0LQLVWHUXO$GPLQLVWUDLHLL,QWHUQHORU175(%5,',16$//XQFKEUHDN0LKDL&RFDH[SHUWDEVRUELHIRQGXULHXURSHQH7HWDURP6$1DJ\,VWYiQGLUHFWRUJHQHUDO3DUF,QGXVWULDO0XUH6$ 'HOLD8QJXU GLUHFWRU JHQHUDO (XUREXVLQHVV3DUF2UDGHD6LPRQD%ROERDF3XEOLF0DQDJHU0LQLVWHUXO7UDQVSRUWXULORUL,QIUDVWUXFWXULL.ODXV%LUWKOHUDUKLWHFW3ODQLFDUHDXUEDQSHQWUXLQGXVWULH&RVWLQHO5DGXUHSUH]HQWDQW6HUEDQ0XVQHFL&RIHHEUHDN:25.6+23 ,RQXDD&(2,FHEHUJ&RQVXOWLQJFLQDIHVWLY

$*(1'$=,/(,PLHUFXULQRLHPEULH&LSULDQ'REUHSUHHGLQWH&RQVLOLXO-XGHHDQ0XUH1HJLDW6DOL6XEVHFUHWDUGHVWDW'HSDUWDPHQWXO SHQWUX 5HODLL ,QWHUHWQLFH *XYHUQXO 5RPkQLHL 3DUFXULLQGXVWULDOHPRGHOXOWXUFHVF3URSXQHULSHQWUX5RPkQLD(PLO0XQWHDQSUHHGLQWH$VRFLDLD3DUFXULORU,QGXVWULDOH7HKQRORJLFHWLLQLFHLD,QFXEDWRDUHORUGH$IDFHULGLQ5RPkQLD2SUH]HQDFWLYvQSHLVDMXOVWUXFWXULORUGHDIDFHULGLQ5RPkQLD 9DMGD /DMRV GLUHFWRU $VRFLDLD &OXVWHUHORUL ,QFXEDWRDUHORU GH $IDFHUL 'H]YROWDUHD XQXL FOXVWHUUHHDXD UHJLRQDO L QDLRQDO SHUVSHFWLYH SDUWHQHULDWH LFRODERUULQDLRQDOHLLQWHUQDLRQDOH &OLQ &RQVWDQWLQ ,VWURLX GLUHFWRU 'LUHFLD3ROLWLFL ,QGXVWULDOH vQ 0LQLVWHUXO (FRQRPLHL &RPHUXOXL L0HGLXOXLGH$IDFHUL3DUFXUL LQGXVWULDOHFOXVWHUHL LQFXEDWRDUHGHDIDFHUL

0DUFHO *ULJRUH GLUHFWRU JHQHUDO DGMXQFW$JHQLD1DLRQDOGH&DGDVWUXL3XEOLFLWDWH,PRELOLDU3URSULHWDWHD,PRELOLDU)XQGDPHQWSHQWUXGH]YROWDUHDVWUDWHJLLORUORFDOHLQDLRQDOH 9DOHU%DJ GLUHFWRU'LUHFLD GH'H]YROWDUHL,PSOHPHQWDUH3URLHFWH&RQVLOLXO-XGHHDQ0XUH3DUFXULOHLQGXVWULDOHRSURYRFDUHSHQWUXGH]YROWDUHDHFRQRPLFDMXGHXOXL,RQX2SUHD7UDQVLOYDQLD%XVLQHVV3DUFXULLQGXVWULDOH0RGHOHGHVXFFHVGLQ3RORQLD&HKLDL8QJDULD175(%5,',16$/FRIIHHEUHDN 1LFXODH +DYULOH SUHHGLQWH $15( &HDGXFHQRX/HJHD(QHUJLHL"0LKDL9RLFXPLQLVWUXGHOHJDWSHQWUX0HGLXOGH$IDFHULSURIGU9DVLOH3XFD8QLYHUVLWDWHD%DEH%RO\DL&OXM1DSRFDIRVW1HJRFLDWRUHIDO5RPkQLHLFX8(3DUFXULOH WHKQRORJLFRLQGXVWULDOHFRQFHQWUDUH WHPDWLF LFRPSHWLWLYLWDWH 'DQLHO &KLRLX PLQLVWUX DO (FRQRPLHL&RPHUXOXLL0HGLXOXLGH$IDFHUL(GXDUG+HOOYLJPLQLVWUXO'H]YROWULL5HJLRQDOHL7XULVPXOXL,RDQ%RORVHFUHWDUGHVWDWvQ0LQLVWHUXO'H]YROWULL5HJLRQDOHL7XULVPXOXL&RQIHULQWDGHSUHVOXQFKEUHDN 7UDLDQ%UEDW VHFUHWDUJHQHUDO$3,76,$5 $3,76,$5 0LVLXQHDVXPDWSHQWUXSXQHUHD vQDSOLFDUHDXQRUVWUDWHJLLLSURJUDPHSHQWUXSURPRYDUHDLGH]YROWDUHDSDUFXULORULQGXVWULDOHvQSHULRDGD5HSUH]HQWDQW$]RPXUH6$7vUJX0XUH%RJGDQ*XUHDQGLUDGM2FLXO1DLRQDODO5HJLVWUXOXL&RPHUXOXL2YLGLX*HRUJHVFXLQJLQHUGLSORPDW(OHFWULFD6$ 'QX WHIQHVFX GLUHFWRU $JHQLD SHQWUX3URWHFLD0HGLXOXL0XUH:25.6+23&ULVWLDQ7OPFHDQ&(2%XVLQHVV)RXQGDWLRQFLQDIHVWLY

0RGHUDWRUHYHQLPHQW$XJXVWD5RPDQD

(YHQLPHQWXO YD PRGHUDW GH $XJXVWD 5RPDQD0DQDJLQJ3DUWQHU $SLPHGLD 7UDLQLQJ L 6HQLRU &RQVXOWDQW SHQWUX &RGHFV6$$XJXVWDDUHRH[SHULHQPDQDJHULDOGHSHVWHDQLvQGRPHQLLGHDFWLYLWDWHSUHFXPEQFLLSLHHGHFDSLWDODGYHUWLVLQJSURGXVHIDUPDFHXWLFHSURJUDPHGHWUDLQLQJ

'HLQHXQWLWOXOGH0%$0DVWHU2I%XVLQHVV$GPLQLVWUDWLRQ2SHQ8QLYHUVLW\%XVLQHVV 6FKRRO8. RELQXW vQ R'LSORP 3URIHVLRQDO vQ 0DQDJHPHQW L XQ &HUWLFDW 3URIHVLRQDO vQ 0DQDJHPHQW HOLEHUDWH GH DFHHDLSUHVWLJLRDV XQLYHUVLWDWH LQG XQXO GLQWUH $OXPQL DFWLYL DLDFHVWHLXQLYHUVLWLvQYHGHUHDPHQLQHULLQLYHOXOXLGHSUHJWLUHLSURIHVLRQDOLVP

63257QRLHPEULH

8QQRXvQFHSXWSHQWUX%&QRYD9LWD0kLQH QRLHPEULH GH OD RUD HFKLSD IHPLQLQ GH EDVFKHW %& 1RYD 9LWD 7kUJX0XUHYD VXVLQH OD %XFXUHWL SDUWLGDGLQ FDGUXO HWDSHL D ,;D D /LJLL1DLRQDOHGH%DVFKHW)HPLQLQ vQFRPSDQLD 2OLPSLHL GLQ &DSLWDO0XUHHQFHOHGXSFHDXFHGDW vQSULPHOH SDWUX HWDSH D QRLL HGLLLvQ IDD SULPHORU FODVDWH vQ HGLLDWUHFXW DX UHXLW GRX YLFWRULLvQ XUPWRDUHOH GRX L DX FHGDWIRDUWH VWUkQV SDUWLGD GLQ XOWLPDHWDS GLVSXWDW OD 'DQ]LR7LPLRDUD$GYHUVDUDGHPLHUFXULDUHRVLQJXUYLFWRULHvQDSWHHWDSHGLVSXWDWHL VH vQWUHYHGHRD WUHLDYLFWRULH PXUHHDQ 8UPWRUXOMRF SH WHUHQ SURSULX D FHORU GHOD %& 1RYD 9LWD HVWH SURJUDPDWVkPEWQRLHPEULHvQFRPSDQLD DOWHL HFKLSH EXFXUHWHQH 5DSLGFDUHDUHWRWGRXYLFWRULLSkQvQSUH]HQW09

&RQFHUWGHVUEWRUL'IHQGHU 3URGXFWLRQV SULQ $VRFLDLD &XOWXUDO 'HIHQGHU RUJDQL]HD] WXUQHXO WUDQVLOYQHDQ GH&UFLXQ DO ELQHFXQRVFXLORU DFWRULPX]LFLHQL %HUHF]NL =ROWiQ L6]LQHWiU'yUD GLQ8QJDULD $FHVWHYHQLPHQWYDDYHDORFvQSHULRDGDGH GHFHPEULH L YDLQFOXGH ORFDOLWL 7J 6HFXLHVF7J 0XUH L 6IkQWX *KHRUJKH$UWLWLL DX SUHJWLW XQ SURJUDPDUWLVWLFVSHFLDOGHVUEWRUL&RQFHUWXO GLQ 7kUJX0XUH YD DYHDORFvQGHFHPEULHvQ6DOD0DUH D 3DODWXOXL &XOWXULL GH ODRUD 6H DUDW vQWUXQ FRPXQLFDW DO $VRFLDLHL &XOWXUDOH'HIHQGHU**

$OFLQFLOHDHHFODYROHLPDVFXOLQ(FKLSD PDVFXOLQ GH YROHL &6$YkQWXO7RUSL067kUJX0XUHDFHGDWSHWHUHQSURSULXFXVFRUXOGH SDUWLGD GLVSXWDWvQ FDGUXO HWDSHL D 9D D 'LYL]LHL$ 6HULD 9HVW vQ IDD IRUPDLHL/36%LKRUXO2UDGHD0XUHHQLLDXDYXW XQ VWDUWPDL EXQ vQ DFHDVWHGLLH vQ FDUH DX UHXLW V RELQXQ SXQFW OD %DQDWXO &DUDQVHEHXQGH DXSLHUGXW FXGDUQDXSXWXWIDFHIDFHOHLGHDGRXDFODVDWH(FKLSDPXUHHDQVHD[HD]vQ VFKLPE GRDU SH MXFWRUL ORFDOQLFLLDSRUQLWUHFHQWXQFHQWUXGHMXQLRULSULPXOGXSPDLPXOLDQLvQFDUHYROHLXOPDVFXOLQPXUHHDQQXDPDLIRVWUHSUH]HQWDWGHHFKLSHGHVHQLRULVDXMXQLRUL09

WLULLQWHUHVDQWH

IDFHERRNFRP]LGH]L

3ULPHOH WUHL FODVDWH GLQ /LJD ,9 GH IRWEDO6HULD0XUH DX RELQXW YLFWRULL SH OLQLH vQSDUWLGHOH GLQ FDGUXO HWDSHL D ;,D /LGHUDVHULHL 0XUHXO /XGX FDUH HVWH vQ PDUHSDUWH HFKLSD 8QLUHD 8QJKHQL UHWUDV GLQ/LJD,,,LWUDQVIHUDWOD/XGXDFkWLJDWFXSDUWLGDGLVSXWDWvQGHSODVDUHOD)&-XQLRU7kUJX0XUH3HQWUXIRUPDLDOXL,RDQ2URVIRLDQ%RJGDQ3RSDSXQFWDWGHSDWUXRUL+RUDLX0ROGRYDQLQGFHOODOWPDUFDWRUDO HFKLSHL OXGXHQH$FHDVWDD VXIHULWRVXUSULQ]WRDUHvQIUkQJHUHvQHWDSDD,;DFXQIULUHD9DOHD,]YRDUHORU$IRVWXQMRFIRDUWHVODEGLQSDUWHDQRDVWUFKLDUGDFDPSXWHDVSXQHFDPMXFDWSHXQWHUHQPLFLJUHX$GYHUVDUDDIRVWPDLPRWLYDWLQHDUHDGXVFXSLFLRDUHOHSHSPkQWQHVSXQHDDQWUHQRUXOOLGHUXOXL,RDQ2URVIRLDQ

5HPL]vQGHUE\QWUXQXO GLQ FHOH WUHL GHUE\XUL ORFDOH

FDUH OH SRDWH RIHUL FDPSLRQDWXO $606(7kUJX0XUH D UHPL]DW VFRU FX *D]0HWDQvQWUXQMRFvQFDUHDPEHOHHFKLSHDX HYROXDW SH WHUHQXO RELQXLW DQVD DIRVW GH SDUWHD SULPHLD HFKLSD RUJDQL]D

WRDUHFUHLDEDOWDGLQIDDSRULLOHDRSULWGRXPLQJL FDUH VH vQGUHSWDX VSUHSODVDSRULL vQ UHSUL]D VHFXQG $FHVW OXFUXGXSFHDXSULPLWXQJROIRDUWHUDSLGvQPLQXWXO DX GRPLQDW SULPD UHSUL] L

DX UHXLW HJDODUHD vQ PLQXWXO RDUHFXP FRQIRUP FXUVXOXL MRFXOXL 5HSUL]DDGRXDD IRVWPDLGHJUDE vQFUkQFHQDWFX SXLQH ID]H GH SRDUW PDULOH RFD]LLSXLQH DSDULQkQG J]DULORU 3XQFWXORELQXWGHFHOHGRXIRUPDLLQXDMXWvQVFKLPE QLFLXQD GLQWUH IRUPDLL DPEHOHUPkQkQG GHSDUWH GH SOXWRQXO IUXQWDvQFDUHVHSDUHF0XUHXO/XGXQXDUHFRQWUDFDQGLGDW7kUJXPXUHHQHOHRFXSORFXULOHLODLSXQFWHGHSULPXOORF0XUHXO 5XLL0XQL D FkWLJDWPDLFDWHJRULFSHWHUHQSURSULXFX$YkQWXO0LKHXGH&kPSLHLVHPHQLQHODWUHLSXQFWH vQ XUPD OXGXHQLORU LDU 0RELOD6RYDWDDvQYLQVFX$&66UPDXLVHDSHWUHDSWDDWUHLDODDOWHWUHLSXQFWH2FXSDQWD ORFXOXL ,9 &6 ,HUQXW D VWDW LD IRVW HJDODW vQ FODVDPHQW OD DOWH FLQFLSXQFWHGHQIULUHD9DOHD,]YRDUHORU

0LKDL9(5(

)USUREOHPHSHQWUXIUXQWDHvQ/LJD,9

Q FDGUXO &DPSLRQDWXOXL 1DLRQDO GH-XGR1H:D]D7LQHUHWVSRUWLYLVXEGH DQL MXGRND &OXEXOXL 6SRUWLY 6DPXUDLL)ORULLGH&LUHGLQ9RLQLFHQL$OH[DQGUD%HDWULFH0QLOVDFODVDWSHORFXO9,,/DFRPSHWLLDGLVSXWDWvQSHULRDGDQRLHPEULHOD'HYDDXSDUWLFLSDWGH FOXEXUL GLQ DU FX GH VSRUWLYLODVWDUW

$GYHUVDUHSXWHUQLFH6SRUWLYDPXUHHDQF D RELQXW DFHVW ORFGXS FH D WUHFXW GH R JUXS FX VSRUWLYHPDL H[SHULPHQWDWH $ UHXLW YLFWRULLvPSRWULYD UHSUH]HQWDQWHORU FOXEXULORU8&60 &OXM 1DSRFD L &6 'HYD FOXEXUL SXWHUQLFH GH MXGR L D VXIHULW GRXvQIUkQJHUL FX VSRUWLYHOH GH OD /LEHUW\2UDGHDFDUHDXLGRPLQDWFRPSHWLLDGHVRO8QDVSHFWGHVWXOGHLQWHUHVDQWWUHEXLHUHPDUFDWODPHFLXOSHFDUH$OH[DQGUDODDYXW FX UHSUH]HQWDQWD FOXEXOXL /LEHUW\

2UDGHDRFXSDQWDORFXOXL,,vQQDOXQGHGHLVSRUWLYDQRDVWUDSLHUGXWODXQ\XNRLQG [DW vQ VHFXQGH D DYXW vQ QDOXOPHFLXOXL RFD]LD GH D FkWLJD SULQWUROX[DUHSHEUDFHHDFHDFDX]DWRUHDFLHQHUYRDV GLQ SDUWHD VSRUWLYHL ELKRUHQHUHDFLH FDUH GXS FXP UHFXQRWHDXPDLPXOWLDQWUHQRULDUWUHEXLWSHQDOL]DWFX

GHVFDOLFDUHDVSRUWLYHL

0DLELQHOD%DLD0DUH"&RQVLGHU F ORFXO RELQXW GH $OH[DQGUDHVWHRQRUDELOUHHFWkQGIRDUWHH[DFWQLYHOXOHLvQOXSWDODVRO7UHEXLHLQXWFRQWGHIDSWXO F vQ FDGUXO FOXEXOXL D vQFHSXW VVHSXQDFFHQWSHOXSWDODVROGHDSUR[LPDWLY GRDU SDWUX OXQL DVWIHO F DFHDVWSHUIRUPDQGLQSXQFWXOPHXGHYHGHUHHVWH IRDUWH EXQ PDL DOHV F YLQH GXSGRXYLFWRULLLWRWDWkWHDvQIUkQJHUL0DLDYHPWUHLVSWPkQLVFRUHFWPJUHHOLOHLVSHUFDODQDOHOHGHOD8FDUHVHYRUGLVSXWD OD %DLD 0DUH V QH SUH]HQWPL PDL ELQH V UHSUH]HQWP FX FLQVWHMXGHXO 0XUH LQG VLQJXUXO FOXE FDUHUHSUH]LQW MXGHXO OD FDWHJRULLOH VXSHULRDUHGHYkUVWDGHFODUDWSUHHGLQWHOHFOXEXOXLGLQ9RLQLFHQL/DXUHQLX*OLJD

0LKDL9(5(

-XGRND$OH[DQGUD0QLOvQHOLW

QHWDSDD;DD'LYL]LHL$GHKDQGEDOIHPLQLQ6&0XUHXO7kUJX0XUHDIRVWvQYLQVvQ GHSODVDUH GH FWUH 6& $UJH 0XQWHQLD 3LWHWL FX VFRUXO GH 'XS FH vQXUP FX GRX HWDSH 6& 0XUHXO RELQHDSULPDYLFWRULHGLQGHSODVDUH WRW OD3LWHWL FX 6&08PXUHHQFHOH DX IRVW vQYLQVHGXPLQLFGHRIRUPDLHFDUHDWLXWVSURILWH GLQ SOLQ GH OLSVD *HRUJHWHL &LREDQL D 'LDQHL DQGUX DPEHOH DFFLGHQWDWH6WXGLLQG ILOPXO GLQ GHSODVDUHD WUHFXW DPXUHHQFHORUOD3LWHWLDUJHHQFHOHDXWLXWF$OLQD0RORFLWUHEXLHDQLKLODW$XUHXLWDFHVWOXFUXPDUFkQGRRPODRPLFXDMXWRUXO DUELWULORU FDUHDXHOLPLQDWRGHMDGHGRXRUL vQSULPHOH]HFHPLQXWHLDFHDVWDDHYROXDWGRDUODID]DGHDWDFQFRQGLLLOHvQ FDUH HD HUD SULQLFLSDOD UHFXSHUDWRDUH LDXWRDUHDQXPHURDVHJROXULSHFRQWUDDWDF0XUHHQFHOH WUHFkQG SHVWH DFHVWH REVWDFROH DX HJDODW OD GDU DX SOWLW WULEXWL UDWULORU 1DX UH]LVWDW vQV SUHVLXQLORUYHQLWH GLQ WRDWH SULOH LQFOXVLY D ELOHORUDUXQFDWH GH VXSRUWHULL GLQ WULEXQHOH 6OLL7ULYDOH&ROHFWDUHD ORUGH FWUH DQWUHQRUXO%XNDUHVWL -R]VHI SUH]HQWDWH GH DFHVWDEULJ]LL GH DUELWUL LDX DGXV DQWUHQRUXOXL GRDU XQ FDUWRQD JDOEHQ 6& 0XUHXOUPkQH ODSDWUXSXQFWHGHSULPDIRUPDLHFDUH SRDWH FRQWD vQ OXSWD SHQWUX ORFXULOHFDUH SRW DGXFH SURPRYDUHD &60 6ODWLQDQ IDD DFHVWHLD D SLHUGXW vQ GHSODVDUH FXDFHHDL EULJDG GH DUELWUL PHKHGLQHQLL/XFLDQ&UXFHUXL)ORULQ5GXOHVFX

5HFXQRDWHUHLIUXVWUDUHvQWDEUDPXUHHDQ3H OkQJ IDSWXO F DX IRVW QHGUHSWLWHPXUHHQFHOHvLUHFXQRVFLYLQDvQWURSDUWLGvQFDUHSRUQHDXIDYRULWHQVLWXDLDvQFDUHDXOLSVLWSLHVHGHED]SHQWUX0XUHXODXvQVFULVGRDUSDWUX MXFWRDUH6]LGRQLD3RSHVFX5DG1DJ\%HDWD/RUHGDQD5DPRQD7DPD$OLQD0RORFL1XQHJPFDYHPSUREOHPHOHJDWHGHYDORDUHDORWXOXLGDUDUELWUDMXODIRVWHYLGHQWvPSRWULYDQRDVWU$IRVWRDGHYUDWEWDLHGH MRF(UDP ORYLL FXGLYHUVHELOHGHEUDU OHDP VWUkQV L OHDP DUWDW DUELWULORULDPIRVWDYHUWL]DWFXFDUWRQDJDOEHQ$GHYUDWDPUDWDWVLWXDLL IDYRUDELOH LQFOXVLYODGDU$OLQD0RORFLDIRVWVWXGLDWL VFRDV GLQ MRF vQF GLQ SULPHOH PLQXWH1HUHFXQRDWHPVOELFLXQLOHGDUQXDPIRVWOVDLVMXFPHUDRSDUWLGSHFDUHSXWHDPVRFkWLJPFKLDUFXORWXOSHFDUHODPDYXWDDUPDWDQWUHQRUXO%XNDUHVWL-R]VHI$XIRVWWUHFXWHFXYHGHUHDLLQMXULLOHDGXVHGHFWUHRFLDOLLDUJHHQLGDUIHWHOHDXVLPLWGLQSOLQDWPRVIHUDRVWLO3RDWHFQXDPIRVWVXFLHQWFRQFHQWUDWHODMRFGDUHJUHXDWXQFLFkQGHWL SHUPDQHQW vQMXUDW L VH DUXQF FX ELOHL SHPLQHPD QLPHULW XQD GDU QX SXWHDPIDFHQLPLFQLPHQLQXOXDPVXULQDVWIHOGHFRQGLLLHVWHJUHXVWHPDLFRQFHQWUH]LFkQGLDUELWUDMXOHVWHFODUvPSRWULYDWDDGHFODUDWSLYRWXOHFKLSHLPXUHHQH$QGUHHD6HUHGLXF

0HFLFDUHWUHEXLDFkWLJDW6FRDV SUHPDWXU GLQ MRF RELQXLWD FR

RUGRQDWRDUH L SULQFLSDOD UHDOL]DWRDUH DPXUHHQFHORU$OLQD0RORFLDUHXLWGRDUGRXJROXULIDGHRELQXLWDPHGLHGH1XGRDUDQLKLODUHDHLGHFWUHDGYHUVDUHDFRQWDW(UDXQPHFL FDUH WUHEXLD FkWLJDW FKLDUGDFDPDYXW FkWHYD DEVHQH 'H FkQG MRF KDQGEDOQDP vQWkOQLW QLFLRGDW DD FHYD FX LQMXULLLELOHDUXQFDWHGLQ WULEXQH$PSULPLW vQPLQXWXORHOLPLQDUHSHFDUHQDPvQHOHVRL IRDUWH FXUkQG R D GRXD (VWH FODU WUHEXLHV PXQFLP PDL PXOW SHQWUX D IDFH XQ SDVvQDLQWHDVSXV$OLQD0RORFL0XUHHQFHOHYRUVXVLQHXUPWRUXO MRFSHWHUHQSURSULXXQGHDXRELQXWGRDUYLFWRULLGXPLQLFQRLHPEULH vQ FRPSDQLD FHORU GH OD &6 7LPLRDUD9D XUPD R XOWLP GHSODVDUH SHQWUX DFHVWWXU OD 8QLYHUVLWDWHD 5HLD SDUWLG FDUH VHvQFDGUHD] OD DFHODL QLYHOGHGLFXOWDWH FXFHOH GH OD 6ODWLQD 3LWHWL VDX DOWHOH vQ FDUHVH GRYHGHWH IDSWXO F LQWHUHVHOH GHSHVFJUDQLHOHFRPSHWHQHLVDXDOHIDLUSOD\XOXL

0LKDL9(5(

&6$UJH6&0XUHXO

0XUHXOERPEDUGDWvQ7ULYDOHDUELWUDMDEVHQHLELOH

3HOkQJIDSWXOFDXIRVWQHGUHSWLWHPXUHHQFHOHvLUHFXQRVFLYLQD

(&2120,&

3URWvQVFGHUHOD6RFRW6& 6RFRW 6$ 7kUJX0XUH D vQUHJLVWUDW vQ WULPHVWUXO ,,, DO H[HUFLLXOXL VFDO XQ SURW EUXW GH OHL VXP FDUH UHSUH]LQW GLQ SODQLFDUHD DFLRQDULORU SHQWUX SULPHOHQRX OXQL DOH DQXOXL 'H DVHPHQHD vQSULPHOH QRX OXQL GLQ VRFLHWDWHDD RELQXW GLQ YHQLWXUL WRWDOH SURSXVH L DQXPH OHL3RWULYLWXQXLUDSRUWUHPLVFWUH%XUVDGH9DORUL%XFXUHWL VHPQDW GH LQJ 3RSD (XJHQ/DXUHDQDGPLQLVWUDWRULHF,RQHO9DVGLUHFWRUHFRQRPLFFLIUDGHDIDFHULQHWvQUHJLVWUDWGH6&6RFRW6$7kUJX0XUHOD GDWD GH VHSWHPEULH HVWH GHPLOLRDQHOHLvQVFGHUHFRPSDUDWLY FX SHULRDGD VLPLODU D DQXOXL FkQGDFHDVWDHUDGHPLOLRDQHOHL$FHODLUHFXODIRVWvQUHJLVWUDWLvQFHHDFHSULYHWHSURWXOEUXWGHODvQWULPHVWUXO,,,ODODVVHSWHPEULH67

$QJDMULOD&HVLUR6LJKLRDUD3URGXFWRUXOGHDUWLFROHGLQIDLDQSHQWUX PHQDM &HVLUR GLQ 6LJKLRDUD XQXOGLQWUHIXUQL]RULLORFDOLLPSRUWDQLDLFRQFHUQXOXLVXHGH],.($DUHFUXWDWGHODvQFHSXWXODQXOXLGHRDPHQLDMXQJkQGvQ SUH]HQW OD GH DQJDMDL 3RWULYLW=LDUXOXL)LQDQFLDUUHSUH]HQWDQLLFRPSDQLHLVXVLQFUHFUXWULOHYRUFRQWLQXDXUPkQG V PDL H DQJDMDL vQF GHRDPHQL SkQ OD VIkULWXO DQXOXL &RQIRUPSRUWDOXOXL OLVWDUPHUR &HVLUR6$6LJKLRDUDDUHFDRELHFWGHDFWLYLWDWHIDEULFDUHDDUWLFROHORUFHUDPLFHSHQWUXX]JRVSRGUHVF L RUQDPHQWDO L DUH FLQFLDGPLQLVWUDWRUL$XUHOLDQ*KHRUJKH9RLD'DQLHO6LPLRQ'DYLG'HOLD(OHQD,OLHVFX'DQLHO 'XPLWUX -XJQDUX L 0DULDQD3XS])LUPDDDVLJXUDWGHORFXULGHPXQF vQ DQ vQ FDUH D vQUHJLVWUDW FLIUGH DIDFHULGH OHL LSLHUGHULGHOHL67

(YROLQHVHGH]YROW)XUQL]RUXOGHVHUYLFLL,7(YROLQHFRQWURODWGHDXVWULHFLLGHOD/LQHSUR8QWHUQHKPHQVEHWHLOLJXQJV*PE+ D UHFUXWDW GHOD vQFHSXWXO DFHVWXL DQ GH RDPHQLDMXQJkQGSRWULYLW =LDUXOXL)LQDQFLDUODGHDQJDMDLvQELURXULOHGLQ&OXM1DSRFDL7kUJX0XUH1HSURSXQHPvQSULQFLSDOGH]YROWDUHDLQIUDVWUXFWXULLGDU L FUHWHUHD L LQVWUXLUHD HFKLSHORUGH DQJDMDL D GHFODUDW SHQWUX =LDUXO)LQDQFLDUeJO\-iQRV&(2DO(YROLQH3RWULYLWSRUWDOXOXLOLVWDUPHURFRPSDQLD(YROLQHDUHVHGLXOFHQWUDOvQ&OXM1DSRFDVHRFXSFXDFWLYLWLGHUHDOL]DUHD VRIWXOXL OD FRPDQG RULHQWDW FWUHFOLHQWHVWHDGPLQLVWUDWGH%DOLQW$NRVL eJO\ -iQRV FDUH GHLQH L IXQFLD GHDVRFLDWvPSUHXQFX/LQHSUR8QWHUQHKPHQVEHWHLOLJXQJV*0%+GLQ$XVWULDQVRFLHWDWHDDDYXWGHVDODULDLFLIUGHDIDFHULGHOHLLSURWGHOHL6RFLHWDWHDDUHXQSXQFWGH OXFUX L OD 7kUJX0XUH VLWXDW SHVWUDGD&X]D9RGQU67

WLULLQWHUHVDQWH

61*1520*$=6$6XFXUVDOD7J0XUH

6WU6DOFkPLORUQU7HO)D[

61*1520*$=6$6XFXUVDOD7J0XUHDQXQSXEOLFXOLQWHUHVDWDVXSUDGHSXQHULLVROLFLWULLGHHPLWHUHDDFRUGXOXLGHPHGLXSHQWUXSURLHFWXO&DOHGHDFFHVFDUHX IRUDMLSUREHGHSURGXFLHODVRQGDLQFDLSURSXVDDPSODVDPHQW vQH[WUDYLODQXOFRPXQHL3RJFHDXDMXG0XUH,QIRUPDLLOHSULYLQGSURLHFWXOSURSXVSRWFRQVXOWDWHODVHGLXO$300XUH7J0XUHVWU3RGHQLQUvQ]LOHOHGHOXQLMRLvQWUHRUHOHYLQHULvQWUHRUHOHLODVHGLXO61*1520*$=6$VWU6DOFDPLORUQUvQ]LOHOHGHOXQLYLQHULvQWUHRUHOH2EVHUYDLLOHSXEOLFXOXLVHSULPHVF]LOQLFODVHGLXO$300XUHvQ]LOHOHGHOXQLMRLvQWUHRUHOHLYLQHULvQWUHRUHOH

$FLRQDULL 6&5RPFDE 6$ 7kUJX0XUHDX GHFLV vQ FDGUXO $GXQULL *HQHUDOH2UGLQDUHD$FLRQDULORUGLQRFWRPEULHUHYRFDUHDOXL6HEDVWLDQ$OH[DQGUX9OGHVFXGLQIXQFLDGHPHPEUXDO&RQVLOLXOXL GH $GPLQLVWUDLH FD XUPDUH DVROLFLWULLDFHVWXLD

)DEULFDPLVHSDUHUHPDUFDELO3RWULYLW XQXL UDSRUW UHPLV FWUH %XUVDGH 9DORUL %XFXUHWL FX RFD]LD DFHOHLDLvQWkOQLUL DFLRQDULL ODX QXPLW SH IRVWXOPLQLVWUX DO )LQDQHORU GLQ JXYHUQHOH7ULFHDQX L %RF ,, 6HEDVWLDQ 7HRGRU*KHRUJKH9OGHVFXvQFDOLWDWHGHPHPEUX DO &RQVLOLXOXL GH $GPLQLVWUDLH vQFHSkQG FX GDWD GH RFWRPEULH L SkQ OD LXQLH )DEULFDPL VHSDUH UHPDUFDELO HVWH SHQWUX SULPDRDU FkQG R YG GHRDUHFH QX SUHD DPH[SHUWL] vQ ]RQDGHFRQVWUXFLL L HFKLSDPHQWH GDU FHD FH DP Y]XW HVWH LPSUHVLRQDQW L PXOW PDL PXOW GHFkW PDWHSWDPDGHFODUDWSHQWUXFRWLGLDQXO=L GH =L 6HEDVWLDQ 7HRGRU *KHRUJKH9OGHVFX FX RFD]LD LQDXJXUULL IDEULFLL

5RPFDEGHOD$FDUL

&UHGLWHSHQWUXLQYHVWLLL'H DVHPHQHD DFLRQDULL 6& 5RPFDE6$ 7kUJX0XUH DX DSUREDW FX RFD]LD $GXQULL *HQHUDOH ([WUDRUGLQDUHD $FLRQDULORU GLQ RFWRPEULH DSUREDUHD FRQWUDFWULL XQXL FUHGLW GHLQYHVWLLL DFRUGDW GH &(& %DQN 6$ vQ

OLPLWD PD[LP GH H[SXQHUH GH PLOLRDQH GH HXUR VDX HFKLYDOHQW vQ OHLSH R SHULRDG GH GH OXQL vQ VFRSXOQDQULLDFKL]LLRQULLGHXWLODMHWHKQRORJLFHSHQWUXIDEULFDGLQ$FDUL3RWULYLWXQXLUDSRUWUHPLVFWUH%XUVDGH9DORUL%XFXUHWL DFLRQDULL DX PDL DSUREDWFRQWUDFWDUHD XQXL FUHGLW GH LQYHVWLLL vQOLPLWD PD[LP GH H[SXQHUH GH GHPLOLRDQHGHHXURVDXHFKLYDOHQWvQOHLvQVFRSXOQDQULLSURLHFWXOXLGHLQYHVWLLL([WLQGHUHD L GLYHUVLFDUHD SURGXFLHLGHFDEOXULGH MRDVPHGLHL vQDOWWHQVLXQHvQFDGUXO6&5RPFDE6$ LQFOXVLYFOGLULOHDIHUHQWH7RWRGDWvQFDGUXODFHOHLDL$GXQULVDPDL DSUREDW FRQWUDFWDUHD XQRU FUHGLWHGHOD%DQFD&RPHUFLDO&DUSDWLFD6$vQVXPGHPD[LPPLOLRDQHGHHXURVDXHFKLYDOHQWXOvQ521VDX86/LXQHLOLQLLGHFUHGLWSHWHUPHQVFXUWOXQLSHQWUXFDSLWDOFLUFXODQWXWLOL]DELO vQ521VDXHXUR vQ YDORDUH GH PLOLRDQHGH HXURDFRUGDWGH3LUDHXV%DQN6$

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

6HEDVWLDQ9OGHVFXURFDGFXXOOD5RPFDE

)RVWXOPLQLVWUXDO)LQDQHORUGLQJXYHUQHOH7ULFHDQXL%RF,,6HEDVWLDQ7HRGRU*KHRUJKH9OGHVFX

&RQVLOLHULL ORFDOL DL FRPXQHL &RUXQFDDX GHFLV vQ FDGUXO XQHL HGLQH RUGLQDUH GH OXFUX DSUREDUHD GRFXPHQWDLHLGH XUEDQLVP3ODQ8UEDQLVWLF=RQDO ([WLQGHUH ]RQ IXQFLRQDO GH DFWLYLWLGH SURGXFLH LQGXVWULDO GHSR]LWDUHQHFHVDUFRQVWUXLULLXQHLVWDLLGHWUDWDUHJD]PHWDQ vQWRFPLW SHQWUX XQ WHUHQ vQVXSUDID GH KHFWDUH VLWXDW vQ &RUXQFD SURSULHWDWHD 6& 'HSRPXUH 6$7kUJX0XUH7HUHQXOLQWUDYLODQVWXGLDWHVWH vQVXSUDIDGHPHWULSWUDLLHVWHFXSULQVvQ38*&RUXQFD875L875]RQDGHORFXLWFXIXQFLXQLFRPSOHPHQWDUH FXSULQ]kQGPDLPXOWH VXE]RQHIXQFLRQDOH OLPLWURI FXDFWXDODVWDLHGHFRPSULPDUHJD]FXDFFHVGLUHFWGLQ'1(DSUHFL]DW+RUWHQ]LD0RJDUHIHUHQWvQFDGUXO6HUYLFLXOXL8UEDQLVPLDPHQDMDUHDWHULWRULXOXLGLQFDGUXO3ULPULHLFRPXQHL&RUXQFD

6WUDGQRXFXGRXEHQ]LGHFLUFXODLH$FHDVWDDVXEOLQLDW IDSWXOFEHQHFLDUXOSURLHFWXOXLYDUHDOL]DLRVWUDGQRXFXGRX EHQ]L GH FLUFXODLH )LLQG JUHYDWGHUHHOHVXEWHUDQHLVXSUDWHUDQHGHJD]L HOHFWULFLWDWH ]RQD GH SURWHFLH ID GHWUDVHHOH WHKQLFRHGLOLWDUH VH PRGLF vQ]RQDGHDFWLYLWLGHSURGXFLHLQGXVWULDOL GHSR]LWDUH 6H YD UHDOL]D GH FWUHEHQHFLDU R VWUDG QRX FX GRX EHQ]LGH FLUFXODLH FX WURWXDUH L DQXUL GHVFXUJHUH D DSHORU SOXYLDOH 'H]YROWDUHDUHHOHORUWHKQLFRHGLOLWDUHLUDFRUGDUHDOD

DFHVWHDVHYRUH[HFXWDGHFWUHEHQHFLDUXOWHUHQXOXLDDUWDW+RUWHQ]LD0RJD

3URWGHPLOLRDQHOHLvQ&RQIRUP SRUWDOXOXL OLVWDUPHUR 6&'HSRPXUH6$7kUJX0XUHVDvQLQDWvQ VH RFXS FX DFWLYLWL GH VHUYLFLL DQH[H H[WUDFLHL SHWUROXOXL EUXW L DJD]HORU QDWXUDOH HVWH DGPLQLVWUDW GH0LFKHO *RXH]

(9(1,0(17QRLHPEULH

IDFHERRNFRP]LGH]L

6kPEW QRLHPEULH OD %D]LQXO2OLPSLF GLQ &RPSOH[XO GH $JUHPHQW0XUHXO :HHNHQG GLQ 7kUJX0XUHVD GHVIXUDW SULPD HGLLH D FRQFXUVXOXLLQWHUQDLRQDOGHQDWDLH&XSD+2&RQFXUVXO D IRVW RUJDQL]DW GH &OXEXO6SRUWLY +2 7HDP GLQ 7kUJX0XUH vQSDUWHQHULDW FX 3ULPDULD 0XQLFLSLXOXL7kUJX0XUH &RQVLOLXO -XGHHDQ 0XUHL'LUHFLD-XGHHDQSHQWUX6SRUWL7LQHUHW0XUHGHFOXEXULGHQDWDLHGLQ5RPkQLDDXDGXQDWFHLPDLEXQLGHvQRWWRUL L DX YHQLW OD 7kUJX0XUH VOXSWHvQRWkQGSHQWUXXQORFSHSRGLXPXO&XSHL+2$IRVWR]LSOLQ&RQFXUVXOVDGHVIXUDWvQGRXUHXQLXQLXQDGHODRUDLXQDGHODRUD6DvQRWDWSHFDWHJRULLGHYkUVWLVH[IHWHLPDLPLFL LPDLPDULLEDLHWLLPDLPLFL

LPDLPDUL&LQFLFOXEXULGHQDWDLHGLQ7kUJX0XUHVDX SUH]HQWDW VkPEW OD VWDUWXO FRQFXUVXOXL&OXEXO6SRUWLY0LQL0D[&OXEXO6SRUWLY7RUSL&OXEXO6SRUWLYFRODU+27HDP L &OXEXO 6SRUWLY $TXDVSRUW &XWRLL DX DYXW UH]XOWDWH IRDUWH EXQH 1HDP KRWUkW V RUJDQL]P DFHVW FRQFXUVGDWRULWvQRWWRULORUQRWUL'HFkQGDYHPED]LQXOROLPSLFDXvQFHSXWVYLQGLQFHvQFHPDLPXOLvQRWWRUL&UHWHPSH]LFHWUHFH LDU VSRUWLYLL VXQW WRW PDL WDOHQWDLL PDL SXWHUQLFL $P YUXW V RUJDQL]PXQ FRQFXUV QDLRQDO L SHQWUX D QH GDVHDPD FDP OD FH QLYHO VXQWHP 5H]XOWDWHOH DX IRVW EXQH DPDYXWPXOL VSRUWLYLWkUJXPXUHHQLSHSRGLXPDGHFODUDW%DUWDOLV.DURO\SUHHGLQWHOH+27HDP&ODVDPHQWXOQDOvOJVLLSHVLWHXO+27HDPZZZKRWHDPUR

)RWRLWH[W&ULVWLQD*1-

GHVSRUWLYLDXLQWUDWODDS

3ULPDHGLLHDFRQFXUVXOXLLQWHUQDLRQDOGHQDWDLH&XSD+2

$SUR[LPDWLYGHvQRWWRULDXSDUWLFLSDWVkPEWODFRQFXUV

&LQFLFOXEXULGHQDWDLHGLQ7kUJX0XUHVDXSUH]HQWDWVkPEWODVWDUW

7 19017

'LVFRXQWXULla biletele Wizz Air&RPSDQLD DHULDQ :L]] $LUR FRPSDQLH DHULDQ ORZFRVWORZIDUHGLQ5RPkQLDLGLQ(XURSD&HQWUDOLGH(VWDODQVDWXQ QRX VHUYLFLX:L]] 'LVFRXQW&OXE FRQFHSXW VSHFLDO SHQWUXFOLHQLL GHOL FH FOWRUHVF vQJUXS VDX FDUH DFKL]LLRQHD]PDL PXOW GH XQ ELOHW :L]] $LUSH DQ 'H DVHPHQHD SHULRDGDGHFKHFNLQRQOLQHVHH[WLQGHODGRX VSWPkQL &DOLWDWHD GHPHPEUXDOJUXSXOXLGLVSRQLELOSH ZL]]DLUFRP JDUDQWHD] XQGLVFRXQWGHODWDULIHOH:L]]$LUGHSHVWHSHQWUXWRDWHVHJPHQWHOH GH ]ERU UH]HUYDWHRULFkQG GHD OXQJXO XQXL DQ GHPHPEUX 0HPEULL FOXEXOXL LSkQODFRPSRQHQLDLIDPLOLHLVDXSULHWHQLFOWRULQGvQDFHODLWLPSSRWRELQHDFXPHFRQRPLLL PDL PDUL LQG GHOL L IRORVLQG VHUYLFLLOH ORZ IDUH :L]]$LUPXOWPDLGHVDSUHFL]DW$QGUHHD /DVFX$FFRXQW([HFXWLYHIUHH&RPXQLFDWLRQ(A.M.)

'H]EDWHUHGHVSUHLQWHJUDUHDVRFLDODGHLQXLORU,PSRUWDQD LQWHJUULL VRFLDOH DSHUVRDQHORUSULYDWHGHOLEHUWDWHYD GH]EWXW vQ FDGUXO VHPLQDUXOXL 6SULMLQ SHQWUX UHYHQLUHDSHSLDDPXQFLLLLQWHJUDUHDvQ VRFLHWDWH D SHUVRDQHORU FDUHDX IRVW SULYDWH GH OLEHUWDWHVHPLQDU FH HVWH SDUWH GLQWURVHULH GH FRQIHULQH L GH]EDWHULSH WHPD LQHJDOLWLORU FX FDUHIRWLL GHLQXL VH FRQIUXQW vQVRFLHWDWHD QRDVWU 6HPLQDUXOIDFH SDUWH GLQ SURLHFWXO 9LDDGXSJUDWLL'H]EDWHUHDYDDYHDORFPLHUFXULQRLHPEULHGHODRUD OD &HQWUXO GH &DULWDWHL QYPkQW 5HIRUPDW %RG3HWHU 6WU 3GXULL QU E GLQ7kUJX 0XUH 3RWULYLW XQXLVRQGDMUHDOL]DWGH$GPLQLVWUDLD1DLRQDO D 3HQLWHQFLDUHORU$13 DSUR[LPDWLY GLQSRSXODLD DDW vQ SHQLWHQFLDUHOHGLQ5RPkQLDHVWHIRUPDWGLQ UHFLGLYLWL $FHVW IHQRPHQHVWHUH]XOWDWXOVODEHLHFLHQHDSURJUDPHORU GH UHLQWHJUDUH vQVRFLHWDWHGDULDULVFXOXLULGLFDWGHH[FOX]LXQHSHSLDDPXQFLLD GHFODUDW 2DQD 3RSD DVLVWHQWFRRUGRQDWRUSURLHFW(A.M.)

0RUW OD ORFXO GH PXQFGLQFDX]DDOFRROXOXL%UEDWXO vQ YkUVW GH GHDQLGHFHGDW OXQDWUHFXWSHXQDQWLHU DDW vQ FDUWLHUXO %HOYHGHUH FRQVXPDVHDOFRRO OD ORFXOGH PXQF VXVLQH FRQGXFHUHD,QVSHFWRUDWXOXL 7HULWRULDO GH0XQF0XUH&HUFHWULOHHIHFWXDWH GH ,QVSHFWRUDWXO 7HULWRULDOGH0XQF0XUHSHQWUXVWDELOLUHD FDX]HORU XQXL DFFLGHQWPRUWDOGHPXQFvQUHJLVWUDWvQFXUVXO OXQLL WUHFXWH DX VFRV vQHYLGHQ IDSWXO F PXQFLWRUXOFDUH LD SLHUGXW YLDD OD ORFXOGHPXQFDYHDRDOFRROHPLHGH OD RUD RUD SURGXFHULL DFFLGHQWXOXL 9LFWLPD., HUD DQJDMDW L GHVIXUDDFWLYLWLVSHFLFHGHDPHQDMDUHUHVSHFWLYOXFUDODDUSDQWDXQHLFDVHQWLPSXOOXFUXOXLRLSFSHFDUHPXQFLWRUXOVHVSULMLQLVHVDUXSWLDUDFHVWDDF]XWGHODRvQOLPHGHPHWULF]WXUFDUH LD IRVW IDWDO D GHFODUDW$QGUHL0XUHDQLQVSHFWRUXOHIDO,700XUH(A.M.)

WLULinteresante

FRDOD2PHJDGLQ7kUJX0XUHHVWHXQDGLQWUHFROLOHSDUWLFXODUHFDUHVHEXFXUGHSUHVWLJLX vQ MXGHXO0XUHDYkQG WRDWHFLFOXULOH GH vQYPkQW &RUQHOLD*DQHD GLUHFWRUXO XQLWLL QHD RIHULW GHWDOLL GHVSUHXQVFKLPEGHH[SHULHQSHFDUHHOHYLLvOYRUHIHFWXDFXRFRDOGLQ0DGULG6SDQLD

Reporter: Cum este la conducerea XQHLXQLWLFRODUHSDUWLFXODUH"&RUQHOLD *DQHD 'LQ SXQFWXO PHX GHYHGHUH FD L GLUHFWRU SRW V VSXQ F QXHVWH XRU SHQWUX F SUHWHQLLOH VXQW PXOWPDLPDULGHFkW vQ FD]XOXQHL FROL GH VWDW3UHWHQLLOHSULQLORUVXQWPDLPDULWUHEXLHVHGHVWXOGHvQHOHDSWFDVWLXFXPVSXQ DQXPLWH SUREOHPH FXP V OH UH]ROYGHFLQXHVWHXRU QVGDFSXL LQLP vQFHHD FH IDFL OXFUXULOH PHUJ VSUH ELQH LGDF VLPL VXVLQHUH GLQ SDUWHD SULQLORUFHHDFHHXDPDFHVW OXFUX vLGSXWHUH VPHUJL PDL GHSDUWH L vPSUHXQ FX HL VUHXLPVUHDOL]PDQXPLWHOXFUXULIUXPRDVHSHQWUXFRDO

5HS FRDOD 2PHJD DUH WRDWH FLFOXULOHGHvQYPkQW&HSUHVXSXQH

DFHVWOXFUX"&*'DFRDODDUHWRDWHFLFOXULOHGHvQYPkQWvQWURVLQJXULQVWLWXLHLFXHFDUHWUHEXLH VP FRPSRUW vQ DOW IHO &HO SXLQQRL FHL FDUH VXQWHPPDQDJHULL FROLL L HXFD GLUHFWRU WUHEXLH V WLX FXP V DERUGH]SHWRLvQPRGGLIHULW/LFHHQLLGHH[HPSOXWUHEXLH V YLQ V vPL vPSUWHDVF SUREOHPHOHFXLPLPDGHVFKLV3RDWHFUHODLDFXHLQXHVWHvQWRWGHXQDDDFXPPLDGRULGLQ SULFLQD IDSWXOXL F VXQW GLUHFWRU vQVDYHPGLVFXLLGHVWXOGHSULHWHQHWLFXHLLPVLPWDSURDSHGHHL6XQWFRSLLUHVSHFWXRLLVHFRQIRUPHD]UHJXOLORUFDUHH[LVW

5HS &H SODQXUL DYHL SHQWUX DFHVWDQFRODU"&*QDFHVWDQDYHPvQSODQXQSURLHFWIRDUWHIUXPRVFDUHDIRVWRVXUSUL]SHQWUXFRSLLQFDGUXOXQHLFRPLVLLLQWHUQDLRQDOH$UDFLSDPFXQRVFXWFRQGXFHUHDFROHJLXOXL7LPRQ GLQ0DGULG 6SDQLD $P vQFKHLDWXQ FRQWUDFW GH FRODERUDUH L GRULP FD vQDFHVWDQFRODUFHLPDLEXQLHOHYLGLQJLPQD]LXLOLFHXVPHDUJvQ6SDQLDvQWUXQVFKLPEGHH[SHULHQLvLDWHSWPLSHHLVYLQODQRLDYkQGvQYHGHUHFLFRDOD

ORUHVWHXQDDVHPQWRDUHFXWRDWHFLFOXULOHGHvQYPkQW&RPXQLFDUHDVHIDFHvQOLPEDHQJOH]LvQFROHJLXOUHVSHFWLYH[LVWWUHLHOHYLURPkQL'HFLYDIRDUWHLQWHUHVDQW$IRVWXQSURLHFWSHFDUHFRSLLLODXSULPLWFXEXFXULH

$FRQVHPQDW2DQD05*,1($1

(OHYLLFROLL2PHJDVFKLPEGHH[SHULHQvQ6SDQLD

Cornelia Ganea, director

DOFROLL2PHJDGLQ7kUJX0XUH

QFHSkQG GH LHUL RFWRPEULH HOHYLL GLQ vQYPkQWXOSULPDU L SUHFRODULL VH D vQYDFDQSkQvQGDWDGHQRLHPEULH XUPkQG FD VHPHVWUXO,DODQXOXLFRODUVVHvQFKHLHvQGDWDGHGHFHPEULH

GHFHPEULHvQFKHLHUHDVHPHVWUXOXL,6HPHVWUXO,VHvQFKHLHvQGDWDGH GHFHPEULH GXUDWD YDFDQHLGHLDUQHVWHGHWUHLVSWPkQLvQ SHULRDGD GHFHPEULH LDQXDULH &HO GHDO GRLOHD VHPHVWUXYD vQFHSH vQGDWDGH LDQXDULH LDU vQSHULRDGD DSULOLHFRSLLLLHOHYLLVHYRUDDvQ YDFDQD GH SULPYDU $QXOFRODUVHYDvQFKHLDSHGDWDGHLXQLHLDUYDFDQDGHYDUYDvQFHSHvQGDWDGHLXQLHLVHYD vQFKHLDSHVHSWHPEULHXUPkQG FD SH GDWD GH VHSWHPEULH V vQFHDS DQXO FRODU

Q VSWPkQD DSULOLH VH YRU GHVIXUDDFWLYLWL HGXFDWLYH H[WUDFXUULFXODUHLH[WUDFRODUHvQFDGUXOSURJUDPXOXLQXPLW6WLLPDL

PXOWH V L PDL EXQ 3URJUDPXO HVWH DVHPQWRU FHOXLGHVIXUDW vQ DQXO FRODU FRDODDOWIHOvQFDUHQXVHRUJDQL]HD]FXUVXUL

$FWLYLWLHGXFDWLYHSHSHULRDGDYDFDQHL&RQIRUP FDOHQGDUXOXL DQXOXLFRODU vQ DFHDVWVSWPkQ OD FLFOXO SUHFRODUL SULPDU FRSLLL VH D vQWURELQHPHULWDW YDFDQ FDUH vQIRDUWHPXOWHGLQWUH FD]XUL HVWHR YDFDQ GLULMDW RUJDQL]DWGH FRDO D GHFODUDW WHIDQ6RPHDQ LQVSHFWRU FRODU JHQHUDO&XWRDWHFHVWHYDFDQvQ DFHDVW SHULRDG vQ XQHOHGLQWUHXQLWLOHFRODUHDFLXQLOHHGXFDWLYH QX VDX vQFKHLDWQ FROL VH GHVIRDU GLIHULWHDFWLYLWL HGXFDWLYH SHQWUX FRSLL vQ SUH]HQD HGXFDWRDUHORU DvQYWRDUHORU 6XQW DFWLYLWL FXXQFDUDFWHUGHVFKLVIUH[LVWHQDFDWDORJXOXL IU DFHD REOLJDWLYLWDWHFDUHvQPRGQRUPDODSDUHvQWLPSXO DQXOXL FRODU D DGXJDWWHIDQ6RPHDQ

2DQD05*,1($1

(OHYLL GLQGRX OLFHH GLQ7kUJX0XUH YRUSDUWLFLSD vQ DFHDVW VSWPkQ OD R FDPSDQLHGHLQIRUPDUHSULYLQGFRQWLHQWL]DUHDVWULL ORU GH VQWDWH D GLDJRVWLFXOXL GHFDQFHULUHFXSHUDUHD]LFLSVLKLFDEROQDYLORUFDUHVHFRQIUXQWFXDFHDVWERDO

&DPSDQLDRUJDQL]DWGH'HVWLQH&RPXQH&DPSDQLD HVWH RUJDQL]DW GH $VRFLDLD5RPkQ GH &DQFHU*UXSXO 'HVWLQH &RPXQH $VRFLDLD VH LPSOLF vQFRQWLHQWL]DUHDDGROHVFHQLORUDVXSUDVWULLORU GH VQWDWH (VWH IRDUWH LPSRUWDQW VSULPHDVF LQIRUPDLL FRUHFWH SHQWUX D VHUHVSRQVDELOL]D DVXSUD VWULL GH VQWDWHFDUHDVLJXUSRVLELOLWDWHDGHDPXQFL LGHDL WUDVIRUPD YLVHOH vQ UHDOL]UL UHPDUFDELOHDGHFODUDW6WHOOD+DQXV]SUHHGLQWHOH

$VRFLDLHL5RPkQHGH&DQFHU*UXSXO'HVWLQH&RPXQH

9DFDQSHQWUXSUHFRODULLHOHYLLGLQvQYPkQWXOSULPDU

,PSRUWDQDSVWUULLVQWLLGH]EWXWFXHOHYLLGHOLFHX 'RXOLFHHLQFOXVHvQFDPSDQLH&DPSDQLD YD DYHD ORF DVW]L L MRL OD GRX

OLFHH GLQ RUD UHVSHFWLY /LFHXO 7HRUHWLF*KHRUJKH0DULQHVFXL/LFHXO7HKQRORJLF,RQ9ODVLX/DLQLLDWLYDGRDPQHLGU2OWHDQ$QJHOLFDPHGLFGHIDPLOLHvQFDGUDWODGLVSHQVDUH FRODUH YRP VXVLQH R VHVLXQHGH LQIRUPDUHDVXSUDVQWLL vQGDWDGHQRLHPEULHRUDHOHYLORU/LFHXOXL7HRUHWLF*KHRUJKH0DULQHVFX ODFDQWLQDOLFHXOXLLDUvQGDWDGHQRLHPEULHRUDHOHYLORUGHOD/LFHXO7HKQRORJLF,RQ9ODVLX$FHDVWVHVLXQHGHLQIRUPDUHVHYDGHVIXUD vQ6DOD)HVWLYD OLFHXOXLDPDLVSXV6WHOOD+DQXV]6FRSXO $VRFLDLHL 5RPkQH GH &DQFHU HVWHLQIRUPDUHD L VFKLPEDUHD PHQWDOLWLLSDFLHQLORULVRFLHWLLIDGHGLDJQRVWLFXOFDQFHU UHFXSHUDUHD ]LF L SVLKLF D EROQDYLORUGHFDQFHU

$ULQD02/'29$1

6WHOOD+DQXV]SUHHGLQWHOH$VRFLDLHL5RPkQHGH&DQFHU*UXSXO'HVWLQH&RPXQH

WHIDQ6RPHDQLQVSHFWRUFRODUJHQHUDO

8 &8/7856 noiembrie 2012

facebook.com/zidezi

Brakentalkers la Trgu 0XUHFX7KH%OXH%R\Brakentalkers este una dintre cele PDL LQRYDWRDUH L RULJLQDOH FRPpanii de teatru din Irlanda. n GHFXUVXO D ]HFH DQL GH H[LVWHQDFHWLDDXDYXWPDLPXOWHSURLHFWHDPELLRDVH FDUH DX VGDW RULFHWLSGHFODVLFDUH/XFUULOH ORUDXIRVWSUH]HQWDWHvQWURYDULHWDWHGHVSDLL GH MRF GH OD VOL GH WHDWUXOD VSDLL SXEOLFH FOGLUL VFRDVHdin uz sau pe internet. Cu ocazia DQLYHUVULLDGHDQLGHLQWHUFXOWXUDOLWDWHDFHWLDYRUSUH]HQLvQ7kUJX0XUHFXVSHFWDFROXO7KH%OXH %R\ 5HSUH]HQWDLD LUODQGH]LORU YD DYHD ORF YLQHUL QRLHPEULH GH OD RUD OD 6DOD0DUHD7HDWUXOXL1DLRQDO7KH %OXH %R\ HVWH XQ VSHFWDFROSXWHUQLFLKDOXFLQDQWFDUHDGXFHvQ OXPLQ GH]YOXLUL GHVSUH DEX]XULOHDVXSUDFRSLLORUGLQ,UODQGDvQ SHULRDGD DQLORU 6SHFWDFROXO FRQLQH PDWHULDOH SH FDUHXQLL OH SRW JVL GHUDQMDQWH FRQform newsletterului Companiei /LYLX5HEUHDQX(G.G.)

6XFFHVSHQWUX&DUPLQD%XUDQDOD%XFXUHWL6DOD2SHUHL5RPkQHGLQ%XFXUHWLVD GRYHGLW D QHvQFSWRDUHSHQWUX FHL FDUH DX GRULW V YDGPLHUFXUHDWUHFXW&DUPLQD%XUDQD%LOHWHOHSHQWUXUHSUH]HQWDLDGHODRUDDXIRVWVROGRXWvQVHDUD GH PDUL LDU RUJDQL]DWRULL)HVWLYDOXOXL 1DLRQDO GH 7HDWUXDX VFRV vQ YkQ]DUH PLHUFXUL RFWRPEULH ELOHWH GH XOWLPPLQXWSHQWUXUHSUH]HQWDLDGHRUD&HLFDUHDXUHXLWVYDGVSHFWDFROXO VHPQDW GH *LJL &FLXOHDQXDX DYXW SDUWH GH R UHSUH]HQWDLHGH ]LOHPDUL DFWRULL GH OD 7kUJX0XUH LQG vQ PDUH IRUP LGHPRQVWUkQG vQFRGDWD F VXQWR HFKLS DGHYUDW LQGLIHUHQW GHOLPEDvQFDUHYRUEHVFVHDUDW vQQHZVOHWWHUXO&RPSDQLHL/LYLX5HEUHDQX 'LUHFWRUXO 1DLRQDOXOXL*iVSiULN $WWLOD SUHFL]kQG vQFDGUXO XQHL FRQIHULQH GH SUHVF OD FHOH GRX UHSUH]HQWDLL GHOD )HVWLYDOXO 1DLRQDO GH 7HDWUXDOH &DUPLQHL %XUDQD DX DVLVWDWSHVWHGHVSHFWDWRUL (G.G.)

52*9$,9SUHPLDWODFestivalul DramaturgieiQ OXQDPDL D DFHVWXL DQ VSHFWDFROXO 52*9$,9 SURGXFLH D7HDWUXOXL6SOWRULHGLQ&KLLQXa luat premiul pentru cel mai bun spectacol la Festivalul European DO6SHFWDFROXOXL7LPLRDUD)HVWLYDOXO 'UDPDWXUJLHL 5RPkQHWLJuriul a acordat acest premiu VSHFWDFROXOXL VHPQDW GH %RJGDQ *HRUJHVFX SHQWUX UHOHYDQDVRFLDO D WHPHL LQWHUHVXO ID GHWHDWUXFDUH]XOWDWDOXQXLHIRUWFROHFWLY UHOHYDQD vQ GHVFRSHULUHDGHQRLOLPEDMHGUDPDWLFHLDXQHLQRLDERUGULvQDUWDDFWRUXOXLFDLSHVWLOXOPLQLPDOLOHMHUDOVSHFWDFROXOXL52*9$,9HVWHXQ3URLHFWGH $UW $FWLY vPSRWULYD RULFUHLIRUPH GH GLVFULPLQDUH 6SHFWDFRO GRFXPHQW GHVSUH LQWROHUDQDH[SULPDWSXEOLFGHVFKLVIUQLFLXQ IHO GH FRQWURO UHVSRQVDELOLWDWHVDXUXLQHGHFWUHOLGHULGHRSLQLHL SHUVRQDOLWL DOH YLHLL SXEOLFHGLQ 5HSXEOLFD 0ROGRYD vQ &HL FDUH GRUHVF V YL]LRQH]HUHSUH]HQWDLD7HDWUXOXL6SOWRULHVXQWDWHSWDLVkPEWQRLHPEULHGHODRUDOD6DOD0LFD 7HDWUXOXL 1DLRQDO FRQIRUPQHZVOHWWHUXOXL &RPSDQLHL /LYLXRebreanu. (G.G.)

WLULinteresante

QFHSkQG GHPkLQH VH G VWDUWXOHYHQLPHQWXOXLGHDQLGHLQWHUFXOWXUDOLWDWH SULQ FDUHVH DQLYHUVHD] GH DQL GH ODvQLQDUHD VHFLHL GH WHDWUX vQOLPED URPkQ &X DFHVW SULOHM7HDWUXO 1DLRQDO 7kUJX 0XUHD SUHJWLW SXEOLFXOXL PXUHHDQXQ SURJUDP FXOWXUDO GHQV L GHcalitate.

Prima aniversare3UHJWLQGXQH SHQWUX DQLYHUVDUHD FHORUGHDQLGHOD vQLQDUHDWUXSHLURPkQHDPFXWDWSULQDUKLYHLIUVQHOXGPHVWH SULPD GDW FkQG DFHVW HYHQLPHQW VHVUEWRUHWH 1RL SULQ DFHVW HYHQLPHQWYUHPVGPXQUHQGH]YRXVWUHFXWXOXLFXSUH]HQWXOvQLQWHUHVXOYLLWRUXOXL0DLPXOWGHFkWDWkWQXSRWVVSXQGHVSUHVSLULWXDOLWDWHDDFHVWHL DQLYHUVUL'RULP vQSULPXOUkQG V FRQWLQXP V IDFHP VSHFWDFROHEXQHLVDYHPXQSXEOLFGHOvQHOHJWRUGHWHDWUXSHFDUHLSULQDFHVWHYHQLPHQWvQFHUFPVvODSURSLHPGHWHDWUXVDYHPXQ GLDORJ GHVSUH WHDWUX D GHFODUDW *DVSDULN$WWLODGLUHFWRUXO7HDWUXOXL1DLRQDO

6XQWHPXQWHDWUXQDLRQDO$OLQD 1HOHJD GLUHFWRUXO DUWLVWLF DO &RPSDQLHL /LYLX 5HEUHDQX D vQFHSXW SULQ DPXOXPL SUHVHL SHQWUX VXSRUWXO DFRUGDW$FHDVWD HVWH GRDU R vQWkOQLUH GLQ OXQJDserie de ntlniri ale teatrului cu publicul SHFDUHYUHPVOHSULOHMXLP(VWHRvQWkOQLUH FX JkQGXULOH FX DWHSWULOH QRDVWUHL FXGLUHFLD SH FDUH YUHP V R XUPPDVSXV$OLQD1HOHJDFDUHDFRQWLQXDWSULQD H[SOLFD LPSRUWDQD IDSWXOXL F YRUELPGHVSUHXQWHDWUXQDLRQDOOD7kUJX0XUH6QXXLWPFVXQWHPXQWHDWUXQDLRQDOLDUPLVLXQHDGDULSULYLOHJLXOQRVWUXHVWHV SVWUP YDORULOH QRDVWUH vQ FLUFXLWXOQDLRQDO L V DVLJXUP H[LVWHQD DFHVWXLFLUFXLWDSUHFL]DW$OLQD1HOHJD

%OXH%R\LFRODERUDUHcu Fabrica de pensule8QXO GLQWUH YkUIXULOH DQLYHUVULL HVWHVSHFWDFROXOLQYLWDWGLQ,UODQGD%OXH%R\8Q VSHFWDFRO LPSRUWDQW SH XQ WH[W QRXFRQWHPSRUDQ XQ VSHFWDFRO FDUH D FLUFXODW SULQ WRDW (XURSD 5HXQHWH WHKQLFLOHGHWHDWUXGRFXPHQWFXWHKQLFLOHGHWHDWUXGDQV7HPDVSHFWDFROXOXLHVWHUXSWXUDGLQWUHSHUVRQDOLWDWHDFRSLLORUFUHVFXLvQRUIHOLQDWHOHFDWROLFHLVLVWHPXODFHVWRUDvQ,UODQGDGDUFDUHDOL]DUHDUWLVWLFVSHFWDFROXOvLGHSHWHPXOWFRQMXQFWXUD$GXFHPOD7kUJX0XUHDFHVWVSHFWDFROvQFRODERUDUHFX)DEULFDGHSHQVXOHGLQ&OXM1DSRFD(RFRODERUDUHSHFDUHRvQFHSHPDFXPLSHFDUHVSHUPVRFRQWLQXPODDQXOSULQWUXQ IHVWLYDO DO LQGHSHQGHQLORU DSUHFL]DW$OLQD1HOHJD

Spectacol festiv0RPHQWXOFHQWUDODODQLYHUVULLYD6SHF

WDFROXO IHVWLY FDUH YD DYHD ORF VkPEWQRLHPEULH RUD vQ VDODPDUH FXLQWUDUH OLEHU $YHP XQ VSHFWDFRO IHVWLYIRDUWHLPSRUWDQWFDUHYDRvQWkOQLUHSHVWHDQL$FHVWVSHFWDFROYDDYHDXQDVHS

DUDW LDU LQWUDUHDHVWH OLEHULDPGRULFDSXEOLFXOQRVWUXVXPSOHVDODDGHFODUDW$OLQD1HOHJD

9DOHQWLQ&29$&,8

50 de ani de interculturalitate:

5HQGH]YRXVWUHFXWSUH]HQWn interesul viitorului

0,(5&85,12,(0%5,( '(6&+,'(5( )(67,9 9(51,6$-(;32=,,($1,9(56$5)2$,(56$/$0$5(9HUQLVDMH[SR]LLHSLFWXU0DULQHOD3RSHVFX)2$,(56$/$0$5(/DQVDUHDFROHFLHL7HDWUXGH%X]XQDU0RQLFD6YXOHVFX9RXGXUL815(*(/($5-XUQDOGHUHSHWLLL5DGX3HQFLXOHVFX)2$,(56$/$0$5(/DQVDUHGH FDUWH 9ROXPH GH UHIHULQ IXQGDLDFXOWXUDO&DPLO3HWUHVFX 6$/$0,& 35$+ GH 6SLUy*\|UJ\UHJLD&ULVWLDQ,RDQ)2$,(56$/$0$5(/DQVDUHFDUWH /DXUHQLX %ODJD *8*$ FROHFLD7($758'(%8=81$56$/$0$5($085*8/%85*+(= GH 5RPXOXV *XJD UHJLD $QFDBradu)2$,(56$/$0$5(&2&.7$,/,1$8*85$/

-2,12,(0%5,()2$,(56$/$0,&/DQVDUHDFULL0('(($GH5R[DQD0DULDQ 0('(($ XQ VSHFWDFRO GH5R[DQD0DULDQ)2$,(56$/$0,&/DQVDUHDFULL)/25,'(0,1GH6]pNHO\&VDEDFROHFLD7($758'(%8=81$56$/$0,&)/25,'(0,1GH6]pNHO\&VDEDUHJLD6HEHVW\pQ$ED

9,1(5,12,(0%5,(8QLYHUVLWDWHDGH$UWH)2$,(5 $QFD %HQHUD L $UQROG (VWHIiQ 3$&7$68176(59$1'$SHUIRUPDQFHLvideo 8QLYHUVLWDWHD GH $UWH)2$,(5 0DV URWXQG ,'(17,7$7(, ,17(5&8/785$/,7$7( vQ SDX]/DQVDUHDFULL329(7,/(25$8/8,GH6RULQD%RWDL6853/86'(2$0(1,6$8 6853/86 '( ,'(, GH 7KHRGRU&ULVWLDQ3RSHVFX 7($58/$5,(/ 6$/$0,&3UH]HQWDUHZRUNVKRS$57$$&7258/8, %iFV 0LNOyV VWXGHQLL DQXlui III actorie Facultatea de Teatru n OEURPkQL)DFXOWDWHDGH7HDWUXvQOEPDJKLDU8$76$/$0,&&/2$&$GH0DULD*RRVUHJLD7KHRGRU&ULVWLDQ3RSHVFX 6$/$ 0$5( 63(&7$&2/

,19,7$7 ,5/$1'$ %,$78/ $/%$6758 UHJLD )HLGOLP&DQQRQ L*DU\.HHJDQ%52.(17$/.(566$/$3$5.,1*/DQVDUHGHUHYLVWVFHQDUR6$/$3$5.,1*&RQFHUW$'$0,/($

60%712,(0%5,( 6$/$ 0$5( 7HDWUXO1DLRQDO 63(&7$&2/ )(67,9 SUHOXDWGHWHOHYL]LXQHDURPkQ)2$,(56$/$0,&/DQVDUHDFULL 6&(1( 1 ',$/2* GH $QFD 5RWHVFXFROHFLD7($758'(%8=81$5 6$/$ 0,& 63(&7$&2/,19,7$7 5(38%/,&$ 02/'29$ 52*9$,9 UHJLD %RJGDQ *HRUJHVFX7($758/63/725,(&+,,18)2$,(56$/$0$5(/DQVDUHD FULL3(&8/0,,0$,-26GH ,RQ&DOLRQFROHFLD7($758'(%8=81$56$/$0$5(&$50,1$%85$1$GH*LJL&FLXOHDQX )2$,(56$/$0$5(&2&.7$,/)(67,9

'80,1,&12,(0%5,( 819(56,7$7($ '( $57(75*8085( /,1,( 02$57 GH/HWL]LD 5XVVR UHJLD 0DULXV 2OWHDQ SUH]HQWDUHVFHQLFvQFRODERUDUHFX8$7vQ FDGUXO SURLHFWXOXL )$%8/$081',3OD\ZULWLQJ (XURSH 6SHFWDFROXOYD XUPDW GH GLVFXLL FX SXEOLFXO vQSUH]HQDDXWRDUHL,175$5(/,%(5 )2$,(5 6$/$ 0,& /DQVDUHDFULL'($1,1'(6(&9(1(GH=HQR)RGRU FROHFLD7($758'(%8=81$5 6$/$ 0,& 35$+ GH 6SLUy*\|UJ\UHJLD&ULVWLDQ,RDQ6$/$0$5(63(&7$&2/,19,7$70(/$1&2/,$,0,67(58/81(,675=, GH +RUDLX 0LKDLX 7($758/$1'5(,085($186)178*+(25*+(

3H OkQJVSHFWDFROHL vQWkOQLULYRUDYHDORFGRXDWHOLHUH OD7HDWUXO$ULHO$57$$&7258/8, %iFV 0LNOyV L VFULHUHGUDPDWLF/(7,7,$58662

QHFDUHVHDU5$',2'5$0$spectacol radiofonic din fonoteca de aur

7($758/1$,21$/75*8085(GHDQLGHLQWHUFXOWXUDOLWDWH

QRLHPEULH

Program

Nicolae Cristache, Anca Bradu,

$OLQD1HOHJDL*DVSDULN$WWLOD

&8/785

6SHFWDFROXO 0LVWHUXO L PHODQFROLDXQHL VWU]L vQ UHJLD L VFHQRJUDD OXL+RUDLX0LKDLXSURGXVGH7HDWUXO$QGUHL 0XUHDQX GLQ 6IkQWX *KHRUJKHYD UHSUH]HQWDW GXPLQLF QRLHPEULHvQ6DODPDUHD7HDWUXOXL1DLRQDO6SHFWDFROXO D IRVW LQYLWDW OD 7kUJX0XUH vQ FDGUXO HYHQLPHQWXOXL GHDQL GH LQWHUFXOWXUDOLWDWH &RUHJUDDHVWHVHPQDWGH0OLQD$QGUHLSDUWHDYLGHR H DVLJXUDWGH&H]DU(QDFKH LDUGLQGLVWULEXLH IDFSDUWHDFWRULL)DWPD0RKDPHG ,RQ )LVFXWHDQX -U (OHQD3RSD&ODXGLD$UGHOHDQ1DH&URLWRUXL6HUJLX$OLX

6LQRSVLV8Q VSHFWDFRO SOLQ GH GLQDPLVP L FXORDUH SH FkW GH FRQWHPSRUDQ SH DWkWGHGLQDPLFXQHVHXYL]XDOUH]XOWDWGLQPHODQMXO GH WHDWUXLPDJLQH L WHDWUXGDQV 7DEORXO OXL *LRUJLR GH &KLULFR0HODQFROLDLPLVWHUXOXQHLVWU]LHVWHGHPXOWYUHPHFRQVLGHUDWRFDSRGRSHU

D SLFWXULL PHWD]LFH 5HSUH]HQWkQG RVWUDG DSURDSH SXVWLH FX XQ VFXDU vQVRULWvQGHSUWDUHFXSUH]HQDvQSULPSODQDXQHLIHWLHMXFkQGXVHFXFHUFXODFHVW WDEORX SOLQ GH PLVWHU L DYkQGR DWPRVIHU WHQVLRQDW vQFDUFDW GHSHULFROH H[WHULRDUH vL RIHU UHJL]RUXOXLL VFHQRJUDIXOXL +RUDLX 0LKDLX RFD

]LD GH DL GHUXOD LPDJLQLOH XQXL HVHXWHDWUDO OD IHO FD vQ SUHFHGHQWHOH VDOHSURGXFLLUHDOL]DWHGHDOXQJXOWLPSXOXLSHGLYHUVHVFHQHGLQDULVWULQWDWH3HUVRQDMHOHFDUHYRUXPSOHVSDLXOVFHQRJUDF vQ FRPELQDLH FX PLFDUHDVFHQLFDWHQWHODERUDWD0OLQHL$QGUHLL vQVRLWHGHXQXQLYHUVVRQRUED]DWSH

FRPSR]LLLOH OXL %ULDQ (QR YRU HYROXDHJRFHQWULF UHSUH]HQWkQG DXWRL]RODUHDL OLSVD GH FRPXQLFDUH D XQHL VRFLHWLFRQFHQWUDWH PDL PXOW SH SURSULD LPDJLQHGHFkWSHDWHQLDDFRUGDWFHORUGLQMXULWRWXLQDOXORIHURVSHUDQ2VSHUDQvQLXELUH

**

0LVWHUXOLPHODQFROLDXQHLVWU]LGH+RUDLX0LKDLXOD1DLRQDO

Q FDGUXO FRQIHULHL GH SUHV RUJDQL]DWOXQL QRLHPEULH OD 7HDWUXO 1DLRQDO7kUJX0XUHDYRUELWL$QFD%UDGXUHJL]RUXOVSHFWDFROXOXL$PXUJXOEXUJKH]D FUXL SUHPLHU YD DYHD ORFPLHUFXUL QRLHPEULHGHODRUD$FHDVWDQLYHUVDUHVHVXSUDSXQH vQWUXQPRGYRLWLIHULFLWSHVWHXQSURLHFWPDLYHFKLDO$QFL%UDGXFDUHVHFRQFUHWL]HD]vQPRQWDUHD VFHQLF D SLHVHL OXL 5RPXOXV*XJD$PXUJXO EXUJKH] 3LHVD DFHDVWD DUHXQLVWRULFvQDFHVWWHDWUXVHDODDWUHLDPRQWDUHvQDLQWHLQGSXVvQVFHQDWkWODVHFLDPDJKLDUFkWLODVHFLDURPkQDSUHFL]DW$OLQD1HOHJDGLUHFWRUXODUWLVWLFDOWHDWUXOXL1DLRQDO7kUJX0XUH

6WXGHQLLDFWRULFRQVDFUDL&HL FDUH YRU YHQL V YDG VSHFWDFROXOQRVWUX YRU GHVFRSHUL R QRX LPDJLQH DWHDWUXOXLYRUGHVFRSHULRHFKLSIRUPDWGLQ GH DFWRUL SHUVRQDMHOH SULQFLSDOHLQG LQWHUSUHWDWH GH FHL PDL LPSRUWDQLDFWRUL DL WHDWUXOXL WkUJXPXUHHDQ L QXQXPDL(OHQD3XUHD0RQLFD5LVWHD0LKDL &UFLXQ 1LFX 0LKRF 1LFRODH &ULVWDFKH 'DQ 5GXOHVFX VHFRQGDL GH RJHQHUDLH WkQU IRUPDW GLQ DEVROYHQLVDX PDVWHUDQL DL 8QLYHUVLWLL GH $UWHGLQ7kUJX0XUHDVSXV$QFD%UDGXUHJL]RUXOVSHFWDFROXOXL$PXUJXO%XUJKH]

(XQWH[WGL]LGHQWQ FRQWLQXDUH DFHDVWD D YRUELW GHVSUHWH[WXOOXL5RPXOXV*XJD$POXFUDWFXRHFKLSIRUPDWGLQRDPHQLWLQHULSXWHUQLFLLQWHUHVDQLPRWLYDLGHXQWH[WGHRGLPHQVLXQHQXQXPDLFRQWHPSRUDQHX]LFDWHPSRUDOFDUHYRUEHWHGHVSUHPLVWHUXO H[LVWHQHL LGHVSUHQHFHVLWDWHDSXWHULLGHDFRQVHFYHQWFXWLQHvQVXL'H

DLSVWUDLGHDOXSWDSHQWUXLGHQWLWDWHDVSLULWXDORULFkWGHDWURFHDU UHDOLWDWHDvQFDUHH[LWL(VWHXQWH[WGL]LGHQWVFULVOD VIkULWXO DQLORUXQ WH[WDQWLVLVWHPFDUHGLQSFDWHOXFUkQGODHODPGHVFRSHULWFkWSRDWHGHDFWXDOLvQ]LOHOHQRDVWUH3HLVDMXOVSLULWXDOURPkQHVFHVWHODIHOGH WXOEXUWRU OD IHO GH vQVSLPkQWWRUFD vQ DQLL FHL PDL FUXQL DL GLFWDWXULL FHDXLVWH (VWH R SDUDERO GHVSUH R5RPkQLHGHFDGHQW vQFUL]DGHFODUDW$QFD%UDGX

&RUHJUDHOLJKWGHVLJKLVFHQRJUDHVSHFLDOH8Q VSHFWDFRO QHFHVDU SHQWUX FRQWLLQDQRDVWUSHQWUXQRLFDRDPHQLFDUHWULPvQDFHDVW VRFLHWDWH L VXQWHPSUWDLL LYLFWLPHOH HL vQ DFHODL WLPS FXP HVWH LSHUVRQDMXO SULQFLSDO )LOLS LQWHUSUHWDWGH 0LKDL &UFLXQ 1RL DP WUDWDW WH[WXOvQWURPDQLHUPDL EUHFKWLDQ FRQVWUXLQG XQ GLVFXUV SDUDOHO WH[WXOXL IRUPDWGLQ FkQWHFH FRPSXVH GH+RUYDWK.DURO\SHYHUVXULGH5RPXOXV*XJD6XQWSRHPHFkQWDWH vQ WLPSXO VSHFWDFROHORUGHDFWRULvQ QLWH FRUXUL FUHG HX LPSUHVLRQDQWHSHORQWUDJLFIROFORULFH[SUHVLRQLVWGDFGRULL 6SHFWDFROXO DUH L R GLPHQVLXQHFRUHJUDF GHVWXO GH DPSO PLFDUHDVFHQLFLQG VHPQDWGH0OLQD$QGUHLLXQFRQFHSWGHOLJKWGHVLJQSHFDUHHXvOFRQVLGHUVSHFLDOLIRDUWHPRGHUQVHPQDW/XFLDQ0RJD7RDWDFHDVWOXPHLPXQFDQRDVWUSHFDUHRYRPYHGHDSHVFHQHVWH vPEUFDW L VSDLDOL]DW GH -XGLW'REUH.RWKD\ FDUH FUHG FGHGDWD DVWDQHD IFXW FDGRX XQ VSDLX DQWRORJLF DGHFODUDW$QFD%UDGX

9DOHQWLQ&29$&,8)RWR&ULVWLQD*1-

)2723UHYLHZ$PXUJXO%XUJKH]5HJL]RUXO$QFD%UDGXGHVSUHVSHFWDFRO

$QFD%UDGX2PXOvQRDWFDXQGLVSHUDWvQDFHVWXYLXDOPDUDVPXOXLGH]LFX]L

(9(1,0(17QRLHPEULH

IDFHERRNFRP]LGH]L

2PXOGHDIDFHULFOXMHDQ'HFHEDO&RWRFDDFKL]LWLRQDWUHWHDXDGHUDGLR%%&VLSUHJDWHVWHRSUHPLHUDLQ5RPDQLDSULPXOUDGLRFDUHHPLWHQDWLRQDO

GHOD&OXM1DSRFD

&HOPDLDVFXOWDWUDGLRFOXMHDQYDSXWHDDX]LWLQFHOHPDLLPSRUWDQWHRUDVHGLQWDUD

5DGLR,PSXOVHVWHODRUDDFWXDODFHOPDL LXELW VLDVFXOWDW UDGLRFOXMHDQ ,QFHSDQG FX GDWD GH QRLHPEULHHPLVLXQLOH,PSXOVYRUSXWHD DVFXOWDWHSH IUHFYHQWHOHUDGLR DOH IRVWHL UHWHOH %%& GLQ%XFXUHVWL 6LELX 7LPLVRDUD VL&RQVWDQWD

$P DFKL]LWLRQDW UHWHDXD%%&LQOXQDLXQLHDDFHVWXLDQ LDUGHDWXQFLDPLQFHUFDWLPEXQDWDWLUHDUHWHOHLVL

DSURJUDPHORUDVWIHOLQFDWVDSXWHPHPLWHLQFHSDQGGLQOXQDQRLHPEULHGHFODUD'HFHEDO&RWRFSURSULHWDUXO5DGLR,PSXOV

9RPHPLWHGHOD&OXMLQVDDPDGDSWDWSURJUDPHOHDVWIHO LQFDWVDDFRSHUHLQWHUHVXOQDWLRQDO(VWHRSUHPLHUDLQ5RPDQLDFDQGXQUDGLRHPLWHQDWLRQDOGLQDOWRUDVGHFDW%XFXUHVWLXODFRPSOHWDW&RWRF

5DGLR ,PSXOV &OXM LQ YHUVLXQHD ORFDOD VXWD OD VXWD GLQDPLFD VL GH VXFFHVVDDSDUXWSHSLDWD&OXMXOXL LQ LDQXDULH2HFKLSDGHWLQHULQXIRDUWHQXPHURVLGDUIRDUWHHQWX]LDVWLVDXOXDWODEDWDLHFXPDULOHFRQFHUQHPHGLDGLQ5RPDQLD

&X WRDWH FD SDUHD XQ WHO DSURDSH LPSRVLELO GH DWLQV WLPSXO DGHPRQVWUDWFDHWLFDQRDVWUDGHPXQFDVLGHGLFDUHDSRWGXFHGRDUODSHUIRUPDQWDVLHYROXWLHDPDLGHFODUDW'HFHEDO&RWRF

'HFHEDO&RWRFPDLGHWLQHOD&OXM1DSRFDXQUDGLRORFDO1DSRFD)0ODQVDWLQSULPDYDUDDFHVWXLDQVLHVWHSURSULHWDUXODJHQWLHLGHSXEOLFLWDWH$PSUHQWD&XRLQYHVWLWLHGHSHVWHXQPLOLRQGHHXURUDGLR,PSXOVYDFRQFXUDPDULOHUHWHOHPHGLDGLQFDSLWDODLQFHSDQGFXGDWDGHQRLHPEULH

/XQLQRLHPEULHFRQVLOLHUXO&ODXGLX0DLRUDYHULFDWVWDGLXOOXFUULORUGHUHDELOLWDUHLPRGHUQL]DUHDVWU]LLHOLPEUGLQPXQLFLSLX$LFLDXIRVWFUHDWHSHVWHGHQRLORFXULGHSDUFDUHIDSWFHFRQWULEXLHvQEXQPVXUODUH]ROYDUHDSUREOHPHORUGHWUDFGLQ]RQ5HDELOLWDUHDYL]HD]vQWUHDJDVWUDGLQFOXVLYWURWXDUHOHDFFHVXOvQ]RQLDOHHDGHOHJWXU/XFUULOHIDFSDUWHGLQWUXQSURLHFWPDLDPSOXFDUHLQFOXGHVWU]LOH$OHHD+DHJL$OHHD9UDQFHD

%LURXOGHSUHVDOSULPULHL

3ULPULD0XQLFLSLXOXL7kUJX0XUH

GHSDUFULQRLSHVWUDGDHOLPEU

3GXUHD 2OWYDQ\ GH OkQJ 3QHW YD GHIULDW WUHSWDW FRQFRPLWHQWFXSODQWDUHDGHQRLVSHFLLGHDUERULHVWHUVSXQVXOGDW GH ,OLH &RYULJ GLUHFWRUXO 'LUHFLHL6LOYLFH 0XUH GHOHJDLHL DOFWXLW GLQUHSUH]HQWDQL DL SRSXODLHL DL RUJDQL]DLLORU FLYLOH L LQVWLWXLLORU SULYDWH LGH VWDW GLQ FRPXQD 3QHW OD PRPHQWXOGHSXQHULL SHWLLHL SULYLQG VXVSHQGDUHDGHIULULL

3HWLLHVHPQDWGHGHSHUVRDQHQ FXUVXO ]LOHL GH LHUL FRQGXFHUHDDXWRULWLLORFDOHGLQ3QHWLDFWLYLWLORFDOL DXGHSXVRSHWLLH VHPQDWGHSHVWH GH SHUVRDQH GLQ FRPXQD 3QHW7kUJX 0XUH L GLQ VWULQWDWH OD VHGLXO 'LUHFLHL 6LOYLFH0XUH SULQ FDUH VHVROLFLW LQVWLWXLHL V VXVSHQGH DFLXQHDGH H[SORDWDUH IRUHVWLHU GHRDUHFH VXQWvQFOFDWH DQXPLWH SUHYHGHUL OHJLVODWLYHSULYLQGFRQVXOWDUHDSRSXODLHLGDFHVWHGH DFRUG VDX QX FX GHIULDUHD 3HWLLDYUHD V VXEOLQLH]H IDSWXO F vQ RSLQLDQRDVWU SGXUHD WUHEXLH V UPkQQHDWLQV WUHEXLH RFURWLW L vQJULMLW LIFXWH GHPHUVXUL SHQWUX F D DMXQV OD RYkUVWQSHWLLHVXQWSUHY]XWHOHJLSULQFLSLLFDUHFUHGHPQRLQXDXIRVWOXDWHvQVHDP vQ FHHD FH SULYHWH FKHVWLRQDUHDSXEOLFXOXLvQDLQWHGHDvQFHSHH[SORDWDUHDSGXULLGHOkQJ3QHWLDH[SOLFDW%RGR

(ORGGLUHFWRUXOXL'LUHFLHL6LOYLFH0XUH,OLH&RYULJ

3UREOHPDQXHGRDUDSQHWHQLORU(VWH YRUED GH R SGXUH GH KD FDUHHVWH GHDVXSUD 3QHWXOXOXL GDU HVWH LIRDUWHDSURDSHGH7kUJX0XUH3UREOHPDQXHVWHQXPDLDSQHWHQLORUSGXUHDHVWHDWXWXURUPDLDOHVFH[LVWLFRPELQDWXOGLQ7kUJX0XUHFDUHDUHHIHFWHQHJDWLYHDVXSUDPHGLXOXL L GH DFHHD DP IFXW LYUHPVIDFHPGHPHUVXULVHSURWHMDWQHOHJHPFWUHEXLHVHH[SORDWDWDUHRDQXPLWYkUVWGDUWUHEXLHDYXWJULMLGH PHGLX D SUHFL]DW L %DUWKD 0LKDO\SULPDUXOFRPXQHL3QHW

$UERULLDMXQLODRDQXPLWYkUVWWUHEXLHvQORFXLL3GXUHDHVWHSRSXODWFXVSHFLLGHFDUSHQLSODQWDL vQ XUP FX PDL ELQH GH GHDQL 'LQ SXQFWXO GH YHGHUH DO FRQGXFHULL 'LUHFLHL 6LOYLFH0XUH DUERULL DMXQLOD R DQXPLW YkUVW WUHEXLH vQORFXLL LDUFDUSHQXO DUHRGXUDWPHGLHGH YLDGHGHDQL 5HDFLDFHWHDQXOXLHXSHUVRQDOR vQHOHJSHQWUXFHVWHRSGXUHFDUHVHDvQLPHGLDWDDSURSLHUHDVDWXOXL $FROR GLQ VSXVHOH SULPDUXOXL L DFRQVLOLHULORUORFDOLHVWHR]RQvQFDUHFRSLLLPHUJODMRDFvQWLPSXO]LOHLRDPHQLL

vQZHHNHQG LHV DFROR L VH UHFUHHD](LQHvQHOHJkQG FH VFULH vQ DPHQDMDPHQWHOH VLOYLFH DX DYXW UHDFLD DFHDVWD &XFRQVLPPkQWXO SULPDUXOXL L DO FRQVLOLHULORU ORFDOL DP FRQYHQLW FD LPHGLDW vQSHULRDGDXUPWRDUHVLHLPvQWHUHQLVJVLPR VROXLH FDUH V DSODQH]H DFHDVWVLWXDLHDGHFODUDW,OLH&RYULJ

6ROXLD"6ROXLD SURSXV YL]HD] GHIULUL vQ

HWDSHSHRVXSUDIDGHSkQODWUHLKHFWDUHXQGHVHSODQWDWHVSHFLLGHVWHMDULFLUHFXDSRUWXORDPHQLORUGLQFRPXQ$FWXDOPHQWH HVWH XQ FUSLQHW FDUH HVWHGHSLWFDLYkUVW9DLQWUDvQGHFOLQ]LRORJLF L VHYDXVFD vQDQLLXUPWRUL LQRLYUHPVYHQLPFXVSHFLLGHYDORDUHVWHMDUFLUHLVLQHPRSGXUHFDUHYDORULFYDPXOWPDLEXQDPDLVSXV&RYULJ

$ULQD02/'29$1

3UHRWXO,RQX&DGDUHVWHSDURKXOELVHULFLL GLQ ORFDOLWDWHD)LOHD FRPXQD'HGD$FHVWDLIDFHGDWRULDFXPXOWGUXLUHLFXGUDJRVWHIDGHELVHULFLHQRULDL

5HSRUWHU &H QH SXWHL VSXQH GHVSUHGXPQHDYRDVWU",RQX &DGDU 0DP QVFXW vQ VDWXO%RU]LD VDW DSDULQWRU SDURKLHL VDWXOXL)LOHD$PIFXWVWXGLLOHvQORFDOLWDWHD%LVWUD 6HPLQDUXO WHRORJLF OD&UDLRYD DSRLDP DEVROYLW )DFXOWDWHD GH 7HRORJLH vQDQXO7RW vQDFHODQDPIRVWKLURWRQLVLWOD5kSDGH-RV'XSFLQFLDQLvQDPIRVWWUDQVIHUDWODFHUHUHvQSDURKLD )LOHD DGLF vQ SDURKLD QDWDO FXPVH VSXQH 6RLDPHD HVWH SURIHVRDU GHPDWHPDWLFOD*UXSFRODU9DVLOH1HWHD GLQ'HGD$PGRL FRSLL DEVROYHQL GHVWXGLLVXSHULRDUHIHFLRUXOHVWHFVWRULWLDvQWHPHLDWRIDPLOLHIUXPRDVDUHGRLFRSLLXQELDWLRIHWL(VWHVWDELOLWvQ%XFXUHWL LDULFDPHDHVWHODPDVWHUDWvQ&OXM1DSRFD

5HS &H SXWHL VQH VSXQHL GHVSUHELVHULFDYHFKHLELVHULFDDFWXDOGLQ)LOHD",& 6DWXO )LOHD HVWH DWHVWDW GRFXPHQWDU GLQ &X RFD]LD UHVQLULLELVHULFLL GLQ VDX DQLYHUVDW GH DQL GH OD DWHVWDUHD GRFXPHQWDU DDFHVWXLVDW'HVSUHRYLDELVHULFHDVFVHSRDWHYRUELvQMXUXODQLORU$FWXDODELVHULFGHSLDWUVDFRQVWUXLW vQDQXOGHFWUHSULQWHOH&KLULO)XOHD&RQVWUXFLDHVWHDUPRQLRDVVROLGL ELQH OXFUDW Q DQXO YHQLQGvQ DFHDVW SDURKLH DP FRQVWUXLW &DVD3DURKLDOLQGXQWkQUGRUQLFGHDUPDUH$PvQFHSXWVOXFUPODELVHULFDGLQ )LOHD GLQ IFkQG UHSDUDLLFDSLWDOH L GRWUL DFRSHULXO ELVHULFLLSLFWXUDvQIUHVFDSRLVDSXVPDUPXUvQFO]LUHFHQWUDODQH[HJRVSRGUHWLODELVHULFLOD&DVD3DURKLDO

5HS&DUHHVWHUROXOGXPQHDYRDVWUvQFRPXQLWDWH",& 5ROXO SUHRWXOXL HVWH vQ SULPXOUkQGGHDXQIDFWRUGHHFKLOLEUXLGHD SURSYGXL FXYkQWXO OXL 'XPQH]HXFDUHHVWHPHQLUHDSULPRUGLDODSUHRWX

OXLDSRLGHDvQWULvQRDPHQLQGHMGHDPDL DOHV vQ YUHPXULOH DFHVWHD GLFLOHQ FHHD FH SULYHWH YLDD VRFLDO VXQWLPSOLFDW DOWXUL GH WRL FHLODOL RDPHQLOD vQIUXPXVHDUHD ORFDOLWLL SVWUDUHDWUDGLLLORU'HDVHPHQHD VXQWSURIHVRUGLQ

5HS 0DL VXQW FkWHYD ]LOH SkQLQWUP vQ SRVWXO &UFLXQXOXL&XP VIWXLL FUHGLQFLRLL V VHSUHJWHDVFSHQWUXDFHVWSRVW",&6LJXUQXSXWHPDOWIHOVLVIWXLPGHFkW DD FXP VH RELQXLHWH SULQUkQGXLDOELVHULFHDVFQSULPXOUkQGVVHSUHJWHDVFFXSRVWFXUXJFLXQHPDLPXOWLvQDFHODLWLPSVHPDLEXQL3HULRDGDSRVWXOXLHVWHRSHULRDGGH SULPHQLUH VXHWHDVF L WRWRGDWGH UHHFLH FkQG RPXO WUHEXLH VJkQGHDVFVDLEJULMGHSUREOHPDVXHWXOXLGHFRQWLLQGHDVHPHQHDVVH JkQGHDVF V VH SUHJWHDVF SHQWUXVQWHOHVUEWRUL

5HS&HGRULLVWUDQVPLWHLFUHGLQFLRLORU",&QSULPXOUkQGVDLEvQFUHGHUHvQ'XPQH]HXLvQDOGRLOHDUkQGRDPHQLORUGHELQHFDUHVHVWUGXLHVFDWkWSHSODQ ORFDO FkW L OD DOW QLYHO V SXWHPV GHSLP DFHDVW SHULRDGPDL JUHDGHIUPkQWDUHGHGH]RULHQWDUHSHQWUXDDYHDRYLDPDLEXQ

$FRQVHPQDW2OJD672,&$

3GXUHDGHOkQJ3QHWYDGHIULDWWUHSWDW

,RQX&DGDU3UHRWXOIDFWRUGHHFKLOLEUX

5HSUH]HQWDQLLFRPXQHL3QHWVSHUFD'LUHFLD6LOYLF0XUHVLDDFWGHSHWLLDGHSXVLVQXWUHDFODGHIULDUHDvQWUHJLLSGXUL

&8/785

5DGLR,PSXOVYDHPLWHQDLRQDO6DODQVDWSULPXOSRVWGHUDGLR GLQ 5RPkQLD FDUHHPLWH SH SODQ QDLRQDOGLQ DIDUD %XFXUHWLXOXL5DGLR ,PSXOV WUDQVPLWHGLQ&OXM1DSRFDLSRDWH UHFHSLRQDW vQFHSkQGFX GDWD GH QRLHPEULH vQ )0 L vQ RUDHOH%XFXUHWL &RQVWDQD6LELX L 7LPLVRDUD $VWDSH OkQJ &OXM1DSRFD([WLQGHUHDUHHOHL5DGLR,PSXOV D IRVW SRVLELOGDWRULW DFKL]LLRQULLIRVWHL UHHOH %%& 5DGLRGH FWUH SURSULHWDUXO5DGLR ,PSXOV 'HFHEDO &RWRF &X WRDWH FSUHD XQ HO DSURDSHLPSRVLELO GH DWLQV WLPSXO D GHPRQVWUDW FHWLFD QRDVWU L GHGLFDUHD SRW GXFH GRDU ODSHUIRUPDQLHYROXLHD GHFODUDW SURSULHWDUXO5DGLR ,PSXOV 'HFHEDO&RWRF**

0RXOLQ5RXJH3DUW\9RXOH]YRXVGDQVHUDYHFQRXV" vQWUHDE RUJDQL]DWRULL 0RXOLQ 5RXJH3DUW\ SH SDJLQD GHIDFHERRN D HYHQLPHQWXOXL3DUW\XOVHYDvQWkPSOD MRL QRLHPEULH vQ=DQ]D GH OD RUD $YHP MRFXUL L SUHPLLSURPRLL OD EXWXUPDL DYHP L XQ VSHFLDOJXHVW $GULDQ 5HG L DOXL FKLWDU PDL VSXQRUJDQL]DWRULL FDUH YDWHDSW LQWUDUHD LQGGHGRDUOHL**

WLULLQWHUHVDQWH

$PSUHQWD PDHVWUXOXL )UDQFLVF-RUJD vQ YkUVW GH DSURDSH GH DQL HVWH SUH]HQW vQ RUDXO5HJKLQ L vQ vPSUHMXULPL FD RSHUPDQHQW DFWLYLWDWH FUHDWLY2SHUHOHGHSLFWXU vQXOHL L FHOHGH VFXOSWXU DDWH OD DUWLVW L vQFROHFLLOHSDUWLFXODUHGLQDULGHSHVWH KRWDUH 3HQWUX vQWUHDJD VDDFWLYLWDWH GH DUWLVW L SHQWUXPHULWHOHGHRVHELWHvQYLDDFXOWXUDOPDHVWUXO-RUJDDSULPLWQXPHURDVH GLSORPH GLQWUH FDUH FHD PDLYDORURDVD HVWH FHD GH FHWHDQGH RQRDUH RIHULW GH 3ULPULD5HJKLQXOXL

5HSRUWHU 'H XQGH vVL DXRULJLQHD OXFUULOH UHDOL]DWHGHGXPQHDYRDVWU")UDQFLVF -RUJD /XFUULOH GHED] GLQ SLFWXU FRQFHSXWH GHPLQHvLDXL]YRUXOQHVHFDWGLQIUXPXVHLOHGLQ7UDQVLOYDQLDGDULGLQDOWHORFXUL$PUHDOL]DWPXOWSHVWH GH OXFUUL GH SLFWXUSkQvQSUH]HQWvQPDMRULWDWHDORUSHLVDMHGDULPXOWHSRUWUHWHDXWRSRUWUHWH OXFUULGHFRPSR]LLHGHDUWELVHULFHDVFLDOWHOH

5HS&XPDLUHXLWVUHGDLDWkW GH FODU L GH QDWXUDOFRPSR]LLLOHUHDOL]DWH")-$PUHXLWSULQ WRQXULOHGHFXORDUH V IUDJPHQWH] WXHOHXWLOL]kQG R JDP ODUJ GH FXORULOXPLQRDVH L XPEUH GH WRW IHOXOQGRPHQLXO VFXOSWXULL DP UHXLWVUHDOL]H]GHOXFUULGOWXLWHvQ SLDWU vQ EHWRQ vQPDUPXUEURQ] L OHPQ 8QHOH GLQWUHDFHVWHOXFUULVXQWPRQXPHQWDOHGHSVLQGvQJUHXWDWHFkWHYDWRQHSULQWUH FDUH 6WDWXLOH OXL &REXFDFHDVWDDUHGHNLORJUDPH

5HS &DUH D IRVW SULPD GXP

QHDYRDVWU OXFUDUH UHDOL]DW")-/DDQLDPUHDOL]DWSULPDPHD OXFUDUH GLQ OXW 6FXOSWXUDFHUH IRDUWHPXOW GH OXFUX 3ULPDGDWDPvQFHSXWFDVFXOSWRU0LDIRVWGUDJOXWXOVLPHDPFSRWVIDFGLQOXWWRWFHvPLGRUHVF5HYHQLQG ODSLFWXU WUHEXLH V vLGDLVHDPD GH FHHD FH GRUHWL V UHDOL]H]L(VWH ELQH V vL LHL SHQHOXOvQPkQFkQGVLPLFXDGHYUDWFOXFUH]LSHQWUXHO$UWDQXSRDWHKREE\'HPXOWHRULVHSXQHSUREOHPD FkW YDORUHD] R OXFUDUH2OXFUDUHQXDUH YDORDUH'HPXOWHRULYDORDUHDRIDFHDFHDSHUVRDQFDUH DMXQJH SULPD V SULPHDVFWDEORXO VFXOSWXUD 9DORDUHD GHFRPHURIDFGRDUDFHOHSHUVRDQHFDUHDXvQVSDWHRJDOHULHGHDUWL

SRWVvLSXQvQYDORDUHOXFUULOHH[SXQkQGXOH

5HS&XPSURFHGDLFkQGYSURSXQHL V UHDOL]DL R OXFUDUH")- (X VXQW XQ LPSUHVLRQLVW SHFDOH GH UHDOLWDWH 'H SLOG GDFPHUJDIDULYGXQSHLVDMH[WUDRUGLQDUGHIUXPRVYLQDFDVLvOSXQSHHYDOHWLGLQLPSUHVLHSLFWH]FHYG 5H]XOWDWXO DFHVWXL OXFUX HVWHRULJLQDOLWDWHDFRPELQDLDFXORULORUPLSODFSHLVDMHOHIRDUWHPXOW3LFWRUXO WUHEXLHVDLEJULMGHGRXGLPHQVLXQL vQDOLPHD L ODLPHDGDU FDXW L D WUHLD GLPHQVLXQH6 QX XLWP F HFDUH SRULXQHWUHEXLH V DLE SHUVSHFWLY 'XSSUHUHD PHD VFXOSWXUD HVWH PXOWPDLXRDUGHFkWSLFWXUD$LFLYRU

EHVFQXGHSUHPXQFD]LFFLGHVSUHFRQFHSLH

5HS 6 vPL HQXPHUDL YURJ FkWHYD GLQWUH OXFUULOHGH VFXOSWXU PDL UHSUH]HQWDWLYH UHDOL]DWH GH GXPQHDYRDVWU)- 'LQWUH OXFUULOH PHOH FHOHPDL FXQRVFXWH SRW V DPLQWHVF'HFHEDO 7UDLDQ +RUHD$YUDP ,DQFX $OH[DQGUX ,RDQ&X]D L 1LFRODH %OFHVFX 2FWDYLDQ *RJD /LYLX 5HEUHDQX3HWUX 0DLRU 9DVLOH $OHFVDQGUL 0LKDLO .RJOQLFHDQX$OH[DQGUX3DSLX,ODULDQ0LURQ&ULVWHD 'U (XJHQ 1LFRDU L'U+DHJDQ 7UDLDQ 6YXOHVFXL QX vQ XOWLPXO UkQG VFXOSWXUDvQ SLDWU D PDUHOXL QRVWUX SRHWQDLRQDO 0LKDL (PLQHVFX L DFRQIUDWHOXL VX PDJKLDU 3HWR6DQGRU 0XOWH GLQWUH DFHVWHD vQIUXPXVHHD] ORFDOLWL LORFDXUL FXP VXQW 0LURQ &ULVWHDSULPXOSDWULDUKDO5RPkQLHLWURQHD] OD 0QVWLUHD 6IkQWXO ,OLH GLQ 7RSOLD 7UDLDQ6YXOHVFX vQPXQLFLSLXO%LVWULD0LKDL (PLQHVFX OD &DVD GH&XOWXU GLQ ORFDOLWDWHD 6FDOX GH&kPSLH 'U(XJHQ 1LFRDU OD6SLWDOXO PXQLFLSDO GLQ 5HJKLQ LOD&DVDGH&XOWXU6ROGDWXOQHFXQRVFXWGHOD8QLWDWHDGHSRPSLHULGLQ5HJKLQ L DOWH ORFXUL DWkWGLQMXGHFkWLGLQDU

5HS &DUH H GRULQD GXPQHDYRDVWUvQSUH]HQW")- 'RULQD PHD HVWH FD DWkWWLPS FkW R V PDL WULHVF V QXX EROQDY *kQGXO FHOPDLPDUHHVWH FD'XPQH]HX VP ODVH VXVQWRVDVWIHOvQFkWVPDLSRWOXFUDVvPLODVHSHQHOXOvQPkQ$FRQVHPQDW2OJD672,&$

)UDQFLVF-RUJD$UWDQXSRDWHKREE\

0,&$38%/,&,7$7(QRLHPEULH

IDFHERRNFRP]LGH]L

&XUVSHQWUX0(',$725$8725,=$7

,QIRVDX

2IHU PHGLWDLL L VSULMLQ vQ SURLHFWH HGXFDLRQDOHvQOLPEDHQJOH]SHQWUXHOHYLGHQLYHOJLPQD]LDO 3URJUDPUL GXS RUD GH OXQLSkQYLQHULLDUvQZHHNHQGvQIXQFLHGHSURJUDPXOGYV7HOHIRQ

3ULPULDFRPXQHL6kQJHU-XGHXO0XUHRUJDQL]HD]FRQFXUVSHQWUX

2FXSDUHDIXQFLHLSXEOLFHWHPSRUDUYDFDQWHGXSFXPXUPHD]

&RQVLOLHUMXULGLFFODVD,JUDGXOSURIHVLRQDODVLVWHQW

&RQFXUVXOYDDYHDORFODVHGLXO35,05,(,FRPXQHL61*(5vQGDWDGHSUREDVFULVvQGDWDGHQRLHPEULHRUDLQWHUYLXOVHYDVXVLQHFXUHVSHFWDUHDSUHYHGHULORUDUWDOLQGLQ+*'RVDUHOHVHSRWGHSXQHOD3ULPULDFRPXQHL6kQJHUFXVHGLXOvQFRPXQD6kQJHUQUMXG0XUHSkQODGDWDGHQRLHPEULH5HODLLVHSRWRELQHODWHOHIRQ

0HGLWH]PDWHPDWLFDFODVHOHLQFOXVLYSUHJWLUH VSHFLDO SHQWUX EDFDODXUHDW ,DX GH ODRULFHQLYHO5HFRPDQGHGLQHGHRUH7DULIOHLRUD7HO

5,)(5 7(&+12/2*

32/,7,&

)RQGXULHSXL]DWHSHQWUXGLDEHW&DVD -XGHHDQ GH $VLJXUUL GH6QWDWH 0XUH D HSXL]DW IRQGXULOH SHQWUX SURJUDPXO GH GLDEHW3RWULYLW XQXL DQXQ SRVWDW SH VLWHXO LQVWLWXLHL VDX HSXL]DW FUHGLWHOHGH DQJDMDPHQW GHVWLQDWH HOLEHUULLPDWHULDOHORU VDQLWDUH SHQWUX 3URJUDPXO1DLRQDOGH'LDEHWUHVSHFWLYWHVWHGHDXWRPRQLWRUL]DUHDGXOLQDFHVWVHQVYLQIRUPPF&$60XUH IDFH WRDWH GHPHUVXULOH QHFHVDUH SHQWUX VXSOLPHQWDUHD IRQGXULORUDORFDWHFXDFHDVWGHVWLQDLHSHQWUX DQXO VH DUDW vQDQXQ6SWPkQDWUHFXWLQVWLWXLDD DQXQDW HSXL]DUHD FUHGLWHORU GHDQJDMDPHQW vQ FDGUXO DFHVWXL SURJUDPSHQWUX$'2LQVXOLQHLWUDWDPHQWPL[W$0

3URLHFWHSHQWUXUHvPSGXULUL&RQGXFHUHD 'LUHFLHL 6LOYLFH 0XUHLQWHQLRQHD]FDSHYLLWRUVH[WLQGVXSUDIHHOH vPSGXULWHGH ODQLYHOXOMXGHXOXL SULQ UHDOL]DUHD XQRU SURLHFWH vQ FRODERUDUH FX FRPXQLWLOHORFDOH ([LVW VXSUDIHH GHJUDGDWH XQGH YD WUHEXL FX DFRUGXO FRPXQLWLORU ORFDOH V IDFHP SURLHFWHGHUHIDFHUHDDFHVWRUD vQ]RQD$FDULSkQO$%OXHUL7kUQYHQL6LJKLRDUD /XGX 5HJKLQ 6XQWGHVWXOH VXSUDIHH QXPDL LPSRUWDQWHVWHVJVLPvQHOHJHUHLV IDFHPSURLHFWHOH QHFHVDUH D GHFODUDW ,OLH&RYULJ GLUHFWRUXO 'LUHFLHL 6LOYLFH0XUH$0

WLULLQWHUHVDQWH

$62&,(5(6&6,/(7,1$,03(;65/6&75$163257/2&$/6$7$5,)(/$%,/(7(6,$%21$0(17(75$6((-8'(7(1(9$/$%,/(',1'$7$'(

$%21$0(17(/(6((0,7180$,(/(9,/256,678'(17,/253(%$=$81(,$'(9(5,17(2%7,187$'(/$,167,787,$'(,19$7$0$17'(/$&$5(678',$=$&85685,/$=,

8QPRGHOHXURSHDQvQHFRQRPLDVRFLDOPRGLFUL OD OHJHD SHQVLLORU WHUJHUHDSHQDOLWLORUSHQWUXSOWLWRULLGHDVLJXUULGH VQWDWH UHVWDQLHUL FDUH QX DX IRVWQRWLFDL VDODULLPDLPDUL SHQWUXPHGLFLL UH]LGHQL VDX VWLPXODUHD ORFXULORU GHPXQF VXQW FkWHYD GLQWUH SURLHFWHOH SHFDUHFDQGLGDLL8'05GLQMXGHXO0XUHLQWHQLRQHD] V OH GXF OD EXQ VIkULWGDFYRUDOHLGHHOHFWRUDWvQGDWDGHGHFHPEULH

8QPRGHOVRFLDOHXURSHDQ2UJDQL]DLD MXGHHDQ 8'05 0XUHLD ODQVDW LHUL FDQGLGDLL SHQWUX IRWROLLOHGHVHQDWRULLGHSXWDL vQFROHJLLOHGLQMXGHXO 0XUH 3HQWUX SRVWXO GH VHQDWRUFDQGLGHD] vQ FHOH SDWUX FROHJLL )UXQGD*\RUJ\ 0DUNR %HOD &VHS (YD $QGUHDL %DORJK -R]VHI LDU SHQWUX IRWROLLOH GHGHSXWDL vQ FHOH RSW FROHJLL .HUHNHV .DURO\/RNRGL(GLW.HOHPHQ$WWLOD%RUEHO\/DV]OR )RGRU -RV]HI *RJRODN+UXEHF]&VRQJRU6DOODL,PUHL(URVV&VDED(X DP GRYHGLW GH IRDUWH PXOWH RUL SHSDUFXUVXO DQLORU F SXQ DFFHQW SH SUREOHPHOH VRFLDOH SUREOHPHOH GH ]L GH ]LDOHRDPHQLORUQGRPHQLXOVRFLDODGRULVPDL FRUHFWH] OHJHD SHQVLLORU YUHDX VLQWURGXF ELQHvQHOHV FX DMXWRUXO FROHJLORU GLQ 3DUODPHQW XQPRGHO HXURSHDQvQFHHDFHSULYHWHHFRQRPLDVRFLDOFDUHDVLJXU LQWHJUDUHD VRFLDO D SHUVRDQHORUFXKDQGLFDSDSHUVRDQHORUGHIDYRUL]DWHDSUHFL]DW.HUHNHV.DURO\FDQGLGDWSHQWUXIXQFLDGHGHSXWDWvQ&ROHJLXOQU

/DPLQHODELURXDXYHQLWURPkQLLXQJXULGHRSRWULY'XSRDFWLYLWDWHGHGHDQLvQ6HQDWXO5RPkQLHL )UXQGD *\RUJ\ LQWHQLRQHD]V DWDFH vQ FRQWLQXDUH SUREOHPHOH FH LQGHGUHSWXULOHRPXOXLLVQWDWHVDWUDJLQYHVWLWRUL L V VWLPXOH]H FUHDUHD GH ORFXULGHPXQFSULQ LQLLHUHDDR VHULHGHOHJLGDFYDDOHVGHSRSXODLH&UHGFUH]XOWDWXO GHSLQGHGHSXWHUHDQRDVWUGHFRQYLQJHUH DFWLYLWDWHDPHD GH DQL vQ6HQDWXO 5RPkQLHL YD FRQYLQJH DOHJWRULLV P YRWH]H V VH WUHDF SHVWH EDULHUDHWQLF V RELQPDMRULWDWHD DEVROXW /DPLQH ODELURXDXYHQLWURPkQLLXQJXULGHRSRWULY L DP DMXWDW SH WRDW OXPHD

FDUH D YHQLW ODPLQH L DVWD YRL IDFH L vQFRQWLQXDUHDVSXV)UXQGD*\RUJ\

0HVDMFWUHHOHFWRUDWXOPDJKLDU/LGHUXO 8'05 0XUH .HOHPHQ $WWLODvQFXYkQWXOVXGHGHVFKLGHUHODODQVDUHDFDQGLGDLORU8'05HYHQLPHQWFHDDYXWORFOD3DODWXO&XOWXULLDWUDQVPLVPDJKLDULORUXQPHVDMGHFDUHVLQFRQWvQGDWDGHGHFHPEULH$YHPRHFKLSvQVSDWHOHQRVWUXvQFDUHSXWHPDYHDvQFUHGHUHLvQGDWDGHGHFHPEULHURJWRLXQJXULLUHVSRQVDELOL V YRWH]H 8'05 VD DGUHVDWSXEOLFXOXL.HOHPHQ$WWLOD

$ULQD02'29$1

8QJXULLUHVSRQVDELOLFKHPDLVYRWH]HFX8'05

&DQGLGDLL8'05ODIXQFLLOHGHVHQDWRULGHSXWDWDXDUJXPHQWDWGHFHPHULWVHDOHL

62&,$/QRLHPEULH

IDFHERRNFRP]LGH]L

3DVLXQHDSHQWUXOXFUXOPDQXDODvQFHSXWOD YkUVWD GH DQL DFDV OD5XLL0XQLPRWHQLW GH OD PDPD PHD 3ULPXO OXFUX FDUH ODP IFXW D IRVW WULFRWDWXO 3HDWXQFLOD5XLL0XQLVHIFHDXFHOHEUHOHH]WRUL L vQYDP QRL IHWHOH XQHOH GHOD DOWHOH V OXFUP PL SOFHD V PHUJODH]WRULFXIHPHLOHFDUHHUDXvQYkUVWPWXEXQLFVWUEXQLF'HODHFDUHDPDYXWFH vQYDLHOH UPkQYHQLF vQPHPRULDPHDDWkWSHQWUXOFDOLWDWHDORUGHRDPHQLFkWLSHQWUXOXFUXULOHFDUHOHDPvQYDWGHODHOH(UDDWXQFLRUXLQHFDVYLQFLQHYDVLFRDVHRLHVDXRFWULQL HX LQG R UHPDL DPELLRDV DYHDPvQWRWGHDXQDFHOHPDLIUXPRDVHOXFUXULFXVXWHLIFXWHGHPkQDPHDQHDGHFODUDW'RULQD)UHQLPHWHUSRSXODU

/XFUXOGHPkQDIRVWFDXQIHOGHKUDQ8QD GLQ PkQGULLOH 'RULQHL )UHQL VXQWIHHOH GH PDV ELVHULFHWL FDUH VOXMHVFDFXPvQELVHULFLOXFUULFDUHRDGXFFXVXHWXO L WULUHDPDL DSURDSH GH'XPQQH]HX$PIFXWIRDUWHPXOWHOXFUXULODORFGHFLQVWHVXQWvQVIHHOHGHPDVGLQDOWDUHGLQELVHULFL&kQGVWDXLPJkQGHVFSHXQGHVXQWGDWHSDUF VLPW F SULPHVFPDLPXOW SXWHUHSULQG FXUDM LSDUF WRWPDLPXOW D YUHDV OXFUH]1LFLRGDW QX VXQWPXOXPLW GHFHIDFLYUHDXPHUHXVIDFPDLPXOWLPDLELQH3HQWUXPLQHOXFUXOGHPkQDIRVWFDXQIHOGHKUDQQLFLRGDWQXDPIRVWRPXOFDUHVVSXQJDWDDMXQJHLGHDFXPvQDLQWHQXPDLIDF&KLDULDFXPODYkUVWDSHFDUHRDPQXSRWVOXFUH]SHFkWGHPXOWHDYUHDVIDFSRYHVWHWH'RULQD)UHQL

7ULVWLUXLQRV&D L vQ DOWH GRPHQLL L OXFUXO GHPkQ

WUDGLLRQDODUHPDLPDUHFXWDUHvQDIDUGHFkW DFDV OD HO GH XQGH vL WUDJH VHYDGLQPRL L VWUPRL 9 VSXQ GLQ SURSULDPHD H[SHULHQ DP YkQGXW LL SHVWHWRW vQ OXPH 'DF PDL UHXHVF V YkQGvQ $XVWUDOLD DFRSU WRW JOREXO $P DYXWRFD]LD DQXO WUHFXW V YkQG XQ SURVRS ODFLQHYDGLQ2ODQGDFDUHPDUXJDWV ODVLFDUWHDGHYL]LWSHDFHOSURVRS$PGDWvQ*HUPDQLDLHLODIHOPLVDFHUXWFDUWHDGHYL]LW$PGDWvQ,WDOLD)UDQD6WDWHOH8QLWHWRLFHLFDUHDXFXPSUDWvPLVSXQHDX F DX WRWPDLPDUH FXWDUH DFHVWHLL $P DMXQV vQ DFHVW PRPHQW FD HOH VH DSUHFLDWH vQ VWULQWDWH L OD QRL VXQWDSUHFLDWHDDGHFRQMXQFWXUGHFHLFDUHPDL VXQW vQWUXQ DQVDPEOX GH GDQVXUL(VWHLXQOXFUXWULVWGDUHLXQXOUXLQRVFDPXQFDWDVHDSUHFLDWSHVWHKRWDUHLODWLQHDFDVQXHODPRG&XPSRDWHSHQWUXRULFLQHVDUDWHRVUEWRDUHGDFPHUJLODELVHULFvQVWUDLHSRSXODUHLRDPHQLLVSXQFGRPDQD)UHQLDOXDWRSHDUWXU"0LHQXPLHUXLQHVSRUWSRWXOSRSXODU SHQWUX F HSRUWXOPHX FX FDUHPDPQVFXW'LQSFDWHSXLQLPDLVXQWFHLFDUHWLXVOSRDUWHLFDUHVODSUHFLH]HDPHQLRQDW'RULQD)UHQL

/XFUXOGHPkQIUYLLWRU"9LLWRUXO OXFUXOXL GH PkQ D FRQWLQXULLPHWHXJXULORU SDUH V H XQXO JUL FHLFDUHvQFOHPDLSUDFWLFVXQWvQYkUVWLDUWLQHULLGLQSFDWHDXFXWRWXOLFXWRWXODOWHSURFXSUL3XLQLVXQWFHLFDUHVXQWLQWHUHVDLDWkW vQFHSULYHWHSUHOXFUDUHDOHPQXOXL FkW L vQ FH SULYHWH OXFUXO IHPHLHVFDOEURGHULHL LD LHORU(XPLDPvQWUHEDWIDWDFDUHPLDUVSXQVFQXDUHUEGDUHFXOXFUXOIFXWGHPkQ&XIRUDQXSRLVSXLSHFLQHYDVIDFFHYD3OXVF RDPHQLLORU GLQ ]LXD GH D]L QX OHPDL

DMXQJHWLPSXO'DFOXFUXOGHPkQQXvOIDFLFXSOFHUHDWXQFLQXDUHURVWVOIDFL'LQ SFDWH DFXP WRDW OXPHD VD PRGHUQL]DWLDXvQFHSXWVDSDUNLWFKXULOH3HQWUXXQLLHPDLFRPRGDFXPQXWUHEXLHVFDOFLLVDSUHWH]LHPDLFRPRGDFXPDLWUDVSHWLQHXQKDQRUDFXQSDQWDORQLJDWD3HPLQHPvQJUR]HWHFkQGYG ODELVHULFEWUkQHFDUHPHUJvQSDQWDORQLODVOXME PLYLQHV OH WUDJ MRVSDQWDORQLLSHQWUXFWUHEXLHVLLODLQXWDWDODSRUWXOWXLGRDUFHLFDUHQXWLXFHYDORDUHDUH L FXP VH IDFH GHVFRQVLGHU SRUWXOSRSXODU &H H L PDL WULVW HVWH F FHL vQYkUVWQXPDLDXFXLVSUHGHDWDIHWDvQFHSULYHWHWHKQLFDPHWHXJXULORU(XDPFXL V RSUHGDX"'LQSFDWHQX DPFXLSHQWUX F QX VXQW LQWHUHVDL D SUHFL]DW'RULQD)UHQL

2LHvQSULPXOUkQGvPEUDFXQVXHW3H OkQJPXQFDPLJORDV D EURGHULLORU

LD LHORUSHQWUX'RULQD)UHQL OXFUXOGHPkQ UPkQH OHJWXUD VD FX VSLULWXDOLWDWHDOHJWXUSHFDUHDUWUHEXLVRVLPWRULFLQH DWXQFL FkQG vPEUDF R FPDSRSXODU 7RWGHDXQDFkQGvQFHSXQOXFUXPLO LPDJLQH] FXP DUDW JDWD 'DFvQFHS VO IDF SkQ QX vPL UHXHWH DDFXP YUHDX QX P VLPW ELQH L OLQLWLW&kQG vOYGJDWDPLO LPDJLQH]GDFPDLDUH QHYRLH GH FHYD UHWXUL SHQWUX F ODPLQH XQ OXFUX JDWD IFXW WUHEXLH V HSHUIHFW2 LH vQ SULPXO UkQG vPEUDFXQVXHW vPEUDF WRW FH LQH GH VSULWXDOLWDWHDRPXOXLLGHPXOWHRULSULQWURLHvLH[SULPLFHHDFHVLPL'DFQXLSODFHVRSRULLQXVLPLQLPLFDWXQFLPDLELQHRSXLGHRSDUWH&HOFDUHRvPEUDFWUHEXLHV H YHVHO HQWX]LDVPDW L FRQWLHQW GHOHJWXUDVDFXVSLULWXDOLWDWHDFKLDULSULQRELHFWXOGHYHVWLPHQWDLHSHFDUHvODUHDFRQFOX]LRQDWPHWHUXOSRSXODU

$OLQ=$+$5,(

*ODVXOWUDGLLLORUIFXWDX]LWSULQOXFUXOGHPkQDO'RULQHL)UHQL'HPXOWH RUL OD XQ HYHQLPHQW vQ FDUH WUDGLLLOH SRSXODUH VXQW ODORF GH FLQVWH RFKLXO L VXHWXO VH vQFDUF GH EXFXULH OD YHGHUHDWUDGLLRQDOHLLHSOLQGHFXORULLGHEXFXULDFHORUFDUHOHSRDUW3HQWUXDFXQRDWHPDLELQHFHFRPRDUVHDVFXQGHvQVSDWHOHDFHVWRULLDPVWDWGHYRUEFX'RULQD)UHQLPHWHUSRSXODUGLQ5HJKLQFHDFDUHSULQPXQFDVDGXFHPDLGHSDUWHPHWHXJXOEURGHULLORUVSDUWHLDLHORUGLQLQWRSLWOXFUDWHPDQXDO

'RULQD)UHQLDOWXULGHLLHOHGLQLQWRSLWOXFUDWHPDQXDO

&8/785

&RQIHULQGHVSUHIRUPDUHDDGXOLORU0DUL QRLHPEULH GH OD RUD YD DYHD ORF OD +RWHO *UDQG7kUJX0XUH SULPD &RQIHULQ,QWHUQDLRQDO GLQ 5RPkQLD LGLQ (XURSD GH (VW )RUPDUHDDGXOLORU 3DUDGLJPH SRVWPRGHUQH vQ FRQWH[W HXURSHDQ FDUHDERUGHD] SDUDGLJPHOH SRVWPRGHUQHvQHGXFDLDDGXOLORUGLQWURSHUVSHFWLY LQWHU SOXUL L WUDQVGLVFLSOLQDU3UH]HQWULOH OXFUULORUYRU VXVLQXWH GH H[SHUL GLQ 5RPkQLD,WDOLD 3RUWXJDOLD0DOWD &HKLD L8QJDULD 7RL SDUWLFLSDQLL vQUHJLVWUDLODVHVLXQLOHFRQIHULQHLYRUEHQHFLD JUDWXLW GH YROXPXO FXOXFUULOHSUH]HQWDWHvQWUXQIRUPDWHERRNGXSSXEOLFDUHDDFHVWXLDVH SUHFL]HD] SH SDJLQD GH IDFHERRNDHYHQLPHQWXOXL**

7KH022R'VRVHVFvQ6DJD(YHQLPHQWXO YD DYHD ORF vQQRLHPEULH GH OD RUD 3UHWXOXQXLELOHWHVWHGH OHL OHLFX6WXGFDUG 3RYHVWHD 7KH 022R'D vQFHSXW vQ SULPYDUD OXL FD XQ DQXQ GHPDWULPRQLDOH FXR FKLWDU SULPLW FDGRX L FX XQDQXQSHQHWGDUDVWHDVXQWGRDUGHWDOLL0X]LFDORUYDYRUELGH ODVLQH vQ 6DJD LL YD SUH]HQWD FXPDLPXOWVXFFHV**

WLULLQWHUHVDQWH

:::=,$58/'(085(652

:::=,'(=,52

$VRFLDLD&XOWXUDO'()(1'(5

)O|S*,PUHPDQDJHU7vUJX0XUH5RPDQLD6WU5RGQHLQUFRG7HOHIRQ(PDLORIFH#GHIHQGHUSURGXFWLRQVQHW:HEKWWSZZZGHIHQGHUSURGXFWLRQVQHW

'()(1'(5SURGXFWLRQVSULQ$VRFLDLD&XOWXUDO'()(1'(5RUJDQL]HD]WXUQHXO WUDQVLOYQHDQ GH &UFLXQ DO ELQHFXQRVFXLORU DFWRULPX]LFLHQL%HUHF]NL=ROWiQL6]LQHWiU'yUDGLQ8QJDULD$FHVWHYHQLPHQWYDDYHDORFvQSHULRDGDGHGHFHPEULHLYDLQFOXGHORFDLL7J6HFXLHVF7J0XUHL6I*KHRUJKH$UWLLLDXSUHJWLWXQSURJUDPDUWLVWLFVSHFLDOGHVUEWRUL

2UJDQL]DWRU'()(1'(53URGXFWLRQVRUJDQL]HD]HYHQLPHQWHDUWLVWLFHLFXOWXUDOHGLQDQXODYkQGH[SHULHQvQDFHVWGRPHQLXLED]DQGXVHSHREXQFXQRDWHUHDSLHHLLPHQWDOLWLLURPkQHWLDFWXDOHQDFHVWVHQVH[SHULHQDQHvQGUHSWHWHVFUHGHPFRUJDQL]DUHDXQXLDVWIHOGHHYHQLPHQWQXSRDWHGHFkWXQVXFFHVDWkWSHQWUXVSHFWDWRULFkWLSHQWUXVSRQVRULLSURGXFWRUL

&RQFHUWHOHVHYRURUJDQL]DvQXUPWRDUHOHORFDLLGHFHPEULH7J6HFXLHVF6DOD0DUHD&DVHLGH&XOWXU9tJDGyRUDGHFHPEULH7J0XUH6DOD0DUHD3DODWXOXL&XOWXULLRUDGHFHPEULH6I*KHRUJKH%LVHULFD8QLWDULDQRUD

3UH]HQWDUHDHYHQLPHQWXOXL%HUHF]NL=ROWiQELQHFXQRVFXWDFWRU VROLVWSURGXFWRUPXVLFDOGLQ8QJDULDODXUHDWFXSUHPLXO(0H57RQ6]LQHWiU'yUDDFWULSUHPLDWFXSUHPLXO-iV]DL0DUL%HUHF]NL=ROWiQLDWHUPLQDWVWXGLLOHvQDQXOODVHFLXQHDRSHUHWPXVLFDODO8QLYHUVLWLLGH7HDWUXL)LOPQDFHODLDQDDSUXWLSULPXOVXDOEXPVRORLQWLWXODW6]i]pYQVD ODQVDW L FDSURGXFWRUPX]LFDORUFKHVWUkQG IRUPDLD QJHULLGH2SHUHWSUHFXPLSURGXFLD7HDWUXOXLGH2SHUHWLQWLWXODW0R]DUWSH&'7RWGHQXPHOHOXLVHOHDJ&'XO5RPHRL-XOLHWDDSUXWvQQDIRVWODXUHDWFXSUHPLXO3UHPLXO6~Jy&VLJDLDUvQFXSUHPLXO(PHUWRQvQFDWHJRULD$FWRUXOGHPXVLFDODODQXOXLQPRGUHJXODWDSDUHODHPLVLXQHDWHOHYL]LXQLLPDJKLDUH&VLQiOMXNDIHV]WLYiOWDFUHLVHULHGLQDLFkWLJDWRQHODOXDWSDUWHODHPLVLXQHD1DJ\'XHWWDOSRVWXOXL79XQGHDFkQWDWDOkWXUL GH3HOOHU0DULDQQ Q D IRVW LQYLWDW SHQWUX D OXDSDUWH GLQ MXULXOHPLVLXQLLFRQFXUV0HJDV]WiUDOSRVWXOXL796]LQHWiU'yUDFkWLJWRDUHDSUHPLXOXL-iV]DL0DULvQLXQLHIDFHSDUWHGLQIRUPDLDQJHULGH2SHUHWFkQWGHODYkUVWDGHDQL

%LOHWHOHODFRQFHUWHSRWDFKL]LLRQDWHODSUHXOSURPRLRQDOvQFHSkQGGHOD521vQORFDLLOHFRQFHUWHORU/D7J6HFXLHVFODFDVDGHELOHWHD&DVHLGH&XOWXU9tJDGy/D7J0XUHODFDVDGHELOHWHD3DODWXOXL&XOWXULL/D6I*KHRUJKHOD%LURXOGH2UJDQL]UL(YHQLPHQWH&XOWXUDOH

0DUL QRLHPEULH RUD *DOHULD GH$UW GLQ0XUH0DOO YD J]GXL YHUQLVDMXOH[SR]LLHL :HOFRPH +RPH D DUWLVWHORU WkUJXPXUHHQH 0ROQiU .ULV]WLQD L$QGUHHD&KLUD HUEDQ HYHQLPHQW RUJDQL]DWGH$VRFLDLLOHFXOWXUDOH6WDUWDFW+HDGPDGHL.$57(vQSDUWHQHULDWFX3ULPULD7kUJX0XUH0XUH0DOO8QLYHUVLWDWHDGH$UWHGLQ7kUJX0XUHL5(($$GRXDH[SR]LLHSHFDUHRSURSXQHSURLHFWXO:HOFRPHKRPHSULOHMXLHWHXQGLDORJvQWUHGRXDUWLVWHIRUPDWHvQFHQWUHXQLYHUVLWDUHLJHQHUDLLXRUGLIHULWHGDUFXDFHHDLDSOHFDUH FWUH H[SHULPHQW L FRQFHSWXDOL]DUH DGHPHUVXOXLORUSLFWXUDOVDXJUDF:HOFRPH KRPH R DUKLY GH DUWLWLPXUHHQL vL SURSXQH V UHIDPLOLDUL]H]H SXEOLFXO WkUJXPXUHHDQ FX DUWDFRQWHPSRUDQ L V UHLQWURGXF vQFRQWLLQD ORFDO DUWLWL DUPDL vQ DOWHVSDLL FXOWXUDOH GDU FYDVL QHFXQRVFXLFRPXQLWLLGLQFDUHDXSOHFDW([SR]LLDYDGHVFKLV]LOQLFvQSHULRDGDQRLHPEULHvQWUHRUHOHLOD*DOHULDGH$UWGLQ0XUH0DOO

3LFWXUDLPXQFDFXFRSLL0ROQiU.ULV]WLQDQVFXWvQOD7kUJX0XUHWULHWHLOXFUHD]OD7kUJX0XUHQWLPSXOFkWDVWXGLDWSLFWXUDOD7LPLRDUDSUHRFXSULOHVDOHDUWLVWLFHVDXDOLPHQWDWLGLQH[SHULHQHOLPLWURIHXQLYHUVXOXLSODVWLFMXUQDOLVP PDQDJHU FXOWXUDO VDX ELEOLRWH

FDU 'XSPDLPXOLDQLGHFXWUL LH[SHULPHQWH .ULVWLQD0ROQDU UHVLPWH GRUXOGHFDVUHYHQLQGOD7kUJX0XUHGDULODSLFWXULODPXQFDFXFRSLLLGHFDUHVHVLPWHDWkWGHDWDDW(VWHFXDWkWPDLSRWULYLWVLXUP:HOFRPH+RPHLVSUHFL]PFVHOHFLDHLGHOXFUULGLQFDGUXOH[SR]LLHL

HVWHRVLQWH]DXOWLPLORUDQLL UHHFWGUXPXO SH FDUH DUWLVWD OD SDUFXUV SkQDFXPDSUHFL]DW/DXUD%RURWHDFXUDWRUXOH[SR]LLHL

3ULQ:HOFRPH+RPHPDSURSLLGHFDV$QGUHHD&KLUDHUEDQQVFXWvQOD7kUJX0XUHV WUDLHWH L vQYD vQ9LERUJ'DQHPDUFD $UWLVWD SULQ SHRFXSULOH VDOHDUWLVWLFHvPELQIRUDGHVXJHVWLHDJUDFXOXLFXFHDDSLFWXUDOXOXL3URSXQHUHDGHDH[SXQHvQFDGUXODFHVWXLHYHQLPHQWDIRVWRVXUSUL]SOFXWDYkQGvQYHGHUHFvQDLQWHFXSXLQWLPSGHDSOHFDGLQDUDPDYXWRFD]LD V YG SULPD H[SR]LLH GLQ DFHDVWVHULHDOFUHLFRQFHSWPLVDSUXW LQHGLWDVHPHQHDOXFUULORUH[SR]DQLORU'LVWDQDGH FDV D IRVWXQPLF LPSHGLPHQW vQPRELOL]DUHD L RUJDQL]DUHD PHD SHQWUX DFHVWYHUQLVDM GDU WRWRGDW XQ IDFWRUPRWLYDQWLDUFXVSULMLQXOLPDUHOHDMXWRUGLQSDUWHD/DXUHL%RURWHD L D OXL(OLRGRU0ROGRYDQFURUDOHPXOXPHVF OXFUXULOHDXDMXQVVVHFRQFUHWL]H]H3ULQ:HOFRPHKRPHPDSURSLL GH FDV L vQ DFHODL WLPS FDVD VHDSURSLHGHPLQHFXWRDWHFSUH]HQDPHDQXYDXQD]LFvQFDUQHLRDVHFLXQDSUREDELOPDL HORFYHQW UHSUH]HQWDW SULQLQWHUPHGLXO OXFUXOXL FUXLDPDP GHGLFDWFXPXOWWLPSvQXUPQHDGHFODUDW $QGUHHD&KLUDHUEDQ

$OLQ=$+$5,(

:HOFRPH+RPHFX0ROQiU.ULV]WLQDL$QGUHHD&KLUDHUEDQOD0XUH0DOO

(9(1,0(17QRLHPEULH

3HUHFKHD URPkQRSRORQH] GH GDQVVSRUWLY 5DUH &RMRF+DQQD =XG]LHZLF]DFkWLJDWFRQFXUVXO:RUOG2SHQSULPXOGLVSXWDWvQ5RPkQLDODDFHDVWGLVFLSOLQQRELOQFRPSHWLLDGLVSXWDWODVIkULWXOVSWPkQLLOD2UDGHDDXSDUWLFLSDWGHSHUHFKLFRQFXUVXOLQGHFKLYDOHQWFXXQFRQFXUV GH *UDQG 6ODP GLQ WHQLV FDUHRIHU PXOWH SXQFWH FHORU PDL YDORURDVHSHUHFKLDOHGDQVXOXLVSRUWLYPRQGLDO

3DUWHQHUQRXGHGRXOXQL3HUIRUPDQD PXUHHDQXOXL 5DUH &RMRF

HVWH FX DWkWPDL YDORURDV FX FkW DFHVWDHYROXHD] FX QRXD VD SDUWHQHU GH DELDGRX OXQL DFHVWDLQG DO GRLOHD ORU FRQFXUV GH DQYHUJXU 5DUH D vPSOLQLW vQOXQDPDLGHDQLLDU+DQQDDUHGHDQLLVHSRWFRQVLGHUDODvQFHSXWXOXQHLFDULHUHGHH[FHSLH OD FDWHJRULDDGXOL1RXDSDUWHQHU D VRVLW vQ 5RPkQLD vQ DFHDVWYDU L GXS R SURE DOWXUL GH 5DUHDFHWLDDXGHFLVVOXSWHvPSUHXQSHQWUXD DMXQJH vQ YkUIXO SLUDPLGHL GLVFLSOLQHLFDUHvPELQSHUIHFWDUWDFXVSRUWXO6XQWGHRVHELW GH RQRUDW SHQWUX IDSWXO F DP

UHXLW V FkWLJ SHQWUX 5RPkQLD SULPXOFRQFXUVGHRDVHPHQHDDQYHUJXURUJDQL]DWODQRLvQDU&XDWkWPDLPXOWFXFkWVXQW FXQRXD SDUWHQHU DELD OD DO GRLOHDFRQFXUV 8UPHD] XQ SURJUDP LQIHUQDOSHQWUX QRL FX FRPSHWLLL VSWPkQDOHLQHGRULPVDMXQJHPSkQ ODVIkULWXODQXOXLvQSULPHOHGHSHUHFKLGLQOXPHDVSXV5DUH&RMRF

8UPHD]2SHQXO3RORQLHL3HUHFKHD OHJLWLPDW OD 'DQVXO 9LRULORU5HJKLQ VH SUHJWHWH OD %XFXUHWL L YD

SDUWLFLSDODVIkULWXODFHVWHLVSWPkQLOD2SHQXO3RORQLHLXUPDWGHXQFRQFXUVvQ,WDOLDDSRLYDYHQL2SHQXO$XVWULHLLFHODO%LHORUXVLHL/DFRPSHWLLDGHOD2UDGHDXQORFIRDUWHEXQDRFXSDWLRDOWSHUHFKH FDUH D UHSUH]HQWDW 5RPkQLD 3DROR&DPSLJRWWR$OLQD3HWUHFDUHVDFODVDWSHWUHDSWDDWUHLDDSRGLXPXOXL

0LKDL9(5(

5DUH&RMRFVXFFHVOD:RUOG2SHQ2UDGHD

9LQHUL QRLHPEULH VXIUDJHULD -DL %LVWURW GLQ 7kUJX0XUH VD XPSOXW GH RDPHQL SHQWUX XQ QRX FRQFHUW/HV(OHSKDQWV%L]DUUHVUHYHQLQGOD7kUJX0XUHSHQWUXXQQRXFRQFHUWLQFOXVvQFDGUXOWXUQHXOXLORUGHSURPRYDUHDXWLPXOXLVLQJOHLQWLWXODW1XPRSUL7XUQHXOHOHIDQLORUFDUHDGHEXWDWSHRFWRPEULHOD2UDGHDDPDLFXSULQV$OED,XOLD&KLLQX,DL6LELXLDFXP7kUJX0XUHORFDLHQHOLSVLWGLQWXUQHXOORUPDLDOHVF -DL %LVWURW VD GRYHGLW L OD FRQFHUWXO DQWHULRU DOWUXSHL XQ ORF SULPLWRU SHQWUX HOHIDQL &WOLQ 5DGRL3URNDFKLWDUHOHFWULFLYRFH0LKDL0DULQEDVVLYRFHWHIDQ0DWHLYRFH&ODXGLX6WLUEHLWREHL1LFRODH&D]DFX1DHVLQWHWL]DWRDUHLDXLQVWDODWIDLQIUXPRVVFXOHOHVXIUDJHULDVDXPSOXWGHOXPHGXSFDUH7URPSD VXV VWDUWXO GHMD ELQHFXQRVFXW OD FRQFHUWHOHHOHIDQLORULPX]LFDLDLQWUDWvQGUHSWXUL

$WPRVIHUIDLQ2 VHDU HOHFWURSRSURFN vQ FDUH OXPHD D RSLW SHSLHVH SUHFXP +HOOR VD\V WKH GHYLO 6PLOH 7KH ER\V0XVKURRP JLUO +DYH QR IHDU 3DSHU SXSSHWV =RRORJLL:LVK\RXZHUHKHUHVLGHVLJXU1XPRSULSLHVFDUHGRYHGHWHFHOHIDQLLWLXVSXQLOLPEDURPkQ vQ YDORDUH vQ FRQVWUXFLD XQHL PX]LFL IDLQH$ IRVWR VHDUFXRDPHQL IDLQL FXPX]LF IDLQ FXRDWPRVIHUODIHOGHIDLQvQWUHLQXWGHFHLFLQFLHOHIDQLFDUHVDXRSULWSUHGHRVHDUvQVXIUDJHULD-DL%LVWURWSHFDUHDXDQLPDWRFXEXQWXULPX]LFDOHJXVWDWHGLQSOLQGHFHLSUH]HQL

$OLQ=$+$5,(

/HV(OHSKDQWV%L]DUUHVDXUHFLGLYDWIUXPRVOD-DL%VWURW

'XPLQFQRLHPEULHGHODRUDvQ6DODPLF D DYXW ORF UHSUH]HQWDLDVSHFWDFROXOXL 5RPHR L -XOLHWD DVHFLHLPDJKLDUH D 7HDWUXOXL1DLRQDO7kUJX 0XUH 6SHFWDFROXO UHJL]DW GH3RURJL 'RUND D DYXW SUHPLHUD FX RVHDUvQDLQWHHVWHVXSUDWLWUDWvQOLPEDURPkQLGXUHD]DSUR[LPDWLYRUHLGHPLQXWH

3LHVDVKDNHVSHDUHDQDIRVWDPSODVDWvQWUXQ GHFRU VHPQDW .XSiV $QQDFDUH D IFXW L FRVWXPHOH IXQFLRQDOVLPSOX LQG IRORVLWH SXLQH RELHFWHGH PRELOLHU SHUHWHOH PRY GLQ VSDWHFDUH FXSULQGHD L GRX XL FX WRFXULGLQ OHPQVXJHUDL LQGLFD IRDUWHELQHDWPRVIHUDJHQHUDODVSHFWDFROXOXL'HDVHPHQHD VROXLD JVLW SHQWUXPRUPkQWXO-XOLHWHLDIRVWXQDGHHIHFWLDUSHUHWHOH vQ FDUH SHUVRQDMHOH GHFHGDWHvL vQQJHDXFXLWXO LHLQGGLQ VFHQGHLQXPLVDSUXWVXFLHQWGHELQHLQWHJUDW YL]XDO vQ UHVWXO GHFRUXOXL FDLGHHDIRVWLQWHUHVDQW

3RURJL'RUNDDUSXWXWVHPXOWPDLJHQHURDV FX WLHULOH GLQ WH[W SHQWUXFVSHFWDFROXOPLVDSUXWFDP OXQJ0DL DOHV DYkQG vQ YHGHUH F 6KDNHVSHDUH GDF LDU PRQWD DFXP WH[WXOODU DERUGD FXPDLPXOW FXUDM LPDLSXLQ UHVSHFW QJHQHUDO VSHFWDFROXOGDFVFRDWHPGLQFDOFXOVFHQRJUDDLDOWH FkWHYD HOHPHQWH D IRVW XQXOPR

GHVWFRUHFWJHQXOGHVSHFWDFROODFDUHPHUJLGDFWHVLPLELQHvLSODFHGDURULFXPDGRXD]LGLPLQHDDLLXLWDWFODLY]XW$GXFHUHDvQFRQWHPSRUDQHLWDWHDDFLXQLLSULQ UHFX]LW L FRVWXPH QHvQVRLW GH R LGHH UHJL]RUDOVXFLHQW GH FRHUHQW L GH SXWHUQLFQXD UHXLW V IDFGLQ5RPHRL-XOLHWDRUHSUH]HQWDLHFDUHVUHYDOXH]HUHYDORULFH L V vPSURVSWH]H WH[WXOvQFRQWH[WXOXQHLSUREOHPDWLFLDFWXDOH

$FWRULL DX IRVW vQ JHQHUDO DFFHSWDELOLFX SOXVXUL SHQWUX %)O|S (U]VpEHWGRLFD /iV]Oy &VDED 7\EDOW /ULQFEDUiW 3DWLNXV L GH DVHPHQHD SHQWUX SURWDJRQLWL %DUWKD /iV]Oy =VROW5RPHR L *HFVH 5DPyQD -XOLHWD*HFVH 5DPyQD IDFH R -XOLHW IU

PDUL DVSLUDLL WUDJLFH H GRDU R FRSLOGH DQL PRIWXURDV L UVIDWFDUHHSXVvQIDDXQRUGHFL]LLSHFDUHOLSVD PDWXULWLL OH IDFH LPSRVLELOHLQG GRDU XQ FRSLO LQFRQWLHQW FDUHSXUWDWGHYDOXOXQHLLXELULMXYHQLOHFDXQMRFvQFDUHVHDUXQFFXVHULR]LWDWHUH]XOWkQG XQ LU GH PRUL FHUXWH GHWH[W QFD]XO vQFDUH OXFUXODFHVWDVDvQWkPSODW vQPRG YRLW vQ FRQFRUGDFXLGHLOHUHJL]RUXOXLVSHFWDFROXOSRDWHFUHWH IRDUWH PXOW GXS PDL PXOWHUHSUH]HQWDLL

$DGDU5RPHRL-XOLHWDHWRWXLXQVSHFWDFROFDUHPHULWY]XW

9DOHQWLQ&29$&,8

Q FDGUXO &HUFXOXL SHGDJRJLF DO SURIHVRULORU GH OLPED HQJOH] QLYHO JLPQD]LX GHVIXUDW vQ GDWD GH QRLHPEULH OD FRDOD *LPQD]LDO(XURSD GLQ 7kUJX0XUH D DYXW ORFXQ DWHOLHU GH OXFUX SH WHPD 7LSXULGH DFWLYLWL SHQWUX GH]YROWDUHD FHORUSDWUX FRPSHWHQH IRORVLQG vQYDUHDFHQWUDWSHHOHY6DXSUH]HQWDWRVHULHGHH[HUFLLL FXXQGHRVHELWDFFHQWSHDELOLWLOHGHVFULHUHYRUELUHDVFXOWDUHLFLWLUH

'HVWLQXLUHDWDLQHORUPHVHULHLQWkOQLULOHQRDVWUHVHGHVIRDUOXQDULDUSURIHVRULLPDL YHFKL FDUH DXSXLQPDLPXOWH[SHULHQVGHVWLQXLDVFGLQ WDLQHOH ORU FHORUPDL WLQHUL VDXFHORUFDUHVXQWLQWHUHVDLVDHFHYDQRXSHQWUX F L QRL SXWHP V vQYPIRDUWHPXOWH OXFUXUL QRL GRDU GDF QHGRULP/LPEDHQJOH]QHRIHUSRVLELOL

WDWHDVGHVIXUPRUHOHDVWIHOvQFkWVQXGHYLQRJUHXWDWHSHXPHULLHOHYLORUGLQWUH FDUH PXOL LDU GRUL SRDWHV QX H vQ FODV D GHFODUDW *DEULHOD DQGUX PHWRGLVW ,6- SURIHVRU GHOLPED HQJOH] 3URIHVRULL VXQW PHUHXvQFXWDUHGHH[HUFLLLPRWLYDQWHSHQWUXHOHYL FDUHV OHFDSWH]HDWHQLDL V vLGHWHUPLQHVvQYHH

([HUFLLLD[DWHSHFHOHSDWUXFRPSHWHQHGHvQYDUHODFHUFXOSHGDJRJLF 7HPDMRFXOXLLOXFUXO

vQJUXS/D vQWkOQLUHD SURIHVRULORU H[HUFLLLOHSUH]HQWDWH VDX D[DW SH FHOH SDWUXFRPSHWHQH LPSRUWDQWH DOH vQYULLXQHL OLPEL VWULQH VFULHUH YRUELUHDVFXOWDUH L FLWLUH $FWLYLWLOH FDUH VHSUHWHD]SH WHPD MRFXOXL vOGHWHUPLQSHHOHYVDVFXOWHVFRRSHUH]HLVVHLPSOLFH DVWIHO vQFkW VDUFLQD GH OXFUXGHYLQH PXOW PDL XRU GH vQGHSOLQLW'DF vL SXQHPV OXFUH]H vQ JUXS OHHVWH PXOW PDL XRU SHQWUX F SULPDGDW IHHGEDFNXO vO GDX FROHJLORU ORUL QX QRX *UXSXO DUH RFD]LD V GHDXQUVSXQVFRUHFWVDXXQUVSXQVPDLEXQ SURIHVRUXOXL L DWXQFL LQKLELLDGLVSDUH 0XOL HOHYL QX VH LPSOLFvQ DFWLYLWL WRFPDL SHQWUX F OH HVWHWHDPFYRUVSXQHRSURVWLHLDWXQFLPDLELQHWDFQJUXSXULVDXvQSHUHFKLHOHYXOSULPHWHPDLvQWkLXQIHHGEDFNGH OD FROHJL FDUH vO DMXW D DGXJDW*DEULHODDQGUX

2DQD05*,1($1

3URIHVRULLFXPDLPXOWH[SHULHQDXvPSUWLWFROHJLORUIUkQWXULGLQWDLQHOHPHVHULHL

5RPHRL-XOLHWDRGUDPMXYHQLO

%DUWKD/iV]Oy=VROW5RPHR)RWR=ROWDQ5DE

)RWR=ROWDQ5DE