$QGUp0DXURLV
,VWRULD$QJOLHL
+LVWRLUHG $QJOHWHUUH YRO 12735(/,0,1$5 &LWLWRUXOYDJVLOD...
194 downloads
1235 Views
4MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
$QGUp0DXURLV
,VWRULD$QJOLHL
+LVWRLUHG $QJOHWHUUH YRO 12735(/,0,1$5 &LWLWRUXOYDJVLODVIkUüLWXODFHVWHLOXFUULOLVWDFU&LORUGHFDUHP DPIRORVLWvQPRGFRQVWDQW/LVWDGHüLIRDUWHOXQJHVWHGHVLJXUPXOW SUHDVFXUWSHQWUXDFRQVWLWXLPFDUVFKL&DELEOLRJUDILHLXQXLDVHPHQHD VXELHFW2PLVLXQLOHWUHEXLHH[SOLFDWHQXSULQDSUHFLHULQHIDYRUDELOHFL SULQGLILFLODQHFHVLWDWHGHDDOHJH 1XHUDSRVLELOVvQI&LüH]vQGRXYROXPHRGDWFXLVWRULD$QJOLHL üLDFHHDD6FR&LHLVDXD,UODQGHL5DSRUWXULOHGLQWUHDFHVWHWUHL&ULOHDP H[SXVRULGHFkWHRULPLVDSUXWLQGLVSHQVDELOGDUvQPRGXOFHOPDL VFXUWSRVLELO'LQDFHOHDüLPRWLYHLVWRULD,PSHULXOXLEULWDQLFQXHVWH WUDWDWDFLGHFkWvQIXQF&LHGHLVWRULDLQWHUQD$QJOLHL 7UHEXLHVDGXFYLLPXO&XPLULGRPQXOXL-XGJHVFRQIHUHQ&LDUOD 8QLYHUVLWDWHDGLQ/RQGUDFDUHDELQHYRLWVPLFLWHDVFOXFUDUHDvQ FRUHFWXUüLVPLIDFDVXSUDPDLPXOWRUFKHVWLXQLREVHUYD&LLGHFDUH DP&LQXWFXSULVRVLQ&VHDPDÍQVIkUüLWWUDGXFWRUXOüLSULHWHQXOPHX +DPLVK0LOHVPLDIRVWFDvQWRWGHDXQDFHOPDLSUH&LRVVIWXLWRU $0 &$57($Í17Ç, 25,*,1,/( , 32=,%,$$1*/,(, ,Å7UHEXLHVQHUHDPLQWLPPHUHXFVXQWHPYHFLQLLDUQXSDUWHD FRQWLQHQWXOXL$FHVWHFXYLQWHDOHOXL%ROLQJEURNHGHILQHVFSR]L&LDRULJL QDOD$QJOLHL(DHDWkWGHDSURSLDWGHFRQWLQHQWvQFkWGHSHSODMD&D ODLVVH]UHVFDOEHOHIDOH]HGHOD'RYHULVSLWSHQWUXLQYDGDWRUL7LPSGH +HQU\6W-RKQYLFRQWH%ROLQJEURNHVFULLWRUDXWRUGHHVHXULILOR]RILFH üLRPSROLWLFHQJOH]PHPEUXDOSDUWLGXOXLWRU\
PLLGHDQLDIRVWFKLDUXQLWFX(XURSDüLYUHPHvQGHOXQJDW7DPLVDVD YUVDWvQ5LQ$QLPDOHOHFDUHDXUHSRSXODW$QJOLDGXSSHULRDGDJODFLDU üLSULPLLYkQWRULFDUHOHDXXUPULWDXYHQLWGLQ(XURSDSHXVFDW'DU RULFkWGHSX&LQDGkQFüLGHvQJXVWDUILEUD&XOGHPDUHFHGHVSDUWHDVW]L LQVXODHQJOH]GH%HOJLDüL)UDQ&DHODIRVWGHDMXQVSHQWUXDDVLJXUD& ULLSHFDUHRSURWHJXLHüWHXQGHVWLQDSDUWH ,,Å,QVXODUGDUQXL]RODW(XURSDHVWHSUHDDSURDSHGHHQJOH]L SHQWUXFDLQVXODULWDWHDLGHLORUüLDPRUDYXULORUORUVUPkQQHLQIOXHQ &DW6DUSXWHDVSXQHFKLDUFLQVXODULWDWHDHVWHPDLFXUkQGXQIDSW XPDQGHFkWXQIHQRPHQQDWXUDO/DvQFHSXWXOLVWRULHLVDOH$QJOLDDIRVW LQYDGDWODIHOFDDOWHWHULWRULLüLVDDSUDWIRDUWHSURVW7ULDDWXQFLGLQ DJULFXOWXUüLGLQFUHüWHUHDYLWHORU/RFXLWRULLHLHUDXPDLFXUkQGSVWRUL üLIHUPLHULGHFkWQHJXVWRULVDXPDULQDUL$ELDPXOWPDLWkU]LXGXSFHüL YRUILFRQVWUXLWIORWHSXWHUQLFHüLVHYRUVLP&LODDGSRVWvQGUWXOXQHL FHQWXULGHPULELQHDSUDWHHQJOH]LLYRUFXQRDüWHELQHIDFHULOHUHDOHDOH LQVXODULW&LLFDUHVFSkQGXLGHWHDPDLQYD]LLORUüLHOLEHUkQGXLSHQWUX FkWHYDVHFROHGHLPSHUDWLYHOHPLOLWDUHGHWHUPLQDQWHvQSROLWLFDDOWRUQD&L XQLOHYDSHUPLWHVvQFHUFHIUULVFXULIRUPHQRLGHJXYHUQPkQW ,,,2vQWkPSODUHIHULFLWDYUXWFDSDUWHDFHDPDLDFFHVLELOD$QJOLHL VILHFkPSLDGLQVXGHVWFDUHSULYHüWHVSUH(XURSD'DFVROXOLQVXOHL DUILIRVWvQFOLQDWvQSDUWHDRSXVGDFSLUD&LLFHO&LüLVFDQGLQDYLQDUIL GHVFRSHULWGHODSULPHOHORULQFXUVLXQLGHFkWPXQ&LLQDFFHVLELOLSUREDELO FSX&LQLGLQWUHHLDUILvQFHUFDWRLQYD]LHüLLVWRULD&ULLDUILIRVWFXWRWXO DOWD'DUPDUHHOHGXFHDXYDVHOHSkQvQIXQGXOHVWXDUHORUELQHDGSRVWL WH PLFLGHDOXULFDOFDURDVHDFRSHULWHGHLDUEvQJGXLDXH[SORUDUHDLQVX OHLHYLWkQGXVHSGXULOHüLPODüWLQLOH vQVIkUüLWFOLPDHUDPDLEOkQGGH FkWvQDOWHUHJLXQLVLWXDWHODDFHHDüLODWLWXGLQHGHRDUHFH$QJOLDVHJVHüWH vQWUXQJROIGHFOGXUKLEHUQDOFUHDWGHFH&XULOHXPHGHüLFOGX&HDOH RFHDQXOXL$VWIHOWRDWHvQVXüLULOHDFHVWHLFRDVWHHUDXIFXWHFDVvQFXUD MH]HSHFXFHULWRUFDUHDIRVWvQDFHODüLWLPSüLFWLWRU ,9$FHDVW$QJOLHDFFHVLELOHVWHVLWXDWH[DFWvQID&DIURQWLHUHLFDUH GHVSDUWHOLPELOHURPDQLFHGHFHOHJHUPDQLFH DVW]LIODPDQGDGHIUDQFH ] (UDGHVWLQDWDüDGDUVSULPHDVFWRWDWkWGHELQHSHPHVDJHULL FXOWXULLURPDQHüLODWLQHFDüLSHPHVDJHULLFXOWXULLWHXWRQH$VWIHOFR DOWWUVWXUSDUWLFXODUDHLRYDFRQVWLWXLGHDOXQJXOLVWRULHLFRPEL QDUHDHOHPHQWHORUFHORUGRXFXOWXULSHQWUXDüLIXULSURSULXOVXJHQLX 3ULQDFHDVWD$QJOLDHVWHSURIXQGGHRVHELWGH)UDQ&DVDXGH,WDOLDXQGH vQSRILGDDQXPLWRUFRQWULEX&LLJHUPDQLFHIRQGXOODWLQDIRVWWRWGHDXQD ELUXLWRUSUHFXPüLGH*HUPDQLDSHQWUXFDUHFXOWXUDODWLQQDIRVWQLFL RGDWGHFkWXQRUQDPHQWUHVSLQVDGHVHDFXRURDUH'HWUHLRULYDOXD
FRQWDFW$QJOLDFXOXPHDODWLQSULQFXFHULUHDURPDQSULQFUHüWLQLVP üLSULQQRUPDQ]LüLLQIOXHQ&DSHFDUHDFHDVWDRYDDYHDDVXSULYDIL SURIXQG 93DUHSDUDGR[DOGDUDGHYUXOHVWHFSR]L&LD$QJOLHLSHJOREVD VFKLPEDWvQWUHVHFROHOHDO;9OHDüLDO;9,,OHD3HQWUXSRSRDUHOHGLQ DQWLFKLWDWHüLFHOHGLQHYXOPHGLXDFHVWHUHJLXQLDWkWGHGHVvQYOXLWHvQ FHD&FRQVWLWXLHPDUJLQHDH[WUHPDOXPLL(VWHvQGHSUWDWD7KXOHPD JLFüLDSURDSHLQXPDQDIODWQXGHSDUWHGHLQIHUQ'LQFRORGHVWkQFLOH SHFDUHOHEDWYDOXULOHPDULDOHRFHDQXOXLvQFHSODQRUGJKH&XULOHHWHUQH ODYHVWPDUHDIUGHVIkUüLW&HLPDLFXWH]WRULVHDYHQWXUHD]SkQDFR ORSHQWUXFJVHVFDXUSHUOHLDUPDLWkU]LXOkQGDUFXPDUSXWHDV üLvQFKLSXLHFLQHYDYLLWRUXOSURGLJLRVDODFHVWRULQVXOH"2ULFHDFWLYLWDWH RPHQHDVFOXDDWXQFLGUHSW&LQWvQPRGGLUHFWVDXLQGLUHFWED]LQXO 0HGLWHUDQHL9DWUHEXLVYLQEDULHUD,VODPXOXLGHVFRSHULUHD$PHULFLL üLPDLDOHVSXULWDQLORUSHQWUXDGHSODVDFLOHFRPHUFLDOHüLSHQWUXDIDFH GLQLQVXOHOHEULWDQLFHvQID&DXQHLOXPLQRLED]DQDYDOFHDPDLvQDLQ WDWD(XURSHL 9,ÍQVIkUüLWvQVHFROHOHDO;9,,,OHDüLDO;,;OHDLQVXODULWDWHDGX SFHLSHUPLVHVH$QJOLHLVüLDFRUGHODDGSRVWXOIORWHLVDOHPDLPXOW OLEHUWDWHLQWHUQGHFkWSXWHDXDYHDSRSRDUHOHGHSHFRQWLQHQWvLYDSHU PLWHJUD&LHDFHOHLDüLIORWHVFXFHUHDVFXQLPSHULXPRQGLDO6WSkQLUHD PULORUVROX&LHDSUREOHPHLDSUULLQD&LRQDOHSHFDUHLRLPSXQHD$QJOL HLSR]L&LDVDJHRJUDILFH[SOLFvQSDUWHLVWRULDLPSHULDODDFHVWHLQD&L XQL,QYHQWDUHDDHURSODQXOXLUHSUH]LQWSHQWUXHDHYHQLPHQWXOLVWRULFFHO PDLvQVHPQDWüLFHOPDLSHULFXORVDOWLPSXULORUQRDVWUH 1XPHFXFDUHJHRJUDILLDQWLFKLW&LLGHVHPQDXFHOHPDLQRUGLFH SPkQWXULFXQRVFXWHvQDSHOH2FHDQXOXL$WODQWLF6HSDUHFDIRVW DWULEXLWXQWLPSFKLDULQVXOHORUEULWDQLFHLDUGXSGREkQGLUHDGH FXQRüWLQ&HPDLSUHFLVHDVXSUDDFHVWRUDDVHUYLWSHQWUXDGHQXPLXQ DUKLSHODJüLPDLQRUGLFSUREDELOLQVXOHOH6KHWODQG (SRVLELOFDDXWRUXOVVHLQVSLUHDFLGLQWH]HOHFXQRVFXWXOXLLVWRULF EHOJLDQ+HQUL3LUHQQHGXSFDUHFXFHULUHDDUDEDIRVWHOHPHQWXOGHFLVLY vQ]GUXQFLQDUHDHFKLOLEUXOXLHFRQRPLFüLSROLWLFDOOXPLLDQWLFHFX FHQWUXOGHJUHXWDWHSH0HGLWHUDQD 3XULWDQLLDGHS&LDLFDOYLQLVPXOXLFXXQHOHQRWHRULJLQDOH DXIRVW SHUVHFXWD&LvQ$QJOLDvQSULPHOHGHFHQLLDOHVHFROXOXLDO;9,,OHD (PLJUkQGHLDXvQWHPHLDWPDLPXOWHFRORQLLSH&UPXOUVULWHDQDO $PHULFLLGH1RUG
,, 35,0(/(6(01(80$1( ,3ULPDSDJLQGLQLVWRULD$QJOLHLQXHVWHDüDFXPVDVFULVDGHVHD RSDJLQDOEFLPDLFXUkQGRSDJLQDFRSHULWGHVHPQHFDUHDSDU&LQ PDLPXOWRUDOIDEHWHDFURUFKHLHQRLQRSRVHGP8QHOHUHJLXQLDOH& ULLüLvQGHRVHELGXQHOHFUHWRDVHüLRQGXODWHGLQ:LOWVKLUHVXQWSUHVUDWH GHPRQXPHQWHFRQVWUXLWHvQWLPSXULSUHLVWRULFH $SURDSHGHVDWXO$YHEXU\VHSRWYHGHDXUPHOHJLJDQWLFHDOHXQHLD GHYUDWHFDWHGUDOHPHJDOLWLFH3HVWHFLQFLVXWHGHSLHWUHvQSLFLRDUHIRU PDXLQHOHODFDUHGXFHDXLPHQVHDOHL8QPHWHUH]PUJLQLWGHXQüDQ& LQWHULRUDFRSHULWGHLDUEvQFRQMXUDXQYDVWVSD&LXFLUFXODU'HSHPHWH UH]VHPDL]UHüWHüLDVW]LODRGLVWDQ&GHFkWHYDVXWHGHPHWULRFROLQ DUWLILFLDOFDUHGRPLQFkPSLDüLFDUHDFHUXWGHVLJXUXQXLSRSRUSULPL WLYWRWDWkWDWUXGFUHGLQ&üLFXUDMFkWOHDXFHUXWHJLSWHQLORUPRQXPHQ WHOHGHOD*LVHK3HWRDWHGHOXüRDUHOHGLQvPSUHMXULPLVHULGLFJRUJDQHGH LDUEDYkQGIRUPHQHUHJXODWHXQHOHRYDOHDOWHOHURWXQGHPRUPLQWH DOHFSHWHQLLORUvQFDUHVDXJVLWvQOXQWUXOXQRUvQFSHULGHSLDWU VFKHOHWHRELHFWHGHROULHüLELMXWHULL&kPSXODFHVWDGHHURLOLQLLOHVLP SOHüLPDLHVWXRDVHDOHJRUJDQHORUFDUHVHUHOLHIHD]SHFHUSURILOXOvQ GU]QH&üLOLPSHGHDOPHWHUH]XOXLLQHOHOHüLDOHLOHWRWXOHYRFH[LVWHQ&D vQFGHSHDFHOHYUHPXULDXQHLvQDOWHFLYLOL]D&LL ,,0RQXPHQWHOHGHOD$YHEXU\WHPSOXOGHOD6WRQHKHQJHJRUJDQHOH GHSH&ROLQD*LJDQ&LORUSDUDGRYHGLH[LVWHQ&DvQFGLQDOGRLOHDPLOHQLX vQDLQWHDHUHLQRDVWUHDÅXQHLSRSXOD&LLQXPHURDVHRELüQXLWHVVHXQHDV FvQYHGHUHDXQHLDF&LXQLFRPXQHVXEFRQGXFHUHDXQHLDXWRULW&LDFFHS WDWH3RWHFLGHLDUEXUPDXFUHVWHOHüLVHUYHDXGUHSWGUXPXULSULPLORU ORFXLWRULDL&ULL0XOWHGLQWUHHOHvüLPDLSVWUHD]LPSRUWDQ&DüLDXWR PRELOXOHQJOH]XOXLPRGHUQvQDLQWHD]vQWRFPDLFDvQVR&LWRUXOWXUPHORUvQ VHFROXODO;9,,,OHDSHDFHVWHGUXPXULULGLFDWHFDUHGRPLQYLOHDVW]L IHUWLOHGDUFDUHRGLQLRDUHUDXLQDFFHVLELOHFOWRUXOXLGLQFDX]DSGXUL ORUüLDPODüWLQLORU$VWIHOvQFGLQDFHDSHULRDGvQYOXLWvQPLVWHUIX VHVHUGHWHUPLQDWHDQXPLWHWUVWXULSHUPDQHQWHDOHJHRJUDILHLXPDQH 0XOWHGLQORFXULOHVDFUHDOHSRSRDUHORUSULPLWLYHDYHDXVUPkQSHQWUX XUPDüLLORUSPkQWXULIHUPHFDWHûLvQFGHSHDWXQFLQDWXUDVXJHUDOR FXULOHGHDüH]DUHDOHYLLWRDUHORURUDüH&DQWHUEXU\HUDSXQFWXOFHOPDL DSURSLDWGHFRDVWGHXQGHDIRVWSRVLELO&LQkQGVHDPGHIOX[üLUHIOX[ VVHDMXQJvQWLPSXWLOvQFXWDUHVDXFXWDUHSRUW :LQFKHVWHURFXSD DFHHDüLSR]L&LHvQYHVW /RQGUDSVWUHD]SX&LQHXUPHDOHXQHLYLH&LSUHLV WRULFHGDUDYHDVVHLPSXQFXUkQGSHQWUXFHUDvQIXQGXOFHOXLPDL VLJXUHVWXDUXQDGSRVWFRPRGODJXUDXQXLUkXüLORFXOFHOPDLDSUR SLDWGHPDUHXQGHHUDSRVLELOVVHDUXQFHXQSRGSHVWH7DPLVD
,,,'HXQGHYHQHDXDFHVWHIDPLOLLFDUHGXSGLVSDUL&LDRPXOXLSDOH ROLWLFüLODVIkUüLWXOSHULRDGHLJODFLDUHDXSRSXODW$QJOLDDGXFkQGFXHOH ERXOFDSUDüLSRUFXO"6FKHOHWHOHDUDWFDXH[LVWDWGRXUDVHXQDFX FUDQLXODOXQJLWDOWDFXFUDQLXOODW2GLQLRDUVHvQY&DFDFHVWHFUDQLL DOXQJLWHVHJVHVFvQJRUJDQHOHRYDOHLDUFUDQLLOHODWHvQJRUJDQHOHURWXQ GH(UDFRPRGGDULQH[DFW'LQSFDWHVDXJVLWFUDQLLDOXQJLWHvQJRU JDQHOHURWXQGHüLv&LWUHEXLHPXOWDPDELOLWDWHLQWHOHFWXDOVSUHDVHVL]D SULQWUHPRQXPHQWHOHPHJDOLWLFHGLQ$QJOLDGRXFLYLOL]D&LLGLVWLQFWH6H GvQJHQHUDOGHQXPLUHDGHLEHULDFHVWHLSRSXOD&LLSULPLWLYHüLVHFUHGHF DYHQLWGLQ6SDQLD6SDQLROVDXQXHUDFXVLJXUDQ&GHRULJLQHPHGL WHUDQHDQ&OWRUXOFDUHVHvQWRDUFHGLQ0DOWDüLVHGXFHOD6WRQHKHQJH HVWHL]ELWGHWUVWXULOHFRPXQHSHFDUHOHRIHUPRQXPHQWHOHPHJDOLWLFH GLQORFXULDWkWGHGHSUWDWHXQXOGHDOWXO)UvQGRLDOFvQWLPSXUL SUHLVWRULFHDH[LVWDWvQ0HGLWHUDQDSH&UPXULOHRFHDQXOXLüLSkQvQ ,QVXOHOH%ULWDQLFHRFLYLOL]D&LHGHVWXOGHRPRJHQDüDFXPDIRVWPDL WkU]LXvQ(XURSDvQHYXOPHGLXFUHüWLQWDWHD$FHDVWFLYLOL]D&LHDIRVW DGXVvQ$QJOLDGHLPLJUDQ&LLUPDüLvQFRQWDFWFXFRQWLQHQWXOJUD&LHQH JXVWRULORUFDUHYHQHDXGXSPHWDOHvQ%ULWDQLDüLDGXFHDXvQVFKLPESUR GXVHOH/HYDQWXOXLüLFKLKOLPEDUXOGLQ%DOWLFD3X&LQFkWHSX&LQORFXLWRULL LQVXOHORUFDüLFHLGHSHFRQWLQHQWDXGHSULQVQRLvQGHOHWQLFLUL DJULFXO WXUDDUWDGHDFRQVWUXLFRUELLOXQJLüLDFHHDGHDWRSLEURQ]XO(VWHLQ WHUHVDQWV&LLPDJLQH]LvQFHWLQHDODDFHVWRUSURJUHVHSHFDUHRDPHQLLOH DXvQISWXLWvQGHFXUVGHVHFROH3HOLFXODVXE&LUHDSHULRDGHLLVWRULFHVH UHD]HPSHDGkQFLOHVWUDWXULDOHSUHLVWRULHLüLQHQXPUDWHOHJHQHUD&LL FDUHQDXOVDWDOWHXUPHWDQJLELOHVDXYL]LELOHGHFkWSLHWUHOHFLRSOLWHüL ULGLFDWHvQSLFLRDUHGUXPXULüLIkQWkQLDXOVDWPRüWHQLUHRPXOXLRVHD PGHFXYLQWHGHLQVWLWX&LLüLGHSURFHGHHIUGHFDUHFRQWLQXDUHD DYHQWXULLDUILIRVWGHQHFRQFHSXW ,,, &(/%,, ,ÍQWUHVHFROHOHDO9,OHDüLDO,9OHDvHQVRVLUvQ$QJOLDüL,UODQGD YDOXULVXFFHVLYHGHWULEXULGHSVWRULüLGHU]ERLQLFLFDUHSX&LQFkWH SX&LQOXDUORFXOLEHULORU7ULEXULOHDSDU&LQHDXXQXLSRSRUQXPLWFHOW FDUHRFXSDVHLPHQVHWHULWRULLvQYDOHD'XQULLODQRUGGH$OSLüLvQ*DOLD 'HFHPLJUDXDFHVWHWULEXUL"3UREDELOSHQWUXFSRSRDUHOHGHSVWRUL VXQWVLOLWHVüLXUPH]HFLUH]LOHvPSLQVHGHIRDPHVSUHQRLSüXQL)U vQGRLDOFDXLQWHUYHQLWüLFDX]HRPHQHüWL XQüHIDYHQWXURVGRULQ&DGH FXFHULULSUHVLXQHDGLQSDUWHDDOWXLSRSRUPDLSXWHUQLF0LJUD&LXQLOH DFHVWHDIXUvQFHWHüLFRQWLQXH8QFODQWUDYHUVD&DQDOXO0kQHFLLVHLQV WDODODPDUJLQHDPULL XQDOWFODQvODOXQJDLDUDFHVWDPHUJHDPDLGH SDUWHJRQLQGXLODUkQGXOVXSHLQGLJHQL7ULEXULORUFHOWHOHSOFHDVVH U]ERLDVFFKLDUüLvQWUHHOH(UDXIRUPDWHGLQEUED&LvQDO&LüLSXWHUQLFL
PkQFWRULGHFDUQHGHSRUFüLGHWHUFLGHRY]EXWRULGHEHUHüLGHVWRL QLFLFRQGXFWRULGHFDUH6FULLWRULLODWLQLüLJUHFLvL]XJUYHDXSHFHO&LFD SHXQSRSRUGHVWDWXUvQDOWüLVODEFXSLHOHDDOESUXOEORQGÍQ UHDOLWDWHH[LVWDXüLRPXO&LPHGHFHO&LEUXQLüLvQYLQJWRULLFDVRUJDQL ]H]HOD5RPDSDU]LFXSUL]RQLHULFRUHVSXQ]WRULWUDGL&LHLSRSXODUHWUH EXLDXVLWULH]HüLVOHYRSVHDVFSUXO&HO&LLvQüLüLvüLIXULVHUXQ PRGHOLGHDODOUDVHLORUGHFDUHFXWDXVVHDSURSLHFkWPDLPXOWÍüL GHFRORUDXSUXOüLvüLSLFWDXFRUSXOvQFXORULSDVWHO GHDFHHDURPDQLLvL VXSUDQXPLUPDLWkU]LXSHFHO&LLGLQ6FR&LDSLFWLDGLFRDPHQLSLFWD&L ,,ÍQOXQJDüLvQFHDWDLQYD]LHFHOWLFLVWRULFLLGLVWLQJGRXYDOXUL SULQFLSDOH SULPXOIRUPDWGLQJRLGHOLVDXJDHOLFDUHGGXUOLPEDORU JDHOLFD,UODQGHLüLUHJLXQLLGHPXQWHGLQ6FR&LD DOGRLOHDIRUPDWGLQ EULWDQLVDXSU\WRQLDFURUOLPEDGHYHQLWOLPEDJDOLORUüLDEUHWRQLORU GLQ)UDQ&DÍQ$QJOLDLQYD]LLOHJHUPDQLFHDXGXVPDLWkU]LXODGLVSDUL&LD OLPELORUFHOWLFH$XVXSUDYLH&XLWQXPDLFkWHYDFXYLQWHGLQYLD&DGRPHV WLFVDOYDWHGHIHPHLOHFHOWHFDUHVDXFVWRULWFXvQYLQJWRULLFDFUDGOH OHDJQ üLQXPHGHORFXUL$YRQ UkX üL2[ DS VXQWUGFLQLFHOWLFH 'HQXPLUHD/RQGUHL/RQGRQvQODWLQHüWH/XQGLQLXPWUHFHGUHSWRGHQX PLUHFHOWLFDQDORDJFXDFHHDDVDWXOXLIUDQFH]/RQGLQLqUHV0XOWPDL WkU]LXFXYLQWHFHOWLFHDYHDXVILHUHLPSRUWDWHvQ$QJOLDGHFWUHVFR&LHQL FODQSODLGNLOW üLGHFWUHLUODQGH]L VKDPURFNORJJDJ &XYkQWXO VORJDQGLQSXEOLFLWDWHDDPHULFDQYLQHGLQFHOWüLvQVHDPQÅVWULJW U]ERLQLF&kWGHVSUHFXYkQWXOEULWDQVDXSU\WRQHOvQVHPQD &DUD RDPHQLORUWDWXD&L&kQGJUHFXO3\WKHDVDMXQVHvQDFHVWHLQVXOHvQDQXO vHQHOOHGGXGHQXPLUHDGHSUHWDQLFHGHQXPLUHFDUHVDSVWUDW DSURDSHQHVFKLPEDW ,,,3\WKHDVHUDXQJUHFGLQ0DUVLOLDPDWHPDWLFLDQüLDVWURQRP vQVUFLQDWGHFWUHRDVRFLD&LHGHQHJXVWRULFXH[SORUDUHD$WODQWLFXOXL (OFHOGLQWkLDvQGUHSWDWIDUXOLVWRULHLVSUHRUHJLXQHREVFXUSHFDUH RDPHQLLGLQWLPSXOVXRFRQVLGHUDXPDUJLQHDXQLYHUVXOXLÍQDFHVWH ORFXULIDEXORDVH3\WKHDVDJVLWR&DUUHODWLYFLYLOL]DW2PXO0HGLWHUD QHLDIRVWVXUSULQVGHPDUHHOH$WODQWLFXOXL HODQRWDWFSRSRUXOGHDFROR FXOWLYDJUkXGDUFHUDQHYRLWVOWUHLHUHvQKDPEDUHDFRSHULWHGLQSUL FLQDFOLPHLXPHGH%ULWDQLLSHFDUHLDREVHUYDWEHDXXQDPHVWHFGHJU XQ&HIHUPHQWDWHüLGHPLHUHüLIFHDXFRPHU&GHFRVLWRUFXSRUWXULOHJDOL FHGHSHFRQWLQHQW'RXVXWHGHDQLPDLWkU]LXXQDOWFOWRU3RVHLGR
&ODQFODQWULE SODLGSWXU NLOWVWRIFDGULODWGLQFDUHHVWHFURLW FXQRVFXWDIXVWDFRVWXPXOXLQD&LRQDOVFR&LDQ VKDPURFNWULIRL ORJ EXWXFEXüWHDQ JDJFOXüXOWHULRUvQVHQVILJXUDWJOXPFDODPEXU
QLXVQHGHVFULHFKLDUPLQHOHGHFRVLWRUPRGXOFXPVHWUDQVSRUWDXOLQ JRXULOHSHVSDWHOHPJDULORUüLDOFDLORUüLDSRLFXFRUELLOHSkQODLQVX OD,FWLVFDUHWUHEXLHVILH0RQW6DLQW0LFKHOH7UDILFXOHUDGHVWXOGHLP SRUWDQWSHQWUXDMXVWLILFDIRORVLUHDXQHLPRQHGHGHDXUSHFDUHFHO&LLR FRSLDVHUGXSVWDWHUHOHOXL)LOLSGLQ0DFHGRQLD3ULPDPRQHGEWXW vQ$QJOLDSXUWDFDSXOOXL$SROORQFHHDFHHVWHXQVLPEROGHVWXOGHJULWRU DORULJLQLLPHGLWHUDQHHQHDDFHVWHLFLYLOL]D&LL ,9&HOPDLEXQGRFXPHQWSHFDUHOSRVHGPFXSULYLUHODYLD&D FHO&LORUHVWHPUWXULDOXL&H]DU)LHFDUHRUDüILHFDUHWkUJüLDSURDSH ILHFDUHIDPLOLHHUDXGLYL]DWHvQGRXIUDF&LXQL0DLPDULLILHFUHLSDUWLGH vüLSURWHJXLDXSDUWL]DQLLORU$FHVWHSRSRDUHQDYHDXVLP&XOVWDWXOXLüLQ DXOVDWQLFLRPRüWHQLUHSROLWLF 6WDWXOvQ$QJOLDüLvQ)UDQ&DHVWHRFUHD&LHGHRSRWULYODWLQüL JHUPDQLF&HO&LLFDUHXQL&LDUILIRVWLQYLQFLELOLvüLGHSUHFLDXSULQ FHUWXULOHORUEUDYXUDüLLQWHOLJHQ&D&ODQXOFHOWQXHUDXQFODQWRWHPLF FL XQFODQIDPLOLDOFHHDFHFUHHD]OHJWXULPDLSXWHUQLFHGDUFRQVWLWXLHXQ REVWDFROvQFDOHDGH]YROWULLXQRUVRFLHW&LPDLODUJL7RWDVWIHOVHYHGH FXPvQ&ULOHGHRULJLQHFHOWLFIDPLOLDDUPDVXQLWDWHDYLH&LLVRFLDOH/D LUODQGH]LFKLDUüLODFHLFDUHDXHPLJUDWvQ6WDWHOH8QLWHSROLWLFDUPkQH RDIDFHUHGHFODQ'LQWLPSXOOXL&H]DUFODQXULOHIDPLOLDOHÅDYHDXJXVWXO FXORULORUDOHPEOHPHORUDOEOD]RDQHORU7DUWDQHOHFODQXULORUVFR&LHQHDX SRDWHRRULJLQHFHOWLF&H]DUDSUHFLD]FYLD&DvQFRPXQLWDWHDUXUDO FXFkPSLLOHüLSüXQLOHFRPXQHFDUHYRUMXFDXQURODWkWGHLPSRUWDQWvQ LVWRULD$QJOLHLHVWHSURSULHJHUPDQLORU(DQDUILIRVWFRPSDWLELOOD FHO&LFXVLVWHPXOGHIDF&LXQLSHFDUHODGHVFULV'HDOWIHOSHQWUXDFHüWL QRPD]LDELDVWDWRUQLFL&LDJULFXOWXUDHUDPDLSX&LQLPSRUWDQWGHFkW YkQWRDUHDSHVFXLWXOüLFUHüWHUHDYLWHORUÍQ%DUD*DOLORUSkQvQHYXO PHGLXSRSXOD&LDvüLPXWDFWXQHOHSHQWUXDJVLQRLWHUHQXULGH 6DX3RVLGRQLXVILOR]RIVWRLFDVWURQRPüLJHRJUDIJUHFRULJLQDUGLQ 6LULD vHQ 7DWOOXL$OH[DQGUXFHO0DUHUHJHDO0DFHGRQLHLvQWUH vHQ $ILUPD&LHFXFDUHQXSXWHPILGHDFRUG6WDWXOQXvüLGDWRUHD]DSDUL&LD XQXLÅVLP&DOVWDWXOXLSHFDUHXQHOHSRSRDUHODUILDYXWLDUDOWHOHQX 6WDWXOHRIRUPGHRUJDQL]DUHDVRFLHW&LLFDUHDSDUHFXQHFHVLWDWHSHR DQXPLWWUHDSWDGH]YROWULLHFRQRPLFRVRFLDOH3UREOHPDHVWHGHFLF XQHOHSRSRDUHDXDYXWFRQGL&LLSHQWUXDDWLQJHPDLWLPSXULXVWDGLXO UHVSHFWLYGHGH]YROWDUHSHFkQGDOWHOHQX,DUDFHVWHFRQGL&LLVXQWGH QDWXURELHFWLYQXVXELHFWLY &ODQDLFUXLPHPEULVHFRQVLGHUDXGHVFHQGHQ&LDLXQXLDQLPDODLXQHL SODQWHVDXDOWXLRELHFWGLQQDWXU WRWHP FRQVLGHUDWVDFUXüLVXSXV XQRUVHYHUHLQWHUGLF&LL/HJWXUDGHVROLGDULWDWH UXGHQLH vQLQWHULRUXO XQXLDVHPHQHDFODQVHvQWHPHLDWRFPDLSHFRQYLQJHUHDvQDFHDVW GHVFHQGHQ&FRPXQ
YkQWRDUHGHSüXQLVDXFKLDUGHFXOWLYDW 9&ODVDFHDPDLRQRUDWHUDDFHHDDSUHR&LORUVDXGUXL]LORU1LPLF QXVHDPQPDLPXOWFXDFHüWLGUXL]LGHFkWEUDKPDQLLGLQ,QGLDVDX PDJLLGLQ,UDQ 0XOWHGLQFUHGLQ&HOHFHOWLFHDPLQWHVFGH2ULHQW*UHYDIRDPHL SUDFWLFDWGHLUODQGH]LHVWHGKDUQDDLQGLHQLORU EUDKPDQXOSRVWHüWHOD XüDDGYHUVDUXOXLVXSkQFHRE&LQHVDWLVIDF&LH3HYUHPHDOXL&H]DUvQ %ULWDQLDVHJVHDXFHLPDLUHQXPL&LGUXL]L(LVHDGXQDXvQILHFDUHDQ vQWUXQSXQFWFHQWUDOSRDWHOD6WRQHKHQJHGDU6IkQWD6ILQWHORUHUD SHQWUXHLLQVXOD0RQD $QJOHVH\ *DOLLVDXEHOJLLFDUHYRLDXV GREkQGHDVFRFXQRDüWHUHDSURIXQGDWDGRFWULQHLVHGXFHDXVVH LQVWUXLDVFvQ%ULWDQLD$FRORvQY&DXXQQXPUPDUHGHYHUVXULFDUH FRQ&LQHDXSUHFHSWHOHVDFUH'XSvQY&WXUDGUXL]LORUÅPRDUWHDQXL GHFkWRVFKLPEDUHDORFXOXLFFLYLD&DFRQWLQXFXIRUPHOHüLEXQXULOH VDOHvQ/XPHD0RU&LORUFDUHFRQVWLWXLHRUH]HUYGHVXIOHWHGLVSRQLELOH 6HSDUHFSHQWUXHLFDSLWDOXOGHVXIOHWHQXHUDOLPLWDWODVSHFLDXPDQüL FHLFUHGHDXvQPHWHPSVLKR]FHHDFHUHSUH]LQWvQFRWUVWXU FRPXQFX2ULHQWXO 9,ÍQWUHFHO&LLGLQ%ULWDQLDüLEHOJLFDUHWULDXGHFHDODOWSDUWHD &DQDOXOXL0kQHFLLH[LVWDXOHJWXULVWUkQVHüLFRQVWDQWHÍQPRPHQWXO LQYD]LHLURPDQHFHO&LLGLQ%ULWDQLDWULPLVHUvQWULULIUD&LORUORUGHSH FRQWLQHQW&H]DUUHPDUFWRWXüLFFHO&LLGLQLQVXOHHUDXPDLSX&LQELQH vQDUPD&LGHFkWFHLGLQ*DOLD&HO&LLGLQ*DOLDSUVLVHUFDUHOHGHOXSW LQVWUXPHQWDUKDLFSHQWUXFJVLVHUvQFkPSLLOHGLQVXGGHVWXLFDL EXQL%ULWDQLLFDUHQXSRVHGDXFDLvQVWDUHVSRDUWHXQRüWHDQOXSWDX vQWRFPDLFDU]ERLQLFLLOXL+RPHUüLDYHDXvQFvQORFGHFDYDOHULHR SHGHVWULPHSXUWDW 9,,'XSvQIUkQJHUHDORUFHO&LLLQWHOLJHQ&LüLDGDSWDELOLLPLWDU EXFXURüLFLYLOL]D&LDURPDQDWkWvQ%ULWDQLDFkWüLvQ*DOLDÅ3URIHVRULL JDOLIRUPD&LODüFRDODGUXL]LORUDXIRVWDFHLDFDUHDXGDW*DOLHLFXOWXUD VDFODVLF0DLWkU]LXvQWLPSXOHYXOXLPHGLXFOXJULLUODQGH]LYRU UHDGXFHvQ(XURSDFXOWXOOLWHUDWXULLJUHFHüWLüLODWLQH'DUFHO&LLQDXIRVW QXPDLQLüWHEXQLDJHQ&LGHWUDQVPLVLHDLXQHLFXOWXULVWULQH(LvQüLüL DYHDXJXVWXODUWHORUüLRUQDPHQWD&LLOHvQVSLUDOGHSHDUPHOHORUGHSH ELMXWHULLOHüLRELHFWHOHGHROULWGRYHGHVFPDLPXOWIDQWH]LHGHFkWDXDYXW YUHRGDWURPDQLL(LDXDGXVOLWHUDWXULLHXURSHQHVLP&XORULHQWDODO PLVWHUXOXLüLRFRQFHS&LHGUDPDWLFGHVSUHIDWDOLWDWHFDUHOHHVWHSURSULH 3RDWHFPDLDOHVSULQLVWRULDOXL7ULVWDQüLD,VROGHLüLSULQDFHHDD UHJHOXL$UWKXUJHQLXOFHOWLFüLDOVDWDPSUHQWDVDvQ(XURSD(OHPHQWHOH FHOWLFHSVWUDWHvQYHVWXOLQVXOHORUDXMXFDWXQPDUHUROvQIRUPDUHD
$QJOLHLPRGHUQH vQVHFROXODO;;OHDYRPJVLJXYHUQHHQJOH]HSUH]LGDWH üLDUPDWHHQJOH]HFRPDQGDWHGHFHO&LGLQ6FR&LD%DUD*DOLORUVDX ,UODQGD ,9 &8&(5,5($520$1 ,(JUHXSHQWUXSRSRDUHOHVODEHVUPkQOLEHUHFkQGVXQWOD vQGHPkQDXQHLPDULSXWHUL'XSFXFHULUHD*DOLHL%ULWDQLDGHYHQHDFHO PDLILUHVFRELHFWLYGHU]ERLDOURPDQLORU&H]DUDYHDQHYRLHGHYLFWRULL SHQWUXDXLPL5RPDüLGHEDQLSHQWUXDüLUHFRPSHQVDVROGD&LLüL SDUWL]DQLL6SHUDVJVHDVFvQDFHOHLQVXOHIDEXORDVHDXUSHUOHVFODYL ÍQDIDUGHDFHDVWDVRFRWHDQLPHULWVLQWLPLGH]HSHFHO&LLEULWDQLFLFDUHL DMXWDVHUSHFHLGHSHFRQWLQHQW 3HODVIkUüLWXOYHULLDQXOXLvHQVHKRWUvVIDFRVFXUW H[SHGL&LHGHUHFXQRDüWHUHGLQFRORGHPDUH&XOHVHLQIRUPD&LLGHOD QHJXVWRULLJDOLFDUHGLQQHüWLLQ&VDXUHDYRLQ&vOvQüHODU0HWRGD SUHIHUDWDOXL&H]DUHUDGHDVHDPHVWHFDvQSROLWLFDDXWRKWRQüLD FXFHULWULEGXSWULEIRORVLQGSHXQXOvPSRWULYDFHOXLODOW'DUvQDFHDVW DYHQWXULPSURYL]DWWLPSXOvOSUHVD7ULPLVHRQDYSHQWUXDDOHJHXQ ORFGHGHEDUFDUHSULHOQLFüLSOHFHOvQVXüLFXGRXOHJLXQL ,,2SHUD&LDUHXüLGHVWXOGHSURVW%ULWDQLLDYHUWL]D&LDüWHSWDXSH &UPJDWDGHDSUDUH/HJLRQDULLVLOL&LVVDUvQDSHOHXQHLPULGHVWXO GHDGkQFLvQJUHXQD&LGHDUPHOHORUL]EL&LGHYDOXULUHXüLUFXPDUH JUHXWDWHVSXQSLFLRUXOSHXVFDW&H]DUWUHEXLVRUGRQHJDOHUHORUGH DUFDüLüLDUXQFWRULFXSUDüWLDVDFRSHUHGHEDUFDUHDSULQWUXQEDUDMGH SURLHFWLOH)RU&DURPDQLORUFRQVWDvQWURGLVFLSOLQüLRüWLLQ&PLOLWDUFX WRWXOVXSHULRDUHFHORUDOHEULWDQLORU$ELDGHEDUFD&LYHWHUDQLLOHJLXQLORU üWLXUVüLFRQVWUXLDVFRWDEUVüLSURWHJXLDVFYDVHOHVIDFR ÅEURDVF&HVWRDVOLSLQGVFXWGHVFXW&HO&LLYHQLVHUFXPLLGHFDUH &kQGSHGHVWULPHDSXUWDWLQWUDvQOXSWU]ERLQLFLLFRERUDXGLQFDUHvQ WLPSFHFRQGXFWRULLFDUHORUVHUHWUJHDXODRPLFGLVWDQ&JDWDILHFDUH VüLDGXQHRDPHQLLüLVVHUHWUDJvQFD]GHvQIUkQJHUHVDXUHWUDJHUH &XWRDWHVXFFHVHOHSDU&LDOH&H]DUvüLGGXUHSHGHVHDPDFPLFDVD DUPDWQXHUDvQVLJXUDQ&0DUHDIRDUWHDJLWDWGLVWUXVHVHPDLPXOWH YDVH6HDSURSLDXPDUHHOHHFKLQRF&LXOXL3URILWGHRRDUHFDUH VXSHULRULWDWHüLRE&LQXIJGXLQ&DFLVHYRUGDRVWDWLFLGXSFDUH $OX]LHSRVLELOODSUHPLHUXO'DYLG/OR\G*HRUJH FDUHHUD JDOH]ODIHOGPDUHüDOXO'RXJODV+DLJ VFR&LDQFRPDQGDQWXO VXSUHPDODUPDWHLHQJOH]HSHIURQWXOGHYHVWvQSULPXOU]ERLPRQGLDO HWF
DSDUHQ&HOHILLQGVDOYDWHULGLFDQFRUDSHQHDüWHSWDWHSX&LQGXSPLH]XO QRS&LL$SRLWULPLVH6HQDWXOXLFXSULYLUHODDFHDVWH[SHGL&LHOLSVLWGH JORULHXQFRPXQLFDWDWkWGHVWUOXFLWFVHYRWRVXSSOLFDWLRGH GRX]HFLGH]LOHSHQWUXDFHOHEUDÅYLFWRULDOXL&H]DU ,,,'DU&H]DUHUDSUHDUHDOLVWFDVVHDPJHDVFDWXQFLFkQGD VXIHULWXQHüHF&XQRVFXVHQDWXUD&ULLSRUWXULOHWDFWLFDEULWDQLORU vQ&HOHVHVHFQXSXWHDXILvQYLQüLIUFDYDOHULHüLHUDKRWUkWVVH vQWRDUFvQDQXOXUPWRU vHQ 'HDVWGDWvLJVLSHEULWDQLXQL&L vQID&DPDULLSULPHMGLLüLDVFXOWkQGGHXQFRPDQGDQW&DVVLYHOODXQXV DOHFUXL&LQXWXULVHJVHDXODQRUGGH7DPLVD$UPDWDURPDQVHvQ GUHSWVSUHDFHVWIOXYLX$MXQVSH&UPXOGHQRUG&H]DUvQPRGDELO vQFHSXQHJRFLHUL(OWUDVHIRORVGHSHXUPDLQYLGLLORUGHMDVWkUQLWHvQWUH FSHWHQLLOHFHO&LORUvLD&k&SHXQLLGLQWUHHLvPSRWULYDOXL&DVVLYHOODXQXV RE&LQXVXSXQHUHDGLQSDUWHDFkWRUYDWULEXULvQYLQVHDOWHOHFXDUPHOHüL vQVIkUüLWWUDWkQGFX&DVVLYHOODXQXVvQVXüLIL[WULEXWXOSHFDUH%ULWDQLD DYHDVOSOWHDVFDQXDOSRSRUXOXLURPDQ'HIDSWGLQDQXOWULEXWXO QDPDLIRVWSOWLWüLU]ERLXOFLYLOYDDEDWHSHQWUXPXOWYUHPHDWHQ&LD 5RPHLGHODEULWDQL&LFHURvüLEWHDMRFGHÅFXFHULUHDDFHDVWDFDUHQX DGXVHVHQLPLFvQDIDUGHFk&LYDVFODYLPXQFLWRULPDQXDOLGHFDWHJRULD FHDPDLMRDVIUQLFLXQOLWHUDWVDXPX]LFLDQvQWUHHLüLFDUHIXVHVH PDLPXOWRPDQHYUGHSROLWLFLQWHUQGHFkWRYLFWRULHLPSHULDO ,9'XSPRDUWHDOXL&H]DUWLPSGHXQVHFRO%ULWDQLDDIRVWXLWDW 7RWXüL*DOLDGHYHQLWSHGHDQWUHJXOURPDQvQVSLULWvLWULPLWHD QHJXVWRUL0RQHGDLPSHULXOXLDYHDFXUVüLDFROR3RHWXO0DUWLDO VHOXGDFJVHüWHFLWLWRULvQ%ULWDQLDüLYRUEHDFXHQWX]LDVPGHRWkQU EULWDQFDUHVHPULWDVHFXXQURPDQüLVHEXFXUDGHPDUHVXFFHVvQ VRFLHWDWHDLWDOLF ÍQWLPSXOvPSUDWXOXL&ODXGLXGLIHULWHJUXSXULFHUHDXVVH SRUQHDVFGLQQRXODFXFHULUHD%ULWDQLHL JHQHUDOLFDUHYHGHDXvQDFHDVWD RVXUVGHJORULHüLSURILWXULQHJXVWRULH[SRUWDWRULFDUHVSXQHDXF VLJXUDQ&DFRPHU&XOXLLPSXQHDSUH]HQ&DOHJLXQLORUDGPLQLVWUDWRULJDOL FDUHVHSOkQJHDXGHSURDVWDLQIOXHQ&SHFDUHRH[HUFLWDXDVXSUD*DOLHL GUXL]LLDOFURUFHQWUXDFWLYUPVHVHvQ%ULWDQLDQHQXPUD&L IXQF&LRQDULFDUHVSHUDXVJVHDVFVOXMEHvQWURSURYLQFLHQRXÍQ FRQVHFLQ&&ODXGLXWULPLVH HQ RH[SHGL&LHIRUPDWGLQSDWUXOHJLXQL 3HULRDGGHWLPSvQFDUHSULQGLYHUVHPDQLIHVWULGHFXOWVHDGXFHDX PXO&XPLUL]HLORUSHQWUXXQHYHQLPHQWIDYRUDELO 'HVSUHHFRXOSRH]LLORUVDOHvQ%ULWDQLD0DUWLDOYRUEHüWHvQ(SLJUDPH FDUWHD;, IUXPRDVDEULWDQLHVWH&ODXGLD5XILQDGHVSUHFDUHVSXQHF GHüLQVFXWGLQEULWDQLLWDWXD&LVXIOHWXOHLHVWHODWLQLDUJUD&LDüL IUXPXVH&HDVDRIDFDVHPHQLIHPHLORUURPDQHVDXFHORUGLQ$WWLFD
D,,D$XJXVWDD;;D9DOHULD9LFWUL[D;,9D*HPLQD0DUWLD9LFWRULDüL FHOHEUDOHJLXQHD,;D+LVSDQDGLQDUPDWD'XQULL DGLFSXQkQGOD VRFRWHDODX[LOLDULLüLFOUH&LLFLUFDFLQFL]HFLGHPLLGHRDPHQL&XR DVWIHOGHDUPDWFXFHULUHDSUHDGHVWXOGHXüRDUüLQXPDLGXSFH DMXQVHvQGLVWULFWHOHPXQWRDVHGLQ%DUD*DOLORUüLGLQ6FR&LDUH]LVWHQ&D GHYHQLPDLVHULRDV'HSHLQVXOD0RQDFHQWUXUHOLJLRVDOGUXL]LORUvüL IFXDSDUL&LDRvQIULFRüWRDUHFRKRUWGHU]ERLQLFLvQPLMORFXOFUHLD IHPHLFXSUXOGHVSOHWLWDJLWDXWRU&HDSULQVHvQWLPSFHGUXL]LLvQüLüLvQ UkQGXULVWUkQVHvPEUFD&LvQYHüWPLQWHOHORUDOEHULGLFDXEUD&HOHVSUH FHUüLLQYRFDX]HLLÍQUHJLXQHDGHVXGHVWFDUHSUHDSDFLILFDWR YLROHQWUVFRDOFRQGXVGHRUHJLQ%RXGLFFDVDX%RDGLFHD SULFLQXLWGHQHGUHSW&LOHFRPLVHGHSULPLLDGPLQLVWUDWRULURPDQLSXVHR FOLSvQSHULFROSHFXFHULWRULGDUVHWHUPLQSULQWUXQPDVDFUXDO EULWDQLORU'HODvQFHSXWXOVHFROXOXLDO,,OHDERJDWDFkPSLHGLQVXGD IRVWvQvQWUHJLPHVXSXV 90HWRGDURPDQGHRFXSD&LHHUDSHVWHWRWFDPDFHHDüL FRQVWUXLUHDGHH[FHOHQWHGUXPXULFDUHSHUPLWHDXOHJLXQLORUVVH GHSODVH]HUHSHGHüLGHDüH]ULIRUWLILFDWHvQFDUHVWWHDXJDUQL]RDQHIL[H &HOHPDLPXOWHGLQRUDüHOHHQJOH]HDOHFURUQXPHVHWHUPLQSULQ FKHVWHUVDXFHVWHUDXIRVWvQWLPSXOFXFHULULLWDEHUHURPDQH FDVWUD 9HWHUDQLLOHJLXQLORUOXDURELFHLXOVVHUHWUDJGXSWHUPLQDUHD SHULRDGHLGHVHUYLFLXvQXQHOHRUüHOHEULWDQHFXPHUDX&DPXORGXQXP &ROFKHVWHU üL9HUXODPLXP 6DLQW$OEDQV 2UDüHOHGLQQRUG /LQFROQ
vQORFXL&LSULQDXWRKWRQL&RSLLLSHFDUHOHJLRQDULLvLDYHDXFXIHPHL EüWLQDüHHUDXFUHVFX&LvQDSURSLHUHDWDEHUHORULDUPDLWkU]LXVHDQJDMDX HLvQüLüL&LYLOL]D&LDURPDQÅQXHUDH[SDQVLXQHDXQHLUDVHFLDXQHL FXOWXUL 9,,$FHDVWPHWRGGHSHQHWUD&LHSDüQLFDIRVWDSOLFDWvQWUXQ PRGGHRVHELWGHIHULFLWGHVRFUXOOXL7DFLW$JULFROD HQ (UDXQ WLSQRXGHDGPLQLVWUDWRUURPDQ1XVHPDLDVHPQDFXSURFRQVXOLL DULVWRFUD&LFDUHSXVHVHUED]HOHLPSHULXOXLüLvQDFHODüLWLPSvOSUGDVHU $JULFRODHUDXQEXUJKH]ERJDWFXYLUWX&LOHüLVOELFLXQLOHFODVHLVDOH 3URYLQFLDOLQVSLUDGLQDFHDVWSULFLQPDLPXOWVLPSDWLHSURYLQFLDOLORU SHFDUHLJXYHUQDüLvQ&HOHJHDPDLELQHvPSRWULYLULOHORU2E&LQXFkWHYD VXFFHVHPLOLWDUHGDUÅGHRDUHFHvQY&DVHFVHFküWLJSX&LQFXDMXWRUXO DUPHORUGDFvQXUPDORUVHGFXUVQHGUHSW&LLHOYUXVWDLHGLQ UGFLQFDX]DU]ERDLHORU$JULFRODVHRFXSDHOvQVXüLGHWRDWH WUHEXULOHQXPHDRDPHQLFLQVWL&LvQIXQF&LLDGPLQLVWUDWLYHVHRSXQHD DEX]XULORUFROHFWRULORUGHLPSR]LWHüLvQFHUFDVvQFXUDMH]HSHFHO&LV SDUWLFLSHODYLD&DURPDQÍLvQGHPQDVFRQVWUXLDVFELüLSLH&H ÅOXGkQGXLSHLQGLJHQLLDFWLYLUHSUREkQGSHFHLGHOVWRULHOvQORFXLD FRQVWUkQJHUHDSULQWURFRQFXUHQ&ODRQRUXUL 2UJDQL]HGXFD&LDILLORUGHFRQGXFWRULvQVSLULWURPDQ3X&LQFkWH SX&LQDFHüWLDvPEUFDUWRJD&LQHDUILUHFXQRVFXWSHJDOXOEDUEDUGH RGLQLRDUvQHOHJDQWXOURPDQFXSUXOURüX"0XO&LFHO&LGHYHQLUDWXQFL FXQRVFWRULDGRXOLPEL/D/XQGLQLXPVHYRUEHDODWLQHüWHüLIU vQGRLDOSHFKHLXULVHDX]HDüLJUHDFDSUHFXPüLDOWHOLPELDOH PDULQDULORUPHGLWHUDQHHQL6DJVLWRWEOL&SHFDUHXQPXQFLWRUFDV üLEDWMRFGHXQFDPDUDGGHDOOXLVFULVHVHvQODWLQHüWH Å$QVWLOLVvüLLDR VSWPkQGHFRQFHGLXSH]L$VHPHQHDLQVFULS&LLGRYHGHVFFXQLL OXFUWRULFXQRüWHDXODWLQDGDUGLDOHFWHOHFHOWLFHUPkQHDXSHQWUXPDVD SRSRUXOXLOLPEDFXUHQW 9,,,5HOLJLDQXSXWHDILXQREVWDFROODURPDQL]DUHD%ULWDQLHL 7ROHUDQ&LURPDQLLvüLDQH[DXEXFXURV]HLLQHFXQRVFX&L'DFDXXUPULW GUXLGLVPXOüLODXGHVILLQ&DWDSURDSHFRPSOHWDXIFXWRSHQWUXF YHGHDXvQHOXQSHULFROSROLWLF'DU]HXOFHOWDOU]ERLXOXL7HXWDWHVDIRVW LGHQWLILFDWGHHLFX0DUWHÍQPDULOHRUDüHDXULGLFDWWHPSOHvPSUD&LORU 7HUPHQXOÅEXUJKH]SUHFXPüLDO&LLGHDFHHDüLIDFWXUVXQW vQWUHEXLQ&D&LGHDXWRUvQWURDFFHS&LXQHPRGHUQL]DQW0DXURLVQXHGH DOWIHOVLQJXUXOWHQWDWVYDGÅFDSLWDOLVPvQUHOD&LLOHGHPDUIEDQLGLQ VRFLHWDWHDDQWLF3ULQÅEXUJKH]WUHEXLHVvQ&HOHJHPSHFHW&HDQXO URPDQvPERJ&LWGLQVSHFXOD&LLGLYHUVH FRPHU&FDPWFKLULLDUHQ]LHWF IUDILvQVQLFLÅEXUJKH]QLFLÅFDSLWDOLVWvQVHQVXOPRGHUQDO FXYkQWXOXL
OXL-XSLWHU0LQHUYHL0XOWHGLQLQVFULS&LLOHüLPR]DLFXULOHJVLWHvQ$QJOLD HYRFPDPHOH'HDH0DWUHV]HL&HDOFURUFXOWDIRVWDGXVFXVLJXUDQ& GHSHFRQWLQHQWGHVROGD&LVWULQL$O&LOHJLRQDULDGRUDXSH0LWKUDVüLV DJVLWOD/RQGUDFKLDUüLXQWHPSOXvQFKLQDW]HL&HL,VLV&UHüWLQLVPXOD IRVWFXVLJXUDQ&FXQRVFXWvQ%ULWDQLDvQFHSkQGGLQVHFROXODO,,,OHD OD vQFHSXWXOVHFROXOXLDO,9OHDH[LVWDOD/RQGUDXQHSLVFRS5HVWLWXWXV GHVSUHFDUHVHüWLHFDSDUWLFLSDWODFRQFLOLXOGLQ$UOHVvPSUHXQFX DO&LGRLHSLVFRSLEULWDQL(SDUKLDOXLWUHEXLHVILIRVWPLFüLVUDF GHRDUHFHFUHGLQFLRüLLQHSXWkQGSOWLFKHOWXLHOLOHGHGUXPDOHHSLVFRSXOXL ORUVDGHVFKLVRVXEVFULS&LHvQ*DOLDvQDFHVWVFRS ,;ÍQWLPSFHVXGXOüLFHQWUXO%ULWDQLHLGHYHQHDXDVWIHORSDUWH RUJDQLFDLPSHULXOXLODQRUGRFXSD&LDURPDQQXIFHDQLFLXQSURJUHV /DPDUJLQHDVWHSHORUDFRSHULWHGHEOULLüLPUFLQLWULDXQWULEVHPL VOEDWLFEULJDQ&LLüLPDLODQRUGXQDOWSRSRUFHOWLFSLF&LLUHIUDFWDUL RULFUHLSHQHWUD&LLSDüQLFH$FHVWHWULEXULGLVLGHQWHGHQHvPSFDWDWUDVH GHUHODWLYDERJ&LHDFHW&LORUFHOWRURPDQHFRERUDXGLQFkQGvQFkQG VSUHVXGvQLQFXUVLXQLGHMDIÍQ]DGDUDXvQFHUFDWVLXUPUHDVF JHQHUDOLLURPDQL$JULFRODFUH]XFLDvQYLQVJUD&LHXQHLIUXPRDVH PDQHYUHFRPELQDWHDDUPDWHLüLDIORWHLGDUvQGDWFHURPDQLLDX RFXSDW6FR&LDOLQLLOHORUGHFRPXQLFD&LHSUHDOXQJLGHYHQLUYXOQHUDELOH üLILHFDUHUDLGDOEULJDQ&LORUVHWHUPLQDSULQWUXQPDVDFUXDOOHJLRQDULORU ÍQXUPDXQXLDVHPHQHDGH]DVWUXvQFDUHDSLHULWOHJLXQHDD,;D vPSUDWXO+DGULDQYHQLHOvQVXüLvQ%ULWDQLDvQDQXODGXFkQGFX VLQHOHJLXQHDD9,D9LFWUL[ÍPSUDWXOKRWUvVVHUHQXQ&HODFXFHULUHD QRUGXOXLüLVVHIRUWLILFHIURQWLHUDFRQVWUXLQGXVHGHOD7\QHSkQOD JROIXO6ROZD\SDLVSUH]HFHIRUWXULUHXQLWHODvQFHSXWSULQWUXQYDO FRQWLQXXGHSPkQWXUPDWvQFXUkQGGHXQ]LGGHSLDWUFXR JDUQL]RDQSHUPDQHQWÍQIRQG+DGULDQUHQXQ&DVHVPDLvQYLQJ GLVLGHQ&DÍQ&DOHGRQLDFDüLvQ(XURSDFHQWUDOHOVHPUJLQHDVR VWYLOHDVF$FHDVWÅDWLWXGLQHvQ&HOHDSWDYHDVDGXFPDLWkU]LX FGHUHDLPSHULXOXL 9 6)Ç5û,78/$1*/,(,520$1( =HXRULHQWDODOFUXLFXOWVDUVSkQGLWvQ,PSHULXOURPDQPDLDOHVvQ SULPHOHVHFROHDOHHUHLQRDVWUH&XOWXOVXHVHPQDODWüLvQ'DFLD URPDQ 2UDüGLQVXGXO)UDQ&HL vQOLPEDODWLQ$UHODWXP XQGHVDX&LQXWPDL PXOWHFRQFLOLLDOHELVHULFLLRFFLGHQWDOH3ULPXOvQDQXODIRVW FRQYRFDWGHvPSUDWXO&RQVWDQWLQFHO0DUH
,ÍQFHSkQGGLQVHFROXODO,,,OHD,PSHULXOURPDQvQFLXGDXQRU UHGUHVULUHPDUFDELOHHVWHDPHQLQ&DWGHRvQWUHLWFUL] HFRQRPLF UHOLJLRDVüLPLOLWDU&DSLWDOLVPXOURPDQVXSXVHVHXQHLH[SORDWUL QHSUHY]WRDUHERJ&LLOHSURYLQFLLORU OXSWDGLQWUHSJkQLVPüLFUHüWLQLVP vLGH]ELQDVHSHvPSUD&LüLFHW&HQL SXWHUHDPLOLWDUD5RPHLVHSU EXüLVH6LVWHPXOIURQWLHUHLQHvQWUHUXSWH OLQLDIRUWUH&HORUOHJDWHSULQWUXQ YDOGHDSUDUH GGXVHJUHüÍQ%ULWDQLDPHWRGDSUXVHFHYDPDLHILFDFH GHFkWvQDOWHSU&LSHQWUXFIURQWLHUDGHDSUDWHUDVFXUW3HFRQWLQHQW OLQLLOHIRUWLILFDWHDXWUHEXLWvQORFXLWHSULQWUXSHPRELOH'DUOHJLXQLOHvQ VHüLVHGRYHGHDXQHSXWLQFLRDVHvQOXSWDvPSRWULYDFOUH&LORUEDUEDUL &XUkQGVSDGDüLVXOL&DYRUWUHEXLVIDFORFODQFLHLDUFXOXLüLYLFWRULLOH JR&LORUDQWUHQD&LvQVWHSHOH5XVLHL&DUSULQH[FHOHQ&DFOUH&LORUYRU SUHYHVWLvQORFXLUHDDSURSLDWDOHJLRQDUXOXLSULQRüWHDQXOFODUH Å6FKLPEDUHDFDSLWDOFDUHGHWHUPLQDUWDU]ERLXOXLSHQWUXRSHULRDG GHGRXVSUH]HFHWUHLVSUH]HFHVHFROHFRQVWvQvQORFXLUHDVXSUHPD&LHL SHGHVWULPHLSULQDFHHDDFDYDOHULHL3HQWUXDüLDOFWXLRFDYDOHULHGH FDUHDUHDWkWDQHYRLHLPSHULXODQJDMHD]EDUEDUL ODvQFHSXWHLQXVXQW GHFkWDX[LOLDUL DSRLLQWUvQOHJLXQL PDLWkU]LXIRUPHD]HLOHJLXQLOH /DPLMORFXOVHFROXOXLDO,9OHDPLOLWDUGHYLQHVLQRQLPFXEDUEDU Å1LPLFQXLEXQvQDFHVWHDUPDWHvQDIDUGHFHHDFHQXHVWHURPDQ ,,ÍQ%ULWDQLDGHRDUHFHFDYDOHULDEDUEDUGLQOLSVDPLMORDFHORUGH WUDQVSRUWQXSRDWHSWUXQGHSDFHDURPDQGXUHD]PDLPXOWYUHPH GHFkWvQSURYLQFLLOHFRQWLQHQWDOHüLSULPDMXPWDWHDVHFROXOXLDO,9OHD UHSUH]LQWvQDFHDVW&DUDSRJHXOFXOWXULLURPDQH GDUDFRORFDüLvQDOWH SU&LDUPDWDDvQFHWDWVPDLILHURPDQ*DUQL]RDQD]LGXOXLGHDSUDUH HVWHFRPSXVGLQXQLW&LORFDOHFDUHQXVXQWPXWDWHQLFLRGDW3ULPD FRKRUWGDFLFVWDFRORGRXVHFROH6ROGDWXOSULQ]kQGUGFLQL GHYLQHFRORQ3X&LQFkWHSX&LQOHJLXQLOHEULWDQHXLWOHJWXULOHORUFX 8QQRXH[HPSOXGHPRGHUQL]DUHQHSRWULYLW([SORDWDUHDSURYLQFLLORU URPDQHVDED]DWSHVLVWHPXOVFODYDJLVW&KLDUUROXOüLPHWRGHOHGH H[SORDWDUHDSURYLQFLLORUFDUHUHYLQHOHPHQWHORUVRFLDOHPHQ&LRQDWHvQ QRWDVHUYHVFFRQVROLGULLDFHVWXLPRGGHSURGXF&LH (YRUEDGH&RKRUV,$HOLD'DFRUXPvQILLQ&DWGHvPSUDWXO+DGULDQ HQ üLDWHVWDWGHSHODDQXOHQIUvQWUHUXSHUHFX JDUQL]RDQDvQ%ULWDQLD $XWRUXOIRORVHüWHDFLWHUPHQXOvQPRGDPELJXX(OVHJkQGHüWHvQ SULPXOUkQGODUROXOGHFRORQLVWSHFDUHODXVROGD&LLHOLEHUD&L YHWHUDQLL UPDüLGHILQLWLYvQSURYLQFLLOHXQGHIFXVHUVHUYLFLXOPLOLWDU3ULQFRORQ vQVHQVUHVWUkQVVHvQ&HOHJHXQSURGXFWRUDJULFROSRVHVRUGHSPkQWüL OHJDWGHSPkQW GLQVHFROXODO,9OHDHQ REOLJDWID&GHPDUHOH SURSULHWDUODRUHGHYHQ&vQSURGXVH8QSUHFXUVRUGHFLDOüHUEXOXL PHGLHYDOFHHDFHvQJHQHUHQXHFD]XOSHQWUXRVWDüXOURPDQHOLEHUDW GLQVHUYLFLXFDUHHUDRPOLEHUüLPLFSURSULHWDU
5RPDÍQWUR]LvüLYRUSURFODPDXQvPSUDWSURSULX FDUHVHYDGXFHV OXSWHSHFRQWLQHQWFXSUHWHQGHQ&LLYHQL&LGLQDOWHSURYLQFLL,PSHULXOYD SLHULvQXUPDDFHVWRUOXSWH3OHFDUHDOHJLXQLORUILHFVHGXFvQ*DOLDV OXSWHSHQWUXFDX]DJHQHUDOXOXLORUILHFOHFKHDPOD5RPDXQvPSUDW DMXQVODFDSWXOSXWHULORUYDILSHQWUX%ULWDQLDXQHYHQLPHQWFXDWkWPDL JUDYFXFkWHOHPHQWHOHFLYLOHDOHSRSXOD&LHLDXSLHUGXWvQGHFXUVXO vQGHOXQJDWHLSFLURPDQHWRDWHYLUWX&LOHU]ERLQLFH 1LFLERJDWXOSURSULHWDUGHYLOODQLFLIHUPLHULLGLQFWXQHOHFHOWLFH QLFLVFODYLLQXVXQWRüWHQL3ULPHMGLDFLYLOL]D&LLORUIHULFLWHHVWHDFHHDGHD IDFHSHFHW&HDQVXLWHFvQXOWLPDQDOL]OLEHUWDWHDGHSLQGHGH YDORDUHDVDPLOLWDU)HXGDOLWDWHDYDILQRXDIRUPSHFDUHRYDOXD DSUDUHDORFDOFkQGRFFLGHQWDOLLGXSDVSUHVXIHULQ&HYRUGHVFRSHULR GDWPDLPXOWQHFHVLWDWHDDFHVWHLD ,,,,QFXUVLXQLOHSLF&LORUüLVFR&LORUvQQRUGHUDXvQ%ULWDQLDURPDQ FDODPLW&LYHFKLüLDFFHSWDWH6SUHVIkUüLWXOVHFROXOXLDO,,,OHDDSDUH SHQWUXSULPDRDUXQQRXSHULFRO LQYDGDUHDFRDVWHORUGHFWUHEDUEDULL IUDQFLüLVD[RQL([LVWDWRWXüLRIORWURPDQvQVUFLQDWVVWHDGHSD] OD0DUHD1RUGXOXLüLOD&DQDOXO0kQHFLL &ODVVLV%ULWDQQLFD IUvQGRLDO FHUDQHvQGHVWXOWRDUHGHRDUHFHSHODLPSHULXOWUHEXLV QXPHDVFXQQRXDPLUDO&DUDXVLXVFDUHSULPLPLVLXQHDVSHFLDOGHD UHVSLQJHLQFXUVLXQLOHVD[RQH$FX]DWFHPDLDSULJODMHIXLUHDMHIXLWRULORU GHFkWvQDSUDUHDSURYLQFLHLDPHQLQ&DWFXRDQFKHW&DUDXVLXVVH UHYROWDQJDMvQ*DOLDPHUFHQDULIUDQFLüLSXVHWUXSHOHVDOHVO SURFODPHvPSUDW'HODSkQOD X]XUSDWRUXOSURWHJXLWGHIORWD VDGRPQLvQ%ULWDQLDüLRSDUWHD*DOLHL(RILJXUFLXGDWDFHVWvPSUDW FHOWFDUHDSXVVVHEDWSkQOD5RXHQPRQH]LJUDYDWHFXHILJLD %ULWDQLHLVSXQkQGXL ([SHFWDWHYHQLüLDOWHPRQH]LvQRQRDUHD5RPHL HWHUQH'DUVXFFHVXOHVFDSDGHLVDOHGRYHGHüWHVOELFLXQHDLPSHULXOXL 'XSFH'LRFOHWLDQUHVWDELOLvQVIkUüLWRUGLQHDSHQWUXDHYLWDDVHPHQHD SURQXQFLDPLHQWRVvQFHUFVvPSDUWSXWHUHDvQ%ULWDQLDvQWUHWUHL RDPHQL XQJXYHUQDWRUFLYLOXQFRPDQGDQWüHIVDX'X[%ULWDQQLDUXPüL XQ&RPHVOLWWRULVVD[RQLFLFRPLWHDOFRDVWHLVD[RQHFDUHGHSLQGHDGH SUHIHFWXO*DOLHLüLQXGHJXYHUQDWRUXO%ULWDQLHL$FHDVWUkQGXLDOGGX EXQHUH]XOWDWHGHDOXQJXOSULPHLMXPW&LDVHFROXOXLDO,9OHDüLLQ YD]LLOHvQFHWDU ,9Å6IkUüLWXOVWSkQLULLURPDQHvQ%ULWDQLDFRLQFLGHFXRDGHYUDW
$FHVWvPSUDWSURFODPDWGHOHJLXQLOHGLQ%ULWDQLDHVWHDFHODüL0DJQXV 0D[LPXVGHFDUHDXWRUXOYRUEHüWHFHYDPDLGHSDUWHvQSDUDJUDIXO,9 /DWLIXQGLHVFODYDJLVWURPDQ 9LQRFHODüWHSWDW
GH]OQ&XLUHGHWXOEXUULüLUVFRDOHPLOLWDUHFXDWkWPDLGHQHLHUWDWFX FkWLPSHULXOVHDIODDWXQFLvQWUXQPRPHQWGHPDUHSHULFRO3ULQ OHJLXQLOHGLQ%ULWDQLDSURFODPDUvPSUDWSHSRSXODUXOüLIRDUWHYDORURVXO ORUJHQHUDO0D[LPXVFDUHOVkQGvQ%ULWDQLDQXPDLJDUQL]RDQD]LGXOXL vüLGXVHVROGD&LLvQ*DOLDSHQWUXDODWDFDSHvPSUDWXO*UDWLDQÍO vQYLQVHGDUIXODUkQGXOVXEWXWGHvPSUDWXO7KHRGRVLXVDO,P SHULXOXLGHUVULWüLGHFDSLWDW/HJLXQLOHVDOHQXVDXPDLvQWRUVÅ8QD GLQWUHFHOHPDLIUXPRDVHSRYHVWLULDOHFHO&LORUGHVFULHDYHQWXULOHXQXL vPSUDWURPDQ0D[HQ:OHGLJ HYLGHQW0D[LPXV FDUHDGRUPLQGvQ WLPSXOXQHLYkQWRULüLYLVkQGRSULQ&HVPLQXQDWSRUQLvQFXWDUHDHL üLRJVLvQ%ULWDQLD2OXGHVR&LHüLvQO&%ULWDQLDSHFXOPLOHJORULHL GDU5RPDvOXLWDVHüLWUHEXLVüLSUVHDVFQRXOUHJDWüLV UHFXFHUHDVFLPSHULXO3HQWUXDFHDVWH[SHGL&LH%ULWDQLDvLRIHULOHJLXQL FDUHQXVDXPDLvQWRUVQLFLRGDW$UPDWDOXL0D[HQSRSXOHD]&DUD PRU&LORU8QGRFXPHQWRILFLDO UHGDFWDWvQWUHüL 1RWLWLD 'LJQLWDWXPPDLFLWHD]%ULWDQLDFDRSURYLQFLHFXQXPHURDVHXQLW&L URPDQHGDUFXVLJXUDQ&OLVWDORUQXHUDOD]LÍQUHDOLWDWHFHDPDLPDUH SDUWHDOHJLXQLORUSOHFDVHODVIkUüLWXOVHFROXOXLDO,9OHDVSUH&DUDPRU &LORU&kQGvQFHSXPDUHDLQYD]LHD5RPHLvQDQXO6WLOLFRQFRSOHüLW GHYDQGDOLüLEXUJXQ]LPDLFHUXRGDWvQWULUL%ULWDQLHL2üWHQLLFDUHDX UVSXQVDFHVWXLDSHOüLDXSUVLWLQVXODQXHUDXURPDQLFLEULWDQL 3URYLQFLDUPDVHDSURDSHIUDSUDUH 9&HVDvQWkPSODWDSRL"6HSDUHFSLF&LLüLVFR&LLDXGHYHQLWPDL vQGU]QH&LüLFSHQWUXDLFRPEDWHRFSHWHQLHEULWDQ9RUWLJHUQDUIL FKHPDWvQDMXWRUSHVD[RQLL+HQJHVWüL+RUVDüLOHDUILRIHULWQLüWH WHULWRULLvQVFKLPEXOVSDGHORU$FHüWLDGXSFXPVSXQHFURQLFDUXOFkQG VDXY]XWSHLQVXOVDXvQWRUVvPSRWULYDSDWURQXOXLORU$WUDüLGH DFHDVW&DUERJDWüLVODEDSUDWQYOLWRULLJHUPDQLGHYHQLUGLQFHvQ FHPDLQXPHURüL&XSULYLUHODDQXOVHFLWHüWHvQFURQLFDDQJORVD [RQ ÅÍQDQXODFHODURPDQLLVWUkQVHUWRDWHDYX&LLOHFDUHVHDIODXvQ %ULWDQLD2SDUWHOHDVFXQVHUvQSPkQW UHVWXOvOOXDUFXHLvQ*DOLD ÍQ]LOHOHQRDVWUHVDXGH]JURSDWPDLPXOWHGLQWUHDFHVWHFRPRULDOFWXLWH GLQRELHFWHGHDUJLQWüLDXU7RDWHGHVFRSHULULOHDUKHRORJLORUGRYHGHVFF vQWUHDJD&DUDIRVWDWXQFLFXSULQVGHJURD]9LOHOHüLFDVHOHGLVWUXVH SRDUWXUPHGHLQFHQGLX)HUHVWUHOHIXVHVHU]LGLWHvQJUDE6HJVHVF VFKHOHWHIUPRUPLQWH%HGDYHQHUDELOXOGHVFULHDVWIHOLQYD]LLOH Å(GLILFLLOHSXEOLFHüLSDUWLFXODUHDXIRVWGRERUkWHSUHR&LLXFLüLvQID&D DOWDUHORU'LQWUHDFHLFDUHDXSXWXWIXJLXQLLDXIRVWSULQüLvQPXQ&LüL PDVDFUD&L DO&LLvQIRPHWD&LVDXSUHGDWüLGDFQXHUDXRPRUk&LSHORF GHYHQHDXVFODYL,DUDO&LLFXLQLPDvQGXUHUDWDXIXJLWSHVWHPUL 8OWLPLLUPDüLDXGXVRYLD&QHQRURFLWSULQWUHVWkQFLüLPXQ&L&HD &OXJUüLvQY&DWFURQLFDUDQJORVD[RQ VDX
PDLPDUHSDUWHGLQWUHFHO&LVHUHIXJLDUvQUHJLXQLOHPXQWRDVHGLQYHVW XQGHVHPDLJVHVFüLDVW]LÅ6HRSULUDLFLODPDOXOPULLF&UkQGXVH SHVWkQFL'LQFRORvQFHSHDRDOWOXPH5PDVHUSHPDODüWHSWkQG EDUFDSRGDUXOXL6D[RQLLGGXUDFHVWRUUHIXJLD&LQXPHOHGHJDOL:HOVK DGLFVWULQL FXYkQWXOJHUPDQ:HOVFKH $O&LFHO&LHPLJUDUVSUH $UPRULFDXQDGLQWUHFHOHPDLSXVWLLSURYLQFLLDOH*DOLHLüLIXQGDUDFROR 0LFD%ULWDQLH /HJWXUDGLQWUHFHOHGRX%ULWDQLLIXGXUDELOÅ7ULVWDQHEULWDQ /DQFHORWDYHQLWGLQ)UDQ&DODFXUWHDOXL$UWKXUüL0HUOLQIDFHQDYHWD vQWUHFHOHGRX&UL 9,&XFHULUHDLQVXOHLGHFWUHVD[RQLDIRVWOHQWüLDSUDUHDHL DGHVHRULFXUDMRDVÍQ VIkQWXO*HUPDQXVHSLVFRSGH$X[HUUHVRVL OD9HUXODPLXPSHQWUXDFRQGXFHOXSWDvPSRWULYDHUH]LHLSHODJLHQHFHHD FHGRYHGHüWHFEULWDQLLPDLDYHDXUJD]VVHRFXSHüLGHWHRORJLHvQ WLPSXOLQYD]LLORUÍQYUHPHDFkQGHSLVFRSXOVHDIODDFRORVD[RQLLüLSLF&LL DPHQLQ&DXRUDüXOüLDWXQFLVIkQWXO*HUPDQXVOXFRPDQGDWUXSHORU RUJDQL]RDPEXVFDGüLODPRPHQWXOSULHOQLFvLDUXQFSHFUHüWLQL vPSRWULYDEDUEDULORUvQVWULJWXOGH$OHOXLD,HüLvQYLQJWRUÍQVHFROXODO 9,OHDXQUHJH$UWKXU VDX$UWRULXV PLWLFXOVXYHUDQFDUHDYHDV LQVSLUHSHSRH&LUHSXUWYLFWRULLvPSRWULYDQYOLWRULORU'DUvQFGHSH DWXQFLDQJOLLVD[RQLLüLLX&LLVXQWVWSkQLSHFHDPDLERJDWSDUWHD&ULL (XQPRWLYILUHVFGHXLPLUHGLVSDUL&LDDSURDSHWRWDODFLYLOL]D&LHLFHOWR URPDQHGLQ$QJOLDÍQ*DOLDPDLDOHVvQVXGRUDüHOHüLPRQXPHQWHOH URPDQHDXUPDVvQSLFLRDUH/DWLQDWkU]LHDIXUQL]DWSULQFLSDOHOH HOHPHQWHDOHOLPELLIUDQFH]H'DUvQ$QJOLDOLPEDMXODSVWUDWSX&LQH XUPHDOHVWSkQLULLURPDQH&XYLQWHOHHQJOH]HüWLGHRULJLQHODWLQVXQW VDXFXYLQWHüWLLQ&LILFHvQVXüLWHPXOWPDLWkU]LXVDXFXYLQWHIUDQFH]HFDUH GDWHD]GHODFXFHULUHDQRUPDQG ÍQWUHUDUHOHYRFDEXOHFDUHH[LVWGLQYUHPHDSULPHLFXFHULULURPDQH QXVHSRWFLWDGHFkW&DHVDUFXYkQWXQLYHUVDOVWUHHWVWUDG VWUDWDYLD FDUHVHUHJVHüWHvQ6WUDWIRUG PLOHFDUHHVWHPLODURPDQZDOOFDUHHVWH YDOOXPüLWHUPLQD&LDFKHVWHU FDVWUD 8QvPSUDWGUXPXULXQ]LGV ILHWRWFHOVDPRüWHQLUH5RPDGXSSDWUXVXWHGHDQLFHOHLPDL vQGHSUWDWHGLQWUHSURYLQFLLOHVDOH" 9,,Å/XFUXOFHOPDLLPSRUWDQWFHVHSRDWHREVHUYDFXSULYLUHOD )UDQ&DüL$QJOLDQXHIDSWXOFVHJVHVFDFRORPRQXPHQWHURPDQHFLF
(UH]LHUHOLJLRDVUVSkQGLWFXvQFHSHUHGHSULQVHFROXODO9OHDDOFUXL QXPHSURYLQHGHODLQL&LDWRUXOHL3HODJLXV FLUFD SHUVRQDMD FUXLELRJUDILHHVWHGHVWXOGHSX&LQFXQRVFXW VDDILUPDWSULQWUHDOWHOH FDIRVWRULJLQDUGLQ,VODQGDvQVQXDYHPFHUWLWXGLQHDDFHVWXLIDSW
HOHVXQWPRQXPHQWHURPDQHÍQPRüWHQLUHDOVDWGHURPDQL$QJOLDFD üL(XURSDvQWUHDJDJVLWFUHüWLQLVPXOüLLGHHDGHVWDW,PSHULXOüL SDFHDURPDQYRUUPkQHYLVXOGHIHULFLUHDOFHORUPDLEXQLVXYHUDQL EDUEDULÍQ,UODQGDvQ%DUD*DOLORUSUHR&LLüLFOXJULLYRUVDOYDFXOWXUD URPDQ&URQLFDUXO*LOGDV DSUR[LPDWLY FLWHD]SH9LUJLOLXüLFkQG YRUEHüWHGHODWLQVSXQH 1RVWUDOLQJXD&kWGHVSUHQLPLFLUHDWRWDOD FHO&LORUURPDQL]D&LWHRULHVFXPSRGLQLRDULVWRULFLORUVD[RQLHVWHRLGHH JUHXGHFRQFHSXW)DSWXOFUDUHOHFXYLQWHFHOWHFDUHDXVXSUDYLH&XLWvQ OLPEDHQJOH]VXQWFXYLQWHUHIHULWRDUHODYLD&DGRPHVWLFSDUHDGRYHGLF LQYDGDWRULLVHFVWRULVHUFXIHPHLLQGLJHQH'LQWUHEUED&LPXO&LDX IRVWPDVDFUD&LDO&LLFXVLJXUDQ&DXGHYHQLWVFODYLGDUODIHOFDüL RGLQLRDULEHULLFHO&LLQDXIRVWQLPLFL&L'DFHQJOH]XOPRGHUQHVWHDWkW GHSURIXQGGHRVHELWGHJHUPDQOXFUXOVHH[SOLFvQSDUWHSULQDFHHDF FXFHULUHDQRUPDQGDIRVWSHQWUXHORDGRXDFXFHULUHODWLQLDUvQSDUWH SHQWUXFVkQJHOHQYOLWRULORUJHUPDQLVDDPHVWHFDWvQWURSURSRU&LH GHVWXOGHPDUHFXVkQJHOHVHPLQ&LLORUFDUHvLSUHFHGDVHU 9, $1*/,,,8%,,û,6$;21,, ,Å7UXSXULvQDOWHüLDOEHRFKLDOEDüWULFUkQFHQLüLSUXOGHXQEORQG URüLHWLF VWRPDFXULQHV&LRDVHYHüQLFvQIRPHWDWHvQILHUEkQWDWHFX EXWXULWDUL WLQHULWUH]L&LWkU]LXODGUDJRVWH LQüLFDUHEHDXFXQHUXüLQDUH ]LüLQRDSWH6D[RQLLüLDQJOLLDXWHPSHUDPHQWHYLROHQWH/HYRUSVWUD GXSFLQFLVSUH]HFHVHFROHFDUDFWHUXOORUFXWRDWHUHJXOLOHVWULFWHDOH XQXLFRGSURWRFRODUQVFXWGLQDFHDVWYLROHQ&vQVüLYDUPkQHPDL SX&LQVXSOXGHFkWDFHODDOXQXLFHOWVDXDOXQXLODWLQÍQWLPSXOLQ YD]LLORUHLDFRUGSX&LQLPSRUWDQ&YLH&LORURPHQHüWL3OFHUHDORU IDYRULWHVWHU]ERLXO,VWRULDORUVHDPQFXÅDFHHDDFRUELORUüLDJLORU 'DUÅGLQFRORGHDFHDVWEDUEDULHQDWLYH[LVWvQFOLQD&LLQRELOHüLPDL DOHVÅRDQXPLWVHULR]LWDWHFDUHLIHUHüWHGHVHQWLPHQWHIULYROH)HPHLOH ODHLVXQWFDVWHüLFVWRULLOHSXUH%UEDWXOGXSFHüLDDOHVR FSHWHQLHvLUPkQHFUHGLQFLRV&UXGID&GHGXüPDQHOVHGRYHGHüWH ORLDOvQFDGUXOJUXSXOXLVXÅ%UEDWXOGLQDFHDVWUDVSRDWHDFFHSWDXQ VXSHULRUHVWHFDSDELOGHGHYRWDPHQWüLGHUHVSHFW3XVODvQFHUFDUHGH vQIULFRüWRDUHDIRU&DQDWXULLPDLPXOWGHFkWORFXLWRULLGLQ&ULFXR FOLPPDLEOkQGHOHVWHUHOLJLRV$UHRLPDJLQD&LHH[DOWDWüLWULVW 3XVWLXULOHvQFDUHDWULWVXQWGLIHULWHGHDFHOHDvQFDUHVD]PLVOLWDVSUD 5HPDUFPDUJXPHQWDUHDGHEXQVLP&DDXWRUXOXLDMXQJkQGOD DFHHDüLFRQFOX]LHODFDUHDDMXQVüLLVWRULRJUDILDQRDVWUvQSUREOHPD VLPLODUDSUHWLQVHLÅH[WHUPLQULWRWDOHDGDFLORU
SRH]LHELEOLFHOHvQVODXSUHJWLWVRvQ&HOHDJ&kQGYDGHVFRSHUL %LEOLDYDFSWDRSDVLXQHVLQFHUüLGXUDELOSHQWUXÅ&DUWHDFU&LORU ,,(XüRUV&LLPDJLQH]LRGHEDUFDUHDXQHLEDQGHGHVD[RQL ÍPSLQüLGHPDUHHVSUHXQHVWXDUEDUEDULLXUFXQUkXVDXPHUJGHD OXQJXOXQXLGUXPURPDQ JVHVFRYLOODvQFRQMXUDWGHRJRDUHOHVDOHVDX FROLEHOHXQXLFWXQFHOW1LFLXQ&LSWQLFLXQJODVÍQID&DXüLORU FDGDYUH UHVWXOORFXLWRULORUDXIXJLW&HDWDHvQIRPHWDW DXPDLUPDV FkWHYDSVULFkWHYDDQLPDOH VHYRURSULDLFLüLGHRDUHFHSPkQWXOH GHV&HOHQLWvOYRUFXOWLYD'DUVD[RQLLVHIHUHVFVVHVWDELOHDVFvQYLOOD URPDQ0DLvQWkLFHSHMXPWDWHDUVüLDSRLFXVLJXUDQ&EDUEDULL DFHüWLDVXSHUVWL&LRüLVHüLWHPGHXPEUHOHVWSkQLORUDVDVLQD&L&XDWkW PDLSX&LQRDPHQLLDFHüWLDRELüQXL&LVWULDVFvQDHUOLEHU&UDQL YkQWRULSGXUDULVHYRUGXFHVORFXLDVFvQRUDüH'XSVFXUWWLPS PLFLOHFHW&LURPDQHYRUILDEDQGRQDWH*HUPDQLLDMXQüLvQWUR&DU QRXvüLUHVSHFWYHFKLOHORURELFHLXUL'RERDUFRSDFLüLFRQVWUXLHVFR FDVGLQWUXQFKLXULGHDUERULSHQWUXüHIXOWULEXOXLQRELOXOLDUSHQWUXHL vQüLüLEDUFLGHSLRQLHUL3HQWUXUHSDUWL]DUHDSPkQWXULORUEDQGDYD XUPDWUDGL&LDJHUPDQLF6DWXO WRZQWRZQVKLSGHODFXYkQWXOVD[RQ WXQJDUG YDILSURSULHWDUXOFROHFWLYDOFkPSXULORUGDUILHFDUHYDDYHD SDUWHDVDGHWHUPLQDW∗ÍQDLQWHGHYHQLUHDURPDQLORUFHO&LLFXOWLYDX SPkQWXOvQWUXQPRGSULPLWLY'HV&HOHQHDXXQFkPSVHPQDX UHFROWDXüLGXSFHSPkQWXOHUDVHFWXLWSRUQHDXPDLGHSDUWH6D[RQLL DXPHWRGHPDLHILFLHQWH/DXQHOHWULEXULRJRDUHOHFRPXQHLVXQW vPSU&LWHvQWUHLFkPSXULGLQFDUHXQXOYDILOVDWvQSkUORDJWLPSGHXQ DQSHQWUXFDSPkQWXOVüLUHFDSHWHYLJRDUHD3HQWUXGHV&HOHQLUHD VROXOXLVHGIRFLHUEXULORUDFURUFHQXüVHUYHüWHGHvQJUüPkQW$SRL VHvPSDUWHILHFDUHGLQWUHFHOHWUHLFkPSXULFRPXQHvQSDUFHOHVHSDUDWH SULQIküLLvQJXVWHGHLDUE3DUFHOHOHDWULEXLWHILHFUHLIDPLOLLVXQW UHSDUWL]DWHvQORFXULGLIHULWHDOHFHORUWUHLFkPSXULDVWIHOFDWR&LVDLE SDUWHHJDOGLQSPkQWXOEXQüLGLQFHOUXûLSüXQLOHVXQWvPSU&LWH SkQvQ]LXDFRVLWXOXLÍQVIkUüLWVHvPSUHMPXLHüWHRSGXUHFRPXQvQ FDUHSRUFLLYRUJVLJKLQGüLRDPHQLLYUHDVFXUL
3DJLQGHUDUILQH&HvQFDUHIRORVLQGFXPLHVWULHWH[WHOHFURQLFUHüWL SULYLWRDUHODDQJORVD[RQLDXWRUXOVWDELOHüWHRSDUDOHOVXEWLOvQWUH FDUDFWHUXODFHVWRUDüLDOHQJOH]LORUGHD]LYRLQGVVXJHUH]HXQHOH HOHPHQWHGHPRüWHQLUHDQFHVWUDOvQFDUDFWHUHOHQD&LRQDOHDOHXOWLPLORU ∗ )LUHüWHFDFHDVWVFKL&HVWHVFKHPDWLF,QYDGDWRULLHUDXIRDUWH GHRVHEL&LXQLLGHDO&LLÍQPDLPXOWHUHJLXQLQLFLQXDXH[LVWDWFkPSXUL FROHFWLYHGDUFHOHFHXUPHD]GDXRRDUHFDUHLGHHGHPRGXOFHOPDL VLPSOXvQFDUHVHGHVIüXUDXOXFUXULOHQD
,,,2FRPXQLWDWHUXUDOGH]HFHSkQODWUHL]HFLGHIDPLOLLLDWFHH VDWXOFHOXODYLH&LLDQJORVD[RQH(DHDGPLQLVWUDWGLQSXQFWGHYHGHUH HFRQRPLFGHRPLFDGXQDUHGHQXPLWPRRWFDUHVHvQWUXQHüWHVXEXQ FRSDFVDXSHRFROLQXQGHVHGHFLGHUHSDUWL]DUHDFkPSXULORUQXPUXO YLWHORUSHFDUHHVWHvQGUHSW&LWVOWULPLWILHFDUHODSüXQLOHFRPXQH UHWULEX&LDDFRUGDWSVWRULORUüLFLREDQLORUFRPXQLW&LL7RWDLFLVH GHVHPQHD]UHSUH]HQWDQWXORILFLDODOVDWXOXLUHHYHFDUHHVWHvQDFHODüL WLPSSULPDUüLDGPLQLVWUDWRUDOGRPHQLXOXLFRPXQDOXQZRRGUHHYH FDUHVHYDRFXSDGHSGXULSUHFXPüLSHSOXJDUXOFDUHYDPkQDSOXJXO FRPXQDO0DLWRWGHDXQDVHDIOvQVDWüLXQQRELOWKHJQVDXWKDQH FSHWHQLHGHU]ERLFDUHDUHGUHSWXOGHDFHUHUHGHYHQ&HvQQDWXUVDXvQ PXQFÍQDFHOHYUHPLSULPLWLYHFODVHOHVRFLHW&LLVXQWGHVWXOGHYDJ GHILQLWH0DLMRVGHQRELOHVWHRPXOOLEHUFDUHQXGDWRUHD]QLPLF QRELOXOXLSHQWUXSPkQWXULOHVDOHvQDIDUGHWULQRGDQHFHVVLWDVDGLF VHUYLFLXOGHU]ERLUHSDUD&LDGUXPXULORUüLDSRGXULORU $SRLYLQDOWHFODVHüLSWXULFDUHYDULD]GXSORFüLWLPSüLDFURU WUVWXUFRPXQHVWHFFHLFDUHIDFSDUWHGLQHOHGDWRUHD]R UHGHYHQ&vQQDWXUVDXvQPXQFÍQVIkUüLWPXOWHVDWHDXVFODYLLORU SRDWHGHVFHQGHQ&LDLFDSWLYLORUFUX&D&LFDUHYRUGLVSUHDvQWUHVHFROXODO ;OHDüLDO;,OHD ,9(SUREDELOFvQPRPHQWXOYHQLULLDQJORVD[RQLORUILHFDUHWULE QRXFDUHGHEDUFDDYHDüHIXOVDXUHJHOHVXGHFDUHWKDQHLLHUDXOHJD&L SULQFUHGLQ&SHUVRQDO3X&LQFkWHSX&LQSULQFXFHULULFVWRULL GHIULüULGHWHUHQXULVDXFUHDWIRUPD&LXQLVWDWDOHPDLPDUL2SXWHUH FHQWUDOHPEULRQDUDSXWXWLPSXQHDFHOPLQLPXPGHRUJDQL]DUH DGPLQLVWUDWLYIUGHFDUHQXSRDWHILUHFUXWDWRDUPDWQLFLSHUFHSXW YUHXQWULEXWÍQVHFROXODO9,,OHDH[LVWDXvQFvQ$QJOLDüDSWHUHJDWHÍQ VHFROXODO9,,,OHDPDLVXE]LVWWUHL ODQRUG1RUWKXPEULD vQFHQWUX 0HUFLD ODVXGGH7DPLVD:HVVH[ÍQVHFROXODO,;OHDUPkQHQXPDL :HVVH[ÍQILHFDUHUHJDWUHJHOHGHVFLQGHWRWGHDXQDGLQDFHHDüLIDPLOLH VDFUGDUGLQWUHPHPEULLDFHVWHLIDPLOLLFRQVLOLXOvQ&HOHS&LORUVDX:LWDQ SRDWHDOHJHvQWURDQXPLWPVXU&RQVLOLXOQXHVWHRDGXQDUHUH SUH]HQWDWLYRSUHILJXUDUHDSDUODPHQWXOXLVDXD&DPHUHLORU]LORU1LFL PFDUQXHVWHRDGXQDUHGHSDLULHUHGLWDUL5HJHOHFKHDPDFROR SULQFLSDOHOHFSHWHQLLLDUPDLWkU]LXGXSFHJHUPDQLLVHYRUILFRQYHUWLW SHDUKLHSLVFRSLHSLVFRSLüLDED&L&RQVLOLXOvQ&HOHS&LORUFDUHHVWHSX&LQ QXPHURVFRQVWLWXLHüLFHDPDLvQDOWFXUWHGHMXVWL&LH3RDWHVvQOWXUH XQUHJHLQFDSDELOVDXVUHIX]HPDLDOHVvQWLPSGHU]ERLvQFUHGLQ&DUHD UHJDWXOXLXQXLPLQRU$üDGDUPRQDUKLDHVWHSHMXPWDWHHOHFWLYGDU DOHJHUHDVHIDFHGLQWUHPHPEULLXQHLDQXPLWHIDPLOLL5HJDWXOHVWH vPSU&LWvQVKLUHVGHXQGHQXPHOHFRPLWDWHORUHQJOH]H :LOWVKLUH 2[IRUGVKLUH
VKLUHUHSUH]LQWPDLDOHVRXQLWDWHMXULGLF HVWHVHGLXOXQHLFXU&LGH MXVWL&LHXQGHILHFDUHVDWvüLWULPLWHGHPDLPXOWHRULSHDQUHSUH]HQWDQ&LL VL&XUkQGUHJHOHDYHDVILHUHSUH]HQWDWDFRORSULQWUXQVKHULIISHFkQG HDOGRUPDQXODYHDVILHXQIHOGHJXYHUQDWRUORFDOüHIPLOLWDUüLWRWRGDW SUHüHGLQWHDOFXU&LL8QVKLUHVHFRPSXQHGLQKXQGUHGV FDUHVXQWVDX JUXSHGHRVXWGHIDPLOLLVDXJUXSHFDUHIXUQL]HD]RVXWGHVROGD&L $FHVWHKXQGUHGVODUkQGXOORUVHVXEGLYLGvQWXQVVDXVDWH'DU vPSU&LULOHDGPLQLVWUDWLYHPXOWYUHPHFRQIX]HQXYRUGHYHQLSUHFLVHüL VWDELOHGHFkWGXSPDLPXOWHVHFROHGHRUJDQL]DUH 9-XVWL&LDRGLVWULEXLDRDGXQDUHFXUWHDVKLUHXOXLüLQXFDOD URPDQLXQPDJLVWUDWUHSUH]HQWkQGSXWHUHDFHQWUDO&XPvüLSURQXQ&D DGXQDUHDKRWUkULOHVDOH"1XüWLP)UvQGRLDOFDYHDXORFGLVFX&LLüL VHIRUPDDSRLvQWUXQIHORDUHFDUHRPDMRULWDWH&ULPHOHFHOHPDL RELüQXLWHHUDXRPXFLGHUHDIXUWXOFXPkQDvQDUPDWüLFHUWXULOHYLROHQWH 3HGHDSVDVHPUHDSURSRU&LRQDOFXQXPUXOYLQRYD&LORU/HJLOHVD[RQXOXL ,QD ILQHOHVHFROXOXLDO9,,OHD VSXQ Å1XPLPKR&LSHDFHLDDOFURUJUXS QXLIRUPDWGLQPDLPXOWGHüDSWHSHUVRDQH GDFVXQWvQWUHüDSWHüL WUHL]HFLüLFLQFLFRQVWLWXLHREDQG GDFVXQWPDLPXOWGHWUHL]HFLüL FLQFLFRQVWLWXLHRDUPDW&ULPHOHHUDXVRFRWLWHPDLJUDYHGDFYLRODX SDFHDUHJHOXLDGLFVHFRPLWHDXvQID&DOXLVDXvQYHFLQWDWHDORFXOXL XQGHVHDIOD Å'DFXQRPVHEDWHvQFDVDUHJHOXLSRDWHVüLSLDUGWRDWH EXQXULOHüLYLD&DOXLHODGLVFUH&LDVXYHUDQXOXL GDFVHEDWHvQWUR ELVHULFYDSOWLRVXWGRX]HFLGHüLOLQJL GDFIDSWXOVHvQWkPSOvQ FDVDXQXLHDOGRUPDQYDSOWLüDL]HFLGHüLOLQJLHDOGRUPDQXOXLüLüDL]HFL UHJHOXL'DFVHEDWHvQFDVDXQXL&UDQYDSOWLRVXWGRX]HFLGH üLOLQJLUHJHOXLüLüDVH&UDQXOXL6HVWDELOHDSHQWUXILHFDUHLQVXQ ZHUJHOG VDXZHUJLOG DGLFRYDORDUHSHUVRQDOFHWUHEXLDSOWLW IDPLOLHLVDOHGDFHUDXFLV GHDOWIHOHUDüLVXPDSHFDUHWUHEXLDVRSO WHDVFHOvQVXüLUHJHOXLSHQWUXDUVFXPSUDSURSULDVDYLD&:HUJHOGXO QRELOXOXLHUDGHüDVHRULPDLPDUHGHFkWDOXQXLRPOLEHUüLMXUPkQWXO VXDYHDRYDORDUHGHüDVHRULPDLPDUH:HUJHOGXOHVWHLQGLFLXOXQHL VRFLHW&LvQFDUHWULEXOJUXSXOGHRDPHQLOHJD&LvQWUHHLSULQVkQJHHVWH PDLLPSRUWDQWGHFkWLQGLYLGXO2ULFHSULHWHQLHRULFHXURULFH GHVSJXELUHHVWHFROHFWLY 9,%DODQ&DMXVWL&LHLFkQWUHDSHDWXQFLQXSUREHFLMXUPLQWH &XUWHDQXDXGLDPDUWRULUHFODPDQWXOüLSkUkWXOWUHEXLDXVDGXF RDPHQLGLVSXüLVMXUHvQIDYRDUHDORU9DORDUHDMXUPkQWXOXLHUDSURSRU
,QDVDX,QLUHJHvQ:HVVH[ /HJLOHVDOHDOFWXLWHvQWUH üL VXQWSULQWUHFHOHPDLYHFKLPRQXPHQWHMXULGLFHDQJORVD[RQH
&LRQDOFXVXSUDID&DSURSULHW&LLPDUWRUXOXL8QRPDFX]DWGHIXUWvQ EDQGWUHEXLDSHQWUXDVHGLVFXOSDVSURGXFMXUPLQWHGHRYDORDUH WRWDOGHRVXWGRX]HFLGHKLGHV XQKLGHILLQGXQLWDWHDWHULWRULDO HFKLYDOHQWFXQHFHVDUXOvQWUH&LQHULLXQHLIDPLOLL 3RDWHSUHDFLXGDW DFHDVWvQVXPDUHGHMXUPLQWHGDUVSHUMXUXOHUDGHVLJXUIRDUWHUDU SULQWUHDFHüWLRDPHQLFDUHFUHGHDXvQPLUDFROHSHUVRQDOHüLSHGHDOW SDUWHvQWURFRPXQLWDWHUHVWUkQVXQGHYHFLQLLFXQRüWHDXWRWGHDXQD DGHYUXOvQWURPVXUPDLPDUHVDXPDLPLF&LQHHUDFXQRVFXW SHQWUXDSXFWXULOHVDOHUHOHQXJVHDPDUWRULÍQOLSVDMXUPLQWHORUVH UHFXUJHDODMXGHFDWDSULQDS DFX]DWXOFXPkLQLOHüLSLFLRDUHOHOHJDWH HUDDUXQFDWvQWUXQODFELQHFXYkQWDWvQSUHDODELOüLUHFXQRVFXWFD QHYLQRYDWGDFVHGXFHDODIXQGVHPQFDSDYRLDVOSULPHDVF VDXOD MXGHFDWDSULQILHUXOURüX DFX]DWXOWUHEXLDV&LQILHUXOODRDQXPLW GLVWDQ&YLQRY&LDVDXQHYLQRY&LDVDILLQGGHWHUPLQDWGHDVSHFWXO DUVXULLGXSXQDQXPLWQXPUGH]LOH 'XSFXFHULUHDQRUPDQGvQFD] GHFRQIOLFWFXSULYLUHODSURSULHWDWHDXQXLWHUHQVHUHFXUJHDODRUGDOLD SULQOXSW FHLGRLDGYHUVDULvQDUPD&LQXPDLFXFkWHRSDY]üLXQFLR PDJVHEWHDXSkQFHXQXOGLQWUHHLDMXQJkQGODFDSWXOSXWHULORU FHUHDvQGXUDUH 9,,7RDWHDFHVWHWUVWXULVFKL&HD]RVRFLHWDWHEUXWDOJURVRODQ GDUSURIXQGFLQVWLWüLDOHFUHLLQVWLWX&LLFRQ&LQHDXJHUPHQLLXQHL SXWHUQLFHYLH&LORFDOHÅ'DF+HQJHVWüL+RUVDQXYRUILDGXVFXHLDüD FXPDXvQFHUFDWXQLLVQHvQFUHGLQ&H]HQLFLFLRUQD'HFODUD&LHL GUHSWXULORUGLQQLFLDFHHDD$FWXOXLGLQ SHQWUXLQVWLWXLUHD FXU&LORUGHMXGHFDWvQGLVWULFWHOHUXUDOHHLDXLQWURGXVWRWXüLvQ$QJOLD FkWHYDX]DQ&HIRORVLWRDUH9RPREVHUYDVWXGLLQGXOHLVWRULDFvQWRW WLPSXOGXUDWHLYLH&LLORUQD&LRQDOHDQJORVD[RQLLDXSVWUDWJXVWXOSHQWUX ÅFRPLWHWHJUXSXULGHRDPHQLFDUHvQFHUFDXVUH]ROYHJUHXW&LOHYLH&LL FRWLGLHQHSULQGH]EDWHULSXEOLFHGXFkQGDSURDSHWRWGHDXQDODXQ FRPSURPLVÍQFOLQD&LDDFHDVWDFDUHLDIHULWDGHVHDGHU]ERLFLYLOOHD YHQLWvQSDUWHGHDFRORFGHODvQFHSXWXOH[LVWHQ&HLORUQD&LRQDOHvQ PRRWXULOHVDWXOXLüLvQFXU&LOHFRPLWDWHORUGHSULQVHVHUH[FHOHQWXORELFHL GHDWUDWDSHORFIUDUHFXUJHODRELURFUD&LHFHQWUDOXQPDUHQXPU GHSUREOHPHDGPLQLVWUDWLYHüLMXGLFLDUH 9,, &219(57,5($$1*/26$;21,/25 ,5HOLJLDDQJORVD[RQLORUQXHUDOLSVLWGHRIUXPXVH&HDVSU(DHUD FRQVWLWXLWGLQDQVDPEOXOOHJHQGHORUSRYHVWLWHvQ(GGD%LEOLDQRUGXOXL =HLL2GLQ7KRU)UH\D FDUHDXGDWvQHQJOH]HüWHQXPHOHORUXQRU]LOHDOH VSWPkQL :HGQHVGD\7KXUVGD\)ULGD\ WULDXvQ:DOKDOODSDUDGLVXO
vQFDUHIHFLRDUHU]ERLQLFH9DONLULLWUDQVSRUWDXOXSWWRULLXFLüLSH FkPSXOGHEWDLH$VWIHOFHLYLWHMLHUDXUHFRPSHQVD&LWUGWRULLüL PLQFLQRüLLSHGHSVL&LFHLYLROHQ&LLHUWD&L5HOLJLDSLHUGXPXOWGLQSUHVWLJLXO VXSULQHPLJUDUH(UDOHJDWGHPHOHDJXULOHSGXULOHIOXYLLOH *HUPDQLHL:LHODQGIXUDUXOQXPDLHUDvQ%ULWDQLDGHFkWXQVLPSOX H[LODW7DJPDSUHR&LORUHUDODVD[RQLSX&LQQXPHURDVüLVODERUJDQL]DW 1XSDUHVILRSXVRUH]LVWHQ&HQHUJLFvQPRPHQWXOvQFDUHFUHüWLQLVPXO DIRVWLQWURGXVvQ$QJOLD6LQJXUXOGLVFXUVDOXQXLPDUHSUHRWEDUEDU FDUHQHDIRVWSVWUDWGHLVWRULFXO%HGDFRQ&LQHRDFFHSWDUHVFHSWLFüL GHVFXUDMDW'HDOWIHOUHJLLDQJOLORUüLVD[RQLORUüWLDXvQFHSkQGGLQ VHFROXODO9,OHDFIUD&LLORUGHDFHHDüLVHPLQ&LHGLQ*DOLDüL,WDOLDVH FRQYHUWLVHU$FHVWH[HPSOXvLvQGHPQDODEXQYRLQ&%LVHULFD5RPHL HUDvQFRQMXUDWGHSUHVWLJLXOIRDUWHPDUHvQFDOLPSHULXOXL HUD PRüWHQLWRDUHDFXOWXULLDQWLFHüLDVSLULWXOXLGHRUJDQL]DUHPHGLWHUDQHDQ /DPLFLOHFXU&LDQJORVD[RQHPLVLXQLOHFUHüWLQHDXIRVWSULPLWHFX vQJGXLQ&DGHVHDFXUHVSHFW ,,&RQYHUWLUHD$QJOLHLDIRVWRSHUDDGRXJUXSXULGHPLVLRQDUL YHQL&LXQLLGLQ&ULOHFHOWLFHPDLDOHVGLQ,UODQGDDO&LLGLQ5RPD'XS SOHFDUHDURPDQLORU%DUD*DOLORUUPVHVHvQPDUHSDUWHFUHüWLQÍQ ,UODQGDVIkQWXO3DWULFN URPDQXO3DWULFLXV FRQYHUWLVHODFUHüWLQLVP WULEXULOHFHOWHüLIRQGDVHPQVWLULOHXQGHVDXUHIXJLDWPDLWkU]LX SHQWUXDVFSDGHEDUEDULDSRLGHVDUD]LQLVDYDQ&LLGHSHFRQWLQHQW'LQ DFHVWHDüH]ULPRQDKDOHDXSOHFDWVILQ&LLFDUHLDXFRQYHUWLWSHFHO&LLGLQ 6FR&LDGLQWUHFDUHFHOPDLFHOHEUXDIRVWVIkQWXO&ROXPED&UHüWLQLVPXO SWUXQVHVHDGkQFvQVXIOHWXOFHO&LORUPLVWLFLGLQILUHÍQ&ULOHFHOWLFH ,UODQGD%DUD*DOLORU6FR&LDVHIRUPDVHRELVHULFQD&LRQDO LQGHSHQGHQWGHELVHULFDURPDQüLFDUHVHVWUGXLDVVHPHQHFX ELVHULFDSULPLWLY&OXJULLGLQ,UODQGDIXUYUHPHvQGHOXQJDWQLüWH VFKLYQLFLFDUHWULDXFDüLDFHLDGLQ7HEDLGDvQFROLEHL]RODWH QXPDL QHYRLDGHVLJXUDQ&LDVLOLWVDFFHSWHDüH]DUHDDFHVWRUFKLOLLvQWUXQORF vPSUHMPXLWüLDXWRULWDWHDXQXLVWDUH&ÍQ,UODQGDQXHUDLQWHU]LV FVWRULDFOXJULORUüLGHDOWIHOQLFLFHDDSUHR&LORUPLUHQL%LVHULFLOH HUDXJRDOHIUDOWDUH3UHR&LLvLERWH]DXSHDGXO&LSHPDOXOUkXULORU /LWXUJKLDVHURVWHDvQOLPEDSRSRUXOXLüLQXvQODWLQ3UHR&LLWULDXvQ VUFLHüLGGHDXGHSRPDQWRDWHGDUXULOHFDUHOLVHIFHDXÍQVIkUüLW ]LOHOHGHSDüWLHUDXIL[DWHGXSRELFHLXULYHFKLDVWIHOFVUEWRDUHDQX FRLQFLGHDODFHO&LFXSDüWLOHURPDQ 6DXPDLH[DFW9|OXQGSHUVRQDMGLQOHJHQGHOHPLWRORJLFHJHUPDQH FRQVHPQDWHvQÅ(GGD([LVWFKLDUGRXSHUVRQDMHFXDFHVWQXPHXQXO DUFDüQHvQWUHFXWSDUFDILFRQWULEXLWODIRUPDUHDOHJHQGHLGHVSUH :LOKHOP7HOOSHFkQGDOGRLOHDHVWHHFKLYDOHQWFX]HXOJUHFRURPDQ +HSKDLVWRVVDX9XOFDQ
,,,ÍQWUHWLPSELVHULFD5RPHLvüLJVLVHXQüHI3DSD*ULJRUHFHO 0DUHDULVWRFUDWURPDQFDUHRFXSDVHODvQFHSXWGHPQLW&LFLYLOHüWLXV DVLJXUHSDSDOLW&LLVXFFHVLXQHDSURYL]RULHD,PSHULXOXLGHDSXV(UD QHFHVDUFDYHFKHDIXQF&LHDvPSUDWXOXLVILHvQGHSOLQLWILHGHXQSUHRW ILHGHXQRüWHDQ'XSLQYD]LDORPEDU]LORU,WDOLDF]XVHSUDGDQDUKLHL 5RPDüL1HDSROHPXUHDXGHIRDPHÅ8QGHHVWHSRSRUXO"VHvQWUHED *ULJRUH8QGHHVWHVHQDWXO"6HQDWXOQXPDLHVWHSRSRUXODSLHULW &RQüWLHQWGHSHULFRODüWLXWVLIDFID&&RQGXFWRUVSLULWXDOHODOXDW vQPkLQLOHVDOHüLDGPLQLVWUD&LDWHPSRUDOD5RPHL'LVSXQkQGGLQ EHOüXJGHGDUXULSULPLWHGHODFUHGLQFLRüLLVLGLQ*DOLD$IULFD'DOPD&LD HOOHDIRORVLWFDVKUQHDVFSRSRUXOURPDQ$FHVWPDUHRPGHDF&LXQH HUDüLXQDUWLVW6XELQVSLUD&LDOXLVDGH]YROWDWFkQWXOJUHJRULDQüLVD VWDWRUQLFLWIUXPRVXOFHUHPRQLDODOELVHULFLLFDUHLDLPSUHVLRQDWDWkWGH PXOWSHEDUEDUL3HQWUXSURSRYGXLUHDUHOLJLHLvQVWDWHOHQRXFUHDWHVD IRORVLWPDLDOHVGHFOXJUL6IkQWXO%HQHGLFWIRQGDVHODvQFHSXWXO VHFROXOXLRUGLQXOEHQHGLFWLQLORUFDUHvPELQDPXQFDPDQXDOFXPXQFD LQWHOHFWXDO HOLQWURGXVHVHOHJPLQWHOHSHUSHWXHQRYLFLDWXOHOLJLELOLWDWHD VWDUH&XOXL UHIRUPHOHVDOHDXDWUDVvQPkQVWLULHOLWDJHQHUD&LHL*ULJRUH vQFUHGLQ&EHQHGLFWLQLORUQHQXPUDWHPLVLXQL3HXQXOGLQWUHFOXJULL ORUSULRUXO$XJXVWLQODvQVUFLQDWFXHYDQJKHOL]DUHD$QJOLHL ,96HFXQRDüWHDQHFGRWDFODVLF3DSDWUHFkQGSULQWkUJXOGHVFODYL DO5RPHLYHGHQLüWHWLQHULFXSUEORQGFXSLHOHDPLQXQDWGHDOEüL vQWUHDEGHXQGHYLQ Å6XQWDQJOLGLQ%ULWDQLDLVHVSXQH1RQ$QJOL VHG$QJHOLUVSXQGH*ULJRUH$XIH&HGHvQJHULüLDUWUHEXLVVWHD DOWXULGHvQJHULLGLQFHU 3HQWUXDLFUHüWLQDSHSJkQLSDSD WUHEXLDVVHEL]XLHSHIHPHLvQDFHHDüLPVXUvQFDUHVHVSULMLQHDSH FOXJULÍQ$QJOLDUHJHOHGLQ.HQWOXDVHvQFVWRULHSHILLFDFUHüWLQD UHJHOXLGLQ3DULVüLvQJGXLVHVR&LHLVDOHVüLDGXFXQFDSHODQ (LLVHDGUHVDUPDLvQWkLSULRUXO$XJXVWLQüLFHLSDWUX]HFLGH FOXJULDLVLIRDUWHvQIULFRüD&LFVHJVHDXvQWUR&DUSHFDUHR FUHGHDXVOEDWLF(LIXUvQGDWSULPL&LvQFDSLWDOD.HQWXOXL &DQWHUEXU\3DSDOHGGXVHFHOHPDLvQ&HOHSWHVIDWXULÍQDLQWHGHWRDWHQX WUHEXLDXVWXOEXUHFkWXüLGHSX&LQRELFHLXULOHSJkQLORU Å1XWHXUFLSH YkUIXOXQXLPXQWHVULQGFLvQFHWvQFHWSDVFXSDVÍQSULPXOUkQG WUHEXLHVWHIHUHüWLVGLVWUXJLWHPSOHOHvQFDUHVHDIOLGROLL QXWUHEXLH GLVWUXüLGHFkWLGROLLDSRLVVHSUHJWHDVFDSVILQ&LWVVHVWURSHDVF WHPSOHOHüLVVHDGXFvQILHFDUHUHOLFYH'DFWHPSOHOHVXQWELQH FRQVWUXLWHHXQOXFUXEXQüLIRORVLWRUFDHOHVWUHDFGHODFXOWXO GHPRQLORUvQVOXMEDDGHYUDWXOXL'XPQH]HX FFLDWkWDWLPSFkWSRSRUXO YDYHGHDFGLQXLHYHFKLOHORFDüXULGHUXJFLXQHYDILPDLvQFOLQDWVVH GXFODWHPSOXvQYLUWXWHDRELFHLXOXLFDVODGRUHSHDGHYUDWXO *UDGvQLHUDUKLDPRQDKDOXQIHOGHYLFDUDODEDWHOXL VWDUH&XOXL
'XPQH]HX0HWRGDDFHDVWDvPSFLXLWRDUHUHXüLüLUHJHOH.HQWXOXLVH FRQYHUWL3DSDWULPLVHOXL$XJXVWLQSDOOLXPXOVLPEROXODXWRULW&LLvO vPSXWHUQLFLVQXPHDVFHSLVFRSLvQ$QJOLDvOVIWXLVüLDüH]H DUKLHSLVFRSDWXOvQPRGWHPSRUDUOD&DQWHUEXU\üLVOPXWHOD/RQGUD GHvQGDWFHRUDüXOYDILFRQYHUWLW'DUQLPLFQXLPDLGXUDELOGHFkW SURYL]RUDWXO &DQWHUEXU\UPDVHFDSLWDODUHOLJLRDVD$QJOLHL%HGDQHD SVWUDWXQFKHVWLRQDUWULPLVGH$XJXVWLQSDSHLFDUHDUDWSUHRFXSULOH XQXLvQDOWVOXMEDüHFOH]LDVWLFvQDQXO Å&XPWUHEXLHVVHFRPSRUWH HSLVFRSLLID&GHFOHUüLvQFkWHSU&LWUHEXLHvPSU&LWHGDUXULOHIFXWHGH FUHGLQFLRüL"3kQODFHJUDGGHUXGHQLHVHSRWFVWRULFUHGLQFLRüLLFX SHUVRDQHGLQIDPLOLDORUüLGDFHVWHOHJDOFDXQEUEDWVRLDGHVR&LHSH VRDFUDOXL"3RDWHILERWH]DWRIHPHLHvQVUFLQDW"/DFkWWLPSGXS QDüWHUHSRDWHYHQLRIHPHLHODELVHULF"'XSFkWH]LOHQRXOQVFXW SRDWHILERWH]DW"/DFkWWLPSGXSQDüWHUHDXQXLFRSLORIHPHLHSRDWH DYHDUHOD&LLWUXSHüWLFXEUEDWXOVX"7RDWHDFHVWHOXFUXULVLPWHQHYRLD VOHFXQRDVFQHDPXOSULPLWLYDOHQJOH]LORU 9(YDQJKHOL]DUHD$QJOLHLVDIFXWWUHSWDW VXQWHPvQSRVHVLD UHODWULLXQHLDGLQDFHVWHFRQYHUWLULDQXPHDOXL(GZLQUHJHOH 1RUWKXPEULHL6HSRDWHYHGHDFXFkWVHULR]LWDWHüLXQHRULFXFkWSRH]LH YRUEHDXGHVSUHFKHVWLXQLOHUHOLJLRDVHDFHüWLEUED&LÅFDUHDYHDXVLP&XO VXEOLPXOXL5HJHOHvLFRQYRFSHFHLPDLGHVHDPSULHWHQLüLVIHWQLFLFD VODVFXOWHSHPLVLRQDUXOFUHüWLQ3DXOLQXV$FHVWDH[SOLFQRXDGRFWULQ üLUHJHOHvQWUHESHILHFDUHGLQWUHüHILFHJkQGHüWH8QXOGLQWUHHL UVSXQVH Å2UHJHPLVHSDUHFGDFVHFRPSDUYLD&DSPkQWHDVFD RPXOXLFXWLPSXULOHGLQDLQWHDüLGLQXUPDOXLFDUHQHVXQWQHFXQRVFXWH HDVHDPQFX]ERUXOJUELWDOXQHLYUELLFHVWUEDWHVDODXQGHLDUQD VWD&LODPDVFXVOXMEDüLLüLGHPQLWDULLYRüWULvQMXUXOXQXLIRFVWUDüQLF vQWLPSFHDIDUEkQWXLHIXUWXQDVDXYLVFROHüWH9UDELDYDPVSXV LQWUvQ]ERUSHRXüüLLHVHvQGDWSHDOWDüLFkWWLPSVHDIOvQVDOH ODDGSRVWGHXUJLDLHUQLL'DUGXSVFXUWDFOLSGHWLPSIUXPRVHDVH SLHUGHvQGDWvQQRDSWHDvQWXQHFRDVGLQFDUHDYHQLW7RWDVWIHOYLD&D RPXOXLQRSXWHPYHGHDGHFkWvQWUXQUVWLPSVFXUWGDUFHVD vQWkPSODWvQDLQWHVDXFHYDXUPDDSRLQXüWLPGHORF$üDGDUGDF QRXDGRFWULQFRQ&LQHFHYDPDLVLJXUSDUHFPHULWVILHXUPDW 'XSFDUHPDUHOHSUHRWSJkQL]EXFQL Å'HPXOWPLDPGDWVHDPDF]HLL SHFDUHLDGRUPQXVXQWQLPLF3URSXQUHJHOXLVLUHQHJPvQGDWSH WR&LüLHXvQVXPLYRLGDIRFWHPSOHORUüLDOWDUHORUSHFDUHOHDPVOYLW DWkWDYUHPHIUQLFLXQIRORV&RQYHUWLUHDUHJLORUDGXFHDGXSHDFRQ YHUWLUHDSRSRDUHORUDVWIHOFLQIOXHQ&DPLVLRQDULORUVHUVSkQGHDDFXPvQ VDOWXULUDSLGH 9,3URJUHVHOHELVHULFLL5RPHLvQ$QJOLDDYHDXVSURGXFXQFRQIOLFW FXYHFKLOHELVHULFLEULWDQLFHGLQYHVW ,UODQGDüL%DUD*DOLORU $XJXVWLQ
ILLQGvQYHVWLWGHSDSFXDXWRULWDWHDVXSUDWXWXURUHSLVFRSDWHORUGLQ %ULWDQLDFRQYRFSHHSLVFRSLLFHO&L$FHüWLDYHQLUIRDUWHVWLQJKHUL&LüLVH DUWDUGHvQGDWMLJQL&LGHIDSWXOF$XJXVWLQSHQWUXDüLVXEOLQLD VXSHULRULWDWHDQXVHULGLFDVHvQSLFLRDUHFDVLSULPHDVF/HFHUXWUHL FRQFHVLL VVUEWRUHDVFSDüWLOHvQDFHODüLWLPSFXFHLODO&LFUHüWLQL FHUHPRQLDERWH]XOXLVVHIDFGXSULWXDOXOURPDQüLVSUHGLFH FUHüWLQLVPXOSJkQLORUDQJORVD[RQLFHHDFHFHO&LLUHIX]DVHUWRWGHDXQD VIDFGHRDUHFHXUkQGXLSHLQYDGDWRULLFDUHPDVDFUDVHUSHVWUPRüLL ORUQXGRUHDXVVDOYH]HVXIOHWHOHEDUEDULORU%ULWDQLLQXFHGDUDVXSUD QLFLXQXLDGLQFHOHWUHLSXQFWHGHFODUDUFQXUHFXQRVFGHFkWSH SULPDWXOORUüLRUXSVHUFX5RPD5HOD&LLOHGLQWUHFUHüWLQLLEULWDQLüL FDWROLFLLURPDQLVHvQUXW&LUIRDUWHPXOW3UHR&LLEULWDQLQXGGHDX VUXWXOSFLLSUHR&LORUFDWROLFLüLUHIX]DXVVWHDODDFHHDüLPDVFXHL &OXJULLFHO&LXLWkQGGLQXUID&GH5RPDGHDQLPR]LW&LOHORUID&GH EDUEDULWUHFXUüLHLODFRQYHUWLUHDSJkQLORU(LUHSXUWDXVXFFHVHODSR SRUXOGHMRVSHFkQGELVHULFDURPDQDWUJHDIHPHLOHSHVXYHUDQLüLSH FHLGLQIUXQWHDWUHEXULORUREüWHüWL&kQGFHOHGRXELVHULFLFUHüWLQH HYDQJKHOL]DXDFHHDüLFXUWHGHRVHELULOHGRFWULQDOHFUHDXVLWXD&LLGHVWXOGH GLILFLOH6HvQWkPSODFDvQWURIDPLOLHVVHFHOHEUH]HVUEWRDUHDSDüWHORU GHGRXRULXQDGXSDOWD8QUHJHWHUPLQDSRVWXOüLVUEWRUHDSDüWLOH SHFkQGUHJLQDOXLFHOHEUDGXPLQLFDIORULLORUüLPDLSRVWHD 9,,ÍQVIkUüLWUHJHOH1RUWKXPEULHL2VZ\FDUHIXVHVHFRQYHUWLWGH EULWDQLIXLPSUHVLRQDWGHDUJXPHQWHOHILXOXLVX$OIUHGFUHVFXWGHXQ FOXJUFDWROLF5HJHOHFDVDLEFRQüWLLQ&DvPSFDWFRQYRFXQVLQRG ODPkQVWLUHDGLQ:KLWE\vQFDUHFHOHGRXSU&LWUHEXLDXVüLH[SXQ GRFWULQDORU2VZ\GHVFKLVHGH]EDWHULOHFXPXOWEXQVLP&VSXQkQGFFHL FDUHVOXMHVFDFHODüL'XPQH]HXDUWUHEXLVUHVSHFWHDFHOHDüLUHJXOLF QXH[LVWDGHVLJXUGHFkWRXQLFWUDGL&LHFUHüWLQDGHYUDWüLILHFDUHDYHD GDWRULDVVSXQGHODFLQHGH&LQHDGRFWULQDOXL/DFDUHEULWDQLL UVSXQVHUFHL&LQHDXSDüWLOHVIkQWXOXL,RDQ(YDQJKHOLVWXOüLDO VIkQWXOXL&ROXPEDvQWLPSFHFDWROLFLLDILUPDUFSDüWLOHORUHUDSDüWLOH DSRVWROLORU3HWUXüL3DYHOSHFDUHvOVUEWRUHDXFUHüWLQLLGLQWRDWH&ULOH OXPLL vQ,WDOLDvQ&ULOHGLQ$IULFDüL$VLDvQ(JLSWüLvQ*UHFLDvQDIDU GHEULWDQLLvQFS&vQD&LGLQDFHVWHGRXLQVXOHFHOHPDLvQGHSUWDWHDOH XQLYHUVXOXLFDUHDYHDXSUHWHQ&LDVVILGH]HUHVWXOFUHüWLQW&LL8UPR OXQJüLIRDUWHLQWHOLJHQWGH]EDWHUHSHFDUHFDWROLFXO:LOIULGRvQFKHLH VSXQkQG Å&KLDUGDF&ROXPEDDOYRVWUXDIRVWXQVIkQWFXPDUSXWHDIL HOSUHIHUDWSULQ&XOXLDSRVWROLORUFUXLD'RPQXO1RVWUXLDVSXV ©7XHüWL 3HWUXüLSHDFHDVWSLDWU YRL]LGLELVHULFDPHDüLSRU&LOHLDGXOXLQXYRU -RFGHFXYLQWHSURYHQLWGLQOLPEDODWLQvQWUHQXPHOH3HWUXVüL FXYkQWXOSHWUDSLDWUVWkQFÍQOLPEDIUDQFH]MRFXOGHFXYLQWHHüL PDLUHXüLWQXPHOHGHSHUVRDQüLFHOFRPXQDYkQGRIRUPLGHQWLF 3LHUUHSLHUUH
DYHDQLFLRWULHvPSRWULYDHLüL&LHYUHDXV&LvQFUHGLQ&H]FKHLOH vPSU&LHLFHUXULORUª'XSFH:LOIULGYRUELDVWIHOUHJHOHvQWUHE Å(DGHYUDW&ROPDQFDFHVWHFXYLQWHDXIRVWSURQXQ&DWHGH 'RPQXO1RVWUX"(DGHYUDWRUHJHUVSXQVHFXRSHUIHFWEXQ FUHGLQ&HSLVFRSXOLUODQGH]Å3XWH&LGRYHGLFRDVHPHQHDSXWHUHDIRVW vQFUHGLQ&DWOXL&ROXPEDDOYRVWUX"&ROPDQPUWXULVLFQXÅ6XQWH&L DPkQGRLGHDFRUGDGXJUHJHOHFFKHLOHvPSU&LHLFHUXULORUDXIRVW vQFUHGLQ&DWHVIkQWXOXL3HWUX"6XQWHPUVSXQVHUHLÅ$WXQFL FRQFKLVHUHJHOHGHRDUHFH3HWUXYHJKHD]ODSRU&LOHFHUXOXLPYRL VXSXQHSRUXQFLORUVDOHGHWHDPFvQFOLSDFkQGPYRLvQI&LüDvQID&D SRU&LORUQXPLYDGHVFKLGHQLPHQLGDFSXUWWRUXOFKHLORUvPLYDIL SRWULYQLF 7R&LFHLGHID&vODSUREDUSHUHJHüLKRWUkUVGHDDVFXOWDUHGH DFLvQDLQWHSDSHL 9,,, &5(û7,1,608/û,*(50$1,608/Í1$1*/,$ ,ÍQFHSkQGGLQVHFROXODO9,,,OHDvQWUHDJD$QJOLHIDFHSDUWHGLQ ELVHULFDURPDQ5HJLLVHUHD]HPSHELVHULFvQSULPXOUkQGSHQWUXF VXQWFUHGLQFLRüLGDUüLSHQWUXFvQ&HOHJFDFHDVWELVHULF PRüWHQLWRDUHDWUDGL&LLORULPSHULDOHOHDGXFHDRLHUDUKLHRRUJDQL]DUHüLR H[SHULHQ&FDUHOHOLSVHDX9UHPHvQGHOXQJDWHSLVFRSLLüLDUKLHSLVFRSLL YRUILPLQLüWULLILUHüWLDLUHJHOXL%LVHULFDGLQVSUHSDUWHDVDVXV&LQH PRQDUKLLOHHDDYkQGQHYRLHGHRSXWHUHWHPSRUDOFDUHVLPSXQ UHVSHFWDUHDOHJLORUVDOH3HQWUXSDSDOLWDWHHVWHRGRYDGGHPDUHWULHF DSXWXWvQWHPHLDvQ$QJOLDüL*HUPDQLDELVHULFLQRLüLVXSXVH%LVHULFLOH GLQ2ULHQWvüLGLVSXWVXSUHPD&LDFXELVHULFD5RPHL ELVHULFD)UDQ&HLH XQHRULSUHDLQGHSHQGHQW GDUHSLVFRSLLHQJOH]LVROLFLWHLvQüLüL LQWHUYHQ&LDFRQVWDQWDSDSHL$VWIHOFDFHVWDWULPLWHvQ$QJOLDDGHYUD&L SURFRQVXOLDLFUHGLQ&HLFDUHVXQWSHQWUX5RPDHFOH]LDVWLFFHHDFH IXVHVHUSHQWUX5RPDLPSHULDOPDULLRUJDQL]DWRULDLSURYLQFLLORU1LPLF QXGRLGHHPDLPUHD&GHVSUHXQLYHUVDOLWDWHDELVHULFLLGHFkWDWXQFL FkQGYH]LXQJUHFGLQ$VLD0LFHSLVFRSXO7KHRGRUGLQ7DUVüLXQ DIULFDQDEDWHOH$GULDQLQWURGXFkQGvQ$QJOLDRvQWUHDJELEOLRWHFODWLQ üLJUHDFüLvQILLQ&kQGvQ1RUWKXPEULDPQVWLULFDUHYRUULYDOL]DSULQ üWLLQ&DORUFXDFHOHDGLQ,UODQGD3ULQWUXQFLXGDWSDUDGR[FXOWXUD PHGLWHUDQHDQYDILSVWUDWSHQWUXJDOLGHFWUHFOXJULLDQJORVD[RQL ÍQFOLSDFkQGVDUD]LQLLDMXQJHDXvQFHQWUXO)UDQ&HLüLFkQGSUHDF HSRFDFODVLFOXDVIkUüLWvQ(XURSDvQWUXQUHJDWDSURDSHEDUEDUXQ FOXJU%HGD9HQHUDELOXOVFULDvQOLPEDODWLQIHUPHFWRDUHDVD,VWRULH HFOH]LDVWLFDQD&LXQLLHQJOH]H2U%HGDDIRVWvQY&WRUXOOXL(JEHUWFDUH ODUkQGXOVXDIRVWOD
LQWHOHFWXDOHvQ)UDQ&D ,,$QJOLDvüLDUHGHFLORFXOHLvQLVWRULDFXOWXULLODWLQHüLFUHüWLQH'DU ILUHDDQJORVD[RQLORUWUDGL&LLOHDQWHULRDUHüLJXVWXULOHORUDXIFXWFDODHL DFHDVWFXOWXUVFDSHWHWUVWXULSDUWLFXODUH6HFROHOHDO9,,OHDüLDO 9,,,OHDVXQWRHSRFDVILQ&LORUüLDHURLORUvQ$QJOLD6XIOHWHOHDFHVWHD YLROHQWHüLYLJXURDVHVHGRYHGHVFFDSDELOHvQDFHODüLWLPSüLGHPDUL VDFULILFLLüLGHPDULFULPH0DLWkU]LXDPHVWHFXOPRUDOHLU]ERLQLFXOXL QRUGLFFXPRUDODFUHüWLQYDGDQDüWHUHHURLORUGLQURPDQHOHFDYDOHUHüWL 'DUvQYUHPXULOHSULPLWLYHüLVXPEUHHFKLOLEUXOvQWUHFHOHGRXIRU&HHUD JUHXGHPHQ&LQXW%DUHJLLVD[RQLVHFOXJUHVFüLSOHDFvQSHOHULQDM VSUH5RPD6HEELGH(VVH[LQWUODPQVWLUHvQ $HWKHOUHGUHJHOH 0HUFLHLvQ8UPDüXODFHVWXLD&RQUDGGH0HUFLDvüLVIkUüHüWHYLD&D OD5RPDFDüL2IIDGH(VVH[%DSULQ&LLVXQWDVDVLQD&LUHJDWHOH GHYDVWDWHRUDüHOHMHIXLWHORFXLWRULLPDVDFUD&L%LVHULFDWUHEXLHVOXSWH vPSRWULYDJXVWXOXLSHQWUXSRHPHOHHSLFHüLU]ERLQLFHSHFDUHJOHHPHQLL DFRPSDQLLQGXVHODKDUSOHFkQWODWHUPLQDUHDIHVWLQHORUvQFDVHOH QRELOLORUüLSHFDUHPHQHVWUHOLLDPEXODQ&LOHUHFLWSHXOL&HOHVDWHORU &KLDUüLSUHR&LLVD[RQLVHFRPSODFvQDDVFXOWDDFHVWHSRHPHSJkQH ÍQ $OFXLQWUHEXLHVLVFULHHSLVFRSXOXLGH/LQGLVIDUQH Å&kQGSUHR&LL FLQHD]ODRODOWVVHFLWHDVFFXYkQWXO'RPQXOXLÍQDVHPHQHD vPSUHMXUULHPDLSRWULYLWVVHDVFXOWHXQSUHGLFDWRUüLQXXQKDUSLVW FXYkQWULOHVILQ&LORUSULQ&LüLQXSRHPHOHSJkQLORU&HDUH,QJHOGFR PXQFX+ULVWRV"&DVDHPLFQXSRWvQFSHDDPkQGRL 'DUGUDJRVWHDSHQWUXSRH]LDQRUGLFHUDDWXQFLDWkWGHSXWHUQLF vQFkWXQHSLVFRSVD[RQVHGHJKL]DüLVHGXFHDGXSOLWXUJKLHVFkQWHOD XQSRGDYHQWXULOHXQXLUHJHRDUHFDUHDOPULL ,,,'HüLSRH]LDDQJORVD[RQHUDERJDWVLQJXUDRSHUFRPSOHW FDUHVDSVWUDWHVWH%HRZXOIHSRSHHFXVXEVWDQ&QRUGLFGDUFDUHD IRVWUHVFULVGHXQFOXJUHQJOH]vQWUHVHFROHOHDO9,,,OHDüLDO;OHD &LQkQGVHDPDGHSUHMXGHF&LOHFUHüWLQH6HVSXQHFHVWHR,OLDGDOFUHL $KLOHDUIL+HUFXOH7HPDHVWHDFHHDGLQ6LHJIULHG QLPLFLUHDXQXLPRQ VWUXGHFWUHXQHURX%HRZXOISULQ&VXHGH]VWUEDWHPULOHüLYL]LWHD] FDVWHOXOUHJHOXLGDQH]LORU$FRORDIOFXQPRQVWUX*UHQGHOEkQWXLHvQ ILHFDUHQRDSWHFDVWHOXOüLLGHYRUHD]SHWR&LVHQLRULLSHFDUHLJVHüWH %HRZXOIvOXFLGHSH*UHQGHO PDPDDFHVWXLDvQFHDUFVVHU]EXQH HURXORXUPUHüWHvQ&LQXWXULOHvQIULFRüWRDUHXQGHORFXLHüWHüLVFDS OXPHDGHDFHDVWVHPLQ&LHÍQDSRLDWvQ6XHGLDGHYLQHHOvQVXüLUHJHüL PRDUHvQFHOHGLQXUPUQLWGHGLQWHOHvQYHQLQDWDOXOWLPXOXLGUDJRQSH FDUHDYUXWVOGRERDUH6HVWLQJHvQFKLSQRELO Å$P&LQXWSRSRUXOvQ SD]DPHDWLPSGHFLQFL]HFLGHLHUQL1LFLXQXOGLQWUHUHJLLYHFLQLQDvQ GU]QLWVGHDRFKLLFXPLQH0LDPSVWUDWFXPVHFXYLQHSPkQWXO1X DPXPEODWFXüLUHWOLFXULGHWUGWRU1XDPMXUDWQLFLRGDWVWUkPEvQ
PXOWHOHMXUPLQWHSHFDUHOHDPGHSXV0EXFXUFDPSXWXWGREkQGL vQDLQWHGHDPXULXQDVHPHQHDWH]DXUSHQWUXSRSRUXOPHX$FXPQXH QHYRLHVUPkQPDLPXOWSHDLFL ,9&kQGFLWHüWL%HRZXOIVDXIUDJPHQWHGLQDOWHSRHPHDQJORVD[RQH HüWLL]ELWPDLvQWkLGHWULVWH&HDWRQXOXL3HLVDMHOHVXQWGH]RODQWH VWkQFLüL PODüWLQL0RQüWULORFXLHVFÅÍQFXUHQWHOHUHFLüLvQvQIULFRüWRDUHDSHÅ2 LPDJLQD&LHVXPEUDFRQOXFUDWFXWULVWH&HDXQHLQDWXULVHSWHQWULRQDOH SHQWUXD]XJUYLDFHVWHSXWHUQLFHWDEORXUL(VWHRSHUDXQXLSRSRUFDUHD WULWvQWUXQFOLPDWYLWUHJ'HFkWHRULSRHWXOYRUEHüWHGHPDUHH DGPLUDELO([LVWvQ%HRZXOIGHVFULHUHDSOHFULLXQRUU]ERLQLFLvQWUR H[SHGL&LHSHPDUHDFRUELLORUFXJkWXOvQVSXPDWDVHPQWRDUHXQRU SVULüLvQPRPHQWXOVRVLULLDIDOH]HORUVWUOXFLWRDUHüLDJLJDQWLFHORU SURPRQWRULLGHPQGHFHLPDLPDULSRH&LHSLFL'DUQLFLRGDWSRHWXO DQJORVD[RQQXDWLQJHVHQLQWDWHDOXL+RPHUÍQ,OLDGDQXPHURDVHUXJXUL DOHPRU&LORUDUGSHFkPSLH vQ%HRZXOIFRUELLüLYXOWXULLVHDEDWDVXSUD VWkUYXULORUÍQVXIOHWHOHDFHOHDOLSVLWHGHVRDUHVHJKLFHüWHFDOWXULGH VHQWLPHQWHOHORUQRELOHVHDIORDUHFDUHvQJGXLQ&SHQWUXDWURFLW&L 7RWXüLVRFLHWDWHDGHVFULVHPXOWPDLUDILQDWGHFkWDFHHDGLQ*HUPDQLD OXL7DFLW1LPLFFRPXQFXÅGHPRFUD&LDDQJORVD[RQLPDJLQDWGHFk&LYD LVWRULFLHQJOH]LvQVHFROXODO;,;OHDÍQOXPHDOXL%HRZXOIUHJHOHüL U]ERLQLFLLVLVXQWSHSULPXOSODQ7URQXUL&HVWXULRUQDPHQWHGHDXU vPERJ&HVFKDOOXULOHSULQ&LORU5HJHOHHVWHDWRWSXWHUQLFFXFRQGL&LDVüL SVWUH]HVSULMLQXORDPHQLORUVL)D&GHDFHüWLDHJHQHURVvLFRSOHüHüWH FXSPkQWXULüLGDUXULÍQSRHPHILHFDUHEUEDWDUHXQVHQLRUFUXLDvL GDWRUHD]FUHGLQ&üLFDUHvQVFKLPEWUHEXLHVVHGXFvQFXWDUHGH SPkQWXULVWULQH7UGWRUXOüLPLüHOXOPHULWFHOPDLPDUHGLVSUH& )HPHLOHüHILORUVXQWUHVSHFWDWHHOHLDXSDUWHODWRDWHEDQFKHWHOH'DU GUDJRVWHDHJUDYOLSVLWGHYHVHOLH ÅQLFLXQFkQWHFGHGUDJRVWHvQ DFHDVWYHFKHSRH]LH vQWUvQVDGUDJRVWHDQXLGLVWUDF&LHüLQLFLYROXSWDWH FLXQDQJDMDPHQWüLRGHYR&LXQH 93HEXQGUHSWDWHSRHPHOHDQJORVD[RQHDXIRVWSXVHDOWXULGH SRHPHOHKRPHULFHûLXQHOHüLDOWHOHSUH]LQWDFHOHDüLWUVWXULFDUHVDU SXWHDQXPLDOHYkUVWHLHURLFHÍQVRFLHW&LOHIRDUWHSULPLWLYHOHJWXULOHGH IDPLOLHVDXGHWULEDXIRVWFHOHPDLWUDLQLFH)DPLOLDILHFUXLRPWUHEXLD VOU]EXQHüLHDHUDUVSXQ]WRDUHSHQWUXJUHüHOLOHOXLÍQVRFLHW&LOH HURLFHOHJWXUDGHIDPLOLHWLQGHVVOEHDVF,QGLYLGXOVHHPDQFLSHD] GHWULE(OLEHUDWGHWHURDUHDQDWXULLFDUHLDSDVSHSULPLWLYLHOODVIUkX OLEHUYRLQ&HLVDOHGHSXWHUH3DVLXQLOHLQGLYLGXDOHDXSUHFGHUHID&GH LQWHOLJHQ&DSROLWLF(YUHPHDGXHOXULORUDU]ERDLHORUvQWUHSULQVHSHQWUX RQRDUH7RWXüLSHQWUXFHDEVROXWQHFHVDUFDRULFHVRFLHWDWHVVH LPSXQLQGLYL]LORUVHIRUPHD]ROHJWXUQRXED]DWSHORLDOLWDWHüL
SULHWHQLH(URXOQXFXQRDüWHQLFLXQIHOGHPRGHUD&LHGDUHFXUDMRVüLH FUHGLQFLRV$VWDvQVHDPQFDUHXQFDUDFWHUGHVWXOGHIUXPRVvQFDUH PRUDOLVWXOFUHüWLQYDJVLHOHPHQWHOHXQHLDGHYUDWHQREOH&H*H QHUR]LWDWHDHURXOXLVHYDH[HUFLWDFXUkQGvQIDYRDUHDELVHULFLL8QUHJH SLRVGUXLHüWHSPkQWXULHSLVFRSLORUPQVWLULORU0DLHQHYRLHHYLGHQW FDYLROHQ&DVILHGLVFLSOLQDWVDXVILHIRORVLWSHQWUXFDX]HMXVWH 8PLOLQ&DüLVILLFLXQHDFUHüWLQXQLQGXVHFXSDVLXQLOHHURLFHDYHDXV GHDQDüWHUHvQWUHVHFROXODO;OHDüLDO;,,,OHDXQXLWLSSHFDUHQXOD FXQRVFXWDQWLFKLWDWHDFDUHSFWXLHüWHvQFXQHRULSULQFUX]LPHGDU FDUHVDUGRULSXU FDYDOHUXO%HRZXOIFDUHVHOXSWvPSRWULYDPRQüWULORU LHüL&LGLQLQIHUQHVWHDSURDSHXQFDYDOHUFUHüWLQ(ODUHDFHODüLVIkUüLWFD /DQFHORW9RPYHGHDFkQGYRPVWXGLDDGPLUDELOXOSHUVRQDMDOUHJHOXL $OIUHGUH]XOWDWHOHRSWLPHSHFDUHOHDSXWXWGDvPELQDUHDFLYLOL]D&LHL URPDQHFXRQRDUHDEDUEDULORUüLPRUDODFUHüWLQ ,; ,19$=,,/('$1(=(û,()(&7(/(/25 ,ÍQDQXO&URQLFDDQJORVD[RQSRPHQHüWHSHQWUXvQWkLDRDUGH VRVLUHDvQ$QJOLDDWUHLFRUELLFXEUED&LGLQQRUGYHQL&LGLQÅ&DUD KR&LORU5HHYHXOGLQVDWXOFHOPDLDSURSLDWQHüWLLQGFLQHHUDXRDPHQLL DFHLDVHGXVHvQvQWkPSLQDUHDORUFODUHFXPHUDGHGDWRULDOXLüLIX XFLVûDVHDQLGHWFHUHDXXUPDWGXSDFHVWRPRUDSRLvQFHSkQGGLQ DQXO VFXUWHOHQRWHDQXDOHDOHFURQLFLLFRQ&LQDSURDSHILHFDUHUHODWUL FXSULYLUHODLQFXUVLXQLDOHÅSJkQLORU%DMHIXLHVFRPQVWLUHüLLPDVD FUHD]SHFOXJULEDÅRüWLOHSJkQHDXSURGXVUDYDJLLSULQWUH QRUWKXPEULHQL&kWHRGDWFURQLFDUXOQRWHD]FXVDWLVIDF&LHFXQHOH FRUELLSJkQHDXIRVWGLVWUXVHGHYDOXULOHIXULRDVHDOHPULLFHFKL SDMHOHVDXvQHFDWüLFVXSUDYLH&XLWRULLVRVLQGSHSODMDXIRVWRPRUk&L 3X&LQFkWHSX&LQIORWHOHGXüPDQHFUHVFvQLPSRUWDQ&ÍQÅSHQWUX SULPDRDUSJkQLLvüLSHWUHFXULDUQDSHLQVXOD7KDQHW vQDFHODüLDQ WUHLVXWHGHFRUELLDOHORUDXYHQLWSkQODJXUD7DPLVHLüLHFKLSDMHOHORU DXOXDWFXDVDOW&DQWHUEXU\üL/RQGUDÍQDQLLXUPWRULÅSJkQLLVXQW GHQXPL&LGXSDGHYUDWXOORUQXPH GDQH]LüLFURQLFLOHQXPDLYRUEHVF GHFkWGHPLüFULOHÅ$UPDWHLDGLFDUPDWDRDPHQLORUGLQQRUGFDUHVH ULGLFXQHRULSkQODFLIUDGH]HFHPLLGHLQüL ,,7ULEXULOHWRDWHGHDFHHDüLUDVFDUHORFXLDXSHDWXQFLvQ 6XHGLD1RUYHJLDüL'DQHPDUFDHUDXvQWUDGHYUSJkQHFFLVXIHULVHU GHVWXOGHSX&LQLQIOXHQ&D5RPHLDQWLFHüLvQQLFLXQIHOSHDFHHDD5RPHL FUHüWLQHGDUQXHUDXGHORFEDUEDUH&RUELLOHSLFWDWHILJXULOHVFXOSWDWH GHODSURUFDOLW&LOHOLWHUDUHDOHVDJDXULORUFRPSOH[LWDWHDOHJLORUORU GRYHGHVFFDXüWLXWVüLFUHH]HRFLYLOL]D&LHSURSULH9LNLQJLLDFHüWLD
DVFXOWDXGHXQüHIGHEDQGüLVHEWHDXYLWHMHüWHGDUQXOHSOFHDOXSWD SHQWUXOXSW&kQGSXWHDXvQORFXLIRU&DFXYLFOHQLDRIFHDXFXGUDJ LQLP3HFkWHUDXGHU]ERLQLFLüLGHGD&LMDIXOXLSHDWkWHUDXGHQHJXV WRULüLGDFVHYHGHDXvQWkPSLQD&LSHSODMGHXQQXPUSUHDPDUHGH ORFXLWRULQXFHUHDXDOWFHYDGHFkWVOLVHGHDPLHUHVDXVFODYLvQ VFKLPEXOXQWXULLORUGHEDOHQVDXDOSHüWHOXLXVFDW ,,,'HFHSRSRDUHOHGLQQRUGFDUHGHDWkWHDVHFROHSUXVHUD LJQRUD$QJOLDvQFHSXUGHRGDWVRLQYDGH]HvQDFHODüLWLPSvQFDUH DWDFDXüL1HXVWULD"6HSUHVXSXQHFvQXUPDSUHVLXQLLH[HUFLWDWHGH &DUROFHO0DUHDVXSUDVD[RQLORUSHFDUHLDvPSLQVVSUH'DQHPDUFD RDPHQLLGLQQRUGüLDXGDWVHDPDGHSHULFROXOSHFDUHOSUH]HQWDXSHQWUX HLSXWHULOHFUHüWLQHüLDFHDVWDDIRVWFDX]DSULPRUGLDODDWDFXULORUORU 3RDWHFWRWDüDGHVLPSOXHVQHJkQGLPFKD]DUGXOQHYRLDGH DYHQWXUGRULQ&DXQRUQDYLJDWRULvQGU]QH&LGHDPHUJHPHUHXPDL GHSDUWHüLDXDGXVFRQWULEX&LDORU(UDXQRELFHLDOORUFXPDYHDVILH PDLWkU]LXüLXQRELFHLDOFDYDOHULORUGH0DOWDFDILHFDUHWkQUVüLIDF ÅFDUDYDQDVDDGLFRH[SHGL&LHPHQLWVGHPRQVWUH]HFXUDMXOOXL 3RSXOD&LDFUHüWHDUHSHGH0H]LQLLüLEDVWDU]LLWUHEXLDXVüLFDXWHQRURFXO vQ&ULQRL'DUFRUELLOHORUvQJXVWHüLOXQJLSXUWkQGODFDWDUJRVLQJXU YHOURüLHFDUHVHvQO&DUDUHRULSHIODQFXULVFXWXULOHU]ERLQLFLORU JDOEHQHüLQHJUHDOWHUQDWLYüLODSURUFKLSXOXQXLPRQVWUXPDULQQX HUDXIFXWHSHQWUXQDYLJD&LDODPDULGLVWDQ&H&DWRDWHFRUELLOHGHU]ERL GLQDQWLFKLWDWHHUDXFRUELLFXYkVOHüLUD]DGHDF&LXQHDXQHLDVHPHQHD QDYHHVWHQHJUHüLWOLPLWDW 'DFRHWDSDXQXLGUXPFHUHDPDLPXOWGHFkWRMXPWDWHGH]LGH QDYLJD&LHWUHEXLDXQHDSUDWGRXHFKLSHGHYkVODüL)LHFDUHGLQHOHHUD VLOLWVWUDJJUHXWDWHDFHOHLODOWH DUPHOHDWkUQDXJUHX UPkQHDSX&LQ ORFSHQWUXSURYL]LL&RUDELDvQVüLWUHEXLDVILHXüRDUDVWIHOFQX SXWHDUH]LVWDYDOXULORUPDULDOHRFHDQXOXL$IRVWQHYRLHGHVHFROHGH H[SHULHQ&üLIUvQGRLDOGHQHQXPUDWHQDXIUDJLLSHQWUXFDYLNLQJLL VGHVFRSHUHHWDSHOHGHGUXPüLSHULRDGHOHGHWLPSSULHOQLFHQDYLJD&LHL 3X&LQFkWHSX&LQvQY&DUVVHUHSHDGGLQLQVXOvQLQVXOSURILWkQGGH YUHPHDIUXPRDVVFRQVWUXLDVFFRUELLPDLPDULüLIXUY]X&LvQ OXPHDvQWUHDJ6XHGH]LLVHvQGUHSWDUVSUH5XVLDüL$VLD QRUYHJLHQLL GHVFRSHULUGUXPXOVSUH,UODQGDSULQQRUGXO6FR&LHLüLPDLPXOWIFkQG HVFDOvQ*URHQODQGDDMXQVHUSkQvQ$PHULFDGXSEOQXUL GDQH]LL DOHVHVHUUXWDLQWHULRDUFDUHPDLDSURSLDWGH&DUDORUGXFHDSkQOD FRDVWD6FR&LHLD1RUWKXPEULHLüLD1HXVWULHL ,9$USXWHDVWkUQLVXUSULQGHUHVXFFHVXOUDSLGDODFHVWRUH[SHGL&LL 3DUWHDRFFLGHQWDODWHULWRULXOXLORFXLWGHIUDQFL vQQRUGXO)UDQ&HLGH DVW]L
ODvQFHSXWIRUPDWHGLQWUXQPLFQXPUGHRDPHQLFDUHDWDFDXUHJDWH vQWLQVHFHVDUILSXWXWXüRUDSUD'DUQXWUHEXLHVXLWP 9LNLQJLLDYHDXVXSUHPD&LDSHPDUH1LFLVD[RQLLQLFLIUDQFLLQX IFXVHUQLFLXQHIRUWFDVüLFRQVWUXLDVFRIORW2UFLQHGRPLQ PDUHDHVWHvQDLQWHGHWRDWHVWSkQSHPLFLOHLQVXOHüLSRDWHVüLIDF ED]HQDYDOH3ULPHOHDWDFXULDOHGDQH]LORUIXUvQGUHSWDWHvPSRWULYD ERJDWHORUPQVWLULSHFDUHFHLGLQWkLPRQDKLGLQGRULQ&DGHVLQJXUWDWH OHFRQVWUXLVHUSHLQVXOHFXPHUDX,RQDVDX/LQGLVIDUQH'DUXULOH FUHGLQFLRüLORUvLvQ]HVWUDVHUSHFOXJULFXJLXYDHUXULüLDXU9LNLQJLL MHIXLDXDYHULOHvLPDVDFUDXSHFOXJULüLRFXSDXLQVXOHOH2ULFkWGH DSURDSHDUILIRVWGH&UPHUDXLQYXOQHUDELOLÍQIHOXODFHVWD1RLUPRXWLHU GHYHQLED]DORUSHFRDVWD)UDQ&HL7KDQHWSHFRDVWD$QJOLHLLQVXOD0DQ vQPULOH,UODQGHL 6WSkQLUHDPULLOHvQJGXLDVüLDOHDJüLORFXOGHDWDF*VHDX FvQWUXQDQXPHSXQFWGXüPDQXOHUDSUHDSXWHUQLF"/HHUDXüRUVVH vPEDUFHüLVSOHFHvQFXWDUHDXQHLüDQVHPDLEXQHFXDWkWPDLPXOW FXFkWPLMORDFHOHGHFRPXQLFD&LHvQWUHYLFWLPHOHORUHUDXSULPLWLYHüLEXQD vQ&HOHJHUHGHVWXOGHUDU&HSXWHDVOHRSXQXQUHJHVD[RQ"&RQYRFD I\UGXODGLFPLOL&LDRDPHQLORUOLEHUL(UDRPDVGH&UDQLvQDUPD&LFX &HSXüHüLFkWHRGDW FkQGUHJHOHFKHPDSHUH]HUYLüWL FXIXUFL DGXQkQGXVHFXvQFHWLQHDOJUHXGHKUQLWüLQHSXWkQGUPkQHPXOW YUHPHVXEDUPHGLQFDX]DPXQFLORUDJULFROH$GYHUVDULQHGHPQLGH U]ERLQLFLLGLQQRUGIRDUWHELQHvQDUPD&LSURWHJXL&LGH]DOHüLFüWLGH R&HOüLFDUHüWLDXVPkQXLDVFGHPLQXQHWRSRDUHOHGHU]ERL6LQJXULL HQJOH]LFDSDELOLVVHOXSWHFXHLHUDXRDPHQLLGLQVXLWDUHJHOXL FRPLWDWL JHVLWKV GDUDFHüWLDHUDXSX&LQQXPHURüLüLGHDOWIHOGDQH]LLvüL SHUIHF&LRQDXIUvQFHWDUHWDFWLFDORU&XUkQGVHvQY&DUFDLPHGLDW GXSGHEDUFDUHVSXQPkQDSHFDLLGLQ&LQXWVHFKLSH]HR SHGHVWULPHFODUHDSRLVFRQVWUXLDVFvQJUDEXQPLFIRUW6D[RQLL RDPHQLRELüQXL&LFXFkPSLDüLSGXUHDFDUHQLFLRGDWQXFRQVWUXLVHU RUDüHIRUWLILFDWHFDUHüLSLHUGXVHUWUDGL&LLOHPDULWLPHüLFDUHvQDIDUGH DFHDVWDHUDXGH]ELQD&LOVDUSHLQYDGDWRUVFXFHUHDVFDSURDSHWRDW &DUD,UODQGDvQSOLQDQDUKLHSHDWXQFLIXVXSXVSULPDDSRL 1RUWKXPEULDüL0HUFLD&XUkQG:HVVH[XOILLQGHOvQVXüLvQSDUWH SLHUGXWVHSXWHDFUHGHFWRDW$QJOLDYDGHYHQLRSURYLQFLHDXQXL ,PSHULXGHQRUG 9,QYD]LLOHGDQH]HDYXUFDHIHFWLPHGLDWIRUPDUHDvQJUDEDXQHL SWXULGHPLOLWDULGHSURIHVLHvQ$QJOLDVD[RQ3UREOHPDDSUULL&ULL SXWHDVSULPHDVFWUHLVROX&LL D I\UGXOVDXvQURODUHDvQPDVD RDPHQLORUOLEHUL UHJLLFRQWLQXDUPXOWYUHPHVUHFXUJODDFHDVW VROX&LHGDUDPY]XWFDUHvLHUDXQHDMXQVXULOH E PHUFHQDULLRDPHQL FDUHSULPHVFVROGGHXQGHüLWHUPHQLLGHVROGD&LVDXOHIHJLL DFHDVWD IXVHVHPHWRGDDGRSWDWGHXOWLPLLvPSUD&LURPDQLüLYDILIRORVLWGLQ
QRXGHUHJLL&DQXWüL+DUROG GDUSULQ&LLVD[RQLQXDYHDXXQYHQLWFDUH VOHvQJGXLHvQWUH&LQHUHDXQHLDVWIHOGHDUPDWH F DUPDWDSHUPDQHQW GHU]ERLQLFLGHSURIHVLHSHFDUHVXYHUDQXOvQOLSVDXQHLVROGHvLSOWHüWH FHGkQGXOHWHUHQXUL$FHDVWGLQXUPVROX&LHIXSX&LQFkWHSX&LQ DGRSWDWvQWUHVIkUüLWXO,PSHULXOXLURPDQüLVHFROXODO;OHDGH vQWUHDJD(XURSSHQWUXFQHH[LVWkQGVWDWHSXWHUQLFHQXHUDSRVLELOR DOWPHWRG6HvQY&DRGLQLRDUFIHXGDOLWDWHDDIRVWLQWURGXVvQ $QJOLDvQVHFROXODO;,OHDGHFWUHQRUPDQ]L8QLVWRULFDGDWXQUVSXQV GHVWXOGHDPX]DQW IHXGDOLWDWHDDIRVWLQWURGXVvQ$QJOLDGHFWUHVLU +HQU\6SHOPDQXQHUXGLWGLQVHFROXODO;9,,OHDFDUHFHOGLQWkLDDO FWXLWXQVLVWHPFRHUHQWGLQQLüWHFXWXPHGHVWXOGHFRQIX]H$GHYUXO HVWHFIHXGDOLWDWHDQDIRVWODvQFHSXWXQVLVWHPDOHVvQPRGFRQüWLHQW FLUH]XOWDWXOPXOWLSOHORUWUDQVIRUPULILUHüWLÍQFOLSDvQFDUHWULEXULOH VD[RQHDXSXVSLFLRUXOvQ$QJOLD&UDQXOüLRüWHDQXOVHFRQIXQGDXvQ XQDüLDFHHDüLSHUVRDQ2PXOOLEHUHUDOLEHUSHQWUXFSXWHDVOXSWH &kQGGXSLQYD]LLOHGDQH]HHFKLSDPHQWXOXQXLU]ERLQLFYDGHYHQLSUHD FRVWLVLWRUSHQWUX&UDQXOPLMORFLXPHVHULDGHPLOLWDUQXYDPDLSXWHDIL GHFkWSURIHVLXQHDXQHLDQXPLWHFODVH 9,'HFHFXOWLYDWRUXOOLEHUUHFXQRDüWHVXSHULRULWDWHDDFHVWHLFODVH" 3HQWUXFQXVHSRDWHOLSVLGHHD6&LLGHXQVXSHULRUvQYUHPXULWXOEXUL SUH]LQWPDULDYDQWDMH QXQXPDLFDLXQFRPDQGDQWGHU]ERLELQH vQDUPDWGDUHODSUWLWOXULOHGHSURSULHWDWHDOHRDPHQLORUVL$WkWD WLPSFkWVWDWXOFHQWUDOHSXWHUQLFDüDFXPDIRVW,PSHULXOURPDQVDX FXPYDILGLQDVWLD7XGRULORULQGLYL]LLVHEL]XLHSHDFHVWVWDWüLUHFXQRVF FDXGDWRULLID&GHHOÍQGDWFHVWDWXOVOEHüWHLQGLYLGXOFDXWXQSUR WHFWRUPDLDSURSLDWPDLHILFLHQWüLUHFXQRDüWHFDUHREOLJD&LLPLOLWDUH VDXSHFXQLDUHID&GHDFHVWD2OHJWXUSHUVRQDOvQORFXLHüWHOHJWXUD DEVWUDFWÍQGH]RUGLQHDPLFLORUUHJDWHHQJOH]HvQOXSWQHvQFHWDWXQHOH vPSRWULYDDOWRUDGHYDVWDWHGHLQFXUVLXQLOHSLUD&LORUQHIHULFLWXO&UDQ FHRUOXOQHSXWkQGVüLSVWUH]HSPkQWXOüLYLD&DGHFkWFXVSULMLQXO XQXLRüWHDQELQHvQDUPDWSULPHüWHVLGHDDFHVWXLDUHGHYHQ&HvQ QDWXUvQPXQFVDXvQEDQLvQVFKLPEXOSURWHF&LHLVDOH0DLWkU]LX DFHDVWH[SHULHQ&YDGDQDüWHUHXQHLGRFWULQH Å1LFLXQSPkQWIU VHQLRU'DUODvQFHSXWIHXGDOLWDWHDQXLRGRFWULQ HvQDFHODüLWLPSÅR GH]LQWHJUDUHDGUHSWXOXLGHSURSULHWDWHüLRGH]PHPEUDUHDGUHSWXOXL VWDWXOXL*XL]RWDVFULVFHVWHRIX]LXQHDSURSULHW&LLüLDVXYHUDQLW&LL 0DLSUHFLVSURSULHWDWHDüLVXYHUDQLWDWHDWUHFDPkQGRXSHQWUXXQWLPS vQPkQDDFHOXLDFDUHVLQJXUSRDWHDSUDSHSULPDüLH[HUFLWDSHDGRXD &DWRDWHLQVWLWX&LLOHRPHQHüWLHDVHQDüWHGLQQHFHVLWDWHüLYDGLVSUHD DWXQFLFkQGJXYHUQDUHDFHQWUDOILLQGGLQQRXSXWHUQLFIHXGDOLWDWHDYD 3UH]HQWDUHLGHDOL]DWXQLODWHUDODDFHVWXLSURFHV5]ERLQLFXOvO DSUSHFXOWLYDWRUXOOLEHUGDUvQDFHODüLWLPSüLOVXERUGRQHD]QX DUDUHRULSULQIRU&
GHYHQLLQXWLO 9,,8QDOWHIHFWDOLQYD]LLORUGDQH]HYDILDWHQXDUHDULYDOLW&LORU GLQWUHUHJDWHOHDQJORVD[RQH2SUHVLXQHH[WHUQGSRSRDUHORUGH DFHHDüLRULJLQHGDUGH]ELQDWHGHYHFKLGXüPQLLVHQWLPHQWXOXQLW&LL ORU'HDOWIHOFk&LYDUHJLDQJORVD[RQLDXüLvQFHSXWVVHLQWLWXOH]HUHJLDL vQWUHJLL$QJOLL(UDXGHQXPL&LFXXQFXYkQWVSHFLDO EUHWZDOGD(JEHUWGH :HVVH[ SULPXOVXYHUDQGLQFDUHGHVFLQGHDFWXDODUHJLQD $QJOLHLIXVHVHDORSWXOHDEUHWZDOGD5HJLLVD[RQLQXVXQWDWkWGH SXWHUQLFLFXPYRUILUHJLLQRUPDQ]LGHPDLWkU]LX'DUHLSUHJWHVF DFHVWRUDWHUHQXO&RQWUDUFHORUvQWkPSODWHSHFRQWLQHQWHLDXüWLXWvQF GHSHDWXQFLVIDFGLQQRELOLPHDORURDULVWRFUD&LHGHIXQF&LXQHPDL FXUkQGGHFkWGHQDüWHUH7KDQHLLGH&LQSPkQWXOORUGHODUHJHSHQWUX FILHFVXQWU]ERLQLFLDGPLQLVWUDWRULVDXRDPHQLDLELVHULFLLHLVHDIO vQVOXMEDOXL1XVXQWQLPLFIUUHJHGDUUHJHOHIUHLQXSRDWHIDFH QLPLF1XLDKRWUkULLPSRUWDQWHGHFkWvPSUHXQFXHLvQ&RQVLOLXOVX 5HJHOHVD[RQQXHVWHXQUHJHDEVROXWLVWGXSFXPUHJDWXOVD[RQQXHVWH DEVROXWHUHGLWDUÍQVIkUüLWGXSFRQYHUWLUHUHJHOHHVWHüHIXOXQV SURWHJXLWüLVIWXLWGHELVHULF(OWUHEXLHVUHVSHFWHPDLPXOWGHFkW RULFLQHSRUXQFLOHHL,PDJLQHDVXYHUDQXOXLGUHSWFDUH&LQHVIDWFX vQ&HOHS&LLVLSHQWUXELQHOHWXWXURUYDILDGkQFLPSULPDWvQVSLULWXO HQJOH]FXPXOWvQDLQWHGHFXFHULUHGHFWUHPDULVXYHUDQLVD[RQLFD$O IUHGûLGHDOXQJXOvQWUHJLLLVWRULLD$QJOLHLGHFkWHRULDFHDVWLPDJLQH YDDPHQLQ&DVSOHDVFVDXVVHüWHDUJHDYDILUHvQVXIOH&LWvQWLPS XWLOGHFWUHXQ(GXDUG,XQ+HQULFDO9,,OHDVDXGHR9LFWRULD ; '(/$5(*(/($/)5('/$5(*(/(&$187 ,$OIUHGHVWHXQUHJHOHJHQGDUDFUXLOHJHQGHDGHYUDW2PXO DFHVWDVLPSOXüLvQ&HOHSWFDUHDIRVWvQDFHODüLWLPSRüWHDQPDULQDU OLWHUDWüLOHJLVODWRUDVDOYDW$QJOLDFUHüWLQ(ODUHWRDWHYLUWX&LOHUHJLORU SLRüLIUDDYHDVOELFLXQHDORUQLFLLQGLIHUHQ&DORUID&GHWUHEXULOH OXPHüWLÍQWkPSOULOHYLH&LLVDOH&LQGHSRYHüWLOHFX]kQHüLGHURPDQHOH FDYDOHUHüWL&DPXO&LHURLGHURPDQHHVWHFHOPDLPLFIHFLRUDOXQXLUHJH $HWKHOZXOI(FUHVFXWvQWURYUHPHGHLQYD]LLvQODUPDOXSWHORUüLWUHLGLQ IUD&LLVLVXQWXFLüLvQIUXQWkQGGXüPDQXO%ROQDYVHQVLELODUHHQHUJLD LQILUPLORUFDUHVHYRUSXWHUQLFL([FHOHQWFOUH&PDUHYkQWRUHVWH vQFHUFDWGLQFRSLOULHüLGHGRULQ&DGHDVHLQVWUXLÅ'DUYDLFHHDFH
'HVFHQGHQ&PDLPXOWVLPEROLF$FWXDODGLQDVWLHHQJOH]DRFXSDW WURQXOvQ
GRUHDPDLPXOW VvQYH&HDUWHOHOLEHUDOHQXSUHDHUDSRVLELOFFLSH YUHPHDDFHHDDGHYUD&LLVDYDQ&LQXPDLH[LVWDXvQUHJDWXO:HVVH[/D EWUkQH&HDYHDVVSXQFPDUHDGXUHUHDYLH&LLVDOHIXVHVHFSH YUHPHDFkQGDYHDYkUVWDüLUJD]XOVvQYH&HQXJVLVHSURIHVRULüLFSH YUHPHDFkQGUHXüLVHVDGXQHvQMXUXOOXLSHVDYDQ&LIXVHVHDWkWGH RFXSDWFXU]ERDLHOHJULMLOHDGPLQLVWUDWLYHüLLQILUPLW&LOHvQFkWQX SXWXVHFLWLDWkWFkWDUILYUXW$GROHVFHQWVHGXVHVHvQSHOHULQDMOD5RPD XQGHSDSDvOIFXVHFRQVXODSRLvQWRUVvQ$QJOLDVHGLVWLQVHVHSHOkQJ IUD&LLVLvQOXSWvPSRWULYDÅDUPDWHLGDQH]H&kQGXOWLPXOGLQWUHDLVL IXXFLV$OIUHGIXDOHVUHJHGH:LWDQFDUHOSUHIHUDVHQHSR&LORUVLSUHD WLQHULSHQWUXDGRPQLvQWLPSGHU]ERL ,,ÍQFGLQSULPXODQDOGRPQLHLVDOHWUHEXLVSRDUWHOXSWHFX GDQH]LLüLQHDYkQGGHFkWXQSXPQGHRDPHQLIXEWXW$üDFXPDX IFXWGHVHRULUHJLLIUDQFLüLVD[RQLFXPSUSDFHDGHODÅDUPDWDGDQH] SOWLQGXLXQWULEXW'DUVXFFHVXOüDQWDMXOXLQXSXWHDGHFkWVO vQFXUDMH]HSHDGYHUVDUVüLUHvQFHDSPDQHYUD'DQH]LLRFXSDUQRUGXO üLHVWXODSRLGXSWHUPLQDUHDDFHVWHLFXFHULULRQRXKRDUGVXE FRQGXFHUHDUHJHOXLSJkQ*XWKUXQQYOLvQ:HVVH[ )XPDLvQWkLRSDQLFJHQHUDO$OIUHGWUHEXLVIXJDSURDSHVLQJXU vQLQVXOD$WKHOQH\üLDFRORvQPLMORFXOPODüWLQLORUFRQVWUXLvPSUHXQFX RDPHQLLVLRPLFIRUWUHD&$SURDSHGHORFXODFHVWDDIRVWJVLWvQ VHFROXODO;9,,OHDvQJURSDWvQSPkQWRDGPLUDELOELMXWHULHGLQHPDLO FORD]RQDWDXUüLFULVWDOFDUHSRDUWLQVFULS&LD Å$OIUHGDSXVVP FL]HOH]H&HOHEUDÅELMXWHULHDOXL$OIUHGSHFDUHUHJHOHDSLHUGXWRvQ WLPSXOIXJLLVDOHHVWHDFXPvQWUXQPX]HXGLQ2[IRUGPUWXULHD DGHYUXOXLYHFKLORUFURQLFL5HJHOHVWWXDVFXQVWRDWLDUQDvQPLMORFXO PODüWLQLORUvQWLPSFHGDQH]LLVHFUHGHDXVWSkQLSHVWH:HVVH[&DPSH YUHPHDSDüWHORULHüLGLQDVFXQ]WRDUHüLFRQYRFvQVHFUHWODORFXO GHQXPLW3LDWUDOXL(JEHUWI\UGXULOHGLQ6RPHUVHW:LOWVKLUHüL +DPSVKLUH%XFXULD&UDQLORUVD[RQLUHJVLQGXüLUHJHOHvQYLD&IXDWkW GHPDUHvQFkWYRLUVRSRUQHDVFGHvQGDWvPSUHXQFXHOvPSRWULYD ÅDUPDWHLGDQH]LORU$FHDVWDIXXUPULWSkQODOLQLDVDGHDSUDUH XQGHILLQGDVHGLDWüLQHPDLDYkQGFXFHVHKUQLVHKRWUvVVHSUHGHD $OIUHGDFFHSWVLODVHvQYLD&GDUFHUXFDÅDUPDWDVSUVHDVF:HV VH[XOüLFD*XWKUXQüLSULQFLSDOHOHFSHWHQLLGDQH]HVVHERWH]H7UHL VSWPkQLPDLWkU]LX*XWKUXQüLvQFGRX]HFLüLQRXGHüHILSULPLU ERWH]XOQDüXOORUILLQGUHJHOHvQVXüL$SRLVHVHPQXQSDFWüLVHVWDELOLR IURQWLHUvQWUH'DQHODZüL:HVVH['HDWXQFLGDQH]LLUPDVHUVWSkQL SHHVWüLQRUGüL$OIUHGSXWXGRPQLvQSDFHDVXSUDWHULWRULLORUVLWXDWHOD 'HQXPLUHVXEFDUHHUDXFXQRVFXWHvQHYXOPHGLXXUPWRDUHOH GLVFLSOLQH JUDPDWLFDUHWRULFDGLDOHFWLFD ORJLFDIRUPDO DULWPHWLFD JHRPHWULDDVWURQRPLDüLWHRULDPX]LFLL 7HULWRULXOOHJLLGDQH]HFHGDWGHUHJLLDQJORVD[RQLGDQH]LORU
VXGGHDFHDVWIURQWLHU ,,,([HPSOXOOXL$OIUHGFHO0DUHDUDWUROXOLPHQVSHFDUHOSRDWH MXFDXQLQGLYLGvQLVWRULDXQXLSRSRU)UWHQDFLWDWHDVD&DUDvQWUHDJ DUILDFFHSWDWDXWRULWDWHDSJkQLORU1XDUILvQVHPQDWVIkUüLWXO$QJOLHL GDU&DUDDUILDYXWRVRDUWFXWRWXOGLIHULW,QWHOLJHQ&vQDFHODüLWLPS RULJLQDOüLVLPSO$OIUHGUHRUJDQL]WRWDWkWGHELQHDUPDWDGHXVFDWüL PDULQFDüLMXVWL&LDüLHGXFD&LD0ULHIHFWLYHOHDUPDWHLULGLFkQGOD UDQJXOGHWKDQHSHWR&LRDPHQLLOLEHULSRVHVRULDFLQFLKLGHVüLSH QHJXVWRULLGLQSRUWXULFDUHIFXVHUFHOSX&LQWUHLFOWRULLFXSURSULLOHORU PLMORDFHüLFHUkQGDFHVWHLPLFLQRELOLPLVSUHVWH]HVHUYLFLXOPLOLWDU FODUH0DUHDVOELFLXQHDDUPDWHORUDQJORVD[RQHDIRVWWRWGHDXQD VFXUWDGXUDWDVHUYLFLXOXL$OIUHGFUHÅFRQWLQJHQWHVDXÅHFKLSHFDUH SXWHDXILFKHPDWHUkQGSHUkQG3XVHVVHUHFRQVWUXLDVFIRUWLILFD&LLOH YHFKLORURUDüHURPDQHüLDYXLGHHDIRDUWHPRGHUQGHDvQILLQ&DGRX HüDORDQHGHDSUDUHDSUDUHDPRELOüLDSUDUHDWHULWRULDO&DYDOHULL FDUHORFXLDXDSURDSHGHXQEXUJK FHW&XLHIRUWLILFDW WUHEXLDXVVH SUH]LQWHDFRORvQFD]GHU]ERL FHLFDUHORFXLDXvQSOLQFkPSLHIRUPDX DUPDWDPRELO&UHRIORWSX&LQQXPHURDVGDUDOHFUHLYDVHIFXWH GXSSODQXULOHOXLVHSDUHFDYHDXPDLPXOWVWDELOLWDWHGHFkWDOH YLNLQJLORU$OFWXLXQFRGvQFDUHDGXQUHJXOLOHGHYLD&DFFHSWDWHDWXQFL GHRDPHQLLGLQ&DUDVDvQFHSkQGFXGHFDORJXOOXL0RLVHüLVIkUüLQGFX OHJLOHUHJLORUDQJORVD[RQLÅ1DPYUXWVVFKLPEQLPLFVSXVHHO SHQWUXFQXüWLXGDFOHDUILIRVWSHSODFFHORUFHYRUYHQLGXSPLQH (OPHQ&LQXYHFKLXOVLVWHPZHUJHOGVDXUVFXPSUDUHDFULPHLvQDIDUD FD]XOXLGHWUGDUH3HQWUXFHOFDUHüLWUGHD]UHJHOHVDXVHQLRUXOQXYD PDLH[LVWDGHDFLvQDLQWHQLFLLHUWDUHQLFLUVFXPSUDUH1LPHQLQXüLPDL SXWHDDSUDQLFLPFDUUXGDvPSRWULYDVHQLRUXOXLVX(UDWULXPIXO FRQFHS&LLORUQHRIHXGDOHDVXSUDYHFKLORULGHLWULEDOH ,9$OIUHGWUHEXLVGHSXQPDULHIRUWXULFDVUHvQYLHJXVWXO VWXGLLORUvQWUR&DUvQFDUHU]ERDLHOHüLPL]HULLOHQLPLFLVHURULFHüWLLQ& Å1XüWLXGDFDWXQFLFkQGDPOXDWvQPkQUHJDWXOVHJVHDODVXGGH 7DPLVDXQVLQJXURPvQVWDUHVWUDGXFFDUWHDGHUXJFLXQLvQOLPED HQJOH]5HJHOHvQILLQ&vQDOWHüFROLvQFDUHILLLQRELOLORUVDXDLRDPHQLORU OLEHULüLERJD&LVvQYH&HODWLQDHQJOH]DFOULDüLYkQWRDUHDFXüRLPL 7RWHOGGXRUGLQVVHvQFHDSR&URQLFDQJORVD[RQvQFDUHVILH QRWDWHDQXDOSULQFLSDOHOHHYHQLPHQWHFURQLFDWkWGHSUH&LRDVDVW]L SHQWUXQRL3RDWHFHOvQVXüLDGLFWDWLVWRULDWLPSXOXLVX(ODVFULV PXOWGDUPDLFXUkQGGHFkWDXWRUDIRVWWUDGXFWRUGHDOWIHOIRDUWH VFUXSXORV HOFXWDPDLvQWkLVHQVXOFXYkQWFXFXYkQWVDXFXPVSXQHD HOÅJkQGFXJkQGDSRLWOPFHDvQWURHQJOH]FXUDW&kQGvOLQWHUHVD VXELHFWXOLQWHUFDODSDVDMHVFULVHGHHO6FRSXOSHFDUHOXUPUHDIFkQG
DFHVWHWUDGXFHULHUDGHDSXQHWH[WHOHSHFDUHOHVRFRWHDXWLOHOD vQGHPkQDXQXLSRSRUFDUHQXPDLüWLDODWLQD$WUDGXV,VWRULD HFOH]LDVWLFGH%HGD,VWRULDXQLYHUVDOGH2URVLXV5HJXODSDVWRUDOGH *ULJRUHFHO0DUH GLQFDUHDWULPLVFLQFL]HFLGHH[HPSODUHHSLVFRSLORUüL PQVWLULORUGLQUHJDWXOVX üLPDLDOHV0kQJkLHULOHILOR]RILHLGH %RHWKLXVFDUHHUDGHVLJXUSHSODFXODFHVWXLUHJHILOR]RI 9(FLXGDWüLIUXPRVVYH]LXQVXYHUDQFRSOHüLWGHJULMLGRPQLQG SHVWHFHDPDLDPHQLQ&DWGLQWUH&ULüLFDUHVFULHIRDUWHVLPSOX Å$WXQFL vQWUHPXOWLSOHOHüLIHOXULWHOHJULMLDOHUHJDWXOXLvQFHSXLVWUDQVSXQvQ HQJOH]FDUWHDFDUHvQODWLQHüWHVHLQWLWXOHD]3DVWRUDOLV,DvQFXUDMDWSH DUWLüWLFDüLSHRDPHQLLGHüWLLQ&&kQGYRUEHüWHGHFHOHEUXOIXUDU :LHODQGvOQXPHüWHXQvQ&HOHSWüLDGDXJ ÅÍOQXPHVFvQ&HOHSWSHQWUXF XQEXQPXQFLWRUQXSRDWHQLFLRGDWVüLSLDUGLVFXVLQ&DüLDVWDHVWHR SURSULHWDWHFDUHQXLVHSRDWHOXDDüDFXPVRDUHOHQXüLSRDWHVFKLPED ORFXO$SRLUHYHQLQGXLvQPLQWHOHJHQGHOHGLQFRSLOULHVHvQWUHDE SUHILJXUkQGXOSH9LOORQ Å8QGHVXQWDFXPRDVHOHOXL:LHODQG" ÍQVIkUüLWELRJUDIXOVXQHLQIRUPHD]FGRULQGVLPSXQ UHVSHFWDUHDvQPQVWLUHDRUHORUGHVOXMEVHJkQGLVSXQvQWUR ODQWHUQGHRVSDWUXOXPkQULFkQWULWHFXJULMFDVDUGILHFDUHFkWH üDVHRUH$VWIHOFDSULQ]kQGXOHXQDGXSDOWDDSDUDWXODFHVWDLQGLFD RUDDSURDSHFXSUHFL]LH 9,'XSPRDUWHDOXL$OIUHGVXFFHVRULLVLFUHVFX&LODüFRDODOXL PULUüLPDLPXOWSUHVWLJLXOVXYHUDQLORUDQJORVD[RQL(LUHFXFHULUGH ODGDQH]LPDLvQWkL0HUFLDDSRL1RUWKXPEULD5HJHOH$HWKHOVWDQ VHSXWXLQWLWXODIUH[DJHUDUHÅUHJHOHWXWXURU%ULWDQLLORU'DQH]LL vQüLüLVWDELOL&LvQ(VWDQJOLDVHDPHVWHFDXFXSRSXOD&LDDQJORVD[RQüL vQFHSHDXVDGRSWHOLPEDHL'DUDFHDVWSDFHLQWHUQSUHVXSXQHDGRX FRQGL&LL XQUHJHSXWHUQLFüLVWYLOLUHDLQYD]LLORU2UGDFLQFXUVLXQLOH SLUD&LORUSUXUVVHUUHDVFIDSWXOVHH[SOLFDQXPDLSULQDFHHDF RDPHQLLGLQQRUGVHOXSWDXvQWUHHLvQSURSULLOHORU&ULSHQWUXFUHDUHD UHJDWHORU1RUYHJLHLüL'DQHPDUFHL'XSWHUPLQDUHDDFHVWHLSHULRDGHGH OXSWHHLvQFHSXUGLQQRXFOWRULLOHDYHQWXURDVHDFHVWHDILLQGFXDWkW PDLQXPHURDVHFXFkWPXO&LQHPXO&XPL&LYRLUVIXJGLQQRLOH PRQDUKLLÍQ&URQLFDDQJORVD[RQVHUHJVHüWHvQWLPSXOFHOHLGHDGRXD MXPW&LDVHFROXOXLDO;OHDDFHHDüLGH]DVWUXRDVFUHüWHUHvQDPSORDUHD LQFXUVLXQLORUFDSHYUHPHDSULPHORUDWDFXUL0DLvQWkLVHLYHVFFk&LYD
5HIHULUHODFHOHEUDÅ%DODGDGRDPQHORUGHRGLQLRDUDSRHWXOXL IUDQFH])UDQoRLV9LOORQ VHF;9 DYkQGUHIUHQXO Å0DLVRXVRQWOHVQHLJHV G DQWDQ" Å'DUXQGHVXQW]SH]LOHGHRGLQLRDU" (VWDQJOLDXQXOGLQFHOHüDSWHUHJDWHDQJORVD[RQH
MHIXLWRULvQüDSWHVDXRSWFRUELLDSRLYLQDGHYUDWHIORWHGXSFDUH XUPHD]RDUPDWüLvQFHOHGLQXUPÅDUPDWD1RXDLQYD]LHFRLQFLGH FXGRPQLDXQXLUHJHLQFDSDELO (WKHOUHGÍQORFVVHDSHUHHOUHFXUJHOD FHDPDLODüPHWRGGLQWUHFXWüLUVFXPSUSOHFDUHDÅDUPDWHLSULQWU XQWULEXWGH]HFHPLLGHOLYUH3HQWUXSODWDDFHVWHLHQRUPHVXPHWUHEXLV VWDELOHDVFXQLPSR]LWVSHFLDOGDQHJHOG EDQLLGDQH]LORU XQLPSR]LW IXQFLDUGHWUHLVDXSDWUXüLOLQJLSHQWUXILHFDUHKLGHGHSPkQWSRVHGDW )LUHüWHFGDQH]LORUOLVHGHVFKLVHSRIWDüLGHYHQLUGLQFHvQFHPDL H[LJHQ&LLDUGXSPRDUWHDOXL(GPXQG,URQVLGHILXOOXL(WKHOUHGFDUH vQFHUFDVHVOXSWHGDUIXVHVHDVDVLQDW&RQVLOLXOvQ&HOHS&LORUQXY]XDOW VROX&LHGHFkWVRIHUHFRURDQDFRPDQGDQWXOXLÅDUPDWHL&DQXWIUDWHOH UHJHOXL'DQHPDUFHLXQWkQUGHGRX]HFLüLWUHLGHDQLÅ%DUDvQWUHDJ VSXQHXQFURQLFDUvODOHVHSH&DQXWüLVHVXSXVHGHODVLQHRPXOXL FUXLDvLUH]LVWDVHSkQDWXQFL 9,,6HvQWkPSOFDDOHJHUHDVILHEXQ&DQXWIXVHVHXQGXüPDQ DVSUXüLFKLDUFUXGGDUHUDLQWHOLJHQWüLRPGHvQ&HOHJHUH6WULQXODFHVWD YUXVILHXQUHJHHQJOH]ÍQFHSXSULQDOXDGHVR&LHSHUHJLQDYGXY (PPDGH1RUPDQGLDIHPHLHPDLvQYkUVWGHFkWHOGDUSULQFDUHVHOHJD PDLVWUkQVGHQRXOVXUHJDW,PHGLDWGXSDFHHDGRYHGLFQXIDFHQLFL RGHRVHELUHvQWUHHQJOH]LüLGDQH]L0DLPXOWGHFkWDWkWvLXFLVHSHWR&L QRELOLLHQJOH]LFDUHWUGDVHUSHDGYHUVDUXOVX(GPXQG,URQVLGHÅ&XP DLSXWHDGHYHQLWXRPXOHFDUH&LDLWUGDWVWSkQXOXQVOXMLWRU FUHGLQFLRV"'L]ROYPDUHDVDDUPDWüLQXSVWUGHFkWSDWUX]HFLGH FRUELLDOHFURUHFKLSDMHFLUFDWUHLPLLGRXVXWHGHRDPHQLIRUPDU JDUGDVDSHUVRQDO(UDXKRXVHFDUOVVDX+XV&DUOHVWUXSHGHHOLW FDUHFRQWUDURELFHLXULORUIHXGDOHSULPHDXVROGüLQXSPkQW3HQWUXD OHSOWL&DQXWFRQWLQXVSHUFHDSGDQHJHOGVDXJHOGüLWUDQVPLVH &XFHULWRUXOXLDFHVWLPSR]LWIXQFLDUDFFHSWDWGHSRSXOD&LHÍQ &DQXWFRQYRFOD2[IRUGRPDUHDGXQDUHvQFDUHGDQH]LLüLHQJOH]LL MXUDUVUHVSHFWHYHFKLOHOHJLDQJORVD[RQH8LPLWRUSHUVRQDMDFHVWSLUDW SULQFLDUFDUHDWkWGHWkQUVHVFKLPEvQWUXQUHJHLPSDU&LDOüL FRQVHUYDWRU&RQYHUWLWODFUHüWLQLVPVHGRYHGLDWkWGHSLRVvQFkWUHIX] VüLSRDUWHFRURDQDüLRDWkUQGHDVXSUDDOWDUXOXLSULQFLSDODOFDWHGUDOHL GLQ:LQFKHVWHUFDVDUDWHF'XPQH]HXHVWHXQLFXOUHJH 9,,,5HJHDO$QJOLHLvQUHJHDO'DQHPDUFHLvQFHSkQGGLQ GXSPRDUWHDIUDWHOXLVX&DQXWFXFHUL1RUYHJLDvQüLFXSUH&XOD QXPHURDVHFRQFHVLLSULPLRPDJLXOUHJHOXL6FR&LHL2GDWPDLPXOW $QJOLDVHJVHDOHJDWGHVRDUWDSRSRDUHORUQRUGLFH'DFDUILGXUDW RSHUDOXL&DQXWüLGDF:LOKHOPGH1RUPDQGLDQDUILYHQLWVvQWUHDVF :LOKHOP&XFHULWRUXOGXFHOH1RUPDQGLHLUHJHDO$QJOLHLvQWUHüL
FXFHULUHDURPDQFLQHüWLHFDUHDUILIRVWLVWRULD(XURSHL"'DULPSHULXO DQJORVFDQGLQDYQXHUDYLDELO$OFWXLWGLQQD&LXQLFDUHVHLJQRUDXXQD SHDOWDvQWUHWLDWGHPULSULPHMGLRDVHLPSHULXOQXH[LVWDGHFkWJUD&LH XQXLRP'XSFH&DQXWPXULODSDWUX]HFLGHDQLRSHUDOXLQXL VXSUDYLH&XLÍQXUPDFkWRUYDOXSWHGLQWUHILLLVL:LWDQXOGRYHGLGLQQRX HFOHFWLVPXOVXUHYHQLQGODGLQDVWLDVD[RQüLDOHJkQGXOFDUHJHSH (GXDUGDOGRLOHDILXDOOXL(WKHOUHG$FHVWHDOWHUQDQ&HvQWUHDXDXWRUL WDWHD:LWDQXOXLLDUUHJDOLWDWHDIXQF&LHHOHFWLYvüLSLHUGHDPXOWGLQ SUHVWLJLXOVX 8QLLFRPL&LJXYHUQDXDFXPSHVWHPDLPXOWHVKLUHVüLDUILGHYHQLW GDFFXFHULUHDQRUPDQGQXLDUILQLPLFLWDGHYUD&LVXYHUDQLORFDOLüL ULYDOLSHULFXORüLDLUHJHOXL ;, &8&(5,5($1250$1' ,'XFHOH5ROORQFDUHvQ SULQFRQYHQ&LDYHUEDOGHOD6DLQW &ODLUVXU(SWHRE&LQXVHGHOD&DUROFHO6LPSOXGXFDWXO1RUPDQGLHLHUD GLQDFHHDüLVHPLQ&LHFDüLFXFHULWRULL(VWDQJOLHL'DUGXSXQVHFRO DFHVWHGRXJUHIHDOHXQHLDFHOHLDüLVSHFLLVHGH]YROWDVHUDWkWGHGLIHULW XQDGHDOWDvQFkWSHYUHPHDFXFHULULLvQüLüLGDQH]LLGLQ$QJOLDQXPHDX SHFHLGLQ)UDQ&D IUDQFH]L'DQH]LLGLQ$QJOLDvQWkOQLQGRFLYLOL]D&LH HXURSHDQvQFVODEvQUGFLQDWDYXVHVHUDVXSUDHLRLQIOXHQ&GHVWXO GHPDUHvQWLPSFHGDQH]LLQRUPDQ]LvQWkOQLQG5RPDVXEFKLSXO )UDQ&HLVHLPSUHJQDVHUFXRXLPLWRDUHUDSLGLWDWHGHVSLULWXOODWLQ'HOD VIkUüLWXOVHFROXOXLDO;OHDQRUPDQ]LLQXPDLYRUEHDXOD5RXHQGHFkW IUDQFH]DüLPRüWHQLWRUXOGXFDWXOXLWUHEXLDVILHWULPLVOD%D\HX[FDV vQYH&HDFROROLPEDVWUPRüLORUVL9HFKHDRUGLQHURPDQüLWkQUD HQHUJLHQRUPDQGFRQWRSLQGXVHDXGDWPLQXQDWHUH]XOWDWHÅ2)UDQ& VFULDXQFURQLFDUHUDL]GURELW]FHDLODSPkQW,DWYHQLQGVSUH WLQHGLQ'DQHPDUFDRVHPLQ&LHQRX6HvQFKHLHRDOLDQ&SDFHvQWUH HDüLWLQH6HPLQ&LDDFHDVWDYDvQO&DSkQODFHUXULQXPHOHüLLPSHULXO WX ,,Å3DFHDGXFHOXL1RUPDQGLHLUHVSHFWXOOHJLORUSHFDUHüWLXVHVO LPSXQFXUkQGSHWHULWRULXOVXDXVWkUQLWDGPLUD&LDFURQLFDULORU(L UHODWHD]FGXFHOH5ROORQDWkUQkQGQLüWHLQHOHGHDXUGHXQVWHMDUGLQ SGXUHD5RXPDUH 5ROOLQLVPDUH LQHOHOHDXUPDVDFRORWLPSGHWUHLDQL 9HFKLOHGLF&LRQDUHSUHWLQGFVWULJWXOKDURHUDXQDSHOODSURWHF&LDOXL 5ROORQ Å+D5RO)LUHüWHFEDURQLLMDUOVIRüWLüHILGHSLUD&LVXSRUWDXFX JUHXDFHDVWGLVFLSOLQüLFRQWLQXDXVüLUH]ROYHFHUWXULOHSDUWLFXODUHFX RYLROHQ&üLRFUX]LPHQHPDLSRPHQLWH'DUGXFLLDXüWLXWVüLLPSXQ
YRLQ&D1XH[LVWDXPDULYDVDOLvQ1RUPDQGLD1LFLXQVHQLRUQXHUDGHVWXO GHSXWHUQLFFDVVHRSXQGXFHOXL$FHVWDDYHDvQILHFDUHGLVWULFWXQ UHSUH]HQWDQWYLFRQWHOHFDUHQXHUDXQVLPSOXDGPLQLVWUDWRUDO GRPHQLLORUUHJDOHFLXQDGHYUDWJXYHUQDWRU'XFHOHGH1RUPDQGLD SHUFHSHDLPSR]LWHvQEDQLüLDYHDRDGPLQLVWUD&LHDILQDQ&HORU YLVWLHULD 'LQWUHWR&LVXYHUDQLLGHSHYUHPHDOXLHOVHPQDFHOPDLPXOWFXXQüHI GHVWDWPRGHUQ ,,,0XOWPDLGHYUHPHGHFkWHQJOH]LLQRUPDQ]LLDGRSWDVHU FHUHPRQLDOXOüLLHUDUKLDVLVWHPXOXLFDYDOHUHVFFRQWLQHQWDO)HXGDOLWDWHD VHGH]YROWDVHSHFRQWLQHQWGLQDFHOHDüLSULFLQLFDüLvQ$QJOLD QHFHVLWDWHD DSUULLORFDOH GDUvQVHFROXODO;,OHDHUDVXSXVXQRUUHJXOLPXOWPDL SUHFLVH'XSGXFHOH1RUPDQGLHLYHQHDXEDURQLLFDUHODUkQGXOORUvL FRPDQGDXSHFDYDOHUL(UDFDYDOHURULFHSRVHVRUDOXQHLEXF&LGH SPkQWFDUHLPSOLFDSUHVWDUHDVHUYLFLXOXLGHPLOLWDUFODUH/DFKHPDUHD EDURQXOXLVXFDYDOHUXOWUHEXLDVVHSUH]LQWHFXDUPHOHüLFDOXOüLV IDFSDWUX]HFLGH]LOHGHFDPSDQLH(UDXQWLPSVFXUWGDUGHDMXQV SHQWUXH[SHGL&LLPUXQWH3HQWUXRDF&LXQHPDLvQGHOXQJDWFXPDIRVW FXFHULUHD$QJOLHLWUHEXLDXFRQWUDFWHVSHFLDOH%DURQXOvQVXüLWUHEXLDV UVSXQGODFKHPDUHDGXFHOXLVXüLVDGXFSHFDYDOHULLFDUH GHSLQGHDXGHHO&HUHPRQLLOHIHXGDOHLPSOLFDXvQ1RUPDQGLDFDüLvQ UHVWXO(XURSHLXQRPDJLXVLPEROLF Å9DVDOXOvQJHQXQFKLüLIUDUPH vüLSXQHDPkLQLOHvPSUHXQDWHvQPkLQLOHVHQLRUXOXLüLVHGHFODUDRPXOVX SHQWUXFXWDUHIHXG VHQLRUXOvOULGLFDüLvOVUXWDSHJXU DSRLYDVDOXOvQ SLFLRDUHGHSXQHDMXUPkQWXOGHFUHGLQ&SHHYDQJKHOLH3HQWUXDVH GHVIDFHGHHOWUHEXLDRUHQXQ&DUHODMXUPkQW GLIILGDWLR FDUHQXHUD vQJGXLWGHFkWvQDQXPLWHFD]XULGHWHUPLQDWH ,9%LVHULFDSDUWLFLSDGLQSOLQODFHUHPRQLLOHFDYDOHUHüWL'XS FRQYHUWLUHDQRUPDQ]LORUGXFLLDFHVWRUDGREkQGLVHUIDYRDUHDGHRVHELWD SDSHLGDWRULWVWUGDQLHLDUWDWHvQUHvQO&DUHDPQVWLULORUüLELVHULFLORU GLVWUXVHGHVWUPRüLLORU$UKLWHF&LvQQVFX&LFXXQVLP&DOXQLW&LL SODQXOXLFDUHDPLQWHDGHQHYRLDORUGHXQLWDWHJXYHUQDPHQWDOHLIXU SULQWUHFHLGLQWkLFRQVWUXFWRULDLIUXPRDVHORUFDWHGUDOHGLQ(XURSD $GXFHDXFUWXUDULGHODPDULGHSUWUL$VWIHO/DQIUDQFFDUHüLDIFXW VWXGLLOHODüFRDODGLQ3DYLDDYHQLWVSUHGHDGUHSWXOOD$YUDQFKHV GHYHQLQGFHOHEUX$SRLUXüLQDWGHLJQRUDQ&DOXLvQFHSULYHüWHWUHEXULOH UHOLJLRDVHDIRVWFXSULQVGHGRULQ&DGHDVHIDFHFOXJUvQFHDPDL VUFFLRDVPQVWLUH$LQWUDWODPQVWLUHDSHFDUHRFRQVWUXLD +HUORXLQSHPDOXO5LVOHLüLFDUHVHPDLQXPHüWHüLDVW]L%HF+HOORXLQ %HFvQVHDPQSkUkXFDüLFXYkQWXOJHUPDQ%DFK $IRQGDWDFRORR 6DXPDLFRUHFW+HUOXLQFOXJUIRQGDWRUDOPQVWLULL%HF+HOORXLQ SHODDQXO
üFRDOFDUHüLDFküWLJDWRIDLPDWkWGHPDUHvQFkWEUHWRQLIODPDQ]LüL FKLDUJHUPDQLYHQHDXVDXGLH]HFXUVXULOHFDUHVH&LQHDXDLFL'LQ DFHDVWIHUPHFWRDUHYDOHYDSOHFD/DQIUDQFSHQWUXDGHYHQLDEDWHGH &DHQDSRLDUKLHSLVFRSGH&DQWHUEXU\ 96HFXYLQHH[SOLFDWFXPDSXWXWXQGXFHGH1RUPDQGLDvQVHFROXO DO;,OHDVFRQFHDSLGHHDGHDVHIDFHUHJHDO$QJOLHL 'XSPRDUWHDPHGLRFULORUGHVFHQGHQ&LDLOXL&DQXWPRüWHQLWRUXO QDWXUDODOUHJLORUVD[RQL(GXDUGIXVHVHSURFODPDWUHJHGHFWUH:LWDQüL VXSUDQXPLW&RQIHVRUXOGLQSULFLQFHUDSHVWHPVXUGHSLRVÅ1X YRUEHDvQWLPSXOVOXMEHLUHOLJLRDVHVSXQHFXQDLYLWDWHELRJUDIXOVX GHFkWGDFDYHDGHSXVRvQWUHEDUH(GXDUG&RQIHVRUXOSDUHVILIRVWXQ EUEDWYLUWXRVüLEOkQGGDUOLSVLWGHYRLQ&üLDSURDSHFRSLOURV6H OHJDVHSULQMXUPkQWVUPkQFDVWFHHDFHQXODvPSLHGLFDWSHFHO PDLSXWHUQLFGLQWUHHDOGRUPHQLDQXPH*RGZLQRGLQLRDUVLPSOXVHQLRU ORFDOGDUDMXQVDWRWSXWHUQLFvQ:HVVH[VLGHDSHILLFDOXLvQFVWRULH 2FVWRULHLPDFXODWQXSXWHDVLGLVSODFOXL*RGZLQFDUHVRFRWHDF YDMXFDvQFDVDJLQHUHOXLVXUROXOGHPDMRUGRP &LQHSXWHDVüWLH" &DSH&LHQLLvQORFXLVHUvQWUREXQ]LSHVWSkQLLORU(GXDUGFUHVFXWvQ 1RUPDQGLDHUDPDLPXOWQRUPDQGGHFkWHQJOH](OVHvQFRQMXUGH VIHWQLFLQRUPDQ]LüLDOHVHXQQRUPDQGSH5REHUWGH-XPLqJHVFD DUKLHSLVFRSGH&DQWHUEXU\ÍQWUR]LHOSULPLYL]LWDYUXOXLVXGLQ 5RXHQ:LOKHOP%DVWDUGXO PDLWkU]LX&XFHULWRUXO FDUHVXV&LQXWRDW YLD&DF(GXDUGvLIJGXLVHvQFXUVXODFHVWHLYL]LWHVXFFHVLXQHDODWURQ ÍQUHDOLWDWH(GXDUGQXSXWHDRIHULRFRURDQFDUHQXGHSLQGHDGHHOFLGH DOHJHUHD:LWDQXOXL7RWXüLVDUSXWHDVRILRIHULWGLQLPSUXGHQ&OXL :LOKHOPDüDFXPRPDLRIHULVHVHSDUHüLOXL+DUROGILXOOXL*RGZLQüL OXL6ZH\QUHJHOH'DQHPDUFHL%LQHYRLWRUüLvQFXUFOXPH(GXDUGDIRVW DVHPXLWDFHORUXQFKLERJD&LFDUHüLSURPLWDYHUHDWXWXURUQHSR&LORU )JGXLVHVVHGXFvQSHOHULQDMOD5RPD SDSDvOGLVSHQVFXFRQGL&LD VFRQVWUXLDVFRDED&LH2FRQVWUXLSHDFHHDGLQ:HVWPLQVWHUüLvüL PXWOkQJHDSDODWXOFDUHSkQDWXQFLIXVHVHvQFHWDWHD/RQGUHL $FHVWDFWGHSLHWDWHDO&RQIHVRUXOXL REVHUY7UHYHO\DQ DYXFRQVHFLQ&H LPSRUWDQWHüLLPSUHYL]LELOH PXWkQGSDODWXOUHJDOGLQFHWDWHDvQJGXLW vQVkQXORUüHQLORUGLQ/RQGUDQDüWHUHDXQXLVSLULWLQGHSHQGHQWFDUH XUPDVH[HUFLWHRLQIOXHQ&FRQVWDQWDVXSUDLVWRULHL&ULL(GXDUG ûHIDOSHUVRQDOXOXLFDVHLUHJDOHüLDGPLQLVWUDWRUDOEXQXULORUDFHVWXLD SHWLPSXOGLQDVWLHLPHURYLQJLHQHGLQUHJDWXOIUDQF0DMRUGRPLLDXDMXQV ODXQUROSROLWLFIRDUWHvQVHPQDWDüDvQFkWvQDQXOXQXOGLQHL3LSLQ FHO6FXUWDGHWURQDWGLQDVWLDPHURYLQJLDQüLDRFXSDWHOvQVXüLWURQXO UHJDOvQWHPHLQGGLQDVWLDFDUROLQJLDQ([HPSOXOFXFDUHDXWRUXO FRQWLQXQXHEXQGHRDUHFHFDSH&LHQLLXUFD&LSHWURQXO)UDQ&HLvQDQXO QDXIRVWPDMRUGRPLDLUHJLORUSUHFHGHQ&LGLQGLQDVWLDFDUROLQJLDQ 3DUWHDFHDPDLYHFKHD/RQGUHLQXPLWSkQDVW]L&LW\
&RQIHVRUXODPXULWvQLXQLHüLDUPDVRILJXUSRSXODU9UHPH vQGHOXQJDWILHFDUHQRXVXYHUDQWUHEXLDVMXUHFYDUHVSHFWDÅOHJLOHOXL (GXDUGFDUHQXIFXVHvQYLD&DOXLQLFLXQIHOGHOHJH'DUIXVHVH XOWLPXOUHJHDQJORVD[RQvQDLQWHGHFXFHULUHüLGLQDFHDVWSULFLQD GHYHQLWSHQWUXHQJOH]LLvQUREL&LXQIHOGHVLPERODO$QJOLHLLQGHSHQGHQWH 9,:LOKHOP%DVWDUGXOGXFHGH1RUPDQGLDHUDILXOQHOHJLWLPDO GXFHOXL5REHUWüLDOILLFHLXQXLWEFDUGLQ)DODLVH $UOHWWD)XVHVH UHFXQRVFXWGHWDWOVXüLLXUPDVHODWURQ%DURQLLLDXIFXWODvQFHSXW YLD&JUHDVXYHUDQXOXLFDUHHUDvQDFHODüLWLPSPLQRUüLEDVWDUG :LOKHOPDWUHFXWDWXQFLSULQWURDVSUSHULRDGGHXFHQLFLH GLQDFHDVW vQFHUFDUHDLHüLWQXQXPDLVWSkQSHGXFDWXOVXGDUODüLPULWSULQ FXFHULUHD0DLQHXOXL,DU1RUPDQGLDDGHYHQLWVXEFRQGXFHUHDOXL SDüQLFüLvQIORULWRDUH(UDXQEUEDWFXRYRLQ&WHQDFHFDUHvQFD]GH QHL]EkQGüWLDVüLDVFXQGGH]DPJLUHDüLVDüWHSWH&kQGVD KRWUkWVRLDGHVR&LHSH0DWLOGDILLFDFRQWHOXL%DOGXLQGH)ODQGUDüL FkQGSDSDLQWHU]LVHFVWRULDGLQFDX]DXQHLRDUHFDUHvQUXGLULFDUHR IFHDLOHJDOGLQSXQFWGHYHGHUHUHOLJLRV:LOKHOPUEGFkWUEGDSRL vüLLPSXVHYRLQ&DGHDVHFVWRUL6DPkQLDWvQJUR]LWRUvPSRWULYDOXL /DQIUDQFVWDUH&XOGLQ%HFFDUHvQGU]QLVHVFRQGDPQHDFHDVW QHVXSXQHUHID&GHXQGHFUHWSRQWLILFDODSRLVHVOXMLGHDFHODüL/DQIUDQF SHQWUXDüLQHJRFLDLHUWDUHDGHFWUHSDSSHFDUHSkQODXUPD RE&LQXWRFXFRQGL&LDVFRQVWUXLDVFFHOHGRXIUXPRDVHELVHULFLGLQ &DHQ O $EED\HDX[+RPPHVüLO $EED\HDX['DPHVÍQWLPSXOQHJRFLH ULORUIRDUWHDELOXOVWDUH&GLQ%HFOHJDVHUHOD&LLGHSULHWHQLHFXRPXOFHO PDLSXWHUQLFGLQ5RPD FOXJUXO+LOGHEUDQGYLLWRUXO*ULJRUHDO9,,OHD 'RXDPEL&LLDYHDXVFRQFRUGH :LOKHOPYLVDVILHUHJHOH$QJOLHLüLOD UHDOL]DUHDDFHVWXLSODQPUH&SDSDvOSXWHDDMXWD +LOGHEUDQGYLVDV IDFGLQSDSVX]HUDQXOüLMXGHFWRUXOWXWXURUSULQFLSLORUFUHüWLQW&LLüL XQFDQGLGDWODWURQvüLOXDEXFXURVID&GH5RPDDQJDMDPHQWHSHFDUH OHDUILUHIX]DWXQUHJHOHJLWLP 9,,&DUHHUDXGUHSWXULOHOXL:LOKHOPODFRURDQD$QJOLHL"(VXILFLHQW VH[DPLQPJHQHDORJLDOXLSHQWUXDYHGHDFVXQWQXOH'XFHOHGH 1RUPDQGLDQXDYXVHVHUXGHFRPXQHFXEXQXOUHJH(GXDUGGHFkWRVRU DEXQLFXOXLüLDSRLHUDEDVWDUG'HDOWIHOvQVHFROXODO;,OHDFRURDQD HQJOH]HUDHOHFWLYüLQXPDL:LWDQXOSXWHDVRDWULEXLH3URPLVLXQHDOXL (GXDUG"$UJXPHQWPHGLRFUXSHQWUXF(GXDUGSURPLVHVHFRURDQD WXWXURUFHORUFDUHDUILSXWXWVRSUHWLQGüLQXDYHDGUHSWXOVRSURPLW 'DU/DQIUDQFüL:LOKHOPRDPHQLGLEDFLüLFDUHGGHDXWRWGHDXQD 5REHUW,VXSUDQXPLW0DJQLILFXOGXFHDO1RUPDQGLHLvQWUH VDX üL %DOGXLQ9FRPLWHGH)ODQGUDvQWUHüL
GRULQ&HORUORURDSDUHQ&PRUDOSXVHVHUODFDOHRvQWUHDJPDüLQD&LH GLSORPDWLFvPSRWULYDVLQJXUXOXLFRQFXUHQWSHULFXORV +DUROGILXOOXL *RGZLQüLFXPQDWXOOXL(GXDUG1HIHULFLWXO+DUROGIXVHVHIFXWSUL]RQLHU GXSXQQDXIUDJLXDSURDSHGH3RQWKLHXGHFWUHFRPLWHOHGH3RQWKLHX DSRLHOLEHUDWGH:LOKHOPüLWUDQVSRUWDWOD5RXHQ$FRORGXFHOHvOIFXV vQ&HOHDJFHVWHFRPSOHWDPHQWHOLEHUGDUFXRVLQJXUFRQGL&LHDFHHD GHDSUHVWDRPDJLXOXL:LOKHOPüLDGHYHQLvQVHQVIHXGDOÅRPXOVXÍQ FXUVXODFHVWHLFHUHPRQLL+DUROGWUHEXLVGHSXQXQMXUPkQWGHVSUH FDUHQXVHüWLHQLPLFSUHFLV-XUDVHVRLDGHVR&LHSHILLFDOXL:LOKHOP VDXVVXV&LQGUHSWXULOHDFHVWXLDODWURQXO$QJOLHL"ÍQRULFHFD]D IJGXLWVXEMXUPkQWFHYDFHDIRVWLQYRFDWDSRLvPSRWULYDOXL &URQLFDUXOUHODWHD]FKLDUFQRUPDQ]LLDVFXQVHVHUVXEPDVD MXUPkQWXOXLGRXUDFOHFRQ&LQkQGUHOLFYHOHXQRUVILQ&L$üDFXPvO FXQRDüWHPSH:LOKHOPSRYHVWHDSDUHYHURVLPLO 9,,,&HYDORDUHDYHDXQMXUPkQWLPSXVFXIRU&D"+DUROGFkQGVH Y]XOLEHUQXVHVRFRWLDQJDMDWüLGHDOWIHORVSXQHPGLQQRXDOHJHUHD XQXLUHJHDO$QJOLHLQLFLQXGHSLQGHDGHHOÍQFOLSDPRU&LLOXL(GXDUG :LWDQXOQXüRYLRVHFXQGvQWUHXQPDUHVHQLRUYLWHD]üLIRDUWHLXELW +DUROG üLXQFRSLO VLQJXUXOGHVFHQGHQWDOOXL(JEHUW (GJDU$WKHOLQJ 'RX]HFLüLSDWUXGHRUHGXSDOHJHUHDOXL+DUROGFDUHJHHOIXvQFRURQDW vQQRXDDED&LHGLQ:HVWPLQVWHU'H:LOKHOPQLFLQXIXVHVHYRUE ,PHGLDWVHGH]OQ&XLvQWRDW(XURSDüLvQVSHFLDOOD5RPDSULQJULMDOXL :LOKHOPüLDOXL/DQIUDQFRFDPSDQLHGHSURSDJDQGDGPLUDELOUHJL]DW 'XFHOH1RUPDQGLHLOXDvQWUHDJDFUHüWLQWDWHFDPDUWRUDWUGULLFUHLD vLF]XVHYLFWLPÅ9DVDOXOVX+DUROGYLROkQGvQDFHODüLWLPSOHJHD IHXGDOüLXQMXUPkQWVROHPQVPXOJHDRFRURDQIJGXLWGH VXYHUDQXOGLVSUXWXQXLEUEDWFDUHGHVFHQGHQWRULFkWGHvQGHSUWDW HUDFHOSX&LQGLQYL&DUHJDOSHFkQG+DUROGQXHUDGHFkWXQX]XUSDWRU 5HDXDFUHGLQ&DOXL:LOKHOPHQHvQGRLHOQLF HOüWLDPDLELQHGHFkW RULFLQHFXPIXVHVHRE&LQXWMXUPkQWXOüLFkWYDORUDXGUHSWXULOHVDOHOD WURQ'DUVLWXD&LDDELOSUH]HQWDWvQOXPLQDSUHMXGHF&LORUIHXGDOHHUD FXWRWXOvQGHIDYRDUHDOXL+DUROG&XSULQFLSLLOHGUHSWXOXLIHXGDOVH vQWkPSODDWXQFLFHHDFHVHvQWkPSODVW]LFXSULQFLSLLOHGUHSWXOXL LQWHUQD&LRQDO FHLFDUHOHUHVSHFWDXPDLSX&LQvLvQYLQXLDXSHFHLODO&LFOH YLROHD]'HDOWIHO5RPDHUDGHSDUWHDGXFHOXLGH1RUPDQGLDSHQWUXFVH DQJDMDVHVDSOLFHLGHLOHOXL+LOGHEUDQGüLVUHIRUPH]HELVHULFD$QJOLHL 3DSDvLGGXGUHSWDWHOXL:LOKHOPüLvQVHPQGHELQHFXYkQWDUHSHQWUX DF&LXQHDODFDUHSRUQLVHvLWULPLVHXQVWHDJGHU]ERLVILQ&LWüLXQLQHO DYkQGXQILUGLQSUXOVIkQWXOXL3HWUX ,;3HQWUXRFDPSDQLHDWkWGHJUHDRELüQXLWDFKHPDUHVXEDUPHGH SDWUX]HFLGH]LOHDFDYDOHULORUQRUPDQ]LDUILIRVWQHvQGHVWXOWRDUH +XVFDUOLLOXL+DUROGIRUPDXRWUXSH[FHOHQWüLSHULFXORDV&kQG
:LOKHOPOHH[SOLFvQWkLDRDUEDURQLORUDGXQD&LOD/LOOHERQQHSODQXULOH VDOHHLVHDUWDUSX&LQHQWX]LDVPD&L3UHDRDF&LXQHULVFDQW'DU :LOKHOPDYXGLEFLDGHDSUH]HQWDXQDFWGHWkOKULHLQWHUQD&LRQDOGUHSW RDGHYUDWFUXFLDG2FUXFLDGSURILWDELO)LHFUXLDGLQWUHYDVDOLLVL QRUPDQ]LOHIJGXLSPkQWvQ$QJOLDüLEDQL)UDWHOHVX2GRHSLVFRS GH%D\HX[üLPDLPXOWRüWHDQGHFkWHSLVFRSUHFUXWüLHOOXSWWRUL$SRL :LOKHOPWULPLVHFKHPULvQWRDW(XURSD6RVLUEDURQLDYHQWXURüLGLQ $QMRX%UHWDQLD)ODQGUDüLFKLDUGLQ$SXOLDüL$UDJRQ)XRPRELOL]DUH GHVWXOGHvQFHDWIDSWIULPSRUWDQ&FFLWRWWUHEXLDvQDLQWHGH vPEDUFDUHVVHFRQVWUXLDVFRIORW6HSRDWHYHGHDvQ7DSLVHULDGHOD %D\HX[FXPDXIRVWGRERUkWHSGXULvQWUHJLSHQWUXFRQVWUXLUHDDüDSWH VXWHFLQFL]HFLGHQDYHQHFHVDUHDWXQFLSHQWUXWUDQVSRUWXODGRXVSUH]HFH VDXFLQFLVSUH]HFHPLLGHRDPHQLGLQFDUHvQWUHFLQFLüLüDVHPLLGH FOUH&L)ORWDIXJDWDODvQFHSXWXOOXLVHSWHPEULH7LPSGHvQF FLQFLVSUH]HFH]LOHYkQWXULOHFRQWUDUHvOUH&LQXUSH:LOKHOP&XPVH vQWkPSODGHVHDvQLVWRULDRPHQLULLvQWkU]LHUHDSHFDUHRGHSOkQVHVHvL DGXVHRYLFWRULHXüRDU&FLvQWUHWLPSVRVLVHSHFRDVWD1RUWKXPEULHL UHJHOH1RUYHJLHLFXWUHLVXWHGHJDOHUH&KHPDWGHXQWUGWRUFRQWHOH 7RVWLJIUDWHOHOXL+DUROGYHQHDüLHOVUHFODPHFRURDQD$QJOLHL+DUROG FDUHvODüWHSWDSH:LOKHOPOkQJLQVXOD:LJKWWUHEXLGHRGDWVDOHUJH FXKXVFDUOLLVLVSUHQRUG5HSXUWRYLFWRULHFRPSOHWDVXSUD QRUYHJLHQLORUüLOHGLVWUXVHDUPDWD'DUDGRXD]LGXSYLFWRULHDIOF :LOKHOPDGHEDUFDWIUOXSWODVHSWHPEULHSHSODMDGHOD3HYHQVH\ 9kQWXOvüLVFKLPEDVHGLUHF&LD ;+DUROGVHvQWRDUVHvQPDUüIRU&DWVSUHVXG/XFUXULOHOXDUR vQWRUVWXUSURDVWSHQWUXHO2üWLUHDvLIXVHVHFLXQWLWvQOXSWD vPSRWULYDQRUYHJLHQLORU7KDQLLGLQQRUGFDUHDELDLHüLVHUGLQOXSWVH DUWDUSX&LQGRUQLFLVOXUPH]H(SLVFRSLLHUDXLPSUHVLRQD&LGH SURWHF&LDSHFDUH6IkQWXO6FDXQLRDFRUGDOXL:LOKHOP([LVWDvQ&DUXQ ÅSDUWLGQRUPDQGIRUPDWGLQWR&LIUDQFH]LLDGXüLGH(GXDUG&RQIHVRUXO 8QLFDEWOLHGLQDFHVWU]ERLDYXORFSHGUXPXOGHOD/RQGUDOD +DVWLQJV6HvQIUXQWDUGRXWLSXULGHDUPDW2DPHQLLOXL+DUROG IRUPDXSRWULYLWWUDGL&LHLORFDOHRSHGHVWULPHSXUWDW VHGHSODVDXSH FDLGDUOXSWDXSHMRV1RUPDQ]LLGLPSRWULYDWDFDXGHSHFDLVXV&LQX&L GHDUFDüL3ULPHOHüDUMHDOHFDYDOHULHLQRUPDQGHQXUHXüLUVVPXOJ FUHDVWDSHFDUHRDSUDXOXSWWRULLHQJOH]L:LOKHOPEXQWDFWLFLDQIRORVL HWHUQDYLFOHQLHDDUPDWHORU EWXvQUHWUDJHUH3HGHVWULPHDOXL+DUROGvüL SUVLSR]L&LLOHFDVOXUPUHDVF&kQGQRUPDQ]LLY]XUWUXSHOHOXL +DUROGSRUQLWHGHDELQHOHDIFXUFDOHvQWRDUVüLIODQFXULOHDUPDWHLORU (GXDUG&RQIHVRUXODPXULWODvQFHSXWXOOXLLDQXDULH0RELOL]DUHD IRU&HORUOXL:LOKHOPüLFRQVWUXLUHDFRQVLGHUDELOHLVDOHIORWHDXGXUDWGHFL RSWOXQLFHHDFHvQFRQGL&LLOHHSRFLLQXHVWHXQULWPSUHDOHQWPDL FXUkQGRSHUIRUPDQ&GHUDSLGLWDWH
vQYOXLUSHSHGHVWUDüLLHQJOH]L8UPXQPDVDFUXvQFDUH+DUROGvQVXüL SLHUL6XSHULRULWDWHDFDYDOHULHLWHPHLQLFGRYHGLWSkQDFXPSH FRQWLQHQWVHY]XFRQILUPDWüLvQDFHDVWOXSW ;,ûLUXOGHRSHUD&LLPLOLWDUHüLGLSORPDWLFHFDUHDXXUPDWSXQvQ OXPLQFDUDFWHUXOOXL:LOKHOPÍQORFGHDSRUQLXQDVDOWGLUHFWvPSRWULYD /RQGUHLHOvQFHUFXLRUDüXOvOvQFRQMXUFXR]RQGHSPkQWSXVWLLWüL DüWHSWLQHYLWDELODSUHGDUHÍQORFVVHSURFODPHUHJHDO$QJOLHLDüWHDSW VLILHRIHULWFRURDQDEDüLDWXQFLSUXVüRYLH(OFXWDGXS RELüQXLWDVDPHWRGÅVSXQvQWURVLWXD&LHSURDVWSHSRVLELOLLVL DGYHUVDULüLYRLDVDSDUvQRFKLLWXWXURUFDXQUHJHOHJDOÍQVIkUüLWvQ SULPD]LGHFUFLXQDDQXOXLIXvQFRURQDWOD:HVWPLQVWHU3HPDOXO 7DPLVHLODSRU&LOHFHW&LLVHüLDIODXSULPHOHSLHWUHDOHIRUWUH&HLFDUH DYHDVGHYLQFHOHEUXOüLVLQLVWUXO7XUQDO/RQGUHL ;,,&HJVHVFQRUPDQ]LLvQ$QJOLD"8QSRSRUGH&UDQLGHSLRQLHUL VD[RQLüLGDQH]LDOHFURUFRPXQLW&LUXUDOHGHVSU&LWHXQHOHGHDOWHOH SULQSGXULüLEUJDQHVXQWJUXSDWHvQMXUXOXQRUELVHULFLGHOHPQüLDO KDOOXOXLVHQLRUXOXLORU&HO&LLGLQ*DOLDüL6FR&LDQXIDFSDUWHGLQUHJDWXO FXFHULWGH:LOKHOP&DüLURPDQLLVD[RQLLUHQXQ&DVHUVvQYLQJ WULEXULOHFHOWHGLQQRUGüLYHVW0XOWPDLPLFGHFkW)UDQ&DUHJDWXO$QJOLHL YDILUHODWLYXüRUGHJXYHUQDWGHFWUHXQUHJHSXWHUQLF&XQRDüWHGH PXOWYUHPHPRQDUKLDELVHULFDLPSR]LWXOIXQFLDUJHOGXOUHFUXWDUHDvQ PDVI\UGXO5HJLLQRUPDQ]LVHYRUVHUYLGHDFHVWHLQVWUXPHQWHGDUHL YRUILDFHLDFDUHYRUGD$QJOLHLFHDPDLPDUHSDUWHGLQLQVWLWX&LLOHFDUHvL YRUFRQVWLWXLRULJLQDOLWDWHD5HJLLVD[RQLQXFRQYRDFXQSDUODPHQW HLQX SXQMXGHFWRULUHJDOLDVLVWD&LGHMXUD&LFDVLMXGHFHSHFULPLQDOL HLQ DXvQILLQ&DWDGHYUDWHXQLYHUVLW&L'LQWUHLQVWLWX&LLOHVD[RQHYRUVXEVLVWD QXPDLDFHOHDFDUHUHJOHPHQWHD]YLD&DORFDOüLVWHDVF)UXPRDVHOH FXYLQWHVD[RQHFDUHGHVHPQHD]XQHOWHOH&UDQXOXLDQLPDOHOHGLQ FLUHDGVDXIUXFWHOHSHFDUHOHUHFROWHD]YRUSVWUDSkQvQWLPSXULOH QRDVWUHIRUPHOHORUVLPSOHüLYLJXURDVH$GXQULOHVWHüWLVHYRU WUDQVIRUPDvQDGXQULDOHSDURKLLORUüLHQJOH]LLYRUFRQWLQXDXFHQLFLDORU vQDUWDJXYHUQULLSULQFRPLWHWHüLSULQFRPSURPLVXUL+RWDUHOHSDURKLLORU üLDOHFRPLWDWHORUQXVHYRUPDLVFKLPED'DUGDFFHOXOHOHUXUDOHGLQ FDUHYDILIRUPDWFRUSXO$QJOLHLH[LVWGLQUHJLLQRUPDQ]LüL DQJHYLQLYRUILDFHLDFDUHvQFXUVXOXUPWRDUHORUWUHLVHFROHYRUGD DFHVWXLFRUSIRUPDüLRUJDQHOHVDOH &$57($$'28$
5(*,,)5$1&(=, 7$%/28/, 0RQDUKLLQRUPDQ]LüLDQJHYLQL :LOKHOP,DGRPQLWvQYLUWXWHDGUHSWXOXLFXFHULWRUXOXL'DUSULQ FVWRULDILXOXLVX+HQULF,FX(GLWK0DWLOGDGHVFHQGHQWGLQDRSWD JHQHUD&LHDOXL$OIUHGFHO0DUH&DVD1RUPDQGLHLVDXQLWFXGLQDVWLD IRüWLORUUHJLVD[RQL
, ()(&7(/(&8&(5,5,,1250$1'(*89(51$5($&(175$/ ,1XDH[LVWDWVLWXD&LHPDLDPELJXGHFkWDFHHDDOXL:LOKHOPvQ $QJOLDDGRXD]LGXSvQFRURQDUHDVD/HJDOPHQWHHOYUHDVWUHDF GUHSWVXYHUDQXOOHJLWLPXQPHPEUXDOYHFKLLIDPLOLLUHJDOHXQ FRQWLQXDWRUFDUHQXGRUHüWHVLQWURGXFQLFLRVFKLPEDUH GHIDSWHVWH XQFXFHULWRUvQFRQMXUDWGHFLQFLVDXüDVHPLLGHFDYDOHULKUSUH&L FURUDOHDSURPLVSPkQWüLSHFDUHYDWUHEXLGHVLJXUVLvQ]HVWUH]HvQ GHWULPHQWXOXQRUYHFKLSURSULHWDUL'HüLDUSXWHDDILUPDFVXQWGH DFHHDüLVHPLQ&LHFXDQJORGDQH]LLüLYHULIRDUWHDSURSLD&LFXDQJORVD [RQLLQRUPDQ]LLVDXWUDQVIRUPDWDWkWGHSURIXQGvQWURVXWFLQFL]HFLGH DQLvQFkWQLFLXQHQJOH]QXOHPDLvQ&HOHJHOLPED&KLDUüLFDUDFWHUXOORU DGHYHQLWGHVWXOGHGLIHULW&URQLFDUXO:LOOLDPGH0DOPHVEXU\FDUH &URQLFDUvQVHPQDW $VFULVvQOLPEDODWLQRPDUHFURQLF D$QJOLHLvQGRXSU&LGHODLQYD]LDDQJORVD[RQ SkQOD
FRPSDUFHOHGRXQD&LXQL]XJUYHüWHQRELOLPHDHQJOH]OVkQGXVHvQ YRLDSRIWHLGHEXWXUDOFRPLHLODPkQFDUHüLDGHVIUkXOXLvQFDVHOH VDOHFXDSDUHQ&GHVWXOGHVUFFLRDVSHFkQGÅIUDQFH]LLvQ VSOHQGLGHOHORUFDVWHOHGXFRYLD&FXPSWDWÍQVFKLPEVHQLRULL HQJOH]LPDLJHQHURüLQXFDXWvQQLFLXQFKLSVVHvPERJ&HDVFSH FkQGQRUPDQ]LLÅvLSL]PXLHVFSHHJDOLLORUvüLMHIXLHVFVXSXüLLüLDUILvQ VWDUHVOVFKLPEHüLSHVXYHUDQGDFDUFküWLJDvQIHOXODFHVWDFHYD EDQL5HJHOHQRUPDQGHOvQVXüLVSUHPDUHDLQGLJQDUHDFURQLFDUXOXL VD[RQvüLDUHQGHD]SPkQWXULOHFkWPDLVFXPSSRVLELOüLOHWUDQVIHU RULFXLvLRIHURDUHQGPDLPDUHFHHDFHHVWHWUHDEGHEXQDG PLQLVWUDWRUGDUQXGHSHUIHFWFDYDOHUÅ=LXDEWOLHLGHOD+DVWLQJVDIRVW IDWDOSHQWUX$QJOLDSULFLQXLQGXLVFXPSHLQRDVWUH&ULPkKQLUHüLMDOH GLQFDX]DVFKLPEULLVWSkQLORU ,,ÍQFHPRGXQSXPQGHQRUPDQ]LL]ROD&LvQWUR&DUVWULQvQWUR YUHPHFkQGPLMORDFHOHGHFRPXQLFD&LHHUDXJUHRDLHüLvQFHWHDYHDVVH PHQ&LQüLVJXYHUQH]H"$YDQWDMHOHFXFHULWRULORUHUDXGHVWXOGH QXPHURDVH$YHDXvQ:LOKHOPXQDGHYUDWFRQGXFWRUFDUHYHQHDGLQ 1RUPDQGLDFXRVHULRDVH[SHULHQ&GHVXYHUDQ HLVHORYHDXGHR UH]LVWHQ&ORFDOGDUQXGHRUH]LVWHQ&QD&LRQDO DYHDXPDLDOHVR YGLWVXSHULRULWDWHDDUPHORU'XSvQIUkQJHUHDKXVFDUOLORUOXL+DUROG QLFLRDUPDWGLQ$QJOLDQXVHPDLSXWHDRSXQHFDYDOHULHLIHXGDOHDQRU PDQ]LORUÍQDIDUGHDFHDVWDHLüWLDXVFRQVWUXLDVFILHSHFROLQHILHvQ SOLQüHVSHQLüWHÅPRYLOHDUWLILFLDOHFDVWHOHIRUWLILFDWHFDUHvQOLSVD DUWLOHULHLHUDXLQH[SXJQDELOH&XUkQGvQWRDWHFRPLWDWHOHGHOkQJ IURQWLHUH&UDQLLHQJOH]LYRUIDFHÅFRUYRDGDSPkQWXOXLSHQWUXDULGLFD DVHPHQHDPRYLOHüLWXUQXULFUHQHODWHFDUHYRUILIRORVLWHPDLWkU]LXFDVL &LQODUHVSHFWFKLDUSHHL3HRPRYLODUWLILFLDOSULPDFRQVWUXF&LH WUHEXLDVILHXQFDVWHOGHOHPQSHQWUXFSPkQWXOPRDOHQDUILSXWXW VXV&LQHRFRQVWUXF&LHSUHDJUHD vQGDWFHSPkQWXOHUDEWWRULWSLDWUD vQORFXLDOHPQXO'HDOWIHO:LOKHOPUHJHSUXGHQWQXDXWRUL]DFRQVWUXF&LD XQRUDVHPHQHDIRUWUH&HGHFkWSHQWUXJDUQL]RDQHUHJDOHFD7XUQXO /RQGUHLVDXvQSURYLQFLLOHGLQQRUGüLGLQYHVWSHFDUHOHvQFUHGLQ&DXQRU RDPHQLVLJXUL6HQLRULORUGLQLQWHULRUOHLQWHU]LFHDVDLEFDVWHOH IRUWLILFDWHüLHOHUDRPXOFDUHüWLDVLPSXQUHVSHFWDUHDXQHLLQWHUGLF&LL ,,,(UDvQILUHD&XFHULWRUXOXLGHDIDFHFDDF&LXQLOHVDOHFHOHPDLDU ELWUDUHVSRDUWHPDVFDGUHSW&LL3HQWUXDGLVWULEXLQRUPDQ]LORUGRPH QLLOHIJGXLWHWUHEXLDVLGHVSRDLHSHvQYLQüL vLGHVSXLHFXIRUPHvQ UHJXOÍQFHSXSULQDLOLSVLGHSPkQWSHWUGWRULWUGWRULLILLQGDFHLD FDUHOXSWDVHUSHQWUX+DUROGILF&LXQHOHJDOFDUHVHSXWHDVXV&LQHGHRD UHFHHO:LOKHOPVHFRQVLGHUDVXYHUDQXOOHJLWLP$SRLSURILWGHQXPH URDVHOHUHYROWHSHQWUXDDQH[DFRURDQHLQRLWHULWRULL&XRvQIULFRüWRDUH DVSULPHUHSULPRU]PHUL&vQQRUGGGXIRFWXWXURUVDWHORUGHSHXQ
vQWLQVWHULWRULXDSRLFRQVWUXLSHQWUXDGRPLQDUHJLXQHDGHYDVWDW VSOHQGLGXOFDVWHOGHOD'XUKDPIODQFDWGHRFDWHGUDOGHPQGHELVHUL FLOHGLQ&DHQÍQVIkUüLWXOWLPXOUHEHOVD[RQ+HUHZDUGWKH:DNHILLQG vQYLQVWUHFXODRUJDQL]DUHDUHJDWXOXL'LQWUHGRPHQLLOHGHYHQLWHÅOHJDO YDFDQWHSVWUSHQWUXGkQVXORPLHSDWUXVXWHGRX]HFLüLGRXFHHD FHLDVLJXUDGHRSRWULYRSXWHUHPLOLWDUüLRERJ&LHIUVHDPQ'XS GkQVXOFHLGRLVHQLRULPDLELQHFSWXL&LIXUIUD&LLOXLYLWUHJL5REHUWGH 0RUWDLQüL2GRHSLVFRSGH%D\HX[FDUHSULPLUUHVSHFWLYüDSWHVXWHQR X]HFLüLFLQFLüLSDWUXVXWHWUHL]HFLüLQRXGHGRPHQLL&HOHODOWHGRPHQLL HUDXFXPXOWPDLPLFL8QLWDWHDILLQGÅSPkQWXOFDYDOHUXOXL NQLJKW V IHH GXSFDUHVHGDWRUDUHJHOXLXQFOUH&vQWLPSGHU]ERL:LOKHOPvQ ILLQ&QXPHURDVHGRPHQLLGHXQXOSkQODFLQFLFDYDOHULDLFURUSURSULH WDULWUHEXLDXVIRUPH]HXQIHOGHÅSOHEHIHXGDOFXFDUHPDULLVHQLRUL QXVDUILSXWXWFRDOL]DFRQWUDUHJHOXL &KLDUüLFHOHPDLYDVWHGRPHQLLQXHUDXGLQWURVLQJXUEXFDWFL DOFWXLWHGLQPRüLLUVSkQGLWHvQWRDW&DUD$üDGDUGHODvQFHSXWQX H[LVWDRVXYHUDQLWDWHFDDFHHDSHFDUHRYDH[HUFLWDvQ)UDQ&DXQFRPLWH GH$QMRXVDXXQGXFHGH%UHWDQLD'XSFXFHULUHüLGXSUHSDUWL]DUHD SPkQWXULORUFLUFDFLQFLPLLGHFDYDOHULQRUPDQ]LSURSULHWDULIXQFLDULüL WUXSGHRFXSD&LHvQDFHODüLWLPSDYHDXWRDW&DUDvQPkLQLOHORUÍQ SULQFLSLXHQJOH]LLILGHOLDYHDXDFHOHDüLGUHSWXULFDüLIUDQFH]LL vQUHDOLWDWH WRDWHSRVWXULOHLPSRUWDQWHHUDXRFXSDWHGHQRUPDQ]L,QGLVSHQVDELOXO /DQIUDQFFKHPDWGLQ&DHQGHYHQLVHDUKLHSLVFRSGH&DQWHUEXU\1XVH PDLüWLDGH*HROIULGGH:LOIULGGH$WKHOVWDQ IXVHVHUvQORFXL&LFX *HRIIUR\5REHUW*XLOODXPH6LPRQ1RXDQRELOLPHHQJOH]HUDIRUPDW GLQRDPHQLL&XFHULWRUXOXL ,9$üDFXPVHvQWkPSOüLvQ]LOHOHQRDVWUHvQ,QGLDVDXvQ0DURF GRXOLPELHUDXIRORVLWHDWXQFLFRQFRPLWHQWvQDFHHDüL&DU&ODVHOH GLULJXLWRDUHFXUWHDUHJHOXLVHQLRULLMXGHFWRULLYRUEHVFIUDQFH]DÍQDOWXO FOHUYRUEHüWHIUDQFH]DüLODWLQD$FWHOHGHJXYHUQPkQWVXQWUHGDFWDWHvQ ODWLQHüWHDSRLvQFHSkQGGLQVHFROXODO;,,,OHDvQIUDQFH]üLYHFKLOH IRUPXOHIUDQFH]HDOHUHJLORUQRUPDQ]LYRUPDLILIRORVLWHüLvQ$QJOLD VHFROXOXLDO;;OHD Å5HJHOHVHYDJkQGLÅ5HJHOHPXO&XPHüWHEXQLORU VLVXSXüLDFFHSWDORUEXQYRLQ&üLYRLQ&DOXLHVWH5HSUH]HQWDQ&LL ORFDOLDLVHQLRULORUüLDLUHJHOXLWUHEXLHVYRUEHDVFIUDQFH]DüLVD[RQD 3RSRUXOFRQWLQXVYRUEHDVFVD[RQD7LPSGHDSURDSHWUHLVHFROH HQJOH]DYDILROLPEIUOLWHUDWXUIUJUDPDWLFROLPESRSXODUüL YRUELW$FHDVWOLPEVHYDWUDQVIRUPDIRDUWHUHSHGHFFLQXPDLFODVHOH
&RQGXFWRUDOXQHLUVFRDOHDQWLQRUPDQGHvQFRPLWDWXO/LQFROQSULQ DQLL1XPHOHÅ7KH:DNHFDUHDUSXWHDvQVHPQD Å1HDGRUPLWXOLVDDWULEXLWXOWHULRUFkQGSHUVRDQDVDDLQWUDWvQ OHJHQGHOHSRSXODUHVD[RQH
GLULJXLWRDUHVXQWFRQVHUYDWRDUHvQPDWHULHGHOLPE6D[RQDüWLXWRULORU GHFDUWHIXVHVHROLPEJHUPDQLFFXFD]XULFRPSOLFDWH'DUSRSRUXO VLPSOLILFüLIRDUWHUHSHGHHQJOH]DVFSDWGHVXEWXWHODHOLWHORU GREkQGHüWHRXLPLWRDUHVXSOH&H&XYLQWHOHSURQXQ&DWHGHRDPHQLIU FXOWXUVDXGHVWULQLQXSVWUHD]GHFkWVLODEDORUDFFHQWXDW'HDLFL PDUHOHQXPUGHFXYLQWHFXRVLQJXUVLODEFDUHGSRH]LHLHQJOH]H GHQVLWDWHDHLLQLPLWDELO7RWXüLvQFRQWDFWFXVWSkQLLORU&UDQLLVD[RQL üLGDQH]LvQYD&FkWHYDFXYLQWHIUDQFH]HFDUHGHYLQDSURDSHIUQLFLR VFKLPEDUHFXYLQWHHQJOH]HüWL&XYLQWHOHHFOH]LDVWLFH SULHXUFKDSHOOH PHVVHFKDULWpJUkFHV WHUPHQLPLOLWDUL WRZHUHVWHIUDQFH]XOWRXU VWDQGDUGVWLQGDUG FDVWOHFDVWHO SHDFHSDFH vQVIkUüLWFRXUWFXUWHD FURZQFRURDQDFRXQFLOFRQVLOLXOSULVRQüLMXVWLFHFRPSOHWHD]VFKL&D XQXLWDEORXILGHODOUDSRUWXULORUDGPLQLVWUDWLYHGLQWUHFHOHGRXFODVH2 VRDUWFLXGDWDDYXWFXYkQWXOSUHX[FXFDUHvQIUDQFH]VHGHQXPHDXQ FDYDOHUYLWHD]üLFDUHDGHYHQLWvQHQJOH]SURXGPkQGUXRUJROLRV 3XQFWXOGHYHGHUHDOVWSkQXOXLüLDFHODDOVHUYLWRUXOXL 9&RQVHFLQ&HOHDF&LXQLORUXPDQHVXQWLPSUHYL]LELOH$üDFXP YUHPHOQLFDGL]JUD&LHDOLPELLHQJOH]HDYHDVLDVLJXUHRIUXPXVH&H GHRVHELWFXFHULUHDDYHDVGHYLQSXQFWXOGHSOHFDUHDOOLEHUW&LORU HQJOH]H 5HJHOH)UDQ&HLÅVUDFvQGRPHQLLvQFHUFXLWGHYDVDOLSUHDSXWHUQLFL YDWUHEXLVüLFXFHUHDVFFXJUHXWDWHUHJDWXOüLGXSFXFHULUHVL LPSXQRDVSUGLVFLSOLQ UHJHOH$QJOLHLFDUHDvPSU&LWHOvQVXüL SPkQWXODDYXWJULMGHLQWHUHVHOHVDOHüLDvPSLHGLFDWGHODvQFHSXW IRUPDUHDGHPDULGRPHQLLFDUHVULYDOL]H]HFXDOVX5HJDOLWDWHD HQJOH]QVFkQGXVHvQXUPDXQHLFXFHULULHVWHGHODvQFHSXWYLJXURDV ,QGLVFXWDELODIRU&DSXWHULLFHQWUDOHYDDGXFHGXSVLQHUHODWLYDVDWR OHUDQ&ÍQ)UDQ&DELURFUD&LDUHJDOYDWUHEXLVVHLPSXQSULQIRU& QX
$ILUPD&LHFHQXVHSRDWHVXV&LQHvQPRGDEVROXW'DFHDGHYUDWF OLPEDFRQVHPQDWvQVFULVDSDQDMvQHYXOPHGLXDOFODVHORU FRQGXFWRDUHDUHWHQGLQ&DGHDüLIL[D UHODWLY IRUPHOHHWRWDWkWGH DGHYUDWFQXRGDWWRFPDLPDVHOHSRSXODUHVDXGRYHGLWPDL ÅFRQVHUYDWRDUHvQVHQVXOEXQDOSVWUULLWHQDFHDWUDGL&LLORUOLPELL DXWHQWLFHSHFkQGFODVHOHFRQGXFWRDUHVDXVXSXVXQRULQIOXHQ&H DORJHQHXQHRULSkQODvQVWULQDUH 3ULHXUSULRU YH]LQRWD FKDSHOOHFDSHO PHVVHOLWXUJKLH FKDULWp PLORVWHQLH JUkFHVLHUWDUH WRXUWXUQ SULVRQvQFKLVRDUH MXVWLFH MXVWL&LH ûLDFHDVWDILUPD&LHDDXWRUXOXLHUHODWLY([LVWüLQXPHURDVHDF&LXQL XPDQHDOHFURUFRQVHFLQ&HVXQWSUHYL]LELOHFKLDUGDFQXFXULJRDUH PDWHPDWLF(DGHYUDWvQVFFHOFHVYkUüHüWHRDF&LXQHQXSRDWHHO vQVXüLSUHYHGHDWRDWHFRQVHFLQ&HOHDFHVWHLD
YDUHXüLWRWGHDXQDQLFLSHVWHWRWüLQXPDL5HYROX&LDYDWHUPLQDSULQD VWDWRUQLFLXQLWDWHDOHJLORUÍQ$QJOLDVHFXULWDWHDFRURDQHLvLYDSHUPLWHV RUJDQL]H]HOLEHUW&LOHORFDOHOVDWHPRüWHQLUHGHVD[RQLüLVFRQVWUkQJ SHEDURQLODUHVSHFWDUHDORU 9,5HJHOHQRUPDQGHVWHvQFRQMXUDWGHRFXUWH&RQFLOLXPVDX&XULD 5HJLVFDUHFRUHVSXQGHDSURDSHFX:LWDQXOVD[RQ:LOKHOPFDRGLQLRDU $OIUHGVDX(GXDUG&RQIHVRUXOÅvüLSRDUWFRURDQD GHWUHLRULSHDQOD :HVWPLQVWHUOD:LQFKHVWHUOD*ORXFHVWHUüLGXFHÅSURIXQGHGLVFX&LLFX vQ&HOHS&LLVL%DURQLHSLVFRSLDED&LLDXSDUWHOD&RQVLOLXQXGLQGDWRULH QD&LRQDOFLGLQREOLJD&LHIHXGDOID&GHVX]HUDQXOORU &RQYRFULOHVXQWQHUHJXODWH%D0DUHOH&RQVLOLXHFRPSXVGLQR VXWFLQFL]HFLGHSUHOD&LüLPDULQRELOLEDUHJHOHVHPXO&XPHüWHVVH FRQVXOWHvQWURFKHVWLXQHFXDFHLVIHWQLFLFDUHVHDIOGHID&DWXQFLFkQG HDVXUYLQH'HDOWIHOSUH]HQ&DVXYHUDQXOXLDMXQJHSHQWUXHDVGHD YDODELOLWDWHRULFUHLGHFL]LLÍQDEVHQ&DVD FFLILLQGGXFHGH1RUPDQGLD WUHEXLHVWUDYHUVH]HPHUHX&DQDOXO0kQHFLL XQPLFVIDWGHMXVWL&LDUL FRQGXVGHFk&LYDRDPHQLGHvQFUHGHUHFD/DQIUDQFüL2GRQGH%D\HX[ DGPLQLVWUHD]UHJDWXO 9,,&XFHULUHDQRUPDQGQXHXUPDWGHRUXSWXUEUXWDOFX WUHFXWXO$FHDVWUXSWXUDUILIRVWLPSRVLELO&XPDUILSXWXWFLQFLPLL GHRDPHQLILHHLFkWGHELQHvQDUPD&LVVLOHDVFXQSRSRUvQWUHJV UHQXQ&HODRELFHLXULGDWkQGGHPDLPXOWHVHFROH"'LPSRWULY:LOKHOP FDUHVHFRQVLGHUVXFFHVRUXOUHJLORUVD[RQLIDFHEXFXURVDSHOODOHJLOHORU üLODLQVWDQ&HOHORUGHMXGHFDW(OSVWUHD]WRDWHDFHOHLQVWLWX&LLVD[RQH FDUHVHUYHVFVFRSXULORUVDOH)\UGXOVDXUHFUXWDUHDvQPDVYDGHYHQL vQGDWFHSRSXOD&LD&UQHDVFVHYDFRQVLGHUDDOLDWDFRURDQHL üLDOLDQ&D YDILUHSHGHvQFKHLDW RIRU&XWLOÍQVKHULIILLVD[RQLQRUPDQGXO UHFXQRDüWHSHYLFHFRPL&LLVLüLJVHüWHvQHLXQLQVWUXPHQWGHJXYHUQDUH (OQXPHüWHGHFLXQVKHULIIvQILHFDUHVKLUHüLOvQVUFLQHD]VSHUFHDS LPSR]LWHOHVSUH]LGH]HFXUWHDGHMXGHFDWDVKLUHXOXL FDUHVHYDQXPL GHDFLvQDLQWHFRPLWDW üLvQJHQHUDOVUHSUH]LQWHSXWHUHDFHQWUDO :LOKHOPQXVXSULPFXU&LOHPDQRULDOHGHMXGHFDWGDUOHFRQWUROHD] ÍQFHOSULYHüWHSHVKHULIIIXQF&LDVDQXHVWHHUHGLWDUüLHOvQVXüLVHYHGH FRQWURODWGLQFkQGvQFkQGGHWULPLüLLUHJHOXLFDUHVXQWVLPLODULFXPLVVL
'XSFXPUHLHVHvQWUXFkWYDüLGLQWH[WH[SUHVLDGHVLJQHD]XQIHOGH DGXQULJHQHUDOHDOHPDULORUQRELOL DYkQGüLURVWXULMXGLFLDUH SUH]LGDWH vQSHUVRDQGHUHJHSXUWkQGvQVHPQHOHGHPQLW&LLVDOH 3HUVRDQHFDUHFRQIRUPGUHSWXOXLIHXGDODXPLVLXQHDGHDMXGHFDSH VXSXüL 0DQRUGHQXPLUHDGRPHQLXOXLIHXGDOvQ$QJOLD
GRPLQLFLDLOXL&DUROFHO0DUHÍQWURYUHPHFkQGVHQLRULLGHSHFRQWLQHQW DXGUHSWXOVFRQGDPQHODPRDUWHüLGUHSWXOVMXGHFHGHOLFWHüL FRQWUDYHQ&LLFHLGLQ$QJOLDvüLYGFXU&LOHGHMXGHFDWVXSUDYHJKHDWHGH XQUHJHVHYHU6KHULIIXOSHGHSVHüWHDEX]XULOHGHSXWHUHüLHVWHDWHQWOD PDQLIHVWULOHGHQHPXO&XPLUHDOHSRSXOD&LHL 9,,,'DFQHDPvQFKLSXLSXWHUHDUHJDOPHUHXSUHRFXSDWV vQIUkQJUH]LVWHQ&DPDULORUVHQLRULQHDPIDFHRLPDJLQHJURVRODQüL IDOVGHVSUHHD2VWLOLWDWHDGLQWUH:LOKHOPüLRDPHQLLVLQLFLQDUILIRVW QRUPDOFFLDFHüWLDDYHDXQHYRLHGHHOLDUHODYHDQHYRLHGHGkQüLL6 QHIHULPGHFLVQHLPDJLQP$QJOLDIHXGDOvQWUXQPRGQDLY UHJHOH VSULMLQLQGXVHSHSRSRUFDVvQIUkQJFHUELFLDEDURQLORUÍQUHDOLWDWH VRFLHWDWHDPHGLHYDOHVWHUHODWLYVWDELO EDURQLLFRQOXFUHD]FXUHJHOH HO vüLDOHJHUHSUH]HQWDQ&LLGLQWUHHLüLGHDWXQFLDULVWRFUD&LDvQFHSHVMRDFH vQYLD&DHQJOH]XQLPHQVURODGPLQLVWUDWLYORFDOUROSHFDUHOYDMXFD SkQvQ]LOHOHQRDVWUH'DFXQLLGLQWUHEDURQLVHDUDWQHVXSXüLFHLPDL PXO&LvQVUPkQFUHGLQFLRüLUHJHOXLüLODMXWVvQIUkQJUHEHOLXQLOH &kQGUHYROWDHVWHJHQHUDOFXPVHYDvQWkPSODPDLWkU]LXvQWLPSXO 0DUHL&DUWHvQVHDPQFUHJHOHüLDGHSüLWGUHSWXULOHüLFWR&LEDURQLL VHDSUDGHVHDFXVSULMLQXOFDYDOHULORUüLDORUüHQLORU'HDOWIHO SHULRDGHOHWXOEXULVXQWVFXUWHüLFXWRDWHFXPSOXLVWRULDFX]DUYDORU QXWUHEXLHVQHIDFVXLWPvQGHOXQJD&LLüLOLQLüWL&LLDQLvQFDUHUHJHOH QRELOLPHDüLSRSRUXOVHFRQVLGHUPHPEULLXQXLFRUSXQLWüLvQWLPSXO FURUDIUYkOYVDFOGLWRFLYLOL]D&LH ,;3HQWUXFDUHJHOHVüLSRDWLPSXQHFRQWUROXODVXSUDXQHL QRELOLPLU]ERLQLFHWUHEXLHVILHvPSOLQLWHGRXFRQGL&LL VXYHUDQXOV GLVSXQGHIRU&PLOLWDUüLVDLEXQYHQLWDVLJXUDW:LOKHOPVHSRDWH EL]XLvPSRWULYDFHORUQHPXO&XPL&LSHPXO&LPHDFDYDOHULORUSHSURSULLL VLYDVDOLüLFXUkQGSHI\UGÍQOD6DOLVEXU\YDFHUHVLVH SUHVWH]HMXUPkQWGLUHFWGHFWUHYDVDOLLYDVDOLORUVLDVWIHOvQFkW FUHGLQ&DID&GHUHJHYDWUHFHvQDLQWHDRULFUXLDOWIHOGHORLDOLWDWH&kW GHVSUHYHQLWXULFHOHDOHUHJHOXLQRUPDQGVXQWFRQVLGHUDELOH$UHPDL vQWkLYHQLWXULOHVDOHSULYDWHGHODFHOHRPLHSDWUXVXWHGRX]HFLüLGRX GHGRPHQLLvQDIDUGHDUHQ]LOHIHUPHORU3PkQWXULOHOXL:LOKHOPDGXFR
'LVWLQF&LHSHFDUHGUHSWXOIHXGDORIDFHvQWUHÅMXVWL&LDPDMRU +DXWH MXVWLFH FDX]HOHFULPLQDOHüLÅMXVWL&LDPLQRU %DVVHMXVWLFH GHOLFWHüL FRQWUDYHQ&LL 3ULQEDURQLVHvQ&HOHJHDXvQ$QJOLDPDULLIHXGDOL3HFRQWLQHQWWHUPHQXO GHVHPQDXQJUDGLQIHULRUvQLHUDUKLDQRELOLDU 8QLWDWHDSDUHQWFDUHQDSXWXWQLFLRGDWHVWRPSDFRQWUDGLF&LLOHGH FODVGLQWUHQRELOLPHüLPDVHOHSRSXODUH&UQHüWLüLRUüHQHüWL
UHQWDQXDOGHXQVSUH]HFHPLLGHOLYUH∗GHGRXRULPDLPXOWGHFkW WRDWHYHQLWXULOH&RQIHVRUXOXL/DDFHDVWDVHDGDXJYHQLWXULOHIHXGDOH UHOLHIVGDWRUDWHGHYDVDOvQFD]GHVFKLPEDUHDSURSULHWDUXOXL DLGHVvQ FD]GHFUXFLDGGHUVFXPSUDUHGHFVWRULHDILLFHLVX]HUDQXOXLGH LQWUDUHvQUkQGXOFDYDOHULORUDSULPXOXLQVFXW JDUGHVDVXSUDEXQXUL ORUPLQRULORU GDQHJHOGLPSR]LWIXQFLDUSUHOXDWGHODUHJLLVD[RQL FRQWULEX&LLOHSOWLWHGHRUüHQLGHHYUHL üLvQVIkUüLWDPHQ]LOH6FULSWHOH YLVWLHULHLDUDWFSHYUHPHDVXFFHVRULORUOXL:LOKHOPDPHQ]LOHHUDX QXPHURDVHüLGHPXOWHRULFLXGDWH :DOWHUGH&DXF\DGDWFLQFLVSUH]HFH OLYUHSHQWUXSHUPLVLXQHDGHDVHFVWRULFkQGüLFXFLQHYDYRL :LYHURQDGH,SVZLFKSDWUXOLYUHüLRPDUFGHDUJLQWFDVQXVHPULWH GHFkWFXEUEDWXOSHFDUHOYDDOHJH:LOOLDPGH0DQGHYLOOHGGRX]HFL GHPLLGHPUFLUHJHOXLFDVVHvQVRDUHFX,VDEHOODFRQWHVGH *ORXFHVWHU6R&LDOXL+XJRGH1HYLOOHGUHJHOXLGRXVXWHGHOLYUH SHQWUXSHUPLVLXQHDGHDVHFXOFDFXEUEDWXOVX+XJRGH1HYLOOH $FHVWDWUHEXLDVILIRVWSUL]RQLHUXOUHJHOXLÍQVIkUüLWUHJHOHYLQGH OLEHUW&L VXEUHJHOHûWHIDQ/RQGUDYDGDRVXWGHPUFLGHDUJLQW SHQWUXGUHSWXOGHDüLDOHJHVKHULIILL HSLVFRSXOGH6DOLVEXU\GXQFDOGH SDUDGSHQWUXDSXWHDDYHDXQLDUPDURFvQRUDüXOVX SHVFDULLSOWHVF SHQWUXGUHSWXOGHDVUDSHüWL SURILWXULOHMXVWL&LHLVHPUHVFRGDWFX SUHVWLJLXOFXU&LORUUHJDOH ;&XFHULWRUXOVHDQJDMDVHID&GHSDSDOLWDWHvQFOLSDFkQGRE&LQXVH VSULMLQXODFHVWHLDFDVUHIRUPH]HELVHULFD$QJOLHL$MXWDWGH/DQIUDQF PDUHRPGHVWDWPDLFXUkQGGHFkWPDUHRPDOELVHULFLLüLD&LQXW FXYkQWXO&OHUXOHQJOH]LJQRUDQWüLGHVIUkQDWQXPDLHUDUHVSHFWDWGH FUHGLQFLRüL3UHR&LLVHvPEUFDXFDODLFLLüLEHDXFDVHQLRULL(SLVFRSLL FDUHDUILWUHEXLWVILHDOHüLGHSUHR&LLüLFUHGLQFLRüLLGLQSDURKLL FXPSUDXYRWXULOHDOHJWRULORU'LQ5RPDSDSD*ULJRUHDO9,,OHD +LOGHEUDQGGHYHQLVHSDSVXEDFHVWQXPHvQ VWUXLDFD/DQIUDQF VLPSXQUHVSHFWDUHDFHOLEDWXOXLGHFWUHSUHR&LFDGUHSWXOGH vQYHVWLWXUDHSLVFRSLORUVILHOVDWSDSHLüLFDUHJHOH$QJOLHLFDUHL GDWRUDWURQXOVLSUHVWH]HRPDJLXOFXYHQLW/DQIUDQFüL:LOKHOPXUPDU RSROLWLFSUXGHQW$LPSXQHSUHR&LORUVD[RQLXQFHOLEDWULJXURVDUILIRVW RPVXUSHULFXORDV WUHEXLDVVH&LQVHDPDGHRELFHLXULüLGHVWDUHD PRUDOGLQQRXDORU&DU/DQIUDQFLWDOLDQGHYHQLWQRUPDQGvQFHSXVHV VFULHQRLHQJOH]LLüLÅLQVXODQRDVWU(OLQWHU]LVHVVHPDLFHOHEUH]H
$O&LDXWRULVSXQüDSWHVSUH]HFHPLLQD 'UHSWDOVX]HUDQXOXLGHDEHQHILFLDGHEXQXULOHXQXLYDVDOPLQRUFX FRQGL&LDGHDOvQWUH&LQHSkQODPDMRUDW ([HPSOHOHDXWRUXOXLQXVXQWFRUHFWH(OHQXVHUHIHUODDPHQ]L EQHüWLSHUFHSXWHFDSHQDOL]DUHSHQWUXXQGHOLFWFLUHSUH]LQWVXPH SOWLWHVSUHDEHQHILFLDGHRH[FHS&LHGHODOHJH
∗
YUHRQRXFVWRULHDXQXLSUHRWvLRSULSHHSLVFRSLüLFDQRQLFLVDLE IHPHLGDUvQJGXLSDURKLORUFVWRUL&LSkQDWXQFLVüLSVWUH]H FPLQHOH5HFXQRVFXFQXPDL5RPDDYHDGUHSWXOVLGHVWLWXLHSH HSLVFRSLGDUPHQ&LQXSULQFLSLXODOHJHULLüLFHODOvQYHVWLWXULLGHFWUH FRURDQÍQVFKLPEVXSXVHMXGHF&LL5RPHLSURSULDVDFHDUWFX DUKLHSLVFRSXOGHvQ ORFGHILGHOLWpILGHOLWDWH@FHHDFHQHSDUHDILRHURDUHGHWLSDUVFSDW
XQGUHSWIHXGDOüLEDURQLLRYRUIRORVLvPSRWULYDUHJLORUQHGUHS&L'LQ QHYRLDGHDVHVXEVWLWXLLQVXUHF&LHLXQPLMORFPDLVLPSOXüLPDLSX&LQSH ULFXORVSHQWUXDSXQHODUHVSHFWXQVXYHUDQQHGUHSWVHYRUQDüWHSX&LQ FkWHSX&LQUHJXOLOHFDUHYRUDOFWXL&RQVWLWX&LD ,, ()(&7(/(&8&(5,5,,)(8'$/,7$7($û,9,$%$(&2120,& ,'HSHYUHPHDUHJLORUVD[RQLH[LVWDVHU&UDQLüLVHQLRULFROLEHüL FDVWHOHGDUVSLULWXOVD[RQOVDVVHDGXQHvQYRLHFXWXPGXSFXWXP üLVVHIRUPH]HRUH&HDFRQIX]GHUHOD&LLHFRQRPLFH1RUPDQ]LLFX PLQWHDORUOLPSHGHüLFRQVWUXFWLYLQWURGXFRRUGLQHPDLULJLGED]DW SHSULQFLSLXO Å1LFLREXFDWGHSPkQWIUVHQLRUÍQYkUIXOLHUDUKLHL HFRQRPLFHFDüLDLHUDUKLHLSROLWLFHHVWHUHJHOH (OHSURSULHWDUXOWXWXURUSPkQWXULORUUHJDWXOXLüLSHQWUXFD VSLULWXOQRUPDQGVILHSHUIHFWVDWLVIFXWGHDFHVWHGLILFLXORJLFVHDGPLWH FUHJHOHvQVXüLDSULPLWUHJDWXOVXGHOD'XPQH]HX'DUUHJHOHQX SVWUHD]SHQWUXVLQHGHFkWRSDUWHDSPkQWXULORUüLUHVWXOvOGVXE IRUPGHIHXGHPDULORUYDVDOLüLXQRUDGLQWUHFDYDOHULvQVFKLPEXOXQRU VHUYLFLLPLOLWDUHüLDOXQRUDQXPLWHUHGHYHQ&H6SUHVXSXQHPGHSLOG FUHJHOHDFRUGRVXWGHPDQRUXULXQXLEDURQvQVFKLPEXOIJGXLHOLL GHDLSXQHODGLVSR]L&LHFLQFL]HFLGHFDYDOHULvQFD]GHU]ERL EDURQXO vQVXüLYDUH&LQHSDWUX]HFLGLQDFHVWHGRPHQLLSHQWUXDüLDVLJXUD H[LVWHQ&DVLHüLüLVXLWHLVDOHüLYDGDFDIHXGHüDL]HFLGHGRPHQLLXQRU YDVDOLGHUDQJXODOGRLOHDvQVFKLPEXODüDL]HFLGHFDYDOHUL 0DUHOHYDVDO SHQWUXSUHVWLJLXOVXSHUVRQDOüLWRWRGDWSHQWUXDHYLWDDPHQ]LOHvQ FD]XOXQRUGH]HUWULVHDVLJXUGHFk&LYDVROGD&LvQSOXVID&GHQXPUXO SURPLVUHJHOXL ÍQSULQFLSLXüLFXH[FHS&LDXQRUFD]XULGHFULPHJUDYH WRDWHIHXGHOHVXQWHUHGLWDUHvQRUGLQHDSULPRJHQLWXULLFHHDFHHYLW SDUWDMXO6HQLRUXOüLFDYDOHUXOQHSXWkQGIDFHFXOWXUH[WHQVLYFDXQ SURSULHWDUPRGHUQ SHQWUXFQDUJVLQLFLRSLD&XQGHüLDUYLQGH SURGXVHOH SVWUHD]QXPDLRVLQJXUIHUPSHQWUXQHYRLOHGRPHQLXOXL üLUHVWXOSPkQWXOXLvOGDX&UDQLORUvQVFKLPEXOXQRUUHGHYHQ&HvQ QDWXUüLvQPXQF3HYUHPHDVD[RQLORULHUDUKLD&UDQLORUHUDWRWDWkWGH FRPSOH[FDüLDFHHDDQRELOLORUGHRDUHFHGUHSWXULOHFküWLJDWHFUHDX VWDWXWHGLIHULWH6HGHRVHEHDXDWXQFLRDPHQLOLEHULVRFPHQL JUHXGH GLIHUHQ&LDWGHRDPHQLLOLEHUL FRWWDULLERUGDULL 6HQLRULLQRUPDQ]LFDUH LQH[SOLFDELOvQWRDWHHGL&LLOHRULJLQDOH 3ULQÅIHUPDXWRUXOvQ&HOHJHUH]HUYDVHQLRULDOVDXSPkQWXODORGLDO SHFDUHQRELOXOvOOXFUDvQUHJLHSURSULHIRORVLQGPXQFDREOLJDWRULHüL JUDWXLWDüHUELORUüLSVWUkQGvQvQWUHJLPHSURGXVHOHUHDOL]DWH &RWWDULLERUGDULLGHQXPLULDOHXQRUFDWHJRULLGH&UDQLDIODWHGHMDSH DQXPLWHWUHSWHGHDVHUYLUHIHXGDO
QXvQ&HOHJHDXDFHVWHVXEWLOLW&LQXSUHD&LQHDXVHDPGHHOH (OHVQHV&LvQFKLSXLFHJUHXvLYHQHDXQXLVRFPDQVD[RQVH[SOLFH VLWXD&LDOXLSULYLOHJLDWXQXLFXFHULWRUQHUEGWRUDFUXLOLPEQR FXQRüWHD6HFRQVWDWDVWIHOFvQFHLGRX]HFLGHDQLFDUHDXXUPDW GXSFXFHULUHH[FHS&LHIFkQGQRUGHVWXOGDQH]RDPHQLLOLEHULGLVSDU DSURDSHFXGHVYkUüLUH%UDQLLGHYLQVDXYLODQL FDUHFXOWLYDXRYLUJDWH FLUFDWUHL]HFLGHDFUL VDXFRWWHUL FDUHQDYHDXGHFkWSDWUXVDXFLQFL DFUL 9UHPXULOHHUDXJUHOHSHQWUXPLFXOFXOWLYDWRUOLEHUVDXSHMXPWDWH OLEHUÍQFRPLWDWXO&DPEULGJHHUDXQRXVXWHGHVRFPHQLSHYUHPHDOXL (GXDUG&RQIHVRUXOüLGRDUGRXVXWHvQ ,,&XQRDüWHPFXSUHFL]LHFRPSR]L&LDGLIHULWHORUFODVHDOHQD&LXQLLOD GRX]HFLGHDQLGXSFXFHULUHFFLvQDQXO:LOKHOP&XFHULWRUXO ÅvüLSXUWFRURDQDOD*ORXFHVWHUüLDYXGLVFX&LLSURIXQGHFXvQ&HOHS&LLVL $FRORDUWFGDQHJHOGXOSHUFHSXWvQDQXOSUHFHGHQWGGXVHUH]XOWDWH GH]DPJLWRDUH(UDXQLPSR]LWGHPDUHUDQGDPHQW vQ GDQHJHOGXO SURGXVHVH]HFHPLLGHOLYUHvQGRX]HFLüLSDWUXGHPLLGHOLYUHvQ SHWLPSXOOXL&DQXWüDSWH]HFLüLGRXGHPLLGHOLYUH GDUSHQWUX FDSHUFHSHUHDOXLVILHHILFDFHDUILWUHEXLWVH[LVWHRVLWXD&LHH[DFWD WXWXURUSPkQWXULORUUHJDWXOXL6HKRWUvDüDGDUOD&RQVLOLXOGLQ *ORXFHVWHUFDXQQXPUGHEDURQLQXPL&LFRPLVDULVSHFLDOLVFXWUHLHUH &DUD,DWLQVWUXF&LXQLOHFHOLVDXGDW Å%DURQLLUHJHOXLWUHEXLDXV vQWUHEHVXESUHVWDUHGHMXUPkQWSHVKHULIIXOVKLUHXOXLSHWR&LEDURQLL üLSHIUDQFH]LLORUüLvQFHSULYHüWHVXWDSHSUHR&LSHUHHYHLüLSHüDVH YLODQLGLQILHFDUHVDWFXPVHFKHPDFDVWHOXOFLQHvORFXSDvQWLPSXO UHJHOXL(GXDUGFLQHvORFXSDFXPFkWHKLGHVGHWHUHQvLDSDU&LQFkWH SOXJXULH[LVWSHGRPHQLXFk&L&UDQLFk&LRDPHQLOLEHULFk&LVRFPHQL FkWHSGXULFkWHSüXQLFkWHPRULFkWHSHVFULLWRDWHDFHVWHDGHWUHL RULDGLFVLWXD&LDSHYUHPHDOXL(GXDUGVLWXD&LDvQPRPHQWXOFkQG UHJHOH:LOKHOPDGUXLWGRPHQLXOVLWXD&LDGLQDQXOüLGHDVHPHQHD FXFkWVDUSXWHDVFRDWHPDLPXOWGHFkWDFXP &RPLVDULLvüLvQGHSOLQLUVDUFLQDüLWRWDOLWDWHDUDSRDUWHORUORU IRUPHD]FHHDFHVHQXPHüWH'RPHVGD\%RRNûLSHYUHPHDUHJLORU VD[RQLIXVHVHUIFXWHIUvQGRLDODVHPHQHDDQFKHWHVWDWLVWLFHIU GHFDUHXQLPSR]LWFDGDQHJHOGQXVDUILSXWXWvQFDVDGDUDQFKHWD QRUPDQGXOXLVHGHRVHEHüWHSULQSUHFL]LDVDPHWLFXORDV7RWXOHVWH
+XQGUHGvQYHFKHDHQJOH]vQVHPQDGLVWULFWXQLWDWHWHULWRULDO FXSULQ]kQGvQSULQFLSLXRVXWGHIDPLOLL Å&DUWHDMXGHF&LLGLQXUPGHQXPLUHGDWDFHVWXLFDGDVWUXSDUFLDO GXSPDLELQHGHRVXWGHDQLGHODHIHFWXDUHDOXL7UDGXFHUHD WHUPHQXOXL'RPHVGD\QXHDEVROXWVLJXUGHüLHVWHDGPLVvQJHQHUDO 6DUSXWHDFDQXPHOHVSURYLQGHODXQYHFKLFXYkQWDQJORVD[RQ GRPHVFDUHvQVHPQDOHJL
QRWDW Å/D/LPSVILHOG6XUUH\H[LVWODIHUPDGRPHQLXOXLFLQFLSOXJXULFX ERLLORU VXQWGHDVHPHQHDGRX]HFLüLFLQFLGHYLODQLüLüDVHFRWWHUL DYkQGSDLVSUH]HFHSOXJXUL H[LVWRPRDUFDUHDGXFHGRLüLOLQJLSHDQR SHVFULHRELVHULFSDWUXDFULGHSüXQHRSGXUHFDUHSRDWHQXWULR VXWFLQFL]HFLGHSRUFLGRXFDULHUHGHSLDWUDGXFkQGILHFDUHGRLüLOLQJL SHDQGRXFXLEXULGHüRLPLvQSGXUHüL]HFHVFODYL3HYUHPHDUHJHOXL (GXDUGGRPHQLXODGXFHDGRX]HFLGHOLYUHSHDQ vQFLQFLVSUH]HFH OLYUHDFXPGRX]HFLüLSDWUXGHOLYUH1LFLFHOPDLL]RODWLQGLYLGQX VFDSDQFKHWDWRULORU&XFHULWRUXOXL Å$LFLvQPLMORFXOSGXULORUüLvQDIDUD RULFUHLVXWHWULHüWHXQIHUPLHUVLQJXUDWLF$UHRSWERLüLXQSOXJDOVX 'RLüHUELvODMXWVFXOWLYHFDPRVXWGHDFULSHFDUHLDGHV&HOHQLW1X SOWHüWHWD[HüLQXHVXSXVXOQLPQXL(XQVSHFWDFROSDWHWLFüLSX&LQ FRPLFVYH]LJURD]DFURQLFDUXOXLVD[RQvQID&DSUHFL]LHLQRUPDQGH Å&X DWkWDLVFXVLQ&DRUJDQL]DWvQWRFPLUHDDFHVWHLFRQVFULS&LLGHFWUH FRPLVDULLVLFQLFLXQ\DUGGHWHUHQEDPDLPXOW PLHUXüLQHVRVSXQ FXWRDWHFUHJHOXLQXLDIRVWUXüLQHVRIDF QDUPDVQLFLPFDUXQ ERXQLFLRYDFQLFLXQSRUFFDUHVQXILIRVWvQVFULVvQUHJLVWUXOVX 'DFVHDGXQWRDWHFLIUHOHFRQVHPQDWHvQ'RPHVGD\%RRNVH JVHVFDSURDSHQRXPLLWUHLVXWHPDULYDVDOLüLYDVDOLFDUHUHSUH]LQW QRELOLPHDüLSHGHPQLWDULLHFOH]LDVWLFL WUHL]HFLüLFLQFLGHPLLVRFPHQLüL RDPHQLOLEHULFDUHWULHVFDSURDSHWR&LvQQRUGHVW RVXWRSWPLLYLODQL RSW]HFLüLQRXGHPLLFRWWHULGRX]HFLüLFLQFLGHPLLGHVFODYL FDUHVH YRUWUDQVIRUPDvQüHUELvQVHFROXOXUPWRU DGLFDSURDSHWUHLVXWHGH PLLFDSLGHIDPLOLHFHHDFHvQJGXLHVVHDSUHFLH]HSRSXOD&LDWRWDOD &ULLODXQPLOLRQüLMXPWDWHSRDWHGRXPLOLRDQHGHEUED&LIHPHLüL FRSLL ,,,ÍQWUXQUHJLPIHXGDODüDFXPXQLWDWHDSROLWLFHVWHSPkQWXO FDYDOHUXOXLFDUHWULPLWHSHQWUXDUPDWDUHJHOXLGRDUXQVLQJXUFDYDOHU XQLWDWHDHFRQRPLFHVWHGRPHQLXOÍQWLQGHUHDOXLYDULDGDUvQWUXQPDUH QXPUGHFD]XULGRPHQLXOFRUHVSXQGHDXQXLVDWGHDVW]L$GHVHRUL GRPHQLLOHHUDXVHSDUDWHXQHOHGHDOWHOHSULQSGXULVDXEUJDQHüL OHJDWHGHGRPHQLXOYHFLQGRDUSULQSRWHFLLPSUDFWLFDELOHvQWLPSGH LDUQÍQFHQWUXVHDIODKDOOXOPDLWkU]LXFDVWHOXOORUGXOXLvQFRQMXUDWGH UH]HUYDVHQLRULDOVDXDORGLXODFHVWXLD&kQGVHQLRUXODYHDPDLPXOWH GRPHQLLVHPXWDGLQXQXOvQDOWXOSHQWUXDFRQVXPDSHORFUHGHYHQ&HOH vQQDWXUÍQDEVHQ&DVDHUDUHSUH]HQWDWGHXQVHQHüDOVDXGHXQEDLOLY &kPSLLOHüLSüXQLOHFRPXQDOHDXSVWUDWDFHODüLDVSHFWFDSHYUHPHD VWSkQLORUVD[RQL9LODQLLWUHEXLDXVüLPDFLQHWRWJUkXOORUSOWLQGXQ
6HQHüDOEDLOLY VDXEDLO WHUPHQLFXPDLPXOWHVHQVXULXQXOGLQHOH ILLQGDFHODGHDGPLQLVWUDWRUDOXQXLGRPHQLXQRELOLDUSHFDUHWLWXODUXOQX ORFXLDSHUPDQHQWÍQVXGXO)UDQ&HLDFHüWLDVHFKHPDXVHQHüDOLLDUvQ QRUGEDLOLYL
SUH&PDUHODPRDUDFDUHDSDU&LQHDORUGXOXL0XO&LvüLPFLQDXHLvQüLüL JUkXOSHDVFXQVGDUHUDXFRQGDPQD&LODDPHQ]LGDFLSULQGHDÍQ IUXQWHD&UDQLORUVHDIODXQUHHYHUHSUH]HQWDQWXOORUDOHVGHHLüLFDUH VWUkQVvQWUHEDLOLYüLVWHQLDYHDRYLD&JUHD0XOWHGLQFRQIOLFWHOHORFDOH HUDXMXGHFDWHGH&XUWHDPDQRULDOFDUHVHvQWUXQHDODILHFDUHWUHL VSWPkQLILHvQKDOOILHVXEXQVWHMDUWUDGL&LRQDOüLSHFDUHRSUH]LGD ORUGXOVDXUHSUH]HQWDQWXOVXÍQSULQFLSLXQXVHMXGHFDXGHFkWGHOLFWH PUXQWH Å:LOOLDP-RUGDQSHQWUXFDOXFUDWSURVWSPkQWXODPHQG üDVHOLYUH5DJHQKLOGDSHQWUXFVDPULWDWIUSHUPLVLXQHGGRL üLOLQJL3UHRWXOELVHULFLLDFUXLYDFDIRVWJVLWSHSüXQHDVHQLR UXOXLHVWHLHUWDWGHSHGHDSV6HDPHQGHD]WRWVDWXOvQDIDUGHüDSWH YLODQLSHQWUXFQDXYHQLWVVSHOHPLHLLORUGXOXL üDVHüLOLQJLRSW 'RLVSUH]HFHMXUD&LKRWUVFF+XJK&URVVDUHGUHSWDVXSUDJDUGXOXLFX SULYLUHODFDUHDH[LVWDWRQHvQ&HOHJHUHvQWUHHOüL:LOOLDP:KLWH3HXQHOH GRPHQLLUHJHOHvQJGXLVHGUHSWXOVVHMXGHFHFULPHPDLJUDYHÍQ SULQFLSLXXQGRPHQLXWUHEXLDVüLDFRSHUHVLQJXUWRDWHQHFHVLW&LOHÍüL DYHDFL]PDUXOOXLURWDUXOOXL&HVWRULLOXL)HPHLOHWRUFHDXOkQD1XVH FXPSUDGLQDIDUGHFkWVDUHXQHOWHGHILHUVDXGHR&HOüLSLHWUHGH PRDU3LHWUHOHGHPRDUIRDUWHUDUHYHQHDXXQHRULGLQvPSUHMXULPLOH 3DULVXOXLüLEDLOLYXOWUHEXLDVVHGXFvQSRUWXOGHGHEDUFDUHFDV QHJRFLH]HFXPSUDUHDüLVRUJDQL]H]HWUDQVSRUWDUHDORU3HQWUXSODWD DFHVWRUÅLPSRUWXULGRPHQLXOH[SRUWDOkQüLSLHL7RDWHFHOHODOWHSURGXVH HUDXFRQVXPDWHSHORFvQDIDUGHFD]XOFkQGH[LVWDRSLD&vQ YHFLQWDWH ,9&DUHHUDVLWXD&LDYLODQLORU"'XSRFHUFHWDUHVXPDUXQRPGH SHYUHPHDQRDVWUDUFRQVLGHUDRGHVWXOGHQHQRURFLW9LODQXOHVWHOHJDW GHSPkQWüLQXOSRDWHSUVLGDFHVWHQHPXO&XPLW(OHYkQGXWRGDW FXSURSULHWDWHD8QDEDWHQXH]LWVFXPSHUHüLVYkQGRDPHQL SHQWUXGRX]HFLGHüLOLQJL2YGXYERJDWGUXLHüWHQLüWHYLODQL Å(X VXEVHPQDWDGRDPQD$XQGULQDGH'ULE\DGXFODFXQRüWLQ&DWXWXURU FHORUGHID&üLYLLWRULFvQH[HUFL&LXOGHSOLQHORUüLOHJDOHORUPHOHGUHSWXUL GHYGXYLDPGRQDWSUHDLXELWXOXLüLGHYRWDWXOXLPHX+HQU\&ROHüL PRüWHQLWRULORUVLSHQWUXVHUYLFLLOHDGXVHSH$JQHVüLILXOVX6LPRQFX WRDWHEXQXULOHüLYLWHOHORUüLFOHODVORURULFHGUHSWGHüHUELH9LODQXO QXüLSRDWHPULWDIDWDIUFRQVLP&PkQWXOORUGXOXLFDUHOSXQHVL SOWHDVFSHQWUXDVWD'DFPRDUHYLODQXOORUGXODUHGUHSWXOV SUHWLQGFDGUHSWPRUWXDUFHDPDLEXQYLWVDXFHOPDLIUXPRV
7HUPHQXOH[DFWHVWHGURLWGHPDLQPRUWHGUHSWGHPkQPRDUW7D[ VXFFHVRUDOSHFDUHWUHEXLDVRSOWHDVFüHUEXO1XPHOHHLFLXGDWSDUHD SURYHQLGLQIDSWXOFXUPDüLLWUHEXLDXVSUH]LQWHVHQLRUXOXLPkQD GHFHGDWXOXLSHQWUXDLGRYHGLPRDUWHDüLDSXWHDUHFODPDVXFFHVLXQHD EXQXULORUDFKLWkQGWD[DUHVSHFWLY
RELHFWOVDWGHPRUW'XSVHQLRUSUHRWXOSDURKLHLDUHGUHSWXOVüL DOHDJSDUWHDVDGHPRüWHQLUH$üDVHIDFHFSULQWUHYHQLWXULOHXQHL DED&LLVHDIOYDFLFDSUHüLSRUFLOXD&LvQYLUWXWHDGUHSWXULORUPRUWXDUH 6RFPDQXOQXLDSDUWHGHFkWODOXFUULH[WUDRUGLQDUHGHH[HPSOXFDU JUkXOODSLD&SHQWUXORUGGDUYLODQXOOXFUHD]ODIHUPDGRPHQLXOXLGRX VDXWUHL]LOHSHVSWPkQüLvQFYUHRFkWHYD]LOHVXSOLPHQWDUHOD VSODWXOüLWXQVXOPLHLORUODFXOHVXOQXFLORUODDGXQDWXOIkQXOXL(OSO WHüWHXQPLFWULEXWvQQDWXU GRXVSUH]HFHRXODSDüWLXQIDJXUHGH PLHUHFk&LYDSXLGHJLQSHDQXQFDUFXOHPQHÍQDIDUGHDVWD ORUGXOSRDWHULGLFDvQILHFDUHDQGHODüHUELLVLRGDUHSHUVRQDO WDLOODJH GHYDORDUHYDULDELO 7RWDOXODFHVWRUUHGHYHQ&HSDUHGHVWXOGHvPSRYUWRUGDUQXHUD SRDWHPDLRQHURVSHQWUX&UDQGHFkWXQFRQWUDFWGHDUHQGGLQ]LOHOH QRDVWUHÍQORFVLFHDUMXPWDWHGLQSURGXVHOHVDOHORUGXOvLFHUH DSURDSHMXPWDWHGLQWLPSXOVX5HHYHLLüLEDLOLYLLGLVFXWDXFXYLROHQ& GHVSUHDFHVWHFRUYH]L GXSOXQJLWkUJXLHOLWHUPLQDXSULQDVHvQ&HOHJH PDLPXOWVDXPDLSX&LQ$QRWLPSXOYHULLWUHEXLHVILIRVWJUHXSHQWUX YLODQFXPHvQFüLDVW]LOD&DUÅGDULDUQDQXSXWHDILGHFkWOLQLüWLWüL ELVHULFDYHJKHDVVHUHVSHFWH]LOHOHGHGXPLQLFüLQHQXPUDWHOH SU]QXLULDOHVILQ&LORUÍQVIkUüLWILHFDUHORUGWUHEXLDVUHVSHFWH FXWXPHOHGRPHQLXOXLDGLFGUHSWXULOHWUDGL&LRQDOHDOHVDWXOXLSHFDUH &UDQLLvQüLüLVHvQVUFLQDXVOHUHDPLQWHDVFvQID&DFXU&LORUGHMXGHFDW DWXQFLFkQGDYHDXORF3X&LQPDLWkU]LXWRDWHGUHSWXULOHüLREOLJD&LLOHIXU vQVFULVHvQUHJLVWUHOHGRPHQLXOXL&DPSHODPLMORFXOVHFROXOXLDO;,,,OHD VHIL[FXWXPDGHDvQPkQDGH&LQWRULORUGHSPkQWODFHUHUHDORUR FRSLHGXSDFHOHSDJLQLGLQUHJLVWUXFDUHSULYHDXSPkQWXOüLGUHSWXULOH ORU3RVHVRULLXQHLDVHPHQHDFRSLLIXUQXPL&LFRS\KROGHULvQRSR]L&LHFX IUHHKROGHULDFURUSURSULHWDWHHUDGHSOLQüLIUUH]HUYH 98QDGLQFHOHPDLJUDYHvQFULPLQULDGXVHGHLQGLJHQLLHQJOH]L &XFHULWRUXOXLüLQRUPDQ]LORUVLDIRVWvQOHJWXUFXvQILLQ&DUHDSGXULORU UHJDOH&DGXFHGH1RUPDQGLD:LOKHOPDYXVHVHLPHQVHSGXULXQGH YkQDFHUELüLSRUFLPLVWUH&L&DUHJHDO$QJOLHLHOYRLVüLDVLJXUH GLVWUDF&LDVDIDYRULWüLSXVHGHVHSODQWDSURDSHGHFDSLWDODVD
$XWRUXOFRPLWHRHURDUH3UHRWXOSDURKLHLQXDYHDDFHVWGUHSWFLQXPDL QRELOXO'DFSULQWUHYHQLWXULOHXQHLDED&LLVXQWFRQVHPQDWHDQLPDOH OXDWHFDÅGUHSWGHPkQPRDUWDFHVWHDVHOXDXQXvQFDOLWDWHDGH FOHULFLDLPHPEULORUDED&LHLFLGDWRULWIDSWXOXLFRDED&LHDYHDHDvQVüL SURSULHW&LIXQFLDUHSHFDUHORFXLDXüLOXFUDXüHUELVXSXüLID&GH SURSULHWDUXOORUPQVWLUHDODWRDWHREOLJD&LLOHSUHY]XWHGHGUHSWXO IHXGDO 3URSULHWDWHDIUHHKROGHULORUQXHUDGHSOLQüLIUUH]HUYHFLVXSXVüL HDXQRUREOLJD&LLGDUPXOWPDLUHGXVHGHFkWDOHFRS\KROGHULORU
:LQFKHVWHU3GXUHD1RXGLVWUXJkQGGXSFXPVSXQFURQLFDULL üDL]HFLGHVDWHFkPSLLIHUWLOHELVHULFLüLUXLQkQGPLLGHORFXLWRUL&LIUHOH SDUH[DJHUDWHGDUOXFUXFHUWHVWHFSGXULOHUHJDOHDXIRVWRSODJÍQ VHFROXOXUPWRUHOHYRUDFRSHULRWUHLPHGLQVXSUDID&DUHJDWXOXL 3GXULOHHUDXSURWHJXLWHGHOHJLFUXGH3HYUHPHDOXL:LOKHOPFXLXFLGHD RFSULRDUVDXXQFHUELVHFUSDXRFKLL(UDLQWHU]LVVXESHGHDSVD PXWLOULLVVHDWLQJFLQHYDGHSRUFLLPLVWUH&LVDXGHLHSXUL0DLWkU]LX XFLGHUHDXQXLFHUEvQSGXUHDUHJDODWUJHDSHGHDSVDFX VSkQ]XUWRDUH3DVLXQHD&XFHULWRUXOXLVHGRYHGHDDLFLPDLSXWHUQLF GHFkWVSLULWXOVXSROLWLF6FULLWRULLWLPSXOXLvQFHUFDXVMXVWLILFH DVSULPHDOHJLORUSGXULLVSXQkQGFSGXUHDVFDSGHVXEOHJLVOD&LD FRPXQDUHJDWXOXL UHJHOHvüLXLWDFRORRULFHJULMSkQüLDFHHDGHDVH FRPSRUWDGUHSWFXVXSXüLLVL 9,/DvQFHSXWFXFHULUHDVFKLPESUHDSX&LQVRDUWDPLFLORURUDüH VD[RQH&HORUFDUHUH]LVWDVHUOLVDXGUkPDW]LGXULOH LFLüLFRORRDPHQLL UHJHOXLGHPRODUFkWHYDFDVHSHQWUXDIDFHORFFDVWHOXOXLIRUWLILFDW QRUPDQG vQVFKLPESDFHD&XFHULWRUXOXLvQJGXLSULPLORUQHJX&WRULV VHvPERJ&HDVF/LEHUW&LOH/RQGUHLIXVHVHUvQPRGSUXGHQWFRQILUPDWH Å:LOKHOPUHJHVDOXWFXSULHWHQLHSH:LOOLDPHSLVFRSXOüLSH *RGHIUR\UHHYHXOIRUWXOXLüLSHWR&LRUüHQLLDIOD&LvQ/RQGUDIUDQFH]LüL HQJOH]LûLYIDFFXQRVFXWFYYRLOVDVYEXFXUD&LGHWRDWHOHJLOHGH FDUHYD&LEXFXUDWüLSHYUHPHDUHJHOXL(GXDUGûLYRLQ&DPHDHVWHFD ILHFDUHFRSLOVILHPRüWHQLWRUXOWDWOXLVXGXSPRDUWHDDFHVWXLWDWûL QXYRLvQJGXLQLPQXLVVYkUüHDVFID&GHYRLYUHRQHOHJLXLUH 'XPQH]HXVYDLEvQSD]DOXL 1RLPHüWHüXJDULYHQLUGLQ1RUPDQGLDvQXUPDDUPDWHORU6HDIODX SULQWUHHLüLQHJX&WRULHYUHL3R]L&LDDFHVWRUDvQFRPXQLWDWHDFUHüWLQvQ FDUHWRDWHWUDQ]DF&LLOHVHED]DXSHMXUPLQWHUHOLJLRDVHQXSXWHDILGHFkW SUHFDU'HRDUHFH]LXDORUGHRGLKQQXFRLQFLGHDFXDFHHDDFUHüWLQLORU VDEDWXOORUILLQGVkPEW OHYHQHDJUHXVVHvQGHOHWQLFHDVFFXPXQFD FkPSXOXLüLFKLDUV&LQYUHRSUYOLH 0LMORDFHOHQRUPDOHGHFküWLJDUH (QRUPHOHVXSUDIH&HGHSGXULLQWUDWHvQSRVHVLDUHJLORUQRUPDQ]LQDX UH]XOWDWvQVGLQSODQWD&LLFLGLQWUHFHUHDIRU&DWvQSURSULHWDWHDORUD SGXULORUH[LVWHQWH )DFHPvQVREVHUYD&LDFvQWLQVHOHSGXULSHFDUHüLOHDDWULEXLW :LOKHOP&XFHULWRUXOUHSUH]HQWDXüLRUHVXUVHFRQRPLFvQFkWQXVH SRDWHFRQVLGHUDFSDVLXQHDSHQWUXYkQWRDUHDUILIRVWXQLFXOPRELODO DFHVWRUFRQILVFULPDVLYHGHSGXUL :LOOLDPHSLVFRSGH/RQGUDvQWUHüL $UJXPHQWDUHDDXWRUXOXLQXHFRQYLQJWRDUHLDUSDU&LDOHLQH[DFW 1HFRQFRUGDQ&DGLQWUHVDEDWüLRGLKQDGXPLQLFDOQDSXWXWFRQVWLWXLXQ PRWLYVHULRVSHQWUXvPSLHGLFDUHDHYUHLORUGHDVHRFXSDFXPXQFD FkPSXOXL0RWLYHOHPDLSODX]LELOHVXQW QRUPHOHULJLGHDOHFRPXQLW&LORU
DH[LVWHQ&HLILLQGXOHLQWHU]LVHUHFXUJHDXODDFHDRFXSD&LHSHFDUH ELVHULFDQXRSHUPLWHDFDWROLFLORU vPSUXPXWXOGHEDQL7H[WHOH HYDQJKHOLHLLQWHUSUHWDWHvQOLWHUDORUQXDGPLWHDXFDEDQXOFDUHHVWHULO VSURGXFYUHRGREkQG 7RWDVWIHOUHOLJLDLQWHU]LFHPXVXOPDQLORUvQF üLDVW]LVSUHWLQGVDXVSULPHDVFYUHRGREkQG ÍQVHFROXODO;,, OHDXQEDURQQRUPDQGFDUHDYHDQHYRLHGHRVXPGHEDQLSHQWUXDVH GXFHODU]ERLWUHEXLDVVHDGUHVH]HHYUHLORUFDUHFHUHDXGREkQ]L HQRUPHFPWUHüWL8Uk&LvQDFHODüLWLPSFDGXüPDQLDLOXL+ULVWRVüLFD ]DUDILDFHüWLQHQRURFL&L FDUHORFXLDXvQFDUWLHUHVSHFLDOHMHZULHV HUDX YLFWLPHOHILUHüWLDOHRULFUHLPDQLIHVWULDIXULHLSRSXODUH6LQJXUXOORU SURWHFWRUHUDUHJHOHFUXLDvLDSDU&LQHDXWUXSüLVXIOHWFDXQüHUE VHQLRUXOXLVX:LQFKHVWHURUDüUHJDOHUDVLQJXUXOvQFDUHHYUHLLSXWHDX GREkQGLGUHSWXULGHRUüHQL vL]LFHDX,HUXVDOLPXOHQJOH]7LWOXULOHGH FUHGLWDOHHYUHLORUHUDXSVWUDWHvQWURVDOVSHFLDOGLQSDODWXO:HVW PLQVWHUüLFUHDQ&HOHORUFDüLDOHUHJHOXLHUDXSULYLOHJLDWH8QXOGLQWUHHL $DURQGH/LQFROQGHYHQLVXE+HQULFDO,,OHDXQDGHYUDWEDQFKHUüLDWkW GHLPSRUWDQWvQFkWDWXQFLFkQGPXULSHQWUXDOLFKLGDDIDFHULOHVDOH WUHEXLVVHvQILLQ&H]HXQVHUYLFLXVSHFLDODOYLVWLHULHL 6FDFFDULXP$DURQLV ÍQVFKLPEXODFHVWHLSURWHF&LLUHJHOHFkQGDYHDQHYRLHGHEDQLFHUHDGH ODHYUHLÍQDQLLQRUPDOLDFHüWLDDGXFHDXYLVWLHULHLWUHLPLLGHOLYUHD üDSWHDSDUWHGLQYHQLWXULOHWRWDOHDOHOXL+HQULFDO,,OHDÅÍQFDVHOHGH EDQLDOHHYUHLORUJVLUUHJLLQRUPDQ]LIRU&DGHDLVXSXQHSHEDURQL 9,,%UDQLLVD[RQLüLGDQH]LIXUIUvQGRLDOWRWDWkWGHLQGLJQD&L FDüLFURQLFDUXOFkQGY]XUSHUHJLLQRUPDQ]LIFkQGFXRPLQX&LR]LWDWH UXüLQRDVVWDWLVWLFDEXQXULORUILHFUXLDvQFDVkQGFXVWUüQLFLH LPSR]LWHOHüLVWDELOLQGvQWRDW&DUDEDURQLVWULQL'DURUGLQHDQRXOH DGXFHDFHOSX&LQVLJXUDQ&DÍQUHJLPXOIHXGDOüLVXEXQUHJHSXWHUQLF GDFRPXOGLQSRSRUQXHUDOLEHUVVHGHSODVH]HVüLYkQGEXQXULOH VüLVFKLPEHPHVHULDFHOSX&LQORFXOSHFDUHORFXSDvQDUPWXUD VRFLDOQXLHUDFRQWHVWDW3PkQWXOQXSXWHDILYkQGXWGHFkWRGDWFX HO QXüWLDFHVXQWFUL]HOHüLYkQ]DUHDvQSLHUGHUH1LPHQLQXOSXWHD OHJDOPHQWHOLSVLGHPLMORDFHOHGHDüLSURGXFHHOvQVXüLKUDQDVDüLD IDPLOLHL(UDPDLSX&LQIHULWGHHURULOHMXGLFLDUHGHFkWXQRPGLQ]LOHOH QRDVWUHGDUUHJLLQRUPDQ]LDYHDXVVHVWUGXLDVFVLGHDJDUDQ&LLüL VHQLRUXOvQVXüLWUHEXLDVUHVSHFWHFXWXPD)LUHüWHDUILRQDLYLWDWHVQH vQFKLSXLPFRDPHQLLDUILIRVWDWXQFLPXO&XPL&LGHVRDUWDORU 8PDQLWDWHDDIRVWvQWRWGHDXQDvPSU&LWDSURDSHvQPRGHJDOvQ RSWLPLüWLüLSHVLPLüWL'DUvQVHFROXODO;,,OHDFHDPDLPDUHSDUWHD VWHüWLFDUHDGPLWHDXFXPDUHJUHXWDWHVWDELOLUHDvQVDWDXQXLQRX YHQLWGHSULQGHUHD IRU&DWGHFLUFXPVWDQ&H DHYUHLORUHPLJUD&LODQRUGGH 0HGLWHUDQDFXRFXSD&LLXUEDQHüLvQWUREXQPVXULQWROHUDQ&D UHOLJLRDVFUHüWLQ&kWGHVSUHDILUPD&LDFHYUHLLQXSXWHDX&LQHSUYOLH HDHVWHLQH[DFWFKLDUGDFUHVWULF&LLDXH[LVWDW
HQJOH]LORUQXSRWFRQFHSHRDOWVWDUHVRFLDOGHFkWDFHHDvQFDUHWULDX 'HüLQXVHGGHDXvQOWXULVGH]DSUREHPRUDYXULOHSUHR&LORUVXQW VLQFHUUHOLJLRüLüLFRQVLGHUXQUHJHXQVüLvQFRURQDWFDXQSHUVRQDM VIkQW/HJWXUDSHUVRQDOGLQWUHHLüLVHQLRUXOORUOHDSDUHFDILUHDVF $WkWDWLPSFkWYDSHUVLVWDDPLQWLUHDSHULFROHORUGLQWUHFXWDLQYD]LLORU SLUDWHUHüWLDVDWHORUMHIXLWHH[LVWHQ&DXQHLFODVHPLOLWDUHOHYDSUHD QHFHVDU$ELDvQVHFROXODO;,,,OHDVLVWHPXOIHXGDOYDvQFHSHVDSDUFD LQXWLOüLDSVWRUvQWURVRFLHWDWHFDUHJUD&LHOXLFXQRDüWHPDLPXOW VLJXUDQ&ûLSX&LQPDLWkU]LXvQWRFPDLFDRULFHUHJLPGHRUGLQHHOYD VXFRPEDvQXUPDVXFFHVHORUVDOH ,,, ),,,&8&(5,7258/8, ,7LPSGHGRX]HFLüLXQXGHDQL:LOKHOPGRPQLDVXSUD$QJOLHLFX RDVSULPHFDUHDGDWEXQHUH]XOWDWHÅSXUWkQGXüLFRURDQDGHWUHLRULSH DQODFUFLXQODUXVDOLLüLODSDüWLOXSWkQGvPSRWULYDEDURQLORUSUHD DPEL&LRüLYkQkQGFHUELüLGXFkQGXVHGLQFkQGvQFkQGvQ1RUPDQGLD SHQWUXDVHDSUDvPSRWULYDvQFOFULORUUHJHOXL)UDQ&HLÍQWUXQDGLQ DFHVWHFDPSDQLLFkQGWRFPDLUHFXFHULVH0DQWHVPDUHOHRPIXUQLW PRUWDO&DOXOVXDOXQHFüLHOVHORYLGHREOkQFXOüHLLSURYRFkQGXüLR FRQWX]LHLQWHUQvQXUPDFUHLDDPXULW6IkUüLWXOVXIXGHVWXOGH SDWHWLF1XLXELVHSHOXPHDDVWDGHFkWSH0DWLOGDVR&LDVD FDUHPXULVH üLSRDWHvQIHOXOVXSRVDFSHPLQLVWUXOVX/DQIUDQF FDUHQXHUDGH ID& 'LQWUHFHLWUHLILLSHFDUHQXLIFXVHQLFLRGDWSUWDüLODRSHUDGH JXYHUQDUHSUHIHUDWXOVXHUDDOGRLOHD:LOKHOP5XIXVVDXFHO5RüX QXPLWDVWIHOGLQFDX]DFXORULLvPEXMRUDWHDREUD]XOXLVX OXLvLOV PRüWHQLUHFRURDQD$QJOLHL/XL5REHUWILXOFHOPDLPDUHSHFDUHQXO VWLPDSUHDPXOWvLOVSkQODXUPüLDVWDFXUHJUHW1RUPDQGLD SUHYHVWLQGFVXEXQDVHPHQHDVXYHUDQQLPLFEXQQXVHYDvQWkPSOD DFROR$OWUHLOHD+HQULFQXSULPLGHFkWFLQFLPLLGHPUFLGHDUJLQW 'XSFDUH&XFHULWRUXOPXULüLIXvQPRUPkQWDWOD6IkQWXOûWHIDQGLQ &DHQvQSUH]HQ&DXQHLDVLVWHQ&HSX&LQQXPHURDVH&RUSXOXPIODWIFX VSOHVQHDVFVLFULXOÅ$VWIHOFVSXQHFURQLFDUXODFHOFHvQYLD& IXVHVHDFRSHULWGHDXUüLSLHWUHSUH&LRDVHQXPDLHUDDFXPGHFkW SXWUH]LFLXQH&HLWUHLILLSOHFDVHUGHMDVüLFXOHDJILHFDUHSDUWHDOXLGH PRüWHQLUH5XIXVVHvPEDUFDVHSHQWUX$QJOLDFXRVFULVRDUHGLQSDUWHD SULQWHOXLVXFWUH/DQIUDQFFDUHSULPLVOvQFRURQH]HOD:HVWPLQVWHU 'HDVWGDWQX&RQVLOLXOIFXVHDOHJHUHD EDURQLLDFFHSWDUFDUHJHSH FHOLQGLFDWGHDUKLHSLVFRS(UDXQVHPQDOSXWHULLFUHVFkQGHDELVHULFLL ,,:LOKHOP5XIXVQXHUDSURVWGDUQDYHDQLFLRFXOWXU%LDWXO DFHVWDFRUSROHQWQXSUHDELQHFOGLWEUXWDOEkOEkLWVDUFDVWLFQXL
SUH&XLDSHOXPHDDVWDGHFkWSHU]ERLQLFLÍQWURYUHPHGHSLHWDWHXQL YHUVDOHOvüLDUWDSHID&DYHUVLXQHDID&GHSUHR&LüLKXOHDFXRSOFHUH VOEDWLF&kQGFOXJULLVHSOkQJHDXFQXSRWSOWLXQLPSR]LWSUHD JUHXHOUVSXQGHDDUWkQGUHOLFYHOH Å&XPQDXHLVLFULHOHDFHOHDGHDXU üLDUJLQWSOLQHGHRVHPLQWHGHFDGDYUH"0DULOHOXLEXFXULLHUDX EDQFKHWHOHSHFDUHOHGGHDODFUFLXQüLODSDüWLEDURQLORUVL SHQWUXD OHVSRULVWUOXFLUHDvLIRORVLWLPSGHGRLDQLSHPHVHULDüLLGLQ/RQGUDFD VFRQVWUXLDVF+DOOXOGLQ:HVWPLQVWHUFRQVLGHUDWDWXQFLDILFHOPDL PDJQLILFHGLILFLXDOUHJDWXOXLüLFDUHXUPDVGHYLQVHGLXO&XU&LLGH MXVWL&LH&XUWHDOXL5XIXVIXÅ0HFFDDYHQWXULHULORU3HQWUXDvQWUH&LQH VXWHOHGHFDYDOHULPHUFHQDULYHQL&LGLQWRDWH&ULOHLQVWLWXLQLüWHWD[H FRQWUDULLFXWXPHL(OIJGXLVHWRWXüLvQFOLSDvQFRURQULLVUHVSHFWH OHJLOH Å'DUFLQHSRDWHV&LQWRWFHHDFHSURPLWH"VSXQHDHOvQPRG FLQLF $OXSWDWYLFWRULRVvPSRWULYDPDLPXOWRUUHEHOLXQLDOHEDURQLORUFDUH YRLDXVOvQORFXLDVFFXIUDWHOHVXPDLPDUH5REHUWGH1RUPDQGLD1X ELHWXO5REHUWRPIUWULHGHFDUDFWHUüLSOLQGHGDWRULLFRQFHSXVH SODQXODFHVWDFLVHQLRULLFDUHVHJkQGHDXFHODUILXQVXYHUDQPDL PDOHDELOGHFkW5XIXV(VWHXQIDSWUHPDUFDELOFSHQWUXDSXQHOD UHVSHFWFHDWDVDGHQRUPDQ]LUHJHOHDFRQYRFDWI\UGXOHQJOH]/HIJGXL &UDQLORUVD[RQLUHGXFHUHDWD[HORU HLDYXUQDLYLWDWHDVOFUHDGüLVH EWXUSHQWUXGkQVXOÍQGDWFHVHVLP&LVWSkQSHVLWXD&LHvQ$QJOLD XUPWRUXORELHFWLYDOOXL:LOKHOPDO,,OHDIXUHFXFHULUHD1RUPDQGLHLGH ODIUDWHOHVX6LWXD&LDFUHDWvQXUPDFXFHULULLHUDJUHD6HQLRULLYDVDOLDL UHJHOXL$QJOLHLHUDXüLYDVDOLLGXFHOXLGH1RUPDQGLDSHQWUXGRPHQLLOHORU GHSHFRQWLQHQW$FHDVWGXEOVXYHUDQLWDWHFUHDVLWXD&LLFRQIX]H5HJHOH QXUHXüLVSXQVWSkQLUHSH1RUPDQGLDSULQIRU&GDUFkQGIUDWHOH VXSOHFvQSULPDFUXFLDG5XIXVvLvPSUXPXW]HFHPLLGHPUFLüL SULPLGXFDWXOvQJDM5RüFRYDQXOvQVXüLQXDPHUVQLFLRGDWvQFUXFLDG üLVXSXüLLVLQXVDXDUWDWPDLHQWX]LDüWLGHFkWHO1LFLRGDWQXVH Y]XvQ$QJOLDVSHFWDFROXOGHYHQLWRELüQXLWvQVDWHOHIUDQFH]H üHUELL SOHFkQGVSUH,HUXVDOLPüLWkUkQGILHFDUHGXSHOXQFDUvQFDUHVHDIODX FRSLLLüLQHYDVWD&k&LYDVHQLRULQRUPDQ]LHYODYLRüLVDXDYHQWXURüLOXDU FUXFHD SRSRUXOVD[RQFRQWLQXDVüLFXOWLYHRJRDUHOH ,,,ÍQWUHELVHULFDURPDQUHRUJDQL]DWGH*ULJRUHDO9,,OHDüL PRQDUKLLOHFLYLOHL]EXFQLUHDXQXLFRQIOLFWGHYHQHDLQHYLWDELO6FRSXO XUPULWGHSDSDHUDQRELO Å'RUHDVUHIRUPH]HELVHULFDSHQWUXDRIDFH GHPQFDHDVUHIRUPH]HOXPHD&OHUXOVRFRWHDHOvüLSLHUGXVH SUHVWLJLXOSHQWUXFVHDPHVWHFDSUHDPXOWvQWUHEXULOHOXPLLODLFH'DF RPXOELVHULFLLGHSLQGHDGHVHQLRULVDXGHUHJLHOQXSXWHDDUWDvQOXSWD VDvPSRWULYDSFDWXOXLüLDQHFUHGLQ&HLQLFLDFHODüLFXUDMQLFLDFHHDüL LQWUDQVLJHQ&SHFDUHOHDUILDUWDWGDFQXGHSLQGHDGHFkWGHüHILLVL VSLULWXDOL$FHVWDHVWHVHQVXOSURIXQGDODüD]LVHORUFHUWXULSHQWUX vQYHVWLWXUFDUHDXWXOEXUDW$QJOLDüL(XURSD(SLVFRSLLDYHDXDWXQFLXQ
GXEOXFDUDFWHU HUDXSULQFLSLDLELVHULFLLüLFDDWDUHQXGHSLQGHDXGHFkW GHSDSDüLGH'XPQH]HX GDUPDLHUDXüLVHQLRULYUHPHOQLFLSURSULHWDUL GHPDULIHXGHüLFDDWDUHWUHEXLDXVSUHVWH]HRPDJLXUHJHOXLVHQLRUXO ORU0XO&LHSLVFRSLVHVLP&HDXXPLOL&LGHDWDUHvQYHVWLWXUODLF Å6WSkQLPDFHVWHSPkQWXULvQQXPHOHOXL'XPQH]HXüLDOVUDFLORU VSXQHDXHL'DUGDFGXSDOHJHUHDORUDUILUHIX]DWVSUHVWH]HRPDJLX UHJHOXLDFHVWDQXOHDUILUHFXQRVFXWGUHSWXODVXSUDSPkQWXULORU HSLVFRSDWHORU ,9'DFSDSDOLWDWHDDUILFHGDWvQFKHVWLXQHDvQYHVWLWXULLDUILULVFDW VYDGELVHULFDvQPkLQLOHXQRUIDYRUL&LDLSXWHULLFLYLOHSRDWHFKLDUvQ PkLQLOHVLPRQLDFLORUüLDOHHUHWLFLORU'DFUHJHOHDUILFHGDWDUILDMXWDWOD LQVWDXUDUHDvQUHJDWXOVXDXQHLSXWHULULYDOHDVXSUDFUHLDQDUILDYXW GHDFLvQDLQWHQLFLRDXWRULWDWH3HULFROFXDWkWPDLPDUHFXFkWDFHDVW SXWHUHSUHDVGHYLQRVWLOPRQDUKLHL0XO&LWHRORJLVXV&LQHDXFRULFH JXYHUQDUHFLYLOHUDQVFRFLUHDXQRURDPHQLQHüWLXWRULGH'XPQH]HXüL vQGUXPD&LGHGLDYROÅ=DGDUQLFHVWHDXWRULWDWHDOHJLORUGDFHDQX SVWUHD]FKLSXOOHJLLGLYLQHüLIUYDORDUHGRULQ&DSULQ&XOXLGDFQXH FRQIRUPFXUkQGXLHOLOHELVHULFHüWLVFULD,RDQGH6DOLVEXU\&X DVHPHQHDSUHWHQ&LLSDSDSUHDVDVSLUHODGRPLQD&LDXQLYHUVDO5HJLL QXSXWHDXGHFkWVRSXQUH]LVWHQ&GDUHUDULVFDQWSHQWUXHLVLQWUHvQ FRQIOLFWFXYLFDUXOOXL'XPQH]HXDWkWGHYHQHUDWGHVXSXüLLVL ÍPSUDWXO*HUPDQLHLFDUHIFXVHDFHDVWvQFHUFDUHDWUHEXLWVVH XPLOHDVFOD&DQRVVD 1XVHSRDWHVSXQHFFHDUWDSHQWUXvQYHVWLWXUDIRVWSULPXOFRQIOLFW GLQWUHELVHULFüLVWDWGHRDUHFHVWDWXOQXH[LVWDvQF'DUHUDXQFRQIOLFW vQWUHELVHULFüLPRQDUKLHFDUHVHFRQVLGHUDXDPkQGRXLQVWLWXLWHGH XQXOüLDFHODüL'XPQH]HX 9$WkWDWLPSFkWDWULW/DQIUDQFSUHVWLJLXOVXDPHQ&LQXW HFKLOLEUXO'XSPRDUWHDVD UHJHOHvQFHDUFVQXOPDL vQORFXLDVFÍüLOXGUHSWFRQVLOLHULQWLPSHXQDQXPH5DQXOI)ODPEDUG QVFXWGLQSULQ&LXPLOLVSLULWYXOJDUüLQXQXPLQLFLXQDUKLHSLVFRSOD &DQWHUEXU\3VWUDVWIHOSHQWUXHOYHQLWXULOHDUKLHSLVFRSLHLüLJVL PHWRGDDWkWGHDYDQWDMRDVvQFkWODPRDUWHDOXLXQVSUH]HFHDED&LLPDUL üL]HFHHSLVFRSDWHVHDIODXYDFDQWH3HQWUXVFDXQXOGLQ&DQWHUEXU\vQV VDH[HUFLWDWRSUHVLXQHYLROHQWDVXSUDOXL:LOKHOPGLQSDUWHDELVHULFLL üLDEDURQLORUFDVOQXPHDVFSH$QVHOPVWDUH&XOGLQ%HF+HOORXLQ ,WDOLDQFDüL/DQIUDQFGDUPXOWPDLSX&LQLQWHUHVDWGHWUHEXULOHODLFH )LOR]RIVFRODVWLF FLUFD 2UHYHQLUHDVXSUDOXLvQFDS,; SDUDJUDIXO,üL,,, 8QXOGLQFHLPDLFHOHEULUHSUH]HQWDQ&LDLILOR]RILHLVFRODVWLFH
$QVHOPHUDXQVIkQWFUXLDYLD&DWHUHVWULVHSUHDXQYLVVFXUWüL ]DGDUQLFIUDOWVHQVGHFkWDFHODGHDILRSUHJWLUHSHQWUXYLD&DHWHUQ $WUHEXLWVVXUYLQRERDOJUDYDUHJHOXLSHQWUXFDDFHVWDVDFFHSWH vQWUXQPRPHQWGHWHDPvQYHVWLUHDOXL$QVHOPFDUHGHDOWIHOSURWHVWD $IRVWQHYRLHÅVOWkUDVFOLWHUDOPHQWHSHDUKLHSLVFRSODSDWXOUHJHOXL FDUHLDSXVFXIRU&DLQHOXOvQGHJHWüLFkUMDvQPkQvQWLPSFHHSLVFRSLL LQWRQDXXQ7H'HXP'DUGDF$QVHOPDYHDPRGHVWLDXQXLVIkQWDYHD üLIHUPLWDWHDVILQ&LORUüLHUDKRWUkWVIDFFDGHPQLWDWHDELVHULFLLVILH UHVSHFWDWvQSHUVRDQDVDÍQWUHUHJHüLDUKLHSLVFRSvQFHSXROXSWFkQG VXUGFkQGDVFX&LW5HJHOHvOXUDSHDUKLHSLVFRSüLQXVHIHUHDVR DUDWH$UKLHSLVFRSXOvOSULYHDSHUHJHGUHSWvQRFKLüLLUHSURüDYLFLLOH ÍPSRWULYDYRLQ&HLUHJHOXL$QVHOPvOUHFXQRVFXSHSDSD8UEDQFUXLD vPSUDWXO*HUPDQLHLvQFHUFDVHVLRSXQXQDQWLSDS 'XSDFHVWDFWGHVILGDUHDUKLHSLVFRSXOWUHEXLVSUVHDVFvQ JUDEUHJDWXOüLVVHUHIXJLH]HOD/\RQ6FDXQXODUKLHSLVFRSDWXOXLGH &DQWHUEXU\UPDVHGLQQRXYDFDQWüLUHJHOHvLvQFDVYHQLWXULOHGDUYLVD XUkWüLFXWRWVDUFDVPXOVXQXHUDOLQLüWLWvQSULYLQ&DPkQWXLULL VXIOHWXOXL1XDYXUJD]VüLRDVLJXUHFFLvQDQXOGXFkQGXVH ODYkQWRDUHvQ3GXUHD1RXRVJHDWvOORYLGUHSWvQLQLP$IRVWXQ DFFLGHQWVDXRFULP"1XVDüWLXWQLFLRGDW 9,ÍQDFHOHYUHPXULDVSUHXQPRüWHQLWRUQDYHDUJD]XOVUHVSHFWH EXQDFXYLLQ&$OWUHLOHDILXDO&XFHULWRUXOXL+HQULFFDUHSDUWLFLSDOD DFHDYkQWRDUHOVSHWHUHQFRUSXOQHvQVXIOH&LWDOIUDWHOXLVXüLVHJUEL VDOHUJHOD:LQFKHVWHUFDVLVHvQPkQH]HFKHLDWH]DXUXOXLUHJDO6RVL WRFPDLODWLPSFFLDELDROXDVHüLYLVWLHUQLFXO*XLOODXPHGH%UHWHXLO YHQLVRUHFODPHvQQXPHOHOXL5REHUWGXFHGH1RUPDQGLDPRüWHQLWRUXO OHJLWLP'DU+HQULFSXVHFk&LYDEDURQLSULHWHQLVOSURFODPHUHJHvQ PDUHJUDEILLQGvQFRURQDWvQOLSVDXQXLDUKLHSLVFRSGHFWUHHSLVFRSXO /RQGUHL7RWXOHUDvQDIDUDUHJXOLORUGDUIXWROHUDW5REHUWHUDGHSDUWH HUDXQVWULQDYHDRUHSXWD&LHSURDVW+HQULFWUHFHDGUHSWHQHUJLFüL LQVWUXLWPDLDOHVvQDOHGUHSWXOXL'HDOWIHOGHYHQLSRSXODUFKLDUvQ]LXD vQFRURQULLDFRUGkQGRFDUW$FHVWHSURPLVLXQLHOHFWRUDOHHUDXDWXQFL vPSUHXQFXLQVXUHF&LDVLQJXUHOHPLMORDFHGHDOLPLWDSUHURJDWLYHOH UHJDOH+HQULF,VHDQJDMDSULQFDUWDVDVUHVSHFWHÅOHJLOHOXL(GXDUG &RQIHVRUXOVDEROHDVFÅRELFHLXULOHUHOHLQWURGXVHGHIUDWHOHVXV QXODVHQLFLRGDWGLVSRQLELOHEHQHILFLLOHHFOH]LDVWLFHüLVQXPDL SHUFHDSLPSR]LWHIHXGDOHQHUHJOHPHQWDUH'XSSULPHOHVDOHDFWHHO LQVSLUvQFUHGHUH vOEJODvQFKLVRDUHSH5DQXOI)ODPEDUGvOUHFKHP SH$QVHOPüLPDLDOHVVHvQVXUFXRIHPHLHGHVkQJHUHJDOHQJOH] (GLWKILLFDUHJHOXL6FR&LHL0DOFROPüLGHVFHQGHQWDOXL$WKHOUHG $FHDVWFVWRULHÅLQGLJHQVWkUQLLURQLDQRELOLORUQRUPDQ]LFDUH SDURGLLQGFLXG&HQLDQXPHORUVD[RQHGGXUUHJHOXLüLUHJLQHLSRUHFOHOH GH*RGULFüL*RGJLIXGDUHQWX]LDVPSRSRUXODQJORVD[RQFDUHVH FRPSOFXVQXPHDVFSHSULPXOILXDOUHJHOXLÅ$WKHOLQJDüDFXP
VWUPRüLLORUvLQXPLVHUSHSULPLLQVFX&LDLUHJLORUVD[RQL'XS DFHDVWFVWRULHFDUHvQOHVQLIX]LXQHDFHORUGRXVHPLQ&LLSR]L&LDOXL +HQULFvQ$QJOLDGHYHQLDWkWGHVROLGvQFkWUVFRDODSULHWHQLORUIUDWHOXL VX5REHUWIX]DGDUQLFÍQvQXUPDYLFWRULHLGHOD7LQFKHEUD\ YLFWRULHHQJOH]UHSXUWDWSHVROXOQRUPDQGüLFDUHSUXDILUHYDQüD SHQWUX+DVWLQJVUHJHOH+HQULFFXFHUL1RUPDQGLD'XSOXQJLGLVFX&LL DVXSUDvQYHVWLWXULLIFXSDFHFXSDSDOLWDWHDSULQWUXQFRPSURPLVÍQ YLLWRUUHJHOHUHQXQ&DVUHPLWHOvQVXüLHSLVFRSXOXLFkUMDüLLQHOXOGDUvQ VFKLPEHSLVFRSXORGDWvQYHVWLWWUHEXLDVSUHVWH]HRPDJLXVXYHUD QXOXLSHQWUXIHXGHOHVDOHODLFH+HQULFIRDUWHvQ&HOHSWUH]LVWDVH VXJHVWLLORUDUKLHSLVFRSXOXLGH
UHSHGH/XLvLIXvQFUHGLQ&DWVLJLOLXOUHJDO $ELDSHYUHPHDUHJHOXL,RDQIX vQILLQ&DWDOWXULGH0DUHOHVLJLOLXüL6LJLOLXOSULYDW )LQDQ&HOHHUDX DGPLQLVWUDWHGH&XUWHDHüLFKLHUXOXLFDUHVHvQWUXQHDGHGRXRULSHDQ GHSDüWLüLGHVIkQWXO0LKDLOOD:LQFKHVWHU7R&LVKHULIILLGLQUHJDW WUHEXLDXVLSUH]LQWHVRFRWHOLOH*VHDXDFRORVWkQGvQID&DXQHLPHVH PDULSHFDQFHODUSHHSLVFRSXOGH:LQFKHVWHUüLXQUHSUH]HQWDQWDO FDQFHODUXOXLFDUHPDLWkU]LXFkQGDFHVWDYDILSUHDRFXSDWFXDOWH WUHEXULüLQXYDSXWHDYHQLvQSHUVRDQDYHDVOvQORFXLDVFüLVGHYLQ FDQFHODUXOYLVWLHULHL3HSRVWDYXOPHVHLHUDXWUDVDWHOLQLLRUL]RQWDOHüL üDSWHOLQLLYHUWLFDOHSHQWUXSHQQ\üLOLQJLOLYUH]HFLGHOLYUHVXWHGHOLYUH PLLGHOLYUHüL]HFLGHPLLGHOLYUH'HXQGHüLQXPHOHGHHüLFKLHU 6KHULIILLLQWUDXSHUkQGüLHQXPHUDXFKHOWXLHOLOHIFXWHSHQWUXFRURDQ 8QVOXMEDüQRWDVXPHOHLQGLFDWHSULQSODVDUHDGHMHWRDQHvQGLIHULWH FRORDQH =HURXOLQYHQ&LHIRDUWHVXEWLODDUDELORUQXHUDFXQRVFXWSH DWXQFLGHHQJOH]L $SRLVKHULIIXOLQGLFDvQFDVULOHQRWDWHODUkQGXOORU SULQMHWRDQHFDUHDüH]DWHGHDVXSUDFHORUSUHFHGHQWHOHDQXODX ([FHGHQWXOGHMHWRDQHUHSUH]HQWDVROGXOFUHGLWRUDOYLVWLHULHLüLVKHULIILL WUHEXLDXVYHUVHVXPDvQSHQQ\GHDUJLQWvQWLPSFHVOXMEDüLL0DUHOXL UHJLVWUXVDX5HJLVWUXOSLSHLQRWDXVXPHOHSHUXORXULGHSHUJDPHQW FDUHQLVDXSVWUDWvQFHSkQGGLQ5HFLSLVDvQPkQDWVKHULIIXOXL FRQVWDGLQWUREXFDWGHOHPQQXPLWWDOO\FDUHVHFUHVWDSHO&LPHDGH RSDOPSHQWUXRPLHGHOLYUHSHO&LPHDGHJHWXOXLJURVSHQWUXRVXWGH OLYUHüLDüDPDLGHSDUWHGXSFDUHVHWLDvQGRX-XPWDWHVHUYHD GUHSWUHFLSLVVKHULIIXOXLFHDODOWGHFRQWUROSHQWUXYLVWLHULH'DFvQWUR ]LWUHEXLDVVHIDFGRYDGDSO&LLHUDGHVWXOVVHDSURSLHFHOHGRX EXF&LGHOHPQ&RQFRUGDQ&DFUHVWWXULORUüLDILEUHORUOHPQXOXLIFHD RULFHIUDXGLPSRVLELOüLPHWRGDHUDDWkWGHVLJXUvQFkWDIRVWIRORVLW GH%DQFD$QJOLHLSkQvQVHFROXODO;,;OHD 0DLHüLDVW]LIRORVLWvQ )UDQ&DGHXQLLEUXWDULGHOD&DU 3ULQUHSUH]HQWDQ&LLYLVWLHULHLVDIRUPDW VROLGDWUDGL&LHILQDQFLDUSHFDUHRFRQWLQXDVW]LIXQF&LRQDULL 0LQLVWHUXOXLGHILQDQ&HHQJOH] ,;3DFHDUHJHOXLQXIXVHVHQLFLRGDWDWkWGHVHQLQQLFLVLWXD&LD
7DEOGHüDK'HQXPLUHD9LVWLHULHLüLXOWHULRUD0LQLVWHUXOXLGH )LQDQ&H 3LSH5ROOvQVHDPQSUREDELOÅ5HJLVWUXO)OXLHUXOXLQXPHFDUHLV DUILGDWGLQFDX]DDVHPQULLUXORXULORUGHSHUJDPHQWUVXFLWHFXXQVRL GHIOXLHUGLQDFHOWLPSQXPLW3LSH 'RFXPHQWHLQHVWLPDELOHSHQWUXLVWRULDHFRQRPLFRVRFLDOHQJOH]DFHVWH 3LSH5ROOVVDXSVWUDWVSRUDGLFvQFHSkQGFXDQXOLDUGHOD VDXSVWUDWFRQWLQXXSkQOD FkQGRUHIRUPvQ RUJDQL]DUHDHüLFKLHUXOXLOHDvQORFXLWFXDOWHPLMORDFHGHHYLGHQ& ILQDQFLDU
GLQDVWLHLDWkWGHSXWHUQLFFkQGGHRGDWXQDFFLGHQWLPSUHYL]LELO GHVWUPVSHUDQ&HOHWXWXURU0RüWHQLWRUXOWURQXOXL$WKHOLQJXO:LOOLDP vQWRUFkQGXVHGLQ1RUPDQGLDFXXQJUXSGHSULHWHQLSHRQDYQXPLW &RUDELD$OEDFHDVWDVDVFXIXQGDWGLQSULFLQDPDQHYUHLJUHüLWHDXQXL SLORWEHDW&kQGUHJHOH+HQULFDIOYHVWHDDGRXD]LOHüLQGHGXUHUH 'HRDUHFHQXYRLDFXQLFLXQSUH&VODVHUHJDWXOILXOXLOXL5REHUW :LOKHOPGH1RUPDQGLDSHFDUHOXUDGHVHPQFDPRüWHQLWRDUHvQ SHILLFVD0DWLOGDYGXYDOXL+HQULFDO9OHDvPSUDWXO*HUPDQLHLÍQ VFRSXOGHDLDVLJXUDDFHVWHLDILGHOLWDWHDEDURQLORURE&LQXFD0DUHOH &RQVLOLXVLSUHVWH]HRPDJLX$SRLSHQWUXDSUDUHDIURQWLHUHORU 1RUPDQGLHLPULWSHQWUXDGRXDRDUSHYLLWRDUHDUHJLQD$QJOLHLFX *HRIIUR\GH$QMRXYHFLQXOFHOPDLSXWHUQLFDOGXFDWXOXL&VWRULD DFHDVWDFXXQVWULQQXIXSHSODFXOHQJOH]LORU0XO&LvQFHSXVHUV UHJUHWHFVDXOHJDWFXMXUPkQWvQIDYRDUHDXQHLIHPHLüLVDSXWXW SUHYHGHDvQFGHSHDWXQFLFODPRDUWHDOXL+HQULFVHYRUSURGXFHWXO EXUUL ;&HLWUHLUHJLQRUPDQ]L &XFHULWRUXO5RüFRYDQXOüL+HQULF, VOXMLVHUELQHSDWULDORUDGRSWLY IFXVHUVGRPQHDVFRUGLQHD PHQ&LQXVHUXQHFKLOLEUXDFFHSWDELOvQWUHGUHSWXULOHELVHULFLLüLDOH VXYHUDQXOXLRUJDQL]DVHUILQDQ&HOHSXEOLFHUHIRUPDVHUMXVWL&LD(QJOH]LL OHGDWRUDXPXOWüLRüWLDX&URQLFDUXODQJORVD[RQFDUHQXSRDWHIL EQXLWGHLQGXOJHQ&ID&GHQRUPDQ]LGXSFHUHODWHD]PRDUWHDOXL +HQULF,DGDXJ Å(UDXQRPYLWHD]DFHVWUHJHüLEJDVHPDUHVSDLPvQ RDPHQL 3HYUHPHDVDQLPHQLQXFXWH]DDVYkUüLYUHRQHGUHSWDWH(OD vQVWSkQLWSDFHDDWkWSHQWUXRDPHQLFkWüLSHQWUXDQLPDOH SXWHDL FOWRULSULQUHJDWXOVXvQFUFDWGHRULFkWDXUVDXDUJLQWüLQLPQXLQX LDUILWUHFXWSULQJkQGVWHvQWkPSLQHDOWPLQWHUHDGHFkWFXFXYLQWH ELQHYRLWRDUH3DFHDUHJHOXLHVWHPDUHOHWLWOXGHJORULHDOPRQDUKLHLüL DFHHDFDUHODVIkUüLWXOVHFROXOXLDO;9OHDvLYDDVLJXUDWULXPIXO ,9 $1$5+,$+(15,&$/,,/($&21)/,&78/&87+20$6 %(&.(7 ,1RXVSUH]HFHDQLGHDQDUKLHIFXUSRSRUXOHQJOH]VDSUHFLH]H IHULFLUHDGHDWULVXERJXYHUQDUHSXWHUQLFüLUHODWLYMXVW+HQULF,R GHVHPQDVHFDPRüWHQLWRDUHSHILLFVD0DWLOGDVR&LDFRQWHOXLGH$QMRX 'DUGXSPRDUWHDUHJHOXLVHLYLXQDOWSUHWHQGHQW ûWHIDQGH%ORLV 0HQ&LRQPFüL+HQULF,DDYXWXQVXSUDQXPH %HDXFOHUF FUWXUDUXO
QHSRWXO&XFHULWRUXOXLSULQILLFVD$GHOD/RFXLWRULL/RQGUHLüLRFOLF SX&LQQXPHURDVGHEDURQLvOSURFODPDUUHJHSHûWHIDQüLUHJDWXOVH vPSU&LvQSDUWL]DQLL0DWLOGHLüLvQSDUWL]DQLLOXLûWHIDQÍQFHSXWXULOH DFHVWXLDGLQXUPIXUVWkQJDFHÅ&kQGPLüHLLvüLGGXUVHDPDVSXQH FURQLFDUXOFHUDRPEOkQGPRDOHüLEXQüLFHOQXYDvPSOLQLFX VWUüQLFLHGUHSWDWHDDWXQFLvQFHSXUDFKLE]XLODIHOGHIHO3UHWXWLQGHQL VHULGLFDUFDVWHOHIRUWLILFDWHIUvQYRLUHDUHJHOXL2UDüXO/RQGUDLPLWkQG RQRXPRGFRQWLQHQWDOVHSURFODPÅFRPXQ8QLLVHQLRULVF SkQGGHRULFHFRQWUROGHYHQLUDGHYUD&LEDQGL&LÍLIRORVHDXSH&UDQL SHQWUXFRUYH]LGHFRQVWUXF&LHüLGXSFHFDVWHOXOHUDJDWDvOXPSOHDXGH RüWHQLQXPDLÅGLDYROLüLVRLUX3HFHLFDUHOHVWWHDXvPSRWULYvL VXSXQHDXODWRUWXULvQJUR]LWRDUH%UED&LLHUDXVSkQ]XUD&LGHSLFLRDUHüL SkUMROL&LFDMDPERDQHOH$O&LLHUDXDUXQFD&LFDHURLLGLQSRYHüWLOHFX]kQH vQGRQMRQXULSOLQHGHEURDüWHUkLRDVHüLGHYLSHUH&LXGDWHFDFHüWL QRELOLEDQGL&LvQIULFRüD&LGHLGHHDGDPQD&LXQLLFWLWRUHDXvQDFHODüLWLPS PQVWLUL1XPDLvQWLPSXOGRPQLHLOXLûWHIDQDXIRVW]LGLWHPDLPXOWGH RVXWGHOFDüXULFUHüWLQH ,,7LSXODYHQWXULHUXOXLGLQDFHOHYUHPXULHVWH*HRIIUR\GH 0DQGHYLOOHFDUHDWUGDWUkQGSHUkQGSH0DWLOGDüLSHûWHIDQDUHXüLW VILHQXPLWGHDPELLSUHWHQGHQ&LVKHULIIHUHGLWDUDOPDLPXOWRUFRPLWDWH üLDPXULWUSXVGHRVJHDWUWFLWvQPRGIHULFLW 1XVHPDL OXFUDSPkQWXO RUDüHOHHUDXOVDWHSHPkQDMHIXLWRULORU VLQJXUXOUHIXJLX UPkQHDUHOLJLD1LFLRGDWRDPHQLLQXVHUXJDVHUDWkWD VLKDüWULLVH VWDWRUQLFHDXvQSGXUL DED&LLOHFLVWHUFLHQHGHV&HOHQHDXSGXULOHGLQ QRUGüL/RQGUDVHvPSkQ]LGHELVHULFLÅ$QJOLDDYHDLPSUHVLDF 'XPQH]HXüLWR&LvQJHULLOXLGRUPHDXüLFWUHEXLDXWUH]L&LSULQWUR GXEODUHD]HOXOXLUHOLJLRVÍQVIkUüLWvQWkQUXO+HQULFILXO0DWLOGHL üLFDUHvQXUPDPRU&LLWDWOXLVX*HRIIUR\GHYHQLVHFRQWHGH$QMRX VHvQWkOQLJUD&LHDUKLHSLVFRSXOXLGH&DQWHUEXU\FXûWHIDQ%LVHULFD MXFkQGXüLvQPRGXWLOGHDVWGDWUROXOHLGHDUELWUXUHGDFWXQWUD WDWFDUHVHPQDWOD:DOOLQJIRUGIXFRQILUPDWOD:HVWPLQVWHU ûWHIDQvODGRSWSH+HQULFvODVRFLDODDGPLQLVWUDUHDUHJDWXOXLüLO GHFODUDPRüWHQLWRUXOVXûWHIDQüL+HQULFÅHSLVFRSLLFRPL&LLüLWR&LEU ED&LLERJD&LMXUDUFSDFHDüLXQLUHDYRUGRPQLGHDFLvQDLQWHvQWRDW $QJOLD3X&LQPDLWkU]LXûWHIDQPXULüL+HQULFGHYHQLUHJHILLQGSULPLWFX PDUHHQWX]LDVPÅFFLHUDSHEXQGUHSWDWH &RPXQRUDüFDUHRE&LQXVHDXWRQRPLHDGPLQLVWUDWLY $OHRUGLQXOXLFOXJUHVFQXPLWDVWIHOGXSPQVWLUHDGHOD&vWHDX[ GLQ)UDQ&D SHDWXQFLvQ%XUJXQGLD XQGHDFHVWDDOXDWILLQ&OD vQFHSXWXOVHFROXOXLDO;,,OHD 7KHREDOGDUKLHSLVFRSvQWUH üL
,,,+HQULFDO,,OHD3ODQWDJHQHWXOGHVFLQGHDGLQWURSXWHUQLFüL FXPSOLWIDPLOLH3ULQWUHVWUPRüLLVLDQJHYLQLVHDIODüL)RXOTXHFHO 1HJUXGHVSUHFDUHVHVSXQHDFDUILSXVVLVHDUXQFHVR&LDvQIOFULüL FODFRQVWUkQVSHSURSULXOVXILXVLFHDULHUWDUHvQSDWUXODEH vQüHXDWFDXQFDO6HSRYHVWHDFXQDGLQEXQLFLOHOXLFRQWHVDGH$QMRX DUILIRVWYUMLWRDUHüLDUIL]EXUDWvQWUR]LSULQIHUHDVWUDXQHLELVHULFL)LXO VX5LFKDUGYDVSXQHPDLWkU]LXFRDVWIHOGHIDPLOLHQXSXWHDILGHFkW vQYUMELWFFLWR&LSXUFHGHDXGHODGLDYROüLODGLDYROVHYRUvQWRDUFH +HQULFDO,,OHDHOvQVXüLDYHDXQFDUDFWHUDVSUXRÅIRU&YXOFDQLFR FXOWXUXLPLWRDUHüLPDQLHUHVHGXFWRDUH$GROHVFHQW]GUDYQFXJkWXO GHWDXUFXSUXOURüXWXQVVFXUWSOFXVHJUR]DYGHPXOWUHJLQHL)UDQ&HL (OHRQRUDGH$TXLWDQLDFkQGYHQLVHVSUHVWH]HRPDJLXVODEXOXLUHJH /XGRYLFDO9,,OHDSHQWUXSURYLQFLLOH0DLQHüL$QMRX)HPHLHFXXQ WHPSHUDPHQWWRWDWkWGHYLROHQWFDDFHODDODQJHYLQXOXL(OHRQRUDÅVH PULWDVHVSXQHDHDVXVSLQkQGFXXQFOXJUüLQXFXXQUHJH(DüL WkQUXO+HQULFVHvQ&HOHVHUGHvQGDW(OHRQRUDRE&LQXGLYRU&XOüLGXS GRXOXQLOXGHEUEDWODGRX]HFLüLüDSWHGHDQLSHELDWXODFHVWDGH QRXVSUH]HFHFUXLDvLDGXFHDFD]HVWUHLPHQVXOGXFDWGH$TXLWDQLD DGLF/LPRXVLQ*DVFRQLD3HULJRUGXOFXGUHSWXULGHVX]HUDQLWDWHSHVWH $XYHUJQHüLFRPLWDWXOGH7RXORXVH+HQULFDO,,OHDFDUHDYHDGHODPDPD VD0DWLOGDGXFDWXOGH1RUPDQGLDüLGHODWDWOVX*HRIIUR\0DLQHüL $QMRXGHYHQLVHPXOWPDLSXWHUQLFvQ)UDQ&DGHFkWvQVXüLUHJHOH)UDQ&HL $ELDGHLVHPDLSXWHDVSXQHUHJHDO$QJOLHL'LQWUHL]HFLüLFLQFLGHDQL GHGRPQLHHOQXYDSHWUHFHGHFkWWUHLVSUH]HFHvQSDUWHDGHQRUGD &DQDOXOXL0kQHFLLÍQWUHüLQXYDSUVL)UDQ&DGHORFÍQ UHDOLWDWHHVWHXQvPSUDWvQRFKLLFUXLD$QJOLDQXLGHFkWRSURYLQFLH GH DOWPLQWHUHDOLPEDüLJXVWXULOHVDOHVXQWSXUIUDQFH]HGDUIUDQFH]XO DFHVWDDIRVWXQXOGLQWUHFHLPDLPDULUHJLDL$QJOLHL ,9&DüLVWUPRüXOVX&XFHULWRUXO+HQULFDO,,OHDDYHDDYDQWDMXO vQ$QJOLDFHUDVWULQ(QHUJLFHOYHQHDvQWUR&DUFDUHUHF]XVHvQ VWDUHGHDQDUKLH DYHDVWDLHvQFDUQHYLHüLVUHVWDELOHDVFRUGLQHD QRUPDQG)LLQGVWSkQSHVWHDWkWHDSURYLQFLLFRQWLQHQWDOHGHXQGH SXWHDDGXFHDUPDWUHEHOLLQXvQGU]QLUVLVHRSXQ+HQULFvLVLOLV GUkPHGRQMRQXULOHFOGLWHIUvQYRLUH,PSR]LWHOHVHSHUFHSXUGLQQRX üLVKHULIILLGHYHQLULDUUHYRFDELOL6HUYLFLXOIHXGDOGHSDWUX]HFLGH]LOH QXLSXWHDDMXQJHvPSUDWXOXLDQJHYLQSHQWUXFDPSDQLLOHVDOHGLQ $TXLWDQLDVDX1RUPDQGLDÍOvQORFXLFXRWD[GHQXPLWEDQLGHVFXW FDUHLvQJGXLVüLSOWHDVFPHUFHQDUL0XO&LGLQWUHQRELOLLHQJOH]L SLHUGXUDWXQFLRELFHLXOGHDVHU]ERLüLvQORFXLUEWOLDUHDOSULQ vQWUHFHULOHvQOXSWDFXODQFHDüLWXUQLUXO(LFHUHDXVFXWLULGHVHUYLFLX PLOLWDUVXELQJHQLRDVHSUHWH[WHFDDQXPL&LUHFUX&LPRGHUQL6HQLRUXO U]ERLQLFQXVXSUDYLH&XLGHFkWvQSURYLQFLLOHGHODJUDQL& vQFRPLWDWHOH
SDODWLQHODIURQWLHUHOH6FR&LHLüLDOH%ULL*DOLORUYRUvQFHSHGHDFL vQDLQWHWRDWHPDULOHUHYROWH'DUGDFFDOLWDWHDGHVWULQvLGGHDOXL +HQULFROLEHUWDWHGHVSLULWüLGHDF&LXQHPDLPDUHvQWUHEXULOHHQJOH]HüWL FDUDFWHUXOHWHURJHQDOLPSHULXOXLVXFRQVWLWXLDSHQWUXHOXQSXQFWVODE ÍQWUH1RUPDQGLD$QJOLDüL$TXLWDQLDOHJWXUDUPkQHDDUWLILFLDO )UvQGRLDOF+HQULFDO,,OHDYLVDGHPXOWHRULVILHvQDFHODüL WLPSUHJHOH)UDQ&HLüLDO$QJOLHL'DFUHXüHD$QJOLDDUILGHYHQLWSRDWH SHQWUXVHFROHRSURYLQFLHIUDQFH]'DUHYHQLPHQWHOHDüDFXPVH vQWkPSOGHVHRULIXUPDLWDULGHFkWGRULQ&HOH3DVLXQHDVDSHQWUX RUGLQHvODQJDMSHUHJHvQFRQIOLFWHOHHQJOH]HûLDVWIHOWUHFXWLPSXOüLFX HOYLD&D 9/DXUFDUHDSHWURQDWkQUXOXLUHJHVWULQDUKLHSLVFRSXOGH &DQWHUEXU\7KHREDOGYUkQGVDLESHOkQJVXYHUDQXQRPVLJXUvL UHFRPDQGSHXQXOGLQWUHSUHR&LLVL7KRPDV%HFNHW$FHVWDvLSOFXOXL +HQULFDO,,OHDüLIXQXPLWFDQFHODU(UDRIXQF&LHDFUHLLPSRUWDQ& FUHüWHDDWXQFLvQGDXQDDFHOHLDGHPDUHMXVWL&LDU%HFNHWHUDXQRPGH WUHL]HFLüLRSWGHDQLXQQRUPDQGSXUVkQJHILXOXQXLQHJXVWRUERJDW GLQ/RQGUD)XVHVHFUHVFXWFDXQJHQWLORPDSRLGXSUXLQDUHDIDPLOLHL VDOHGHYHQLVHSUHRWSHOkQJDUKLHSLVFRSXO7KHREDOGFDUHSURYHQHDGLQ DFHODüLVDWDO1RUPDQGLHLFDüLWDWOOXL%HFNHW&DOLW&LOHVDOHSUkQGPDL FXUkQGGHDGPLQLVWUDWRUGHFkWGHSUHRWDUKLHSLVFRSXOFDUHOLXEHDvO FHGDVHUHJHOXLûLvQVFXUWWLPSVXYHUDQXOüLVOXMEDüXOOXLGHYHQLU LQVHSDUDELOL5HJHOHDSUHFLHSHDFHVWWkQUPLQLVWUXEXQFOUH&EXQ GUHVRUGHüRLPLFDSDELOVVXV&LQFXHOXQGXHOGHJOXPHVDYDQWHüL PLUDFXORVGHHILFLHQWvQPXQFDVD/XL%HFNHWLVHGDWRUHD]vQEXQ SDUWHIDSWXOFGXSPRDUWHDOXLûWHIDQRUGLQHDDIRVWDWkWGHUHSHGH UHVWDELOLW6XFFHVXOIFXGLQFDQFHODUXQRPRUJROLRVüLSXWHUQLFÍQ FDPSDQLDGLQ9H[LQ GLQDDGXVüDSWHVXWHGHFDYDOHUL&LQkQGGH FXUWHDVDRPLHGRXVXWHGHDQJDMD&LFXEDQLüLSDWUXPLLGHVROGD&L R DGHYUDWDUPDWSDUWLFXODU%HFNHWvQVXüLGHüLSUHRWODSURYRFDWOD GXHOvQWLPSXOFDPSDQLHLSHXQFDYDOHUIUDQFH]üLOD]YkUOLWGHSHFDO 9,&kQGPXULDUKLHSLVFRSXO7KHREDOG+HQULFDO,,OHDKRWUvVO vQVFXQH]HSH%HFNHWOD&DQWHUEXU\&OXJULLüLHSLVFRSLLFDUHXUPDX VODOHDJPRUPLUSX&LQ %HFNHWQXHUDFOXJUüLSUHDPDLPXOW RüWHDQGHFkWSUHRW&DQFHODUXOvQVXüLDUWkQGXLUHJHOXLYHüPLQWHOHVDOH GHODLFvLVSXVHUk]kQG Å$&LDOHVXQIRDUWHIUXPRVFRVWXPFDVOSXQH&L vQIUXQWHDFOXJULORUYRüWULGLQ&DQWHUEXU\$SRLGXSFHDFFHSWDVH ÅÍQFXUkQGDYH&LVPXUk&LWRWDWkWSHFkWPLXEL&LDFXPGHRDUHFHY DURJD&LvQWUHEXULOHELVHULFHüWLRDXWRULWDWHSHFDUHHXQRDFFHSW $IODWHVXEFRQWUROXOGLUHFWDOVXYHUDQXOXL %LQXWGLQ1RUPDQGLDSHYDOHD6HQHLvQWUH5RXHQüL3DULV
$UKLHSLVFRSXOGH&DQWHUEXU\YDWUHEXLVORIHQVH]HVDXSH'XPQH]HX VDXSHUHJH$FHVWPDUHVHQLRUODLFFDUHvQGDWFHVDY]XWDUKLHSLVFRS DGHYHQLWXQDVFHWHXQFD]LHüLWGLQFRPXQ'HDLFLvQDLQWHHOvüLYD vQFKLQDWRWWLPSXORSHUHORUGHFDULWDWHüLUXJFLXQLL/DPRDUWHDVDLVH YDJVLSHWUXSRWkUVkQüLFLFDWULFLOHOVDWHGHELFLXOGHSHQLWHQ& 6FDXQXOGLQ&DQWHUEXU\FDUHIFXVHGLQEOkQGXO$QVHOPXQDUKLHSLVFRS PLOLWDQWDIFXWGLQFDQFHODUXO%HFNHWVOXMEDüDOUHJHOXLXQUHEHODSRL XQVIkQW&kQGFLWHüWLYLD&DOXL%HFNHW&LVHSDUHFDvQFHUFDWVILHXQ PLQLVWUXGHVYkUüLWüLDSRLXQGHVYkUüLWRPDOELVHULFLLDüDFXPüLO LPDJLQDXFRQWHPSRUDQLLVLFHLPDLH[LJHQ&LÍQDWLWXGLQHDOXLVHYGHD GHRSRWULYVFUXSXOR]LWDWHüLRUJROLX 9,,7HPDGLVFX&LLORUGLQWUHUHJHüLELVHULFQXPDLHUDFKHVWLXQHD vQYHVWLWXULORUFLDFHHDGHDOWIHODQDORDJDFXU&LORUGHMXGHFDW HFOH]LDVWLFH&kQG&XFHULWRUXOüL/DQIUDQFDXVHSDUDWFXU&LOHFLYLOHGH FXU&LOHUHOLJLRDVHHLDXYUXWVUH]HUYHDFHVWRUDGLQXUPQXPDLFD]XULOH GHFRQüWLLQ&'DUSX&LQFkWHSX&LQELVHULFDDIFXWGLQWRDWHSURFHVHOH SURFHVHUHOLJLRDVH6HYLRODRSURSULHWDWH"(UDXQVSHUMXUGHFLXQFD]GH FRQüWLLQ&$FX]D&LLQLFLQXGRUHDXVPDLUHFXUJGHFkWODDFHDVW MXULVGLF&LHFDUHHUDPXOWPDLEOkQGGHFkWDFHHDDUHJHOXLüLFDUHQX FRQGDPQDODPRDUWHQLFLODPXWLODUHEDGHVWXOGHUDUüLODvQFKLVRDUH GLQOLSVGHORFDOXULFLQXPDLODSHQLWHQ&VDXDPHQG3UHR&LLQXHUDX MXVWL&LDELOLGHFkWGHWULEXQDOHOHRUGLQXOXLORUÍQIHOXODFHVWDXQSUHRW DVDVLQLHüHDDSURDSHWRWGHDXQDEDVPDFXUDW 6LWXD&LHJUDYÅvQWUXQWLPSFkQGRULFHVOXMEDüGHQRWDUHUD©üLXQ VOXMEDüªvQVHQVXOUHOLJLRVDOFXYkQWXOXL1LPLFPDLXüRUSHQWUXXQ WkQUUXIFWRUGHFkWVLQWUHvQWURWDJPUHOLJLRDVPLQRUüLV VFDSHDVWIHOGHOHJLOH&ULLÍQDIDUGHDFHDVWDFXULDURPDQvüLUH]HUYD GUHSWXOGHDMXGHFDRULFHSURFHVHFOH]LDVWLFüLvQFD]XODFHVWDDPHQ]LOHQX PDLLQWUDXvQYLVWLHULH'DFDPHVWHFXODFHVWDvQWUHEXULOHFLYLOHQDUIL IRVWUHSULPDWvQVFXUWYUHPHUHJHOH$QJOLHLQDUPDLILIRVWVWSkQODHO vQ&DU+HQULFDO,,OHDFHUXFDXQSUHRWUHFXQRVFXWYLQRYDWGHFWUHR FXUWHHFOH]LDVWLFVILHUVSRSLW'XSFDUHGHYHQLQGODLFSXWHDIL SUHGDWMXVWL&LHLOXPHüWL7KRPDVUHIX]DUJXPHQWkQGFXQDFX]DWQX SRDWHILSHGHSVLWGHGRXRULSHQWUXRVLQJXUFULP5HJHOHIXULRVFRQ YRFXQFRQFLOLXOD&ODUHQGRQüLDFRORVXEDPHQLQ&DUHDFXPRDUWHD %HFNHWVHPQ&RQVWLWX&LLOHGHOD&ODUHQGRQFDUHGGHDXFküWLJGHFDX] UHJHOXL'DUDUKLHSLVFRSXOQXVHFRQVLGHUDOHJDWGHXQMXUPkQWSUHVWDW VXEFRQVWUkQJHUH3DSD$OH[DQGUXvOGH]OHJ&RQGDPQDWGHRFXUWHGH ÍQOLPEDIUDQFH]FOHUFGHQRWDLUHüLFOHUF ÍQLHUDUKLDELVHULFLLFDWROLFHH[LVWWDJPDPDMRU RUGLQHVPDMRUHV FXSULQ]kQGJUDGHOHGHVXEGLDFRQGLDFRQüLSUHRWüLWDJPDPLQRU RUGLQHVPLQRUHV FXSULQ]kQGJUDGHLQIHULRDUHFHOXLGHVXEGLDFRQPDL SX&LQFXQRVFXWH RVWLDULXVH[RUFLVWDOHFWRUDFRO\WKXV
EDURQLDUKLHSLVFRSXOPkQGUXFXFkUMDvQPkQvQYLQVGDUQX vPEOkQ]LWSUVL$QJOLDüLGHOD9p]HOD\XQGHVHUHIXJLHvQFHSXV ODQVH]HH[FRPXQLFULvPSRWULYDDGYHUVDULORUVL 9,,,2ULFkWGHSXWHUQLFDUILIRVW+HQULFDO,,OHDQXHUDvQVGHVWXO GHSXWHUQLFFDVVHH[SXQQHSHGHSVLWODRH[FRPXQLFDUHQLFLVULüWH GHDüLYHGHDUHJDWXOSXVVXELQWHUGLFWSDSDODGLFVüLYDGSRSRUXO OLSVLWGHWDLQHOHELVHULFHüWLÍQWURYUHPHGHFUHGLQ&XQLYHUVDOUHDF&LD SRSRUXOXLDUILSXWXWPWXUDGLQDVWLD'DUXQDFRUGHUDJUHXGHIFXW 5HJHOHQXSXWHDIUDVHXPLOLVUHQXQ&HODDFRUGXULOHGHOD &ODUHQGRQ DUKLHSLVFRSXOUHIX]DVOHUHFXQRDVFÍQFHOHGLQXUP +HQULFDO,,OHDVHvQWkOQLFX%HFNHWOD)UpWHYDOVHvPSFvQDSDUHQ&FX HOüLvLFHUXQXPDLVMXUHFYDUHVSHFWDGHDFLvQDLQWHFXWXPHOH UHJDWXOXL'DUDELDGHEDUFDVH%HFNHWvQ$QJOLDFvQFHSXUVLVRVHDVF ODFHUHUHDVDVFULVRULOHSDSHLGHGHVWLWXLUHDHSLVFRSLORUFDUHvQWLPSXO GL]JUD&LHLDUKLHSLVFRSXOXLORUvOWUGDVHUSHDFHVWD2UXQDGLQOHJLOH LQWURGXVHGH&XFHULWRUHUDFQLFLXQVXSXVQDYHDGUHSWXOV FRUHVSRQGH]HFXSDSDIUDXWRUL]D&LHUHJDO5HJHOHDIOüWLUHDDFHDVWD vQWLPSFHVUEWRUHDFUFLXQXOOkQJ/LVLHX[)XFXSULQVGHRPDUH IXULH Å6XSXüLLPHLVXQWODüLüLRDPHQLIULQLP(LQXUHVSHFW FUHGLQ&DSHFDUHRGDWRUHD]VHQLRUXOXLORU HLvQJGXLHVGHYLQ EDWMRFXUDXQXLSUHRWGHQHDPSURVW3DWUXFDYDOHULFDUHDX]LUVSXVHOH UHJHOXLLHüLUIUQLFLXQFXYkQWWUDYHUVDU&DQDOXO0kQHFLLvQSULPD EDUFSHFDUHRJVLUüLDMXQJkQGOD&DQWHUEXU\vODPHQLQ&DUSH DUKLHSLVFRS $EVROYLSHHSLVFRSLvLVSXVHUHL%HFNHWSUHODWüL VROGDWUVSXQVHFXFXUDMüLGLVSUH&'DUQXWUHFXUGHFkWFkWHYDFOLSHüL FUHLHUXOVXFLRSkU&LWGHVELLVHUVSkQGLSHWUHSWHOHDOWDUXOXL ,;&kQGUHJHOHDIOGHFULPIXDWkWGHGHVSHUDWFVWWXvQFKLVvQ FDVWHOWLPSGHFLQFLVSWPkQL(UDSUHDLQWHOLJHQWFDVQXvQ&HOHDJF PRDUWHDOXL%HFNHWFRQVWLWXLDSHQWUX5RPDRLPHQVYLFWRULHPRUDO 3RSRUXOFDUHDUILüRYLWvQWUHUHJHüLDUKLHSLVFRSXOYLXOXIUUH]HUY SDUWHDPDUWLUXOXL7LPSGHWUHLVHFROHSHOHULQDMXOOD&DQWHUEXU\IXXQD GLQWUVWXULOHSHUPDQHQWHDOHYLH&LLHQJOH]H7R&LGXüPDQLLUHJHOXL SULQVHUFXUDMüLULGLFDUFDSXO3HQWUXDVHIHULGHSULPHMGLDFHDPDL PDUHvOOLQLüWLPDLvQWkLSHSDSDUHQXQ&kQGOD&RQVWLWX&LLOHGHOD &ODUHQGRQ DSRLMXUVUHVWLWXLHVFDXQXOXLGLQ&DQWHUEXU\EXQXULOH FRQILVFDWHVWULPLWEDQLWHPSOLHULORUSHQWUXDSUDUHDPRUPkQWXOXL OXL+ULVWRVVFRQVWUXLDVFPQVWLUL DVWIHOIXFRQVWUXLWvQWUHDOWHOH DED&LD1HZVWHDGDIDPLOLHL%\URQ üLvQVIkUüLWVOXSWHvPSRWULYD LUODQGH]LORUVFKLVPDWLFL'DUVR&LDüLFKLDUFRSLLLVLVHUVFXODU vPSRWULYDOXL6HFRPSRUWDVHWRWXüLELQHFXILLLVLÍQFvQWLPSXOYLH&LLvO 2UGLQPLOLWDUFOXJUHVFvQWHPHLDWOD,HUXVDOLPvQ
vQFRURQDVHSHFHOPDLPDUHSH+HQULFFDUHJHDO$QJOLHLüLvLDWULEXLVHOXL 5LFKDUGILXODOGRLOHDPRüWHQLUHDPDWHUQ $TXLWDQLDüL3RLWRX&kQGOH FHUXVFHGH]HFkWHYDFDVWHOHIUDWHOXLORUPDLWkQU,RDQDPkQGRL UHIX]DUüLLQVWLJD&LGH(OHRQRUDVHSXVHUvQIUXQWHDXQHLFRDOL&LLD QRELOLORUvPSRWULYDWDWOXLORU'XSGRXJHQHUD&LLUHvQFHSHDXXULOH IDPLOLDOHGLQFDVDGH$QMRX3ODQWDJHQH&LLDFHüWLDDYHDXWR&LXQGUDPGH JHQLXGDUILLQGWULPLüLDLGLDYROXOXLODGLDYROVHvQWRUFHDX+HQULFDO,, OHDvQID&DDFHVWXLSHULFROVHGRYHGLHQHUJLF'HSHFRQWLQHQWXQGHVH DIODVHvQWRDUVHSHQHDüWHSWDWHvQ$QJOLDSHQWUXDvQEXüLUHYROWD'XS FHGHEDUFWUHFXSHOD&DQWHUEXU\FRERUvGHSHFDOVHGXVHSHMRVSkQ ODPRUPkQWXOOXL7KRPDVüLGXSFHVWWXXQWLPSvQGHOXQJDWüLVH UXJvüLVFRDVHKDLQHOHüLFHUXVILHIODJHODWGHFWUHüDSWH]HFLGH FOXJUL'XSDFHDVWDDYXVXFFHVSUHWXWLQGHQL QRELOLPHDFHGILLLOXLvL SUHVWDURPDJLX'XSFHWRWXOLQWUvQQRUPDOFKHVWLXQHDFXU&LORU HFOH]LDVWLFHIXUHJOHPHQWDWSULQEXQvQ&HOHJHUH SUHR&LLDFX]D&LGH WUGDUHHUDXMXVWL&LDELOLGHFXU&LOHFLYLOH FHLFDUHQXHUDXDFX]D&LGHFkWGH IHORQLH DVDVLQDWHPLQRUHVDXIXUWXUL GHFWUHFXU&LOHHFOH]LDVWLFH6ROX&LH LPSHUIHFWFFLPXOWYUHPHvQFVXSXüLLHQJOH]LYLQRYD&LGHRPRUVDX GHIXUWYRUSOHGDSHQWUXGUHSWXOODÅEHQHILFLXOFOHUXOXL'DUFDVVH DMXQJODDFHVWFRPSURPLVLPSHUIHFWGRLEUED&LFHLPDLUHPDUFDELOLGH SHYUHPHDORUSUSGLVHUGRXYLH&LüLRSULHWHQLH 9 +(15,&$/,,/($&$$'0,1,675$725-867,%,$û,32/,%,$ ,2WUVWXUHVHQ&LDODLVWRULHL$QJOLHLvQFHSkQGGHSHYUHPHDOXL +HQULFDO,,OHDRFRQVWLWXLHXQLWDWHDUHJDWXOXL6WUGDQLDUHJLORUDIRVW PXOWPDLXüRDUFDvQ)UDQ&D0XO&XPLW&XFHULWRUXOXLQLFLXQPDUH VHQLRUHQJOH]QXLVXYHUDQXOXQHLSURYLQFLLFDUHVüLDLEWUDGL&LLOH LVWRULDPkQGULDVD%DUD*DOLORUüL6FR&LDFDUHDUILIRVWJUHXGHDVLPLODW QXVXQWvQFDQH[DWHÍQWUHJWHULWRULXOILLQGPDLPLFRULFHUHEHOSRDWHIL UHSHGHUHSULPDW6SUHVIkUüLWXOGRPQLHLELVHULFDSDUHVILHVXSXVUHJH OXLFDUHFRQWUROHD]WRDWHOHJWXULOHFOHUXOXLFX5RPDVXSUDYHJKHD] DOHJHUHDHSLVFRSLORUüLFXRLQILQLWUEGDUHVHVWUGXLHüWHVLvPSDFH SHFOXJULLGLQ&DQWHUEXU\üLSHHSLVFRSLLUHJDWXOXLFDUHüLGLVSXW DOHJHUHDDUKLHSLVFRSXOXL$FHVWDGLQXUPHVWHSHGHSOLQGHYRWDWUHJHOXL Å&UHGFDUKLHSLVFRSXOVFULHFXQGXIXQFURQLFDUHFOH]LDVWLFQDUIDFH QLPLFIUSRUXQFDUHJHOXLQLFLGDFDSRVWROXO3HWUXDUYHQLvQ$QJOLDV LRFHDUÍQVIkUüLWODXQVHFROGXSFXFHULUHFRQWRSLUHDvQYLQJWRULORU üLDvQYLQüLORUHUDFRPSOHWÅSkQvQWUDWkWvQFkWHVWHDSURDSHLPSRVLELO VGHRVHEHüWLGLQWUHRDPHQLLOLEHULFDUHHVWHHQJOH]üLFDUHHVWHQRUPDQG GHRULJLQH&HOHGRXOLPELVXEVLVWXQDDOWXULGHFHDODOWGDUHOH FRUHVSXQGXQHLvPSU&LULvQFODVHüLQXvQUDVH2ULFHVD[RQFXOWLYDWvüL IDFHXQSXQFWGHRQRDUHGLQDYRUELOLPEDIUDQFH]&VWRULLOHPL[WH
VXQWQXPHURDVH Å8QUHJHSXWHUQLFEDURQLVODELXQUHJDWRPRJHQR ELVHULF&LQXWvQIUkXLDWFHLvQJGXLDOXL+HQULFDO,,OHDVIDFGLQ FXUWHDVDXQLFXOFHQWUXPRWRUDO&ULL ,,$FHDVWFXUWHHUDXQXOGLQORFXULOHFHOHPDLDQLPDWHGHSHOXPH 5HJHOHFXULRVüLFXOWLYDWVHvQFRQMXUDGHRDPHQLGHüWLLQ&üLHUXGL&L6H DIODXDFRORWHRORJLFD+XJKGH/LQFROQ3LHUUHGH%ORLV PDULOLQJYLüWLFD 5LFKDUG)LW]1HDODXWRUXO'LDORJXOXL9LVWLHUQLFXOXLLVWRULFLFD*HUDOG GH:DOHV5HJLQD(OHRQRUDGLVSUXVH VHU]YUWLVHüLHUD&LQXWSUL]R QLHU5HJHOHDYHDQXPHURDVHDPDQWHGLQWUHFDUHFHDPDLFHOHEUHUD DFHDIUXPRDV5RVDPXQGDSHPRUPkQWXOFUHLDFOXJULLDYHDXVVFULH +LFMDFHWLQWXPEDURVDPXQGLQRQURVDPXQGD+HQULFDO,,OHDVHLQWH UHVDGHWUHEXULOHWXWXURUFXU&LORUGLQ(XURSDüLFOWRULLFDUHvLDGXFHDX LQIRUPD&LLHUDXWRWGHDXQDELQHSULPL&L$WXQFLSHQWUXSULPDRDULQVX ODUXOHQJOH]vQFHSXVVHSUHRFXSHGHFHOHFHVHvQWkPSODXvQ*HUPDQLD VDXvQ6SDQLD&XUWHDFRQWLQXDVFOWRUHDVFGLQGRPHQLXUHJDOvQGR PHQLXUHJDOFkQGvQ$QJOLDFkQGvQ)UDQ&DFDVFRQVXPHSHORFYHQL WXULOHvQQDWXU 3LHUUHGH%ORLVQHDGHVFULVDFHVWFRUWHJLXUHJDOvQFDUHPLüXQDX DFWRULVSOWRUHVHFkUFLXPDULYkQ]WRULGHWXUWGXOFHSURVWLWXDWH EXIRQLÅüLDO&LLGHDFHHDüLWHDS*UHOHFOWRULLSHQWUXFXUWHQLFDUHF OUHDXSHFDLSURüWLGRUPHDXvQFRQGL&LLSURDVWHVHKUQHDXFXSkLQHD FRDSWODUHSH]HDOEHDXYLQDFUXFDUHPLURVHDDEXWRL'DUFHHDFHI FHDDFHVWHOLSVXULüLPDLLQVXSRUWDELOHHUDIDSWXOFQXSXWHDXüWLQLFL RGDWGLQDLQWHFDUHVXQWLQWHQ&LLOHUHJHOXLÅ/LVHDQXQ&DXQOXQJSRSDVüL DGRXD]LvQ]RULWDEUDSRUQHD$WXQFLFXUWHQLLFDUHüLSXVHVHUOLSLWRUL VDXOLVHDGPLQLVWUDVHYUHXQSXUJDWLYWUHEXLDXVüLXUPH]HSULQ&XOvQ GHWULPHQWXOVQW&LLORUüLSXWHDXILY]X&LDOHUJkQGFDQLüWHQHEXQL SULQWUHFDWkULüLFUX&HXQDGHYUDWLQIHUQ ,,,'DUvQGUWXODFHVWHLGH]RUGLQLDDFHVWXLWDOPHüEDOPHüVHQü WHDRRUGLQHWUDLQLF3UHWXWLQGHQLMXVWL&LDUHJHOXLüWLUEHDGLQMXVWL&LD SULYDW%LQWDOXL+HQULFDO,,OHDHUDFDvQWRDWHSURYLQFLLOHUHJDWXOXLV IXQF&LRQH]HFkWHRFXUWHGHMXVWL&LHUHJDOFDUHVUHSUH]LQWHSHSODQORFDO &XULD5HJLV(UDDEVROXWQHFHVDUGHRDUHFHDFHDVWDGLQXUPILLQGPHUHX SHGUXPQHQRURFLWXOGHvPSULFLQDWWUHEXLDVVH&LQGXSHD VHFLWDFD ]XOXQXLDFDUHDOHUJDVHWLPSGHFLQFLDQLGXSMXGHFWRULLVLÍQFHSkQG GLQvQILHFDUHDQODRGDWIL[MXGHFWRULLFXU&LLDYHDXVSDUFXU
5LHKDUG)LW]1HDOHFRQVLGHUDWFDXQH[SHUWILQDQFLDUDOYUHPLLLDUOXFUDUHDVDHXQ
WUDWDWGHVSUHRUJDQL]DUHDYLVWLHULHL
(SUREDELOFDXWRUXOQXPHüWHDVWIHOSHFURQLFDUXO*HUDOGGH&DPEULDVDX*HUDOG
(QJOH]XO FLUFD
$LFL]DFHvQPRUPkQWUR]DOXPLLQX5RVDPXQGD
JXQDQXPLWÅFLUFXLWvQSURYLQFLL&OWRULDORUHVROHPQüLSHUVRDQD ORUVHEXFXUGHXQLQILQLWUHVSHFW6XQWSUHFHGD&LGHXQRUGLQ ZULW D GUHVDWVKHULIIXOXLFDVFRQYRDFHSHQWUXFXWDUH]LSHVHQLRULODLFLüLGH UDQJSUHR&HVFSHUHHYHüLSDWUXRDPHQLOLEHULGLQILHFDUHVDWSUHFXPüL GRLVSUH]HFHRUüHQLGLQILHFDUHWkUJ/DVRVLUHDVDMXGHOHSUH]LGHD]D FHDVWDGXQDUHüLLSURSXQHVQXPHDVFXQMXULXFRPSXVSHFkWSRVL ELOGLQFDYDOHULVDXvQOLSVDORUGLQRDPHQLOLEHUL ,90RGXOGHDOHJHUHHUDFRPSOLFDW QRWDELOLLFRPLWDWXOXLQXPHDX SDWUXFDYDOHUL DFHüWLDDOHJHDXFkWHGRLFDYDOHULSHQWUXILHFDUHVXWüLFHL GRLFDYDOHULQXPHDXDO&L]HFHFDUHvPSUHXQFXHLFRPSOHWDXMXULXO VXWHL-XULXOXLLVHVXSXQHDXGHFWUHMXGHFWRULSUREOHPHGLQFHOHPDL YDULDWH/LVHFHUHDXQYHUGLFW YHUHGLFWXPRMXGHFDWDGHYUDW DVXSUD SUHWHQ&LLORUFRURDQHLDVXSUDXQRUWUHEXULDOHSDUWLFXODULORUFDUHRE&LQX VHUDXWRUL]D&LDGHDVHDGUHVDMXULXOXLUHJHOXLDVXSUDXQRUWUHEXULDOH HYUHLORU8QHRULMXGHFWRULLüLMXULXOVHGXFHDXVYL]LWH]HvPSUHXQvQ FKLVRULOHVDXIFHDXXQUDSRUWDVXSUDPRGXOXLvQFDUHVKHULIIXOvüL vQGHSOLQHDvQGDWRULULOHDGPLQLVWUDWLYHÍQVIkUüLWMXULXOWUHEXLDVDFX]H HOvQVXüLSHWR&LFHLGLQ&LQXWEQXL&LGHIHORQLHüLMXUD&LLFDUHQHJOLMDX DFHDVWGDWRULHHUDXDPHQGD&L0DLWkU]LXUROXOGHDFX]DWRUIXvQFUHGLQ &DW üLPDLHVWHüLDVW]L XQXLMXULXPDLQXPHURVQXPLWPDUHOHMXULX XUPkQGFDPLFXOMXULX SHWW\MXU\ VFHUFHWH]HGXSDFHHDGDFDFX]D&LD HUDvQGUHSW&LWFHHDFHPUHDJDUDQ&LLOHDFX]DWXOXL 9(XüRUGHLPDJLQDWFWR&LHQJOH]LLIXULPHGLDWPDLGRULWRULVILH MXGHFD&LGHXQMXULXFRPSXVGLQYHFLQLOPXULWGHPDUWRULGHFkWVUH FXUJODSHULFXORDVDRUGDOLHPHGLHYDODILHUXOXLüLDDSHL+HQULFDO,,OHD GHFUHWvQPRGvQ&HOHSWFRULFHLQGLYLGFXQRVFXWFDUXIFWRUVILH H[SXO]DWGLQUHJDWFKLDUGDFRUGDOLDvODEVROYHDÍQSDSDLQWHU]LVH SUREDDSHLüLDIRFXOXL IXDVFXOWDW2UGDOLDSULQOXSWVXSUDYLH&XLvQF PXOWYUHPH QHILLQGDEURJDWUPDVHvQYLJRDUHvQ$QJOLDSkQvQVHFR OXODO;,;OHDDVWIHOFvQ XQXFLJDüFHUkQGVILHMXGHFDWvQPR GXODFHVWDFHLFDUHDYHDXVLUHVSLQJFHUHUHDIXUSXüLvQPDUHvQ FXUFWXU 5HJHOHIDYRUL]kQGDFHVWHUHIRUPHQRIFHDQXPDLGLQGRULQ &DGHDGDSRSRDUHORUVDOHRMXVWL&LHGUHDSW(OvPERJ&HDYLVWLHULDFX DPHQ]LOHvQFDVDWHRGLQLRDUGHFXU&LOHIHXGDOH'HDOWIHOvQüLüLMXGHFWRULL UHJHOXLQXHUDXWRWGHDXQDFLQVWL&L IRDUWHDGHVHRULSXWHDXILFXPSUD&L WXUQHHOHORUDYHDXGUHSWVFRSvQDIDUGHDGPLQLVWUDUHDMXVWL&LHLüL SHUFHSHUHDSULQFHOHPDLDVSUHPLMORDFHDYHQLWXULORUUHJDOH'DUSULQ DFHVWHFLLQGLUHFWHEXQXOVLP&üLPLODFküWLJDXvQFHWvQFHWWHUHQ 9,6LVWHPXOMXGHFWRULORUÅLWLQHUDQ&LGGXQDüWHUHFXUkQGOHJLL
FRPXQH&RPPRQ/DZDFHHDüLSHVWHWRW&XU&LOHIHXGDOHüLSRSXODUH MXGHFDVHUvQYLUWXWHDFXWXPHORUORFDOHGDUXQMXGHFDUHVHGHSODVD GLQWUXQFRPLWDWvQWUDOWXOHUDvQFOLQDWVLPSXQDGRSWDUHDGHFWUHWR&L DFHOHLPDLEXQHFXWXPH1RUPHOHORFDOHQXIXUGHVILLQ&DWHFLvQWUXQ IHOFRQWRSLWHvQFUHX]HWXOOHJLLFRPXQH&XUWHDFHQWUDOvQUHJLVWUDSUHFH GHQWHOHüLDVWIHOVHIRUPIRDUWHGHYUHPHvQ$QJOLDROHJLVOD&LHQD&LRQDO FDUHDFRSHUHDFHDPDLPDUHSDUWHDFD]XULORU$OWXULGH&RPPRQ/DZ VXSUDYLH&XL üLPDLVXSUDYLH&XLHüWHvQF XQVLVWHPOHJDOFRPSOHPHQWDU DFHODDO&XU&LORUGHHFKLWDWHFDUHvQYLUWXWHDSUHURJDWLYHORUUHJDOHQX MXGHFSRWULYLWFXWXPHLFLGLQFRQWUDvLDGXFvPEXQW&LULvQOWXUkQG OLSVXULOHüLQHGUHSW&LOHHL3ULQFLSLXOHFKLW&LLFRQVWvQDFHHDFvQDQX PLWHFD]XULUHJHOHSRDWHÅYLRODOHJHDSHQWUXDDVLJXUDGUHSWDWHD2DF&LX QHED]DWSH&RPPRQ/DZVHSXQHDvQPLüFDUHSULQWUXQZULWVDXPDQ GDWXQRUGLQDOFDQFHODULHLFWUHXQVKHULIIVDXXQDFX]DWLDURDF&LXQH vQHFKLWDWHSULQWURSHWL&LHDGUHVDWUHJHOXL 9,,7UHEXLHVVSXQHPXQFXYkQWGHVSUHFODVLILFDUHDFULPHORU'LQ WUHWRDWHFHDPDLvQJUR]LWRDUHHUDvQDOWDWUGDUHWHQWDWLYDGHDXFLGHVDX DGHWURQDXQUHJH FFLWUGDUHDVWDWXOXLQXSXWHDILFRQFHSXWvQHYXO PHGLX 3HGHSVHOHDSOLFDWHWUGWRUXOXLQLVHSDUFUXGHGDUWUHEXLHVQH DPLQWLPFGHSHUVRDQDUHJHOXLGHSLQGVDOYDUHDüLSDFHD&ULL9LQRYDWXO HUDOHJDWGHFRDGDXQXLFDOüLWUDVDVWIHOSkQODORFXOGHH[HFX&LHDSRL VSkQ]XUDWWLDWvQEXF&LüLEXF&LOHH[SXVHvQORFXULSXEOLFH,QWUDUHDSH SRGXO/RQGUHLIXPXOWYUHPHvPSRGRELWFXFDSHWHOHWUGWRULORU0LFD WUGDUH SHWW\WUHDVRQ FRQVWDvQXFLGHUHDXQXLVWSkQGHFWUHVHUYLWRUXO VXVDXDXQXLEUEDWGHFWUHVR&LDOXL HDHUDGHDVHPHQHDSHGHSVLW FXPRDUWHD(UH]LDüLYUMLWRULDWUGULID&GH'XPQH]HXWUHEXLDXWHR UHWLFVILHSHGHSVLWHFXPRDUWHDGDUGHIDSWQLFLRGDWQXVDXDSOLFDW DVWIHOGHSHGHSVHSkQvQVHFROXODO;9OHDPRPHQWvQFDUHHUH]LDSULQ QHOLQLüWHDODFDUHGGXQDüWHUHIFXVUHQDVFFUX]LPHDUHOLJLRDV 3ULQWUHÅIHORQLLWUHEXLHQXPUDWHRPXFLGHUHDDWDFXOFXPkQDvQDUPDW üLIXUWXO)HORQLDHUDSHGHSVLWFXPRDUWHDVDXFXPXWLODUHD WLHUHDXQHL PkLQLDXUHFKLORUVFRDWHUHDRFKLORU8QRPUQLWvQU]ERLGDFHUD SUXGHQWVHvQDUPDFXXQFHUWLILFDWDVXSUDFDX]HORUPXWLOULLVDOHFFLvQ OLSVDDFHVWXLDGDFHUDJVLWvQWUXQRUDüVWULQFXRPkQVDXXQ SLFLRUWLDWSXWHDILDOXQJDWGHDFRORFDUHFLGLYLVW3HQWUXPLFLOHGHOLFWH VH&LQWXLDODVWkOSXOLQIDPLHLVDXVHEJDvQEXWXFL VWRFNV H[LVWHQ&LvQ ILHFDUHRUDüFHHDFHvQJGXLDFDFHLYLQRYD&LVILHH[SXüLGLVSUH&XOXLüL DGHVHRULORYLWXULORUSXEOLFXOXL)HPHLOHIOHFDUHVDXEkUILWRDUHHUDXDüH]DWH SHXQVFDXQIL[DWODFDSWXOXQHLSUMLQLüLVFXIXQGDWHvQWUXQLD] 9,,,)XQF&LDPHQ&LQHULLRUGLQLLHVWHH[HUFLWDWvQVRFLHW&LOHPRGHUQH GHGRXFRUSXULGLVWLQFWH MXVWL&LDüLSROL&LD3ROL&LDSUHYLQHWXOEXUULOHüL
DUHVWHD]SHFULPLQDOL&LQHMXFDDFHVWUROvQHYXOPHGLX"2UGLQHDHUD DVLJXUDWSULQFRQFXUVXOWXWXURU+HQULFDO,,OHDUHVWDELOLVHI\UGXOüL FHUXVHSULQVWDWXWHOHSULYLQGVOXMEDPLOLWDU FDRULFHEUEDWOLEHU VDLEDFDVXQHFKLSDPHQWPLOLWDUüLVMXUHFOSXQHvQVOXMED UHJHOXL(FKLSDPHQWXOHUDPDLPXOWVDXPDLSX&LQFRPSOHWSRWULYLWDYHULL RPXOXLFHLPDLVUDFLQHDYkQGGHFkWRODQFLHXQFRLIGHILHUüLRWXQLF YWXLW8QVLVWHPGHUHVSRQVDELOLWDWHFROHFWLYIFHDFDVXSUDYHJKHUHD UXIFWRULORUVILHGHVWXOGHXüRDU3HQWUXRULFHYLODQFDUHDSDU&LQHD XQHLFDVHUVSXQGHDVWSkQXO FHLODO&LWUHEXLDXVVHvQUROH]HvQWUXQ JUXSGH]HFHÍQPRPHQWXOvQUROULLRPXOVHDüD]vQJHQXQFKLüLMXUSH HYDQJKHOLHVGHDDVFXOWDUHüHIXOXLFHORU]HFHVQXILHQLFLKR&QLFL SULHWHQFXKR&LLüLVQXILHQLFLRGDWWLQXLWRUGHRELHFWHIXUDWHÍQFD] GHFULPJUXSXOFHORU]HFHWUHEXLHVOvQI&LüH]HSHFULPLQDOvQID&D MXVWL&LHL GDFQXSRDWHVRIDFHSHGHSVLWFXDPHQG'DFYUHXQ FULPLQDOHYDGHD]EUED&LLGLQVDWXOOXLvOXUPUHVFSkQODKRWDUHOH ÅVXWHLVXIOkQGvQFRUQXULüL&LSkQG HUDFHHDFHVHQXPHDKXHDQGFU\ XQIHOGHKXLGXLDO$MXQüLODKRWDUHXUPULWRULLWUHFUVSXQGHUHDORU ÅVXWHLFHOHLPDLDSURSLDWH(RSROL&LHFXVFKLPEXOÍQFD]XOvQFDUH FULPLQDOXOUHXüHüWHVVHUHIXJLH]HvQWURELVHULFHSURWHMDWGHGUHSWXO GHD]LO(ODUHGUHSWXODWXQFLGHDFKHPDvQELVHULFSHFRURQHUUHSUH]HQ WDQWXOFRURDQHLüLvQID&DOXLÅVUHQXQ&HODUHJDW/DDFHDVWFHUHPRQLH FULPLQDOXOMXUVSUVHDVF$QJOLDüLVQXVHPDLvQWRDUFQLFLRGDW &RURQHUXOvLLQGLFXQSRUWüLHOSOHDFLPHGLDW&LQkQGvQPkQRFUXFH GHOHPQFDUHDUDWWXWXURUFHHVWH(OWUHEXLHVVHvQGUHSWHVSUHSRUWXO UHVSHFWLYSHGUXPXOFHOPDLVFXUWüLVLDSULPDFRUDELH'DFQXJVHüWH RFRUDELHvQFkWHYD]LOHRPXOHREOLJDWFDvQILHFDUHGLPLQHD&VLQWUHvQ PDUHSkQFHDSDvLDMXQJHODJHQXQFKLFDXQVHPQDOEXQHLVDOHLQWHQ &LL'DFQXüLUHVSHFWMXUPkQWXOHFRQVLGHUDWvQDIDUDOHJLLüLSRDWHIL XFLVGHSULPXOYHQLW'UHSWXOGHD]LOGGHDORFODQHQXPUDWHDEX]XULüL ORFXLWRULL/RQGUHLVHSOkQJHDXFvQXQHOHELVHULFLüLPDLDOHVvQMXUXO :HVWPLQVWHUXOXLWULDXEDQGHGHFULPLQDOLLQWDQJLELOLFDUHLHüHDXQRDS WHDVSUDGHSHRDPHQLLFLQVWL&L ,;ÍQJHQHUDOvQFHDPDLPDUHSDUWHD&ULLGRPQHDvQVHFROXODO ;,,OHDÅSDFHGHSOLQ3DFHDVHGDWRUDvQEXQSDUWHUHJHOXL-XGHFWRULL QXHUDXFLQVWL&LGHFkWGDFvLFRQWURODXQUHJHVHYHU8QXLMXGHFWRUODLF FDUHüLEWHDMRFGHvQFHWLQHDODFXU&LORUHFOH]LDVWLFHXQSUHRWvLUVSXQVH Å'DFUHJHOHDUILDWkWGHGHSDUWHGHYRLSUHFkWHVWHSDSDGHQRLQD&L IDFHPDUHOXFUXüLFHOODOWUk]kQGUHFXQRVFXDGHYUXOVSXVHORU'DF YLODQXOVHEXFXUDGHRUGLQHDLQVWDXUDWGHUHJHPXO&LQRELOLüLFKLDUXQLL SUHR&LUHJUHWDXIUXPRDVHOHWLPSXULGHDOWGDWFkQGGXFHOHGH1RUPDQ GLDvQFQXHUDUHJHOH$QJOLHLÅ&FLQLPLFQXPLüFPDLPXOWLQLPDRPX OXLFDEXFXULDOLEHUW&LLüLQLPLFQXRVOEHüWHPDLWDUHGHFkWDSVDUHD VFODYLHLVSXVHvQWUR]L*HUDOGGH:DOHVMXULVFRQVXOWXOXL*ODQYLOOH&kQG
XQUHJHVHGRYHGHDVODEVDXLHüHDVOELWGHSHXUPDXQRUDYHQWXULvQDID UDJUDQL&HORUWUHEXLDVVHSURGXFvQPRGLQHYLWDELORUHDF&LHDEDURQL ORU'DUODPRDUWHDOXL+HQULFDO,,OHD$QJOLDDUHFRQGXFHUHDFHDPDL SXWHUQLFGLQ(XURSDÅ(DUHvQYLHSUDFWLFLGHSHYUHPHDOXL&DUROFHO 0DUHGDUvQDFHODüLWLPSSULQSUHFL]LXQHDPHFDQLVPXOXLVXDVSULPHD WRQXOXLüLDDWLWXGLQLORUWHIDFHVWHJkQGHüWLODVWDWXOURPDQVDXGDF YUHLODVWDWXOPRGHUQ 9, ),,,/8,+(15,&$/,,/($02$57($5(*(/8,5,&+$5' ,1,0'(/(8 &58&,$'$û,&$37,9,7$7($,2$1)5%$5 ,6IkUüLWXOOXL+HQULFDO,,OHDIXWUDJLF)LLLVLvQWUHFDUHDUILGRULW VüLvPSDUWLPSHULXOVHXUDXXQLLSHDO&LLüLOWUGDXWR&LÅ1XüWLLvL UVSXQVHXQXOGLQWUHHLXQXLWULPLVDOUHJHOXLFHSURSULXILULLQRDVWUH OVDWPRüWHQLUHGLQPRüLVWUPRüLFDIUDWHOHVOXSWHvPSRWULYDIUDWHOXL üLILLLvPSRWULYDWDWOXL"+HQULFüL*HRIIUR\FHLGRLILLPDLYkUVWQLFL PXULUvQDLQWHDUHJHOXL*HRIIUR\OVkQGXQILX$UWKXUGH%UHWDQLD DO WUHLOHD5LFKDUGFRPSORWDvPSRWULYDWDWOXLVXFXQRXOUHJHDO)UDQ&HL )LOLS$XJXVWWkQUDELOüLUHFHFDUHKRWUkQGVUHFXFHUHDVFUHJDWXO VXGHODDQJHYLQLVHIRORVHDFXGLEFLHGHGLVHQVLXQLOHGLQWUHHL+HQULF DO,,OHDEWUkQXOUHJHVROLWDUüLWULVWQXPDLVLP&HDDIHF&LXQHGHFkW SHQWUXFHOGHDOSDWUXOHDILX,RDQ'HRDUHFHvLOVDOXL5LFKDUG$QJOLDüL 1RUPDQGLDGRUHDVLODVHOXL,RDQ$TXLWDQLD3URLHFWXODFHVWDvOvQIXULH SH5LFKDUGFDUHVHPQkQGPDLFXUkQGFXPDPDVD(OHRQRUDGH $TXLWDQLDGHFkWFXWDWOVX&LQHDPDLPXOWODDFHDVWSURYLQFLHGHFkW ODWRWUHVWXOUHJDWXOXL3HQHDüWHSWDWHHOMXUFUHGLQ&UHJHOXL)UDQ&HL SHQWUXWRDWHSPkQWXULOHFRQWLQHQWDOHDOHWDWOXLVXGHOD&DQDOXO 0kQHFLLSkQOD3LULQHL+HQULFDO,,OHDvQFRO&LWGHFWUH)LOLS$XJXVWOD /H0DQVWUHEXLVIXJGLQRUDüXOvQIOFUL0DQVHUDFHWDWHDXQGHVH QVFXVHüLXQGHHUDvQPRUPkQWDWWDWOVXFRQWHOHGH$QMRX%OHVWHP SH'XPQH]HXFkQGRSUVLÍQWLPSFHIXJHDvQJDORSSHSRWHFLRFROLWH vQVXüLILXOVX5LFKDUGvOXUPUHD/D&KLQRQUHJHOHVHVLP&LDWkWGH EROQDYFWUHEXLVüLvQWUHUXSGUXPXO&DQFHODUXOVXSHFDUHO WULPLVHVHOD)LOLS$XJXVWFXRVFULVRDUHVHvQWRDUVHDGXFkQGXLOLVWD WUGWRULORUHQJOH]LSHFDUHRJVLVHODFXUWHDUHJHOXL)UDQ&HLÍQIUXQWHD OLVWHLVHDIOD,RDQILXOVXIDYRULW9]kQGXOSHWDWOVXvQSULPHMGLHvO WUGDVHüLHOÅ0LDLVSXVGHVWXOVWULJUHJHOH1XPPDLVLQFKLVHVF QLFLGHPLQHQLFLGHOXPH'XSDFHDVWDvQFHSXVGHOLUH]HüLPXUL FXUkQGvQXUPDXQHLKHPRUDJLL+HQULFDO,,OHDIXVHVHXQUHJHPDUH FLQLFUHDOLVWDVSUXGDUvQIRQGQDIFXWGHFkWELQHSDWULHLVDOH
,,Å8QXLRPGHVWDWvLXUPXQFDYDOHUUWFLWRU5LFKDUGVXSUD QXPLWGHXQLLÅ,QLPGH/HXüLGHSHULJXUGLQXO%HUWUDQGGH%RUQ Å5LFKDUG'DüL%DDYHDDQXPLWHWUVWXULDOHWDWOXLVXvQWUHDJD YLROHQ&D3ODQWDJHQH&LORUGUDJRVWHDORUQHPVXUDWSHQWUXIHPHLüL FXUDMXOORU'DU+HQULFDO,,OHDXUPULVH&HOXULSUDFWLFHüLSUXGHQWH 5LFKDUGFXWDDYHQWXUDüLGLVSUH&XLDRULFHSUXGHQ&Å9LD&DOXLDIRVWFD XQDFFHVGHIXULHYLROHQW3RHWüLWUXEDGXUSULHWHQXOWXWXURUFDVWHODQL ORUU]ERLQLFLGLQ3pULJRUGHOGRUHDVMRDFHvQYLD&UROXOURPDQWLFDO FDYDOHUXOXL/DvQFHSXWXOUHJLPXOXLIHXGDODILFDYDOHUvQVHPQDVIDFL VHUYLFLXOPLOLWDUFODUHFXREOLJD&LDGHDOXSWDvQVFKLPEXOXQRUSPkQ WXUL'DUELVHULFDüLSRH&LLDXvPERJ&LWDFHVWOHJPkQWüLFXYkQWXODFHV WDvPSRGRELQGXOHFXLGHLPDLIUXPRDVH,QYHVWLUHDFDYDOHUXOXLGHYHQLVH RFHUHPRQLHFUHüWLQ7kQUXOFDYDOHUOXDREDLHVLPEROLFGHSXULILFDUH FDPDLWkU]LXFDYDOHULLGLQ2UGLQXO%LL VDELDOXLHUDGHSXVSHDOWDU HO WUHEXLDVIDFGHYHJKHOkQJDUPHvQFDSHODFDVWHOXOXL6DELDDYHDGR XWLüXULÅGHRDUHFHFDYDOHUXOWUHEXLDFXXQWLüVORYHDVFSHERJDWXO FDUHRSULPDSHFHOVUDFLDUFXFHOODOWSHFHOWDUHFDUHRSULPDSHFHO VODE3RSRUXOHQJOH]JVHDGLQQHIHULFLUHFIDSWHOHFDYDOHULORUHUDXFX WRWXOGHSDUWHGHDFHDVWQRELOGRFWULQÅ%UED&LLDFHüWLDFDUHDUILWUH EXLWVüLIRORVHDVFIRU&DvPSRWULYDGXüPDQLORUFUXFLLVHvQWUHFvQEH&LH VHOILHvQOHQHüLVHVWULFGXFkQGRYLD&VFDQGDORDV(LGH]RQRUHD] QXPHOHGHFDYDOHUÍQIDSWFXWRDWHFHOHFkWHYDWUVWXULIUXPRDVHQLFL RGDWQDXIRVWU]ERLQLFLPDLFUX]LGHFkWXQLLFDYDOHULDLHYXOXLPHGLX 2UDüHvQWUHJLEUED&LIHPHLFRSLLDXIRVWDGHVHDPDVDFUD&LGHHLÅ2RD UHFDUHFXUWRD]LHID&GHIHPHLOHGLQDFHHDüLFODVVDXID&GHDO&LFDYDOHUL SUL]RQLHULüLGH]DUPD&LLDWWRWFHYDVXE]LVWDGLQHIRUWXULOHOXGDELOHDOH ELVHULFLLSHQWUXDIDFHU]ERLXOPDLXPDQ2SLOGGHVYkUüLWDDFHVWHL FXUWRD]LLVXSHUILFLDOHüLDDFHVWHLFUX]LPLSURIXQGHQHRG5LFKDUG,QLP GH/HX ,,,0DUHOHHYHQLPHQWFDYDOHUHVFGLQWLPSXOGRPQLHLOXL5LFKDUGD IRVWFUXFLDGDDWUHLDODFDUHDOXDWSDUWHvPSUHXQFX)LOLS$XJXVW$Q JOLDDIRVWSUHDSX&LQLQWHUHVDWGHSULPHOHGRXFUXFLDGH3OHFDVHU PXO&LPHGHLQüLDYHQWXURüLGDUQLFLXQVXYHUDQÍQUHODWULOHHFOH]LDVWLFH DOHYUHPLLVHJVHVFPHQ&LRQD&LQHQXPUD&LHQJOH]LFDUHSHQWUXLVSüLUHD XQHLJUHüHOLMXUDVHUVPHDUJvQFUXFLDGüLFDUHvQXOWLPDFOLSUH JUHWkQGOHJPkQWXOvOUVFXPSUDXFXRDPHQG$UKLHSLVFRSXO*LI IDUGGH]OHJkQGXQSHQLWHQWGHOHJPkQWXOVXGHFUXFLDWDGDXJ Å6XVQXPLWXO-RKQYDWUHEXLVFKHOWXLDVFGLQSURSULDVDDYHUHSHQWUX
&HOHEUXWUXEDGXURULJLQDUGLQSURYLQFLDIUDQFH]3pULJRUG
3RVLELO*HRIIUH\3ODQWDJHQHWXODUKLHSLVFRSGH
DUKLHSLVFRSFXQXPHOH*LIIRUG:DOWHUQXVHvQWkOQHüWHGHFkWvQWUHüL WRWOD
DYHQLvQDMXWRUXO%ULL6ILQWHVXPDGHFLQFLüLOLQJLVWHUOLQLDWXQFLFkQGL VHYDFHUHGLQSDUWHDSDSHL8QFDYDOHUSHQWUXXQDGXOWHUFRPLVFX VR&LDDOWXLFDYDOHUVHDQJDMDVWULPLWvQ%DUD6IkQWXQVROGDWSH FKHOWXLDODVDüLVSOWHDVFRVXWGHOLYUHvQFD]GHUHFLGLY6SUH VIkUüLWXOGRPQLHLOXL+HQULFDO,,OHDYLFWRULLOHRE&LQXWHGH6DODGLQ FGHUHDUHJDWXOXL,HUXVDOLPXOXLPLüFDVHUvQWUDWkWFUHüWLQWDWHDvQFkW UHJHOHLQVWLWXLRLPSRUWDQWFRQWULEX&LHGLMPDOXL6DODGLQUHPDUFDELO SHQWUXFDIRVWSULPXOLPSR]LWGLUHFWFDUHDJUHYDWWRDWHEXQXULOHPR ELOHüLLPRELOHüLQXQXPDLSPkQWXO'DULPSR]LWXODFHVWDHUDGHVWLQDW PDLFXUkQGSHQWUXSODWDDUPDWHORUVWULQHGHFkWSHQWUXWULPLWHUHDGH HQJOH]LvQ2ULHQW +HQULFDO,,OHDIJGXLFYDSOHFDüLHOüLSDWULDUKXOGLQ,HUXVDOLPvL DGXVHFXPDUHSRPSFKHLOH6IkQWXOXL0RUPkQWGDUUHJHOH+HQULFQXV DvPEDUFDWQLFLRGDWüLFkQG*HUDOGGH:DOHVvLUHSURüOXFUXODFHVWDHO vLUVSXQVH Å&OHUXOQHLQYLWYLWHMHüWHVQHH[SXQHPSHULFROXOXLFFLHO QXSULPHüWHQLFLRORYLWXUvQOXSWHüLQXSRDUWQLFLRVDUFLQSHFDUH SRDWHVRHYLWH(QWX]LDVPXOüLURPDQWLVPXOQXIFHDXSDUWHGLQWUV WXULOHOXL+HQULFDO,,OHD'DU5LFKDUGHUDRILUHFXWRWXOGHRVHELW vQGDW FHSULPLPRüWHQLUHDSDWHUQJROLWH]DXUXOYkQGXFkWHYDFRPLWDWHüLVH vPEDUF ,95LFKDUGüL)LOLS$XJXVWSULHWHQLvQDSDUHQ&ULYDOLvQIDSWGH FkQG5LFKDUGPRüWHQLVHWURQXOWDWOXLVXSOHFDUvPSUHXQVSUH,HUX VDOLP FkQGDMXQVHUvQ6LFLOLDHUDXGHMDFHUWD&L5LFKDUGSLHUGXPXOW YUHPHDüWHSWkQGPLFDIORWSHFDUHDUILWUHEXLWVRHFKLSH]HSHQWUXHO &HOHFLQFLSRUWXUL &HOHFLQFLSRUWXUL +DVWLQJV'RXYUHV6DQGZLFK+\WKH üL5RPQH\MXFDXSHQWUXPDULQDFHODüLUROFDIHXGHOHFDYDOHULORUSHQWUX DUPDW5HJHOHDFRUGDVHEDURQLORUGLQ&HOHFLQFLSRUWXULvQVHPQDWHSULYL OHJLLvQVFKLPEXOFURUDHLWUHEXLDXVLIXUQL]H]HFRUELLvQWLPSGHU] ERL ([SHGL&LDvLGGXOXL5LFKDUG,QLPGH/HXSULOHMXOVüLDUDWHFXUD MXOGDUQXHOLEHU6IkQWXO0RUPkQW5LFKDUGVHIFXXUkWSULQLQVROHQ&D üLFUX]LPHDVD6DODGLQUHIX]kQGVUVFXPSHUHSHSUL]RQLHULvLVXJUXP SHWR&L9UHPHvQGHOXQJDWGXSU]ERLXODFHVWDSRYHVWHüWH-RLQYLOOH VDUD]LQLLOHVSXQHDXFRSLLORU Å7DFLGDFQXvOFKHPSHUHJHOH5LFKDUGV WHRPRDUHÍQWLPSXODFHVWD)LOLS$XJXVWUHvQWRUVvQ)UDQ&DvQFHSXV SUHJWHDVFU]ERLXOvPSRWULYDGXüPDQXOXLVX 9&XWRWLQVXFFHVXOüLFXWRDWHFFHDPDLPDUHSDUWHDQRELOLPLL HQJOH]HVDDE&LQXWVSDUWLFLSHODFUXFLDGHLQIOXHQ&DORUDVXSUDLVWRULHL $QJOLHLFDüLDVXSUDvQWUHJLLLVWRULLD(XURSHLDIRVWPDUH$SURDSHWRW GHDXQDvQXUPDXQRUFRQWDFWHFX2ULHQWXOVSLULWXORFFLGHQWDODGHYHQLW
)RUPODWLQL]DWDQXPHOXL6DODKHG'LQFHOHEUXVXOWDQDO(JLSWXOXLüL6LULHL
FRQüWLHQWGHSURSULDVDQDWXUüLGHSURSULLOHVDOHIRU&H5]ERDLHOHPHGL FHDXFRLQFLVFXFHDPDLIUXPRDVSHULRDGDJkQGLULLJUHFLORU&UXFLDGH OHVXQWüLHOHvQFHSXWXOXQHLUHQDüWHULHXURSHQH(OHGHWHUPLQSHQWUX WUHLVHFROHFHQWUXOFRPHUFLDOüLPDULWLPDOOXPLL0DUVLOLD*HQRYDüL9H QH&LDSXQFWHGHvPEDUFDUHDOHFUXFLD&LORUGHYLQPDULRUDüH6HFRQVWUX LHVFDFRORKDQXULSHQWUXSHOHULQL3ROL&LD0HGLWHUDQHLHVWHDVLJXUDWGH RUGLQXOWHPSOLHULORUüLDOFDYDOHULORU6IkQWXOXL,RDQ GLQ,HUXVDOLPRUGLQH PLOLWDUHFDUHFRQVWUXLHVFSULPHOHPDULIORWHFUHüWLQHüLIRUPHD]SULPD IRU&DUPDWLQWHUQD&LRQDO'HDVHPHQHDvQWLPSXOFUXFLDGHORUFUHüWLQLL GLQ$QJOLDüLGLQ)UDQ&DvQFHSVSRDUWHEDUEüLVüLSLFWH]HVWHPHOHSH VFXWXUL&XYLQWHQRL WREWURPSHWFDLVüLvQFDOWHVXWHGHFXYLQWH VXQWLQWURGXVHvQYRFDEXODUXOHXURSHDQÍQVIkUüLWHüHFXOFUXFLDGHORUYD DYHDLQIOXHQ&DVXSUDYLLWRUXOXLPDULWLPDO$QJOLHLFFLEDULHUD,VODPXOXL UHvQFKL]kQGXVHYDFRQVWUkQJHSHRDPHQLVFDXWHDOWHGUXPXULSHQWUX FRPHU&XOFX2ULHQWXO 9,$UWDU]ERLXOXLDIFXWSX&LQHSURJUHVHvQWLPSXODFHVWRUOXSWH &DYDOHULLHYXOXLPHGLXQXHUDXWDFWLFLHQLÍQGDWFH]UHDXLQDPLFXOVH DUDQMDXvQWUHLPDULJUXSHVDXFRUSXULGHEWDLHvüLSXQHDXOQFLOHvQ FXPSQLUHSDY]DvQSR]L&LHGHDSUDUHüLüDUMDXFRUSXOGHEWDLHDGYHUV 1LFLXQXOQXVWWHDvQUH]HUYGHRDUHFHVHVRFRWHDRRIHQVSHQWUXXQ FDYDOHUVQXSDUWLFLSHODOXSWFKLDUGHODvQFHSXWXOHL$VWIHOFOXSWD QXLGHFkWRvQYOPüHDOGHFDLüLRDPHQL3HGHVWULPHDQXMRDFQLFLXQ UROÍQVFKLPEFUXFLDGHOHOHDUDWFDYDOHULORUHXURSHQLLPSRUWDQ&D U]ERLXOXLGHDVHGLX )RUWLILFD&LLOHGHOD6DLQW-HDQG $FUHRSULUDUPDWHOHFUHüWLQHüLOH SURYRFDUSLHUGHULGHSHVWHRVXWGHPLLGHRDPHQLVSXQH0LFKHOHW3H DWXQFLDYDQWDMD&LHUDXDSUWRULLXQHLFHW&LIRUWLILFDWHüLQXDVHGLDWRULL HLÍPSRWULYDXQRU]LGXULGHRJURVLPHGHFLQFLVSUH]HFHSkQODWUHL]HFLGH SLFLRDUHFDWDSXOWHOHYUHPLLHUDXQHSXWLQFLRDVH8QFDVWHOELQHFOGLW IUYUHRGHVFKL]WXUDSURDSHGHVRODYHDRFDSDFLWDWHGHUH]LVWHQ& FDUHQXHUDOLPLWDWGHFkWGHQHYRLDGHDSURYL]LRQDUH7RWXüLGDFQX HUDFRQVWUXLWSHRVWkQFSXWHDILPLQDW3LRQLHULLOXFUDXODDGSRVWXO XQXLDFRSHULüFDUHLSURWHJXLDGHDUFDüLLDSUULLÍPSRWULYDDFHVWXLIHOGH DWDFIXULQYHQWDWHQLüWHJDOHULLOXQJLGHOHPQFXFUHQHOXULFDUHDIOkQ GXVHGHDVXSUDDVHGLDWRULORUvQJGXLDXVWURSLUHDORUFXVXEVWDQ&HLQFHQ GLDUH'DUJDOHULDvQVüLHUDH[SXVLQFHQGLXOXL PHWHUH]HOHGHSLDWUüL WXUQXULOHGHIODQFVXSULPDUXQJKLXULOHPRDUWHüLIFXULDUüLLQYXOQH UDELOHFHW&LOHIRUWLILFDWH1XPDLGHVFRSHULUHDDUWLOHULHLYDDQLKLODYDORDUHD PLOLWDUDFDVWHOXOXLIRUWLILFDW&XFHULUHD&RQVWDQWLQRSROXOXLGHFWUH 0DKRPHGDO,,OHDYDILSULPXOPDUHH[HPSOXGHIRORVLUHDDUWLOHULHL
2UGLQPLOLWDUFOXJUHVFvQILLQ&DWGXSWUDGL&LLOHVDOHSHOD FRQVWLWXLWvQPRG
VLJXUvQUHJDWXOFUXFLDWDO,HUXVDOLPXOXLSHOD
9,,/DvQWRDUFHUHDGLQFUXFLDG5LFKDUGFRQVLGHUDWSHULFXORVGH FWUHVXYHUDQLL(XURSHLIXIFXWSUL]RQLHUvQPRGPLüHOHVFGHFWUH GXFHOH$XVWULHLüLSUHGDWvPSUDWXOXL+HQULFDO9,OHDFDUHvOUH&LQXvQ GLVSUH&XOSULYLOHJLXOXLFUXFLD&LORU$QJOLDDIOFUHJHOHHLHFDSWLYF VXSRUWDYRLRVFDSWLYLWDWHDvPEWkQGXüLSD]QLFLLüLFSUH&XOGHUVFXP SUDUHDUILGHRVXWGHPLLGHOLYUH3HQWUXDDGXQDDFHDVWVXP HQRUPPLQLüWULLFDUHvQORFXLDXFXPSXWHDXPDLELQHSHUHJHOHORUPDL WRWGHDXQDDEVHQWVHVWUGXLUVUHSDUWL]H]HVDUFLQLOHDVXSUDWXWXURU FODVHORUVRFLHW&LL &HUXUFDEDQLLGHVFXWVILHGHGRX]HFLGH üLOLQJLGHILHFDUHORWGHFDYDOHUXQVIHUWGLQYHQLWXOWXWXURUODLFLORUXQ VIHUWGLQYHQLWXULOHWHPSRUDUHDOHSUHR&LORU%LVHULFLORUOLVHFHUHDYHVHODGH DUJLQWüLRGRDUHOHGHDXURUGLQHORUPRQDVWLFHOkQDWXQVWLPSGHXQDQ 1RUPDQGLDWUHEXLVSOWHDVFDFHOHDüLWD[H&XWRDWHDFHVWHLPSR]LWH vPSRYUWRDUHVXPDDGXQDWIXSUHDPLFÍPSUDWXOFRQVLP&LWRWXüL VOSXQvQOLEHUWDWHSURYL]RULHSHUHJHOH5LFKDUGÍQDEVHQ&DOXLIUDWHOH VX,RDQvQFHUFDVHVSXQPkQDSHSXWHUHGDUIXVHVHvQYLQVJUD&LH LQWHUYHQ&LHLHQHUJLFHDDUKLHSLVFRSXOXLGH&DQWHUEXU\+XEHUW*DXOWLHU FDUHVHGRYHGLDILXQEXQRüWHDQDüDFXPHUDüLXQSUHRWEXQ 9,,,5LFKDUGODvQWRDUFHUHDOXLIXSULPLWFXHQWX]LDVPüLSRPSGH FHW&HQLL/RQGUHL'DUvQORFVDUDWHRvQGUHSW&LWUHFXQRüWLQ&SHQWUX VXUSULQ]WRDUHDORLDOLWDWHDVXSXüLORUVLDQXQ&vQGDWQRLLPSR]LWH 5HJDWXOHUDvQSHULFRO)LOLS$XJXVWLQYDGDVH1RUPDQGLD $TXLWDQLDVH U]YUWHD $QMRXüL3RLWRXvQFOLQDXVSUH)UDQ&D3HQWUXDSUDUHD1RU PDQGLHL5LFKDUGFRQVWUXLXQDGLQFHOHPDLIUXPRDVHIRUWUH&HDOHWLPSX OXL &KkWHDX*DLOODUGFDUHGRPLQDYDOHD6HQHLÅ$PVRFXFHUHVFFKLDU GDF]LGXULOHHLDUILGHILHUH[FODP)LOLS$XJXVWÅ$PVRSVWUH]FKLDU GDF]LGXULOHHLDUILGHXQWUHSOLF5LFKDUG1DDYXWWLPSVüL&LQ IJGXLDOD8QXOGLQYDVDOLLVLYLFRQWHOHGH/LPRJHVJVLQGSHFkPS OkQJFDVWHOXOVXGLQ&KkOXVRSRGRDEGHDXUIUvQGRLDOGHRULJLQH URPDQ5LFKDUGVXV&LQXFRULFHFRPRDUDSDU&LQHUHJHOXLüLLRFHUX2 FHDUWDSRLXQU]ERLVHQVFXUGLQDFHVWLQFLGHQWPLQXVFXO DVHGLLQG FDVWHOXO&KkOXV5LFKDUGIXUQLWGHRVJHDWUDQDLVHLQIHFWüLUHJHOH PXULvQFRUWXOVXODDSULOLH &RUSXOIXvQJURSDWOD)RQWHYUDXOW LDULQLPDvQFUHGLQFLRVXOVXRUDü5RXHQ$VWIHOUHJHOHUWFLWRUUPDVH SHQWUXHWHUQLWDWHGHSDUWHGHUHJDWXOVX$ELDDSDU&LQHLVWRULHL$QJOLHL Å)LXUXIUDWHUXVR&UXüLUHJHUXVDVSXVGHVSUHHO7RWXüLVSUH DOMXGHFDWUHEXLHVVH&LQVHDPDGHOHJHQGDFUHDWvQMXUXOOXLGH SRSXODULWDWHDVDüLGHILGHOLWDWHDSRSRUXOXLVX$IRVWIUvQGRLDOFD XQLLFRQGRWWLHULGHSHYUHPHD5HQDüWHULLVDXFDXQLLÅOLEHUWLQLGLQVHFROXO DO;9,,,OHDXQH[HPSODUFLXGDWGHGHVYkUüLWDOXQXLWLSXPDQDVW]L FRQGDPQDWGDUSHFDUHRSLQLDSXEOLFvODFFHSWDDWXQFL
9,, 0$5($&$57$ ,ÍQHYXOPHGLXSRSRDUHOHLHUWDXPXOWHUHJLORUSHQWUXFGRPQLD FHOXLPDLUXUHJHHUDGHSUHIHUDWFHOHLPDLVFXUWHSHULRDGHGHDQDUKLH ,RDQIU%DUUHXüLFHOGLQWkLVLXQHDVFSHWR&LVXSXüLLOXLvPSRWULYL 3ULQVWUOXFLUHDLQWHOLJHQ&HLHUDXQDGHYUDW3ODQWDJHQHWH[FHOHQWWDFWL FLDQGLSORPDWLFüLPLOLWDUPDUHVHGXFWRUGHIHPHLEXQYkQWRUGDU FUXGüLMRVQLF+HQULFDO,,OHDüL5LFKDUGDXDYXWJUDQGRDUHDORU ,RDQQ DIRVWGHFkWRGLRV,DWUGDWSHWDWOüLSHIUD&LLVLÍQWUHDJD(XURSE QXLDFGLQRUGLQXOOXLDIRVWDVDVLQDWQHSRWXOVX$UWKXUGH%UHWDQLD FDUHLDUILSXWXWGLVSXWDVXFFHVLXQHD)LOLS$XJXVWVX]HUDQXOOXLOD FLWDWvQID&DFXU&LLVDOHDSRLGXSWUHFHUHDWHUPHQHORUGHSUH]HQWDUHOD GHFODUDWYLQRYDWGHIHORQLHüLGHF]XWGLQGUHSWXULDVXSUDWXWXURUILHIXUL ORUIUDQFH]H$YkQGDVWIHOGUHSWXOIHXGDOGHSDUWHDVD)LOLSvQFHSXVLD vQDSRLGHOD,RDQXQXOFkWHXQXOGRPHQLLOHDFHVWXLD1RUPDQGLDIXGLQ QRXRFXSDWGH)UDQ&DvQvQFLXGDXQHLLVFXVLWHPDQHYUHDOXL,RDQ IU%DUSHQWUXDVDOYD&KkWHDX*DLOODUG vQSLHUGX$QMRX0DLQH 7RXUDLQHüL3RLWRX=HFHDQLGXSPRDUWHDOXL+HQULFDO,,OHDLPSHULXO DQJHYLQDSURDSHFQXPDLH[LVWD5PkQHD$TXLWDQLDGDUDYHDVILH JUHXGHSVWUDWFFLEDURQLLHQJOH]LFDUHSULPLVHUWRWGHDXQDVVHEDW SHQWUXDSUDUHD1RUPDQGLHLXQGHSRVHGDXIHXGHVLP&HDXRDUHFDUHVLO VXUPUHDVFvQ*DVFRQLDvQVOXMEDXQXLUHJHGHWHVWDWRDYHQWXUFDUH SHQWUXHLQXDYHDQLFLXQVHQV ,,ÍQU]ERLFXUHJHOH)UDQ&HLvQUHOD&LLSURDVWHFXEDURQLLHQJOH]L ,RDQIU%DUVHFHUWüLFXELVHULFD$UKLHSLVFRSLLGH&DQWHUEXU\vQGH SOLQLQGDSURDSHWRWGHDXQDüLIXQF&LDGHSULPPLQLüWULDLUHJLORUHQJOH]L HUDGHVWXOGHILUHVFFDDFHüWLDGLQXUPVSUHWLQGGUHSWXOGHDLDOHJH 'DUVHüWLHFSHGHRSDUWHHSLVFRSLLUHJDWXOXLüLSHGHDOWDFOXJULL GLQ&DQWHUEXU\UHFODPDXDFHODüLGUHSW6XEGRPQLDOXL,RDQIU%DU FHOHWUHLSU&LIFXUDSHOOD5RPDüLSDSD,QRFHQ&LXDO,,,OHDUVSXQVH vQWUXQIHOQHDüWHSWDWLPSXQkQGUHJHOXLFOXJULORUüLHSLVFRSLORUSUR SULXOVXFDQGLGDWSH6WHIDQGH/DQJWRQSUHRWDGPLUDELOSULQFDUDFWHUXO üLüWLLQ&DVDFDUHWULDGHPXOWYUHPHOD5RPD,RDQIXULRVUHIX]V UHFXQRDVFXQSUHODWFDUHVSXQHDHOQXLHUDFXQRVFXWGHFkWSULQIDSWXO FÅWULVHWRWGHDXQDSULQWUHGXüPDQLLVLüLOXvQVWSkQLUHEXQXULOH DUKLHSLVFRSDWXOXL3DSDULSRVWSULQüLUXORELüQXLWGHVDQF&LXQLSRQWLIL FDOH(OODQVDVXSUD$QJOLHLXQLQWHUGLFW FORSRWHOHDPX&LUPRU&LLUPk QHDXIUVOXMEGHvQPRUPkQWDUH7XOEXUDUHDFUHGLQFLRüLORUIXPDUH ,QVWLWX&LDUHJDOGHYHQLVHWRWXüLDWkWGHSXWHUQLFvQFkWQXDYXORFQLFLR U]PHUL&8QDQPDLWkU]LX,QRFHQ&LXDO,,,OHDvOH[FRPXQLFSH,RDQ $SRLvOGHVWLWXLüLODXWRUL]SH)LOLS$XJXVWVSRUQHDVFRFUXFLDG vPSRWULYD$QJOLHLUHEHOH6LWXD&LDGHYHQHDSHULFXORDV*DOLLüLVFR&LHQLL
vQFHSXVHUvQFGLQDLQWHVVHDJLWHODIURQWLHUH5HJHOHFHG6HXPLOLvQ ID&DOHJDWXOXLSDSDOvOSULPLSH/DQJWRQüLLVSXVHvQPRGLSRFULW Å)L&L ELQHYHQLWSULQWH$SRLFUH]kQGXVHLDUFODUHSHVLWXD&LHvQFHUFV SXQODFDOHvPSUHXQFXFRQWHOHGH)ODQGUDüLFX2WWRGH%UXQVZLFN RFRDOL&LHFRQWLQHQWDOvPSRWULYDOXL)LOLS$XJXVW)DSWQRXvQLVWRULD EDURQLORU DFHüWLDUHIX]DUVOXUPH]H0DLvQWkLVSXVHUFQXYRLDXV OXSWHVXERUGLQHOHXQXLUHJHH[FRPXQLFDW QXLVHDFRUGDVHvQF LHUWDUHD DSRLLQYRFDUVUFLDORU,RDQWUHEXLVDPkQHSOHFDUHDüLVL VXV&LQFXVXEYHQ&LLSHDOLD&LLVL$FHDVWFRDOL&LHIX]GURELWvQDQXO XUPWRU OD%RXYLQHV%WOLDGHOD%RXYLQHVDFRQVWLWXLWvQDFHODüL WLPSWULXPIXOFDSH&LHQLORU FDUHPXO&XPLWHLDYHDXVUHXüHDVFD XQLILFDUHJDWXO)UDQ&HL üLJDUDQ&LDOLEHUW&LORUHQJOH]HGHRDUHFHGDF ,RDQVDUILvQWRUVvQYLQJWRUvQ$QJOLDvQIUXQWHDPHUFHQDULORUVLGLQ %UDEDQWVDUILU]EXQDWvQPRGFUXQWvPSRWULYDVHQLRULORUHQJOH]L SHQWUXUHIX]XOGHDOVOXML1XSVWUDGLQSRVHVLXQLOHIUDQFH]HGHFkW *DVFRQLDüLSRUWXO%RUGHDX[,VWRULFLLHQJOH]LVRFRWHVFEWOLDGHOD %RXYLQHVFDXQXOGLQHYHQLPHQWHOHIHULFLWHGLQLVWRULD$QJOLHLSHQWUXF DFHDVWvQIUkQJHUHQLPLFLQGSUHVWLJLXOOXL,RDQDIRVWSUHOXGLXO0DULL &DUWH ,,,8QFRQIOLFWvQWUH,RDQüLEDURQLGHYHQLVHLQHYLWDELO%DURQLLVX SRUWDVHUGHVSRWLVPXOOXL+HQULFDO,,OHDUHJHSXWHUQLFYLFWRULRVüLSUHD UHVSHFWDWGHSRSRUFDVvQGU]QHDVFVLVHRSXQ'DUGHFHDUILWROH UDWDEX]XULOHXQXLUHJHvQIUkQWüLGLVSUH&XLWGHWRDWOXPHD"ÍQ DUKLHSLVFRSXO/DQJWRQFUHLHUXOFRQVSLUD&LHLVXVFLWDVHXQPDUHHQWX]L DVPDGXQkQGXLvQVHFUHWSHEDURQLüLFLWLQGXOHYHFKHDFDUWDOXL+HQ ULF,SHFDUHWR&LRXLWDVHUüLFDUHJDUDQWDUHVSHFWDUHDGUHSWXULORUüLD FXWXPHORUVXSXüLORUVL ÍQWURDOWvQWkOQLUHEDURQLLDXMXUDWSHUPüL&HOHVIkQWXOXL,RDQF QXYRUWULvQSDFHFXUHJHOHGHFkWGDFYDMXUDVVHVXSXQDFHVWHL FDUWHÍQHLDGUHVDUOXL,RDQXQXOWLPDWXPüLLWULPLVHURGLIMLGDWLR QHvQFUHGHUH SHFDUHRULFHYDVDOWUHEXLDVRQRWLILFHVXYHUDQXOXLQHGHPQ vQDLQWHGHDLGHFODUDU]ERL5HJHOHvQFHUFVLDWUDJGHSDUWHDVDSH RDPHQLLOLEHULVFKHPHPHUFHQDULGDUWUHEXLVUHFXQRDVFFWRDW &DUDHUDvPSRWULYDOXL/RFXLWRULL/RQGUHLSULPHDXFXHQWX]LDVPPLFD DUPDWDEDURQLORUÍQDVHPHQHDFD]VWUPRüLLOXL,RDQDUILDSHODWOD I\UG'DUVLWXD&LDVHVFKLPEDVH5HIRUPHOHOXL+HQULFDO,,OHDVOELQGSH QRELOLvLDSURSLDVHGHYDVDOLLORUÍQWUHGRPHQLXOIHXGDOüLVDWFRQIOLFWHOH GHYHQLVHUPDLUDUH3XQHUHDVXELQWHUGLFWDUHJDWXOXLLPSUHVLRQDVHSR SRUXOUHOLJLRVGLQILUH5HDGXFHUHDYHFKLORUOLEHUW&LHUDSHSODFXOWXWXURU FODVHORUÍQ]DGDUUHJHOHIXDSXFDWGHRIXULHQHEXQ&HSXWHDVIDF"
(VWHYRUEDGH)HUUDQGILXOUHJHOXL3RUWXJDOLHLGHYHQLWFRPLWHGH)ODQGUDSULQ
FVWRULDFX-HDQQHPRüWHQLWRDUHDFRPLWDWXOXLüLGH2WWRDO,9OHDGH%UXQVZLFN vPSUDWURPDQRJHUPDQ
&DSLWDODHUDvQPkLQLOHUHEHOLORUÍQFHWDVHVIXQF&LRQH]HRULFHIHOGH DGPLQLVWUD&LHÍQOLSVDYLVWLHULHL,RDQQXPDLDYHDQLFLXQIHOGHYHQLW 7UHEXLDVFHGH]H5HJHOHDFFHSWVVHvQWkOQHDVFFXEDURQLLSHSDMLü WHDGHOD5XQQ\PHGHvQWUH6WDLQHVüL:LQGVRUüLDLFLVHPQ0DUHD &DUW ,9,PSRUWDQ&D0DULL&DUWHDIRVWFkQGH[DJHUDWFkQGVXEHVWLPDW 7UHEXLHVUHDPLQWLPvQDLQWHGHWRDWHFLYRUEDGHXQGRFXPHQWGLQ DGLFGLQWURYUHPHvQFDUHLGHLOHPRGHUQHGHVSUHOLEHUWDWHQLFLQX IXVHVHUFRQFHSXWHvQFÍQVHFROXODO;,,,OHDFkQGUHJHOHDFRUGXQXL VHQLRUSULYLOHJLXOGHDDYHDRFXUWHGHMXGHFDWVDXXQXLRUDüSULYLOHJLXO GHDüLDOHJHVLQJXUVOXMEDüLLVLvQOLPEDMXOWLPSXOXLDFHVWHDVHQXPHVF ÅOLEHUW&L0DUHD&DUWVWDWXHD]vQWHUPHQLJHQHUDOLFUHJHOHWUHEXLHV UHVSHFWHGUHSWXULOHFküWLJDWH2PXOPLMORFLXGLQYUHPHDQRDVWUFUHGHvQ SURJUHVüLSUHWLQGHUHIRUPH SHQWUXRPXODQXOXLÅHSRFDGHDXUHUD vQWUHFXW%DURQLLQXLQWHQ&LRQDXVIDFROHJHQRX HLFHUHDXUHVSHFWD UHDYHFKLORUSULYLOHJLL&XPVOFRQVWUkQJLSHUHJHVUHVSHFWHSULYLOHJLLOH IHXGDOLW&LL"$FHDVWDHUDSHQWUXHLVLQJXUDSUREOHP'DUSULQWURIHULFLW vQWkPSODUHUHGDFWDUHDQDIRVWIFXWvQDFHDVWIRUPüLWH[WXODvQJGX LWJHQHUD&LLORUYLLWRDUHVFLWHDVFvQ0DUHD&DUWSULQFLSLLPDLJHQHUDOH Å([LVWOHJLDOHVWDWXOXLGUHSWXULDSDU&LQkQGFRPXQLW&LL5HJHOHWUHEXLH VOHUHVSHFWH'DFOHYLROHD]ORLDOLWDWHDvQFHWHD]DILRGDWRULHüLVX SXüLLDXGUHSWXOVVHUVFRDOH,PSRUWDQ&D0DULL&DUWHFRQVWGHFLPDL PXOWvQFHHDFHDWUDJHGXSVLQHGHFkWvQFHHDFHHVWH3HQWUXJHQHUD&LLOH XUPWRDUHHDYDGHYHQLvQVHQVXOPRGHUQDOFXYLQWHORURÅ&DUWDOLEHU W&LORUHQJOH]HüLILHFDUHUHJHSkQvQVHFROXODO;9OHDYDWUHEXLVMXUH GHPDLPXOWHRULvQFXUVXOGRPQLHLVDOHVUHVSHFWHDFHVWWH[W$SRLFDUWD YDILXLWDWVXEGRPQLDUHJLORU7XGRULSHQWUXDUHDSDUHFDRFRQWUDSRQ GHUHDGUHSWXOXLGLYLQSHYUHPHDOXL,DFRE, 9([LVWXQDOWSULQFLSLXPRGHUQFDUHVDFUH]XWFSRDWHILFLWLWvQ 0DUHD&DUW Å1LFLRWD[IUUHSUH]HQWDUHÍQUHDOLWDWHEDURQLLFHUHDX QXPDLFDUHJHOHGDFYRLDVSHUFHDSÅDMXWRDUHH[WUDRUGLQDUHQHSUH Y]XWHvQFRQWUDFWXOIHXGDOFXWXPLHUVQRSRDWIDFHIUDSUREDUHD 0DUHOXL&RQVLOLXDGLFDEDURQLORUüLDPDULORUYDVDOL'DUQXVFULHDFROR FYLODQLLSHQWUXDILWD[D&LDUWUHEXLPDLvQWkLVILHUHSUH]HQWD&L6LQJX UXOFD]SUHY]XWvQDIDUGHEDURQLHVWHDFHODDORUDüXOXL/RQGUDFDUH GHFODUkQGXVHSHQWUXUVFRDORE&LQHDVWDWXWXOGHPDUHYDVDOFROHFWLY ÍQVIkUüLWVDVSXVF0DUHD&DUWFRQ&LQHDHOHPHQWHOHYLLWRDUHLOHJLFX SULYLUHOD+DEHDVFRUSXV 7H[WXOHVWHXUPWRUXO Å1LFLXQRPOLEHUQXYD ILvQFKLVVDXH[SXO]DWVDXQLPLFLWvQYUHXQIHOIUDILMXGHFDWvQPRG
+DEHDV&RUSXV$FWOHJHSHQWUXJDUDQWDUHDLQYLRODELOLW&LLSHUVRDQHLYRWDWGH
SDUODPHQWXOEULWDQLFOD
OHJDOGHHJDOLLVLSRWULYLWOHJLORU&ULL $FHVWWH[WGHRLPSRUWDQ&IRDUWHOLPLWDWvQVSLULWXOEDURQLORU DGXQD&LOD5XQQ\PHGHFDUHvQ&HOHJHDXQXPDLFXQVHQLRUQXSXWHDIL MXGHFDWGHFkWGHHJDOLLVLVDXXQRPOLEHUGHFWUHDO&LRDPHQLOLEHULHUD GHVWLQDWGHFWUHFHLFDUHOUHGDFWDVHUVLvQOWXUHSHMXGHFWRULL UHJHOXL GDUWH[WXODFHVWDWUHEXLDvQWUDGHYUVSURWHJXLDVFQD&LXQHD HQJOH]vQ]LXDvQFDUHYLODQLLYRUILGHYHQLWHLvQüLüLRDPHQLOLEHUL8Q FRPLWHWGHGRX]HFLüLFLQFLGHPHPEULWR&LEDURQLDIDUGHXQXOSUL PDUXO/RQGUHLHUDvQVUFLQDWVMXGHFHSOkQJHULOHvPSRWULYDFRURDQHL 5HJHOHWUHEXLDVRUGRQHVXSXüLORUVLVMXUHFYRUGDDVFXOWDUHDFHVWRU GRX]HFLüLFLQFLüLGDFHOvQVXüLUHIX]DVGHDXUPDUHDYL]XOXLDFHVWXL FRPLWHWEDURQLLHUDXvQGUHSWVLDDUPHOHvPSRWULYDOXL 9,6HYHGHFGDF0DUHD&DUWQXHVWHGRFXPHQWXOPRGHUQSH FDUHXQLLFUH]XVHURGLQLRDUDOGHVFRSHULvQWUvQVDHDPDUFKHD]WRWXüL VIkUüLWXOSHULRDGHLDQJORQRUPDQGHDPRQDUKLHLQHFRQWURODWH'DFILLLOXL +HQULFDO,,OHDDUILDYXWJHQLXOWDWOXLORUüLGDFEDURQLLQDUILFRQVWL WXLWIRU&DDUPDWFHDPDLSXWHUQLFDUHJDWXOXL$QJOLDDUILSXWXWILJX YHUQDWvQFHSkQGGLQVHFROXODO;,,,OHDGHXQPRQDUKDEVROXWüLQHUV SXQ]WRUID&GHQLPHQL0DUHD&DUWUHvQVXIOH&HüWHFRQFHS&LDIHXGDO GHVSUHRPRQDUKLHOLPLWDW&RQVWLWX&LDHQJOH]HVWHÅILLFDIHXGDOLVPXOXL üLD&RPPRQ/DZXOXL)HXGDOLWDWHDvLDGXFHLGHHDFXWXPHORUDGUHSWX ULORUFküWLJDWHFDUHWUHEXLHUHVSHFWDWH &RPPRP/DZUVSkQGLWGHMXGH FWRULLOXL+HQULFDO,,OHDXQHüWHQD&LXQHDvQUHVSHFWXOID&GHDQXPLWH UHJXOLSURWHFWRDUHFDUHVXQWGHDVXSUDUHJHOXLvQVXüL'DUvQDFHVWH LGHLSHQWUXQRLGHVWXOGHFODUHVXQWLQDFFHVLELOHPDVHORU0DUHD&DUWD IRVWXQGRFXPHQWDWkWGHSX&LQSRSXODUvQFkWQLFLQXDIRVWWUDGXVvQ HQJOH]vQDLQWHGHVHFROXODO;9,OHD 9,,5HJHOH,RDQDELDVHPQDVH&DUWDFQXVHPDLJkQGHDGHFkWFXP VVFDSHGHHD)XULDVDIXDWkWGHYLROHQWvQFkWVH]YkUFROHDSHMRVPXü FkQGEXF&LGHOHPQÅ0LDXGDWGRX]HFLüLFLQFLGHVXSUDUHJLVWULJD HO$SRLUHYHQLQGODGLSORPD&LDVDSHUILGüLVXSOVHDGUHVSDSHL,QR FHQ&LXDO,,,OHDFXFDUHVHvPSFDVHFHUkQGXLVOGH]OHJHGHMXUPkQ WXOGHDUHVSHFWDEOHVWHPDWD&DUW3DSDLQGLJQDWGHUHYROWDDUPDWSH FDUHRLQVSLUDVHDUKLHSLVFRSXODOHVGHHOH[FRPXQLFSHRUüHQLLGLQ /RQGUD$FHüWLDSRWULYLWVIDWXOXLOXL/DQJWRQSXVHUVVXQHFORSRWHOHüL VVHFHOHEUH]HOLWXUJKLDFDüLFXPQLPLFQXVDUILvQWkPSODW$XWRULWDWHD SDSDOLW&LLDVXSUD$QJOLHLDIODWODSUHDPDUHGLVWDQ&vQFHSHDVGHYLQ üXEUHG)LOLS$XJXVWFDUH&LQHDFXWRWDWkWDDUGRDUHFDüL:LOKHOP &XFHULWRUXOVGHDDPEL&LLORUVDOHRPDVFOHJDOSURILWGHvPSUHMXUUL SHQWUXDvQFHUFDVSURFODPHFDUHJHDO$QJOLHLSHILXOVX/XGRYLF FVWRULWFXRQHSRDWDOXL,RDQIU%DU,RDQVSXQHDHODIRVWFRQ GDPQDWODPRDUWHSHQWUXDVDVLQDUHDQHSRWXOXLVX$UWKXUGH%ULWDQLD$
SLHUGXWGHFLGUHSWXULOHVDOHDVXSUDFRURDQHLüLGHRDUHFHVHQWLQ&DDIRVW SURQXQ&DWvQDLQWHGHDVHILQVFXWILXOVXPRüWHQLWRUXOOHJLWLPDO WURQXOXL$QJOLHLHUD/XGRYLFDO)UDQ&HL/XGRYLFGHEDUFvQvQ.HQW üLVXV&LQXWGHQXPHURüLEDURQLHQJOH]LvODOXQJSHUHJH6RDUWDvüLOX VDUFLQDVSXQHDFDSWDFHVWHLGUDPH,RDQIU%DUPXULOD RFWRPEULHvQXUPDXQHLLQGLJHVWLLSULFLQXLWGHXQH[FHVGHSLHUVLFL üLGHFLGUXQRX 9,,, &2081,7%,/( 25$û(û,&25325$%,, ,3HQWUXDvQ&HOHJHFXPGXS0DUHD&DUWFRQWUROXOIHXGDOVD WUDQVIRUPDWFXvQFHWXOvQFRQWUROSDUODPHQWDUWUHEXLHVWXGLDWPDLvQWkL QDüWHUHDvQ$QJOLDHYXOXLPHGLXDXQRUQRLIRU&HFRPXQLW&LOH'UHSWXO IHXGDOSURWHJXLHüWHSHSURSULHWDUXOU]ERLQLFüLLQGLUHFWSHüHUELLDFHVWX LD'DURVRFLHWDWHFDUHQXPDLHUDWXOEXUDWGHLQYD]LLüLFDUHSX&LQFkWH SX&LQVHvPERJ&HDQXSXWHDUPkQHU]ERLQLFüLDJULFRO&LWDGLQLL QHJX&WRULLVWXGHQ&LLvQILQHWR&LDFHLFDUHQXLQWUDXvQFDGUHOHVRFLHW&LL IHXGDOHQXDYHDXSRVLELOLWDWHDGHDWULvQVLJXUDQ&GHFkWGDFVHJUX SDX2UüHQLLXQXLWkUJPHVHULDüLLXQHLFRUSRUD&LLVWXGHQ&LLXQHLXQLYHU VLW&LFOXJULLXQHLPQVWLULYRUIRUPDDüDGDUFRPXQLW&LFDUHYRUüWL VVHIDFUHVSHFWDWH6DY]XWPDLvQDLQWHFXPSHYUHPHD5XQQ\PHGH XOXLRUDüXO/RQGUDRE&LQXVHUDQJXOGHPDUHYDVDO ,,ÍQWLPSXOLQYD]LLORUVD[RQHFHDPDLPDUHSDUWHDPLFLORUFHW&L URPDQHVHUXLQDVHUGDUFkWHYDDXVXSUDYLH&XLW/RQGUD:LQFKHVWHU
FkQGvQFkQGRERDOFRQWDJLRDVUSXQHDRSDUWHGLQSRSXOD&LH2ULFH RUDüUPkQHDSHMXPWDWHUXUDO/RQGUDDYHDJUGLQLOHGH]DU]DYDWFKLDU vQLQWHULRUXO]LGXULORULDUSULPDUXOWUHEXLDVUHvQQRLDVFPHUHXRUGLQXO GHDQXVHOVDSRUFLLVFLUFXOHSHVWU]L&kQGvQVHFROXODO;,9OHDUH JHOHGL]ROYSDUODPHQWXOvLWULPLWHÅSHQRELOLODVSRUWXULOHORULDUFRPX QHOHODVHFHULüûLvQWUDGHYURUDüXOSDUWLFLSODVHFHULü DFWLYLWDWHD FXU&LORUGHMXVWL&LHüLDXQLYHUVLW&LORUHvQWUHUXSWGLQLXOLHSkQvQRF WRPEULHvQYHGHUHDPXQFLLFkPSXOXL GHDWXQFLGDWHD]ÅYDFDQ&DPDUH GLQILHFDUHDQ ,,,3HYUHPHDFXFHULULLRULFHRUDüGHSLQGHDGHXQVHQLRU,PSR]LWHOH OHSHUFHSHDVKHULIIXO&LWDGLQXO&LQHDGHFXUWHDGRPHQLXOXL3X&LQFkWH SX&LQRUüHQLLFDUHVHvPERJ&HDXFXPSUDXÅOLEHUW&L DGLFSULYLOHJLL ÍQWURSRYHVWLUHGLQVHFROXODO;,,OHDVHYGGRLQHQRURFL&LFRQGDPQD&LGH &XUWHDPDQRULDOVüLGLVSXWHRSURSULHWDWHSULQOXSWÍQFHSVVHEDW GLPLQHD&DVRDUHOHDDMXQVODDPLD]XQXOGLQHLVOHLWVHODVvPSLQV VSUHXQüDQ&üLLJDWDVFDGvQXQWUXFkQGDGYHUVDUXOVXDFUXL PLOHPDLSUHVXVGHFkWLQWHUHVXOvLVWULJVILHDWHQW$WXQFLORFXLWRULL RUDüXOXLSOLQLGHFRPSWLPLUHUVFXPSUDUGHODVHQLRUvQVFKLPEXO XQHLUHGHYHQ&HGUHSWXOGHDDUELWUDHLvQüLüLGHDFLvQDLQWHDVHPHQHD FRQIOLFWH ,9&kQGvQVHFROXODO;,,,OHDRUüHQLLGHSHFRQWLQHQWQVFRFHVF ÅFRPXQDXQIHOGHFRQMXUD&LHDORFXLWRULORUXQXLRUDüFDUHIDFMXUPkQW VVHDSHUHXQLLSHDO&LLFXYkQWXOüLLGHHDWUHFUHSHGHGLQFRORGH&DQDOXO 0kQHFLL(OHVSHULHSHVHQLRULÅ&RPXQFXYkQWQRXüLGH]JXVWWRU2 QVFRFLUHFDVXSXüLLVQXPDLSOWHDVFGHFkWUHGHYHQ&HIL[HüLDPHQ]L VWDWRUQLFLWH&kQGRUDüXOSULPHüWHUDQJXOGHPDUHYDVDOvüLJVHüWHüLHO ORFXOvQHGLILFLXOIHXGDOÍüLDUHFXUWHDOXLSHFDUHRSUH]LGHD]SULPDUXO VSkQ]XUWRDUHDOXL SHUFHSHLPSR]LWHOHVDOHSURSULL FXUkQGYDILFRQYRFDW vQSDUODPHQW2UDüHOH vQ)UDQ&DFDüLvQ$QJOLD YRUDYHDEOD]RDQHR GHYL]XQVLJLOLXSHQWUXFVXQWVHQLRULÍQHYXOPHGLXLQGLYLGXOQXMRDF XQUROvQJXYHUQDUHD&ULLGHFkWGDFHVWHQRELOGDUFRPXQLW&LOHVXQW DGHYUDWHIRU&HüLFDDWDUHUHFXQRVFXWHGHOHJH+RXVHRI&RPPRQVQXYD IL&DPHUD&RPXQHORUFL&DPHUD&RPXQLW&LORU FRPLWDWHRUDüHXQLYHU VLW&L$QJOLDQXYDWUHFHGHODOHJWXUDSHUVRQDOüLIHXGDOODROHJWXU SDWULRWLFüLQD&LRQDOFLODROHJWXUvQWUHUHJHüLVWULOHVDX FRPXQLW&LOHUHJDWXOXL 91LPLFQXVHDPQPDLPXOWFXXQRUDüGLQVHFROXODO;,,OHDVDX DO;,,,OHDGHFkWED]DUHOHGLQ)H]VDX0DUUDNHFK7R&LRDPHQLLGHDFHHDüL PHVHULHVXQWJUXSD&LvQDFHODüLFDUWLHU([LVWVWUDGD0FHODULORUD$U
PXULHULORUD&URLWRULORU6FRSXOJKLOGHLVDXDOFRUSRUD&LHLHVWHSHGHR SDUWHGHDSURWHMDSHPHPEULLVLvPSRWULYDRULFUHLFRQFXUHQ&HGLQDID USHGHDOWSDUWHGHDOHLPSXQHUHJXOLFDUHVGXFODRFURWLUHDFRQVX PDWRUXOXL,GHLOHHYXOXLPHGLXFXSULYLUHODFRPHU&HUDXFRQWUDUHDFHORUD DOHHFRQRPLüWLORUQRüWULOLEHUDOL(YXOPHGLXQXDGPLWHDLGHHDFRQFXUHQ &HL QLFLDFHHDDSLH&HLOLEHUH$FXPSUDFXLQWHQ&LDGHDUHYLQGHHUDXQ GHOLFW DFXPSUDFXULGLFDWDSHQWUXDYLQGHFXDPQXQWXOHUDXQDOW GHOLFW'DFXQPHPEUXDOJKLOGHLFXPSUDFHYDRULFHDOWPHPEUXSX WHDGDFYRLDVSDUWLFLSHODFXPSUWXUODDFHODüLSUH&1LFLXQVWULQ QXDYHDGUHSWXOVVHVWDELOHDVFvQWUXQRUDüVSUHDH[HUFLWDDFRORRPH VHULH$ILPHPEUXOXQHLJKLOGHHUDXQSULYLOHJLXHUHGLWDU/DvQFHSXW PHüWHüXJDULLVUDFLSXWXUVOXMLQGFDXFHQLFLWLPSGHüDVHVDXüDSWH DQLVGHYLQPDLüWUL GXSDFHHDFRUSRUD&LLOHGHYHQLUDVRFLD&LLvQFKLVH (YXOPHGLXQXFXQRüWHDÅOHJHDFHUHULLüLDRIHUWHL([LVWDSUHUHDFSHQ WUXILHFDUHPDUIHUDXQÅSUH&MXVWFDUHWUHEXLDVvQJGXLHQHJX&WRUX OXLVWULDVFELQHIUDLOVDXQEHQHILFLXH[FHVLY 9,)LUHüWHFQHJXVWRULLQXHUDXQLüWHVILQ&LüLFvQFHUFDXSULQPLL GHIUDXGHVVFDSHGHVXEFRQWUROXOFRUSRUD&LHLVDXDOPXQLFLSDOLW&LL %UXWDULLSOPGHDXSkLQHFDUHQDYHDJUHXWDWHDUHJOHPHQWDUVDXFkQG FOLHQ&LLDGXFHDXHLvQüLüLDOXDWXOSHQWUXDOFRDFHXQELH&HOSHFDUHO &LQHDXDVFXQVVXEWHMJKHDUXSHDFkWHXQSXPQGLQDOXDWvQDLQWHGHDIL EJDWvQFXSWRU(UDXSHGHSVL&LILLQGSXüLODVWkOSXOLQIDPLHLFXSkLQHD IUDXGXORDVOHJDWGHJkW8QXLQHJXVWRUFDUHYLQGHDYLQSURVWLVHYUVD UHVWXOOLFKLGXOXLvQFDS6XEQDVXODFHOXLDFDUHYLQGHDFDUQHDOWHUDWVH DUGHDvQWUHDJDOXLPDUIFDVVLPWFHUXPLURVHD'DULQWHUHVXOVWLPX OHD]GHPLQXQHDWkWLQJHQLR]LWDWHDFHORUQHFLQVWL&LFkWüLDFWLYLWDWHDFHORU FHPXQFHVF&XWRDWDVSULPHDOHJLLQHJXVWRULLVHvPERJ&HDX3ULQ SURVSHULWDWHDRUDüXOXL/RQGUDvOLQGLJQDSHUHJHOH+HQULFDO,,,OHD FDUHQHSXWkQGVWUkQJHGHVWXLEDQLGLQLPSR]LWHüLWUHEXLQGVüLYkQG YHVHODGHDUJLQWüLELMXWHULLOHDIOFOHFXPSUDVHUQHJXVWRULLFDSLWDOHL ÅûWLXFGDFWH]DXUHOH5RPHLLPSHULDOHDUILGHYkQ]DUHRUDüXODFHVWD OHDUFXPSUDSHWRDWH3DLD&HOHDVWHDGLQ/RQGUDFDUHVDXERWH]DWHL vQüLüLEDURQLVXQWSXWUH]LGHERJD&L&HWDWHDDVWDHXQVDFIUIXQGÍQ WRWWLPSXOHYXOXLPHGLXSXWHUHDSROLWLFD/RQGUHLIXPDUH&HW&HQLLHL vQDUPD&LFHWHOHGHXFHQLFLJDWDWRWGHDXQDVSDUWLFLSHODRUVFRDO DGXFHDXDUPDWHORUXQVSULMLQFkQGvPSRWULYDVXYHUDQXOXLFkQGvQ VXV&LQHUHDOXL 9,,0HWRGHOHFRPHUFLDOHGLQHYXOPHGLXIXUDVSUXMXGHFDWHGHF WUHHFRQRPLüWLLVHFROXOXLDO;9,,,OHDüLHVLJXUFDüDFXPVHvQWkPSOvQ RULFHDFWLYLWDWHRPHQHDVFFRUSRUD&LLOHDXIRVWüLHOHSULFLQDXQRUDEX ]XUL'DUVLVWHPXODDYXWüLPDULDYDQWDMHÍQOWXUDUHDLQWHUPHGLDULORUüL LPSRVLELOLWDWHDGHDIDFHVSHFXOIFXUYLD&DOD&DUGHRVHELWGHVWDELO
SkQSHODPLMORFXOVHFROXOXLDO;,9OHD(YXOPHGLXQDFXQRVFXWXUFD UHDüLVFGHUHDDUWLILFLDODSUH&XULORUGHFDUHVXIHULPQRLDVW]L'DF VWXGLHPFRVWXOYHFKLORUFRQVWUXF&LLUPkQHPXOXL&LGHLHIWLQWDWHDORU 7KRUROG5RJHUVDFDOFXODWFWXUQXOGHOD0HUWRQ&ROOHJHGLQ2[IRUGD FRVWDWRVXWSDWUX]HFLüLGRXGHOLYUH FDPRPLHFLQFLVXWHGHOLUHvQ PRQHGDHQJOH]PRGHUQ $VW]LDUFRVWDPXOWPDLVFXPSGHüL]LGDULL QXHUDXSURVWSOWL&LDWXQFL'HXQGHYLQHGLIHUHQ&D"'HODQXPUXO UHGXVGHLQWHUPHGLDUL 'DFRSHUVRDQERJDWVHKRWUDVFRQVWUXLDVFXQFDVWHOVDXR ELVHULFvQFKLULDRFDULHUGHSLDWUFRQIHF&LRQDVFKHOULDGLQFRSDFLL SURSULXOXLVXSDUFFXPSUDWUROLXULGHYHQHDSURSULXOVXDQWUHSUHQRU 'DFXQRUüDQYRLDRFXSGHDUJLQWFXPSUDPHWDOXOVHvQ&HOHJHDFX XQDUJLQWDUDVXSUDPRGHOXOXLSHFDUHVOFL]HOH]HüLFkQWULQGFXSD GXSFHHUDJDWDFHUHDvQDSRLPHWDOXOFDUHSULVRVLVH*KLOGDSURWHMDvQ DFHODüLWLPSSHFXPSUWRUüLSHYkQ]WRUvPSRWULYDH[FHVHORUFRQFX UHQ&HL(UDXQRUJDQLVPUHJXODWRU 9,,,6WULQLLQXDYHDXGUHSWXOVIDFQHJR&FXDPQXQWXOSHFRQW SURSULX WUHEXLDXVWUDWH]HFXQHJXVWRULLHQJOH]L/D/RQGUDOLJD RUDüHORUIODPDQGHüLPDLDOHV/LJDKDQVHDWLF +DPEXUJ%UHPHQ /EHFN vüLDYHDXPDJD]LQHOHORU&OGLUHD/LJLLKDQVHDWLFH6WHHO\DUG XO HUDIRUWLILFDW FRPHUFLDQ&LLJHUPDQLFHOLEDWDULWULDXDFRORODRODOW VXSXüLDFHORUDüLUHJXOLvQWRFPDLFDWHPSOLHULLVDXFDYDOHULL6IkQWXOXL ,RDQ(LFXPSUDXGHODHQJOH]LPHWDOHOkQ DGXFHDXPWVXUL ELMXWHULLPLURGHQLLSHFDUHOHSULPHDXGLQ2ULHQWSULQ%DJGDG7UHEL ]RQGD.LHYüL1RYJRURGûLQHJXVWRULLIUDQFH]LGLQ$PLHQVüLGLQ&RUELH vQWUH&LQHDXRUJDQL]D&LLFROHFWLYHOD/RQGUD6WULQLLIUDQFH]LJHUPDQL JHQRYH]LYHQH&LHQLHUDXDXWRUL]D&LWRWXüLVSDUWLFLSHODPDULOHWkUJXUL 2UJDQL]DUHDXQXLWkUJHUDXQSULYLOHJLXDFRUGDWGHUHJHRUDüHORUVDX DED&LLORU6FRSXOWkUJXULORUHUDvQGRLWÍQJGXLDXSURGXFWRULORUHQJOH]L VJVHDVFFXPSUWRULPDLQXPHURüLGHFkWSHSLH&HOHRUDüHORUüL GGHDXSRVLELOLWDWHORFXLWRULORUGLQFRPLWDWHVüLSURFXUHPUIXULSHFDUH QXOHJVHDXvQRUüHOHOHORU&HDPDLPDUHSDUWHDVDWHORUQDXDYXW SUYOLLSkQvQVHFROXODO;9,,,OHD/DWkUJXULDGPLQLVWUDWRUXOvüLFXP SUDSHüWHVUDWüLYLQGHDOkQDGRPHQLXOXL JVHDDFRORüLFDWUDQXOGH
([SOLFD&LHLQFRPSOHWüLLQH[DFW(DGHYUDWFQXDYHPRWHRULHDVXSUDYDORULL
PUIXULORUDSUH&XOXLORUüLDIRU&HLGHPXQFvQIHXGDOLVPODIHOGHULJXURDVüLGHH[ KDXVWLYFDDFHHDGH]YROWDWGH0DU[SHQWUXFDSLWDOLVP'DUHFHUWFQXQXPUXO UHGXVVDXDEVHQ&DLQWHUPHGLDULORUGHWHUPLQDIHQRPHQXOVHPQDODWGHDXWRUFLvQSULPXO UkQGYDORDUHDVF]XWDIRU&HLGHPXQFHIHFWDOFRQGL&LLORUHFRQRPLFRVRFLDOHGLQ IHXGDOLVP DFHDVWDGHWHUPLQDODUkQGXOHLRYDORDUHUHGXVDPXOWRUPUIXULGHSLOG DDUWLFROHORUGHFRQVXPFHHDFHVHUHIOHFWDDVXSUDQLYHOXOXLVDODULLORUüLHOIRDUWHVF]XW vQUDSRUWFXQR&LXQLOHQRDVWUHDFWXDOH &XUWHDGHR&HO VHSDUHFQXPHOHSURYLQHGLQIDSWXOFSkQ]HWXULOHLPSRUWDWHGLQ *HUPDQLDHUDXPDUFDWHFXRSHFHWHGHR&HO
FDUHDYHDQHYRLHVvQVHPQHRLOH 3HQWUXPDUHOHWkUJGLQ6WRXUEULGJHVHvQO&DXQDGHYUDWRUDüGH OHPQ9HQHDOXPHSkQüLGLQ/RQGUD=DUDILLORPEDU]LDüWHSWDXDFRORFX FkQWDUHOHORU QHJXVWRULLYHQH&LHQLvüLHWDODXPWVXULOHüLFDWLIHOHOH DUWLFROHOHGHVWLFOüLELMXWHULLOH)ODPDQ]LLGLQ%UXJHVDGXFHDXSkQ]HWXUL üLGDQWHOH*UHFLLüLFUHWDQLLH[SXQHDXVWDILGHPLJGDOHüLFkWHYDUDUHQXFL GHFRFRVIRDUWHFXWDWHDOHFURUFRMLVHPRQWDXvQDUJLQWFL]HODW 1HJXVWRUXOGLQ+DPEXUJVDX/EHFNSOWHDvQPLURGHQLLLPSRUWDWHGLQ 2ULHQWEDORWXULOHGHOkQSURGXVHSHGRPHQLLOHHQJOH]H1RELOLLvüL FXPSUDXFDLPDQWLLvPEOQLWH&LUFXODXSHDFRORVOXMEDüLLYLVWLHULHLFD VSHUFHDSGUHSWXULOHGHLPSRUW3HQWUXDOHXüXUDVDUFLQDUHJHOH GHVHPQFXUkQGXQRUDüXQLFSULQFDUHWUHEXLDXVWUHDFWRDWH H[SRUWXULOHUHJDWXOXL2UDüXODFHVWDGHQXPLWWKHVWDSOHvQIUDQFH] HVWDSOH GHXQGHpWDSH üLQXPHOHGH(WDSOHVGDWRUDüXOXL IXPDLvQWkL %UXJHVDSRL&DODLV$VWIHOFRPHU&XOPDUHüLFKLDULQGXVWULDvQFHSVVH GH]YROWHvQ$QJOLDvQHYXOPHGLXGDUUROXOORUvQDFHDVW&DUvQFIHXGDO üLDJULFROUPkQHGHVWXOGHPRGHVW ,; &2081,7%,/( 81,9(56,7%,/( ,'LQVHFROXODO;,OHDSkQvQDO;,,,OHDFUHüWLQWDWHDGLQ(XURSD IRUPHD]XQIHOGHLPSHULXVSLULWXDO3UHR&LLGLQWRDWH&ULOHYRUEHVF ODWLQHüWH ELVHULFDSURSRYGXLHüWHRFUHGLQ&XQLF FUXFLDGHOHVXQW SRUQLWHGLQLQL&LDWLYDFROHFWLYDUHJLORUFUHüWLQL RUGLQHOHU]ERLQLFH DO WHPSOLHULORUüLDOFDYDOHULORU6IkQWXOXL,RDQ VXQWDUPDWHLQWHUQD&LRQDOH &XWRDWHFPLMORDFHOHGHFRPXQLFD&LHVXQWPDLSX&LQUDSLGHGHFkWvQ YUHPHDQRDVWUFRQWDFWHOHLQWHOHFWXDOHSDUVILIRVWvQHYXOPHGLXPDL QXPHURDVHüLPDLVWUkQVHGHFkWDVW]L8QSURIHVRULOXVWUXILHHOLWDOLDQ IUDQFH]VDXHQJOH]DWUDJHVWXGHQ&LGLQWRDWH&ULOHüLHVWHvQ&HOHVGHHL SHQWUXFSUHGvQOLPEDODWLQ8QHUXGLWFD,RDQGH6DOLVEXU\ DSUR[LPDWLY LDSULPHOHOHF&LLGHORJLFFX$EpODUGOD3DULVVH GXFHOD&KDUWUHVVXUPH]HFXUVXULOHOXL*XLOODXPHGH&RQFKHVVWUEDWH GH]HFHRUL$OSLLSHQWUXDüLvQVXüLDGHYUXULOHSURIHVDWHOD5RPDüL WHUPLQSULQDGHYHQLSURIHVRUvQ$QJOLD,QVWLWX&LLOHFDUHRE&LQVXFFHVH vQWUR&DU XQLYHUVLW&LFRPXQH VXQWvQGDWLPLWDWHvQWRDW(XURSD ,,ÍQOXPHDDQWLFQXH[LVWDXXQLYHUVLW&L*UHFLLIRQGDVHUüFROLGH ILOR]RILHFD3RUWLFXOVDX$FDGHPLDGDUQLFLRGDWQXVDXJkQGLWV DGXQHDüDFXPDYHDVIDF2[IRUGXOWUHLPLLGHVWXGHQ&LvQWUXQRUDü ûLDVWDSHGHRSDUWHGLQFDX]DPLFLPLLRUDüHORUORUGDUPDLFXVHDP (WDS vQOLPEDIUDQFH]
GLQOLSVDXQHLELVHULFLRUJDQL]DWHFDUHDUILSXWXWRIHULPLMORDFHGH H[LVWHQ&XQRUWLQHULLQVWUXL&LvQGLVFLSOLQHOHVDOH &XYkQWXOXQLYHUVLWDV LQGLFODRULJLQHRULFHIHOGHFRUSRUD&LH3ULQDQDORJLHFXJKLOGHOHFRPHU FLDOHVHYRUEHüWHvQVHFROXODO;,,,OHDGHFRPXQLWDWHDVDXXQLYHUVLWDWHD SURIHVRULORUüLDVWXGHQ&LORU $FHDVWXQLYHUVLWDWHHVWHOLWHUDOPHQWHRFRUSRUD&LHFDUHüLDSU SURIHVRULLüLVWXGHQ&LLSHGHRSDUWHvPSRWULYDDXWRULW&LORUHFOH]LDVWLFH SHGHDOWDvPSRWULYDRUüHQLORU1XPHOHRILFLDODOüFROLORUGHvQY&PkQW VXSHULRUFDUHVDXIRUPDWvQFHSkQGGLQDQXOOD6DOHUQRDSRLOD 3DYLDOD%RORJQDüLOD3DULVHVWHVWXGLXPVDXVWXGLXPJHQHUDOH6HSUHG DFRORGUHSWXOFLYLOGUHSWXOFDQRQLFODWLQDILOR]RILDOXL$ULVWRWHOPHGLFLQD üLPDWHPDWLFLOH/D3DULVGXSPDUHOHVXFFHVDOOXL$EpODUGWULXPI GLDOHFWLFD6WXGHQWXOvQYD&FDPDüDFDRGLQLRDUODVRILüWLDUWDGHD JVLDUJXPHQWHSHQWUXVDXFRQWUDXQHLWHRULLGHSLOGVvPSDFHILOR]RILD OXL$ULVWRWHOFXGRFWULQDFUHüWLQ ,,,0HPRULLOHOXL,RDQGH6DOLVEXU\QHvQJGXLHVvQWUH]ULPF vQFHSkQGGLQVHFROXODO;,,OHDPLQ&LOHOXPLQDWHvQ&HOHJHDXFGLDOHFWLFD XWLOSHQWUXDWUH]LJkQGLUHDSHQWUXDRDVFX&LüLFKLDUSHQWUXDvPERJ&L YRFDEXODUXODEVWUDFWQXDMXQJHWRWXüLODQLFLXQDGHYUSR]LWLY&kQG GXSvQGHOXQJDWHOHVDOHFOWRULLEWUkQXOVWXGHQWHQJOH]VHvQWRDUFHOD 3DULVVSXQH Å0LDIRVWSOFXWVIDFRYL]LWSHPXQWHOH6DLQWH *HQHYLqYHYHFKLORUPHLFROHJLSHFDUHHXvLSUVLVHPGDUSHFDUH GLDOHFWLFDvLPDLUH&LQHDvQFüLVYRUEHVFGLQQRXFXHLGHVSUH VXELHFWHOHSHFDUHOHGH]EWHDPDOWGDW,DPJVLWWRWDFRORXQGHLDP OVDW1XSUHDXDüLILDWLQVVFRSXOGHVFXUFkQGYHFKLOHSUREOHPHQLFL PFDUVüLILvPERJ&LWFXQRüWLQ&HOHFXXPEUDXQHLLGHL1XIFXVHU SURJUHVHGHFkWvQWURVLQJXUGLUHF&LH XLWDVHUFHHVWHPRGHUD&LDüLQX PDLüWLDXFHHVWHPRGHVWLDDVWIHOvQFkWRULFHVSHUDQ&GHYLQGHFDUHHUD SLHUGXW([SHULHQ&DPvQY&DVHDüDGDUXQDGHYUFHUW DQXPHGDF GLDOHFWLFDSRDWHILGHDMXWRUDOWRUVWXGLLGLPSRWULYDWXQFLFkQGSUHWLQGH VILHVXILFLHQWVLHüLUPkQHVWHULOüLPRDUW7UHEXLHVQHIHULP WRWXüLVMXGHFPFXSUHDPDUHDVSULPHORJLFDVFRODVWLF HDDvQY&DW PLQWHDRPHQHDVFVMXGHFHFXH[DFWLWDWH*DOLOHLvLGDWRUHD]OXL $ULVWRWHOPDLPXOWGHFkWSDUHODSULPDYHGHUH,GHHDFRSHUDOXL 'XPQH]HXHVWHUD&LRQDOüLFSRDWHILvQI&LüDWVXEIRUPDXQRUOHJL XQLYHUVDOHDIFXWSRVLELOHFHUFHWDUHDüWLLQ&LILF
$UJXPHQWXOQXHYLDELO&KLDUvQÅOLSVDXQHLELVHULFLRUJDQL]DWHPDULOHFHQWUHSROLWLFH
üLFXOWXUDOHDOHOXPLLDQWLFHDXGLVSXVGHIRQGXULüLGHDOWHSRVLELOLW&LFDUHOHDUIL SHUPLVRUJDQL]DUHDXQRUFRPXQLW&LXQLYHUVLWDUHFXPXOWPDLPXOWODUJKH&HGHFkWHUD FDSDELOELVHULFDPHGLHYDOvQHSRFDIRQGULLXQLYHUVLW&LORU)RUPDGHFRPXQLWDWH XQLYHUVLWDUDGHFXUVGLQFRQGL&LLOHVRFLDOSROLWLFHDOHVRFLHW&LLIHXGDOHvQFDGUXOFUHLD DVRFLHUHDLQGLYL]LORUvQVFRSXULHFRQRPLFH EUHVOHJKLOGHKDQVH SROLWLFH FRPXQD RUüHQHDVF VDXGHDOWQDWXUHUDRPRGDOLWDWHGHRE&LQHUHDXQXLSULYLOHJLXVDX GUHSWFROHFWLYvQJGXLQGGHVIüXUDUHDXQHLDFWLYLW&LVDXH[HUFLWDUHDXQHLSUHURJDWLYH
,9ÍQ$QJOLDJXVWXOSHQWUXVWXGLLOHFODVLFHQXVDVWLQVQLFLRGDWvQ vQWUHJLPHÍQWLPSXOLQYD]LLORUVD[RQHPQVWLULOHLUODQGH]HDXSVWUDW WRU&DDSULQV DSRLDYHQLWIUXPRDVDHSRFDFXOWXULLQRUWKXPEULHQHüL FkQGGDQH]LLDXGLVWUXVüFRDODOXL%HGDüL$OFXLQ$OIUHGDVDOYDWFkWVD SXWXWGLQFXOWXUDODWLQüLJUHDF1RUPDQ]LLDYHDXüFROLHOHPHQWDUHvQ FDUHFRSLLLvQY&DXVFkQWHLPQXULODWLQHüLFkWHRGDWVFLWHDVF üFROL PQVWLUHüWLSHQWUXFHLFDUHYRLDXVLQWUHvQFOHUXOVHFXODUSUHFXPüL JUDPPDUVFKRROVFRQGXVHGHFHOHPDLPXOWHRULüLHOHGHFOXJULXQGH VHvQY&DIRORVLQGGLQSOLQEWDLDJUDPDWLFDODWLQ&XWRDWHDFHVWHD LJQRUDQ&DHUDvQVHFROXODO;,,,OHDELQHvQUGFLQDWFKLDUüLvQVkQXO FOHUXOXLÍQDUKLHSLVFRSXO/DQJWRQvQVUFLQSHHSLVFRSLVH[D PLQH]HSHSUHR&LLGLQGLRFH]DORUSHQWUXDVHDVLJXUDGDFvQ&HOHJFU&LOH VILQWH5DSRUWXOOXL:LOOLDPGHFDQXO GH6DOLVEXU\HVWHODPHQWDELO8Q RDUHFDUHSUHRWvQWUHEDWILLQGGHVSUHFDQRQXOOLWXUJKLHLüLGHVSUH UXJFLXQHD 7HLJLWXUFOHPHQWLVVLPHSDWHUQXüWLDvQFHFD]HVWHWHQLFL FUXLVXEVWDQWLYvL&LQHORFXOSURQXPHOHDFHVWDÅûLFkQGvLFHUXUPV GHWHUPLQHVXEVWDQWLYXOFUXLDvL&LQHDORFUVSXQVH ©3DWHUFFLHO GHWHUPLQWRDWHOXFUXULOHª ÍOvQWUHEDUPFHHVWHFOHPHQWLVVLPHODFHFD]HVWHüLFXPVHGHFOLQ DFHVWDGMHFWLY QXüWLDÍOvQWUHEDUPFHvQVHDPQFOHPHQV QXüWLD( FRPSOHWDPHQWHLQFXOW3RHWXO/DQJODQG DSUR[LPDWLY SXQHvQ JXUDXQXLSUHRW $PIRVWSUHRWüLSVWRUWUHL]HFLGHLHUQL 'DUQXSRWVROIHJLDQLFLFkQWDQLFLFLWLYLH&LOHVILQ&LORU 3RWIDFHV&küQHDVFXQLHSXUHSHXQFkPSSHXQRJRU 0DLELQHGHFkWVDQDOL]H]YUHXQSVDOPVDXVOH[SOLFSDURKLHL &kQG/XGRYLFGH%HDXPRQWDGHYHQLWvQHSLVFRSGH'XUKDP QXvQ&HOHJHDODWLQD/DFHUHPRQLDFRQVDFUULLQXüLDSXWXWFLWL SURIHVLXQHDGHFUHGLQ&$MXQJkQGODFXYkQWXO DUKLHSLVFRSXVüLILLQG LQFDSDELOGXSPDLPXOWHvQFHUFULVOSURQXQ&HWHUPLQSULQD H[FODPDvQIUDQFH] Å6OVRFRWLPFLWLW8QLYHUVLW&LOHYRUvQFHUFDVIRU PH]HFOHULFLPDLLQVWUXL&L3ULPDDIRVWvQ$QJOLD8QLYHUVLWDWHDGLQ 2[IRUG 92[IRUGHUDGHPXOWYUHPHXQXOGLQWUHFHOHPDLLPSRUWDQWHRUDüH DOHUHJDWXOXLÍQFvQDLQWHGHIRQGDUHDXQLYHUVLW&LLVHDIODXDFROR SURIHVRULHPLQHQ&LFDUHIFHDXH[SXQHULvQELVHULFL&kQG*HUDOGGH :DOHVSULHWHQXOOXL+HQULFDO,,OHDDWHUPLQDW,VWRULDFXFHULULL,UODQGHL
'HFDQIXQF&LHHFOH]LDVWLFPDLPDUHOHSHVWHFROHJLXOFDQRQLFLORU FDSLWOXO GHSH
OkQJRELVHULFHSLVFRSDO FDWHGUDO
ÅVHKRWUvVVHGXFVRFLWHDVFvQSXEOLFOD2[IRUGXQGHVHSXWHDX JVLFHLPDLIDLPRüLFUWXUDULHQJOH]L/HFWXUDGXUWUHL]LOH SULPD]L SULPLODHOüLKUQLSHVUDFLLRUDüXOXLDGRXD]LSULPLSHGRFWRULüL FUWXUDULDWUHLDSHRUüHQLüLVROGD&L$IRVWXQJHVWQRELOüLFRVWLVLWRU GDUDXIRVWUHvQYLDWHvQWURDQXPLWPVXUYUHPXULOHGHDOWGDWDOH SRH]LHL2[IRUGGHYHQLRDGHYUDWXQLYHUVLWDWHFkQG+HQULFDO,,OHDSH WLPSXOFHUWHLVDOHFX%HFNHWvLUHFKHPGHOD3DULVSHFOHULFLLHQJOH]L&kW GHVSUH&DPEULGJHQXPHURüLVWXGHQ&LüLSURIHVRULGLQ2[IRUGSOHFDU DFRORvQ SHQWUXDSURWHVWDDVWIHOvPSRWULYDXQXLDFWGHQHGUHSWDWH DOSULPDUXOXLGLQ2[IRUGFDUHSRUXQFLVHVILHVSkQ]XUD&LSHQWUX DVDVLQDUHDXQHLIHPHLWUHLVWXGHQ&LQHYLQRYD&LÍQ6FR&LDSULPD XQLYHUVLWDWHDIRVWDFHHDGHOD6DLQW$QGUHZVIRQGDWODvQFHSXWXO VHFROXOXLDO;9OHD 9,ÍQHYXOPHGLXVWXGHQ&LLGLQ2[IRUGüL&DPEULGJHQXHUDXWLQHUL GHRULJLQHQRELOYHQL&LVvQYH&HFXPVGXFRYLD&GHJHQWOHPHQLüLV FXQRDVFHOLWDJHQHUD&LHLORUFLQLüWHELH&LvQY&FHLFDUHVHSUHJWHDXILH SHQWUXFDULHUDHFOH]LDVWLFILHSHQWUXRFDULHUDGPLQLVWUDWLY8QLLHUDX DWkWGHVUDFLvQFkWQXDYHDXGHFkWRVLQJXUUREGHVWXGHQWODWUHLLQüL üLQXVHKUQHDXGHFkWFXSkLQHüLFLRUE/DDGSRVWXOÅSULYLOHJLXOXL FOHUXOXLDFHüWLüFRODULGXFHDXRYLD&FXWRWXOOLSVLWGHVILQ&HQLH6H vQFLQJHDXvQWUHHLFHUWXULVkQJHURDVHDYHDXPRUDYXULOLEHUH&ROHJLLOH IXUvQILLQ&DWHSHQWUXSURWHJXLUHDDFHVWRUWLQHULRELüQXLQGXLFXR GLVFLSOLQPDLULJXURDVvQWUXFkWSkQDWXQFLWULVHUSULQFDVHOH ORFXLWRULORU1XHUDXSUHDVWUOXFL&LODVWXGLX5RJHU%DFRQVHSOkQJHF VWXGHQ&LLFLWHVFPDLPXOWÅQHUR]LLOHOXL2YLGLXGHFkWRSHUHOHOXL6HQHFD &XUkQGSkQüL2YLGLXvQFHWVPDLSODFWLQHUHWXOXLüLvQY&PkQWXO ODWLQHLFODVLFHGLVSUX&DüLOD3DULVGLVFLSOLQDODPRGGXSvQYLHUHD OXL$ULVWRWHOGHFWUH(GPXQG5LFK HVWHGLDOHFWLFDVDXORJLFD 9,,6SLULWXOHYXOXLPHGLXHUDPHWDIL]LFüLQXSR]LWLYLVW7RWXüL FUXFLDGHOHSULQFRQWDFWXOFXüWLLQ&DDUDEFDüLOHFWXUDDQWLFLORUWUH]LU vQFkWHYDFDSHWHSX&LQHODQXPUVLP&XOPHWRGHLüWLLQ&LILFH 'LQWUHSULPLLRDPHQLGHüWLLQ&HXURSHQLFHOPDLLOXVWUXDIRVW5RJHU %DFRQÅSULQ&XOJkQGLULLGLQHYXOPHGLXFXPvLVSXQH5HQDQ(OSOHFGH OD2[IRUGOD3DULVFDVSUHGHDJHRPHWULDDULWPHWLFDüLDUWDGHDREVHUYD FXDMXWRUXOLQVWUXPHQWHORU(ODDYXWGHVLJXULQWXL&LDPHWRGHLFULWLFH ÅÍQFHHDFHSULYHüWHUD&LRQDPHQWXOVFULHHOQXVHSRDWHGLVWLQJH VRILVPXOGHGHPRQVWUD&LHGHFkWYHULILFkQGFRQFOX]LDSULQH[SHULHQ&üL SULQSUDFWLF&RQFOX]LLOHFHOHPDLVLJXUHDOHUD&LRQDPHQWXOXLODVGH GRULWGDFQXVXQWYHULILFDWH([LVWPLLGHHURULvQUGFLQDWHFDUH
(GPXQG5LFK DUKLHSLVFRSGH&DQWHUEXU\ GLQ DGYHUVDUDO
UHJHOXL+HQULF,,, FDQRQL]DWvQ
SURYLQGLQGHPRQVWUD&LDSXUGHQXGDGHPRQVWUDWLRQHûLFRQGDPQkQG RDPHQLLWLPSXOXLVXFDUHVHFRQVDFUVFRODVWLFLL%DFRQVXV&LQHFFHOH PDLLPSRUWDQWHVHFUHWHDOHvQ&HOHSFLXQLLUPkQDVFXQVHPXO&LPLL RDPHQLORUGHüWLLQ&GLQOLSVDXQHLPHWRGHFRUHVSXQ]WRDUH'DUFLQHVH VLQFKLVHDDWXQFLGHREVHUYD&LDüWLLQ&LILF"0HGLFLQDvQVüLHUDWHRUHWLFüL SURSDJDGRFWULQDÅXPRULORU5RJHU%DFRQvQYLQVGHVUFLHWUHEXLV XUPH]HVIDWXULOHSULHWHQXOXLVXHSLVFRSXO*URVVHWHVWHüLVVHIDF IUDQFLVFDQSHQWUXDüLSXWHDDVLJXUDH[LVWHQ&D5HJXODPHQWXORUGLQXOXL QHvQJGXLQGXLVDLEFHUQHDOSHQHFU&LLQWHUYHQLVVHFHDUSDSHL RGLVSHQVVSHFLDO&OHPHQWDO,9OHDLRGGX5RJHU%DFRQWUHEXLV FKHOWXLDVFRHQHUJLHQHPDLSRPHQLWSHQWUXDVFULHIUDMXWRUXO YUHXQXLFRSLVWDFHO2SXV0DMXVDOVXDGHYUDWHQFLFORSHGLHD VHFROXOXLDO;,,,OHD 9,,,8QLYHUVLW&LOHDXMXFDWXQUROLPSRUWDQWvQWUH]LUHDSROLWLFD $QJOLHL/D2[IRUGVHvQWkOQHDXVWXGHQ&LYHQL&LGLQ6FR&LDüLGLQ FRPLWDWHOHGH6XGGLQ%DUD*DOLORUüLGLQFRPLWDWHOHGH(VWüLvQY&DXV VHFXQRDVFXQLLSHDO&LLÍQWRFPDLSUHFXPSURYLQFLLOHVHDPHVWHFDXüL FODVHOHvQWUHHOH/D2[IRUGGRPQHDXQVSLULWLQGHSHQGHQW FkQG6LPRQ GH0RQWIRUWGGXVFXUWDüLFXUDMRDVDVDOXSWvPSRWULYDDEVROXWLVPXOXL VWXGHQ&LLIXUGHSDUWHDOXL2ULüLFHFHDUWSROLWLFVDXUHOLJLRDVGHYHQHD SULOHMGHU]PHUL&XQLYHUVLWDUÍQXQOHJDWSDSDODLFUXLRDPHQL MLJQLVHUFk&LYDWLQHULFOHULFLIXXUPULWSHVWU]LOHRUDüXOXLGHVWXGHQ&L HQJOH]LLUODQGH]LüLGLQ%DUD*DOLORUFDUHLXFLVHUEXFWDUXOFXR VJHDWÅ8QGHH"VWULJDXHL8QGHHVWHFPWDUXOVLPRQLDFXOKR&XO GHYHQLWXULQHV&LRVXOGHEDQLFDUHQHMHIXLHüWHFDVXPSOHO]LOH VWULQLORU"5HJHOHWUHEXLVWULPLWRDPHQLvQDUPD&LOD2[IRUGSHQWUXDO HOLEHUDSHSUHODWXOURPDQüLDLOLQLüWLSHVWXGHQ&L&XUkQGELVHULFDDYHD VüLGHDVHDPDGHSHULFROXOSHFDUHOSUH]HQWDSHQWUXXQLWDWHD FUHGLQ&HLDFHDVWPXO&LPHGHWLQHULUHWRULDWkWGHXüRUVHGXVGHRULFH GRFWULQQRXüLVVHVHUYHDVFGHQRLRUGLQHUHOLJLRDVHSHQWUXDSXQH LDUPkQDSHXQLYHUVLW&L ; &2081,7%,/( &/8*5,,&(5û(725, ,%LVHULFDGHüLvüLLDGUHSWPLVLXQHWHUHVWUvPEOkQ]LUHDüL VWSkQLUHDSDWLPLORURPHQHüWLHVWHHDvQVüLDPHQLQ&DWGHUEXIQLUHD YLROHQWDDFHVWRUSDWLPL'HXQGHUHIRUPHOHVXFFHVLYH UkQGXLDOD VIkQWXOXL%HQHGLFWDPQVWLULL&OXQ\DFHOHLGHOD&vWHDX[ÍQVHFROXODO ;,,,OHDFUHGLQ&DSRSRDUHORUUPkQHQDLYüLSXWHUQLFGDUELVHULFDVH DUDWGHVHRULLQIHULRDUVSHUDQ&HORUORU&XWRDWVHYHULWDWHDOXL*ULJRUH DO9,,OHDPDLVXQWvQFvQ$QJOLDPXO&LSUHR&LGHUDQJLQIHULRUFVWRUL&L
VDXFDUHWULHVFvQFRQFXELQDM/HJPkQWXOVUFLHLHVWHWRWDWkWGHSX&LQ UHVSHFWDWFDFHODOFDVWLW&LL$QWKRQ\%HFNHSLVFRSGHSULQDQXO DUHRVXLWGHRVXWSDWUX]HFLGHFDYDOHUL1LPLFQXLSUHDVFXPSSHQWUX HOÅ$SOWLWvQWUR]LOD/RQGUDSDWUX]HFLGHüLOLQJLSHQWUXSDWUX VFUXPELLSURDVSHWHSHQWUXFDO&LPDULVHQLRULvOSURYRFDVHUVOH FXPSHUH$DFKL]L&LRQDWGLQVSLULWGHEUDYDGVWRIDFHDPDLVFXPSFH VHSXWHDJVLüLDIFXWGLQHDSWXULSHQWUXFDL6LPRQLDHUVSkQGLW SUHWXWLQGHQLÅ%LVHULFLEHQHILFLL HSLVFRSLLHSDUKLLORUWRWXOVHFXPSU WRWXOVHYLQGH8QDEDWHFDUHVHSUH]LQWOD5RPDüLFDUHQXLSUHDVLJXU GHODWLQHDVFDOXLFKHOWXLHüWHGRX]HFLGHPLLGHOLYUHSHQWUXDLvQGXOFLSH H[DPLQDWRULH[DPLQDWRUHVVXRVHPROOLUH3UHR&LLSDURKLLORUFDUHWUHEXLDX VvQFDVH]H]HFLXLDODGHODFUHGLQFLRüLVHYGDGHVHDMHIXL&LGHYUHRDED&LH FDUHSUHWLQGHRGDWFXGUHSWXULOHGHUHFWRUDWüLWRDWH]HFLXLHOLOHPDUL JUkXüLOkQ üLQXODVQHIHULFLWXOXLYLFDUGHFkW]HFLXLHOLOHLQIHULRDUH OH JXPHüLIUXFWH &kWGHVSUHFOXJULGHüLQXWR&LDXYLFLLOHLPSXWDWHGH VDWLULFLVXQWGHSDUWHGHDILQLüWHPRGHOHGHYLUWXWHÍQ]DGDUVIkQWXO %HUQDUGDLQWHU]LVFOXJULORURUGLQXOXLFLVWHUFLWVFRQVWUXLDVFHGLILFLL SUHDvPSRGRELWH PDJQLILFHOHDED&LLSHFDUHOHDXOVDWvQ$QJOLDGRYHGHVF JXVWXOORUH[FHOHQWGDUüLLQHILFDFLWDWHDUkQGXLHOLORUORU ,,'RXRUGLQHvQILLQ&DWHvQVHFROXODO;,,,OHDUVSXQGPDLELQH GHFkWYHFKLOHRUGLQHFOXJUHüWLFRQVWDQWHLQHYRLGHFUHGLQ&D SRSRDUHORU IUDQFLVFDQLLüLGRPLQLFDQLL2UGLQHOHDFHVWHDÅGHFHUüHWRULQX PDLVXQWDOFWXLWHGLQFOXJULFLGLQÅIUD&LFDUHQXüRYLHV SUVHDVFPQVWLUHDSHQWUXDWULÅvQOXPHSULQWUHIUD&LLORURDPHQLL vQWURVUFLHDEVROXWüLXQGLVSUH&WRWDOID&GHEXQXULOHSPkQWHüWL 6WDWXWHOHRUGLQXOXLIUD&LORUPLQRULvQILLQ&DWvQ GHFWUHVIkQWXO )UDQFLVFSUHYGFDVWULDVFGLQSRPHQL6HvQPXO&HVFFXRDVHPHQHD UHSH]LFLXQHvQFkWvQFSHWHQLDIUDQFLVFDQLORUFRPDQGDRSWPLLGH PQVWLULüLGRXVXWHGHPLLGHIUD&L2UGLQXOIUD&LORUSUHGLFDWRULvQILLQ &DWGHVIkQWXO'RPLQLFvQXUPUHüWHXQ&HOSX&LQGHRVHELW$FHVW SUHRWVSDQLROREVHUYkQGUDYDJLLOHIFXWHGHHUH]LLOHDOELJHQ]LORUGLQ VXGXO)UDQ&HLSUHFXPüLFDPSDQLLOHVkQJHURDVHDOHOXL6LPRQGH 0RQWIRUWSURSXVHSDSHLVOXSWHvPSRWULYDHUH]LLORUQXQXPDLFXVDELD FLüLFXFXYkQWXO,QRFHQ&LXDO,,,OHDDXWRUL]RUGLQXODFUXLGH]YROWDUH QDIRVWPDLSX&LQSURGLJLRDVGHFkWDFHHDDRUGLQXOXLIUDQFLVFDQLORUüL DYXFXUkQGFOXJULvQWRDWH&ULOH ,,,'RPLQLFDQLLüLIUDQFLVFDQLLYHQLUvQ$QJOLDvQüLüL vQFHSXUFXUkQGRODUJDFWLYLWDWH$LFLQXDYHDXGHOXSWDWvPSRWULYD HUH]LLORU1LFLDOELJHQ]LL QLFLYDOGHQ]LLQXDPHQLQ&DXELVHULFDURPD
$LFLvQVHQVXOGHYHQLWXULDOHXQHLIXQF&LLHFOH]LDVWLFH
6HFWUHOLJLRDVIRDUWHUVSkQGLWvQHYXOPHGLXvPEUFkQGGLYHUVHQXDQ&HGLQ
Q'DULJQRUDQ&DüLQHSVDUHDQXHUDXVLPSWRPHPDLSX&LQSHULFXORDVH 3UHVWLJLXOSDSDOLW&LLIXVHVHDWLQVGHIRORVLUHDQHPVXUDWDH[FRPXQLF ULORU1HDPLQWLPFRUDüXO/RQGUDvQGU]QLVHFXWRWLQWHUGLFWXOSRQWLIL FDOVLPSXQSUHR&LORUVLFHOHEUDUHDOLWXUJKLHL %LVHULFDGDFYRLDVüLSVWUH]HLQIOXHQ&DVDvQ$QJOLDWUHEXLDV DWUDJFODVHOHSRSXODUHFXDMXWRUXOXQRUQRLPLVLRQDUL0DUHOHUROSHFDUH ELVHULFDvOMXFDVHvQIRUPDUHDVRFLHW&LLHQJOH]HVHGDWRUDIDSWXOXLFD IRVWVLQJXUDOHJWXUGLQWUHQLüWH&UDQLSHMXPWDWHEDUEDULüLFXOWXUD GLQDIDU$FHHDüLPLVLXQHWUHEXLDVILHvQGHSOLQLWvQFRQWLQXDUH8QXO GLQDVSHFWHOHWUDJLFHDOHHYXOXLPHGLXHVWHL]RODUHDGHFLLJQRUDQ&DRDPH QLORUGHOD&DU'DUFLQHSXWHDVDVLJXUHOHJWXUD"3UHRWXOSDURKLHL" (UDWRWDüDGHLJQRUDQWFDüLFHLGLQSDURKLDOXLüLQXPDLSX&LQL]RODW GHFkWHL&OXJUXO"'DUHOGXFHDvQPQVWLUHRYLD&FDUHRULFkWGH VIkQWDUILIRVWHUDRYLD&GHHJRLVW5ROXODFHVWDSXWHDVOMRDFHüLOD MXFDWvQWUDGHYUFOXJUXOFHUüHWRUFDUHIFkQGPHUHXGUXPXOGHOD RUDüOD&DUWULDFkQGSULQWUHIUD&LLVLUHvQQRLQGXüLEDJDMXOGHLGHL FkQGSULQWUHFHLVUDFL ,98QSULPJUXSGHIUDQFLVFDQLWUDYHUV&DQDOXO0kQHFLLvQ (UDXvQQXPUGHQRXüLFOWRULDORUvQ$QJOLDDIRVWvQOHVQLWGHFWUH PULQLPLDFOXJULORUGLQ)pFDPS6HGXVHUGLUHFWOD/RQGUDXQGHOLVH GGXRFPUX&vQWURüFRDO$FRORSXWHDXILY]X&LvQMXUXOXQXLIRF EkQGVFXUVRDUHGHEHUHÅDWkWGHDPDUvQFkWXQLLSUHIHUDXVEHDDS FKLRDUQRWHD]FXJURD]üLPLORVFULHUHGLQDFHDYUHPH$IDUGH DVWDQXPkQFDXQLPLFDOWFHYDGHFkWSkLQHGLQFHDPDLRUGLQDUüLFkQG QXHUDSkLQHILHUWXUGHRY]/D&DPEULGJHUHJHOHOHGGX]HFHPUFL SHQWUXDvQFKLULDXQWHUHQüLvüLFRQVWUXLURFDSHOÅDWkWGHVUFFLRD VFXQVLQJXUGXOJKHUvQWURVLQJXU]LDWHUPLQDWRDSURDSH9UHPH vQGHOXQJDWIUDQFLVFDQLLUHVSHFWDUUHJXODDEVROXWHLVUFLL&kQGIUD&LL YUXUVFRQVWUXLDVFRDGHYUDWPQVWLUHSURYLQFLDOXO$QJOLHL SURWHVW Å1XPDPFOXJULWVSXVHHOFDVvQDO&]LGXULüLSXVHVVH UDGGLQWHPHOLLRPQVWLUHGHSLDWUSHFDUHRUüHQLLGLQ6RXWKDPSWRQ RFOGLVHUSHQWUXRUGLQXOVX&OXJULORUFDUHLFHUHDXSHUQHGHFS WkLOHDUVSXQV Å1DYH&LQHYRLHGHDFHVWHPXQFHOHFDVYvQDO&HFDSH
,PSHULXOEL]DQWLQSkQvQVXGXO)UDQ&HLXQGHLVDGDWDFHVWQXPHGXSXQXOGLQ FHQWUHOHHLRUDüXO$OEL(FXQRVFXWVXEQXPHOHPDLJHQHUDOGHVHFWDFDWKDULORU FHL SXUL 6XV&LQHDSULQFLSLXOGXDOLW&LLRQWRORJLFHDELQHOXLüLUXOXLLDUvQRUGLQHDVRFLDO FRPEWHDIHXGDOL]DUHDELVHULFLLüLPDQLIHVWDDQXPLWHWHQGLQ&HHJDOLWDUH 6HFWUHOLJLRDVDOFUHLvQWHPHLHWRUSDUHVILIRVW3LHUUH9DOGRVDX9DOGqV UVSkQGLWSHDPEHOHYHUVDQWHDOH$OSLORUGHDSXV3HUVHFXWDWFDHUHWLFDWkW SHQWUXLGHLOHVDOHHJDOLWDUHFkWPDLDOHVSHQWUXFVXV&LQHDGUHSWXOILHFUXLRPGHD FXQRDüWHüLLQWHUSUHWDHYDQJKHOLDFRQWHVWkQGDVWIHOQHFHVLWDWHDH[LVWHQ&HLXQHLWDJPHD FOHUXOXL 0DLPDUHOHSHVWHPQVWLULOHXQXLRUGLQFOXJUHVFGLQWURSURYLQFLHHFOH]LDVWLF 3URYLQFLDOXOVHDOHJHDSHRGXUDWGHDQL
WHOHVSUHFHU(XüRUGHLPDJLQDWFHLQIOXHQ&DXDYXWDVXSUDSRSRUXOXL QLüWHRUGLQHFDUHGLVSUH&XLDXFXDWkWDVLQFHULWDWHEXQXULOHOXPHüWL 93ULQWUHUHJXOLOHVWDELOLWHGHVIkQWXO)UDQFLVFSULPDFDUHDvQFHWDW VILHREVHUYDWGHGLVFLSROLLVLDIRVWDFHHDFXSULYLUHODGLVSUH&XOID&GH FXQRDüWHUH8QXLQRYLFHFDUHLFHUHDRSVDOWLUH)UDQFLVFLDUVSXQV Å(X VXQWEUHYLDUXOYRVWUXÍODSXFDVHGLVSHUDUHDFkQGDIODVHFXQLLPHPEUL DLRUGLQXOXLVXDXGHYHQLWPDULGRFWRUL IUvQGRLDOFHOQXODUIL DXWRUL]DWSH5RJHU%DFRQDüDFXPDIFXW&OHPHQWDO,9OHDVDLE FHUQHDOüLSHQHGHVFULV'DUSHQWUXDüLDVLJXUDVXFFHVXOSUHGLFLORUORU IUDQFLVFDQLLüLGRPLQLFDQLLVHY]XUVLOL&LVVWXGLH]HFHOSX&LQWHRORJLD 7UHEXLDXVVHSUHJWHDVFELQHFDVSRDWUVSXQGHODRELHF&LL)RDUWH FXUkQGGHYHQLUvQXQLYHUVLW&LIHULFL&LLULYDOLDLFOHUXOXLVHFXODU &OXJULLüLSUHR&LLQXLYHGHDXELQHSHDFHüWLIUD&LFHUüHWRULDOHFURU SLFLRDUHJRDOHüLKUDQSURDVWFRQVWLWXLDXRFRQGDPQDUHFUXQWD FküWLJXULORUPDULüLDDED&LLORUERJDWH'DUVWXGHQ&LLVUDFLvLSULPHDXFX RvQFUHGHUHSHFDUHQRDFRUGDXFOHUXOXLSUHDELQHFSWXLW/D2[IRUG üFRDODIUDQFLVFDQDWLQVHRUHSXWD&LHFRQVLGHUDELO(DDIRVWDFHHDFDUH DGDWQDüWHUHODWUHLGLQWUHVSLULWHOHFHOHPDLOXPLQDWHDOHWLPSXOXL 5RJHU %DFRQ'XQV6FRWüL2FNKDPüLFDUHDULGLFDW8QLYHUVLWDWHDGLQ2[IRUG ODvQO&LPHD6RUERQHL 9,3HOkQJSULPHOHGRXRUGLQHGHFHUüHWRULVHPDLDGXJDUvQ GHFXUVXOVHFROXOXLvQFGRX DXJXVWLQLLüLFDUPHOL&LL$SRLvQWRFPDL SUHFXPFOXJULLGLQDLQWHDORUÅFHOHSDWUXRUGLQHDXDMXQVVQHJOLMH]H GLVFLSOLQHOHFDUHOHGGXVHUPUH&LH$UILQHGUHSWVOHFRQGDPQP HOH DGRSWDXPRGXOGHH[LVWHQ&DOILLQ&HORUSULQWUHFDUHWULDXGDUvQVHFROXO DO;,9OHDÅIUDWHOHFDUHIDFHFKHWSUHDJUDVSUHDELQHKUQLWHVWHXQD GLQ&LQWHOHIDYRULWHDOHVDWLULFLORUÍQGDWFHüLHLFHGHD]LQVWLQFWHORU ILUHüWLRFROHVFVWDWXWXOFDUHOHvQJGXLHVvQFDOHFHXQPJDUGDUQXüL VDLEXQFDOWULHVFvQPQVWLULFRQIRUWDELOHFOGLWHSHQWUXHLGH ERJWDüLSFWRüLVHvPEUDFvQKDLQHFOGXURDVHüLvüLSHUPLWXQHRUL OX[XOXQHLHGXFD&LLUDILQDWHvüLSLHUGLQIOXHQ&DDVXSUDVUDFLORU=DGDUQLF SUHGLFXQRPDLFUXLREUDMLJUDüLüLWUDQGDILULLGRYHGHVFFGHPXOW YUHPHVHKUQHüWHSUHDELQHFDSRVWROXO3DYHODWULWLQIDPHHWIULJRUH ÍQ3RYHVWLULOHGLQ&DQWHUEXU\ÅIUDWHOHOXL&KDXFHUDGXFHGHSHDWXQFLFX FOXJULLUDEHODLVLHQL'HIDSWFHDPDLPDUHSDUWHDIUD&LORUQXHUDX RDPHQLULGDUFRQWUDVWXOGLQWUHVWDWXWXORUGLQXOXLORUüLIHOXOORUGH YLD&DYHDVIXUQL]H]HHOHPHQWHSHQWUXLQGLJQDUHDÅFHORUSXULÍQDIDU GHDVWDvQWUR&DUFDUHGHODVIkUüLWXOLPSHULXOXLQRUPDQGüLDOFHOXL DQJHYLQvQFHSXVHVFDSHWHFRQüWLLQ&DRULJLQDOLW&LLVDOHQD&LRQDOHDFHüWL
&OHUXORELüQXLWFDUHQXIFHDSDUWHGLQRUGLQHPRQDKDOH
=XJUYL&LFXPXOWLURQLHGHVFULLWRUXO)UDQoRLV5DEHODLV FLUFD
IUD&LFDUHUHSUH]HQWDXXOWLPXOYDODOFRQWULEX&LLORUFRQWLQHQWDOHüLFDUH SUHWLQGHDXFGHSLQGGLUHFWGHSDSDVXSUDXSHPXO&LFUHGLQFLRüLÍQWUH ELVHULFDURPDQüLELVHULFD$QJOLHLFRQIOLFWXODYHDVL]EXFQHDVFPDL WkU]LXGDUvQFGHSHDWXQFLvQFRQüWLLQ&HOHFHOHPDLH[LJHQWHVXQW VHPQDWHFDX]HOHSURIXQGHDOHXQHLUXSWXULûLHOHYRUvQFRO&L ;, +(15,&$/,,,/($û,6,021'(0217)257 ,&kQGGXSPRDUWHDOXL,RDQIU%DUGHYHQLUHJHOHJLWLPXQ FRSLOGHQRXDQL+HQULFDO,,,OHD EDURQLLSHFDUHXUDvPSRWULYD WDWOXLvLDUXQFDVHvQWDEUDOXL/XGRYLFDO)UDQ&HLVHDGXQDUvQGDWvQ MXUXOFRURDQHLÍQVXIOHWXODFHVWHLQRELOLPLHDvQVüLGHRULJLQHVWULQ FUHüWHDVHQWLPHQWXOQD&LRQDO3LHUGHUHD1RUPDQGLHLGHVSU&LQGXLGH GRPHQLLOHORUIUDQFH]HVIkUüLVHSULQDOHJDVRDUWDEDURQLORUQRUPDQ]LGH DFHHDD$QJOLHLÍQWLPSXOPLQRULW&LLUHJHOXLRVWDüLGHVWRLQLFL*XLOODXPH GH0DUpFKDOüL+XEHUWGH%RXUJDVLJXUDUOLQLüWHD&ULLÍQVIkUüLWvQ WkQUXOUHJHDWLQVHYkUVWDPDMRUDWXOXL+HQULFDO,,,OHDQXDYHDQLFL FUX]LPHDQLFLFLQLVPXOWDWOXLVX3ULQSLRüHQLDVDSULQQDLYLWDWHDVD UHDPLQWHDPDLFXUkQGGH(GXDUG&RQIHVRUXOSHFDUHODGPLUDPXOWüLvQ FLQVWHDFUXLDUHFRQVWUXLVHDED&LDGLQ:HVWPLQVWHU'DUQXSUHDHUD IFXWVGRPQHDVFSHVWH$QJOLDDFHOXLVHFROÍQWURSHULRDGFkQGWRDWH IRU&HOHUHDOHDOH&ULLFXWDXVLPSXQDQXPLWHUHJXOLSXWHULLUHJDOHHO HUDDEVROXWLVW vQWURSHULRDGGHQD&LRQDOLVPHOQXHUDHQJOH] &VWRULQGXVHFX$OLpQRUGH3URYHQFHVHvQFRQMXUDVHGHXQFKLDL UHJLQHLüLXQXOGLQWUHHL3HWUXGH6DYRLDFRQVWUXLVHSHPDOXOUkXOXL SDODWXOSHFDUHOUHDPLQWHüWHDVW]L6DYR\&RXUW2GDWFXUXGHOHVR&LHL VDOHUHJHOHFKHPODSXWHUHüLUXGHOHPDPHLRULJLQDUHGLQ3RLWRX %DURQLLüLRUüHQLLH[DVSHUD&LvQFHSXUVPXUPXUH Å$QJOLDD HQJOH]LORUüLFHLPDLSURDVSH&LHQJOH]LGLQWUHHLQXHUDXFHLPDLSX&LQ YHKHPHQ&LÍQVIkUüLWUHJHOHIRDUWHHYODYLRVüLFDUHSVWUDRYLH UHFXQRüWLQ&SDSHLSHQWUXSURWHF&LDDFRUGDWSHYUHPHDPLQRULW&LLVDOH VHUHFXQRVFXYDVDOXODFHVWXLDüLIDYRUL]vQFOFULOH5RPHLvQGDXQD FOHUXOXLHQJOH]3DSDvüLOXDVHRELFHLXOGHDDFRUGDIDYRUL&LORUVLLWDOLHQL FHOHPDLPDULEHQHILFLLHFOH]LDVWLFHGLQ$QJOLDvQDLQWHFKLDUGHDIL GHYHQLWYDFDQWH&kQGDFHüWLSURYLVRUVVDXDED&LSURYL]RULLGHYHQHDX WLWXODULUPkQHDXOLQLüWL&LOD5RPDQXPHDXXQYLFDUüLvQFDVDX YHQLWXULOHORUGHSURYHQLHQ&HQJOH](OHVQHGHLPDJLQDWWXUEDUHDFOHUX OXLORFDOüLVHQWLPHQWXOFUHVFkQGGHRVWLOLWDWHID&GHSDSüLGHUHJH ,,1HSRSXODULWDWHDOXL+HQULFDO,,,OHDVHDFFHQWXWUHSWDWWLPSGH WUHL]HFLGHDQL0DUHD&DUWGHüLFRQILUPDWGHüDSWHRULQXIXVHVH
UHVSHFWDWQLFLRGDW3UH&XULOHVHXUFDXDWXQFLvQWRDW(XURSDSHQWUXF UHQVFXVHvQFUHGHUHDüLEDQLLUHLQWUDXvQFLUFXOD&LH$FHDVWFUHüWHUH PUHDDXWRPDWFKHOWXLHOLOHGHJXYHUQDUHGDUEDURQLLQXHUDXHFRQRPLüWL üLGHFkWHRULUHJHOHOHFHUHDQRLVXEVLGLLvQWkPSLQDRUHDYRLQ& FUHVFkQG1HSXWkQGXVHUHVHPQDVUHQXQ&HODPDULOHYLVXULDQJHYLQH vQFHUFVUHFXFHUHDVFXQLPSHULXIUDQFH]GDUIXEWXWOD 7DLOOHERXUJ$WLQVHOLPLWHOHUEGULLHQJOH]LORUFkQGDFFHSWGHODSDS FDUHSHWDEODVDGHüDKGLSORPDWLFÅMXFDFXUHJHOH$QJOLHLvPSRWULYD vPSUDWXOXL UHJDWXO6LFLOLHLSHQWUXFHOGHDOGRLOHDILXDOVX(GPRQG (UDXQGDURQHURVFDUHWUHEXLDFXFHULW EDURQLLUHIX]DUFDWHJRULFRULFH DMXWRUSHQWUXDFHDVWH[SHGL&LHvQDIDUGHFD]XOFkQGUHJHOHDFFHSWD XQHOHUHIRUPH 0DUHOH&RQVLOLXVHvQWUXQLOD2[IRUGvQüLFRQWUDUX]DQ&HORU VHQLRULLYHQLUvQDUPD&LÅ6XQWSUL]RQLHUXOYRVWUX"vLvQWUHEWLPLG UHJHOHÍLFHUXUVDFFHSWHÅ3URYL]LXQLOHGHOD2[IRUGFDUHvQFUHGLQ&DX JXYHUQDUHDUHJDWXOXLXQXLFRPLWHWGHUHIRUPH$FHVWFRPLWHWYDDYHD FRQWUROXOYLVWLHULHL YDQXPLSHPDUHOHMXVWL&LDUSHYLVWLHUQLFSHFDQFHODU 'DFDUILGXUDWPRQDUKLDDUILIRVWvQORFXLWGHRROLJDUKLH ,,,5HJHOHMXUGDUUHFXUVHvQGDWODWDFWLFDSULQWHOXLVXüLIX GH]OHJDWGHMXUPkQWGHFWUHSDS%DURQLLSURWHVWDU VHFRQYHQLFD FHOHGRXSU&LVDFFHSWHDUELWUDMXOOXL/XGRYLFFHO6IkQWUHJHOH)UDQ&HL FDUHVHEXFXUDGHXQPDUHSUHVWLJLXvQ(XURSD5HJHOHüLILXOVX (GXDUGVHvPEDUFDUSHQWUXDVHGXFHVDSHUHHLvQüLüLFDX]DORUOD &RQIHULQ&DGHOD$PLHQV/XGRYLFFHO6IkQWOHGGXGUHSWDWH HOGHFODU QXOHÅ3URYL]LXQLOHGHOD2[IRUGFDUHHUDXFRQWUDUHWXWXURULGHLORUVDOH SROLWLFHüLFRQILUPF+HQULFDUHGUHSWXOVIRORVHDVFVWULQLFD PLQLüWULVDXFRQVLOLHUL7RWXüLKRWUkUHDGHVWXOGHQHFODUFRQILUPD 0DUHD&DUW&HLPDLFRQVHUYDWRULGLQWUHEDURQLDFFHSWDUVHQWLQ&DGHOD $PLHQVGDURJUXSDUHIRUPDWGLQEDURQLPDLWLQHULüLPDLvQGU]QH&L VXV&LQHDXFVHQWLQ&DDUELWUDOHUDFRQWUDGLFWRULHFQXVHSXWHDFRQ ILUPDvQDFHODüLWLPS0DUHD&DUWüLDQXODÅ3URYL]LXQLOHFDUHHUDXR DSOLFD&LHDHLüLvQVIkUüLWFOXSWDWUHEXLDVFRQWLQXHûHIXODFHVWHL JUXSULHUDEUEDWXOFHOPDLUHPDUFDELOGLQDFHDYUHPH 6LPRQGH 0RQWIRUWFRQWHGH/HLFHVWHU ,9&DPSLRQXOOLEHUW&LORUHQJOH]HHUDXQIUDQFH] GDUvQPRüWHQLUHD OVDWGHSULQWHOHVXVHDIODFRPLWDWXOGH/HLFHVWHUFRQILVFDWRGLQLRDU GH,RDQIU%DU+HQULFDO,,,OHDLOUHVWLWXLVHüLLQWUDVHFXHOvQOHJWXUL GHVWXOGHVWUkQVH vQFVWRULDOXL0RQWIRUWFXVRUDUHJHOXLvL LQGLJQDVHIRDUWHPXOWSHHQJOH]L$SRLFHLGRLFXPQD&LVHFHUWDU+HQULF HUDQHUEGWRUüLXüXUDWLF 6LPRQHUDQHUEGWRUüLVHULRV0HUVHUGLQ /DLXOLH
FHDUWvQFHDUW6LPRQSOHFvQFUXFLDGüLODvQWRDUFHUHDVDSUHOX DGPLQLVWUD&LD*DVFRQLHLIFXRUGLQHvQ&DUGDUFXDWkWDEUXWDOLWDWH vQFkWQLüWHWULPLüLJDVFRQLYHQLUVVHSOkQJGHHOODFXUWHD$QJOLHL 5HJHOHvOSRIWLSHFXPQDWXOVXVVHMXVWLILFH6LPRQUVSXQVHFXQ EUEDWDWkWGHQRELOFDGkQVXOQXSXWHDILWXOEXUDWSHQWUXEXQXOSODFDO XQRUÅVWULQL'LVFX&LDVHvQFO]LüL+HQULFSURQXQ&FXYkQWXOÅWUGWRU Å(RPLQFLXQUVSXQVH0RQWIRUWüLGDFQD&LILVXYHUDQXOPHXDUIL R]LQHQRURFLWSHQWUXGXPQHDYRDVWU]LXDvQFDUHD&LvQGU]QLWV SURQXQ&D&LDFHVWFXYkQWÍQWRDUFHWHvQ*DVFRQLDWXSURYRFDWRUüL LXELWRUGHFHUWXULüLLD&LDFRORUVSODWDSUHFXPRGLQLRDUSULQWHOH WX0YRLGXFHEXFXURVüLQXPYRLvQWRDUFHvQDLQWHGHDILIFXW GLQGXüPDQLLWLVFODYLLWLRULFkWGHLQJUDWDLILÍQORFXLWvQ*DVFRQLD GHORUGXO(GXDUGPRüWHQLWRUXOWURQXOXLüLQHSRWXOVX0RQWIRUW VHvQWRDUVHvQ$QJOLDDPUkWüLLQGLJQDWüLGHYHQLUHSHGHüHIXOSDUWLGHL UHIRUPLVWH3ULHWHQLQWLPDOPDUHOXLHSLVFRSüLWHRORJ5REHUW*URVVHWHVWH IRDUWHSLRVHOvQVXüLHQWX]LDVWüLLQVSLUkQGHQWX]LDVPLPSUHVLRQDWGH UHOHOHFHEkQWXLDXUHJDWXOFRQWHOHGH/HLFHVWHUIXVXIOHWXORSR]L&LHL DULVWRFUDWLFHFDUHDvQFHUFDWOD0DUHOH&RQVLOLXGLQ2[IRUGVLQVWLWXLH FRQWUROXODVXSUDDXWRULW&LLUHJDOH'XSVHQWLQ&DGHOD$PLHQVDFHDVW RSR]L&LHVHvPSU&L0XO&LQRELOLFHGDU0RQWIRUWULSRVWFXRELüQXLWDL YLROHQ& Å$PIRVWvQPXOWH&ULVSXVHHOüLQLFLHULQXDPJVLWRDPHQL DWkWGHOLSVL&LGHFUHGLQ&FDvQ$QJOLD'DUFKLDUGDFPDUSUVLWR&L FHLSDWUXILLDLPHLüLFXPLQHYRPDSUDFDX]DGUHDSW5HOXOXSWDFX WRDWHFIXVHVHDEDQGRQDWGHFHLODO&L 97UVWXUDRULJLQDODDFHVWHLHSRFLHVWHWUH]LUHDDÅQRLSWXULOD YLD&DSROLWLF'RXJUXSHPDLDOHVVXQWLQWHUHVDQWHGLQSULFLQDUROXOXL SHFDUHDYHDXVOMRDFHFXUkQG FDYDOHULLGHOD&DUüLRUüHQLLGLQ WkUJXUL&ODVDFDYDOHULORUVHOUJLVHPXOWvQXOWLPDVXWGHDQLÍQFHSkQG GLQYDILFDYDOHUüLVXSXVREOLJD&LLORUPLOLWDUHFDYDOHUHüWLRULFHRP OLEHUDOFUXLYHQLWIXQFLDUDWLQJHGRX]HFLGHOLYUH&XPDMRUDUHD SUH&XULORUQXPHURüLPLFLSURSULHWDULVHYRUWUH]LYUkQGQHYUkQGGH&L QWRULLXQXLORWGHFDYDOHU .QLJKW VIHH ÍQFGHSULQVHFROXODO;,,,OHD PLFXOQRELOGH&DURFXSDWFXRJRDUHOHüLWUHEXULOHORFDOH YLLWRUXOVTXLUH IRDUWHGHRVHELWGHEDURQXOU]ERLQLFüLFXUWHDQVHvQPXO&LVHvQPRG UDSLG&DYDOHULLDFHüWLDIRUPDXRFODVvQVWULWUHVSHFWDWüLFDUHVH RELüQXLVHPDLDOHVGXSLQVWLWXLUHDMXGHFWRULORULWLQHUDQ&LVMRDFHXQ UROPDUHvQYLD&DFRPLWDWXOXL&LWLWRUXOvüLDPLQWHüWHFSHQWUXDOFWXLUHD MXULLORUVKHULIIXOSURSXQHDPDLvQWkLDGXQULLVQXPHDVFSDWUX FDYDOHULüLFDFHüWLDDOHJHDXPDLWkU]LXGRLFDYDOHULGHILHFDUHVXW(L FRQVWLWXLDXGHFLXQJUXSGHEUED&LFXDXWRULWDWHvQSURYLQFLDORUODFDUH
7DWOOXL6LPRQGH0RQWIRUWSXUWkQGDFHODüLQXPHIXVHVHFRQGXFWRUXOXQHL
EUXWDOHÅFUXFLDGHvPSRWULYDDOELJHQ]LORU YH]LQRWD üLüLDSLHUGXWYLD&DvQvQ WLPSXODVHGLHULLXQXLRUDüGLQVXGXO)UDQ&HL
HUDILUHVFVVHIDFDSHOFkQGFLQHYDYRLDVFXQRDVFSUHUHD FRPLWDWHORU'LQ,RDQIU%DUDGPLVHVHODXQ0DUH&RQVLOLX SDWUXFDYDOHULGHILHFDUHVKLUHÍQ+HQULFDO,,,OHDDYkQGQHYRLHGH EDQLüLPDUHDQRELOLPHILLQGXLRVWLOFRQVXOWDVHSULQVKHULIILFXU&LOH FRPLWDWHORUüLFHUXVVHDGXFUVSXQVXULOHDFHVWRUDOD0DUHOH&RQVLOLX GHFWUHGRLFDYDOHULGHILHFDUHVKLUH)UvQGRLDOvQVSHUDQ&DF LQWLPLGD&LGHPDLHVWDWHDUHJDODFHüWLSURYLQFLDOLQXYRUvQGU]QLVUV SXQGSULQWUXQUHIX] 9,3UH]HQ&DH[FHS&LRQDODFkWRUYDFDYDOHULOD&RQVLOLXQXHUD VXILFLHQWILUHüWHFDVGHDDFHVWXLDFDUDFWHUXOXQXLSDUODPHQWPRGHUQ &XYkQWXOSDUODPHQWHVWHIRORVLWvQ$QJOLDGLQDQXO GDUODvQFHSXW HOvQVHPQDSXUüLVLPSOXDF&LXQHDGHDYRUEL8QSDUODPHQWHUDDWXQFLR GH]EDWHUHD0DUHOXL&RQVLOLXLDU0DUHOH&RQVLOLXUPkQHFDRGLQLRDUR FXUWHGHMXVWL&LHFRPSXVGLQEDURQHVPDMRUHVFRQYRFD&LLQGLYLGXDOüL EDURQHVPLQRUHVFRQYRFD&LvQPRGFROHFWLYGHFWUHVKHULII&DYDOHULLGLQ QXVXQWDFRORGHFkWvQFDOLWDWHGHLQIRUPDWRUL HLQXLDXSDUWHOD üHGLQ&'DUPLQWHDvQGU]QHD&DOXL6LPRQGH0RQWIRUWDYHDVPHDUJ PXOWPDLGHSDUWH'XSVHQWLQ&DGHOD$PLHQVPDUHOHUHEHOUHSXUW DVXSUDWUXSHORUUHJDOHRYLFWRULHFRPSOHWOD/HZHV$YXVHVHvPSRWULYDOXL SHQHSRWXOVXORUGXO(GXDUGüLRSDUWHGLQWUHEDURQLGDUGHSDUWHDOXL WkQUDQRELOLPHRUüHQLLGLQ/RQGUDHQWX]LDüWLSHFkWGHSURVW vQDUPD&LVWXGHQ&LLGLQ2[IRUGüLPDLFXVHDPH[FHOHQ&LLDUFDüLGLQ%DUD *DOLORUFDUHDSUDXDVWIHOvQPRGGLUHFWLQGHSHQGHQ&DSULQFLSDWXOXLORU 6LPRQSULQWUHDOWHGDUXULDYHDüLSHDFHODDOVWUDWHJLHLÍLIFXSUL]RQLHUL SHUHJHüLSHPRüWHQLWRUXOVXüLGHFLVVUHIRUPH]HUHJDWXOFRQYRFvQ QXPHOHUHJHOXL3DUODPHQWXOGLQODFDUHWUHEXLDXVSDUWLFLSH SDWUXFDYDOHULÅFKLE]XL&LGLQILHFDUHFRPLWDWDOHüLSHQWUXDWUDWDFX SUHOD&LLüLPDULLEDURQLWUHEXULOHUHJDWXOXL 9,,6FULHULOHWLPSXOXLDUDWFJkQGLUHDSROLWLFGHYHQHDDWXQFL IRDUWHvQGU]QHD&Å$FHLFHVHVXSXQOHJLORUVSXQHXQSRHWVXQWDFHL FDUHOHFXQRVFFHOPDLELQHüLGHRDUHFHHYRUEDGHSURSULLOHORULQWHUHVH YRUILFXFHDPDLPDUHJULM6LPRQGH0RQWIRUWvQPkQDFUXLDVHDIOD UHDOPHQWHFRQGXFHUHD&ULLvQFUHGLQ&SXWHUHDXQXLFRPLWHWGHQRX SHUVRDQHQXPLWHGHWUHLHOHFWRUL0DUHOXL&RQVLOLXHOvLGGHDGUHSWXOGH GHVWLWXLUHDDFHVWRUHOHFWRUL(UDVFKL&DXQHLFRQVWLWX&LLDSURDSHWRWDWkW GHFRPSOH[FDüLDFHHDDOXL6LH\qV&XVLJXUDQ&F6LPRQGH 0RQWIRUWHUDGHSDUWHGHDüLvQFKLSXLFHYDILvQWUR]LSDUODPHQWXO EULWDQLFüLHXQDQDFURQLVPVVHIDFGLQHOSULPXOZKLJ'DUDFHVWPDUH
$OX]LHODFRQVWLWX&LDDQXOXL9,,,SULQFDUHVDLQVWLWXLWvQ)UDQ&DUHJLPXOFRQVXODUDO
OXL1DSROHRQ%RQDSDUWH ODGHFHPEULH $XWRUXOHLDIRVWDEDWHOH6LH\qV FXQRVFXWRPSROLWLFGLQYUHPHDUHYROX&LHLIUDQFH]HüLDLPSHULXOXLQDSROHRQHDQ
RPvQ&HOHJHDFIRU&HQRLVHLYHDXvQ&DUüLYLLWRUXOYDDSDU&LQHDFHOXLD FDUHYDüWLVOHIRORVHDVF 9,,,ÍQDQXOXUPWRUXQQXPUGHEDURQLVWXUkQGXVHGHDFHVWH LQRYD&LL6LPRQQHFOLQWLWKRWUvVVHVSULMLQHPDLPXOWSHFODVHOHQRLüL FRQYRFFHOHEUXO3DUODPHQWGLQODFDUHWUHEXLDXVSDUWLFLSHGRL FDYDOHULGHILHFDUHVKLUHüLGRLUHSUH]HQWDQ&LGHILHFDUHRUDüVDXWkUJ DFHüWLDGLQXUPILLQGFRQYRFD&LSULQWUXQZULWWULPLVQXVKHULIIXOXLFL GLUHFWRUDüXOXL'HDVWGDWWRDWHHOHPHQWHOHYLLWRUXOXLSDUODPHQWHQJOH] ORU]LGHSXWD&LDLFRPLWDWHORUVDXFRXQW\PHPEHUVGHSXWD&LLRUDüHORUVDX ERURXJKPHPEHUVVXQWUHXQLWH1XVHSRDWHVSXQHWRWXüLFGHOD DFHDVWH[SHULHQ&GDWHD]OLWHUDOPHQWH&DPHUD&RPXQHORUSHQWUXF GHSXWD&LLFRPLWDWHORUüLDLRUDüHORUQXVXQWDFRORGHFkWÅFXWLWOX FRQVXOWDWLY3UH]HQ&DORUQLVHSDUHLPSRUWDQWSHQWUXFQRLvL FXQRDüWHPFRQVHFLQ&HOH&RQWHPSRUDQLORUOLVHSUHDIUvQGRLDO ILUHDVF5HEHOXOvüLFRQYRFDSDUWL]DQLL ,;8QRPFHOSX&LQREVHUYDFXSURIXQGLQWHUHVüLRDGPLUD&LH LQYROXQWDUSROLWLFDSRSXODUDFRQWHOXLGH/HLFHVWHU HUDPRüWHQLWRUXO WURQXOXLORUGXO(GXDUG,QIHULRUXQFKLXOXLVXSULQFDUDFWHUOLSVLWGH LGHDOLVPXOSWLPDüFDUHFRQVWLWXLDQREOH&HDOXL6LPRQ(GXDUGHUDvQV PDLELQHvQ]HVWUDWFDVUHXüHDVF6LPRQGH0RQWIRUWREVHGDWGH PUH&LDSODQXULORUVDOHUHIX]DV&LQVHDPDGHPLFLPHDRDPHQLORU (GXDUGLQFDSDELOGHDLPDJLQDFHYDHUDVXSHULRUvQH[HFXWDUH(YDGkQG SULQWURVWUDWDJHP VHIFXFvQFHDUFWR&LFDLLQRELOLORUFDUHOS]HDX DSRLGXSFHGGXSHVWHFHOPDLLXWHSRUQLvQJDORSIUDPDLSXWHDIL DMXQVGLQXUP DGXQSHEDURQLLPUFLORUGH9HVWüLGH1RUGvODWDF SH0RQWIRUWDSOLFkQGOHF&LLOHGHWDFWLFSULPLWHGHODHOüLOvQYLQVHOD (YHVKDP0RQWIRUWEXQMXFWRUDGPLUFDWHKQLFLDQPDQHYUDFDUHL DGXFHDSLHU]DQLD Å3HVIkQWXO,DFREH[FODPHOYLQvQWURRUGLQH SHUIHFW'HODPLQHDXvQY&DWDFHDVWILJXU6QHUXJPOXL'XP QH]HXSHQWUXVXIOHWHOHQRDVWUHFFLWUXSXULOHQRDVWUHVXQWvQPkLQLOH ORU6HEWXHURLFRGLPLQHD&vQWUHDJDSRLvQWURvQWXQHFLPHDSURDSH WRWDOGDWRULWXQHLYLMHOLLSHFDUHFRQWHPSRUDQLLOXLRFRQVLGHUDUXQ PLUDFROIXXFLV&DSXOvLIXPXWLODWGHGXüPDQLGDU(GXDUGOHvQJGXL IUDQFLVFDQLORUVvQJURDSHUPüL&HOHüLYUHPHvQGHOXQJDWUHOLFYHOHOXL 6LPRQGH0RQWIRUWIXUYHQHUDWHGHSRSRUFDUHOLFYHOHXQXLVIkQW ;&X6LPRQGH0RQWIRUWGLVSDUHXOWLPXOGLQWUHPDULLIUDQFH]LFDUH DXFRQWULEXLWODHGLILFDUHD$QJOLHL&XUkQGILLLQRELOLORUQRUPDQ]LQXYRU PDLvQY&DGHFkWHQJOH]D*RGZLQüL*RGJLIXYRUILvQYLQV'DUUROXO UHJLORUQRUPDQ]LüLDQJHYLQLDIRVWLPHQVÍQPRPHQWXOvQFDUH:LOKHOP &XFHULWRUXODGHEDUFDWDJVLWR&DUGHSLRQLHULRMXVWL&LHORFDOüL
UXGLPHQWDURELVHULFLPRUDOüLUHEHO3ULQHQHUJLDGHSXVGHHOSULQ DFHHDDOXL+HQULF,üLDSRLDOXL+HQULFDO,,OHDDIRVWFUHDWRDGPLQLV WUD&LHFHQWUDOFDUHVDGRYHGLWGHVWXOGHSXWHUQLFSHQWUXDSXWHDWROHUD IUSHULFROOLEHUW&LOHORFDOH0XOWHGLQLQVWLWX&LLOHSHFDUHDFHüWLUHJLOH DXLPSXVVDXSURWHJXLW MXULXODVVL]HOHYLVWLHULDXQLYHUVLW&LOHH[LVW vQFüLDVW]L&KLDUüL,RDQIU%DUUHJHSHUILGüL+HQULFDO,,,OHDUHJH VODEDXIRVWXWLOLvQIHOXOORU0DUHD&DUWDFRUGDWGHXQXOFRQILUPDW GHFHOODOWDQXQ&WUDQVIRUPDUHDFXWXPHLIHXGDOHvQOHJHFRPXQSH FDUHUHJHOHYDWUHEXLVRUHVSHFWH3HULRDGDFDUHGXUHD]GHODOD HVWHXQDGLQFHOHPDLIHFXQGHGLQLVWRULD$QJOLHL&RORQLD QRUPDQGvQWHPHLDWSHYUHPHDFXFHULULLGHFWUHFLQFLPLLGH DYHQWXULHULVDGH]YROWDWvQWUXQPRGDWkWGHRULJLQDOvQFkWvQFXUVXO VHFROHORUXUPWRDUHGXSRXOWLPWHQWDWLYGHDXQLFHOHGRXUHJDWHDO )UDQ&HLüLDO$QJOLHLYDUXSHRULFHOHJWXUFXFRQWLQHQWXOÍ&LSR&L LPDJLQDvQWUXQPRGIRDUWHDSUR[LPDWLYDFHDVWXLPLWRDUHVRDUWGDF SUHVXSXLF/\DXWH\FXFHULQG0DURFXODUILIRQGDWDFRORRGLQDVWLH DFFHSWDWGHORFXLWRULFHDvQVüLDUILDFFHSWDWWUDGL&LLOHORFDOHüLF XUPDüLLVLDUILGDWDFHVWXLLPSHULXOHJLPDLYLJXURDVHüLRSURVSHULWDWH PDLWUDLQLFGHFkWvQPHWURSRO &$57($$75(,$ 05(%,$û,'(&'(5($)(8'$/,7%,,
, ('8$5', 5()250(/(*$/($'0,1,675$%,$ ,17(5,2$5 ,ÍQFHSkQGGLQDQXOFXFHULUHDQRUPDQGULGLFDVHvQWUH SDWULFLHQLüLSOHEHLvQWUHFDVWHODQLüL&UDQLGXEODEDULHUDOLPEDMXOXLüL DXULL GDUGHVWXOGHUHSHGHFHOHGRXFLYLOL]D&LLDOWXUDWHXQDDOWHLDSULQ IRU&VHDPHVWHFDVHU%UDQLLVD[RQLvüLGGXVHUVHDPDGHYDORDUHD RUGLQLLQRUPDQGHLDUVHQLRULLQRUPDQ]LUHVSHFWDVHUWUDGL&LLOHSRSRUXOXL HQJOH]ÍQPRPHQWXOXUFULLSHWURQDOXL(GXDUG,IX]LXQHDHVWHDSURDSH FRPSOHWüLSHUVRDQDUHJHOXLFRQVWLWXLHVLPEROXOHL'HüLGHVFLQGHvQOLQLH GLUHFWGLQ&XFHULWRUHOSRDUWYHFKLXOQXPHVD[RQDO&RQIHVRUXOXLüL
HVWHXQUHJHHQJOH]%LQWDVDSULQFLSDOQXPDLHVWHUHFXFHULUHD1RU PDQGLHLQLFLUHFRQVWLWXLUHDLPSHULXOXLDQJHYLQFLUHDOL]DUHDXQLW&LL 0DULL%ULWDQLLVXSXQkQG%DUD*DOLORUDSRL6FR&LD9RUEHüWHHQJOH]DFX DFHHDüLXüXULQ&FDIUDQFH]DüLOYHGHPvQWLPSXOFUXFLDGHLUVSXQ ]kQGSHHQJOH]HüWHODVDODDPXULOHDPEDVDGRULORUVXOWDQXOXL6XE GRPQLDVDOLPEDHQJOH]FDUHvQFHSkQGGLQSHULRDGDFXFHULULLFLUFXOD SHDVFXQVvQUkQGXULOHPHVHULDüLORUüLYLODQLORUDSDUHLDUODOXPLQ3H YUHPHDOXL6LPRQGH0RQWIRUWHVWHIRORVLWvQWUXQGRFXPHQWRILFLDO 3ULQWUHQRLLFOHULFLQXH[LVWXQXOODVXWFDUHVSRDWFLWLRVFULVRDUHvQ YUHRDOWOLPEGHFkWODWLQVDXHQJOH]$SURDSHGHVIkUüLWXOVHFROXOXL DO;,9OHDYDvQFHWDSUHGDUHDOLPELLIUDQFH]HvQüFROLOHGLQ$QJOLDüL-HDQ GH7UpYLVH VHYDSOkQJHFQLFLPFDUQRELOLLQXLvQYD&SHFRSLLLORU IUDQFH]D&DüLOLPEDLQVWLWX&LLOHOXL(GXDUG,SUHILJXUHD]$QJOLD PRGHUQ/HJLOHVDOHH[HUFLWRLQIOXHQ&GXUDELODVXSUDVWUXFWXULL VRFLDOHD&ULLÍQILQHFXWRDWVLQFHUDVDSLRüHQLH(GXDUGYDDYHDID& GHSDSvQFGHSHDWXQFLDWLWXGLQHDXQXLüHIGHVWDWÅQD&LRQDOüL LQVXODU ,,0RGHUQLVPXOüLLQVXODULVPXOVXQWFXDWkWPDLVXUSULQ]WRDUHFX FkWUHJHOHSULQWHPSHUDPHQWXOVXUPkQHXQIHXGDOüLSULQvQFOLQD&LLOH VDOHXQ3ODQWDJHQHW%UEDWVHPH&YLJXURVELQHIFXWFXFRDSVHOXQJL üLSXWHUQLFHGHFOUH&SOFHULOHVDOHIDYRULWHHUDXYkQWRDUHDüLWXUQLUXO 7RWGHDXQDLQWUDQVLJHQWvQDSOLFDUHDOHJLORUSULYLWRDUHODSGXULÍQWRDUFH UHDVDGLQFUXFLDGVHDPQFXDYHQWXULOHFDYDOHULORUUWFLWRULGHSULQ URPDQHÍQGUXPXOVXHOvQOWXUQHGUHSW&LOHDWDFXQKR&GLQ%XU JXQGLDüLVHEDWHFXFRPLWHOHGH&KkORQ 'XSFXFHULUHD%ULL*DOLORUSUHWLQGHVLVHGHDFRURDQDUHJHOXL $UWKXUüLRUJDQL]HD]XQEDQFKHWDO0HVHL5RWXQGH6HIOHüWHF UHVSHFWFXWRDWULJRDUHDFRGXOSHUIHFWXOXLYDVDOID&GHUHJHOH)UDQ&HL VX]HUDQXOVXSHQWUX*DVFRQLDÍLSUHVWHD]RPDJLXOGDWRUDWüLDVFXOW VXSXVKRWUkULOHVX]HUDQXOXLVX'HYL]DOXLHVWH Å.HHSWURWK3DFWXP VHUYD5HVSHFW&LFXYkQWXOGDW,VHvQWkPSOGHVLJXUFDGXSFHüLD GDWFXYkQWXOVüLVFKLPEHSUHUHD üLDWXQFLVHGRYHGHüWHQHvQWUHFXWGH DELOvQIRU&DUHDWH[WHORUSHQWUXFDVvPSDFHIJGXLQ&HOHFXGRULQ&HOH Å9UHDVILHOHJDOREVHUYXQFRQWHPSRUDQGHDOOXLGDUHOGHFODU
(GXDUG,DSOHFDWvQFUXFLDGvQFkQGHUDSULQ&PRüWHQLWRU$DMXQVvQvQ 3DOHVWLQDüLGXSXQHOHVXFFHVHDvQFKHLDWvQXQDUPLVWL&LXSHÅ]HFHDQL]HFH OXQL]HFHVSWPkQL]HFH]LOHüL]HFHRUH FXVXOWDQXO(JLSWXOXL%DLEDUV &XYkQWXOYLODQ vQOLPEDODWLQYLOODQXV vQVHPQDvQ)UDQ&D&UDQOLEHULDUvQ$QJOLD üHUE 1XPHOHFRPSOHWüLFRUHFWHVWH-HDQ7UHYLVDGH&RUQZDOO FOHULFüLvQY&DW GLQDQWXUDMXOLQIOXHQWHLIDPLOLLQRELOLDUH%HUNHOH\ (VWHYRUEDGH0DVD5RWXQG /D7DEOH5RQGH XQIHOGHFRQIUHULHDFDYDOHULORUFDUH &LQHDXWRYUüLHVHPLOHJHQGDUXOXLUHJH$UWKXU VHFROXODO9,OHD
OHJDOWRWFHLFRQYLQH&DVVHHOLEHUH]HGHXQMXUPkQWVWLQJKHULWRUQX üRYLHVUHFXUJODHUHGLWDUDPHWRGD3ODQWDJHQH&LORU DEVROYLUHD SRQWLILFDO/DXUPDXUPHLRPXODFHVWDHIXULWWRWXüLGXSXQPRGHO EXQ DUHLQVWLQFWHQRELOHüLGRYHGHüWHDSWLWXGLQHDUDUODVXYHUDQLLGLQ YUHPHDDFHHDGHDSURILWDGHFHHDFHOvQYD&H[SHULHQ&D&kQGD L]EXFQLWUHYROWDEDURQLORUDvQ&HOHVFDWUHFXWWLPSXOGHVSRWLVPXOXLvQ $QJOLDüLFVLQJXUXOPLMORFGHDFRQVROLGDPRQDUKLDYDILGHDFLvQDLQWH VSULMLQLUHDHLSHQRLOHFODVHvQFUHüWHUH,UDVFLELORUJROLRVvQFS&vQDW XQHRULGXUGDUPXQFLWRURQHVWüLGHVWXOGHUD&LRQDOFDYDOHUXODFHVWD HVWHXQRPGHVWDW ,,,3HFkQGvQ)UDQ&DvQWUHDJDOHJLVOD&LHFDUHQHRFURWHüWHGDWHD]GH SHYUHPHDOXL1DSROHRQvQ$QJOLDDXüLDVW]LSXWHUHGHOHJHGDFQDX IRVWDEURJDWHVWDWXWHOHOXL(GXDUG,/DvQFHSXWXOGRPQLHLVDOH(GXDUG FDüL&XFHULWRUXORGLQLRDUDRUGRQDWRDQFKHWSHWRWFXSULQVXO UHJDWXOXLSHQWUXDüWLvQYLUWXWHDFUXLGUHSW4XR:DUUDQWRVHQLRULL SDUWLFXODULGH&LQHDXRSDUWHGLQSXWHUHDSXEOLF$QFKHWDVWkUQHüWHIXULL YLROHQWHSULQWUHQRELOL &kQGMXULüWLLUHJHOXLvLFHUFRQWHOXL:DUHQQHVDUDWHGRFXPHQWHOH VDOHHOWUDJHGLQWHDFRVDELHUXJLQLWüLUVSXQGH Å,DWKULVRYXOPHX 6WUPRüLLPHLDXYHQLWRGDWFX:LOKHOP&XFHULWRUXOüLDXOXDWvQ VWSkQLUHSPkQWXULOHORUFXDFHDVWVDELH&XDFHDVWVDELHOHYRLDSUD vPSRWULYDRULFUXLX]XUSDWRU5VSXQVVWLQJKHULWRUSHQWUXXQUHJH FDYDOHU'DU(GXDUG,üWLHGHSHDFXPFKULVRDYHOHVFULVHDXvQ$QJOLD PDLPXOWYLLWRUGHFkWGUHSWXOVDELHLüLGHDOWIHOUH]LVWHQ&DQXLGHFkW VSRUDGLF ,90XO&XPLWVWSkQLULLGHVLQHDUHJHOXLVXEGRPQLDVDQXDXIRVW FRQIOLFWHLUHPHGLDELOHFXELVHULFD'DUvQWUHSXWHUHDFLYLOüLSXWHUHD UHOLJLRDVFHUWXULOHDXIRVWQXPHURDVH QLFLRGDWvQVQDXDWLQVYLROHQ&D DFHORUDGLQWUH:LOKHOP5XIXVüL$QVHOPVDXGLQWUH+HQULFDO,,OHDüL %HFNHW&HDPDLJUDYFHDUWVDLVFDWDWXQFLFkQGSDSD%RQLIDFLXDO 9,,,OHDDLQWHU]LVFOHUXOXLvQ SULQEXOD&OHULFLVODLFRVVSOWHDVF LPSR]LWDXWRULW&LORUOXPHüWL(GXDUG,PkQLDWSHGUHSWFXYkQWDRUGR QDWVVHSXQVHFKHVWUXSHEXQXULOHELVHULFHüWLüLSHOkQDFOXJULORU &OXJULLOXDUSDUWHD5RPHL FOHUXOSDURKLLORUPDLPXOWHQJOH]GHFkW URPDQVHDUWVHQVLELOODvQYLQXLULOHDGXVHGHUHJH,QWHUYHQLRvPSFD UH$VWIHOGHGLVFX&LLDXüWLUELWvQPRGSHULFXORVSUHVWLJLXOSDSDOLW&LLvQ $QJOLD&DSWLYLWDWHDSDSLORUvQ)UDQ&D DYHDVGHDDFHVWXL
/DvQFHSXWXOVHFROXOXLDO;,9OHDSDSDOLWDWHDDF]XWVXELQIOXHQ&DPRQDUKLHL
IUDQFH]HIDSWFDUHVDHYLGHQ&LDWSULQDOHJHUHDUHSHWDWGHFDUGLQDOLIUDQFH]LvQVFDXQXO SRQWLILFDOüLSULQVWUPXWDUHDDFHVWXLDOD$YLJQRQvQVXGXO)UDQ&HL3UHFL]PFSULPXO SDSIUDQFH]DOSHULRDGHL&OHPHQW9DOHVvQüLDVWDELOLWUHüHGLQ&DOD$YLJQRQvQ
SUHVWLJLXRORYLWXUüLPDLJUDYSXQkQGXOSHSDSDODGLVFUH&LDLQDPLFX OXL ÍQFHSkQGGLQVHFROXODO;,9OHDQRXOQD&LRQDOLVPüLFDWROLFLVPXO WUDGL&LRQDOGHYHQLUJUHXGHvPSFDWvQRFKLLHQJOH]LORUüLVWDWXWXO 3URYLVRULORULQWHU]LVHRULFUXLVXSXVüLvQGHRVHELFOHUXOXLVSOWHDVF WD[HYHQLWXULVDXEHQHILFLLvQDIDUDUHJDWXOXL 9$FHDVWDvQVHPQDVVHFHL]YRUXOFHOPDLDEXQGHQWDOvQFDVULORU FDUHDOLPHQWDXWH]DXUXOSRQWLILFDO'DUHUDQHYRLHFDUHJHOHVüLDSHUH FXvQYHUüXQDUHYHQLWXULOH&KHOWXLHOLOHGHJXYHUQDUHVHPUHDXRGDWFX vQPXO&LUHDIXQF&LLORUVDOHLDUYHFKLOHLPSR]LWH DMXWRDUHIHXGDOHüLJHOG QXPDLDMXQJHDX9HQLWXULOHDGL&LRQDOHDOHUHJHOXLVXQW EDQLLGHVFXW WD[DGHUVFXPSUDUHGHVHUYLFLXOPLOLWDUFDUHQXLSOWLWIUJUHXW&L üLGLVSDUHvQ LPSR]LWXODVXSUDEXQXULORUPRELOLDUHüLIXQFLDUHFDUH VHULGLFvQJHQHUDOODDFLQFLVSUH]HFHDSDUWHOD&DUüLD]HFHDSDUWHOD RUDü vQFHSkQGGLQFLQFLVSUH]HFLPHDüL]HFLPHDYRUILIL[DWHIRUIHWDU ODWUHL]HFLüLQRXGHPLLGHOLYUH GHDFLvQDLQWHGHFkWHRULSDUODPHQWXO YDYRWDÅRFLQFLVSUH]HFLPHüLR]HFLPHDVWDYDvQVHPQDWUHL]HFLüLQRX GHPLLGHOLYUH üLvQVIkUüLWGUHSWXULOHGHLQWUDUHüLLHüLUHDPUIXULORU FXVWRPVVDXWD[HYDPDOH 'UHSWXULOHDFHVWHDVHDSOLFODLHüLUHDVXSUD OkQLLüLSLHLORUSULQFLSDOHOHSURGXVHDOHUHJDWXOXLüLODLQWUDUHDVXSUD YLQXULORU 9,(GXDUG,VHSULYHD]GHEXQYRLHGHXQDGLQPDULOHUHVXUVHDOH VWUPRüLORUVLH[SXO]kQGvQ SHWR&LHYUHLLGLQ$QJOLD(üHFXO FUXFLDGHORUDYXVHVHGUHSWFRQVHFLQ&RUHQDüWHUHDXULLSRSRUXOXL vPSRWULYDVLQJXULORUQHFUHGLQFLRüLXüRUGHUHSULPDWüLLQFDSDELOLGHDVH DSUD(UDXDFX]D&LGHWRDWHFULPHOH1RELOLPHDFDUHOHHUDvQGDWRUDW GRUHDVVFDSHDWkWGHFUHDQ&HFkWüLGHFUHGLWRUL0VXUDOXDWGHUHJHD IRVWPDLSX&LQLQXPDQGHFkWSHUVHFX&LLOHFDUHDXSUHFHGDWR(OvL DXWRUL]SHHYUHLVüLLDEXQXULOHPRELOLDUHüLSRUXQFLVILHVSkQ]XUD&L PDULQDULLFDUHLDXIXUDWVDXLDXDVDVLQDWSHSDVDJHULLORUvQWLPSXO FOWRULHLSHPDUH'XSSOHFDUHDHYUHLORUPHVHULDORUGHDGDEDQLFX vPSUXPXWDIRVWH[HUFLWDWvQ$QJOLDGHFWUHFUHüWLQLLGLQ&DKRUV FDKRUVLQLLFDUHJVLVHUXQPLMORFLQJHQLRVGHDRFROLOHJLOHELVHULFHüWL ÍPSUXPXWDXvQPRGJUDWXLWSHQWUXXQWLPSGHVWXOGHVFXUWDSRLGXS FHH[SLUDWHUPHQXOüLVXPDQXHUDGDWvQDSRLFHUHDXRLQGHPQL]D&LH SHQWUXWLPSXOVFXUVGHODGDWDFkQGXUPDVILHvQDSRLDW(FHHDFHVH FKHPDGDXQHLQWHUHVH LGTXRGLQWHUHVW&XUkQGLWDOLHQLLODUkQGXOORU
PDUWLH LDUXOWLPXOSDSGHOD$YLJQRQ*ULJRUH;,DSUVLWRUDüXOvQVHSWHPEULH UHOXkQGXüLUHüHGLQ&DOD5RPDvQLDQXDULH ([SUHVLDVDUWUDGXFHOLWHUDOSULQFHHDFHHVWHODPLMORFDGLFÅFHHDFHUHSUH]LQW GLIHUHQ&D
H[HUFLWDUPHVHULDGHEDQFKHUüL]DUDILLORPEDU]LGGXUQXPHOHORU VWU]LLXQGHvüLDYHDXFDVHOHGHVFKLPE /RPEDUG6WUHHW$SRLHQJOH]LL vQüLüLGHYHQLUPDHüWULvQFRPHU&XOGHEDQL&kQGSHYUHPHDOXL &URPZHOOHYUHLLVHvQWRDUVHUvQ$QJOLDJVLUSULQWUHFUHüWLQLULYDOL PXO&XPL&LDFURUvQJGXLQ&HUDODUJGDUDFURUFRQFXUHQ&HUDGH WHPXW ,, 25,*,1($û,'(=92/7$5($3$5/$0(178/8, ,6XEGRPQLDOXL(GXDUG,DSDUHSHQWUXSULPDRDUXQSDUODPHQW FRPSXVGLQGRX&DPHUHGDUFUHDUHDLQVWLWX&LLORUSDUODPHQWDUHQDIRVW XQDFWFRQüWLHQW%XQXOVLP&DOUHJLORUSXWHUHDEDURQLORUUH]LVWHQ&D RUüHQLORURSXVHVHUSkQDWXQFLH[SHGLHQWHVXFFHVLYHGLILFXOW&LORU QHSUHY]XWH3DUODPHQWXOVDQVFXWGLQFLRFQLUHDDFHVWRUHOHPHQWH &RQYRFDWGHUHJHFDXQLQVWUXPHQWGHJXYHUQPkQWDGHYHQLWvQFHWXOFX vQFHWXOXQLQVWUXPHQWGHFRQWUROvQPkLQLOHEDURQLORUDSRLvQDOHQD&LXQLL vQWUHJL/DRULJLQHVW0DUHOH&RQVLOLXDOVXYHUDQLORUQRUPDQ]LDFUXL XPEUPDLGüLDVW]LWkUFRDOH3DODWXOXL:HVWPLQVWHU'DFLQWUPvQ &DPHUD/RU]LORUWURQXOQHDPLQWHüWHFUHJHOHHVWHSUHüHGLQWHOHDFHVWHL DGXQUL(ORSUH]LGHD]UHDOPHQWHvQ]LXDFkQGYLQHVFLWHDVFPHVDMXO UHJDO&DQFHODUXOVHDüD]SHVDFXOGHOkQ'HFHHVWHDFROR"3HQWUXF HOFRQYRDFGLQRUGLQXOUHJHOXLDFHDVW&DPHU3HFLQHFRQYRDF" 3kQvQVHFROXODO;,9OHDGUHSWXOGHDILFKHPDWOD&RQVLOLXHVWHIRDUWH LPSUHFLVGHWHUPLQDW8QSDLUDOUHJDWXOXLHVWHOLWHUDOPHQWHYRUELQGXQ JHQWLORPFDUHDUHGUHSWXOGHDILMXGHFDWQXPDLGHHJDOLLVLGDUH[LVW PDLPXOWHPLLGHDVHPHQHDVHQLRULSHFkQGvQ&RQVLOLXOQXVH FRPSXQHDGHFkWGLQüDSWH]HFLGHPHPEULGLQWUHFDUHFLQFLFRPL&LüL üDSWHVSUH]HFHEDURQLFHLODO&LILLQGIXQF&LRQDULHFOH]LDVWLFLVDXUHJDOLÍQ IDSWUHJHOHvLFRQYRDFSHDFHLGHFDUHDUHQHYRLHFDVLFRQVXOWH ,,'HSHYUHPHDOXL6LPRQGH0RQWIRUWüLDGLVFLSROXOXLVX(GXDUG ,DLQWUDWvQX]VILHFRQVXOWD&LvQFD]XULOHPDLJUDYHQXQXPDLEDURQLL FLüLUHSUH]HQWDQ&LLÅFRPXQLW&LORU GRLFDYDOHULGHILHFDUHVKLUHFkWHGRL UHSUH]HQWDQ&LGHILHFDUHRUDüPDLLPSRUWDQW6FRSXODFHVWHLFRQYRFULHUD GXEOX SHGHRSDUWHUHJHOHvüLGGXVHVHDPDFXQLPSR]LWHUDPDLELQH SULPLWGDFFHUHDLPDLvQWkLSUHUHDFHORUFDUHWUHEXLHVOSOWHDVFSH GHDOWDQHDYkQGGLQFDX]DJUHXW&LORUGHFRPXQLFDUHQLFLXQPLMORFGH DFXQRDüWHRSLQLDSXEOLFVRFRWHDFLQHFHVDUVIDFGLQFkQGvQFkQG RH[SXQHUHFXSULYLUHODVLWXD&LDUHJDWXOXLXQRURDPHQLFDUHYHQLQGGLQ WRDWHFRPLWDWHOHHQJOH]HSXWHDXDSRLSULQLVWRULVLULOHüLUDSRDUWHOHORUV FUHH]HvQ&DUXQFOLPDWIDYRUDELO/DvQFHSXWDFHDVWPHWRGQX UHSUH]LQWXQSULYLOHJLXQRXDFRUGDWFDYDOHULORU GLPSRWULYHVWHXQ
PLMORFFRPRGGHDLVWRDUFHGHEDQLüLGHDOHIDFHLPSUHVLH8QLLFDYDOHUL vQFOLSDFkQGFRPLWDWXOvLDOHJHDvQSDUODPHQWIXJHDXGHDFHDVWFRU YRDG'HDOWIHOGHSXWD&LLFRPLWDWHORUüLDLRUDüHORUQXOXDXSDUWHvQQLFL XQIHOODGH]EDWHULOH&RQVLOLXOXL$VFXOWDXvQWFHUH8QVSHDNHU SH DWXQFLIXQF&LRQDUDOFRURDQHL FRPXQLFD&RQVLOLXOXLDVHQWLPHQWXOVDX RELHF&LLOHORU'DUIRDUWHFXUkQGVHGHSULQVHUVGLVFXWHvQWUHHLüLSHOD VIkUüLWXOVHFROXOXLOHIXDWULEXLWRVDOGHFRQVLOLXDFOXJULORUGLQ :HVWPLQVWHUFDORFGHvQWUXQLUH7UHEXLHVUHPDUFPFSULPHOHüHGLQ&H DOHUHSUH]HQWDQ&LORU&RPXQHORUVXQWVHFUHWH HOHVXQWWROHUDWHQXOHJDOH Å2ULJLQHD&DPHUHL/RU]LORUHVWHRFXUWHGHMXGHFDW RULJLQHD&DPHUHL &RPXQHORUHVWHXQFRPLWHWFODQGHVWLQ ,,,2ELFHLXOGHDFRQYRFDGLIHULWHOHÅVWULDOHXQXLUHJDW PLOLWDULL SUHR&LLüLSOHEHD SHQWUXDOHFHUHFRQVLP&PkQWXOFXSULYLUHODLPSR]LWH QXHUDvQVHFROXODO;,9OHDSURSULX$QJOLHL&DüLFRUSRUD&LLOHFDüL FRPXQHOHHOHUDSHDWXQFLRLGHHHXURSHDQ$SURDSHWR&LVXYHUDQLL WLPSXOXLUHFXUJODDFHDVWPHWRGSHQWUXDGHWHUPLQDDFFHSWDUHDWD[HORU FDUHGHYLQGLQFHvQFHPDLvPSRYUWRDUH'DUVWUXFWXUDRULJLQDOD VRFLHW&LLHQJOH]HIDFHFDSDUODPHQWXOVGHYLQvQVFXUWYUHPHFXWRWXO DOWFHYDGHFkWÅVWULOHJHQHUDOHGLQ)UDQ&DÍQ$QJOLDFDüLvQ)UDQ&D UHJHOHvQFHSHSULQDFHUHFDILHFDUHGLQFHOHWUHLVWULVüLVWDELOHDVF VLQJXUWD[HOHGDUUHQXQ&UHSHGHODDFHDVWDSHQWUXFvPSU&LUHDvQ VWULQXPDLFRUHVSXQGHUHDOLW&LORUGLQ$QJOLD D HSLVFRSLLIFHDXSDUWH GLQ0DUHOH&RQVLOLXQXvQFDOLWDWHGHHSLVFRSLFLFDPDULYDVDOLüLVHQLRUL IHXGDOL5HVWXOFOHUXOXLvQFHWGHDPDLWULPLWHUHSUH]HQWDQ&LvQSDUODPHQW 3UHR&LLSUHIHUDXVüLYRWH]HLPSR]LWHOHvQSURSULLOHORUDGXQUL &RQYRFULOHGHOD&DQWHUEXU\üLGHOD
FOHUXOXLüLJUXSDUHDODRODOWDFDYDOHULORUüLDRUüHQLORUIFXUSRVLELO IRUPDUHDXQXLSDUODPHQWFRPSXVGLQWUR&DPHUVXSHULRDUüLR &DPHULQIHULRDU*UXSDUHDODRODOWDFDYDOHULORUüLDRUüHQLORUHVWHXQ IDSWFDSLWDO(DH[SOLFGHFH$QJOLDQXVDJVLWQLFLRGDWDüDFXPDIRVW )UDQ&DvQVHFROXODO;9,,,OHDvPSU&LWvQGRXFODVHYUMPDüH∗/D RULJLQHVLVWHPXOIHXGDOHVWHDSURDSHDFHODüLvQ)UDQ&D üLvQWRDW (XURSD FDvQ$QJOLDÅ6LWXD&LD&UDQLORUVHGHRVHEHüWHSUHDSX&LQ SPkQWXOHVWHSRVHGDWRFXSDWFXOWLYDWvQDFHODüLIHO'HODJUDQL&HOH 3RORQLHLSkQOD0DUHD,UODQGHLVHQLRUXOFXUWHDGRPHQLDOGHMXGHFDW FODVHOHIHXGDOHUHJDWXOWRWXOVHDVHDPQ 'DUvQVHFROXODO;,9OHDSHFkQGvQ$QJOLDFODVHOHVHvQWUHSWUXQG vQ)UDQ&DVHULGLFREDULHUvQWUHQRELOLPHüLUHVWXO&ULL1XSHQWUXF QRELOLPHDDUILIRVWvQ$QJOLDRFODVGHVFKLVLDUvQ)UDQ&DvQFKLVDüD FXPVDVFULVDGHVHRUL1LFLRFODVQDIRVWPDLGHVFKLVGHFkWQRELOLPHD IUDQFH]1XPHURDVHIXQF&LLvQQRELODXSHFHLFDUHOHFXPSUDX1XPDL FGDFDFHDVWEDULHUHUDXüRUGHWUHFXWÅHDHUDVWDELOYL]LELO PDUFDWGHVHPQHSUHDHYLGHQWHRGLRDVSHQWUXDFHODFDUHUPkQHD DIDUÍQ)UDQ&DQRELOLPHDHUDVFXWLWGHLPSR]LWH)LXOXQXLJHQWLORP HUDJHQWLORPGHGUHSWÍQ$QJOLDQXPDLEDURQXOSURSULHWDUDOXQHL EDURQLLüHIGHIDPLOLHDYHDGUHSWXOGHDILFKHPDWOD&DPHUD/RU]LORU SULQWURFRQYRFDUHLQGLYLGXDO∗)LXOVXDYHDOLEHUWDWHDVLQWUHvQ &DPHUD&RPXQHORUFDVUHSUH]LQWHFRPLWDWXOVXüLFXUkQGVROLFLW DFHDVWRQRDUH'UHSWXOGHSULPRJHQLWXUüLOHJLVOD&LDOXL(GXDUG,FX SULYLUHODÅGRPHQLLOHvPSU&LWHOVDUODYRLDvQWkPSOULLPLLGHPH]LQL Å'DFFODVHOHGHPLMORFGLQ$QJOLDGHSDUWHGHDVHU]ERLFXDULVWRFUD&LD LDXUPDVDWkWGHSURIXQGDWDüDWHDFHDVWDQXVDGDWRUDWIDSWXOXLF DULVWRFUD&LDHUDRFODVGHVFKLVFLPDLFXUkQGGLQSULFLQDIRUPHLVDOH QHGHILQLWHüLDQHFXQRDüWHULLOLPLWHORUVDOH QXDWkWSHQWUXFVHSXWHD XüRULQWUDvQUkQGXULOHHLFLSHQWUXFQXVHüWLDQLFLRGDWFkQGIFHDL SDUWHGLQHDÍQ$QJOLDDH[LVWDWPDLFXUkQGRDULVWRFUD&LHGHIXQF&LXQL GHFkWXQDGHQDüWHUHGHXQGHSUHVWLJLXOFDUHVHDFRUGvQFüLDVW]L VHUYLFLLORUSXEOLFH 9'DFUHJLL$QJOLHLVDUILJkQGLWFEDURQLLFDYDOHULLüLRUüHQLL FKHPD&LDIDFHSDUWHGLQGRXDGXQULYRUGHYHQLRIRU&FDUHFX
$ILUPD&LDDXWRUXOXLWUHEXLHDPHQGDWvQVHQVXOFvQ$QJOLDQXVDXIRUPDWÅVWUL VRFLDOHYUMPDüHDüDFXPDXIRVWvQ)UDQ&DFOHUXOQRELOLPHDüLVWDUHDDWUHLDvQDMXQXO UHYROX&LHLGLQ 'DUÅFODVHVRFLDOHYUMPDüHDQWDJRQLVWHDXH[LVWDWüLvQ$QJOLD ûLWRWXüLDGHYUXOHVWHFQRELOLPHDIUDQFH]DIRVWRFODVPXOWPDLÅvQFKLVGHFkW FHDHQJOH]6LVWHPXOvQQRELOULLSULQFXPSUDUHGHPRüLLVDXGHIXQF&LLVDGH]YROWDWvQ )UDQ&DQXPDLFDPGHSULQVHFROHOH;9,;9,,'DUüLDWXQFLEDULHUDvQQRELOULLQXHUD ÅXüRUGHWUHFXWGHFkWSHQWUXSHUVRDQHOHIRDUWHDYXWHLDUGLQSDUWHDQRELOLPLLGHVkQJH DSHUVLVWDWXQUHVHQWLPHQWüLFKLDURDQXPHGLVFULPLQDUHvPSRWULYDDFHVWRUQRELOLGH RULJLQHUHFHQW ∗ 3ULPDEDURQLHFRQIHULQGXQDVHPHQHDGUHSWDIRVWFUHDWvQ 3RZLFNH QD ∗
vQFHWXODYHDVDFDSDUH]HWRDWHSUHURJDWLYHOHUHJDOHFXWRWXODOWDDUIL IRVWGHVLJXUSROLWLFDORU6HSRWFRQFHSHPDQHYUHFDUHDUILVOELWüL SRDWHvQEXüLWSDUODPHQWXOvQFGHODQDüWHUHDVD5HJLL)UDQ&HLD&k&kQG FHOHWUHLVWULXQDvPSRWULYDFHORUODOWHFRQYRFkQGVWULOHSURYLQFLDOHvQ VIkUüLWLQVWLWXLQGRDUPDWSHUPDQHQWüLXQELUSHUPDQHQWWDOOLD LPSR]LWQHFRQVLP&LW YRUHGLILFDvQWUHLVHFROHRPRQDUKLHPXOWPDL LQGHSHQGHQWID&GHQD&LXQHGHFkWvQ$QJOLD'DUQLFLUHJLL)UDQ&HLQLFL SDUODPHQWHOHHQJOH]HQXIXUHDXvQPRGFRQüWLHQWYLLWRUXO1XPDL GHVWLQXOLDvPSLQVSHGUXPXULGLIHULWH&XPDUILSXWXW(GXDUG,V SUHYDGSXWHUHDGHPDLWkU]LXDSDUODPHQWXOXL"3HQWUXFDDFHVWDV GHYLQULYDOXOUHJHOXLWUHEXLDVRE&LQ QXQXPDLGUHSWXOGHDYRWD LPSR]LWHOHFLüLFRQWUROXOIRORVLULLORU GUHSWXOGHDIDFHOHJLGUHSWFDUH SHYUHPHDOXL(GXDUG,QXDSDU&LQHDGHFkWUHJHOXL &DPHUD&RPXQHORU QXSXWHDGHFkWVSUH]LQWHSHWL&LL GUHSWXOGHDFRQGXFHSROLWLFDJH QHUDOD&ULLLGHHFDUHLVDUILSUXWGHQHFRQFHSXWRULFUXLPHPEUXDO SDUODPHQWXOXLGLQ3ROLWLFDHUDRWUHDEDUHJHOXLGHFDUHQXPDLHO UVSXQGHD2UFXPUHJHOHHUDLQYLRODELOüLQXSXWHDILSXVVXEDFX]DUH XQFRQIOLFWvQWUHSDUODPHQWüLFRURDQQXFRPSRUWDDOWVROX&LHGHFkW UHYRFDUHDSDUODPHQWXOXLVDXGHWURQDUHDUHJHOXLDGLFDQDUKLD9D WUHEXLSHQWUXDLHüLGLQDFHVWLPSDVVVHQVFRFHDVFILF&LXQHD UHVSRQVDELOLW&LLPLQLVWHULDOH'DURDPHQLLQXYRUDMXQJHODDFHDVW FRPSOLFDWLGHHGHFkWvQHWDSH3ULPDVDIRUPYDILMXGLFLDUüLQX SROLWLF YDILSXQHUHDVXEDFX]DUHDPLQLüWULORUGHFWUH&DPHUD &RPXQHORUvQID&D&DPHUHL/RU]LORUFDUHvQGHSOLQHüWHIXQF&LDGHÍQDOW &XUWHGH-XVWL&LHDüDFDvQYUHPXULOHGHvQFHSXWDOH0DUHOXL&RQVLOLX $FHDVWIRUPUXGLPHQWDUüLEUXWDUHVSRQVDELOLW&LLPLQLVWHULDOHVHYD QXPLLPSHDFKPHQW DGLFDFX]DUH ,PSHDFKPHQWXOüLIRUPDVDDJUDYDW DWWDLQGHUXO OHJHGHFRQGDPQDUHYRWDWGH&DPHUIUDVHDFRUGD DFX]DWXOXLEHQHILFLXOIRUPHORUMXGLFLDUH YRUILPVXULFUXGHDGHVHD QHGUHSWHGDUSRDWHFDWXQFLHUDPDLPLFSHULFROXOGHDSHGHSVLSHQH GUHSWXQPLQLVWUXGHFkWDFHODGHDGHWURQDSHGUHSWXQUHJH ,,, ('8$5',û,&(/%,,&8&(5,5($%5,,*$/,/25 Í1)5Ç1*(5($',16&2%,$('8$5'$/,,/($ ,'XSFXP(GXDUG,HVWHSULPXOGLQWUH3ODQWDJHQH&LFDUHSRDUW XQQXPHHQJOH]HVFWRWDVWIHOHOHVWHüLSULPXOFDUHvQFHDUFV GHVYkUüHDVFFXFHULUHD,QVXOHORU%ULWDQLFH$IRVWSUHJWLWSHQWUX DFHDVWPLVLXQHvQFGLQDGROHVFHQ&ÍQWDWOVXvLGGXVH ,UODQGDFRPLWDWXOGH&KHVWHU ODIUXQWDULLOHJDOLFH SPkQWXULOHUHJHOXL GLQ%DUD*DOLORULQVXOHOHDQJORQRUPDQGHüL*DVFRQLD8QGDUPDLSX&LQ JHQHURVGHFkWSDUH'HFkQGFHO&LLUHVSLQüLGHVD[RQLVHUHIXJLDVHUSH FROLQHOHGLQ%DUD*DOLORUüLGLQ6FR&LDvüLPHQ&LQXVHULQGHSHQGHQ&DüL
FRQWLQXDVHUFHUWXULOHORULQWHVWLQH5HJLLVD[RQLVIkUüLVHUSULQDDGRSWD vQSULYLQ&DORUPHWRGDSDVLYDvPSUDWXOXL+DGULDQDFHHDD]LGXOXLGH DSUDUHüLXQXOGLQHLFRQVWUXLVH SULQ GLJXOOXL2IIDSHQWUXFDGH ELQHGHUXVSXQVWDYLOPXQWHQLORUJDOLÍQWLPSXOFXFHULULL DYHQWXULHULQRUPDQ]LvüLFUHDVHUQLüWHGRPHQLLvQYLOH%ULL*DOLORU ULGLFDVHUQLüWHÅPRYLOHFRQVWUXLVHUQLüWHGRQMRDQHüLWULEXULOH GLVLGHQWHVHUHIXJLDVHUSHFROLQH(OHvüLSVWUDXDFROROLPEDüL PRUDYXULOH3RH]LDPX]LFDüLRFXSD&LDVWULQGGXUQDüWHUHXQXL VHQWLPHQWQD&LRQDOvQVXIOHWXOJDOLORUÍQPDVLYXOPXQWRVGLQ6QRZGRQ WULEXULOHVHXQLVHUVXEFRQGXFHUHDXQXLVHQLRUJDO/O\ZHO\QDE ,RUZHUWKFDUHVHLQWLWXOSULQ&XOJDOLORU)RDUWHDELOHODüWLXWVMRDFH GXEOXOUROGHSULQ&QD&LRQDOüLVHQLRUIHXGDOHQJOH]ÍLVXV&LQXVHSHEDURQL SHYUHPHD0DULL&DUWHüLüLDVLJXUDVHDVWIHOVSULMLQXOORU1HSRWXOVX /O\ZHO\QDE*UXII\G DGRSWDVHDFHHDüLDWLWXGLQHSHYUHPHD OXL6LPRQGH0RQWIRUWFRQWULEXLQGGLQSOLQODYLFWRULDGHOD/HZHVÍQ ]DGDUvQFHUFDVH(GXDUGSHYUHPHDFkQGQXHUDGHFkWORUGXO(GXDUGüL FRPLWHGH&KHVWHUVLPSXQJDOH]LORUFXWXPHOHHQJOH]H HLVH UHYROWDVHUüLOvQYLQVHU7kQUXO(GXDUGLHüLUXLQDWGLQDFHOU]ERLGDU IFXVHFXQRüWLQ&FXPHWRGHOHGHOXSWDOHJDOH]LORUFXQRVFXVHYDORDUHD DUFDüLORUORUvQDUPD&LFXDUFXULOXQJLGHRIRU&üLRSWUXQGHUHPXOW PDLPDULGHFkWDUFXULOHRELüQXLWHüLLPSRVLELOLWDWHDGHDIRORVLvPSRWULYD ORUFDYDOHULDIHXGDOSHFDUHVJH&LOHORURSXQHDXSHIXJ$WkWHDOHF&LL GHFDUHDYHDVüLDPLQWHDVF ,,7DWOVX+HQULFDO,,,OHDvLGGXVHRGDWFXFRPLWDWXOGH &KHVWHUüL,UODQGDGDUDLFLRULFHDYHQWXUPLOLWDUSUHD]DGDUQLF ,UODQGDRGLQLRDUOHDJQXOVILQ&LORUIXVHVHvQSDUWHFXFHULWGHOD FUHüWLQLLFHO&LGHFWUHGDQH]LGDUDFHüWLDQXRFXSDVHUGHFkWSRUWXULOH UVULWHQHüLWULEXULOHFHOWLFHFRQWLQXDVHUvQLQWHULRUXO&ULLYHQGHWHOH ORUÍQSHULRDGDvQFDUHELVHULFDLUODQGH]vQFHWDVHVDSDU&LQELVHULFLL URPDQHLQVXODVHvQVWULQDVHFXWRWXOGHLVWRULD(XURSHL(DWULVHvQ PDUJLQHDOXPLL+HQULFDO,,OHDSHYUHPHDFkQGvQFHUFDVRE&LQGXS XFLGHUHDOXL%HFNHWLHUWDUHDSDSHLvOWULPLVHVHvQ,UODQGDSH5LFKDUGGH &ODUHFRPLWHGH3HPEURNHVXSUDQXPLW6WURQJERZ'DUQRUPDQ]LLQXVH SXWXVHUVWDELOLDFRORFDüLvQ%DUD*DOLORUGHDOWIHOGHFkWODDGSRVWXO FDVWHOHORUORUÍQMXUXORUDüXOXL'XEOLQVHvQWLQGHDRPLF]RQHQJOH] FDUHVHQXPHD3DOH'LQFRORGHHDHQJOH]LLQXDYHDXQLFLRLQIOXHQ&üL EDURQLLQRUPDQ]LFDUHSRVHGDXFDVWHOHvQDIDUD]RQHLGXSFkWHYD JHQHUD&LLDXDGRSWDWOLPEDüLPRUDYXULOHLUODQGH]LORU$FHüWLEDURQLFDUH VHEXFXUDXDFRORGHGUHSWXULVXYHUDQHQXPDLYHGHDXFXRFKLEXQLFD üLWULEXULOHLQGLJHQHVRVLUHDDUPDWHLHQJOH]HÍQGUHSWHLUHFXQRüWHDX VX]HUDQLWDWHDUHJHOXL$QJOLHL vQIDSWPHQ&LQHDXXQUHJLPGHDQDUKLH IHXGDOÅ$QJOLDVHGRYHGLVHSUHDVODESHQWUXDFXFHULüLJXYHUQD 3DOHKRWDUHOLPLWH
,UODQGDGDUGHVWXOGHSXWHUQLFSHQWUXDRvPSLHGLFDVvQYH&HDVH JXYHUQDVLQJXU ,,,&kQG(GXDUGGHYHQLUHJHJDOH]XO/O\ZHO\QIFXJUHüHDODGHD FUHGHFYDSXWHDFRQWLQXDVMRDFHvQ$QJOLDUROXOGHDUELWUXvQWUH VXYHUDQüLEDURQL(GXDUG,QXHUD+HQULFDO,,,OHDüLVHSOLFWLVLUHSHGHGH VIRUULLOHJDOH]XOXLÍQSUHJWLRH[SHGL&LHvQ%DUD*DOLORUSHFDUHR FRQGXVHHOvQVXüL6HWLDUGUXPXULODUJLSULQSGXUL FHOH&LQFLSRUWXUL IXUQL]DURIORWFDUHVHvQüLUXLGHDOXQJXOFRDVWHL&LQkQGRVWUkQV OHJWXUFXDUPDWDüLDVLJXUkQGDSURYL]LRQDUHDHL/O\ZHO\QIUDWHOHVX 'DYLGüLSDUWL]DQLLVLvPSUHVXUD&LSHPDVLYXO6QRZGRQWUHEXLUVVH VXSXQFkQGVHOVLDUQD5HJHOH(GXDUGvQFHUFDWXQFLRSROLWLFGH SDFLILFDUH vLWUDWSH/O\ZHO\QüL'DYLGFXJHQHUR]LWDWHüLFKLDUFXFLQVWH $SRLvQFHSXVDGPLQLVWUH]H%DUD*DOLORUGXSVLVWHPXOHQJOH]ÍQILLQ& FRPLWDWHFXU&LüLWULPLVHDFRORMXGHFWRULLWLQHUDQ&LFDUHWUHEXLDXV DSOLFH&RPPRQ/DZ*DOH]LLSURWHVWDU HL&LQHDXODYHFKLOHORUGDWLQL (GXDUGVSLULWSHFkWGHKRWUkWSHDWkWGHvQJXVWQXYRLVWROHUH]H X]DQ&HSHFDUHOHFRQVLGHUDEDUEDUHÍüLPHQ&LQXOHJLOH8UPRUVFRDO /O\ZHO\QüL'DYLGvüLFOFDUMXUPkQWXO5HJHOHQHvQGXSOHFDWID&GH RULFLQHQXUHVSHFWDXQSDFWOXSWvPSRWULYDORUGHDVWGDWSkQOD PRDUWH/O\ZHO\QIXXFLVvQWUREWOLH 'DYLGIXVSkQ]XUDWUXSWvQSDWUX üLVIkUWHFDWÍQUHJHOHvLGGXILXOXLVX(GXDUGQVFXWvQ%DUD *DOLORUüLFUHVFXWGHRERQJDOH]WLWOXOGH3ULQ&GH:DOHVGHYHQLWGH DWXQFLWLWXODWXUDILXOXLFHOPDLYkUVWQLFDOUHJLORU$QJOLHL&XWRDWHFGLQ DFHOPRPHQWDXIRVWLQWURGXVHOHJLOHüLFXWXPHOHHQJOH]HSULQFLSDWXO UPDVHvQDIDUDUHJDWXOXLüLQXWULPLWHDGHSXWD&LvQSDUODPHQW$ELDvQ VHFROXO;9,OHD+HQULFDO9,,,OHDIFXGLQ$QJOLDüL%DUD*DOLORUXQUHJDW XQLF $FWXOGHXQLUH ,9ÍQYLQJWRUDOFHO&LORUGLQ%DUD*DOLORU(GXDUG,QXUHXüLVLDV YLFWRULRVvQOXSWDVDvPSRWULYDFHO&LORUGLQ6FR&LD$FRORVHLQVWLWXLVHR PRQDUKLHIHXGDOODXQQLYHOGHFLYLOL]D&LHDQDORJFXFLYLOL]D&LDDQJOR QRUPDQG2vQWUHDJSURYLQFLHVFR&LDQ /RWKLDQ HUDSRSXODWGH HQJOH]L PXO&LEDURQLDYHDXGRPHQLLGHRSDUWHüLGHDOWDDIURQWLHUHL R IX]LXQHSUHDGHVWXOGHXüRDU'XSFHPXULUHJHOH6FR&LHLQHOVkQGFD XUPDüGHFkWRIHWL&FDUHORFXLDvQ1RUYHJLD(GXDUGIFXRSURSXQHUH IRDUWHvQ&HOHDSW VRLDvQFVWRULHILXOVXFHHDFHDUILGXVODXQLUHD FHORUGRXUHJDWH,GHHDSUHDDILDFFHSWDWGHFHDPDLPDUHSDUWHD VFR&LHQLORUüL(GXDUGWULPLVHRFRUDELHvQ1RUYHJLDFDVRDGXFSH SULQ&HV3HQWUXDRGLVWUDSHÅIDWDGLQ1RUYHJLDvQWLPSXOFOWRULHLSH PDUHVHSUHJWLVHUSHQDYDOXQHJKLPELUVPRFKLQHWXUWGXOFHGDU JLQJDüDFRSLOQHSXWkQGVXSRUWDJUHOHOHFRQGL&LLDOHWUHFHULLPULLPXUL SHGUXPüLPDULLVHQLRULVFR&LHQLvQFHSXUGHvQGDWVüLGLVSXWH FRURDQD'RLGLQWUHHL-RKQ%DOOLROüL5REHUW%UXFHDPELLvQUXGL&LFX
IDPLOLDUHJDOüLDPELLGHRULJLQHIUDQFH]SUHDXDILGHRSRWULYGH vQGUHSW&L&L(GXDUGDOHVFDDUELWUXDWULEXLUHJDWXOOXL-RKQ%DOOLROFDUH IXvQFRURQDWOD6FRQH'DUUHJHOH$QJOLHLvPEWDWGHIDSWXOFVDUHFXUV ODDXWRULWDWHDOXLFHUXQRXOXLUHJHüLQRELOLORUVFR&LHQLVOUHFXQRDVF GUHSWVX]HUDQ 96FR&LHQLLFUH]XVHUFRDVHPHQHDVX]HUDQLWDWHYDUPkQHSXU IRUPDO&kQG(GXDUGDQXQ&FXQvPSULFLQDWDFUXLFHUHUHDIRVW UHVSLQVGHRFXUWHVFR&LDQYDSXWHDvQYLLWRUVIDFDSHOODWULEXQDOHOH HQJOH]H-RKQ%DOOLROLQWUvQDOLDQ&FXUHJHOH)UDQ&HLDGYHUVDUDOOXL (GXDUGGLQSULFLQD*DVFRQLHLüLLFRPXQLFUHJHOXL$QJOLHLÅQHvQFUHGHUHD VDUHIX]kQGVUVSXQGODRFKHPDUHDVX]HUDQXOXLVXÅ$IFXW VPLQWLWXOQHEXQLDDVWD"vQWUHE(GXDUG'DFQXYLQHODPLQHYRP PHUJHQRLODHOÍQWUDGHYUDLQWUDWvQ6FR&LDODIFXWSUL]RQLHUSH %DOOLRODOXDWFXHOSLDWUDVIkQWGLQ6FRQHGHVSUHFDUHVHVSXQHDFH SUWLFLFGLQVWkOSXOSHFDUHVDXF&UDWvQJHULLOXL,DFREüLDSXVVR vQFUXVWH]HvQWUXQMLO&FDUHDYHDVVHUYHDVFGHDWXQFLGUHSWWURQSHQWUX vQFRURQDUHDUHJLORU$QJOLHL 9,(GXDUG,GXSFHUHSXUWDRYLFWRULHvQFHSHDWRWGHDXQDSULQDüL DUWDPULQLPLD0DLvQWkLDüDFXPIFXVHüLvQ%DUD*DOLORULPSXVH 6FR&LHLDFHOHOHJLHQJOH]HFDUHLHUDXGUDJLüLSHFDUHOHDGPLUD6HL]ELGH RUH]LVWHQ&QHDüWHSWDWQXGLQSDUWHDEDURQLORUFLDSRSRUXOXLVFR&LDQ FDUHVXEFRQGXFHUHDXQXLFDYDOHU:LOOLDP:DOODFHVHUVFXOÍQ]DGDU LHüL(GXDUGvQYLQJWRUOD)DONLUNvQ]DGDUSXVHGHLVSkQ]XUSHWR&L SUL]RQLHULLüLSH:DOODFHvQVXüLvQ]DGDUGHYDVWFRPSOHWUHJLXQHDGHOD IURQWLHUvQFkWRSUHVFKLPEvQWUXQGHüHUW3HYUHPXULvQFURPDQLL IXVHVHUVLOL&LVUHFXQRDVFFRYLFWRULHvQ6FR&LDHUDvQWRWGHDXQD SUHOXGLXOvQIUkQJHULL/LQLLOHGHFRPXQLFD&LHHUDXSUHDOXQJLFOLPDSUHD DVSU&DUDSUHDVUDFÍQFURQLFLOHOXL)URLVVDUWVHvQWUHYGDFHVWH ODPHQWDELOHFDYDOFDGHDOHDUPDWHLHQJOH]HÅWRDW]LXDSULQPXQ&LüL SXVWLHW&LVOEDWLFHIUDJVLYUHXQGUXPFUDUHVDXSRWHFüLIUD vQWkOQLYUHXQRUDüQLFLFDVQLFLFROLEüLvQWDEUDFHDODOWU]ERLQLFLL VFR&LHQLÅFUkQFHQLvQGU]QH&LüLYLJXURüLUH]LVWHQ&LODRERVHDOIU FRQYRDLHPLOLWDUHüLDWkWGHFXPSWD&LFVHPXO&XPHVFGUHSWRULFH SURYL]LHFXRGHVDJGHILQGHRY]ÍQ(GXDUGVHFUH]XVWSkQXO vQWUHJLL&ULvQ5REHUW%UXFHUVFXOGLQQRX6FR&LDüLIXvQFRURQDW OD6FRQH
$OX]LHODXQHSLVRGGLQ9HFKLXOWHVWDPHQWYLVXOOXL,DFREvQ&DUWHDJHQH]HL
-HDQ)URLVVDUW QSHODPGXS FHOHEUXFURQLFDUIUDQFH]FDUHD
GHVFULVOXPHDIHXGDORFFLGHQWDOGLQVHFROXODO;,9OHD$IFXWPDLPXOWHFOWRULLGH GXUDWvQ$QJOLD
9,,5HJHOH$QJOLHLHUDEWUkQLQILUPGDUMXUvQWUXQVWUDQLX MXUPkQWPLVWLFÅvQDLQWHD'RPQXOXLüLD/HEHGHORUV]GUREHDVF UHYROWDVFR&LHQLORUüLGDFLHVHvQYLQJWRUVQXPDLLDQLFLRGDWDUPHOH vPSRWULYDFUHüWLQLORUVVHGXFvQ%DUDVIkQWüLVPRDUDFROR $FHDVWXOWLPFDPSDQLHGLQ6FR&LDvLSXVHFDSWYLH&LL3HSDWXOGH PRDUWHvüLOXUPDVEXQGHODILLLVL/HFHUXFDRVXWGHFDYDOHULVO GXFLQLPDvQ%DUDVIkQWVQXLILHvQPRUPkQWDWWUXSXOvQDLQWHGH vQIUkQJHUHDVFR&LHQLORUüLRDVHOHVLILHSXUWDWHvQIUXQWHDEWOLHLDVWIHO FDPRUWILLQGVüLGXFDUPDWHOHODYLFWRULHFDüLvQYLD&(OvQVXüL FRPSXVHLQVFULS&LDSHFDUHGRUHDVRYDGJUDYDWSHPRUPkQWXOVX (GXDUGXV3ULPXV6FRWRUXP0DOOHXVKLFHVW3DFWXPVHUYD 9,,,3DFWXPVHUYD1LFLFkQGYUHXQMXUPkQWQXIXPDLSX&LQ UHVSHFWDWGHFkWMXUPkQWXODFHVWXLILXID&GHWDWOVX(GXDUGDO,,OHD UHQXQ&LPHGLDWODFXFHULUHD6FR&LHLüLFkQGIXFRQVWUkQVGHHYHQLPHQWH VUHLDOXSWDvPSRWULYDHLIXEWXWOD%DQQRFNEXUQ (UDXQ EUEDWFLXGDWYLJXURVüLHIHPLQDWWRWRGDW6HvQFRQMXUDGHIDYRUL&LGHD GUHSWXOXOXLWRUL JUMGDULWLQHULPHVHULDüLüLLXEHDPDLDOHVSHXQ JDVFRQ3LHUUH*DYHVWRQDOHFUXLJOXPHH[DVSHUDXFXUWHDWRWDWkWFkWvO DPX]DXSHUHJH(GXDUGDO,,OHDQXVHLQWHUHVDGHORFGHWUHEXULOH UHJDWXOXLQHDYkQGvQFOLQD&LLGHFkWVSUHPXQFDPDQXDOüLPX]LF'XS FHVHFVWRULvüLSUVLvQGDWVR&LDÅSHQWUXSULHWHQXOVX3LHUUH6H üWLDHOvQVXüLDWkWGHIULFRVvQFkWFHUXVILHvQWUHEDWSDSDGDFDUILXQ SFDWVVHIUHFHSHFRUSFXXQXOHLFDUHGFXUDMÍQFHOHGLQXUP PkQLDEDURQLORUGHYHQLDWkWGHSXWHUQLFvQFkWvOXFLVHUSH*DYHVWRQ (SLVFRSXOGH+HUHIRUG&LQXRSUHGLFSHWH[WXO Å/DFDSDPGXUHUHD HSLVFRSXOGH2[IRUGOXGUHSWWHPWH[WXO*HQH]HL Å9RLSXQHYUMPüLD vQWUHWLQHüL)HPHLHüLHDv&LYD]GURELFDSXO(YHQLPHQWHOHFRQILUPDU SURIH&LD5HJLQDFDUHüLOXDVHXQDPDQWSH0RUWLPHUVHSXVHvQIUXQWHD XQHLUVFRDOHvPSRWULYDVR&XOXLHLvOIFXSUL]RQLHUüLSDUODPHQWXORE&LQX GHOD(GXDUGDO,,OHDVUHQXQ&HODFRURDQvQIDYRDUHDILXOXLVXFDUH IXSURFODPDWUHJHVXEQXPHOHGH(GXDUGDO,,,OHD&kWGHVSUHUHJHOH GHWURQDWDFHVWDPXULvQFKLQXULJURD]QLFH3D]QLFLLvOVWUSXQVHUFXXQ ILHUvQURüLW 9UHPHGHFk&LYDDQLSXWHUHDUHDOIXH[HUFLWDWGH UHJLQDPDPüLGH0RUWLPHU'DUWkQUXO(GXDUGDO,,,OHDHUDDOWIHOGH RPGHFkWWDWOVX FXUkQGVHUHYROWvPSRWULYDWLUDQLHLOXL0RUWLPHU SRUXQFLVILHDUHVWDWüLXFLV 'XSFDUHVHVWUGXLVILHXQUHJH SXWHUQLFDüDFXPIXVHVHEXQLFXOVX(GXDUG, $LFL]DFH(GXDUGvQWkLXOVI UkPWRUXOVFR&LHQLORU3VWUHD]&LOHJPkQWXO
,9 5=%2,8/'(2687'($1, 35,0$3$57( ,ÍQWUH)UDQ&DüL$QJOLDXQU]ERLGHFLVLYGHYHQLVHDSURDSH LQHYLWDELO&DUDFWHUXOvQWkPSOWRUDOPRüWHQLULORUIHXGDOHGXFHDODR vQFUXFLüDUHGHGHVWLQHüLWHULWRULL5HJHOH$QJOLHL GHDOWIHOSHMXPWDWH IUDQFH] GH&LQHDvQPRGOHJDO*X\HQQHüL*DVFRQLDFDUHHUDXQHFHVDUH UHJHOXL)UDQ&HLSHQWUXvPSOLQLUHDWHULWRULDODUHJDWXOXLVX5HJHOH IUDQFH]VSULMLQHDvPSRWULYDUHJHOXL$QJOLHL6FR&LDSHFDUHDFHVWDWUHEXLD VRFXFHUHDVFSHQWUXDVHVLP&LvQVLJXUDQ&SHLQVXODVD1LFLXQD GLQWUHFHOHGRXVLWXD&LLQXPDLSXWHDGXUD6HDILUPvQGHREüWHF SULFLQDLPHGLDWDFRQIOLFWXOXLDIRVWFDQGLGDWXUDODWURQXO)UDQ&HLDOXL (GXDUGDO,,,OHDILXOOXL(GXDUGDO,,OHDüLDO,VDEHOHLGH)UDQ&DüLSULQ XUPDUHQHSRWXOOXL)LOLSFHO)UXPRV1XHVWHH[DFW(DGHYUDWFGDF MXULüWLLIUDQFH]LDUILDGPLVDüDFXPIFXVHUGHQHQXPUDWHRULHQJOH]LL VXFFHVLXQHDODWURQvQOLQLHIHPLQLQWLWOXULOHOXL(GXDUGODFRURDQD )UDQ&HLDUILDYXWDFHHDüLYDORDUHFDWLWOXULOHOXL&DUROGH(YUHX[DOW QHSRWDOOXL)LOLSDO,9OHDSULQ,RDQDGH1DYDUUD'DUFkQGVXE SUHWH[WXOGHDDSOLFDRYHFKHOHJHDIUDQFLORUQXPLWOHJHDVDOLFMXULüWLL LDXvQGHSUWDWSHFHLGRLSUHWHQGHQ&LüLODXDOHVSHFHOPDLDSURSLDW PRüWHQLWRUvQOLQLHPDVFXOLQSH)LOLSGH9DORLVILXOXQXLIUDWHDOOXL )LOLSDO,9OHD(GXDUGDO,,,OHDVDJkQGLWDWkWGHSX&LQVGHFODUHU]ERL SHQWUXDüLDSUDGUHSWXULOHvQFkWDDFFHSWDWVYLQOD$PLHQVVL SUHVWH]HULYDOXOXLVXRPDJLXSHQWUX*DVFRQLDûLDIFXWRFRQWUDU X]DQ&HORUIHXGDOHFXFRURDQDSHFDSüLSXUWkQGRPDQWLHGHFDWLIHD VWDFRMLHEURGDWFXOHRSDU]LGHDXU GDU)LOLSVHPXO&XPLVSURWHVWH]H GHIRUPLDU(GXDUGVDvQWRUVvQ$QJOLDPXO&XPLWGHRQRUXULOHFDUHLV DXDGXVÍQDFRQILUPDWSULQWURVFULVRDUHSDWHQWRPDJLXOVX GLUHFW ,,'DFvQüLDDVXPDWWLWOXOGHUHJHDO)UDQ&HLüLDSXVSH EOD]RQXOVXFULQLL)UDQ&HLDOWXULGHOHRSDU]LL$QJOLHLDIFXWROD FHUHUHDRUüHQLORUGLQ)ODQGUD,DWGHFH SULQFLSDOXOSURGXVDO$QJOLHL HUDOkQD SULQFLSDODRFXSD&LHDIODPDQ]LORUHUD&HVXWXOüLDSUHWDWXO VWRIHORU$QJOLDDJULFROüL)ODQGUDPDQXIDFWXULHUWULDXvQVLPELR] ÍQGDWFHUHJHOH)UDQ&HLSUXVUkYQHDVFOD)ODQGUDüLvLLPSXVHXQ
6FULVRDUHDSDWHQWVHWULPLWHDGHVWLQDWDUXOXLvQIRUPGHVFKLV GHRDUHFHFXSULQGHDRFRPXQLFDUHGHLQWHUHVSXEOLFVDXvQRULFHFD] IUFDUDFWHUFRQILGHQ&LDO&RPXQLFULOHFXFDUDFWHUSHUVRQDOüLVHFUHWVH WULPLWHDXGLPSRWULYVXEIRUPGHVFULVRULvQFKLVH OLWWHUDHFODXVDH
2PDJLXGLUHFWVDXSULQFLSDO vQOLPEDIUDQFH]KRPPDJHOLJH DFWXOGHRPDJLXFDUH
FRPSRUWDWRWDOLWDWHDREOLJD&LLORUYDVDOLFHüLSHGHDVXSUDSULRULWDUHID&GHDOWHREOLJD&LL VLPLODUHFWUHXQHYHQWXDODOWVX]HUDQ
FRPLWHIUDQFH]QHJXVWRULLHQJOH]LVHDJLWDUÅ(UDYRUED VFULD0LFKHOHW SHQWUXUHJHGHVXFFHVLXQHD)UDQ&HL SHQWUXSRSRUGHOLEHUWDWHD FRPHU&XOXL$GXQDWvQMXUXO6DFXOXLFXOkQ&DPHUD&RPXQHORUYRW FXGUDJLQLPDUPDWH$PHVWHFXOGHLQGXVWULDOLVPüLFDYDOHULVPG vQWUHJLLDFHVWHLLVWRULLXQDVSHFWEL]DU0kQGUXO(GXDUGDO,,,OHDFDUHOD 0DVD5RWXQGVDOHJDWSULQMXUPkQWVFXFHUHDVF)UDQ&DFDüL DFHDVWWDJPGHFDYDOHULGHDGUHSWXOQHEXQFDUHvQXUPDXQXL OHJPkQWSRDUWXQRFKLDFRSHULWFXSRVWDYURüXQXHVWHWRWXüLDWkWGH QHEXQFDVOXSWHSHFKHOWXLDODVD&DQGRDUHDFUXFLDGHORU&LQHGHDOW HSRF FDYDOHULLGHDFXPVXQWGHIDSWFRPLVYRLDMRULLQHJXVWRULORUGLQ /RQGUDüL*DQG 'DUQHJXVWRULLGLQ*DQGH]LWDXVGHFODUHU]ERLUHJHOXL)UDQ&HL VX]HUDQXOORUIUPkQWD&LGHVFUXSXOHFXDWkWPDLPDULFXFkWVH DQJDMDVHUVSOWHDVFGRXPLOLRDQHGHIORULQLSDSHLGDFDUILFRPLV DFHDVWvQFOFDUHDvQGDWRULULORUORU,DFRE$UWHYHOGHüHIXOORUJVL PLMORFXOVvPELQHUHVSHFWDUHDWUDWDWHORUFXYLRODUHDORUÍOVIWXLSH UHJHOH$QJOLHLVSXQDOWXULGHHPEOHPDGHSHEOD]RQXOVXHPEOHPD )UDQ&HLûLDVWIHODOLDWXOIODPDQ]LORUüLQXDGYHUVDUXOORUDUGHYHQL DGHYUDWXOUHJHDO)UDQ&HLüLFHOFUXLDvLSUHVWDXMXUPkQW ,,,5]ERLXOGHRVXWGHDQLDIRVWGHFLXQU]ERLGLQDVWLFXQ U]ERLIHXGDOXQU]ERLQD&LRQDOüLPDLDOHVXQU]ERLÅLPSHULDOLVW 2ELHFWLYXOQHJXVWRULORUHQJOH]LFkQGvLGUXLUUHJHOXLGRX]HFLGHPLLGH VDFLGHOkQSHQWUXDDFRSHULFKHOWXLHOLOHGHU]ERLHUDVüLSVWUH]HFHOH GRX]RQHGHLQIOXHQ&LQGLVSHQVDELOHFRPHU&XOXLORU )ODQGUDFXPSU WRDUHGHOkQüL%RUGHDX[SURGXFWRDUHGHYLQEDQLLvQFDVD&LOD%UXJHV üLOD*DQGILLQGYUVD&LvQVFKLPEXOEXWRDLHORUVRVLWHGLQ%RUGHDX[ÍQ VIkUüLWWUHEXLHVDGXJPFU]ERLXODIRVWSRSXODUvQ$QJOLDSHQWUXF GXFHDDUPDWHOHvQWUR&DUERJDWXQGHSXWHDXSUGDGLQSOLQ(GXDUG DO,,,OHDüLEDURQLLVLHUDXÅIORDUHDFDYDOHULHLGDUÅVFXWXULOHORUFX EOD]RDQHVHUYLUGUHSWILUPXQHLvQWUHSULQGHULGHMDIDOHFUXLODPHQWD ELOHUDYDJLLVHSRWXUPULvQ)URLVVDUWÅûLIXUHQJOH]LLVWSkQLSHRUDüXO &DHQYUHPHGHWUHL]LOH üLWULPLVHUFXüDODQGHOHWRDWSUDGDORU VWRIH ELMXWHULLYHVHOGHDXUüLDUJLQWüLDOWHERJ&LLSkQODYDVHOHORUFHOH PDUL(GHQHFUH]XWFHDEXQGHQ&GHVWRIHDXJVLWHQJOH]LLvQRUDüXO 6DLQW/{/RXYLHUVHUDXQRUDüGLQ1RUPDQGLDXQGHVHSURGXFHDXPXOWH VWRIH HUDvQWLQVERJDWüLIFHDFRPHU&PDUHGDUQHILLQGRUDüvQFKLVIX FOFDWüLMHIXLW ÅÍQWUHDJD$QJOLHHUDSOLQGHOXFUXULFDSWXUDWHGLQ)UDQ&DDVWIHOF QXVHJVHDRIHPHLHFDUHVQXSRDUWHYUHRELMXWHULHVDXVQXLILWUHFXW
ÍQVXüLDXWRUXOSXQkQGWHUPHQXOÅLPSHULDOLVWvQWUHJKLOLPHOHSUHYLQHDVXSUD
VHQVXOXLIRDUWHJHQHUDOüLQXWRFPDLSURSULXvQFDUHvOvQWUHEXLQ&HD]'HÅLPSHULDOLVP vQVHQVXOULJXURVVRFLDOLVWRULFDOFXYkQWXOXLVHSRDWHYRUELQXPDLGHODVIkUüLWXO VHFROXOXLDO;,;OHD
SULQPkQYUHROHQMHULHIUXPRDVVDXYUHXQSDKDURSUWLFLFGLQSUDGD WULPLVGLQ&DHQVDXGLQ&DODLV ,9(LQWHUHVDQWGHREVHUYDWFvQFGHSHDWXQFLvQFHSVDSDU SULQFLSDOHOHWUVWXULDOHSROLWLFLLHQJOH]HLPSXVHDFHVWHL&ULGHSR]L&LD VDFDüLGHILUHDSRSRUXOXLVX D $QJOLDDUHQHYRLHVILHVWSkQDPULL FFLDOWIHOHDQXSRDWHQLFLVüLFRQWLQXHFRPHU&XOQLFLVWULPLWWUXSHSH FRQWLQHQWüLQLFLV&LQOHJWXUDFXWUXSHOHWULPLVHDQWHULRUÍQFGLQ SULPHOH]LOHDOHDFHVWXLU]ERLPDULQDULLHQJOH]LGLQFHOH&LQFLSRUWXUL GH&LQVXSHULRULWDWHDüLLHVvQYLQJWRULvQEWOLDGHOD(FOXVH$WkWDWLPS FkWvüLPHQ&LQHVXSHULRULWDWHDQDYDO$QJOLDWULXPIXüRU0DLWkU]LX (GXDUGDO,,,OHDvüLYDQHJOLMDIORWDIUDQFH]LLüLVSDQLROLLVHYRUDOLDüL LQIHULRULWDWHDQDYDOD$QJOLHLYDPDUFDvQFHSXWXOvQIUkQJHULORUVDOHE $QJOLDQHSXWkQGVWULPLWSHFRQWLQHQWGHFkWDUPDWHUHODWLYSX&LQ QXPHURDVHvQFHDUFVOXSWHvPSRWULYDDGYHUVDULORUVLSXQkQGED]HOH XQRUOLJLFRQWLQHQWDOHFURUDOHIXUQL]HD]VXEVLGLL$VWIHOODvQFHSXWXO U]ERLXOXLGHRVXWGHDQL(GXDUGDO,,,OHDFDXWVüLDOLH]HvPSRWULYD )UDQ&HLQXQXPDLFRPXQHOHIODPDQGHFLüLSHvPSUDWÅ1XSUHFXSH&HüWH vQVFRSXODFHVWDQLFLDXUQLFLDUJLQWüLRIHUELMXWHULLVFXPSHVHQLRULORU GRDPQHORUüLGRPQLüRDUHORU 91HUHXüLQGVvQFKHJHDFHDVWFRDOL&LHHUDVLDKRWUkUHDGHD DWDFD*X\HQQHFkQG6LU*HRIIUH\GH+DUFRXUWvLDWUDVHDWHQ&LDF 1RUPDQGLDQXHUDDSUDW$VWIHOVHH[SOLFGHEDUFDUHDOD/D+RXJXHFX RPLHGHQDYHSDWUXPLLGHFDYDOHULüL]HFHPLLGHDUFDüLHQJOH]LüLJDOH]L $IRVWXQVSHFWDFROVIküLHWRUWUHFHUHDDUPDWHLSULQDFHDVWERJDW SURYLQFLHÅFDUHGHPDLPXOWHJHQHUD&LLQXFXQRVFXVHU]ERLXOüLDLFUHL ORFXLWRULQXPDLüWLDXFXPVVHDSHUHÍQFOLSDDFHHDUHJHOH$QJOLHLQX DYHDDOWSODQGHU]ERLGHFkWVGHYDVWH]HFkWPDLPXOW)UDQ&DGHQRUGüL VVHUHWUDJSULQ)ODQGUDvQDLQWHFDUHJHOH)UDQ&HLVüLILVWUkQVYUHR DUPDW'DUvQFHSkQGGLQ5RXHQ(GXDUGJVLWRDWHSRGXULOHGHSH6HQD GLVWUXVHüLQXSXWXWUHFHGHFkWSHOD3RLVV\)LOLSDYXVHVHWLPSVüL FKHPHYDVDOLLüLLDüWHSWDvQWUH6RPPHüLPDUHSHHQJOH]LLFDUHvQ PRPHQWXODFHODVHFUH]XUSLHUGX&L9LFWRULLOHSHFDUHOHUHSXUWDUOD &UpF\ üLPDLWkU]LXOD3RLWLHUV vLXLPLUüLLXPSOXUGHXQ LPHQVRUJROLXÍQSXVHUVWSkQLUHSH&DODLVFDUHOHDVLJXUD GRPLQD&LDDVXSUD&DQDOXOXL0kQHFLLüLSHFDUHvOYRUSVWUDGRXVXWHGH DQLGXSFHYRUILH[SXO]DWDSURDSHSHWR&LEüWLQDüLLüLLYRUILvQORFXLW FXHQJOH]L$FLVHSHWUHFHHPR&LRQDQWDSRYHVWLUHGHVSUHRUüHQLLGLQ &DODLVFDUHWUHEXLHFLWLWvQ)URLVVDUW&LQkQGVHDPDvQVüLGH
(GXDUGDO,,,OHDDVRPDWRUDüXO&DODLVVLWULPLWFKHLOHSULQFk&LYDFHW&HQL
vPEUFD&LvQKDLQGHSHQLWHQWüLFXüWUHDQJXOODJkWVSUHDILVSkQ]XUD&LFDSHGHDSV SHQWUXUH]LVWHQ&DRSXVÍQFD]FRQWUDUDPHQLQ&DVUDGRUDüXOGHSHID&DSPkQWXOXL
UH]HUYHOHOXL0LFKHOHW 9,'HFHDXIRVWHQJOH]LLPHUHXvQYLQJWRULvQDFHVWHFDPSDQLL" ,VWRULDU]ERDLHORUHVWHLVWRULDXQHLvQGHOXQJDWHOXSWHvQWUHIRU&DGHüRFüL SURLHFWLO)RU&DGHüRFSRDWHOXDIRUPDXQHLüDUMHGHFDYDOHULHDXQXL DVDOWDOLQIDQWHULHLDOXQXLDWDFFXFDUHEOLQGDWH3URLHFWLOXODIRVWFkQGR SLDWUDUXQFDWFXSUDüWLDFkQGRVJHDWRJKLXOHDXQJORQ&XQREX] RWRUSLO6XFFHVXOUHJLPXOXLIHXGDOIXVHVHLQDXJXUDWSULQWULXPIXOXQHL WUXSHGHüRF FDYDOHULDvQ]DOH)HXGDOLWDWHDYDILUXLQDWGHDUWLOHULD UHJDO XOWLPDUDWLRUHJXP üLGHGRXSHGHVWULPLSRSXODUH DUFDüLLHQJOH]L VXOL&DüLLüLKDOHEDUGLHULLHOYH&LHQL$ELDODVIkUüLWXOVHFROXOXLDO;,,,OHD DUFDüLLFSWDUXQORFLPSRUWDQWvQDUPDWHOHHQJOH]H$UFXOSUHDVFXUWDO &UDQLORUVD[RQLWUJHDODPLFGLVWDQ&üLQDYHDGHVWXOIRU&GH SWUXQGHUHSHQWUXDRSULRüDUMGHFDYDOHULH$UEDOHWDLQWURGXVvQ $QJOLDFDüLvQ)UDQ&DGHPHUFHQDULLVWULQLSUXVHRDUPDWkWGH SHULFXORDVvQVHFROXODO;,,OHDvQFkWELVHULFDFHUXVHIUVXFFHV LQWHU]LFHUHDHL'DUDUEDOHWDFHUHDSUHDPXOWWLPSSHQWUXUHvQFUFDUH ÍQWUHGRXGHVFUFULFDYDOHUXOSXWHDVWUSXQJHOLQLD'LPSRWULYDUFXO OXQJSHFDUH(GXDUG,vOGHVFRSHULVHvQFXUVXOFDPSDQLLORUGLQ%DUD *DOLORUWUJHDUHSHGHSURLHFWLOXODMXQJHDSkQODRGLVWDQ&GHRVXW üDL]HFLGHPHWULüLSXWHD&LXWXLGHüDFRDSVDXQXLFDYDOHUvPEUFDWvQ ]DOH(GXDUG,H[FHOHQWFRPDQGDQWGHRüWLüWLXVHVJUXSH]HFX vQGHPkQDUHvQEWOLLOHSHFDUHOHDSXUWDWFDYDOHULDXüRDUüLDUFDüLLGH WLSJDOLF3ULQVWDWXWHOHSULYLQGVOXMEDPLOLWDULPSXVHVHWXWXURUPLFLORU SURSULHWDULHQJOH]LIRORVLUHDDUFXOXLOXQJ7HQLVXOELOHOHSRSLFHOHüLDOWH MRFXULIXVHVHUGHFODUDWHLOHJDOHSHQWUXFDWUDJHUHDFXDUFXOVGHYLQ VLQJXUDGLVWUDF&LHDVXSXüLORUÅvQDIDUGHFHLüFKLRSLüLFHL QHSXWLQFLRüL2ULFHSURSULHWDUFXXQYHQLWIXQFLDUGHSDWUX]HFLGHüLOLQJL WUHEXLDVSRVHGHXQDUFüLVJH&LSULQ&LLILLQGGDWRULVüLvQYH&HFRSLLL VWUDJFXHOÍLIXGHFLXüRUUHJHOXLvQFOLSDvQFDUHDYXQHYRLHGHDUFDüL SHQWUXEWOLLOHVDOHvQ)UDQ&DVLUHFUXWH]HILHGLQWUHYROXQWDULILH FHUkQGFRPLWDWHORUXQDQXPLWQXPUGHRDPHQL9LFWRULLOHOXL(GXDUGDO ,,,OHDVHGDWRUHD]VXSHULRULW&LLDUPHORU 9,,ÍQPRGJUHüLWUHJHOH)UDQ&HLHVWHvQI&LüDWODvQFHSXWXODFHVWXL U]ERLFDILLQGPDLÅIHXGDOGHFkWDGYHUVDUXOVX1LFLXQVXYHUDQQX SXWHDILPDLIHXGDOGHFkW(GXDUGDO,,,OHDFUXLDvLSOFHDFHUHPRQLDOXO FDYDOHUHVFVHIOHDFXFXUWRD]LDOXLVXVSLQDGXSIHPHLMXUDV UHvQILLQ&H]H0DVD5RWXQGvQFDUHVFRSFRQVWUXLWXUQXOFLUFXODUGLQ :LQGVRUüLvQILLQ&2UGLQXO-DUHWLHUHLFRPSXVGLQGRXJUXSHDFkWH GRLVSUH]HFHFDYDOHULFRPDQGDWHXQXOGHvQVXüLUHJHOHFHOODOWGHILXO
6SUHXLPLUHDUHJHOXLFLQFLRUüHQLLVDXvQI&LüDWJDWDVüLVDFULILFHYLD&DSHQWUX VDOYDUHDFHW&HQLORU0LüFDW(GXDUGDO,,,OHDDFUX&DWDWkWRUDüXOFkWüLSHFHLFLQFL
VX3ULQ&XO1HJUX'DUFRQWLQXkQGXüLMRFXOFDYDOHUHVFFDüLEXQLFXO VX(GXDUGDO,,,OHDHUDXQVXYHUDQUHDOLVWÍüLOXDVHGUHSWGHYL] Å,WLV DVLWLV(VWHDüDFXPHVWH6HGRYHGHDXQEXQDGPLQLVWUDWRUFHHDFH QXHUDGHDOWIHOXQPDUHPHULWvQWUXFkWPRüWHQLVHRPRQDUKLHELQH RUJDQL]DW,PSR]LWHOHHUDXvQFDVDWHFXXüXULQ&PDLDOHVFkQGHUDYRUED GHXQU]ERLSRSXODU&KLDUüL&UDQLLHQJOH]LGHWUHLVHFROHvQFRDFHvL XUDXSHIUDQFH]LGLQFDX]DDPLQWLULORUDQFHVWUDOHFDUHGDWDXGHSH YUHPHDFXFHULULLDXQHLvQGHOXQJDWHGRPLQD&LLGHFWUHRQRELOLPHüLR OLPEDPEHOHVWULQH'LPSRWULYvQ)UDQ&DXUDID&GH$QJOLDVD QVFXWDELDvQWRLXOEWOLLORUGLQU]ERLXODFHVWD/DvQFHSXWUHJHOH )UDQ&HLQXVHSXWXEL]XLSHVSULMLQXOSRSRUXOXLVXvPSRWULYD LQYDGDWRUXOXL9LODQXOHUDQHSVWRU5HJHOHQDUHQLFLPFDUSR VLELOLWDWHDVUHFXUJODvPSUXPXWXULGHODQHJXVWRULLERJD&LQLFLV VHFKHVWUH]HOkQD0XOWHVWDWHSURYLQFLDOHUHIX]VYRWH]HWD[HOHüLFkQG OHYRWHD]FRQWULEXDELOLLvüLPDQLIHVWvPSRWULYLUHDÅ5H]LVWHQ&DOD LPSR]LWHYDGXFHODFDSLWXODUHD)UDQ&HLvQID&D$QJOLHL'LQOLSVGHEDQL UHJHOH)UDQ&HLQXüLSRDWHVWUkQJHVROGD&L9UkQGQHYUkQGWUHEXLHVVH PXO&XPHDVFFXFDYDOHULDIHXGDOvQFGHSHDWXQFLvQYHFKLWüLFDUH GLVSUH&XLDSHGHVWULPHD1LFLGXS&UpF\QRELOLPHDIUDQFH]QXYUHDV DGPLWLGHHDXQHLYLFWRULLDYLODQLORU'HRDUHFHüDUMDFDYDOHULHLQXPDL U]EHüWHHDvQFHDUFOD3RLWLHUVVüDUMH]HHDvQVüLSHGHVWUX GDUDWDFXO DFHVWDRULFkWDUILIRVWGHFXUDMRVHüXvQID&DDUFDüLORU 9,,,ÍQFHSkQGFXEWOLDGHOD3RLWLHUV vQFDUHUHJHOH)UDQ&HL ,RDQFHO%XQDIRVWIFXWSUL]RQLHUGH3ULQ&XO1HJUXILXOFHOPDLPDUHDO OXL(GXDUGDO,,,OHDOHF&LDHVWHvQVIkUüLWvQ&HOHDV$UPDWDIUDQFH] UHIX]OXSWDVHvQFKLGHvQFDVWHOHOHIRUWLILFDWHüLOMRDFSHDGYHUVDUFDUH QXLvQDUPDWSHQWUXU]ERLXOGHDVHGLX/DVDWH&UDQLLvQFHSVVHVDWXUH GHLQYD]LH-DFTXHV%RQKRPPHvLKU&XLHSHHQJOH]LHOQXLSULQGHSH VHQLRULFDVFHDUEDQLSHQWUXUVFXPSUDUHDORUFXPIDFVROGD&LLGH PHVHULHFLvLXFLGHFkQGDUHRFD]LD$UPDWDHQJOH]UWFHüWHIUD SXWHDDQJDMDROXSW7UXSHOHVHSOkQJGHDFHDVWvQGHOXQJDWFDPSDQLH ÍQVIkUüLWvQUHJHOH$QJOLHLIDFHSDFHOD%UpWLJQ\üLGXSFH SUHWLQGHvQWUHJUHJDWXO)UDQ&HLVHPXO&XPHüWHFX$TXLWDQLDFRPLWDWXOGH 3RQWKLHXüLFX&DODLV(UDRSDFHLQHILFDFHFFLQXUH]ROYDVLQJXUD FKHVWLXQHGHRVHELWGHVHULRDVVXYHUDQLWDWHDHQJOH]LORUDVXSUD SURYLQFLLORUFDUHQXPDLYRLDXVILHHQJOH]HÍQ3pULJRUGvQ$UPDJQDF PXO&LPXUPXUDXüLSHEXQGUHSWDWHFUHJHOHQDYHDGUHSWXOVüL FHGH]HYDVDOLL1RWDELOLW&LOHGLQ/D5RFKHOOHVSXQHDX Å1HVXSXQHP HQJOH]LORUFXYRUED GDUFXLQLPDQLFLRGDW5H]LVWHQ&DDFHDVWDFRQ&LQHD JHUPHQHOHYLLWRDUHORUU]ERDLHüLSUHYHVWHDHOLEHUDUHDILQDOD)UDQ&HL 8QFKLHüXO FXPWUXO ,DFRESRUHFOJHQHULFD&UDQXOXLIUDQFH]vQHYXOPHGLX
9 &,80$1($*5û,8505,/((, ,ÍQFHSXWXOU]ERLXOXLGHRVXWGHDQLFRQVWLWXLHSHQWUX$QJOLDR SHULRDGGHDSDUHQWSURVSHULWDWH)XUQL]RULLGHDOLPHQWHDUPXULHULL FRQVWUXFWRULLGHQDYHIDFDYHUH-HIXLUHD1RUPDQGLHLGXFHODvPERJ&LUHD VROGD&LORUüLDIDPLOLLORUORU1HYRLDGHEDQLDUHJHOXLSHUPLWHRUDüHORUüL LQGLYL]LORUVFXPSHUHOLEHUW&LODSUH&XULFRQYHQDELOH6LWXD&LDYLODQXOXL FXXQVHFROvQDLQWHvQFvQFHSXVHDVHVFKLPEDFXUHSH]LFLXQH6LVWHPXO REOLJD&LLORUvQPXQFIXVHVHVWkQMHQLWRUSHQWUX&UDQSHFDUHOvPSLHGLFD VüLOXFUH]HSPkQWXOSURSULX'DUQXHUDQLFLIRDUWHFRPRGSHQWUX DGPLQLVWUDWRUXOVHQLRUXOXLFDUHWUHEXLDVRUJDQL]H]HPXQFDIRORVLQGR PkQGHOXFUXLQWHUPLWHQWüLOLSVLWGHUVSXQGHUHÍQVHFROXODO;,,,OHD DSDUGRXPHWRGHQRL VDXYLODQXOSOWHüWHXQvQORFXLWRUFDUHIDFH SHQWUXHOPXQFDRELüQXLWSHSPkQWXOGRPHQLXOXL VDXSOWHüWH VHQLRUXOXLRVXPGHEDQLFXFDUHDGPLQLVWUDWRUXODQJDMHD]PXQFLWRUL DJULFROL(DSURDSHDUHQGDPRGHUQFXVLQJXUDGHRVHELUHFEDQLLSOWL&L GH&UDQUHSUH]LQWQXFKLULDSHQWUXSPkQWFLUVFXPSUDUHDXQHL VHUYLWX&L ,,$GHYUDWXODUHQGDüQXvQWkU]LHVDSDU8QLLVHQLRULvQORFV H[SORDWH]HRÅUH]HUYvQFUHGLQ&kQGUHJLDXQXLDGPLQLVWUDWRUPDLPXOW VDXPDLSX&LQFLQVWLWFDUHVVHvPERJ&HDVFSHVRFRWHDODORUJVHVF FLPDLVLPSOXVüLSDUFHOH]HGRPHQLXOüLVDUHQGH]HSPkQWXULOH %UDQXOSHGHDOWSDUWHVRFRWHüWHFLPDLDYDQWDMRVVFXOWLYH SPkQWXULvPSUHMPXLWHFRQVWLWXLWHvQWUXQORWFRPSDFWGHFkWV PXQFHDVFSHQLüWHSDUFHOHGLVSHUVDWHFDUHLIXVHVHUDWULEXLWHSkQ DWXQFLSHRJRDUHOHFRPXQDOH$UHQGDSOWLWVHQXPHüWHvQODWLQILUPDR VXPIHUPGHXQGHFXYLQWHOHIHUPüLIHUPLHU'RXFODVHVHGH]YROW DWXQFLFXUHSH]LFLXQHvQPHGLXOUXUDOHQJOH] DFHHDDIHUPLHULORU VHPLSURSULHWDULOLEHULSHSPkQWXULOHvQFKLULDWHGHHLLQWHUPHGLDULvQWUH FDYDOHUüLIRVWXOYLODQüLDFHHDDPXQFLWRULORUDJULFROLFDUHDXVFSDWGH üHUELHILHUVFXPSUkQGXVHHLvQüLüLILHvQVIkUüLWUHIXJLLQGXVHWLPSGH XQDQüLR]LvQWUXQRUDüSURWHJXLWSULQWURFDUW0XOWYUHPHGHDFL vQFRORVHQLRULLüLSDUODPHQWHOHYRUPDLvQFHUFDVOHJHGHSPkQWPkQD GHOXFUXGDUYRUHüXD&FLDGRXD]LGXSEWOLDGHOD&UpF\XQIODJHO YDGHVSRSXOD$QJOLDüLYDIDFHPDLSX&LQSRVLELOFDRULFkQGUHVWDELOLUHD üHUELHL ,,,1XVHüWLHSUHFLVvQFHDXFRQVWDWHSLGHPLLOHGHFLXPFDUHDWkW GHPXOWYUHPHDXSXVWLLWOXPHD3RDWHFQXPHOHDFHVWDDVFXQGHDEROL IRDUWHGLIHULWHPHUJkQGGHODKROHUüLFLXPDEXERQLFSkQODJULSD
LQIHF&LRDV+LJLHQDOVDGHGRULWFRQWDJLXQHDVHIFHDUHSHGHVSDLPD HUDXQLYHUVDO&LXPDGLQVHFROXODO;,9OHDDIRVWGHQXPLWFLXPD QHDJU %ODFN'HDWK SHQWUXFWUXSXOEROQDYXOXLVHDFRSHUHDGHDEFHVH GHFXORDUHvQFKLV9HQHDGLQ$VLDüLDDWDFDWPDLvQWkLLQVXOD&LSUXSULQ ÍQLDQXDULHGRPQHDOD$YLJQRQvQDXJXVWvQFHSXVHDVH vQWLQGHGHSHSODMDGLQ'RUVHWVSUHFkPSLLOHGLQ'HYRQüL6RPHUVHW 0RUWDOLWDWHDGHüLH[DJHUDWGHFURQLFDULVXELPSHULXOHPR&LHLDIRVW LPHQV6DVFULVGHVSUHVDWHvQFDUHQXPDLUPVHVHUGHVWXLRDPHQL YLLSHQWUXDLvQPRUPkQWDSHFHLPRU&LvQFDUHPXULEXQ]LLvüLVSDX VLQJXULJURSLOHvQFDUHPXQFLOHFkPSXOXLHUDXSUVLWHüLRLOHIU SVWRULUWFHDXSHüHVXUL(SUREDELOFDSLHULWRWUHLPHGLQSRSXOD&LD (XURSHLDGLFDSUR[LPDWLYGRX]HFLüLFLQFLGHPLOLRDQHGHILLQ&HRPH QHüWLÍQ$QJOLDHSLGHPLDD&LQXWGHRVHELWGHPXOW6WD&LRQDUvQ D UHvQFHSXWvQDQXOXUPWRUüLDUHGXVSRSXOD&LDUHJDWXOXLGHODSDWUX PLOLRDQHODFLUFDGRXPLOLRDQHüLMXPWDWH ,98UPULOHHFRQRPLFHDOHXQHLGHVSRSXOULDWkWGHUDSLGHWUHEXLH VILIRVWDGkQFL/DVDWH&UDQLLVXSUDYLH&XLWRULVDXWUH]LWGHRGDWPDL ERJD&LGHRDUHFHRJRDUHOHFRPXQDOHHUDXvPSU&LWHODXQQXPUPDLPLF GHSDUWLFLSDQ&L0kQDGHOXFUXILLQGUHGXV]LOLHULLGHYHQLUSUHWHQ&LRüLüL UHIUDFWDUL6HQLRULLQHPDLJVLQGPXQFLWRULFDUHVOXFUH]HSHGRPHQLLOH ORUFXWDUVDUHQGH]HSPkQWXO1XPUXODUHQGDüLORULQGHSHQGHQ&LVH PULüLSURSULHWDULLILLQGvQSDQLFHLRE&LQHDXFRQWUDFWHGHDUHQG DYDQWDMRDVH8QLLEDURQLDFRUGDXVFXWLULGHDUHQGGHWHDPGHDLYHGHD SHDUHQGDüLSUVLQGXL&k&LYDvüLYkQGXUODSUH&XULPRGLFH SPkQWXULOHDLFURUSURSULHWDULGHYHQLU&UDQLL0XO&LUHQXQ&DUOD DJULFXOWXUSHQWUXDVHRFXSDGHFUHüWHUHDRLORU6FKLPEDUHDDFHDVWDvQ DSDUHQ&PUXQWFRQVWLWXLHWRWXüLFDX]DSULPRUGLDOüLvQGHSUWDWD QDüWHULL,PSHULXOXLEULWDQLF&FLGH]YROWDUHDFRPHU&XOXLFXOkQQHYRLD GHGHEXüHXULSHQWUXDFHVWFRPHU&QHFHVLWDWHDGHDüLSVWUDVWSkQLUHD DVXSUDPULORUDYHDXVDGXFGXSVLQHOHQWDWUDQVIRUPDUHDXQHL SROLWLFLLQVXODUHvQWURSROLWLFQDYDOüLLPSHULDO 9ÍQ]DGDUVHQLRULLüLSDUODPHQWHOHvQFHUFDUvQVHFROXODO;,9OHD VOXSWHSULQUHJXODPHQWHüLOHJLvPSRWULYDMRFXOXLILUHVFDOPHFDQLVPXOXL HFRQRPLF6HYRWXQVWDWXWDOOXFUWRULORU2ULFHSHUVRDQDYkQGPDL SX&LQGHüDL]HFLGHDQLHUDREOLJDWVPHDUJODPXQFDFkPSXOXLvQ VFKLPEXOXQXLVDODULXGLQDLQWHGH VDODULXGLQDLQWHDFLXPHL (UDX VFXWL&LQXPDLDFHLFDUHvüLFküWLJDXH[LVWHQ&DSUDFWLFkQGvQPRGQRWRULXR PHVHULHFDOLILFDWSUHFXPüLQHJXVWRULL/RUGXODYHDGUHSWGHvQWkLHWDWH ODPXQFDIRüWLORUVLüHUEL HOSXWHDWULPLWHODvQFKLVRDUHSHFHLFDUH UHIX]DXVLFXOWLYHGRPHQLXO 2ULFHVHQLRUFDUHDFFHSWDVSOWHDVFXQVDODULXPDLPDUHGHFkWFHO GLQDLQWHDFLXPHLHUDSDVLELOGHDPHQGÍQVFKLPESURGXVHOHDOLPHQWDUH
WUHEXLDXVILHYkQGXWHOXFUWRULORUODSUH&XULUH]RQDELOH6DvQWkPSODWüL FXOHJHDDVWDFHVHvQWkPSOFXWRDWHOHJLOHFDUHSUHWLQGVVWDELOL]H]H VDODULLOHüLSUH&XULOH DSOLFDUHDHLDvQWkPSLQDWPDULGLILFXOW&L6WDWXWXO OXFUWRULORUUPDVHvQYLJRDUHSkQODXUFDUHDSHWURQD(OLVDEHWHL WLPS GHGRXVHFROHWRDWHSDUODPHQWHOHVHSOkQVHUFVWDWXWXOHVWHvQFOFDW FXWRDWHDFHVWHSOkQJHULSDWURQLLüLOXFUWRULLVHvQFS&kQDUV RFROHDVFOHJHDÍQUHJLVWUHOHFDVWHOHORUGHSHYUHPHDDFHHDVHYHGHF DGPLQLVWUDWRULLGXSFHLQGLFDXSUH&XOSOWLWSHQWUXVHFHULüüLWUHLHUDW üWHUJHDXFLIUDvQVFULVüLRvQORFXLDXFXRDOWDPDLPLF&HOGLQWkLSUH&H IUvQGRLDOFHOYHULWDELO DOGRLOHDHUDGHVWLQDWVVHSXQvQFRQ FRUGDQ&FXOHJHD8QVHQLRUVSXQHDXQXL&UDQ Å6DODULXOGXPLWDOHYDIL FHOGLQSHQWUXFRULFHDOWvQ&HOHJHUHDUSXWHDVQHDGXF QHSOFHULGDUYHLDYHDGUHSWXOVWULPL&LRLOHODSVFXWSHSüXQLOH GRPHQLXOXLvQPRGJUDWXLW8QDOGRLOHDDFRUGDDOWIHOGHDYDQWDMHüL FRQFXUHQ&DGXFHDODULGLFDUHDVDODULLORU/DFk&LYDDQLGXSFLXPVH FRQVWDWFVDODULLOHDJULFROHGLQWRDW&DUDDXFUHVFXWFXSHQWUX EUED&LüLSHQWUXIHPHLÍQSPkQWXODGXFHSURSULHWDUXOXL VXGLQYDORDUHDVDvQEDQL vQSURILWXOVFDGHODVDX 9,&LXPDFDUHDUXLQDWSHVHQLRUODvPERJ&LWSHPLFXODUHQGDü 1XQXPDLFDFHVWDDSXWXWVFXPSHUHSPkQWXULVDXVLDvQDUHQG ODSUH&XULFRQYHQDELOHGDUSHFkQGVHQLRUXOSOWHüWHPkQDGHOXFUXPDL VFXPSDUHQGDüXOFDUHPXQFHüWHFXIDPLOLDQXVXIHUGLQFDX]D PDMRUULLVDODULLORU3HSLD&ODWkUJXULvüLSRDWHYLQGHOHJXPHOHVDX JUkXOODSUH&XULPDLPLFLGHFkWFHOHDOHGRPHQLXOXLüLVUHDOL]H]HWRWXüL XQEHQHILFLXVHULRVûL]LOLHUXOHPDLIHULFLWGHFkWvQDLQWH GDFXQVHQLRU ULJXURVSUHWLQGHVLLPSXQVWDWXWXOOXFUWRULORUHOIXJHvQSGXUHüL DSRLFDXWVDMXQJvQWUXQDOWFRPLWDWXQGHQHYRLDGHPXQFLWRULHDWkW GHVWULQJHQWvQFkWQXLVHSUHDFHUH[SOLFD&LLDPQXQ&LWHXQXLRPFDUHüL RIHUEUD&HOHGHPXQF$VWIHOvQWLPSFHSHFkPSXOGHEWDLHDUFDüXO GHYLQHDX[LOLDUXOLQGLVSHQVDELODOFDYDOHUXOXLDSRLvQYLQJWRUXOOXLSH RJRDUH&UDQXOGHYLQHXQDVRFLDWGHFDUHWUHEXLHVVH&LQVHDPD0XO&L VHSOkQJHDXGHDVWD Å/XPHDPHUJHGLQUXvQPDLUXVFULD*RZHU vQFkQGFLREDQLLüLYFDULLFHUPDLPXOWSHQWUXPXQFDORUGHFkW FHUHDvQDLQWHXQDGPLQLVWUDWRU3HYUHPHDPHDPXQFLWRULLQXPkQFDX SkLQHGHJUkX6HKUQHDXFXIDVROHVDXFXJUXQ&HPDLRUGLQDUHüLQX EHDXGHFkWDS ODSWHOHüLEUkQ]DHUDXDGHYUDWHWUXIDQGDOHSHQWUXHL $WXQFLOXPHDHUDDüDFXPWUHEXLHVILHSHQWUXRDPHQLLGHWHDSDDVWD 7UHLOXFUXULVXQWIUPLOFkQGOHODüLVRLDUD]QD LQXQGD&LDLQFHQGLXO üLPXO&LPHDRDPHQLORUGHMRV$YUHPXULYUHPXULvQFRWUR"FFLSRSRUXO FDUHQDUWUHEXLVVHRFXSHGHFkWGHPXQFDOXLSUHWLQGHVILHPDLELQH KUQLWGHFkWVWSkQLLÍQWRDWHWLPSXULOHDXH[LVWDWDVHPHQHDSOkQJHUL üLWRWDWkWGH]DGDUQLFH)LHVSUHEXFXULHILHVSUHvQWULVWDUHDGHYUXOHF -RKQ*RZHU FLUFD SRHWHQJOH]
VLVWHPXOIHXGDOVHFOWLQDVXEPLQDWGLQWRDWHSU&LOH0LFUREXOFLXPHL QHJUHGHWHUPLQDVHvQQXPDLFk&LYDDQLRHPDQFLSDUHSHFDUHvQVHFROXODO ;,,OHDVSLULWHOHFHOHPDLvQGU]QH&HQLFLQDUILSXWXWVRFRQFHDS 9,,'DUvQDLQWHGHDVHWUDQVIRUPDvQWURLQRIHQVLYÅJHQWU\ QRELOLPHDIHXGDOVHYDvQFDUQDvQFWLPSGHXQVHFROvQQLüWHILJXUL FXPSOLWHÍQYUHPHFHVHQLRUXOPLMORFLXVUFHüWHSULQXUPDUHVOEHüWH Fk&LYDPDULEDURQLGHYLQQLüWHDGHYUD&LPLFLUHJL6HFVWRUHVFvQWUHHL üLIRUPHD]RFDVWvQFKLVOHJDWGHIDPLOLDUHJDO5HJLL$QJOLHLvüLLDX DWXQFLRELFHLXOGHDDVLJXUDILLORUORUQLüWHGRPHQLLIRDUWHvQWLQVH DOFWXLWHSULQDSDQDMHüLFVWRULL3ULQ&XO1HJUXVHvQVRDUFXILLFD FRQWHOXLGH.HQW XQDOWILXDOUHJHOXL/LRQHOGHYLQHFRQWHGH8OVWHU XQ DOWXO,RDQGH*DQGVHFVWRUHüWHFXPRüWHQLWRDUHDIDPLOLHL/DQFDVWHU SULPDFDVGXFDO üLSRVHG]HFHFDVWHOHIRUWLILFDWHSULQWUHFDUH FHOHEUXO.HQLOZRUWKVPXOVIDPLOLHLGH0RQWIRUW&RQWHOHGH0DUFKDUHüL HOYUHR]HFHIRUWUH&H FRQWHOHGH:DUZLFNüLFRQWHOHGH6WDIIRUGILHFDUH FkWHGRXVDXWUHLFDVWHOH/RUG3HUF\FRQWHGH1RUWKXPEHUODQGSRVHG FkWHYDPUFLGLQSDUWHDGHQRUGvQQXPHOHUHJHOXLGDUüLvQQXPHOHOXL SURSULX7R&LDFHüWLPDULVHQLRULvQWUH&LQFRPSDQLLGHVROGD&LFDUHQXPDL VXQWYDVDOLFLPHUFHQDULüLSHFDUHvLvQFKLULD]UHJHOXLSHQWUXU]ERDLHOH VDOHFX)UDQ&DÍQLQWHUYDOXOGLQWUHFDPSDQLLVROG&RLLDFHüWLDFDUHVH SOLFWLVHVFMHIXLHVFIHUPHOHIXUFDLLYLROHD]IHPHLOHVHIDFVWSkQLSH GRPHQLLÍQ]DGDUSDUODPHQWXOGRUGLQPDJLVWUD&LORUVLGH]DUPH]H$U WUHEXLXQVKHULIIIRDUWHvQGU]QH&FDUHVLDDUPHOHGLQPkQDDFHVWRU WkOKDUL'HDOWIHOVOXMEDGHVKHULIIHvQGHFGHUH6KHULIIXOGLQVHFROXODO ;,9OHDQXPDLHVWHXQPDUHVHQLRUFLGHFHOHPDLPXOWHRULXQFDYDOHU QXPLWvPSRWULYDYRLQ&HLVDOHüLFDUHHIRDUWHQHUEGWRUVWUHDFDQXOFD VODVHDOWXLDDFHDVWFRUYRDG3X&LQFkWHSX&LQYDILvQORFXLWFXMXGHF WRUXOGHSDFHIXQF&LRQDUDULVWRFUDWLFüLEHQHYROPDJLVWUDWDPDWRUFDUH YDMXFDPDLWkU]LXvQLVWRULD&ULLXQLPHQVüLPLQXQDWURO'DUvQVHFR OXODO;,9OHDMXGHFWRUXOGHSDFHDELDDSDUH VKHULIIXOHQHSXWLQFLRV EDQGL&LLQRELOLÅPkQGULFRSLLDLOXL/XFLIHUIDFGLQFDVHOHORUYL]XLQLGH KR&LüLvüLKU&XLHVFELH&LLORUYHFLQL 9,
(PDLFRUHFWVFRQVLGHUPFIODJHOXOFLXPHLDDYXWRSRQGHUHvQDFFHOHUDUHD SURFHVXOXLGHGLVROX&LHDYHFKLORUIRUPHDOHUHOD&LLORUGLQWUHQRELOLüL&UDQLSURFHVFDUH vQ$QJOLDVDUILSURGXVRULFXPüLvQRULFHFD]PDLUHSHGHGHFkWSHFRQWLQHQWGDWRULW PDLPXOWRUIDFWRULVSHFLILFLHFRQRPLFRVRFLDOLüLJHRJUDILFL$FHüWLDDXIRVWGHWHUPL QDQ&LSHFkQGFLXPDDIRVWXQIDFWRUVHFXQGDUüLLQFLGHQWDO'RYDGIDSWXOFFLXPDD IFXWUDYDJLLüLvQDOWHSU&LDOH(XURSHLGDUUHOD&LLOHIHXGDOHED]DWHSHUHQWDvQPXQF VDXSURGXVHDXSHUVLVWDWDFRORPDLPXOWGHFkWvQ$QJOLD 0LFQRELOLPHUXUDO
35,0,,&$3,7$/,û7,(1*/(=, ,'XSFHU]ERLXOüLFLXPDDXGXVODVSDUJHUHDFDGUXOXLIHXGDO FDGUXOJKLOGHLüLDOFRUSRUD&LHLDGHYHQLWüLHOSUHDVWUkPW3kQvQVHFROXO DO;,9OHDOkQDSULQFLSDOXOSURGXVDO$QJOLHLHUDH[SRUWDWvQ)ODQGUD FDUHRWUDQVIRUPDvQSRVWDY$QJOLDIDEULFDüLHD&HVWXULSHQWUXX]XO SRSRUXOXLGDUVXEWLOHOHVHFUHWHDOHPHVHULHLUPkQHDXvQPkLQLOH &HVWRULORUGLQ%UXJHVüLGLQ*DQG$SRLVHLYLVHRüDQVGHDPXWDvQ $QJOLDDFHDVWvQGHOHWQLFLUH2UüHQLLIODPDQ]LVHFHUWDVHUFXVHQLRUXO ORU UHJHOH)UDQ&HLVSULMLQLQGXOPHüWHüXJDULLGLQ)ODQGUDIXVHVHUvQYLQüL üLPXO&LGLQWUHHLQHYRL&LVVHH[SDWULH]H6HvQGUHSWDVHUVSUH$QJOLD DGXFkQGFXHLWUDGL&LLOHüLSURFHGHHOHORU(GXDUGDO,,,OHDGRUHDVSUR WHMH]HDFHDVWLQGXVWULHQVFkQG vQLQWHU]LVHDWkWLPSRUWXOGH SRVWDYVWULQFkWüLH[SRUWXOGHOkQ$FHDVWDDvQVHPQDWUXLQDUHD )ODQGUHLFFLSHDWXQFLQXH[LVWDDOWSRVLELOLWDWHGHDSURFXUDOkQvQ PDULFDQWLW&LGHFkWGLQ$QJOLDÍQFHSkQGU]ERLXOFX)UDQ&D(GXDUGDO ,,,OHDQXPDLSXWXPHQ&LQHHPEDUJRXOvQWRDWULJRDUHDVDSHQWUXF GLQPRWLYHSROLWLFHHUDVLOLWVüLPXO&XPHDVFDOLD&LLIODPDQ]L GDU LPSXVHWRWXüLXQWDULISURWHF&LRQLVW 7D[HOHSHUFHSXWHDVXSUD&HVWXULORUH[SRUWDWHGLQ$QJOLDHUDXQXPDL GHSHFkQGDVXSUDOkQLLVHULGLFDXSkQOD(UDRSULP DFRUGDWIUDXGHL8QLLQHJXVWRULRFROLUOHJHDVFR&kQGGLQ&DURLQH WXQVHGDUSDUODPHQWXOLQWHU]LVHWUDILFXODFHVWD3ODQXOOXL(GXDUGDO,,, OHDUHXüLüLSURGXF&LDGHSRVWDYGHYHQLSULPDLQGXVWULHHQJOH] ,,6RVLUHDXQRUSRVWYDULIODPDQ]LDQWUHQFUHDUHDvQ$QJOLDFX WRDWH[LVWHQ&DJKLOGHORUDXQRUDGHYUDWHvQWUHSULQGHULFDSLWDOLVWH 3URGXF&LDGHSRVWDYHXQDGLQFHOHPDLFRPSOH[HüLQXPUXORSHUD&LLORU QHFHVDUHSHQWUXWUDQVIRUPDUHDOkQHLEUXWHvQWUXQSURGXVILQLWGHVWXOGH ULGLFDW/kQDWUHEXLDVRUWDWYRSVLWDPHVWHFDWGUFLWWRDUV &HVXWPDWHULDOXO&HVXWWUHEXLDGHJUHVDWFOFDWVFPRüDWWXQVFXU&DW GHQRGXULüLvQVIkUüLWSUHVDWSHQWUXDFSWDVWUOXFLUH'XS FRQFHS&LLOHHYXOXLPHGLXILHFDUHGLQDFHVWHRSHUD&LLWUHEXLDVILHIFXW GHRFRUSRUD&LHGHRVHELW(XüRUGHvQ&HOHVFHFRPSOLFD&LLVHLYHDXvQ FXUVXOYkQ]ULORUüLFXPSUULORUFDUHWUHEXLDXVDLEORFGHDOXQJXO DFHVWRUSURFHVHGHWUDQVIRUPDUH3HQWUXH[HFXWDUHDXQHLVLQJXUH FRPHQ]LHUDQHYRLHVVHRE&LQDFRUGXODFLQFLVSUH]HFHFRUSRUD&LL1LPLF PDLLVSLWLWRUSHQWUXFHOFDUHOXFUHD]ODSLXVDXSHQWUXXQQHJXVWRUGH SRVWDYGHFkWVFXPSHUHOkQVRGHDODWRUVüLOD&HVXWGXSFRPDQGüL VVXSUDYHJKH]HWRDWHFHOHODOWHRSHUD&LLSkQODYkQ]DUH'DURDVWIHOGH FRQFHQWUDUHDPXQFLLHUDFRQWUDUSULQFLSLLORUJKLOGHORU1XWUHFXvQV PXOWüLvQWUHSULQ]WRULLFDVVFDSHGHDFHVWHREVWDFROHVHLQVWDODUOD &DU$FHVWQRXWLSGHSURGXFWRUFDUHFXPSUOkQFXULGLFDWDüLYLQGH SURGXVXOILQLWYDFRQVWUXLFXUkQGX]LQHÍQVHFROXODO;,9OHDH[LVWDXOD %DUQVWDSOHGRLPDQXIDFWXULHULFDUHSOWHDXILHFDUHXQLPSR]LWFDOFXODWOD
RSURGXF&LHGHRPLHGHEDORWXULSHDQ6XEGRPQLDOXL+HQULFDO9,,,OHD XQRDUHFDUH-DFNGH1HZEXU\YDLQVWDODGRXVXWHGHU]ERDLHGH&HVXW vQWURVLQJXUFOGLUHüLYDIRORVLüDVHVXWHGHPXQFLWRUL ,,,6HDSURSLHWLPSXOFkQGWLQHULLHQJOH]LFXVSLULWDYHQWXURVYRUIL PDLLVSLWL&LGHFRPHU&XOvQVWLOPDUHGHFkWGHU]ERDLHOHFDYDOHUHüWLÍQWUR FRUSRUD&LHGLQVHFROXODO;,,,OHDXQPDLVWUXDYHDYLLWRUXODVLJXUDWGDU SRVLELOLW&LOLPLWDWH3UH&XULOHGHYkQ]DUHüLGHFXPSUDUHILLQGFRQWURODWH QXSXWHDVIDFUHSHGHDYHUH0DULLQHJXVWRULGHODILQHOHHYXOXLPHGLX QXVHPDLVXSXQXQRUUHJXOLSUHDSUXGHQWH9LD&DORUXLPLWRDUH LPSUHVLRQHD]LPDJLQD&LDSRSXODU(LLDXORFXOFDYDOHULORUUWFLWRULGLQ EDODGH6LU5LFKDUG:KLWWLQJWRQGHWUHLRULORUGSULPDUDO/RQGUHLGHYLQH HURXOXQHLOHJHQGH5DSVR]LLSRYHVWHVFFXPELHWRUIDQILLQGVOXMHDODEX FWULDXQXLPDUHQHJXVWRU3HDWXQFLHUDXQRELFHLFDRULFHDUPDWRU FDUHWULPLWHDRQDYODPDULGHSUWULVGHDYRLHILHFUXLDGLQWUH VHUYLWRULLVLVGHSXQXQRELHFWRDUHFDUHSHYDVGkQGDVWIHOüLFHORU PDLXPLOLüDQVDGHDILELQHFXYkQWD&LGH'XPQH]HX'LFN:KLWWLQJWRQ QDUHQLPLFDOWFHYDSHOXPHGHFkWRSLVLFüLLGGUXPXOSHFRUDELDFH XUPDVSOHFH2UQDYDWUDJHOD&UPXOvQGHSUWDWDOXQXLUHJDWEDUEDU vQFDUHSDODWXOUHJHOXLHUDQSGLWGHüRDUHFL/DUHFRPDQGDUHD FSLWDQXOXLGHYDVUHJHOHLDSLVLFDüLvQFkQWDWGHVHUYLFLLOHHLFDV SVWUH]HDQLPDOXORIHUSHQWUXHOGH]HFHRULYDORDUHDvQFUFWXULL'LFN :KLWWLQJWRQVHWUH]HüWHGHRGDWPDUHERJWDü5HDOLWDWHDDIRVWPDL SX&LQURPDQWLF DGHYUDWXO:KLWWLQJWRQPDUHFRPHUFLDQWD vPSUXPXWDWUHJHOXLQLüWHEDQLüLQXPLWVWDURVWHDOFRPSDQLHLQH JXVWRULORU(WDSHLüLDUHFXSHUDWFXSULVRVLQ&VXPDGLQGUHSWXULOH YDPDOH ,9:LOOLDP&DQ\QJHVFRPHUFLDQWGHSRVWDYGLQ%ULVWROHVWHXQDOW H[HPSODUGHDFHVWWLSQRXGHFDSLWDOLVWFDUHIDFHDIDFHULvQOXPHD vQWUHDJÍQVXüLUHJHOH$QJOLHLVFULDPDUHOXLPDHVWUXDOFDYDOHULORUWHXWRQL üLUHJHOXL'DQHPDUFHLFDVUHFRPDQGHSURWHF&LHLORUSHVXSXVXOVX GHYRWDW:LOOLDP&DQ\QJHV/D%ULVWRODFHVWDHUDYL]LWDWGH(GXDUGDO,9 OHDvQSURSULDVDFDV$YHDVXERUGLQHOHVDOHRSWVXWHGHPDULQDULüLD WRFPLWSHFKHOWXLDODVDRVXWGHGXOJKHULüL]LGDULFDVFOGHDVFR ELVHULFSHFDUHDRIHULWRRUDüXOXLVXQDWDO%ULVWRO/DEWUkQH&HVD FOXJULWüLDPXULWFDGHFDQDOFROHJLXOXLGLQ:HVWEXU\3X&LQFkWHSX&LQ DFHüWLPDULQHJXVWRULHQJOH]LDXOXDWORFXO/LJLLKDQVHDWLFHvQFHSULYHüWH DIDFHULOHFRQWLQHQWDOH%DQFKHULLORPEDU]LüLIORUHQWLQLFDUHLvQORFXLVHU SHHYUHLvQ$QJOLDIXUHLvQüLüLvQORFXL&LGHHQJOH]L%DQFKHULL%DUGLGLQ )ORUHQ&DVHUXLQDVHUGHDOWIHOvQVHUYLFLXOUHJHOXL(GXDUGDO,,,OHD
&RPSDQLD(WDSHLHUDRFRPSDQLHSULYLOHJLDWGHQHJXVWRULDYkQGPRQRSROXO
QHJR&XOXLSULQSRUWXOGRWDWFXGUHSWXOGHGHSR]LWDOPUIXULORUFDUHLQWUDXvQ$QJOLD
ÍPSUXPXWkQGXLVXPHPDULSHQWUXFDPSDQLDVDvQ)UDQ&DüLVRVLQG VFDGHQ&DHODUHIX]DWSXUüLVLPSOXVUHVWLWXLHEDQLLDVWIHOFGLQFDX]D U]ERLXOXLGHRVXWGHDQLDXVUFLWQXPHURDVHIDPLOLLIORUHQWLQHÍQF GHSHDWXQFLQHXWULLDXGHVFRSHULWFkWHGHSHULFXORVüLGHOLSVLWGHVHQV VvPSUXPX&LEDQLEHOLJHUDQ&LORU 96XELQIOXHQ&DPDULORUQHJXVWRULJKLOGHOHVHWUDQVIRUP1XPDL GRPQHüWHHJDOLWDWHDÍPEUFPLQWHDüLSHWUHFHULOHDMXQJODXQDVHPHQHD OX[FQXPDLFHLPDLERJD&LSXWHDXVOHIDFID&&RUSRUD&LD FRPHUFLDQ&LORUGHYLQDSULPLWvQWURVLQJXUVHDUFLQFLUHJLODXQ EDQFKHW&DOIHOHGHPHüWHüXJDULFDUHRGLQLRDUDUILSXWXWSUHWLQGHV GHYLQPDLüWULVHYGvQGHSUWDWHGHODDFHDVWD(OHvQFHDUFVVHDSHUH FUHkQGÅJKLOGHGHOXFUWRULFDUHERLFRWHD]SHPDLüWULLUL$SDUHDVWIHO WHQGLQ&DGHDVHIRUPDGRXFODVHGLVWLQFWH7RWDWXQFLvQFHSüL VFDQGDOXULOHILQDQFLDUH1HJXVWRULLGLQVHFROXODO;,,OHDQDXIRVWQLFLHL IUSULKDQüLGHVWXLDXIRVWSXüLODVWkOSXOLQIDPLHLGDUIUDXGHOHORU IXVHVHUPLFLSHQWUXFDIDFHULOHHUDXVLPSOHüLXüRUGHFRQWURODW2GDW FXPDUHOHFDSLWDOLVPvQFHSHLQHYLWDELODFkUGüLHGLQWUHFHLERJD&LüL SXWHUHDSROLWLFÍQWLPSXOEWUkQH&LLOXL(GXDUGDO,,,OHDFHOPDLWkQU GLQWUHILLLVL,RDQGH*DQGGXFHGH/DQFDVWHUVHvQFRQMRDUGH ILQDQFLDULIUVFUXSXOH8QQHJXVWRUERJDWGLQ/RQGUD5LFKDUG/\RQ LQWUSULQPLMORFLUHDOXLvQ&RQVLOLXOSULYDWüLGHYLQHüHIXOXQHLDGHYUDWH ÅEDQGH3HFkQGWRDWOkQDUHJDWXOXLWUHEXLDVWUHDFSULQSRUWXO (VWDSOH DWXQFL&DODLV XQGHVHDFKLWDXWD[HOH5LFKDUG/\RQRE&LQXVüL WULPLWOkQDSULQDOWHSRUWXULXQGHQXSOWHDQLFLRGDUH(ODGXQDVWIHO RLPHQVERJ&LHÍPSUHXQFXORUGXO/DWLPHUSULHWHQüLFRQILGHQWDO GXFHOXLGH/DQFDVWHUDFDSDUHD]PUIXULOHFDUHVRVHVFvQ$QJOLDüL IL[HD]SUH&XOODEXQXOVXSODFDVWIHOFXQHOHPUIXULGHYHQLUDWkWGH UDUHvQ&DUFSRSXOD&LDVUDFDELDDYHDFXFHWUL0DQRSHUHFXWRWXO FRQWUDUHVSLULWXOXLHYXOXLPHGLXFDUHFUH]XVHvQSUH&XULIL[DWHvQ EHQHILFLLOLPLWDWHüLFRQVLGHUDVHGUHSWFULPRULFHFRPELQD&LHGHVWLQDWV GXFODXUFDUHDSUH&XOXLPUIXULORUGHFRQVXP'DUDFHVWVSLULWDOHYXOXL PHGLXGLVSDUH UHJHOHHVWHDFXPVXEGRPLQD&LDQHJXVWRULORU HLLQWUvQ SDUODPHQWHOHVDOH QXPDLHLDOLPHQWHD]YLVWLHULD3ROLWLFDH[WHUQGXV GHDFLvQDLQWHGH$QJOLDYDILvQIDYRDUHDORU 9,, 1(25Ç1'8,(/,Í1%,6(5,&
(GLVFXWDELOGDFRDILUPD&LHDüDGHFDWHJRULFVHSRDWHUDSRUWDODSROLWLFDH[WHUQ
HQJOH]GHODVIkUüLWXOVHFROXOXLDO;,9OHD)DSWXOHDGPLVGHRELFHLFDPGLQHSRFD GLQDVWLHL7XGRU VHFROXODO;9,OHD
,'XSLQYD]LLELVHULFDURPDQFLYLOL]DVH$QJOLD(DLQVXIODVHFHORU SXWHUQLFLXQVWURSGHPRGHUD&LHüLFHORUERJD&LXQSLFGHPLO$SRL SXWHUHDüLERJ&LDDXFRUXSWRüLSHHD6ILQ&LLWUHEXLVHUVRUHIRUPH]H GHFkWHYDRULüLVRUHDGXFODYLUWX&LOHFWLWRULORUHL)LHFDUHUHIRUP IXVHVHXUPDWGHRQRXSUEXüLUH&OXJULLGLQ&vWHDX[FDüLDFHLGLQ &OXQ\IUD&LLFHUüHWRULFDüLFOXJULLDXF]XWSUDGWHQWD&LLORUVHFROXOXL ÍQDFHOVIkUüLWDOVHFROXOXLDO;,9OHDFkQGROXPHvQWUHDJFDUHDYXVHVH PUH&LDHLWHUPLQDSULQDVHGHVFRPSXQHELVHULFDSUHDXQXOGLQWUHFHOH PDLEROQDYHRUJDQHDOHFRUSXOXLVRFLDO(DPDLGGXQDüWHUHvQ$QJOLD FkWRUYDRDPHQLPDULGDUFDUHHUDXPDLFXUkQGDGPLQLVWUDWRULGHFkW SUHR&L8QHSLVFRSSURSULHWDUDWUHL]HFLVDXSDWUX]HFLGHGRPHQLLüWLDV FRQWUROH]HGHPLQXQHVRFRWHOLOHDGPLQLVWUDWRULORUVLVVOXMHDVFSH UHJHILHvQIUXQWHDFDQFHODULHLILHDYLVWLHULHL QXVHPDLRFXSDGHORFGH VXIOHWHOHRDPHQLORU0DUHOHSRHWHQJOH]DODFHOHLHSRFL/DQJODQGFULWLFFX DWkWPDLvQYHUüXQDWDOELVHULFLLFXFkWHUDXQFDWROLFIHUYHQWVHSOkQJHGH WR&LHSLVFRSLLLQSDUWLEXVFDUHIXUQLFDXDWXQFLSULQ$QJOLDSUHOD&LFDUH SRDUWQXPHOHGH1LQLYHVDX%DE\ORQQDXIRVWQLFLRGDWSULQGLRFH]HOH ORUüLVHvPERJ&HVFWkUQRVLQGDOWDUHOHVDXDVFXOWkQGVSRYHGDQLLOHFDUHDU ILWUHEXLWVILHIFXWHSUHRWXOXLSDURKLHL 3ULQWUHFHLPDLEXQLFOHULFLFkWHYDFRQüWLLQ&HQHOLQLüWLWHJkQGHDXF ELVHULFDVHvQGHSUWDGHGRFWULQDFUHüWLQLVPXOXLFGDWRULDXQXLSUHRW HUDVLDGUHSWSLOGVUFLDHYDQJKHOLFüLFGDFWUHEXLDVVHGHD &H]DUXOXLFHLDO&H]DUXOXLQXHUDXQPRWLYVVHXLWHF'XPQH]HXHVWH GHDVXSUD&H]DUXOXLÅÍQIRQGVHFLRFQHDXGRXFRQFHS&LLGHVSUHELVHULF DFHHDDOXL*ULJRUHDO9,,OHDüLDFHHDDVIkQWXOXL)UDQFLVFGLQ$VVLVLD ELVHULFLLHYDQJKHOLFHüLDFOHUXOXLFH]DULDQ ,,ÍQ$QJOLDFXFkWHSLVFRSLLüLFOXJULLVHvPERJ&HDXFXDWkW SUHR&LLSDURKLLORUHUDXüLPDLQHYRLDüLÍQSULQFLSLXSUHR&LLWUHEXLDXV WULDVFGLQ]HFLXLDOüLVVFRDWGLQHDSRPHQLOHüLFKHOWXLHOLOHGH vQWUH&LQHUHDOHELVHULFLL'DUVHQLRULLFDUHGLVSXQHDXGHRSDURKLHvüL IFXVHURELFHLXOGHDÅUHGLVWULEXLYHQLWXULOHDGLFGHDOHDWULEXLXQXL HSLVFRSVDXXQHLDED&LL9LFDUXOQXPDLSULPHDvQDFHVWFD]GHFkWQLüWH VXPHLQILPH'XSPDUHDFLXPGHYHQLLPSRVLELOVVHJVHDVFSUHR&L SHQWUXSDURKLLOHFHOHPDLVUDFH8QVWDWXWDQDORJFXFHODOOXFUWRULORU LQWHU]LFHDSHQWUXDHYLWDFRQFXUHQ&DVOLVHSOWHDVFPDLPXOWGHüDVH OLYUHSHDQ VWDWXWXOQDIRVWUHVSHFWDWüLvQFDVDXSkQODGRXVSUH]HFH OLYUHGDUVUFLDORUWRWPDUHHUD$VWIHOFPXO&LGLQWUHHLHUDXLJQRUDQ&L PDLSUHRFXSD&LVYkQH]HXQLHSXUHSHFkPSXOYHFLQGHFkWVLHGXFHSH HQRULDüL8QLLvQFKLULDXSUH]ELWHULXOXQXLIHUPLHUüLQLFLQXORFXLDXvQ
(SLVFRSFDUHQXüLDYHDUHüHGLQ&DDFRORXQGHHUDQXPLW3XUWDQXPDLWLWOXODYHD
GUHSWODYHQLWXULHSLVFRSDOHGDUVHvQWkPSODVQXPHDUJQLFLRGDWVüLYDG HQRULDüLL
SDURKLH6ODEHOHORUEHQHILFLLRFD]LRQDOHHUDXDFDSDUDWHGHRUGLQHOH FOXJULORUFHUüHWRULDLFURUÅIUD&LDOHUJDXSULQ&DUüLVHvQVUFLQDXV VSXQOLWXUJKLDvQPQVWLUL7UHEXLHFLWLWQHPLORVXOSRUWUHWIFXWGH &KDXFHUFOXJUXOXLFDUHXPEOGLQVDWvQVDWLQWUvQILHFDUHFDV FXQRDüWHILHFDUHJRVSRGLQGLQGUXPXOVXFHUHILQEUkQ]FDUQHGH YDFÅVDXRULFHDOWFHYD QDYHPGUHSWXOVDOHJHPDSRLQRWHD]FXJULM SHRWEOL&GHLYRULXQXPHOHELQHIFWRDUHORUFDVVHURDJHSHQWUXHOH üLvQGDWFHLHVHGLQVDWüWHUJHUk]kQGWRDWHQXPHOHûLQXQXPDL ÅIUDWHOHIFHDDVWIHOFRQFXUHQ&SUHRWXOXLGDUVHPDLYHGHDXFLUFXOkQG SULQVDWHOH$QJOLHLÅLHUWWRULLFDUHYHQHDXGLQ5RPDSXUWWRULDLXQRU VFULVRULSHFHWOXLWHFXVLJLOLXOSRQWLILFDOVFULVRULFDUHOHGGHDXGUHSWXOV LHUWHSFDWHOHüLVDFRUGHLQGXOJHQ&HDFHORUDFDUHOHFXPSUDXUHOLFYH &KDXFHUFUXLDIDOVDUHOLJLHvLVWkUQHüWHPHUHXYHUYDQLODUDWSH ÅLHUWWRUSUHGLFkQGSHWHPD Å5DGL[PDORUXPFXSLGLWDV5GFLQD WXWXURUUHOHORUHVWHOFRPLDüLYkQ]kQGDSRLVWHQLORUGUHSWXOGHD VUXWDRFXWLX&RDUHFDUHGHFULVWDOvQFDUHVHDIODXQRVüLQLüWH]GUHQ&H ,,,$FHODüLDPHVWHFGHFXSLGLWDWHüLUHOLJLHvLLQGLJQHD]SH&KDXFHU üL/DQJODQGFkQGGHVFULXFXU&LOHGHMXGHFDWHFOH]LDVWLFH8QDUKLGLDFRQ DYHDDWXQFLGUHSWXOVFLWH]HvQDLQWHDFXU&LLVDOHRULFHSHUVRDQGLQ GLRFH]YLQRYDWGHXQGHOLFWPRUDOvQVSHFLDOGHDGXOWHU6HSRWLPDJLQD DEX]XULOHXQHLDWDULSXWHUL8QHRULWULEXQDOXOHFOH]LDVWLFHUDDWkWGHYHQDO vQFkWFHLPDLPDULSFWRüLGLQGLRFH]QXDYHDXGHFkWVSOWHDVFXQ DERQDPHQWDQXDOFDVILHOVD&LvQSDFH VHvQWkPSODXQHRULFD DUKLGLDFRQXOVILHRPFLQVWLWGDUFDDSURGXOVXVXPPRQHUSUHDELQH LQIRUPDWDVXSUDYLFLLORUFRPSDWULR&LORUVLVH[HUFLWHDVXSUD FUHGLQFLRüLORUXQDGHYUDWüDQWDMDPHQLQ&kQGXLFXFLWDUHDvQID&DFXU&LL GDFQXLVHFXPSUDWFHUHD/DvQFHSXWFXU&LOHFRQGDPQDXSHYLQRYD&L ODSHQLWHQ&VDXODSHOHULQDMHÅ3RFLQ&DHUDVIkQWSHQWUXSHQLWHQ&LüL SHOHULQDMXODIRVWRPDUHIRU&VRFLDO3HGUXPXOVSUH&DQWHUEXU\VH vQWkOQHDXFDYDOHUXOQHJXVWRUXO&HVWRUXOFOXJUL&DPHGLFXOVH vQWUH&LQHDXIU&HüWHüLVWkQGGHYRUEXQLLFXDO&LLFL]HODXvQDFHODüLWLPS OLPEDüLVXIOHWXOHQJOH]'HDVHPHQHDSHOHULQDMHOHIFXUFXQRVFXWH PXOWRUHQJOH]L&ULOHVWULQHÍQRSHUDOXL&KDXFHUWkUJRYHD&DGLQ%DWKD IRVWOD,HUXVDOLPOD5RPDOD6DQWLDJRGH&RPSRVWHOODüLOD&RORQLDüLDUH PLLGHLVWRULVLULGHIFXWFXSULYLUHODFOWRULLOHHL'DUSX&LQFkWHSX&LQD LQWUDWvQRELFHLUVFXPSUDUHDSHQLWHQ&HORUüLDSHOHULQDMHORUFXDPHQ]L EQHüWL6FHSWLFXO&KDXFHUSLRVXO/DQJODQGüLWHRORJXO:\FOLIFRQGDPQ GHFRPXQDFRUGDFHDVWVFDQGDORDVYkQ]DUHGHLHUWULDSFDWHORU 0RQDUKLDvQVüLVHDUDWRVWLOWULEXQDOHORUHFOH]LDVWLFHVXVSHFWDWH WRWGHDXQDGHFkUGüLHFX5RPD(GXDUGDO,,,OHDHGLWHD]vQ FHOHEUXOVWDWXW3UDHPXQLUHFDUHDVLPLOHD]FXWUGDUHDIDSWDXQXLVXSXV HQJOH]FDUHVROLFLWVDXDFFHSWRMXULVGLF&LHVWULQ 'HQXPLUHDOHJLL YLQHGHODIRUPXODVRPD&LHL Å3UDHPXQLUHIDFLDV3XQHLvQYHGHUH
FXWUXLD ,9:\FOLI DSUR[LPDWLY VSLULWvQGU]QH&UHIRUPDWPXOW YUHPHvQDLQWHGH5HIRUPPDJLVWUXDOKXVL&LORUGLQ%RHPLDüLSXULWDQ vQDLQWHGHDILH[LVWDWFXYkQWXODSDU&LQXVHODvQFHSXWXOFDULHUHLVDOH ÅELVHULFLLFH]DULHQH)XVHVHvQVHUYLFLXOFRURDQHLWULPLVFDDPEDVDGRUOD %UXJHVDSRLGHYHQLVHOD2[IRUGXQXOGLQWHRORJLLFHLPDLFHOHEULDL XQLYHUVLW&LL,]ELWGHLPRUDOLWDWHDGHSHYUHPHDVDDMXQVHODFRQFOX]LD FSHQWUXDLUHGDELVHULFLLYLUWX&LOHWUHEXLDGHVSXLDWGHEXQXULüL UHDGXVODVUFLDSULPLWLY$SRLGHYHQLüLPDLvQGU]QH&vQJkQGXULOH VDOHÍQFDUWHDVD 'HGRPLQRGLYLQRHODUWDF'XPQH]HXHVWH VXYHUDQXOXQLYHUVXOXLüLGSXWHUHDVDFDIHXGXQRUüHILOXPHüWL(O GHOHDJDVWIHOSXWHUHDVDXQRUILLQ&HLPSHUIHFWHSDSLVDXUHJL WXWXURU DFHVWRUDFUHüWLQXOWUHEXLHVOHGHDDVFXOWDUHÅ3HSPkQW'XPQH]HX WUHEXLHVDVFXOWHGHGLDYRO'DUILHFDUHFUHüWLQGH&LQHGHOD'XPQH]HX SX&LQGLQGRPLQLXPXOVX(OWUHEXLHVVHDGUHVH]HGLUHFWWULEXQDOXOXL OXL'XPQH]HXGDFUHSUH]HQWDQ&LLOXL'XPQH]HXSHSPkQWQXLIDF GUHSWDWH2PXOSRDWHILVDOYDWQXSULQFHUHPRQLLLQGXOJHQ&HüLFLQ&FL SULQPHULWHOHVDOHDGLFSULQIDSWHOHVDOH:\FOLIFLWDDGHVHRULXQWH[WDO VIkQWXOXL$XJXVWLQ Å2ULGHFkWHRULXQFkQWHFPIDUPHFPDLPXOWSULQ YLHUVXOOXLGHFkWSULQFHHDFHVHFkQWUHFXQRVFFISWXLHVFRJUDY JUHüHDO3UHGLFDLVHSUHDDILSDUWHDHVHQ&LDODRULFUXLVHUYLFLXGLYLQ 3ULQWURSUHGLFVHULRDV üLQXGLVWUDFWLYFXPHUDXSUHGLFLOHÅIUD&LORU FUHGLQFLRüLLSRWILDGXüLODFLQ&üLODRYLD&FUHüWLQHDVF 9:\FOLIQXIXVHVHvQDLQWHGHFkWXQSURIHVRUFHYDPDLvQGU]QH& WROHUDWGHELVHULFvQWUXFkWHUDVXV&LQXWGHGXFHOHGH/DQFDVWHUüLGH 8QLYHUVLWDWHDGLQ2[IRUG(OGHYHQLIUGRDUüLSRDWHXQHUHWLFFkQG QHJWUDQVVXEVWDQ&LHUHDDGLFGRJPDSUH]HQ&HLUHDOHvQFXPLQHFWXU $FHVWHLGRFWULQHHOvLRSXQHDDFHHDDFRQVXEVWDQ&LHUHLDGLFDSUH]HQ&HL VLPXOWDQHDSkLQLLPDWHULDOHüLDWUXSXOXLOXL+ULVWRVÍQVHPQDR SURIDQDUHDPLUDFROXOXLVOXMEHLUHOLJLRDVHüLSDSDQXSXWHDWROHUDDFHDVW GRFWULQIUDSHULFOLWDWRWHGLILFLXOELVHULFLL:\FOLIFRQGDPQDWILLQG UHSXGLHDXWRULWDWHDSRQWLILFDOüLvQXOWLPLLVLDQLSURSRYGXLDF%LEOLD HVWHVLQJXUXOL]YRUDODGHYUXULORUFUHüWLQH3HQWUXDRUVSkQGLSXVHV ILHWUDGXVvQHQJOH] FFLQXH[LVWDXGHFkWWUDGXFHULODWLQHüLIUDQFH]H QHvQ&HOHVHGHRDPHQLLGHMRV $SRLvüLIRUPGLVFLSROLFDUHWUHEXLDXV WULDVFvQDFHHDüLVUFLHvQFDUHDXWULWSULPLLIUD&LDLVIkQWXOXL )UDQFLVFÅ3UHR&LLVUDFLDLOXL:\FOLIDXIRVWODvQFHSXWRDPHQLFX XQLYHUVLWDWHKRWUk&LVüLGHDYLD&DSHQWUXVDOYDUHDELVHULFLL GDUDSRL WUDLXODVSUXOLVHSUXSUHDFKLQXLWRUXQRUWLQHULERJD&LüLFXOWLYD&L:\FOLI QXOHGGHDYRLHVDLEYUHXQEDQDVXSUDORU QLFLQXSXWHDXOXDFXHL XQVDFFXPIFHDXIUD&LLvQFDUHVüLSXQGDUXULOH QXDYHDXYRLHV SULPHDVFGHFkWKUDQüLQXPDLDWXQFLFkQGvLVLP&HDXQHYRLD
ÍPEUFD&LvQUDVHOXQJLGHOkQEUXWvQSLFLRDUHOHJRDOHXPEODXGLQVDW vQVDWSUHGLFkQGQHRERVL&LGRFWULQDOXL:\FOLI&XUkQGGLVFLSROLLIXU UHFUXWD&LGLQWUHVUDFL(XüRUGHLPDJLQDWFHUVXQHWDYHDXOD&DU WLQHULLDFHüWLDvQIRFD&LFDUHSUHGLFDXVUFLDüLHJDOLWDWHD9HQLVHRYUHPH FkQG&UDQLLvQFHSXVHUVGLVFXWHSULQFkUFLXPLGHVSUHFU&LOHVILQWHÍQ DFHDVW%LEOLHFDUHOHDIRVWGHRGDWUHYHODWHLJVHDXLPDJLQHDXQHL JUGLQLDQFHVWUDOHüLSDUDGLVLDFHvQFDUHQXH[LVWDVHUQLFLQRELOLQLFL YLODQLÅ&kQG$GDPVSDFkQG(YDWRUFHDXQGHVHDIODDWXQFLQRELOXO" 'XSFLXPDQHDJUVPkQ&DDFHDVWDFGHDSHSPkQWURGLWRU 9,1LPLFQXvQJGXLHVPVRULPDLELQHGHRVHELUHDGLQWUH DVSULPHDELVHULFLLID&GHHUHWLFLvQFHSkQGGLQVHFROXODO;9OHDüL UHODWLYDVDLQGXOJHQ&SHYUHPHDFkQGPDLHUDVLJXUGHSXWHUHDVD GHFkWDFHVWIDSW :\FOLIGHüLFRQGDPQDWSHQWUXHUH]LHvQUPDVH SkQODPRDUWHDVDFDUHDYXORFGRLDQLPDLWkU]LXUHFWRUOD/XWWHUZRUWK üLQXIXWXOEXUDWGHORF$UKLHSLVFRSXOXL&RXUWHQD\LDIRVWGHVWXOGHJUHX VvPSLHGLFHSHDGHS&LLOXL:\FOLIVFRQWLQXHDSUHGDOD2[IRUG0kQGU GHWUDGL&LLOHVDOHGHOLEHUWDWHSXWHUQLFGDWRULWVSULMLQXOXLVWXGHQ&LORU XQLYHUVLWDWHDDUH]LVWDW&RQGXFWRULLHLVHFRQVLGHUDXPDLFXUkQG SURIHVRULGHFkWHFOH]LDVWLFLÅ(DQDIRVWFDvQVHFROXOXUPWRUXQ LQVWUXPHQWIRORVLWGHELVHULFSHQWUXDLPSXQHVSLULWXOXLQD&LRQDOGRF WULQDVDQLFLFDVXE6WXDU&LXQFRUSGHIXQF&LRQDULvQVOXMEDFRURDQHL 6HFXODULLüLFOXJULLVHVIküLDXvQWUHHLüLVHFXODULLDGHS&LLOXL:\FOLI HUDXPDLSXWHUQLFL&DFFHGH]HDIRVWQHYRLHFDvQVXüLUHJHOHVLGHD DFHDVWVDUFLQFDQFHODUXOXLüLVDPHQLQ&HXQLYHUVLWDWHDFLUHWUDJH SULYLOHJLLOH$WXQFLDGHS&LLOXL:\FOLIIFXUDFWGHVXSXQHUHüL2[IRUG vQFHWSHQWUXPXOWYUHPHVPDLILHXQFHQWUXDOJkQGLULLOLEHUH 9,,ÍQ&DUÅSUHR&LLVUDFLSHFDUHFDWROLFLLGUHSWFUHGLQFLRüLLDX VXSUDQXPLWOROODU]LVDXJXUDOLYLIXUSHQWUX:\FOLIGLVFLSROLPDL FUHGLQFLRüLGHFkWSURIHVRULLGLQ2[IRUG1XQXPDLSRSRUXOGDUüLPXO&L FDYDOHULLQGLJQD&LGHERJ&LDELVHULFLLvLSULPHDXFXEXQYRLQ&üLL SURWHJXLDXvPSRWULYDHSLVFRSLORU$FHüWLDRE&LQXUFXPXOWJUHXWDWH DMXWRUXOVKHULIILORUüLDOMXVWL&LHLFLYLOHvPSRWULYDHUH]LHL&kQGUHJHOH IJGXLVSULMLQXOVX&DPHUD&RPXQHORUSURWHVWODvQFHSXW(DFHG FkQGvQFODVHOHGLULJXLWRDUHVHLQILOWUSUHUHDFOROODU]LLGHYHQHDXXQ SHULFROVRFLDOüLDPHQLQ&DXDWkWERJ&LDFkWüLFUHGLQ&DÍQIXYRWDW VWDWXWXO 'H+HUHWLFRFRPEXUHQGRFDUHFRQILUPDGUHSWXOELVHULFLLGHDGD SHHUHWLFLSHPkQDFOLORUVLDUGSHUXJ$WXQFLvQFHSXUSHUVHFX&LLOH YLFWLPHOHHUDXPDLDOHVRDPHQLVUDFLFURLWRULWEFDULDFURUFULP FRQVWDFkQGGLQQHJDUHDvPSUWüDQLHLFkQGGLQFRQYRFDUHDXQRU SULHWHQLvQWLPSXOQRS&LLSHQWUXDOHFLWLRYHUVLXQHHQJOH]DHYDQJKHOLHL FkQGGLQUHIX]XOGHDGDDVFXOWDUHSRUXQFLORUELVHULFLLFDUHQXVHDIODXvQ DFHDFDUWH6HvQWUHYGSULQWUHDFHVWHPUWXULLRYLD&VSLULWXDO
SDVLRQDWGLVFX&LLVHFUHWHFXSULYLUHODPLVWHUHOHFUHGLQ&HLSXUWDWHvQWUH QHJXVWRULVR&LLOHüLVHUYLWRULLORUDGHVHRULOROODUGLVPXOvQJkPIDWDOXQXL JHQWLORPÍQID&DDPHQLQ&ULLFXWRUWXUDPXO&LUHWUDFWDX$O&LLUPkQHDX GHQHFOLQWLW vQVDSXWXWSDUWLFLSDODRVFHQH[WUDRUGLQDU8QQH QRURFLWGHPHüWHüXJDUFRQGDPQDWODDUGHUHSHUXJJVLvQSLD&D 6PLWKILHOG ORFXORELüQXLWDODFHVWRUH[HFX&LL QXQXPDLYUHDVFXULOHFLüL SHPRüWHQLWRUXOWURQXOXL7kQUXOSULQ&+HQULF YLLWRUXO+HQULFDO9OHD GLVFXWYUHPHvQGHOXQJDWüLIRDUWHVHULRVFXFURLWRUXO%DGE\ IJGXLQGXLYLD&DüLEDQLGDFDEMXU'DUvQ]DGDU'HGRXRULIXU DSULQVHYUHDVFXULOHGXSFDUHSULQ&XOOVYLFWLPDvQYRLDVRDUWHL6H PDQLIHVWDGHSHDWXQFLVSLULWXOMXGHFWRULORU,RDQHLG $UF GRULQ&DVLQFHU GHDVDOYDHUHWLFXOGHHOvQVXüLRIHUPLWDWHQHPLORDVID&GHHUH]LH 9,,, 5(92/7$%5$1,/25 'RPQLDOXL(GXDUGDO,,,OHDvQFHSXVHSULQWUXQOXQJüLUGHYLFWRULL PDULWLPHüLPLOLWDUH&XUDMXOSHUVRQDODOUHJHOXLüLDOILXOXLVXPDLPDUH 3ULQ&XO1HJUXIFXVHGLQHLHURLQD&LRQDOL&LQFLVSUH]HFHDQLGXS WUDWDWXOGHOD%UpWLJQ\$QJOLDQXPDLHUDGHFkWR&DUXPLOLWüL QHPXO&XPLW%WUkQXOUHJHVHUDPROHDvQEUD&HOHXQHLIUXPRDVH FDPHULVWH$OLFH3HUUHUVFUHLDvLGUXLDELMXWHULLOHFRURDQHL3ULQ&XO 1HJUXEROQDYGXSPXOWHOXSWHDWUHEXLWVSUVHDVFSHROLWLHU JXYHUQPkQWXO$TXLWDQLHLüLVHVWLQJHDvQFHWvQFHW$OWUHLOHDILXDO UHJHOXL,RDQGH*DQGUHGXWDELOXOGXFHGH/DQFDVWHUVHDOLDVHFX$OLFH 3HUUHUVüLJXYHUQD&DUDVSULMLQLQGXVHSHREDQGGHSUHYDULFDWRUL $SURDSHWRWFHVHFXFHULVHIXVHVHSLHUGXW3HWURQXO)UDQ&HLVHJVHDXQ UHJHPDUH&DURODO9OHDFDUHUHIFXVHPDULQD&ULLüLDLFUXLJHQHUDOL 'X*XHVFOLQ&OLVVRQvQ&HOHVHUFVHFUHWXOYLFWRULHLHUDvQU]ERLXO DFHVWDVQXGHDQLFLREWOLHGDFQXPHUJHDXODVLJXUÍLOVDXSULQ XUPDUHSHHQJOH]LVVHHSXL]H]HFXWUHLHUkQG&DUDLQFHQGLLQGRUDüHOH PDVDFUkQG&UDQLGH]DUPD&LÅ)XUWXQDYDWUHFHVSXQHD&DURODO9OHD üLvQWUDGHYUvQFHSXVVHvQWUHYDGFVXFFHVHOHHQJOH]LORUGHOD&UpF\ üL3RLWLHUVQXGGXVHUDGHYUDWDPVXUDIRU&HORUFHORUGRXUHJDWH &XFHULUHDüLRFXSDUHDXQXLLPSHULXFRQWLQHQWDOGHSüHDXIRU&HOH$QJOLHL FDUHÅQXHUDGHVWXOGHSXWHUQLFQLFLvQRDPHQLQLFLvQEDQLFDV RFXSHvQSHUPDQHQ&SULPXOORFvQ(XURSDÍQILQHüLDFHVWDLIDSWXOFHO PDLLPSRUWDQW$QJOLDQXPDLHUDVWSkQDPULLIUGHFDUHvQFHWDV PDLILHLQYXOQHUDELO6WkQJFLD3ULQ&XOXL1HJUXPDLVODEFDGLSORPDW GHFkWFDVROGDWGXVHVHODDOLDQ&DUHJHOXL&DVWLOLHLüLDUHJHOXL)UDQ&HL )ORWDOXLGRPLQD*ROIXO*DVFRQLHLüL&DQDOXO0kQHFLL1XQXPDLFR IORWHQJOH]DIRVWQLPLFLWOD/D5RFKHOOHGDUQDYHOHIUDQFH]HLQWUDX QHVWLQJKHULWHSH7DPLVDIORWLOHOHIUDQFH]HGHYDVWDXRUDüHOHGHSHFRDVW üLLQFHQGLDXVDWHOHGHSHVFDUL6LQJXUXOPLMORFGHDSUDUHD$QJOLHL
FRQVWDvQDFKHPDODDUPHSRSXOD&LDGHSHFRDVWHSULQIRFXULDSULQVHSH vQO&LPL0HWRGFDUHOVDWLPSVXILFLHQWQYOLWRULORUVGHEDUFHV DF&LRQH]HüLVIXJ ,,ÍQ]SFHDODüLGLVSHUDUHDWXWXURUQXPDL&DPHUD&RPXQHORU DUWDRDUHFDUHFXUDM'HVSU&LUHDSDUODPHQWXOXLvQGRX&DPHUHHUD DFXPXQRELFHLELQHVWDWRUQLFLW&DYDOFDGHOHJHQWLORPLORUGHOD&DU VRVLQGOD/RQGUDSHQWUXVHVLXQHDSDUODPHQWDUGHYHQLVHUSHQWUX RUüHQLLFDSLWDOHLXQVSHFWDFROIDPLOLDU/DVHVLXQLOH&DPHUHL&RPXQHORU SDUWLFLSDXUHJXODWGRXVXWHGHRUüHQLUHSUH]HQWkQGRVXWGH ÅEXUJXULüLüDSWH]HFLüLSDWUXGHFDYDOHULUHSUH]HQWkQGWUHL]HFLüLüDSWH GHFRPLWDWH$FHüWLDGLQXUPGHüLPDLSX&LQQXPHURüLGRPLQDXüL GHFLGHDXFFLHLUHSUH]HQWDXIRU&DUHDO(LDXIRVWDFHLDFDUHvQ SDUODPHQWXOGLQGHQXPLWÅSDUODPHQWXOFHOEXQDXDYXWFXWH]DQ&D VFHDUVRFRWHDOGXFHOXLüLFOLFLLVDOHVSUHWLQGvQGHSUWDUHD$OLFHL 3HUUHUVüLVLQYLWHSHEWUkQXOUHJHVDVLJXUHDSUDUHDPDULWLPD&ULL 3RDWHFDUILIRVWPDLSX&LQWHPHUDULGDFQXVDUILVLP&LWVXV&LQX&LGH SRSXOD&LD/RQGUHLYLROHQWRVWLOGXFHOXLüLGDFSHQWUXPDLPXOW VLJXUDQ&QDUILFKHPDWVGHOLEHUH]HvPSUHXQFXHLFk&LYDORU]LSH FDUHLVRFRWHDXIDYRUDELOLFDX]HLORU/LVHIFXUSURPLVLXQLFFL WUHEXLDXvPEXQD&LSHQWUXDVHSXWHDXPSOHYLVWLHULD'DUvQGDWFHVH WHUPLQDVHVLXQHDPHPEUXOSDUODPHQWXOXLGHYHQHDLDUXQVLPSOX FDYDOHU'XFHOHvODUXQFSHVSHDNHUvQvQFKLVRDUH $OLFH3HUUHUVFDUH IJGXLVHFQDUHVOPDLYDGQLFLRGDWSHUHJHvüLUHOXORFXOOkQJ HO HSLVFRSLLFDUHMXUDVHUVRH[FRPXQLFHQXPLüFDUXQGHJHW&kQG vQUHJHOHPXULWRDWRSHUDÅSDUODPHQWXOXLFHOEXQHUDGLVWUXV (GXDUGDO,,,OHDQDIRVWUHJUHWDWEWUkQH&HDVDMDOQLFDIFXWVVHXLWH LVSUYLOHGLQWLQHUH&H7RWXüLUHJHOH)UDQ&HLYUkQGVRQRUH]HSHvQDOWXO DGYHUVDUDSRUXQFLWVVHFHOHEUH]HOD6DLQWH&KDSHOOHXQVHUYLFLXGLYLQ SHQWUXRGLKQDVXIOHWXOXLUHJHOXL$QJOLHL ,,,3ULQ&XO1HJUXPXULQGvQDLQWHDWDWOXLVXPRüWHQLWRUOHJLWLP GHYHQLQHSRWXOOXL(GXDUGDO,,,OHD5LFKDUGDO,,OHDVXSUDQXPLW 5LFKDUGGH%RUGHDX[(UDXQFRSLOIUXPRVüLLQWHOLJHQWGDUFDUHQX SXWHDGRPQLSHUVRQDOGHFkWSHVWHFk&LYDDQL5HGXWDELOLLVLXQFKLGXFLL GH&ODUHQFHüL/DQFDVWHUXUPDXDüDGDUVGHYLQFRQVLOLHULLVLSRDWH ULYDOLLVL&XPXOWGHPQLWDWHVWkQGOkQJFDGDYUXOEXQLFXOXLVXHO RE&LQXFDWULPLüLLFHW&LL/RQGUDüLXQFKLXOVX/DQFDVWHUVVFKLPEH VUXWXOSFLL'LQSULPXODQDOGRPQLHLVDOH5LFKDUGYDDYHDSULOHMXOV DUDWHXQFXUDMüLRSUH]HQ&GHVSLULWVXUSULQ]WRDUHFFLvQDFHODQ L]EXFQLRUVFRDORU]PHUL&&UQHDVFFDUHDUILSXWXWVVH
'HIDSWPDUHDUVFRDO&UQHDVFQDL]EXFQLWvQSULPXODQDOGRPQLHLOXL5LFKDUG
DO,,OHDFLQXPDLvQDOSDWUXOHD
WUDQVIRUPHvQUHYROX&LH'HPXOWYUHPHRQHPXO&XPLUHDVFXQVPRFQHD OD&DU1XSHQWUXF&UDQLLDUILIRVWPDLQHQRURFL&L GLPSRWULYvQ WLPSXOXOWLPLORU]HFHDQLVDODULLOHVHXUFDVHUSHFkQGSUH&XULOHVF ]XVHU'DURDPHQLLvQFHWDVHUVPDLDLEvQFUHGHUHvQVLVWHPXOFDUHL &LQHDvQüHUELH&XQRVFXVHUUXüLQHDS&LWGHEWUkQXOUHJHvQIUkQJHULOH VXIHULWHGHVHQLRULLORUvQ)UDQ&DUDLGXULOHIORWLOHORUIUDQFH]HÅ3UHR&LL VUDFLDLOXL:\FOLIOHYRUELVHUGHERJ&LLOHVFDQGDORDVHDOHDED&LORU8Q SRHPVFULVvQOLPEDSRSRUXOXL3HWUXSOXJDUXOGH/DQJODQGIXVHVH UVSkQGLWvQWRDW&DUD /DQJODQGQXHUDXQUHYROX&LRQDUHUDXQRPSLRVüLDGPLUDYLD&D PRQDVWLFGDU]XJUYHDVRDUWDSRSRUXOXLFXXQUHDOLVPDWkWGHVXPEUX üLOX[XOFHORUPDULFXDWkWDGLVSUH&üLRVWLOLWDWHvQFkWPLLGH&UDQLFD 3HWUXSOXJDUXODVFXOWkQGDFHVWHYHUVXULVHVLP&HDXPLüFD&LÍQDQXO VH&LQHDXODVDWHQHQXPUDWHFRQVIWXLULVHFUHWHFLUFXODXGLQ FRPLWDWvQFRPLWDWPHVDMHPLVWHULRDVHFDUHGXFHDXRUGLQHOHÅ0DULL6R FLHW&LDJLWDWRULLFOHULFLüLPLUHQLSUHGLFDXvQDFHODüLWLPSUHIRUPD ELVHULFLLüLUVFXODUHD&UDQLORU6WDWXWXOOXFUWRULORUOHvQWUH&LQHD H[DVSHUDUHDÍQILHFDUH]LSHDOWGRPHQLX&UDQLLLQWUDXvQFRQIOLFWFXXQ VHQLRUVDXFXDGPLQLVWUDWRUXOOXLFDUHYRLDVLREOLJHVVHFHUHSHQWUX GRLVDXWUHLSHQQ\SH]L3HGHSVHOHSUHY]XWHGHDFHDVWOHJHDEVXUG vPSRWULYDDFHORUDFDUHUHIX]DXPXQFDDOXQJDXGHSHFkPS&UDQLFDUH SkQDWXQFLIXVHVHUQLüWHSOXJDULOLQLüWL&LWUDQVIRUPkQGXLvQYDJDERQ]L FDUHUWFHDXSULQSGXULGHPRUDOL]D&LILLQGFVHWUH]HDXGH]UGFLQD&L Å9LODQXOFDUHIXJHHXQSHUVRQDMWRWDWkWGHRELüQXLWvQ$QJOLDVHFROXOXLDO ;,9OHDFDüLVFODYXOFDUHvüLLDFkPSLLvQ$PHULFDVHFROXOXLDO;,;OHD vQ DPEHOHFD]XULU]YUWLULOHDFHVWHDGLQFHvQFHPDLQXPHURDVHVXQW VHPQXOYRLQ&HLGHOLEHUWDWHDOHXQHLFODVHvQWUHJL ,9)URLVVDUWQHDSVWUDWGLVFXUVXULOHFHOXLPDLFXQRVFXWDJLWDWRU GLQFDSHODQXO-RKQ%DOO Å$FHVW-RKQ%DOODYHDRELFHLXOFDvQ]LOHOH GHGXPLQLFDWXQFLFkQGOXPHDLHüHDGLQELVHULFGXSOLWXUJKLHV YLQODFLPLWLU$FRORDGXQDSRSRUXOvQMXUXOOXLüLLSUHGLFDVSXQkQG ©2DPHQLEXQLOXFUXULOHQXSRWPHUJHELQHüLQXYRUPHUJHELQHvQ$QJOLD DWkWDWLPSFkWEXQXULOHQXYRUILSXVHvQFRPXQDWkWDWLPSFkWYRUH[LVWD YLODQLüLJHQWLORPLüLQXYRPILFXWR&LLHJDOL'HFHDFHLFURUDOHVSXQHP VHQLRULVXQWVWSkQLPDLPDULGHFkWQRL"1HWUDJHPGRDUFXWR&LLGLQ DFHODüLWDWüLDFHHDüLPDPGLQ$GDPüL(YD&XPGHSRWVSXQHüLFX FHSRWGRYHGLFHLVXQWPDLFXUkQGVWSkQLGHFkWQRLvQDIDUGHIDSWXO FQHSXQSHQRLVDUPVFXOWLYPSPkQWXOFDHLVDLEFH FKHOWXL"(LVHvPEUDFvQFDWLIHDüLQRLvQSRVWDYSURVW SHQWUXHLYLQXO PLURGHQLLOHüLSkLQHDFHDPDLEXQSHQWUXQRLVHFDUDWUk&HOHüLSDLHOH üLFDEXWXUQXPDLDSD HLVHRGLKQHVFvQFDVWHOHIUXPRDVHLDUSHQRL QHEDWSORLOHüLYkQWXULOHGHSHFkPS üLGHODQRLGLQPXQFDQRDVWUOH YLQHWRWFHLGHWUHEXLQ&SHQWUXWUDLXOORU6QHGXFHPODUHJH(RP WkQU6LDUWPGLQQRXvQFHURELHWULP6LVSXQHPFYUHPVILH
DOWPLQWUHOHDLDUGDFQXYRPvQGUHSWDQRLvQüLQHOXFUXULOHª 9$üDRELüQXLDVYRUEHDVF-RKQ%DOOvQILHFHGXPLQLFFkQG OXPHDLHüHDGHODOLWXUJKLDGLQVDW SOHFkQGGHDFRORPXO&LPXUPXUDX Å$GHYUJULWD7RWXüLFHUHULOH&UDQLORUIXUPDLSX&LQFRPXQLVWHGHFkW SUHGLFLOHOXL-RKQ%DOO(LFHUHDXQXPDLOLEHUWDWHDSHUVRDQHLORUüL vQORFXLUHDWXWXURUFRUYH]LORUSULQWURUHGHYHQ&GHSDWUXSHQQ\GHDFUX &DX]DLPHGLDWDUHYROWHLDIRVWRWD[SHFDUHVIHWQLFLLFRURDQHL SURFHGkQGvQPRGIRDUWHVWkQJDFLYRLDXVRPDLvQFDVH]HRGDW GHRDUHFHFROHFWRULLQXVWUkQVHVHUSULPDRDUGHVWXLEDQL&kQG&UDQLLvL Y]XULDUSHWULPLüLLUHJHOXLüLFkQGDFHüWLDYRLUVLDUHVWH]HSHFHL UHFDOFLWUDQ&LXQVDWvQWUHJVHVXSUüLLSXVHSHIXJ$SRL vQVSLPkQWD&LGHIDSWDORU&UDQLLOXDUFDOHDFRGUXOXL$FRORWULDX QHQXPUD&LLQüLFHUWD&LFXOHJHDGLQFDX]DQHFXJHWDWHLDSOLFULD 6WDWXWXOXLOXFUWRULORU2DUPDWJDWDSUHJWLWSHQWUXRUVFRDO'LQ VDWvQVDW]EXUDFXYkQWXOGHRUGLQHDWkWGHDüWHSWDW Å-RKQ%DOOVDOXWSH WR&LüLYGGHüWLUHFDVRVLWFOLSDÍQFkWHYD]LOH(VVH[üL.HQWOXDU IRF5HEHOLLMHIXLDXFDVHOHXFLGHDXSHSDUWL]DQLLGXFHOXLüLSHRDPHQLL OHJLL,GHHDORUIL[HUDVGLVWUXJXUPHOHVFULVHDOHüHUELHLORUÍQ FDVWHOHOHSHFDUHOHRFXSDXDUGHDXUHJLVWUHOHüLFDUWHOHOHÍQID&D SXKRLXOXLQRELOLLFLXGDWGHLQFDSDELOLVRUJDQL]H]HRUH]LVWHQ&IXJHDX FXUkQG&UDQLLüLFHLFHUWD&LFXMXVWL&LDLQWUDUvQRUDüH6HQLRULLODUkQGXO ORUVHDVFXQVHUvQSGXUL2UüHQLLvLSULPLUGHVWXOGHELQHSH LQVXUJHQ&L/D&DQWHUEXU\FLWDGLQLLüLVWHQLLXQL&LSOWLUFkWHYDGDWRULL YHFKLGHFDSLWkQGSHFHLSHFDUHLXUDX$SRLDUPDWDDFHDVWDLQIRUP vQFHSXPDUüXODVXSUD/RQGUHL$FRORVHDIODWkQUXOUHJHSHFDUHüHILL UHYROWHLvOFRQVLGHUDXIDYRUDELOORUüLGHVSUHFDUHPXO&LQXüWLDXDOWFHYD GHFkWFHVWHXQFRSLOüLFWUHEXLDDSUDWGHXQFKLXOVX,RDQGH*DQG FHOPDLXUkWGLQWUHWR&LPDULLVHQLRUL7UHEXLHV&LLvQFKLSXLPHUJkQGSH SRWHFLJUXSD&LSHRUDüHüLVDWHSXUWkQGEkWHVELLUXJLQLWHWRSRDUH DUFXULGHPRGDWHüLVJH&LIUDULSL 9,5HJHOHüLFUHGLQFLRüLLOXLVHUHIXJLDUvQ7XUQXO/RQGUHL2UDüXO SURSULX]LVHUDXüRUGHDSUDW SXQWHDFDUHOVHSDUDGH&UPDYHDRSDUWH PRELOODPLMORFüLDUILIRVWVXILFLHQWVRULGLFH'DUXQDOGHUPDQFDUH &LQHDFXUHYROWD&LLOHGGXGUXPXOFXWRDWHFSULPDUXOFDUHHUDGH SDUWHDRUGLQLLVHRSXQHD8UPDUvQGDWQLüWHVFHQHvQJUR]LWRDUHGH VWUDG%UDQLLGHVFKLVHVHUSRU&LOHvQFKLVRULORUüLDüDFXPVHvQWkPSO vQWRDWHU]PHUL&HOHFHDWDEDQGL&LORULHüLGLQXPEUFDVMHIXLDVFüLV RPRDUH6HLQVWDOXQEXWXFvQ&KHDSVLGHüLvQFHSXUV]ERDUHFDSHWH 8QvQWUHJFDUWLHUGHIODPDQ]LIXPDVDFUDWIUDOWSULFLQGHFkWDFHHDF HUDXVWULQL&DVDOXL,RDQGH*DQGIXLQFHQGLDW1XPDLWkQUXOUHJH HUDvQJUD&LLOHQRURGXOXLÍQFGLQSULPD]LXUFDWSHRFRUDELHSRUQLVHV GRMHQHDVFPXO&LPHDIUVGHEDUFHüLIXVHVHDFODPDW)UVVH
üWLHGHFHHUDLGROXODFHVWRUQHQRURFL&LLDUHODYHDVWUDJGLQDFHDVW SRSXODULWDWHPDULIRORDVH(OOHGGXUHEHOLORURSULPvQWkOQLUHOD0LOH V (QGvQWURFkPSLHYHFLQFX/RQGUDüLDFRORVHIFXFOHDFRUGWRWFH FHUHDX7UHL]HFLGHVOXMEDüLvQFHSXUVUHGDFWH]H]DSLVHOHGHGH]URELUHüL VOHSHFHWOXLDVFFXVLJLOLXOUHJHOXL%UDQLLDYHDXvQFUHGHUHvQ SHUJDPHQWH3HPVXUFHILHFDUHJUXSvüLSULPHDKULVRDYHOHSUVHD WULXPIWRDUHFkPSLDüLVHvQWRUFHDOD/RQGUDIOXWXUkQGIODPXULOHUHJDOH FDUHOHIXVHVHUGLVWULEXLWH(FHUWFVIHWQLFLLOXL5LFKDUGQXDYXVHVHUR FOLSLQWHQ&LDVVRFRWHDVFYDODELOHFRQFHVLXQLOHVPXOVHvQXUPD MDIXULORUüLDDVDVLQDWHORU(LFXWDXVFküWLJHWLPS1RLFULPHDYHDXVL VLOHDVFVWUHDFUHSHGHODRIHQVLY 9,,ÍQWLPSFHUHJHOHQXVHDIODvQWXUQUHEHOLLDXSWUXQVvQXQWUX FDSXODUKLHSLVFRSXOXLGH&DQWHUEXU\üLDFHODDOYLVWLHUQLFXOXLIXUvQILSWH ODLQWUDUHDSHSRGXO/RQGUHL7UHEXLDFXRULFHSUH&vQGHSUWDWPXO&LPHD VHWRDVGHVkQJHüLFDUHüLLHüLVHGLQILUH1XPHURDVHJUXSHGH&UDQL PXO&XPLWHGH]DSLVHOHORUSUVLVHURUDüXO0DLUPVHVHUFkWHYDPLL IUvQGRLDOFHLPDLDSULJLFDUHYRLDXVFRQWLQXHMDIXO'DUVRVHDXGLQ WRDWHSU&LOHFDYDOHULüLRUüHQLSHQWUXDVHDGXQDvQMXUXOUHJHOXL8Q QRXORFGHvQWkOQLUHIXIL[DWUHEHOLORUSHQWUXDGRXD]L WkUJXOGHFDLGHOD 6PLWKILHOG&RSLOXOUHJHDSUXFODUHvQSLD&XUPDWGHSULPDUXO/RQGUHL üLGHRvQWUHDJHVFRUW/DFHOODOWFDSWDOSLH&HLHUDXÅRDPHQLLEODMLQL vQDUPD&LFXDUFXULûHIXOORU:DW7\OHUYHQLFODUHvQID&DFRUWHJLXOXL UHJDO&HVRILvQWkPSODWDWXQFL"&URQLFDULLGLIHUvQUHODWULOHORU 'HVLJXUFDIRVWLQVROHQWüLGHRGDWSULPDUXO/RQGUHLFDUHSXUWDR DUPVXEPDQWLHVHPkQLHüLOGRERUvGLQWURORYLWXUvQFDSÍQGDWFH F]XRDPHQLLUHJHOXLvOvQFRQMXUDUSHQWUXFDEDQGHOHGHODFHOODOWFDSW DOSLH&HLVQXYDGFHVDvQWkPSODW'DUHOHDSXFDVHUVYDGüLvQFH SXUvQGDWVVHvQüLUXLHvQRUGLQHGHEWDLHüLVvQWLQGDUFXULOHFkQG WkQUXOUHJHIFXXQJHVWHURLFQHDüWHSWDWFXEXQHFRQVHFLQ&H(OvüL SUVLRDPHQLLüLSOHFGHXQXOVLQJXUVSXQkQGXOH Å5PkQH&LDLFLüL QLPHQLVQXPXUPH]H$SRLvQDLQWkQGVSUHUHEHOLOHVSXVH Å1XDYH&L DOWFRPDQGDQWGHFkWSHPLQH(XVXQWUHJHOHYRVWUX)L&LSHSDFH 9HGHUHDDFHVWXLFRSLOIUXPRVFDUHYHQHDVSUHHLOLQLüWLWüLvQFUH]WRUvL GH]DUPSHLQVXUJHQ&LFDUHQDYHDXQLFLüHIüLQLFLXQSODQ5LFKDUGVH SXVHvQIUXQWHDORUüLLGXVHDIDUGLQRUDü$üDFHOSX&LQLVWRULVHüWH )URLVVDUW 9,,,$VDVLQLLüLMHIXLWRULLQXSUHDPHULWPLO'DUSULQWUH&UDQLLGLQ HUDXPXO&LRDPHQLGHWUHDEFDUHVRFRWHDXFDSURFDX]MXVW 3HDFHüWLDQXLSXWHPYHGHDIUHPR&LHXUPkQGvQWUXQSDWHWLFüL vQFUH]WRUFRUWHJLXIUXPRVXOUHJHFRSLOFDUHLGXFHODVXSOLFLL&FL UHSUHVLXQHDDYHDVILHWRWDWkWGHFUXGFDüLLQVXUHF&LDÍQGDWFHFHWHOH U]YUWLWHIXUvPSUüWLDWHüL&UDQLLvQWRUüLvQVDWHOHORUUHJHOHüL
MXGHFWRULLVLPHUVHUGLQFRPLWDWvQFRPLWDWvQYHGHUHDXQRU VkQJHURDVHMXGHF&L5HEHOLLIXUVSkQ]XUD&LFXVXWHOH/D/RQGUDSH EXWXFXOLQVWDODWGHHLvQüLüLvQ&KHDSVLGHYLQRYD&LLGLQ]LOHOHGHPFHOüL PXO&LQHYLQRYD&LIXUGHFDSLWD&L5XGHOHYLFWLPHORUSkQüLIHPHLOH FHUXUvQJGXLQ&DSHQWUXDJXVWDüLPDLPXOWU]EXQDUHDVH[HFXWHHL vQüLüLSHFOLLGLQDMXQ7HURDUHDFODVHORUGLULJXLWRDUHIXvQGHOXQJDW PHUVHSkQDFRORvQFkWLQWHU]LFHDILLORUGHYLODQLVLQWUHvQXQLYHUVLW&L &DYDOHULLüLRUüHQLLOLEHUDOL DXH[LVWDWWRWGHDXQD vüLSLHUGXURULFH DXWRULWDWHvQSDUODPHQW'DUVSLULWXOGHLQGHSHQGHQ&DOSRSRUXOXLHQJOH] QXSLHULüLVIkUüLSULQDWULXPID6WDWXWXOOXFUWRULORUF]XvQGHVXHWXGLQH ODVIkUüLWXOVHFROXOXLüLMXGHFWRULLGHSDFHIXUvQVUFLQD&LVUH]ROYHSULQ EXQvQ&HOHJHUHFKHVWLXQLOHUHIHULWRDUHODVDODULLÍQVIkUüLWVXEGRPQLD 7XGRULORUüHUELDIXDEROLWüLÅVXEGRPQLDOXL,DFRE,GHYHQLRPD[LP OHJDOFRULFHHQJOH]HVWHXQRPOLEHU ,; $'28$3$57($5=%2,8/8,'(2687'($1, 5LFKDUGDO,,OHD +HQULFDO,9OHD +HQULFDO9OHD +HQULFDO9,OHD (QJOH]LLL]JRQL&LGLQ)UDQ&D ,5HJHOHFRSLODOFUXLFXUDMGRYHGLWvQSLD&DWkUJXOXLGLQ6PLWKILHOG ODXDGPLUDWQRELOLLüLRUüHQLLüLSHFDUHDUPDWD&UDQLORUUHYROWD&LvO XUPDVHFXXQUHVSHFWUHOLJLRVGHYHQLXQDGROHVFHQWYHOHLWDUüLVIkUüLSULQ DPXULvQvQFKLVRDUHGLVSUH&XLWGHFHLPDULüLXLWDWGHSRSRU7RWXüL 5LFKDUGDO,,OHDDYXVHVHFDOLW&L HUDYLWHD]IRDUWHLQWHOLJHQW HODSXWXW VVSXQJURD]QLFLORUVLXQFKL Å9PXO&XPHVFSHQWUXVHUYLFLLOHYRDVWUH GLQWUHFXWP\/RUGVGDUQXYLOHPDLVROLFLWSHQWUXPXOWYUHPH(OD vQFHUFDWvQPRGOHDOVIDFSDFHFX)UDQ&D$vQ&HOHVFHSHULFRO SUH]HQWDXSHQWUXPRQDUKLHSUHDSXWHUQLFLLGXFLFXDSDQDMHüLDvQFHUFDW VILHXQUHJHHQHUJLFvQPDQLHUDGHPDLWkU]LXD7XGRULORUGDUSRSRUXO QXVXIHULVHvQFGHVWXOSHQWUXDOVSULMLQLvPSRWULYDFHORUPDULüLGH DOWIHOGXSUHSUHVLXQHDGLQ&UDQLLQXPDLDYHDXvQFUHGHUHvQHO %LVHULFDQHOLQLüWLWGLQFDX]DHUH]LLORUDUILPHUVFXRULFLQHLDUILGDW PLMORDFHOHGHDOHGRPROLGDUüLvQDFHDVWSULYLQ&vQ&HOHSFLXQHDOXL 5LFKDUGüLWROHUDQ&DVDvOGHVHUYHDX%XQHOHVDOHLQWHQ&LLHUDX LQWHUPLWHQWHDFFHVHOHVDOHGHYRLQ&YLROHQWHüLVFXUWHIDYRUL&LLVLUX DOHüL ,,5LFKDUGDIRVWFVWRULWFXGRXSULQ&HVH SULPDDIRVW$QDGH
%RHPLDSULQDOFUHLDQWXUDMVDXUVSkQGLWOD3UDJDHUH]LLOHOXL:\FOLI GkQGQDüWHUHPLüFULLSURWHVWDQWHDKXVL&LORU DGRXDDDIRVWRIUDQFH] ,VDEHODILLFDOXL&DURODO9,OHDFHO1HEXQFHHDFHDGLVSOFXWHQJOH]LORU FDUHQXHUDXGHDFRUGFXSROLWLFDIUDQFRILODOXL5LFKDUGDO,,OHDüL UHJUHWDXYUHPXULOHFkQGDUFDüLLGHOD&UpF\üL3RLWLHUVVHvQWRUFHDXvQ VDWHOHORUvQFUFD&LGHSU]L5LFKDUGGXSFHDGRPQLWvQPRGvQ&HOHSW üDVHDQLVDOVDWLVSLWLWGHGHVSRWLVP$L]EXWLWVXPSOHSDUODPHQWXO FXSURWHMD&LGHDLOXLüLDLPSXVVXEDPHQLQ&DUHDPHUFHQDULORUVLVL VHDSUREHXQLPSR]LWDVXSUDOkQHLSHWRDWGXUDWDYLH&LLûLGHDWXQFLQD PDLFRQYRFDW&DPHUHOH5HXüLWDDFHVWHLSROLWLFLLDVXFLWFDSXO/DH[LODW SHILXOOXL,RDQGH*DQGüLODPRDUWHDEWUkQXOXLGXFHGH/DQFDVWHULD FRQILVFDWPRüWHQLUHD&HHDFHDvQVHPQDWFOSURYRFDSHYUXOVXOD UHYROW/DQFDVWHUDWULWFkWYDWLPSOD3DULVSUHJWLQGRORYLWXUGHVWDW ÍQGDWFHHODGHEDUFDWvQ$QJOLD5LFKDUGVDY]XWSUVLWGHWR&LüLvQ FHOHGLQXUPDUXQFDWvQvQFKLVRDUH3DUODPHQWXOVXFFHVRUDO0DUHOXL &RQVLOLXvODOHVHUHJHSH+HQULFGH/DQFDVWHUSHFDUHFHLGRLDUKLHSLVFRSL ODXvQFRURQDWvQGDWVXEQXPHOHGH+HQULFDO,9OHD ,,,+HQULFDO,9OHDQXHUDXQUHJHOHJLWLP vüLGDWRUDFRURDQD SDUODPHQWXOXLQRELOLORUüLELVHULFLL$VWIHOvQFkWDWUHEXLWVPHQDMH]H DFHVWHWUHLSXWHULPDLPXOWGHFkWDXIFXWRUHJLLQRUPDQ]LVDXDQJHYLQL %LVHULFLLLDDFRUGDWvQSULQVWDWXWXO'H+HUHWLFR&RPEXUHQGR GUHSWXOGHDLDUGHSHHUHWLFLÍQWLPSXOFHORUüDL]HFLGHDQLGHGRPQLHD /DQFDVWHULORUSXWHUHDSDUODPHQWXOXLDWkWGHDPHQLQ&DWGH5LFKDUGDO ,,OHDQXYDvQFHWDVFUHDVF3ULPXOUHJHGLQGLQDVWLD/DQFDVWHU+HQULF DO,9OHDüWLHFLXQX]XUSDWRUüLQXvQGU]QHüWHQLFLRGDWVRSXQ UH]LVWHQ&&DPHUHL&RPXQHORU $OGRLOHD+HQULFDO9OHDvüLSHWUHFHRPDUHSDUWHGLQGRPQLHvQ DIDUD$QJOLHLüLODVSUHPDWXUWURQXOXQXLFRSLOGHYkUVWIUDJHG+HQULF DO9,OHDFkQGYDGHYHQLDGROHVFHQWYDILXQVXYHUDQVODESHMXPWDWH QHEXQ$VWIHORYUHPHvQGHOXQJDWGLQFDX]DVOELFLXQLLUHJHOXLD DEVHQ&HLVDXDWHPHULORUVDOHSDUODPHQWXOHVWHDUELWUXOVLWXD&LHLÅÍQID&D XQRUSXWHULUHEHOHüLLQVWDELOH&DPHUD&RPXQHORUVLQJXUDSXWHUH SHUPDQHQWüLODUJQD&LRQDOSULPHüWHSULQIRU&DvPSUHMXUULORUXQUROGH DUELWUX$FHüWLSXUWWRULDLXQRUWLWOXULOLWLJLRDVHQXSRWFHUHGHFkWGLQ SDUWHDHLXQFUHGLWSUHFDU7LPLGvQFQHVLJXUXLPLWGHUROXOFDUHL UHYLQHüLSHFDUHQXODXUPULWHDH[HUFLWYUHPHGHPDLELQHGHXQ VHFRORDXWRULWDWHSUHSRQGHUHQW$UKLYHOHVDOHVHXPSOXGHSUHFHGHQWH DQDOHOHVHLOXVWUHD]SULQUHYHQGLFULUHJXODPHQWXOHLVHvPERJ&HüWHFX SUDFWLFLOLEHUDOH SXUHIRUPHIUvQGRLDOüLFDUHQXFRQ&LQHOHVLQJXUH VXEVWDQ&DOLEHUW&LLSROLWLFH FHHDFHVDY]XWIRDUWHELQHvQVHFROXO XUPWRUVXEGRPQLD7XGRULORU GDUFDUHSHUSHWXHD]FDVVSXQHP DVWIHODSDUDWXODVWIHOvQFkWvQ]LXDFkQGFLUFXPVWDQ&HOHGHYLQGLQQRX IDYRUDELOHHOHJDWDPRQWDWüLODvQGHPkQ
,9'XSXQODUJDUPLVWL&LXvQ+HQULFDO9OHDUHvQFHSH U]ERLXOFX)UDQ&D$GHYUDWXOVX&HOHUDFDVSLULWHOHWXUEXOHQWHGLQ SURSULDVD&DUVILHSUHRFXSDWHGHXQU]ERLvQDIDUDJUDQL&HORU$JLWD&LD UHOLJLRDVDOROODU]LORUVHWUDQVIRUPDvQWUXQU]ERLFLYLO(UDQHFHVDUR GLYHUVLXQHüLFURQLFDULLVSXQFHSLVFRSLLDXFHUXWR5HJHOHvQVXüLDYHD DPEL&LLPDUL YLVDVSXQFDSWVFKLVPHLGHOD$YLJQRQüLV vQWUHSULQGRFUXFLDGFDüHIDOXQHLOLJLRFFLGHQWDOH2ULFDUHDUILIRVW VFRSXOVXPLMORDFHOHSHFDUHOHDIRORVLWVXQWGHQHMXVWLILFDW*VLQG )UDQ&DVIküLDWGHFRQIOLFWHOHGLQWUHIDF&LXQLOHGH2UOpDQVüL%XUJXQGLDüL JXYHUQDWvQQXPHOHXQXLUHJHQHEXQGHXQSULQ&PRüWHQLWRUOLSVLWGH SULHWHQLUHvQYLHFXFLQLVPSUHWHQ&LLOHOXL(GXDUGDO,,,OHDODWURQXO )UDQ&HL2ULQGLIHUHQWFDUHDUILIRVWGUHSWXULOHOXL(GXDUGDO,,,OHD GHVWXOGHFRQWHVWDELOHüLHOHDFHOHDDOHOXL+HQULFDO9OHDFDUHQXHUD QLFLPFDUPRüWHQLWRUXOFHOPDLGLUHFWDOVWUEXQLFXOXLVXHUDXDSURDSH QXOH2üWLDDWkWGHELQHHOvQVXüLvQFkWGXSRSULPLQWHUYHQ&LHGLSOR PDWLFFHUXVLVHGHDGRDURGDWFXPkQD&DWHULQHLILLFDOXL&DURODO 9,OHD1RUPDQGLD7RXUDLQH$QMRX0DLQHüL3RQWKLHX3UHWHQ&LLOHHUDX SUHDDEVXUGHSHQWUXDILDSUREDWHFKLDUGHR&DUvQWURVWDUHDWkWGH QHQRURFLWFDDFHHDvQFDUHVHDIODDWXQFL)UDQ&D5]ERLXOGHYHQL LQHYLWDELO 9$GRXDSDUWHDU]ERLXOXLGHRVXWGHDQLVHDPQPLUDFXORVFX SULPDSDUWH6DU]LFHFXQIHOGHREVHVLHvOvPSLQJHSH+HQULFDO9OHD VLPLWHFDPSDQLDSRUQLWGHVWUEXQLFXOVX&DüLDFHVWDHOGHEDUFvQ 1RUPDQGLD1XDUHGHFkWGRXPLLFLQFLVXWHGHFOUH&LvQDUPD&L vQVR&LWRULLORUüLRSWPLLGHDUFDüLÍQWRWDOvPSUHXQFXVOXJLOHüLF UXüLLQXPDLPXOWGHWUHL]HFLGHPLLGHRDPHQL3XQHPkQDSH+DUIOHXU PDUHOHDUVHQDODO9HVWXOXLvQSRILGDXQHLFXUDMRDVHDSUULDSRL WULPL&kQGXLGHOILQXOXLRSURYRFDUHVHKRWUüWHVVHvQGUHSWHVSUH &DODLVüLVWUHDF6RPPHOD%ODQFKH7DFKHYDGXOGHOD&UpF\(UDR vQFHUFDUHvQGU]QHD&GDUQRELOLPHDIUDQFH]HUDvPSU&LW IUvQGRLDO FHDYDOVDHQJOH]LORUFHOHRSW]LOHGHFDUHDYHDXQHYRLHFDVDMXQJ SkQOD&DODLVÅ(VHQ&LDOXOHUDVQXUVFRDOHSRSXOD&LDSHGUXPXOVX GHWUHFHUH$üDFUHJHOHH[HFXWDGOLWWHUDPIUXPRDVHOHRUGRQDQ&HDOHOXL 5LFKDUGDO,,OHDFXSULYLUHODGLVFLSOLQ LQWHUGLF&LDGHDYLRODGHDMHIXL ELVHULFLOHVXESHGHDSVDVSkQ]XUWRULL LQWHUGLF&LDGHDVWULJD +DYRF MHIXLHüWH VXESHGHDSVDWLHULLFDSXOXL DFHHDüLSHGHDSVHSUHY]XW SHQWUXDFHOFDUHIXUSHXQQHJXVWRUVDXXQYLYDQGLHU DVFXOWDUHID&GH FSLWDQ vQFDUWLUXLUHDODORFXOLQGLFDWVXESHGHDSVDvQFKLVRULLüLD SLHUGHULLFDOXOXLHWF*VLQGYDGXODSUDW+HQULFXUFPDLVXVüLGGX
6FL]LXQHvQVkQXOELVHULFLLFDWROLFHvQWUHüLvQFDUHWLPSVDXDOHV
VLPXOWDQGRLSDSLXQXOOD5RPDDOWXOOD$YLJQRQILHFDUHUHFXQRVFXWGHFkWHRSDUWH GLQ&ULOHFDWROLFH
SHVWHDUPDWDQRELOLPLLIUDQFH]HOD$]LQFRXUW%WOLHvQILRUWRDUHvQFDUH RWUXSGHFDYDOHULIHXGDOLIRDUWHYLWHD]GDUFDUHQXvQY&DVHQLPLFüL QX&LQHDVHDPDGHOHF&LLOHOXL'X*XHVFOLQVHOVVWUSXQVGHDUFDüLüL WLDWvQEXF&LGHDUPDWDUHJHOXLHQJOH]=HFHPLLGHIUDQFH]LSLHLUvQ DFHDVWOXSWXQDGLQWUHFHOHPDLVkQJHURDVHGLQHYXOPHGLX 9,'XSDFHDVWEWOLHFkWüLGDWRULWWUGULLFHORUGLQFDVDGH %XUJXQGLDFDUHLGHVFKLVHVHUSRU&LOH3DULVXOXL+HQULFGHYHQLVWSkQXO )UDQ&HLGHQRUG6HFVWRULFX&DWHULQDvQELVHULFD6I,RDQGLQ7UR\HVüL VHPQDFRORXQWUDWDWSULQFDUHHUDUHFXQRVFXWFDPRüWHQLWRUDOWURQXOXL )UDQ&HLODPRDUWHDOXL&DURODO9,OHDüLFDUHJHQWvQWLPSXOYLH&LLUHJHOXL 7UHEXLDVJXYHUQH]HvPSUHXQFXXQFRQVLOLXIUDQFH]üLVS]HDVF WRDWHFXWXPHOHYHFKL7LWOXOVXDWkWWLPSFkWYDWUL&DURODO9,OHD WUHEXLDVILH +HQULFUHJHOH$QJOLHLüLPRüWHQLWRUXO)UDQ&HL'DUGXS Fk&LYDDQLPXULvQSGXUHDGHOD9LQFHQQHVSUREDELOGHGL]HQWHULH OVkQGXQILXvQYkUVWGHXQDQ+HQULFDO9OHDDUPDVvQRFKLL HQJOH]LORUXQUHJHPDUHHOLDFRQGXVODQRLYLFWRULLüLDYHDUHDOHYLUWX&L SHUVRQDOH(UDJHQHURVFXUWHQLWRUVLQFHUUHOLJLRVFDVWüLORLDO9RUEHD SX&LQüLUVSXQGHDQXPDL Å,PSRVLELOVDX Å6HIDFH&XPSWDUHDOXL UHPDUFDELOvQYUHPXULDWkWGHDVSUHQXOvPSLHGLFDVILHGHRFUX]LPH QHPLORDVFkQGRFHUHDXLQWHUHVHOH&ULLüLDOHFRURDQHL3OFXVH SRSRUXOXLDWkWSULQSU&LOHVDOHEXQHFkWüLSULQFHOHUHOH$UILIRVWIU vQGRLDOXQPDUHRPGHVWDWGDFDUILUH]LVWDWLVSLWHLGHDVHODQVDvQ FDPSDQLDvPSRWULYD)UDQ&HLFDUHGXSDWkWGHPDULVXFFHVHVD WHUPLQDWFXXQGH]DVWUX 9,,([LVWRVLPHWULHFRPSOHWvQWUHFHOHGRXSU&LDOHU]ERLXOXLGH RVXWGHDQL'XS&UpF\vQIUkQJHUHDUXWLQHLIHXGDOH)UDQ&DGGXVH QDüWHUHXQXLVROGDWUHDOLVW 'X*XHVFOLQ'XS$]LQFRXUWHDHVDOYDWGH EXQXOVLP&üLFUHGLQ&D,RDQHLG $UF&kQGPLFXO+HQULFDO9,OHDGHYHQL vQFvQOHDJQvQUHJHOH$QJOLHLGHOILQXO)UDQ&HLSUXVILSLHUGXW SDUWLGD&DURODO9,OHDPXULVHGRXOXQLGXSGXüPDQXOOXL XQFKLL PLFXOXL+HQULFDO9,OHDGXFHOHGH%HGIRUGUHJHQWDO)UDQ&HLüLGXFHOH GH*ORXFHVWHUVRFRWHDXVOvQFRURQH]HUHJHDO)UDQ&HLOD5HLPVvQGDW FHYDvPSOLQLYkUVWDFkQGYDSXWHDSURQXQ&DIRUPXOHOHVDFUDPHQWDOH QX VHYHGHDFLQHLDUILSXWXWvPSLHGLFD'LQSkQvQ GHOILQXO &DUROIUUHJDWIUFDSLWDOIUEDQLIUVROGD&LUWFLSULQFHOH FkWHYDSURYLQFLLFDUHLUPVHVHU,VHVSXQHDvQGHUkGHUH UHJHOHGLQ %RXUJHV(UDHORDUHGHOILQXO"0XO&LVHvQGRLDXGHRULJLQHDVDFKLDUüLHO vQVXüL%HGIRUGVWSkQSHVWHQRUGXO)UDQ&HLSRUQLVFXFHUHDVFFHQWUXO üLDVHGLH2UOpDQV&DUROVHJkQGHDVVHUHWUDJSkQvQ'DXSKLQp6H SUHDFYHQLVHVIkUüLWXO
9,,,ûLWRWXüLGRPLQD&LDHQJOH]LORUvQ)UDQ&DHUDüXEUHGüL DUWLILFLDO5H]XOWDQWQXDXQHLIRU&HUHDOHFLDQHvQ&HOHJHULLGLQWUH IUDQFH]LDYHDVVHVSXOEHUHODSULPDORYLWXU,VWRULD,RDQHLG $UFHVWHvQ DFHODüLWLPSPLUDFROXOFHOPDLVXUSULQ]WRUDOWXWXURUWLPSXULORUüLVXLWD FHDPDLUD&LRQDOGHDFWHSROLWLFH3ODQXULOHSHFDUHOHGLFWHD],RDQHL YRFLOHVDOHVXQWVLPSOHüLJHQLDOH Å6LVHGHDGHOILQXOXLvQFUHGHUHDvQHO vQVXüLVVHHOLEHUH]H2UOHDQV &DUROVILHvQFRURQDWOD5HLPV ,RDQDvQ VFXUWDHLYLD& QXYDDYHDWLPSGHFkWVDGXFOD vQGHSOLQLUHDFHVWHWUHLDF&LXQLGDUHOHDMXQJ'XSvQFRURQDUHDOXL &DUROQLFLRGDW+HQULFDO9,OHDQXYDPDLSXWHDILUHJHOHOHJLWLPDO )UDQ&HL'HDOWIHOLPSXOVXOILLQGGDWSRSRUXOvOXUPHD](PR&LDSHFDUH RVWkUQHVFYLFWRULLOH,RDQHLüLDOHOXL'XQRLVPLODRURDUHDSHFDUHRSUR YRDFSURFHVXOüLPDUWLUDMXOHLWUH]HVFvQ)UDQ&DXUDID&GHLQYDGDWRUÍQ ]DGDU%HGIRUGvOvQFRURQHD]SH+HQULFOD1RWUH'DPHGLQ3DULVvQ]DGDU SDUWLGDEXUJXQGüL6RUERQD FDUHSULQFRQVXOWD&LLOHVDOHvQJGXLVH DUGHUHD,RDQHL SULPHVFSHPLFXOUHJHHQJOH]FXPDULGHPRQVWUD&LL 'HOILQXOFküWLJWHUHQ&DVDGH%XUJXQGLDVHFHDUWFX$QJOLD3DULVXO vQVXüLVIkUüHüWHSULQDDOXQJDJDUQL]RDQDHQJOH]1RUPDQGLDHVWH HOLEHUDW/DPRDUWHDOXL&DURODO9,,OHD HQJOH]LLQXPDLSRVHG vQ)UDQ&DGHFkW&DODLVSHFDUHOYRUSVWUDvQFRVXWGHDQLFDXQ *LEUDOWDUDO&DQDOXOXL0kQHFLL ,;(VWHGHPQGHREVHUYDWFWRWDVWIHOFXPFRQVLGHUYLFWRULD IUDQFH]GHOD%RXYLQHVFDREWOLHQRURFRDVSHQWUX$QJOLDLVWRULFLL HQJOH]LVXQWDVW]LGHDFRUGVRDGPLUHSH,RDQDG $UFüLVFRQVLGHUHF HDDVDOYDW&DUDORUGHGHVSRWLVP'DFQDUILIRVWHDUHJHOH$QJOLHLDUIL VWDWOD3DULVüLVSULMLQLWGHDUPDWDIUDQFH]vPERJ&LWvQXUPDLP SR]LWHORUSHUFHSXWHvQ)UDQ&DDUILUHIX]DWVVXSRUWHFRQWUROXOVXSXüLORU VL0XO&XPLWHLVDVSXOEHUDWSHULFXORVXOYLVDOXQXLLPSHULXFRQWLQHQ WDOvQFDUHVDXFRPSOFXWDWkWDYUHPHVXYHUDQLLHQJOH]LÍQGHOXQJD&LLDQL GHOXSWDXSURGXVüLDOWHUH]XOWDWHGXUDELOHÍQDPEHOH&ULVHQWLPHQWXO QD&LRQDOHPR&LHQRXüLSXWHUQLFVHQVFXVHvQFRQWDFWFXXQSRSRU VWULQ2DPHQLLGLQ5RXHQ2UOpDQV%RXUJHVüL%RUGHDX[DWkWGH GHRVHEL&LXQLLGHDO&LLüLDWkWDYUHPHGXüPDQLVLP&LVHUWRWXüLFDYHDX FHYDFRPXQFDUHLVHSDUDGHÅJRGRQL QXPHSHFDUH,RDQDvOGGXVH HQJOH]LORU $FHüWLDSHGHDOWSDUWHDYHDXGHDFLvQDLQWHüLvQFLXGDvQ IUkQJHULLILQDOHDPLQWLUHDPUH&HORUIDSWHIXULWHvQFRPXQ7RWXüLvQWUH )UDQ&DüL$QJOLDVHQVFXVHRXUFDUHDYHDVGXUH]HFXRDUHFDUH LQWHUPLWHQ&SkQODILQHOHVHFROXOXLDO;,;OHDüLVODVHvQVkQXO
1LFLvQ)UDQ&DQLFLvQ$QJOLDVHQWLPHQWXOQD&LRQDOQXVDQVFXWH[FOXVLYÅvQFRQWDFW FXXQSRSRUVWULQüLQXQXPDLvQWLPSXOU]ERLXOXLGHRVXWGHDQLFKLDUGDF HYHQLPHQWHOHDFHVWXLDDXDYXWXQUROvQGH]YROWDUHDVD6HQWLPHQWXOQD&LRQDOVDQVFXW üLGH]YROWDWWUHSWDWvQSURFHVXOIRUPULLSLH&HLLQWHUQHXQLWDUHüLDVWDWXOXLFHQWUDO 'HODH[SUHVLDHQJOH]JRGGDPQ ODQDLED GHVIRORVLWGHVROGD&LLHQJOH]L
PDVHORUSRSXODUHDOHFHORUGRX&ULRHUHGLWDUüLLQYLQFLELO QHvQFUHGHUH ; 5=%2,8/&(/25'2852=( ,6IkUüLWXOFDPSDQLLORUGLQ)UDQ&DIDFHVVHUHYHUVHvQ$QJOLD FRPSDQLLGHVROGD&LRELüQXL&LFXSU]LERJDWHüLJDWDRULFkQGVVHSXQ vQVHUYLFLXOXQHLFDX]HEXQHVDXUHOH6FULVRULOHGLQDFHDYUHPHVXQW SOLQHGHDVDVLQDWHLQVXUHF&LLH[HFX&LLLOHJDOHSRYHVWLWHSHWRQXOFHOPDL ILUHVFFDQLüWHLQFLGHQWHLQHYLWDELOH'XFHOHGH6XIIRONGXFkQGXVHOD &DODLVvüLYHGHQDYDFRQWURODWGHXQYDVQHFXQRVFXW HFRQGXVODERUG üLSULPLWFXFXYLQWHOH Å%LQHDLYHQLWWUGWRUXOH'XSFDUHHFRERUkW vQWUREDUFüLIUMXGHFDWFXYUHRFLQFLVDXüDVHORYLWXULGHVDELH UXJLQLWXQPHPEUXDOHFKLSDMXOXLvLWDLHFDSXOÍQFRPXQHOHGLQ .HQWVHUVFRDOODLQVWLJD&LDXQXLDYHQWXULHU-DFN&DGHFDUHSUHWLQGH VLVHVSXQ0RUWLPHUüLDILUPFHVWHGHVFHQGHQWXOOXL(GXDUGDO,,, OHD$FHVWFDSDOLQVXUHF&LHLVHGXFHSkQOD/RQGUDQHILLQGRSULWGHFkW GHFHUWXULOHVDOHFXRUüHQLLüLvQDLQWHGHDILXFLVGHFDSLWHD]SH YLVWLHUQLFXOUHJHOXLüLSHXQVKHULIIGLQ.HQW1RELOLPHDHUDSHDWXQFLJDWD VXUPH]HDVWIHOGHX]XUSDWRULSHQWUXFUHJHOHvQVXüLQXLDOWFHYDGHFkW ILXOVDXQHSRWXOXQXLX]XUSDWRU5HJLL/DQFDVWHURüWLXSUHDELQH&kQG +HQULFDO9OHDFUH]kQGFWDWOVXDüLPXULWSXQHPkQDSHFRURDQ +HQULFDO,9OHDWUH]LWGLQOHWDUJLHPXUPXU Å1XLvQFDWDüLQLFLD PHDQDIRVWQLFLRGDWÍPSRWULYDGHELOXOXL+HQULFDO9,OHDVHULGLF (GXDUGGXFHGH
$XWRUXOSXQHvQWUROXPLQQHMXVWDFHDVWSXWHUQLFUVFRDOD&UDQLORUODFDUHV
DXDOWXUDWüLHOHPHQWHGLQPLFDQRELOLPH
KRWUVFVRDUWDWURQXOXLVHGDXvQWUHFkWHYDPLLGHRDPHQL(OHFRQILUP GHFOLQXOFDYDOHULHL'HDPEHOHSU&LOXSWHOHVXQWGRPLQDWHGHDUFDüLGDU SX&LQFkWHSX&LQRPXODQLPDOFXUDMRVVHRELüQXLHüWHVvQIUXQWH VJH&LOH%DURQLLvLüDUMHD]SHDUFDüLüLFDXWOXSWDFRUSODFRUSvQFDUH WRSRUXOüLVDELDYRUGHFLGHYLFWRULD$VWIHOEWOLLOHDFHVWHDFXWRW QXPUXOORUPLFGHFRPEDWDQ&LSURYRDFLPHQVHYUVULGHVkQJH VLQJXUHLFODVHSDUWLFLSDQWHODOXSW'XSU]ERLXOFHORUGRXUR]H QRELOLPHDHQJOH]VHYDYHGHDUHGXVODFkWHYDIDPLOLL ,,,1HIHULFLWXO+HQULFDO9,OHDQXHUDIFXWSHQWUXYUHPXULDWkWGH DVSUH1XHUDGHORFSURVWGDUQLFLUHJHQXHUDGHORF HUDXQVIkQWüLvQ WUHEXULOHSPkQWHüWLXQFRSLO(JUHXGHLPDJLQDWRILLQ&PDLEOkQG PDLUHVSHFWDELOüLPDLVODEÍQPDULOHU]ERDLHGHSHYUHPHDGRPQLHL VDOHHOQDIRVWGHFkWXQVSHFWDWRUOVkQGXOHSHVHDPDOXL6RPHUVHWüL DOXL:DUZLFNHODSUkQGSHVFHQQXPDLSHQWUXDüLOXDORFXOvQWUXQ FRUWHJLXVDXODRKLURWRQLVLUH7ULQGSULQWUHRDPHQLFDUHVHXUDXQXVH JkQGHDGHFkWVLvPSDFH&VWRULWFXRVFRUSLH0DUJXHULWHGH$QMRXVH DUWDID&GHHDWRWGHDXQDUEGWRUüLDIHFWXRV6LQJXUHOHVDOHSOFHUL HUDXVDVFXOWHOLWXUJKLDVVWXGLH]HLVWRULDüLWHRORJLD$YHDRURDUHGH RULFHSRPSüLSXUWDKDLQHGHRUüDQÍQORFXOSDQWRILORUFXYkUIXUL DVFX&LWHSHDWXQFLODPRGSULQWUHQRELOLSXUWDSDQWRILFXYkUIURWXQGFD &UDQLL&kQGWUHEXLDVüLvPEUDFHPDQWLDUHJDORWUJHDSHVWHR WkUVkQÍQDLQWHGHILHFDUHPDVvüLVSXQHDUXJFLXQHDFDXQFOXJUüL DYHDWRWGHDXQDvQID&DOXLRLFRDQFXFHOHFLQFLUQLDOHOXL+ULVWRV &KHVWHUWRQDUHPDUFDWFUHJLLGHELOLüLSLRüLDXOVDWPRQXPHQWHOHFHOH PDLGXUDELOHüLFHOHPDLIUXPRDVH(GXDUG&RQIHVRUXOFOGLVHDED&LDGH OD:HVWPLQVWHU +HQULFDO9,OHDIRQG&ROHJLXOGLQ(WRQ üL FRQVWUXLOD&DPEULGJHDGPLUDELODFDSHOGHOD.LQJ V&ROOHJH &RQVWUXF&LLOHDFHVWHDVIkUüLUSULQDOUXLQDÍQWURYUHPHFkQGWRDWOX PHDQRELOLüLQHJXVWRULVHvPERJ&HDQXPDLUHJHOHHUDvQGDWRUDWSkQ SHVWHFDSÍQWUHEXLVvPSUXPXWHEDQLSHQWUXDFHOHEUDFUFLXQXO üLvQ]LXDGHERERWHD]QHPDLDYkQGFUHGLWUHJHOHüLUHJLQDQXSXWXU OXDFLQD$FHVWVXYHUDQQDLYüLSDUFLUHDODYHDVILHRSUDGXüRDU SHQWUXFDYDOHULLEUXWDOLüLIUVFUXSXOH ,9ÍQ+HQULFDO9,OHD FDUHHUDQHSRWXOELHWXOXL&DURODO9, OHDDO)UDQ&HL GGXVHPQHVLJXUHGHQHEXQLH1XQXPDLFSLHUGXVH PHPRULDüLMXGHFDWDGDUQLFLQXPDLSXWHDPHUJHQLFLVVH&LQvQ SLFLRDUH1LFLPFDUQXvQ&HOHVHFLVDQVFXWXQILX9UXOVX
ODQFDVWHULHQLÅ6XQWH&LQHGUHS&LVSXQHDHOFXEOkQGH&HSD]QLFLORUVL FkQGORYL&LDVWIHOXQUHJHvQFRURQDW$SRLRFHDUWvQWUH(GXDUGDO,9OHD üLIXULWRUXOGHUHJLUHSXVHGHRGDWSHWURQSH+HQULFDO9,OHDüLUR]D URüLHÍQVIkUüLW(GXDUGEWkQGXOSH:DUZLFNFDUHSLHULvQOXSWvO XFLVHSHSULQ&XOGH:DOHVüLSXVHVODVDVLQH]HFKLDUSHUHJH'XS DFHVWFRQüWLLQFLRVPDVDFUX (GXDUGDO,9OHDGRPQLIUPDUL vPSRWULYLULSkQvQ&XWRWXORSXVVILRVXOXLVXYUDIRVWXQSULQ& DO5HQDüWHULLVWUOXFLWRUüLFLQLF1XVHGDvQOWXULVPkQJkLHQHYHVWHOH QHJXVWRULORUGLQ&LW\üLPDUHDOXLIUXPXVH&HOHIFHDVQXILH QHvQGXSOHFDWHÅ3HOHJHDPHDvLVSXQHDRYGXYERJDWSHQWUX PXWULüRDUDWDIHUPHFWRDUHDLVFDSH&LRULFkQGGRX]HFLGHOLYUH5H JHOHFDUHQXVHDüWHSWDVSULPHDVFGHODHDGHFkWMXPWDWHGLQVXP vLPXO&XPLüLRVUXW'XSFDUHLDPDLGDWGRX]HFLGHOLYUHÅSHQWUX FHDFRQVLGHUDFVUXWXOXQXLUHJHHFHDPDLSUH&LRDVELMXWHULH 0XO&XPLWPDULORUQHJXVWRULüLQHYHVWHORUORU(GXDUGDO,9OHDWULDGH SHR]LSHDOWDGLQGUQLFLDVXSXüLORUVL(GHFUH]XWFGRQDWRULLQX SLHUGHDXQLPLF DYDQWDMHOHüLPRQRSROXULOHFDUHOHHUDXDFRUGDWHOH vQJGXLDXVUHFXSHUH]HEDQLLGHODPXO&LPHDGHFXPSUWRULFHHDFH HUDRIRUPLQJHQLRDVGHLPSR]LWLQGLUHFW 99HQLUHDODGRPQLHDFDVHLGH
1LFLSROLWLFDOXL(GXDUGDO,9OHDGH
DVLJXUDSXWHUHDOHJDODXQHLFODVHSX&LQQXPHURDVHFFLvQWLPSXO DOHJHULORUVHQLRULLFHLPDLSXWHUQLFLH[HUFLWDXRHQHUJLFSUHVLXQHDVXSUD GH&LQWRULORUGHSPkQWXULüLDSULHWHQLORUÍQGXFHVDGH1RUIRON VFULDOXL-RKQ3DVWRQ Å'HRDUHFHGLQGLYHUVHPRWLYHHVWHQHFHVDUFD ORUGXOYRVWUXVDLEDFXPvQSDUODPHQWRDPHQLGHDLOXLFDUHVO VOXMHDVFGRULPüLYUXJPFDGXSFLWLUHDDFHVWHLVFULVRULVGD&L YRWXOGXPQHDYRDVWUSUHDLXEL&LORUQRüWULYHULüLVOXMLWRUL-RKQ+RZDUGüL VLU5RJHU&KDPEHUODLQFDVILHDOHüLFDYDOHULDLVKLUHXOXLûLvQGHPQD&L LVYRWH]HvQDFHODüLIHOSHWR&LFHLODO&LSHFDUHvQ&HOHSFLXQHDYRDVWULDU SXWHDKRWUvVSURFHGH]HDVWIHO$VHPHQHDUHFRPDQGULVXQWFXQRVFXWH GLQWRDWHYUHPXULOH 9,(GXDUGDO,9OHDOVGRLELH&LGLQWUHFDUHFHOPDLPDUHDUIL WUHEXLWVLXUPH]HODWURQGDUIUDWHOHVX5LFKDUGGXFHGH*ORXFHVWHU SXVHODFDOHDVDVLQDUHDQHSR&LORUVLGXSFHIXVHVHUvQFKLüLvQ7XUQXO /RQGUHLüLGHYHQLUHJHVXEQXPHOHGH5LFKDUGDO,,,OHD 6KDNHVSHDUHLDIFXWXQSRUWUHWPRQVWUXRVDFHVWXLFRFRüDWFUXG FXUDMRVüLVWUOXFLW'HüLXQLLLVWRULFLDXvQFHUFDWVOUHDELOLWH]HSH 5LFKDUGDO,,,OHDVHSDUHFWUHEXLHVLGPFUH]DUHOXL6KDNHVSHDUH &kQGSRSRUXODIOGHGXEOXODVDVLQDWGLQ7XUQVHQWLPHQWXOGHUHYROW FDUHGHPXOWYUHPHILHUEHDvQVXIOHWXOHQJOH]LORURERVL&LGHU]ERDLH FLYLOHüLX]XUSULOXRIRUPPDLSUHFLV6HSUHDFVHLYLVHRüDQVGH vPSFDUHDFHORUGRXUR]H5PVHVHXQ/DQFDVWHU+HQULF7XGRUGXFH GH5LFKPRQGXQDGROHVFHQWVOEX&FDUHGLQSUXGHQ&IXJLVHvQ%UHWDQLD üLFDUHSULQPDPDVD0DUJDUHWDGHVFLQGHDGLUHFWGLQ,RDQGH*DQG 'DF+HQULFDUILSXWXWVVHFVWRUHDVFFX(OLVDEHWDGH
3DVWRQDIRVWRIDPLOLHGH&UDQLvPERJ&L&LGLQFRPLWDWXO1RUIRONGHYHQL&LFXWLPSXO
MXULüWLüLPLFLPRüLHUL'HSHXUPDORUDUPDVRFRUHVSRQGHQ&SULYDWH[WUHPGH ERJDWüLLQWHUHVDQWFXSULQ]kQGSHULRDGD -RKQ3DVWRQDIRVWDWUHLD JHQHUD&LHDIDPLOLHL6R&LDVDDIRVW0DUJDUHWD3DVWRQ &IFDS;,,9
VHvQVHQLQH]HFHUXOGXSDFHDVWIHULFLWXQLUH$QJOLDDIRVWPXOWYUHPH QHFXJHWDWüLVDPXWLODWHDvQVüL2ILHFDDVW]L5LFKPRQGüL (OLVDEHWDPRüWHQLWRULOHJLWLPLDLFHORUGRXFDVHUHJDOHVVHXQHDVF SULQVIkQWDYRLQ&D'RPQXOXL&VWRULDDYXORFvQDQXOXUPWRU 5]ERLXOFHORUGRXUR]HVHWHUPLQDVH ;, $1*/,$û,6)Ç5û,78/(98/8,0(',8 ,&DUHVXQWvQVHFROXODO;9OHDWUVWXULOHIRUPDWHSkQDWXQFLDOH FDUDFWHUXOXLQD&LRQDO"&XWRDWHFU]ERLXOGHRVXWGHDQLVDWHUPLQDW FXvQIUkQJHUHDHQJOH]LORUDPLQWLUHDOXLOLVHSDUHJORULRDV7RDWHEWOLLOH VDXGDWSHSPkQWVWULQ1XPDLFkWHYDRUDüHGHSHFRDVWODXY]XW SHLQDPLFvQUDLGXULIXJLWLYH3RSRUXOHQJOH]VHVRFRWHüWHGHDLFLvQDLQWH LQYXOQHUDELOvQLQVXODVDüLGLVSUH&XLHüWHFHOHODOWHQD&LXQLÅ(QJOH]LLVXQW RUJROLRüLVSXQH)URLVVDUWüLQXVHSRWOHJDvQPRGVLQFHUVIDF SULHWHQLHQLFLDOLDQ&FXQD&LXQLVWULQHGDUPDLDOHVRDPHQLPDL SHULFXORüLFDPHüWHüXJDULLGLQ$QJOLDQXVHDIOQLFLHULVXEVRDUH2UJR OLXOORUHVWHüLPDLPDUHGLQSULFLQDERJ&LHL&ULL(DL]EHüWHSHRULFH YL]LWDWRUÅ(PDLPDUHGHFkWDRULFUHL&ULHXURSHQHVSXQHWULPLVXO YHQH&LDQ&kQGFLWHüWLvQ&KDXFHUGHVFULHUHDSHOHULQLORUGLQ&DQWHUEXU\ SR&LV&LvQFKLSXLFHDWUHEXLWVILHvQ$QJOLDVHFROXOXLDO;,9OHDEXQ VWDUHDWXWXURUFODVHORU%UED&LLüLIHPHLOHVXQWvPEUFD&LvQVWRIH WUDLQLFHDGHVHDJDUQLVLWHFXEODQ)UDQNOLQXOOXL&KDXFHUPLF SURSULHWDUUXUDOHVWHXQ&UQRLHSLFXULDQEXFXURVGHYLD&DFUXL SLYQL&HGLQWUHFHOHPDLEXQHGHODDFUXLPDVQXOLSVHüWHQLFLRGDW SRWkUQLFKHDJUDVQLFLüWLXFDÅüLYDLGHFDSXOEXFWDUXOXLGDFVRVXULOH QXVXQWGHVWXOGHSLFDQWH%OD]RDQHOH&HVWRULORUüLDOHERLDQJLLORUVXQW PRQWDWHvQDUJLQWPDVLY0HüWHüXJDULLDFHüWLDVXQWPHQL&LVLDORFvQWUR ]LSHVFDXQHGHFRQVLOLHULVXEEROWD*XLOGKDOOXOXLRUüHQLODDOHFURU VR&LLOLVHVSXQH0DGDPHüLFDUHvüLSXQFkQGVHGXFODELVHULF PDQWRXULGHPQHGHRUHJLQ&kQGVLU-RKQ)RUWHVFXH HVWHH[LODWvQ )UDQ&DvQWLPSXOU]ERLXOXLFHORUGRXUR]HVHDUDWVXUSULQVGHPL]HULD &UDQLORUIUDQFH]L Å%HDXDSPQkQFFDUWRILFXSkLQHGHVHFDU
)UDQNOLQGHODFXYkQWXOIUDQFXV OLEHU GLQODWLQDPHGLHYDO
*XLOGKDOO 3DODWXOJXLOGHORU FOGLUHDSULPULHL/RQGUHL6HQXPHüWHDVWIHOGHRDUHFH GHSHWLPSXOOXL(GXDUGDO,,,OHDUHSUH]HQWDQ&LLFHORU GHFRUSRUD&LLPHüWHüXJUHüWLüL QHJXVWRUHüWLGLQ/RQGUDIFHDXSDUWHGLQFRQVLOLXOPXQLFLSDOüLDYHDXGUHSWXOGHDDOHJH SHSULPDU ORUGPD\RU &HOHEUXRPSROLWLFüLVFULLWRU FXQRVFXWPDLDOHVSULQOXFUULOH'H ODXGLEXVOHJXP$QJOLDHüL'HGRPLQLRUHJDOLHWSROLWLFRDPEHOHFRPSXVHvQMXUXODQXOXL vQFDUHSOHGHD]SHQWUXVXSHULRULWDWHDOHJLORUHQJOH]HGHFXUJkQGGLQUROXO SDUODPHQWXOXLID&GHFHOHIUDQFH]H
QLFLRGDWFDUQHGRDUIRDUWHUDUSX&LQVOQLQüLPUXQWDLHVDXFDSHWH UPDVHGHODDQLPDOHOHWLDWHSHQWUXQRELOLüLQHJXVWRUL$FHVWHDVXQW FRQFKLGH)RUWHVFXHDGPLUDWRUSDVLRQDWDOSDUODPHQWXOXLURDGHOH SXWHULLDEVROXWH ,,0DLPXOWvQFGHFkWERJ&LDSULFLQDFHDPDUHDRUJROLXOXL HQJOH]XOXLHUDSHDWXQFLUHODWLYDVDOLEHUWDWH2UJROLRVXO)RUWHVFXHIDFH vQHORJLXOOHJLORUGLQ$QJOLD Å&XPRDUHVDUSXWHDVQXILHEXQH FkQGVXQWQXRSHUDXQXLVLQJXURPQLFLFKLDUDRVXWGHVIHWQLFLFL RSHUDDPDLPXOWGHWUHLVXWHGHEUED&LDOHüL"'HDOWIHOGDFGLQ vQWkPSODUHDUILSURDVWHHOHSRWILUHIRUPDWHFXFRQVLP&PkQWXOWXWXURU VWULORUGLQUHJDWÍQ$QJOLDYRLQ&DSRSRUXOXLHVWHSULQFLSLXOYLH&LLFDUH WULPLWHVkQJHOHvQFDSXOüLvQWRDWHPGXODUHOHFRUSXOXLSROLWLF(ORSXQH WULXPIWRUOLEHUWDWHDHQJOH]LORUFDUHQXSOWHVFGHFkWLPSR]LWHFRQVLP&LWH üLFDUHQXSRWILMXGHFD&LGHFkWFXUHVSHFWDUHDWXWXURUIRUPHORU FRQVWUkQJHULORUSHFDUHOHVXIHUVXSXVXOIUDQFH]REOLJDWVFXPSHUH VDUHJUHYDWGHWD[HVSOWHDVFELUXULDUELWUDUHüLFDUHHÅDUXQFDWvQ 6HQDvQWUXQVDFFXVXWIUMXGHFDWGDFVWSkQXOOXLVRFRWHüWHFL YLQRYDW/DGUHSWYRUELQG)RUWHVFXHH[DJHUHD]9LFWLPHOHOXL5LFKDUGDO ,,,OHDGXSFXPVHüWLHQDXIRVWSURWHJXLWHGHIRUPHOHOHJDOH'DUHVWH DGHYUDWFQLFLPFDU5LFKDUGDO,,,OHDQDUILvQGU]QLWVIL[H]HXQ LPSR]LWIUFRQVLP&PkQWXOSDUODPHQWXOXLSHFkQGvQ)UDQ&D&DURODO 9,,OHDFDUHvQXUPDRUGRQDQ&HLGLQ RE&LQXVHGHODVWULXQ LPSR]LWGLUHFW WDOOLDSHQWUXSODWDDUPDWHLDUHXüLWVGHDDFHVWXL LPSR]LWXQFDUDFWHUSHUSHWXX'HDWXQFLvQFRORXUPDüLLOXLIL[DX FXDQWXPXOLPSR]LWXOXLIUVPDLFRQYRDFHVWULOH ,,,'HXQGHDFHVWHGHRVHELULvQWUHFHOHGRXSRSRDUH"D 3HQWUXF VDUFLQDUHJLORUIUDQFH]LDIRVWPXOWPDLJUHDGHFkWDFHHDDUHJLORUHQJOH]L VWSkQLDLvQWUHJLL&ULGHSHYUHPHDFXFHULULLüLFDUHGLQVHFROXODO;,, OHDDXSXWXWLPSXQHVHQLRULORUORFDOLSHMXGHFWRULLORULWLQHUDQ&LüLOHJHD FRPXQ3RSRUXOIUDQFH]FDUHDVXIHULWvQPRGFUXQWGHSHXUPD LQGHSHQGHQ&HLPDULORUIHXGDOLüLDLQYD]LHLVWULQHHVWHJDWDVLDFRUGH UHJHOXLRGHSOLQSXWHUHQXPDLVPHQ&LQRUGLQHDüLVDSHUHIURQWLHUHOH ÍQ)UDQ&D&DUFRQWLQHQWDOLQDPLFXOHVWHDSURDSHüLHQHYRLHGHR DUPDWSHUPDQHQWÍQ$QJOLDOLEHUWDWHDSRSRUXOXLVOEHüWHSXWHUHDUHJH OXLGDUPDUHDDFRSHUJUHüHOLOHüLVOELFLXQLOHE 3HQWUXFILHFDUHRPvQ $QJOLDHVWHSURSULXOVXVROGDWüLSURSULXOVXSROL&DL
UXGHHOÍQFHSkQGFX&DURODO9,,OHDUHJHOH)UDQ&HLDUHRPLFDUPDW FLQFLVSUH]HFHFRPSDQLLGHRDPHQLvQDUPD&LüLFDYDOHULHXüRDU üLFHD PDLSXWHUQLFDUWLOHULHDWLPSXOXLÍQ)UDQ&DQXH[LVWPLOL&LHOD&DU'H ODDUFDüLLOLEHULSkQODJDUGDQD&LRQDOVROGDWXOFHW&HDQDIRVW WRWGHDXQDXQHüHFODQRL$VWIHOELUXOSHUPDQHQWDVLJXUvQ)UDQ&DVROGD DUPDWHLüLDUPDWDSHUPDQHQWDVLJXUvQFDVDUHDELUXOXL5HJHOHQXDUH QHYRLHGHPXOWHRULGHVWULOHJHQHUDOHüLOHFRQYRDFFkWPDLUDUSRVLELO ûLGHDOWIHOGDFOHDUFRQYRFDPDLGHVFHOHWUHLVWUL QRELOLPHDFOHUXO üLVWDUHDDWUHLDVDUOXSWDvQWUHHOHüLVDUGHYRUD$PHVWHFXOGH QHJXVWRULERJD&LüLGHPLFQRELOLPHFDUHFRQVWLWXLHIRU&D&DPHUHL &RPXQHORUGLQ$QJOLDDUILGHQHFRQFHSXWvQ)UDQ&DVHFROXOXLDO;9OHD 'HDOWIHOFKLDUüLvQ$QJOLDYDGHYHQLQHFHVDURPRQDUKLHPDLYLJXURDV SHQWUXDSXQHFDSWYLROHQ&HLüLLOHJDOLW&LL3RSRUXOHQJOH]FDUHDVXIHULW vQWLPSXOU]ERLXOXLFHORUGRXUR]HGLQFDX]DDQDUKLHLFHUHüLHOVSUH VIkUüLWXOVHFROXOXLXQGHVSRWLVPUHODWLYGDUUHJHOHVXYDWUHEXLV UHVSHFWHWRWGHDXQDIRUPHOH,GHHDPRQDUKLHLvQJUGLWHHVWHELQHvQILSWvQ FDSHWHOHHQJOH]LORU ,99LROHQ&DQXHVWHvQ$QJOLDDSDQDMXOIHXGDOLORU(QJOH]LLüLVD[RQLL DXIRVWWRWGHDXQDEUXWDOL8]DQ&HOHüLEXQHOHPDQLHUHYRU&LQHPDLWkU]LX vQIUkXDFHDVWYLROHQ&GDUVXEPDVFDHLFHUHPRQLRDVYDVXSUDYLH&XL SkQvQ]LOHOHQRDVWUH6LU-RKQ)RUWHVFXHRFRQVLGHUPHULWRULHFKLDU DWXQFLFkQGGXFHODFULPÅÍQ$QJOLDVSXQHHOFXPkQGULHVH VSkQ]XUvQWUXQDQSHQWUXIXUWFXPkQDDUPDWüLRPRUPDLPXO&LLQüL GHFkWVHVSkQ]XUvQ)UDQ&DSHQWUXDFHHDüLFULPvQWLPSGHüDSWHDQL 'DFXQHQJOH]HVUDFüLYHGHODXQDOWXOERJ&LLSHFDUHLOHSRDWHOXDFX IRU&DQXVHGvQOWXULGHFkWQXPDLGDFHVWHXQRPIRDUWHFLQVWLW &KDXFHUIDFHXQSRUWUHWvQILRUWRUDOXQXL\HRPDQÅFXSUXOURüX UREXVWQHFLRSOLWFXXPHULLOD&LFDUHSRDUWVDELHODüROGXQYOMJDQFX FDUHQXLSUHDELQHVDLGHDIDFHÍQHYXOPHGLXYLROHQ&DHUDWHPSHUDW GHGRXIRU&H FXUWRD]LDFDYDOHUHDVFüLPLODFUHüWLQ'DUvQVHFROXODO ;9OHDFKLDUüLDFHLFDUHFLWHVFURPDQHFDYDOHUHüWLVDXFDUHVXQWFWLWRULL XQRUIXQGD&LLSLRDVHQXüLIDFVFUXSXOHFkQGHYRUEDVLMHIXLDVFSHFHL VODELRULVüLEDWQHYHVWHOH0RUDYXULOHGHIDPLOLHVXQWDVSUHüLFVWR ULDHWUDWDWFDRULFHDOWDIDFHUH XQWDWvüLYLQGHILLFDvQDLQWHGHDIL DMXQVODYkUVWDFkQGDUSXWHDSURWHVWD'XSFVWRULHIHPHLOHvüLLDX UHYDQüDÍQ7kUJRYHD&DGLQ%DWK&KDXFHUQHUHODWHD]FXPVHFRPSRUWDX IHPHLOHID&GHEUED&LLORUILLQGvQDFHODüLWLPSFRFKHWHLPRUDOHüLFUXGH DüDFXPVHvQWkPSOGHRYHüQLFLHÍQDQXPLWHSULYLQ&HVLWXD&LDIHPHLORU üLPDLDOHVDYGXYHORUHUDPDLEXQDWXQFLGHFkWHVWHDVW]LvQXQHOH &UL3XWHDXH[HUFLWDRULFHIHOGHFRPHU&SXWHDXIDFHSDUWHGLQJKLOGH SXWHDXGHYHQLFDüLEUED&LLVKHULIILVDX+LJK&RQVWDEOHV&OWRUHDX
&RUSGHPLOL&LHFDUHvQHYXOPHGLXDVLJXUDRUGLQHDüLXUPUHDSHUXIFWRUL
0HPEULLVLEHQHILFLDXGHVFXWLULGHLPSR]LWHüLGHDFHHDHUDXQXPL&LÅOLEHUL
VLQJXUHVHDPHVWHFDXFXDO&LSHOHULQLüLGXFHDXDFHHDüLYLD&FDHL 0DUJDUHW3DVWRQVHRFXSDFXDGPLQLVWUDUHDDIDFHULORUFHORUPDL LPSRUWDQWHDOHVR&XOXLüLVR&XOROXGDSHQWUXvQ&HOHSFLXQHDHL 9&RUHVSRQGHQ&DIDPLOLHL3DVWRQQHDUDWFüWLLQ&DGHFDUWHHUD GHVWXOGHUVSkQGLWvQUkQGXULOHDPEHORUVH[HÍQGDWFHXQVR&üLR VR&LHHUDXGHSDUWHXQXOGHDOWXOvüLVFULDX0XOWYUHPHELH&LLüLIHWHOH vQY&DXvPSUHXQ$SRLUHJLLDXvQILLQ&DWüFROLVSHFLDOHSHQWUXELH&L( WLPSXOSULPHORU3XEOLF6FKRROV :LQFKHVWHUüL(WRQ&RQYHUVD&LLOH SHOHULQLORUOXL&KDXFHUQHGDXRLGHHIDYRUDELOGHVSUHFXOWXUDPHGLHD EUED&LORUüLDIHPHLORUGLQVHFROXODO;,9OHD&KLDUüLDFHLFDUHQX FXQRVFODWLQDFLWHD]FXPWUHEXLHQXPHOHOXL&LFHURüLDOOXL6HQHFDDO OXL9LUJLOLXüLDOOXL'DQWH6DXHOLEHUDWGHQXPHURDVHVXSHUVWL&LLüLvüL EDWMRFGHSLOGGHDFHLFDUHVHVSHULHGHYLVH 7RDWOXPHDüWLHFYLVHOH VXQWSURYRFDWHGHVHFUH&LLOHGXQWRDUHDOHFRUSXOXLüLGHH[FHVLYDDEXQ GHQ&GHILHUH&X&KDXFHU OLWHUDWXUDGHOLPEVD[RQ DWLQJHGHODvQFHSXWRSHUIHF&LXQHFDUHYDPDLILHJDODWGDUQLFLRGDW GHSüLW8QXOGLQHIHFWHOHU]ERLXOXLGHRVXWGHDQLDIRVWDFHODGHD GDQDüWHUHXQHLSUHMXGHF&LvPSRWULYDOLWHUDWXULLIUDQFH]HGHYHQLW OLWHUDWXUDXQHL&ULLQDPLFH(OLWHOHvQVHüLvüLGRUHVFXQPDUHVFULLWRU VD[RQ üLvOJVHVFvQ&KDXFHU$FHVWDFDüLPDLWkU]LX6KDNHVSHDUHD FXQRVFXWWRDWHVWUDWXULOHVRFLHW&LLRPHQHüWL DWULWODFXUWHDOXL(GXDUG DO,,,OHD DIRVWDPEDVDGRUOD)ORUHQ&DüLOD5RPDüLGHSXWDWOD :HVWPLQVWHU(VWHGHFLPLQXQDWGHELQHSUHJWLWFDV]XJUYHDVFXQ WDEORXFRPSOHWüLYLXDO$QJOLHLGLQYUHPHDVDÍQRFKLLLVWRULFXOXLFHD PDLLPSRUWDQWGLQWUHRSHUHOHVDOHHVWHIDLPRDVDFXOHJHUH3RYHVWLULGLQ &DQWHUEXU\3HOHULQLLFDUHVHGXFHDXODUDFODVIkQWXOXL7KRPDV%HFNHWOD &DQWHUEXU\VHDGXQDXODFHOHEUXO7DEDUG,QQOD6RXWKZDUNSHQWUXD QXIDFHVLQJXULRFOWRULHvQDFHOHWLPSXULFkQGGUXPXULOHQXHUDXSUHD VLJXUH'HVFULHUHDXQXLJUXSGHSHOHULQLSRYHVWLULOHSHFDUHüLOHVSXQ XQLLDOWRUDFDVOHWUHDFGHXUkWDOFWXLHVFSRHPXOOXL&KDXFHU&DüLvQ RSHUDOXL6KDNHVSHDUHGHVFRSHULPRXPDQLWDWHIRDUWHDSURDSHGHD QRDVWU0DULLDUWLüWLQHDMXWVvQ&HOHJHPFGDFGHFRUXULOHüL PRUDYXULOHVHVFKLPESDVLXQLOHRPHQHüWLUPkQDSURDSHDFHOHDüL 9,&KLDUüLGHFRUXOYLH&LLGLQDFHDYUHPHvQFHSHVVHDSURSLHGH DFHODFXFDUHVXQWHPRELüQXL&LÍQWRWWLPSXOHYXOXLPHGLXORFXLQ&DFHORU ERJD&LFRQVWDGLQWURFDVIRUWLILFDWFRQVWUXLWvQDüDIHOFDVUH]LVWH XQXLDVHGLXüLVDLEXQGHDGSRVWLVROGD&LÍQFHSkQGGLQVHFROXODO;9 OHDFDYDOHULLüLPDULLQHJXVWRULGRUHVFVDLEFDVHOD&DUIFXWHPDL PXOWSHQWUXSOFHUHGHFkWSHQWUXDSUDUH1XPUXOFDPHUHORUVH PUHüWH6WSkQLLüLVHUYLWRULLvQFHWHD]VPDLPQkQFHvQDFHHDüLVDO 2vQFSHUHQRXXQIHOGHYRUELWRUvQJGXLHFDYL]LWDWRULLVQXPDLILH SULPL&LvQGRUPLWRU$UHXQFPLQvQFDUHVHSRDWHIDFHIRFFXFUEXQL
DUHIHUHVWUHDGkQFLSUHY]XWHFXRFKLXULGHJHDPüLVXEFDUHVHDIOEQFL FLRSOLWHGLQSLDWUüLDFRSHULWHFXSHUQH3HSHUH&LDWkUQWDSLVHULL WDEORXUL SHMRVFkWHXQFRYRUGH6SDQLD7RFPDLVHLPSRUWDVHGLQ)UDQ&D VDOWHDXDGHSXIXQEXQSUH&LRVFDUHVHODVPRüWHQLUHFRSLOXOXLSUHIHUDW VDXVR&XOXLVXSUDYLH&XLWRU)LHFDUHFDVSRVHGRJUGLQGHIRUPUH JXODWvPSUHMPXLWGH]LGXULVDXGHJDUGXULYLLVHPQDWFXIORUL LHUEXULPHGLFLQDOHVDXDURPDWHVDODWHYHU]L3HDOHLOHVFXUWHDüWHUQXWHFX QLVLSvQFRQMXUDWHGHPLFLSDMLüWLFXLDUEGHDVüLPRDOHFXPHFDWLIHDXD VHSOLPEGRDPQHOHFXLPHQVHOHORUFRDIXUL/X[XOFDUHVHIFHDFX vPEUFPLQWHDGHYHQLVHDWkWGHPDUHvQFkWDIRVWQHYRLHGHLQWHUYHQ&LD XQRUOHJLSHQWUXvQIUkQDUHDOXL$OWVHPQGHERJ&LH &DUDVHDFRSHUGH ELVHULFLüLILHFDUHVDWVHPkQGUHüWHFDSXWXWVvPERJ&HDVFSHDVDFX WDSLVHULLüLVWDWXL7RWXüLFDVHOHVUDFLORUüLFKLDUDOHFODVHORUPLMORFLL UPkQSULPLWLYH0RUDUXOOXL&KDXFHUVHPXO&XPHüWHFXRVLQJXU FDPHUSHQWUXHOQHYDVWVDILLFVDXQFRSLODüüLGRLVWXGHQ&LGLQ &DPEULGJHYHQL&LVLIDFRYL]LW 9,,3HODVIkUüLWXOVHFROXOXLDO;9OHDvQFHSVDSDUSULQDFHVWH FDVHSULPHOHFU&LLPSULPDWH7LSRJUDILDPDLFXUkQGDVDWLVIFXWRQHYRLH GHFkWDFUHDWR(SRFDDFHDVWDUHDPLQWHüWHSX&LQSHDQRDVWUSULQ DFFHVXOODFXOWXUDXQHLvQWUHJLSWXULQRLGHFLWLWRULÍQDVHPHQHD SHULRDGHVHSURGXFHRSHUPDQHQWFHUHUHGHFU&LGHYXOJDUL]DUH9UHPHD QRDVWUFHUHFU&LGHüWLLQ&HQFLFORSHGLLELRJUDILL&LWLWRUXOVHFROXOXLDO ;9OHDYRLDFU&LUHOLJLRDVHJUDPDWLFLFURQLFLULPDWHWUDGXFHULGLQPDULL VFULLWRULODWLQL)LHFDUHVTXLUHDYHDDWXQFLELEOLRWHFDVDGHPDQXVFULVH VXQWHPvQSRVHVLDLQYHQWDUXOXLELEOLRWHFLLOXL-RKQ3DVWRQ SHYUHPHDOXL (GXDUGDO,9OHD (DQXFRQ&LQHGHFkWRVLQJXUFDUWHWLSULW7LSRJUDILD DIRVWLQWURGXVvQ$QJOLDGH&D[WRQ " FDUHvQY&DVH SULQFLSLLOHHLOD&RORQLD(OüLDLQVWDODWOkQJ:HVWPLQVWHURDGHYUDW HGLWXUDVFRVFU&LIUXPRDVHüLOHDYkQGXWIRDUWHOHVQH(GXDUGDO,9 OHDRPFXOWLYDWODSDWURQDW,QYHQWDUHDWLSDUXOXLSRSXODUL]kQGWHRORJLD DSUHJWLWU]ERDLHOHUHOLJLRDVHDüDFXPLQYHQ&LDUDGLRXOXLIDYRUL]HD]vQ ]LOHOHQRDVWUHUVSkQGLUHDSDWLPLORUSROLWLFH 9,,,$UILFHYDDUWLILFLDOVGHOLPLWPvQWUXQPRGIRDUWHSUHFLV IURQWLHUHOHFDUHVHSDUHYXOPHGLXGH5HQDüWHUH&LYLOL]D&LDPHGLHYDOFD üLLPSHULXOURPDQGHRGLQLRDUVHVWLQJHvQFHW7RWXüLDFHVWVIkUüLWDO VHFROXOXLDO;9OHDFkQGWLSRJUDILDOXL&D[WRQvQORFXLHüWHSHFRSLüWLLGLQ PQVWLULFkQGOLPEDHQJOH]ULYDOL]HD]FXOLPEDODWLQFkQGRUüHDQXO VHvPERJ&HüWHvQWLPSFHFDYDOHUXOGLVSDUHFkQGWXQXOIDFHRVSUWXU vQGRQMRQFkQGQHJXVWRUXOVFDSGHJKLOGFUHGLQFLRVXOGHSUHRWüLüHU EXOGHVHQLRUHVWHvQWUDGHYURHSRFGHWUDQ]L&LH2VRFLHWDWHFDUHD 0LFQRELOUXUDO
FXQRVFXWPDLPXOWHVHFROHGHPULUHDSXQH VHULGLFRDOWDGHVSUHFDUH vQFQLPHQLQXüWLHFHRVGHYLQ$QJOLDDQXOXLVHSUHJWHüWHGHR YLD&IHULFLW ERJ&LDIHUPLHULORUüLDPHüWHüXJDULORUVLPDWXULWDWHD VSLULWHORUvLVXUSULQGHSHWR&LDFHLFDUHüLvQGUHDSWSULYLULOHVSUHHD1XL OLSVHüWHGHFkWRJXYHUQDUHSXWHUQLFÍPSRWULYDRULFUHLDüWHSWULWkQUXO +HQULF7XGRUüLGHVFHQGHQ&LLVLDYHDXVLRGHD &$57($$3$75$ ',1$67,$78'25,/256$875,80)8/021$5+,(,
, +(15,&$/9,,/($ ,,PSRUWDQ&DHYHQLPHQWHORUVFDSDSURDSHWRWGHDXQDFHORUFDUH VXQWPDUWRULLORU6ROGD&LORUFDUHODXY]XWvQVHDUDXQHLEWOLLSHORUGXO 6WDQOH\SXQkQGFRURDQDSHFDSXOILXOXLVXYLWUHJ+HQULF7XGRUJHVWXO WUHEXLHVOHILSUXWXQXOGLQHSLVRDGHOHSLWRUHüWLDOHXQXLLQWHUPLQDELO U]ERL(LDVLVWDXvQVODDSXVXOXQHLVRFLHW&L7LPSGHvQFYUHR FLQFLVSUH]HFHDQLDYHDXVVHPDLLYHDVFSUHWHQGHQ&L GDUvQQLFLXQ PRPHQWHLQXYRUSXQHvQSULPHMGLHWURQXOOXL+HQULFDO9,,OHD 6WDELOLWDWHFXDWkWPDLVXUSULQ]WRDUHFXFkWQRXOUHJHQXHUDXQ U]ERLQLF6DXQVFXWGRXOHJHQGHFXSULYLUHODDFHVWEUEDWWULVWJUDY üLJkQGLWRU3ULPDUVSkQGLWvQFGLQWLPSXOYLH&LLVDOHüLGDWRUDWOXL vQVXüLIFHDGLQUHJHXQSHUVRQDMGLVWDQWüLPLVWHULRVFDUHQXPDLHUD FDVXYHUDQLLGLQHYXOPHGLXXQFDYDOHUSULQWUHHJDOLLVLFLRILLQ& DSDUWH XQPRQDUK DGRXDDFHHDDLVWRULFLORUYDGHVFULHXQUHJHDYDUüL VXVSLFLRVXQ/XGRYLFDO;,OHDHQJOH]FDUHVWRUFkQGXLSHQRELOLDUIL DGXQDWLPHQVHFRPRUL$IRVWRDUH+HQULFDO9,,OHDvQWUDGHYUXQRP DYLGGHEDQL")DSWHVWHFDOVDWRPDUHDYHUHDSURDSHGRXPLOLRDQH GHOLYUHÍüL&LQHDUHJLVWUHOHFRQWDELOHvQWUXQPRGPLQX&LRVFDXQEXU JKH] Å5HJHOHSLHUGXWODFU&L QRXOLYUH3LHUGHUHDPLQJLORUGHWHQLV WUHLüLOLQJL1HEXQXOXLPHXSHQWUXFRPSXQHUHDXQXLFkQWHF'DF VRFRWHOLOHVXQWSUHFLVHHOHQXVXQWvQVVRFRWHOLOHXQXLDYDU/X[XOFXU&LL VDOHIUXPXVH&HDELMXWHULLORUKDLQHOHVDOHGHFDWLIHDYLROHWFSWXüLWHFX VWRIDXULHVWkUQHDXXLPLUHDDPEDVDGRULORUPLODQH]LüLVSDQLROL$GHYUXO SDUHDILFSULPXOUHJHGLQGLQDVWLD7XGRULORUDLXELWEDQLLSHQWUXF GXSHüXDUHDVRFLHW&LLIHXGDOHEDQXOGHYHQLVHQRXOVHPQDOIRU&HLÍQ VHFROXODO;9,OHDXQUHJHVUDFDUILIRVWXQUHJHVODEVXSXVQRELOLPLL VDOHüLSDUODPHQWXOXL+HQULFDO9,,OHDüLFRSLLLVLQXYRUGHSLQGHQLFLGH QRELOLPHQLFLGHSDUODPHQW)UDOWDUPDWSHUPDQHQWGHFkWFHLR VXWFLQFL]HFLGHRDPHQLGLQWUXSDGHJDUGHLYRUILVXYHUDQLPDLPXOW GHFkWUHVSHFWD&LYRUILYHQHUD&L7UHEXLHVH[SOLFPPHFDQLVPXO SURGLJLRDVHLORUVLJXUDQ&H ,,3ULQU]ERLXOFHORUGRXUR]HPDULLVHQLRULIXVHVHUGDFQX QLPLFL&LGDUIRDUWHvPSX&LQD&LÍQSDUODPHQWXOOXL+HQULFDO9,,OHDVXQW FRQYRFD&LQXPDLGRX]HFLüLQRXGHORU]LWHPSRUDOLüLLQIOXHQ&DORUvQ &DUSDUHVODE,QVWLWX&LLOHVHQDVFSHQWUXFVXQWQHFHVDUHüLPRUFkQG GHYLQLQXWLOHVDXSHULFXORDVH'XSFGHUHDLPSHULXOXLüLGH]RUGLQLOH SURYRFDWHGHLQYD]LLVHQLRULLIHXGDOLvQOLSVDXQHLSXWHULFHQWUDOHVROLGH DVLJXUDVHUGHELQHGHUXDSUDUHDWHULWRULXOXLüLDGPLQLVWUDUHDMXVWL&LHL $SRLGXSVXFFHVXOUHJLORUQRUPDQ]LüLDQJHYLQLDULVWRFUD&LDU]ERLQLF
IXGHVSXLDWGHIXQF&LLOHVDOHHVHQ&LDOH9UHPHvQGHOXQJDWHDVH vQGHOHWQLFLVHFXH[SHGL&LLGHFXFHULULFkQGvQ%DUD*DOLORUVDXvQ6FR&LD FkQGvQ1RUPDQGLD$TXLWDQLDVDXvQ)ODQGUD/DVIkUüLWXOVHFROXOXLDO ;9OHDFRQVWLWXLUHDvQ6SDQLDDSRLvQ)UDQ&DDXQRUPDULVWDWHPDL SXWHUQLFHGHFkWPLFD$QJOLHGLQDFHDYUHPHQXPDLOVDVHQRELOLORU U]ERLQLFLQLFLRüDQVODYUHRDYHQWXUSHFRQWLQHQW1XOHPDLUPkQHD DOWFHYDGHIFXWGHFkWVVHEDWvQWUHHL5]ERLXOFHORUGRXUR]H DYXVHVHGXEOXOHIHFWGHDGH]JXVWDSHRUüHQLüLSH&UDQLGHRULFH DQDUKLHIHXGDOüLGHDVOELFHHDFHUPVHVHGLQQRELOLPHDDQJOR QRUPDQG&LQHSXWHDVLPRüWHQHDVFSXWHUHD"3DUODPHQWXO"'XSXQ vQFHSXWVWUOXFLWRUvüLSLHUGXVHüLHOSUHVWLJLXOvQWLPSXOSHULRDGHLGH WXOEXUUL&DPHUD&RPXQHORUQXSXWHDILDOHDVOLEHUGHFkWGDFR SXWHUHFHQWUDOVROLGvLDSUDSHDOHJWRULGHLQWHUYHQ&LDVHQLRULORUORFDOL ÍQWUHUHJLPXOIHXGDOüLFHOSDUODPHQWDUQXPDLUHJHOHSXWHDIDFH MRQF&LXQHD&DUHQ&DQRELOLPLLüLD&DPHUHL&RPXQHORUOVDORFOLEHU PRQDUKLHL ,,,3HQWUXDGH]DUPDIDF&LXQLOHQRELOLDUHFHPDLUPVHVHUüL EDQGHOHORUUHJLL7XGRULVHVSULMLQSHWUHLFODVHQRL JHQWU\\HRPHQLüL FRPHUFLDQ&L*HQWU\FRQVWLWXLHWRWDOLWDWHDJHQWOHPHQLORUFDUHWULHVFOD &DU&XYkQWXOJHQWOHPDQFDUHvQFHSHDILIRORVLWVXEGRPQLDUHJLQHL (OLVDEHWDHGHSDUWHGHDDYHDDFHODüLVHQVSHFDUHODUHFXYkQWXOIUDQFH] JHQWLOKRPPH&LQHYDSXWHDILJHQWOHPDQIUVILHvQQRELODWüLFKLDUIU VDLESPkQWIHXGDO*HQWU\FXSULQGHüLSHGHVFHQGHQWXOFDYDOHUXOXLüL SHFRPHUFLDQWXOERJDWIRVWSULPDUDORUDüXOXLVXFDUHFXPSUR EXFDWGHSPkQWXQGHVVHUHWUDJüLSHDYRFDWXOFHOHEUXGHYHQLW SURSULHWDUIXQFLDU DFHDVWFODVDUHFDOLPLWLQIHULRDUXQFHQVIXQFLDU DFHOHGRX]HFLGHOLYUHYHQLWFDUHRGLQLRDUGGHDXGUHSWXOODWLWOXOGH FDYDOHUüLFDUHvQVHFROXODO;9,OHDvQJGXLHXQXLSURSULHWDUVGHYLQ MXGHFWRUGHSDFH0LFLLQRELOLPLGLQQDüWHUHvLXUPHD]RPLFQRELOLPH DEDQXOXLDOFUHLUROvQVWDWVHDVHDPQFXDFHODMXFDWvQ)UDQ&DGH FODVHOHPLMORFLLSHYUHPHDOXL/XGRYLF)LOLSGDUFDUHUPkQHR DULVWRFUD&LHUXUDOÍQWUHVTXLUHVFDUHRIRUPHD]üLSDLULLUHJDWXOXLQLFL XQ]LGGHQHSWUXQV0RüWHQLWRULLSDLULORULQWUvQ&DPHUD&RPXQHORUüL VXQWSHSLFLRUGHHJDOLWDWHFXJHQWOHPHQLLGHOD&DU ,9ûL\HRPHQLLFRQVWLWXLHRFODVUXUDOLQIHULRDUJHQWU\XOXL VXSHULRDUIRüWLORUYLODQL(DFXSULQGH DSUR[LPDWLY LQGLYL]LLFDUHDXFHO SX&LQSDWUX]HFLGHüLOLQJLYHQLWQHFHVDULSHQWUXDIDFHSDUWHGLQWUXQ MXULXVDXSHQWUXDSDUWLFLSDODDOHJHULOHGHFRPLWDWGDUFDUHQXDWLQJ YHQLWXOGHGRX]HFLGHOLYUHFHHDFHDUIDFHGLQHLJHQWOHPHQL1XLQHYRLH
5HJHDO)UDQ&HLvQWUHüL
VILLSURSULHWDUFDVGHYLL\HRPHQûLFRS\KROGHUVüLFKLDUDUHQGDüLL SRWGHYHQL\HRPHQL%DFRQGHILQHüWH\HRPDQ\FDRFODVLQWHUPHGLDU vQWUHJHQWOHPHQLüL&UDQL %ODFNVWRQHFDRFODVDHOHFWRULORUGHOD&DU JHQWU\XOILLQGFODVDHOLJLELOLORU $FHDVW\HRPDQ\FDUHVHYDFRPSXQH vQVHFROXODO;9,,OHDGLQFLUFDRVXWüDL]HFLGHPLLGHHQJOH]LIRUPHD] DUPDWXUD&ULLüLDDUPDWHORUVDOH6HYHGHFkWGHGLIHULWDIRVWDWXQFL VWUXFWXUD$QJOLHLGHDFHHDDVWDWHORUGHSHFRQWLQHQWvQFDUHSX&LQH SHUVRDQHvQDIDUGHQRELOLDYHDXSPkQW$UFDüLLGLQU]ERLXOGHRVXW GHDQLDXIRVW\HRPHQL1XOLHIULFQLFLVPXQFHDVFFXEUD&HOHQLFL VVHOXSWHÅ(LDOFWXLHVFXQHOHPHQWHFRQRPLFSROLWLFüLVRFLDOGHR IRDUWHPDUHSRQGHUHvQFDGUXOQD&LXQLLüLVXQWGHSDUWHDUHJHOXLSHQWUX FDXWRWXOGHSLHUGXWvQFD]GHGH]RUGLQL 9/DvQFHSXWXOVHFROXOXLDO;9,OHDQHJXVWRULLHQJOH]LQXRFXS vQFvQOXPHORFXOSHFDUHOYRUGH&LQHPDLWkU]LX&k&LYDGLQWUHHL 0HUFKDQW$GYHQWXUHUV MXPWDWHSLUD&LMXPWDWHDUPDWRULVHGXFVüL YkQG&HVWXULOHSkQvQ5XVLDüLIDFFRQFXUHQ&vQ0HGLWHUDQ9HQH&LHL üL*HQRYHLGDUvQFXFHULUHDOXPLORUQRLFDUHvQFHSHDWXQFL$QJOLDQX MRDFQLFLXQURO&kQGYLFWRULLOHPLOLWDUHDOH,VODPXOXLEDUkQGGUXPXO PHGLWHUDQHDQVSUH,QGLDDXVLOLWSHHXURSHQLvQVHFROXODO;9OHDV vQFHUFHPDULOHDYHQWXULPDULWLPHSHQWUXDJVLXQGUXPQRXVSUH ERJ&LLOH2ULHQWXOXLQXPDLSRUWXJKH]LLüLVSDQLROLLüLDXvPSU&LWvQWUHHL SPkQWXULOHGHVFRSHULWH&LQHVDUILJkQGLWVLDWULEXLHXQLPSHULX FRORQLDO$QJOLHLR&ULüRDUDJULFROüLSDVWRUDO"7RWXüLXQEUEDWGLQ DFHOHYUHPXULDvQWUHY]XWFÅYLLWRUXOSRSRUXOXLVXHUDSHDS DFHVWDD DIRVWUHJHOH+HQULFDO9,,OHD$vQFXUDMDWQDYLJD&LDFkWLDIRVWFX SXWLQ&(OvQVXüLDFRQVWUXLWQDYHPDUL 0DU\)RUWXQH6ZHHSVWDNHüLOH DvQFKLULDWQHJXVWRULORUÍQ0HGLWHUDQDSHODJDOHUDFRQWLQXVILH YDVXOGHU]ERLLDUFRUDELDFXSkQ]HHUDQDYDQHJXVWRULORU vQ$QJOLD GLPSRWULYYDVXOFRPHUFLDOüLYDVXOGHOLQLHVDXFRQIXQGDWPXOWYUHPH ÍQSDUWHSHQWUXFRFHDQXOQXDIRVWQLFLRGDWVLJXUSHQWUXJDOHUHüLvQ SDUWHSHQWUXFHQJOH]LLSRSRUSUDFWLFYRLDXFDvQWLPSGHSDFHV GLVSXQSHQWUXFRPHU&XOORUGHvQWUHDJDIORWÍQFD]GHU]ERLvQXUPD UHFKL]L&LHLUHJDOHGXOJKHULLULGLFDXvQID&DüLvQVSDWHOHEDVWLPHQWXOXL ÅFDVWHOHSHQWUXWUXSHÍQVHFROXODO;9OHDÅFDVWHOHOHGHYHQLU SHUPDQHQWH+HQULFDO9,,OHDDIRVWXQXOGLQWUHSULPLLFDUHDDPSODVDW WXQXULSHERUGXOYDVHORUVDOH DvQILLQ&DWXQDUVHQDOOD3RUWVPRXWK D
ÍQDFHVWFD]FRQWH[WXOVXJHUHD]LQIHULRULWDWHDSR]L&LHLVRFLDOHDDUHQGDüLORUID&GH
FRS\KROGHUVFHHDFHDUDWFDXWRUXODDYXWvQYHGHUHQXSH&UDQLLUHODWLYvQVWUL&LFDUH DUHQGDXSPkQWvQSOXVID&GHQHYRLOHORUVWULFWHFLSHDüDQXPL&LLOHDVHKROGHUV &UDQLVUDFLFDUHüLSLHUGXVHUORWXOHUHGLWDUSULPLQGvQVFKLPEXQDOWXOGHRELFHLPDL PLFüLGHPDLVODEFDOLWDWHFXREOLJD&LLPDLJUHOHüLSHWHUPHQVFXUW :LOOLDP%ODFNVWRQH XQXOGLQWUHFHLPDLFHOHEULMXULüWLHQJOH]LGLQWRDWH WLPSXULOHSULPXOWLWXODUDOXQHLFDWHGUHGHGUHSWHQJOH]OD8QLYHUVLWDWHDGLQ2[IRUG
FRPDQGLWDWH[SHGL&LLFDDFHHDDOXL&DERWFDUHXPEOkQGGXS PLURGHQLLOH2ULHQWXOXLDGHVFRSHULWPRUXDGLQ7HUUD1RYD DLQWHU]LV SULQWUXQ$FWGH1DYLJD&LHVVHLPSRUWHYLQXULOHGH%RUGHDX[SH EDVWLPHQWHVWULQH üLGDFDVW]LFDSDFLWDWHDEDVWLPHQWHORUHQJOH]HHVWH FDOFXODWvQÅWRQHQXLGHFkWvQDPLQWLUHDEXWRDLHORUGLQ%RUGHDX[ 3HVFXUW+HQULFDO9,,OHDSDUHVILvQ&HOHVFOXSWDSHQWUXSLH&HOH H[WHUQHDYHDVGHYLQXQDGLQWUHIRUPHOHPDULLSROLWLFL VSULMLQXOSHFDUH ODDFRUGDWPDULQHLüLFRPHU&XOXLLDDWUDVVLPSDWLDRUüHQLORUüLvQ VSHFLDODFHORUGLQ/RQGUD 9,6SULMLQLQGXVHSHFHOHWUHLFODVHSXWHUQLFH JHQWU\\HRPHQLüL QHJXVWRULUHJHOHLDSXWXWGRPROLSHPDULLEDURQLDWk&LFk&LPDL UPVHVHUûWLLQGFMXULLOHSURYLQFLDOHHUDXLQWLPLGDWHGHSUHVWLJLXO IRüWLORUVWSkQLDGXVHSURFHVHOHSULPHMGLRDVHvQID&DXQHL&XU&LD SUHURJDWLYHORUGHWDüDWGLQ&RQVLOLXOVXGHQXPLWÅ&DPHUDvQVWHODW GLQFDX]DGHFRUD&LHLVOLLvQFDUHVH&LQHDXüHGLQ&HOH6XEGRPQLDOXL +HQULFDO9,,OHDFRQGDPQULOHODPRDUWHDXIRVWGHVWXOGHUDUHÅ6WRUFHD PDLPXOWDXUGHFkWVkQJHGDULPSXQHDUHVSHFWDUHDGLVSR]L&LLORUVDOH ÍQWUR]LIFkQGRYL]LWFRQWHOXLGH2[IRUGIXSULPLWGHRvQWUHDJ FRPSDQLHGHYDOH&LvQXQLIRUP2OHJHQRXLQWHU]LFHDQRELOLORUV vQWUH&LQDVHPHQHDOLRWGHVHUYLWRULFDUHSXWHDXILXüRUWUDQVIRUPD&LvQ VROGD&L/DSOHFDUH+HQULFDO9,,OHDVSXVHJD]GHL Å0\ORUGv&L PXO&XPHVFPXOWSHQWUXPDVFDUHDIRVWIRDUWHEXQGDUQXSRWWROHUD FDOHJLOHVILHFOFDWHFKLDUvQSUH]HQ&DPHD$WWRUQH\XO PHXYDVWDGH YRUEFXGXPQHDWD &RQWHOH2[IRUGIXIHULFLWVVFDSHQXPDLFXRDPHQGGH]HFHPLLGH OLYUH0HWRGHOHDFHVWHDQHFDYDOHUHüWLHUDXDVSUHGDUVQWRDVHüL &DPHUDvQVWHODWDIFXWDGHVHDWUHDEEXQ7RWXüLFKLDUSULQFLSLXO XQHL&DPHUHDSUHURJDWLYHORUOXkQGXLDFX]DWXOXLGUHSWXOODMXULXHUD FRQGDPQDELOüLFRQWUDUOLEHUW&LORUGLQUHJDW OXFUXODLHüLWvQHYLGHQ& VXEGRPQLD6WXDU&LORUFkQGDFHVWHFDPHUHDXGHYHQLWXQLQVWUXPHQWDO WLUDQLHL 9,,ÍQSROLWLFFDüLvQMXVWL&LHOHJDOLWDWHDDIRVWWULPLVGH+HQULFDO 9,,OHDODSOLPEDUHÍQWLPSXOGRPQLHLVDOHSDUODPHQWXOQDIRVWFRQYRFDW GHFkWGHüDSWHRUL&LQHVDUILJkQGLWDWXQFLVVHSOkQJ"'H]RUGLQLOH SURYRFDWHGHU]ERDLHOHFLYLOHUH]ROYDVHURULFHFRQIOLFWFRQVWLWX&LRQDOvQ IDYRDUHDFRURDQHL(DGHYUDWFUHJHOHQXJXYHUQDGHFkWDVLVWDWGH &RQVLOLXOVXGDU&RQVLOLXOQXHUD FDSHYUHPHDUHJLORUQRUPDQ]L R DGXQDUHUHSUH]HQWDWLYDPDULORUEDURQLüLDSUHOD&LORU1RLLFRQVLOLHUL
'HODWRQQHDXEXWRL vQOLPEDIUDQFH]
8QDWWRUQH\DOUHJHOXLHUDvQ$QJOLDXQIXQF&LRQDUVXSHULRUvQVUFLQDWVLQWHQWH]H
üLVSOHGH]HSURFHVHvQQXPHOHüLvQLQWHUHVXOFRURDQHL
HUDXILLGHRUüHQLHGXFD&LvQXQLYHUVLW&L0XOWHIDPLOLLGHVWLQDWHV SDUWLFLSHWLPSGHVHFROHODJXYHUQDUHD$QJOLHL &DYHQGLVK&HFLO 6H\PRXU5XVVHOOGHEXWHD]vQFDQFHODULLOHGLQDVWLHL7XGRULORU$FXPQX U]ERLQLFXOSXQHED]HOHXQHLGHVFHQGHQ&HQRELOHFLvQDOWXOIXQF&LRQDU 6OXMEDüXOSHUVRQDODOUHJHOXLYDILXUPDWGHVHFUHWDUXOGHVWDW 6XQWHPvQSRVHVLDSURFHVHORUYHUEDOHGHüHGLQ&DOH&RQVLOLXOXL SULYDW6HYHGHFkWGHPLQX&LRDVDIRVWDGPLQLVWUDUHDWUHEXULORUGHVWDW FDUHVHDPQFXPRGXOGHDGPLQLVWUDUHDXQRUWUHEXULGHIDPLOLH'H SLOGODLXQLH &RQVLOLXOVDRFXSDWGHXQDQXPH7KRPDV3ULQFH vQY&WRUFDUHDYRUELWvPSRWULYDUHOLJLHLGHVWDW6DOXDWKRWUkUHDVVH VFULHMXGHFWRUXOXLFXU&LLGLQFRPLWDWXOVXSHQWUXDOvQWUHEDGDFL FD]XOVILHXUPULW&RQVLOLXOGRUGLQXQXLJHQWOHPDQSURSULHWDUXO XQHLSüXQLSHFDUHWUHFHDXQGUXPGHHGHFVOUHSDUH$XWRUL]XQ PFHODUVWDLHQLüWHDQLPDOHvQWLPSXOSRVWXOXLPDUHSHQWUXEXFWULD DPEDVDGHL)UDQ&HL7RWXOHVWHSUHY]XW'DFVRVHVFQLüWHWUXSHOD 3RUWVPRXWK&RQVLOLXOVFULHSULPDUXOXLFDVOURDJHVVHvQJULMHDVFGH KUDQDORU&FLQXH[LVWELURFUD&LHFHQWUDO&XUWHDüLUHJHOHQXSRW JXYHUQDGHFkWXWLOL]kQGvQFRPLWDWHüLWkUJXULUH&HDXDVWUkQVD LQVWLWX&LLORUORFDOH ,, ,167,78%,,/(/2&$/(Í17,038/',1$67,(,78'25,/25 ,8QDGLQFHOHPDLLPSRUWDQWHGHRVHELULGLQWUHLVWRULD)UDQ&HLüL DFHHDD$QJOLHLHVWHGH]YROWDUHDvQ)UDQ&DDXQHLLHUDUKLLGHIXQF&LRQDUL GHSLQ]kQGGHJXYHUQXOFHQWUDOüLSOWL&LGHHOLDUvQ$QJOLDDXQRU LQVWLWX&LLORFDOHDGPLQLVWUDWHGHYROXQWDUL3RUQLUHDILUHDVFDUHJHOXL 7XGRUHVWHVVHIRORVHDVFGHFHHDFHH[LVWüLVUH]ROYHSUREOHPHOHQRL IFkQGDSHOODYHFKLOHRUJDQH&HUPVHVHOD&DUGXSFkWHYDVHFROHGH YLD&IHXGDOGLQYHFKLXOIRONPRRWDOVD[RQLORU"&HOPDLPXOWVHPQDFX DFHDVWDGXQDUHVWHDVFDGXQDUHDSDURKLHLÍQVHFROXODO;,,,OHDSUHR&LL UHXüLVHUVLIDFSHFUHGLQFLRüLVSOWHDVFUHSDUD&LLOHELVHULFLL FXPSUWXULOHGHFU&LGHVWLKDUHDOEHSHQWUXFDUHvQDLQWHVHFKHOWXLD GLQEDQLLGH]HFLXLDO3HQWUXDGPLQLVWUDUHDDFHVWXLPLFEXJHWHQRULDüLL QXPHDXFk&LYDUHSUH]HQWDQ&L&KXUFKZDUGHQVDXHSLWURSXOSVWUWRU OHJDODOEXQXULORUSDURKLHLFXPSUDYDVHOHGHFXOWYLQXOSHQWUX OLWXUJKLHRGMGLLOHVDFHUGRWDOHüLXQLIRUPDSHQWUXSDUDFOLVHUFDUHFXXQ ELFLVDXXQEDVWRQvQPkQDOXQJDFkLQLLüLEH&LYLLGLQELVHULF VH[WRQ XOVDX&kUFRYQLFXOVSDPRUPLQWHOHIFHDFXU&HQLHvQELVHULF DSULQGHDIRFXO SUHRWXOSDURKLHL&LQHDVFULSWHOHüLWUJHDFORSRWHOH 9HQLWXULOHSDURKLHLSURYHQHDXGLQYHQLWXULOHSPkQWXOXLVDXFLUH]LORU DSDU&LQkQGDFHVWHLDüLGLQWD[DGHELVHULF FKXUFKUDWH IL[DWGH FRQVLOLXOGHDGPLQLVWUD&LHDOEXQXULORUSDURKLHLSURSRU&LRQDOFXEXQXULOH
IXQFLDUHDOHILHFUXLD ,,&kQGvQVHFROXODO;9,OHDSHQWUXPRWLYHSHFDUHOHYRPDUWD SUREOHPDVUDFLORUFDSWRQRXLPSRUWDQ&GLQDVWLD7XGRULORUDGRSW FDED]DRUJDQL]ULLXQHLDMXWRUULSDURKLDÍQILHFDUHDQGHSDüWLHD QXPHDSDWUXÅVXSUDYHJKHWRULDLVUDFLORUFDUHvPSUHXQFXHSLWURSLL DGXQDXSRPHQLOH7R&LHQRULDüLLHUDXvQWUHED&LFDPFkWDUILGLVSXüLV GHDSHVSWPkQSHQWUXVUDFL/DvQFHSXWFkWLPHDSRPHQLLHUDOVDW ODGLVFUH&LDILHFUXLD DFHLFDUHUHIX]DXVGHDHUDXFKHPD&LvQID&DHSLV FRSXOXLüLXQHRULEJD&LODvQFKLVRDUH$SRLSHPVXUFHQXPUXO VUDFLORUFUHüWHDDIRVWQHYRLHVVHVWDELOHDVFRWD[REOLJDWRULHÍQ SULQFLSLXILHFDUHSDURKLHHUDVLQJXUDUHVSRQVDELOSHQWUXVUDFLLVL $VWIHOFVHLQWHU]LFHDvQPRGULJXURVRDPHQLORUIUPLMORDFHGHH[LVWHQ& VXPEOHGLQVDWvQVDW)DSWXOGHDGDSRPDQXQXLYDJDERQGHUD FRQVLGHUDWGHOLFW'DFYDJDERQGXOHUDSULQVWUHEXLDELFLXLWüLvQFD]GH UHFLGLYvQVHPQDWFXILHUXOURüXFXXQ9SHXPUSHQWUXDSXWHDIL UHFXQRVFXW2DGRXDUHFLGLYSXWHDDWUDJHSHGHDSVDRXPRDUWHD 9DJDERQGXOSHULFXORVURJXHHUDvQVHPQDWFX5vQDIDUGHFD]XO FkQGGRYHGLQGFüWLHVFLWHDVFSXWHDSUHWLQGHÅSULYLOHJLXOFOHUXOXLüL DWXQFLHUDvQVHPQDWQXPDLSHGHJHWXOJURV'XSFDUHQHQRURFL&LL DFHüWLDELFLXL&LFXPWUHEXLHüLvQVHPQD&LHUDXWULPLüLvQDSRLvQSDURKLD ORUQDWDOIL[kQGXOLVHXQWHUPHQPD[LPSkQFkQGWUHEXLDXVDMXQJ ODGHVWLQD&LH$FHVWHDILLQGX]DQ&HOHRSDURKLHQXSXWHDvQJGXLVVH LQVWDOH]HSHWHULWRULXOHLIDPLOLLVUDFHDLFURUFRSLLSXWHDXFGHDvQWUR ]LvQVDUFLQDHL8QFRSLOGDWODRGRLFGLQWUXQDOWVDWGHFkWDFHODDO SULQ&LORUSHQWUXDVHHYLWDRULFHQHSOFHUHXOWHULRDUHUDGHVHRULWULPLV vQDSRLGLQSDURKLDGRLFLLvQSDURKLDXQGHVDQVFXWÅÍQIHOXODFHVWD VDWXOILHFUXLDGHYHQHDvQFKLVRDUHDVD ,,,7RWXüLRDPHQLLVHFROXOXLDO;9,OHDUHFXQRüWHDXFVRFLHWDWHD DUHGDWRULDGHDvQWUH&LQHGHELQHGHUXYLD&DLQILUPLORUVLD EWUkQLORUDRUELORUDQHEXQLORUVL2OHJHGLQ RUGRQVVH FRQVWUXLDVFD]LOXULSHQWUXLQILUPLSHWHUHQXULOHvQSDUDJLQ ÅVXSUDYHJKHWRULLVUDFLORUVüLSURFXUHvQILHFDUHSDURKLHXQVWRFGH PDWHULDOH ILHUOHPQOkQFkQHS SHQWUXDGDGHOXFUXüRPHULORUüLV ILHSODVD&LFDXFHQLFLFRSLLLVUDFL0XO&LERJD&LFRQVWUXLUDWXQFLFDVH JUDWXLWHSHQWUXVUDFLFDUHQLVHSDUDVW]LvQFkQWWRDUHGHRDUHFHVWLOXO HSRFLLDYHDPXOWIDUPHF $OPVKRXVHV /HJHDFHUHDFDRULFHFVX&GHOD &DUVILHvQFRQMXUDWGHXQWHUHQGHFHOSX&LQSDWUXDFULüLMXPWDWH FDUHVSHUPLWFHOXLFHRORFXLDVüLSURFXUHVLQJXUKUDQDFXOWLYkQGX üLJUGLQD%WUkQLORUIUQLFLXQYHQLWSDURKLDWUHEXLDVOHSOWHDVFR
3XQJDü vQOLPEDHQJOH] $SUR[LPDWLYKD
SHQVLHFDUHPHUJHDGHODSDWUXSHQQ\ODXQüLOLQJSHVSWPkQ'DF vQWURSDURKLHQXPUXOVUDFLORUIFHDLQVXSRUWDELOSRYDUDORUVH vQWkPSODFDRSDURKLHPDLERJDWVSULPHDVFRUGLQXOGHDDMXWDSHFHD YHFLQ'DUSULQFLSLXODVLVWHQ&HLORFDOHHUDPHQ&LQXWüLJXYHUQDUHD FHQWUDOQXSDUWLFLSDQLFLRGDWODDF&LXQHDGHDMXWRUDUH ,92PXOFDUHHUDvQVUFLQDWvQILHFDUHSDURKLHFXDUHVWDUHD YDJDERQ]LORUüLELFLXLUHDORUFXSRWROLUHDFHUWXULORUFXLQWHU]LFHUHD MRFXULORULOHJDOHüLvQJHQHUDOFXVDUFLQDGHDIDFHUHVSHFWDWÅ3DFHD UHJHOXLHUDXQDJHQWGHSROL&LHDPDWRUDOHVSHXQDQGH]LOHüLFDUHHUD GHQXPLWSHWW\FRQVWDEOH OLWHUDOPHQWH ÅPLFFRQHWDELO )XQF&LDGH FRQVWDEOHIXVHVHFUHDWGH(GXDUG,vQVHFROXODO;,,,OHDSHQWUX FRQWUROXODUPHORUDVLJXUDUHDSD]HLVDWHORUüLXUPULUHDUXIFWRULORU $FHVWQHIHULFLWFHW&HDQSHWUHFHDXQDQGHFKLQXULGHRDUHFHHUDUV SXQ]WRUGHOLQLüWHDSDURKLHLVDOH'DFXQYDJDERQGHUDDUHVWDWGHXQ DOWXOGHFkWHOVHWUH]HDFXRDPHQGSHQWUXQHJOLMDUHDvQGDWRULULORUVDOH 'DFHOvQVXüLDUHVWDXQUXIFWRUWUHEXLDGHFHOHPDLPXOWHRULVO &LQODHODFDV GHRDUHFHvQPXOWHVDWHQXH[LVWDvQFKLVRDUH DSRLVO GXFODFXUWHDFRPLWDWXOXL7RWHOWUHEXLDVSXQvQVWRFNV XQIHOGH ODQ&FHVHSXQHDGHJkWXORVkQGL&LORU VWHQLLYLQRYD&LGHGHOLFWHPUXQWH &kQGXQYDJDERQGHUDWULPLVvQDSRLvQSDURKLDVDFRQVWDEOHVLLGLQWRDWH SDURKLLOHDIODWHvQGUXPXOOXLWUHEXLDXVVXSUDYHJKH]HFOWRULD DFHVWXLD3HQWUXXQFHW&HDQDOYUHPXULORUQRDVWUHRELüQXLWVYDG DVHPHQHDPLVLXQLvQFUHGLQ&kQGXVHSROL&LHLSURIHVLRQDOHHVWHJUHXVüL LPDJLQH]HFQLüWHVWHQLDOHüLGLQDQvQDQSXWHDXVOHvQGHSOLQHDVFHL GDUWUHEXLHVDYHPvQYHGHUHFHUDRYHFKHWUDGL&LHHQJOH]FvQILHFDUH VDWIRüWLLFRQVWDEOHVGHVWXOGHQXPHURüLHUDXJDWDVOFOX]HDVFSH QRYLFHODQHYRLHVLGHDRPkQGHDMXWRUüLvQVIkUüLWFODFXU&LOHGH MXGHFDWWULPHVWULDOHDOHFRPLWDWXOXLHOVHLQVWUXLDGLQH[HPSOXOüLGLQ FRQYRUELULOHFROHJLORUVL([LVWDXüLDEX]XULVHH[HUFLWDXWLUDQLLORFDOH 6KDNHVSHDUHDGHVFULVFkWHYDDVSHFWH'DUQHSXWHPLPDJLQDFH VWDELOLWDWHGGHDXQHL&ULRELFHLXOVHFXODUDOORFXLWRULORUHLGHDPHQ&LQH RUGLQHDSULQSURSULLOHORUPLMORDFH 9$üDFXP\HRPDQXO PLFXOSURSULHWDU HUDFKHPDWV vQGHSOLQHDVFUROXOGHFRQVWDEOHVDXVIDFSDUWHGLQMXULLVTXLUHXO VDX JHQWOHPDQXO DYHDGDWRULDVDFFHSWHIXQF&LDGHMXGHFWRUGHSDFH -XGHFWRUXOGHSDFHQXHUDDOHVFLQXPLWüLUHYRFDWGHUHJHGXSEXQXO VXSODF(OVHUYHDGHOHJWXUvQWUHSDURKLHüLFRPLWDWÍQSDURKLHvQ FDUHHUDüLSURSULHWDUXOGRPHQLXOXLVDXDOFDVWHOXOXLHUDFRQVLGHUDWFD FHOPDLLPSRUWDQWSHUVRQDMGLQVDW'HSDWUXRULSHDQSDUWLFLSDOD VHVLXQLvQRUDüXOFDSLWDODOFRPLWDWXOXLvPSUHXQFXFROHJLLVL TXDUWHU VHVVLRQV üLDFRORMXGHFDFHOHPDLIHOXULWHSURFHVHXQHOHMXGLFLDUHDOWHOH
DGPLQLVWUDWLYH6DVSXVGHVSUHMXGHFWRUXOGHSDFHFHUDÅIDWDODWRDWH D7XGRULORUüLvQWUDGHYUUROXOVXHUDDWkWGHPDUHvQFkWVHvQ&HOHJH GHFHFKLDUvQWLPSGHUHYROX&LHVDWHOHHQJOH]HvQFHSkQGGLQVHFROXODO ;9,OHDDXVFSDWGHDQDUKLH3X&LQLPSRUWDXVOELFLXQLOHFUHLHUXOXL FHQWUDO JDQJOLRQLLORFDOLDVLJXUDXUHIOH[HOH$GPLUDELOüLFRPSOH[ SHUVRQDMMXGHFWRUXOGHSDFHHUDvQDFHODüLWLPSXQUHSUH]HQWDQWDO SXWHULLFHQWUDOHüLRSXWHUHORFDOLQGHSHQGHQWID&GHJXYHUQDUH MXFD PXOWLSOHUROXULFXPDUILDVW]LDFHOHDGHUHVRUWXOIXQF&LRQDULORUGDUDYHD FXQRüWLQ&HSUDFWLFHGHVSUHDGPLQLVWUDUHDXQXLGRPHQLXSHFDUHQXOHDU ILSXWXWSRVHGDXQIXQF&LRQDUÍQWUHIHXGDOLWDWHDFDUHVHVWLQJHDüL ELURFUD&LDFDUHVHQüWHDHOUHSUH]HQWDIRU&HOHSHUPDQHQWHDOH$QJOLHL/D vQFHSXWH[LVWDXQXPDLüDVHMXGHFWRULGHILHFDUHFRPLWDW PDLWkU]LX QXPUXOORUVDPULW WUHL]HFLüLQRXvQSHQWUX1RUWK5LGLQJ ÍQWLPSXOüHGHULLORUvQFDSLWDODFRPLWDWXOXLMXGHFWRULLGHSDFHSULPHDX SDWUXüLOLQJLSH]L FkQGXQSURFHVQHFHVLWDRDQFKHWORFDOFXUWHD vQVUFLQDFXHIHFWXDUHDHLGRLMXGHFWRULGHSDFHILHFDUHFRQWUROkQGXOSH FHOODOW3HVWHHLVHDIODKLJKVKHUULIIXOFRPLWDWXOXLQXPLWSHWLPSGHXQ DQ 'HOLFWHOHQHvQVHPQDWHHUDXMXGHFDWHvQSHWW\VHVVLRQV VHVLXQLOH PLFL FDUHvQWUXQHDXQXPDLMXGHFWRULLGHSDFHGLQYHFLQWDWH$VWIHO RULFHSDURKLHWULDVXERFKLLMXGHFWRUXOXLGHSDFHFUXLDFRQVWDEOHXOvL DGXFHDSHGHOLFYHQ&L&XWRDWPXQFDvQVHPQDWSHFDUHRLPSOLFDX SRVWXULOHGHMXGHFWRULGHSDFHHUDXIRDUWHFXWDWH(UDRRQRDUHVOH RFXSLüLGRYDGDFHDPDLHYLGHQWGHLPSRUWDQ&DGHFDUHVHEXFXUDXQ EUEDWvQSURYLQFLDVD&DRULFHIXQF&LHXPDQHILFDFLWDWHDHLGHSLQGHD GHFDOLWDWHDWLWXODUXOXLGDUVHSDUHFPDUHDPDMRULWDWHDMXGHFWRULORU GHSDFHDXIRVWDGPLQLVWUDWRULGHVWXOGHUH]RQDELOL 9,3XWHPVQHLPDJLQPFXPDUWDYLD&DGLQWUXQVDWGHSH YUHPHD7XGRULORUÍQPLMORFXOVDWXOXLHXQJUD&LRVFDVWHOGHSLDWU FHQXüLHvQFRQMXUDWGHJUGLQLvPSUHMPXLWGH]LGXULGHFUPLG(VWH ORFXLQ&DVTXLUHXOXLFDUHHVWHüLMXGHFWRUXOGHSDFH'HPXOWHRUL ELVHULFDHFRQVWUXLWvQSDUFXOVX0DLH[LVWFkPSXULOHFRPXQDOHüLHOH GDXPXOWGHIXUFFRQVWDEOHXOXLSHQWUXFPUHVFQXPUXOIXUWXULORUüL DOFRQIOLFWHORUÍQWLPSXOVSWPkQLLWRDWOXPHDPXQFHüWHFFLDQX PXQFLFRQVWLWXLHXQGHOLFW'XPLQLFDEUED&LLWUHEXLHVIDF DQWUHQDPHQWHODWUDJHUHDFXDUFXOüLVLvQYH&HüLSHFRSLLLORUGDU DFHDVWDQXPDLHGHFkWRUPüL&DWUHFXWXOXLFDUHLSOLFWLVHüWH6WHQLL SUHIHUDOWHMRFXULSHFDUHFRQVWDEOHXOWUHEXLHVOHLQWHU]LF$üDvQFkW HLVHUHIXJLD]vQEHUULL DOHKRXVHV XQGHEHDXüLMRDFvQRUHOHFkQGQX VXQWODELVHULF(REOLJDWRULXVWHGXFLGXPLQLFDODELVHULFüLDFHORUD FDUHOLSVHVFGHODVOXMEDUHOLJLRDVOLVHDSOLFRDPHQGvQEHQHILFLXO VUDFLORU7RDWHVDQF&LXQLOHVXQWVXSUDYHJKHDWH$vQYLQXLRIHPHLHF 5HJLXQH QXFRPLWDW vQQRUGHVWXO$QJOLHL
HVWHYUMLWRDUHFRQVWLWXLHXQGHOLFWJUDYFFLFRQVHFLQ&HOHSRWILXQHRUL vQJUR]LWRDUHSHQWUXHD&kWHYDIHPHLEWUkQHVXQWEQXLWHFIDFIDUPHFH DQLPDOHORU'LQIHULFLUHMXGHFWRULLGHSDFHULGLFGLQXPHULüLVHIHUHVF VFRQGDPQHODUXJWRDWHYUMLWRDUHOHFDUHOLVHWULPLW 9,,2UL]RQWXOVDWXOXLHVWHIRDUWHVWUkPW1LFLXQRPQXvQGU]QHüWH VüLSUVHDVFSDURKLDIUPRWLYHYDODELOHüLOHJDOH$FWRULLDPEXODQ&L QXSRWFLUFXODGHFkWvQED]DXQXLSHUPLVVHPQDWGHGRLMXGHFWRULGH SDFHÍQOLSVDSHUPLVXOXLVXQWFRQVLGHUD&LYDJDERQ]LDGLFELFLXL&LüL vQVHPQD&LFXILHUXOURüX6WXGHQ&LLXQLYHUVLW&LORUSHQWUXDSXWHD FOWRULWUHEXLHVDLEDVXSUDORUSHUPLVHVHPQDWHGHFROHJLXOGLQFDUH IDFSDUWH)LHFDUHEUEDWHVWHDWkWGHRFXSDWFXPXQFDFkPSXOXLüL QHQXPUDWHOHIXQF&LXQLSXEOLFHGLQVDWvQFkWQXDUHWLPSVVH JkQGHDVFODDOWFHYD7RWXüLVHvQWUHYHGHGHSHDFXPUROXOXQHLJXYHUQUL FHQWUDOH(GLFWHOHQRLFDUHVHFRPXQLFODDPYRQVDXOkQJFUXFHDGLQ SLD&VHSURFODPvQQXPHOHUHJHOXL
*LURODPR6DYRQDUROD FOXJUGRPLQLFDQFDUHDDYXWXQLPSRUWDQWURO
SROLWLFOD)ORUHQ&DvQWUH üL LQL&LLQGREUXWDOUHDF&LHvPSRWULYDVSLULWXOXLODLF üLOLEHUDODUWHL5HQDüWHULL 0DUVLOLR)LFLQR FHOHEUXXPDQLVWDGPLUDWRUDO ILOR]RILHLOXL3ODWRQFRQGXFWRUDODüDQXPLWHLÅ$FDGHPLLSODWRQLFHGHOD)ORUHQ&D -RKQ'XQV6FRW FLUFD ILOR]RIHQJOH]VFRODVWLFUHSUH]HQWDQWGHVHDPDO
FXYkQWXOXLGXQFH LJQRUDQW'DUvQXQLYHUVLW&LOHHQJOH]HHUXGL&LLVHIROR VHVFGHOLPEDJUHDFQXDWkWFDVLLPLWHSHSRH&LFkWFDVFRPHQWH]H HYDQJKHOLLOH,WDOLDHVWHSHQWUXHLÅXQVXELHFWGHXLPLUHüLGHUHSXOVLH 'HDOXQJXOvQWUHJLLORULVWRULLHQJOH]LLGHüLDWUDüLGHFLYLOL]D&LLOHPHGLWH UDQHHQHYRUFRQVLGHUDDFHDVWDWUDF&LHFDRLVSLWGLDYROHDVF,WDOLDvLYD SULPLSHUHEHOLüLSHDUWLüWL HDvOYDLQVSLUDSH&KDXFHU HDvOYDVFDQGDOL ]DSHHQJOH]XOPLMORFLXÅ(QJOH]XOLWDOLHQL]DWGLDYROXOvQFDUQDWVSXQH XQSURYHUEGLQVHFROXODO;9,OHD'HDOWPLQWHULHQJOH]XOPLMORFLXVH VLPWHWRWDWkWGHGHSDUWHGHVHQ]XDOLWDWHDLWDOLDQFkWüLGHYLROHQ&DJHU PDQ*HQLXOEUXWDODOOXL/XWKHUvLvQVSLPkQWDSHHUXGL&LLGLQ2[IRUGüL QXYDVHGXFHODvQFHSXWGHFkWSHWLQHULLGLQ&DPEULGJHVDXSHÅSUHR&LL VUDFLOROODU]L 3ULPLLUHIRUPDWRULGLQ2[IRUGDUGRULVvQGUHSWHHURULOHELVHULFLL URPDQHGDUHLQLFLQXFRQFHSFXQFUHüWLQDUSXWHDSUVLDFHDVW ELVHULF&k&LYDGLQWUHFHLFDUHYRUILUVSkQGLWQRXDvQ&HOHSFLXQH SUHFXP7KRPDV0RUHVDX-RKQ)LVKHUYRUPXULPDLWkU]LXSHQWUX ELVHULFDFDWROLF ,,-RKQ&ROHWPDUHODWLQLVWüLRUüHDQERJDWvQDFHODüLWLPSUHSUH ]LQWPDLELQHGHFkWRULFLQHDFHDVWJHQHUD&LH(UDILXOXQXLORUGSULPDU DO/RQGUHLVLU+HQU\&ROHWFDUHGLQ]LXDKLURWRQLVLULLILXOXLVXvLDFRU GDVHLPSRUWDQWHYHQLWXUL-RKQ&ROHWüLDFRQWLQXDWVWXGLLOHOD2[IRUGOD FLWLWSH3ODWRQüLSH3ORWLQüLSHOD DFOWRULWSULQ)UDQ&DüL,WDOLD $FRORLDFXQRVFXWPDLELQHSHSULQ&LLELVHULFLLDFURUILOR]RILHRSUHIHUD VFRODVWLFLLFDUHVHPDLSUHGDOD2[IRUG&kQGVHvQWRDUVHODXQLYHUVLWDWHD VDWkQUXODFHVWDGHWUHL]HFLGHDQLvQFHSXVSUHGHDXQFXUVDVXSUD HSLVWROHORUVIkQWXOXL3DYHOFDUHDWUDVHRPXO&LPHGHVWXGHQ&LHQWX]LDüWL -RKQ&ROHWH[SOLFDWH[WXORULJLQDODOHSLVWROHORUFWUHFRULQWLHQLüLFWUH URPDQLÅDüDFXPDUILH[SOLFDWVFULVRULOHXQXLRPvQYLD&FWUHSULHWHQLL OXL9RUEHDGHVSUHFDUDFWHUXOVIkQWXOXL3DYHOFRPSDUDVRFLHWDWHDURPD QGHVFULVGHDSRVWROFXDFHHDFDUHDSDUHvQWH[WHOHOXL6XHWRQLXUHFXU JHDODWH[WHJUHFHüWLFRQWHPSRUDQHFXVIkQWXO3DYHO6HSRDWHLPDJLQD XLPLUHDXQXLSXEOLFFDUHQXüWLDQLPLFGHVSUHDFHVWHDVSHFWHLVWRULFHDOH UHOLJLHLüLGLQFDUHRPDUHSDUWHFUHGHDFÅVFULSWXULOHDXIRVWUHGDFWDWHvQ ODWLQD9XOJDWHL7kQUXOSURIHVRUvüLFküWLJUHSHGHXQUHQXPHLPHQV 3UHR&LLYHQHDXVLFHDUFRQVXOWD&LL HOvLOLQLüWHD vüLFRPHQWDSHQWUXHL FXUVXULOH IUvQGRLDOFQDIRVWVRFRWLWSHULFXORVGHFWUHVXSHULRULLVL HFOH]LDVWLFLGHYUHPHFHDIRVWQXPLWGHWkQUGHFDQODÅ6IkQWXO3DXO QRPLQDOLVPXOXLFXUHQWFDUHvQFDGUXOVFRODVWLFLLVDUHPDUFDWSULQXQHOHHOHPHQWHGH JkQGLUHPDWHULDOLVW 9XOJDWDQXPHOHVXEFDUHHFXQRVFXWRWUDGXFHUHODWLQD%LEOLHLHIHFWXDWVH SDUHvQMXUXODQXOXLHQ(DDGHYHQLWWH[WXORILFLDODO%LEOLHLSHQWUXELVHULFDUR PDQ &DWHGUDODORQGRQH]DFUHLFOGLUHQLPLFLWGHPDUHOHLQFHQGLXGLQDIRVW UHFRQVWUXLWODvQFHSXWXOVHFROXOXLDO;9,,,OHDGHDUKLWHFWXO&KULVWRSKHU:UHQOD
&kQGPXULWDWOVXOVkQGXLRPDUHDYHUHHORFRQVDFUvQILLQ&ULLOD /RQGUDDüFROLLÅ6IkQWXO3DXOXQGHOLWHUDWXUDJUHDFüLODWLQDYHDVILH SUHGDWXQXLQXPUGHRVXWFLQFL]HFLüLWUHLGHWLQHUL 'HFHRVXW FLQFL]HFLüLWUHL"(QXPUXOSHüWLORUGLQÅSHVFXLWXOPLUDFXORV üLDVW]L vQFHOHYLLGHODÅ6IkQWXO3DXOSRDUWFDEUHORFXQSHüWHGHDUJLQW )DSW FXULRVüLFDUH]XJUYHüWHELQHRPXOüLHSRFD &ROHWDvQFUHGLQ&DWDGPLQLV WUDUHDPRüWHQLULLVDOHQXGHFDQXOXLÅ6IkQWXOXL3DXOüLFRQVLOLXOXLGHFD QRQLFLQX8QLYHUVLW&LLGLQ2[IRUGFLRQRUDELOHLVRFLHW&LDQHJXVWRULORU GHPUXQ&LüXULGLQ/RQGUD&DüLDGPLQLVWUD&LHLUHJDOHHUXGL&LORUHFOH]L DVWLFLOHSOFHDVVHVSULMLQHSHFRPHUFLDQ&LLHQJOH]L3URJUDPXOüFROLL IXVHVHvQWRFPLWFXvQJULMLUHGHFWUHIRQGDWRU1XWUHEXLDVVHvQYH&H QXPDLWULYLXPXOHYXOXLPHGLX GLDOHFWLFDJUDPDWLFDüLUHWRULFDFLüL JUHDFDODWLQDüLHQJOH]DÅ1XLGHPLUDUHvLVFULDOXL&ROHWSULHWHQXOVX 7KRPDV0RUHFüFRDODGXPLWDOHVWkUQHüWHDWkWHDIXUWXQLFFLHDHVWH DVHPHQHDFDOXOXLGHOHPQvQFDUHHUDXDVFXQüLJUHFLLvQDUPD&LSHQWUXD GLVWUXJH7URLDEDUEDU&LXGDWvQV FRQVWUXFWRULLFDOXOXLGHOHPQQX GRUHDXFGHUHD7URLHL ,,,'LQWUHSULHWHQLLüLGLVFLSROLLOXL&ROHWFHOPDLUHPDUFDELO7KRPDV 0RUHDIRVWvQDFHODüLWLPSXQvQDOWIXQF&LRQDUüLXQPDUHVFULLWRUDF UXLRSHU8WRSLDHVWHFHDPDLEXQFDUWHDYUHPLL0RUHLQYHQWDVHDFHVW FXYkQW 8WRSLD &DUFDUHQXVHJVHüWHQLFLHUL DüDFXPPDLWkU]LX 5HQRXYLHUDYHDVLQYHQWH]HFXYkQWXO8FKURQLD1LPLFPDLLQWHUHVDQW GHFkWVFXQRüWLYLVXULOHGHYLLWRUDOHXQXL:HOOVDOVHFROXOXLDO;9OHD 2VWLOJORULHLPLOLWDUH0RUHGRUHDPRDUWHDVSLULWXOXLFDYDOHUHVF HOYHVWHD FRPXQLVPXOGLVSUH&XOID&GHDXUPXQFDREOLJDWRULHSHQWUXWR&LGDU OLPLWDWODQRXRUHSH]L HOEODPDDVFHWLVPXOPRQDKDOüLFUHGHDvQ SHUIHF&LXQHDQDWXULLXPDQH vQVIkUüLWvQ8WRSLDVDHUDXDXWRUL]DWHWRDWH UHOLJLLOHüLFUHüWLQLVPXOQXVHEXFXUDGHQLFLXQSULYLOHJLX6DX FRPSDUDWDGHVHDLGHLOHWHRUHWLFHDOHOXL0RUHFXYLD&DVDSUDFWLF DIRVW GHPLUDUHFDFHVWSURIHWDOWROHUDQ&HLDIRVWXQFDQFHODULQWROHUDQWDSRL XQPDUWLU'DUVFUHH]LR&DULPDJLQDUüLVDGPLQLVWUH]LR&DUUHDO VXQWGRXRSHUD&LLIUOHJWXUvQWUHHOHüLQHFHVLW&LOHDF&LXQLLQXVXQW üLQHFHVLW&LOHJkQGLULLOLEHUH ,95HIRUPDUHDELVHULFLLQXSULQYLROHQ&VDXSULJRDQFLFXDMX WRUXOUD&LXQLLüLDOüWLLQ&HLSHQWUXDRWUDQVIRUPDvQWURELVHULFXQLYHU VDOLDW&LQWDOXL-RKQ&ROHWDOXL7KRPDV0RUHüLDSULHWHQXOXLORU (UDVP)LJXUDDFHVWXLDGLQXUPHVWHFHOPDLJULWRUVLPERODOPLüFULL
GLPHQVLXQLOHJUDQGLRDVHFDUHDXIFXWRFHOHEU &KDUOHV%HUQDUG5HQRXYLHU ILOR]RILGHDOLVWIUDQFH] +HUEHUW*HRUJH:HOOV VFULLWRUHQJOH]FXQRVFXWPDLDOHVFDDXWRUGH URPDQHGHDQWLFLSD&LHFXDFFHQWHGHFULWLFVRFLDO
'HüLQVFXWvQ2ODQGD(UDVPHVWHPDLPXOWGHFkWXQRODQGH] HVWHXQ HXURSHDQ$ELDFXQRDüWHOLPEDRODQGH] YRUEHüWHüLVFULHvQODWLQ FU&LOHvLVXQWWUDGXVHvQWRDWHOLPELOH3UHVWLJLXOVXLQWHOHFWXDOHVWH UHFXQRVFXWvQDFHODüLWLPSGH&DURO4XLQWXO)UDQFLVF,üL+HQULFDO9,,, OHDFDUHüLOGLVSXW$XWRULWDWHDVDvQ(XURSDHVWHPXOWPDLPDUHGHFkW DYHDVILHPDLWkU]LXDFHHDDOXL9ROWDLUHGHFkWDFHHDDRULFUXLEUEDW DOYUHPLLQRDVWUH6HYkQGGLQ&RORFYLLOHOXL(UDVPGRX]HFLüLSDWUXGH PLLGHH[HPSODUHWLUDMXLPLWRUSHQWUXRFDUWHODWLQvQWUR(XURSDWkW GHSX&LQSRSXODWDWkWGHSX&LQFXOWLYDW3ULHWHQLDGLQWUHXPDQLüWLLWX WXURU&ULORUHUDDWXQFLXüXUDWGHDFHDVWOLPEFRPXQ ODWLQD ÍQFDVDOXL7KRPDV0RUH(UDVPDVFULV(ORJLXOQHEXQLHLOD&DP EULGJHDSUHJWLWPDUHDVDHGL&LHD1RXOXL7HVWDPHQWGXSWH[WHODWLQHüL JUHFHüWL1LFLHULFDvQ$QJOLD(UDVPQXJVHDXQPHGLXvQFDUHVVH VLPWPDLODODUJXOVX Å&kQGvODVFXOWSHSULHWHQXOPHX&ROHWSDUFO DVFXOWSH3ODWRQvQVXüL([LVWRILUHPDLXPDQüLPDLVHGXFWRDUHGH FkWDFHHDDOXL7KRPDV0RUH"&HOPXOWvLVRFRWHDSHDFHüWLHQJOH]LSX&LQ FDPSUHDVILQ&LSHQWUXHO7KRPDV0RUHFDUHvQ8WRSLDFRQGDPQDDXV WHULWDWHDSXUWDvQOXPHDDFHDVWDRWkUVkQüLFkQG(UDVPVWWXXQ WLPSODHSLVFRSXO-RKQ)LVKHUvLDGPLUELEOLRWHFDGDUVHSOkQVHGHIDS WXOFWUJHDFXUHQWXOvQvQFSHUH 9&HDPDLPDUHJUHüHDOFDUHVDUSXWHDFRPLWHFXSULYLUHODSULPLL UHIRUPDWRULHQJOH]LHVWHGHDLFRQVLGHUDSUHFXUVRULLXQHLPLüFULRVWLOH FDWROLFLVPXOXL(LvüLSURSXQHDXGRDUVUHIRUPH]HPRUDYXULOHüLVSLULWXO FOHUXOXL'DUDYHDXVvQWkOQHDVFPDULFXUHQWHGHRSLQLLFDUHYRUDQWUH QDSHGLVFLSROLLORULQILQLWPDLGHSDUWHGHFkWDUILGRULWRHL$QJOLDVHFROX OXLDO;9,OHDQXHUDDQWLUHOLJLRDV HUDDQWLFOHULFDO8QHSLVFRSVSXQHD SHDWXQFLFGDF$EHODUILIRVWSUHRWRULFHMXULXDO/RQGUHLODUILDFKLWDW SH&DLQ9HFKLOHvQYLQXLULFDUHOLVHDGXFHDX WULEXQDOHOHHFOH]LDVWLFHER J&LDFOXJULORUOX[XOHSLVFRSLORUSHUVLVWDX3DSDOLWDWHDSUHDvQGHSU WDWVDFULILFDLQWHUHVHOHHQJOH]LORUvQIDYRDUHDDFHORUDDOHSULQFLSLORUFRQ WLQHQWDOLFDUHPDLDSURSLD&LDYHDXDVXSUDHLRLQIOXHQ&PDLGLUHFW 6XYHUDQLLüLRDPHQLLGHVWDWHQJOH]LVXIHUHDXY]kQGFRSDUWHDVXYHUD QLW&LLORUVHDIODvQPkLQLOHXQHLSXWHULVWULQHFDUHQXüWLDPDLQLPLF GHVSUHHLÍQVIkUüLWGHOD:\FOLIvQFRDFHvQFHSXVHVVHUVSkQGHDVF OROODUGLVPXOÍQKDPEDUHOHQHJXVWRULORUvQFkUFLXPLOHRUDüHORUXQLYHUVL WDUHHUDFLWLWYHUVLXQHDHQJOH]D%LEOLHLüLFRPHQWDWFXJODVSWLPDü 6XELQIOXHQ&DOXL:\FOLIvQUkQGXULOHFODVHORUPLMORFLLGLQ$QJOLDVHFUHD VHUIRFDUHGHPRUDODVFHWLFüLLQGLYLGXDOLVWFDUHDYHDXVVHUHDSULQ GPDLWkU]LXüLVDUGFXIOFULSXWHUQLFH6HJVHDDLFLXQSXEOLFJDWD VüLvQVXüHDVFGRFWULQDOXL/XWKHUEDvQFPDLPXOW DVFHWLVPXOOXL &DOYLQ 9,'RPQLDOXL+HQULFDO9,,OHD DIRVWIDYRUDELOGH]YRO
WULLVWXGLLORUüLPHGLWD&LLORUUHIRUPLüWLORUGHRDUHFHDIRVWRGRPQLHSDüQL FÍQWLPSXODFHVWRUGRX]HFLüLSDWUXGHDQLQXVDXSHWUHFXWGHFkW SX&LQHHYHQLPHQWHLPSRUWDQWH'DUPDULLVXYHUDQLFDüLRDPHQLLPDULGH VWDWVXQWDGHVHDDFHLFDUHvQWRFPDLFDSULPXOUHJHGLQGLQDVWLD7XGRUL ORUüWLXVüLvQFRQMRDUHQXPHOHGHR]RQGHWFHUH1XLQXPDLRvQ WkPSODUHFVXEJXYHUQDUHDXQRUDVHPHQHDEUED&LQXVXUYLQHQLFLXQ LQFLGHQWJUDYÍQ&HOHSFLXQHDRUGRQFDODvQFHSXWXOXQHLGLQDVWLLVDXDO XQXLUHJLPVGRPQHDVFOLQLüWHD'DFGLQDVWLD7XGRULORUVDSXWXWvQ UGFLQDDWkWGHSURIXQGGDFLQVWLWX&LLOHORFDOHDXGHYHQLWGHVWXOGH YLJXURDVHSHQWUXDSXWHDvQORFXLLQVWLWX&LLOHIHXGDOHWRWXOVHGDWRUHD] DFHOXLVIHUWGHYHDFGHSDFHLQWHUQüLH[WHUQSHFDUHODGDW&ULLvQDLQ WHDGRPQLLORUGUDPDWLFHDOHILLORUüLQHSR&LORUVLSUXGHQWXOüLPLVWHULRVXO ORUVWUPRü ,9 +(15,&$/9,,,/($ ,0RGDvLIRUPHD]SHVXYHUDQLDüDGXSFXPLPSXQHvPEUFPLQ WHDüLGHWHUPLQPRUDYXULOHÍQHYXOPHGLXXQPDUHUHJHWUHEXLDVILH FXUWHQLWRUFDYDOHUHVFVHYHUüLSLRV SHYUHPHDUHQDüWHULLXQPDUHSULQ& HVWHOLEHUWLQFXOWLYDWPDJQLILFüLGHVHRULFUXG+HQULFDO9,,,OHDDDYXW WRDWHDFHVWHvQVXüLULGDUvQPDQLHUDHQJOH]HDVFDGLFOLEHUWLQDMXOVXD UPDVFRQMXJDOFXOWXUDOXLDIRVWWHRORJLFüLVSRUWLYPDJQLILFHQ&DVD GHEXQJXVWFUX]LPHDVDOHJDOPHQWHLUHSURüDELO$VWIHOvQFkWFXWRDWH FULPHOHVDOHDUPDVXQVXYHUDQSRSXODUvQRFKLLVXSXüLORUVLûLDVW]L vQFHVWHDSUDWGHLVWRULFLLHQJOH]L*UDYXOHSLVFRS6WXEEV VSXQHF SRUWUHWHOHVR&LLORUVDOHQXMXVWLILFSRDWHGDUH[SOLFJUDEDVDGHDVFSD GHHOH3URIHVRUXO3ROODUGvQWUHDEGHFHDUILRYLQGHRVHELWGHJUDY IDSWXOGHDILDYXWüDVHQHYHVWH ÅûDVHHVWHRDUHXQQXPUSURKLELW" 8OWLPDVR&LHDOXL+HQULFDO9,,,OHD&DWHULQD3DUUDDYXWSDWUXEUED&LüL FXPQDWXOVXGXFHOHGH6XIIRONSDWUXVR&LLIUFDQLPHQLVOHILIFXW YUHRLPSXWDUHûLGHDOWIHOLVHUHSURüHD]OXL+HQULFDO9,,,OHDFDOXDW vQFVWRULHIHPHLOHSHFDUHOHLXEHD"'DUDUILSXWXWIUDVFDQGDOL]DSH QLPHQLVDLEPDLPXOWGHüDVHDPDQWH+HQULFGH1DYDUUDDDYXW SDWUX]HFLIUFDUHSXWD&LDOXLVILIRVWüWLUELWEDGLPSRWULY$FHDVWDH DGHYUDWGDU+HQULFDO,9OHDQDSRUXQFLWQLFLRGDWVILHGHFDSLWDW IUXPRDVD&RULVDQGDüLQLFL*DEULHODG (VWUpHV ,,&kQG+HQULFDO9,,,OHDXUPODWURQWDWOXLVXvQ DYHD RSWVSUH]HFHDQL(UDXQDWOHWIUXPRVIRDUWHPXO&XPLWGHVLQHIRDUWH
:LOOLDP6WXEEV HSLVFRSGH2[IRUGüLHUXGLWLVWRULF
$OEHUW)UHGHULFN3ROODUG LVWRULFHQJOH]
PkQGUXFkQGDPEDVDGRUXOYHQH&LDQLDVSXVFDUHSXOSDSLFLRUXOXLPDL ELQHIFXWGHFkWDOXL)UDQFLVF,H[FHOHQWDUFDüFDPSLRQGHWHQLVPDUH FOUH&FDUHRERVHD]HFHFDLvQWUR]LGHYkQWRDUH$YHDJXVWOLWHUDUIL LQGKUQLWvQDFHODüLWLPSüLFXWHRORJLHüLFXOLWHUDWXUURPDQHVF FRP SXQHDSRHPHSXQHDSHPX]LFSURSULLOHVDOHLPQXULüLFkQWDÅGXPQH]H LHüWHGLQOXW(UDVPFDUHOFXQRVFXVHFkQGHUDFRSLODIRVWL]ELWGH LQWHOLJHQ&DVDSUHFRFH1RLLXPDQLüWLJVHDXXQSULHWHQvQWUvQVXO(OOD FKHPDWSH&ROHWOD/RQGUDüLODQXPLWSUHGLFDWRUODFXUWHDIFXWGLQ 7KRPDV0RUHXQFXUWHDQvPSRWULYDYRLQ&HLOXLDSRLFDQFHODUüLODUXJDW SH(UDVPVDFFHSWHRFDWHGUOD&DPEULGJH7UHEXLHVDGXJPFHUD IRDUWHHYODYLRVüLFSULHWHQLLVLGLQ2[IRUGRULFkWGHUHIRUPDWRULHUDXL DXvQWULWUHVSHFWXOSHQWUXUHOLJLDFDWROLF'HüLDUSXWHDVSDUXLPLWRU HODvQFHUFDWvQWRWWLPSXOYLH&LLVDOHVvPSDFHVFUXSXOHOHüLWHPHULOH ÅXQHLFRQüWLLQ&HIRDUWHPHGLHYDOH ,,,3X&LQWLPSGXSXUFDUHDVDSHWURQUHJHOHDOXDWvQFVWRULHSH &DWHULQDGH$UDJRQYGXYDIUDWHOXLVX$UWKXUüLILLFDUHJHOXL6SDQLHL )HUGLQDQGDO9OHD1XüLDDOHVRHOüLQRLXEHD DIRVWRFVWRULHSROL WLF3HQWUX$QJOLDGLQYUHPHDDFHHDSXWHUHGHUDQJXODOGRLOHDRDOLDQ& FX6SDQLDHUDRRQRDUHüLRJDUDQ&LH$üDvQFkWDWXQFLFkQGGLQFDX]D PRU&LLSUHPDWXUHDOXL$UWKXUDFHDVWDOLDQ&VDUXSW&RQVLOLXOGRULWRU VRSVWUH]HSH&DWHULQDFDUHJLQODUXJDWSH+HQULFVRDFFHSWHFDVR &LH'DUXQWH[WGLQ/HYLWLFLQWHU]LFHDFVWRULDGLQWUHXQFXPQDWüLR FXPQDW DWUHEXLWVVHRE&LQREXOSDSDO üLVVHIDFGRYDGD FSULPDFVWRULHD&DWHULQHLQDIRVWFRQVXPDW6DXJVLWPDUWRUL FDUHVMXUHüLvQ]LXDFVWRULHLVDOHFX+HQULF&DWHULQDDSXUWDWFRVL &HOHGHVSOHWLWHFDIHFLRDUHOH$FHVWHOXFUXULvüLDYXUPDLWkU]LXLPSRU WDQ&DORUDWXQFLFkQGUHJHOHYRLVRUHSXGLH]H/DvQFHSXWXOGRPQLHL +HQULFQDJXYHUQDWHOvQVXüLFLWRDWDXWRULWDWHDDUHYHQLWPLQLVWUXOXL SHFDUHüLODDOHV :ROVH\ILXOXQXLPFHODUERJDWGLQ,SVZLFKSHFDUH SDSDODFHUHUHDOXL+HQULFODIFXWFDUGLQDO 7UVWXULOHGRPLQDQWHDOHDFHVWXLÅYOMJDQGLQ,SVZLFKHUDXDPEL&LD üLYDQLWDWHD(JRHWUH[PHXVVFULDHOVXYHUDQLORUVWULQLÅ7DUHODJUDPD WLFVODEODSURWRFRO$YHDRFDVUHJHDVFQXPUXOVHUYLWRULORUVHXUFD ODPDLPXOWGHSDWUXVXWHQXPUXOFDSHODQLORUODüDLVSUH]HFHDYHDSUR SULLLVLPLQLVWUDQ&L&DVvQILLQ&H]HOD2[IRUG&ROHJLXO&DUGLQDO PDL WkU]LX&KULVW&KXUFK üLVDWUDJDGPLUD&LDDVXSUDJHQHUR]LW&LLVDOH DUKLHSLVFRSXODFHVWDQDüRYLWVGHVSRDLHPQVWLULOH&kQG/HRQDO; OHDODIFXWQXQXPDLFDUGLQDOFLüLOHJDWSDSDOvQ$QJOLD:ROVH\D vQWUXQLWvQPkLQLOHVDOHvQWUHDJDDXWRULWDWHFLYLOüLvQWUHDJDDXWRULWDWH HFOH]LDVWLF&OXJULLüLIUD&LLvQüLüLGHüLQXHUDXVXSXüLFOHUXOXLVHFX ODUWUHEXLDXVDVFXOWHGHDFHVWHPLVDUDO5RPHL(ORELüQXLDVWIHOSH HQJOH]LFXLGHHDQRXüLVXUSULQ]WRDUHDFRQWRSLULLvQPkLQLOHDFHOXLDüL 8QDGLQFU&LOH9HFKLXOXLWHVWDPHQW
RPDSXWHULLVSLULWXDOHüLDSXWHULLYUHPHOQLFHÍPEWDWGHSXWHUH:ROVH\ WUDWD5RPDFXGLVSUH& Q]XLDVFXPSHUH&ROHJLXO6DFUXüLvQXUPD DFHVWHLFRUXS&LLVILHQXPLWSDSDPHQLQ&kQGVSURYRDFHRVFKLVPD ELVHULFLLGDFQXYDILDOHV$VWIHOGHDPHQLQ&ULSUHJWHDXSHFDWROLFLL HQJOH]LSHQWUXRUXSWXUFX5RPDGDUQLFL:ROVH\QLFLVWSkQXOVXQX üLDUILvQFKLSXLWDWXQFLFDFHDVWUXSWXUHVWHSRVLELO&kQGDSUX GRFWULQDOXL/XWKHUUHJHOHvQVXüLRUHVSLQVHvQWURVFULHUHFDUHLDWUDVH GLQSDUWHDSDSHLWLWOXOGHDSUWRUDOFUHGLQ&HL ,93ROLWLFDH[WHUQDIRVWMRFXOIDYRULWDOOXL:ROVH\3HFRQWLQHQWFD üLvQ$QJOLDvQXUPDOXSWHORUIHXGDOHVHLYHDXSXWHUQLFHPRQDUKLL'DF XQDGLQHOH)UDQ&DVDX6SDQLDDUFküWLJDSULRULWDWHID&GHWRDWHFHOHODO WHüLDUGRPLQD(XURSDFDUHDUILDWXQFLVLWXD&LD$QJOLHL"5ROXOILUHVFDO DFHVWHLDWUHEXLDVILHPHQ&LQHUHDHFKLOLEUXOXLGHIRU&HSHFRQWLQHQWÅED ODQ&DSXWHULL3ROLWLFPRELOFKLDULQFRQVWDQWSULQHVHQ&DHLüLFDUH SXWHDVSDUSHUILGGDUFDUHUHXüLODvQFHSXW )UDQFLVF,üL&DURO4XLQ WXOvüLGLVSXWDUDOLDQ&DOXL+HQULFDO9,,,OHD3HFkPSLD&RUWXOXLGH $XUUHJHOH)UDQ&HLüLUHJHOH$QJOLHLVHvQWUHFXUvQWURHWDODUHGHOX[ FDUHQDPDLIRVWQLFLRGDWHJDODW$GRXD]LGXSDFHDVWvQWUHYHGHUH :ROVH\SUHJWHDRDOWDvQWUHVWSkQXOVXüLvPSUDW&DUGLQDOXO vPSLQJHDGXSOLFLWDWHDSkQDFRORvQFkWvüLLQWHUFHSWDSURSULLOHPLVLYH SHQWUXDüLGDOXLvQVXüLFRQWUDRUGLQHvQQXPHOHUHJHOXL7ULPLWHDXQ DPEDVDGRUODRFRQIHULQ&LQWHUQD&LRQDOvQDUPDWFXLQVWUXF&LXQLFRQWUD GLFWRULLSHFDUHvQPRGVHFUHWWUHEXLDVOHDUDWHXQHOHVSDQLROLORU DOWHOHIUDQFH]LORU'XSFHRYUHPHvQGHOXQJDWSUXDIDYRUL]DDOLDQ&DFX )UDQ&D:ROVH\vODOHVHDSRLSHvPSUDWSHQWUXFDüDYRLDXQHJXVWRULL HQJOH]L6XVSHQGDUHDFRPHU&XOXLFX6SDQLDüL%ULOHGH-RVDUILUXLQDW SHFRPHUFLDQ&LLGHOkQüLSRVWDY'DUFRPHU&XOHVWHXQSURVWVIWXLWRU GLSORPDWLF6DFULILFkQGXOSH)UDQFLVF,$QJOLDGLVWUXVHEDODQ&DSXWHULL vQIDYRDUHDOXL&DURO4XLQWXO'XSEWOLDGHOD3DYLD vPSUDWXO VXYHUDQDO6SDQLHLDO,WDOLHLDO*HUPDQLHLüLDO%ULORUGH-RVGHYHQL VWSkQXO(XURSHLÍQVSHFLDOSDSDIXODGLVFUH&LDVDFHHDFHSHFL LQGLUHFWHDYHDVSULFLQXLDVFSLHUGHUHDOXL:ROVH\ 96HIDFHRQHGUHSWDWHOXL+HQULFDO9,,,OHDH[SOLFkQGGLYRU&XOVX üLUXSWXUDFX5RPDSULQGUDJRVWHDOXLSHQWUXRFKLLDOEDüWULvQFKLüLDL $QQHL%ROH\Q5HJHOHDUILSXWXWXüRUFküWLJDJUD&LLOH$QQHL%ROH\QIUD LSURPLWHVVHFVWRUHDVFFXHDGDUSUREOHPDGHUH]ROYDWHUDPXOW PDLFRPSOH[3HQWUXDHYLWD&ULLXQQRXU]ERLFDDOFHORUGRXUR]H üL DPLQWLULOHvQJUR]LWRDUHDOHDQDUKLHLHUDXvQFIRDUWHSURDVSHWH VHFRQVL GHUDQHFHVDUFDSHUHFKHDUHJDOVDLEXQILX2U&DWHULQDGXSPDL
$üDDIRVWVXSUDQXPLWORFXOvQWkOQLULLFHORUGRLUHJL LXQLH VLWXDWvQ
QRUGXO)UDQ&HLODVXGHVWGHSRUWXO&DODLV
PXOWHDYRUWXULDELDQVFXRIDW0DULD üLVWDUHDVQW&LLVDOH QXPDLvQJGXLDVSHUDQ&DFYDPDLSXWHDDYHDDO&LFRSLL (UDSRVLELOFD0DULD7XGRUVILHFRQVLGHUDWPRüWHQLWRDUHDWURQX OXL"7URQXOIXVHVHWUDQVPLVvQ$QJOLDSULQIHPHL +HQULFDO9,,,OHDvQVXüL DMXQVHVHODWURQSULQPDPDVD'DUVLQJXUDIHPHLHFDUHDGRPQLWGHOD FXFHULUHvQFRDFHIXVHVH0DWLOGDüLQRXVSUH]HFHDQLGHWXOEXUULFRQVWL WXLDXXQH[HPSOXSX&LQvQFXUDMDWRU,QWHUHVXOGLQDVWLHLüLDO&ULLFHUHD XQILX5HJHOHFDUHüLGRUHDFXvQIRFDUHXQILXvQFHSXVVHvQWUHEHGDF DFHDVWFVWRULHDOXLQXIXVHVHEOHVWHPDW'LVSHQVDSDSHLIXVHVHYDOD ELO"'XSDWkWHDGHFHS&LL+HQULFDO9,,,OHDIRDUWHVXSHUVWL&LRVHUDvQ FOLQDWVVHvQGRLDVF7RWXüLvQFPDLüRYLDVGLYRU&H]H&DWHULQDHUD PWXüDvPSUDWXOXLüL+HQULFDO9,,,OHDVSHUDvQWURDOLDQ&JORULRDV FVWRULDOXL&DURO4XLQWXOFX0DULD&kQGUHJHOH6SDQLHLFRQWUDUSURPL VLXQLORUVDOHDOHVHGHVR&LHRLQIDQWGH3RUWXJDOLDUHJHOH$QJOLHLVRFRWL FQXPDLHUDFD]XOVOPHQDMH]H 9,$üDGDU+HQULFDO9,,,OHDvQGUJRVWLWGH$QQD%ROH\QIDWIRDUWH WkQUFRFKHWIHUPHFWRDUHGRUHDVRLDvQFVWRULHFDVFDSHWHGHOD HDXQPRüWHQLWRUOHJLWLPüLFXWDPLMORFXOGHDVHGHVFRWRURVLGH&DWHULQD GH$UDJRQSULPDOXLVR&LH'LYRU&XOFLYLOQXH[LVWDüLGHDOWPLQWHULDUIL IRVWLQXWLOSHQWUXXQUHJHHYODYLRV WUHEXLDVFHDU5RPHLDQXODUHDFV WRULHLVDOH3UHDXüRUGHRE&LQXWGHRDUHFHSDSDDUWDVHSkQDWXQFLvQ DVWIHOGHFD]XULFkQGHUDYRUEDGHVXYHUDQLRvQJGXLQ&IUPDUJLQL 'HDOWIHOH[LVWDODULJRDUHXQPRWLYSODX]LELOGHDQXODUHFKLDUDFHODFDUH DIRVWvQOWXUDWSHQWUXDVHSXWHDFHOHEUDFVWRULD &DWHULQDIXVHVHVR&LD IUDWHOXLVR&XOXLHL(DGHYUDWFREXOSRQWLILFDOGHFODUDVHDGRXDF VWRULHYDODELO GDUREXOQXSXWHDUHGDOLEHUWDWHDDFHORUDSHFDUHRDOW EXOvLXQLVH üLQXVHSXWHDRDUHVXV&LQHGXSRQRXDQFKHWFQXD IRVWLPDFXODWFVWRULDGLQWUH&DWHULQDüL$UWKXU"6HUVSkQGL]YRQXOF UHJHOHDYHDvQGRLHOLFXSULYLUHODOHJDOLWDWHDFVWRULHLVDOHüLFDYHDJUDYH VFUXSXOHGHFRQüWLLQ&VUPkQFVWRULWQHOHJLWLP:ROVH\IXvQVUFL QDWVWUDWH]HFX&XUWHDSRQWLILFDOüLvQWkOQLvQGDWRUH]LVWHQ&FDUHQ DYHDQLPLFUHOLJLRV YRLQ&DOXL&DURO4XLQWXO$FHVWDVWSkQOD5RPDQX vQJGXLDVILHVDFULILFDWHPWXüDVD&DWHULQDüLYDUDVD0DULD3DSDDUIL YUXWWRWXüLVLGHDVDWLVIDF&LHOXL+HQULFüLOWULPLVHFDOHJDWvQ$QJOLDSH FDUGLQDOXO&DPSHJJLRFDUHWUHEXLDvPSUHXQFX:ROVH\VMXGHFHFD ]XO5HJHOHVRFRWLFKHVWLXQHDUH]ROYDWGDU&DWHULQDIFkQGDSHOOD5R PDRE&LQXFDSDSDVWULPLWSURFHVXOvQID&DSURSULHLVDOHFXU&L'HDVW GDWUHJHOHVHVXSUIRDUWHWDUHüLVLWXD&LDOXL:ROVH\HUDvQSHULFRO&D RULFHDPEL&LRVFDUGLQDOXODYHDGXüPDQL)XSXVVXEDFX]DUHDGH SUDHPXQLUH DGLFGHWUGDUH SHQWUXFGHüLHQJOH]DFFHSWDVHVILH OHJDWSRQWLILFDOüLVQHJRFLH]HvQID&DWULEXQDOHORUVWULQHFKHVWLXQLFDUH &LQHDXGHFXUWHDUHJHOXL$FX]D&LDHUDDEVXUGGHRDUHFHUHJHOH DXWRUL]DVHüLIDYRUL]DVHDFHDVWQXPLUH'DUFDUGLQDOXOQXJVLQLFLXQ DSUWRU WUHEXLVüLDEDQGRQH]HEXQXULOHüLQXPDLGDWRULWEROLLVDOH
VFSGHVXSOLFLX2DPHQLLUH]HUYWRWGHDXQDVXUSUL]H GXSPRDUWHD DFHVWXLDPEL&LRVVDGHVFRSHULWFVXEYHüPLQWHOHVDOHSXUWDVHRWkUVkQ 9,,6LU7KRPDV0RUHvOvQORFXLQXIUQHOLQLüWHSH:ROVH\OD &DQFHODULDWGDUFHLGRLRDPHQLFDUHDYHDXDWXQFLFHDPDLPDUHLQIOXHQ& DVXSUDUHJHOXLIXUDOHüLSHQWUXFvLDGXFHDXRDUHFDUHVSHUDQ&vQ FKHVWLXQHDGLYRU&XOXL3ULPXO7KRPDV&UDQPHUHUDXQHFOH]LDVWLFFDUH vQWUR]LvLVSXVHVHOXL*DUGLQHUVHFUHWDUXOUHJHOXL ÅFHQHYRLHDYHDUHJHOH VXUPUHDVFDFHDVWFKHVWLXQHOD5RPDDUILGHDMXQVVRE&LQGHOD Fk&LYDHPLQHQ&LWHRORJLFHUWLWXGLQHDQXOLW&LLSULPHLVDOHFVWRULLüLDU SXWHDDWXQFLIUVFUXSXOHüLQLFLXQIHOGHSULPHMGLHVüLLD UVSXQGHUHDPRUDOGHDVHUHFVWRUL5HJHOHvQFkQWDWLQYLWSHDFHVW LQJHQLRVEUEDWODWDWO$QQHL%ROH\QüLvQFHSXGXSVIDWXOOXL&UDQPHU VFRQVXOWHXQLYHUVLW&LOH7HRORJLLFDüLMXGHFWRULLüWLXVDGDSWH]H WH[WHOHvPSUHMXUULORU/D2[IRUGüLOD&DPEULGJHFXSX&LQÅLQWLPLGDUH üLOLQJXüLUHIXRE&LQXWFRQVXOWD&LDGRULW 8QLYHUVLWDWHDGLQ3DULVIX IDYRUDELOSHQWUXFvOGHWHVWDSH&DURO4XLQWXO DFHOHDGLQQRUGXO,WDOLHL VHOXDUGXS6RUERQD&XUkQGUHJHOHSXWXVVXSXQSDUODPHQWXOXL RSLQLLOHDRSWLQVWLWX&LLGHVDYDQ&LFDUHDILUPDXWRDWHFRFVWRULHFX YGXYDXQXLIUDWHGHFHGDWHVWHQXOüLFQLFLSDSDQXDYHDFRPSHWHQ&D VDFRUGHYUHRGLVSHQV0HPEULLSDUODPHQWXOXLHUDXUXJD&LVUDSRUWH]H DFHVWHIDSWHvQFLUFXPVFULS&LLOHORUüLVYRUEHDVFWXWXURUGHVFUXSXOHOH UHJHOXL+HQULFDO9,,,OHDVLP&HDHIHFWLYF&DUDHUDRVWLOGLYRU&XOXL &kQGWUHFHDSHVWUDGSRSRUXOvLVWULJDVQXVHGHVSDUWGH&DWHULQD LDUIHPHLOHvLVSXQHDXFXYLQWHQHUXüLQDWHGHVSUH$QQD%ROH\Q'DU YUHPHDWUHFHD$QQDDüWHSWDXQFRSLO WUHEXLDVILHPRüWHQLWRUXOGRULWüL SULQXUPDUHVVHQDVFGXSFVWRULDORU&UDQPHUXQEUEDWEOkQG üLPDOHDELOIXQXPLWDUKLHSLVFRSGH&DQWHUEXU\üLFHOHEUvQPRGVHFUHW FVWRULDUHJHOXLvQLDQXDULH&VWRULDIXDQXQ&DWODSDüWLFkQG $QQDIXvQFRURQDWLDU+HQULFH[FRPXQLFDW HUDUXSWXUDFX5RPD 9 6&+,60û,35,*2$1 ,$FHDVWUXSWXUDUILIRVWPDLSX&LQEUXWDOGDF+HQULFDO9,,,OHD QDUILDYXWüLDO&LFRQVLOLHULGHFkWSH7KRPDV0RUHüL&UDQPHU0RUH EUEDWFXRvQDOWFRQüWLLQ&QDUILDFFHSWDWGHFkWRUHIRUPvQ&HOHDSW üLPRGHUDW &UDQPHUSUHDVODESHQWUXDILUXDUILQHJRFLDWüLDUWRWIL DPkQDW7KRPDV&URPZHOOIXFHOFDUHMXFUROXOOXL1DUFLVDODFHVWXL 1HURQUROXOOXL,DJRDODFHVWXL2WKHOOR(UDXQEUEDWVFXQGODWvQVSDWH XUkWDVSUXFXREUD]XOSRUFLQRFKLLSHMXPWDWHvQFKLüLJXUDUX WFLRDVÍQFHSXVHFDQHJXVWRUGHOkQüLFOFWRUGHSRVWDYOD3XWQH\ DSRLFOWRULVHSULQ)ODQGUDüL,WDOLDXQGHVHIDPLOLDUL]FXPDUHOH
FRPHU&üLFXQRXDSROLWLFüLGHYHQLXQFLWLWRUSDVLRQDWDORDPHQLORU SROLWLFLLWDOLHQL/DvQWRDUFHUHDVDLQWUDVHvQVOXMEDFDUGLQDOXOXL:ROVH\ DMXQJkQGXQXOGLQIDYRUL&LLOXL&URPZHOOQDYHDQLFLVFUXSXOHQLFL UHOLJLH7HRORJLLOHULYDOHvLHUDXWRDWHODIHOGHLQGLIHUHQWHGDUGRFWULQD UD&LXQLLGHVWDWvOFXFHULVHÍQGDWFHOvQWkOQLSHUHJHvOVIWXLVXUPH]H H[HPSOXOSULQ&LORUJHUPDQLFDUHRUXSVHVHUFX5RPD$QJOLDQXPDL WUHEXLDVDLEGRLVWSkQLGRXMXVWL&LLGRXVLVWHPHGHLPSR]LWH 'HRDUHFHSDSDUHIX]DVFRQILUPHUHSXGLHUHD&DWHULQHLWUHEXLDVQXVH VXSXQELVHULFLLFLVRVXSXQ+HQULFDO9,,,OHDvOGLVSUH&XLDSH &URPZHOO QXLVSXQHDQLFLRGDWDOWIHOGHFkWÅGUFLWRUXOGHOkQüLO EUXVFD WRWXüLVHIRORVHDGHDELOLWDWHDVHUYLOLWDWHDüLIRU&DDFHVWXLD 'UFLWRUXOGHOkQGHYHQLvQFk&LYDDQL0DVWHURIWKH5ROOV/RUG3ULY\ 6HDOYLFDUJHQHUDODOELVHULFLLORUGPDUHüDPEHODQFDYDOHUEDURQüL FRQWHGH(VVH[ ,,6SROLHUHDELVHULFLLVDIFXWvQIRUPOHJDOüL+HQULFDO9,,,OHDD UHVSHFWDWIRUPHOHSDUODPHQWDUH3DUODPHQWXO5HIRUPHLFDUH&LQXüDSWH DQL YRWWRDWHPVXULOHH[WUDRUGLQDUHSURSXVHGHFRURDQ 0DLvQWkLFOHUXOIXLQIRUPDWFDYLRODWVWDWXWXOGH3UDHPXQLUHDFFHSWkQG FDüL:ROVH\VUHFXQRDVFDXWRULWDWHDFDUGLQDOXOXLFDOHJDWSDSDO 'UHSWSHQLWHQ&SHQWUXDFHDVWFULPFOHUXOWUHEXLVSOWHDVFR DPHQGGHGRXPLOLRDQHGHOLYUHVDFRUGHUHJHOXLWLWOXOGHSURWHFWRUüL GHüHIVXSUHPDOELVHULFLLüLVGHVILLQ&H]HDQDWHOHVDXÅSULPXOYHQLWDO EHQHILFLLORUHFOH]LDVWLFHFDUHSkQDWXQFLIXVHVHUSOWLWHSDSHL$SRL SDUODPHQWXOYRWVXFFHVLY6WDWXWXODSHOXULORUFDUHLQWHU]LFHDVVHIDF DSHOOD5RPD$FWXOGH6XSUHPD&LHFDUHOFRQVDFUDSHUHJHÅXQLFXOüL VXSUHPXOüHIDOELVHULFLL$QJOLHLüLLDWULEXLDDWkWMXULVGLF&LDVSLULWXDO FkWüLMXULVGLF&LDFLYLOvLGGHDGUHSWXOVUHIRUPH]HüLVUHSULPHHURULOH üLHUH]LLOHüLvQVIkUüLW$FWXOGH6XFFHVLXQHFDUHDQXODSULPDFVWRULH SHFRSLLLQVFX&LGLQDFHDVWFVWRULHvLSULYDGHGUHSWXULOHORUODFRURDQ vQIDYRDUHDGHVFHQGHQ&LORU$QQHL%ROH\QüLREOLJDSHWR&LVXSXüLLUHJHOXL VüLDILUPHSULQMXUPkQWFUHGLQ&DORUvQYDOLGLWDWHDUHOLJLRDVDGL YRU&XOXL1HSXWHPvQWUHEDFXPDYRWDWXQSDUODPHQWFDWROLFDFHVWHWH[WH FDUHGHVYkUüHDXVFKLVPDüLvQFDUHSDSDQXHUDQXPLWDOWIHOGHFkW ÅHSLVFRSXOGH5RPD7UHEXLHVQHJkQGLPFSHUVRDQDüLYRLQ&DUHJHOXL HUDXSHVWHPVXUGHUHVSHFWDWH FGHPXOWYUHPHQD&LRQDOLVPXO QVFkQGDOHQJOH]LORUVXSRUWDJUHXRMXULVGLF&LHVWULQ FSDSDOLWDWHD DSUHDFDRDOLDWFkQGD6SDQLHLFkQGD)UDQ&HL FvQDIDUDFKLDUD VHQWLPHQWXOXLQD&LRQDORSXWHUQLFSRUQLUHDQWLFOHULFDOFHUHDQX QLPLFLUHDELVHULFLLGDUDEROLUHDWULEXQDOHORUHFOH]LDVWLFHüLFRQILVFDUHD DYHULORUPQVWLUHüWL vQVIkUüLWFQRLFODVHFDUHGHYHQHDXIRU&HOHYLLDOH QD&LXQLLüLFDUHQXFXQRüWHDXODWLQDvQY&DVHUGXSLQYHQWDUHD
0DVWHURIWKH5ROOVüHIXODUKLYHLRILFLDOHGHVWDWLDU/RUG3ULY\6HDOORUGXOSVWUWRU
DOVLJLOLXOXLSULYDWDOUHJHOXL
WLSDUXOXLVFLWHDVF FFOHULFLLODLFLGHYHQLVHUWRWDWkWGHQXPHURüLFkW üLFOHULFLLHFOH]LDVWLFLüLFPXO&LGLQWUHHLGRUHDXRFDUWHGHUXJFLXQLvQ OLPEDHQJOH]R%LEOLHHQJOH]DüDFXPvQORFXLVHU5RPDQXO5R]HLFX 3RYHVWLULOHGLQ&DQWHUEXU\5HIRUPDHQJOH]QDIRVWUH]XOWDWXOFDSULFLXOXL XQXLVXYHUDQFLIRUPDUHOLJLRDVDXQXLQD&LRQDOLVPLQVXODUüLOLQJYLVWLF ,,,2ELVHULFYHFKHGH]HFHGRXVSUH]HFHVHFROHDUHUGFLQL DGkQFLüLFHOPDLSXWHUQLFUHJHQXOHSRDWHVPXOJHIUDvQWkPSLQD RDUHFDUHUH]LVWHQ&7RWXüLHSLVFRSLLüLSUHR&LLvQDIDUGHFkWHYDH[FHS&LL VDXDUWDWFLXGDWGHPDOHDELOL'HPXOWYUHPHIXVHVHUDWLQüLHLvQüLüL GHQD&LRQDOLVPXODPELDQW3UHOD&LLHQJOH]LHUDXPDLPXOWRDPHQLGHVWDW GHFkWRDPHQLDLELVHULFLL&DPHUD/RU]LORUGLQFDUHIFHDXSDUWHYRW IUDVHUHYROWDWRDWHUHIRUPHOHÅ8QIHOGHSUHDQJOLFDQLVPFXSULQVHVH WRWvQDOWXOFOHU&kWGHVSUHFOHUXOGHMRVIRDUWHVUDFHOJVHDRDUHFDUH VLJXUDQ&vQWUDQVIRUPDUHDOXLvQWUXQFRUSGHIXQF&LRQDUL HOvQVXüL IXVHVHD&k&DWGHOROODU]LüLQXDFFHSWDVHQLFLRGDWIUUHJUHWFHOLEDWXO SUHR&LORU&kQGILHFDUHWUHEXLVSUHVWH]HMXUPkQWXOFkQGIDSWXOGHDQX UHFXQRDüWHÅFDVWDüLVIkQWDFVWRULHD$QQHLüLDOXL+HQULFüLGHDQX UHQHJDSHÅHSLVFRSXOGH5RPDFDUHX]XUSQXPHOHGHSDSGHYHQLVH WUGDUHDSURDSHWR&LSUHR&LLDXMXUDW 'DUFDQFHODUXOVLU7KRPDV0RUHüLPDUHOHHSLVFRS)LVKHUUHIX]DU VUHQHJHFUHGLQ&DORUFDWROLF$PkQGRLIXUGHFDSLWD&LHSLVFRSXOFLWLQG vQDLQWHGHPRDUWHGLQHYDQJKHOLDVIkQWXOXL,RDQ Å$FHDVWDHVWHYLD&D YHüQLF0RUHGHFODUkQGODSLFLRUXOHüDIRGXOXLFPXUHDFDÅXQGHYRWDW VHUYLWRUDOUHJHOXLGDUPDLvQWkLDOOXL'XPQH]HX&DSHWHOHDFHVWRUGRL RDPHQLPDULSXWUH]LUDJ&DWHGHFkUOLJHODLQWUDUHDSHSRGXO/RQGUHL &RPHGLDGLYRU&XOXLGHYHQLVHRPRQVWUXRDVWUDJHGLH8QPDUHQXPUGH FOXJULIXUVSkQ]XUD&LJROL&LGHPD&HWLD&LvQEXF&L&DWROLFLLGLQ FkWHYDFRPLWDWHFXSULQüLGHRvQGUHSW&LWDYHUVLXQHFkQGDX]LUGH DFHVWHPDVDFUHRPHQHüWLVHUHYROWDU IXUvQYLQüL5RPDvO H[FRPXQLFDVHSHUHJHOH+HQULFDO9,,,OHDGDUFHOLQWHUHVDDFHDVW VHQWLQ&SHXQUHJHFDUHVHSODVDVHHOvQVXüLvQDIDUDELVHULFLL"$UILIRVW QHFHVDUHVDQF&LXQL SDSDvQFHUFVRE&LQFDVXYHUDQLLFDWROLFL)UDQFLVF ,VDX&DURO4XLQWXOVLDDVXSUDORUDSOLFDUHDVDQF&LXQLORU DPkQGRL UHIX]DUWHPkQGXVHVVHFHUWHFX$QJOLD&DUGHFDUHDYHDXQHYRLH SHQWUXFRPELQD&LLOHORUGLSORPDWLFH$VWIHOQHPDLDYkQGVVHWHDPGH SDSGLQFDX]DGLVHQVLXQLORUUHJLORUFDWROLFLYHQHUDWGHSDUODPHQWXOVX DGXODWGHELVHULFDVDQD&LRQDO+HQULFDO9,,,OHDDSXWXWFRQWLQXD QHSHGHSVLWVDGXFRIHQVHXPDQLW&LL
3RHPDOHJRULFvQGRXSU&LXQDGLQWUHFHOHPDLUVSkQGLWHüLPDLJXVWDWHRSHUH
OLWHUDUHvQHYXOPHGLX3ULPDSDUWHDIRVWVFULVGH*XLOODXPHGH/RUULVSHODLDU DGRXDGH-HDQGH0HXQJ FLUFD FDPFLQFL]HFLGHDQLPDLWkU]LX
,95HIX]XOFOXJULORUGHDSUHVWDMXUPkQWXOvLVWkUQLOXL&URPZHOO RLPHQVEXFXULHvQWUXFkWGHPXOWYUHPHSXVHVHODFDOHSLHLUHDORU ([LVWDXvQ$QJOLDRPLHGRXVXWHGHPQVWLULSRVHVRDUHDOHXQRU LPHQVHGRPHQLL&RQILVFkQGXOHEXQXULOHOLFKLGDWRULLüLVXYHUDQXOVH SXWHDXvPERJ&L&XUHQWXOSRSXODUvPSRWULYDFOXJULORUOHJHQGHOHFDUH FLUFXODXFXSULYLUHODYLFLLOHORUHUDXGHDVHPHQHDSURSRU&LLvQFkWQLPHQL QXOHDUILOXDWDSUDUHD/HJHQGHOHHUDXH[DJHUDWHüLvQFHDPDLPDUH SDUWHFXWRWXOIDOVHFHHDFHVDY]XWGHVWXOGHELQHFkQGGXS GHVILLQ&DUHDPQVWLULORUIRüWLLORUDUHQGDüLFDUHLEOHVWHPDVHUGH DWkWHDRULvLUHJUHWDU'DU&URPZHOODYDQVDWYLFDUJHQHUDOüLvQYHVWLWFX GUHSWXOGHDQFKHWDGXQXQYDVWGRVDUFXSULYLUHODQHOHJLXLULOH FOXJULORU'H]YOXLQGDFHVWHÅDWURFLW&LvQID&DSDUODPHQWXOXLRE&LQX PDLvQWkLGHVILLQ&DUHDPLFLORUPQVWLULDSRLDWXWXURUDüH]PLQWHORU UHOLJLRDVH)XQF&LRQDULVXSHULRULUHOLJLRüLüLILVFDOLOXDUvQFHUFHWDUH PQVWLULOH/HJHDUHVSHFWDWvQWRWGHDXQDvQDFHDVW&DUFHUHDVVH RE&LQRÅUHQXQ&DUHYROXQWDUGLQSDUWHDFOXJULORU'RFWRUXO/RQGRQ GHYHQLFHOHEUXSULQDELOLWDWHDVDGHDvQIUkQJHUHSHGHÅYRLQ&HOHÍQGDWFH DFWXOHUDVHPQDWUHJHOHOXDvQVWSkQLUHDED&LDYLQGHDWRWFHVHDIOD vQXQWUXüLGGHDGRPHQLXOXQXLPDUHVHQLRUDVLJXUkQGDVWIHOFUHGLQ&D DFHVWXLDID&GHQRXDELVHULF9kQ]ULOHFDUHLUXLQDXSHFOXJULQXO SUHDvPERJ&HDXSHUHJH0DQXVFULVHOHHUDXFXPSUDWHGHEFDQLFDV IDFGLQHOHFRUQHWHÅ&U&LYHFKLGLQVWUDQ üDVHSHQQ\$üDDUWD LQYHQWDUXOXQHLELEOLRWHFL&kWGHVSUHFOHULFLLMHIXL&LXQLLGLQWUHHL FSWDXXQDFWGHÅFDSDFLWDWHDGLFDXWRUL]D&LDGHDH[HUFLWDRIXQF&LH VHFXODUFHLODO&LRSHQVLHGHSDWUXüLOLQJL DSURDSHWR&LSUVLU&DUDüLVH GXVHUvQ,UODQGD6FR&LDVDX)ODQGUDÅ$VWIHOELVHULFDGHYHQLSUDGD YXOWXULORUDFHVWHSVULKUSUH&HvPSRGRELQGXVHFXIUXPRDVHOHORU SHQH/LFKLGDUHDEXQXULORUPQVWLUHüWLVHWHUPLQvQFLQFLDQL HDQX DGXVHPDUHOXFUXWH]DXUXOXLUHJDOGDUvPERJ&LSHUVRDQHOHFURUDUHJHOH OHGUXLVHDED&LLOHüLSHFHLFDUHOHRE&LQXVHUSHSUH&XULGHQLPLF(IHFWXO SROLWLFDODFHVWRUPVXULIXDQDORJFXDOYkQ]ULLEXQXULORUQD&LRQDOHvQ )UDQ&DGXSUHYROX&LDGLQ %HQHILFLDULLDXGHYHQLWFRPSOLFL7HDPD GHDLYHGHDUHYHQLQGSHYHFKLLSURSULHWDULDVLJXUQRXOXLUHJLPUHOLJLRV VSULMLQXOXQHLFODVHERJDWHüLSXWHUQLFH'HDFLvQDLQWHvPSRWULYDXQHLQRL RIHQVLYHDFDWROLFLVPXOXLURPDQVHYRUFRDOL]DLQWHUHVXOüLGRFWULQD 9&UHGRXOELVHULFLLDQJOLFDQHDIRVWYUHPHvQGHOXQJDWGHVWXOGH FRQIX]'DF&URPZHOO&UDQPHUüL/DWLPHUDUILDYXWPkQOLEHUODU ILOHJDWGHOXWKHUDQLVP'XSOXSWDVDvPSRWULYDPQVWLULORU&URPZHOO vQFHSXXQU]ERLvPSRWULYDLFRDQHORU/DWLPHUDUVHVWDWXLOH)HFLRDUHLvQ WLPSFH&UDQPHUSXVHVVHH[DPLQH]HUHOLFYHOHvQGHRVHELVkQJHOH VIkQWXOXL7KRPDV%HFNHWSHFDUHOEQXLDDILYRSVHDURüLH6IkQWXO 7KRPDVGHQXQ&DWFDWUGWRUDOUHJHOXLIXüWHUVGLQUkQGXULOHVILQ&LORU
+XJK/DWLPHU HSLVFRSSURPRWRUDOUHIRUPHLDQJOLFDQH
GXSXQSURFHVvQWRDWUHJXODüLDQFKHWDWRULLOXL&URPZHOOGLVWUXVHU UDFODVDGHOD&DQWHUEXU\'DU+HQULFDO9,,,OHDüWLDFGDFHQJOH]LL IXVHVHUWRWGHDXQDRVWLOLFOXJULORUüLWULEXQDOHORUHFOH]LDVWLFHHUDXvQ WRWDOLWDWHDORUSX&LQIDYRUDELOLLQRYD&LLORUDGXVHGHSURWHVWDQ&L+HQULFHO vQVXüL&LQHDVUPkQDSUWRUXOFUHGLQ&HLüLüHIXOXQHLELVHULFL ÅFDWROLFHGDUYRLDVILHFDWROLFüLQD&LRQDO FHHDFHSUHDFRQ WUDGLFWRULX $VWIHOvQFkWGXSFHLDSULJRQLWSHFUHGLQFLRüLLYHFKLL FUHGLQ&HvLSHUVHFXWFXQXPDLSX&LQvQGkUMLUHSHSURWHVWDQ&L 7\QGDOHFDUHDWLSULWSULPD%LEOLHHQJOH]DIRVWDUVSHUXJ DO&LL VXIHULUDFHHDüLVRDUWSHQWUXFQHJDVHUWUDQVVXEVWDQ&LHUHD'XSPDL PXOWHvQFHUFULGHGHILQLUHDUHOLJLHLDQJOLFDQH+HQULFDO9,,,OHDRE&LQX YRWDUHDGHFWUH&DPHUD/RU]LORUDXQXLVWDWXWvQüDVHDUWLFROHFDUHIX VXSUDQXPLWÅDFWXOVkQJHURVVDXÅELFLXOFXüDVHFR]LDFWFDUHDILUPD WUDQVVXEVWDQ&LHUHDLQXWLOLWDWHDFRPXQLXQLLVXEFHOHGRXIRUPH YDOLGLWDWHDOHJPkQWXOXLGHFDVWLWDWHVXSHULRULWDWHDFHOLEDWXOXLFOHULFDOüL FDUHDGPLWHDVSRYHGDQLDüLOLWXUJKLDSDUWLFXODU2ULFHYLRODUHIODJUDQWD DFHVWXLVWDWXWWUHEXLDSHGHSVLWSULQDUGHUHDSHUXJQLFLDEMXUDUHD QHSXWkQGXOVDOYDSHYLQRYDW(SLVFRSLLSURWHVWDQ&LFD/DWLPHUWUHEXLU VüLGHDGHPLVLD &UDQPHUFDUHvQDLQWHGH5HIRUPVHFVWRULVHvQVHFUHWüLüLOXD WRWGHDXQDVR&LDFXHODVFXQVvQWUXQFXIUSHUIRUDWWUHEXLVRWULPLWvQ *HUPDQLD3RDWHVSDUVXUSULQ]WRUFSRSRUXOHQJOH]DDFFHSWDWDWkW GHXüRULGHHDGHDDFRUGDXQXLSDUODPHQWDOHVLQIDLOLELOLWDWHDUHOLJLRDV 'DUQHYRLDGHVWDELOLWDWHLQGLIHUHQ&DüLWHURDUHDH[SOLFDVHPHQHD FLXGDWHFRQFHVLL 9,$IRVWQHFHVDURVFKLVPSHQWUXDGHVIDFHSULPDFVWRULHDOXL +HQULFDO9,,,OHD WRSRUXOIXGHDMXQVSHQWUXDSXQHFDSWFHOHLGHD GRXD6UPDQD$QQD%ROH\QDFRPLVGRXJUHüHOL vQORFXO PRüWHQLWRUXOXLDüWHSWDWDYXRIDW(OLVDEHWDDSRLXQELDWQVFXW PRUWüLSHGHDVXSUDODvQüHODWSHUHJHSRDWHSHQWUXFSUkQG LQFDSDELOVDLEXQFRSLOVQWRVQXYRLDVOGH]DPJHDVF3HQWUX DFHVWHFULPHIUXPRVXOHLJkWIXWLDWGHVHFXUHDFOXOXL'XSFkWHYD ]LOH+HQULFvPEUFDWvQVWUDLHDOEHOXDvQFVWRULHSH-DQH6H\PRXU 6HUYLOXO&UDQPHUDDQXODWDGRXDFVWRULHSHED]DXQRUPUWXULVLULDOH GHIXQFWHLDVWIHOvQFkW(OLVDEHWDFDRGLQLRDU0DULDGHYHQLEDVWDUG -DQH6H\PRXUQVFXXQIHFLRUFDUHDYHDVGRPQHDVFVXEQXPHOHGH (GXDUGDO9,OHDGDUHDPXULODQDüWHUH&URPZHOOGRULWRUFD vQWRWGHDXQDVODSURSLHSHUHJHGHOXWHUDQLVXJHURQRXFVWRULHFX RSULQ&HVJHUPDQ $QQDGH&OHYH2PXOGHDIDFHULYRLVHVMRDFHUROXO GHVIHWQLFPDWULPRQLDO IHPHLDQHILLQGJVLWSHSODFHOSOWLFXYLD&D DFHDVWvQFHUFDUH$FLQFHDVR&LHDUHJHOXL&DWHULQD+RZDUGDFX]DWGH
:LOOLDP7\QGDOH FLUFD XQXOGLQSULPLLUHIRUPDWRULHQJOH]L vQD
WLSULW1RXOWHVWDPHQWvQWUDGXFHUHHQJOH]
DGXOWHUDYXDFHHDüLVRDUWFDüL$QQD%ROH\Q$üDVHD&DWHULQD3DUUvL VXSUDYLH&XLOXL+HQULFDO9,,,OHDQXIUDILWUHFXWSULQPDULVSDLPH FkQGUHJHOHJVLQGFLSX&LQHUHWLFÅvLDGPLQLVWUDVHFHOHüDVHDUWLFROH 'RPQLDVHWHUPLQVkQJHURV3XWHUHDDEVROXWGH]OQ&XLHvQRP LQVWLQFWHOHFHOHPDLUHOH+HQULFDO9,,,OHDSRUXQFLMXGHFWRULORUVLV DVDVLQH]HSURWHVWDQ&LFDWROLFLSHEWUkQDFRQWHV6DOLVEXU\ FKLDUüL &UDQPHUVHSXWXFUHGHvQSHULFRO'DU+HQULFDO9,,,OHDSDUHVIL vQFHUFDWRDIHF&LXQHUHDOSHQWUXRPXODFHVWDFDUHDYHDRvQFUHGHUH DSURDSHQDLYvQJURD]QLFXOVXUHJH&UDQPHUDIRVWDFHODFDUHD vQJHQXQFKHDWODSDWXOGHPRDUWHDOOXL+HQULFüLFDUHvQXOWLPXOPRPHQW LDVSXVVDLEvQFUHGHUHvQ'XPQH]HXüLvQ,LVXV+ULVWRV'XSFDUH UHJHOHvLVWUkQVHPkQDDUKLHSLVFRSXOXLüLvüLGGXVXIOHWXO 9,,(JUHXFkQGVWXGLH]LGRPQLDOXL+HQULFDO;9,,,OHDVWHIHUHüWL GHXQVHQWLPHQWGHRURDUHÍQ]DGDUQLVHVSXQHFDUHRUJDQL]DWIORWDD FRQVWUXLWDUVHQDOHDIRQGDWRüFRDOGHFkUPDFLDDQH[DW%DUD*DOLORUD SRWROLW,UODQGD1LFLXQVXFFHVOXPHVFQXSRDWHMXVWLILFDHüDIRDGHOHGLQ 7XUQüLUXJXULOHGHOD6PLWKVILHOG6DVSXVvQFKLSGHVFX]FDFHVWH vQJUR]LWRDUHVXSOLFLLQXDWLQJHDXGHFkWRLQILPPLQRULWDWH&HLPSRUW" $WkWDFUX]LPHQXSXWHDILQHFHVDU&HHDFHSDUHDGHYUDWHVWHF VHSDUDUHDGLQWUHXQVWDWLQVXODUüLRELVHULFXQLYHUVDOGHYHQLVHDSURDSH LQHYLWDELO'DFWLPSGH]HFHVHFROHSDSDOLWDWHDDSXWXWH[HUFLWDvQ (XURSDRDVWIHOGHSXWHUHSROLWLFüLMXGLFLDUDFHDVWDVHGDWRUHD]IDS WXOXLFGXSFGHUHD,PSHULXOXLURPDQQXUPVHVHvQGLIHULWH&ULDOH (XURSHLGHFkWRSXWHUHFLYLOVODEVDXRVXYHUDQLWDWHvPSU&LW'LQ ]LXDvQFDUHDXOXDWQDüWHUHVWDWHSXWHUQLFHFLRFQLUHDGHYHQHD LQHYLWDELO&kQG)UDQ&DODUkQGXOHLFXQRVFXPXOWPDLWkU]LXDFHVWH OXSWHPRUDYXULOHVHvPEOkQ]LVHUüLVHSDUD&LDELVHULFLLGHVWDWVHSXWX IDFHIUYUVDUHGHVkQJHüLIURUXSWXUUHOLJLRDVFX5RPD3LHUGHULL SUHPDWXUHDSUHURJDWLYHORUSHFDUHELVHULFLOHFRQWLQHQWDOHOHDXPDL FRQVHUYDWvQFWUHLVDXSDWUXVHFROHELVHULFD$QJOLHLvLGDWRUHD]XQ DYDQWDMüLDQXPHDEVHQ&DDSURDSHFRPSOHWvQDFHDVW&DUvQFHSkQG GLQVHFROXODO;9,OHDDRULFUHLPLüFULDQWLFOHULFDOH%LVHULFLOHHQJOH]H VHYRUOXSWDvQWUHHOHGDUQLFLXQSDUWLGSROLWLFQXYDvQGU]QLVVH GHFODUHRVWLOFUHüWLQLVPXOXL 9, ('8$5'$/9,/($6$85($&%,$3527(67$17 ,&HJUXSFLXGDWIRUPDXFHLWUHLFRSLLDLOXL+HQULFDO9,,,OHD 0RüWHQLWRUXOWURQXOXL(GXDUGDO9,OHDILXO-DQHL6H\PRXUHUDXQ ELH&HOJUDYüLSUHFRFHFDUHFLWHDvQILHFDUH]L]HFHYHUVHWHGLQ%LEOLHüLSH FDUHUHIRUPD&LLvOVRFRWHDXÅXQQRX,RVXD0DULDILLFD&DWHULQHLGH
$UDJRQvPSOLQLVHWUHL]HFLüLXQXGHDQLÍQFHSHDVVHRILOHDVFREUD]XO HLURWXQGHUDGHRSDORDUHDFFHQWXDWGHSUXOHLURüX SUHDEROQDYüL WULVW(GXFDWGHXQFUWXUDUVSDQLROüLPXOWPDLPkQGUGHDIL GHVFHQGHQWDUHJLORU6SDQLHLGHFkWILLFDUHJHOXL$QJOLHLHDUPkQHDR FDWROLFIHUYHQWVHvQFRQMXUDGHSUHR&LüLvüLSHWUHFHDYLD&DvQFDSHO &kWGHVSUHILLFD$QQHL%ROH\Q(OLVDEHWDDFHDVWDHUDRIDWGH SDLVSUH]HFHDQLGHVWXOGHGUJX&ELQHIFXWIRDUWHYLRDLHüLFDUH GGHDGRYDGGHJXVWXOWUDGL&LRQDODO7XGRULORUSHQWUXOLWHUDWXUDFODVLF 6FULDvQODWLQWRWDüDGHELQHFDvQHQJOH]HüWHYRUEHDLWDOLDQDüLIUDQFH]D üLGXSDILUPD&LDXQXLDGLQWUHSURIHVRULLHLÅFLWHDPDLPXOWJUHDFvQWU R]LGHFkWXQFDQRQLFvQWURVSWPkQ)LLQGSURWHVWDQWFDüLIUDWHOH VX(GXDUG GHüLIUDWkWDFRQYLQJHUH VHvQ&HOHJHDGHPLQXQHFX FRSLOXOUHJHüLDPkQGRLVHDOLDVHUvPSRWULYD0DULHLFUHLDFXUkQG (GXDUGvLLQWHU]LVHGHDPDLSXQHVVHFHOHEUH]HOLWXUJKLD0DULD UVSXQVHFPDLFXUkQGüLDUSXQHFDSXOSHEXWXFGHFkWVGHD DVFXOWDUHODDVHPHQHDSRUXQF&RQVLOLXOvüLDPLQWLFHUDYDUDOXL&DURO 4XLQWXOüLFRQVLGHUFLPDLvQ&HOHSWVQXVWUXLH ,,&KHVWLXQHDUHOLJLRDVQXIXVHVHUH]ROYDWSULQVFKLVP3HFkQG XQHOHFRPLWDWHUHJUHWDXFDWROLFLVPXO/RQGUDvQIOFUDWGHSUHGLFDWRUL SURWHVWDQ&LFD/DWLPHUGRUHDRUHIRUPPDLFRPSOHW&HDPDLPDUH SDUWHDHQJOH]LORUHUDJDWDVDFFHSWHXQFRPSURPLVFDUHPHQ&LQkQG ULWXULOHHVHQ&LDOHLQWUDWHvQRELüQXLQ&LDUILHOLEHUDWGHVXEGRPLQD&LD 5RPHL$UKLHSLVFRSXOGH&DQWHUEXU\&UDQPHUWLPLGüLLQGHFLVFRQWLQXD VH]LWHvQWUHOXWHUDQLVPüLURPDQLVP7RWXüLHOGkQGELVHULFLL$QJOLHLR FDUWHGHUXJFLXQLVFULVvQWURSUR]DGPLUDELOüLSHQWUXFDUHHOvQVXüL vQWRFPLOLWDQLLOHüLUXJFLXQLOHvQFRPXQvQJGXLDFHVWHLELVHULFLV GREkQGHDVFGXSELVHULFDURPDQDFHOSUHVWLJLXHVWHWLFIUFDUHR UHOLJLHQXSRDWHFXFHULLQLPLOH3ULJRDQDvPSRWULYDFDWROLFLVPXOXL FRQWLQXD3HUH&LLELVHULFLORUHUDXGD&LFXYDUYLWUDOLLOHHUDXVSDUWH FUXFLIL[HOHvQORFXLWHFXVWHPDUHJDO7RDWHFHUHPRQLLOHVLPEROLFH IXVHVHUVXSULPDWH QLFLDQDIXUQLFLDJKHDVPQLFLVOYLUHDYLQHUHL PDUL7RWXüLSRVWXO3DüWHOXLWUHEXLDVILHUHVSHFWDWÅSHQWUXDVH vQFXUDMDYkQ]DUHDSHüWHOXLÍQIXDXWRUL]DWFVWRULDSUHR&LORUüL &UDQPHUvüLSXWXUHFKHPDVR&LD8QDFWGHXQLIRUPL]DUHYRWDWGH SDUODPHQWREOLJDWRDWHELVHULFLOHVIRORVHDVF&RPPRQ3UD\HU%RRNüLV UHVSHFWHXQULWXDOFRPXQ'DUXQLIRUPLWDWHDvQVüLUPkQHDPXOWLIRUP 0DLSURWHVWDQWGHFkWDUKLHSLVFRSXO&RQVLOLXOODLFKRWUvVVHIDFXQHOH vQGUHSWULFU&LLGHUXJFLXQLÍQJHQXQFKHUHDSUHVFULVGH&UDQPHUvQ SULPDHGL&LHIXVHVHDWDFDWGH]HORüLFDRGDWLQVXSHUVWL&LRDVüL VXSULPDWvQHGL&LDDGRXD&XPVWHDGDSWH]LXQHLFUHGLQ&HFDUHLvQ DFHODüLWLPSULJXURDVüLVFKLPEWRDUH" ,,,6FKLPEULDWkWGHSURIXQGHLQGLJQDUPXOWHLQLPLVLPSOHFDUH
&LQHDXODULWXULOHLQWUDWHGH]HFHVHFROHvQYLD&DORUüLDVWUEXQLORUORU %UDQLLGLQ&RUQZDOOFDUHYRUEHDXvQGLDOHFWVHUHYROWDUSHQWUXF /RQGUDSUHWLQGHDVOHLPSXQRFDUWHGHUXJFLXQLVFULVvQWURHQJOH] SHFDUHQRvQ&HOHJHDX&UDQPHUOHUVSXQVHFvQ&HOHJHDXüLPDLSX&LQ ODWLQDGDU&UDQPHUSURIHVRUGHWHRORJLHQXLFXQRüWHDSH&UDQL&HL GLQ&RUQZDOOvQ&HOHJHDXGDFQXDGOLWWHUDPFHOSX&LQvQVSLULWXOORU VHQVXOUXJFLXQLORUWUDGL&LRQDOH'HDOWIHOUHYROWDDYHDüLXQFDUDFWHU DJUDUQXQXPDLUHOLJLRV(UDRYUHPHGHPDULQHPXO&XPLULSRSXODUH ûRPDMXODSURDSHQHFXQRVFXWvQHFRQRPLDPHGLHYDOGHYHQHDXQUX SHULFXORV&DX]HOHHUDXPXOWLSOH2EOLJD&LDSHQWUXVHQLRULGHDüL GHVILLQ&DFHWHOHvQDUPDWHDUXQFDVHSHGUXPXULODvQFHSXWXOVHFROXOXLPLL GHVROGD&LFDUHQXFXQRüWHDXQLFLRPHVHULHÍQFvQWLPSXOFLXPHLQHJUH Fk&LYDPDULSURSULHWDULvQFHSXVHUVvQORFXLDVFFXOWLYDUHDJUkXOXLFX FUHüWHUHDRLORUODFDUHHUDXvQWUHEXLQ&D&LRDPHQLPDLSX&LQLÍQVHFROXODO ;9,OHDPXO&LVTXLUHVDXvPSUHMPXLWRSDUWHGLQSüXQLOHüLEUJDQHOH FRPXQDOHSHQWUXDüLFUHüWHRLOH%UDQLLVHY]XUOLSVL&LvQXUPD DFHVWHLSROLWLFLÅGHvPSUHMPXLULGHSPkQWXULOHORULDUPXQFLWRULLGH PXQFDORU 2LOHQHDXPkQFDWSüXQLOHüLGXQHOH *UkXOüLSGXULOHFDVHOHFRPXQHOH Å2DLDVFULD7KRPDV0RUHHUDDOWGDWXQDQLPDODWkWGHEOkQG LDWFDFXPDGLVWUXJHWRWXOvLvQJKLWHSkQüLSHRDPHQL(QRXDPRG WKHQHZJ\VH(ILUHVFFDHDVLvQFkQWHSHPDULLSURSULHWDUL'XS GHVFRSHULUHDGHFWUH6SDQLDDPLQHORUGHDUJLQWGLQ$PHULFDGH6XGvQ (XURSDVHXUFSUH&XULOH6TXLUHXOFDUHSOWHüWHPDLVFXPSWRWFH FXPSUFRQWLQXVSULPHDVFGHODDUHQGDüLLVLDFHOHDüLUHGHYHQ&H IL[H üLVHWUH]HüWHPDLVUDFVWUkPWRUDW2UFHUHUHDGHOkQHVWH QHOLPLWDWüLSUH&XULOHULGLFDWH,VSLWDHSXWHUQLF3HODPLMORFXO VHFROXOXLVXEGRPQLDOXL+HQULFDO9,,,OHDGXSVHFXODUL]DUHDDYHULORU PQVWLUHüWLüLYkQ]DUHDEXQXULORUORUVDQVFXWOD&DURSURDVSW SURPR&LHGHJHQWOHPHQL6WDUHDGHVSLULWDQRLORUSURSULHWDULGHSPkQW HVWHFXWRWXOGLIHULWGHDFHHDDVHQLRUXOXLGLQVHFROXODO;,,,OHD$FHVWD GLQXUPFHUHDQXPDLFDSPkQWXOVKUQHDVFXQDQXPLWQXPUGH FDYDOHULGDUQRXOFDSLWDOLVWSUHWLQGHXQSURILW(OIDFHGLQDJULFXOWXUR DIDFHUHÅüLSDüLLRLORUVFKLPEQLVLSXOvQDXU&HOLQWHUHVHD]SHHO &UDQLLSHFDUHDELDvLFXQRDüWH")LXOVXüLPDLDOHVQHSRWXOVXYRU GHYHQLvQWUR]LVTXLUHVFRQüWLHQ&LGHGDWRULLOHORUGDURULFHSULP JHQHUD&LHGHVWSkQLHDVSU /DPRDUWHDOXL+HQULFDO9,,,OHD&UDQLLvQFHSVPXUPXUH
ÍQRULJLQDOODQGHVFRPPXQDOHVSULQFDUHDXWRUXOSDUHDILWUDGXVOLWHUDOWHUPHQXO
HQJOH]FRPPRQODQGV1XPLWHüLZDVWHODQGV SPkQWXULVWHUSH DFHVWHDvQVHPQDXSU &LOHQHFXOWLYDWHGLQKRWDUXOVDWXOXL WXIULüXULFUkQJXULOXQFLPODüWLQL FXYHJHWD&LDGH SHOkQJHOHSSXULüXULHWF üLWXUEULL
,9ÍQ]DGDU&RQVLOLXOUHJHOXLFDUHYHGHSHULFROXOvQFHDUFV LQWHUYLQ/HJLOHRUGRQUHFRQVWUXF&LDIHUPHORUGLVWUXVHFXOWLYDUHDGLQ QRXDSPkQWXULORU DOWHOHLQWHU]LFXQHLVLQJXUHSHUVRDQHVDLEPDL PXOWGHGRXPLLGHRL 8QLLSURSULHWDULDYHDXWXUPHGHGRX]HFLüL SDWUXGHPLLGHFDSHWH 'DUIUDXGDVHIXULüHD]SHXUPDOHJLL6WSkQXO WUHFHRLOHVDOHSHQXPHOHVR&LHLDOFRSLLORUDOVHUYLWRULORUVL vQORFGHD UHFOGLRIHUPVHUHWHQFXLHüWHvQPRGVLPEROLFRVLQJXUFDPHUGLQ IHUPDUXLQDW VHWUDJHREUD]GVLPEROLFüLVHVXV&LQHvQID&DFR PLVDUXOXLFVDOXFUDWFkPSXO'HDOWIHOFRPLVDULVXQWMXGHFWRULLGH SDFHHLvQüLüLSURSULHWDULüLGHVHRULGHOLQFYHQ&L DüDFvQFKLGRFKLLÍQ XQHOHFRPLWDWHVWHQLLVHUHYROWüLGHYDVWHD]JDUGXULOHULGLFDWHGH JHQWU\ÍQFRPLWDWXO1RUIRONXQPLFSURSULHWDUFDUHHvQDFHODüLWLPSüL WEFDUXQDQXPH5REHUW.HWWRPFXLGHLvQDLQWDWHVHSXQHvQIUXQWHD &UDQLORUSHQWUXDGLVWUXJHvQJUGLWXULOHXQXLYHFLQSHFDUHOXUüWHÍQ DFHOPHGLXVWHVFSOLQGHQHPXO&XPL&LUHEHOLXQHDFUHüWHY]kQGFXRFKLL .HWWvQFDSXODüDLVSUH]HFHPLLGHRDPHQLRFXSRUDüXO1RUZLFK 5HYROW]DGDUQLFGHRDUHFHQLFL&UDQLLQLFLüHIXOORUQXüWLXOLPSHGHFH YRU(DVHWHUPLQFDWRDWHUHYROWHOHGHSHDFHDYUHPHSULQWUXQPD VDFUXVkQJHURVüLSULQH[HFXWDUHDOXL.HWW'DUDYHDVILHXQVLPSWRP vQWUHPXOWHDOWHOHDOQHPXO&XPLULLSRSXODUH 9(GXDUG6H\PRXUGXFHGH6RPHUVHWIUDWHOH-DQHL6H\PRXU PDPDUHJHOXLvQGHSOLQHDIXQF&LDGHUHJHQWvQWLPSXOPLQRULW&LL QHSRWXOXLVX$YHDUHDOHFDOLW&LGLQWUHFDUHFHDPDLUHPDUFDELOHUD WROHUDQ&D'DUHOIXIFXWUVSXQ]WRUSHQWUXGH]RUGLQLOHDJUDUH2UJROLXO VXRIHQVDVHSHFXUWHQL GHPDJRJLDVDQHOLQLüWLVHSHSURSULHWDUL vPERJ&LUHDVDvLLQGLJQDVHSHRUüHQL UHODWLYDVDvQJGXLQ&GLVSOFXVH IDQDWLFLORU$ULVWRFUD&LDUXUDOFRQGXVGH:DUZLFNRE&LQXFDSXOOXL &LXGDWXOüLPLFXOUHJHSHFkWGHSLRVSHDWkWGHLQVHQVLELOQRWvQMXU QDOXOVXvQ]LXDFkQGXQFKLXOOXLIXVHVHGHFDSLWDWvQ7XUQ Å,VDWLDW FDSXOGXFHOXLGH6RPHUVHWDVW]LvQWUHRUDRSWüLQRXGLPLQHD&D $PEL&LHYDQLWDWHDYLGLWDWHDYUXWVIDFSHVWSkQXO :DUZLFN XOWHULRUGXFHGH1RUWKXPEHUODQG GHYHQLSUHüHGLQWHOH &RQVLOLXOXLGHUHJHQ&üLXUPULFXPDLPXOWYLJRDUHGHFkW6RPHUVHW SULJRQLUHDFDWROLFLORU0LFXO(GXDUGDO9,OHDF]XODSDWüLFkQGVD Y]XWFLVHDSURSLHPRDUWHD1RUWKXPEHUODQGFDUHQXVHSXWHDJkQGL IUJURD]ODXUFDUHDSHWURQD0DULHLVSDQLROüLURPDQODQV FDQGLGDWXUD-DQHL*UH\RVWUQHSRDWDOXL+HQULFDO9,,OHDSHFDUHR PULWFXSURSULXOVXILX3HPXULEXQGXO(GXDUGDO9,OHDvOVLOLV VHPQH]HXQWHVWDPHQWDFUXLEHQHILFLDUHUDODG\-DQH 9,-DQH*UH\X]XUSDWRDUHIUYRLDHLIXSURFODPDWUHJLQGH
FWUH1RUWKXPEHUODQGFDUHSRUQLXQPDUüDVXSUD/RQGUHL GDU0DULDQX HUDIHPHLDFDUHVVHODVHvQOWXUDWIUOXSWÅ(DWkWGHvQIRFDWüLGH KRWUkWVFULVHVHDPEDVDGRUXO6SDQLHLOXL&DURO4XLQWXOvQFkWGDFL DüVSXQHVWUHDF&DQDOXO0kQHFLLvQWURDOELHGHUXIHDUvQFHUFDüL DYHQWXUDDVWD$GHYUDWVSDQLRODYHDXQFXUDMGHVROGDWüLRHYODYLH FDUHPHUJHDSkQODIDQDWLVP1XWUHEXLDGHFkWVVHDUDWHSHQWUXDvQ YLQJH2SURWHJXLDSUHVWLJLXOH[WUDRUGLQDUDOSULQWHOXLVX&DWROLFLLvQF SXWHUQLFLRSULPLUFDSHRHOLEHUDWRDUH SURWHVWDQ&LORUOHIJGXLLPSDU &LDOLWDWHDHL QXPHURüLLLQGLIHUHQ&LHUDXRERVL&LGHXQUHJLPFDUHVXE SUHWH[WXOGHDUHIRUPDULWXULOHELVHULFLLFRQILVFDVHDYHULOHvQIDYRDUHD RDPHQLORUGHDIDFHULÍQGDWFH0DULDvüLIFXDSDUL&LDOD/RQGUDVH DSULQVHUIRFXULGHEXFXULH FRPLWDWHOHvLRIHULUWUXSH &RQVLOLXO vQVSLPkQWDWGHFHIFXVHWULPLVHXQFUDLQLFüLSDWUXWURPSHWLüWLvQ FHWDWHVDQXQ&HSURFODPDUHDUHJLQHL0DULDvüLIFXRLQWUDUHWULXPIDO vPSUHXQFXVRUVD(OLVDEHWDFOULQGDOWXULGHHD1RUWKXPEHUODQG vQVXüLDIOkQGQRLOHHYHQLPHQWHvüLIOXWXUSOULDvQDHUVWULJkQG Å7ULDVFUHJLQD0DULDGDURDFODPDFXFkWHYD]LOHSUHDWkU]LX)X vQFDUFHUDWvQ7XUQDSRLGHFDSLWDW$FHHDFDUHIXVHVHMXFULDOXL QHIHULFLWD-DQH*UH\vüLDüWHSWüDVHOXQLPRDUWHD 9,, 0$5,$78'256$85($&%,$&$72/,& ,0DULD7XGRUFRQVWLWXLHXQH[HPSOXMDOQLFDOUDYDJLLORUSHFDUHOH SRWSURGXFHvQLQLPDXQHLIHPHLGUDJRVWHDIDQDWLVPXOüLDWRWSXWHUQLFLD Å$üSLHUGHPDLFXUkQG]HFHFRURDQHGHFkWVPLSXQVXIOHWXOvQ SULPHMGLHVSXQHDHD5HJLQDHUDFDWROLFvQWUR&DUvQFDUHJHQHUD&LD DMXQVODPDWXULWDWHVHQVFXVHGXSUXSWXUDFX5RPDüLvQFDUH vQGHRVHELFDSLWDODDWRWSXWHUQLFvQFOLQDIRDUWHPXOWVSUHSURWHVWDQWLVP 6DVSXVFGDF3DULVXOPHULWDROLWXUJKLH/RQGUDPHULWDRSUHGLF 'DU+HQULFDO,9OHDHUDXQRPGHVWDWüL0DULD7XGRURFUHGLQFLRDV2U GDFHUDDGHYUDWFPDMRULWDWHDQD&LXQLLSVWUDQRVWDOJLDYHFKLORU FHUHPRQLLüLGRUHDVVHvQWRDUFODQD&LRQDOFDWROLFLVPXOUHJHOXL+HQULF DFHHDüLPDMRULWDWHvüLSVWUDüLXUDID&GH5RPD0DLFXVHDPFHORU FDUHDXGREkQGLWEXQXULOHELVHULFHüWLFDWHJRULHERJDWüLSXWHUQLFOH HUDWHDPGHXQDFWGHVXSXQHUHID&GHSDSFDUHVDUILIFXWvQ GHWULPHQWXOORULDUSUHR&LORUFVWRUL&LOHHUDWHDPGHvQWRDUFHUHDOD YHFKHDFUHGLQ&FDUHLDUILFRQVWUkQVVDOHDJvQWUHSDURKLHüLQHYDVW 7RDWHDFHVWHGRULQ&HFRQWUDGLFWRULLLDUILvQJGXLWXQHLVXYHUDQHLVFXVLWH FDOHDQHJRFLHULORU(QJOH]LLSULPLVHUSkQDWXQFLDWkWHDGRJPHGLQ SDUWHDUHJLORUGLQDVWLHL7XGRUvQFkWDUILDFFHSWDWFXXüXULQ&FkWHYD
&XYLQWHSHFDUHOHDURVWLWUHJHOH)UDQ&HL+HQULFDO,9OHDSURWHVWDQWFUXLD3DULVXO
SHQWUXDLGHVFKLGHSRU&LOHLDSXVFRQGL&LDVWUHDFODFDWROLFLVP vQ
DUWLFROHVXSOLPHQWDUHFDVILHSHSODFXOXQHLILLFHDOXL+HQULFDO9,,,OHD 'DU0DULDvQ]HOXOHLLQWUDQVLJHQWYRLDVLPSXQüLQXVQHJRFLH]HÍQ WLPSXOvQGHOXQJDWHLüLGXUHURDVHLVDOHWLQHUH&LUHOLJLDIXVHVHSHQWUXHD VLQJXUDFRQVRODUH(UDJDWDVVXIHUHPDUWLULXOFDVUHDGXF5RPHL SRSRUXOHQJOH]ÍQFGLQSULPDüHGLQ&DSDUODPHQWXOXLHDUHVWDELOL OLWXUJKLDvQOLPEDODWLQüLH[SXO]GLQELVHULFSHSUHR&LLFVWRUL&L&KLDU VRUDVDSULQFLSHVD(OLVDEHWDVXSUHPDVSHUDQ&DSURWHVWDQ&LORUVHVLP&L DPHQLQ&DWüLYHQLFXODFULPLvQRFKLVRURDJHSHUHJLQFDVILHLQL&LDW vQDGHYUDWDUHOLJLH&RQYHUWLUHDDFHDVWDRHPR&LRQüLvQFkQWSH0DULD GDUvOOVIRDUWHVFHSWLFSHDPEDVDGRUXO6SDQLHLFDUHRMXGHFSHDELOD üLDVFXQVDSULQ&HVFXPDLPXOWSHUVSLFDFLWDWH ,,%UXVFDUHvQWRDUFHUHODSDSLVPDIRVWRSULPLPSUXGHQ& FVWRULDUHJLQHLvQGHSUWGHILQLWLYSRSRUXOGHHD3DUODPHQWXO WHPkQGXVHSHEXQGUHSWDWHGHLQIOXHQ&DXQXLUHJHVWULQvLFHUXVHvQ PRGUHVSHFWXRVUHJLQHLVVHPULWHFXXQHQJOH]&RQVLOLXOüLQD&LXQHD DOHVHVHUSHQWUXHDSHWkQUXO(GXDUG&RXUWHQD\XQVWUQHSRWDOOXL (GXDUGDO,9OHD(DUVSXQVHFXYLROHQ&FQXYUHDVVHPULWHûLHUD VLQFHUVDXFUHGHDFHVWH)XVHVHSX&LQvQGUJRVWLWvQWLQHUH&HGHXQ FUWXUDUFDWROLFHQJOH]5HJLQDOG3ROHGHVkQJHUHJDOFDüLHD'DU3ROH FHUWDWFX+HQULFDO9,,,OHDGLQFDX]DGLYRU&XOXLVHH[LODVHOD5RPDüL GHYHQLVHDFRORFDUGLQDO6LQJXUXOHQJOH]FXFDUH0DULDVDUILPULWDW EXFXURVQXSXWHDGHFLLQWUDvQFRQVLGHUD&LH&XUkQGDPEDVDGRUXO 6SDQLHL5HQDUG FDUHDYHDRPDUHLQIOXHQ&DVXSUDHLYHQLVLDGXF ODFXQRüWLQ&XQSURLHFWDOOXL&DURO4XLQWXO$FHVWDvLRIHUHD0DULHL PkQDILXOXLVX)LOLSÅ&kQGLDPIFXWSURSXQHUHDVFULH5HQDUGD vQFHSXWVUkGüLQDUkVRGDWFLGHPDLPXOWHRULSULYLQGXPFX QLüWHRFKLFDUHDUWDXFSURSXQHUHDvLHVWHIRDUWHSHSODFûLvQWUR FRQYRUELUHXOWHULRDU Å5HJLQDDMXUDWFQLFLRGDWQXDVLP&LWLPEROGXO FDUHVHQXPHüWHGUDJRVWHQLFLFVDUILJkQGLWYUHRGDWODYROXSWDWHF QXLDWUHFXWSULQPLQWHVVHPULWHGHFkWGXSFH'XPQH]HXDvQO&DWR SHWURQLDUFVWRULDSHFDUHRYDvQFKHLDYDILvPSRWULYDSURSULLORUVDOH VHQWLPHQWHüLQXPDLSHQWUXUHVSHFWXOUD&LXQLLGHVWDW'DUvOUXJSH 5HQDUGVDVLJXUHSHvPSUDWXO&DUROFLJDWDVLGHDDVFXOWDUHvQ WRDWHDüDFXPODUDVFXOWDSHWDWOHL'HüLDFHVWHQHJRFLHULDXIRVW&LQXWH VHFUHWPLQLüWULLUHJLQHLOHDXJKLFLWüLVDXQHOLQLüWLWÍQWURDOLDQ&GLQWUH $QJOLDQD&LXQHVFKLVPDWLFüLVODEüLDWRWSXWHUQLFDGUHSWFUHGLQFLRDVD 6SDQLHFDUHYDILVRDUWD$QJOLHL"(DYDGHYHQLVXSXVDXQXLSULQ& UHGXWDELO(UHWLFLLHQJOH]LVHüLvQVSLPkQWDXGHWULEXQDOHOHLQFKL]L&LHLüL GHDXWRGDIHXULWRWDWkWGHQXPHURDVHOD0DGULGFDüLFXUVHOHGHWDXUL 9DLGHFkQGDFHDVWIHFLRDUGHWUHL]HFLüLüDVHGHDQLY]XVHSRUWUHWXO
6LPRQ5HQDUGRULJLQDUGLQ%ULOHGH-RVHUDGHIDSWDPEDVDGRUDO,PSHULXOXL
URPDQRJHUPDQFDUHVXE&DURO4XLQWXO DIRVWvQWURXQLXQHSHUVRQDOFX 6SDQLD
IUXPRVXOXLSULQ&VSDQLROVHvQGUJRVWLVHGHRGDWSWLPDüGHGkQVXO 7RWXOWLQGHDVRvQQHEXQHDVFGXSHOGHRDUHFHSULQFVWRULDHLFX)LOLS vüLVDWLVIFHDRUJROLXOGHSULQ&HVVSDQLROFUHGLQ&DGHFDWROLFURPDQüL GRULQ&HOHGHIDWEWUkQüLSWLPDü2GDWGXSPLH]XOQRS&LL DIOkQGXVHvQFDSHODHLUHSHWGHPDLPXOWHRUL9HQL&UHDWRUüLMXUVVH PULWHFX)LOLS ,,,$PEDVDGRUXO6SDQLHLSXVHGHVHWRSLUSDWUXPLLGHVFX]LGLQ FDUHVHFL]HODUODQ&XULGHDXUSHFDUHOHvPSU&LPHPEULORU&RQVLOLXOXL (UDXQVLPERO"&RQYHUWL&LODLGHHDFVWRULHLSULQFDGRXULDUJXPHQWHüL SURPLVLXQLHLvüLGGXUWRWXüLDYL]XOVVHSURFHGH]HFXSUXGHQ&)LOLS YDWUHEXLVUHVSHFWHOHJLOH$QJOLHL vQFD]GHGHFHVDO0DULHLHOQXYD DYHDQLFLXQGUHSWDVXSUDFRURDQHL GDFVHYDQDüWHXQILXGLQFVWRULD ORUDFHVWDYDPRüWHQLFRQFRPLWHQWWURQXO$QJOLHLDO%XUJXQGLHLüLDO% ULORUGH-RV vQVIkUüLW)LOLSVHDQJDMDVQXDWUDJQLFLRGDW$QJOLDvQ U]ERDLHOHVDOHvPSRWULYD)UDQ&HL7UDWDWXOHUDELQHDOFWXLWGDUFH JDUDQ&LLUHDOHGGHDHOvPSRWULYDXQHLIHPHLvQGUJRVWLWH"3RSRUXOHQJOH] IRDUWHRVWLOVWULQLORUüLPDLDOHVVSDQLROLORUvüLDUWGHvQGDW QHPXO&XPLUHD$PEDVDGRULLWULPLüLGH&DURO4XLQWXOSHQWUXDQHJRFLD FVWRULDIXUERPEDUGD&LFXEXOJULGH]SDGGHüWUHQJDULLGLQ/RQGUD 3HVWU]LOHGLQ&LW\DFHüWLDVHMXFDXGHDÅPULWLüXOUHJLQHLüLFRSLOXO FDUHOUHSUH]HQWDSHSULQ&XO6SDQLHLHUDVSkQ]XUDW0DLPXOWHFRPLWDWHVH UVFXODU6LU7KRPDV:\DWWSRUQLXQPDUüDVXSUD/RQGUHL6XV&LQXW GHFUHGLQ&DüLGHGUDJRVWHDVD0DULDSUHDGHQHFOLQWLW0LQLüWULLYRLDX FDUHJLQDVVHUHIXJLH]HvQ7XUQ HDUPDVHvQVVXUk]WRDUHOD :KLWHKDOOüLRE&LQXJUD&LHSUHVWLJLXOXL7XGRULORURYLFWRULHDWkWGH FRPSOHWvQFkWQLPHQLQXPDLvQGU]QLVVFRDWXQFXYkQWvPSRWULYD FVWRULHLHLFXVSDQLROXO5HEHOLLIXUH[HFXWD&LFX]HFLOH7RFPDLDWXQFL VRVLSULQ&XO6SDQLHL3ULQWHOHVXvLYRUELVHGHRUJROLXOHQJOH]üLL SRUXQFLVHVVHOHSHGHGHRULFHPRUJFDVWLOLDQ)LOLSVHVWUGXLVSODF üLUHXüLGHVWXOGHELQH'HILODUHDSULQ&LW\DXQXLLPHQVFRQYRLGHDXU H[WUDVGLQPLQHOHDPHULFDQHDYXXQPDUHHIHFWDVXSUDQHJXVWRULORUGLQ FDSLWDO9]kQGWRDWHDFHOHEXWRLDüHGHSXQkQGXVHOD7XUQVSXVHU ÅüWLDFHOSX&LQQXDXYHQLWVQHIXUH$VXSUDXQXLVLQJXUSXQFW)LOLS HUDLQWUDWDELO UHFRQFLOLHUHDFX5RPDÅ0DLELQHVQXGRPQHVFGHFkWV GRPQHVFSHVWHQLüWHHUHWLFL3DSDSUHDYL]DWDQXQ&FOYDWULPLWHSH FDUGLQDOXO3ROHFDOHJDWDOVXSHQWUXDSULPLVXSXQHUHDHQJOH]LORU /LQJRXULOHGHDXUGHSXVHOD7XUQGHFWUHVSDQLROLIXUGHDMXWRUvQD SUHJWLVXIOHWHOHIDPLOLLORUQRELOHvQYHGHUHDDFHVWXLPDUHHYHQLPHQW ,9/HJDWXOSDSDOGHEDUF)LOLSüL0DULDGHFODUDUFSURYLGHQ&DOD FUHDWSHQWUXDFHDVWPLVLXQH HOüLRvQGHSOLQLvQWUDGHYUFXXQWDFW DGPLUDELO&DUGLQDOXO3ROHvQWUXQHDILQH&HDXQXLSUHODWFXWLPLGLWDWHD WUXIDüDXQXLPDUHVHQLRUHQJOH]0RGHVWLDFXWRWLPHQVXOVX
SUHVWLJLXvOIFXVHVVH&LQOD5RPDvQWURUH]HUYGLQFDUHLHüHDDFXP SHQWUXvQWkLDRDU/D&DODLVFkQGJDUGDVDFHUXVLIL[H]HFXYkQWXOGH RUGLQHVSXVH Å'RPQXOSLHUGXWDIRVWUHJVLW)XSULPLWFXHQWX]LDVPOD 'RYHU6HüWLDFSDSDIJGXLVHSULQWUREXOFFHLFHDXGREkQGLW EXQXULELVHULFHüWLOHYRUSVWUDÅ&HHDFHQXSRDWHILYkQGXWSRDWHILGDW SHQWUXDVDOYDDWkWHDVXIOHWH3DUODPHQWXOVHvQWUXQLOD:KLWHKDOOFDVO SULPHDVFSHOHJDWXOSDSDO$FRORFDUGLQDOXOUHDPLQWLvQWUXQPDUH GLVFXUVLVWRULDVFKLVPHLüLIJGXLLHUWDUHDGHSOLQDSFDWHORUFRPLVHvQ WUHFXW$PEHOH&DPHUHSULPLUvQJHQXQFKLLHUWDUHDSFDWHORU$QJOLDHUD SXULILFDW 95HJLQDVHFUHGHDvQVUFLQDW&kQGVRVLPRPHQWXOQDüWHULLüL FORSRWHOHvQFHSXVHUVVXQHPHGLFLLFRQVWDWDUFIXVHVHRVDUFLQGH QDWXUQHUYRDV$IRVWRGXUHURDVGHFHS&LHSHQWUX0DULD6WDUHDHL PLQWDOGHYHQLQHOLQLüWLWRDUH)LOLSVHvQWRUVHVHvQ6SDQLD VSXVHVHF DEVHQ&DOXLYDILGHVFXUWGXUDWGDUHDVLP&LVHFLIRDUWHLULWDWGHIDUVD QDüWHULLüLGHDWLWXGLQHDSDUODPHQWXOXLHQJOH]FDUHLUHIX]DSDUWLFLSDUHD ODH[HUFLWDUHDSXWHULL5HJLQDFDUHSHYUHPHDFkQGHUDIHFLRDUvLXLPLVH SHEUED&LSULQFXUDMXOHLVHGRYHGLDFXPFkQGHUDvQGUJRVWLWVODEüL GHVFXUDMDW&UX]LPHDSHUVHFX&LLORUVDOHvPSRWULYDSURWHVWDQ&LORUFDUHL DWUVHVHSRUHFODGH0DULD6kQJHURDVDSRDWHILIUvQGRLDOH[SOLFDWvQ SDUWHSULQWXOEXUDUHDHLYHFLQFXQHEXQLD1X)LOLSRVIWXLVHV SURFHGH]HFXDWkWDDVSULPH$UGHUHDHUHWLFLORUVHJkQGHDHOHUDH[FH OHQWvQ6SDQLDüLvQ%ULOHGH-RV vQ$QJOLDSUXGHQ&DFHUHDRDUHFDUH UEGDUH'DU0DULDQXHUDGHORFUEGWRDUH/DLDQXDULHVH UHVWDELOLVHOHJHDFRQWUDHUH]LHL ODvQFHSXUüHGLQ&HOHFRPLVLLORU OD IHEUXDULHIXDUVSHUXJOD6PLWKILHOGSULPXOSUHRWFVWRULW9UHRWUHL VXWHGHPDUWLULSURWHVWDQ&LSLHULUvQIOFUL6XSOLFLXOHUDDWkWGH vQILRUWRUvQFkWSDUWLFLSDQ&LLFDVOHVFXUWH]HFKLQXULOHDGXFHDX VFXOH&HFXSUDIGHSXüFSHFDUHOHDWkUQDXGHJkWXOYLFWLPHORU&OLLHL vQüLüLVFkUEL&LQXLvPSLHGLFDX 9,&k&LYDPXULUvQPRGVXEOLP%WUkQXO/DWLPHUFDUHIXVHVHXQ PDUHSUHGLFDWRUSURWHVWDQWDIRVWDUVSHUXJOD2[IRUGvQDFHODüLWLPSFX GRFWRUXO5LGOH\$UILSXWXWFXXüXULQ&VüLVDOYH]HYLD&DDEMXUkQGGDU FkQGvQFHSXGLVFX&LDFXGRFWRULLFDUHSUHFHGDvQWRWGHDXQDVXSOLFLXOHO UVSXQVHFFLWLVHHYDQJKHOLLOHGDUQXJVLVHYRUELQGXVHDFRORGHOL WXUJKLHÅ6IL&LIRDUWHOLQLüWLWPDVWHU5LGOH\VSXVHHOWRYDUüXOXLGH VXIHULQ&HvQPRPHQWXOFkQGODQ&XULOHFOXOXLvLOHJDXSHDPkQGRLGH VWkOSVIL&LOLQLüWLWFFLQRLFXYRLD'RPQXOXLDSULQGHPDVW]LR DVHPHQHDWRU&vQ$QJOLDvQFkWQXVHYDVWLQJHQLFLRGDW&UDQPHUFDUH GRYHGLVHvQWLPSXOYLH&LLDWkWHDH]LWULüLVOELFLXQLüLFDUHvQvQFKLVRDUH vüLUHQHJDVHFUHGLQ&DvQPRPHQWXOVXSOLFLXOXLvüLUHJVLvQWUHJXOFXUDMüL DEMXUDEMXUD&LDOXL
9,,5HODWULOHGHVSUHDFHVWHVXSOLFLLIXUVWUkQVHGHXQVFULLWRU SURWHVWDQW)R[HvQ&DUWHD0DUWLULORUFDUHDYHDVVHJVHDVFDOWXULGH %LEOLHvQWRDWHFDVHOHHQJOH]LORU3ULJRDQDGH]OQ&XLWGHUHJLQD0DULD vPSRWULYDSURWHVWDQ&LORUOHGGXDFHVWRUDWRFPDLFHHDFHOHOLSVLVHSkQ DWXQFL RWUDGL&LHHURLFüLVHQWLPHQWDO9LFWLPHOHFDWROLFHDOHOXL+HQULF DO9,,,OHDQXSUHDHPR&LRQDVHUPDVDSRSRUXOXLHQJOH]SHQWUXFPXO&L IXVHVHUFOXJULVDXIUD&LFRQVLGHUD&LILLQ&HGLQWURFDWHJRULH H[FHS&LRQDO YLFWLPHOHUHJLQHL0DULDDXIRVWvQDIDUGHFk&LYD HFOH]LDVWLFLEUED&LüLIHPHLGLQSRSRUÍQWUR&DUvQFDUHGHYHQLVHDWkW GHPDUHGLYHUVLWDWHDFUHGLQ&HORUUHOLJLRDVHILHFDUHVHVLP&HDDPHQLQ&DW 8UDvPSRWULYDUHJLQHL0DULDüLDVSDQLROLORUFUHVFX&XWRDWHIJGXLQ&HOH IFXWH)LOLSRDQWUHQSHVR&LDOXLvQWUXQU]ERLFRQWUD)UDQ&HLüLvQ DFHDVWFDPSDQLH$QJOLDDSLHUGXW&DODLVXOÅ'XPQH]HXVRVDOYH]HSH GRDPQD(OLVDEHWDPXUPXUDXVXSXüLL0DULHL7XGRU'HDOWIHOUHJLQDVH VWLQJHDSUVLWGHWR&LÍQVXüLSDSD3DXODO,9OHDOXDWLWXGLQH vPSRWULYD0DULHLüLvPSRWULYD6SDQLHL6HPDLFUH]XRGDWvQVUFLQDW GDUQXHUDGHFkWRKLGURSL]LH/DQRLHPEULHODRGLVWDQ&GH FkWHYDRUHSUVLUOXPHDDFHDVWDUHJLQD0DULDüLYUXOHLFDUGLQDOXO 3ROH&XROXQvQDLQWHUPVHVHDSURDSHVLQJXUGHRDUHFHvQWUHDJD FXUWHVHJUXSDVHvQMXUXO(OLVDEHWHL 9,,, (/,6$%(7$û,&203520,68/$1*/,&$1 ,8UFDUHDSHWURQD(OLVDEHWHLDIRVWSULPLWGHSRSRUXOHQJOH]FXR EXFXULHDSURDSHXQDQLP'XSFHVHWHPXVHDWkWGHPXOWGHWLUDQLD VSDQLROHUDRXüXUDUHVDFODPHRUHJLQOLEHUGHRULFHOHJWXU VWULQ'HODFXFHULUHDQRUPDQGQLFLXQVXYHUDQQXIXVHVHGHVkQJH HQJOH]DWkWGHSXU3ULQWDWOHL(OLVDEHWDGHVFLQGHDGLQUHJLLWUDGL&LRQDOL SULQPDPDVDGLQJHQWLORPLL&ULLÍQWRWWLPSXOGRPQLHLVDOHHDDFXWDW VFküWLJHVLPSDWLDSRSRUXOXL6DVFULVFPRQDUKLD7XGRULORUDIRVWWRW DWkWGHDEVROXWFDüLDFHHDDOXL/XGRYLFDO;,9OHDVDXFDLPSHULXO FH]DULORU VDUHDPLQWLWF(OLVDEHWDvüLPkQDSDUODPHQWXOFXFUDYDüDF ZDUUDQWHOHHLHUDXGLVSR]L&LLVDPDYROQLFHGHDUHVWDUHFDFX]D&LLDX IRVWWRUWXUD&LGHMXGHFWRULLHLvQGLVSUH&XOOHJLORUHQJOH]H'DU/XGRYLFDO ;,9OHDVDX7LEHULXFDVüLLPSXQYRLQ&DDYHDXDUPDWDODRUGLQXOORU (OLVDEHWDFDüLWDWOüLEXQLFXOHLQDYHDGHFkWRJDUGDWkWGHSX&LQ QXPHURDVvQFkWFHDPDLUHGXVPLOL&LHGLQ/RQGUDRSXWHDSXQHSH IXJ(DQXDIRVWSXWHUQLFGHFkWSHQWUXFDIRVWLXELWVDXFHOSX&LQ
ÍQRULJLQDOOHWWUHVGHFDFKHWDFWSULQFDUHvQ)UDQ&DDEVROXWLVWRSHUVRDQSXWHDIL
vQWHPQL&DWIUMXGHFDWSHED]DXQHLVLPSOHGLVSR]L&LLVHPQDWHGHUHJH
SUHIHUDW&kQGVHY]XDPHQLQ&DWGHRLQYD]LHVSDQLROFKHPÅQXXQ FRQHWDELOQXSHüHIXODUPDWHL QLFLQXDYHD FLSHORUGXOSULPDUDO /RQGUHLÍLFHUXFLQFLVSUH]HFHQDYHüLFLQFLPLLGHRDPHQL(OUVSXQVH F/RQGUDDUILIHULFLWVLRIHUHPDLHVW&LLVDOH]HFHPLLGHRDPHQLüL WUHL]HFLGHYDVH$SURDSHvQWUHJXOUHJDWGGXGRYDGGHDFHHDüLORLDOLWDWH 5DUHOHUHYROWHIXU]GURELWHXüRUILLQGFRQVLGHUDWHGHSRSRUFDQLüWH FULPHÍQWURYUHPHFkQGDSURDSHWRDWHUHJDWHOH(XURSHLHUDXVIküLDWHGH FHUWXULUHOLJLRDVHVDX&LQXWHvQIUkXSULQWHURDUH(OLVDEHWHLvLSOFHDV DUDWHDPEDVDGRULORUFHDSXWHDILVLJXUGHVXSXüLLVL7UHFHDFXWU VXUDSHXQGHHUDPXO&LPHDPDLGHDVVWWHDvQSLFLRDUHüLYRUEHDFXFHL GLQMXUXOHLÅ'XPQH]HXVYDLEvQSD]DOXLLVHVWULJD(D UVSXQGHD Å'XPQH]HXVDLEvQSD]DOXLSRSRUXOPHX)LHFVHDIODOD /RQGUDVDXvQYUHRFOWRULHDQXDOSULQRUDüHOHGLQUHJDWvüLMXFDIU vQFHWDUHUROXOVSULQWHQVSLULWXDOHUXGLWFRPSOLPHQWkQGSHSULPDU SHQWUXODWLQDOXLVDXSHJRVSRGLQHSHQWUXEXFWULDORUÅÍQMXUDVFXLSD L]EHDFXSXPQXOFkQGHUDIXULRDVUkGHDvQKRKRWHFkQGHUDDPX]DWüL FHXüRUHUDVRDPX]L5HDF&LRQDODRULFHVWLPXOHQWLPHGLDWüLGLQSOLQ VXELPEROGXOSOFHULLüLvQID&DFXPSOLWXOXLWXPXOWDOPDULORU HYHQLPHQWHLQLPDHLIUHPWDFXYLRLFLXQHGHVFKLVFXRSUH]HQ&GHVSL ULWFDUHIFHDGLQHDXQVSHFWDFROIDVFLQDQW ,,'LQWUHQXPHURDVHOHVHFUHWHDOHIRU&HLVDOHFHOPDLHILFDFHHUDDFHD UDSLGLQWXLUHDFHHDFHSXWHDVSODFSRSRUXOXLVXüLXQVLP&DO HFRQRPLHLGHPQGH+HQULFDO9,,,OHD$YDUL&LDFDUHHVWHXQYLFLXODXQ VXSXVGHYLQHRYLUWXWHODXQSULQ&3RSRUDOFHUHD(OLVDEHWHLSX&LQH OLEHUW&LSHQWUXFHDvLFHUHDSX&LQLEDQL%XJHWXOHLDQXDOQXDWLQJHDR MXPWDWHGHPLOLRQGHOLYUH'HRDUHFHHUDVUDFüLSHQWUXFHUDüL IHPHLHGLQWUHFHOHOLSVLWHGHFUX]LPHQXLSOFHDU]ERLXO(DVDU]ERLW XQHRULFXVXFFHVGDUQLFLRGDWQXVDD]YkUOLWvQvQWkPSLQDUHD SULPHMGLHL&DVHYLWHU]ERLXOHUDJDWDVPLQWVMXUHXQXL DPEDVDGRUFQXüWLHQLPLFGHVSUHRDIDFHUHFUHLDvLFRQVDFUDVHWRDW DWHQ&LDVDXVXSUHPH[SHGLHQWVGHYLH]HGLVFX&LDSHXQSODQ VHQWLPHQWDOüLSULQIDUPHFXOHLVLDVWULXPIWRDUHÅ%DUDDFHDVWD VFULDDPEDVDGRUXO6SDQLHLDvQFSXWSHPkLQLOHXQHLIHPHLFDUHHVWH ILLFDGLDYROXOXL1XHUDXSHSODFXOHLSURLHFWHOHYDVWH VHJkQGHDüLvQ SULYLQ&DDFHDVWDVHPQDFXVXSXüLLVLFWUHEXLHVWULHüWLGHSHR]L SHDOWD(QJOH]LORUFKLDUüLDFHORUDGLQHYXOPHGLXQXOHDXSOFXW QLFLRGDWFUXFLDGHOH FHOPXOWDXGDWDOWRUDVXEYHQ&LLFDVOH vQWUHSULQG0DLPXO&LGLQWUHVIHWQLFLL(OLVDEHWHLDUILYUXWVRGHWHUPLQH VLQWUHvQWUROLJDQD&LXQLORUSURWHVWDQWH(DPDQHYUüLVIkUüLSULQD VHHVFKLYDvPSUXPXWkQGEDQLüLFkWHYDUHJLPHQWH)RU&DHLFRQVWDvQD UHQXQ&DODIRU&Å(DVHFRPSRUWDFDRIHPHLHGHEXQVLP&vQWUROXPHGH
3UREDELOJUHüHDOvQRULJLQDOvQORFGH+HQULFDO9,,OHD&IFU&LLD,9DFDS,,
+HQULFDO9,,,OHDQXVDSUHDUHPDUFDWSULQVSLULWGHHFRQRPLH
PDQLDFLYLROHQ&LvQWUHIRU&HDGYHUVHGHRWHULELOLQWHQVLWDWH QD&LRQDOLVPXO)UDQ&HLULYDOFXQD&LRQDOLVPXO6SDQLHLUHOLJLD5RPHL ULYDOFXUHOLJLDOXL&DOYLQ DQLGH]LOH]GURELUHDHLGHFWUHXQDVDXGH DOWDGLQWUHDFHVWHIRU&HDPHQLQ&WRDUHSUXLQHYLWDELO QXüLGDWRU VDOYDUHDGHFkWSULFHSHULLGHDRSXQHH[WUHPHORUFDUHRvQFRQMXUDXFHHDFH ODHDHUDXGHDVHPHQHDH[WUHPH üLUHWHQLDüLVXEWHUIXJLLOH)LHFHUD YRUEDGHRH[SHGL&LHVDXGHRFXFHULUHGDFWUHEXLDVVHYHUVHVkQJH SUHIHUDVODVHDOWRUDUVSXQGHUHDüLvQFD]GHvQGRLDOVVHDE&LQ 'RPQLDVDHGHSDUWHGHDILIRVWIHULWGHQHGUHSW&LGDUSRDWHFHDD IFXWFkWPDLSX&LQUXSRVLELOvQDFHOHYUHPXULJUHOH ,,,ÍQWURVLQJXUSULYLQ&DUH]LVWDWvQWRWGHDXQDGRULQ&HORU SRSRUXOXLVX&DPHUD&RPXQHORURSUHVDVVHPULWH1LPLFQXSUHD PDLXUJHQWGHFkWVüLDVLJXUHXQXUPDü$WkWDWLPSFkWUHJLQDQDYHD PRüWHQLWRUYLD&DHLüLUHOLJLD&ULLHUDXvQSHULFRO1XHUDRDUHGHDMXQVV ILHDVDVLQDW(OLVDEHWDFDVILHDGXVSHWURQUHJLQD6FR&LHL0DULD 6WXDUWVWUQHSRDWDOXL+HQULFDO9,,OHDFDWROLFüLVR&LHDGHOILQXOXL )UDQ&HL"0DUHLVSLWSHQWUXIDQDWLFL'DU(OLVDEHWDQXYRLDVVHPULWH ÍQ]DGDURFXUWDXUHJLüLSULQ&L-XFDFXWR&LDFHODüLMRFDOFRFKHWULHLDO VFULVRULORUDPDELOHDOIOLUWXOXLSRHWLFüLDGHVHDvQGU]QH&SHQWUXFDGH ILHFDUHGDWVSXQFDSWLQWHUPLQDELOXOXLGLYHUWLVPHQWHVFKLYkQGXVH )FXDVWIHOVWkQMHDVFGXSHDSH)LOLSDO,,OHDSHSULQ&XO6XHGLHLSH DUKLGXFHOH$XVWULHLSHGXFHOHG $OHQoRQIUDPDLQXPUDüLSH IUXPRüLLHQJOH]LFDUHLSOFHDXDWkW /HLFHVWHU(VVH[5DOHLJKFXUWH]DQL RüWHQLüLSRH&LFURUDOHvQJGXLDIRDUWHPXOWHOLEHUW&LüLPkQJkLHUL QHvPSOLQLWHSkQvQ]LXDvQFDUHIHPHLDUHGHYHQLQGUHJLQvLWULPLWHDOD 7XUQ&HGRUHD"9RLDVPRDUIHFLRDU"'DUHUDRDUH"'LQ]LOHOHWLQHUH&LL VDOHFkQGXQFKLXOHLDPLUDOXO6H\PRXULQWUDvQFDPHUDHLVHDüH]DSH SDWüLvQFHSHDFXHDXQMRFvQIRFDW(OLVDEHWDVHFRPSURPLVHVHFXPXO&L EUED&LÍLSOFHDXOLQJXüLULOHORU HUDIHUPHFDWFkQGLVHVSXQHDUHJLQD ]kQHORUVDX*ORULDQD'DUFHLPDLELQHLQIRUPD&LvQFOLQVFUHDGFHD QDIRVWFXDGHYUDWDPDQWDQLPQXLFDYHDRRURDUHIL]LFGHFVWRULH üLFVLJXUDQ&DFQXYDSXWHDGHYHQLPDPVIkUüLSULQDGHWHUPLQD KRWUkUHDVD2FVWRULHIUPRüWHQLWRUDUILVXSXVRvQPRGLQXWLO SXWHULLEUEDWXOXLVXüLDUILOLSVLWRGHH[WUDRUGLQDUXOHLSUHVWLJLXGH Å)HFLRDUSXEOLF ,9'DFYUHRFk&LYDGLQWUHIUXPRüLLDGROHVFHQ&LFDUHvLIFHDXFXUWH UHXüLUVRWXOEXUHHDüWLXWRWGHDXQDVüLSVWUH]HPLQWHDGHSDUWHGH UWFLULOHVLP&XULORU&RQVLOLHULLSHFDUHüLLDOHVHIXUWR&LGHRDOW IDFWXU&DüLEXQLFXOVXvLOXGLQWUHRDPHQLLQRLILLGH\HRPHQVDXGH QHJXVWRULUHPDUFDELOLQXSULQQDüWHUHFLSULQLQWHOLJHQ&DORUÍQHYXO PHGLXYLUWX&LOHFDYDOHUHüWLVDXGHPQLW&LOHHFOH]LDVWLFHGXFHDXODVFDXQXO GHPLQLVWUX (OLVDEHWDSUHWLQGHDPLQLüWULORUVLFDOLW&LGHJXYHUQDUHüL
GRXVHQWLPHQWHQRL SDWULRWLVPüLVLP&XOUD&LXQLLGHVWDW3ULQFLSDOXOHL FRQVLOLHU:LOOLDP&HFLO XOWHULRUORUGXO%XUJKOH\ ILXGH\HRPDQ vPERJ&LWFXRFD]LDGLVWULEXLULLEXQXULORUPRQDKDOHSXVHED]HOHXQHL IDPLOLLFDUHFDüLIDPLOLLOH5XVVHOOVDX&DYHQGLVKDYHDXVSDUWLFLSH SkQvQ]LOHOHQRDVWUHODJXYHUQDUHD&ULL'HüLvQFHSULYHüWHLQWHOLJHQ&D OXL&HFLOWR&LPDUWRULLVXQWGHDFRUGVRUHFXQRDVF0DFDXOD\vL UHSURüHD]FQDIRVWGLQILUHDVHPHQHDVWHMDUXOXLFLPDLFXUkQGFDR VDOFLHÅ'GHDRPDUHDWHQ&LHLQWHUHVHORUGHVWDWGDUüLPDUHDWHQ&LHLQWH UHVHORUSURSULHLVDOHIDPLOLL1XüLSUVHDQLFLRGDWSULHWHQLLSkQFkQG QXGHYHQHDSHULFXORVVLVXV&LL HUDXQH[FHOHQWSURWHVWDQWDWXQFLFkQG QXHUDIRDUWHDYDQWDMRVVILLSDSLVWQDVXSXVQLFLRGDWWRUWXULORUSH DFHLFURUDSUHDSX&LQSUREDELOFWRUWXUDOHYDSXWHDVPXOJHYUHR LQIRUPD&LHXWLOüLDIRVWDWkWGHPRGHUDWvQGRULQ&DVDGHvPERJ&LUH vQFkWQXOVODPRDUWHGHFkWWUHLVXWHGHGRPHQLL 92MXGHFDWDVSUüLGXSFkWVHSDUHQHMXVW(VWHH[DFWF &HFLODSUHIHUDWVQXILHDUVSHUXJVXEGRPQLDUHJLQHL0DULDFD DSUHFLDWFYLD&DOXL:LOOLDP&HFLOÅPHULWDROLWXUJKLHüLFDWULPLVPDL WkU]LXODVXSOLFLLRDPHQLFDUHQXFRPLVHVHUDOWFULPGHFkWDFHHDGHD ILUHVSHFWDWGLQFRQYLQJHUHULWXULOHSHFDUHHOvQVXüLOHUHVSHFWDVH RGLQLRDUGLQSUXGHQ&'DUFkQGHUDYRUEDGHWUHEXULGHVWDWGGHD GRYDGGHFXUDM(OVHRSXQHDDGHVHD(OLVDEHWHLüLvQWURDQXPLW PVXUvLLPSXQHDYHGHULOHVDOH,HüLWGLQUkQGXULOHFODVHLPLMORFLLR FXQRüWHDODSHUIHF&LHüLLGHLOHOXLHUDXSHSODFXOFODVHLVDOHÅ'DF0DUHD %ULWDQLHHVWHDVW]LRQD&LXQHGDF$QJOLDHVWHR&DUSURWHVWDQWR&DU FRPHUFLDOGDFVHSRDWHOXGDFXRDQXPLWFRQWLQXLWDWHQXDWkWD LQVWLWX&LLORUFkWDGHQXPLULORUORUHDGDWRUHD]DFHVWHWUVWXULOXL :LOOLDP&HFLOPDLPXOWGHFkWRULFUXLDOWEUEDWGHVWDW/DXUFDUHDSH WURQD(OLVDEHWHLHOvLDUWPDLvQWkLRPDUHQHvQFUHGHUHDYkQGSUHD SX&LQUHVSHFWID&GHDXWRULWDWHDXQHLIHPHLÍQGU]QLVLGH]DSUREHSH DPEDVDGRULLFDUHLVHDGUHVDXHLÍQFHWvQFHWvQFHSXVFXQRDVFFLXGDWD üLSURIXQGDvQ&HOHSFLXQHDUHJLQHL6IkUüLUSULQDIRUPDRHFKLSFDUHVH vQ&HOHJHDGHPLQXQHüLODFDUHVHDOWXUDUEUED&LFDJUDYXOVHFUHWDUGH VWDW:DOVLQJKDPPDLDSULJSURWHVWDQWGHFkW&HFLOüLFDUHGRUHDÅPDL vQWkLVODYD'RPQXOXLDSRLPkQWXLUHDUHJLQHL/XL%XUJKOH\LDVSXV RGDW(OLVDEHWD Å3UHUHDPHDGHVSUHGXPQHDYRDVWUHFYH&LIL FUHGLQFLRVVWDWXOXL6HDUWDDVWIHOREXQFXQRVFWRDUHDRDPHQLORU FHHDFHLQWUDvQUROXOVXGHIHPHLH$WkWGHVWUkQVXQL&LGHYHQLU VXYHUDQDüLPLQLVWUXOvQFkWVDSXWXWVSXQHGHVSUH(OLVDEHWDFHUDüL EUEDWüLIHPHLHvQDFHODüLWLPS &HFLOüLHDvQVüL 9,ÍQLQLPDHLDIRVWHDRDUHFDWROLFVDXSURWHVWDQW"0XO&LFUHGF 7KRPDV%DELQJWRQ0DFDXOD\ LVWRULFHQJOH]OLEHUDO
HUDSJkQVDXFHOSX&LQVFHSWLF&UHVFXWvQSURWHVWDQWLVPHDQX üRYLVHPDLPXOWGHFkW&HFLOSHYUHPHDVXURULLVDOH0DULDVüLVDOYH]H YLD&DMXFkQGFRPHGLDXQHLFRQYHUWLUL(UDIUvQGRLDOUHOLJLRDVvQWUXQ PRGILOR]RILFvQPDQLHUDOXL(UDVPÍQPRPHQWXOXUFULLSHWURQVD UXJDWOXL'XPQH]HXVRvQYUHGQLFHDVFVJXYHUQH]HIUYUVDUHGH VkQJH1DUHXüLWGDUDIFXWWRWFHLDVWDWvQSXWLQ&$IRVWWRWGHDXQD PkQGUGHORLDOLVPXOVXSXüLORUVLFDWROLFL=ULQGvQWUR]LvQPXO&LPH XQEWUkQFDUHVWULJD Å9LYDWUHJLQD+RQQLVRLWTXLPDO\SHQVHHDvO DUWvQFkQWDWDPEDVDGRUXOXL6SDQLHL Å2PXODFHVWDGHWUHDEHXQ SUHRWDOYHFKLLUHOLJLL3UXGHQWvLUHVSLQJHDSHFOXJULLFDUHYHQHDXvQ vQWkPSLQDUHDHLFXOXPkQUL Å/XD&LWRU&HOHGHDLFLVHYHGHGHVWXOGH ELQHGDUDSVWUDWWRWGHDXQDXQFUXFLIL[vQSURSULDVDFDSHOüLL vQFKLVHJXUDFXDVSULPHXQXLSUHGLFDWRUSURWHVWDQWFDUHvQGU]QLVR GH]DSUREHÍQUHOLJLHFDüLvQSROLWLFHDWHUJLYHUVDFXWDRFUHGLQ& PLMORFLHFXOWLYDFRPSURPLVXO/DvQFHSXWXOGRPQLHLVDOH&HFLOvLLPSXVH vQWRDUFHUHDODQD&LRQDOFDWROLFLVPXOOXL+HQULFDO9,,,OHDÍQ SDUOD PHQWXOYRWSHQWUXDGRXDRDU$FWXOGHVXSUHPD&LHFDUHDEROHD SXWHUHDSDSDOüL$FWXOGHXQLIRUPL]DUHFDUHLPSXQHDWXWXURUSDURKLLORU HQJOH]HFDUWHDGHUXJFLXQLüLVOXMEDvQOLPEDYRUELWGHSRSRU ÍQYLUWXWHDDFHVWRUDFWHRULFLQHIDYRUL]DDXWRULWDWHDVSLULWXDOD SDSHLGHYHQHDSDVLELOGHFRQILVFDUHDDYHULL5HIUDFWDUXOVHIFHDYLQRYDW GHvQDOWWUGDUH$FHDVWOHJLVOD&LHLQWURGXVHvQOLPEDHQJOH]GRX FXYLQWHQRL UHFX]DQ&LLDGLFDFHLFDUHUHIX]DXVSUHVWH]HMXUPkQWXO XUPULWRULLFHLFDUHIRUPDXEDQGDGHVSLRQLüLLQIRUPDWRULFRQGXüLGH 5LFKDUG7RSFOLIIHüHIXOVHUYLFLXOXLvQVUFLQDWVLDUHVWH]HSHSDSLVWDüLüL SHSXULWDQL&HOPDLFHOHEUXXUPULWRUGLQ:DUZLFNVKLUHDIRVW6LU 7KRPDV/XF\JHQLXOUXDOIDPLOLHL6KDNHVSHDUH 9,,ÍQIXUDGRSWDWHFHOH7UHL]HFLüLQRXGHDUWLFROHFDUH WUHEXLDXVUPkQFUHGRXODQJOLFDQLORU3URWHVWDQWLVPXOORUPRGHUDW FRLQFLGHDDSURDSHFXGRULQ&HOHQD&LXQLL&DUGLQDOXO%HQWLYRJOLRGHVFULLQG VLWXD&LDUHOLJLLORUvQ$QJOLDVXEGRPQLDGHDWXQFLDSUHFLDFDSUR[LPDWLY DWUHL]HFHDSDUWHDQD&LXQLLHUDIRUPDWGLQFDWROLFL]HORüLGDUFSDWUX FLQFLPLGLQHDDUUHGHYHQLFDWROLFLIUVFUXSXOHGDFVDUUHVWDELOL OHJDOPHQWHFDWROLFLVPXOGHüLHUDXLQFDSDELOLVVHUHYROWHGDFQXVH UHVWDELOHDÍQIDSWFkQGFRURDQDüLSDUODPHQWXOUHVWDELOLU
6ILHGHUXüLQHFHOFHVHJkQGHüWHODUHOH GHYL]D2UGLQXOXLMDUHWLHUHLFHDPDL
vQDOWGHFRUD&LHEULWDQLFLQVWLWXLWGHUHJHOH(GXDUGDO,,,OHDvQ 7UDGL&LLOHQXWRFPDLVLJXUHGHVSUHYLD&DOXL6KDNHVSHDUHSUHWLQGFDFHVWDDUIL EUDFRQDWvQWLQHUH&HSHWHUHQXULOHGHYkQWRDUHDOHOXL6LU7KRPDV/XF\üLFSHUVH FXWDWGHDFHVWDDUILIRVWREOLJDWVIXJGLQRUDüXOQDWDO6WUDWIRUGRQ$YRQ vPEU&LükQGFDULHUDGHDFWRUDPEXODQW8QPDOL&LRVMRFGHFXYLQWHvQDFWXO,VFHQD, GLQÅ1HYHVWHOHYHVHOHGLQ:LQGVRUEURGDWSHFRQIX]LDLQWHUORFXWRULORUvQWUHOXFH üWLXF üLORXVH SGXFKH SDUHVLQGLFHFvQWUDGHYUGLQWUXQPRWLYVDXDOWXO6KDNHVSHDUH DIRVWvQFRQIOLFWFXDFHVWQRELO
DQJOLFDQLVPXOGLQRSWPLLGHSUHR&LüDSWHPLLDXDFFHSWDWVFKLPEDUHD FXWRDWHFGRXPLLGLQWUHFHLPDLIHUYHQ&LSURWHVWDQ&LIXVHVHUDOXQJD&L VXEGRPQLDUHJLQHL0DULD6XSXQHUHDDFHDVWDGRYHGHDQXFHQJOH]LLDU ILIRVWQHUHOLJLRüLFLFPXO&LGLQWUHHLGRUHDXVVHSVWUH]HFHUHPRQLLOH FDWROLFHVXSULPkQGXVHvQDFHODüLWLPSIRORVLUHDOLPELLODWLQHüLGRPLQD&LD SDSHL&XH[FHS&LDVLWXD&LHLGLQFkWHYDIDPLOLLSX&LQQXPHURDVHGH FDWROLFLIHUYHQ&LGHYRWDPHQWXOFWUHVXYHUDQHUDPDLSUHVXVGHFkW VHQWLPHQWXOUHOLJLRV/DvQFHSXWXOGRPQLHLFULSWRFDWROLFLLQXIXUGHORF WXOEXUD&L/LVHFHUHDQXPDLVSDUWLFLSHODVOXMEDDQJOLFDQ GDF OLSVHDXWUHEXLDXVSOWHDVFRDPHQGGHGRLVSUH]HFHSHQQ\ÍQ QXPHURDVHGRPHQLLVH&LQHDDVFXQVFkWHXQSUHRWFDUHWULDvQWUR vQFSHUHVFRELWvQJURVLPHDYUHXQXL]LGüLFDUHFLWHDOLWXUJKLDvQVHFUHW SHQWUXWR&LFDWROLFLLGLQYHFLQWDWH%UDQLLüLVHUYLWRULLHUDXFRPSOLFLûL HLUHJUHWDXYUHPHDIUD&LORUÅFkQGSDWUX]HFLGHRXVHYLQGHDXFXXQ SHQQ\üLFkQGXQRERURFGHJUkXGLQFHOPDLEXQFRVWDSDLVSUH]HFH SHQQ\'DF(OLVDEHWDDUILIRVWDWRWSXWHUQLFVDUILVWDWRUQLFLWR UHODWLYWROHUDQ&$YHDODFXUWHDHLFULSWRFDWROLFLüLQXOHFHUHDGHFkWR VXSXQHUHDSDUHQW(DQXYRLDQLFLLQFKL]L&LDSURWHVWDQWQLFLWRUWXUD SHQWUXVRQGDUHDFRQüWLLQ&HORU'DUPLQLüWULLHLPDLVHFWDULGHFkWUHJLQD SRUXQFLUFRQGDPQDUHDODvQFKLVRDUHDUHIUDFWDULORU7RWXüLvQWLPSXO SULPXOXLGHFHQLXDOGRPQLHLQXDH[LVWDWQLFLRFRQGDPQDUHODPRDUWH ÍQXQHOHELVHULFLSUHR&LLFRQWLQXDXVSRDUWHVWLKDUDOEVFkQWHODRUJ VFHOHEUH]HFVWRULLFXYHULJKHWH$SURDSHSUHWXWLQGHQLVHSVWUDX YLWUDOLLOHURPDQHFDVVHHYLWHFKHOWXLHOLOH HUDXvQORFXLWHFXJHDPXUL VLPSOHDELDFkQGVHVSUJHDX6SLULWXOGHHFRQRPLHüLQHSVDUHDvüL GGHDXPkQDSHQWUXDLPSXQHDVHPHQHDFRPSURPLVXUL 9,,,7UHLIDSWHLDXvQJGXLWOXL&HFLOüLPDLDOHVOXL:DOVLQJKDPV VHDUDWHPDLVHYHULüLVIRU&H]HPkQD(OLVDEHWHL3ULPXODIRVWQRDSWHD VIkQWXOXL%DUWRORPHXGLQ)UDQ&D DOGRLOHDREXOGHH[FRPXQLFDUHD UHJLQHLODQVDWGHSDSD3LXVDO9OHDvQWUXQPRPHQWIRDUWHLQRSRUWXQ DOWUHLOHDvQILLQ&DUHDvQVWULQWDWHDXQRUVHPLQDULLFDDFHODGHOD 'RXDLGHVWLQDWHVSUHJWHDVFUHFXFHULUHD$QJOLHLGHFWUHFDWROLFLVP $H[FRPXQLFDSHVXYHUDQvQVHPQDDGH]OHJDSHVXSXüLLFDWROLFLGH ILGHOLWDWHDID&GHHDPHUJkQGXVHSkQDFRORvQFkWVHVSXQHDFSDSD DUILLHUWDWEXFXURVSHFHOFDUHDUILDVDVLQDWRSH(OLVDEHWDÍQGHFHPEULH VHFUHWDUXOGHVWDWSRQWLILFDOGGXXQUVSXQVDPELJXXüLVXVSHFW ODRvQWUHEDUHSXVvQQXPHOHXQRULH]XL&LHQJOH]L Å'HRDUHFHDFHDVW IHPHLHSFWRDVHVWHSULFLQDSLHUGHULLSHQWUXFUHGLQ&DDWkWRUPLOLRDQH GHVXIOHWHQXvQFDSHQLFLRvQGRLDOFDFHOFDUHRYDWULPLWHSHOXPHD FHDODOWFXSLRDVDLQWHQ&LHGHDOVOXMLSH'RPQXOQXQXPDLFQXYD SFWXLGDUYDGREkQGLüLPHULWHÍQFHSkQGGLQDXIRVWH[HFXWD&L
0DVDFUDUHDKXJKHQR&LORU FDOYLQLüWLORU IUDQFH]LOD3DULVODDXJXVW 6I
%DUWRORPHXvQFDOHQGDUXOFDWROLF
vQ$QJOLDSUHR&LFDWROLFLSUHFXPüLODLFLGDUQXSHQWUXHUH]LHFLSHQWUX vQDOWWUGDUH0XO&LGLQWUHFHLFDUHDXIRVWDVWIHOVSkQ]XUD&LVDX VIkUWHFD&LvQFXUVXOXQRUvQJUR]LWRDUHFHUHPRQLLvQFDUHWUXSXULOH vQVkQJHUDWHDOHRDPHQLORUVSkQ]XUD&LHUDXVFRDVHGLQüWUHDQJWLDWHvQ EXF&LüLDSRLDUXQFDWHvQWUXQFD]DQFXFDWUDQFORFRWLQGIXVHVHU QHYLQRYD&LVDXFKLDUQLüWHVILQ&L$VWIHODIRVWFD]XOQRELOXOXLLH]XLW &DPSLRQGHVSUHFDUHvQVXüL%XUJKOH\DWUHEXLWVPUWXULVHDVFFHUD ÅXQJLXYDHUDO$QJOLHLüLDFUXLVLQJXUFULPDIRVWFDXPEODW GHJKL]DWGLQFDVvQFDVSUHGLFkQGüLFHOHEUkQGOLWXUJKLD(ODPXULW VSXQkQGFVHURDJSHQWUXUHJLQÅ3HQWUXFDUHUHJLQ"&LSDX VSHFWDWRULLÅ3HQWUX(OLVDEHWDUHJLQDYRDVWUüLUHJLQDPHDFUHLDvL GRUHVFGRPQLHOXQJüLOLQLüWLWüLWRDWSURVSHULWDWHD$VWIHOGHüL (OLVDEHWDHUDvQFOLQDWVSUHFOHPHQ&QXPUXOYLFWLPHORUIDQDWLVPXOXLD IRVWVXEGRPQLDVDWRWDWkWGHPDUHFDüLVXEGRPQLDUHJLQHL0DULD &RQVLOLXOHLDSRUXQFLWH[HFXWDUHDDRVXWSDWUX]HFLüLüDSWHGHSUHR&LD SDWUX]HFLüLüDSWHGHJHQWLORPLDXQXLPDUHQXPUGHRDPHQLGLQSRSRU üLFKLDUDXQRUIHPHL$FHLFDUHQDXSLHULWQXvQVHDPQFQDXIRVW SULJRQL&L7DWOOXL6KDNHVSHDUH-RKQ6KDNHVSHDUHHVWHXQXOGLQ H[HPSOHGHRDUHFHHUDFDWROLFüLWH[WXOWHVWDPHQWXOXLVXQXLGHFkW WUDGXFHUHDXQXLIRUPXODUDGXVGLQ5RPDGH&DPSLRQüLUHFRPDQGDW SUHR&LORULH]XL&LGHFWUHFDUGLQDOXODUKLHSLVFRSDO0LODQXOXL ,;*HQHYDQXHUDPDLELQHWUDWDWGHFkW5RPDüLFDOYLQLVPXOFDUH VDUVSkQGLWDWXQFLvQ$QJOLDXQGHDGDWQDüWHUHSXULWDQLVPXOXLQD IRVWPDLSX&LQVXVSHFWGHFkWFDWROLFLVPXO3XULWDQLLDUILYUXWVüWHDUJ XOWLPHOHYHVWLJLLDOHFHUHPRQLDOXOXLURPDQüLVVXSULPHWRDWHLHUDUKLLOH FDUHDPLQWHDXGHÅ%DELORQ(LQXLUHFXQRüWHDXSHHSLVFRSLLDQJOLFDQL IFHDXSDUDGGHPDUHDORUDYHUVLXQHID&GHYLFLLüLGHDGPLUDELOXO]HO SHQWUXUHOLJLH(LGRUHDXVUHRUJDQL]H]HVWDWXOLQVSLUkQGXVHQXPDLGLQ %LEOLHüLVLPSXQJXYHUQDUHD$QJOLHLGHFWUHÅ3DWULDUKLLELVHULFLL 'DFDUILSXWXWDUILUHVWDELOLWWRDWHOHJLOHOXL0RLVHLQFOXVLYDFHHDD WDOLRQXOXLÅRFKLSHQWUXRFKLGLQWHSHQWUXGLQWHSUHFXPüLSHGHDSVDFX PRDUWHDSHQWUXKXOVSHUMXUQHUHVSHFWDUHDVDEDWXOXLDGXOWHUüL GHSUDYDUH3XULWDQLVPXODFHVWDIDQDWLFQHOLQLüWHDSHUHJLQSHHSLVFRSL üLSHFHLPDLUH]RQDELOLGLQWUHFUHGLQFLRüLGDUSXULWDQLVPXOPRGHUDW FküWLJDDGHUHQ&LÍQ]DGDUHSLVFRSLLSURSXVHUvQSDUODPHQWXOGLQ VVHLDPVXULULJXURDVHvPSRWULYDSXULWDQLORU OHJHDQXIXYRWDW
/XFUXOQXHVLJXUüLQLFLDUJXPHQWXOLQYRFDWQXHSHUHPSWRULXILLQGFDVHPHQHD
IRUPXODUHGHWHVWDPHQWSXWHDXILIRORVLWHGHRULFLQH6LJXUHVWHFvQ -RKQ 6KDNHVSHDUHILJXUHD]SHROLVWGHSHUVRDQHÅFDUHQXPHUJOXQDUODELVHULFSRWULYLW OHJLORUPDLHVW&LLVDOHüLFGHODDFHVWDPQXQWDSOHFDWVXSR]L&LDFDUILIRVWFDWROLF VDXSXULWDQ'DUWUHEXLHDYXWvQYHGHUHüLIDSWXOFvQDFHHDüLOLVWHLQGLFDWüLPRWLYXO GHWHDPVQXILHDUHVWDWSHQWUXGDWRULL6DRELHFWDWvQVFDFHVWPRWLYDUILIRVW WUHFXWGLQEXQYRLQ&DFXLYDSHQWUXDQXOH[SXQHSHEWUkQXO-RKQFRQVHFLQ&HORUPXOW PDLJUDYHSHFDUHOHDUILDYXWFRQVWDWDUHDOLSVHLVDOHQHPRWLYDWHGHODVOXMEDUHOLJLRDV
Å$FHüWLDVXQWvQWUDGHYURDPHQLL'RPQXOXLVSXQHDXRUDWRULL6XQW VLQFHULLüLDGHYUD&LLVLSURIH&L'DU(OLVDEHWDDYHDXQDVHPHQHD SUHVWLJLXFQLFLPFDUSURIH&LLDFHüWLDQXSXWHDXVLOXPEUHDVF SLRDVDORUGHPDJRJLHDYHDVGHYLQPDLSHULFXORDVSHQWUXXUPDüLLHL ,; (/,6$%(7$û,0$5($ ,&kQGQDYLJDWRULLHXURSHQLvQVWUGDQLDORUGHDDMXQJHvQSRILGD EDULHUHLPXVXOPDQHODPLURGHQLLOHSDUIXPXULOHüLJLXYDHUHOH2ULHQWXOXL GHVFRSHULUWHULWRULLOHVLWXDWHGLQFRORGH$WODQWLFSX&LQHQD&LXQLSUHDX vQVWDUHVSDUWLFLSHODFXFHULUHDORU,WDOLDWUHEXLDVDSHUH0HGLWHUDQD vPSRWULYDWXUFLORU )UDQ&DHUDVIküLDWGHU]ERDLHOHUHOLJLRDVH $QJOLD DYHDPDUHQHYRLHGHQDYHOHVDOHSHQWUXSURSULLOHFRDVWH1XPDL6SDQLDüL 3RUWXJDOLDvüLGLVSXWDUQRLOHFRQWLQHQWH&HOHGRXSXWHULFDWROLFHDF FHSWDUDUELWUDMXOSDSHL$OH[DQGUXDO9,OHD&DUHSXWHDILIURQWLHUDMXVW vQWUHDFHOHvQWLQGHULQHFXQRVFXWH"3DSDWUDVHSXUüLVLPSOXSHKDUWD OXPLLROLQLHGHODXQSROODDOWXO/LQLHGUHDSWGDFSPkQWXOHUDSODW XQFHUFPDUHGDFSPkQWXOHUDRVIHU2ULFXPDUILWRDWHvQWLQGHULOH GHVFRSHULWHODYHVWGHDFHDVWOLQLHYRUILVSDQLROHFHOHGHODHVW SRUWXJKH]HÍQVHPQDFD3RUWXJDOLDVSULPHDVF$IULFDüL,QGLDLDU 6SDQLDWRDW$PHULFDGH6XGvQDIDUGH%UD]LOLD3RUWXJDOLDvüLFRQVWUXL DüDGDUXQLPSHULXGHOD*ROIXO3HUVLFSkQvQ0DODH]LDüLFDUDFHOH vQFUFDWHFXWPkLHvQPLUHVPDUSRUWXO/LVDERQHL ,DUvQFHLSULYHüWHSHVSDQLROLHLGHVFRSHULVHUFvQWUH(XURSDüL ,QGLDH[LVWDXQFRQWLQHQWIUPRVFKHHIUED]DUHIUDUDELüLIULQ GLHQLGDUXQGHVHGH]YROWDVHURGLQLRDUXOXLWRDUHFLYLOL]D&LLvQFDUH PLQHOHGHDXUGHDUJLQWüLGHUXELQHIFHDXVFXUJYDOXULGHERJ&LHüL XQGHLPSHULLFDDFHODDOOXL0RQWH]XPDvQ0H[LFFDDFHODDOLQFDüLORUvQ 3HUXDGXQDVHUFRPRULSURVWS]LWHGHSRSRDUHSURVWvQDUPDWH&XUkQG JDOLRDQHvQFUFDWHFXDXUVWUEWXURFHDQXOüLERJ&LDUHJLORU6SDQLHL FUHVFXvQPRGIDEXORV ,,6XEJXYHUQDUHD0DULHL7XGRUSRVHVLXQLOHOXL)LOLSDO,,OHDQX SXWHDXILGHFkWUHVSHFWDWH'DUDFHVWHDFXSULQGHDXWRDWOXPHD3ULQ SURYLQFLLOHVDOHLWDOLHQHUHJHOH6SDQLHLHUDVWSkQXO0HGLWHUDQHLSULQ SURYLQFLLOHEXUJXQGHVWSkQHDFRPHU&XOIODPDQGüLJXUD5LQXOXLSULQ FRORQLLOHVDOHDPHULFDQHFHOHPDLERJDWHPLQHGHDXUüLDUJLQWGHSH
1DYHPDULvQJXVWHüLvQDOWHXWLOL]DWHSkQSHODVIkUüLWXOVHFROXOXLDO;9,OHD vQ
OLPEDDUDE.DUUvND 1DYPDUHvQDUPDWDGDSWDWVSHFLDOSHQWUXWUDQVSRUWXOGHvQFUFWXULSUH&LRDVH GLQ$PHULFDvQ6SDQLD
JORE3XWHUHDVDILQDQFLDUüLFRPHUFLDOSUHDLQYLQFLELO&RPHUFLDQ &LORUHQJOH]LVLOL&LVDGXOPHFHGHODGLVWDQ&XLPLWRUXOIHVWLQDOUHJLORU FDWROLFLQXOHUPkQHDGHFkWRVSHUDQ&'HRDUHFH6SDQLDGHVFRSHULVHR WUHFHUHSULQVXGYHVWüL3RUWXJDOLDRWUHFHUHSULQVXGHVWVSUH,QGLDSRDWH FPDLH[LVWDüLRWUHFHUHSULQQRUGHVWVDXQRUGYHVW0XOWYUHPHDX FXWDWRQDYLJDWRULLHQJOH]L&KDQFHOORURSRUQLVSUHQRUGHVWüLQX GHVFRSHULGHFkWGUXPXOVSUH0RVFRYD )URELVKHURSRUQLVSUHQRUGYHVW üLVHORYLGHREVWDFROXOEDQFKL]HLSRODUH ,,,'DFVXYHUDQLLHQJOH]LQXvQGU]QHDXVUXSFXUHGXWDELOD6SD QLHGDF(OLVDEHWDvQVüLFHUHDFDvQPRGRILFLDOQLFLXQDFWGHRVWLOLWDWH VQXVHFRPLWvPSRWULYDFRORQLLORUVSDQLROHQHJXVWRULLHQJOH]LQXDYHDX QLFLXQPRWLYVUHVSHFWHDFRUGXULOHFDUHvLH[FOXGHDXGLQFHOHPDLERJDWH UHJLXQLDOHOXPLL Å3LUDWHULDHQJOH]HUDFHOHEUvQFGHSULQVHFROXODO;9OHD vQVHFR OXODO;9,OHDHDDWLQVHSURSRU&LLSDWULRWLFH/LPLWDGLQWUHFRPHU&üLSLUD WHULHHUDYDJVWDELOLW8QHOHIRUPHGHSLUDWHULHHUDXOHJDOH8QFSLWDQ FDUHIXVHVHSUGDWGHXQYDVVWULQSULPHDÅVFULVRULGHUHFXQRDüWHUH FDUHODXWRUL]DXVVHGHVSJXEHDVFGHODRULFDUHDOWYDVGHDFHHDüL QD&LRQDOLWDWH&KLDUüLFXU&LOHVWULQHDGPLWHDXDFHVWHÅVFULVRULGHUHFX QRDüWHUHüLWUDWDXFDQHJXVWRULSHSRVHVRULLORUvQORFVLVSkQ]XUHFD SLUD&L0DULQDULLHQJOH]LSURSULHWDULDLXQRUQDYHvQDUPDWHFXWXQXULvüL IFHDXRPHVHULHYGLWGLQMHIXLUHDFRUELLORUSRUWXJKH]HFDUHVHvQDSR LDXGLQ,QGLD$O&LLRUJDQL]DXUDLGXULSURILWDELOHvQFRORQLLOHVSDQLROHXQ GHLQWUDXvQFRQFXUHQ&FXFRUVDULLIUDQFH]LFDUHDYHDXRPDUHH[SHULHQ &vQDVWIHOGHvQGHOHWQLFLUL ,9-RKQ+DZNLQVILXOXQXLDUPDWRUGLQ3O\PRXWKvQFHUFSULPXO VVXEVWLWXLHSLUDWHULHLXQFRPHU&UHJXODWFXFRORQLLOHVSDQLROH1HJXVWRU üLGHRSRWULYPDULQDUOXDVHSDUWHGLQDGROHVFHQ&ODH[SHGL&LLSH FRDVWHOH*XLQHHLüLvQY&DVHDUWDGHDLUSLSHQHJULSHFDUHLYLQGHD DSRLODXQSUH&EXQvQ,QVXOHOH&DQDUHÍQOXFUkQGSHFRQWSURSULX IXUDVHXQORWvQWUHJGHVFODYLSHFDUHLDVFKLPEDWvQFRORQLLOHVSDQLROHSH JKLPELUüL]DKUÅ3ULPDVDFOWRULHIFXVHGLQHORPXOFHOPDLERJDWGLQ 3O\PRXWKDGRXDRPXOFHOPDLERJDWGLQ$QJOLD/DDWUHLDFOWRULH LQWUvQSRUWXOVSDQLRO6DQ-XDQGH8OORDFDVVHDSURYL]LRQH]HÍQWLPS FHVHDIODDFRORVRVLüLIORWDVSDQLRO+DZNLQVQXHUDvQVWDUHVOXSWH vQFHUFVDMXQJODRWUDQ]DF&LHGDUIXWUDWDWFDLQDPLFGHYLFHUHJHOH VSDQLRO/DvQWRDUFHUHVDGXVVVHSOkQJUHJLQHL(OLVDEHWDGHFODUVR OHPQvQ&RQVLOLXOVXF+DZNLQVIXVHVHvQFXOSFSRVHVLXQLOHVSDQLR OHWUHEXLDXUHVSHFWDWHüLFPDULQDULLFDUHYRUFOFDWUDWDWHOHRYRUIDFHSH ULVFXOORU'XSFDUHvODQJDMSHYLQRYDWvQVHUYLFLXOVXDGXFkQGXL PDULHORJLLüLOIFXYLVWLHUQLFXOIORWHLFUHLDHOvLDGXVHH[SHULHQ&DVD'DU FXVLJXUDQ&F6SDQLDüLDUILSVWUDWPXOWWLPSVWSkQLUHDDVXSUDPULL
GDF)UDQFLV'UDNHQXDUILvQIUXQWDWR 9)UDQFLV'UDNHHUDSHDWXQFLPDULQDUXOOHJHQGDUvQGU]QH&SkQ ODWHPHULWDWHvQVWDUHVFRQGDPQHODPRDUWHSHXQXOGLQORFRWHQHQ&LLVL GDFRFHUHDGLVFLSOLQDGHERUGüLVSHWUHDFSULHWHQHüWHFXFRQGDPQD WXOXOWLPHOHRUHvQDLQWHGHDOVSkQ]XUDDGRUDWGHHFKLSDMXOOXLvQSRILGD VHYHULW&LLVDOHüLFXUkQGLGROXO$QJOLHL+DZNLQVvQFHUFDVHIUVXFFHV VIDFFRPHU&OHJDOFXFRORQLLOHVSDQLROH 'UDNHIUVVWHDPXOWSH JkQGXULWUHFXODPLMORDFHLOHJDOH&XGRXFRUELLüLFLQFL]HFLGHRDPHQL DWDFFHOHPDLSXWHUQLFHRUDüHIRUWLILFDWHDOHVSDQLROLORUüLVHvQWRDUVHOD 3O\PRXWKFXPLFDVDQDYvQFUFDWGHDXUvQWURGXPLQLFWRFPDLvQ WLPSXOSUHGLFLL0DULQDULLGLQ3O\PRXWKQXPDLSXWXUVWDORFXOXLüL LHüLUGLQELVHULFVDIOHQRXW&L'UDNHGHEDUFDVHSHLVWPXO'DULHQ DWDFDVHFRQYRLXOGHFDWkULFDUHDGXFHDXDXUGLQ3HUXüLSXQkQGXLSH IXJSHvQVR&LWRULFDSWXUDVHSUH&LRDVDvQFUFWXU$YHQWXUDRvQFkQW vQWDLQSH(OLVDEHWDÍQ'UDNHVHvPEDUFSH*ROGHQ+LQGSHQWUX ROXQJFOWRULHvQFXUVXOFUHLDvüLSURSXQHDVIDFvQFRQMXUXOOXPLL SULQVWUkPWRDUHD0DJHOODQüLSULQ,QGLD([SHGL&LDHUDvQWUHSULQVSH FKHOWXLDODFRPXQDPDLPXOWRUDVRFLD&LSULQWUHFDUH(OLVDEHWDvQVüL FDUHvQPRGRILFLDOFRQWLQXDVGH]DSUREHDWDFXULOHDFHVWHDvQWLPSGH SDFHüLvPSRWULYDXQHLSXWHULDPLFHGDUFDUHQXHUDPDLSX&LQDSULJvQ DFHUHODvQWRDUFHUHSDUWHDHLGLQSUDG 9,'HDVWGDWPLFDIORWDOXL'UDNHHUDvQDUPDWFXFkWHYD WXQXULüLQXPUDFkWHYDVXWHGHRDPHQL(OFRQVLGHUDFHUDGHVWXO SHQWUXDDWDFDLQVXOHüLSRUWXULvQFDUH6SDQLDQXDYHDPDLPXOWGHFkWR VLQJXUIRUWUHD&6RVLUHDIORWLOHLOXL'UDNHvLOXDSULQVXUSULQGHUHSH JXYHUQDWRULLVSDQLROL(QJOH]LLFHUHDXXQSUH&GHUVFXPSUDUHD RUDüXOXLGDFQXvLGGHDXIRF'DUDFHVWHDQXHUDXGHFkWSURILWXUL DFFHVRULL DGHYUDWXOVFRSDOOXL'UDNHHUDVGHDSHVWHIORWDFDUHDGXFHD vQILHFDUHDQGLQ(OGRUDGRvQFUFWXULGHDXUüLDUJLQWÍQWUH/LPDüL 3DQDPDXQLQGLDQFDUHYkVOHDvQWUXQJROIüLFDUHHUDLQFDSDELOV GLVWLQJXQVSDQLROGHXQHQJOH]vOOXSH'UDNHGUHSWXQVWSkQGHDO VXüLOSLORWVSUHXQJROIXOH&XQGHDQFRUDVHJDOHUDSULQFLSDOvQFUFDW WRDWFXDXU'UDNHQXDYXDOWFHYDGHIFXWGHFkWVWUDQVERUGH]HO]LOH $SRLWUDYHUVkQG2FHDQXO,QGLDQüLRFROLQG&DSXO%XQHL6SHUDQ&HVH vQWRDUVHvQ$QJOLDvQFXRvQFUFWXUvQYDORDUHGHWUHLVXWH GRX]HFLüLüDVHGHPLLFLQFLVXWHRSW]HFLGHOLYUH DSUR[LPDWLYSDWUXVXWH GHPLOLRDQHGHIUDQFLvQPRQHGDQRDVWU∗ (OLVDEHWDOXREXQSDUWHGLQ SUDGFHLODO&LDVRFLD&LSULPLQGGXSFXPVHVSXQHXQSURFHQWGH ODFDSLWDOXULOHvQFUHGLQ&DWHOXL'UDNH$FHVWDVXSUDvQFUFDWGHFDSWXUD 8QLLDXWRULGDXRFLIUGLIHULWGDUSHQRLQHLQWHUHVHD]QXPDLGHFHRUGLQHVXPD UHVSHFWLYQD ∗
VSDQLROWUHFkQGSULQID&D&DUWDJHQHLvQO&DVHVWHDJXO6IkQWXOXL *KHRUJKH 9,,&kQGVHDIOvQ6SDQLDGHDFHDVWLVSUDYVHGH]OQ&XLRIXULH QHPUJLQLWvPSRWULYDPDULQDULORUDFHVWHLÅ-H]DEHOD1RUGXOXL $PEDVDGRUXO6SDQLHLOD/RQGUDIXvQVUFLQDWVSURWHVWH]H(OLVDEHWD UVSXQVHFQXüWLDQLPLFGHFHOHvQWkPSODWHüLFDUILGHVLJXUXOWLPD VWROHUH]HDVHPHQHDDWDFXULQHUXüLQDWHvPSRWULYDSRVHVLXQLORUIUDWHOXL VXSUHDLXELW ÍQWLPSXODFHVWD+DZNLQVSUHJWHDIORWDGHOXSWüLUHJLQDvQVUFLQ SHFHOPDLSULFHSXWILQDQFLDUDOHLVLU7KRPDV*UHVKDPVFXPSHUH DUPHOD$QYHUVüLWXQXULOD0DOLQHV)UvQGRLDOFVHVLP&HDELQH SUHJWLWFkQGvOGXVHSHDPEDVDGRUXO6SDQLHLSHERUGXOQDYHLOXL'UDNH üLLVSXVHFXDVSULPHDFHVWXLDFVSDQLROLLvOFRQVLGHUXQSLUDWGXS FDUHSRUXQFLQGXLVvQJHQXQFKH]HSHSXQWHvLGGXDFRODGDFXRFDOP PDLHVWDWHüLvQFKHLH Å5LGLFD&LYVLU)UDQFLV5]ERLXOGLQWUH6SDQLDüL $QJOLDGHYHQLLQHYLWDELOÍQ6SDQLDLQFKL]L&LDDIRVWvQVUFLQDWVMXGHFH FDHUHWLFLSHPDULQDULLHQJOH]LIFX&LSUL]RQLHUL6LU)UDQFLV'UDNHvQ IUXQWHDXQHLIORWHUHJDOHSXVWLLFRORQLLOHVSDQLROHüLDILUPGUHSWXO PDULQDULORUHQJOH]LODOLEHUWDWHDPULORUüLDFXOWXOXL)LOLSGGXRUGLQV VHSUHJWHDVFRPDUHDUPDGDOD&DGL[SHQWUXDDWDFD$QJOLD'UDNHFX RFXWH]DQ&QHPDLSRPHQLWIFXvQFRQMXUXO6SDQLHLSWUXQVHvQSRUWXO IRUWLILFDWüLGLVWUXVHFXORYLWXULGHWXQFHOHPDLIUXPRDVHJDOHUHGHU]ERL ÍQFkWHYDPLQXWHJDOHUD VDXFUXFLüWRUFXYkVOH FDUHGHPLLGHDQL GRPLQD0HGLWHUDQDVHY]XFRQGDPQDWvQIDYRDUHDFRUELHLFXSkQ]H 9,,,)LOLSDO,,OHDQXHUDOLSVLWGHWHQDFLWDWHüLFXWRDWHSDJXEHOH SULFLQXLWHGH'UDNHOD&DGL[UHFRQVWLWXLDUPDGDFDUHIXJDWDGHOXSWvQ 3ODQXOVSDQLROLORUHUDPUH&üLLQJHQLRV'XFHOHGH3DUPD FRPDQGDQWXOWUXSHORUVSDQLROHGLQ%ULOHGH-RVWUHEXLDVSUHJWHDVF XQFRUSGHGHEDUFDUHGHWUHL]HFLGHPLLGHRDPHQLüLüDOXSHSHQWUX WUDQVSRUWDUHDDFHVWRUVROGD&LvQ$QJOLD'DURSHGHVWULPHDPEDUFDWSH üDOXSHILLQGIUDSUDUHWUHEXLDFDYDVHOHGHU]ERLVRVLWHGLQ6SDQLDV VHvQüLUXLHODSXQFWXOGHWUHFHUHJDWDVRSUHDVFRULFHEDVWLPHQW LQDPLFÍQIUXQWHDDUPDGHLFDUHDGXFHDGLQ6SDQLDDO&LWUHL]HFLGHPLLGH VROGD&LVHDIODGXFHOHGH0HGLQD6LGRQLDPDUHVHQLRUPDUHRVWDüGDU FDUHKDEDUQXDYHDFXPVVHGHVFXUFHSHPDUH)ORWDHQJOH]HUD FRPDQGDWGHORUGXO+RZDUGFDUHDYHDVXERUGLQHOHVDOHSH+DZNLQV 'UDNHüL)URELVKHU HDVHFRPSXQHDGLQWUHL]HFLüLSDWUXGHQDYHGH U]ERLFRQVWUXLWHSHQWUX(OLVDEHWDGHFWUH+DZNLQVWRWDWkWGHSXWHUQLF
)DSWXOVDSHWUHFXWvQvQID&DSRUWXOXL&DUWDJHQDGLQ$PHULFDGH6XG D]LvQ
&ROXPELD 6IkQWXO*KHRUJKHHVWHSDWURQXO$QJOLHL )LJXUELEOLFUHJLQLGRODWUüLWLUDQ &DUWHDUHJLORU, üL,,
vQDUPDWHFDDFHOHDDOHOXL+HQULFDO9,,,OHDGDUPDLOXQJLüLPDLMRDVHüL RVXWFLQFL]HFLGHYDVHFRPHUFLDOHIXUQL]DWHGHSRUWXUL0DUHDIORW VSDQLROVRVLvQID&D3O\PRXWKXOXLvQWURIRUPD&LHDVHPQWRDUHFXD XQHLDUPDWHGHXVFDW'XFHOHGH0HGLQD6LGRQLDDYHDLQWHQ&LDV WUDQVIRUPHGXSX]XOGHDWXQFLOXSWDQDYDOvQWUROXSWGH SHGHVWULPH$QFRUHOHFXJKHDUHVHüLSUHJWLVHUSHQWUXDERUGDMüL LQYLQFLELODSHGHVWULPHVSDQLROHUDPDVDWSHÅFDVWHOHFkQGY]XUIORWD HQJOH]SODVkQGXVHvQWURIRUPD&LXQHQHDüWHSWDW&RUELLOHOXL'UDNHüL DOHOXL+DZNLQVGHILODXvQüLULQGLDQODRDVHPHQHDGLVWDQ&FQLFLR DUPQXSXWHDVOHDWLQJûLDWXQFLvQFHSXWUDJHGLD(QJOH]LL GHVFKLVHUIRFXOüL0HGLQD6LGRQLDGLVSHUDWGDUQHSXWLQFLRVFRQVWDW FEWDLDWXQXULORUHQJOH]HOHSHUPLWHDVLERPEDUGH]HIUFDHOV SRDWULSRVWD1XDYHDDOWVROX&LHGHFkWVvQWUHUXSOXSWDFHHDFHIFX FkWSXWXPDLELQHDSURSLLQGXVHGH%ULOHGH-RVüLGHGXFHOHGH3DUPD 5HXüLVVHvQGHSUWH]HIUSLHUGHULSUHDPDUL%WOLDQXIXVHVH GHFLVLYSHQWUXFIORWDHQJOH]QXDYHDVXILFLHQWHPXQL&LL2LQYD]LHD $QJOLHLGHFWUHVSDQLROLLGLQ%ULOHGH-RVHUDvQFSRVLELO ,;3DUPDQXHUDSUHJWLWüLLFHUXOXL0HGLQD6LGRQLDXQUJD]GH FLQFLVSUH]HFH]LOHÍQGDWFHDPLUDOLLHQJOH]LY]XUIORWDVSDQLRO DQFRUDWOD&DODLVRDWDFDUFXDPEDUFD&LLLQFHQGLDUHvQFUFDWHFX SXOEHUHüLFDWUDQ6SDQLROLLSHQWUXDVFSDGHDFHVWQRXSHULFROWLDU DQFDEOXULOHüLVHvQGUHSWDUVSUH0DUHD1RUGXOXL$FRORWXQXULOH HQJOH]HüWLDYDULDUPXOWHFRUELL0DLLQWHUYHQLüLRIXUWXQ6SUHFH&UL WUHEXLDXVQDYLJKH]HDFXP"6SUH6XHGLD"6FR&LD",UODQGD"'XFHOHDOHVH ,UODQGD&DUFDWROLFXQGHVSHUDVSRDWGHEDUFDüLvQFHUFV RFROHDVFQRUGXO6FR&LHL'DFDUILIRVWPDULQDUüLDUILGDWVHDPDF YDVHOHVDOHQXHUDXvQVWDUHVvQWUHSULQGDFHVWGLILFLOSHULSOX/DERUGXO PXOWRUDGLQWUHYDVHQXPDLHUDDSSRWDELO&XUkQGGH]RUGLQHDOXSUR SRU&LLOHXQXLGH]DVWUXÍPSUüWLDWGHYkQWMHIXLWGHULYHUDQLIORWDFDUH FXRSW]LOHvQDLQWHIXVHVHVSOHQGLGDDUPDGDVHY]XODGLVFUH&LDYDOXULORU üLDVWkQFLORU'LQRVXWFLQFL]HFLGHYDVHQXPDLYUHRFLQFL]HFLVH vQWRDUVHUvQ6SDQLD'LQFHLWUHL]HFLGHPLLGHVROGD&L]HFHPLLSLHULVHU vQQDXIUDJLLIUDPDLSXQHODVRFRWHDOSHFHLFDUHPXULVHUORYL&LGH JKLXOHOHVDXGHEROL6SDQLDSLHUGXVHVXSUHPD&LDSHPDUH ;$FHDVWYLFWRULHQDYDOFDUHQHDSDUHDVW]LFDSULPXOVHPQDO SXWHULLHQJOH]HIXGHSDUWHGHDFRQWDvQRFKLLFRQWHPSRUDQLORUFDR YLFWRULHGHFLVLY&XWRDWvQIUkQJHUHDDUPDGHL6SDQLDUPkQHDFHDPDL SXWHUQLFGLQ(XURSDLDU$QJOLDRLQVXOL&IUDUPDW)UDQ&DVIküLDW GHU]ERDLHOHUHOLJLRDVHGHYHQLFkPSXOGHEWOLHGLQWUHDFHüWLOXSWWRUL LQHJDOL(OLVDEHWDDSUkQGXLSHKXJKHQR&LLIUDQFH]L)LOLSDOLLQGXVHFX OLJDFDWROLF3HGHVWULPHDVSDQLRORFXS&DODLV$UPDWHOHSURWHVWDQWH IXUvQYLQVH(QJOH]LLvQFHUFDURQRXH[SHGL&LHSHPDUHVSUH&DGL[üL
FRQWLQXDUVKU&XLDVFSHFRPHUFLDQ&LLVSDQLROLGLQ$]RUHüLSkQvQ $QWLOH'DU)LOLSvQFHOSULYHDSXVHSHSLFLRDUHRQRXDUPDGüLLQYDG FXVXFFHV,UODQGD$QJOLDDQXOXLFXQRVFXVHH[DOWDUHDSURYRFDWGH DFHOVHQWLPHQWDOWULXPIXOXLSDWULRWLFXüRUSHUFHSWLELOvQWHDWUXOLVWRULFDO OXL6KDNHVSHDUH vQXOWLPLLDQLDLGRPQLHLFkQGRDUPDWHQJOH]IXVHVH vQYLQVGHUHEHOLLLUODQGH]LüLFkQG6SDQLDRFXSSRUWXULOHGHOD&DQDOXO 0kQHFLLVHUVSkQGLSHVLPLVPXO$VWIHOGUDPHOHOXL6KDNHVSHDUH UHIOHFWDXSDVLXQLOHVSHFWDWRULORUüLPHODQFROLDOXL+DPOHWHUDSHOD VIkUüLWXOVHFROXOXLDO;9,OHDXQVHQWLPHQWPXOWPDLIUHFYHQWSULQWUH HQJOH]LGHFkWVDUSXWHDFUHGH ;,$UILXQQHDGHYUVVHVSXQFSHYUHPHD(OLVDEHWHLVDXSXV SULPHOHED]HDOHXQXLLPSHULXEULWDQLF7HUUD1RYDXQGHVHGXFHDXGH PXOWYUHPHSHVFDULLHQJOH]LDIRVWRFXSDWvQGDUvQPRG SURYL]RULX8QXOGLQWUHIDYRUL&LL(OLVDEHWHLFDUHDIRVWüLXQXOGLQWUHFHL PDLvQY&D&LEUED&LDLUHJDWXOXLVLU:DOWHU5DOHLJKüLDFKHOWXLWRPDUH SDUWHDDYHULLvQFHUFkQGVvQWHPHLH]HSHFRDVWHOH$PHULFLLGH1RUGR FRORQLHFUHLDUHJLQDvQVüLLDSXVQXPHOHGH9LUJLQLD'DUJUXSXOGH FRORQLüWLSHFDUHLDOVDWDFRORvQFXUVXOH[SHGL&LHLGLQ RSW]HFLüL QRXGHEUED&LüDSWHVSUH]HFHIHPHL QDPDLIRVWJVLWGRLDQLPDL WkU]LXFkQGVDWULPLVDFRORRH[SHGL&LHGHUHDSURYL]LRQDUH6HFUHGHF XQVOXMLWRUDOOXL5DOHLJKDLQWURGXVvQ$QJOLDWXWXQXOüLFDUWRIXO5DOHLJK DIRVWXQXOGLQWUHSULPLLHXURSHQLFDUHDIXPDW(ODODQVDWDFHDVWPRG QRXRIHULQGSULHWHQLORUVLSLSHPLFLDUJLQWDWHÍQWLPSXOGRPQLLORU XUPWRDUHLPSR]LWXOSHWXWXQDSURGXVFLQFLPLLGHOLYUHvQ RSW PLLWUHLVXWHSDWUX]HFLGHOLYUHvQVRFRWLQGXVHüDVHüLOLQJLüLRSW SHQQ\GHILHFDUHOLYUGHWXWXQLPSRUWDWÍQVHFROXODO;9,OHDVDX GH]YROWDWPDULOHFRPSDQLLVRFLHW&LSHDF&LXQLFDUHRE&LQHDXPRQRSROXO FRPHU&XOXLvQDQXPLWH&UL$PYRUELWPDLvQDLQWHGH0HUFKDQW $GYHQWXUHUVFDUHFRQWURODXPDLDOHVFRPHU&XOSHIOXYLLOHJHUPDQH5LQXO üL(OED2DOWFRPSDQLHFRPHUFLDOVHRFXSDGHFRPHU&XOSH%DOWLFD &RPSDQLDPRVFRYLWDYHDPRQRSROXOFRPHU&XOXLFX5XVLD$UPHQLD 3HUVLDüL&DVSLFD2FRPSDQLHD/HYDQWXOXLH[SORDWD7XUFLD7RFPDLSHOD VIkUüLWXOGRPQLHL(OLVDEHWHLvQIXIRQGDW(DVW,QGLD&RPSDQ\ VLQJXUDFDUHDYHDGUHSWXOVIDFQHJR&FXLQVXOHOHüLSRUWXULOHGLQ$VLD $IULFDüL$PHULFDGHOD&DSXO%XQHL6SHUDQ&HSkQODVWUkPWRDUHD0D JHOODQ$FHDVWVRFLHWDWHDYHDVLQWUHvQULYDOLWDWHPLOLWDUFXSRUWXJKH]LL üLRODQGH]LLÅ0XOWPDLPXOWVkQJHVDYUVDWvQOHJWXUFXFXLüRDUHOH GHFkWvQOXSWHOHGLQDVWLFHVFULH7KRUROG5RJHUV6LVWHPXOPDULORU FRPSDQLLFDUHVWkUQHDXvQDFHODüLWLPSGRULQ&DGHFXFHULUHüLDYLGLWDWHD FRPHUFLDOHUDGLQWUHWRDWHIRUPHOHGHFRORQL]DUHFHDPDLSHULFXORDV SHQWUXLQGLJHQLüLFHDPDLSX&LQFRQWURODELOSHQWUXJXYHUQPkQWXO QD&LRQDO
; (/,6$%(7$6,0$5,$678$57 ,'XSHüHFXOOXL(GXDUG,6FR&LDUHXüLVHVUPkQLQGHSHQGHQW ID&GHUHJLLHQJOH]L%UXWDOQHGLVFLSOLQDWQRELOLPHDVFR&LDQUPkQHD FXWRWXOIHXGDO/DSXWHUHHUDGLQDVWLDUHJLORU6WXDU&LFDUHGHVFLQGHDX SULQ5REHUWWKH6WHZDUWGLQIDPLOLD%UXFH$FHDVWGLQDVWLHVHVSULMLQHD SHELVHULFDFDWROLFüLSHDOLDQ&DFX)UDQ&DFHHDFHQXSXWHDVQX QHOLQLüWHDVF$QJOLD6WXDU&LLWRWDWkWGHFXOWLYD&LFDüLGLQDVWLD 7XGRULORULQWHUHVD&LGHWHRORJLHGHSRH]LHGHDUKLWHFWXUüLFKLDUGH IDUPDFLHQXDVFXQGHDXVXEDFHDVWVWUOXFLWRDUHDSDUHQ&XQEXQVLP& UHDOLVWFDYHULLORUGLQ$QJOLD+HQULFDO9,,OHDDO$QJOLHLvLGGXVHvQ FVWRULHOXL,DFREDO,9OHD6WXDUWSHILLFDVD0DUJDUHWDÅ1XYWHPH&L ODXvQWUHEDWVIHWQLFLLVLFSULQDFHDVWFVWRULHFRURDQD$QJOLHLYD vQFSHDvQPkLQLOHXQXLVFR&LDQ"ÍQFD]XODFHVWDUVSXQVHHO6FR&LD YDILDQH[DW$QJOLHL0DUJDUHWD7XGRUDGDWQDüWHUHOXL,DFREDO9OHD 6WXDUWüLGLQFVWRULDOXL,DFREDO9OHDFXIUDQFH]D0DULDGH*XLVHVD QVFXW0DULD6WXDUWFDUHDYHQLWSHOXPHSX&LQWLPSvQDLQWHDPRU&LL WDWOXLVXWUH]LQGXVHvQFGLQOHDJQUHJLQDXQXLSRSRUFUkQFHQ 0DPVD*XLVHUHJHQWD6FR&LHLRFUHVFXVHvQ)UDQ&DXQGHGHYHQLVHR WkQUFXREUD]XOSUHOXQJüLSDOLGDLFUHLRFKLIUXPRüLvLSOFXU GHOILQXOXL)UDQFLVF$ELDVHFVWRULVHUFkQGVRFUXOHL+HQULFDO,,OHD PXULDVWIHOF0DULD6WXDUWUHJLQD6FR&LHLVHY]XüLUHJLQD)UDQ&HL2U HDHUDFDUXGGHVkQJHDGLQDVWLHL7XGRUFHDPDLDSURSLDW PRüWHQLWRDUHDWURQXOXL$QJOLHLüLSRDWHFKLDUUHJLQD$QJOLHLGDF (OLVDEHWDHUDFRQVLGHUDWEDVWDUGÍüLSRDWHLPDJLQDRULFLQHLPSRUWDQ&D SHFDUHRGGHDvQWUHDJD(XURSIDSWHORUüLVHQWLPHQWHORUDFHVWHLWLQHUH IHPHLVXYHUDQSHVWHWUHLUHJDWHÍQVR&XOHLWXEHUFXORVPXULGHR ERDOGHXUHFKL IDF&LXQHD*XLVHSLHUGXvQ)UDQ&DWRDWSXWHUHDüL0DULD 6WXDUWWUHEXLVVHvQWRDUFvQ6FR&LD ,,(DWUHEXLDVGRPQHDVFSHVWHR&DUIRDUWHSX&LQIFXWFDVR SULPHDVF1RXDUHOLJLHUHIRUPDWH[HUFLWDVHRDWUDF&LHLPHGLDWüL DVXSUDSRSRUXOXLVFR&LDQFUXLDVUDFüLVREUXQXLSOFXVHQLFLRGDW PRGXOGHYLD&IHXGDODOHSLVFRSLORUFDWROLFLüLDVXSUDQRELOLORUVFR&LHQL FDUHDGHPHQL&LGHSLOGDHQJOH]LORUUkYQHDXVSUDGHPQVWLULOH2VHULH GHUHYROX&LLüLFRQWUDUHYROX&LLUHOLJLRDVHVHWHUPLQDVHJUD&LHVSULMLQXOXL (OLVDEHWHLSULQYLFWRULDSDUWLGHLSURWHVWDQWHD&RQJUHJD&LHL'RPQXOXL DVRFLD&LHVHPLSROLWLFVHPLUHOLJLRDVvQFDUHHUDXUHSUH]HQWD&LSRSRUXO ELVHULFDüLQRELOLLDFHüWLDGLQXUPIFkQGXüLMRFXOVXEWLWOXOGHORU]LDL FRQJUHJD&LHL&DUGLQDOXOIXVHVHPXWLODWüLDUXQFDWSHIHUHDVWUGLQ
'DYLG%HDWRQ VDX%HDWRXQVDX%HWKXQH FDUGLQDOüLDUKLHSLVFRSSULPDWGH6DLQW
$QGUHZVDIRVWXFLVvQ
SDODWXOVXGLQ6DLQW$QGUHZV 8QMXUPkQWVROHPQVDXFRYHQDQWSUHVWDWüLUHVSHFWDWFX VHULR]LWDWHDFDUDFWHULVWLFDFHVWHLVHPLQ&LLOHJDVHvQWUHHLüLFX'XPQH]HX SHWR&LSURWHVWDQ&LL6FR&LHL$GHYUDWXOVWSkQDO6FR&LHLHUDSHYUHPHD UHvQWRDUFHULL0DULHL6WXDUW XQSDVWRU-RKQ.QR[RPUHGXWDELO SULQIRU&DüLvQJXVWLPHDFUHGLQ&HLVDOHüLDFUXLERORYQRDVHORFYHQ& ELEOLFSOFHDFRPSDWULR&LORUVL.QR[IXVHVHSUHRWFDWROLFDSRLDQJOLFDQ (OHVWHDFHODFDUHODFRQVWUkQVSH&UDQPHUVVXSULPHvQJHQXQFKHUHDvQ 3UD\HU%RRNHGL&LDDGRXD'XSPRDUWHDFDUGLQDOXOXLDIRVWIFXWSUL ]RQLHUODFDVWHOXOGLQ6DLQW$QGUHZVGHFWUHWUXSHOHIUDQFH]HWULPLVHvQ DMXWRUXODFHVWXLDüLDVWDWQRXVSUH]HFHOXQLSHJDOHUHOHUHJHOXL)UDQ&HL 3HYUHPHD0DULHL7XGRUWULVHOD*HQHYDüLIXVHVHFXFHULWSHGHDQWUHJXO GHGRFWULQDFDOYLQLVW&DüL&DOYLQ.QR[FUHGHDvQSUHGHVWLQD&LH HO JkQGHDFDGHYUXOUHOLJLRVWUHEXLHFXWDWQXPDLvQVFULSWXULIU DPHVWHFXOQLFLXQHLGRJPHLQWURGXVHGHRDPHQL FXOWXOWUHEXLDVILH DXVWHUIUSRPSüLIULFRDQH LQVWLWX&LDFDOYLQLVWÅ3DWULDUKLL ELVHULFLLWUHEXLDVvQORFXLDVFSHHSLVFRSLüLDUKLHSLVFRSL vQILQHFHO -RKQ.QR[HUDXQXOGLQDOHüLüLLQVSLUDWGLUHFWGH'XPQH]HX &RQYLQJkQGXLGHWRDWHDFHVWHDSHVFR&LHQLIFXVHGLQ.LUNDVFR&LDQR ELVHULFSUHVELWHULDQIULHUDUKLHFXWRWXOGHPRFUDWLFÍQILHFDUH SDURKLHFUHGLQFLRüLLvüLQXPHDXSDVWRULLORUüLvQDGXQULOHJHQHUDOHDOH ELVHULFLLSDVWRULLüLODLUGLLODLFLüHGHDXDOWXUL$OLDQ&DGLQWUHVTXLUHVüL RUüHQLvQYHGHUHDFRQWUROXOXLDVXSUDFRURDQHLDOLDQ&FDUHvQ$QJOLDVH vQFDUQDVHvQSDUODPHQWOXvQ6FR&LDIRUPDXQHLDGXQULHFOH]LDVWLFH $LFLELVHULFDHUDVWDWXO ,,,-RKQ.QR[DYHDPDLPXOWHPRWLYHSXWHUQLFHVRXUDVFSH0DULD 6WXDUW(UDFDWROLFüL.QR[VWULYHDVXESLRDVDVDIXULHSHÅIHPHLD FDUGLQDOHUDIHPHLHüLHOVFULVHVHvQWLPSXO0DULHL7XGRUüL0DULHLGH *XLVHXQSDPIOHWvPSRWULYDUHJLQHORUüLDUHJHQWHORU 7KH)LUVW%ODVWRIWKH 7UXPSHWDJDLQVWWKHPRQVWUXRXV5HJLPHQWRI:RPHQ vQVIkUüLWHD IXVHVHUHJLQD)UDQ&HLüL.QR[QXFXQRVFXVHGLQ)UDQ&DGHFkWRFQHOH VDOH$IOkQGGHPRDUWHDOXL)UDQFLVFDO,,OHDDVSXV Å'XPQH]HXQHD SULOHMXLWRYHVHOPkQWXLUHFFLVR&XOVXYHUDQHLQRDVWUHDPXULWGHR ERDOGHXUHFKLDDFHORUXUHFKLVXUGHFDUHQDXYUXWVDXGQLFLRGDW DGHYUXOÍQFOLSDFkQG0DULD6WXDUWvQWRUFkQGXVHvQ6FR&LDGHEDUFR FHD&GHDVDFRSHUHDSRUWXOÅÍQVüLID&DFHUXOXLQHDUDWGHVWXOGH OLPSHGHDVSXV.QR[FHQHDGXFHvQ&DUIHPHLDDFHDVWD(DDGXFHD WLQHUH&HJUD&LHSRH]LH DJVLWYLROHQ&IDQDWLVPüLXU6XSXüLLVLR SULPLUPDLvQWkLFXPDULGHPRQVWUD&LLGDUDFHVWHGHPRQVWUD&LLvQVHüL HUDXIFXWHVRVSHULHSHWkQUDIHPHLH6XEIHUHVWUHOHVDOHVDXFkQWDW WRDWQRDSWHDSVDOPL3HGUXPXOSHFDUHvQDLQWDFRUWHJLXOVHvQO&DVHU
0RüLHUL vQ6FR&LD
ÍQWkLXOVXQHWGHWUkPEL&vPSRWULYDPRQVWUXRDVHLJXYHUQULDIHPHLORU
SRGLXPXULSHFDUHVHUHSUH]HQWDXvQWDEORXULYHVHOHLGRODWULDUüLGHYLL SHQWUXSFDWHOHORUÍQSULPDGXPLQLFFkQGUHJLQDSXVHXQSUHRWV FLWHDVFOLWXUJKLDODSDODWFXFHUQLFLLGLQMXUXOHLHUDXVOXFLG0DULD FXRUEGDUHVXUSULQ]WRDUHODRWkQUGHRSWVSUH]HFHDQLFküWLJ vQFHWXOFXvQFHWXOWHUHQ9RUEHDSX&LQSDUWLFLSDODOXFUULOH&RQVLOLXOXL RFXSkQGXVHFXXQOXFUXGHPkQüLSULQIDUPHFXOHLFXFHUHDSHXQLL QRELOLSURWHVWDQ&L&KLDUüLSH-RKQ.QR[ODSULPLWFXEXQYRLQ&ÍQ VFKLPEHOLDYRUELWGHGDWRULDRULFUXLVXSXVGHDVHUVFXODvPSRWULYD XQXLSULQFLSHQHOHJLXLWDüDFXPQHDUDW%LEOLDFVDvQWkPSODWFX,VDLD üL,H]HFKLD'DQLLOüL1DEXFRGRQRVRUGkQGXLüLPXOWHDOWHH[HPSOH SUH&LRDVH(DQXvQWkOQLVHQLFLRGDWXQSURIHW üLDUPDVXOXLWüL GHVLJXUFRQVWHUQDW Å9GFVXSXüLLPHLLDVSXVHDFXWULVWH&HYDVFXOWSH GXPQHDYRDVWUüLQXSHPLQH(OvLUVSXQVHFVHPUJLQHDVFHDU SULQ&XOXLüLSRSRUXOXLVDVFXOWHDPkQGRLGH'XPQH]HX$SRLvL&LQXR SUHGLFFXSULYLUHODOLWXUJKLHFHUHPRQLHFDUHDILUPHOQXHVWH SUHY]XWvQVFULSWXUL(DQXHUDWHRORJGDULDGDWXQUVSXQV IHUPHFWRU Å'DFDFHLSHFDUHLDPDVFXOWDWDOWGDWDUILDFLYDU UVSXQGHHL.QR[SOHFXUkQGXLVUHXüHDVFWRWDWkWGHELQHvQ 6FR&LDSUHFXP'HERUDÅvQFRPXQLWDWHDILLORUOXL,VUDLO ,95DSRUWXULOHGLQWUH0DULDüL(OLVDEHWDHUDXFRPSOH[H/D FRQIOLFWHOHSROLWLFHVHDGDXJüLJHOR]LDIHPLQLQ&kQGYHQLOD/RQGUD 0HOYLOOHDPEDVDGRUXO0DULHL(OLVDEHWDIFXWRWFHLDVWDWvQSXWLQ&FD VOVHGXFÍLYRUELvQWRDWHOLPELOHSHFDUHOHFXQRüWHDFkQWGLQOXW vQWUHEkQGXOGDFüL0DULDFkQWDWkWGHIUXPRV GDQVvQID&D VFR&LDQXOXLüLVSXVHFLVLJXUF0DULDQXGDQVDDWkWGHJUD&LRV YRLV üWLHGDFSUXOHLEORQGURüFDWQXHUDPDLIUXPRVGHFkWSUXOFDVWDQLXDO 0DULHL0HOYLOOHLHüLGLQvQFXUFWXUVSXQkQGF(OLVDEHWDHUDFHDPDL IUXPRDVGLQWUHUHJLQHOH$QJOLHLüL0DULDFHDPDLIUXPRDVGLQWUH UHJLQHOH6FR&LHL(OLVDEHWDvOPDLvQWUHEFLQHHUDPDLvQDOWGLQWUHHOH GRX0DULD6WXDUWGHVLJXUÅ$WXQFLVSXVH(OLVDEHWDHSUHDvQDOW -RKQ.QR[DUILJVLWvQDFHVWHYRUEHDOHXQXLüHIGHVWDWDUJXPHQWHOH vPSRWULYDÅPRQVWUXRDVHLJXYHUQULDIHPHLORU'DUOD(OLVDEHWD IULYROLWDWHDQXHUDGHFkWRPDVFDJUHDELOÍQSUREOHPDVXFFHVLXQLL UPDVHQHFOLQWLW(DQXSXWHDDGPLWHFDUHJLQD6FR&LHLVüLVSXQ UHJLQD$QJOLHLQLFLVSXQDOWXULSHVWHPDHLFHOHGRXUHJDWHFKLDU GDF0DULDQXOXDQLFLRPVXUSHQWUXDüLYDORULILFDGUHSWXULOH 2DVWIHOGHSUHWHQ&LHDUILSXWXWVXEPLQDvQPRGSHULFXORVORLDOLVPXO FDWROLFLORUHQJOH]LüLDVWDFXDWkWPDLPXOWFXFkWFHDPDLPDUHSDUWHD FDWROLFLORUVHDIODXODQRUGDSURDSHGHIURQWLHUDFX6FR&LD'DF0DULDV DUFVWRULFXXQSULQ&FDWROLFIUDQFH]VDXVSDQLRO$QJOLDVHSXWHDWHPH
'HERUDSURIHWELEOLFGDWRULWLQVSLUD&LHLFUHLDHYUHLLDUILUHSXUWDWRYLFWRULH
DVXSUDFDQDDQL&LORU &DUWHDMXGHFWRULORU
GHRQRX0DULD7XGRUÍQVFKLPEGDF0DULD6WXDUWYRLDVVHODVH PULWDWFXXQSURWHVWDQWHQJOH]DOHVGH(OLVDEHWDDFHDVWDHUDJDWDV GHFODUHFGXSPRDUWHDHLVXFFHVLXQHDvLYDUHYHQL0DULHLüLFRYD VSULMLQLFXVIDWXULOHVDOH 9ÍQWUHFHOHGRXUHJLQHvQFHSXRFRUHVSRQGHQ&DPLFDOvQFDUH (OLVDEHWDMXFkQGSHVRUDPDLPDUHRFRSOHüHDSHYDUVDFXSURYHUEH SOLQHGHWkOF Å2FROHüWHWXILüXULOHVDUSXWHDFDXQVSLQVWHvQ&HSHvQ FOFkL3LDWUDFDGHDGHVHDSHFDSXOFHOXLDFDUHDDUXQFDWR6IDWXUL EDQDOHGDUSRDWHXWLOHFFL0DULDGXSFHGRYHGLVHODvQFHSXWDWkWD UEGDUHVHOVDDFXPvQSUDGDQHUYLORU&kQG-RKQ.QR[FDUHFRQWLQXD VRMXGHFHÅFXRDXWRULWDWHDWkWGHVHYHUFDüLFXPDUILIFXWSDUWHGLQ &RQVLOLXO3ULYDWDOOXL'XPQH]HXSUHGLFvPSRWULYDHYHQWXDOHLFVWRULL DUHJLQHLFXXQSDSLVWDüvOFKHPODGkQVDüLLYRUELPXOWüLFXYLROHQ& Å$PVXSRUWDWVSXVHHDIHOXOGXPQHDYRDVWUDVSUXGHDYRUEL vPSRWULYDPHDüLDXQFKLORUPHL$PvQFHUFDWVYILXSHSODFSULQWRDWH PLMORDFHOHSRVLELOH9DPSULPLWRULGHFkWHRULD&LDYXWSRIWDVPDGPR QHVWD&LûLWRWXüLQXSRWVWULHVFvQSDFHFXGXPQHDYRDVWU-XUvQ ID&DOXL'XPQH]HXFYRLILvQWUR]LU]EXQDWÍQFOLSDDFHHDFXYLQWHOHL VDXSLHUGXWvQKRKRWHGHSOkQVüLSDMXODELDJVLDWkWHDEDWLVWHFkWHL IXUGHWUHEXLQ&FDVüLüWHDUJRFKLL 9,3X&LQHIHPHLDXGUHSWXOODPDLPXOWLQGXOJHQ&GHFkW0DULD 6WXDUWDUXQFDWDWkWGHWkQUüLIUVIHWQLFLFUHGLQFLRüLvQWURYUHPH URPDQ&LRDVüLEUXWDOSULQWUHQRELOLIUVFUXSXOHüLSUHGLFDWRUL LQXPDQL&XUDMXOHLDDMXWDWRVFküWLJHvQSULPDHWDSÍQGDWFHOV IHPHLDGLQHDVDLESULRULWDWHID&GHVXYHUDQvQFHSXVDGXQHJUHüHOL SHVWHJUHüHOL&DUHIX]DWVOLDGHEUEDWSHIUXPRVXO/HLFHVWHUSHFDUH LOUHFRPDQGDVH(OLVDEHWDHUDILUHVF QDYHDQLFLRSRIWVFXOHDJSH IRüWLLFXUWH]DQLDLYHULüRDUHLVDOHüLGHDOWPLQWHUHD/HLFHVWHUDUILIRVWXQ UHJHQHSULFHSXW'DUQOH\SHFDUHODOHVHHDHUDüLPDLQHSULFHSXW H GUHSWFüLHOGHVFLQGHDGLQIDPLOLD7XGRUüLWUXSXOVXWkQUQXHUD OLSVLWGHJUD&LHGDUDYHDXQVXIOHWMRVQLFRLQLPODüvODSXFDXIXULL VXELWHüL0DULDVHSOLFWLVLGHHOWRWDWkWGHUHSHGHFXPVHvQGUJRVWLVH 0DULDFRPLVHDWXQFLQHEXQLDGHDüLOXDGUHSWVIHWQLFXQPLFPX]LFDQW LWDOLDQYHQLWvQ6FR&LDRGDWFXVXLWDGXFHOXLGH6DYRLDXQDQXPH 'DYLG5L]]LR6HQLRULLGHODFXUWHH[DVSHUD&LFXQSDUYHQLWHSUHIHUDWvQ ORFXOORUMXUDUVVHU]EXQHÍPSUHXQFX'DUQOH\SXVHUODFDOHR FRQVSLUD&LHSHQWUXDVHGHVFRWRURVLGH5L]]LRüLOXFLVHUFKLDUvQID&D 0DULHLSHFkQGOXDFLQDFXHD3HVWHWUHLOXQLHDGGXQDüWHUHXQXLELDW FDUHDYHDVILH,DFREDO9,OHDDO6FR&LHLüL,DFRE,DO$QJOLHLüLGHVSUH FDUHVHVSXQHDDWXQFLFHFRSLOXOOXL5L]]LR6LWXD&LD0DULHLGHYHQHD LQVXSRUWDELOÍOXUDSHEUEDWXOVX'DUQOH\ LXEHDODQHEXQLHSHFHO PDLJURD]QLFGLQWUHVHQLRULLVFR&LHQLSHFRQWHOHGH%RWKZHOOFDUHR
YLRODVHDSRLRFXFHULVHüLSHFDUHWRDW6FR&LDvOGLVSUH&XLD%RWKZHOO SUHJWLXFLGHUHDUHJHOXL2DUHFXFRPSOLFLWDWHD0DULHL6WXDUW"/XFUXFHUW HVWHFUHJLQDODLQVWDODWSH'DUQOH\FDUHHUDEROQDYvQWURFDVL]RODW OD&DUvQDSURSLHUHD(GLQEXUJXOXLOD.LUNR )LHOG HDvOSUVLVHDUD vQ FXUVXOQRS&LLFDVDVULvQDHUüL'DUQOH\IXJVLWPRUWvQJUGLQ1LPHQL QXVHvQGRLDGHYLQRY&LDOXL%RWKZHOO2UUHJLQDWUHLOXQLGXSXFLGHUHD EUEDWXOXLVXVHFVWRULFXDVDVLQXO(UDPDLPXOWGHFkWSXWHD VXSRUWDRSLQLDSXEOLFFKLDUvQVHFROXODO;9,OHD3DSD6SDQLD)UDQ&D WR&LSULHWHQLLRSUVLUSH0DULD8QLLVFR&LHQLVHUVFXODU'XSXQ VFXUWFRQIOLFW%RWKZHOOGHVWXOGHODüIXJLLDU0DULDIXUHDGXVOD (GLQEXUJFDSUL]RQLHUGHVROGD&LLFDUHVWULJDX Å/DUXJFXWkUID0DULD IXGHWURQDWvQIDYRDUHDILXOXLVX,DFREDO9,OHDLVWRULDHLGRYHGLQG VSXQHDDPEDVDGRUXOYHQH&LDQFWUHEXULOHVWDWXOXLQXFRQVWLWXLHR PHVHULHSHQWUXRIHPHLH 9,,$UILIRVWGHVLJXUH[HFXWDWGDF(OLVDEHWDQDUILSURWHMDWR VSUHPDUHDGHVSHUDUHDOXL&HFLOüLDOXL:DOVLQJKDPFDUHQXüLSXWHDX H[SOLFDSROLWLFDVWSkQHLORUGHFkWSULQRURDUHDSHFDUHRDYHDID&GH UHEHOLLVFR&LHQLüLSULQGRULQ&DGHDQXRIHULVXSXüLORUXQVSHFWDFROüLXQ H[HPSOXGHUHJLQGHFDSLWDWÍQVIkUüLWGXS]HFHOXQLüLMXPWDWHGH FDSWLYLWDWHOD/RFK/HYHQ0DULDIXJLFODUHvQüLDMXQVHvQ$QJOLD &HDYHDVIDF(OLVDEHWD"7UHEXLDVWROHUH]HvQUHJDWXOVXSUH]HQ&D XQHLSUHWHQGHQWHDWkWGHSHULFXORDVH"1LFLRGDWDFHDVWPDUHDUWLVWD H]LWULLQDüRYLWYUHPHDWkWGHvQGHOXQJDW&RQVLOLHULLVLDUILWUDWDWR SH0DULDIUQLFLRPLO2FHUHDUD&LXQHDGHVWDW-RKQ.QR[VFULD Å'DFQXYH&LORYLODUGFLQUDPXULOHFDUHSDUPRDUWHYRUvQPXJXULGLQ QRX0DULDFHUXFD(OLVDEHWDVGHVFKLGRDQFKHWDVXSUDDFWHORU FRPLVHGHUHEHOLLVFR&LHQL (OLVDEHWDDFFHSWGDURUGRQPHPEULORU FRPLVLHLVH[WLQGDQFKHWDüLFXSULYLUHODPRDUWHDOXL'DUQOH\SHQWUX FDVSXQHDHDVQXPDLDSHVHQLFLREQXLDODVXSUDÅVRUHLVDOH1LüWH VFULVRULFDUHGRYHGHDXYLQRY&LD0DULHLIDLPRDVHOHÅVFULVRULGLQFDVHW IXULQYRFDWHvPSRWULYDUHJLQHL6FR&LHL$FHDVWDVSXVHFVFULVRULOHHUDX IDOVH0HPEULLFRPLVLHLSUXGHQ&LGHFODUDUFDQFKHWDQXGRYHGLVH QLPLFQLFLvPSRWULYDUHEHOLORUQLFLvPSRWULYD0DULHL(OLVDEHWDRUH&LQXFD SUL]RQLHUüLQXSRDWHILGHORFEODPDWFFLQHIHULFLWDUHJLQD6FR&LHL IXVHVHüLFRQWLQXDVILHLPSOLFDWvQWRDWHFRQVSLUD&LLOH)D&GHQXPUXO FRPSORWXULORUDOHFURUILUHOHD&LQXW0DULDEOkQGH&HD(OLVDEHWHL VWkUQHüWHDGPLUD&LH3HQWUX0DULD6WXDUWVDXUVFXODWFDWROLFLLGLQQRUG SHQWUXHDDPXULWGXFHOHGH1RUIRON(DvQFXUDMDDWkW6SDQLDFkWüL )UDQ&DSHGXFHOHG $OHQoRQFDüLSH'RQ-XDQGH$XVWULD(DFRQVSLUD FXSDSDvPSRWULYD(OLVDEHWHLSULQLQWHUPHGLXOEDQFKHULORUIORUHQWLQL &DPHUD&RPXQHORUFHUXFDSXOHL :DOVLQJKDPQXLVSXQHDDOWIHOGHFkW WKHERVRPVHUSHQW(vQDIDUGHRULFHvQGRLDOF(OLVDEHWDDUILDYXW ûDUSHOHDGSRVWLWODVkQ
]HFLGHPRWLYHVHULRDVHFDVRUGRQHH[HFXWDUHDIUXPRDVHLVDOHYHULüRDUH 'DUDUHIX]DW 9,,,)UXPRDVDDPD]RDQFXWHQXOSDOLGGHYHQLRIHPHLH PDWXUüLEROQDY SUXOFDVWDQLXvQFUXQ&HD0DULDSUL]RQLHUEURGD OXFUXüRDUHSHQWUX(OLVDEHWDüLLQFRULMLELOFRPSORWD(OLVDEHWD vPEWUkQHD HUDVLJXUDFXPFQXYDPDLDYHDFRSLL SUREOHPD VXFFHVLXQLLGHYHQHDGLQFHvQFHPDLJUDY'XSRDWkWGHOXQJ FDSWLYLWDWHSDSDüLELVHULFDXLWDVHUF0DULDVHIFXVHYLQRYDWGH DGXOWHUSRDWHüLGHRPXFLGHUHüLGLQQRXvüLSXQHDXvQHDPDUL VSHUDQ&H%XQLLSURWHVWDQ&LVHQHOLQLüWHDXGHVFDGHQ&DDWkWGHDSURSLDW :DOVLQJKDPFDUHRSkQGHDSH0DULDvLLQWHUFHSWDUHJXODW FRUHVSRQGHQ&D'XSGRX]HFLGHDQLGHFDSWLYLWDWHHDVH&LQHDvQFGH ÅSODQXOHLFDUHQXHUDDOWFHYDGHFkWSLHLUHD(OLVDEHWHL2UvQSUHD FVHDSURSLHXQU]ERLFX6SDQLD7UHEXLDPDLvQWkLVHJkQGHD :DOVLQJKDPvQDLQWHGHDVHDQJDMDVVHVXSULPHFDX]HOHSULPHMGLHL GLQXQWUX8QDJHQWSURYRFDWRUVHvQVUFLQVRDWUDJSH0DULDvQWUR FDSFDQ6DOVDWSULQVIUH]LWDUH8QJUXSGHWLQHULSXVHVHUODFDOH XFLGHUHD(OLVDEHWHLüHIXOORUWULPLVH0DULHLRVFULVRDUHILUHüWH LQWHUFHSWDWvQFDUHRvQFXQRüWLQ&DGHDVDVLQDWüLLFHUHDSUHUHD 'XüPDQLL0DULHLDüWHSWDXSOLQLGHQHOLQLüWHUVSXQVXOHL1DXIRVW GH]DPJL&L(DDSUREDRPRUXOüLOHGGHDFKLDUVIDWXULXFLJDüLORU :DOVLQJKDPWULXPID0DULDIXMXGHFDWOD)RWKHULQJD\üLIXJVLW YLQRYDWvQXQDQLPLWDWH&DPHUD&RPXQHORUFHUXLPHGLDWDHLH[HFX&LH &KLDUüLILXOHL,DFREQXXLWDFPRDUWHD0DULHLvLDVLJXUDWURQXO$QJOLHL Å5HOLJLDPHDPDIFXWVXUVFvQWRWGHDXQDFRPSRUWDUHDHLGHüL RQRDUHDPREOLJDVLDSUYLD&D(OLVDEHWDH]LWDüLDFXP'HFHVHQ WLPHQWDVFXOWDHD"&OHPHQ&UHDO"*URD]GHDFHDVWDF&LXQH"7HDP SHQWUXSURSULDPkQWXLUH"ÍQFHOHGLQXUPVHPQRUGLQXOGHH[HFX&LH &OXOVHY]XVLOLWVUHSHWHGHWUHLRULORYLWXUDGHVDELHSHQWUXDLWLD FDSXO IHEUXDULH 7UDJHGLLOHGLQWLQHUH&HDOH0DULHL6WXDUW IXVHVHUXLWDWHüLvQRFKLLFDWROLFLORUDGHYHQLWRVIkQW ,;(OLVDEHWDDWULWSkQODüDSWH]HFLGHDQLYkUVWIRDUWHvQDLQWDW SHQWUXDFHOHYUHPXULüLSkQvQXOWLPD]LDIRVWVFOLSLWRDUHDGDQVDWD IOLUWDW%XUOHLJKPXULVHvQDLQWHDHLüLUHJLQDODvQORFXLWFXDOGRLOHDILX DODFHVWXLDFX5REHUW&HFLO/XL/HLFHVWHUvLXUPDVHvQJUD&LLOHEWUkQHL IHPHLJLQHUHOHDFHVWXLDFRQWHOHGH(VVH[(UDPOGLRVüLVHGXFWRUGDU DURJDQWüLDYHDXQFDUDFWHUDVFXQVÍPEWDWGHVHQWLPHQWXOWXOEXUHSH FDUHODYHDUHJLQDSHQWUXHOüLFDUHFXSULQGHDvQDFHODüLWLPSJULM PDWHUQWDQGUH&üLVHQ]XDOLWDWHvQFXUDMDWüLGHRJORULRDVH[SHGL&LHOD &DGL[FDUHIFXVHGLQHOLGROXOSRSRUXOXLHQJOH]GHYHQLVHGHQHVXSRUWDW $OWJUDILHDQXPHOXL%XUJKOH\
&XWRDWHFRWUDWDSHUHJLQFXRLPSHUWLQHQ&üLRYLROHQ&QH PDLSRPHQLWHDvOLHUWDvQWRWGHDXQDÍüLMXFXOWLPDFDUWHFkQGFHUX FRPDQGDDUPDWHLWULPLVGH(OLVDEHWDFDVvQEXüHUHYROWDLUODQGH] SURYRFDWGHVSDQLROL ÍQJHQHUDOHOVHFRPSRUWFDXQFRSLODOLQWDWüLFDXQWUGWRU YLVkQGVVHvQWRDUFFXWUXSHOHVDOHOD/RQGUDFDVRGHWURQH]HSH VXYHUDQWULPL&kQGXLvQDFHODüLWLPSVFULVRULVXUHVFLWDWHüLSWLPDüH (OLVDEHWDvOMXGHFDDFXPFXEXQVLP& Å$LDYXWFHDLFHUXW DOHJHUHD PRPHQWXOXLPDLPXOWSXWHUHüLDXWRULWDWHGHFkWDDYXWFLQHYD YUHRGDW &kQGSUVLQGXüLSRVWXOVHvQWRDUVHüLvQFHUFV RUJDQL]H]HXQFRPSORWSHQWUXDRvQFKLGHüLODQHYRLHSHQWUXDR DVDVLQDHDvOOVvQYRLDVRDUWHLÅ$FHLFDUHVHDWLQJGHVFHSWUXOSULQ&LORU QXPHULWQLFLRPLOVSXVHHD)UXPRVXO(VVH[IXGHFDSLWDWvQ7XUQüL DYXXQVIkUüLWXPLOüLSLRV ;0RDUWHDOXLvQYOXLFXRXPEUGHPHODQFROLHXOWLPLLDQLDL UHJLQHL(DvüLYRSVHDvQFSUXOÅvQWURFXORDUHSHFDUHQDWXUDQDIFXW RQLFLRGDW VHDFRSHUHDGHSHUOHüLGLDPDQWHGHVWRIHGLQILUHGHDUJLQW üLDXU PDLSULPHDRPDJLLOHSDUODPHQWXOXLüLvLSURPLWHDVDEURJH PRQRSROXULOHFDUHvPERJ&LVHUSUHDPXO&LFXUWH]DQL GGHDPkQDVLR VUXWHWXWXURUJHQWLORPLORUGLQ&DPHUD&RPXQHORUSHQWUXFVHJkQGHD FüLLDUPDVEXQGHODXOWLPXOVXSDUODPHQW XQHRULPDLGDQVDFKLDU üLRÅFRXUDQWH'DULPHGLDWVHvQWLQGHDSHSHUQH VHDSURSLDVIkUüLWXO üLHDvOVLP&HD7RWXüLVHvQFS&kQDVHVUHIX]HQXPLUHDXQXLVXFFHVRU ûWLDFYDIL,DFREDO9,OHDDO6FR&LHLILXO0DULHL6WXDUWüLFPLQLüWULLVL DXüLvQFHSXWRFRUHVSRQGHQ&FX(GLQEXUJXO1XYRUEHDQLFLRGDWGH DVWD9LGHRHWWDFHRIXVHVHvQWRWGHDXQDGHYL]DHLÍQWUR]LGHLDQXDULHD DQXOXLVHVLP&LPDLUXVHFXOFUHIX]VRYDGXQPHGLFvO GHVHPQvQVIkUüLWSH,DFREFDXUPDüXOHLüLvQWRUFkQGXVHFXID&DOD SHUHWHF]XvQWUROHWDUJLHGLQFDUHQXVHPDLWUH]L ;, $1*/,$Í1(32&$(/,6$%(7$1 ,7UXSXULOHHOLVDEHWDQLORUHUDXIFXWHODIHOFDüLDOHQRDVWUH$YHDX DFHOHDüLFUHLHUHDFHOHDüLLQLPLDFHLDüLULQLFKLüLIUvQGRLDOvQFHUFDX FDPDFHOHDüLSDVLXQLFDüLGHVFHQGHQ&LLORU'DUHLGHIRUPDXDWkWGHELQH OLQLDDFHVWRUWUXSXULSULQFXUEHOHüLXQJKLXULOHYHüPLQWHORUORUüL ILUHVFXOSDVLXQLORUSULQVWUOXFLUHDPHWDIRUHORUFPXO&LLVWRULFLLDX FRQVLGHUDWQLüWHPRQüWULÍQVSHFLDODVWkUQLWXLPLUHFRQWUDVWXOGLQWUH 'DQVYHFKLGHVWXOGHYLXODPRGvQVHFROHOH;9,;9,,
JLQJüLDSRHPHORUORUüLFUX]LPHDVSHFWDFROHORUGLQWUHOX[XOFRVWXPHORU üLPXUGULDYLH&LLORU'DURULFHHSRFRIHUDVHPHQHDVXUSUL]HüLLVWRULFLL YLLWRUXOXLQXYRUvQWkPSLQDPDLSX&LQHJUHXW&LVvPSDFHLQWHOLJHQ&D VDYDQ&LORUüLSWUXQGHUHDURPDQFLHULORUQRüWULFXVWXSLGLWDWHDHFRQRPLHL üLVOEWLFLDU]ERDLHORUQRDVWUH8FHQLFLLüLFSLWDQLLFDUHWUDYHUVDX 7DPLVDFDVYDGOD7HDWUXO*OREXOXLRFRPHGLHGH6KDNHVSHDUHHUDX DFHLDüLFDUHSULYHDXFXSOFHUHXQQHQRURFLWGHXUVKU&XLWGHRFHDWGH FkLQLVDXFDUHFRQWHPSODXVkQJHURVXOVXSOLFLXDOXQXLWUGWRU 2ELüQXLQ&DLDIFXWLQVHQVLELOLvQWRFPDLFDSH(VVH[VDX&DUOLVOH EUED&LDWkWGHUDILQD&LFDUHVHvPSFDXFXPLURVXOXUkWDOVWU]LORUGLQ /RQGUDDüDGXSFXPFXWDUHHVWHWDOWLPSXULORUQRDVWUHDFFHSWILOR]RILD SROLWLFFHDPDLGXUüLVkQJHURDVHOHHLFRQVHFLQ&H ,,'HRDUHFHUHJLQHLvLSOFHDOX[XOüL&DUDGHDOWIHOVHvPERJ&HD PRGDDIRVWSHQWUXHOLVDEHWDQLXQWLUDQSUHWHQ&LRVüLFDSULFLRV,QYHQWDWH vQ)UDQ&DWXUQXULOHODURFKLLVHOUJLVHUvQWUDWkWvQFkWGHYHQLVHUFDR PDVSHFDUHVHRGLKQHDXEUD&HOH'HDVXSUDDFHVWXLYDVWFORSRWXQ FRUVHWGLQEDOHQHVDXGLQR&HOOHIFHDIHPHLORURWDOLHGHYLHVSH*XOHUH LPHQVHLPSRUWDWHGLQ6SDQLDHUDXvQ&HSHQLWHFXXQILUGHR&HOVDXFX VFUREHDOLQYHQ&LHGUFHDVFSHFDUHRLQWURGXVHVHvQ$QJOLDQHYDVWD YL]LWLXOXLRODQGH]DOUHJLQHL&HOHPDLVFXPSHVWRIHFDWLIHOHGDPDVFXUL SRVWDYXULGLQILUHGHDXUüLDUJLQWHUDXIRORVLWHSHQWUXURFKLLOHGRDPQHORU üLSHQWUXWXQLFLOHEUED&LORU0DULLVHQLRULvQGLYHUWLVPHQWHOHORUPL WRORJLFHVHOXDXODvQWUHFHUHvQFHSULYHüWHLPDJLQD&LDFXSRH&LLFDUH DGHVHRULHUDXHLvQüLüLPDULVHQLRUL/X[XOüLFRQIRUWXOSWUXQGHDXvQ FDVHOHJHQWU\HLüLDOHRUüHQLORU2GRDPQGHUDQJPDUHvQDLQWHGHDVH VFXODGLQSDWFHUHDFDSDMXOVLDSULQGIRFXOvQFDPHU vQDLQWHGHDVH FXOFDvLFHUHDFDPHULVWHLVLvQFO]HDVFSDWXOFXRVWLFOFXDSFDOG /D&DUSUHWXWLQGHQLVHULGLFDXQRLFDVWHOHvQFDUHDUKLWHFWXUDLWDOLDQVH vPELQDFXJRWLFXOWUDGL&LRQDOÍQJUGLQLFDüLvQLQWHULRUXOFDVHORUVH XUPUHDVLPHWULDSODQXULORUüLYDULHWDWHDRUQDPHQWHORU7LVDüLPHULüRUXO HUDXWXQVHvQIRUPGHVIHUHüLVSLUDOH/LPEDMXOFDYDOHULORUüLDOGRDPQH ORUHUDWRWDüDGHFLXGDWvQWRUWRFKHDWFDüLDUERULLGLQJUGLQDORU (XSKXHVDOXL/\O\ IXVHVHSXEOLFDWvQüLRULFHIHPHLHFXOWLYDWVH IOHDFHVWHHXIXLVWLF3OFHUHDGHDQVFRFLFXYLQWHüLDQXPLWHvQ WRUVWXULEH&LDSHFDUHRSURFXUDUHvQQRLUHDOLPELLGGHDXQDüWHUHXQHL SUH&LR]LW&LvQWkOQLWHvQSRHPHFDüLvQYRUELUHüLFDUHPHUJHDGHOD IHUPHFWRUODULGLFROIUDILvQWRWGHDXQDXüRUVVHSRDWGLVWLQJH IURQWLHUDGLQWUHHOH ,,,'DFFHLGHODFXUWHüLFkWHYDVSLULWHFXOWLYDWHFLWHDXSHVLU3KLOLS
-RKQ/\O\ SRHWüLVFULLWRUGHIDFWXUDULVWRFUDWLF
6\GQH\üLSHVLU7KRPDV:\DWWSH6SHQVHUSH0DUORZH üLVRQHWHOHOXL 6KDNHVSHDUHVXEDFHDVWVXSUDID&LUL]DWFRQWLQXDVFLUFXOHPDUHOH FXUHQWSXULWDQ%LEOLRWHFDDGXQDWGHODG\+RE\DOFUHLFDWDORJvODYHP VHFRPSXQHDPDLDOHVGLQFU&LUHOLJLRDVH %LEOLDüL&DUWHDPDUWLULORUOXL )R[HFRQVWLWXLDXED]DORUVROLGÅ$XWRUXOFHOPDLFLWLWSHYUHPHDOXL 6KDNHVSHDUHHUDUHYHUHQGXO+HQU\6PLWK ÍQDIDUGHSUHGLFLHUDX HGLWDWHPDLDOHVEDODGHULPDWHDVXSUDHYHQLPHQWHORU]LOHLVDXSDPIOHWH UHOLJLRDVHFDPDQLIHVWHOHSXULWDQHSXEOLFDWHVXESVHXGRQLPXO0DUWLQ 0DUSUHODWH3RHPHOHQXJVHDXSUHDPXO&LOHFWRULGDUVFULLWRULLHOL VDEHWDQLWULDXPDLPXOWGLQGDUXULOHSURWHFWRULORUFURUDOHGHGLFDX RSHUHOHORUGHFkWGLQYkQ]DUHDFU&LORU2SLHVGHWHDWUXHUDSOWLWFX üDVHSkQOD]HFHOLYUHüLXQGUDPDWXUJSX&LQPDLDFWLYVFULDYUHR]HFH SkQODGRXVSUH]HFHSHDQÍQVIkUüLWVHYLQGHDXOD/RQGUDPXOWHRSHUH WUDGXVHGLQLWDOLDQüLIUDQFH]FDGHSLOG3RYHVWLULOHOXL%RFFDFFLRüL (VHXULOHOXL0RQWDLJQHÍQVFULHULOHDXWRULORUVWULQL6SHQVHUüL 6KDNHVSHDUHJVHDXWHPHODFDUHDGXJDXSHQWUXDOHGDXQIDUPHF VSHFLILFHQJOH]JUDYLWDWHDPHODQFROLFSURSULHQD&LXQLLORUSRH]LDVD UXVWLFILOR]RILDVDIDPLOLDUüLVHULRDV ,96XEGRPQLD(OLVDEHWHLWHDWUXODDMXQVVRFXSHvQ$QJOLDXQORF GHVHDPvQYLD&D/RQGUHLÍQFGHSHYUHPHDOXL+HQULFDO9,,OHDH[LVWDX WUXSHGHFRPHGLHGDUSX&LQHWHDWUHSHUPDQHQWH7UXSHOHDFHOHDMXFDXvQ FXU&LOHKDQXULORUVDXvQYHVWLEXOHOHFRQDFXULORU&kQGDXWRULW&LOHGLQ &LW\GHYHQLWHSXULWDQHvLH[SXO]DUSHFRPHGLHQLDFHüWLDVHUHIXJLDUOD VXGGH7DPLVDvQDIDUDMXULVGLF&LHLORUGXOXLSULPDU$WXQFLVHFRQVWUXLU PDLPXOWHWHDWUHGLQWUHFDUHFHOPDLFHOHEUXHVWHÅ*OREXOGLQFDUH 6KDNHVSHDUHSRVHGDR]HFLPH2DPHQLLLDXFXXüXULQ&GUHSWWUVWXU SHUPDQHQWXQGHWDOLXQVFXWODvQWkPSODUH&RQVWUXFWRULLSULPHORU WHDWUHvQFHUFDUDSURDSHWR&LVUHSURGXFFXUWHDKDQXOXLFXJDOHULDVD H[WHULRDUPHUJkQGGHDOXQJXOFDPHUHORU$FHDVWJDOHULHSXWHDXüRU UHSUH]HQWDFkQGEDOFRQXOFDPHUHLXQHLGRDPQHFkQGYkUIXOXQXLWXUQ 6SHFWDWRULLSOWHDXXQSHQQ\FDVLQWUHüDVHSHQQ\SkQODXQüLOLQJFD VDLEXQORFSHFDUHVüDGILHSHVFHQILHvQJDOHULHFDUHvQDPLQ WLUHDKDQXOXLLQL&LDOUPkQHDvPSU&LWvQFDPHUHGHXQGHSUREDELO SURYLQORMLOHQRDVWUH5HSUH]HQWD&LDVHDQXQ&DFXVXQHWHGHWURPSHWHDüD FXPVHRELüQXLHüWHüLDVW]LvQID&DEDUFLORUGLQEkOFLXUL3XEOLFXO FRPSXVGLQXFHQLFLVWXGHQ&LvQGUHSWVROGD&LüLJHQWLORPLHUDLQWHOLJHQW
3KLOLS6\GQH\ 7KRPDV:\DWW (GPXQG6SHQVHU
üL&KULVWRSKHU0DUORZH SRH&LUHQDVFHQWLüWLHQJOH]L8OWLPXOOD LQVSLUDWSH6KDNHVSHDUHvQXQHOHOXFUUL Å1HJX&WRUXOGLQ9HQH&LD IFkQGXVHFKLDU VSHFXOD&LLDVXSUDXQHLSRVLELOHLGHQWLW&LvQWUHHOüL6KDNHVSHDUH)LXOOXL7KRPDV:\DWW SHFDUHOFKHPDODIHODFRQGXVvQUVFRDODHüXDWvPSRWULYDFVWRULHL0DULHL 7XGRUFX)LOLSYLLWRUXOUHJHDO6SDQLHL&IFDUWHDD,9DFDS9,,,,, +HQU\6PLWKVXSUDQXPLWÅ6LOYHUWRQJXHG Å/LPEGHDUJLQW DXWRUüLSUHGLFDWRU SXULWDQ
üLVHULRVÍLSOFHDRPHORGUDPIRDUWHVkQJHURDVGDUVHGRYHGHDFD SDELOVvQ&HOHDJüLSLHVHOHFHOHPDLSRHWLFHDOHOXL0DUORZH%HQ-RQVRQ VDX6KDNHVSHDUH 9'HVSUH:LOOLDP6KDNHVSHDUHFDUHDGDWYLD&XQHLOXPLvQWUHJL FXPVDUSXWHDYRUELvQFkWHYDUkQGXUL"$IRVWVXSHULRUWXWXURUFHORUODO&L DXWRULGUDPDWLFLGHSHYUHPHDOXL"/XFUXOHVLJXUGHüLüLDFHüWLDDXIRVW IRDUWHUHPDUFDELOL1LFLXQXOvQVQDSDUFXUVRJDPGHWRQXULGH JHQXULüLGHVXELHFWHDWkWGHODUJ QLPHQLQDüWLXWVvPELQHvQWUXQ PRGDWkWGHIHULFLWSRH]LDFHDPDLIDQWDVWLFüLFRQVWUXF&LDFHDPDL VROLG QLPHQLQDH[SULPDWDVXSUDQDWXULLüLSDVLXQLLRDPHQLORUJkQGXUL DWkWGHSURIXQGHvQWUROLPEDWkWGHYLJXURDV6XSHULRULWDWHDOXLLDIRVW UHFXQRVFXWGHFRQWHPSRUDQL"1XDWkWGHXQDQLPFXPLRUHFXQRDüWHP QRLDVW]L&kQGDFHVWDXWRUDFWRUDvQFHSXWSULQ VRIHUH PDQXVFULVHFRPSDQLLORUGHFRPHGLDQ&LvQFRQFXUHQ&FXHUXGL&LLSRH&LDL XQLYHUVLW&LORUDVWkUQLWJHOR]LDDFHVWRUD'DUSXEOLFXOXLvLSOFHDX SLHVHOHOXLÍQWUXQPLFPDQXDOGHOLWHUDWXUSXEOLFDWvQ 3DOODGLV 7DPLD DXWRUXOFkQGDMXQJHODWUDJHGLHüLFRPHGLHYRUEHüWHGH 6KDNHVSHDUHFDÅGHFHOPDLPLQXQDWvQDPEHOHJHQXULüLÅXQXOGLQFHL PDLSDVLRQD&LGLQWUHQRLvQD]XJUYLWULVWH&HDSULFLQXLWGHvQFXUFWXULOH GUDJRVWHLÅ'DFPX]HOHDUSXWHDYRUELHQJOH]HüWHVSXQHDXWRUXODU YRUELvQIUXPRDVDOLPEDOXL6KDNHVSHDUH3ULHWHQFXRDPHQLLGHOD FXUWHSDUWLFLSkQGODYLD&DORUvQWLPSXOXOWLPHLSHULRDGHGHGRPQLHD (OLVDEHWHL6KDNHVSHDUHüWLDVGHVFULHWRWDWkWGHELQHFDSDVLXQLOH GUDJRVWHLüLDFHOHDDOHDPEL&LHLSUHFXPüL]EXFLXPXOFHORUDIOD&LOD SXWHUHÍQ&HOHSFLXQHDXQXLSRSRUHDOFWXLWGLQDGHYUXULFRPXQH FURUDPDULLVFULLWRULDXüWLXWVOHGHDRIRUPGHRVHELWÍQ&HOHSFLXQHD SRSRUXOXLHQJOH]LQVWLQFWLYSRHWLFüLXQHRULLQFRQVWDQWvLGDWRUHD] OXL6KDNHVSHDUHFHHDFHSRSRUXOIUDQFH]OHGDWRUHD]PRUDOLüWLORUVL 9,$QJOLDOXL6KDNHVSHDUHv&LDSDUHWRDWIUHPWkQGGHSRHPHüLGH FkQWHFHüL&LLPDJLQH]LFXSOFHUHSHFHOPDLQHvQVHPQDWXFHQLFVDXSH FHOPDLVLPSOXVWHDQGLQYUHPHDDFHHDFkQWkQGODYLROVDXFRPSXQkQG PDGULJDOH)UvQGRLDOFQXWUHEXLHVH[DJHUPSRH]LDüLYHVHOLD $QJOLHLHOLVDEHWDQH9LD&DHUDDVSUSHQWUXPDVHODIHOüLFKLDUPDLPXOW GHFkWDVW]L6HYGvQSLHVHOHOXL6KDNHVSHDUH&UDQFHDFWLYHFXQDVXO URüXFDUHvQWRLXOLHUQLLFDUJOH&LFXODSWHvQJKH&DWüLDXPkLQLOH FUSDWHGHODVSODWXOUXIULHLJURVRODQH &XWRDWHFSUH&XOJUkXOXL
7H]DXUXO]HL&HL3DOODV DGLFDOvQ&HOHSFLXQLL GH)UDQFLV0HUHV
$OX]LHSUREDELOODFXSOHWXOÅ,DUQDGHODVIkUüLWXOFRPHGLHL/RYH V/DERXU V/RVW
&KLQXULOH]DGDUQLFHDOHGUDJRVWHL vQFDUHVHYRUEHüWHGHÅODSWHOHFDUHvQJKHD&vQ JOHDWüLGHÅQDVXOURüXüLMXSXLWDO0DULDQHL'DFODDFHVWSDVDMGLQSLHVHOHOXL 6KDNHVSHDUHVDJkQGLWDXWRUXOHOQXHGLQWUHFHOHPDLVHPQLILFDWLYHSHQWUXÅYLD&D
FUHVFXVHvQXUPDVFGHULLYDORULLDXUXOXLVDWHOHVXIHUHDXGLQFDX]D üRPDMXOXLILLQGQHYRLHVVHHGLFWH]HVSUHVIkUüLWXOGRPQLHLvQ üL GRXLPSRUWDQWHOHJLFXSULYLUHODVUDFL6TXLULLDFURUSXWHUH FUHüWHDVHDUWDXDGHVHDGXULüLSULJRDQDUHOLJLRDVHUDGHWHPXWSHQWUX FLQHYRLDVJkQGHDVFvQPRGOLEHU'DUH[LVWDXüLSURSULHWDULFUHüWLQL FDUHVHGRYHGHDXRVSLWDOLHULüLELQHYRLWRUL'RPHQLLOHFDüLVDWHOHvüL VDWLVIFHDXvQFQHFHVLW&LOHSULQSURSULLOHORUPLMORDFH2EXQ JRVSRGLQODG\VDXDUHQGDüvüLIFHDWRWXOVLQJXUGHODGXOFHD& SkQODOXPkQUL6HUEULOHFkPSHQHüWLHUDXSOLQHGHIDUPHF VXSUDYLH&XLDXYHFKLWUDGL&LLSJkQHFDGHSLOGGDQVXOGHDUPLQGHQ 0D\SROH vQMXUXOXQXLVWkOSvPSRGRELWFXIORULüLUDPXULYHU]LFDUH HYRFDXVRVLUHDSULPYHULLüLDSDüWHOXLSULPLWLY6WHQLLPRQWDXFRPHGLL FXPXOWLVFXVLQ&FXPQHDDUWDWDWkWGHELQH6KDNHVSHDUHvQ9LVXO XQHLQRS&LGHYDUüLVWULQLLUHPDUFDXFHQJOH]LLHUDXSHDWXQFLSRSRUXO FHOPDLPX]LFDOGLQOXPH1XQXPDLFSRSRUXODFHVWDDGDWFRPSR]LWRUL FDDGPLUDELOXO%\UGGDUDSURDSHvQWRDWHFDVHOHVHYHGHDXOXWHYLROH FODYHFLQHüLFU&LGHPX]LF7R&LYL]LWDWRULLüLPXO&LVHUYLWRULHUDXvQVWDUH VGHVFLIUH]HXQFkQWHFüLVüLRFXSHORFXOvQWUXQFRUGHWUHLVDXSDWUX YRFL 9,,$FHVWJXVWSHQWUXSRH]LHüLPX]LFSUHVXSXQHRHGXFD&LHGHVWXO GHDYDQVDW(DQXOLSVHDHOLVDEHWDQLORU'XS:LQFKHVWHUüL(WRQ ILODQWURSLERJD&LIRQGDUQRL3XEOLF6FKRROV 5XJE\vQ+DUURZvQ ÍQSULQFLSLXüFROLOHHUDXJUDWXLWHüLGHVWLQDWHFRSLLORUGLQ YHFLQWDWHIRQGDWRUXOSOWLQGVDODULXOvQY&WRULORUüLKUDQDFRSLLORU 6LQJXULLFDUHvüLSOWHDXvQWUH&LQHUHDHUDXFHLVWULQLGH&LQXWDSURDSH vQWRWGHDXQDILLGHPDULVHQLRULVDXGHRUüHQLERJD&L3X&LQFkWHSX&LQ VWULQLLGHYHQLUPDLQXPHURüLüLüFRDODIXQF&LRQDQXPDLSHQWUXHL +DUURZGHSLOGUPkQkQGQXPDLFXSDWUX]HFLGHHOHYLJUDWXL&L IUHH VFKRODUV (GXFD&LDHOHPHQWDUVHIFHDvQüFROLPLFL SHWW\VFKRROV PDL DOHVGHIHPHLFDUHvQY&DXSHFRSLLDOIDEHWXOüLQR&LXQLHOHPHQWDUHGH VFULHUHHOHvQüLOHQHüWLLQGPDLPXOW'XQDFHHDFRSLOXOVHGXFHDOD *UDPPDU6FKRROüFROLFRQGXVHXQHRULFKLDUüLOD&DUGHDGHYUD&L HUXGL&L([LVWDXSHDWXQFLSkQüLvQFHOHPDLPLFLRUDüHGLQSURYLQFLH RDPHQLGHvQDOWFXOWXU'LQWUHSULHWHQLLIDPLOLHL6KDNHVSHDUHOD 6WUDWIRUGRQ$YRQXQXOHUDOLFHQ&LDWvQOLWHUH 0DVWHURI$UWV DO 8QLYHUVLW&LLGLQ2[IRUG XQDOWXOFLWHDODWLQHüWHGHSOFHUH,VWRULFLL OLWHUDULVHPLUDXRGLQLRDUGHFXQRüWLQ&HOHOXL6KDNHVSHDUHDFWRUGH FRQGL&LHPRGHVW'DUHUDXFXQRüWLQ&HSHFDUHOHSRVHGDSHYUHPHDDFHHD PDUHOHSXEOLFvQVSHFLDOFHOGLQ/RQGUD'DFVHUVIRLHVFFU&LOHFDUHDX DSDU&LQXWXQRUEUED&LVDXIHPHLGHSHDFHOHWLPSXULVHYGPDUJLQLOH DFRSHULWHGHQRWHVFULVHvQOLPEDODWLQWRWDWkWGHUHPDUFDELOHSULQ VHULR]LWDWHDIRUPHLFkWüLSULQYLJRDUHDJkQGLULLüLWUHEXLHVUHFXQRüWLF DVSUDPDVHORU
GDFPHWRGHOHüWLLQ&LILFHVXQWDVW]LPDLHILFDFHGHFkWSHWLPSXO HOLVDEHWDQLORULQWHOLJHQ&DüLJXVWXOORUHUDXVXSHULRDUHLQWHOLJHQ&HLüL JXVWXOXLSHFDUHOHSRVHGvQWLPSXOGHID&SHUVRDQHOHGLQDFHHDüL FODV ;,, &21&/8=,, ,$üDGDU$QJOLDSURGXFHvQVHFROXODO;9,OHDRDUWüLROLWHUDWXU FDUHvLVXQWVSHFLILFH(DDSUHOXDWGLQ5HQDüWHUHDHXURSHDQFHHDFHVH SRWULYHDJHQLXOXLVXDSRLVDGHVSU&LWGHFRQWLQHQW7RWXODFRQWULEXLW SHYUHPHDGLQDVWLHL7XGRUVRIDFPDLLQVXODU SURJUHVXOOLPELL QD&LRQDOHFRQVWUXF&LDXQHLIORWHSXWHUQLFHUXSWXUDFXELVHULFDURPDQ 'DFFLWLPvQ0HPRULLOHOXL6XOO\ UHODWDUHDXQHLDPEDVDGHIUDQFH]HOD /RQGUDGHODvQFHSXWXOVHFROXOXLXUPWRUQHSXWHPGDVHDPDGHYLROHQ&D [HQRIRELHLHQJOH]HGHDWXQFL Å(VLJXUFHQJOH]LLQHXUVFVFULH6XOO\ üLFXRXUDWkWGHSXWHUQLFüLDWkWGHJHQHUDOFDLILWHQWDWVRWUHFLvQ QXPUXODSWLWXGLQLORUILUHüWLDOHDFHVWXLSRSRU(PDLVLJXUFLHIHFWXO RUJROLXOXLüLvQIXPXUULLVDOH SHQWUXFQXH[LVWvQ(XURSDXQSRSRU PDLWUXIDüPDLGLVSUH&XLWRUPDLH[DOWDWGHLGHHDSHUIHF&LXQLLVDOH'DF DUILVOLVHGHDFUH]DUHVSLULWXOüLUD&LXQHDQXVHJVHVFGHFkWODHL HL vüLDGRUWRDWHSUHULOHüLGLVSUH&XLHVFRSLQLLOHWXWXURUFHORUODOWHQD&LXQL üLQXOHYLQHQLFLRGDWvQJkQGVLDVFXOWHSHDO&LLVDXVVHvQGRLDVFGH HLvQüLüL'HDOWIHOSULQIHOXOORUGHDILvüLVWULFPDLPXOWORUGHFkWQRX (LVXQWGLQSULFLQDDVWDODGLVFUH&LDWXWXURUFDSULFLLORUORUÍQFRQMXUD&L GHPDUHVDU]LFHFVDXPROLSVLWGHvQWUHDJDHLQHVWDWRUQLFLH8QXOGLQ VHFUHWHOHSRSXODULW&LLGLQDVWLHL7XGRULORUHVWHDUWDFXFDUHDXIODWDW SUHMXGHF&LOHLQVXODUHüLRUJROLXOVXSXüLORUORU ,,*XYHUQDUHDUHJLORU7XGRUDIRVWRJXYHUQDUHGHPkQIRUWHGDU IRU&DHLQXLRGGHDQLFLDUPDWDQLFLSROL&LD6SULMLQLQGXVHSHRSLQLD SXEOLFSH\HRPHQLSHDUHQGDüLSHQHJXVWRULHLDXDFDSDUDWSXWHUHD VSLULWXDO5HJLL)UDQ&HLüLDL6SDQLHLVDXDOLDWFXELVHULFDURPDQ SHQWUXDFUHDPRQDUKLLDEVROXWH UHJLL$QJOLHLVDXDOLDWFXSDUODPHQWXO SHQWUXDDOXQJDELVHULFD5RPHLüLDGHYHQLHLvQüLüLüHILDLXQHLELVHULFL QD&LRQDOH$GH]LXQHDORUOD5HIRUPDUILDGXVUXLQD$QJOLHLGDFFHOH GRXPDULSXWHULFDWROLFHVDUILvQ&HOHVV]GUREHDVFDFHVWPLFUHJDW 5LYDOLWDWHDGLQWUHGLQDVWLLOH+DEVEXUJüL9DORLVDVDOYDWGLQDVWLD 7XGRULORU0XO&XPLWGLVFRUGLLORUGLQ(XURSD$QJOLDDSXWXWSUDFWLFD
0D[LPLOLHQGH%pWKXQHGXFHGH6XOO\ UHPDUFDELORPGHVWDWIUDQFH]
PLQLVWUXDOUHJHOXL+HQULFDO,9OHDGXSPRDUWHDFUXLD VDUHWUDVGLQYLD&D SROLWLF
SROLWLFDÅEDODQ&HLSXWHULLFDUHLHVWHLPSXVGHVLWXD&LDVDüLFDUHFRQVW vQDD&k&DvPSRWULYDVWDWXOXLFHOPDLSXWHUQLFGHSHFRQWLQHQWFRDOL&LLOH FURUDHDOHDGXFHVSULMLQXOERJ&LHLüLDOIORWHORUVDOH(DQXGXFHvQF SHYUHPHD(OLVDEHWHLRSROLWLFLPSHULDOüLQLPHQLQXüLLPDJLQHD]vQ VHFROXODO;9,OHDFWHULWRULLOHGHSHVWHRFHDQUkYQLWHDWXQFLQXPDL SHQWUXERJ&LLOHORUDUSXWHDGHYHQLvQWUR]LFRORQLLGHSRSXODW ,,,9LVXOURPDQüLFUHüWLQDOXQXLLPSHULXHXURSHDQQXPDL REVHGHD]ODvQFHSXWXOVHFROXOXLDO;9,,OHDPLQ&LOHVXYHUDQLORU)RU&D VWDWXOXLQD&LRQDODGHYHQLWVLQJXUXOVFRSDOHIRUWXULORUORU$FHDVWIRU& LDIRUPHGLYHUVHÍQ)UDQ&DüLvQ6SDQLDSXWHUHDFHQWUDOVHH[HUFLWGH IXQF&LRQDULHLvQüLüLVXV&LQX&LGHVROGD&L vQ$QJOLDLQVWLWX&LLOHORFDOHGLQ HYXOPHGLXüLDXSVWUDWvQWUHJXOSUHVWLJLX3DUODPHQWXODJHQWGH OHJWXUvQWUHUHJHüLRSLQLDSXEOLFDFRPLWDWHORURUDüHORUüLVDWHORUD IRVWUHVSHFWDWGHGLQDVWLD7XGRULORU+HQULFDO9,,,OHDVDIRORVLWGH SDUODPHQWSHQWUXDLPSXQHDFFHSWDUHDUHIRUPHLVDOHUHOLJLRDVH(OLVDEHWD DOLQJXüLWSDUODPHQWXOVXFXRVWUXLQ&FDUHvQJGXLHV&LLPDJLQH]L SXWHUHDOXLÍQDGLFDWXQFLFkQGUHJLQDHUDvQFXOPHDSXWHULLVDOH VLU7KRPDV6PLWK VFULH Å3XWHUHDFHDPDLvQDOWüLFHDPDLDEVROXWD UHJDWXOXL$QJOLHLRFRQVWLWXLHSDUODPHQWXOFFLRULFHHQJOH]HSUHVXSXVD ILSUH]HQWDFRORvQSHUVRDQVDXSULQPDQGDWGHODSULQ&üLSkQODFHO PDLXPLOLQVGLQ$QJOLDDVWIHOvQFkWFRQVLP&PkQWXOSDUODPHQWXOXLHVWH FRQVLGHUDWDILFRQVLP&PkQWXOWXWXURU3HODVIkUüLWXOGRPQLHL (OLVDEHWHLSDUODPHQWXOGHYHQLVHFRQüWLHQWGHIRU&DVDüLFULWLFDDGXV DFWHORUFRURDQHLGHüLUPkQHDUHVSHFWXRDVGRYHGHDOLPSHGH LQGHSHQGHQ&DüLDXWRULWDWHD&DPHUHL&RPXQHORU ,9ÍQWRFPDLSUHFXPIHXGDOLWDWHDVDVWLQVvQXUPDWULXPIXOXLVX PRQDUKLDHQJOH]YDVOELFXUkQGGDWRULWWRFPDLVHUYLFLLORUSHFDUHOHD DGXV5HVSHFWXOHQRUPFDUHvQFRQMXUDVHGLQDVWLD7XGRULORUHUDGDWRUDWvQ DFHHDüLPVXUPHULWHORUSURSULLDOHDFHVWHLIDPLOLLFkWüLDPLQWLULL QHQRURFLULORUFDUHSUHFHGDVHUXUFDUHDORUSHWURQ'DUGXSFHDWUHFXW SHULFROXOvLDIXULVHüWLSHWR&LVILQ&LL&XUkQGvQFXUDMD&LGHRUGLQHD LQWHULRDUUHVWDXUDWGHPRQDUKLHüLGHVLJXUDQ&DH[WHUQSHFDUHR JDUDQWHD]vQDFHODüLWLPSQRXDSXWHUHPDULWLPD$QJOLHLüLvQYUMELULOH GLQ(XURSDVTXLULLüLRUüHQLLYRUvQFHUFDVLLPSXQUHJHOXLYRLQ&DORU H[SULPDWSULQSDUODPHQW&RURDQDüL&DPHUD&RPXQHORUYRUMXFDvQ $QJOLDRPDUHSDUWLGDFUHLPL]YDILSXWHUHDVXSUHP LPSUXGHQ&D XQHLGLQDVWLLQRLYDGHVFKLGHFDOHOLEHUSHQWUXYLFWRULDSDUODPHQWXOXL
6LU7KRPDV6PLWK vQY&DWüLRPSROLWLFHQJOH]2SHUDGLQFDUHVH
FLWHD]'HUHSXEOLFD$QJORUXPDDSUXWSRVWXPvQ
