Zi de zi 11 octombrie

3DJ

VSRUW

/HFĠLH GH EDVFKHW SHQWUX ³XQLULúWL´

OHL

3DJ

HFRQRPLF

3DJ

7RSXO VHUYLFLLORU GH VăQăWDWH

FXOWXUă

6HFUHWXO SRYHúWLORU GH VXFFHV

GLUHFWRU IRQGDWRU

LQ FXUV GH DXGLWDUH %5$7

$XUHOLDQ *5$0$

ZZZ ]L GH ]L UR

3DJ

DGPLQLVWUDĠLH

9LFWLPHOH +RORFDXVWXOXL FRPHPRUDWH

&XUV YDOXWDU

7kUJX 0XUHú

HXU XVG JU DXU

& & & & & &

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

R SDUWH GLQ YLDĠD WD

-RL RFWRPEULH $QXO 9,,, QU

7J 0XUHú 5HJKLQ 6LJKLúRDUD

SDJLQL

3DJ

PRQGHQ

0HWHR

12$37($ =,8$

3ăULQWHOH =ăKDQ VXFFHVRUXO SURWRSRSXOXL ùLQFDQ

3DJ

'RUX 3RS vúL GHVFKLGH VWXGLR

3DUF IRWRYROWDLF GH PLOLRDQH HXUR OD &KLULOHX &HO PDL PDUH SDUF IRWRYROWDLF GLQ 5RPkQLD YD ¿ LQDXJXUDW YLQHUL RFWRPEULH GH OD RUD vQ OR FDOLWDWHD &KLULOHX FRPXQD 6kQSDXO ,QYHVWLĠLD D IRVW UHDOL]DWă GH )RPFR 6RODU 6\VWHPV 65/ &ULVWHúWL úL VH ULGLFă OD PLOLRDQH OHL DGLFă DSUR[LPDWLY PLOLRDQH HXUR ³/X FUăULOH OH DP vQFHSXW vQ PDL úL DX IRVW ¿QDOL]DWH vQ VHSWHPEULH 9DORDUHD LQYHVWLĠLHL VH FLIUHD]ă OD PLOLRDQH GH HXUR´ D GHFODUDW SHQWUX FRWLGLDQXO ³=L GH =L´ 1\XODV %HUQDW /DV]OR DGPLQLVWUDWRU úL DVR FLDW DO )RPFR 6RODU 6\VWHPV 65/ 3DUFXO YD DYHD R FDSDFLWDWH GH 0:K GH SDQRXUL IRWRYRO WDLFH FX SXWHUH GH : ¿HFDUH RSW LQYHUWRDUH FX R SXWHUH GH N: ¿HFDUH GRXă VKHOWHUH FX R SXWHUH WRWDOă GH 0: úL GRXă WUDQVIRU PDWRDUH ULGLFăWRDUH GH WHQVLXQH ³$P LGHQWL¿FDW RSRUWXQLWDWHD vQ XUPă FX DSURDSH WUHL DQL úL DYkQG SRVLELOLWăĠL ¿QDQFLDUH P DP JkQGLW Fă YRU ¿ ELQH LQYHVWLWH´ D D¿UPDW 1\XODV %HUQDW /DV]OR vQWUHEDW ¿LQG

3URWRSRSXO RUWRGR[ GH 7kUJX 0XUHú *KHRUJKH 1LFRODH ùLQFDQ VFKLPEDW GLQ IXQFĠLH (GLWRULDO GH FRQGXFHUHD $UKLHSLVFRSLHL 2UWRGR[H 5RPkQH $OED ,XOLD ÌQ ORFXO DFHVWXLD D IRVW QXPLW SăULQWHOH 2OLPSLX =ăKDQ ³1X SRW Vă Yă VSXQ GHRFDPGDWă IRDUWH PXOWH OXFUXUL VXQW OD $OED ,XOLD XQGH DP SDUWLFLSDW OD PDL PXOWH vQWkOQLUL úL úHGLQĠH OD $UKLHSLVFRSLH´ D VSXV LHUL QRXO SURWRSRS GH 7kUJX 0XUHú 6FKLPEDUHD D DYXW ORF PDUĠL RFWRPEULH úL D IRVW FRQ¿UPDWă GH SXUWăWRUXO GH FXYkQW $OH[ 727+ DO $UKLHSLVFRSLHL 2UWRGR[H 5RPkQH $OED ,XOLD ³ÌQWU DGHYăU D DYXW ORF R VFKLPEDUH OD $P UHLQWUDW LHUL SH VLWH XO $VRFLDĠLHL =RQD 0HWURSROLWDQă GH XQGH QLYHOXO FRQGXFHULL 3URWRSRSLDWXOXL 7kUJX 0XUHú´ D GHFODUDW SăULQWHOH )ORULQ &URLWRUX DP DÀDW Fă ³=RQD 0HWURSROLWDQă

GH FH D DOHV Vă LQYHVWHDVFă vQ GRPH QLXO HQHUJLHL 3RWULYLW SRUWDOXOXL OLVWD¿UPH UR FDUH GHĠLQH FHD PDL FRPSOHWă ED]ă GH GDWH GHVSUH ¿UPHOH GLQ 5RPk QLD )RPFR 6RODU 6\VWHPV 65/ &ULVWHúWL IXQFĠLRQHD]ă GLQ úL DUH FD RELHFW GH DFWLYLWDWH FRPHUĠXO FX ULGLFDWD GH SLHVH úL DFFHVRULL SHQ WUX DXWRYHKLFXOH &RQIRUP DFHOHLDúL VXUVH vQ VRFLHWDWHD D DYXW FLIUă GH DIDFHUL GH OHL úL SUR¿W GH OHL $OH[ 727+

=RQD 0HWURSROLWDQă GRXă WăEOLĠH"

6 7LQWHUHVDQWH ,5, ÌQVFULHUL SHQWUX 5H]LGHQĠLDW 3HUVRQDOXO PHGLFDO VH SRDWH vQ VFULH SHQWUX D SDUWLFLSD OD FRQ FXUVXO GH 5H]LGHQĠLDW SkQă OD GDWD GH RFWRPEULH OD VHGLXO 'LUHFĠLHL GH 6ăQăWDWH 3XEOLFă 0XUHú SRWULYLW XQXL DQXQĠ SRVWDW SH VLWH XO LQVWLWXĠLHL ÌQVFULHULOH VH IDF GH OXQL SkQă YLQHUL vQWUH RUHOH &RQFXUVXO YD DYHD ORF vQ GDWD GH QRLHPEULH $ 0

$GUHVD UHGDFWLHL 6WU 3ULPăULHL QU 7kUJX 0XUHú 7HO UHGDFWLD#]L GH ]L UR SXEOLFLWDWH#]L GH ]L UR

$ERQDPHQWH 3HQWUX DERQDPHQWH vĠL VWăP OD GLVSR]LĠLH OD VHGLXO UHGDFĠLHL VDX OD WHOHIRQ

9RWXUL SHQWUX $QGUHLD 0RUDUX 3HUVRDQHOH FDUH FXQRVF DFWL YLWDWHD $QGUHHL 0RUDUX GH OD )XQGDĠLD $OSKD 7UDQVLOYDQă SUHFXP úL LPSOLFDUHD HL DFWLYă vQ GH]YROWDUHD VHUYLFLLORU VR FLDOH R SRW YRWD SH VLWH XO *DOHL *HVWXULORU GH 6XÀHW vQ 6ăQăWDWH 0LQWDOă OD VHFĠLXQHD ³)LL PHUHX DFWLY ´ $QGUHLD 0RUDUX D IRVW QRPLQDOL]DWă ³3HQWUX SDVLXQHD úL SURIHVLRQ DOLVPXO FX FDUH VH LPSOLFă vQ GH]YROWDUHD VHUYLFLLORU VRFLDOH WUDQVLOYăQHQH´ $ 0

$YkQWXO REVHUYDWRU GRXă HWDSH ÌQ /LJD ,,, GH IRWEDO 6HULD 9, UHSUH]HQWDQWD MXGHĠXOXL 0XUHú $YkQWXO 5HJKLQ VLWXDWă SH SR]L ĠLD D ,,, D D FODVDPHQWXOXL DUH HWDSă OLEHUă $FHODúL OXFUX VH YD SHWHUFH úL vQ HWDSD YLLWRDUH D 9,,, D GHRDUHFH QXPăUXO HFKLSH ORU HVWH LPSDU úL V DX vQUHJLVWUDW UHWUDJHUL GXSă vQFHSHUHD FDP SLRQDWXOXL FXP D IRVW FD]XO FHORU GH OD 6HYLúXO ùHOLPEăU ÌQ DFHVWH FRQGLĠLL UHJKLQHQLL YRU SLHUGH SUREDELO FRQWDFWXO FX SULPHOH FODVDWH )RUWXQD %UD]L úL $YkQWXO 7ăUOXQJHQL 0 9

::: =, '( =, 52 ÌQWUHEDUHD ]LOHL

/D vQWUHEDUHD GH LHUL

6XQWHĠL GH DFRUG FD EXQLFLOH FDUH vQORFXLHVF PDPHOH Vă SULPHDVFă LQGHPQL]DĠLD SHQWUX FUHúWHUHD FRSLOXOXL"

&UHGHĠL Fă YD ¿ UHvQ¿LQĠDW ,QVWLWXWXO ,QLPLL" 5ăVSXQVXULOH YRDVWUH DX IRVW

'$

18

7kUJX 0XUHú HVWH R PLFURUHJLXQH FX R HYROXĠLH GLQDPLFă vQ¿LQĠDWă FX VFRSXO SULQFLSDO GH D DVLJXUD GH]YROWDUHD VRFLDO HFRQRPLFă D ]RQHL´ 3DUWHQHULDWXO vQWUXQHúWH vQ SUH]HQW DXWRULWăĠL ORFDOH &RQVLOLXO -XGHĠHDQ 0XUHú PXQL FLSLXO 7kUJX 0XUHú RUDúXO 8Q JKHQL úL FRPXQHOH $FăĠDUL &HXDúX GH &kPSLH &RUXQFD &UăFLXQHúWL &ULVWHúWL (UQHL *KHRUJKH 'RMD /LYH]HQL 3ăQHW 6kQFUDLX GH 0XUHú 6kQJHRUJLX GH 0XUHú úL 6kQSDXO 1 DP vQĠHOHV SUHD ELQH FH YURLDX Vă VSXQă DXWRULL WH[WXOXL SULQ HYROXĠLH GLQDPLFă " 'LQ DQXO vQ¿LQĠăULL $VRFLDĠLHL DVLVWăP OD R OXSWă FRQWLQXă SHQWUX úH¿H ÌQ úDSWH DQL Q DP Yă]XW PăFDU XQ SURLHFW FRQFUHW SHQWUX FRPXQLWăĠLOH FDUH VXQW SDUWH GLQ $VRFLDĠLH 'RDU

FHUWXUL SHQWUX IXQFĠLL« ÌQDLQWH ³PHFLXO´ VH GăGHD vQWUH SUHúHGLQWHOH &- 0XUHú /RNRGL (G LWD (PRNH úL SULPDUXO 'RULQ )OR UHD LDU ³DUELWUX´ HUD GLQ FkQG vQ FkQG YLFHSULPDUXO &VHJ]L 6DQGRU $FXP SHUVRQDMHOH V DX PDL VFKLP EDW LDU ³GXHOXO´ VH Gă vQWUH &LSULDQ 'REUH úL 'RULQ )ORUHD QHPXOĠXPLW Fă QX IDFH SDUWH GLQ FRQGXFHUHD $VRFLDĠLHL ùHIXO &- 0XUHú VSXQH Fă )ORUHD QX D SDUWLFLSDW OD DOHJHUL GHFL QX SRDWH UHYHQGLFD R SR]LĠLH vQ VWDII XO $VRFLDĠLHL IăUă Vă ¿ IRVW SUH]HQW OD VFUXWLQ vQ WLPS FH SUL PDUXO DPHQLQĠă Fă YD VFRDWH PX QLFLSLXO 7kUJX 0XUHú GLQ $VRFLDĠLH 3HVWH FDSXO &RQVLOLXOXL /RFDO" 'LQ DYHP GRDU FHUWXUL SH DFHDVWă WHPă 3URLHFWH LRF GRDU Y U H R G R X ă W ă E O L Ġ H S H F D U H V F ULH =RQD 0HWURSROLWDQă 7kUJX 0XUHú &DP SXĠLQ vQ úDSWH DQL GH DGPLQLVWUDĠLH

'HFODUDWLD ]LOHL

/HJăWXUD %DWRúXOXL FX 0DUDPXUHúXO HVWH GDWă GH IDSWXO Fă vQ FRPXQă VXQW IRDUWH PXOWH IHWH GLQ 0DUDPXUHú FDUH DX YHQLW OD FXOHV GH PHUH V DX FăVăWRULW úL DSRL V DX VWDELOLW SH DFHVWH PHOHDJXUL 'XPLWUX &RWRL

63257 RFWRPEULH

ùWLUL

LQWHUHVDQWH )HVWLYDO GH SDUDSDQWă OkQJă (UQHL &OXEXO 6SRUWLY 0XUHVÀ \ RUJDQL]HD]ă vQ SHULRDGD RFWRPEULH SH GHDOXO GH OkQJă ORFDOLWDWHD (UQHL FHD GH D 9 D HGLĠLH D )HVWLYDOXOXL GH 3DUDSDQWă 0XUHVÀ \ ³ÌQ FDGUXO IHVWLYDOXOXL VkPEăWă RFWRPEULH vQFHSkQG FX RUHOH VH YD RUJD QL]D XQ FRQFXUV GH SUHFL]LD DWHUL]ăULL OD FDUH V DX DQXQĠDW SLORĠL GLQ WRDWă ĠDUD 3H WLPSXO IHVWLYDOXOXL vQ IXQFĠLH GH FRQGLĠLLOH PHWHR URORJLFH SHQWUX FHL FDUH QX VXQW SLORĠL GDU YRU Vă vQFHUFH ]ERUXO FX SDUDSDQWD YD H[LVWD SRVLELOLWDWHD GH D ]EXUD vQ WDQGHP FX XQ SL ORW SURIHVLRQLVW 6kPEăWă GH OD RUD YD ¿ IHVWLYLWDWHD GH SUHPLHUH D FRQFXUVXOXL GH SUHFL]LH D DWHUL]ăULL´ D SUHFL]DW 6]XWRU =VLJ PRQG SUHúHGLQWHOH &OXEXOXL 6SRUWLY 0XUHV )O\ 'HWDOLL VXSOLPHQWDUH SRW ¿ REĠLQXWH OD DGUHVD GH H PDLO V]XWRU]#\DKRR FR XN VDX OD QXPăUXO GH WHOHIRQ 6 7

$UJLQW SULQWUH FHL PDUL ÌQ SHULRDGD RFWRPEULH OD +XQHGRDUD V D GHVIăúXUDW HWDSD D ,, D D /LJLL GH FDGHĠL OD OXSWH OLEHUH 6SRUWLYXO &OXEXOXL 6SRUW LY ùFRODU 7kUJX 0XUHú 5DUHú 3RSHVFX D REĠLQXW ORFXO ,, OD FDWHJRULD NLORJUDPH 5H]XOWDWXO HVWH XQXO GH H[FHSĠLH GDFă VH ĠLQH FRQW Fă DFHVWD VH DÀ ă vQFă OD FDWHJRULD GH YkUVWă FRSLL ¿ LQG FX GRL DQL PDL WkQăU GHFkW PDMRULWDWHD FRPSHWLWRULORU 5DUHú HVWH HOHY OD &ROHJLXO 1DĠLRQDO Ä$OH[DQGUX 3DSLX ,ODU LDQ´ úL HVWH DQWUHQDW GH SURIHVRUXO *\DUPDWL )HUHQF MXQLRU 0 9

&HL PDL PLFL ÄXQLULúWL´ DX LQWUDW vQ KRUă VXE FRú &OXEXO 6SRUWLY *ODGLXV 7kUJX 0XUHú vúL FRQWLQXă FDPSDQLD GH VHOHFĠLH D FH ORU PDL PLFL EDVFKHWEDOLúWL vQ úFROLOH PXUHúHQH 8OWLPD DFĠLXQH D DYXW ORF LHUL OD &ROHJLXO 1DĠLRQDO Ä8QLUHD´ úL D IRVW DGUHVDWă FRSLLLORU GLQ FODVHOH , ,9

5HXúLWă GHSOLQă ÌQ RUJDQL]DUHD SUHúHGLQWHOXL FOXEXOXL *ODGLXV %RJGDQ 3XúFDú FX VSULMLQXO QRXOXL DQWUHQRU DO GLYL]LRQDUHL $ IHPL QLQH %& 1RYD 9LWD ,RQHO %UXVWXU OD DFHDVWă DFWLYLWDWH GHVIăúXUDWă SH WHUHQ XO GH VSRUW DO LQVWLWXĠLHL DX SDUWLFLSDW WRĠL HOHYLL GLQ FODVHOH , ,9 VXE VXSUD YHJKHUHD GDVFăOLORU $FĠLXQHD D IRVW R UHXúLWă GHSOLQă VSLULWXO GH FRPSHWLĠLH DO PLFXĠLORU ¿ LQG OD HO DFDVă $X IRVW RUJDQL]DWH úWDIHWH FRPELQDWH SUREH GH vQGHPkQDUH vQ FRQGXFHUHD PLQJLL MDORDQH úL DUXQFăUL OD FRú 3DUWLFLSDQĠLL DQJUHQDĠL DX IRVW IUHQHWLF vQFXUDMDĠL GH FROHJLL GH FODVă FDUH DX FUHDW R DGHYăUDWă DWPRVIHUă GH FRPSHWLĠLH 3ULPLL FODVDĠL vQ ¿ HFDUH SUREă DX IRVW UăVSOăWLĠL FX SUHPLL GLQ SDUWHD RUJDQL]DWRULORU 3UR EHOH DX IRVW VHSDUDWH SHQWUX FODVHOH , ,, úL ,,, ,9 EăLHĠL úL IHWH OD DUXQFăULOH OD

$FFLGHQW JUDY OD %ăOăXúHUL ÌQ VHDUD GH RFWRPEULH OD RUD SH '1 ( vQ ORFDOLWDWHD %ăOăXúHUL R úRIHULĠă vQ YkUVWă GH DQL GLQ PXQLFLSLXO &OXM 1DSRFD DÀ DWă OD YRODQXO XQXL DXWRWXULVP SH IRQ GXO QHDFRUGăULL SULRULWăĠLL OHJDOH GH WUHFHUH DXWR D LQWUDW vQ FROL]LXQH FX R DXWRXWLOLWDUă FRQGXVă UHJXODPHQWDU GH XQ FRQGXFăWRU DXWR vQ YkUVWă GH GH DQL GLQ ORFDOLWDWHD 5vPQLFHOX MXGHĠXO %X]ăX ³ÌQ XUPD DFFLGHQ WXOXL GRXă SHUVRDQH RFXSDQWH DOH DXWRWXULV PXOXL DX IRVW UăQLWH JUDY´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHF WRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

$WDF LQLĠLDW GH IHWH

&HL PDL PLFL DUXQFă PDL VXV PLQJHD

FRú GLVSXWDWH GXSă UHJXOD ÄREOLJDWD´ XQHOH FKLDU IRDUWH GLVSXWDWH GLQ FDX]D SUHFL]LHL DUXQFăULORU SDUWLFLSDQĠLORU FDUH VH OXSWDX Vă HYLWH HOLPLQDUHD

6H SRDWH IDFH úL SDVXO vQDLQWH 'XSă DFHDVWă DGHYăUDWă FRPSHWLĠLH DP DWRULL VH SRW SUH]HQWD OD DQWUHQDPHQWHOH

GH EDVFKHW RUJDQL]DWH GH FOXE GH GRXă RUL SH VăSWăPkQă úL YRU ¿ vQGUXPDĠL GH SURIHVRUL VSHFLDOL]DĠL vQ SUHJăWLUHD FR SLLLORU 7RĠL FHL vQVFULúL YRU DYHD úDQVD GH D SDUWLFLSD OD PHFLXUL DIHUHQWH YkUVWHL úL OL VH YRU RIHUL HFKLSDPHQWH VSHFL¿ FH GLVFLSOLQHL Ä$YHP vQ SUH]HQW SHVWH GH FRSLL vQVFULúL R QRXă JUXSă vQ IRU PDUH vQ FDUWLHUXO 8QLULL XUPHD]ă Vă DOFăWXLP DOWH JUXSH úL GLQWUH DPDWRULL GH OD /LFHXO 8QLUHD GXSă FDUH YRU XUPD DOWH úFROL GLQ GLIHULWH ]RQH DOH RUDúXOXL /D DFHDVWă YkUVWă SXWHP FRQVWDWD HQ WX]LDVPXO PLFXĠLORU FDUH úL GRUHVF Vă IDFă PLúFDUH úL HVWH IRDUWH EHQH¿ Fă GH] YROWDUHD VSLULWXOXL GH FRPSHWLĠLH vQWU XQ PHGLX VăQăWRV´ D GHFODUDW OD ¿ QDOXO FRQFXUVXOXL %RJGDQ 3XúFDú ,QGLIHUHQW GH UH]XOWDW VDX GH YDORDUHD SUHPLLORU WRĠL SDUWLFLSDQĠLL V DX FRPSRUWDW FD QLúWH vQYLQJăWRUL DúD FXP DX úL IRVW 0LKDL 9(5(ù

IDFHERRN FRP ]LGH]L

(9(1,0(17

ùWLUL

3ăULQWHOH =ăKDQ VXFFHVRUXO SURWRSRSXOXL ùLQFDQ 3URWRSRSXO RUWRGR[ GH 7kUJX 0XUHú *KH RUJKH 1LFRODH ùLQFDQ D IRVW VFKLPEDW GLQ IXQFĠLH GH FRQGXFHUHD $UKLHSLVFRSLHL 2U WRGR[H 5RPkQH $OED ,XOLD vQ ORFXO DFHV WXLD ¿ LQG QXPLW SăULQWHOH 2OLPSLX =ăKDQ

&RQ¿ UPDUH GH OD $UKLHSLVFRSLH 6FKLPEDUHD D DYXW ORF PDUĠL RFWRP EULH úL D IRVW UHFXQRVFXWă GH SăULQWHOH )ORULQ &URLWRUX SXUWăWRUXO GH FXYkQW DO $UKLHSLVFRSLHL 2UWRGR[H 5RPkQH $OED ,XOLD ³ÌQWU DGHYăU D DYXW ORF R VFKLPEDUH OD QLYHOXO FRQGXFHULL 3URWR SRSLDWXOXL 7kUJX 0XUHú 1XPHOH QRXOXL SăULQWH SURWRSRS HVWH 2OLPSLX =ăKDQ´ D GHFODUDW SHQWUX FRWLGLDQXO ³=L GH =L´

LQWHUHVDQWH &DQGLGDĠLL 3'/ OD SDUODPHQWDUH

SăULQWHOH )ORULQ &URLWRUX

ÌQ úHGLQĠH OD $OED ,XOLD $À DW LHUL OD $OED ,XOLD QRXO SURWRSRS GH 7kUJX 0XUHú D FRQ¿ UPDW QXPLUHD vQ QRXD IXQFĠLH GDU D HYLWDW Vă IDFă RULFH GHFODUDĠLH SkQă OD vQFHSXWXO VăSWăPkQLL YLLWRDUH SHQWUX D VH DFRPRGD FX QRLOH DWULEXĠLL ³1X SRW Vă Yă VSXQ GHRFDPGDWă IRDUWH PXOWH OXFUXUL VXQW OD $OED ,XOLD XQGH DP SDUWLFLSDW OD PDL PXOWH vQWkO QLUL úL úHGLQĠH OD $UKLHSLVFRSLH´ D VSXV SăULQWHOH 2OLPSLX =ăKDQ FăUXLD vL GRULP PXOW VXFFHV vQ QRXD IXQFĠLH $OH[ 727+

*KHRUJKH 1LFRODH ùLQFDQ VFKLPEDW GLQ IXQFĠLD GH SURWRSRS GH GRXă ]LOH

/XPHD SRH]LHL´ vQWkOQLUH OLULFR HSLFă

)ORUHD UHFRPDQGă SDUWLGHORU Vă úL DVFXOWH SULPDULL 3ULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú 'RULQ )ORUHD UHFRPDQGă WXWXURU SDU WLGHORU Vă vúL DVFXOWH SULPDULL SHQWUX D FXQRDúWH SUREOHPHOH 5RPkQLHL UHDOH ÌQ FDGUXO XQHL FRQIHULQĠH GH SUHVă vQ GDWD GH RFWRPEULH SULPDUXO úL D H[SUL PDW vQFUHGHUHD vQ /LJD $OHúLORU /RFDOL úL FRQVLGHUă RSRUWXQă FRUHFWDUHD XQXL SDFKHW PLQLP GH OHJL

)ORUHD vQFUH]ăWRU vQ /LJă ³$P SDUWLFLSDW OD /LJD $OHúLORU /RFDOL FX PXOWă VSHUDQĠă SHQWUX Fă V D DMXQV vQWU R VLWXDĠLH IRDUWH GL¿ FLOă &RQVLGHU Fă SULPDULL SRW Vă VSXQă XQ SXQFW GH YHGHUH 5HFRPDQG WXWXURU SDUWLGHORU Vă úL DVFXOWH SULPDULL GDFă YRU Vă DÀ H OXFUXUL DOH 5RPkQLHL UHDOH úL PDL DOHV JXYHUQDQĠLL DU WUHEXL Vă úWLH IRDUWH ELQH DFHVW OXFUX 'H FLQFL OXQL QX V D GLDOR JDW FX RUJDQL]DĠLLOH SURIHVLRQDOH QLFL FX OLJD SULPDULORU QLFL FX OLJD PXQLFLSL LORU´ D GHFODUDW SULPDUXO 'RULQ )ORUHD $FHVWD D H[SOLFDW IDSWXO Fă vQ GHFXUVXO VăSWăPkQLL YLLWRDUH YD DYHD ORF R vQWkO QLUH FX UHSUH]HQWDQĠLL ¿ UPHORU GLQ RUDú SHQWUX D GLVFXWD SUREOHPHOH OHJDWH GH EXJHW úL FH SURLHFWH VH YRU GHUXOD

/DXGă ¿ UPHORU PXUHúHQH 3ULPDUXO D DPLQWLW GH VLWXDĠLD GL¿ FLOă H[LVWHQWă IăFkQG UHIHULUH OD LQYHVWLĠLLOH VWRSDWH IRQGXULOH HXURSHQH EORFDWH VDX

3H OLVWD FDGLGDĠLRU 3'/ 0XUHú OD DOHJHULOH SDUODPHQWDUH ¿ JXUHD]ă QX PH SUHFXP 0DULXV 3DúFDQ IRVW SUH IHFW úL IRVW FDQGLGDW OD SUHúHGLQĠLD &RQVLOLXOXL -XGHĠHDQ 0XUHú )OR ULQ 8UFDQ FRQVLOLHU MXGHĠHDQ ,RDQ 9DVX SULPDUXO FRPXQHL 5kFLX 'RUX 2SULúFDQ GHSXWDW 3HWUX %DúD VHQD WRU 7RDGHU 6WURLDQ GHSXWDW 'XPL WUX 0DWHL FRQVLOLHU ORFDO 3UH]HQĠD DFHVWRUD SH OLVWH D IRVW FRQ¿ UPDWă GH 'RULQ )ORUHD SULPDUXO PXQLFL SLXOXL 7kUJX 0XUHú $QXQĠXO D IRVW IăFXW LHUL vQ FDGUXO XQHL FRQIHULQĠH GH SUHVă 2 0

'RULQ )ORUHD SULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú

VLWXDĠLD ¿ UPHORU DÀ DWH vQ IDOLPHQW ³6LQ JXUHOH LQYHVWLĠLL FDUH PHUJ OD RUD DFWXDOă VXQW LQYHVWLĠLLOH SULPăULHL ¿ UPH GH FRQVWUXFĠLL GLQ 7kUJX 0XUHú ¿ UPHOH GH DVIDOWDWRUL úL UHJUHW Fă V D OLFLWDW XQ GUXP GLQ MXGHĠ OD GLQ SDUDPHWUL $P UH FRPDQGDW ¿ UPHORU GLQ 7kUJX 0XUHú Vă VH FRDOL]H]H Vă IRUPH]H XQ FDUWHO´ D GH FODUDW 'RULQ )ORUHD 3ULPDUXO úL D DUăWDW DSUHFLHUHD IDĠă GH ¿ UPHOH PXUHúHQH H[ SOLFkQG Fă DFHVWHD GDX GRYDGă GH VHULR ]LWDWH úL Fă SRW Vă IDFă IDĠă FRQFXUHQĠHL

&RUHFWDUHD OHJLORU ³$P PDUH vQFUHGHUH vQ /LJD $OHúLORU /RFDOL

úL UHFRPDQG SDUWLGHORU Vă vúL DVFXOWH SUL PDULL 'H vQGDWă WUHEXLH IăFXW XQ SDFKHW PLQLP GH OHJL FDUH WUHEXLHVF FRUHFWDWH 3ULPXO PLQLVWUX WUHEXLH LQIRUPDW FRUHFW GH FH V D DMXQV vQ DFHDVWă VLWXDĠLH &HD PDL PDUH JUHúHDOă FDUH V D SXWXW IDFH V D IăFXW SkQă vQ 7UHEXLH FRUHFWDWă OHJHD ORFXLQĠHL OHJHD FRQGRPLQLLORU OHJHD JRVSRGăULHL FRPXQDOH OHJHD JD]XOXL´ D DGăXJDW 'RULQ )ORUHD (GLOXO úHI DO PX QLFLSLXOXL FRQVLGHUă Fă DFHVWH OHJL IăFXWH SURVW DX JHQHUDW XQ VLVWHP QHSHUIRUPDQW LDU SULPDULL VXQW DEVROYLĠL GH RULFH YLQă ¿ LQG ³FREDLL XQRU OHJLVODĠLL SURDVWH´ 2DQD 0Ă5*,1($1

ÌQ DFHVW DQ úFRODU FRQFXUVXO /XPHD SRH]LHL´ VH RUJDQL]HD]ă SH GRXă FDWH JRULL SRH]LL OLULFH úL SRH]LL HSLFH (YDOXDUHD úL SUHPLHUHD VH UHDOL]HD]ă GLVWLQFW SHQWUX FHOH GRXă FDWHJRULL vQ IXQFĠLH GH QXPăUXO SDUWLFLSDQĠLORU 6H YRU RUJDQL]D HWDSH SH FODVă úL SH úFRDOă SkQă vQ GDWD GH LDQXDULH LDU HWDSHOH SH ]RQH VH YRU vQ FKHLD SkQă vQ LDQXDULH Ä3UR LHFWDUHD úL RUJDQL]DUHD ID]HORU ]RQDOH VH UHDOL]HD]ă GH FăWUH FRPLVLD PHWRGLFă D SURIHVRULORU vQYăĠăPkQW SULPDU GLQ úFRDOD RUJDQL]DWRDUH SH ED]D XQXL VFH QDULX HGXFDWLY´ D GHFODUDW )HMHV 5HND LQVSHFWRU úFRODU GH VSHFLDOLWDWH 2 0

6H FDXWă GLUHFWRU GH FDVă GH FXOWXUă 3ULPăULD PXQLFLSLXOXL 5HJKLQ RUJD QL]HD]ă FRQFXUV GH SURLHFWH GH PDQ DJHPHQW SHQWUX RFXSDUHD SRVWXOXL GH GLUHFWRU PDQDJHU DO &DVHL GH &XOWXUă D 7LQHUHWXOXL Ä*HRUJH (QHVFX´ GLQ PXQLFLSLX &RQFXUVXO FRQVWă vQ WUHL HWDSH DGXFHUHD OD FXQRúWLQĠă SXEOLFă D GDWHORU SULYLQG RUJDQL]DUHD FRQFXU VXOXL SkQă OD GDWD GH RFWRPEULH DQDOL]DUHD SURLHFWXOXL GH PDQDJH PHQW vQ SHULRDGD ± QRLHPEULH úL VXVĠLQHUHD SURLHFWHORU GH PDQDJH PHQW vQ FDGUXO XQXL LQWHUYLX vQ GDWD GH QRLHPEULH $OWH LQIRUPDĠLL VX SOLPHQWDUH VH SRW REĠLQH OD VHGLXO 3ULPăULHL 5HJKLQ FDPHUD OD WHOH IRQ LQWHULRU úL OD VH GLXO &DVHL GH &XOWXUă Ä*HRUJH (QHVFX´ GLQ VWUDGD 5HSXEOLFLL QU 2 0

³7RWHP ´ VXFFHV úL GH XQ FDWDORJ SH PăVXUă

ÌQWkOQLUL VHPHVWULDOH DOH IRUPDWRULORU

VFXOSWRUL úL úDVH SLFWRUL ùWHIDQ 3HOPXú %XFXUHúWL ùWHIDQ &ăOăUăúDQX 7LPLúRDUD 'DYLG 0RUDU 7kUJX 0XUHú 9DVLOH 5DĠă %XFXUHúWL ,RVLI ùWHIDQ 7DVL 7LPLúRDUD $OH[DQGUX 3ăVDW &OXM 1DSRFD 9DVLOH 7RODQ %XFXUHúWL

0D[LP 'XPLWUDú %LVWULĠD 1ăVăXG 1D SROHRQ 7LURQ %XFXUHúWL )ORULQ &LX ERWDUX %XFXUHúWL 0LKDL 3HUFD %LVWULĠD 1ăVăXG 6LPLRQ 0ROGRYDQ 5HJKLQ 3RS ,RDQ 0DUDPXUHú 6RULQ 3XUFDUX ,DúL

,RQXĠ $QJKHO %XFXUHúWL *RSDO 'DJQRJR &RDVWD GH )LOGHV $GLO <XVLI $]HUEDL MDQ 1LFRODH )OHLVVLJ )UDQĠD &ULVWLDQ 6LGD 7LPLúRDUD DX GDW YLDĠă HGLĠLHL GLQ DFHVW DQ D H[SR]LĠLHL ³7RWHP´ Jă]GXLWă GH *DOHULLOH 8$3 GLQ 7kUJX 0XUHú vQ SHULRD GD VHSWHPEULH RFWRPEULH

5HVSRQVDELOLL FX IRUPDUHD FRQWLQXă VXQW FRQYRFDĠL Vă SDUWLFLSH OD vQWkO QLUHD VHPHVWULDOă SULYLQG SUREOHPHOH VSHFL¿ FH DWULEXĠLLORU GHĠLQXWH vQ FDGUXO XQLWăĠLL úFRODUH ÌQ RUGLQHD GH ]L VXQW SUHYă]XWH XUPăWRDUHOH SUH]HQ WDUHD UDSRUWXOXL GH DFWLYLWDWH DO &&' 0XUHú SHQWUX DQXO úFRODU SURPRYDUHD RIHUWHL GH SURJUDPH GH IRUPDUH FRQWLQXă D &&' 0XUHú SHQ WUX DQXO úFRODU HYLGHQĠD UHVSRQVDELOLORU LQVWUXLUHD DFHVWRUD úL HOLEHUDUHD DGHYHULQĠHORU SHQWUX FXUVXO ³0DQDJHPHQWXO IRUPăULL FRQWLQXH´ &DOHQGDUXO DFHVWRU vQWkOQLUL SRDWH ¿ FRQVXOWDW SH VLWH XO LQVWLWXĠLHL ZZZ FFGPXUHV UR 2 0

&DWDORJ GH vQDOWă ĠLQXWă &D RULFH H[SR]LĠLH FDUH VH UHVSHFWă HGLĠLD GLQ DFHVW DQ D ³7RWHP´ XOXL D IRVW vQFXQXQDWă úL FX DSDUĠLD FDWDORJXOXL H[SR]LĠLHL SUH]HQWDW OD ORFXO ³IDSWHL´ OD *DOHULLOH 8$3 ³&D XUPDUH D HGLĠLHL GLQ DFHVW DQ H[SR]LĠLHL ³7RWHP´ DP GRULW Vă ID FHP DFHVW FDWDORJ FX XQ IRUPDW IRDUWH IUX PRV FDUH Vă VH vQFDGUH]H vQ ĠLQXWD DUWLVWLFă D DFHVWHL H[SR]LĠLL $X DMXQV vQ FHOH GLQ XUPă DFHVWH FDWDORDJH úL HX ]LF Fă HVWH XQ FDWD ORJ GHVWXO GH IUXPRV úL FKLDU VSHFWDFXORV SRW Vă VSXQ IDĠă FH FH DP Yă]XW SkQă DFXP vQ 5RPkQLD &DWDORJXO D IRVW UHD OL]DW GH

/HYHQWH &VDWORV PXOĠXPLW GH UHXúLWD 727(0XOXL GLQ DFHVW DQ

&DWDORJXO H[SR]LĠLHL D FRPSOHWDW IUXPRV VXFFHVXOXL 727(0

&ODXGLD 7DFKH 9HHWKLYLGDQJHQ HD WUăLHúWH DFXP vQ )LQODQGD OXFUHD]ă DFXP DFROR úL SXWHP VSXQH Fă DYHP R YL]LXQH HXURSHDQă D H[SR]LĠLHL SULQ DFHVW FDWDORJ IăFXW GH HD 3H OkQJă IRWRJUD¿ L FX OXFUăULOH H[SXVH vQ FDGUXO ³7RWHP´ XOXL GLQ DFHVW DQ FDWDORJXO FXSULQGH SR]H GH OD YHUQLVDMXO H[SR]LĠLHL úL FHOH GRXă WH[WH DOH FULWLFLORU &RUQHLX $QWLP úL &RUD )RGRU GHVSUH ³7RWHP ´ *UDĠLH DFHVWXL FDWDORJ ³7RWHP ´ YD UăPkQH vQ PHPRULD SXEOLFXOXL FDWDORJ FDUH UHVSHFW WUDGLĠLD FD vQ ¿ HFDUH HGLĠLH ³7RWHP´ Vă ¿ H

PDUFDWă GH XQ FDWDORJ H[WUHP GH ELQH UHD OL]DW &DWDORJXO YLQH Vă FRPSOHWH]H R HGLĠLH HXúLWă FDUH D VWăUQLW LQWHUHVXO úL FHORU GH OD %%& FDUH DX IăFXW XQ UHSRUWDM FDUH YD ¿ GLIX]DW vQ $QJOLD LDU QXPăUXO FHORU FDUH DX WUHFXW SUDJXO H[SR]LĠLHL D IRVW XQXO H[WUHP GH QXPHURV FHHD FH QH EXFXUă H[WUHP GH PXOW´ D GHFODUDW /HYHQWH &VDWORV XQXO RU JDQL]DWRU ³7RWHP ´ DOăWXUL GH DUWLVWXO SODVWLF $GL &KLUD $OLQ =$+$5,(

³0LFXO OLQJYLVW´ vQFHSH vQ QRLHPEULH ³0LFXO OLQJYLVW´ FRQFXUV GHVWLQDW HOH YLORU GLQ FODVHOH D ,9 D DUH FD VFRS GH VFRSHULUHD GH FăWUH HOHYL D IUXPXVHĠLL PX]LFDOLWăĠLL OLPELL IDPLOLDUL]DUHD ORU FX SUREOHPDWLFD úL WDLQHOH H[HUFLĠLLORU úL D MRFXULORU OLQJYLVWLFH (WDSHOH SH úFRDOă DOH FRQFXUVXOXL VH YRU GHVIăúXUD SkQă vQ GDWD GH QRLHPEULH LDU HWDSHOH ]RQDOH SkQă vQ GHFHPEULH &RQ FXUVXO DUH vQ VUWXFWXUD VD WUHL SUREH SURED GH VFULHUH GH FLWLUH úL SURED GH GUDPDWL]DUH 2 0

(&2120,& RFWRPEULH

7RSXO VHUYLFLLORU GH VăQăWDWH FRQGXV GH 'RUD 0HGLFDOV &RWLGLDQXO ³=L GH =L´ FRQWLQXă VHULDOXO GH SUH]HQWDUH D FHORU PDL EXQH VRFLHWăĠL DOH MXGHĠXOXL 0XUHú HSLVRGXO GH DVWă]L ¿ LQG GHGL FDW ¿ UPHORU FDUH SRWULYLW FRGXOXL &$(1 DX FD RELHFW GH DFWLYLWDWH Ä$FWLYLWăĠL UHIHULWRDUH OD VăQăWDWHD XPDQă´ ,HUDUKLD D IRVW vQWRFPLWă IR ORVLQGX VH LQIRUPDĠLLOH IXUQL]DWH GH OLVWD¿ UPH UR SRUWDO FDUH FRQĠLQH FHD PDL FRPSOHWă ED]ă GH GDWH GHVSUH ¿ UPHOH GLQ 5RPkQLD

'RUD 0HGLFDOV 65/ 7kUJX 0XUHú ÌQ D DYXW R FLIUă GH DIDFHUL GH OHL SUR¿ W GH OHL úL GH VDODULDĠL )LUPD D IRVW vQ¿ LQĠDWă vQ VH RFXSă FX DFWLYLWăĠL UHIHULWRDUH OD VăQăWDWHD XPDQă úL DUH GRL DVRFLDĠL $OH[DQGUX 0DGDUDV úL 0D ULD 'RUD .ULVWDO\ FDUH GHĠLQH úL IXQFĠLD GH DGPLQLVWUDWRU

&HQWUXO 0HGLFDO 7RSPHG 65/ 7kUJX 0XUHú )XQFĠLRQHD]ă GLQ úL RIHUă DFWLYLWăĠL GH DVLVWHQĠă PHGLFDOă VSHFLDOL]DWă ¿ LQG DGPLQLVWUDWă GH FHL GRL DVRFLDĠL $GUL DQD 0DULD úL 'RULQ *RPRWvUFHDQX &HL GH DQJDMDĠL DX vQUHJLVWUDW vQ R FLIUă GH DIDFHUL GH OHL úL XQ SUR¿ W GH OHL

7RSPHG 65/ 7kUJX 0XUHú $UH FD RELHFW GH DFWLYLWDWH DFRUGDUHD GH DVLVWHQĠă PHGLFDOă VSHFLDOL]DWă LDU vQ D DYXW FLIUă GH DIDFHUL GH OHL SUR¿ W GH OHL úL úDVH DQJDMDĠL )LUPD HVWH DGPLQLVWUDWă GH $GULDQD 0DULD *RPRWvUFHD QX FDUH HVWH úL DVRFLDW XQLF 'HúL D REĠLQXW H[DFW DFHOHDúL UH]XOWDWH ¿ QDQFLDUH SUHFXP FHOH DOH &HQWUXOXL 0HGLFDO 7RSPHG 65/ Yă DVLJXUăP Fă FHOH GRXă VRFLHWăĠL VXQW GLV WLQFWH GRYDGă vQ DFHVW VHQV ¿ LQG QXPHUHOH GH vQPDWULFXODUH - SHQWUX 7RSPHG 65/ úL - SHQWUX &HQ WUXO 0HGLFDO 7RSPHG 65/

2SWLFD 2SWRIDUP 65/ 7kUJX 0XUHú ÌQ¿ LQĠDWă vQ VRFLHWDWHD DUH FD RELHFW GH DFWLYLWDWH ³$OWH DFWLYLWăĠL UHIHULWRDUH OD VăQăWDWHD XPDQă´ ¿ LQG FRQGXVă GH GRL DVRFLDĠL FDUH VXQW úL DGPLQLVWUDWRUL -H UHPLDV /DV]OR úL 0DULD 3ULQFLSDOL LQGLFDWRUL GH SHUIRUPDQĠă REĠLQXĠL vQ H[HUFLĠLXO ¿ QDQ FLDU VXQW XUPăWRULL SUR¿ W GH OHL FLIUă GH DIDFHUL GH OHL úL QXPăU PHGLX GH DQJDMDĠL GH

+LSRFUDWH 65/ 7kUJX 0XUHú $UH FD RELHFW GH DFWLYLWDWH DVLVWHQĠD PHGLFDOă VSHFLDOL]DWă V D vQ¿ LQĠDW vQ DUH WUHL DGPLQLVWUDWRUL &ăWăOLQ *HRUJH %DFLX /XPLQLĠD $QWRQHOD &KLRUHDQ úL %DUEX $X JXVW &KLRUHDQ XOWLPLL GRL ¿ LQG úL DVRFLDĠL vPSUHXQă FX 0LUFHD ,RDQ &KLRUHDQ ÌQ VRFLHWDWHD D DYXW XQ QXPăU PHGLX GH VDODULDĠL FLIUă GH DIDFHUL GH OHL úL D REĠLQXW SUR¿ W GH OHL

0DULD 'RUD .ULVWDO\ DGPLQLVWUDWRU DO 'RUD 0HGLFDOV 65/ 7kUJX 0XUHú

VHUYLFLL GH DVLVWHQĠă PHGLFDOă VSHFLDOL]DWă úL DUH WUHL DGPLQLVWUDWRUL ,ODULH *DEULHOD úL

OHL úL SUR¿ W GH OHL

WHD D DYXW GRL DQJDMDĠL FLIUă GH DIDFHUL GH OHL úL SUR¿ W GH OHL

$GULDQD &RGUXĠD 3DOFX FDUH GHĠLQH úL IXQFĠLD GH DGPLQLVWDWRU )LUPD GDWHD]ă GH ]HFH DQL RIHUă VHUYLFLL GH DVLVWHQĠă PHGLFDOă VSHFLDOL]DWă úL D DYXW vQ WUHL DQJDMDĠL FLIUă GH DIDFHUL GH OHL úL SUR¿ W GH OHL

&HQWUXO 0HGLFDO (PSDWLD 65/ +RUDĠLX 0ROGRYDQ DFHVWD GLQ XUPă ¿ LQG úL 0XQPHG 65/ 7kUJX 0XUHú DVRFLDW XQLF ÌQ DQXO FDUH D WUHFXW VRFLHWD %XVLQHVV vQ IDPLOLH DVRFLDĠL ¿ LQG ,ULQD úL 6kQJHRUJLX GH 0XUHú $ DYXW SDWUX DQJDMDĠL vQ DQ vQ FDUH FRQVHPQăP FLIUă GH DIDFHUL GH OHL úL SUR¿ W GH OHL )LUPD V D FRQVWLWXLW vQ HVWH VSHFLDOL]DWă vQ DFWLYLWăĠL GH DVLVWHQĠă PHGLFDOă JHQHUDOă úL DUH XQ DVRFLDW FDUH H úL DGPLQLVWUDWRU /RUHQ]RYLFL $QQD 7XQGH

(XURPHG 65/ 7kUJX 0XUHú 'DWHD]ă GLQ RIHUă VHUYLFLL GH DVLVWHQĠă PHGLFDOă VSHFLDOL]DWă úL DUH GRL DVRFLDĠL DGPLQLVWUDWRUL ,RDQ 0DUFHO úL 0DULD ,PROD %XGDQ ÌQ VRFLHWDWHD D DVLJXUDW úDVH ORFXUL GH PXQFă úL D DYXW SUR¿ W GH OHL úL FLIUă GH DIDFHUL GH OHL

&HQWUXO 0HGLFRQVXOW 65/ 7kUJX 0XUHú

0DUPHG 65/ 7kUJX 0XUHú $UH XQ VLQJXU DVRFLDW FDUH H úL DGPLQLVWUD WRU 0DUWKD 2UVRO\D úL R WUDGLĠLH GH RSW DQL vQ DFWLYLWăĠL GH DVLVWHQĠă PHGLFDOă VSHFLDOL]DWă ÌQ XOWLPXO DQ VRFLHWDWHD D DYXW XQ QXPăU PHGLX GH RSW DQJDMDĠL FLIUă GH DIDFHUL GH

ùWLUL

LQWHUHVDQWH YD YHQL´ D D¿ UPDW &ăOLQ 6DUFKL] 6 7

&ăOLQ 6DUFKL] VIDWXUL SHQWUX VXFFHV

8Q DQ GH /LGO vQ 5RPkQLD

$ IRVW vQ¿ LQĠDW vQ XUPă FX úDVH DQL RIHUă

,QYLWDĩLH GH SDUWLFLSDUH OD SURFHGXUD GH VHOHFĩLH GH RIHUWH

7,7/8/ 352,(&78/8, 02'(51,=$5($ &$%,1(78/8, 6720$72/2*,& Å)(/$1$ '(17µ 7J 0XUHĂ 1XPČU GH UHIHULQĩČ 'DWD SXEOLFČULL DQXQĩXOXL 3URJUDPXO 2SHUDĩLRQDO 5HJLRQDO '0, ´6SULMLQLUHD GH]YROWČULL PLFURvQWUHSULQGHULORUµ $XWRULWDWHD GH PDQDJHPHQW 0LQLVWHUXO 'H]YROWČULL 5HJLRQDOH ĂL 7XULVPXOXL 2UJDQLVP LQWHUPHGLDU $JHQĩLD SHQWUX 'H]YROWDUH 5HJLRQDOČ &HQWUX $OWH LQIRUPDĩLL 9DORDUHD WRWDOČ D SURLHFWXOXL HVWH GH OHL GLQ FDUH OHL UHSUH]LQWČ À QDQĩDUHD QHUDPEXUVDELOČ 6 & )(/$1$ '(17 65/ YČ LQYLWČ VČ SDUWLFLSDĩL OD SURFHGXUD GH DWULEXLUH D FRQ WUDFWXOXL GH DFKL]LĩLH GH DSDUDWXUČ PHGLFDOČ SHQWUX &DELQHWXO VWRPDWRORJLF )(/$1$ '(17 GLQ 7J 0XUHV SULQ SURFHGXUD GH FHUHUH GH RIHUWH 'RFXPHQWDĩLD GH DWULEXLUH vQ YHGHUHD SDUWLFLSČULL OD VHOHFĩLD GH RIHUWH VH SRDWH REĩLQH OD VHGLXO VRFLHWČĩLL GLQ 6WU 'LPLWULH &DQWHPLU QU 7LUJX 0XUHV MXG 0XUHV WHOHIRQ ID[ H PDLO RIÀ FH# IHODQDGHQW UR SHUVRDQD GH FRQWDFW $QGUHHD 0DULD GH 9ULHV 'DWD OLPLWČ SHQWUX GHSXQHUHD RIHUWHORU HVWH RUD &ULWHULXO GH DWULEXLUH DO FRQWUDFWXOXL HVWH ÅSUHWXO FHO PDL VFD]XWµ

ZZZ LQIRUHJLR UR ,QYHVWLP LQ YLLWRUXO WČX 3URLHFW VHOHFWDW vQ FDGUXO 3URJUDPXOXL 2SHUDĩLRQDO 5HJLRQDO ĂL FR À QDQĩDW GH 8QLXQHD (XURSHDQČ SULQ )RQGXO (XURSHDQ SHQWUX 'H]YROWDUH 5HJLRQDOČ 'DWH FRQWDFW EHQHÀ FLDU ² 6& )(/$1$ '(17 65/ 6WU 'LPLWULH &DQWHPLU QU 7LUJX 0XUHV MXG 0XUHV WHOHIRQ ID[ H PDLO RIÀ FH#IHODQDGHQW UR SHUVRDQD GH FRQWDFW $QGUHHD 0DULD GH 9ULHV &RQĩLQXWXO DFHVWXL PDWHULDO QX UHSUH]LQWČ vQ PRG REOLJDWRULX SR]LĩLD RÀ FLDOČ D 8QLXQLL (XURSHQH VDX D *XYHUQXOXL 5RPkQLHL

$OH[ 727+ DOH[WRWK#]L GH ]L UR

2PXO GH DIDFHUL &ăOLQ 6DUFKL] IRQGD WRUXO FHOHL PDL PDUL FRPSDQLL GH FHUWL ¿ FDUH ,62 GLQ 5RPkQLD 3HJDV 7kUJX 0XUHú D DFRUGDW FkWHYD UHFRPDQGăUL vQWU XQ LQWHUYLX DFRUGDW SRUWDOXOXL VWDU WHYR FRP FHORU DÀ DĠL OD VWDUWXO XQXL EXVL QHVV Ä'DFă DL R LGHH úL FUH]L vQ HD PHUJL vQDLQWH H[HFXW R úL SXQH R vQ SUDFWLFă ÌQ 5RPkQLD DVWă]L úL FkĠLYD DQL GH DFXP vQFROR GDFă FLQHYD DUH R LGHH EXQă úL H VHULRV DVFXOWă GH FOLHQĠL GDFă IDFH FH D SURPLV YD DYHD VXFFHV )LL RELHFWLY FX WLQH vQVXĠL úL ¿ L JDWD Vă ĠL DVXPL XQ HYHQWXDO HúHF &kQG YHL ¿ FRQúWLHQW Fă GRDU GH WLQH GHSLQGH Vă DL VXFFHV DFHVWD

/LGO 5RPkQLD PDUFKHD]ă XQ DQ GH SUH]HQĠă SH SLDĠD GLQ 5RPkQLD UD SRUWkQG UH]XOWDWH H[FHSĠLRQDOH vQ vQGHSOLQLUHD RELHFWLYHORU DPELĠLRDVH SH FDUH úL OH D SURSXV vQ UHODĠLD FX FRQ VXPDWRULL URPkQL VXE VORJDQXO Ä$OHJH vQĠHOHSW´ FDOLWDWH GLYHUVLWDWH GDU úL SUHĠXUL FRPSHWLWLYH SHQWUX SURGXVHOH FRPHUFLDOL]DWH SULQ UHĠHDXD VD GH PDJD]LQH GH]YROWDWă OD QLYHO QDĠLRQDO Ä/LGO 5RPkQLD úL D IăFXW XQ VFRS GLQ SURPRYDUHD FHORU PDL EXQH SURGXVH URPkQHúWL vQ WRDWH FHOH PDJD]LQH DOH UHĠHOHL DOăWXUL GH SURGXVH LPSRUWDWH GLQ GLYHUVH ĠăUL FRQ¿ UPkQG SURPLVLXQHD IăFXWă FRQVXPDWRULORU URPkQL Ä7RW FH L PDL EXQ GLQ 5RPkQLD WRW FH L PDL EXQ GLQ (XURSD´ D SUHFL]DW 3HWUXĠD 3HWFX GL UHFWRU 0HGLD 5HODWLRQV &ULVLV 0DQDJH PHQW 'LYLVLRQ /LGO DUH vQ SUH]HQW GH PDJD]LQH úL SHVWH GH DQJDMDĠL vQ UHĠHDXD GH PDJD]LQH vQ FHQWUHOH UHJLR QDOH GH GLVWULEXĠLH úL vQ VHGLXO FHQWUDO ÌQ 7kUJX 0XUHú PDJD]LQXO /LGO VH DÀ ă SH VWUDGD /LYH]HQL QU % 6 7

ÌQFHSkQG GH PDUĠL RFWRPEULH vQWUH RUHOH ± &RQVLOLHUXO &ODXGLX 0DLRU ÌQ OHJăWXUă WHOHIRQLFă GLUHFWă FX FHWăĠHQLL )RUPkQG QXPăUXO DSHODĠL GLUHFW vQ ¿ HFDUH ]L GH PDUĠL D OXQLL vQ FXUV 3ULPăULD PXQLFLSLXOXL 7vUJX 0XUHú $SHOXO GXPQHDYRDVWUă HVWH JUDWXLW úL HVWH SUHOXDW GH FăWUH FRQVLOLHUXO &ODXGLX 0DLRU ÌQ FD]XO vQ FDUH DYHĠL R VHVL]DUH vQWUHEDUH VXJHVWLH VDX R UHFRPDQGDUH FDUH SULYHúWH DFWLYLWDWHD úL FRPSHWHQĠHOH 3ULPăULHL PXQLFLSLXOXL 7vUJX 0XUHú DYHĠL SRVLELOLWDWHD Vă R WUDQVPLWHĠL vQ PRG GL UHFW $SHOXO GXPQHDYRDVWUă YD ¿ vQUHJLVWUDW PHVDMXO WUDQVPLV SXWkQG DYHD GXUDWD GH XQ PLQXW ÌQ FD]XO vQ FDUH GRULĠL XQ UăVSXQV HVWH QHFHVDU Vă Yă IDFHĠL FXQRVFXWH QXPHOH úL QXPăUXO GH WHOHIRQ OD FDUH SXWHĠL ¿ FRQWDFWDW 3UREOHPHOH VHVL]DWH GH GXPQHDYRDVWUă YRU ¿ WUDQVPLVH VSUH VROXĠLRQDUH vQ PRG RSHUDWLY GLUHFĠLLORU GH VSHFLDOLWDWH GLQ FDGUXO SULPăULHL 9HĠL ¿ FRQWDFWDW XOWHULRU SHQWUX D SULPL UăVSXQV VDX YHĠL ¿ LQYLWDW vQ DXGLHQĠă OD FRPSDUWLPHQWXO GH VSH FLDOLWDWH SHQWUX R GRFXPHQWDUH VXSOLPHQWDUă $SHOXULOH VXQW SRVLELOH GLQ WRDWH UHĠHOHOH GH WHOHIRQLH $úWHSWăP FX LQWHUHV DSHOXULOH GXPQHDYRDVWUă vQ ¿ HFDUH ]L GH PDUĠL D OXQLL vQ FXUV vQWUH RUHOH ± %LURXO GH SUHVă DO SULPăULHL

IDFHERRN FRP ]LGH]L

&8/785Ă

&RQFOX]LD 6WRU\WHOOLQJ WRS'$< ³3RYHúWLOH VXQW VXÀ HWXO QRVWUX ´

3XEOLF QXPHURV YHQLW OD $XOD 0DJQD 830 OD vQWkOQLUHD FX WUHL MXUQDOLúWL HYLGHQĠLDĠL vQ GRPHQLXO MXUQDOLVPXOXL QDUDWLY

ÌQGHPQ SHQWUX VFRDWHUHD OD OXPLQă D SRYHúWLORU YHQLWH GLQ SDUWHD FkúWLJăWRUXOXL GH 3XOLW]HU -DFTXL %DQDV]\QVNL

'DQ 0DúFD 5HHD

6H vQWkPSOD OD 8QLYHUVLWDWHD 5RPkQR $PHULFDQă GLQ %XFXUHúWL XQGHYD SULQ QR LHPEULH DQXO WUHFXW FkQG /DXULH +HUW]HO VHQLRU HGLWRU 0LQQHDSROLV 6WDU 7ULEXQH 3DW :DOWHUV SURGXFăWRU OD 5DGLRODE $OH[ 7L ]RQ GHĠLQăWRU DO XQXL 3XOLW]HU úL SURIHVRU OD 8QLYHUVLW\ RI 2UHJRQ úL QX vQ FHOH GLQ XUPă -DFTXL %DQDV]\QVNL XQ UHSRUWHU SUHPLDW FX 3XOL]HU SUHGDX R DGHYăUDWă OHFĠLH GHVSUH SXWHUHD GH D VSXQH SRYHúWL 'RL GLQWUH DFHúWLD $OH[ 7L]RQ úL -DFTXL %D QDV]\QVNL DX SRSRVLW PLHUFXUL RFWRPEULH úL OD 7kUJX 0XUHú OD 8QLYHUVLWDWHD ³3HWUX 0DLRU´ ¿ LQG SURWDJRQLúWLL FRQIHULQĠHL 6WRU\ WHOOLQJ WRS'$< *D]GD HYHQLPHQWXOXL 8QL YHUVLWDWHD ³3HWUX 0DLRU´ DOăWXUL GH FHL FDUH DX IăFXW SRVLELOă YHQLUHD FHORU GRL LPSRUWDQĠL RDVSHĠL FRPSDQLD 5(($ úL ³'HFkW 2 5HYLVWă´ FRSLOXO GH VXÀ HW DO WkUJXPXUHúHDQXOXL &ULVWL /XSúD DX UHXúLW Vă FUHH]H OLDQWXO vQWUH úFRDOă úL PHGLXO SULYDW EHQH¿ FLXO ¿ LQG XQXO SH PăVXUă DGXV vQ SULPXO UkQG GH SURWDJRQLúWLL 6WRU\WHOOLQJ WRS'$<

&URVVLQJ $PHULFD 5RPDQLD FX $OH[ 7L]RQ 3ULPXO LQWUDW vQ GLDORJ FX SXEOLFXO YHQLW OD vQWkOQLUHD FX IDVFLQDQWD OXPH D MXUQDOLVPXOXL QDUDWLY D IRVW $OH[ 7L]RQ MXUQDOLVW FkúWLJăWRU DO 3UHPLXOXL 3XOLW]HU DFWXDOPHQWH SURIHVRU OD 8QLYHUVLWDWHD GLQ 2UHJRQ 5DSLG úL D LQWUDW vQ UROXO GH QDUDWRU DO H[SHULHQĠHORU VDOH WUăLWH vQFHSkQG FX SULPL SDúL vQ OXPHD ]LDULVWLFLL úL GHVFRSHULUHD YRFDĠLHL GH QDUDWRU DO SRYHúWLORU 3ULPD H[SHULHQĠă SRYHVWLWă GH $OH[ 7L]RQ D IRVW OHJDWă GH PRPHQWXO VHSWHPEULH UHGDWH vQ FDGUXO &URVVLQJ $PHULFD -XUQD OLVWXO GH OD 7KH 6HDWWOH 7LPHV DWXQFL D IRVW PDUWRUXO HXIRULHL FUHDWH GH HYHQLPHQWHOH DW HQWDWHORU GH OD 1HZ <RUN WUDYHUVkQG GH OD HVW

OD YHVW $PHULFD vQ WUHL ]LOH GHFRSHULQG SULQ ORFDOLWăĠLOH XQGH D WUHFXW SRYHúWLOH RDPHQL ORU FX FDUH D VWDW GH YRUEă GHVSUH FXP SRDWH LQÀ XHQĠD YLDĠD LPLQHQĠD SHULFROXOXL WHURULVW $ IăFXW FKLDU úL R SDUDOHOă FX 5RPkQLD YLVkQG OD XQ &URVVLQJ 5RPDQLD GH OD 0DUHD 1HDJUă OD 6DWX 0DUH GLQ %DQDW FăWUH 0ROGRYD SHQ WUX D FXOHJH úL VFRDWH OD LYHDOă SRYHúWL GHVSUH FXP V D VFKLPEDW YLDĠD RDPHQLORU GXSă SHULRDGD FRPXQLVWă ³)LHFDUH SRYHVWH DUH XQ SURWDJRQLVW FDUH YUHD FHYD úL FDUH WUHEXLH Vă WUHDFă SULQWU R VHULH GH REVWDFROH SHQWUX D OH REĠLQH 2ULFH SRYHVWH EXQă úL RULFH ELR JUD¿ H HVWH R FăXWDUH (D SRDWH ¿ VLPSOă Vă VFDSH GH SOLFWLVHDOă Vă REĠLQă IDWD Vă FkúWLJH EDQL Vă VH VDOYH]H SH VLQH Vă Uă]EXQH FHYD GDU XQGHYD vQ GHVLúXO JUHXWăĠLORU SHUVRQ DMXOXL úL DO GRULQĠHORU OXL HVWH SRYHVWHD WD &HD PDL FRQYLQJăWRDUH SRYHVWH SH FDUH R SXWHP VSXQH HVWH SURSULD QRDVWUă SRYHVWH 1X H R GHFL]LH XúRU GH OXDW 5HFRPSHQVD GH D QH VFULH LVWRULD SHUVRQDOă VDX PHPRULOH SRDWH ¿ PDUH GDU ULVFXULOH SRW ¿ GH DVHPHQHD PDUL ,PSRUWDQW HVWH Vă H[SORUăP Vă GHVFRSHULP úL Vă FUHHP SURSULD QRDVWUă QDUDĠLXQH FDUH HVWH vQ QRL 'H DFHHD GRULP Vă L vQFXUDMăP úL SH DOĠLL Vă úL XUPH]H SDVLXQHD úL VHWHD GH D FXQRDúWH SRYHúWLOH FHORU GLQ MXU 0XOĠL QX úL FXQRVF SURSULD SRYHVWH úL QRL vQFHUFăP Vă GăP VHQV DFHVWRU SRYHúWL GH PXOWH RUL SUL PLQG PXOĠXPLUL SHQWUX IDSWXO Fă L DP DMXWDW Vă úL GHVFRSHUH SURSULD SRYHVWH´ D SUHFL]DW $OH[ 7L]RQ

³3RYHúWLOH VXQW VXÀ HWXO QRVWUX´ $O GRLOHD VSHDNHU DO HYHQLPHQWXOXL D IRVW -DFTXL %DQDV]\QVNL FkúWLJăWRU GH 3XOLW]HU FDYDOHU DO MXUQDOLVPXOXL OD ùFRDOD GH -XUQD OLVP GLQ 0LVVRXUL FRQIHUHQĠLDU RDVSHWH OD IDFXOWDWHD ,QVWLWXOXL 3R\QWHU DÀ DW OD D WUHLD

SUH]HQĠă vQ 5RPkQLD SHQWUX D vPSăUWăúL WL QHULORU GLQ H[SHULHQĠD GH D VFRDWH OD OXPLQă SRYHúWL 'DFă SULPXO LQYLWDW DO HYHQLPHQWX OXL D SXV vQ HYLGHQĠă ³GH FH´ R SRYHVWH -DF TXL %DQDV]\QVNL D PHUV SH YDULDQWD ³FXP´ Vă VFRĠL OD OXPLQă R SRYHVWH D WD VDX D FHORU GLQ MXU ùL D vQFHSXW H[SXQHUHD FX H[SHULHQĠD DIULFDQă vQ WDEăUD GH UHIXJLDĠL GLQ (WLRSLD SRYHúWLOH VFRDVH OD LYHDOă GHVSUH IRDPHWHD GLQ DFHOH ORFXUL IDFLOLWkQGX L DFFHVXO vQ ¿ QD OD SHQWUX 3UHPLXO 3XOLW]HU vQ SUHPLX FDUH DYHD Vă YLQă vQ FHOH GLQ XUPă GRL DQL PDL WkU]LX JUDĠLH SRYHúWLULORU OHJDWH GH XQ DVSHFW LQWLP DO YLHĠLL úL PRUĠLL XQXL FXSOX GH IHUPLHUL JD\ FDUH L D DGXV SUHPLXO 3XOLW]HU &RQVWUDVWkQG FX PRGXO UHOD[DW GH OH D UHGD -DFTXL %DQDV]\QVNL D VFRV vQ HYLGHQĠă PRGDOLWăĠLOH GH D VFRDWH OD OXPLQă SRYHúWL GkQG H[HPSOXO QHFURORJXULORU GLQ SUHVD DPHULFDQă DGHYăUDWH VXUVH GH SRYHúWL GHVSUH YLDĠD úL vQWkPSOăULOH RDPHQLORU ³3RYHúWLOH VXQW YHFKL GH FkQG OXPHD úL WRWRWGDWă HVHQĠLDOH FD KUDQD VDX FD IRFXO (OH VXQW LV WRULD úL PHPRULD QRDVWUă ORJLFD QRDVWUă úL SRH]LD QRDVWUă &D MXUQDOLúWL DYHP SULYLOHJLXO úL UHVSRQVDELOLWDWHD GH D ¿ PDUWRUL DL OXPLL úL GH D VSXQH SRYHúWL DGHYăUDWH SRYHúWL FDUH Vă QH DMXWH Vă vQĠHOHJHP OXPHD Vă QH PDUFăP H[LVWHQĠD Vă QH H[SORUăP GLIHUHQĠHOH 3RYHúWLOH VXQW UXJăFLXQLOH QRDVWUH 6FULH OH úL SXEOLFă OH FX WRW UHVSHFWXO FXYHQLW 3RYHúWLOH VXQW SDUDEROH 6FULH OH SXEOLFă OH úL VSXQH SRYHúWLOH WDOH FX vQĠHOHV 3RYHúWLOH VXQW LVWRULH 6SXQH SRYHúWLOH WDOH FX H[DFWLWDWH vQĠHOHJHUH úL FRQWH[W úL FX XQ GHYRWDPHQW QHFOLQWLW IDĠă GH DGHYăU 3RYHúWLOH VXQW PX]LFă 6FULH OH SXEOLFă OH úL VSXQH SRYHúWLOH WDOH FX ULWP À X[ úL PăVXUă 3RYHúWLOH VXQW VXÀ HWXO QRVWUX 6SXQH OH FD úL FXP DU ¿ WRW FH FRQWHD]ă´ D SUHFL]DW -DFTXL %DQDV]\QVNL

$OH[ 7L]RQ úL SRYHVWLULOH VDOH GHVSUH PRPHQWXO VHSWHPEULH OD 6WRU\WHOOLQJ WRS'$<

5HFWRUXO 830 &ăOLQ (QăFKHVFX JD]GD SULPLWRDUH D HYHQLPHQWXOXL GHGLFDW SXWHULL SRYHVWLORU GLQ $XOD 0DJQD 830

7UDQVLOYDQLD VXUVă GH SRYHúWL SHQWUX 6RULQD %RWD 8OWLPXO GDU QX FHO GLQ XUPă QDUDWRU GH SRYHúWL D IRVW MXUQDOLVWD 6RULQD %RWD DX WRDUHD SURLHFWXOXL ³3RYHúWLOH RUDúXOXL´ úL LQLĠLDWRDUHD GRFXPHQWDUXOXL ³3RYHúWL GQ 7UDQVLOYDQLD´ FDUH D YRUELW vQ FDGUXO 6WRU\ WHOOLQJ WRS'$< GHVSUH FXP Vă VSXL SRYHúWL FDUH Vă FDSWH]H DWHQĠLD SXEOLFXOXL SUHOHJH UHD ¿ LQG FRPSOHWDWă GH SUH]HQWDUHD FHOXL GH DO GRLOHD HSLVRG GLQ FDGUXO GRFXPHQWDUXOXL ³3RYHúWL GLQ 7UDQVLOYDQLD´ ³2 SRYHVWH QX DU ¿ FRPSOHWă GDFă QX DU ¿ úL DVFXOWăWRULL (L VXQW HVHQĠLDOL úL DLFL LQWHUYLQH PăLHVWULD SRYHVWLWRUXOXL SHQWUX Fă WUHEXLH Vă FDSWH]L DVFXOWăWRUXO Vă vO IDFL LQWHUHVDW GH FHHD FH vL FRPXQLFL GH FHHD FH vL VSXL 1X H VX¿ FLHQW Vă VSXL R SRYHVWH LPSRUWDQW HVWH FXP R VSXL úL FH H úL PDL LPSRUWDQW HVWH FD SRYHVWHD Vă ¿ H EXQă´ D SUHFL]DW 6RULQD %RWD

3XWHUHD SRYHúWLORU 2 H[SHULHQĠă SH FkW GH LQHGLWă SH DWkW GH XWLOă DGXVă GH FHL WUHL LQYLWDĠL DL 6WRU\WHOOLQJ WRS'$< FDUH L DX SXUWDW SH FHL SUH]HQĠL vQ $XOD 0DJQD D 830 vQ PLQXQDWD OXPH IăXULWRDUH GH SRYHúWL 'H OD SRYHúWL DYkQG FD IXQGDO DWHQWDWH WHUR ULVWH OD GHWXUQăUL GH IRQGXUL vQ FRPXQLWăĠLOH GH DP HULQGLHQL OD SRYHúWL GLQ WDEHUHOH GH UHIXJLDĠL GLQ $IULFD OD GHOLFDWD SUREOHPă D PDODGLHL 6,'$ úL QX vQ FHOH GLQ XUPă OD SRYHúWLOH VH FROHORU WUHFXWH GH SH PHOHDJXUL WUDQVLOYDQH &XP DX VXEOLQLDW FHL WUHL VSHDNHUL ¿ HFDUH GLQ QRL DYHP R SRYHVWH SH FDUH R JkQGLP R WUăLP úL QX QH UăPkQH GHFkW Vă R vPSăUWăúLP úL FHORU GLQ MXU &kW GH PLFL Vă ¿ H SXWHUHD ORU H XQD LPHQVă FDUH SRDWH VFKLPED DWLWXGLQL PHQWDOLWăĠL úL FKLDU VDOYD YLHĠL $OLQ =$+$5,(

$GHOLQ ,OLH ³3HUVRQDMXO D OLSVLW OD SULPD QRDVWUă vQWkOQLUH´ $GHOLQ ,OLH D MXFDW vQ FDGUXO )HVWLYDOXOXL ³8QLGUDPD ´ vQ ³7kOKDUXO EXQ OD VX À HW´ GH &RQQHU 0F3KHUVRQ vQ UHJLD OXL /DXUHQĠLX %ODJD YLQHUL RFWRPEULH vQ -¶DL %LVWURW $ DEVROYLW 8QLYHUVLWDWHD GH $UWH 7kUJX 0XUHú VSHFLDOL]DUHD $UWHOH VSHFWDFROXOXL ± DFWRULH úL DFXP H PDV WHUDQG OD DFWRULH WRW OD 8$7 ÌQ LQWHUYLXO XUPăWRU $GHOLQ YRUEHúWH GHVSUH ³7kOKD UXO EXQ OD VXÀ HW´ 5HSRUWHU 7H URJ Vă WH SUH]LQĠL SH VFXUW FLWLWRULORU QRúWUL $GHOLQ ,OLH 6XQW XQ RP RELúQXLW FX YLVH úL DúWHSWăUL GH OD YLDĠă PDL PXOW VDX PDL SXĠLQ QHRELúQXLWH 6LPSOX GDU IRDUWH FRPSOLFDW QX UHXúHVF Vă Pă vQWHOHJ PDL PHUHX 6XQW GH SăUHUH Fă OXPHD H SOLQă GH RDPHQL PLQXQDĠL úL VSHFLDOL GRDU Fă QX DP vQWkOQLW HX QLFLXQXO SkQă DFXP 5HS 'HVFULH vQWU R IUD]ă VSHFWD

FROXO ³7kOKDUXO EXQ OD VXÀ HW´ $ , 3RYHVWHD XQXL GHOLFYHQW LUODQGH] VSXVă OD R KDOEă GH EHUH 5HS &XP D GHFXUV PXQFD SHQWUX DFHVW VSHFWDFRO" $ , 3kQă DFXP DP DYXW UHSUH ]HQWDĠLL DP PXQFLW PXOW úL WUHEXLH Vă PXQFHVF vQFă SH DWkW FD Vă Pă ULGLF OD DúWHSWăULOH PHOH 1X FDXW SHUIHFĠLXQHD GDU YUHDX XQ ORF OkQJă HD 5HS &XP WH DL vQĠHOHV FX SHUVR QDMXO" $ , &X SHUVRQDMXO QX P DP vQĠHOHV ELQH SHQWUX Fă HO D OLSVLW OD SULPD vQWkO QLUH GDU VXE vQGUXPDUHD UHJL]RUXOXL /DXUHQĠLX %ODJD GXSă XQ WLPS D vQFHSXW Vă úL IDFă VLPĠLWă SUH]HQĠD 5HS ÌO SRĠL FDUDFWHUL]D" $ , 1X YUHDX Vă YRUEHVF GHVSUH SHUVR QDM GDU vQ VFKLPE Yă DúWHSW OD XUPăWRDUHD

UHSUH]HQWDĠLH RULFkQG DU ¿ HD 5HS 7HDWUX LQVWLWXĠLRQDOL]DW VDX LQGHSHQGHQW" $ , ùL HX vPL SXQ GHV vQWUHEDUHD DVWD úL GLQ SULVPD IDSWXOXL Fă DP DYXW FkWHYD SURLHFWH LQGHSHQGHQWH úL QLFLXQXO vQ WU XQ FDGUX LQVWLWXĠLRQDOL]DW WLQG Vă FUHG Fă Pă vQGUHSW VSUH WHDWUXO LQGHSHQGHQW 1X VXQW XQ YLLWRU DFWRU OLPLWDW GRDU Fă QX DP DYXW vQFă RFD]LD Vă OXFUH] vQWU XQ FDGUX LQVWLWXĠLRQDOL]DW 5HS &XP V D VLPĠLW ³7kOKDUXO EXQ OD VXÀ HW´ OD ³8QLGUDPD´ vQ -¶DL %LVWURW" $ , &DVD WkOKDUXOXL EXQ OD VXÀ HW HVWH -¶DL %LVWURW WUHEXLH Vă UHFXQRVF DVWD úL WUHEXLH Vă UHFXQRVF Fă DLFL HO SHUVR QDMXO VH VLPWH FHO PDL ELQH $ FRQVHPQDW 9DOHQWLQ &29$&,8

Ì19ĂğĂ0Æ17 RFWRPEULH

ùWLUL

LQWHUHVDQWH (úHF SHQWUX 0DJLVWUDWXUă 1LFLXQ FDQGLGDW GLQ MXGHĠXO 0XUHú QX D UHXúLW Vă WUHDFă H[DPHQHOH GH LQWUDUH OD ,QVWLWXWXO 1DĠLRQDO GH 0DJLVWUDWXUă GHVIăúXUDWH vQ SHULRDGD LXQLH RF WRPEULH UH]XOWDWHOH XOWLPHL SUREH FHD D LQWHUYLXOXL ¿LQG SXEOLFDWH SH VLWH XO LQVWLWXĠLHL LQP OH[ UR 3RWULYLW DFHOXLDúL VLWH SHQWUX FHOH GH SRVWXUL GH SUR FXURU úL MXGHFăWRU DX SDUWLFLSDW OD FRQFXUV GH FDQGLGDĠL 6 7

=LXD GDVFăOXOXL JHUPDQ OD 6LJKLúRDUD 6kPEăWă RFWRPEULH OD 6LJKLúRDUD VH YD GHVIăúXUD FHD GH D D HGLĠLH D =LOHL GDVFăOXOXL WUDQVLOYăQHDQ 2UJDQL]DWă GH &RPLVLD GH HGXFDĠLH D IRUXPXOXL WUDQVLOYăQHDQ PDQLIHVWDUHD VH EXFXUă GH SUH]HQĠD HGXFDWRULORU úL IRUPDWRULORU GLQ PDMRULWDWHD ORFDOLWăĠLORU GLQ 7UDQVLOYDQLD XQGH IXQFĠLRQHD]ă XQLWăĠL GH vQYăĠăPkQW FX SUHGDUH vQ OLPED JHUPDQă 0HGLDú 6LELX %LVWULĠD 'HYD 6HEHú %UDúRY &OXM 1DSRFD 7kUJX 0XUHú úL 6LJKLúRDUD 3URJUDPXO YD vQFHSH OD RUD FX XQ PRPHQW IHVWLY FH YD DYHD ORF OD %LVHULFD GLQ 'HDO GXSă FDUH &DUROLQH )HUQROHQG YLFHSUHúHGLQWH DO )XQGDĠLHL Ä0LKDL (PL QHVFX 7UXVW´ YD ĠLQH R SUHOHJHUH OD /LFHXO Ä-RVHSK +DOWULFK´ FX WHPD Ä9DORUL¿FDUHD DFWLYă D PRúWHQLULL FXOWXUDO HGXFDWLYH´ 3DUWLFLSDQĠLL VH YRU vPSăUĠL SH JUXSH GH OX FUX FDUH YRU DERUGD WHPH VSHFL¿FH ¿HFăUHL WUHSWH GH HGXFDĠLH vQWRFPLQG OXFUăUL FDUH YRU ¿ SUH]HQWDWH vQ SOHQ OD VIkUúLWXO ]LOH vQ 6DOD )HVWLYă D 3ULPăULHL 8QXO GLQ PRPHQWHOH LPSRUWDQWH DOH ]LOHL VH YD GHVIăúXUD vQFHSkQG FX RUD OD VHGLXO )XQGDĠLHL *DXGHDPXV 6LJKLúRDUD XQGH VH YD SUH]HQWD vQ SUHPLHUă VLJKLúRUHDQă SLHVD GH WHDWUX Ä2 FăOăWRULH SULQ 7UDQVLO YDQLD FX 3ULQĠXO &KDUOHV´ 6 $

=LXD 3URIHVRUXOXL VăUEăWRULWă GH HOHYLL OXGXúHQL &X RFD]LD =LOHL ,QWHUQDĠLRQDOH D 3URIH VRUXOXL VăUEăWRULWă vQ GDWD GH RFWRP EULH HOHYLL úL SURIHVRULL GH OD /LFHXO 7HKQRORJLF GLQ /XGXú DX UHXúLW Vă vL GHD DFHVWHL ]LOH R GHRVHELWă vQVHPQăWDWH SULQ RUJDQL]DUHD XQRU DFĠLXQL FX WRWXO úL FX WRWXO VSHFLDOH

(OHY úL SURIHVRU vQ MRFXUL GH URO 2UD GH GLULJHQĠLH OD WRDWH FHOH GH FODVH DOH /LFHXOXL 7HKQRORJLF D DYXW DFHHDúL WHPă Ä3URIHVRUXO LGHDO GH LHUL GH D]L úL GLQ DQLL FH YRU XUPD´ $FWLYLWăĠLOH DX IRVW DOHVH GH FăWUH GLULJLQĠL vPSUHXQă FX HOHYLL úL DX FXSULQV GLVFXĠLL GHVSUH SURIHVRUXO LGHDO GHVSUH DPLQWLULOH SH FDUH SăULQĠLL VDX EXQLFLL OH DX GHVSUH GDVFăOLL ORU GDU úL GHWDOLL GHVSUH VLVWH PXO GH vQYăĠăPkQW DO DFHORU YUHPXUL 'H DVHPHQHD OD XQHOH FODVH DX IRVW DSOL FDWH FKHVWLRQDUH FDUH DX YL]DW WLSRORJLLOH GH FODVH GDU úL UHODĠLD GLQWUH SURIHVRU úL HOHY $SRL DX IRVW SXVH vQ VFHQă MRFXUL GH URO FX GLIHULWH VLWXDĠLL GLQ YLDĠD UHDOă

ÌQGUXPDĠL GH IRúWL SURIHVRUL ³2 DFWLYLWDWH LQWHUHVDQWă SHQWUX FDUH PHULWă IHOLFLWăUL GRDPQD SURIHVRU 2SUHD 0LKDHOD V D GHVIăúXUDW OD FODVD D ; D % XQGH D SDUWLFLSDW úL PDPD XQHL HOHYH GRDPQD 9HJK $FHDVWD D FRQGXV R EXQă SDUWH GLQ RUD GH GLULJHQĠLH RIHULQG VIDWX UL DWkW vQ FDOLWDWH GH SăULQWH GDU úL GH IRVW HOHY /D VIkUúLWXO RUHL GRDPQD 9HJK úL D H[SULPDW EXFXULD GH D ¿ SDUWLFLSDW OD RUă úL vQ DFHODúL WLPS GRULQĠD GH D VH UHSHWD DFHVW WLS GH DFWLYLWDWH´ D GHFODUDW &ODX GLD %RWH]DQ GLUHFWRU DO /LFHXOXL 7HKQR ORJLF (OHYLL DX SULPLW YL]LWD D GH IRúWL SURIHVRUL OXGXúHQL FDUH DX vQGUXPDW

8Q QXPăU GH GH IRúWL SURIHVRUL úL DX vPSăUWăúLW H[SHULHQĠHOH HOHYLORU

SDúLL vQ úFRDOă D PXOWRU JHQHUDĠLL vQ DQLL GHVSUH FDUH SăULQĠLL VDX EXQLFLL VSXQ ³SH YUHPHD PHD´ )LHFDUH SURIHVRU D RIHULW HOHYLORU GDU úL SURIHVRULORU H[HPSOH úL VIDWXUL GLQ YDVWD ORU H[SHULHQĠă ³ùL DFHVWH RUH DX IRVW IRDUWH DSUHFLDWH DWkW GH FăWUH HOHYL FkW úL GH FăWUH GRDPQHOH úL GRPQLL SURIHVRUL FDUH DX PăUWXULVLW Fă HVWH R QRXWDWH SHQWUX HL úL DX IRVW SOăFXW VXUSULQúL GH DFHDVWă LQYLWDĠLH $X DYXW RFD]LD GH D úL UHDPLQWL GH DQLL GHGLFDĠL HGXFăULL DWkWRU JHQHUDĠLL GH HOHYL´ D H[ SOLFDW &ODXGLD %RWH]DQ

)HOLFLWăUL HOHYLORU úL SăULQĠLORU 7RW vQ DFHDVWă ]L V D UHDOL]DW XQ LQWHUH VDQW MRF GH UROXUL vQWUH SURIHVRUL úL HOHYL úL YLFHYHUVD $VWIHO XQLL GLQWUH SURIHVRUL DX IRVW ÄHOHYL SHQWUX R RUă´ LDU HOHYHOH

7DWLDQD %XKD FODVD D ;, D $ úL 0DULD 0DQ FODVD D ;, D ' DX MXFDW UROXO SUR IHVRDUHORU úL FKLDU DX UHXúLW Vă SUHGHD R OHFĠLH GH /LPED úL /LWHUDWXUD URPkQă ³ÌQ DQVDPEOX SRW VSXQH Fă D IRVW R DFĠLXQH UHXúLWă úL OH PXOĠXPHVF FROHJLORU úH¿ GH FDWHGUă UHVSRQVDELOXOXL GH SURLHFWH úL SURJUDPH HGXFDWLYH SURIHVRDUHL 0DUL DQD %ăODú GDU úL SVLKRORJXOXL úFRODU ,RQHOD %UăWHDQ vPSUHXQă FX FDUH DP JkQGLW úL LQLĠLDW DFHDVWă DFWLYLWDWH´ D DGăXJDW &ODX GLD %RWH]DQ $FHDVWD D ĠLQXW Vă IHOLFL WH vQWUHJ FROHFWLYXO GH HOHYL úL SURIHVRUL DL LQVWLWXĠLHL IHOLFLWkQGX L SHQWUX VHULR]L WDWH úL LPSOLFDUH OXFUXUL GH FDUH DX GDW GRYDGă úL vQ DQLL úFRODUL WUHFXĠL vQ UHD OL]DUHD PXOWRU DFWLYLWăĠL IUXPRDVH 2DQD 0Ă5*,1($1

$'0,1,675$ğ,(

&RPXQLWDWHD HYUHLDVFă SH FDOH GH GLVSDULĠLH ùWLUL LQWHUHVDQWH 3URWHVWH FX PX]LFă OD &RUXQFD

&HL SUH]HQĠL V DX UXJDW SHQWUX VXÀ HWHOH HYUHLORU XFLúL vQ +RORFDXVW

9DVLOH 'XE úL 9DVLOH 6DQGRU DX YRUELW GHVSUH HIHFWHOH QHIDVWH DOH +RORFDXVWOXOXL

&RQVLOLHULL SULPDUXOXL &ODXGLX 0DLRU úL &VHJ]L 6DQGRU

'RDU GH VXÀ HWH PDL DOFăWXLHVF FRPX QLWDWHD HYUHLDVFă GLQ PXQLFLSLXO 7kUJX 0XUHú D DQXQĠDW LHUL SURIHVRUXO 9DVLOH 6DQGRU GH OD &ROHJLXO 1DĠLRQDO Ä$OH[DQGUX 3DSLX ,ODULDQ´ FX RFD]LD FHUHPRQLHL GH FRPHPRUDUH D =LOHL 1DĠLRQDOH D +RORFDXV WXOXL vQ 5RPkQLD 0DQLIHVWDUHD DYXW ORF OD 0RQXPHQWXO (YUHLORU 0DUWLUL GLQ 7kUJX 0XUHú úL D IRVW RUJDQL]DWă GH ,QVWLWXĠLD 3UHIHFWXOXL -XGHĠXO 0XUHú vQ FRODERUDUH FX FRPXQLWDWHD HYUHLORU GLQ PXQLFLSLX

'H OD OD GH HYUHL 'H DVHPHQHD 9DVLOH 6DQGRU D DUăWDW Fă úL vQ 5RPkQLD QXPăUXO HYUHLORU D VFă]XW GUD PDWLF GH OD GH SHUVRDQH vQ OD DSUR[LPDWLY vQ SUH]HQW ³&KLDU GDFă XQRUD QX OH SOăFHD FRPXQLWDWHD HYUHLDVFă HUD XQ PRWRU DO HFRQRPLHL MXGHĠXOXL 0XUHú $VWă]L FRPXQLWDWHD HYUHLDVFă GLQ 7kUJX 0XUHú PDL QXPăUă GH PHPEUL &X DOWH FXYLQWH DFHDVWD HVWH R FRQVHFLQĠă D +RORFDXVWXOXL GLVSDULĠLD GLQ 7kUJX 0XUHú D XQHL FRPXQLWăĠL 'LVSDULĠLD SUDF WLF GLQ 5RPkQLD D XQHL FRPXQLWăĠL SHQWUX Fă GLQ FHL GH HYUHL FDUH HUDX vQ vQ 5RPkQLD DVWă]L PDL VXQW ´ D SUHFL]DW SURIHVRUXO

³,JQRUDUHD +RORFDXVWXOXL R DEHUDĠLH´ /LGHUXO FRPXQLWăĠLL HYUHLHúWL GLQ 7kUJX 0XUHú 9DVLOH 'XE D UHPHPRUDW HIHFWHOH QHIDVWH DOH +RORFDXVWXOXL FRQVLGHUDW D

¿ FHO PDL QHJUX HYHQLPHQW DO PLOHQLXOXL WUHFXW ³,JQRUDUHD +RORFDXVWXOXL HVWH R DEHUDĠLH XQ DFW vPSRWULYD FLYLOL]DĠLHL úL D YDORULORU QRDVWUH &LQH IDFH DFHVW OXFUX VH H[FOXGH GLQ DFHDVWă FLYLOL]DĠLH´ D VSXV 9DVLOH 'XE Ä'LQ SXQFWXO PHX GH YHGHUH +RORFDXVWXO D IRVW XQD GLQ SDJLQLOH FHOH PDL UXúLQRDVH DOH PLOHQLXOXL WUHFXW´ D FRPSOHWDW OLGHUXO FRPXQLWăĠLL HYUHLHúWL GLQ ³RUDúXO WUDQGD¿ ULORU ´

)UăWHDQ PXOĠXPLUL FRPXQLWăĠLL HYUHLHúWL 3UHIHFWXO MXGHĠXOXL 0XUHú $OH[DQGUX 3HWUX )UăWHDQ D VXEOLQLDW LPSRUWDQĠD FRPXQLWăĠLL HYUHLHúWL GHVSUH FDUH D PHQĠLRQDW Fă úL D DGXV GLQ SOLQ FRQWULEXĠLD OD GH]YROWDUHD MXGHĠXOXL ³7kUJX 0XUHúXO úL MXGHĠXO 0XUHú GDWRUHD]ă PXOW FRPXQLWăĠLL HYUHLHúWL DYHP QHYRLH GH DFHDVWă FRPXQL WDWH SHQWUX D ¿ vQWUHJL úL DP FRQYLQJHUHD Fă úL vQ YLLWRU YRP DYHD PRWLYH WHPHLQLFH Vă OH PXOĠXPLP SHQWUX H[LVWHQĠD ORU vQ YLDĠD RUDúXOXL úL D MXGHĠXOXL 0XUHúHQLL LQGLIHUHQW GH HWQLH WUHEXLH Vă FXQRDVFă úL Vă UHFXQRDVFă PDUHD WUDJHGLH D +RORFDXV WXOXL´ D D¿ UPDW $OH[DQGUX 3HWUX )UăWHDQ

'REUH ³+RORFDXVWXO WUHEXLH GLVHPLQDW´ 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH L D vQGHPQDW SH FHL SUH]HQĠL Vă UHÀ HFWH]H PDL ELQH OD FHHD FH D vQVHPQDW +RORFDXVWXO SHQWUX RPHQL

UH WUDQVPLĠkQG XQ PHVDM GH FRPSDVLX QH SHQWUX YLFWLPHOH úL VXSUDYLHĠXLWRULL HYHQLPHQWXOXL FDWDORJDW D ¿ VLQRQLP FX VXIHULQĠD ³+RORFDXVWXO HVWH OXFUXO FX FDUH WUHEXLH Vă vL HGXFăP SH FRSLLL QRúWUL +ROR FDXVWXO HVWH SRDWH XQXO GLQWUH HOHPHQWHOH GH LVWRULH D 5RPkQLHL FDUH WUHEXLH ELQH GLVHPL QDW´ D GHFODUDW &LSULDQ 'REUH Ä/D 7kUJX 0XUHú vQWRWGHDXQD DP úWLXW Vă HYLGHQĠLHP vQ SULPXO DSUHFLHUHD QRDVWUă IDĠă GH FRPX QLWDWHD HYUHLDVFă úL QX vQ XOWLPXO UkQG FRP SDVLXQHD QRDVWUă úL DVWă]L GH IDSW DGXFHP VHQWLPHQWHOH QRDVWUH GH FRPSDVLXQH VHQWL PHQWHOH QRDVWUH GH JULMă úL GH UHVSRQVDELOL WDWH RPHQHDVFă´ D DGăXJDW SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú

0DLRU PHVDM DQWLGLVFULPLQDUH /D PDQLIHVWDUH DX SDUWLFLSDW úL FRQVLOLH ULL SHUVRQDOL DL SULPDUXOXL PXQLFLSLXOXL 7kUJX 0XUHú &VHJ]L 6DQGRU úL &ODXGLX 0DLRU DFHVWD GLQ XUPă ODQVkQG XQ PHVDM vPSRWULYD GLVFULPLQăULL úL D [HQRIRELHL ³ÌQ LVWRULD RPHQLULL +RORFDXVWXO UăPkQH XQD GLQWUH FHOH PDL vQWXQHFDWH SDJLQL &RPHPRUDUHD DFHVWHL WUDJHGLL HVWH XQ SULOHM GH D D QH UHD¿ UPD UHVSHFWXO IDĠă GH PHPRULD YLFWLPHORU GDU úL GDWRULD GH D FRPEDWH SULQ WRDWH PLMORDFHOH GLVFULPL QDUHD [HQRIRELD úL DQWLVHPLWLVPXO´ D D¿ U PDW &ODXGLX 0DLRU 7H[W $OH[ 727+ )RWR %ULVWHQD

5HSUH]HQWDQĠLL &RQVLOLXOXL -XGHĠHDQ 0XUHú úL DL 3UHIHFWXULL 0XUHú

3LDĠD GLQ IDĠD &ăPLQXOXL &XOWXUDO DO FRPXQHL &RUXQFD YD Jă]GXL YL QHUL RFWRPEULH GH OD RUD R DGXQDUH SXEOLFă RUJDQL]DWă GH FRQ VLOLHUXO ORFDO 'DQLHO &KHúD 3RWULYLW D¿ úXOXL R¿ FLDO DO HYHQLPHQWXOXL SUR JUDPXO DGXQăULL FXSULQGH XQ SURWHVW vPSRWULYD QXPLULL XQXL SHQVLRQDU vQ YkUVWă GH GH DQL vQ IXQFĠLD GH FRQ VLOLHU SHUVRQDO DO SULPDUXOXL SUH]HQ WDUHD VLWXDĠLHL DVIDOWăULL GUXPXULORU D H[WLQGHULL UHĠHOHORU GH DSă úL FD QDOL]DUH VHUYLFLLORU SXEOLFH XUEDQ LVP úL IRQG IXQFLDU FRPSDUDUHD SUR PLVLXQLORU HOHFWRUDOH FX UHDOLWDWHD úL UHFLWDO GH PX]LFă XúRDUă VXVĠLQXW GH &VRN\ 0DGR $OH[ úL 6]HNHO\ 0DUWD 0DULD $FHODúL D¿ ú QH DQXQĠă Fă SHUVRDQHOH FDUH GRUHVF Vă LD FXYkQ WXO VXQW UXJDWH Vă VXQH OD QXPăUXO GH WHOHIRQ 6 7

&ROXPELDQFă H[SXO]DWă GLQ 7kUJX 0XUHú 3ROLĠLúWLL GLQ FDGUXO ,QVSHFWRUDWXOXL *HQHUDO SHQWUX ,PLJUăUL 6HUYLFLXO SHQWUX ,PLJUăUL 0XUHú DX GHVIăúXUDW OXQL RFWRPEULH R DFĠLXQH FX IRUĠH SURSULL SH OLQLD FRPEDWHULL úHGHULL LOHJDOH D VWUăLQLORU SH UD]D GH FRPSHWHQĠă vQ XUPD YHUL¿ FăULORU HIHFWXDWH SH UD]D PXQLFLSLXOXL 7kUJX 0XUHú ¿ LQG GHSLVWDWă FX úHGHUH LOHJDOă R FHWăĠHDQă FROXPELDQă Ä3HU VRDQD vQ FDX]ă D LQWUDW vQ ĠDUă vQ ED]D XQHL YL]H 6FKHQJHQ LDU OD H[SLUDUHD GUHSWXOXL GH úHGHUH QX D SăUăVLW WHULWRULXO 5RPkQLHL 8UPDUH D FH ORU FRQVWDWDWH SH QXPHOH FHWăĠHQHL FROXPELHQH D IRVW HPLVă R GHFL]LH GH UHWXUQDUH SULQ FDUH HVWH REOLJDWă Vă SăUăVHDVFă ĠDUD vQ WHUPHQ GH ]LOH 7RWRGDWă DFHDVWD D IRVW VDQFĠLRQDWă FRQWUDYHQĠLRQDO FX DPHQGă vQ YDORDUH GH OHL FRQIRUP 28* SULYLQG UHJLPXO VWUăLQLORU vQ 5RPkQLD UHSXEOLFDWă´ D SUHFL]DW FRPLVDU úHI 9DVLOH 6XFLX úHIXO 6HU YLFLXOXL SHQWUX ,PLJUăUL DO MXGHĠXOXL 0XUHú 6 7

2OWHDQ SULQV OD IXUDW OkQJă 3ROL ,, 2¿ ĠHUXO GH VHUYLFLX GH OD 3ROLĠLD PXQLFLSLXOXL 7kUJX 0XUHú D GLUL MDW PDUĠL RFWRPEULH R SDWUXOă GH VLJXUDQĠă SXEOLFă Vă VH GHSODVH]H vQ ]RQD VWDĠLHL GH DXWREX] GH OD 3ROLFOL QLFD ,, VLWXDWă SH %XOHYDUGXO 'H FHPEULH XQGH GLQ SRúHWD XQHL IHPHL XQ QHFXQRVFXW D VXVWUDV XQ SRUWPRQHX FX EDQL ³3DWUXOD D WUH FXW OD XUPăULUHD SHUVRDQHL VXVSHFWH UHXúLQG Vă R UHĠLQă VWDELOLQG LGHQWL WDWHD DFHVWHLD XQ FHWăĠHDQ GH DQL GLQ FRPXQD %UHDVORYăĠX MXGHĠXO 2OW ¿ LQG UHFXSDUDW úL SRUWPRQHXO vQ FDUH VH DÀ DX GH OHL úL GRFXPHQWHOH SHUVRQDOH DOH YLFWLPHL´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

$OHJHUL OD &DPHUD $JULFROă /XPkQăUL DSULQVH vQ PHPRULD YLFWLPHORU QHYLQRYDWH 0DQLIHVWDUHD DYXW ORF OD 0RQXPHQWXO (YUHLORU 0DUWLUL GLQ 7kUJX 0XUHú

/D FHUHPRQLH DX DVLVWDW DSUR[LPDWLY GH WkUJXPXUHúHQL

ÌQ GDWD GH RFWRPEULH vQWUH RUHOH vQ 6DOD 0LFă D 3ULPăULHL 0XQLFLSLXOXL 6LJKLúRDUD YRU DYHD ORF DOHJHULOH SHQWUX FRQVWLWXLUHD &ROH JLXOXL -XGHĠHDQ DO &DPHUHL $JULFROH 0XUHú 'UHSWXO GH YRW vO DX GRDU FHL FDUH GHVIăúRDUă DFWLYLWăĠL FX SUR¿ O DJULFRO VDX DVLPLODW HVWH DJULFXOWRU VLOYLFXOWRU SLVFLFXOWRU RUL FUHVFăWRU GH DQLPDOH úL VH UHJăVHúWH vQ ED]D GH GDWH D $JHQĠLHL GH 3OăĠL úL ,QWHUYHQĠLH SHQWUX $JULFXOWXUă D RFRDOHORU VLOYLFH SULYDWH VDX DOH $JHQĠLHL 1DĠLRQDOH SHQWUX 3HVFXLW úL $FYDFXOWXUă ÌQ PXQLFLSLXO 6LJKLúRDUD SH OLVWD GH DOHJăWRUL ¿ JXUHD]ă XQ QXPăU GH GH SHUVRDQH ¿ ]LFH úL MXULGLFH 6 $

$'0,1,675$ğ,( RFWRPEULH

6& ³0 , /$3$'$7³ 65/ DYkQG QU 25& - &8, DQXQĠă SLHUGHUHD &HUWL¿ FDWXOXL FRQVWDWRU QU SULYLQG QHGHVIăúXUDUHD GH DFWLYLWăĠL OD VHGLX ÌO GHFODUăP QXO

&ROHFWLRQDU JHUPDQ FXPSăU PDúLQL GH FXVXW JHU PDQH =]LQJHU 6LQJHU .D\VHU 1DXPDQQ 3IDII 'XUNRSS $IUDQD $QNHU :HUWKDLP +DLG 1HX *ULW]QHU .RKOHU HWF 2IHU SODWD vQ HXUR ,QI OD WHO vQWUH RUHOH FHUHP úL RIHULP VHULR]LWDWH

520Æ1,$ -8'(ğ8/ 085(ù &2081$ */2'(1, *ORGHQL QU 7HO )D[ FRG ¿ VFDO SULPJORGHQL#\DKRR FRP

520Æ1,$ -8'(ğ8/ 085(ù &2081$ */2'(1, *ORGHQL QU 7HO )D[ FRG ¿ VFDO SULPJORGHQL#\DKRR FRP

1U

1U

$ 1 8 1 ğ

+Ë5'(7e6

3ULPăULD FRPXQHL *ORGHQL MXGHĠXO 0XUHú RUJDQL]HD]ă YkQ]DUH SULQ OLFLWDĠLH SXEOLFă GHFKLVă FX VWULJDUH FX SUHVHOHFĠLH D PDVHL OHPQRDVH SH SLFLRU ± vQ FDQWLWDWH GH PF GLQ IRQGXO IRUHVWLHU SURSULH WDWHD FRPXQHL *ORGHQL

7HUPHQXO GH GHSXQHUH D GRFXPHQWDĠLHL QHFH VDUă SHQWUX SUHVHOHFĠLH HVWH GH RFWRPEULH RUHOH GDWă vQ FDUH YD DYHD ORF SUHVHOHFĠLD OD RUHOH

'DWD OLFLWDĠLHL HVWH GH RFWRPEULH RUHOH

&DLHWXO VDUFLQL SRDWH ¿ SURFXUDW GH OD VHGLXO 3ULPăULHL FRPXQHL *ORGHQL FRQWUD FRVW SUHĠXO DFHV WXLD ¿ LQG GH OHL

0DURVViUSDWDN N|]VpJ 3ROJiUPHVWHUL +LYDWDOD D KHO\L WDQiFV pV HV KDWiUR]DWDL DODSMiQ HOĘYiORJDWiVRV Q\LOYiQRV iUYHUH]pV ~WMiQ OiERQ iOOy IiW pUWpNHVtW D VDMiW HUGHMpEĘO

$] pUWpNHVLWpVUH NHU O| IDDQ\DJ |VV]PHQQ\ LVpJH P

$] iUYHUH]pV LGĘSRQWMD RNWREHU yUD

$] HOĘYiORJDWiVKR] V] NVpJHV GRNXPHQWiFLy OHWHYpVpQHN KDWiULGHMH RNWREHU RUD D] HOĘYiORJDWiVW XJ\DQH]HQ D QDSRQ WDUWMXN RUDNyU

$GUHVD *ORGHQL VWU 3ULQFLSDOă QU WHO ID[ WHO

$ IHODGDWI ]HWHW DPHO\ D PHQQ\LVpJHW D] iUDW pV D UpV]YpWHOL IHOWpWHOHNHW WDUWDOPD]]D OHL HO OHQpEHQ D 3ROJiUPHVWHUL +LYDWDOEDQ OHKHW EHV]HUH]QL &tP 0DURVViUSDWDN 0DURV PHJ\H )Ę XW V]iP 7HOHIRQ

3ULPDU ,QJ .R]PD %DUQD

3ROJiUPHVWHU .R]PD %DUQD PHUQRN

Ä6XEVFULVD 5RP,162/ , 3 8 5 / FX VHGLXO DOHV vQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO 0DOO HW DS MXG 7XOFHD FRG SRúWDO vQUHJLVWUDWă vQ 5HJLVWUXO )RUPHORU GH 2UJDQL]DUH VXE QU DYkQG &,) 52 UHSUH]HQWDWă OHJDO SULQ DVRFLDW FRRUGRQDWRU LQJ 3DXO $SRVWRO vQ FDOLWDWH GH OLFKLGDWRU MXGLFLDU DO GHELWRUXOXL 6 & 'LVWLOHULLOH 5HJXQ 6 5 / vQ IDOLPHQW ± LQ EDQNUXSWF\ ± HQ IDLOOLWH

FX VHGLXO 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú & , ) 52 vQUHJLVWUDWă OD 2 5 & VXE QU - GHVHPQDW SULQ VHQWLQĠD FLYLOă QU SURQXQĠDWă vQ 'RV QU DO 7ULEXQDOXOXL &RPHUFLDO 0XUHú DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă FX VWULJDUH vQ FRQIRUPLWDWH FX /HJHD QU úL UHJXODPHQ WXO GH YkQ]DUH QU vQ ¿ HFDUH ]L GH PLHUFXUL D VăSWăPkQLL RUD vQFHSkQG FX GDWD GH OD VHGLXO DOHV DO OLFKLGDWRUXOXL MXGLFLDU VLWXDW vQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO 0DOO HW DS MXG 7XOFHD 9kQ]DUHD VH YD IDFH vQ EORF SH JUXSXUL GH DFWLYH GXSă FXP XUPHD]ă

LPRELO VLWXDW vQ 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL VSDĠLL LQGXVWULDOH úL DGPLQLVWUDWLYH EXQXUL PRELOH GH QDWX UD PLMORDFHORU ¿ [H VWRFXUL úL PDWHULL SULPH FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 7 9 $ OHL IăUă 7 9 $

LPRELO VLWXDW vQ 5HJKLQ VWU ,HUQXĠHQL QU MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FOăGLUL KDOă vPEXWHOLHUH FDVă GH FDUDPLGă GHSR]LW FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$

PRELO VLWXDW vQ 5HJKLQ VWU $SDOLQHL QU & MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FRQVWUXFĠLH FX GHVWLQDĠLH VSDĠLX GH GHSR]LWDUH KDOă FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$

LPRELO VLWXDW vQ 5HJKLQ VWU 5HSXEOLFLL QU SDUWHU DS MXG 0XUHú FRPSXV GLQ DSDUWD PHQW FX FDPHUH FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$

3HQWUX SDUWLFLSDUHD OD OLFLWDĠLH RIHUWDQĠLL YRU GH SXQH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU GRFXPHQWHOH SUHFL]DWH vQ FDLHWXO GH VDUFLQL SkQă vQ SUH]LXD OLFLWDĠLHL RUD

&DLHWXO GH VDUFLQL SHQWUX ¿ HFDUH JUXS GH DF WLYH YD SXWHD ¿ FXPSăUDW FRQWUD VXPHL GH OHL H[FOXVLY 7 9 $ GH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU *DUDQĠLD GH SDUWLFLSDUH OD OLFLWDĠLH HVWH GH GLQ SUHĠXO GH SRUQLUH OD OLFLWDĠLH úL VH GHSXQH SULQ YLUD PHQW EDQFDU vQ FRQWXO XQLF GHVFKLV SH QXPHOH DYHULL GHELWRUXO 6 & 'LVWLOHULLOH 5HJXQ 6 5 / FRQW FH YD ¿ PHQĠLRQDW vQ FDLHWXO GH VDUFLQL ,QIRUPDĠLL VXSOLPHQWDUH VH SRW REĠLQH OD WHOHIRQ VDX OD DGUHVD GH PDLO RI¿ FH WXOFHD# URPLQVRO UR ´

::: =,$58/'(085(6 52

)ORUHD vQWkOQLUH FX SULPDULL =RQHL 0HWURSROLWDQH 'RULQ )ORUHD SULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú V D vQWkO QLW PLHUFXUL RFWRPEULH FX SULPDULL ORFDOLWăĠLORU GLQ =RQD 0HWURSROLWDQă vQ YHGHUHD DFFHVăULL D GLQ IRQGXULOH UHJLRQDOH 3ULPDUXO LQWHQĠLRQHD]ă Vă WULPLWă R VFULVRDUH SUHúHGLQWHOXL &RQVLOLXOXL -XGHĠHDQ SHQWUX D UH FRQYRFD vQ GHFXUV GH GRXă VăSWăPkQL SH FHL SULPDUL GLQ =RQD 0HWURSROLWDQă úL Vă UHJkQGHDVFă VWUXFWXUD DFHVWHLD

'H]YROWDUHD ]RQDOă /D vQWkOQLUH DX IRVW SUH]HQĠL SULPDULL FRPXQHORU &R UXQFD &ULVWHúWL 3ăQHW /LYH]HQL 6kQFUDLX GH 0XUHú úL XQ UHSUH]HQWDQW DO 3ULPăULHL $FăĠDUL 6 DX GLVFXWDW SUR EOHPH FDUH SULYHVF GH]YROWDUHD ]RQDOă DWUDJHUHD vQ SDUWH QHULDW D IRQGXULORU HXURSHQH WUDQVIRUPDUHD ]RQHL vQWU XQ SRO GH GH]YROWDUH 8QD GLQ FHOH PDL LQWHQV GLVFXWDWH FKHVWLXQL D IRVW DFHHD D FRQVWUXLULL FHQWXULORU RFROLWRDUH DOH PXQLFLSLX OXL FDUH YRU VWUăEDWH ORFDOLWăĠL GLQ =RQD 0HWURSROLWDQă GDU úL FHOH UHIHULWRDUH OD LQIUDVWUXFWXUD GH DSă úL FDQDO úL JURDSD HFRORJLFă GH JXQRL 3RWULYLW SULPD UXOXL FHL SUH]HQĠL VXQW GHVFKLúL GLVFXĠLLORU FX SULYLUH OD VLWXDĠLD =RQHL 0HWURSROLWDQH

7kUJX 0XUHú vQ =RQD 0HWURSROLWDQă Ä&HQWUXO =RQHL 0HWURSROLWDQH WUHEXLH Vă ¿ H PXQLFLSLXO 7kUJX 0XUHú 1X HVWH R FKHVWLXQH GH RUJROLX FL XQ IDSW QRUPDO FDUH VH SHWUHFH vQ FD]XO WXWXURU DFHVWRU VWUXFWXUL FDUH IXQFĠLRQHD]ă OD QLYHO QDĠLRQDO úL LQWHUQDĠLRQDO´ D GH FODUDW 'RULQ )ORUHD ÌQ FD] FRQWUDU SULPDUXO YD DSHOD OD R DOWă VROXĠLH úL DQXPH UHDOL]DUHD XQXL FRPSOH[ GH SUR LHFWH FX FDUDFWHU ORFDO GDU úL UHJLRQDO FDUH YRU ¿ GLVFX WDWH FX ¿ HFDUH SULPDU vQ SDUWH ³1X SRW Vă ODV SULRULWăĠLOH 7kUJX 0XUHúXOXL OD ODWLWXGLQHD XQRUD FDUH OH FRQVLGHUă SR]LWLYH VDX QHJDWLYH QX SRW Vă SDUWLFLS FX EDQL OD FHYD XQGH QX úWLX FH VH GLVFXWă´ D FRQFKLV 'RULQ )ORUHD 2DQD 0Ă5*,1($1

&X DGkQFă GXUHUH vQ VXÀ HW DQXQĠăP WUHFHUHD vQ QH¿ LQĠă D FHOXL FDUH D IRVW WDWăO VRĠXO úL

'U /,9,8 025$58 )DPLOLD vQGXUHUDWă ÌQPRUPkQWDUHD MRL RUD OD FDSHOD %LVHULFLL 3HWUX úL 3DYHO 3LHUGXW FDUQHW GH VWXGHQW 8QLY 3HWUX 0DLRU úL 6WXG FDUG SH QXPHOH GH 0XQWHDQ $QGD 0DGDOLQD /H GHFODU QXOH

)RQGXUL SHQWUX 21* XUL )XQGDĠLD SHQWUX &RPXQLWDWH úL 02/ 5RPkQLD DX ODQVDW FHD GH D SDWUD HGLĠLH D 3URJUDPXOXL ³02/ ± SHQWUX VăQăWDWHD FRSLLORU´ GHGLFDW RUJDQL]DĠLLORU QRQ SUR¿ W FDUH GHUXOHD]ă SURLHFWH GH WHUDSLH HPRĠLRQDOă VDX WHUDSLH SULQ DUWă SHQWUX FRSLLL FDUH VXQW DIHFWDĠL GH EROL FURQLFH VXIHUă GH GL]DELOLWăĠL VDX VH DÀ ă vQ FXUV GH UHFXSHUDUH GXSă DIHFĠLXQL JUDYH $VWIHO XQ 21* SRDWH Vă EHQH¿ FLH]H GH R VXPă GH PD[LPXP OHL VXE IRUPă GH SUH¿ QDQĠDUH SHQWUX XQ SURLHFW FH XUPHD]ă Vă ¿ H LPSOHPHQWDW vQ SHULRDGD QRLHPEULH ± RF WRPEULH 7HUPHQXO OLPLWă GH GHSXQHUH D FHUHULORU GH ¿ QDQĠDUH HVWH QRLHPEULH ÄÌQ HVHQĠă SULQ SURJUDPXO ³02/ ± 3HQWUX VăQăWDWHD FRSLLORU´ HVWH VSULMLQLWă PXQFD GH ]L FX ]L D XQRU HFKLSH FRPSOHPHQWDUH FDUH OXSWă DOăWXUL GH SăULQĠL DVWIHO vQFkW FRSLLL ORU DÀ DĠL vQ VXIHULQĠă Vă vúL DPH OLRUH]H VWDUHD GH VăQăWDWH´ D GHFODUDW .LQJD 'DUDGLFV &(2 02/ 5RPkQLD SRWULYLW XQXL FRPXQLFDW UHPLV SUHVHL 'H WDOLL SRW ¿ JăVLWH SH VLWH XULOH ZZZ SHQWUXFRPXQLWDWH UR úL ZZZ PROURPDQLD UR $ 0

(OHFRQ 3OXV DQJDMHD]ă HOHFWULFLHQL LQVWDODWRUL LQJLQHUL 7HO H PDLO RI¿ FH#HOHFRQ UR

&XUV SHQWUX 0(',$725 $8725,=$7 ,QIR VDX 9kQG FHGH] FDXW DVRFLDW SH SURLHFW )($'5 ± PăVXUD DWHOLHU UHSDUDĠLL VHUYLFH VWDĠLH ,73 FX KDOă úL GRWăUL DWHOLHU WLQLFKLJHULH ± YRSVLWRULH KDOă VL GRWăUL QHUDPEXUVDELO vQ ORFDOLWDWHD 3HWHOHD ,QIRUPDĠLL OD WHOHIRQ

::: =, '( =, 52 IDFHERRN FRP ]LGH]L

63257

6LQJXUD YDULDQWă YLFWRULH SHQWUX 6& 0XUHúXO

ùWLUL

LQWHUHVDQWH 0HPRULDOXO $QWUHQRULORU HGLĠLH MXELOLDUă

-RL RFWRPEULH GH OD RUD vQ 6DOD 6SRUWXULORU GLQ 7kUJX 0XUHú GLYL]LRQDUD $ GH KDQGEDO IHPLQLQ 6& 0XUHúXO 7kUJX 0XUHú SULPHúWH YL]LWD FHORU GH OD 8QLF Ä&RQVWDQWLQ %UkQFXúL´ 7kUJX -LX vQWU R SDUWLGă GLQ FDGUXO HWDSHL D 9 D D FDPSLR QDWXOXL

'LUHFĠLD -XGHĠHDQă SHQWUX 6SRUW úL 7LQHUHW 0XUHú vQ FRODERUDUH FX &OXEXO 6SRUWLYÄ0XUHúXO´ 7kUJX 0XUHú RUJDQL]HD]ă FHD GH D ;; D HGLĠLH MXELOLDUă D FRPSHWLĠLHL GH OXSWH OLEHUH Ä0HPRULDOXO $QWUHQR ULORU´ GHGLFDWă PHPRULHL DQWUHQRULORU PXUHúHQL *\|UJ\ ,VWYiQ %DNy *\|UJ\ 6LPRQ /iV]Oy %HQHGHN /HYHQWH úL ,RDQRYLFL 7LERU /D FRPSHWLĠLD FDUH VH YD GLVSXWD GXPLQLFă RFWRPEULH vQ 6DOD 6SRUWX ULORU GLQ 7kUJX 0XUHú FX vQFHSHUH GH OD RUD VXQW LQYLWDWH SHVWH FOXEXUL GLQ ĠDUă ,QWUDUHD HVWH JUDWXLWă 0 9

$QWHSHQXOWLPHOH GXSă SDWUX HWDSH

8QGă YHUGH WLQHUHL JHQHUDĠLL

0XUHúHQFHOH RFXSă GXSă SDWUX HWDSH ORFXO GLQ FX GRDU R VLQJXUă YLFWRULH vQ SULPHOH HWDSH vQ FDUH DX GLVSXWDW XQ VLQJXU MRF SH WHUHQ SURSULX 6XQW vQVă IDYRULWH vQ IDĠD JRUMHQFHORU FDUH Q DX UHXúLW QLFL XQ SXQFW GXSă FH vQ HGLĠLD WUHFXWă OXS WDX SHQWUX SULPHOH ORFXUL ÌQ XOWLPD HWDSă D HGLĠLHL FHOH GRXă vúL GLVSXWDX XQ ORF OD EDUDM 0XUHúHQFHOH DX vQ YLQV IăUă PDUL HPRĠLL VFRU GXSă FH OD SDX]ă FRQGXFHDX FX -RFXO D IRVW SH DORFXUL HFKLOLEUDW GHúL PXUHúHQFHOH V DX GHVSULQV OD FHD PDL PDUH GLIHUHQĠă vQUHJLVWUDWă vQ PLQXWXO (FKLSD OXL ,RVLI %X NDUHVWL D UHXúLW Vă SăVWUH]H ULWPXO úL GLIHUHQĠD D IRVW GH SDWUX VDX FLQFL JR OXUL SH GXUDWD vQWUHJLL SăUĠL VHFXQGH 0XUHúXO D SDUWLFLSDW IăUă VXFFHV OD DO GRLOHD WXUQHX GH EDUDM FRQVHFXWLY úL

%DUDMXO HGLĠLHL WUHFXWH D IRVW REĠLQXW FX JRUMHQFHOH

D OXDW VWDUWXO vQWU R QRXă HGLĠLH XQD FDUH SDUH PXOW PDL HFKLOLEUDWă 6XQW PXOWH VFKLPEăUL vQ FHHD FH SULYHúWH IRUĠD IDYRULWHORU OD SULPHOH ORFXUL vQ FDUH FRQGXFH HFKLSD EăLPăUHDQă +&0 ,, vQWăULWă FX MXFăWRDUH GLQ SULPD IRUPDĠLH IUXQWDúă vQ /LJD 1DĠLRQDOă $FHDVWD HVWH XUPDWă GH &60 6ODWLQD XQGH D SLHUGXW 0XUHúXO XOWLPD GHSODVDUH úL GH &60 &HWDWH

'HYD HFKLSă UHWURJUDGDWă GLQ /LJD 1DĠLRQDOă 3H DFHDVWD GLQ XUPă HFKLSD PXUHúHDQă R YD vQWkOQL vQ XUPăWRDUHD HWDSă GLQ QRX vQ GHSOD VDUH GXPLQLFă RFWRPEULH 3HQWUX SăVWUDUHD úDQVHORU GH D QX VH GHSăUWD GH SOXWRQ 0XUHúXO DUH QHYRLH GH YLF WRULH FX HFKLSD GLQ 7kUJX -LX 0LKDL 9(5(ù

ÌQ SULPXO WXUQHX DO &DPSLRQDWXOXL 1DĠLRQDO SH HFKLSH VHQLRUL HFKLSD &OXEXOXL 6SRUWLY ùFRODU 7kUJX 0XUHú FDUH DFWLYHD]ă vQ 'LYL]LD % D REĠLQXW R VLQJXUă YLFWRULH vQ FHOH úDSWH vQWkOQLUL GLVSXWDWH ÌQ WXUQHXO GHVIăúXUDW vQ ORFDOLWDWHD DUJHúHDQă 7R SRORYHQL MXFăWRULL DQWUHQRUXOXL 5RPHR /XSDúFX D REĠLQXW UH]XOWDWHOH FX $6 3ULVWDYX 7RSRORYHQL FX (OHFWUD 6IkQWX *KHRUJKH FX 6SRUW .RPEDW %XFXUHúWL 777 %XFXUHúWL úL /D &RVWD 6ORER]LD FX &6ù 2GRUKHLX 6HFXLHVF úL FX $&77 %XFXUHúWL 'LQWUH MXFăWRULL FDUH DX SXQFWDW SHQWUX HFKLSD PXUHúHDQă V D UHPDUFDW 'DQLHO =VRPERU FX PHFLXUL FkúWLJDWH 2URV]ODQ 5LFKDUG D REĠLQXW GRXă YLFWRULL 1X D SDUWLFLSDW OD WXUQHX %HQGH 1RUEHUW D FăUXL FRQWULEXĠLH SXWHD DGXFH XQXO GLQ SULPHOH WUHL ORFXUL vQ VHULH LDU 'DQLHO ,VWYDQ QX D MXFDW OD QLYHOXO PD[LP GLQ PRWLYH PHGLFDOH $X PDL MXFDW VSRUWLYL PXOW PDL WLQHUL FD 2URV]ODQ 5LFKDUG GH GRDU DQL úL 0DWKH 0DW\DV GH DQL FDUH DX IRVW LQFOXúL vQ ORW SHQWUX H[HSHULHQĠă $O GRLOHD WXUQHX YD DYHD ORF OD vQFHSXWXO DQXOXL YLLWRU 0 9

6& 1$.,7$ 352' &20,03(; 65/ FX VHGLXO vQ 7kUJX 0XUHú % GXO 'HFHPEULH QU WHO

$1*$-($=Ă $VLVWHQW PDQDJHU

&(5,1ğ( /LPED PDJKLDUă /LPED HQJOH]ă 3UHIHUDELO FXQRúWLQĠH vQ GRPHQLXO MXULGLF &9 XULOH vQVRĠLWH GH SR]ă VH GHSXQ SkQă vQ OD VHGLXO ¿ UPHL VDX SH ID[

&85685, *5$78,7( '( /,0%$ ,7$/,$1Ă /$ &$0(5$ '( &20(5ğ 085(ù &DPHUD GH &RPHUĠ úL ,QGXVWULH 0XUHú RUJDQL]HD]ă FXUVXUL GH OLPED LWDOLDQă vQFHSăWRUL vQ YHGHUHD VHOHFĠLHL SHQWUX PXQFă vQ ,WDOLD FX FRQWUDFW SH SHULRDGă GHWHUPLQDWă FD OXFUăWRU FRPHUFLDO &RQGLĠLL GH vQVFULHUH WLQHUL FX VWXGLL OLFHDOH FX VDX IăUă EDFDODXUHDW

ÌQVFULHULOH VH IDF SkQă vQ GDWD GH RFWRPEULH D F LDU FXUVXULOH VH YRU GHVIăúXUD FX vQFHSHUH GLQ GDWD GH RFWRPEULH OD VHGLXO &DPHUHL GH &RPHUW LQWUH RUHOH &XUVXULOH VXQW JUDWXLWH ,QIRUPDĠLL VXSOLPHQWDUH úL vQVFULHUL OD VHGLXO GLQ 7J 0XUHú VWU 3ULPăULHL QU VDOD WHOHIRQ ID[ H PDLO RI¿ FH# FFLDPV UR

62&,$/ RFWRPEULH

3HUVRDQHOH FX GL]DELOLWăĠL DX DUăWDW Fă SRW

ùWLUL

LQWHUHVDQWH 1RYD 9LWD 6DQ XQ DQJDMDW vQ ÌQ¿ LQĠDWă vQ DYkQG FD RELHFW GH DFWLYLWDWH DVLVWHQĠD VSLWDOLFHDVFă 1RYD 9LWD 6DQ 65/ GLQ 7kUJX 0XUHú D vQ UHJLVWUDW R GLPLQXDUH GUDVWLFă D QXPăUXOXL GH DQJDMDĠL UHGXV GH OD SHUVRDQH vQ OD XQD VLQJXUă vQ 3RWULYLW SRUWD OXOXL OLVWD¿ UPH UR VRFLHWDWHD DUH XQ DVRFLDW SHUVRDQă MXULGLFă 6HUDFRP 6$ úL D vQUHJLV WUDW vQ FLIUă GH DIDFHUL GH PLOLRDQH OHL úL SLHUGHUH GH PLOLRDQH OHL 2 SRVLELOă H[SOLFDĠLH D UHGXFHULL QXPăUXOXL GH VDODULDĠL DP DÀ DW R WRW SH SRUWDOXO OLVWD¿ UPH UR FRQ IRUP FăUXLD vQ QXPăUXO GH DQJDMDĠL DL 1RYD 9LWD +RVSLWDO D FUHVFXW GH OD OD 6RFLHWDWHD D IRVW vQ¿ LQĠDWă vQ IXUQL]HD]ă VHUYLFLL GH DVLVWHQĠă VSLWDOLFHDVFă vL DUH GUHSW DVRFLDĠL SH 9LUJLO 0DLODW úL &RQ VWDQWLQ &RSRWRLX úL D vQWUHJLVWUDW DQXO WUHFXW R FLIUă GH DIDFHUL GH PLOLRDQH OHL úL R SLHUGHUH GH PLOLRDQH OHL 6 7

8UPăULW SULQV OD )kQWkQHOH 3ROLĠLúWLL GLQ FDGUXO SRVWXULORU GH SROLĠLH GLQ )kQWkQHOH úL 9HĠFD DX LGHQWL¿ FDW úL UHĠLQXW PDUĠL RFWRPEULH XQ WkQăU GH DQL GRPLFL OLDW vQ FRPXQD $YUăPHúWL MXGHĠXO +DUJKLWD SH QXPHOH FăUXLD -XGHFăWRULD 2GRUKHLX 6HFX LHVF D HPLV XQ PDQGDW GH H[HFXWDUH D SHGHSVHL ¿ LQG FRQGDPQDW OD GRL DQL vQFKLVRDUH SHQWUX YăWăPDUH FRUSRUDOă ³7kQăUXO D IRVW FRQGXV OD VHGLXO 3RVWXOXL GH 3ROLĠLH )kQWkQHOH XUPkQG D ¿ SUHOXDW GH FăWUH SROLĠLúWLL GH OD 3RVWXO GH 3ROLĠLH $YUăPHúWL MXGHĠXO +DUJKLWD SHQWUX D IL LQWURGXV vQ 3HQLQWHQFLDU´ D SUHFL]DW FRPL VDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

=HFH SHUVRDQH FX GL]DELOLWăĠL EHQH¿ FLDUL DL SURJUDPXOXL $WULXP GLQ FDGUXO )XQGDĠLHL $OSKD 7UDQVLOYDQă DX OXFUDW LHUL FRW OD FRW FX DQJDMDĠLL EDX0D[ 6XE GHYL]D Ä2PXO QX DUH OLPLWH $UDWă FH SRĠL ³ EDX0D[ vQ FRODERUDUH FX )XQGDĠLD $OSKD 7UDQVLOYDQă SULQ &HQ WUXO GH ,QIRUPDUH &RQVLOLHUH úL 0HGLHUHD /RFXOXL GH 0XQFă SHQWUX SHUVRDQH FX GL]DELOLWăĠL DX RUJDQL]DW ]LXD SHUVRDQHORU FX GL]DELOLWăĠL RIHULQG DFHVWHL FDWHJRULL GH SHUVRDQH SRVLELOLWDWHD GH D VH H[SUL PD OLEHU úL GH D IDFH SDUWH GLQ HFKLSD EDX0D[ Ä(L DX IRVW UHSDUWL]DĠL SH DQX PLWH UDLRDQH DOăWXUL GH DQJDMDĠL Vă DMXWH vQ PăVXUD vQ FDUH OH SHUPLW DELOLWăĠLOH ORU GH PXQFă (VWH XQ SDV VSUH LQWHJUDUH GDU QX SXWHP VSXQH Fă vQ XUPD XQHL DFĠLXQL HL SRW Vă ¿ H GHMD LQWHJUDĠL 6XQW vQ SURJUDPXO GH LQWHJUDUH GH HGXFDĠLH YRFDĠLRQDOă XQLL DX PDL DYXW ORFXUL GH PXQFă úL QX HVWH DWkW GH JUHD LQWHJUDUHD ORU DOĠLL QX DX OXFUDW úL DX DYXW QHYRLH GH UHFXSHUDW GH vQYăĠDW GDU VXQW vQ DFHVW SURFHV úL vQ ¿ QDO VSHUăP Fă YD DYHD ORF úL LQWHJUDUHD ORU´ D GHFODUDW %DQJD (U]VH EHW FRRUGRQDWRU SURJUDP $WULXP

0XQFă SH PăVXUD DELOLWăĠLORU ÌQ PDJD]LQXO EDX0D[ GLQ 7kUJX 0XUHú OXFUHD]ă GH DOWIHO GRXă SHUVRDQH FX GL]DELOLWăĠL FDUH SUHVWHD]ă IRUĠă GH PXQFă SH PăVXUD DELOLWăĠLORU ORU Ä8QXO GLQWUH DQJDMDĠL WUHEXLH Vă SXQă PHWUH FUHLRDQH FDLHWH UHYLVWH SH SDQRXULOH FDUH VXQW vQ PDJD]LQ 0DL DYHP XQ DQ JDMDW FDUH WUHEXLH Vă vQGHSOLQHDVFă vQ SD WUX RUH DFWLYLWăĠL GH D VHUYL FOLHQWXO HO QX DUH SUREOHPH SVLKLFH JUDYH Vă QX SRDWă vQGHSOLQL QLúWH DFWLYLWăĠL HVWH R SHUVRDQă FDUH V D LQWHJUDW IRDUWH ELQH $FHDVWă ]L VH PDUFKHD]ă SHVWH WRW Q U vQ PDJD

520Æ1,$ -8'(ğ8/ 085(ù 081,&,3,8/ 5(*+,1 3 ĠD 3HWUX 0DLRU QU FRG 7HOHIRQ &RG )LVFDO )D[ :HE ZZZ SULPDULDUHJKLQ UR ( PDLO RI¿ FH#SULPDULDUHJKLQ UR

&2081,&$7 '( 35(6Ă ÌQ DWHQĠLD DVRFLDĠLLORU úL IXQGDĠLLORU FDUH DGPLQLVWUHD]ă XQLWăĠL GH DVLVWHQĠă VRFLDOă SH UD]D 0XQLFLSLXOXL 5HJKLQ

3ULPăULD 0XQLFLSLXOXL 5HJKLQ SULQ 6HUYLFLXO 3XEOLF GH $VLVWHQĠă 6RFLDOă DGXFH OD FXQRúWLQĠD DVRFLDĠLLORU úL IXQGDĠLLORU FDUH DGPLQLVWUHD]ă XQLWăĠL GH DVLVWHQĠă VRFLDOă SH UD]D 0XQLFLSLXOXL 5HJKLQ IDSWXO Fă &RQVLOLXO /RFDO DO 0XQLFLSLXOXL 5HJKLQ SRDWH DFRUGD VXEYHQĠLL SHQWUX DQXO DVRFLDĠLLORU úL IXQGDĠLLORU URPkQH FX SHUVRQDOLWDWH MXULGLFă FDUH vQ¿ LQĠHD]ă úL DGPLQLVWUHD]ă XQLWăĠL GH DVLVWHQĠă VRFLDOă FDUH VH DGUHVHD]ă EHQH¿ FLDULORU FX GRPLFLOLXO vQ 0X QLFLSLXO 5HJKLQ FRQIRUP SUHYHGHULORU OHJDOH

/LQLLOH GH VXEYHQĠLRQDUH SULRULWDUH SHQWUX DFRUGDUHD VXEYHQĠLHL vQ DQXO GH OD EXJHWXO ORFDO DVRFLDĠLLORU úL IXQGDĠLLORU FDUH vQ¿ LQĠHD]ă úL DGPLQLVWUHD]ă XQLWăĠL GH DVLVWHQĠă VRFLDOă DX IRVW DSUREDWH SULQ +RWăUkUH GH &RQVLOLX /RFDO QU GLQ SHQWUX XUPăWRDUHOH FDWHJRULL GH SHUVRDQH SHUVRDQH WLQHUH FDUH SăUăVHVF VLVWHPXO GH SURWHFĠLH D FRSLOXOXL SHUVRDQH DÀ DWH vQ GL¿ FXOWDWH IDPLOLL DÀ DWH vQ VLWXDĠLL GH ULVF UHVSHFWLY SHU VRDQH úL IDPLOLL FX YHQLWXUL PLFL SHUVRDQH úL IDPLOLL IăUă DGăSRVW SHUVRDQH YkUVWQLFH GHSHQGHQWH úL SHUVRDQH FX KDQGLFDS FRSLL VHSDUDĠL VDX FX ULVF GH VHSDUDUH GH SăULQĠL SHUVRDQH YLFWLPH DOH YLROHQĠHL vQ IDPLOLH SHUVRDQH WR[LFR GHSHQGHQWH 7LSXUL GH VHUYLFLL &HQWUH UH]LGHQĠLDOH &HQWUH GH ]L &DQWLQH VRFLDOH VDX DOWH VHUYLFLL GH DFRUGDUH D KUDQHL 8QLWăĠL GH vQJULMLUH OD GRPLFLOLX 7HUPHQXO SULYLQG GRFXPHQWDĠLD GH VROLFLWDUH D VXEYHQĠLHL

$VRFLDĠLLOH úL IXQGDĠLLOH FDUH vQ¿ LQĠHD]ă úL DGPLQLVWUHD]ă XQLWăĠL GH DVLVWHQĠă VRFLDOă FDUH VH DGUHVHD]ă EHQH¿ FLDULORU FX GRPLFLOLXO vQ 0XQLFLSLXO 5HJKLQ SRW GHSXQH GRFXPHQWDĠLD GH VROLFLWDUH VWDELOLWă OD DUW GLQ +&/ QU GLQ SkQă vQ XOWLPD ]L OXFUăWRDUH D OXQLL RFWRPEULH OD VHGLXO 0XQLFLSLXOXL 5HJKLQ &HQWUXO GH ,QIRUPDUH D &HWăĠHQLORU %LURXO GH 3UHVă DO 3ULPăULHL 0XQLFLSLXOXL 5HJKLQ

3H PăVXUD DELOLWăĠLORU ORU SHUVRDQHOH FX GL]DELOLWăĠL SRW SUHVWD VHUYLFLL SH SLDĠD OLEHUă D PXQFLL

]LQHOH EDX0D[ LGHHD HVWH GH D VHQVLELOL]D RSLQLD SXEOLFă UHVSHFWLY DQJDMDWRULL DQWUH SUHQRULL Vă GHD R úDQVă DQJDMkQG R SHUVRDQă FX GL]DELOLWăĠL vQ FDGUXO FRPSDQLHL ORU Vă DMXWH SHUVRDQHOH FX QHYRL VSHFLDOH Vă ¿ H vQFDGUDWH vQ FkPSXO PXQFLL´ D SUHFL]DW %R JDQ\L 6]LODUG úHI 'HSDUWDPHQW $PHQDMăUL *UăGLQă GLQ FDGUXO PDJD]LQXOXL EDX 0D[ $QJDMDĠLL OXFUHD]ă SDWUX RUH SH ]L úL EHQH¿ FLD]ă GH VDODUL]DUH FRUHVSXQ]ăWRDUH WLFKHWH GH PDVă FRQFHGLL SOăWLWH HWF

$QJDMDWRULL DMXWDĠL GH VSHFLDOLúWL 3HQWUX vQFDGUDUHD vQ FkPSXO PXQFLL D XQHL SHUVRDQH FX GL]DELOLWăĠL DQJDMDWR ULL SRW EHQH¿ FLD GH FRQVLOLHUH GLQ SDUWHD VSHFLDOLúWLORU )XQGDĠLHL $OSKD 7UDQVLOYDQă

3URJUDPXOXL $WULXP GLQ úL SkQă vQ SUH]HQW V DX DGUHVDW GH SHUVRDQH FX GL]DELOLWăĠL SHQWUX D ¿ DMXWDWH VSUH LQ WHJUDUH vQ FkPSXO PXQFLL GLQ FDUH vQ DFHVW DQ Ä0RPHQWDQ DYHP GH SHUVRDQH SHQWUX PRQLWRUL]DUH XQ VSHFLDOLVW PHUJH OD HL úL vL PRQLWRUL]HD]ă SHQWUX PHQĠLQHUHD ORFXOXL GH PXQFă (L OXFUHD]ă vQ GLIHULWH DFWLYLWăĠL FDEODM DPHQDMăUL vPSDFKHWăUL DUDQMDUHD UDIWXULORU vQ PDJD]LH GDU VXQW úL GHVLJQHUL VDX IDF FRQWDELOLWDWH SULPDUă 6SHFLDOLúWLL QRúWUL DMXWă DQJDMDWRUXO DWXQFL FkQG HL VXQW UHWLFHQĠL SHQWUX DQJDMDUH QX WRĠL YRU Vă DFFHSWH FD R SHUVRDQă FX GL]DEL OLWDWH Vă VH DQJDMH]H vQ FRPSDQLH´ D PDL VSXV %DQJD (UV]HEHW $ULQD 02/'29$1

7HVWXO %DEHú 3DSDQLFRODX JUDWLV SHVWH R VăSWăPkQă ÌQFHSkQG GH VăSWăPkQD YLLWRDUH IHPHLOH FX YkUVWD FXSULQVă vQWUH úL GH DQL SRW EHQH¿ FLD GH HIHFWXDUHD JUDWXLWă D WHVWXOXL %DEHú 3DSDQLFRODX vQ FDGUXO VFUHHQLQJXOXL FDQFHUXOXL GH FRO XWHULQ GHPDUDW GH 0LQLVWHUXO 6ăQăWăĠLL

&RQWUDFWH FX UHĠHOHOH GH VFUHHQLQJ ÌQ MXGHĠXO 0XUHú SHVWH GH PHGLFL GH IDPLOLH úL PHGLFL JLQHFRORJL DX vQFKHLDW FRQWUDFWH FX FHOH SDWUX UHĠHOH GH VFUHH QLQJ GLQ MXGHĠ UHVSHFWLY &HQWUXO 0HGLFDO 7RS0HG 6SLWDOXO 2UăúHQHVF ³'U 9DOHU 5XVVX´ /XGXú 6SLWDOXO 0XQLFLSDO ³'U (XJHQ 1LFRDUă´ 5HJKLQ úL 6SLWDOXO &OLQLF -XGHĠHDQ GH 8UJHQĠă 6&-8 7kUJX 0XUHú SHQWUX D WUDQVPLWH FăWUH ODERUDWRDUHOH DFHVWRU XQLWăĠL PHGLFDOH SUREHOH UHFROWDWH GH OD IHPHL ³$VWIHO SDFLHQWHOH VXQW LQYLWDWH GH PHGLFXO GH IDPLOLH SHQWUX D OH FRPSOHWD IRUPXODUXO GH VFUHHQLQJ DSRL OH IDF UH FROWDUHD PHGLFLL GH IDPLOLH FDUH DX DWHVWDW GH UHFROWRU VDX GDFă QX OH WULPLW OD PH GLFXO GH SODQQLQJ VDX JLQHFRORJLL LQFOXúL vQ SURJUDP 0DWHULDOXO FHUYLFDO UHFROWDW HVWH WULPLV GH PHGLFXO UHFROWRU OD ODERUDWRUXO UHĠHOHL GH VFUHHQLQJ VH HOLEHUHD]ă UH]XOWDWXO úL VH WUDQVPLWH PHGLFXOXL GH IDPLOLH FDUH YD LQIRUPD SDFLHQWD

/DYLQLD $EX $PUD SXUWăWRUXO GH FXYkQW DO 6&-8 7kUJX 0XUHú

$VLJXUDWH VDX QX vQWUH úL GH DQL 6XQW LQYLWDWH IHPHLOH DVLJXUDWH VDX QHDVL JXUDWH FX YkUVWD FXSULQVă vQWUH úL GH DQL ÌQ DFHVW PRPHQW UHĠHOHOH VDQLWDUH VXQW vQ ID]D GH vQFKHLHUH GH FRQWUDFWH FX &-$6 LDU vQ DSUR[LPDWLY R VăSWăPkQă VH YD vQFHSH UHFROWDUHD´ D GHFODUDW /DYLQLD $EX $PUD SXUWăWRUXO GH FXYkQW DO 6&-8 7kUJX 0XUHú 6SLWDOXO GH 8UJHQĠă HVWH DWkW UHĠHD GH VFUHH QLQJ FkW úL FRRUGRQDWRUXO UHJLRQDO DO SUR JUDPXOXL GH VFUHHQLQJ DO FDQFHUXOXL GH FRO XWHULQ SHQWUX MXGHĠHOH $OED %UDúRY +DUJKL WD 0XUHú úL 6LELX 8Q QXPăU GH GH PHGLFL GH IDPLOLH úL GH PHGLFL JLQHFRORJL DX vQFKHLDW FRQWUDFWH FX 6&-8 7kUJX 0XUHú 7RWRGDWă GLQ FHL SHVWH GH PHGLFL H[LVWHQĠL vQ MXGHĠXO 0XUHú XQ QXPăU GH DX EHQH¿ FLDW GH LQVWUXLUH $ULQD 02/'29$1

3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú

$181ğ

0XQLFLSLXO 7vUJX 0XUHú Yă DGXFH OD FXQRúWLQĠă Fă vQ SHULRDGD ± vQWUH RUHOH VH YD vQFKLGH FLUFXODĠLD DXWR SH VWU $YUDP ,DQFX SH VHFWRUXO FXSULQV vQWUH VWU 0LKDL 9LWHD]XO úL % GXO &HWăĠLL vQWUXFkW VH YRU H[HFXWD OXFUăULOH GH UHSDUDĠLL OD vQYHOLWRDUHD EDVWLRQX OXL &URLWRULORU FDUH IDFH SDUWH GLQ RELHFWLYXO Ä5HDPHQDMDUH úL FRQVHUYDUH &HWDWH 0HGLHYDOă´

1H FHUHP VFX]H SHQWUX LQFRQYHQLHQWXO JHQHUDW GH DFHDVWă vQFKLGHUH úL Yă PXOĠXPLP SHQWUX vQĠHOHJHUH 3ULPDUXO 0XQLFLSLXOXL 7vUJX 0XUHú GU 'RULQ )ORUHD

IDFHERRN FRP ]LGH]L

(9(1,0(17

%XVWXO SăULQWHOXL DJURQRPLHL GH]YHOLW OD %DWRú ùWLUL LQWHUHVDQWH PXOW WLPS vQ FXUWHD IRVWXOXL ,$6 %DWRú QRL O DP OXDW GH DFROR O DP UHVWDXUDQW úL DFXP YD RFXSD XQ ORF GH FLQVWH vQ FHQWUXO FRPXQHL´ D SUHFL]DW 'XPLWUX &RWRL

'XPLQLFă RFWRPEULH OD %DWRú YD DYHD ORF R QRXă HGLĠLH D 6ăUEăWRULL 0ăUXOXL HYHQLPHQW RUJDQL]DW GH 3ULPăULD úL &RQ VLOLXO /RFDO %DWRú $VRFLDĠLD Ä0ăUXO GH $XU´ úL *UXSXO 3URGXFăWRULORU GH 0HUH %DWRú 'HGUDG (GLĠLD GLQ DFHVW DQ YD UHXQL SURGXFăWRULL ORFDOL GH OHJXPH úL IUXFWH GLQ ]RQă OD FDUH VH DGDXJă XQ SURJUDP DUWLVWLF VXVĠLQXW GH DQVDPEOXULOH IROFORULFH ORFDOH úL VROLúWL LQYLWDĠL ³'HVFKLGHUHD R¿ FLDOă D VăUEăWRULL PăUXOXL YD DYHD ORF GXPLQLFă vQFHSkQG FX RUD OD FDUH YRU RQRUD FX SUH]HQĠD R¿ FLDOLWăĠLOH MXGHĠXOXL úL SULPDULL GLQ MXGHĠ 1X YRU OLSVL GH OD GHVFKLGHUH UDSVR]L SRSX ODUL GLQ ]RQă vQ IUXQWH FX 9LRULFD ùDQGUX úL )DQIDUD FDUH YD GD WRQXO VăUEăWRULL PăUXOXL GH OD %DWRú´ D GHFODUDW 'XPLWUX &RWRL SULPDUXO FRPXQHL %DWRú

)ROFORUXO PDUDPXUHúHDQ úL YLQXULOH ³/LOLDF´

,RQ ,RQHVFX GH OD %UDG H[SXV vQ FHQWUXO FRPXQHL 0RPHQWXO VSHFLDO DO VăUEăWRULL PăUXOXL GH OD %DWRú YD ¿ GH]YHOLUHD EXVWXOXL OXL ,RQ ,RQHVFX GH OD %UDG GLQ SDUFXO GLQ FHQWUXO FRPXQHL %DWRú ³/D ¿ HFDUH HGLĠLH vQFHUFăP Vă YHQLP FX FHYD QRX vQ DFHVW DQ LQHGLWă ¿ LQG GH]YHOLUHD EXVWXOXL OXL ,RQ ,RQHVFX GH OD %UDG vQ SDUFXO GLQ FHQWUX FRPXQHL (O D IRVW SULPXO DJURQRP DO 5RPkQLHL XQ

'XPLWUX &RWRL SULPDUXO FRPXQHL %DWRú

FHUFHWăWRU vQ GRPHQLXO DJULFRO IRQGDWRU DO XQHL úFROL GH DJULFXOWXUă $FHVW EXVW D ]ăFXW

'LQ RIHUWD VăUEăWRULL PăUXOXL GH OD %DWRú QX YD OLSVL PX]LFD FDUH YD FRPSOHWD RIHUWD SURGXFăWRULORU FDUH vúL YRU HWDOD UHFROWD DFHVWHL WRDPQH 3URJUDPXO DUWLVWLF YD ¿ vQWUHĠLQXW GH DQVDPEOXULOH IROFORULFH OR FDOH GLQ %DWRú 'HGUDG *RUHQL úL 8LOD GLQ 6RORYăVWUX ³'RLQD 0XUHúXOXL´ GLQ 5HJKLQ úL VROLúWLL ,RDQD %RJGDQD 3RS úL 1LĠXFD ,XúFR GLQ 0DUDPXUHú ³/HJăWXUD %DWRúXOXL FX 0DUDPXUHúXO HVWH GDWă GH IDSWXO Fă vQ FRPXQă VXQW IRDUWH PXOWH IHWH GLQ 0DUDPUHú FDUH DX YHQLW OD FXOHV GH PHUH V DX FăVăWRULW úL DSRL V DX VWDELOLW SH DFHVWH PHOHDJXUL 6ăUEăWRDUHD HWDORQ D %DWRúXOXL YD ¿ vQWUHJLWă GH VWDQGXULOH SURGXFăWRULORU ORFDOL GH PHUH PLHUH GH DOELQH RĠHW FKLDU úL YLQ DVLJXUDW GH $0% :LQH &RPSDQ\ LQYHVWLWRUXO DXVWULDF GLQ %DWRú SURGXFăWRU DO YLQXULORU ³/LOLDF´ SURGXV OD %DWRú FDUH YD ¿ SUH]HQW FX XQ VWDQG SURSULX´ D D¿ U PDW SULPDUXO FRPXQHL %DWRú $OLQ =$+$5,(

6H FDXWă YROXQWDUL SHQWUX FDPSDQLD ³1RXă QH SDVă´ =ROWDQ *DODF]L HVWH XQ WkQăU UHJKLQHDQ vQ YkUVWă GH GH DQL FUHVFXW vQ &DVD GH &RSLL GLQ /XGXú /D YkUVWD GH GH DQL D VXIHULW XQ DFFLGHQW GH PXQFă Fă]kQG GH SH R VFKHOă GH OD PHWUL vQăOĠLPH vQ XUPă FăUXLD QX D PDL SXWXW SăúL SH SLFLRDUHOH OXL 0HGLFLL L DX RSHUDW FRORD QD YHUWHEUDOă SXQkQGX L GLDJQRVWLFXO GH SDUDSOHJLH À DVFă SRVW WUDXPDWLFă úL IUDFWXUă GH FRUS YHUWHEUDO SH SDUWHD VWkQJă úL GLQ GDWD GH DSULOLH D UăPDV LPEROL]DW vQWU XQ VFDXQ FX URWLOH =ROWDQ HVWH vQFDGUDW vQ JUDGXO , GH KDQGL FDS FX vQVRĠLWRU úL PRPHQWDQ ORFXLHúWH vQ &HQWUXO GH ÌQJULMLUH úL $VLVWHQĠă GLQ 5HJKLQ ÌQ SUH]HQW vúL FRQWLQXă IRUPD UHD SURIHVLRQDOă OD /LFHXO 7HRUHWLF ³(X JHQ 1LFRDUă´ GLQ PXQLFLSLX XQGH HVWH HOHY vQ DQXO ,,

³7RĠL DYHP GUHSWXO OD R YLDĠă PDL EXQă´ 1H YUkQG Vă UăPkQă SDVLY OD VXIHULQĠHOH FHORU GLQ MXU =ROWDQ D vQFHSXW vQ DFHDVWă OXQă R FDPSDQLH XPDQLWDUă GH vQWU DMX WRUDUH LQWLWXODWă ³)LLQGFă 1H 3DVă´ (O vúL GRUHúWH Vă DMXWH vPSUHXQă FX DOĠL RDPHQL

GH VXÀ HW FkW PDL PXOWH SHUVRDQH DÀ DWH vQ GL¿ FXOWDWH 3HQWUX vQFHSXW UHJKLQHDQXO úL D IăFXW XQ EORJ úL R SDJLQă SH )DFHERRN SULQ FDUH vúL GRUHúWH Vă VXVĠLQă RULFH JHQ GH FDX]ă XPDQLWDUă ³'RULP Vă VSULMLQ LP SHUVRDQHOH FDUH DX QHYRLH GH DMXWRU úL vQFHUFăP FHO SXĠLQ R GDWă SH OXQă Vă VSULMLQLP R SHUVRDQă DÀ DWă vQ GL¿ FXOWDWH 3HQWUX DVWD H QHYRLH GH YROXQWDUL Vă QH RFXSăP GH XQ FD] Vă PHUJHP OD SULPăULL GHRDUHFH VLQJXU vPL HVWH IRDUWH JUHX HX ¿ LQG úL vQ VLWXDĠLD vQ FDUH VXQW FX KDQGL FDSXO PHX ¿ ]LF &D LQLĠLDWRU PL DP SUR SXV FD FHO SXĠLQ OXQDU Vă DGXFHP R UD]ă GH VSHUDQĠă vQ YLDĠD FXLYD úL Vă VSULMLQLP XQ FD] VRFLDO GLQ 5HJKLQ &RQVLGHU FD WRĠL DYHP GUHSWXO OD R YLDĠă PDL EXQă úL úDQVH HJDOH GH D QH IDFH FXQRVFXĠL 3RVWDĠL FX vQFUHGHUH FD]XULOH FHORU vQ QHYRLH SH SD JLQD QRDVWUă GH )DFHERRN KWWS ZZZ IDFHERRN FRP FDPSDQLD¿ LQGFD QHSDVD

¿ LQGFă QX FRVWă QLPLF Vă IDFL XQ ELQH FH OXL GH OkQJă WLQH 3ULQ DFHDVWă FDPSDQLH vQFHUFăP Vă UH]ROYăP FkW PDL PXOWH FD ]XUL vQ OLPLWD SRVLELOLWăĠLORU´ D SUHFL]DW =ROWDQ *DODF]L $OLQ =$+$5,(

IH]DELOLWDWH SHQWUX H[WLQGHUHD UHĠHOHL GH FDQDOL]DUH SHQWUX DFRSHULUHD vQWUHJXOXL ORW GH ORFXLQĠH GLQ ORFDOLWDWH SH ED]D FăUXLD VH DSOLFă SHQWUX REĠLQHUHD GH ¿ QDQĠDUH 3kQă DFXP DSOLFDĠLLOH QRDVWUH DX IRVW UHVSLQVH´ D GHFODUDW 7RWK 6DQGRU SULPDUXO RUDúXOXL 0LHUFXUHD 1LUDMXOXL ÌQ WRWDO FRVWXULOH LQYHVWLĠLHL VH ULGLFă OD VXPD GH DSURDSH PLOLRDQH OHL

&DQDOL]DUH SHQWUX GH ORFXLQĠH

'UXPXULOH DúWHDSWă UHSDUDĠLL

2UDúXO 0LHUFXUHD 1LUDMXOXL D IRVW EHQH¿ FLDUXO XQXL SURLHFW ¿ QDQĠDW GH *XYHUQ vQ vQ FDGUXO 3URJUDPXOXL GH UHDELOLWDUH D VLVWHPHORU GH DOLPHQWDUH FX DSă úL FD QDOL]DUH D VWDĠLLORU GH WUDWDUH D DSHL SRWD ELOH úL D VWDĠLLORU GH HSXUDUH D DSHORU X]DWH GLQ FDUH DOLPHQWDUHD FX DSă D ORFDOLWăĠLL VH UHDOL]HD]ă vQ FDGUXO DFHVWXL SURJUDP 5HĠHDXD GH FDQDOL]DUH úL VWDĠLD GH HSXUD UH V DX UHDOL]DW ¿ HFDUH SULQ DOW SURJUDP Ä&LUFD GH ORFXLQĠH YRU EHQH¿ FLD GH VLVWHP GH FDQDOL]DUH úL DSă PHQDMHUă GLQ WRWDOXO FHORU H[LVWHQWH vQ 0LHUFXUHD 1L UDMXOXL $YHP GHMD HODERUDW XQ VWXGLX GH

ÌQ XUPD OXFUăULORU GH FDQDOL]DUH úL DOLPHQ WDUH FX DSă FDURVDELOXO GLQ RUDú V D GLV WUXV GUXPXULOH GHYHQLQG LPSUDFWLFDELOH úL DLFL HVWH YRUED GH GUXPXULOH MXGHĠHQH '- úL '- $ UHVSHFWLY SRUĠLXQL GH GUXPXUL GLQ LQWHULRUXO RUDúXOXL Ä$P vQFKHLDW XQ FRQWUDFW GH H[HFXĠLH OXFUăUL GH UHDELOLWDUH FX 6& 'UXPXUL úL 3RGXUL 0XUHú 65/ vQ YDORDUH GH OHL SOXV 79$ FDUH HVWH vQ FXUV GH UHDOL]DUH ¿ QDQĠDUHD ¿ LQG GRDU GH OD EXJHWXO ORFDO 3kQă vQ SUH]HQW V D DVIDOWDW FLUFD NP GH GUXP SH VWUDGD 6kQWDQGUHL úL OXFUăULOH YRU FRQWLQXD vQ FHQWUXO RUDúXOXL úL SH VWUD GD 7UDQGD¿ ULORU WUDVHHOH FX FLUFXODĠLD FHD

1RXO GHFDQ DO )DFXOWăĠLL GH 0HGLFLQă úL )DUPDFLH GLQ 7kUJX 0XUHú D IRVW GHFODUDW FkúWLJăWRU FRQI GU 7XGRU 6RULQ 3RS $FHVWD D VXVĠLQXW LQWHU YLXO vQ FXUVXO ]LOHL GH LHUL UH]XOWDWXO FRQFXUVXOXL XUPkQG Vă ¿ H FRQ¿ U PDW GH 6HQDWXO 80) 7kUJX 0XUHú ³,QIRUPDĠLD D DSăUXW SH VLWH XO 8QLYHUVLWăĠLL vQFă QX HVWH YDOLGDWă úL QX SRW Vă FRPHQWH]´ D GHFODUDW GU 3RS 1RXO GHFDQ DO )DFXOWăĠLL GH 0HGLFLQă HVWH úHI DGMXQFW DO &OLQLFLL 2UWRSHGLH 7UDXPDWRORJLH ,, D 6SLWD OXOXL &OLQLF -XGHĠHDQ 0XUHú 3RWULYLW SODQXOXL VăX PDQDJHULDO SRVWDW SH VLWH XO 80) 7kUJX 0XUHú QRXO GHFDQ DUH vQ YHGHUH ³GH]YROWDUHD XQXL PHGLX DFDGHPLF vQ FDUH Vă SULPH]H UHVSHF WXO UHFLSURF UHFXQRDúWHUHD YDORULORU DXWHQWLFH FRRSHUDUHD LQWHU XPDQă úL SURIHVLRQDOă WROHUDQĠD VFKLPEXO GH VFKLV GH LGHL SULQFLSLLOH HWLFH úL GHRQ WRORJLFH XQLYHUVLWDUH´ $ 0

$MXWRDUH SHQWUX DJULFXOWXUD HFR $JHQĠLD GH 3OăĠL úL ,QWHUYHQĠLH SHQWUX $JULFXOWXUă $3,$ 0XUHú UHDPLQWHúWH IHUPLHULORU Fă SkQă OD RFWRPEULH LQFOXVLY VH SRW GHSXQH FHUHULOH GH VROLFL WDUH D DMXWRUXOXL VSHFL¿ F SHQWUX vPEXQăWăĠLUHD FDOLWăĠLL SURGXVHORU DJULFROH vQ VHFWRUXO GH DJULFXOWXUă HFRORJLFă VSULMLQ DFRUGDW GLQ )RQGXO (XURSHDQ GH *DUDQWDUH $JULFROă $MXWRUXO VH DFRUGă SHQWUX H[SORDWDĠLLOH GLQ SURGXFĠLD YHJHWDOă úL DQLPDOLHUă FDUH VXQW vQUHJLVWUDWH vQ SHULRDGD GH FRQYHUVLH GH WUHFHUH GH OD DJULFXOWXUD FRQYHQĠLRQDOă OD DJULFXOWXUD HFRORJLFă Ä%HQH¿ FLDULL SRW GHSXQH R VLQJXUă FHUHUH GH VR OLFLWDUH D DMXWRUXOXL VSHFL¿ F ÌQ FD]XO vQ FDUH EHQH¿ FLDUXO H[SORDWHD]ă PDL PXOWH WHUHQXUL DÀ DWH SH UD]D PDL PXOWRU MXGHĠH FHUHUHD YD ¿ GHSXVă OD FHQWUXO MXGHĠHDQ $3,$ SH UD]D FăUXLD VH DÀ ă VXSUDIDĠD PDL PDUH SHQWUX H[SORDWDĠLLOH GLQ GRPHQLXO YHJHWDO´ D SUHFL]DW 7HW ,RDQ GLUHFWRUXO H[HFX WLY DO $3,$ 0XUHú $ =

)17 YLD 2UDGHD SHQWUX ³&DUPLQD %XUDQD´ =ROWDQ *DODF]L LPSOLFDW DFWLY vQ DFĠLXQLOH GH VSULMLQ SHQWUX 6HUJLX $UGHOHDQ

$Să PHQDMHUă úL FDQDOL]DUH vQ 0LHUFXUHD 1LUDMXOXL ÌQ MXU GH GH ORFXLQĠH GLQ RUDúXO 0LHUFXUHD 1LUDMXOXL YRU EHQH¿ FLD GH VLVWHP GH FDQDOL]DUH úL DSă PHQDMHUă vQ XUPăWRDUHD SHULRDGă /XFUăULOH GH FD QDOL]DUH úL LQWURGXFHUH D DSHL PHQDMHUH DX IRVW UHDOL]DWH FX IRQGXUL GH OD 0LQLV WHUXO 0HGLXOXL &RPSDQLD 1DĠLRQDOă GH ,QYHVWLĠLL úL GLQ EXJHWXO ORFDO SH SDUFXU VXO D PDL PXOĠL DQL

6RULQ 3RS GHFDQ OD )DFXOWDWHD GH 0HGLFLQă

3URGXFĠLD 1DĠLRQDOXOXL GLQ 7kUJX 0XUHú´ &DUPLQD %XUDQD´ vQ UHJLD OXL *LJL &ăFLXOHDQX D IRVW SUH]HQWă vQ FDGUXO HGLĠLHL GLQ DFHVW DQ D IHVWLYDOX OXL 7RDPQD 2UăGHDQă UHSUH ]HQWDĠLD Jă]GXLWă GH &DVD GH &XOWXUă D 6LQGLFD WHORU GLQ 2UDGHD GH OXQL RFWRPEULH vQUHJLVWUkQG XQ VXFFHVV GHRVHELW FDUH D ULGLFDW SXEOLFXO vQ SLFLRDUH OD ¿ QDOXO VSHFWDFROXOXL 8UPHD]ă XQ DOW PR PHQW GH PDUFă XQGH ³&DUPLQD %XUD QD³ YD ¿ SUH]HQWă )HVWLYDOXO 1DĠLRQDO GH 7HDWUX FX GRXă UHSUH]HQWDĠLL SH RFWRPEULH OD OD 2SHUD 1DĠLRQDOă %XFXUHúWL 7kUJXPXUHúHQLL SRW YH GHD VDX UHYHGHD ³&DUPLQD %XUDQD´ PDUĠL RFWRPEULH RUD OD 6DOD 0DUH D 7HDWUXOXL 1DĠLRQDO 7kUJX 0XUHú $ =

(OHYLL LQYLWDĠL Vă ¿ H PLFL SRYHVWLWRUL

7RWK 6DQGRU SULPDUXO RUDúXOXL 0LHUFXUHD 1LUDMXOXL

PDL LQWHQVă )LLQG YRUED GH UHDELOLWDUH GH GUXPXUL MXGHĠHQH LPSOLFDUHD &RQVLOLXOXL -XGHĠHDQ DU ¿ ELQHYHQLWă´ D FRQFKLV SUL PDUXO RUDúXOXL 0LHUFXUHD 1LUDMXOXL $ULQD 02/'29$1

(OHYLL FODVHORU D ,, D VXQW LQYLWDĠL Vă SDUWLFLSH OD FRQFXUVXO ³0LFXO SRYHVWLWRU´ SULQ FDUH HOHYXO vQYDĠă Vă SRYHVWHDVFă R SRYHVWH SRSXODUă úL GREkQGHúWH FXQRúWLQĠH GHVSUH RELFHLXO SRUWXO PRGXO GH YLDĠă úL JkQGLUHD VWUăPRúLORU vPERJăĠLQGX VH LQWHOHFWXDO úL HPRĠLRQDO 7LPSXO SRYHVWLULL HVWH GH PD[LP WUHL PLQXWH (WDSHOH úFRODUH úL ]RQDOH DOH FRQFXU VXOXL YRU DYHD ORF SkQă OD GDWD GH IHEUXDULH 'LQ ¿ HFDUH FODVă SRW ¿ VHOHFWDĠL GRL PD[LP WUHL HOHYL FDUH SRW SDUWLFLSD OD ID]D ]RQDOă 2 0

021'(1 RFWRPEULH

'RUX 3RS vúL GHVFKLGH VWXGLR GH vQUHJLVWUăUL 3H vQGUăJLWXO VROLVW UHJKLQHDQ GH PX]LFă SRSXODUă 'RUX 3RS O DP UHvQWkOQLW OD FHD GH D ;, D HGLĠLH D VăUEăWRULL ³=LOHL 5HFROWHL´ XQGH D LQWHUSUHWDW FHOHEUHOH VDOH PHOR GLL ³6XSăUDW vV SH QRURF´ úL ³=L ĠLJDQH DúH´ vQ IDĠD D SHVWH GH VSHFWDWRUL SH SODWRXO )HU PHORU *OLJD / DP LQWHUYLHYDW SHQWUX D DÀD FH D PDL IăFXW vQ XOWLPD SHULRDGă úL FH VXUSUL]H SUHJăWHúWH DVFXOWăULORU VăL 5HSRUWHU &H PDL IDFH 'RUX 3RS GH OD XOWLPD QRDVWUă vQWkOQLUH" 'RUX 3RS 6XQW ELQH DP SDU WLFLSDW FX PDUH GUDJ OD =LXD 5HFROWHL FDUH HVWH R VăUEăWRDUH GHRVHELWă úL HVWH RUJDQL]DWă GH RDPHQL GHRVHELĠL IDPLOLD *OLJD FDUH QX PDL DUH QHYRLH GH QLFLR SUH]HQWDUH SHQWUX Fă WRW FH VH YRUEHúWH GHVSUH HL QX SRDWH ¿ GHFkW OD VXSHUODWLY 'H OD XOWLPD QRDVWUă vQWkOQLUH GLQ LXOLH GH OD ODQVDUHD FHOXL GH DO úDVHOHD DOEXP DO PHX ³7LQHUHĠH PkQGUă ÀRDUH´ FDUH FXSULQGH SLHVH úL OD FDUH DP PXQFLW DSURDSH WUHL DQL DP FkQWDW OD IRDUWH PXOWH HYHQLPHQWH WHOHYL]DWH IHVWLYDOXUL úL PL DP SUH]HQWDW vQ FRQWLQXDUH HPLVLX QHD GH OD $QWHQD 7kUJX 0XUHú ³/D ,]YRU GH FkQW úL MRF´ FXP R IDF vQ ¿HFDUH ]L GH VkPEăWă GH OD RUHOH GH FLQFL DQL vQFRDFH 9HVWHD EXQă HVWH Fă vQ FXUkQG HPLVLXQHD PHD YD ¿ SUHOXDWă úL GH XQ SRVW GH WHOHYL]LXQH GLQ 5HJKLQ FDUH YD WUDQVPLWH HPLVLX QLOH PHOH vQ UHOXDUH 5HS 6H ]YRQHúWH Fă DĠL LQ

YHVWLW R ³FăUXĠă GH EDQL´ vQ XOWLPXO WLPS vQ UHDOL]DUHD XQXL VWXGLR PX]LFDO FkQG YD ¿ JDWD" ' 3 'D HVWH DGHYăUDW Fă DP SXV ED]HOH XQXL VWXGLR GH SURGXFĠLH PX]LFDOă OD PLQH DFDVă FDUH HVWH DWkW GH QHFHVDU vQ ]RQă SHQWUX Fă VXQW PXOĠL DUWLúWL vQ MXGHĠXO 0XUHú FDUH QX DX XQGH Vă vúL vQUHJLVWUH]H PX]LFD $LFL YRP SURPRYD RULFH JHQ GH PX]LFă DWkWD WLPS FkW HVWH GH FDOLWDWH GDU VSHFLDOLWDWHD FDVHL ELQHQĠHOHV Fă UăPkQH SHQWUX PLQH PX]LFD SRSXODUă úL FKLDU úL PX]LFD HWQR 6WXGLRXO SRDUWă QXPHOH PHX úL YD ¿ GHVFKLV R¿FLDO vQ GDWD GH LDQXDULH 5HS &LQH YRU ¿ DQJDMDĠLL DFHVWXL VWXGLRX" ' 3 ÌQ SULPXO UkQG HX úL PDL DP GRL LQJLQHUL GH VX QHW GRL WHKQLFLHQL IRDUWH EXQL úL ELQHQĠHOHV Fă XúD QRDVWUă HVWH GHVFKLVă Vă FRODERUăP FX LQVWUXPHQWLúWL GHVăYkUúLĠL vQ IXQFĠLH GH JHQXO PX]LFDO SH FDUH vO YRP DYHD GH vQUHJLVWUDW

5HS 'H FkQG FkQWă 'RUX 3RS" ' 5 (X DP PDL GHFODUDW vQ SUHVă Fă PL DP vQFHSXW FDULHUD PX]LFDOă OD DQL úL MXPăWDWH úL DP vQFHSXW DWXQFL FX PX]LFD SRSXODUă úL SULPXO LQVWUXPHQW OD FDUH DP vQYăĠDW Vă FkQW D IRVW ÀXLHUXO %LQH QĠHOHV Fă vQ DGROHVFHQĠă SH DOH WLQHUHĠLL YD OXUL DP FRFKHWDW R SHULRGă úL FX PX]LFD URFN 'XSă FH DP DEVRO YLW FXUVXULOH ùFROLL 3RSXODUH GH $UWă P DP vQWRUV OD IROFORU úL Pă

ÌQ FXUkQG HPLVLXQHD 79 D VROLVWXOXL 'RUX 3RS YD ¿ GLIX]DWă úL OD 5HJKLQ

EXFXU Fă DP IăFXW DVWD SHQWUX Fă DP PDL SULQV DWXQFL vQFă R SDUWH GLQ JHQHUDĠLD GH DXU D IROFORUXOXL PXUHúHDQ FkQG VH IăFHD PX]LFă FX PDL PXOWă UHVSRQVDELOLWDWH ùL DFXP VH IDFH PX]LFă GDU SDUFă DWXQFL VH SXQHD PDL PXOW VXÀHW vQ DFHDVWă PHVHULH úL FRQWD PDL PXOW WDOHQWXO GHFkW DOWH FDOLWăĠL SDOSDELOH vQ EX]XQDU

5HS $VWă]L QXPHOH 'RUX 3RS HVWH XQ QXPH FRQVDFUDW OD D FăUXL LPDJLQH DĠL PXQ FLW PXOĠL DQL GDU 'RUX 3RS DUWLVWXO DUH LGROL vQ PDWHULH

GH IROFORU" ' 5 'D GH FH Vă QX UHFXQRVF DP DYXW IRDUWH PXOĠL LGROL FDUH PL DX SOăFXW úL SH FDUH L DP DG PLUDW úL FKLDU úL DFXP vPL SODF 'DU QX YUHDX Vă GDX QXPH úL Vă RPLW XQ QXPH JUHX FDUH D vQ VHPQDW FHYD SHQWUX PLQH OD XQ PRPHQW GDW SHQWUX Fă DGPLU DUWLúWLL FDUH DX GăUXLUH SHQWUX DFHDVWă PHVHULH úL FDUH R IDF FX SURIHVLRQDOLVP

5HS $ĠL vQFHSXW Vă OXFUDĠL OD FHO GH DO úDSWHOHD DOEXP VDX H SUHD GHYUHPH"

' 3 &KLDU GDFă vQ XUPă FX GRDU SDWUX OXQL DP ODQDVDW DOEX PXO ³7LQHUHĠH PkQGUă ÀRDUH´ GHMD DP LQWUDW vQ VWXGLR úL OXFUH] LQWHQV OD XQ QRX PDWHULDO GLVFR JUD¿F GDU YD PDL GXUD SkQă VH YD PDWHULDOL]H VXE IRUPD XQXL &' vQ SULPXO UkQG Fă HX VXQW XQ VROLVW PDL SUHWHQĠLRV vQ SULPXO UkQG FX PLQH úL vQ DO GRLOHD UkQG IRDUWH DWHQW FX DVFXOWăWRULL PHL

5HS ( SRVLELO Vă IDFHĠL úL XQ GXHW FX R YRFH IHPLQLQă SH QRXO DOEXP" ' 3 'D QX H LPSRVLELO Vă DP úL GXHWH SH XUPăWRUXO DOEXP QX SUHFRQL]H] QLPLF V DU SXWHD Vă ¿H XQXO SHVWH R OXQă VDX SHVWH XQ DQ YRP YHGHD 'HRFDPGDWă DP IRDUWH PXOW GH PXQFă OD PH GLDWL]DUHD DOEXPXOXL ³7LQHUHĠH PkQGUă ÀRDUH´ OD WHOHYL]LXQL vQ SUHVă OD GLIHULWH HYHQLPHQWH SHQWUX D FXQRDúWH SXEOLFXO QRLOH PHOH FkQWHFH 3LHVHOH FRQVLGHU Fă VXQW IRDUWH EXQH WUHEXLH DVFXO WDWH úL DOEXPXO PHULWă FXPSăUDW

5HS 'H XQGH VH SRDWH FXP SăUD FHO PDL SURDVSăW DO EXP 'RUX 3RS" ' 3 (X DP VHPQDW XQ FRQWUDFW FX &DVD GH 'LVFXUL (XUR 0XVLF SURGXFăWRU PX]LFDO ILLQG QLPHQL DO WXO GHFkW 3XLFă 'DQ )ORULQ GLQ &OXM 1DSRFD FRPHQ]LOH DFROR VH DúWHDSWă SHQWUX FLQH GRUHúWH Vă vO DFKL]LĠLRQH]H DFXP ÌQ YLLWRUXO D SURSLDW DP SURPL VLXQHD Fă DOEXPXO PHX YD SXWHD IL FXPSăUDW úL GLQ 5HJKLQ vQ FHO PXOW GRXă VăSWăPkQL $ FRQVHPQDW 5REHUW 0$7(,