Zi de zi 12-14 septembrie by Cotidianul Zi de Zi

3DJ

HYHQLPHQW

(QHUJRPXU YkQGXWă FX PLOLRDQH HXUR

OHL

3DJ

VSRUW

3DJ

Ä)&0 3ULPDYHUD´ SDV VSUH SURIHVLRQLVP

VăQăWDWH

&RQFXUV OLWHUDU SHQWUX QHYă]ăWRUL

GLUHFWRU IRQGDWRU

LQ FXUV GH DXGLWDUH %5$7

$XUHOLDQ *5$0$

ZZZ ]L GH ]L UR

3DJ

vQYăĠăPkQW

$FWLYLWăĠL YDULDWH OD ³*HRUJH &RúEXF´

3DJ

0HWHR

&XUV YDOXWDU

7kUJX 0XUHú

HXU XVG JU DXU

12$37($ =,8$

& & & & & &

:HHNHQG RFWRPEULH $QXO 9,,, QU

7J 0XUHú 5HJKLQ 6LJKLúRDUD

SDJLQL

0DL PXOĠL EDQL SHQWUX FUHúWHUHD FRSLOXOXL 0ăPLFLOH YRU SULPL LQGHPQL]DĠLD GH FUHúWHUH D FRSLOXOXL PDMRUDWă FX ]HFH SURFHQWH DELD GLQ RFWRPEULH VDX vQ FHO PDL UăX FD] GLQ QRLHP EULH VXVĠLQH FRQGXFHUHD $JHQĠLHL -XGHĠHQH GH 3UHVWDĠLL 6RFLD OH $-36 0XUHú ÌQ MXGHĠXO 0XUHú SHVWH GH GRVDUH VH DÀă vQ SODWă OD PRPHQWXO DFWXDO

ÌQWkU]LHUH GLQ FDX]D QRUPHORU PHWRGRORJLFH

3DJ

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

R SDUWH GLQ YLDĠD WD

Ä/D 3ULQĠHVD´ OXL 5HPXV %HQĠD UHJLQD DJULFXOWXULL PXUHúHQH

FXOWXUă

0LQHUDOH H[SXVH OD *DOHULLOH 8$3

'HúL LQLĠLDO V D DQXQĠDW Fă PDMRUD UHD VH DSOLFă FX GDWD GH RFWRPEULH vQFă QX DX IRVW SXEOLFDWH QRUPHOH PHWRGRORJLFH ³$úWHSWăP QRUPHOH PHWRGRORJLFH GH DSOLFDUH DOH DFHV WHL PRGL¿FăUL VDX QLúWH LQVWUXFĠLXQL ,QLĠLDO GRUHDP Vă ¿H DSOLFDWH FX RF WRPEULH úL GLQ FDX]D XQRU SURFHGXUL OHJLVODWLYH VH SDUH Fă VH YD DSOLFD FX RFWRPEULH VDX vQ FHO PDL UăX FD] FX QRLHPEULH 'DFă VH DSOLFă FX RFWRPEULH YD ¿ PDMRUDWă LQGHPQL]DĠLD GH OD OD úL YRU SULPL SH OXQD RFWRPEULH PDMR UDW SH GRXă VăSWăPkQL´ D GHFODUDW &ULVWLDQ 5ăGXĠ GLUHFWRUXO H[HFXWLY DO $-36 0XUHú

GH GRVDUH QRL SH OXQă ,QVWLWXĠLD PXUHúHDQă DUH vQ HYLGHQĠă GH GRVDUH DFWLYH DÀDWH vQ SODWă DWkW SH YHFKHD FkW úL SH QRXD OHJLVODĠLH /XQDU VXQW vQUHJLVWUDWH FLUFD GH GRVDUH QRL PHGLD DFHV WRUD PHQĠLQkQGX VH GLQ vQFR DFH ÌQFHSkQG FX OXQD RFWRPEULH SHUVRDQHOH DÀDWH vQ SODWă YRU EHQH¿FLD GH PDMRUDUHD FXDQWXPXOXL LQGHPQL]DĠLHL SHQWUX FUHúWHUHD FR SLLORU GH OD OD GLQ YHQLWX ULOH PHGLL QHWH OXQDUH 3URFHQWXO GH VH DSOLFă úL OD SHUVRDQHOH FDUH YRU QDúWH YRU DGRSWD VDX YRU OXD vQ SODVDPHQW VDX vQ WXWHOă XQ FRSLO vQ FHSkQG FX DFHDVWă OXQă $ULQD 02/'29$1

5H]XOWDW VXUSULQ]ăWRU DO WRSXOXL ¿UPHORU GLQ MXGHĠXO 0XUHú FDUH DX FD RELHFW GH (GLWRULDO DFWLYLWDWH ³$JULFXOWXUă YkQăWRDUH úL VHUYLFLL DQH[H´ 3ULPXO ORF RFXSDW GH 6& /D 3ULQĠHVD 65/ GLQ 6kQFUDLXO GH 0XUHú DGPLQLVWUDWă GH 7% VHGXFĠLD SRYHúWLORU FXQRVFXWXO RP GH DIDFHUL 5HPXV $XUHO %HQĠD UHDOH GH EXVLQHVV 6RFLHWDWHD D IRVW vQ¿LQĠDWă vQ úL HVWH D[DWă SH FXOWLYDUHD IUXFWHORU DUEXúWLORU $OH[ 727+ IUXFWLIHUL FăSúXQLORU QXFLIHULORU úL D DOWRU SRPL IUXFWLIHUL 3ULQFLSDOLL LQGLFDWRUL GH SHUIRUPDQĠă REĠLQXĠL vQ GH FHL SDWUX DQJDMDĠL DL ¿UPHL 5ăVIRLQG LHUL SURDVSăWXO QXPăU Ä,QYHVWLWRULL FKLQH]L DX GHVFRSHULW GLQ ³7UDQVLOYDQLD %XVLQHVV´ UHYLVWă SRGXO HFRQRPLF VSUH 7UDQVLOYDQLD ´ FLIUă GH DIDFHUL GH PLOLRDQH OHL úL SUR¿W GH PLOLRDQH OHL GH DIDFHUL ÄvQUXGLWă´ FX FRWLGLDQXO &LQH FH XQGH FXP DÀăP vQ SD

6 7LQWHUHVDQWH ,5, 5HWUR 3DUDGD 7RDPQHL OD 3URPHQGD 0DOO 0XUHúHQLL SDVLRQDĠL GH YHKLFXOH LV WRULFH SRW SDUWLFLSD OD 5HWUR 3DUDGD 7RDPQHL 7kUJX 0XUHú FDUH YD DYHD ORF OD 3URPHQDGD 0DOO vQ GDWD GH RFWRPEULH &HL LQWHUHVDĠL SRW DGPLUD YHKLFXOHOH SDUWLFLSDQWH vQWUH RUHOH úL OD 3UR PHQDGD 0DOO VDX vQWUH úL SH SDUFXUVXO WXUXOXL RUDúXOXL 0DL PXOWH LQIRUPDĠLL SXWHĠL DÀD SH FODVVLFFDUFOXE UR UHWURSDUDGDB WRDP QHLB $ 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

³0LOLRDQH GH VWHOH´ SHQWUX QHYRLDúL

)RQGXULOH SHQWUX LQYHVWLĠLL OD FRQWURO

ÌQ VHDUD DFHDVWD WkUJXPXUHúHQLL VXQW LQYLWDĠL Vă VH DOăWXUH GH PHUVXULORU 2UJDQL]DĠLHL &DULWDV $OED ,XOLD SHQWUXD YHQL vQ VSUL MLQXO SHUVRDQHORU QHYRLDúH 3ULQ LQWHUPHGLXO FDPSDQLHL 8Q PL OLRQ GH VWHOH SHQWUX QHYRLDúL vQ 7kUJX 0XUHú 3LDĠD 7HDWUXOXL 6kQJHRUJLX GH 3ăGXUH 3LDĠD 6I *KHRUJKH úL 6RYDWD vQ ]RQD FHQWUX VH YRU SXWHD DSULQGH OXPkQăUL SHQWUX FDUH PXUHúHQLL SRW GRQD FkĠL EDQL GRUHVF (YHQLPHQWXO YD DYHD ORF GH OD RUD $ 0

'LUHFĠLLORU GH VăQăWDWH SXEOLFă úL XQLWăĠLORU VDQLWDUH GLQ VXERUGLQHD 0LQLVWHUXOXL 6ăQăWăĠLL OL V DX VROLFL WDW VLWXDĠLD IRQGXULORU DORFDWH SHQWUX LQYHVWLĠLL FDUH QX DX IRVW FKHOWXLWH SkQă vQ SUH]HQW 0LQLVWHUXO XUPăULQG H¿FLHQWL]DUHD PRGXOXL GH FKHOWXLUH D IRQGXULORU WRFPDL SHQWUX D QX UăPkQH IăUă IRQGXUL QHXWLOL]DWH OD GHFHPEULH ³1RL SH DQXO DFHVWD QX DP DYXW DORFDWH IRQGXUL SH LQYHVWLĠLL PDMRUH 'D QL V DX VROLFLWDW YHUEDO LQIRUPDĠLL 1X DP SULPLW QLPLF R¿ FLDO´ D SUHFL]DW GU *DEULHOD 8LIăOHDQ SXUWăWRUXO GH FXYkQW DO 'LUHFĠLHL GH 6ăQăWDWH 3XEOLFă 0XUHú $ 0

::: =, '( =, 52 ÌQWUHEDUHD ]LOHL

/D vQWUHEDUHD GH LHUL

6XQWHĠL GH DFRUG FX FRQFHGLHULOH GH OD WHOHYL]LXQHD SXEOLFă"

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

5ăVSXQVXULOH YRDVWUH DX IRVW

Ä=L GH =L´ VSXQ ÄvQUXGLWă´ DYkQG vQ YHGHUH Fă DPEHOH SXEOLFDĠLL VXQW HGLWDWH GH DFHHDúL ¿UPă 7UDQVLOYD QLD *UXS %XVLQHV QX P DP SXWXW DEĠLQH Vă QX UHDOL]H] R VFXUWă UH FHQ]LH 0LURVXO GH WLSDU SURDVSăW úL PDL DOHV VXPDUXO GH H[FHSĠLH DO FH ORU GH SDJLQL WH vPELDX SDUFă Vă UăVIRLHúWL úL Vă OHFWXUH]L SXEOLFDĠLD WLSăULWă IXOO FRORU vQ FRQGLĠLL JUD¿FH GHRVHELWH ³*HUPDQLD GH OD R YkUVWă OD DOWD´ HVWH QXPHOH FRYHU VWRU\ XOXL FDUH vQFHSH SH SDJLQD úL FRQWLQXă FX SUH]HQWDUHD FHORU PDL LPSRUWDQWH LQYHVWLĠLL QHPĠHúWL GLQ 7UDQVLOYD QLD 'RDU DIDFHUL GH FDOLWDWH XQD GLQWUH DFHVWHD ¿LQG GHUXODWă WRFPDL GH VWUăQHSRWXO VFULLWRUXOXL $GDP 0XOOHU *XWWHQEUXQQ IRVW GLUHFWRU DO 7HDWUXOXL GLQ 9LHQD 8Q DOW DUWLFRO LQWHUHVDQW VH QXPHúWH

JLQLOH 0DL DPLQWHVF ³6ROXĠLL GH FRPXQLFDĠLL XQL¿FDWH SHQWUX PH GLXO GH DIDFHUL´ Ä$QDOL]D LQGXVWULHL SULQ SULVPD FHORU FLQFL IRUĠH DOH OXL 3RUWHU´ ÄùFRDOD SULYDWă IRUPD WRDUH GH OLGHUL úL YLLWRUL RDPHQL GH DIDFHUL´ úL Ä$VSHFWHOH HVHQĠLDOH vQ FDGUXO LPSOHPHQWăULL XQXL SURLHFW FX ¿QDQĠDUH QHUDPEXUVDELOă´ ÌQ ¿QH FLUHDúD GH SH WRUW R UHSUH]LQWă FRYHU VWRU\ XO FDUH vQFHSH vQ SDJLQD ³3DUFXULOH LQGXVWULDOH PDQă FHUHDVFă vQ YUHPXUL GH FUL]ă´ VXEL HFW FRQWLQXDW FX R LQFXUVLXQH GH OD IDĠD ORFXOXL vQ SDUFXUL LQGXVWULDOH GLQ 3RORQLD &HKLD úL 8QJDULD &RQFOX]LD GHVSUH 7% FXP vL VSXQHP QRL " ( FD R IHPHLH H[WUDRUGLQDU GH IUXPRDVă FDUH vQVă H úL H[WUHP GH LQWHOLJHQWă 1X VH SRDWH Vă QX WH vQGUăJRVWHúWL LUHPHGLDELO GH HD /HFWXUă SOăFXWă

'HFODUDWLD ]LOHL

7XWXURU FROHJLORU OH HUD IRDUWH JUHX Vă YRUEHDVFă vQ OLPEDM DGPLQLVWUDWLY vQ OLPED PDJKLDUă SHQWUX Fă QRL QX DYHP FXQRúWLQĠH MXULGLFH vQ OLPED PDJKLDUă

/RNRGL (GLWD (PRNH

(&2120,& RFWRPEULH

ùWLUL

LQWHUHVDQWH ' UNRSS $GOHU LQWUă SH SLDĠD LQWHUQă +HUPDQQ -RKDQQ DGPLQLVWUDWRUXO úL PD QDJHUXO ¿ UPHL ' UNRSS $GOHU 5RPkQLD XQXO GLQWUH FHL PDL LPSRUWDQĠL SURGXFăWRUL GH PDúLQL GH FXVXW GLQ OXPH D GHFODUDW SHQWUX UHYLVWD Ä7UDQVLOYDQLD %XVLQHVV´ Fă VRFLHWDWHD SH FDUH R FRQGXFH GHVSUH FDUH VH úWLD Fă H[SRUWă vQ *HUPDQLD WRDWă SURGXFĠLD HVWH GHVFKLVă úL OD FRODERUăUL LQ WHUQH ³$P vQFHSXW Vă OXFUăP úL vQ 5RPk QLD SHQWUX FkĠLYD FOLHQĠL SH FDUH vL DYHDP GLQ ]RQD PDúLQLORU GH FXVXW úL FDUH úWLDX FH OXFUXUL GH FDOLWDWH SXWHP IDFH $X DÀ DW Fă IDFHP SURGXFĠLH úL vQ GRPHQLXO VLVWHPHORU WUDQVSRUWRDUH úL DX GHFLV Vă OXFUH]H FX QRL (L úWLX Fă VXQWHP FHL FDUH OH SRW RIHUL SUR GXVH GH FDOLWDWH FX SLHVH VWDQGDUG WHUPHQ GH OLYUDUH VFXUW úL GXUDWă GH IXQFĠLRQDUH IRDUWH EXQă 'HFL VXQWHP GHVFKLúL úL OD FRODERUăUL SH SLDĠD LQWHUQă $YHP vQ OXFUX GRXă SURLHFWH PDUL OD GRXă IDEULFL FDUH VH H[WLQG úL VLJXU YRU DSăUHD PXOWH DOWHOH´ D SUHFL]DW +HUPDQQ -RKDQQ 6 7

(YD]LRQLúWL ¿ VFDOL vQ DWHQĠLD '*$ 3URFXURUL DL 3DUFKHWXOXL GH SH OkQJă 7ULEX QDOXO 0XUHú vPSUHXQă FX R¿ ĠHUL GH SROLĠLH MXGLFLDUă GLQ FDGUXO 'LUHFĠLHL *HQHUDOH $QWLFRUXSĠLH '*$ 6HUYLFLXO -XGHĠHDQ $QWLFRUXSĠLH 0XUHú ,DúL %RWRúDQL 9DV OXL %UDúRY %LVWULĠD 1ăVăXG &RYDVQD &OXM 6LELX úL GLQ FDGUXO ,QVSHFWRUDWHORU -XGHĠHQH GH 3ROLĠLH 0XUHú úL ,DúL FX VSULMLQXO 65, 0XUHú HIHFWXHD]ă vQ SUH]HQW XQ QXPăU GH GH SHUFKH]LĠLL vQ PDL PXOWH ORFDĠLL GLQ MXGHĠHOH 0XUHú úL ,DúL D DQXQĠDW LHUL SUR FXURU $QJHOD %DUEX SXUWăWRU GH FXYkQW DO 3DUFKHWXOXL GH SH OkQJă 7ULEXQDOXO 0XUHú ³$FĠLXQHD VH vQVFULH vQ FDGUXO FHUFHWăULORU FDUH VH GHVIăúRDUă FX SULYLUH OD VăYkUúLUHD PDL PXOWRU LQIUDFĠLXQL GH HYD]LXQH ¿ VFDOă GH FăWUH XQ QXPăU GH vQYLQXLĠL 3H SDUFXUVXO FHUFHWăULORU YRP LQIRUPD RSLQLD SXEOLFă FX SULYLUH OD PăVXULOH OHJDOH FH YRU ¿ GLVSXVH´ D DUăWDW SURFXURU $QJHOD %DUEX 6 7

&XUV GHVSUH IRQGXUL 8( OD &(&&$5 &RUSXO ([SHUĠLORU &RQWDELOL úL &RQWDELOLORU $XWRUL]DĠL GLQ 5RPkQLD &(&&$5 ¿ OLDOD 0XUHú RUJDQL]HD]ă vQ SHULRDGD RF WRPEULH FXUVXO FX WHPD ³)RQGXULOH HXURSHQH RSRUWXQLWăĠL RIHULWH SHQWUX SURIHVLRQLúWLL FRQWDELOL´ FDUH YD DERUGD SUREOHPDWLFD DFFHVăULL XWLOL]ăULL FRQWUROXOXL úL UHFXSHUăULL IRQGXULORU HXURSHQH 3RWULYLW XQXL DQXQĠ SRVWDW SH VLWH XO &(&&$5 0XUHú FXUVXO YD ¿ VXVĠLQXW GH HF 9DVLOLFă 7XJXL GLQ ,DúL OHF WRU IRUPDWRU úL YD DYHD GH RUH 7D[D FXUV HVWH GH GH OHL SHQWUX H[SHUĠL FRQWDELOL GH OHL SHQWUX FRQWDELOL DXWRUL]DĠL úL GH OHL SHQWUX SHUVRDQHOH QHPHPEUH DOH &(& &$5 ³$FHVW FXUV VH FRQVLGHUD RUH UHDOL]DWH vQ FDGUXO SUHJăWLULL SURIHVLRQDOH DOH PHP EULORU´ VH PHQĠLRQHD]ă vQ WH[W 6 7

Ä/D 3ULQĠHVD´ OXL 5HPXV %HQĠD GRPLQă WRSXO DJULFXOWXULL

5HPXV $XUHO %HQĠD DGPLQLVWUDWRUXO /D 3ULQĠHVD 65/

&RWLGLDQXO ³=L GH =L´ FRQWLQXă VHULDOXO GH SUH]HQWDUH D FHORU PDL EXQH VRFLHWăĠL DOH MXGHĠXOXL 0XUHú HSLVRGXO GH DVWă]L ¿ LQG GHGLFDW ¿ UPHORU FDUH SRWULYLW FRGXOXL &$(1 DX FD RELHFW GH DFWLYL WDWH ³$JULFXOWXUă YkQăWRDUH úL VHUYLFLL DQH[H´ ,HUDUKLD D IRVW vQWRFPLWă GXSă DQDOL]D LQGLFDWRULORU GH SHUIRUPDQĠă IXUQL]DĠL GH ZZZ OLVWD¿ UPH UR SRUWDO FDUH FRQĠLQH FHD PDL FRPSOHWă ED]ă GH GDWH GHVSUH ¿ UPHOH GLQ 5RPkQLD

/D 3ULQĠHVD 65/ 6kQFUDLXO GH 0XUHú )XQFĠLRQHD]ă GLQ úL DUH GRL DVRFLDĠL /D]ăU &ăOLQ úL 5HPXV $XUHO %HQĠD FDUH GHĠLQH úL IXQFĠLD GH DGPL QLVWUDWRU 6RFLHWDWHD DUH FD RELHFW GH DFWLYLWDWH FXOWLYDUHD IUXFWHORU DUEXúWLORU IUXFWLIHUL FăSúXQLORU QXFLIHULORU úL D DO WRU SRPL IUXFWLIHUL (YROXĠLD GLQ XOWLPLL GRL DQL D ¿ UPHL HVWH XUPăWRDUHD FLIUD GH DIDFHUL D FUHVFXW GH OD OHL vQ OD OHL vQ SUR¿ WXO V D PDMRUDW GH OD OHL vQ OD OHL vQ LDU QXPăUXO GH DQJDMDĠL D UăPDV FRQVWDQW GH SDWUX

2SUHD $YL &RP 65/ &UăLHúWL $UH FD RELHFW GH DFWLYLWDWH FUHúWHUHD SăVăULORU IXQFĠLRQHD]ă GLQ úL DUH XQ DVRFLDW FDUH GHĠLQH úL IXQFĠLD GH DG PLQLVWUDWRU =DKDULH 2SUHD ÌQ ¿ U PD D DVLJXUDW ORFXUL GH PXQFă úL D vQUHJLVWUDW FLIUă GH DIDFHUL GH OHL úL SUR¿ W GH OHL

3LJ %DQG 65/ %DQG $ OXDW ¿ LQĠă vQ DQXO DUH FD RELHFW GH DFWLYLWDWH FUHúWHUHD SRUFLQHORU DUH XQ DVRFLDW 6]HNHUHV 1RUEHUW $USDG úL GRL DGPLQLVWUDWRUL 6]DER ,RDQ úL 6]H NHUHV 0HOLQGD &VLOOD )LUPD úL D GXEODW FLIUD GH DIDFHUL GH OD OHL vQ OD OHL vQ úL úL D WUL

,RDQ 3RS DGPLQLVWUDWRUXO &HUDJULP 65/

(PLO )DUDJR DGPLQLVWUDWRUXO 3RPLFROD %DWRú 65/

SODW SUR¿ WXO GH OD OHL vQ OD OHL vQ 'H DVHPHQHD QXPăUXO DQJDMDĠLORU D FUHVFXW GH OD vQ OD vQ

&HUDJULP 65/ 8QJKHQL 6 D vQ¿ LQĠDW vQ VH RFXSă FX DFWLYLWăĠL vQ IHUPH PL[WH FXOWXUă YHJHWDOă FRPELQDWă FX FUHúWHUHD DQL PDOHORU DUH XQ DVRFLDW 5R[DQD 3RS úL HVWH DGPLQLVWUDWă GH ,RDQ 3RS ÌQ ¿ UPD D vQUHJLVWUDW XUPăWRULL LQGLFDWRUL HFRQRPLFR ¿ QDQFLDUL FLIUă GH DIDFHUL GH OHL SUR¿ W GH OHL úL QXPăU PHGLX GH DQJDMDĠL GH

$UHLRQ ,QYHVW 65/ 7kUJX 0XUHú 2 DGHYăUDWă DIDFHUH PXOWLQDĠLRQDOă ÌQ LQGLFDWRULL GH SHUIRUPDQĠă DL ¿ U PHL DX IRVW XUPăWRULL FLIUă GH DID FHUL GH OHL SUR¿ W GH OHL 6RFLHWDWHD GDWHD]ă GLQ D DYXW XQ VLQJXU DQJDMDW vQ DUH FD R ELHFW GH DFWLYLWDWH FXOWLYDUHD FHUHDOHORU H[ FOXVLY RUH] D SODQWHORU OHJXPLQRDVH úL SURGXFăWRDUH GH VHPQLĠH ROHDJL QRDVH %XVLQHVV XO HVWH DGPLQLVWUDW GH FHWăĠHDQXO JHUPDQ 6FKOHFKWHU (QQR 6YHQ $OH[DQGHU LDU DVRFLDĠL VXQW )UDQ FR 6DFFRFFL GLQ ,WDOLD úL $UHLRQ 6ZLVV $* GLQ (OYHĠLD

UHD IUXFWHORU VHPLQĠRDVH úL VkPEX URDVH IXQFĠLRQHD]ă GLQ úL DUH GRL DVRFLDĠL SHUVRDQD MXULGLFă (PLYDV &RQV 65/ úL (PLO )DUDJR FDUH H úL DGPLQLV WUDWRU 3ULQFLSDOLL LQGLFDWRUL HFRQRPL FR ¿ QDQFLDUL GLQ VXQW XUPăWRULL FLIUă GH DIDFHUL GH OHL SUR¿ W GH OHL úL GH VDODULDĠL

,VWUDWH 6HUYSURV 65/ ùăXOLD $UH R H[SHULHQĠă GH DQL vQ FXOWLYDUHD FHUHDOHORU H[FOXVLY RUH] SODQWHORU OHJX PLQRDVH úL SURGXFăWRDUH GH VHPLQĠH ROH DJLQRDVH úL HVWH DGPLQLVWUDWă GH 'RUHO ,VWUDWH FDUH H úL DVRFLDW XQLF $QXO WUH FXW VRFLHWDWHD D DVLJXUDW GH ORFXUL GH PXQFă úL D REĠLQXW SUR¿ W GH OHL úL FLIUă GH DIDFHUL GH OHL

:XUWK 3URGVHUY 65/ 6DVFKL] $UH FD RELHFW GH DFWLYLWDWH FXOWLYDUHD FHUHDOHORU H[FOXVLY RUH] D SODQWHORU OH JXPLQRDVH úL SURGXFăWRDUH GH VHPLQĠH ROHDJLQRDVH úL DUH GRL DGPLQLVWUDWRUL FDUH VXQW úL DVRFLDĠL DPELL FHWăĠHQL JHU PDQL .DUO (UZLQ úL &KULVWLQD :XUWK )LUPD IXQFĠLRQHD]ă GLQ D DYXW WUHL DQJDMDĠL vQ DQ vQ FDUH D UDSRU WDW R FLIUă GH DIDFHUL GH OHL úL XQ SUR¿ W GH OHL

$JURKRUWLFROD %DWRú 65/

)UDPR 5RPkQLD 65/ -DEHQLĠD

)XQFĠLRQHD]ă GLQ DUH FD R ELHFW GH DFWLYLWDWH FXOWLYDUHD IUXFWHORU VHPLQ ĠRDVH úL VkPEXURDVH úL DUH XQ DVRFLDW DGPLQLVWUDWRU 5DGX (PLO )DUDJR ÌQ VRFLHWDWHD D DVLJXUDW GH ORFXUL GH PXQFă D DYXW R FLIUă GH DIDFHUL GH OHL úL D REĠLQXW XQ SUR¿ W GH OHL

$IDFHUH LWDOLDQă GDWHD]ă GLQ VH RFXSă FX FUHúWHUHD SăVăULORU HVWH DGPLQLVWUDWă GH 9DOHULR /DJKL úL DUH XQ DVRFLDW XQLF 0DQXHOH 0RULQL ÌQ SULQFLSDOLL LQGLFDWRUL GH SHUIRUPDQĠă DX IRVW XUPăWRULL FLIUă GH DIDFHUL GH OHL SUR¿ W GH OHL úL GH DQJDMDĠL

3RPLFROD %DWRú 65/ 5HJKLQ $UH FD RELHFW GH DFWLYLWDWH FXOWLYD

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

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

(9(1,0(17

3URLHFWXO ³&DVD 9HUGH´ VDERWDW GH 6RDUH OD ³(OHFWURPXUHú´

,PSOHPHQWDW RGDWă FX vQFHSHUHD DQXOXL úFRODU vQWU XQ QXPăU GH XQLWăĠL GH vQYăĠăPkQW SURLHFWXO ³&DVD 9HUGH vQ PXQLFLSLXO 7kUJX 0XUHú´ Gă EăWăL GH FDS FRQGXFHULL *UXSXOXL ùFRODU ³(OHFWURPXUHú´ 'H GRXă ]LOH HOHYLL FD]DĠL vQ LQWHUQDWXO úFROLL VXQW QHYRLĠL Vă VH VSHOH FX DSă UHFH GHRDUHFH QX H[LVWă QLFLR VROXĠLH DOWHUQDWLYă SHQWUX FD]XO vQ FDUH FH UXO HVWH DFRSHULW FX QRUL LDU UD]HOH VRODUH QX SRW ¿ FDSWDWH GH SDQRXULOH DPSODVDWH SH FOăGLUHD LQWHUQDWXOXL

$Să UHFH OD LQWHUQDWXO ³(OHFWURPXUHú´ 'LUHFWRUXO *UXSXOXL ùFRODU Ä(OHFWURPXUHú´ *KHRUJKH 0LURúDQ D GHFODUDW SHQWUX FR WLGLDQXO Ä=L GH =L´ Fă GHúL H PXOĠXPLW GH PRGXO vQ FDUH SDQRXULOH VRODUH SURGXF HQHUJLD QHFHVDUă vQFăO]LULL DSHL IXUQL]DWă vQ LQWHUQDW VROXĠLD QX HVWH YLDELOă GLQ FDX]D OLSVHL XQHL YDULDQWH DOWHUQDWLYH vQ FD]XO vQ FDUH FHUXO H vQQRUDW ³$FXP SD QRXULOH QX IXQFĠLRQHD]ă SHQWUX Fă QX HVWH VRDUH ÌQ PRPHQWXO vQ FDUH HUD VRDUH D IXQFĠLRQDW SkQă DODOWăLHUL $FXP GH GRXă ]LOH ¿ LQG YUHPHD vQFKLVă SORLRDVă SDQRX ULOH VRODUH QX PDL IXQFĠLRQHD]ă úL FRSLL QX DX DSă FDOGă OD LQWHUQDW 6ROXĠLD DFHDVWD FX SDQRXUL VRODUH Q U HVWH XQD DOWHUQDWLYă vQ PRG QRUPDO DU WUHEXL Vă DYHP VLVWHPXO FODVLF Vă DYHP DSă FDOGă úL WRW FHHD FH WUH EXLH úL XOWHULRU Vă ¿ H DFHVW VLVWHP DOWHUQD WLY FX SDQRXUL VRODUH´ D D¿ UPDW *KHRUJKH 0LURúDQ

6ROXĠLD OD 3ULPăULH" 3RWULYLW DFHVWXLD VROXĠLD VDOYDWRDUH DU SXWHD YHQL GH OD 3ULPăULD PXQLFLSLXOXL 7kUJX 0XUHú SULQ DFWLYDUHD XQHL FHQWUDOH WHUPLFH GLQ ]RQă FDUH Vă DVLJXUH QHFHVDUXO GH HQHUJLH WHUPLFă vQ FD] GH QHYRLH ³&kQG QX HVWH 6RDUH QX HVWH GHORF DSă FDOGă LDU FRSLL GH OD LQWHUQDW VH SOkQJ 3ULPăULD QH D SURPLV Fă SULQWUH FHQWUDOHOH DVWHD GH]DIHFWDWH XQD GLQWUH HOH YD ¿ DFWLYDWă SHQWUX D IXUQL]D SH SHULRDGD GH LDUQă FăOGXUă úL UHVSHFWLY DSă FDOGă ÌQ LQWHU QDW vQ SULPXO UkQG´ D VXEOLQLDW *KHRU JKH 0LURúDQ ³6XQW SUREOHPH GDU QLFL QX úWLL FH PăVXUL Vă LHL ùL FHL GH OD 3ULPăULH DU GRUL Vă UH]ROYH SUREOHPD GDU GXSă SăUHUHD PHD VROXĠLD FX SDQRXUL VRODUH QX H GHFkW R YDULDQWă DOWHUQDWLYă ùL RDOHOH VH VSDUJ vQ FDSXO QRVWUX DO FRQGXFHULL vQ VHQVXO Fă SăULQĠLL úL FRSLL FHU WRW WLPSXO Vă ¿ H DSă FDOGă $U WUHEXL Vă DLEă Vă VH VSHOH GLPLQHDĠD VHDUD VWDX vQ LQWHUQDW SOăWHVF úL UHJLD DFROR´ D PDL VSXV GLUHFWRUXO *UX SXOXL ùFRODU Ä(OHFWURPXUHú´

9DULDQWH DOWHUQDWLYH vQ DOWH XQLWăĠL úFRODUH &RQWDFWDĠL GH FRWLGLDQXO ³=L GH =L´ DOĠL GRL GLUHFWRUL GH XQLWăĠL GH vQYăĠăPkQW GLQ 7kUJX 0XUHú V DX GHFODUDW PXOĠXPLĠL GH SURLHFW úL DX SUHFL]DW Fă vQ FD]XO vQ FDUH YUHPHD HVWH QHIDYRUDELOă DX VROXĠLL DO WHUQDWLYH SHQWUX SURGXFHUHD HQHUJLHL WHUPLFH ³)XQFĠLRQHD]ă VXQW LQVWDODWH SDQRXULOH OD FDUH DYHP VSULMLQ XQ ERLOHU

OD FXUHQW HOHFWULF SHQWUX SHULRDGD vQ FDUH WLPSXO QX H IDYRUDELO úL QX HVWH VRDUH Vă DYHP DSă FDOGă´ D H[SOLFDW 'RULQD 6ăUPăúDQ GLUHFWRDUHD *UăGLQLĠHL FX 3UR JUDP 3UHOXQJLW QU ³&RQVXPXULOH DX IRVW UHGXVH GDWRULWă DFHVWXL VLVWHP ÌQ PRPHQWXO vQ FDUH SDQRXULOH QX SURGXF WHPSHUDWXUD QHFHVDUă SHQWUX vQFăO]LUHD DSHL DFHVW OXFUX VH IDFH SULQWU R YDULDQWă DOWHUQDWLYă SH ED]ă GH JD]´ D SUHFL]DW )ORULQ 2SURLHVFX GLUHFWRUXO *UXSXOXL ùFRODU Ä$XUHO 3HUVX´

RELHFWLYH vQFăO]LWH GH OD 6RDUH 3URLHFWXO ³&DVD YHUGH vQ PXQLFLSLXO 7kUJX 0XUHú´ DUH YDORDUHD GH PLOL RDQH OHL úL LQFOXGH vQ UkQGXO EHQH¿ FLDULORU RELHFWLYH GH vQYăĠăPkQW XQXO FXOWXUDO úL XQXO VRFLDO &HQWUXO VRFLDO GH SH VWUDGD 5R]PDULQXOXL QU &DVD GH &XOWXUă Ä0LKDL (PLQHVFX´ &ROHJLXO $ JULFRO Ä7UDLDQ 6ăYXOHVFX´ &ROHJLXO (FRQR PLF Ä7UDQVLOYDQLD´ *UXSXO ùFRODU Ä&RQ VWDQWLQ %UkQFXúL´ *UXSXO ùFRODU Ä$XUHO 3HUúX´ *UXSXO ùFRODU Ä(OHFWURPXUHú´ *UXSXO ùFRODU Ä,RQ 9ODVLX´ *UXSXO ùFRODU ,QGXVWULDO Ä$YUDP ,DQFX´ *UXSXO ùFRODU 6DQLWDU Ä*KHRUJKH 0DULQHVFX´ /LFHXO 3HGDJRJLF Ä0LKDL (PLQHVFX´ *UăGLQLĠD Ä5D]D GH VRDUH´ *UăGLQLĠD FX 3URJUDP 3UHOXQJLW QU úL *UăGLQLĠD FX 3URJUDP 3UHOXQJLW QU

$OH[ 727+

/LFKLGDWRULL YkQG (QHUJRPXU FX PLOLRDQH HXUR 'XSă FH DX IRVW UHDOL]DWH LQYHVWLĠLL VHULR DVH vQ VLVWHPXO FHQWUDOL]DW GH IXUQL]DUH D HQHUJLHL WHUPLFH vQ SHULRDGD vQ FDUH HUDX JHVWLRQDWH FHQWUDOHOH WHUPLFH GH (QHUJR PXU FHQWUDOHOH WHUPLFH GH FDUWLHU úL VHGLXO IRVWHL VRFLHWăĠL (QHUJRPXU VXQW VFRDVH OD YkQ]DUH GH OLFKLGDWRUL FX VXPD GH SHVWH PLOLRDQH GH HXUR 59$ 0XUHú ,QVROYHQF\ 6SHFLDOLVWV 633, OLFKLGDWRUXO (QHUJR PXU D SRVWDW LHUL SH VLWH XO ZZZ OLFLWDWLDSXEOLFD UR DQXQĠXO GH OLFLWDĠLH SULQ FDUH VXQW VFRDVH OD YkQ]DUH LPRELOHOH úL EXQXULOH PRELOH DOH IRVWHL VRFLHWăĠL GH IXUQL]DUH D DJHQWXOXL WHUPLF OD FRQVXPDWRULL GLQ 7kUJX 0XUHú ÌQ WR WDO DX IRVW VFRDVH OD YkQ]DUH úDVH LPRELOH DOH FHQWUDOHORU GH FDUWLHU FX LQVWDODĠLLOH DIHUHQWH SHQWUX FDUH SUHĠXO GH OLFLWDĠLH V D VWDELOLW OD VXPD GH HXUR )DF RELHFWXO OLFLWDĠLHL &HQWUDOD 7HUPLFă QU 0XUHúHQL SHQWUX FDUH SUHĠXO GH VWULJDUH HVWH GH HXUR &HQWUDOD 7HUPLFă &ăUăPLGăULHL FX VXPD GH HXUR &HQWUDOD 7HU PLFă 7XGRU 9ODGLPLUHVFX QU ,; FX VXPD GH HXUR &HQ WUDOD 7HUPLFă 7XGRU 9ODGLPLUHVFX QU ,, FX VXPD GH HXUR &HQWUDOD 7HUPLFă 7XGRU 9ODGLPLUHVFX QU ; SHQWUX FDUH VH FHUH VXPD GH HXUR úL 3RVW 7UDIR 7XGRU 9ODGLPLUHVFX QU ,; FX VXPD GH HXUR

0RWRDUH YkQGXWH OD ¿ HU YHFKL ÌQ FHHD FH SULYHúWH FOăGLULOH FDUH FRPSXQ

GLQ 7kUJX 0XUHú VWU * UDO $YUDPHVFX QU úL VH YD UHSHWD VăSWăPkQDO vQ ]LOHOH GH YLQHUL OD DFHHDúL RUă SkQă OD YDORUL¿ FDUHD EXQXULORU 3RW SDUWLFLSD OD OLFLWDĠLH DFHOH SHUVRDQH ¿ ]LFH úL VDX MXULGLFH FDUH DFKLWă JDUDQĠLD GH SDUWLFLSDUH GH GLQ SUHĠXO GH VWULJDUH FDLHWXO GH VDUFLQL úL WD[D GH SDUWLFLSDUH OD OLFLWDĠLH úL vúL DQXQĠă LQWHQĠLD GH SDUWLFLSDUH OD OLFLWDĠLH SkQă vQ ]LXD DQWH ULRDUă RUJDQL]ăULL OLFLWDĠLHL RUD ´ D DUăWDW vQ DQXQĠXO GH OLFLWDĠLH HF 7RGRU 6RR ,JQDWLH DVRFLDW FRRUGLQD WRU DO 59$ 0XUHú ,QVROYHQF\ 6SHFLDOLVWV 633, %XQXULOH (QHUJRPXU VFRDVH OD OLFLWDĠLH vQ QRLHPEULH GH OLFKLGDWRUL

VHGLXO IRVWHL VRFLHWăĠL (QHUJRPXU VXPD WRWDOă VR OL FLWDWă HVWH GH HXUR LDU SHQWUX EXQXULOH PRELOH GLQ FHQWUDOHOH WHUPLFH GH]DIHFWDWH VH VROLFLWă VXPD GH OHL LDU EXQXULOH PRELOH GLQ VH GLXO VRFLHWăĠLL V DX HYDOXDW OD VXPD GH OHL 3RWULYLW DQXQĠXOXL SHQWUX EX QXULOH PR ELOH SURSXVH VSUH D ¿ YDORUL¿ FDWH SULQ FDVDUH FD GHúHXUL PHWDOLFH V DX SURSXV SUHĠXULOH GH SRUQLUH GH OD OHX NJ vQ FD ]XO PRWRDUHORU HOHFWULFH OHL NJ GHúHX FXSUX OHL NJ GHúHX DODPă OHL NJ úL GHúHX EURQ] OHL NJ ³/LFLWDĠLD SXEOLFă YD DYHD ORF OD GDWD GH RUD OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU

7HUPHQ SHQWUX vQVFULHUL RFWRPEULH 'LQ FHOH GH FHQWUDOH FDUH DX IXQFĠLRQDW vQ SHULRDGD vQ FDUH (QHUJRPXU IXUQL]D DJHQW WHUPLF GRDU DX IRVW WUDQVIHUDWH DFXP GRL DQL FăWUH ( 6WDU 0XUHú (QHUJ\ UHVSHFWLY 7XGRU 9ODGLPLUHVFX 'kPEXO 3LHWURV 8QLULL %X GDL 1DJ\ $QWDO 0XUHúHQL úL ùFRDOD *HQHUDOă QU LDU vQ DFHVW DQ FăWUH 6& /RFDWLY úDVH FHQWUDOH GH FDUWLHU úL DQXPH FHQWUDOHOH WHUPLFH GH FDUWLHU úL GLQ FDUWLHUXO 'kPEX 3LHWURV &7 7XGRU úL &7 úL 0XUHúHQL 2IHUWHOH SRW ¿ GHSXVH SkQă OD GDWD GH RFWRPEULH $ULQD 02/'29$1

ùWLUL

LQWHUHVDQWH 6HQDWXO 80) vQ IRUPXOă FRPSOHWă

3RWULYLW FDQFHODUXOXL 6HQDWXOXL 80) 7kUJX 0XUHú )ORULQ %XLFX OD QLYH OXO XQLYHUVLWăĠLL V D VWDELOLW GH FRPXQ DFRUG FX FDGUHOH XQLYHUVLWDUH PDJKLDUH GH SDUWLFLSDUH OD DOHJHULOH GH OD QLYHOXO GHSDUWDPHQWHORU úL PDL GHSDUWH SHQ WUX 6HQDWXO 80) Ä$YHP GHMD FROHJL FDUH YRU IDFH SDUWH GLQ FRQVLOLXO GHSDU WDPHQWHORU úL vQ FXUVXO VăSWăPkQHL YLLWRDUH YRU DYHD ORF DOHJHULOH SHQWUX FRQVLOLLOH SURIHVRUDOH úL SHQWUX 6H QDWXO 8QLYHUVLWăĠLL DVWIHO vQFkW FHO PDL SUREDELO VăSWăPkQD YLLWRDUH 6H QDWXO FDUH YD FXSULQGH GH DFHDVWă GDWă QXPăUXO LQWHJUDO GH PHPEULL URPkQL úL PDJKLDUL Vă SRUQHDVFă vPSUHXQă Vă úL DWLQJă RELHFWLYXO FRPXQ GH DFUHGLWDUH URPkQHDVFă GLQ SDUWHD $5$&,6 úL HXURSHDQă GLQ SDUWHD (8$ D 8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPD FLH GLQ 7kUJX 0XUHú 6SHU FD R GDWă DOHJHULOH FDUH YRU ¿ OD ¿ QHOH DFHVWXL DQ SROLWLFXO Vă QX PDL LQWHUYLQă vQ DFWLYL WDWHD DFDGHPLFă LDU RULFH LQWHUYHQĠLH GH DFHVW WLS Vă ¿ H VDQFĠLRQDWă GH PH GLXO DFDGHPLF´ D SUHFL]DW LHUL )ORULQ %XLFX $ =

Ä$ODUPă OD GH]DVWUH´ D]L GH OD RUD ,QVSHFWRUXO úHI DO ,QVSHFWRUDWXOXL SHQWUX 6LWXDĠLL GH 8UJHQĠă ³+RUHD´ DO MXGHĠXOXL 0XUHú FRO 'RULQ 2OWHDQ D DQXQĠDW LHUL Fă =LXD ,QWHUQDĠLRQDOă SHQWUX 5HGXFHUHD 5LVFXOXL 'H]DVWUH ORU 1DĠLRQDOH VăUEăWRULWă vQ RFWRP EULH YD ¿ PDUFDWă úL vQ MXGHĠXO 0XUHú D]L vQFHSkQG FX RUD SULQWU XQ VHPQDO LQWLWXODW Ä$ODUPă OD GH]DVWUH´ Ä$YkQG vQ YHGHUH Fă vQ DQXO DFHVWD RFWRPEULH HVWH vQWU R ]L GH VkPEăWă vQ XUPD DSUREăULL GDWH GH GRPQXO SUHIHFW DO MXGHĠXOXL 0XUHú DFHDVWă ]L YD ¿ PDUFDWă úL SULQ GHFODQúDUHD VLWHPXOXL GH DODUPă DO ¿ HFăUHL XQLWăĠL DGPLQLVWUDWLY WHULWRULDOH GLQ MXGHĠ vQ GDWD GH RFWRPEULH RUD 6HPQDOXO Ä$ODUPă OD GH]DVWUH´ VH FRP SXQH GLQ FLQFL VXQHWH D VHFXQGH ¿ HFDUH FX SDX]ă GH ]HFH VHFXQGH vQWUH HOH 3HQWUX VLUHQHOH FX DHU FRPSULPDW VHPQDOXO VH FRPSXQH GLQ FLQFL VXQHWH D RSW VHFXQGH ¿ HFDUH FX SDX]ă GH FLQFL VHFXQGH vQWUH HOH 'XUDWD ¿ HFăUXL VHP QDO GH DODUPDUH YD ¿ GH GH GRXă PLQXWH SHQWUX WRDWH PLMORDFHOH GH DODUPDUH FX H[FHSĠLD VLUHQHORU FX DHU FRPSULPDW OD FDUH GXUDWD HVWH GH XQ PLQXW´ D DUăWDW FRO 'RULQ 2OWHDQ 6 7

)XJă GH OD ORFXO DFFLGHQWXOXL ÌQ GLPLQHDĠD GH RFWRPEULH RUD SH VWUDGD 3ULQFLSDOă GLQ ORFDOL WDWHD 2UPHQLú FRPXQD 9LLúRDUD XQ FRQGXFăWRU DXWR vQ YkUVWă GH DQL GLQ FRPXQD 5vX 6DGXOXL MXGHĠXO 6L ELX DÀ DW OD YRODQXO XQXL DXWRWXULVP D DFURúDW úL DFFLGHQWDW JUDY XQ SLHWRQ GH DQL GLQ FRPXQD 9LLúRDUD VDW 2UPHQLú MXGHĠXO 0XUHú FDUH IRORVHD QHFRUHVSXQ]ăWRU SDUWHD FDURVDELOă ³ÌQ XUPD DFFLGHQWXOXL FRQGXFăWRUXO DXWR D SăUăVLW ORFXO IDSWHL YLFWLPD ¿ LQG WUDQVSRUWDWă GH HFKLSDMXO 6085' OD 6SLWDOXO PXQLFLSDO 6LJKLúRDUD SHQ WUX DFRUGDUHD GH vQJULMLUL PHGLFDOH ÌQ XUPD PăVXULORU vQWUHSULQVH GH FăWUH SROLĠLúWLúWL FRQGXFăWRUXO DXWRWXULV PXOXL D IRVW UHĠLQXW GH FăWUH SROLĠLúWL´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

63257 RFWRPEULH

ùWLUL

)&0 9RLQĠD 6LELX PHFL DO RUJROLLORU UăQLWH

LQWHUHVDQWH 'HUE\ PXUHúHDQ OD IRWEDO IHPLQLQ &HOH GRXă HFKLSH PXUHúHQH SDU WLFLSDQWH vQ /LJD , )& 0XQLFLSDO 7kUJX 0XUHú úL 9LLWRUXO 5HJKLQ VH YRU vQWkOQL vQ HWDSD D 9 D D 6HULHL (VW VkPEăWă RFWRPEULH GH OD RUD SH VWDGLRQXO 7UDQV 6LO GLQ 7kUJX 0XUHú GXSă SDUWLGD GL YL]LRQDUHORU VHFXQGH PDVFXOLQH )& 0XQLFLSDO úL 9RLQĠD 6LELX )&0 RFXSă SR]LĠLD VHFXQGă vQ WLPS FH UHJKLQHQFHOH VH DÀ ă SH XOWLPXO ORF IăUă QLFLXQ SXQFW úL IăUă JRO vQVFULV &HOH GRXă VH YRU vQWkOQL úL vQ VIHU WXULOH GH ¿ QDOă DOH &XSHL 5RPkQLHL SDUWLGă FDUH VH YD GLVSXWD OD 5HJKLQ vQ GHFHPEULH 0 9

0HFLXUL WDUL SHQWUX ´WLJULúRUL´ 'XSă FH DX REĠLQXW FkWH R YLFWRULH OHMHUă OD &OXM HFKLSHOH 8 úL 8 D FOXEXOXL GH EDVFKHW PDVFXOLQ %& 0XUHú 7kUJX 0XUHú YRU DYHD FRQIUXQWăUL GL¿ FLOH OD VIkUúLWXO DFHVWHL VăSWăPkQL (FKLSD 8 FDPSLRDQD XOWLPHL HGLĠLL OD 8 IRUPDĠLH DQWUHQDWă GH *HRUJH 7ULI YD vQIUXQWD HWHUQD ULYDOă 8 0RELWHOFR &OXM 3DUWLGD YD DYHD ORF VkPEăWă RFWRPEULH GH OD RUD vQ VDOD GH 6SRUW /36 VWUDGD 3DYHO &KLQH]X LQ WUDUH úL GLQ VWUDGD 0LKDL (PLQHVFX (FKLSD 8 DQWUHQDWă GH FăWUH 6WHII =DNDULDV YD vQIUXQWD HFKLSD &6ù /36 2UDGHD WRW GXPLQLFă GH OD RUD vQ VDOD GH VSRUW D 8QLYHUVLWăĠLL 3HWUX 0DLRU VWUDGD GHFHPEULH OkQJă *DUD 0LFă 0 9

'XSă GRXă HWDSH vQ FDUH QX D HYROXDW GL YL]LRQDUD VHFXQGă GH IRWEDO )& 0XQLFLSDO 7kUJX 0XUHú YD vQWkOQL vQ HWDSD D 9,, D D 6HULHL % SH WHUHQ SURSULX VkPEăWă GH OD RUD R DOWă UHWURJUDGDWă GLQ /LJD , 9RLQĠD 6LELX $PEHOH DX SLHUGXW SDUWLGD GH GHEXW vQ GHSODVDUH OD QRX SURPRYDWHOH &RURQD %UDúRY úL 'DPLOD 0ăFLXFD 5H]XO WDWHOH FRQVLGHUDWH VXUSUL]H vQ FHOH GRXă SDUWLGH SDU DFXP MXVWL¿ FDWH DPEHOH QRX SURPRYDWH VH DÀ ă vQ IUXQWHD FODVDPHQWXOXL

5HPL]H vQ DPEHOH FRQIUXQWăUL vQ HGLĠLD WUHFXWă

3DX]ă EHQH¿ Fă 'LIHUHQĠD GLQWUH FHOH GRXă H[ GLYL]LRQDUH $ HVWH Fă HFKLSD OXL 'DQLHO ,VăLOă D REĠLQXW vQ XUPăWRDUHOH WUHL SDUWLGH WRW DWkWHD YLF WRULL FX /XFHDIăUXO 2UDGHD SH WHUHQ SURSULX vQ GHSODVDUHD GH OD &60 5kP QLFX 9kOFHD úL FX )& $UJHú GLQ QRX DFDVă 'XSă VHULD GH WUHL YLFWRULL D XUPDW vQIUkQJHUHD FX vQ IDĠD 6WHOHL vQ &XSD 5RPkQLHL GXSă FDUH ÄPXQLFLSDOLL´ DX DYXW SHVWH GRXă VăSWăPkQL GH SDX]ă ÌQ DFHDVWă SHULRDGă DQWUHQRUXO 'DQLHO ,VăLOă D DYXW RFD]LD GH D úL FXQRDúWH PDL ELQH MXFăWRULL úL SRWHQĠLDOXO ORU $X VXVĠLQXW R SDUWLGă DPLFDOă FX 'LQDPR ,, %XFXUHúWL vQFKHLDWă OD HJDOLWDWH FX XQ JRO vQVFULV GH $SRVWX vQ PLQXWXO ¿ LQG HJDODĠL vQ SHQXOWLPXO PLQXW GH MRF Ä3HULRDGD GH SDX]ă R SRW FRQVLGHUD EHQH¿ Fă SHQWUX QRL $P DYXW SRVLELOLWDWHD Vă FXQRVF PDL ELQH MXFăWRULL Vă YăG SRWHQĠLDOXO ¿ HFăUXLD Vă úWLX FDUH SH FH SRVW SRDWH HYROXD 3HQWUX QRL vQFHSH R QRXă HWDSă vQWU XQ FDPSLRQDW FX XQ PHFL DO RUJROLLORU UăQLWH ([SHULHQĠD VH SDUH Fă HVWH DQXODWă GH HODQXO QRLORU SURPRYDWH GRYDGă ¿ LQG IDSWXO Fă DFHVWHD VH DÀ ă SH SULPHOH ORFXUL´ D VSXV vQDLQWHD SDUWLGHL DQWUHQRUXO PXUHúHQLORU

(FKLOLEUX UXSW GRDU GH DPLFDOH 6LELHQLL DX MXFDW WRDWH FHOH úDVH HWDSH GDU DX UHXúLW GRDU SXQFWH ÌQ FHOH WUHL GHSODVăUL DX SLHUGXW FX OD DFWXD

OXO OLGHU &RURQD %UDúRY DSRL OD 'DPLOD 0ăFLXFD FX úL FX OD &60 5kP QLFX 9kOFHD vQ GHSODVDUHD SUHFHGHQWă /D 6LELX DX REĠLQXW XQ VLQJXU SXQFW FX )& 2OW VFRU DX FkúWLJDW XUPăWRDUHOH GRXă SDUWLGH OD OLPLWă FX /XFHDIăUXO 2UDGHD úL )& $UJHú úL DX IRVW HOLPLQDĠL GLQ &XSD 5RPkQLHL GXSă FX 'LQDPR OD %XFXUHúWL ÌQ HGLĠLD WUHFXWă D SULPHL GLYL]LL DPEHOH SDUWLGH V DX vQFKHLDW OD HJDOLWDWH OD 6LELX úL OD 7kUJX 0XUHú 9RLQĠD V D LPSXV vQ VFKLPE vQ DPEHOH DPLFDOH GLVSXWDWH OD 7kUJX 0XUHú GH ¿ HFDUH GDWă VFRUXO D IRVW vQ FHD GH D GRXD JD]GHOH UDWkQG HJDODUHD OD SHQDOW\ XO GH FDUH DX EHQH¿ FLDW vQ PLQXWHOH GH SUHOXQJLUL 0LKDL 9(5(ù

&ODVDPHQW &RURQD %UDúRY

'DPLOD 0ăFLXFD

$&6 3ROL 7LPLúRDUD

)&0 7kUJX 0XUHú

8QLUHD $OED ,XOLD

)& %LKRU 2UDGHD

9RLQĠD 6LELX

87$ $UDG

/XFHDIăUXO 2UDGHD

$OUR 6ODWLQD

)& %DLD 0DUH

)& $UJHú 3LWHúWL

&60 5kPQLFX 9kOFHD

&6 0LRYHQL

&OXEXO $6& /DEUDGRUV FDXWă FRODERUDWRUL &RPXQLFDW GH SUHVČ

/ŶǀŝƚĂƟ Ğ ƉĞŶƚƌƵ ůŝĐŝƚĂƟ Ğ dŝƚůƵů ƉƌŽŝĞĐƚƵůƵŝ͗ Z ^d Z KDW d/d/s/d d// ^K / d d// ^ D KE ^ KD ^Z> WZ/E ,/ /d/ ,/W D Ed d ,EK>K'/ W Z&KZD Ed ͟ EƵŵĞůĞ ďĞŶĞĮ ĐŝĂƌƵůƵŝ͗ ^ D KE ^ KD ^Z> ^ ^ D KE ^ KD ^Z> ŽƌŐĂŶŝǌĞĂǌĂ ŝŶ ĚĂƚĂ ĚĞ ϭϮ͘ϭϬ͘ϮϬϭϮ ĂĐŚŝǌŝƜŝĂ ĚĞ ĞĐŚŝƉĂͲ ŵĞŶƚĞ ƚĞŚŶŽůŽŐŝĐĞ͕ ůĞǀĂƚŽƌ ďŝĐŽůŽĂŶĂͲϮ ďƵĐ͖ ŵĂƐŝŶĂ ĚĞ ĞĐŚŝůŝďƌĂƚͲϭ ďƵĐ͖ ŵĂƐŝŶĂ Ɖƚƌ͘ ŵŽŶƚĂƚ ĂŶǀĞůŽƉĞͲ ϭ ďƵĐ͖ ĐƌŝĐ ŚŝĚƌĂƵůŝĐͲ Ϯ ďƵĐ͖ ĐƌŝĐ ďƵƌĚƵĨͲ Ϯ ďƵĐ͖ ĞůĞǀĂƚŽƌ ĨŽĂƌĨĞĐĂͲϭ ďƵĐ͖ ĐŽŵƉƌĞƐŽƌͲϭ ďƵĐ͖ ĐŽŵƉƌĞƐƐŽƌ ƉĞ ƐƵƌƵď ĐƵ ƵƐĐĂƚŽƌͲ ϭďƵĐ͖ ƐŝƐƚĞŵ ĚĞ ƌĞĚƌĞƐĂƚ ĐĂƌŽƐĞƌŝŝͲϭďƵĐ͖ ƐŝƐƚĞŵ ŵĞĐĂŶŝĐ ĚĞ ŵĂƐƵƌĂƌĞͲϭďƵĐ͖ ĂƉĂƌĂƚ ĚĞ ƚĂŝĂƚ ĐƵ ƉůĂƐŵĂͲϭďƵĐ͖ ĂƉĂƌĂƚ ĚĞ ƐƵĚƵƌĂ ƉƵŶĐƚ ĐƵ ĐĂƌƵĐŝŽƌͲϭďƵĐ ͖ ĐĂďŝŶĂ ĚĞ ǀŽƉƐŝƚ͖ǌŽŶĂ ƚƌŝƉůĂ ĚĞ ƉƌĞŐĂƟ ƌĞͲ ǌŽŶĂ ĚĞ ƉƌĞŐĂƟ ƌĞ ĐƵ ďĂǌĂ ĂƐƉŝƌĂŶƚĂ͖ ƚƵƌďŝŶĞ ĚĞ ĂƐƉŝƌĂƟ Ğ ŵŽďŝůĂ ͖ ƐƉĞĐƚŽĨŽƚŽŵĞƚƌƵ ŝŶ ǀĂůŽĂƌĞ ƚŽƚĂůĂ ĚĞ ϲϴϳ͘Ϭϭϯ͕ϮϬ WƌŽŝĞĐƚƵů ͞ Z ^d Z KDW d/d/s/d d// ^K / d d// ^ D KE ^ KD ^Z> WZ/E ,/ /d/ ,/W D Ed d ,EK>K'/ W Z&KZD Ed ͕͟ Į ŶĂŶƚĂƚ ƉƌŝŶ WƌŽŐƌĂŵƵů KƉĞƌĂƟ ŽŶĂů ZĞŐŝŽŶĂů ĞƐƚĞ ŝŵƉůĞŵĞŶƚĂƚ ĚĞ ĐĂƚƌĞ ^ D KE ^ KD ^Z> Ɛŝ ĂƌĞ Ž ǀĂůŽͲ ĂƌĞ ƚŽƚĂůĂ ĚĞ ϲϴϳ͘Ϭϭϯ͕ϮϬ ZKE͕ ĚŝŶ ĐĂƌĞ ϱϰϵ͘ϳϲϰ͕ϵϬ ZKE ƐƵŵĂ ŶĞƌĂŵďƵƐĂďŝůĂ ĂůŽĐĂƚĂ͘ WƌŽŐƌĂŵƵů KƉĞƌĂƟ ŽŶĂů ZĞŐŝŽŶĂů ĞƐƚĞ ŝŵƉůĞŵĞŶƚĂƚ ůĂ ŶŝǀĞů ŶĂƟ ŽŶĂů ĚĞ ĐĂƚƌĞ DŝŶŝƐƚĞƌƵů ĞǌǀŽůƚĂƌŝŝ ZĞŐŝŽŶĂůĞ Ɛŝ dƵƌŝƐŵƵůƵŝ͕ ŝŶ ĐĂůŝƚĂƚĞ ĚĞ ƵƚŽƌŝƚĂƚĞ ĚĞ DĂŶĂŐĞŵĞŶƚ͕ ŝĂƌ ůĂ ŶŝǀͲ Ğů ƌĞŐŝŽŶĂů ĚĞ ĐĂƚƌĞ Z ĞŶƚƌƵ͕ ŽƌŐĂŶŝƐŵ ŝŶƚĞƌŵĞĚŝĂƌ Ăů ƉƌŽŐƌĂŵƵůƵŝ ĐĞ ŵŽŶŝƚŽƌŝǌĞĂǌĂ ŝŵƉůĞŵĞŶƚĂƌĞĂ ĂĐĞƐƚƵŝ ƉƌŽŝĞĐƚ͘ EŽƚĞ͗ ŝŶĨŽƌŵĂƟ ŝ ƐƵƉůŝŵĞŶƚĂƌĞ ůĂ ĚŶƵů DĂŶ >ĂǌƐůŽ͕ ƚĞů ϬϮϲϱϯϭϰϵϵϬͬϬϳϰϮϳϬϲϮϵϳ͕ ĞŵĂŝů͗ ƐĞƌǀŝĐĞΛĂŵĂǌŽŶĂƐ͘ƌŽ ĂƚĂ ƉƵďůŝĐĂƌŝŝ͗ ϭϮ͘ϭϬ͘ϮϬϭϮ

SURIHVRUL GH VSRUW DQWUHQRUL úL LQVWUXFWRUL VSRUWLYL GLQ GLIHULWH UDPXUL VSRUWLYH HGXFDWRUL vQYăĠăWRUL VWXGHQĠL LQVWUXFWRUL VWUHHW GDQFH PDMRUHWH DQLPDWRUL SHQWUX DFWLYLWăĠL GHVWLQDWH SUHúFRODULORU úL úFRODULORU FkW úL SHUVRDQH FX H[SHULHQWD vQ SURJUDPHOH WLS ÄDIWHU VFKRRO´ NLQHWRWHUDSHXĠL FX H[SHULHQWD vQ SUHYHQLUHD DFFLGHQWăULORU VSRUWLYH SVLKRORJL VSHFLDOLúWL LQ DFWLYLWDWL GH WLS ÄWHDP EXLOGLQJ´ HWF 6XQW ELQHYHQLWH WRDWH SHUVRDQHOH FDUH SRW GHUXOD DFWLYLWăĠL FRQH[H VSRUWXOXL GH SHUIRUPDQĠă VL GH GLYHUWLVPHQW SURPRWRUL DL XQXL PRG GH YLDĠă DFWLY úL VăQăWRV FX SHUVRQDOLWDWH ĠLQXWă DWLWXGLQH VL FDUDFWHU FRUHVSXQ]ăWRU SURLHFWHORU VSRUWLYH úL HGXFDWLYH GHGLFDWH FRSLLORU 9kUVWD SUHIHUDELO vQWUH ± GH DQL FX DELOLWDWL GH FRPXQLFDUH VL VSLULW DQWUHSUHQRULDO &HL LQWHUHVDĠL úL FDUH DX SURSXQHUL FRQFUHWH GH SURLHFWH SRW WULPLWH VFULVRDUH GH LQWHQĠLH úL &9 OD DGUHVD GH HPDLO RI¿ FH#ODEUDGRUV UR

3HQWUX GHWDOLL OHJDWH GH YL]LXQHD QRDVWUă YL]LWDĠL ZZZ ODEUDGRUV UR VHFĠLXQHD Ä35(=(17$5(´ VDX SDJLQD GH )DFHERRN ZZZ IDFHERRN FRP /DEUDGRUV %DVNHW

&OXEXO $6& /DEUDGRUV RUJDQL]HD]ă VHOHFĠLH SHQWUX JUXSHOH EDVFKHW GH SHUIRUPDQĠă OD FDWHJRULD EăLHĠL QăVFXĠL vQWUH DQLL ±

'LQ DFHVW VH]RQ FOXEXO RIHUă EXUVH SHQWUX XQ QXPăU OLPLWDW GH VSRUWLYL %XUVHOH VSRUWLYH VXQW SULPXO SDV GLQ SURLHFWXO Ä&HQWUXO GH ([FHOHQĠă vQ %DVFKHW´ FH YD ¿ GHPDUDW LQ YLLWRUXO DSURSLDW PHGLX

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& $0$=21$6 &20 65/ 7J 0XUHV 6WU 3RGHQL QU MXGHWXO 0XUHV FRG SRVWDO SHUVRDQD GH FRQWDFW 0DQ /D]VOR WHO HPDLO VHUYLFH#DPD]RQDV UR &RQĩLQXWXO DFHVWXL PDWHULDO QX UHSUH]LQWČ vQ PRG REOLJDWRULX SR]LĩLD RÀ FLDOČ D 8QLXQLL (XURSHQH VDX D *XYHUQXOXL 5RPkQLHL

3HQWUX vQVFULHUL úL GHWDOLL VXQDĠL OD (PLO WHOHIRQ VDX WULPLWHĠL H PDLO OD DGUHVD RI¿ FH#ODEUDGRUV UR

IDFHERRN FRP ]LGH]L

&8/785Ă

6RULQD %RWD ³,VWRULD HVWH vQ SULPXO UkQG R SRYHVWH´ 6RULQD %RWD D ODQVDW VăSWăPkQD WUHFXWă R LQYLWDĠLH WkUJXPXUHúHQLORU OD R Ä6HDUă GH SRYHVWH´ GHVSUH 7kUJX 0XUHú LVWRULLOH úL FDVHOH RUDúXOXL úL GHVSUH SURLHFWXO VăX HGLWRULDO Ä3RYHúWLOH RUDúXOXL´ FRQFUHWL]DW SkQă DFXP vQ WUHL YROXPH GRXă GHVSUH RUDúXO QRVWUX úL XQXO GHVSUH 6LELX (YHQL PHQWXO D DYXW ORF PLHUFXUL RFWRPEULH GH OD RUD vQ FDIHQHDXD Ä%XOJDNRY´ OD VXEVRO vQ EHFLXO GLQ FDUH OHJHQGD VSXQH Fă 3HWUX 5DUHú DU ¿ EăXW YLQ $OăWXUL GH MX UQDOLVWD 6RULQD %RWD V D DÀ DW úL 6RyV =RO WiQ GLUHFWRUXO 0X]HXOXL -XGHĠHDQ GH ,V WRULH VSHFLDOL]DW vQ DUKHRORJLH PHGLHYDOă úL SRYHVWLWRUXO XQHLD GLQWUH SRYHúWLOH GLQ FDUWHD GHVSUH 7kUJX 0XUHú

6RULQD %RWD úL 6RyV =ROWiQ JD]GHOH HYHQLPHQWXOXL ³6HDUD GH SRYHVWH´

/HJHQGH YV DGHYăU LVWRULF ÌQ GHVFKLGHUHD HYHQLPHQWXOXL 6RULQD %RWD D FLWLW SRYHVWHD FDVHL ³.|SHF]L 7HOHNL´ FRQWUXLWă vQ GH .|SHF]L 1DJ\ 7DPiV SHUFHSWRUXO YHQLWXULORU UHJDOH GLQ 7UDQVLO YDQLD SH WLPSXO UHJLQHL ,]DEHOOD UHODWkQG úL GHVSUH OHJHQGD FUHDWă vQ XUPD SRSDVXOXL SH FDUH O D IăFXW vQ DFHD YUHPH 3HWUX 5DUHú vQ 7kUJX 0XUHú &RQIRUP DFHVWHL OHJHQGH 3HWUX 5DUHú Jă]GXLW ¿ LQG GH SULPDUXO GH DWXQFL DO RUDúXOXL D EăXW YLQH GLQ SLYQLĠHOH FDVHL ³.|SHF]L´ XQGH D DYXW ORF úL vQWkOQL UHD FX ³3RYHúWLOH RUDúXOXL ´ 6RyV =ROWiQ D LQWHUYHQLW SUHFL]kQG Fă 3HWUX 5DUHú vQ UH

DOLWDWH QX DYHD FXP Vă EHD YLQ GLQ SLYQLĠD FDVHL ³.|SHF]L´ GHRDUHFH HO D WUHFXW SULQ RUDú DELD vQ VHSWHPEULH vQDLQWH Vă ¿ H FRQWUXLWă GDU D DFFHSWDW SRVLELOLWDWHD FD SH ORFXO DFHVWHL FDVH Vă ¿ H[LVWDW DOWă FDVă vQDLQWH ³1RL VSHFLDOLúWLL QX VXQWHP DWkW GH vQGUăJLĠL ¿ LQG SULYLĠL FD QLúWH GLVWUXJăWRUL GH PLWXUL´ D PDL VSXV GLUHFWRUXO 0X]HX OXL -XGHĠHDQ vQ FRQWLQXDUH H[SOLFkQG úL LPSRUWDQĠD OHJHQGHORU SHQWUX LGHQWLWDWHD XQHL FRPXQLWăĠL VSXQkQG Fă H[LVWHQĠD úL LQWUHĠLQHUHD DFHVWRUD GH FăWUH ORFXLWRUL LQGLFă LQWHUHVXO ORU SHQWUX RUDú

ùWLUL

LQWHUHVDQWH %h6= VăUEăWRUHúWH GH DQL vQ - % 'XPLQLFă RFWRPEULH vQFHSkQG FX RUD SH VFHQD -D]]¶Q¶%OXHV &OXE YD XUFD IRUPDĠLD %h6= 0HP EULL IRUPDĠLHL 6]ĘOĘVL 3pQ]HV 6]LOiUG SHUFXĠLH 3RS 6HUJLX FKLWDUă EDVV %DUWKD -iQRV FKLWDUă VROR YRFH úL 0iWKp /HYHQWH YRU VăUEăWRUL GXPLQLFă GH DQL GH DFWLYLWDWH 3H OkQJă WUXSD VăUEăWRULWă SH VFHQă YRU PDL XUFD IRUPDĠLLOH 0\ +DQGV LQ &KDLQV 6LPRQ gUV YRFH 0DQDFKH 0LKiO\ FKLWDUă YRFH 6]iV] +XQRU FKLWDUă EDVV ,R QHVFX &ULVWLDQ FKLWDUă úL -y]VL &VDQiG SHUFXĠLH úL &RUD[ 6]DEDGRV /iV]Oy SHUFXĠLH .LEpGL =ROWiQ FKLWDUă EDVV *\iUIiV *\|UJ\ FODSH .DFVy &VDED FKLWDUă VROR .LEpGL /HYHQWH YRFH úL 6]pNHO\ -HQĘ YRFH ,QWUDUHD YD ¿

'H FH ³3RYHúWLOH RUDúXOXL´ ÌQWUHEDWă GH FH D DOHV DFHDVWă GHQXPLUH SHQWUX SURLHFWXO HL 6RULQD %RWD D VSXV ³,QLĠLDO DP YUXW Vă QXPHVF DFHVW SUR LHFW ³,VWRULLOH RUDúXOXL´ SHQWUX Fă HVWH YRUED GH LQWHUYLXUL SH FDUH OH DP IăFXW FX VSHFLDOLúWL FX LVWRULFL LVWRULFL GH DUWă PX]HRJUD¿ VDX DUKHRORJL QX VXQW OH JHQGH GHúL DP SUHFL]DW H[LVWHQĠD ORU 7RWXO H DFRSHULW FX GRFXPHQWH GDU PRGXO vQ FDUH H SHUFHSXWă LVWRULD FXP H vQYăĠDWă vQ úFROL P D IăFXW Vă Pă WHP Fă OXPHD YD IXJL GH DFHVW FXYkQW ùL DWXQFL DP FRQVL GHUDW Fă ³3RYHúWLOH RUDúXOXL´ DU ¿ R GHQX PLUH PDL DWUDFWLYă 3RYHVWH QX vQVHDPQă QHDSăUDW IDEXODĠLH SHQWUX PLQH LVWRULD HVWH vQ SULPXO UkQG R SRYHVWH´

OHL 5H]HUYăUL VH SRW IDFH OD QXPăUXO GH WHOHIRQ % 5

,RF D¿ úDM

-¶DL %LVWURW VH WUDQVIRUPă vQ FDPHUă REVFXUă

2 GRDPQă FDGUX GLGDFWLF SUH]HQWă OD vQWkOQLUH SRYHVWLQG GHVSUH R vQFHUFDUH GH D IDFH R PLQL H[FXUVLH FX HOHYLL VăL SULQ

ÌQ DFHVW ZHHNHQG RFWRP EULH $WHOLHUSKRWRQ vQ SDUWHQHULDW FX -¶DL %LVWURW RUJDQL]HD]ă XQ ZRUN VKRS LQWHQVLY GH IRWRJUD¿ H SH ¿ OP ÌQ FDGUXO XQRU DFWLYLWăĠL FH vPELQă WHRULD IRWRJUD¿ Fă JHQHUDOă WHKQLFL H[SXQHUH FRPSR]LĠLH FX OXFUXO SUDFWLF FXUVDQĠLL YRU DYHD RFD]LD Vă GHVFRSHUH PLMORDFHOH WHKQLFH úL DUWLVWLFH SULQ FDUH VH REĠLQH R IRWRJUD¿ H IRORVLQG PHWRGH FODVLFH 2 VHOHFWLH D IRWRJUD¿ LORU UHDOL]DWH GH SDUWLFLSDQĠL YRU ¿ H[SXVH vQ FDGUXO )HV WLYDOXOXL GH )LOP GH 6FXUW 0HWUDM ³$OWHU QDWLYH´ FH YD DYHD ORF OD 7kUJX 0XUHú vQ SHULRDGD QRLHPEULH % 5

0XQLFLSDOLWDWHD DOăWXUL GH VXÀ HWXO FRPXQLWăĠLL 0XQLFLSLXO 5HJKLQ OD vQFHSXWXO DFHVWHL VăSWăPkQL D IRVW JD]GD D GRXă HYHQLPHQWH GHRVHELWH FDUH DX vQFkQWDW LXELWRULL GH DUWă GH FXOWXUă GH IUXPRV $X IRVW VHUL PLQXQDWH SOLQH GH vQFăUFăWXUă HPRĠLRQDOă GH DPLQWLUL GH IUXPRV 3ULPăULD 0XQLFLSLXOXL 5HJKLQ vúL GRUHúWH FD HYHQLPHQWHOH GLQ DFHDVWă WRDPQă Vă ¿ H vQFHSXWXO XQHL VHULL GH DVWIHO GH HYHQLPHQWH SULQ FDUH Vă VH SUR PRYH]H FXOWXUD VSRUWXO DUWD OXFUXUL FDUH HUDX FkQGYD ¿ UHúWL vQ PXQLFLSLXO QRV WUX GDU FDUH FX WLPSXO QX DX PDL IRVW FRQVLGHUDWH DWkW GH LPSRUWDQWH &H SRDWH ¿ PDL IUXPRV GHFkW R VHDUă GH QHXLWDW DOăWXUL GH DUWLúWL FRQVDFUDĠL " 3ULPăULD 0XQLFLSLXOXL 5HJKLQ vQ SDUWHQHULDW FX $VRFLDĠLD SHQWUX 3UR PRYDUHD )LOPXOXL 5RPkQHVF /LEUD )LOP úL 7UDQVLOYDQLD )LOP D GRULW Vă RIHUH UHJKLQHQLORU DWPRVIHUD VăOLL GH FLQHPDWRJUDI úL SRVLELOLWDWHD YL]LRQăULL XQXL ¿ OP GHMD FXQRVFXW $VWIHO vQ SHULRDGD ± RFWRPEULH DX DYXW ORF SURLHFĠLLOH ¿ OPXOXL 'HVSUH RDPHQL úL PHOFL vQ UHJLD OXL 7XGRU *LXUJLX JD]Gă ¿ LQG &DVD GH &XOWXUă D 7LQHUHWXOXL Ä*HRUJH (QHVFX´ WLPS GH WUHL VHUL 7LPS GH R RUă úL MXPăWDWH VSHFWDWRULL DX WUăLW HPRĠLL LQWHQVH WUHFkQG GH OD UkV OD HPRĠLL JHQHUDWH GH VWăULOH SHUVRQDMHORU GDU vQ ¿ QDO DSODX]HOH DX VSXV WRWXO XQ ¿ OP GHRVHELW XQ ¿ OP GHVSUH UHDOLWDWHD ]LOHORU QRDVWUH &HO GH DO GRLOHD HYHQLPHQW 'H FH Q DU ¿ úL D WUHLD WLQHUHĠH XQ VSHFWDFRO GH PX]LFă XúRDUă IRON PRPHQWH YHVHOH D VWkUQLW XQ YDO GH DPLQWLUL GH WUăLUL SOLQH GH HPRĠLH ¿ LQG RUJDQL]DW OD &DVD GH &XOWXUă Ä'U (XJHQ 1LFRDUă´ vQ VHDUD ]LOHL GH RFWRPEULH $WPRVIHUD D IRVW GHRVHELWă URSRWHOH GH DSODX]H VSXQkQG WRWXO 6SHFWDWRULL DX IUHGRQDW DOăWXUL GH DUWLúWL PHORGLLOH vQGUăJLWH 3URWDJRQLúWLL VHULL DX IRVW $OH[DQGUX -XOD $OH[DQGUD &DQDUHLFD $GULDQ ,YDQLĠFKL ,XOLDQ &RYDFL Ä5HJKLQXO YD GHYHQL XQ PLF FHQWUX FXOWXUDO DúD FXP D IRVW FkQGYD SOLQ GH HYHQLPHQWH FDUH VH DGUHVHD]ă WXWXURU FDWHJRULLORU GH YkUVWă 9RL vQFHUFD FD DFHVWD Vă UHvQYLH GLQ SXQFW GH YHGHUH FXOWXUDO DUWLVWLF ÌPL GRUHVF FD SULQ DVWIHO GH HYHQLPHQWH Vă ¿ X DOăWXUL GH VXÀ HWXO FHWăĠHQLORU Vă OH DGXF R UD]ă GH OXPLQă vQ YLDĠă´ D GHFODUDW 3ULPDUXO 0XQLFLSLXOXL 5HJKLQ GRDPQD 0DULD 3UHFXS %LURXO GH 3UHVă DO 3ULPăULHL 0XQLFLSLXOXL 5HJKLQ

7kUJX 0XUHú SHQWUX D OH DUăWD FOăGLULOH úL ORFXULOH YHFKL UHOHYDQWH vQ FHHD FH SULYHúWH LVWRULD ORFDOă D DGXV vQ GLVFXĠLH SUREOHPD OLSVHL D¿ úDMXOXL VWUDGDO SHQWUX RELHFWLYHOH FXOWXUDO LVWRULFH ³ÌQWU DGHYăU GDFă HúWL WXULVW VWUăLQ úL YLL vQ 7kUJX 0XUHú QX DL QLFL R úDQVă Vă WH GHVFXUFL vQ SULPXO UkQG SHQWUX Fă QX H[LVWă XQ JKLG DO RUDúXOXL FDUH Vă SRDWă ¿ DFFHVDW FXPSăUDW GLQ OR FXUL YL]LELOH úL vQ DO GRLOHD UkQG GLQ FDX]ă Fă QX H[LVWă vQGLFDWRDUHOH PDUR 8Q YL]LWD WRU DO RUDúXOXL YD VSXQH Fă D IRVW FRQVWUXLW vQ XOWLPLL GH DQL SHQWUX Fă QX H[LVWă LQGLFDWRDUH 'H DVHPHQHD QX VXQW D¿ úDWH LQIRUPDĠLL GHVSUH PRQXPHQWHOH LVWRULFH´ D UăVSXQV 6RULQD %RWD 6RyV =ROWiQ D FRPSOHWDW R VSXQkQG Fă H[LVWă XQ SURLHFW FDUH DU XUPD Vă UH]ROYH DFHDVWă SUREOHPă GRDU Fă QX D IRVW ¿ QDQĠDW ³,GHHD HUD Vă DYHP D¿ úDM SH FOăGLUL vQ WUHL OLPEL vQ GLIHULWH FXORUL ¿ HFDUH FX ORDUH Vă PDUFKH]H R HSRFă $FXP DYHP úL úDQVD FD GLQ DQXO YLLWRU DFHDVWă LQLĠLDWLYă Vă ¿ H úL ¿ QDQĠDWă PDL DOHV Fă 3DODOWXO &XOWXULL Y D vPSOLQL GH DQL´ D VSXV 6RyV =ROWiQ FDUH HVWH úL FRQVLOLHU ORFDO

8UPHD]ă %UDúRYXO 8UPăWRUXO ORF FDUH YD RIHUL FRQĠLQXW SHQ WUX SURLHFWXO ³3RYHúWLOH RUDúXOXL´ HVWH %UDúRYXO 6RULQD %RWD VIăWXLQGX L SH FHL FDUH YL]LWHD]ă RUDúXO Vă QX VH RSUHDVFă vQ ³3LDĠD 6IDWXOXL´ úL Vă PHDUJă PDL GHSDUWH SH VWUă]LOH GLQ 6FKHLL %UDúRYXOXL SHQWUX Fă vL DúWHDSWă VXUSUL]H IRDUWH SOăFXWH &ăUĠLOH SRW ¿ DFKL]LĠLRQDWH GLQ OLEUăULLOH GLQ 7kUJX 0XUHú VDX GLUHFW GH OD DXWRU 9DOHQWLQ &29$&,8

',5(&ğ,$ 6,/9,&Ă 085(ù /,&,7$ğ,$ 35,1&,3$/$ 0DVă OHPQRDVă SH SLFLRU 3URGXFWLD DQXOXL 3URGXVH IDVRQDWH OD GUXP DXWR VL GHSR]LWH 'LUHFĠLD 6LOYLFă 0XUHú FX VHGLXO vQ 7DUJX 0XUHV VWUDGD *HRUJH ( QHVFX QU RUJDQL]HD]ă /,&,7$7,$ 35,1&,3$/Ă SHQWUX YkQ]DUHD GH PDVă OHPQRDVă SH SLFLRU SăGXUL 513 DOĠL GHWLQăWRUL ± SURGXFĠLD DQXOXL SURGXVH IDVRQDWH OD GUXP DXWR VL GHSR]LWH vQ GDWD GH RUD 7LSXO OLFLWDĠLHL SXEOLFă GHVFKLVă FX SUHVHOHFĠLH FX SOLF vQFKLV 3UHVHOHFĠLD DJHQĠLORU HFRQRPLFL YD DYHD ORF vQ SHULRDGD ± 3HQWUX D SXWHD SDUWLFLSD OD OLFLWDĠLL ¿ UPHOH YRU SUH]HQWD OD SUHVHOHFĠLH XUPăWRDUHOH GRFXPHQWH &(57,),&$7 &2167$7$725 '( /$ 5(*,6758/ &20(5ğ8/8, 9$/$%,/ ,1 3(5,2$'$ 35(6(/(&ğ,(, DFWXO FRQVWLWXWLY DO SHUVRDQHL MXULGLFH úL FHUWL¿ FDWXO GH PHQĠLXQL GDFă H[LVWD OD DFWXO FRQVWLWXWLY GRFXPHQWXO FDUH DWHVWă vQUHJLVWUDUHD SHUVRDQHL MXULGLFH OD 2¿ FLXO 5HJLVWUXOXL &RPHUĠXOXL úL &HUWL¿ FDWXO FRQVWDWDWRU GHFODUDĠLD SH SURSULD UăVSXQGHUH D UHSUH]HQWDQWXOXL OHJDO DO SHUVRD QHL MXULGLFH Fă QX DUH GDWRULL UHVWDQWH IDĠă GH 5HJLD 1DĠLRQDOă D 3ăGXULORU ± 5RPVLOYD VL IDĠă GH XQLWăĠLOH DFHVWHLD DWHVWDWXO GH H[SORDWDUH YDODELO VL FD]LHUXO WHKQLF FRPSOHFWDW OD ]L DOH RIHUWDQWXOXL VDX DOH SHUVRDQHL MXULGLFH FDUH YD SUHVWD VHUYLFLXO GH H[SORDWDUH D PDVHL OHPQRDVH FDUH VH YD DGMXGHFD GH RIHUWDQW GXSă FD] LQ RULJLQDO vQ FD]XO SHUVRDQHORU MXULGLFH QHDWHVWDWH GHFODUDĠLD SH SURSULD UăVSXQGHUH Fă SHQWUX H[SORDWDUHD PDVHL OHPQRDVH DGMXGHFDWH vQFKHLH FRQWUDFWH GH SUHVWăUL GH VHUYLFLL FX SHUVRDQH MXULGLFH DWHVWDWH GH DXWRULWDWHD SXEOLFă FHQ WUDOD FDUH UăVSXQGH GH VLOYLFXOWXUD VDX SUHFRQWUDFWH vQFKHLDWH LQ DFHVW VFRS SHU VRDQH MXULGLFH FDUH QX DX GDWRULL IDĠă GH 513 ± 5RPVLOYD VROLFLWDUH GH SDUWLFLSDUH OD SUHVHOHFĠLH vQUHJLVWUDWă vQ UHJLVWUXO GH FRUHVSRQGHQWă DO RSHUDWRUXOXL HFRQRPLF 7DULIXO GH SDUWLFLSDUH OD OLFLWDWLH HVWH GH OHL OHL QXPDL SHQ WUX SURGXVH IDVRQDWH VL OHPQ GHVWLQDW LQGXVWULHL FHOXOR]HL úL KkUWLHL 1X YRU ¿ DFFHSWDĠL OD OLFLWDĠLH DJHQĠLL HFRQRPLFL FDUH DX GDWRULL VDX OLWL JLL FX 5HJLD 1DĠLRQDOD D 3ăGXULORU 3HQWUX FD R SHUVRDQD MXULGLFD VD SRDWD ¿ SULPLWD OD OLFLWDWLH WUHEXLH FD VXPD FDUH UHSUH]LQWă JDUDQĠLD GH FRQWUDFWDUH vQ FXDQWXP GH VD ¿ H HIHFWLY DFKLWDWD UHVSHFWLY VXPD D LQWUDW vQ FRQWXO RUJDQL]DWRUXOXL OLFLWDĠLHL &DLHWHOH GH VDUFLQL SRW ¿ ULGLFDWH GH OD VHGLXO QRVWUX vQFHSkQG FX GDWD GH ,QIRUPDĠLL VXSOLPHQWDUH VH SRW REĠLQH OD VHGLXO GLUHFĠLHL VDX VXQkQG OD QXPHUHOH GH WHOHIRQ 'LUHFWRU 'U ,QJ &RYULJ ,OLH

62&,$/ RFWRPEULH

'RFWRUXO LQLPLORU QRDVWUH /LYLX 0RUDUX V D PXWDW SULQWUH vQJHUL /LYLX 0RUDUX SHQWUX PXOĠL GRF WRUXO FKLUXUJ SHQWUX DOĠLL IRWRJUDIXO FDUH LPRUWDOL]D FHOH PDL VSRQWDQH LQVWDQWDQHH SH SHOLFXOD IRWR VDX SHQWUX DPDWRULL GH VHQ]DĠLL WDUL SL ORWXO FX EUHYHW vQ DYLDĠLH VSRUWLYă D WUHFXW vQ QH¿LQĠă vQ XUPD XQXL VWRS FDUGLDF vQ RFWRPEULH FDUH O D OXDW GLQ VkQXO VRFLHWăĠLL GXSă R YLDĠă vQWUHDJă GăUXLWă SDFLHQĠLORU VăL vQ FDUH V D OXSWDW SHQWUX XúXUDUHD VXIHULQĠHORU DFHVWRUD ³&X 'XP QH]HX vQ VXÀHW úL FX FUHGLQĠă PDUH 'RFWRUXO /LYLX 0RUDUX D WUHFXW OD FHOH V¿QWH FX SDFH úL FX OLQLúWH RERVLW GH WUXGD YLHĠLL LHUL D IăFXW SDVXO VSUH DFHO ORF DO YHúQLFLHL XQGH QX HVWH QLFL GXUHUH QLFL VXVSLQ´ D VSXV vQ VOXMED GH vQPRUPkQWDUH SUHRWXO 7R GHULF $OELQ 'RULQ

8Q SURIHVLRQLVW GHGLFDW FRPXQLWăĠLL /LYLX 0RUDUX D IRVW XQ GRFWRU IăUă SUHMXGHFăĠL FDUH QLFLRGDWă QX úL D SLHUGXW GUDJRVWHD SHQWUX DGHYăU úL FUHGLQĠă vQ 'XPQH]HX /LYLX YHGHD vQ PXQFă R ELQHFXYkQWDUH D IRVW vQWRGHDXQD XQ vPSăWLPLW DO LGHLORU YDORURDVH úL D DYXW R PHQWDOLWDWH GH vQYLQJăWRU ,HUL GRFWRUXO /LYLX 0RUDUX D IRVW FRQGXV SH XOWLPXO GUXP GH FkWHYD ]HFL GH UHJKLQHQL PHGLFL FDGUH GLGDFWLFH RDPHQL GH FXOWXUă SULHWHQL úL FXQRVFXĠL &HUH PRQLD D vQFHSXW OD RUD OD FDSHOD ³3HWUX úL 3DYHO´ GLQ LQFLQWD %LVHULFLL ³3HWUX 0DLRU´ 6OXMED D IRVW R¿FLDWă GH XQ VRERU IRUPDW GLQ SUHRĠLL 'DPLDQ ,OLH 'DQLHO &LROR FLX $OLQ ùXW 7RGHULF $OLQ 'RULQ úL

6LPLRQ 0ăUJLQHDQ GLQ VDWXO QDWDO FDUH D IRVW XQXO GLQWUH FHL PDL EXQL SULHWHQL DL GRFWRUXOXL /D VOXMED GH vQPRUPkQWDUH DX OXDW SDUWH VRĠLD (PLOLD úL FHL WUHL ¿L /L YLX MU 6LO YDQ úL PH]LQXO /XFLDQ FDUH úL DX FRQGXV SH XOWLPXO GUXP WDWăO vQ FLPLWLUXO 3HWUX 0DLRU XQGH IRVWXO GRFWRU D IRVW vQPRUPkQWDW DOăWXUL GH SăULQĠLL VăL 6LPLRQ úL 6WHOXĠD /D IXQHUDULL D IRVW SUH]HQW úL GLUHF WRUXO VSLWDOXOXL PXQLFLSDO 5HJKLQ ³(XJHQ 1LFRDUă´ FDUH D ĠLQXW Vă WUDQVPLWă FRQGROHDQĠH vQ QXPHOH FROHFWLYXOXL GH GRFWRUL DL VSLWD OXOXL ³6XQWHP DOăWXUL GH IDPLOLD 0RUDUX vQ DFHVWH PRPHQWH JUHOH /LYLX 0RUDUX Dú YUHD Vă UăPkQă vQ PHPRULD QRDVWUă H[DFW DúD FXP O DP FXQRVFXW HX SHUVRQDO XQ SUR IHVLRQLVW GHGLFDW FRPXQLWăĠLL úL XQ RP FDUH D LXELW YLDĠD 'XPQH]HX Vă vO RGLKQHDVFă´ D WUDQVPLV ,XOLX 0ROGRYDQ OD FDWDIDOFXO GHIXQFWXOXL

1HFURORJ /LYLX 0RUDUX V D QăVFXW vQ ]LXD VIkQWă GH %RERWHD]ă D DQXOXL vQ VDWXO /XLHULX MXGHWXO 0XUHV FD VLQJXU ¿X DO OXL 6LPLRQ úL 6WHOXĠD 'LQ IUDJHGă FRSLOăULH D DYXW vQFOLQDĠLL DUWLVWLFH úL GUDJRVWH SHQWUX IROFORU ¿LQG DOăWXUL GH SăULQĠLL OXL PHPEUX DO $QVDPEOX OXL )ROFORULF GH 'DQVXUL 3RSXODUH GLQ ORFDOLWDWH $ vQFHSXW FODVHOH SULPDUH vQ /XLHULX GDU XOWHULRU GDWRULWă PXWăULL IDPLOLHL vQ 5HJKLQ vúL FRQWLQXă VWXGLLOH vQ RUDú DEVRO YLQG FXUVXULOH /LFHXOXL QU &X VSULMLQXO SăULQĠLORU vúL XUPHD]ă YL

'RFWRUXO /LYLX 0RUDUX V D PXWDW SULQWUH LQJHUL

VXO úL VWXGLD]ă PHGLFLQD JHQHUDOă vQ FDGUXO 8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPDFLH GLQ 7kUJX 0XUHú )DFXO WDWHD GH 0HGLFLQă SH FDUH D DEVROYLW R FX EULR vQ ÌQ SDUDOHO FX IRU PDUHD SURIHVLRQDOă vúL GHVIăúRDUă SDVLXQHD SHQWUX ]ERU GRPHQLX vQ FDUH D REĠLQXW FKLDU úL XQ EUHYHW GH SLORW GH DYLDĠLH VSRUWLYă ÌQ SHULRD GD IDFXOWăĠLL R FXQRDúWH SH VWXGHQWD (PLOLD FDUH VWXGLD )DUPDFLD FX FDUH V D FăVăWRULW vQ DQXO ÌQ WLPSXO IUXPRúLORU DQL GH VWXGHQĠLH SHWUHFXĠL vPSUHXQă FX LXELWD OXL (PLOLD vúL DUDWă vQFOLQDĠLLOH VSUH DUWă úL FXOWXUă SULQ LPSOLFDUHD vQ FHUFXULOH VWXGHQĠHúWL GH OLWHUDWXUă SUR]ă úL SRH]LH PX]LFă DWkW FD SUR FHV FUHDWRU SXEOLFkQG QDUDĠLXQH úL YHUVXUL SURSULL vQ UHYLVWD XQL YHUVLWăĠLL FkW úL FD SURPRYDUH D

)LLL GRFWRUXOXL úL VRĠLD (PLOLD OXkQGX úL UăPDV EXQ GH OD /LYLX 0RUDUX

YDORULORU FXOWXUDOH FRQVDFUDWH vQ UkQGXO FROHJLORU 'XSă FăVăWRULH D GHEXWDW DOăWXUL GH VRĠLD VD vQ FDULHUH SURIHVLRQDOH SULQ VWDJLDWXUD GH DQL vQ ORFDOLWDWHD 6XOLĠD GLQ MXGHĠXO %RWRúDQL SHULRDGă vQ FDUH VXQW ELQHFXYkQWDĠL GH 'XPQH]HX FX QDúWHUHD D GRL SUXQFL /LYLX úL 6LO YDQ ÌQ DFHDVWă SHULRDGă GRFWRUXO úL D IRUPDW XQ QRX XQLYHUV DUWLV WLF SULQ LQLĠLHUHD úL SHUIHFĠLRQDUHD VD vQ DUWD IRWRJUD¿Fă 8UPHD]ă R DOWă SHULRDGă GH DQL vQ FDUH /LYLX 0RUDUX XUPHD]ă VSHFLDOL]DUHD vQ GRPHQLXO FKLUXUJLHL JHQHUDOH vQ &OXM 1DSRFD SHULRDGă vQ FDUH ID PLOLD 0RUDUX HVWH ELQHFXYkQWDWă FX FHO GH DO WUHLOHD FRSLO /XFLDQ 'XSă REĠLQHUHD WLWOXOXL GH PHGLF VSHFLDOLVW vQ FKLUXUJLH JHQHUDOă /LYLX D SURIHVDW vQ $EUXG SkQă

vQ FkQG V D VWDELOLW FX ID PLOLD vQ 5HJKLQ XQGH úL D FRQ WLQXDW DFWLYLWDWHD SURIHVLRQDOă vQ FDGUXO 6SLWDOXOXL 2UăúHQHVF úL vQ 3ROLFOLQLFă SHULRDGă vQ FDUH vúL H[WLQGH FRPSHWHQĠD SURIHVLRQDOă úL vQ FKLUXUJLD SODVWLFă /D VFXUW WLPS XQ DFFLGHQW UXWLHU vQVă L D PDUFDW H[LVWHQĠD OLPLWkQGX L FD SDFLWDWHD GH GHSODVDUH LDU XOWHULRU R ERDOă FURQLFă L D OXDW úL SRVLELOL WDWHD H[SULPăULL YHUEDOH &X IDPLOLD DOăWXUL SULQ FUHGLQĠă úL FX R GHWHU PLQDUH LHúLWă GLQ FRPXQ D WUHFXW SHVWH WRDWH vQFHUFăULOH úL D OXDW YLDĠD vQ SLHSW DVXPkQGX úL VXIHULQĠD IăUă Vă YHUVH R ODFULPă /LYLX 0RUDUX úL D vPSOLQLW URVWXO PHQLULL VDOH SăPkQWHúWL D IRVW XQ PRGHO SHQWUX WRĠL FDUH O DX FXQRVFXW

ùWHIDQ %580$5

63257

%& 1RYD 9LWD ULGLFXOL]DWă SH WHUHQ SURSULX ùWLUL LQWHUHVDQWH (FKLSD IHPLQLQă GH EDVFKHW %& 1RYD 9LWD 7kUJX 0XUHú D IRVW ]GURELWă SH WHUHQ SURSULX GH ,&,0 $UDG VFRU vQWU XQ PHFL MXFDW PLHUFXUL vQ FDGUXO HWDSHL D ,9 D D /LJLL 1DĠLRQDOH GH %DVFKHW

(GLĠLH MXELOLDUă OD ³0HPRULDOXO $QWUHQRULORU´ &OXEXO 6SRUWLYÄ0XUHúXO´ 7kUJX 0XUHú FX VSULMLQXO 'LUHFĠLHL -XGHĠHQH SHQWUX 6SRUW úL 7LQHUHW 0XUHú RUJDQL]HD]ă FHD GH D ;; D HGLĠLH MXELOLDUă D FRPSHWLĠLHL GH OXSWH OLEH UH Ä0HPRULDOXO $QWUHQRULORU´ &RPSHWLĠLD HVWH GHGLFDWă PHPRULHL DQWUHQRULORU PXUH úHQL *\|UJ\ ,VWYiQ %DNy *\|UJ\ 6LPRQ /iV]Oy %HQHGHN /HYHQWH úL ,RDQRYLFL 7LERU úL VH YD GLVSXWD GXPLQLFă RFWRPEULH vQ 6DOD 6SRUWXULORU GLQ 7kUJX 0XUHú FX vQFH SHUH GH OD RUD (VWH DQXQĠDWă R SDU WLFLSDUH PDVLYă ¿ LQG LQYLWDĠL VSRUWLYL GH OD SHVWH FOXEXUL GLQ ĠDUă ,QWUDUHD HVWH JUDWXLWă 0 9

6WDUW GH]DVWUXRV 6RDUWD SDUWLGHL D IRVW GHFLVă vQFă GLQ SULPHOH PLQXWH FkQG PXUHúHQFHOH DX MXFDW IăUă YODJă úL RUL]RQW UHXúLQG Vă vQVFULH SULPHOH SXQFWH DELD VSUH VIkUúLWXO SULPXOXL VIHUW vQ SHQXOWLPXO PLQXW úL DFHVWHD GH OD OLQLD GH OLEHUH OD VFRUXO GH 6IHUWXO V D vQFKHLDW FX XQ GH]DUPDQW &HO VHFXQG D DYXW DFHHDúL GHVIăúXUDUH FX H[FHSĠLD IDSWXOXL Fă SULPXO FRú D IRVW vQVFULV GH PXUHúHQFH FX XQ PLQXW PDL GHYUHPH úL $OH[LD $GDPV D UHXúLW DSRL XQXO GH WUHL SXQFWH VLQJXUXO DO HFKLSHL /D SDX]ă HUD VFRU SH FDUH úL R HFKLSă GH MXQLRDUH O DU ¿ UHXúLW

*DORS GH VăQăWDWH ,&,0 D PDL UHGXV PRWRDUHOH vQ VIHUWXO WUHL úL D SHUPLV PXUHúHQFHORU Vă PHQĠLQă GLIHUHQĠD úL DúD FRQVLGHUDELOă SHQ WUX DUăGHQFH 8OWLPXO VIHUW D GHFXUV OD IHO FD úL SULPHOH GRXă úL D IRVW FkúWLJDW FX GH FăWUH RDVSHWH $VWIHO ¿ QDOD PLFă D FDPSLRQDWXOXL WUHFXW D GHYHQLW XQ JDORS GH VăQăWDWH SHQWUX HFKLSD PDL ELQH vQFKHJDWă FDUH D GDW R DGHYăUDWă OHFĠLH vQ VSHFLDO OD PRGXO FXP VH IDFH ID]D GHIHQVLYă 3HQWUX 1RYD 9LWD DX HYROXDW +LOOLDUG SXQFWH UHFXSHUăUL R SDVă GHFLVLYă -RKQVRQ SXQFWH UHFXSHUăUL $ODLED SXQF WH UHFXSHUăUL R SDVă GHFLVLYă $GDPV SXQFWH UHFXSHUăUL 0LKDL SXQFWH UHFXSHUăUL SDVH GHFLVLYH :DONHU SXQFWH UHFXSHUăUL R SDVă GHFLVLYă 0DFNH\ UHFXSHUăUL úL 5LJJV R UHFXSHUDUH 'H OD ,&,0 *LYHQV D vQVFULV SXQFWH 5LVSHU

-XQLRDUHOH ODQVHD]ă GLQ QRX

)LQDOD SHQWUX EURQ] D GHYHQLW OHFĠLH GH EDVFKHW SHQWUX PXUHúHQFH

0HUFHD 0LORYDQRYLF %DUWHH /DSODQWH %URVRYV]NL úL & &XWDú FkWH :LUWK úL &UăFLXQ FkWH

&RGDúH vQ FODVDPHQW %& 1RYD 9LWD RFXSă GXSă SDWUX HWDSH XOWLPXO ORF úL YD vQWkOQL GXPLQLFă RFWRPEULH GH OD RUD vQ 6DOD )RUH[ GLQ %UDúRY IRUPDĠLD ORFDOă 2OLPSLD RFXSDQWD ORFXOXL 9, vQ FODVDPHQW 0LKDL 9(5(ù

3URLHFWXO Ä)&0 3ULPDYHUD´ SDV VSUH SURIHVLRQLVP &RQGXFHUHD FOXEXOXL GH IRWEDO )& 0X QLFLSDO 7kUJX 0XUHú D LQLĠLDW XQ SURLHFW vQGUă]QHĠ FDUH SULYHúWH FRQVWLWXLUHD XQHL JUXSH QXPLWă Ä)&0 3ULPDYHUD´ vQ FDUH YRU LQWUD GH MXQLRUL QăVFXĠL vQWUH úL $FHúWLD VXQW UHFRPDQGDĠL GH FăWUH DQWUHQRULL JUXSHORU GLQ FDGUXO FOXEXOXL FDUH DX vQ SUHJăWLUH MXFăWRUL GH OD DFHVWH FDWHJRULL

&RQGLĠLL RSWLPH 5HVSRQVDELO FRRUGRQDWRU DO ORWXOXL YD ¿ IRVWXO MXFăWRU DO $6$ XOXL 6]RORVL /DGLVODX GDU vQ SURLHFW VH DUH vQ YHGHUH FRRSWDUHD PDL PXOWRU IRúWL MXFăWRUL DL HFKLSHL FDUH D IRVW FkQGYD HPEOHPD RUDúXOXL Ä(VWH SăFDW Vă QX SUR¿ WăP GH FRQGLĠLLOH RSWLPH SH FDUH OH DX MXFăWRULL GLQ FDGUXO FOXEXOXL 3DVXO GH OD MXQLRUL OD VHQLRUL HVWH GL¿ FLO úL WUHEXLH IăFXW FX SURIHVLRQDOLVP 3HQWUX VWLPXODUHD YDORULORU ORFDOH DYHP GHMD DFRUGXO PDL PXOWRU IRúWL MXFăWRUL ORFDOL FăURUD OH PXOĠXPHVF SHQWUX FRRSHUDUH 6XQW

)RVWXO MXFăWRU 6]RORVL /DGLVODX FRRUGRQDWRUXO JUXSHL Ä3ULPDYHUD´

FRQYLQV Fă FHQWUX YD GD FkW GH FXUkQG URDGH´ D GHFODUDW GLUHFWRUXO JHQHUDO DO FOXEXOXL $QWRQ +HOHúWHDQX

$QWUHQDPHQWH VXSOLPHQWDUH *UXSXO FHORU HVWH vQ PDUH SDUWH FRQ VWLWXLW PDMRULWDWHD DSDUĠLQkQG ORWXOXL MXQLRULORU $ 7RĠL FHL VHOHFWDĠL YRU WUHFH

SULQWU XQ WHVW FRQGXV GH FRRUGRQDWRUXO &HQWUXOXL GH &RSLL úL -XQLRUL DO FOXEX OXL $OH[DQGUX $QGUDúL FDUH YD ¿ úL DQ WUHQRUXO DFHVWXL ORW -XFăWRULL YRU DYHD XQ SURJUDP VXSOLPHQWDU GH SUHJăWLUH úL QX YRU ¿ DQJUHQDĠL vQ DOWH FRPSHWLĠLL vQ DIDUD FHORU GLQ FDGUXO JUXSHORU GLQ FDUH IDF SDUWH Ä9RU DYHD WUHL DQWUH QDPHQWH VXSOLPHQWDUH VăSWăPkQDO vQ FDUH QH YRP VWUăGXL Vă UHPHGLHP HYHQWXDOHOH GH¿ FLHQĠH ¿ ]LFH WHKQLFH LQFOXVLY vQ FHHD FH SULYHúWH FRPSRUWD PHQWXO ORU DWkW vQ WHUHQ FkW úL vQ DIDUD OXL FKLDU SH VWUDGă 9RU ¿ VHOHFWDĠL vQ IXQFĠLH GH FDOLWăĠL GDU SUHJăWLUHD OD FHOHODOWH FDSLWROH HVWH QHFHVDUă SHQ WUX D DMXQJH DGHYăUDĠL SURIHVLRQLúWL´ D SUHFL]DW 6]RORVL /DGLVODX 'LQ DFHVW ORW XQLL YRU DYHD RFD]LD Vă HIHFWXH]H SUHJăWLULOH FX SULPD HFKLSă OXFUX FDUH VH SHWUHFH GHMD vQ FD]XO XQRUD FXP DU ¿ 6ăODJKLH .LQF]HO VDX 3HWULú 0LKDL 9(5(ù

6kPEăWă RFWRPEULH DUHQD GH SRSLFH Ä(OHFWURPXUHú´ GLQ 7kUJX 0XUHú YD Jă]GXL vQFHSkQG FX RUHOH XQ QRX WXUQHX GLQ FDGUXO &DPSLRQDWXOXL 1DĠLRQDO GH SRSLFH UH]HUYDW MXQLRDUHORU (FKLSD PXUHúHDQă SUHJăWLWă GH 2URV] ,VWYDQ HVWH SULQFLSDOD IDYRULWă ¿ LQG GHĠLQăWRDUHD WLWOXOXL vQ XO WLPHOH GRXă HGLĠLL D FDPSLRQDWXOXL úL XOWL PD FkúWLJăWRDUH D &XSHL 5RPkQLHL 0 9

³0HGLFLQLVWHOH´ YL]LWDWH GH 'LQDPR ÌQ FDGUXO HWDSHL D GRXD D SULPHL GLYL]LL IHPL QLQH GH YROHL &68 0HGLFLQD &6ù 7kUJX 0XUHú SULPHúWH YL]LWD IRUPDĠLHL 'LQDPR 5RPSUHVW %XFXUHúWL XQD GLQWUH IDYRULWHOH OD SRGLXP úL vQ DFHDVWă HGLĠLH D FDPSLRQDWXOXL 0XUHúHQFHOH VXVĠLQ D GRXD SDUWLGă SH WHUHQ SURSULX GLQ DFWXDOD HGLĠLH GXSă YLFWRULD FX vQ IDĠD IRUPDĠLHL &60 /XJRM (FKLSD EXFXUHúWHDQă VH DÀ ă OD GHEXWXO vQ QRXD HGLĠLH GHRDUHFH SDUWLGD GLQ SULPD HWDSă FX 7RPLV &RQVWDQĠD D IRVW DPkQDWă SHQWUX GDWD GH RFWRPEULH 0 9

0HGDOLDWHOH ROLPSLFH OD 7kUJX 0XUHú 'RXă GLQWUH PHGDOLDWHOH OD MXGR vQ DFHDVWă YDUă OD -RFXULOH 2OLPSLFH GH OD /RQGUD $OLQD 'XPLWUX úL &RULQD &ăSULRUX YRU IL SUH]HQWH vQ FDOLWDWH GH LQYLWDWH GH RQRDUH VkPEăWă RFWRPE ULH vQ 6DOD 6SRUWXULORU GLQ 7kUJX 0XUHú $LFL VH YD GLVSXWD vQFHSkQG FX RUD &XSD 0XUHúXO &,6 *D] HGLĠLD D GRXD RUJDQL]DWă GH FOXEXO Ä6DPXUDLL )ORULL GH &LUHú´ 9RLQLFHQL &RPSHWLĠLD YD IL XQD GH PDUH LQWHUHV ILLQG DQXQĠDWă SUH]HQĠD D SHVWH GH VSRUWLYL IDĠă GH FHL FkW VH SUHFRQL]D LQLĠLDO 0 9

$'0,1,675$ğ,( RFWRPEULH

ùWLUL

LQWHUHVDQWH &16 GHQXQĠ vPSRWULYD 3DUODPHQWXOXL 5HSUH]HQWDQĠLL &RQVLOLXOXL 1DĠLRQDO 6HFXLHVF &16 DX vQUHJLVWUDW LHUL OD 3DUFKHWXO GH SH OkQJă &XUWHD GH $SHO %XFXUHúWL R SOkQJHUH SHQDOă vPSRWULYD SUHúHGLQWHOXL &RQVLOLXOXL /HJLVODWLY DO 3DUODPHQ WXOXL 5RPkQLHL 'UDJRú ,OLHVFX SHQWUX IDOV LQWHOHF WXDO úL X] GH IDOV ³$P vQDLQWDW DVWă]L MRL Q U XQ GHQXQĠ OD 3DUFKHWXO GH SH OkQJă &XUWHD GH $SHO %XFXUHúWL VROLFLWkQG GHFODQúDUHD XUPăULULL SHQDOH vPSRWULYD GRPQXOXL GRFWRU 'UDJRú ,OLHVFX SHQWUX VăYkUúLUHD LQIUDFĠLXQLORU GH IDOV LQWHOHFWXDO úL X] GH IDOV 0RWLYXO DFHVWHL SOkQJHUL SHQDOH HVWH DFHOD Fă DYL]XO QHJDWLY VHPQDW GH GRPQXO 'UDJRú ,OLHV FX SULYLQG SURSXQHUHD OHJLVODWLYă UHIHULWRDUH OD 6WDWXWXO GH $XWRQRPLH DO ğLQXWXOXL 6HFXLHVF DGXFH SULQWUH DUJXPHQWH SULQFLSDOH QHJDUHD H[FOXGHUHD GUHSWXULORU FROHFWLYH DOH PLQRULWăĠLORU QDĠLRQDOH vQ GUHSWXO LQWHUQDĠLRQDO´ D GHFODUDW ,]VDN %DOD]V SUHúHGLQWHOH &16 FLWDW GH $JHUSUHV 6 7

)ăUă LQYLWDĠLL OD )&0 %LOHWHOH GH LQWUDUH OD SDUWLGD GLQ /LJD ,, GH IRWEDO GLQWUH )& 0XQLFLSDO 7kUJX 0XUHú úL 9RLQĠD 6L ELX VH SXQ vQ YkQ]DUH YLQHUL OD FDVHOH VWDGLRQX OXL 7UDQV 6LO $FHVWHD YRU DYHD SUHĠ XQLF YDORDUHD XQXL WLFKHW ¿ LQG GH OHL ÌQFHSkQG FX DFHDVWă HWDSă QX VH YRU PDL HOLEHUD LQYLWDĠLL WRĠL DPDWR ULL ¿ LQG REOLJDĠL Vă úL SURFXUH ELOHWXO GH LQWUDUH $FHúWLD VXQW vQVă LQYLWDĠL Vă SăVWUH]H WLFKHWHOH GHRDUHFH vQ SDX]D PHFLXOXL SULQ WUDJHUH OD VRUĠL YRU ¿ GHVHPQDĠL GRL FkúWLJăWRUL FDUH YRU SX WHD VHUYL PDVD OD XQ UHVWDXUDQW vPSUHXQă FX XQ MXFăWRU VDX XQ PHPEUX GLQ FRQGXFHUH GHVHPQDW GH FkúWLJăWRUXO SUHPLXOXL 0 9

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 ´

/RNRGL UHJUHWă QHIRORVLUHD OLPELL PDJKLDUH vQ &DúD úL FUHG Fă YRL GHYHQL XQ SLF PDL KRWăUkWă vQ vQFHUFDUHD GH D IRORVL OLP ED PDJKLDUă vQ WLPSXO úHGLQĠHORU´ D SUHFL]DW /RNRGL

9LFHSUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú /RNRGL (GLWD (PRNH SUH]HQWă LHUL OD GH]EDWHDUHD FX WHPD Ä3UDFWLFD ELOLQJYLVPXOXL vQ VLVWHPXO XQLYHUVLWDU VXSHULRU´ úL D H[SULPDW UHJUHWXO Fă vQ XOWLPLL DQL UHSUH]HQWDQĠLL 8'05 DX ÄOăVDW R PDL PRDOH´ vQ FHHD FH SULYHúWH IRORVLUHD OLPEL PDJKLDUH vQ FDGUXO úHGLQĠHORU GH &-

Ä$U WUHEXL Vă PHUJHP VSUH QRUPDO´

/LPEDM GH ÄJRVSRGLQă´ YV OLPEDMXO DGPLQLVWUDWLY Ä7LPS GH RSW DQL vQ &RQVLOLXO -XGH ĠHDQ FX WRDWH Fă OHJHD SHUPLWHD Vă IRORVLP OLPED PDJKLDUă SHQWUX R HFRQRPLH SHQWUX Fă WUDGXFăWRUXO FD UH VWă OD ¿ HFDUH úHGXLQĠă FX GR WDUHD UHVSHFWLYă HVWH GHVWXO GH FRVWLVLWRU QH DP vQĠHOHV Vă ĠLQHP úHGLQĠHOH GRDU vQ OLPED URPkQă 3RDWH Fă D IRVW R JUHúHDOă SRDWH Fă SULQ DVWD QX DP IăFXW QLPLF FD OXPHD Vă VH RELúQXLDVFă Fă HVWH QRUPDO Vă VH YRUEHDVFă úL XQJXUHúWH vQ WLPSXO úHGLQĠHORU &RQ VLOLXOXL -XGHĠHDQ 7XWXURU FROHJLORU OH HUD IRDUWH JUHX Vă YRUEHDVFă vQ OLP EDM DGPLQLVWUDWLY vQ OLPED PDJKLDUă SHQWUX Fă QRL QX DYHP FXQRúWLQĠH MXULGLFH vQ OLPED PDJKLDUă $P IăFXW IDFXOWăĠLOH vQ OLPED URPkQă QX DYHP

FXQRúWLQĠH ¿ QDQFLDUH úL DGPLQLVWUD WLYH úL YRUEHDP RDUHFXP vQWU R OLPEă X]XDOă GH ÄJRVSRGLQă´ QLFLGHFXP XQD SURIHVLRQDOă 0L DP GDW VHDPD Fă D IRVW R JUHúHDOă HYHQWXDO WUHEXLD Vă QH SUHJăWLP vQ FHHD FH SULYHúWH OLPEDMXO DGPLQLVWUDWLY úL HFRQRPLF 1X YUHDX Vă VSXQ Fă VXQW XQ SROLWL FLDQ YLDĠD P D IăFXW Vă ¿ X XQ SROLWL FLDQ úL QX vPL SODFH Vă Pă LQWLWXOH]

/,&,7$ğ,( $HURFOXEXO 5RPkQLHL FX VHGLXO vQ %XFXUHúWL VHFWRU % GXO /DVFDU &DWDUJLX QU RUJDQL]HD]ă OLFLWDĠLH SXEOLFă GHVFKLVă SHQWUX vQFKLULHUHD XQRU VSDĠLL vQ LQ FLQWD $ 7 7J 0XUHú 6 PS úL 6 PS 6SDĠLLOH VXQW DPSODVDWH vQ 0XQLFLSLXO 7J 0XUHú -XGHĠXO 0XUHú VWU /LEHUWăĠLL QU úL 6SDĠLLOH VH YRU vQFKLULD SHQWUX DFWLYLWDWH GH ELURXUL SHQWUX R SHULRDGă GH DQL &DLHWXO GH VDUFLQL VH SRDWH DFKL]LĠLRQD GH OD VHGLXO $5 VDX VHGLXO $ 7 7J 0XUHú 'DWD OLPLWă SHQWUX GHSXQH UHD RIHUWHORU HVWH RUD OD VHGLXO $5 'DWD GH GHVFKLGHUH D RIHUWHORU HVWH RUD 7HO &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

5HIHULWRU OD WHPD GH]EDWHULL RUJDQL ]DWH GH /LJD 3UR (XURSD /RNRGL úL D H[SULPDW VSHUDQĠD Fă OXFUXULOH YRU PHUJH SH FDOHD FHD EXQă vQ VSHFLDO vQ FD]XO 80) XOXL XQXO GLQWUH SXQF WHOH GLVFXWDWH vQ GH]EDWHUHD Jă]GXLWă GH +RWHOXO &RQWLQHQWDO Ä'DFă DP DGRUPLW vQ FHHD FH SULYHúWH IRORVLUHD OLPELORU vQ DFHVW MXGHĠ WUHEXLH Vă QH WUH]LP DVSHFW vQ FDUH DYHP IRDUWH PXOW GH OXFUX ÌQ FHHD FH SULYHúWH PHGLXO XQLYHUVLWDU HVWH ELQHYHQLW Vă GLVFXWăP GHVSUH 80) DVWIHO Fă DFHVWH SUREOHPH vúL YRU JăVL R UH]ROYDUH úL DU ¿ IRDUWH IUXPRV FD vQ FDGUXO DXWRQR PLHL XQLYHUVLWDUH Vă VH IDFă DFHVW OX FUX SROLWLFXO Vă VSULMLQH DWkW FkW HVWH QHFHVDU GDU vQ UHVW DU WUHEXL Vă PHU JHP FăWUH QRUPDO úL QX SULQ WHQGLQĠH GH D DUăWD FLQH HVWH PDL SXWHUQLF úL FLQH SRDWH PDL PXOW´ D SUHFL]DW YLFHSUHúHGLQWHOH &- 0XUHú $OLQ =$+$5,(

Ä7(*/$ù $1,&$ WLWXODUXO SODQXOXL 3ODQ 8UEDQLVWLF =RQDO ± FDUH FUHHD]ă FDGUX SHQWUX &RQVWUXLUHD XQXL DQVDPEOX UH]LGHQĠLDO QRX SH DPSODVDPHQWXO GLQ ORF 7vUJX 0XUHú VWU 9RLQLFHQLORU MXG 0XUHú DQXQĠă SXEOLFXO LQWHUHVDW Fă vQ úHGLQĠD &RPLWHWXOXL 6SH FLDO &RQVWLWXLW FH D DYXW ORF OD $30 0XUHú vQ GDWD GH V D GHFLV Fă SODQXO QX DUH HIHFWH VHPQL¿ FDWLYH DVXSUD PHGLXOXL SULQ XUPDUH QX HVWH QHFHVDUă HIHFWXDUHD UDSRUWXOXL GH PHGLX 3ODQXO XUPHD]ă Vă ¿ H VXSXV SURFHGXULL GH DGRSWDUH IăUă DYL] GH PHGLX 'RFXPHQWDĠLD FDUH D VWDW OD ED]D GHFL]LHL SRDWH ¿ FRQVXOWDWă OD VHGLXO $JHQĠLHL SHQWUX 3URWHFĠLD 0HGLXOXL 0XUHú VWU 3RGHQL QU ]LOQLF vQ ]LOHOH GH OXQL MRL vQ WUH RUHOH úL YLQHUL vQWUH RUHOH ± 2EVHUYDĠLLOH MXVWL¿ FDWH DOH SXEOLFXOXL SHQWUX UHFRQ VLGHUDUHD GHFL]LLORU OXDWH FD XUPDUH D SDUFXUJHULL HWD SHL GH vQFDGUDUH VH SULPHVF ]LOQLF OD VHGLXO $JHQĠLHL SHQWUX 3URWHFĠLD 0HGLXOXL 0XUHú vQ WHUPHQ GH ]LOH FDOHQGDULVWLFH GH OD GDWD SXEOLFăULL DQXQĠXOXL WHO ´

(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

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

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

6Ă1Ă7$7(

ùWLUL

6SLWDOHOH UăPkQ IăUă EDQL SHQWUX DFWLYLWDWHD PHGLFDOă

LQWHUHVDQWH &XUVXUL ,7 SHQWUX QHYă]ăWRUL

6SLWDOHOH PXUHúHQH vQFHS Vă vQWkPSLQH JUHXWăĠL GLQ OLSVD ¿ QDQĠăULL GLQ SDUWHD &DVHL GH $VLJXUăUL GH 6ăQăWDWH 3ULPXO VSLWDO GLQ MXGHĠ DIHFWDW HVWH 6SLWDOXO 0XQLFLSDO Ä'U (X JHQ 1LFRDUă´ 5HJKLQ 5HSUH]HQWDQĠLL &DVHL -XGHĠHQH GH $VLJXUăUL GH 6ăQăWDWH &-$6 0XUHú VSHUă Fă YRU SULPL EDQL vQ XUPD UHFWL¿ FăULL GLQ GDWD GH RFWRPEULH

6DODULL DIHFWDWH OD VSLWDOXO GLQ 5HJKLQ Ä3ULQFLSDOD SUREOHPă HVWH Fă HSXL]ăP FRQ WUDFWXO vQFKHLDW OD vQFHSXWXO DQXOXL FX &DVD GH $VLJXUăUL úL vQFHUFăP Vă JăVLP VROXĠLL /D RUD DFWXDOă QX HVWH HSXL]DW FRQWUDFWXO GDU FH PDL DYHP FRQWUDFWDW SH VHPHVWUXO ,9 HVWH R VXPă IRDUWH PLFă FDUH QX QH DMXQJH 3UDFWLF vQ QRLHPEULH SH RFWRPEULH QX YRP SXWHD DFR SHUL VDODULLOH´ D GHFODUDW GU ,XOLX 0ROGRYDQ PDQDJHUXO 6SLWDOXOXL 0XQLFLSDO Ä'U (XJHQ 1LFRDUă´ 5HJKLQ

6SHUDQĠH OD UHFWL¿ FDUHD EXJHWDUă 5HSUH]HQWDQĠLL &-$6 0XUHú VXVĠLQ Fă DFHVWD HVWH SULPXO VSLWDO GLQ MXGHĠ FDUH vQWkPSLQă GHMD SUREOHPH FX ¿ QDQĠDUHD SHQWUX VDODULL úL DFKL]LĠLD GH PDWHULDOH VDQLWDUH úL PHGL FDPHQWH vQVă úL UHVWXO GH XQLWăĠL YRU DYHD JUHXWăĠL GLQ D GRXD SDUWH D OXQLL GDFă QX YRU ¿ DORFDWH IRQGXUL OD UHFWL¿ FDUHD GLQ GDWD GH RFWRPEULH

3HUVRQDOXO PHGLFDO úL DFWLYLWDWHD PHGLFDOă YRU DYHD GH VXIHULW GLQ OLSVD ¿ QDQĠăULL

Ä$úWHSWăP UHFWL¿ FDUHD EXJHWDUă DQXQĠDWă SH GDWD GH RFWRPEULH 'H OD MXPăWDWHD OXQLL RFWRPEULH VXQW VSL WDOH FDUH VH FRQIUXQWă FX DQXPLWH SUREOHPH SULYLQG ¿ QDQĠDUHD 6SLWDOXO GLQ 5HJKLQ HVWH SULPXO VSLWDO FDUH VH FRQIUXQWă FX DFHVWH SUREOHPH GH OD vQFHSXWXO OXQLL RFWRPEULH &HOHODOWH GLQ D GRXD SDUWH D OXQLL RFWRPEULH GDU SUREDELO Fă SULQ DFHDVWă UHFWL¿ FDUH FDUH VH DQXQĠă DFXP YRP UHXúL Vă DFRSHULP VHU YLFLLOH SH WULPHVWUXO ,9´ D SUHFL]DW GU $QFD )ORUHD GLUHFWRU H[HFXWLY 'LUHFĠLD 5HODĠLL &RQ WUDFWXDOH &-$6 0XUHú

1HYRLH GH ¿ QDQĠDUH úL OD 6SLWDOXO GH 8UJHQĠă 5HSUH]HQWDQĠLL LQVWLWXĠLHL VSXQ Fă HVWH

RFWRPEULH =LXD ,QWHUQDĠLRQDOă D 1HYă]ăWRULORU

1HYă]ăWRULL VH vQWUHF OD XQ FRQFXUV OLWHUDU -XGHĠXO 0XUHú YD ¿ JD]GD SH ĠDUă D ¿ QDOHL D GRXă FRQFXUVXUL OLWHUDUH Ä3H PHULGLD QHOH OXPLL´ úL ÄùL LPDJLQHD WD FRQWHD]ă´ HYHQLPHQW FDUH YD PDUFD vQ DFHVW DQ =LXD ,QWHUQDĠLRQDOă D 1HYă]ăWRULORU QXPLWă úL =LXD %DVWRQXOXL $OE 9RP RUJDQL]D ¿ QDOD SH ĠDUă D GRXă FRQ FXUVXUL OLWHUDUH Ä3H PHULGLDQHOH OXPLL´ FX FXOWXUă JHQHUDOă úL XQXO UH]HUYDW GRDP QHORU ÄùL LPDJLQHD WD FRQWHD]ă´ FX SUREH DWkW GLQ FHHD FH DX SUHJăWLW PDWHULDOXO SURSULX ]LV FkW úL SUREH SUDFWLFH 9RU ¿ FkWH ]HFH FRQFXUHQĠL OD ¿ HFDUH SUREă GLQ vQWUHDJD ĠDUă´ D GHFODUDW 0LKDLO 0RUDU SUHúHGLQWHOH $VRFLDĠLHL 1HYă]ăWRULORU GLQ 5RPkQLD ¿ OLDOD 0XUHú (YHQLPHQWXO YD DYHD ORF vQ GDWD GH RF WRPEULH OD +RWHO (YHUHVW vQFHSkQG FX RUD 9RU ¿ SUH]HQĠL PHPEULL D ¿ OLDOH GLQ ĠDUă LDU FkúWLJăWRULL YRU SULPL SUHPLL vQ RELHFWH úL EDQL

1HYă]ăWRULL EXQL DQJDMDĠL /D QLYHOXO MXGHĠXOXL 0XUHú vQ HYLGHQĠD $VRFLDĠLHL 1HYă]ăWRULORU H[LVWă GH SHUVRDQH FX KDQGLFDS VHQ]RULDO 0DUH SDUWH GLQWUH HL VXQW úL DQJDMDĠL ÄùL FHL FX FD] JUDY SRW SUHVWD VHUYLFLL úL H[LVWă vQ MXGHĠ GRXă DWHOLHUH GH FRQIHFĠLRQHU DPEDODMH GLQ FDUWRQ OD 5HJKLQ úL OD 7kUJX 0XUHú XQGH OXFUHD]ă QHYă]ăWRUL FKLDU úL FHL FX FHFL WDWH DEVROXWă ([LVWă PDVHXUL vQ FOLQLFL úL SROLFOLQLFL FDUH DX UHXúLW Vă VH LQWHJUH]H ELQH $YHP XQ QHYă]ăWRU OD 7kUQăYHQL FDUH OXFUHD]ă SH FDOFXODWRU XQ IHO GH VHFUHWDU ([LVWă DFHO VRIW FDUH VH SXQH SH FDOFXODWRU

úL FX FDUH QHYă]ăWRUXO SRDWH Vă OXFUH]H Vă RSHUH]H SH FDOFXODWRU´ D H[SOLFDW 0RUDU 3UHYHGHULOH OHJLVODWLYH SULYLQG SHUVRDQHOH QHYă]ăWRDUH QX VXQW UHVSHFWDWH vQ WRWDOL WDWH ÄÌQ JHQHUDO EHQH¿ FLLOH OHJLVODWLYH SHQ WUX SHUVRDQHOH FX KDQGLFDS VHQ]RULDO VH DSOLFă =LF vQ JHQHUDO SHQWUX Fă VXQW XQHOH FDUH vQWU DGHYăU QX VH DSOLFă 'H H[HPSOX VHPDIRUL]DUHD OD WRDWH VHPDIRDUHOH GLQ MXGHĠ 1X VXQW GRWDWH FX XQ VHPQDO VRQRU úL H[LVWă R SUHYHGHUH vQ OHJLVODĠLH /HJHD ´ D PDL VSXV SUHúHGLQWHOH $VRFLDĠLHL 1HYă]ăWRULORU 5RPkQLD ¿ OLDOD 0XUHú

=LXD 1HYă]ăWRULORU VăUEăWRULWă SH vQWUHJXO PDSDPRQG $QXDO SH GDWD GH RFWRPEULH HVWH VăUEă WRULWă =LXD ,QWHUQDĠLRQDOă D 1HYă]ăWRULORU GHQXPLWă úL =LXD EDVWRQXOXL DOE $FHDVWă ]L D IRVW LQVWLWXLWă GH 2UJDQL]DĠLD (XURSHDQă SHQWUX %XQăVWDUHD 1HYă]ă WRULORU vQ DQXO OD 9DUúRYLD 'DWD GH RFWRP EULH D IRVW SURFODPDWă =LXD %DVWRQXOXL DOE GH FăWUH SUHúHGLQWHOH 68$ /\QGRQ % -RKQVRQ OD RFWRPEULH 8OWHULRU DFHVW HYHQL PHQW D FăSăWDW XQ FDUDFWHU LQWHUQDĠLRQDO ]LXD ¿ LQG VăUEăWRULWă SH vQWUHJXO PDSDPRQG $ULQD 02/'29$1

QHFHVDUă R VXSOLPHQWDUH GH PLOLRDQH OHL SHQWUX ¿ QDOL]DUHD vQ EXQH FRQGLĠLL D DFWX OXL PHGLFDO SkQă OD VIkUúLWXO DQXOXL Ä'LQ FRQWUDFWXO FX &DVD SHQWUX D QH ¿ QDOL]D DF WLYLWDWHD SH DQXO DYHP QHYRLH GH PLOLRDQH OHL VXQW SUHYă]XĠL PLOLRDQH GH OHL úL DP PDL DYHD QHYRLH GH R VXSOLPHQWDUH GH PLOLRDQH OHL 'DFă DFHDVWă VXSOLPHQ WDUH QH YLQH QX DP DYHD QLFLR SUREOHPă vQ DVLJXUDUHD DFWLYLWăĠLL PHGLFDOH FXUHQWH 9RUELP GH WRDWH FKHOWXLHOLOH VDODULL PD WHULDOH VDQLWDUH PHGLFDPHQWH XWLOLWăĠL ÌQ PRPHQWXO GH IDĠă QX DYHP R SUREOHPă GDU GDFă vQ SHULRDGD XUPăWRDUH &DVD QX QH IDFH DFHDVWă VXSOLPHQWDUH YD ¿ GHVWXO GH GL¿ FLO Vă QH GHVFXUFăP´ D SUHFL]DW /DYLQLD &RVPD SXUWăWRUXO GH FXYkQW DO 6SLWDOXOXL &OLQLF -XGHĠHDQ GH 8UJHQĠă 7kUJX 0XUHú

$ULQD 02/'29$1

8Q QXPăU GH SHUVRDQH FX KDQGL FDS GLQ MXGHĠXO 0XUHú YRU EHQH¿ FLD vQ DFHDVWă OXQă GH XQ FXUV GH LQLĠLHUH vQ WDLQHOH FDOFXODWRUXOXL Ä/XQD DFHDV WD VH YD RUJDQL]D XQ FXUV SHQ WUX SHUVRDQH QHYă]ăWRDUH LQLĠLHUH GH RSHUDUH SH FDOFXODWRU LDU OD QLYHO QDĠLRQDO XQ DOW FXUV RQOLQH SHQWUX FHL FDUH DX GHMD R DQXPLWă GH[WHUL WDWH SUHJăWLUH vQ RSHUDUHD SH FDO FXODWRU´ D GHFODUDW 0LKDLO 0RUDU SUHúHGLQWHOH $VRFLDĠLHL 1HYă]ăWRULORU 5RPkQLD ¿ OLDOD 0XUHú &XUVXULOH VH RUJDQL]HD]ă vQ FDGUXO XQXL SURJUDP FX ¿ QDQĠDUH HXURSHDQă $ 0

³5RFNWREHU )HVW´ SH PDOXO 0XUHúXOXL ÌQ SHULRDGD RFWRPEULH PD OXO 0XUHúXOXL ]RQD 6|USDWLND YD Jă]GXL IHVWLYDOXO ³5RFNWREHU )HVW´ )HVWLYDOXO HVWH XQXO LQWHUQDĠLRQDO FDUH DGXQă JHQXUL SUHFXP KDUG URFN KHDY\ PHWDO WUDVK PHWDO FX IRU PDWLL UHQXPLWH GLQ 8QJDULD FXP DU ¿ $NHOD 2PHQ .DODSDFV -R]VHI %ORRG\ 5RRWV 5HPRUVH GDU úL IRUPDĠLL GLQ 7kUJX 0XUHú &OXM 1D SRFD 5HJKLQ 0LHUFXUHD &LXF 2GRU KHLX 6HFXLHVF úL GLQ DOWH ]RQH DOH ĠăULL 3UHĠXO GH DFFHV HVWH GH OHL SH WUHL ]LOH úL OHL ]L $ =

&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

ùWLUL

LQWHUHVDQWH 6ăUEăWRDUHD 0ăUXOXL OD %DWRú 'XPLQLFă RFWRPEULH OD %DWRú YD DYHD ORF R QRXă HGLĠLH D 6ăUEăWRULL 0ăUXOXL HYHQL PHQW RUJDQL]DW GH 3ULPăULD úL &RQVLOLXO /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 DQVDPEOX ULOH IROFORULFH ORFDOH úL VROLúWL LQYLWDĠL ³'HV FKLGHUHD 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 GHV FKLGHUH UDSVR]L SRSXODUL GLQ ]RQă vQ IUXQWH FX 9LRULFD ùDQGUX úL )DQIDUD FDUH YD GD WRQXO VăUEăWRULL PăUXOXL GH OD %DWRú´ D GHFODUDW 'X PLWUX &RWRL SULPDUXO FRPXQHL %DWRú $ =

.HUHNHV .DURO\ vQJULMRUDW 'HSXWDWXO 8'05 .HUHNHV .DURO\ D GH FODUDW LHUL Fă SULQ GHFL]LD 3DUWLGXOXL 3RSXODU 0DJKLDU GLQ 7UDQVLOYDQLD 3307 GH D DYHD FDQGLGDĠL SURSULL V DU SXWHD vQWkPSOD FD QLFL XQ SDUWLG PDJKLDU Vă QX LQWUH vQ 3DUODPHQW ³6ă ¿ H FODU DFHVW OXFUX QX OL VH SRDWH LQWHU ]LFH Vă FDQGLGH]H Q U SHQWUX Fă SDUWLGHOH SHQWUX FH VH vQ¿ LQĠHD]ă" 3HQWUX D SDUWLFLSD OD DOHJHUL QX" 'DU DUH DFHDVWă SUREOHPă úL DOWă ODWXUă ÌQ FD]XO QRVWUX QX H FKLDU ELQH DFHDVWă VROXĠLH SHQWUX Fă V DU SXWHD vQWkP SOD FD QLFLXQ SDUWLG PDJKLDU VD QX LQWUH vQ 3DUODPHQW 'HFL SHULFOLWHD]ă GH IDSW SUH]HQĠD UHSUH]HQWăULL PLQRULWăĠLL PDJKLDUH vQ 3DUOD PHQWXO 5RPkQLHL´ D D¿ UPDW .HUHNHV .DURO\ FLWDW GH $JHUSUHV 6 7

,VWRULH ORFDOă )DEULFă GLQ VHFROXO DO ;9,, OHD FX Ä0LKăLĠă´ GHVFRSHULWă vQ &HWDWH 3UH]HQW OD HYHQLPHQWXO ³6HDUă GH SR YHVWH´ Jă]GXLW GH FDIHQHDXD %XOJD NRY 6RyV =ROWiQ GLUHFWRUXO 0X]HXOXL -XGHĠHDQ 0XUHú OH D YRUELW FHORU SUH]HQĠL úL GHVSUH FHUFHWăULOH DUKHRORJLFH FDUH DX ORF vQ &HWDWHD 0HGLHYDOă GLQ 7kUJX 0XUHú FHUFHWăUL FDUH DX VFRV OD LYHDOă úL XQ PRQXPHQW XQLFDW vQ 5RPkQLD

3ULPD SULPăULH D RUDúXOXL ÌQ FDGUXO HYHQLPHQWXOXL ³6HDUD GH SRYHVWH´ GLQ FDIHQHDXD %XOJDNRY GH PLHUFXUL VHDUă MXUQDOLVWD 6RULQD %RWD DXWRDUHD YROXPHORU ³3RYHúWLOH RUDúXOXL´ D YRUELW úL GHVSUH XQ DOW SURLHFW XQXO HGXFDĠLRQDO GH DFHDVWă GDWă ³,VWRULH vQ WHQLúL´ ³ÌPSUHXQă FX IUDWHOH PHX 9DVLOH %ăODú VXQWHP SH XOWLPD VXWă GH PHWUL FX XQ SURLHFW SULQ FDUH GRULP Vă OH DGXFHP FRSLLORU R LVWRULH D RUDúXOXL 3UDFWLF LVWRULD RUDúXOXL 7kUJX 0XUHú OH YD ¿ SRYHVWLWă FR SLLORU GH XQ SHUVRQDM vQWU XQ OLPEDM DJUHD ELO LQWHUDFWLY &DUWHD YD ¿ LOXVWUDWă $FHVW SHUVRQDM 0LKăLĠă OH SRYHVWHúWH GHVSUH RUDú LQWUkQG vQ FOăGLUL $ú YUHD FD 0LKăLĠă Vă LQWUH vQ FRQúWLLQĠD SXEOLFă D RUDúXOXL úL PDL DOHV D FRSLLORU FDUH Vă úL URDJH SăULQĠLL Vă OH FLWHDVFă GLQ FDUWH Vă úL GRUHDVFă Vă YDGă VDX Vă UHYDGă R DQXPLWă FOăGLUH 3URLHFWXO VH QXPHúWH ³,VWR ULH vQ WHQLúL´ 9UHDX Vă VFULHP úL GHVSUH DOWH ĠDUD H SOLQă úL SXWHP LHúL OD SHQVLH FX DFHVW SURLHFW´ D VSXV 6RULQD %RWD 9 &

³0LQWHD QX L XQ YDV FDUH WUHEXLH XPSOXW ZFL XQ IRF FDUH WUHEXLH vQWUHĠLQXW´ 3/87$5+

/D SLDĠă

$OH[ 727+

³&HWDWHD QH D SăVWUDW FkWHYD VXUSUL]H úL QRXă VSHFLDOLúWLORU FHD PDL PDUH VXUSUL]ă ¿ LQG JăVLUHD SULPHL SULPăULL D RUDúXOXL FDUH GDWHD]ă GLQ VHFROXO DO ;9,, OHD HVWH YHFKHD FOăGLUH D &HQWUX OXL GH UHFUXWDUH 1RL vQLĠLDO FUHGHDP Fă HVWH R FOăGLUH GLQ VHFROXO ;,; FRQWUXLWă GH DUPDWă úL Fă WUHEXLH Vă UHQRYăP R FOăGLUH GH VHFRO ;,; $YDQWDMXO QRVWUX HVWH Fă DYHP WLPS Vă QH MXFăP QH¿ LQG XQ SURLHFW HXURSHDQ FX WHUPHQ GH XQ DQ FDUH Vă ¿ H SUHGDW VXQW OXFUăUL FRPSOH[H IăFXWH XQ PXOWH HWDSH 7LPS GH GRLD DQL GH ]LOH QLFL QX DP IăFXW DOWFHYD GHFkW Vă ³GLVWUXJHP´ ]LOQLF FkWH XQ ]LGXOHĠ GH PRQWDP ¿ OH GLQ LVWRULH ùL SkQă OD XUPă DP DÀ DW Fă DFHDVWă FOăGLUH EDURFă WkU]LH HVWH GH IDSW FRPSXVă GLQ GRXă FOăGLUL RUăúHQHúWL GLQ VHFROXO DO ;9,, OHD FDUH DX IRVW XQLWH SULQWU XQ ]LG R IDĠDGă´ D SRYHVWLW 6RyV =ROWiQ

,QGLFLXO D IRVW JăVLUHD WHPQLĠHL RUDúXOXL ³&kQG DP vQFHSXW Vă FHUFHWăP úL IXQGDĠLD FOăGLULL DP GHVFRSHULW WHPQLĠD R JURDSă GH FLQFL PHWULL DGkQFLPH FX ]LGXUL GLQ FăUăPLGă ùWLDP Fă vQ RUDú VXQW IRDUWH PXOWH JURSL GH SURYL]LL GLQ VHFROXO DO ;9,, OHD GDU DFHVWHD QX VXQW PDL DGkQFL GH GRL PHWULL *URSLOH GH SURYL]LL VXQW IULJLGHUHOH DFHOXL VHFRO 3ULPăYDUD VXQW SOăWLĠL RDPHQL FDUH Vă WDLH FXEXUL PDUL GH JKHDĠă GH SH UkXO 0XUHú FDUH SXVH SH IXQGXO DFHVWRU JURSL SăVWUHD]ă WRDWă YDUD R WHPSHUDWXUă FRQVWDQWă GH JUDGH *URDSD JăVLWă GH QRL HUD SUHD DGkQFă QLPHQL QX SXQH PkQFDUH OD FLQFL PH

6RyV =ROWiQ GLUHFWRUXO 0X]HXOXL -XGHĠHDQ 0XUHú

WULL DGkQFL DFHVW OXFUX úL SR]LĠLD HL QH DX LQGLFDW IRDUWH FODU Fă DYHP GH D IDFH FX WHPQLĠD RUDúXOXL )RDUWH LQWUHVDQWD vQ YH FKHD SULPăULH D RUDúXOXL HVWH RUDJQL]DUHD VSDĠLXOXL SULPD VDOă HUD ³6DOD GH VIDW´ D GRXD HUD EXFăWăULD XQGH VH JăWHD vQ WLPS FH HGLOLL GLVFXWDX úL XQGH GXSă VXFFHVXO GLVFXĠLLORU VH UHWUăJHDX OD R PDVă IHVWLYă LDU XOWLPD VDOă HUD WHPQLĠD´ D FRQWLQXDW GLUHFWRUXO 0X]HXOXL -XGHĠHDQ

ùXUD PLFă GH FăUăPLGă 6RyV =ROWiQ GXSă FH D H[SXV FLUFXVWDQĠHOH vQ FDUH DGPLQLVWUDĠLD RUDúXOXL D GHFLV GLQ FDX]D OLSVHL IRQGXULORU Vă VH SURGXFă vQ 7kUJX 0XUHú FăUăPL]LOH QHFH VDUH FRQVWUXLULL FHWăĠLL D YRUELW GHVSUH GHV FR SHULUHD XQHLD GLQWUH FHOH GRXă IDEULFL GH FăUăPLGă GLQ VHFROXO DO ;9,, OHD ³1RL DP JăVLW ³ùXUD PLFă GH FăUăPLă´ FDUH GLQWU R DUGHUH SXWHD Vă SURGXFă DSUR[LPDWLY GH FăUăPL]L vQ WLPS FH FHD PDUH DMXQJHD XQGHYD OD $FHVWHD DX DGXV úL XQ YHQLW LPSRUWDQW RUDúXOXL 3ULQFLSHOH 5DFRW]L FkQG D FRQWUXLW FDVWHOXO GLQ ,HUQXW D FRPDQGDW GH FăUăPL]L DFHDVWD HVWH GRDU R FRPDQGă FDUH V D SăVWUDW &D PRQXPHQW LQGXVWULDO HVWH XQLF vQ 5RPkQLD ¿ LQG SUDFWLF R IDEULFă GH FăUăPLGă GLQ VHFROXO DO ;9,, OHD´ D SUHFL]DW 6RyV =ROWiQ 9DOHQWLQ &29$&,8

&HQWUDOH WHUPLFH vQ XQLWăĠL úFRODUH &RQVLOLHULL ORFDOL DL PXQLFLSLXOXL 7kUJX 0XUHú YRU DQDOL]D D]L GH OD RUD vQ WU R úHGLQĠă H[WUDRUGLQDUă RSRUWXQLWDWHD DSUREăULL VXPHL GH OHL FX 79$ SHQWUX SURLHFWDUHD LQVWDODUHD úL PRQ WDUHD GH FHQWUDOH WHUPLFH vQ XQHOH XQLWăĠL GH vQYăĠăPkQW SUHXQLYHUVLWDU GH VWDW VL SHQWUX FRQWRUL]DUHD VHSDUDWă OD LQWHU QDWHOH úL FDQWLQHOH DSDUĠLQkQG XQLWăĠLORU GH vQYăĠăPkQW 3RWULYLW H[SXQHULL GH PRWLYH XQLWăĠLOH GH vQYăĠăPkQW FDUH DX QHYRLH GH LQVWDODUHD XQRU FHQWUDOH WHUPLFH VXQW *UXS ùFRODU Ä(OHFWURPXUHú´ *LPQD]LXO ³0LKDL

9LWHD]X´ *UXS ùFRODU Ä*KHRUJKH ùLQFDL´ *LPQD]LXO Ä/LYLX 5HEUHDQX´ *UăGLQLĠD FX 3URJUDP 3UHOXQJLW *33 Ä$OELQXĠD´ *33 Ä5kQGXQLFD´ *33 QU *33 Ä/LFX ULFL´ *LPQD]LXO Ä$OH[DQGUX ,RDQ &X]D´ *LPQD]LXO Ä'DFLD´ FRUS $ úL $GPLQLVWUD WLD &UHúHORU ³ÌQ SDUDOHO FX LQVWDODUHD FHQ WUDOHORU VH YD IDFH úL R FRQWRUL]DUH VHSDUDWă vQ FD]XO XQLWăĠLORU GH vQYăĠăPkQW FDUH DX vQ DGPLQLVWUDUH LQWHUQDWH VL FDQWLQH DVWIHO vQFkW FRQVXPXULOH DIHUHQWH DFHVWRUD Vă ¿ H GHWHUPLQDWH H[DFW´ VH PDL DUDWă vQ H[SXQH UHD GH PRWLYH 6 7

3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú

$181ğ ÌQ XUPD DSUREăULL GDWH GH SULPDUXO PXQLFLSLXOXL 7vUJX 0XUHú GDWD GH RFWRPEULH ± =LXD ,QWHUQDĠLRQDOă SHQWUX 5HGXFHUHD 5LVFXOXL 'H]DVWUHORU 1DWXUDOH YD ¿ PDUFDWă úL SULQ GHFODQúDUHD VLVWHPXOXL GH DODUPă DO 0XQLFLSXOXL 7vUJX 0XUHú vQ GDWD GH RUD 6HPQDOXO LQWURGXV YD ¿ Ä$/$50Ă /$ '(=$675(´ 6HPQDOXO Ä$/$50Ă /$ '(=$675(´ VH FRPSXQH GLQ VXQHWH D VHFXQGH ¿ HFDUH FX SDX]ă GH VHFXQGH vQWUH HOH 'XUDWD ¿ HFăUXL VHPQDO GH DODUPDUH YD ¿ GH GRXă PLQXWH 6HUYLFLXO 9ROXQWDU SHQWUX 6LWXDĠLL GH 8UJHQĠă IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

$FWLYLWăĠL H[WUDúFRODUH YDULDWH OD ³*HRUJH &RúEXF´ $Q GH DQ WRW PDL PXOĠL HOHYL vúL vQGUHDSă SDúLL VSUH *LPQD]LXO ³*HRUJH &RúEXF´ GLQ 7kUJX 0XUHú ÌQ DFHVW DQ vQ FRPSRQHQĠD XQLWăĠLL úFRODUH H[LVWă GH FODVH 0D ULD /DVOR GLUHFWRUXO JLPQD]LXOXL QH D RIHULW GHWDOLL GHVSUH PXOWLSOHOH DFWLYLWăĠL H[WUDúFRODUH FH XUPHD]ă Vă VH GHVIăúRDUH SH SDUFXUVXO vQWUHJXOXL DQ úFRODU úL vQ FDUH HOHYLL VH LPSOLFă ³WUXS úL VXÀ HW´ 5HSRUWHU &XP D vQFHSXW QRXO DQ úFRODU SHQWUX *LPQD]LXO ³*HRUJH &RúEXF´" 0DULD /DVOR 3HQWUX JLPQD]LXO QRVWUX DQXO úFRODU D vQFHSXW vQ FRQGLĠLL EXQH ÌQ GHFXUVXO YHULL DP UHXúLW Vă LJLHQL]ăP JUXSXUL VDQLWDUH FODVH VăOLOH FODVHORU SUHJăWLWRDUH úL DP UHXúLW FD vQ GDWD GH VHSWHPEULH úFRDOD Vă ¿ H SUHJăWLWă SHQ WUX vQFHSHUHD DQXOXL úFRODU 1RXWDWHD D FRQVWLWXLW R FODVHOH SUHJăWLWRDUH $P DYXW FHYD HPRĠLL QX úWLDP FXP YD ¿ PDL DOHV Fă DP UHXúLW Vă IDFHP WUHL FODVH SUHJăWLWRDUH úL WUHL FODVH , GRXă OD VHFĠLD URPkQă úL XQ DOD VHFĠLD PDJKLDUă $ IRVW ELQH 1X H[LVWă SUREOHPH GHRVHELWH FX DFHVWH FODVH úL VSUH VXUSULQGHUHD PHD FRSLLL V DX DGDSWDW IRDUWH ELQH ÌQYăĠăWRDUHOH VXQW PXOĠXPLWH GH HYROXĠLD FRSLLORU úL FKLDU FUHG Fă IXQFĠLRQHD]ă 5HS &kĠL HOHYL VXQW vQ DFHVW DQ vQ DFHDVWă XQLWDWH úFRODUă"

0 / ÌQ DFHVW DQ úFRODU DYHP GH HOHYL FODVH GH OD OD ,9 úL RSW FODVH QLYHO 9 9,,, 'HFL DVWD VSXQH FHYD GHVSUH HYROXĠLD JLPQD]LXOXL vQ XOWLPLL DQL 7RW PDL PXOĠLL FRSLL VH vQGUHDSWă FăWUH úFRDOD QRDVWUă úL HVWH XQ OXFUX IRDUWH EXQ 1RL QH VWUăGXLP IRDUWH PXOW Vă vL PXOĠXPLP SH SăULQĠL SH FRSLL LDU UH]XOWDWHOH VH YăG ÌQFHUFăP Vă vL DWUDJHP SULQ DFWLYLWăĠL H[WUDúFRODUH YDULDWH SULQ RSĠLRQDOH FDUH OD QRL VXQW HQJOH]D úL LQIRUPDWLFD 5HS &DUH VXQW DFHVWH DFWLYLWăĠL H[WUDúFRODUH" 0 / $YHP R DFWLYLWDWH H[WUDúFRODUă GLYHUVă úL DYHP GHMD FkWHYD DFĠLXQL FDUH VXQW R WUDGLĠLH úL SH FDUH FRSLLL OH DúWHDSWă úL SHQWUX FDUH VH SUHJăWHVF $FXP FX WRĠLL DúWHDSWă VăUEăWRDUHD +DOORZHHQ DSRL VHFĠLD PDJKLDUă YD SUHJăWL ³%DOXO VWUXJX ULORU´ FDUH VH EXFXUă GH SRSXODULWDWH vQ UkQGXO FRSLLORU úL QX QXPDL« 8UPHD]ă DSRL 'HFHPEULH VăUEăWRDUHD QDĠLRQDOă D 5RPkQLHL SHQWUX FDUH DQXDO SUHJăWLP XQ PRPHQW IHVWLY 9RP DYHD ³6ăUEăWRDUHD SRPXOXL GH LDUQă´ XQGH HOHYLL QRúWUL SDUWLFLSă OD FRQFXUVXO GH FROLQGH 8UPHD]ă ]LOHOH XQRU SHUVRQDOLWăĠL LPSRUWDQWH SUH FXP *HRUJH &RúEXF VDX 0LKDL (PLQHVFX SH FDUH OH RPDJLHP LDU VHFĠLD PDJKLDUă YD SUHJăWL XQ FDUQDYDO 8UPHD]ă DSRL FHO GH DO úDVHOHD DQ vQ FDUH VăUEăWRULP ³6SHF WDFROXO úFROLL´ FDUH VH EXFXUă GH PDUH

0DULD /DVOR GLUHFWRU DO *LPQD]LXOXL ³*HRUJH &RúEXF´ GLQ 7kUJX 0XUHú

DWHQĠLH úL GH R PDUH SRSXODULWH vQ UkQGXO FRSLLORU úL DO SăULQĠLORU &RSLLL UHXúHVF GH ¿ HFDUH GDWă Vă QH VXUSULQGă SULQ WDOHQW $WXQFL FkQG IDF FHYD FH OH SODFH VXQW LQ FUHGLELOL 6WDX GXSă RUH SHQWUX SUHJăWLUL úL FKLDU úL DX DGXV XQ LQVWUXFWRU GH GDQV SH FDUH O DX SOăWLW úL VSHFWDFROHOH VXQW IRDUWH UHXúLWH %LQHvQĠHOHV H[LVWă úL R LPSOLFDUH GLQ SDUWHD SURIHVRULORU 6DWLVIDFĠLD HVWH PDUH úL FKLDU PHULWă WRW HIRUWXO GHSXV 5HS &H DU PDL ¿ GH PHQĠLRQDW GH VSUH DFHVWH DFWLYLWăĠL"

0 / $U PDL WUHEXL PHQĠLRQDWă =LXD &R SLOXOXL SH FDUH R VăUEăWRULP FX GHVHQH SH DVIDOW SH WHUHQXO GH VSRUW 1X FUHG Fă PDL H[LVWă R úFRDOă FX XQ WHUHQ GH VSRUW DWkW GH PDUH 1X XLWăP QLFL GH =LXD ÌQYăĠăWRUXOXL úL DSRL QH FRQFHQWUăP SH (YDOXDUHD 1DĠLRQDOă %LQHvQĠHOHV HOHYLL SDUWLFLSă OD FRQFXUVXUL OD ROLPSLDGH GH XQGH YLQ FX UH]XOWDWH IRDUWH EXQH ÌQ KROXO FOăGLULL vQ ¿ HFDUH DQ D¿ VăP GLSORPHOH REĠLQXWH GH HOHYL vQ GHFXUVXO DQXOXL úFRODU WUHFXW 6XQW EXFXURúL DWkW HOHYLL FkW úL SăULQĠLL $ FRQVHPQDW 2DQD 0Ă5*,1($1

0XOWLOLQJYLVPXO XQLYHUVLWDU GH]EăWXW OD ³&RQWL´ /LJD 3UR (XURSD D RUJDQL]DW MRL RFWRPEULH GH] EDWHUHD FX WHPD Ä3UDFWLFDUHD ELOLQJYLVPXOXL vQ VLVWHPXO GH vQYăĠăPkQW VXSHULRU´ HYHQLPHQW Jă]GXLW GH +RWH OXO &RQWLQHQWDO GLQ 7kUJX 0XUHú OD FDUH DX IRVW LQYLWDĠL Vă SDUWLFLSH UHSUH]HQWDQĠLL XQLYHUVLWăĠLORU GLQ 7kUJX 0XUHú DL PHGLXOXL SROLWLF 21* XUL úL PDVV PHGLD

vQWU XQ DQXPLW GRPHQLX 'RDU 1LFRODH &HDXúHVFX úL VRĠLD VD VH GXFHDX SH úDQWLHUXO &DVHL 3RSRUXOXL úL VFKLPEDX FX PDFKHWH LPHQVH DUKLWHFWXUD GH OD R ]L OD DOWD 5H]XOWDWXO V D Yă]XW´ D SUHFL]DW 6PDUDQGD (QDFKH

³3ROLWLFXO Vă VWHD GHRSDUWH´

³7UHEXLH Vă ¿ P VLQFHUL FX QRL vQúLQH´ ÌQ GHVFKLGHUHD GH]EDWHULL FR SUHúHGLQWHOH /LJLL 3UR (X URSD 6PDUDQGD (QDFKH D SXQFWDW LPSRUWDQĠD PXOWL OLQJYLVPXOXL DWkW vQ FHHD FH SULYHúWH PHGLXO XQLYHUVLWDU FkW úL vQ FHHD FH SURYHúWH DVSHFWXO VRFLDO úL DGPLQLVWUDWLY H[SULPkQGX úL SR]LĠLD IDĠă GH VLWXĠLD H[LVWHQWă OD QLYH OXO 7kUJX 0XUHúXOXL SULYLQG DVSHFWHOH OHJDWH GH PXOWL OLQJYLVP SXWHUQLF LQÀ XHQĠDWH GH VIHUD SROLWLFXOXL ³1X DP vQĠHOHV vQFă Fă DYHP QRURFXO H[WUDRUGLQDU FD SULQ SURGXFĠLD QRDVWUă DFDGHPLFă Vă SXWHP LUDGLD DWkW VSUH UăVăULW GDU PDL DOH VSUH YHVW 6XQWHP vQWU XQ PRPHQW vQ FDUH WUHEXLH Vă ¿ P VLQFHUL FX QRL vQúLQH úL WUHEXLH Vă QH JkQGLP IRDUWH ELQH GDFă SROLWLFXO WUHEXLH Vă LQÀ XHQĠH]H DEVROXW WRDWH VIHUHOH XPDQLWăĠLL GH DVWă]L 'LQ SăFDWH DXWR QRPLD SURIHVLRQDOă GHPQLWDWHD UHVSHFWXO SHQWUX úWLLQĠă SURIHVLRQDOă HVWH PLQLPă JkQGXO KRWăUkWRU vQ SROLWLFLOH SXEOLFH HVWH úL DVWă]L vQ PkQD SROLWLFLHQLORU úL FUHG Fă HVWH

6PDUDQGD (QDFKH IDĠă vQ IDĠă FX UHSUH]HQWDQĠLL XQLYHUVLWăWLORU 21* XULORU PDL SXWLQ UHSUH]HQWDQWLL SROLWLFL OD GH]EDWHUHD GH OD &RQWL

LPSRUWDQW Vă DYHP DFHVWH GH]EDWHUL FKLDU GDFă DFXP VXQWHP SXĠLQL FKLDU GDFă QX DP UHXúLW Vă FRQYLQJHP úL PHGLXO SROLWLF Vă ¿ H SUH]HQW OD DFHDVWă GH]EDWHUH (VWH ELQH FD SROLWLFLHQLL Vă SULFHDSă Fă VXQW úL DVWIHO GH PR PHQWH úL GH DFHVW IDSW GHSLQGH GH]YROWDUHD XQHL VRFLHWăĠL ( ELQH Vă ¿ H DVFXOWDWH YRFLOH FHORU FDUH VXQW SURIHVLRQLúWL

5HSUH]HQWDQWXO 80) SUH]HQW OD GH]EDWHUH )ORULQ %XL FX D SUHFL]DW Fă FHO PDL PDUH GXúPDQ vQ FHHD FH SULYHúWH UHODĠLLOH GLQWUH URPkQL úL PDJKLDUL HVWH LQÀ XHQĠD SROLWL FXOXL úL QHUHVSHFWDUHD DXWRQRPLHL XQLYHUVLWDUH DV SHFWH JHQHUDWRDUH GH WHQVLXQL vQ FDGUXO FHORU GRXă HWQLL ³ÌQ FDOLWDWH GH &DQFHODU DO 6HQDWXOXL 8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPDFLH GLQ 7kUJX 0XUHú DP SUH]HQWDW SR]LĠLD 80) FDUH HVWH XQD IRDUWH FODUă $WkWD WLPS FkW SROLWLFXO QX LQWHUYLQH vQ DFWLYLWDWHD DFDGHPLFă LDU DX WRQRPLD XQLYHUVLWDUă HVWH UHVSHFWDWă ELOLQJYLVPXO VDX PXOWLOLQJYLVPXO DX úDQVH GH UHXúLWă OD 7kUJX 0XUHú URPkQLL VH YRU vQĠHOHJH FX PDJKLDULL FX GRXă FRQGLĠLL SROLWLFXO Vă VWHD GHRSDUWH úL Vă ¿ H UHVSHFWDWă DXWRQRPLD XQLYHUVLWDUă $YkQG vQ YHGHUH PDQLIHVWăULOH FDUH DX DYXW ORF DQXO WUHFXW DX IRVW DQXPLWH LQJHULQĠH SROLWLFH vQ DF WLYLWDWHD DFDGHPLFă úL vQFHUFăUL DOH SROLWLFXOXL GH QHUH VSHFWDUH D DXWRQRPLHL´ D SUHFL]DW )ORULQ %XLFX $OLQ =$+$5,(

,RDQ %RUJRYDQ FDXWă HFKLOLEUX SHQWUX ùFRDOD QU ,RDQ %RUJRYDQ HVWH QRXO GLUHFWRU DO ùFROLL *HQHUDOH QU GLQ 7kUJX 0XUHú /XFUHD]ă vQ vQYăĠăPkQW GLQ DQXO úL D SDU FXUV PDL PXOWH HWDSH DOH VLVWHPXOXL GH vQYăĠăPkQW ¿ LQG PDL vQWkL SURIHVRU DSRL GLUHFWRU LQVSHFWRU úFRODU GH VSHFLDOLWDWH úL LQVSHFWRU úFRODU JHQHUDO DGMXQFW 5HvQWRUV OD IXQFĠLD GH GLUHFWRU GRUHúWH Vă DGXFă XQ JUDG GH HFKLOLEUX úFROLL SH FDUH R FRQGXFH 5HSRUWHU &kQG D vQFHSXW H[SHULHQĠD GXPQHDYRDVWUă GLGDFWLFă úL FDUH D IRVW WUDLHFWRULD HL" ,RDQ %RUJRYDQ $P DEVROYLW )DFXO WDWHD GH %LRORJLH *HRJUD¿ H úL *HRORJLH OD 8QLYHUVLWDWHD ³%DEHV %RO\DL´ úL DP DYXW SULOHMXO Vă OXFUH] vQ vQYăĠăPkQW GLQ DQXO 3RW Vă VSXQ Fă DP WUHFXW SULQ WRDWH HWDSHOH vQFHSkQG GH OD SURIHVRU DSRL FD GLUHFWRU úL FD LQVSHFWRU GH VSHFLDOWDWH LQ VSHFWRU JHQHUDO DGMXQFW ,DWă P DP UHvQ WRUV OD R úFRDOă SH IXQFĠLD GH GLUHFWRU OD ùFRDOD *HQHUDOă 1U 3HQWUX PLQH D IRVW R H[SHULHQĠă GHRVHELWă SHQWUX Fă DVWD úWLX Vă IDF &X DFHVW JkQG DWXQFL FkQG YRL LHúL OD

SHQVLH YD ¿ R vQFXQXQDUH D DFWLYLWăĠLL PHOH SHQWUX Fă GDFă WUHFL SULQ WRDWH HWDSHOH XQXL VLVWHP GDFă vO FXQRúWL vQ SURIXQ]LPH GDFă UHXúHúWL Vă OXFUH]L vQ GLYHUVH GRPH QLL DOH vQYăĠăPkQWXOXL H[SHULHQĠD vúL YD VSXQH FXYkQWXO 3HQWUX PLQH GLQ DQXO GH FkQG DP YHQLW vQ ,QVSHFWRUDWXO ùFRODU D IRVW R VFKLPEDUH WRWDOă GHRDUHFH vQDLQWH DP OXFUDW úL vQ PHGLXO UXUDO úL DP vQYăĠDW PXOWH vQ DFWLYLWDWHD SH FDUH DP GHVIăúXUDW R DFROR DWkW vQ FHHD FH SULYHúWH H[SHULHQĠD GLGDFWLFă FX HOHYLL GLQ PHGLXO UXUDO FDUH VH FRQIUXQWă FX IRDUWH PXOWH SUREOHPH GDU úL FXQRVFkQG UHODĠLD GLQWUH úFRDOă úL SăULQĠL úL FRPXQLWDWHD ORFDOă VDX DXWRULWăĠLOH ORFDOH &RQVLGHU Fă WUHFkQG SULQ DFHVWH HWDSH DP DWLQV PXOWH GLQWUH RELHFWLYHOH SH FDUH PL OH DP SURSXV FD úL GDVFăO 5HS $ĠL IRVW úL LQVSHFWRU úFRODU GH VSHFLDOLWDWH« , % ÌQ XUPD VFKLPEăULORU FDUH V DX SUR GXV OD QLYHO GH vQYăĠăPkQW QRXD FRQGX FHUH D ,QVSHFWRUDWXOXL PL D vQFUHGLQĠDW

&HHD FH GRUHVF HX HVWH Vă FUHH] XQ HFKLOL EUX vQWUH DFWLYLWDWHD GLGDFWLFă DFWLYLWDWHD FX SăULQĠLL HOHYLL SH FDUH vL HGXFăP úL HYLGHQW Fă WRW FHHD FH VH vQWkPSOă SH SDU FXUVXO XQHL ]LOH ÌPSUHXQă FX G QD GLUHFWRU DGMXQFW vQFHUFăP Vă UH]ROYăP SUREOHPHOH FX UHSH]LFLQH úL FX PD[LPă H¿ FLHQĠă

,RDQ %RUJRYDQ GLUHFWRU DO ùFROLL *HQHUDOH QU GLQ 7kUJX 0XUHú

FRQGXFHUHD ùFROLL *LPQD]LDOH 1U R úFRDOă SH FDUH R FXQRúWHDP SULQ WRW FHHD FH vQVHPQD DFWLYLWDWHD GLGDFWLFă SHQWUX Fă DP IRVW DLFL vQ LQVSHFĠLH 7RĠL vPL VSXQHDX Fă DLFL YRU ¿ IRDUWH PXOWH SUREOHPH 'DU DP OXDW vQ SLHSW WRDWă DFWLYLWDWHD úL DP vQFHSXW Vă SăWUXQG vQ WDLQHOH DFWLYLWăĠLORU GH DLFL

5HS $YHĠL SODQXUL SHQWUX DFHVW DQ úFRODU úL SHQWUX úFRDOD SH FDUH R FRQGXFHĠL" , % 6SHU FD SODQXO PDQDJHULDO FRQFHSXW DOăWXUL GH GLUHFWRUXO DGMXQFW YD VDWLVIDFH WRW FHHD FH vQVHDPQă DFWLYLWDWHD GLGDFWLFă SH FDUH WUHEXLH Vă R DYHP vQ YHGHUH UHODĠLLOH FX FRPXQLWDWHD FX SăULQĠLL úL FX WRW FHHD FH UHSUH]LQWă VSHFL¿ FXO QRVWUX GL GDFWLF 2 SUREOHPă SH FDUH R YRL DYHD vQ YHGHUH HVWH FD SULQ FHL FDUH QH SRW ¿ QDQĠD úL SULQ FRPXQLWDWHD ORFDOă Vă JăVLP IRQ GXULOH QHFHVDUH SHQWUX UHDELOLWDUHD SăUĠLL H[WHULRDUH D FOăGLULL vQVSUH VWUDGă XQGH H[LVWă GHVWXO GH PXOWH ¿ VXUL úL SRW Vă UHSUH]LQWH XQ SHULFRO $ FRQVHPQDW 2DQD 0Ă5*,1($1

&8/785Ă RFWRPEULH

ùWLUL

LQWHUHVDQWH 7 $ , ) $ 6 OD ¿QDO

8QLYHUVXO PLQHUDOHORU H[SXV OD *DOHULLOH 8$3 ([SRQDWHOH SURYLQ GLQ GLIHULWH FROĠXUL DOH OXPLL

'XPLQLFă RFWRPEULH GH OD RUD OD &ăPLQXO &XOWXUDO GLQ FRPXQD 6DVFKL] YD DYHD ORF HYHQLPHQWXO GH vQ FKHLHUH D SURLHF WXOXL 7 $ , ) $ 6 3UR JUDPXO YD GH EX WD FX R VFXUWă SUH ]HQWDUH D SUR LHFWXOXL ³7 $ , ) $ 6 7UDGLĠLH úL DUWă )DVFKLQJ DXWHQWLF VăVHVF´ D REL HFWLYHORU úL UH]XOWDWHORU DFHVWXLD ÌQ FRQ WLQXDUH D ¿ SUH]HQWDW RELFHLXO ³0DUúXO &ăOXĠLORU´ vQ OLPELOH URPkQă úL JHUPDQă FDUH YD LQFOXGH úL SUH]HQWDUHD SHUVRQ DMHORU úL D FRVWXPHORU PăúWL 3URLHFWXO FXOWXUDO Ä7 $ , ) $ 6 7UDGLĠLH úL DUWă )DVFKLQJ DXWHQWLF VăVHVF´ D IRVW ¿QDQĠDW SULQ SURJUDPXO GH JUDQWXUL H&XOWXUD GLQ FDGUXO SURLHFWXOXL (FRQRPLD %D]DWă SH &XQRDúWHUH LQLĠLDW GH *XYHUQXO 5RPkQLHL SULQ 0LQLVWHUXO &RPXQLFDĠLLORU úL 6RFLHWăĠLL ,QIRUPDĠLRQDOH FX VSULMLQXO %ăQFLL 0RQGLDOH 2ELHFWLYXO JHQHUDO DO SURLHFWXOXL D IRVW FUHúWHUHD UROXOXL ELEOLR WHFLL FRPXQDOH vQ LQLĠLHUHD úL GHVIăúXUDUHD GH DFWLYLWăĠL GH DQLPDĠLH FXOWXUDOă vQ FRPXQLWDWH SULQ SXQHUHD vQ YDORDUH D RELFHLXULORU WUDGLĠLLORU úL VăUEăWRULORU WUDGLĠLRQDOH GLQ VDWHOH VăVHúWL 6DVFKL] úL 9DOHD 9LLORU 6 $

)RWRJUD¿L GH QDWXUă OD 0XUHú 0DOO ([SR]LĠLD FHOXL GH DO SDWUXOHD FRQFXUV LQWHUQDĠLRQDO GH IRWRJUD¿H GH QDWXUă Ä0LOYXV´ VH YD GHVFKLGH GXPLQLFă RFWRPEULH GH OD RUD OD VDOD GH H[SR]LĠLL 0XUHú 0DOO GLQ 3LDĠD 9LFWRULHL QU ³([SR]LĠLD FHORU GH IRWRJUD¿L H[FHOHQWH YD ĠLQH WUHL VăSWăPkQL´ VH DUDWă vQWU XQ FRPXQLFDW UHPLV GH $VRFLDĠLD SHQWUX 3URWHFĠLD 3ăVăULORU úL D 1DWXULL Ä*UXSXO 0LOYXV´ 7kUJX 0XUHú 6 7

ÌQWkOQLUHD VWXGHQĠLORU OD 6DOD $6$ 6H DQXQĠă SHWUHFHUH PDUH VkPEăWă vQ FHSkQG FX RUD OD 6DOD $6$ GLQ 7kUJX 0XUHú Ä2I¿FH$/ 6WXGHQW +DQJ RYHU´ VH QXPHúWH FRQFHSWXO GH SDUW\ FH YUHD Vă DGXQH WRĠL VWXGHQĠLL GLQ WkUJ SH VWUDGD 5HYROXWLHL QU (YHQLPHQWXO HVWH RUJD QL]DW GH 2I¿FH &OXE úL ³)DLQ )UXPRV´ FDUH SURPLW GLVWUDFĠLH PD[LPă 1X H FROOHJH SDU W\ QX H VWXGHQW SDUW\ ,QWUDUHD YD ¿ OLEHUă SH OkQJă VXUSUL]H úL FRQFXUVXUL % 5

$ODUPă OD 6LJKLúRDUD 9LQHUL RFWRPEULH OD 6LJKLúRDUD YRU ¿ SRUQLWH VLUHQHOH GH DOHUWDUH D SRSXODĠLHL vQ FD] GH GH]DVWUH SHQWUX D PDUFD =LXD LQWHUQDĠLRQDOă SHQWUX UHGX FHUHD ULVFXOXL GH]DVWUHORU QDWXUDOH $XUH OLDQ %ăGXOHVFX úHIXO 6HUYLFLXOXL 3URWHFĠLH &LYLOă GLQ FDGUXO 3ULPăULHL 0XQLFLSLXOXL 6LJKLúRDUD D SUHFL]DW Fă VLUHQHOH YRU ¿ GHFODQúDWH OD RUD LDU VHPQDOXO VH YD FRPSXQH GLQ FLQFL VXQHWH D FkWH VHFXQGH ¿HFDUH FX SDX]H GH ]HFH VHFXQGH vQWUH HOH 'XUDWD ¿HFăUXL VHPQDO GH DODU PDUH YD ¿ GH GRXă PLQXWH LDU SRSXODĠLD HVWH VIăWXLWă Vă QX LQWUH vQ SDQLFă SH GX UDWD H[HUFLĠLXOXL 6 $

$X IXUDW R RDLH úL DX VDFUL¿FDW R 3ROLĠLúWLL GLQ FDGUXO 6HFĠLHL 5XUDOH %DQG DX IRVW VHVL]DĠL PLHUFXUL RFWRPEULH GH FăWUH XQ ORFDOQLF GHVSUH IDSWXO Fă vQ DFHHDúL ]L GRL PLQRUL GLQ 2URLX L DX VXVWUDV GLQ WXUPă R RYLQă SH FDUH DX VDFUL¿FDW R YDOR DUHD SUHMXGLFLXOXL ¿LQG GH OHL ³/D IDĠD ORFXOXL V D GHSODVDW HFKLSD RSHUDWLYă GLQ FDGUXO 6HFĠLHL GH 3ROLĠLH 5XUDOă %DQG FDUH DX LGHQWL¿FDW VXVSHFĠLL GRL PLQRUL vQ YkUVWă GH úL DQL DPELL GLQ FRPXQD %DQG UHXúLQGX VH UHFXSHUDUHD SUHMXGLFL XOXL´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

([SR]LĠLD YD ¿ GHVFKLVă SkQă vQ GDWD GH RFWRPEULH

3LHVHOH SRW ¿ YL]XDOL]DWH úL GLQ VWUDGă

$QGUHL *RUGX]D FRRUGRQDWRUXO H[SR]LĠLHL Ä0LQHUDOLD´

ÌQ SHULRDGD RFWRPEULH *DOHUL LOH 8$3 GLQ 3DODWXO &XOWXULL Jă]GXLHúWH H[SR]LĠLD Ä0LQHUDOLD´ HYHQLPHQW RU JDQL]DW GH 0X]HXO -XGHĠHDQ 3XEOLFXO YL]LWDWRU DUH DVWIHO RFD]LD Vă DGPLUH úL Vă FXPSHUH PLQHUDOH vQ HúDQWLRDQH GH FROHFĠLH FULVWDOH vQ JHRGH FULVWDOH SHU IHFWH GLYHUVH EMXWHULL FRQIHFĠLRQDWH H[FOXVLY GLQ SLHWUH GH SRGRDEă SLHWUH SUHĠLRDVH FRUDO VLGHI VDX SHUOH ELMXWH ULL XQLFDW GLQ SLHWUH QDWXUDOH GH FDOL WDWH JHPă DJDWH DPHWLVWH DFYDPDULQH DYHQWXULQH FDOFLWH FDOFHGRQLL FKLKOLP EDUH FRUDOH FULVWDOH GH VWkQFă ÀXRULQH MDGXUL MDVSXUL ODSLV OD]XOL PDODFKLWH RFKL GH WLJUX RSDOH SHUOH GH FXOWXUă URGRFUR]LWH UXELQH VD¿UH VPDUDOGH WRSD]H WXUFRD]H WXUPDOLQH FkWHYD GLQWUH HúDQWLRDQHOH FDUH Yă YRU vQFkQWD SXEOLFXO YL]LWDWRU &D R QRXWDWH vQ DFHVW DQ VXUSUL]D YD ¿ PDODFKLWXO DúD QXPL WD SLDWUă D ĠDULORU FDUH YD DYHD SURSULD PLQL H[SR]LĠLH

Ä6WUăOXFLUHD QDWXULL´ OD *DOHULLOH 8$3 Ä'HQXPLUHD H[SR]LĠLHL 0LQHUDOLD DUH úL XQ VXSUD QXPH Ä6WUăOXFLUHD QDWXULL´ ÌQFHUFăP Vă SUH]HQWăP VWUăOXFLUHD OXPLL QDWXUDOH vQ WRDWH IRUPHOH HL vQFHSkQG GH OD HúDQWLRDQH PLQHUDOH VWUăOXFLWRDUH FRQWLQXkQG FX FULVWDOH úL DMXQJkQG SkQă OD SURGXVXO ¿QDO ELMXWHULL GLQ SLHWUH SUHĠLRDVH %DODQĠD RIHUWHL ³0LQHUDOLD´ vQFOLQă VSUH SDUWHD GH ELMXWHULH úL GH SL HWUH QDWXUDOH PRQWDWH vQ GLIHULWH PRGXUL PDL PXOW VDX PDL SXĠLQ YDORURDVH 1RL FRQVLGHUăP Fă YDORDUHUHD SLHVHORU QR DVWUH HVWH R YDORDUH LQWULQVHFă D PDWHUL DOXOXL SULPDU IRORVLW PDODFKLW UXELQH VD¿UH WRSD]H vQWU XQ FXYkQW PLQHUDOH $OăWXUL GH DFHVWHD Ä0LQHUDOLD´ SUH]LQWă úL FKLKOLPEDU SHUOH VDX VLGHI 3H OkQJă ELMXWHULL HúDQWLRDQHOH PLQHUDOH GH FROHFĠLH PLQHUDOH FDUH VXQW SUH]HQWDWH vQ VWDUHD ORU QDWXUDOă FXP VH JăVHVF HOH vQ QDWXUă GDU DOHVH SH FULWHULL HVWHWLFH FD

Vă SRDWH ¿ SUH]HQWDWH FD XQ ELEHORX´ D GHFODUDW $QGUHL *RUGX]D FRRUGRQDWRUXO H[SR]LĠLHL Ä0LQHUDOLD ´

0LQHUDOH SHQWUX WRĠL ([SR]LĠLD VH DGUHVHD]ă SXEOLFXOXL GH WRDWH YkUVWHOH GH OD FHL PLFL SkQă OD FHL FX JXVWXUL PDL UD¿QDWH úL PDL VFXPSH Ä)LHFDUH SLHVă DUH YDORDUHD HL H[SR]LĠLD ¿LQG DGUHVDWă XQXL SXEOLF ODUJ GH OD FR SLL FDUH YRU Vă SXQă R SLDWUă GH OHL FD Vă úL FRPSOHWH]H FROHFĠLD SkQă OD RDPH QL PDWXUL FDUH GRUHVF Vă LQWUH vQ SRVHVLD XQXL VHW GH ELMXWHULL YDORURV Ä0LQHUDOLD´ VH GRUHúWH D ¿ XQ FRQFHSW R H[SR]LĠLH GH FkWHYD ]LOH vQ PDULOH RUDúH DOH 5RPkQLHL $P IRVW OD 6LELX VăSWăPkQD WUHFXWă DFXP OD 7kUJX 0XUHú GXSă FDUH XUPHD]ă vQ OXQD QRLHPEULH ,DúL úL %XFXUHúWL´ D D¿UPDW $QGUHL *RUGX]D

$OLQ =$+$5,(

&RPXQLFăUL GHVSUH GH]YROWDUHD 7UDQVLOYDQLHL ,VWRULFL úL RDPHQL GH FXOWXUă GLQ VSDĠLXO 7UDQVLOYDQ úL DX GDW vQWkOQLUH OD 7kUJX 0XUHú FX RFD]LD VHVLXQLL QDĠLRQDOH GH FRPXQLFăUL úWLQĠL¿FH Ä&XOWXUă úL VRFL HWDWH vQ VSDĠLXO WUDQVLOYDQ´ HYHQLPHQW Jă]GXLW vQ SHULRDGD RFWRPEULH GH 6DOD 0LFă D 3DODWXOXL &XOWXULL vQ RU JDQL]DUHD 0X]HXOXL -XGHĠHDQ 0XUHú D &RQVLOLXOXL -XGHĠHDQ 0XUHú úL D )XQGDĠLHL &XOWXUDO ùWLQĠL¿FH Ä9DVLOH 1HWHD´ GLQ 7kUJX 0XUHú 3URJUDPXO VHVLXQLL GH FRPXQLFăUL úWLLQ ĠL¿FH HVWH VWUXFWXUDW SH GRXă VHFĠLXQL XQD FDUH VH UHIHUă OD LVWRULD PRGHUQă úL FRQWHPSRUDQă GHVIăúXUDWă MRL RFWRPEULH LDU YLQHUL RFWRP EULH WHPD DOHDVă YD DERUGD DVSHFWH FH ĠLQ GH UHOLJLH FXOWXUă úL VRFLHWDWH ÌQ WR WDO VHVLXQHD GH FRPXQLFăUL úWLQĠL¿FH YD UHXQL FRPXQLFăUL

&DGUH GLGDFWLFH GLQ WRDWă ĠDUD Ä(VHQĠD DFHVWHL VHVLXQL GH FRPXQLFăUL úWLLQĠL¿FH HVWH DFHHD GH D SXQH vQ HYLGHQĠă DVSHFWH SULYLQG GH]YROWDUHD LVWRULFă úL VRFLHWDOă D 7UDQVLOYDQLHL 1RL DP FLUFXPVFULV HYHQLPHQWXO SH SHULRDGD VHFROHORU ;,; ;;, FD Vă QX QH vQWLQGHP SUHD PXOW úL Vă GLOXăP GLQ HVHQĠD FRQĠLQXWXOXL OXFUăULORU SUH]HQ WDWH 3DUWLFLSă FHUFHWăWRUL SURIHVRUL XQLYHUVLWDUL FDGUH GLGDFWLFH GLQ WRDWă 7UDQVLOYDQLD úL LQYLWDĠL GLQ %XFXUHúWL´ D GHFODUDW 9LUJLO 3DQă GLUHFWRU DGMXQFW

9LUJLO 3DQă úL 'LPLWULH 3RSWăPDú GRL GLQ DP¿WULRQLL PDQLIHVWăULL

DO 0X]HXOXL -XGHĠHDQ 0XUHú

3HUVRQDOLWăĠL WUDQVLOYăQHQH HYRFDWH (YHQLPHQWXO Jă]GXLW GH 6DOD 0LFă D 3DODWXOXL &XOWXULL YLQH Vă UHDGXFă vQ DWHQĠLH SHUVRQDOLWăĠLOH YLHĠLL VRFLDO FXO WXUDOH DOH 7UDQVLOYDQLHL FRQWULEXĠLD DFHVWRUD OD GH]YROWDUHD FXOWXULL UR PkQH vQ YUHPXULOH YLWUHJL DOH LVWRULHL FkQG DFHVW VSDĠLX WUDQVLOYDQ D IRVW VXE RFXSDĠLH VWUăLQă Ä'H]YROWDUHD LVWRULFă D SRSRUXOXL URPkQ D FUHDW úL R FXOWXUă úL V DX GHSXV HIRUWXUL XULDúH SHQWUX D VH FUHD DLFL R FXOWXUă URPkQHDVFă (VWH IR

DUWH LPSRUWDQW Vă DGXFHP vQ SULP SODQ DFHVWH SHUVRQDOLWăĠL DOH YLHĠLL FXOWXUDOH úL LVWRULFH WUDQVLOYDQH GHRDUHFH XQHOH DX IRVW SXVH OD LQGH[ vQ WLPSXO UHJL PXOXL FRPXQLVW ¿LQG FRQVLGHUDWH FD UHSUH]HQ WDQWH DOH EXUJKH]R PRúLHULPLL FDUH QX VH vQFDGUDX vQ QRXD LGHRORJLH LQVWDXUDWă GXSă (VWH H[HPSOXO SULPDUXOXL (PLO 'DQGHD SH FDUH O DP HYRFDW vQ DFHVWă SULPă ]L D DFHVWRU FRPXQLFăUL úWLLQĠL¿FH DELD GXSă DX IRVW UHDGXVH vQ DWHQĠLD SXEOLFXOXL úL UHSXVH vQ DGHYăUDWD ORU YDORDUH´ D PHQĠLRQDW 9LUJLO 3DQă $OLQ =$+$5,(