Limba Latina - Morfologia Si Sintaxa [PDF]

Zitiervorschau

 0$5,$1$)5$1*$ /,0%$/$7,1 025)2/2*,$ù,6,17$;$





 ‹(GLWXUD)XQGD LHL5RPkQLDGH0kLQH (GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLúL&HUFHW ULL SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLùWLLQ LILFH GLQÌQY PkQWXO6XSHULRU  'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL 0$5,$1$)5$1*$ /LPEDODWLQ PRUIRORJLDúLVLQWD[D0DULDQD)UDQJD %XFXUHúWL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH %LEOLRJU ,6%1  





  5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP  úLSULQRULFHPLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV  úLVHSHGHSVHúWHFRQIRUPOHJLL  5 VSXQGHUHDSHQWUXFRQ LQXWXOúLRULJLQDOLWDWHDWH[WXOXL UHYLQHH[FOXVLYDXWRUXOXLDXWRULORU   

81,9(56,7$7($63,58+$5(7

  

0$5,$1$)5$1*$

         



  

(',785$)81'$ ,(,520Æ1,$'(0Æ,1( %XFXUHúWL





      

    &835,16

3DUWHD, 025)2/2*,$ &DSLWROXO, ,QWURGXFHUH2ULJLQLOHúLHYROX LDOLPELLODWLQH«««««««« &DSLWROXO,, 6FULHUHDúLSURQXQ DUHD$OIDEHWXOODWLQ1R LXQLGHIRQHWLF $FFHQWXO &DSLWROXO,,, *HQHUDOLW L GHVSUH S U LOH GH YRUELUH 0RUIRORJLD QXPHOXL ,  6XEVWDQWLYXO«««««««««««««««««««««« &DSLWROXO,9 'HFOLQ ULOH«««««««««««««««««««««« &DSLWROXO9 0RUIRORJLDQXPHOXL,, $GMHFWLYXO«««««««««««« &DSLWROXO9, 0RUIRORJLDQXPHOXL,,, 1XPHUDOXO«««««««««««« &DSLWROXO9,, 0RUIRORJLDSURQXPHOXL7LSRORJLHúLSDUWLFXODULW L«««««« &DSLWROXO9,,, 0RUIRORJLDYHUEXOXL, *UXSXOYHUEDO'HILQL LH7U V WXULJHQHUDOH &DSLWROXO,; 0RUIRORJLDYHUEXOXL,, )OH[LXQHDQRPDO DFWLY úLPHGLRSDVLY  &DSLWROXO; 0RUIRORJLDYHUEXOXL,,, )OH[LXQHDDQRPDO «««««««« &DSLWROXO;, 0RUIRORJLDQHIOH[LELOHORU««««««««««««««««



                       

3DUWHDD,,D 6,17$;$

       

&DSLWROXO, *HQHUDOLW LGHVSUHSURSR]L LH««««««««««««««« &DSLWROXO,, 6LQWD[DS U LORUGHSURSR]L LH««««««««««««««« &DSLWROXO,,, 6LQWD[DFD]XULORU«««««««««««««««««««« &DSLWROXO,9 6LQWD[DIUD]HL«««««««««««««««««««««

       

%LEOLRJUDILH««««««««««««««««««««««









&$3,72/8/,

,1752'8&(5( 25,*,1,/(ù,(92/8 ,$/,0%,,/$7,1(

  /$7,1$±/,0%$520(,3RUQLQGGLQFHOHPDLYHFKLWLPSXUL LVWRULFH OLPED ODWLQ  D IRVW R SHULRDG  vQGHOXQJDW  GRDU OLPED RUD úXOXL 5RPD vQWHPHLDW FRQIRUP vQWUHJLL WUDGL LL DQWLFH SH OD PLMORFXO VHFROXOXL DO 9,,,OHD D&KU GXS  FURQRORJLD YDUURQLDQ  vQ  3ULPHOH P UWXULL VFULVH vQ DFHDVW  OLPE  GDWHD]  GH OD VIkUúLWXO VHFR OXOXL DO 9,,OHD úL vQFHSXWXO FHOXL XUP WRU IRDUWH SUREDELO vQ MXUXO DQXOXL  D&KU 7RWXúL URPDQLL YRU vQFHSH V  SRVHGH R OLWHUDWXU  DUWLVWLF vQGHSOLQXOVHQVDOFXYkQWXOXLROLWHUDWXU GHILF LXQHROLWHUD WXU  SULQ H[FHOHQ  FXOW  PXOW PDL WkU]LX GXS  DQXO  D&KU DQXO FHOHL GLQWkL UHSUH]HQWD LL GUDPDWLFH GH DXWRU GH FDUH DYHP úWLLQ  OD 5RPDúLSHQWUXSXEOLFXOURPDQ  25,*,1,/( ,1'2(8523(1( $/( /,0%,, /$7,1( )$0,/,$/,1*9,67,& ,1'2(8523($1 )LHF HUDvQFRQMX UDW  GH GLDOHFWH DOHHLVDXGHDOWHOLPELLQGHSHQGHQWHODWLQDSUH]HQWD DVHP Q ULFXLGLRPXULOHvQYHFLQDWHFDúLFXDOWHOHPXOW PDLvQGHS U WDWH vQWUXFkW HD QX D IRVW R OLPE  L]RODW  FL D DSDU LQXW XQHL PDUL IDPLOLL /LPELOH FH DOF WXLDX DFHDVW  QXPHURDV  IDPLOLH HUDX YRUELWH vQ HSRFD LVWRULF  DWkW vQ (XURSD FkW úL vQ $VLD SkQ  vQ 2ULHQWXO 0LMORFLX úLSURYHQHDXWRDWHGLQWURVLQJXU OLPE PDLYHFKHÄOLPED PDP ´vQWHUPLQRORJLDWUDGL LRQDO FXUHQW GLQFDUHQLFLQRLDVW ]L GDU QLFL DQWLFLL FX SHVWH WUHL PLOHQLL vQ XUP  QX PDL SRVHGDX YUHR XUP 6SHFLDOLúWLLDXQXPLWRLQGRHXURSHDQDFRPXQ PDLMRVVXE VLJOD,(  /DWLQDDI FXWSDUWHDúDGDUGLQSUREDELO FHDPDLPDUHIDPLOLH OLQJYLVWLF  SH FDUH R FXQRDúWHP D $QWLFKLW LL IDPLOLH DWHVWDW  GLQ YHFKL WLPSXUL SUH úL SURWRLVWRULFH SH XQ DUHDO JHRJUDILF H[WUHP GH YDVWGLQvQGHS UWDWHOHLQVXOHEULWDQLFHSkQ vQWHULWRULLOHDFWXDOHL,QGLL úLDOH,UDQXOXLGHD]LVSUHDOXDH[HPSOXOXQHLVLQJXUHGLUHF LL$FHDVW  IRDUWH ERJDW  IDPLOLH GH OLPEL FXSULQGHD PDL ELQH GH  LGLRPXUL 



vQUXGLWHvQWUHHOHSHED]DRULJLQLLFRPXQHDWXWXURUD'DWRULW VSD LXOXL GHH[SDQVLXQHDDFHVWRUOLPELVWUkQVvQUXGLWHvQWUHDJDIDPLOLHDF S WDW GHQXPLUHD GH LQGRHXURSHDQ  ,(  &HOH PDL LPSRUWDQWH OLPEL ,( YHFKLGHVDXFKLDUPLLGHDQLDXIRVWXUP WRDUHOHVDQVFULWDVDX YHFKHDLQGLDQ LUDQLDQDVDXYHFKHDSHUV JUHDFDYHFKHVDXHOLQD  ODWLQD OLPELOH EDOWRVODYH DQWLFH OLWXDQLDQD OHWRQD YHFKHD SUXVLDQ  SH GH R SDUWH VODYD YHFKH VDX SDOHRVODYD VDX VODYD FRPXQ  SH GH DOWD  OLPELOH FHOWLFH GHVFLQ]kQG GLQWUR QHDWHVWDW  FHOWLF  FRPXQ  OLPELOH JHUPDQLFH DQWLFH SURYHQLWH GH DVHPHQHD GLQWUR QHVFULV  JHUPDQLF FRPXQ KLWLWDWRKDULFDWUDFDLOLUDHWF 9HFKLOH OLPEL ,( SURYLQ vQ FRQFOX]LH GLQ WUXQFKLXO XQHL OLPEL ÄPDPH´ FRPXQH SH FDUH R SXWHP UHFRQVWLWXL QXPDL SH ED]D FRP SDUD LHL OLQJYLVWLFH GLQWUH OLPELOH ÄILLFH´ FDUH DX FRQWLQXDWR vQ vQWUHDJDSHULRDG D$QWLFKLW LL  (;3$16,81($ 520(, ù, $ /,0%,, /$7,1( =RQD GH EDúWLQ ÄYDWUD´GDF SXWHPVSXQHDúD DYLLWRDUHLOLPELODWLQHYRUELWH LQL LDO GXS  FXP DP DU WDW GRDU vQ SHULPHWUXO &HW LL IRQGDWH GH FHL GRLJHPHQLKU QL LGHOXSRDLF DIRVWXQ LQXWVLWXDWvQFHQWUXO,WDOLHL YHVWLFH úL FXQRVFXW VXE QXPHOH GH /DWLXP SHUSHWXDW SULQ LWDOLDQ  SkQ  D]L /D]LR  /DWLXP D IRVW VSD LXO GH IRUPDUH úL WRWRGDW  GH H[SDQVLXQH D OLPELL ODWLQH 'DF  /DWLXP D FRQIHULW QXPHOH V X LGLRPXOXL YRUELW GH OD RULJLQL SH DFHOH PHOHDJXUL /DWLQXV D XP  /DWLXP  5RPD YLLWRDUHD 8UEV DHWHUQD ÄFHWDWHD HWHUQ ´ QXPLW  DúD VSUH ILQHOH $QWLFKLW LL  VDX SXU úL VLPSOX 8UEV Ä&HWDWHD´ FX PDMXVFXO VSUHDILGHRVHELW GHWRDWHFHOHODOWH FHQWUXOSROLWLFPLOLWDU úLDGPLQLVWUDWLYDO/D LXOXL±DMXQVFDDWDUHvQFXUVXOVHFROXOXLDO9OHD D&KU ± D GDW QXPHOH V X SRSXOD LHL LQGLJHQH URPDQLL SUHFXP úL XOWHULRUWUHSWDWDOWRUFDWHJRULLGHSRSXOD LLDVLPLODWHSULQFRQYLH XLUH DGRS LXQHF V WRULHHWF FXURPDQLL $VWIHO DúDGDU SH FDOHD DVLPLO ULL WUHSWDWH D VLQWH]HL HWQRFXO WXUDOH VD Q VFXW SRSXOXV 5RPDQXV ÄSRSRUXO´ VDX ÄQHDPXO URPDQ´ 3HFDOHPLOLWDU GDUúLSDúQLF GHPXOWHRULSXWHUHDSROLWLF D5RPHLD F S WDWvQGHFXUVXOVHFROHORUQRLYDOHQ H3XWHUHDSROLWLFRPLOLWDU úL vQSDUDOHOFHDHFRQRPLF URPDQ VDXH[WLQVQHvQFHWDWúLRGDW FXHD úL vQWUHEXLQ DUHD OLPELL ODWLQH FD OLPE  RILFLDO  D GLQ FH vQ  FH PDL SXWHUQLFXOXL VWDW ÌQ DFHVW IHO ODWLQD D GHYHQLW OLPED RILFLDO  D XQHL 

UHSXEOLFLDSRLDXQXLLPSHULXYDVWFHOPDLPDUHLPSHULXSHFDUHOD FXQRVFXWYUHRGDW $QWLFKLWDWHD 6WDWXO URPDQ ÄvQJKL LVH´ WHULWRULL LPHQVH SULQWUR SROLWLF  SUDJ PDWLF  úL REVWLQDW  FH QD vQWkU]LDW V  vúL DUDWH URDGHOH vQ GHFXUVXO VHFROHORUYHFKLGLQDLQWHGH+ULVWRVGDUGHVLJXUúLvQFHOHPDLUHFHQ WHSRDWHPDLDOHVDWXQFLvQSULPHOHYHDFXULDOHDúD]LVHLÄHUHQRDVWUH´ 8OWLPHOHFXFHULULYRUDYHDORFvQSULPLLDQLDLVHFROXOXLDO,,OHDS&KU ÌQLXQLHSULQFLSHOH7UDLDQXVFXFHUHúWHGXS XQvQGHOXQJDWU ]ERL GHX]XU 'DFLD  '(6&(1'(1 $ /$7,1(, &kQG DFXP DSUR[LPDWLY  GH DQL SXWHUHD SROLWLF  D 5RPHL úL DúD GLYL]DW  vQ GRX  LPSHULL FRQFXUHQWH GLQ FH vQ FH PDL LQGHSHQGHQWH vQ GHFHQLLOH SRVWHULRDUH VHSDU ULLGLQGHFLVHGH7KHRGRVLXVvQIDYRDUHDFHORUGRLILLDLV L +RQRULXVúL$UFDGLXV VDVWLQVGHILQLWLYOLPEDODWLQ QXDvQFHWDWQLFLR FOLS V ILHYRUELW SHWRWWHULWRULXOIRVWXOXLLPSHULXXQLWDUÌQFHDPDL PDUHSDUWHDDFHVWXLWHULWRULXOLPEDODWLQ DFRQWLQXDWV WU LDVF GkQG QDúWHUH XQRU O VWDUH FDUH DX FRQWLQXDWR OLPELOH URPDQLFH vQ 3HQLQVXOD ,EHULF  vQ *DOOLD vQ ,WDOLD vQ 7UDFLD úL 'DFLD DúDGDU VSDQLROD SRUWXJKH]D IUDQFH]D LWDOLDQD URPkQD úL GLDOHFWHOH HL VXG GXQ UHQH VXQWSULQFLSDOHOHOLPELURPDQLFH$FHVWRUDOLVHDGDXJ úL DOWH OLPEL URPDQLFH GLQWUH FDUH XQD VLQJXU  D GLVS UXW GHILQLWLY GDOPDWD LDUFHOHODOWHQXDXDYXWúDQVDGHWHUPLQDW GHFLUFXPVWDQ H LVWRULFH úL SROLWLFH SDUWLFXODUH GH D GHYHQL OLPEL RILFLDOH GH VWDW VDX ÄQD LRQDOH´FRQWLQXkQGDILYRUELWHUHJLRQDOORFDOSHWHULWRULLOHGLYHU VHORU UL URPDQLFH FDWDODQD vQ HVWXO 6SDQLHL  SURYHQVDOD vQ VXG HVWXO )UDQ HL  UHWRURPDQD OD JUDQL D $XVWULHL úL (OYH LHL vQ ]RQD DOSLQ IULXODQDvQ LQXWXO)ULXOLGLQ]RQDFHQWUDOQRUGLF D3HQLQVXOHL ,WDOLFH  VDUGD vQ LQVXOD 6DUGLQLD OD QRUG GH 6LFLOLD úL vQ YHFLQ WDWHD &RUVLF L VXQWFHOHPDLFXQRVFXWH  75$16)250$5($ /$7,1(,  /LPED ODWLQ  D vQFHSXW V  VH WUDQVIRUPH YL]LELO vQGHS UWkQGXVH OD QLYHOXO YRUELULL GH QRUPHOH OLPELL FXOWH SULQ H[FHOHQ  VFULVH vQ VSHFLDO GXS  FH úFRDOD úL DGPL QLVWUD LD FHQWUDOL]DW  FD IDFWRUL HVHQ LDOL GH PHQ LQHUH D XQLW LL OLQJ YLVWLFHVXSUDYHJKHDWHQXúLDXPDLSXWXWH[HUFLWDVLVWHPDWLFúLHILFLHQW LQIOXHQ D3URFHVXODIRVWSDUDOHOúLFHOPDLSUREDELOFKLDUSURYRFDWGH 



vQV úLGHVWU PDUHDOHQW D,PSHULXOXLGHDOXQJXOVHFROHORUDO,,,OHD DO,9OHDúLDO9OHD FkQGSUHRFXS ULOHJUDYHSURYRFDWHGH±SUDFWLF± SHUPDQHQWHOHU ]ERDLHFXYHFLQLLúLPDLDOHVFXSRSXOD LLOHPLJUDWRDUH QXOHDXPDLSHUPLVURPDQLORUU JD]XOGHDVHRFXSDvQGHWDOLXúLFX WRDWHIRU HOHLQWHOHFWXDOHPRELOL]DWHGHvQY WXU úLHGXFD LHÌQDFHVWH FRQGL LL WUDQVIRUP ULOH LQWHUQH LQHUHQWH OD QLYHOXO OLPELL YRUELWH U VSkQGLWHDOHDWRULXSHXQVSD LXHWQRJHRJUDILFLPHQVVDXDGkQFLWúL VDXSURGXVvQWUXQULWPGLQFHvQFHPDLDFFHOHUDWLDUXQLWDWHDOLPELL ODWLQHYRUELWHDvQFHSXWDVWIHOV VHGHVWUDPHúLHD ÌQ GHFXUVXO D QXPDL  VHFROH DSUR[LPDWLY 99,,, S&KU  ODWLQDRGLQLRDU XQLF úLXQLWDU DvQFHSXWDFRQWLQXDWúLDVIkUúLWSULQ D VH WUDQVIRUPD vQ DFHOH PDL VXV DU WDWH  OLPEL URPDQLFH VDX QHROD WLQHGLQFHvQFHPDLGHRVHELWHúLPDLGHS UWDWHFXWUHFHUHDWLPSXOXL vQWUH HOH 1X VH SRDWH YRUEL GHVLJXU GH R GDW  H[DFW  FkQG ODWLQD D VIkUúLWV PDLILHODWLQ úLDvQFHSXWV ILHLWDOLDQ VSDQLRO IUDQFH]  URPkQ  HWF 7UDQVIRUP ULOH LQWHUQH DOH ODWLQHL DX DYXW ORF FXP DP DU WDWWUHSWDWI U FDPRPHQWXOGHVSULQGHULLXQHLOLPELURPDQLFHVDX D DOWHLD GH ODWLQ  V  SRDW  IL VHVL]DW 6H SRDWH VSXQH GRDU F  OD XQ PRPHQWGDWGHRVHELULOHFRQVWDWDWHvQWUHID]DXOWLP DODWLQHLDWHVWDWHúL GLYHUVHOHUDPXULÄORFDOH´DOHIRVWHLODWLQHDSDUDWkWGHPDULvQFkWQXVH PDL SRDWH YRUEL GH R XQLF  OLPE  ODWLQ  FL GH PDL PXOWH LGLRPXUL VXFFHVRDUHGLIHULWHGHHDúLFXDWkWPDLPXOWvQWUHHOHXQHOHID GH FHOHODOWH  &217$&78/ &8 /,0%$ /$7,1  &X OLPED ODWLQ  YRUELW  vQ $QWLFKLWDWH QX SXWHP OXD DOWIHO FRQWDFW GHFkW SH FDOHD VFULVXOXL úL DQXPHSULQLQWHUPHGLXORSHUHORUSURSULX]LVOLWHUDUHEHOHWULVWLFHVDX GH DOW  QDWXU  FDUH QL VDX WUDQVPLV GLQ $QWLFKLWDWH SkQ  D]L $FHOH RSHUH VDX FRQVHUYDW úL DX DMXQV SkQ  OD QRL SULQ FRSLHUH úL PXOWLSOL FDUHPDQXVFULV ÌQDOGRLOHDUkQGOX PFRQWDFWGLUHFWFXODWLQDDQWLF  úLSULQLQWHUPHGLXOWH[WHORUHSLJUDILFHúLQXPLVPDWLFHJUDYDWHDúDGDU GLUHFWSHSLDWU VDXSHPHWDOvQSURSRU LHFRYkUúLWRDUHPRQHGH  'HDFHHDvQDLQWHGHDWUHFHODVWXGLXOSURSULX]LVDOOLPELLODWLQH HVWHQHFHVDUV FXQRDúWHPVFULHUHDIRORVLW GHURPDQLOHJDW WRWRGDW  GHFkWHYDDVSHFWHGHED] DOHSURQXQ LHLOLWHUHORUXWLOL]DWH





&$3,72/8/,, 

6&5,(5($ù,352181 $5($ $/)$%(78//$7,1 12 ,81,'()21(7,& $&&(178/  

6&5,(5($3ULPXOGRFXPHQWODWLQVFULVDúDGDUWH[WXOODWLQFHO PDLYHFKLSHFDUHvOFXQRDúWHPHVWHUHSUH]HQWDWGHRLQVFULS LHJUDYDW  SH R DJUDI  ODW ILEXOD  GH DXU GHVFRSHULW  GH DUKHRORJL vQ VHFROXO DO ;,;OHDOD3UDHQHVWHvQUXLQHOHXQHLIRVWHFHW LDQWLFHFRQWLQXDWHGH RUDúXOPHGLHYDOLWDOLDQ3DOHVWULQDGLQDSURSLHUHD5RPHL)LEXODGHOD 3UDHQHVWH DúDQXPLWD ILEXOD 3UDHQHVWLQD  GDWkQG GLQ MXUXO DQXOXL  D&KU D IRVW XUPDW  SULQ GHVFRSHULUL DUKHRORJLFH VXFFHVLYH GH DOWHLQVFULS LLSHRELHFWHVDXSHEORFXULGHSLDWU JUD LHF URUDSXWHP UHFRQVWLWXLFHOHPDLYHFKLIRUPHDOHVFULHULLODWLQHSURQXQ LDDIHUHQW  úL HYROX LD LVWRULF  D DFHVWRUD vQ FDGUHOH FRPSOH[H DOH FLYLOL]D LHL URPDQH 3HFHOHPDLYHFKLLQVFULS LLvQSRVHVLDF URUDVXQWHPOLWHUHOHVH vQI LúHD] DYkQGRIRUP UHFWDQJXODU DSURDSHS WUDW GUHSWFDUHDX úL IRVW GHQXPLWH FD DWDUH OLWWHUDH TXDGUDWDH  (OH HUDX PDMXVFXOH úL DYHDX XQ FRQWXU UHODWLY JURVRODQ QHúOHIXLW úL QHUHJXODUL]DW VDX vQ WHUPHQL GH VSHFLDOLWDWH XQ GXFW SULPLWLY $FHVW WLS GH VFULHUH HVWH QXPLW XQFLDOD VDX FDSLWDOD SULPLWLY  &XYLQWHOH QX HUDX VHSDUDWH vQWUHHOH7RWXúLHSLJUDILFFXYLQWHOHVHGHVS U HDXvQPRGFXUHQWSULQ SXQFWH'HDFHHDFLWLUHDXQXLDVWIHOGHWLSGHVFULHUHVFULSWLRFRQWLQXD ÄVFULHUH FRQWLQX ´  vQ FRQGL LLOH vQ FDUH WH[WXO HUD QHFXQRVFXW DGLF  QXPDLIXVHVHSDUFXUVvQSUHDODELOVHGRYHGHDGDF QXLPSRVLELO vQ RULFH FD] IRDUWH GLILFLO  ÌQ úFRDO  ILHFDUH OHFWXU  OHFWLR  vQ YHGHUHD vQ HOHJHULLPHVDMXOXLVFULVHUDSUHFHGDW REOLJDWRULXGHRÄSUHOHFWXU ´ SUDHOHFWLR FDUHFRQVWDGLQVHSDUDUHDFXYLQWHORUúLvQF UFDUHDWH[WXOXL FX VHPQH GLDFULWLFH SULQ FDUH HUDX LQGLFDWH SDX]HOH úL SXQFWXD LD HYHQWXDOFDQWLW LOHYRFDOVLODELFH 3HODPLMORFXOVHFROXOXLDO,,OHDD&KUDSDUSHQWUXSULPDRDU  OLQLX HOH ÄKDVWHOH´  RUL]RQWDOH FDUH ILQLVDX IRUPHOH ÄSLFLRDUHOH´  



OLWHUHORU 6H GHILQLWLYHD]  DVWIHO FDSLWDOD JUDYDW  VFULHUHD RILFLDO  D URPDQLORU /D vQFHSXWXO VHFROXOXL , S&KU WLQGH V  VH JHQHUDOL]H]H vQ F U LOHPXOWLSOLFDWHGHVFULELúLvQLQVFULS LLXQWLSGHVFULHUHPDLQHJOL MHQW  RDUHFXP DSURSLDW  GH R LJQRUDW  GH F WUH QRL  VFULHUH PLQXV FXO LQGLYLGXDO úLSHUVRQDO $FHVWWLSGHVFULHUHGH]YROWDW GLQFHD FDSLWDO  JUDYDW  HVWH FXQRVFXW  vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHDGHFDSLWDO UXVWLF  3HVWH DSUR[LPDWLY GRX  VHFROH vQ D GRXD MXP WDWH D YHDFXOXL DO ,,,OHD S&KU vúL IDFH DSDUL LD R QRX  VFULHUH GH GDWD DFHDVWD RSXV  GLUHFWFHOHLRILFLDOHFXPDMXVFXOHúLDQXPHPLQXVFXODSULPLWLY 'LQ HD DX GHULYDW vQ XOWLPHOH VHFROH DOH $QWLFKLW LL GRX  DOWH WLSXUL SULQFLSDOH FDUH YRU VWD OD ED]D JUDILHL PHGLHYDOH WLPSXULL D  VFULHUHD XQFLDO ÄvQIORULW ´úLFKLDUÄSRPSRDV ´ID GHFHDFDSLWDO VREU GHúL HOHJDQW E VFULHUHDVHPLXQFLDO PDLPRGHVW   $/)$%(78/ ÌQ LVWRULD VFULHULL DOIDEHWXO ODWLQ HVWH DO GRLOHD VLVWHP JUDILF FDUH QRWHD]  IRQHPH UHVSHFWLY VXQHWH FH GLIHUHQ LD]  VHQVXO vQWUXQ FRPSOH[ VRQRU GDW 3ULPXO DOIDEHW FDUH D QRWDW VXQHWH QX VLODEH VDX UHSUH]HQW UL LGHDWLFH FD GH SLOG  vQ FD]XO VLODEDUXOXL PLFHQLDQ%VDXDOLGHRJUDPHORUFKLQH]H DIRVWDOIDEHWXOJUHFHVF'LQ DFHVWD SULQ ILOLHU  HWUXVF  VD GH]YROWDW DOIDEHWXO ODWLQ $UKHWLSXO JUHFHVF FDUH D VWDW OD ED]D FHOXL ODWLQ D IRVW FHO GLQ OXPHD HOHQLW LL RFFLGHQWDOHLWDOLFHFDPSDQLHQH úLVLFLOLHQH3kQ vQVHFROXO,D&KU DOIDEHWXO ODWLQ HUD FRQVWLWXLW GLQ QXPDL  GH OLWHUH DúH]DWH vQWUR RUGLQHU PDV GHDOWIHOQHVFKLPEDW SkQ DVW ]L  $%&'()*+,./012345679;  6HLPSXQFkWHYDREVHUYD LL D /LWHUD*QXDH[LVWDWGHODRULJLQLvQDOIDEHWXOODWLQ$FHVWJUDIHPDUH R GDW  GH DSDUL LH PDL UHFHQW  GXS  WRDWH SUREDELOLW LOH VSUH PLMORFXO VHFROXOXLDO,,,OHDD&KUFkQGXQXOGLQWUHJHQHUDOLLLOXúWULDLYUHPLL6SXULXV &DUYLOLXV 0D[LPXV 5XJDV D GHFLV FX VSULMLQXO VHQDWXOXL LQWURGXFHUHD vQ DOIDEHW D XQXL VHPQ VSHFLDO SHQWUX XQ VXQHW DWkW GH U VSkQGLW vQ YRUELUHD URPDQLORU$EVHQ DJUDILF DOXL*UHSUH]HQWDSHUSHWXDUHDSkQ DWXQFLDXQHL PRúWHQLUL HWUXVFH vQWUXFkW vQ DFHDVW  OLPE  QX IXQF LRQD vQ FD]XO RFOXVLYHL YHODUH VDX JXWXUDOH  RSR]L LD GH VRQRULWDWH RULFH IHO GH YHODU  ILLQG UHGDW  

SULQ&7RWXúLvQSRILGDLQRYD LHLOXL6SXULXV&DUYLOLXVOLWHUD&DFRQWLQXDWV  VHUYHDVF  QRW ULL YHODUHL VRQRUH GDU QXPDL vQ DEUHYLHUL SULQ XUPDUH vQWUH JLUHD SUHVFXUW ULL & HUD *DLXV QX Ä&DLXV´ vQ PRG VLPLODU &1 UHSUH]HQWD DEUHYLHUHDSHQWUX*QDHXVQXÄ&QDHXV´ E  /DWLQD SRVHGD SHQWUX QRWDUHD DFHOHLDúL YHODUH VXUGH vQF  GRX  JUDIHPH.úL4 F  'LQ DOIDEHWXO ODWLQ LQGLIHUHQW GH HSRF  DX OLSVLW GRX  JUDIHPH X]XDOH vQ DOIDEHWHOH QHRODWLQH VXFFHVRDUH - úL 8 3ULQ XUPDUH URPDQLL QX IRORVHDXXQVHPQVSHFLDOSHQWUXVHPLYRFDO GHH[HPSOXVHVFULD,$0úLVH SURQXQ D FDDWDUHvQWURVLQJXU VLODE FXSULPXOVXQHWUHSUH]HQWkQGXQIHO GHVXSRUWFRQVRQDQWLFRÄVHPLFRQVRDQ ´SHQWUXYRFDODSURSULX]LV &UHDUHD JUDIHPXOXL-GDWHD] GLQWURHSRF PXOWPDLWkU]LHSRVWDQWLF ILLQGUH]XOWDWXO LQRYD LHLXPDQLúWLORUUHQDVFHQWLQLÌQFHHDFHSULYHúWHJUDIHPXO9DFHVWDQRWD VXQHWXO X FDUH vQ IXQF LH GH FRQWH[WXO IRQHWLF VH UHDOL]D ILH FD YRFDO  SURSULX]LV  ,03(5,90 SURQXQ DW >LPSHULXP@ 95%6 SURQXQ DW >XUEV@  ILH FD VHPLYRFDO  92&$5( SURQXQ DW >XRFDUH@ 9(1790 SURQXQ DW >XHQWXP@HWF ÌQVHFROHOHILQDOHDOH,PSHULXOXLVXQHWXOXVHPLYRFDOLFDWLQV V  VH FRQVRQDQWL]H]H vQ VSHFLDO vQ DQXPLWH SR]L LL GH SLOG  OD LQL LDO  GH FXYkQW  $VWIHO VD Q VFXW vQF  GLQ ODWLQD SRSXODU  úL WkU]LH VXQHWXO Y ± FRQVRDQDSURSULX]LV ±JUDIHPXO8X U PkQkQGvQV V PDLDúWHSWHFDúL -M PXOWHVHFROHSkQ ODFUHDUHDúLLQWURGXFHUHDOXLRILFLDO vQDOIDEHW G 'HúLDSDUHDWHVWDW vQXQHOHLQVFULS LLDUKDLFHOLWHUD=UHGDGRDUXQ6 V VRQRULQWHUYRFDOLF

3ULQXUPDUHvQHSRFDOXL&LFHURDFHVWDOIDEHWFDS W vQI LúDUHD FDUHvLYDU PkQHQHVFKLPEDW SkQ ODVIkUúLWXO$QWLFKLW LL1XP UXO JUDIHPHORU YD XUFD OD  SULQ LQWURGXFHUHD GHMD DPLQWLWXOXL = SUHFXPúLDOXLÄLJUHFHVF´DGLF XO@H 

1SO

LP 

*SO

RUXP

$%//



PRúWHQLW GH R SDUWH GLQ OLPELOH URPDQLFH vQ VSH  LWDOLDQD QHPLFR ± QHPLFL   LQLPLFXV ± LQLPLFL úL URPkQDGRPQGRPLQXPGRPQLGRPLQL  GHVLQHQ SLHUGXW vQOLPELOHURPDQLFHPRúWHQLW FX WRWXO DFFLGHQWDO vQ XQHOH ± H[WUHP GH UDUH ± VXEVWDQWLYH GLQ IUDQFH]  úL SURYHQVDO  GH H[ WRSRQIU)UDQFRXUYLOOHODW)UDQFRUXPXLOOD   V S VWUDW GH DVHPHQHD L]RODW QHIXQF LRQDO vQ WRSRQLPHFDIU5HLPVODW5 P V

'(&/,1$5($ $ ,,,$ &RQVWLWXLH LQGLVFXWDELO FHD PDL FRPSOH[  FODV  GH IOH[LXQH QRPLQDO  ODWLQ  vQWUXFkW HVWH úL FHD PDLYHFKHUHSUH]HQWkQGXQÄPRGHODUKDLF´ 'LQSXQFWGHYHGHUHLVWRULFvQDFHDVW FODV GHIOH[LXQHDXIRVW LQWHJUDWH úL DVWIHO DX IX]LRQDW GRX  DOWH FODVH ÄGHFOLQ UL´  LQGHSHQ GHQWHGHúLLQWHUIHUHQWHFDGHVLQHQ HúLDQXPHGHFOLQDUHDvQFRQVRDQ  úL GHFOLQDUHD vQ YRFDO  vQ VSH  L H X  GHYHQLWH XOWHULRU VXE FODVHDúDQXPLWHOHWHPHFRQVRQDQWLFHúLUHVSHFWLYWHPHYRFDOLFH 7,385,/( '( 7(0( 3ULQ XUPDUH FULWHULXO GH GLIHUHQ LHUH IOH[LRQDU vQVXEFODVHúLGHDLFLvQSDUDGLJPHWLSXULÄPRGHOH´ SDUWL FXODUH U PkQH DFHOD DO XOWLPXOXL VXQHW DO WHPHL 'H XQGH H[LVWHQ D XQHL YDULHW L WLSRORJLFH UHPDUFDELOH ILLQGF  DFHVW XOWLP VXQHW VDX VXQHWHvQFD]XOGLIWRQJXOXL DOH WHPHLSXWHDX IL  $RYRFDO OXQJ VDXVFXUW  7  vQKRVW    vQX    vQP 

' V ' V ' V

 %XQGLIWRQJ

7

PDU   !X V 7 JU 

 7 '  RXvQ ERX V ¾E V





' ‘   ' V

7 ,RX

 !PDU    7 V 

' 7 LV ,(GLHX

7 FX   ' V

' V    !P VJU V

7

GLRX

' HV

&RFRQVRDQ  &RFOXVLY   YHODU   ODELDO   GHQWDO 

7

UHJ 7 GDS  PLOHW

 &VRQDQW 

 OLFKLG   QD]DO   ELODELDO 

' V ' V  V

7 VRO 7 FDUPHQ 7 KLHP

 !UH[  !GDSV  !PLOHV ' ‘ ' ‘ ' V

7 QRF 7 RS  QHSRW

7 KRQRU 7

QDWLRQ  !KLHPV

' ‘ ' ‘  

' V ' V  V

 !QR[  !RSV  !QHSRV    !QDWLR  

 ÌQVIkUúLWWUHEXLHDWDúDW FODVLILF ULLSUH]HQWHúLWHPDvQVLIODQW  SURGXFWLY vQODWLQ PDLDOHVvQOHJ WXU FXJHQXOQHXWUX  7 '  7

WHPS V ‘ !WHPSXV FRUSRV

'  7 '  ‘ !FRUSXV JHQRV ‘ !JHQXVHWF

 'DF WHPHOHúLGHDLFL1VJDS UHDXDWkWGHYDULDWHFDvQI LúD UH SXWkQG FUHD OD R SULP  LPSUHVLH FRQYLQJHUHD XQHL WRWDOH OLSVH GH OHJ WXU  ILH FX UHVWXO FD]XULORU DFHOXLDúL VXEVWDQWLY ILH FX DOWH SDUD GLJPH DSDU LQkQG DFHOHLDúL FODVH GH IOH[LXQH HOHPHQWXO FRPXQ úL IDFWRUXO GH XQLWDWH DO FODVHL GHFOLQ ULL  D ,,,D OD UHSUH]HQWDW GH OD RULJLQLOHFRQVWLWXLULLHLGHVLQHQ DFD]XOXL*VJ VvQHSRFDFODVLF úL SkQ  OD VIkUúLWXO ODWLQLW LL FHO SX LQ OD QLYHOXO OLPELL FXOWH OLWHUDUH  5HFXQRDúWHUHDWHPHLúLHYHQWXDODUHIDFHUHSHDFHDVW ED] DFD]XOXL 1VJ VH SRW HIHFWXD QXPDL GDF  VXQWHP vQ SRVHVLD IRUPHL GH * VJ $FHDVW  IRUP  vPSUHXQ  FX FHD GH 1 VJ HVWH vQWRWGHDXQD GDW  GH GLF LRQDUH  *(185,/(8QDOWIDFWRUGHYDULHWDWHODFRQVWLWXLWHJDODUHSUH ]HQWDUHDJHQXULORUSHvQWUHDJDVXSUDID DGHFOLQ ULLD,,,D  



6,/$%,&,7$7($*UDPDWLFLLODWLQLúLDSRLVDYDQ LL5HQDúWHULL DX XWLOL]DW XQ FULWHULX VXSOLPHQWDU GH FODVLILFDUH úL VLVWHPDWL]DUH D IRUPHORU QRPLQDOH DSDU LQkQG DFHVWHL GHFOLQ UL FULWHULXO VLODELFLW LL 'H DOWIHO PRúWHQLUHD ODWLQ  vQ OLPELOH URPDQLFH VD I FXW WRFPDL vQ YLUWXWHD DF LXQLL DFHVWXL FULWHULX SULQ JUXSDUHD úL UHJUXSDUHD VXEVWDQWLYHORUGXS QXP UXOGHVLODEHDOFHORUGRX WLSXULFD]XDOHGH ED]  QRPLQDWLYXO vQ RSR]L LH FX FD]XULOH REOLFH UHVWXO FD]XULORU H[FHSWkQGYRFDWLYXO  $X IRVW QXPLWH SDULVLODELFH  DGM ODW SDU SDULV ÄHJDO´ úL VXEVWDQWLYXO GH RULJLQH JUHDF  V\OO ED GHULYDW V\OODE FXV D XP ÄVLODELF´  DFHOH VXEVWDQWLYH FDUH OD 1 VJ úL * VJ LDU GH DLFL OD WRDWHFHOHODOWHFD]XULREOLFHH[FHSWkQG9VJFDUHHLGHQWLFFX1VJ  DXDFHODúLQXP UGHVLODEHVDXXQQXP UÄHJDOGHVLODEH´ GHWLSXO KRVWLV 1 VJ  ± KRVWLV * VJ  ± KRVWL ' VJ  HWF 6H QXPHVF LPSDULVLODELFH  DGM ODW LPSDU LPSDULV ÄLQHJDO´  VXEVWDQWLYHOH FDUHQXDXDFHODúLQXP UGHVLODEHODWRDWHFD]XULOHFLID GH19 VJDXODFD]XULOHREOLFHRVLODE vQSOXVOH[19VJ ±OHJLV*VJ  ±OHJL'VJ HWFDXGHFLXQQXP UÄLQHJDO´GHVLODEHvQWUH19 VJúLUHVWXOFD]XULORU 8QDGLQWUHWHQGLQ HOHGHED] DOHODWLQHLvQ GLUHF LD UHJXODUL] ULL úL SULQ DFHDVWD D VLPSOLILF ULL PRUIRORJLFH D FRQVWDW GLQ DVRFLHUHD FRQVWDQW  D SDULVLODELVPXOXL FX WHPHOH YRFD OLFHúLDLPSDULVLODELVPXOXLFXFHOHFRQVRQDQWLFH  3$5$',*0(7,385,)/(;,21$5(  7(0(&21621$17,&(  7HPHvQ2&/86,9   GHQWDO    19 * ' $& $%/





PDVFXOLQ PLOHV PLO WLV PLO WL PLO WHP PLO WH

6* IHPLQLQ ODXV ODXGLV ODXGL ODXGHP ODXGH

QHXWUX FDSXW FDS WLV FDS WL 1 FDS WH

PDVFXOLQ PLO WHV PLO WXP PLOLW EXV 19 '

3/ IHPLQLQ ODXGHV ODXGXP ODXGLEXV 19 '

QHXWUX FDS WD FDS WXP FDSLW EXV 19 '

YHODU    19 * ' $& $%/    19 * ' $& $%/

PDVFXOLQ UH[ UHJLV UHJL UHJHP UHJH 

6* IHPLQLQ QR[ QRFWLV QRFWL QRFWHP QRFWH 

PDVFXOLQ UHJHV UHJXP UHJLEXV 19 ' 

3/ IHPLQLQ QRFWHV QRFWLXP QRFW EXV 19 ' 

PDVFXOLQ SULQFHSV SULQF SLV SULQF SL SULQF SHP SULQF SH

6* IHPLQLQ GDSV GDSLV GDSL GDSHP GDSH

PDVFXOLQ SULQF SHV SULQF SXP SULQFLS EXV 19 '

3/ IHPLQLQ GDSHV GDSXP GDS EXV 19 '

ODELDO 

 7HPHvQ621$17   OLFKLG 

  19

6* PDVFXOLQ IHPLQLQ QHXWUX VROKRQRU PDWHU SDS XHU

PDVFXOLQ VROHV KRQ UHV PDWULV SDS X ULV VROXP KRQ UXP PDWUL SDS X UL VRO EXV KRQRU EXV PDWUHP 19 19

*

VROLV KRQ ULV ' VROL KRQ UL $& VROHP KRQ UHP $%/ VROH PDWUH KRQ UH

SDS X UH

'

3/ IHPLQLQ PDWUHV

QHXWUX SDS X UD

PDWUXP

SDS X UXP

PDWU EXV SDS X U EXV 19

19

'

'







QD]DO    19 * ' $& $%/  19 * ' $& $%/

  19 * ' $& $%/

6* PDVFXOLQ IHPLQLQ OHR RSWLR RSWL QLV OH QLV RSWL QL OH QL OH QHP RSWL QHP RSWL QH OH QH

 ELODELDO 

3/ QHXWUX PDVFXOLQ IHPLQLQ QHXWUX RSWL QHV FDUPLQD FDUPHQ OH QHV FDUPLQLV OHRQXP RSWL QXP FDUPLQXP FDUPLQL OHRQ EXV RSWL Q EXV FDUPLQ EXV 19 19 19 19 FDUPLQH ' ' '

6* 3/ KLHPVIHP  KLHPHV KLHPLV KLHPXP KLHPL KLHP EXV KLHPHP 19SO KLHPH 'SO

 7HPHvQ6,)/$17   PDVFXOLQ IORV IO ULV IO UL IO UHP IO UH

6* IHPLQLQ FLQLV FLQ ULV FLQ UL FLQ UHP FLQ UH

 7(0(92&$/,&(

QHXWUX RV RVVLV RVVL 19 RVVH

PDVFXOLQ IO UHV IO UXP IO U EXV 19 '

3/ IHPLQLQ FLQ UHV FLQ UXP FLQHU EXV 19 '

QHXWUX RVVD RVVXP RVV EXV 19 '

0DVFXOLQ KRVW V KRVW XP KRVW EXV 19 ' 

3/ IHPLQLQ WXVV V WXVV XP WXVV EXV 19 ' 

QHXWUX PDU D PDU XP PDU EXV 19 ' 

7HPHvQ92&$/    19 * ' $& $%/  

VFXUW  PDVFXOLQ KRVW V KRVW V KRVW  KRVW P KRVW  

6* IHPLQLQ WXVV V WXVV V WXVV  WXVV P WXVV  

QHXWUX PDU  PDU V PDU  19 PDU  

  19 * ' $& $%/    19 * ' $& $%/

OXQJ 

6*

3/

PDVFXOLQ IHPLQLQ PDVFXOLQ IHPLQLQ V V XROS V V V XROS V V V XROS V V XP XROS XP V  XROS  V EXV XROS EXV V P XROS P 19 19 V  XROS  ' '     7HPHvQ',)721* 



6* PDVFXOLQ E V E V  ERX V ERX  ERX P ERX 

3/  19 * ' $& $%/

PDVFXOLQ E X V E P ERXLXP  E EXVE EXV ERX EXV  19 '

6,78$ ,,3$57,&8/$5(7(0(/(0,;7(2VHULHvQWUHDJ  GHVXEVWDQWLYHGHGHFOLQDUHDD,,,DúLDXPRGLILFDWIRUPDRULJLQDU GH 1VJvQWURHSRF UHODWLYvQGHS UWDW FHHDFHDFRQGXVvQX]XOYRUELULL XOWHULRUODUHvQFDGUDUHDORUvQWURDOW FDWHJRULHIOH[LRQDUWHPDWLF úL GHDLFLODFUHDUHDXQHLSDUDGLJPHQRL $VWIHOPDLDOHVODDFHOHVXEVWDQWLYHFDUHvQODWLQDSUHFODVLF úL FODVLF  DX WHPD FRQVRQDQWLF  WHUPLQDW  vQWUR GHQWDO  VXUG  VDX VRQRU GDUVSRUDGLFúLvQWURODELDO IRUPDLQL LDO GHOD1VJFRQ LQHD YRFDOD vQDLQWHGHGHVLQHQ DVFHHDFHQHFRQGXFHODSUHVXSXQHUHD F RULJLQDUVXEVWDQWLYHOHUHVSHFWLYHDSDU LQHDXWHPHORUYRFDOLFH1VJ

DUW V GHQW V IRQW V JHQW V PRQW V PRUW V SRQW VHWF3LHU]kQGX OSULQVLQFRSDUHSH LQWHUFRQVRQDQWLFFDXUPDUHIRDUWHSUREDELOD KDSORORJLHL  DWDUL VXEVWDQWLYH DX GHYHQLW PRQRVLODELFH OD 1 VJ YRUELWRULLUHVLP LQGXOHFDLPSDULVLODELFHGHH[DUV± *DUWLV úLvQ FRQVHFLQ  UHRULHQWkQGXOH FRPSRUWDPHQWXO PRUIRORJLF GXS  WLSXO LPSDULVLODELFHORU DVRFLDWH FRQVWDQW WHPHORU FRQVRQDQWLFH $VWIHO IRVWHOH WHPH YRFDOLFH SDULVLODELFH  DX SULPLW GHVLQHQ H GH FRQVRQDQ WLFHLPSDULVLODELFH GUHSWFDUHOD $%/VJVDJHQHUDOL]DWGHVLQHQ DH 



DUWHGHQWHIRQWHIURQWHJHQWHHWF FDúLODFHOHODOWHFD]XUL([FHS LH D I FXW * SO OD FDUH VD FRQVHUYDW GHVLQHQ D RULJLQDU  D WHPHORU YRFDOLFH LXP DUWLXP GHQWLXP IRQWLXP IURQWLXP HWF  ÌQ DFHHDúL VLWXD LHVHDIO úLXUEVLQL LDODYkQG1VJ XUE V!XUEVSULQVLQFRS  $%/VJXUE GDU*SOXUELXP *UDPDWLFLLPRGHUQLvQFDGUHD] DVWIHOGHVLWXD LLSDUWLFXODUHvQWUR FDWHJRULH DSDUWH QXPLW  D WHPHORU PL[WH FDUH OD VLQJXODU SUH]LQW  FRPSRUWDPHQW FRQVRQDQWLF LDU OD SOXUDO JUD LH JHQLWLYXOXL  XQXO YRFDOLF ÌQWkOQLP vQV  úL VLWXD LD LQYHUV  FkQG VXEVWDQWLYH FX IRUP  YRFDOLF  D WHPHL OD VLQJXODU SUHFXP 1VJ FDQLV LXXHQLV VHQHV DWHVWDW FD VHQH[ FX LQIL[ YHODU  XDWHV PHQVLV VH FRPSRUW  OD * SO DLGRPDFHORUFRQVRQDQWLFHODXQHOHH[LVW vQV RH]LWDUHPDQLIHVWDW  SULQFRH[LVWHQ DIRUPHLFRQVRQDQWLFHúLDFHOHLYRFDOLFHGXEOHWDWHVWDW FKLDUúLvQHSRFDFODVLF  *SOFDQXPLXXHQXPVHQXPXDWXPGDUPHQVXPPHQVLXP ÌQVIkUúLWQXPHGHUXGHQLHIXQGDPHQWDOHFDSDWHUPDWHUIUDWHU GHúLDXvQI LúDUHSDULVLODELF *VJSDWULVPDWULVIUDWULV 'VJSDWUL PDWULIUDWULHWF OD *SOSRVHG GHVLQHQ DLPSDULVLODELFHORUSDWUXP PDWUXPIUDWUXP   7(0( ,=2/$7( ù, 7(0( '()(&7,9( 6XEVWDQWLYHOH ERV GHMDVHPQDODW úL,XSSLWHUDXUHVSHFWLYDIRUP GH1VJL]RODW WHPDWLF GHUHVWXOFD]XULORU   19 * ' $& $%/

6*

ERV ERXLV ERXL ERXHP ERXH

3/

ERXHV ERXP EREXVEXEXV ERXHV EREXVEXEXV

,XSSLWHU ,RXLV ,RXL ,RXHP ,RXH

 6HvQWUHEXLQ HD] QXPDLODVLQJXODUúLQXPDLODFD]XULOH

1$&9VJQ  1VJI  $%/ $%/VJI  

IDVÄFHHDFHHSHUPLVGHOHJHDGLYLQ ´ QHIDVÄFHHDFHQXHSHUPLVGHOHJHDGLYLQ ´ IRUVÄvQWkPSODUHIHULFLW ´ÄQRURF´ IRUWH VSRQWHÄGLQLQL LDWLYD´PHDWXDVXDHWF 

(;&/86,9 3/85$/8/ 3/85$/( 7$1790  $ LHúLW GH WLPSX ULXGLQX]VLQJXODUXOXUP WRDUHORUVXEVWDQWLYHúLHOHGHIHFWLYHGDUGH QXP U 0 QHVQLXPÄ]HLL0DQL´ 3HQ WHVLXPÄ]HLL3HQD L´ PDL UHVUXPÄvQDLQWDúLL´ÄVWU PRúLL´DGMHFWLYVXEVWDQWLYL]DW  PRHQLD LXP Ä]LGXO ]LGXULOH  GH LQFLQW  DOH XQHL FHW L ´ ÄPHWHUH]H´ 02ù7(1,5($ Ì1 520Æ1  ù, Ì1 /,0%,/( 520$1,&(

2SR]L LD GLQWUH FD]XUL úL QXPHUH UHODWLY VODE  OD QLYHOXO RUDOLW LL D FHGDW WUHSWDW ORFXO vQ ODWLQD WkU]LH GLIHUHQ LHULL ED]DWH SH VLODELFLWDWH ,PSDULVLOD ELVPXODvQW ULWGLIHUHQ LHUHDFD]XULORUúLVSRULQGUH]LVWHQ DVXEVWDQWLYHORUOD X]XU DSHUPLVúLIDYRUL]DWPRúWHQLUHDvQURPkQ úLvQOLPELOHURPDQLFH ,PSDULVLODELVPXODSHUPLVvQFXYLQWHOHODWLQHúWLPRúWHQLWHvQURPkQ  GHRVHELUHD VLQJXODUXOXL GH SOXUDO URPkQD ILLQG vQ UDSRUW FX FHOHODOWH OLPEL URPDQLFHFHDPDLFRQVHUYDWRDUHvQDFHDVW SULYLQ 3ULPXOXLH[HPSOXFLWDW PDLVXVvLDO WXU PúLDOWHOHODWKRPR!URPRPSOKRPLQHV!URPRDPHQL FIúLLWXRPR±XRPLQL ODWKRVSHV!URPRDVSHIRUPDFXWHOD1$&9VJ HVWHUHI FXW GXS SOXUDO SOKRVS WHV!URPRDVSH LODWLXGH[!URPMXGH SO  LXGLFHV ! Y URP MXGHFL HOLPLQDW SH SDUFXUV GHRDUHFH D LQWUDW vQ FRQFXUHQ FXYURPúLURPPRGMXGH ODWLXGLFLXP HWF'XS FXPVD DU WDW XWLOL]DUHD GH F WUH YRUELWRUL D LPSDULVLODELVPXOXL vQ YHGHUHD PDUF ULL GHRVHELULL GLQWUH VLQJXODU úL SOXUDO D SUHVXSXV vQ PRG QHFHVDU H[LVWHQ D SUHDODELO vQODWLQDYRUELW DFRQIX]LHLGLQWUH1úL$&VJFRQIX]LHIDYRUL]DW  vQ ODWLQ  úL vQ FHOHODOWH LGLRPXUL ,( DQWLFHGHFDWHJRULDQHXWUHORU/DDFHVWHD GLQXUP PRúWHQLUHDLPSDULVLODELVPXOXLDFRORXQGHDDYXWORF HVWHFHDPDL YL]LELO ODWWHPSXV!URPWLPSSOWHPSRUD!URPWLPSXULODWFDSXW!ODW SRS FDSXV ! URP FDS SO  FDSLWD ! URP FDSHWH ODW IULJXV ! URP IULJ SO IULJRUD!URPIULJXUL&kWHYDQHXWUHODWLQHGHúLLPSDULVLODELFHPHOIHOO F  SHQWUXF OD1$&9HUDXPRQRVLODELFHDXSULPLWXQÄVSULMLQYRFDOLF´ODDFHVWH FD]XULO UJLQGXúLúLVWDELOL]kQGXúLDVWIHOFRUSXOIRQHWLF PHOH IHOH ODFWH !PLHUHILHUHODSWH GDUFXSLHUGHUHDLPSDULVLODELFLW LLvQPRGFHUWvQF GLQ ODWLQD SRSXODU  úL FRPSRUWkQGXVH vQ FRQVHFLQ  FD IOH[LXQH LGHQWLF FX SDULVLODELFHOHGHWLSXOPDUH±PDULV!URPVXEVW PDUH ÌQVIkUúLWúLDXSLHUGXWI U XUPHFDUDFWHUXOLPSDULVLODELFXUP WRDUHOH VXEVWDQWLYHPRúWHQLWHGLQODWLQ úLFRQWLQXkQGIRUPDGH1VJFDKRPR!RP  LPSHUDWRU ! URP vPS UDW SUHVE\WHU GH RULJLQH JUHDF  vQ ODWLQ  ! URP SUHRWVHUSHQV!URPúH DUSHHWFGHúLHUDQHXWUX1 $& 9VJ QRPHQ ! URP QXPH LW QRPH IU QRP  úLD SLHUGXW IRDUWH XúRU FDUDFWHUXO LPSDULVLODELF  

ÌQFRQFOX]LHURPkQDDPRúWHQLWFXSUHF GHUHGLQODWLQDGXQ UHDQ  D  LPSDULVLODELVPXO DQXPLWRU QHXWUH FX H[FHS LD PRQRVLODELFHORU WUHFXWHODSDULVLODELFH  E  IRUPD GH $& VJ FD XQLF VXSUDYLH XLWRU DO FD]XULORU 1$& VJ FRQIXQGDWHvQF GLQHSRFDLPSHULDO WLPSXULHODQLYHOXORUDOLW LLFHHDFHQX DH[FOXVGXS FXPDPQRWDWúLPRúWHQLUHDFD]XOXL1VJvQURPkQ  7HPHOH vQ YRFDO  DX IRVW OD UkQGXO ORU PRúWHQLWH SH VFDU  ODUJ  vQ URPkQ  XQGH D FRQWDW FDUDFWHUXO SDULVLODELF 6D PHQ LQXW FRQIX]LD 1$& úL DLFLVSULMLQLW GHSOXUDOGHVLQHQ D V!URPLFXF GHUHDVLIODQWHLILQDOHúL vQFKLGHUHDWLPEUDO DYRFDOHLDMXQVHvQSR]L LHILQDO ([HPSOHFDQHV!URP FkL QLXXOSHV!URPYXOSLKRVWHV!URPRúWL(YROX LDODW VODURPLD SXWXWILLQIOXHQ DW GHPDVFXOLQIHPLQLQHOHGHFOLQ ULLD,,DúLGHDGMHFWLYHOH DFHOHLDúLGHFOLQ ULDFRUGDWHFXPDVFXOLQHOHGHFOLQ ULLD,,,DERQLKRVS WHV! URPFXLQYHUVDUHWRSLF RDVSH LEXQL $ IRVW GH DVHPHQHD PRúWHQLW  GLQ ODWLQ  IRUPD GH ' VJ H[WLQV  vQ URPkQ úLOD*VJODWFDQ XXOS KRVW !URPDDODOHDLXQXLXQHL FkLQH YXOSL RúWL OD SULPXO H[HPSOX WHUPLQD LD H H[SOLFkQGXVH SULQ UHRULHQWDUHD IOH[LXQLLGXS PRGHOXOGHFOLQ ULLD,,D FXFRQGL LDFDVXEVWDQWLYXOV ILHvQ FRQWH[WQHDUWLFXODWDUWLFXODWFXDUWLFROXOQHKRW UkWVDXSUHFHGDWXUPDWGHXQ DGMHFWLYùLLPSDULVLODELFHOHDWHVW vQDFHOHDúLFRQGL LLPRúWHQLUHD'VJSDUWL !URPDDODOHDL XQHL S U L &DúLODLPSDULVLODELFHGHVLQHQ HOH EXV'$%/SO úLLXP*SO QX VDXPRúWHQLWQLFLvQURPkQ QLFLvQDOWHOLPELURPDQLFH 2 PHQ LXQH DSDUWH VH LPSXQH vQ FD]XO QXPHORU ]LOHORU V SW PkQLL vQ OLPEDURPkQ úLDQXPHPDU LMRLúLYLQHULFDUHFRQWLQX YHFKLOHIRUPHGH* VJODWLQDOHWHRQLPHORU0DUWLVGLHV ,RXLVGLHV úL9HQHULVGLHV Ä]LXDOXL  0DUWH´ Ä]LXD OXL  ,XSSLWHU´ Ä]LXD  9HQHUHL´ FI úL IU PDUGL MHXGL YHQGUHGLLWPDUWHGLJLRYHGLYHQHUGLHWF 

 '(&/,1$5($$,9$5HXQHúWHVXEVWDQWLYHOHDF URU97HVWH   IDSW FDUH OH DSURSLH PXOW GH GHFOLQDUHD D ,,D GRPLQDW  úL HD OD DQXPLWH FD]XUL PDL FX VHDP  OD FD]XO ÄVWDQGDUG´ 1 VJ  GH 97 X GHRVHELUHD PDMRU  FDUH LQWHUYLQH vQ DFHDVW  SULYLQ  VH UHIHU  OD RULJLQHD97GLIHULW ODRGHFOLQDUHID GHFHDODOW 97XVHPHQ LQH GLVWLQFW  vQ UDSRUW FX GHVLQHQ HOH DG XJDWH HL GDU QXPDL OD DQXPLWH FD]XUL VSUH H[HPSOX OD 1 VJ  vQ YUHPH FH OD DOWHOH VH UHXQHúWH FX YRFDODLQL LDO DGHVLQHQ HLUH]XOWkQGGHDLFLGLYHUVHWHUPLQD LLúLOD QLYHOXOvQWUHJXOXLFXYkQWIRUPHRSDFH  

*(18/'LQSXQFWXOGHYHGHUHDOJHQXOXLVXQWUHSUH]HQWDWHFHO PDLELQHPDVFXOLQHOHDO WXULGHFDUHLGHQWLFHIRUPDOIOH[LRQDUDSDU úLRVXP GHIHPLQLQHPXOWHGLQWUHHOHDSDU LQkQGIRQGXOXLSULQFLSDO OH[LFDO DO OLPELL SUHFXP GRPXV ÄFDV ´ PDQXV ÄPkQ ´ QXUXV ÄQRU ´ VRFUXV ÄVRDFU ´ WULEXV ÄWULE´ LGXV ÄILHFDUH D D VDX XQHRULDD ]LDXQHLOXQL´ÄPLMORFXOOXQLL´GHDVHPHQHDFDúLOD GHFOLQDUHD D ,,D IHPLQLQH VXQW úL QXPHOH XQRU DUERUL QX QHDS UDW IUXFWLIHUL  FXP VXQW ILFXV ÄVPRFKLQ´ TXHUFXV ÄVWHMDU´ SLQXVÄSLQ´ HWF 1HXWUHOH DSDU FHO PDL VODE UHSUH]HQWDWH QXPHULF GHúL XQHOH VXEVWDQWLYH FD JHQX ÄJHQXQFKL´ JHOX ÄJHU´ FRUQX ÄFRUQ´ GHQX PHDXUHDOLW LLPSRUWDQWHSHQWUXYRUELWRULvQPRGFXUHQWúLGHDFHHD QXRFXSDXRSR]L LHSHULIHULF vQVLVWHPXOOH[LFDO  0(7$3/$60$6SUHGHRVHELUHWRWDO GHGHFOLQDUHDD,,DFHD GHD,9DDIRVWvQF GHODRULJLQLOHFULVWDOL] ULLOLPELLODWLQHúLSkQ  vQ HSRFD WkU]LH D XOWLPHORU VHFROH LPSHULDOH  R FODV  GH IOH[LXQH LQVWDELO $VHP Q ULOHUHPDUFDELOHSHFDUHOHDYHDFXGHFOLQDUHDD,,D OD FDUH VH DGDXJ  FD HOHPHQW GH vQW ULUH D DSURSLHULL vQWUH FHOH GRX  FODVH GH IOH[LXQH VLWXD LD VSHFLDO  D VXEVWDQWLYXOXL GRPXV D F UXL GXEO  IOH[LXQH D VHUYLW FD YHULWDELO PRGHO SHQWUX FUHDUHD GH QRL GXEOHWH D I FXW FD vQF  GH WLPSXULX úL DQXPH GLQ HSRFD DUKDLF V  DSDU  DQXPLWH IRUPH FD]XDOH GH GHFOLQDUHD D ,,D OD VXEVWDQWLYH GH D ,9D $FHDVW   FODV  GH IOH[LXQH D IRVW vQ FHO PDL vQDOW JUDG VXSXV  SURFHVXOXL GH VLQFUHWLVP IOH[LRQDU VDX LQWHUIOH[LRQDU PDL H[DFW  QXPLWPHWDSODVP  $VWIHO L]RODWHOH QHXWUH WHUPLQDWH GXS  FXP DP DU WDW SULQ H[HPSOHOHFLWDWHPDLVXVFKLDUvQ97 DXWLQVGHDOXQJXOYRUELULL úL VFULHULL ODWLQHL V  FDSHWH IRUPD DWkW GH FRQVDFUDW  D QHXWUHORU GHFOLQ ULL D ,,D FDUH DYHDX WHUPLQD LD XP vúL IDF DVWIHO DSDUL LD GXEOHWH FD JHOXJHOXP FRUQXFRUQXP XOWLPXO DWHVWDW OD 9HUJLOLXV úL 2YLGLXV WRQLWUXWRQLWUXPúLWRQLWUXVGDUGHD,9D XHUXXHUXP  3$5$',*0$)RUPHOHQRPLQDOHSUH]LQW SHJHQXULXUP WRUXO WDEORX    



 19 * ' $& $%/

PDVFXOLQ PDJLVWUDWXV PDJLVWUDWXV PDJLVWUDWXL PDJLVWUDWXP PDJLVWUDWX

6*

IHPLQLQ TXHUFXV TXHUFXV TXHUFXL TXHUFXP TXHUFX

 3/

QHXWUX JHQX JHQX JHQXLJHQX 19 JHQX

19 PDJLVWUDWXV TXHUFXV * PDJLVWUDWXXP TXHUFXXP '$%/ PDJLVWUDWLEXV TXHUFXEXV TXHUFLEXV $& PDJLVWUDWXV TXHUFXV  19   19 

JHQXD JHQXXP JHQXEXV JHQLEXV 19

)/(;,81($/8,'20968QFD]FXWRWXOSDUWLFXODUvOUHSUH ]LQW VXEVWDQWLYXOGRPXVÄFDV ´IRDUWHLPSRUWDQWSULQX]XOV XDWkWGH IUHFYHQWvQYRUELUHFDúLvQWH[WHOHVFULVH(ODPRúWHQLWGLQ,(RGXEO  GHFOLQDUH DWkW FD WHP  vQ X FkW úL FD WHP  vQ RH ÌQ SOXV HVWH VLQJXUXO VXEVWDQWLY FDUH SUH]LQW  FD]XO / IXQF LRQDO vQ WRDWH HSRFLOH OLPELLODWLQH,DW SDUDGLJPDVDFRPSOHW    19 * ' $& $%/ /



6* '(&/D,9D GRP V GRP V GRP  GRP P GRP  GRP 

'(&/$,,D GRP  GRP  GRP 

3/ '(&/D,9D GRP V GRP P GRP E V GRP V GRP EXV 

'(&/D,,D GRP U P GRP V 

02ù7(1,5($ Ì1 /,0%,/( 520$1,&( &RQVWLWXLQG XQ VLVWHP IOH[LRQDU LQVWDELO FKLDU úXEUHG GHFOLQDUHD D ,9D QX D UH]LVWDW GHFkW VXE IRUP GHUHOLFWHvQOLPELOHURPDQLFH)HQRPHQXOPHWDSODVPHLDGLUHF LRQDWR EXQ SDUWHGLQWUHFHOHPDLX]LWDWHVXEVWDQWLYHDOHGHFOLQ ULLD,9DQXQXPDL VSUHGHFOLQDUHDD,,D±FXFDUHSUH]HQWDDILQLW LRUJDQLFHGHGDW ,(FRPXQ  FHDPDLHORFYHQW GRYDG vQDFHVWVHQVILLQGIOH[LXQHDOXLGRPXV±FLúLVSUH GHFOLQDUHD,FXFDUHvQDSDUHQ FHOSX LQQXDYHDQLPLFvQFRPXQ9RUELUHD 

SRSXODU  D WUHFXW DQXPLWH VXEVWDQWLYH GH D ,9D vQ VSHFLDO QXPHOH GH UXGHQLH ODPXOWPDLDFFHVLELODFODV GHIOH[LXQHvQD&HHDVDSHWUHFXWFXP YRP YHGHD  PDL MRV úL vQ FD]XO XQRUD GLQWUH VXEVWDQWLYHOH GHFOLQ ULL D 9D $VWIHOvQSULPHOHVHFROHDOHHUHLLPSHULDOHvQGUHSWDUXOFXQRVFXWSULQWUDGL LH VXEWLWOXO$SSHQGL[3URELDWUDJHDWHQ LDF VHVSXQHQXUXVQRQQXUDVRFUXV QRQ VRFUD    5RPkQD VSUH H[HPSOX D PRúWHQLW SULQ FXYkQWXO VRDFU  QX IRUPD  UHFRPDQGDW VRFUXVGHD,9DDSDUHQWLUD LRQDO GDWRULW  SUHVLXQLLDQDORJLFHDVLVWHPXOXLFXPDVFXOLQHGHD,,DúLGHD,9DDPLFXV PHGLFXV KRUWXV H[HUFLWXV HWF  FL WRFPDL IRUPD UHFRPDQGDW  VSUH HYLWDUH VRFUDIDSWFHDDU WDWF QLFLDWXQFLFXPQLFLDVW ]LUHFRPDQG ULOHVDYDQWH DOH JUDPDWLFLORU VDX SURIHVLRQLúWLORU OLPELL QX VXQW VHULRV OXDWH vQ VHDP  DWXQFL FkQG PDUHD PDV  D YRUELWRULORU I U  V  VWHD SUHD PXOW SH JkQGXUL úL I U  V úL IDF  SUREOHPH SXQH vQ FLUFXOD LH IRUPHOH FRPRGH úL UHVSHFWLY OH VFRDWHGLQX]XOFXUHQWSHFHOHLQFRPRGHGHúLFRUHFWH ÌQ VFKLPE IRUPD QRUX  XWLOL]DW  vQ VLQWDJP  FX DGMHFWLYXO SRVHVLY PHD WD VD  UHSUH]LQW  FRQWLQXDUHD vQ OLPED URPkQ  QX D IRUPHL SRSXODUH Q UDVDXPDLH[DFW Q UDGHGHFOLQDUHD, F FLDUILWUHEXLWFDYRFDOD ½   DIODW  VXE DFFHQW    V  VH GLIWRQJKH]H FL D IRUPHL FODVLFH Q UXV FX YRFDODSHQXOWLP GHVFKLV  Q UXV  5RPkQD úL LWDOLDQD SUH]LQW  XUPH DOH VXSUDYLH XLULL XQXL DOW VXEVWDQWLY GH GHFOLQDUHD D ,9D H[WUHP GH X]XDO PDQXV $UKDLF úL UHJLRQDO VH vQWkOQHúWH vQ URPkQ  IRUPD GH SOXUDO PkQ  P Q V  FX F GHUHD JOREDO  D WHUPLQD LHL GH 1$&9 SO  V IRUPD DUWLFXODW  ILLQG PkQXOH ÌQ LWDOLDQ  VH FXQRDúWH IRUPD YHFKH GH SOXUDO OH PDQR  LOOH LOODH@P Q V  ÌQFRQFOX]LHOLPELOHURPDQLFHDWHVW F IX]LXQHDGHFOLQ ULORUD,9DúL D,,DFXHPHUJHQ HúLVSUHGHFOLQDUHD, DIRVWSUDFWLFFRPSOHW vQURPkQ  úLQXQXPDL HDPHUJkQGSkQ ODFDS WGRYDG vQWUHPXOWHDOWHOHIOH[LXQHD FRPXQ  QHGLIHUHQ LDW  OD VLQJXODU D XQRU QHXWUH PRúWHQLWH SUHFXP FRUQ RULJLQDUGLQWUXQVXEVWDQWLYGHD,9D VDXVFDXQPRúWHQLWGLQVFDPQXPGH D,,D 

 '(&/,1$5($$9$&RQVWLWXLHFODVDGHIOH[LXQHDVXEVWDQWLYXOXL FHD PDL SUHFDU  vQ OLPED ODWLQ  úL WRWRGDW  ÄFHD PDL YXOQHUDELO ´ $UJXPHQW PDFHDVW GXEO DILUPD LHSULQXUP WRDUHOHFRQVWDW UL D  'HFOLQDUHD D 9D GXS  GHQXPLUHD WUDGL LRQDO  FXSULQGH FHO PDL PLFQXP UGHVXEVWDQWLYHGLQvQWUHJVLVWHPXOIOH[LRQDUODWLQDODFHVWHL FDWHJRULLQRPLQDOH E  6SHFLILF VXEVWDQWLYHORU FHOHL GHD 9D GHFOLQ UL HVWH SUHGRPLQDQ D FDUDFWHUXOXL LQFRPSOHW DO IOH[LXQLL ORU 'RDU GRX  VXEVWDQWLYH GL V 



Ä]L´ úL U V ÄRELHFW´ ÄOXFUX´ SRVHG  IOH[LXQH FRPSOHW  OD DPEHOH QXPHUH &HOHODOWH ILH VXQW GHIHFWLYH GH SOXUDO ILH XWLOL]HD]  OD SOXUDO QXPDLDQXPLWHFD]XULFHOHODOWHU PkQkQGQHIRORVLWHvQIRQGXOSDVLY ODWHQW DO OLPELL ILH DX FKLDU úL OD VLQJXODU XWLOL]DWH FXUHQW ÄYLL´ QXPDLDQXPLWHFD]XUL1$&$%/  F  $úDQXPLWD GHFOLQDUH D 9D D UHXQLW WHPH GLYHUVH FX IOH[LXQH GLIHULW  OD RULJLQH FRQFHQWUkQGXOH vQ MXUXO XQXL QXFOHX UHVWUkQV GH VXEVWDQWLYHFXWHPDWHUPLQDW vQL  G ÌQF GHODRULJLQLOHFULVWDOL] ULLDFHVWXLIUDJLOWLSIOH[LRQDUúLvQF GH OD vQFHSXWXULOH WUDGL LHL OLWHUDUFXOWXUDOH ODWLQH R VHULH GH VXEVWDQWLYH WHUPLQDWHOD1VJvQL VGHVHPQkQGSUHSRQGHUHQWDEVWUDF LXQLGDUQX QXPDL  D SRVHGDW úL GXEOHWH SHQWUX WRDWH FD]XULOH  vQ LD OD 1VJ GH WLSXOPDWHULHVPDWHULD6DDMXQVFKLDUV VHVXV LQ F GHFOLQDUHDD9D D IRVW GH OD RULJLQH úL D U PDV R IOH[LXQH KHWHURFOLW  PL[W  19 VJ PDWHULHV *' PDWHULDH $& PDWHULHP HWF  ([LVWHQ D GXEOHWHORU D SURYRFDW vQ ODWLQD SRSXODU  R PLJUD LH PDVLY  JHQHUDOL]DW  D VXEVWDQWLYHORUFXWHPDvQL VSUHGHFOLQDUHD,PXOWPDLVWDELO úLFX IRUPHFD]XDOHQHVXSXVHQLFLXQHLGLVFX LLIDSWFHDFRQGXVSUDFWLFOD GLVSDUL LDGHILQLWLY DGHFOLQ ULLD9DvQFDOLWDWHGHFODV GHIOH[LXQH  *(18/ 6XEVWDQWLYHOH FX WHPD vQ   VXQW SUHSRQGHUHQW IHPLQLQH FHHD FH DSURSLH vQ SOXV XOWLPD FODV  GH IOH[LXQH GH SULPD 1XPDL GLHV úL FRPSXVXO V X P U GL V IRUPDW GLQ UHXQLUHD DGMHFWL YXOXL PHGLXV FX VXEVWDQWLYXO GLHV  ÄPLMORFXO ]LOHL´ ÄDPLD] ´ VXQW PDVFXOLQHúLDQXPH±GXS GDWHOHVWDWLVWLFHRIHULWHGHWH[WH±vQIHOXO XUP WRU GLHV HVWH OD SOXUDO H[FOXVLY PDVFXOLQ GLHV IDVWL GH H[ Ä]LOHOHIDVWH´vQFDUHHUDSHUPLVV VH LQ MXGHF LúLvQJHQHUDOV VH GHVI úRDUH DFWLYLW L SXEOLFH  OD VLQJXODU HVWH DPELJHQ úL DQXPH IHPLQLQ FkQG LQGLF  R ]L DQXPH IL[DW  GHVWLQDW  FRQVDFUDW  XQ ÄWHUPHQ´  VDX FkQG H[SULP  GXUDWD GLHV FRQVWLWXWD LQGLFWD Ä]LXD KRW UkW ´ÄVWDELOLW ´ÄLPSXV ´GLHVFHUWDÄR]LDQXPH´GLHVORQJD ÄR ]L OXQJ ´ HWF PHULGLHV HVWH vQWRWGHDXQD PDVFXOLQ LQGLIHUHQW GH JHQ  3$5$',*0$ 3UH]HQW P vQ FRQWLQXDUH VLQJXUHOH VXEVWDQWLYH FXIOH[LXQHLQWHJUDO   

19 * ' $& $%/

6* G V G  G  G P GL 

U U U U U

V   P 

G G G G

V U P E V V '

3/ U U U U

V U P E V V '

 6,78$ ,$'8%/(7(/253UH]LQW IOH[LXQHFRPSOHW GXS GH FOLQDUHD,XUP WRDUHOHVXEVWDQWLYHFDUHDOF WXLHVFGXEOHWHIOH[LRQDUH



9 F QLWL VHLÄF UXQWH H´ HIILJL VHLÄFKLS´ÄILJXU ´ OX[XUL VHLÄH[FHV´ÄIDVW´ P WHUL VHLÄPDWHULDO´



, F QLWLDDH HIILJLDDH OX[XULDDH P WHULDDH

02ù7(1,5($Ì1/,0%,/(520$1,&(6LWXD LDGHELO DGHFOLQ ULL D 9D FKLDU úL vQ UHJLVWUXO FXOW úL vQ IRUPHOH VFULVH D FRQGXV FXP DP DU WDW GHMD OD WUHFHUHD vQ ODWLQD SRSXODU  SUDFWLF D WXWXURU VXEVWDQWLYHORU DFHVWHL GHFOLQ ULODGHFOLQDUHD,$VWIHOvQFkWH[FHSWkQGFkWHYDVXEVWDQWLYHH[WUHPGH X]XDOHSXWHPVSXQHF vQODWLQDSRSXODU DXOWLPHORUVHFROHDOH,PSHULXOXL GHFOLQDUHDD9DDGLVS UXW$FHDVW VLWXD LHHVWHGRYHGLW úLSULQLQWHUPHGLXO OLPELORUURPDQLFHFDUHUHIOHFW FXILGHOLWDWHúLSHUPLWUHFRQVWLWXLUHDVLWXD LHL H[LVWHQWH OD QLYHOXO ODWLQHL SRSXODUH úL WkU]LL ÌQ OLPELOH URPDQLFH IRVWHOH VXEVWDQWLYHGHGHFOLQDUHDD9DDSDUWUDWDWHFDúLFHOHGHGHFOLQDUHD,IRUPH FD IDFLD JODFLDDFLDXOWLPDDWHVWDW vQV OLWHUDUOD3HWURQLXV/;;9,  OHDXvQORFXLWSHFHOHFXOWHúLOLWHUDUHFRUHVSXQ] WRDUHIDFL VJODFL VDFLHV  URPID LWIDFFLDIUIDFHURPJKHD URPD HWF 

$X VXSUDYH XLW L]RODWH FkWHYD ÄXUPH´ DOH XOWLPHL FODVH GH IOH[LXQHQRPLQDO GLQODWLQ GLHP !LWSRHWLFúLvQYHFKLW GuURP]L VLQJXUXOVXEVWDQWLYURPkQHVFGHRULJLQHODWLQ WHUPLQDWvQL UHP! IUULHQIDFLHV!VSDQKD]JODFLHV!IUJODFHYHU JODV







&$3,72/8/9

 025)2/2*,$180(/8,,, $'-(&7,98/

 

*(1(5$/,7 , &D vQ WRDWH OLPELOH ,( úL vQ ODWLQ  DGMHFWLYXO H[SULPkQGRFDOLWDWHVDXRvQVXúLUHDXQXLRELHFWDYHDXQFRPSRUWDPHQW PRUIRORJLF VWULFW GHSHQGHQW GH QXPHOH RELHFWXOXL UHVSHFWLY GH VXEVWDQWLYXOFDUHH[SULPDOLQJYLVWLFRELHFWXOvQFDX] ILLQ VDXOXFUX  $GMHFWLYXOHUDvQFRQVHFLQ SDUWHDQRPLQDO GHYRUELUHFDUHYDULDELO  ILLQG vQ JHQ QXP U úL FD] IXQF LRQD GLQ SXQFW GH YHGHUH VLQWDFWLF vQ SULPXOUkQGFDDWULEXWvQWHUPLQRORJLHIUDQFH] ÄFRPSOHPHQWDOVXEVWDQ WLYXOXL´ 3ULQXUPDUHvQSODQPRUIRORJLFHOVHDFRUGDFXVXEVWDQWLYXO GHWHUPLQDW 0RUIHPHOH FD]XDOH DOH DGMHFWLYXOXL DYHDX VD DU WDW R YDORDUHFRPSOHWGLIHULW GHDFHHDSHFDUHRSRVHGDXPRUIHPHOHFRUHV SXQ] WRDUH DOH VXEVWDQWLYXOXL HVWH YRUED GH YDORDUHD GH D LQGLFD UDSRUWXOGHGHSHQGHQ GHÄVROLGDULWDWH´ID GHVXEVWDQWLY 0DL PXOW GHFkW DWkW DXWRQRPLD PRUIRORJLF  UHGXV  D DGMHFWL YXOXLHUDDFFHQWXDW vQOLPEDODWLQ úLGHDEVHQ DPRUIHPHORUSURSULL $OWIHO VSXV DGMHFWLYXO ODWLQ QX DYHD IRUPH VSHFLILFH GH GHFOLQDUH IOH[LXQHDOXLILLQGDEVROXWLGHQWLF DFHOHLDDVXEVWDQWLYXOXLPDLH[DFWD SULPHORUFODVHGHIOH[LXQHÄGHFOLQ UL´  7RWXúLDGMHFWLYXOQXHUDWRWDOGHSHQGHQWPRUIRORJLFGHVXEVWDQ WLY $GMHFWLYXO L VH SXWHD VXEVWLWXL VXEVWDQWLYXOXL SULQ DúDQXPLWD ÄVXEVWDQWLYL]DUH´ DúDGDUSXWHDHYROXDPRUIRORJLFDLGRPDXQXLVXEV WDQWLYWLSXOÄXQRPYLWHD]±YLWHD]XO´ FXWRDWHFRQVHFLQ HOHGHFXU JkQG GH DLFL 3H OkQJ  DFHDVWD DGMHFWLYXO VH GHRVHEHD PRUIRORJLF GH VXEVWDQWLYSULQFDWHJRULDJUDGHORUGHFRPSDUD LHúLGHDVHPHQHDSULQ FDSDFLWDWHDVDVSHFLILF GHDIRUPDDGYHUEH  &/$6,),&$5($7,32/2*,& 6HDGPLWHXUP WRDUHDWULSDU WL LHPRUIRVHPDQWLF DPDULLPDVHGHDGMHFWLYHODWLQH



GH LQRLPHQV  PDMRULWDWH FDQWLWDWLY vQ ODWLQ 



  DGMHFWLYH FDOLILFDWLYH VDX FDUDFWHUL]DQWH VXQW DGMHFWLYHOHSURSULX]LVHFDUHVHPDQWLFGHWHUPLQ  XQ VXEVWDQWLY SUHFL]kQGXL WU V WXUD XULOH FDUDFWH ULVWLF HúLIXQF LRQkQGVWLOLVWLFFDHSLWHWHSRVHG  JUDGH GH FRPSDUD LH úL VXQW FRRUGRQDELOH vQWUH HOH FkQGGHWHUPLQ DFHODúLVXEVWDQWLY

  DGMHFWLYH UHIHUHQ LDOH VXQW DGMHFWLYHOH GHULYDWH PDLVODE UHSUH]HQWDWH GLQ VXEVWDQWLYH DGMHFWLYH GHQRPLQDWLYH  QX DX QXPHULFDWHVWDWH JUDGHGHFRPSDUD LHúLVXQWQHFRRUGRQDELOHvQWUHHOH QX SRW IXQF LRQD FD HSLWHWH WRFPDL SHQWUX F  VXQW PDLDOHVvQ FRPXWDELOHFXVXEVWDQWLYXOGHODFDUHSURYLQSXVOD UHJLVWUXOFXOW * VJ &DPSXV 0DUWLXV XQGH 0DUWLXV  0DUWLV OLWHUDUvQDIDUD SRSXOXV 5RPDQXV XQGH 5RPDQXV  5RPDH DFHVWH FHORUFXUHQWHvQ DGMHFWLYHGHILQHVFXQVXEVWDQWLYSULQUHIHULQ ODXQ OLPEDYRUELW  DOWVXEVWDQWLY ERJDW   DGMHFWLYH SURQRPLQDOH VXQW DGMHFWLYH GRDU vQ UHSUH]HQWDWHvQ SODQXO FRPSRUWDPHQWXOXL PRUIRORJLF RULJLQHD ORU ODWLQ DOF WXLQG HVWH VWULFW SURQRPLQDO  vQ FRQVHFLQ  DFHDVW  SXWHUQLFHJUXSXUL FDWHJRULHQXYDILDERUGDW DLFLFLvQFDGUXODFHOHLD F UHLDGHIDSWvLDSDU LQHSURQXPHOH 1XDXJUDGH QRPLQDOH GHFRPSDUD LHQXVHSRWFRRUGRQDOLEHUvQWUHHOHQX SRWIXQF LRQDFDHSLWHWH



&/$6,),&$5($025)2/2*,& 6HUHDOL]HD] H[FOXVLYGXS  IRUPD JUDGXOXL SR]LWLY D DGMHFWLYHORU SULQ XUPDUH QXPDL SULPD FDWHJRULHPHQ LRQDW PDLVXVHVWHFRPSDWLELO FXDFHDVW FODVLILFDUH 6XE DVSHFWXO IOH[LXQLL DGMHFWLYHOH ODWLQH FDOLILFDWLYH DOF WXLHVF GRX PDULFODVH $DGMHFWLYHDSDU LQkQGSULPHORUGRX GHFOLQ UL,IHPLQLQHvQ DúLD,,DPDVFXOLQHúLQHXWUHFXWHPDvQRH  % DGMHFWLYH DSDU LQkQG GHFOLQ ULL D ,,,D FX WHP  vQ L úL FX WHP FRQVRQDQWLF   $ &/$6$ $'-(&7,9(/25 '( '(&/,1$5($ , ù, $ ,,$ 7RDWH DFHVWH DGMHFWLYH SRVHG  OD 1 VJ  WHUPLQD LL SHQWUX ILHFDUHGLQWUHFHOHJHQXUL XVP DI XPQ VDX HUP U DI U XPQ 



 IOH[LXQHD HVWH LGHQWLF  FHOHL D VXEVWDQWLYHORU ([HPSOH DOWXVD XPÄvQDOW´ GRPLQXV ,,  WHPSOXP ,,  úL UHVSHFWLY WHUUD vQGLF LRQDUH ,  úLVXEIRUPD DOWXV>@ 







OLEHU UD UXPOLEHU >@ 





 ÄOLEHU´ IOH[LXQHD HVWH LGHQWLF  FX D SDUDGLJ PHLSXHU,, SHQWUXPDVFXOLQSHQWUXQHXWUX FD úL SHQWUX IHPLQLQ YRFDOD GLQ LQWHULRUXO WHPHLH úLGLQDLQWHDOLFKLGHLVHS VWUHD]  SXOFKHU  ÄIUXPRV´ IOH[LXQHD IRUPHL GH PDVFXOLQ FKUD SLHU]kQG OD FD]XULOH REOLFH YRFDOD GLQDLQWHD FKUXP OLFKLGHLHVWHLGHQWLF DFHOHLDSHFDUHRFXQRDúWH SXOFKHU>@  WLSXO PDJLVWHU ,,  1HXWUXO úL IHPLQLQXO vúL XUPHD] IOH[LXQHDGHDVHPHQHDFXSLHUGHUHD YRFDOHLGLQDLQWHDOLFKLGHLIDSWSHWUHFXWúLOD 1VJ 

&ODVD DGMHFWLYHORU FX  WHUPLQD LL OD 1 VJ úL DYkQG IOH[LXQHD SULPHORUGRX GHFOLQ ULHVWHGLQSXQFWXOGHYHGHUHDOIRUP ULLWHPHORU úLDOPRGXOXLGHIOH[LXQHFHDPDLQRX ILLQGWRWRGDW FHDPDLUHJX ODW  úL GXS  FXP DP DU WDW GHMD úL FHD PDL SURGXFWLY  (D FRQ LQH WRWXúL XQ QXFOHX GH DGMHFWLYH SURYHQLQG GLQ YHFKL U G FLQL ,( FD ERQXVFDUXVOLEHUHWF,PHQVDORUPDMRULWDWHDSDU LQHXQHLGDWHPXOW PDL UHFHQWH ILLQG GHQRPLQDWLYH úL GHYHUEDWLYH FUHDWH vQ LQWHULRUXO ODWLQLW LL GH OD SULPHOH SkQ  OD XOWLPHOH HL VHFROH GH H[LVWHQ  FD LGLRPYRUELW  % &/$6$ $'-(&7,9(/25 '( '(&/,1$5($ $ ,,,$ &RQ LQH  VXEFODVH SULQFLSDOH GLIHUHQ LDWH FD úL OD VXEVWDQWLYH GXS  QDWXUD VXQHWXOXL FX FDUH VH vQFKHLH WHPD ILH YRFDOD L ILH FRQVRDQH 6SUH GHRVHELUH GH VXEVWDQWLYHOH GHFOLQ ULL D ,,,D OD DGMHFWLYH VDX LPSXVFHOHFXWHPDYRFDOLF ÄGHFOLQDUHDvQL´  QX DWkW GLQ SXQFW GH YHGHUHQXPHULFFDQWLWDWLYFkWGLQDFHODDOSUHGRPLQDQ HLPRUIHPHORU FD]XDOH DVWIHO OD $%/ VJ VH vQWkOQHúWH GHVLQHQ D   OD 1$&9 SO QHXWUX OD*SO POD$&SOPDVFXOLQHúLIHPLQLQH V VFKLDUúL OD R VHULH GH DGMHFWLYH FX WHPD WHUPLQDW  vQ FRQVRDQ  ÌQ VFKLPE GHFOLQDUHD FRQVRQDQWLF  D DGMHFWLYXOXL VD LPSXV I U  H[FHS LL GHFL I U LQWUX]LXQLGHODWHPHOHvQYRFDO ODJUDGXOFRPSDUDWLY  %68%&/$6$$'-(&7,9(/25&87(0$Ì192&$/  L $FHVWHDGMHFWLYHSUH]LQW RRDUHFDUHYDULD LHDIRUPHORUGRDUOD1 VJvQIXQF LHGHJHQXULOHJUDPDWLFDOH$VWIHOFHOHPDLQXPHURDVHVXQW DGMHFWLYHOH FDUH SRVHG  XQD VDX GRX  IRUPH OD 1 VJ úL DQXPH 

D RVLQJXU IRUP RIRUP FRPXQ SHQWUXWRDWHJHQXULOHGHH[HP SOX WLSXO LQJHQVÄXULDú´ E  GRX  IRUPH XQD SHQWUX PDVFXOLQ úL IHPLQLQFHDODOW SHQWUXQHXWUHGHFLGXS VWU YHFKLXOFULWHULXDQLPDW LQDQLPDW  GH H[HPSOX WLSXO VXDXLV VXDXH vQ GLF LRQDUH GH UHJXO  VXEIRUPDVXDXLVHVDXVXDXLV>@ ÄSO FXW´ 0XOWPDLUDUHGHFLQHSURGXFWLYHDXIRVWDGMHFWLYHOHFXIOH[LXQH YRFDOLF DYkQGOD1VJWHUPLQD LLSHQWUXILHFDUHJHQúLDQXPHHU P  U LV I  U H Q  SRVHGkQG SULQ XUPDUH úL HOH R FRQVRDQ  OLFKLG  vQDLQWHD YRFDOHL WHPHL DEVHQWH OD PDVFXOLQ VLQJXODU  GH H[HPSOX FHU FULV FUHÄDVFX LW´GLQDFHHDúLIDPLOLHFXDFXV V úL DFLHV  $LFL GLVWLQF LD GLQWUH IRUPD GH PDVFXOLQ úL FHD GH IHPLQLQUHDOL]DW GRDUOD1VJHVWHGHGDW UHFHQW VHFXQGDU GRYDG  ILLQGLGHQWLWDWHDIOH[LXQLLODFHOHODOWHFD]XULFXIOH[LXQHDDGMHFWLYHORUvQ LVHVDXDDGMHFWLYHORUFXRVLQJXU IRUP OD1VJ 5HYHQLQG OD DFHVWHD GLQ XUP  VH LPSXQH SUHFL]DUHD F  HOH SUH]LQW RSOXUDOLWDWHGHIRUPHOD1VJVSUHGHRVHELUHGHFHOHvQLVH 3HGHRSDUWHVXQWDGMHFWLYHOHGHWLSXOLQJHQV LQJHQW V FDUHDWUDJ GXS HOHIOH[LXQHDSDUWLFLSLLORUSUH]HQWH QVúL QV HQV 3HGHDOW  SDUWHVHLQFOXGvQDFHHDúLFDWHJRULHúLDGMHFWLYHOHvQ[OD1VJGHWLSXO DXG [ÄvQGU ]QH ´I O [ÄIHULFLW´IHU [ÄV OEDWLF´X O [ÄLXWH´HWF DOH F URU IRUPH GH 1 VJ DX SLHUGXW 97    DXGDF V ¾ DXGDFV ¾ DXG [ I OLF V¾ I OLFV¾I O [HWF )250(/(&$=8$/( 6*$%/ 3/1$&9 QHXWUH *

VH WHUPLQ   vQ 97   OD WRDWH JHQXULOH VX X  LQJHQW  DFU  DXG F HWF  WHUPLQD LD XQLF  HVWH   VX X  LQJHQW  DFU  DXG F  HWF   ODWRDWHJHQXULOHWHUPLQD LDHVWH PVX X PLQJHQW P DFU PDXG FLXPHWF 

 % 68%&/$6$ $'-(&7,9(/25 &8 7(0$ Ì1 &21 62$1  0DL VODE UHSUH]HQWDWH QXPHULF DGMHFWLYHOH DFHVWHL VXEFODVH DX IRVW VXV LQXWH vQ VLVWHP vQ SULPXO UkQG GDWRULW  IOH[LXQLL OD JUDGXO FRPSDUDWLY$OWPLQWHULDGMHFWLYHOHFXWHPDFRQVRQDQWLF DOF WXLHVFR JUXSDUHIRDUWHKHWHURJHQ FHOSX LQODIRUPDGH1VJGDUúLODFD]XULOH 



V  OH QXPLP DúD  VHQVLELOH $%/ VJ * SO  XQGH FRH[LVW  úL IRUPH DSDU LQkQG WHPHORU vQ YRFDO  DIODWH vQ VSD LXO DGMHFWLYXOXL vQ LUH]LV WLELO H[SDQVLXQH*UDPDWLFLLODWLQLvQúLúLUHFRPDQGDXFXY GLW H]LWDUH DQXPLWH IRUPH OD FD]XULOH VHQVLELOH vQ SULPXO UkQG  vQ GHWULPHQWXO DOWRUD ,DW  FkWHYD GLQWUH FHOH PDL XWLOL]DWH DGMHFWLYH FX WHPD FRQVR QDQWLF ODFD]XULOHFDUHULGLFDXGLILFXOW L  1VJ*VJ  P P U ULV ÄFDUHvúLDGXFH DPLQWH´ SDXS U ULV ÄV UDF´ ÄPDLPXO L´ SO U V IRUP FXVHQV GHFRPSDUDWLY  ÄFHOGLQWkL´ SU QFHSV  SLV ÄIUXQWDúXO´ XHWXV ULV ÄYHFKL´ ÄE WUkQ´



$%/VJ 1$&9SOQHXWUH P P U 

*SO P P U P

SDXS U    SO U  SO U UDU 

SDXS U P SO U P

SU QF S  SU QF S 

SU QF S P

XHW U 

XHW U P

XHW U 

ÌQSULQFLSLXODDGMHFWLYHOHDFHVWHLWHPH  $%/VJVHWHUPLQ vQ  1$&9SOQHXWUXvQ  $&SOPDVFIHPvQ V *SOvQXP  FHHDFHVHSRDWHYHULILFDSUDFWLFI U H[FHS LHODFRPSDUDWLYHOHRELú QXLWHIOH[LXQHDQRPDO DOH RULF UXLDGMHFWLY ÌQ DQVDPEOX FODVD DGMHFWLYHORU FX IOH[LXQHD GXS  GHFOLQDUHD D ,,,DHVWHHYLGHQWPDLYHFKHGHFkWFHDODOW ÌQWUHDOWHGRYH]LVHQXP U  úL VWDGLXO HPEULRQDU QHGH]YROWDW DO GLVWLQF LHL GLQWUH PDVFXOLQH úL IHPLQLQH OD PDUHD PDMRULWDWH D DGMHFWLYHORU DFHVWHL FODVH FHOH WHUPL QDWHvQLVHOD1VJ vQFRQIRUPLWDWHFXLPSRUWDQ DIXQGDPHQWDO D GLVWLQF LHLGLQWUHDQLPDWúLLQDQLPDWODQLYHOXO,(FRPXQH





(92/8 ,$ )/(;,81,, $'-(&7,9$/( ù, 02ù7(1,5($ Ì1 /,0%,/( 520$1,&( 'HD OXQJXO vQWUHJLL LVWRULL D OLPELL ODWLQH FXOWH VH SRDWH FRQVWDWD R SHUPDQHQW  RVFLOD LH vQ XWLOL]DUHD FHORU GRX  PDUL FODVH GH DGMHFWLYH IDSW FDUH DWHVW  R VXEWHUDQ  WHQGLQ  GH XQLILFDUH WLSRORJLF  D IOH[LXQLLDGMHFWLYDOH (SRFD LPSHULDO  D FXQRVFXW R DPSOLILFDUH D QXP UXOXL GH GXEOHWH DGMHFWLYDOH SUHSRQGHUHQW  ILLQG vQ OLPED YRUELW  WUHFHUHD DGMHFWLYHORU GH GHFOLQDUHD D ,,,D OD FHDODOW  FODV  PDL VLPSO  úL PDL HILFLHQW  SHQWUX YRUELWRUXOFRPXQ /LPELOH URPDQLFH DWHVW  vQ PRG HYLGHQW WHQGLQ D GH VLPSOLILFDUH D IOH[LXQLL DGMHFWLYDOH  PDQLIHVWDW  SURJUHVLY úL JHQHUDOL]DW OD QLYHOXO YRUELULL 6D DU WDW F  IRUPH SURYHQVDOH SUHFXP FRPXQD GRXVVD FDWDODQH SUHFXP FRPXQD GROFD SUHVXSXQ HWLPRQXUL ODWLQH SRSXODUH FRPPXQD vQ ORF GH FRPP QLVH  GXOFDvQORFGHGXOFLVH ODIHOúLvQFD]XOURPOLQLWOHQR ODW SRS OHQXV vQ ORF GH O QLV H  URP DJHU  ODW SRS DJLOXV vQ ORF GH DJ OLVH /DUkQGXOHLIUDQFH]DSULQIRUPHFD PRXPRO IHP PROOHIRX IRO  IHP IROOH SUHVXSXQH HWLPRQXUL ODWLQH SRSXODUH PROOXV vQ ORF GH PROOLVH  IROOXV vQ ORF GH IROOLV FX VFKLPEDUHD FODVHL JUDPDWLFDOH VXEVWDQWLY DGMHFWLYúLDVHPDQWLVPXOXL HWF ÌQ FDGUXO DFHOXLDúL SURFHV GH VLPSOLILFDUH SULQ UHJXODUL]DUH GHVWXO GH QXPHURDVHOHDGMHFWLYHFXWHUPLQD LLFDUHOD1VJPDVFXOLQVHWHUPLQ vQHU DYkQG GHVLQHQ D ‘  SULPHVF SH FDOH DQDORJLF  WHUPLQD LD GH PDVFXOLQ VLQJXODUXVFRPSOHWkQGDVWIHORSDUDGLJP FDUHS UHDYRUELWRULORUGHVFRP SOHWDW  $FHVW WLS GH UHJXODUL]DUH VD SHWUHFXW WRW vQ ODWLQD WkU]LH úL YRUELW  S WUXQ]kQG vQV  VXE SUHVLXQHD X]XOXL RUDOLW LL úL vQ WH[WH DVSHUXV FKLDU DVSUXVFXVLQFRS PLVHUXVVDFUXVPDFHUXVHWFvQORFGHIRUPHOHFODVLFH FXOWHDVSHUP VHUV FHUP FHUHWF 5RPkQDDPRúWHQLWVLPSOLILF ULOHúLUHJXODUL] ULOHSHFDUHOHDFXQRVFXW ODWLQD YRUELW  vQ VSD LXO FDUSDWRGDQXELDQRSRQWLF ÄODWLQD GXQ UHDQ ´  ÌQ SULYLQ D DGMHFWLYXOXL SH ED]D VLQFUHWLVPXOXL FD]XULORU HYROX LD IRUPDO  D FXQRVFXWvQHVHQ GRX HWDSH   UHGXFHUHD DGMHFWLYHORU FX  WHUPLQD LL OD 1 VJ OD  WHUPLQD LL SULQ LGHQWLILFDUHDQHXWUXOXLOD6*vQIOH[LXQHFXPDVFXOLQXOúLOD3/FXIHPLQLQXO FHHD FH D FRQGXV SUDFWLF OD GLVSDUL LD WRWDO  D QHXWUXOXL OD DGMHFWLYH vQ URPkQ    GLVSDUL LD RSR]L LHL IRUPDOH vQWUH PDVFXOLQH  IHPLQLQH úL QHXWUH OD DGMHFWLYHOHFXIOH[LXQHDGXS GHFOLQDUHDD,,,DFHHDFHDDYXWGUHSWXUPDUH XQLILFDUHDDGMHFWLYHORUGHGHFOLQDUHDD,,,DvQWURFODV XQLF I U JHQXULFX RVLQJXU WHUPLQD LH  



([          

ODW URP URP LW IU SURY  ODW ODWSRS URP LW

ERQXV  EXQ  EXQ EXRQR ERQ ERQV  X U GLV   

       PI    

ERQD EXQ  EXQ  EXRQD ERQQH ERQD  

X U GHP  YHUGH YHUGH

ERQXP  EXQ       X U GHQ    

 1XP UXO DGMHFWLYHORU URPkQHúWL GH RULJLQH ODWLQ  FX R VLQJXU  WHUPLQD LH OD 1$& VJ WLSXO GXOFH  HVWH vQ PRG VHPQLILFDWLY UHGXV vQ FRPSDUD LHFXDFHODDODGMHFWLYHORUPRúWHQLWHFXIRUPHGLVWLQFWHODPDVFXOLQ ID GHIHPLQLQWLSXODOE±DOE 

 *5$'(/('(&203$5$ ,(25,*,1(*(1(5$/,7 , ùLvQODWLQ VDHODERUDWXQVLVWHPJUDGXDOWHUQDUPRúWHQLWXOWH ULRUvQWRDWHOLPELOHURPDQLFH'HQXPLULOHWUDGL LRQDOHDOHJUDGHORUGH FRPSDUD LHVXQWúLSHQWUXODWLQ SR]LWLYXOSULQFDUHDGMHFWLYXOH[SUL P FDOLWDWHDVDXvQVXúLUHDUHVSHFWLY I U QLFLRLGHHGHFRPSDUD LHvQ VLQH FD DWDUH FRLQFLGH FX DúDQXPLWD ÄIRUP  GH GLF LRQDU´ D DGMHF WLYXOXL FRPSDUDWLYXO FDUH H[SULP  vQVXúLUHD D GRX  RELHFWH VDX JUXSXULGHRELHFWHXOWLPXOWHUPHQvQVHQVJUDPDWLFDO FRPSDUDWHvQWUH HOHVXSHUODWLYXOH[SULPkQGFDOLWDWHDvQVXúLUHDVSHFLILFXORELHFWXOXL UHVSHFWLYvQFHOPDLvQDOWJUDGSRVLELOILHvQVLQHILHSULQUDSRUWDUHOD DOWHRELHFWH /DWLQDSRVHGDIRUPHVSHFLDOHúLVLVWHPDWL]DWHPRUIRORJLFQXPDL SHQWUXFRPSDUDWLYXOGHVXSHULRULWDWHúLSHQWUXVXSHUODWLY3HQWUXH[SUL PDUHD HJDOLW LL UHVSHFWLY D LQIHULRULW LL vQ FRPSDUD LH ODWLQD XWLOL]D IRUPXOH DQDOLWLFH SHULIUDVWLFH QHJDWLYH úL SR]LWLYH GH WLSXO PLQXV ORQJXVTXDPÄPDLSX LQOXQJGHFkW´QRQWDPORQJXVTXDPÄQXDWkW GHOXQJFD´WDPORQJXVTXDPÄWRWDWkWODIHO GHOXQJFD´ÌQFHHDFH SULYHúWHVXSHUODWLYXOLGHHDGHDEVROXWúLGHUHODWLYQXDDYXWvQODWLQ R H[SULPDUH PRUIRORJLF  GLIHUHQ LDWRDUH SUDFWLF GRDU FRQWH[WXO SXWkQG LQGLFDYDORDUHDVHPDQWLF DVXSHUODWLYXOXLvQFDX] PDLH[DFWSUH]HQ D VDX DEVHQ D XQXL FRPSOHPHQW DO VXSHUODWLYXOXL $FHVWHL GHRVHELUL GH RUGLQ VLQWDFWLF L VH DG XJD WRWXúL úL XQD GH QDWXU  PRUIRORJLF  

GHRDUHFHVXSHUODWLYXODQDOLWLFVSUHGHRVHELUHGHFHOVLQWHWLFIRUPDWFX DMXWRUXOVXIL[HORUHUDvQWRWGHDXQDDEVROXW  &203$5$7,98/ / VkQG OD R SDUWH IRUPHOH DQDOLWLFH DOH FRPSDUDWLYXOXL ODWLQ GH HJDOLWDWH úL GH LQIHULRULWDWH YRP HYLGHQ LD vQ FRPSDUDWLYXOODWLQvQWRWGHDXQDúLH[FOXVLYYDORDUHDVDGHVXSHULRULWDWH &RPSDUDWLYXO VH LGHQWLILF  vQ ODWLQ  FX XQ DGMHFWLY FX WHPD FRQVRQDQWLF  DúDGDU IOH[LXQHD OXL R XUPHD]  SH DFHHD D GHFOLQ ULL D,,,D 3ULQXUPDUHIRUPDUHDFXUHQW DFRPSDUDWLYXOXLODWLQVHUHDOL]HD ] SULQVXIL[DUHDG XJkQGPRUIHPHOH U VODWHPDFRQVRQDQWLF  DDGMHFWLYXOXLLDUGDF WHPDHYRFDOLF VHVXSULP 97DMXQJkQGXVH DVWIHOODU G FLQDDGMHFWLYXOXLUHVSHFWLY



([        



DOWXVDXP 5DOW FRPSDUDWLY GXOFLVH 5GXOF FRPSDUDWLY DXGD[ 5DXGDF FRPSDUDWLY

  DOWLRUPI    GXOFLRU   DXGDFLRU

  DOWLXVQ    GXOFLXV   DXGDFLXV

&RPSDUDWLYXO VH GHFOLQ  FD XQ DGMHFWLY FX WHPD FRQVRQDQWLF  *VJ ULV'VJ U HWF   683(5/$7,98/6HIRUPHD] FDúLJUDGXOSUHFHGHQWWRWSULQ VXIL[DUHúLDQXPHDG XJkQGODWHPDFRQVRQDQWLF DDGMHFWLYXOXLSULQ HOLPLQDUHD YRFDOHL ILQDOH D WHPHL XQGH HVWH FD]XO  VXIL[XO FHO PDL FXUHQWIRORVLWvQWRDWHHSRFLOHLVVLP&DúLvQFD]XOFRPSDUDWLYXOXL úL vQ FHO DO VXSHUODWLYXOXL VH SRDWH DILUPD F  SXQFWXO GH SRUQLUH vQ IRUPDUHD DGMHFWLYHORU RELúQXLWH FX IOH[LXQH úL WUHSWH FRPSDUDWLYH QRUPDOHvOUHSUH]LQW U G FLQDORU





([ DOWXVDXP 5DOW VXSHUODWLY GXOFLVH 5GXOF VXSHUODWLY DXGD[ 5DXGDF VXSHUODWLY

        

  DOWLVVLPXVP DOWLVVLPDI DOWLVVLPXPQ    GXOFLVVLPXVP GXOFLVVLPDI GXOFLVVLPXPQ    DXGDFLVVLPXVP DXGDFLVVLPDI DXGDFLVVLPXPQ 

6HREVHUY SULQvQVXúLPRGXOV XGHIRUPDUHF VXSHUODWLYXOVH GHFOLQ FDXQDGMHFWLYFXIOH[LXQHDGXS GHFOLQDUHDD,,DPDVFXOLQHOH úLQHXWUHOHWHPDvQRH UHVSHFWLYGHFOLQDUHD,IHPLQLQHOHWHPDvQD   6,78$ ,,3$57,&8/$5(  6XSOHWLYLVPXO $ FRQVWLWXLW FHO PDL YHFKL SURFHGHX GH UHDOL]DUH D WUHSWHORU FRPSDUDWLYH$FHVWHDVDXIRUPDWQXGHODDFHODúLUDGLFDOWHP FLGH ODUDGLFDOHWHPH GLIHULWHSULQÄFRPSOHWDUH´OH[LFDO )RUPHOHVXSOH WLYHDXIRVWIRORVLWHODFkWHYDDGMHFWLYHDSDU LQkQGQXFOHXOXLIRQGXOXL SULQFLSDO OH[LFDO FRQVWLWXLQG VLVWHPXO DúDQXPLWHORU DGMHFWLYH FX FRPSDUD LH QHUHJXODW  DQRPDO  (VWH YRUED GH XUP WRDUHOH  DGMHFWLYHGRX SHUHFKLDOF WXLQGFXSOXULDQWRQLPLFH  3R]LWLY

FRPSDUDWLY

VXSHUODWLY

ERQXVDXPÄEXQ´ PDOXVDXPÄU X´ PDJQXVDXPÄPDUH´ SDUXXVDXPÄPLF´ PXOWXVDXPÄPXOW´

PHOLRULXV S LRULXV P LRULXV PLQRUXV SO U V  *SOSO U XP 

RSWLPXVDXP SHVVLPXVDXP P [LPXVDXP PLQLPXVDXP SO U PXVDXP IRORVLWPDLDOHVODSOXUDO 



'XS FXPVHREVHUY ODXQHOHGLQWUHDFHVWHDGMHFWLYHVXSOHWLYH FRPSDUDWLYXOúLVXSHUODWLYXOSRUQHVFGHODDFHHDúLU G FLQ GLIHULW GH FHDGHODSR]LWLY 

6XSHUODWLYXOvQOLFKLG   $GMHFWLYHOH FDUH VH vQFKHLH OD 1 VJ PDVFXOLQ vQ HU vúL IRUPHD] VXSHUODWLYXOSRUQLQGFKLDUGHODIRUPDUHVSHFWLY ODFDUHVH DGDXJ VXIOL[XOULPXVDXP  SR]LWLY1VJDVSHU VXSHUODWLYDVSHUULPXVDXP FHOHU FHOHUULPXVDXP QLJHU QLJHUULPXVDXP

$GMHFWLYHOHFDUHFRQ LQvQU G FLQ FHDODOW VRQDQW OLFKLG  O GH WLSXO IDFLOLVH  GLIILFLOLVH  VLPLOLVH  GLVVLPLOLVH  KXPLOLVH  DGDXJ  OD U G FLQD WHUPLQDW  vQ OLFKLG  VXIL[XO DVHP  Q WRUFHOXLSUHFHGHQWOLPXVDXP 



SR]LWLY  



IDFLOLVH VLPLOLVH KXPLOLVH

5IDFLO  5VLPLO  5KXPLO 

VXSHUODWLY  

IDFLOOLPXVDXP VLPLOOLPXVDXP KXPLOOLPXVDXP

&RPSDUD LDDQDOLWLF   /DWLQD FXOW  D FXQRVFXW úL HD IRUPH GH H[SULPDUH DQDOLWLF  D WUHSWHORUFRPSDUDWLYHIRUPHJHQHUDWHGHH[LVWHQ DXQRUGLILFXOW LGH QDWXU  IRQHWLF  vQ FD]XO vQ FDUH VDU IL IRORVLW FXP HUD GH DúWHSWDW FRPSDUD LDSULQVXIL[DUH $VWIHODGMHFWLYHOHDF URUYRFDO ILQDO DWHPHLHUDSUHFHGDW GH R DOW  YRFDO         UH]XOWkQG GH DLFL WHUPLQD LLOH HXV LXV XXVQXSXWHDXXWLOL]DVXIL[HOHFXUHQWHvQVSHFLDOLRUúLLXV GDWRULW  DJORPHU ULLFDFRIRQLFHGHYRFDOH3HQWUXHYLWDUHDXQHLDVWIHOGHVLWXD LL ODWLQD OLWHUDU  D FUHDW SULPHOH IRUPH DQDOLWLFH GH FRPSDUDWLY úL GH VXSHUODWLYFXDMXWRUXODGRX DGYHUEHIRDUWHSURGXFWLYHPDJLVÄPDL PXOW´SHQWUXFRPSDUDWLYúLPD[LPHÄvQFHOPDLvQDOWJUDG´ÄIRDUWH´ SHQWUX VXSHUODWLY DGYHUEH XUPDWH GH DGMHFWLYHOH vQ FDX]  OD JUDGXO SR]LWLY &RPSDUD LD DQDOLWLF  VDX SHULIUDVWLF  D YHQLW vQ vQWkPSLQDUHD WHQGLQ HORUVSUHDQDOLWLVPDWkWGHSXWHUQLFPDQLIHVWDWHvQSHUPDQHQ  ODQLYHOXOYRUELULLOLPELLODWLQH





([ 3 LG QHXVDXP ÄSRWULYLW´ JUHJLXVDXP ÄGLVWLQV´ FRQVSLFXXVDXP ÄUHPDUFDELO´

& PDJLVLG QHXVDXP

6 PD[LPHLG QHXVDXP

PDJLV JUHJLXVDXP  PDJLVFRQVSLFXXVDXP 

PD[LPH JUHJLXVDXP  PD[LPH FRQVSLFXXVDXP

 6XSHUODWLYXOLQWHQVLYFXYDORDUHDEVROXW   /LPEDYRUELW LQL LDODSRLSHVFDU ODUJ VFULLWRULLDXXWLOL]DWúL DOWHPRGDOLW LPDLYDULDWHúLPDLH[SUHVLYHSHQWUXDPDUFDDSRJHXO VDXLQWHQVLWDWHDPD[LP FXOPLQDQW úLDEVROXW GHPDQLIHVWDUHDXQHL vQVXúLULFDOLW LWU V WXULGHVHPQDWHSULQWUXQDGMHFWLYVDXDOWXO 9HFKLúLU VSkQGLWGHDOXQJXOvQWUHJLLODWLQLW LGLQHSRFDDUKDL F SkQ ODVIkUúLWXOHUHLFUHúWLQHDQWLFHDIRVWSURFHGHXOLQWHQVLILF ULL VXSHUODWLYXOXL SULQ FRPSXQHUHD FX SUHIL[HOH SHU úL SUDH OD RULJLQH SUHSR]L LL  SHUPDJQXV ÄIRDUWH PDUH´ SHUDQJXVWXV ÄIRDUWH VWUkPW´ SHUJUDWXV ÄIRDUWH SO FXW´ SHUGLIILFLOLV ÄIRDUWH JUHX´ SUDHDOWXV ÄIRDUWH vQDOW´ SUDHFDOXXV ÄIRDUWH FKHO´ SUDHFHOVXV ÄIRDUWH vQDOW´ SUDHFODUXVÄIRDUWHVWU OXFLWRU ´HWF  6HULLGHIHFWLYH   0XOWH DGMHFWLYH QX SRW DYHD JUDGH GH FRPSDUD LH GDWRULW  VHPDQWLVPXOXLSHFDUHvOFRQ LQDXUHXVÄGHDXU´úLFHOHODOWHDGMHFWLYH GHULYDWH GH OD QXPH GH PHWDOH SUH LRDVH DUJHQWHXV ÄGH DUJLQW´ D>K@ QHXVÄGHEURQ]´HWF KHVWHUQXVÄGHLHUL´OLJQHXVÄGHOHPQ´ SHGHVWHU ÄvQ SLFLRDUH´ X XXV ÄYLX´ DFHVWRUD OL VH DGDXJ  WRDWH DGMHFWLYHOHGHULYDWHGHODHWQRQLPH*UDHFXV5 P QXV' FLFXVHWF  $QXPLWHDGMHFWLYHXWLOL]HD] FDJUDGHGHFRPSDUD LHVDXOD DQXPLWH JUDGH GH FRPSDUD LH DOWH DGMHFWLYH úL DQXPH SH FHOH FX XQ VHQVHFKLYDOHQWVDXIRDUWHDSURSLDW



QRXXVÄQRX´

XHWXVÄYHFKL´ 



FRPSUHFHQWLRULXV VXSHUODWLYUHFHQWLVVLPXVDXP H[LVW WRWXúLQRXLVVLPXV   FRPSXHWXVWLRULXV

 $OWH DGMHFWLYH SRVHG  IRUPH QXPDL SHQWUX FRPSDUDWLY VDX QXPDLSHQWUXVXSHUODWLY



3 DGXOHVFHQVÄWkQ U´ O FHUÄLXWH´ WHUÄQHJUX´ L X QLVÄWkQ U´ VHQH[ÄE WUkQ´ VDFHUÄVDFUX´ IDOVXVÄIDOV´ÄQHDGHY UDW´



& DGXOHVFHQWLRULXV O FULRULXV WULRULXV L QLRULXV VHQLRULXV  

6      VDFHUULPXVDXP IDOVLVVLPXVDXP

(92/8 ,$ &203$5$7,98/8, ù, $ 683(5/$7,98/8, Ì1 /$7,1 ù,02ù7(1,5($/8,Ì1/,0%,/(520$1,&(ÌQF GLQFHOH PDL YHFKL WLPSXUL DOH FRQVWLWXLULL HL OLPED YRUELW  D DFRUGDW SUHIHULQ  IRUPHORU DQDOLWLFH vQ H[SULPDUHD WUHSWHORU FRPSDUDWLYH FD XUPDUH Y GLW  D WHQGLQ HL JHQHUDOH D RUDOLW LL vQ ODWLQ  FD úL vQ DOWH OLPEL ,( DQWLFH  GH D IRORVL IRUPH JUDPDWLFDOH FkW PDL UHJXODUL]DWH GH DLFL FkW PDL VLPSOH úL PDL FODUH vQ FRQIRUPLWDWH FX XQLYHUVDO XPDQD ÄOHJH´ OLQJYLVWLF  D ÄPLQLPXOXL HIRUW´ ÌQ SOXV IRUPHOH VLQWHWLFH SULQ IL[LWDWHD ORU DS UHDX YRUELWRULORU FD VWHUHRWLSHúLOLSVLWHGHH[SUHVLYLWDWH1RUPDOLWHUDU UHFRPDQGDQXPDLJUDGHOH GH FRPSDUD LH VLQWHWLFH H[FHSWkQG VLWXD LLOH vQ FDUH LQWHUYHQHDX FXP DP VHPQDODW GHMD GLILFXOW L GH SURQXQ DUH ILLQG DWXQFL ÄSHUPLVH´ IRUPXO ULOH DQDOLWLFH/LPEDFXUHQW DIRORVLWvQV FRQVWUXF LLOHSHULIUDVWLFHI U UHVWULF LH GHD OXQJXO vQWUHJLL ODWLQLW L vQ SDUDOHO FX FHOH VLQWHWLFH úL SHQWUX LPHQVD PDMRULWDWHDDGMHFWLYHORU 6XESUHVLXQHDOLPELLX]XDOHFRWLGLDQIRORVLWHS WUXQGvQOLPEDOLWHUDU  FRQVWUXF LLOHSHULIUDVWLFHFXDGYHUEHGLQFRORGHVLWXD LLOHvQFDUHHUDXSHUPLVH úLUHFRPDQGDWH vQF GLQHSRFDDUKDLF úLXOWHULRUSHRVFDU PDLODUJ FKLDU vQFHDFODVLF $VWIHOSHQWUXH[SULPDUHDFRPSDUDWLYXOXLvQWkLHWDWHvQFHSHV  FDSHWH DGYHUEXO PDJLV ID  GH XQ DOWXO SOXV  /D UkQGXO OXL VXSHUODWLYXO VLQWHWLFWLQGHDILHOLPLQDWODQLYHOXORUDOLW LLúLvQORFXLWúLvQOLPEDOLWHUDU GH FHO DQDOLWLF SULQ IRUPXO UL SHULIUDVWLFH FRQ LQkQG R YDULHWDWH GH DGYHUEH FX YDORUL HFKLYDOHQWH DO WXUL GH SUHH[LVWHQWXO PD[LPH VH LPSXQ SH UkQG vQF  GLQHSRFDOXL3ODXWXVSkQ vQFHDDOXL+RUDWLXVúLvQFRQWLQXDUHvQOLWHUDWXUD LPSHULDO  PDL DOHV vQ FHD FUHúWLQ  GHVWLQDW  XQXL SXEOLFVRFLDOPHQWHODUJúL FXOWXUDOKHWHURJHQ DGYHUEHSUHFXPPXOWXPEHQHRSWLPH±PDOHXDOGH ÌQ OLPED YRUELW  IRUPHOH DQDOLWLFH VDX vPERJ LW úL vQW ULW FRQWLQXX vQF GLQSHULRDGDDUKDLF GDWRULW QHFHVLW LLUHVLP LWHSHUPDQHQWGHYRUELWRUL GHDVFRDWHFkWPDLPXOWvQHYLGHQ QDWXUDWUHSWHLFRPSDUDWLYHVSUHDHOLPLQD 



RULFHDPELJXLWDWHúLDDFFHQWXDFkWPDLH[SUHVLYPHVDMXO)RUPHOHDQDOLWLFHDX IRVW SULQ XUPDUH FHOH FDUH DX ELUXLW 2 GRYHGHúWH I U  H[FHS LH VLVWHPXO JUDGHORU GH FRPSDUD LH PRúWHQLW GH OLPELOH URPDQLFH &RPSDUDWLYXODQDOLWLF HVWHSDQURPDQLFÌQDULDFHQWUDO VDXWLOL]DWDGYHUEXOSOXVXUPDWGHIRUPDGH SR]LWLY D DGMHFWLYXOXL  LDU vQ DULLOH ODWHUDOH DGYHUEXO PDJLV vQ DFHOHDúL FRQGL LL   SRUWXJKH] VSDQLRO IUDQFH] LWDOLDQ URPkQ    PDLVIRUPRVRPDVKHUPRVR SOXVEHDXSLEHOOR PDLIUXPRV       ODW  SRS SOXVEHOOXV PDJLVIRUP VXV PDJLVI UP VXV  'H DOWIHO FKLDU vQ WH[WHOH ODWLQH FDUH FRQ LQ FRPSDUDWLYHOH DQDOLWLFH PDJLVHVWHUHPDUFDELOPDLGHVvQWkOQLWGHFkWSOXVúLDFHVWIDSWHVWHGHSXVvQ OHJ WXU  FX SUHSRQGHUHQ D GHVFHQGHQ LORU URPDQLFL DL OXL PDJLV vQ VLVWHPXO FRPSDUDWLYXOXL )RUPHOH VXSOHWLYH DOH DGMHFWLYHORU ± IRDUWH IUHFYHQW IRORVLWH úL vQ YRUELUHD FRWLGLDQ  ± VDX PRúWHQLW vQ WRDWH OLPELOH URPDQLFH FX H[FHS LD URPkQHL DVSHFW SHQWUX FDUH QX VDX HPLV SkQ  DFXP LSRWH]H H[SOLFDWLYH FRQYLQJ WRDUH   /$7,1  ,7$/,$1  )5$1&(=  63$1,2/  32578*+(=  PHOLRUHP  PLJOLRUH PHLOOHXU PHMRU PHOKRU SHLRUHP  SHJJLRUH SLUH SHRU SpRU PLQRUHP  PLQRUH PRLQGUH PHQRU PpQRU  $úDFXPDPQRWDWPDLVXVVXSHUODWLYXOUHODWLYGLQOLPELOHURPDQLFHVD IRUPDWSHWHUHQODWLQVDXSRUQLQGGHODXQHOHWHQGLQ HSURYHQLQGGLQODWLQD SRSXODU SHED]DFRPSDUDWLYXOXLÌQRULFHFD]VXSHUODWLYXODQDOLWLFQXúLD IL[DWvQODWLQ RFRQVWUXF LHJUDPDWLFDOL]DW  ÌQ FRQFOX]LH FRQFXUHQ D GLQWUH VLQWHWLVP úL DQDOLWLVP vQ GRPHQLXO FRPSDUDWLVPXOXL DGMHFWLYDO vQ OLPED ODWLQ  D FRQVWLWXLW LQGLVFXWDELO XQD GLQWUH PXOWLSOHOH IRUPH GH PDQLIHVWDUH D SURJUHVXOXL OLQJYLVWLF UHDOL]DELO DLFLSHRFDOHSXUúLH[HPSODUGLDOHFWLF SULQH[FHOHQ GLQDPLF  





&$3,72/8/9,

025)2/2*,$180(/8,,,, 180(5$/8/

  *(1(5$/,7 , 8OWLPXO HOHPHQW PRUIRORJLF DO FODVHL VDX JUXSXOXLQXPHOXLFRQVWLWXLHRFDWHJRULHGHWUDQ]L LHvQWURGXEO GLUHF LH 3H GH R SDUWH QXPHUDOXO ODWLQ SULQ PRUIHPHOH FD]XDOH DOH XQXLD GLQWUHUHSUH]HQWDQ LLV LGHVFKLGHGUXPXOVSUHIOH[LXQHDSURQRPLQDO  D F UHL LQIOXHQ  R VXIHU  ILH úL SHULIHULF  3H GH DOW  SDUWH DYkQG vQ YHGHUHIDSWXOF vQDIDUDSULPHORUWUHLFLIUH±IXQGDPHQWDOHGHDOWIHO vQ RULFH VLVWHP GH QXP UDUH ± UHVWXO ORU DUH GUHSW FRUHVSRQGHQW OLQJYLVWLF QXPHUDOH LQYDULDELOH UHVSHFWLY LQGHFOLQDELOH SUHFXP úL IDSWXO F  R vQWUHDJ  VXEFODV  GH DGYHUEH QXPLWH PXOWLSOLFDWLYH VDX QXPHUDOHVDIRUPDWH[FOXVLYSHED]DQXPHUDOXOXLvQVSH FDUGLQDO  SXWHP DILUPD F  DFHDVW  SDUWH GH YRUELUH DOF WXLHúWH vQ ODWLQ  XQ WHULWRULXGHWUHFHUHGLQVSUHFkPSXOPRUIRORJLFDOIOH[LELOHORUVSUHFHO DOQHIOH[LELOHORU 7UHEXLHVHPQDODW vQVIkUúLWOHJ WXUDVROLG FDUHXQHúWHQXPH UDOXO ODWLQ GH FHOHODOWH UHSUH]HQWDQWH DOH QXPHOXL VXEVWDQWLYXO úL DGMHFWLYXO$VWIHOFHOHPDLPXOWHVXEFDWHJRULLVXEFODVH DOHQXPHUD OXOXLODWLQDXFRPSRUWDPHQWIOH[LRQDULGHQWLFFXDFHODDODGMHFWLYXOXL SUDFWLFVHGHFOLQ FDHO ÌQ DFHODúL WLPS vQ SODQXO FRPSRUWDPHQWXOXL VLQWDFWLF RULFH QXPHUDOODWLQSRDWHIXQF LRQDúLvQFDOLWDWHGHVXELHFWVDXGHFRPSOH PHQWGLUHFWGHRELHFWGLUHFW QXQXPDL±FDDGMHFWLYHOHSURSULX]LVH± vQFDOLWDWHGHDWULEXWIDSWFDUHLQGLF YDOHQ HOHVXEVWDQWLYDOHDOHDFHVWHL FDWHJRULLPRUIRORJLFH  7,32/2*,$ 180(5$/8/8, /$7,1 1XPHUDOXO SURSULX]LV FXQRúWHDvQODWLQ WLSXULVDXYDULHW LWLSRORJLFHvQIXQF LHGHPRGXO vQ FDUH VH HIHFWXD QXP UDUHD HOHPHQWHORU XQXL JUXS VDX vQ WHUPLQR ORJLHPDWHPDWLF DOHXQHLPXO LPL 'DF  VH HIHFWXD R HYDOXDUH VWULFW FDQWLWDWLY  R QXP UDUH VDX R VRFRWLUH D HOHPHQWHORU vQ FDX]  SULQ XUPDUH GDF  VH F XWD V  VH DIOH FkWHHUDXRELHFWHOHvQVHQVJUDPDWLFDO FHDOF WXLDXPXO LPHDUHVSHF WLY QXPHUDOXOXWLOL]DWFRUHVSXQGHDXQHLFLIUHúLUHSUH]HQWDQXPHUDOXO 



GH ED]  VDX IRUPD WLSXO  GH ED]  DO  QXPHUDOXOXL QXPHUDOXO FDUGLQDOFDUG Q OLVHFDUGR QLVÄ k kQ ´ DFHVWWLSGHQXPHUDOH HVWHED]DSHFDUHVHVSULMLQ úLVHvQDO HGLILFLXOvQWUHJLLFDWHJRULLDúD FXPRXú VHVSULMLQ SH k kQLúLSRDWHVHUYLVFRSXOXLHLQXPDLGDF  DFHOHDH[LVW  'DF  VH HIHFWXD XQ DOW WLS GH HYDOXDUH QXPHULF  XUP ULQGXVH LGHQWLILFDUHDORFXOXLVDXSR]L LHLvQVXFFHVLXQHRFXSDWH GHXQHOHPHQW DO PXO LPLL SULQ XUPDUH GDF  VH F XWD V  VH DIOH DO FkWHOHD HVWH RELHFWXO vQ PXO LPHD Y ]XW  FD úLUVHULH QXPHUDOXO vQ FDX]  H[SULPD RUGLQHDQXPHULF úLGHDFHHDSXUWDGHQXPLUHDGHRUGLQDORUGLQ ULXV QXP UXVRUGR± QLVÄRUGLQH´GHFLÄQXPHUDOXOFDUHDUDW DúH]DUHDvQ RUGLQHDFXYHQLW ´  'DF  R PXO LPH LPSUHFLV  QXPHULF HUD HYDOXDW  SH JUXSH VDX JUXSXUL HJDOHvQSULYLQ DQXP UXOXLGHHOHPHQWHFRPSRQHQWHQXPH UDOXO UHVSHFWLY LQGLFD GLVWULEX LD QXPHULF  JUXSDUHD VDX DOWIHO VSXV GLQFk LFkWH HOHPHQWHHUDSHUFHSXW úLDOF WXLW RPXO LPHJHQHUDO  RDUHFDUH7RWJUDPDWLFLLURPDQL3ULVFLDQXVFXSUHF GHUH DXGHQXPLW DFHDVW  VSH  D QXPHUDOXOXL SULQ WHUPHQXO GLVWULEXWLY GLVWULE W XXV QXPHUXV ÄQXPHUDOXO SULQ FDUH VH HIHFWXHD]  vPS U LUHD vQ JUXSXUL´ GLVWULEXR UHX  WXPÄDUHSDUWL]D´ÄDvPS U L´  ÌQ VIkUúLW IRDUWH XWLOH SHQWUX QHFHVLW LOH SUDFWLFH GH RUGLQ ILQDQFLDUEDQFDUGDUúLvQDSOLFD LLOHWHKQLFHDOHPDWHPDWLFLLLQJLQHULH DJULPHQVXU DUKLWHFWXU PHFDQLF HWF VDXGRYHGLWúLDFHOHQXPHUDOH FDUHU VSXQ]kQGODvQWUHEDUHD GHFkWHRUL"DU WDXQXPHULFVSRULUHD XQHLDF LXQLUHSHWDUHDHLSHULRGLF vQWUXQLQWHUYDOGDWGHWLPS$VWIHO GH QXPHUDOH DX IRVW GHQXPLWH WRW FX XQ WHUPHQ GH RULJLQH ODWLQ  PXOWLSOLFDWLYHPXOWLSOLF UHÄDVSRUL´ÄDvQPXO L´  180(5$/8/ &$5',1$/ 'XS  FXP DP DU WDW QXPHUDOHOH FDUGLQDOH U VSXQ]kQG OD vQWUHEDUHD ÄFk L"´ ÄFkWH"´ ODW TXRWXV" TXRWD" TXRWXP "  FRQVWLWXLDX HFKLYDOHQWXO OLQJYLVWLFRJUDPDWLFDO DO FLIUHORU&DUGLQDOHOH±FKLDUvQWURP VXU PDLPDUHGHFkWRUGLQDOHOH± DXIRVWFHOHPDLXWLOL]DWHQXPHUDOHvQODWLQ  'LQ,(FRPXQ ODWLQDDPRúWHQLWVLVWHPXOGHQXP UDUHGLQ]HFH vQ]HFHGHFLPDO SUHFXPúLQXPHUDOHOHFDUGLQDOHIXQGDPHQWDOHGHOD OD 9RP SUH]HQWD vQ WDEHOXO GH PDL MRV FHOHPDLLPSRUWDQWHQXPH UDOH FDUGLQDOH VLVWHPXO GH IRUPDUH D QXPHUDOHORU LQWHUPHGLDUH vQWUH 

XQLW L ]HFL VXWH PLL ]HFL GH PLL úL VXWH GH PLL FX PHQ LXQHD F  LQGLFDUHDJUDILF DQXPHUHORUSULQFHOHEUHOHFLIUHURPDQHDFRQVWLWXLW SkQ ODU VSkQGLUHDFHORUDUDEHVLVWHPXOFLIULFFHOPDLFRPRGúLX]LWDW vQ$QWLFKLWDWHDFODVLF 



&,)5$ 520$1  , ,, ,,, ,9 9 9, 9,, 9,,, ,;9,,,,  ; ;, ;,, ;,,, ;,9 ;9 ;9, ;9,, ;9,,, ;,;;9,,,,  ;; ;;, ;;,, ;;9,,, ;;,; ;;; ;/ /  /; /;; /;;; ;& & &, 

180(5$/8/&$5',1$/ QXVDXP GXRDHR WU VWULD TXDWWXRU TX QTXH VH[ VHSWHP RFW  QRXHP GHFHP XQGHFLP GXRGHFLP WU GHFLP TXDWWXRUGHFLP TX QGHFLP V GHFLP VHSWHPGHFLP GXRG X JLQW GHFHPHWRFW  XQG X JLQW  X JLQW  X JLQW  QXV QXVHWX JLQW  X JLQW GXRGXRHWX JLQW  GXRG WU JLQW GXRG WU JLQW  XQG WU JLQW  WU JLQW  TXDGU JLQW  TXLQTX JLQW  VH[ JLQW  VHSWX JLQW  RFW JLQW  Q Q JLQW  FHQWXP FHQWXP QXVFHQWXPHW QXV 

&,)5$$5$%                                   

&& &&& &&&&&'  ' ,  '& '&& '&&& '&&&& 0F  00  009  00;  00&  00; 

GXFHQW DHD WU FHQW DHD TXDGULQJHQW DHD TX QJHQW DHD VH[FHQW VHVFHQW DHD VHSWLQJHQW DHD RFWLQJHQW DHD Q QJHQW DHD P OOH GXRP OLD TXLQTXHPLOLD GHFHPPLOLD FHQWXPPLOLD GHFLHVFHQWHQDPLOLD

             

 180(5$/(/(&$5',1$/('(&/,1$%,/(VXQWXUP WRDUHOH D SULPHOHWUHL QXVDXPGXRDHRWU VWULD  E VXWHOHGHODODLQFOXVLY F QXPHOHPLLORUP OLDÄPLL´  5HVWXOQXPHUDOHORUFDUGLQDOHHVWHLQGHFOLQDELO  35,0(/(75(,180(5$/(&$5',1$/(  3ULPXOQXPHUDO QXVDXPDUHIOH[LXQHDXUP WRDUHD  6*  PDVFXOLQ QXV 1 *  '  QXP $& $%/ Q 



IHPLQLQ QD Q XV Q QDP Q 

QHXWUX QXP   QXP 1  Q 

3/  QXDUHIRUPH VSHFLILFH   

  $O GRLOHD QXPHUDO FDUGLQDO GXR DH R D DYXW OD RULJLQH IRUPH GH GXDO SH FDUH OHD S VWUDW QXPDL OD 1 VLQJXODU PDVFXOLQ úL QHXWUXGXR 



3/  1 * ' $& $%/



PDVFXOLQ GX  X UXP GX EXV GX V '

IHPLQLQ GXDH GX UXP GX EXV GX V '

QHXWUX GX  GX UXP GX EXV GX  1  '

  &HO GHDO WUHLOHD QXPHUDO FDUGLQDO HVWH úL HO vQ PRG ILUHVF GHIHFWLYGHVLQJXODU(OVHGHFOLQ vQODWLQ GXS PRGHOXOWHPHORUvQ L GH OD GHFOLQDUHD D ,,,D * úL '$%/ DYkQG IRUPH FRPXQH WXWXURU JHQXULORU 3/  1$& * '$%/



PDVFXOLQ WU V  

IHPLQLQ WU V WULXP WULEXV

QHXWUX WUL   

687(/('(/$/$ 3UH]LQW RIRUP DGMHFWLYDO FD IOH[LXQH GXS  SULPHOH GRX  GHFOLQ UL  LQGLIHUHQW GDF  MRDF  VDX QX UROXOXQXLDGMHFWLY$XHYLGHQWIOH[LXQHH[FOXVLY GHSOXUDOGXFHQWL DHDWUHFHQWLDHDHWF *DUHvQV IRUP GHGHFOLQDUHDD,,,D vQXPGXFHQWXPWUHFHQWXPHWF  /HJ WXUDvQWUHVXWHúL]HFLXQLW LVHIDFHvQGRX PRGXUL D SULQMX[WDSXQHUHFHQWXPTXDGU JLQW TX QTXHÄRVXW SDWUX]HFL úL FLQFL´ VXWHOH VWDX SH SULPXO ORF vQWUXFkW QXPHUDOHOH H[SULPkQG FLIUH VXSHULRDUH OH SUHFHG  SH FHOH LQIHULRDUH RUGLQHD LQYHUV  H[LVW  vQV  QXPDLvQFD]XOFHOXLODOWWLSGHOHJ WXU  E FXRFRQMXQF LHHWDWTXHDF VH[HWWU FHQW ÄWUHLVXWHúDVH´ TXDWWXRUHWTX QJHQW ÄFLQFLVXWHSDWUX´X JLQW WU FHQW TXHÄWUHLVXWH GRX ]HFL´  180(/( 0,,/25 /D VLQJXODU QXPHOH FLIUHL  HVWH LQYD ULDELOLQGHFOLQDELO P OOHúLUHSUH]LQW XQVXEVWDQWLYQHXWUXGHGHFOL QDUHD D ,,,D FX WHPD vQ YRFDO  L  DMXQV LQGHFOLQDELO 3DUDGLJPD HVWHXUP WRDUHD 







 1$* * '$%/

3/ QHXWUX P OLD P OLXP P OLEXV

&(/(/$/7(180(5$/(&$5',1$/(6XQWI U H[FHS LH LQGHFOLQDELOHDXIRUP IL[ LQGLIHUHQWGHQXP UGHJHQVDXGHFD]  1XPHOHVXWHLHVWHúLHOXQVXEVWDQWLYFXIRUP QHXWU vQXP úL LQYDULDELO  2EVHUYD LL D  'XS  FXP DP DU WDW OD QXPHUDOHOH SHVWH  QXPHUHOH PDUL OH SUHFHG GHUHJXO SHFHOHPLFLVXWHOHID GH]HFLúLID GHXQLW L úLDWXQFL VHIRORVHúWHMX[WDSXQHUHD E  ÌQ FD]XO PLLORU QLFLRGDW  VXWHOH ]HFLOH VDX XQLW LOH QX OH SRW SUHFHGD SURFHGHXO XWLOL]DW ILLQGFHODOMX[WDSXQHULLVHIRUPXODREOLJDWRULXWULDP OLD GXFHQWDVHSWX JLQW VHSWHP F 1XPHUDOHOHvQWUHúLVHIRUPHD] vQFHSkQGILHFX]HFLOHILHFX XQLW LOH GHSLQ]kQG XQHRUL úL GH FRQWH[W QXPHUDOXO QXV QX SUHFHG  QLFLRGDW XQVXEVWDQWLYODSOXUDOÄGRX ]HFLúLXQXGHFHW HQL´VHVSXQHDILH QXVHWX JLQW F X VILHF X VX JLQW  QXV SULQMX[WDSXQHUHGDF VHvQFHSHD FX]HFLOHSULQFRQMXQF LHFRSXODWLY FIVXSUD GDF VHvQFHSHDFXXQLW LOH



180(5$/8/ 25',1$/ 5 VSXQ]kQG OD vQWUHEDUHD ÄDO  FkWHOHD"´ODWTXRWXV SHQWUXDH[SULPDRUGLQHDRELHFWHORUvQWURVHULH QXPHUDOXO RUGLQDO VH IRUPHD]  FX FkWHYD H[FHS LL SH ED]D FHOXL FDUGLQDOúLGXS PRGHOXORIHULWGHDFHVWD 7RDWHQXPHUDOHOHRUGLQDOHVHGHFOLQ GXS DGMHFWLYHOHFXWHPDvQ RHDúDGDUGXS GHFOLQDUHDD,,DSHQWUXPDVFXOLQHúLQHXWUHúLGXS  GHFOLQDUHD,SHQWUXIHPLQLQH 2IHULPPDLMRVWDEORXOQXPHUDOHORURUGLQDOHGHED] vQVR LWvQ ORFXOWUDGXFHULLGHFLIUDDUDE FRUHVSXQ] WRDUH



180(5$/8/25',1$/  SU PXVDXP VHFXQGXVDXP WHUWLXVDXP TXDUWXVDXP TX QWXVDXP VH[WXVDXP VHSWLPXVDXP RFW XXVDXP Q QXVDXP GHF PXVDXP XQGHFLPXVDXP GXRGHFLPXVDXP X F VLPXVX J VLPXV DXP GXRG WU F VLPXVDXP XQG WU F VLPXVDXP WU F VLPXVDXP WU J VLPXVDXP  TXDGU J VLPXVDXP TX QTX J VLPXVDXP VH[ J VLPXVDXP VHSWX J VLPXVDXP RFW J VLPXVDXP Q Q J VLPXVDXP FHQW VLPXVDXP PLOOHVLPXVDXP



&25(6321'(178/ &,)5,&180(5,&                          

                        

 'XS  FXP VD REVHUYDW GLQ WDEHOXO GH PDL VXV OHJ WXUD ]HFLORU FXXQLW LOHVHSRDWHIDFHILHSULQDO WXUDUHMX[WDSXQHUH ILHSULQFRQ MXQF LH DFHDVWD GLQ XUP  ILLQG SUHIHUDW  GH RELFHL FkQG XQLW LOH SUHFHG ]HFLOH QXVHWX F VLPXVDOWHUHWX F VLPXVHWF   87,/,=$5($ 180(5$/8/8, 25',1$/ /DWLQD XWLOL]D QXPHUDOXORUGLQDOSHQWUXDLQGLFD  GDWHOHWLPSXOXLvQVXFFHVLXQH D LQGLFDUHDDQXOXLDQQ ELVP OO VLP ÄvQDQXO´ 



E LQGLFDUHD]LOHLTXDGU J VLPDGL ÄvQDSDWUX]HFHD]L´ F  LQGLFDUHD XQXL DQXPLW LQWHUYDO DO QRS LL vQ DUPDW  TXDUW  XLJLOL ÄDSDWUDYHJKHVWUDM ´ G LQGLFDUHDRUHLKRU WHUWL ÄDWUHLDRU ´  VXFFHVLXQHDGLQDVWLF  $QWL FKXVWHUWLXVÄ$QWLRFKXVDO,,,OHD´ 'LRQ\VLXVVHFXQGXVÄ'LRQ\VLXVDO,,OHD´   GXUDWD $QQXP LDP WHUWLXPHWX F VLPXPU JQDWÄ'RPQHúWH GHMDGHGHDQL´Ä6HDIO vQDOOHDDQGHGRPQLH´   YkUVWD $QQXP DJHQV VH[WXP GHFLPXP ÄvQ DO OHD DQ GH YLD ´ÄDYkQG>vPSOLQL L@DQL´  RUGLQHDQXPHURWDUHD F U LORUúLDSDJLQLORUFDUHFRPSXQXQ WH[WRRSHU OLEU TX QW ÄvQFDUWHDDFLQFHD´SDJLQ GHFLP ÄOD  SDJLQDD]HFHD´  180(5$/8/',675,%87,9$YkQGXQUROPRUIRORJLFIRDUWH SUHFLV vQ FDGUXO FDWHJRULHL QXPHUDOXOXL úL DQXPH DFHOD GH D DU WD UHSDUWL]DUHDQXPHULF DXQHLPXO LPLRDUHFDUHvQVXEPXO LPLJUXSH HJDOHGHRELHFWHQXPHUDOXOGLVWULEXWLYU VSXQGHODvQWUHEDUHDTXRW QL DHD"ÄvQ Fk L"´ÄvQ FkWH"´úLVHFRPSRUW PRUIRORJLFLGHQWLF FXQXPHUDOXORUGLQDOGHFDUHvOGHRVHEHúWHGRDUVXIL[XOIRUPDWLY 6HSRUQHúWHSULQXUPDUH±FXH[FHS LDSULPHORUGRX IRUPH±WRW GH OD ED]D QXPHUDOXOXL FDUGLQDO PRGHOXO SH FDUH vO XUPHD]  ILLQG vQV HYLGHQWPDLDSURDSHVLWXDWGHFHORUGLQDO'HFOLQDUHDQXPHUDOXOXL GLVWULEXWLY HVWH LGHQWLF  DFHOHLD D RUGLQDOXOXL ILLQG YRUED WRW GH XQ DGMHFWLYFXIOH[LXQHDPDVFXOLQXOXLúLDQHXWUXOXLGXS GHFOLQDUHDD,,D LDU D IHPLQLQXOXL GXS  GHFOLQDUHD , vQ ODWLQD FODVLF  H[FOXVLY OD SOXUDO 8QHRUL*SOSRDWHDYHDIRUPHGXS GHFOLQDUHDD,,,DWHPHvQ FRQVRDQ XP  2IHULPvQFRQWLQXDUHFDúLPDLVXVWDEORXOIRUPHORUGHED] DOH QXPHUDOXOXLGLVWULEXWLY  180(5$/8/',675,%87,9 75$'8&(5($ VLQJXOLDHD E Q DHD WHUQ DHD 

ÄFkWHXQXO´ ÄFkWHGRL´ ÄFkWHWUHL´

&25(6321'(17 &,)5,&      

TXDWHUQ DHD TX Q DHD V Q DHD VHSW Q DHD RFW Q DHD QRX Q DHD G Q DHD XQG Q DHD GXRG Q DHD X F Q DHD X F Q VLQJXO DHD VLQJXO HWX F Q DHD  WU F Q DHD TXDGU J Q DHD TX QTX J Q DHD VH[ J Q DHD VHSWX J Q DHD RFW J Q DHD Q Q J Q DHD FHQW Q DHD



ÄFkWHSDWUX´ ÄFkWHFLQFL´ ÄFkWHúDVH´ ÄFkWHúDSWH´ ÄFkWHRSW´ ÄFkWHQRX ´ ÄFkWH]HFH´ ÄFkWHXQVSUH]HFH´ ÄFkWHGRLVSUH]HFH´ ÄFkWHGRX ]HFL´ ÄFkWHGRX ]HFLúLXQX´

          

          

ÄFkWHWUHL]HFL´ ÄFkWHSDWUX]HFL´ ÄFkWHFLQFL]HFL´ ÄFkWHúDL]HFL´ ÄFkWHúDSWH]HFL´ ÄFkWHRSW]HFL´ ÄFkWHQRX ]HFL´ ÄFkWHRVXW ´

       

       

)250$5($ù,87,/,=$5($180(5$/8/8,',675,%8 7,97RDWHQXPHUDOHOHGLVWULEXWLYHDXIRUPHH[FOXVLYGHSOXUDOGHúL vQ SHULRDGD SUHFODVLF  úL SRVWFODVLF  D IRVW XWLOL]DW  úL IRUPD GH VLQJXODUDOXLVLQJXOLDHD úLvQVR HVFVXEVWDQWLYHODSOXUDOSOXUDOH WDQWXP  ÌQ DQXPLWH FRQWH[WH QXPHUDOXO GLVWULEXWLY SRDWH DS UHD vQ ORFXOFHOXLFDUGLQDO$OWHRULSRDWHF S WDXQVHQVPXOWLSOLFDWLYVHFXQGDU 6XIL[XO FDUDFWHULVWLF QXPHUDOXOXL GLVWULEXWLY HVWH QR DPSOLIL FDWSHWHUHQODWLQFXYRFDOD GXS PRGHOXORIHULWGHV Q DHD  G Q DHD HWF  180(5$/8/08/7,3/,&$7,95HSUH]LQW RIRUP UHODWLY SX LQX]LWDW DQXPHUDOXOXLvQSULPXOUkQGGDWRULW IDSWXOXLF QXDUH FRUHVSRQGHQWSUHFXPFHOHODOWHWLSXULGHQXPHUDOSHQWUXWRDWHFLIUHOH QXPHUHOH H[LVWHQWH FL GRDU SHQWUX FHOH IXQGDPHQWDOH GLQWUH SULPHOH ]HFH úLFXVHPQLILFD LHPDMRU XQHRULFXGHVFKLGHUHVLPEROLF  0RUIRORJLF YRUELQG PXOWLSOLFDWLYXO HVWH XQ DGMHFWLY FDUH U V SXQ]kQGvQWUHE ULLÄvQFkWHIHOXUL"´ÄGHFkWHRUL"´TXRWL V"TXRWLHQV"  



úL LQGLFkQG UHSHWDUHD QXPHULF  D XQHL DF LXQL FDOLW L RELHFW HWF VH IRUPHD] FXDMXWRUXOVXIL[XOXL±SOH[*VJSO FLV GHODXUP WRDUHOH ED]HQXPHUDOH



VLPSOH[ÄVLPSOXRVLQJXU GDW ´ GHOD UDGLFDOXO VHPFIVHPHOVLQJXO   QXPHUDOXOGXRDHR  GXSOH[ÄGXEOX´ÄGHGRX RUL´ ÄvQGRLW´ WULSOH[ÄWULSOX´ÄGHWUHLRUL´  UDGLFDOXO WHU WUFIWU VWULD WHUWLXVWHUQ HWF  ÄvQWUHLW´ UDGLFDOXOQXPHUDOXOXLTXDWWXRU TXDGUXSOH[ÄGHSDWUXRUL´  PRGLILFDWIRQHWLFSULQGHULYDUH ÄvPS WULW´ÄFYDGUXSOX´ TX QWXSOH[ÄGHFLQFLRUL´  WHPDQXPHUDOXOXLRUGLQDO ÄvQFLQFLW´TX QFXSOH[  TX QWXVDXPUHVSHFWLYFDUGLQDO ÄFYLQWXSOX´ TX QTXH VHSWHPSOH[ÄGHúDSWHRUL´  QXPHUDOXOFDUGLQDOVHSWHP ÄvQúHSWLW´ GHFHPSOH[ÄGH]HFHRUL´  QXPHUDOXOFDUGLQDOGHFHP ÄvQ]HFLW´  WHPDQXPHUDOXOXLFDUGLQDOFHQWXP FHQW SOH[ÄGHRVXW GHRUL´ ÄvQVXWLW´  02ù7(1,5($ 180(5$/8/8, Ì1 /,0%$ 520Æ1  ù, Ì1 /,0%,/(520$1,&( &ODVHOH vQVHúL DOWIHO VSXV YDULHW LOH WLSRORJLFH DOH QXPHUDOXOXL VDX VLPSOLILFDW$VWIHOXOWLPHOHGRX WLSXULGHDOWIHOPDLUDUXWLOL]DWHSHDPEHOH SDOLHUHVFULVúLYRUELWDOHOLPEDMXOXL±úLDQXPHQXPHUDOXOGLVWULEXWLYúLFHO PXOWLSOLFDWLY±DXWLQVV ILHvQORFXLWHGHQXPHUDOXOFDUGLQDOVDXPDLUDUGH FHORUGLQDOFDUHFXQRúWHDXRIUHFYHQ IRDUWHULGLFDW ÌQHSRFDLPSHULDO PDL DOHVvQSHULRDGDWkU]LHDXOWLPHORUVHFROHFDS W SUHSRQGHUHQ PRGDOL W LOHSHULIUDVWLFHDQDOLWLFHGHH[SULPDUHLQFOXVLYvQFD]XOGLVWULEXWLYHORUúL PXOWLSOLFDWLYHORU 6IHUD FDUGLQDOHORU D IRVW FHO PDL SX LQ DIHFWDW  GH SURIXQGHOH UHVWUXF WXU UL SH FDUH OHD FXQRVFXW QXPHUDOXO GXS  GL]ROYDUHD XQLW LL ODWLQH 1XPHUDOHOHRUGLQDOHVDXPRúWHQLWQXPDLGLDOHFWDOvQVXGXO,WDOLHLFHOHODOWH OLPELFUHkQGXOGHIDSWUHFUHkQGXO SHED]HSURSULLLQWHUQHLQFOXVLYSHFDOH FXOW  9RP XUP UL vQ FRQWLQXDUH PRúWHQLUHD QXPHUDOXOXL ODWLQ vQ IXQF LH GH YDULHW LOHVDOHPRUIRORJLFH  

1XPHUDOXOFDUGLQDO 3ULPD GHFDG  úL QXPHUDOHOH FRUHVSXQ]kQG FLIUHORU  úL  DX IRVW PRúWHQLWHSHvQWUHJXOWHULWRULXURPDQLFVXQWFXPVHVSXQHvQOLQJYLVWLFDGH VSHFLDOLWDWHSDQURPDQLFH 1XPHUDOXORUGLQDO 'XS  FXP DP QRWDW PDL VXV vQFHSkQG FX VHFROXO DO 9OHD S&KU RUGLQDOHOHVXQWIRORVLWHGLQFHvQFHPDLUDUvQVSHFLDOvQODWLQDGLQ2ULHQWùLvQ FHD GLQ 2FFLGHQW X]XO SRSXODU vQORFXLHúWH QXPHUDOHOH RUGLQDOH ± FX H[FHS LD SULPHORU FLQFL ± ILH FX FHOH GLVWULEXWLYH PDL H[DFW SULQ IRORVLUHD VXIL[XOXL GH GLVWULEXWLY ILHFXDOWHPLMORDFHSULQH[FHOHQ DQDOLWLFH 6LVWHPXO QXPHUDOXOXL RUGLQDO vQ OLPED URPkQ  HVWH WRWDOGLIHULWGHFHO GLQODWLQ úLUHVSHFWLYGLQOLPELOHURPDQLFH([FHSWkQGVLWXD LLSUH]HQWDWH PDLMRVvQURPkQ DDYXWORFRUHVWUXFWXUDUHDVLVWHPXOXLRUGLQDOHIHFWXDW  vQV  FX PDWHULDO ODWLQ GHVLJXU FX H[FHS LD OXL VXW  úL D GHULYDWHORU OXL  6LQJXUHOH PRúWHQLUL GLUHFWH DOH RUGLQDOXOXL ODWLQ ± F FL SULPXO D HVWH XQ QHRORJLVPLDUvQWkLXODQXFRQWLQX XQQXPHUDOGHúLHVWHXQFXYkQWWRWGH RULJLQHODWLQ ±VXQWXUP WRDUHOH  D WHUWLXVDXP PRúWHQLWvQIRUPDFRPSXV ODRULJLQH DQ U ÄDFXP GRL DQL´ ÄFX GRL DQL vQ XUP ´ FDUH SURYLQH GLQ VLQWDJPDDQQ WHUWL ÄGXS WUHFHUHDDGRLDQL´ÄvQDO WUHLOHD DQ´ FRQIRUP VLVWHPXOXL ODWLQ GH QXP UDUH D HOHPHQWHORU XQHL VHULL WHPSRUDOH SULQ LQFOXGHUHD DP EHORUH[WUHPHDOHVHULHL PDVF SO  PRúWHQLW vQ IRUPD QXPHOXL SURSULX GH E TXDGUDJ VLP  V UE WRDUH FUHúWLQ  3 UHVLPL ÄD SDWUX]HFHD ]L vQDLQWH GH 3DúWH´ FX R QRWDELO  UHGXFHUH IRQHWLF  D JUXSXOXL FRQVRQDQWLF LQWHULRU SDUDOHO  FX XQ OD IHO GH QRWDELO FRQVHUYDWRULVPVHPDQWLF F SU PXVDXP 6DPRúWHQLWGHDVHPHQHDFDúLvQVLWXD LDSUH]HQWDW  VXESXQFWXOD QXPDLvQWURIRUP FRPSXV úLDQXPH vQVXEVWDQWLYXOSULP YDU DOF WXLWILLQGHWLPRQXOODWLQ DODFHVWXLDGLQSU PDúLVXEVWDQWLYXO XDUDDHUHFUHDW vQODWLQDGXQ UHDQ SHED]DOXLX UULVÄSULP YDU ´ GLQODWLQDFODVLF   1XPHUDOXOGLVWULEXWLY ÌQ IRUPD VD FODVLF  OLWHUDU  úL FXOW  DFHVW QXPHUDO QX VD S VWUDW vQ QLFLXQDGLQWUHOLPELOHURPDQLFH)DSWXOVDSHWUHFXWGDWRULW XWLOL] ULLSHVFDU  



ODUJ  vQ ODWLQD YRUELW  PDL FX VHDP  VSUH VIkUúLWXO HSRFLL LPSHULDOH D XQRU SHULIUD]H FX YDORDUH GLVWULEXWLY  PXOW PDL FODUH FD vQ HOHV WRFPDL GLQ FDX]D FDUDFWHUXOXL ORU DQDOLWLF IRDUWH H[SOLFLW $X H[LVWDW PDL PXOWH SURFHGHH GH VXEVWLWXLUHDQXPHUDOXOXLGLVWULEXWLY 'LQWUH HOH QH LQWHUHVHD]  SHQWUX LVWRULD OLPELL URPkQH DFHOD FDUH D FRQVWDWGLQUHSHWDUHDQXPHUDOXOXLRUGLQDOFXLQWHUFDODUHDSUHSR]L LHLFDWDVDX GLQ XWLOL]DUHD QXPHUDOXOXL GLVWULEXWLY SURSULX]LV SUHFHGDW GH DFHHDúL SUHSR ]L LHSUHOXDW GLUHFWGLQJUHDF XQXPFDWDXQXPÄXQXOFkWHXQXO´ 



&$3,72/8/9,,





 025)2/2*,$352180(/8, 7,32/2*,(ù,3$57,&8/$5,7 ,

*5838/352120,1$/&RQIRUPWUDGL LRQDOHLFRQFHS LLJUD PDWLFDOHDQWLFHUHIOHFWDWHvQWHUPLQRORJLDODWLQ SURQXPHOHHVWHvQOR FXLWRUXO GH ED]  DO QXPHOXL UHVSHFWLY DO VXEVWDQWLYXOXL 3ULQ XUPDUH ILLQGúLHORSDUWHGHYRUELUHIOH[LELO YDULDELO vQJHQQXP UúLFD] SURQXPHOHSRDWHIXQF LRQDvQSULPXOUkQGFDVXELHFWDOXQHLSURSR]L LL ÌQ RULFH OLPE  ,( DQWLF  VDX PRGHUQ  SURQXPHOH vQGHSOLQHúWH PDL PXOWHUROXULvQFDGUXOXQXLHQXQ HOVHSRDWHUHIHULODXQVXEVWDQWLYVDX OD XQ HFKLYDOHQW DO DFHVWXLD DQWHULRU DPLQWLW vQ FRQWH[WXO IUD]HRORJLF SRDWHV LQGLFHvQVDXGLQUHDOLWDWHDH[WUDOLQJYLVWLF XQRELHFWvQVHQV JUDPDWLFDO  RDUHFDUH SRDWH GH DVHPHQHD VHUYL OD SXQHUHD XQHL vQWUHE ULGLUHFWHRULLQGLUHFWHvQVIkUúLWGDUI U V ILHSXL]DWUROXULOH SRVLELO D IL vQGHSOLQLWH GH XQ SURQXPH  HO SRDWH IDFH vQ SODQ VWULFW VLQWDFWLF OHJ WXUD vQWUH SURSR]L LL FRQWULEXLQG DVWIHO DVHPHQHD XQRU DXWHQWLFH FRQMXQF LL OD VWUXFWXUDUHD FRHUHQW  D HQXQ XOXL IUD]HRORJLF FRPSOH[ 3XWHP YRUEL vQ RSLQLD QRDVWU  FX vQGUHSW LUH GH XQ YHULWDELO JUXSSURQRPLQDOGDWRULW SHGHRSDUWHFRPSOH[LW LLPRUIRORJLFHD DFHVWHLFODVHVDXFDWHJRULLGHFXYLQWHSHGHDOW SDUWHYDOHQ HORUVDOH VLQWDFWLFHJOREDOHH[WUHPGHGLYHUVLILFDWHvQOLPEDODWLQ   &203/(;,7$7($ 025)2/2*,&  $ *5838/8, 352 120,1$/ ÌQF  GLQ ,( FRPXQ  SURQXPHOH D FRQVWLWXLW R FODV  GH FXYLQWHUHODWLYQHRPRJHQ FXRIOH[LXQHDSDUWHGDUúLDVHP Q WRDUH vQ UDSRUW FX DFHHD DWkW D QXPHOXL VXEVWDQWLYH DGMHFWLYH QXPHUDOH  FkWúLDYHUEXOXL 6WULFWPRUIRORJLFYRUELQGFDúLQXPHOHWRDWHSURQXPHOHSDUWLFLS  ODFDWHJRULLOHÄQXP U´úLÄFD]´QXPDLFkWHYDWLSXULGHSURQXPHSDUWL FLS  úL OD FDWHJRULD ÄJHQ´ GLIHUHQ LLQGXOH FRPSOHW PDVFXOLQXOID GH IHPLQLQ UHVSHFWLY GH QHXWUX  DOWHOH GLIHUHQ LLQG GRDU DQLPDWHOH GH LQDQLPDWH VDX vQ VIkUúLW QHSDUWLFLSkQG GHORF OD FDWHJRULD JHQXOXL 



SURQXPHOHSHUVRQDOHúLUHIOH[LYH 3HGHDOW SDUWHXQHOHSURQXPHVSUH GHRVHELUHGHUHVWXOPDMRULWDUQXPHULFDOFHORUODOWHWLSXULSURQRPLQDOH VH FRPSRUW  IOH[LRQDU DVHPHQHD YHUEXOXL GHRDUHFH SDUWLFLS  úL OD FDWHJRULDÄSHUVRDQ ´  9$/(1 (/( 6,17$&7,&( $/( *5838/8, 352120, 1$/&RPSOH[LWDWHDGDUúLFXPDPVXEOLQLDWOLSVDGHRPRJHQLWDWHD JUXSXOXL SURQRPLQDO UH]XOW  úL GLQ SROLYDOHQ D VD VLQWDFWLF  /DWLQD GRYHGHúWH vQ PRG SHUHPSWRULX F  SURQXPHOH IXQF LRQD ± FHO PDL SUREDELOvQF GLQID]DFRPXQLW LL,(±DWkWFDVXEVWLWXWDOQXPHOXLvQ UROXOFDUHGHDOWIHOODúLFRQVDFUDWGHFLDVHPHQHDXQXLVXEVWDQWLY  FkWúLFDGHWHUPLQDWLYGHWHUPLQDQWDOQXPHOXLGHFLFXUROGHDGMHFWLY FkQG GHWHUPLQ  XQ VXEVWDQWLY  &HOH GRX  YDOHQ H VLQWDFWLFH DOH SURQXPHOXLvQJHQHUDOVHWROHUHD] UHFLSURFFHOHPDLPXOWHSURQXPH SRWIXQF LRQDúLIXQF LRQHD] HIHFWLYFDDGMHFWLYHSURQRPLQDOH GDUVH úLH[FOXGvQDQXPLWHFD]XULGHSLOG vQFHOHDOHSURQXPHOXLSHUVRQDO úLUHIOH[LYSURQXPHFDUHQXSRWGHWHUPLQDQLFLRGDW XQVXEVWDQWLY   9$5,(7 ,/( 7,32/2*,&( $/( 352180(/8, 'HD OXQJXO HYROX LHL VDOH LVWRULFH ODWLQD úLD FULVWDOL]DW vQ LQWHULRUXO JUXSXOXL SURQRPLQDO GRX  VHULL D F URU GLVWLQF LH VH SRDWH VWDELOL SH ED]D GLIHUHQ HORU UHVSHFWLY D FRPXQLW LL WU V WXULORU GH IOH[LXQH 3H GHRSDUWHGLVWLQJHP D VHULDSURQXPHORUFHQWUDWHSHLGHHDGHSHUVRDQ UHSUH]HQWDWH GHSURQXPHOHSHUVRQDOUHIOH[LYSRVHVLYúLGHPRQVWUDWLY E  VHULD SURQXPHORU I U  OHJ WXU  FX LGHHD GH SHUVRDQ  FHQ WUDWH SH LGHHD GH UHOD LH úL GHILQLUH úL UHSUH]HQWDWH GH SURQXPHOH UHODWLYLQWHURJDWLYúLQHGHILQLW  352180(/('(3(1'(17('(,'(($'(3(562$1   3URQXPHOHSHUVRQDO  5HSUH]LQW  XQD GLQWUH YDULHW LOH WLSRORJLFH FHOH PDL YHFKL DOH SURQXPHOXLODWLQGHRDUHFHS VWUHD] FDUDFWHULVWLFLDOHIOH[LXQLLSURQR PLQDOH GLQ ,( FRPXQ  5ROXO SURQXPHOXL SHUVRQDO HVWH DFHOD GH D vQW UL LGHHD GH SHUVRDQ  H[SULPDW  úL GHMD LQFOXV  vQ GHVLQHQ D 

YHUEDO 3ULQXUPDUHDFHVWWLSGHSURQXPHVHUYHDvQODWLQ GHVHPQ ULL SURWDJRQLúWLORUHQXQ XOXLFRPXQLF ULLDXWRUXOUHVSHFWLYLQWHUORFXWRUXO XQXL GLVFXUV 7U V WXULOH IXQGDPHQWDOH DOH SHUVRQDOXOXL ODWLQ VXQW XUP WRDUHOH DR GLIHUHQ LD]  FDWHJRULD PRUIRORJLF  D SHUVRDQHL GDU QXPDL SHQWUXSULPHOHGRX SHQWUXSHUVRDQDD,,,DH[LVW QXPDLSURQXPHOH UHIOH[LYFDvQORFXLWRUDOSHUVRDQHLD,,,DQHUHIOH[LYHODWLQDYDIRORVL vQSULPXOUkQGSURQXPHOHGHPRQVWUDWLYSULQGLYHUVHOHVDOHVSHFLL ERQXGLIHUHQ LD] JHQXULOH FR GHVLQHQ HOH FD]XDOH DOH SURQXPHOXL SHUVRQDO VXQW GLIHULWH GH FHOHXWLOL]DWHvQIOH[LXQHDQRPLQDO   3$5$',*0$352180(/8/8,3(5621$/ 



3(562$1$,  6* 3/ 1 HJR Q V * PH  QRVWU QRVWUXP ' PLK  Q E V $ P  Q V & 9   $ P  Q E V % /

3(562$1$D,,D 6* 3/ W  X V WX  XHVWU XHVWUXP WLE  X E V W  X V W  W 

X V X E V

2EVHUYD LL

 &D]XO YRFDWLY HVWH XWLOL]DW QXPDL OD SHUVRDQD D ,,D SULQ H[FHOHQ  DGVDXLQWHUORFXWLY   &kQG VXQW vQVR LWH GH SUHSR]L LD VRFLDWLY  FXP ÄFX´ ÄvPSUHXQ   ODRODOW  FX´ IRUPHOH GH $%/ VJSO DOH SURQXPHOXL SHUVRQDO SUHFHG  SUHSR ]L LDFDUHGHYLQHDVWIHORSRVWSR]L LHP FXPW FXPQRE VFXPXRE VFXP  (92/8 ,$ Ì1 /$7,1$ 7Æ5=,( ù, 02ù7(1,5($ 520$1,&  6SUHVIkUúLWXOODWLQLW LLVHSURGXFRVHULHGHPRGLILF ULGHQDWXU IRUPDO GDU úL JUDPDWLFDO  PRUIRORJLF  ÌQWUH DFHVWHD FHOH PDL VHPQLILFDWLYH VXQW XUP WRDUHOHvQWUXFkWDQXQ SHUVSHFWLYDURPDQLF  



D)RORVLUHDSURQXPHORUSHUVRQDOHGHYLQHGLQFHvQFHPDLLQWHQV ID  GHHSRFDFODVLF úLSRVWFODVLF DMXQJkQGvQVHFDO,9OHDS&KUDSURDSH REOLJDWRULHSHQWUXSURQXPHOHFXIXQF LDGHVXELHFW$FHVWIDSWVDSHWUHFXWILH VXE LPSXOVXO GHWHULRU ULL IRQHWLFH D ILQDOXOXL YHUEHORU P V W WLQG V  GLVSDU vQSR]L LHILQDO GHXQGHFRQIX]LDJUDY GHRUGLQPRUIRORJLFOHJLV OHJLW HWF  GLPLQXDW  SULQ XWLOL]DUHD SURQXPHOXL ILH vQ FRQGL LLOH DWHQX ULL YDORULLHPIDWLFHDSURQXPHORUSHUVRQDOHvQVHúL E $SDUL LD SURQXPHOXL SHUVRQDO SHQWUX SHUVRDQD D ,,,D HVWH FX FHUWLWXGLQH FHD PDL LPSRUWDQW  PRGLILFDUH GH XWLOL]DUH D DOWRU IRUPH SURQRPLQDOHvQEHQHILFLXOFHOXLSHUVRQDO'XS FXPVDDU WDWGHSODVDUHD GHPRQVWUDWLYXOXL LOOH VDX vQ DOWH UHJLXQL D SURQXPHOXL GH vQW ULUH LSVH  vQ VSD LXO SHUVRQDOXOXL D UHSUH]HQWDW XQ SURFHV OHQW úL GH GXUDW  DIODW vQ SOLQ  GHVI úXUDUH vQ VHF DO 9OHD S &KU GXS  P UWXULD JUDPDWLFXOXL &OHGRQLXV*/HG.HLO9 DVWIHOvQFkWLOOHUHVSHFWLYLSVHDMXQJ SHDFHODúLSODQFXSURQXPHOHGHSHUVRDQD,,,úLXPSOXXQXOGLQWUHFHOH PDLLPSRUWDQWHÄJROXUL´DOHPRUIRORJLHLSURQRPLQDOHODRIRUP GHED]  FXPHVWHDFHHDDSHUVRQDOXOXLDGXFkQGvQSOXVúLGLVWLQF LDVXSOLPHQWDU  SHJHQXUL,OOHLSVHDXGREkQGLW]RQDOVWDWXWGHSURQXPHSHUVRQDOvQF  GLQ ODWLQD SRSXODU  úL QX GXS  GL]ROYDUHD XQLW LL ODWLQH GHRDUHFH ODWLQD YRUELW  WkU]LH D FXQRVFXW GLIHUHQ LHUL UHJLRQDOWHULWRULDOH PXOWLSOH úL YDULDWHSHXQVSD LXODWLQRIRQDWkWGHYDVWGLQH[WUHPLWDWHDDWODQWLFLEHULF  SkQ  vQ RULHQWXO FDUSDWRGDQXELDQRSRQWLF ,OOH úL LSVH DX IRVW SURQXPHOH ÄVHOHFWDWH´ SHQWUX D UHSDUD GHILFLHQ HOH VLVWHPXOXL SURQRPLQDO SHUVRQDO ODWLQ úL vQ vPSUHMXU ULOH vQ FDUH GHPRQVWUDWLYXO KLF úL DQDIRULFXO LV DX vQFHSXW D IL SURJUHVLY HOLPLQDWH GLQ OLPED YRUELW  DO WXUL GH LVWH FDUH DYHD úL R VXSOLPHQWDU  QXDQ  SHLRUDWLY  úL GH LGHP úL HO FX YDORDUH H[SUHVLYHPIDWLF  vQ DQXPLWH vPSUHMXU UL  ,OOH  LSVH GREkQGHVF DúDGDU XQURODPSOLILFDWWRFPDLSULQGLPLQXDUHDFHOXLMXFDWGHUHVWXOGHPRQVWUD WLYHORUFDúLSULQUHVWUkQJHUHDQXP UXOXLORU 6  XUP ULP vQ FRQWLQXDUH HYROX LD IRUPHORU ODWLQH DOH SURQXPHOXL SHUVRQDOvQOLPEDURPkQ FXUHIOH[HúLvQDOWHOLPELURPDQLFH  3HUVRDQD,  6LQJXODU 1HJR!ODWSRSHRDWHVW UL&,/9,,,HWF ! \R!URPHXRUDOUHJ LRLWLRYIUMRIUMHHWF ' PLK  P  ! PL IRUP  DWRQ  PLH IRUP  WRQLF  FX H DQDORJLF GXS  SHUVRDQDD,,D LH  $&P !URPP PIRUP DWRQ  

P   SDUWLFXOD HQFOLWLF Q  ! ODW SRS P Q  ! URP PLQH IHQRPHQXO HQFOL]HL SURQXPHOXL SHUVRQDO úL UHIOH[LY  OD $& VJ VD SHWUHFXW úL vQ VXGXO ,WDOLHLúLvQ'DOPD LD  3OXUDO 1$& Q V! URP QRL LW QRL XQGH L FD PDUF  D SOXUDOXOXL vQWUR DQXPLW  SDUWH D WHULWRULXOXL URPDQLF HVWH SUHOXDW vQ ODWLQD SRSXODU  ]RQDO GH OD SOXUDOXO GHFOLQ ULL QRPLQDOH D ,,D PDVFXOLQH  IRUP  DWRQ  OD $& QH  SUHVFXUWDW DQDORJLF GXS VLQJXODU ' Q E V ! Q E V ! Q E V FX   ! | !   vQ ODWLQD GXQ UHDQ  GHYHQLW  URPkQ SULQLQIOXHQ DYRFDOHLODELDOHSUHFHGHQWH URPQRX IRUPDWRQLF  QHQL IRUPHDWRQHSUHVFXUWDWHFUHDWHDQDORJLFGXS VLQJXODU !VDUGQRLVÄLG´  3HUVRDQDD,,D 6LQJXODU 19W !URPLWIUHWFWX 'WLE ! W E FX DQDORJLFGXS P !WLE DWHVW ULvQ&,/,HWF ! URP LH IRUPD WRQLF  GXS  FDUH VD FUHDW DQDORJLF PLH   L  L  IRUP  DWRQ $FHVWHIRUPHDWRQHDOHSURQXPHOXLSHUVRQDOOD,,,VJSOH[LVW vQ SDUDOHOúLvQLWDOLDQ RULJLQHDFRPXQ DIHQRPHQXOXLFUH ULLXQHLGXEOHVHULL ±WRQLFHúLDWRQH±ILLQGLQGLVFXWDELOODWLQ úLSRSXODU OD'úL$& $&W SDUWLFXODHQFOLWLF Q ! WHQH!URPWLQHFIVXSUDPLQH IRUPD DWRQ RFRQWLQX SHFHDODWLQ I U HQFOL]  3OXUDO 1$&X V!URPLWYRLFXGLIHUHQ GHVLODED LHFDúLODQRLLSURYLQHGH DVHPHQHDGHODIOH[LXQHDQRPLQDO DF LRQkQGVLPXOWDQFXSHUVRDQD,SO 'X E V! X E VSURFHVXOFRQWLQXkQGDQDORJLFúLSDUDOHOFXQ E VFIVXSUD  )RUPHOH DWRQH Y  úL YL SDU D IL IRVW FUHDWH FD úL FHOH GH SHUVRDQD , SO DQDORJLFGXS VLQJXODUvQLQWHULRUXOOLPELLURPkQH

 3URQXPHOHUHIOH[LY  75 6 785, 3$57,&8/$5( 6H FDUDFWHUL]HD]  SULQWUXQ DFFHQWXDWGHIHFWLYLVPvQWUXFkWvQOLPEDODWLQ HOQXSRDWH





DRH[SULPDRSR]L LDGHSHUVRDQ VSUHGHRVHELUHGHOLPEDJUHDF  YHFKH IRUPHOH H[LVWHQWH DSDU LQ H[FOXVLY SHUVRDQHL D ,,,D SHQWUX FHOHODOWH GRX  ODWLQD XWLOL]D SURQXPHOH SHUVRQDO OD FD]XULOH REOLFH VLWXD LHPRúWHQLW XOWHULRUGHOLPEDURPkQ  ER GLIHUHQ LD JHQXULOH LQH[LVWHQ D GHRVHELULL GH JHQ DSURSLH vQ PDUH P VXU  UHIOH[LYXO GH SHUVRQDO ÄFRPSOHWkQGXO´ vQWUXFkWYD OD FD]XULOHREOLFH FRGHRVHELVLQJXODUXOGHSOXUDOFRQIXQGkQGXOH GRV DLE IRUP GH1VJSO SULQQDWXUDOXFUXULORUvQORFXOHL VHIRORVHDXGLYHUVHGHPRQVWUDWLYH  3$5$',*0$ 6*3/

1 * ' $& $%/



 VX  VLE  V  V 

3HQWUXH[SULPDUHDLGHLLGHVRFLDWLYLWDWHVHXWLOL]HD] DFHHDúLSRVWSR]L LH FXPFDúLODSURQXPHOHSHUVRQDOV FXPÄFXVLQH´ 02ù7(1,5($ 520$1,&  1DWXUD VLPSO  GLQ SXQFW GH YHGHUH PRUIRORJLF úL IRQHWLF D SURQXPHOXL UHIOH[LY D IDYRUL]DW PRúWHQLUHD OXL SDQURPDQLF  3HQWUX VSD LXO FDUSDWRGDQXELDQRSRQWLF GDWRULW  IOH[LXQLL UHIOH[LYXOXLDVHP Q WRDUHFXDFHHDDSURQXPHOXLSHUVRQDOODVLQJXODUUHPDU F P FRQVWLWXLUHD D GRX  VHULL IOH[LRQDUH vQ IXQF LH GH SUH]HQ D UHVSHFWLY DEVHQ DDFFHQWXOXL 'VLE !VLE !VLE FXDWHVW ULvQ&,/ !YURPúLHGXS PRGHOXOWLE  ! LH URPPRGVLHúL IRUPDWRQLF  VLE !VLE ! VLFXSLHUGHUHDVLODEHLILQDOHSULQKDSORORJLHVDXFDPDL VXVSULQF GHUHDLQWHUYRFDOLF DRFOXVLYHLODELDOHVRQRUH !URPv úLIRUPD DWRQ  $& V  SULQ HQFOL]D SDUWLFXOHL Q  !  V Q  !  V Q  FI VXSUD $& SURQSHUVPLQHWLQH !VLQHIRUPDWRQLF  V !URPVHVIRUPDDWRQ 





3URQXPHOHSRVHVLY  *(1(5$/,7 ,  3RVHVLYXOVDIRUPDWSULQGHULYDUHGHODSURQXPHOHSHUVRQDOHVWH QXPLWúLSRVHVLYXOSHUVRQDO SHQWUXSULPHOHGRX SHUVRDQHDYkQGFD úL DFHOD IRUPHGLIHULWHSHQWUXVLQJXODUúLSOXUDOúLSHQWUXWRDWHJHQX ULOH/DSHUVRDQDD,,,DSRVHVLYXOVDFUHDWSRUQLQGGHODSURQXPHOH UHIOH[LY GH DFHHD SRVHVLYXO SHQWUX SHUVRDQD D ,,,D DUH YDORDUH UHIOH[LY  HVWH GHQXPLW úL SRVHVLYXO UHIOH[LY  GHRDUHFH VH UHIHU  OD VXELHFWúLQXGLIHUHQ LD] SHUVD,,,DVLQJXODUGHD,,,DSOXUDO 3RVHVLYXO FX URO GH DGMHFWLY ± WUDGL LRQDO GHQXPLW DGMHFWLYXO SURQRPLQDO SRVHVLY ± IXQF LRQHD]  FD XQ VXEVWDQWLY OD * ILLQG VXEVWLWXLELOFXDFHVWDJODGLXVVXXVÄVDELDVD´ PLO WLVJODGLXVÄVDELD VROGDWXOXL´$GMHFWLYXOSURQRPLQDOSRVHVLYvQORFXLHúWHQXPDLQXPHOH SRVHVRUXOXL 3URQXPHOH SRVHVLY vQORFXLHúWH vQ DFHODúL WLPS QXPHOH SRVHVRUXOXLúLSHFHODORELHFWXOXLSRVHGDW1RVWU X Q UXQWÄ$LQRúWUL > VROGD LSULHWHQLFROHJLHWF@DXVRVLW´  326(6258/ù,6$82%,(&78/326('$7 '(7(50,1 3$5$',*0$ù,)/(;,81($

180 5 6LQJXODU 3OXUDO

3(56, PHXVDXP QRVWHUUDUXP

3(56D,,D WXXVDXP XHVWHUUDUXP

3(56D,,,D  VXXVDXP

 3URQXPHOHDGMHFWLYXOSURQRPLQDOSRVHVLYVHGHFOLQ vQWRFPDLFD XQ DGMHFWLY FDUH DUH OD 1 VJ  WHUPLQD LL GXS  GHFOLQ ULOH D ,,D PDVFXOLQXOúLQHXWUXO úL,IHPLQLQXO XVP DI XPQ SHQWUX SULPHOHSHUVRDQHFkQGHVWHXQVLQJXUSRVHVRUúLHUP U DI  U XPQ SHQWUXSULPHOHSHUVRDQHFkQGVXQWPDLPXO LSRVHVRUL 2EVHUYD LL  9VJ DO OXL PHXV HVWH GH RELFHL P  OD PDVFXOLQ VLQJXODU  DWXQFL FkQGvQVR HúWHVXEVWDQWLYHGHGHFOLQDUHDD,,DFX9VJGLVWLQFWGH1VJILO  P  ÄILXOH DO PHX´ ÄILXO PHX´ GDF  vQVR HúWH XQ VXEVWDQWLY DO F UXL 9 VJ HVWH LGHQWLF FX 1 VJ SRVHVLYXO vúL S VWUHD]  úL HO IRUPD GH 1 VJ PDVFXOLQ VDQJXLVPHXVÄVkQJHDOPHX´ÄVkQJHOHPHX´ 



 ÌQ SHULRDGD DUKDLF  úL OD VFULLWRULL DUKDL]DQ L SHUVRDQD D ,,D SOXUDO XHVWHU FXQRDúWH YRFDOLVPXO R $FHODúL YRFDOLVP VH UHvQWkOQHúWH vQ ODWLQD WkU]LHúLSRSXODU UHSUH]HQWkQGILHFRQWLQXDUHDSHFDOHRUDO DIRUPHLYHFKL ILH±PDLFXUkQG±RUHIDFHUHDQDORJLF GXS PRGHOXOOXLQRVWHU  ÌQOLPEDOLWHUDU SRVHVLYXOSRDWHH[SULPDúLQXDQ HVHPDQWLFHGHS U WDWHGHYDORDUHDSURSULHFXPHVWHDFHHDGHRSRUWXQLWDWHGHÄPRPHQWIDYRUD ELO´ÄSULHOQLF´VXRWHPSRUHÄODWLPSXO©V Xª´ ÄSRWULYLW´ÄSULHOQLF´ 



02ù7(1,5($Ì1/,0%$520Æ1   )RUPHOHODWLQHFDUHVWDXODED]DSRVHVLYXOXLURPkQHVFVXQWXUP WRDUHOH  ,VJODW PHXVPHDODXQFD]REOLFJHQHUDO  !URP PL HXPHD 3O PH  ! PL HL ,,VJ WXXV! WHXVDQDORJLFGXS  ! W X SHUVRDQD,   WXD ! WD 3O WX ! WHLDQDORJLFGXS PHL  ! W L ,,,VJ VXXV! VHXVDQDORJLFGXS  ! V X SHUVRDQHOHSUHFHGHQWH  6J VXD ! VD 3O VX ! VHLDQDORJLFGXS SHUVRDQHOH ! V L SUHFHGHQWH  ,VJ QRVWHUFDúLWRDWHSHUVRDQHOH ! QRVWUX SUHFHGHQWHODXQFD]REOLFJHQHUDO  6J QRVWUD ! QRDVWU  3O QRVWU  ! QRúWUL FX WUHFHUHD OXLV±ODú  3O QRVWUDH ! QRDVWUH ,,VJ XRVWHU ! YRVWUX  XRVWUD ! YRDVWU  3O XRVWU  ! YRúWUL FI VXSUD QRúWUL   XRVWUDH ! YRDVWUH 

3URQXPHOHGHPRQVWUDWLY  *(1(5$/,7 ,(VWHFXQRVFXWVXEGLYHUVHGHQXPLULvQWUHFDUH DPLQWLPSURQXPHÄGHWHUPLQDWLYH´0DULXV/DYHQF\ VDXHSL GHLFWLFH 

GLYHUúLDXWRUL GHQXPLULSULQFDUHHVWHLQGLYLGXDOL]DW DFHDFDWHJRULH YDULHWDWH WLSRORJLF  D SURQXPHOXL FX DMXWRUXO F UHLD VXQW ÄDU WDWH´ ÄLQGLFDWH´ODWGHPRQVWUDUHÄDLQGLFD´ RELHFWHOH±vQVHQVJUDPDWLFDO ± GHVSUH FDUH YRUELP *HVWXO HSL GHLFWLF DO DU W ULL RELHFWXOXL vQ FDX] HVWHvQVR LWGHRDSUR[LPDUHDGLVWDQ HLGLQWUHORFXWRUúLRELHFW VDXGLQWUHDFHVWDGLQXUP úLDOWHSHUVRDQHLPSOLFDWHvQDFWXOFRPXQL F ULL 2 DWDUH GLVWDQ  UHODWLY H[SULPDW  GHVLJXU HVWH DSUR[LPDW  FD ILLQG PDL PLF  úL DWXQFL SURQXPHOH vQ FDX]  LQGLF  DSURSLHUHD GH DFWDQ LL FRPXQLF ULL  VDX GLPSRWULY  PDL PDUH vQ DFHDVW  VLWXD LH GHPRQVWUDWLYXO UHVSHFWLY LQGLF  GHS UWDUHD ID  GH DFHOHDúL UHSHUH  RUL HJDO  FX ]HUR VLWXD LH vQ FDUH DYHP GH D IDFH FX LGHQWLWDWHD SHUVRDQHLJUDPDWLFDOHFXVLQHvQV úLGHFLFXSURQXPHOHGHPRQVWUDWLY GHLGHQWLWDWH 2YDULHWDWHDSURQXPHOXLGHLGHQWLWDWHHVWHDúDQXPLWXO SURQXPHGHvQW ULUHQHMXVWLILFDWGHQXPLWGH0/DYHQF\GHÄRSR]L LH´ FDUHLQGLF vQHJDO P VXU RGLVWDQ HJDO FX]HURvQWUHRELHFW úLDFWDQWXOFRPXQLF ULLSXQkQGvQV DFFHQWXOVHPDQWLFQXSHLGHHDGH LGHQWLWDWH F FL GH DOWHULWDWH QX SRDWH IL YRUED  FL SH UROXO MXFDW GH DFWDQWSURWDJRQLúWLLHQXQ XOXL   25*$1,=$5($352180(/8,'(021675$7,95H]XOW  DúDGDU FX FODULWDWH F  SURQXPHOH GHPRQVWUDWLY HVWH RUJDQL]DW GXS  FDWHJRULD SHUVRDQHL JUDPDWLFDOH  UHVSHFWLY D DFWDQ LORU FRPXQLF ULL ÌQFRQVHFLQ GHPRQVWUDWLYHOHGHED] VDXSURSULX]LVHVXQWXUP WRD UHOH  KLF P  KDHF I  KRF Q  ÄDFHVWD GH OkQJ  PLQH GH DLFL ´ WULPLWH OD SHUVRDQD , DOWIHO VSXV LQGLF  RELHFWHOH VLWXDWH vQ LPHGLDWD DSURSLHUHVDXFDUHDSDU LQSHUVRDQHLORFXWRDUH  LVWH P  LVWD I  LVWXG Q  ÄDFHVWD GH OkQJ  WLQH GLQ DSUR SLHUHD WD ´ WULPLWH OD SHUVRDQD D ,,D SULQ XUPDUH LQGLF  RELHFWHOH VLWXDWHvQDSURSLHUHDVDXFDUHDSDU LQSHUVRDQHLDGLQWHUORFXWRDUH LOOHP LOODI LOOXGQ ÄDFHODGHOkQJ HOHDGHDFROR ´ WULPLWH OD SHUVRDQD D ,,,D LQGLFkQG VLWXDUHD GHS UWDW  D RELHFWHORU JUDPDWLFDOHUHIHUHQWXORELHFWLY /DWLQDDFXQRVFXWvQF DOWHSURQXPHFXYDORDUHGHPRQVWUDWLY  GDU QHOHJDWH SUHGRPLQDQW GH FDWHJRULD SHUVRDQHL $FHVWHD DX IRVW XUP WRDUHOH LVP HDI LGQ ÄDFHVWDFHO´FDUH  



5HSUH]LQW DQWHFHGHQWXOSURQXPHOXLUHODWLYTXLTXDHTXRG FX FDUHvQJHQHUDOIRUPHD] XQFXSOXLVTXLÄFHOFDUH´   GHPP HDGHPI  GHPQ ÄWRWHOHD´ÄDFHODúL´ ([SULP  LGHHD GH UHSHWDUH vQWUX WRWXO DLGRPD D RELHFWXOXL JUDPDWLFDOGHFLLGHHDGHLGHQWLWDWHDRELHFWXOXLFXVLQHvQVXúL LSVHP LSVDI LSVXPQ ÄvQVXúL´ÄvQV úL´ (VWH VWUkQV OHJDW GH LGHHD GH SHUVRDQ  JUDPDWLFDO  GDU vQWUXQ PRG GHRVHELW ID  GH GHPRQVWUDWLYHOH GH ED]  vQWUXFkW HO DUH UROXO WRFPDLGHDvQW ULLGHHDGHSHUVRDQ   75 6 785, 63(&,),&( ù, &2081( $/( '(021675$ 7,9(/25 'LQ SXQFW GH YHGHUH VLQWDFWLF WRDWH DFHVWH SURQXPH SRW GHWHUPLQDDWULEXWLYDOFkWHXQDOWQXPH±VXEVWDQWLYVDXvQORFXLWRUDO V X±GHFLSRWIXQF LRQDúLFDDGMHFWLYHSURQRPLQDOHGHPRQVWUDWLYH 'LQ SXQFW GH YHGHUH PRUIRORJLF GHPRQVWUDWLYHOH SRVHG  XQ IDVFLFROGHWU V WXULVSHFLILFHGLQWUHFDUHPHQ LRQ P  IOH[LXQHDÄGHFOLQDUHD´ GHWLSSURQRPLQDO*VJDUHGHVLQHQ D  XVLDU'VJGHVLQHQ D   DFHOHDúLFD]XUL*'VJ QXGLIHUHQ LD] JHQXULOH  WHQGLQ D VSUH XQLIRUPL]DUH D 1 VJ PDVFXOLQ GHVLQHQ D H OD LVWHLOOHúLLSVH   WHQGLQ D VSUH XQLIRUPL]DUH D 1$&9 VJ QHXWUX GHVLQHQ D G OD LVWXGLOOXGúLLG   3$5$',*0( DRGHPRQVWUDWLYHOHGHED]  DSURSLHUHDGHSHUVRDQD,

6* P

 1K L F

* ' $&KXQF $%/K F





I KDHF

Q KRF

K LXV KXLF KDQF K F

 

1 K F

3/ P K

I KDH

Q KDHF

K UXP  K V 

K UXP K V K V '

K UXP  1 

DSURSLHUHDGHSHUVRDQDD,,D 6* P 1LVWH * ' $&LVWXP $%/LVW 

I LVWD LVW XV LVW  LVWDP LVW 

3/ P LVW  LVW UXP  LVW V 

Q LVWXG   1 LVW 

I LVWDH LVW UXP LVW V LVW V '

Q LVWD LVW UXP  1 

 GHS UWDUHDUDSRUWDUHDODSHUVRDQDD,,,D 

6* P 1LOOH * ' $&LOOXP $%/LOO 

I LOOD LOO XV LOO  LOODP LOO 

6* P 1LV * ' $&HXP $%/H 

I HD HLXV H HDP H 

Q LOOXG   1 LOO 

 ERFHOHODOWHGHPRQVWUDWLYH  GHPRQVWUDWLYXOGLDIRULF Q LG   1 H 

3/ P LOO  LOO UXP  LOO V 

3/ P H L  H UXP  H V 

 GHPRQVWUDWLYXOGHLGHQWLWDWH 6* P 1 GHP * ' $&H QGHP $%/H GHP 

I HDGHP HL VGHP H GHP H QGHP H GHP

Q GHP   1 H GHP

3/ P H GHPL GHP H U QGHP  H VGHP 

I LOODH LOO UXP LOO V LOO V '

I HDH H UXP H VL V H V '

Q LOOD LOO UXP  1 

Q HD H UXP  1 

I HDHGHP H UXQGHP L VGHP H VGHP '

Q HDGHP H U QGHP  1  

GHPRQVWUDWLYXOGHvQW ULUHLQWHQVLY 



6* P 1LSVH * ' $&LSVXP $%/LSV 

I LSVD LSV XV LSV  LSVDP LSV 

Q LSVXP   1 LSV 

3/ P LSV  LSV UXP  LSV V 

I LSVDH LSV UXP LSV V LSV V '

Q LSVD LSV UXP  1 

(92/8 ,$ '(021675$7,9(/25 '( %$=  ù, 02ù7(1,5($ 520$1,&  6DVHPQDODWGHWLPSXULXO UJLUHDVHQVXOXLOXLLVWHvQGDXQDOXLKLF SULPXO VIkUúLQG SULQ DO HOLPLQD SH FHO GHDO GRLOHD S VWUDW vQ OLPELOH URPDQLFH FX WRWXO VSRUDGLF úL vQWkPSO WRU vQ VLQWDJPH vPSLHWULWH FLW P H[HPSOHOHGLQ,/5YRO,DGORFDSXGKRF!IUDYHFHFFHKRF!LWFLz ÌQ OLPEDURPkQ KLFDGLVS UXWI U XUP  ÌQVFKLPEGHPRQVWUDWLYXOGHSHUVRDQDD,,DLVWHDIRVWPRúWHQLWGH WRDWH OLPELOH URPDQLFH YLW HVWR YIU LVW Y  URP SRS  DVW VW HWF GHYHQLQGGHPRQVWUDWLYGHDSURSLHUH 'XS  FXP VD DU WDW R WHQGLQ  JHQHUDO  vQ LVWRULD GHPRQVWUDWLYXOXL ODWLQ D IRVW FRQWLQXD VD vQW ULUH UHPDUFDUH SULQ LQWHUPHGLXO XQRU PRUIHPH ÄSDUWLFXOH´ ÄVXIL[H´  DQWH VDX SRVWSXVH vQ UDSRUW FX GHPRQVWUDWLYXO UHVSHFWLY 8QXO GLQWUH PRUIHPHOH ÄSDUWLFXOHOH´ vQ WHUPLQRORJLD OXL , )LVFKHU  FHO PDL GHV IRORVLWH vQ UHJLVWUXO RUDOLW LL D IRVW LQWHUMHF LD HFFH ÄLDW ´ÄXLWH´FDUHvPSUHXQ FXGHPRQVWUDWLYXOGHD,,DúLD,,,DvQHJDO  P VXU  D IRUPDW GLYHUúL FRPSXúL FH VWDX OD ED]D SURQXPHORU URPDQLFH FRUHVSXQ] WRDUH HFFH  HFFXP  LVWX P  LVWD P  ! URP DFHVWD  DFHDVW  >FXYDULDQWHSRSXODUUHJLRQDOHGHWLSXODL HVWD DLDVWDDLD VWDLVWD HWF@ IUFHFHWW HLWTXHVWRTXHVWDHWF  'HPRQVWUDWLYXO GH GHS UWDUH VDX GH UDSRUWDUH OD SHUVRDQD D ,,,D D FXQRVFXWFHDPDLVSHFWDFXORDV HYROX LHvQODWLQ úLWUDQVIRUPDUHvQSHULPHWUX URPDQLF& FLGLQ LOOHVDXQ VFXWDWkWSURQXPHOHGHSHUVRDQDD,,,DFkWúL DUWLFROXOvQOLPELOHURPDQLFH 'HPRQVWUDWLYXO GHS UW ULL UDSRUWkQGXVH OD RELHFWHOH FH DSDU LQ XQHL WHU HSHUVRDQHXQXLÄUHIHUHQW´ DEVHQWH vQUDSRUWFXÄHX´úLÄWX´GHFLDúD QXPLWHL SHUVRDQH D ,,,D DMXQJH vQ ODWLQD YRUELW  UHVSHFWLY SRSXODU  GLQ HSRFD LPSHULDO  V úL H[WLQG  PXOW XWLOL]DUHD F S WkQG DFHD YDORDUH FDUH OLSVHDVLVWHPXOXLSURQRPLQDOSHUVRQDOFXOWúLFODVLFúLDQXPHGHSHUVRDQDD ,,,D 



PDVFXOLQ $&&2* VJODWLOOXP !URPHO 'VJODWSRSLOOXL!OXL 1SOODWLOOL!URP(L *SOODWLOO UXP!URPORU

IHPLQLQ $&&2* VJODWLOODP !URPHD 'VJODWSRSLOODHL!HL 1SOODWLOODH!HOH * SO ODW LOO UXP SULQ XQLIRUPL]DUH FX PDVFXOLQXO !ORU

 ÌQ WH[WHOH WkU]LL LOOH DMXQJH vQ XQHOH VLWXD LL HFKLYDOHQWXO DUWLFROXOXL GHPRQVWUDWLYDGMHFWLYDOFHOGLQURPkQ IDSWFDUHDFRQVWLWXLWSULPXOSDVVSUH WUDQVIRUPDUHD SURQXPHOXL GHPRQVWUDWLY vQWUR SDUWH GH YRUELUH QRX  QHFXQRVFXW FDDWDUHODWLQHLúLDQXPHDUWLFROXOKRW UkW GLQYLLWRDUHOHOLPEL URPDQLFHSURFOLWLFvQ5RPkQLDRFFLGHQWDO HQFOLWLFvQFHDRULHQWDO FDUSDWR GDQXELDQRSRQWLF   (92/8 ,$ù,02ù7(1,5($$/725'(021675$7,9( $P O VDW PDL VXV GH R SDUWH PRúWHQLUHD GH DVHPHQHD ODWLQ  D GHPRQVWUDWLYXOXLGHGHS UWDUHGLQOLPEDURPkQ DFHODFHDHWF (DWUHEXLH OHJDW  GH DFHODúL SURFHGHX DO FRPSXQHULL GXS  DO LL DO vPERJ LULL SULQ GHULYDUH  FX DMXWRUXO OXL HFFH  HFFXP DVRFLDW VDX DWDúDW GH GDWD DFHDVWD GHPRQVWUDWLYXOXL GH GHS UWDUH LOOH 7RW OD 3ODXWXV VH vQWkOQHúWH FRPSXVXO VXGDW vQ DFHHDúL PDQLHU  FD úL HFFLVWDP DQWHULRU FLWDW  HFFLOOXP ÄXLWHO´ ÄLDW O´ IRUPDW GLQ HFFH  LOOXP IRUPH VLPLODUH FDUH VWDX OD ED]D FHORU URPDQLFHVXQWDWHVWDWHúLOD$SXOHLXVHFLOOHHFFLOOL úLvQWH[WHPDLWkU]LL'H DLFL SURYLQ DúDGDU SURQXPHOH úL DGMHFWLYHOH SURQRPLQDOH URPDQLFH URP DFHOD DFHDDFHHDIUFHOOHLWTXHOORTXHOODHWF ,SVH D IRVW PRúWHQLW SH GRX  DULL URPDQLFH FD HVVR vQ LWDOLDQ  FX YDULD LL VHPDQWLFH ID  GH ODWLQ  FD vQV vQ URPkQ  DUWLFXODW vQVXO  ODW LSVX>VP@LOOHLOOXP IRUP GHODFDUHVDXFUHDWSHGHRSDUWHSURQXPHOH SHUVRQDOGkQVXOD SHGHDOWDSURQXPHOHúLDGMHFWLYXOSURQRPLQDOGHvQW ULUH vQVXúL vQV úL 

 352180(/(,1'(3(1'(17('(,'(($'(3(562$1   3URQXPHOHUHODWLY  'LQWUHWRDWHYDULHW LOHSURQRPLQDOHFHOUHODWLYMRDF I U vQGR LDO  UROXO VLQWDFWLF FHO PDL GH]YROWDW GLQ SHUVSHFWLYD UDSRUWXULORU GLQWUHSURSR]L LLvQFDGUXOIUD]HLÌQV úLGHQXPLUHDVDHYLGHQ LD] DFHO 



URO HVHQ LDOPHQWH GH OHJ WXU  GH VWUkQV  UHOD LH GHWHUPLQDWLY  VDX FLUFXPVWDQ LDO vQWUHVXERUGRQDW úLUHJHQWDHL 3$5$',*0$



6* P 1TX  * ' $&TXHP $%/TX 

I TXDH F LXV FXL TXDP TX 

Q TXRG   1 TX 

3/ P TX  TX UXP  TX V 

I TXDH TX UXP TXLEXV TX V '

Q TXDH TX UXP  1 

3$57,&8/$5,7 ,)OH[LXQHDUHODWLYXOXLHVWHGXS FXPVHREVHUY  XQD PL[W  vQWUXFkW XUPHD]  VLPXOWDQ GHFOLQ ULOH D ,,D úL D ,,,D DOH VXEV WDQWLYXOXLODFDUHVHDGDXJ SURSULLOHSDUWLFXODULW L 3ULQUHJXODUL]DUHFXIRUPHOH±SUHGRPLQDQWH±DOHGHFOLQ ULLD,,DVD FUHDWúLXWLOL]DWPDLDOHVvQSRH]LHXQ'$%/SOTX V

 87,/,=$5(ù,9$/25,5HODWLYXOvúLMRDF UROXOIXQGDPHQWDO GH VXEVWLWXHQW DO XQXL QXPH GHFL UROXO V X SXU SURQRPLQDO DWXQFL FkQG FXP HVWH úL ILUHVF QX VH DIO  vQ DFHHDúL SURSR]L LH FX VXEVWDQ WLYXODOF UXLORFvO LQH$WXQFLFkQGVXEVWDQWLYXOUHVSHFWLYFDDQWHFH GHQW DSDU LQkQG UHJHQWHL HVWH ÄDWUDV´ úL LQVHUDW FKLDU vQ SURSR]L LD GHVFKLV  GH SURQXPHOH ± UHODWLY ± FDUH vL LQH ORFXO VH SHWUHFH IHQRPHQXOVLQWDFWLFGHQXPLWvQJUDPDWLFLOHODWLQHDWUDF LDUHODWLYXOXL úL FRQVWkQG GLQ LQVHU LD VXEVWDQWLYXOXL DQWHFHGHQW FX YDORDUH GH DSR]L LH vQ SURSR]L LD UHODWLY  DWXQFL YDORDUHD UHODWLYXOXL HVWH XQD DGMHFWLYDO  FD vQ XUP WRUXO H[HPSOX FHOHEUX GLQ &DHVDU ,Q I Q EXV &DUQ WXPTXDHUHJL *DOOLDHPHGLDKDE WXU'UXLG VFRQV GXQW %*9, ÄÌQKRWDUHOHFDUQX LORU LQXWFHHVWHFRQVLGHUDWPLMORFXO *DOOLHLVHVWDELOHVFGUXL]LL´ 5HODWLYXOSRDWHMXFDúLUROXOXQXLGHPRQVWUDWLYGHOHJ WXU GXS  FXPVDQRWDWGHMDvQDFHVWFD]WRSLFDREOLJDWRULHvQODWLQDFXOW ILLQG FX UHODWLYXO vQ FDS GH IUD]  5HODWLYXO ÄGH OHJ WXU ´ VH LPSXQH D IL WUDGXVSULQGHPRQVWUDWLYVDXSHUVRQDO



ÌQ VIkUúLW UHDPLQWLP úL UROXO GH HOHPHQW DO FXSOXOXL SH FDUH vO IRUPHD] vPSUHXQ FXGLDIRULFXOLVFDUHUHSUH]LQW DQWHFHGHQWXOVLQWDFWLF DOFXSOXOXLFIVXSUDS  ÌQ FRQFOX]LH SURQXPHOH UHODWLY DPDOJDPHD]  YDORULOH XQHL FRQMXQF LL PXOWLIXQF LRQDOH GH VXERUGRQDUH GDU úL GH FRRUGRQDUH  úL DOHXQXLSURQXPHDQDIRULF 

02ù7(1,5($Ì1/,0%,/(520$1,&(/DWLQDWkU]LHDGDWYDORDUH GHUHODWLYúLXQXLSURQXPHDGMHFWLYSURQRPLQDOLQWHURJDWLYQHGHILQLWTX OLV HÄvQIHOXOvQFDUH´ÄFHIHOGH´FDUHSUHFL]DFDOLWDWHDGHWHUPLQDWXOXL$VWIHO vQFkWvQOLPELOHURPDQLFHVDXPRúWHQLWDPEHOHSURQXPHúLUHODWLYXOSURSULX ]LVTX úLUHODWLYLQWHURJDWLYXO TX OLVFXDPEHOHYDORULúLFXIOH[LXQHXQHRUL PL[W  IU TXL OH  TXHO LW TXL FKL LO  TXDOH 5RP FDUH FRQWLQX  R IRUP  REOLF  TX OHP  D OXL TX OLV R XUP  D UHODWLYXOXL úL LQWHURJDWLYXOXL  ODWLQ TXHP VH DIO  vQ URP FLQH  ODW TXHPQH ! TXHQ QH FX H DQDORJLF GXS  IRUPHSURQRPLQDOHSHUVRQDOUHIOH[LYHVLPLODUH PHQHWHQHVHQH 

 3URQXPHOHLQWHURJDWLY  *(1(5$/,7 ,6HUYLQGODSXQHUHDXQHLvQWUHE ULGLUHFWHVDX LQGLUHFWHLQWHURJDWLYXOIXQF LRQHD] FDúLUHODWLYXO±FXFDUHGHDOWIHO VHvQUXGHúWHSULQRULJLQHDFRPXQ ±DWkWFDSURQXPHFkWúLFDDGMHFWLY SURQRPLQDOFXPHQ LXQHDF vQDFHDVW XOWLP LSRVWD] HOvúLVFKLPE  FRPSOHWIRUPDLGHQWLILFkQGXVHFXDFHHDDSURQXPHOXLUHODWLY  3$5$',*0( 352180(,17(52*$7,9  1 * ' $& $%/



PI TXLV F LXV FXL TXHP TX TX 

Q TXLG F LXVUH  FXLUH  1 TX U 

$'-(&7,9 352120,1$/ ,17(52 *$7,9 P I Q TX  TXDH TXRG   &IVXSUDSURQXPHOHUHODWLY

3$57,&8/$5,7 , )OH[LXQHDSURQXPHOXLLQWHURJDWLYQXFXQRDúWHFXPHVWHILUHVFGHFkW VLQJXODUXO SHQWUX H[SULPDUHD SOXUDOXOXL XWLOL]kQGXVH DGMHFWLYXO SURQRPLQDO 



LQWHURJDWLYFDGHWHUPLQDWLYDOXQXLVXEVWDQWLYSULQFDUHVHSUHFL]HD] QDWXUD RELHFWXOXLJUDPDWLFDO VDXDOWHPRGDOLW LLQWHURJDWLYHSULQSURQXPHOHLQGH FOLQDELOTXRWÄFkW"´ÄFk L"´ÄFkWH"´HWF  )OH[LXQHDDGMHFWLYXOXLSURQRPLQDOLQWHURJDWLYHVWHLGHQWLF DFHOHLDD SURQXPHOXLUHODWLY

 $/7(352180(,17(52*$7,9(  3URQXPHúLDGMHFWLYHLQWHURJDWLYHGLYHUVH XWHUXWUDXWUXPÄFDUHGLQGRL"´GHFOLQDUHSURQRPLQDO *VJvQ XV'VJvQ±   TX OLV PI  TX OH Q  ÄFH IHO GH"´ GHFOLQDUH H[FOXVLY QRPLQDO FDDGMHFWLYHOHFXWHUPLQD LLOHLVHOD1VJSR]LWLY  TXDQWXVTXDQWDTXDQWXPÄFkWGHPDUH"´GHFOLQDUHH[FOXVLY QRPLQDO   TXDQWXOXV TXDQWXOD TXDQWXOXP ÄFkW GH PLF"´ GHFOLQDUH H[FOXVLYQRPLQDO  TXRWXVTXRWDTXRWXPÄvQFHQXP U"´ÄDOFkWHOHD"´GHFOLQDUH H[FOXVLYQRPLQDO   TXRWXVTXLVTXH TXRWDTXDHTXH TXRWXPTXLGTXH SURQXPH   TXRWXPTXRGTXH DGMHFWLY  ÄFkW GH SX LQLH"´ ÄOD Fk L XQXO"´ GHFOLQDUH PL[W  SURQRPLQDO  SHQWUX TXLV TXDH TXLGTXRG  úL QRPLQDO SHQWUXTXRWXVDXP  TXRWÄFkW"´ÄFk L"´ÄFkWH"´HVWHLQGHFOLQDELO  F LXV F LD F LXP ÄDO FXL >HVWH@"´ ÄFXL vL DSDU LQH"´ $UH R XWLOL]DUHDUKDLF úLSRSXODU VHVL]DW GHFRPHQWDWRULLOXL9HUJLOLXVGH SLOG  GDU vQ YLUWXWHD YHFKLPLL IRUPXOHORU úL XQD MXULGLF  )XQF LR QHD]  QXPDL OD FD]XULOH úL JHQXULOH XUP WRDUH 6* 1 F LXV F LD F LXPDUKDLFTXRLXVTXRLDTXRLXP $&F LXPF LDPF LXP$%/ I F L  3/ 1 I F LDH $& I FXL V ,QGLF  LGHHD GH SRVHVLH úL HVWH GH DFHHDQXPLWúLLQWHURJDWLYUHODWLYVDXSRVHVLY'HODHOVDXIRUPDW F L V*F L WLVÄGLQFH DU "´úL F L WLVDUKDLFTXRL WLV LVÄGLQFH DU "´ÄGLQFHORF"´  02ù7(1,5($520$1,& 'XS FXPDPDU WDWvQVXEFDSLWROXO GHGLFDW SURQXPHOXL UHODWLY ODWLQD WkU]LH D vQFHUFDW V  GLIHUHQ LH]H SURQXPHOH UHODWLY GH FHO LQWHURJDWLY FRQIHULQG YDORDUH GH UHODWLY XQXL 

LQWHURJDWLY TXDOLVH  PRúWHQLW FD UHODWLY vQ OLPED URPkQ  FDUH  úL XWLOL]DWvQFKLSILUHVFúLFDLQWHURJDWLYFXPVW WHDXOXFUXULOHúLvQODWLQ  )RUPHOHPRúWHQLWHDOHLQWHURJDWLYXOXLODWLQvQURPkQ VXQW URPFDUHODWTXDOHP &2* URPFLQHODW TXHQQH TXHPQHXQGHTXHPSRDWHILúLUHODWLYXOVDXPDL H[DFW VSXV HVWH LQWHURJDWLYUHODWLYXO ODWLQ FX HQFOL]LD OXL QH LQWHURJDWLY FIVXSUD  URPFHODWTXLGFXDSRFRSDFRQVRDQHLILQDOH URPFkWODWTXDQWXP FXGLVSDUL LDQD]DOLW LLFDúLvQFD]XOXUP WRU URPDWkWFXYkQWFRPSXVODRULJLQHGLQHFFXPWDQWXP  3HQWUXPRúWHQLUHDURPDQLF DODWTX OLVFIVXSUD 

3URQXPHOHQHGHILQLW  'HQXPLWHWUDGL LRQDOúLQHKRW UkWHDFHVWHSURQXPHvúLOLPLWHD]  IXQF LRQDOLWDWHD OD UHOD LD GH GHILQLUH vQ PRG QHGHWHUPLQDW LPSUHFLV /D RULJLQH QHGHILQXWXO úL LQWHURJDWLYXO IRUPDX R XQLF  YDULHWDWH WLSRORJLF  D SURQXPHOXL GLQ FDUH XOWHULRU SULQ XWLOL] UL QXDQ DWH úL VSHFLDOL]DWH VDX GHVSULQV FHOH GRX  FDWHJRULL FDUH DX GHYHQLW DXWR QRPH FD VHQV 'RYDGD KRW UkWRDUH vQ VSULMLQXO DILUPD LHL QRDVWUH R FRQVWLWXLH IDSWXO F  XQD GLQWUH FHOH WUHL VXEFDWHJRULL DOH SURQXPHOXL QHGHILQLWHVWHUHSUH]HQWDW GHTXLVúLGHFRPSXúLLV L  5(3(5725,8/ 352180(/8, 1('(),1,7 (VWH FHO PDL ERJDWGLQvQWUHJLQYHQWDUXOSURQRPLQDO&DQDWXU úLFDPRGGHIRUPD UHVHDGPLWHXUP WRDUHDFODVLILFDUHWHUQDU  DTXLVúLFRPSXúLLV L EQHGHILQLWHOHFXIRUP úLIXQF LHDGMHFWLYDO  FQHGHILQLWHOHQHJDWLYH  7UHEXLHSUHFL]DWF úLFRPSXúLLOXLTXLVDVHPHQHDQHGHILQLWHORU GLQDGRXDVXEFDWHJRULHúLDVHPHQHDLQWHURJDWLYHORUSRWIXQF LRQDFD SURQXPHSURSULX]LVHúLFDDGMHFWLYHSURQRPLQDOH  D49,6ù,&2038ù,,6 ,  3URQXPHOHGHED] DOSULPHLYDULHW LWLSRORJLFHDQHGHILQLWX OXL QX HVWH DOWXO GHFkW vQVXúL LQWHURJDWLYXO TXLV FDUH vúL S VWUHD]  



IOH[LXQHDúLFDQHGHILQLWH[FHSWkQGIRUPDGH1VJIXQGHDSDUHLQGL YLGXDOL]DW RIRUP QRX GXEO TXDHVDXTXDSHQWUXSULPDH[LVWkQG FRUHVSRQGHQW úL OD LQWHURJDWLY ([LVW  GH DVHPHQHD VHULD SURSULX]LV SURQRPLQDO  TXLVP TXDHTXDI TXLGQ ÄFLQHYD´ÄFHYD´ÄXQRDUHFDUH´ DO WXULGHVHULDDGMHFWLYDO  TX TXDHTXDTXRG FXPHQ LXQHDF QHXWUXODUHOD1$&SOIRUPDTXDTXDH  &RPSXúLLOXLTXLVvQRUGLQHDOIDEHWLF VXQWXUP WRULLLQFOX ]kQGXLúLSHFHLFHSRUQHVFGHODIRUPDDGMHFWLYDO TXL   DOLTXLV DOLTXD DOLTXLG SURQXPH ÄYUHXQXO´ ÄFLQHYD´ ÄFHYD´ DOLTX DOLTXDDOLTXRGDGMHFWLYSURQRPLQDOÄYUHXQ´ÄRDUHFDUH´  TX FXPTXH TXDHFXPTXH TXRGFXPTXH SURQXPH ÄRULFLQH´ ÄRULFDUH´ (VWHIOH[LRQDELO QXPDLVHFYHQ DSURQRPLQDO  TX GDPTXDHGDPTXLGGDPSURQXPHÄXQRDUHFDUH´ÄXQXO´ TX GDPTXDHGDPTXRGGDPDGMHFWLYÄXQDQXPLW´ÄXQIHOVRLGH´ 6HGHFOLQ GHVLJXUQXPDLVHFYHQ DSURQRPLQDO GXS PRGHOXO TX TXLV  TX OLEHWTXDHOLEHWTXLGOLEHWSURQXPHÄRULFLQHRULFDUHRULFHv L SODFH ´ TX OLEHWTXDHOLEHWTXRGOLEHWDGMHFWLYÄRULFHv LSODFH ´ (VWHFRPSXVGLQVHFYHQ DSURQRPLQDO GHFOLQDELO úLRVHFYHQ YHUEDO LQYDULDELO FDúLSDUWLFXOHOHOLEHWHVWHLQGLFDWLYXOSUH]HQW,,, VJDOYHUEXOXLLPSHUVRQDOOLEHWÄvPLSODFH´ÄvPLIDFHSO FHUH´  TXLVSLDP TXDHSLDP TXLGSLDPTXLSSLDP SURQXPH ÄFLQHYD´ ÄXQ RDUHFDUH´ TXLVSLDPTXDHSLDPTXRGSLDPDGMHFWLYÄYUHXQ´ 3DUWLFXODSLDPDF UHLRULJLQHU PkQHREVFXU HVWHLQYDULDELO  TXLVTXDPPI TXLGTXDPTXLFTXDPSURQXPHÄFLQHYD´ÄRSHUVRDQ  RDUHFDUH´ÄXQXO´ 1XDUHIRUP VSHFLDO GHIHPLQLQúLHVWHGHIHFWLYGHSOXUDO TXLVTXHTXDHTXHTXLGTXHSURQXPHÄILHFDUH´ TXLVTXHTXDHTXHTXRGTXHDGMHFWLYÄILHFDUH´ÄRULFDUH´ÄRULFH´ 3DUWLFXODTXHHVWHLQGHFOLQDELO  

 TXLVTXLV PI  TXLGTXLGTXLFTXLG SURQXPH úL DGMHFWLY ÄRULFLQH´ ÄRULFH´ 1XH[LVW IRUP VSHFLDO GHIHPLQLQLDUFHDGHPDVFXOLQVHXWLOL ]HD] DWkWSURQRPLQDOFkWúLDGMHFWLYDO TX X VTXDHX VTXLGX VSURQXPHÄRULFLQHRULFHYUHL ´ TX X VTXDHX VTXRGX VDGMHFWLYÄRULFDUHRULFHYUHL ´ &D úL SURQXPHOH GH OD  HVWH FRPSXV GLQ VHFYHQ D SURQR PLQDO  LQL LDO  GHFOLQDELO  úL VHFYHQ D YHUEDO  LQYDULDELO  X V FDUH UHSUH]LQW SHUVD,,DLQGLFDWLYSUH]HQWDYHUEXOXLXRO   E1('(),1,7(/(&8)250 ù,)81& ,($'-(&7,9$/  0RUIRORJLF DFHVWH QHGHILQLWH DX FRPSRUWDPHQW DGMHFWLYDO vQ VHQVXOF IOH[LXQHDORURXUPHD] SHDFHHDDDGMHFWLYHORUFXWHUPL QD LLOD1VJGXS GHFOLQ ULOH,úLD,,D SULQXUPDUHVXQWGHQXPLWHúL SURQXPHQHKRW UkWHDGMHFWLYDOHVDXSHVFXUWSURQXPHDGMHFWLYDOH 6LQJXUHOH H[FHS LL OH IRUPHD]  FD]XULOH FX WHUPLQD LH WLSLF SURQR PLQDO *VJvQ XVúL'VJvQ   3UH]HQW PPDLMRVLQYHQWDUXODFHVWHLVXEFDWHJRULLGHDVHPHQHD vQRUGLQHDOIDEHWLF  DOLXVDOLDDOLXGÄDOWXOD´ÄDOW ´ )XQF LRQHD]  FD SURQXPH úL DGMHFWLY SURQRPLQDO 5HSHWDUHD vQ VLQWDJPH OD DFHODúL FD] VDX OD FD]XUL GLIHULWH HVWH IUHFYHQW  vQ ODWLQD OLWHUDU DOLXVDOLXVÄXQXODOWXO´  DOWHU DOWHUD DOWHUXP ÄFHO ODOWK  ´ GLQWUXQ JUXS PLQLP IRUPDW GLQ  SHUVRDQH ILLQ H HWF  ùL HO VH IRORVHúWH vQ UHSHWL LH FRUHODWLY  DOWHU  DOWHUL  DOWHU  DOWHUL ÄXQXO XQLL  FHO ODOW  FHLODO L´DOWHUDOWHUXPÄXQXOSHFHO ODOW´HWF QHXWHUQHXWUDQHXWUXPÄQLFLXQXOD´GLQWUXQJUXSPLQLP GH  RELHFWH JUDPDWLFDOH  ÄQLFL XQXO QLFL DOWXO´ )XQF LRQHD]  FD úL SUHFHGHQWHOH DWkW FD SURQXPH FkW úL FD DGMHFWLY SURQRPLQDO (VWH IRUPDW SH ED]D OXL XWHU FI LQIUD VXE SXQFW   SULQ LQWHUPHGLXO DGYHUEXOXL GH QHJD LH DUKDLF  QH   QRQ  ÄQLFL´ ÄQX´ UHJ VLW úL vQ XUP WRUXO Q OOXVQ OODQ OOXPÄQLFLXQXOD´GLQWUXQJUXSRDUHFDUH FX PDL PXOW GH  RELHFWH JUDPDWLFDOH  6D IRUPDW SH ED]D OXL XOOXV FI LQIUD VXE SXQFW   SULQ DFHODúL DGYHUE DUKDLF GH QHJD LH QH 



  QRQ  FD úL SUHFHGHQWXO 'H OD HO VD FUHDW SULQ QHJDUHD QHJD LHL Q QQ OOXV D XP ÄXQXO D´ ÄYUHXQXO D´ ÄRDUHFDUH´ $PEHOH YDULHW LDXXWLOL]DUHSURQRPLQDO úLDGMHFWLYDO  V OXVV ODV OXPÄVLQJXU´ÄQXPDLHOHD´XWLOL]DUHSURQRPL QDO úLDGMHFWLYDO SUHSRQGHUHQWvQXOWLPDLSRVWD]   W WXV W WD W WXP ÄWRW ÄvQWUHJ´ ÄvQ vQWUHJLPH´ ÄFRPSOHW´ ÄLQWHJUDO´ 6H XWLOL]HD]  PDL DOHV FD DGMHFWLY SURQRPLQDO DFRSHULQG VLQRQLPLF VHQVXULOH OXL RPQLVH LQFOXVLY FHO LQGLYLGXDOL]DWRU ÄILHFDUH´VHQVPRúWHQLWvQURPkQ WRWRPXO ÄILHFDUHRPvQSDUWH´   XOOXV XOOD XOOXP ÄYUHXQXO  D ÄYUHR´ FX GXEO  XWLOL]DUH SURQRPLQDODGMHFWLYDO  FD úL SUHFHGHQWHOH vQ VSHFLDO vQ SURSR]L LLOH QHJDWLYHLQWHURJDWLYHúLFRQGL LRQDOLSRWHWLFH  QXV QD QXP ÄXQXO VLQJXU´ ÄR VLQJXU ´ ÄXQXO´ ÄXQD´ ÄXQRRDUHFDUH´FXDFHODúLWLSGHXWLOL]DUH(VWHLGHQWLFFDIRUP FX QXPHUDOXOFDUGLQDO QXVúLHYLGHQWFDVHPDQWLVPILLQGYRUEDSUDFWLF GH R VLQJXU  U G FLQ  FX R XQLF  HYROX LH IRUPDO  GDU FX R GXEO  VSHFLDOL]DUHPRUIRORJLF  XWHUXWUDXWUXPÄXQXO´GLQWUXQJUXSPLQLPDOGHHOHPHQ WHRELHFWH ÄXQXOVDXFHO ODOW´$YHPGHDIDFHGLQQRXFDúLvQFD]XO SUHFHGHQW DO OXL QXV FX XQ VLQJXU FXYkQW FX GXEO  VSHFLDOL]DUH PRUIRORJLF vQFkPSXOSURQXPHOXLFDLQWHURJDWLYúLFDQHGHILQLW  F1('(),1,7(/(1(*$7,9( 6XQWUHSUH]HQWDWHvQOLPEDODWLQ GHSURQXPHDPEHOHDYkQGXQ VHQV DEVROXW QHJDWLY SULQ IDSWXO F  LQGLF  PXO LPHD GH HOHPHQWH RELHFWHHJDO FX¡Q P ÄQLPHQL´úLQLKLOÄQLPLF´'DF SULPXOHVWH GHFOLQDELO PDL H[DFW SDU LDO GHFOLQDELO  FHO GHDO GRLOHD HVWH LQGH FOLQDELO vQ DPEHOH VLWXD LL OLPED vQFHUFkQG V  J VHDVF  VROX LL GH FRPSOHWDUHVDXGHUHPHGLHUHDGHILFLHQ HORU  1 P  DUH R RULJLQH QRPLQDO  PDL SUHFLV VXEVWDQWLYDO  SUR YHQLQG GLQ QHJDUHD OXL KRP  ÄRP´ FX DMXWRUXO DGYHUEXOXL DUKDLF GH QHJD LHQ SHFDUHODPvQWkOQLWúLPDLVXVODDOWHQHGHILQLWHFRPSXVH QHXWHUQ OOXV Q K P !Q P SULQHOL]LXQHDYRFDOHLLQL LDOHD VXEVWDQWLYXOXL DVSLUD LD QHFRQWkQG 3RVHG  GRDU ' Q PLQ  úL $& Q PLQHPGXS IOH[LXQHDOXLKRP SLHU]kQGvQV *úL$%/ 1LKLOHVWHXWLOL]DWFDDWDUHQXPDLOD1$&VJQHXWUXFRQWkQG SUDFWLF FD XQ VXEVWDQWLY QHGHFOLQDELO )RUPHOH QLKLO  úL QLKLO  QX 

UHSUH]LQW  * úL UHVSHFWLY ' VJ DOH OXL QLKLO FDUH VXEOLQLHP vQF  R GDW  HVWH LQGHFOLQDELO  FL DOH VXEVWDQWLYXOXL IRUPDW GH OD SURQXPHOH QHJDWLY úL FX DFHHDúL YDORDUH VHPDQWLF  QLKLOXP   ÄXQ  QLPLF´ XWLOL]DWPDLDOHVvQSRH]LDúLSUR]DVHFROHORU,DúLS&KU3RSXODUVD FUHDW ± úL DSRL D S WUXQV úL vQ OLPEDMXO OLWHUDU ± IRUPD FRQWUDV  Q O UH]XOWDW GLQFRQWRSLUHDvQWURVLQJXU VLODE DFHORUGRL FDXUPDUH DGLVSDUL LHLWRWDOHDDVSLUD LHLRULFXPDSURDSHLPSHUFHSWLELOHQ K O!

Q O!Q O   02ù7(1,5($Ì1/,0%$520Æ1 )LHGLUHFWILHSULQLQWHUPHGLXO XQRUVLQWDJPHVDXFRQVWUXF LLFXFRPSRQHQ QHGHILQLW URPkQDDPRúWHQLWR VHULH GH SURQXPH GLQ ERJDWD ]HVWUH D QHGHILQLWHORU ODWLQH /H YRP WUHFH SH VFXUWvQUHYLVW LQGLFkQGSRVLELOHOHHWLPRQXUL ODWDOWHUXP !URPDOWXO  DOWH UDP !DOWD HFFXPWDOHP !DWDUHFXSDUDOHOHvQDURPkQ úLPHJOHQRURPkQ  HFFXPWDQWXP !DWkWFXGLVSDUL LDQD]DOLW LLvQGDFRURPkQ FDúLOD SURQXPHOHLQWHURJDWLYFkWGDUFXS VWUDUHDHLvQDURPkQ úLPHJOHQRURPkQ  FIúLVXSUDS HFFXPWDOHP !FXWDUH QHVFLRTXDQWXP!DUK QHúFKLWD]LGLVS UXWGLQOLPE S VWUDWvQFHOH GRX GLDOHFWHPHQ LRQDWH ÄFHYD´ QHVFLR TXHP ! DUK  QHúWLQH ÄFLQHYD´ GH DVHPHQHD GLVS UXW WUHSWDW GLQX]GXS VHFDO;9,OHDFkQGDSDUHDWHVWDW  Q P QHP !QLPHQLSDQURPkQHVF  QHF P FDP ÄQLFLRILULPLWXU ´!QHPLFDQLPLFSDQURPkQHVF  QHFQHTXH QXP QHFQHTXH QDP !QLFLXQXO QLFLXQD W WXP W WDP !WRWWRDW  QXP  QDP !XQXO XQD X U  QXP X U  QDP !YUHXQXO YUHXQDFXSDUDOHOHvQDURPkQ  úLPHJOHQRURPkQ  6LQWDJPHYHUEDOHODRULJLQHDQHGHILQLWHORUURPkQHúWL FDUHYD TXDOHP XROHWHOHPHQWXOYHUEDODYkQGGXS $OI/RPEDUG FLWDWGH$O5RVHWWLXUP WRUXOWUDVHXXROHW ! YRDUH!YDUH!YDGXS $O *UDXU DSXG 5RVHWWL LELG  YD  YUD  YUHD SULQ GLVLPLO UL VXFFHVLYH SH WHUHQURPkQHVF FHYD TXLGXROHW FLQHYD TXHPQHTXHQQHXROHW Fk LYD TXDQW XROHW RDUH±XROHWvQXUP WRDUHOHIRUPHFRPSXVH RDUHFDUH XROHWTX OHP   

RDUHFH XROHWTXLG RDUHFLQH XROHWTXHQQH )RUPHOH FRPSXVH FX RUL RULFDUH RULFH RULFLQH  VDX FUHDW FHO PDL SUREDELO SH WHUHQ URPkQHVF SULQ WUHFHUHD OXL RD QHDFFHQWXDW OD R 5RVHWWL LELG 7RWSHWHUHQURPkQHVFVDXIRUPDWúLSURQXPHOHILHFDUHILHFDUH úL ILHFLQHILHFLQH   25,*,1,/( $57,&2/8/8, 1(+27 5Æ7 &D vQ WRDWH OLPELOH URPDQLFHúLvQOLPEDURPkQ DUWLFROXOQHKRW UkWHVWHSURFOLWLFúLSURYLQHGLQ DFHODúL HWLPRQ ODWLQ DGMHFWLYXO SURQRPLQDO QHGHILQLW FX YDOHQ H UHVLP LWH vQF  vQ URPkQ  GH QXPHUDO FDUGLQDO  XQXP   XQDP  6O ELUHD YDORULL DGMHFWLYSURQRPLQDOHDOXLXQXP XQDP QXQXPDLF HVWHGHGDW ODWLQ  GDUDSDUHGRYHGLW FKLDUGHWH[WHDSDU LQkQGHSRFLLDUKDLFH$WXQFLFUHGHPF  VDGHFLVGDF SXWHPVSXQHDúDVRDUWDSURQXPHOXLQHGHILQLW XQXVSHvQWUHJ WHULWRULXOODWLQLW LLHOJUDPDWLFDOL]kQGXVHvQSURFHVXOWUDQVIRUP ULLODWLQHLvQ GHVFHQGHQWHOH VDOH URPDQLFH úL vQ SDUDOHO FX JUDPDWLFDOL]DUHD FD DUWLFRO KRW UkWDOXLLOOHUHVSHFWLYLSVH

 &21&/8=,, 3URQXPHOH D FRQVWLWXLW XQ JUXS PRUIRORJLF FRPSOH[ úL IRDUWH GLQDPLFGHDOXQJXOvQWUHJLLLVWRULLDOLPELLODWLQH 0DMRULWDWHD SURQXPHORU ODWLQH VXQW LQRYD LL FUHDWH SH ED]D XQXL PDWHULDO LQGRHXURSHDQ SULQ U G FLQ  DIL[HVXIL[H GHVLQHQ H  VDX vQ LQWHULRUXOOLPELLODWLQHFXPDWHULDOSURSULX &RPSOH[LWDWHD JUXSXOXL SURQRPLQDO D IRVW JHQHUDW  úL GH R UHODWLY  OLSV  GH RPRJHQLWDWH DWkW GLQ SXQFW GH YHGHUH PRUIRORJLF ± SULQ H[LVWHQ D XQHL IOH[LXQL QHXQLWDUH úL RVFLODQWH SULQ IHQRPHQH GH VXSOHWLYLVPHWF±FkWúLGLQSXQFWGHYHGHUHVLQWDFWLFGLYHUVHOHVSH H úLWLSXULSURQRPLQDOHIXQF LRQkQGDWkWFDVXELHFWFRPSOHPHQWFkWúL FDDWULEXW6XEUDSRUWPRUIRORJLFODWLQDDWLQVV DSURSLHFkWPDLPXOW JUXSXOSURQRPLQDOGHFHOQRPLQDOvQVSH GHDGMHFWLYIDSWSHGHSOLQ MXVWLILFDW GH H[LVWHQ D D QXPHURDVH VHULL GXEOH SURQXPH  DGMHFWLY SURQRPLQDO vQFD]XODFHOXLDúLWLSH[FHS LHI FkQGGRDUSHUVRQDOXOúL UHIOH[LYXO  &DUDFWHUXO GLQDPLF DO JUXSXOXL SURQRPLQDO UH]XOW  GLQ PDQL IHVWDUHD D GRX  WHQGLQ H FRPSOHPHQWDUH FDUHDXDF LRQDWvQLQWHULRUXO JUXSXOXL WHQGLQ DVSUHUHRUJDQL]DUHúLVLVWHPDWL]DUH 

± SURQXPHOH SHUVRQDO vúL FRPSOHWHD]  SULQ UHIXQF LRQDOL]DUH SDUDGLJPDDEVHQW  ± SURQXPHOH SRVHVLY vúL FUHHD]  RSR]L LD FRPSOHW  GH SHUVRDQ  PHXV±WXXV±VXXVXOWLPXOSLHU]kQGXúLYDORDUHDGHUHIOH[LY  ±SURQXPHOHUHODWLYWLQGHvQODWLQDSRSXODU úLWkU]LHV IX]LRQH]H DSURDSHWRWDOFXFHOLQWHURJDWLY ±SURQXPHOHGHPRQVWUDWLYVHUHRUJDQL]HD] PRGLILFkQGXúLFUL WHULXOGHGLIHUHQ LHUHGHODFHODOSHUVRDQHLODFHODOGLVWDQ HLRELHFWXOXL JUDPDWLFDOID GHORFXWRU WHQGLQ DVSUHFUHDUHDGHQRLIRUPHúLFKLDUFDWHJRULLSURQRPL QDOH GH SHUPDQHQW  UHvQQRLUH WHQGLQ  IDYRUL]DW  GH H[LVWHQ D GHD OXQJXOvQWUHJLLLVWRULLDOLPELLODWLQHDXQHLFRQFXUHQ HFRQWLQXHvQWUH VSHFLLOHIRUPDOFDWHJRULDOHGHSURQXPHvQWUHIRUPHOHPRúWHQLWHúLFHOH FUHDWH vQ LQWHULRUXO ODWLQHL DSDUL LD GH QRL SURQXPH SULQ FRPELQD LL XQHRULVXGDWHDOWHRULQXSULQDJORPHU ULSURQRPLQDOHGHODSkQ OD  HOHPHQWH  VH SRDWH FRQVWDWD SkQ  vQ PRPHQWXO LQGLYLGXDOL] ULL OLPELORUURPDQLFHWU V WXU FDUDFWHULVWLF GHDOWIHOPRúWHQLW GLQODWLQ  GH WRDWH DFHVWH OLPEL FDUH úLDX FUHDW HOH vQVHOH IRUPH úL YDULDQWH SURSULL(YROX LDVHQVXOXLúLXWLOL]DUHDSDUWLFXODU ±vQFRQWH[WHGHWHU PLQDWH±DXQRUSURQXPHúLDGMHFWLYHSURQRPLQDOHDGHVFKLVGUXPXO FKLDUGLQHSRFDODWLQHLDQWLFHDSDUL LHLúLIXQF LRQ ULLLQQXFHHPEULR QDU SUHJUDPDWLFDOL]DW D XQRU QRL FDWHJRULL PRUIRORJLFH DUWLFROXO úL SURQXPHOHGHUHYHUHQ  *UXSXO SURQRPLQDO D MXFDW DO WXUL GH FHO YHUEDO XQ URO IXQGD PHQWDOvQGLQDPLFDúLSURJUHVXOVLVWHPXOXLOLPELLODWLQHLDVLJXUkQGXL FDSDFLWDWHD GH DXWRWUDQVIRUPDUH úL GH DXWRUHJODUH DOWIHO VSXV SHUHQL WDWHD





&$3,72/8/9,,,

 

 025)2/2*,$9(5%8/8,, *5838/9(5%$/ '(),1, ,(75 6 785,*(1(5$/(

ÌQ VLQH YHUEXO FRQVWLWXLH LQGLVFXWDELO FHD PDL FRPSOH[  SDUWH GHYRUELUHODWLQ  'LQSXQFWGHYHGHUHLVWRULFYHUEXOODWLQVDFRQILJXUDWFDVLVWHP XQLFúLFRHUHQWvQFDGUXOXQXLSURFHVGHVSUHFDUHSXWHPVSXQHF DOXDW VIkUúLW SULQ LQWHJUDUHD WXWXURU IRUPHORU vQ FDWHJRULLOH úL SDUDGLJPHOH VLVWHPXOXL DELD OD VIkUúLWXO HSRFLL FODVLFH PDL H[DFW vQ GHFHQLLOH LQL LDOHDOHSULPXOXLVHFROLPSHULDOÌQOLQLLPDULJUDPDWLFLLVHFROXOXL, S&KU YRU FRQVWDWD F  YHUEXO ODWLQ SRVHG  IRUPH úL FDWHJRULL SURSULL VSHFLILF YHUEDOH GDU úL IRUPH SXU QRPLQDOH VXEVWDQWLYH úL DGMHFWLYH FUHDWH GH OD U G FLQL OH[LFDOH YHUEDOH vQV  DYkQG R IOH[LXQH QRQ YHUEDO *UXSXOYHUEDOVDIRUPDWDúDGDUSULQUHXQLUHDÄDPHVWHFXO´ ÄSXQHUHD ODRODOW ´ D FDWHJRULLORU FDUH QX VH vQWkOQHVF QLFLGHFXP OD JUXSXOQRPLQDOVDXSURQRPLQDODVSHFWGLDWH] PRGWLPS FXDFHOHD SUH]HQWHúLODQXPHúLODvQORFXLWRUXOV XJHQQXP UFD]úLSHUVRDQ  $VWIHOvQFkWFHHDFHQXPLPFXXQWHUPHQVLQFURQLFGHVFULSWLYYHUEXO ODWLQ VH GRYHGHúWH D IL GLQ SHUVSHFWLY  LVWRULF  XQ FRQJORPHUDW PRUIRORJLF VDX GXS  FXP SUHIHU P V  vL VSXQHP XQ DXWHQWLF JUXS YHUEDOFHOGHDOWUHLOHDJUXSPRUIRORJLFGHDOWIHOXOWLPXOGLQFODVD IOH[LELOHORU 9HUEXOODWLQFDúLFHO,(VDXFHOvQWkOQLWvQDOWHOLPEL,(DQWLFH HVWH FXYkQWXO VDX JUXSXO GH FXYLQWH YDULDELO GXS  DQXPLWH UHSHUH FDWHJRULDOH VSHFLILFH úL  VDX QHVSHFLILFH DVSHFW FODV  GH IOH[LXQH  ÄFRQMXJDUH´ GLDWH]  PRG WLPS SHUVRDQ  QXP U JHQ  FDSDELO V  IXQF LRQH]H GLQ SXQFW GH YHGHUH VLQWDFWLF FD SUHGLFDW DO XQHL SURSR]L LL LDU GLQ SXQFW GH YHGHUH VWULFW PRUIRORJLF V  H[SULPH R DF LXQH  DFWLYLWDWH LQFOXVLY SVLKRPHQWDO  VDX R VWDUH  VLWXDUH  H[LVWHQ  5ROXO VLQWDFWLF DO YHUEXOXL SRDWH IL FRQFXUDW vQ ODWLQ  GH ORFX LXQLVDXVLQWDJPHYHUEDOHGDUúLGHLQWHUMHF LLVDXRQRPDWRSHLFX IXQF LHSUHGLFDWLY IDSWPRúWHQLWGHDOWIHOvQWRDWHOLPELOHURPDQLFHÌQ VIkUúLWGLQDFHODúLSXQFWGHYHGHUHVLQWDFWLFYHUEXOODWLQHVWHFRQFXUDW 

GH SURSULD VD DEVHQ  YHUE ‘  SUHGLFDW ‘  VLWXD LH VLQWDFWLF  GHQXPLW vQGHREúWHSURSR]L LHQRPLQDO  'LQSXQFWGHYHGHUHVWULFWIRUPDOYHUEXOODWLQFXQRúWHDvQI Lú UL VLPSOH PRQROH[LFDOH WUDGL LRQDO QXPLWHOH ÄIRUPH VLPSOH´  úL SH GH DOW  SDUWH vQI Lú UL PDL GH]YROWDWH SOXULOH[LFDOH FKLDU DPSOH DúD QXPLWHOHÄIRUPHFRPSXVH´ÄDQDOLWLFH´VDXÄSHULIUDVWLFH´ ÌQDFHDVW D GRXDVLWXD LHIRUPDYHUEDO DYHDXQGXEOXFRPSRUWDPHQWPRUIRORJLF R SDUWH D HL VH FRQMXJD VDX SXWHD U PkQH LQYDULDELO  WLSXO ODXGDWXV VXPID GHODXGDWXPHVVH LDUFHDODOW SDUWHVHGHFOLQDvQJHQQXP U úLFD]VDXU PkQHDLQYDULDELO WLSXOODXGDWXVVXPID GHODXGDWXPLUL   (/(0(17(/( &2167,787,9( $/( )250(, 9(5%$/( 6,03/(  &XYkQWXOvQ,(UHDOL]DWILHFDQXPHVXEVWDQWLYDGMHFWLYQXPH UDO  ILH FD YHUE FX UHIHULUH OD IRUPHOH VLPSOH DOH YHUEXOXL VDX OD ILHFDUHHOHPHQWvQSDUWHDOXQHLIRUPHFRPSXVH UHSUH]HQWDRXQLWDWH RSHUD LRQDO  VLPXOWDQ IRQHWLF  PRUIRORJLF  úL VHPDQWLF  VDX OH[LFDO &XYkQWXO,(HUDFRQVWUXLWSHED]DDHOHPHQWHIRUPDWLYH   UDGLFDOXO U G FLQD  HOHPHQWXO SXUW WRU GH VHQV OH[LFDO úL ED] SHQWUXIRUPDUHDDOWRUFXYLQWHVLPERO5  VXIL[XOHOHPHQWXOSROLIXQF LRQDOFXUROJUDPDWLFDOSHGLYHUVH WUHSWHUDQJXULSULPDUVHFXQGDUWHU LDUHWF úLVDXGHULYDWLYOH[LFDO VLPERO6  GHVLQHQ DHOHPHQWXOSRVHGkQGUROH[FOXVLYJUDPDWLFDOLQGL FkQGFDWHJRULLOHPRUIRORJLFHVLPERO'   ,5DGLFDOXO5 DYHDDFHODúLUROGHDSXUWDVHPDQWLVPXOIXQGD PHQWDODOYHUEXOXLSHGHRSDUWHúLGHDVHUYLFDED] GHULYDWLYOH[LFD O  SH GH DOWD 5 SXWHD FXQRDúWH vQ FXUVXO IOH[LXQLL YHUEDOH XQHOH PRGLILF UL IRUPDOH GHVWLQDWH VFRDWHULL PDL ELQH vQ HYLGHQ  D DXWRQR PLHL PRUIRORJLFH D FHORU GRX  WHPH GH ED]  FI LQIUD H[SXQHUHD UH]HUYDW FRQFHSWXOXLGHWHP   ,,6XIL[XO6 'XS FXPVDDU WDWGHMDUROXOV XHVHQ LDOGDU QX úL H[FOXVLY  HUD XQXO PRUIRORJLF UHVSHFWLY IOH[LRQDU vQ VHQVXO 



FRQWULEX LHL VDOH SULPRUGLDOH OD FRQVWLWXLUHD úL UHDOL]DUHD IOH[LXQLL YHUEDOH'LQSXQFWGHYHGHUHLVWRULFSULPHOHFDUH±V VSXQHPDúD± DX LQWUDW vQ DF LXQH DX IRVW VXIL[HOH FH VDX DWDúDW UDGLFDOXOXL vQ PRG GLUHFWIRUPkQGDúDQXPLWHOHWHPHVXIL[HÄIRUPDQWHGHWHP ´          DFHVWH VXIL[H VH S VWUHD]  OD WRDWH WLPSXULOH FH LQ GH WHPDUHVSHFWLY FKLDUGDF DFFLGHQWDOÄORFDO´ODDQXPLWHSHUVRDQHúL VDXQXPHUHDOHDQXPLWRUWLPSXUL6SRDWHGLVS UHDHIHFWLYGHH[OD FRQMXQFWLYSUH]HQWSHQWUXYHUEHOHSULPHLFODVHGHIOH[LXQHIRUPDWHFX 6    $WDUL VXIL[H SRW IL QXPLWH GLQ SHUVSHFWLYD ODWLQHL VXIL[H GH UDQJJUDGSULPDU6 ÌQVFKLPEVXIL[HFDE E VVHIRUPDWH vQLQWHULRUXOODWLQHLSHED]DXQXLPDWHULDOVXIL[DO,(VHDWDúHD] XQHL WHPH GHMD IRUPDWH FX 6  IXQF LRQkQG vQ FRQVHFLQ  FD P UFL DOH XQXLPRGúLWLPSVSHFLILFVXIL[HIRUPDQWHGHPRGWLPS (OHSRWIL QXPLWHGLQDFHHDúLSHUVSHFWLY VXIL[HGHUDQJJUDGVHFXQGDU6   ,,,7HPDYHUEDO 7 5HSUH]LQW DQVDPEOXOPRUIHPDWLFDOF WXLW GLQHOHPHQWHOH56XQGH6SRDWHILFXPDPDU WDWPDLVXV6VDX 62WHP  SULPDU HVWHDOF WXLW GLQ56RWHP  VHFXQGDU  GLQ566$QVDPEOXOPRUIHPDWLFQXPLWWHP UHSUH]LQW SDUWHD VWDELO  D IRUPHL YHUEDOH vQ LQWHULRUXO XQHL SDUDGLJPH vQWUXFkW OD DFHODúLPRGúLWLPSGHVLQHQ HOHSURYRDF IOH[LXQHD'HODXQPRGOD DOWXO úL GH OD XQ WLPS OD DOWXO 6 FRQVWLWXLH HOHPHQWXO YDULDELO LDU VHFYHQ D56DGLF WHPDSULPDU HOHPHQWXOvQSULQFLSLXFRQVWDQW 7HPHOHSULPDUHFUHDWHSULQLQWHUPHGLXOVXIL[HORUSULPDUHVDXGH JUDGUDQJSULPDU6 DXSHUPLVUHSDUWL]DUHDYHUEXOXLODWLQvQPDUL FODVH GH IOH[LXQH vQ IXQF LH GH WLPEUXO úL FDQWLWDWHD YRFDOHL FDUH UHSUH]HQWD VXIL[XO SULPDU $VWIHO vQ RUGLQHD LQGLFDW  FKLDU GH F WUH JUDPDWLFLLODWLQL FRQMXJDUHD,FXSULQGHDYHUEHOHDOF URU5HUDXUPDWGH6  56  ODXG  Ÿ 7  ODXG  XQGH 7  WHPD SULPDU  $FHDVW  YRFDO  OD RULJLQH XQ VXIL[ D IRVW UHVLP LW  GH F WUH YRUELWRULL ODWLQHL FD ILLQG FDUDFWHULVWLFD IXQGDPHQWDO  D SULPHL FODVH GH IOH[LXQH ILLQG IRDUWH SUREDELOLQIOXHQ D LvQDFHDVW SULYLQ GHDQDORJLDFXGHFOLQDUHDvQD DQXPHOXL6HSRDWHQXPLDúDGDUDFHDVW YRFDO SULQVLQWDJPDYRFDOD 

FDUDFWHULVWLF DFRQMXJ ULL,VDXGDF  LQHPFRQWQXGHRULJLQHDFLGH UROXOHLGHDIRUPDRWHP SHFDUHIRQHWLFRvQFKHLHHDSRDWHILúL HVWHSULQH[WHQVLH QXPLW YRFDODILQDO DWHPHLVDXFKLDUSULQJHQHUD OL]DUHúLSHQWUXVLPSOLILFDUHYRFDODWHPDWLF 97   

FRQMXJDUHDD,,DFRQ LQHDYHUEHOHDOF URU5HUDXUPDWGH6 56  KDE Ÿ7KDE 

FRQMXJDUHDD,,,DFXSULQGHDYHUEHDOF URU5HUDXUPDWQX GH XQ 6 FL GH R YRFDO  WHPDWLF    ! L  ! X VDX H vQDLQWH GH U  $FHDVW  FRQMXJDUH HUD SULQ XUPDUH VLQJXUD WHPDWLF  LDU 97 HUD SURSULHúLH[FOXVLY DFHVWHLFODVHGHIOH[LXQHYHUEDO  597  G F ±  ± Ÿ 7 G F  *UDPDWLFLL ODWLQL DX LQWURGXV vQ DFHDVW  FODV GHIOH[LXQH úLDFHOHYHUEHFDUHODWLPSXOSUH]HQWDOLQGLFDWLYXOXLDWHVW FDYRFDO  FDUDFWHULVWLF YRFDOD  597597  FDS± IDF± GHúLGLQSXQFWGHYHGHUHLVWRULFDWDULYHUEH DSDU LQHDXFDPRGGHIRUPDUHXOWLPHLFODVHGHIOH[LXQH  FRQMXJDUHDD,9DFRQ LQHDYHUEHDOF URU5HUDXUPDWGH6 ±  56  X Q ±  Ÿ 7 X Q  2ULJLQDU DFHVWHL FODVH GH IOH[LXQH vL DSDU LQHDXúLYHUEHOHDYkQG7IRUPDW FX± ± FDS U  IDF U ± ± GHYHQLQG± ±vQLQWHULRUXOOLPELLODWLQH   5HSDUWL]DUHDLPHQVHLPDMRULW LDYHUEHORUODWLQHvQFODVHGHIOH [LXQHÄFRQMXJ UL´ VDHIHFWXDWDúDGDUvQF GLQ$QWLFKLWDWH SHED]D WHPHORUSULPDUH7 ILQDOL]DWHvQWRWGHDXQDSULQYRFDODFDUDFWHULVWLF  



7HPHOH VHFXQGDUH VXQW VSHFLILFH QXPDL XQXL PRG  WLPS GDW úL LQFOXGVXIL[HOHVHFXQGDUHFDUDFWHULVWLFHUHVSHFWLYXOXLPRGWLPS 66 , ODXG ±E ±LQGLFDWLYLPSHUIHFWŸ7 WHPDLQGLFDWLYXOXLLPSHUIHFW 7 7 ,, KDE ±E±LQGLFDWLYYLLWRUŸ7 WHPDLQGLFDWLYXOXLYLLWRU 66 7 7 ,,, G F± ±FRQMXQFWLYSUH]HQWŸ7 WHPDFRQMXQFWLYXOXLSUH]HQW 56XQGH7VDUHGXVOD5SULQGLVSDUL LDYRFDOHLWHPDWLFH 797 ‘GHFL7 5 



566 ,9 DXG± ±U ±FRQMXQFWLYLPSHUIHFWŸ7 WHPDFRQMXQFWLYXOXLLPSHUIHFW  7 

7

,99RFDODWHPDWLF 97  5H]XOW  GLQ H[SXQHUHD GH PDL VXV F  VH SRDWH YRUEL vQ VHQV LQGRHXURSHDQ GH R YRFDO  WHPDWLF  SURSULX]LV  QXPDL OD YHUEHOH FRQMXJ ULLD,,,DFDUHQHSRVHGkQGXQVXIL[SULPDUSURSULX6 úLDX UHGXV WHPD SULPDU  7  OD UDGLFDO 5  vQ FRQVHFLQ  DVWIHO GH YHUEH SXWkQGILQXPLWHúLYHUEHUDGLFDOHXQGH5VHvQFKHLHvQWURFRQVRDQ  56975697 S Q±‘± ± G F±‘± ±  77



&RQMXJDUHDFXWHPDSULPDU DÄSUH]HQWXOXL´ FRQVRQDQWLF HVWH GHFLFODVDGHIOH[LXQHWHPDWLF vQYUHPHFHFHOHODOWHFODVHGHIOH[LXQH VXQWGLQSXQFWGHYHGHUHLVWRULFDWHPDWLFHvQVHQVXOF OHOLSVHúWH97 

SURSULX]LV  3ULQ XUPDUH YHUEHOH FRQMXJ ULL D ,,,D vQ FDUH DX IRVW LQFOXVHúLFHOHFRQ LQkQG6 FIVXSUDSVXESXQFWXO HVWH PDLH[DFWDILGHQXPLWHUDGLFDOHWHPDWLFH  9'HVLQHQ HOHSHUVRQDOH'3  5HSUH]LQW  HOHPHQWXO VLPXOWDQ PRELO YDULDELO úL FRQVWDQW DO IRUPHL YHUEDOH VLPSOH  PRELOLWDWHD VD VH UHIHU  OD YDULD LD GHVLQHQ HORU vQ IXQF LH GH SHUVRDQD JUDPDWLFDO  GH XQGH úL GHQXPLUHD ORU  FRQVWDQ DODQHFHVLWDWHDSUH]HQ HLGHVLQHQ HORUODPRGXULOHSURSULX]LV YHUEDOHFRPSDWLELOHFXFDWHJRULDSHUVRDQHL &DXOWLPHOHPHQWIRUPD WLY GLQ SXQFWXO GH YHGHUH DO SR]L LHL vQ FDGUXO IRUPHL YHUEDOH  GHVLQHQ DMRDF DúDGDUvQSULPXOUkQGUROXOGHÄLQGLFDWRUPRUIRORJLF DO SHUVRDQHL´ F UXLD vL PDL DGDXJ  vQF  GRX  LQIRUPD LL DFHOHD GH QXP UúLGHGLDWH]  '3 LQGLFDX úL PDUFDX vQ ODWLQ  VSHFLILFLWDWHD IXQF LRQDO  D YHUEXOXL VHPQDOL]kQG D  GLDWH]D E  PRGXO SULQ RSR]L LD GLQWUH GHVLQHQ HOH LQGLFDWLYXOXL úL FRQMXQFWLYXOXL SH GH R SDUWH úL FHOH DOH LPSHUDWLYXOXL SH GH DOWD  F  WLPSXO SULQ H[LVWHQ D RSR]L LHL GLQWUH GHVLQHQ HOH WLPSXOXL SUH]HQW DOH DOWRU WLPSXUL IRUPDWH GH OD WHPD SUH]HQWXOXL ± GH IDSW GH LQIHFWXP ± úL DOH WLPSXULORU IRUPDWH GH OD WHPDGHSHUIHFWXPFXH[FHS LDSHUIHFWXOXLLQGLFDWLYSHGHRSDUWHúL GHVLQHQ HOH WLPSXOXL SHUIHFW DO PRGXOXL LQGLFDWLY SH GH DOWD  G  SHUVRDQDúLH QXP UXO '3PDUFKHD] vQWRWGHDXQDGLQSXQFWGHYHGHUHVLQWDFWLFIXQF LD SUHGLFDWLY DYHUEXOXL 2IHULP vQ FRQWLQXDUH WDEORXO WXWXURU '3 UHSDUWL]DWH SH FHOH GRX VHULLGHGLDWH]H  02'7,03

180 5 ',$7(=  3(562$1   6*    3/   

,1',&$7,9ù, &21-81&7,9

,1',&$7,9 3(5)(&7

$FWLY

PHGLRSDVLY

$FWLY

 P V W P V W V QW

U U V±U  W U P U P Q  QW U

  LVW   W  PXV LVW V  UXQW U  





02' ',$7(=  7,03 180 5 3(562$1   6*   3/ 

DFWLY SUH]HQW ‘  WH 

,03(5$7,9 PHGLRSDVLY YLLWRU

W  W  W W  QW 

SUH]HQW U   P Q  

YLLWRU W U W U  QW U

 &$7(*25,,/(*5$0$7,&$/($/(9(5%8/8,/$7,1 ',$7(=$

'XS  FXP VH FXQRDúWH GLDWH]D UHSUH]LQW  R FDWHJRULH YHUEDO  IXQGDPHQWDO vQF GLQHSRFD,(FRPXQ (DH[SULPDUDSRUWXOORJLFR JUDPDWLFDOGLQWUHDF LXQHDVWDUHDIRUPXODW SULQLQWHUPHGLXOYHUEXOXL úL DJHQWXO HL DOWIHO VSXV FHO FH R UHDOL]D VDX R SHUFHSHD ([SULPDUHD JUDPDWLFDO  D DFHVWXL UDSRUW VH HIHFWXD SULQ LQWHUPHGLXO GHVLQHQ HORU SHUVRQDOH &DUHHVWHGHFLVLWXD LDvQOLPEDODWLQ " 6H FRQVWDW  IDSWXO F  vQF  GLQ FHOH PDL YHFKL WH[WH SkQ  OD VIkUúLWXOODWLQLW LLQXH[LVW RGHRVHELUHIRUPDO vQWUHGLDWH]DPHGLHúL FHDSDVLY 3UDFWLFH[LVW GRDUID GHDOWHOLPEL,(DQWLFHFDJUHDFD VDX VDQVFULWD   GLDWH]H UHSUH]HQWDWH GH FHOH  VHULL GH GHVLQHQ H GLDWH]D $&7,9  XWLOL]kQG VHULD GHVLQHQ HORU DFWLYH úL R GLDWH]  PL[W SHFDUHRQXPLPvQPRGFXUHQW0(',23$6,9 SHQWUXF HD FXPXOHD] DWkWYHFKLOHYDORULVHPDQWLFHPHGLLPRúWHQLWHGLQ,(FkWúL YDORULVHPDQWLFHPDLQRLFHOHSDVLYHDFHDVW GLDWH] PL[W GLQSXQFW GHYHGHUHVHPDQWLFHVWHPDUFDW SULQFHDGHDGRXDVHULHGHGHVLQHQ H QXPLWHGHUHJXO GHSDVLYPDLFRUHFWGHPHGLRSDVLY ',$7(=$$&7,9  $FRQVWLWXLWSULPDGLQWUHFHOHGRX GLDWH]HSHFDUHOHDFXQRVFXW OD RULJLQLOH VDOH ODWLQD FHD GHD GRXD ILLQG LQL LDO GLDWH]D PHGLH PRúWHQLUHDVWDGLXOXLSUHODWLQ,(FRPXQ'HVLQHQ HOHSURSULLGLDWH]HL DFWLYHDIHFWDXDPEHOHWHPHGHLQIHFWXPGHSUH]HQW úLGHSHUIHFWXP GHSHUIHFW  

9HUEHOH OD GLDWH]D $&7,9  FX XWLOL]DUH WUDQ]LWLY  SRW SULPL GHVLQHQ H PHGLRSDVLYH úL VXQW FRPSDWLELOH FX VHPDQWLVPXO SDVLY DPROHJRID GHDPRUOHJRUÄLXEHVF´ÄFXOHJ´ID GHÄVXQWLXELW´ ÄVXQWFXOHV´ 9HUEHOHODGLDWH]D$&7,9 FXXWLOL]DUHLQWUDQ]LWLY QX SRW H[SULPD vQ QLFLXQ IHO LGHHD PHGLR SDVLY  X QL  ÄHX YLQ´ GDU QLFLRGDW XHQL U ',$7(=$0(',23$6,9  )RVWDGLDWH]  PHGLHGLQ,(FRPXQ HVWHUHSUH]HQWDW vQ OLPED ODWLQ  VXE IRUPD XQRU UHOLFWH U PDVH IXQF LRQDOH vQ LQWHULRUXO VLVWHPXOXLYHUEDOSkQ ODVIkUúLWXOODWLQLW LLGHDFHDFDWHJRULHGHYHUEH FDUH QX SRW SULPL GHFkW GHVLQHQ H PHGLRSDVLYH OD RULJLQH GRDU PHGLL GDUFDUHDXVHQVD ILHPHGLXÄUHIOH[LY´ÄSDUWLFLSDWLY´ E ILH GHDGUHSWXODFWLYSLHU]kQGXOVDXÄSXQkQGXODO WXUL´ODWGHSRQHUH  SHFHOSDVLY(VWHYRUEDGHIDLPRDVHOHYHUEHÄGHSRQHQWH´SHFDUHOH SXWHPGHQXPLúLÄPHGLL´VDXÄPHGLDOH´DOF URUVHQVUHIOH[LYFRQWL QX VDXUHSUH]LQW VHQVXOPHGLXPRúWHQLWGLQ,(([HPSOHSHQWUXD  QDVF ÄDVHQDúWH´VHTX ÄDVH LQHGXS FLQHYD´ U VF ÄDVHvQIXULD´ UHPLQLVF ÄDúLDPLQWLGLQQRX´F Q U ÄDVHVWU GXL´HWFSHQWUXE  KRUW U ÄDvQGHPQD´I U ÄDYRUEL´ÄDVSXQH´SDW ÄDVXSRUWD´ÄD VXIHUL´HWF 'HSRQHQWHOH VDX PHGLLOH DX IOH[LXQH LQWHJUDO PHGLRSDVLY  DúDGDUVXEUDSRUWIRUPDOODDFHDVWDVHDGDXJ WRWXúLúLFkWHYDUHOLFWH VDX LQIOXHQ H DOH SDUDGLJPHL  DFWLYH úL DQXPH IRUPHOH QRPLQDOH SDUWLFLSLXOSUH]HQWJHUXQ]LXOSDUWLFLSLXOYLLWRUúLLQILQLWLYXOYLLWRU  8Q FD] SDUWLFXODU HVWH UHSUH]HQWDW GH DFHOH YHUEH FDUH RIHU  R IOH[LXQH DFWLY  OD WHPD GH LQIHFWXP DúDQXPLWD WHP  D SUH]HQWXOXL 73  vQ VFKLPE R IOH[LXQH PHGLR SDVLY  DQDOLWLF  IRUPDW  SULQ LQWHUPHGLXODX[LOLDUXOXLHVVHÄDIL´ODWHPDGHSHUIHFWXP(VWHYRUED GHODIHOGHFXQRVFXWHOHYHUEHVHPLGHSRQHQWHVDXVHPLPHGLLDOF URU VHQVHVWHGHDVHPHQHDSDUWLFLSDWLYVXELHFWLYODXQHOHúLSUHSRQGHUHQW DFWLYODFHOHODOWHDXGH  UHDXVXVVXPÄDvQGU ]QL´JDXGH  U  J X VXVVXPÄDVHEXFXUD´VROH  UHVRO WXVVXPÄDDYHDRELFHLXO´ ÄD RELúQXL´ I GR  UH I VXV VXP ÄD VH vQFUHGH´ FX GHULYDWHOH VDOH FRQI G UH úL GLII G UH GH DVHPHQHD VHPLGHSRQHQWH úL FX VHQVXUL DQWRQLPLFH ÄD DYHD vQFUHGHUH´ úL ÄD QX DYHD vQFUHGHUH´ ÌQF  GLQ HSRFD SULPHORU WH[WH ODWLQH GHVLQHQ HOH PHGLRSDVLYH VDX IRORVLW 



H[FOXVLYSHQWUXIRUPDUHDPRGXULORUúLWLPSXULORUGHODWHPDGHLQIHFWXP 3HQWUXVHPDQWLVPXOGHSHUIHFWXPDOWIHOVSXVSHQWUXH[SULPDUHDLGHLLGH DF LXQH vQFKHLDW  ODWLQD D IRORVLW LQRYkQG QXPDL IRUPH YHUEDOH DQDOLWLFHSHULIUDVWLFHFXDX[LOLDUXOHVVH 



(92/8 ,(, ',$7(=(/25 Ì1 /$7,1  ù, 02ù7(1,5($ 520$1,& 

 ',$7(=$0(',(FRQWLQXDW vQODWLQ SULQIOH[LXQHDFRQMXJDUHD

QXPLW GHSRQHQW DFXQRVFXWXQSURJUHVLYSURFHVGHGHJUDGDUHSULQWRFLUHD VHQVXOXL PHGLX FD úL GDWRULW  QHFRQFRUGDQ HL GLQWUH FRQ LQXWXO VHPDQWLF SUHSRQGHUHQWDFWLYúLIRUPDPHGLRSDVLY $VWIHOYRUELWRULLvQFHSvQF GLQWU RSHULRDG WLPSXULH±FRLQFL]kQGIRDUWHSUREDELOFXVHFROHOH,,,,,D&KU±V  FUHH]HGXEOHWHFXIRUP DFWLY DOHYHUEHORUGHSRQHQWHGHWLSXO KRUW UHID  GHKRUW U  $PELJXLWDWHDúL±V VSXQHPDúD±IOXLGLWDWHDDFHVWHLFDWHJRULLGHYHUEHFX XQVWDWXWLQFHUWSURYRFkQGFRPSHQV ULúLUHJXODUL] ULGLQSDUWHDYRUELWRULORUDX FRQGXVODGLVSDUL LDORUvQOLPELOHURPDQLFHvQWUXFkWGLQIOH[LXQHDGHSRQHQWHORU QXDVXSUDYLH XLWQLFLRXUP URPDQLF    $3$5, ,$ ù, &2162/,'$5($ )/(;,81,, 5()/(;,9( VDX SHWUHFXW FD IHQRPHQH JUDPDWLFDOH GLVWLQFWH vQF  GLQ ODWLQD DUKDLF  úL SUHFODVLF GHúLQXSXWHPYRUEL±QLFLFKLDUSHQWUXHSRFDWkU]LHFXDWkWPDL SX LQ SHQWUX FHD DUKDLF  ± GH H[LVWHQ D XQHL GLDWH]H UHIOH[LYH SURSULX]LVH 3URQXPHOHUHIOH[LYFXIXQF LHGHFRPSOHPHQWGHRELHFWGLUHFWLQL LDOXOWHULRU úLLQGLUHFW DFRQVWLWXLWRDOWHUQDWLY SHQWUXIOH[LXQHDPHGLHDGHSRQHQWHORU  SHFDUHDVIkUúLWSULQDRvQORFXLILHúLSDU LDO'H]YROWDUHDIOH[LXQLLUHIOH[LYH VD SURGXV ILUHúWH PDL vQWkL vQ ODWLQD YRUELW  úL SRSXODU  GXS  FXP R GRYHGHúWH FDUDFWHUXO HL DQDOLWLF )OH[LXQHD UHIOH[LY  VD SHUSHWXDW úL DPSOLILFDW vQ OLPELOH URPDQLFH LQFOXVLY úL PDL DOHV vQ OLPED URPkQ  FDUH FRQWLQX  UHIOH[LYHOH ODWLQH DWkW GH ' FkW úL GH $&  VLE   V  )OH[LXQHD UHIOH[LY HVWHELQHFKLDUÄVSHFWDFXORV´DWHVWDW vQWH[WHOHWkU]LL3HUHJULQDWLR 9LWDH 3DWUXP HWF  IDF UH  V   VHUX UH   V  V  G F UH  V   UHF SHUH V  X GHUHHWF  ',$7(=$3$6,9 PRúWHQLW GHOLPELOHURPDQLFHGLQODWLQ HVWHSH GHDQWUHJXOSHULIUDVWLF úLFRQWLQX IRUPHOHSDVLYXOXLDQDOLWLFODWLQvQV FXR UHPDUFDELO PRGLILFDUHSULYLQGWLPSXULOHYHUEXOXLDX[LOLDU $VWIHOIOH[LXQHDVLQWHWLF DSDVLYXOXLODWLQVDPHQ LQXWODWLPSXULOHúL PRGXULOH IRUPDWH GH OD WHPD GH LQIHFWXP ÄWHPD SUH]HQWXOXL´  vQ OLPED 

OLWHUDU SkQ VSUHVIkUúLWXOHSRFLLLPSHULDOH7RWXúLvQSDUDOHOPXOWPDLSX LQ vQWH[WHOHSRVWFODVLFHúLvQPRGFXUHQWvQODWLQDYRUELW DHSRFLLLPSHULDOHvúL IDFH ORF SDVLYXO DQDOLWLFFX DGMHFWLYXO SDUWLFLSLXO  vQ  WR úL DX[LOLDU VXEVWLWXLQGXVHIRUPHORUVLQWHWLFHGHODLQIHFWXPODXGRUÄHXVXQWO XGDW ´ WLQGH D IL vQORFXLW vQ OLPED YRUELW  GH ODXG WXV VXP VDX ODXG WD VXP FX DFHODúLvQ HOHVGDUPXOWPDLFODUHQHVXVFHSWLELOHGHQLFLXQIHOGHFRQIX]LHÌQ FRQVHFLQ IRUPHOHDQDOLWLFHGHSDVLYH[LVWHQWHvQPRGFXUHQWGHODvQFHSXWXO ODWLQLW LL YRU VXIHUL vQFHSkQG FX DFHHDúL SHULRDG  SRVWFODVLF  R PXWD LH VHPQLILFDWLY DWLPSXULORUDX[LOLDUXOXLSHQWUXH[SULPDUHDLGHLLGHSHUIHFWXP SUH]HQWXO OXL HVVH DFDSDUDW GH SDVLYXO DQDOLWLF HVWH vQORFXLW GH SHUIHFW IX  HWF UHDOL]kQGXVHSULQDQDOL]DVHSDUDW DHOHPHQWHORURUHDUDQMDUHORJLF D ORUODXG WXVVXPÄHXDPIRVWO XGDW´HVWHvQORFXLWFXODXG WXVIX ODXG WXV HUDPÄHXIXVHVHPO XGDW´FXODXG WXVIX UDPúDPG3HP VXUDH[WLQGHULL DFHVWHL PXWD LL IRUPHOH VLQWHWLFH GH SDVLY GH OD LQIHFWXP ODXGRU ODXG ULV ODXG WXUHWFODXG EDUHWFODXG ERUHWF YRUF GHDWUHSWDWvQGHVXHWXGLQH úL YRU GLVS UHD GLQ OLPED YRUELW  vQDLQWHD GL]ROY ULL XQLW LL ODWLQHL vQDLQWH GHFLGHID]DURPDQLF 



02'8/  ÌQ ,( FRPXQ  FD úL vQ OLPELOH DQWLFH FDUH DX FRQWLQXDWR FDWHJRULDPRGXOXLH[SULPDGLQSHUVSHFWLYDORFXWRUXOXLDWLWXGLQHDID  GH UHDOLWDWHD H[WUDYHUEDO  GHQXPLW  SULQ LQWHUPHGLXO YHUEXOXL $F LXQHD VDX VWDUHD SXWHDX IL SHUFHSXWH FD HIHFWLYH RUL UHDOH VDX GLPSRWULY  QRQUHDOH LQH[LVWHQWH FD DWDUH vQ UHDOLWDWH 2SR]L LD PRGDO IXQGDPHQWDO DIRVWFHDGLQWUHUHDOLWDWHúLQRQUHDOLWDWH(LL VDDG XJDWRVLWXD LHPRGDO DSDUWHDFHHDvQFDUHORFXWRUXOQXVHPDL DU WDLQWHUHVDWGHUHDOLWDWHDQRQUHDOLWDWHDDF LXQLLVW ULLH[SULPDWHGH YHUEXOUHVSHFWLYFLXUP UHDV WUDQVPLW SULQYHUERDGUHVDUHGLUHFW  GHWLSLXVLYRSRUXQF XQRUGLQRLQGLFD LHIHUP HWF (UDGHIDSWR DOW PRGDOLWDWHGHDSULYLUHDOLWDWHD $VWIHOVDXFULVWDOL]DWvQ,(FRPXQ WLSXULPRGDOHIXQGDPHQ WDOH  PRGXULOH HQXQ LDWLYLQWHURJDWLYH FHQWUDWH SH LGHHD GH UHDOLWDWHQRQUHDOLWDWH D DF LXQLLVW ULL H[SULPDWH SULQ YHUE  PRGXO LXVLY ÌQ YUHPH FH DO GRLOHD WLS PRGDO D FXQRVFXW UHDOL]DUHD PRUIRORJLF SULQWUXQVLQJXUPRG±LPSHUDWLYXO±SULPXOWLSDHYROXDW JUDPDWLFDOVXEIRUPDXQHLVHULLGXEOHGHRSR]L LLLOXVWUDWHGHVFKHPD XUP WRDUH 





5($/,7$7( &2167$7$5( 1215($/,7$7( &2167$7$5( 326,%,/,7$7( 2%,(&7,9 ù,  68%,(&7,9  327(1 ,$/,7$7( &(57  ,1&(57  FRQMXQFWLY  







LQGLFDWLY





,5($/,7$7( '(6,'(5$7,9 RSWDWLY

 ,PSHUDWLYXO VH DIO  GXS  FXP VD DILUPDW FX vQGUHSW LUH SH R SR]L LHODIHOGHL]RODW ÄVWLQJKHU ´ vQLQWHULRUXOVLVWHPXOXLPRGDOGH WLS ,( FD úL YRFDWLYXO vQ LQWHULRUXO VLVWHPXOXL FD]XULORU DPEHORU FDWHJRULLILLQGXOHFRPXQ vQSOXVIXQF LDGHLQWHUSHODUH $02'85,/(3(5621$/(  ,QGLFDWLYXO  &RQWLQX úLvQODWLQ LQGLFDWLYXO,( ÌQSOXVLQGLFDWLYXOHUDFDSDELOV H[SULPHúLXQHOHQXDQ HQHVSH FLILFHOXLFDPRGDOUHDOLW LLFHUWHUHVSHFWLYQXDQ HDOHQRQUHDOLW LL D SRVLELOLWDWHDúLHYHQWXDOLWDWHD ±SULQWLPSXOYLLWRU ± SULQ FRQ LQXWXO VHPDQWLF DO XQRU YHUEH PRGDOH FD SRVVH VDX GHF UHÄDVH SXWHD´ÄDVHFXYHQL´ E QHFHVLWDWHD ± SULQ FRQ LQXWXO VHPDQWLF DO DOWRU YHUEH PRGDOH FD GHE UH RSRUW UHOLF UHOLE UHHWFÄDWUHEXL´ÄDILQHFHVDU´ÄDVHF GHD´ÄDIL vQJ GXLW´ÄDIDFHSO FHUH´HWF F LUHDOLWDWHD SULQSUH]HQWúLVDXSHUIHFW FkQGYHUEXOHVWHvQVR LWGHDQXPLWH DGYHUEHGHSUHFL]DUHDVHQVXOXLLUHDOSDHQHÄDSURDSH´ÄFkWSHFH´vQ ODWLQDSUHFODVLF úLFODVLF SURSHÄLG´vQODWLQDSRVWFODVLF 



(92/8 ,$ Ì1 /$7,1$ 7Æ5=,( ù, 02ù7(1,5($ Ì1 /,0%,/( 520$1,&( 8WLOL]DUHD LQGLFDWLYXOXL vQ HSRFD WkU]LH FXQRDúWH R VHPQLIL FDWLY  H[SDQVLXQH SH FDUH R YRU SUHOXD OLPELOH URPDQLFH vQ GDXQD FRQMXQF WLYXOXL vQ SURSR]L LLOH VXERUGRQDWH FX UHJLP FRQMXQFWLYDO vQ SULPXO UkQG LQWHURJDWLYDLQGLUHFW GDUúLDLQILQLWLYXOXLREOLJDWRULXvQODWLQDFODVLF vQ FRQWH[WHVLQWDFWLFHGHWHUPLQDWHvQFD]XOSURSR]L LLORULQILQLWLYDOH  

 &RQMXQFWLYXO

UHOH

2ULJLQHDYDORULORUúLIRUPHORUDFHVWXLPRGHVWHúLHD,(  9DORULOHVHPDQWLFHSURSULLPRGXOXLFRQMXQFWLYDXIRVWXUP WRD

D  YDORDUHD SRWHQ LDO  SULQ FDUH VH H[SULPD QRQUHDOLWDWHD vQ WUHDSWDHLSRVLELO  4XLVFU GDW"Ä&LQHDUSXWHDFUHGH"´Ä3RDWHFUHGHFLQHYD"´ &U GHUHVÄ3XWHDLFUHGH´ E YDORDUHDHYHQWXDO  4XLGKRFV WKRP QLV"Ä&DPFHIHOGHRPH VWD"´

F YDORDUHDYROLWLY SR]LWLY vQGHPQ FRQMXQFWLYÄKRUWDWLY´ RUGLQ  SRUXQF DWHQXDW  FRQMXQFWLYÄLXVLY´QHJDWLY LQWHU]LFHUH  FRQMXQFWLYÄSURKLELWLY´  $GP XHQLDVÄ6 YLLODPLQH´ 1HKRFIDFLDVI F ULVÄ$VWDV QXIDFL´ G  YDORDUHD GHVLGHUDWLY  SR]LWLY  ÄGRULQ D´ QHJDWLY  ÄUHJUHWXO´ GLQFDUHDDS UXWFDRGH]YROWDUHVHFXQGDU LUHDOLWDWHD 9DOH VÄ6 ILLV Q WRV´ 8WLQDP KRGL  P OLW V QRVWU  XLQFDQW Ä2 GDF  DVW ]L VROGD LL QRúWULDUELUXL´ 8WLQDPQRQFRHJLVVHWP VLEL UDVF  Ä&H ELQHDU IL IRVW  HUD GDF  QX PDU IL VLOLW V  P  PkQLL SH HO«´  H YDORDUHDGHOLEHUDWLYGXELWDWLY vQVR LW XQHRULGHQXDQ D GHSURWHVW 4XLGDJDP"Ä&HV IDF"´Ä0 vQWUHEIU PkQW FHV IDF"´ 4XLG JHULP"Ä&HHUDV IDF"´Ä&HV ILI FXW"´ I YDORDUHDFRQFHVLY  3HUHDWPXQGXVI DWLXVWLWLD Ä6 SLDU FKLDUOXPHD FKLDUGHDUSLHUL V VHIDF GUHSWDWH´







02ù7(1,5($Ì1/,0%,/(520$1,&( /LPELOH URPDQLFH DX PRúWHQLW DSURDSH WRDWH YDORULOH VHPDQWLFH DOH FRQMXQFWLYXOXL GLQ ODWLQ  RSHUkQG vQV  PRGLILF UL OD QLYHO IRUPDO SULQ vQORFXLUHD WLPSXULORU FRQMXQFWLYXOXL ± H[FHSWkQGXO SH FHO PDL X]XDO SUH]HQWXO ± FX IRUPD LL QRL FRPSXVH GHVWXO GH ELQH FRQVHUYDW D IRVW PPFSFDUHDF S WDWYDORDUHGHLPSHUIHFW/LPELOHURPDQLFHRFFLGHQWDOH DXPRúWHQLWúLDSRLDXUHFUHDWRSDUDGLJP PDLERJDW DFRQMXQFWLYXOXLGHFkW URPkQD7RWXúLURPkQDDFRQIHULWH[WLQGHUHFRQMXQFWLYXOXLvQGDXQDSHGHR SDUWH D LQGLFDWLYXOXL PPFS FHO GLQ ODWLQD FODVLF  GLVS UkQG vQ ODWLQD GXQ UHDQ  SULQ vQORFXLUHD OXL FX FRQMXQFWLYXO PPFS  SH GH DOW  SDUWH vQ GDXQDLQILQLWLYXOXL ,QRYD LDFHDPDLUHPDUFDELO DFRQVWDWDLFLvQFUHDUHDXQXLQRXPRG FRQGL LRQDOXO FDUH D SUHOXDW úL YDORDUHD GHVLGHUDWLYRSWDWLY  D FRQMXQFWL YXOXL SHQWUXH[SULPDUHDSRWHQ LDOLW LLHYHQWXDOLW LL

 ,PSHUDWLYXO &D PRG DO DGUHV ULL GLUHFWH DFWXDOH VDX GH SURVSHFWLY  PRGXO RUGLQXOXL GLUHFW D LQWUDW vQWUR FRQFXUHQ  SDU LDO  FX FHOHODOWH GRX  PRGXUL SHUVRQDOH ÌQ SULPXO UkQG YDORULOH VHPDQWLFH DOH FRQMXQF WLYXOXLDXLQWHUIHUDWSHRDQXPLW UD] FXFHOHVSHFLILFHLPSHUDWLYXOXL HVWH YRUED GH FRQMXQFWLYXO LXVLY KRUWDWLY úL SURKLELWLY WRW DWkWHD YDULDQWH DFWXDOL]DWH DOH VHPDQWLVPXOXL YROLWLY DO FRQMXQFWLYXOXL GDU vQWURDQXPLW P VXU úLGHYDORDUHDGHVLGHUDWLY DDFHOXLDúLFRQMXQF WLY vQ IXQF LH GH FRQWH[W WRDWH DFHVWH YDORUL SDUWLFXODUH DOH FRQMXQF WLYXOXL HUDX FRPXWDELOH FX YDORDUHD IXQGDPHQWDO  SUDFWLF XQLF  D LPSHUDWLYXOXLDFHHDGHDH[SULPDRSRUXQF VDXRUXJ PLQWHIHUP  ÌQDOGRLOHDUkQGFKLDUúLLQGLFDWLYXOSULQFHOHGRX WUHSWHWHP SRUDOH DOH VDOH SUH]HQWXO úL YLLWRUXO D FRQVWLWXLW R DOWHUQDWLY  SHQWUX XWLOL]DUHDLPSHUDWLYXOXLvQVSHFLDOvQODWLQDSRSXODU IRDUWHFRORFYLDO  6LWXD LD GLQ OLPELOH URPDQLFH FDUH DWHVW  vQORFXLUHD OD SOXUDO D LPSHUDWLYXO SUH]HQW  ODWLQ FX LQGLFDWLYXO SUH]HQW FRQILUP  PXWD LD VXUYHQLW  vQF  GLQ ODWLQD YRUELW  D XQHL HSRFL FHO PDL SUREDELO  WLPSXULL



02ù7(1,5($ Ì1 /,0%,/( 520$1,&( /D VLQJXODU LPSHUDWLYXO ODWLQ vQ YDULDQWD VD WHPSRUDO  GH SUH]HQW D IRVW PRúWHQLW vQ WRDWH OLPELOH URPDQLFHÌQORFXLUHDFXLQGLFDWLYXOSUH]HQW ODSOXUDOVDSHWUHFXWvQDQXPLWH WHULWRULL DOH 5RPDQLHL JDOORURPDQ IUDQFH]  úL SURYHQVDO  úL GDFRURPDQ URPkQ  

6DX PRúWHQLW GH DVHPHQHD vQ VSD LXO URPDQLF GRX  GLQWUH PRGD OLW LOH ODWLQH GH H[SULPDUH D LQWHUGLF LHL  SURKLEL LHL DúDQXPLWXO LPSHUDWLY QHJDWLY  'HVSUH HOH FD úL GHVSUH PRúWHQLUHD FHORUODOWH IRUPH GH LPSHUDWLY YRPDGXFHSUHFL] ULvQVXEFDSLWROXOXUP WRU7LPSXOLQIUDSVTT 

%02'85,/()/(;,21$%,/(120,1$/  ,QILQLWLYXO 'XS  FXP VD GHPRQVWUDW SH ED]D FRPSDUD LHL vQ WRDWH OLPELOH ,(DQWLFHLQILQLWLYXOQRQSHULIUDVWLFÄVLPSOX´VDXÄVLQWHWLF´FRQVWLWXLH OD RULJLQH FD úL JHUXQ]LXO úL VXSLQXO  IRUPH FD]XDOH GH / ' $& VDX PDL UDU GH $%/ RUL GH *  U PDVH L]RODWH DOH XQRU VXEVWDQWLYH YHUEDOHDYkQGVHPDQWLVPDEVWUDFW8OWHULRUvQWUHFHUHDGHODSHULRDGD FRPXQLW LL VSUH DFHHD D FULVWDOL] ULL ODWLQHL FD LGLRP LWDOLF VHQVXO FLUFXPVWDQ LDODOVXEVWDQWLYHORUYHUEDOHVDHVWRPSDWHOHDMXQJkQGV  H[SULPH DF LXQHD YHUEDO  SXU  úL VLPSO  LQL LDO I U  QLFLXQ UHSHU WHPSRUDOXOWHULRULQWHJUDUHDvQVLVWHPXOYHUEDOSURGXFkQGXVHvQPRG GHFLVLYSULQLQWURGXFHUHDGLIHUHQ HORUGHGLDWH] úLGHWLPS$VWIHODX DS UXWWUHSWDWúLVDXRUJDQL]DWvQWUXQVLVWHPELGLDWH]LFúLWULWHPSRUDO IRUPHOHVLPSOHúLSHULIUDVWLFHFDUHYRUDOF WXLSDUDGLJPDLQILQLWLYXOXL GHILQLWLYDW FHOPDLSUREDELOSHODVIkUúLWXOHSRFLLFODVLFHSHED]DFHORU PDLYHFKLIRUPHHYLGHQWFHOHVLPSOHSUH]HQWDFWLYúLSDVLYSHUIHFW DFWLY   02ù7(1,5($520$1,& $IRVWFRQWLQXDW IRUPDFHDPDLYHFKH úL FHD PDL VLPSO  GH DOWIHO  D DFHVWXL PRG SUH]HQWXO DFWLY DO LQILQLWLYXOXL $VWIHOFRPSOH[DSDUDGLJP GHLQILQLWLYDFXQRVFXWODVIkUúLWXO$QWLFKLW LLúL OD QLYHOXO RUDOLW LL R UHGXF LH VHYHU  'H DOWIHO GLQWUH WRDWH IRUPHOH GH LQILQLWLYXQHOHWkU]LXFUHDWHúLLQWHJUDWHvQVLVWHPQXVDXEXFXUDWQLFLRGDW  GHRFLUFXOD LHODUJ QLFLODQLYHOFXOWQLFL±FXDWkWPDLSX LQ±vQUHJLVWUXO YRUELULLSRSXODUIDPLOLDUH

  *HUXQ]LXO (VWHFDúLLQILQLWLYXOXQVXEVWDQWLYYHUEDOFDUHH[SULP QXPHOH DF LXQLL  VW ULL PDL SX LQ SHQWUX FD]XO QRPLQDWLY FDUH U PkQH UH]HUYDW LQILQLWLYXOXL 6H DILUP  FKLDU F  JHUXQ]LXO VHUYHúWH GUHSW GHFOLQDUH LQILQLWLYXOXL OD FD]XULOH REOLFH *  $%/ H[FHSWkQG GHVLJXU 9  FX DEVHQ D SOXUDOXOXL &HOH GRX  PRGXUL VXQW DúDGDU FRPSOHPHQWDUH 



)OH[LXQHD JHUXQ]LXOXL GHIHFWLY  GXS  FXP DP QRWDW XUPHD]  WHPHOHQRPLQDOHvQRHGHFOLQDUHDD,,D 9RPGDQXPDLXQVLQJXU H[HPSOXGHFRQMXJDUHD,RUQ UHLQILQLWLYSUH]HQWDFWLYÄDvPSRGREL´ 1vQORFXOIRUPHLSURSULLGHJHUXQ]LX *RUQDQG ÄGHDvPSRGREL´ 'RUQDQG ÄVSUHDvPSRGREL´ $&DGRUQDQGXPÄSHQWUXDvPSRGREL´ $%/RUQDQG ÄSULQDvPSRGREL´ÄvPSRGRELQG´ 2EVHUYD LL  * HVWH VLQJXUXO FD] DO JHUXQ]LXOXL FDUH SRVHG  R IXQF LH DWULEXWLY  GHWHUPLQkQG XQ VXEVWDQWLY vQ JHQHUDO FX VHPDQWLVP DEVWUDFW DUV RUQDQG  ÄSULFHSHUHDWHKQLFDDUWDGHDvPSRGREL´  &HOHODOWH FD]XUL vQGHSOLQHVF I U  H[FHS LH IXQF LD VLQWDFWLF  GH FRPSOHPHQWFLUFXPVWDQ LDO  $& HVWH VLQJXUXO FD] DO JHUXQ]LXOXL vQVR LW vQ PRG REOLJDWRULX úL XQLYRFGHSUHSR]L LDDGvQFHSkQGFXODWLQDVHFROXOXL,D&KU $%/SRDWHILWUDGXVúLDOWIHOGHFkWSULQLQILQLWLYXOUHVSHFWLYSUHFHGDW GHSUHSR]L LHúLDQXPHSULQJHUXQ]LXOURPkQHVF



02ù7(1,5($ 520$1,&  ÌQ ODWLQD LPSHULDO  PDL DOHV vQ HSRFD WkU]LH XOWLPHOH  VHFROH  JHUXQ]LXO DSDUH vQWUR VHULRDV  FRQFXUHQ  PDL DOHVFXSDUWLFLSLXOSUH]HQWGDUúLFXLQILQLWLYXO*HUXQ]LXOYDHOLPLQDWUHSWDW SDUWLFLSLXOSUH]HQWSLHUGXWGHWRDWHOLPELOHURPDQLFHFKLDUGDF VXQWDWHVWDWH IRUPH OH[LFDOH L]RODWH GH WLSXO URP S ULQWH ½ SDUW SUH] SDUHQWHP  VXEVWDQWLYL]DW VDX ILHUELQWH ½ SDUW SUH] IHUXHQWHP  IRUPH LHúLWH GLQ VIHUD FRQMXJ ULL 

 6XSLQXO $ IRVW vQ PRG HYLGHQW OD RULJLQH úL HO XQ VXEVWDQWLY YHUEDO UHVLP LW vQ HJDO  P VXU  FD úL JHUXQ]LXO FD ILLQG IRDUWH DSURSLDW GH LQILQLWLY6SUHGHRVHELUHvQV GHLQILQLWLYU PDVvQODWLQ LQYDULDELOOD IRUPHOH VDOH FHOH PDL YHFKL úL VSHFLILFH VXSLQXO úLD S VWUDW PRELOL WDWHDIOH[LRQDU GHDOXQJXOvQWUHJLLODWLQLW L3UDFWLFHOVHGRYHGHúWHD IL ± DúD FXP vO FRQVLGHUDX GH DOWIHO JUDPDWLFLL ODWLQL vQúLúL ± XQ VXEVWDQWLYSRVHVRUDWUHLFD]XULH[FOXVLYODVLQJXODUGHFLXQVXEVWDQ WLY GHIHFWLY  QXPLW vQ JUDPDWLFD DFWXDO  VXEVWDQWLYXO YHUEDO vQ W  ,DW IOH[LXQHDVDOLPLWDW ODH[HPSOXOGDWúLvQVXEFDSLWROXOSUHFHGHQW ED]DGHSRUQLUHHVWHvQJHQHUDOWHPDGHLQIHFWXP  

FRQMXJDUHD,'RUQ W LÄVSUHvPSRGRELW´ $&RUQ WXPÄSHQWUXDvPSRGREL´ $%/RUQ W ÄGHvPSRGRELW´  'DWLYXO (VWH FHO PDL UDU IRORVLW FD] DO VXSLQXOXL úL VFRDWH vQ HYLGHQ  LGHHDGHVFRSGHILQDOLWDWHLPHGLDW VDXGHSHUVSHFWLY HVWHGHDOWIHO VHPDQWLVPXO IXQGDPHQWDO DO FD]XOXL ' $SDUH GHSHQGHQW GDU QX vQ PRGREOLJDWRULXGHDGMHFWLYHOHFDUHLQGXFLGHHDGHVFRSúLH[SULP vQ JHQHUH R RSLQLH IDF OLV  GLII F OLV OHS GXV L FXQGXV HWF FD vQ UHV OHS GDPHPRU WXLÄOXFUXSO FXWVSUHDPLQWLUH´ $FX]DWLYXO (VWHvQVFKLPEFHOPDLIUHFYHQWvQWkOQLWFD]DOVXSLQXOXLQXPLW vQXQHOHJUDPDWLFLúLVXSLQXO,VDXDFWLY(VWHFRQVLGHUDWDGXFkQGXVH FDDUJXPHQWúLH[HPSOHGLQDOWHLGLRPXUL,(DQWLFHFDOLPELOHEDOWR VODYHVDXFDDOWHOLPELLWDOLFH XQDFX]DWLYGHGLUHF LHGHRDUHFHDSDUH XWLOL]DWGXS YHUEHOHFDUHLQGLF PLúFDUHDvQWURDQXPLW GLUHF LH UH XHQ UHHWF $EODWLYXO $SDUHDSURDSHODIHOGHIUHFYHQWvQWkOQLWFDúLFD]XOSUHFHGHQW6 DVSHFLDOL]DWvQWURYDORDUHUHODWLYDEVWUDFW DFHHDGHUHOD LHGHYHQLQG FDúLGDWLYXOGHSHQGHQWGHDQXPLWHOH[HPHFXVHPDQWLVPVSHFLDOFX SUHF GHUH DLFL DGMHFWLYH DúDQXPLWHOH GH RSLQLH P U E OH ÄPLQX QDW´ KRUU E OH ÄvQJUR]LWRU´ IDF OH ÄXúRU´ GLII F OH ÄJUHX´ HWF  GLII F OH GLFW  X V  ÄJUHX GH ]LV´ ÄJUHX GH Y ]XW´ 6HPDQWLVPXO DEODWLYXOXL VXSLQXOXL QXPLW úL VXSLQXO ,,  HVWH PXOW PDL DSURSLDW GH SDVLY GHFkW VHPDQWLVPXO FHORUODOWH GRX  FD]XUL $%/ VXSLQXOXL LQWUkQGGHDOWIHOvQRSR]L LHGLDWH]LF FX$&OXL  (92/8 ,$Ì1/$7,1 ù,02ù7(1,5($520$1,&  6XSLQXO,SDUHDILIRVWVHULRVFRQFXUDWvQOLPEDYRUELW SHODvQFHSXWXO HUHLLPSHULDOHGHDOWHPRGXULGHH[SUHVLHDILQDOLW LLLQILQLWLYXOSUH]HQWFX YDORDUHILQDO VDXSURSR]L LLOHILQDOHSUHFXPúLvQPDLPLF P VXU 39$  6XSLQXO ,, DIRVWFRQFXUDúLHOILHGHLQILQLWLYXOSUH]HQWSDVLYILHGH JHUXQ]LXO vQ $& /DWLQD YRUELW  DSRL WUHSWDW SUR]D úL SRH]LD SRVWFODVLF  VHF , S &KU úL XUP  DX vQORFXLW VXSLQXO ,, PDL DOHV FX LQILQLWLYXO SUH]HQW SDVLYHOLPLQkQGXOvQFHOHGLQXUP  



'LQWUHWRDWHOLPELOHURPDQLFHQXPDLURPkQDDPRúWHQLWDFHVWPRGvQ IRUPDGH$&$%/FRQIXQGDELO úLFRQIXQGDW HIHFWLYvQSURQXQ LDWkU]LH  LQWHUIHUHQWIRUPDOFXSDUWLFLSLXOSHUIHFWSDVLY333 GDUFRQRWDWVXSOLPHQWDU GLQSXQFWGHYHGHUHVHPDQWLFúLO UJLWFDVIHU GHXWLOL]DUH

 3DUWLFLSLXO ÌQ RUGLQHD SUH]HQW ULL QRDVWUH XOWLPXO PRG IOH[LRQDELO QRPLQDO DUHGLQSXQFWGHYHGHUHPRUIRORJLFXQFDUDFWHUPL[WvQVHQVXOF HO VHFRPSRUW vQDQXPLWHVLWXD LLFDXQVXEVWDQWLYYHUEDOvQYUHPHFHvQ PDMRULWDWHD FHORUODOWH UHSUH]LQW  HFKLYDOHQWXO XQXL DGMHFWLY YHUEDO GHVLJXUODUkQGXOOXLVXEVWDQWLYDELO  3DUWLFLSLXOúLDFRQILJXUDWúLúLDDXWRQRPL]DWSURSULDSDUDGLJP  RULHQWDW  IRDUWH SUREDELO GXS  PRGHOXO LQILQLWLYXOXL GDU LQFRPSOHW  ID GHDFHOD$UH]XOWDWXUP WRDUHDFRQILJXUD LHWHPSRUDOGLDWH]LF  ',$7(=  7,03 3(5)(&7 35(=(17 9,,725



$&7,9 

0(',23$6,9 

‘ RUQDQV

RUQ WXVDXP ‘

RUQDW UXVDXP

RUQDQGXVDXP

7,038/ ÌQ VLQH FDWHJRULD WLPSXOXL DUH R IXQF LRQDOLWDWH úL LPSOLFLW R YDORDUH  SXU UHOD LRQDO  GHRDUHFH H[SULP  UHOD LD vQWUH DF LXQHD  VWDUHDGHQXPLW SULQYHUEúLPRPHQWXOUHODW ULLDF LXQLLVW ULLGHF WUH YRUELWRUORFXWRU DOWIHO VSXV UHOD LD vQWUH WLPSXO HIHFWX ULL úL WLPSXO UHODW ULL vQWUH HIHFWXDUH úL UHODWDUH vQWUH RELHFWLY úL VXELHFWLY vQWUH ÄSURFHV´úLÄHX´ 5HOD LD WHPSRUDO  YD FXQRDúWH WUHL WUHSWH UHSHUXO VDX WHUPHQXO PDUFDW  DO UHOD LHL ILLQG UHODWDUHD PRPHQWXO GH UHDOL]DUH D DFWXOXL ORFX LRQDU



$ 020(178/925%,5,,



$17(5,25,7$7(  6 352&(6±$& ,81(67$5(6,08/7$1(,7$7( 020(178/925%,5,, 3 020(178/925%,5,,  3267(5,25,7$7(





7,038/35(=(17 PRGXO,1',&$7,9  3UH]HQWXO PRGXOXL LQGLFDWLY VH vQI LúHD]  FD XQ WLPS SULQ H[FHOHQ SULPDUGHRDUHFHQXSRVHG QLFLXQIHOGHVXIL[PRUIRORJLF PRGDOWHPSRUDO6 ‘  'LQ SXQFW GH YHGHUH DVSHFWXDO VH SRUQHúWH GH OD WHPD GH LQIHFWXPQXPLW GLQDFHVWPRWLYQXvQWkPSO WRUúLSHQWUXVLPSOLILFDUH GXS FXPYRPSURFHGDúLQRLPDLMRV WHPDSUH]HQWXOXL73  'LQSXQFWXOGHYHGHUHDOIRUP ULLvQWLPSSUH]HQWXOLQGLFDWLYXOXL VDFUHDWSRUQLQGGHODWHPDSULPDU 7 vQFD]XOFRQMXJ ULORU,D,, DúLD,9DúLGHOD597DYkQGGUHSWUH]XOWDWWRWRWHP SULPDU  7 vQFD]XOVLQJXUHLFRQMXJ ULWHPDWLFHD,,,D 3ULQXUPDUHVFKHPDIRUPDWLY HVWHXUP WRDUHD7'3 $OLSLUHDGHVLQHQ HORUSHUVRQDOHGHDFWLYúLVDXGHPHGLRSDVLY GLUHFW OD WHPD SULPDU  SURYRDF  R VHULH UHVWUkQV  GH PRGLILF UL IRQHWLFHORFDOHVXUYHQLWHvQLQWHULRUXOOLPELLODWLQHúLDQXPH D ODSHUVRDQD,VLQJXODU$úL03GLVSDUvQDLQWHDGHVLQHQ HLR   

 ODXG  !ODXG  6 ODFRQMXJDUHD,

     ODXG RU!ODXGRU

S Q  !S Q  97 ODFRQMXJDUHDD,,,D 

S Q RU!S QRU       E ODSHUVRDQHOHD,,DúLD,,,DVLQJXODU,úLD,,DSOXUDO$úL03  97   OD FRQMXJDUHD D ,,,D VH vQFKLGH OD   FX H[FHS LD SHUVRDQHLD,,DVJGLDWH]D03   6*  3/ 



    

$ S Q V!S

S Q W!S

S Q PXV!S

S Q WLV!S

Q V Q W Q PXV Q WLV



03 S Q ULVS Q UH 

S Q WXU!S Q WXU

S Q PXU!S Q PXU

S Q PLQL!S Q PLQL



F ODSHUVRDQDD,,,DSOXUDO$úL03 ±97XWLOL]DW ODFRQMXJDUHDD,,,DQXPDLHVWH FLFHDODOW   FXFDUHDOWHUQHD] LDUWLPEUXOYRFDOHL VHvQFKLGHOD vQFRQWDFWGLUHFW FXGHVLQHQ DQWQWXU 

 S Q QW ! S Q QW FX YRFDOD   VFXUW  vQ VLQH GDU FX VLODEDQ QWOXQJ  ± OD FRQMXJDUHD D ,9D FX 6   úL OD FRQMXJDUHD D ,,,D OD RULJLQHD,9DFX6  XQGHDXWUHFXWYHUEHGHWLSXOFDS UHIDF UH FXS UH HWF vQWUH 7 úL ' VH LQWHUFDOHD]  GXS  PRGHOXO FRQMXJ ULL D ,,,DSURSULX]LVHWLSXOS Q UH GHFLSHFDOHDQDORJLF 97  

DXG QW!DXG ± ±QWSULQH[WHQVLHDQDORJLF  7'797' IDFLQW!IDFL± ±QWSULQH[WHQVLHDQDORJLF 



02ù7(1,5($520$1,& 3UH]HQWXOPRGXOXLLQGLFDWLYVDPRúWH QLWILLQGXQWLPSH[WUHPGHX]XDOvQWRDWHOLPELOHURPDQLFHvQSULPXOUkQG GDWRULW XWLOL] ULLOXLFRQWLQXHvQYRUELUH6HPQDO PFkWHYDDVSHFWHHVHQ LDOH DOH PRGLILF ULORU VXUYHQLWH vQ ODWLQD SRSXODU  úL UHSHUFXWDWH vQ OLPELOH FRQWLQXDWRDUH D  FUHDUHD GH IRUPH DQDORJLFH úL  VDX VLPSOLILFDWRDUH LQFOXVLY SULQ H[SDQVLXQHDGHODRFRQMXJDUHODDOWDH[HPSOLILFDUHDSHPDWHULDOURPkQHVF 

IDF GXS PRGHOXOOXLG F ¾URP]LF>X@ ¾URPHX IDF WDFRGXS DFHODúL PRGHO ¾URPHX  WDF IDFXQWFDG FXQW¾URP]LF>X@ ¾URPHLHOH IDF

KDEXQW WRW GXS  PRGHOXO FRQMXJ ULL D ,,,D  ¾ URP HL HOH  DX FDQWLV

XLGLV ODXGLV K DELVGXS DFHODúLPRGHO ¾URPFkQ LYH]LODX]LDLFX F GHUHDvQF GLQSHULRDGDWkU]LHDODWLQHLDGHVLQHQ HLSHUVRQDOHvQYRUELUH  E  DVRFLHUHD WRW PDL IUHFYHQW  D SURQXPHORU SHUVRQDOH FX IRUPHOH YHUEDOH SURSULX]LVH WRFPDL GDWRULW  WRFLULL IRQHWLFH úL vQ ILQDO GLVSDUL LHL GHVLQHQ HL PDL DOHV D FHORU VLPSOH V W P  SURQXPHOH SHUVRQDO úLD SLHUGXWDVWIHOYDORDUHDHPIDWLFH[SUHVLY SHFDUHRSRVHGDvQODWLQDFODVLF  GHYHQLQG R YHULWDELO  XQHDOW  JUDPDWLFDO  GH LQGLFDUH D SHUVRDQHL JUDPD WLFDOH  PDL DOHV vQ DFHOH OLPEL URPDQLFH FD IUDQFH]D XQGH VD SURGXV R XQLILFDUHDFRUSXOXLIRQHWLFDOSULPHORUSHUVRDQHJUDPDWLFDOH$FRORGDUúL vQ DOWH OLPEL URPDQLFH LQFOXVLY URPkQD  D DS UXW úL R PDUF  QRX  VXSOLPHQWDU DOWHUQDQ DYRFDOLF vQUDGLFDOGHWLSXOURP>HX@MRF>HOHDHL HOH@MRDF >QRL@MXF PHWF  F  SUROLIHUDUHD IRUPHORU YHUEDOH GH]YROWDWH SULQ VXIL[HOH L VF úL L] XOWLPXOGHRULJLQHJUHDF PRUIHPHFDUHvQWLPSSHWHUHQURPDQLFvúLSLHUG FDUDFWHUXO SURSULX GH VXIL[  GHYHQLQG S U L FRPSRQHQWH DOH GHVLQHQ HORU SHUVRQDOH LQIO UHVF ¾URPvQIORUHVFHWF 

PRGXO&21-81&7,9 /DWLQD D SUHOXDW SHQWUX IRUPDUHD WLPSXOXL SUH]HQW DO FRQMXQF WLYXOXL ILH úL vQ SDUWH HOHPHQWH VXIL[DOH VSHFLILFH PRGXOXL RSWDWLY GLVS UXWvQSURFHVXOFRPSOH[DODXWRQRPL] ULLúLFRQVWLWXLULLODWLQHLFD LGLRPLWDOLFGLQPDUHDPDV OLQJYLVWLF DFRPXQLW LL,('LQSXQFWXO GH YHGHUH DO VHPDQWLVPXOXL PRGDO SUH]HQWXO FRQMXQFWLYXOXL DFXPX OHD] GHDVHPHQHDGXS FXPDPDU WDWGHMDYDORULOHRSWDWLYXOXL,( DO WXUDWHFHORUSURSULLFRQMXQFWLYXOXLGHDFHHDúLRULJLQH 'HRVHELUHDHVHQ LDO ID GHSUH]HQWXOLQGLFDWLYXOXLFRQVW GHFL vQIDSWXOF IRUPDUHDSUH]HQWXOXLODFRQMXQFWLYVHED]HD] SHXWLOL]DUHD DGRX VHULLGHVXIL[H6FKHPDIRUPDWLY HVWHGHFLGXEO vQIXQF LH GHQDWXUDHOHPHQWHORUPRUIHPDWLFHFRPSRQHQWHUHSDUWL]DWHSHFODVHGH IOH[LXQH



&21-8*$5($ , 56'3 ,,, ,, 76'3 ,9 

   

XQGH6 VXIL[PRGDOWHPSRUDO  9HUEHOH vQFDGUDWH WUDGL LRQDO OD FRQMXJDUHD D ,,,D GDU FDUH DGDXJ  OD 5 YRFDOD WHPDWLF    FRQVLGHUDW  XQ ÄLQIL[´ WLSXO FDS  IDF HWF DWDúHD] VXIL[XOPRGDOWHPSRUDOODIRUPDLQIL[DW FDUHVH GHVFRPSXQH úL HD vQ 5  97 UHSUH]HQWkQG vQ IRQG WRW R WHP  SULPDU 7  6XIL[HOHvúLVFKLPE GLVWULEX LDID GHDFHHDSHFDUHRUHPDUF P OXkQGvQFRQVLGHUDUHPRGXOGHIRUPDUHDSUH]HQWXOXLODFRQMXQFWLY $VWIHO VXIL[XO SUHGRPLQDQW FDUH DFRSHU  FHD PDL ODUJ  DULH IOH[LRQDU HVWH XWLOL]DWODWRDWHFRQMXJ ULOHvQDIDU GHSULPD&HO GHDOGRLOHDVXIL[ DIRVWúLHOIRDUWHSUREDELOVSHFLILFRSWDWLYXOXL /D YHUEHOH GH FRQMXJDUHD , DWDúDUHD VXIL[XOXL PRGDOWHPSRUDO  QXVDUILSXWXWXWLOL]DFHO ODOWVXIL[ GHRDUHFHDUILFRQGXVOD DSDUL LD XQRU IRUPH LGHQWLFH FX FHOH DOH SUH]HQWXOXL LQGLFDWLY  D DYXW 



ORFSULQHOLPLQDUHDOXL6  FDXUPDUHDFRQWUDJHULL RUQ L P¾ RUQ P  02ù7(1,5($ 520$1,&  'LQWUH WRDWH WLPSXULOH FRQMXQFWLYXOXL GXS FXPHUDúLILUHVFFHOPDLELQHVDFRQVHUYDWSUH]HQWXOÌQURPkQ DDYXW ORFGDF QXFXPYDFKLDUvQODWLQDGXQ UHDQ VDXLPHGLDWXOWHULRU RúWHUJHUH D RSR]L LHL GLQWUH SUH]HQWXO FHORU GRX  PRGXUL vQUXGLWH FRQMXQFWLYXO úL LQGLFDWLYXO FX H[FHS LD UHPDUFDELO  úL LQH[SOLFDELO   D SHUVRDQHL D ,,,D VLQJXODU  SOXUDO VLQJXUD FDUH PRúWHQHúWH VXIL[HOH ODWLQH ODXG Q W ¾ V  ODXGHHOHDHLHOH GXF Q W¾V GXF HOHDHLHOH ID GHODXG  Q W¾ODXG HOHDHLHOH GXF W¾GXFHHOHD GXFXQW¾GXFHLHOH 



PRGXO,03(5$7,9

/DWLQD D PRúWHQLW GLQ ,( FRPXQ  FkWHYD WU V WXUL VSHFLILFH DFHVWXLPRGSULQH[FHOHQ GHIHFWLYGLQSXQFWGHYHGHUHJUDPDWLFDO úL L]RODWFDSR]L LHvQUDSRUWFXFHOHODOWHPRGXUL  3UH]HQWXO LPSHUDWLYXOXL QX HVWH XWLOL]DW GHFkW OD R VLQJXU  SHUVRDQ D,,DVLQJXODUSOXUDO 1XPDLODSOXUDODSDUH'36FKHPD IRUPDWLY DLPSHUDWLYXOXLSUH]HQWHVWHDúDGDUXUP WRDUHDLQGLIHUHQW GHFODVDGHIOH[LXQH  7“'3 XQGHODSHUVRDQDD,,DVLQJXODU'3 ¡LDU ODSHUVRDQDD,,DSOXUDO'3 WH  ([HPSOLILF PSULQWUXQYHUEDSDU LQkQGSULPHLFODVHGHIOH[LXQH $&7,9 6*,,RUQ ÄvPSRGREHúWH´ 3/,,RUQ WHÄvPSRGREL L´  0(',23$6,9 6*,,RUQ UHÄILLvPSRGRELW´ 3/,,RUQ P QLÄIL LvPSRGREL L´ 

1% &D úL OD SUH]HQWXO LQGLFDWLYXOXL DOLSLUHD '3 OD SOXUDO  GLUHFW OD WHPD SXU  QHVXIL[DW  7  SURYRDF  OD FRQMXJDUHD D ,,,D OD YHUEHOH WHPDWLFHvQ PRGLILFDUHDYRFDOHLUHVSHFWLYHvQFKLGHUHDHLWLPEUDO vQDLQWHD GHVLQHQ HL S Q WH!S Q WH S Q P QL!S Q P QL 

7UHL YHUEH IRDUWH X]XDOH DSDU LQkQG FRQMXJ ULL D ,,,D WHPDWLFH  vúL SLHUG 97 OD SHUVRDQD D ,,D VLQJXODU DOWIHO VSXV VH DSRFRSHD]  IRUPHOH DSRFRSDWHVXQWGLFGLFHUH GXFGXFHUH úLIDFIDFHUH   02ù7(1,5($520$1,& ,PSHUDWLYXOSUH]HQWvQSRILGDGHVWXOGH QXPHURDVHORU YDULDQWH PRGDOWHPSRUDOH FRQFXUHQ LDOH DWkW SHQWUX DVSHFWXO DILUPDWLYFkWúLSHQWUXFHOQHJDWLYVDFRQVHUYDWPDLDOHVODVLQJXODUvQWRDWH OLPELOH URPDQLFH 'XS  FXP DP VHPQDODW PDL VXV FX RFD]LD SUH]HQW ULL JHQHUDOH D PRGXOXL OD SOXUDO XQHOH OLPEL URPDQLFH DX vQORFXLW IRUPD GH LPSHUDWLYSUH]HQWFXDFHHDGHLQGLFDWLYSUH]HQWFD]XOURPkQHLDOIUDQFH]HLúL DOSURYHQVDOHL 



PRGXO,1),1,7,9

/D DPEHOH GLDWH]H LQILQLWLYXO SUH]HQW DSDUH LQWHJUDW WHPHL GH LQIHFWXP OD FDUH VH DGDXJ  SHQWUX ILHFDUH GLDWH]  VXIL[XO GH IDSW VXIL[HOH  VSHFLILFH  6FKHPD IRUPDWLY  D SUH]HQWXOXL OD LQILQLWLY VH vQI LúHD] vQFRQVHFLQ DVWIHO 76XQGH'3 ¡ 2GLVFX LHDSDUWHLPSXQHGRDUQDWXUDúLRULJLQHDOXL6 D GLDWH]DDFWLY  6  U  OD YHUEHOH QRPDOH DOF WXLQG LPHQVD PDMRULWDWH D YHUEXOXLODWLQ RUQ U XQGHRUQ  7úLU  6 E GLDWH]DPHGLRSDVLY  6XQW XWLOL]DWH DLFL vQ IXQF LH GH FODVD GH IOH[LXQH GRX  VXIL[H FDUDFWHULVWLFH EVXIL[XO ODFRQMXJDUHDWHPDWLF D,,,D LQFOXVLYODFHOHFX WHPD vQ   VXIL[XO VH DGDXJ  GLUHFW OD 5 S Q  ! S Q  ÄD IL SXV´ ÄIDSWXO GH D IL SXV´ G F  ! G F  ÄIDSWXO GH  D IL VSXV´ G F  HWF ÄIDSWXO GH  D IL GXV´ HWF FXS   ! FXSLL ! FXS  ÄIDSWXO GH  D IL GRULW´ E VXIL[XO U  OD FHOHODOWH FRQMXJ UL DWDúDW WHPHL GH LQIHFWXP RUQ U  ÄIDSWXO GH  D IL vPSRGRELW´ KDE U  ÄIDSWXO GH  D IL DYXW´ DXG U ÄIDSWXOGH DILDX]LW´HWF







(92/8 ,$,1),1,7,98/8,35(=(17Ì1/$7,1 ù,02ù7(1, 5($520$1,&  /LPELOH URPDQLFH DX S VWUDW IRDUWH ELQH LQILQLWLYXO SUH]HQW DFWLY HOLPLQkQGO SH FHO PHGLRSDVLY  RGDW  FX vQWUHDJD SDUDGLJP  PHGLRSDVLY  VLQWHWLF  ,QILQLWLYXO URPkQHVF DSDUH vQWRWGHDXQD OD SUH]HQW DFWLY SUHFHGDW GH SUHSR]L LDDODWDGÄOD´ÄSHQWUX´ÄVSUH´ XWLOL]DUHDGLQURPkQ WUHEXLH SXV  vQ OHJ WXU  FX DFHHD GLQ ODWLQD WkU]LH DG  LQILQLWLYXO  U PkQkQG vQF  QHVDWLVI F WRU H[SOLFDW  UHGXFHUHD vQ URPkQ  D LQILQLWLYXOXL ODWLQ GLVSDUL LD VXIL[XOXL UH FRQGXFH OD IRUPDUHD vQ URPkQ  D LQILQLWLYXOXL QXPLW ÄVFXUW´ DYHGHDDSXQHDYHQLHWF 



PRGXO3$57,&,3,8

3UH]HQWXOSDUWLFLSLXOXLvQSRILGDFRPSRUWDPHQWXOXLV XQRPLQDO FDDGMHFWLYúLVDXVXEVWDQWLY DDSDU LQXWGHODRULJLQLOHFULVWDOL] ULL OLPELL ODWLQH VLVWHPXOXL YHUEDO IDSW GRYHGLW vQ SULPXO UkQG GH VHPDQWLVPXOV X 6FKHPD IRUPDWLY  D SDUWLFLSLXOXL SUH]HQW ODWLQ FRQVLGHU P F  HVWHXUP WRDUHD 76'& XQGH 7HVWHWHPDGHLQIHFWXPDúDQXPLWDWHP DSUH]HQWXOXL73  6HVWHVXIL[XOSDUWLFLSLDO HQW '& VXQW UHSUH]HQWDWH GH GHVLQHQ HOH VSHFLILFH GHFOLQ ULL D ,,,D FXWHP FRQVRQDQWLF UHVSHFWLYYRFDOLF GHVLQHQ HOHFD]XDOH  ,OXVWU PPRGXOGHIRUPDUHSULQXUP WRDUHOHH[HPSOH FRQMXJDUHD,  76 DP  HQW FRQMXJDUHD D,,D FRQMXJDUHD D,,,D FRQMXJDUHD D,9D   

 76 KDE  HQW  76









!7 DPDQWXQGH7  WHPDPRGDO  GHSDUWLFLSLXSUH]HQW  !7 KDEHQW

S Q  HQW !7 S QHQW FDS  HQW ! FDSLHQW  76 DXG  HQW !7 DXGLHQW 





/D 1 VJ FD XUPDUH D DG XJ ULL GHVLQ HL FDX]DOH V JUXSXO FRQVRQDQWLF UH]XOWDW VH PRGLILF  SULQ VLPSOLILFDUH GLVSDUH RFOXVLYD GHQWDO  DPDQWV!DPDQV KDEHQWV!KDEHQVHWF

 (92/8 ,$Ì1/,0%$/$7,1 ù,02ù7(1,5($520$1,&  ÌQSRILGDXQHLQRWDELOHH[WHQVLXQLvQODWLQDWkU]LHFKLDUvQGDXQDDOWRU PRGXUL FX FDUH D LQWUDW vQ FRQFXUHQ  vQF  GLQ HSRFD FODVLF  33$ QX VD PRúWHQLWFDIRUP LQWHJUDW SDUDGLJPHLYHUEDOHvQQLFLROLPE URPDQLF 



7 , 0 3 8 / , 0 3 ( 5 ) ( & 7   ÌQDIDU GHYLLWRUXO,,FDQWRQDWH[FOXVLYvQVIHUDPRGDO DLQGL FDWLYXOXL LPSHUIHFWXO HVWH FHO PDL VODE UHSUH]HQWDW WLPS vQ VLVWHPXO SDUDGLJPDWLFYHUEDOGLQODWLQ  PRGXO,1',&$7,9 ,PSHUIHFWXO PRGXOXL LQGLFDWLY VHUYHúWH OD H[SULPDUHD XQHL DF L XQLVW ULGXUDWLYHDIODWHGHFLvQFXUVGHGHVI úXUDUHGDUDSDU LQkQG WHPSRUDOvQWRWGHDXQDVIHUHLSUHWHULWXOXL ,PSHUIHFWXOHVWHGXS FXPVDDU WDWXQWLPSUHODWLYvQWRWGHD XQD VLWXDW vQ UDSRUW FX XQ DOW WLPS H[SULPkQG R DOW  DF LXQH  VWDUH 5HOD LDGLQWUHWUHDSWDWHPSRUDO H[SULPDW GHLPSHUIHFWXOLQGLFDWLYXOXL úL FHD H[SULPDW  SULQWUXQ DOW YHUE YHUEXOUHSHU  OD XQ WLPS úL PRG DQXPHLQFOXVLYODDFHODúLWLPSúLPRG HVWHGHVLPXOWDQHLWDWH  &kQGWXVFULDLHXFLWHDP   6 XQGHUHOD LD6 HVWHGHVLPXOWDQHLWDWHSHUIHFW      0RGXOGHIRUPDUHQHLQGLF XUP WRDUHDVFKHP   

 76'3

 RUQ E PVWHWF 

 UULVWXUHWF



2EVHUYD LH /DFRQMXJDUHDD,,,DODYHUEHOHFX7WHUPLQDW vQ úLODFRQMXJDUHD D ,9D FX 7 WHUPLQDW  vQ ±  vQDLQWHD VXIL[XOXL WHPSRUDOPRGDO E  VH LQWHUFDOHD] YRFDOD FDSL EDPUDXGL EDPUHWF FDUHGXS FHDPDL VLPSO H[SOLFD LHUHSUH]LQW H[WHQVLDDQDORJLF D97 VSHFLILF FRQMXJ ULL D,,,DSURSULX]LVHWHPDWLFH  02ù7(1,5($ 520$1,&  )LLQG R IRUP  ÄvQF UFDW ´ IRQHWLF GHFL PDUFDW GLQSOLQGLQSXQFWGHYHGHUHPRUIHPDWLFLPSHUIHFWXOLQGLFDWLYXOXLVD SHUSHWXDW vQ OLPELOH URPDQLFH PDL DOHV SDUDGLJPHOH vQ  E  úL  E  GDU XQHRULúLDFHHDvQ E  3HQWUX URPkQ  LPSHUIHFWH GH WLSXO FkQWD W FHD DX]HD HWF SUHVXSXQ HWLPRQXULODWLQHFDUHODXSLHUGXWSHELQWHUYRFDOLFFDQW E W! FDQWjD! FkQWj SULQ DVLPLODUHD YRFDOLF  ILQDO  FX S VWUDUHD ORFXOXL DFFHQWXOXL RULJLQDU WDF E W! WDFpD!W FHjFXGLIWRQJDUHDYRFDOHORUILQDOHDMXQVH vQ FRQWDFW GDU DIODWH vQ KLDW VH FRQVHUY  GH DVHPHQHD IRDUWH ELQH SR]L LD DFFHQWXOXLODWLQ DXG  E W! DXG HD!DX]HD'HVLQHQ HOHSHUVRDQD,VJ D,,DVJúLD,,,DSOVXQWFUHDWHvQOLPEDURPkQ úLQXPRúWHQLWHPODWLQvQ SR]L LH ILQDO  HUD vQ YRUELUHD SRSXODU  SUDFWLF QHSURQXQ DW  SH FDOH DQDORJLF GXS FXPVDGHPRQVWUDW 

PRGXO&21-81&7,9

'LQ SXQFWXO GH YHGHUH DO RULJLQLL úL IRUP ULL LPSHUIHFWXO ODWLQ HVWH OD FRQMXQFWLY GXS  WRDWH SUREDELOLW LOH R FUHD LH VXUYHQLW  vQ VSD LXOúLWLPSXOODWLQGDUFXPDWHULDOPRUIHPDWLFGHRULJLQH,(6SH FLDOLúWLLDXDU WDWF IRUPD LDPRUIRORJLF UHSUH]HQWDW GHLPSHUIHFWXO FRQMXQFWLYXOXLHVWHGHGDW UHFHQW PDLH[DFWLWDOLF vQWUXFkWvQDIDUD LGLRPXULORU LWDOLFH QX H[LVW  SDUDOHOLVPH FX IRUPD LLOH ODWLQH GH FRQMXQFWLYLPSHUIHFW 0RGXOGHIRUPDUHQHLQGLF XUP WRDUHDVFKHP  76'3

XQGH6 U ,( V   '3 VXQW ELQHFXQRVFXWHOH GHVLQHQ H SHUVRQDOH DFWLYH  PHGLR SDVLYHDEVROXWDFHOHDúLFDODLPSHUIHFWXOLQGLFDWLYXOXL ([HPSOXRUQ U PRUQ U VRUQ U WHWF  RUQ U URUQ U U VRUQ U W UHWF  

02ù7(1,5($ 520$1,&  $VHP QDUHD IRUPDO  FX SHUIHFWXO FRQMXQFWLYXOXLúLSULQDFHVWDFXYLLWRUXO,,FDXUPDUHDDOWHU ULLIRQHWLFHOD QLYHOXO VLODEHORU ILQDOH  VXUYHQLWH vQ YRUELUHD SRSXODUYXOJDU  D ODWLQHL D FRQWULEXLWvQFHOHGLQXUP ODÄúXEUH]LUHD´±vQV UHSHW PQXPDLvQYRUELUH± DLPSHUIHFWXOXLFRQMXQFWLY'XEODFRQFXUHQ SDURQLPLF DUHVWUkQVODQLYHOXO RUDOLW LL X]XO DFHVWHL IRUPH PRGDOWHPSRUDOH FDUH vQV  QX D GLVS UXW FRPSOHW GRYDG  ILLQG PRúWHQLUHD HL vQ VDUG  FX FRQVHUYDUHD YDORULORU RULJLQDUH 5HVWXO OLPELORU URPDQLFH QX D PDL S VWUDW LPSHUIHFWXO FRQMXQFWLYXOXL ORFXOOXLILLQGOXDWGHPDLPXOWFDSHUIHFWXODFHOXLDúLPRG



7,038/9,,725,  PRGXO,1',&$7,9

9DORDUHDIXQGDPHQWDO DYLLWRUXOXL±LOXVWUDW vQSULPXOUkQGGH LQGLFDWLY±U PkQHDFHHDSURVSHFWLY (LLVHDGDXJ RSDOHW GHVWXO GHODUJ GHYDORULúLQXDQ HPRGDOHFDUHDSURSLHYLLWRUXOFHOPDLPXOW GH FRQMXQFWLY vQWUXFkW SUHGRPLQDQW  vQWUH YDORULOH PRGDOH DOH YLLWRUXOXLVHGLVWLQJHFHDGHSRVLELOLWDWHVSHFLILF úLHDFKLDUGDF  QXHVWHXQLFD PRGXOXLFRQMXQFWLY  $ 6FKHPD IRUPDWLY  vQ FD]XO XOWLPHORU GRX  FRQMXJ UL ODWLQH HVWHXUP WRDUHD DFRQMXJDUHDD,,,D 56'3WLSXOWHPDWLFSURSULX]LV 76'3WLSXOFXWHPDvQ  EFRQMXJDUHDD,9D  7  6  '3 vQ FD]XO SULPHL SHUVRDQH 6 HVWH   vQ WLPSFHSHQWUXFHOHODOWHSHUVRDQHHVWH    ([HPSOH $03 DS Q P SRQDU  S Q VSRQ ULV  S Q WSRQ WXU  HWF







  $ D IDFL PIDFLDU  IDFL V IDFL ULV  IDFL W IDFL WXU  HWF    E$DXGL P!DXGL P DXGL VDXGL W!DXGL W HWF 03DXGL U!DXGL U DXGL ULVDXGL WXUHWF  %)RUPHOHGHYLLWRUDOHSULPHORUGRX FODVHGHIOH[LXQHYHUEDO  DXDSHODWODXQPRGGLIHULWGHIRUPDUHDYLLWRUXOXLUH]XOWkQGGHDLFL XQFXWRWXODOW6ODFRQMXJ ULOH,úLD,,DID GH6ODD,,,DúLD,9D 

&RQMXJ ULOH,   76'3VXIL[XOEODSHUV,VJELODSHUV,, ,,,,,VJ,,,SOúLVXIL[XOEXODSHUV,,,SO     $ 03 RUQ E U ([HPSOH , RUQ ER RUQ E U V   RUQ E V RUQ E WXU   RUQ E W   HWF HWF  WHQ ERU  ,, WHQ ER WHQ E ULV   WHQ E V WHQ E WXU   WHQ E W   HWF HWF 

'LIHUHQ D GH 6 vQWUH SULPHOH GRX  úL XOWLPHOH GRX  FODVH GH IOH[LXQHYHUEDO VDLPSXVFXQHFHVLWDWHvQFRQGL LLOHvQFDUHDWDúDUHD VXIL[XOXL YRFDOLF    OD WHPH WHUPLQDWH vQ     QX DU IL SXWXW FRQGXFHGHFkWODRFRQIX]LHFXSUH]HQWXOLQGLFDWLYXOXL 

02ù7(1,5($ 520$1,&  9LLWRUXO , VLQWHWLF ÄFXOW´ LG HVW ÄOLWHUDU´ÄQRUPDW´ DGLVS UXWWRWDOvQOLPELOHURPDQLFH$FHVWHDDXFRQWLQXDW SHULIUD]HOH HFKLYDOHQWH YLLWRUXOXL VLQWHWLF FX R UHSDUWL LH UHODWLY XQLIRUP  IUDQFH]DLWDOLDQDúLVSDQLRODDXJHQHUDOL]DWXWLOL]DUHDOXLKDE UHFRQMXJDWOD SUH]HQWXOLQGLFDWLYXOXL SRVWSXVLQILQLWLYXOXLYHUEXOXLGHED] WLSXOFDQW UH 

KDEH  ! IU FKDQWHUDL HWF  WRWXúL VSRUDGLF XQHOH GLDOHFWH LWDOLHQH ODX IRORVLW FD vQ VSD LXO RULHQWDO DO ODWLQLW LL SH XRO  vQ ORFXO OXL KDEH  GDU DQWHSXV LQILQLWLYXOXL H[DFW FD vQ URPkQ  GH H[HPSOX vQ GLDOHFWXO GLQ $EUX]]L vQVFKLPEURPkQDúLGDOPDWDL]RODWúLSURYHQVDODúLDOWHGLDOHFWH URPDQLFHRFFLGHQWDOH DXXWLOL]DWSHULIUD]DFXXHOOHFDPRGDOLWDWHPRúWHQLW úL GHED] SHQWUXH[SULPDUHDYLLWRUXOXLWLSXOXRO GDUH!URPYRL>X@GD 



PRGXO,03(5$7,9 &HOPDLGHVYLLWRUXOLPSHUDWLYXOXLVHvQWkOQHúWHvQWH[WHOHMXULGL FHFXSUHF GHUHvQFHOHGHOHJL vQDGDJLLOHúLVHQWHQ HOHMXULVSUXGHQ LORU 6FKHPDIRUPDWLY HVWHXUP WRDUHD  7'3GHFL6 ‘  &D úL vQ FD]XO WLPSXOXL SUH]HQW UHPDUF P DEVHQ D VXIL[XOXL PRGDOWHPSRUDO 6  ÌQ VFKLPE YLLWRUXO LPSHUDWLYXOXL HVWH PDL ERJDW FXRSHUVRDQ úLDQXPHD,,,DVJSO  '3VXQWXUP WRDUHOH $  6* 3/ ,, W  W WH ,,, W  QW   ([HPSOLILF PSULQWUXQYHUEDSDU LQkQGSULPHLFODVHGHIOH[LXQH 

,,RUQ W  ,,,RUQ W 

$ 6* 3/ ÄV vPSRGREHúWL´ ,,RUQ W WH ÄV vPSRGREL L´ ÄV vPSRGREHDVF ´ ,,,RUQDQW  ÄHLHOHV vPSRGREHDVF ´

/D03'3VXQWXUP WRDUHOH 6* ,,WRU ,,,WRU ,,RUQ WRUÄV ILLvPSRGRELW´ ,,,RUQ WRUÄHOHD V ILH vPSRGRELW ´ 

3/  ,,,QWRU  ,,,RUQDQWRUÄHLHOH V ILHvPSRGREL LWH´ 

PRGXO,1),1,7,9 /DWUHDSWDWHPSRUDO GHYLLWRULQILQLWLYXOVHvQI LúHD] FXGRX  IRUPH GLVWLQFWH vQ IXQF LH GH GLDWH]H $PEHOH IRUPH VXQW vQV  DQDOLWLFH FRPSXVH GLQ FkWH GRX  DOWH HOHPHQWH vQ JHQHUDO ILHFDUH REOLJDWRULLÌQVIkUúLWVHPQDO PúLIDSWXOF DPEHOHIRUPHGHLQILQLWLY YLLWRUQXDXDXWRQRPLHVLQWDFWLF vQVHQVXOF QXSRWDS UHDQLFLRGDW  vQ SURSR]L LL SULQFLSDOH FL QXPDL vQ VXERUGRQDWH GHSHQGHQWH GH XQ DQXPLW YHUE UHJHQWVDXGXS YHUEHúLVLQWDJPHYHUEDOHLPSHUVRQDOH 'HDFHHDWUDGXFHUHDLQILQLWLYXOXLYLLWRUvQOLPELOHPRGHUQHvQVSH  vQ URPkQ  QX VH SRDWH IDFH GHFkW SHULIUDVWLF úL SULQ XWLOL]DUHD XQHL FRQMXQF LL WLSLF VXERUGRQDWRDUH ÄF  ´  XUPDWH GH LQGLFDWLYXO YLLWRU DFWLYVDXSDVLYDOYHUEXOXLUHVSHFWLYÄF YD´VDXÄF YDIL´  ,QILQLWLYXOYLLWRU$ 1X SRDWH IL GLVRFLDW GH DGMHFWLYXO YHUEDO IRUPDW FX VXIL[XO FRPSOH[W UXVW UDW UXPSHQWUXFHOHJHQXULGHVLJXU DGMHFWLY vQFDGUDW GH JUDPDWLFL vQ FDWHJRULD SDUWLFLSLXOXL YLLWRU DFWLY 39$ GHVSUHFDUHFIVXEFDSLWROXOXUP WRUS  6FKHPDIRUPDWLY DLQILQLWLYXOXLYLLWRUDFWLYHVWHXUP WRDUHD 39$“HVVH XQGH 39$ VH DIO  vQWRWGHDXQD OD FD]XO $& VJ  SO  GHRDUHFH vQ DQVDPEOXO OXL LQILQLWLYXO YLLWRU DFWLY LQWU  vQ FRPSRQHQ D XQHL VXERUGRQDWH GH WLS FRPSOHWLY ± FRPSOHWLYD LQILQLWLYDO  ± DO F UHL VXELHFWVHDIO vQWRWGHDXQDOD$&LDUSUHGLFDWXOODLQILQLWLY ([HPSOLILF P VFKHPD IRUPDWLY  FX YHUEXO GHMD IRORVLW vQ DFHVW VFRS FRQMXJDUHD,RUQ W UXPW UDPW UXPHVVH ÄF HOHDYDvPSRGREL´ RUQ W U VW U VW UDHVVH ÄF HLHOHYRUvPSRGREL´ ,QILQLWLYXOYLLWRU03 6FKHPD IRUPDWLY  UHXQHúWH úL DLFL R IRUP  SURQXQ DW QRPLQDO  VXSLQXOvQ$& WRWFXXQLQILQLWLYSUH]HQWGHGDWDDFHDVWDDOYHUEXOXL UHÄDPHUJH´ÄDVHGXFH´GHYHQLWvQVLWXD LDGHID XQDX[LOLDUFX DFHHDúLIXQF LHFDHVVH GDUODGLDWH]DSDVLY úLFXVHQVLPSHUVRQDO 6 U  

vQ H[HPSOXO RUQ WXP U  ÄF  YD IL vPSRGRELW  ´ ÄF  YRU IL vPSR GREL LWH´ 

(92/8 ,(ù,',63$5, ,( )RUPD LHFDQWRQDW vQX]XOOLWHUDUOLYUHVFLQILQLWLYXOYLLWRU$úL03 D U PDVvQHVHQ VWU LQGHPRGDOLW LOHFXUHQWHGHH[SUHVLHSRSXODUIDPLOLDU  úLGHDFHHDQXVDPRúWHQLWvQOLPELOHURPDQLFH

 PRGXO3$57,&,3,8

*UDPDWLFDOL]DUHDYLLWRUXOXLODDFHVWPRGVDSHWUHFXWUHODWLYWkU]LX RGDW FXLQWHJUDUHDFHORUGRX DGMHFWLYHYHUEDOHDVRFLDWHILHFDUHFkWH XQHL GLDWH]H vQ VLVWHPXO FRQMXJ ULL 'LQ DFHDVW  SHUVSHFWLY  LVWRULF  VHLPSXQHFXDWkWPDLPXOWGLVFXWDUHDVHSDUDW DIRUPHORUFRUHVSXQ]  WRDUHFHORUGRX GLDWH]H 3DUWLFLSLXOYLLWRUDFWLY39$  ,QL LDO HVWH IRDUWH SUREDELO F  DFHVW DGMHFWLY YHUEDO QX D DYXW VHQV GH YLLWRU QX LQGLFD SURSULX]LV R WUHDSW  WHPSRUDO  FL DYHD XQ VHPDQWLVP FX QXDQ  GXUDWLY  GHQXPLQG SHUVRDQD FDUH VH vQGHOHWQL FHúWH FX R DQXPLW  DF LXQH VDX VWDUH UHVSHFWLY RELHFWXO JUDPDWLFDO F UXLDvLHVWHSURSULHRDF LXQHVWDUHXHQW UXVÄFHOFDUHHVWHSHFDOH GH D YHQL VRVL´ IDFW UXV ÄFHO FDUH VH RFXS  FX DF LXQHD GH D IDFH´ S V W UXVÄFHOFHVHvQGHOHWQLFHúWHFXSXVXOSODVDUHD´HWF 9DORDUHDVHPDQWLF DLQWHQ LRQDOLW LLGHYHQLQGIXQGDPHQWDO úL GHILQLWRULH SHQWUX DGMHFWLYXO YHUEDO vQ W UXV W UD W UXP D GHFLV LQWHJUDUHD vQ PRG GHILQLWLY D DGMHFWLYXOXL vQ SDUDGLJPD JHQHUDO  D YHUEXOXLODWLQ$GMHFWLYXOYHUEDODGHYHQLWSDUWLFLSLXLQWHQ LRQDOLWDWHD ILLQG UHVLP LW  FD WUHDSW  WHPSRUDO  GH SRVWHULRULWDWH vQ UDSRUW FX PRPHQWXO ORFX LRQDU 6D FUHDW DVWIHO FHO GHDO WUHLOHD WLPS DO SDUWL FLSLXOXLYLLWRUXOFDUHVDLQWHJUDWSHUIHFWvQVLVWHPXOWHUQDUDOWHPSR UDOLW LL SUH]HQW ± SHUIHFW >  SUHWHULW@ ± YLLWRU  DWDúkQGXVH vQ FKLS ILUHVFGDWRULW VHPDQWLVPXOXLV XGLDWH]HLDFWLYH 6FKHPD IRUPDWLY  D 39$ SRUQHúWH GH OD WHPD VXSLQXOXL 76  FDUH LQFOXGH VXIL[XO W  OD FDUH VH DGDXJ  VXIL[XO UR úL vQ ILQDO GHVLQHQ HOH FD]XDOH VSHFLILFH GHFOLQ ULORU D ,,D SHQWUX IRUPHOH GH PDVFXOLQQHXWUX úL,SHQWUXIHPLQLQ  



766'& XQGH6 U  LDU 76 LQFOX]kQG 6 WHX W  VH RE LQH SUDFWLF vQO WXUkQG GHVLQHQ HOHGH'úLGH$&GHODVXSLQVDXLGHQWLILFkQGIRUPDGH$%/ DVXSLQXOXLFXFDUH76FRLQFLGH ([HPSOX FRQMXJDUHD,RUQ UH73RUQ 76RUQ W  VXSLQ$%/  39$RUQ W UXVRUQ W UD 766'&766'& RUQ W UXP 766'&



(92/8 ,(ù,',63$5, ,(,QL LDOvQODWLQDDUKDLF 39$QXDDYXW R H[LVWHQ  DXWRQRP  HO DS UkQG vQ DVRFLHUH SDUDGLJPDWLF  vPSUHXQ  FX GLYHUVH WLPSXUL úL PRGXUL DOH DX[LOLDUXOXL HVVH RUQ W UXV D XP VXP RUQ W UXVDXPHUDPRUQ W UXVDXPV PHWF FXFDUHDDOF WXLWFHHD FH vQ ODWLQD FODVLF  VD GHILQLWLYDW D IL XQ PRG GH H[SULPDUH UHJXODUL]DW  D LQWHQ LRQDOLW LLúLHVWHFXQRVFXWVXEGHQXPLUHDGHFRQM XJDUH SHUL IUDVW L F  DFWLY  $FHVW WLS GH VLVWHPDWL]DUH D LQWHQ LRQDOLW LL D FRORUDW PRGDO DVSHFWXDO VHPDQWLVPXO LQL LDO úL GH ED]  DO DGMHFWLYXOXL YHUEDO vQ  UXV úL DQXPHDFHODDOLQWHQ LRQDOLW LL 8]XO39$DIRVWvQHVHQ XQXOFXOWOLYUHVFSULQH[FHOHQ 'HDFHHD OLPELOH URPDQLFH QX ODX PRúWHQLW vQWUXFkW OLPED SRSXODU  QX OD IRORVLW QLFLRGDW vQPRGFXUHQW

 3DUWLFLSLXOYLLWRUSDVLY393 VDXJHUXQGLYXO  &DúL39$393HVWHGHODRULJLQLXQDGMHFWLYYHUEDOFXIOH[L XQH FRPSOHW  SRVHGkQG DFHOHDúL GHVLQHQ H FD]XDOH FDUH SHUPLW IOH[LRQDUHD OXL GXS  GHFOLQDUHD D ,,D OD PDVFXOLQH úL QHXWUH úL GXS  GHFOLQDUHD,ODIHPLQLQH  /D RULJLQH úL vQ GHFXUVXO HSRFLL DUKDLFH 393 ± FXQRVFXW vQ WHUPLQRORJLHPRGHUQ úLSULQGHQXPLUHDVLPSOLILFDWRDUHGHJHUXQGLY± QXDDYXWVHQVGHYLLWRUúLQLFLQXHUDLQWHJUDWVLVWHPXOXLFRQMXJ ULLFD PRGDOQHFHVLW LL &DúL39$393DLQWUDWFDDWDUHvQVLVWHPXOFRQMXJ ULLODWLQH GXS  FH DGMHFWLYXO YHUEDO vQ QG D FXQRVFXW R HYROX LH VHPDQWLF  

SUHFLV ÌQFD]XOGHID HODWLQVV H[SULPHLGHHDGHQHFHVLWDWHúLGH REOLJDWLYLWDWH FHHD FH D LPSXV WUHSWDW XQ VHPDQWLVP GLDWH]LFSDVLYúL WHPSRUDO GH SRVWHULRULWDWH 3H DFHDVW  FDOH DGMHFWLYXO YHUEDO vQ QG FDUH D IXQF LRQDW FD DWDUH WLPS GH VHFROH VD WUDQVIRUPDW PDL WkU]LX GHFkW39$vQWUXQSDUWLFLSLX 3kQ DWXQFL393DIXQF LRQDWGLQODWLQDSULPHORUWH[WHSkQ  vQ FHD SRVWFODVLF  ILH ± L]RODW ± FD DGMHFWLY FX IXQF LH VLQWDFWLF  DWULEXWLY  WRWXúL HO QX D DYXW QLFLRGDW  IOH[LXQHD SH JUDGH GH FRPSDUD LH D XQXL DGMHFWLY SURSULX]LV  ILH PXOW PDL FXUHQW FD úL 39$FXFDUHDIRUPDWXQVLVWHPSHULIUDVWLFGXDODQWLWHWLFGLDWH]LF vQ DVRFLHUH FX HVVH úL DOF WXLQG FHHD FH vQ PRG FXUHQW VH QXPHúWH FRQMXJDUHDSHULIUDVWLF SDVLY  6FKHPDIRUPDWLY D393HVWHXUP WRDUHD 76'& XQGH6 QG ([,RUQ QGXVP ÄEXQGHvPSRGRELW´ RUQ QGDI ÄFDUHWUHEXLHvPSRGRELW ´ RUQ QGXPQ  

25,*,1((92/8 ,(',63$5, ,( 393 D IRVW XWLOL]DW vQ ODWLQD FODVLF  úL DQWHULRU DSURDSH H[FOXVLY vQ DVRFLHUH FX HVVH vQ FDGUXO FRQMXJ ULL SHULIUDVWLFH SDVLYH ILH vQ FRQVWUXF LL DúDQXPLWH SHUVRQDOH KRUWXV FROHQGXV HVW PLKL OLW  ÄJU GLQD WUHEXLH V PL ILH FXOWLYDW ´ ÄHX WUHEXLH V PL FXOWLY JU GLQD´ ILH vQ FHOH GHQXPLWH LPSHUVRQDOH FX QHXWUXO JHUXQGLYXOXL QXQF HVW ELEHQGXP ÄDFXP HVWH YUHPHD GH E XW´ ÄDFXP VH FDGH V  EHP´ +RUDWLXV &DUP ,    3HULIUDVWLFDSDVLY H[SULP SULQH[FHOHQ LGHHDGHQHFHVLWDWH ÌQFDGUDW WkU]LX DúD FXP DP DU WDW vQ VLVWHPXO FRQMXJ ULL úL XWLOL]DW H[FOXVLYvQOLPEDMXOOLWHUDUvQUHJLVWUXOFXOWÄvQDOW´DOODWLQHL393QXDLHúLW GLQ DFHVW SHULPHWUX úL GUHSW XUPDUH QX D DYXW FXP V  VXSUDYLH XLDVF  vQ OLPELOHURPDQLFH







7,038/3(5)(&7 PRGXO,1',&$7,9 GLDWH]D$&7,9  3HUIHFWXO úLD FUHDW vQF  GH OD RULJLQLOH OLPELL ODWLQH R WHP  PRUIRORJLF  SURSULH QHW GHRVHELW  GH DFHHD D WLPSXULORU FHQWUDWH SH LGHHDGHDF LXQHVWDUHQHvQFKHLDW DIODW vQGHUXODUHRYRPQXPLFX VLQWDJPDWUDGL LRQDO úLvQX]GHWHP  D SHUIHFWXOXL73I 6FKH PDIRUPDWLY DSHUIHFWXOXLLQGLFDWLYFXSULQGH±FDúLvQFD]XOSUH]HQ WXOXL DFHOXLDúL PRG DVHP QDUHD QHILLQG GHORF vQWkPSO WRDUH vQWUXFkW SUH]HQWXO úL SHUIHFWXO LQGLFDWLYXOXL UHSUH]LQW  FHOH GRX  WLPSXUL IXQGDPHQWDOH DOH FHORU GRX  WHPH IXQGDPHQWDOH SH FDUH VH ULGLF  RSR]L LDGHDVSHFWvQODWLQ ±QXPDLGRX HOHPHQWHPRUIHPDWLFH 73I'3 ÌQRUGLQHDIRUP ULLYRPSRUQLGHODSULPXOHOHPHQWGHDOWIHOúL FHOPDLFRPSOH[úLFHOPDLYDULDWFDPRGDOLW LGHFUHDUHUHVSHFWLYGH RUJDQL]DUHvQLQWHULRUXOFODVHORUGHIOH[LXQHYHUEDO  $7HPHOHGHSHUIHFWXP 3RW IL VLVWHPDWL]DWH SULQWUR FODVLILFDUH WHUQDU FDUHLDvQFDOFXO HOHPHQWHOH IRUPDWLYH DOH WHPHL YHUEDOH úL PRGXO GH FRQVWLWXLUH 6H DGPLWHDVWIHOF H[LVW WLSXULPDMRUHGH73I $WHPHOHUDGLFDOH $FHVWJUXSDSDU LQHIRQGXOXLWHPDWLFFHOXLPDLYHFKLH[LVWHQWvQ ODWLQ úLGLQDFHVWPRWLYQXVDH[WLQVvQHSRFDLVWRULF GLPSRWULY D U PDVQHSURGXFWLYÄV UDF´GHFLVODEUHSUH]HQWDW  /DUkQGXOOXLWLSXOWHPDWLFUDGLFDOFXQRDúWHRSRVLELO GLYL]LXQH vQVXEWLSXULGHED]  $6XEWLSXOUDGLFDODOWHUQDQW 73IVHRSXQHOXL773GHLQIHFWXP SULQQDWXUDFDQWLWD WLY GLIHULW DYRFDOHLGLQUDGLFDOOXQJ OD73I±VFXUW OD7  ([ ,,, O J    O J   I J    I J  

   

7FX YRFDODUDGLFDO VFXUW  73IFX YRFDODUDGLFDO OXQJ úL97 ¡ 7FIVXSUD  73IFIVXSUD 

2EVHUYD LH 'LIHUHQ HLGHFDQWLWDWHGLQWUHFHOHGRX WHPHIXQGDPHQWDOHLVHDGDXJ  XQHRULúLRDOWDGHQDWXU PRUIHPDWLF SULQGLVSDUL LDLQIL[XOXLQD]DOOD73I X QF OD7FXLQIL[QD]DO GDUX FOD73I

$OWHUQDQ DGHFDQWLWDWHHUDXQHRULvQVR LW GHXQDWLPEUD O  DSRIRQLF  úL FD vQ FD]XO SUHFHGHQW VXSUDPDUFDW  GH RSR]L LD GH QD]DOLWDWH ([    

,,,    

J  J I F  I F IU QJ 





IU J

    

7FX YRFDODUDGLFDO VFXUW FXWLPEUXQHXWUX 73IFX YRFDODUDGLFDO OXQJ SHWLPEUXQRUPDO 7FIVXSUD  73IFIVXSUD  7FX YRFDODUDGLFDO VFXUW XUPDW GHLQIL[XO QD]DO  73IFX YRFDODUDGLFDO OXQJ FXWLPEUXVFKLP EDWúLFXLQIL[QD]DO 

 $6XEWLSXOUDGLFDOUHGXSOLFDW 3URFHGHXOUHSHW ULLFRQVRDQHLVDXDJUXSXOXLFRQVRQDWLFLQL LDODO UDGLFDOXOXL YHUEDO vQWUH DFHVWD GLQ XUP  úL HOHPHQWXO UHGXSOLFDW LQWHUFDOkQGXVHRYRFDO FXWLPEUXOQRUPDO  PDUFDvQ,(FRPXQ  DSURDSHvQH[FOXVLYLWDWHWHPHOHGHSHUIHFWvQUDSRUWFXFHDGHSUH]HQW LQIHFWXP  ÌQ ODWLQ  UHGXSOLFDUHD D FXQRVFXW R XWLOL]DUH OLPLWDW  ([LVW  DVWIHO XQ JUXS GH IRUPH YHUEDOH GH SHUIHFW UHGXSOLFDW DSDU LQkQG FRPSDFW FRQMXJ ULL WHPDWLFH D ,,,D  ([ 7 FDQ  73I FHF Q 7FDG 73IFHF G7IDOO 73IIHIHOO7SDUF 73ISHSHUF  $6XEWLSXOUDGLFDOQHPDUFDW (VWHFHOPDLVODEUHSUH]HQWDWGHRDUHFH±H[FHSWkQG97±UHDOL]D R SHUIHFW  RPRQLPLH FX WHPD GH LQIHFWXP ÄGH SUH]HQW´  úL SULQ DFHDVWDSXWHDJHQHUDJUDYHFRQIX]LLODDQXPLWHSHUVRDQHD,,,DVJúL ,SO RSR]L LDSHUIHFWSUH]HQWILLQGO VDW GRDUvQVHDPDGHVLQHQ HORU DFRORXQGHHOHVHGHRVHEHDX 73IE E DFFHQG LQFHQG





7ELE  LQILQLWLYELE UHÄDEHD´ DFFHQG  DFFHQG UHÄDDSULQGH´ LQFHQG UHÄLG´ LQFHQG  

$WHPHOHVLJPDWLFH &RQWLQX vQODWLQ IRVWHWHPH,(GHDRULVWDF URUFDUDFWHULVWLF  D UHSUH]HQWDWR VXIL[XO V vQ GHQXPLUH JUHDF  ÄVLJPD´ GH XQGH WHUPLQRORJLDPRGHUQ  /DWLQDDLQRYDWDWDúkQGODWHPDGHDRULVWDúDGDUODRWHP FDUDF WHUL]DW SULQSUH]HQ DREOLJDWRULHDVXIL[XOXLVGHVLQHQ HOHGHSHUIHFW ÌQFRQWDFWGLUHFWFXFRQVRDQDILQDO DUDGLFDOXOXLGXS IRUPXOD 73I 56 XQGH6 VXIL[XOV DFHVWDGLQXUP DSURYRFDWvQHSRFDSUHOLWHUDU DVWDELOL] ULLIRQHWLFH DODWLQHLRVHULHGHPRGLILF ULQXPLWHWRFPDLGHDFHHDGHFRQWDFW  GLQWUHFDUHDPLQWLP D WUDQVIRUPDUHDvQVXUGDFRUHVSXQ] WRDUHDRFOXVLYHORUJXWXUDOH úLODELDOHVRQRUH ,,,7VFU E  ,,7IU J 

5VFU E 5IU J

73I VFU EV¾VFU SV 73I IU JV¾IU [

E DVLPLODUHDGHQWDOHLVXUGHVDXVRQRUH GHF WUHVLIODQWDVXUG  ,,,7F G  U G 

5F G U G

73I F GV¾F VV  U GV¾U V

 F  WUDQVIRUPDUHD ODELRYHODUHL VRQRUH vQWUR RFOXVLY  VXUG  VDX DVLPLODUHDODELRYHODUHLVXUGHGHF WUHVLIODQW  5XQJX WRUTX

,,,7XQJX  ,,WRUTX 

73I XQJV¾ XQNV¾XQ[  WRUTXV¾WRUV

G VLPSOLILFDUHDJUXSXULORUFRQVRQDQWLFH ,,7PXOJ  IXOJ 

5PXOJ IXOJ

73I PXOJV¾PXOV  IXOJV¾IXOV

H DPSOLILFDUHDJUXSXULORUFRQVRQDQWLFH ,,,7V P  F P 





5V P F P

73I V PVDPSOLILFDW V PSV  F PVDPSOLILFDW F PSV

$WHPHOHFXVXIL[VHPL YRFDOLFELODELDOX  $XFRQVWLWXLWFDQWLWDWLYYRUELQGPDMRULWDWHDDEVROXW DIRUPHORU GH SHUIHFW ODWLQ GHRDUHFH VXIL[XO ELODELDO D IRVW H[WUHP GH SURGXFWLY GLQ HSRFD DUKDLF  SkQ  OD VIkUúLWXO ODWLQLW LL úL D IRVW XWLOL]DW SUHSRQ GHUHQWGHF WUHFHOHPDLELQHUHSUH]HQWDWHQXPHULFFODVHGHIOH[LXQH FRQMXJ ULOH,úLD,9 'HD OXQJXO vQWUHJLL VDOH HYROX LL LVWRULFH ODWLQD VD VSULMLQLW vQ IRUPDUHD73IODSULPDúLXOWLPDFODV GHIOH[LXQHFDúLODRVHULHPDL UHVWUkQV  D FHOHL GHD ,,D FRQMXJ UL SH GRX  YDULDQWH DOH VXIL[XOXL ELODELDO YDULDQWD ELODELDO  VHPLYRFDOLF      úL YDULDQWD ELODELDO  YRFDOLF     $VXIL[XOELODELDOVHPLYRFDOLF    ([76 73I  ,QILQLWLYSUH]HQWDFWLY ,RUQ   ¾73IRUQDX  RUQ UH  I Q UH ,9I Q   ¾73II Q X

G O UH ,,G O   ¾73IG O X   &DXUPDUHDSURGXFWLYLW LLH[WUHPGHULGLFDWHDDFHVWXLVXIL[OD FODVHOHGHIOH[LXQHFXWHPDSULPDU vQ úL XQGHDXH[LVWDWGHOD vQFHSXWúLVDXFUHDWXOWHULRUvQSHUPDQHQ QRLGHQRPLQDWLYHVXIL[XO ELODELDO X VD H[WLQV úL OD DOWH FODVH GH IOH[LXQH UHVSHFWLY OD FRQMXJDUHDWHPDWLF D,,,DSURSULX]LV úLODDFHHDFXWHPDSULPDU  vQ6 LQWHJUDW WRWFRQMXJ ULLD,,,D   ,,,7SHW 6  ¾73ISHW X 7FXS 6  ¾73IFXS X  $VXIL[XOELODELDOYRFDOLF    ,QL LDO DFHVW VXIL[ VD DVRFLDW FD úL FHO VHPLYRFDOLF vQ PRG SUHSRQGHUHQXQHLWHPHSULPDUHWHUPLQDWHvQWURYRFDO OXQJ vQFD]XO GHID   FRQMXJDUHDD,,D ODFDUHDGHYHQLWH[WUHPGHSURGXFWLY úL DLFL VH SRDWH QRWD R VFKHP  IRUPDWLY  FDUH SRUQHúWH vQV  GH OD U G FLQDYHUEDO   



56 73I ,QILQLWLYSUH]HQWDFWLY ,,KDE  ¾73IKDE KDE UH PRQ  ¾73IPRQ PRQ UH WHQ  ¾73IWHQ WHQ UH  'RYHGLQGXVH SURGXFWLY úL VXIL[XO ELODELDO YRFDOLF VD H[WLQV DQDORJLFODDOWHFODVHGHIOH[LXQHLQFOXVLYODDFHHDFDUHS UHDLQWDQJL ELO  GDWRULW  IUHFYHQ HL H[WUHP GH ULGLFDWH D SHUHFKLL VHPLYRFDOLFH D VXIL[XOXL ELODELDO FRQMXJDUHD , $VWIHO VH vQWkOQHVF IRUPH GH 73I SUHFXP  ,56 73I ,QILQLWLYSUH]HQWDFWLY FXE  ¾73IFXE FXE UH GRP  ¾73IGRP GRP UH VHF  ¾73IVHF VHF UH &RQFRPLWHQWúLVDXVXFFHVLYVXIL[XOELODELDOYRFDOLFVDH[WLQV SH FDOH DQDORJLF  úL OD FHOHODOWH FODVH GH IOH[LXQH vQ PRG QRWDELO OD FRQMXJDUHDD,,,DSURSULX]LV úLFXWHPDSULPDU vQ  úLVSRUDGLFOD XOWLPDFODV GHIOH[LXQH  56 73I ([,QILQLWLYSUH]HQWDFWLY ,,,DO  ¾73IDO DO UH FRQVXO  ¾73IFRQVXO FRQVXO UH VHU  ¾73IVHU VHU UH UDS  ¾73IUDS UDS UH ,9DSHU  ¾73IDSHU DSHU UH RSHU ¾73IRSHU RSHU UH

 

$3$5, ,$3(5)(&78/8,Ä&20386´/LPELOHURPDQLFHDXPRúWH QLWXQLFXOWLSGHSHUIHFWH[LVWHQWvQODWLQ SHFDUHODXWUDQVIRUPDWvQDúDQXPLWXO SHUIHFWVLPSOXUHVSHFWLYFXRXQLF IRUP I U DX[LOLDURIRUP ÄVLQWHWLF ´  

3HUIHFWXO ODWLQ FRPSXV R IRUPD LH SHULIUDVWLF  FUHDW  LQL LDO QXPDL OD YHUEHOHWUDQ]LWLYHGLQIRUPHOHGHLQGLFDWLYSUH]HQWDFWLYDOHOXLKDE UHúL333 OD$&vQDFRUGFXRELHFWXOGLUHFWDOYHUEXOXLWUDQ]LWLYUHVSHFWLY HVWHELQH DWHVWDW vQ WH[WHOH HSRFLL FODVLFH OD &DHVDU úL &LFHUR8OWHULRU333vúLSLHUGH FDOLWDWHD DGMHFWLYDO  QHPDLDFRUGkQGXVH FX RELHFWXO GLUHFW DO YHUEXOXL WUDQ]LWLY úL U PkQkQG LQYDULDELO OD XQ $& VJ QHXWUX &LW P PDL MRV FkWHYD GLQWUHH[HPSOHOHFHOHPDLLOXVWUDWLYH

 &2'$75

 «HSLVFRSXPLQXLWDWXPKDEHV*UHJRULXV7XURQHQVLV93,,,   ÄvODL>FD@LQYLWDWSHHSLVFRS ODLLQYLWDWSH« 



ÌQRSLQLDQRDVWU JUDPDWLFDOL]DUHDSHUIHFWXOXLSHULIUDVWLFÄFRPSXV´ D vQFHSXWvQDLQWHGHGL]ROYDUHDXQLW LLODWLQHLDQWLFHDIRVWDúDGDUXQIHQRPHQ SUHURPDQLFQXPDLGHYUHPHvQV GHHSRFDWkU]LHVHF,99S&KU  $PEHOH WLSXUL GH SHULIUD]  FX KDE UH úL FX HVVH DX FRH[LVWDW  vQ ODWLQDWkU]LHUHJLRQDOJHQHUDOL]DUHDOXLKDE UHUHSUH]HQWkQGID]DPDLYHFKH FRQWLQXDW  úL SHUSHWXDW  vQ DULLOH ODWHUDOH DOH ODWLQLW LL SUHURPDQLFH DSRL vQ URPkQ VSDQLRO úLFDWDODQ LQRYD LDVXUYHQLW SULQLQWURGXFHUHDOXLHVVHvQ SHUIHFWXO SHULIUDVWLF DIHFWkQG FXPVHvQWkPSO vQWRWGHDXQDvQFD]XORULF URU LQRYD LLúLQXGRDUOLQJYLVWLFH« FHQWUXOODWLQRIRQLHL

 %'HVLQHQ HOHSHUVRQDOH

3HUIHFWXO LQGLFDWLYXOXL HVWH VLQJXUXO WLPS GLQ VIHUD SUHWHULWXOXL FDUH SRVHG  '3 SURSULL GHúL XQHOH GLQWUH HOH SURYLQ GLQ VIHUD WHP SRUDO GHSUH]HQWUHVSHFWLYDVSHFWXDO GHLQIHFWXP ,DW WDEORXOORU 6J,  ,,LVW  ,,, W 3O, P V ,,LVW V ,,, UH UXQW  02ù7(1,5($520$1,& 'XS FXPDPUHPDUFDWPDLVXVSHUIHF WXO ODWLQ SULQ H[FHOHQ  VLQWHWLF VD PRúWHQLW vQ OLPELOH QHRODWLQH VXE IRUPD 



SHUIHFWXOXLVLPSOXFDUHODVLQJXODUDFRQVHUYDWIRDUWHELQH'3GLQODWLQ , VJODWFDQW X FDQW ¾IUMH FKDQWDLLWFDQWDLVSDQFDQWpURPFkQWDL ,,VJODWFDQW XL VW FDQW VW ¾IUWX FKDQWDVLWFDQWDVWLVSDQFDQWDVWH URP FkQWDúL ,,, VJ ODW FDQW XL W  FDQWiW ¾ IU LO  HOH  FKDQWD LW FDQWz FDWDOFDQWiURPFkQW ,,,SOODWFDQW X UXQWFDQW UXQW¾IULOVHOOHV  FKDQWqUHQWLWFDQWDURQRURPFkQWDU 



GLDWH]D0(',23$6,9 

3HUIHFWXOLQGLFDWLYXOXLHVWHODDFHDVW GLDWH] RIRUP FRPSXV  GLQ333DIODWvQDFRUGJUDPDWLFDOFXVXELHFWXOSURSR]L LHL úLDX[LOLD UXOHVVHFRQMXJDWODSUH]HQWXOLQGLFDWLYXOXL ([, RUQ WXVVXPÄHXDPIRVWvPSRGRELW´  RUQ WDVXPÄHXDPIRVWvPSRGRELW ´ ÌQORFXLUHD SUH]HQWXOXL FX SHUIHFWXO LQGLFDWLY DO DX[LOLDUXOXL VD SURGXV vQ OLPED YRUELW  SUREDELO GH WLPSXULX SRDWH FKLDU GLQ HSRFD SUHFODVLF GDUDS WUXQVIRDUWHWkU]LXvQODWLQDOLWHUDU JHQHUDOL]kQGX VHGHVLJXUFXILUHúWLH[FHS LL vQXOWLPHOHGRX VHFROHDOH,PSHULXOXL SDUDGLJPD RUQ WXV IX  SULQ SXQHUHD vQ DFRUG D WLPSXOXL DX[LOLDUXOXL FX WLPSXO JHQHUDO DO SHULIUD]HL SDVLYH  6XEVWLWX LD WHPSRUDO  VD SURGXV vQ WRDW  VIHUD SHUIHFWXOXL úL H[SOLF  PRúWHQLUHD URPDQLF  D SHUIHFWXOXLSDVLYODWLQ PRGXO&21-81&7,9 &D úL OD LQGLFDWLY SHUIHFWXO FRQMXQFWLYXOXL FXQRDúWH R GXEO  IRUP vQIXQF LHGHGLDWH]  $&7,9  )RUPD HVWH VLQWHWLF  úL SRUQHúWH GH OD 73I SULQ DG XJDUHD XQXL VXIL[ VSHFLILF 6  úL D '3 DFHVWHD GXS  FXP DP UHPDUFDW GHMD QX VXQW FHOH GH SHUIHFW LQGLFDWLY XQLFH úL H[FOXVLYH vQ VLVWHPXO YHUEDO ODWLQ  FL GHVLQHQ HOH XWLOL]DWH vQ IRUPDUHD WLPSXULORU  PRGXULORU GHULYDWH GH OD WHPD GH LQIHFWXP 7  6FKHPD IRUPDWLY  HVWH GHFL XUP WRDUHD 73I6'3 XQGH6  U   

([,RUQ X U PÄHXV ILvPSRGRELW´HWF  RUQ X U V  RUQ X U WHWF  0(',23$6,9  )RUPD HVWH DQDOLWLF  SHULIUDVWLF  VLPLODU  FD VWUXFWXU  FHOHL SH FDUH R DWHVW  SHUIHFWXO PHGLRSDVLY DO LQGLFDWLYXOXL 333  DX[LOLDUXO HVVHGHGDWDDFHDVWDODFRQMXQFWLYSUH]HQWGHVLJXUvQWUH333QXP UXO úLSHUVRDQDDX[LOLDUXOXLúLVXELHFWXOJUDPDWLFDOVHUHDOL]HD] XQDFRUG WRWDO ([, RUQ WXVDXPVLPHWFÄHXV ILIRVWvPSRGRELW´HWF  RUQ W DHDV PXVHWFÄQRLV ILIRVWvPSRGREL LWH´HWF

 02ù7(1,5($520$1,& 3HUIHFWXOFRQMXQFWLYXOXLDFWLYVDS VWUDW FX R VXUSULQ] WRDUH YLWDOLWDWH vQ  OLPELOH URPDQLFH XQGH D JHQHUDW XQ QRX PRG FRQGL LRQDORSWDWLYXO SUH]HQW ùL URPkQD FX GLDOHFWHOH HL DURPkQD vQ VSHFLDO DWHVW vQID]DSULPHORUWH[WHOLWHUDUHGLQVHFROXODO;9,OHDXUPHDOH FRQMXQFWLYXOXL SHUIHFW ODWLQ FX YDORDUH RSWDWLY  VDX PDL H[DFW FRQGL LRQDO RSWDWLY  OD WLPSXO SUH]HQW  Y URP vQWUDUH YDU vQWUDUX  ½ ODW LQWU ULP ½ LQWU X ULPvQWUDUL½LQWU ULV½LQWU X ULVvQWUDUH½LQWU ULW½LQWU X ULWHWFÄDú LQWUD´ÄDLLQWUD´ÄDULQWUD´HWF 

PRGXO,1),1,7,9

&D úL WLPSXO YLLWRU $ úL 03 DO DFHOXLDúL PRG SHUIHFWXO LQILQLWLYXOXL QX DUH DXWRQRPLH VLQWDFWLF  vQWUXFkW H[FHSWkQG VLWXD LD SDUWLFXODU DYRUELULLLQGLUHFWH U WL REO TXD HOQXDSDUHúLQXSRDWH DS UHD vQWUR SURSR]L LH SULQFLSDO  FL IXQF LRQHD]  QXPDL vQ VXERUGRQDWHGHSHQGHQWHGHXQDQXPLWWLSGHYHUE 'LQSXQFWXOGHYHGHUHDOVWUXFWXULLPRUIRORJLFHH[LVW RGHRVH ELUHIXQGDPHQWDO vQWUHIRUPHOHFHORUGRX GLDWH]HFHDDFWLY HVWHVLP SO VLQWHWLF FHDPHGLRSDVLY HVWHFRPSXV DQDOLWLF SHULIUDVWLF  LQILQLWLYXOSHUIHFW$&7,9 $SDU LQH WHPHL GH SHUIHFW 73I  GH OD FDUH GH DOWIHO SRUQHúWH VFKHPDIRUPDWLY ILLQGXUP WRDUHD 73I6 XQGH6HVWHXQVXIL[FRPSOH[LVVH 





([RUQ XLVVHÄF DvPSRGRELW´ &D úL FRUHVSRQGHQWXO V X PHGLRSDVLY LQILQLWLYXO SHUIHFW DFWLY QXDIRVWPRúWHQLWGHOLPELOHURPDQLFH LQILQLWLYXOSHUIHFW0(',23$6,9

&RPSOHWHD] úLvQFKHLHVHULDWUHSWHORUWHPSRUDOHSHGLDWH]HDOH LQILQLWLYXOXLODWLQ8WLOL]DWQXPDLvQVXERUGRQDWHOHGHWLSFRPSOHWLY± QXPLWH GLQ DFHDVW  FDX]  ÄLQILQLWLYDOH´ ± SHUIHFWXO PHGLRSDVLY DO LQILQLWLYXOXL D IRVW LQFOXV GH JUDPDWLFLL ODWLQL DL HSRFLL LPSHULDOH vQ SDUDGLJPDLQILQLWLYXOXLFDXUPDUHDUHODWLYXQLWDUHLFRH]LXQLGLQWUH 333úLHVVH FX PHQ LXQHD F  vQ FKLS ILUHVF GDWRULW  SUH]HQ HL VDOH H[FOXVLYH vQ VWUXFWXUDIUD]HRORJLF DPLQWLW UHJHQW FRPSOHWLY LQILQLWLY 333 VHDIO vQWRWGHDXQDvQFD]XO$&VJSO ([RUQ WXPDPXPHVVHÄF DIRVWvPSRGRELW ´ RUQ W V VDHVVHÄF DXIRVWvPSRGREL LH´ 

02ù7(1,5($ 520$1,&  /DWLQD D WUDQVPLV OLPELORU VXFFHVRDUH WLSDUXO VWUXFWXUDO DO LQILQLWLYXOXL SHUIHFW PHGLRSDVLY SULQ UHXQLUHD HOH PHQWHORU OXL FRPSRQHQWH IU rWUH RUQpH  LW HVVHUH RUQDWR URP D IL IRVW vPSRGRELWYHUEXOvQVLQHHVWHFUHDWSHWHUHQURPkQHVF HWF

PRGXO3$57,&,3,8 ÌQ HSRFD LVWRULF  WLPSXO SHUIHFW DO SDUWLFLSLXOXL D IRVW DWDúDW úL IL[DW vQ FDGUXO GLDWH]HL PHGLRSDVLYH F S WkQG YDORUL VHPDQWLFH SULQ H[FHOHQ  SDVLYH ÌQ UHDOLWDWH IRUPD FDUH DYHD V  GHYLQ  vQ HSRFD LVWRULF SDUWLFLSLXO SHUIHFW SDVLY333 QXDDSDU LQXWODRULJLQLOH FULVWDOL] ULL OLPELL ODWLQH úL SkQ  vQ HSRFD SULPHORU WH[WH VFULVH VLVWH PXOXLFRQMXJ ULL  ÌQ FHHD FH SULYHúWH IRUPD 333 DVSHFWXO IRQHWLF DO DFHVWXLD vO DSURSLHDWkWGH7WHPDGHLQIHFWXPWHPDÄSUH]HQWXOXL´73 FkWúL vQ DOWH FD]XUL GH 73I 6H SRW LGHQWLILFD PDL PXOWH VLWXD LL PRUIR IRQHWLFHFDUH]XOWDWHDOHPRGXOXLGLIHULWGHIRUPDUHD333



5 W  W I U PRGLILF ULIRQHWLFH ,QILQLWLYSUH]HQWDFWLY G FWXVG FWDG FWXPÄ]LV ´G F UH G FWXVG FWDG FWXPÄGXV ´G F UH   5  W  W  FX PRGLILFDUHD IRQHWLF  D FRQVRDQHL ILQDOH D UDGLFDOXOXLVDXúLDVXIL[XOXL ± DVLPLODUHD úL VLPSOLILFDUHD JUXSXOXL FRQVRQDQWLF UH]XOWDW GLQ FRQWDFW

PLJVFWRV¾ PLFVFWRV¾ PLFVWRV¾PL[WXV  LQISUH]DFWPLVF UH  ±GHODELDOL]DUHDODELRYHODUHORU“DVXU]LUHDFRQVRDQHLVRQRUHILQDOHD UDGLFDOXOXL 

XQJXWRV¾ XQJWRV¾XQFWXV  ±HSHQWH]D

HPWRV¾ HPSWRV¾HPSWXV HP UH V PWRV¾ V PSWRV¾V PSWXV VXP UH

3ULQ XUPDUH GLQ SXQFW GH YHGHUH IRUPDO VH GLVWLQJH XQ JUXS FRQVLGHUDELOGH333FDUHSRUQLQGGHOD5SULPHVFVXIL[XOSDUWLFLSLDO GLUHFW QX SULQ LQWHUPHGLXO YUHXQHL YRFDOH LQGLIHUHQW GH RULJLQHD HL  ÌQ WUDGL LD JUDPDWLFDO  PRGHUQ  DWDUL 333 VXQW FXQRVFXWH VXE GHQXPLUHDGHÄSDUWLFLSLLWDUL´(OHVHvQWkOQHVFvQPDMRULWDWHDEVROXW  ODFRQMXJDUHDD,,,D 7 W  WD 5HSUH]LQW FHDGHDGRXDPRGDOLWDWHGHIRUPDUHD333úLDQXPH vQ UHOD LH GLUHFW  FX WHPD GH LQIHFWXP 73  úL LPSOLFLW LQGLUHFW FX DFHHD D SHUIHFWXOXL 73I  vQ VHULD ELQHFXQRVFXWHORU YHUEH QRPDOH ÄUHJXODWH´ GHFRQMXJDUHD,D,9DúLSDU LDOD,,D 7333 ,  ,, ,9 



RUQ  FDQW  G OH  DXGL  I QL 

RUQ UH FDQW UH G O UH DXG UH I Q UH

RUQ X  FDQW X  G O X  DXG X  I Q X 



RUQ  FDQW  G O  DXG  I Q 

RUQ WXV  FDQW WXV  G O WXV  DXG WXV  I Q WXV 



(VWHGHODVLQHvQ HOHVIDSWXOF IOH[LRQDUHDRULF UXL333VHUHDOL ]HD] GXS PRGHOXOH[WUHPGHU VSkQGLWDODGMHFWLYHORUGHGHFOLQDUHDD ,,DSHQWUXPDVFXOLQHúLQHXWUH úLGHFOLQDUHD,SHQWUXIHPLQLQH  

',1$0,608/&$7(*25,(,ù,02ù7(1,5($520$1,&  5RPkQD DWHVW  R ERJDW PRúWHQLUHIRUPDO úLVHPDQWLF D333ODWLQ DWkW vQ SULYLQ D SDUWLFLSLLORU ÄVODEH´ QRPDOH FkW úL vQ DFHHD D SDUWLFLSLLORU ÄWDUL´UDGLFDOH$SURDSHWXWXURUSDUWLFLSLLORUGLQURPkQ OHHVWHFDUDFWHULVWLF  ILQDOD VXIL[XO GH IDSW  W SUHFHGDW vQ JHQHUDO GH YRFDOD VSHFLILF  ILHF UHL FRQMXJ UL PkQFDW DX]LW KRW UkW HWF /D FRQMXJDUHD D ,,D VD JHQHUDOL]DW YRFDOD SUHVXIL[DO  X FD XUPDUH D PRGLILF ULL IRUPHL VXIL[XOXL SDUWLFLSLDO vQF GLQODWLQDSRSXODU DHSRFLLLPSHULDOH WXVvQORFGH WXV  XLG WXV¾

XHG WXV vQ ORF GH FODVLF X VXV  ¾ URP Y ]XW KDE WXV vQ ORF GH FODVLF KDE WXV ¾URPDYXW SODF WXVvQORFGHSODF WXV ¾URPSO FXW WHQ WXVvQ ORF GH WHQWXV  ¾ URP LQXW HWF /D FRQMXJDUHD D ,,,D FRH[LVW  vQ URPkQ  SDUWLFLSLL FX VXIL[XO VSHFLILF W FRQWLQXDWRDUH DOH SDUWLFLSLLORU ÄWDUL´ GLQ ODWLQ FRSW½FRFWXVLQILQLWLYSUH]HQWDFWLYFRTX UHÄDJ WL´ IULSW½IULFWXV LQILQLWLY IU J UH ÄD IULJH´ ÄD SU ML´  UXSW ½ UXSWXV LQILQLWLY UXPS UH ÄD UXSH´ VXSW½VXFWXVLQILQLWLYV J UHÄDVXJH´ IUkQW½IUD>Q@FWXVLQILQLWLY IUDQJ UH ÄD IUkQJH´ ÄD ]GUREL´  HWF 3H GH DOW  SDUWH vQ URPkQ  DSDU vQ QXP U UHPDUFDELO GH PDUH OD FRQMXJDUHD D ,,,D GDU VSRUDGLF úL OD IRVWH YHUEH GH FRQMXJDUHD D ,,D GLQ ODWLQD FODVLF  WUHFXWH OD D ,,,D vQ ODWLQD GXQ UHDQ úLGHDLFLvQURPkQ SDUWLFLSLLvQVFRQWLQXDWRDUHDOHIRUPHORU ODWLQHFXVOD333 5RPkQ   /DWLQ  FRQMXJDUHDD,,,D LQILQLWLY SDUWLFLSLX SDUWLFLSLX PHUVXV PHUV  PHUJ UH U VSXQV FRQMXJDUHDD,,D UHVSRQG UH UHVSRQVXV

 DUG UH DUV DUVXVLQX]LWDWvQHSRFD FODVLF   'XS PRGHOXODFHVWRUIRUPHSDUWLFLSLDOHPRúWHQLWHGLQODWLQ URPkQDD FUHDWSDUWLFLSLLQRLvQVGHúLSDUWLFLSLLOHODWLQHFDUHDUILWUHEXLWFRQWLQXDWH  QXvOFRQ LQHDX  FRQMXJDUHDD,,,D    

/DWLQ  LQILQLWLY SDUWLFLSLX LQFLQJ UH LQFLQFWXV VWULQJ UH VWULFWXV G FWXV G F UH

5RPkQ  SDUWLFLSLX vQFLQVDURP LPWX  VWUkQVDURPVWULPWX  ]LV

7,038/0$,08/7&$3(5)(&7 P R G X O ,1',&$7,9 $VHPHQHD LPSHUIHFWXOXL LQGLFDWLY PDLPXOWFDSHUIHFWXO SUHV FXUWDWPPFS HUDvQODWLQ XQWLPSUHODWLYvQVHQVXOF YDORDUHDOXL VHPDQWLF VHSUHFL]DvQUDSRUWFXXQDOWWLPSvQFD]XOGHID SHUIHFWXO vQFD]XOLPSHUIHFWXOXLWLPSXOUHSHUHUDSUH]HQWXO  9DORDUHDRULJLQDU DPPFSHUDDFHHDGHDH[SULPDRDF LXQH VWDUH vQFKHLDW  vQ WUHFXW PDL H[DFW R DF LXQH  VWDUH DQWHULRDU  FHOHL H[SULPDWHGHSHUIHFW 6FKHPD IRUPDWLY  OD GLDWH]D DFWLY  HVWH vQ FD]XO PPFS LQGLFDWLYXUP WRDUHD 73I6'3 XQGH6  U VFXUWDWLQWHUQODSHUVRDQD,VJ  LDU'3VXQWFHOHvQWkOQLWHúLQXHVWHRFRLQFLGHQ  ODLPSHUIHFWXO LQGLFDWLYDFWLY ([, RUQ X UDPÄHXvPSRGRELVHP´   RUQ X U VÄWXvPSRGRELVHúL´HWF ,,,VFULSV UDPÄHXVFULVHVHP´ VFULSV U VÄWXVFULVHVHúL´HWF  /D GLDWH]D PHGLRSDVLY  FD úL OD SHUIHFWXO LQGLFDWLY PPFS SUH]LQW  R IRUP  DQDOLWLF  SHULIUDVWLF  WUDGL LRQDO GHQXPLW  ÄFRPSXV ´HOHPHQWHOHFRPSRQHQWHILLQG  333HVVH DOYHUEXOXLODLQGLFDWLY SURSULX]LV LPSHUIHFW   ([,RUQ WXV HUDPÄHXIXVHVHPvPSRGRELW ´HWF  RUQ WXV HUDV RUQ WXV HUDW 

02ù7(1,5($520$1,&  ÌQ ODWLQD GXQ UHDQ  PPFS LQGLFDWLYXOXL DFWLY D IRVW vQORFXLW FX DFHODúLWLPSDOFRQMXQFWLYXOXLDFWLYFDUHSRVHG XQFRUSIRQHWLFPDLH[SUHVLY SULQ VRQRULWDWHD VD SDUWLFXODU  1X DYHP QLFLXQ PRWLY úL QLFLXQ DUJXPHQW SHUWLQHQWSHQWUXDDGPLWHFXPVHVXV LQHSUDFWLFvQXQDQLPLWDWHF WRFPDL úLQXPDL SHUVRDQDD,,,DSOXUDODPPFSLQGLFDWLYDFWLYFKLDUúLUHGXV  



IRQHWLFSULQGHVXIL[DUHODIRUPHOHÄVLQFRSDWH´GHWLSXOFDQW UDQWODXG UDQW HWF  VDU IL PRúWHQLW vQ URPkQ  GDU QX FD PPFS FL FD SHUIHFW VLQWHWLF ÄVLPSOX´FkQWDU O XGDU HWF ODDFHODúLUH]XOWDWIRQHWLFVHDMXQJHDGLUHFW SULQSHUIHFWXOODWLQVLQWHWLFPDLDOHVGHVXIL[DW SUHFXPODXG UXQWFDQW UXQW FO P UXQWHWFXQGH GLQWHUPLQD LDXQW DGHYHQLW SHWHUHQXOOLPELL URPkQH úL SH FDOH DQDORJLF  VLPLODU SUH]HQWXOXL LQGLFDWLY SHQWUX DFHHDúL SHUVRDQ  OD IRDUWH IUHFYHQWHOH YHUEH GH FRQMXJDUHD , >HL@ FkQW  ODXG  DVFXOW P QkQF HWF½FDQWDQWODXGDQWD>X@VFXOWDQWPDQG FDQWHWF 



P R G X O &21-81&7,9

([SULPkQGDúDFXPDPDU WDWPDLVXVYDORULOHPRGDOHDOHLUHD OLW LLúLUHJUHWXOXLSURLHFWDWHXQHRULvQWUHFXWPPFSFRQMXQFWLYXOXL DFXQRVFXWRXWLOL]DUHUHODWLYUDU vQODWLQDDUKDLF RFXUHQ DVDVSRULQG XOWHULRU 6FKHPD IRUPDWLY  HVWH DúDGDU XUP WRDUHD OD GLDWH]D DFWLY  73I6'3 XQGH6 LVV  '3VXQWDFHOHDúLFXFHOHvQWkOQLWHODWLPSXULOHGHULYDWHGLQVIHUD SUH]HQWXOXLFDúLGHOD73IFXH[FHS LDSHUIHFWXOXLvQVXúL ODSHUVRDQD ,VJILLQGSUHIHUDW úLDLFLGLQPRWLYHIRQHWLFHGHVLQHQ DFRQVRQDQWLF  P  ([,RUQ XLVVHPÄHXDúILvPSRGRELW´ RUQ XLVV VÄWXDLILvPSRGRELW´ RUQ XLVVHWÄHOHDDUILvPSRGRELW´HWF /DGLDWH]DPHGLRSDVLY IRUPDHVWHFDúLvQFD]XOFHORUODOWH WLPSXUL JUDYLWkQG vQ VIHUD SHUIHFWXOXL DQDOLWLF  SHULIUDVWLF  GHFL FRPSXV  GLQ 333 DO YHUEXOXL FRQMXJDELO úL LPSHUIHFWXO FRQMXQFWLY DO DX[LOLDUXOXL ,RUQ WXV HVVHPÄHXDúILIRVWvPSRGRELW ´HWF RUQ WXV HVVHV RUQ WXV HVVHW HWF  (92/8 ,$Ì1/$7,1 ù,02ù7(1,5($520$1,&  /LPED URPkQ  PRúWHQHúWH R ÄGHSODVDUH PRGDO ´ VXUYHQLW  vQ RSLQLD QRDVWU ODQLYHOXOODWLQHLGXQ UHQH0PFSFRQMXQFWLYXOXLODWLQVDPRúWHQLW vQURPkQ FDPPFSLQGLFDWLYODXGDXL VVHW¾HOHD O XGDVHGRUPLL VVHW ¾HOHD GRUPLVHHWF 

9,,7258/$17(5,25 9,,7258/,,  (VWHXQLFXOWLPSDQFRUDWvQWURVLQJXU UHDOLWDWHPRGDO DFHHDD LQGLFDWLYXOXL 6FKHPDIRUPDWLY HVWHXUP WRDUHDODGLDWH]DDFWLY  73I6'3 XQGH6  U  '3VXQWFHOHFXQRVFXWHODWRDWHPRGXULOHSHUVRQDOHúLWLPSXULOH DIHUHQWH SUH]HQWDWH SkQ  DFXP FX H[FHS LD SHUIHFWXOXL LQGLFDWLY /D SHUVRDQD D ,,,D SO GDWRULW  FRQIX]LHL FDUH VDU IL FUHDW FX IRUPD FRUHVSXQ] WRDUH GH SHUIHFW LQGLFDWLY  U QW  VD PHQ LQXW JUDGXO DSRIRQLF ¾   ([,RUQ X U ÄHXYRLILvPSRGRELW´ VJRUQ X U V RUQ X U W  RUQ X U PXV SORUQ X U WLV RUQ X U QW  'XS FXPVHREVHUY GRDUSHUVRDQD,VJFUHHD] RRSR]L LHIRU PDO ID GHFRQMXQFWLYXOSHUIHFWvQUHVWHDHVWHFRPSOHWDQXODW  /DG L D W H ] D PHGLRSDVLY IRUPDDúWHSWDW HVWHGHVLJXUXQD DQDOLWLF SHULIUDVWLF DOF WXLW GLQ333DOYHUEXOXLFRQMXJDWúLYLLWRUXO LQGLFDWLY DO OXL HVVH RUQ WXV   HU  ÄHX YRL IL IRVW vPSRGRELW´ RUQ WXV HULVHWF 02ù7(1,5($ 520$1,&  $SDUHQW VXUSULQ] WRU YLLWRUXO DQWHULRU QXDGLVS UXWFRPSOHWGLQSHLVDMXOURPDQLFGLPSRWULY vQDQXPLWH]RQHDOH ODWLQRIRQLHL HO D FXQRVFXW R UHPDUFDELO  SHUSHWXLWDWH 6D DU WDW F  DX FRQVHUYDW IRUPDO YLLWRUXO DQWHULRU DULLOH ODWHUDOH LEHULF  SH GH R SDUWH GDOPDWRGXQ UHDQ SHGHDOWDFXPRGLILF ULOHJDWHvQV GHVHPDQWLVPXOOXL FXYDORDUHGHYLLWRUVLPSOXvQVSDQLRO SRUWXJKH] úLGDOPDW FXYDORDUHGH FRQGL LRQDOSUH]HQWvQURPkQDYHFKHúLDURPkQ 





3(562$1$ù,180 58/ '3DOF WXLHVFXQVLVWHPWHUQDUGHUHOD LLUHSUH]HQWDELOVXEIRUPD XUP WRDUHLVFKHPH ,  /2&8725    ,,,,, ,17(5/2&8725'(/2&8725 $'/2&8725   3HUVRDQD , QXPHOHVXELHFW GHVHPQHD]  ORFXWRUXO DXWRUXO DFWXOXLYRUELULLFRPXQLF ULLDOPHVDMXOXLWUDQVPLVYHUEDOHWF  3HUVRDQDD,,DQXPHOHVXELHFWGHVHPQHD] LQWHUORFXWRUXOVDX DGORFXWRUXOGHVWLQDWDUXOSURGXVXOXLUH]XOWDWGLQDFWXOYRUELULLGHFL LQWDPHVDMXOXLYHUEDO  3HUVRDQD D ,,,D QXPHOHVXELHFW QX GHVHPQHD]  QLFL ORFXWRUXO QLFLLQWHUDGORFXWRUXOúLQLFLYUHRDOW HQWLWDWHSUH]HQW úLDFWLY vQDFWXO FRPXQLF ULL FL XQ RELHFW JUDPDWLFDO ILLQ  SHUVRDQ  OXFUX IHQRPHQ QDWXUDO SURFHV VWDUH FDOLWDWH FDQWLWDWH HWF  OD FDUH DFHVW DFW GH FRPXQLFDUH VDX GH YRUELUH  VH UHIHU  3HUVRDQD D ,,,D GHVHPQHD]  DúDGDU UHIHUHQWXO UHDOLWDWHD PDWHULDO  VDX LPDJLQDU  GHVSUH FDUH VH YRUEHúWHGHFLGHORFXWRUXO½ODWG ÄGHVSUH´úLORTXRUORTX ORF WXV VXPÄDYRUEL´  ÌQFHHDFHSULYHúWHQXP UXOJUDPDWLFDOGXS FXPHVWHFXQRV FXWvQUDSRUWFX,(FRPXQ úLFXDQXPLWHLGLRPXUL,(DQWLFHODWLQDD LQRYDW vQ PRG UHPDUFDELO VLPSOLILFkQG VHULD WHUQDU  D QXPHUHORU JUDPDWLFDOH VLQJXODUGXDOSOXUDO  SULQ UHGXFHUHD OD RSR]L LD ELQDU  VLQJXODUSOXUDO  &/$6(/('()/(;,81(ù,(92/8 ,$/25 &RQMXJDUHD, 'XS  VWDWLVWLFLOH DYL]DWH WRWDOXO YHUEHORU ODWLQH SRVHGkQG FD YRFDO  ILQDO  D WHPHL GH LQIHFWXP FDUDFWHULVWLFD   VH ULGLF  OD SHVWH GLQWUHFDUHDSUR[LPDWLYòFFD VXQWYHUEHED] VLPSOHLDU 

FHOHODOWHGHULYDWHGHODQXPHGHQRPLQDWLYH VDXGHODGLYHUVHIRUPH YHUEDOHGHYHUEDWLYH  'LQWUH GHYHUEDWLYH FHO PDL GHV vQWkOQLWH VXQW YHUEHOH IUHF YHQWDWLYHVLPSOHVDXGXEOHXWLOL]kQGvQSULPXOFD]VXIL[XO WvQ DO GRLOHD VXIL[XO LW ,QGLFkQG UHSHWDUHD ± DOWIHO VSXV IUHFYHQ D ULGLFDW ±DGHVI úXU ULLDF LXQLLVW ULLIUHFYHQWDWLYHOHDXFRQVWLWXLWR FDWHJRULHPRUIRVHPDQWLF IRDUWHSURGXFWLY GHDOXQJXOvQWUHJLLODWLQL W LPDLDOHVDFHOHLWkU]LL,DW FkWHYDH[HPSOH  9HUEED] 

)UHFYHQWDWLY,

)UHFYHQWDWLY,,

G FHUH ÄD]LFH´ FDQ UH ÄDFkQWD´

GLFW UH ÄD]LFHPHUHX´ FDQW UH ÄDFkQWDPHUHX úLFRQWLQXX ´ FDSW UH ÄDF XWDV SULQG ´ ÄDXUP UL´

GLFWLW UH ÄD]LFHWRWWLPSXO´ FDQWLW UH ÄDWRWFkQWD´ ÄDFkQWDDGHVHD´ FDSWLW UH ÄDSULQGHPHUHX´ ÄDFDSWD´

FDS UH ÄDOXD´ ÄDDSXFD´

 &HOH PDL QXPHURDVH IRUPD LL YHUEDOH VHFXQGDUH DSDU LQkQG FRQMXJ ULL,DXIRVWGHQRPLQDWLYHOHGHWLSXOF QDÄSUkQ]´ÄPDV ´ ±F Q UHÄDOXDPDVD´ÄDPkQFD´FRU QDÄFRURDQ ´±FRU Q UHÄD vPSRGRELFXFRURDQ ´ÄDvQFXQXQD´H[V XOÄH[LODW´±H[V XODUHÄD WU LvQH[LO´HWF  &RQMXJDUHDD,,D  (VWH FHD PDL V UDF  GLQWUH FODVHOH GH IOH[LXQH YHUEDO  FXSULQ ]kQG VXE  GH YHUEH GLQWUH FDUH QXPDL  VLPSOH UHVWXO ILLQG GHULYDWH 6H SRW GLVWLQJH FkWHYD WLSXUL SULQFLSDOH FD úL vQ FD]XO SUHFHGHQWHLFODVHGLQWUHFDUHDPLQWLP D YHUEHS U L P D U H  U D G L F D O H GHWLSXOIO UHÄDSOkQJH´ SO  UHS VWUDWGRDUvQGHULYDWHSUHFXPFRPSO UHÄDXPSOH´  E  YHUEH GHQRPLQDWLYH SRUQLWH GHFL GH OD GLYHUVH WHPH QRPLQDOH GHULYDWHFXVXIL[XO,( \H \RFO U UHÄDILvQOXPLQ  YLH´ÄDVWU OXFL´½FO UXVÄOXPLQRV´ DOE UHÄDILDOE´½DOEXVÄDOE´  HWF 



&RQMXJDUHDD,,,D  &XSULQGHD DSURDSH GH  RUL PDL PXOWH YHUEH GHFkW SUHFHGHQWD FODV  GH IOH[LXQH úL DQXPH DSUR[LPDWLY  GLQWUH FDUH GRDU  YHUEHVLPSOH 6HSRWGLVWLQJHúLDLFLXUP WRDUHOHVXEFODVH D YHUEHOHUDGLFDOH WHPDWLFHVLPSOHUDGLFDOXOXLSURSULX]LV 5 LVHDGDXJ 97HR I U QLFLRDOW SDUWLFXODULWDWHPRUIRORJLF  ([O J  LQILQSUH]DFWO J UHÄDFXOHJH´ G F  G F UHÄDGXFH´ G F  G F UHÄD]LFH´ DJ  DJ UHÄDPkQFD´  E YHUEHOHFXUHGXSOLFDUH ([G G LQILQSUH]DFWG G UHÄDGDGHODVLQH ´ YHUEXOED] GDUHÄDGD´  JLJQ LQILQSUH]DFWJLJQ UHÄDQDúWH´ UDGLFDO JHQ JQ  F YHUEHOHLQIL[DWHQD]DO ([ILQG LQILQSUH]DFWILQG UHÄDGHVSLFD´ 73IILGFISHUILQGLFDFWILG 76ILGFIVXSLQILVVXP  G YHUEHOHVXIL[DWH LQFRDWLYFXVF DFHVWVXIL[LQGLF vQFH SXWXOGHFODQú ULLDF LXQLLVDXDOPDQLIHVW ULLXQHLVW UL  ([DOE VF  LQILQSUH]DFWDOEHVF UHÄDVHIDFHDOE´ IULJ VF  IULJHVF UHÄDVHU FL´ H  YHUEH GHQRPLQDWLYH GH FHOH PDL PXOWH RUL HOH VXQW GHULYDWHGHODWHPHQRPLQDOHGHGHFOLQDUHDD,9D ([DFX UHÄDDVFX L´½DFXV VÄDF´ PHWX UHÄDDYHDRWHPHUH´½PHWXV VÄWHPHUH´ &RQMXJDUHDD,9D $ UHSUH]HQWDW FHD PDL UHFHQW  GDU úL XQD GLQWUH FHOH PDL SURGXFWLYHúLERJDWHFODVHGHIOH[LXQHGLQOLPEDODWLQ &DYHFKLPHHD QXDGHS úLWSHULRDGDFRPXQLW LLLWDOLFHÌQDQVDPEOXOHLFRQMXJDUHD D,9DDIRVWFUHDW GXS PRGHOXOSULPHLFODVHGHIOH[LXQH 

ÌQ FRPSRQHQ D DFHVWHL FRQMXJ UL LQWU  XUP WRDUHOH WLSXUL IRU PDWLYH D XQQXP UUHGXVGHYHUEHUDGLFDOHIL U ½ I HU ÄDVHIDFH´    VF UHÄDúWL´ÄDDIOD´ E YHUEHGHQRPLQDWLYHFUHDWHvQQXP UIRDUWHPDUHGHODWHPHQR PLQDOHvQLVXEVWDQWLYHúLDGMHFWLYH vQFRQVRDQ VXEVWDQWLYHSX LQ QXPHURDVH VDXvQ  DGMHFWLYH  IHEULVÄIHEU ´±IHEU UHÄDDYHDIHEU ´ I QLVÄKRWDU´±I Q UHÄDP UJLQL´ VXSHUEXVÄWUXIDú´±VXSHUE UHÄDILPkQGUX´ÄDVHPkQGUL´ F  YHUEH RQRPDWRSHLFH VDX LPLWDWLYH DO F URU UDGLFDO HVWH UHSUH ]HQWDWGHXQJUXSGHVXQHWHFDUHSULQOLPEDMUHSURGXFVXQHWHHPLVH UHJXODW VDX QX GH DQLPDOH RUL PDL UDU GH RELHFWH UHVSHFWLY RDPHQL vQDFHVWXOWLPFD]VHSRDWHYRUELGHVXQHWHÄIL]LRORJLFH´ EDUU UH ÄD PXJL´ GHVSUH HOHIDQW  ERPE UH ÄD Ek]kL´ ÄD ]XP] L´ GHVSUH DOELQH F F UU  UHÄDIDFHFXFXULJX´HWF 

(92/8 ,$ &21-8* 5,/25 Ì1 /$7,1  ù, Ì1 /,0%,/( 520$1,&( 'LUHF LLOHvQFDUHDXHYROXDWFHOHFRQMXJ ULODWLQHvQGHSODVDUHD ORUVSUHHSRFDURPDQLF DXIRVWvQHVHQ XUP WRDUHOH  GHODFRQMXJDUHDD,,,DODFRQMXJDUHD, &RQMXJDUHDD,,,DDIRVWGXS FXPVDDU WDWXQDÄQHUHJXODW úL QHSURGXFWLY ´ 'LQVSUH HD VSUH FHOHODOWH FRQMXJ UL VD SHWUHFXW XQ FRQWLQXXSURFHVGHPLJUD LHÌQF GLQHSRFDFODVLF VXQWFLWDWHGXEOHWH SUHFXPSLQV UH±SLQV UHÄDP FLQD´ÄDSLVD´¾URP>D@SLVD  &RQMXJDUHD , VD GRYHGLW D IL FHD PDL SURGXFWLY  vQ GHFXUVXO vQWUHJLL ODWLQLW L QXP UXO YHUEHORU VSRULQG SHUPDQHQW (VWH ILUHVF IDSWXOF OLPELOHURPDQLFHDXPRúWHQLWI U H[FHS LHDFHDVW FODV GH IOH[LXQH ÌQ WRDWH OLPELOH URPDQLFH FHOH PDL QXPHURDVH YHUEH ODWLQH PRúWHQLWH DSDU LQ FRQMXJ ULL , ùL vQ OLPED URPkQ  ± GHúL LQL LDO PDMRULWDWHD YHUEHORU ODWLQH PRúWHQLWH DSDU LQHD FRQMXJ ULL D ,9D ± SUHSRQGHUHQWHDXGHYHQLWvQHSRFDPRGHUQ YHUEHOHGHFRQMXJDUHD,  GHODFRQMXJ ULOHD,,,DúLD,,DODFRQMXJDUHDD,9D &RQMXJDUHDD,9DFHDPDLQRX DGHYHQLWúLHDFDúLFRQMXJD UHD , SURGXFWLY  vQ OLPED ODWLQ  GHVLJXU vQ WHPHLXO FDUDFWHUXOXL HL UHJXODW (D VD vPERJ LW vQF  GLQ HSRFD DUKDLF  XOWHULRU FODVLF  FX 



YHUEHOH FDUH DYHDX 97   WUHFXWH vQ PRG ILUHVF OD FODVD GH IOH[LXQH DYkQG6 FXS UHPRU UHSDU UHHWFvQORFGHFXS UHPRULSDU UH HWF  WUDQVIHUXULUHFLSURFH,, ,,,úL,,, ,,  $FHVW WLS GH PLJUD LH GXEO  VD GDWRUDW IDSWXOXL F  SHQWUX YRUELWRUXO RELúQXLW DPEHOH FODVH GH IOH[LXQH SRVHGDX DFHHDúL YRFDO  VSHFLILF  DYkQG WLPEUXO H GLIHUHQ D ILLQG GDW  GRDU GH FDQWLWDWH KDE UH ID GHGLF UH 9RUELWRULLOHDXSXWXWLQYHUVDGLQQHDWHQ LHVDXGLQOLSV GHHGXFD LHúFRODU úLFXOWXU $XDS UXWDVWIHO VDS UH ¾ LW VDSHUH IU VDYRLU FDWDO SURY VDEHU  ODW FXOW VDS UH

FDG UH¾LWFDGHUHIUFKRLUURPF GHUH ODWFXOWFDG UH

XRO UH¾IUYRXORLUURPYUHUH ODWFXOWXHOOH 'XS FXPVDDU WDWODWLQDDDWHVWDW±FHOSX LQODQLYHOXORUDOLW LL± R SHUPDQHQW  IOXFWXD LH vQWUH FHOH GRX  FODVH GH IOH[LXQH vQUXGLWH úL DVHP Q WRDUH IDSW FDUH D SUHVXSXV ÄXQ FRQVLGHUDELO HIRUW GH XQLILFDUH´ 3UDFWLFOLPELOHURPDQLFHDXWLQVV FRQWRSHDVF V VXSUDSXQ YHUEHOHvQ  UHúL UHFXSUHF GHUHVSDQLRODúLURPkQD GDUvQPRGGLIHULWURPkQD DDYXWúLDUHvQF  WHQGLQ DGHDWUHFHODFRQMXJDUHDD,,,DDSURDSHWRDWH YHUEHOHGHFRQMXJDUHDD,,DGLQODWLQ DU PkQHvQORFGHDU PkQHD D LQHvQORFGHD LQHD>LHúLWGLQX]@DSODFHvQORFGHDSO FHDHWF vQ YUHPHFHOLPELOHLEHULFHVSDQLRODúLSRUWXJKH]DvQVSH DWHVW WHQGLQ D LQYHUV WUHFkQGODFRQMXJDUHDvQLYHUEHGHFRQMXJDUHDD,,,DWRWXúLúL vQ OLPELOH LEHULFH QXPHURDVH YHUEH PRúWHQLWH GLQ ODWLQ  WUHF GH OD FRQMXJDUHDD,,DODD,,,D



&$3,72/8/,; 

025)2/2*,$9(5%8/8,,,  )/(;,81($120$/ $&7,9 ù,0(',23$6,9    $)OH[LXQHDQRPDO FRPSOHW 



,1',&$7,935(=(17 , Q  Q V Q W Q PXV Q WLV QDQW

G G G G G G



ÄG UXLHVF´

G G G G G G

, QRU  Q ULV Q WXU Q PXU Q PQ QDQWXU

ÄHXVXQW G UXLW ´

G G G G 

Q Q Q Q

, EDP  E V EDW E PXV

GH

 G V G W G PXV G WLV GHQW

VX VX VX VX VX VX

$&7,9

,,

XLQF

 XLQF V XLQF W XLQF PXV XLQF WLV XLQFXQW

ÄVI WXLHVF´

VX VX VX VX VX VX

,, GHRU

 G ULV G WXU G PXU G PQ GHQWXU

G G G G

ÄvQYLQJ´



ÄGRUHVF´

0(',23$6,9 ,,, XLQFRU

 FXSLRU

 XLQF ULV FXS ULV XLQF WXU FXS WXU XLQF PXU FXS PXU XLQF P Q  FXS P Q  XLQFXQWXU FXSLXQWXU

ÄHXVXQW

ÄHXVXQW vQYLQV ´ GRULW ´  ,1',&$7,9,03(5)(&7  $&7,9 ,, ,,, EDP

 XLQF EDP

 FXSL EDP

 E V XLQF E V FXSL E V EDW XLQF EDW FXSL EDW E PXV XLQF E PXV FXSL E PXV

ÄHXVXQW VI WXLW ´

VX VX VX VX



,,, FXSL

 FXS V FXS W FXS PXV FXS WLV FXSLXQW



,9 DXGL

 DXG V DXG W DXG PXV DXG WLV DXGLXQW



ÄDXG´

,9 DXGLRU

 DXG ULV DXG WXU DXG PXU DXG P Q  DXGLXQWXU



ÄHXVXQW DX]LW ´

DXGL DXGL DXGL DXGL

,9 EDP

 EDV EDW E PXV 

G Q E WLV G Q EDQW

VX G E WLV VX G EDQW

ÄHXG UXLDP´

ÄHX VI WXLDP´

 G G G G G G

Q Q Q Q Q Q

, EDU  E ULV E WXU E PXU E PQ EDQWXU

VX VX VX VX VX VX

ÄHXHUDP G UXLW ´ 

G G G G G G



Q Q Q Q Q Q

ÄHXYRL G UXL´

FXSL E WLV FXSL EDQW

DXGL E WLV DXGL EDQW









ÄHX vQYLQJHDP´

ÄHX GRUHDP´

0(',23$6,9 ,, ,,, EDU

 XLQF EDU

 FXSL E ULV XLQF E ULV FXSL E WXU XLQF E WXU FXSL E PXU XLQF E PXU FXSL E P Q  XLQF E P Q  FXSL EDQWXU XLQF EDQWXU FXSL



ÄHXHUDP VI WXLW ´

, E  ELV ELW E PXV E WLV EXQW

, G Q ERU  G Q E ULV G Q E WXU G Q E PXU G Q E P Q  G Q EXQWXU

ÄHXYRLIL G UXLW ´ 

G G G G G G

XLQF E WLV XLQF EDQW



ÄHXHUDP vQYLQV ´

EDU

 E ULV E WXU E PXU E PQ EDQWXU



ÄHXYRL VI WXL´



ÄHXYRL vQYLQJH´

DXGL DXGL DXGL DXGL DXGL DXGL





ÄHXYRL GRUL´

,9 EDU

 E ULV E WXU E PXU E PQ EDQWXU



ÄHXHUDP GRULW ´

,1',&$7,99,,725,  $&7,9 ,, ,,, G E

 XLQFDP

 FXSLDP

 G ELV XLQF V FXSL V G ELW XLQFHW FXSLHW G E PXV XLQF PXV FXSL PXV G E WLV XLQF WLV FXSL WLV G EXQW XLQFHQW FXSLHQW

VX VX VX VX VX VX

ÄHX DX]HDP´

ÄHXHUDP DX]LW ´

,9 DXGLDP

 DXGL V DXGLHW DXGL PXV DXGL WLV DXGLHQW



0(',23$6,9 ,, ,,, VX G ERU

 XLQFDU

 FXSLDU

 VX G E ULV XLQF ULV FXSL ULV VX G E WXU XLQF WXU FXSL WXU VX G E PXU XLQF PXU FXSL PXU VX G E P Q  XLQF P Q  FXSL P Q  VX G EXQWXU XLQFHQWXU FXSLHQWXU

ÄHXYRLIL

ÄHXYRLIL

ÄHXYRL VI WXLW ´ vQYLQV ´ ILGRULW ´

ÄHXYRL DX]L´

,9 DXGLDU

 DXGL ULV DXGL WXU DXGL PXU DXGL P Q  DXGLHQWXU



ÄHXYRL ILDX]LW ´

G G G G G G

, QHP  Q V QHW Q PXV Q WLV QHQW

VX VX VX VX VX VX

G G G G G G

ÄHXV  VI WXLHVF´

, QHU  Q ULV Q WXU Q PXU Q PQ QHQWXU

,, GHDU

 GH ULV GH WXU GH PXU GH P Q  GHDQWXU

ÄHXV ILX G UXLW ´ 





Q Q Q Q Q Q

, UHP  U V UHW U PXV U WLV UHQW

ÄHXDúG UXL´





ÄHXV  G UXLHVF´ 

G G G G G G

&21-81&7,935(=(17  $&7,9 ,, ,,, GHDP

 XLQFDP

 FXSLDP

 GH V XLQF V FXSL V GHDW XLQFDW FXSLDW GH PXV XLQF PXV FXSL PXV GH WLV XLQF WLV FXSL WLV GHDQW XLQFDQW FXSLDQW



VX VX VX VX VX VX

ÄHXV ILX VI WXLW ´

VX VX VX VX VX VX



ÄHXV  vQYLQJ´



ÄHXV  GRUHVF´

0(',23$6,9 ,,, XLQFDU

 FXSLDU

 XLQF ULV FXSL ULV XLQF WXU FXSL WXU XLQF PXU FXSL PXU XLQF P Q  FXSL P Q  XLQFDQWXU FXSLDQWXU









ÄHXV  DXG´

,9 DXGLDU

 DXGL ULV DXGL WXU DXGL PXU DXGL P Q  DXGLDQWXU



ÄHXV ILX GRULW ´

ÄHXV  ILXDX]LW ´

&21-81&7,9,03(5)(&7  $&7,9 ,, ,,, G UHP

 XLQF UHP

 FXS UHP

 G U V XLQF U V FXS U V G UHW XLQF UHW FXS UHW G U PXV XLQFHU PXV FXSHU PXV G U WLV XLQFHU WLV FXSHU WLV G UHQW XLQF UHQW FXS UHQW

,9 DXG UHP

 DXG U V DXG UHW DXG U PXV DXG U WLV DXG UHQW



ÄHXDú VI WXL´

ÄHXV ILX vQYLQV ´

,9 DXGLDP

 DXGL V DXGLDW DXGL PXV DXGL WLV DXGLDQW



ÄHXDú vQYLQJH´



ÄHXDú GRUL´



ÄHXDú DX]L´



G G G G G G

, Q UHU  Q U ULV Q U WXU Q U PXU Q U PQ Q UHQWXU

VX VX VX VX VX VX

ÄHXDúIL UXJDW ´ 

G G G G G G

0(',23$6,9 ,, ,,, UHU

 XLQF UHU

 FXS UHU

 U ULV XLQFHU ULV FXSHU ULV U WXU XLQFHU WXU FXSHU WXU U PXU XLQFHU PXU FXSHU PXU U P Q  XLQFHU P Q  FXSHU P Q  UHQWXU XLQFHUHQWXU FXSHUHQWXU



ÄHXDúIL VI WXLW ´



ÄHXDúIL vQYLQV ´



ÄHXDúIL GRULW ´

,9 DXG UHU

 DXG U ULV DXG U WXU DXG U PXU DXG U P Q  DXG UHQWXU



ÄHXDúIL DX]LW ´

, G Q  G Q WH

,03(5$7,935(=(17  $&7,9 ,, ,,, VX G

 XLQFH

 FXSH

 VX G WH XLQF WH FXS WH

,9 DXG

 DXG WH







ÄG UXLHúWH´ 

ÄVI WXLHúWH´



ÄvQYLQJH´



ÄGRUHúWH´

, G Q UH  G Q P Q 

0(',23$6,9 ,, ,,, VX G UH

 XLQF UH

 FXS UH

 VX G P Q  XLQF P Q  FXS P Q 

,9 DXG UH

 DXG P Q 







ÄILLG UXLW ´ 



ÄILL ÄILL VI WXLW ´ vQYLQV ´



ÄILL GRULW ´

,03(5$7,99,,725  $&7,9 , ,, ,,, G Q W  VX G W

 XLQF W

 FXS W

 VX G W  XLQF W  FXS W  G Q W  G Q W WH VX G W WH XLQF W WH FXS W WH G QDQW  VX GHQW  XLQFXQW  FXSLXQW 





ÄV  ÄV  ÄV  ÄV  G UXLHúWL´ VI WXLHúWL´ vQYLQJL´ GRUHúWL´ 



ÄDX]L´

ÄILL DX]LW ´

,9 DXG W

 DXG W  DXG W WH DXGLXQW 



ÄV  DX]L´

0(',23$6,9 , ,, ,,, G Q WRU  VX G WRU

 XLQF WRU

 FXS WRU

 XLQF WRU FXS WRU G Q WRU VX G WRU     G QDQWRU VX GHQWRU XLQFXQWRU FXSLXQWRU





ÄV ILL ÄV ILL VI WXLW ´ vQYLQV ´

ÄV ILL G UXLW ´ 



ÄV ILL GRULW ´

,9 DXG WRU

 DXG WRU  DXGLXQWRU



ÄV ILL DX]LW ´

,1),1,7,935(=(17  $&7,9 ,, ,,, ,9 VX G UH

 XLQF UH

 FXS UH

 DXG UH





ÄDVI WXL´ ÄDvQYLQJH´

ÄDGRUL´

ÄDDX]L´

, G Q UH 

ÄDG UXL´   0(',23$6,9 G Q U  VX G U

 XLQF



ÄDIL G UXLW´ 





ÄDILVI WXLW´

ÄDIL vQYLQV´

FXS





ÄDIL GRULW´

3$57,&,3,8/35(=(17  $&7,9 ,, ,,, VX GHQV

 XLQFHQV

 FXSLHQV

 VX GHQWLV XLQFHQWLV FXSLHQWLV

, 1G QDQV  *G QDQWLV





ÄFDUH ÄFDUH VI WXLHúWH´ vQYLQJH´ ÄVI WXLQG´ ÄvQYLQJkQG´

ÄFDUH G UXLHúWH´ ÄG UXLQG´ 

DXG U





ÄDIL DX]LW´

,9 DXGLHQV

 DXGLHQWLV



ÄFDUH GRUHúWH´ ÄGRULQG´



ÄFDUH DXGH´ ÄDX]LQG´

*(581=,8/  $&7,9

, ,, ,,, ,9 1     *G QDQG  VX GHQG

 XLQFHQG

 FXSLHQG

 DXGLHQG

 XLQFHQG  FXSLHQG  DXGLHQG  '$%/G QDQG  VX GHQG  $&DGG QDQGXP DGVX GHQGXP DGXLQFHQGXP DGFXSLHQGXP DGDXGLHQGXP

ÄGHDG UXL´ 



ÄGHDVI WXL´



ÄGHDvQYLQJH´

ÄGHDGRUL´



ÄGHDDX]L´ 

*(581',98/ 3$57,&,3,8/9,,7253$6,9  , ,, ,,, ,9 G QDQGXV VX GHQGXV XLQFHQGXV FXSLHQGXV DXGLHQGXV DXP

 DXP

 DXP

 DXP  DXP





ÄFDUH WUHEXLH G UXLW ´ 

ÄFDUH WUHEXLH VI WXLW ´

, ,, $&G Q WXP  VX VXP

 VX V  $%/G Q W 

ÄSHQWUXD G UXL´$&  ÄGHG UXLW´ $%/  

ÄFDUH WUHEXLH vQYLQV ´ 683,18/ XLFWXP

 XLFW 



ÄSHQWUX

ÄSHQWUX DVI WXL´ DvQYLQJH´ $& ÄGH $& ÄGH VI WXLW´ vQYLQV´ $%/  $%/ 





ÄFDUHYD G UXL´ 

ÄF YDG UXL´

ÄFDUHYD VI WXL´



ÄFDUHYD vQYLQJH´

,9 DXG WXP

 DXG W 







ÄSHQWUXD GRUL´$&  ÄGHGRULW´ $%/ 



ÄSHQWUX DDX]L´ÄGH DX]LW´ $%/ 



ÄF YDVI WXL´



ÄF YDvQYLQJH´

,9 DXG W UXV DXP





ÄFDUHYD GRUL´

,1),1,7,99,,725  $&7,9

  

ÄFDUH WUHEXLH DX]LW ´

,,, FXS WXP

 FXS W 

, ,, ,,, G Q W UXP VX V UXP XLFW UXP FXS W UXP G Q W UDPHVVH VX V UDPHVVH

 XLFW UDPHVVH

 FXS W UDP VX V UXP XLFW UXP FXS W UXP G Q W UXP





ÄFDUH WUHEXLH GRULW ´

3$57,&,3,8/9,,725  $&7,9 ,, ,,, VX V UXV XLFW UXV FXS W UXV DXP

 DXP

 DXP



, G Q W UXV DXP 







ÄFDUH YDDX]L´

,9 DXG W UXP DXG W UDPHVVH

 DXG W UXP

ÄF YDGRUL´



ÄF YDDX]L´

0(',23$6,9 , ,, ,,, G Q WXP U  VX VXP U

 XLFWXP U

 FXS WXP U



ÄF YDIL G UXLW ´ 



ÄF YDIL VI WXLW ´



ÄF YDIL vQYLQV ´

,9 DXG WXP U









ÄF YDIL GRULW ´

ÄF YDIL DX]LW ´

3$57,&,3,8/3(5)(&7  0(',23$6,9 , ,, ,,, ,9 G Q WXVD VX VXVD XLFWXVDXP

FXS WXVDXP

DXG WXV XP  XP

 DXP



ÄG UXLW ´

ÄVI WXLW ´

ÄvQYLQV ´

ÄGRULW ´  ,1',&$7,98/3(5)(&7 , VX G Q X  G Q XLVW  VX VX G Q XLW G Q X PXV VX G Q XLVWLV VX G Q X UXQW VX  UH 





ÄHXDP G UXLW´ 



ÄDX]LW ´

$&7,9 ,, ,,, ,9 V

 X F

 FXS X

 DXG X

 VLVW  X FLVW  FXS X LVW  DXG XLVW  VLW X FLW FXS X LW DXG XLW V PXV X F PXV FXS X PXV DXG X PXV VLVWLV X FLVWLV FXS X LVWLV DXG XLVWLV V UXQW UH  X F UXQW UH  FXS X UXQW DXG X UXQW  UH   UH 

ÄHXDP VI WXLW´



ÄHXDP vQYLQV´



ÄHXDP GRULW´



ÄHXDP DX]LW´

0(',23$6,9  ,,,,,9 G Q WXVDXPXLFWXVDXPDXG WXVDXPVXP ,,,,,HV VX VXVDXPFXS WXVDXPHVW  ÄHXDPIRVWG UXLW VI WXLW vQYLQV GRULW DX]LW ´ ÄWXDLIRVW«´  

,,,,,9 G Q W DHDXLFW DHDDXG W DHDVXPXV ,,,,,HVWLV VX V DHDFXS W DHDVXQW  ÄQRLDPIRVWG UXL LWHVI WXL LWHvQYLQúLVHGRUL LWHDX]L LWH´ ÄYRLD LIRVW«´  ,1',&$7,98/0$,08/7&$3(5)(&7

G G G G G G

Q Q Q Q Q Q

, X UDP  X U V X UDW X U PXV X U WLV X UDQW

ÄHXG UXLVHP´



VX VX VX VX VX VX VI

,, V UDP

 V U V V UDW V U PXV V U WLV V UDQW

ÄHX WXLVHP´

$&7,9

,,, ,9 UDP

 FXS X UDP

 DXG X UDP

 U V FXS X UDV DXG X U V UDW FXS X UDW DXG X UDW U PXV FXS X U PXV DXG X U PXV U WLV FXS X U WLV DXG X U WLV UDQW FXS X UDQW DXG X UDQW







ÄHX ÄHX ÄHX vQYLQVHVHP´ GRULVHP´ DX]LVHP´

XF XF XF XF XF XF

0(',23$6,9  ,,,,,9 G Q WXVDXPXLFWXVDXPDXG WXVDXPHUDP ,,,,,HU V VX VXVDXPFXS WXVDXPHUDW  ÄHXIXVHVHPG UXLW VI WXLW vQYLQV GRULW DX]LW ´ ÄWXIXVHVHúL«´  ,,,,,9 G Q W DHDXLFW DHDDXG W DHDHU PXV ,,,,,HU WLV VX V DHDFXS W DHDHUDQW  ÄQRLIXVHVHU PG UXL LWHVI WXL LWHvQYLQúLVHGRUL LWHDX]L LWH´ ÄYRLIXVHVHU L«´



,1',&$7,99,,725$17(5,25,,  $&7,9 , ,, ,,, Q X UR  VX V UR

 X F UR

 FXSLX UR

 Q X ULV VX V ULV X F ULV FXSLX ULV Q X ULW VX V ULW X F ULW FXSLX ULW Q XHU PXV VX VHU PXV X FHU PXV FXSLX HU PXV Q XHU WLV VX VHU WLV X FHU WLV FXSLX HU WLV Q X ULQW VX V ULQW X F ULQW FXSLX ULQW

G G G G G G

ÄHXYRLIL G UXLW´ 



ÄHXYRLIL

ÄHXYRL VI WXLW´ ILvQYLQV´



ÄHXYRLIL GRULW´

,9 DXG X UR

 DXG X ULV DXG X ULW DXG XHU PXV DXG XHU WLV DXG X ULQW



ÄHXYRLIL DX]LW´

0(',23$6,9 ,,,,,9 G Q WXVDXPXLFWXVDXPDXG WXVDXPHUR ,,,,,HULV VX VXVDXPFXS WXVDXPHULW  ÄHXYRLILIRVWG UXLW VI WXLW vQYLQV GRULW DX]LW ´ ÄWXYHLILIRVW«´  ,,,,,9 G Q W DHDXLFW DHDDXG W DHDHU PXV ,,,,,HU WLV VX V DHDFXS W DHDHUXQW  ÄQRLYRPILIRVWG UXL LWHVI WXL LWHvQYLQúLVHGRUL LWHDX]L LWH´ ÄYRLYH LILIRVW«´



&21-81&7,98/3(5)(&7 G G G G G G



Q Q Q Q Q Q

, X ULP  X ULV X ULW XHU PXV XHU WLV X ULQW

ÄHXV IL G UXLW´

,, V ULP

 V ULV V ULW VHU PXV VHU WLV V ULQW

VX VX VX VX VX VX

ÄHXV IL VI WXLW´

$&7,9 X F ULP

 X F ULV X F ULW X FHU PXV X FHU WLV X F ULQW



ÄHXV IL vQYLQV´

,,, FXSLX ULP

 FXSLX ULV FXSLX ULW FXSLX HU PXV FXSLX HU WLV FXSLX ULQW



ÄHXV IL GRULW´

,9 DXG X ULP

 DXG X ULV DXG X ULW DXG XHU PXV DXG XHU WLV DXG X ULQW



ÄHXV IL DX]LW´ 

0(',23$6,9  ,,,,,9 G Q WXVDXPXLFWXVDXPDXG WXVDXPVLP ,,,,,V V VX VXVDXPFXS WXVDXPVLW  ÄHXV ILIRVWG UXLW VI WXLW vQYLQV GRULW DX]LW ´ ÄWXV ILIRVW«´ ,,,,,9 G Q W DHDXLFW DHDDXG W DHDV PXV ,,,,,V WLV VX V DHDFXS W DHDVLQW  ÄQRLV ILIRVWG UXL LWHVI WXL LWHvQYLQúLVHGRUL LWHDX]L LWH´ ÄYRLV ILIRVW«´  &21-81&7,98/0$,08/7&$3(5)(&7 $&7,9 G G G G G G

Q Q Q Q Q Q

, XLVVHP  XLVV V XLVVHW XLVV PXV XLVV WLV XLVVHQW

ÄHXDúILG UXLW´ 

,, VLVVHP

 VLVV V VLVVHW VLVV PXV VLVV WLV VLVVHQW

VX VX VX VX VX VX

ÄHXDúIL VI WXLW´

X FLVVHP

 X FLVV V X FLVVHW X FLVV PXV X FLVV WLV X FLVVHQW



ÄHXDúIL vQYLQV´

,,, FXSLX LVVHP

 FXSLX LVV V FXSLX LVVHW FXSLX LVV PXV FXSLX LVV WLV FXSLX LVVHQW



ÄHXDúIL GRULW´

,9 DXG XLVVHP

 DXG XLVV V DXG XLVVHW DXG XLVV PXV DXG XLVV WLV DXG XLVVHQW



ÄHXDúIL DX]LW´

0(',23$6,9  ,,,,,9 G Q WXVDXPXLFWXVDXPDXG WXVDXPHVVHP ,,,,,HVV V VX VXVDXPFXS WXVDXPHVVHW  ÄHXDúILIRVWG UXLW VI WXLW vQYLQV GRULW DX]LW ´ ÄWXDLILIRVW«´  

,,,,,9 G Q W DHDXLFW DHDDXG W DHDHVV PXV ,,,,,HVV WLV VX V DHDFXS W DHDHVVHQW  ÄQRLDPILIRVWG UXL LWHVI WXL LWHvQYLQúLVHGRUL LWHDX]L LWH´ ÄYRLD LILIRVW«´  ,1),1,7,93(5)(&7 $&7,9 , ,, G Q XLVVH  VX VLVVH

 X FLVVH



ÄF D G UXLW´ 



ÄF D VI WXLW´



ÄF D vQYLQV´

,,, FXSLX LVVH





ÄF DGRULW´

,9 DXG XLVVH





ÄF D DX]LW´

0(',23$6,9 ,, G Q WXPDPXP G Q W V VD  ,,,, VX VXPDPXP

VX V V VD

 ,,,,,, XLFWXPDPXP

HVVHXLFW V VD

HVVH ,,,,,, FXS WXPDPXP

FXS W V VD

 ,9,9 DXG WXPDPXP

DXG W V VD

 

ÄF DIRVWG UXLW ´ ÄF DXIRVWG UXL LWH´



ÄF DIRVWVI WXLWD´ ÄF DXIRVWVI WXL LWH´



ÄF DIRVWvQYLQV ´ ÄF DXIRVWvQYLQúLVH´



ÄF DIRVWGRULW ´ ÄF DXIRVWGRUL LWH´





ÄF DIRVWDX]LW ´ ÄF DXIRVWDX]L LWH´ 





%)OH[LXQHDQRPDO GHSRQHQW PHGLH  , X QRU  X Q ULV

,1',&$7,935(=(17 ,, ,,, XHUHRU

 IXQJRU

 SDWLRU

 XHU ULV IXQJ ULV SDW ULV

ÄHX YkQH]´ 

ÄHX UHVSHFW´



ÄHX vQGHSOLQHVF´

,9 SDUWLRU

 SDUW ULV



ÄHX VXI U´



ÄHX vPSDUW´

,1',&$7,9,03(5)(&7 , ,, ,,, ,9 IXQJ EDU

 SDWL EDU

 SDUWL EDU

 X Q EDU  XHU EDU

 IXQJ E ULV SDWL E ULV SDUWL E ULV X Q E ULV XHU E ULV

ÄHX YkQDP´







ÄHX ÄHX UHVSHFWDP´ vQGHSOLQHDP´



ÄHX VXIHUHDP´



ÄHXvPS U HDP´

,1',&$7,99,,725, , X Q ERU  X Q EHULV

,, XHU ERU

 XHU EHULV

IXQJDU

 IXQJ ULV

,,, SDWLDU

 SDWL ULV



ÄHXYRL ÄHXYRL

ÄHXYRL

ÄHXYRL YkQD´ UHVSHFWD´ VXIHUL´ vQGHSOLQL´  ,1',&$7,93(5)(&7 , ,, ,,, IXQFWXV SDVVXV X Q WXV XHULWXV DXPVXP  DXPVXP

 DXPVXP

 DXPVXP

 IXQFWXV SDVVXV X Q WXV XHULWXV DXPHV DXPHV DXPHV DXPHV

ÄHXDP YkQDW´



ÄHXDP UHVSHFWDW´



ÄHXDP vQGHSOLQLW´



ÄHXDP VXIHULW´

,9 SDUWLDU

 SDUWL ULV



ÄHXYRL vPS U L´

,9 SDUW WXV DXPVXP

 SDUW WXV DXPHV



ÄHXDP vPS U LW´

 



 /D PRGXULOH SHUVRQDOH VXQW LQGLFDWH PDL MRV QXPDL SULPHOH GRX  SHUVRDQH JUDPDWLFDOHGHODVLQJXODUUHVSHFWLYXQDVLQJXU ODLPSHUDWLY 



  ,1',&$7,90$,08/7&$3(5)(&7 , X Q WXV DXPHUDP  X Q WXV DXPHU V

,, XHULWXV DXPHUDP

 XHULWXV DXPHU V



ÄHX YkQDVHP´



ÄHX ÄHX UHVSHFWDVHP´ vQGHSOLQLVHP´

, X Q WXV DXPHUR  X Q WXV DXPHULV

,,, IXQFWXV SDVVXV DXPHUDP

 DXPHUDP

 IXQFWXV SDVVXV DXPHU V DXPHU V







, X QHU  X Q ULV

ÄV  YkQH]´ , X Q UHU  X Q U ULV

ÄHXYRLIL UHVSHFWDW´



ÄHXYRLIL vQGHSOLQLW´



ÄHXYRLIL VXIHULW´

&21-81&7,935(=(17 ,, ,,, XHUHDU

 IXQJDU

 SDWLDU

 XHUH ULV IXQJ ULV SDWL ULV

ÄV  UHVSHFW´



ÄV  vQGHSOLQHVF´



ÄHX VXIHULVHP´

,1',&$7,99,,725$17(5,25,,  ,, ,,, XHULWXV IXQFWXV SDVVXV DXPHUR

 DXPHUR

 DXPHUR

 XHULWXV IXQFWXV SDVVXV DXPHULV DXPHULV DXPHULV

ÄHXYRLIL YkQDW´

,9 SDUW WXV DXPHUDP

 SDUW WXV DXPHU V



ÄV  VXI U´

&21-81&7,9,03(5)(&7 ,, ,,, XHU UHU

 IXQJ UHU

 SDW UHU

 XHU U ULV IXQJHU ULV SDWHU ULV

ÄHX vPS U LVHP´ ,9 SDUW WXV DXPHUR

 SDUW WXV DXPHULV



ÄHXYRLIL vPS U LW´

,9 SDUWLDU

 SDUWL ULV



ÄV  vPSDUW´ ,9 SDUW UHU

 SDUW U ULV









ÄHXDú ÄHXDú ÄHXDú ÄHXDú ÄHXDú YkQD´ UHVSHFWD´ vQGHSOLQL´ VXIHUL´ vPS U L´ 





&21-81&7,93(5)(&7 ,, ,,, XHULWXV IXQFWXV SDVVXV DXPVLP

 DXPVLP

 DXPVLP

 XHULWXV IXQFWXV SDVVXV DXPV V DXPV V DXPV V

, X Q WXV DXPVLP  X Q WXV DXPV V





ÄHXV IL ÄHXV IL vQGHSOLQLW´ VXIHULW´  &21-81&7,90$,08/7&$3(5)(&7

ÄHXV IL YkQDW´



ÄHXV IL UHVSHFWDW´

, X Q WXV DXPHVVHP  X Q WXV DXPHVV V

,9 SDUW WXV DXPVLP

 SDUW WXV DXPV V

,, ,,, XHULWXVDXP IXQFWXV SDVVXV HVVHP

 DXPHVVHP

 DXPHVVHP

 XHULWXV IXQFWXV SDVVXV DXPHVV V DXPHVV V DXPHVV V

ÄHXDúIL YkQDW´



ÄHXDúIL UHVSHFWDW´



ÄHXV IL vPS U LW´

,9 SDUW WXVD XPHVVHP

 SDUW WXV DXPHVV V



ÄHXDúIL vQGHSOLQLW´



ÄHXDúIL VXIHULW´



ÄHXDúIL vPS U LW´

,03(5$7,935(=(17 , ,, X Q UH  XHU UH



IXQJ UH







ÄYkQHD] ´ 

, X Q WRU 

ÄV YkQH]L´



ÄUHVSHFW ´

ÄV UHVSHF L´

IXQJ WRU





 

ÄSHQWUXD YkQD´

,9 SDUW UH











,,,

ÄV vQGHSOLQHúWL´  683,1

, ,, $&X Q WXP  XHULWXP

 XHULW  $%/X Q W 

ÄvQGHSOLQHúWH´

SDW UH

 ÄVXIHU ´

ÄvPSDUWH´

,03(5$7,99,,725

,, XHU WRU



,,,

ÄSHQWUXD UHVSHFWD´

IXQFWXP

 IXQFW 



,,,

ÄSHQWUXD vQGHSOLQL´

,9 SDUW WRU



SDW WRU





ÄV VXIHUL´



ÄV vPSDU L´

,9 SDVVXP

 SDUWLWXP

 SDVV  SDUW W 



ÄSHQWUX DVXIHUL´



ÄSHQWUXD vPS U L´

,1),1,7,935(=(17 , X Q U 

ÄDYkQD´ 

,, XHU U



IXQJ



ÄDUHVSHFWD´



,,,

ÄDvQGHSOLQL´

,9 SDUW U



SDW







ÄDVXIHUL´

ÄDvPS U L´

,1),1,7,93(5)(&7

, ,, ,,, ,9 X Q WXPDP XHULWXPDP IXQFWXPDP SDVVXPDP SDUW WXPDP XPHVVH

 XPHVVH

 XPHVVH

 XPHVVH

 XPHVVH 









ÄF DYkQDW´ ÄF D ÄF D ÄF D ÄF D ÄDILYkQDW´ UHVSHFWDW´ÄD vQGHSOLQLW´ÄD VXIHULW´ÄD vPS U LW´ÄD ILUHVSHFWDW´ ILvQGHSOLQLW´ ILVXIHULW´ ILvPS U LW´  ,1),1,7,99,,725

, ,, ,,, ,9 X Q W UXPDP XHULW UXPDP IXQFW UXPDP SDVV UXPDP SDUW W UXPDP XPHVVH  XPHVVH

 XPHVVH

 XPHVVH

 XPHVVH



ÄF YDYkQD´ 



ÄF YD UHVSHFWD´

, ,, *X QDQG  XHUHQG







ÄF YD vQGHSOLQL´



ÄF YD VXIHUL´

*(581=,8 ,,, IXQJHQG

 SDWLHQG



ÄF YD vPS U L´

,9 SDUWLHQG













ÄGHD ÄGHD ÄGHD ÄGHD ÄGHD YkQD´ UHVSHFWD´ vQGHSOLQL´ VXIHUL´ vPS U L´  *(581',93$57,&,3,89,,7253$6,9 

, ,, X QDQGXV XHUHQGXV DXP  DXP



ÄFDUH WUHEXLH YkQDW ´



IXQJHQGXV DXP





,,,



ÄFDUH ÄFDUH WUHEXLH WUHEXLH UHVSHFWDW ´ vQGHSOLQLW ´



SDWLHQGXV DXP





ÄFDUH WUHEXLH VXIHULW ´

,9 SDUWLHQGXV DXP





ÄFDUH WUHEXLH vPS U LW ´



3$57,&,3,835(=(17 , 1X QDQV  *X QDQWLV

ÄFDUH YkQHD] ´ , X Q WXV DXP 

,, XHUHQV

 XHUHQWLV

ÄFDUH UHVSHFW ´

,, XHULWXV DXP



IXQJHQV

 IXQJHQWLV

,,,



ÄFDUH vQGHSOLQHúWH´

,9 SDWLHQV

 SDUWLHQV

 SDWLHQWLV SDUWLHQWLV



ÄFDUH VXIHU ´

3$57,&,3,83(5)(&7 ,,, IXQFWXV SDVVXV DXP

 DXP





ÄFDUH vPSDUWH´ ,9 SDUW WXV DXP



ÄYkQkQG´

ÄUHVSHFWkQG´

ÄvQGHSOLQLQG´

ÄVXIHULQG´

ÄvPS U LQG´ ÄFDUHD ÄFDUHDUHVSHFWDW´ ÄFDUHDvQGHSOLQLW´ ÄFDUHDVXIHULW´ ÄFDUHDvPS U LW´ YkQDW´ 

3$57,&,3,89,,725 , X Q W UXV DXP 

ÄFDUHYD YkQD´ 



,, XHULW UXV DXP



ÄFDUHYD UHVSHFWD´

IXQFW UXV DXP





,,,

ÄFDUHYD vQGHSOLQL´

SDVV UXV DXP





ÄFDUH YDVXIHUL´

,9 SDUW W UXV DXP





ÄFDUHYD vPS U L´

&$3,72/8/;

 025)2/2*,$9(5%8/8,,,,  )/(;,81($$120$/ 

  *UDPDWLFLL ODWLQL DL HSRFLL LPSHULDOH DX GHQXPLW SULQ VLQWDJPD XHUED DQ P OD DFHO JUXS GH YHUEH D F URU IOH[LXQH VH vQGHS UWD FX WRWXO GH SDUDGLJPHOH FH FRQVWLWXLDX VWUXFWXUL UHODWLY IL[H SUHYL]LELOH XúRU GH XWLOL]DW OD QLYHOXO RUDOLW LL vQ VIkUúLW XúRU GH vQY DW úL GH UH LQXW FKLDU úL GH F WUH SHUVRDQH FDUH QX HUDX QDWLY ODWLQRIRQH 3ULQ XUPDUHFDX]DIXQGDPHQWDO DFRPSRUWDPHQWXOXLPRUIRORJLFGLIHULWDO YHUEHORU DQRPDOH vQ UDSRUW FX UHVWXO LPHQVHL PDMRULW L D YHUEHORU ODWLQH D UHSUH]HQWDWR YHFKLPHD DOWIHO VSXV FDUDFWHUXO DUKDLF GH VRUJLQWH,(DOIRUPHORUDQRPDOHFRQVHUYDWHvQODWLQ  ÌQ FH D FRQVWDW DFHVW FDUDFWHU DUKDLF DO YHUEHORU DQRPDOH" 5 VSXQ]kQGSHVFXUWDPSXWHDV vOGHILQLPFDSHRVXP GHWU V WXUL SDUWLFXODUHFRQVWkQGGLQFRQVHUYDUHDSDU LDO GHODXQYHUEODDOWXOD VSHFLILFXOXL IOH[LXQLL GH WLS ,(vQPDWHULHYHUEDO 0HQ LRQ PGLQWUH WRDWHDFHVWHWU V WXULJHQHUDOHXUP WRDUHOH  PRúWHQLUHDVLVWHPXOXL,(GHIRUPDUHVXSOHWLY DWHPHORUGHOD UDGLFDOHGLIHULWH HVVYVIXIHUYVWXO   DWHPDWLVPXO UHVSHFWLY IRUPDUHD XQRU PRGXUL úL WLPSXUL I U  YRFDOD WHPDWLF  RH  SULQ DWDúDUHD GHVLQHQ HORU GLUHFW OD UDGLFDO HVWXXOWIHUVHWF  DSRIRQLDUDGLFDOXOXLvQFDGUXOIOH[LXQLLODDFHODúLPRGúLWLPS VXPVXQWID GHHVHVWHWFX ORID GHX VHWF   PRGXUL ,( vQ VSH  RSWDWLYXO  LQFRUSRUDWH vQ DOWH PRGXUL DLFLFRQMXQFWLYXO VLPX OLPHWF  ÌQFHOHFHXUPHD] YRPSUH]HQWDIOH[LXQHDFRPSOHW DYHUEHORU DQRPDOH GLQ OLPED ODWLQ  IOH[LXQH vQ FDGUHOH F UHLD DP LQFOXV úL XQ JUXSDSDUWHúLHOYHFKLvQOLPE UHSUH]HQWDWGHDQRPDOHOHFXIOH[LXQH LQFRPSOHW  VDX ± FXP VXQW PDL FXUkQG FXQRVFXWH ± GHIHFWLY  DOH F URU FDUDFWHULVWLFL OH YRP H[SXQH GXS  SUH]HQWDUHD DQRPDOHORU SURSULX]LVH 



$$QRPDOHSURSULX]LVH  680(66()8, '(5,9$7(/(ù,&20386(/(6$/( 3UH]HQWDUH  /D LQGLFDWLY SUH]HQW VH XWLOL]DX DPEHOH JUDGH DSRIRQLFH DOH UDGLFDOXOXL H úL ‘  V V UHVSHFWLY JUDGXO QRUPDO VDX ÄSOLQ´  SHQWUXVLQJXODU‘SHQWUXSOXUDOFXLQYHUVDUHODSHUVRDQDD,,DSOXUDO HVWLVDQDORJLFGXS HVúLODSHUVRDQD,VXPvQORFGH HVPL  /DFRQMXQFWLYLPSHUIHFWLPSHUDWLYSUH]HQWLPSHUDWLYYLLWRUúL LQILQLWLY SUH]HQW UDGLFDOXO V VH FRQVHUY  QHPRGLILFDW GHRDUHFH ILH HVWHXUPDWGHRFRQVRDQ VVDXW FDUHvLS VWUHD] IRUPDILHQX HVWH XUPDW GH QLFLXQ DOW VXQHW úL SULQ XUPDUH U PkQH GH DVHPHQHD QHPRGLILFDW $X[LOLDUXOODWLQQXSRVHG SDUWLFLSLXSUH]HQWSDUWLFLSLXYLLWRU SDVLYJHUXQGLY JHUXQ]LXVXSLQ'HDVHPHQHDHVWHXQYHUEGHIHFWLY FXIOH[LXQHLQFRPSOHW úLSHQWUXF QXSRVHG GLDWH]DPHGLRSDVLY  vQFRQVHFLQ QXSRVHG QLFLSDUWLFLSLXSHUIHFWSDVLY7RWXúLGHOD5

EK  ODWLQD D FUHDW DQDORJLF vQ SRILGD DEVHQ HL VXSLQXOXL XQ SDUWLFLSLXYLLWRUDFWLYFXVXIL[XOPRGDOWHPSRUDO UI W UXV  /D LQILQLWLY YLLWRU DFWLY IXWXUXP HVVH HVWH VXEVWLWXLELO vQF  GLQ ODWLQD DUKDLF SULQIRUPDVLQWHWLF IRUHDYkQGDFHODúLvQ HOHV 

3$5$',*0$ 02'8/ /8,(66( ,1',&$7,9 &21-81&7,9 ,03(5$7,9 ,1),1,7,93$57,&,3,8 7,038/ 35(=(17 VXP VLP   HV V V HV  VLW HVW  HVVH V PXV VXPXV  V WLV HVWLV HVWH VXQW VLQW







3$5$',*0$ 02'8/ /8,(66( ,1',&$7,9 &21-81&7,9 ,03(5$7,9 ,1),1,7,93$57,&,3,8 7,038/ ,03(5)(&7 HUDP HVVVHP HVV V HU V HUDW HVVHW HU PXV HVV PXV HU WLV HVV WLV HUDQW HVVHQW 9,,725, HUR     HULV HVW  IXW UXP IXW UXV HULW HVW  IXW UDPHVVH IXW UD HULPXV  IXWXUXP IXW UXP HULWLV HVW WH  VXQW  HUXQW    3(5)(&7 IX  IX ULP  IXLVW  IX ULV IXLW IX ULW IXLVVH IXLPXV IXHU PXV IXLVWLV IXHU WLV IX UXQW IX ULQW IX UH  IXLVVHP 00&3 IX UDP IX U V IXLVV V IX UDW IXLVVHW IXLVV PXV IXHU  PXV IXLVV WLV IXHU WLV IXLVVHQW IX UDQW 9,,725 IX UR  IX ULV $17(5,25 ,,  IX ULW IXHU  PXV IXHU WLV IX ULQW

 '(5,9$7(/( ù, &20386(/( /8, (66( 6LQJXUXO DX[LOLDU GLQOLPEDODWLQ SRVHG RVHULHGHVWXOGHQXPHURDV GHGHULYDWHIRU PDWHSRUQLQGGHODED]DHVVHSULQDG XJDUHDXQXLSUHIL[VDXSUHYHUE  ODRULJLQHRSUHSR]L LH3UHIL[DUHDOXLHVVHDFRQGXVODDSDUL LDDQXPLWRU PRGLILF ULVHPDQWLFHDOHYHUEHORUGHULYDWHvQUDSRUWFXFHOGHED]  



DEVXPDEHVVH IX ÄDILGHSDUWH´ÄDOLSVL´ÄDILDEVHQW´ DGVXPDGHVVHDGIX DIIX ÄDILGHID ´ÄDILSUH]HQW´ÄDOXD SDUWHOD´ÄDDVLVWD´ÄDDMXWD´ G VXPG H VVHG IX ÄDOLSVL´ LQVXPLQHVVHLQIX SHUIHFWUDUX]LWDW ÄDILvQSH³ÄDVHDIOD´ ÄDH[LVWD´ LQWHUVXP LQWHUHVVH LQWHUIX  ÄD IL vQWUH´ ÄD IL OD PLMORF´ ÄD IL GHRVHELUH´ÄDVHGHRVHEL´ÄDILGHID SUH]HQW´ REVXPREHVVHREIX RIIX ÄDVWDvQFDOH´ÄDIDFHU X´ÄDG XQD´ SUDHVXP SUDHHVVH SUDHIX  ÄD IL vQ IUXQWHD´ ÄD FRPDQGD´ ÄDFRQGXFH´ VXEVXPVXEHVVHVXEIX VXIIX SHUIHFWXOHVWHUDUXWLOL]DW ÄDIL DVWDGHGHVXEW´ÄDILDSURDSH´ÄDILODED] ´ÄDILDVFXQV´ VXSHUVXP VXSHUHVVH VXSHUIX  ÄD PDL U PkQH´ ÄD PDL IL´ ÄDVXSUDYLH XL´ÄDILGLQEHOúXJ´ÄDSULVRVL´ 'HULYDWHOH OXL HVVH VH FRQMXJ  SUHFXP YHUEXOED]  IRUPD SUHIL[XOXL U PkQkQG QHVFKLPEDW  ÌQ SOXV ID  GH HVVH DEHVVH úL SUDHHVVH VXQW VLQJXUHOH GHULYDWH FDUH SRVHG  SDUWLFLSLX SUH]HQW DEVHQVHQWLVúLSUDHVHQVHQWLV $P O VDW GH R SDUWH XQ VLQJXU GHULYDW FX SUHIL[ FDUH SUH]LQW  QHUHJXODULW L GH RUGLQ IRQHWLF vQ FRQMXJDUH SU VXP SU GHVVH SU IX  ÄD IL GH IRORV´ ÄD IL EXQ OD´ ÄD VHUYL´ ÄD IRORVL´ 3UHIL[XO UHSUH]HQWDODRULJLQHSUHSR]L LDSURGIRUPDYHFKHDOXLSU GILQDOD FRQWLQXDW V  VH S VWUH]H GLQ PRWLYH HXIRQLFH vQDLQWHD IRUPHORU OXL HVVH FDUH vQFHSHDX FX R YRFDO  GDU D GLVS UXW vQDLQWHD IRUPHORU vQFHSkQGFXRFRQVRDQ $VHFRPSDUD SU GHVFXSU VXP SU GHVWSU V PXV SU GHVWLVSU VXQW SU GHUDPHWFSU VLPHWF 8QLFXO YHUE FRPSXV DO OXL HVVH HVWH SRVVXP SRVVH SRWX  ÄD SXWHD´ÄDILvQVWDUH´9HUEXOED] DLQWUDWvQHSRFDIRUP ULLOLPELL ODWLQH vQ FRPSXQHUH FX DGMHFWLYXO SRWLVH ÄSXWHUQLF´ ÄFDSDELO´ ÄvQ VWDUH´DGMHFWLYFDUHGHDOWIHODFRQWLQXDWV ILHX]XDOvQOLPE úLGXS  FUHDUHD YHUEXOXL SRVVH ÌQ FRQMXJDUHD YHUEXOXL SRVVH SURYHQLW GLQ IRUPD DUKDLF  SRWHVVH DWHVWDW  vQF  OD 3ODXWXV  FRQVRDQD UDGLFDO  ILQDO WDDGMHFWLYXOXLSRW VHPHQ LQHvQDLQWHDIRUPHORUFDUHvQFHS 

FXRYRFDO vQVFKLPEvQDLQWHDIRUPHORUFDUHvQFHSFXVDOHOXLHVVH VH SURGXFH DVLPLODUHD OXL W OD V FD XUPDUH D FRQWDFWXOXL IRQHWLF GLUHFW,DW SDUDGLJPD  7,038/  02'8/

35(=(17 ,03(5)(&7 9,,725, 3(5)(&7

,1',&$7,9

&21-81&7,9

SRVVXP SRVV PXV SRWHVWLV SRWHV SRVVXQW SRWHVW SRW UDP SRWHU PXV SRW U V SRWHU WLV SRW UDW SRW UDQW SRW URSRWHULVHWF SRWX SRWXLVW HWF

SRVVLP SRVV PXV SRVV V SRVV WLV SRVVLW SRVVLQW SRVVHP SRVV PXV SRVV V SRVV WLV SRVVHW SRVVHQW  SRWX ULP SRWX ULVHWF SRWXLVVHP SRWXLVV VHWF 

SRWX UDP SRWX U VHWF SRWX UR 9,,725 $17(5,25,,  SRWXHULVHWF 00&3

,1),1,7,9  SRVVH   SRWXLVVH  



02ù7(1,5($ /8, (66( Ì1 /,0%$ 520Æ1  )RUPHOH S VWUDWH DOH DX[LOLDUXOXL ODWLQ VXQW QXPHURDVH úL SDUWLFXODUH SHQWUX OLPED URPkQ  LQWUkQGvQGLVFX LHGHVLJXUúLFHOHDWHVWDWHGHGLDOHFWH D ,1',&$7,935(=(17 VXP¾URPVXVGHXQGHXOWHULRUvV  HVW¾ HVWHDQDORJLFGXS YHUEHOHGHFRQMXJDUHDD,,DD,,,DúLD,9D V PXV vQ ORF GH VXPXV IHQRPHQ GH VXEVWLWX LH GDWkQG GLQ ODWLQD SRSXODU vQF GLQVHFROXO,D&KU ¾URPDUKVHPvQURPkQ DFHDVW IRUP  D IRVW OD UkQGXO HL vQORFXLW  DQDORJLF PDL H[DFW UHI FXW  GXS  PRGHOXO SHUVRDQHLD,,,DSOXUDO V WLV FX DFHHDúL VXEVWLWX LH PRGDO  FD OD SHUVRDQD SUHFHGHQW  ¾ VHWLV DWHVWDW HSLJUDILF ¾URPDUKVH LIRUP VXEVWLWXLW DQDORJLFFDúLVHP VLQW SULQ DFHHDúL VXEVWLWX LH PRGDO  FD úL OD FHOHODOWH SHUVRDQH GH OD SOXUDO ¾URPVvQW$FHDVWDHVWHIRUPDPRúWHQLW GLQODWLQ ODSHUVRDQDD,,,D SOXUDOSHQWUXLQGLFDWLYXOSUH]HQWÄVXQWHRIRUP VDYDQW LQWURGXV GHúFRDOD ODWLQLVW  vQ VHFROXO DO ;,;OHD´ $OH[DQGUX 5RVHWWL  úL UHDFWXDOL]DW  vQ PRG IRU DW úL DUELWUDU I U  R GH]EDWHUH SXEOLF  GHF WUH$FDGHPLD5RPkQ GXS  





E &21-81&7,935(=(17 6XEVWLWXLUHDOXLVLPV VHWFFXILDPILDVILDWHWFFRQMXQFWLYXOSUH]HQW DO YHUEXOXL DQRPDO ILR ILHUL IDFWXV VXP  D FRQGXV OD DSDUL LD IRUPHORU URPkQHúWLGHFRQMXQFWLYSUH]HQWDOHDX[LOLDUXOXLDILV ILXV ILLV ILH HWF F ,1',&$7,93(5)(&7 IXL¾IXLXIRUP DWHVWDW vQVHFDO;9,OHD DURPIX GURPIXL IXLW¾IXDURPIX IXLPXV¾IXPXDURPIXPIRUPDGLQGDFRURPkQ HVWHDWHVWDW úLHDvQ VHFDO;9,OHD IX UXQW¾IXU DURPIXU  ÌQURPkQD GDFRURPkQD PRGHUQ SRVWHULRDU VHFROXOXLDO;9,OHD UHJLRQDOúLFXH[WLQGHUHOLPLWDW VDUHFUHDWSDUDGLJPDSHUIHFWXOXLVLPSOXOD SOXUDOSHED]DSHUVRDQHLD,,,DQRL I~U PYRL IXU L G 3$57,&,3,83(5)(&7 $WkWDURPkQDSHGHRSDUWHFkWúLGDFRURPkQDúLPHJOHQRURPkQDSH GHDOWDDXUHVLP LWQHFHVLWDWHDGHDúLFUHDXQSDUWLFLSLXSHFDUHODWLQDQXvO FXQRúWHD OD WLPSXO SHUIHFW DO GLDWH]HL PHGLR SDVLYH $URPkQD OD FUHDW SH IXW  GXS  PRGHOXO OXL DYXL ± DYXW Y ]XL ± Y ]XW SLHUGXL ± SLHUGXW  LDU FHOHODOWHGRX GLDOHFWHSHIRVW 



)(52)(55(78/ / 780 ù,'(5,9$7(/(6$/(

35(=(17$5( 9HUEXO DUH OD ED]  UDGLFDOXO ,( EKHU ÄD SXUWD´ÄDGXFH´FDUHúLDFRQVHUYDWVHPDQWLVPXOvQODWLQ &DUDFWHUXO YHFKLDQRPDODOIOH[LXQLLDFHVWXLYHUEHVWHFRQIHULWGHGRX HOHPHQWH D VXSOHWLYLVPXOWHPHORUFHDGHSHUIHFWW OúLWHPDVXSLQXOXLO W¾ O WXP E  FDUDFWHUXO DWHPDWLF DO XQRU PRGXUL úL WLPSXUL LQGLFDWLYXO SUH]HQWFXIRUPHvQV PL[WHF FLDSDUúLXQHOHWHPDWLFH FRQMXQF WLYXO LPSHUIHFW LPSHUDWLYXO GH DVHPHQHD FX IRUPH PL[WH ODDPEHOH GLDWH]H  LQILQLWLYXO SUH]HQW 6H QXPHVF ÄDWHPDWLFH´ DFHOH IRUPH PRGDOWHPSRUDOHOHJDWHVDXQXGHLGHHDGHSHUVRDQ ODFDUHVHFRQV WDW  DEVHQ D XQHL YRFDOH ± FXUHQW QXPLWH ÄWHPDWLFH´   VDX   ± DWDúDWH WHPHL SULPDUH VDX UDGLFDOXOXL úL UHDOL]kQG DVWIHO ÄOHJ WXUD´ GLQWUH WHP   UDGLFDO úL '3 VDX VXIL[H  DFHVWHD GLQ XUP  '3 VDX VXIL[HOH FDXUPDUHWRFPDLDDEVHQ HLYRFDOHLWHPDWLFHIDFSUL] GLUHFW  ODWHPDSULPDU UDGLFDO)RUPHOHWHPDWLFHSRVHG vQVFKLPEUHVSHF WLYDYRFDO  



3$5$',*0$/8,)(55(

$&7,9 &21-81&7,9 ,03(5$7,9 ,03(5)(&7 IHUUHP VJIHUSUH]HQW IHUU V SOIHUWH VJIHUW  IHUUHW VJIHUW YLLWRU IHUU PXV IHUU WLV SOIHUW W  IHUUHQW SOIHUXQW  0(',23$6,9 ,1',&$7,9 &21-81&7,9 ,03(5$7,9 35(=(17 ,03(5)(&7 IHUUHU VJIHUUHSUH]HQW IHURU IHUU ULV SOIHU P Q  IHUULV IHUU WXU VJIHUWRU IHUWXU VJIHUWRUYLLWRU IHUU PXU IHU PXU SO IHU P Q  IHUU P Q  IHUXQWXU IHUUHQWXU SOIHUXQWRU ,1',&$7,9 35(=(17 IHUR IHUV IHUW IHU PXV IHUWLV IHUXQW

,1),1,7,9 35(=(17

IHUUH

,1),1,7,9 35(=(17

IHUU 

 &HOHODOWHIRUPHGHULYDWHGHODWHPD IHUFRQVLGHUDW FDWHP D SUH]HQWXOXL VXQWQRPDOHODDPEHOHGLDWH]HIHU EDP VHWFIHUDP IHU VHWFIHUDPIHU VHWFIHUHQVHWFIHUHQG IHUHQG HWFIHU EDU IHUDUHWFIHUHQGXVHWF )RUPHOH GHULYDWH GH OD WHPHOH WXO úL O W SUH]LQW  R IOH[LXQH UHJXODW  W O UDP W O UR W O ULP W OLVVHP WXOLVVH ODWXVDXP VXP HWFODWXVDXPHUDPHWFODW UXVDXPHWF '(5,9$7(/( /8, )(55(  SUH]LQW  vQ FXUVXO IOH[LXQLL DFH OHDúLSDUWLFXODULW LFDúLYHUEXOED] ÌQSOXVFDXUPDUHDSUHIL[ ULLDX ORFQXPHURDVHIHQRPHQHGHDVLPLODUHIRQHWLF  DEDXI URDXIHUUHDEVW O DEO WXPÄDOXD´ÄDULGLFD´ DGDII URDIIHUUHDWW O DOO WXPÄDDGXFH´ FXPFRQ FRQI UR FRQIHUUH FRQW O  FROO WXP ÄD DGXQD´ ÄDUHXQL´ÄDGXFHvPSUHXQ ´ G  G I UR G IHUUH G W O  G O WXP ÄD DQXQ D´ ÄD UDSRUWD´ ÄDGHQXQ D´ 



GLV GLII UR GLIIHUUH GLVW O  G O WXP ÄD VH GHRVHEL´ ÄDvPSU úWLD´ÄDDPkQD´ H[HII URHIIHUUHH[W O  O WXPÄDOXDGLQ´ÄDVFRDWH´ LQLQI URLQIHUUHLQW O LOO WXPÄDGXFHvQ´ÄDDGXFH´ RE RII UR RIIHUUH REW O  REO WXP ÄD DGXFH´ ÄD SUH]HQWD´ ÄDRIHUL´ SUDHSUDHI URSUDHIHUUHSUDHW O SUDHO WXPÄDGXFHvQID ´ ÄDDU WD´ÄDSXQHPDLSUHVXV´ÄDSUHIHUD´ SU  SU I UR SU IHUUH SU W O  SU O WXP ÄD SXUWD vQDLQWH´ ÄDVFRDWH´ U U I URU IHUUHUHWW O UHO WXPÄDDGXFHvQDSRL´ÄDDGXFH ODFXQRúWLQ ´ÄDUDSRUWD´UHWW O ½ UHW W O SULQVLQFRSDUH  V E VXII UR VXIIHUUH VXVW O  VXEO WXP ÄD SXQH VXE´ ÄDVXSRUWD´ÄDU EGD´ÄDVXIHUL´ WUDQVWUDQVI URWUDQVIHUUHWUDQVW O WUDQVO WXPÄDSXUWDSHVWH´ ÄDWUDQVSRUWD´ÄDWUDQVIHUD´  9HUEXOGHED] QXDUHGHVFHQGHQ LURPDQLFL2SDUWHGLQGHULYDWHOHOXL H[LVWHQWHvQOLPELOHURPDQLFHUHSUH]LQW vPSUXPXWXULFXOWHGLQODWLQ LQWUDWH GHDOWIHOvQFLUFXLWLQWHUQD LRQDOFDQHRORJLVPH



92/29(//(92/8  ù,&20386(/(6$/(

 35(=(17$5(9HUEXOXHOOHVHFRQVWUXLHúWHODIRUPHOHGHULYDWH GH OD WHPD SUH]HQWXOXL SULQ DOWHUQDQ D YRFDOHL UDGLFDOXOXL DSRIRQLD YRFDOLF     X OX O  /D LQGLFDWLY SUH]HQW IRUPHOH WHPDWLFH DOWHUQHD]  FX FHOH DWHPDWLFH VJ XROR IRUP  WHPDWLF  X V IRUP  DWHPDWLF  SRUQLQG GH OD UDGLFDOXO XHL X   XXOW IRUP  DWHPDWLF  SRUQLQG GH OD UDGLFDOXO X O ¾ X O ¾ XXO  GHVLQHQ D W  ¾ W  X O PXV IRUP  WHPDWLF  XXOWLV DUK XROWLV FI XROW ¾ XXOW  SURYLQH GLQJUDGXO‘DOUDGLFDOXOXL XXOWHV¾XROWLV XROXQWIRUP WHPDWLF  *UDGXO QRUPDO ÄSOLQ´    DO YRFDOHL UDGLFDOH VH S VWUHD]  OD FRQMXQFWLYSUH]HQWXQGHVHXWLOL]HD] VXIL[XOGHRSWDWLY ½ HLFD OD FRQMXQFWLYXO SUH]HQW VLP DO OXL HVVH  FRQMXQFWLY LPSHUIHFW  XHO V P¾XHOOHP úLLQILQLWLYSUH]HQW XHOV ¾XHOOH DúDGDUvQDLQWHGH OSDODWDOúLGHOXUPDWGHRFRQVRDQ DVLPLODELO  

6H UHPDUF  vQ VIkUúLW DEVHQ D XUP WRDUHORU PRGXUL QRPLQDOH JHUXQ]LXO SDUWLFLSLXO YLLWRU SDVLY JHUXQGLYXO  úL VXSLQXO $EVHQ D FHOXLGLQXUP DWUDJHDEVHQ DFRUHVSXQ] WRDUHDWLPSXULORUPRGXULORU GHULYDWH GH OD WHPD VXSLQXOXL $FHVWH DVSHFWH FDUDFWHUL]HD]  úL FRPSRUWDPHQWXOPRUIRORJLFDOFRPSXVHORUOXLXHOOH 

3$5$',*0$/8,9(//(

02'8/ 7,038/

35(=(17

,03(5)(&7 02'8/

7,038/

9,,725, 3(5)(&7 00&3 9,,725$17(5,25,, 

,1',&$7,9 X O  X V XROWXXOW XRO PXV XROWLVXXOWLV XROXQW XRO EDP XRO E VHWF ,1',&$7,9 XRODP XRO VHWF XRO  XRO LVWLHWF XRO UDP XRO U VHWF XRO UR XRO ULVHWF

&21-81&7,9 XHOLP XHO V XHOLW XHO PXV XHO WLV XHOLQW XHOOHP XHOO VHWF

,1),1,7,9   XHOOH



&21-81&7,9  XRO XRO XRO XRO 

,1),1,7,9 

ULP ULVHWF LVVHP LVV VHWF

XRO LVVH  

 &20386(/(/8,9(//(6XQWQXPDLGRX  Q O Q OOHQ O ÄDQXYRL´ÄDQXDFFHSWD´ÄDUHIX]D´ P O  P OOH P O  ÄD YRL PDL ELQH´ ÄD YRL PDL GHJUDE  FXUkQG ´ÄDSUHIHUD´ $PEHOHYHUEHFRPSXVHFRQVWLWXLHIRUPHFRQWUDVHSULPXOSURYLQH GLQ FRQWUDJHUHD QHJD LHL Q  úL IRUPHOH YHUEXOXL ÄD YRL´ X O  XHOOH HWF  DO GRLOHD GLQ UHXQLUHD úL DSRL FRQWUDJHUHD DGYHUEXOXL PDJLV vPSUHXQ FXIRUPHOHDFHOXLDúLYHUE





3$5$',*0$&20386(/25/8,9(//( 1 /21 //(1 /8  02'8/ 7,038/

35(=(17

,03(5)(&7 9,,725,

,1',&$7,9 Q O  Q X VQ QX V Q XROWQ QXROW Q QXXOW Q O PXV Q XROWLVQ Q XROWLVQ QXXOWLV Q OXQW Q O EDP Q O E VHWF Q ODP Q O VHWF

Q Q Q 00&3 Q 9,,725 Q $17(5,25,,  Q 3(5)(&7



02'8/ 7,038/

O O O O O O

 LVW HWF UDP U VHWF UR ULVHWF

Q Q Q  Q Q  Q Q Q 

Q Q Q Q 

OLP O V OLW O PXV O WLV OLQW OOHP OO VHWF

O ULP O ULVHWF O LVVHP OXLVV VHWF

 Q O    Q O WH

 Q OOH





Q Q Q Q 

OW  OW  O W WH OXQW 



Q O LVVH









0 /20 //(0 /8  ,1',&$7,9

P OR P X V P XROWP XXOW P O PXV 35(=(17 P XROWLV P XXOWLV P OXQW P O EDP ,03(5)(&7 P O E VHWF P ODP 9,,725, P O VHWF P O  3(5)(&7 P O LVW HWF P O UDP 00&3 P O U VHWF 9,,725 P O UR $17(5,25,,  P O ULVHWF



&21-81&7,9 ,03(5$7,9 ,1),1,7,9

&21-81&7,9 P P P P P P

OLP O V OLW O PXV O WLV OLQW

P OOHP P OO VHWF  P P P P 

O O O O

ULP ULVHWF LVVHP LVV V

,1),1,7,9   P OOH

  P O LVVH  

2EVHUYD LH 6SUH GHRVHELUH GH YHUEXOED]  úL GH FRPSXVXO V X Q OOH P OOH QX SRVHG SDUWLFLSLXSUH]HQWÌQSULYLQ DFHORUODOWHPRGXULúLWLPSXULFDUHOLSVHVF YHUEXOXLED] úLP OOHVHDOLQLD] FDúLQ OOHVHULHLGHIHFWLYH



02ù7(1,5($Ì1/,0%$520Æ1 &DúLvQFD]XOOXLSRVVHODWLQD SRSXODU GLQ]RQDFDUSDWRGDQXELDQ DUHI FXWSDUDGLJPDDQRPDO DOXLXHOOH FRPSXVHOH VDOH U PkQkQG L]RODWH VODED ORU XWLOL]DUH vQ YRUELUH FRQGXFkQG LQHYLWDELO VSUH GLVSDUL LH  DVWIHO vQFkW D IRVW FUHDW  R QRX  SDUDGLJP  UHJXODUL]DWRDUH GXS  WLSDUHOH FRQMXJ ULL D ,,D X OHR  UH X O  $X IRVW PRúWHQLWHvQURPkQDFRPXQ úLGHDLFLvQGLDOHFWHXUP WRDUHOHIRUPH D ,1',&$7,935(=(17  X OHR¾GURPYRL URPPRGYRL XHO VGURPYHL

X OHW¾GURP YRDUHSULQGLIWRQJDUHDOXLRVXEDFFHQWúLURWDFL]DUH  YDUHSULQPRQRIWRQJDUHXOWHULRDU ¾YDSULQVFXUWDUHDFRUSXOXLIRQHWLF 

X O PXV¾GURPDURPPHJOYUHP

 X O WLV¾GURPYUH L X OXQW úL QX XROHQW  D IRVW VLQJXUD IRUP  PRúWHQLW  GLQ SDUDGLJPD FODVLF DLQGLFDWLYXOXLSUH]HQWDOOXLXHOOHSULQURWDFL]DUHúLGLVSDUL LDLQL LDO GRDU D GHVLQHQ HL QW XOWHULRU úL D YRFDOHL VFXUWH X DMXQVH vQ SR]L LH ILQDO  YRU  E ,1',&$7,93(5)(&7 X O ¾GURPYUXL F ,1),1,7,935(=(17 

X O UH¾GURPYUHUH



 2 5( 9  780 '(5,9$7(/(ù,&20386(/(6$/(  35(=(17$5(ùLDFHVWYHUERIHUHDvQODWLQDFODVLF RIOH[LXQH PL[W  DWHPDWLF  DúD FXP YD IL IRVW SUREDELO LQWHJUDO OD RULJLQH vQ HSRFD XQLW LL ,(  úL VLPXOWDQ WHPDWLF  5DGLFDOXO ,( GH OD FDUH VD DOF WXLWSDUDGLJPDDFHVWXLYHUEDIRVW HLvQF GLQSHULRDGDFRPXQL W LL,(HODOWHUQDFXIRUPDUHGXV   ,PSHUIHFWXO LQGLFDWLYXOXL DGDXJ  VXIL[XO GLUHFW OD UDGLFDO GHFL vQWURPDQLHU DWHPDWLF  EDPHWF/DIHOúLYLLWRUXODFHOXLDúLPRG IRUPDWDQDORJLFGXS LPSHUIHFW ERHWF





3UH]HQWXO FRQMXQFWLYXOXL QX SURYLQH GLQ RSWDWLY FL HVWH FHO DXWHQWLF ,( HDP HWF  ,PSHUIHFWXO DFHOXLDúL PRG HVWH FHO DúWHSWDW

HLV P¾ UHPHWF /DSDUWLFLSLXOSUH]HQWSHQWUXSULPDúLXOWLPDRDU vQOLPEDODWLQ  ODDFHVWPRGVHSRDWHFRQVWDWDDOWHUQDQ DYRFDOLF    HQV½ HL QWV OD1VJ  QWLV½ HL QWHV OD*VJúLSHDFHODúLJUDG vQ FRQWLQXDUHODFHOHODOWHFD]XULREOLFH /D VHULD PRGXULORU úL WLPSXULORU GHULYDWH GH OD 73I VXIL[XO ELODELDO VH UHGXFH DSURDSH vQWRWGHDXQD PDL DOHV OD  QLYHOXO RUDOLW LL GHH[ X ¾L HWF  'HúL HVWH LQWUDQ]LWLY UH ÄD PHUJH´ SRVHG  úL IRUPH SHQWUX GLDWH]D SDVLY  GDU QXPDL OD SHUVRDQD D ,,,D VLQJXODU FD YHUE LPSHUVRQDO FHO PDL GHV IRORVLWH VXQW IRUPHOH WXU ÄVH PHUJH´ WXP HVWÄVDPHUV´ WXUÄV VHPHDUJ ´  3$5$',*0$/8, 5($&7,9 02'8/

,1',&$7,9

7,038/

 R  V LW 35(=(17  PXV  WLV HXQW  EDP  E V ,03(5  EDW )(&7  E PXV  E WLV  EDQW  ER  ELV  ELW 9,,725,  E PXV  E WLV  EXQW  X   X LVW   X LW 3(5)(&7  X PXV  X LVWLV  X UXQW  UH 



&21-81& 7,9 DP V DW PXV WLV DQW UHP U V UHW U PXV U WLV UHQW

*(581 ,03( 683,1 ,1),1,7,93$57,&,3,8 =,8 5$7,9 * XQG  $& WXP 1VJ    UH L QV ' XQG  $%/  * XQWLV HWF QHIRORVLW   ' XQW  HWF WH

 X X X X X X

ULP ULV ULW U PXV U WLV ULQW

W  W 

W WH HXQW 

W UXP W UXVP  W UDP W UDI  W UXPHWF W UXPQ   HWF HVVH X LVVH  VVH 

 X 9,,725  X $17(  X 5,25,,  HWF  X  X 00&3  X HWF



UR ULV ULW UDP X LVVHP U V X LVV V UDW X LVVHW HWF

'(5,9$7(/(ù,&20386(/(/8, 5(02ù7(1,5($Ì1/,0%$ 520Æ1  DE DE R  UH DE X  DE WXP ÄD SOHFD GH XQGHYD ´ ÄD VH GXFH´ ÄDVHvQGHS UWD´ DGDG R UHDG X DG WXPÄDYHQLF WUHOD ´ÄDVHDSURSLDGH´ ÄDVHvQGUHSWDVSUH´ÄDvQIUXQWD´ FLUFXPFLUFXP RFLUFXHR UHFLUFXP X FLUFXP WXPÄDPHUJHGH MXUvPSUHMXU´ÄDIDFHvQFRQMXUXO´ÄDvQFHUFXL´ÄDSDUFXUJH´ FXP  FR F R UH FR X  F WXP ÄD VH DGXQD´ ÄD VH vQWUXQL´ ÄDVHXQL´ÄDVHDOLD´ÄDVHvPSHUHFKHD´ H[H[ R UHH[ X H[ WXPÄDLHúL´ÄDSOHFD´VDPRúWHQLWvQOLPED URPkQ H[ UH¾URPLHúLUHFXvQWUHDJDSDUDGLJP H[ R¾URPLHVH[LV¾LHúL H[LW¾LHVHHWFH[L> @EDP¾LHúHDPHWF  LQ LQ R UH LQ X  LQ WXP ÄD LQWUD vQ´ ÄD S WUXQGH´ ÄD VH GXFH vQ OD´ÄDvQFHSH´ LQWHU LQWHU R  UH LQWHUL  LQWHU WXP ÄD VH SLHUGH vQ´ ÄD GLVS UHD vQ ´ÄDVHWUHFH´ÄDPXUL´ RE RE R  UH RE X  RE WXP ÄD PHUJH FRQWUD´ ÄD YHQL vQ ID ´ ÄD VH RSXQH´ ÄD GLVS UHD´ ÄD SLHUL´ ÄD PXUL´ ÄD DWLQJH´ ÄD vQIUXQWD´ ÄDOXDDVXSUDVD´ SHU SHU R  UH SHU X  SHU WXP ÄD VH GXFH GH DLFL vQFROR´ ÄDGLVS UHD´ÄDSLHUL´ÄDVHGLVWUXJH´ÄDPXUL´VDPRúWHQLWvQOLPEDURPkQ  FXvQWUHDJDSDUDGLJP X]XDO FDúLH[ UHFIVXSUD SHU UH¾URPSLHU LUH SHUHR¾SLHUSHULV¾SLHULHWFSHUL>H@EDP¾SLHUHDPHWFSHU ¾SLHULLHWF SUDHWHU SUDHWHU R  UH SUDHWHU X  SUDHWHU WXP ÄD WUHFH PDL GHSDUWH  SH OkQJ ´ ÄD O VD OD R SDUWH´ ÄD WUHFH VXE W FHUH´ ÄD RPLWH´ ÄDGHS úL´ÄDvQWUHFH´ U G  U G R  UH U G X  U G WXP ÄD UHYHQL´ ÄD VH vQWRDUFH´ ÄDDMXQJHSkQ ODXUP ´ÄDWUHFHDVXSUD ´ V E V E R  UH VXE  VXE WXP ÄD YHQL VXE´ ÄD LQWUD SH GHGHVXEW´ ÄD S WUXQGH´ ÄD OXD DVXSUD VD´ ÄD VH DSURSLD GH MRV vQ VXV ´ ÄD vQDLQWD VSUH´ ÄD VH XUFD´ ÄDúL DPLQWL´ ÄD VH JkQGL´ 9HUEXO VD PRúWHQLW FD úL SHU UHvQURPkQ úLvQDOWHOLPELURPDQLFHvQURPkQ FXXQXOGLQWUHVHQVXULOH  

ELQHUHSUH]HQWDWHvQODWLQ VXE UH¾URP VXLUHGLQSXQFWGHYHGHUHIRQHWLF IRUPHOHGLQURPkQ DXSLHUGXWFRQVRDQDILQDO DSUHIL[XOXLDMXQV vQSR]L LH LQWHUYRFDOLF V E R¾URPHX VXLV ELW¾HOHD VXLHHWFVXEL> @EDP¾HX  VXLH DPHWFV E ¾VXLLHWF WUDQV WUDQVHR  UH WUDQV X  WUDQV WXP ÄD WUHFH GLQWUXQ ORF vQWUDOWXO ´ ÄD VH  VFKLPED´ ÄD WUHFH PDL GHSDUWH ´ ÄD WUHFH SHVWH´ ÄDWUDYHUVD´ÄDVWU EDWH´ÄDvQWUHFH´ÄDWUHFHFXYHGHUHD ´DSHWUHFH´



) 2), 5 )$&786680  35(=(17$5( &HD PDL YL]LELO  SDUWLFXODULWDWH D DFHVWXL YHUE FRQVW GLQFDUDFWHUXOPL[WDOSDUDGLJPHLVDOH/DWLPSXULOHGHULYDWHGH ODWHPDSULPDU DSUH]HQWXOXL73 YHUEXOVHFRQMXJ DVHPHQHDXQXLD QRUPDO GLQ FODVD D ,9D GH IOH[LXQH DFWLY  GH H[HPSOX I Q UH  H[FHSWkQGIRUPDGHLQILQLWLYIL U ODDFHVWHWLPSXULVHQVXOHVWHSDVLY ÄD IL I FXW´  ÌQ VFKLPE OD VHULD SHUIHFWXOXL 73I  YHUEXO SRVHG  IRUPDSDVLY DYkQGRVWUXFWXU FRPSXV 333DOOXLIDF UHHVVHOD WLPSXULOH úL PRGXULOH FRUHVSXQ] WRDUH  'DWRULW  FDUDFWHUXOXL PL[W DO SDUDGLJPHLVDOHI RIL U IDFWXVVXPDUHDSDUHQ DXQXLYHUEGHSRQHQW (OVHUYHúWHvQODWLQDOLWHUDU vQF GHODRULJLQLOHFULVWDOL] ULLDFHVWHLD GUHSW IRUPD SDVLY  D YHUEXOXL IDFLR  UH FDUH SRVHG  QXPDL SDUDGLJP DFWLY   3$5$',*0$/8,), 5 

7,0385,/('(5,9$7('(/$7(0$35(=(178/8, 02'8/ 7,038/

35(=(17

,03(5)(&7



,1',&$7,9 &21-81&7,9 ,03(5$7,9 I R I V ILW I PXV I WLV I XQW I EDP I E V I EDW I E PXV I E WLV I EDQW

I DP I V I DW I PXV I WLV I DQW IL UHP IL U V IL UHW ILHU PXV ILHU WLV IL UHQW

,1),1,7,9

 I   I WH

  IL U 





9,,725,



I DP I V I HW I PXV I WLV I HQW





 IW  IW   I W WH I XQW 

 IRUH IXW UXP IXW UDPHVVH  IXW UXP

7,0385,/( '(5,9$7( '( /$ 7(0$ 3(5)(&78/8, ù, $ 683,18/8,



02'8/ 7,038/

3(5)(&7

,1',&$7,9 VXP IDFWXVDXPHV HVW VXPXV IDFW DHDHVWLV VXQW

HUDP IDFWXVDXPHU V HUDW HU PXV IDFW DHDHU WLV HUDQW HUR IDFWXVDXPHULV  HULW  9,,725,, HU PXV $17(5,25  IDFW DHDHU WLV HUXQW  0$,08/7 &$ 3(5)(&7

&21-81&7,9 VLP IDFWXVDXPV V VLW V PXV IDFW DHDV WLV VLQW

3$57, &,3,8  IDFWXV DXP   IDFW  DHD

HVVHP  IDFWXVDXPHVV V HVVHW HVV PXV IDFWLDHDHVV WLV HVVHQW  

,1),1,7,9  IDFWXP DPXP HVVH   IDFWRVDV DHVVH 

  IDFWXP U 



02ù7(1,5($ Ì1 /,0%$ 520Æ1  &D DWDUH YHUEXO QX VD PRúWHQLWvQURPkQDFRPXQ úLGHDLFLvQGLDOHFWHvQWUXFkWRSDUDGLJP ILHúL SDU LDO DOXLIL U QXH[LVW vQGDFRURPkQ VDXGLDOHFWH





6D SURGXV WRWXúL vQ URPkQD FRPXQ  ± GXS  WRDWH SUREDELOLW LOH ± R LQWHJUDUH D XQRU IRUPH PRGDOWHPSRUDOH DOH OXL IL U  vQ SDUDGLJPD OXL HVVH DVWIHO FRQMXQFWLYXO SUH]HQW I DP HWF VD VXEVWLWXLW OXL VLP HWF SRDWH WRFPDL SHQWUXF DFHVWDGLQXUP DVHUYLWvQODWLQDYRUELW vQF GLQHSRFDFODVLF FD VXEVWLWXHQW DO LQGLFDWLYXOXL SUH]HQW DO DFHOXLDúL YHUE VLP vQ ORF GH VXP HWF  I DP I V I DW HWF ! GURP >V @ ILX >V @ ILL >V @ ILH HWF DFHODúL IHQRPHQ GH WUDQVIHU PRUIRORJLF PHWDSODVP  DSDUH DWHVWDW úL vQ GLDOHFWH ÄÌQ DURPkQ  úL PHJOúLSOVXQWWUHFXWHGHODFRQMXQFWLYODLQGLFDWLYILPXVILWLV DUK¶LP K¶L PHJOLPL ´$O5RVHWWL  $FHVWRU IRUPH WUHEXLH V  OH DG XJ P LQILQLWLYXO OXQJ ± XOWHULRU VXEVWDQWLYL]DW ILUHFXFRUHVSRQGHQWHOHGLDOHFWDOHVXGGXQ UHQH ODWIL U FX VHPDQWLVPXOIXQGDPHQWDOS VWUDW

 %$QRPDOHFXIOH[LXQHLQFRPSOHW GHIHFWLYH   9HUEHOH FX IOH[LXQH LQFRPSOHW  DOF WXLHVF FHD GHD GRXD FDWHJRULH±GHVWXOGHELQHUHSUH]HQWDW FDQWLWDWLYúLFDX]vQOLPE ±GH YHUEH DQRPDOH 7U V WXUD ORU FHD PDL FDUDFWHULVWLF  GLQ SXQFWXO GH YHGHUH DO FRPSRUWDPHQWXOXL PRUIRORJLF HVWH GH RUGLQ QHJDWLY úL DQXPHDEVHQ DXQXLDQXPLWQXP UGHIRUPHPRGXULúLWLPSXUL FX DOWHFXYLQWHDXQHLS U LGLQFRQMXJDUH&XPDEVHQ DHVWHvQWRWGHDXQD UHVLP LW FDROLSV DFHVWHYHUEHDXIRVWGHQXPLWHGHJUDPDWLFLLODWLQL SULQWHUPHQXOFRUHVSXQ] WRUFDUHVHPQLILF ÄOLSVD´XHUEDG IHFW XD G ILF UHÄDOLSVL´  /D UkQGXO ORU YHUEHOH FX IOH[LXQH LQFRPSOHW  VDX GHIHFWLY  VH SRW JUXSD GXS  FULWHULXO VSHFLILFXOXL UHVSHFWLYHL DEVHQ H IRUPDO VHPDQWLFH 3ULQ XUPDUH VH SRW GLVWLQJH  W L S X U L  GH DQRPDOH FX IOH[LXQHLQFRPSOHW  D DQRPDOHGHIHFWLYHGHVHULDSUH]HQWXOXL ÌQQXP UGHDFHVWHYHUEHVHFRQMXJ QXPDLODWLPSXOSHUIHFWúL ODFHOHGHULYDWHGHODWHPDOXL(VWHYRUEDGHYHUEHOH DFRHS FRHSLVVHFRHSWXVVXPÄDvQFHSH´       

3DUDGLJPDH[LVWHQW HVWHXUP WRDUHD 

02'8/ 7,038/    3(5)(&7

,1',&$7,9 FRHS   FRHSLVW  FRHSLW FRHS PXV FRHSLVWLV FRHS UXQW FRHS UH   FRHS UDP  FRHS U V 00&3 FRHS UDW FRHSHU PXV FRHSHU WLV FRHS UDQW  FRHS UR 9,,725 FRHS ULV $17(5,25 FRHS ULW FRHSHU PXV ,,  FRHSHU WLV FRHS ULQW



02'8/ 7,038/

,1',&$7,9 FRHSWXVDXP VXP 3(5)(&7 HV HVWHWF FRHSWXVDXP HUDP 00&3 HU V HUDWHWF FRHSWXVDXP 9,,725 HUR $17(5,25 HULV ,,  HULWHWF

',$7(=$$&7,9  &21-81&7,9 3$57,&,3,8 FRHS ULP  FRHS ULV FRHS ULW FRHSHU PXV FRHSHU WLV FRHSHULQW FRHSLVVHP FRHSLVV V FRHSLVVHW FRHSLVV PXV FRHSLVV WLV FRHSLVVHQW 

,1),1,7,9    FRHSLVVH





  FRHSW UXV DXP FRHSW U  DHD

 FRHSW UXPDP XPHVVH  FRHSW U V VD HVVH

',$7(=$0(',23$6,9  &21-81&7,9 3$57,&,3,8 ,1),1,7,9   FRHSWXVDXP FRHSWXVDXP FRHSWXPDP VLP HWF XPHVVH V V VLWHWF FRHSWXVDXP   HVVHP HVV V HVVHWHWF   







ÄDPvQFHSXW´HWF



DPHP Q PHPLQLVVHÄDúLDGXFHDPLQWH´ÄDúLDPLQWL´  $FHVW YHUE úL XUP WRDUHOH GRX  GHúL DX IRUPH QXPDL GLQ VHULD SHUIHFWXOXL VH WUDGXF SULQ SUH]HQW úL WLPSXULOH JUDYLWkQG vQ VIHUD SUH]HQWXOXLLPSHUIHFWYLLWRU 3DUDGLJPDDFHVWXLYHUEHVWHXUP WRDUHD  02'8/ 7,038/

,1',&$7,9

PHP Q   PHPLQLVW  PHP QLW 3(5)(&7 PHPLQ PXV PHPLQLVWLV PHPLQ UXQW PHPLQ UH  PHPLQ UDP PHPLQ U V  PHPLQ UDW 00&3 PHPLQHU PXV PHPLQHU WLV PHPLQ UDQW PHPLQ UR PHPLQ ULV  PHPLQ ULW 9,,725 $17(5,25 PHPLQHU PXV PHPLQHU WLV ,,  PHPLQ ULQW

&21-81&7,9

,03(5$7,9 ,1),1,7,9

PHPLQ ULP PHPLQ ULV PHPLQ ULW PHPLQHU PXV PHPLQHU WLV PHPLQ ULQW



  PHPLQLVVH

PHPLQLVVHP PHPLQLVV V PHPLQLVVHW PHPLQLVV PXV PHPLQLVV WLV PHPLQLVVHQW 





 PHPHQW  PHPHQW   PHPHQW WH



 DQ X Q XLVVHÄDFXQRDúWH´  3DUDGLJPDH[LVWHQW HVWHXUP WRDUHD

02'8/ 7,038/

3(5)(&7

,1',&$7,9 Q Q Q Q Q Q



X  XLVW  XLW X PXV XLVWLV X UXQWQRX UH

  ÄvPLDPLQWHVF´HWF

ÄFXQRVF´HWF



&21-81&7,9 Q Q Q Q Q Q

X ULP X ULV X ULW XHU PXV XHU WLV X ULQW

,1),1,7,9   Q XLVVH

Q Q Q 00&3 Q Q Q Q Q Q 9,,725 $17(5,25,,  Q Q Q



X UDP X U V X UDW XHU PXV XHU WLV X UDQW X UR X ULV X ULW XHU PXV XHU WLV X ULQW

Q Q Q Q Q Q 

XLVVHP XLVV V XLVVHW XLVV PXV XLVV WLV XLVVHQW





 D G  GLVVHÄDXUv´  3UH]LQW XUP WRDUHDSDUDGLJP 

02'8/ ,1',&$7,9 &21-81&7,9 3$57,&,3,8 7,038/ G ULP   G    GLVW  G ULV VXVDXP  GLW  G ULW 3(5)(&7 GHU PXV V DHD  G PXV  GLVWLV GHU WLV G ULQW  G UXQW  GLVVHP  G UDP  G U V GLVV V GLVVHW  G UDW 00&3  GHU PXV GLVV PXV GLVV WLV  GHU WLV GLVVHQW  G UDQW  G UR  V UXVDXP  G ULV  9,,725  G ULW V U DHD $17(5,25,,   GHU PXV  GHU WLV  G ULQW

,1),1,7,9  

GLVVH



V UXPDP XPHVVH  V U V VD HVVH







ÄXU VF´HWF



EDQRPDOHGHIHFWLYHGHVHULDSHUIHFWXOXL  9HUEHOHGLQDFHDVW FDWHJRULHúLDXSLHUGXW73IFDúLSHDFHHDD VXSLQXOXLGHDOWIHO HOHFRQMXJkQGXVH±úLDúDLQFRPSOHW±GRDUOD DQXPLWH PRGXULWLPSXUL GHULYDWH GH OD WHPD SULPDU  D SUH]HQWXOXL 7RDWH DFHVWH YHUEH DSDU LQ GLQ SXQFW GH YHGHUH VHPDQWLF VIHUHL FRPXQLF ULLRUDOHH[SULPkQGFXGLYHUVHQXDQ HDFWXOORFX LRQDU  EDLRÄVSXQ´Ä]LF´ÄDILUP´ 3$5$',*0$ 02'8/ 7,038/

,1',&$7,9

&21-81&7,9

35(=(17



DLR  DLV6* DL V6* DLWDLXQW3/ DLDWDLDQW3/  DL EDP DL E V DL EDW ,03(5)(&7 DLHE PXV DLHE WLV DL EDQW 3(5)(&7 DLW  3$57,&,3,835(=(17 1DLHQV *DLHQWLVHWF

,03(5$7,9  DL 



ELQTXDPÄ]LF´ÄVSXQ´ 3$5$',*0$ 02'8/7,038/

35(=(17

,03(5)(&7 9,,725, 



,1',&$7,9 LQTXDP LQTXLV LQTXLW LQTX PXV LQTX WLV LQTXLXQW LQTXL EDW LQTXL EDQW LQTXL V LQTXLHW

,03(5$7,9  LQTXH

  LQTX W  

LQTXDP UHI FXWLQTXL  LQTXLVW  LQTXLW

3(5)(&7



EIRU I ULI WXVVXPÄDYRUEL´ÄDVSXQH´ÄDJU L´ 35(=(17$5( (VWH XQ YHUE FX vQI LúDUH DSDUHQW  GH GHSR QHQW vQ UHDOLWDWH LQGLFDWLYXO SUH]HQW IRU HVWH FD úL LQH[LVWHQW QHILLQG X]LWDW 5 G FLQD YHUEXOXL HVWH I  VFXUWDW  XOWHULRU SH FDOH LQWHUQ  )RUPDI WXUUHSUH]LQW XUPDYHFKLLIOH[LXQLDWHPDWLFH,]RODWH[LVW úL IRUPH VLPLODUH FHORU QRPDOH úL WHPDWLFH I ERU I E WXU  1X VH IOH[LRQHD] GHFkWODGLDWH]DPHGLRSDVLY 



02'8/ 7,038/

35(=(17

,1',&$7,9,03(5$7,9*(581=,83$57,&,3,8 683,1,1),1,7,9 I WXU 

I UH

I ERU I E WXU I WXVD XP VXP HV 3(5)(&7 HVW I W DHD V PXV HVWLV VXQW I WXVD XP HUDP HU V 00&3 HUDW I W DHD HU PXV HU WLV HUDQW

1IDQV *IDQWLV HWF 

9,,725

I U

  I WXVD XP I W DHD

*IDQG  'IDQG HWF

$%/ I W 





ÄHOHD YRUEHúWH´



F YHUEHXWLOL]DWHXQLSHUVRQDOFXYDORDUHLPSHUVRQDO   6HSRWGLVWLQJHXUP WRDUHOHV X E F O D V H  FXQLúLLPSHUVRQDOHFDUHH[SULP IHQRPHQHQDWXUDOH IXOJHW IXOJ UDW IXOP QDW JHODW JUDQG QDW KLHPDW LO O FHVFLW

SHUIIXOVLWÄIXOJHU ´ IXOJXU XLWÄLG´ IXOPLQ XLWÄLG´ÄWU ]QHúWH´ JHO XLWÄvQJKHD ´ JUDQGLQ XLWÄEDWHFDGHJULQGLQD´ KLHP XLWÄHIULJGHLDUQ ´ÄG JHUXO´ÄJHUXLHúWH´ LO O [LWÄvQFHSHV VWU OXFHDVF ´ÄVHOXPLQHD]  GH]LX ´ÄVHIDFH]LX ´  O FLVFLW  QLQJLWQLQJXLW QLQ[LWÄQLQJH´ÄFDGHQLQVRDUH´ SOXLW SO X LWÄSORX ´ÄFDGHSORDLD´ U U XLWÄFDGHVHODV URX ´ U UDW WRQDW WRQ XLWÄWXQ ´ DG XHVSHUDVFLW DG XHVSHU XLW ÄVH IDFH VHDU  ÄVH vQVHUHD] ´ ÄVH vQQRSWHD] ´  F XQL úL LPSHUVRQDOH FX VXELHFW H[SULPDW SULQ YHUE OD LQILQLWLYVDXS U R S R ] L L H  DFF GLW FRQVWDW FRQWLQJLW FRQX QLW GHFHW X QLW ILW 

SHUIDFFLGLWXWQHÄVHvQWkPSO ´TXRG  FRQVW WLWÄHFXQRVFXW´ÄHFODU´ÄHHYLGHQW´ÄHVLJXU´ ÄHúWLXW´ FRQW JLWXW ÄHVWHGDW´ÄVHvQWkPSO ´ÄDMXQJH´ ÄDUHSDUWHGH´ÄDUHQRURFXOV ´ FRQX QLW“XW ÄHVWHOXFUXFRQYHQLW´ÄHVWHDFRUG GHSOLQ´ÄHVWHVWDELOLW´ÄVHFRQYLQH´ GHFXLWÄVW ELQH´ÄVHSRWULYHúWH´ÄVHFXYLQH´ÄVH FDGH´ X QLWXW ÄDUHXQUH]XOWDWEXQU X ´ÄLHVHELQH U X ´ IDFWXPHVWXW ÄVHvQWkPSO ´



OLEHWOXEHW OLEXLWOLE WXPHVWÄSODFH´ÄIDFHSO FHUH´ÄH[LVW  PRWLY´ OLFHW OLFXLWOLF WXPHVWÄHVWHSHUPLVvQJ GXLW´ÄHVWH YRLH´ÄVHSRDWH´ RSRUWHW RSRUWXLWÄVHFXYLQH´ÄVHFDGH´ÄWUHEXLH´ SODFHW SODFXLW'RELHFWXOXLXWSURSLQILQLWLYDO  SODFLWXPHVWÄHVWHVXQWGHS UHUH´ÄFUHGH GH FXYLLQ ´ÄVRFRWHúWHHVFGHELQH ´ÄKRW U úWH VF´ ÄGHFLGH ´ÄVXV LQH ´  FXQLúLLPSHUVRQDOHGHDIHFW  PLV UHW PLVHUXLW$&RELHFWXOXLúL*FDX]HL ÄHVWHPLO ´ÄDUH PLO ´ÄVHIDFHPLO ´ SDHQ WHW SDHQLWXLW$&RELHFWXOXLúL*FDX]HLSURSR]L LH LQILQLWLYDO ÄVHF LHúWH´ÄvLSDUHU X´ÄUHJUHW ´ SLJHW SLJXLWSLJ WXPHVW$&RELHFWXOXLúL*FDX]HL “SURSR]L LHLQILQLWLYDO ÄvL HVWHVLO ´ ÄHVWHGH]JXVWDW´ÄHVWHQHPXO XPLW´ÄvL SDUHU X´ ÄUHJUHW ´ÄVHUXúLQHD] ´ SXGHW SXGXLWSXG WXPHVW$&RELHFWXOXLúL*FDX]HL “SURSR]L LHLQILQLWLYDO ÄvL HVWHUXúLQH´ÄVHUXúLQHD] ´ WDHGHW WDHGXLWWDHVXPHVW$&RELHFWXOXLúL*FDX]HL“ SURSR]L LHLQILQLWLYDO ÄvL HVWHVLO JUHD ´ ÄHVWHGH]JXVWDW´  FLPSHUVRQDOHSDVLYH  9DORDUH LPSHUVRQDO  GH LQH úL R VHULH GH YHUEHDIODWHODGLDWH]D SDVLY  úL OD SHUVRDQD D ,,,D VLQJXODU QXPDL DWXQFL FkQG QX DX XQ VXELHFW GHWHUPLQDW DXGLWXU ÄVH DXGHF ´ FUHGLWXUÄVHFUHGHF ´ GLF WXUÄVH]LFH´ÄVHVSXQH´ÄFLUFXO YRUED´IHUWXUÄVHSRYHVWHúWH´ ÄVHVSXQH´HWF &RQMXJDUHDSULQSHULIUD]  ÌQ DIDUD SDUDGLJPHL H[SULPDWH SULQ IRUPHOH YHUEDOH GLDWH]LFH DFWLY úLPHGLRSDVLY ODWLQDXWLOL]DúLDOWHIRUPHYHUEDOHvQYHGHUHD UHG ULL DQXPLWRU QXDQ H OLQJYLVWLFH 6D FUHDW DVWIHO XQ GXEOX VLVWHP 



SHULIUDVWLFVSHFLDOúLGLVWLQFWvQFDGUXOF UXLDYHUEXOXLFRSXODWLYHVVHL VDX DVRFLDW FD QXPH SUHGLFDWLYH SDUWLFLSLXO YLLWRU DFWLY 39$  úL UHVSHFWLYPHGLR SDVLY393 XOWLPXOFXQRVFXWúLVXEGHQXPLUHDGH JHUXQGLY $FHDVW  GXEO  FRQVWUXF LH SHULIUDVWLF  D IRVW GHQXPLW  SRUQLQG GH OD WHUPLQRORJLD JUDPDWLFDO  ODWLQ  DQWLF  vQ WUDWDWHOH PRGHUQH FRQMXJDUH SULQ SHULIUD]  VDX SHULIUDVWLF  DFWLY  UHVSHFWLYSDVLY ODWFRQL J WL SHULSKUDVWLFDDFW XDXHOSDVV XD    &RQMXJDUHD SULQ SHULIUD]  DFWLY  SHULIUDVWLFD DFWLY  H[SULPD LQWHQ LD JkQGXO VW UXLWRU VDX LPLQHQ D UHDOL] ULL DF LXQLL  VW ULL H[SULPDWH GH YHUEXO UHVSHFWLY FDQW W UXVDXP VXP ÄDP LQWHQ LD  GH JkQG V  FkQW´ ÄVXQW SH SXQFWXO GH D FkQWD´ 9HUEXO FRSXO VHFRQMXJ QXPDLODPRGXULOHLQGLFDWLYFRQMXQFWLYúLLQILQLWLY QXPHOHSUHGLFDWLYUHSUH]HQWDWGH39$ DFRUGkQGXVHvQFKLSILUHVFFX VXELHFWXOSURSR]L LHLvQJHQQXP UúLFD] /DFRQMXQFWLYSHULIUDVWLFDDFWLY H[SULPDLGHHDGHSRVWHULRULWDWH LDUODLQILQLWLYHUDXWLOL]DW SHQWUXDH[SULPDVLPXOWDQLGHHDGHYLLWRU GHSRWHQ LDOúLGHQRQUHDO  &RQMXJDUHDSULQSHULIUD] SDVLY SHULIUDVWLFDSDVLY G GHD H[SUHVLH QXDQ HORU FRPSOHPHQWDUH GH QHFHVLWDWH REOLJD LH GDWRULH DPDQGXVDXP VXP ÄWUHEXLH V  ILX LXELW ´ IDFLHQGXVDXP HVW ÄWUHEXLHVHFDGHHQHFHVDUHELQHV ILHI FXW ´9HUEXOFRSXO VH FRQMXJ  OD PRGXULOH VHPQDODWH PDL VXV OD WLPSXULOH FXQRVFXWH vQ FRQMXJDUHD QRUPDO  *HUXQGLYXO 393  VH DFRUG  FD úL 39$ FX VXELHFWXOSURSR]L LHLODDFHOHDúLUHSHUHPRUIRORJLFH 



&$3,72/8/;, 

025)2/2*,$1()/(;,%,/(/25

  *(1(5$/,7 ,&HDGHDGRXDPDUHFODV DXQLW LORUPRUIR ORJLFH FDUH DOF WXLHVF LQYHQWDUXO JHQHUDO DO S U LORU GLVFXUVXOXL ± WUDGL LRQDOQXPLWHOHS U LGHYRUELUH±HVWHUHSUH]HQWDW GHQHIOH[LELOH 7U V WXUDORUIXQGDPHQWDO HVWHGDW GHFDUDFWHUXOLQYDULDELODODFHVWRU S U LDOHGLVFXUVXOXLLQGHSHQGHQWHGHFDWHJRULLOHFDUHDOF WXLHVFUHSHUHOH IOH[LELOLW LLJHQXOQXP UXOFD]XOGLDWH]DPRGXOWLPSXOHWF 6HJUXSHD] vQDFHDVW FODV DS U LORUGLVFXUVXOXLGLQDQVDPEOXO OLPELORU ,( DQWLFH úL PRGHUQH   WLSXUL GH XQLW L PRUIRORJLFH VDX PRUIRVLQWDFWLFHDGYHUEXOSUHSR]L LDFRQMXQF LDúLLQWHUMHF LD ,$'9(5%8/ '(),1, ,( ù, 52/ 025)26,17$&7,& (VWH SDUWHD GH YRU ELUH SDU LDO QHIOH[LELO  FDUH GHWHUPLQkQG R DOW  SDUWH GH YRUELUH ± vQ JHQHUDO úL SUHSRQGHUHQW XQ YHUE GDU úL XQ VXEVWDQWLY XQ VXEVWLWXW DO DFHVWXLDXQDGMHFWLYVDXXQDOWDGYHUE±vLVFRDWHvQHYLGHQ RWU V WXU  FDUDFWHULVWLF GHUHJXO SULQFLUFXPVWDQ LHUHDvQ HOHVXOXLJHQHUDODOS U LL GH YRUELUH UHVSHFWLYH $GYHUEXO vQGHSOLQHúWH GLQ SXQFW GH YHGHUH VLQWDFWLFIXQF LDGHFRPSOHPHQWSULQH[FHOHQ  &5,7(5,8/ ,6725,& '( &/$6,),&$5( $ $'9(5%8/8, /$7,1$GYHUEHOHIRUPDWHSHED]DvQFHW ULLIXQF LRQ ULLXQXLDGLQWUH FD]XULOHFRQFUHWHGDUQXQXPDL GLQ,(FRPXQ DXGHYHQLWvQOLPED ODWLQ  DGYHUEH SULPDUH 3H GH DOW  SDUWH ODWLQD FD RULFDUH DOW  OLPE  ,( DQWLF  úLD FUHDW VLQJXU  DGYHUEH QRL úL SURSULL SULQ LQWHU PHGLXO GHULY ULL FX VXIL[H VDX SULQ WUDQVIRUPDUH PRUIRORJLF  DGYHU ELDOL]DUH $FHVWHDGYHUEH QRLGHULYDWHFXVXIL[HVDXSURYHQLQGGLQ DOWH S U L GH YRUELUH DOF WXLHVF SULQ XUPDUH FHD GHD GRXD FODV  GH DGYHUEH ODWLQH GLQ SHUVSHFWLYD IRUP ULL ORU LVWRULFH /H YRP WUHFH SH DPEHOHUDSLGvQUHYLVW  $'9(5%( 35,0$5( 0DMRULWDWHD DFHVWRU DGYHUEH YHFKL úL X]XDOH vQ ODWLQ  SUH]LQW  FRUHVSRQGHQWH vQ DOWH OLPEL ,( DQWLFH DQWH 



ÄvQDLQWH´F UDPÄvQID ´ÄGHID ´ÄvQSHUVRDQ ´KHU KHUHÄLHUL´ LDP ÄDFXP´ ÄGHMD´ LPP  ÄGLPSRWULY ´ ÄED FKLDU´ ÄPDL PXOW´ IRUPD LHvQSOXVH[SUHVLY LWDÄvQDFHVWIHO´ÄDVWIHO´ÄDúD´HWF $'9(5%( 12, , '(5,9$7( ÌQ HSRFD LVWRULF  SURFHGHXO FHO PDL IUHFYHQW XWLOL]DW GH IRUPDUH GH QRL DGYHUEH D IRVW DFHOD GH GHULYDUH FX VXIL[H IRDUWH SURGXFWLY GDWRULW  FRPRGLW LL RIHULWH YRUELWRULORUSULQVWHUHRWLSLDDSOLF ULLHOHPHQWXOXLIRUPDWLYVXIL[XO ÌQF  GLQ HSRFD DUKDLF  VDX FUHDW QRL DGYHUEH SULQ LQWHUPHGLXO VXIL[XOXLWXVPRGHOXOILLQGRIHULWGHFkWHYDDGYHUEHYHFKLFRQ LQkQG XQVXIL[W UHSHUDELOvQSODQ,( ±LQWXVÄvQ XQWUX´ÄGLQ XQWUX´LQWXV  ±VXEWXVÄGHGHVXEW´VXEWXV  ± WLP GHQRPLQDWLY vQ WULE WLP ÄSH WULEXUL´ ½ WULEXV V  SURSU WLPÄFRQIRUPFXWU V WXULOHVDOHVSHFLILFH´½SURSULXVDXP  IRUWXQ WLPÄvQFKLSIHULFLW´½IRUWXQDWXVDXP  ± WLP GHYHUEDWLY vQ FDUSWLP ÄVHSDUDW´ ÄSDU LDO´ ½ FDUS UH  FRQWHPSWLP ÄGLVSUH XLWRU´ ½ FRQWHPQ UH  UDSWLP ÄvQ PDUH JUDE ´ ÄvQ IXJ ´ ½ UDS UH  FHUW WLP ÄSH vQWUHFXWH´ FHUW UH  Q PLQ WLP ÄLQGLFkQGQXPHOH´ÄSHQXPH´½Q PLQ UH  8QXOGLQWUHFHOHPDLSURGXFWLYHVXIL[HvQFUHDUHDGHDGYHUEHGLQ HSRFDDUKDLF SkQ vQDFHHDLPSHULDO WkU]LHDIRVWúL WHU 0RGHOXOIRUPDWLYHVWHSUREDELOV ILIRVWGDWGHDGYHUEXOPRGDO FRPSDUDWLY DOLWHU ÄDOWIHO´ 'XS  PRGHOXO OXL DO WHU SULQ DWUDF LH VHPDQWLF  úL SDUDOHOLVP VD FUHDW SDU WHU ÄOD IHO´ ÄvQ PRG HJDO´ ÄDVHP Q WRU´VXIL[XOWHUVDH[WLQVDSRLODDGMHFWLYHOHGHGHFOLQDUHDD ,,,DFDUHvOFRQ LQHDXSHLvQWHP DFU WHUIRUW WHUJUDX WHUO Q WHU WXUS WHUHWF  $'9(5%(12,,,&5($7(35,175$16)250$5()RDUWH IUHFYHQWXWLOL]DWvQHSRFDLVWRULF DIRVWúLSURFHGHXOWUDQVIRUP ULL vQ DGYHUEH D DQXPLWRU IRUPH FD]XDOH DSDU LQkQG XQRU DGMHFWLYH LQFOXVLYSDUWLFLSLLFXYDORDUHDGMHFWLYDO úLVXEVWDQWLYH  LQVWUXPHQWDOXOVLQJXODUGHVLQHQ D  3URFHGHXO D IRVW FXUHQW OD WHPHOH QRPLQDOH vQ RH EHQ  ½ERQXVDXP FO U ½FO UXVDXP O EHU ½O EHUDXP SXOFKU  ½SXOFKHUUDUXP XDO G ½XDO GXVDXP HWF 

 DEODWLYXOVLQJXODUGHVLQHQ D  &HOHPDLQXPHURDVHDGYHUEHVDXIRUPDWGHODDEODWLYXOWHPHORU vQ RH UHVSHFWLY GH OD DGMHFWLYHOH FRUHVSXQ] WRDUH FD úL GH OD SDUWLFLSLLQXPHUDOHSURQXPHFRQWLQX ½FRQWLQXXVDXP SHUSHWX  ½SHUSHWXXVDXP U U ½U UXVDXP   DFX]DWLYXOVLQJXODUGHVLQHQ DP 'HODIRUPDGH$&VJGHJHQXOQHXWUX±DúDQXPLWXODFX]DWLYGH UHOD LHVDXGHFDOLILFDUH±DOWHPHORUvQRHvQFHDPDLPDUHSDUWH DGMHFWLYHVDXQXPHUDOHFXIRUP DGMHFWLYDO VDXFUHDWúLDXIXQF LRQDW GHD OXQJXO vQWUHJLL ODWLQLW L QXPHURDVH DGYHUEH FX YDORDUH PRGDO FDQWLWDWLY  SUHFXP FHWHUXP ÄGH DOWPLQWHUL´ ÄGDU GH IDSW´ ÄGDU WRWXúL´ ½ FHWHUXVDXP ÄFHO ODOW´  PXOWXP ÄSUHD  PXOW´ ÄIRDUWH´ ÄFXPXOW´½PXOWXVDXPÄPXOW´  $FX]DWLYXO DGYHUELDO D IRVW SURGXFWLY úL OD WHPHOH vQ L DOH DGMHFWLYHORU GH GHFOLQDUHD D ,,,D SUHFXP IDF OH ÄXúRU´ FRLQFL]kQG GLUHFW FX IRUPD GH QHXWUX VLQJXODU  GLIILF OH ÄJUHX´ GXOFH ÄSO FXW´ ÄFX IDUPHF´ VXEO PH ÄvQ DHU´ ÄvQ vQ O LPH´ ÄSH  VXV´ VX XH ÄSO FXW´ÄvQFkQW WRU´HWF &5,7(5,8/6(0$17,&'(&/$6,),&$5( $$'9(5%8/8,/$7,1 0DUHDPDMRULWDWHDDGYHUEHORUGLQODWLQ SUH]LQW XQVHPDQWLVP OHJDWGHFLUFXPVWDQ HFRQFUHWH D DGYHUEHGHORF VSD LXOJHQHUDO KLF ÄDLFL´ LE  ÄDFROR´ LE GHP ÄWRW DFROR´ ÄvQ DFHODúL ORF´ LVWLFÄvQDFHVWORF´ÄFROHD´LOOLFÄvQDFHOORF´ SXQFWXOVSD LXOGHSRUQLUH KLQF ÄGH DLFL´ ÄGLQ DFHVW ORF´ LOOLQF ÄGH DFROR´ ÄGLQ SDUWHD DFHHD´ LVWLQF ÄGH DFROR´ ÄGHDFROHD´ LQGH ÄGLQ ORFXO DFHVWD´ ÄGH DLFL´ÄGHDFROR´SRODUL]DUHGHPRQVWUDWLY  GLUHF LD K F ÄvQFRDFH´ ÄVSUH DFHVW ORF´ LOO F ÄvQWUDFROR´ ÄVSUH DFHO ORF´ LVWXF  LVWK F ÄvQWUDFROR´ H  ÄDFROR´ ÄvQ  OD  VSUH ORFXO DFHOD´H GHPÄVSUHDFHODúLORF´ÄWRWvQWUDFROR´ 



WUDVHXODOHV K F ÄSH DLFL´ LOO F ÄSH DFROR´ ÄGH SDUWHD DFHHD´ LVW F ÄSHDFROR´ÄSULQSDUWHDDFHHD´H ÄSHDLFLSHDFROR´ E DGYHUEHGHWLPS WLPSXOJHQHUDO QXQF ÄDFXP´ ÄvQ PRPHQWXO DFHVWD´ KRGL  ÄD]L´ ÄDVW ]L´ ÄvQSUH]HQW´ÄvQ]LXDGHD]L´FUDVÄPkLQH´Q SHUÄDGLQHDRUL´ÄQXH PXOW YUHPHGHFkQG´ÄGHFXUkQG´ÄPDLvQDLQWH´ PRPHQWXOLQL LDOSRUQLUHDvQWLPS  G GXPÄGHPXOW YUHPH´ÄGHSX LQWLPS´SRODUL]DUHVHPDQWLF  ÄGHFXUkQG´ÄDGLQHDRUL´LDPÄGHMD´ÄGHMDGH´ GXUDWD GL ÄPXOWWLPS´ÄPXOW YUHPH´WDPGL WDPGL ÄDWkWDWLPS´ ÄDúDGHPXOW YUHPH´SDUXPSHUÄSHQWUXSX LQWLPS´ÄSX LQ YUHPH´ ÄRFOLS ´ÄvQVFXUWWLPS´ F DGYHUEHGHFDQWLWDWH FDQWLWDWHDSURSULX]LV  PXOWXPÄPXOW´ÄIRDUWH´SDUXPÄSX LQ´SOXVÄPDLPXOW´PLQXV ÄPDL SX LQ´ SO U PXP ÄIRDUWH PXOW´ ÄvQ IRDUWH PDUH FDQWLWDWH´ PLQ PXPÄIRDUWHSX LQ´ÄFHOPDL SX LQ´ P VXUD PXOW  ÄFX PXOW´ SDUX  ÄFX  SX LQ´ QLPL  ÄSHVWH P VXU  GH PXOW´ÄH[WUDRUGLQDU´ÄFXPXOWSUHDPXOW´WDQW RS UHWDQW S UHÄvQDúD P VXU ´ÄSkQ QWUDWkWD´ÄDWkWGHPXOW´ IUHFYHQ D VHPHOÄRVLQJXU GDW ´ÄSHQWUX SULPDRDU ´ÄPDLvQWkL´ELV ÄGHGRX RUL´



1XPHURDVHDGYHUEHODWLQHúWLRIHU úLXQVHPDQWLVPDVRFLDWXQRU FLUFXPVWDQ HDEVWUDFWH $ DGYHUEHJHQHUDOHGHPRG ,QGLF  FLUFXPVWDQ D PRGDO  FHD PDL ODUJ  vQ FDGUXO F UHLD VH GHVI úRDU DF LXQHDVWDUHDH[SULPDW GHYHUEI U VSHFLILFD LLSUHFLVH ± PRGDOH vQ   DX U  ÄFX VHWH GH FkúWLJ´ DSW  ÄVWUkQV´ ÄSRWULYLW´EHQ ÄELQH´ ±PRGDOHvQ PHU W ÄSHGUHSW´ÄSHEXQ GUHSWDWH´V FU W  ÄVHSDUDW´ÄvQVHFUHW´ÄSHDVFXQV´ ± PRGDOH FX ILQDOD GXEO     FHUW   FHUW  ÄVLJXU´ ÄFX VLJXUDQ ´ ÄGHVLJXU´ ÄI U  vQGRLDO ´ U U   U U  ÄUDU´ ÄUDUHRUL´ ÄGLQORFvQORF´ ± PRGDOH vQ  WHU DODFU WHU ÄFX YLRLFLXQH´ IHU F WHU ÄFX V OE WLFLH´ ± DOWH WHUPLQD LL WXV K P Q WXV ÄGXS  VRDUWD RPXOXL´  WLP UDSWLPÄUHSHGH´IXUWLPÄSHIXULú´JUHJ WLPÄvQWXUP ´ÄvQPDV ´ HWF VLPXLFLVVLPÄODUkQGXOV X´H[LPÄDSRL´HWF  VJU W VÄSH GHJHDED´½JUDWL VLPSU P VÄPDLvQWkLGHWRDWH´ÄvQSULPXOUkQG´½LQ SU P V>U EXV@LQSU P VHWF HWF % DGYHUEHVSHFLDOHGHPRG GXELWDWLYH IRUWH ÄGLQ vQWkPSODUH´ ÄvQWkPSO WRU´ $%/ VJ ½ IRUVUWLV ÄvQWkPSODUH´ÄVRDUW ´ IRUWDVVHÄSRDWH´ÄFXPYD´ÄFDP´ LQWHURJDWLYH QHÄRDUH"´ÄRDUHQX"´HQFOLWLFvQLQWHURJD LLGLUHFWH ÄGDF ´ ÄVDX´HQFOLWLFúLFRUHODWLYvQLQWHURJD LLLQGLUHFWH  QRQQHÄQXLDúDF "´ÄRDUHQX"´ÄQXLDGHY UDW"´vQLQWHURJD LL GLUHFWHFkQGVHDúWHDSW XQU VSXQVDILUPDWLYVDXRFRQILUPDUH ÄGDF  QX´vQLQWHURJD LLLQGLUHFWH ½QRQQH  GHDILUPDUHFRQILUPDUHvQW ULUH LWD ÄDVWIHO´ ÄDúD >HVWH@´ ÄGD´ DSDUH VLQJXU VDX vQVR LW GH DGYHUEHOH PRGDOH GH vQW ULUH X U   ÄvQWUDGHY U´ ÄGHVLJXU´ ÄGD GHVLJXU´½$%/VJX UXVDXP  



GHQHJDUH QRQÄQX´SRDWHQHJDRULFHSDUWHGHYRUELUHPDLSX LQLQWHUMHF LD  KDXGKDXWKDXÄQX´ÄQXWRFPDL´ÄGHORF´ &203$5$ ,$ $'9(5%8/8, 3RVHG  JUDGH GH FRPSDUD LH vQ SULPXO UkQG DGYHUEHOH IRUPDWH GH OD DGMHFWLYH LDU GXS  PRGHOXO DFHVWRUDúLRVHULHUHVWUkQV GHDGYHUEHSULPDUH *UDGHOHWUHSWHOHGHFRPSDUD LHDOHDGYHUEXOXLVXQWDFHOHDúLFX FHOH DOH DGMHFWLYXOXL SR]LWLYXO VDX IRUPD GH ED]  QLYHOXO ‘ DO FRPSDUD LHL FRPSDUDWLYXOQXPDLGHVXSHULRULWDWH úLVXSHUODWLYXOFD úLODDGMHFWLYI U GLVWLQF LHvQWUHYDULDQWDVHPDQWLF ÄUHODWLY ´úLFHD ÄDEVROXW ´  3HQWUX H[SULPDUHD FRPSDUDWLYXOXL DGYHUELDO VD XWLOL]DW VXIL[XO IRUPHL GH QHXWUX D FRPSDUDWLYXOXL DGMHFWLYDO OD 1$&9 VJ  LXV DWDúDW UDGLFDOXOXL DGYHUEXOXL UHVSHFWLY RE LQXW SULQ HOLPLQDUHD VXIL[XOXLDGYHUELDO VDX   32=,7,9 DSW  I FXQG  PLV U  W W 

5$',&$/ DSW I FXQG PLV U W W

&203$5$7,9 DSWLXV I FXQGLXV PLVHULXV W WLXV

 3HQWUX H[SULPDUHD VXSHUODWLYXOXL DGYHUELDO VD DSHODW OD VXSHUODWLYXO DGMHFWLYXOXL FRUHVSXQ] WRU D F UXL WHUPLQD LH GH 1 VJ XVDXP DIRVWvQORFXLW GHVXIL[XOVSHFLILFDGYHUELDO ½DUKDLF HG   683(5/$7,9 $'-(&7,9$/ $'9(5%,$/ DOWLVV P  DOWLVV PXVDXP EUHXLVV P  EUHXLVV PXVDXP IDFLOO PXVDXP IDFLOO P  FHOHUU P FHOHUU P  FHOHUU PXVDXP I O FLVV P  I O FLVV PXVDXP  

02ù7(1,5($$'9(5%8/8,Ì1/,0%$520Æ1  3UH]HQW PvQvQFKHLHUHOLVWDSULQFLSDOHORUIRUPD LLDGYHUELDOHPRúWHQL WHGHOLPEDURPkQ úLXQHRULGHDQXPLWHGLDOHFWHVXGGXQ UHQHDOHDFHVWHLD  GLQ LQYHQWDUXO DGYHUEHORU ODWLQH ± XQHOH GRDU UHFRQVWLWXLELOH ± SUHFXP úL FkQGVHLPSXQHFkWHYDFRUHVSRQGHQWHURPDQLFHRFFLGHQWDOH DELD½ODWDGXL[ DFL½HFFXPKLFYDULDQWDDLFL½HFFHKLF FIDURPDWVLDLVWURURPW L LWFLIULFLFLSURYDLVVL DFROR½HFFXPLOORFFIDURPDNRORLVWURURPNRORGXS $O5RVHWWL  HWLPRQXO ODWLQ HVWH HFFXPKRF vQ FRQWLQXDUHD F UXLD VDU DIOD GURP DFROH DFRORúúLDURPDFR DFXP½HFFXPPRGRFIDURPDNPXLVWURURPDNPRIULXOFXPRORJ FRPR DIDU ½DGIRUDVDGIDUDVIRUPDIDUDVHVWHDWHVWDW HSLJUDILF&,/9,  FIDURPDIRDU LVWURURPDIRUHLWDIIXRULVSDQDIXHUD DLXUHD ½DOLXE U  DOWPLQWHUL½DOWHU PHQWH DSRL½DGSRVW DSURDSH½DGSU SH DúD ½ HFFXP VLF DG VLF GXS  $O 5RVHWWL  FI DURP DãLWVH LVWURURP D RLWFRVuORPEJHQDVLIUDLQVLSURYDLVVLVSDQDLFL DWkWD ½HFFXPWDQWXPFIDURPDKW QWXDKWkQWX DWXQFL½DGWXQFFH FIDURPDWXPWVLDLVWURURPDWXQW HWLPRQXOODWLQ DSDUHDWHVWDWOLWHUDU3HUHJULQ$HWK;9, VXEIRUPDDGWXQF D]L½K FGL  ELQH½EHQ FILWEHQHIUVSELHQHWF FKLDU½FO UXP FkQG½TXDQGRFILWTXDQGRIUTXDQGHWF FXP ½ TXRPRGR FI DURP LVWURURP NXP LW FRPR YIU SURY FRP VSDQSRUWFRPR R GLQLRDU  ½ G  Q  K U  FX R SUREDELO DQDORJLF FI RGDW  ID  GH GDW RGDW  GXS ½G SRVWG SRVWXOWLPDIRUP DSDUHDWHVWDW HSLJUDILF&,/9,,,  FIDURPGXSRLVWURURPGXSHLWGRSRIUGHSXLVSRUWGHSRLVSURY GHSRLV IRDUWH½IRUWH LHUL½KHU FILWLHULIUKLHUHWF vQDLQWH½LQDEDQWHHSLJUDILFDSDUHDWHVWDW IRUPDLQDQWH&,/,,,  FILWLQQDQ]LSURYHQDQV YVSDQHQDQWH vQDSRL½LQDGSRVW 



vQF  ½ XQTXDP FX R LQWHUHVDQW  GHSODVDUH VHPDQWLF  GH OD FLUFXP VWDQ DWHPSRUDO ÄYUHRGDW ´GLQODWLQ ODFHDPRGDO GLQURPkQ  vQFRDFH½LQHFFXPKRFFH vQFRWUR½LQFRQWU XE  vQG U W½G UHW LQGH UHW  MRV½GHRUVXP O XQWUX½LOO FLQWU vQ XQWUX½vQO XQWUX  PDL½PDJLVDUKDLFPDJH  PkL QH½P QH QHPLFD QLPLFD ½QHF P FDÄQLFLRI UkP ´ÄQLFLXQSLF´ QX½QRQ QXPDL ½ QRQ PDJLV DWHVWDW OD JORVDWRUL OD FDUH DSDUH úL VLQWDJPD Q  PDJLV FIHQJQRPPDIULXOYHQQRPHJHQORPEQRPDDúDGDUvQFkWHYD GLDOHFWHLWDOLHQH  VXV ½ VXUVXV  VXUVXP SULQWUR IRUP  LQWHUPHGLDU  DWHVWDW  OD &DWR úL 3ODXWXV V VXPvQODWLQDWkU]LHHDGHYLQHFXUHQW ILLQGvQWkOQLW IUHFYHQWOD 7HUWXOOLDQXVúL$XJXVWLQXV XQGH½XQGHFXPRGLILFDUHVHPDQWLF ÄGHXQGH´ ÄXQGH´ 

 ,,35(32=, ,$

'(),1, ,( ù, 52/ 025)2/2*,& 'DF  QX HVWH XQLFXO VDX FHO PDL LPSRUWDQW FULWHULX DEVHQ D IOH[LXQLL D YDULDELOLW LL IRUPDOH PRUIRORJLFH U PkQH FX WRDWH DFHVWHD XQ UHSHU PDMRU vQ GHILQLUHD SUHSR]L LHL FD GH DOWIHO úL vQ DFHHD D FRQMXQF LHL úL D LQWHUMHF LHL  SRUQLQGFHOSX LQGHODVWDGLXOOLPELORU,(DQWLFHVSUHFHOHPRGHUQH  3(563(&7,9$ ,6725,&  Ì1 &/$6,),&$5($ 35(32=, ,,/25 ',1 /,0%$ /$7,1  6H SRW GLVWLQJH GRX  PDUL FODVH GH SUHSR]L LLVXUSULQVHvQIRUPDUHDúLHYROX LDORU SUHSR]L LLOHGHRULJLQH,( 6XQWGHVLJXUIRUPD LLOHSUHSR]L LRQDOHFHOHPDLYHFKLGLQOLPED ODWLQ  'LQWUH DFHVWH SUHSR]L LL FXUHQW VDXIRDUWHFXUHQWXWLOL]DWHGHD OXQJXOvQWUHJLLODWLQLW LIDFSDUWHDEDGDQWHFLVFXPG H[ LQ LQWHURESHUSRVWSUDHSU VHFXVVLQHVXEVXSHUWUDQV 2 EXQ  SDUWH GLQWUH DFHVWH SUHSR]L LL VXQW vQ DFHODúL WLPS úL DGYHUEH 'DWRULW  DPELYDOHQ HL XQRUD GLQWUH SUHSR]L LLOH YHFKL vQ ODWLQ  GH RULJLQH ,( VD SUHVXSXV FX VXILFLHQW WHPHL F  XWLOL]DUHD SUHSR]L LRQDO GHULY GLQFHDDGYHUELDO  

SUHSR]L LLOHFUHDWHvQLQWHULRUXOOLPELLODWLQH ùL vQ FD]XO ORU SHQWUX R EXQ  SDUWH VH FRQVWDW  GXEOD XWLOL]DUH DGYHUELDO  úL SUHSR]L LRQDO  vQF  GLQ FHOH PDL YHFKL WH[WH 3ULQ XUPDUHúLSHQWUXSUHSR]L LLOHFUHDWHvQLQWHULRUXOOLPELLODWLQHRULJLQHD DGYHUELDO HVWHGHSUHVXSXVvQFD]XOvQFDUHVXQWDPELYDOHQWH([HP SOHSHQWUXDFHVWHDGLQXUP QXvQWkPSO WRUQXPLWHúLDGYHUEHSUHSR ]L LL VXQW vQWUH DOWHOH XUP WRDUHOH DGXHUVXV FLUF  FLUFXP LQV SHU SULPXO H[HPSOX FXQRVFXW GLQ OLPED ODWLQ  GH SUHSR]L LH FRPSXV  LQWU SUDHWHUSURFXOVHFXQGXPVXEWHUHWF &/$6,),&$5($35(32=, ,,/25'83 &5,7(5,8/5(& ,81,,ÌQF GLQHSRFDDUKDLF SUHSR]L LLOHúLDXPDQLIHVWDWVROLGDUL WDWHDFXQXPHOHVDXVXEVWLWXHQ LLDFHVWXLDVROLGDULWDWHH[SULPDW SULQ VHOHFWDUHDXQXLFD]VDXDOWXORULGHFkWHRULDS UHDXWLOL]DW SUHSR]L LD vQ FDX]  $FHVW IHQRPHQ PRUIRORJLF vQ HOHV UDSLG GH YRUELWRUL FD R ÄLPSXQHUH´FXFDUDFWHUREOLJDWRULXDFD]XOXLGHF WUHSUHSR]L LHHVWH FXQRVFXWVXEGHQXPLUHDJHQHULF GHUHF LXQH  ,35(32=, ,,0212&$=8$/( FXUHJLPGH$&8=$7,9  DG HUJ  S QH DGXHUVXV H[WU  SRVW DQWH LQIU  SUDHWHU DSXG LQWHU SURSH FLUF  LQWU  SURSWHU FLUFXP LX[W  VHFXQGXP FLV RE VXSU  FLWU  SHQHV WUDQV FRQWU  SHU XHUVXV   XOWU   FXUHJLPGH$%/$7,9  DDEDEV  H[  DEVTXH SUDH F UDP SU  FXP VLQH G   



FXUHJLPGH*(1,7,9 FDXV  HUJ  JUDWL  

,,35(32=, ,,%,&$=8$/(

FXUHJLPGH$&8=$7,9úLGH$%/$7,9 FODP LQ VXE VXEWHU VXSHU FXUHJLPGH*(1,7,9úLGH$%/$7,9 WHQXV 

02ù7(1,5($Ì1/,0%$520Æ1  3UH]HQW P PDL MRV OLVWD SULQFLSDOHORU SUHSR]L LL ODWLQHúWL PRúWHQLWH vQ OLPEDURPkQ FXDG XJDUHDXQGHVHLPSXQHDXQRUSDUDOHOHGLDOHFWDOHVXG GXQ UHQHúLDFRUHVSRQGHQWHORUURPDQLFHVHPQLILFDWLYH  D½DG DVXSUD½DGVXSU FIDURPDVXSUD F WUHDUKúLSRSF WU ½FRQWU  FkWH½FDWD FX½FXPSR]L LDOXLPILQDODIRVWGHELO vQWRDWHHSRFLOHODWLQLW LL GH½G  GHDVXSUD½GHVXSU  GHVSUH½G V SHU GH GHVXEW½G VXEWXVFILWGL VRWWRIUGHVVRXVSURYGHVRW] GLQ½GHLQ½GHLQ  GLQWUH½GHLQWHU G LQWHU  GUHSW½G UHFWXPVDXG UHFW  GXS ½G SRVW I U ½IRU V vQ ½ LQ DURP Q PHJOHQ Q LVWURURP RQ LW LQ SOXV QHQXP UDWHOH GLDOHFWHLWDOLHQH IUHQSURYHQVSDQHQSRUWHQFDWDOHQHWF vQWUH½LQWHU vQWUX½LQWU DURPQWUXWUXWXPHJOHQWUX 

OD½LOO FFXVFKLPEDUHDYDORULLJUDPDWLFDOHDGYHUE SUHSR]L LH  OkQJ ½ORQJ VDXPDLFXUkQGGXS QRL ORQJ ¾ ODQJ  SH ½ SHU FX R QRWDELO  PRGLILFDUH VHPDQWLF  FI úL DURP SUH SL PHJOHQSUL SHQWUX½SHULQWU SULQFRPSXQHUHúLVXGDUH SHVWH ½ SHU H[WU  GXS  HWLPRORJLD SURSXV  GH $O 5RVHWWL LELG  VH DGXF vQ GLVFX LH úL IRUPHOH YHFKL URPkQHúWL GH VHFRO ;9,  SUHVWH SHVWUH FRPSDUDELOHFXPHJOHQSULVWL SkQ ½SDHQHDG  SULQ½SHULQDSRLVXGDWSHULQ DURPLVWURURPSULQ SULQWUH½SHULQWHUXOWHULRUVXGDW  VSUH ½ VXSHU FDUH D SUHOXDW R SDUWH GLQ YDORULOH OXL LQ 'HQVXVLDQX LELG  VWU  ½ H[WU  vQ URPkQD QRUGGXQ UHDQ  VD WUDQVIRUPDW vQ SUHIL[ VWU PRúVWU EXQVWU EXQLFHWF VXGkQGXVHFRPSOHWFXVXEVWDQWLYXOED] FI úLDURPVWU PHJOHQVWU VWUL VXE½VXE VXEW VXSW DUK  ½ VXEWXV ÄGHGHVXEW´ FX FRUHVSRQGHQWH vQ DURPkQ  VXSWXVXQWXVXQVXP5RVHWWLLELG 

 ,,,&21-81& ,$  '(),1, ,( 75 6 785, ù, 52/ 025)26,17$&7,& ÌQ UDSRUW FX SUHSR]L LD FRQMXQF LD FRQVWLWXLH FODVD FRQHFWRULORU FRP SOHFúLvQWUXFkWIXQF LRQHD] SHXQGXEOXSODQFHODOSUHSR]L LHLúLFHO DO IUD]HL ÌQ DPEHOH VLWXD LL FRQMXQF LD VH SUH]LQW  FD XQ FXYkQW LQYDULDELOWU V WXU IXQGDPHQWDO FDUHROHDJ GHFDWHJRULDSUHSR]L LHL ÌQ FRQVHFLQ  vQ UDSRUW FX FHOH GRX  SODQXUL VDX QLYHOH OD FDUH IXQF LRQHD] FRQMXQF LDVHSUH]LQW FDXQFRQHFWRUFDUHD ODQLYHOXO SURSR]L LHLOHDJ GRX S U LDOHGLVFXUVXOXLvQVHQVUHVWUkQVGHFLGRX  S U LGHYRUELUH úLvQDFHVWFD]UROXOVLQWDFWLFDOFRQMXQF LHLHVWHQXO LDU FRQMXQF LD HVWH XQ FRQHFWRU H[FOXVLY FRRUGRQDWRU E  OD QLYHOXO IUD]HLFRQMXQF LDIXQF LRQHD] VLPXOWDQFDXQFRQHFWRUFRRUGRQDWRU GDF  IDFH OHJ WXUD vQWUH GRX  SURSR]L LL GH DFHODúL WLS LQGHSHQGHQWH UHVSHFWLY VXERUGRQDWH  úL FD XQ FRQHFWRU VXERUGRQDWRU GDF  UHDOL ]HD] OHJ WXUDvQWUHGRX SURSR]L LLGHWLSGLIHULW 



7,32/2*,$ &21-81& ,,/25 25,*,1($ ù, (92/8 ,$ &21-81& ,,/25 Ì1 /,0%$ /$7,1  8QXO GLQWUH FULWHULLOH RSH UDQWHvQFODVLILFDUHDFRQMXQF LLORUGLQOLPEDODWLQ HVWHFHODOVWUXFWXULL ORU 6HSRWGLVWLQJHWLSXULGHIRUPD LLFRQMXQF LRQDOH FRQMXQF LLVLPSOHDWDXWFXPGXPHWQDPQ XWHWFHOH SRWILPRQRELVDXSROLVLODELFHHUJ TXDQG LJ WXUFHW UXPHWF  FRQMXQF LL FRPSXVH HOHPHQWHOH ORU IRUPDWLYH DGYHUEH SUHSR]L LLDOWHFRQMXQF LLVXEVWDQWLYHSURQXPHHWF VXQWDQDOL]DELOH VSUH H[HPSOX SRVWTXDP TX P QXV TX PRGR V FXW XHOXW HWF (OH PHQWHOHGHFRPSXQHUHDOHXQRUDWDULFRQMXQF LLHUDXFODUSHUFHSWLELOH HOH vQV  HUDX VHVL]DWH úL IXQF LRQDX FD XQLW L PRUIROH[LFDOH GH VLQH VW W WRDUH ORFX LXQLFRQMXQF LRQDOHDOF WXLDXIRUPD LLOHFHOHPDLFRP SOH[HELVDXSOXULPHPEUHGHH[HPSOXDFV FXPXWSU PXP  25,*,1($ÌQFHHDFHSULYHúWHRULJLQHDUHVSHFWLYSURYHQLHQ D ORUVHPQDO PGLUHF LLSULQFLSDOH DFRQMXQF LLSURYHQLWHGLQWHPHSURQRPLQDOHGHH[HPSOX FXPWHPDSURQXPHOXLUHODWLYTXLPDLH[DFW TXRP!TXXP  TXDPSURQXPHOHUHODWLYOD$&IHPLQLQVJ EFRQMXQF LLSURYHQLWHGLQYHUEHIRUPHYHUEDOHSLHWULILFDWH GH H[HPSOXXHOXRORXHOOHXROX LPSHUDWLYSUH]HQW,,VJDFWLY OLFHWOLFHR UHOLFX LQGLFDWLYSUH]HQW,,,VJDFWLY TXDPXLV  TX P  X V FRPELQD LH DGYHUELDOYHUEDO  LQGLFDWLY SUH]HQWDFWLY,,VJXHOOH FFRQMXQF LLSURYHQLWHGLQDGYHUEHSUHFXP PRGRSRVWHDTXDOLWHUTXDQWXPTX W QXVTX W QXVTXRWL Q V XE HWF  7$%/28/35,1&,3$/(/2581,7 ,&21-81& ,21$/(  $&225'21$72$5( &238/$7,9( HWDFTXHQ TXHUHGXVODQHF  

$'9(56$7,9( DWVLQJXUVDXORFX LRQDODWX U DWHQLPDWHWLDP DWTX DXWHP F W UXPVHGFHDPDLIUHFYHQWXWLOL]DW FRQMXQF LHSXWHUQLFvQF UFDW  VHPDQWLF   ',6-81&7,9(  DXWV XHVHXXHO 'LVMXQFWLYHFRUHODWLYH DXW DXW ÄILHILH´ ÄRULRUL´ ÄVDXVDX´ GXS  QHJD LL ÄQLFLQLFL´ V XHV XH  ÄILHF ILHF ´  VHXVHX  ÄVDXGDF VDXGDF ´  &$8=$/±(;3/,&$7,9(  QLPQ PQDPTXHQHPSH   &21&/86,9±&216(&87,9(  HUJRLGFLUF LGH  J WXU W TXH  %68%25'21$72$5(  &203/(7,9( DFRQMXQFWLYDOH W Q Q Q QTX QTX P QXV ELQWHURJDWLYHLQGLUHFWHQ Q PQRQQ LQWHURJDWLYDVLPSO  XWUXP Q  ,   DQ QH ,,  LQWHURJDWLYD GXEO  VDX GLVMXQFWLY  V SULQWUDQVIHU  FFXLQGLFDWLYXOTX G  &,5&8067$1 ,$/(  DWHPSRUDOH    



F P,1',&$7,98/&21-81&7,98/  G PG Q FTXRDGTXDPGLXTXDQGLX DQW TXDPSULXVTXDP SRVWH TXDP E  W,1',&$7,98/ TXDQG  E  WSU  PXPF PSU PXPV P O“ FDWTXH 



EFDX]DOH 

F P&21-81&7,98/  TX G TXLD TX QLDP TXDQG  TXDQG TX G P V TX G P W&21-81&7,98/  FILQDOH  Q Q Q QQHXHQHX  TX   TX P QXV W  &21-81&7,98/  TX P W  &21 GFRQVHFXWLYH -81&7,98/   WQ Q  TX Q  Q G P W,1',&$7,98/  HPRGDO±FRPSDUDWLYH  X O WX O W   V F WV F W   TX PDGP GXP F  SULQWUDQVIHUGHXWLOL DWTXH ]DUHGHODFRQMXQF LLOH WGHUHJXO FXHOLSVD FRRUGRQDWRDUH YHUEXOXLX]UHVWUkQV   TX P GHRULJLQHDGYHUELDO  TX  WV    X O WV   WDPQTXDP“V   TX V   SURLQGHSHULQGHDHTXHQ QV F V FV   SURLQGHSHULQGHTX V  IFRQGL LRQDOHLSRWHWLFH  V “IRUWHDXWHPPRGR   V Q“DXWHP   Q V UDUQ V V “IRUW X U   Q  V Q Q  TX GV TXRGV   TX GQ V   G P  P G   GXPP G G PP G   G PQ   P G Q   GXPP G Q   V TX G P 

JFRQFHVLYH        



TXDPTXDP F P&21-81&7,98/  W&21-81&7,98/  TXDPX V GHRULJLQHYHUEDO FIVXSUD TXDPO E W S  O F W HWV  W PHWV  W P QHWV WDPHQHWV  WLDPV  WLDPV  V SULQWUDQVIHUVLQWDFWLFRVHPDQWLF 

02ù7(1,5($Ì1/,0%$520Æ1  DX XWLOL]DUH SRSXODU  UHVWUkQV  D]L OD VLQWDJPD FRQMXQF LRQDODGYHU ELDO DXEDÄVDXQX´ODWDXWFIDURPD FDTX PFIVDUGVLFLOFD F TX GFRQMXQF LDDIRVWPRúWHQLW FXFHUWLWXGLQHvQOLPEDURPkQ  úL SUREDELO vQ URPDQLFHOH RFFLGHQWDOH vQ LWDOLDQ  IRUPD FKH vQ IUDQFH]  VSDQLRO úLSRUWXJKH] TXHQXSDUDSURYHQLGXS XQLLDXWRULGLQTXRGFLGLQ TXDPVDXTXLDFRUHVSRQGHQWXOVDUGUHVSHFWLYVLFLOLDQDOOXLFKHTXHHVWHFD FL  TX G SULQ VFKLPEDUHD FRPSOHW  D FODVHL PRUIRORJLFH IRUPD URPkQHDVF YHFKHHVWHFH FkQGTXDQG FRQMXQF LDFXPFXYDORDUHWHPSRUDO QXDIRVWPRúWH QLW vQQLFLROLPE URPDQLF  FXP  TX P G  FX YDORDUH WHPSRUDO  HVWH DWHVWDW vQF  GLQ HSRFD SUHURPDQLF XQGHvOFRQFXUHD] SHTXDQG GXS FXPRGRYHGHVFQXPHURDVH WH[WHFUHúWLQHvQFHSkQGFKLDUFXVHFROXODO,,OHDS&K  H DUKDLF GLVS UXW XOWHULRU   W HVWH DWHVWDW vQ WH[WHOH GH VHFRO ;9, vQDURPkQ vLFRUHVSXQGHDFHHDúLIRUP H  QLFLQ TX  V VHDWHVWDWvQVXUVHGHODWLQ YXOJDU V  úLV FSULQVFKLPEDUHDFODVHLPRUIRORJLFH



,9,17(5-(& ,$

'(6&5,(5( 75 6 785, 63(&,),&( 52/ 025)26,1 7$&7,& 'LQ FODVD JHQHUDO  D XQLW LORU PRUIRORJLFH QHIOH[LELOH VDX LQYDULDELOHLQWHUMHF LDHVWHOLPSHGHF RFXS úLGHOLPLWHD] XQWHULWRULX SURSULXPXOWPDLSX LQDFFHVLELOGHFkWvQFD]XOFHORUODOWHQHIOH[LELOH 



)D GHDFHVWHDGLQXUP LQWHUMHF LDFRQVWLWXLHvQFHOPDLvQDOWJUDG UH]XOWDWXOXQHLGXEOHHYROX LL D VSRQWDQHFDPDUF OLQJYLVWLF DDIHFWLYLW LL 3ULQ LQWHUPHGLXO HL VH SRW H[SULPD VHQWLPHQWH RDUHFDUH FX vQF UF WXU SR]LWLY úLVDXQHJDWLY XQHRULDFHHDúLLQWHUMHF LHRIHULQG H[SUHVLHXQRUVW ULDIHFWLYHFRQWUDULLSHQWUXODWLQ FkWHYDH[HPSOH  KÄD´ÄDK´ KHXÄYDL´UHGXVDGHVHDODKHXÄLG´  K DPSOLILFDW K G P ÄRK ´ÄDK ´ÄYDL´ H KHLÄYDL´ÄRK ´ K PÄDK ´ÄRK ´ÄDKD´Ä "´ÄKP´ SU K ÄRK ´ÄDK ´ XDHÄYDL´ÄDK´ ,QWHUMHF LLOH GLQ FDWHJRULD FHORU VSRQWDQH SRW IL QXPLWH úL SULPDUHvQWUXFkWvQDSRLDORUQXVHVLWXHD] QLFLRDOW FDWHJRULHFODV  PRUIRORJLF (OHFXSULQGYDULDQWHWLSRORJLFHSHFDUHOHSXWHPGHQXPL vQ IXQF LH GH vQF UF WXUD VHPDQWLF  SH FDUH R SRDUW  LQWHUMHF LL DIHFWLYHLQGLFWLYHDSHODWLYHFRQILUPDWLYHRQRPDWRSHLFHHWF E JUDPDWLFDOPRUIRORJLFH 3ULQ VFKLPEDUHD FODVHL PRUIRORJLFH S U L GH YRUELUH FDUH DX FRQWLQXDWV HYROXH]HXOWHULRUvQFRQIRUPLWDWHFXOHJLOHSURSULLFDWHJR ULLORUUHVSHFWLYHDXGHYHQLWODXQPRPHQWGDWLQYDULDELOHGHFLQHIOH [LELOH FD XUPDUH D XQHL vPSLHWULUL GDWRUDWH H[FHVXOXL GH vQF UF WXU  VHPDQWLF  ± UHVSHFWLY GH DIHFWLYLWDWH ± DFXPXODW vQ FRQWH[WH SDUWLFXODUH$VWIHOGHLQWHUMHF LLLQGLVFXWDELOPDLUHFHQWHvQOLPE ID  GHFHOHODOWHSRWILGHQXPLWHVHFXQGDUH 'LVWLQJHP OD DFHVW QLYHO GRX  WLSXUL vQ IXQF LH GH RULJLQHD ORU PRUIRORJLF   IRUPDWHvQLQWHULRUXOOLPELLODWLQH GHRULJLQHQRPLQDO  ±VLPSOHKHUF O VKHUF OHKHUFOHÄSH+HUFXOHV´SURYLQHGLQ WUDQVIRUPDUHDFD]XOXL1UHVSHFWLY9vQWURLQWHUMHF LHLQYRFDWLY  ± FRPSXVH SULQ VXGDUH PHKHUF O V  PHKHUF O  úL vQ JUDILH VHSDUDW P KHUF O PHKHUFOH ÄSH+HUFXOHV´Ä] X´ÄSHFLQVWHDOH JHDPHD´IRUPXO GHMXU PkQWWLSLFúLH[FOXVLYPDVFXOLQ  

GHRULJLQHYHUEDO  'XS FXPVDDU WDWOHJ WXUDGLQWUHPRGXOLPSHUDWLYDOYHUEHORU DFWLYHGHVLJXU úLLQWHUMHF LHHVWHHYLGHQW vQWRDWHOLPELOH,(úLSULQ XUPDUHHDWUHEXLHSUHVXSXV úLvQOLPEDVXUV ,(FRPXQ 8UP WRD UHOH LPSHUDWLYH ,, VJ GDU úL SO  DOH WLPSXOXL SUH]HQW DX GHYHQLW LQWHUMHF LL PÄLDW XLWH´ÄQD´ P ÄFXPS U ´ÄFkúWLJ ´ÄLD´  J DPSOLILFDW J G PÄKDL´ÄFXUDM´ÄHLELQH´ÄDK´ÄILH´ JLW  DPSOLILFDW JLW G P  ÄKDLGH L´ ÄHL ELQH´ úL FHOHODOWH VHQVXULDOHOXL J  ÄKDL´SURSULX]LVÄFDU WH´ÄGXWH´HR U  L E ÄURJXWH´L EHR UH vQODWLQDWkU]LHXWLOL]DWvQH[SUL PDUHDUXJ PLQ LORUVDXDFHUHULORU X G ÄYH]L´ÄXLWH´X GHR UH   vPSUXPXWXULGLQJUHDF  ÄDK´ DWW WIRUP UHGXV DWW WDHDWW W DWWDWDWDH¶ ÄYDL´ ¶  ÄLG´ (VWH R LQWHUMHF LH FDUH H[SULP  GXUHUHD úL VXIHULQ DvQSRH]LDWUDJLF JUHDF XQHRULSDURGLDWHOD$ULVWRSKDQHV  E EDH ÄRK´GHUHJXO UHSHWDW u ÄRKRK´  H[SULPDvQJUHDF DGPLUD LDúLXLPLUHD 5(& ,81($ ,17(5-(& ,(, 'HSHQGHQ D FD]XDOVLQWDFWLF  D DOWRUS U LGHYRUELUHID GHLQWHUMHF LHHVWHXQIDSWL]RODW 6LQJXUD LQWHUMHF LH SHQWUX FDUH VH SRDWH SUHVXSXQH XQ UHJLP FD]XDO GHFL R UHF LXQH  UHODWLY FRQVWDQW  D IRVW XDH ÄYDL´ ÄRK´ SULQ FDUH VH H[SULPD QHPXO XPLUHD FRPS WLPLUHD vQ JHQHUDO UHDF LD YHUEDO  OD R GXUHUH LQGLIHUHQW GH QDWXUD HL 'H DLFL R DSDUHQ  UHF LXQH FX $& UDU  úL FX ' FHO PDL IUHFYHQW  (O HVWH vQVR LW GH QXDQ DFRPS WLPLULLDWXQFLFkQGLQWHUMHF LDDSDUHXUPDW GHXQQXPH VDXvQORFXLWRUDOOXLDIODWODFD]XO'XDHP K 7HUHQWLXV ÄYDLPLH´ XDHP V U P K 3ODXWXV ÄYDLQHQRURFLWXOXLQHQRURFLWXOGHPLQH´ XDH WHUJ  PH  3ODXWXV  ÄYDL GH VSLQDUHD PHD´ XDH XLFW V 7LWXV /LYLXV  02ù7(1,5($ Ì1 /,0%$ 520Æ1  3URGXV PRUIRORJLF  DO XQHL UHDF LLJHQHUDOPHQWHVSRQWDQHSULQFDUDFWHUXOHLH[FHS LRQDODIHFWLYLQWHUMHF LDHVWHJUHXGHSUHVXSXVF DSXWXWUH]LVWDvQSURFHVXOWUDQVIRUP ULLODWLQHLvQ OLPELOH úL GLDOHFWHOH URPDQLFH $LFL HD VD UHI FXW LQWHUQ SULQ PLMORDFHOH  

VSHFLILFH ILHF UHL OLPEL úL OD GDWH GLYHUVH 8QHOH VH FUHHD]  úL D]L VXE RFKLL QRúWULHVWHYRUEDvQVSHFLDOGHLQWHUMHF LLOHLPLWDWRDUHGHVXQHWHGLYHUVHDúD QXPLWHOH RQRPDWRSHL FHD PDL SURGXFWLY  FDWHJRULH LQWHUMHF LRQDO  1X HVWH H[FOXVWRWXúLV GHVFRSHULP±ILHúLVXUSULQ] WRU±SHUSHWXDUHDvQURPkQ D XQHLVWU YHFKLúLFRQVWDQWXWLOL]DWHLQWHUMHF LLH[DFWDFHHDúLXQLFDGHDOWIHO  vQWUHEXLQ DW  SHQWUX D H[SULPD FRPS WLPLUHD LURQLF  VDX QX  úL UHVSHFWLY DPHQLQ DUHDODWXDHVXEIRUPDURPYDL $OWHFD]XULVLPLODUHQXQHVXQWFXQRVFXWH



&21&/8=,,*(1(5$/(

(YROX LD PRUIRORJLHL ODWLQH D FXQRVFXW UHGXVH OD HVHQ LDO WUHL PDUL GLUHF LL GH GH]YROWDUH SURSULL DSUR[LPDWLY XQXL PLOHQLX úL MXP WDWHGHH[LVWHQ YLHLVWRULF DDFHVWXLLGLRP,(DQWLF H[SDQVLXQHDOLQJYLVWLF  3URSRU LRQDO FX H[SDQVLXQHD LVWRULF  D VWDWXOXL URPDQ D LQVWL WX LLORUúLDGPLQLVWUD LHLDFHVWXLDOLPEDvQDQVDPEOXOHLúLPRUIRORJLD vQ SDUWLFXODU DX FXQRVFXW R GH]YROWDUH D WXWXURU FRPSDUWLPHQWHORU IXQF LRQDOHFHHDFHDDYXWGUHSWUH]XOWDWSXQHUHDODSXQFWvQWLPSD XQXLPHFDQLVPPRUIRVLQWDFWLFGLQFHvQFHPDLSHUIHF LRQDWFDSDELOV  U VSXQG SURJUHVLYvQPRGVXSHULRUWXWXURUQHFHVLW LORUGHFRPXQL FDUH DOH XQHL VRFLHW L DIODWH vQWUR FRQVWDQW  úL FRPSOH[  FUHúWHUH úL GLYHUVLILFDUH HFRQRPLF  VRFLDOSROLWLF  LQVWLWX LRQDO  FXOWXUDO  GH PRJUDILF  SURJUHVXOOLQJYLVWLF 6D PDQLIHVWDW SULQ UH]XOWDWHOH ILQDOH DOH HYROX LHL LVWRULFH D ODWLQHL DWkW OD QLYHOXO FXOW FkW úL OD DFHOD DO H[SULP ULL YLL RUDOH GLUHFWH 3URJUHVXO OLQJYLVWLF SH FDUH OD FXQRVFXW LGLRPXO LQL LDO DO 5RPHLDSRLDOvQWUHJLLOXPLLFLYLOL]DWHHXURSHQHúLH[WUDHXURSHQHXQ DGHY UDW FRPPRQZHOWK DO URPDQLW LL RILFLDOH vQJOREkQG úL WHULWRULLOH RULJLQDUQHODWLQRIRQH SRDWHILGHILQLWSULQXUP WRDUHOHWUHLWU V WXULGH ED] ODQLYHOXOvQVSHFLDODOPRUIRORJLHL D VLPSOLILFDUHDIOH[LXQLLúLGHDLFLDH[SULP ULL E  VLVWHPDWL]DUHD IOH[LXQLL SH WLSXUL úL SDUDGLJPH WHQGLQ D VSUHDQXODUHDDQRPDOLVPHORUIRUPHOHÄQHUHJXODWH´ÄVXSOHWLYH´HWF  F FODULILFDUHDJHQHUDO DH[SULP ULLUHDOL]DW SULQWURSHUPD QHQW  vQQRLUH D PLMORDFHORU GH H[SUHVLH PRUIRORJLF  úL vQ HJDO  P VXU VLQWDFWLF  

HILFDFLWDWHDFRPXQLF ULLSULQLQWHUPHGLXOODWLQHL *UHDFD YRUELW  vQ $QWLFKLWDWH VD SHUSHWXDW XOWHULRU QXPDL SH WHULWRULLOHRULJLQDUHOHQRIRQHDOHLQGRHXURSHQLW LLúLDQXPHH[FOXVLY vQ 3HQLQVXOD +HOODGLF  úL vQ LQVXOHOH DIHUHQWH ([SDQVLXQHD DQWLF  D OLPELLJUHFHúWLvQDIDUDDFHVWXLVSD LX±vQ$VLD0LF vQ(JLSWvQVXGXO ,WDOLHLúLvQ6LFLOLDvQVXGXO*DOOLHLúLDO+LVSDQLHLVSUHDQXPLUHSHUHOH JHRJUDILFHFHOHPDLLPSRUWDQWH±VDGRYHGLWvQPLOHQLXOvQWkLDOHUHL QRDVWUH QHYLDELO  *UHDFD DQWLF  QX VD SHUSHWXDW VXE IRUPD XQHL FRPSOH[H úL XQLWDUH IDPLOLL GH OLPEL QHRJUHFHúWL (D úLD U PDV VLHúL VXILFLHQW  ÌQFKLV  vQ VSD LXO HL SURSULX GHYHQLW UDSLG DFHOD DO XQHL UHOLJLL YLFWRULRDVH ± FUHúWLQLVPXOvQDULDOXLRULHQWDO ±úLDLFLJUHDFD PHGLH  ILLQG SXWHUQLF FRQFXUDW  GH LGLRPXO VODYLORU FUHúWLQD L VSUH VIkUúLWXODFHOXLDúLPLOHQLXÌQFKLGHUHDSRU LORU$FDGHPLHLGHOD$WHQD  S &KU  GLQ RUGLQXO vPS UDWXOXL ,XVWLQLDQXV D vQVHPQDW PDL GHYUHPHVDXPDLWkU]LXvQFKLGHUHDOLPELLJUHFHúWLLQWUDWHGHMDvQID]D VDPHGLHGHHYROX LHvQWUHIUXQWDULLOHFUHGLQ HLOXL+ULVWRVGHODFDUHD vQFHSXWúLSHQWUXQRLROXPHQRX  &XWRWXODOWDDIRVWVLWXD LDOLPELLODWLQH(DVDGHVFKLVWRWWLPSXO WXWXURU úL RULF UHL IRUPH GH FRPXQLFDUH I U  V  VH ODVH vQ YUHXQ IHO GRPLQDW GHDFHVWHD1XFUHúWLQLVPXODÄvQJKL LW´OLPEDODWLQ WUDQVIRU PkQGRvQWURXQHDOW DYRUELULLUDSLGHúLSHUIHFWLQWHOLJLELOHFLLQYHUV ODWLQDVDGHVFKLVvQID DFUHúWLQLVPXOXLLDSHUPLVV VHFRPXQLFHOD ÄFRPXQLFDW´FXPÄFRPXQLFDVH´DQWHULRUúLDWkWHDDOWHH[SHULHQ HFXOWX UDOOLWHUDUH ILORVRILFH SROLWLFH UHOLJLRDVH HWF /DWLQD D vQJOREDW GHFL IHQRPHQXOFUHúWLQODWUDQVIRUPDWvQWUXQXOGLQVHFWRDUHOHHLGHFHOPDL vQDOWLQWHUHV/DWLQDQXDvQFHWDWV ILHHDvQV úLFHHDFHIXVHVHúLvQDLQWH GHH[SHULHQ DFUHúWLQ  'DF  WU LHúWH úL D]L vQ VXEVWDQ D úL H[SUHVLD OLPELORU QHRODWLQH WRDWHvQJHP QDWHúLYLLHVWHSHQWUXF ODWLQDVDPXOWLSOLFDWvQRJOLQ]LOH ,VWRULHL U PkQkQG vQV  SHVWH WRW úL SHQWUX WRWGHDXQD HD vQV úL FX vQWUHDJD HL VWUXFWXU  JHQHWLF  úL IDSWXU  LQWHULRDU  UHSHWDW  vQ VSD LL JHRJUDILFH GLYHUVH /DWLQD HVWH SULPD úL XOWLPD DGHY UDWD SDV UH 3KRHQL[D,VWRULHL











  



6,17$;$35232=, ,(, ù,$3 5 ,/25'(35232=, ,(  &DSLWROXO,

 

*(1(5$/,7

 ,'(635(35232=, ,(

3URSR]L LDHVWHFHDPDLVLPSO XQLWDWHVLQWDFWLF HDUHSUH]LQW R FRPXQLFDUHvQFDUHH[LVW XQVLQJXUSUHGLFDW ÌQODWLQ SURSR]L LLOHVHSRWFODVLILFDXWLOL]kQGDFHOHDúLFULWHULLGH WLSRORJL]DUHRSHUDQWHvQOLPEDURPkQ  &ULWHULXO VFRSXOXL FRPXQLF ULL FODVLILF  SURSR]L LLOH vQ HQXQ LDWLYHLQWHURJDWLYHúLH[FODPDWLYH 'XS IRUPDVXEFDUHVHSUH]LQW FRPXQLFDUHDSURSR]L LLOHSRW ILDILUPDWLYHVDXQHJDWLYH ÌQIXQF LHGHHOHPHQWHOHGLQFDUHHVWHDOF WXLW SURSR]L LDSRDWH ILVLPSO VDXGH]YROWDW  6HQVXOvQ HOHVXO SURSR]L LLORUvQFDGUXOFRPXQLF ULLHQXQ X OXL  OH FODVLILF  vQ SURSR]L LL SULQFLSDOH úL VHFXQGDUH VXERU GRQDWH  /DQLYHOXOSURSR]L LLORUSULQFLSDOHLQGHSHQGHQWH FHOHPDLIUHF YHQWHVXQWSURSR]L LLOH   (181 ,$7,9( UHGDWH vQ JHQHUDO SULQ PRGXO LQGLFDWLY PRGXOUHDOLW LL SHQWUXHQXQ DUHDXQXLIDSWUHDO ,OOHGLVFHVVLW $FHODDSOHFDW   ,17(52*$7,9(FDUHVXQWGHGRX WLSXUL GLUHFWHVLPSOH 4XLVXHQLW" &LQHDYHQLW"  GLUHFWHGXEOH 8WUXPOHJLVDQVFULELV" &LWHúWLVDXVFULL"  ILLQGUHGDWHGHDVHPHQHDSULQPRGXOLQGLFDWLY 



 (;&/$0$7,9(DFHVWHDVXQWSURSR]L LLSULQFDUHVHH[SUL P PkQLDLQGLJQDUHDGLVSUH XODGPLUD LD 4XDPPXOWDSDVVXVHVW8OL[HV &kWHGHPXOWH>QHQRURFLUL@DS WLPLW8OLVH  (OH IRORVHVF GH DVHPHQHD PRGXO LQGLFDWLY GDU úL PRGXO LQIL QLWLYFXYDORDUHH[FODPDWLY  )RUPD DILUPDWLY  VDX QHJDWLY  D SURSR]L LLORU ODWLQHúWL SRDWH IL FHO PDL ELQH UHFHSWDW  SULQ H[HPSOLILF UL GLQ FDWHJRULD SURSR]L LLORU HQXQ LDWLYH  3URSR]L LD $),50$7,9  FRQVWDW  DILUP  VDX vQW UHúWH R VWDUHGHIDSW 5RPDQXPLPSHULXPD5RPXORH[RUGLXPKDEHW 6WDWXOURPDQvúLDUHvQFHSXWXOGHOD5RPXOXV   3URSR]L LD 1(*$7,9  W J GXLHúWH QHDJ  R VLWXD LHVWDUH R UHDOLWDWH 0DJLVWHUSLJURVGLVFLSXORVQRQDPDW 3URIHVRUXOQXLLXEHúWHSHHOHYLLOHQHúL  6SUH GHRVHELUH GH URPkQ  úL GH DOWH OLPEL URPDQLFH QHJD LD vQ ODWLQ VHH[SULP SULQWUXQVLQJXUDGYHUEVDXSULQWUXQVLQJXUFXYkQW QHJDWLY GDF  vQ SURSR]L LD UHVSHFWLY  H[LVW  GRX  QHJD LL VHQVXO SURSR]L LHLQXPDLHVWHQHJDWLYFLGHYLQHXQXOSXWHUQLFDILUPDWLY 1RQSRVVXPQRQORTXL 1XSRWDQXYRUEL SRWYRUEL  ÌQVIkUúLWSURSR]L LLOHIRUPDWHQXPDLGLQHOHPHQWHOHIXQGDPHQ WDOHGHH[SUHVLHVLQWDFWLF VXELHFWXOúLSUHGLFDWXOVHQXPHVF35232 =, ,,6,03/($WXQFLFkQGvQDIDUDDFHVWRUGRX S U LSULQFLSDOHGH SURSR]L LH VH DIO  úL DOWHOH VHFXQGDUH úL QXPLWH FD DWDUH ± DWULEXW FRPSOHPHQW±DYHPGHDIDFHFX35232=, ,,'(=92/7$7(



  

&DSLWROXO,,

6,17$;$3 5 ,/25'(35232=, ,(

$68%,(&78/69%,(&790  $úD FXP VD PHQ LRQDW DQWHULRU HVWH SDUWHD SULQFLSDO  GH SUR SR]L LHFDUHDUDW &,1(V YkUúHúWHDF LXQHDYHUEDO LQGLFDW GHYHUEXO SUHGLFDWLYODGLDWH]DDFWLY VDX&,1(RVXIHU FkQGYHUEXOSUHGLFD WLY HVWH OD GLDWH]D SDVLY  VDX &8, L VH DWULEXLH R vQVXúLUH VDX R FDUDFWHULVWLF DWXQFLFkQGSUHGLFDWXOHVWHQRPLQDO  ÌQ ODWLQ  VXELHFWXO SRDWH IL H[SULPDW SULQWUXQ VXEVWDQWLY VDX SULQWURRULFDUHDOW SDUWHGHYRUELUHVDXJUXSGHFXYLQWHFXYDORDUHGH VXEVWDQWLY DGMHFWLY VXEVWDQWLYL]DW SURQXPH QXPHUDO VXEVWDQWLYL]DW YHUE OD PRGXO SDUWLFLSLX OD PRGXO LQILQLWLY DGYHUE VDX FKLDU R SURSR]L LHvQWUHDJ  ±VXEVWDQWLY &DHVDUXHQLW $YHQLW&DHVDU  ±DGMHFWLY $XGDFHVXLQFXQW &HLvQGU ]QH LvQYLQJ  ±SURQXPHSHUVRQDOSRVHVLYGHPRQVWUDWLYLQWHURJDWLYVDXQHGHILQLW  1RVOHJLPXV 1RLFLWLP  $OLLIXJLHEDQW $O LLIXJHDX  ±QXPHUDO 4XLQGHFLPPLOLD*DOORUXPRFFLVDVXQW $XPXULWFLQFLVSUH]HFHPLLGHJDOOL  ±YHUE (UUDUHKXPDQXPHVW $JUHúLHVWHRPHQHVF  ±DGYHUE %HQHHVWDGXHUELXP Ä%LQH´HVWHDGYHUE  ±RSURSR]L LH 2SWDWXUXWSDWHUXHQLDW 6HGRUHúWHV YLQ WDW O  



ùLvQODWLQ H[LVW VLWXD LLFkQG68%,(&78/HVWH1((;35,0$7 D  FkQG VXELHFWXO HVWH QHGHWHUPLQDW SHQWUX F  VH H[SULP  R JkQGLUH JHQHUDO $FHVWOXFUXVHUHDOL]HD] ILHSULQWUXQYHUEODGLDWH]DSDVLY  FXYDORDUHLPSHUVRQDO 6LFLWXUDGDVWUD$úDVHPHUJHODVWHOHVH DMXQJH OD JORULH  ILH SULQ IRORVLUHD SHUVRDQHL D ,,,D SO D YHUEHORU GLFXQWVHVSXQHVXEvQ HOHVKRPLQHV ILHSULQIRORVLUHDSHUVRDQHLD,,D VJFUHGHUHVDLFUHGHVXEvQ HOHVWX GLFDVDL]LFHVXEvQ HOHVWX  E  FkQG VXELHFWXO DU WUHEXL V  ILH XQ SURQXPH SHUVRQDO GDU HO VH VXEvQ HOHJH vQ SHUVRDQD YHUEXOXL LQGLFDW  SULQ GHVLQHQ D SHUVRQDO  DXGLRDXG VXELHFWXOHVWHÄHX´XLGHPXVYHGHP VXELHFWXOHVWHÄQRL´ F FkQGVXELHFWXODIRVWGHMDH[SULPDWDQWHULRUúLVHVXEvQ HOHJH +RVWLVDGXHQWDWDGDUPDFXUULW 'XúPDQXOVRVHúWHVHUHSHGHODDUPH  6XELHFWXO KRVWLV GXúPDQXO  VH VXEvQ HOHJH úL vQ D GRXD SURSR ]L LH G  FkQG SUHGLFDWXO HVWH XQ YHUE LPSHUVRQDO FDUH GHQXPHúWH XQ IHQRPHQ DO QDWXULL SOXLW SORX  IXOPLQDW IXOJHU  JHODW vQJKHD  XHVSHUDVFLWvQVHUHD] HWF  ùL ODWLQD IDFH GLVWLQF LH vQWUH 68%,(&78/ *5$0$7,&$/ úL 68%,(&78//2*,&  68%,(&78/ *5$0$7,&$/ vQ PRG RELúQXLW VH DIO  OD FD]XO 120,1$7,9 DWXQFL FkQG SUHGLFDWXO HVWH H[SULPDW SULQWUXQ YHUEODGLDWH]DDFWLY VDXSDVLY ODXQPRGSHUVRQDO 3\UUKXV(SLUXPRFFXSDXLW 3\UUKXVDRFXSDW(SLUXO  &RULQWKXVD/XFLR0XPPLRGHOHWDHVW &RULQWXODIRVWGLVWUXVGHF WUH/XFLXV0XPPLXV   68%,(&78/ /2*,& SRDWH IL H[SULPDW SULQ DOWH FD]XUL GHFkWQRPLQDWLYXO D  SULQ FD]XO $%/$7,9 GH DJHQW DO DXWRUXOXL  H[SULPkQG SHUVRDQD FDUHV YkUúHúWHDF LXQHDXQXLYHUEODGLDWH]DSDVLY  &RULQWKXVD/XFLR0XPPLRGHOHWDHVW E  SULQ FD]XO $&8=$7,9 FkQG SUHGLFDWXO HVWH XQ YHUE LPSHUVRQDO FDUHH[SULP DQXPLWHVW ULVXIOHWHúWLYHUEHLPSHUVRQDOHGHDIHFW  1XPTXDPPHSDHQLWXLW 1LFLRGDW QXPDPF LW  1%'HY ]XW6,17$;$FD]XOXL$&8=$7,9 

F SULQFD]XO'$7,9vQVR LWGHIRUPHDOHYHUEXOXLHVVHPLKLVRPQXV HVWPLHVRPQ VDXSULQDFHODúLFD]'$7,9GHDJHQWDODXWRUXOXL vQ VLWXD LD SUHGLFDWXOXL H[SULPDW SULQ YHUE OD FRQMXJDUHD SHULIUDVWLF  SDVLY  3DWULDRPQLEXVDPDQGDHVW 3DWULDWUHEXLH>V ILH@LXELW GHWR L  1%9H]L6,17$;$&$=8/8,'$7,9



%35(',&$78/35$(',&$790  (VWHDGRXDSDUWHHVHQ LDO DSURSR]L LHLFDUHH[SULP RDF LXQH RVWDUHVDXRH[LVWHQ DVXELHFWXOXLGLQSURSR]L LDUHVSHFWLY  ÌQODWLQ FDúLvQOLPEDURPkQ SUHGLFDWXOHVWHGHGRX WLSXUL

 35(',&$7 9(5%$/ H[SULPDW SULQWUXQ YHUE OD XQ PRG SHUVRQDO ,1',&$7,9 &21-81&7,9 ,03(5$7,9  OD GLDWH]D DFWLY VDXSDVLY  0LOLWHVSXJQDQW 2VWDúLLOXSW   9LUWXVODXGDWXU 9LUWXWHDHVWHO XGDW   9HUEHOHFDUHIRUPHD] VLQJXUHSUHGLFDWXOVHPDLQXPHVFúLYHUEH SUHGLFDWLYH LDU FHOH WUHL PRGXUL SHUVRQDOH HQXPHUDWH ± PRGXUL SUHGLFDWLYH6HLPSXQHREVHUYD LDF vQODWLQ vQSRYHVWLULúLvQVFULHUL LVWRULFH VH vQWUHEXLQ HD]  úL PRGXO ,1),1,7,9 PRG QHSHUVRQDO  OD WLPSXOSUH]HQWFXYDORDUHSUHGLFDWLY  +RVWHVGHFXUU UHODSLGHVFRQLF UH 'XúPDQLLDOHUJDXDUXQFDXFXSLHWUH  (VWH XQ LQILQLWLY DúDQXPLW LVWRULF VDX QDUDWLYFXYDORDUHGH LQGLFDWLYLPSHUIHFWGXS FXPUHLHVHúLGLQWUDGXFHUH   35(',&$7 120,1$/ DOF WXLW GLQWUXQ YHUE DX[LOLDU FD 9(5%&238/$7,9QHSUHGLFDWLY vQVR LQGXQ180(35(',&$7,9 180(/(35(',&$7,9SRDWHILXQVXEVWDQWLYXQDGMHFWLYXQ SURQXPH XQ DGYHUE XQ YHUE OD PRGXO SDUWLFLSLX VDX OD PRGXO LQILQLWLY 9(5%8/&238/$7,9FHOPDLGHVvQWUHEXLQ DWHVWHHVVH'DU FkWHRGDW FKLDUúLYHUEXOHVVHDWXQFLFkQGH[SULP LGHHDGHH[LVWHQ  SRDWHIRUPDVLQJXUSUHGLFDWXOGHYHQLQGSUHGLFDWLY 



)UDWHUHVWLQWXV )UDWHOHH[LVW VHDIO vQ XQWUX 0DL vQWkOQLP vQV  vQ ODWLQ  úLDOWHYHUEHFDUHVSUHDIRUPDXQ SUHGLFDW DX QHYRLH GH R vQWUHJLUH SUHGLFDWLY  H[SULPDW  SULQWUXQ QXPHSUHGLFDWLYIL ULDGHYHQL HXDG UHDLHúLDVF SDGLQ H[LVW UH D H[LVWD  PDQ UH D U PkQH  'H DVHPHQHD XQHOH YHUEH OD GLDWH]D SDVLY  GLFL DSSHOODUL QRPLQDUL XRFDUL D IL QXPLW D IL FKHPDW  FUHDULHO JLGHVLJQDULDILDOHVDILSURFODPDW KDE ULDILVRFRWLWD ILFRQVLGHUDW XLG ULDS UHD QDVFLDVHQDúWH  6DSLHQWLDVHPSHUPLUDELOLVIXLW ÌQ HOHSFLXQHDDIRVWWRWGHDXQDYUHGQLF GHDGPLUDW  ,QFRODH,WDOLDH5RPDQLDSSHOODEDQWXU /RFXLWRULL,WDOLHLVHQXPHDXURPDQL  &LFHURRSWLPXVRUDWRUKDEHWXU &LFHURHVWHVRFRWLWFHOPDLEXQRUDWRU  $XJXVWXVLPSHUDWRUIDFWXVHVW $XJXVWXVDGHYHQLWVDI FXWFRPDQGDQWXODUPDWHL   $&25'8/35(',&$78/8,&868%,(&78/ 6HUHDOL]HD] vQOLPEDODWLQ GXS DFHOHDúLUHJXOLúLSULQFLSLLFD úL vQ URPkQ  H[LVW  vQV  PLFL GHRVHELUL GHWHUPLQDWH GH DQXPLWH SDUWLFXODULW LPRUIRORJLFHODWLQHúWL  $&25'8/35(',&$78/8,&8816,1*8568%,(&7 D 3UHGLFDWXOYHUEDOúLYHUEXOFRSXODWLYVHDFRUG FXVXELHFWXOvQ QXP UúLSHUVRDQ  2PQLDPXWDQWXU 7RDWH>OXFUXULOH@VHVFKLPE   /HJHVVXQWSDWURQDHFLXLXP /HJLOHVXQWDS U WRULDLFHW HQLORU  E  1XPHOH SUHGLFDWLY FX YDORDUH DGMHFWLYDO  DGMHFWLY QXPHUDO SURQXPHSDUWLFLSLX VHDFRUG FXVXELHFWXOvQJHQQXP UúLFD] +DHFILOLDRUEDPDWUHHVW $FHDVW ILLF HVWHOLSVLW GHPDP   'DUDWXQFLFkQGQXPHOHSUHGLFDWLYHVWHXQVXEVWDQWLYI U V ILH PRELO VHDFRUG FXVXELHFWXOQXPDLvQFD] 6DSLHQWLDVXPPXPERQXPHVW ÌQ HOHSFLXQHDHVWHFHOPDLLPSRUWDQWEXQ  

$&25'8/35(',&$78/8,&80$,08/7(68%,(&7( 68%,(&708/7,3/8  D 'DF H[LVW PDLPXO LWHUPHQLFXIXQF LHVLQWDFWLF GH68%,(&7 SUHGLFDWXOVW GHRELFHLODSOXUDODFRUGXOORJLFRJUDPDWLFDO  $QLPXVIRUWLWXGRDHWDVPHKRUWDQWXU &XUDMXOYLWHMLDYkUVWDP vQGHDPQ   E &kWHRGDW DFRUGXOSUHGLFDWXOXLFXVXELHFWHPXOWLSOHVHSRDWH IDFHúLFXVXELHFWXOFHOPDLDSURSLDWDFRUGXOSULQDWUDF LH  7XHWRPQHVKRPLQHVLGVFLXQW 7XúLWR LRDPHQLLúWLXDFHVWOXFUX  F  'DF  VXELHFWXO HVWH PXOWLSOX úL VH DIO  OD SHUVRDQH GLIHULWH SHUVRDQD , DUH SUHYDOHQ  DVXSUD FHORUODOWH SHUVRDQD D ,,D DVXSUD SHUVRDQHLD,,,DDWXQFLFkQGVHIDFHDFRUGXOSUHGLFDWXOXLYHUEDOVDXDO YHUEXOXLFRSXODWLY 7XHWQRVXQDLQIRUXPLXLPXV 7XúLQRLDPPHUVvPSUHXQ vQIRU  G 'DF VXELHFWXOHVWHPXOWLSOXH[SULPDWSULQVXEVWDQWLYHGHJHQ GLIHULWSUHGLFDWXOQRPLQDOYDVWDODSOXUDODFRUGXOQXPHOXLSUHGLFDWLY I FkQGXVH FX SUHYDOHQ D JHQXOXL PDVFXOLQ DVXSUD IHPLQLQXOXL úL QHXWUXOXLúLDJHQXOXLIHPLQLQDVXSUDQHXWUXOXL )LOLXVHWILOLDSDUHQWLEXVFDULVXQW )LXOúLILLFDVXQWGUDJLS ULQ LORU  H  'DF  VXELHFWXO HVWH PXOWLSOX H[SULPDW SULQ QXPH GH OXFUXUL GH JHQ GLIHULW SUHGLFDWXO QRPLQDO YD VWD OD SOXUDO DFRUGXO QXPHOXL SUHGLFDWLYI FkQGXVHFXSOXUDOXOQHXWUX /LEHUWDVGLXLWLDHGHFXVLQRFXOLVVLWDVXQW /LEHUWDWHDERJ LDRQRDUHDVHDIO VXERFKLLYRúWUL  $&25'8/35(',&$78/8,'83 Ì1 (/(6 $',17(//(&790  5HSUH]LQW RSDUWLFXODULWDWHDDFRUGXOXLVLQWDFWLFGLQOLPEDODWLQ  ILLQG YRUED GHVSUH XQ DFRUG ORJLF UHDOL]DW GXS  VHQVXO HQXQ XOXL QX JUDPDWLFDOUHDOL]DWGXS IRUP  ÌQDFHDVW VLWXD LHSUHGLFDWXOVHXWLOL]HD] GHRELFHLODQXP UXO SOXUDOGHúLVXELHFWXOHVWHXQLFDYkQGIRUP GHVLQJXODU  



±VXELHFWXOHVWHH[SULPDWSULQWUXQVXEVWDQWLYFROHFWLYPXOWLWXGR PXO LPH  WXUED JORDW  H[HUFLWXV RDVWH  OHJLR OHJLXQH  XXOJXV QRURG SOHEVSRSRUGHUkQG HWF 0XOWLWXGRLQXHVWLE ORVWDQW 0XO LPHGHRDPHQLVWDXODLQWUDUH  ±VXELHFWXOHVWHH[SULPDWSULQWUXQSURQXPHQHGHILQLWFDXWHUTXH úLXQXOúLDOWXO TXLVTXHILHFDUH HWF 8WHUTXHGXFXPVLJQXPSXJQDHGDQW )LHFDUHGLQWUHFRPDQGDQ LúLXQXOúLDOWXOGDXVHPQDOXOGHOXSW    $úDFXPVDDU WDWDQWHULRUGLVWLQF LDGLQWUHSURSR]L LDVLPSO úL FHD GH]YROWDW  UH]LG  vQ IDSWXO F  FHD GHD GRXD FXSULQGH SH OkQJ  S U LOH SULQFLSDOH ± 68%,(&78/ úL 35(',&$78/ ± úL S U L VHFXQGDUHGHSURSR]L LH$75,%878/ù,&203/(0(178/



&$75,%878/$775,%9790  (VWH SDUWHD VHFXQGDU  GH SURSR]L LH FDUH GHWHUPLQ  XQ VXEVWDQ WLYÌQIXQF LHGHSDUWHDGHYRUELUHSULQFDUHVHH[SULP DWULEXWXOHVWH vQOLPEDODWLQ GHGRX IHOXUL $75,%878/$'-(&7,9$/H[SULPDWvQSULQFLSDOSULQWUXQ DGMHFWLYGDUúLSULQDOWHS U LGHYRUELUHFDUHSRWDYHDIXQF LRQDOLWDWH GHDGMHFWLYSURQXPHDGMHFWLYDOQXPHUDOYHUEODPRGXOSDUWLFLSLX %RQRGXFLPLOLWHVSDUHQW 6ROGD LLVHVXSXQXQXLFRPDQGDQWEXQ  +LFGLVFLSXOXVPDJLVWURRERHGLW $FHVWúFRODUDVFXOW GHSURIHVRU  4XLQGHFLPXLULUHPSXEOLFDPFXUDXHUXQW &LQFLVSUH]HFHE UED LVDXvQJULMLWGHWUHEXULOHVWDWXOXL  +RPLQHVDTXDPELEHQWHVVDQLVXQW 2DPHQLLFDUHEHDXDS VXQWV Q WRúL  &HDPDLLPSRUWDQW SDUWLFXODULWDWHDDWULEXWXOXLDGMHFWLYDOPRú WHQLW úLvQOLPEDURPkQ HVWHIDSWXOF VHDFRUG vQFD]QXP UúLJHQ FXVXEVWDQWLYXOGHWHUPLQDWDúDFXPSXWHPREVHUYDvQWRDWHH[HPSOHOH QRWDWHDQWHULRU  'H DOWIHO vQ ODWLQ  UHJ VLP DFHOHDúL VLWXD LL GH UHDOL]DUH D DFRU GXOXLDWULEXWXOXLFXVXEVWDQWLYXOGHWHUPLQDWSHFDUHOHDPPRúWHQLWúL 

vQOLPEDURPkQ $VWIHOGDF DWULEXWXODGMHFWLYDOVHUDSRUWHD] ODPDL PXOWHVXEVWDQWLYHHOVHDúD] QXPDLSHOkQJ XOWLPXOGLQWUHHOHúLVH DFRUG FXDFHVWDvQFD]QXP UúLJHQ 5RPDQLVPDULDWHUUDHTXHFXQFWDHSDWHQW 5RPDQLORUOHVWDXODGLVSR]L LHWRDWHP ULOHúLWRDWHS PkQWXULOH  $75,%878/68%67$17,9$/GXS FXPVHYHGHGLQWHU PLQRORJLHHVWHH[SULPDWSULQWUXQVXEVWDQWLY $FHVWWLSGHDWULEXWFXQRDúWHODUkQGXOV XGRX VXEFODVH D $75,%878/68%67$17,9$/vQFD]XO*(1,7,9FDUHH[SULP  PDL PXOWH YDORUL VLQWDFWLFH SRVHVLD RULJLQHD GHSHQGHQ D FDOLWDWHD vQWUHJXOGLQFDUHVHH[WUDJHRSDUWH WHPSOXP,RXLV WHPSOXOOXL,XSLWHU  KRPRPDJQDHSUXGHQWLDH RPGHPDUHSUHYHGHUH  PDJQDSDUVFLXLXP RPDUHSDUWHGLQWUHFHW HQL  1%$FHVWHQXDQ HVLQWDFWLFHDOHDWULEXWXOXLvQFD]XO*(1,7,9YRUILWUDWDWH vQFDSLWROXO6,17$;$&$=85,/25

E  $75,%878/ 68%67$17,9$/ FDUH VH DIO  vQ DFHODúL FD] FX VXEVWDQWLYXO GHWHUPLQDW $32=, ,$ 3ULQ XUPDUH VSUH GHRVHELUH GH OLPED URPkQ  XQGH DSR]L LD VW  vQ FD]XO QRPLQDWLY GH UHJXO  LQGLIHUHQWGHFD]XOVXEVWDQWLYXOXLGHWHUPLQDWvQOLPEDODWLQ HDSRDWH DS UHD OD RULFDUH FD] JUDPDWLFDO vQ DFRUG FX FD]XO VXEVWDQWLYXOXL GHWHUPLQDW 3HUVX GHW&LFHU QLFHOHEHUU PRRUDW UL ÌOFRQYLQJHSH&LFHURFHOPDLYHVWLWRUDWRU   '&203/(0(178/&203/(0(1790  (VWH GHILQLW FD SDUWHD VHFXQGDU  GH SURSR]L LH FDUH vQWUHJHúWH FRPSOHWHD]   ODW FRPSOHR  UH FRPSO XL FRPSO WXP ÄD vQWUHJL´ ÄDXPSOH´ vQ HOHVXOYHUEXOXLSUHGLFDWLY ùL vQ OLPED ODWLQ  DFHDVW  SDUWH GH SURSR]L LH FXQRDúWH FkWHYD WLSXULGHED]   &203/(0(178/',5(&7FDUHLQGLF RELHFWXOJUDPDWLFDO ILLQ  VDX OXFUX  DIHFWDW DWLQV vQ PRG GLUHFW GH FRQFHSWXO YHUEDO 



$FHVW WLS GH FRPSOHPHQW HUD GHWHUPLQDW vQ JHQHUDO GH YHUEH WUDQ]LWLYH FX IRUP  DFWLY  VDX GHSRQHQWH ÌO vQWkOQLP QXPDL vQ FD]XO $&8=$7,9SXWkQGH[SULPDGLYHUVHYDORULúLQXDQ HVLQWDFWLFHDVH YHGHD6,17$;$&$=85,/25$&8=$7,98/  /LEURVXW OHVOHJ PXV &LWLPF U LIRORVLWRDUH  ,PLWDWXUSDWUHPVXXP ÌOLPLW SHWDW OV X  3 U LOH GH YRUELUH SULQ FDUH VH SRDWH H[SULPD &203/(0(1 78/',5(&7VXQWVXEVWDQWLYXODGMHFWLYXOVXEVWDQWLYL]DW SURQXPH OHQXPHUDOXOúLFKLDUYHUEXOODPRGXOLQILQLWLY +RVWHVHUXSWLRQHPIDFHUHFRQDEDQWXU 'XúPDQLLvQFHUFDXDIDFHRLHúLUH   &203/(0(178/,1',5(&7FDUHLQGLF ILLQ DVDXOXFUXO SHQWUX FDUH VH IDFH FHYD F UXLD L VH G  DWULEXLH  FHYD R DF LXQH R VWDUHRFDUDFWHULVWLF $FHVWHLIXQF LLVLQWDFWLFHvLHVWHVSHFLILFFD]XO '$7,9 FX WRDWH WLSXULOH GH YDORUL VLQWDFWLFH SH FDUH OH SRDWH UHGD GDWLYXO GH DWULEXLUH DO IRORVXOXL VDX SDJXEHL GDWLYXO ILQDO GDWLYXO SRVHVLYGDWLYXODXWRUXOXLvQOHJ WXU FXFDUHVHYDGLVFXWDSHODUJvQ VHF LXQHD LQL LDO  GHVSUH 6,17$;$ &$=85,/25 D VH YHGHD &$=8/'$7,9  ÌQODWLQ vQV &203/(0(17(,1',5(&7(YRPvQWkOQLúLvQ FD]XO *(1,7,9 GHWHUPLQDWH GH DQXPLWH FDWHJRULL YHUEDOH SUHFXP YHUEHOHPHPRULHLFHOHFDUHDUDW SUH XODSUHFLHUHDFkQW ULUHD YHUEH OHMXGLFLDUHFHOHFDUHLQGLF VHQWLPHQWHúLDIHFWHYHUEHOHLQWHUHVXOXL GHVSUH FDUH YRP IDFH R VHULH GH UHIHULUL vQ FDSLWROXO 6,17$;$ &$=85,/25YH]L&$=8/*(1,7,9  7RWFRPSOHPHQWHLQGLUHFWHH[SULPDWHSULQDFHODúLFD]*(1,7,9 vQWkOQLPvQOLPEDODWLQ FDILLQGGHWHUPLQDWHúLGHDQXPLWHFDWHJRULLGH $'-(&7,9( GLQ VIHUD FHORU FDUH LQGLF  SULFHSHUHD FXQRDúWHUHD LJQRUDQ D GRULQ D VDX DYHUVLXQHD DPLQWLUHD VDX XLWDUHD SDUWLFLSDUHD VDX H[FOXGHUHD ùL DFHVWHD VXQW  GLVFXWDWH vQ VHF LXQHD 6,17$;$ &$=85,/25&$=8/*(1,7,9    &203/(0(178/ &,5&8067$1 ,$/ FDUH H[SULP  IHOXULWH vPSUHMXU UL VDX FLUFXPVWDQ H GH UHDOL]DUH D DF LXQLL  VW ULL 

YHUEDOHÌQOLPEDODWLQ FRPSOHPHQWHOHFLUFXPVWDQ LDOHVXQWFDúLvQ OLPEDURPkQ GHPDLPXOWHWLSXUL D &203/(0(178/&,5&8067$1 ,$/'(/2&H[SULPDWSULQ FD]XO $&8=$7,9 GDU úL $%/$7,9 UHGDW DWkW FX SUHSR]L LH FkW úL I U  SUHSR]L LH GLIHUHQ LD]  YDULDWH YDORUL VLQWDFWLFH SUHFXP ORFXO ORFD LD  vQ LQWHULRUXO F UXLD  F UHLD VH SHWUHFH DF LXQHD YHUEDO  GLUHF LDSXQFWXOGHSOHFDUHDDF LXQLLYHUEDOHVSD LXOVWU E WXWQXDQ H VLQWDFWLFH SUH]HQWDWH SH ODUJ vQ VHF LXQHD 6,17$;$ &$=85,/25 YH]L&$=85,/($&8=$7,9ù,$%/$7,9  E  &203/(0(178/ &,5&8067$1 ,$/ '( 7,03 SHQWUX H[SULPDUHD F UXLD VH UHFXUJH WRW OD FD]XULOH $&8=$7,9 úL $%/$7,9SUHFHGDWHVDXQXGHSUHSR]L LLVXQWSUH]HQWDWHVDXUHGDWH PDL PXOWH YDORUL VLQWDFWLFH PRPHQWXO VXUSULQV  DO GHVI úXU ULL DF LXQLLGXUDWDDFHVWHLDPRPHQWXOvQFHSHULLVDXGHFODQú ULLDF LXQLL VW ULL YHUEDOH GHVSUH FDUH YRP YRUEL vQ DFHHDúL VHF LXQH 6,17$;$ &$=85,/25DVHYHGHD&$=85,/($&8=$7,9úL$%/$7,9  F  &203/(0(178/ &,5&8067$1 ,$/ '( 02' 02'$/  ERJDW H[SULPDW vQ OLPED ODWLQ  SULQ DFHOHDúL FD]XUL $&8=$7,9 úL $%/$7,9 FX PHQ LXQHD F  vQ FD]XO $&8=$7,9 VH vQWkOQHúWH vQ SOXV R QXDQ  VLQWDFWLF  GDWRULW  F UHLD FRPSOHPHQWXO PRGDO VH DSURSLHGH&203/(0(178/&,5&8067$1 ,$/,167580(1 7$/GUHSWFDUHvQVHF LXQHD6,17$;$&$=85,/25YH]L&$=8/ $&8=$7,9  DSDUH UHGDW FX R WHUPLQRORJLH VSHFLILF  DFHHD GH $&8=$7,902'$/,167580(17$/ G  &203/(0(178/ &,5&8067$1 ,$/ ,167580(17$/ SH FDUHvOYRPvQWkOQLELQHUHSUH]HQWDWODFD]XO$%/$7,9FD]ODFDUHDX IRVWWUDQVIHUDWHYDORULOHVLQWDFWLFHDOHVWU YHFKLXOXLFD]LQGRHXURSHDQ ,167580(17$/8/GLVS UXWFDDWDUHvQOLPEDODWLQ úLQHPRúWHQLW GHHDGDWRULW DF LXQLLIHQRPHQXOXLGH6,1&5(7,60&$=8$/ GDU úL OD FD]XO $&8=$7,9 DúD FXP DP PHQ LRQDW GHMD GH Y ]XW 6,17$;$&$=85,/25$&8=$7,98/úL$%/$7,98/  H &203/(0(178/&,5&8067$1 ,$/'(&$8= FDUHDSDUH OD DFHOHDúL FD]XUL $&8=$7,9 úL $%/$7,9 vQVR LWH VDX QX GH SUHSR]L LL SHQWUX H[SOLFD LL VXSOLPHQWDUH VH YD FRQVXOWD FDSLWROXO LQGLFDW&$=8/$&8=$7,9úL&$=8/$%/$7,9  



$FHVWH WLSXUL GH FRPSOHPHQWH FLUFXPVWDQ LDOH VXQW FHOH PDL UHSUH]HQWDWLYHvQOLPEDODWLQ FXDWkWPDLPXOWFXFkWWRDWHVDXPRúWHQLWvQ OLPEDURPkQ 2PHQ LXQHVSHFLDO VDUSXWHDDG XJDSHQWUXDOWHGRX YDORUL VLQWDFWLFHDFX]DWLYXOUHOD LHLúLDEODWLYXOUHOD LHLFDUHDXGHWHUPLQDWH[SULPD UHD úL GH]YROWDUHD vQ OLPED URPkQ  D &203/(0(178/8, &,5&80 67$1 ,$/'(5(/$ ,( 'H DVHPHQHD vQ OLPED ODWLQ  PDL H[LVW  úL XQ $%/$7,9 62&,$7,9 GH]YROWDWGLQYDORDUHDLQVWUXPHQWDO DYkQGDFHHDúLIXQF LRQDOLWDWHSHFDUHR GH LQH &203/(0(178/ &,5&8067$1 ,$/ 62&,$7,9 vQ OLPED URPkQ 





&$3,72/8/,,,

 

 6,17$;$ &$=85,/25

,120,1$7,98/120,1$7,996&$696   1RPLQDWLYXO HVWH FD]XO FDUH VHUYHúWH VSUH D QXPL  QRPLQDUH ÄDVSXQHSHQXPH´ HVWHXQFDVXVUHFWXVÄFD]GUHSW´ vQRSR]L LHFX FHOHODOWHFD]XULFDVXVREOLTXLÄFD]XULREOLFH´ÄDSOHFDWH´vQUDSRUWFX QRPLQDWLYXO  FD]XO ÄYHUWLFDO´ GHRDUHFH QRPLQDWLYXO FD úL YRFDWLYXO QX SRDWH DYHD VSUH GHRVHELUH GH FHOHODOWH FD]XUL VWDWXW GH FRPSOH PHQWGHFLGHSDUWHGHSURSR]L LHVHFXQGDU  )XQF LLOHVLQWDFWLFHDOHQRPLQDWLYXOXLvQSURSR]L LHVXQW 68%,(&7DOXQXLSUHGLFDWYHUEDOVDXQRPLQDO 6ROOXFHW 6RDUHOHVWU OXFHúWH  &*UDFFKXVPD[LPHSRSXODULVIXLW &*UDFFKXVDIRVWIRDUWHSRSXODU  180(35(',&$7,9DOXQXLSUHGLFDWQRPLQDO $OH[DQGHUIXLWILOLXV3KLOLSSL $OH[DQGUXDIRVWILXOOXL)LOLS  3LHWDVHUJDSDUHQWHVPD[LPDXLUWXVKDEHWXU 5HVSHFWXOID GHS ULQ LHVWHFRQVLGHUDWFHDPDLDOHDV FDOLWDWH  &LFHURSDWHUSDWULDHDSSHOODWXVHVW &LFHURDIRVWQXPLWS ULQWHOHSDWULHL  &RQVXOHVGHFODUDQWXU07XOOLXVHW&$QWRQLXV 07XOOLXVúL&$QWRQLXVVXQWGHFODUD LFRQVXOL  3H OkQJ  H[HPSOHOH FLWDWH DQWHULRU vQ FDUH QXPHOH SUHGLFDWLYH DOF WXLHVFSUHGLFDWXOQRPLQDOvQWUHEXLQ kQGúLDOWHYHUEHFRSXODWLYHvQ DIDU  GH YHUEXO HVVH GH H[HPSOX SDVLYXO YHUEHORU DSSHOODUH GHFOD UDUH KDEHUH HWF  PHQ LRQ P H[LVWHQ D vQ ODWLQ  D (/(0(178/8, 



35(',&$7,9 683/,0(17$5 GH IDSW XQ IHO GH &203/(0(17 '(02'H[SULPDWvQFD]XOQRPLQDWLY 0LOLWHVGRPXPODHWLUHXHUWHUXQW 6ROGD LLVDXvQWRUVYHVHOLDFDV   $PLFXVHSLVWXODPLQIHOL[OHJHEDW 3ULHWHQXOFLWHDQHIHULFLWVFULVRDUHD  $75,%87$'-(&7,9$/$/68%,(&78/8, 'LVFLSXOXVERQXVODXGDWXU (OHYXOVLOLWRUHVWHO XGDW  +DHFGXRWHPSODDOWLVVLPDVXQW $FHVWHGRX WHPSOHVXQWIRDUWHvQDOWH  8UEVFRQGLWDRSSXJQDWXU &HWDWHDvQWHPHLDW HVWHDVHGLDW   5H[FODUXVPRUWXXVHVW 9HVWLWXOUHJHDPXULW  $75,%8768%67$17,9$/$/68%,(&78/8, $32=, ,$68%,(&78/8,  &LFHURFRQVXOVHQDWXLLPSHUDEDW &LFHURFRQVXOXOSRUXQFHDVHQDWXOXL  ,XSSLWHUUH[GHRUXPGHRVUHJLW ,XSSLWHUIUXQWDúXO]HLORUvLJXYHUQHD] SH]HL  ÌQOLPEDODWLQ DGHVHRULvQRSR]L LHFXOLPEDURPkQ DSR]L LDVH DFRUG WRWGHDXQDvQFD]FXVXEVWDQWLYXOSHFDUHvOGHWHUPLQ ODFDUHVH UDSRUWHD] H[SULPkQGXVHúLODJHQLWLYGDWLYDFX]DWLYVDXDEODWLY $GPLUDWLR&RUQHOLDHPDWULV7LEHULLHW*DLPDJQDHUDW $GPLUD LDSHQWUX&RUQHOLDPDPDOXL7LEHULXVúL*DLXVHUDPDUH  /DXGDPXV9HUJLOLXPSRHWDP5RPDQRUXP ÌOO XG PSH9HUJLOLXVSRHWXOURPDQLORU  2 IXQF LH VHFXQGDU  D FD]XOXL QRPLQDWLY HVWH FHD (;&/$ 0$7,9 1RPLQDWLYXOSUHFHGDWVDXQXGHLQWHUMHF LDRVHvQWkOQHúWH úLvQH[FODPD LLVLWXD LHvQFDUHvOGHQXPLPQRPLQDWLYXO H[FODPDWLY ,QGLJQDKRPLQHGXELWDWLR ÌQGRLDO QHGHPQ GHXQRP  )DEXODH1XJDH2WHPSRUDRPRUHV 3RYHúWL)OHDFXUL2FHWLPSXULFHPRUDYXUL  $FHVW WLS GH QRPLQDWLY H[FODPDWLY YD GHWHUPLQD R GHSODVDUH D FD]XOXL VSUH GRPHQLXO LQWHUSHO ULL VSHFLILF FD]XOXL YRFDWLY IDSW FDUH 

YD GHWHUPLQD HOLPLQDUHD DFHVWXL GLQ XUP  FD]WUHSWDW GDUFRQVWDQW  GLQFkPSXOUHDOLW LLPRUIRORJLFHDIOH[LXQLLQRPLQDOHDMXQJkQGDVWIHO V VHLGHQWLILFHFXFD]XOQRPLQDWLY

)XQF LLOH úL YDORULOH VLQWDFWLFH DOH QRPLQDWLYXOXL ODWLQ VDX PRúWHQLW DúDFXPQHSXWHPGDVHDPDGLQH[HPSOLILF ULOHDQWHULRDUHFXPXOW DFXUDWH H vQOLPEDURPkQ 



,,92&$7,98/92&$7,996&$696   9RFDWLYXO HVWH FD]XO FKHP ULL DO VWULJ ULL  ODW XRFDUH ÄD FKHPDSHFLQHYD´ÄDVWULJD´ FD]XOI U IXQF LHVLQWDFWLF vQWUXFkWQX SRDWHvQGHSOLQLUROXOQLFLXQHLS U LGHSURSR]L LH([SULP RFKHPDUH DGUHVDW FXLYDILLQ VDXOXFUXSHUVRQLILFDWDWUDJHDWHQ LDDVXSUDXQHL FRPXQLF UL 9RFDWLYXOODWLQSUH]LQW RWRSLF PDLIL[ GHFkWFHDPRúWHQLW vQ OLPEDURPkQ  'HRELFHLDSDUHSHODPLMORFXOSURSR]L LHLWRWGHDXQDGXS YHUE GDF DFHVWDVHDIO ODSHUVRDQDD,,D 4XRXVTXHWDQGHPDEXWHUH&DWLOLQDSDWLHQWLDQRVWUD" 3kQ FkQGYHLPDLDEX]DGHU EGDUHDQRDVWU &DWLOLQD"  0DLUDUVHJ VHúWHvQV úLODvQFHSXWXOSURSR]L LHL 4XLQWLOL9DUHUHGGHPLKLOHJLRQHV 4XLQWLOLXV9DUXVG PLvQDSRLOHJLXQLOH  0LVHU&DWXOOHGHVLQDVLQHSWLUH« 1HIHULFLWXOH&DWXOOXVvQFHWHD] GHDPDLILQHEXQ«  1XUDUHRULDSDUHSUHFHGDWúLGHLQWHUMHF LDR 2IRUWXQDWHDGXOHVFHQV 2WLQHUHQRURFRV  2IRQV%DQGXVLDH« 2IkQWkQ D%DQGXVLHL«  'DF  VXEVWDQWLYXO OD YRFDWLY HVWH GHWHUPLQDW GH XQ DGMHFWLY SURQRPLQDOSRVHVLYDFHVWDYDDS UHDDQWHSXVSRVHGkQGvQVSHFLDOvQ VFULVRULVHQVXOGHÄLXELW´VDXÄGUDJ´ &RQILFLRUPDHURUHPHD7HUHQWLD 0 VIkUúHVFGHGXUHUHGUDJ 7HUHQWLD  



6HFXYLQHV PHQ LRQ PvQV F DWkWvQOLPEDODWLQ FkWúLvQ URPkQ  YRFDWLYXO VH GHVSDUWH SULQ YLUJXO  GH UHVWXO SURSR]L LHL GLQ FDUHIDFHSDUWHúLF DFHVWFD]DUHFDSDFLWDWHDGHDLPSULPDFRPXQL F ULLRDQXPLW VWDUHDIHFWLY H[SULPkQGGRMDQDUHYROWDPkQLDEXFX ULD SULQLQWRQD LHVDXDWXQFLFkQGHVWHvQVR LWGHLQWHUMHF LH  ,,,*(1,7,98/*(1,7,996&$696   'HQXPLUHD DFHVWXL FD] JUDPDWLFDO SURYLQH GH OD YHUEXO ODWLQHVF JLJQ UH VXSLQ JHQ WXP  LQGLFkQG DSDUWHQHQ D SULQ QDúWHUH VDX SULQ RULJLQHGHXQGHLGHHDGHSRVHVLH ÌQ SODQ VLQWDFWLF XQ FXYkQW OD JHQLWLY SRDWH GHWHUPLQD XQ VXEVWDQWLY VDX XQ vQORFXLWRU DO DFHVWXLD DYkQG YDORDUH DGQRPLQDO  GHFLRIXQF LHDWULEXWLY VDXSRDWHGHWHUPLQDDQXPLWHWLSXULGHYHUEH VDXDGYHUEHFkWHRGDW DGMHFWLYH DYkQGYDORDUHDGYHUEDO úLvQGHSOL QLQG IXQF LD GH FRPSOHPHQW&XWRDWHDFHVWHDIXQF LDVLQWDFWLF IXQ GDPHQWDO DFD]XOXLJHQLWLYHVWHFHDGHGHWHUPLQDUHDXQXLVXEVWDQWLY GHFL IXQF LD GH $75,%87 vQ FDGUXO F UHLD SRW IL VHVL]DWH GLYHUVH YDORULUDSRUWXULVLQWDFWLFH VDXWLSXULGHJHQLWLY  *(1,7,98/ 326(6,9 FDUH DUDW  SHUVRDQD VDX RELHFWXO F UHLDF UXLDvLDSDU LQHVDXODFDUHVHUHIHU FHYD +LFXHUVXVQRQHVW3ODXWL $FHVWYHUVQXHVWHDOOXL3ODXWXV  9LVFRQVXHWXGLQLVPDJQDHVW 3XWHUHDRELúQXLQ HLHVWHPDUH  8QHRUL JHQLWLYXO SRVHVLY HVWH vQVR LW GH YHUEXO HVVH DU WkQG R vQVXúLUHRGDWRULHRVDUFLQ DXQHLSHUVRDQHVDXDXQXLOXFUXWUDGX FkQGXVH SULQ ÄHVWH R vQVXúLUH D «´ ÄHVWH GDWRULD«´ ÄHVWH VDUFL QD«´HWF$FHVWWLSGHJHQLWLYVHQXPHúWHDOFDUDFWHUL] ULL (VWDGXOHVFHQWLVPDLRUHVQDWXXHUHUL (VWHGDWRULDXQXLWkQ UV UHVSHFWHSHFHLPDLYkUVWQLFL  *(1,7,98/'(3(1'(1 (,H[SULP UDSRUWXULGHILOLD LHúL GH UXGHQLH 8QHRUL SH OkQJ  XQ JHQLWLY SRVHVLY H[SULPDW SULQWUXQ QXPHSURSULXVHVXEvQ HOHJHXQXOGLQVXEVWDQWLYHOHILOLXVILOLDX[RU VHUXXVVHUXDSULQFDUHVHVWDELOHVFUDSRUWXULGHILOLD LHúLUXGHQLHFX VXEVWDQWLYXOGHDVHPHQHDQXPHSURSULX GHWHUPLQDW 

&DHFLOLDILOLD 0HWHOOL &HFLOLD>ILLFD@OXL0HWHOOXV  6HUXLOLDX[RU &ODXGLL 6HUYLOLD>VR LD@OXL&ODXGLXV  *(1,7,98/3$57,7,9DUDW vQWUHJXOF UXLDvLDSDU LQHR SDUWH$FHDVW SDUWHSRDWHILGHVHPQDW SULQ D  VXEVWDQWLYH FROHFWLYH SDUV QXPHUXV PXOWLWXGR FRSLD OHJLR H[HUFLWXVHWF &UDVVXVPDJQXPKDEXLWVHUXRUXPHWXLOODUXPQXPHUXP &UDVVXVDDYXWXQPDUHQXP UGHVFODYLúLGHYLOH  E JUDGXOVXSHUODWLYDODGMHFWLYHORUúLDGYHUEHORU *DOORUXPRPQLXPIRUWLVVLPLVXQW%HOJDH &HLPDLYLWHMLGLQWUHWR LJDOLLVXQWEHOJLL  &DHVDURPQLXPRUDWRUXP/DWLQHORTXHEDWXUHOHJDQWLVVLPH 'LQWUH WR L RUDWRULL &DHVDU YRUEHD OLPED ODWLQ  FX FHD PDL PDUHHOHJDQ   F QXPHUDOH 'XRPLOLDPLOLWXPLQSURHOLRFHFLGHUXQW 'RX PLLGHVROGD LDXPXULWvQOXSW   G SURQXPHVXEVWDQWLYDWHLQGLFkQGRSHUVRDQ GHWLSXOTXLVDOLTXLV VROXVQHPRDOWHUDOLXVQHXWHUHWF 4XLVXHVWUXPKRFLJQRUDW" &DUHGLQWUHYRLQXúWLHDFHVWOXFUX"  H  SURQXPH úL DGMHFWLYH QHXWUH VXEVWDQWLYDWH GH WLSXO LG KRF LOOXG TXRGTXLGDOLTXLGTXLGTXLGPXOWXPWDQWXPTXDQWXPSOXVSOXULPXP PLQXVPLQLPXPHWF 4XRGDXULTXRGDUJHQWLLQXUELEXV6LFLOLDHHUDWLG9HUUHVDEVWXOLW 9HUUHVDOXDWWRWFHHUDDXUFHHUDDUJLQWvQRUDúHOH6LFLOLHL  I  DGYHUEH FX YDORDUH GH VXEVWDQWLY GH WLSXO VDWLV XEL XELQDP XELFXPTXHHRXVTXDPQXVTXDPHWF 8ELQDPJHQWLXP" ÌQWUHFHQHDPXUL"  1XVTXDPORFL ÌQQLFLXQORF 





*(1,7,98/(;3/,&$7,9$/'(),1,5,, DUHIXQF LDGHD GHILQLVDXGHDH[SOLFDXQVXEVWDQWLYFXVHQVJHQHUDOSULQWUXQVXEVWDQ WLYFXVHQVVSHFLDO ([HPSOH SHULFXOXPPRUWLV SULPHMGLHGHPRDUWH  QRPHQ+DQQLEDOLV QXPHOHGH+DQQLEDO  XR[XLUWXWLV FXYkQWXOYLUWXWH  QRPHQSDFLV QXPHOHS FLL  FULPHQDXDULWLDH S FDWXOO FRPLHL   *(1,7,98/ &21 ,1878/8, VDX DO 0$7(5,(, SRDWH IL FRQVLGHUDW XQ IHO GH JHQLWLY GLQ VIHUD VHPDQWLF  D H[SOLFDWLYXOXL vQWUXFkW SUHFL]HD]  VDX LQGLF  PDWHULD GLQ FDUH HVWH FRQIHF LRQDW XQ RELHFWRULFRQ LQXWXOV X ([HPSOH VHELHWSLFLVJOHED EXOJ UHGHVHXúLVPRDO  PRQWHVDXUL PXQ LGHDXU  IOXPLQDODFWLV IOXYLLGHODSWH  DXODDUJHQWL RDO GHDUJLQW  DOLPHQWDIUXJXPFDUQLVTXH DOLPHQWHFRQVWkQGvQJUkXúLFDUQH  *(1,7,98/&$/,7 ,,DUDW RvQVXúLUHDXQHLSHUVRDQHVDX DXQXLOXFUXFRQVWkQGGLQWUXQVXEVWDQWLYvQFD]XOJHQLWLYvQVR LWGHXQ DWULEXWDGMHFWLYDO3ULQDFHDVW YDORDUHVLQWDFWLF VHSRWLQGLFD D vQVXúLULFDUDFWHULVWLFH SXHUPDJQLLQJHQLL FRSLOGHPDUHWDOHQW  

E UDQJXOVDXFODVDVRFLDO F UXLDF UHLDvLDSDU LQHRSHUVRDQ  KRPRLQILPLJHQHULV RPGLQUDQJXOFODVDFHOFHDPDLGHMRV  F YkUVWDGXUDWDP VXUDJUHXWDWHDQXP UXO SXHUQRXHPDQQRUXP FRSLOGHQRX DQL  2EVHUYD L H &DOLWDWHD SRDWH IL H[SULPDW  úL SULQ FD]XO DEODWLY *HQLWLYXO VH vQWUHEXLQ HD]  WRWGHDXQD FkQG HVWH YRUED GH JUHXWDWH VSD LX WLPSFDXQLW LGHP VXU VDXFkQGVHH[SULP FDOLW LVXIOHWHúWLSHUPDQHQWH

*(1,7,98/68%,(&7,9GHWHUPLQ XQVXEVWDQWLYGHRULJLQH YHUEDO  DYkQG IXQF LD GH VXELHFW DO DF LXQLL FRQ LQXWH vQ VHQVXO VXEVWDQWLYXOXL FRQVXOXPDGXHQWXV VRVLUHDFRQVXOLORU FRQVXOLLVRVHVF  VSHVLPSHUDWRULV VSHUDQ DFRPDQGDQWXOXL FRPDQGDQWXOVSHU  FXSLGLWDVKRPLQLV SRIWDRPXOXL RPXOSRIWHúWH  LUD,XQRQLV XUD,XQRQHL ,XQRQDXU úWH  FRQVXHWXGRSXHUL RELFHLXOFRSLOXOXL FRSLOXORELúQXLHúWH   *(1,7,98/ 2%,(&7,9 GH DVHPHQHD GHWHUPLQ  XQ VXEV WDQWLY GH RULJLQH YHUEDO  DYkQG vQV  IXQF LD GH RELHFW FRPSOHPHQW GLUHFW DODF LXQLLFRQ LQXWHvQVHQVXOVXEVWDQWLYXOXL VSHVXLFWRULDH VSHUDQ DYLFWRULHL VSHUDQ DGHDvQYLQJHDVSHUDYLFWRULD  QDUUDWLRUHUXP SRYHVWLUHDIDSWHORU SRYHVWHúWHIDSWHOH  ODXVXLUWXWLV ODXGDYLUWX LL ODXG YLUWXWHD  ODXGDWRUSDFLV O XG WRUDOS FLL ODXG SDFHD   



$úD FXP DP DU WDW FD]XO JHQLWLY SRDWH vQGHSOLQL úL IXQF LD VLQWDFWLF GH&203/(0(17&XYLQWHOHvQJHQLWLYSRWILGHWHUPLQDWH GHYHUEHDGYHUEHDGMHFWLYHGHRULJLQHYHUEDO DOF URUFRPSOHPHQW VHDIO vQODWLQ vQFD]XOJHQLWLYÌQDVWIHOGHVLWXD LLFRPSOHPHQWXOvQ FD]XOJHQLWLYSRDWHH[SULPDQXDQ HúLYDORULVLQWDFWLFHLGHQWLFHFXFHOH GHMDSUH]HQWDWHvQFDGUXOIXQF LHLDGQRPLQDOHGHDWULEXWDDFHVWXLFD] *HQLWLYXO RELHFWLY HVWH YDORDUHD VLQWDFWLF  FHD PDL IUHFYHQW vQWkOQLW  SH OkQJ  YHUEHOH ODWLQHúWL ÌQ IXQF LH GH VIHUD VHPDQWLF  GLQ FDUH IDF SDUWH DFHVWH YHUEH VH YD FRQIHUL úL UHVSHFWLYXOXL JHQLWLY R DQXPLW WHUPLQRORJLH 'XS YHUEHOHFDUHH[SULP DPLQWLUHDVDXXLWDUHDYRPvQWkOQLXQ JHQLWLYDOPHPRULHLPHPLQLKRPLQXPvPLDGXFDPLQWHGHRDPHQL  REOLXLVFRUPDORUXPXLWGHQHQRURFLUL  &RPSOHPHQWXO YHUEHORU FDUH H[SULP  SUH XO DSUHFLHUHD YDORD UHDHVWHFRQVLGHUDWXQJHQLWLYDOSUH XOXLRUDWRUHVPDJQLDHVWLPDPXV vLSUH XLPPXOWSHRUDWRUL GHRELFHLSHOkQJ YHUEHOHPHQ LRQDWHVH VXEvQ HOHJH VXEVWDQWLYXO SUHWLXP GH IDSW JHQLWLYXO DFHVWXLD SUHWLL  DúDvQFkWDSDUHH[SULPDWGRDUJHQLWLYXOXQRUDGMHFWLYHDU WkQGJUDGXO SUH XLULLPDJQLWDQWLPXOWLSDUXL([HPSOH 9LOODVSDUXLDHVWLPR 6RFRWHVFPRúLLOHGHPLF YDORDUH  ÌQODWLQ vQWkOQLPúLXQJHQLWLYDOYLQHLDOGHOLFWXOXL GHWHUPLQDW GHYHUEHFDUHH[SULP LGHHDGHDFX]DUHGDUHvQMXGHFDW FRQGDPQDUH GDUúLDFKLWDUH 0LOWLDGHVSURGLWLRQLVDFFXVDWXVHVW 0LOWLDGHDIRVWDFX]DWGHWU GDUH  +XQFIXUWLFRQGHPQDEDW ÌOFRQGDPQD>SHDFHVWD@SHQWUXIXUW  &RPSOHPHQWH FX YDORDUH GH JHQLWLY RELHFWLY vQWkOQLP vQ ODWLQ  FHUXWHúLGHYHUEHLPSHUVRQDOHFXIRUP XQLSHUVRQDO FDUHH[SULP  XQVHQWLPHQW$FHVWWLSGHYHUEHVHFRQVWUXLHúWHFXVXELHFWXOORJLF  UHVSHFWLYSHUVRDQDFDUHDUHVHQWLPHQWXOvQFD]XODFX]DWLYvQWLPSFH PRWLYXOFDUHSURYRDF VHQWLPHQWXOVHDIO vQFD]XOJHQLWLY 0HSDHQLWHWFXOSDH 0 F LHVFGHJUHúHDO   7HH[HUFLWXVSXGHW 7HUXúLQH]LGHDUPDW   

([LVW  úL R FDWHJRULH GH YHUEH LPSHUVRQDOH DúDQXPLWHOH YHUEH DOH LQWHUHVXOXL FDUH GHWHUPLQ  OD UkQGXO ORU FRPSOHPHQWH vQ FD]XO JHQLWLY GDU YDORDUHD VLQWDFWLF  D DFHVWRUD HVWH GH JHQLWLY VXELHFWLY (VWH YRUED GH XQ JHQLWLY VXELHFWLY DO SHUVRDQHL vQ LQWHUHVXO F UHLD VH UHDOL]HD] DF LXQHDYHUEDO  4XLG0LORQLVLQWHUHVW" &HOLQWHUHVHD] SH0LOR"  &DHVDULVUHIHUW 3H&DHVDUvOLQWHUHVHD]   &X IXQF LH VLQWDFWLF  GH FRPSOHPHQW DYkQG YDORDUH GH JHQLWLY RELHFWLY VXQW FRQVLGHUDWH VXEVWDQWLYHOH DIODWH OD DFHVW FD] DYkQG FD GHWHUPLQDQWHRVHULHGHDGMHFWLYHVDXGHYHUEHODPRGXOSDUWLFLSLXFX YDORDUHDGMHFWLYDO SUHFXP D FHOHFDUHH[SULP GRULQ DVDXDYHUVLXQHDDX GXVFXS GXVVWXGL VXV IDVWLGL VXVHWF ([HPSOX DX GXVLPSHULL GRUQLFGHSXWHUH  E FHOHFDUHDUDW SULFHSHUHDFXQRDúWHUHDLJQRUDQ DSHU WXVLPSHU WXV JQDUXVLJQDUXVSU GHQVLPSU GHQVGHH[HPSOX SHU WXVUHLSXEOLFDH SULFHSXWODWUHEXULOHSXEOLFH  F  FHOH FDUH VHPQLILF  DPLQWLUHD VDX XLWDUHD PHPRU LPPHPRU HWF GH H[HPSOX PHPRUEHQHILFLL FDUHúLDGXFHDPLQWHGHRELQHIDFHUH  G  FHOH FDUH DX VHQVXO GH SDUWLFLSDUH VDX GH H[FOXGHUH SDUW FHSV H[SHUVLQRSVSOHQXVSURSULXVFRPP QLVFRPSRVHWFGHH[HPSOX 6ROXVHVWKRPRUDWLRQLVSDUW FHSV 1XPDLRPXOHVWHvQ]HVWUDWFXUD LXQH 



ÌQSULYLQ DPRúWHQLULLvQOLPEDURPkQ DFHORUGRX IXQF LLVLQWDFWLFH GHILQLWRULL DOH FD]XOXL JHQLWLY FHD DGQRPLQDO  GH DWULEXW  úL FHD DGYHUEDO  GH FRPSOHPHQW  GDU PDL DOHV D PXOWLWXGLQLL GH WLSXUL úL YDORUL VLQWDFWLFH VSHFLILFHDFHVWXLFD]vQODWLQ VHLPSXQXUP WRDUHOHREVHUYD LL *HQLWLYXOúLDS VWUDWIXQF LDVLQWDFWLF GHDWULEXWúLGHDVHPHQHDFHOH PDLUHSUH]HQWDWLYHYDORULQXDQ HVLQWDFWLFHSUHFXPJHQLWLYXOSRVHVLYFDUWHD HOHYXOXL  JHQLWLYXO GHSHQGHQ HL 3DQ ILXO 3HSHOHL  JHQLWLYXO GHILQLULL VDX H[SOLFDWLY IUXPXVH HD QDWXULL UHGDW vQ URPkQ  FD XQ JHQLWLY GH FDOLILFDUH  



JHQLWLYXOVXELHFWLYFkQWHFXOS V UHOHORU JHQLWLYXORELHFWLYVWUkQVXOUHFROWHL  GDUH[LVW úLVLWXD LLFkQGOLPEDURPkQ DSUHIHUDWH[SULPDUHDXQRUWLSXULGH DWULEXWHvQFD]XOJHQLWLYSULQDWULEXWHvQFD]XODFX]DWLYI FkQGDGHVHDX]GH SUHSR]L LL 6D FRQWLQXDW DVWIHO R WHQGLQ  D OLPELL ODWLQH SRSXODUH FDUH GDWRULW  SLHUGHULL GHVLQHQ HORU FD]XDOH VD Y ]XW QHYRLW  SHQWUX D HYLWD FRQIX]LLOH V  DSHOH]H PDVLY OD SUHSR]L LL FD LQVWUXPHQWH IRDUWH SUHFLVH vQ H[SULPDUH V  IDF  DúDGDU DSHO vQ SULQFLSDO OD GRX  FD]XUL WUDGL LRQDO SUHSR]L LRQDOHDFX]DWLYXOúLDEODWLYXO$úDVHH[SOLF GHFHRVHULHGHWLSXUL YDORUL VSHFLILFH FD]XOXL JHQLWLY GLQ ODWLQ  VH UHGDX vQ URPkQ  SULQ FD]XO DFX]DWLY vQVR LW GH SUHSR]L LL  LQkQG FRQW úL GH SLHUGHUHD FD]XOXL DEODWLY vQ WRDWHOLPELOHURPDQLFHFDXUPDUHDSURFHVXOXLGHVLQFUHWLVPGLQWUHDFHVWDúL FD]XODFX]DWLY  6H H[SULP  SULQ DWULEXWH vQ FD]XO DFX]DWLY vQVR LWH GH SUHSR]L LL JHQLWLYXOFDOLW LLRPGHRQRDUHFRSLOGHQRX DQL JHQLWLYXOPDWHULHLPXQ L GHDXUUkXULGHODSWH JHQLWLYXOSDUWLWLYRPXO LPHGHRDPHQLGRX PLLGH VROGD LFHLPDLEXQLGLQWUHHLFk LYDGLQWUHDFHúWLD &kWHRGDW úLJHQLWLYXO H[SOLFDWLY GHúL VD PRúWHQLW vQ URPkQ  FD JHQLWLY GH FDOLILFDUH  VH UHG  GH SUHIHULQ SULQFD]XODFX]DWLYvQVR LWGHSUHSR]L LDGHSRSRUGHYLWHMLDGLHUH GHYkQWRUDúGHPXQWH'HDVHPHQHDvQWkOQLPDVWIHOGHIRUPXO ULDFX]DWLY vQVR LWGHSUHSR]L LDGH úLSHQWUXUHGDUHDJHQLWLYXOXLRELHFWLY GUDJRVWHDGH SDWULHO FRPLDGHPkQFDUHGRULQ DGHSXWHUH /LPEDURPkQ DPRúWHQLWúLFHDGHDGRXDIXQF LHVLQWDFWLF DFD]XOXL JHQLWLYvQOLPEDODWLQ FHDGHFRPSOHPHQWDSUHFLDWGHJUDPDWLFLOHPRGHUQH FDILLQGXQXO,1',5(&7 3ULQXUPDUHYRPvQWkOQLvQURPkQ FRPSOHPHQWH LQGLUHFWH vQ FD]XO JHQLWLY SH OkQJ  XQ YHUE FHUXW GH DQXPLWH SUHSR]L LL úL ORFX LXQLSUHSR]L LRQDOHOXSW PvPSRWULYDPLQFLXQLL]EXU PvQMXUXORUDúXOXL PLQ LPGLQFDX]DIULFLL 

,9/2&$7,98/  (VWHXQFD]DUKDLFvQIOH[LXQHDQRPLQDO ODWLQ S VWUDWVSRUDGLF vQWUXFkWIXQF LLOHVDOHDXIRVWSUHOXDWHGHFD]XODEODWLY5ROXOV XHVWH DFHOD GH D LQGLFD ORFXO XQGH VH GHVI úRDU  DF LXQHD VDX VH SHWUHFH VWDUHD H[SULPDW GHYHUE 'RDU FkWHYD QXPH SURSULL GH RUDúH úL LQVXOH PLFL GH GHFOLQDUHD , úL D ,,D OD VLQJXODU VXQW FRQVLGHUDWH YHFKL ORFDWLYH 5RPDH )ORUHQWLDH7XVFXOL%UXQGLVLL3RPSHLL6XQLLFXUHPDUFDHYLGHQW F  ORFDWLYXO DYHD GHVLQHQ H WHUPLQD LL  FD]XDOH IRDUWH DVHP Q WRDUH FD]XOXLJHQLWLY 

'H DVHPHQHD úL VXEVWDQWLYHOH FRPXQH GRPXV FDV  KXPXV S PkQW  UXV  DU  VDW  S VWUHD]  YHFKLXO FD] ORFDWLY GRPL DFDV  KXPLSHS PkQWODS PkQW UXULOD DU 6LQWDJPHOHGRPLEHOOLTXH úL GRPL PLOLWLDHTXH vQ WLPS GH SDFH úL vQ WLPS GH U ]ERL  VXQW FRQVLGHUDWH H[HPSOH WLSLFH GH H[SULPDUH D FD]XOXL ORFDWLY SH FDUH vO UHJ VLP GH DVHPHQHD úL vQ IRUPHOH VXEVWDQWLYDOH XLFLQLDH vQ YHFLQ  WDWH  WHPSRUL OD WLPS  KHUL LHUL  &DUWKDJLQL OD &DUWDJLQD QXPH SURSULXGHGHFOLQDUHDD,,,D HWF 'LQ H[HPSOHOH DQWHULRDUH UHLHVH YDORDUHD VLQWDFWLF  GLQ OLPED ODWLQ DDFHVWXLYHFKLFD]LQGRHXURSHDQHVWHXQFRPSOHPHQWFLUFXP VWDQ LDO GH ORF FDUH U VSXQGH OD vQWUHEDUHD XEL" XQGH"  IXQF LH VLQWDFWLF ELQHS VWUDW vQOLPEDURPkQ GDUQXSULQUHDOLWDWHDVLQWDF WLF DDUKDLFXOXLFD]ORFDWLYGLVS UXWGHWLPSXULXFKLDUGLQODWLQ   9'$7,98/'$7,996&$696   5HSUH]LQW FD]XOJUDPDWLFDODODWULEXLULLDODFRUG ULLGDWLXXV GRDUHGHGLGDWXPÄDGD´  )XQF LD VLQWDFWLF  GH ED]  D GDWLYXOXL HVWH GH FRPSOHPHQW LQGLUHFW GDU SRDWH DVXPD FHO SX LQ WUHL WLSXUL GH YDORUL VLQWDFWLFH GH PDUHLPSRUWDQ 'DWLYXOH[SULP SHUVRDQDVDXOXFUXOSULQH[WHQVLH  F UHLDF UXLDLVHDWULEXLHRDF LXQHRvQVXúLUHRFDUDFWHULVWLF SRDWH DU WD úL VFRSXO DF LXQLL YHUEDOH VDX SRDWH V  LQGLFH ILLQ D VDX OXFUXO vQ IRORVXOLQWHUHVXO VDXvQSDJXEDGDXQD F UHLDF UXLDDUHORFDF LXQHD YHUEDO  $úDGDUFD]XOGDWLYSUH]LQW FHOSX LQWUHLYDORULVLQWDFWLFHHVHQ LDOHGDWLYXOGHDWULEXLUHGDWLYXOILQDOGHVFRS úLGDWLYXOLQWHUHVXOXL VDXDOGDXQHLvQFDGUXOF URUDúLVDXSHOkQJ FDUHYRPPHQ LRQDúL DOWHQXDQ HVLQWDFWLFHGHPDLPLF LPSRUWDQ   '$7,98/ '( $75,%8,5( U VSXQGH OD vQWUHEDUHD FXL" LQGLF ILLQ DVDXOXFUXOF UHLDF UXLDLVHDFRUG G FHYDODFDUHVH UHIHU LQGLUHFWDF LXQHDYHUEDO PDLHVWHGHQXPLWúLGDWLYXORELHFWXOXL LQGLUHFW (VWHGHWHUPLQDWGHGLYHUVHFDWHJRULLGHYHUEHODWLQHúWL D  75$1=,7,9( GDUH D GD  PLWW UH D WULPLWH  GLF UH D ]LFH  VFULE UH D VFULH  RVWHQG UH D DU WD  LPSHUDUH D SRUXQFL  IDF UH DIDFH HWF $PLFRVFULELV ÌLVFULLXQXLSULHWHQ  



E  ,175$1=,7,9( UHVLVW UH D RSXQH UH]LVWHQ  UHSXJQDUH D UHVSLQJH  FHG UH D FHGD  SDU UH D VH VXSXQH  RERHGLUH D GD DVFXOWDUH HWF 9LUVDSLHQVFXSLGLWDWLEXVQRQVHUXLW ÌQ HOHSWXOQXVOXMHúWHSDVLXQLORU  F  ,03(5621$/( OLEHW IDFH SO FHUH  OLFHW HVWH vQJ GXLW  GHEHW WUHEXLH FRQX QLWVHFXYLQH DFF GLWVHvQWkPSO HWF 4XRGOLFHW,RXLQRQOLFHWERXL &HLHVWHvQJ GXLWOXL,XSSLWHUQXLHVWHvQJ GXLWERXOXL  G  ,175$1=,7,9( vQ ODWLQ  GDU75$1=,7,9(vQURPkQ VXDG UH D VI WXL  SHUVXDG UH D FRQYLQJH  VWXG UH D VH VWU GXL D VH RFXSD FX HWF &LXLWDWLSHUVXDGHW (OFRQYLQJHFHWDWHD  H  '(5,9$7( &20386(  FXSUHSR]L LLOHDGDQWHFXPFRQ  LQWHU RE SRVW SUDH VXE VXSHU FDUH SRW DYHD XQ FRPSOHPHQW LQGLUHFWGDWLYGHDWULEXLUHvQYDULDQWDDúDQXPLWXOXLGDWLYGHUHJLP  I U DUHSHWDSUHSR]L LDFXFD]XOFHUXWGHHD &DHVDUPXQLWLRQL/DELHQXPSUDHIHFLW &DHVDUODQXPLWFRPDQGDQWDOIRUWLILFD LHLSH/DELHQXV  'LQ VIHUD VLQWDFWLFRVHPDQWLF  D GDWLYXOXL GH DWULEXLUH VH SRDWH DFFHSWDF IDFHSDUWH'$7,98/&8(66(VDX'$7,98/326(6,9 FDUHH[SULP SHUVRDQDVDXOXFUXOF UHLDF UXLDvLDSDU LQHFHYD 6XQWPLKLGXDHVRU UHV $P>vPLVXQW@GRX VXURUL  ÌQH[SULPDUHDSRVHVLHLVHvQWUHEXLQ HD] YHUEXOHVVHDIL MXVWL ILFkQGXVH DVWIHO YDORDUHD GDWLYXOXL FDUH DUH GH IDSW URO GH VXELHFW ORJLFFDvQVLQWDJPHOHURPkQHúWLPLHIRDPHPLHOHQHPLHGRUHWF 'DWLYXOFXHVVHHVWHHFKLYDOHQWFDVHQVFXRSURSR]L LHDYkQGVXELHFWXO ODFD]XOQRPLQDWLYúLFDSUHGLFDWYHUEXOKDE UHDDYHD GUHSWFDUHVH PDLQXPHúWHúL690352+$%(25HYHQLQGODH[HPSOXODQWHULRUHO VDUSXWHDUHIRUPXOD+DEHRHJR GXDVVRURUHV  '$7,98/ ),1$/ '( 6&23  DUDW  ILQDOLWDWHD Ä LQWD´ VSUH FDUH VH vQGUHDSW  DF LXQHD YHUEDO  U VSXQ]kQG OD vQWUHE ULOH SHQWUX FH" OD FH" vQ FH VFRS" $FHVW WLS GH GDWLY HVWH WRWGHDXQD H[SULPDW SULQWUXQQXPHGHOXFUXVXEVWDQWLYDEVWUDFWODQXP UXOVLQJXODUXVXL 

VSUH IRORVLQ  PXQ UL GRQR vQ GDU  DX[LOLR VSUH DMXWRU  VDO WL SHQWUX VDOYDUH  FROORTXLR SHQWUX vQWkOQLUH  OXGLEULR vQ E WDLH GH MRF FXUDHFRUGLvQJULM KRQ ULVSUHRQRDUH (VWHGHWHUPLQDWPDL DOHVGHYHUEHSUHFXPGDUHDGD WULEX UHDDWULEXL GXF UHDGXFH  KDE UH D DYHD  DFFLS UH D SULPL  PLWW UH D WULPLWH  HVVH D IL  XHUW UHDVHvQWRDUFH XHQ UHDYHQL ([HPSOH DX[LOLR VRODFLRHVVHDILVSUHDMXWRUFRQVRODUHVDOYDUH  VDOXWL  GRQR PXQHULDFFLS UHPLWW UHDSULPLDWULPLWHvQGDUGUHSW XVXLFDGRXVSUHIRORVLQ  ([LVW VLWXD LLFkQGGDWLYXOILQDOPDLHVWHvQVR LWGHXQDOWGDWLY GHRELFHLDOIRORVXOXL IRUPkQGvPSUHXQ XQ'$7,9'8%/8 3DXVDQLDVXHQLW$WKHQLHQVLEXVDX[LOLR 3DXVDQLDVOHDYHQLWDWHQLHQLORUvQDMXWRU   '$7,98/ ,17(5(68/8, $/ )2/268/8,  VDX DO '$81(, $/ 3$*8%(,  H[SULP  SHUVRDQD vQ IRORVXO VDX GDXQD F UHLDDUHORFDF LXQHDYHUEDO ÌQWUHEDUHDODFDUHU VSXQGHHVWHSHQWUX FLQH" $FHVW WLS LPSRUWDQW GH GDWLY HVWH GHWHUPLQDW GH YHUEH FDUH DIHFWHD] vQELQHVDXvQU XSHUVRDQDvQDOF UHLIRORVVDXVSUHSDJXED F UHLDVHUHDOL]HD] DF LXQHDYHUEDO  D IDX UHDIDYRUL]D SURGHVVHDILGHIRORV PHG ULDYLQGHFD FDX UH DDYHDJULM VXFFXUU UHDYHQLvQDMXWRU LJQRVF UHDLHUWD HWFSULQ VIHUDVHPDQWLF GLQFDUHSURYLQYRUGHWHUPLQDGDWLYHDOHIRORVXOXL 'RPLQXVVHUXLVIDXHW 6W SkQXOvLRFURWHúWHSHVFODYL  E  REHVVH REVWDUH D VH vPSRWULYL  QRF UH D IDFH U X D G XQD  PLQDULDDPHQLQ D LUDVFLDVHvQIXULD LQXLG UHDSULYLFXRFKLU L  HWFYRUGHWHUPLQDGDWRULW VHQVXOXLGDWLYHDOHSDJXEHL 0DJLVWHUGLVFLSXOLVLUDVFLWXU 3URIHVRUXOVHvQIXULHSHHOHYL  'HSHQGHQWHVLQWDFWLFGHH[SULPDUHDIRORVXOXLVDXDSDJXEHLSRW ILFRQVLGHUDWHúLDOWHGRX WLSXULGHGDWLYGDWLYXOSXQFWXOXLGHYHGHUH úLGDWLYXOHWLF 



 '$7,98/ 381&78/8, '( 9('(5( '$7,98/ '( 5(/$ ,(  LQGLF  SHUVRDQD GLQ DO F UHL SXQFW GH YHGHUH VDX GXS  MXGHFDWDF UHLDDUHORFDF LXQHDYHUEDO UHVSHFWLYVHIDFHRDILUPD LH  6HH[SULP GHRELFHLSULQWUXQYHUEODSDUWLFLSLXSUH]HQWVDXSULQWUXQ SURQXPH 0RQWHVSURFXOLQWXHQWLEXVSDUHVVXQW 3HQWUXFHLFDUHLY GGHGHSDUWHPXQ LLVXQWHJDOL  ,OOHPLKLPRUWXXVHVW $FHODHVWHPRUWSHQWUXPLQH   '$7,98/ (7,& DUDW  SHUVRDQD FDUH HVWH VDX VH SUHVXSXQH F  HVWH  LQWHUHVDW  vQ PRG GHRVHELW GH DF LXQHD YHUEDO  SDUWLFLSDUHD DIHFWLYPRUDO  D DFHVWHLD OD GHVI úXUDUHD UHODW ULL 6H vQWkOQHúWH PDL IUHFYHQWvQSRH]LHSUHFXPúLvQOLPEDMXOSRSXODUFRORFYLDOH[SULPDW SULQIRUPHOHSURQRPLQDOHPLKLWLELQRELVXRELV([HPSOH 7XPLKLLVWLXVDXGDFLDPGHIHQGLV" 7XvPLDSHULvQGU ]QHDODDFHVWXLD"  'DWLYXOHWLFSUH]LQW YDOHQ HPDLGHJUDE VWLOLVWLFHGHFkWVLQWDFWLFHúL GHDFHHDHOSRDWHOLSVLGLQSURSR]L LH  '$7,98/ $87258/8, '$7,98/ '( $*(17  H[SULP  SHUVRDQDFDUHDUHREOLJD LDGHDvQGHSOLQLDF LXQHDYHUEDO PDQLIHVWkQGXVH ODQLYHOXOSURSR]L LHLFXVWDWXWGHVXELHFWORJLF$SDUHGHWHUPLQDWGHYHUEH D DIODWHODFRQMXJDUHDSHULIUDVWLF SDVLY  3DWULDRPQLEXVDPDQGDHVW 3DWULDWUHEXLHV ILHLXELW GHWR L  E DIODWHODSDUWLFLSLXSHUIHFWSDVLYvQORFXOXQXLDEODWLYGHDJHQW  $FFHSLHSLVWXODPWLEL DWH VFULSWDP $PSULPLWVFULVRDUHDUHGDFWDW GHWLQH  F FXYHUEXOTXDHULDVHF XWD  *ORULDTXDHULWXUPXOWLV *ORULDHVWHF XWDW GHPXO L   &D]XO GDWLY PDL SRDWH IL GHWHUPLQDW úL GH DGMHFWLYH VLWXD LH vQ FDUHvOFRQVLGHU P'$7,9'(5(*,0FDUHLQGLF  D EXQ YRLQ D VDX GXúP QLD DPLFXV SULHWHQRV  ILGXV FUHGLQFLRV  FDUXV GUDJ LXELW  EHQHX OXV IDYRUDELO  JUDWXV LXELWRU  HWF VDX GLPSRWULY  LQLPLFXV GXúP QRV  DGXHUVXV SRWULYQLF  LQILGXV LQILGHO  LQXLVXVQHVXIHULW HWF 

4XDPWLELILGHOLVIXHULP &kWGHFUHGLQFLRV LDPIRVW  E IRORVXO VDX SDJXED XW OLV IRORVLWRU  FRPP GXV XWLO  RSSRUW QXV ELQHYHQLW  VDOXW ULV VDOYDWRU  HWF VDX GLPSRWULY  LQXW OLV LQXWLO  QR[LXVG XQ WRU SHUQLFL VXVSULPHMGLRV HWF +RPLQLFLEXVXWLOLVVLPXVVLPSOH[ 0kQFDUHDVLPSO HVWHFHDPDLIRORVLWRDUHRPXOXL  FDVHP QDUHDVDXGHRVHELUHDVLP OLVDVHP Q WRU SDUHJDO DHTXDOLV LGHQWLF  GLVVLP OLV GHRVHELW  LPSDU LQHJDO  FRQWU ULXV FRQWUDU GHRVHELW HWF $ULVWLGHVDHTXDOLVIHUHIXLW7KHPLVWRFOL $ULVWLGHVDIRVWFDPGHDFHHDúLYkUVW FX7KHPLVWRFOH  G SRWULYLUHD VDX QHSRWULYLUHD DSWXV SRWULYLW  LGRQHXV SRWULYLW DGHFYDW  FRQJUXHQV LGHQWLF  HWF VDX LQHSWXV LQFRQJUXHQV GLIHULW QHSRWULYLW HWF *DOOLDSWLEHOORHUDQW *DOLLHUDXSRWULYL LSHQWUXDF LXQLU ]ERLQLFH  H DSURSLHUHD VDX YHFLQ WDWHD XLF QXV ILQLW PXV YHFLQ DSURSLDW  SURSLQTXXVDSURSLDWUXG SUR[ PXVFHOPDLDSURSLDW HWF %HOJDHSUR[LPLVXQW*HUPDQLV %HOJLLVXQWIRDUWHDSURSLD LGHJHUPDQL   )XQF LD VLQWDFWLF  D GDWLYHORU GHWHUPLQDWH vQ ODWLQ  GH FDWHJR ULLOH GH DGMHFWLYH HQXPHUDWH PDL VXV HVWH GH FRPSOHPHQW LQGLUHFW U VSXQGHODvQWUHE ULOHFXL"SHQWUXFLQH"SHQWUXFH"  &X DFHHDúL IXQF LH VLQWDFWLF  JUDPDWLFLOH ODWLQHúWL FRQVHPQHD]  VLWXD LLGHGDWLYGHWHUPLQDWHGHLQWHUMHF LL 9DHFDSLWLWXR 9DLGHFDSXOW X  9DHXLFWLV 9DLFHORUvQYLQúL  )XQF LD VLQWDFWLF  GHILQLWRULH D FD]XOXL GDWLY VD PRúWHQLW vQ OLPED URPkQ FRPSOHPHQWLQGLUHFW 'HDOWIHOvQFD]XOGDWLYUHJ VLPvQURPkQ úLDQXPLWHWLSXULVDXYDORUL VLQWDFWLFHVSHFLILFHOLPELLODWLQHSUHFXPGDWLYXOGHDWULEXLUHVDXGHDGUHVDUH  ,DPWHOHIRQDWPDPHLSURIHVRUXOOHH[SOLF VWXGHQ LORU 



7RWDúDSHUVRDQDvQIRORVXOVDXSDJXEDF UHLDVHIDFHDF LXQHDYHUEDO  VH SRDWH H[SULPD vQ URPkQ  SULQ FD]XO GDWLY ERDOD IDFH U X G XQHD]  RDPHQLORUVRDUHOHIRORVHúWHV Q W LL $FHHDúLWHQGLQ DOLPELLODWLQHSRSXODUHGHDIRORVLHOHPHQWHOHSUHSR ]L LRQDOH úL FD]XULOH JUDPDWLFDOH VSHFLILFH DFHVWRUD GHWHUPLQDW  GH DOWIHO GH QHYRLDGHFODULWDWHúLGHHYLWDUHDFRQIX]LLORUFDXUPDUHDSLHUGHULLGHVLQHQ HORU FD]XDOH PDUFDWRULL IXQF LHL VLQWDFWLFH  YD GXFH vQ ILQDO OD H[SULPDUHD DFHVWXLWLSGHGDWLYSULQFD]XODFX]DWLYvQVR LWGHSUHSR]L LDSHQWUXPXQFHúWL SHQWUXPLQH ÌQDFHHDúLVLWXD LHVHDIO úLGDWLYXOILQDOODWLQHVFFDUHDGLVS UXWvQOLPED URPkQ  VDX PDL GHJUDE  D IRVW DVLPLODW vQ XUPD SURFHVXOXL GH VLQFUHWLVP DO FD]XULORU GHFD]XODFX]DWLYvQVR LWGHSUHSR]L LLVDXORFX LXQLSUHSR]L LRQDOHFX YDORDUH ILQDO  OD SHQWUX VSUH vQ vQYHGHUHDvQVFRSXOFXVFRSXO úLDYkQG IXQF LDVLQWDFWLF GHFRPSOHPHQWFLUFXPVWDQ LDOGHVFRSvQGDUSHQWUXRQRDUH vQ DMXWRU  'HúL vQ OLPED URPkQ  QX H[LVW  GDWLY GH DJHQW VXELHFWXO ORJLF DO YHUEHORUDIODWHODGLDWH]DSDVLY VHH[SULP SULQFRPSOHPHQWHGHDJHQWDIODWH ODDFHODúLFD]VSHFLILFSUHSR]L LRQDOODWLQHVFDFX]DWLYXOvQVR LWGHSUHSR]L LLOH GHVDXGHF WUH7RWSULQFD]XODFX]DWLYvQVR LWGHSUHSR]L LLGDUDYkQGIXQF LD VLQWDFWLF  GH FRPSOHPHQW FLUFXPVWDQ LDO GH UHOD LH VH UHG  YHFKLXO GDWLY DO SXQFWXOXL GH YHGHUH ([HPSOX 3HQWUX YkQ WRUL   GLQ SXQFWXO GH YHGHUH DO YkQ WRULORU FRQWHD] SUDGD 6DS VWUDWvQOLPEDURPkQ LGHQWLFFDYDORDUHVWLOLVWLF úLFDIRUP  GHH[SULPDUHGDWLYXOHWLF7UkQWLQGXPLORGDW SH]PHX«PL LODUGHD« /LPEDURPkQ DPRúWHQLWDúDFXPDPDU WDWGHMDúLFRQVWUXF LDODWLQ  DGDWLYXOXLFXHVVHUHJ VLW vQH[SULP ULvQVR LWHGHYHUEXODILSUHFXPPLH GRU LHPLO HWFvQFDUHFRPSOHPHQWXOLQGLUHFWvQFD]XOGDWLYDUHYDORDUHGH VXELHFWORJLFPL L LDUVXEVWDQWLYHOHGRUúLPLO VXQWVXELHFWHJUDPDWLFDOH 3XWHPDGXFHDLFLvQGLVFX LHúLH[LVWHQ DvQURPkQ DGDWLYXOXLSRVHVLY FDUHvQV vOFRQWLQX GRDUWHUPLQRORJLFSHFHOPHQ LRQDWvQDFHVWFDSLWROvQ OLPEDODWLQ DFHDVWDGHRDUHFHGDWLYXOSRVHVLYGLQURPkQ DUHRFXWRWXODOW  YDORDUH VLQWDFWLF  (VWH YRUED GHVSUH XQ DWULEXW SURQRPLQDO OHJDW GH VXEVWDQWLYH vQ VLQWDJPH GH WLSXO ID DPL PkQD L FKLSXL vQ FDUH IRUPHOH SURQRPLQDOHPL LLvQORFXLHVFGHIDSWSURQXPHOHSRVHVLYHPHDWDOXL HLXOWLPHOHQHILLQGvQPRGHYLGHQWvQFD]XOGDWLY 0HQ LRQ P GH DVHPHQHD PRúWHQLUHD vQ OLPEDURPkQ DFRPSOHPHQ WXOXL LQGLUHFW GHWHUPLQDW GH DGMHFWLYH vQUXGLWH VDX IRDUWH DSURSLDWH FD VHQV FHORU PHQ LRQDWH GHMD FD DYkQG DFHODúL UHJLP vQ OLPED ODWLQ  SULHWHQRV SULHOQLFIDYRUDELODVHP Q WRUVLPLODUXWLOHWF  &RQWLQXkQGDFHHDúLVLWXD LHGLQODWLQ FRPSOHPHQWXOLQGLUHFWvQFD]XO GDWLY PDL SRDWH DYHD FD WHUPHQ UHJHQW úL LQWHUMHF LLOH %UDYR IUXQWDúLORU OD vQY WXU  

9,$&8=$7,98/$&&86$7,996&$696   7HUPLQRORJLDDFHVWXLFD]SURYLQHGHODYHUEXOODWLQDFFXVDUHÄD vQYLQXL´ÄDDFX]D´DF UXLHWLPRORJLHWUHEXLHF XWDW vQVXEVWDQWLYXO FDXVDODRULJLQHXQWHUPHQMXULGLFÄSURFHV´3ULQXUPDUHDFX]DWLYXO LQGLF  SHUVRDQD VDX OXFUXO DVXSUD F UHLD  F UXLD VH H[HUFLW  vQ PRG QHPLMORFLWDF LXQHDYHUEDO FDUHHVWHDWLQV DIHFWDW vQPRGGLUHFWGH FRQFHSWXO YHUEDO )XQF LD VLQWDFWLF  IXQGDPHQWDO  úL WRWRGDW  FHD PDLYHFKHDDFHVWXLFD]HVWHFHDGHFRPSOHPHQWGLUHFWOXFUXUHIOHFWDW GH DOWIHO úL GH WHUPLQRORJLD VD  VDX GH RELHFW GLUHFW GDF  IDFHP UHIHULUH OD IDSWXO F  DFX]DWLYXO VH RSXQH VLPHWULF QRPLQDWLYXOXL FX FDUH VH DIO  vQ FRUHOD LH GLUHFW  vQ UDSRUW FX DF LXQHD YHUEXOXL DFX]DWLYXO RELHFWQRPLQDWLYXO VXELHFW'DUvQMXUXODFHVWHLIXQF LL VLQWDFWLFHSUHGRPLQDQWHJUDYLWHD] úLDOWHYDORULVLQWDFWLFHSHFDUHOHDP SXWHD VXERUGRQD XQHL D GRXD IXQF LL VLQWDFWLFH FRPSOHPHQWXO FLUFXPVWDQ LDO $úDGDUvQOLPEDODWLQ FDúLvQURPkQ FD]XOXLDFX]DWLYvLVXQW VSHFLILFHGRX IXQF LLVLQWDFWLFHSULQFLSDOHFRPSOHPHQWXOGLUHFWúL FRPSOHPHQWXOFLUFXPVWDQ LDO  ,&203/(0(178/',5(&7DúDFXPDIRVWGHMDGHILQLWODP SXWHDFRQVLGHUDXQ  $&8=$7,9 ± 2%,(&7 ',5(&7 SHQWUX F  DVXSUD OXL VH U VIUkQJHDF LXQHDYHUEXOXLILLQGGHWHUPLQDWGHXUP WRDUHOHFDWHJRULL YHUEDOH D YHUEHWUDQ]LWLYHODWWUDQVLUHÄDWUHFHOD´ÄDWUDQVIHUD´ DF URU DF LXQH WUHFH GLUHFW DVXSUD RELHFWXOXL ILLQ  VDX OXFUX  DIODWH OD GLDWH]D DFWLY  VDX I FkQG SDUWH GLQ FDWHJRULD YHUEHORU GHSRQHQWH FX vQ HOHVDFWLY  %UXWXV8UEHPOLEHUDXLW %UXWXVDHOLEHUDWFHWDWHD5RPD  &DHVDUPLOLWHVKRUWDWXU &DHVDUvLvQGHDPQ SHVROGD L  $WXQFLFkQGYHUEXOWUDQ]LWLYWUHFHODGLDWH]DSDVLY FRPSOHPHQ WXOGLUHFWGHYLQHVXELHFWLDUVXELHFWXOWUHFHODFD]XODEODWLYvQVR LWGH 



SUHSR]L LDDDEGDF HVWHQXPHGHSHUVRDQ úLI U SUHSR]L LHGDF  HVWHQXPHGHOXFUX  8UEVD%UXWROLEHUDWDHVW &HWDWHD5RPDDIRVWHOLEHUDW GHF WUH%UXWXV  E YHUEHWUDQ]LWLYHvQODWLQ GDULQWUDQ]LWLYHVDXUHIOH[LYH vQURPkQ  IXJ UH HIIXJ UH D IXJL  FDX UH D VH S ]L  XLWDUH HXLWDUH D HYLWD  GHILF UHDOLSVL DEGLFDUHDUHQXQ D HWF 7KHPLVWRFOHVLQXLGLDPVXRUXPQRQHIIXJLW 7KHPLVWRFOHVQDVF SDWGHLQYLGLDDORUV L  9ROXQWDVLXXHQHVGHILFLW 9RLQ DOHOLSVHúWHWLQHULORU  F  YHUEH FDUH H[SULP  R VWDUH VXIOHWHDVF  VDX R PDQLIHVWDUH D HL GH RELFHL WUDQ]LWLYH vQ ODWLQ  GDU LQWUDQ]LWLYH vQ URPkQ  WLP UH PHWX UH XHU ULDVHWHPH PLUDULDVHPLUD ULG UHDUkGH GRO UHDVXIHUL  IO UHDSOkQJH KRUU UHDVHvQJUR]L JHP UHDJHPH HWF 0HWXRLQVLGLDV 0 WHPGHFDSFDQH  2PQHVQRPHQ5RPDQRUXPKRUUHEDQW 7R LVHvQJUR]HDXGHQXPHOHGHURPDQ  G YHUEHFRPSXVHFXSUHSR]L LLGHIDSWYHUEHGHPLúFDUHVDXGHVWDUH  FRPSXVHFXSUHSR]L LLOHDGFXPFLUFXPLQSHUSUDHWHUWUDQVFDUH GHYLQvQODWLQ WUDQ]LWLYHDGLUHDOLTXHPDYL]LWDSHFLQHYD FRQXHQLUH DOLTXHP D VH vQWkOQL FX FLQHYD  FLUFXPVWDUH DOLTXLG D vQFRQMXUD FHYD LQJUHGLXLDPDvQFHSHF O WRULD SHUDJUDUHUHJLRQHVDVWU EDWH LQXWXULOH WUDQVLOLUHPXUXPDV ULSHVWH]LG HWF &DHVDURSSLGXPXDOORFLUFXPXHQLUHFRQVWLWXLW &DHVDUDKRW UkWV vQFRQMRDUHFHWDWHDFXXQYDOGHS PkQW  2FDWHJRULHVLQWDFWLF VSHFLDO DFRPSOHPHQWXOXLGLUHFWRUHSUH ]LQW vQODWLQ   $&8=$7,9 '8%/8 6H SUH]LQW  FD XQ GXEOX FRPSOHPHQW GHRELHFWGLUHFW SHFDUHvOSXWHPDQDOL]DvQGRX PRGXUL XQDFX]DWLYRELHFWGLUHFWH[SULPkQGPDLIUHFYHQWSHUVRDQH  vQVR LW GH XQ DO GRLOHD DFX]DWLY FDUH FRPSOHWHD]  vQ HOHVXO YHUEXOXL DVHPHQHD XQXL QXPH SUHGLFDWLY $FHVW GXEOX DFX]DWLY SRDWH IL GHWHU PLQDWGHYDULDWHFDWHJRULLYHUEDOH 

± YHUEH FRSXODWLYH WUDQ]LWLYH OD GLDWH]D DFWLY  QRPLQDUH D QXPL  GHFODUDUHDGHFODUD FUHDUHDFUHD HIILF UHDIDFH HWF &LFHURQHPXQLXHUVXVSRSXOXVFRQVXOHPGHFODUDXLW ÌQWUHJXOSRSRUODSURFODPDWSH&LFHURFRQVXO  ± YHUEH WUDQ]LWLYH DFWLYH FX VHQVXO GH ÄD DYHD´ ÄD GD´ ÄD OXD´ ÄD SULPL´ ÄD FHUH´ ÄD UHIX]D´ KDE UH GDUH DGKLE UH VXP UH DFFLS UHSHW UHUHOLQTX UHHWF  )LOLRPHRSDWULPRQLXPUHOLQTXDPPHPRULDPQRPLQLVPHL )LXOXLPHXvLYRLO VDSDWULPRQLXDPLQWLUHDQXPHOXLPHX  ±YHUEHFDUHvQVHDPQ ÄDVHDU WD´ÄDVHFRPSRUWD´VHSUDHVWDUHVH RVWHQG UHVHSUDHE UHVHRIIHUUHHWF  3UDHEHERPHDWWHQWXPDXGLWRUHP (XP YRLDU WDXQDVFXOW WRUDWHQW   XQ DFX]DWLY DO SHUVRDQHL FD RELHFW GLUHFW  vQVR LW GH XQ DO GRLOHDFRPSOHPHQWGLUHFWDFX]DWLYXOOXFUXOXLùLDFHVWWLSGHDFX]DWLY GXEOXHVWHGHWHUPLQDWGHDQXPLWHFDWHJRULLYHUEDOH ±YHUEHFDUHDUDW LQVWUXF LDúLHGXFD LDGRF UHHGRF UHHWF ± YHUEH FDUH DUDW  UXJ PLQWHD úL FHUHUHD RUDUH URJDUH D UXJD  SHW UHSRVF UHIODJLWDUHDFHUHDSUHWLQGHDUHFODPD HWF ±YHUEHIRUPDWHFXSUHSR]L LHSUHIL[GHH[HPSOX WUDQVWUDQVSRUWDUH DWUDQVSRUWD WUDLF UHWUDGXF UHDWUHFHGLQFROR HWF &DWLOLQDLXXHQWXWHPPDODIDFLQ UDHGRFHEDW &DWLOLQDvLvQY DSHWLQHULIDSWHUHOH  0XOWDHXPURJDXL /DPUXJDWPXOWHOXFUXUL  &DHVDUIOXPHQH[HUFLWXPWUDGX[LW &DHVDUDWUHFXWDUPDWDSHVWHIOXYLX   $&8=$7,9 $/ 2%,(&78/8, ,17(51 $&8=$7,98/ ,17(51  (VWHXQFRPSOHPHQWGLUHFWFDUHH[SULP FRQ LQXWXODF LXQLLXQXL YHUE IUHFYHQW LQWUDQ]LWLY  GDU FX FDUH VH DIO  vQWUR IRDUWH VWUkQV  UHOD LH ILH OH[LFDO  ILH VHPDQWLF  3ULQ XUPDUH H[LVW  GRX  WLSXUL GH DFX]DWLYHLQWHUQH D FHOFDUHIDFHSDUWHGLQDFHHDúLIDPLOLHGHFXYLQWHFXYHUEXOFDUHvO GHWHUPLQ  FHQDP FHQDUH D OXD PDVD  GRORUHP GRO UH D DYHD GXUHUH SXJQDPSXJQDUHDOXSWDROXSW VHUXLWXWHPVHUXLUHDVOXML 



FDVFODY VRPQLXPVRPQLDUHDYLVDXQYLV HWF$FHVWWLSGHDFX]DWLY LQWHUQ VH PDL QXPHúWH úL ILJXUD HWLPRORJLF  FX YDOHQ H VWLOLVWLFH vQ ODWLQ  E DFX]DWLYXOLQWHUQFDUHIDFHSDUWHGLQDFHHDúLVIHU GHVHQVFXYHUEXO DO F UXL FRPSOHPHQW GLUHFW HVWH DHWDWHP XLXHUH D WU L R SHULRDG  D YLH LL  XLDP LUH D PHUJH R FDOH  SU°OLD SXJQDUH D OXSWD  D GD R E W OLH  HWF $úD FXP REVHUY P DFX]DWLYXO FRPSOHPHQW GLUHFW HVWH vQUXGLWGRDUVLQRQLPLFFXYHUEXOGUHSWFDUHVLQWDJPDVHPDLQXPHúWH úLILJXUDVLQRQLPLF   $&8=$7,9 $'9(5%,$/ 6H QXPHúWH DVWIHO GHRDUHFH DQXPLWH IRUPH GH DFX]DWLY DSDU vQ ODWLQ  DYkQG XWLOL]DUH DGYHUELDO  $VWIHO QHXWUXO VLQJXODU DO XQRU SURQXPH úL DGMHFWLYH FDUH LQGLF  R DQXPLW  FDQWLWDWH VXQW FRQVLGHUDWH GLQ SXQFW GH YHGHUH VLQWDFWLF DFX]DWLYH DGYHUELDOH DOLTXLG SDXOXP PLQXV PLQLPXP DOLTXDQWXP PXOWXP SOXV SOXULPXP WDQWXP TXDQWXP HWF 'H DVHPHQHD DGMHFWLYH DGYHUELDOL]DWHFDUHDUDW VXFFHVLXQHDSULPXPSRVWHULXVSRVWUHPXPHWF (RGLHSRSXOXVQLKLOXLGLW ÌQDFHD]LSRSRUXOQDY ]XWQLPLF  (RGLHSRVWUHPXP&DHVDUXLVXVHUDW ÌQDFHD]L&DHVDUIXVHVHY ]XWSHQWUXXOWLPDGDW   ([HPSOH GH DFX]DWLY DGYHUELDO VXQW FRQVLGHUDWH IRUPHOH GH DFX]DWLYvQWkOQLWHvQORFX LXQLOHDGYHUELDOHSDUWLPSDUWLPÄvQSDUWH  vQ SDUWH´ PDJQDP PDLRUHP PD[LPDP  SDUWHP ÄvQ PDUH PDL PDUHFHDPDLPDUH SDUWH´ 1RVWUDRUDWLRPDJQDPSDUWHPH[LDPELVFRQVWDW &XYkQWDUHDPHDFRQVW vQPDUHSDUWHGLQLDPEL  'HDVHPHQHDvQVLQWDJPHOHLGJHQXVTXRGJHQXVGHDFHVWIHO WLS LGWHPSRULVLGDHWDWLVvQDFHDVW YUHPHHSRF   $&8=$7,9 '( 5(/$ ,( (VWH XQ FRPSOHPHQW DO XQRU YHUEHLQWUDQ]LWLYHSULQFDUHVHIDFHRUHIHULUHOLPLWDWLY ODvQGHSOLQLUHD DF LXQLL  VW ULL YHUEDOH VDX OD H[LVWHQ D FDOLW LL XQXL DGMHFWLY &D PRGDOLW LGHH[SULPDUHHVWHGHVWXOGHV UDF $FX]DWLYXO VLQJXODU QHXWUX DO SURQXPHORU GHPRQVWUDWLYH VDX UHODWLYLQWHURJDWLYH FX YDORDUH GHPRQVWUDWLY  GHWHUPLQDW GH YHUEH LQWUDQ]LWLYH HVWH IUHFYHQW DFX]DWLY GH UHOD LH LG vQ DFHDVW  SULYLQ  TXRGvQFHHDFHSULYHúWHIDSWXOF HWF 

/HJDWL5RPDPLGXHQLHEDQW 6ROLLYHQHDXOD5RPDvQOHJ WXU FXDFHVWOXFUX  ÌQDOGRLOHDUkQGVXEVWDQWLYHGHQXPLQGS U LDOHFRUSXOXLRPHQHVF GHWHUPLQDWH vQ JHQHUDO GH DGMHFWLYH VDX SDUWLFLSLL YHUEDOH FX URO GH DGMHFWLYHDSDUGHDVHPHQHDFXYDORDUHGHDFX]DWLYGHUHOD LH6HLPSXQH DLFLSUHFL]DUHDF DVWIHOGHVLQWDJPHFXYDOHQ HPDLGHJUDE VWLOLVWLFHVH SDUHF DXIRVWSUHOXDWHSULQLPLWD LHGLQJUHDFDYHFKHGUHSWFDUHVHPDL QXPHVF úL DFX]DWLYH JUHFHúWL PXOLHUHV SHUFXOVDH FRUGD IHPHL ORYLWH vQ VXIOHW QXGDWDSHFWXVJRDO ODSLHSWFXSLHSWXOJRO XHOR[SHGHPLXWH GHSLFLRU PLOHVIUDFWXVPHPEUDVROGDWORYLWODSLFLRDUH   $&8=$7,98/ (;&/$0$ ,(, HVWH WRW XQ IHO GH FRPSOH PHQW GLUHFW HO DUDW  SHUVRDQD VDX OXFUXO FDUH UHSUH]LQW  RELHFWXO H[FODPD LHL6HvQWUHEXLQ HD] FKLDUPDLIUHFYHQWGHFkWQRPLQDWLYXOúL YRFDWLYXOSHQWUXF H[FODPD LDLPSOLF úLRDQXPLW VWDUHGHVSLULW $FX]DWLYXOH[FODPDWLYSRDWHV VHH[SULPHILHVLQJXU 0HIHOLFHP )HULFLWXOGHPLQH  ILHPDLGHVvQVR LWGHRLQWHUMHF LHFXUROHPIDWLF  2XLUXPPDJQXPGLJQXPTXH 2E UEDWYLWHD]úLGHPQ  $&8=$7,9±68%,(&7/2*,&([LVW vQODWLQ RFDWHJRULH VSHFLDO  GH YHUEH LPSHUVRQDOH GH DIHFW SHQWUX F  H[SULP  VHQWL PHQWH DOF URUVXELHFWORJLFVHXWLOL]HD] vQFD]XODFX]DWLYSHQWUXF  HVWH GH IDSW XQ FRPSOHPHQW GLUHFW GH RELHFW GLQ SXQFW GH YHGHUH JUDPDWLFDO PHPLVHUHWPLHPLO PHSDHQLWHWP F LHVF PHSLJHW vPLSDUHU X PHSXGHWPLHUXúLQH PHWDHGHWPLHVLO HWF 0HPLVHUHWIUDWULV 0LHPLO GHIUDWH  'H DVHPHQHD úL DOWH WLSXUL GH YHUEH LPSHUVRQDOH SUH]LQW  DFHODúL UHJLP vQ SULYLQ D H[SULP ULL VXELHFWXOXL vQ FD]XO DFX]DWLY PH IDOOLW PH IXJLWPHSUDHWHULWvPLVFDS WUHFFXYHGHUHD PHGHFHWPHGHGHFHWHWF 0HIXJLWUHVFULEHUH 0LDVF SDW>DPXLWDW@V  LVFULX 





,, &203/(0(178/ &,5&8067$1 ,$/ vO vQWkOQLP vQ FD]XO DFX]DWLY FD SXUW WRU DO XQHL VLQJXUH YDORUL VLQWDFWLFH DúD FXP OLPED ODWLQ  PRúWHQLVH GLQ LQGRHXURSHDQ  H[SULPDUHD H[WLQGHULL DF LXQLL YHUEDOH 8OWHULRU VH YD IDFH R GXEO  UDSRUWDUH D DFHVWHL VWU YHFKLQXDQ HVLQWDFWLFHODD[DWLPSXOXLUHVSHFWLYODFHDDVSD LXOXL GHWHUPLQkQGDSDUL LDIXQF LLORUGHFRPSOHPHQWFLUFXPVWDQ LDOGHWLPS úLGHFRPSOHPHQWFLUFXPVWDQ LDOGHORFIXQF LLVLQWDFWLFHvQFDGUXO F URUDYRPVHPQDODRVHULHGHYDORULVSHFLILFHOLPELLODWLQH &203/(0(178/ &,5&8067$1 ,$/ '( 7,03 DUH FD IXQF LRQDOLWDWHIXQGDPHQWDO LQGLFDUHDLGHLLGHGHVI úXUDUHH[WLQGHUH  vQ WLPS D DF LXQLL YHUEXOXL YDORDUHD VLQWDFWLF  VSHFLILF  HVWH $&8=$7,98/ '85$7(, FDUH OD UkQGXO HL SUH]LQW  WUHL QXDQ H WHPSRUDOH D H[SULP SHULRDGDGHWLPSFkWGXUHD] DF LXQHDYHUEXOXLU VSXQ]kQG OD vQWUHEDUHD TXDPGLX" FkW WLPS"  úL ILLQG IRUPXODW vQVR LW GH SUH SR]L LDSHUVDXI U SUHSR]L LH 'HFHPDQQRV7URLDRSSXJQDWDHVW 7URLDDIRVWDVHGLDW WLPSGH]HFHDQL  3OXLWFRQWLQHQWHUSHUWUHVGLHV 3ORX I U vQFHWDUHGHWUHL]LOH  E  H[SULP  WLPSXO PRPHQWXO  GH FkQG GXUHD]  DF LXQHD YHUEDO  U VSXQGHODvQWUHEDUHDH[TXRWHPSRUH" GHFkQG"úLHVWHIRUPXODW FXDMXWRUXODGYHUEXOXLLDPGHMD vQVR LWGHQXPHUDOHRUGLQDOH 3D[LDPWHUWLXPDQQXPGXUDEDW 3DFHDGXUDGHMDGHGRLDQLvPSOLQL L  F  SRDWH H[SULPD úL YkUVWD DFX]DWLYXO YkUVWHL  DWXQFL FkQG HVWH IRUPXODW FX DMXWRUXO XQXLD GLQ SDUWLFLSLLOH YHUEDOH QDWXV VDX DJHQV vQVR LWHGHQXPHUDOHFDUGLQDOHVDXRUGLQDOH $OH[DQGHUPRUWXXVHVWWULJLQWDWUHVDQQRVQDWXV $OH[DQGUXDPXULWODYkUVWDGHWUHL]HFLúLWUHLGHDQL  &203/(0(178/ &,5&8067$1 ,$/ '( /2& DUH FD SULQFLSDO  IXQF LRQDOLWDWH H[SULPDUHD H[WHQVLXQLL vQ VSD LX D DF LXQLL YHUEDOHH[LVWkQGFHOSX LQGRX YDORULVLQWDFWLFHVSHFLILFH  $&8=$7,98/ ',5(& ,(, FDUH LQGLF  SXQFWXO LQWD VSUH FDUH VH vQGUHDSW  DF LXQHD YHUEDO  GHWHUPLQDW  GH YHUEH GH PLúFDUH VDX GHSODVDUH UHDO  VDX ILJXUDW  U VSXQ]kQG OD vQWUHEDUHD TXR " 

vQFRWUR "  ÌQ IRUPXODUHD DFHVWHL YDORUL VLQWDFWLFH H[LVW  XUP WRDUHOH UHJXOLSULQFLSDOH D VXEVWDQWLYHOHFRPXQHúLVXEVWDQWLYHOHSURSULLQXPHGH ULúLLQVXOH PDULVHFRQVWUXLHVFFXDFX]DWLYXOvQVR LWGHSUHSR]L LLOHDGVDXLQ DGXUEHPLUHDPHUJHvQRUDú  LQDHGHVLQWUDUHDLQWUDvQWHPSOX  SURILFLVFLLQDG *UDHFLDPDSOHFDVSUH*UHFLD  E VXEVWDQWLYHOHSURSULLQXPHGHRUDúHLQVXOHPLFLSUHFXPúLVXEVWDQ WLYHOHFRPXQHGRPXVKXPXVUXVVHFRQVWUXLHVFvQFD]XODFX]DWLYI U  SUHSR]L LH SHUXHQLUH5RPDPDDMXQJHOD5RPD  UHGLUHGRPXPDVHvQWRDUFHDFDV  SURILFLVFLUXVDSOHFDOD DU  $&8=$7,98/63$ ,8/8,675 % 787UHG I U SUHSR ]L LHVSD LXOSDUFXUV &DHVDUQRFWXPLOLDSDVVXPFLUFLWHUGXRGHFLPSURJUHVVXVHVW &DHVDUDvQDLQWDWvQWLPSXOQRS LLFLUFDGRX VSUH]HFHPLLGHSDúL  'HDVHPHQHDSRDWHLQGLFDúLGLVWDQ DGLQWUHGRX SXQFWHSXQFWXO GHSOHFDUHúLFHOGHVRVLUH WRWI U SUHSR]L LH +RVWHVDEHUDQWD&DHVDULVFDVWULVTXLQTXHPLOLDHWGXFHQWRVSDVVXV 'XúPDQLLHUDXODRGHS UWDUHGHFLQFLPLLGRX VXWHGHSDúLGH WDE UDOXL&DHVDU  ÌQ DIDUD FHORU GRX  YDORUL VLQWDFWLFH PHQ LRQDWH DFX]DWLYXO VH SRDWH XWLOL]D úL SHQWUX D LQGLFD GLPHQVLXQLOH GH OXQJLPH O LPH vQ O LPHDGkQFLPHPDLDOHVvQVR LWGHDGMHFWLYHOHORQJXVODWXVDOWXV úLFXYHUEXOSDW UHDVHvQWLQGH  )RVVDODWDHUDWTXLQTXDJLQWDWUHVSHGHV ùDQ XOHUDODWGHFLQFL]HFLúLWUHLGHSLFLRDUH  3HOkQJ FHOHGRX WLSXULSULQFLSDOHGHFRPSOHPHQWHFLUFXPVWDQ LDOH PRúWHQLWH GH ODWLQ  GLQ LQGRHXURSHDQ  &203/(0(178/ &,5&8067$1 ,$/ '( 7,03 úL &203/(0(178/ &,5&80 67$1 ,$/ '( /2& vQ FDGUXO YDORULL VLQWDFWLFH RULJLQDUH D H[WHQ VLXQLLDF LXQLLYHUEDOHVHPQDO PúLDOWHVLWXD LLúLH[HPSOHGHIRORVLUH DFD]XOXLDFX]DWLYFXIXQF LLúLYDORULVLQWDFWLFHIRDUWHDSURSLDWHGHDOWH IXQF LLVLQWDFWLFHFLUFXPVWDQ LDOHSUHFXPFHDILQDO PRGDOLQVWUXPHQ WDO VDXFDX]DO  



3UHFHGDWHGHSUHSR]L LLOHREVDXSURSWHUvQH[HPSOHFD +RVWLVREWLPRUHPIXJLW 'XúPDQXOIXJHGHWHDP   7HUUDSURSWHUIULJXVJHODW 3 PkQWXOvQJKHD GHIULJ  DYHPGHDIDFHFXDFX]DWLYHFDX]DOHFRPSOHPHQWHFLUFXPVWDQ LDOHGH FDX]  3UHFHGDWHGHSUHSR]L LDSHUDFX]DWLYHOHGLQSURSR]L LLOH 0LOLWHVSHUXLPSXJQDQW 6ROGD LLOXSW FXIRU   ,PSHUDWRUHVSHUKDQFDUWHPXLQFXQW &RPDQGDQ LLvQYLQJSULQDFHDVW P LHVWULH  SRWILFRQVLGHUDWHQLúWHFRPSOHPHQWHFLUFXPVWDQ LDOHLQVWUXPHQWDOHúL PRGDOH 7RW DVWIHO DGMHFWLYHOH FDUH H[SULP  R DQXPLW  vQFOLQD LH VDX GLVSRQLELOLWDWH F WUH FHYD DWXQFL FkQG VXQW vQVR LWH GH SUHSR]L LD DG GHWHUPLQ DFX]DWLYHFXYDORDUHVLQWDFWLF ILQDO  +RPRQDWXVSURQXVSURSHQVXV DGPDODVUHV 2PQ VFXWvQFOLQDWVSUHOXFUXULUHOH  &HOH GRX  IXQF LL VLQWDFWLFH SULQFLSDOH DOH DFX]DWLYXOXL VDX PRúWHQLW vQPRGVHPQLILFDWLYvQOLPEDURPkQ  &RPSOHPHQWXO GLUHFW FD úL vQ ODWLQ  SUH]LQW  DFHODúL UHJLP GH GHWHU PLQDUH DO YHUEHORU WUDQ]LWLYH GRDU PRGDOLWDWHD GH H[SULPDUH ILLQG GLIHULW  SULQ XWLOL]DUHD SUHSR]L LHL SH vQ VLWXD LD QXPHORU FRPXQH VDX SURSULL H[SUL PkQGSHUVRDQH $FX]DWLYXO GXEOX VH UHJ VHúWH vQ VLQWD[D OLPELL URPkQH 3URIHVRUXO vL vQYD SHFRSLLJUDPDWLFDXQH[HPSOXFDUHLOXVWUHD] IRORVLUHDDFX]DWLYXOXL SHUVRDQHLvQVR LWGHDFX]DWLYXORELHFWXOXL 'H DVHPHQHD DFX]DWLYXO LQWHUQ VD PRúWHQLW vQ URPkQ  ILLQG XQ FRPSOHPHQWGLUHFWLQWHUQGHWHUPLQDWGHYHUEHLQWUDQ]LWLYHH[SULPDWSULQWUXQ VXEVWDQWLY FDUH DUH DFHHDúL U G FLQ  FX YHUEXO UHVSHFWLY $ L OXSWDW OXSW  GHúDUW  VDXIDFHSDUWHGLQDFHHDúLVIHU VHPDQWLF FXDFHVWD2PWU LYLD  GXOFH  &XIXQF LHGHFRPSOHPHQWFLUFXPVWDQ LDOPXOWHGLQYDORULOHVLQWDFWLFH DOHFD]XOXLDFX]DWLYOHUHJ VLPPRúWHQLWHvQURPkQ &RPSOHPHQWXOFLUFXP VWDQ LDO GH ORF H[SULP  vQ URPkQ  QXDQ H VLQWDFWLFH VSHFLILFH DFX]DWLYXOXL GLUHF LHL $SRL LDU YLQH OD IHUHDVWU   úL DFX]DWLYXOXL VSD LXOXL VWU E WXW 

8PEOX DUD MXP WDWH  &RPSOHPHQWXO FLUFXPVWDQ LDO GH WLPS SULQYDORULOH SH FDUH OH H[SULP  vQ OLPED URPkQ  ± GXUDWD U VWLPSXO 1X YRUEHVF FX QLPHQL FkWH R V SW PkQ  7UHL DQL GHD UkQGXO LHúLVH SUHPLDQW HWF  ± FRQWLQX SULQPRúWHQLUHDPEHOHQXDQ HVLQWDFWLFHDOHDFX]DWLYXOXLGXUDWHLGLQ OLPEDODWLQ 7RWDLFLVHFXYLQHV PHQ LRQ PúLDFHOHVLQWDJPHSULQFDUHVH UHG YkUVWDODúDLVSUH]HFHDQLODQRX DQL  ùL FRPSOHPHQWXO FLUFXPVWDQ LDO GH FDX]  SH FDUH vO IRORVLP vQ OLPED URPkQ  PRúWHQHúWH vQ EXQ  SDUWH YDORULOH VLQWDFWLFH VSHFLILFH H[SULPDWH GH FD]XODFX]DWLYFXPHQ LXQHDF vQVLWXD LDDFHVWXLDWUHEXLHV  LQHPVHDPDúL GH DSRUWXO FD]XOXL DEODWLY SULQ YDORDUHD VD GH DEODWLY GH FDX]  vQ FRQILJX UDUHDDQXPLWRUVLQWDJPHúLFRQVWUXF LLPDLDOHVvQIRORVLUHDSUHSR]L LLORU  $FHOHDúL REVHUYD LL OH SXWHP IDFH úL FX SULYLUH OD PRúWHQLUHD vQ OLPED URPkQ  D FRPSOHPHQWXOXL FLUFXPVWDQ LDO GH PRG D FRPSOHPHQWXOXL FLUFXPVWDQ LDO LQVWUXPHQWDO úL FKLDU D FRPSOHPHQWXOXL FLUFXPVWDQ LDO GH UHOD LHGHRDUHFHWRDWHFRQWLQX GHRSRWULY YDORULúLQXDQ HVLQWDFWLFHSHFDUH OLPEDODWLQ OHH[SULPDDWkWSULQFD]XODFX]DWLYFkWúLSULQFD]XODEODWLY

 9,,$%/$7,98/$%/$7,996&$696   'HQXPLUHDDFHVWXLFDVXV/DWLQXVFXPvOFDOLILFDLOXVWUXOVDYDQW HQFLFORSHGLVW URPDQ 0DUFXV 7HUHQWLXV 9DUUR SURYLQH GH OD YHUEXO DXIHURDXIHUUHDEVW OLDEO WXPDVFRDWHDVHSDUDDvQGHS UWD GHOD FDUHSULQGHULYDUHGHODPRGXOVXSLQ FHOHEUXOSURIHVRUGHUHWRULF  GH OD VIkUúLWXO VHFROXOXL , S&KU 0DUFXV )DELXV 4XLQWLOLDQXV LD DWULEXLWGHILQLWLYQXPHOHGHDEODWLXXV $úDFXPUHIOHFW úLWHUPLQRORJLDDEODWLYXOHVWHFD]XOFDUHLQGLF  ORFXOGHSRUQLUHDXQHLDF LXQLVDXORFXOGLQFDUHHVWHvQGHS UWDW VDX VHSDUDW  R ILLQ  VDX XQ OXFUX ÌQ FHOH PDL PXOWH VLWXD LL DEODWLYXO HVWH GHWHUPLQDW GH YHUEH LDU IXQF LD VD SULQFLSDO  HVWH FHD GH FRP SOHPHQWFLUFXPVWDQ LDO7UHLVXQWWLSXULOHGHFRPSOHPHQWHFLUFXPVWDQ LDOHFDUHJXYHUQHD] VWUXFWXUDVLQWDFWLF DDFHVWXLFD]FRPSOHPHQWXO FLUFXPVWDQ LDOVHSDUDWLYIXQF LDVDIXQGDPHQWDO FXFDUHVDPRúWHQLW GLQ LQGRHXURSHDQ  úL F UHLD L VH GDWRUHD]  úL WHUPLQRORJLD FRPSOH PHQWXOFLUFXPVWDQ LDOLQVWUXPHQWDOIXQF LHVLQWDFWLF SUHOXDW GHODXQ IRDUWHYHFKLFD]LQGRHXURSHDQLQVWUXPHQWDOXOGLVS UXWQHPRúWHQLWvQ OLPED ODWLQ  vQ XUPD IHQRPHQXOXL GH VLQFUHWLVP DO FD]XULORU  FRP SOHPHQWXO FLUFXPVWDQ LDO FX IXQF LH ORFDO  GH SODVDUH D DF LXQLL YHUEDOHvQWLPSúLVSD LX SUHOXDWGHDVHPHQHDGHODXQDOWFD]LQGR 



HXURSHDQ ORFDWLYXO GLVS UXW úL HO vQ ODWLQ  VH S VWUHD]  VSRUDGLF SDU LDO vQ HSRFD LVWRULF  DYkQG IRUPH PRUIRORJLFH SURSULL GRDU vQ SDUDGLJPD VLQJXODUXOXL FI VXSUD ^ ` S   FD XUPDUH D DF LXQLL DFHOXLDúLSURFHVGHVLQFUHWLVPFD]XDO 5HYHQLQG OD IXQF LD VLQWDFWLF  RULJLQDU  IXQGDPHQWDO  D FD]XOXL DEODWLY DEODWLYXO SURSULX]LV  DFHHD FDUH H[SULP  VHSDUD LD vQGHS UWDUHD VXELHFWXOXL VDX D RELHFWXOXL DF LXQLL YHUEDOH GLQWUXQ DQXPLWORFvQWUXQFXYkQWSXQFWXOGHSRUQLUHDDF LXQLLYHUEDOHYRP GHRVHELvQFDGUXOHLPDLPXOWHYDORULúLQXDQ HVLQWDFWLFH  $%/$7,98/ 6(3$5$ ,(, 6(3$5$7,9  VH FRPSRUW  vQ SULQFLSLX DVHPHQHD XQXL FRPSOHPHQW FLUFXPVWDQ LDO GH ORF HVWH GHWHUPLQDW GH YHUEH GH PLúFDUH U VSXQGH OD vQWUHEDUHD XQGH "  GH XQGH"LQGLF ORFXOGHSRUQLUHDDF LXQLLYHUEDOH (VWHUHGDWFXDMXWRUXOSUHSR]L LLORUHH[DDEGHDWXQFLFkQG H[SULP QXPHGH ULLQVXOHPDULVDXVXEVWDQWLYHFRPXQH ([$IULFDXHQLW $YHQLWGLQ$IULFD  $6LFLOLDSURIHFWXVHVW $SOHFDWGLQ6LFLOLD  $IRURUHJUHVVXVHVW 6DvQWRUVGLQIRU  $WXQFLFkQGLQGLF QXPHGHRUDúHLQVXOHGHPLFLGLPHQVLXQLVDX VXQW IRORVLWH VXEVWDQWLYHOH GRPXV KXPXV UXV DEODWLYXO QX VH FRQV WUXLHúWHFXSUHSR]L LL 5RPDDELLW $SOHFDWGHOD5RPD  5XUHUHGLLW 6DvQWRUVGHOD DU   $EODWLYXO VHSDUDWLY SRDWH H[SULPD úL VHQVXUL DEVWUDFWH I U  OHJ WXU FXFRPSOHPHQWXOFLUFXPVWDQ LDOGHORFILLQGGHWHUPLQDWGHR VHULHGHYHUEHVSHFLILFHGLQFDWHJRULLOHXUP WRDUH D  YHUEH FDUH DUDW  VHSDUDUHD GHVS U LUHD GHRVHELUHD VHFHUQ UH D GLVWLQJH  VHSDUDUH VHJUHJDUH D VHSDUD  VHLXQJ UH GLXLG UH DGHVS U L GLVFHUQ UHGLVWLQJX UHDGHRVHEL HWF $OSHV,WDOLDPD*DOOLDVHLXQJXQW $OSLLGHVSDUW,WDOLDGH*DOLD  

E YHUEHFDUHLQGLF HOLEHUDUHDOLEHUDUHVROX UHDEVROX UHDHOLEHUD DGH]OHJDDDFKLWD HWF ([VXOHVSDWULDPDKRVWLEXVOLEHUDXHUXQW ([LOD LLúLDXHOLEHUDWSDWULDGHGXúPDQL  F  YHUEH FDUH H[SULP  DOXQJDUHD vQGHS UWDUHD UHWUDJHUHD PRX UH UHPRX UHDDOXQJD SHOO UHH[SHOO UHDJRQL H[FOXG UHGHLF UHD vQGHS UWD  +DPLOFDUKRVWHVDPXULVUHPRXLW +DPLOFDULDDOXQJDWSHGXúPDQLGHSHPHWHUH]H  G YHUEHFRPSXVHFXSUHSR]L LLVSHFLILFHFD]XOXLDEODWLYDEDDELUH DEVFHGHUH D SOHFD D S U VL  GH GHLF UH D vQGHS UWD  H[ H H[ UH H[SHOO UHDLHúLDJRQL HWF &LXHVKRVWHVXUEHH[SHOOXQW &HW HQLLvLJRQHVFSHGXúPDQLGLQRUDú   $%/$7,98/ 25,*,1,, VH VXERUGRQHD]  DFHOHLDúL YDORUL VHSDUDWLYHJHQHULFHLQGLFkQGS ULQ LLIDPLOLDQHDPXOUDQJXOHWFGLQ FDUHVHWUDJHFLQHYDvQWUXQFXYkQWRULJLQHDúLSURYHQLHQ D(VWHGHWHU PLQDW GH YHUEH FX vQ HOHV VSHFLILF DFHVWHL QXDQ H VLQWDFWLFH QDVFL RULULJLJQLDVHQDúWHDDS UHDDSURYHQL IRDUWHIUHFYHQWGHSDUWL FLSLLYHUEDOHFDUHvQVHDPQ ÄRULJLQDUGLQ´ÄQ VFXW´JHQ WXVSURFUH WXV SURJQ WXVRUWXVQ WXV 0DULXVORFRKXPLOLQDWXVHUDW 0DULXVVHQ VFXVHGLQWURIDPLOLHXPLO   )DPLOLD QHDPXO VWDUHD VRFLDO  VH H[SULP  SULQ DEODWLY I U  SUHSR]L LHGXS FXPVHYHGHGLQH[HPSOXOGHPDLVXV vQYUHPHFH QXPHOHWDW OXLVDXDOPDPHLVHH[SULP SULQDEODWLYúLSUHSR]L LDH[ H[,RXHQDWXV Q VFXWGLQ,XSSLWHU  H[VHUXDQDWXV Q VFXWGLQWURVFODY   $%/$7,98/ &$8=(, DUDW  FDX]D VDX PRWLYXO SUHWH[WXO HWFSHQWUXFDUHVHSURGXFHDF LXQHDYHUEDO GHFLWRWXQIHOGHSXQFW GHSRUQLUHGHGHWHUPLQDUHDDFHVWHLD 0RGDOLWDWHD FHD PDL IUHFYHQW  GH H[SULPDUH HVWH DFHHD FDUH QX LPSOLF vQVR LUHDGHF WUHRSUHSR]L LH 



+RVWHVPHWXIXJLXQW 'XúPDQLLIXJGHIULF   9HUEHOHFDUHH[SULP DQXPLWHVHQWLPHQWHJDXG UHODHW ULDVH EXFXUD GRO UHPDHU UHDDYHDS UHULGHU XDILWULVW HWFGHWHUPLQ  DGHVHDDEODWLYHDOHFDX]HL &RQVXOSDFHJDXGHW &RQVXOXOVHEXFXU GHSDFH  'HVHRULDEODWLYXOFDX]HLVHH[SULP SULQVXEVWDQWLYHYHUEDOHGH WLSXO LXVVX LQLXVVX OD SRUXQFD I U  SRUXQFD  URJDWX OD FHUHUHD  SHUPLVVX FX SHUPLVLXQHD  KRUWDWX OD vQGHPQXO  LXVVX LPSHUDWRULV ODSRUXQFDGLQRUGLQXOFRPDQGDQWXOXL  $EODWLYXOFDX]HLVHSRDWHUHGDúLvQVR LWGHSUHSR]L LLGHH[HPSOX +RVWHVH[XXOQHU EXVSHULHUXQW 'XúPDQLLDXPXULWGLQFDX]DGHSHXUPDU QLORU  ÌQ SURSR]L LLOH FX UHJLP QHJDWLY VDX DWXQFL FkQG FDX]D HVWH R SLHGLF  vQ FDOHD GHVI úXU ULL DF LXQLL YHUEDOH DEODWLYXO HVWH vQVR LW GH SUHSR]L LDSUDH 6FULE UHSUDHODFULPLVQRQSRVVXP 1XSRWV VFULXGLQFDX]DODFULPLORU   $%/$7,98/ $87258/8, $%/$7,98/ '( $*(17  LQGLF ILLQ DVDXOXFUXOGHF WUHFDUHHVWHvQGHSOLQLW DF LXQHDYHUEDO OD GLDWH]DSDVLY 5HSUH]LQW VXELHFWXOORJLFDOSURSR]L LHLFXSUHGLFDWXO UHSHW PH[SULPDWSULQWUXQYHUEODGLDWH]DSDVLY FHOFDUHGHWHUPLQ  SRUQLUHDVDXGHFODQúDUHDDF LXQLLYHUEDOH5HJLPXOGHUHGDUHDDFHVWHL YDORULVLQWDFWLFHvQSULYLQ DIRORVLULLSUHSR]L LLORUHVWHGLIHULW D FkQGDF LXQHDYHUEDO HVWHvQGHSOLQLW GHRSHUVRDQ DJHQWXOHVWHR ILLQ VHXWLOL]HD] SUHSR]L LLOHDEDGHGHF WUH  +DQQLEDODE 6FLSLRQHXLFWXVHVW +DQQLEDODIRVWvQYLQVGHF WUH6FLSLR  'LVFLSXOXVDPDJLVWURODXGDWXU (OHYXOHVWHO XGDWGHF WUHSURIHVRU  E  FkQG DXWRUXO DF LXQLL YHUEDOH HVWH XQ OXFUX R QR LXQH DEVWUDFW  DEODWLYXOQXHVWHvQVR LWGHSUHSR]L LL 2PQLDVROHFROOXVWUDQWXU 7RDWHVXQWVF OGDWHvQOXPLQ GHF WUHVRDUH  

 $%/$7,98/ &203$5$ ,(, H[SULP  ILLQ D VDX OXFUXO FX FDUH VH UHDOL]HD]  FRPSDUD LD WHUPHQXO GH UHIHULQ  SXQFWXO GH SRUQLUH D FRPSDUD LHL UHDOL]DW  SULQ LQWHUPHGLXO FRPSDUDWLYXOXL XQXL DGMHFWLYVDXDGYHUE6HPDLQXPHúWHúLDOGRLOHDWHUPHQDOFRPSDUD LHL úLVHUHG vQWRWGHDXQDI U SUHSR]L LH 3D[FHUWDHVWPHOLRUVSHUDWDXLFWRULD 2SDFHVLJXU HVWHPDLEXQ GHFkWRYLFWRULHVSHUDW   UHVFODULRUOXFH XQOXFUXPDLOLPSHGHFDOXPLQD]LOHL  6H IRORVHúWH DFHDVW  PRGDOLWDWH GH UHGDUH PDL DOHV DWXQFL FkQG SULPXOWHUPHQDOFRPSDUD LHLVHDIO ODFD]XOQRPLQDWLYVDXDFX]DWLY ÌQV  DWXQFL FkQG SULPXO WHUPHQ DO FRPSDUD LHL VH DIO  OD FD]XULOH JHQLWLYGDWLYDEODWLYVHSUHIHU XQDOWPRGGHUHGDUHDFRPSOHPHQ WXOXLFRPSDUDWLYXOXLvQORFXODEODWLYXOXLFRPSDUD LHL 1RFWHVDHVWDWHVXQWEUHXLRUHVTXDPKLHPH ÌQWLPSXOYHULLQRS LOHVXQWPDLVFXUWHGHFkWvQWLPSXOLHUQLL  $úDGDU vQ DFHDVW  VLWXD LH VH XWLOL]HD]  DGYHUEXO TXDP GHFkW FD XUPDWGHFD]XOSULPXOXLWHUPHQDOFRPSDUD LHLKLHPHDHVWDWH  $úDFXPVDPHQ LRQDWGHMDFD]XODEODWLYPDLH[SULP vQDIDUD YDORULORU VLQWDFWLFH HQXPHUDWH DQWHULRU úL FDUH GHFXUJ GLQ IXQF LD VD VLQWDFWLF RULJLQDU GHVHSDUD LHDDEODWLYXOXLSURSULX]LV IXQF LLOHúL YDORULOHVLQWDFWLFHSUHOXDWHSULQDFXPXODUH GHODVWU YHFKLXOFD]LQGR HXURSHDQLQVWUXPHQWDOXO'HODDFHVWFD]GLVS UkQGFXWRWXOFDIRUPH úL UHDOLW L PRUIRORJLFH vQ OLPED ODWLQ  YRP PHQ LRQD vQ FRQWLQXDUH FHOHPDLQXPHURDVHúLLQWHUHVDQWHYDORULWLSXUL VLQWDFWLFH  $%/$7,98/,167580(17$/SURSULX]LV LQGLF PLMOR FXO ILLQ D VDX OXFUXO  SULQ LQWHUPHGLXO F UXLDF UHLD VH UHDOL]HD]  DF LXQHDYHUEDO &DWHJRULLOHGHYHUEHGHWHUPLQDQWHVXQWQXPHURDVHúL YL]HD] VIHUHVHPDQWLFHGLIHULWH DLQVWUXLDHGXFDDGHSULQGHHGRF UHHUXG UHLQVWLWX UHH[HUF UH  DVFKLPEDDWUDQVIRUPDPXWDUHFRPPXWDUHSHUPXWDUH  DvQFRQMXUDDvQJU GLFLQJ UHVDHS UHFLUFXPGDUH  DDFRSHULDvQYHOLWHJ UHRSHU UHXHVW UH  DKU QLDDOLPHQWDDO UHSDVF UHSDVFL  &DHVDUOHJLRQHPVLOXLVRFFXOWDW &DHVDUDVFXQGHROHJLXQHvQS GXUH  



2 VXP  GH YHUEH GHSRQHQWH úL FRPSXVH DOH ORU  XWL D VH IRORVL IUXLDVHEXFXUD IXQJLDvQGHSOLQL SRWLULDSXQHVW SkQLUH  XHVFLDVHKU QL HWFGHWHUPLQ GHDVHPHQHDFRPSOHPHQWHFLUFXPV WDQ LDOHFXYDORDUHGHDEODWLYLQVWUXPHQWDO *DOOL5RPDSRWLWLVXQW *DOOLDXSXVVW SkQLUHSH5RPD  6  UH LQHP F  DWXQFL FkQG LQVWUXPHQWXO GH UHDOL]DUH D DF LXQLL YHUEDOH HVWH XQ OXFUX FX YDORDUH FRQFUHW  VDX DEVWUDFW  H[SULPDUHD VH IDFH SULQ DEODWLY LQVWUXPHQWDO I U  SUHSR]L LH DúD FXP VH SRDWH YHGHDúLGLQH[HPSOHOHGDWHPDLVXV  'DF  LQVWUXPHQWXO HVWH R SHUVRDQ  H[LVW  SRVLELOLWDWHD UHG ULL FRPSOHPHQWXOXL FLUFXPVWDQ LDO LQVWUXPHQWDO SULQ DEODWLYXO VXEVWDQ WLYXOXLRSHUDvQVR LWGHJHQLWLYXOQXPHOXLGHSHUVRDQ  5HVSXEOLFD&LFHURQLVRSHUDFRQVHUXDWDHVW 6WDWXODIRVWVDOYDWSULQPHULWXOOXL&LFHUR    $%/$7,98/ '( 02' 02'$/  DUDW  IHOXO PRGDOLWDWHD GH GHVI úXUDUH D DF LXQLL YHUEDOH I FkQG SDUWH SULQ vQ HOHVXO úL VHPDQWLFDYDORULLVDOHVLQWDFWLFHWRWGLQVIHUDLQVWUXPHQWDOXOXL &D PRGDOLWDWH GH UHGDUH PDL IUHFYHQW IRORVLW HVWH FD]XO DEODWLY I U SUHSR]L LHLOXVWUDWGHGRX VLWXD LL D VXEVWDQWLYHFDUHH[SULP SULQvQVXúLVHQVXOORUPRGDOLWDWHDPRGXV PRG  ULWXV RELFHL  UDWLR UD LXQH  FRQVLOLXP KRW UkUH SODQ  OH[ OHJH IUDXVIUDXG XLVIRU  ,QLXULDILWGXREXVPRGLVDXWXLDXWIUDXGH 1HGUHSWDWHD VH IDFH vQ GRX  PRGXUL VDX SULQ YLROHQ  VDX SULQvQúHO FLXQH  ,XGLFDPXVOHJH -XGHF PGXS OHJHvQFRQIRUPLWDWHFXOHJHD  E VXEVWDQWLYHvQVR LWHGHDGMHFWLYHFDUHVHDFRUG FXHOH 'LXLFLDFXVPD[LPLVODFULPLVREVHFUDXLW 'LYLFLDFXVODUXJDWFXIRDUWHPXOWHODFULPL  'DU DEODWLYXO PRGDO VH SRDWH UHGD úL vQVR LW GH SUHSR]L LD FXP DWXQFL FkQG VH H[SULP  SULQWUXQ VXEVWDQWLY I U  QLFLR GHWHUPLQDUH DWULEXWLY QHvQVR LWGHDGMHFWLY  +RFFXPSHULFXORFXPODERUHIHFLVWL $LI FXWDFHVWOXFUXFXSULPHMGLHFXWUXG   

  $%/$7,98/ 62&,$7,9 LQGLF  ILLQ D VDX OXFUXO FDUH vQVR HúWHVXELHFWXOVDXRELHFWXO ODvQGHSOLQLUHDDF LXQLLYHUEDOHDVHPHQHD XQXLLQVWUXPHQWFDUHDMXW ODUHDOL]DUHDDFHVWHLD  6H H[SULP  vQVR LW GH SUHSR]L LD VRFLDWLY  FXP IRUPD QHJDWLY  ILLQGVLQHI U GHVSUHFDUHFILQIUDVXESXQFWXO  &LXHVFXPPLOLWLEXVDGXHQ UXQW &HW HQLLDXVRVLWvPSUHXQ FXVROGD LL  7RWXú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kQJHUHDVIHUHLVHPDQWLFH D XQHL QR LXQL 6H VXERUGRQHD]  DFHOHLDúL IXQF LL VLQWDFWLFH D LQVWUX PHQWDOXOXL QX DSDUH QLFLRGDW  vQVR LW GH SUHSR]L LL U VSXQGH OD vQWUHE ULOHVXEFHUDSRUW"vQFHSULYLQ "úLVHWUDGXFHvQURPkQ SULQ VLQWDJPHOH ÄvQ FHHD FH SULYHúWH´ ÄvQ SULYLQ D´ ÄvQ PDWHULH GH´ ÄUHIHULWRUOD´ &LFHURFHWHURV5RPDQRVHORTXHQWLDVXSHUDXLW &LFHURLDvQWUHFXWSHFHLODO LURPDQLvQFHHDFHSULYHúWHHORFLQ D  3ULQVIHUDVHPDQWLF SHFDUHRLOXVWUHD] RVHULHGHVXEVWDQWLYH vQVR LWHILHGHDGMHFWLYHSURQRPLQDOHILHGHDWULEXWHVXEVWDQWLYDOHVXQW FRQVLGHUDWH DEODWLYH GH UHOD LH LXGLFLR VHQWHQWLD RSLQLRQH FLXLWDWLV UHIHULWRUODvQFHHDFHSULYHúWHGXS MXGHFDWDS UHUHDRSLQLDFHW LL    $%/$7,98/ &$/,7 ,, HVWH FRQVLGHUDW GH DVHPHQHD R YDORDUH VLQWDFWLF  GHULYDWLY  D LQVWUXPHQWDOXOXL GHúL GHWHUPLQDWXO QX HVWHXQYHUEFLXQQXPHVDXXQvQORFXLWRUDOOXL6HH[SULP SULQWUR VLQWDJP  IRUPDW  GLQWUXQ VXEVWDQWLY úL XQ DGMHFWLY DFRUGDW vQ FD]XO DEODWLY I U  SUHSR]L LH DEODWLYXO FDOLW LL DUDW  DVHPHQHD JHQLWLYXOXL FDOLW LLFXFDUHGHDOWIHOFRQFXUHD] vQVXúLULOHIL]LFHVDXPRUDOH  



DOHXQHLILLQ HRULDOHXQXLOXFUXH[WHULRDUHVDXPDWHULDOH ÌQJHQHUDO GLVWLQF LD vQ XWLOL]DUHD FHORU GRX  YDORUL FDUH H[SULP  FDOLWDWHD HVWH UHDOL]DW  GH FDUDFWHUXO SHUPDQHQW VDX WUHF WRU FD]XO DEODWLY H[SULP  FDOLW LIL]LFHDOHFRUSXOXLGHFLWUHF WRDUH  &DSLOORHWEDUEDSURPLVVDHUDW (UDFXS UXOúLEDUEDOXQJ   VDXFDOLW LVXIOHWHúWLWUHF WRDUH (DPHQWHQRQVHPSHUIXLVWL 1XDLIRVWWRWGHDXQDFXDFHVWJkQG  PXOLHUPDJQDSXOFKULWXGLQHPDJQDHPHQWLV IHPHLHGHPDUHIUXPXVH HGHRPDUHLQWHOLJHQ   $%/$7,98/35( 8/8,H[SULP LQVWUXPHQWXOGHUHDOL]DUH D DF LXQLL DFHORU YHUEH FDUH DSDU LQ XQHL VIHUH VHPDQWLFH VSHFLILFH QR LXQLL GH SUH  DHVWLPDUH D SUH XL D DSUHFLD  HP UH D FXPS UD  XHQG UH D YLQGH  FRQVWDUH D FRVWD  FRQGXF UH ORFDUH D vQFKLULD  1XIRORVHúWHSUHSR]L LL 9LJLQWLWDOHQWLVRUDWLRQHP,VRFUDWHVXHQG EDW ,VRFUDWHYLQGHDRFXYkQWDUHFXGRX ]HFLGHWDODQ L   $%/$7,98/3526(&87,9DOORFXOXLGHWUHFHUH HVWHGH DVHPHQHDXQGHULYDWLYDOLQVWUXPHQWDOXOXLúLH[SULP FDúLDFX]DWLYXO VSD LXOXLVWU E WXWORFXOSHXQGHVHGHVI úRDU DF LXQHDYHUEDO ,QWU  úL vQ VIHUD FRPSOHPHQWXOXL FLUFXPVWDQ LDO GH ORF U VSXQ]kQG OD vQWUHEDUHDTX "SHXQGH" 6HH[SULP SULQFD]XODEODWLYQHvQVR LWGH SUHSR]L LL DWXQFL FkQG HVWH UHSUH]HQWDW GH VXEVWDQWLYH GLQWUR VIHU  VHPDQWLF  VSHFLILF  FHOH FDUH LQGLF  R FDOH GH DFFHV SRUWD SRDUW  LDQXD LQWUDUH Xú  IHQHVWUD IHUHDVWU  XDGXP YDG  XLD FDOH GUXP SRQVSRG WHUUDS PkQW PDUHPDUH  &DWLOLQD$XUHOLDXLDSURIHFWXVHVW &DWLOLQDDSOHFDWSHYLD$XUHOLD   $%/$7,98/35,9$7,9VHFRQVLGHU vQJHQHUDOFDI FkQG SDUWHGLQDULDVLQWDFWLF D$%/$7,98/8,62&,$7,9FIVXSUDVXE SXQFWXO   ILLQG DSUHFLDW FD H[SULPkQG VRFLDWLYXO FX DVSHFW QHJDWLY vQWUXFkW UHDOL]DUHD DF LXQLL YHUEDOH DUH ORF I U  QLFLR vQVR LUH úL DFHVW OXFUX VH VSHFLILF  SULQ YDORDUHD SULYDWLY  WRW R GHULYD LH D IXQF LHL LQVWUXPHQWDOXOXL 6HUHG FXDMXWRUXOSUHSR]L LHLVLQHI U DQWRQLPXO OXLFXPFX HOHPHQWXOPDUFDWRUDODEODWLYXOXLVRFLDWLY 

6LQHXLUWXWHDPLFLWLDQRQHVVHSRWHVW 3ULHWHQLDQXSRDWHH[LVWDI U YLUWXWH  6LQHDPLFLVKDELWDW /RFXLHúWHI U SULHWHQL    $%/$7,98/ $%81'(1 (, %(/ù8*8/8,  VDX DO /,36(, HVWH R GHULYD LH PDL VSHFLDO  GH VHQV GLQ FDGUXO FRPSOHPHQ WXOXL FLUFXPVWDQ LDO LQVWUXPHQWDO SULQ IDSWXO F  DUH FD HOHPHQWH GHWHUPLQDQWHYHUEHFXVHQVVSHFLILFLGHLLGHEHOúXJVDXGHOLSV  D  YHUEH FDUH VHPQLILF  ERJ LD DEXQGHQ D EHOúXJXO DEXQGDUH D IL GLQDEXQGHQ FRPSO UHDXPSOH UHGXQGDUHDILGLQSOLQ DIIOX UH D FXUJH VSUH  FLUFXPIOX UH D DYHD GLQ DEXQGHQ  ORFXSOHWDUH DvPERJ L H[SO UHDFRPSOHWDDXPSOH HWF *HUPDQLDULXLVHWIOXPLQLEXVDEXQGDW *HUPDQLDDEXQG vQUkXULúLIOXYLL  E  YHUEH FDUH VHPQLILF  V U FLD QHYRLD OLSVXULOH FDU UH HJ UH D IL OLSV  XDFDUH D JROL  RUEDUH D OLSVL  SULXDUH D SULYD  VSROLDUH IUDXGDUHDGHSRVHGD HWF 1RQHJHRPHGLFLQD 1DPQHYRLHGHPHGLFLQ   'H OD VWU YHFKLXO FD] LQGRHXURSHDQ ORFDWLYXO OLPED ODWLQ  D SUHOXDWúLH[SULP SULQFD]XODEODWLYIXQF LDVLQWDFWLF GHORFDOL]DUHvQ WLPS úL vQ VSD LX D DF LXQLL YHUEDOH 3ODVDUHD UHVSHFWLY GHWHUPLQDUHD VSD LDO DDF LXQLLVW ULLYHUEXOXLVHUHG SULQ R$%/$7,98//2&8/8,FDUHLQGLF ORFXOXQGHVHvQWkPSO  GHFLVHvQGHSOLQHúWH DF LXQHDYHUEXOXLVDXH[LVW FHYD 5 VSXQGHODvQWUHEDUHDXEL"XQGH" úLVHH[SULP  D SULQFD]XODEODWLYI U SUHSR]L LHQXPHOHGHRUDúHGHGHFOLQDUHD, D,,D±QXPDLFXIRUPHGHSOXUDO±SUHFXPúLFHOHGHGHFOLQDUHDD,,,D  GH DVHPHQHD DFHOH VXEVWDQWLYH FDUH VHPQLILF  LGHHD GH ORF UHJLR UHJLXQH OLWXV UP ORFXVORF SDUVSDUWH HWF 6\UDFXVLVRELLW'LR 'LRDPXULWOD6LUDFX]D  $OH[DQGHU%DE\O QHPRUWHFRQVXPSWXVHVW $OH[DQGUXDPXULWOD%DELORQ  3ODQROLWRUHQDXHVFRQVWLWXLW $RSULWFRU ELLOHOD UPGUHSW  



E  SULQ FD]XO DEODWLY vQVR LW GH SUHSR]L LLOH LQ vQ  VDX VXE VXE GHGHVXEW  VXEVWDQWLYHOH FRPXQH QXPHOH GH UL UHJLXQL FRQWLQHQWH LQVXOHPDUL 5HJXOXVLQ$IULFDFDSWXVHVW 5HJXOXVDIRVWI FXWSUL]RQLHUvQ$IULFD  ,QXLD$SSLD&ORGLXVRFFLVXVHVW &ORGLXVDIRVWXFLVSHFDOHD$SSLD  6XEPRQWHFRQVHGLW 6DDúH]DWODSRDOHOHPXQWHOXL  F QXPHOHGHRUDúHúLLQVXOHPLFLGHGHFOLQDUHD,úLD,,DFXIOH[LXQH QXPDL OD VLQJXODU  SUHFXP úL VXEVWDQWLYHOH FRPXQH GRPXV FDV  KXPXV S PkQW  UXV VDW DU  IRORVHVF DúD FXP VD DU WDW GHMD OD 6,17$;$/2&$7,98/8,YHFKLOHIRUPHGHORFDWLY 'RPLPDQHUHPDOR 3UHIHUV U PkQDFDV   0HXVIUDWHUUXULKDE WDW )UDWHOHPHXORFXLHúWHOD DU   'HWHUPLQDUHD WHPSRUDO  D DF LXQLL  VW ULL YHUEDOH SODVDUHD vQ WLPSDDFHVWHLDVHH[SULP vQODWLQ SULQ R $%/$7,98/ 7,038/8, vQ FDGUXO F UXLD VH SRW GLVWLQJH GRX QXDQ HVLQWDFWLFH D  DEODWLYXO PRPHQWXOXL FDUH LQGLF  GXS  FXP vL DUDW  úL GHQXPLUHD PRPHQWXO GHVI úXU ULL DF LXQLL YHUEDOH úL U VSXQGH OD vQWUHEDUHDTXDQGR"FkQG" vQJHQHUDOQXVHUHG FXSUHSR]L LHPDL DOHV vQ FD]XO VXEVWDQWLYHORU FDUH FRQ LQ vQ VHQVXO ORU LGHHD GH WLPS WHPSXVWLPS DQQXVDQ DHWDVYkUVW PHQVLVOXQ GLHV]L QR[ QRDSWH KRUDRU HWF +RFKLHPHPXOWXPQLXLVIXLW ÌQDFHDVW LDUQ DIRVWPXOW ] SDG   0HGLDQRFWHSHUXHQ UXQW $XVRVLWODPLH]XOQRS LL  $EODWLYXO PRPHQWXOXL VH SRDWH UHGD úL vQVR LW GH SUHSR]L LD LQ vQvQWLPSXOSHWLPSXO DWXQFLFkQGVHH[SULP RDQXPLW SHULRDG D YLH LL LQ SXHULWLD vQ FRSLO ULH LQ DGXOHVFHQWLD vQ DGROHVFHQ  LQ VHQHFWXWH OD E WUkQH H  VDX IXQF LL SXEOLFH LQ FRQVXODWX  vQ WLPSXO FRQVXODWXOXL FXFRQGL LDV QXILHvQVR LWHGHHOHPHQWHGHWHUPLQDQWH 

E DEODWLYXOGXUDWHLSHULRDGHL FDUHLQGLF vQFkWWLPSVHGHVI úRDU  DF LXQHDYHUEDO U VSXQGHODvQWUHEDUHDTXDQWRWHPSRUH"vQFkWWLPS"  úL LPSOLF  RDUHFXP VHQVXO GXUDWLY vQWUXFkW SUHFL]HD]  OLPLWHOH WHPSRUDOH DOH GHVI úXU ULL DF LXQLL YHUEXOXL 6H H[SULP  SULQ FD]XO DEODWLYI U SUHSR]L LHGDUvQVR LWGHRELFHLGHXQQXPHUDO %HOOXPQRXHPDQQLVJHVVLW $SXUWDWU ]ERLXOvQQRX DQL  7ULEXVKRULVGRPXPUHGLELWLV 3HVWHWUHLRUHY YH LvQWRDUFHDFDV  



&D]XODEODWLYQXDIRVWPRúWHQLWvQOLPEDURPkQ úLvQQLFLRDOW OLPE  URPDQLF  3URFHVXO GHVLQFUHWLVPFD]XDOVHPQDODWGLQWLPSXULVWU YHFKLGLQ PRPHQWXOIRUP ULLOLPELLODWLQHDOGHVSULQGHULLHLGLQWUXQFKLXOFRPXQLQGR HXURSHDQ  úL PDWHULDOL]DW SULQ GLVSDUL LD FD]XULORU LQVWUXPHQWDO úL ORFDWLY VLPXOWDQ  FX WUDQVIHUDUHD IXQF LLORU úL YDORULORU VLQWDFWLFH VSHFLILFH DFHVWRU FD]XULF WUHFD]XODEODWLY YDFRQWLQXDúLvQFDGUXOIRUP ULLOLPELORUURPDQLFH $VWIHO vQ FLXGD QXPHURDVHORU IXQF LL úL YDORUL VLQWDFWLFH SH FDUH OH SXWHD H[SULPD DEODWLYXO vQ SRILGD ODUJLL VDOH vQWUHEXLQ UL VLQWDFWLFH D GLVS UXW FD UHDOLWDWHPRUIRORJLF GXS FHúLDWUDQVIHUDWWRDWHVDXDSURDSHWRDWHWLSXULOH GH FRPSOHPHQWH FLUFXPVWDQ LDOH VSUH FD]XO DFX]DWLY H[SULPkQGXOH SULQ FRQVWUXF LLSUHSR]L LRQDOHvQPDMRULWDWHDVLWXD LLORU







&$3,72/8/,9 

6,17$;$)5$=(,  

,7,385,'()5$=(ù,'(35232=, ,,  )UD]D HVWH R IRUP  FRPSOH[  GH H[SULPDUH DOF WXLW  GLQWUXQ DQVDPEOXGHSURSR]L LLvQWUHFDUHVHVWDELOHVFDQXPLWHUDSRUWXUL ÌQ IXQF LH GH PRGXO vQ FDUH VXQW H[SULPDWH UDSRUWXULOH VWDELOLWH vQWUHSURSR]L LLOHFDUHDOF WXLHVFIUD]DDFHDVWDSRDWHILGHWUHLWLSXUL IUD] IRUPDW SULQMX[WDSXQHUHIUD] IRUPDW SULQFRRUGRQDUHIUD]  IRUPDW SULQVXERUGRQDUH



$)5$=$)250$7 35,1-8;7$381(5( (VWHDFHOWLSGHIUD] DOHF UHLSURSR]L LLVXQWH[SULPDWHVHSDUDW SULQDO WXUDUHDúH]DUHXQDGXS FHDODOW I U DMXWRUXOYUHXQXLFXYkQW SULQ FDUH V  VH VWDELOHDVF  UDSRUWXUL vQWUH HOH ÌQ ODWLQ  LX[WD SRQ UH vQVHDPQ  ÄD SXQH OkQJ ´ ÄSXQHUH OkQJ ´ vQ JUHDF  DFHVW WLS GH V VLQWDJPDODWLQ ILLQG DO WXUDUHVHQXPHúWHSDUDWD[ JU XQFDOFOLQJYLVWLFDOFXYkQWXOXLJUHFHVF 7LSXOGHDOF WXLUHDIUD]HLSULQMX[WDSXQHUHHVWHXQXOGLQWUHFHOH PDL YHFKL IRUPH GH H[SULPDUH XPDQ  ILLQGF  QX DYHD QHYRLH GH FXYLQWH GH OHJ WXU  GH DFHHD VH vQWkOQHúWH PDL IUHFYHQW vQ YRUELUHD SRSXODU úLIDPLOLDU (VWHIRORVLW vQV úLGHOLPEDOLWHUDU SRH]LHúL RUDWRULH GDWRULW FDOLW LORUVDOHVWLOLVWLFHvQWUXFkWSULQMX[WDSXQHUHVH SRDWHUHDOL]D D RH[SULPDUHYLRDLHHQHUJLF FKLDUFRORUDW DIHFWLY 9HQLXLGLXLFL $PYHQLWDPY ]XWDPvQYLQV  E RHQXPHUDUHGHDF LXQLIDSWH vQVHQVJUDGXDO $ELLWH[FHVVLWHXDVLWHUXSLW $SOHFDWDLHúLW>GLQRUDú@DOXDWRODIXJ D kúQLW  F RRSR]L LHGHLGHLRDQWLWH]  9LQF UHVFLV+DQQLEDOXLFWRULDXWLQHVFLV ùWLLV vQYLQJL+DQQLEDOV WHIRORVHúWLGHYLFWRULHQXúWLL  

%)5$=$)250$7 35,1&225'21$5( (VWHIUD]DDOF WXLW GLQSURSR]L LLGHDFHODúLWLSOHJDWHvQWUHHOH SULQ FRQMXQF LL FDUH OH SHUPLW SURSR]L LLORU SURSULD LQGHSHQGHQ  &RQMXQF LLOH VH QXPHVF FRRUGRQDWRDUH úL VWDELOHVF UDSRUWXUL OHDJ  SURSR]L LL SULQFLSDOH vQWUH HOH  SURSR]L LL VHFXQGDUH GH DFHODúL WLS  VDXS U LGHSURSR]L LHGHDFHODúLIHO 3ULQ FRQMXQF LLOH FRRUGRQDWRDUH FDUH XQHVF WLSXUL GH SURSR]L LL VDX S U L GH SURSR]L LL GH DFHODúL IHO VH SRW VWDELOL vQWUH DFHVWH HOHPHQWHSHFDUHOHOHDJ XUP WRDUHOHIHOXULGHUDSRUWXULGHFRRU GRQDUH FRSXODWLYDGYHUVDWLYGLVMXQFWLYFDX]DOGHPRWLYDUHH[ SOLFDWLY FRQFOXVLYWHUPLQRORJLHFDUHSRDWHILDSOLFDW úLSURSR]L LLORU OD QLYHOXO F URUD RSHUHD]  IXQF LRQHD]  3ULQ XUPDUH SURSR]L LLOH VXQWFRRUGRQDWHúLFDúLvQURPkQ HOHSRWILFRSXODWLYHDGYHUVDWLYH GLVMXQFWLYHFDX]DOH[SOLFDWLYHVDXFRQFOXVLYH &RQMXQF LLOH&238/$7,9(OHDJ SURSR]L LLFRSXODWLYHFDUH H[SULP LGHLFHVHFRPSOHWHD] I U DVHH[FOXGHILLQGFDPGHDFHHDúL YDORDUHvQSODQORJLFRVHPDQWLF &RQMXQF LLOHFRSXODWLYHVHFODVLILF ODUkQGXOORUvQ D  FRSXODWLYH DILUPDWLYH HW TXH DWTXH DF FRUHVSXQG DSUR[LPDWLY WRDWHFRQMXQF LHLúLGLQOLPEDURPkQ  ,VFRQLXUDWLRQHPQRELOLWDWLVIHFLWHWFLXLWDWLSHUVX VLW $FHVWD D I FXW XQ FRPSORW DO QRELOLPLL úL LD FRQYLQV SH FRQFHW HQL  E FRSXODWLYHQHJDWLYHQHTXHQHFHWQRQúLQXQLFL  &DHVDUVXEVWLW WQHTXHKRVWHVODFHVVLXLW &DHVDUVDRSULWúLQDK U XLWSHGXúPDQL  F  FRSXODWLYH FX FDUDFWHU GH vQW ULUH GH DFFHQWXDUH HWLDP TXRTXH FKLDUGHDVHPHQHD  4XDGHFDXVD+HOXHWLLTXRTXHUHO TXRV*DOORVXLUWXWHSUDHFHGXQW 'LQDFHDVW FDX] FKLDUúLKHOYH LLvLvQWUHFSHFHLODO LJDOOLvQYLWHMLH   &RQMXQF LLOH ',6-81&7,9( IDF OHJ WXUD vQWUH SURSR]L LL GLVMXQFWLYHFDUHH[SULP LGHLFHVHH[FOXGVDXVHFRQWUD]LF&RQMXQF LLOHDXWúLXHOVDXRUL VXQWPDLSXWHUQLFHXHVLXHVHXRULILHILH F VXQWPDLSX LQHQHUJLFH /HJHXHOWDEHOODVUHGGH &LWHúWHVDXG PLvQDSRLW EOL HOH  



&XQFWLDXWPDJQDSDUVILGHPPXWDX UDQW 7R LVDXRPDUHSDUWHvúLVFKLPEDVHU EXQDFUHGLQ   6LXHKDEHVTXLGVLXHQLKLOKDEHV )LHF DLFHILHF QDLQLPLF   &21-81& ,,/( $'9(56$7,9( VXQW FHOH FDUH VWDELOLQG XQ UDSRUW GH FRRUGRQDUH vQWUH GRX  SURSR]L LL VDX GRX  S U L GH SURSR]L LHGHDFHODúLIHOUHOHYHD] RSR]L LDFDUHH[LVW vQWUHHOH6XQW QXPHURDVH DW VHG DXWHP XHUXP XHUR GDU vQV  LDU FL  DWTXL WDPHQQLKLORPLQXVFXWRDWHDFHVWHD FHWHUXPGDUGHDOWIHO FHDPDL SXWHUQLF úLIUHFYHQWXWLOL]DW FRQMXQF LHDGYHUVDWLY HVWHVHG $OFLELDGHV SUDHFODUR HUDW LQJHQLR SUDHGLWXV VHG PLUD DQLPL OHXLWDWH $OFLELDGHVHUDvQ]HVWUDWFXRLQWHOLJHQ IRDUWHVWU OXFLW GDU FXRXúXULQ VXIOHWHDVF XLPLWRDUH  &21-81& ,,/(&$8=$/(;3/,&$7,9('(027,9$5(  VHUHIHU ODFHOHFDUHI FkQGSDUWHGLQFDWHJRULDFRQMXQF LLORUFRRUGR QDWRDUHVHUYHVFFDRMXVWLILFDUHRH[SOLFDUHVDXFKLDUFDRFRQILUPDUH DLGHLLH[SXVHDQWHULRU (OH QX WUHEXLH FRQIXQGDWH FX FRQMXQF LLOH VXERUGRQDWRDUH FLUFXPVWDQ LDOH FDX]DOH FDUH LQWURGXF SURSR]L LLOH VXERUGRQDWH FLUFXPVWDQ LDOH FDX]DOH SURSR]L LL SULQ FDUH VH H[SULP  SURSULX]LV FDX]DPRWLYXOSURGXFHULLDF LXQLLGLQUHJHQW  6H vQWkOQHVF vQ QXP U GHVWXO GH PDUH QDP QDPTXH HQLP HW QLP TXLSSH vQ DGHY U F FL  QLPLUXP XLGHO FHW VFLO FHW QHPSH vQWUDGHY UGHVLJXU  1DPSURSWHUIULJRUDIUXPHQWDLQDJULVPDWXUDQRQHUDQW & FLvQWUDGHY UGLQFDX]DIULJXOXLJUkXOQXHUDFRSWSHRJRDUH  &21-81& ,,/(&21&/86,9(VXQWDFHOHDFDUHOHDJ vQWUH HOH GRX  SURSR]L LL GLQWUH FDUH FHD GHD GRXD UHSUH]LQW  FRQVHFLQ D FRQFOX]LDVDXXUPDUHDLGHLLGLQFHDGLQDLQWH (QXPHU P DLFL FRQMXQF LLOH LW TXH LJ WXU HUJR GHFL DúDGDU SULQ XUPDUH  HR LG R LGFLUFR GH DFHHD SULQ XUPDUH  TXDPREUHP TXDUH TXDSURSWHU TXRFLUFD TXDGHFDXVD GH DFHHD SULQ XUPDUH  SURLQGHGHFLSULQXUPDUH  &RJLWRHUJRVXP &XJHWGHFLH[LVW  



,GHRDHGLILFDUHKRFXXOW 'HDFHHDYUHDV FO GHDVF DFHDVWD  4XDPREUHPDGHVWHDQLPLVLXGLFHV 'HDFHHDIL LFXFXUDMMXGHF WRUL 

&)5$=$)250$7 35,168%25'21$5(+,327$;  (VWH WLSXO GH IUD]  DOF WXLW  GLQWUR SURSR]L LH SULQFLSDO  úL XQD VDX PDL PXOWH SURSR]L LL VXERUGRQDWH DIODWH vQ UDSRUW GH GHSHQGHQ  ID GHDF LXQHDYHUEXOXLGLQSURSR]L LDSULQFLSDO UHJHQW $FHVWWLS GH H[SULPDUH OD QLYHOXO IUD]HL SULQ VXERUGRQDUH PDL SRDUW  GHQX PLUHDGHRULJLQHJUHDF úLGHKLSRWD[ JU y V LDURULJLQHD  ODQLYHOXO OXLGLQSXQFWXOGHYHGHUHDOVLQWD[HLLVWRULFH WUHEXLHF XWDW FHO PDL HOHPHQWDU GH DOF WXLUH IUD]HRORJLF  MX[WDSXQHUHD SDUDWD[D  3H P VXU  FH RPXO D vQ HOHV PDL ELQH UDSRUWXULOH VWDELOLWH vQWUH IHQR PHQHOH OXPLL vQFRQMXU WRDUH D vQFHSXW V  GLVWLQJ  vQWUH HVHQ LDO úL VHFXQGDUDF XWDWV H[SULPHIUD]HvQFDUHSURSR]L LLOHVHLHUDUKL]HD]  VDX VH VXERUGRQHD]  XQHOH DOWRUD 6XERUGRQDUHD KLSRWD[D  vúL DUH RULJLQHD vQ MX[WDSXQHUH SDUDWD[  3URSR]L LLOH IRORVLWH JUDPDWLFDO LQGHSHQGHQW XQD GH FHDODOW  DX GHYHQLW WUHSWDW VXERUGRQDWH GHSHQ GHQWH XQDDOWHLD $GYHUEHOHVDXSDUWLFXOHOHIRORVLWHLQL LDOFDV SUHFL]H]HVHQVXO SURSR]L LHL DX GHYHQLW OD UkQGXO ORU WUHSWDW FRQMXQF LL VXERUGRQD WRDUHGDUSURFHVXOGHHYROX LHGHODSDUDWD[ ODKLSRWD[ DIRVWXQXOGH OXQJ GXUDW  &D DVSHFW JHQHUDO VXERUGRQDUHD vQ OLPED ODWLQ  VH UHDOL]HD]  SULQPXOWLSOHHOHPHQWHFRQMXQF LLSURQXPHUHODWLYHDGYHUEHGHUHOD LHGHDVHPHQHDVHSRDWHVWDELOLI U YUHXQHOHPHQWGHOHJ WXU GLQ FHOHHQXPHUDWHDQWHULRU GRDUSULQPRGXOYHUEDOvQFD]XOVXERUGRQD WHORUFRPSOHWLYHLQILQLWLYDOH  &ODVLILFDUHD WUDGL LRQDO  D SURSR]L LLORU VXERUGRQDWH GLQ OLPED ODWLQ HVWHXUP WRDUHD 68%25'21$7(5(/$7,9(FDUHDXUROXOGHDGHWHUPLQD DVHPHQHD XQXL DWULEXW  vQ HOHVXO XQXL FXYkQW GLQ SURSR]L LD UHJHQW  7HUPLQRORJLDDFHVWXLWLSGHSURSR]L LLVXERUGRQDWHSURYLQHGHODIDSWXO F  OHJ WXUD ORU FX SURSR]L LD UHJHQW  VH UHDOL]HD]  SULQ HOHPHQWH GH UHOD LHSURQXPHVDXDGYHUEHUHODWLYH  



68%25'21$7(&203/(7,9(VXQWFHOHFDUHFRPSOHWHD ] vQPRGDEVROXWQHFHVDUvQ HOHVXOYHUEXOXLGLQSURSR]L LDUHJHQW GH XQGH úL WHUPLQRORJLD DFHVWXL WLS GH VXERUGRQDWH  'H IDSW HOH vQGH SOLQHVFODQLYHOXOIUD]HLUROXOSHFDUHvODVXP FRPSOHPHQWXOGLUHFWOD QLYHOXO SURSR]L LHL GDU QX QXPDL SRW vQGHSOLQL úL UROXO GH SURSR]L LL VXELHFWLYHVDXSUHGLFDWLYHvQDIDUDFHOXLGHFRPSOHWLYHSURSULX]LVH  68%25'21$7( &,5&8067$1 ,$/( SURSR]L LL FDUH H[SULP RFLUFXPVWDQ GHUHDOL]DUHDDF LXQLLVW ULLSUHGLFDWXOXLGLQ UHJHQW  MXVWLILFkQGXVH DVWIHO úL WHUPLQRORJLD  vQGHSOLQHVF vQ IUD]  UROXO SH FDUH vO DX FRPSOHPHQWHOH FLUFXPVWDQ LDOH vQ SURSR]L LH LQGLFkQGQXPDLSX LQGHúDSWHFLUFXPVWDQ HvPSUHMXU UL SULQFDUHVH H[SOLFLWHD]  DF LXQHD SURSR]L LHL UHJHQWH VFRSXO XUPDUHD SLHGLFD WLPSXOPRWLYXOFRQGL LDPRGXOSULQFRPSDUD LH  ,,02'85,/(Ì135232=, ,,/(35,1&,3$/( ù,,1'(3(1'(17(  0RGXOJUDPDWLFDOWHUPHQXOSURYLQHGLQODWPRGXVL IHOFKLS  UHSUH]LQW IRUPDYHUEDO FDUHLQGLF PRGDOLWDWHDGHUHDOL]DUHDDF LXQLL  VW ULL H[SULPDWH GH YHUE ÌQ SURSR]L LLOH SULQFLSDOH LQGHSHQGHQWH  SUHGLFDWXO YHUEDO VH SRDWH DIOD OD PRGXULOH LQGLFDWLY FRQMXQFWLY LPSHUDWLYPRGXULSHUVRQDOH VDXODLQILQLWLYPRGQHSHUVRQDO   02'8/ ,1',&$7,9 HVWH PRGXO UHDOLW LL DO VLWXD LLORU RELHFWLYHúLVLJXUH $SDUHIUHFYHQWvQXUP WRDUHOHWLSXULGHSURSR]L LLSULQFLSDOH $ (181 ,$7,9( HQXQ  DILUPkQG VDX QHJkQG R VLWXD LH R FRQVWDWDUH  D $),50$7,9(*DOOLDHVWRPQLVGLXLVDLQSDUWHVWUHV *DOOLDHVWHWRDW vPS U LW vQWUHLUHJLXQL  E 1(*$7,9(*HUPDQLDJULFXOWXUDHQRQVWXGHQW *HUPDQLLQXVHRFXS FXDJULFXOWXUD  %(;&/$0$7,9(SURSR]L LLFDUHLQGLF DQXPLWHVHQWLPHQWHVW UL DIHFWLYHGHF WUHFDUHHVWHVW SkQLWDXWRUXOPHVDMXOXLSUHFXPGLVSUH XOPkQLDEXFXULDWULVWH HDQRVWDOJLDHWF 4XDHWXDHVWLVWDXLWD &HIHOGHYLD HVWHDVWDDWD  

&,17(52*$7,9(SULQFDUHVHSXQvQWUHE ULSUHFLVHUHIHULWRDUHOD IDSWHUHDOHvQPRGGLUHFW D 6,03/(4XLVXHQLW" &LQHDYHQLW"  4XDQGRXHQLW" &kQGDYHQLW"  $FHVWH LQWHURJDWLYH GLUHFWH VLPSOH VXQW LQWURGXVH SULQ SURQXPH LQWHURJDWLYHDGYHUEHLQWHURJDWLYHVDXSDUWLFXOHLQWHURJDWLYHQHQXP QRQQH RDUH"GDF "  E '8%/(8WUXPOHJLVDQVFULELV" 2DUHFLWHúWLVDXVFULL"  (OH VH PDL QXPHVF úL LQWHURJDWLYH GXEOH GLVMXQFWLYH SHQWUX F  H[SULP RGXEO vQWUHEDUHLQGLFDW FODUSULQFkWHRSDUWLFXO LQWHURJD WLY  SUH]HQW  vQ ILHFDUH GLQWUH FHOH GRX  VHJPHQWH GH LQWHURJD LH XWUXPQHDQ" RDUHVDX"  'HúLPRGDOUHDOLW LLvQDQXPLWHFRQWH[WH,1',&$7,98/SRDWH V  H[SULPH úL QXDQ H PRGDOH QRQUHDOH DSURSLLQGXVH GH YDORDUHD &21-81&7,98/8, &HD PDL IUHFYHQW  QXDQ  PRGDO  QHVSHFLILF  LQGLFDWLYXOXLHVWHFHDDLUHDOLW LL 'LVWLQJHPYDORUL LUHDOHDOH,1',&$7,98/8,vQXUP WRDUHOH VLWXD LL D WXUQXULHOLSWLFHXQSHUIHFWDOLQGLFDWLYXOXLvQVR LWGHDGYHUEXOSDHQH VDXSURSHSRVWFODVLF GHVHPQHD] RDF LXQHDIODW SHSXQFWXOGHDVH SHWUHFHVDXFDUHVDUILSHWUHFXWGDF QDUILIRVWvPSLHGLFDW  3DHQHGL[L (UDFkWSHFHV ]LF  (VWSURSHFLUFXPXHQWXV (UDFkWSHFHV ILHvQFRQMXUDW  3URSHFHFLGL (UDFkWSHFHV FDG  E YHUEHFXFDUDFWHUPRGDOLQGLFDWLYXOYHUEHORUFDUHH[SULP LGHHDGH SXWHUH GH QHFHVLWDWH GH REOLJD LH SRVVXP GHEHR RSRUWHW GHFHW QHFHVVHHVWEHQHHVWHWF GHVHPQHD] vQPRGFXUHQWRDF LXQHFDUHDU IL SRVLELO QHFHVDU VDX FRQYHQDELO V  VH UHDOL]H]H GDU FDUH QX VH UHDOL]HD]  3RVVXPSHUVHTXLSHUPXOWDREOHFWDPHQWDUHUXPUXVWLFDUXP $úSXWHDV HQXP UIRDUWHPXOWHDYDQWDMHDOHYLH LLGHOD DU   



F vQGLYHUVHH[SUHVLLVDXVLQWDJPHSUHFXPDHTXXPHVWSDUHVWHVWH GUHSW HVWH FLQVWLW  GLIILFLOH HVW HVWH JUHX  ORQJXP HVW HVWH OXQJ  PDJQXP HVW HVWH LPSRUWDQW  PHOLXV HVW HVWH PDL ELQH HVWH SUHIHUDELO  DLFL LQGLFDWLYXO SRDWH DU WD REOLJD LD VDX QHFHVLWDWHD DVHPHQHDJHUXQGLYXOXLSDUWLFLSLXOYLLWRUSDVLY  &XPVHLOOHIXJLHQVLQVFDODUXPWHQ EUDVDEGLGLVVHWPDJQXP IXLW0LORQLFRQILFHUHLOODPSHVWHP 'XS FHDFHODIXJLQGVDDVFXQVvQvQWXQHULFXOVF ULORUJUHX LDUILIRVWOXL0LORV WHUPLQHRGDW FXSDFRVWHDDLD  G LQGLFDWLYXOSHUIHFWVDXLPSHUIHFW DOYHUEHORUÄDJkQGL´ÄDFUHGH´ ÄD VRFRWL´ SXWDUH FUHG UH VSHUDUH RSLQDUL DUELWUDUL  FDS W  GH PXOWH RUL R YDORDUH PRGDO  vQ VSHFLDO vQ FDGUXO XQRU H[SULP UL IRUPXO UL QHJDWLYHGHWLSXOQRQSXWDXL QRQSXWDXLVVHP ÄQDúIL FUH]XW´QRQVSHUDEDPÄQXWU JHDPVSHUDQ QDúILVSHUDW ´ 4XLV / 3KLOLSSXP  D 0 +HUHQQLR VXSHUDUL SRVVH DUELWUDWXVHVW" &LQH VDU IL JkQGLW F  / 3KLOLSSXV SXWHD IL vQYLQV GH F WUH 0+HUHQQLXV"  ÌQDFHVWHIRUPXO ULLQGLFDWLYXOHVWHFHUXWGHIDSWXOF LGHHDVDX JkQGXO H[SULPDW DUH GLQ SHUVSHFWLYD FHOXL FDUH vO IRUPXOHD]  R UHDOLWDWHHIHFWLY   02'8/ &21-81&7,9 VD GH]YROWDW vQ SULPXO UkQG vQ SURSR]L LLOHGHSHQGHQWHFDPRGDOVXERUGRQ ULLGHXQGHúLQXPHOH V XODWLQHVFVXELXQFWLXXVXHOFRQLXQFWLXXVPRGXV PRGDOUHOD LHLúL VXERUGRQ ULL ÌQV  vQDLQWH GH D DYHD DFHVW URO HO D GH LQXW R YDORDUH PRGDO  SURSULH FHD SRWHQ LDO  VDXúL FHD LUHDO  FD PRG DO QRQ UHDOLW LL *UD LH DFHVWHL YDORUL JOREDOH FRQMXQFWLYXO VH SXWHD vQWUHEXLQ D VLQWDFWLF YRUELQG LQGHSHQGHQW GH RULFDUH DOW  IRUP  YHUEDO FDSDELO V RUJDQL]H]HSURSR]L LL $FHVWPRGUHXQHúWHYDORULOHFRQMXQFWLYXOXLSURSULX]LV±FDPRG DO SRVLELOLW LL RSXV LQGLFDWLYXOXL FD PRG DO UHDOLW LL ± úL DOH RSWD WLYXOXL S VWUDW FD PRG GLVWLQFW vQ JUHDFD YHFKH &RQMXQFWLYXOXL SURSULX]LV vL DSDU LQHDX XUP WRDUHOH YDORUL VHPDQWLFH YRLQ D HYHQ WXDOLWDWHD DúWHSWDUHD vQ YUHPH FH RSWDWLYXOXL vL UHYHQHD SUDFWLF YDORDUHDVHPDQWLF DGRULQ HL 

3ULQXUPDUHYDORULOHFRQMXQFWLYXOXL±PRGJUDPDWLFDOPL[WVXE UDSRUW VHPDQWLFRIXQF LRQDO ± SRDUW  XUP WRDUHOH GHQXPLUL FRQMXQF WLYXO YROLWLY FRQMXQFWLYXO GH SRVLELOLWDWH  SRWHQ LDOLWDWH úL LUHDOLWDWH FRQMXQFWLYXOGHVLGHUDWLYFRQMXQFWLYXOGHOLEHUDWLYúLDOSURWHVWXOXL $ &21-81&7,98/92/,7,9PDUFKHD] XQDFWGHYRLQ  DGUHVDWVXEIRUPDXQXLvQGHPQDXQXLRUGLQGHDFHHDVHPDLQXPHúWH úL&21-81&7,98/+257$7,9ODWKRUW ULÄDvQGHPQD´  (DPXV 6 PHUJHP  9LXDPXVPHD/HVELDDWTXHDPHPXV 6 WU LP/HVELDPHDúLV QHLXELP  9DORDUHD YROLWLY  DSDUH XWLOL]DW  PDL DOHV OD SHUVRDQD,SOXUDOD FRQMXQFWLYXOXL SUH]HQW VSUH D LQGLFD XQ vQGHPQ DGUHVDW SHUVRDQHL YRUELWRUXOXL GH F WUH YRUELWRUXO vQVXúL 6H PDL SRDWH H[SULPD úL SULQ PRGXOLPSHUDWLY &RQMXQFWLYXO YROLWLY HVWH vQV  XWLOL]DW úL SHQWUX D VH IRUPXOD R SRUXQF  QHJDWLY  RUGLQXO QHJDWLY FHHD FH VH FXQRDúWH VXE WHUPLQR ORJLDGH&21-81&7,9352+,%,7,9'(,17(5',& ,(  1HKRFIHFHULV 6 QXIDFLDFHVWOXFUX  REVHUYkQGXVH DLFL SUHIHULQ D SHQWUX XWLOL]DUHD FRQMXQFWLYXOXL SHUIHFW vQVR LWGHQHJD LDQHGHúLVHSRDWHXWLOL]DúLFRQMXQFWLYXOSUH]HQW 9HUEDQHIDFLDVVRURU 6 QXVFR LQLFLXQFXYkQWVRU   3HQWUX H[SULPDUHD LQWHUGLF LHL D SURKLEL LHL  OLPED ODWLQ  PDL XWLOL]HD] úLDOWHWLSXULGHVLQWDJPH   ,PSHUDWLYXO SUH]HQW DO YHUEXOXL FDX UH D VH IHUL  FDXH vQVR LW GH FRQMXQFWLYSUH]HQW &DXHIDFLDV )HUHúWHWHV IDFL 1XIDFH  &DXHQHJHV )HUHúWHWHV QHJL 1XQHJD  &DXHSXWHV )HUHúWHWHV FRQVLGHUL 1XFRQVLGHUD 





  2 IRUP  HOHJDQW  SHQWUX PDUFDUHD LQWHUGLF LHL HVWH FHD FDUH XWLOL]HD]  LPSHUDWLYXO QROL  QROOH D QX GRUL  vQVR LW GH LQILQLWLYXO YHUEXOXLFRQMXJDW 1ROLIDF UH 6 QXYUHLV IDFL 6 QXIDFL  1ROLPHWDQJ UH 6 QXP DWLQJL  3ULQWURGH]YROWDUHGHVHQVFRQMXQFWLYXOYROLWLYSRDWHH[SULPDúL FRQFHVLD &21-81&7,98/ &21&(6,9  GH UHJXO  vQ FXUVXO XQHL GH]YROW ULRUDWRULFHDWkWSULQWLPSXOSUH]HQWFkWúLSULQSHUIHFW 6LQWVDQHVXSHUELTXLGLGDGXRVDWWLQHW" 6  DGPLWHP F  DU IL LQVROHQ L  'HúL VXQW LQVROHQ L FH Y  SULYHúWHDFHVWOXFUXSHYRL"  % &21-81&7,98/'(326,%,/,7$7(ù,,5($/,7$7( ÌQDFHDVW FDWHJRULHLQWU H[SULPDUHDSRVLELOLW LLSURSULX]LVHD SRWHQ LDOLW LL VDX D HYHQWXDOLW LL SUHFXP úL D LUHDOLW LL SULQWUR GH]YROWDUHVHFXQGDU  ([SULPDUHD VLPSOHL SRVLELOLW L QX LPSOLF  LGHHD XQHL FRQGL LL DQXPH ILLQG FRQFXUDW  GH H[SULPDUHD FX YHUEXO PRGDO SRVVH ÄD SXWHD´TXLVGXELWHW" TXLVGXELWDUHSRWHVW"&LQHVDUvQGRL" &LQH DUSXWHDV VHvQGRLDVF "  ([SULPDUHD SRVLELOLW LL GHWHUPLQDW  VDX OHJDW  GH R FRQGL LH VH UHDOL]HD]  SULQ &21-81&7,98/ 327(1 ,$/ DWkW FX WLPSXO SUH ]HQW FkW úL FX WLPSXO SHUIHFW  ILLQG GH PXOWH RUL DVRFLDW LGHLL GH HYHQWXDOLWDWHFXFDUHVHúLSRDWHFRQIXQGD 6LDPLFXPKDEHDPJDXGHDP ÌQ FD]XO  vQ HYHQWXDOLWDWHD vQ FDUHDúSXWHDDYHDXQSULHWHQ PDúEXFXUD  ÌQFDGUXOFRQMXQFWLYXOXLSRWHQ LDOVHSRWGLVWLQJHGRX FRQRWD LL SDUWLFXODUH D 35(6832=, ,$5RJHVPH 6 SUHVXSXQHPF P URJL PDLUXJD  E $),50$ ,$$7(18$7 $OLTXLVGLFDW &LQHYDDUSXWHD]LFH 



6SHFLILF YDORULLSRWHQ LDOHDFRQMXQFWLYXOXLHVWHH[SULPDUHDSULQ WLPSXULOHSUH]HQWVDXSHUIHFW 5LVXPWHQHDWLVDPLFL" $ LSXWHDV Y  LQH LUkVXOSULHWHQL"  +RFVLQHXOODGXELWDWLRQHFRQILUPDXHULP 3RWV DILUPDFHVWOXFUXI U QLFLRvQGRLDO   &21-81&7,98/ ,5($/ LQGLF  VXSR]L LD FRQWUDU  UHDOLW LL SUH]HQWH VDX WUHFXWH ÌQ ODWLQ  DFHVW URO OHD UHYHQLW WLPSXULORU JUDPDWLFDOHLPSHUIHFWúLPDLPXOWFDSHUIHFW 'LFHUHP$úSXWHD]LFH H[SULP RLUHDOLWDWHvQSUH]HQW 'L[LVVHP$úILSXWXW]LFH DúIL]LV H[SULP RLUHDOLWDWHvQ WUHFXW 9DORDUHDLUHDO DPRGXOXLFRQMXQFWLYVDGH]YROWDWVHFXQGDUGLQ YDORULOHGHED] DOHDFHVWXLPRGSRVLELOLWDWH±SRWHQ LDOLWDWH  & &21-81&7,98/'(6,'(5$7,9237$7,9ODWRSWDUH ÄDGRUL´  $SUHOXDWvQODWLQ YDORULOHPRGXOXLLQGRHXURSHDQDORSWDWLYX OXL GLVS UXW vQ SURFHVXO WUHFHULL GH OD LQGRHXURSHDQD FRPXQ  OD OLPELOHLQGRHXURSHQHYHFKL 6HSRDWHvQWkOQLvQIRUPHL]RODWHVLQJXUQHvQVR LWGHYUHRSDUWL FXO  ,WDGLLIDFLDQW $úDV IDF V GHD]HLL  'LLWHDPHQW 6 WHLXEHDVF ]HLL  6DOXXVVLV 6 ILLV Q WRV  9DOHDV >6 @U PkLFXELQH  'H UHJXO  vQV  FRQMXQFWLYXO GHVLGHUDWLY DSDUH PDUFDW SULQWUR SDUWLFXO FHDPDLIUHFYHQW ILLQGXWLQDP 8WLQDPLOOXPGLHPXLGHDP 2GHDúYHGHD]LXDDFHHD  3HQWUXFRQMXQFWLYXOGHVLGHUDWLYSUH]HQWXOHVWHFHOPDLXWLOL]DWvQ YUHPH FH SHUIHFWXO VH vQWUHEXLQ HD]  SX LQ GHRDUHFH UDUHRUL DYHP RFD]LDV QHH[SULP PRGRULQ UHIHULWRDUHODDF LXQLvQFKHLDWHGHMD 



8WLQDPILOLXVPHXVXLFHULW 2GHDUILvQYLQVILXOPHX  5HJUHWXO GRULQ D QHUHDOL]DW  VDX QHUHDOL]DELO  F  XQ DQXPLW OXFUXQXDUHORFVDXQXDDYXWORFRULQXSRDWHDYHDORFVHH[SULP vQ ODWLQ SULQFRQMXQFWLYXOLPSHUIHFWVDXPDLPXOWFDSHUIHFW $VWIHOLPSHUIHFWXOVHDSOLF UHJUHWXOXLPDQLIHVWDWvQSUH]HQW 8WLQDP4XLULWHVXLXRUXPIRUWLXPDWTXHLQQRFHQWLXPFRSLDP WDQWDPKDEHUHWLVXW 2FHW HQLGHD LDYHDDWkWDPXO LPHGHE UED LGHVWRLQLFLúL I U SDW vQFkW  0DLPXOWFDSHUIHFWXO VH DSOLF  UHJUHWXOXL PDQLIHVWDW ID  GH HOHPHQWHHYHQLPHQWH GLQWUHFXW 8WLQDPLVWDPFDOOLGLWDWHPKRPLQLEXVGLQHGHGLVVHQW $UILIRVWGHGRULWHUDELQHFD]HLLV QXILGDWDFHDVW LVFX VLQ YLFOHDQ RDPHQLORU  '  &21-81&7,98/ '(/,%(5$7,9 '8%,7$7,9  ODW GXELWDUH ÄD VH vQGRL´  H[SULP  R vQGRLDO  R QHO PXULUH R LQFHUWLWX GLQH vQ OHJ WXU  FX R DQXPLW  SUREOHP  UHIHULWRDUH OD FDUH WUHEXLH OXDW RDQXPLW KRW UkUH 4XLGLJLWXUIDFLDP"1RQHDP" $WXQFLFHV IDF"6 QXP GXF"  8WUXPVXSHUELDPSULXVFRPPHPRUHPDQFUXGHOLWDWHP" 6 DPLQWHVFPDLvQWkLRDUHWUXILDVDXFUX]LPHD"  (ORTXDUDQVLOHDP" 6 YRUEHVFVDXV WDF"  'XS  FXP VH REVHUY  DFHDVW  YDORDUH D FRQMXQFWLYXOXL DSDUH H[FOXVLY vQ SURSR]L LL LQWHURJDWLYH GLUHFWH VDX XQHRUL LQGLUHFWH  7UDQVSXQHUHD vQ WUHFXW D FRQMXQFWLYXOXL GHOLEHUDWLY VH IDFH SULQ WLPSXULOHLPSHUIHFWUHVSHFWLYPDLPXOWFDSHUIHFW 4XLGIDFHUHP" &HHUDV IDF"  1RQLQHXPTXLDFFHSLVVHWSHFXQLDP!DQLPDGXHUWLVVHW" 6 QXVHILvQWRUVvPSRWULYDFHOXLFDUHSULPLVHEDQLL"  $PPHQ LRQDWWRWDLFLRDQXPLW QXDQ VHPDQWLF VXSOLPHQWDU  DFRQMXQFWLYXOXLFHDH[FODPDWLY FDUHFLUFXPVFULH&21-81&7,98/ 

(;&/$0$7,9$/3527(678/8, $FHVWDLQGLF RHYHQWXDOLWDWH UHVSLQV UHIX]DW QHJDW  7LELHJRUDWLRQHPUHGGDP" (XV  LGDX LHVRFRWHDO "  1RVQRQSRHWDUXPXRFHPRXHDPXU" 6 QXILPQRLLPSUHVLRQD LGHJODVXOSRH LORU"   02'8/ ,03(5$7,9 FXQRDúWH R DULH SX LQ H[WLQV  GH XWLOL]DUH vQWUXFkW HO PDUFKHD]  vQWUR PDQLHU  HVHQ LDO  RUGLQXO OD SHUVRDQDD,,DVLQJXODUVDXSOXUDO SULQWLPSXULOHSUH]HQWVDXYLLWRU $FHVWHLYDORULIXQGDPHQWDOHLXVLYHFXQXDQ HKRUWDWLYHLVHSRW DG XJD DOWHOH VHFXQGDUH GH QDWXU  PRGDO  FD úL vQ FD]XO FRQMXQFWL YXOXLYROLWLYFXFDUHGHDOWIHODOWHUQHD] úLFRQFXUHD] $VWIHOSRDWH H[SULPD ±SHUPLVLXQHD 8ELXROHVHDP DFFHUVH 7ULPLWHRRULXQGHYHLGRUL  ±UXJ PLQWHD 6HUXD,XSSLWHUVXSUHPHHWPHHWPHXPJQDWXP ,XSSLWHUVO YLWXOHVFDS P SHPLQHúLSHFRSLOXOPHXWHURJ V   ±GRULQ D %HQHDPEXODHWUHGDPEXOD 0HUJLúLWHvQWRDUFHFXELQH  ±SUHVXSXQHUHD ,UDFXQGXVQRQVHPSHULUDWXVHVWODFHVVHLDPXLGHELVIXUHQWHP $U JRVXOQXHVWHvQWRWGHDXQDPkQLRV]JkQG UHúWHOúLDWXQFL DLV OYH]LLHúLQGXúLGLQILUH  ,PSHUDWLYXOYLLWRULQGLF XQRUGLQFXH[HFXWDUHPDLvQGHS UWDW  QXLPHGLDW vQUDSRUWFXPRPHQWXOYRUELULL &UDVSHWLWRGDELWXU 0kLQHV FHUL LVHYDGD  9LLWRUXOPRGXOXLLPSHUDWLYFRQYLQHFHOPDLELQHSUHVFULS LLORUGH RUGLQJHQHUDOSURYHUEHORUPD[LPHORUGLFWRDQHORUWUDWDWHORUWHKQLFH WH[WHORUGHOHJL 3UH]HQWXO úL YLLWRUXO PRGXOXL LPSHUDWLY SRW V  H[SULPH úL LQWHU GLF LDYDORDUHDSURKLELWLY DDFHVWXLD SULQXWLOL]DUHDQHJD LHLQH 



1HIOH 1XSOkQJH  1HWLPH 1XWHWHPH  1HSXWDWR 6 QXúWLH   02'8/,1),1,7,9GHúLHVWHXQPRGQHSHUVRQDOVHSRDWH IRORVLFDSUHGLFDWvQSURSR]L LLOHSULQFLSDOHvQXUP WRDUHOHGRX VLWX LLDYkQGYDORDUHDGH $ ,1),1,7,9 '(6&5,37,9 1$5$7,9 VDX ,6725,&  XWLOL]DW vQ QDUD LXQLvQORFXOLQGLFDWLYXOXLLPSHUIHFWPDLDOHVFkQGVHH[SULP R vQúLUXLUHGHIDSWHVXFFHVLYHVSUHDVHGDVWLOXOXLPDLPXOW YDULD LHúL XQULWPDOHUWHYLWkQGXVHDVWIHOPRQRWRQLD 3UDHWHUHD TXRWLGLH FDVWUD PRX UH XDOOR HW IRVVD PXQ UH XLJLOLDVFUHEUDVSRQ UHHWHDVLSVHFXPOHJDWLVFLUFXPLUH ÌQ SOXV ]LOQLF vúL PXWD WDE UD R vQW UHD FX úDQ  úL SDUDSHW SXQHDVWU MLGHVHúLOHLQVSHFWDHOvQVXúLvQVR LWGHORFRWHQHQ L  %,1),1,7,9(;&/$0$7,9vQWUHEXLQ DWFXYDORDUHSUHGLFDWLY vQ SURSR]L LL H[FODPDWLYH VSUH D H[SULPD R DQXPLW  VWDUH DIHFWLY  SUHFXP PLUDUHD UHYROWD PLOD LQGLJQDUHD WULVWH HD 3RDWH DS UHD VLQJXU VDX vQVR LW GH XQ VXELHFW vQ FD]XO DFX]DWLY DFX]DWLY H[FODPDWLY I U FDDFHVWWLSGHSURSR]L LHH[FODPDWLY V GHSLQG GH RDOW SURSR]L LHILLQGGHFLRSURSR]L LHSULQFLSDO LQGHSHQGHQW  0HPLV UXP7HLVWDXLUWXWHILGHSURELWDWHLQWDQWDVDHUXPQDV SURSWHUPHLQFLGLVVH 1HQRURFLWXOGHPLQH7XFXYLUWXWHDEXQDFUHGLQ úLRQHVWL WDWHDWDV FD]LvQWUDWkWHDQHYRLGLQFDX]DPHD  7HPHD7HUHQWLDVLFXH[DULVLFLDF UHLQODFULPLV 7X7HUHQWLDPHDV WHFKLQXLHúWLDVWIHOV ILLDúDGHvQO FUL PDW    ,,,7,32/2*,$68%25'21$7(/25 $35232=, ,$5(/$7,9  *(1(5$/,7 , 8WLOL]DUHD XQXL SURQXPH UHODWLY SHQWUX D DWDúD R SURSR]L LH GHSHQGHQW  VXERUGRQDW  GH XQ VXEVWDQWLY VDX XQ SURQXPH GLQ SURSR]L LDSULQFLSDO FRQVWLWXLHXQWLSGHVXERUGRQDUHVLPSOXúLYHFKL 

,QWURGXV  SULQWUXQ HOHPHQW IRUPDO ELQH PDUFDW IRQHWLF SURSR]L LD UHODWLY  FKHPDW  V  VXSOLQHDVF  V U FLD vQ SDUWLFLSLL D ODWLQHL HVWH IRDUWH ELQH DWHVWDW  vQ WRDWH GRPHQLLOH PDL DOHV vQ YHFKLXO IRQG GH OLPE UHSUH]HQWDWGHWH[WHOHMXULGLFH 'DWILLQGF ODWLQDQXDS VWUDWSHQWUXSURQXPHOHUHODWLYYHFKLXO FRUHODWLY FX UDGLFDOXO WR FDUH VXE]LVW  GRDU vQ DGYHUEH úL DGMHFWLYH SUHFXP WDP WDQWXV WXP  vQ ORFXO DFHVWXL FRUHODWLY HVWH IRORVLW SURQXPHOHDQDIRULFLVVDXXQDOWGHPRQVWUDWLY 4XRVIHUURWUXFLGDULRSRUWHEDWHRVQRQGXPXRFHXXOQHUR Ä3HFHLFDUHDUILWUHEXLWV ILHRPRUk LHXQLFLP FDUFXYRFHD SHDFHúWLDQXvLU QHVF´ &KLDU FkQG FRUHODWLYXO WUHEXLD V  ILH OD XQ FD] GLIHULW GH FHO DO UHODWLYXOXLHOHVWHXQHRULRPLV ;HU[HV >@ SUDHPLXP SURSRVXLW TXL   HL TXL  LQXHQLVVHW QRXDPXROXSWDWHP Ä;HU[HVDSURSXVXQSUHPLX>SHQWUXFHO@FDUHDUILGHVFRSHULWR QRX SO FHUH´ $EVHQ D FRUHODWLYXOXL VXEOLQLD]  LQGHWHUPLQDUHD UDSRUWXULORU GLQWUHUHJHQW úLVXERUGRQDW  ÌQWUDGHY U vQ FLXGD JUDPDWLFDOL] ULL UDSRUWXULORU GLQWUH DFHVWH GRX  SURSR]L LL FHD UHODWLY  VD EXFXUDW vQWRWGHDXQD vQ ODWLQ  GH R DQXPLW  DXWRQRPLH 'H SLOG  vQ FD]XO vQ FDUH UHODWLYD VHUYHD GUHSW SDUDQWH] vQLQWHULRUXOIUD]HL 6LQDXRELVLGTXRGQRQVSHURGHVHUDU Ä'HQXFXPYD±FHHDFHQXVSHU±DPV ILXS U VLWGHYRL´ &kQGGRX SURSR]L LLUHODWLYHVHVXFFHG SURQXPHOHUHODWLYHVWH UHSHWDWFXVDXI U FRQMXQF LHFRSXODWLY  /HJHVODWURQXPHVVHGLFXQWXUTXLEXVSDUHDQWTXDVREVHUXHQW Ä6H VSXQH F  H[LVW  OHJL DOH WkOKDULORU F URUD OL VH VXSXQ SH FDUHOHUHVSHFW ´ 2PQLDTXDHXLUWXVOHJHWTXDHTXHUHLFLHW Ä7RWFHHDFHYLUWXWHDYDDOHJHúLFHHDFHYDUHVSLQJH´ $WUDF LDUHODWLYXOXL 3URQXPHOH UHODWLY VH DIO  VLWXDW vQWUH DQWHFHGHQWXO FX FDUH VH DFRUG vQJHQúLvQQXP UúLSURSR]L LDSHFDUHRLQWURGXFHSURSR]L LH FDUHvLLPSXQHFD]XOQHFHVDU 



([LVW DúDGDUvQSULQFLSLXRFRUHOD LHVWULFW vQWUHDQWHFHGHQWúL SURQXPHOHUHODWLY&XWRDWHDFHVWHDVHPDQLIHVW DQXPLWHOLEHUW LGH DFRUG IDFLOLWDWH GH GXEOD DSDUWHQHQ  D UHODWLYXOXL OLEHUW L FDUH VH PDQLIHVW SULQGLYHUVHFD]XULGHDWUDF LH 6HSRWGLVWLQJHGRX VLWXD LLLPSRUWDQWHGHDWUDF LHDUHODWLYXOXL  DWUDF LDSURQXPHOXLUHODWLYvQJHQGXS XQVXEVWDQWLYGLQSURSR]L LD UHODWLY  $OHVLDPTXRGHVWRSSLGXP0DQGXELRUXPLWHUIDFHUHFRHSLW Ä$ vQFHSXW V  VH vQGUHSWH VSUH $OHVLD FDUH HVWH R FHWDWH D PDQGXELLORU´TXRGSURTXDH  $WUDF LD DUH ORF FKLDU GDF  DQWHFHGHQWXO HVWH XQ QXPH GH SHUVRDQ   3RPSHLR SDWUH TXRG LPSHULL SRSXOL 5RPDQL OXPHQ IXLW H[VWLQFWR>@ Ä3RPSHLXV WDW O FDUH D IRVW OXPLQD LPSHULXOXL SRSRUXOXL URPDQRGDW PRUW>@´ $FHDVW  DWUDF LH VH DSOLF  GH SUHIHULQ  DWXQFL FkQG SURSR]L LD UHODWLY  DUH YDORDUHD XQHL SDUDQWH]H H[SOLFDWLYH VODE OHJDWH GH SULQFLSDO   DWUDF LDDQWHFHGHQWXOXLODFD]XOSURQXPHOXLUHODWLY $WXQFL FkQG VH SURGXFH DFHDVW  DWUDF LH DQWHFHGHQWXO DSDUH GH RELFHLLQFOXVvQSURSR]L LDUHODWLY úLDGHVHRULUHOXDWvQSULQFLSDO SULQ DQDIRULFXOLVVDXSULQWUXQDOWGHPRQVWUDWLY 4XDPTXLVTXHQRULWDUWHPLQKDFVHH[HUFHDW ÄÌQ DFHDVW  úWLLQ   PHúWHúXJ V  VH H[HUFLWH]H >ILHFDUH@ SH FDUHILHFDUHRFXQRDúWH´ ÌQFRQFOX]LHSURQXPHOHUHODWLYODWLQSULQIRUPDVDELQHPDUFDW  vúL SUH]HUYD PXOW PDL ELQH GHFkW UHODWLYXO JUHF DXWRQRPLD VLQWDFWLF  ID GHDQWHFHGHQWXOGLQSULQFLSDO  87,/,=$5($02'85,/25 'HRDUHFHSURSR]L LDUHODWLY VDDIODWGHODRULJLQLvQWUXQUDSRUW GHGHSHQGHQ VODE ID GHSULQFLSDO PRGXOXWLOL]DWHUDODIHOGHOLEHU FDvQWURSURSR]L LHLQGHSHQGHQW  

$VWIHO VH vQWkOQHVF UHODWLYH FX LPSHUDWLYXO VDX FX FRQMXQFWLYXO LXVLYWXUQ~ULJUHXGHLPDJLQDWvQOLPELOHURPDQLFH 4XLGHQLPXLGHUXQW"+RFTXRGQXQFTXDHVRSHUVSLFLWHDWTXH FRJQRVFLWH Ä& FLFHDXY ]XW"$VWDFHHDFHY URJSULYL LDFXPúLDIOD L´ $ 5HODWLYDFXLQGLFDWLYXO (VWHFXQRVFXW vQGHREúWHVXEGHQXPLUHDWUDGL LRQDO GHUHODWLY  GHWHUPLQDWLY  VDX DWULEXWLY  (VWH YRUED GH FRQVWUXF LD RELúQXLW  D SURSR]L LHLUHODWLYHDWXQFLFkQGHVWHLQWURGXV GHXQSURQXPHUHODWLY QHGHWHUPLQDW TXLFXPTXH TXLVTXLV TXRWTXRW XELFXPTXH XWFXPTXH ÄRULFLQHRULFDUHRULFHRULGHFkWHRULRULGHXQGHRULFkQG´HWF ([HPSOH 7LELKHUFOHGHRVLUDWRVHVVHRSRUWHWTXLVTXLVHV Ä3HWLQHWUHEXLHDUWUHEXLV ILH]HLLPkQLD LRULFLQHDLIL´ 8ELFXPTXHHVLQH GHPQDXLHV Ä2ULXQGHDLILHúWLvQDFHHDúLFRUDELH>FDúLQRL@´ ÌQDFHVWHVLWXD LLUHDOLWDWHDIDSWXOXLQXLQWU vQGLVFX LH1HGHWHU PLQDUHDSULYHúWHQXPDLQDWXUDVXELHFWXOXLVDXDRELHFWXOXL/DWLQDVH OLPLWHD] ODDRHYLGHQ LDvQIRUPDUHODWLYXOXLSULQUHGXEODUHVDXSULQ SDUWLFXOD JHQHUDOL]DWRDUH TXH &RQMXQFWLYXO SRDWH DS UHD H[FOXVLY vQ VWLOXOLQGLUHFW % 5HODWLYDFXFRQMXQFWLYXO 3URSR]L LD UHODWLY  SRDWH H[SULPD DGHVHRUL XQ UDSRUW ORJLF úL DQXPH GH R QDWXU  FLUFXPVWDQ LDO  VDX DOWD XQ UDSRUW ILQDO XQXO FRQGL LRQDOXQXOFDX]DOVDXXQXOGHFRQFHVLHRULFRQVHFXWLY&RQMXQF WLYXODUHPHQLUHDWRFPDLGHDVXEOLQLDXQDVWIHOGHUDSRUWGHDOSXQH vQ HYLGHQ  1XPDL F  QX vQ RULFH UDSRUW FLUFXPVWDQ LDO FRQMXQFWLYXO DUHDFHHDúLYDORDUH D   ÌQ UHODWLYHOH ILQDOH FRQMXQFWLYXO HVWH XWLOL]DW JUD LH YDORULL VDOH VSHFLILFH YROLWLYH ÌQ FRQVHFLQ  LQGLFDWLYXO QX YD DOWHUQD DLFL QLFLR GDW FXFRQMXQFWLYXO )HQXPFRQGLWRTXRGHGLQWERXHV Ä3XQH LODS VWUDUHIkQXOSHFDUHV OP QkQFH FDV OGD L GHPkQFDUH ERLL´ 0DJRORFXPPRQVWUDELWTXHPLQVLGHDWLV Ä0DJRY YDDU WDORFXOSHFDUHV ORFXSD L´ 



5HODWLYHOHFRQGL LRQDOHSUH]LQW UHSDUWL LDWLPSXULORUúLPRGX ULORU VSHFLILF  SURSR]L LHL FRQGL LRQDOH DVWIHO VH vQWkOQHúWH FRQMXQF WLYXO SUH]HQW SHQWUX SRWHQ LDO úL FRQMXQFWLYXO LPSHUIHFW SHQWUX LUHDOXO vQSUH]HQW ([HPSOH +DHFTXLXLGHDWQRQQHFRJDWXUFRQILWHULGHRVHVVH" VL TXLVXLGHDW  Ä&HO FDUH DU YHGHD DFHVWHD RDUH QDU SXWHD IL FRQVWUkQV V  UHFXQRDVF IDSWXOF H[LVW ]HL"´ 1HPRSRVVHWTXLKDEHUHWTX SDUDUHWDOLXPVHUXXPKXQF SHUSHWL Ä1LPHQLQXDUSXWHDV OvQGXUHSH VWDQLPHQL FDUHDU DYHDFXFHV úLFXPSHUHXQDOWVFODY´ 4XLXLGHUHWXUEHPFDSWDPGLFHUHW Ä&LQHDUYHGHDDU]LFHF RUDúXODIRVWFXFHULW´ E  ÌQ SURSR]L LLOH UHODWLYH FLUFXPVWDQ LDOH FDX]DOH FRQFHVLYH úL FRQVHFXWLYH FDUH H[SULP  FHO PDL DGHVHD IDSWXO UHODWDW FD DWDUH FRQMXQFWLYXOQXPDLDUHGHFkWLQFLGHQWDOYDORDUHDVDSURSULHÌQIRQG HVWH YRUED vQ WRDWH DFHVWH VLWXD LL GH XQ FRQMXQFWLY GH VXERUGRQDUH VHUYLQGFDVLPSOXVXEVWLWXWDOLQGLFDWLYXOXLúLXWLOL]DWFDDWDUHGHVWXOGH UHFHQW  &DX]DOH ([HPSOH $PDQWWHRPQHVPXOLHUHVQHTXHLQLXULDTXLVLVWDPSXOFKHU Ä7HLXEHVFWRDWHIHPHLOHúLSHGUHSWFXYkQWFDXQXOFDUHHúWL DúDGHIUXPRV´ 6HQVXOFDX]DODSDUHSUHFL]DWSULQSDUWLFXOHVDXDGYHUEHDO WXUDWH SURQXPHOXL UHODWLY TXLSSH TXL ÄGHVLJXU XQXO FD HO FDUH´ ÄFD XQXO FDUH´ XW TXL ÄFD >XQ RP@ FDUH´ XWSRWH TXL ÄSUHFXP XQXO FDUH´ 'HH[HPSOX TXLSSHTXLIUDWHUVLHW ÄFDXQXOFH LHIUDWH´ ÌQ UHODWLYHOH FDX]DOH LQGLFDWLYXO VH vQWkOQHúWH vQF  IUHFYHQW vQ ODWLQDDUKDLF LDUFDRUHPLQLVFHQ DUKDLF OD6DOOXVWLXV7LWXV/LYLXV úLFKLDU&LFHURGXS ORFX LXQHDTXLSSHTXLTXDH 

+DEHRVHQHFWXWLPDJQDPJUDWLDPTXLSSHTXDHPLKLVHUPRQLV DXLGLWDWHPDX[LWSRWLRQLVHWFLELVXVWXOLW Ä$P R PDUH UHFXQRúWLQ  ID  GH E WUkQH H FD XQD FDUH PLD VSRULWGRULQ DGHGLDORJúLPLDOXDWRSHFHDGHPkQFDUHúLE XWXU ´ OD&LFHUR   &RQFHVLYHVDXDGYHUVDWLYH ùL DLFL LQGLFDWLYXO VH vQWkOQHúWH vQ ODWLQD DUKDLF  úL VXSUDYLH XLHúWHvQHSRFDFODVLF  ([HPSOH $XGHVPLKLSUDHGLFDUHLGGRPLWHHVVHQXQFTXLKLFDGHV" ÄÌQGU ]QHúWLV PLVSXLvQID DVWDF DFXPWXHúWLDFDV WX FDUHHúWLDLFL"´ FXWRDWHF VHYHGHELQHF HúWLDLFL  (JRPHWTXLVHURDFOHXLWHU*UDHFDVOLWWHUDVDWWLJLVVHPWDPHQ FRPSOXUHVLELGLHVVXPFRPPRUDWXV Ä(XFDUHFXWRDWHF WkU]LXúLvQWUXQPRGVXSHUILFLDOPDP DSURSLDW GH FXOWXUD JUHDF  WRWXúL DP ] ERYLW DFROR   OD $WHQD  PDL PXOWH]LOH´  &RQVHFXWLYH &RQMXQFWLYXOVDGH]YROWDWDLFLSRUQLQGGHODYDORDUHDVDRULJLQD U  SRWHQ LDO  XOWHULRU ILLQG DSOLFDW SULQ H[WHQVLH OD VLPSOXO HQXQ  DO XQHLXQRUIDSWH 'RPXVHVW>VFLOWDOLV@TXDHQXOOLPHDUXPXLOODUXPFHGDW Ä(VWH R FDV  FDUH QDUSXWHDILPDLSUHMRVGHQLFLXQDGLQWUH SURSULHW LOHPHOH´ DVWIHOvQFkW  1XQFGLFLVDOLTXLGTXRGDGUHPSHUWLQHDW Ä$FXP>DELD@]LFLFHYDFDUHSULYHúWHSUREOHPD>QRDVWU @´ 5HOD LD GH FRQVHFX LH VH SUHFL]HD]  GH FHOH PDL PXOWH RUL SULQ XWLOL]DUHDDFHORUDúLFRUHODWLYHFDúLvQFD]XOOXLXWFRQVHFXWLY QHFTXLVTXDPVWWDPRSXOHQWXVTXLPLREVLVWDWLQXLD ÄùLQXHQLPHQLDWkWGHSXWHUQLFFDUHV PLVWHDvQFDOH´ 6LTXLVHVWWDOLVTXLPHDFFXVHW DFX]H´



Ä'DF  FLQHYD HVWH DWkW DVWIHO  >GH FDSDELO@ FDUH >@ V  P 



6H IRORVHúWH GH UHJXO  DQDIRULFXO LV  TXL  ,1',&$7,98/ SHQWUXDPDUFDRFRQVWDWDUHGHIDSWÄRPXOFDUH´ÄFHOFDUH´úLLV TXL &21-81&7,98/ LVXW SHQWUXDPDUFDRFRQVHFLQ SHQWUX LQGLFDWLYLDW XUP WRUXOH[HPSOX 6LQHPHWXLVKDEHQGXVHVWTXLRPQLQRPHWXXDFDW Ä) U WHDP WUHEXLHVRFRWLWDFHOD RPXO FDUHHOLSVLWGH RULFHWHDP ´ SHQWUXFRQMXQFWLY 1HTXHWXLVHVTXLTXLGVLVQHVFLDV ÄùLQXHúWLWXRPXOFDUHV QXúWLL vQFkWV QXúWLL FHHDFHHúWL´ 5HODWLYHFXVHQVQHGHWHUPLQDWVDXHYHQWXDO $QXPLWHFRQVWUXF LLDSDU LQkQGvQPRGFXUHQWUHODWLYHORUFRQVHFX WLYH UHSUH]LQW  IRUPH VO ELWH GH FRQMXQFWLY GH HYHQWXDOLWDWH VDX GH QHGHWHUPLQDUH úL QXWUHEXLHDOWIHOFRQVLGHUDWHGHFkWSULQúLvQHOHvQVHOH (VWH YRUED GH DQXPLWH IRUPH GH H[SUHVLH FDUH LQGLF  vQWUR PDQLHU FX WRWXOJHQHUDO F H[LVW VDXQXH[LVW RSHUVRDQ VDXXQRELHFWODFDUHV  VH SRDW  UDSRUWD DILUPD LD HQXQ DW  GH SURSR]L LD UHODWLY  $FHVWH FRQVWUXF LLVXQWIRUPDWHGLQWUXQYHUEGHFRQVWDWDUHXUPDWGHSURQXPHOH UHODWLYHVWVXQWGHVXQWTXLÄHVWHVXQWOLSVHVF>XQXOXQLL@FDUHV ´ UHSHULXQWXUH[WLWHUXQWTXLÄVHvQWkOQHVFDXH[LVWDW>RDPHQL@FDUHV ´ QHPRHVWTXLÄQXH[LVW QLPHQLFDUHV ´TXLVHVWTXLÄFLQHHVWHFHOFDUH´ KDEHRTXRGÄDPGHFH´QLKLOKDEHRTXRGÄQXDPGHFH´QLKLOHVWTXRG ÄQXH[LVW PRWLYV ´HVWTXRGKDEHRTXRGÄHVWHPRWLYGH´ÄDPGHFH´ ([HPSOH (VWTXRGJDXGHDV Ä$LGHFHV WHEXFXUL´ 1LKLOKDEHRTXRGDFFXVHPVHQHFWXWHP Ä1DP QLFLXQ PRWLY QLPLF  SHQWUX FDUH GH FH  V  DFX] E WUkQH HD´ ÌQ IUD]HOH QHJDWLYH QXOOXV HVW TXL QHPR HVW TXL XUPDWH GH QHJD LD QRQ SRW V  SLDUG  SURQXPHOH UHODWLY vQORFXLW XQHRUL GH FRQMXQF LDTXLQ 1XOOXVWTXLQVFLDW TXLQRQ  Ä1XLQLPHQLFDUHV QXúWLH´ 1HPRIXLWRPQLQRPLOLWXPTXLQ TXLQRQ XXOQHUDUHWXU Ä1DH[LVWDWDEVROXWQLFLXQVROGDWFDUHV QXILIRVWU QLW´ 

8QDOWH[HPSOXGHFRQMXQFWLYGHQHGHWHUPLQDUHHVWHFRQ LQXWvQ IUD]DPLQLPDO VXQWTXLGLFDQWÄVXQWXQLLFDUHVSXQ´QHGHWHUPLQDUHD FRQVWkQGvQIDSWXOF QXHVWHSUHFL]DW QDWXUDVDXFDWHJRULDFHORUFDUH DILUP XQDQXPHOXFUX$WXQFLFkQGDILUPD LDHVWHSUHFLV vQVHQVXOF  DSDUSHUVRDQHVDXOXFUXULGHWHUPLQDWHFRQMXQFWLYXOODV ORFXOLQGLFD WLYXOXL 6XQWTXRVVFLRHVVHDPLFRV Ä([LVW >RDPHQL@FDUHúWLXF >vPL@VXQWSULHWHQL´ 6XQWDOLLTXRVGHOHFWDW Ä6XQWDO LLSHFDUHvLGHVIDW ´ 6XQWTXLGDPTXLIDFLXQW Ä6XQWFk LYDFDUH>HIHFWLY@IDF´ $OWHFRQVWUXF LLSDUWLFXODUH DRUHODWLYHUHVWULFWLYH ÌQ IRUPXOHOH GH WLSXO TXRG VFLDP ÄSH FkW úWLX´ OLWHUDO ÄvQ P VXUD vQ FDUH SRW úWL´  TXRG PHPLQHULP ÄSH FkW vPL DPLQWHVF´ FRQMXQFWLYXO LQGLF  SURSULX]LV SRVLELOLWDWHD GDU OLPLWDW  UHVWUkQV  $FHVW VHQV UHVWULFWLY HVWH vQW ULW vQ DWDUL IRUPXOH GH DGYHUEH FD PRGR VDXTXLGHP $QWLTXLVVLPL IHUH VXQW TXRUXP TXLGHP VFULSWD FRQVWHQW 3HULFOHVDWTXH$OFLELDGHV Ä&HL PDL YHFKL ± FHO SX LQ DOH F URU OXFU UL VFULVH H[LVW  VH S VWUHD] ±VXQW3HULFOHVúL$OFLELDGHV´ 7RWXúLLQGLFDWLYXOFRH[LVWD &HWHUL *UDHFL /DWLQLTXH DXFWRUHV TXRUXP TXLGHP HJR OHJL DQQDOHV Ä&HLODO L DXWRUL JUHFL úL ODWLQL FHO SX LQ >DFHLD@ DOH F URU OXFU ULUHODW ULDQFXDQHXOHDPFLWLW´ ,QGLFDWLYXO±I U V PDLDOWHUQH]HFXFRQMXQFWLYXO±VDS VWUDW vQFRQVWUXF LLLQFLGHQWDOHGHWLSXO TXDQWXPTXRGLQPHHVW ÄvQP VXUDDWkWFkWvPLVW vQSXWHULSRW´ TXRGSRWHVTXRGSRWHULV ÄvQP VXUDvQFDUHSR LDLSXWHD´ ,VWDPTXRGSRWHVIDFFRQVROHUH Ä3H>IHPHLD@DVWDSHFkWSR LI vQDúDIHOvQFkWVRFRQVROH]L´ 



ERUHODWLYHPRGDOHGHSRVLELOLWDWHVDXGHREOLJD LH  ÌQWXUQ~ULGHWLSXOGLJQXVTXL&21-81&7,98/ ÄGHPQV ´ DSWXV TXL &21-81&7,98/  ÄFDSDELO V ´ LGRQHXV TXL  &21 -81&7,98/ ÄSRWULYLWV ´HWFXQGHUHODWLYXOVHSXQHODFD]XOUHFOD PDW GH YHUEXO SURSR]L LHL UHODWLYH FRQMXQFWLYXO HVWH FHUXW GH LGHHD PRGDO ODWHQW LDULQGLFDWLYXOHVWHFRPSOHWH[FOXVVSUHGHRVHELUHGH FD]XOSUHFHGHQW LGRQHXVTXLLPSHWUHW ÄSRWULYLWFDSDELOV RE LQ ´ 'LJQXVHVWTXHPDPHVFXLFRQI GDV Ä(VWH>RSHUVRDQ @GHPQ V RSR LLXEL SHFDUHRSR LLXEL SH FDUH WUHEXLH V  R LXEHúWL ´ ÄGHPQ  V L SR L vQFUHGLQ D   V L vQFUHGLQ H]LvQFDUHSR LV WHvQFUH]L ´ 352180(/(5(/$7,9Ì1&$3'()5$=  'HPXOWHRULvQWkOQLPSURQXPHOHUHODWLYODvQFHSXWXOXQHLIUD]H GHFL GXS  SXQFW ([FHSWkQG VLWXD LD vQ FDUH SURSR]L LD UHODWLY  HVWH HFKLYDOHQWD XQHL SURSR]L LL VXELHFWLYH GLQ OLPED URPkQ  WLSXO 4XL SHFFDXLWSXQLWXUÄ&HOFDUHDJUHúLWHVWHSHGHSVLW´ vQUHVWXOFD]XULORU SURQXPHOH UHODWLY QX PDL IXQF LRQHD]  FD XQ HOHPHQW SULQ FDUH VH VWDELOHúWH XQ UDSRUW GH VXERUGRQDUH FL DUH YDORDUHD XQXL SURQXPH GHPRQVWUDWLY $EODWLYDEVROXW  4XLEXVUHEXVLPSHWUDWLVDELLW Ä'XS FHDXIRVWRE LQXWHDFHVWHOXFUXULDSOHFDW´  4XL0LORQLDXVXVHVWIDOVDGLFHUH Ä$FHVWDDvQGU ]QLWV VSXQ OXFUXULIDOVHOXL0LOR´ 

/LPELOH URPDQLFH DX FRQVHUYDW UHODWLY ELQH SURQXPHOH TXL úL SULQ DFHDVWDSURSR]L LDUHODWLY vQDQVDPEOXOHL





%35232=, ,,/(&203/(7,9( *(1(5$/,7

,&203/(7,9$Ì1/,0%$/$7,1 

6SUHGHRVHELUHGHOLPEDURPkQ vQFDUHSURSR]L LLOHFRPSOHWLYH VHH[SULP SULQFRQMXQF LLOHF ,1',&$7,98/ÄúWLXF YLQH´ VDX V   &21-81&7,98/ ÄYUHDX V  YLQ ´  vQ OLPED ODWLQ  DFHDVW  VXERUGRQDW  VH vQWkOQHúWH QXPDL GXS  DQXPLWH FDWHJRULL GH YHUEH UHJHQWHúLDUHRVWUXFWXU DSDUWH 3ULQ XUPDUH VH SRDWH GHILQL FRPSOHWLYD FD DFHD SURSR]L LH VXERUGRQDW FDUHvQGHSOLQHúWHRIXQF LHGHvQWUHJLUHGHÄFRPSOHWDUH´ QHFHVDU DvQ HOHVXOXLSURSR]L LHLSULQFLSDOHUHJHQWHÌQODWLQ FRPSOH WLYDvQGHSOLQHúWHGLQSXQFWGHYHGHUHVLQWDFWLFGRX UROXUL D GHFRPSOHPHQWGLUHFWGHRELHFW SHOkQJ XQYHUEGLQ E GHVXELHFWSURSR]L LDUHJHQW  /DWLQDFXQRDúWHWLSXULGHFRPSOHWLYH

LQILQLWLYDO  FRPSOHWLYDFXTXRGúLLQGLFDWLYXO FRQMXQFWLYDO  LQWHURJDWLYDLQGLUHFW 

,1),1,7,9$/$ 6HFDUDFWHUL]HD] SULQXUP WRDUHDVWUXFWXU VSHFLILF  ±QXDUHHOHPHQWLQWURGXFWLYFRQMXQF LH]HUR  ±VXELHFWXODWULEXWHOHOXLúLFkQGH[LVW QXPHOHSUHGLFDWLYVWDX vQ FD]XO $&8=$7,9 QXPDL vQ DQXPLWH VLWXD LL DSDUH 120,1$ 7,98/FILQIUD  ±SUHGLFDWXOHVWHH[SULPDWSULQWUXQYHUEDIODWH[FOXVLYODPRGXO ,1),1,7,9 3RUQLQG GH OD HOHPHQWHOH FDUDFWHULVWLFH VXE UDSRUW PRUIRVLQWDF WLFDOH DFHVWHL VWUXFWXUL IUD]HRORJLFH FRPSOHWLYD LQILQLWLYDO  D IRVW GHQXPLW  vQ PRG WUDGL LRQDO úL $&8=$7,9 FX ,1),1,79 VDX 120,1$7,9FX,1),1,7,9 &DWHJRULLOHGHYHUEHFDUHLPSXQFRPSOHWLYDLQILQLWLYDO ±FXURO GHFRPSOHPHQW GLUHFWLDUvQDGRXDVLWXD LHGHVXELHFWDOSURSR ]L LHLUHJHQWH±VXQWXUP WRDUHOH $ 9HUEHOH GH H[SULPDUH XHUED GLFHQGL XHO GHFODUDQGL XHO DIILUPDQGLVLJOD9'  GLF UHÄD]LFH´ÄDVSXQH´ DIILUPDUHÄDVXV LQH´ QHJDUHÄDVSXQHF QX´ RVWHQG UH 

UHVSRQG UH VFULE UH IDW UL SURPLWW UH

GHFODUDUH GH PRQVWUDUH QDUUDUH SROOLF UL

WUDG UH QXQWLDUH GRF UH PLUDULHWF 

9'63 ([HPSOX&DHVDUWUDGLW*DOORVIRUWLVVLPHSXJQDUH Ä&DHVDUUHODWHD] F JDOLLOXSW IRDUWHGkU]´ XQGH9' XHUEXPGLFHQGL  $&,1) 6 VXELHFW 3 SUHGLFDW %9HUEHOHGHVLP LUHúLGHJkQGLUHXHUEDVHQWLHQGLVLJOD96  VHQWLUHÄDVLP L´ÄDúLGDVHDPD´ DFFLS UH FRJLWDUH FHQV UH VSHUDUH DQLPDGXHUW UHÄDREVHUYD´ FRJQRVF UH DUELWUDUL RSLQDULVFLUH DXGLUHXLG UHÄDDX]L´HWF LQWHOOHJ UH LXGLFDUH SXWDUH QHVFLUH VXVSLFDULUHFRUGDUL LJQRUDUHPHPLQLVVH REOLXLVFL FUHG UH

96631631 ([HPSOX6FLPXVXLWDPEUHXHPHVVHDUWHPORQJDP ÄùWLPF YLD DHVWHVFXUW >LDU@úWLLQ DOXQJ  XQGH96 XHUEXPVHQWLHQGL 6 VXELHFW 31 SUHGLFDWQRPLQDO  $&,1) &9HUEHOHGHVHQWLPHQWXHUEDDIIHFWXXPVLJOD9$  JDXGHUHÄDVHEXFXUD´ JORULDULÄDVHI OL´ DGPLUDULÄLG´ ODHWDULÄLG´ PLUDULÄDVHPLUD´ TX ULÄDVHSOkQJH´   GRO UHÄDUHJUHWD´

9$63 ([HPSOX&DQLVJDXGHWGRPLQXPVXXPXHQLVVH Ä&kLQHOHVHEXFXU F LDYHQLWVW SkQXO´ XQGH9$ XHUEXPDIIHFWXXP  $&,1) '9HUEHOHGHYRLQ XHUEDXROXQWDWLVVLJOD99  XHOOH QROOH PDOOH

 

FXS UH RSWDUH GHVLGHUDUH

VWXG UH SHW UH SRVWXODUH

VLQ UH LXE UH SDWL

XHWDUH LPSHUDUH SURKLE UH

SODF UH  

9963 ([HPSOX'X[LXVVLWOHJLRQHVSURFHGHUH Ä&RPDQGDQWXODSRUXQFLWFDOHJLXQLOHV vQDLQWH]H´ XQGH99 XHUEXPXROXQWDWLV  $&,1) (&XUROGHVXELHFWFRPSOHWLYDVHXWLOL]HD] GXS  D YHUEHXQLSHUVRQDOHGHFODUDWLYHFXVHQVLPSHUVRQDOVLJOD98 

RSRUWHWÄWUHEXLH´ÄHVWHELQH´ GHFHWÄVHFXYLQH´ FRQVWDWÄVHúWLH´ OLFHWÄHVWHvQJ GXLW´ H[SHGLWÄVHLPSXQH´ DSSDUHWÄVHYHGHFODU´ SURGHVWÄHVWHELQHIRORVLWRU´ LQWHUHVWÄHVWHvQLQWHUHVXO´ SODFHWÄQXSODFH´ FRQXHQLWÄVHúWLH´ UHIHUWÄVHVSXQH´ GLVSOLFHW

9863 ([HPSOX2SRUWHW SRHWDVHJUHJLRVLQDHWHUQXPODXGDUL Ä(ELQHFDSRH LLHPLQHQ LV ILHYHúQLFO XGD L´ XQGH98 YHUEXQLúLLPSHUVRQDO E ORFX LXQLH[SUHVLL GHFODUDWLYHLPSHUVRQDOH IDFLOHGLIILFLOH HVW QH IDV HVW VFHOXVIDFLQXV HVW ERQXP DHTXXP WXUSHSXOFKUXPHVW HWF 2EVHUYD L H 'DF  VXELHFWXO ± HFKLYDOHQW DO SHUVRDQHL D ,,,D ± DO FHORU GRX  SURSR]L LLUHJHQWDúLLQILQLWLYDODHVWHDFHODúLHOVHYDH[SULPDvQVXERUGRQDW  SULQSURQXPHOHUHIOH[LYVHLQGLIHUHQWGHJHQXOúLGHQXP UXOV X 9'63 3DWHUQXQWLDWVH XHQLUHÄ7DW ODQXQ F HO YLQH´  9'63 0DWHUQXQWLDWVH XHQLUHÄ0DPDDQXQ F HD YLQH´ 9'63 3DUHQWHVQXQWLDQWVH XHQLUHÄ3 ULQ LLDQXQ F HLYLQ´ XQGH $&,1)

120,1$7,98/&8,1),1,7,9 'DF  YHUEXO GLQ UHJHQW  HVWH OD GLDWH]D SDVLY  úL IRORVLW FX YDORDUHLPSHUVRQDO GHWLSXOÄVHVSXQH´ÄVHUHODWHD] ´ÄVHFUHGH´ ÄVH VRFRWHúWH´ ÄVH VXV LQH´ HWF  DSDUH GH RELFHL R DOW  YDULDQW  D FRPSOHWLYHLLQILQLWLYDOHúLDQXPH1,1)QRPLQDWLYXOFXLQILQLWLY  



([HPSOX 96631 'LFLWXU&DHVDUPDJQDQLPXVIXLVVH Ä6HVSXQHF &DHVDUDIRVWP ULQLPRV´GHFL1&DHVDUúLQX $&&DHVDUHP  3ULQXUPDUHDWXQFLFkQGvQUHJHQW VHDIO XQXHUEXPVHQWLHQGL VDX GHFODUDQGL OD IRUPD PHGLRSDVLY  GDU QXPDL OD XQXO GLQWUH WLPSXULOHVLPSOHODSHUVD,,,DVJVXELHFWXOFRPSOHWLYHLWUHFHGHOD $& OD 1 LDU YHUEXO UHJHQWHL VH WUDQVIRUP  GLQWUR UHDOLWDWH LPSHUVR QDO  vQWUXQD SHUVRQDO  DGLF  VH DFRUG  vQ QXP U úL SHUVRDQ  FX VXELHFWXOSHFDUHODSULPLWGHODFRPSOHWLY  6396 0LKLXHUR&Q3RPSHLXVVWDWXLVVHXLGHWXU Ä0LHvQV PLVHSDUHF &Q3RPSHLXVDKRW UkW´ 9663 6HGXLGHQWXUHDHVVHUHSHOOHQGD Ä'DU VH SDUH DFHOH OXFUXUL VH SDUH  F  WUHEXLH UHVSLQVH DFHOHOXFUXUL ´ XQGH 1,1) 1RPLQDWLYXOFXLQILQLWLYVHFDUDFWHUL]HD] DúDGDUSULQFRPXQL WDWHD GH VXELHFW ± DIODW OD QRPLQDWLY ± GLQWUH UHJHQW  úL VXERUGRQDWD FRPSOHWLY  8WLOL]DUHDWHPSRUDO DLQILQLWLYXOXL ÌQ FRPSOHWLYHOH LQILQLWLYDOH PRGXO YHUEXOXL VXERUGRQDWHL VH XWLOL]HD] DVWIHO D  FkQG DF LXQHD FRPSOHWLYHL HVWH VLPXOWDQ  FX DFHHD D UHJHQWHL VH IRORVHúWHLQILQLWLYXOSUH]HQW VLPXOWDQHLWDWH  $ULRXLVWXVUHVSRQGLWVHKDEHUHVHGHVLQ*DOOLD  Ä$ULRYLVWXVDU VSXQVF HODUHORFXLQ HvQ*DOOLD´



E FkQGDF LXQHDFRPSOHWLYHLHVWHDQWHULRDU FHOHLH[SULPDWHGHUHJHQ W VHXWLOL]HD] LQILQLWLYXOSHUIHFW DQWHULRULWDWH  $ULRXLVWXVUHVSRQGLWVHWUDQVLVVH5KHQXP Ä$ULRYLVWXVDU VSXQVF HODWUHFXW WUHFXVH 5LQXO´ F FkQGDF LXQHDVXERUGRQDWHLHVWHSRVWHULRDU FHOHLH[SULPDWH vQUHJHQW YHUEXOODLQILQLWLYYDILXWLOL]DWODWLPSXOYLLWRU SRVWHULRULWDWH  $ULRXLVWXV DUELWUDEDWXUVH OLEHQWHU DPLFLWLDP SRSXOL 5RPDQL UHFXVDWXUXPHVVH Ä$ULRYLVWXV VRFRWHD F  HO YD UHIX]D GH  EXQ  YRLH SULHWHQLD SRSRUXOXLURPDQ´ $FRUGXOSUHGLFDWXOXLQRPLQDOFXVXELHFWXO &kQGSUHGLFDWXOHVWHQRPLQDOVDXYHUEDOODFRQMXJDUHDSHULIUDV WLF DFWLY RULSDVLY QXPHOHSUHGLFDWLYVHDFRUG FXVXELHFWXOGHFLVH SXQHOD$&VJSOPIVDXQ FKLDUGDF VXELHFWXOQXHVWHH[SULPDW &UHGRWHFLXHPERQXPHVVH  Ä&UHGF WXHúWLXQEXQFHW HDQ´DFRUGvQQXP UFD]úLJHQ   ,LIDFWXURV HVVH  SROOLFHQWXU IDFWXURV DFRUG FX VH VXELHFWXOVXEvQ HOHVDOFRPSOHWLYHL  Ä$FHúWLDI J GXLHVFF YRUIDFH´   &21-81&7,9$/$ &HD GHD GRXD PDUH FDWHJRULH GH FRPSOHWLYH vQ OLPED ODWLQ  VH FDUDFWHUL]HD] SULQXWLOL]DUHDPRGXOXLFRQMXQFWLYDOSUHGLFDWXOXLYHUEDO VDXQRPLQDOÌQJHQHUDODFHVWHFRPSOHWLYHDSDUGXS DFHOHDúLFDWHJRULL GHYHUEHvQSULQFLSDODUHJHQW FDúLFRPSOHWLYHOHLQILQLWLYDOHFXPHQ LXQHDF DFFHQWXOVHPDQWLFFDGHvQFD]XOFRQMXQFWLYDOHORUSHDFWXOGH YRLQ VDXLQWHQ LH 



6 XUP ULPGHFLSULQFLSDOHOHFDWHJRULLGHYHUEHSUHGLFDWLYHFDUH LPSXQVLQWDFWLFYRUELQGXWLOL]DUHDXQHLFRPSOHWLYHFRQMXQFWLYDOH D  YHUEH FDUH LQGLF  R PDQLIHVWDUH D YRLQ HL VDX D LQWHQ LHL XHUED XROXQWDWXP  GHFL FkQG SULQ HOH VH LQVLVW  SHQWUX vQGHSOLQLUHD XQHL DQXPLWHDF LXQLFXXUP WRDUHOHQXDQ H ± UXJ PLQWH úL vQGHPQ URJDUH RUDUH SHW UH SRVWXODUH SUHFDUL REVHFUDULSRVF UHKRUWDULDGKRUWDULPRQ UHDGPRQ UHHWF  ±GHWHUPLQDUHFRQVWUkQJHUHVXDG UHSHUVXDG UHLQFLWDUH>LP@SHOO UH PRX UHFRJ UHVXELJ UHDGGXF UHHWF  ±YRLQ GRULQ YHOOHPDOOHRSWDUHSUDHIHUUHH[VSHFWDUHHWF  ±RUGLQvQV UFLQDUHPDQGDUHHGLF UHLPSHUDUHLXE UHHWF  ±vQJ GXLQ SHUPLWW UHFRQFHG UHVLQ UHHWF  &RQMXQF LLOHLQWURGXFWLYHXWLOL]DWHVXQW XWFXYDULDQWDXWLSHQWUXFRQMXQFWLYDODDILUPDWLY  QHSHQWUXFRQMXQFWLYDODQHJDWLY  ([HPSOH ,OOD DUPD FHQWXULRQHV FRKRUWHV XW PDJQR DQLPR VLPXV KRUWDQWXU Ä(L vQGHDPQ  FD >QRL@ WUXSHOH FHQWXULRQLL FRKRUWHOH V  ILP SOLQLGHFXUDM´ &DHVDUVXLVLPSHUDXLWQHWHODLQKRVWHVUHLFHUHQW Ä&DHVDU D GDW RUGLQ DORU V L V  QX D]YkUOH vQDSRL DVXSUD GXúPDQLORUVXOL HOH´ E XHUEDGHFODUDQGLHWXHUEDVHQWLHQGLDúDQXPLWHOHYHUEHFDX]DWLYH GDF H[SULP XQDFWGHYRLQ QXXQXOGHJkQGLUHDVHYHGHDYHUEHOH UHVSHFWLYHHQXPHUDWHvQVXEFDSLWROXOSUHFHGHQW  ([HPSOH 1DXHPLGRQHDPXWKDEHDVGLOLJHQWHUXLGHELV Ä9HLDYHDRPDUHJULM V DLODGLVSR]L LHRFRUDELHSRWULYLW ´ &ODPDXLWXWLSVLXVUHGLWXPH[VSHFWDUHPXV Ä$VWULJDWV LDúWHSW PvQWRDUFHUHD´ &HQVHEDWXW3RPSHLXVSURILFLVFHUHWXU Ä(UDGHS UHUHFD3RPSHLXVV SOHFH´ 9LGHDQWFRQVXOHVQHTXLGUHVSXEOLFDGHWULPHQWLFDSLDW Ä6 YHJKH]HFRQVXOLLFDVWDWXOV QXVXIHUHYUHRY W PDUH´ 

F  YHUEH XQLSHUVRQDOH FX VHQV LPSHUVRQDO úL VLQWDJPH LPSHUVRQDOH FkQG H[SULP  XQ DFW GH YRLQ  QHFHVVH HVW RSRUWHW LQWHUHVW UHIHUW EHQHPDOHVWXOWXPHVWHX QLWDFF GLWHWF 'H QRWDW F  GXS  YHUEH FD RSRUWHW URJDUH RUDUH LPSHUDUH KRUWDULFRQFHG UHSHUPLWW UHVXDG UHSHUVXDG UHPDQ UHPDQGDUH úLVLQWDJPDQHFHVVHHVWFRQMXQF LDXWQH SRDWHOLSVLFHHDFHDSURSLH FRPSOHWLYD FRQMXQFWLYDO  GH SR]L LD úL VWUXFWXUD FRPSOHWLYHL LQILQLWL YDOHvQUDSRUWFXDQVDPEOXOIUD]HLUHOD LDGHMX[WDSXQHUH  ([HPSOH 5RJRXWXRVDX[LOLRPLKLTXDPFHOHUULPHXHQLDWLV Ä9 URJV PLYHQL LFkWPDLUHSHGHvQDMXWRU´ 0HLSVXPDPHVRSRUWHWQRQPHD Ä6HFDGHFDSHPLQHvQVXPLV P LXEHúWLQXEXQXULOHPHOH´ G YHUEHFDUHLQGLF VWDUHDVXIOHWHDVF DWHPHULLVDXIULFLLFXGLYHUVH QXDQ HXHUEDWLPHQGL WLP UHPHWX UHXHU ULSHULFXOXPHVWLQPHWX HVVHHWF 'XS  YHUEHOH GH WHPHUH FRPSOHWLYD VH FRQVWUXLHúWH FX PRGXO FRQMXQFWLYúLHVWHLQWURGXV SULQXWVDXQHQRQGDF DXWRUXOHQXQ XOXL PHVDMXOXL GRUHúWHFDRELHFWXOWHPHULLV VHUHDOL]H]HvQDFHVWFD]XW VDXQHQRQVHWUDGXFSULQÄF QX´ ([HPSOH 9HUHRUXWSDWHUFRQXDOHVFDW Ä0 WHP±PLH±F QXVHPDLIDFHELQHWDWD´>GDURGRUHVF GLQWRDW LQLPD@ 7LPHRQHQRQKRFDWHLPSHWUHP Ä0 WHP±PLH±F QXYRLRE LQHDFHDVWDGHODWLQH´>GDUR GRUHVFIRDUWHPXOW@ 1RQSHULFXOXPHVWQHKRVWLXPLPSHWXPQRQSRVVLPXVVXVWLQHUH Ä1X HVWH QLFL XQ SHULFRO F  QX YRP SXWHD VXV LQH DWDFXO GXúPDQLORU´ &kQGDXWRUXOPHVDMXOXLGRUHúWHFDRELHFWXOWHPHULLV QXVHUHDOL ]H]H GHFL QX GRUHúWH UHDOL]DUHD OXL FRQMXQF LD LQWURGXFWLY  HVWH GRDU QHúLHDVHWUDGXFHSULQÄV QX´VDXÄF ´ ([HPSOH 7LPXLWQHXLGHUHWXULQILUPXV Ä6DWHPXWV QXSDU VODE´ÄF SDUHVODE´úLQXGRUHúWHDFHVW OXFUX  



9HUHRUQHWXUSHVLW Ä0  WHP V  QX ILH UXúLQRV´ >DFHVW OXFUX úL QX GRUHVF V  VH vQWkPSOH@ ,PSURELVHPSHUVXQWLQPHWXQHDOLTXDQGRDSHULDQWXU Ä&HLQHFLQVWL LPHUHXVHWHPV QXILHYUHRGDW GHVFRSHUL L´ ÄF SRWIL«´ÄF VXQW«´  H  XHUED LPSHGLHQGL YHUEHOH FDUH H[SULP  R SLHGLF  vQ UHDOL]DUHD DF LXQLLVDXDVW ULL6HXWLOL]HD] GLQQRXPDLPXOWHFRQMXQF LL ±QHFkQGSURSR]L LDUHJHQW HVWHDILUPDWLY  ,PSHGLRQHLGIDFLDV Ä7HvPSLHGLFV IDFLDFHVWOXFUX´ 0XOWDPHGHWHUUHQWQHDSHUWHTXLGGHHDUHVHQWLDPGLFDP Ä0XOWHP vQJUR]HVFúLP vPSLHGLF V VSXQGHVFKLVFHHDFH JkQGHVFvQOHJ WXU FXDFHVWOXFUX´ 5HJXOXVQHVHQWHQWLDPGLFHUHWUHFXVDXLW Ä5HJXOXVDUHIX]DWV vúLVSXQ S UHUHD´ ± TXLQ VDX TXRPLQXV GDF  UHJHQWD HVWH QHJDWLY  VDX DUH IRUP  LQWHURJDWLY  FX VHQV QHJDWLY GH SUHFL]DW F  SURSR]L LD FRPSOHWLY  FRQMXQFWLYDO HVWHLQWURGXV GHSUHIHULQ SULQTXLQGDF YHUEXOUHJHQW H[SULP  SLHGLFD VXE IRUPD XQHL vQGRLHOL GHFL GDF  UHJHQWD FRQ LQH YUHXQXHUEXPGXELWDQGL ([HPSOHFXTXRPLQXV 1RQREVWRTXRPLQXVLGIDFLDV Ä1XWHvPSLHGLFQXP RSXQV IDFLDFHVWOXFUX´ 4XLGLPSHGLLWTXRPLQXVXHQLUHV" Ä&HWHDvPSLHGLFDWV YLL"´ 1RQUHFXVRTXRPLQXVRPQHVTXDHGLFWXUXVVLPDXGLDQW Ä1XP RSXQFDWR LV DVFXOWHFHOHFHXUPHD] V VSXQ´ ([HPSOHFXTXLQLPSXVGHXHUEDGXELWDQGL 1HPRGXELWDWTXLQDGQRVFHOHULWHUOLWWHUDVVFULSWXUXVVLV Ä1LPHQLQXVHvQGRLHúWHF QHYHLVFULHJUDEQLFRVFULVRDUH´ +DXG GXELD UHV IXLW TXLQ SUDHURJDWLXD PLOLWDULV HWLDP D VHQDWXFRPSUREDUHWXU Ä1D IRVW QLFLR vQGRLDO  F  DOHJHUHD PLOLWDU  SUHDODELO  YD IL DSUREDW úLGHVHQDW´ 

([HPSOHFXTXLQLPSXVGHXHUEDLPSHGLHQGLFXDOWHQXDQ H GHFkWFHDGHvQGRLDO  3DXOXPDIXLWTXLQ)DELXV9DUXPLQWHUILFHUHW Ä3X LQDOLSVLWFD)DELXVV ORPRDUHSH9DUXV´ )DFHUHQRQSRVVXPTXLQFRWLGLHOLWWHUDVDGWHPLWWDP Ä1XSRWV  LWULPLW]LOQLFVFULVRDUH´ ÌQILQDOHVWHGHSUHFL]DWUHIHULWRUODFRPSOHWLYDFRQMXQFWLYDO vQ DQVDPEOXO HL F  vQ VLWXD LD vQ FDUH GRX  FRPSOHWLYH FRQMXQFWLYDOH GHSLQGGHDFHHDúLUHJHQW LDUDGRXDHVWHILHDILUPDWLY ILHQHJDWLY  DFHDVW  FRPSOHWLY  VHFXQGDU  YD IL vQWRWGHDXQD LQWURGXV  SULQ FRQMXQF LLOHQHXHQHXHO VDXQHX ([HPSOX &DHVDU PLOLWHV FRKRUWDWXV HVW XWL VXDH SULVWLQDH XLUWXWLV PHPRULDPWHQHUHQWQHXSHUWXUEDUHQWXUDQLPR Ä&DHVDUúLDvQGHPQDWVROGD LLV úLDPLQWHDVF GHYHFKHDORU YLWHMLHúLV QXVHQHOLQLúWHDVF vQVXIOHW´ 6FKHPDVLQWDFWLF DIUD]HLGHPDLVXVHVWHGHFLXUP WRDUHD     

 

35,1&,3$/ 5(*(17 

QHX



 &203/(7,9(&21-81&7,9$/(





FRRUGRQDWHFRSXODWLYQHJDWLY

02ù7(1,5($ Ì1 /,0%,/( 520$1,&( $ &203/(7,9(/25 ,1),1,7,9$/ ù,&21-81&7,9$/   &RPSOHWLYDLQILQLWLYDO  1X VH SRDWH YRUEL GH R GLVSDUL LH SURSULX]LV  D LQILQLWLYDOHL vQ ODWLQD WkU]LH úL SRSXODU  HD ILLQG IRORVLW  SUDFWLF ± FHO SX LQ FXP R LOXVWUHD]  GHVWXOH WH[WH OLWHUDUH ± FRUHFW SkQ  OD VIkUúLWXO ODWLQLW LL 7HUWXOOLDQXV *UHJRULXV7XURQHQVLVHWF 3HGHDOW SDUWHODWLQDYRUELW DúDQXPLWDODWLQ  SRSXODU  IDPLOLDU  VDX YXOJDU  GDWRULW  WHQGLQ HL QDWXUDOH VSUH DQDOL]  úL FODULWDWH D SUHIHUDW ILH XWLOL]DUHD FRPSOHWLYHL FRQMXQFWLYDOH FX FDUH LQILQL WLYDOD GH DOWIHO LQWHUIHUD FD GHSHQGHQ  GH YHUEXO UHJHQWHL  ILH PDL DOHV XWLOL]DUHD XQHL FRPSOHWLYH PXOW PDL VLPSOH LQWURGXVH SULQ TXRG úL IRORVLQG LQGLFDWLYXOYHUEXOXLHLDVHYHGHDVXEFDSLWROXOXUP WRU  



/LPELOH URPDQLFH ± DIDU  GH URPkQ  ± DX PRúWHQLW GHFL FRPSOHWLYD LQILQLWLYDO  $&  ,1)  GH WLS SRSXODU GLQ ODWLQ  úL DQXPH GXS  YHUEH FDX]DWLYH GXS  YHUEHOH SHUFHS LHL IL]LFH SUHFXP úL GXS  FHOH FDUH DUDW  YRLQ D FD vQ IU MH OH YRLV YHQLU 'HRVHELUHD vQWUH $&  ,1) URPDQLF úL FHO ODWLQHVWHF vQOLPELOHURPDQLFHFRPSOHWLYDQXIRUPHD] FDvQODWLQ XQWRW XQLWDU DSURDSH LQGHSHQGHQW GH YHUEXO UHJHQW VXELHFWXO LQILQLWLYDOHL ILLQG vQWRWGHDXQDOHJDWGLUHFWVDXLQGLUHFWGHYHUEXOUHJHQWHL  &RPSOHWLYDFRQMXQFWLYDO  &RQMXQF LD XW D GLVS UXW I U  XUPH vQ WRDWH OLPELOH URPDQLFH ILLQG QHDJUHDW  GH YRUELUHD SRSXODU  (D D IRVW vQORFXLW  FX FRQMXQF LD TXRG ! IU TXHLWFKHURPF HWF)RDUWHLQWHUHVDQWHVWHvQV IDSWXOF QXDDYXWORFvQ ODWLQDSRSXODU úLVXEVWLWX LDPRGDO úLDQXPHvQOLPELOHURPDQLFHRFFLGHQ WDOHvQFDUHODWXWDIRVWvQORFXLWFXTXRG!TXHFKHPRGXOFRQMXQFWLYDIRVW WRWXúL S VWUDW QHVFKLPEDW GXS  DFHOHDúL FDWHJRULL GH YHUEH UHJHQWH FD úL FRPSOHWLYDFRQMXQFWLYDO FXXWGLQODWLQ  

&203/(7,9$&8492'ù,02'8/,1',&$7,9

(VWH FXQRVFXW  úL VXE GHQXPLUHD GH FRPSOHWLY  H[SOLFDWLY  GDWRULW  IDSWXOXL F  HOHPHQWXO LQWURGXFWLY HVWH vQWRWGHDXQD FRQMXQF LD TXRG QXPLW  H[SOLFDWLXXP $FHVWH FRPSOHWLYH SRW DYHD UROXO GH FRPSOHPHQW GH RELHFW VDX GH VXELHFW 0RGXO IRORVLW HVWH vQWRW GHDXQDLQGLFDWLYXO 4XRGH[SOLFDWLXXPVHXWLOL]HD]  D  FX URO GH DSR]L LH H[SOLFDWLY  SH OkQJ  XQ SURQXPH GHPRQVWUDWLY QHXWUXKRFLGLOOXGH[HRHWF GLQUHJHQW  4XRGTXHUHULVGHDPLFLWLDXLRODWDLQLXVWDLVWDDFFXVDWLRHVW Ä(VWHQHGUHDSW DFHDVW DFX]D LHDFX]D LDWD F WHSOkQJLGH SULHWHQLDF OFDW vQSLFLRDUH´ E  GXS  YHUEH HYHQLPHQ LDOH DFFHG UH DFFLG UH HXHQLUH IDF UH DGG UHSUDHWHULUHÄDVHvQWkPSOD´ÄDUH]XOWD´ÄDVH IDFH´ÄDXLWD´ ÄDRPLWH´ÄDDG XJD´>IDSWXOF @RFFXUU UHÄDVHvQWkPSOD´HWF %HQHIDFLVTXRGPHDGLXXDV Ä%LQHIDFLF P DMX L´ ,OOXGPLKLRFFXUULWTXRGX[RUD'RODEHOODGLVFHVVLW Ä$VWDPLVHvQWkPSO F VR LDDSOHFDWGHOD'RODEHOOD´ 

F  GXS  H[SUHVLL YHUEDOH LPSHUVRQDOH XW OHLQXW OH EHQHPDOH IDF OHGLIILF OHSHU RSSRUW QHLQRSSRUW QHHVWHWF 8WLOHHVWTXRGQHVFLPXVTXDQGRPRULWXULVLPXV Ä(VWHIRORVLWRUIDSWXOF QXúWLPFkQGYRPPXUL´ 3HURSSRUWXQHIXLWTXRGPLKLGL[LVWL Ä$IRVWIRDUWHELQHYHQLWIDSWXOF PLDLVSXV´ G GXS XHUEDDIIHFWXXPFkQGQXDXRSURQXQ DW YDORDUHFDX]DO FL VWULFWRELHFWLY ODHWDULPLUDULJUDWXODULJUDWLDVDJHUHHWF /DHWRUTXRGXHQLVWLV Ä0 EXFXU IDSWXOF D LYHQLW´ $HJUH IHUHEDW &DWLOLQD TXRG LQ SHWHQGR FRQVXODWXV XLFWXV  HUDW  Ä*UHX VXSRUWD &DWLOLQD IDSWXO F  IXVHVHvQYLQVvQDF LXQHDOXL GHDFDQGLGDODFRQVXODW´ 02ù7(1,5($520$1,&  ÌQ HSRFD LPSHULDO  GXS  XHUED GHFODUDQGL úL GXS  XHUED VHQWLHQGL vQ ORFXO FRPSOHWLYHL LQILQLWLYDOH VH XWLOL]HD]  GLQ FH vQ FH PDL SULYLOHJLDW FRPSOHWLYD FX TXRG /DWLQD SRSXODU  D H[WLQV IRORVLUHD DFHVWHL FRPSOHWLYH FDUH HUD PDL VLPSO  úL PDL ELQH PDUFDW  $OWIHO VH H[SOLF  S VWUDUHD HL SUHGLOHFW vQOLPELOHURPDQLFHvQUDSRUWFXLQILQLWLYDOD



&203/(7,9$,17(52*$7,9 ,1',5(&7  5HSUH]LQW XOWLPDIRUP VXEFDUHVHvQI LúHD] SURSR]L LDFRP SOHWLY  2ULJLQHDFHDPDLSUREDELO DLQWHURJDWLYHLLQGLUHFWHvQODWLQ FD úL vQ DOWH LGLRPXUL LQGRHXURSHQH  WUHEXLH V  R IL UHSUH]HQWDW VLPSOD DO WXUDUHDLQWHURJDWLYHLGLUHFWHODXQSUHGLFDW 4XLGDJDP"1HVFLR Ä&HV IDF"1XúWLX´ 'LFTXLVHPLW" Ä=LFLQHFXPS U "´ $FHVWH LQWHURJDWLYH GLUHFWH TXLG DJDP" TXLV HPLW"  DX GHYHQLW DSRL GHSHQGHQWH GHFL VXERUGRQDWH SULQ GLVSDUL LD WRQXOXL SURQXQ DW LQWHURJDWLYúLDSDX]HL 4XLGDJDPQHVFLR Ä1XúWLXFHV IDF´ 



/DIHOVDUH[SOLFDúLLQWHURJDWLYHOHLQGLUHFWHGXEOHSURYHQLWHGLQ SURSR]L LLGLVMXQFWLYHGHWLSXO 0DQHDPDQDEHDP"1HVFLR Ä6 U PkQVDXV SOHF"1XúWLX´ GHYHQLWH 0DQHDPDQDEHDPQHVFLR Ä1XúWLXGDF V U PkQVDXV SOHF´ 3ULQXUPDUHGXS FXPVHREVHUY RULFHFRPSOHWLY LQWHURJDWLY  LQGLUHFW  GHSLQGH GH XQ YHUE GH QDWXU  LQWHURJDWLY  GLQ SULQFLSDOD UHJHQW  DFHVW YHUE SXWkQG IL XQXO GHFODUDQGL VDX VHQWLHQGL úL DYkQG XUP WRDUHOHVHQVXULÄDvQWUHED´ÄDúWL´ÄDVSXQH´ÄDDIOD´HWF ÌQ ODWLQD DUKDLF  ± GRYDG  D MX[WDSXQHULL LQL LDOH D YHUEHORU DSDU LQkQGXQRUSURSR]L LLLQGHSHQGHQWHODRULJLQH±PRGXOXWLOL]DWvQ VXERUGRQDW HUDDGHVHRUL,1',&$7,98/ 9LGHDPXVTXLKLQFHJUHGLWXU Ä6 YHGHPFLQHLHVHGHDLFLGLQFDV ´ ùL PDL WkU]LX vQ OLPED IDPLOLDU  VD PHQ LQXW vQ DQXPLWH FDWH JRULL GH LQWHURJDWLYH LQGLUHFWH WRWGHDXQD ,1',&$7,98/ PDL DOHV GXS  YHUEH GLQ UHJHQW  OD LPSHUDWLY GH WLSXO GLF XLGH VSHFWD vQ vQWUHE ULLQIRUPDWLYHGHWLSXO 'LFTXLVHPLW Ä6SXQHFLQHFXPS U ´VDX 'LFTXLGHVWTXRGKDEHV Ä=LFHHVWHOXFUXODYHUHDEXQXO SHFDUHvODL´ ÌQ ODWLQD OLWHUDU  XOWHULRDU  FRQIRUP UHJXOLORU RELúQXLWH vQ JUD PDWLFDFODVLF VHvQWkOQHúWH&21-81&7,98/vQWRDWHLQWHURJDWLYHOH LQGLUHFWHFKLDUúLDWXQFLFkQGvQWUHEDUHDVHUHIHU ODXQIDSWSULYLWGH YRUELWRUFDUHDO&RQMXQFWLYXOHVWHIRORVLWFXVWULFWH HvQOLPEDOLWHUDU  LVWRULFLFD&DHVDU6DOOXVWLXV&RUQHOLXV1HSRV7LWXV/LYLXV7DFLWXV úL SRH L FD 9HUJLOLXV &DWXOOXV 2YLGLXV 3URSHUWLXV XWLOL]DX QXPDL FRQMXQFWLYXO([HPSOX /RTXHUHTXLGVFULEDP Ä9RUEHúWHFHV VFULX´ 7RWXúLvQOLPEDIDPLOLDU ±FKLDUúLDHSRFLLFODVLFHGHH[HPSOX vQ(SLVWXODHFLFHURQLHQHVDXOD9DUUR SHQWUXDQXPDLYRUELGHHSRFD 

SRVWFODVLF  OD XQ 9LWUXYLXV 3OLQLXV FHO % WUkQ 3HWURQLXV ± ,1',&$7,98/FRQWLQXDV ILHXWLOL]DW 7DQWXPTXRGPLKLQRQGL[HUDWTXLGSULGLHFHQDXHUDP Ä'RDUDWkWQXPLVSXVHVHFHPkQFDVHPvQDMXQ´ 0RGXO LQGLFDWLY VH IRORVHD PDL DOHV FkQG LQWHURJDWLYD LQGLUHFW  VH DSURSLD GH R vQWUHEDUH LQGHSHQGHQW  FX FkW GHSHQGHQ D HUD PDL SURQXQ DW FXDWkWPDLPXOWVHXWLOL]DFRQMXQFWLYXO 3HQWUX LQWURGXFHUHD LQWHURJDWLYHORU LQGLUHFWH VLPSOH VDX GXEOH SUH]HQ DXQXLHOHPHQWLQWURGXFWLYQXHUDDEVROXWQHFHVDU  6LWQRQVLWQRQHGHSROVFLR Ä'DF HVDXQXSH3ROOX[KDEDUQDP´ -X[WDSXQHUHD D U PDV vQV  UDU  L]RODW  vQWkOQLQGXVH ILH vQ ODWLQD DUKDLF  OD 3ODXWXV FHO PDL DGHVHD  ILH vQ OLPED FRWLGLDQ  úL IDPLOLDU  /DWLQD OLWHUDU  D GH]YROWDW XUP WRUXO VLVWHP GH HOHPHQWH LQWURGXFWLYH ,,17(52*$7,9$6,03/ 02120(0%5  D SURQXPHúLDGYHUEHLQWHURJDWLYUHODWLYHVDXQHGHILQLWH TXLVTXLÄFLQH´ÄFDUH´ TXLGTXRGÄGH FH´ÄFH´HFTXLVLGQXPTXLVLGÄRDUHFLQH´ ÄRDUHGH FH´ÄGDF ´ FXUÄGHFH´ TX ÄFXP´DEODWLYXODUKDLFDOSURQXPHOXLUHODWLY  TXDUHÄGLQFHFDX] ´ÄGHFH´ TX ÄSHXQGH´TXRÄvQFRWUR´TXDPÄFkWGH ´XEL ÄXQGH´XQGHÄGHXQGH´ TXRPRGRÄFXP´ TXRWÄFkW ´ÄFk LFkWH´HWF E SDUWLFXOHLQWHURJDWLYH QHODvQFHSXWXOSURSR]L LHLGXS YHUEHGHJkQGLUH ÄRDUH´ QHHQFOLWLFÄLG´ÄRDUH´ DQQXPQRQQHÄGDF QX´LQWHURJDWLYDQHJDWLY  F FRQMXQF LL XWÄFXP´GXS XHUEDVHQWLHQGLúLGHFODUDQGL  VLÄGDF ´ 



([HPSOH 3 $IULFDQXV« LQWHUURJDWXV HVW TXLG GH 7L *UDFFKL PRUWH  VHQWLUHW  Ä>«@FHJkQGHDGHVSUH«´ $VSLFHXWDXUD«IXPRVHWXUHFRRUWRV«IHUDW Ä3ULYHúWHFXPDGLHUHDYkQWXOXLSRDUW IXPXOULGLFDWGLQW PkLH´ (SDPLQRQGDVTXDHVLXLWHVVHQWQHIXVLKRVWHV Ä(SDPLQRQGDVDvQWUHEDWGDF GXúPDQLLIXVHVHU vPSU úWLD L´ 4XDHULWXUQXPLGHPVLWSHUWLQDFLDHWSHUVHXHUHQWLD Ä6H ULGLF  vQWUHEDUHD GDF  vQF S kQDUHD úL SHUVHYHUHQ D VXQW DFHOHDúLOXFUXUL´ +RVWHV«H[VSHFWDEDQWVLDVRFLLVTXLGDX[LOLLPLWWHUHWXU Ä'XúPDQLLDúWHSWDXQHU EG WRULGDF OLVHWULPLWHYUHXQDMXWRU GLQSDUWHDDOLD LORU´ 

,17(52*$7,9$'8%/  ',6-81&7,9 %,6$83/85,0(0%5 

(VWHLQWURGXV SULQWURYDULHWDWHGHHOHPHQWHGHVXERUGRQDUH XWUXP«DQFHDPDLIUHFYHQW úLX]XDO vQODWLQDFODVLF  XWUXP«QH«DQvQVSHFLDOvQODWLQDDUKDLF  4XDHURXWUXPLGXHVWUXPDQQRVWUXPRIILFLXPVLW ÄÌQWUHEGDF DFHDVWDHVWHvQGDWRULUHDYRDVWU VDXDQRDVWU ´ 'LFXWUXP6SHPQHDQ6DOXWHPWHVDOXWHQW Ä6SXQHFXPWHVDOXW HLFDSHRVSHUDQ VDXFDSHRVDOYDUH"´  ÌQODWLQDFODVLF GHOD+RUDWLXVvQFROR úLSRVWFODVLF  XWUXPQH«DQQH«DQÄGDF «VDX´ 4XDHULWXUPRUWDOLVQHDQLPPRUWDOLVVLWDQLPXV Ä6HSXQHvQWUHEDUHDGDF VXIOHWXOHVWHPXULWRUVDXQHPXULWRU´ ¡«DQ 1HVFLRKRFXHUXPDQIDOVXPVLW Ä1XúWLXGDF DFHVWOXFUXHVWHDGHY UDWVDXIDOV´ ¡«QH 7DP LQFHUWR 0DUWH SXJQDWXP HVW XW QHXWUL VFLUHQW  XLFLVVHQW XLFWLQHHVVHQW Ä6DGDWROXSW FXXQUH]XOWDWDúDGHQHVLJXUvQFkWQLFLXQLL QLFLDO LLQXúWLDXGDF DXvQYLQVVDXGDF DXIRVWvQYLQúL´ 

$OWHYDULDQWHFRPELQDWRULLI U H[HPSOH  QH«QHvQSRH]LHvQFHSkQGFX9HUJLOLXV ¡«DQQHJHQHUDOL]DW vQWRDW ODWLQLWDWHD DQ«DQvQSRH]LHGHOD9HUJLOLXVvQFRORLDUvQSUR] GHOD6HQHFD UHWRUXOVHF,S&KU  DQ«QXPvQODWLQDSRVWFODVLF PDLDOHVOD7DFLWXV  $33(1',; 5 VSXQVXOODSURSR]L LLOHLQWHURJDWLYHGLUHFWH  5 VSXQVDILUPDWLY D SULQ UHSHWDUHD FXYkQWXOXL LPSRUWDQW GLQ vQWUHEDUH VLQJXU VDX vQVR LWGHXQDGYHUE 9HQLV"9HQLR&HUWHXHQLR  E SULQ VLQWDJPHOH LWD HVW ÄDúD H´ LWD XHUR HVW ÄGD DúD H´ VDX DGYHUEXOVLPSOXLWDÄDúD´ÄGD´ FSULQDGYHUEHOHúLORFX LXQLOHDGYHUELDOHVLFHVW XHURHWLDP VDQH VDQH TXLGHP  ÄvQ DGHY U´ ÄDúD H ´ ÄGD GHVLJXU´ ÄGHVLJXU´ ÄI U vQGRLDO ´ 9HQLV" 6LFHVW  9HUR (WLDPXHQLR  6DQHTXLGHP   5 VSXQVQHJDWLY DSULQQRQúLUHSHWDUHDFXYkQWXOXLDFFHQWXDWvQLQWHURJD LH 9HQLVXHVSHUH" 1RQXHQLR ESULQQRQLWD 9HQLVKRGLH" 1RQLWD Ä9LLD]L"´ Ä1X´ FSULQDGYHUEHOHúLORFX LXQLOHDGYHUELDOHPLQLPHPLQLPHXHURQLKLO PLQXVÄGHORF´ÄQLFLGH FXP´ 1XPLVWDRPQLDFUHGLV" 



0LQLPHXHUR Ä&UH]LRDUHWRDWHDVWHD"´ Ä1LFLGHFXP´  5 VSXQVUHFWLILFDWLYGHFRUHFWDUH  SULQ DGYHUEXO LPPR ÄQX GLQ FRQWU ´ VDX SULQ ORFX LXQHD DGYHUELDO LPPRXHURÄEDGLPSRWULY ´ &DXVDLJLWXUQRQERQDHVW" ,PPRRSWLPD Ä(LELQHFKHVWLXQHDQXHVWHEXQ "´ Ä%DGLQFRQWU IRDUWHEXQ ´ &21&/8=,,02ù7(1,5($Ì1/,0%,/(520$1,&( (OHPHQWHOHSURSULX]LVLQWHURJDWLYHLQGLUHFWHDQQHQH QXPXWUXP DX GLVS UXW GLQ OLPED YRUELW  úL vQ FRQVHFLQ  QX VDX PRúWHQLW vQ OLPELOH URPDQLFH/DWLQDSRSXODU IRORVHDFXYDORDUHLQWHURJDWLY LQGLUHFW FRQMXQF LDVLVLQJXUDFDUHDVXSUDYLH XLWFHORUODOWHSDUWLFXOHLQWHURJDWLYHLQGLUHFWH IU 'LVPRLVLWXHV5RPDLQ VS 'LPHVL5RPDQRHUHV LW 'LPPLVH5RPDQRVHL YURP 6SXQHPLVH5LPOHDQXHúWL&RGLFHOH9RURQH HDQ 



&35232=, ,,/(&,5&8067$1 ,$/( *(1(5$/,7

,

$OF WXLHVF R JUXSDUH VHSDUDW  úL DXWRQRP  GH VXERUGRQDWH UHSUH]HQWDWH GH XUP WRDUHOH WLSXUL ILQDOD FRQVHFXWLYD FDX]DOD FRQFHVLYDDGYHUVDWLYDFRPSDUDWLYDPRGDOFRPSDUDWLYD WHPSRUDOD úLFRQGL LRQDOD$FHDVW FODVLILFDUHDUHDYDQWDMXOGHDJUXSDGLYHUVHOH PRGDOLW L GH H[SULPDUH D DFHOHLDúL QR LXQL vQ IXQF LH GH QDWXUD UDSRUWXOXL ORJLF 9RP FRQVWDWD DVWIHO F  H[LVW  R VHULH GH HOHPHQWH LQWURGXFWLYH±FRQMXQF LLOHXWúLFXPvQSULPXOUkQG±FDUHDXGLYHUVH VHQVXUL GHFL IXQF LRQDOLW L WHPSRUDO FDX]DO FRQFHVLY  DGYHUVDWLY  DS UkQG DVWIHO FD HOHPHQWH LQWURGXFWLYH DOH XQRU SURSR]L LL GLIHULWH GHúLVHQVXULOHUHVSHFWLYIXQF LLOHORUVLQWDFWLFHVDXGH]YROWDWVXFFHVLY XQDGLQFHDODOW QXVHSDUDW 9RP vQFHSH DFXP R VXFFLQW  SUH]HQWDUH D ILHF UHL FLUFXP VWDQ LDOH 

, 35232=, ,$&,5&8067$1 ,$/ ),1$/   ,QGLF  vQWRWGHDXQD VFRSXO YL]DW GH DF LXQHD VDX VWDUHD H[SUL PDW  SULQ UHJHQW  VDX UH]XOWDWXOHIHFWXO VFRQWDW DVWIHO 'UHSW XUPDUH H[SULPkQG LQWHQ LD YD DYHD vQWRWGHDXQD YHUEXO OD PRGXO &21-81&7,9 GHRDUHFH GXS  FXP úWLP DFHVWD HVWH PRGXO FDUH H[SULP LQWHQ LDVDXYRLQ D &HOPDLDGHVHDILQDODHVWHLQWURGXV SULQFRQMXQF LDXWÄFD V ´ ÄSHQWUXFDV ´ (VVHRSRUWHWXWXLXDVQRQXLXHUHXWHGDV Ä7UHEXLHV P QkQFLFDV WU LHúWLQXV WU LHúWLFDV P QkQFL´ 'DF ILQDODHVWHQHJDWLY HOHPHQWXOLQWURGXFWLYHVWHFRQMXQF LD Q  VSHFLILF  SHQWUX QHJDUHD YHUEHORU DIODWH OD PRGXULOH LQWHQ LRQDO YROLWLYHFRQMXQFWLYXOúLLPSHUDWLYXO  1HTXLVPLUHWXUTXLVLPSDXFLVHORTXDU Ä3HQWUXFDV QXVHvQWUHEHFLQHYDFLQHVXQWDPV P SUH]LQW vQFkWHYDFXYLQWH´ 3HQWUXvQW ULUHDVHQVXOXLILQDOXWDSDUHQXGHSX LQHRULDG XJDW OXLQ úLIRUPHD] DVWIHOORFX LXQHDFXVHQVSXUILQDOXWQ ÄSHQWUX  FDV QX´XWQ HVXULUHPÄFDV QXIDFIRDPH´ 3ULQFLSDOHOH HOHPHQWH FRUHODWLYH DOH P UFLORU LQWURGXFWLYH SODVDWHvQUHJHQW VXQWXUP WRDUHOHDGYHUEHúLORFX LXQLDGYHUELDOHH  LGFLUF  RE HDP UHP  FDXVDP H  FRQVLOL  H  FDXV  ÄGH DFHHD´ ÄGDWRULW DFHVWXLIDSW´ÄGLQDFHDVW FDX] PRWLY´ÄFXDFHDVW LQWHQ LH´ HWFÌQWURDWDUHVLWXD LHILQDODVHDSURSLHIRDUWHPXOWGHYDORDUHDXQHL SURSR]L LLFRPSOHWLYHH[SOLFDWLYHFDUHGH]YROW VHQVXOFRUHODWLYXOXL 'DF SURSR]L LDILQDO FRQ LQHXQDGMHFWLYVDXXQDGYHUEODFRP SDUDWLY X]DMXO OLWHUDU LPSXQH vQORFXLUHD OXL XW FX DEODWLYXO DGYHU ELDOL]DW GHYHQLW R YHULWDELO  FRQMXQF LH  DO SURQXPHOXL UHODWLY TX  ÄSHQWUXFDSULQDFHDVWDV ´GHXQGHVHQVXOÄFDSULQDFHDVWD V ´ $GLXWDPHTXRILDWIDFLOLXV Ä$MXW P FDV VHIDF PDLXúRU´ 6H SRDWH vQV  vQWkPSOD FD úL XW V  ILH XWLOL]DW vQ SUH]HQ D XQXL FRPSDUDWLY PDL DOHV vQ ODWLQD DUKDLF  XQGH IRORVLUHD OXL TXR QX VH 



JUDPDWLFDOL]DVHvQF GDUúLvQODWLQDFODVLF SUREDELOFDXUPDUHDXQRU LQWHQ LLVWLOLVWLFH XWUHPWHQHDWLVUHFWLXVÄFDV FXQRDúWH LPDLELQHVXELHFWXO´ XWLGOLEHQWLXVIDFLDWLVÄFDV IDFH LOXFUXODFHVWDFX PDLPXOW SO FHUH´ &kQG JUDPDWLFDOL]DUHD OXL TXR vQ FDOLWDWH GH FRQMXQF LH VH YD IL FRQVROLGDWvQWkOQLPFD]XUL±DSDUHQWFXULRDVHvQUHDOLWDWHFRQILUPkQG WHQGLQ HOHGHHYROX LHLQWHUQ DOLPELL±GHTXRI U FRPSDUDWLY XWRPQLDIDFLDWTXRSURSRVLWXPDGVHTXDWXU ÄFDV IDF WRWXOSHQWUXDúLDWLQJHVFRSXO´ 'XS PRGHOXOOXLXWQ DMXQJHV VHFUHH]HXQTXRQ VLQWDJP  LQWURGXFWLY DWHVWDW QXPDLvQWH[WHOHGHODWLQ IDPLOLDU GHH[HPSOX OD+RUDWLXVvQ6HUPRQHVVDXvQOLWHUDWXUDHSLVWRORJUDILF  ÌQODWLQDDUKDLF VDXWLOL]DWvQSDUDOHOFXTXRúLRDOW IRUP GH DEODWLY DGYHUELDOL]DW D SURQXPHOXL UHODWLY TX  FDUH D VHUYLW úL HD R EXQ YUHPHvQFDOLWDWHGHFRQMXQF LHILQDO  PDJLVTXLFUHGDWLVGLFDP ÄFDV P FUHGH LPDLELQHDPV Y VSXQ>DFHDVWD@´ ÌQ VIkUúLW GDF  DSDUH DGYHUEXO QRQ HVWH XWLOL]DW FD QHJD LH GH FXYkQWQXGHSURSR]L LH XWDPHQRQHLHFWXVDGDOLHQRVVHGLQXLWDWXVDGWXRV  HVVH XLGHDULV ÄSHQWUXFDWXV SDULQXF DLIRVWL]JRQLWGHF WUHPLQHvQ PLMORFXOXQRURDPHQLVWU LQLFLF DLIRVWFKHPDWODDLW L´ 7LPSXULOH XWLOL]DWH vQ PRG FRQVWDQW vQ SURSR]L LD ILQDO  VXQW SUH]HQWXOúL±vQFRQFRUGDQ FXXQWLPSWUHFXWDOYHUEXOXLUHJHQWHL± LPSHUIHFWXO&21-81&7,98/8,3HUIHFWXOVHvQWkOQHúWHUDU 6XEVWLWXLUHDSURSR]L LHLILQDOH $UHORFSULQLQWHUPHGLXOXUP WRDUHORUPRGDOLW LPRUIRVLQWDFWLFH 39$SDUWLFLSLXOYLLWRUDFWLY GXS YHUEHGHGHSODVDUHPLúFDUH 5HGLLWWHPSWDWXUXV Ä6DvQWRUVFDV vQFHUFH´ 6XSLQXOvQ$&GXS YHUEHGHPLúFDUHGHSODVDUH 9HQLXQWSRVWXODWXP Ä9LQV FHDU ´ 

,QILQLWLYXOSUH]HQWDFWLYGXS YHUEHGHPLúFDUHVDXDVLPLODWHFXHOH ,EDWXLGHUHIHUDV Ä0HUJHDV YDG ILDUH´   5HODWLYDFLUFXPVWDQ LDO  1DPQHTXH'UXLGHVKDEHQWTXLUHEXVGLXLQLVSUDHVLQW Ä& FL QLFLQXDXGUXL]LFDUH FD V ILHvQIUXQWHDFHUHPR QLLORUUHOLJLRDVH´  6LQWDJPH JHUXQ]LDOH úL JHUXQGLYDOH vQ $& úL vQ * SUHFHGDWH GH FDXVDHUJRJUDWLD  %UHXHWHPSXVDHWDWLVVDWLVORQJXPHVWDGEHQHXLXHQGXP Ä6FXUWXOWLPSDOYLH LLHVWHGHVWXOGHOXQJSHQWUXDWU LELQH´ 1XPTXDP H[LVWLPDXL VSHP XOODP HVVH KDELWXURV 0LORQLV LQLPLFRVDGHLXVVDOXWHPH[VWLQJXHQGDPHLXVTXHDGJORULDPSHUWDOHV XLURVLQIULQJHQGDP Ä1LFLRGDW  QDP FUH]XW F  GXúPDQLL OXL 0LOR YRU DYHD YUHR VSHUDQ  V L QLPLFHDVF  YLD D úL V L ]GUREHDVF  JORULD SULQ DVWIHO GH E UED L´  ,, 35232=, ,$&,5&8067$1 ,$/ &216(&87,9   6SUH GHRVHELUH GH ILQDO  SURSR]L LD FRQVHFXWLY  LQGLF  XQ UH]XOWDW R FRQVHFLQ   FDUH QX HVWH vQ PRG QHFHVDU F XWDW  VDX YRLW  úL FDUH DGHVHRUL UHSUH]LQW  XQ IDSW UHDOL]DW vPSOLQLW &RPSRU WDUHDHLVLQWDFWLF VDPRGHODWGXS FHDDILQDOHLXWLOL]kQGXVHDFHHDúL FRQMXQF LHXWFXDFHODúLPRG&21-81&7,98/JHQHUDOL]DW 3XQFWXOGHSRUQLUHODXUHSUH]HQWDWDQXPLWHWXUQ~ULVLQWDFWLFHvQ FDUHVXE]LVW LGHHDGHLQWHQ LHVDXGHHYHQWXDOLWDWH ,WDSDUDXLFRSLDVIDFLOHXWXLQFDP ÄÌQDúDIHOPLDPGLVSXVWUXSHOHvQFkW FD V vQYLQJXúRU´ 4XLVWDPGHPHQVHVW XWVXDXROXQWDWHPDHUHDW" Ä&LQH HVWH DWkW GH OLSVLW GH PLQWH vQFkW GH EXQ YRLH V  VH vQWULVWH]H"´ ÌQ DFHVW IHO VD I FXW IRDUWH XúRU WUHFHUHD GHODILQDO ODFRQVH FXWLY vQYLUWXWHDIDSWXOXLF DFHDVWDGLQXUP HQXQ XQIDSWUHDOL]DW RXUPDUH 6FULSWDOH[LWDGLOLJHQWHUHVWXW>@DSSDUHDW Ä/HJHDDIRVWUHGDFWDW FXDWkWDVFUXSXOR]LWDWHvQFkWV VH YDG FODU´





'XS  FXP VH REVHUY  úL GLQ H[HPSOXO GH PDL VXV GLIHUHQ D GLQWUH LGHHD GH ILQDOLWDWH úL FHD GH FRQVHFX LH U PkQH IRDUWH VODE  DGHVHRUL DOHJHUHD vQWUH HOH ILLQG O VDW  vQ VHDPD OHFWRUXOXL VDX D DXGLWRUXOXL &HOPDLDGHVHDSURSR]L LDFRQVHFXWLY H[SULP HIHFWXOXQHL DQXPLWH VLWXD LL VDX DO XQHL FDOLW L HIHFW FDUH D DWLQV XQ JUDG GHWHUPLQDW &RUHODWLYHOH OXL XW VXQW vQ DFHVW FD] DGHR WDP WDOLV WDQWXV WDQWXP úL SULQ DGRSWDUH LV WRDWH DYkQG VHQVXO GH ÄDVWIHO´ ÄDWkW´ &X DOWH FRUHODWLYH PDL DOHV LWD úL VLF XW LQWURGXFkQG R FRQVHFXWLY H[SULPDPDQLHUDVDXPRGDOLWDWHDvQFDUHVHHIHFWXHD]  DF LXQHDYHUEXOXLSULQFLSDOHL 4XHP GLVFHGHQWHP VLF XQLXHUVD FLXLWDV $WKHQLHQVLXP SURVHFXWDHVWXWODFULPLVGHVLGHULLIXWXULGRORUHPLQGLFDUHW ÄÌQWUHJXO RUDú DO $WHQHL vQ DúD IHO OD vQVR LW SH DFHVWD FDUH SOHFD vQFkW V úL DUDWH SULQ ODFULPL VXIHULQ D SHQWUX YLLWRDUHD GRULQ  >GXS HO@´ 1HJD LDXWLOL]DW HVWHGHRELFHLDFHHDDUHDOLW LLúLDQXPHQRQ $G VHVH DUFHVVL LXEHQW XW WXR QRQ OLFHDW GDUH RSHUDP  QHJRWLR  Ä>(OH@GDXSRUXQF V ILLFRQGXVODHOH>vQDúDIHO@vQFkWQX PLHFXSXWLQ V P RFXSGHDIDFHUHDWD´ 6HSRDWHXWLOL]DúLQ GDF VHLQGXFHLGHHDXQHLLQWHQ LLDQXPH 6WUXHUH XHUED VLF XW QHXH DVSHU FRQFXUVXV HRUXP QHXH KLXOFXVVLW Ä$GLVSXQHFXYLQWHOHGHDúDPDQLHU vQFkWV QXH[LVWHQLFLR FLRFQLUHGXU DORUQLFLSDX] ´ 3ULQFLSDOHOHWLPSXULXWLOL]DWHVXQWFDúLSHQWUXILQDO SUH]HQWXO úL LPSHUIHFWXO &21-81&7,98/8, 3HUIHFWXO VH vQWkOQHúWH PDL IUHF YHQWGHFkWvQFD]XOILQDOHLDWkWFDSHUIHFWSURSULX]LVFkWúLFDSHUIHFW LVWRULF &RQVWUXF LLSDUWLFXODUH   LWD  XW VDX XW VLQJXU  FX YDORDUH UHVWULFWLY  úL FX VHQVXO ÄFX FRQGL LDV ´QHJD LDHVWHQ FRQMXQFWLYXOYROLWLY ,WD SUREDQGD HVW  FOHPHQWLD XW DGKLEHDWXU UHL SXEOLFDH FDXVDVHXHULWDV Ä&OHPHQ D WUHEXLH DFFHSWDW  >QXPDL@ FX DFHDVW  FRQGL LH >úLDQXPH@V VHDGDXJHODHDvQLQWHUHVXOVWDWXOXLVHYHULWDWHD´ 

6HGLWDXWHDUHVDXWSURVLWDXWFHUWHQHREVLWUHLSXEOLFDH Ä'DU FX FRQGL LD vQ DúD IHO  FD OXFUXO UHVSHFWLY ILH V  IROR VHDVF ILHFHOSX LQV QXG XQH]HVWDWXOXL´   TXDP XW GXS  XQ DGMHFWLY VDX XQ DGYHUE OD FRPSDUDWLY ÄSUHD  vQFkWV ´ VLJQDULJLGLRUDTXDPXWLPLWHQWXUXHULWDWHP Ä  VWDWXL SUHD ULJLGH vQFkW V  ILH vQ VWDUH V  UHSURGXF  DGHY UXO>YLH LL@´  XWQRQFRQVHFXWLYFXYDORDUHVXSOLPHQWDU PRGDO ÄI U FD V ´ &XLXVHJRLQJHQLXPLWDODXGRXWQRQSHUWLPHVFDP Ä7DOHQWXOOXLHXvOODXGvQDúDP VXU vQFkWQXP WHPI U V  DPPRWLYHGHWHDP ´ 5HJQDUHQROROLEHUXWQRQVLPPLKL Ä1Dú YUHD V  GRPQHVF I U  V  ILX OLEHU SHQWUX PLQH V  P  VLPWOLEHU vQDúDIHOvQFkWV QXP VLPWOLEHU ´  &21&/8=,,),1$/(  'HRDUHFH DWkW ILQDOD FkW úL FRQVHFXWLYD H[SULP  R DF LXQH SRVWHUL RDU vQUDSRUWFXUHJHQWDDFHVWHGRX FLUFXPVWDQ LDOHQXVHSRWvQORFXLSULQWUR SURSR]L LHSDUWLFLSLDO DEVROXW DEODWLYXODEVROXW  ÌQOLPEDURPkQ FRQVHFXWLYDDILUPDWLY DUHPRGXOLQGLFDWLYGHFHOH PDLPXOWHRULÄvQFkWPLDLVSXV´ÄvQFkWúWLH´ÄvQFkWYHQL L´HWF SHFkQGFHD QHJDWLY GDF UHJHQWDHúLHDQHJDWLY DUHPRGXOFRQMXQFWLY 1XOOXVGRORUHVWTXHPQRQORQJLQTXLWDVWHPSRULVPLQXDW Ä1X H[LVW  QLFL R GXUHUH >GH DúD QDWXU @ SH FDUH   vQFkW  V  QX R PLFúRUH]HWUHFHUHDWLPSXOXL´



,,, 35232=, ,$&,5&8067$1 ,$/ &$8=$/   ([SULP  DúD FXP vL LQGLF  QXPHOH FDX]D ± UHDO  SUHVXSXV  VDX SUREDELO  ± FDUH GHWHUPLQ  GHVI úXUDUHD DF LXQLL GLQ SURSR]L LD UHJHQW  ÌQ OLPED ODWLQ  VH IRORVHVF XUP WRDUHOH FRQMXQF LL VDX ORFX LXQL FRQMXQF LRQDOHúLPRGXULSHQWUXUHGDUHDFLUFXPVWDQ LDOHLFDX]DOH  TXRGTXLDTXRQLDPTXDQGRÄILLQGF ´ÄGHRDUHFH´ 



6H IRORVHúWH ,1',&$7,98/ FkQG FDX]D H[SULPDW  HVWH FRQVL GHUDW  D IL FHD DGHY UDW  FHD UHDO  úL RELHFWLY  QX XQ SUHWH[W VDX R S UHUHDFXLYDÌQDFHDVW VLWXD LHYRUELPGHRFDX]DO UHDO  6H IRORVHúWH vQ VFKLPE &21-81&7,98/ DWXQFL FkQG FDX]D H[SXV  QX HVWH XQ IDSW UHDO RELHFWLY FL R SUHVXSXQHUH R RSLQLH VXELHFWLY ILHDDXWRUXOXLHQXQ XOXLILHDWULEXLW XQHLDOWHSHUVRDQH  ÌQDFHVWFD]HVWHYRUEDGHRFDX]DO  LUHDO VDXGHVWLOXO LQGLUHFW RUDWLRREOLTXD vQVHQVODUJ ([HPSOHFXWRDWHFRQMXQF LLOHúLDPEHOHPRGXUL  7 0DQOLXV 7RUTXDWXV ILOLXP VXXP TXRG LV FRQWUD LPSHULXPLQKRVWHVSXJQDXHUDWQHFDULLXVVLW Ä70DQOLXV 7RUTXDWXV D SRUXQFLW V  ILH XFLV SURSULXO V X ILX SHQWUXF OXSWDVHFXGXúPDQLLvPSRWULYDRUGLQXOXLV X´ 1RFWX DPEXODEDW LQ SXEOLFR 7KHPLVWRFOHV TXRG VRPQXP FDSHUHQRQSRVVHW Ä7KHPLVWRFOHVVHSOLPEDSHVWU ]LvQWLPSXOQRS LLVXEPRWLY >±]LFHDHO±@F QXSXWHDDGRUPL´ 4XRQLDPLDPQR[HVWLQXHVWUDWHFWDGLVFHGLWH Ä'DWILLQGF HVWHGHMDQRDSWHSOHFD LODFDVHOHYRDVWUH´ 2E KRF TXLD SDUXP GLJQLWDWLV LQ OHJDWLRQH HVVHW SDFHP QHJDXHUXQW Ä'LQDFHDVW SULFLQ DXUHIX]DWSDFHDSHQWUXF >±]LFHDXHL±@ VROLDQXSUHDSUH]HQWDSUHVWLJLX´ 1XQFTXDQGRIRUWXQDOLFHWIHVWLQDDWTXHXWFRHSLVWL  SHUJH  Ä$FXPFkW YUHPHGDWILLQGF VRDUWDRvQJ GXLHJU EHúWHWH úLFRQWLQX FXPDLvQFHSXW´ &kQG VXERUGRQDWD FDX]DO  HVWH QHJDWLY  HD VH LQWURGXFH SULQ FRQMXQF LLOHQRQTXRGQRQTXLDQRQTXRÄQXSHQWUXF ´úLGHUHJXO  VHFRQVWUXLHúWHFXPRGXO&21-81&7,9GHRDUHFHIDSWXOILHúLUHDO QXFRQVWLWXLHDGHY UDWDFDX]  ,QJHPLVFXQW QRQ TXRG GROHDQW VHG TXLD RPQH FRUSXV LQWHQGLWXU Ä(L vQFHSDJHPHQXILLQGF DUVXIHULFLILLQGF OLVHvQWLQGH vQWUHJXOWUXS´ 

7RWXúLGDF DXWRUXOLQVLVW DVXSUDUHDOLW LLIDSWXOXL±FKLDUFkQG DFHVWD QX HVWH FDX]D DF LXQLL GLQ UHJHQW  ± VH IRORVHúWH XQHRUL úL ,1',&$7,98/ 1RQTXLDDGHVGLFRKRF Ä1XILLQGF HúWLWXGHID RVSXQ´  FXP&21-81&7,98/ÄILLQGF ´ÄvQWUXFkW´ &DX]DODLQWURGXV SULQFXPVHFRQVWUXLHúWHREOLJDWRULXFXPRGXO &21-81&7,9LQGLIHUHQWGHQDWXUDFDX]HLH[SULPDWHVDXGHUHDOLWDWHD IDSWXOXL $FHVW OXFUX HVWH YDODELO vQ HSRFD ODWLQHL FODVLFH úL UHIOHFW  WHQGLQ D JHQHUDO  D OLPELL ODWLQH GH D IRORVL FRQMXQFWLYXO FD PRG DO VXERUGRQ ULL 8QHRUL FRQMXQF LD FXP HVWH SUHFHGDW  úL vQW ULW  FD YDORDUH VHPDQWLF  GH DGYHUEHOH SUDHVHUWLP TXLSSH XWSRWH ÄPDL DOHV´ ÄFX DWkWPDLPXOW´ &XP VROLWXGR HW XLWD VLQH DPLFLV LQVLGLDUXP HW PHWXV SOHQD VLWUDWLRLSVDPRQHWDPLFLWLDVFRPSDUDUH Ä)LLQGF VLQJXU WDWHDúLYLD DI U SULHWHQLHVWHSOLQ GHFXUVH úLGHWHDP UD LXQHDvQV úLQHVI WXLHúWHV QHF XW PSULHWHQL´ 'HIHQGLWH VRFLRUXP OLEHUWDWHP SUDHVHUWLP FXP HWLDP GH XHVWUDDJDWXU Ä$S UD L OLEHUWDWHD DOLD LORU PDL DOHV ILLQGF  H YRUED úL GH D YRDVWU ´ 6XEVWLWXLUHDSURSR]L LHLFDX]DOH 3RDWHDYHDORFSULQVLQWDJPHFRQVWUXF LL VDXSULQDOWHWLSXULGH SURSR]L LL D SULQWUXQVLQJXUSDUWLFLSLXDFRUGDWvQJHQQXP UúLFD]FXVXEVWDQ WLYXO OD FDUH VH UDSRUWHD]  úL FDUH IRUPHD]  R YHULWDELO  SURSR]L LH SDUWLFLSLDO  QXPLW  UHODWLY  F FL DUH FRPSOHPHQWH úL  VDX DWULEXWH SURSULLGDUúLGHSHQGHQ PRUIRVLQWDFWLF GHRUHJHQW  6DSLHQWHPQLKLOQLVLWXUSLWXGLQHPWLPHQWHPVHTXDPXU Ä6 OX PSLOGDvQ HOHSWXOXLFDUH GHRDUHFH HOQXVHWHPHGH QLPLFDOWFHYDvQDIDU GHUXúLQH´ E  SULQWUXQ SDUWLFLSLX vQ FD]XO DEODWLY DOF WXLQG SURSR]L LD SDUWLFL SLDO  DEVROXW  vQWUXFkW SDUWLFLSLXO QX VH PDL DFRUG  vQ QLFLXQ IHO FX YUHXQVXEVWDQWLYVDXvQORFXLWRUDOOXLGLQUHJHQW  



+RVWHVWUXFLGDWRGXFHIXJDWLVXQW Ä'XúPDQLL SLHU]kQGXúL FRPDQGDQWXO   GHRDUHFH IXVHVH RPRUkWFRPDQGDQWXOORU DXIRVWSXúLSHIXJ ´ F SULQWURSURSR]L LHUHODWLY FLUFXPVWDQ LDO  +DEHRVHQHFWXWLPDJQDPJUDWLDPTXDHPLKLWHPSHUDQWLDP  DX[HULW  Ä$P R PDUH UHFXQRúWLQ  ID  GH E WUkQH H FDUH   SHQWUX F PLDVSRULWFXPS WDUHD´  ,9 35232=, ,$&,5&8067$1 ,$/ &203$5$7,9   1XPLW úLPRGDO VDXPRGDOFRPSDUDWLY DFHDVW VXERUGRQDW  H[SULP PRGXOUHVSHFWLYPRGDOLWDWHDvQúLSULQFDUHVHUHDOL]HD]  DF LXQHD UHJHQWHL vQ FRPSDUD LH FX FHD GLQ VXERUGRQDW  (D IRU PHD]  DVWIHO DO GRLOHD WHUPHQ GH FRPSDUD LH vQ UDSRUW FX SURSR]L LD UHJHQW FDUHHVWHSULPXO $F LXQHDIDSWXOVWDUHDFXFDUHVHFRPSDU DF LXQHDIDSWXOVDX VWDUHD H[SULPDWH SULQ  vQ UHJHQW  SRW IL UHDOH úL vQ DFHVW FD] PRGXO FRPSDUDWLYHL YD IL ,1',&$7,98/ VDX SUHVXSXVH vQFKLSXLWH E QXLWHúLDWXQFLPRGXOFRPSDUDWLYHLYDIL&21-81&7,98/ 3ULQXUPDUHPRGDOFRPSDUDWLYDFXQRDúWHGRX WLSXULVLQWDFWLFR VHPDQWLFH $ 02'$/&203$5$7,9$ 5($/  ± FRQVWUXLW  vQWRWGHDXQD FX ,1',&$7,98/ (VWH LQWURGXV  SULQ FRQMXQF LLOH XWL  XHOXWL  VLFXWL  ÄFXP´ ÄGXS  FXP´ ÄSUHFXP´ ÄDúD FXP´ TXHPDGPRGXP ÄLG´ ÄDVWIHO FXP´ FRQMXQF LL SUHFHGDWH GH RELFHL GH DGYHUEH IXQF LRQkQG vQ FDOLWDWHGHFRUHODWLYHLWDVLFÄDúD´ÄDVWIHO´LWHPÄWRWDúD´ 9HQLWXWL GL[LVWL Ä$YHQLWSUH FXPDL]LV´ 8WL VHPHQWHPIHFHULVLWDPHWHV Ä'XS FXPYHLILSXVV PkQ DVHP QDWDúDYHLVHFHUD´ +DHFVLFXWL H[SRVXLLWDJHVWDVXQW Ä$FHVWHDDúDVDXSHWUHFXWGXS FXPOHDPDU WDWvQI LúDW´ 4XHPDGPRGXP VLQJXOL KRPLQHV PRUELV WHQWDQWXU VLF XQLXHUVDHTXRTXHFLXLWDWHVLQPRUERVSRVVXQWLQFLGHUH Ä'XS FXPILHFDUHRPHVWHvQFHUFDWGHEROLWRWDVWIHOúLWRDWH FHW LOHSRWV FDG vQEROL´ 

'XS  FXP VH REVHUY  GLQ SULPXO H[HPSOX GDW GH IRDUWH PXOWH RULXWPRGDOFRPSDUDWLYVHUYHúWHVSUHDLQWURGXFHRVLPSO DG XJLUHR ÄSDUDQWH] ´ GH DFHHD PRGDOFRPSDUDWLYD GH DFHVW WLS VH vQI LúHD]  DVHPHQHDXQHLSURSR]L LLLQFLGHQWH 8QHRUL XW PRGDOFRPSDUDWLY LQWURGXFH R SURSR]L LH HOLSWLF  GH SUHGLFDW &DHOLXV$QWLSDWHUIXLWVFULSWRUXWWHPSRULEXVLOOLVOXFXOHQWXV Ä&DHOLXV $QWLSDWHU D IRVW FD SHQWUX YUHPXULOH DFHOHD XQ VFULLWRUVWU OXFLW´ 0RGDOFRPSDUDWLYD UHDO  SRDWH IL LQWURGXV  úL SULQ SURQXPH FRUHODWLYHSUHFXPúLSULQDGYHUEHFRUHODWLYH



$'-(&7,9(ù,$'9(5%( &25(/$7,9( vQUHJHQW  ÄFkWGH ´>PDUH@ WDQWXV ÄDWkWGHPDUH´ ÄSHFkWGH ´ÄvQIHOXO WDOLV ÄSHDWkWGH´ vQFDUH´ ÄDVWIHOGH´ ÄFkW ´ÄFk LH´ WRW ÄDWkW ´ÄDWk LH´

352180(&25(/$7,9( vQVXERUGRQDW  TXDQWXV TXDOLV



TXRW

$'9(5%(&25(/$7,9( vQVXERUGRQDW  TXRWLHQV ÄGHFkWHRUL´ TXDP ÄSUHFXP´ TXDQWRS UH ÄFkWGHPXOW´ TXDPGLX ÄFkW YUHPH´ TXDQWR ÄSHFkW´ 



$'9(5%(&25(/$7,9( vQUHJHQW  WRWLHQV ÄGHDWkWHDRUL´ WDP ÄDúD´ÄDVWIHO´ WDQWRS UH ÄDWkWGHPXOW´ WDPGLX ÄDWkWDYUHPH´ WDQWR ÄSHDWkW´

7DQWXPDGHSWLVXPXV TXDQWXPSHUXLUHVQRVWUDVOLFXLW Ä$WkWDPUHXúLWV FkúWLJ PFkWDIRVWvQJ GXLWVDSXWXWSULQ SXWHULOHQRDVWUH´ 7DOHPUHOLTXLTXDOHPLQXHQL Ä$úDODPS U VLWSUH FXPODPJ VLW´ 4XRWKRPLQHV>VXQW@WRWVHQWHQWLDH>VXQW@ Ä&k LRDPHQL>VXQW@DWkWHDS UHUL>VXQW@´





%02'$/&203$5$7,9$,5($/ QXPLW úL&21', ,2 1$/  ([SULP  R DF LXQH LPDJLQDU  LUHDO  VDX R LSRWH]  FDUH HVWH FRPSDUDW FXDF LXQHDUHDO úLGHWHUPLQDW GLQSURSR]L LDUHJHQW  6HFRQVWUXLHúWHvQWRWGHDXQDFXPRGXO&21-81&7,9 (VWH LQWURGXV  GH XUP WRDUHOH FRQMXQF LL úL ORFX LXQL FRQMXQF LR QDOHXWVLXHOXWVLWDPTXDPVLWDPTXDPVLWDPTXDP TXDVLSURLQGHDF VLSURLQGHTXDVLDHTXHDFVLSHULQGHDFVLQRQVHFXVDFVLÄFDúLFXP´ ÄFDúLFkQG´ÄQXDOWIHOGHFDúLFXP´vQWUDGXFHUHDFRQMXQFWLYXOXLODWLQ VHUHFRPDQG IRORVLUHDDLFLDFRQGL LRQDORSWDWLYXOXLURPkQHVF 6HTXDQL$ULRXLVWLDEVHQWLVFUXGHOLWDWHPXHOXWVLSUDHVHQV  HVVHW KRUUHEDQW Ä6HFYDQLLDYHDXJURD] GHFUX]LPHDOXL$ULRYLVWXVFKLDUFkQG HUDGHSDUWHFDúLFXPDUILIRVWGHID ´ 4XLGHJRKLVWHVWLEXVXWRUTXDVLUHVGXELDDXWREVFXUDVLW" Ä'H FH P  IRORVHVF HX GH PDUWRULL DFHúWLD FD úL FXP FKHVWL XQHDDUILQHVLJXU VDXQHFODU "´ 'H DEVHQWLEXV DPLFLV VDHSH VROOLFLWL VXPXV SURLQGH DF VL TXLGPDOLHLVDFFLGHULW Ä$GHVHDVXQWHPQHOLQLúWL LFXSULYLUHODSULHWHQLLFDUHQXVXQW FXQRLGHSDUF FDúLFXPOLVDUILvQWkPSODWYUHRQHQRURFLUH´ 6H SRDWH UH LQH úL IDSWXO F  XQHOH FRQMXQF LL SUHFXP XW VLFXW WDPTXDPúLTXDVLSRWLQWURGXFHSURSR]L LLHOLSWLFHGHSUHGLFDWGDUFX YDORDUHLSRWHWLF QXLQFLGHQWDO  *DOOL ODHWL XW H[SORUDWD XLFWRULD >VFLO HVVHW@ DG FDVWUD UHXHUWXQW Ä*DOLLYLFWRULD>ILLQG@FDúLFkúWLJDW VHvQWRUFvQWDE U ´ )RDUWHUDUHVWHIRORVLW ±úLQXPDLvQSRH]LHVDXvQSUR]DSRHWLF ± RFRQMXQF LHFRPSDUDWLY LUHDO FDFHXÄFDúLFXPFkQG´ +LF XHUR LQJHQWHP FHUQLPXV SXJQDPFHX FHWHUD QXVTXDP EHOODHVVHQW Ä$LFLvQV ] ULPROXSW XULDú GHSDUF FHOHODOWHE W OLLQDU H[LVWDQLF LHUL´





9 35232=, ,$&,5&8067$1 ,$/ 7(0325$/   &DúLvQOLPEDURPkQ DFHVWWLSGHVXERUGRQDW FLUFXPVWDQ LDO  LQGLF  UDSRUWXUL WHPSRUDOH YDULDWH IDSW FDUH LQIOXHQ HD]  vQWUR DQXPLW  P VXU  IRORVLUHD PRGXULORU $VWIHO ,1',&$7,98/ VH XWLOL]HD] SHQWUXGHVHPQDUHDUHDOLW LLGHVI úXU ULLvQWLPSDDF LXQLL SHFkQG&21-81&7,98/HVWHIRORVLWXQHRULFXYDORULOHOXLVSHFLILFH DOWHRULGRDUFDPDUF PRG DO VXERUGRQ ULL 1HJD LDIRORVLW HVWHvQWRWGHDXQDQRQ 9RPSUH]HQWDvQFRQWLQXDUHDFHDVW VXERUGRQDW FLUFXPVWDQ LDO  vQ IXQF LH GH WUHL SDUDPHWUL   UDSRUWXO WHPSRUDO   HOHPHQWHOH LQWURGXFWLYH PRGXULOHXWLOL]DWH 5$32578/ 7(0325$/ (/(0(17( ,1752'8&7,9( 02'85, ,7HPSRUDODGHDQWHULRULWDWH ,DQWHULRULWDWHSURSULX]LV  FXPÄKLVWRULFXP´ &21-81&7,98/00&3 ÄGXS FH´ SRVWTXDP,1',&$7,98/   9HUFLQJHWRUL[ FXPDGVXRVUHGLVVHW UHVSRQGLW Ä9HUFLQJHWRUL[GXS FHVDvQWRUVODDLV LDU VSXQV´ (RSRVWTXDP&DHVDUSHUX QLWREVLGHVDUPDVHUXRVSRSRVFLW Ä'XS FH&DHVDUDDMXQVDFRORDFHUXWRVWDWLFLDUPHVFODYL´ ,DQWHULRULWDWHLPHGLDW  VLPXODFVLPXODWTXHÄGHFXP´ ,1',&$7,98/ FXPXELXWSULPXP   ÄvQGDW FH´ 3HORSLGDVQRQGXELWDXLWVLPXODFFRQVSH[LWKRVWHP Ä3HORSLGDVQXDPDLVWDWSHJkQGXULGHvQGDW FHODY ]XWSH GXúPDQ´ 3RPSHLXV XW SULPXP HTXLWDWXP VXXP SXOVXP XLGLW DFLHH[FHVVLW Ä3RPSHLXVvQGDW FHúLDY ]XWFDYDOHULDSXV SHIXJ DLHúLW GLQOLQLDGHE WDLH´ GHSHFkPSXOGHOXSW  &XPSULPXPSRWHULVWXDFRQVLOLDDGPHVFULEDV ÄÌQGDW  FH YHL SXWHD V PL VFULL VIDWXULOH WDOH´  ÄV PL WULPL LVIDWXULOHWDOHvQVFULV´  



,,7HPSRUDODGHVLPXOWDQHLWDWHGHFRQFRPLWHQ  ,,PRPHQWDQ VDXJHQHULF  FXP XELXW,1',&$7,98/ ÄFkQG´ÄDWXQFLFkQG´ &DHFLVXQWRFXOL>WXP@FXPDQLPXVDOLDVUHVDJLW Ä2UELVXQWRFKLLDWXQFLFkQGVXIOHWXOIU PkQW DOWHOXFUXUL´ 8ELXDOHPXVIDFLOHRPQHVUHFWDFRQVLOLDDHJURWLVGDPXV Ä&kQGVXQWHPV Q WRúLXúRUG PWR LVIDWXULEXQHFHORUEROQDYL´ ,,GXUDWLY 

&21-81&7,98/ ÄSHFkQG´ÄvQWLPS FXPÄKLVWRULFXP´ ,03(5)(&7 YUHPHFH´ÄvQ ÄQDUUDWLXXP´  YUHPHDvQFDUH´ ,1',&$7,98/ ÄFkWWLPS´ GXPGRQHFTXRDG &21-81&7,98/ ÄSkQ V ´ÄQXPDLV ´  FXRQXDQ ILQDO VXSOLPHQWDU     &XPSDEXOLFRSLDHVVHLQFLSHUHW&DHVDUDGH[HUFLWXPXHQLW Ä3H FkQG vQFHSHD V  ILH EHOúXJ GH QXWUH  &DHVDU D YHQLW OD DUPDW ´ $JHVLODXVFXPH[$HJ\SWRUHXHUWHUHWXUGHFHVVLW Ä$JHVLODXVvQYUHPHDFkQGVHvQWRUFHDGLQ(JLSWDPXULW´ 'RQHFHULVIHOL[PXOWRVQXPHUDELVDPLFRV Ä&kWWLPSYHLILIHULFLWPXO LSULHWHQLYHLQXP UD´ +DHFGXPDJXQWXU$ULRXLVWXVLDPSHUXHQHUDW Ä3HFkQGVHSHWUHF>HDX@DFHVWHD$ULRYLVWXVGHMDDMXQVHVH´ 3DXFRV GLHV PRUDWXV HVW GXP VH FRSLDH DE &RUF\UD DVVHTXHUHQWXU Ä$] ERYLWSX LQH]LOHSkQ V VHDGXQHWUXSHOHGHOD&RUF\UD´ 1XQF DQLPXP DGXRUWLWH TXRDG KXLXV DUJXPHQWXP HORTXDU FRPRHGLDH Ä$FXPOXD LDPLQWHQXPDLSkQ >DSXF@V >Y @VSXQVXELHFWXO DFHVWHLFRPHGLL´



ÄGHWHUPLQDWLXXP´VDXÄWHPSRUDOH´vOSRDWHDYHDFRUHODWLYvQUHJHQW SHWXP ÄDWXQFL´ 

,,,7HPSRUDODGHSRVWHULRULWDWH DQWHTXDP ,1',&$7,98/ÄvQDLQWHGHD´FkQGDXWRUXO SULXVTXDP FRQVLGHU IDSWXOFDVLJXU &21-81&7,98/ÄvQDLQWHFD´ÄvQDLQWHV ´ FkQGDXWRUXOFRQVLGHU IDSWXOLQFHUWSRVLELOVDX SUREDELORULHVWHLQGXV úLLGHHDGHVFRS $QWHTXDPDGVHQWHQWLDPUHGHRGHPHSDXFDGLFR ÄÌQDLQWH GH D P  vQWRDUFH OD VXELHFW vQI LúH] FkWHYD OXFUXUL GHVSUHPLQH´ $QWHTXDPGHSUDHFHSWLVRUDWRULLVGLFDPXVXLGHWXUGLFHQGXP GHJHQHUHLSVLXVDUWLV ÄÌQDLQWHV YRUELPGHVSUHSUHFHSWHOHRUDWRULFHPLVHSDUHF H QHFHVDUDYRUELF WUHEXLHV YRUEHVFGHVSUHIHOXODUWHLvQVHúL´ 0HPEULVXWLPXUSULXVTXDPGLGLFLPXVHRUXPXWLOLWDWHP Ä1HIRORVLPGHPHPEUHvQDLQWHGHDILvQY DWIRORVXOORU´ 3ULXVTXDPLQFLSLDVFRQVXOWRRSXVHVW ÄÌQDLQWHV vQFHSL>FHYD@HQHYRLHGHREXQ FKLE]XLQ ´ 9DORULSDUWLFXODUHDOHFRQMXQF LHLFXP,1',&$7,98/FXP ÄGHWHUPLQDWLXXPXHOWHPSRUDOH´  D  FXP ,7(5$7,990 LQGLF  UHSHWDUHD DF LXQLL vQ WLPS ÄRUL GH FkWH RUL´  ,1',&$7,98/ 3)  00&3 VH WUDGXFH SULQ SUH]HQWXO VDX LPSHUIHFWXOLQGLFDWLYGLQOLPEDURPkQ  &XPDGXLOODPXHQLKRFLSVXPQLKLODJHUHPHGHOHFWDW Ä2UL GH FkWH RUL YLQ OD IHUP  vQVXúL DFHVW OXFUX D QX IDFH QLPLFP GHVIDW ´ 9HUUHVFXPURVDPXLGHUDWXHULQFLSHUHDUELWUDEDWXU Ä9HUUHVRULGHFkWHRULYHGHDXQWUDQGDILUVRFRWHDF vQFHSH SULP YDUD´ E FXP,19(5690H[SULP RDF LXQHXQIDSWSHWUHFXWLPHGLDWGXS  vPSUHMXUDUHD HQXQ DW  vQ UHJHQW  FDUH vQFHSH GH RELFHL FX XQXO GLQ DGYHUEHOHLDPXL[XL[GXPQRQGXPDHJUHÄDELD´ÄvQF ´ÄvQF QX´ ÄFXJUHX´,1',&$7,98/ÄFkQG´ 1RQGXPOX[HVVHFRHSHUDWFXPVLJQXPFRQVXOGHGLW ÄÌQF QXvQFHSXVHV ILHOXPLQ FkQGFRQVXOXODGDWVHPQDOXO´ 



$YHPGHDIDFHFXRLQYHUVDUHGHUROXUL$SDUHQWDVXERUGRQDW  HVWHGHIDSWSULQFLSDODORJLF ÄFRQVXOXODGDWVHPQDO´ LDUSVHXGR SULQFLSDOD UHSUH]LQW  vQ UHDOLWDWH WHPSRUDOD ORJLF  ÄFkQG vQF  QX vQFHSXVH V  ILH OXPLQ ´  1LFLRGDW  R SURSR]L LH LQWURGXV  SULQ FXP LQXHUVXP QX VH vQWkOQHúWH SH SULPXO ORF vQ IUD]  FHO SX LQ vQ ODWLQD FODVLF úLFXOW  F  FXP $',91&7,990 LQWURGXFH XQ IDSW FRQVLGHUDW GH DXWRUXO HQXQ XOXLGHFHDPDLPDUHLPSRUWDQ SHFDUHvQV vODGDXJ ODFHO GLQ UHJHQW  VXE IRUPD XQHL FLUFXPVWDQ H WHPSRUDOH vQ ORFXO XQHL SULQFLSDOHFRRUGRQDWHFRSXODWLYVDXDGYHUVDWLY &XPDGLXQFWLXXPHVWHXUPDWGHRELFHLGHDGYHUEHOHLQWHUHDVDX LQWHULPúLHVWHFRQVWUXLWWRWFX,1',&$7,98/ &DHGHEDWXUXLUJLVFLXLV5RPDQXVFXPLQWHUHDQXOOXV JHPLWXVDXGLHEDWXU Ä(UDE WXWFXYHUJLOHXQFHW HDQURPDQvQFDUHWLPS úLvQ DFHOWLPS QLFLXQJHDP WQXVHDX]HD´ G  FXP (;3/,&$7,990 LQGLF  HOHPHQWXO VDX HOHPHQWHOH GLQ FDUH FRQVW  DF LXQHD H[SULPDW  GH UHJHQW  6H FRQVWUXLHúWH GH DVHPHQHD QXPDLFX,1',&$7,98/SUH]HQWVDXSHUIHFW 3UDHFODUHIDFLVFXP/XFXOOLPHPRULDPWHQHV Ä)DFLIRDUWHELQHFkQGS VWUH]LDPLQWLUHDOXL/XFXOOXV´ 6XEVWLWXLUHDSURSR]L LHLWHPSRUDOH 6HSRDWHUHDOL]DSHXUP WRDUHOHF L  SULQWURSURSR]L LHSDUWLFLSLDO UHODWLY FXSDUWLFLSLXOSUH]HQWVDX SHUIHFWDFRUGDWFXXQVXEVWDQWLYGLQSURSR]L LDUHJHQW   0¶&XULRDGIRFXPVHGHQWLPDJQXPDXULSRQGXV6DPQLWHV DWWXOHUXQW Ä6DPQL LLLDXDGXVRPDUHFDQWLWDWHGHDXUOXL0DQLXV&XULXV SHFkQGHOúHGHDOvQJ YDWU ´  +DQQLEDO &DUWKDJLQH H[SXOVXV (SKHVXP DG $QWLRFKXP UHJHPXHQLW Ä+DQQLEDO DOXQJDW ILLQG  GLQ &DUWDJLQD D YHQLW OD (IHV OD UHJHOH$QWLRFKXV´ 

  SULQWUR SURSR]L LH SDUWLFLSLDO  DEVROXW  FX SDUWLFLSLXO ± SUH]HQW VDXSHUIHFW±L]RODWGHSURSR]L LDUHJHQW úLDIODWODFD]XODEODWLYFDúL VXEVWDQWLYXOFDUHUHSUH]LQW VXELHFWXOSDUWLFLSLDOHLDEVROXWH  1RVWULVUHVLVWHQWLEXVKRVWHVDGSHGHVGHVLOXHUXQW Ä3H FkQG DL QRúWUL VH PHQ LQHDX SH SR]L LHUH]LVWDX QX G GHDXvQDSRLGXúPDQLLDXGHVF OHFDW´ 2EVLGLEXVWUDGLWLV&DHVDUDEHRORFRLQILQHV$PELDQRUXP  SHUXHQLW  Ä'XS FHRVWDWLFLLDXIRVWSUHGD LGHDFROR&DHVDUDDMXQVvQ KRWDUHOHDPELDQLORU´  9, 35232=, ,$&,5&8067$1 ,$/ &21', ,21$/   (VWH FLUFXPVWDQ LDOD FDUH H[SULP  R DF LXQH VDX R VWDUH GH UHDOL]DUHD F UHLD GHSLQGH vQ PRG FRQGL LRQDW vQGHSOLQLUHD DF LXQLL GLQSURSR]L LDUHJHQW ÌQWUHSURSR]L LDFRQGL LRQDO úLUHJHQW H[LVW R VWUkQV OHJ WXU HOHIRUPkQGvPSUHXQ RXQLWDWHVLQWDFWLF DúDQXPLWD SHULRDG  FRQGL LRQDO  VDX LSRWHWLF  ÌQ JHQHUDO PRGXULOH GLQ VXERUGRQDW VXQWLGHQWLFHFHORUGLQUHJHQW FDXUPDUHDLQIOXHQ HLSH FDUH R H[HUFLW  PRGXO SUHGLFDWXOXL FRQGL LRQDOHL DVXSUD FHOXL DO SUHGLFDWXOXLUHJHQWHL &HOH GRX  SURSR]L LL FDUH FRQVWLWXLH PHPEUHOH SHULRDGHL DX R QRPHQFODWXU VSHFLDO FRQGL LRQDODVLWXDW GHUHJXO vQDLQWHDSULQFL SDOHLSHQWUXF HDSXQHFRQGL LDVHQXPHúWHSURWDV JU V  LDUUHJHQWDVLWXDW GHRELFHLGXS HDVHQXPHúWHDSRGRV  V  'XS PRGXULOHúLWLPSXULOHGLQSURWDV VHSRWGHRVHELWUHLWLSXUL DOHSHULRDGHLFRQGL LRQDOH  SHULRDGD5($/  0RGXO ,1',&$7,9 vQ SURWDV  úL RULFH PRG DO SURSR]L LHL UH JHQWHDSRGRVHL LQGLF RUHDOLWDWHRELHFWLY RDF LXQHUHDO  6LXHQLVODHWXVVXP 6LXHQLHEDVODHWXVHUDP 6LXHQLHVODHWXVHUR Ä'DF YLLYHQHDLYHLYHQLVXQWHUDPYRLILEXFXURV´ 1HXLXDPVLVFLR FRQMXQFWLYLQGLFDWLY vQUHJHQW vQFRQGL LRQDO  Ä6 QXWU LHVFGDF úWLX´ 



&RQMXQF LLOHSHULRDGHLUHDOHVXQW VLÄGDF ´FRQGL LRQDODDILUPDWLY  QLQLVLVLQRQÄGDF QX´FRQGL LRQDODQHJDWLY  VLQ VLQH VLQPLQXVVLQDOLWHUÄLDUGDF QX´  SHULRDGD327(1 ,$/  0RGXO&21-81&7,9ODWLPSXULOHSUH]HQWVDXSHUIHFW±DWkWvQ SURWDV FkWúLvQDSRGRV ±LQGLF RUHDOLWDWH VXELHFWLY DVWIHOúL FRQGL LDUHDOL] ULLDF LXQLLúLvQGHSOLQLUHDHLVXQWFRQVLGHUDWHRUHDOL WDWHSRVLELO GHFLvQSULQFLSLXSRVLELOH 6LXHQLDVODHWXVVLP Ä'DF DLSXWHDSR LYHQLDúSXWHDSRWILIHULFLW´ 6LXHQHULVODHWXVIXHULP Ä'DF DLILSXWXWSXWHDLYHQLDúILSXWXWSXWHDPILIHULFLW´ 0HGLHVXR[ODWHUDGHILFLDQWVLKDHFRPQLDQXPHUDUHXHOLP Ä0LDUOLSVLWLPSXOJODVXOUHVSLUD LDGDF DúYUHDV HQXP U WRDWHDFHVWHD´ 'XS  FXP VH REVHUY  SHULRDGD FRQGL LRQDO  SRWHQ LDO  HVWH H[SULPDW  vQ URPkQ  FD PRGXUL YHUEDOH ILH SULQ FRQMXQFWLYXO VDX RSWDWLYXO SUH]HQW ILH SULQ LQWHUPHGLXO XQHL SHULIUD]H FRQVWUXLWH FX YHUEXOPRGDOL]DWRUÄDSXWHD´ ÌQ DIDUD FRQMXQF LLORU DPLQWLWH OD SHULRDGD 5($/  VH PDL XWLOL]HD]  DWkW vQ SHULRDGD 327(1 ,$/  FkW úL vQ FHD ,5($/  FRQMXQF LLOHFXYDORDUHSURQXQ DWUHVWULFWLY OLPLWDWLY GXPPRGRúL GXPPRGRÄQXPDLGDF ´ÄQXPDLV ´ÄvQFD]F ´ÄFXFRQGL LDV ´ 2GHULQWGXPPHWXDQW Ä6 >P @XUDVF QXPDLV VHWHDP >GHPLQH@´  SHULRDGD,5($/  0RGXO&21-81&7,9ODFHOHODOWHGRX WLPSXULLPSHUIHFWXOVDX PPFS DWkW vQ SURWDV  FkW úL vQ DSRGRV  DUDW  F  ILH FRQGL LD ILH XUPDUHD HL VXQW VDX VH FRQVLGHU  LPSRVLELOH UHVSHFWLY FRQWUDUH UHDOL W LLGHFLLUHDOHRULvQSUH]HQWRULvQWUHFXW 6LXHQLUHVODHWXVHVVHP Ä'DF DLYHQLDúILIHULFLW´ 6LXHQLVVHVODHWXVIXLVVHP Ä'DF DLILYHQLWYHQHDLDúILIRVWHUDPIHULFLW´ 

1LVL$OH[DQGHUHVVHPHJRXHURXHOOHPPHHVVH'LRJHQHP Ä'DF QDúIL$OH[DQGUXDúYUHDvQWUDGHY UV ILXHX'LRJHQHV´ 1LVXEXHQLVVHWFRUXXVSHULLVVHPPLVHU Ä'HQX>PL@DUILYHQLWFRUEXOvQDMXWRUDúILSLHULWQHQRURFLW´ $OWHXWLOL] ULDOHFRQMXQF LLORUVLúLQLVL $6,FXYDORDUHFRQFHVLY &21-81&7,98/ÄFKLDUGDF ´ 1RQVLPHREVHFUHWUHGHDP Ä1XPDúvQWRDUFHFKLDUGDF PDUUXJDVW UXLWRU´ 6,FXYDORDUHFRPSOHWLY LQWHURJDWLY LQGLUHFW &21-81&7,98/  +DQFSDOXGHPVLQRVWULWUDQVLUHQWKRVWHVH[VSHFWDEDQW Ä'XúPDQLLDúWHSWDX>V YDG @GDF DLQRúWULWUHFHDXDFHDVW  PODúWLQ ´ %1,6, 'XS SURSR]L LLQHJDWLYHDUHYDORDUHOLPLWDWLY úLUHVWULFWLY ÄvQDIDU  GH´ÄGHFkW´ÄQXPDL´ÄGRDU´ $PLFLWLDQLVLLQWHUERQRVHVVHQRQSRWHVW Ä3ULHWHQLDQXSRDWHH[LVWDGHFkWvQWUHRDPHQLGHELQH´ 0LVHURVLOOXGLQROXQWQLVLIRUWHVHLDFWDQW Ä(LQXYRUFDQLúWHRDPHQLQHIHULFL LV ILHDP JL LDIDU GH FD]XOF  GDF QXFXPYD VHODXG ´ 3ULQ XUPDUH vQ DIDU  GH LQWURGXFHUHD FRQGL LRQDOHORU QHJDWLYH XQGHvQVHDPQ ÄGDF QX´QLVLVHUYHúWHúLODH[SULPDUHDXQHLH[FHS LL LDUSURSR]L LDSHFDUHRGHVFKLGHSRDWHILFKLDUOLSVLW GHSUHGLFDW 4XRGDGKXFQHPRQLVLLPSURELVVLPXVIHFLW Ä&HHD FH SkQ  DFXP QD I FXW QLPHQL GHFkW XQXO IRDUWH QHFLQVWLW´ 6XEVWLWXLUHDSURSR]L LHLFRQGL LRQDOH SULQWURSURSR]L LHSDUWLFLSLDO UHODWLY  0HQGDFLKRPLQLQHXHUXPTXLGHPGLFHQWLFUHGHUHVROHPXV ÄÌQRPXOPLQFLQRVRELúQXLPV QXDYHPvQFUHGHUHQLFLFKLDU GDF VSXQHDGHY UXO´ +RFIDFLHQVXLXDPPHOLXV Ä'DF YRLIDFHDFHDVWDYRLWU LPDLELQH´ 



SULQWURSURSR]L LHSDUWLFLSLDO DEVROXW  5HOXFWDQWHQDWXUDLUULWXVODERUHVW Ä'DF QDWXUDVHvPSRWULYHúWHHIRUWXOWUXGD>RPXOXL@H]DGDU QLF ´ SULQWURSURSR]L LHUHODWLY FLUFXPVWDQ LDO  6HGVWXOWLVXPXVTXL'UXVXPTXL$IULFDQXP3RPSHLXP >«@3&ORGLRFRQIHUUHDXGHDPXV Ä'DUVXQWHPQLúWHSURúWLGDF vQGU ]QLPV OFRPSDU PSH 'UXVXVSH$IULFDQXVSH3RPSHLXV«FX3&ORGLXV´TXL VL   9,, 35232=, ,$&,5&8067$1 ,$/ &21&(6,9  $'9(56$7,9   $FHVW WLS GH FLUFXPVWDQ LDO  IRUPHD]  R FDWHJRULH GH SURSR]L LL GHVWXOGHKHWHURJHQ GDWRULW IDSWXOXLF HOHPHQWHOHLQWURGXFWLYHVXQW IRDUWHGLIHULWHFDQDWXU úLFRQVWUXF LHvQSOXVXQHOHGLQWUHHOHPHQWHOH LQWURGXFWLYHDXDF LRQDWGLQSXQFWGHYHGHUHPRUIRORJLFúLVHPDQWLF vQGHFXUVXOHYROX LHLODWLQHLDVXSUDDOWRUDIDSWFDUHDGXVODDQXPLWH FRPSOLFD LLGHQDWXU VLQWDFWLF  ÌQVFKLPESUH]HQ DFRQVWDQW DDGYHUEXOXLWDPHQvQUHJHQW vQ FDOLWDWH GH FRUHODWLY D GHWHUPLQDW XQ VSRU GH SUHFL]LH vQ VWDELOLUHD UHOD LHL GH VXERUGRQDUH PDL DOHV GDF  HOHPHQWXO LQWURGXFWLY HUD SROLYDOHQWDFRQMXQF LHFXP &RQMXQF LLFRPSXVHFXVLÄFKLDUGDF ´  ,QGLF  GLYHUVHOH FLUFXPVWDQ H FDUH SRW VDX DU SXWHD vPSLHGLFD DF LXQHD H[SULPDW  VDX SRW VWD FD XQ REVWDFRO vQ FDOHD HL GDU vQ SRILGDDGYHUVLW LLF URUDDFHDVW DF LXQHDUHWRWXúLORFHWVLHWLDPVL WDPHWVLWDPHQHWVLÄFKLDUGDF ´ÄFKLDUGDF WRWXúL´ÄFXWRDWHF ´6H XWLOL]HD] DPEHOHPRGXUL,1',&$7,98/&21-81&7,98/  7DPVXPVHUXXVTXDPWXHWVLHJRGRPLOLEHUIXL Ä6XQWODIHOGHVFODYFDúLWLQHFKLDUGDF DFDV DPIRVWOLEHU´ (WLDPVLQROLWFRJDP Ä&KLDUGHQDUYUHDODúVLOL´ vOSRWVLOLYDORDUHDSRWHQ LDO DFRQMXQFWLYXOXL  (WLDPVLSURSWHUDPLFLWLDPXHOOHWLOOXPDELQIHULVHXRFDUH  SURSWHUUHPSXEOLFDPQRQIHFLVVHW 

Ä&KLDUGDF GLQFDX]DSULHWHQLHLDUILYUXWV ODGXF GLQOX PHDLQIHUQDO DYkQGvQYHGHUHVWDWXOQDUILI FXWR´YDORDUHDLUHDO D FRQMXQFWLYXOXL  $OWHFRQMXQF LLTXDPTXDPTXDPXLVOLFHWÄFXWRDWHF ´ÄGHúL´ 3ULPD FRQMXQF LH QX HVWH DOWFHYD GHFkW DGYHUEXO GH FRPSDUD LH TXDPGXEODW(DVHFRQVWUXLHúWHFX,1',&$7,98/GDUSULQDQDORJLH FXFHDGHDGRXDFXFDUHVHúLDVHDP Q IRUPDODMXQJHV XWLOL]H]HúL &21-81&7,98/ 4XDPTXDPKRFWLELDHJUHHVWWDPHQIDFDFFXUHV Ä'HúLDFHVWOXFUX LHJUHXvQFHDUF WRWXúLV OUHDOL]H]L´ ÄI V OIDFL´  $GRXDFRQMXQF LHDUHRRULJLQHPDUFDWYHUEDO XLVXHOOH úLD IRVW UHVLP LW  OD RULJLQH FD R ORFX LXQH YHUEDO  ÄDWkW  FkW YUHL´ ÄRUL FkW DL YUHD´ YDORDUH SHUFHSWLELO  vQF  OD 3ODXWXV TXDPXLV ULGLFXOXV HV ÄRULFkW DL YUHD V  ILL GH JOXPH ´ 8OWHULRU JUDPDWLFD OL]kQGXVH TXDPXLV VH OHDJ  GLQ FH vQ FH PDL VWUkQV GH PRGXO &21-81&7,9 FX YDORDUH SRWHQ LDO  úL VH vQWkOQHúWH GH UHJXO  SH OkQJ DGMHFWLYHVDXDGYHUEHLQGLFkQGRDQXPLW FDOLWDWHVDXXQGHIHFW 4XDPXLVPDODPUHPTXDHUDVLOOLFUHSHULDV Ä2ULFkWGHU XDUILFHHDFHFDX LDFRORODLSXWHDJ VL´ ÌQ FDOLWDWH GH VLPSOX HOHPHQW LQWURGXFWLY GH VXERUGRQDUH  TXDPXLVFDS W XQVHQVWLSLFFRQFHVLYúLVHYDFRQVWUXLREOLJDWRULXFX PRGXO&21-81&7,9 ,OODTXDPXLVULGLFXODHVVHQW«PLKLWDPHQULVXPQRQ PRXHUXQW Ä/XFUXULOHDFHOHDRULFkWGHYHVHOHDUILSXWXWIL SXWHDXIL VHQVSRWHQ LDOvQWUHFXW PLHWRWXúLQXPLDXVWkUQLWUkVXO´ ÌQWUHEXLQ DUHD ,1',&$7,98/8, GXS  TXDPXLV DSDUH DFFLGHQ WDO úLQXPDLGDWRULW LQIOXHQ HLOXLTXDPTXDPvQODWLQDSULQFLSDWXOXL WLPSXULXúLDLPSHULXOXL &HD GHD WUHLD FRQMXQF LH OLFHW QX HVWH DOWFHYD GHFkW YHUEXO LPSHUVRQDOúLXQLSHUVRQDOOLFHUHÄDILSRVLELO´ÄvQJ GXLW´ GHYHQLWFRQ MXQF LHúLvQVR LWSDUDWDFWLFGH&21-81&7,98/XQXLDOGRLOHDYHUE )UHPDQWRPQHVOLFHWGLFDPTXRGVHQWLR Ä( SRVLELO vQJ GXLW VH SRDWH V  PXUPXUH WR L YRL VSXQH FHHDFHVLPW´ ÄRULFkWDUPXUPXUDWR L«´  



ÌQFRQFRUGDQ FXDFHDVW YDORDUHYHUEDO SHUVLVWHQW OLFHW±vQ ODWLQD DUKDLF  UHVSHFWLY vQ SUR]D DUKDLF  ± QX VH XWLOL]HD]  FRQIRUP UHJXOLORU FRQFRUGDQ HL WLPSXULORU GHFkW FX SUH]HQWXO VDX SHUIHFWXO &21-81&7,98/8,WRWXúLLDW XQH[HPSOXFXPDLPXOWFDSHUIHFWXO 4XRGIDFWXPOLFHWQHFRSLQDQWLEXVQRVWULVJHVWXPHVVHW« Ä&KLDUGDF DFHVWIDSWVDSHWUHFXWI U úWLUHDDORUQRúWUL«´ &XP&21-81&7,98/GHVXERUGRQDUH ÄGHúL´ÄFXWRDWHF ´ *UDHFLD« FXP«LDP GLX H[FHOODW LQ HORTXHQWLD  WDPHQ « Ä*UHFLDFXWRDWHF GHPXOWWLPSGH LQHVXSUHPD LDvQHORFLQ  WRWXúL«´ 6RFUDWHVFXPIDFLOHSRVVHWHGXFLHFXVWRGLDQROXLW Ä6RFUDWHFXWRDWHF SXWHDILXúRUVFRVGHVXESD] QXDYUXW´ 9DORDUHD FRQFHVLY  D OXL FXP VD GHJDMDW GLQ XWLOL]DUHD VD SXU WHPSRUDO  GUHSW FDUH vQ ODWLQD DUKDLF  VH vQWkOQHVF vQF  H[HPSOH GH FXPFRQFHVLY,1',&$7,98/ 6HUXLTXLTXRPFXOS FDUHQWWDPHQPDOXPPHWXXQW« Ä6FODYLL FDUH GHúL VXQW OLSVL L GH YLQ  WRWXúL VH WHP GH SHGHDSV «´ 6XEVWLWXLUHDSURSR]L LHLFRQFHVLYH 6HUHDOL]HD] SULQLQWHUPHGLXOSURSR]L LLORUSDUWLFLSLDOHUHODWLYH VDX DEVROXWH  FD úL vQ FD]XO VXERUGRQDWHORU WHPSRUDO  FDX]DO  úL FRQGL LRQDO  5LVXV LQWHUGXP LWD UHSHQWH HUXPSLW XW HXP FXSLHQWHV WHQHUHQHTXHDPXV Ä5kVXOL]EXFQHúWHFkWHRGDW DWkWGHSHQHDúWHSWDWHvQFkWQXO SXWHPVW SkQLRULFkWDPGRULR´ 5RPDQLQRQURJDWL*UDHFLVXOWURDX[LOLXPREWXOHUXQW Ä5RPDQLL GHúL QX OL VH FHUXVH  FX WRDWH F  QX IXVHVHU  VROLFLWD LDXRIHULWGLQLQL LDWLY SURSULHDMXWRUJUHFLORU´ 7RWPLOLDODWURFLQDQWXUPRUWHSURSRVLWD Ä$WkWHDPLL>GHRDPHQL@IDFWkOK ULLGHúLSHGHDSVDFXPRDU WHD>OH@DIRVWDQXQ DW ´ 6XEVWLWXLUHDFRQFHVLYHLVHPDLSRDWHUHDOL]DúLSULQWURSURSR]L LH UHODWLY FLUFXPVWDQ LDO  'LXHVGHFHVVLWTXLWDPIHOL[IXLVVHW Ä$PXULWERJ WDúXOFDUH> GHúL@IXVHVHDWkWGHIHULFLW´ 

  

5(&$3,78/$5( 9$/25,/(35,1&,3$/($/( &21-81& ,,/2597ù,&90 &21-81& ,$97 $&802'8/,1',&$7,9

D  ,QWURGXFH R SURSR]L LHWHPSRUDO FXYDORDUHGHDQWHULRULWDWH LPHGLDW  VDX GH VLPXOWDQHLWDWH DSDUHQW  úL VH WUDGXFH SULQ ÄFkQG´ ÄvQGDW FH´IRDUWHUDUÄRULGHFkWHRUL´  ([HPSOH 3RPSHLXVXWHTXLWDWXPVXXPSXOVXPXLGLWDFLHH[FHVVLW Ä3RPSHLXVFkQGvQGDW FHGHFXPDY ]XWF DIRVWUHVSLQV  FDYDOHULDVDDLHúLWGLQOLQLDGHOXSW ´ 0HVVDQDPXWTXLVTXHQRVWUXPXHQLHEDWKDHFXLV UHXROHEDW Ä&kQG DWXQFL FkQG GH FkWH RUL ILHFDUH GLQWUH QRL YHQHD OD 0HVVDQDYURLDV YL]LWH]HDFHVWH>PRQXPHQWH@´ E ,QWURGXFHRSURSR]L LHPRGDOFRPSDUDWLY UHDO  8WVHPHQWHPIHFHULVLWDPHWHV Ä'XS FXPYHL>IL@VHP QD>W@DúDYHLVHFHUD´  %&802'8/&21-81&7,9 D  ,QWURGXFH R SURSR]L LH FRPSOHWLY  FRQMXQFWLYDO  XW WUDGXV SULQÄV ´  GXS YHUEHDOHUHJHQWHLFDUHH[SULP  ±XQDFWGHYRLQ XRORURJRSHWRFRJRFHGRXW ÄYUHDX´ÄURJ´ÄFHU´ÄVLOHVF´ÄDGPLW´ÄV ´ ±XQVHQWLPHQWGHWHDP WLPHRPHWXRXHUHRUVXPLQPHWXXW ÄP WHP´ÄPLHIULF ´ÄPLHWHDP ´ÄV QX ´ GXS H[SUHVLLúLYHUEHLPSHUVRQDOHQHFHVVHHVWXWLOHHVWRSRUWHWXW ÄHQHFHVDU´ÄHXWLO´ÄWUHEXLH´ÄV ´ 8WLOHHVWXWXLGHDPXVTXLGWXQRELVFRQVLOLLGHV Ä(VWHIRORVLWRUV YHGHPFHVIDWQHGDL´ 



E ,QWURGXFHRSURSR]L LHLQWHURJDWLY LQGLUHFW VLPSO XWHFKL YDODWSULQÄFXP´  9LGHVXWDOWDVWHWQLXHFDQGLGXP6RUDFWH« Ä9H]L FXP VH vQDO  6RUDFWH VWU OXFLWRU   VWU OXFLQG  GH ] SDGDFHDERJDW «´ F ,QWURGXFHRSURSR]L LHILQDO DILUPDWLY XWWUDGXVSULQÄFD  V ´ 9HQLRDGXRVVHQDWRUHVXWLQFUHGLELOHIDFWXPGLFDP Ä9LQODYRLRVHQDWRULFDV Y UHODWH]XQIDSWGHQHFUH]XW´ G ,QWURGXFHRSURSR]L LHFRQFHVLY XWWUDGXVSULQÄGHúL´ÄFKLDU GDF ´  8WGHVLQWXLUHVWDPHQHVWODXGDQGDXROXQWDV Ä&KLDUGDF OLSVHVFSXWHULOHWRWXúLLQWHQ LDHVWHGHPQ GHODXG ´ H  ,QWURGXFH R SURSR]L LH FRQVHFXWLY  XW HVWH HFKLYDODW SULQ ÄvQFkW´  (RV FRQVXOHV KDEHPXV XW QXOODP FDODPLWDWHP UHV SXEOLFD DFFLSHUHSRVVLW Ä3HDFHúWL DVWIHOGH FRQVXOLvL DYHPvQFkWVWDWXOQXSRDWH VXIHULQLFLRQHQRURFLUH´  &21-81& ,$&90  $&802'8/,1',&$7,9 ,QWURGXFH R SURSR]L LH WHPSRUDO  úL SRDUW  GHQXPLUHD VSHFLILF  GH FXP WHPSRUDOH DYkQG R YDORDUH VHPDQWLF  H[WUHP GH JHQHULF  ÄFkQG´ÄSHFkQG´ÄDWXQFLFkQG´VDXSXWkQGH[SULPDRDF LXQHLWHUD WLY FXPLWHUDWLXXP GHFLUHSHWDW  ([HPSOH &XP&DHVDULQ*DOOLDPXHQLWSULQFLSHV+DHGXRUXPHUDQW« Ä&kQG  vQ YUHPHD vQ FDUH &DHVDU D YHQLW vQ *DOOLD IUXQWDúLL KHGXLORUHUDX«´ +LFXPHVWXVXVRPQHVLQEHOORXHUVDQWXU Ä(LRULGHFkWHRULHVWHQHYRLHVHRFXS FXWR LLGHU ]ERL´



%&802'8/&21-81&7,9 D  ,QWURGXFH R SURSR]L LH WHPSRUDO  SULQ FXP KLVWRULFXP XHO QDUUDWLXXP LPSHUIHFWXOFRQMXQFWLYXOXLÄSHFkQG´ÄvQYUHPHFH´ UHOD LDGHVLPXOWDQHLWDWH  PPFSFRQMXQFWLYXOXLÄGXS FH´ UHOD LDGHDQWHULRULWDWH  $JHVLODXVFXPH[$HJ\SWRUHXHUWHUHWPRUERGHFHVVLW Ä$JHVLODXVSHFkQGvQYUHPHDFkQGVHvQWRUFHDGLQ(JLSWD PXULWGHERDO ´ *DOOLFXPVHLQRSSLGXPFRQWXOLVVHQWRPQHVDG&DHVDUHP XHQLUHFRHSHUXQW Ä*DOLLGXS FHVDXDGXQDWvQWkUJXOORUDXvQFHSXWV YLQ FX WR LLOD&DHVDU´ E ,QWURGXFHRSURSR]L LHFDX]DO FXPFDXVDOH VHWUDGXFHSULQ ÄGHRDUHFH´ÄvQWUXFkW´HWF 4XDHFXPLWDVLQWSHUJHTXRFRHSLVWL Ä'DWILLQGF DúDVWDXOXFUXULOHFRQWLQX vQGLUHF LDvQFDUHDL vQFHSXW´ F  ,QWURGXFH R SURSR]L LH FRQFHVLY  FXP FRQFHVVLXXP  úL VH WUDGXFHSULQÄGHúL´ÄFXWRDWHF ´ 1LPLVDEHVGLXFXPVLVLQSURSLQTXLVORFLV Ä1XOLSVLSUHDPXOW YUHPHFXWRDWHF WHDIOLSULQDSURSLHUH´

7$%(/6,1237,&$/9$/25,/25&21-81& ,,/25 97ù,&90 



,&21-81& ,$97

D FRPSOHWLY  E ILQDO  F FRQVHFXWLY  G FRQFHVLY  H WHPSRUDO  I PRGDOFRPSDUDWLY  

PRGXO WUDGXFHUH &21-81&7,9 &21-81&7,9 &21-81&7,9 &21-81&7,9 ,1',&$7,9 ,1',&$7,9

ÄV ´ ÄFD V ´ ÄvQFkWV ´ ÄFKLDUGDF DU ´ ÄvQGDW GXS FH´ ÄFXPSUHFXPGXS FXP´ 



,,&21-81& ,$&90 PRGXO WUDGXFHUH

D WHPSRUDO  ,1',&$7,9 ÄDWXQFLvQPRPHQWXO FkQG´ ÄRULGHFkWHRUL´ LPSHUIHFWÄSHFkQG´ÄvQYUHPHFH´  &21-81&7,9 PPFSÄGXS FH´LQGLFSIVDX PPFS   ÄILLQGF ´ÄvQWUXFkW´ E FDX]DO  &21-81&7,9 F FRQFHVLY  &21-81&7,9 ÄFXWRDWHF ´ÄGHúL´

  

'35232=, ,,/(ù,&216758& ,,/( 63(&,),&/$7,1(ù7, 35232=, ,,/(3$57,&,3,$/(

([LVW  GRX  WLSXUL GH SURSR]L LL SDUWLFLSLDOH VSHFLILFH OLPELL ODWLQH D SURSR]L LDSDUWLFLSLDO UHODWLY SDUWLFLSLDODUHODWLY  (VWHYRUEDGHIDSWGHSDUWLFLSLLFDUHDXGHYHQLWDWULEXWHSHOkQJ  VXEVWDQWLYHOH GLQ SURSR]L LLOH SH FDUH OH GHWHUPLQ  6XELHFWXO FDUH vQGHSOLQHúWHDF LXQHDORUH[LVW úLvQSURSR]L LDUHJHQW úLvQSURSR]L LD SDUWLFLSLDO  3DUWLFLSLLOHXWLOL]DWHVXQWODWLPSXO ±SUH]HQWFkQGDF LXQHDSDUWLFLSLDOHLHVWHVLPXOWDQ FXFHDDUHJHQWHL ±SHUIHFWFkQGDF LXQHDSDUWLFLSLDOHLHVWHDQWHULRDU FHOHLGLQUHJHQW  ([HPSOH  &DHVDUHPDVVLGHQWHPFRQVSLUDWLFLUFXPVWHWHUXQW Ä3H&DHVDUFDUHúHGHDODXvQFRQMXUDWFRQVSLUDWRULL´  &DHVDU&DVFDHEUDFFKLXPDUUHSWXPJUDSKLRWUDLHFLW Ä&DHVDU D VWU SXQV FX FRQGHLXO EUD XO SHFDUHvODSXFDVHDO OXL&DVFD´ $úDGDU FHOH GRX  SDUWLFLSLL UHODWLYH GHRDUHFH GHSLQG VXQW vQ UHOD LHFXHOHPHQWHGLQUHJHQW HFKLYDOHD] FXGRX SURSR]L LLVXERU GRQDWHFLUFXPVWDQ LDOHWHPSRUDOHvQFHOHGRX H[HPSOHGHPDLVXV  

ÌQ SULQFLSLX vQ ODWLQ  SDUWLFLSLDOD UHODWLY  SRDWH VXEVWLWXL RULFH SUR SR]L LHVXERUGRQDW ÌQIDSWHDVXEVWLWXLHDFHOHDúLFLUFXPVWDQ LDOHFDúL SDUWLFLSLDODDEVROXW  E SURSR]L LDSDUWLFLSLDO DEVROXW SDUWLFLSLDODDEVROXW  $FHDVW SDUWLFLSLDO VHQXPHúWHDEVROXW GHRDUHFHDUHVSUHGHR VHELUHGHFHDSUHFHGHQW SURSULXOHLVXELHFWDúDGDUHDQXPDLGHSLQGH GH R UHJHQW  SRVHG  R H[LVWHQ  DXWRQRP  DEVROXW  vQ LQWHULRUXO IUD]HL 6XELHFWXO SDUWLFLSLDOHL DEVROXWH HVWH vQWRWGHDXQD OD FD]XO DEODWLY LDU SUHGLFDWXO DFHVWHL SURSR]L LL HVWH XWLOL]DW OD PRGXO SDUWLFLSLXWLPSXOSHUIHFWGDF DF LXQHDHVWHDQWHULRDU ID GHFHD GLQ UHJHQW  VDX SUH]HQW GDF  DF LXQHD HVWH VLPXOWDQ  vQ UDSRUW FX UHJHQWD ,QGLIHUHQWGHWLPSXOSDUWLFLSLXOXLDFHVWDVHDFRUG FXVXELHF WXOvQJHQQXP UúLFD] 3URSR]L LDSDUWLFLSLDO DEVROXW HVWHFXQRVFXW vQPRGRELúQXLW VXEGHQXPLUHDGHDEODWLYDEVROXW(OVXEVWLWXLHvQHVHQ SDWUXWLSXUL GHVXERUGRQDWHWHPSRUDO FDX]DO FRQGL LRQDO úLFRQFHVLY  ([HPSOH &DHVDU H[SORUDWLV UHJLRQLEXV DOEHQWH FDHOR RPQHV FRSLDV FDVWULVHGXFLW Ä&DHVDU GXS  FH DX IRVW FHUFHWDWH UHJLXQLOH SH FkQG VH UHY UVDGH]LX VFRDWHWRDWHWUXSHOHGLQWDE U ´UDSRUWWHPSRUDO  (FOLSVHV QRQ XELTXH FHUQXQWXU DOLTXDQGR SURSWHU QXELOD VDHSLXVJORERWHUUDHREVWDQWH Ä(FOLSVHOH QX VH Y G GH SHVWH WRW XQHRUL GLQ SULFLQD QRULORU PDLDGHVHDILLQGF VHRSXQHJOREXOS PkQWXOXL´UDSRUWFDX]DO  6XEODWDFDXVDWROOLWXUHIIHFWXV Ä'DF  HVWH vQO WXUDW  VH vQO WXU  FDX]D VH vQO WXU  úL HIHFWXO´UDSRUWFRQGL LRQDO  &UHVFHQWHLQGLHVIDPDEHOOLWULEXQLGHOHFWXVLPSHGLHEDQW Ä'HúL]YRQXOGHU ]ERLFUHúWHDvQILHFDUH]LWULEXQLLvPSLHGL FDXUHFUXW ULOH´UDSRUWFRQFHVLY  2EVHUYD LH

'HRDUHFH YHUEXO HVVH QX DUH SDUWLFLSLX DEODWLYXO DEVROXW FDUH vO YD FRQ LQH YD IL IRUPDW QXPDL GLQ VXELHFWXO UHVSHFWLY vQ DEODWLY úL QXPHOH SUHGLFDWLYFRUHVSXQ] WRUWRWvQDEODWLYI U SDUWLFLSLX 





&LFHURQHFRQVXOHFRQLXUDWLRIDFWDHVW  &XP&LFHURFRQVXOHVVHW«  Ä3HFkQG&LFHURHUDFRQVXODIRVWSXV ODFDOHRFRQVSLUD LH´

6,17$*0(/(*(581=,$/ ù,*(581',9$/   *HUXQ]LXO HVWH XUPDW GH RELFHL GH XQ FRPSOHPHQW GLUHFW ± GDF  YHUEXO UHVSHFWLY HVWH WUDQ]LWLY ± H[SULPDW SULQWUXQ VXEVWDQWLY DIODWODXQDOWFD]ID GHFD]XOJHUXQ]LXOXL'HH[HPSOX *HUXQ]LX&'  VFLHQWLDFROHQGLDJUXP úWLLQ DGHDFXOWLYDRJRUXO *HQLWLY *HUXQ]LX&'  VFLHQWLDFROHQGLDJURV úWLLQ DGHDFXOWLYDRJRDUHOH *HQLWLY /DWLQD SUHIHU  vQ ORFXO DFHVWHL FRQVWUXF LL VLQWDJPDWLFH JHUXQ ]LDOHRFRQVWUXF LHVLQWDJPDWLF vQFDUHORFXOJHUXQ]LXOXLDIODWOD* '$&VDX$%/ V ILHOXDWGHJHUXQGLYDFRUGDWvQJHQQXP UúL FD]FXVXEVWDQWLYXODYkQGIXQF LDGHFRPSOHPHQWGLUHFW *HUXQGLY VFLHQWLDFROHQGLDJUXPŸVFLHQWLD DGFROHQGXPDJUXP *HUXQGLY VFLHQWLDFROHQGLDJURVŸVFLHQWLD DGFROHQGRVDJURV ÄSHQWUXFXOWLYDUHDRJRUXOXLRJRDUHORU´ VDXPDLFXUkQG DGDJUXPFROHQGXP DGDJURVFROHQGRV 6HSRDWHUHDOL]DWUDQVIRUPDUHDVLQWDJPHLJHUXQ]LDOHvQVLQWDJP  JHUXQGLYDO  úL LQYHUV WUHFkQG VXEVWDQWLYXO vQ FD]XO JHUXQ]LXOXL OD VLQJXODUúLVDXSOXUDO VFLHQWLDFROHQGLDJUXPŸVFLHQWLDDJULFROHQGL VFLHQWLDFROHQGLDJURVŸVFLHQWLDDJURUXPFROHQGRUXP ÄúWLLQ D GH D FXOWLYD RJRUXO  RJRDUHOH´ Ÿ ÄúWLLQ D FXOWLY ULL RJRUXOXLRJRDUHORU´ 

/DIHOVHSURFHGHD] FkQGJHUXQ]LXOVHDIO ODXQDOWFD]'$& $%/ úLDUHFRPSOHPHQWGLUHFW'HH[HPSOX JHUXQ]LX&'  FROHQGR DJURV RSHUDP GDPXV  ÄQH VWU GXLP VSUH D FXOWLYD RJRDUHOH´ 'VJ FROHQGLVDJULVRSHUDPGDPXV ÄQHVWU GXLPVSUHFXOWLYDUHD RJRDUHORU´ 'SO 3ULQ XUPDUH DPEHOH VLQWDJPH VH SRW WUDGXFH ILH SULQ LQILQLWLY SUHFHGDWGHSUHSR]L LHILHSULQWUXQVXEVWDQWLYDEVWUDFW/DWRDWHFD]X ULOHODWLQDSUHIHU FRQVWUXF LDVLQWDJPDWLF JHUXQGLYDO FHOHLJHUXQ]LDOH  ,9&21&25'$1 $7,0385,/25 &216(&97,27(032590   &XSULQGHUHJXOLOHFDUHVWDELOHVFODFHWLPSDOPRGXOXLFRQMXQF WLYWUHEXLHV VWHDSUHGLFDWXOXQHLVXERUGRQDWHVWULFWGHSHQGHQWH GHUHJHQWDHL $F LXQHD YHUEXOXL GLQWURVXERUGRQDW SRDWHDYHDORFvQUDSRUW FX YHUEXO UHJHQWHL vQ DFHODúL WLPS vQDLQWH VDX vQ XUPD HL 'H DLFL UH]XOW WUHLUDSRUWXULWHPSRUDOHGHVLPXOWDQHLWDWHGHDQWHULRULWDWHGH SRVWHULRULWDWH 5HJXOD JHQHUDO  D FRQFRUGDQ HL WLPSXULORU ODW FRQVHFXWLR WHP SRUXP HVWHXUP WRDUHD  XQXLWLPS SULQFLSDOGLQUHJHQW SUH]HQWYLLWRUYLLWRUDQWHULRU vL FRUHVSXQGHvQVXERUGRQDW  DFRQMXQFWLYXOSUH]HQWSHQWUXUDSRUWXOGHVLPXOWDQHLWDWH 0LOLWHVQDXHVFRQVFHQGXQW XWSURILFLVFDQWXU Ä6ROGD LLXUF vQFRU ELLFDV SOHFH´ EFRQMXQFWLYXOSHUIHFWSHQWUXUDSRUWXOGHDQWHULRULWDWH 6HQWLR TXLGVFHOHULVDGPLVHULP ÄÌPLGDXVHDPDFHQHOHJLXLUHDPFRPLV´





F FRQMXQFWLYXO SUH]HQW DO FRQMXJ ULL SHULIUDVWLFH DFWLYH SHQWUX UDSRUWXOGHSRVWHULRULWDWH &UDVDGWHVFULEDPTXDQGRUHGLWXUXVVLP  Ä0kLQHv LYRLVFULHFkQGP YRLvQWRDUFH´  XQXLWLPS VHFXQGDU LPSHUIHFWSHUIHFWPPFS GLQUHJHQW vL FRUHVSXQGHvQVXERUGRQDW  DFRQMXQFWLYXOLPSHUIHFWSHQWUXUDSRUWXOGHVLPXOWDQHLWDWH 0DLRUHV QRVWUL DE DUDWUR DEGX[HUXQW &LQFLQQDWXP XW GLFWDWRUHVVHW Ä6WU PRúLL QRúWUL ODX OXDW GH OD SOXJ SH &LQFLQQDWXV FD V  ILHGLFWDWRU´ EFRQMXQFWLYXOPPFSSHQWUXUDSRUWXOGHDQWHULRULWDWH 0LOWLDGHVDFFXVDWXV HVW TXRGDUHJHFRUUXSWXVLQIHFWLV  UHEXV GLVFHVVLVVHW Ä0LOWLDGHVDIRVWDFX]DWGHIDSWXOF ILLQGFXPS UDWGHF WUH UHJHSOHFDVHO VkQGWUHEXULOHQHvQFKHLDWH´ FFRQMXQFWLYXO LPSHUIHFW DO FRQMXJ ULL SHULIUDVWLFH DFWLYH SHQWUXUDSRUWXOGHSRVWHULRULWDWH 1RQHUDWPLKLGXELXPTXLQWH7DUHQWLXLVXUXPHVVHP Ä1X PDL HUD SHQWUX PLQH QLFLR vQGRLDO  F  XUPD V  WH Y G OD 7DUHQWXP´ 3DUWLFXODULW LDOHFRQFRUGDQ HLWLPSXULORU  3UH]HQWXO GLQWUR SURSR]L LH UHJHQW  HVWH XQHRUL FRQVLGHUDW WLPSSULQFLSDOFDIRUP GDUVHFXQGDUGXS VHQVGHDFHHDvQVXERUGR QDW WLPSXOXWLOL]DWSRDWHILúLLPSHUIHFWXO 2UJHWRUL[&DVWLFRSHUVXDGHWXWUHJQXPRFFXSDUHW Ä2UJHWRUL[vOvQGHDPQ SH&DVWLFXVV SXQ PkQDSHGRPQLH´  ,QILQLWLYXO LVWRULF DUH YDORDUHD WHPSRUDO  D XQXL LQGLFDWLY LPSHUIHFW 7XPDOLLDOLRVKRUWDUL XWUHSHWHUHQWSXJQDP Ä$WXQFLVHvQGHPQDXXQLLSHDO LLV UHvQFHDS OXSWD´ 3HUIHFWXOSRDWHDYHDGHDVHPHQHDYDORDUHGHWLPSSULQFLSDO SHOkQJ DFHHDGHWLPSVHFXQGDU &kQGRVXERUGRQDW GHSLQGHGHRIRUP QRPLQDO DYHUEXOXL LQILQLWLY SDUWLFLSLX JHUXQ]LX VXSLQ  GH XQ DGMHFWLY VDX FKLDU GH XQ 

VXEVWDQWLY WLPSXO YHUEXOXL HL HVWH GHWHUPLQDW vQ JHQHUDO GH WLPSXO UHJHQWHL &DWR PLUDULVH DLHEDW TXRGQRQULGHUHWKDUXVSH[ KDUXVSLFHPFXPXLGLVVHW Ä&DWR]LFHDF HOVHPLU F XQKDUXVSH[GXS FHDY ]XWXQ DOW KDUXVSH[QXUkGH´ $WKHQLHQVHV PLVHUXQW 'HOSKRV FRQVXOWXP  TXLGQDP IDFHUHQWGHUHEXVVXLV Ä$WHQLHQLLDXWULPLVOD'HSKLV FHDU SHQWUXDFHUHVIDWXOFH V IDF vQSUREOHPDORU´  8QHOH VXERUGRQDWH QX VH FRQIRUPHD]  UHJXOLL JHQHUDOH D FRQFRUGDQ HLWLPSXULORUHOHILLQGOHJDWHGHUHJHQW DWkWGHOLEHUvQFkW DXWLPSXOSHFDUHODUDYHDGDF DUILSULQFLSDOH ±SURSR]L LLOHFRQVHFXWLYH $UGHEDW +RUWHQVLXV FXSLGLWDWH GLFHQGL VLF XW LQ QXOOR XQTXDPIODJUDQWLXVVWXGLXPXLGHULP Ä(UD DWkW GH SDVLRQDW +RUWHQVLXV SHQWUX DUWD YRUELULL vQFkW OD QLPHQLQDPPDLY ]XWYUHRGDW XQ]HOPDLvQIO F UDW´ ±SURSR]L LLOHLQWHURJDWLYHLQGLUHFWH 1HVFLR TXLGIDFHUHP Ä1XDPKDEDUFHV IDF´ ±SHULRDGDFRQGL LRQDO LUHDO  1RQGXELWR TXLQVLKRFKDEHUHWGDUHW Ä1XP vQGRLHVFF GDF DUDYHDDFHVWOXFUXODUGD´  9925%,5($,1',5(&7 67,/8/6$8 ',6&8568/,1',5(&725$7,22%/,49$   *(1(5$/,7 , 3ULQ YRUELUH LQGLUHFW  GHQXPLW  úL GLVFXUV VDX VWLO LQGLUHFW VH GHVHPQHD]  DFWXO OLQJYLVWLF DO UHSURGXFHULL FXYLQWHORU UHVSHFWLY D JkQGLULL XQHL DOWH SHUVRDQH vQ DIDUD FHOHL FDUH UHODWHD]  úL SH FDUH R QXPLP FRQYHQ LRQDO SULQ WHUPHQXO YRFH DXFWRULDO  HVWH DúDGDU UHSURGXFHUHD YRFLL QRQDXFWRULDOH vQ WH[W HIHFWXDW  SULQ LQWHUPHGLXO DQXPLWRU P UFL VSHFLILFH FDUH DX UROXO GH D VHPQDOD WUHFHUHD GLQ SODQXOGLVFXUVXO HXOXLvQFHODOQRQHXOXL 



8Q SULP VHPQ VDX PDUF  GH UHFXQRDúWHUH D ÄGLVFXUVXOXL FHOXLODOW´DGLVFXUVXOXLÄUDSRUWDW´FDUHHVWHRUDWLRREOLTXDvQRSR]L LH FXGLVFXUVXOÄDVXPDW´FDUHHVWHRUDWLRUHFWDvOUHSUH]LQW GHSHQGHQ D vQWUHJXOXLFRQWH[WDIODWvQVWLOLQGLUHFWGHXQXHUEXPGLQFDWHJRULDFHORU HQXQ LDWLYH DúDGDU GH XQ YHUE DO HQXQ ULL GLFHQGL VDX DO SHUFHS LHL VHQ]RULDOHúLDOHQXQ ULLDFHVWHLDGHFLVHQWLHQGL(VWHIRDUWHLPSRUWDQW GHUH LQXWIDSWXOF DWDULYHUEHQXVXQWREOLJDWRULXSUH]HQWHvQWH[WFD PDUF DWUHFHULLODXQQRXWLSGHGLVFXUVFLSRWILXQHRULVXEvQ HOHVH (VHQ LDO  SHQWUX UHFHSWDUHD DGHFYDW  D VHPQLILFD LLORU JUDPD WLFDOH úL D VHQVXULORU FRQ LQXWH GH WH[WXO DIODW vQ GLVFXUV LQGLUHFW ÄUDSRUWDW´ ÄREOLF´  HVWH XWLOL]DUHDPRGXULORUYHUEDOH0RGLILF ULOH SURGXVHvQFHHDFHSULYHúWHPRGXULOHúLGHVLJXUWLPSXULOHYHUEHORUvQ WUHFHUHDGHODXQWLSGHGLVFXUVODFHO ODOWVXQWGHWHUPLQDWHGHQDWXUD GLIHULWHORUSURSR]L LL ,35232=, ,,/(5(*(17(ù,35,1&,3$/(  3URSR]L LLOHGHDFHVWWLSFDUHDXFDUDFWHUHQXQ LDWLYúLSUHGL FDWXO SULQ XUPDUH OD PRGXO ,1',&$7,9 GHYLQ vQ GLVFXUV LQGLUHFW FRQVWUXF LL GH WLS FRPSOHWLY úL DQXPH SURSR]L LL LQILQLWLYDOH $&8=$7,9,1),1,7,9  ',6&856',5(&7 ',6&856,1',5(&7 ''$OHDLDFWDHVW Ä=DUXODIRVWDUXQFDW´ ',&DHVDUGL[LWDOHDPLDFWDPHVVH Ä&DHVDUDVSXVF ]DUXODIRVWDUXQFDW´ ''+DELWDWXULQOXQD Ä6HORFXLHúWHvQOXQ ´ ',;HQRSKDQHVDLWLQOXQDKDELWDUL Ä;HQRSKDQHV ]LFH F  VH ORFXLHúWH vQ OXQ ´ VXELHFWXO LQILQLWLYDOHLQXHVWHH[SULPDW    3URSR]L LLOH H[FODPDWLYH GHYLQ OD UkQGXO ORU FRPSOHWLYH LQILQLWLYDOH ''4XDVTXDQWDVTXHUHV&&DQXOHLXVDJJUHVVXVHVW Ä&H IHO GH FKHVWLXQL úL GH FkW GH PDUH LPSRUWDQ  D ULGLFDW&&DQXOHLXV´ 

', 1HJDEDQW FRQVXOHV LDP XOWUD IHUUL SRVVH IXURUHV WULEXQLFLRVTXDVTXDQWDVTXHUHV&&DQXOHLXPDJJUHVVXPHVVH Ä&RQVXOLLGHFODUDXF QXPDLSRWILVXSRUWDWHSURLHFWHOH QHEXQHúWL DOH WULEXQLORU FH IHO GH FKHVWLXQL úL GH LPSRUWDQ  FkW GH PDUHVSXQHDXHLDULGLFDW&&DQXOHLXV´  3URSR]L LLOHLQWURGXVHSULQSURQXPHUHODWLYHDIODWHvQFDSGH IUD]  FDUH DúDGDU DX YDORDUH GH SURSR]L LL SULQFLSDOH GHYLQ úL HOH FRPSOHWLYHLQILQLWLYDOH '' 1RQ RPQHV SHUIXJDH UHGGLWL VXQW PDJQD HQLP SDUV HRUXP&DUWKDJLQLREXHUVDWXUTXLFRPSUHKHQGLGHEHQW Ä1X WR L GH]HUWRULL DX IRVW SUHGD L F FL R PDUH SDUWH GLQWUHHLVHDUDW OD&DUWKDJLQDDFHúWLDWUHEXLHV ILHSULQúL´ ',/HJDWLQXQWLDUH&DUWKDJLQLHQVLEXVLXVVLVXQWQRQRPQHV SHUIXJDV UHGGLWRV HVVH PDJQDP HQLP SDUWHP HRUXP &DUWKDJLQL REXHUVDULTXRVFRPSUHKHQGLGHEHUH Ä6D SRUXQFLW VROLORU VROLL DX SULPLW SRUXQF  V  FRPXQLFHFDUWDJLQH]LORUF «´   3URSR]L LLOH SULQFLSDOH LPSHUDWLYH DúDGDU FDUH vQ GLVFXUVXO GLUHFWDXSUHGLFDWXOH[SULPDWSULQWUXQYHUEODPRGXO,03(5$7,9VDX &21-81&7,9FXYDORDUHKRUWDWLY vQGLVFXUVXOLQGLUHFWDXYHUEXOOD PRGXO&21-81&7,9úLDQXPHSURSR]L LLOHDILUPDWLYHI U FRQMXQF LHFHOHQHJDWLYHFXFRQMXQF LDQH ''+RVWHVDGXHQWDQWSDUDWLHVWHPLOLWHVDGSXJQDQGXP Ä'XúPDQLLVHDSURSLHVROGD LIL LJDWDGHOXSW ´ ','X[QXQWLDWKRVWHVDGXHQWDUHPLOLWHVSDUDWLDGSXJQDQ GXPVLQW Ä&RPDQGDQWXO DQXQ  F  GXúPDQXO VH DSURSLH VROGD LL V  ILH JDWDGHOXSW ´ ''1HWLPXHULVVWDWLPTXHDGPHXHQL Ä6 QXWHWHPLúLYLQRvQGDW ODPLQH´ ', $QWRQLXV $WWLFR VFULSVLW QH WLPHUHW VWDWLPTXH DG VH XHQLUHW Ä$QWRQLXVDVFULVOXL$WWLFXVV QXVHWHDP úLV YLQ vQGDW OD HO´  3URSR]L LLOHSULQFLSDOHLQWHURJDWLYHFXQRVFXQGXEOXUHJLPvQ IXQF LHGHQDWXUDORUPRGDODVSHFWXDO  



D  &HOH FDUH vQ GLVFXUV GLUHFW DX FD SUHGLFDW XQ YHUE OD PRGXO &21-81&7,9 GXELWDWLY VDX SRWHQ LDO vO S VWUHD]  úL vQ GLVFXUV LQGLUHFWWLPSXOFRQMXQFWLYXOXLXWLOL]kQGXVHvQIXQF LHGHFRQFRUGDQ D WLPSXULORU  ''4XLGIDFLDP" Ä&HV IDF"´ ',4XDHURTXLGIDFLDP Ä0 vQWUHEFHV IDF´ ''4XLVKRFPLKLSHUVXDGHDW" Ä&LQHPDUSXWHDFRQYLQJHGHVSUHDFHVWOXFUX"´ ',,OOHFODPLWDEDWTXLVKRFVLELSHUVXDGHUHW Ä$FHOD VWULJD PHUHX FLQH ODU SXWHD FRQYLQJH GHVSUH DFHVWOXFUX´ E  3URSR]L LLOH LQWHURJDWLYH FDUH vQ GLVFXUV GLUHFW DX YHUEXO OD PRGXO &21-81&7,9 FX FDORDUHD SRWHQ LDO  GDU vQ WUHFXW VDX FX YDORDUH RSWDWLY  LUHDO  vQ GLVFXUV LQGLUHFW vO WUHF OD ,1),1,7,9 FX VXELHFWXOvQDFX]DWLYDúDGDUGHYLQFRPSOHWLYHLQILQLWLYDOH$&,1)  ''4XLGLOOHIHFLVVHWVLDGXHUVDSXJQDHXHQLVVHW" Ä&HDUILI FXWDUILSXWXWIDFH HOGDF OXSWDDUILIRVW QHQRURFRDV "´ ', )DELXV GLFWDWRULV VXSHUELDP DFFXVDEDW TXLG LOOXP IDFWXUXPIXLVVHVLDGXHUVDSXJQDHXHQLVVHW" Ä)DELXVDFX]DWUXILDGLFWDWRUXOXLFHDUILI FXWHO>VHvQWUHED@ GDF OXSWDDUILIRVWQHQRURFRDV "´ ,,35232=, ,,/(68%25'21$7( DÌQPDUHDPDMRULWDWHDFD]XULORUSURSR]L LLOHVXERUGRQDWHFDUH DX YHUEXO OD PRGXO ,1',&$7,9 vQ GLVFXUV GLUHFW vO WUHF vQ GLVFXUV LQGLUHFWODPRGXO&21-81&7,9 '' $SXG +\SDQLXP IOXXLXP EHVWLRODH TXDHGDP QDVFXQWXU TXDHXQXPGLHPXLXXQW ÄÌQ DSURSLHUHD UkXOXL +\SDQLXV VH QDVF DQXPLWH LQVHFWH FDUHWU LHVFRVLQJXU ]L´ ',$SXG+\SDQLXPIOXXLXP$ULVWRWHOHVDLWEHVWLRODVTXDVGDP QDVFLTXDHXQXPGLHPXLXDQW Ä$ULVWRWHOVSXQHF «´ 

E 3URSR]L LLOH VXERUGRQDWH FDUH H[SULP  R REVHUYD LH VDX R H[SOLFD LH LQFLGHQWDO  FX FDUH VH vQWUHUXSH SHQWUX PRPHQW GLVFXUVXO S VWUHD] PRGXO,1',&$7,9úLvQGLVFXUVXOLQGLUHFWLDW XQH[HPSOX SUHOXDWFDDWDUHGLQ&DHVDU ([SORUDWRUHV UHIHUXQW 6XHERV RPQHV FXP RPQLEXV VXLV VRFLRUXPTXH FRSLLV DG H[WUHPRV ILQHV VH UHFHSLVVH VLOXDP HVVH LEL LQILQLWDPDJQLWXGLQHTXDHDSSHOODWXU%DFHQLVDGHLXVLQLWLXPVLOXDH 6XHERVDGXHQWXP5RPDQRUXPH[VSHFWDUHFRQVWLWXLVVH Ä,VFRDGHOH UDSRUWHD]  F  WR L VXHELL GLPSUHXQ  FX WRDWH WUXSHOHORUúLDOHDOLD LORUORUVDXUHWUDVvQ LQXWXULOHFHOHPDLvQGHS U WDWH>DOH ULLORU@DFRORHVWHRS GXUHGHvQWLQGHUHQHVIkUúLW FDUHVH QXPHúWH %DFHQLV OD PDUJLQHD DFHVWHL S GXUL DX KRW UkW VXHELL V  DúWHSWHVRVLUHDURPDQLORU´ F7RDWHSURSR]L LLOHVXERUGRQDWHFDUHDXYHUEXOODPRGXO&21 -81&7,9vOS VWUHD] vQFRQIRUPLWDWHvQV FXUHJXOLOHFRQFRUGDQ HL WLPSXULORU ''/DELHQXVH[VSHFWDWGXP&DHVDUXHQLDW Ä/DELHQXVDúWHDSW SkQ V YLQ &DHVDU´ SkQ YLQH  ',/DELHQXVLXVVXVHVWH[VSHFWDUHGXP&DHVDUXHQLUHW Ä/DELHQXV D SULPLW RUGLQXO V  DúWHSWH SkQ  V  YLQ  &DHVDU´ SkQ ODYHQLUHD   ,,,87,/,=$5($352180(/25Ì1',6&8568/,1',5(&7 3URQXPHOHSHUVRQDOHGHSHUVRDQD,HJRQRV úLFHOHSRVHVLYH FRUHVSXQ] WRDUH PHXV QRVWHU  GLQ GLVFXUVXO GLUHFW VXQW vQORFXLWH FX SURQXPHOHUHIOH[LYVXLVLELVH vQGLVFXUVXOLQGLUHFW '' 6L SUDHPLXP PLKL SURSRVXHULV HJR 3\UUKXP XHQHQR QHFDER Ä'DF PLYHLILGDW GDF RV PLGDL RU VSODW HXvO YRLRWU YLSH3\UUKXV´ ', 3HUIXJD )DEULFLR SROOLFLWXV HVW VL SUDHPLXP VLEL SURSRVXLVVHWVH3\UUKXPXHQHQRQHFDWXUXPHVVH Ä'H]HUWRUXO D SURPLV OXL )DEULFLXV F  GDF  vL YD GD R U VSODW HOvOYDRWU YLSH3\UUKXV´ 2EVHUYD LH 8QHRULvQORFXOUHIOH[LYXOXLFDUHQXDUHIRUP GHQRPLQDWLYvQODWLQ  VHSRDWHXWLOL]DSURQXPHOHGHLGHQWLWDWHLSVH 



''  6L HJR SRSXOR 5RPDQR QRQ SUDHVFULER TXHPDGPRGXP VXR LXUHXWDWXUQRQRSRUWHWPHDSRSXOR5RPDQRLQPHRLXUHLPSHGLUL Ä'DF  HX QX YRL UHFRPDQGD SRSRUXOXL URPDQ FXP V  VH IRORVHDVF GHGUHSWXOV XQXWUHEXLHFDHXV ILXvPSLHGLFDWvQGUHSWXOPHXGH SRSRUXOURPDQ´ ',  5H[ DIILUPDW VL LSVH SRSXOR 5RPDQR QRQ SUDHVFULEDW TXHPDGPRGXPVXRLXUHXWDWXUQRQRSRUWHUHLSVXPDSRSXOR5RPDQRLQVXR LXUHLPSHGLUL Ä5HJHOHGHFODU F vQFD]XOvQFDUHHOQXUHFRPDQG SRSRUXOXL URPDQFXPV VHIRORVHDVF GHGUHSWXOV XQXWUHEXLHFDHOV ILHvPSLHGLFDW vQGUHSWXOOXLGHF WUHSRSRUXOURPDQ´

3URQXPHOHSHUVRQDOHGHSHUVRDQDD,,DWXXRV SUHFXPúL SURQXPHOH SRVHVLY FRUHVSXQ] WRU WXXV XHVWHU  GLQ GLVFXUVXO GLUHFW VXQW vQORFXLWH vQ GLVFXUVXO LQGLUHFW FX SURQXPHOH GHPRQVWUDWLYH GH GHS UWDUHVDXFXDOWHOHHFKLYDODWHFXDFHVWDLOOHLV  ''7HREWXDPSUXGHQWLDPODXGR Ä7HODXGSHQWUXFKLE]XLQ DWD´ ',6FULSVLW7XOOLXVDPLFRVHHXPREHLXVSUXGHQWLDPODXGDUH Ä7XOOLXV D VFULV SULHWHQXOXL V X F  HO vO ODXG  SHQWUX FKLE ]XLQ DOXL´ 3URQXPHOHGHPRQVWUDWLYHGHDSURSLHUHKLFúLLVWHGLQGLVFXUVXO GLUHFW VXQW vQORFXLWH FX GHPRQVWUDWLYXO GH GHS UWDUH LOOH VDX FX FHO HFKLYDODWFXDFHVWDLV ''+LFGLHVRPQHVODERUHVHWXLFWRULDVFRQILUPDELW Ä$FHDVW ]LYDU VSO WLWRDWHRVWHQHOLOHúLYLFWRULLOH´ ', 'X[ PLOLWHV PRQXLW XW SDUDWL HVVHQW KRVWHV LQXDGHUH LOOXPGLHPRPQHVODERUHVHWXLFWRULDVFRQILUPDWXUXPHVVH Ä&RPDQGDQWXOLDvQGHPQDWSHVROGD LV ILHJDWDV LDWDFH SH GXúPDQL >VSXQkQG@ F  DFHD ]L YD U VSO WL WRDWH RVWHQHOLOH úL YLFWRULLOH´ 2EVHUYD LH $GYHUEHOHGHWLPSFXORFDOL]DUHVWULFW vQSUH]HQWXOúLvQVSD LXOQDUD LXQLL GH WLSXO KRGLH FUDV QXQF DGKXF ÄD]L´ ÄPkLQH´ ÄDFXP´ ÄvQ DFHVW PRPHQW´ HWF GLQ GLVFXUVXO GLUHFW VXQW vQORFXLWH vQ FHO LQGLUHFW SULQ DGYHUEH LQGLFkQGGHSODVDUHDúLvQGHS UWDUHDvQVSD LXúLWLPSLOORHR GLHSRVWHURGLH WXPDGLGWHPSXVHWFÄvQDFHD]L´ÄvQ ]LXDXUP WRDUH´ÄDSRL´ÄFDP vQ DFHDYUHPH´HWF 





  

%,%/,2*5$),(6(/(&7,9 

)$172,1( 1,%$5%8 1,%$5%8 79$6,/(6&8 0%$662/6'( &/,0(17 &(%(11(77 $%/$,6( 7K%2*(/ 0LFKHO%5e$/ /pRQFH3(5621 ,,%8-25 )U&+,5,$& -HDQ&2//$57 -HDQ&286,1 3DXO&528=(7 :'((&.( $'5$(*(5 $OIUHG(51287 )7+20$6 :*+$/( &'%8&. :+$9(56 /RXLV+$9(7 -%+2)0$11 -%+2)0$11 $6=$17