Sunteți pe pagina 1din 132

Marketing

Prof.univ.dr. Victor MANOLE, Prof.univ.dr. Mirela STOIAN, Prof.univ.dr. Horia DOROBANTU


Cuprinsul crii: Capitolul 1 BAZELE MARKETINGULUI Obiective 1.1. Conceptul de marketing 1.2. Functiile marketingului 1.3. Interdisciplinaritatea marketingului 1.4. Cresterea importantei marketingului 1.5. Domeniile marketingului 1.6. Marketingul social Rezumat Concepte cheie Capitolul 2 MEDIUL DE MARKETING AL FIRMEI Obiective 2.1. Macromediul firmei 2.2. Micromediul firmei 2.3. Analiza mediului de marketing 2.4. Relatiile firmei cu mediul extern 2.4.1. Relatiile directe de piata 2.4.2. Relatiile de concurenta Rezumat Concepte cheie Capitolul 3 PIATA FIRMEI Obiective 3.1. Continutul, sfera si profilul pietei firmei 3.2. Dimensiunile pietei firmei 3.3. Factorii de influenta a pietei firmei 3.4. Piata produsului Rezumat Concepte cheie Capitolul 4 CERCETARILE DE MARKETING Obiective 4.1. Definirea cercetarilor de marketing 4.2. Domeniul de aplicare a cercetarilor de marketing 4.3. Sursele de informare utilizate in cercetarile de marketing 4.4. Desfasurarea unei cercetari de marketing 4.5. Metode de culegere a informatiilor in cercetarile de marketing 4.6. Tehnici de investigare utilizate in cercetarile de marketing 4.7. Tehnici de analiza a datelor utilizate in cercetarile de marketing 4.8. Proiectarea unei cercetari de marketing Rezumat Concepte cheie

Capitolul 5 STUDIEREA PIETEI Obiective 5.1. Definirea pietei 5.2. Informatii utilizate in studierea pietei 5.3. Principalele tehnici de studiere a pietei 5.4. Proiectarea unui studiu de piata 5.5. Studierea dimensiunilor pietei 5.6. Realizarea segmentarii pietei Rezumat Concepte cheie Capitolul 6 COMPORTAMENTUL CONSUMATORULUI Obiective 6.1. Notiuni generale privind comportamentul consumatorului 6.2. Factorii de influenta asupra comportamentului consumatorului 6.3. Procesul deciziei de a cumpara a consumatorului 6.4. Comportamentul consumatorului si segmentarea pietei Rezumat Concepte cheie Capitolul 7 POLITICA DE MARKETING A FIRMEI Obiective 7.1. Coordonatele politicii de marketing a firmei 7.2. Importanta strategiei de piata in cadrul politicii de marketing a firmei 7.3. Mixul de marketing Rezumat Concepte cheie Capitolul 8 POLITICA DE PRODUS Obiective 8.1. Consideratii generale privind produsul; ciclul de viata, categorii si concepte; corelatii 8.2. Dinamica pietei produsului si politica de marketing Rezumat Concepte cheie Capitolul 9 POLITICA DE PRET Obiective 9.1. Consideratii privind pretul in economia de piata. Categorii de preturi 9.2. Modalitati de fixare a preturilor 9.3. Strategii de pret. Dinamica pretului Rezumat Concepte cheie Capitolul 10 POLITICA DE DISTRIBUTIE Obiective 10.1. Conceptul de distributie. Categorii specifice. Repere istorice 10.2. Elemente de management si marketing privind punctul de vnzare 10.3. Proiectarea si gestiunea unui canal de distributie Rezumat Concepte cheie

Capitolul 11 POLITICA DE COMUNICARE A FIRMEI CU PIATA Obiective 11.1. Firma comunicarea si promovarea pe piata tinta 11.2. Instrumente, tehnici si mijloace de comunicare si publicitate. Mixul comunicational de marketing al firmei Rezumat Concepte cheie Capitolul 12 ORGANIZAREA ACTIVITATII DE MARKETING Obiective 12.1. Necesitatea si importanta organizarii activitatii de marketing 12.2. Tipuri de organizare a activitatii de marketing 12.3. Programul de marketing Rezumat Concepte cheie BIBLIOGRAFIE

&DSLWROXO 

%$=(/( 0$5.(7,1*8/8,

2ELHFWLYH 'HILQLUHD PDUNHWLQJXOXL L vQ HOHJHUHD HVHQ HL FRQFHSWXOXL GH PDUNHWLQJ L D FDUDFWHUXOXL V X &XQRDWHUHD IXQF LLORU L D VSHFLDOL] ULORU PDUNHWLQJXOXL Q HOHJHUHD DYDQWDMHORU SH FDUH OH RIHU &XQRDWHUHD IDFWRULORU FDUH DX RULHQWDUHD GH PDUNHWLQJ D ILUPHORU L FRPSDUD LD FX DOWH OD DSDUL LD SURPRYDUHD L FUHWHUHD LPSRUWDQ HL

LQWHUGLVFLSOLQDU

RSWLFL PDQDJHULDOH FRQGXV PDUNHWLQJXOXL ,GHQWLILFDUHD L vQ HOHJHUHD WU V WXULORU FKHLH DOH XQHL RUJDQL]D LL RULHQWDWH VSUH PDUNHWLQJ

 &21&(378/ '( 0$5.(7,1* 5HSUH]HQWkQG XQ PRG GH JkQGLUH L GH DF LXQH vQ VIHUD SLH HL PDUNHWLQJXO UHDOL]HD] DF LXQH VLVWHPLF D IOX[XOXL GH DFWLYLW L FH OHDJ R

SURGXF LD GH FRQVXP FRQVWLWXLQG PDL PXOW GHFkW

XQ DUVHQDO GH PHWRGH L WHKQLFL VSHFLILFH GRPHQLXO XQHL WLQHUH WLLQ H vQ FkPSXO WHRULHL FRQGXFHULL WLLQ LILFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRVRFLDOH 7HUPHQXO GH PDUNHWLQJ HVWH GH RULJLQH DQJORVD[RQ VHFROXOXL UHSUH]HQWkQG SDUWLFLSLXO SUH]HQW DO YHUEXOXL WR PDUNHW FDUH DUH VHPQLILFD LD GH D  2ULJLQLOH VDOH VXQW ORFDOL]DWH OD vQFHSXWXO vQ %XOHWLQXO VH 8QLYHUVLW IRORVHWH LL 0LFKLJDQ vQ SURGXVHORU H[SUHVLD GLIHULWH vQ 6WDWHOH FXUV 8QLWH DOH $PHULFLL SULYLQG Q  FXPS UD L D YLQGH GH D GHVI XUD WUDQ]DF LL GH SLD ;; LQWURGXFHUHD XQXL XQLYHUVLWDU

GLVWULEX LD

PHWRGH GH PDUNHWLQJ DO EXQXULORU 7UHSWDW DFHVW WHUPHQ VD LQWHUQD LRQDOL]DW

&H HVWH PDUNHWLQJXO" 0XO L RDPHQL FUHG F WLX FH HVWH PDUNHWLQJXO L FX FH VH RFXS VSHFLDOLWLL vQ PDUNHWLQJ Q

FRQFHS LD ORU PDUNHWLQJXO D GHYHQLW VLQRQLP FX PHWRGHOH XWLOL]DWH GH vQWUHSULQGHUL SHQWUX DWUDJHUHD FOLHQ LORU L FRQYLQJHUHD DFHVWRUD V GLQWUR ILUP SUHV RFXS HVWH Y ]XW OH FXPSHUH SURGXVHOH L  VDX VHUYLFLLOH 'LUHF LD GH PDUNHWLQJ SHQWUX ODQVDUHD GH QRL SURGXVH DSDUL LD XQRU DUWLFROH GH L RIHULUHD GH DUJXPHQWH VXSRUW SHQWUX FHL FDUH VH FRODERUDUHD FX DJHQ LLOH SXEOLFLWDUH IDSWXO F Y G vQ FD UHVSRQVDELO

IDYRUDELOH UHDOL]DUHD GH VWXGLL GH SLD

GH YkQ] UL 'H OD RDPHQLL GH PDUNHWLQJ VH DWHDSW

DQDOL]D L UH]ROYDUHD SOkQJHULORU FOLHQ LORU VWDELOLUHD GH FULWHULL L FRQVLOLHUHD vQ DOHJHUHD QRLORU SURGXVH L RUJDQL]DUHD FDPSDQLLORU GH SURPRYDUH D DFHVWRUD 2 DVWIHO GH DERUGDUH UHOHY 8Q DVWIHO GH GHPHUV GH SULYLQG PDUNHWLQJXO GRDU XQ HVWH LQVXILFLHQW F WUH FOLHQ L 2UJDQL]D LLOH GRYHGHVF F SULQFLSDOD IXQF LH D PDUNHWLQJXOXL DU IL SUH]HQWDUHD ILUPHL L D SURGXVHORU VDOH SRWHQ LDOLORU FOLHQ L FDUH QX DX GHSDUWDPHQWXO GLUHF LD PDUNHWLQJ YHKLFXO vQ HOHV F

VXILFLHQW HVHQ D L PHQLUHD PDUNHWLQJXOXL 'LVFLSOLQD GH PDUNHWLQJ DUH R H[WLQGHUH L R FRPSOH[LWDWH PXOW PDL PDUH L DUH PXOW PDL PXOWH vQ HOHVXUL (OLVDEHWK +LOO L 7HUU\ 26XOOLYDQ FRQVLGHU PDUNHWLQJXO HVWH R ILORVRILH D DIDFHULORU FDUH YHGH vQ VDWLVIDFHUHD FHULQ HORU FOLHQ LORU FKHLD VXFFHVXOXL vQ L DIDFHUL L UHFRPDQG FHULQ HORU OD DFHVW F U L vQ HOHJHUHD FOLHQ LORU SUDFWLFLORU $FHDVW PDQDJHULDOH D FDUH DMXW QX OD HVWH VD GHILQL LH PDUNHWLQJXOXL %XHOO LURQLF vQ F

LGHQWLILFDUHD GHILQL LL GHILQL LL 'H DOH

UH]ROYDUHD UHIHULWRU D

VLQJXODU  Q IXQF LH GH XQJKLXO GH DERUGDUH DO PDUNHWLQJXOXL DFHVWXLD LDX IRVW GDWH IRDUWH PXOWH DOWIHO OXFUX VXQW SH SURIHVRUXO DSSURDFK DFHVW DPHULFDQ  9LFWRU OXFUDUHD VXQW 0DUNHWLQJ PDQDJHPHQW PDUNHWLQJXOXL VWUDWHJLF FkWH SODQQLQJ REVHUY DWkWHD

VXELHFW

'HILQL LLOH GDWH VH vPSDUW vQ GRX

FDWHJRULL FHOH FDUH SXQ DFFHQWXO SH GLPHQVLXQHD ILOR]RILF PDL FRQFUHWH DOH SURFHVHORU GH PDUNHWLQJ

L FHOH FDUH VH FRQFHQWUHD]

SH DERUG UL

0DUNHWLQJXO FD ILOR]RILH GH DIDFHUL 2 FRPSDQLH FDUH DGRSW FRQGXF WRDUH GLQ VSDWHOH DFWLYLW V VDWLVIDF FXPSHUH RUL GDF FOLHQ LL L DSRL V V FRQFHSWXO GH PDUNHWLQJ FD ILOR]RILH YHGH vQ FOLHQW SULQFLSDOD IRU LL VDOH FRQVLGHUkQG F DIDFHUHD SRDWH UH]LVWD QXPDL GDF DOHDJ UHXHWH  FXPS U WRULL SRW V FH FkQG L GH XQGH V LGHQWLILFH FHHD FH YRU VFRDW EDQL GLQ SHQWUX FD

QHYRLOH DFHVWXLD Q HFRQRPLD GH SLD

FXPSHUH VDX QX XQ SURGXV GH OD EXQ vQFHSXW $VWIHO SHQWUX D DYHD VXFFHV vQ vQGHSOLQHDVF DFHVWH FHULQ H vQWUXQ PRG PDL HILFLHQW GHFkW FRQFXUHQ D VDWLVIDF VXQW FHULQ HOH FRQVXPDWRULORU L V GLVSXL D V SO WHDVF  SRDWH IL SRWULYHWH PDL ELQH FX FHULQ HOH SUHIHULQ HOH JHQHUkQG FHO SURILW PDL

DWUDJHUHD FRQVXPDWRULORU SXQFWXO GH SOHFDUH ORJLF SHQWUX vQWUHSULQGHUH HVWH V vQFHUFH V 3H WHUPHQ OXQJ R vQWUHSULQGHUH WUHEXLH V L GRULQ HOH FRQVXPDWRULORU 3H VFXUW FX DWkW

DFHDVWD &X FkW RIHUWD vQWUHSULQGHULL VH VLQFURQL]HD] DFHWLD FD vQWUHSULQGHUH

PDUNHWLQJXO

ILOR]RILH

DIDFHULL

GHILQLW

ELQH

DELOLWDWHD GH D FUHD L S

VWUD FRQVXPDWRUL SURILWDELOL

&UHDUHD GH FOLHQ L SUHVXSXQH SHQWUX R vQWUHSULQGHUH PRQLWRUL]DUHD PHGLXOXL GH DIDFHUL SHQWUX D UHDF LRQD DFHWLD V OD VFKLPE ULOH FH VXUYLQ vQ QHYRLOH SRWHQ LDOLORU FRQVXPDWRUL DVWIHO vQFkW DFHWLD GHYLQ FOLHQ L HIHFWLYL OD DELOLWDWHD FX FDUH vQWUHSULQGHUHD UHGXFH OD PLQLPXP VDX HYLW VDOH GH FOLHQ L ILH GLQ FDX]D VFKLPE ULORU DS UXWH vQ QHYRLOH

3 VWUDUHD FOLHQ LORU VH UHIHU DPHQLQ ULOH OD DGUHVD ED]HL

DFHVWRUD ILH GLQ FDX]D VFKLPE ULORU DS UXWH vQ UkQGXO FRQFXUHQ HL &OLHQ L SURILWDELOL DL vQWUHSULQGHULL VXQW FHL FDUH DGXF YHQLWXUL FH GHS HVF FRVWXULOH GH SURGXF LH DOH DFHVWHLD QWUHSULQGHULOH WUHEXLH V L D[H]H FRQFHQWUH]H DFWLYLWDWHD SH DIDFHUL SURILWDELOH L QX SH DWUDJHUHD GH FOLHQ L FX RULFH SUH 

0DUNHWLQJXO FD IXQF LH PDQDJHULDO &HOH PDL PXOWH GHILQL LL DOH PDUNHWLQJXOXL QX VH UHIHU ,DW FkWHYD GLQ FHOH PDL LPSRUWDQWH GHILQL LL GH DFHVW IHO HVWH SURFHVXO GH PDQDJHPHQW UHVSRQVDELO SHQWUX LGHQWLILFDUHD DQWLFLSDUHD L OD ILOR]RILD DFHVWXLD FL OD SURFHVHOH

PDQDJHULDOH FDUH VXQW LQHUHQWH vQ FUHDUHD L S VWUDUHD FOLHQ LORU SURILWDELOL SHQWUX vQWUHSULQGHUH

0DUNHWLQJXO 8. 

VDWLVIDFHUHD vQ PRG SURILWDELO D QHFHVLW

LORU FOLHQWXOXL 7KH &KDUWHUHG ,QVWLWXWH RI 0DUNHWLQJ

0DUNHWLQJXO HVWH XQ SURFHV PDQDJHULDO L VRFLDO SULQ FDUH LQGLYL]LL VDX JUXSXULOH RE LQ FHHD FH DX QHYRLH SULQ FUHDUHD VDX VFKLPEXO GH SURGXVH VDX YDORUL FX DO LL .RWOHU L $UPVWURQJ  

0DUNHWLQJXO UHSUH]LQW

SURFHVHOH GH SODQLILFDUH L H[HFXWDUH D FRQFHS LHL VWDELOLULL SUH XOXL

SURPRY ULL L GLVWULEX LHL LGHLORU EXQXULORU L VHUYLFLLORU SHQWUX D FUHD VFKLPEXULOH FDUH VDWLVIDF VFRSXULOH LQGLYL]LORU L RUJDQL]D LLORU $PHULFDQ 0DUNHWLQJ $VVRFLDWLRQ   0DUNHWLQJXO HVWH XQ vQWUHJ VLVWHP GH DFWLYLW DFWXDOL L SRWHQ LDOL :-6WDQWRQ   'HILQL LLOH IRQFWLRQV   GDWH PDUNHWLQJXOXL YL]HD] GUHSW GHRSRWULY XQ QLYHOXO PDFURHFRQRPLF JUD LH F UXLD L SH FHO PLFURHFRQRPLF $VWIHO vQ YL]LXQH PDFURHFRQRPLF  ).HOO\ vQ OXFUDUHD VD 0DUNHWLQJ VWUDWHJLH HW FRQVLGHU VH DUDW F PDUNHWLQJXO LQVWUXPHQW VRFLDO SURGXVHOH PDWHULDOH L FXOWXUD XQHL VRFLHW OLWHUDWXUD IUDQFH] L VXQW WUDQVPLVH PHPEULORU V L Q YL]LXQH PLFURHFRQRPLF  vQ DQVDPEOXO PLMORDFHORU GH FDUH GLVSXQ vQWUH SDUWH VWDELOLUHD L L HFRQRPLFH UHIHULWRDUH OD SURJUDPDUHD SUH XULOH VDWLVIDF FHULQ HOH FRQVXPDWRULORU

SURPRYDUHD L GLVWULEX LD SURGXVHORU L VHUYLFLLORU PHQLWH V

PDUNHWLQJXO UHSUH]LQW

SULQGHULOH vQ YHGHUHD FUH ULL PHQ LQHULL L GH]YROW ULL SLH HORU ORU -DFTXHV /HQGUHYLH  VDX F PDUNHWLQJXO FXSULQGH DQDOL]D SHUPDQHQW   D FHUHULL SH GH R SDUWH L SH GH DOW SXQHUHD vQ IXQF LXQH D PLMORDFHORU GH VDWLVIDFHUH D DFHVWHLD vQ FRQGL LLOH XQXL SURILW RSWLP 'HQQHU

Q RULHQWDUHD

YL]LXQHD

SURIHVRUXOXL

&

)ORUHVFX

0DUNHWLQJXO

UHSUH]LQW FRHUHQW

FRQFHS LH GH DFWLYLW

PRGHUQ L

vQ

vQWUHSULQGHULORU

FRQFUHWL]DW

vQWUXQ

DQVDPEOX

SUDFWLFH

SURJUDPDWH L RUJDQL]DWH SULQ XWLOL]DUHD XQRU PHWRGH L WHKQLFL WLLQ LILFH 'HILQL LD FXSULQGH GHFL WUHL HOHPHQWH GH ED]  FRQFHS LD PRGHUQ  DFWLYLW 1XPDL OXDWH vPSUHXQ  DFHVWH WUHL HOHPHQWH H[SOLF D &RQFHS LD PRGHUQ VH UHIHU OD R QRX LOH SUDFWLFH L PHWRGHOH L WHKQLFLOH WLLQ LILFH FRQ LQXWXO FRQFUHW DO PDUNHWLQJXOXL $VWIHO vQ RUJDQL]DUHD L GHVI XUDUHD DFWLYLW LL

RSWLF

HFRQRPLFH D ILUPHORU FDUH DUH FD SXQFW GH SOHFDUH FHUFHWDUHD QHYRLORU GH FRQVXP D SLH HL vQ YHGHUHD VDWLVIDFHULL FHULQ HORU HIHFWLYH L SRWHQ LDOH DOH FRQVXPDWRULORU XWLOL]DWRULORU  vQ PRG VXSHULRU L FX PD[LPXP GH HILFLHQ  Q SOXV ILQDOL]DUHD DFWLYLW LORU vQWUHSULQGHULORU QX VH OLPLWHD] OD YkQ]DUHD SURGXVHORU L VHUYLFLLORU FL LQFOXGH L XUP ULUHD FRPSRUW ULL ORU vQ FRQVXP XWLOL]DUH  D QLYHOXOXL GH VDWLVIDFHUH D QHYRLORU SHQWUX FDUH HOH DX IRVW FRQFHSXWH L SURGXVH 2SWLFD GH PDUNHWLQJ YL]HD]  DDGDU UDSRUWXULOH vQWUHSULQGHULL FX SLD D PDL PXOW FKLDU FX DQVDPEOXO GH IDFWRUL L FRQGL LL FDUH DOF WXLHVF PHGLXO DPELDQW DO ILUPHL Q FHQWUXO DWHQ LHL SH SLD SURGXF WRUXO E $FWLYLW LOH SUDFWLFH VSHFLILFH PDUNHWLQJXOXL VH SRW FRQFUHWL]D vQ  HVWH GHFL FRQVXPDWRUXO L QX

LQYHVWLJDUH D SLH HL L D FRQVXPXOXL WHVWDUH GH DFFHSWDELOLWDWH SH SLD DFWLYLW L SURPR LRQDOH  D SURGXVHORU

XUP ULUH D SURGXVHORU vQ FRQVXP HWF FROHFWDUHD WUDQVPLWHUHD SUHOXFUDUHD L LQWHUSUHWDUHD

F 0HWRGHOH L WHKQLFLOH WLLQ LILFH YL]HD] L UXWLQD FHGHD]

LQIRUPD LLORU QHFHVDUH DGRSW ULL GHFL]LLORU GH PDUNHWLQJ Q RSWLFD GH PDUNHWLQJ LQWXL LD HPSLULVPXO ORFXO SURFHVHORU L WHKQLFLORU FH DSDU LQ XQRU GLVFLSOLQH WLLQ LILFH PDWHPDWLF  D GHFL]LLORU GH VWDWLVWLF  VRFLRORJLH SVLKRORJLH HWF FDUH YRU IL XWLOL]DWH vQ IXQGDPHQWDUHD WLLQ LILF VWUDWHJLLORU L SROLWLFLORU GH PDUNHWLQJ 2SWLFD VDX RULHQWDUHD GH PDUNHWLQJ D RULF UHL vQWUHSULQGHUL PRGHUQH SUHVXSXQH UHFHSWLYLWDWH ID DFHVWRUD R vQDOW FDSDFLWDWH GH DGDSWDUH OD VFKLPE ULOH SLH HL FKLDU GH DQWLFLSDUH L LQIOXHQ DUH D DFHVWRUD SHQWUX vQQRLUH L PRGHUQL]DUH GH FHULQ HOH SLH HL QHYRLOH FHULQ HOH L GRULQ HOH FRQVXPDWRULORU VFKLPE ULOH

PDUNHWLQJ FH IDF RELHFWXO DFWXOXL PDQDJHULDO SUHFXP L vQ HODERUDUHD SURJQR]HORU SURJUDPHORU

VSLULW FUHDWRU LQYHQWLYLWDWH L SUHRFXSDUH SHUPDQHQW DERUGDUH XQLWDU HILFLHQ D DFWLYLW

LORU FH DOF WXLHVF FLFOXO HFRQRPLF FRPSOHW DO EXQXULORU L VHUYLFLLORU FD UH]XOWDW DO RULHQW ULL HIHFWLYH D ILUPHL F WUH QHYRLOH UHDOH GH V QH IDFHP R LGHH DVXSUD UROXOXL PDUNHWLQJXOXL DWkW vQ QHYRLOH L RUJDQL]D LLOH V L VXQW QRX PXOWLSOH RSWLF 'H H[HPSOX  R

PD[LP  RE LQXW

FRQVXP ILQDO L SURGXFWLY F WUH FHULQ HOH SLH HL 'HILQL LLOH GH PDL VXV QH DMXW PDUNHWLQJ FD SH QLWH DJHQ L FDUH DMXW DWLQJ L SURIHVRUXO vQ 5RPkQLD $O vQ HOHVXULOH 3RS GDWH F RUJDQL]D LLOH OXFUDWLYH HFRQRPLFH  FkW L vQ FHOH QHOXFUDWLYH (OH vL SUHVXSXQ SH UHVSRQVDELOLL GH LQGLYL]LL V L vQGHSOLQHDVF FRQFHSWXOXL GH PDUNHWLQJ R VFRSXULOH 5ROXO DFHVWRUD HVWH GH D DUDQMD VFKLPEXULOH GH D RE LQH EDQL GH OD FRQVXPDWRUL 1LFRODH FRQVLGHU PDUNHWLQJXO UHSUH]LQW

HFRQRPLF

DFWLYLWDWH SUDFWLF

 FRQFUHW

D vQWUHSULQGHULL L R IXQF LH D DFHVWHLD 0DUNHWLQJXO HVWH R IXQF LH D

vQWUHSULQGHULL FH GREkQGHWH XQ FRQ LQXW FRQFUHW GLVWLQFW GH FHOHODOWH IXQF LL DOH DFHVWHLD FHUFHWDUH GH]YROWDUH SURGXF LH FRPHUFLDO  ILQDQFLDUFRQWDELO  GH SHUVRQDO GRDU vQ ILUPHOH SXWHUQLFH vQ FDUH RSWLFD GH PDUNHWLQJ VH UHJ VHWH OD WRW SHUVRQDOXO vQWUHSULQGHULL $FWLYLW PDUNHWLQJ VH ORFDOL]HD] GLVWLQFW vQ RUJDQLJUDPD ILUPHL &RQFHSWXO GH PDUNHWLQJ QX HVWH VLPLODU FX FHO GH GLVWULEX LH FH vQWUHSULQGHULL  FRQFHSWH 8Q SURGXF WRU GH FRPSXWHUH GH H[HPSOX SURGXFH R GLYHUVLWDWH GH FRPSXWHUH SHQWUX D YHQL vQ vQWkPSLQDUHD SRWHQ LDOLORU FOLHQ L L D OH FHUH DFHVWRUD V SO WHDVF R VXP GH EDQL vQ VFKLPEXO EHQHILFLLORU SH FDUH OH YRU DYHD GLQ SURSULHWDWHD XWLOL]DUHD FRPSXWHUHORU $FHVWD HVWH XQ H[HPSOX GH WUDQ]DF LH ILQDQFLDU  GDU QX WRDWH VFKLPEXULOH VXQW GH DFHVW WLS L EHQHILFLLOH XUP ULWH GH FOLHQ L FH L VH VXEVXPHD]  Q ILJXUD  VH SRW REVHUYD LQH GH IXQF LD FRPHUFLDO GLQWUH FHOH GRX D GLIHUHQ HOH LOH VSHFLILFH IXQF LHL GH FD] vQWUXQ FRPSDUWLPHQW ELURX VHUYLFLX GLUHF LH GHSDUWDPHQW GXS

DWkW GH WDQJLELOH 8Q SDUWLG SROLWLF GH H[HPSOX SURPLWH SURVSHULWDWH L SDFH VRFLDO YRWXOXL HOHFWRUDWXOXL RUJDQL]D LLOH HFRORJLFH RIHU VDX XQRU DFWLYLW L YROXQWDUH GHSXVH vQ VOXMED OXL SXWHP DILUPD F IXQF LD PDQDJHULDO D PDUNHWLQJXOXL &RQFOX]LRQkQG

vQ VFKLPEXO

XQ PHGLX DPELDQW FXUDW vQ VFKLPEXO XQRU IRQGXUL

HVWH

IXQF LH

LQWHJUDWRDUH FDUH DUH PHQLUHD GH D FRUHOD QHYRLOH FOLHQ LORU DFWXDOL VDX SRWHQ LDOL FX VFRSXULOH ILUPHORU SULQ LQWHUPHGLXO VFKLPEXULORU 0DQDJHPHQWXO PDUNHWLQJXOXL HVWH DQDOL]D SODQLILFDUHD LPSOHPHQWDUHD L FRQWUROXO SURJUDPHORU GHVWLQDWH V SURILWDELOH FX FXPS U WRULL   LQW FUHH]H V VWDELOHDVF L V PHQ LQ VFKLPEXULOH vQ VFRSXO DWLQJHULL RELHFWLYHORU RUJDQL]D LHL .RWOHU L $PVWURQJ

3XQFW GH SOHFDUH $ 3LD D

2ELHFWLYH

0LMORDFH

6FRS

1HYRLOH GRULQ HOH SUHIHULQ HOH FRQVXPDWRULORU

0DUNHWLQJXO LQWHJUDW

3URILW PD[LP RE LQXW FD XUPDUH D VDWLVIDFHULL &HULQ HORU

% QWUH SULQGHUHD /RFXO GH SURGXF LH 3URGXVHOH ILUPHL 9kQ]DUHD L SURPRYDUHD 3URILW RE LQXW FD XUPDUH D VDWLVIDFHULL FOLHQWXOXL

)LJXUD  &RPSDUD LD GLQWUH FRQFHSWXO GH PDUNHWLQJ $ L FRQFHSWXO GH GLVWULEX LH % $DGDU FRQFHSWXO GH PDUNHWLQJ VH FRQFHQWUHD] SOHGkQG SHQWUX R DQDOL] LQWHJUDW  SHQWUX DVXSUD FOLHQ LORU L QHFHVLW L FRQWUROXO WXWXURU LORU DFHVWRUD HOHPHQWHORU

SODQLILFDUHD

PDUNHWLQJXOXL SRSXODUL]DWH VXE GHQXPLUHD FHORU 3 SURGXV SUH  SODVDUH GLVWULEX LH L SURPRYDUH Q DERUGDUHD FRQFHSWXOXL GH PDUNHWLQJ HVWH QHFHVDU WUHEXLH V OH DLE RULFH RUJDQL]D LH FDUH SUHWLQGH F HIRUWXO LQWHJUDW L IRFDOL]DUHD VFRSXULORU 2ULHQWDUHD VSUH FOLHQW 6H vQWkOQHWH vQ FD]XULOH vQ FDUH FRPSDQLLOH VXQW SUHRFXSDWH V FDUH VXQW QHYRLOH SURFHVHOH FRQFXUHQ WHKQRORJLFH V DIHUHQWH L V QHUHXLQG V VHVL]H]H F QHYRLOH DIOH FOLHQ LORU ORU Q PXOWH FD]XUL vQWUHSULQGHULOH VXQW SUHRFXSDWH GH SURGXF LH L FOLHQ LORU VDX PRGLILFDW L F RSRUWXQLWDWHD SHQWUX PDL ELQH DFHOH QHYRL VDWLVIDF VXEOLQLHUHD D WUHL WU V WXUL FKHLH SH FDUH F WUH SLD  RULHQWDUHD VSUH FOLHQW HVWH vQGUHSWDW

SURGXVHOH ORU QX PDL FRUHVSXQG QRLORU QHYRL Q DVHPHQHD VLWXD LL VH FUHD] LQWUH SH SLD RIHUH SURGXVH L VHUYLFLL FDUH V vQWUHSULQGHULOH vQ FDX] vQWUHSULQGHUL WUHEXLH V RULHQWDUHD vQWUHJLL vQWkPSLQkQG JUHXW OXFUH]H vPSUHXQ L QX

L WRW PDL PDUL FX YkQ]DUHD SURGXVHORU GLIHULWHOH GHSDUWDPHQWH GLQ FDGUXO DFHOHLDL ILH GLQ VSHFLILF Q SUDFWLF vQV 

(IRUWXO LQWHJUDW $FHVW SULQFLSLX SUHVXSXQH F vQWUHSULQGHUL QXPDL D

vQ VFRSXO VDWLVIDFHULL FOLHQWXOXL 0DUNHWLQJXO WUHEXLH V GHSDUWDPHQWXOXL

QHIHULFLUH PRGXO vQ FDUH PXOWH vQWUHSULQGHUL VXQW VWUXFWXUDWH FULWHULLOH GXS PDQDJHULL L HILL GH FRPSDUWLPHQWH SUHFXP L QDWXUD DFWLYLW PLOLWHD] vPSRWULYD DFHVWXL RELHFWLY 6 OX P FD H[HPSOX GLUHFWRULL GH

FDUH VXQW U VSO WL L SURGXF LH GLQWUR

LORU SH FDUH DFHWLD OH GHVI RDU OD GLYHUVLILFDUHD SURGXF LHL

vQWUHSULQGHUH FDUH GRUHVF R UHGXFHUH D VRUWLPHQWXOXL RSXQkQG UH]LVWHQ H[LVWHQWH vQ GHIDYRDUHD LQWURGXFHULL XQRU PRGHOH QRL L vPEXQ W GH QRLOH WHKQRORJLL SRW SURLHFWD SURGXVH FX FDOLW

vQ DFHODL WLPS YkQ] WRULL LQWHUHVD L GH FRPLVLRQ GHSXQ XQ PDUH HIRUW SHQWUX PHQ LQHUHD JDPHL LWH GHSDUWDPHQWHOH WHKQLFH DWUDVH L LUHOHYDQWH SHQWUX FRQVXPDWRUL Q DVHPHQHD

VLWXD LL VDUFLQD PDUNHWLQJXOXL HVWH GH D FUHD FRPSURPLVXUL FDUH V UDSRUW RSWLP vQWUH QHYRLOH FRQVXPDWRUXOXL L RELHFWLYHOH vQWUHSULQGHULL )RFDOL]DUHD VFRSXULORU 2ULFH vQWUHSULQGHUH WUHEXLH V DMXW V L DWLQJ IDF

FRQWULEXLH OD UHDOL]DUHD XQXL DIDFHUL QXPDL FX FOLHQ L FDUH R LOH ORFDOH

SURSULLOH RELHFWLYH $FHVWH RELHFWLYH DX vQ FRPXQ UHDOL]DUHD XQXL SURILW FkW PDL SRW DYHD R YDULHWDWH GH RELHFWLYH 8QD GLQ FDSFDQHOH vQ FDUH D YkQ] ULORU DVWIHO vQFkW H[HPSOX LPDJLQDU GDU 9kQ] WRULL DGXV GH GH H[HPSOX DFHOH SRW SULPL SULPH SURSRU LRQDOH FX 8Q

PDUH GHL XQHOH RUJDQL]D LL FXP DU IL FHOH GH FDULWDWH VHUYLFLLOH GH V Q WDWH DXWRULW LQVWLWX LLOH GH HGXFD LH VDX FHOH GH DUW VH VFDS GLQ GLQ YHGHUH SURILWDELOLWDWHD L QX FX FDG IRDUWH GHV vQWUHSULQGHULOH SURGXFWLYH HVWH DFHHD D F XW ULL FX RULFH SUH vQFDV ULOH YkQ] UL SURILWXO YkQ] UL

DVHP Q WRU HVWH DFHOD DO XQXL WHDWUX ILQDQ DW SDU LDO GLQ EDQLL SXEOLFL DYkQG FD VFRS vQFXUDMDUHD FUH ULL GH QRL RSHUH DUWLVWLFH L DWUDJHUHD GH SXEOLF GLQ WRDWH FDWHJRULLOH VRFLDOH 'DF DUWLVWLF SURSULX]LV DWXQFL YD IL vQ SHULFRO V L VXEPLQH]H VXEYHQ LLOH 2 H[DPLQDUH DWHQW D GHILQL LLORU WUHFXWH vQ UHYLVW PDL vQDLQWH UHOHY R HYROX LH FODU  ORJLF vQ GH]YROWDUHD FRQFHSWXDOL] ULL PDUNHWLQJXOXL &D L vQ FD]XO FHORUODOWH GLVFLSOLQH HFRQRPLFH D SRUQLW GH OD LPSHUDWLYH VLPSOH GH JHQXO PXO XPHWH L FOLHQ LL DMXQJkQG OD QR LXQL L FRQFHSWH PDL FRPSOH[H FXP DU IL DQDOL]D FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL 'XS WUDQVIRUP UL ID]H  FRQFHSWXO GH PDUNHWLQJ FRQFHSWXO O PDUNHWLQJ LQVWLWX LRQDOL]DW SURIHVRUXO -RKDQ $UQGW   GH OD DO GRLOHD U ]ERL PRQGLDO vQFRDFH FRQFHSWXDOL]DUHD PDUNHWLQJXOXL D FXQRVFXW WUHL UJLW GH PDUNHWLQJ L FRQFHSWXO GH SULQFLSDOD VD SUHRFXSDUH YD GHYHQL FXORDUHD L FDOLWDWHD FDWLIHOHL IRWROLLORU GLQ VDO  vQ ORF GH FDOLWDWHD DFWXOXL

 )81&

,,/( 0$5.(7,1*8/8, vQ IRDUWH VWUkQV OHJ WXU FX

Q HOHJHUHD RELHFWXOXL GH DFWLYLWDWH DO PDUNHWLQJXOXL VH DIO FXQRDWHUHD IXQF LLORU VDOH 3ULPHOH vQFHUF VWDWXW DFWLYLW LORU FH IDF RELHFWXO $VWIHO XWLOL]DWRUL  3KLOLSV

UL GH GHILQLUH D IXQF LLORU PDUNHWLQJXOXL DX DWULEXLW DFHVW EXQXULORU L VHUYLFLLORU WUHL GH OD SURGXF GH WRUL OD DOH L 'XQFDQ LGHQWLILFDX FDWHJRULL IXQF LL

WUDQVIHUXOXL

FRQVXPDWRUL

PDUNHWLQJXOXL )XQF LL FX URO GH WUDQVIHU DO WLWOXOXL GH SURSULHWDWH FXPS UDUHD L YkQ]DUHD  )XQF LL FH LPSOLF GLVWULEX LD IL]LF D SURGXVHORU PDQLSXODUHD WUDQVSRUWXO GHSR]LWDUHD L

VWRFDUHD  )XQF LL GH VSULMLQ DO SURFHVXOXL GH GLVWULEX LH VWDQGDUGL]DUHD IUDF LRQDUHD GR]DUHD DPEDODUHD ILQDQ DUHD DVLJXUDUHD DVXPDUHD GH ULVFXUL RE LQHUHD GH LQIRUPD LL  %DWHV L 3DUNLQVRQ FRQVLGHU $QDOL]D L SURJQR]D DGLF F PDUNHWLQJXO DUH SDWUX IXQF LL

SURVSHFWDUHD SLH HL

'H]YROWDUHD L SURLHFWDUHD SURGXF LHL ,QIOXHQ DUHD FHUHULL  GHVLJQ SXEOLFLWDWH HWF 6HUYLFLL GH GLVWULEX LH SRVWYkQ]DUH .HOOH\ LGHQWLILFD GRX FDWHJRULL GH IXQF LL )XQF LL DOH PDFURPDUNHWLQJXOXL FDUH FXSULQG )XQF LL WUDGL LRQDOH GLQ FDUH IDF SDUWH RSHUD LLOH GH YkQ]DUHFXPS UDUH L GLVWULEX LD IL]LF  )XQF LL GH VSULMLQ PHQ LRQDWH PDL VXV  )XQF LL VRFLDOH )XQF LL DOH PLFURPDUNHWLQJXOXL FDUH FXSULQG (VWLPDUHD SRWHQ LDOXOXL RUJDQL]D LHL 3ODQQLQJXO L SURJUDPDUHD HIRUWXOXL GH PDUNHWLQJ 2UJDQL]DUHD L FRQGXFHUHD DFWLYLW LL GH PDUNHWLQJ

$ %

(YDOXDUHD L DGRSWDUHD HIRUWXOXL GH PDUNHWLQJ 3URIHVRUXO 0& 'HPHWUHVFX VXV LQH F OD QLYHOXO RUJDQL]D LHL PDUNHWLQJXO DUH GRDU GRX

IXQF LL

,GHQWLILFDUHD L DWUDJHUHD FHUHULL 6DWLVIDFHUHD FHUHULL $VHPHQHD PRGXUL GH DERUGDUH D OXFUXULORU QX YL]HD] HVHQ D PDUNHWLQJXOXL OLSVLQGXO GH

VSHFLILFLWDWH %D PDL PXOW HOH QX SHUPLW FRQWXUDUHD FRQWULEX LHL QHPLMORFLWH D PDUNHWLQJXOXL OD RSWLPL]DUHD SURFHVHORU GH SURGXF LH L GH GHVIDFHUH 3HQWUX D HOLPLQD LQFRQVLVWHQWHOH PHQ LRQDWH SURIHVRUXO &RQVWDQWLQ )ORUHVFX PHQ LRQHD] L FD SXQFW GH SOHFDUH D vQWUHJLL DFWLYLW IXQGDPHQWDUHD WXWXURU GHFL]LLORU GH DFFHSWDELOLWDWH VDX ODQVDUHD SH SLD SLD  ) U R ED] XUP WRDUHOH IXQF LL JHQHUDOH DOH PDUNHWLQJXOXL FD IXQF LH SUHPLV V DVLJXUH GH WHVWDUHD

D ,QYHVWLJDUHD SLH HL D QHYRLORU GH FRQVXP L  VDX GH XWLOL]DUH FRQVLGHUDW PDUNHWLQJ ILH F HVWH YRUED GH

L GH PDUNHWLQJ 6WXGLHUHD SLH HL HVWH FKHPDW SURLHFWDUHD

D XQXL SURGXV VDX VHUYLFLX ILH GH GHVFKLGHUHD XQHL UH HOH SURSULL SULQ LQWHUPHGLXO DFHVWHL Q OLWHUDWXUD GH GH L VXE GHQXPLUHD

GH PDJD]LQH L SURPRYDUHD YkQ] ULORU vQ UkQGXO DQXPLWRU VHJPHQWH GH FRQVXPDWRUL VDX QLH GH FRUHVSXQ] WRDUH GH LQIRUPD LL DVXSUD SLH HL GREkQGLW GH PDUNHWLQJ HVWH QXL SRDWH GRYHGL VXE XQ HILFLHQ D vQ HOHV SULQ SLH HL FXQRVFXW PDL ODUJ IXQF LL DFWLYLWDWHD UH]XOWDWH

VSHFLDOLWDWH

VWXGLHUHD

FHUFHWDUH GH PDUNHWLQJ E $GDSWDUHD FRQWLQX D ILUPHL OD VFKLPE ULOH FHULQ HORU L D PHGLXOXL SLH HL SH FDUH UL

DF LRQHD] 3HQWUX F DFHDVWD FDOLWDWLY

 DQWLFLSkQG L FKLDU LQIOXHQ kQG vQ VHQVXO SH FDUHO GRUHWH DVWIHO GH VFKLPE

SUHVXSXQH PRELOL]DUHD UHVXUVHORU XPDQH PDWHULDOH L ILQDQFLDUH ILUPHL VSUH D U VSXQGH UHSUH]LQW R &DSDFLWDWHD GH DGDSWDUH P VRDU JUDGXO vQ FDUH RIHUWD

FkW PDL HILFLHQW FX SURGXVHOH L  VDX VHUYLFLLOH VDOH H[LJHQ HORU IRUPXODWH GH SXUW WRULL FHUHULL IXQF LH PLMORF vQWUHSULQGHULL U VSXQGH XQHL FHUHUL GLQDPLFH H[LVWHQWH SH SLD  VXE DVSHFW FDQWLWDWLY VWUXFWXUDO L SULPD GLQ LORU GH

F 6DWLVIDFHUHD VXSHULRDU

D QHYRLORU GH FRQVXP VDX GH XWLOL]DUH FDUH UHSUH]LQW

IXQF LLOH RELHFWLY DOH PDUNHWLQJXOXL $FHDVW

IXQF LH SUHVXSXQH SURGXFHUHD D FHHD FH HVWH QHFHVDU

SHQWUX FRQVXP GLVWULEXLUHD vQ FRQGL LL RSWLPH D SURGXVHORU L VHUYLFLLORU FUHDUHD SRVLELOLW

DOHJHUH FRQIRUP JXVWXULORU GRULQ HORU L SUHIHULQ HORU FOLHQ LORU O UJLUHD JDPHL GH SURGXVH L QX vQ XOWLPXO UkQG HGXFDUHD LQIOXHQ DUHD JXVWXULORU FOLHQ LORU vQ VFRSXO FUH ULL GH QRL WUHEXLQ H &X FkW R vQWUHSULQGHUH UHXHWH V VDWLVIDF PDL ELQH WUHEXLQ HOH SLH HL L V VH DGDSWH]H OD VFKLPE ULOH HL FX L SR]L LD ID GH FRQFXUHQ LL DWkW vL VSRUHVF DQVHOH GH DL IRUPD R FOLHQWHO V L L GH DL P UL FLIUD GH DIDFHUL G 0D[LPL]DUHD HILFLHQ HL HFRQRPLFH SURILWXOXL  FDUH VH FRQVWLWXLH vQ FHD GH D GRXD IXQF LH RELHFWLY IOX[XO GXS D PDUNHWLQJXOXL 5HDOL]DUHD DFHVWHL IXQF LL SUHVXSXQH RSWLPL]DUHD VWUXFWXULORU GH SURGXF LH SURGXF LHFRQVXP vQ FRQFRUGDQ GHSOLQ FX RELHFWLYHOH ILUPHL SUHFXP L R L D WXWXURU SURFHVHORU HFRQRPLFH SURGXF LH WUDQVSRUW GHSR]LWDUH L FRPHUFLDOL]DUH FDUH DOF WXLHVF FRPSOHW MXGLFLRDV VSHFLILFH &HOH DFWLYLW YLLWRUXO vQV LL SUHIHUHQ LDO GRX IXQF LL RELHFWLY VFRS DOH R PDUNHWLQJXOXL ILQDOLWDWH FX H[SOLF L SH GH IDSW GXEOD ILQDOLWDWH D ILHF UHL vQWUHSULQGHUL Q FRQGL LLOH PXOW SH L DQXPH VRFLDO SULRULWDWH SULQ R FDV XQD FHD HFRQRPLF  GH D WUHLD FX 7UDWDUHD IXQF LH WLPSXO DORFDUH D UHVXUVHORU Q VFRSXO vQI SWXLULL DFHVWHL IXQF LL PDUNHWLQJXO WUHEXLH V DVLJXUH SURSULH GH DL vPEXQ W

FD] LQIRUPD LL vQGHDMXQV GH VXILFLHQWH FULWHULL GH HYDOXDUH L GH RSWLP SUHFXP L DOWH HOHPHQWH

D XQHLD VDX DOWHLD GH F WUH vQWUHSULQGHUH SRDWH DYHD XUP UL GH RUGLQ QHJDWLY SHQWUX SXQHULL FHD GH DFFHQWXOXL D SDWUD

DFHVWHLD SHGDOD

SURILWDELOLWDWHD ILUPHL YD DYHD GH VXIHULW VXEPLQkQGXVH FKLDU VFRSXO H[LVWHQ HL vQWUHSULQGHULL 'DF VDU PDL IXQF LH FD FUHWHUHD ILJXUD SURILWXOXL   vQWUHSULQGHUHD DU U PkQH I U LPSXOVXO SLH HL  LPDJLQD LHL GDF FOLHQ L L vQWUXQ FD] L vQ FHO ODOW VRDUWD ILUPHL DU IL IDOLPHQWXO 6XE DP FRQVLGHUD PDUNHWLQJXO DWXQFL OD ED]D

IXQGDPHQWXO FDVHL YD VWD SULPD IXQF LH LQYHVWLJDUHD SLH HL L D QHYRLORU GH FRQVXP FXQRDWHUHD

6DWLVIDFHUHD QHYRLORU GH FRQVXP

0D[LPL]DUHD SURILWXOXL

$QWLFLSDUHD L $GDSWDUHD OD VFKLPE ULOH SLH HL LQIOXHQ DUHD VFKLPE ULORU

6WXGLHUHD SLH HL

)LJXUD  /HJ

WXUD GLQWUH IXQF LLOH PDUNHWLQJXOXL

Q DFHVWH FRQGL LL VWkOSLL FDVHL YRU IL DGDSWDUHD ILUPHL OD VFKLPE ULOH SLH HL SUHFXP L DQWLFLSDUHD L FKLDU LQIOXHQ DUHD DFHVWRU VFKLPE UL $FRSHULXO FDVHL FRQVWUXLW GLQ GRX YD IL IRUPDW GLQ FHOH GRX IXQF LL VFRS DOH PDUNHWLQJXOXL VDWLVIDFHUHD QHYRLORU GH PD[LPL]DUHD SURILWXOXL SODVH HJDOH FRQVXP L

 ,17(5',6&,3/,1$5,7$7($ 0$5.(7,1*8/8, ([DPLQkQG VXUVHOH WHRULHL PDUNHWLQJXOXL SXWHP REVHUYD F DFHVWD D vPSUXPXWDW PXOW GH OD HWF  GH OD WLLQ HOH vQ QR LXQL JHQHUDO

GLVFLSOLQHOH OHJDWH GH VIHUD DIDFHULORU WHRULD HFRQRPLF  HFRQRPLLOH GH UDPXU VWDWLVWLF  PDWHPDWLF  HFRQRPHWULH HWF  L F FRQFHSWH GDWH L WHKQLFL &X WRDWH DFHVWHD

VRFLDOH L FRPSRUWDPHQWDOH VRFLRORJLH SVLKRORJLH DQWURSRORJLH HWF L GH OD FHOH PHWRGRORJLFH DFHVWH vPSUXPXWXUL VH FRQFUHWL]HD] QX D IRVW FRQWXUDW vQF R vQWUXFkW WHRULH

DFFHSWDW  DX H[LVWDW IRDUWH PXOWH SXQFWH GH YHGHUH DVXSUD OXL IDSW DUJXPHQWDW GH DEXQGHQ D GH GHILQL LL FDUH L VDX FRQIHULW &D L vQ FD]XO DOWRU GLVFLSOLQH HVHQ D L UDSRUWXULOH PDUNHWLQJXOXL FX WLLQ D vQ JHQHUDO FX FHD HFRQRPLF PDUNHWLQJXO R WLLQ HVWH R WLLQ Q GLVWULEX LD vQ VSHFLDO  DX I FXW RELHFWXO XQRU DPSOH GLVFX LL L FRQWURYHUVH IRDUWH IUHFYHQW (VWH D YkQ] ULL QX L GH R GH XQHOH FRQWLQXkQG L DVW ]L vQ UkQGXO VSHFLDOLWLORU $VWIHO OD vQWUHEDUHD SXV FDUH PDL VHPQLILFDWLYH VXQW PDUNHWLQJXO HVWH R WLLQ FL R DUW  QX HVWH QXPDL R WLLQ SUH]HQW PDUNHWLQJXO GLVWULWLFD  GLVSXQH SO LOH GH XQ DSOLFDWLY  R QRX SURSULX

" PDL DOHV vQ GHFHQLXO 9, VD SULPLW XQ HYDQWDL ODUJ GH U VSXQVXUL GLQWUH WLLQ GH FL L R DUW HWF LQVWUXPHQWDU FHUFHWDUH

WHUPLQRORJLH VSHFLILF  P UIXULORU

EXFXUkQGXVH GLQ SOLQ GH DSOLFD LLOH LQIRUPDWLFH vQWUR VHULH GH GRPHQLL FD HOHFWURQLFH PRQHWLFD  SUHOXFUDUHD LQIRUPD LLORU WHOHPDWLFD  &D XUPDUH D SURJUHVHORU vQUHJLVWUDWH GH GH]YROWDW  WHRULD PDUNHWLQJXOXL D LWH FRQFHSWHOH HVHQ LDOH DOH WHRULHL FHUHUHD L DX IRVW vPEXQ W

PDUNHWLQJ L WUDQVPLWHUHD ORU OD PDUH GLVWDQ SUDFWLFD DFWLYLW FXQRVFXW R LL GH PDUNHWLQJ GLQ LUH FRQWLQX  vPEXQ W $VWIHO

ULOH FX HFRQRPLH GH SLD

HFRQRPLFH FXP VXQW QHYRLOH

GH FRQVXP

VDX GH XWLOL]DUH SLD D L PHFDQLVPHOH HL

RIHUWD GH P UIXUL HWF $SRUWXO PDUNHWLQJXOXL OD vPERJ

LUHD WHRULHL HFRQRPLFH VD FRQFUHWL]DW L vQ D

HYLGHQ LHUHD UHVRUWXULORU LQWLPH GH WUDQVIRUPDUH D QHYRLORU GH FRQVXP vQ FHUHUH GH P UIXUL vQ P VXUDUHD OHJ WXULORU VWDWLVWLFH GLQWUH FHUHUH L IDFWRULL V L GH LQIOXHQ

&DUDFWHUXO V X LQWHUGLVFLSOLQDU D SHUPLV PDUNHWLQJXOXL R UHXLW FDQWLWDWLY L FDOLWDWLY D IHQRPHQHORU L SURFHVHORU FH VH GHVI RDU

vPELQDUH vQWUH VWXGLHUHD

vQ FDGUXO SLH HL IRORVLQGXVH

PHWRGH WHKQLFL L LQVWUXPHQWH WRW PDL DGHFYDWH Q ]LOHOH QRDVWUH PDUNHWLQJXO GLVSXQH GH XQ DUVHQDO IRDUWH ERJDW GH PHWRGH vQFHSkQG FX FHOH ULJLG WLLQ LILFH FDUH VXQW FRPSOHWDWH GH FHOH HXULVWLFH L WHUPLQkQG FX LQVWUXPHQWDUXO GH OXFUX DO VRFLRORJLHL SVLKRORJLHL SVLKRORJLHL VRFLDOH

 &5(7(5($ ,03257$1 'XS SH SLD

(, 0$5.(7,1*8/8, vQ DEXQGHQ D SURGXVHORU L VHUYLFLLORU FX GLILFXOW L FUHVFkQGH GHRDUHFH SRDWH IL DU IL

XQLL DXWRUL JHQH]D PDUNHWLQJXOXL WUHEXLH F XWDW DWHQW

 VSHFLILF

ULORU FX HFRQRPLH SXWHUQLF GH]YROWDW  FDUH VH FRQIUXQW

vQ GHVIDFHUHD P UIXULORU /D R DQDOL]

R DVWIHO GH H[SOLFD LH QX HVWH VXILFLHQW

DEXQGHQ D HVWH R QR LXQH UHODWLY  UHSUH]HQWkQG QX R GLPHQVLXQH FHUW FHUHUH L RIHUW  PLMORFLW GH SUH  FRQIUXQWDW vQVHPQDW F FRPSDQLL vQ XQHOH FD]XUL LQVXILFLHQW  LDU vQ DOWHOH DEXQGHQW  'DF SHWUROLIHUH V IL VF ]XW 'LPSRWULY vQV  FUL]D

D RIHUWHL FL XQ UDSRUW vQWUH

FX FHUHUL GH GLPHQVLXQL GLIHULWH DFHHDL RIHUW

DU IL H[LVWDW R DVWIHO GH OHJ WXU QX D UHGXV QLFL DULD QLFL

vQ SHULRDGD FUL]HL HQHUJHWLFH GLQ DQLL   LQWHUHVXO SHQWUX PDUNHWLQJ DO PDULORU LPSRUWDQ D

PDUNHWLQJXOXL FL D GHWHUPLQDW GRDU UHFRQFHSWXDOL] UL QHHVHQ LDOH L VFKLPE UL vQ GLUHF LLOH IRUPHOH L PHWRGHOH GH IRORVLUH D OXL Q RSLQLD FHORU PDL UHSXWD L VSHFLDOLWL DSDUL LD L ODUJD SURPRYDUH D PDUNHWLQJXOXL SH VFHQD HFRQRPLHL D IRVW L PRQGLDOH UH]XOWDQWD WUHEXLH SXV vQ OHJ WXU FX GLQDPLVPXO HFRQRPLFRVRFLDO vQ WRDWH GH SDOLHUHOH I U  FX GHRVHELUH vQ SHULRDGD SRVWEHOLF  /D UkQGXO OXL DFHVW SURJUHVXOXL WHKQLFRWLLQ LILF YLH LL GH]YROWDUHD SURGXF LHL P UIXUL PXWD LLOH

SUHFHGHQW FH D GRPLQDW HSRFD QRDVWU GLQDPLVP HFRQRPLFH VRFLDOH ([SUHVLH D

LPSOHPHQW ULL

GLQDPLVPXOXL

GHPRJUDILFH XUEDQL]DUHD FUHWHUHD QLYHOXOXL GH WUDL HWF VDX U VSkQGLW GLUHFW VDX LQGLUHFW DVXSUD FRQGL LLORU SLH HL DVXSUD UDSRUWXULORU GH SLD SRDWH IL SXV WRWRGDW vQ OHJ WXU D VFKLPEXULORU GH SLD  3UROLIHUDUHD UDSLG D RSWLFLL L WHKQLFLORU GH PDUNHWLQJ FX DPSOLILFDUHD H[SRQHQ LDO PDUH GH UL D UHOD LLORU HFRQRPLFH LQWHUQD LRQDOH

FH DX FD RELHFW VHUYLFLL SURGXVH WHKQRORJLL HWF /D DFHDVWD VD PDL DG XJDW WRW PDL FDUH LDX GREkQGLW LQGHSHQGHQ D *kQGLUHD GH L DYXW vQ YHGHUH GH GH

L FRQHFWDUHD XQXL QXP U

PDUNHWLQJ VD FULVWDOL]DW vQ WLPS vQ IXQF LH GH PRGLILFDUHD VLVWHPXOXL GH SULRULW

vQWUHSULQGHUL vQ FRQGXFHUHD SURFHVHORU GH SURGXF LH L GH FRPHUFLDOL]DUH 0RGLILF ULOH YL]HD] UHDOL]H]H PD[LPXP GH HILFLHQ D 2ULHQWDUHD VSUH SURILW  $VWIHO VDX VXFFHGDW XUP WRDUHOH WLSXUL GH RULHQW UL FH XUP UHD RSWLPL]DUHD IRORVLULL RSWLF UHVXUVHORU vQ

IDSW VFKLPE ULOH GH RULHQWDUH vQ FHHD FH SULYHWH JHVWLRQDUHD UHVXUVHORU ILUPHL SHQWUX FD DFHDVWD V LQWHULRUXO L GH

SURGXF LH

vQWUHSULQGHULL SHQWUX RE LQHUHD PD[LPXOXL GH UH]XOWDWH HFRQRPLFH SURGXVH LVDX VHUYLFLL  vQ FRQGL LLOH XQXL QLYHO GHWHUPLQDW DO FRVWXULORU WRWDOH $FHDVW D E VHFROXOXL ;; FkQG RIHUWD HUD PXOW PDL PLF GHFkW SURGXF WRUL 2ULHQWDUHD VSUH YkQ] FHD D FRQFXUHQ LORU WRW F PDL QXPHURDVH UL FkQG HIRUWXULOH ILUPHL VXQW FRQFHQWUDWH DVXSUD PHWRGHORU L WHKQLFLORU GH VWLPXODUH D GHVIDFHULORU VXEOLQLLQGXVH DYDQWDMHOH FDOLWDWLYH DOH SURSULHL RIHUWH vQ UDSRUW FX LQWD DFHVWHL RULHQW UL HUD DWUDJHUHD FkWLJDUHD L ILGHOL]DUHD XQHL FOLHQWHOH L VROYDELOH $FHDVW RULHQWDUH D IRVW SUDFWLFDW vQ SHULRDGD FkQG SLD D GHS HDVF FHUHUHD D IRVW SURSULH SULPHL MXP W L SLD D HUD GRPLQDW FHUHUHD

GHYHQHD GLQ FH vQ FH PDL PXOW D FXPS U WRUXOXL L FkQG RIHUWD vQFHSHD V

2ULHQWDUHD GH PDUNHWLQJ 6SHFLILF DFHVWHL RULHQW UL HVWH FRQFHQWUDUHD DWHQ LHL ILUPHL DVXSUD QHYRLORU JXVWXULORU SUHIHULQ HORU L GRULQ HORU FOLHQWHOHL SHQWUX DL RULHQWD VWUXFWXUD L FDOLWDWHD SURGXVHORU IDEULFDWH L GHVIDFHULORU SRWULYLW H[LJHQ HORU H[SULPDWH SH SLD  GH PDUNHWLQJ

2ULHQWDUHD

GH

PDUNHWLQJ

VRFLHWDO

FDUH

VSUH

GHRVHELUH vQ FDUH V

GH

RULHQWDUHD

SUHVXSXQH VDWLVIDFHUHD FRQVXPDWRULORU vQWUR PDQLHU FkW L PHGLXO DPELDQW Q XOWLPHOH GRX FRPSOH[LW

ILH SURWHMDW DWkW FRQVXPDWRUXO

GHFHQLL XQ QXP U GLQ FH vQ FH PDL PDUH GH RUJDQL]D LL GLQ FHOH PDL GLIHULWH ULOH FX HFRQRPLH

GRPHQLL GH DFWLYLWDWH DX DGRSWDW vQ DFWLYLWDWHD ORU RSWLFD GH PDUNHWLQJ IDSW FH SRDWH IL SXV SH VHDPD LL L VFKLPE ULORU SHWUHFXWH vQ PHGLXO HFRQRPLF L VRFLDO PDL DOHV vQ

GH

SLD

GH]YROWDW 

&LQFL

VXQW

IDFWRULL

HVHQ LDOL

FDUH

DX

FRQGXV

OD

FUHWHUHD

LPSRUWDQ HL

PDUNHWLQJXOXL D &UHWHUHD JUDGXOXL GH VRILVWLFDUH D QHYRLORU FRQVXPDWRULORU 0DVORZ  D HYLGHQ LDW IDSWXO F XQRU QHYRL FDUH YDULD] LQGLYLG ILJXUD   2DPHQLL vL VDWLVIDF VXFFHVLY QHYRLOH vQFHSkQG FX FHOH SULPDUH 6SUH GHRVHELUH GH HFRQRPLLOH GH VXE]LVWHQ DOLPHQWH VDWLVIDF  vQ FDUH FHD PDL PDUH SDUWH D SRSXOD LHL vQFHDUF DG SRVW F OGXU  FDUH VXQW XRU GH LGHQWLILFDW V L VDWLVIDF L GH DQWLFLSDW QHYRLOH SULPDUH vQ ULOH ERJDWH V L DS  H[LVWHQ D LQGLYL]LORU HVWH FRQGL LRQDW GH VDWLVIDFHUHD GH OD FHOH IXQGDPHQWDOH YLWDOH  DOH WXWXURU SkQ OD FHOH VSHFLILFH ILHF UXL

FRQVXPDWRULL DX YHQLWXUL FDUH OH SHUPLW QX QXPDL VDWLVIDFHUHD DFHVWRU QHYRL SULPDUH (L FDXW

QHYRL GRULQ H L SUHIHULQ H GLQ FH vQ FH PDL VRILVWLFDWH DIODWH SH WUHSWH VXSHULRDUH DOH FDOH SHQWUX VDWLVIDFHUHD

SLUDPLGHL DFHVWRUD Q DFHVWH FRQGL LL RULHQWDUHD GH PDUNHWLQJ D ILUPHL FDUH SXQH FRQVXPDWRUXO vQ FHQWUXO DIDFHULL L IDFH HIRUWXUL vQ D DIOD FH GRUHWH HO HVWH FHD PDL SRWULYLW SH GHSOLQ D DFHVWXLD

$XWR UHDOL]DUH

5HVSHFW GH VLQH

1HFHVLW

VRFLDOH

1HFHVLW

L OHJDWH GH VLJXUDQ

1HFHVLW

L IL]LRORJLFH

)LJXUD  ,HUDUKLD QHYRLORU RPHQHWL GXS

0DVORZ

&RQFXUHQ D GLQ FH vQ FH PDL GXU 3ULQFLSDOLL IDFWRUL FDUH FRQWULEXLH OD DVFX LUHD OXSWHL FRQFXUHQ LDOH VXQW

&RQFXUHQ D SRVLELOLW RIHU LL

LQWHUQD LRQDO SHQWUX RULFH

PEXQ W GH D

LUHD

VLVWHPHORU

GH

FRPXQLFD LH

GXV

OD

FUHWHUHD

ILUP

VDWLVIDFH

FRQVXPDWRUL

GLQ UHJLXQL LQGHSHQGHQWH 3HQWUX VH

RIHUWDQ LL ORFDOL DFHVW OXFUX SRDWH FRQVWLWXL R SULPHMGLH vQ FRQGL LLOH vQ FDUH FRPSHWLWRULL H[WHUQL SURGXVH L VHUYLFLL PDL EXQH GHFkW FHOH GH SH SLD D ORFDO  &X R DVWIHO GH H[SHULHQ vQ SUH]HQW L 5RPkQLD vQ FDUH ILUPHOH VWU LQH SRVHG FRQIUXQW R VHULH GH DYDQWDMH ILVFDOH VDX vQ DOWH UL DOH OXPLL YHFKLOH FH

FHOH SURYHQLWH GLQ DFFHVXO OD PDWHULL SULPH WHKQRORJLL FRVWXUL LQIHULRDUH VDX GLQWUR PDL EXQ vQ HOHJHUH D QHYRLORU FRQVXPDWRULORU SURYHQLW GLQ H[SHULHQ D DFXPXODW

1RLOH WHKQRORJLL 'HVFULVH FD IRU H DOH GLVWUXJHULL FUHDWLYH QRLOH WHKQRORJLL VFKLPE

LQGXVWULL Q LQGXVWULD FHDVXULORU GH H[HPSOX HOHFWURQLFD D OXDW ORFXO P LHVWULHL SH P VXU

FXPS U WRULL DX GHVFRSHULW DFXUDWH HD L UH]LVWHQ D FHDVXULORU HOHFWURQLFH VDX DOW H[HPSOX vQ LQGXVWULD WLSRJUDILF  WLSRJUDILL VXQW DPHQLQ D L GH FRPSXWHUH L FRSLDWRDUH GLQ GRULQ D HGLWXULORU GH D DYHD XQ FRQWURO PDL PDUH DVXSUD SXEOLFD LLORU VDX DPHQLQ DUHD LQGXVWULHL IDUPDFHXWLFH GH F WUH LQJLQHULD JHQHWLF  FD DSOLFD LL VSUH HYLWDUHD L QX WUDWDUHD EROLORU OD DQLPDOH L SODQWH HWF ,PLWDWRULL &X WRDWH F ODQVHD] QRXOXL SH SLD SURGXV 1XPDL VXQW OHJL FDUH SURWHMHD] R EXQ  RULHQWDUH GH SH SURGXF WRULL RULJLQDOL VXQW FRQFXUHQ L FDUH FkWLJH R FRW D ILUPHL FkW PDL PDUH GLQ SLD D SHUPLWH vQ HOHJHUHD PDUNHWLQJ FDUH

SURGXVH VLPLODUH YHUVLXQL DGDSWDWH V

PRWLYD LLORU L FXQRDWHUHD RELQXLQ HORU SRWHQ LDOLORU FRQVXPDWRUL YD DVLJXUD DS UDUHD vPSRWULYD DFHVWHL IRUPH GH FRQFXUHQ

F 6HSDUDUHD SURGXF LHL GH FRQVXP QDLQWH GDF GLVFXWDX PRGHOXO GH SDQWRIL L vO FKHPD GXS PDV vQF O vQV  DQXOHD] PLQWH WUHEXLH V

FLQHYD GRUHD R SHUHFKH GH SDQWRIL QRL VH GXFHD PLQWH GH WLPS V L UHFHS LRQH]H 3URGXF LD GH

OD FL]PDU FDUH vL OXD P VXULOH OD SLFLRDUH vL SUH]HQWD GLIHULWH WLSXUL GH SLHOH SHQWUX vQF O R SHULRDG

FRQWDFWXO GLUHFW GLQWUH SURGXF WRU L FRQVXPDWRU Q FD]XO QRVWUX IDEULFDQ LL GH DQWLFLSH]H PRGD GLQ VH]RQXO XUP WRU RUL FKLDU FX Fk LYD DQL vQDLQWH FD ILH SXVH vQ YkQ]DUH V WUHEXLH V SURGXF  I U XWLOL]H]H FXORULOH FDUH YRU IL OD PRG  V vQV V FXQRDVF GHFLG QXP UXO FOLHQ LORU SRWHQ LDOL PLQWH V

PRGHOHOH GH vQF O

FH PRGHO FXORDUH L P VXU SLD

1XPDL RULHQWDUHD GH PDUNHWLQJ vQFXUDMHD]

FRQWDFWXO FX DFHWLD FX SUHF GHUH SULQ FHUFHW ULOH GH

 Q FRQGL LLOH VSHFLDOL] ULL L FUHWHULL GLPHQVLXQLL vQWUHSULQGHULORU L LPSOLFLW D SURGXF LHL DSDU vQWUH FHUHUH L RIHUW  L L DQWLFLSDUH FRPSOH[LW ILQDOL D LL DL

DULD GH U VSkQGLUH D SURGXVHORU VH O UJHWH FX PXOW SHVWH SLH HOH ORFDOH WUHFkQG GLQFROR GH JUDQL HOH QD LRQDOH DGXFkQG FX VLQH ULVFXUL JHQHUDWH GH GH]DFRUGXULOH FDUH SRW V 1XPDL FHUFHW ULOH GH PDUNHWLQJ I FXWH vQ SUHDODELO 3H FH SHQWUX R EXQ HYROX LLORU SH DFHVWH SLH H SRW GXFH OD PLQLPL]DUHD DFHVWXL ULVF G &UHWHUHD FRPSOH[LW DQJDMD LL LL RUJDQL]D LLORU GHYLQ DSDU GLQ GRX P VXUD vQ FH FUHWHULL GLPHQVLXQLL GH vQWUHSULQGHULORU DFHVWRUD PDL vQGHS UWD L XWLOL]DWRULL FXQRDWHUH

SURGXVHORU ORU 3H DFHVW IRQG SRW V &HUHUL FRQIOLFWXDOH 6

SUREOHPH R vQWUHSULQGHUH XQ PDJD]LQ GH KDLQH  vQ UHGXV QWUR ]L vQV  R FX UXM GH

SUHVXSXQHP GH H[HPSOX F

GHPHUVXO HL GH D PHQ LQH VWDQGDUGHOH FDOLWDWLYH FkW PDL ULGLFDWH GLVWUXJH KDLQHOH GHWHULRUDWH FD XUPDUH D SUREHORU GH F WUH FOLHQ L L QX OH RIHU FOLHQW GH SUH SH GHVFRSHU GH  V VSUH YkQ]DUH FX XQ SUH V vQ PDJD]LQ R URFKLH FDUH L VH SRWULYHWH SHUIHFW GDU HVWH S WDW

SHUVRDQD FDUH D SUREDWR PDL vQDLQWH &OLHQWD HVWH WRWXL GLVSXV FOLHQWXO QRVWUX VW SkQXO QRVWUX L vPSXWHUQLFHWH FOLHQW SOHFH DFDV PXO XPLW vQ FLXGD

R FXPSHUH GDU FX R UHGXFHUH DLFL SULQFLSLXO DOH F URU DFFHSWH UHGXFHUHD I FkQGXO QWUHSULQGHULOH

 QWUHSULQGHUHD FDUH D DGRSWDW FRQFHSWXO GH PDUNHWLQJ DSOLF SH YkQ] WRU V UHJXODPHQWXOXL LQWHUQ

UHJXODPHQWH L SURFHGXUL LQWHUQH VXQW PDL LPSRUWDQWH GHFkW VROLFLW ULOH FOLHQWXOXL YRU IL HWLFKHWDWH GUHSW ELURFUDWLFH L FX WLPSXO YRU SLHUGH 6HSDUDUHD SURSULHW SURSULHWDULL 'DF GLQWUH PXO XPLUHD FRPSDQLLOH LL GH FRQWURO $QJDMD LL WLQG SURILW L UHPXQHUDUH V VH ILH PDL SX LQ RULHQWD L VSUH SURILW GHFkW HIHFWLY FX VDODULD LL FRUHOD LD vQ PLQWHD VDODULD LORU HL SRDWH SLHUGH

PDQDJHPHQWXO QX FRQWUROHD] FOLHQ LORU FDUH

L QX FRPXQLF

SULPLQG VDODULX LQGLIHUHQW GDF VLWXD LL LDX

FOLHQ LL ORU DX IRVW VDWLVI FX L VDX QX 3HQWUX D HYLWD DVHPHQHD LPSOHPHQWDW FRQFHSWXO GH PDUNHWLQJ vL DGDSWHD] VWUXFWXULOH VDWLVIDFHUH D

RUJDQL]DWRULFH VLVWHPHOH GH RSHUDUH L FRPXQLFDUH VLVWHPHOH GH FRQWURO L UHPXQHUDUH SUHFXP L DFWLYLWDWHD GH WUDLQLQJ DVWIHO vQFkW WR L DQJDMD LL V QHYRLORU FOLHQ LORU H 6FKLPE ULOH WRW PDL GLQDPLFH DOH PHGLXOXL Q SULQFLSDO VFKLPE ULOH VXQW JHQHUDWH GH ILH PRWLYD L vQWUR FkW PDL EXQ

QRLOH WHKQRORJLL FDUH IDF YHFKLOH LQGXVWULL UHGXQGDQWH FUHWHUHD JUDGXOXL GH HGXFD LH D SRSXOD LHL FDUH VROLFLW PLF ULOH HFRORJLVWH FDUH DX R LQIOXHQ JOREDOL]DUHD HFRQRPLHL vQFXUDMDUHD LQWHJU ULL vQ 8( D IRVWHORU UL FRPXQLVWH GLQ FHQWUXO L HVWXO (XURSHL HWF FUHVFkQG SURGXVH GLQ FH vQ FH PDL EXQH

DVXSUD SUDFWLFLORU HFRQRPLFH

 '20(1,,/( 0$5.(7,1*8/8, Q OLWHUDWXUD GH VSHFLDOLWDWH VH J VHWH XQ WHUPHQ UHODWLY QRX XQLYHUVDOLWDWHD PDUNHWLQJXOXL &X GHRVHELUH GXS FHO GHDO GRLOHD U ]ERL PRQGLDO PDUNHWLQJXO D J VLW WHUHQ SULHOQLF GH DSOLFDUH vQ UHODWLYD VD LL VDOH VXQW FHOH PDL YDULDWH GRPHQLL GH DFWLYLWDWH L VSD LL HFRQRPLFRJHRJUDILFH 'H DLFL UH]XOW XQLYHUVDOLWDWH $UJXPHQWHOH FDUH DX IRVW DGXVH vQ IDYRDUHD XQLYHUVDOLW SHQHWUDUHD VD vQ WRDWH VHFWRDUHOH YLH LL HFRQRPLFRVRFLDOH DILUPDUHD VD vQ HFRQRPLL DIODWH SH GLIHULWH WUHSWH GH GH]YROWDUH DSOLFDELOLWDWHD vQ RULFH WLS GH HFRQRPLH

$FHDVW RSWLPL]HD] SUREOHPHORU

WU V WXU GDU

PDUNHWLQJXOXL DVWD QX

vQV  F

QX HO

WUHEXLH HVWH XQ

H[DJHUDW  SDQDFHX

0DUNHWLQJXO SHQWUX

LQWURGXFH

XQ

GHPHUV WLLQ LILF vQ RULHQWDUHD DFWLYLW HIHFWHOH

LL RUJDQL]D LLORU SULQ FDUH VH UD LRQDOL]HD]

HIRUWXULOH L VH WXWXURU

vQVHDPQ

UH]ROYDUHD

Q HYROX LD SUDFWLFLL L WHRULHL PDUNHWLQJXOXL VDX vQUHJLVWUDW GRX D 'H]YROWDUHD H[WHQVLY

HWDSH

D PDUNHWLQJXOXL FDUH D vQVHPQDW S WUXQGHUHD vQ O UJLPH vQ FkW PDL DF LRQH]H vQ DFHVW VHQV OD XQD

PXOWH RUJDQL]D LL D PDUNHWLQJXOXL SULQ VHQVLELOL]DUHD IDFWRULORU GH GHFL]LH vQ GLUHF LD FUH ULL VSLULWXOXL GH PDUNHWLQJ L DL IDFH V E 'H]YROWDUHD LQWHQVLY D PDUNHWLQJXOXL FDUH D vQVHPQDW WUHFHUHD GH OD R YL]LXQH OLPLWDW

LQWHJUDWRDUH D PDUNHWLQJXOXL GH OD PHWRGH L WHKQLFL VLPSOH RULHQWDWH GRDU VSUH RSWLPL]DUHD SURFHVHORU GH IDEULFD LH L GH GHVIDFHUH OD DF LXQL FRRUGRQDWH vQ FDGUXO XQRU SURJUDPH FRPSOH[H GH PDUNHWLQJ OD JHQHUDOL]DUHD PHQWDOLW 3ULQ O UJLUHD FRQWLQX V LL GH PDUNHWLQJ vQ WRDWH FRPSDUWLPHQWHOH RUJDQL]D LHL VSHFLDOL]DUHD DF LXQLL VDOH D FkPSXOXL DSOLFD LLORU SUDFWLFH PDUNHWLQJXO D vQUHJLVWUDW L FRQWLQX

vQUHJLVWUH]H XQ SURFHV GH GLIHUHQ LHUH L VSHFLDOLDOL]DUH Q HFRQRPLD FRQWHPSRUDQ FDWHJRULLOH GH P UIXUL UDPXULOH GH DFWLYLWDWH L FDUDFWHUXO JHRJUDILF DO

PDUNHWLQJXOXL VH vQI SWXLHWH vQ UDSRUW FX IXQF LLOH vQWUHSULQGHULL FDUDFWHUXO EXQXULORU UHDOL]DWH GH ILUP  ([WLQGHUHD PDUNHWLQJXOXL vQ VIHUD DFWLYLW GH]YROWDUHD PDUNHWLQJXOXL VRFLDO Q ILJXUD  VXQW HYLGHQ LDWH VSHFLDOL] ULOH PDUNHWLQJXOXL GXS
F VX HORU UHVSHFWLYH QXPHURWDWH FX 1 1  1 $FHVWH QRWH H[SOLF 1 1 &RQFHSWXO JHQHUDO GH PDUNHWLQJ 0N RULHQWDW IXQF LRQDO 1 1 0N RULHQWDW GXS VFRS 0NRULHQWDW GXS UDPXUD GH 0N RULHQWDW GXS

LL QHOXFUDWLYH QHDGXF WRDUH GH SURILW D GXV OD DSDUL LD L FULWHULLOH DU WDWH PDL VXV
QRWH FRUHVSRQGHQWH

2EVHUYD LH )LJXUD  FRQ LQH F VX H QXPHURWDWH GH OD  OD  LDU vQ DIDUD GHVHQXOXL H[LVW

vQVHPQ WDWHD FRQ LQXWXOXL F VX HORU

FDWHJRULL GH P UIXUL 1

DFWLYLWDWH HFRQRPLF  1

0N XQRU JUXSH GH SURGXVH

6SHFLDOL] 'XS UH]XOWDW FULWHULXO VD

ULOH PDUNHWLQJXOXL vQ DFWLYLWDWHD HFRQRPLF VSHFLDOL]DUHD GH PDUNHWLQJXOXL PDUNHWLQJ D DYXW GUHSW

SURILOXO vQ

DFWLYLW

LL

HFRQRPLFH EXQXULORU

GLYL]DUHD

PDUNHWLQJXO

SURGXF LH

LQGXVWULDO 

PDUNHWLQJXO EXQXULORU GH FRQVXP L PDUNHWLQJXO VHUYLFLLORU D 0DUNHWLQJXO EXQXULORU GH SURGXF LH $FHDVW VSHFLDOL]DUH VD UHDOL]DW vQ UDSRUW FX PDUNHWLQJXO EXQXULORU GH FRQVXP ILLQG GHWHUPLQDW vQ SULQFLSDO GH FDUDFWHUXO PDL UDSLG DO FHUHULL L DX GXV OD GH]YROWDUHD XQRU

GH PRWLYD LD SUHSRQGHUHQW UD LRQDO  GH QXP UXO UHODWLY PLF GH FXPS U WRUL DJHQ L HFRQRPLFL L GH FRQFHQWUDUHD FHQWUHORU GH SURGXF LH L FRQVXP $FHVWH SDUWLFXODULW vQ UDSRUW FX PDUNHWLQJXO EXQXULORU GH FRQVXP E 0DUNHWLQJXO EXQXULORU GH FRQVXP /D DFHDVW UDSRUWDUH D SDUWLFXODULW FX FHD PDL ODUJ FXPS U WRUL SDUWLFXODULW VSHFLDOL]DUH WUHEXLH PHQ LRQDW IDSWXO F SULPHOH DSOLF UL DOH PDUNHWLQJXOXL VDX UHDOL]DW vQ DFHVW GRPHQLX FRQVWLWXLQG L DVW ]L HOHPHQWXO GH LORU FHORUODOWH GRPHQLL GH VSHFLDOL]DUH D PDUNHWLQJXOXL SUHFXP L WHUHQXO GH IDSWXOXL F GH VH FRQIUXQW HQRUP GDU GH FX DSDUL LH L H[SHULPHQWDUH D LQRYD LLORU GH PDUNHWLQJ 7RDWH DFHVWHD GDWRULW DQRQLPL FX XQ FDUDFWHU IRDUWH FRPSOH[ DO PRWLYD LHL PHWRGH WHKQLFL L LQVWUXPHQWH GH FHUFHWDUH L GLUHF LL GH RULHQWDUH D SROLWLFLORU GH PDUNHWLQJ GLVWLQFWH

YDULHWDWH GH FDUDFWHULVWLFL DOH FHUHULL JUHX GH LGHQWLILFDW FX R PDV

FXPS UDUH

L LQGLYLGXDOH vQ FHHD FH SULYHWH GHFL]LD GH FXPS UDUH FX FHO PDL ULGLFDW JUDG GH D VHFWRUXOXL WHU LDU VHFWRUXO HWF L VHFXQGDU L FD

GLVWULEX LH D FHUHULL vQ WHULWRULX HWF F 0DUNHWLQJXO VHUYLFLLORU 0RWLYDW GH HYROX LD PDL UDSLG VHUYLFLLORU  ID Q GH FHOHODOWH GRX FX P UIXULOH LQGXVWULD  HO UHSUH]LQW UDSRUW VHFWRDUH SULPDU DJULFXOWXU  LQGXVWULD H[WUDFWLY SURGXVHOH  VHUYLFLLOH SUH]LQW R VHULH GH

DVW ]L GRPHQLXO GH VSHFLDOL]DUH FHO PDL GLQDPLF SDUWLFXODULW

LQWDQJLELOLWDWH LQVHSDUDELOLWDWHD SURGXF LHL GH FRQVXP LPSRVLELOLWDWHD VWRF ULL SHULVDELOLWDWH HWF FDUH LDX SXV DPSUHQWD DVXSUD DFWLYLW LL GH PDUNHWLQJ GLQ DFHVW GRPHQLX 3RWULYLW FULWHULXOXL JHRJUDILF VSHFLDOL]DUHD PDUNHWLQJXOXL D RSHUDW vQ FDGUXO DF LXQLL VDOH GH GLYL]DUH vQ PDUNHWLQJ LQWHUQ GRPHVWLF L PDUNHWLQJ LQWHUQD LRQDO

D 0DUNHWLQJXO GRPHVWLF HVWH PHQLW V HIRUWXUL GHRVHELWH FRPSDUDWLY FX SLH HOH

RULHQWH]H

DFWLYLWDWHD RUJDQL]D LLORU vQ UDSRUW FX WUDQVSDUHQ D vQ LQIRUPD LLOH LORU D

H[LJHQ HOH SLH HORU ORFDOH L QD LRQDOH SH FDUH DFWLYHD]  DOH F URU FDUDFWHULVWLFL SRW IL FHUFHWDWH I U H[WHUQH vL DVLJXUkQGXVH GDWRUHD] QHFHVDUH vQ DFHVW VFRS E PHWRGHORU DGRSW 0DUNHWLQJXO L WHKQLFLORU GH LQWHUQD LRQDO SURVSHFWDUH D $FHVWD SLH HORU VSHFLILFLWDWHD LORU GH SDUWLFXODULW L H[WHUQH PRGDOLW VHOHF LH DQDOL]

DFHVWRUD GH F WUH DJHQ LL HFRQRPLFL LQWHUHVD L SROLWLFLORU L VWUDWHJLLORU GH PDUNHWLQJ SH FDUH OH vQ UDSRUW FX VHJPHQWHOH SLH HL GXS FDUH VD GHOLPLWDW GH LQW  3ULPXO SULYHWH VDOH 0DL QRW P vQ VIkULW GUHSW FULWHULL GH VSHFLDOL]DUH D PDUNHWLQJXOXL QLYHOXO GH RUJDQL]DUH HFRQRPLF FHO ODOW PLFURPDUNHWLQJXO SULYHWH vQWUHDJD L PDFURPDUNHWLQJXO QD LRQDO DFWLYLWDWHD ILHF UHL ILUPH vQ SDUWH vQ FRQIUXQWDUHD VD FX PHGLXO HFRQRPLFRVRFLDO FX SLD D LDU FDUH HVWH XWLOL]DW VRFLHWDWH HFRQRPLH SULQ IRUPHOH VSHFLILFH GH RUJDQL]DUH VDX GH RULHQWDUH D DFWLYLW LL HFRQRPLFH

6SHFLDOL] ULOH SUH]HQWDWH QX VH RSUHVF DLFL HOH FRQ LQkQG DWkW vQ O UJLPH FkW L vQ DGkQFLPH $D GH H[HPSOX GLQ PDUNHWLQJXO EXQXULORU GH FRQVXP VD GHVSULQV DJURPDUNHWLQJXO PDUNHWLQJXO DJULFRO  FX VXILFLHQWH SDUWLFXODULW VHUYLFLLORU VD GHVSULQV VDX L FH GHFXUJ GLQ QDWXUD VSHFLILF D SURGXF LHL L SURGXVHORU GLQ FDUDFWHUXO UHODWLY ULJLG DO FHUHULL L RIHUWHL GLQ SDUWLFXODULW PDUNHWLQJXO PDUNHWLQJXO WXULVWLF GLQ LQWHUQD LRQDO VD LOH ]RQDOH DOH SLH HL HWF GLQ PDUNHWLQJXO ILQDQFLDUEDQFDU PDUNHWLQJXO PDUNHWLQJXO LPSRUWXOXL L GHVSULQV

PDUNHWLQJXO

WUDQVSRUWXULORU

PDUNHWLQJXO H[SRUWXOXL %D PDL PXOW vQ XOWLPXO GHFHQLX FD XUPDUH D PRQGLDOL] ULL DIDFHULORU LQWHUQD LRQDOH VD FRQWXUDW PDUNHWLQJXO JOREDO

 0$5.(7,1*8/ 62&,$/ /D SULPD YHGHUH PDUNHWLQJXO L SURILWXO SDU GRX QR LXQL LQWHUGHSHQGHQWH 7RWXL

PDUNHWLQJXO VD GRYHGLW XWLO L vQ VHFWRUXO QRQSURILW SULQ RUJDQL]D LLOH GHYRWDWH DOWRU FDX]H GHFkW FkWLJXO FRPHUFLDO $VRFLHUHD PDUNHWLQJXOXL FX SURILWXO IDFH FD OXPHD L XQLL PDQDJHUL GLQ VHFWRUXO QRQSURILW V O SULYHDVF 'DF V Q WDWHD EXQ FX VXVSLFLXQH ,DW FkWHYD GLQ SULQFLSDOHOH ORU DUJXPHQWH L RELHF LL VXQW HYLGHQWH GH OD VLQH DWXQFL PDUNHWLQJXO QX HVWH

L HGXFD LD VXSHULRDU

QHFHVDU 'DF VH FRQVXP GLQ SX LQHOH UHVXUVH DOH RUJDQL]D LHL FDUH DU IL XWLOL]DWH PDL ELQH OD vQGHSOLQLUHD

PLVLXQLL DFHVWHLD DWXQFL PDUNHWLQJXO HVWH LQXWLO 'DF VH UHGXFH QXPDL OD WUDQ]DF LLOH YkQ]DUHFXPS UDUH DWXQFL PDUNHWLQJXO PDQLSXOHD]  SUHMXGHF L VH GDWRUHD] XQHL vQ HOHJHUL DVXSUD JUHLWH D PDUNHWLQJXOXL QX L DSOLF ULL SHQWUX

$FHVWH SULQ

SULQFLSLLORU DFHVWXLD 0DUNHWLQJXO HVWH XQ PRG GH D XWLOL]D UHVXUVH PLQLPH SHQWUX HIHFWH PD[LPH FRQFHQWUDUHD IRFDOL]DUHD RUJDQL]D LLORU FOLHQWXOXL 2UJDQL]D LLOH H[LVW VFRSXULOH ORU FL vL DX MXVWLILFDUHD vQ DIDUD ORU Q PRG VLPLODU RUJDQL]D LLOH QRQSURILW FD L FHOH FRPHUFLDOH DX QHYRLH GH FOLHQ L 2UJDQL]D LLOH QRQSURILW DGRSW FHO DO VHUYLFLLORU SUH]LQW SUH]LQW D E F XQHOH SDUWLFXODULW L ID FRQFHSWXO GH PDUNHWLQJ SHQWUX GHYHQL PDL HILFLHQWH vQ PHGLXO FRQFXUHQ LDO 7RWXL DD FXP PDUNHWLQJXO EXQXULORU GH FRQVXP VDX GH FHO LQGXVWULDO L PDUNHWLQJXO QRQSURILW VRFLDO WU V WXULOH VDOH FDUDFWHULVWLFH &HO PDL SRWULYLW PRG GH D OH LGHQWLILFD HVWH GH D DQDOL]D FHL PDUNHWLQJXO HVWH

SDWUX SLORQL 3 SH FDUH VH VSULMLQ

3URGXVXO /D RUJDQL]D LLOH QRQSURILW ORFXO SURGXVXOXL GLQ PDUNHWLQJXO GLQ VIHUD OXFUDWLY OXDW GH R FDX]  GH R LGHH GH XQ DQXPLW FRPSRUWDPHQW VRFLDO GH DGH]LXQHD OD DFHVWHD

3UH XO Q ORFXO EDQLORU GLQ SULPXO FD] PDUNHWLQJXO XUP UHWH DLFL DWUDJHUHD FkW PDL PXOWRU DGHS L OD LGHHD FDX]D FRPSRUWDPHQWXO LQYRFDW VDX SURJUDPXO ODQVDW GH R RUJDQL]D LH 3ODVDUHD vQ VHQV GH GLVWULEX LH  2UJDQL]D LLOH QRQSURILW DVHPHQHD FHORU FRPHUFLDOH WUHEXLH V VH IDF GLVSRQLELOH FOLHQ LORU vQ ORFXUL L PRPHQWH FRQYHQDELOH DFHVWRUD 3ODVDUHD VHGLLORU vQ GLQWUH FHOH PDL VLPSOH PRGXUL GH D ORFXUL DJORPHUDWH L H[LVWHQ D OLQLLORU WHOHIRQLFH VXQW GRX

vPELQD FRPRGLWDWHD SHQWUX FOLHQ L L UD LRQDOL]DUHD FRVWXULORU SHQWUX RSUJDQL]D LH

3URPRYDUHD $FWLYLW ED]HD] FX

LOH

QRQSURILW DX vQ JHQHUDO EXJHWH PDL PLFL GHFkW FHOH FRPHUFLDOH L VH UHOD LLOH FX SXEOLFXO GHFkW SH SXEOLFLWDWH $OHJHUHD IRUPHL GH FX PXOW JULM  SHQWUX D QX IL FRQWUDSURGXFWLY  D LPDJLQLL 'H H[HPSOX JUXSXULOH vQ ]RQH IRDUWH V UDFH WUHEXLH V GH VSHFLDOLWDWH GH SURIHVRULL

SUHGLOHF LH

SH

SXEOLFLWDWH DWXQFL FkQG HVWH FD]XO WUHEXLH I FXW WUHEXLH DYXW

'H UHJXO  SXEOLFLWDWHD DUH HIHFW QHJDWLY DVXSUD GRQDWRULORU L LPSOLFLW DVXSUD GRQD LLORU 7RW DLFL vQ YHGHUH L VHQVLELOLWDWHD OD GLPHQVLXQHD PRUDO GH SUHVLXQH HFRORJLVWH VDX RUJDQL]D LLOH GH FDULWDWH YRU IRORVL PDWHULDOH LHIWLQH VDX UHFLFODWH SHQWUX OLWHUDWXUD ORU 6DX RUJDQL]D LLOH GH FDULWDWH FDUH DF LRQHD] HYLWH XWLOL]DUHD XQHL LPDJLVWLFL FDUH vQI 7HUPHQXO GH PDUNHWLQJ VRFLDO D LHD] IRVW LQWURGXV vQ SH FOLHQ LL ORU FD FHUHWRUL OLWHUDWXUD

DPHULFDQL 3K.RWOHU L *=DOWPDQ L GHILQLQGXO GUHSW HODERUDUHD SXQHUHD vQ DSOLFDUH L FRQWUROXO SURJUDPHORU XUP ULQG FUHWHUHD DGH]LXQLL OD R LGHH OD R FDX] FDGUXO XQXLD VDX PDL PXOWRU JUXSXUL YL]DWH Q FDGUXO PDUHNWLQJXOXL VRFLDO DX DS UXW VSHFLDOL] UL GLQWUH FDUH FHOH PDL LPSRUWDQWH VXQW 0DUNHWLQJXO HGXFD LRQDO FDUH XUP UHWH PD[LPL]DUHD HIHFWHORU SURFHVXOXL GH LQVWUXLUH 0DUNHWLQJXO FXOWXUDO FH DUH FD VFRS UHXLWD XQHL DF LXQL FXOWXUDOH FXP DU IL GH H[HPSOX FHD D XQHL H[SR]L LL GH FDUWH 0DUNHWLQJXO UXWLHU FH YL]HD] 0DUNHWLQJXO vQ GRPHQLXO V 2 GLQDPLF GHRVHELW Q vPEXQ W W LUHD VHFXULW LL FLUFXOD LHL UXWLHUH LL FDUH DUH FD RELHFWLY SURPRYDUHD PHGLFLQHL RPXOXL V Q WRV DUD QRDVWU  PDUNHWLQJXO VDX OD XQ FRPSRUWDPHQW VRFLDO vQ

SULQ HGXFD LH VDQLWDU  FX VFRSXO UHGXFHULL QXP UXOXL GH vPEROQ YLUL D FXQRVFXW vQ XOWLPXO WLPS FHO SX LQ vQ vQ GRX SODQXUL FRRUGRQDUHD DF LXQLORU GH SUHYHQLUH D GHJUDG ULL HFRORJLF L FHO HOHFWRUDO 0DUNHWLQJXO HFRORJLF VH GH]YROW OD QLYHO PDFURHFRQRPLF

SURSXQkQGXL

PHGLXOXL DPELDQW SULQ DF LXQL FRQMXJDWH DOH VWDWXOXL DOH XQRU RUJDQLVPH SXEOLFH L DOH 21* XULORU OD QLYHO PLFURHFRQRPLF DYkQG FD RELHFWLY vQFRUSRUDUHD FRPSRQHQWHL HFRORJLFH vQ SROLWLFD GH PDUNHWLQJ D WXWXURU RUJDQL]D LLORU 0DUNHWLQJXO SXEOLFXO HOHFWRU FDQGLGD LL FDUH DVSLU 6DOWXUL DSOLFDW vQGHRVHEL HOHFWRUDO HVWH DX XQ SUDFWLFDW GH SDUWLGHOH GH SROLWLFH D DUH FD RELHFWLY vQ YkQ]DUHD F UXLD F WUH VWDX FDUH FRQVXPDWRU vQ SROLWLF FH XQXL SURJUDP L VSDWHOH

OD D IL DOHL FXQRVFXW FHHD SULYHWH L GH]YROWDUHD PDUNHWLQJXO HFOH]LDVWLF VSRUWLY OD OD RUJDQL]DUHD WXUQHHORU VSRUWLYH IRORVLW

GHRVHELWH

PDUNHWLQJXO

U VSkQGLUHD XQRU DQXPLWH UHOLJLL HWF

5H]XPDW $FHVW FDSLWRO HVWH GHVWLQDW DERUG ULL SH ODUJ D FRQFHSWXOXL GH PDUNHWLQJ D IDFWRULORU GHRVHELW ILUPHORU D LPSRUWDQ HL DX VDOH vQ SUH]HQW $LFL VXQW HYLGHQ LDWH FDUDFWHULVWLFLOH FDUH DX DOH LOH

FRQWULEXLW OD DSDUL LD SURPRYDUHD L GH]YROWDUHD DFHVWXLD SUHFXP L D FHORU FDUH DX GXV OD FUHWHUHD IXQGDPHQWDOH L DFWLYLW FDUH RULHQWDUH GH PDUNHWLQJ VXQW H[SOLFDWH IXQF LLOH PDUNHWLQJXOXL

VSHFLILFH FH IDF RELHFWXO DFHVWRUD vQ FRQWH[WXO vQ FDUH HOH SRW IL SURPRYDWH FX VXFFHV 'H DVHPHQHD VXQW DERUGDWH VSHFLDOL] ULOH PDUNHWLQJXOXL DWkW FHOH GLQ VIHUD HFRQRPLF  FkW L FHOH FDUH YLQ GLQ PDUNHWLQJXO VRFLDO

&RQFHSWH FKHLH

&RQFHSWXO

GH

PDUNHWLQJ

DERUGDUH

DIDFHULORU

FDUH

SODVHD]

FRQVXPDWRUXO

vQ

FHQWUXO

SUHRFXS ULORU ILUPHL L DOH SLH HL &RQFHSWXO GH PDUNHWLQJ VRFLHWDO 2 DERUGDUH D DIDFHULORU GH F WUH ILUPD FH DUH vQ YHGHUH DWkW LL vQ DQVDPEOXO HL

VDWLVIDFHUHD QHYRLORU LQGLYLGXDOH DOH FRQVXPDWRULORU FkW L SH FHOH DOH VRFLHW

(ILFDFLWDWH 5HDOL]DUHD GH SURGXVH L VHUYLFLL FDUH V (IRUW LQWHJUDW &RRUGRQDUHD HIRUWXULORU GHSXVH VDWLVIDFHULL FOLHQ LORU

VDWLVIDF

FOLHQ LL

GH GLIHULWH FRPSDUWLPHQWH DOH ILUPHL vQ VFRSXO

,HUDUKLD OXL 0DVORZ D QHYRLORU 8Q FDGUX vQ FDUH QHYRLOH FRQVXPDWRULORU VXQW DH]DWH GXS LPSRUWDQ D L GLPHQVLXQHD ORU

2ULHQWDUHD

VSUH

FOLHQW

$IODUHD

GRULQ HORU

FRQVXPDWRULORU

vQDLQWH

GH

VH

GHFLGH

FH

VH

SURGXF  VDX FXP HVWH FD]XO vQ vQWUHSULQGHULOH GH FRPHUFLDOL]DUH FH V 2ULHQWDUHD VSUH SURGXV 3UHRFXSDUHD H[DJHUDW SHQWUX VDWLVIDFHUHD QHYRLORU FOLHQ LORU 2ULHQWDUHD VSUH YkQ] UL 3UHRFXSDUHD H[DJHUDW SHQWUX

VH YkQG LL L QX

D ILUPHL SHQWUX FUHWHUHD SURGXFWLYLW

FRQYLQJHUHD

FXPS U WRULORU

GH

FXPS UD SURGXVHOH ILUPHL vQ ORFXO VDWLVIDFHULL FkW PDL GHSOLQH D QHYRLORU DFHVWRUD

&DSLWROXO 

0(',8/ '( 0$5.(7,1* $/ ),50(,

2ELHFWLYH

&XQRDWHUHD FRQFHSWXOXL GH PHGLX H[WHUQ DO ILUPHL L DO FRPSRQHQWHORU FDUHO DOF WXLHVF (YLGHQ LHUHD ILUPHL L vQWHOHJHUHD HVHQ HL SULQFLSDOHORU IRU H FDUH DOF WXLHVF PHGLXO GH PDUNHWLQJ D

SUHFXP L H[HPSOH FDUH V

LOXVWUH]H SRWHQ LDOXO LPSDFW DO DFHVWRUD DVXSUD DFWLYLW

LL GH SLD

3UH]HQWDUHD PRGDOLW

LORU SULQ FDUH ILUPD SRDWH VXSUDYHJKHD PRGLILF ULOH GH PHGLX L D FHORU

SULQ FDUH SRDWH UHDF LRQD OD DFHVWH PRGLILF UL Q HOHJHUHD FRQ LQXWXOXL UHOD LLORU ILUPHL FX PHGLXO V X H[WHUQ D UHOD LLORU GLUHFWH GH SLD FHORU GH FRQFXUHQ  IXQF LRQHD] vQ FRQGL LLOH SH FDUH L OH RIHU PHGLXO V X H[WHUQ LOH GDU L D

2ULFH RUJDQL]D LH HFRQRPLF DQVDPEOX GH RSRUWXQLW

F UXLD L VH PDL VSXQH L PHGLX GH PDUNHWLQJ 3HQWUX ILUP  PHGLXO GH PDUNHWLQJ VH FRQVWLWXLH vQWUXQ L GDU L GH SULPHMGLL 3HQWUX D YDORULILFD vQ LQWHUHVXO V X RSRUWXQLW FXQRDVF L SHQWUX D VH IHUL GH SULPHMGLL SULPD FRQGL LH HVWH FD ILUPD V IRU HOH FH DIHFWHD] 3URIHVRUXO IDFWRUL L IRU H QLYHOXO SHUIRUPDQ HORU VDOH HFRQRPLFH 1$/ 323 FRQVLGHU F  WRDWH UDPXULOH L vQWUHSULQGHULOH HFRQRPLFH L QX SRW DL LQIOXHQ D PDFURPHGLXO VFKLPE ULORU 7UHEXLH $FHDVWD vQV V L PHGLXO V H[WHUQ DO ILUPHL UHXQHWH DQVDPEOXO GH H[WHUQH DFHVWHLD FDSDELOH LQIOXHQ H]H PHQ LQHUHD VDX GH]YROWDUHD FRPSRQHQWHOH IL]LRQRPLD DFWLYLWDWHD GH PDUNHWLQJ L

L PHFDQLVPXO GH IXQF LRQDUH D PHGLXOXL IDFWRUL FDUH vL LQIOXHQ HD]

VFKLPEXULORU SH SLH HOH SH FDUH DFWLYHD] IL VW SkQL L VDX SUHYHQL L SULQ DFWLYLW SRDWH IDFH IRDUWH SX LQ L V DSURDSH VH PRQLWRUL]H]H PHGLXO

8QLL IDFWRUL YDULDELOL GH PHGLX DIHFWHD] QLPLF

LOH ILUPHORU $FHWL IDFWRUL DOFDWXLHVF PDFURPHGLXO 2 ILUP SHQWUX SHQWUX LQHYLWDELOLWDWHD vQVHDPQ

SUHJ WHVF

LQWXLUHD QDWXULL L GLPHQVLXQLL SRWHQ LDOHORU VFKLPE UL L vQWRFPLUHD GH VWUDWHJLL L SURJUDPH SHQWUX D UDVSXQGH FRUHFW DWXQFL FkQG HOH VH YRU SURGXFH 8Q H[HPSOX SRSXOD LHL GLQWUR DQXPLW GHVIDFHUH DSDUDWXU 3H P VXUD DU VDX ]RQ  'DF WLPSXOXL YD vQ DFHD ]RQ L FHUHUHD QDWDOLWD LL IDEULFDQ LL GH MXFDULL VH YRU DIOD I U WUHFHULL HOHFWURQLF LQWHUHVDQW VDX GH DU vQ DFHVW VHQV DU IL VWUXFWXUD R VF GHUH D VH vQUHJLVWUHD]

YRLD ORU vQ ID D XQHL UHGXFHUL WUHSWDWH D SLH HL GH P UIXUL GHVWLQDWH DGROHVFHQ LORU DFFHSWkQG

VF GHD

L vPEU F PLQWH GH H[HPSOX  WLQHULORU F V WRUL L ORFXLQ H VL RELHFWH GH LQW L UHFRQVLGHUDUHD

PHQDM  DGXO LORU DXWRPRELOH HWF $FHVWH WHQGLQ H QX SRW IL RSULWH GH QLFL R ILUP  vQV LQHYLWDELOXO WRDWH VH SRW SUHJDWL SHQWUX VFKLPE UL SULQ H[WLQGHUHD JUXSXOXL DFWLYLW LORU GH PDUNHWLQJ

$O L IDFWRUL GH PHGLX vQV  SRW DIHFWD XQHOH ILUPH PDL PXOW GHFkW SH DOWHOH $FHWL IDFWRUL DOF WXLHVF PLFURPHGLXO 8Q H[HPSOX VXQW FRQFXUHQ LL 6FKLPE ULOH vQ VWUDWHJLD XQHL ILUPH GLQWUR UDPXU GHYLQ U VSXQG RDUHFDUH YRU DIHFWD vQ PRG VLJXU FRQFXUHQ LL SH P VXU FOLHQ LL V L 'DU L ILUPHOH FHOHODOWH SRW GH]YROWD FH FOLHQ LL DFHVWRUD VXQW FRQYLQL V SHQWUX D FRQWUDFDUD LPSDFWXO DQWLFLSH]H L V VWUDWHJLL

VFKLPE ULORU FRQFXUHQWXOXL ORU Q DFHVW FD] ILUPHOH SRW IDFH FHYD PDL PXOW GHFDW V LQWHUIHUHQ HL ORU FX DGYHUVDULL GLQ DFHHDL UDPXU GH DFWLYLWDWH

VFKLPE ULORU GLQ PLFURPHGLX HOH SRW LQIOXHQ D VFKLPE ULOH L SRW FRQWUROD GLPHQVLXQLOH

 0$&520(',8/ ),50(, 0DFURPHGLXO ILUPHL ILJXUD  UHSUH]LQW FRQVWLWXLH FOLPDWXO JHQHUDO vQ FDUH DFHVWD vL GHVIDRDU ([LVW DFWLYLW DQVDPEOXO IDFWRULORU YDULDELOHORU LQFRUSRUDELOL FH DFWLYLWDWHD PRGXO vQ FDUH ILUPHOH vL DERUGHD]

SDWUX FDWHJRULL GH DVWIHO GH IDFWRUL FDUH LQIOXHQ HD]

LOH GH PDUNHWLQJ Q OLWHUDWXU  HL VXQW FXQRVFX L VXE GHQXPLUHD GH IDFWRULL 67(3 OD PRGHOHOH GH FRPSRUWDPHQW DOH FRQVXPDWRULORU SH R DQXPLWD

)DFWRULL VRFLRFXOWXUDOL FDUH VH UHIHU SLD 

)DFWRULL WHKQRORJLFL FDUH YL]HD] )DFWRULL PRGDOLW HFRQRPLFL FDUH VH

DPSOLILFDUHD SRWHQ LDOXOXL HFRQRPLF DO VRFLHW vQWUXQ VLVWHP GH IHQRPHQH

LL HFRQRPLFH L

FRQFUHWL]HD]

YDULDELOH

L GH DORFDUH D UHVXUVHORU vQ VRFLHWDWH OD PLMORDFHOH GH FRQWURO PHQLWH V DSHUH LQWHUHVHOH LQGLYL]LORU L

)DFWRULL SROLWLFRMXULGLFL FDUH VH UHIHU VRFLHW LL vQ DQVDPEOX VWDWLVWLFLOH FDUH L WLSXO D )DFWRULL VRFLR FXOWXUDOL ([DPLQkQG

RDPHQLORU L

GLQWUR VRFLHWDWH WUHQGXULOH L PRGLILFDUHD VWUXFWXULL SLD  GHVLJXU SUHIHULQ HOH DFHVWRUD VXQW FRUHODWH FX FDUDFWHULVWLFLOH

SRSXODWLHL VH SRW IDFH DQWLFLS UL DVXSUD FRPSRUWDPHQWXOXL FRQVXPDWRULORU GH SH R DQXPLW QXPDL vQ P VXUD vQ QHYRLOH GRULQ HOH GHPRJUDILFH YkUVWD VH[XO VWDUHD FLYLO  RFXSD LD L UDVD 0RGLILF ULOH GHPRJUDILFH SRW SULYL 'LVWULEXWLD SH JUXSH GH YDUVW vQ XOWLPLL  DQL HVWH UHVSRQVDELO  DQL D GXV OD R VXEVWDQ LDO

D SRSXOD LHL 'H H[HPSOX vQ 5RPkQLD VF GHUHD UDWHL QDWDOLW

LL

SHQWUX GHFOLQXO SLH HL SHQWUX FRSLL FUHWHUHD JUXSXOXL GH YkUVW

vQWUH 

H[SDQVLXQH D SLH HL FDVHWHORU DXGLR L D &'XULORU DUD QRDVWU  GH SLOG  SRSXOD LD PLQRULWDU D URPLORU HVWH vQ FRQWLQX DFROR XQGH GLIHUHQ HOH OX P FD H[HPSOX WRW

0LQRULW HWQLFH DIHFWHD]

LOH QD LRQDOH Q

FUHWHUH 9L]DUHD DFHVWXL VHJPHQW VXEFXOWXUDO D GHYHQLW GLQ FH vQ FH PDL LPSRUWDQW QHYRLOH FXPS U WRUXOXL &DVHOH GH GLVFXUL L FDVHWH DXGLR FD V LQW

GRPHQLXO PX]LFLL DX FUHDW DVWIHO GH SURGXVH VSHFLDOH SHQWUX HL ILLQG IRDUWH SURILWDELOH 6DX vQ $QJOLD SURGXF WRULL GH FRVPHWLFH DX FUHDW SURGXVH VSHFLDOH FDUH DX FD IRDUWH FXQRVFXWH L SURILWDELOH )DPLOLD PHGLH PHQDMXO D QDWDOLW PHGLX  &UHVWHUHD UDWHL GLYRU XULORU PDULDMXO OD YkUVWH WRW PDL JUXSXULOH VXEFXOWXUDOH GHYHQLQG P UFL

vQDLQWDWH L R UDW

VF ]XW

LL DX GXV OD UHGXFHUHD GLPHQVLXQLL PHGLL D IDPLOLHL L LPSOLFLW OD PHQDMHOH

FUHWHUHD QXP UXOXL GH PHQDMH 3HQWUX VSHFLDOLWLL vQ PDUNHWLQJ GH XQ LQWHUHV GHRVHELW VH EXFXU VHUYLFLL GH FDOLWDWH (OH UHSUH]LQW HWF DO XQHL VRFLHW R LQW LPSRUWDQW

FX YHQLWXUL PDUL L REOLJD LL ILQDQFLDUH PLFL SUHGLVSXVH D FKHOWXL EDQL SHQWUX EXQXUL OX[RDVH L GXUDELOH L SHQWUX SURGXF WRULL KLIL RSHUDWRULL GH WXULVP L L VH SRW LGHQWLILFD SULQFLSDOHOH FUHGLQ H YDORUL L UHVWDXUDQWH FDVHOH GH PRG

3ULQ DQDOL]DUHD JUDGXOXL GH FXOWXU QRUPH FRPSRUWDPHQWDOH GXS

FDUH VH FRQGXFH VRFLHWDWHD DFHVW OXFUX RIHULQG R VHULH GH LQGLFL DVXSUD HIRUWXOXL GHSXV GH LQVWLWX LLOH HGXFD LRQDOH FRDOD ELVHULFD LL L YDORDUHD YLH LL XPDQH FH LQ GH FUHGLQ D PRUDO VH LORU 0XOWH GLQ FHOHODOWH QRUPH FXOWXUDOH vQV  VDX VFKLPEDW SHQWUX DOF WXLUHD ULOH

SUHIHULQ HORU SRSXOD LHL SHQWUX SURGXVH VDX VHUYLFLL 8QHOH FUHGLQ H VXQW UHODWLY VWDELOH QHPRGLILFkQGXVH VHPQLILFDWLY GH OD R JHQHUD LH OD DOWD GDWRULW MXVWL LD HWF  'H H[HPSOX LPSRUWDQ D RQHVWLW PHQ LQ GH PLOHQLL vQ FYDVLWRWDOLWDWHD VRFLHW

GUDPDWLF $VWIHO LQIOXHQ D UHOLJLHL D VF ]XW PDULDMXO QX PDL HVWH R FRQGL LH SUHDODELO IDPLOLHL GLYRU XO L UHF V WRULD DX FUHDW QRL WLSXUL GH IDPLOLH  D

8QHOH VFKLPE UL FXOWXUDOH DX DYXW XQ LPSDFW PDMRU DVXSUD PDUNHWLQJXOXL YL]LELO PDL DOHV LQ RFFLGHQWDOH GH]YROWDWH 6 OX P XOWLPD MXP WDWH GH VHFRO )DSWXO F FHD PDL PDUH SDUWH GLQ DFWLYLW DFHVWRUD $FHDVW FDVQLF

vQ GLVFX LH UROXO IHPHLL vQ VRFLHWDWH URO FDUH VD PRGLILFDW GUDPDWLF vQ IHPHLOH VDX GHGLFDW WRW PDL PXOW L XQHL FDULHUH SURIHVLRQDOH D I FXW FD ILH SUHOXDWH GH PDLQL GH VS ODW DVSLUDWRDUH LOH PHQDMHUH VSHFLILFH ORU V

URER L GH EXF WDULH L DOWH DSDUDWH FDVQLFH XXUkQGXVH DVWIHO PXQFD L VFXUWkQG HQRUP WLPSXO GHVWLQDW PRGLILFDUH D VWDWXWXOXL IHPHLL vQ VRFLHWDWH D GXV OD GLQDPL]DUHD LQGXVWULHL GH DSDUDWXU FUHWHUH D SLH HL EXQXULORU GH X] FDVQLF 6DX XQ DOW H[HPSOX OLSVD VH PXWH vQ DIDUD RUDHORU FRQVWUXLQG SDUNLQJXUL ILH SRVLELO DSURYL]LRQDUHD PHQDMHORU FHO SX LQ L LPSOLFLW OD R FRQWLQX

ORFXULORU GH SDUFDUH GLQ RUDH D IDFXW FD VXSHUPDUNHWXULOH V XULDH L RIHULQG R PDUH YDULHWDWH GH SURGXVH DVWIHO vQFkW V

SHQWUX R V SW PkQ  GLQWUXQ VLQJXU ORF 'H DVHPHQHD DX IRVW FUHDWH IDVWIRRGXUL FDUH SRW VFXWL WRW PDL

PXO L RDPHQL GH SUREOHPD J WLWXOXL &UHGHP FD DFHVWH H[HPSOH VXQW VXILFLHQWH SHQWUX D HYLGHQ LD IDSWXO F VFKLPE ULOH FXOWXUDOH L RSRUWXQLW LOH GH PDUNHWLQJ PHUJ PkQ Q PkQ 

0HGLXO 0HGLXO VRFLR FXOWXUDO &OLHQ L ,QWHUPH )XUQL]RUL GLDUL WHKQRORJLF

'H LQ WRUL GH LQWHUHVH

&RQFXUHQ L

0HGLXO SROLWLFRMXULGLF

0HGLXO HFRQRPLF

)LJXUD  &RPSRQHQWHOH PHGLXOXL GH PDUNHWLQJ DO ILUPHL

E )DFWRULL WHKQRORJLFL 3HQWUX VSHFLDOLWLL vQ PDUNHWLQJ QRLOH WHKQRORJLL VXQW LPSRUWDQWH GLQ XUP WRDUHOH PRWLYH &UHD] PX]LF QRL PRGXUL GH D VDWLVIDFH QHYRLOH FRQVXPDWRULORU 'H H[HPSOX QHYRLD GH D DVFXOWD JUD LH QRLORU WHKQRORJLL SULQ vQORFXLUHD PDJQHWRIRQXOXL FX &'XO ULJOHL GHWHUJHQ LORU RELQXL L FX GHWHUJHQ L ELRORJLFL

GH R FDOLWDWH PDL EXQ  GH D IDFH FDOFXOH PDL UDSLG L GH D HOLPLQD WRDWH SHWHOH GH PXUG ULH GH SH

KDLQHOH VS ODWH D IRVW VDWLVIDFXW

GH FDOFXO FX FDOFXODWRUXO L UHVSHFWLY D

3RW LGHQWLILFD L VDWLVIDFH QHYRL ODWHQWH 8Q H[HPSOX vQ DFHVW VHQV SRDWH IL WLJDLD WHIORQ FDUH VSUH GHRVHELUH GH WLJDLD FODVLF  QX OLSHWH SURGXVHOH SUHSDUDWH HVWH URGXO XQXL SURJUDP VSD LDO DO 68$ LQL LDO WHIORQXO D IRVW FUHDW SHQWUX QDYHWHOH VSD LDOH 0RGLILF P UIXUL FODVLFH Q PRGHOHOH FHUHULL 7HKQRORJLLOH YLLWRUXOXL SUHYHVWHVF UHvQWRDUFHUHD OD R HFRQRPLH GH GHYLQ SLD D SURGXF WRUL LQGHSHQGHQ L GH EXQXUL LQIRUPDWLFH L PDL SX LQ GH WUDQVSRUWXULORU GH F O WRUL SLD D PRELOHL SHQWUX ELURXUL SLD D DFHVWH FRQGL LL

WLS FDVQLF PXO L RDPHQL XUPkQG V

SURGXVHORU GH FDWHULQJ VH YRU UHGXFH GUDPDWLF 3RDWH PRGLILFD QDWXUD FRQFXUHQ HL & U LOH GH FUHGLW L EDQFRPDWHOH GH H[HPSOX VXQW PXOW PDL FRPRGH SHQWUX XWLOL]DWRUL GHFkW FR]LOH OD E QFL VDX LQWHUQHWXO UHGXFH FHUHUHD SHQWUX VHUYLFLL SRWDOH 1X YD WUHFH PXOW SkQ FH HOHYLL YRU vQY D VLQJXUL DFDV  FX DMXWRUXO XQRU SURJUDPH VSHFLDOH L QX FX DMXWRUXO SURIHVRULORU 6H vQ HOHJH F  vQ DFHVWH FRQGL LL FRQFXUHQ D SURYLQH vQ PRG LQGLUHFW GH OD SURJUHVXO WHKQLFR WLLQ LILF GH OD QHYRLOH WHKQRORJLHL 3RDWH DMXWD OD GHVFRSHULUHD GH QRL FRQVXPDWRUL 3ULQ QRLOH WHKQRORJLL GH FRQJHODUH GH

H[HPSOX VD UHXLW DG XJDUHD FLRFRODWHL OD vQJKH DW QRXOXL SURGXV V Q ILH DWUDL QRL FRQVXPDWRUL HWF ORU IDFWRULL HFRQRPLFL F )DFWRULL HFRQRPLFL DQVDPEOXO

QX GRDU D JXVWXOXL GH FLRFRODW  UHXLQGXVH  GDWRULW

IRUPHD]

PHGLXO

HFRQRPLF

$FHVWD

UHSUH]LQW

ED]D

GH

VXV LQHUH D SXWHULL GH FXPS UDUH D SXUW WRULORU FHUHULL ILH HL XWLOL]DWRUL VDX FRQVXPDWRUL ILQDOL 3HQWUX FDUDFWHUL]DUHD PHGLXOXL HFRQRPLF VH SRW DYHD vQ YHGHUH QLYHOXO 3,%XOXL VWUXFWXUD SH UDPXUL D HFRQRPLHL

QD LRQDOH QLYHOXO GH GH]YROWDUH DO ILHF UHL UDPXUL JUDGXO GH RFXSDUH DO IRU HL GH PXQF  VLWXD LD ILQDQFLDU YDOXWDU D ULL ILVFDOLWDWHD LQIOD LD HYROX LD SUH XULORU HYROX LD HFRQRPLLORU SRSXOD LHL L VROLFLW ULORU GH FUHGLWH UDWHOH GREkQ]LORU HYROX LD L GLVWULEX LD YHQLWXULORU SH GLIHULWH FDWHJRULL VRFLDOH HWF ,QIOXHQ D IDFWRULORU GH PHGLX HFRQRPLF VH RJOLQGHWH GLUHFW VDX LQGLUHFW vQ HYROX LD SLH HL PDL FRQFUHW vQ HYROX LD QLYHOXOXL L VWUXFWXULL RIHUWHL GH P UIXUL vQ HYROX LD P ULPLL L VWUXFWXULL FHUHULL vQ PLFDUHD SUH XULORU L QLYHOXO FRQFXUHQ HL FX SHQWUX R $FHVWH YDULDELOH vQ L HFRQRPLFH FX FKLDU  SH D FDUH VSHFLDOLWLL L GH vQ PDUNHWLQJ SRW SH FDUH WUHEXLH SRDWH V OH XUP UHDVF QHFHVDUH DWHQ LH DQDOL]DWH FRUHOD LH IDFWRULL GHPRJUDILFL FXOWXUDOL SLD RIHUL HOHPHQWHOH FRQWD

FRUHFW

HYDOXDUH

DQWLFLSDUH

SRWHQ LDOXOXL

vQWUHSULQGHUHD G )DFWRULL SROLWLFRMXULGLFL )DFWRULL vPEXQ W HDVF HFRQRPLFL HYLGHQ LD L PDL VXV UH]XOW  GH RELFHL GLQ LQL LDWLYHOH SROLWLFH PHQLWH V SHUIRUPDQ HOH HFRQRPLHL L EXQ VWDUHD RDPHQLORU vQV LQIOXHQ D JXYHUQXOXL HVWH UHVLP LW

L SULQ OHJLVOD LD LQWURGXV  /HJLVOD LD FDUH VXSUDYHJKHD]    SURWHMDUHD FRQVXPDWRULORU SURWHMDUHD FRQFXUHQ HL SURWHMDUHD VRFLHW  DFHDVW LL SURILWH GH SH DIDFHULOH XUP UHWH vQ JHQHUDO WUHL RELHFWLYH

/HJLVOD LD SULYLQG SURWHF LD FRQVXPDWRULORU DUH FD VFRS vPSLHGLFDUHD ILUPHORU V XUPD ORU Q HVHQ OHJLVOD LH DUH vQ YHGHUH

*DVLJXUDUHD XQXL VWDQGDUG PLQLPDO DO SURGXVHORU L VHUYLFLLORU *FRQWURODUHD PRGDOLW LORU GH YkQ]DUH L D LQIRUPD LLORU RIHULWH FXPS U WRUXOXL GHVSUH SURGXVHOH RIHULWH

*HYLWDUHD LQGXFHULL vQ HURDUH D FXPS U WRUXOXL vQ FHHD FH SULYHWH SUH XO *FRQGDPQDUHD SUDFWLFLORU QHFLQVWLWH /HJLVODWLD SULYLQG SURWHFWLD VRFLHW GURJXUL DOFRRO L WXWXQ L QX OH SHUPLWH V &DQDGD  DQL  'H DVHPHQHD vL REOLJ GH DOW LL VSHFLILF PDUNHWLQJXOXL VRFLHWDO vL DS U OD R DQXPLW YkUVW SH FRQVXPDWRUL GH FRQVHFLQ HOH SURSULLORU ORU GHFL]LL QHIHULFLWH $VWIHO vL SURWHMHD] FRQGXF DXWRPRELOXO SkQ SH FRQGXF WRULL DXWR V DPHQLQ SH FRSLL GH SURGXVHOH FH OH IDF U X 5RPDQLD  DQL L LDU SH

ILH DVLJXUD L SHQWUX HYHQWXDOH DFFLGHQWH vQ FX VWULFWH H DFHDVW SURGXF WRULL  GDF OHJLVOD LH DX GH

VFRSXO FRPSHQV ULL GDXQHORU SURGXVH DOWRUD 2 DVWIHO GH OHJLVOD LH FUHD]  SH GH R SDUWH RSRUWXQLW SDUWH SHQWUX PDUNHWLQJ UHSUH]LQW 3ULQ FRQFXUHQ 3URWHF LD OHJLVOD LD SULYLQG UL &HL FDUH UHVSHFW VXQW DYDQWDM DVXSUD FRQFXUHQ HL GHL OH SRDWH VSRUL FRVWXULOH SURWHF LD FRQFXUHQ HL SURWHMD L

LQYHQWDWRUL

 'H H[HPSOX FkQG SH SLD VH UHDOL]HD] YLQGHULL VXE IRUPD

VH ODQVHD]

XQ QRX SURGXV VHUYLFLX VDX WHKQRORJLH  ILUPHOH WUHEXLH ODQVDUHD OXL SH SLD OHJDOH FH DFHVW OXFUX SHUPLWH QX FKLDU vQDLQWH LQYHQWDWRULORU V L ODQVH]H VXQW GRFXPHQWH JDUDQWHD] ILUPHORU

SURWHMDWH DVWIHO vQFkW FRQFXUHQ LL V H[FOXVLYLWDWHD LQYHQ LLORU

QX FRSLH]H SURGXVXO GXS SDWHQWHORU Q WHUPHQL V FDUH GH PDUNHWLQJ

SURGXVHOH QRL L V

FXFHUHDVF

SLH HOH I U GH SLD

VH WHDP

GH FRQFXUHQ IRUP

 FHHD FH vQ FRQGL LL QRUPDOH vQVHDPQ GH SURWHF LH vPSRWULYD FRQFXUHQ HL HVWH SH WHULWRULXO JHRJUDILF SHQWUX FDUH D IRVW

XQ SURILW ULGLFDW SH GXUDWD GH DFRUGDUH D SDWHQWXOXL 2 DOW vQUHJLVWUDUHD P UFLORU 2 PDUF FXORDUH GLVWLQFW vQVHDPQ RUL IRUP VSHFLDO

FDUH SRDWH LQFOXGH XQ ORJR XQ FXYkQW XQ VLPERO XQ GHVHQ VDX R SURILWH GH XQ SURFHV vQGHOXQJDW L FRVWLVLWRU FDUH vQ IDSW PHQ LQ OHJLVOD LD FDUH SURWHMHD] DIDFHULOH OD

D OLWHUHORU QX SRDWH IL FRSLDW LPLWDWRULL V

vQVFULV  &D L SDWHQWXO HD vPSLHGLF Q PXOWH

FRQVWUXLUHD LPDJLQLL ILUPHL vQ FDX]  UL FRPSDQLLOH VXQW GH RELFHL LQWHUHVDWH V L FRVWLVLWRDUH GDF R DSOLF  GDU L PDL FRVWLVLWRDUH DWXQFL LJDUHWH DX VWDELOLW XQ FRG GH vQ DOWH

PLQLPXP GHRDUHFH VH SRDWH GRYHGL UHVWULFWLY YROXQWDU UL

FkQG VXQW DF LRQDWH vQ MXVWL LH 'H DFHHD HOH DSHOHD] FRPSRUWDPHQW SULYLQG SXEOLFLWDWHD UHXLQG V

OD DXWRUHJOHPHQWDUH SULQ FRGXUL GH FRQGXLW LJ UL FDUH VH SUDFWLF

OXkQGR vQDLQWHD OHJLVOD LHL 'H H[HPSOX vQ $QJOLD SURGXF WRULL GH HYLWH LQWHU]LFHUHD UHFODPHL OD

 0,&520(',8/ ),50(, 0LFURPHGLXO ILUPHL ILJXUD  FXSULQGH XQ DQVDPEOX GH IDFWRUL H[WHUQL FDUH DIHFWHD] GH PDUNHWLJ VFKLPE ULOH GLQ DFHVW PHGLX DX R GHRVHELW vQ PRG

GLUHFW ILUPD L DVXSUD F URUD VH SRDWH H[HUFLWD XQ DQXPH FRQWURO ,QIOXHQ kQG GHFL]LLOH VWUDWHJLLOH L WDFWLFLOH VHPQLILFD LH SHQWUX PDUNHWHUL &RPSRQHQ LL

SULQFLSDOL DL PLFURPHGLXOXL VXQW IXUQL]RULL FOLHQ LL LQWHUPHGLDULL FRQFXUHQ LL L DOWL GH LQ LQWHUHVH LQGLYL]L VDX JUXSXUL FH DX DQXPLWH LQWHUHVH vQWUR vQWUHSULQGHUH  D )XUQL]RULL VXQW RUJDQL]D LLOH L LQGLYL]LL FDUH RIHU ILUPHL LQSXWXULOH PDWHULL L

WRUL GH

PDWHULDOH DLE vQ

XWLODMH HFKLSDPHQW WHKQRORJLF HQHUJLH DPEDODMH HWLFKHWH VHUYLFLL IRU YHGHUH L XQ DQXPLW ULVF FX ILHFDUH vQ SDUWH FDUH SRDWH V DSDU GDF 

GH PXQF  UHVXUVH ILQDQFLDUH

LQIRUPD LL HWF QHFHVDUH IDEULF ULL SURGXVHORU SURSULL Q UHOD LLOH FX IXUQL]RULL ILUPD WUHEXLH V

IXUQL]RUXO GH LQH SDWHQWXO DVXSUD SURGXVXOXL FDUH FRQVWLWXLH LQSXWXO HVHQ LDO SHQWUX ILUP  SURGXVXO FH FRQVWLWXLH LQSXWXO HVHQ LDO QX HVWH VXEVWLWXLELO vQ FD]XO ILUPHORU GH FRPHUFLDOL]DUH PDJD]LQ VXSHUPDUNHW HWF FOLHQ LL VROLFLW UHDOL]DWH QXPDL GH R DQXPLW ILUP  vQ PRG H[SUHV SURGXVH

VFKLPEDUHD IXUQL]RUXOXL HVWH SUHD FRVWLVLWRDUH IXUQL]RUXO HVWH PDL SXWHUQLF GHFkW FXPS U WRUXO R ILUP IXUQL]RU HVWH vQ GH]DYDQWDM ILUPHOH PDUL RIHU  GH UHJXO  GH]DYDQWDMRDVH ILUPHORU FDUH DX FRPHQ]L PLFL HWF 6SHFLDOLWLL vQ PDUNHWLQJ DL ILUPHL WUHEXLH V PRQLWRUL]H]H DFWLYLWDWHD IXUQL]RULORU GHRDUHFH SUREOHPHOH LL Q DFHVWH FRQGL LL SURSULL FOLHQ L SRW ILUPH L LQVWLWX LL GXS L DO ORU SHUVRDQHORU vQ JUXSXUL SLH HOH DFHVWRUD QHUH]ROYDWH OD WLPS SRW SURGXFH JUDYH SHUWXUE UL vQ SURGXF LD SURSULH L LPSOLFLW OD FUHWHUHD FRVWXULORU SURGXVHORU FX FRQVHFLQ H GUDPDWLFH vQ SODQXO SURILWDELOLW WUHFH OD ILUPHOH FRQFXUHQWH E FRPSRQHQW XWLOL]DWRUL  &OLHQ LL D FH DOF WXLHVF FHUFXO DJHQ LORU HFRQRPLFL XQHL LQGLYLGXDOH F URUD OH VXQW DGUHVDWH SURGXVHOH VHUYLFLLOH v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kUVWD QLYHOXO HGXFD LHL RFXSD LD ED] HVWH GH D PD[LPL]D FHUHUHD SHQWUX SURGXVHOH FOLHQ LORU GH D PHQ LQH FOLHQ LL H[LVWHQ L L GH D DWUDJH QRL FOLHQ L GLQ UkQGXO PLF FH VH DSURYL]LRQHD] GH PDL VODE GH OD XQ PDUH OD SUH XUL

SURGXVH

FDOLWDWH

QRQFRQVXPDWRULORU UHODWLYL L DO FRQFXUHQ HL 3HQWUX D UHDOL]D DFHVWH RELHFWLYH VSHFLDOLWLL vQ PDUNHWLQJ

YHQLWXULOH HWF 7RDWH DFHVWH FDUDFWHULVWLFL IRUPHD]

SURILOXO FOLHQWXOXL FDUH WUHEXLH FRPSDUDW FX SURILOXO 3H DFHDVW

SLH HL SHQWUX D LGHQWLILFD SURGXVHOH ILUPHL FDUH SODF PDL PXOW DQXPLWRU WLSXUL GH FOLHQ L LQW 

VH GHFLG FDUDFWHULVWLFLOH QRLORU SURGXVH SUH XULOH L PHVDMHOH SURPR LRQDOH FHOH PDL SRWULYLWH SHQWUX SLD D

&H QHYRL vL VDWLVIDF FOLHQ LL FX SURGXVXO UHVSHFWLY L FDUH VXQW DYDQWDMHOH RE LQXWH GH SH XUPD OXL FRPSDUDWLY FX DOWH SURGXVH FDUH VDWLVIDF DFHOHDL QHFHVLW FXPSDU XQRU ELOHWH OD XQ VSHFWDFRO FL R VHDU PDL FXUDWH L PDL SXWLQ GLVWUDFWLY SULQ KDLQH X]DWH VS ODUH L $FHDVWD GHRDUHFH GH H[HPSOX OXPHD QX GHWHUJHQ L FL VSHUDQ D PLMORF PDL EXQ SHQWUX DSDUH vQV XQ VDX JRVSRGLQHOH QX FXPSDU 'DF

VDWLVIDFHUHD XQHL QHYRL FRQVXPDWRULL vO YRU DGRSWD LPHGLDW &H FULWHULL IRORVHVF FXPS U WRULL SHQWUX D DOHJH vQWUH GLIHULWH SURGXVH FDOLWDWH SUH  DPSODVDUHD PDJD]LQXOXL HWF  ,PSRUWDQ D SURGXVXOXL SHQWUX DQXPLWH FDWHJRULL GH XWLOL]DWRUL VDX FRQVXPDWRUL GDF HVWH LQGLVSHQVDELO SHQWUX R ILUP  DFHO FOLHQW HVWH JDWD V XQHL DIDFHUL DYDQWDMRDVH  'H XQGH SURYLQ LQIRUPD LLOH FDUH LQIOXHQ HD] F ,QWHUPHGLDULL SURGXVHORU XQHL ILUPH F WUH FRQVXPDWRULL ILQDOL GHFL]LLOH GH FXPS UDUH DOH FOLHQ LORU HWF FRPHUFLDQ LL GH JURV L GHWDLO GDU L DOWH SO WHDVF SURGXVXO

SUH XUL PDL PDUL H[LVWkQG RSRUWXQLWDWHD

$FHWLD VXQW DJHQ L HFRQRPLFL LPSOLFD L vQ SURPRYDUHD GLVWULEXLUHD L YkQ]DUHD UHVSHFWLY L GH WUDQVSRUW GH

FDWHJRULL PDL SX LQ LPSRUWDQWH FD EURNHUL MREEHUL FXULHUL FRPLVLRQDUL HWF VRFLHW DVLJXU UL VDX DJHQ LL GH SXEOLFLWDWH GH VRQGDUH VDX GH FRQVXOWDQ GH PDUNHWLQJ

6XQW WUHL WLSXUL GH LQWHUPHGLDUL FDUH VH SRW LPSOLFD vQ HIRUWXULOH GH PDUNHWLQJ DOH XQHL FRPSDQLL YkQ] UL 5HVHOOHULL UHYkQ] WRULL  vQ FDUH LQWU DQJURVLWLL GHWDLOLWLL PLFLL FRPHUFLDQ L DJHQ LL GH

7UHEXLH V

VH FRODERUH]H QXPDL FX DFHL UHVHOOHUL FDUH DMXW

ILUPD V L PD[LPL]H]H JUDGXO vQ FDUH

SURGXVHOH VDOH VDWLVIDF FRQVXPDWRUXO ILQDO

([LVW  vQV  SHULFROXO FD  GDWRULW SURGXVHOH V GHYLQ

UHOD LHL GLUHFWH SH FDUH R DUH PDL SXWHUQLF GHFkW ILUPD

FX FRQVXPDWRUXO ILQDO  UHVHOOHUXO FDUHL FRPHUFLDOL]HD]

SURGXF WRDUH L DVWIHO V L GLFWH]H WHUPHQLL VFKLPEXOXL FDUHL GHYLQ QHIDYRUDELOL 'LVWULEXLWRULL F IL]LFL FDUH VXQW GH UHJXO RSHUDWRULL GHSR]LWHORU GH P UIXUL L ILUPHOH GH

WUDQVSRUW LPSOLFDWH vQ WUDQVSRUWDUHD P UIXULORU GH OD SURGXF WRUL OD FRQVXPDWRUL J VHVF GLQ FDX] FOLHQ LL 'H DVHPHQHD GDF

'DF

SURGXVHOH QX VH PDL

FHL GH OD GHSR]LWH QX DX XUP ULW FX DWHQ LH QLYHOXO VWRFXULORU ILUPD SRDWH SLHUGH SURGXVHOH VXQW OLYUDWH FX vQWkU]LHUH VDX GHWHULRUDWH HVWH SUHD SX LQ SUREDELO FD

ILUPD V L PDL S VWUH]H FRQVXPDWRULL SH FDUHL DUH $JHQWLLOH SUHVWDWRDUH GH VHUYLFLL GH PDUNHWLQJ VRQGDUH FRQVXOWDQ ILUPHOH V L LGHQWLILFH FRQVXPDWRULL L V FRPXQLFH FX HL V FXQRDVF  SXEOLFLWDWH  (OH DMXW

SLH HOH L PHGLXO FRQFXUHQ LDO VDWLVIDF DFHOHDL QHYRL DOH

G &RQFXUHQWLL $FHWLD VXQW ILUPH VLPLODUH FDUH XUP UHVF V

FOLHQ LORU ILLQG SHUFHSXWH GH FRQVXPDWRUL FD DOWHUQDWLYH SHQWUX VDWLVIDFHUHD QHYRLORU ORU &RQFXUHQ LL XQHL ILUPH SRW DSDU LQH ILHFDUH XQHLD GLQ FHOH SDWUX FDWHJRULL HYLGHQ LDWH vQ ILJXUD 

3URGXVH VLPLODUH $FHOHDVL QHYRL DOH FOLHQWLORU 1HYRL GLIHULWH DOH FOLHQWLORU &RQFXUHQWL GLUHFWL &RQFXUHQWL LQGLUHFWL

3URGXVH GLIHULWH QORFXLWRUL

1RX YHQLWL

)LJXUD 

7LSRORJLD FRQFXUHQ LORU

&RQFXUHQ LL GLUHF L FXSULQG ILUPHOH FDUH RIHU

DFHODL WLS GH SURGXVH VDX VHUYLFLL SHQWUX D

VDWLVIDFH DFHOHDL QHYRL &D H[HPSOX SRW IL OXDWH FXQRVFXWHOH ILUPH GH E XWXUL U FRULWRDUH &RFD &ROD L 3HSVL VDX SRSXODUHOH ILUPH GH GHWHUJHQ L $ULHO L 3HUVLO &RQFXUHQ LL GLUHF L IDF HIRUWXUL ILQDQFLDUH GHRVHELWH FX UHFODPD vQ vQFHUFDUHD GH D DU WD VXSHULRULWDWHD SURGXVXOXL ORU vQ UDSRUW FX DO ULYDOLORU )RDUWH GHV vQ DFHDVW OXSW VH XWLOL]HD] L SUH XO vQ vQFHUFDUHD GH D DWUDJH R SDUWH GLQ QX DMXW OD VXSUDYLH XLUH GHFkW FXPS U WRULL ULYDOLORU )LLQG IRDUWH FRVWLVLWRDUH FRQFXUHQ D GLUHFW ILUPHOH IRDUWH SXWHUQLFH FX VXILFLHQWH PLMORDFH ILQDQFLDUH &RQFXUHQ LL LQGLUHF L VXQW ILUPHOH FDUH RIHU LJLHQLF  GDU XQD VH DGUHVHD] LQVWLWX LLORU LDU FHDODOW FRQVXPDWRULORU XQ SURGXV VLPLODU GDU FX ILUPH SURGXF KkUWLH

FDUDFWHULVWLFL GLIHULWH VDWLVIDFkQG DOWH QHYRL VDX SUHIHULQ H 'H H[HPSOX GRX PHQDMHORU

QORFXLWRULL VXQW FRQFXUHQ LL FDUH YLQ FX SURGXVH IRDUWH GLIHULWH FD IRUP GLIHULWH VDWLVIDF QHYRLD GH GXOFH D FRQVXPDWRULORU

L FRQ LQXW GDU

FDUH VDWLVIDF DFHHDL QHYRLH D FRQVXPDWRULORU =DK UXO L ]DKDULQD GH H[HPSOX SURGXVH GH ILUPH

1RX YHQL LL VXQW ILUPHOH FDUH YkQG GHMD XQXL DQXPLW JUXS GH FRQVXPDWRUL L VH GHFLG V L H[WLQG JDPD GH SURGXVH SH FDUH OH RIHU VDX ILUPHOH SURGXF WRDUH FDUH DFKL]L LRQHD] L R UH HD GH GLVWULEX LH )DEULFDQWXO GH KkUWLH GH H[HPSOX DFKL]L LRQHD] FkW PDL DSURDSH GH FRQVXPDWRUXO ILQDO L DO LQIOXHQ D H 'HWLQDWRULL GH LQWHUHVH 3URIHVRUXO .RWOHU vL GHOLPLWHD] /XPHD ILQDQFLDU DF LRQDUL VRFLHW DVWIHO R FRPSDQLH GH GLVWULEX LH SHQWUX D IL

L GH LQYHVWL LL E QFL HWF 

0HGLLOH GH FRPXQLFDUH vQ PDV HWF 

JUXSXUL GH SUHV  SRVWXUL GH UDGLR FDQDOH GH WHOHYL]LXQH

*UXSXUL GH LQWHUHVH PLF ULOH SHQWUX SURWHF LD FRQVXPDWRULORU HFRORJLWLL DVRFLD LL DOH SURGXF WRULORU HWF  $GPLQLVWUD LD SXEOLF 

0DUHOH SXEOLF SXUW WRUXO RSLQLHL SXEOLFH  3HUVRQDOXO SURSULX DO ILUPHL

6SHFLDOLWLL SURWHF LD

vQ

PDUNHWLQJ PHGLD &HO OD

WUHEXLH SHQWUX

V F

PRQLWRUL]H]H FLWLWRULL LPSDFW XQHL DO VXQW

FX PDL

DWHQ LH

PHGLD V

PLF ULOH vQ

SHQWUX

FRQVXPDWRULORU DOH ILUPHL GXFH

LQFOLQD L SH

FUHDG

DFXUDWH HD R FURQLF

LQIRUPD LLORU GLQ FRPHQWDULXO HGLWRULDO DO XQXL ]LDU GHFkW vQ UHFODPHOH FRPHUFLDOH VDX PDWHULDOHOH SURPR LRQDOH QHIDYRUDELO PDL YL]LELO SUHVHL SH HVWH %URDGZD\ PLF ULOH XQGH SHQWUX SRDWH VLVWDUHD MXF ULL SLHVH VFHQ 

SURWHF LD

FRQVXPDWRULORU SHQWUX F SXEOLF

DX FD SULQFLSDO RELHFWLY LGHQWLILFDUHD SUDFWLFLORU QHJDWLYH DOH ILUPHORU L R PDUH YDULHWDWH GH SURGXVH L LL L XWLOLW LL ORU HWF

DGXFHUHD ORU OD FXQRWLQ D FRQVXPDWRULORU 'H DVHPHQHD HOH WHVWHD] FODVDPHQWH DOH FDOLW

 $1$/,=$ 0(',8/8, '( 0$5.(7,1* 6FKLPE ULOH PHGLXOXL GH PDUNHWLQJ DO XQHL ILUPH SRW IL IDYRUDELOH VDX QHIDYRUDELOH DFWLYLW VDOH SH SLD  SRW FUHD RSRUWXQLW GLPSRWULY  SRW GLPLQXD FDSDFLWDWHD ILUPHL GH DL VDWLVIDFH FOLHQ LL 6SHFLDOLWLL vQ PDUNHWLQJ WUHEXLH V GH PHGLX SULQ 2EVHUYDUHD FRQWLQX FRQFXUHQ LORU 0RQLWRUL]DUHD LQIRUPD LLORU GHVSUH QDWXUD IRUPHOH WHQGLQ HOH L GXUDWD VFKLPE ULORU SHQWUX D VH UHDOL]D R LPDJLQH FkW PDL FODU GXUDW L UHDO DVXSUD ORU Q XQHOH FD]XUL VFKLPE ULOH SRW IL GH VFXUW OD VWDGLL FDUH DIHFWHD] DFWLYLWDWHD L QHVHPQLILFDWLYH LDU vQ DOWHOH vQV  VH SRW GH]YROWD SkQ D VW ULL PHGLXOXL DVWIHO vQFkW VFKLPE ULOH V ILH GHSLVWDWH vQ VWDUH DGRSWH XQ SURFHV VLVWHPDWLF GH XUP ULUH D VFKLPE ULORU LL

L GH D IDFH QRL DIDFHUL FX FOLHQ LL H[LVWHQ L L GH D DWUDJH DO LL VDX

LQFLSLHQW  SHQWUX D OXD P VXUL vQDLQWH FD VFKLPE ULOH V

DIHFWH]H DFWLYLWDWHD ILUPHL OXkQGR vQDLQWHD

ILUPHL GHWHUPLQkQG ILH R RSRUWXQLWDWH ILH R DPHQLQ DUH 3URJQR]DUHD GHOLPLW ULL DULHL YLWH]HL L LQWHQVLW LL VFKLPE ULORU UHOHYDQWH 6H IDFH vQ VFRSXO

HODERU ULL XQRU VWUDWHJLL SRVLELOH GH DGDSWDUH D ILUPHL OD UHVSHFWLYHOH VFKLPE UL $QDOL]D SRWHQ LDOHORU LQIOXHQ H D LPSDFWXOXL VFKLPE ULORU GH PHGLX DVXSUD FDSDFLW GH DL VDWLVIDFH FOLHQ LL Q IXQF LH GH SUREDELOLWDWHD FD VFKLPEDUHD GH PHGLX V 1XPDL SULQWUXQ PDUNHWLQJ DFWLY VH SRW DQWLFLSD L XQHRUL FKLDU DLE SUREDELO DO DFHVWHLD DVXSUD ILUPHL VH SRW vQWkOQL SDWUX FDWHJRULL GH LPSDFW ILJXUD   LQIOXHQ D VFKLPE ULOH LL HL 'H PHGLXOXL SUHFXP L HIHFWHOH DFHVWRUD DVXSUD DFWLYLW FkQG VFKLPE ULOH DX LPSDFW VHPQLILFDWLY PHQLWH V SRVLELO SULPHMGLLOH HIHFWHOH QHJDWLYH DOH DFHVWRUD LL GH SLD D ILUPHL D SURILWDELOLW LOH L V LL ILUPHL

ORF L GH HIHFWXO

DVHPHQHD PDUNHWLQJXO DFWLY SHUPLWH DGRSWDUHD GH VWUDWHJLL L SURJUDPH GH DGDSWDUH D ILUPHL DWXQFL YDORULILFH RSRUWXQLW HYLWH SH FkW

6FKLPEDUHD

3UREDELOLWDWHD DSDUL LHL VDOH PDUH PDUNHWLQJ PLF SODQXUL SHQWUX RULFH HYHQWXDOLWDWH UHYL]XLUH PLF PRQLWRUL]DUH SHULRGLF

,PSDFWXO SUREDELO DVXSUD ILUPHL

PDUH

DFWLY

)LJXUD  7LSXUL GH LPSDFW L GH U

VSXQV OD VFKLPE

ULOH GH PHGLX

 5(/$

,,/( ),50(, &8 0(',8/ (;7(51 ILUPD SLD D GH LQH ORFXO L UROXO SULQFLSDO

QWUXFkW vQ VWUXFWXUD PHGLXOXL OD FDUH VH UDSRUWHD] UHOD LLOH FH VH GHVI RDU VXQW SULQ QDWXUD L FRQ LQXWXO ORU UHOD LL GH SLD DIO vQ UHOD LL GH FRQFXUHQ

vQWUH vQWUHSULQGHUH L DJHQ L DL PHGLXOXL PLFURPHGLXOXL VDX GH PDUNHWLQJ  5HOD LLOH SH FDUH OH DUH ILUPD vQ GXEOD VD FDOLWDWH  Q FDGUXO DFHOXLDVL PHGLX ILUPD VH DFHOHDL VXUVH GH

GH FXPS U WRU L YkQ] WRU RIHUWDQW  VXQW UHOD LL GLUHFWH GH SLD DSURYL]LRQDUH L SLH H GH GHVIDFHUH  5HOD LLOH GLUHFWH GH SLD DOH ILUPHL YL]HD]

FX ILUPH FH DX SURILO VLPLODU FX FDUH vL GLVSXW

WRDWH FHOH WUHL FRPSRQHQWH DOH SLH HL

JOREDOH SLD D P UIXULORU SURGXVH L VHUYLFLL  SLD D FDSLWDOXULORU L SLD D IRU HL GH PXQF  )L]LRQRPLD L GLPHQVLXQLOH UHOD LLORU GLUHFWH DOH ILUPHL FX SLD D VXQW LQIOXHQ DWH GH R JDP IRDUWH ODUJ GH IDFWRUL GLQWUH FDUH PDL LPSRUWDQ L VXQW HFRQRPLFRVRFLDO FDUH SRDWH VWLPXOD RUL OLPLWD DQXPLWH UHOD LL GH SLD DOH

&DGUXO

vQWUHSULQGHULL SRDWH FUHD R FRQMXQFWXU REOLJD V VH VXSXQ

IDYRUDELO

VDX QHIDYRUDELO

SHQWUX DFHDVWD VDX R SRDWH

DQXPLWRU UHJOHPHQW UL WLSXO L IRUPHOH LQVWUXPHQWHORU XWLOL]DWH GH vQWUHSULQGHUH vQ 

6SHFLILFXO SLH HL FDUH GHWHUPLQ

UDSRUWXULOH SH FDUH OH DUH FX DJHQ LL GH SLD

&DUDFWHULVWLFLOH vQWUHSULQGHULL YHFKLPH DPSODVDPHQW SURILO GLPHQVLXQL HWF  FDUH VH UHIOHFW vQ QXP UXO L SDUWLFXODULW LOH DJHQ LORU HFRQRPLFL FX FDUH ILUPD LQWU  vQ UHOD LL vQ DULD WHULWRULDO L GLVWULEX LD vQ WLPS D DFWHORU GH SLD

)LLQG GH R PDUH GLYHUVLWDWH UHOD LLOH GLUHFWH DOH vQWUHSULQGHULL FX SLD D VH SRW JUXSD GXSD PDL PXOWH FULWHULL D 'XS 5HOD LLOH RELHFWXO UHOD LLORU ID GH YkQ]DUHFXPSDUDUH GH FDUH GHRVHELP UHOD LL GH YkQ]DUHFXPS SRW IDFH RELHFWXO OLYU ULORU VDX UDUH L UHOD LL GH GH P UIXUL WUDQVPLWHUH UHFHS LH GH PHVDMH L LQIRUPD LL DFKL]L LRQ ULORU SUHVW ULORU GH VHUYLFLL vQFKLULHULORU LQWHUPHGLHULORU vPSUXPXWXULORU HWF (OH SRW IL SUHFRQWUDFWXDOH FRQWUDFWXDOH L SRVWFRQWUDFWXDOH E 'XS F 'XS RFD]LRQDOH G SURILOXO ORU ID IUHFYHQ D ORU ID $FHVWH FDUDFWHUH GH GH FDUH GHRVHELP UHOD LL FX IXUQL]RULL L SUHVWDWRULL GH VHUYLFLL GH FDUH GHRVHELP UHOD LL SHUPDQHQWH UHOD LL SHULRGLFH L UHOD LL DOH UHOD LLORU VXQW JHQHUDWH ID GH SDUWLFXODULW LOH SH FDUH OH SUH]LQW UHOD LL GH FXPS UDUH  FX FOLHQ LL UHOD LL GH YkQ]DUH L FX LQVWLWX LL L RUJDQLVPH GH VWDW

FHUHUHD L RIHUWD GH SURILOXO L RELHFWLYHOH vQWUHSULQGHULL vQ FDGUXO SLH HL 'XS JUDGXO VSD LDO FRQFHQWUDUH WHPSRUDO VH UHIHU L DO ORU GH FDUH GHRVHELP UHOD LL FRQFHQWUDWH WHPSRUDO  GLPHQVLRQDO VDX UHOD LL GLVSHUVDWH GLPHQVLRQDO VSD LDO VDX

&RQFHQWUDUHD GLPHQVLRQDO FHD WHPSRUDO

OD P ULPHD SDUWL]LORU GH P UIXUL FH IDF RELHFWXO YkQ] ULL OD P ULPHD DULHL GH GHVI XUDUH D WUDQ]DF LLORU ILUPHL LDU

FXPS U ULL &RQFHQWUDUHD VSD LDO

VH UHIHU

OD WLPSXO OXQ  WULPHVWUX VHPHVWUX DQ HWF vQ FDUH DFHVWHD DX ORF HWF

 5HOD LLOH GH FRQFXUHQ 3H SLD  ILUPHOH FRQFXUHQWH vL GLVSXW  SH GH R SDUWH IXUQL]RULL GH P UIXUL SUHVWDWRULL GH D L SH GH DOW SDUWH FOLHQ LL ILHFDUH GLQ HOH F XWkQG V L vQ FDUH LQWU ILUPHOH VHUYLFLL FUHGLWHOH IRU D GH PXQF UHOD LLOH GH FRQFXUHQ

DVLJXUH LQSXWXULOH QHFHVDUH L SODVDUHD SURGXVHORU SURSULL vQ FRQGL LL FkW PDL DYDQWDMRDVH &D XUPDUH SRW IL GHILQLWH FD DQVDPEOXO UDSRUWXULORU GH SLD vQ OXSWD SHQWUX DVLJXUDUHD LQSXWXULORU QHFHVDUH RE LQHULL SURGXF LHL L D SLH HORU GH GHVIDFHUH &RQFXUHQ D FXQRDWH JUDGH GLIHULWH GH LQWHQVLWDWH vQ IXQF LH GH GRL IDFWRUL  UDSRUWXO GLQWUH FHUHUHD L RIHUWD H[LVWHQWH SH SLD  UDSRUWXO GH IRU H vQ FDUH VH SODVHD] 'HL *DPD SLORQL 3 HVWH VHVL]DELO L XQHRUL FRQFXUHQ D SURSULX]LV PLMORDFHORU SH FDUH VH GHVI RDU L vQ   DSURYL]LRQ ULL vQ OXSWD GH ILUPHORU FX UHVXUVHOH H[WUHP GH QHFHVDUH GH ODUJ  L L ILUPHOH SH SLD SODQXO XWLOL]DWH vQV

vQWUH vQWUHSULQGHUL vQ FDOLWDWHD ORU GH RIHUWDQW FRQFXUHQ vQ HVWH VHQV SRW LQ MXUXO FHORU SDWUX GLVWULEX LH FDOLWDWHD YL]D

LQVWUXPHQWHORU VSULMLQ vQWUH

PHUJkQG GH OD FHOH OHJDOH SkQ VH SURPRYDUH vQV 'LIHUHQ LHULOH

OD FHOH LOHJDOH Q JHQHUDO HOH VH GHOLPLWHD] PDUNHWLQJXO FRQFXUHQ L vQ SURGXV FHHD FH SUH  SODVDUH SULYHWH SURGXVXO

SUH]HQWDUHD DPEDODMXO  P UFLOH VHUYLFHXO FRPXQLFD LLOH FX SULYLUH OD SURGXV LPDJLQHD HWF (OH vL YRU SXQH DPSUHQWD DVXSUD SUH XULORU GXS LL XQ VLQJXU RIHUWDQW L R PDV PDUH GH FXP SUH XULOH SRW DF LRQD vQ PRG LQGHSHQGHQW SULQ QLYHOXO ORU  FD LQVWUXPHQW DO FRPSHWLWLYLW

$WXQFL FkQG SH SLD D XQXL SURGXV VDX VHUYLFLX H[LVW QXO SRW FXPS UD GHFkW GH OD DFHD ILUP  QX DX XQGH V PDL vQ EXQ D SURGXVXOXL UHVSHFWLY QHILLQG FRQFXUHQ  SXWHUHD DVXSUD FRQVXPDWRULORU SULQWUXQ SUH SUH XULORU FDUH OH vPSLHGLF Q OLWHUDWXU SLD D WUHEXLH V vQGHSOLQHDVF V

FXPS U WRUL DYHP GHD IDFH FX R VLWXD LH GH PRQRSRO Q DFHVW FD] FOLHQ LL SRWHQ LDOL DL SURGXVXOXL FDXWH QLFL XQ SUH $FHVW OXFUX PDL EXQ L QLFL R FDOLWDWH ILUPHL V L H[HUFLWH SHUPLWH

ULGLFDW 6LQJXUHOH PRQRSROXUL FDUH PDL VXSUDYLH XLHVF

ULOH GH]YROWDWH VXQW vQ VHUYLFLLOH SXEOLFH GDU L DLFL VXQW UHJOHPHQW UL PDL DOHV LQ SULYLQ D DEX]H]H GH SXWHUHD ORU SHUIHFW L LPSHUIHFW  &D V ILH FRQFXUHQ SHUIHFW  XUP WRDUHOH FRQGL LL VH YRUEHWH GH FRQFXUHQ

DWRPLFLWDWH H[LVWHQ D XQHL PDVH PDUL GH RIHUWDQ L L FXPS U WRUL  IOXLGLWDWH DGDSWDUHD XRDU WUDQVSDUHQ YkQ] WRUL  LQIRUPD LL D RIHUWHL OD FHUHUH L LQYHUV  FRPSOHWH GHVSUH SLD DWkW SHQWUX FXPS U WRUL FkW L SHQWUX

RPRJHQLWDWH D SURGXVHORU Q UHDOLWDWH DFHVWH FRQGL LL VXQW vQGHSOLQLWH GRDU SDU LDO FHHD FH vQVHDPQ F vQ FYDVL

WRWDOLWDWHD FD]XULORU FRQFXUHQ D HVWH LPSHUIHFW  QWUH RIHUWDQ L VH SRW vQWvOQL XUP WRDUHOH IRUPH GH FRQFXUHQ D &RQFXUHQ D SXU  (VWH VSHFLILF  SLH HL FHUHDOHORU SLH HL PLQHUHXULORU SLH HL FRPEXVWLELOLORU

D XQGH GLIHUHQ LHULOH QHVHPQLILFDWLYH GLQWUH SURGXVH L GLQWUH FRQGL LLOH GH FRPHUFLDOL]DUH LPSXQ DOLQLHUHD SUH XULORU DYkQG OD ED] E &RQFXUHQ D GLIHUHQ LD] SURGXVHOH UHODWLY ORU D ID XQXL UDSRUWXO GLQWUH FHUHUH L RIHUW   3HQWUX FHOH DOH  H[LVW GRDU Fk LYD FRPSHWLWRUL D DOWRU ILUPH D IDFH DOWRU ID ILUPH GH SLD FkW  PDL ELQH FRQFXUHQ HL XQHOH OH ILUPH GH FUHkQGXOH DFHDVWD FDUDFWHULVWLFL H[SOLF FH FRQIHU RDUHFXP PRQRSROLVW

PRQRSROL]DUHD

DQXPLW

VHJPHQW

GHQXPLUHD

FRQWUDGLFWRULH D DFHVWHL IRUPH GH FRQFXUHQ F &RQFXUHQ D ROLJRSROLVW (D VH GDWRUHD] FKHOWXLHVF LJDUHWHORU ROLJRSROLVW ILUP ULGLF PDUL

 6H vQWkOQHWH DWXQFL FkQG SH R SLD

DOLHULL DFHVWRU FRPSHWLWRUL vQ VFRSXO EORF ULL LQWU ULL SH SLD D UHVSHFWLY VXPH GH

Q UDPXUL FDUDFWHUL]DWH SULQ PDUL LQYHVWL LL GH FDSLWDO FXP HVWH LQGXVWULD FKLPLF VDX vQ FHOH FDUH EDQL SHQWUX SXEOLFLWDWH FXP VXQW LQGXVWULD DXWRPRELOHORU L LQGXVWULD SRWHQ LDO FRQFXUHQW HVWH IRDUWH VFXPS L JUHD Q FRQFXUHQ D FkQG GDF R FHO PDL XWLOL]DW 'DF XQD GLQ ILUPH UHGXFH SUH XO LQWUDUHD RULF UXL

SUH XO HVWH LQVWUXPHQWXO GH OXSW QX YRU V L SLDUG

FHOHODOWH  GDF

FOLHQ LL  WUHEXLH V O UHGXF V

L HOH 6XQW VLWXD LL vQV UHYLQ

SUH XULOH FHOHODOWH QX R XUPHD]  vQFHUFkQG V

SURILWH GH DYDQWDMXO SUH XOXL VF ]XW Q DVXSUD GHFL]LHL SHQWUX D QXL

DFHVWH FRQGL LL ILUPD FDUH LD ULGLFDW SUH XULOH HVWH REOLJDW

SLHUGH FOLHQ LL 5H]XOWDWXO XQRU DVWIHO GH MRFXUL GH SLD ILUPHOH VXEPLQkQGXL SURILWDELOLWDWHD  ILH R VSLUDO WUHSWDW FOLHQWHOD  6ROX LD HYLGHQW

SRDWH IL ILH R VSLUDO

D SUH XULORU vQ MRV

D SUH XULORU vQ VXV ILUPHOH SLHU]kQGXL vQ PRG

HVWH XQ DFRUG DO ILUPHORU GH D QX VH DQJDMD vQWUXQ U ]ERL DO LQWHUYLQ SHQWUX DSODQDUHD FRQIOLFWHORU GLQWUH

SUH XULORU L GH D XWLOL]D FD DUPH DOH FRQFXUHQ HL FDOLWDWHD VHUYLFLLORU VDX SURPRYDUHD $GHVHRUL DGPLQLVWUD LD GH VWDW WUHEXLH V RIHUWDQ L ILLQG QHYRLH GH QHJRFLHUL L FRQFLOLHUL vQWUH DFHWLD ,PSOLFDUHD VWDWXOXL vQ PHFDQLVPXO FRQFXUHQ LDO VH IDFH vQ FDOLWDWHD VD GH OHJLXLWRU GH DS UDWRU DO OHJLORU DGRSWDWH vQ DFHVW GRPHQLX L GH DJHQW HFRQRPLF 5DSRUWDW FRQFXUHQ LL  SDUD]LWDU vQF OF ULL &HOH OD FDGUXO OHJDO FRQFXUHQ D SRDWH IL ORLDO PDL vQWkOQLWH ILVFDOLW SUDFWLFL QHORLDOH VXQW FkQG ILUPHOH vO UHVSHFW VDX QHORLDO WLLQ GHQLJUDUHD PRUDOH L FRQFXUHQ LORU SROLWLFH FRQFXUHQ D ILUPHORU FkQG XQHOH ILUPH DSHOHD] OD PLMORDFH QHFLQVWLWH SUHMXGLFLLQG vQ PRG GLUHFW L FX EXQ

FRQIX]LL GH P UFL  FRQFXUHQ D LOLFLW VDX HOXG ULL LL  GXPSLQJXO

SUDFWLFDUHD XQRU SUH XUL PDL MRDVH FD XUPDUH D SUHVLXQL DVXSUD

FRQFXUHQWH YLRODUHD VHFUHWHORU GH IDEULFD LH FRPHUFLDOH VDX EDQFDUH HWF

5H]XPDW Q DFHVW FDSLWRO VDX H[DPLQDW QDWXUD L FRQFHSWXO GH PHGLX H[WHUQ DO ILUPHL IRU HOH DVXSUD F URUD ILUPD QX DUH FRQWURO L FHOH SH FDUH OH SRDWH LQIOXHQ D SULQ GHFL]LLOH VDOH GH PDUNHWLQJ 8WLOL]kQGXVH H[HPSOH VD H[SOLFDW PRGXO vQ FDUH VFKLPE ULOH PHGLXOXL VROLFLW PDUNHWLQJ JHQHUDO LGHQWLILF GH DGRSWDUHD DSUHFLHUH GH D VWUDWHJLL PHGLXOXL L GH SURJUDPH GH DO DGDSWDUH ILUPHORU FRQWLQX L OD DFHVWH VSHFLDOLWLORU vQ SHQWUX FDUH VH VFKLPE UL SULQ

PHQ LQHUHD FOLHQ LORU L SURVSHULWDWHD ILUPHL SH WHUPHQ OXQJ &DSLWROXO RIHU  GH DVHPHQHD FDGUXO PDUNHWLQJ VXJHUHD] SURFHVHOH DF LXQLOH SULRULWDUH GH SUHvQWkPSLQDUH D SURYRF ULORU IRU HORU IDFWRULORU FDUH QX VH DIO ILH SXQFWXO GH SOHFDUH SHQWUX RULFH

VXE FRQWUROXO ILUPHL $QDOL]D PHGLXOXL H[WHUQ DO ILUPHL WUHEXLH V PHQ LQH FOLHQ L SURILWDELOL

DFWLYLWDWH GH PDUNHWLQJ GHRDUHFH VFKLPE ULOH DFHVWXLD SRW DIHFWD FDSDFLWDWHD ILUPHORU GH DL FUHD L

&RQFHSWH FKHLH

&OLHQ L )LUPH VDX LQGLYL]L FDUH FXPS U

SURGXVHOH ILUPHL

&RQFXUHQ L )LUPH FDUH SURGXF P UIXUL VDX VHUYLFLL FH VDWLVIDF QHYRL VLPLODUH DOH FOLHQ LORU 'H LQ WRUL GH LQWHUHVH 2UJDQL]D LL VDX LQGLYL]L FDUH DX LQWHUHV LVDX R DQXPLW LQIOXHQ DVXSUD

DIDFHULORU ILUPHL )XUQL]RUL )LUPH VDX LQGLYL]L FDUH RIHU VDX VHUYLFLL ,QWHUPHGLDUL )LUPH VDX LQGLYL]L FDUH DMXW OD FRQVXPDWRUL XWLOL]DWRUL 0DFURPHGLXO )DFWRUL HYHQLPHQWH FDUH LQIOXHQ HD] DVXSUD F URUD ILUPHOH DX XQ FRQWURO VF ]XW 0LFURPHGLXO )RU HOH IDFWRULL FDUH DIHFWHD] SRDWH H[HUFLWD XQ DQXPLW FRQWURO 1RX YHQL L )LUPH FDUH LQWU 5HOD LL GH SLD SH SLD GXSD FH DO L FRQFXUHQ L LDX VWDELOLW GHMD ]RQHOH GH LQIOXHQ vQ PRG GLUHFW R RUJDQL]D LH L DVXSUD F URUD VH XQD VDX PDL PXOWH UDPXUL GH DFWLYLWDWH L WUDQVIHUXO SURGXVHORU VDX VHUYLFLLORU GH OD SURGXF WRUL SURGXVHOH ORU XQHL vQWUHSULQGHUL SHQWUX D SURGXFH EXQXUL

 5HOD LLOH GLQWUH ILUPH L DJHQ L DL PHGLXOXL ORU H[WHUQ  $QVDPEOXO UDSRUWXULORU GH LQWHUDF LXQH vQ FDUH LQWU ILUPHOH vQ OXSWD

5HOD LL GH FRQFXUHQ

SHQWUX DVLJXUDUHD UHVXUVHORU L D SLH HORU GH GHVIDFHUH

&DSLWROXO 

3,$

$ ),50(,

2ELHFWLYH Q HOHJHUHD FRQ LQXWXOXL VIHUHL L SURILOXOXL SLH HL ILUPHL L D UDSRUWXULORU VDOH FX SLD D SURGXVHORU L SLD D JOREDO  &XQRDWHUHD GLPHQVLXQLORU SLH HL ILUPHL L D PRGDOLW &XQRDWHUHD IDFWRULORU FDUH LQIOXHQ HD] SLD D ILUPHL LORU GH GHWHUPLQDUH D DFHVWRUD

(YLGHQ LHUHD GLYHUVHORU WLSXUL GH UHOD LL FDUH VH SRW VWDELOL vQWUH SLH HOH GLIHULWHORU SURGXVH &XQRDWHUHD VLVWHPXOXL GH LQGLFDWRUL FX DMXWRUXO F URUD VH SRDWH HYDOXD SLD D XQXL SURGXV

SUHFXP L D F LORU GH H[WLQGHUH D SLH HL SURGXVXOXL

 &21 'XS

,1878/ 6)(5$ , 352),/8/ 3,(

(, ),50(,

FXP DP Y ]XW SLD D GH LQH UROXO L ORFXO SULQFLSDO vQ VWUXFWXUD PHGLXOXL H[WHUQ DO IDFWRULORU FH DOF WXLHVF PHGLXO HFRQRPLF SLD D HVWH SUDFWLF FRQHFWDW OD WRDWH GH PRGLILF ULOH FH DSDU vQ VWUXFWXULOH L vQ SHQWUX DFWLYLW DFWLYLW LL LOH SH FDUH FkW L vQ GH

ILUPHL &LUFXPVFULV HYROX LLOH DFHVWRUD

FHOHODOWH FRPSRQHQWH DOH PDFURPHGLXOXL ILLQG LQIOXHQ DW 3HQWUX RULFH vQWUHSULQGHUH SLD D UHSUH]LQW OH GHVI RDU  Q RSLQLD LL SURIHVRUXOXL UHVSHFWLY D SURJUDPXOXL DFHDVW DFWLYLW VWDELOLULL

HOHPHQWXO GH UHIHULQ L

&RQVWDQWLQ )ORUHVFX DWkW vQ HWDSD SUHDODELO  D HODERU ULL GLPHQVLXQLORU VWUXFWXULORU L DSRL vQ SURFHVXO ILQDO DO YHULILF ULL UH]XOWDWHORU vQ FDUH

FRQWLQXDUH vQ GHVI XUDUHD HL FRQFUHW

DFWLYLWDWH D IRVW PDWHULDOL]DW  SLD D VHUYHWH vQWUHSULQGHULL vQ PRG VXFFHVLY FD VXUV SULQFLSDOXO FkPS GH DF LXQH D PDUNHWLQJXOXL FDGUXO vQ FDUH VH YHULILF

LQIRUPD LH WHUHQ GH FRQIUXQWDUH EDURPHWUX DO UHDOL] ULORU HIHFWLYH L DO DQVHORU YLLWRDUH HWF  'HFL SLD D UHSUH]LQW RSRUWX QLWDWHD L HILFLHQ D DFWLYLW Q OLWHUDWXUD GH LL RULF UHL ILUPH SUHFXP L D SURFHVXOXL GH GLULMDUH D IOX[XOXL GH P UIXUL VXQW PDL PXOWH XQJKLXUL GH DERUGDUH D SLH HL 'H DLFL L

GH OD SURGXF WRUL OD FRQVXPDWRUL VSHFLDOLWDWH DFFHS LXQLOH vQ HOHVXULOH GLIHULWH DOH DFHVWHLD GLQWUH FDUH GHPQH GH UH LQXW VXQW VSD LXO HFRQRPLF DO FRQIUXQW ULL FHUHULL FX RIHUWD VSD LX vQ FDUH VH IRUPHD] SUH XO OD FDUH VH YkQG L VH FXPS U EXQXULOH HFRQRPLFH L

ORF GH vQWkOQLUH D DJHQ LORU HFRQRPLFL vQ YHGHUHD VFKLPEXOXL GH DFWLYLW ORF GH PDQLIHVWDUH D FRQFXUHQ HL vQWUH DJHQ LL HFRQRPLFL HWF

,QGLIHUHQW GH VLWXD LH DU WD SURIHVRUXO 1 $O 3RS SLD D SUHVXSXQH H[LVWHQ D XQXL EXQ HFRQRPLF FH FRQVWLWXLH RELHFWXO WUDQ]DF LHL GH YkQ]DUH FXPS UDUH D XQRU VXELHF L DL SURFHVXOXL GH VFKLPE YkQ] WRU L FXPS U WRU  D XQXL FDGUX HFRQRPLFRJHRJUDILF XQGH DUH ORF WUDQ]DF LD PDJD]LQ GHSR]LW EXUV ]L OXQ  WULPHVWUX SRDWH DQ IL GH P UIXUL EXUV HWF  D XQHL DWkW GH DF LXQL HWF  D XQXL WLPS GDW R DQXPLW UL SHQWUX VWDELOLUHD SLD D SUH XOXL QD LRQDO  SHULRDG  GH GHWHUPLQDW FkW L OD

FRQIUXQW OD QLYHO

LQIOXHQ D XQXL QXP U GH IDFWRUL DVXSUD YkQ] ULL L FXPS U ULL  3LD D Q DERUGDW GH PDFURHFRQRPLF IL SLD D QLYHO PLFURHFRQRPLF SLD D ILUPHL  DFFHS LXQHD XQHL SLD QD LRQDO SRDWH WXWXURU P UIXULORU DLE LVDX VHUYLFLLORU FLUFXPVFULV UL VDX GXS FD] SLD D XQHL JUXSH GH P UIXUL VDX D XQXL SURGXV vQ YHGHUH FRQ LQXWXO D SURGXF LHL vQ VH GH L DQXPH F

$ERUGDUHD GH PDUNHWLQJ D SLH HL OD QLYHO PDFURHFRQRPLF WUHEXLH V FH LD IRVW DWULEXLW GH WHRULD HFRQRPLF GH P UIXUL vQ FDUH vL J RUJDQLF FX

SLD D HVWH FDWHJRULD HFRQRPLF

VHWH H[SUHVLD WRWDOLWDWHD DFWHORU GH YkQ]DUHFXPS SH FDUH OH JHQHUHD] L vQ FRQH[LXQH FX

UDUH SULYLW vQ FDUH

XQLWDWH GHVI

UHOD LLOH

VSD LXO

RDU

'LF LRQDUXO GH HFRQRPLH SROLWLF  $FHDVW HFRQRPLF

GHILQL LH SRDWH IL vQWUHJLW  FRQVLGHUkQG GH RIHUW

SLD D GUHSW DFHV VIHU

vQ FDUH SURGXF LD GH EXQXUL L VHUYLFLL DSDUH VXE IRUP

P UIXUL FRQIUXQW FXPS

LDU ULL

QHYRLOH RIHUWHL

VROYDELOH L D

GH

FRQVXP D

VXE

IRUP ULL ORU

GH

FHUHUH

GH

P UIXUL

HD

ILLQG GH

GHFL

VIHUD

FHUHULL

UHDOL]

SULQ

LQWHUPHGLXO

DFWHORU

YkQ]DUH DWkW vQ SLD D SLH HORU

UDUH $FWHOH GH YkQ]DUHFXPS UDUH DOH XQXL SURGXV VDX DOH WXWXURU P UIXULORU VH GHVI RDU JUDQL HORU  'DF XQHL OD UL FkW  UHSUH]LQW VSD LXO HFRQRPLFRJHRJUDILF vQ FDUH DFHDVWD HVHW L vQ DIDUD SLH HL ORU IRUPkQG SLD D VH QD LRQDO DGDXJ L UHVSHFWLY

LQWHULRUXO

LQWHUQD LRQDO

GLPHQVLXQLOH

LQWHUQD LRQDOH

GLPHQVLXQLOH

QD LRQDOH VH RE LQH SLD D PRQGLDO /D SUH]HQW FRQIHU QLYHOXO ILUPHL SLD D

FX SURGXVHOH L VHUYLFLLOH VDOH XQGH SRWHQ LDOXO V R DQXPLW LQIOXHQ  XQ DQXPLW SUHVWLJLX SH SLD

X XPDQ PDWHULDO L ILQDQFLDU vL

)LUPD VH SUH]LQW

FD RIHUWDQW YkQ] WRU GH SURGXVH LVDX VHUYLFLL GDU L FD VROLFLWDQW

FXPS U WRU GH P UIXUL L VHUYLFLL Q FRQWLQXDUHD DERUG ULORU QRDVWUH QH YRP UHIHUL QXPDL OD FDOLWDWHD GH RIHUWDQW D ILUPHL 3ULQ RIHUWD VD ILUPD VH SRDWH DGUHVD XQHL PDVH HWHURJHQH GH DJHQ L HFRQRPLFL FRQVXPDWRUL ILQDOL XWLOL]DWRUL LQWHUPHGLDUL LQVWLWX LL L RUJDQLVPH SXEOLFH DJHQ L HFRQRPLFL GLQ DOWH UL &RUHVSXQ] WRU DFHVWRU DJHQ L HFRQRPLFL VDX SURILODW WLSXULOH GH SLH H SUH]HQWDWH vQ ILJXUD  F URUD ILUPD VH SRDWH DGUHVD FX RIHUWD VD
3LD D FRQVXPDWRULORU ILQDOL

3LD D XWLOL]DWRULORU ILQDOL

)LUPD

3LD D LQWHUPHGLDULORU GH GLVWULEX LH

3LD D RUJDQLVPHORU L LQVWLWX LLORU SXEOLFH

3LD D LQWHUQD LRQDO H[WHUQ

)LJXUD  7LSXULOH SULQFLSDOH GH SLH H SH FDUH ILUPD vL SRDWH ODQVD RIHUWD )LUPD SRDWH RSWD vQWUH DL GHVIDFH P UIXULOH SH XQD VDX PDL PXOWH WLSXUL GH SLH H 'H H[HPSOX 6& $YLFROD ,QWHUQD LRQDO %DF X 6$ PDUH SURGXF WRDUH GH FDUQH L SUHSDUDWH GLQ FDUQH GH SDV UH L SRUF GLQ 5RPkQLD SRDWH V L RIHUH SURGXVHOH OH YkQG VDOH GLUHFW FRQVXPDWRULORU LQGLYLGXDOL PHQDMHOH  SULQ SURSULD UH HD GH PDJD]LQH ILH V LVDX GHWDLOLWL  ILH V vQFkW V V OH YkQG F PLQH GH E WUkQL HWF  ILH V FDXWH V OH GHVIDF LQWHUPHGLDULORU DQJURVLWL

XQRU RUJDQLVPH L LQVWLWX LL SXEOLFH SRSRWH FDQWLQH RUIHOLQDWH OD H[SRUW )LUPD WUHEXLH V L RULHQWH]H DVWIHO SURGXF LD FD R PDV DPRUI  FL

QX VH DGUHVH]H SLH HL JOREDOH D F UQLL L SUHSDUDWHORU GLQ FDUQH SULYLW 

GHOLPLWH]H DQXPLWH JUXSXUL UHODWLY RPRJHQH GH FRQVXPDWRUL FDUH GRUHVF L SRW DYHD

DFFHV OD SURGXVHOH VDOH QXPLWH VHJPHQWH GH SLD

6HJPHQWXO FXPS U

GH

SLD

FRQVWLWXLH

XQ

VXEDQVDPEOX

DO

SLH HL

JOREDOH

IRUPDW

GLQ

WRUL GH DFHODL IHO JUXSD L GXS RELHFWXO LVDX P ULPHD

XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD U WXULL IDFWRULL FDUH VWDX OD ED]D GHFL]LHL GH

WUHEXLQ HORU FXPS

FXPS

UDUH HWF  Q UDSRUW FX QDWXUD EXQXULORU L VHUYLFLLORU SH FDUH OH IDEULF VDX OH FRPHUFLDOL]HD]  R ILUP vQ SUH]HQW OD P UIXULOH D ILUPHL $FHDVW SLD

VH SRDWH DGUHVD XQXL QXP U PDL PDUH VDX PDL PLF GH FOLHQ L &HL FH DSHOHD] RIHULWH GH ILUP UHSUH]LQW FRQVXPDWRULL V L DFWXDOL IRUPkQG SLD D DFWXDO GHSLQGH FD P ULPH L GH QXP UXO L IRU D HFRQRPLF P UIXUL GH DFHODL IHO

D FRQFXUHQ LORU FH SURGXF LVDX GHVIDF D XQXL

6IHUD SLH HL XQHL ILUPH QX VH UHGXFH QXPDL OD FRWD SH FDUH R GH LQH vQ SLD D JOREDO SURGXV VDX D XQHL JUXSH GH SURGXVH FL YL]HD] SURSULL FkW L VHJPHQWHOH GH SLD VH DGUHVHD] DWkW DULD JHRJUDILF SH FDUH R DFRSHU

SULQ YkQ] ULOH

L QXP UXO FRQVXPDWRULORU XWLOL]DWRULORU FDUH OH FRPSXQ F URUD D SLH HL VDOH QWUHSULQGHUHD GH 3DQLILFD LH 6SLFXO 6$ L SH FDUH R OH

FX RIHUWD VD Q WLPS FH VSUH H[HPSOX 8]LQD GH $XWRWXULVPH GH 7HUHQ $UR 6$

&kPSXOXQJ GLVSXQH GH R DULH QD LRQDO 3LWHWL DUH R DULH H[FOXVLY ORFDO 

3URILOXO SLH HL ILUPHL HVWH GDW GH WLSXO WLSXULOH GH DFWLYLWDWH DFWLYLW

GHVI RDU  'LQ DFHVW SXQFW GH YHGHUH GHRVHELP ILUPH SURGXF WRDUH GH P UIXUL EXQXUL HFRQR PLFH  ILUPH SUHVWDWRDUH GH VHUYLFLL ILUPH VSHFLDOL]DWH vQ FRPHUFLDOL]DUHD P UIXULORU RUJDQL]D LL QRQSURILW FH SURGXF VDX GHVIDF EXQXUL HFRQRPLFH VSLWDOH WHDWUH FROL XQLYHUVLW $QWLORSD 6$ %XFXUHWL VDX GH SURGXF LH GH P UIXUL L GH VHUYLFLL FXP L HWF  8QHOH PLQWH 6& DWkW FD]XO ILUPH DX XQ SURILO PL[W GH SURGXF LH L FRPHUFLDOL]DUH FXP HVWH FD]XO IDEULFLL GH vQF O HVWH $UFWLF6$ * HWL FDUH SH OkQJ SURGXVH FkW L VHUYLFLL WXULVWLFH SURGXF LD GH IULJLGHUH GLVSXQH GH R UH HD QD LRQDO

GH VHUYLFH

SHQWUX vQWUH LQHUHD L UHSDUDUHD DFHVWRU SURGXVH VDX vQ FD]XO vQWUHSULQGHULORU WXULVWLFH FDUH RIHU

 ',0(16,81,/( 3,(

(, ),50(,  FDSDFLWDWH L DULH

2ULFH DU IL QLYHOXO GH DERUGDUH DO SLH HL HD DUH WUHL GLPHQVLXQL VWUXFWXU ORFDOL]DUH  6WUXFWXUD SLH HL 3ULYLW R VWUXFWXU JOREDOH YD SXQH vQ HYLGHQ OD VFDUD VRFLHW LL SLD D VH vQI LHD]

FX XQ LPHQV FRQJORPHUDW FX

IRDUWH FRPSOH[  2 DQDOL]

GH VXV vQ MRV DUERUHVFHQWGHVFUHVF WRDUH D VWUXFWXULL SLH HL UIXULORU  )LUPD SURGXF WRDUH vQ L FkW L vQ SODQXO YkQ] ULL UIXULORU /D vQ GRX PDUL

PDL vQWkL GHOLPLWDUHD HL vQ FHOH WUHL PDUL VHF LXQL SLD D P

EXQXULORU L VHUYLFLLORU  SLD D FDSLWDOXULORU L SLD D IRU HL GH PXQF SODQXO DSURYL]LRQ ULL FX UHVXUVHOH QHFHVDUH GHVI XU ULL SURSULHL DFWLYLW SURGXVHORU LVDX VHUYLFLLORU SH FDUH OH UHDOL]HD]  3ULQFLSDOD VHF LXQH GH UHIHULQ UkQGXO HL DFHDVW 'DF GHRVHELP SLD D PLMORDFHORU GH SURGXF LH SLD D EXQXULORU GH FRQVXP L UHVSHFWLY SLD D VHUYLFLLORU GH SURGXF LH SLD D VHUYLFLLORU GH FRQVXP VH SLD

GXEOD VD FDOLWDWH GH FXPS U WRU L RIHUWDQW YD DYHD OHJ WXUL FX ILHFDUH GLQ FHOH WUHL SLH H DWkW vQ

SHQWUX DFWLYLWDWHD RULF UHL ILUPH HVWH SLD D P

 DD FXP VH SRDWH REVHUYD vQ ILJXUD   VH GHOLPLWHD] VDX QHSURGXFWLY

FRPSRQHQWH SLD D EXQXULORU PDWHULDOH L SLD D VHUYLFLLORU LQH VHDPD GH GHVWLQD LD SURGXFWLY D SURGXVHORU L D VHUYLFLLORU

3LD D PLMORDFHORU GH SURGXF LH 3LD D EXQXULORU PDWHULDOH 3LD D EXQXULORU GH FRQVXP

3LD D SURGXVXOXL $ 6HJPHQWXO %

3LD D SURGXVXOXL & 6HJPHQWXO '

3LD D JOREDO

3LD D VHUYLFLLORU GH SURGXF LH 3LD D VHUYLFLLORU 3LD D VHUYLFLLORU GH FRQVXP

3LD D VHUYLFLXOXL $ 6HJPHQWXO 6M

3LD D VHUYLFLXOXL % 6HJPHQWXO 6L

)LJXUD  6WUXFWXUD SLH HL P $ % & '  Q  Q  P  P S  S U  U QXP UXO GH SURGXVH QXP UXO GH VHJPHQWH QXP UXO GH SURGXVH QXP UXO GH VHJPHQWH

UIXULORU

'HOLPLW ULOH GXS FXP HVWH FD]XO

GHVWLQD LD SURGXVHORU L VHUYLFLLORU VXQW UHODWLYH GHRDUHFH XQXO L DFHODL I LQHL VDX D XQRU OHJXPH FDVWUDYH L DUGHL FDUH SRW DYHD DPEHOH

SURGXV SRDWH IL vQWkOQLW DWkW SH SLD D PLMORDFHORU GH SURGXF LH FkW L SH FHD D EXQXULORU GH FRQVXP ]DK UXOXL GHVWLQD LL &RPSDUDWLY FX SLD D EXQXULORU GH FRQVXP SLD D PLMORDFHORU GH SURGXF LH HVWH FDUDFWHUL]DW SULQ JUDG ULGLFDW GH FRQFHQWUDUH QXP U OLPLWDW GH SDUWHQHUL  SUHSRQGHUHQ D PRELOXULORU UD LRQDOH vQ PDQLIHVWDUHD FHUHULL L OXDUHD GHFL]LHL GH FXPS UDUH FRUHOD LH UHODWLY VWUkQV vQWUH RIHUW L FHUHUH GLQWUXQ QXP U UHODWLY ULGLFDW GH

6WUXFWXUD ILHF UHLD GLQ FHOH SDWUX VXEGLYL]LXQL HVWH DOF WXLW

SLH H SDUWLFXODUH VSHFLILFH ILHF UXL SURGXV VHUYLFLX LQGLYLGXDO 3LD D SURGXVXOXL VHUYLFLXOXL UHSUH]LQW SLD D VIHUD HFRQRPLF FRQFUHW DUH OD FDUH ILUPD vL UDSRUWHD] VD LQWHUQ  ILLQG DFWLYLWDWHD GLQ VHJPHQWH GH SLD  6XQW IRDUWH SX LQH FD]XULOH FkQG SLD D XQXL SURGXV VDX VHUYLFLX HVWH RPRJHQ  'H UHJXO  SURGXVXOXL VHUYLFLXOXL VWUXFWXUD DOF WXLW PS U LUHD SLH HL vQ VHJPHQWH GH SLD ID DUH OD ED] SDUWLFXODULW LOH vQ DILUPDUHD L PDQLIHVWDUHD

FHUHULL GLQ SDUWHD FXPS U WRULORU vQ IUHFYHQ D L P ULPHD PHGLH D FXPS U ULL vQ QLYHOXO H[LJHQ HORU GH FDOLWDWHD L VWUXFWXUD RIHUWHL HWF &XQRVFkQG FDUH VXQW FHOH PDL LPSRUWDQWH VHJPHQWH GH SLD DF LXQLOH VDOH GH PDUNHWLQJ vQ UDSRUW FX ILUPD vQ FDGUXO F UHLD vL VDX D F URU FHUHUH R SRDWH VDWLVIDFH ILUPD vL GLIHUHQ LD] FHULQ HOH DFHVWRUD $FHVWHD VXQW vQ HVHQ ILQDOL]HD] UHJXO  VWUXFWXULOH SLH HL OD FDUH VH UDSRUWHD] DFWLYLWDWHD /LPLWkQGXVH IRDUWH UDU OD XQ VLQJXU SURGXV SLD D ILUPHL VH UHJ VHWH GH

SH PDL PXOWH FRPSRQHQWH VWUXFWXUDOH DOH SLH HL JOREDOH SH PDL PXOWH VHJPHQWH GH SLD

SH SLH HOH PDL PXOWRU SURGXVH  $D HVWH vQ FD]XO XQHL vQWUHSULQGHUL IXUQL]RDUH GH XWLODMH L PDLQL FDUH SRDWH IL SUH]HQW DWkW SH SLD D PLMORDFHORU GH SURGXF LH FkW L SH SLD D VHUYLFLLORU SURGXFWLYH /D WXULWLORU VHUYLFLL L SURGXVH HD UHJ VLQGX VDX D SLH HL ILUPHL WUHEXLH I FXWH IHO HVWH L vQ VLWXD LD XQHL vQWUHSULQGHUL WXULVWLFH FDUH RIHU VH SH SLD D EXQXULORU GH FRQVXP GDU L SH SLD D VHUYLFLLORU ,QGLIHUHQW XUP WRDUHOH GRX F HVWH YRUED GH VWUXFWXUD SLH HL JOREDOH VXEOLQLHUL FD XQ WRW XQLWDU VHJPHQWHOH GH SLD QHILLQG DOWFHYD GHFkW FRPSRQHQWH

SLD D WUHEXLH DERUGDW

LQWHUGHSHQGHQWH DOH DFHOXLDL WRW RUJDQLF  VWUXFWXUD SLH HL DUH XQ FDUDFWHU GLQDPLF &DSDFLWDWHD WUDQ]DF LLORU GH SLH HL &DSDFLWDWHD HIHFWLY GH D SLH HL XQHL ILUPH SHULRDG HVWH GH GDW WLPS GH YROXPXO YkQ]DUHFXPS UDUH UHDOL]DWH DFHDVWD vQWUR GHWHUPLQDW  DL

3ULQFLSDOLL LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS VXQW YROXPXO RIHUWHL YROXPXO FHUHULL YROXPXO YkQ] ULORU YROXPXO H[SRUWXULOULPSRUWXULORU QXP UXO GH FRQVXPDWRUL XWLOL]DWRUL SURGXVXOXL L QXP  Q ILJXUD  VH REVHUY F  GHL YROXPXO FHUHULL GH YLQ D IRVW PDL PDUH GHFkW RIHUWD QXPDL R L FDOLWDWHD ILH GH YLQ D ILUPHL V FX FDUH ILUPD OH IDEULF SDUWH GLQ HD VD PDWHULDOL]DW vQ YkQ] UL 2 VHULH GH FDX]H FD YDULHWDWHD VRUWLPHQWDO RIHUWHL P ULPHD SUH XOXL DPEDODMXO HWF QX DX SHUPLV FD vQWUHDJD RIHUW YkQGXW  &DSDFLWDWHD HIHFWLY QXP UXO FXPS U WRULORU D SLH HL XQHL ILUPH &HS VH DIO XWLOL]DWRULORU SURGXVHORU vQ UHOD LH GLUHFW VHUYLFLLORU SH UXO GH FOLHQ L OD ILUPHOH SUHVWDWRDUH GH VHUYLFLL  &HO PDL FRQFOXGHQW LQGLFDWRU LL SLH HL HIHFWLYH VD GRYHGLW D IL YROXPXO YkQ] ULORU H[HPSOX vQ ILJXUD

vQ GHWHUPLQDUHD FDSDFLW

LVDX

LVDX FRPHUFLDOL]HD]

1  FXPS U WXU VSHFLILF T 

P ULPHD PHGLH D FXPS U WXULL GHQXPLW IUHFYHQ D GH FXPS UDUH H[SULPDW 'HFL &HS

SULQ QXP UXO PHGLX GH DFKL]L LRQ UL UHDOL]DWH vQWUR XQLWDWH

GH WLPS OXQ  WULPHVWUX VHPHVWUX DQ HWF )U  1 [ T [ )U

 KO YLQ 10.000 hl vin

cererea ULOH YkQ]


RIHUWD

 KO YLQ 8.000 hl vin

 hl vin 7.000 KO YLQ

YkQ] ULOH

)LJXUD  5HOD LD vQWUH RIHUW 3HQWUX H[SULPDUHD FDSDFLW FRWD GH SLD  (D H[SULP

 FHUHUH L YkQ]

UL vQ FD]XO XQHL ILUPH SURGXF

WRDUH GH YLQ

LL HIHFWLYH D SLH HL XQHL ILUPH VH IRORVHWH L XQ LQGLFDWRU UHODWLY D SURGXVXOXL JUXSHL GH VXE IRUP GH VDX GLQ SLD D LQWHUQD LRQDO  VH FXDQWLILF  'H H[HPSOX R ILUP GH PF LDU

SRQGHUHD SH FDUH R GH LQH ILUPD vQ SLD D JOREDO

SURGXVH VDX D UDPXULL GLQ SLD D QD LRQDO H[SRUWDW SH SLD D YkQ] ULORU PF &RWD GH SLD UHIHULQ    'DF D ILUPHL UHSUH]LQW VH LDX FD UHIHULQ  GH

FRHILFLHQW FXSULQV vQWUH  L  VDX SURFHQWH FKHUHVWHD GLQ DUD ; D IRVW

SURGXF WRDUH GH FKHUHVWHD D LPSRUWXULORU D IRVW GH

ULL ; vQWUXQ DQ  PF GH FKHUHVWHD Q DQXO UHVSHFWLY YROXPXO WRWDO DO WRWDOXO

 GLQ WRWDOXO YkQ] ULORU GH SH SLD D GH   

QXPDL LPSRUWXULOH DWXQFL &HS HVWH GH 

$QDOL]D FRQ LQXWXOXL L GLPHQVLXQLORU SLH HL QX VH OLPLWHD] ORF HIHFWLY FL WUHEXLH H[WLQV

OD SURFHVHOH HFRQRPLFH FDUH DX

L DVXSUD FHORU SRWHQ LDOH FDUH DU SXWHD DYHD ORF 'H DFHHD YRP IDFH

UHIHULUL L OD FDSDFLWDWHD SRWHQ LDO DU SXWHD UHDOL]D R ILUP HVWH JHQHUDW GDU FDUH vQ  FRQFXUHQ &DSDFLWDWHD SRWHQ LDO SUH]HQW OLSVD QX

D SLH HL FDUH H[SULP

YROXPXO PD[LP DO YkQ] ULORU SH FDUH OH D DFHVWHLD 'LIHUHQ D VLPLODUH vQ DULD GH OD

vQWUR SHULRDG

GH WLPS GHWHUPLQDW  SRWHQ LDOL XWLOL]DWRUL DL SURGXVHORU ILUPHL FXPS UDUHD GH D SURGXVH RIHUWHL SLH HL

D SLH HL HVWH PDL PDUH GHFkW FDSDFLWDWHD HIHFWLY GLQ GLYHUVH PRWLYH

GH QRQFRQVXPDWRULL UHODWLYL FH UHSUH]LQW FRQVXP  UHVXUVHORU ILQDQFLDUH GLVWULEX LD

QHFRUHVSXQ] WRDUH

QHFRQFRUGDQ D vQWUH SUH XO L FDOLWDWHD RIHUWHL HWF 3HQWUX HYDOXDUHD FDSDFLW SRW IRORVL XUP WRULL LQGLFDWRUL

LL SRWHQ LDOH D SLH HL VH

SRWHQ LDOXO GH DEVRUE LH DO SLH HL FDUH HVWH GDW GH YROXPXO PD[LP FDQWLWDWLY VDX YDORULF DO FXPS U ULORU FH DU SXWHD IL UHDOL]DWH GH FOLHQWHOD ILUPHL vQWUR SHULRDG vQ FD]XO ILUPHORU FH DF LRQHD] SH SLH HOH H[WHUQH WUHEXLH I FXW GH DEVRUE LH DO SLH HL SH FDUH DF LRQHD] L SRWHQ LDOXO GH LPSRUW DO SUHGHWHUPLQDW GH WLPS GLVWLQF LH vQWUH SRWHQ LDOXO WRWDO ULL UHVSHFWLYH LORU XQHL ILUPH GHVWLQDWH

SRWHQ LDOXO GH H[SRUW FDUH UHSUH]LQW H[SRUWXOXL

YROXPXO PD[LP DO GLVSRQLELOLW

QXP

UXO L VWUXFWXUD QRQFRQVXPDWRULORU UHODWLYL FXQRDWHUHD FDUDFWHULVWLFLORU GHPRJUDILFH L VRFLRSURIHVLRQDOH DOH DFHVWRUD SUHFXP L D PRWLYD LLORU FDUH VWDX OD ED]D FRQVWLWXLH R FRQGL LH SHQWUX IXQGDPHQWDUHD DF LXQLORU GH vQ DIDUD FRQVXPDWRULORU F L HIHFWLYL L FDWHJRULD

HFRQRPLFH

QHDSHO ULL OD RIHUWD ILUPHL vQ FDX] PDUNHWLQJ PHQLWH V L DWUDJ 3LD D SRWHQ LDO LQFOXGH

L V L WUDQVIRUPH vQ FXPS U WRUL HIHFWLYL DL SURGXVHORU ILUPHL GHFL

QRQFRQVXPDWRULORU UHODWLYL 'HFDODMXO H[LVWHQW vQWUH GLPHQVLXQLOH HIHFWLYH L FHOH SRWHQ LDOH DOH SLH HL SURGXVXOXL VDX DOH SLH HL ILUPHL SRDWH IL UHGXV L FKLDU DQLKLODW SULQ GRX D E FDOHD H[WHQVLY UHODWLYL L D FOLHQ LORU FHORUODOWH ILUPH vQ UkQGXO FXPS U WRULORU L FDOHD LQWHQVLY GH  FDUH SUHVXSXQH SH VSRULUHD VHDPD YROXPXOXL FUHWHULL YkQ] ULORU vQ FRQGL LLOH L D PHQ LQHULL IUHFYHQ HL QXP UXOXL FXPS U WRUL FXPS U WXULL PHGLL  FDUH SUHVXSXQH  DD FXP DP DU WDW PDL VXV  DWUDJHUHD QRQFRQVXPDWRULORU

FXPS U ULORU Q VSRULUHD FDSDFLW GH ILUP  $ULD ORFDOL]DUHD SLH HL $LFL HVWH YRUED GH DERUGDUHD SLH HL vQ UDSRUW FX VSD LXO FX SHULPHWUXO vQ FDUH DUH ORF FRQIUXQWDUHD FHUHULL FX RIHUWD vQ IXQF LH GH FDUH FXQRDWH IRUPH GLIHULWH GH ORFDOL]DUH GHQVLW PRGXO GH DFHVWHLD  SUH]LQW L JHRJUDILFH GLIHULWH SUHFXP L SDUWLFXODULW D WUDQ]DF LLORU GH SLD  &XQRDWHUHD DULHL R LPSRUWDQ GHRVHELW L WHULWRULDOH vQ FKLDU FRQ LQXWXO L SLH HL  D GLPHQVLXQLL VSD LDOH D UHDOL]DUH LL SLH HL FHOH GRX F L SRW DF LRQD vQ PRG DVRFLDWLY VDX VHSDUDW vQ SURSRU LL L VXFFHVLXQL GLIHULWH vQ IXQF LH GH vPSUHMXU UL FD L GH SROLWLFD GH PDUNHWLQJ SURPRYDW

SHQWUX IXQGDPHQWDUHD XQRU GHFL]LL GH PDUNHWLQJ SULYLQG D P UIXULORU DPSODVDUHD UH HOHL GH GLVWULEX LH D VSD LLORU vQ DQXPLWH FHQWUH

VWDELOLUHD VWUXFWXULL RIHUWHL PLFDUHD IL]LF $FWLYLWDWHD GH SLD

GH GHSR]LWDUH L D PDJD]LQHORU GH YkQ]DUH GH GHWDLO FXQRDWH XQ JUDG ULGLFDW GH FRQFHQWUDUH WHULWRULDO VDX ]RQH FRPHUFLDOH 3H SLD D LQWHUQD LRQDO  R VHULH GH PDUL PHWURSROH GLQ vL GHVI RDU DFWLYLWDWHD UL SXWHUQLF GH]YROWDWH

HFRQRPLF LDX FkWLJDW UHQXPH PRQGLDO SHQWUX FRPHU XO FX DQXPLWH P UIXUL Q DVWIHO GH PHWURSROH UHQXPLWH EXUVH GH P UIXUL FXP HVWH FHD GLQ &KLFDJR SHQWUX FHUHDOH FHD GH OD 6DR 3DXOR SHQWUX FDIHD FHD GH OD 1HZ <RUN SHQWUX FDIHD FDFDR L ]DK U FHD GH OD 6LGQH\ SHQWUX OkQ  FHD GH OD 1HZ 2UOHDQV SHQWUX EXPEDF HWF  PDUL WkUJXUL LQWHUQD LRQDOH FXP HVWH FHO GH OD /HLS]LJ SHQWUX PRELO  GH OD 9LHQD SHQWUX EXQXUL GH FRQVXP GH OD 3DULV SHQWUX SURGXVH VSHFLILFH LQGXVWULHL DHURQDXWLFH HWF  7HQGLQ D GH FRQFHQWUDUH D DFWLYLW FHQWUHOH XUEDQH PDUL H[HUFLWkQG R IRU FHUHULL GLQ ]RQHOH vQYHFLQDWH $FHVW GHQXPLUHD GH JUDYLWD LH FRPHUFLDO GH SRODUL]DUH FRPHUFLDO FDUH PLJUHD] U VSXQG VSRULW ID GH ORFDOLW HVWH LL GH SLD  PDL DOHV OD EXQXULOH GH FRQVXP  DUH ORF L vQ VSD LL PDL UHVWUkQVH vQ SHULPHWUXO XQRU SLH H QD LRQDOH VDX FKLDU ORFDOH LOH PDL PLFL vQ FH SULYHWH DWUDJHUHD vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE IHQRPHQ FXQRVFXW

 (D VH GDWRUHD]

PLJUD LHL SXUW WRULORU FHUHULL HYLGHQ LLQG IRU D

D RUDXOXL VDX D DQXPLWRU ILUPH &XQRDWHUHD YROXPXOXL L VWUXFWXULL FHUHULL

SHUPLWH ILUPHORU FRPHUFLDOH V L GLPHQVLRQH]H L VWUXFWXUH]H RIHUWD DVWIHO vQFkW V

FkW PDL ELQH H[LJHQ HORU FXPS U WRULORU

 )$&725,, '( ,1)/8(1

$ 3,(

(, ),50(,

3LD D RULF UHL ILUPH QX HVWH LPXDELO  (D vL PRGLILF FDWHJRULL GH IDFWRUL HQGRJHQL LQWHUQL L H[RJHQL H[WHUQL  3ULPLL IDFWRUL VXQW OHJD L GH SXWHUHD HFRQRPLF D

GLPHQVLXQLOH VXE LQIOXHQ D D GRX SRWHQ LDOXO XPDQ PDWHULDO L

ILUPHL

ILQDQFLDU DO DFHVWHLD  GDU L GH HWDSD GLQ FLFOXO GH YLD GHFOLQ vQ FDUH HD VH DIO 

DSDUL LH SH SLD

 FUHWHUH PDWXULWDWH L GH YkUVW DOH

3RWHQ LDOXO XPDQ DO ILUPHL HVWH GDW GH HIHFWLYXO L VWUXFWXUD SURIHVLRQDO VDODULD LORU GH QLYHOXO GH FDOLILFDUH L GH LQWHOLJHQ

D DFHVWRUD GH YHFKLPHD ORU vQ FDGUXO ILUPHL

3RWHQ LDOXO PDWHULDO HVWH HYLGHQ LDW GH YROXPXO L FDOLWDWHD ED]HL PDWHULDOH D ILUPHL GH SHUIRUPDQ D WHKQRORJLLORU SUDFWLFDWH GH JUDGXO GH PHFDQL]DUH DXWRPDWL]DUH L LQIRUPDWL]DUH D SURFHVHORU GH PXQF  LDU SRWHQ LDOXO ILQDQFLDU GH FDSDFLWDWHD GH D SURGXFH SURILW D ILUPHL GH GLVSRQLELOLW LOH E QHWL L YDOXWDUH DIODWH vQ FRQWXULOH EDQFDUH DOH DFHVWHLD GH YROXPXO FUHGLWHORU L D DOWRU GDWRULL SH FDUH OH DUH SUHFXP L GH VFDGHQ D DFHVWRUD SH GH R SDUWH L GH YROXPXO FUHDQ HORU L VFDGHQ D DFHVWRUD SH GH DOW SDUWH Q FDWHJRULD IDFWRULORU H[RJHQL VXQW FXSULQL HIHFWLYXO L VWUXFWXUD FRQVXPDWRULORU SH VH[H YkUVWH XUEDQUXUDO SH SURIHVLL HWF vQ FD]XO EXQXUL GH FRQVXP VDX QXP UXO L FDSDFLWDWHD GH UDUH D XWLOL]DWRULORU vQ FD]XO ILUPHORU FDUH IDEULF UDUH D SRSXOD LHL GDW LVDX GHVIDF HFKLSDPHQW LQGXVWULDO VDX ILUPHORU FDUH SURGXF LVDX FRPHUFLDOL]HD] FXPS PDWHULL SULPH PDWHULL L PDWHULDOH HWF SXWHUHD GH FXPS GH FDQWLWDWHD GH EXQXUL SH FDUH R SRDWH FXPS UD R JUDGXO GH VROYDELOLWDWH D SLH HL GDW GH P ULPHD PHGLH D XQHL SkLQH ODSWH GH DSDUDWXU SHUVRDQ FX VDODULXO PHGLX QHW SHQVLD PHGLH HWF  FDUH UHSUH]LQW ILUPD

F UHLD L VH DGUHVHD]

LQWHQVLWDWHD FRQVXPXOXL EXQXULORU L VHUYLFLLORU RIHULWH GH ILUP

FXPS U WXUL L IUHFYHQ D FXPS U ULL VWDELOLWDWHD FRQVXPXOXL 8Q SURGXF WRU GH P UIXUL DOLPHQWDUH FX FHUHUH FXUHQW HWF GLVSXQH GH H[HPSOX GH R SLD PXOW PDL VWDELO GHFkW XQ RIHUWDQW GH X] FDVQLF LQIOXHQ HD] FHUHUHD L RIHUWD FH VH PDQLIHVW SH SLD D ILUPHL ]DK U GH

HOHFWURQLF

IDFWRUL FRQMXQFWXUDOLVH]RQLHUL FRQIOLFWH PLOLWDUH LQXQGD LL FXWUHPXUH GH S PkQW HSLGHPLL IDFWRUL VRFLRORJLFL L SVLKRORJLFL VWDWXWXO UROXO SUHVWLJLXO VRFLDO PRELOLWDWHD FHULQ HOH GH JUXS FRPSRUWDPHQWXO GH FXPS UDUH L FRQVXP DO DFHVWRUD FD L VWDUHD GHSULQGHULOH FRQWLLQ D GH VLQH  FDUH DX R LQIOXHQ VSLULW WHPSHUDPHQWXO DWHSW ULOH

YDULD LD FOLPHL HWF  FDUH

DOH FRQVXPDWRULORU FDUH GHWHUPLQ VHPQLILFDWLY

DVXSUD GLPHQVLXQLORU SLH HL ILUPHORU SURGXF WRDUH GH EXQXUL GH FRQVXP L FDWHJRULD GH QHYRL F URUD VH DGUHVHD] FX DFHVWH LQGXVWULDO FD]DQH PHWDOLFH GH PDUL GLPHQVLXQL HFKLSDPHQW GH FHD D XQHL L RVFLODQW vQ WLPS

QDWXUD EXQXULORU SURGXVH GH ILUP

EXQXUL vQ FD]XO EXQXULORU GH QDWXU

JUHX GH WUDQVSRUW L ULGLFDW HWF SLD D ILUPHL HVWH PXOW PDL ULJLG  GH H[HPSOX ID ILUPH FDUH SURGXFH vPEU F PLQWH XQGH FHUHUHD HVWH PXOW PDL HODVWLF

 3,$

$ 352'868/8, EXQXULOH LVDX

3HQWUX RULFH ILUP  RELHFWXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH vO UHSUH]LQW VHUYLFLLORU SH FDUH OH SURGXFH )LHFDUH GLQ DFHVWHD SRDWH V 3LD D SURGXVXOXL UHSUH]LQW GLVSXQ GH R SLD SURSULH

R VHF LXQH D SLH HL JOREDOH vQ FDUH VH PDQLIHVW

L VH UHDOL]HD]

RIHUWD L FHUHUHD SHQWUX XQ DQXPLW SURGXV 5HIHULWRU OD UDSRUWXO GLQWUH SLD D ILUPHL L SLD D SURGXVXOXL vQ SUDFWLF IRDUWH GLYHUVH $VWIHO vQ FD]XO FkQG R ILUP VH vQWkOQHVF VLWXD LL GH LQH H[FOXVLYLWDWHD SURGXF LHL LVDX D FRPHU XOXL XQXL

SURGXV SLD D ILUPHL UHVSHFWLYH VH SRDWH LGHQWLILFD FX FHD D SURGXVXOXL Q DOWH VLWXD LL SLD D XQHL ILUPH HVWH VXPD SLH HORU PDL PXOWRU SURGXVH 'H DVHPHQHD VH vQWkOQHVF FD]XUL FkQG SLD D XQXL SURGXV VDX JUXS GH SURGXVH HVWH IRUPDW GLQ SLH HOH PDL PXOWRU ILUPH Q FHOH PDL PXOWH FD]XUL vQV  SLH HOH ILUPHORU VH LQWHUIHUHD] FX SLH HOH SURGXVHORU QWUH SLD D SURGXVXOXL L SLD D JOREDO

HVWH XQ UDSRUW GH OD SDUWH OD vQWUHJ L FD XUPDUH SLD D JOREDO R DOF WXLHVF UHVSHFWLY

UHSUH]LQW

VXPD SLH HORU SURGXVHORU FH

37 Q

SLD D WRWDO SLD D SURGXVXOXL L QXP UXO SURGXVHORU FH DOF WXLHVF SLD D WRWDO QWUH SLH HOH GLIHULWHORU SURGXVH VH SRW vQWkOQL XUP WRDUHOH WLSXUL GH UHOD LL VDX PDL PXOWH SURGXVH VH DVRFLD] vQ FRQVXP SHQWUX VDWLVIDFHUHD

UHOD LL GH DVRFLHUH FkQG GRX

XQHL DQXPLWH QHYRL FXP DU IL GH H[HPSOX vQWUH FDIHD L ]DK U UHVSHFWLY SLD D FDIHOHL L SLD D ]DK UXOXL VDX GLQWUH SLD D DXWRPRELOHORU L SLD D VHUYLFLLORU GH UHSDUD LL L vQWUH LQHUH D DXWRPRELOHORU HWF UHOD LL GH VXEVWLWXLUH FkQG SURGXVHOH VH SRW vQORFXL UHFLSURF vQ FRQVXP FUHkQGXVH DVWIHO UHOD LL vQWUH HOH FXP HVWH GH H[HPSOX vQ FD]XO UDSRUWXULORU GLQWUH vQF O PLQWHD GLQ SLHOH L vQF O PLQWHD GLQ vQORFXLWRUL SLHOH VLQWHWLF  FDXFLXF WH[WLOH HWF VDX GLQWUH FRQVXPXO GH GH FRQFXUHQ QDWXUDO

FDUQH L FRQVXPXO GH SHWH FDUH VH SRW VXEVWLWXL UHFLSURF vQ DVLJXUDUHD XQHL DOLPHQWD LL UD LRQDOH VDX VXE LQIOXHQ D XQRU IDFWRUL FD PRGLILFDUHD SUH XULORU VF GHUHD YHQLWXULORU SRSXOD LHL HWF UHOD LL GH LQGLIHUHQ  FkQG SLH HOH GLIHULWHORU SURGXVH QX VH LQIOXHQ HD] vQ QLFL XQ IHO FD GH H[HPSOX UDSRUWXULOH GLQWUH SLD D IORULORU L SLD D WXWXQXOXL VDX FHOH GLQWUH SLD D F UQLL GH SRUF L SLD D SDUIXPXULORU HWF 3HQWUX HYDOXDUHD SLH HL XQXL SURGXV VH IRORVHWH XQ VLVWHP GH LQGLFDWRUL GLQWUH FDUH PDL LPSRUWDQ L VXQW JUDGXO GH U VSkQGLUH D SURGXVXOXL SH SLD  GDW GH QXP UXO FXPS U WRULORU XWLOL]DWRULORU SURGXVXOXL UHVSHFWLY vQWUXQ DQXPLW LQWHUYDO GH WLPS JUDGXO GH S WUXQGHUH D SURGXVXOXL vQ FRQVXP GDW GH P ULPHD PHGLH D XQHL FXPS U WXUL L GH UDSRUWXO GLQWUH DULD VSD LXOXL JHRJUDILF vQ GH IUHFYHQ D PHGLH D FXPS U WXULL YLWH]D GH GLIX]DUH D SURGXVXOXL vQ FRQVXP GDW FDUH HVWH GHVI FXW SURGXVXO L XQ LQWHUYDO GH WLPS GDW QXP UXO ILUPHORU FDUH SURGXF LVDX FRPHUFLDOL]HD] SURGXVXO GHWHUPLQDW GH QDWXU GH VWULFW FDUDFWHULVWLFLOH VRFLR LPDJLQHD SURGXVXOXL vQ UkQGXO FRQVXPDWRULORU XWLOL]DWRULORU V L SURILWXO FOLHQWHOHL F  FH DFKL]L LRQHD] SULPLL SDWUX SURGXVXO VXQW

SURIHVLRQDOH GHPRJUDILFH HFRQRPLFH VDX VRFLDOH DOH FXPS U WRULORU SURGXVXOXL UHVSHFWLY 6XEOLQLHP GDF LQGLFDWRUL FDQWLWDWLY H[SULPkQG GLPHQVLXQLOH SLH HL vQ XQLW ([WLQGHUHD vQ PRG L GH P VXU SURILWDELO D QDWXUDOH IL]LFH LVDX YDORULFHXOWLPLL GRL VXQW GH RUGLQ SLH HL RULF UHL ILUPH VH SRDWH UHDOL]D SH WUHL F L FDOHD SULQ vPELQDUHD SULPHORU GRX 

FDOLWDWLY H[SULPkQG LQWHQVLWDWHD XQRU FDUDFWHULVWLFL DOH SLH HL H[WHQVLY  FDOHD LQWHQVLY &DOHD H[WHQVLY L FHD PDL vQWkOQLW  FDOHD PL[W

ILUPHL ILH SULQ DWUDJHUHD FOLHQWHOHL FH DFKL]L LRQHD] UHVSHFWLY GHFL GLQ UkQGXO QRQFRQVXPDWRULORU UHODWLYL &DOHD LQWHQVLY GH R SHUVRDQ HIHFWLYL DL SURGXVXOXL &DOHD PL[W SLD D SkQ QLFLRGDW 'DF SUHVXSXQH DF LXQHD FRQMXJDW VH DGDXJ FRQVW vQ FUHWHUHD FDQWLWDWLY

FkWLJDUHD GH QRL FXPS U WRUL SURYHQL L GLQ UkQGXO FHORU FDUH FXPS U LVDX YDORULF

OD GLPHQVLXQHD VD SRWHQ LDO OD SLD D SRWHQ LDO

SURGXVXO vQ FDX]  GH H[HPSOX WXWXQ VH RE LQH SLD D WHRUHWLF

37

 XQGH

SUHVXSXQH FUHWHUHD QXP UXOXL GH FXPS U WRUL DL SURGXVXOXL SURGXVHORU SURGXVH VLPLODUH GH OD DOWH ILUPH ILH SULQ SHQWUX SULPD RDU SURGXVXO

D FXPS U WXULL PHGLL HIHFWXDWH

LVDX SULQ P ULUHD IUHFYHQ HL GH FXPS UDUH $PEHOH F L SULYHVF QXPDL FXPS U WRULL D F LL H[WHQVLYH FX FHD LQWHQVLY FDUH SRDWH O UJL

ILJXUD  L QRQFRQVXPDWRULL DEVROX L FHL FDUH QX YRU FRQVXPD 

5H]XPDW 3LD D HVWH R QR LXQH FRPXQ  IUHFYHQW XWLOL]DW  vQ DFHODL WLPS vQV vQWLQV  &XYkQWXO SLD HVWH XWLOL]DW vQ FRQWH[WH GLIHULWH L VH UHIHU FRQVXPDWRUL 0DUNHWLQJXO QX HVWH SUHRFXSDW vQV DFWLYLWDWHD vQ FDGUXO VSHFLILF DO SLH HL DFRSHU OD R DULH H[WUHP GH JUXSXUL GH

GLIHULWH

GH GHILQLUHD QR LXQLL SLD

FL GH VXUSULQGHUHD

FXDQWLILFDUHD L HYDOXDUHD UHOD LLORU D UDSRUWXULORU FDUH VH VWDELOHVF vQWUH DFWRULL FDUH vL GHVI RDU

DQXDO



3LD D SRWHQ LDO 

PHGLH

&DOHD LQWHQVLY

&DOHD PL[W

&XPS U WXUD







 

 

 

 

&DOHD H[WHQVLY
 



)LJXUD  &

LOH GH H[WLQGHUH D SLH HL SkLQLL vQ RUDXO ;

&RQFHSWH FKHLH

3LD D 6IHUD FRQIUXQW ULL RIHUWHL L D FHUHULL D UHDOL] ULL ORU SULQ LQWHUPHGLXO DFWHORU GH YkQ]DUH FXPS UDUH 3LD D ILUPHL 6SD LXO HFRQRPLFRJHRJUDILF vQ FDUH DFHDVWD HVWH SUH]HQW VDOH XQGH SRWHQ LDOXO V X XPDQ PDWHULDO L ILQDQFLDU vL FRQIHU SUHVWLJLX 6HJPHQWXO GH SLD  6XEDQVDPEOX DO SLH HL JOREDOH IRUPDW GLQ FXPS U WRUL GH DFHODL IHO FX SURGXVHOH L VHUYLFLLOH LQIOXHQ  XQ DQXPLW

R DQXPLW

JUXSD L GXS

XQXO VDX PDL PXOWH FULWHULL GH FODVLILFDUH QDWXUD WUHEXLQ HORU RELHFWXO LVDX P ULPHD

FXPS U WXULL IDFWRULL FDUH VWDX OD ED]D GHFL]LHL GH FXPS UDUH HWF 3LD D SURGXVXOXL VHUYLFLXOXL  6IHUD HFRQRPLF &DSDFLWDWHD HIHFWLY DFHDVWD vQWUR SHULRDG FRQFUHW OD FDUH ILUPD vL UDSRUWHD] DFWLYLWDWHD

D SLH HL ILUPHL 9ROXPXO WUDQ]DF LLORU GH YkQ]DUHFXPS UDUH UHDOL]DWH GH

GH WLPS GHWHUPLQDW D SLH HL ILUPHL 9ROXPXO PD[LP DO YkQ] ULORU SH FDUH OHDU SXWHD

&DSDFLWDWHD SRWHQ LDO UHDOL]D R ILUP vQWUR SHULRDG

GH WLPS GHWHUPLQDW

&DSLWROXO 

&(5&(7
2ELHFWLYH

5,/( '( 0$5.(7,1*

'HILQLUHD FHUFHW ULL GH PDUNHWLQJ &XQRDWHUHD GRPHQLLORU GH DSOLFDUH DOH FHUFHW ULORU GH PDUNHWLQJ Q HOHJHUHD PRGXOXL GH GHVI XUDUH D XQHL FHUFHW UL GH PDUNHWLQJ ,GHQWLILFDUHD PHWRGHORU GH FXOHJHUH D LQIRUPD LLORU XWLOL]DWH vQ FHUFHW ULOH GH PDUNHWLQJ $QDOL]D WHKQLFLORU GH LQYHVWLJDUH XWLOL]DWH vQ FHUFHW ULOH GH PDUNHWLQJ

3HQWUX

vQ HOHJH

SLD D

SHQWUX

VHVL]D

PRWLYD LLOH

FRPSRUWDPHQWHOH

FRQVXPDWRUXOXL vQ GRPHQLXO

SHQWUX D IRUPXOD L RULHQWD FRUHVSXQ] WRU VWUDWHJLLOH SURSULL VSHFLDOLWLL FDUH OXFUHD] PDUNHWLQJXOXL WUHEXLH V

ILH IRDUWH ELQH LQIRUPD L QWUXQ PHGLX FRQFXUHQ LDO L LQVWDELO HVWH QHFHVDU ILH FRQVWDQW LQIRUPD LD FRQWULEXLQG OD UHGXFHUHD ULVFXOXL vQ DGRSWDUHD

FD DSRUWXO LQIRUPD LRQDO V

GHFL]LLORU Q VFRSXO XQHL PDL EXQH LQIRUP UL VH UHFXUJH vQWUH DOWHOH OD UHDOL]DUHD XQRU FHUFHW UL GH PDUNHWLQJ

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

5,/25 '( 0$5.(7,1*

&HUFHWDUHD GH PDUNHWLQJ VH GHILQHWH FD DQVDPEOXO PLMORDFHORU FDUH SHUPLW FROHFWDUHD DQDOL]D SUH]HQWDUHD L FXDQWLILFDUHD WXWXURU LQIRUPD LLORU XWLOH GHPHUVXOXL GH PDUNHWLQJ 6SHFLDOLVWXO GH PDUNHWLQJ QX VH DIO QHFHVLW R FXQRDWHUH vQ SHUPDQHQ SHUIHFW D vQ FRQWDFW FX FRQVXPDWRUXO VDX GLVWULEXLWRUXO vQV FDUHL GHVI RDU DFWLYLWDWHD SH SLD  DF LXQHD VD vL

DJHQ LORU

LQIRUPD LD

SHUPLWH DFHVWXLD V DFWXOXL GH

DF LRQH]H GH FDOLWDWHD L GH PRGXO GH XWLOL]DUH DO DFHVWHLD GHSLQGH FDOLWDWHD &HUFHWDUHD GH PDUNHWLQJ HVWH R DFWLYLWDWH UH]HUYDW VSHFLDOLWLORU QX VH

PDUNHWLQJ

HIHFWXHD]

OD vQWkPSODUH L FXSULQGH WRDWH GRPHQLLOH PDUNHWLQJXOXL XQ PLMORF SULQ FDUH VH GHILQHVF QRLOH SURGXVH VDX VH

&HUFHWDUHD GH PDUNHWLQJ UHSUH]LQW 

UHGHILQHVF FHOH GHMD H[LVWHQWH vQ VFRSXO DGDSW ULL DFHVWRUD OD FHULQ HOH FRQVXPDWRULORU R PRGDOLWDWH SULQ LQWHUPHGLXO F UHLD HVWH DOHDV FHD PDL EXQ VWUDWHJLH VDX WDFWLF GH PDUNHWLQJ

 '20(1,8/ '( $3/,&$5( $ &(5&(7 '( 0$5.(7,1*

5,/25

$QDOL]D SLH HL &D SULP GRPHQLX GH DSOLFDUH D FHUFHW ULORU GH PDUNHWLQJ DQDOL]D SLH HL FRQVW vQ FXOHJHUHD

WXWXURU LQIRUPD LLORU UHIHULWRDUH OD DFHDVWD 6SHFLDOLVWXO GH PDUNHWLQJ DUH QHYRLH GH XQ WDEORX JOREDO SHQWUX D VH SXWHD RULHQWD vQ PHGLXO V X HFRQRPLF QX HVWH VXILFLHQW QHFHVDU FXQRDWHUHD SLH HL FL HVWH

FXDQWLILFDUHD HYROX LHL DFHVWHLD SH WHUPHQ VFXUW PHGLX VDX OXQJ $QDOL]D SLH HL SHUPLWH GH VHVL]DUHD RSRUWXQLW LORU IDYRUDELOH SRDW GH]YROW ULL SUHFXP L VHJPHQWDUHD SLH HL vQ

DVHPHQHD

VXEGLYL]LXQL RPRJHQH DVWIHO vQFkW V $QDOL]D PDFURHFRQRPLF GH UHIHULQ DO HYROX LHL

IL HODERUDWH VWUDWHJLL GH PDUNHWLQJ DGDSWDWH ILHF UHLD

D SLH HL SRDWH IXUQL]D SULQ LQWHUPHGLXO XQRU LQGLFDWRUL HFRQRPLFL FDGUXO vQWUHSULQGHULL RULHQWDUHD DFHVWHLD SH WHUPHQ OXQJ VDX SRVLELOLWDWHD GH

VHOHFWDUH D DQXPLWRU SLH H H[WHUQH $QDOL]D FHUHULL L D RIHUWHL vQJOREHD] SRW IL GHVFULVH R VHULH GH HOHPHQWH FXP FXOHJHUHD WXWXURU LQIRUPD LLORU SULQ LQWHUPHGLXO F URUD DU IL XQ DQXPLW WLS GH FRQVXP XQ WLS VSHFLILF GH

FRQVXPDWRU DJHQ LL FDUH IDF SRVLELO

UHDOL]DUHD FRQVXPXOXL HWF

'HILQLUHD RIHUWHL $FHDVW ID] D GHPHUVXOXL GH PDUNHWLQJ SHUPLWH vQWUHSULQGHULL UHDOL]DUHD XQXL HFKLOLEUX vQWUH

DWHSW ULOH FRQVXPDWRULORU L RELHFWLYHOH ILUPHL &HUFHWDUHD GH PDUNHWLQJ VH FRQVWLWXLH vQWUXQ VSULMLQ SH SDUFXUVXO vQWUHJXOXL SURFHV GH GH]YROWDUH D SURGXVXOXL SRUQLQG GH OD ID]D GH FRQFHS LH L

DMXQJkQG SkQ

OD FHD GH FRPHUFLDOL]DUH &HUFHWDUHD GH WLS FUHDWLY DUH GUHSW RELHFWLY GH]YROWDUHD XQRU L OD HOHPHQWH GHILQLWRULL

QRL LGHL UHIHULWRDUH OD SURGXV GHVFRSHULUHD XQRU XQRU QRL SLH H HD VH UHIHU DOH SURGXVXOXL FXP DU IL PDUFD DPEDODMXO VHUYLFLLOH DQH[H &HUFHWDUHD GH PDUNHWLQJ WUHEXLH V ILH FDUDFWHUL]DW

GH VXSOH H VH YD DSHOD OD XQ DQXPLW WLS

GH FHUFHWDUH vQ IXQF LH GH RELHFWLYHOH vQWUHSULQGHULL

&RPHUFLDOL]DUHD SURGXVXOXL $FWLYLWDWHD GH FRPHUFLDOL]DUH D SURGXVXOXL VH UHDOL]HD] SUDFWLF D DQVDPEOXOXL DF LXQLORU YL]kQG PDUNHWLQJXO L vQ PRG FRQFUHW SULQ WUDQVSXQHUHD vQ SURGXVHORU FULWLF ID] OD &HUFHW ULOH GH DO

YkQ]DUHD  R ID]

PDUNHWLQJ LQWHUYLQ vQF

GLQ ID]D GH ODQVDUH D SURGXVXOXL SH SLD

D FLFOXOXL GH YLD

SURGXVXOXL F UHLD WUHEXLH V LQVWUXPHQWH FRQFUHWH SLH HOH

L VH DFRUGH R DWHQ LH vQVHPQDW  Q DFHDVW PDUWRU VDX SLH HOH WHVW FH SHUPLW

SRW IL XWLOL]DWH FD R VFDU UHGXV D

XUP ULUHD

FRPSRUWDPHQWXOXL SURGXVXOXL 2EVHUYDUHD SRDWH IL UHDOL]DW WHVW  VDX vQ UkQGXO XQXL QXP U UHGXV GH GLVWULEXLWRUL

vQWUXQ VSD LX JHRJUDILF UHVWUkQV ]RQ &HUFHWDUHD GH PDUNHWLQJ YD FRQWLQXD

GHVI XUkQGXVH L GXS

ODQVDUHD SH SLD

D SURGXVXOXL FRWD GH SLD 

L YROXPXO YkQ] ULORU ILLQG

LQGLFDWRUL HVHQ LDOL FH WUHEXLH XUP UL L L HYDOXD L vQ SHUPDQHQ

 6856(/( '( ,1)250$5( 87,/,=$7( 1 &(5&(7 5,/( '( 0$5.(7,1*

,QIRUPD LLOH SRW IL RE LQXWH ILH I FkQG DSHO OD VXUVD FDUH OHD HPLV L UHDOL]kQG R FHUFHWDUH GH PDUNHWLQJ VSHFLILF  ILH FRQVXOWkQG ED]H GH GDWH H[LVWHQWH LQWHUQH VDX H[WHUQH vQWUHSULQGHULL D VXUVHOH LQWHUQH QWUHSULQGHUHD UHSUH]LQW  SULQ HD vQV L R VXUV LQIRUPD LL VH UHIHU QWUH HOHPHQWHOH OD DFWLYLWDWHD GHVI XUDW SRW IL WUDQVIRUPDWH GH GH LQIRUPD LL $FHVWH VDX vQ SUH]HQW GRDU OD VXUVD GH

GH vQWUHSULQGHUH vQ SHULRDGD DQWHULRDU GLQ QHFXQRVFXWH RE LQXWH VXUV vQ UHDOLW L DSHOkQG

FDUH

vQWUHSULQGHUH 

DPLQWLP

UH]XOWDWHOH

SURGXF LH

FRVWXULOH

vQUHJLVWUDWH

FKHOWXLHOLOH

SXEOLFLWDWH UHOD LLOH FX FOLHQ LL L IXUQL]RULL HWF $FHDVW

HVWH LPSRUWDQW  GDU QX HVWH VXILFLHQW

H[SORDWDW  6XUVHOH LQWHUQH DX XQ DSRUW SDU LDO OD LQIRUPDUHD VSHFLDOLVWXOXL GH PDUNHWLQJ GHRDUHFH VH UHIHU VWULFW OD DFWLYLWDWHD vQWUHSULQGHULL L GH RELFHL FHHD FH QH LQWHUHVHD] HVWH SLD D vQ DQVDPEOXO

DFHVWHLD E VXUVHOH H[WHUQH Q DFHDVW FDWHJRULH VXQW LQFOXVH LQIRUPD LLOH RE LQXWH GLQ H[WHULRUXO VHFXQGDUH

vQWUHSULQGHULL 3XWHP IDFH GLVWLQF LH vQWUH GRX

FDWHJRULL GH VXUVH H[WHUQH SULPDUH L

6XUVHOH SULPDUH VXQW VSHFLILFH DFWLYLW

LORU GH FHUFHWDUH L QX IDF RELHFWXO XQHL GLIX] UL

SUHDODELOH HOH VXQW GHVWLQDWH H[FOXVLY EHQHILFLDUXOXL FHUFHW ULL 6SUH GHRVHELUH GH DFHVWHD VXUVHOH VHFXQGDUH VXQW GHMD FROHFWDWH L IDF RELHFWXO GLIX] ULL F WUH WR L FHL LQWHUHVD L ILH JUDWXLW ILH FRQWUD XQHL VXPH GH EDQL QWUH VXUVHOH VHFXQGDUH GH LQIRUPDUH FHO PDL IUHFYHQW XWLOL]DWH VXQW LQIRUPDUHD SXQFWXDO L LQIRUPDUHD SHUPDQHQW  FXSULQGH GDWHOH FROHFWDWH vQ DQXPLWH PRPHQWH DWXQFL FkQG H[LVW R

,QIRUPDUHD SXQFWXDO FHUHUH SUHFLV

vQ DFHVW VHQV ,QFRQYHQLHQWXO DFHVWHL PHWRGH GH RE LQHUH D LQIRUPD LLORU HVWH DFHOD F vQFkW V U VSXQG XQHL QHYRL FRQFUHWH GH RELFHL QX HVWH SUHFL]DW

QX HVWH VXILFLHQW GH H[SOLFLW

PRGDOLWDWHD FRQVWUXLULL HDQWLRQXOXL VDX D FROHFW ULL GDWHORU  LDU DYDQWDMHOH FRQVWDX vQ FRVWXO UHGXV DO RE LQHULL LQIRUPD LLORU UHVSHFWLY DFFHVXO UDSLG OD DFHVWHD ,QIRUPDUHD SXQFWXDO SXEOLFH FkW L SULYDWH GH RE LQHUH D LQIRUPD LLORU ,QIRUPDUHD SHUPDQHQW VH UHDOL]HD] VXE IRUPD SDQHOXULORU PHWRG FH YD IL GHVFULV SH ODUJ XWLOL]HD] DWkW VXUVH

vQ FDSLWROXO UHIHULWRU OD VWXGLHUHD SLH HL

 '(6)

85$5($ 81(, &(5&(7 '( 0$5.(7,1*

5,

&HUFHWDUHD GH PDUNHWLQJ HVWH R DFWLYLWDWH FRPSOH[  D F UHL UHDOL]DUH SUHVXSXQH SDUFXUJHUHD XQXL WUDVHX ELQH GH GHILQLW WUDVHX FH LQFOXGH XUP WRDUHOH DQDOL]D HWDSH GHILQLUHD SUREOHPHL L FRQFHSHUHD GLVSRQLELOH

SURLHFWXOXL

VWXGLX

FXOHJHUHD

LQIRUPD LLORU

LQIRUPD LLORU

RE LQXWH

UHGDFWDUHD UDSRUWXOXL ILQDO DO FHUFHW ULL ILJXUD   'HILQLUHD SUREOHPHL 3ULPD HWDS D XQHL FHUFHW UL GH PDUNHWLQJ FRQVW vQ GHILQLUHD SUREOHPHL FDUH IDFH RELHFWXO FRQVW vQ LGHQWLILFDUHD SUREOHPHL FRQFUHWH FOLHQWHOHL SLHUGHUHD SH SLD FDOLW LL

FHUFHW ULL UHVSHFWLYH Q FDGUXO DFHVWHL HWDSH SULPD ID] SRDWH IL YRUED GH UHGXFHUHD FRWHL GH SLD  FUHWHUHD

LQVDWLVIDF LHL

LPDJLQLL HWF HVWH YRUED GH IDSW GH UHOHYDUHD DQXPLWRU VLPSWRPH FH VH PDQLIHVW GH OD ID]D GH VLPSWRP OD FHD GH GLDJQRVWLFDUH SUHVXSXQH H[SORUDUHD

 7UHFHUHD

GRPHQLXOXLSUREOHPHL vQ

UHVSHFWLYH DVWIHO vQFkW V OHJ WXU

SRDW

IL GHVFRSHUL L HYHQWXDOLL IDFWRUL L LSRWH]H FDUH VH PDQLIHVW

FX IHQRPHQXO FHUFHWDW Q FXUVXO ID]HL GH H[SORUDUH FD XUPDUH D QRXW

LORU DS UXWH VH SRDWH

UHFXUJH OD R UHGHILQLUH D IHQRPHQXOXL FHUFHWDW VDX OD SUHOXQJLUHD H[SORU ULL F WUH XQ DOW WUDVHX

'HILQLUHD SUREOHPHL

&RQFHSHUHD SURLHFWXOXL GH VWXGLX

&XOHJHUHD LQIRUPD LLORU

$QDOL]D LQIRUPD LLORU

5HGDFWDUHD UDSRUWXOXL ILQDO

)LJXUD  7UDVHXO XQHL FHUFHW

UL GH PDUNHWLQJ

'H DVHPHQHD vQ FDGUXO DFHOHLDL ID]H SRDWH IL UHDOL]DW

R DQFKHW

UHVWUkQV  FRQVWkQG vQ L SRVLELOLWDWHD FD

FXOHJHUHD LQIRUPD LLORU FDUH YRU FRQWULEXL OD HOXFLGDUHD GRPHQLXOXL FHUFHWDW ([LVW DQFKHWD GH WLS UHVWUkQV V SURSULX ]LVH ILH DWkW GH H[SOLFLW vQFkW GHFL]LD YD IL OXDW I U

GHVI XUDUHD FHUFHW ULL

1HFHVLWDWHD UHDOL] ULL XQHL FHUFHW UL GH PDUNHWLQJ GHSLQGH vQWUH DOWHOH L GH ULVFXO FRPHUFLDO L GH PDUNHWLQJ DIHUHQWH SUHFXP L GH ULVFXO ILQDQFLDU $VWIHO vQ VLWXD LD vQ FDUH ULVFXULOH VXQW UHGXVH HVWH SRVLELO FD XQ HYHQWXDO HHF vQ ODQVDUHD SH SLD D XQXL QRX SURGXV V QX ILH vQVR LW GH

FRQVHFLQ H LPSRUWDQWH SHQWUX vQWUHSULQGHUH GLPSRWULY  vQ FD]XO DVXP ULL XQRU ULVFXUL LPSRUWDQWH HYHQWXDOXO HHF SRDWH V FUHH]H VHULRDVH SUREOHPH vQWUHSULQGHULL vQ FDX] 

&RQFHSHUHD SURLHFWXOXL FHUFHW $ FHUFHW ULL GRXD HWDS D XQHL HVWH FHUFHW UL

ULL GH PDUNHWLQJ VH FRQFUHWL]HD] vQ FRQFHSHUHD SURLHFWXOXL

$FHVW

SURLHFW

GH IDSW XQ JKLG DO FHUFHW ULL SURSULX]LVH DOF WXLW GH RELFHL GLQ

XUP WRDUHOH HOHPHQWH IRUPXODUHD SUREOHPHL FDUH IDFH RELHFWXO FHUFHW ULL GHILQLUHD RELHFWLYHORU FHUFHW ULL FRQWXUDUHD FDOHQGDUXOXL FHUFHW ULL &XOHJHUHD LQIRUPD LLORU 2 FHUFHWDUH GH PDUNHWLQJ FRQWLQX FX HWDSD FXOHJHULL LQIRUPD LLORU 2 LPSRUWDQ GHRVHELW D

DX OD DFHVW QLYHO PHWRGHOH FDUH YRU IL XWLOL]DWH vQ FXOHJHUHD LQIRUPD LLORU 'H GHILQLUHD ULJXURDV DFHVWRU PHWRGH GHSLQGH FDOLWDWHD FHUFHW ULL UHDOL]DWH ILDELOLWDWHD UH]XOWDWHORU RE LQXWH YD IL DSUHFLDW GH EHQHILFLDUXO FHUFHW ULL L YRU IL HYLWDWH HYHQWXDOHOH OLWLJLL XOWHULRDUH vQWUH FHOH GRX

S U L

UHDOL]DWRUXO FHUFHW ULL L FOLHQWXO DFHVWXLD  $QDOL]D LQIRUPD LLORU $YkQG OD GLVSR]L LH LQIRUPD LLOH QHFHVDUH XUP WRDUHD HWDS FRQVW D XQHL FHUFHW UL GH PDUNHWLQJ

vQ DQDOL]D DFHVWRUD Q FDGUXO DFHVWHL HWDSH VH SRDWH IDFH DSHO OD PHWRGH VWDWLWLFH OD GLIHULWH D GDWHORU

WHVWH OD GLYHUVH PHWRGH GH DQDOL]

(ODERUDUHD UDSRUWXOXL ILQDO 8OWLPD GRFXPHQW HWDS R D XQHL FHUFHW UL D GH PDUNHWLQJ JHQHUDO FRQVW DO vQ HODERUDUHD UDSRUWXOXL L ILQDO $FHVW

FRQ LQH

SUH]HQWDUH

FDGUXOXL

FHUFHW ULL

FRQFOX]LLOH

UHFRPDQG ULOH

UH]XOWDWH DQDOL]D GHWDOLDW

D UH]XOWDWHORU DQH[HOH QHFHVDUH

8Q HOHPHQW H[WUHP GH LPSRUWDQW vQ FDGUXO XQHL FHUFHW UL GH PDUNHWLQJ HVWH UHSUH]HQWDW GH FDOLWDWHD UHDOL]HD] DFHVWHL GH D DFWLYLW HYLWD L &DOLWDWHD GH XQHL FHUFHW UL GHSLQGH GH FDSDFLWDWHD VSHFLDOLVWXOXL FDUH R

HURULOH

FHUFHWDUH

L GH D SUHvQWkPSLQD HYHQWXDOHOH GLVIXQF LRQDOLW

L vQ

SURFHVXO GH FRPXQLFDUH vQWUH GLYHUL DFWRUL LPSOLFD L vQ FHUFHWDUHD GH PDUNHWLQJ (URULOH FDUH SRW V DSDU vQ FDGUXO XQHL FHUFHW UL GH PDUNHWLQJ VXQW QXPHURDVH QWUH DFHVWHD DPLQWLP XUP WRDUHOH

FDWHJRULL HURULOH GH GHILQL LH FRQVWkQG vQ GHILQLUHD L IRUPXODUHD QHFRUHVSXQ] WRDUH D GRPHQLLORU FDUH IDF RELHFWXO FHUFHW ULL HURUL GH PHWRG  OHJDWH GH SODQXO VRQGDMXOXL VDX GH LQVWUXPHQWXO GH P VXU FDUH XUPHD] D IL XWLOL]DW HURUL FDUH DIHFWHD] WHKQLF YDOLGLWDWHD FHUFHW ULL HURUL GH UHDOL]DUH FDUH

DSDU LQ VSHFLDOLWLORU L VXQW GH QDWXU XWLOL]DUHD QHDGHFYDW

VDX SURIHVLRQDOH HURUL vQ DQDOL]D GDWHORU SURYHQLWH GLQ

D DQXPLWRU PHWRGH HURUL GH LQWHUSUHWDUH D UH]XOWDWHORU HWF

 0(72'( '( &8/(*(5( $ ,1)250$ 1 &(5&(7 5,/( '( 0$5.(7,1*

,,/25

'DWHOH SULPDUH GH FDUH GLVSXQH OD XQ PRPHQW GDW VSHFLDOLVWXO LPSOLFDW vQ UHDOL]DUHD XQHL FHUFHW UL GH PDUNHWLQJ YDORULL YRU IL XWLOL]DWH VH IDFH vQ L HODERUDUHD SULQ LQIRUPD LLORU QHFHVDUH GHUXO ULL FHUFHW ULL vQ

$SUHFLHUHD

LQIRUPD LHL

LQWHUPHGLXO

HYDOX ULL

LQVWUXPHQWHORU

XWLOL]DWH

FHUFHWDUH SUHFXP L D PHWRGHORU GH FXOHJHUH D LQIRUPD LLORU Q VIHUD PHWRGHORU GH FXOHJHUH D LQIRUPD LLORU LQIRUPD LLORU GHUXODWH SULQ SXWHP I U D IDFH GLVWLQF LH SHUVRDQD vQWUH FDUH PHWRGHOH GH LQH GH REVHUYDUH FDUH FRQVWDX vQ FXOHJHUHD 

DQWUHQD

LQIRUPD LLOH /D FHOH

UHVSHFWLYH

L PHWRGH GH DQFKHW VH DGDXJ

DQWUHQDUHD

SXUW WRUXOXL vQ FDGUXO

LQIRUPD LHL VH

GRX OD

PHWRGH

FDWHJRULD FDUH

PHWRGHORU LQIOXHQ HD]

H[SHULPHQWDOH

F URUD

SURFHGHD]

FRQWURODUHD

DQXPLWRU

IDFWRUL

HYROX LD IHQRPHQXOXL FHUFHWDW ILJXUD  

0HWRGH GH FXOHJHUH D LQIRUPD LLORU

0HWRGH GH REVHUYDUH

0HWRGH GH DQFKHW

0HWRGH H[SHULPHQWDOH

)LJXUD  0HWRGH GH FXOHJHUH D LQIRUPD LLORU

0HWRGHOH GH REVHUYDUH 0HWRGHOH GH REVHUYDUH VXQW XWLOH GHRDUHFH FRPSRUWDPHQWXO FXPS U WRULORU VDX

FRQVXPDWRULORU FRQWULEXLH OD RE LQHUHD GH LQIRUPD LL FDUH vQ VWXD LD LPSOLF ULL GLUHFWH D DFHVWRUD DU IL GLIHULWH Q FDGUXO DFHVWHL FDWHJRULL GH PHWRGH XQD GLQ WHKQLFLOH IUHFYHQW XWLOL]DWH FRQVW vQ

vQUHJLVWUDUHD JHVWXULORU FRQVXPDWRULORU vQ WLPSXO DFWXOXL GH FXPS UDUH 6H SRW RE LQH DVWIHO R VHULH GH LQIRUPD LL FDUH YRU SXWHD IL DQDOL]DWH XOWHULRU &D PHWRG GH REVHUYDUH PDL SRDWH IL XWLOL]DW L

vQUHJLVWUDUHD GH WLS PHFDQLF D DQXPLWRU LQIRUPD LL 2EVHUYDUHD SHUPLWH RE LQHUHD XQRU LQIRUPD LL H[WUHP GH LPSRUWDQWH L GH YDORURDVH SHQWUX FHUFHWDUHD GH PDUNHWLQJ vQV FRPSRUWDPHQWXOXL FRQVXPDWRULORU 0HWRGHOH GH DQFKHW 0HWRGHOH GH DQFKHW XWLOL]DWH vQ FHUFHW ULOH GH PDUNHWLQJ VXQW UH]XOWDWXO D GRX FDOLWDWLY  UHVSHFWLY XQD GH QDWXU WLSXUL GH FRQVXPDWRUXOXL O VkQG SH XQ ORF VHFXQG HOH VH UH]XP VDX OD DQDOL]D PRWLYD LLOH

DWLWXGLQLOH

DERUG UL R DERUGDUH GH QDWXU

FDQWLWDWLY  $ERUGDUHD FDOLWDWLY

SXQH DFFHQWXO SH GHVFULHUHD XQLYHUVXOXL SVLKRORJLF DO FRQVXPDWRUXOXL vQ UHOD LH FX XQ DQXPLW SURGXV R DQXPLW PDUF VDX XQ GRPHQLX FRQFUHW Q DFHVW FRQWH[W VXQW LPSRUWDQWH DWLWXGLQLOH RSLQLLOH

PRWLYHOH GH FXPS UDUH VDX GH QRQFXPS UDUH DWHSW ULOH FRQVXPDWRULORU 'HPHUVXO DERUG ULL GH QDWXU FDOLWDWLY VH VSULMLQ SH FDUDFWHUXO OLEHU DO FRPXQLF ULL vQWUH DQFKHWDWRU L UHVSRQGHQW 6XQW

YL]DWH GRX

DVSHFWH L DQXPH H[SORUDUHD XQHL SUREOHPH FRQFUHWH VXE PXOWLSOHOH VDOH DVSHFWH L

JKLGDUHD FHUFHW WRUXOXL vQ GLUHF LD HODERU ULL XQXL VWXGLX FDQWLWDWLY Q SULPXO FD] HVWH DMXWDW vQ PRG LPSOLFLW GHFLGHQWXO SH FkQG vQ FHO GHDO GRLOHD HVWH YRUED GH XQ LQVWUXPHQW RULHQWDW VSUH GHILQLUHD YDULDELOHORU FH XUPHD] D IL P VXUDWH IRUPXODUHD vQWUHE ULORU L R PDL EXQ LQWHUSUHWDUH V D

UH]XOWDWHORU 6WXGLLOH GH PRWLYD LH IDF SDUWH GLQ FDWHJRULD VWXGLLORU FDOLWDWLYH HOH vQFHDUF L V J VHDVF PRWLYD LD DFWHORU GH FXPS UDUH VDX GH FRQVXP GH QDWXU FDQWLWDWLY DIODW OD ED]D PHWRGHORU GH DQFKHW DUH

H[SOLFH

'HPHUVXO

GUHSW

RELHFWLY

FXDQWLILFDUHD YDULDELOHORU XWLOL]DWH vQ FHUFHWDUHD GH PDUNHWLQJ SRDWH IL YRUED GH IDSWH VDX GH RSLQLL FDUH YRU IL HYDOXDWH GLQ SXQFW GH YHGHUH VH VWDWLVWLF IDFH 6H OD XWLOL]HD]  DQFKHWHOH vQ DFHVW VFRS FD LQVWUXPHQWH GH WLS VWUXFWXUDW GH QDWXUD

FRQFUHWH

HDQWLRDQHOH

GH

DVHPHQHD

DSHO

FKHVWLRQDUHORU

 7(+1,&, '( ,19(67,*$5( 87,/,=$7( 1 &(5&(7 5,/( '( 0$5.(7,1*

Q FHUFHW ULOH GH PDUNHWLQJ XQ DOW LQVWUXPHQW GHRVHELW GH LPSRUWDQW HVWH UHSUH]HQWDW GH WHKQLFLOH GH LQYHVWLJDUH &RPSOH[LWDWHD L GLQDPLFD IHQRPHQHORU FHUFHWDWH IDF QHFHVDU QXPHURDVH WHKQLFL vQWUH FDUH QH YRP RSUL vQ FHOH FH XUPHD] XWLOL]DUHD D

DVXSUD XQXL QXP U GH SDWUX L DQXPH

WHKQLFLOH GH LQYHVWLJDUH OLEHU  WHKQLFLOH GH LQYHVWLJDUH VWUXFWXUDW  WHKQLFLOH GH VRQGDM L WHKQLFLOH H[SHULPHQWDOH 7HKQLFLOH GH LQYHVWLJDUH OLEHU GHWHUPLQDUHD UHVSRQGHQWXOXL V DYHP QHYRLH vQ FHUFHWDUHD GH XWLOL]DWH vQ FDGUXO FHUFHW ULORU GH PDUNHWLQJ DX GUHSW VFRS

VH H[SULPH OLEHU SHQWUX D IXUQL]D vQ DFHVW IHO LQIRUPD LLOH GH FDUH PDUNHWLQJ QWUH WHKQLFLOH GH LQYHVWLJDUH PDL IUHFYHQW XWLOL]DWH

DPLQWLP DQFKHWD vQ SURIXQ]LPH DQFKHWD VHPLGLUHFWLY $QFKHWD vQ SURIXQ]LPH H[SORUHD]

L UHXQLXQHD GH JUXS SURSXV GH

XQ DQXPLW VXELHFW SRUQLQG GH OD R WHP L VSRQWDQ

DQFKHWDWRU 5ROXO V X HVWH DFHOD GH D SHUPLWH H[SULPDUHD OLEHU SDUFXUVXO DFHVWXL WLS GH DQFKHW DGUHVHD] IRUPXODWH $QFKHWD VHPLGLUHFWLY VH DVHDP Q FX DQFKHWD vQ VH SURFHGHD] GRDU OD R HYHQWXDO

D UHVSRQGHQWXOXL SH

UHIRUPXODUH D vQWUHE ULORU QX VH U VSXQG OD vQWUHE ULOH

vQWUHE UL VXSOLPHQWDUH DQFKHWDWRUXO vO VWLPXOHD]

SH LQWHUYLHYDW V

SURIXQ]LPH

vQV 

SH

SDUFXUVXO

V X

DQFKHWDWRUXO LQWURGXFH PDL PXOWH WHPH VSUH D IL GH]E WXWH (VWH XWLOL]DW vQ DFHVW FD] XQ JKLG GH DQFKHW  JKLG GHILQLW vQ SUHDODELO FX DMXWRUXO UHVSRQVDELOXOXL VWXGLXOXL 5HXQLXQHD GH JUXS HVWH R WHKQLF FH SHUPLWH RE LQHUHD XQXL YROXP vQVHPQDW GH LQIRUPD LL vQ

XUPD XQHL GLVFX LL SXUWDWH vQWUXQ FDGUX RUJDQL]DW vQWUH  SHUVRDQH GH RELFHL  SH SDUFXUVXO D FkWHYD RUH 'LVFX LD HVWH FRQGXV GH XQ DQLPDWRU FDUH FRQWUROHD] FRPXQLFDUHD vQ LQWHULRUXO

JUXSXOXL UHVSHFWLY 'HUXODUHD XQHL UHXQLXQL GH JUXS SRDWH IL GHVFULV

SULQ LQWHUPHGLXO XUP WRDUHORU

FLQFL ID]H  FRPSOHWDUHD XQXL FKHVWLRQDU GH F WUH ILHFDUH SDUWLFLSDQW 0HPEULL JUXSXOXL LDX DVWIHO FXQRWLQ GH SUREOHPD FH XUPHD] D IL GLVFXWDW  LDU GXS FH ILHFDUH SDUWLFLSDQW U VSXQGH OD LOH

vQWUHE UL VH IDFH R PLF

SDX]   DQLPDWRUXO FHUH ILHF UXL PHPEUX DO JUXSXOXL V

SUH]LQWH FDOLW

L GHIHFWHOH SURGXVXOXL XWLOL]DW vQ SUH]HQW HVWH YRUED GH XQ SURGXV VLPLODU FHOXL FDUH IDFH RELHFWXO UHXQLXQLL GH JUXS  GLVFX LD HVWH GH GDWD DFHDVWD FROHFWLY   DQLPDWRUXO SURSXQH R GLVFX LH vQ OHJ WXU V FX QXPHOH SURGXVXOXL DFWXDO VLPLODU FHOXL FH IDFH RELHFWXO GLVFX LHL L FHUH SDUWLFLSDQ LORU FX DFHVWD (YLGHQW S UHULOH SRW IL SUR VDX FRQWUD  DFHODL DQLPDWRU FX DFHVWD 6XQW XOWLPHL ID]H

VH H[SULPH vQ OHJ WXU

SURSXQH JUXSXOXL XQ QXPH SHQWUX QRXO SURGXV ODQVkQG DVWIHO R GLVFX LH vQ OHJ WXU DQDOL]DWH DVHP Q ULOH L GHRVHELULOH FX QXPHOH YHFKLXOXL SURGXV  vQ

FDGUXO

DQLPDWRUXO SUH]LQW

FDUDFHWULVWLFLOH SURGXVXOXL YHFKL L DOH QRXOXL SURGXV SURSXQkQG WUHL YDULDQWH vQ OHJ WXU FX ILHFDUH GLQWUH FHOH WUHL YDULDQWH LDU vQ

SHQWUX QRXO SURGXV 3DUWLFLSDQ LL VH SURQXQ

ILQDO VH YRU SXQH GH DFRUG HYLGHQW DVXSUD XQHL VLQJXUH YDULDQWH 7HKQLFLOH SURVSHFWLYH IDF SDUWH GLQ FDWHJRULD PHWRGHORU GH LQYHVWLJDUH LQGLUHFW  Q SUDFWLF  FHOH PDL IUHFYHQW XWLOL]DWH WHKQLFL SURVSHFWLYH VXQW XUP WRDUHOH 7$7 MRFXO UROXULORU L DVRFLHULOH GH FXYLQWH 7$7 7KHPDWLF $SSHUFHSWLRQ 7HVW XWLOL]HD] ED]D F URUD UHVSRQGHQWXO WUHEXLH V UROXULORU VH FHUH JUXSXOXL YL]DW V FRQFHDS R PLF R VHULH GH SODQH IRWRJUDILL VDX GHVHQH SH LVWRULH Q FDGUXO PHWRGHL GHQXPLW MRFXO

GHVFULH SHUVRQDOLWDWHD FRQVXPDWRUXOXL XQXL DQXPLW SURGXV LDU SH

SH ED]D GHVFULHULL UHVSHFWLYH VH SRW UHDOL]D R VHULH GH DQDOL]H $VRFLHULOH GH FXYLQWH VH ED]HD] OHJ WXULOH SH FDUH OH IDF UHVSRQGHQ LL vQWUH GH H[HPSOX R OLVW GH SURGXVH 6H vQFHDUF GH SRVLELOH QXPH GH PDUF SHQWUX XQ SURGXV

L R OLVW

DVWIHO J VLUHD FHOXL PDL SRWULYLW QXPH GH PDUF

7HKQLFLOH GH LQYHVWLJDUH VWUXFWXUDW 7HKQLFLOH FDUH IDF SDUWH GLQ DFHDVW D GDWHORU L SH R WHKQLF VSHFLILF GH FDWHJRULH VH ED]HD] FRPXQLFDUH FX SH R PRGDOLWDWH GLUHFW L DQXPH GH FXOHJHUH GH WLS

UHVSRQGHQWXO

DQFKHWD

FKHVWLRQDU Q SUDFWLF  DGPLQLVWUDUHD FKHVWLRQDUXOXL VH IDFH VXE IRUPD D WUHL PRGDOLW LQWHUYLXO GLUHFW VDX ID FKHVWLRQDUXO WHOHIRQLF ,QWHUYLXO DQFKHWDWRU FKHVWLRQDU $FHDVW XQHL GLUHFW VDX SHUVRDQH VDX ID QXPLW vQ ID GH FRQVW vQ DGPLQLVWUDUHD XQXL FKHVWLRQDU vL QRWHD] GH vQ ID

L GLVWLQFWH

 FKHVWLRQDUXO DXWRDGPLQLVWUDW GLUHFW VDX SULQ LQWHUPHGLXO SRWHL L

GH

F WUH

XQ

RELFHL

UHVSRQGHQW

$QFKHWDWRUXO vQFKLV VFRSXO

U VSXQVXULOH UHVSRQGHQW SHUVRDQHL

GHVFKLV

vQFHUFXLHWH XWLOL]DUHD

U VSXQVXULOH XQRU DMXWRDUH

FKHVWLRQDU YL]XDOH vQ

H[SULPDWH GH D

WHKQLF

SHUPLWH

SHUPLWH

LQWHUYLHYDWH V

DOHDJ

U VSXQVXO VDX GH DSURYRFD R DQXPLW

UHDF LH 3UH]HQ D DQFKHWDWRUXOXL HVWH GH FX vQWUHE ULOH

DVHPHQHD LQGLVSHQVDELO

DWXQFL FkQG VXQW QHFHVDUH DQXPLWH H[SOLFD LL vQ OHJ WXU FX PRGDOLWDWHD GH U VSXQV

IRUPXODWH VDX SUHFL] UL vQ OHJ WXU

&KHVWLRQDUXO DXWRDGPLQLVWUDW $FHVW WLS GH FKHVWLRQDU HVWH FRPSOHWDW vQ vQWUHJLPH GH F WUH SHUVRDQD LQWHUYLHYDW  DQFKHWDWRUXO OLPLWkQGXVH OD DVLJXUDUHD FRODERU ULL FX UHVSRQGHQWXO 'H

RELFHL HVWH XWLOL]DW GH F WUH SUHVWDWRULL GH VHUYLFLL FRPSDQLL DHULHQH E QFL KRWHOXUL UHVWDXUDQWH HWF vQ VFRSXO FXDQWLILF ULL VDWLVIDF LHL VDX LQVDWLVIDF LHL FOLHQ LORU &RPSDUDWLY FX LQWHUYLXO ID FKHVWLRQDUXO DXWRDGPLQLVWUDW HVWH PDL HFRQRPLF GDU PDL SX LQ IOH[LELO &KHVWLRQDUXO WHOHIRQLF HVWH XWLOL]DW FX R IUHFYHQ GH]YROW PDL PDUH vQ PHGLLOH SURIHVLRQDOH L VH vQ ID 

vQ GRPHQLXO PDUHOXL SXEOLF $UH DYDQWDMHOH GH D VH GHVI XUD UDSLG L FX FRVWXUL UHODWLY IDSWXO F vQWUHE ULOH WUHEXLH V ILH VLPSOH

UHGXVH LDU FD OLPLW

7HKQLFLOH GH VRQGDM $WXQFL FkQG VH UHDOL]HD] R DQFKHW vQ UkQGXO FXPS U WRULORU VDX FRQVXPDWRULORU QX VH SRDWH OD XQ DQXPLW VHJPHQW DO FROHFWLYLW LL WRWDOH D IL

LQWHUYLHYD vQWUHDJD FROHFWLYLWDWH &HUFHWDUHD VH OLPLWHD] LDU UH]XOWDWHOH RE LQXWH VH H[WUDSROHD]

OD QLYHOXO vQWUHJLL FROHFWLYLW

L 6HJPHQWXO FH XUPHD]

DQDOL]DW YD IL GHWHUPLQDW ILH FX DMXWRUXO XQRU PHWRGH SUREDELOLVWH ILH DO XQRUD GH WLS HPSLULF 8QD GLQWUH PHWRGHOH SUREDELOLVWH XWLOL]DWH HVWH VRQGDMXO HOHPHQWDU DOHDWRULX &XQRVFkQG DQVDPEOXO XQLW XQLW LORU FDUH FRPSXQ FROHFWLYLWDWHD WRWDO  VH FRQVLGHU F YRP SXWHD LQWHURJD DQXPLWH D

L OD vQWkPSODUH HDQWLRQXO YD IL UHSUH]HQWDWLY GDF LL WRWDOH DUH DQVH HJDOH GH D IL LQWHURJDW

R XQLWDWH RULFH XQLWDWH FRPSRQHQW L 'DF

FROHFWLYLW

FX WRDWH FHOHODOWH XQLW

SUREDELOLWDWHD

QX HVWH HJDO UHSUH]HQWDWLY FROHFWLYLW LL

GDU HVWH FXQRVFXW  SULQ XWLOL]DUHD XQRU LQVWUXPHQWH VWDWLVWLFH VH YD RE LQH XQ HDQWLRQ Q SUDFWLF VH HVWH XWLOL]DW FX PDL UDU GHRDUHFH GH RELFHL QX VH L FXQRDWH GH FRPSRQHQ D vQWUH

WRWDOH

UHDOL]HD] OD VRU L

FRVWXUL

ULGLFDWH

SRW

DSDUH

GLILFXOW

FRPXQLFDUH

DQFKHWDWRU L SHUVRDQD WUDV

3UHFL]LD VRQGDMXOXL DOHDWRULX SRDWH IL vPEXQ W

LW  vQ FRQGL LLOH S VWU ULL XQXL HDQWLRQ GH

DFHOHDL GLPHQVLXQL SULQ GHFXSDUHD SRSXOD LHL WRWDOH vQ VHJPHQWH VDX VWUDWXUL RPRJHQH FX DOWH FXYLQWH XWLOL]DUHD XQXL VRQGDM VWUDWLILFDW 'H DVHPHQHD VRQGDMXO VWUDWLILFDW SRDWH IL OD IHO GH

SHUIRUPDQW FD VRQGDMXO HOHPHQWDU FKLDU L vQ FRQGL LLOH XWLOL] ULL XQXL HDQWLRQ PDL UHGXV UHVSHFWLY FX FRVWXUL PDL PLFL 0HWRGHOH HPSLULFH XWLOL]DWH vQ GHWHUPLQDUHD HDQWLRQXOXL FH YD IL VXSXV DQDOL]HL vQ FDGUXO XQHL FHUFHW UL GH PDUNHWLQJ VH ED]HD] PRGDOLW SH DSUR[LPDUHD UHSUH]HQWDWLYLW vQ FROHFWLYLWDWHD WRWDO  LL SULQ LQWHUPHGLXO XQRU

L QHWLLQ LILFH 'H H[HPSOX GDF

GLQWUH PHPEUL ORFXLHVF vQ GLQWUH FRPSRQHQ LL DFHVWXLD

RUDH PLFL DQFKHWDWRUXO WUHEXLH V V U VSXQG FULWHULXOXL UHVSHFWLY HPSLULF

FRQVWUXLDVF

XQ HDQWLRQ vQ FDUH 

2 PHWRG

IUHFYHQW XWLOL]DW

HVWH VRQGDMXO

LQW

 $FHVW WLS GH VRQGDM HVWH SUREDELO HVWH

XQXO GLQ FHOH PDL GHV vQWUHEXLQ DWH vQ PDUNHWLQJ GLQ UD LXQL GH FRPRGLWDWH Q DFHODL WLPS vQV FHO PDL SX LQ UHSUH]HQWDWLY GLQ SXQFW GH YHGHUH VWDWLVWLF GH GLPHQVLXQL UHGXVH GH OD  OD  GH XQLW YL]DW GH F WUH FHUFHW WRU 7HKQLFLOH H[SHULPHQWDOH 'DF vQ FD]XO WHKQLFLORU SUH]HQWDWH DQWHULRU FHUFHW WRUXO RE LQH LQIRUPD LLOH I U UDSRUWXULOH FDX] HIHFW FDUH VH PDQLIHVW 6RQGDMXO LQW VH UHDOL]HD]

SH HDQWLRDQH

L  FRPSRQHQ LL HDQWLRQXOXL I FkQG SDUWH GLQ LQWD

D PRGLILFD FD XUPDUH

PHGLXO WHKQLFLOH H[SHULPHQWDOH SXQ vQ HYLGHQ

D PRGLILF ULL DQXPLWRU YDULDELOH Q JHQHUDO VH XWLOL]HD] PDUF  OD SUH

R VHULH GH WHVWH UHIHULWRDUH OD SURGXV OD

HWF 7HVWHOH SRW IL UHDOL]DWH vQ PHGLXO QDWXUDO VDX vQWUXQ PHGLX DUWLILFLDO FRQVWUXLW

FDUH PDL VXQW GHQXPLWH L WHVWH GH ODERUDWRU 

 7(+1,&, '( $1$/,=

$ '$7(/25 87,/,=$7( 1 &(5&(7 0$5.(7,1*

5,/( '(

3ULQFLSDOHOH XUP WRDUHOH VLPXODUH

WHKQLFL

GH

DQDOL]

GDWHORU

XWLOL]DWH

vQ WHVWH

FHUFHW ULOH L

GH

PDUNHWLQJ

VXQW L

LPDJLQH

SHUFHS LH

SR]L LRQDUH

VHJPHQWDUH

H[SHULPHQWH

SUHYL]LXQH

,PDJLQH SHUFHS LH SR]L LRQDUH $FHDVW WHKQLF VH ED]HD] SH GHILQLUHD L UHSUH]HQWDUHD XQXL SURGXV VDX D XQHL ILUPH vQ

PHGLXO ORU FRQFXUHQ LDO 8Q DQXPLW SURGXV SRDWH IL SHUFHSXW vQ PRG GLIHULW GH GLYHUL FRQVXPDWRUL GH DFHHD FHUFHW WRUXO WUHEXLH V LQWHUSUHWH]H L V H[SORDWH]H HILFLHQW LQIRUPD LLOH UHVSHFWLYH D DFHVWHL WHKQLFL HVWH DQDOL]D

8QD GLQ SULQFLSDOHOH PRGDOLW IDFWRULDO

L GH WUDQVSXQHUH vQ SUDFWLF

D FRPSRQHQWHORU SULQFLSDOH FDUH SHUPLWH UH]XPDUHD XQXL DQVDPEOX GH YDULDELOH SULQ

LQWHUPHGLXO XQRU IDFWRUL GHWHUPLQDQ L 'H H[HPSOX SHQWUX D GHVFULH DVSHFWXO IL]LF DO XQHL SRSXOD LL GH HOHYL SXWHP FRQVLGHUD GUHSW YDULDELOH VH[XO vQ O LPHD JUHXWDWHD HWF 9D UH]XOWD vQ PRG LQWXLWLY IDSWXO F PDL PXOWH YDULDELOH VH UHGXF OD XQ IDFWRU VH[XO FDUH FDUDFWHUL]HD] $QDOL]D FRPSRQHQWHORU SULQFLSDOH SHUPLWH GHVFRSHULUHD WHKQLF vQ PRG HVHQ LDO DFHVW DFHOXL IDFWRU FDUH

SRSXOD LH

LQWHUUHOD LRQHD]

GLIHULWHOH YDULDELOH OXDWH vQ FRQVLGHUDUH $FHDVW

HVWH XWLOL]DW

PDL DOHV

DWXQFL FkQG VH GRUHWH UHSUH]HQWDUHD IDFWRULORU FRQVLGHUD L GHWHUPLQDQ L SHQWUX SHUFHSHUHD LPDJLQLL XQXL RELHFW VXSXV FHUFHW ULL 2 DOW PRGDOLWDWH GH UHDOL]DUH HIHFWLY D WHKQLFLL GHQXPLW LPDJLQH SHUFHS LH SR]L LRQDUH

HVWH DQDOL]D IDFWRULDO GHILQLWH GH GRX UH]XPDW

D FRUHVSRQGHQ HORU Q DFHVW FD] VH

LQH VHDPD vQ FDGUXO XQHL SRSXOD LL

VHULL GH YDULDELOH 6LPLODU DQDOL]HL FRPSRQHQWHORU SULQFLSDOH LQIRUPD LD SRDWH IL

vQ IDFWRUL FDUH SHUPLW vQ HOHJHUHD PRGXOXL GH UHJUXSDUH D YDULDELOHORU L LQWHUSUHWDUHD FX

DVRFLHULORU FDUH LDX QDWHUH vQWUH HOH 'H H[HPSOX SRW IL LQWHUYLHYD L DQXPL L LQGLYL]L vQ OHJ WXU PRGXO vQ FDUH vL SHWUHF WLPSXO OLEHU L FX RELFHLXULOH ORU GH OHFWXU FDWHJRULL GH SXEOLFD LL VH SRDWH SXQH DVWIHO vQ HYLGHQ

vQ FHHD FH SULYHWH DQXPLWH

XQ DQXPH WLS GH UHOD LH vQWUH OHFWXUDUHD

DQXPLWRU WLWOXUL L SUHIHULQ D SHQWUX XQ DQXPH PRG GH SHWUHFHUH D WLPSXOXL OLEHU $QDOL]D SUR[LPLW LORU SRDWH IL GHILQLW FD XQ DQVDPEOX GH WHKQLFL FDUH SHUPLWH UHSUH]HQWDUHD L 3XWHP GH H[HPSOX V

RELHFWHORU XQHOH vQ UDSRUW FX DOWHOH SH ED]D SHUFHSHULL DQXPLWRU VLPLODULW FRPSDU P GRX

FkWH GRX  XQ DQVDPEOX GH P UFL LQWHURJkQG UHVSRQGHQWXO DVXSUD DVHP Q ULL SH LORU SHUPLWH RE LQHUHD XQHL UHSUH]HQW UL vQ PRG GLUHFW DSURSLHUHD vQWUH FX DQDOL]D SUHIHULQ HORU L

FDUH R SHUFHSH vQWUH SHUHFKLOH UHVSHFWLYH $QDOL]D SUR[LPLW JOREDOH FDUH UH]XP

LQIRUPD LD VXE IRUPD XQHL K U L FH YL]XDOL]HDW

P UFL SHQWUX H[HPSOXO FRQVLGHUDW  $FHDVW DVWIHO V ILH GHILQLW 6HJPHQWDUH

FHUFHWDUH SRDWH IL FRPSOHWDW

UHJLXQHD LGHDO GLQ SXQFWXO GH YHGHUH DO FRQVXPDWRULORU

7HKQLFLOH GH VHJPHQWDUH VXQW QXPHURDVH GHRDUHFH HVWH VXILFLHQW V XQ FULWHULX SHUWLQHQW GH SHQWUX D IDFH GLVWLQF LH FUHDUHD vQWUH XQRU GRX JUXSXUL VHJPHQWH vQ FDGUXO

FRQVLGHU P R YDULDELO DOH SRSXOD LHL

FD

FHUFHWDWH V ILH

2SHUD LXQHD

VHJPHQWDUH

SUHVXSXQH

F URUD

GLIHUHQ HOH

PLQLPH LDU GLPHQVLXQHD ORU V JUXSXUL RPRJHQH 6HJPHQWDUHD WLSRORJLF  7HKQLFD VH SRDWH

ILH VXILFLHQW

SHQWUX D SXWHD UHDOL]D FHUFHWDUHD DOWIHO VSXV D XQRU

UHDOL]D

SULQ

WHKQLFD F XWDUHD

GHFXSDMXOXL L

SULQ

WHKQLFLOH

GH

UHJUXSDUH GLIHUHQ H &X

GHFXSDMXOXL

SHUPLWH

GHVFRSHULUHD

H[LVWHQ HL

XQRU

VHPQLILFDWLYH

vQWUH JUXSXUL L GHWHUPLQDUHD YDULDELOHORU FDUH H[SOLF

GLIHUHQ HOH UHVSHFWLYH

DMXWRUXO DFHVWHL WHKQLFL YRP SXWHD SUHFL]D GLQ FH JUXS IDFH SDUWH XQ DQXPLW FRQVXPDWRU SRUQLQG GH OD FXQRDWHUHD SURILOXOXL V X DOWIHO VSXV GH OD FXQRDWHUHD YDORULORU SH FDUH OH vQUHJLVWUD] YDULDELOH H[SOLFDWLYH DOH FRPSRUWDPHQWXOXL UHVSHFWLYXOXL FRQVXPDWRU 7HKQLFD UHJUXS VSUH GHRVHELUH GH WHKQLFD GHFXSDMXOXL FRQVW ILH FkW VH SRDWH GH RPRJHQ L vQ DFHODL WLPS V 7HVWH L H[SHULPHQWH $WXQFL FkQG vQ FDGUXO FHUFHW ULORU GH PDUNHWLQJ DSHO P OD WHVWH L H[SHULPHQWH SUREOHPD GH ED] OD FDUH WUHEXLH V U VSXQGHP HVWH GDF UH]XOWDWHOH RE LQXWH VXQW VHPQLILFDWLYH DOWIHO VSXV GDF QX VXQW GDWRUDWH GRDU vQWkPSO ULL Q SUDFWLF VH DQXPLWH

ULL WLSRORJLFH

vQ UHJUXSDUHD LQGLYL]LORU vQ JUXSXUL DO F URU SURILO V VH GLIHUHQ LH]H vQ UDSRUW FX DOWH JUXSXUL

GLIHUHQ HOH vQUHJLVWUDWH ID WHVWHD] V  GH H[HPSOX GRX

GH QLYHOXO GH UHIHULQ

YDULDQWH DOH XQXL SURGXV DOH XQXL DQXQ  DOH XQXL SUH

HWF L VH vQFHDUF

VH J VHDVF

YDULDQWD FHD PDL EXQ GLQ SHUVSHFWLYD DOHDV  Q DFHVW VFRS VXQW XWLOL]DWH WHVWH

VWDWLVWLFH DOHVH vQ IXQF LH GH QDWXUD YDULDELOHL VWXGLDWH L GH QXP UXO GH YDULDELOH FRQVLGHUDWH

3UHYL]LXQH L VLPXODUH 2ULFH ODQVDUH D XQXL QRX SURGXV SH SLD VDX RULFH WLS GH DF LXQH DVXSUD XQXL HOHPHQW GRULP V RE LQHP R VHULH GH YDORUL

FRPSRQHQW DO PL[XOXL IDF RELHFWXO XQHL SURLHF LL vQ YLLWRU 'DF

FkW PDL DSURDSH GH FHOH FDUH VH YRU vQUHJLVWUD vQ SHULRDGD XUP WRDUH YRUELP GH SUHYL]LXQH GDF H[SORU P PDL PXOWH SRVLELOLW L GH PDQLIHVWDUH D GLYHUVHORU YDULDELOH UHDOL] P R VLPXODUH 3HQWUX D VH IDFH DSHO OD PHWRGH VWDWLVWLFH SULQ LQWHUPHGLXO OH SXWHP GHILQL XQHOH SULQ LQWHUPHGLXO DOWRUD

SXWHD HIHFWXD HVWLP UL FkW PDL SUHFLVH vQ SUDFWLF F URUD VH DVRFLD]

JUXSHOH GH YDULDELOH DVWIHO vQFkW V

 352,(&7$5($ 81(, &(5&(7 '( 0$5.(7,1*

5,

&HUFHW ULOH GH PDUNHWLQJ SRW YL]D GLYHUVH GRPHQLL SURGXVHOH YkQ] ULOH FRPSRUWDPHQWXO FRQVXPDWRUXOXL HWF Q VFRSXO HILFLHQWL] ULL DFWLYLW V ILH UHDOL]DW LL GH FHUFHWDUH FRQVLGHU P F DFHDVWD DU WUHEXL

FRQIRUP FDGUXOXL JHQHUDO SUH]HQWDW vQ FRQWLQXDUH

'HILQLUHD SUREOHPHL 7HRUHWLF vQ FDGUXO ILUPHL UHVSRQVDELOLWDWHD GHILQLULL SUREOHPDWLFLL FHUFHW ULL UHYLQH

GHFLGHQ LORU GDU GH PXOWH RUL DFHDVW

DFWLYLWDWH FDGH vQ VDUFLQD FHUFHW WRULORU 2 PRGDOLWDWH FRQFUHW vQ IRUPXODUHD JHQHUDO D

GH UHDOL]DUH D DFHVWHL SULPH HWDSH D XQHL FHUFHW UL GH PDUNHWLQJ FRQVW SUREOHPHL GH F WUH GHFLGHQW GXS

FDUH FHUFHW WRUXO YD LQYHQWDULD RELHFWLYHOH VSHFLILFH L SDUWLFXODUH H[SULPH R UHOD LH vQWUH PDL PXOWH

DOH FHUFHW ULL (VWH UHFRPDQGDELO FD IRUPXODUHD SUREOHPHL V YDULDELOH GH PDUNHWLQJ ([SXQHUHD LSRWH]HORU ,SRWH]D SRDWH IL GHILQLW VDX PDL PXOWH YDULDELOH FD R IRUPXODUH LSRWHWLF H[LVW vQ R UHOD LH

UHIHULWRDUH OD UHOD LLOH VWDELOLWH vQWUH GRX vQWUH FRQVXPXO GH GH FDUQH L YHQLWXULOH GLULMkQG

H[HPSOX HVHQ LDOH

SRSXOD LHL 

,SRWH]HOH

VXQW

GHVI XUDUHD

XQHL

FHUFHW UL

PDUNHWLQJ

HOH

HIRUWXULOH FHUFHW WRULORU vQ GLUHF LD HYDOX ULL L YHULILF ULL ORU 3RW H[LVWD L VLWXD LL vQ FDUH R LSRWH] SRDWH IL SUHD FODU UHVSHFWLY SHQWUX D IL QHFHVDU YHULILFDUHD DFHVWHLD vQ DFHVW FD] SRUQLQG GH OD LSRWH]D

SRW IL GHGXVH L IRUPXODWH LSRWH]H VHFXQGDUH FDUH YRU IL DQDOL]DWH L YHULILFDWH

$OHJHUHD WLSXOXL GH FHUFHWDUH Q SUDFWLF  FHUFHWDUHD GH PDUNHWLQJ SRDWH vPEU FD XQD GLQ XUP WRDUHOH IRUPH FHUFHWDUH GH SURE  FHUFHWDUH GHVFULSWLY  FHUFHWDUH FDX]DO  &HUFHWDUHD GH SURE VH UHDOL]HD] vQ VFRSXO XQHL PDL

EXQH vQ HOHJHUL D SUREOHPDWLFLL VXSXVH FHUFHW ULL HVWH R FHUFHWDUH DMXW WRDUH L SUHPHUJ WRDUH FHUFHW ULL SURSULX]LVH 3ULQ LQWHUPHGLXO FHUFHW ULL GH SURE XWLOL]DWH vQ FHUFHWDUHD GH PDUNHWLQJ &HUFHWDUHD GHVFULSWLY VH RFXS LPSOLF VXQW LGHQWLILFDWH YDULDELOHOH FH YRU IL FXP VXJHUHD] L QXPHOH V X

 DD GXS

GH GHVFULHUHD FDUDFHWULVWLFLORU SLH HL L DOH PL[XOXL GH PDUNHWLQJ $FHVW WLS GH FHUFHWDUH L GHVFULHUHD PRGXOXL UHVSHFWLY D JUDGXOXL GH DVRFLHUH vQWUH YDULDELOHOH GH PDUNHWLQJ VXSXVH &HUFHWDUHD FDX]DO vQFHDUF J VLUHD GH U VSXQVXUL OD vQWUHE ULOH GH WLS GH FH

FHUFHW ULL

FHUFHW WRULL YRU VWDELOL GH H[HPSOX GH FH R VFKLPEDUH D XQHL YDULDELOH GHWHUPLQ DOWRU YDULDELOH GH PDUNHWLQJ 'H]YROWDUHD SODQXOXL GH DQDOL] 'H PXOWH RUL VH FRQVLGHU F

VFKLPE UL L DOH

GHFL]LLOH UHIHULWRDUH OD DOHJHUHD WHKQLFLORU GH DQDOL]

FH XUPHD]

D IL XWLOL]DWH vQ FDGUXO FHUFHW ULORU GH PDUNHWLQJ SRW IL OXDWH GXS UHDOL] ULL FHUFHW ULL GH PDUNHWLQJ $FHDVWD QX HVWH vQV vQDLQWHD UHDOL] ULL LQWHUYLXULORU V

FH DX IRVW FROHFWDWH GDWHOH QHFHVDUH DERUGDUH L VH LPSXQH FD

FHD PDL FRUHFW

ILH SUHFL]DWH R VHULH GH SUREOHPH FXP DU IL PRGDOLWDWHD GH DQDOL] D GDWHORU FH YRU IL XWLOL]DWH HVWLPDUHD EXJHWHORU

D ILHF UHL vQWUHE UL SUHFL]DUHD WHKQLFLORU GH DQDOL] HWF &ROHFWDUHD LQIRUPD LLORU Q IXQF LH GH QDWXUD LQIRUPD LLORU DFHDVW WHUHQ &ROHFWDUHD LQIRUPD LLORU UHSUH]LQW XQD

HWDS GLQ

VH SRDWH GHVI XUD ILH vQ FDGUXO ILUPHL ILH SH FHOH PDL LPSRUWDQWH HWDSH DOH FHUFHW ULL GH

PDUNHWLQJ LQIRUPD LLOH UHSUH]HQWkQG PDWHULD SULP D RULF UHL FHUFHW UL

$QDOL]D LQIRUPD LLORU 2GDW LQIRUPD LLOH FXOHVH DFHVWHD VXQW LQYHQWDULDWH LQWHUSUHWDWH L DQDOL]DWH vQ FRQIRUPLWDWH

FX FHUHULOH IRUPXODWH GH XWLOL]DWRULL ORU 0HWRGHOH GH DQDOL]

D LQIRUPD LLORU VXQW DOHVH GH F WUH

FHUFHW WRUL vQ IXQF LH GH RELHFWLYHOH YL]DWH GH FHUFHWDUHD vQ FDX]  )RUPXODUHD FRQFOX]LLORU L UHFRPDQG ULORU vQ UHGDFWDUHD XQXL UDSRUW UDSRUW vQ FDUH GH PDUNHWLQJ DMXW DVWIHO OD

)LQDOL]DUHD FHUFHW ULL GH PDUNHWLQJ VH PDWHULDOL]HD] VXQW IRUPXODWH SULQFLSDOHOH FRQFOX]LL L UHFRPDQG UL

&HUFHWDUHD

LGHQWLILFDUHD RSRUWXQLW DFHDVWD vL GHVI RDU

LORU L DPHQLQ

ULORU UHIHULWRDUH OD DFWLYLWDWHD ILUPHL L DO PHGLXO vQ FDUH

DFWLYLWDWHD

5H]XPDW

2 ILUP QX GLVSXQH GH

FX RULHQWDUH GH PDUNHWLQJ QXL SRDWH GHVI XUD DFWLYLWDWHD vQ FRQGL LL QRUPDOH GDF XQ YROXP VXILFLHQW GH LQIRUPD LL &RPSOH[LWDWHD L GLQDPLFD FH FDUDFWHUL]HD]

GRPHQLXO LQIRUPD LLORU QHFHVLW DFHVWRUD 3HQWUX D U VSXQGH

R DERUGDUH ULJXURDV OD DFHDVW FHULQ 

D FXOHJHULL LQYHQWDULHULL HYDOX ULL L DQDOL]HL PDUNHWLQJXO YLQH vQ VSULMLQXO ILUPHL FX XQ

LQVWUXPHQWDU VSHFLILF FHUFHW ULOH GH PDUNHWLQJ &HUFHW ULOH GH PDUNHWLQJ SRW IL FRQVLGHUDWH SXQFWXO GH SRUQLUH vQ GHPHUVXO GH PDUNHWLQJ DO RULF UHL ILUPH

&RQFHSWH FKHLH

&HUFHWDUH FDQWLWDWLY RUGLQ FDQWLWDWLY &HUFHWDUH FDOLWDWLY

 &HUFHWDUH FDUH XWLOL]HD]

WHKQLFLOH GH VRQGDM SH WUX D RE LQH UH]XOWDWH GH

 &HUFHWDUH FDUH LGHQWLILF

PRWLYD LLOH SHUFHS LLOH FRQVXPDWRULORU I U

RIHUH UH]XOWDWH FXDQWLILFDELOH GLQ SXQFW GH YHGHUH VWULFW VWDWLVWLF &HUFHWDUH GH ELURX 7LS GH FHUFHWDUH FDUH XWLOL]HD] SRW IL RE LQXWH I U FD FHUFHW WRUXO V XQ DQXPLW YROXP GH GDWH VHFXQGDUH GDWH FH

VH GHSODVH]H vQ DIDUD ELURXOXL V X vQ DIDUD ELURXOXL SH VWUDG  OD WkUJXUL H[SR]L LL vQ

&HUFHWDUH GH WHUHQ &HUFHWDUH HIHFWXDW VWD LLOH PLMORDFHORU GH WUDQVSRUW vQ FRPXQ HWF

&DSLWROXO 

678',(5($ 3,(
2ELHFWLYH

(,

'HILQLUHD SLH HL &XQRDWHUHD FRPSRQHQWHORU SLH HL ,QYHQWDULHUHD LQIRUPD LLORU FDUH SRW IL XWLOL]DWH vQ FDGUXO VWXGLLORU GH SLD $QDOL]D SULQFLSDOHORU WHKQLFL GH VWXGLHUH D SLH HL 

2ULFH RUJDQL]D LH SHQWUX D U VSXQGH FkW PDL ILGHO FHULQ HORU IRUPXODWH GH F WUH FOLHQ LL V L L HYHQWXDO SHQWUX D OH SXWHD LQIOXHQ D WUHEXLH PDL vQWkL GH WRDWH V L V FXQRDVF IRDUWH ELQH DFHVWH FHULQ H 

OH DQWLFLSH]H vQDLQWHD FRQFXUHQ HL 3H VFXUW DD SRDWH IL GHILQLW RELHFWLYXO XQXL VWXGLX GH SLD GH SLD UHSUH]LQW SXQFWXO GH SOHFDUH vQ DGRSWDUHD GHFL]LLORU vQ LQWHULRUXO

6WXGLXO

WXWXURU

RUJDQL]D LLORU

 '(),1,5($ 3,(

(,

'HILQL LLOH XWOL]DWH SHQWUX QR LXQHD GH SLD IUHFYHQWH VXQW XUP WRDUHOH GRX   vQ VHQV UHVWUkQV SLD D UHSUH]LQW

VXQW H[WUHP GH QXPHURDVH Q PDUNHWLQJ PDL

XQ DQVDPEOX GH LQIRUPD LL FXDQWLILFDELOH vQ OHJ WXU

FX

LPSRUWDQ D VWUXFWXUD L HYROX LD YkQ] ULORU XQXL SURGXV Q FDGUXO DFHVWHL GHILQL LL VWXGLXO SLH HL FRQVW vQ FXOHJHUHD L DQDOL]D XQXL DQXPLW YROXP GH LQIRUPD LL UHIHULWRDUH OD YkQ]DUHD XQXL SURGXV XQ QXP U UHGXV GH HWDSH L DQXPH GHILQLUHD SURGXVXOXL

6LQWHWLF DFHVW WLS GH VWXGLX FRPSRUW DOHJHUHD XQLW

LORU GH P VXU  DOHJHUHD FULWHULLORU GH VHJPHQWDUH D SLH HL L GHSDUWDMDUHD SLH HL DFWXDOH

GH SLD D SRWHQ LDO   vQ VHQV ODUJ SLD D GHVHPQHD] DQVDPEOXO SXEOLFXOXL FDUH H[HUFLW R DQXPLW LQIOXHQ

DVXSUD YkQ] ULORU XQXL SURGXV VDX DVXSUD DFWLYLW GLQ LQGLYL]L vQWUHSULQGHUL LQVWLWX LL HWF

LORU XQHL RUJDQL]D LL 3XEOLFXO SRDWH IL FRPSXV

 ,1)250$

,, 87,/,=$7( 1 678',(5($ 3,(

(,

Q SURFHVXO GH VWXGLHUH D SLH HL DO WXUL GH VWXGLHUHD FHUHULL D RIHUWHL D SUH XULORU VWXGLHUHD FLUFXLWHORU LQIRUPD LRQDOH VH FRQVWLWXLH vQWUXQ HOHPHQW OD IHO GH LPSRUWDQW 3RUQLQG GH OD GHILQL LD SLH HL vQ VHQV ODUJ GDW DQWHULRU VWXGLXO SLH HL FRQVW SLD vQ FXOHJHUHD DUH

LQIRUPD LLORU UHIHULWRDUH OD FDWHJRULLOH GH SXEOLF FH FRPSXQ R DQXPLW

 2ULFH VWXGLX GH SLD

GUHSW VFRS UH]ROYDUHD XQHL SUREOHPH GH PDUNHWLQJ VDX OXDUHD XQHL GHFL]LL 'UHSW XUPDUH YROXPXO L QDWXUD LQIRUPD LLORU QHFHVDUH GHSLQG GH WLSXO SUREOHPHL OD FDUH XUPHD] ,QIRUPD LLOH XWLOH vQ FDGUXO XQXL VWXGLX GH SLD V VH U VSXQG 

SRW IL FODVLILFDWH vQ WUHL PDUL FDWHJRULL

 LQIRUPD LL SULYLQG FDUDFWHULVWLFLOH H[WHUQH DOH SXEOLFXOXL Q DFHDVW DOH FDWHJRULH VXQW LQFOXVH DQXPLWH LQIRUPD LL UHIHULWRDUH OD FDUDFWHULVWLFLOH H[WHUQH YkQ] WRULORU GLVWULEXLWRULORU SURGXF WRULORU HWF L DQXPH QXP UXO ORU

FRQVXPDWRULORU

UHSDUWL LD JHRJUDILF

D DFHVWRUD UHSDUWL LD ORU vQ IXQF LH GH R VHULH GH FULWHULL FXP DU IL VH[XO YkUVWD

QLYHOXO GH LQVWUXF LH QLYHOXO GH YHQLW FDWHJRULD VRFLRSURIHVLRQDO vQ FD]XO FRQVXPDWRULORU $FHVWH LQIRUPD LL VXQW vQ JHQHUDO XRU GH GHVFRSHULW L FXDQWLILFDW GH RELFHL VXQW RE LQXWH SULQ LQWHUPHGLXO XQRU VWXGLL GRFXPHQWDUH

 LQIRUPD LL YL]kQG FRPSRUWDPHQWXO HIHFWLY DO SXEOLFXOXL $ GRXD PDUH FDWHJRULH GH LQIRUPD LL UHIHULWRDUH OD XQ DQXPLW SXEOLF VH UHIHU DFHVWD VH FRPSRUW  DF LRQHD] OD PRGXO FXP

vQ PRG HIHFWLY GHVFULX FHHD FH IDFH SXEOLFXO vQ FDX]  &X FDUDFWHU

GH H[HPSOX YRP PHQ LRQD vQ FRQWLQXDUH FkWHYD GLQWUH FHOH PDL IUHFYHQWH FRPSRUWDPHQWH DQDOL]DWH vQ FDGUXO VWXGLLORU GH SLD  SXEOLFXO FRQVXPDWRU

 FRPSRUWDPHQWXO GH FRQVXP L GH XWLOL]DUH $WXQFL FkQG QH LQWHUHVHD] VDX XWLOL]DWRU DO XQXL SURGXV vQWUHE ULOH OD FDUH DU WUHEXL V FRQVXP XWLOL]HD] " FRQVXP "  FRPSRUWDPHQWXO VSHFLILF FXPS U ULL vQFHUFkQG V XQGH VH GHVI RDU FRQVXPXO" FkQG VH

U VSXQGHP VXQW XUP WRDUHOH FLQH FRQVXP " FH VH FRQVXP " FkW VH

U VSXQGHP OD XUP WRDUHOH vQWUHE UL

FLQH FkQG XQGH FkW FXPS U " FLQH LD GHFL]LD GH FXPS UDUH"  FRPSRUWDPHQWXO vQ OHJ WXU FX LQIRUPD LLOH $FHVW WLS GH FRPSRUWDPHQW HVWH LPSRUWDQW vQ

FDGUXO WXWXURU SROLWLFLORU GH PDUNHWLQJ GDU PDL DOHV vQ FD]XO SROLWLFLL GH FRPXQLFDUH QWUHSULQGHUHD WUHEXLH V GH LQ FkW PDL PXOWH LQIRUPD LL UHIHULWRDUH DWkW OD FOLHQ LL V L DFWXDOL FkW L PDL DOHV OD FHL YD SUHFL]D FX H[DFWLWDWH PRGXO vQ FDUH FOLHQ LL RE LQ LQIRUPD LLOH

SRWHQ LDOL $VWIHO VWXGLXO GH SLD

UHIHULWRDUH OD XQ DQXPLW SURGXV OD SURGXVXO FDUH IDFH RELHFWXO DQDOL]HL  YD SUHFL]D RELFHLXULOH L SUHIHULQ HOH FOLHQ LORU vQ OHJ WXU FX DXGLHUHD YL]LRQDUHD VDX OHFWXUDUHD DQXPLWRU VXSRUWXUL

LQIRUPD LRQDOH  SROLWLF FRPSRUWDPHQWXO DGDSWDW SURIHVLRQDO DO GLVWULEXLWRULORU QWUHSULQGHULOH SHQWUX DL IRUPXOD R

OD FHULQ HOH L H[LJHQ HOH GLVWULEXLWRULORU WUHEXLH V

FXQRDVF

R VHULH GH HOHPHQWH LL ORU"

FRQFUHWH SULYLQG DFWLYLWDWHD DFHVWRUD L DQXPH FDUH VXQW SURGXVHOH FDUH IDF RELHFWXO DFWLYLW

GH FH VSD LL GLVSXQ GLYHUVHOH FDWHJRULL GH GLVWULEXLWRUL" FDUH VXQW PHWRGHOH L WHKQLFLOH GH YkQ]DUH SUDFWLFDWH" FH WHKQLFL GH QHJRFLHUH VXQW XWLOL]DWH VDX SUHIHUDWH GH F WUH DQXPL L GLVWULEXLWRUL"  FRPSRUWDPHQWXO FRQFXUHQ LORU Q FHHD FH SULYHWH FRQFXUHQ D vQWUHSULQGHUHD YD IL OD FXUHQW vQ SHUPDQHQ FX VWUDWHJLLOH L PHWRGHOH XWLOL]DWH GH F WUH DFHWLD PDL DOHV vQ FHHD FH SULYHWH

SURGXVHOH SURSXVH SUH XULOH L FRQGL LLOH GH YkQ]DUH SUDFWLFDWH FLUFXLWHOH GH GLVWULEX LH XWLOL]DWH RUJDQL]DUHD IRU HL GH YkQ]DUH SURSULL EXJHWHOH GH SURPRYDUH GH FDUH GLVSXQ FRQFXUHQ LL HWF  LQIRUPD LL UHIHULWRDUH OD PHQWDOLWDWHD SXEOLFXOXL 3HQWUX D SXWHD JHVWLRQD vQ FRQGL LL GH PD[LP SHQWUX DO SXWHD LQIOXHQ D vQWUHSULQGHUHD WUHEXLH V HILFLHQ FXQRDVF UHOD LLOH VDOH FX SXEOLFXO L PDL DOHV QX GRDU FRPSRUWDPHQWXO HIHFWLY DO

SXEOLFXOXL FL L FRPSRUWDPHQWXO PHQWDO DO DFHVWXLD &RPSRUWDPHQWHOH PHQWDOH SRW IL VWXGLDWH VXE PXOWLSOH DVSHFWH GXS  QHYRL FXP XUPHD]  GRULQ H DWHSW UL (OHPHQWHOH PHQ LRQDWH VH DIO OD RULJLQHD

PRWLYD LL

FRPSRUWDPHQWXOXL XPDQ vQ FRQVHFLQ

L OD RULJLQHD FRPSRUWDPHQWXOXL GH FRQVXP UFLORU &RPSRUWDPHQWXO XQXL LQGLYLG ID PDUH P VXU  GH SHUFHS LD SH FDUH LL GH XQ

 QRWRULHWDWHD L LPDJLQHD SURGXVHORU L P DQXPLW SURGXV VDX R DQXPLW PDUF GHSLQGH vQ

LQGLYLGXO UHVSHFWLY

UHVSHFWLY R DUH vQ OHJ WXU D LPDJLQLL

FX DFHVWHD 3HUFHS LD SRDWH IL DQDOL]DW

SULQ SULVPD QRWRULHW

1RWRULHWDWHD XQXL RELHFW PDUF  vQWUHSULQGHUH HWF VH GHILQHWH SULQ SURFHQWDMXO SHUVRDQHORU XQ SXEOLF GHWHUPLQDW FDUH FXQRVF DFHO RELHFW ,PDJLQHD XQXL RELHFW UHSUH]LQW DQVDPEOXO

FXQRWLQ HORU RSLQLLORU HYRF ULORU FDUH VXQW DVRFLDWH RELHFWXOXL UHVSHFWLY GH F WUH XQ LQGLYLG VDX XQ SXEOLF GHWHUPLQDW  DWLWXGLQL JOREDOH 1R LPHD GH DWLWXGLQH HVWH XWLOL]DW  vQ PRG IUHFYHQW vQ VHQV ODUJ JHQHUDO L vQ GLYHUVH GRPHQLL QWUXQ VWXGLX GH SLD  SULQ DWLWXGLQL GHILQLP MXGHFDWD GH YDORDUH SH FDUH XQ PRGXO vQ FDUH VH LQWHUUHOD LRQHD] FX RELHFWXO

LQGLYLG R IDFH DVXSUD XQXL RELHFW FRQFUHW $WLWXGLQHD UHSUH]LQW

QHYRLOH PRWLYD LLOH L DWHSW ULOH LQGLYLGXOXL SH GH R SDUWH FX LPDJLQHD vQ OHJ WXU FRQVLGHUDW SH GH DOW

SDUWH $VWIHO FX FkW LPDJLQHD VH DSURSLH PDL PXOW GH QHYRLOH L DWHSW ULOH FX RELHFWXO UHVSHFWLY YD IL PDL IDYRUDELO L LQYHUV

LQGLYL]LORU FX DWkW DWLWXGLQHD vQ OHJ WXU

 35,1&,3$/(/( 7(+1,&, '( 678',(5( $ 3,(

(,

3HQWUX D DQDOL]D L D SUHOXFUD GLYHUVH FDWHJRULL GH LQIRUPD LL UHIHULWRDUH OD DFWLYLWDWHD FDUH VH GHVI RDU SH R DQXPLW SLD  VSHFLDOLWLL GH PDUNHWLQJ DX OD GLVSR]L LH QXPHURDVH WHKQLFL GH VWXGLX

SUREOHPD FDUH VH ULGLF

vQ DFHVW FD] HVWH DFHHD D DOHJHULL FHOHL PDL SRWULYLWH WHKQLFL SULQFLSDOHOH WHKQLFL GH VWXGLHUH D SLH HL L DQXPH VWXGLLOH D GDWHORU

9RP SUH]HQWD vQ FHOH FH XUPHD]

GRFXPHQWDUH VWXGLLOH FDOLWDWLYH VRQGDMHOH SDQHOXULOH L PHWRGHOH GH DQDOL] 6WXGLLOH GRFXPHQWDUH Q VLWXD LD vQ FDUH GRULP V PHWRGD FHD PDL VLPSO DU IL V RE LQHP LQIRUPD LL vQ OHJ WXU

FX XQ DQXPLW VXELHFW VDX GRPHQLX DFHVWH LQIRUPD LL QX VXQW QL OH SXQ OD GLVSR]L LH

DSHO P OD LQIRUPD LLOH GHMD H[LVWHQWH 'DF

SXEOLFH VDX SRW IL DFFHVDWH PDL JUHX SURSULHWDUXO ORU HVWH GH DFRUG V HYHQWXDO V SUDFWLF

QL OH YkQG  OH YRP SXWHD XWLOL]D SHQWUX D GRXD RDU  $FHVWD HVWH PRWLYXO SHQWUX FDUH vQ QR LXQHD GH GDWH VHFXQGDUH LDU VWXGLLOH GRFXPHQWDUH PDL VXQW FXQRVFXWH L VXE

VH XWLOL]HD]

GHQXPLUHD GH DQDOL]D GDWHORU VHFXQGDUH Q DFHODL WLPS vQWUHSULQGHUHD SRDWH XWLOL]D FD VXUVH GH LQIRUPDUH HYLGHQ HOH VDOH LQWHUQH UHIHULWRDUH OD HYROX LD LQWU ULORU D LHLULORU D PLF ULORU GH P UIXUL PDWHULL SULPH HWF 'H PXOWH RUL vQV  vQWUHSULQGHULOH QX H[SORDWHD] VXILFLHQW DFHVWH VXUVH GH LQIRUPDUH VXUVH FDUH DX DYDQWDMXO GH D

IL LHIWLQH L OD vQGHPkQ  ,QGLIHUHQW GH VXUVD XWLOL]DW  VFRSXO ILQDO DO XWLOL]DWRUXOXL LQIRUPD LHL HVWH DFHOD GH D FXQRDWH L GH D VDWLVIDFH FkW PDL ELQH FOLHQ LL DFWXDOL L SH FHL SRWHQ LDOL

6WXGLL GRFXPHQWDUH

7(+1,&, '( 678',(5( $ 3,( (,

6WXGLL FDOLWDWLYH

6RQGDMH

3DQHOXUL

$QDOL]D GDWHORU

$YDQWDMHOH XWLOL] ULL XQRU LQIRUPD LL GHMD H[LVWHQWH UH]LG

vQ FRVWXO UHGXV DO FXOHJHULL ORU GH SURFHVXO GH FXOHJHUH D

DVHPHQHD DFHVWH LQIRUPD LL VXQW UDSLG GLVSRQLELOH QX SXWHP RPLWH IDSWXO F LQIRUPD LLORU QHFHVLW DFHVWRU GDWH

WLPS L UHVXUVH FRQVLGHUDELOH  ([LVW  HYLGHQW L DQXPLWH OLPLWH DOH XWLOL] ULL $VWIHO GDF LQIRUPD LLOH XXULQ UHIHULWRDUH OD GLPHQVLXQLOH FDQWLWDWLYH DOH

VHFXQGDUH

FRQVXPXOXL SRW IL J VLWH FX GHVWXO GH PXOW

 FHOH UHIHULWRDUH OD FDUDFWHULVWLFLOH FRPSRUWD

PHQWHOH L PRWLYD LLOH FRQVXPDWRULORU QX VXQW OD IHO GH GLVSRQLELOH L DYkQG vQ YHGHUH IDSWXO F DFHVW WLS GH LQIRUPD LL VXQW H[WUHP GH XWLOH vQ FHHD FH SULYHWH DGRSWDUHD GHFL]LLORU FRQVLGHU P F DFHDVWD HVWH R OLPLW LQIRUPD LLOH LPSRUWDQW OD D VWXGLLORU GRFXPHQWDUH 'H DVHPHQHD FKLDU GDF FDUH QH LQWHUHVHD]  GH FHOH PDL PXOWH DYHP OD GLVSR]L LH RUL FXDQWLILFDUHD

UHIHULWRDUH

YDULDELOHOH

LQGLFDWRULORU QX HVWH I FXW OLPLW

vQ FRQFRUGDQ

FX FHULQ HOH VWXGLXOXL GH SLD

SH FDUH vO HODERU P 2 DOW LL D SUHFL]LHL FX

D GDWHORU VHFXQGDUH FRQVW

vQ DFHHD F

QX QH SXWHP SURQXQ D DVXSUD H[DFWLW

FDUH DFHVWHD DX IRVW FXOHVH FXDQWLILFDWH L HYHQWXDO DQDOL]DWH GH SXUW WRUXO SULPDU DO DFHVWRUD LDU GH

PXOWH RUL vQ SUDFWLF UHVSHFWLYH

QX GLVSXQHP L GH LQIRUPD LLOH UHIHULWRDUH OD PHWRGRORJLD RE LQHULL GDWHORU

6WXGLLOH FDOLWDWLYH 6WXGLLOH FDOLWDWLYH GHQXPLWH L VWXGLL vQ SURIXQ]LPH VDX VWXGLL PRWLYD LRQDOH DX GUHSW RELHFW VWXGLHUHD FRPSRUWDPHQWHORU PHQWDOH DOH SXEOLFXOXL vQGHRVHEL QHYRLOH PRWLYD LLOH L DWLWXGLQLOH DFHVWXLD 6WXGLLOH GH WLS FDOLWDWLY VH GLVWLQJ GH FHOH FDQWLWDWLYH SULQ FRPSOH[LWDWHD PHWRGHORU XWLOL]DWH DQXPLWH PHWRGH VXQW LQVSLUDWH GH WHKQLFLOH SVLKRORJLFH  3HQWUX VSHFLDOLWLL GH PDUNHWLQJ HVWH H[WUHP GH LPSRUWDQW FXQRDWHUHD PRWLYD LLORU VDX QX

FRQVXPDWRULORU L QX GRDU D FRPSRUWDPHQWHORU DFHVWRUD 7UHEXLH V XQ DQXPLW FRQVXPDWRU FL L GH FH VH FRPSRUW

WLP QX GRDU FH FXPS U

vQ PDQLHUD UHVSHFWLY  ,QIRUPD LLOH UHIHULWRDUH OD

FRPSRUWDPHQWXO FRQVXPDWRULORU VXQW GHVWXO GH JUHX GH GHVFRSHULW SULQ LQWHUPHGLXO vQWUHE ULORU GLUHFWH ILH GDWRULW IDSWXOXL F RDPHQLL QX FRQWLHQWL]HD] DGHY UDWHOH PRWLYD LL FDUH GHWHUPLQ XQ

FRPSRUWDPHQW H[SOLFLW GH FXPS UDUH VDX QRQFXPS UDUH GH H[HPSOX  ILH FD XUPDUH D IDSWXOXL F DFHWLD DVFXQG DQXPLWH OXFUXUL GLQ GLYHUVH PRWLYH 'H DFHHD SHQWUX D GHVFRSHUL DWLWXGLQLOH L PRWLYD LLOH SURIXQGH DOH FRQVXPDWRULORU HVWH QHFHVDU V LQIRUPD LLORU 'LQWUH DFHVWHD DPLQWLP  GLVFX LLOH OLEHUH Q FDGUXO DFHVWHL PHWRGH QX VH SXQ vQWUHE UL FL VH ODV YRUEHDVF OLEHU vQ OHJ WXU LQWHUYLHYDWXO V IDFHP DSHO OD PHWRGH LQGLUHFWH GH RE LQHUH D

FX XQ DQXPLW VXELHFW SURFHGkQGXVH OD vQUHJLVWUDUHD GLVFX LHL UHVSHFWLYH VH UH]XP OD UHODQVDUHD GLVFX LHL OD DQXPLWH LQWHUYDOH GH WLPS VFRSXO GH D vQGUXPD XQ PRQRORJ Q DFHVWH DU IL VXSXV XQXL LQWHURJDWRULX 'LVFX LD GH

3HUVRDQD FDUH LQWHUYLHYHD]

V X ILLQG DFHOD GH D UHDOL]D QX XQ GLDORJ FL GLPSRWULY FRQGL LL LQWHUYLHYDWXO VH VLPWH OLEHU L QX DUH VHQ]D LD F DFHVW WLS G VSHFLDOLWL

EXQH UH]XOWDWH DWXQFL FkQG HVWH VXILFLHQW GH OXQJ FHO SX LQ R RU L FkQG VXQW XWLOL]D L FX H[SHULHQ vQ GRPHQLX $FHDVW PHWRG QX SRDWH IL XWLOL]DW vQV SHQWUX WRDWH

SURGXVHOH VDX vQ FD]XO WXWXURU FRQVXPDWRULORU  UHXQLXQHD GH JUXS 5HXQLXQHD GH JUXS HVWH R PHWRG FDUH FRQVW vQ UHDOL]DUHD XQHL GLVFX LL

vQ FDGUXO XQXL JUXS GH FkWHYD SHUVRDQH vQWUH  L   vQ OHJ WXU

FX XQ DQXPLW VXELHFW ,GHLOH HPLVH DYDQWDMHOH JUXSXOXL

GH F WUH PHPEULL JUXSXOXL VXQW GLYHUVH VXQW HPLVH RSLQLL SUR L FRQWUD VH DUJXPHQWHD] UHVSHFWLY GH]DYDQWDMHOH SURGXVXOXLGRPHQLXOXL DQDOL]DW 6H VWLPXOHD]  vQ

LQWHULRUXO

FUHDWLYLWDWHD LQYHQWLYLWDWHD SHUVRDQHORU LPSOLFDWH DWPRVIHUD WUHEXLH V LDU DFROR XQGH HVWH SRVLELO HVWH ELQH FD GLVFX LLOH V ILH vQUHJLVWUDWH

ILH XQD GHVWLQV

L UHOD[DW 

 WHVWHOH SURVSHFWLYH XWLOL]DWH GH IRDUWH PXOW

YUHPH vQ GRPHQLLOH RULHQW ULL SURIHVLRQDOH L

SVLKRWHUDSLHL LDU vQ XOWLPD YUHPH L vQ VWXGLLOH PRWLYD LRQDOH $FHVWH WHVWH FRQVWDX vQ GHWHUPLQDUHD SHUVRDQHL LQWHUYLHYDWH V vL H[SULP VH SURQXQ H vQ OHJ WXU FX XQ VXELHFW H[WHULRU DFHVWHLD L vQ OHJ WXU SURSULD SHUVRQDOLWDWH FX FDUH

SURSULLOH LGHL UHVSHFWLY vL PDQLIHVW

6RQGDMHOH 6RQGDMXO UHSUH]LQW R WHKQLF FODVLF GH DQFKHW  UHDOL]DW vQWUXQ LQWHUYDO GH WLPS

GHWHUPLQDW FX DMXWRUXO XQXL FKHVWLRQDU Q VLWXD LD vQ FDUH GRULP V

WLP Fk L GLQWUH ORFXLWRULL XQHL WRWDO  GH WLS UHFHQV PkQW HVWH vQV IRDUWH

UL VXQW L FRQVXPDWRUL DL XQXL DQXPLW SURGXV SXWHP DSHOD OD R DQFKHW vQ FDGUXO F UHLD YRU IL LQWHUYLHYD L WR L ORFXLWRULL VFXPS  QHFHVLW R SHULRDG GH WLPS FRQVLGHUDELO

ULL UHVSHFWLYH 2 DVWIHO GH DQFKHW

L PRELOL]DUHD XQRU UHVXUVH PDWHULDOH L XPDQH

LPSRUWDQWH SHQWUX D SXWHD IL UHDOL]DW  'H DFHHD VH DSHOHD]  vQ PRG IUHFYHQW OD HVWLP UL vQ OHJ WXU FX GRPHQLXO FDUH XUPHD] LQWHUPHGLXO VRQGDMXOXL XQXL GHSLQG D IL VWXGLDW UHVSHFWLY OD FHUFHWDUHD SDU LDO 6H FRQWXUHD] GH DVWIHO DQFKHWD SULQ D FROHFWLYLW LL WRWDOH SULQ L SUHFL]LD

HDQWLRQ GH

VRQGDM

9DOLGLWDWHD HIHFWLY D

SURFHGXULOH

HDQWLRQDUH

XWLOL]DWH

5HDOL]DUHD

HDQWLRQ ULL

SUHVXSXQH OXDUHD XUP WRDUHORU GHFL]LL  GHILQLUHD XQLW VH UHIHU XQLW OD WLSXO HQWLW LL GH VRQGDM $FHDVWD UHSUH]LQW SULPD GHFL]LH FH XUPHD] D IL DGRSWDW L

LORU FXSULQVH vQ DQFKHW  DOWIHO VSXV D XQLW

LORU GH VRQGDM Q XQHOH VLWXD LL

LOH GH VRQGDM VXQW LQGLYL]LL vQ DOWHOH IDPLOLLOH VDX FKLDU XQLW  DOHJHUHD GLPHQVLXQLL HDQWLRQXOXL 'H PDQLHU

LOH LQGXVWULDOH VDX FRPHUFLDOH SUHFL]LD HVWLP ULORU

LQWXLWLY  FRQVLGHU P F

SH FDUH OH IDFHP vQ FDGUXO VWXGLLORU GH SLD

HVWH FX DWkW PDL PDUH FX FkW GLPHQVLXQHD HDQWLRQXOXL L FDUH VH VWDELOHVF vQWUH SUHFL]LD VRQGDMXOXL L

HVWH PDL PDUH Q UHDOLWDWH vQV  UHOD LLOH FDUH H[LVW

GLPHQVLXQHD HDQWLRQXOXL QX VXQW DWkW GH VLPSOH 3H GH R SDUWH VH FRQVLGHU HVWH OHJDW PDL PXOW GH GLPHQVLXQHD DEVROXW

SUHFL]LD VRQGDMXOXL

D HDQWLRQXOXL GHFkW GH UDSRUWXO GLQWUH GLPHQVLXQHD SDUWH SUHFL]LD HVWLP ULORU QX YDULD] SURSRU LRQDO

HDQWLRQXOXL L FHD D SRSXOD LHL WRWDOH 3H GH DOW

FX GLPHQVLXQHD HDQWLRQXOXL FL FX U G FLQD S WUDW

D DFHVWXLD PDUMD GH HURDUH D XQXL HDQWLRQ GH vQWUXQ UDSRUW GH  FL GH D

 GH SHUVRDQH FRPSDUDWLY FX D XQXLD GH  GH SHUVRDQH QX VH DIO   $OWIHO VSXV RGDW IL RE LQXW SULQ FH VH GHS HWH R DQXPLW GLPHQVLXQLL DFHVWXLD

GLPHQVLXQH D XQXL HDQWLRQ SUHFL]LD FH XUPHD] QX MXVWLILF QLYHOXO FRVWXULORU VXSOLPHQWDUH

FUHWHUHD

'H

DVHPHQHD GLPHQVLXQHD HDQWLRQXOXL SULQ HD vQV L QX UHSUH]LQW

R JDUDQ LH D YDOLGLW

LL HVWLP ULORU

I FXWH vQ FDGUXO VRQGDMXOXL UHVSHFWLY 9HULGLFLWDWHD YLDELOLWDWHD L UHDOLWDWHD HVWLP ULORU GHSLQG GH SURFHGXUD GH VHOHFWDUH D HDQWLRQXOXL L vQ DFHODL WLPS GH PRGXO GH FXOHJHUH D LQIRUPD LLORU  DOHJHUHD GH PHWRGHORU GH HDQWLRQDUH H[WUHP GH 0HWRGHOH GLYHUVH SULQ vQV LQWHUPHGLXO FHOH PDL F URUD VH UHDOL]HD] VXQW

RSHUD LXQHD XUP WRDUHOH D

HDQWLRQDUH

VXQW

IUHFYHQW

XWLOL]DWH

HDQWLRQDUHD 3ULQ GLQ

DOHDWRULH

FDUH

vQ

WHRULH

HVWH

FRQVLGHUDW VH

VLQJXUD SULQ

PHWRG WUDJHUHD LOH

YDODELO OD VRU L

GH OD

HDQWLRQDUH vQWkPSODUH

LQWHUPHGLXO FROHFWLYLWDWHD

DFHVWHL

PHWRGH D

HDQWLRQXO LORU GH

IRUPHD]

FHUFHWDW 

XQLW

VRQGDM

7RDWH

XQLW

FDUH

FRPSXQ

FROHFWLYLWDWHD WRWDO

DX DQVH HJDOH GH D GHYHQL XQLW

L GH VRQGDM GHFL GH D IDFH SDUWH GLQ HDQWLRQ YDULDQW FRQVW vQ

(DQWLRQDUHD DOHDWRULH VH SRDWH UHDOL]D vQ PDL PXOWH YDULDQWH &HD PDL VLPSO UHDOL]DUHD XQHL OLVWH H[KDXVWLYH D WXWXURU XQLW LORU FROHFWLYLW

LL FHUFHWDWH L D HIHFWXD WUDJHUHD OD VRU L

SULQ LQWHUPHGLXO XQXL DOJRULWP FDUH VH VWDELOHWH GH F WUH VSHFLDOWLL FDUH IDF SDUWH GLQ HFKLSD GH VWXGLX Q FD]XULOH vQ FDUH FROHFWLYLWDWHD WRWDO HVWH GLILFLO  GH DFHHD vQ SUDFWLF VH DSHOHD] FHUFHWDW HVWH QXPHURDV  DSOLFDUHD DFHVWHL PHWRGH

OD R VHULH GH VLPSOLILF UL SULQ HIHFWXDUHD XQRU VRQGDMH SRDWH IL vPS U LW vQ MXGH H GXS FDUH

OD PDL PXOWH QLYHOXUL GH H[HPSOX FROHFWLYLWDWHD QD LRQDO

VXQW DOHVH DQXPLWH MXGH H vQ FDGXO MXGH HORU VXQW LQFOXVH vQ WUDJHUHD OD VRU L D XQLW DQXPLWH ORFDOLW L HWF 

LORU GH VRQGDM

&KLDU GDF

PHWRGHOH GH HDQWLRQDUH DOHDWRULL VXQW FHOH PDL ULJXURDVH GH PXOWH RUL HOH QX VH GHRDUHFH QHFHVLW FRVWXUL LPSRUWDQWH 'H DVHPHQHD DYDQWDMHOH FX R

SRW WUDQVSXQH HIHFWLY vQ SUDFWLF

FRQIHULWH GH DFHVWH PHWRGH GHYLQ RSHUD LRQDOH QXPDL vQ FRQGL LLOH vQ FDUH DQFKHWD VH GHVI RDU DFHHDL ULJXUR]LWDWH SkQ V IDF OD ILQDOL]DUHD DFHVWHLD /LPLWHOH H[SXVH GHWHUPLQ OD DOWH PHWRGH GH HDQWLRQDUH 0HWRGD FRWHORU WRWDO DU FRQVW vQ UHVSHFWDUHD

VSHFLDOLWLL GH PDUNHWLQJ

DSHO vQ FDGUXO VWXGLLORU GH SLD E HDQWLRQDUHD LL SULQ ID

FRWH GH

SULQFLSLXOXL HVWH

UHSUH]HQWDWLYLW XUP ULW  GH

HDQWLRQXOXL SULQ GH

FROHFWLYLWDWHD XQRU FULWHULL

FHUFHWDW  IL VH[XO LL HWF

5HSUH]HQWDWLYLWDWHD YkUVWD FDWHJRULD

RELFHL

LQWHUPHGLXO UHHGLQ D

FXP

VRFLR D

SURIHVLRQDO 

UHJLXQHD

FRPSRQHQ LORU

FROHFWLYLW

-XVWLILFDUHD

WHRUHWLF

PHWRGHL FRWHORU UH]LG FHUFHWDW

vQ LSRWH]D FRQIRUP F UHLD GDF

HDQWLRQXO HVWH UHSUH]HQWDWLY SHQWUX SRSXOD LD

GLQ SXQFWXO GH YHGHUH DO FULWHULLORU OXDWH vQ FRQVLGHUDUH vQ FDGUXO HDQWLRQ ULL HO YD IL

UHSUH]HQWDWLY L GLQ SXQFWXO GH YHGHUH DO DOWRU FDUDFWHULVWLFL FXP DU IL RELFHLXULOH FRPSRUWDPHQWHOH DWLWXGLQLOH HWF $FHDVW PHWRG SUH]LQW DYDQWDMXO F SRDWH IL UHDOL]DW FX FRVWXUL UHODWLY UHGXVH vQV

SRW DSDUH vQ WUDQVSXQHUHD HL vQ SUDFWLF

R VHULH GH SRWHQ LDOH SHULFROH 8QXO GLQWUH DFHVWH SHULFROH FDUH VH IDFH HDQWLRQDUHD HVWH UHGXV V

HVWH DFHOD F  vQ VLWXD LD vQ FDUH QXP UXO GH FULWHULL GXS

VSHFLDOLWLL LPSOLFD L YRU DYHD R OLEHUWDWH GHVWXO GH PDUH vQ D DOHJH SHUVRDQHOH FDUH XUPHD] FRPSXQ F YLLWRUXO HDQWLRQ PHWRGD LWLQHUDULLORU Q FDGUXO VWXGLLORU GH SLD  DFHDVW PHWRG HVWH XWLOL]DW

ILH

LQGLYLGXDO ILH vPSUHXQ

FX PHWRGD FRWHORU 0HWRGD FRQVW

vQ vQFHUFDUHD GH D UHSURGXFH FRQGL LLOH

XQHL WUDJHUL OD VRU L SULQ IL[DUHD XQRU UHJXOL VWULFWH GH VHOHF LH vQ VSD LX SH FDUH DQFKHWDWRULL WUHEXLH V OH UHVSHFWH Q FLXGD XQHL DSDUHQWH ULJRUL PHWRGD HVWH GLILFLO GH DSOLFDW vQ SUDFWLF SDUWH vQV  HD HYLW FRQFHQWUDUHD JHRJUDILF L GH UHVSHFWDW

GH F WUH DQFKHWDWRUL 3H GH DOW DQFKHWDWRULL V

D LQWHUYLHYD LORU L REOLJ

LD vQ FRQVLGHUDUH PDL PXOWH VHJPHQWH WHULWRULDOH ILH PHQ LRQDW L GLPHQVLXQHD

,QGLIHUHQW GH PHWRGD GH HDQWLRQDUH DOHDV  HVWH DEVROXW QHFHVDU FD DFHDVWD V vQ FDGUXO VWXGLXOXL UHDOL]DW GH DVHPHQHD HVWH REOLJDWRULX V ILH SUHFL]DW

HDQWLRQXOXL DVWIHO vQFkW XWLOL]DWRUXO UH]XOWDWHORU DQFKHWHL V RE LQXWH $D FXP DP SUHFL]DW DQWHULRU VRQGDMXO FD PHWRG FKHVWLRQDU 5HGDFWDUHD FKHVWLRQDUXOXL HVWH I FXW 

SRDW

DSUHFLD YDODELOLWDWHD UH]XOWDWHORU

FODVLF HYLGHQW

GH DQFKHW  LPSOLF vQ VWUkQV

XWLOL]DUHD XQXL FX QDWXUD VH IDF

OHJ WXU

LQIRUPD LLORU FH XUPHD]

D IL FXOHVH (ODERUDUHD L UHGDFWDUHD FKHVWLRQDUHORU WUHEXLH V

UHVSHFWkQG DQXPLWH UHJXOL UHJXOL UHIHULWRDUH OD GLPHQVLXQHD L OD IRUPXODUHD vQWUHE ULORU SH GH DOW 'LPHQVLXQHD FDUDFWHULVWLF FKHVWLRQDUXOXL SDUWH VDX OXQJLPHD VH

L VWUXFWXUD FKHVWLRQDUXOXL SH GH R SDUWH

UHIHU

OD

GXUDWD

VD

vQ

WLPS

$FHDVW

GHWHUPLQ  vQ PRG KRW UkWRU QXP UXO GH SHUVRDQH FDUH YRU IL GLVSXVH V FRQYLQJHP SHUVRDQHOH V U VSXQG

U VSXQG  9D HVWH GH

IL PXOW PDL XRU V

OD XQ FKHVWLRQDU D F UXL GXUDW

GRX ]HFL GH PLQXWH GHFkW OD XQXO D F UXL GXUDW RGDW LQVWDODW

GHS HWH GH H[HPSOX WUHL VIHUWXUL GH RU  Q SOXV

RERVHDOD HYHQWXDO SOLFWLVHDOD  UHVSRQGHQ LL QX YRU PDL IL OD IHO GH H[DF L L GH DWHQ L GHUXO ULL XQXL FKHVWLRQDU VH HOLPLQH vQWUHE ULOH

FD vQ SULPD SDUWH D GHVI XU ULL DQFKHWHL 3HQWUX D OLPLWD GXUDWD DIHUHQW LPSXQH FD VSHFLDOLVWXO FDUH IRUPXOHD] vQWUHE ULOH V

ILH IRDUWH SUHFLV L FRQFLV V

FDUH DU SXWHD JHQHUD U VSXQVXUL DPELJXL HWF 'H RELFHL WHQWD LD GH D IRUPXOD vQWUHE UL VXSOLPHQWDUH HVWH IRDUWH PDUH GH DFHHD DQFKHWDWRUXO WUHEXLH V UH]LVWH vQ ID D HL &UHWHUHD QXP UXOXL GH

vQWUHE UL SRDWH FRQGXFH OD GLPLQXDUHD FDOLW VXJHUDUHD U VSXQVXULORU

LL UH]XOWDWHORU RE LQXWH Q DFHODL WLPS QX HVWH DGPLV

3HQWUX D RE LQH UH]XOWDWHOH GRULWH QX WUHEXLH RPLV IDSWXO F SX LQ LPSRUWDQW GHFkW GXUDWD L UHVSHFWLY HIRUWXO QHFHVDUH SHQWUX

QXP UXO vQWUHE ULORU HVWH PDL D GD U VSXQVXUL U VSXQG OD vQWUHE ULOH OD vQWUHE UL

IRUPXODWH 'H DVHPHQHD VH YD vQFHUFD VWLPXODUHD SHUVRDQHORU FKHDVWLRQDWH V

XWLOL]kQG vQ DFHVW VFRS PHWRGH FkW VH SRDWH GH GLYHUVH vQ IXQF LH GH LQYHQWLYLWDWHD DQFKHWDWRUXOXL L D HFKLSHL GLQ FDUH DFHVWD IDFH SDUWH /D UHXLWD XQXL DVWIHO GH GHPHUV FRQFXU L XQ DOW HOHPHQW L

DQXPH RUGLQHD vQ FDUH VXQW SXVH vQWUHE ULOH DFHVWHD SRW IL LHUDUKL]DWH FODVLILFDWH vQ IXQF LH GH GLYHUVH FULWHULL VDX GH H[HPSOX SRUQLQG GH OD HOHPHQWHOH GH DQVDPEOX JHQHUDOH L DMXQJkQG SkQ GHWDOLLOH IHQRPHQXOXL FHUFHWDW vQ FDGUXO VWXGLXOXL GH SLD SULYHWH IRUPXODUHD vQWUHE ULORU H[LVW PDL GHJUDE DUWHL GHFkW WLLQ HL UL $FHVWHD SRW IL vQFDGUDWH vQ SDWUX OD

FDUH VH GHUXOHD]  Q ILQH vQ FHHD FH F DFHDVW DFWLYLWDWH DSDU LQH

QXPHURDVH YRFL FDUH FRQVLGHU

6XQW XWLOL]DWH vQ FKHVWLRQDUH GLYHUVH WLSXUL GH vQWUHE PDUL FDWHJRULL

 vQWUHE ULOH GHVFKLVH VXQW DFHOHD FDUH SHUPLW SHUVRDQHL LQWHUYLHYDWH V DFHDVWD vO FRQVLGHU SRWULYLW vL ODV

GHD U VSXQVXO SH FDUH

DFHVWHLD OLEHUWDWHD GH H[SULPDUH DWkW vQ FHHD FH SULYHWH IRUPD FkW

L OXQJLPHD U VSXQVXOXL  vQWUHE ULOH IHUPH VXQW vQWUHE ULOH FDUH QX SHUPLW GHFkW XQ QXP U PLF GH U VSXQVXUL vQ

U VSXQVXUL FDUH vQ JHQHUDO SRW IL SUHY ]XWH $YDQWDMXO XWLOL] ULL XQRU DVWIHO GH vQWUHE UL UH]LG VLPSOLWDWHD ORU vQV vQ FD]XO vQ FDUH QH LQWHUHVHD]

FXDQWLILFDUHD XQRU FRPSRUWDPHQWH FRPSOH[H D

XQRU DWLWXGLQL XWLOL]DUHD ORU QX HVWH UHFRPDQGDW   vQWUHE ULOH SUHIRUPDWH VH GHILQHVF SULQ DFHHD F  OD SULPD YHGHUH QXP UXO GH U VSXQVXUL

SRVLELOH QX HVWH OLPLWDW GDU GH IDSW DOHJHUHD U VSXQVXOXL VH IDFH GLQWUXQ QXP U UHGXV GH YDULDQWH $YDQWDMXO DFHVWRU vQWUHE UL VH PDQLIHVW PDL DOHV vQ OHJ WXU FX VDUFLQLOH DQFKHWDWRUXOXL HVWH XXUDW U VSXQVXULOH vQWUR DQXPLW P VXU  VXQW

PXQFD DFHVWXLD  LDU LQFRQYHQLHQWXO SULQFLSDO HVWH DFHOD F VXJHUDWH

 VFDOHOH GH DWLWXGLQH (VWH YRUED vQ DFHVW FD] GH vQWUHE UL SULQ LQWHUPHGLXO F URUD VH SRDWH P VXUD LQWHQVLWDWHD DWLWXGLQLORU UHVSRQGHQ LORU ID H[HPSOX R DQXPLW FDUDFWHULVWLF GH XQ SURGXV R PDUF VDX XQ FRPSRUWDPHQW 'H vQ FDUH DWLWXGLQLOH

D XQXL DXWRPRELO VDU SXWHD VLWXD SH R VFDO

PHUJ GH OD IUDJLO OD UREXVW 3DQHOXULOH 3DQHOXULOH FD WHKQLFL GH VWXGLHUH D SLH HL IDF SDUWH GLQ FDWHJRULD DQFKHWHORU UHSHWLWLYH

$QFKHWHOH UHSHWLWLYH FRQVWDX vQ D SXQH SHULRGLF DFHOHDL vQWUHE UL XQXL SXEOLF GHWHUPLQDW vQ VFRSXO GHWHUPLQ ULL HYROX LHL vQ WLPS D FRPSRUWDPHQWHORU HIHFWLYH VDX DIHFWLYH DOH SXEOLFXOXL UHVSHFWLY

3ULQFLSDOHOH

WLSXUL

GH

SDQHOXUL

VXQW FHOH DOH FRQVXPDWRULORU DOH GLVWULEXLWRULORU L FHOH

VSHFLDOL]DWH 3DQHOXULOH FRQVXPDWRULORU XUP UHVF vQ SULQFLSDO FRPSRUWDPHQWXO GH FXPS UDUH DO XQXL HDQWLRQ SHUPDQHQW GH FRQVXPDWRUL 'H DVHPHQHD HO SRDWH IL XWLOL]DW L vQ DQDOL]D DOWRU WLSXUL GH FRPSRUWDPHQWH VDX FKLDU vQ HYROX LD RSLQLLORU L LQWHQ LLORU FRQVXPDWRULORU 'DF FRQVXPDWRULORU YL]HD] UHIHU SDQHOXULOH

FXPS U ULOH HIHFWXDWH GH GLYHUL FRQVXPDWRUL SDQHOXULOH GLVWULEXLWRULORU VH

OD YkQ] UL XQ SDQHO DO GLVWULEXLWRULORU HVWH UHSUH]HQWDW GH XQ HDQWLRQ GH FRPHUFLDQ L F URUD OL

VH XUP UHVF SHULRGLF FXPS U ULOH YkQ] ULOH L VWRFXULOH 3DQHOXULOH VSHFLDOL]DWH VH FRQFHQWUHD] DVXSUD XQXL DQXPLW GRPHQLX FDUH YD IL XUP ULW GLQ SXQFWXO GH YHGHUH DO FRPSRUWDPHQWHORU VDX RSLQLLORU H[SULPDWH vQ OHJ WXU 0HWRGHOH GH DQDOL] FX DFHVWD

D GDWHORU

,QGLIHUHQW GH WHKQLFLOH GH VWXGLHUH D SLH HL XWLOL]DWH LQIRUPD LLOH DIODWH vQ VWDUHD ORU EUXW  QHSUHOXFUDW  QX VXQW XWLOL]DWH vQ DFHDVW IRUP  HOH XUPkQG D IL DQDOL]DWH SUHOXFUDWH 'HD OXQJXO D GDWHORU DX HYROXDW ) U D LQWUD vQ

WLPSXOXL L PDL DOHV vQ XOWLPHOH GHFHQLL PHWRGHOH GH DQDOL] GHWDOLL SUHFL] P F vQFDGUDWH vQ GRX FHOH PDL XWLOL]DWH PHWRGH GH DQDOL]

D GDWHORU vQ FHUFHW ULOH GH PDUNHWLQJ VXQW

PDUL FDWHJRULL PHWRGH GHVFULSWLYH L PHWRGH H[SOLFDWLYH

 352,(&7$5($ 818, 678',8 '( 3,$

(ODERUDUHD XQXL VWXGLX GH SLD

UHSUH]LQW

XQD GLQWUH FHOH PDL LPSRUWDQWH UHVSRQVDELOLW

L DOH

VSHFLDOLWLORU GH PDUNHWLQJ 3HQWUX D UHDOL]D XQ VWXGLX GH SLD DQWHULRU GHVI XU ULL DFHVWXLD VSHFLDOLWLL LPSOLFD L V 3URLHFWXO XQXL VWXGLX GH SLD vQWRFPHDVF

ULJXURV HVWH DEVROXW QHFHVDU FD XQ SURLHFW DO VWXGLXOXL GH SLD 

SUHVXSXQH SDUFXUJHUHD XUP WRDUHORU HWDSH  8Q VWXGLX GH SLD QX HVWH UHDOL]DW QLFLRGDW GRDU

 GHILQLUHD RELHFWXOXL VWXGLXOXL GH SLD

vQ VFRS LQIRUPDWLY vQWRWGHDXQD ILQDOLWDWHD VWXGLXOXL HVWH FRQFUHWL]DW DFHHD vQ SULPXO UkQG HVWH QHFHVDU R IRUPXODUH FODU

vQ DGRSWDUHD XQHL GHFL]LL 'H

D SUREOHPHL FDUH LQWHUHVHD]  QX SRDWH IXUQL]H]H

 LQYHQWDULHUHD LQIRUPD LLORU QHFHVDUH VWXGLXOXL Q UHDOLWDWH XQ VWXGLX GH SLD V IRUPXOH]H U VSXQVXUL OD WRDWH vQWUHE ULOH L SUREOHPHOH XQXL PDQDJHU HO SRDWH GRDU V DGRSWH GHFL]LLOH FHOH PDL SRWLYLWH )RUPXODUHD SUHFLV ID]D FHD PDL LPSRUWDQW 

LQIRUPD LL FDUH V O DMXWH V

D LQIRUPD LLORU

QHFHVDUH VROX LRQ ULL XQHL DQXPLWH SUREOHPH UHSUH]LQW FHD PDL GLILFLO D HODERU ULL SURLHFWXOXL VWXGLXOXL GH SLD

L vQ DFHODL WLPS

 DOHJHUHD WHKQLFLORU GH FXOHJHUH D LQIRUPD LLORU Q PRPHQWXO vQ FDUH FXQRDWHP WLSXO L QXP UXO LQIRUPD LLORU GH FDUH DYHP QHYRLH VH FXYLQH V LQWHUPHGLXO F UHLD V GH SLD   HYDOXDUHD WHUPHQHORU L FRVWXULORU 2ULFH SURLHFW DO XQXL VWXGLX GH SLD XQ FDOHQGDU FDUH V FXSULQG GHVI XUDUHD L WXWXURU DFWLYLW HVWH vQVR LW GH ILH DOHDV L FHD PDL SRWULYLW PHWRG SULQ

OH RE LQHP $OHJHUHD DFHVWRU WHKQLFL VH YD IDFH GH F WUH XQ VSHFLDOLVW vQ VWXGLL

LORU SURSXVH SUHFXP L XQ GHYL] DO

FKHOWXLHOLORU RFD]LRQDWH GH DFHVWH DFWLYLW

 DGRSWDUHD VDX PRGLILFDUHD SURLHFWXOXL 'HFL]LD UHVSRQVDELOXOXL GH PDUNHWLQJ UHIHULWRDUH OD SURLHFWXO HODERUDW YD IL OXDW vQ XUPD FRPSDU ULL SH GH R SDUWH D LPSRUWDQ HL LQIRUPD LLORU L GH WLPS

RE LQXWH LDU SH GH DOW UHVSHFWLY XQLW

SDUWH D FRVWXOXL UHDOL] ULL SURLHFWXOXL FRVW FXDQWLILFDW vQ XQLW

L PRQHWDUH 'H DVHPHQHD SRDWH IL HYDOXDW

L YDORDUHD LQIRUPD LLORU FDUH YRU IL

IXUQL]DWH GH VWXGLXO GH SLD

 HYDOXDUH vQ XUPD F UHLD VH YD FXDQWLILFD UHQWDELOLWDWHD DFHVWXLD

 678',(5($ ',0(16,81,/25 3,(

(,

6WXGLHUHD SLH HL QX VH OLPLWHD] H[SOLFDUHD DQXPLWRU FRPSRUWDPHQWH

OD GHVFLIUDUHD XQRU HOHPHQWH GH QDWXU L DWLWXGLQL FL LPSOLF L HYDOXDUHD

JHQHUDO  WHRUHWLF  OD FX DMXWRUXO XQRU

SLH HL

LQGLFDWRUL GLUHFW P VXUDELOL 'H DFHHD FRQVLGHU P FD ILLQG DEVROXW QHFHVDU GLPHQVLXQLORU SLH HL Q FHOH FH XUPHD]

RSHUD LXQHD GH VWXGLHUH D

YRP DERUGD FDSDFLWDWHD DULD L VWUXFWXUD SLH HL

&DSDFLWDWHD SLH HL &DSDFLWDWHD SLH HL VH GHILQHWH SULQ FDQWLWDWHD PD[LP DEVRUELW QDWXU GH R DQXPLW SLD GLQWUXQ DQXPLW SURGXV FDUH SRDWH IL

 OD XQ PRPHQW GDW OXkQG vQ FRQVLGHUDUH UHVWULF LLOH OHJDWH GH OLPLWHOH GH

IL]LF

VDX SVLKLF

DOH FRQVXPDWRUXOXL UHVSHFWLY UHVWULF LLOH GH FDSDFLWDWH DOH SURGXF WRUXOXL FD SURGXV vQWUH QXP UXO GH FRQVXPDWRUL L LQWHQVLWDWHD PHGLH GH

&DSDFLWDWHD SLH HL SRDWH IL FDOFXODW FRQVXP SHQWUX SURGXVXO FRQVLGHUDW

9kQ] ULOH UHDOL]DWH vQ PRG HIHFWLY SH SLD

 VH H[SULP

VXE IRUPD YROXPXOXL SLH HL 6H

GHILQHWH GH DVHPHQHD SRWHQ LDOXO SLH HL UHVSHFWLY YROXPXO GH YkQ] UL PD[LP FH VH SRDWH vQUHJLVWUD SH R SLD  OD XQ QLYHO GH SUH L OD XQ QLYHO GHWHUPLQDW DO YHQLWXULORU FRQVXPDWRULORU

3ULQ UDSRUWDUHD YROXPXOXL SLH HL OD SRWHQ LDOXO SLH HL VH RE LQH XQ DOW LQGLFDWRU L DQXPH JUDGXO GH VDWXUDUH D SLH HL &X FkW QLYHOXO DFHVWXL LQGLFDWRU HVWH PDL UHGXV FX DWkW SRVLELOLW S WUXQGHUH SH SLD D UHVSHFWLY Q VWXGLLOH GH SLD ILUPH VDX D XQXL SURGXV VXQW PDL vQVHPQDWH L LQYHUV IRDUWH GHV LQGLFDWRUXO FRWD GH SLD FD UDSRUW vQWUH YkQ] ULOH ILUPHL  &RWD GH SLD VDX YkQ] ULOH D XQHL DIHUHQWH LOH GH

VH XWLOL]HD] VH GHWHUPLQ

SURGXVXOXL FRQVLGHUDW L YROXPXO WRWDO DO SLH HL $FHDVWD HVWH GH IDSW FRWD GH SLD GH FDUH VH SRDWH FDOFXOD L FRWD GH SLD PDL SXWHUQLF FRQFXUHQW DO V X $ULD SLH HL 6WXGLHUHD DFWLYLW DFHVWHL DFWLYLW LL GH SLD

DEVROXW  DO WXUL

UHODWLY  FD UDSRUW vQWUH SLD D ILUPHL FRQVLGHUDWH L SLD D FHOXL

QX VH SRDWH IDFH I FkQG DEVWUDF LH GH GLPHQVLXQLOH VSD LDOH DOH

L Q DFHVW VHQV XQXO GLQWUH IHQRPHQHOH FHOH PDL LPSRUWDQWH HVWH UHSUH]HQWDW GH

JUDYLWD LD FRPHUFLDO  )HQRPHQXO JUDYLWD LHL FRPHUFLDOH D IRVW VWXGLDW GH SURIHVRUXO 5HLOO\ FDUH D IRUPXODW OHJHD JUDYLWD LHL FRPHUFLDOHGRX ORFDOLWDWH LQWHUPHGLDU SRSXOD LHL UHVSHFWLY FHQWUH FRPHUFLDOH $ L % DWUDJ FXPS U WRULL GLQWUR SULQ GLPHQVLXQHD GLVWDQ HL GLQWUH

7 vQ UDSRUW GLUHFW SURSRU LRQDO FX P ULPHD ORU H[SULPDW QXP UXO GH ORFXLWRUL L LQYHUV SURSRU LRQDO FX

S WUDWXO

ORFDOLWDWHD 7 L FHOH GRX

FHQWUH GH DWUDF LH

&X DMXWRUXO OHJLL JUDYLWD LHL FRPHUFLDOH VDX OHJHD 5HLOO\  SXWHP GHWHUPLQD DULD FRPHUFLDO L GH DVHPHQHD SXWHP FRQVWUXL DQXPLWH K U L FRPHUFLDOH DOH DQXPLWRU ]RQH VSD LDO DOH DFWLYLW LL GH SLD

XQHL ORFDOLW

$OWH FDUDFWHULVWLFL GH QDWXU

L JUDGXO GH VROLFLWDUH D UH HOHORU GH GLVWULEX LH *UDGXO GH FRQFHQWUDUH D SLH HL SRDWH IL GHWHUPLQDW SULQWUR VHULH GH LQGLFDWRUL FXP DU IL YROXPXO GH YkQ] UL UDSRUWDW OD R DQXPLW VXSUDID  YROXPXO

GH YkQ] UL UDSRUWDW OD XQ DQXPLW QXP U GH ORFXLWRUL QXP UXO GH SXQFWH GH YkQ]DUH OD XQLWDWHD GH VXSUDID  *UDGXO GH VROLFLWDUH D UH HOHORU GH GLVWULEX LH VH UHIHU OD GHQVLWDWHD DFWHORU GH YkQ]DUH

FXPS UDUH vQWUXQ WHULWRULX VWULFW GHWHUPLQDW L HVWH LQIOXHQ DW GH GLVSXQHUHD vQ WHULWRULX D GLYHUVHORU SXQFWH GH YkQ]DUH GH VSHFLILFLWDWHD SURGXVHORU GH GHQVLWDWHD SRSXOD LHL GH SUHIHULQ HOH

FRQVXPDWRULORU 6WUXFWXUD SLH HL 'LQ SXQFWXO GH YHGHUH DO PDUNHWLQJXOXL SLD D SRDWH IL VWUXFWXUDW vQ GRX PDUL FDWHJRULL L FDUH

FDWHJRULD FRQVXPDWRULORU L FDWHJRULD QRQFRQVXPDWRULORU &RQVXPDWRULL SRW IL GHILQL L FD HQWLW DX LQWURGXV GHMD SURGXVXO VXQW vQ FRQVXP OD VDX vO YRU vQ LQWURGXFH PDUL vQ SHULRDGD LPHGLDW DEVROX L QLFL QX

1RQFRQVXPDWRULL 1RQFRQVXPDWRULL

LQGLIHUHQW GH PRGXO GH PDQLIHVWDUH D SLH HL L D PHGLXOXL 1RQFRQVXPDWRULL UHODWLYL VH FDUDFWHUL]HD] SULQ DFHHD F  OD XQ PRPHQW GDW RGDW GHYHQL FRQVXPDWRUL $QVDPEOXO FX PRGLILFDUHD DQXPLWRU YDULDELOH FH LQIOXHQ HD] L DO QRQFRQVXPDWRULORU GHILQHVF SLD D YRU WRWDO 

6LPLODU GHILQLP SLD D WHRUHWLF  DOF WXLW

'

 '

 3

&

 &

 FXPS U ULOH DWUDVH GH $ UHVSHFWLY GH %  SRSXOD LD FHQWUXOXL $ UHVSHFWLY %  GLVWDQ D SkQ OD $ UHVSHFWLY SkQ OD % D

JUXSD L QX

UkQGXO

DEVROX L

DX

LQWURGXV

FRQVXPDWRULORU

&

 &

 3 '

 '

GLQ FRQVXPDWRUL L QRQFRQVXPDWRUL UHODWLYL

 vQ FDUH

VXQW JUDGXO GH FRQFHQWUDUH D SLH HL

XUP WRDUH L R UHODWLYL IDFH

ORU vQ

GRX

VXEFDWHJRULL DQDOL]DW L

FRQVXP

SURGXVXO

YRU

SLD D

 5($/,=$5($ 6(*0(17

5,, 3,(

(,

3HQWUX RULFH WLS GH RUJDQL]D LH UROXO PDUNHWLQJXO HVWH DFHOD GH D FRQWULEXL OD R PDL EXQ FXQRDWHUH D SXEOLFXOXL DFHVWHLD vQ VFRSXO DGDSW ULL HL OD PHGLXO GLQ FDUH IDFH SDUWH L D UHDOL] ULL HILFLHQ HL PD[LPH 3XEOLFXO LQWHUPHGLDULL IXUQL]RULL FRQVXPDWRULL DOHJ WRULL HWF QX HVWH R HQWLWDWH RPRJHQ  HO HVWH DOF WXLW GLQ PLL XQHRUL PLOLRDQH GH LQGLYL]L GLIHUL L FDUH DX RELFHLXUL JXVWXUL L DWLWXGLQL PDL PXOW VDX PDL SX LQ GLIHULWH Q DFHVW FRQWH[W FXP HVWH SRVLELO FD RUJDQL]D LD V VH DGDSWH]H OD XQ DQVDPEOX DWkW GH HWHURJHQ L V ([LVW GRX U VSXQVXUL H[WUHPH OD DFHDVW DF LRQH]H HILFLHQW" vQWUHEDUH L DQXPH PDUNHWLQJXO GH PDV L

PDUNHWLQJXO LQGLYLGXDOL]DW QWUH DFHVWH GRX VHJPHQWDUHD SLH HL 0DUNHWLQJXO GH PDV VH ED]HD]

DERUG UL H[WUHPH VH VLWXHD]

PDUNHWLQJXO ED]DW SH

SH LJQRUDUHD GHOLEHUDW

D GLIHUHQ HORU FDUH SRW H[LVWD vQWUH HVWH

FRQVXPDWRUL HVWH OXDW vQ FRQVLGHUDUH GRDU FRQVXPDWRUXO PHGLX 3ROLWLFD GH PDUNHWLQJ SUDFWLFDW XQD QHGLIHUHQ LDW  DOWIHO VSXV VH RIHU

WXWXURU FRQVXPDWRULORU DFHODL SURGXV OD XQ DFHODL SUH  vQ SROLWLF

DFHOHDL SXQFWH GH YkQ]DUH XWLOL]kQG DFHOHDL SUDFWLFL FRPHUFLDOH L GH PDUNHWLQJ $FHDVW DU SXWHD UHXL vQ FD]XO XQRU SURGXVH GH ODUJ FRQVXP GH XWLOL]DUH IUHFYHQW SUHOXFUDUH FD]XO D XQRU SURGXVH L DOLPHQWDUH SUHIHULQ HORU GH ED]  QV  SHQWUX DU IL

L FX XQ JUDG UHGXV GH SURGXVHORU R

PDMRULWDWHD R

QHGLIHUHQ LHUH

JXVWXULORU

FRQVXPDWRULORU

DERUGDUH

SHULFXORDV 

&RQVXPDWRUXO PHGLX HVWH PDL FXUkQG R QR LXQH VWDWLVWLF R SROLWLF YLDELO  GH PDUNHWLQJ FDUH vL SURSXQH V U VSXQG

DEVWUDFW  FDUH QX H[LVW

vQ UHDOLWDWH $VWIHO

FHULQ HORU DFHVWXL WLS GH FRQVXPDWRU QX YD IL

0DUNHWLQJXO LQGLYLGXDOL]DW HVWH RSXVXO PDUNHWLQJXOXL GH PDV  3ULQFLSLXO OD FDUH IDFH DSHO DFHVW WLS GH PDUNHWLQJ HVWH DFHOD DO OX ULL vQ FRQVLGHUDUH D WXWXURU LQGLYL]LORU FDUH DOF WXLHVF SLD D L FRQVWUXLUHD XQHL SROLWLFL DGDSWDWH QHYRLORU L SUHIHULQ HORU ILHF UXLD $FHVW SULQFLSLX SRDWH IL DSOLFDW vQ GRPHQLXO PDUNHWLQJXOXL LQGXVWULDO GH F WUH vQWUHSULQGHULOH FDUH DX XQ QXP U UHGXV GH FOLHQ L L FDUH YkQG SURGXVH DYkQG R YDORDUH vQVHPQDW  'H DVHPHQHD PDUNHWLQJXO LQGLYLGXDOL]DW SRDWH IL XWLOL]DW L vQ FD]XO DQXPLWRU EXQXUL GH ODUJ FRQVXP DXWRWXULVPH VSUH H[HPSOX (VWH HYLGHQW vQV IDSWXO F  vQ PDMRULWDWHD VHFWRDUHORU XQHL HFRQRPLL PRGHUQH H[LJHQ HOH SURGXF LHL GH PDV FRPXQLF ULL FX FRQVXPDWRULL IDF LPSRVLELO QWUH FHOH GRX 6HJPHQWDUHD FRQVW DSOLFDUHD XQXL PDUNHWLQJ LQGLYLGXDOL]DW L DOH

WLSXUL GH PDUNHWLQJ SXWHP VLWXD PDUNHWLQJXO ED]DW SH VHJPHQWDUHD SLH HL vQ GHVFRPSXQHUHD SLH HL JOREDOH vQWUXQ QXP U PDL PDUH VDX PDL PLF GH

VXEDQVDPEOH GHQXPLWH VHJPHQWH 6HJPHQWHOH WUHEXLH V YHGHUH DO FRPSRUWDPHQWHORU QHYRLORU DWLWXGLQLORU XQLW WUHEXLH V ILH VXILFLHQW GH GLIHULWH XQHOH ID

ILH VXILFLHQW GH RPRJHQH GLQ SXQFWXO GH

LORU FRPSRQHQWH 'H DVHPHQHD VHJPHQWHOH MXVWLILFH DGRSWDUHD XQRU SROLWLFL GH

GH DOWHOH vQFkW V

PDUNHWLQJ GLVWLQFWH 3XWHP FRQVLGHUD F VHJPHQWDUHD SLH HL VH UHDOL]HD] SULQ LQWHUPHGLXO XUP WRDUHORU HWDSH

D DOHJHUHD FULWHULLORUPHWRGHORU GH VHJPHQWDUH E GHVFULHUHD FDUDFWHULVWLFLORU ILHF UXL VHJPHQW F DOHJHUHD XQXLD VDX D PDL PXOWRU VHJPHQWH G FRQFHSHUHD SROLWLFLORU GH PDUNHWLQJ DGDSWDWH ILHF UXL VHJPHQW GH SLD 

$OHJHUHD FULWHULLORU GH VHJPHQWDUH $FHDVW SULP HWDS FRQVW vQ DOHJHUHD FULWHULLORU UHVSHFWLY D PHWRGHORU FHORU PDL SRWULYLWH

vQ IXQF LH GH FDUH VH YD VHJPHQWD SLD D FH IDFH RELHFWXO VWXGLXOXL 6HJPHQWDUHD VH SRDWH UHDOL]D vQ IXQF LH GH YkUVWD FRQVXPDWRULORU GH YHQLWXULOH DFHVWRUD GH UHJLXQHD vQ FDUH ORFXLHVF GH QLYHOXO ORU GH HGXFD LH HWF 'HFL]LD FDUH VH DGRSW vQ FDGUXO DFHVWHL HWDSH HVWH KRW UkWRDUH SHQWUX EXQD

GHVI XUDUH L FRQWLQXDUH D SURFHVXOXL GH VHJPHQWDUH D SLH HL

'HVFULHUHD FDUDFWHULVWLFLORU ILHF 2GDW SLH HL HVWH

UXL VHJPHQW

DOHVH FULWHULLOH UHVSHFWLY PHWRGHOH GH VHJPHQWDUH L LQGLYLGXDOL]DW ILHFDUH VHJPHQW DO QHFHVDU GHVFULHUHD vQ DP QXQ LPH D FDUDFWHULVWLFLORU D VSHFLILFLW LL VHJPHQWXOXL

UHVSHFWLY DVWIHO vQFkW DFHVWD V

SRDW

IL DWHQW L FRUHFW DQDOL]DW L GLDJQRVWLFDW

$OHJHUHD XQXL VDX D PDL PXOWRU VHJPHQWH &XQRVFkQG GLPHQVLXQHD L FDUDFWHULVWLFLOH ILHF UXL VHJPHQW DO SLH HL vQWUHSULQGHUHD YD WUHEXL V GHFLG DVXSUD QXP UXOXL GH VHJPHQWH SH FDUH OH YD DERUGD 6H SXQH SUREOHPD DOHJHULL vQWUH R

VWUDWHJLH GH WLS FRQFHQWUDW FD] vQ FDUH YRU IL OXDWH vQ FRQVLGHUDUH XQ QXP U UHGXV GH VHJPHQWH DOH SLH HL LVDX R VWUDWHJLH GH WLS GLIHUHQ LDW VWUDWHJLH FDUH IDFH DSHO OD XQ QXP U PDL PDUH GH VHJPHQWH GH SLD  (YLGHQW GDWRULW PXOWLWXGLQLL L GLYHUVLW LL SURGXVHORU FDUH FRH[LVW SH R DQXPLW SLD 

VROX LLOH VXQW OD IHO GH QXPHURDVH L GH GLYHUVH &ULWHULLOH FDUH DU SXWHD IL OXDWH vQ FRQVLGHUDUH vQ FHHD FH SULYHWH DOHJHUHD XQXL DQXPLW QXP U GH VHJPHQWH VXQW GLPHQVLXQHD GLIHULWHORU VHJPHQWH FDUH SUH]LQW LQWHUHV SHQWUX vQWUHSULQGHUH JUDGXO GH GHVFKLGHUH DO VHJPHQWHORU GH SLD FDUH DX IRVW

LQGLYLGXDOL]DWH L GHILQLWH FDUDFWHULVWLFLOH vQWUHSULQGHULL FDUH HVWH LQWHUHVDW VHJPHQWDUH D SLH HL

GH SURFHVXO UHVSHFWLY GH

&RQFHSHUHD SROLWLFLORU GH PDUNHWLQJ DGDSWDWH ILHF 'XS GHVFRSHUH V DOHJHUHD FRQFHDS XQXLD L V VDX D PDL PXOWRU VHJPHQWH

UXL VHJPHQW GH SLD  vQWUHSULQGHUHD YD WUHEXL V

WUDQVSXQ

vQ SUDFWLF

FHOH PDL DGHFYDWH SROLWLFL GH PDUNHWLQJ DVWIHO

vQFkW V L DWLQJ

RELHFWLYXO PD[LPL] ULL SURILWXOXL $VWIHO YRU IL DGRSWDWH VWUDWHJLLOH GH SURGXV GH

SUH  GH GLVWULEX LH L GH FRPXQLFDUH FDUH VH SRWULYHVF FHO PDL ELQH VHJPHQWXOXL DERUGDW ([LVW vQ SUDFWLF QXPHURDVH SRVLELOLW L L FULWHULL GH VHJPHQWDUH D SLH HL &ULWHULLOH GH

VHJPHQWDUH D SLH HL FDUH VH XWLOL]HD]

FHO PDL IUHFYHQW VXQW XUP WRDUHOH

 FULWHULL GHPRJUDILFH JHRJUDILFH VRFLDOH L HFRQRPLFH &ULWHULLOH GHPRJUDILFH FHO PDL GHV vQWkOQLWH vQ vQ VWXGLLOH GH SLD VXQW VH[XO YkUVWD

GLPHQVLXQHD IDPLOLHL HWF &ULWHULLOH JHRJUDILFH VXQW UHSUH]HQWDWH GH SDUWLFXODULW GLQ SXQFWXO GH YHGHUH DO UHOLHIXOXL FOLPHL DSURSLHULL VDX GLVWDQ HL ID

LOH DQXPLWRU UHJLXQL

GH DQXPLWH FHQWUH HWF Q

FD]XO FULWHULLORU VRFLDOH L HFRQRPLFH FULWHULLOH IUHFYHQW X]LWDWH VXQW YHQLWXULOH QLYHOXO GH SUHJ WLUH DO LQGLYL]LORU FDWHJRULD VRFLRSURIHVLRQDO  DSDUWHQHQ D OD R DQXPLW JUXSDUH VDX IRUP GH

RUJDQL]DUH HWF  FULWHULL FDUH GHILQHVF VWLOXO GH YLD $FHDVW FDWHJRULH GH FULWHULL PDL VXQW GHQXPLWH L GH SHUVRQDOLWDWH HOH VH UHIHU OD DQXPLWH

FDUDFWHULVWLFL JHQHUDOH L VWDELOH DOH LQGLYL]LORU FDUDFWHULVWLFL FDUH QX VXQW QHDS UDW XRU GH REVHUYDW L GH FXDQWLILFDW SUHFXP FDUDFWHULVWLFLOH JHRJUDILFH VDX GHPRJUDILFH  &ULWHULLOH FDUH GHILQHVF VWLOXO GH YLD VXQW XWLOL]DWH PDL SX LQ IUHFYHQW GHFkW FULWHULLOH FXSULQVH vQ FDWHJRULD DQWHULRDU   FULWHULL FDUH GHILQHVF FRPSRUWDPHQWXO ID GH XQ DQXPLW SURGXV VHJPHQWH]H FOLHQWHOD VD DVWIHO VHJPHQWDUHD SLH HL

Q PXOWH FD]XUL FRQFUHWH SHQWUX XQ SURGXF WRU HVWH LQWHUHVDQW V SRWHQ LDO vQ IXQF LH GH GLPHQVLXQHD DEVROXW D FRQVXPXOXL 6H FRQWXUHD]

vQ IXQF LH GH FDQWLW SLD

LOH FRQVXPDWH $O WXUL GH LQGLFDWRULL SULYLQG FDQWLW VH FXQRDVF

LOH FRQVXPDWH vQ VWXGLLOH GH

HVWH DEVROXW QHFHVDU V

L GHVWLQD LD SURGXVXOXL FRQVXPDW SHQWUX FD vQWUHSULQGHUHD

SURGXF WRDUH VDX GLVWULEXLWRDUH GXS

FD] V L RULHQWH]H PDL ELQH HIRUWXULOH 'HILQLP DVWIHO XQ DO SLH HL vQ IXQF LH GH PRGDOLW LOH GH XWLOL]DUH

GRLOHD WLS GH VHJPHQWDUH D SLH HL L DQXPH VHJPHQWDUHD D SURGXVXOXLSURGXVHORU  FULWHULL SVLKRORJLFH ([LVW

VLWXD LL vQ FDUH QX FRPSRUWDPHQWXO FL DWLWXGLQLOH SVLKRORJLFH vQ OHJ WXU

FX XQ DQXPLW

SURGXV UHSUH]LQW

XQ FULWHULX GH VHJPHQWDUH D SLH HL 8Q DFHODL SURGXV SRDWH UHSUH]HQWD R QHFHVLWDWH

SHQWUX XQ DQXPLW FRQVXPDWRU XQ EXQ GRULW SHQWUX XQ DOWXO XQ SURGXV GH OX[ vQ FD]XO DOWXLD HWF

 VHJPHQWDUHD PXOWLFULWHULDO $YkQG vQ YHGHUH FRPSOH[LWDWHD SLH HORU XQ XQLF FULWHULX GH VHJPHQWDUH QX HVWH vQWRWGHDXQD L VXILFLHQW 'H DFHHD VH SRDWH DSHOD OD R VHJPHQWDUH D SLH HL FDUH V GH VHJPHQWDUH Q DFHVW FD] VH YD UHQXQ D OD FULWHULXO RPRJHQLW LD vQ FDOFXO PDL PXOWH FULWHULL 

LL SHUIHFWH D VHJPHQWHORU GH SLD

5H]XPDW 6WXGLHUHD SLH HL UHSUH]LQW FHD PDL LPSRUWDQW L PDL FRPSOH[ FHUFHWDUH GH PDUNHWLQJ SH R DQDOL] DFWLYLWDWHD DWHQW D

2ULFH GHFL]LH UHIHULWRDUH OD DFWLYLWDWHD XQHL ILUPH DU WUHEXL V SLH HL 'H DVHPHQHD DGDSWDUHD ILUPHL OD PHGLXO vQ FDUH

ILH IXQGDPHQWDW vL GHVI RDU

SUHVXSXQH

XWLOL]DUHD XQXL YROXP FRQVLGHUDELO GH LQIRUPD LL 5H]XOW XQXL VWXGLX GH SLD 

DVWIHO QHFHVLWDWHD L LPSRUWDQ D UHDOL] ULL

&RQFHSWH FKHLH 6WXGLX GH SLD  $FWLYLWDWHD GH FROHFWDUH SUHOXFUDUH DQDOL] L LQWHUSUHWDUH SLD D LQIRUPD LLORU

UHIHULWRDUH OD WRWDOLWDWHD DFWRULORU FDUH vL GHVI RDU

DFWLYLWDWHD SH R DQXPLW

$WLWXGLQH 6HQWLPHQWH FRQYLQJHUL SHUFHS LL FDUH LQIOXHQ HD] FRQVXPDWRUXOXL &RWD GH SLD  5DSRUWXO GLQWUH SLD D XQHL ILUPH L SLD D WRWDO

FRPSRUWDPHQWXO FRPHUFLDO DO

'DWH VHFXQGDUH ,QIRUPD LL XWLOL]DWH vQ VWXGLLOH GH SLD VSHFLDOLWLL LPSOLFD L vQ DFHDVW DFWLYLWDWH

 GDU FDUH QX DX IRVW RE LQXWH GH F WUH

(DQWLRQ DOHDWRULX (DQWLRQ GH XQLW GH HDQWLRQ VXQW HJDOH SHQWUX WRDWH XQLW

L DOHVH OD vQWkPSODUH DQVHOH GH D IDFH SDUWH GLQWUXQ DVWIHO LOH FDUH FRPSXQ FROHFWLYLWDWHD WRWDO L vQ FDUH GLVWULEX LD GXS DQXPLWH FULWHULL HVWH VLPLODU

(DQWLRQ UHSUH]HQWDWLY 8Q JUXS GH XQLW FX FHD H[LVWHQW OD QLYHOXO FROHFWLYLW UHSHWLWLY LL WRWDOH

3DQHO $QFKHW

FH XUP UHWH HYROX LD XQXL DQXPLW FRPSRUWDPHQW

6HJPHQWDUH 'HFXSDUH D SLH HL vQ JUXSXUL RPRJHQH vQ IXQF LH GH DQXPLWH FULWHULL

&DSLWROXO 

&203257$0(178/ &21680$7258/8,

2ELHFWLYH (YLGHQ LHUHD IDFWRULORU LQWHUQL L H[WHUQL FDUH FRQGXF OD IRUPDUHD FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL FkW L DO FXPS UDWRULORU vQ DQVDPEOXO ORU ,GHQWLILFDUHD GLIHULWHORU HWDSH DOH SURFHVXOXL GH FXPS UDUH 5HOLHIDUHD UROXOXL SH FDUH vO DUH vQ HOHJHUHD FRPSRUWDPHQWXOXL FXPS U WRUXOXL vQ VHJPHQWDUHD LL GH PDUNHWLQJ

SLH HL L vQ IXQGDPHQWDUHD DFWLYLW

 12

,81, *(1(5$/( 35,9,1' &203257$0(178/ &21680$7258/8,

'HILQL LH 6H

FRPSRUWDPHQWXO XQHRUL F

FRQVXPDWRUXOXL DFHVW

UHSUH]LQW DO

XQ

VLVWHP

GH

DFWLYLW HVWH GRDU

L vQ

SURFHVH LQWHUHVXO

GHFL]LRQDOH LPSOLFDWH vQ DOHJHUHD SURFXUDUHD L XWLOL]DUHD SURGXVHORU VDX VHUYLFLLORU VXJHUHD] FRPSRUWDPHQW FRQVXPDWRUXOXL PDUNHWHULORU GRDUHFH HL GRUHVF V HVWH JUHLW FD RULFH RUJDQL]D LH V vO LQIOXHQ H]H L V vO VFKLPEH 2 DVHPHQHD DILUPD LH P UHWH PDUNHWLQJXO HVWH R SURIHVLH HWLF  ,QWXLWLY RDPHQLL YL]D L SHUFHS DFHO

LQYDULDELO FRQWURYHUVD vQ FHHD FH SULYHWH vQWUHEDUHD GDF FDXWH V

PDQLSXOH]H FRPSRUWDPHQWXO RDPHQLORU $GHY UXO HVWH F

PDUNHWLQJXO SRDWH SURPRYD XQ SURGXV VDX XQ VHUYLFLX GDU QXPDL GDF SOXV HL YRU PDL vQFHUFD D GRXD RDU SURGXVXO VDX VHUYLFLXO GRDU GDF

SURGXV VDX VHUYLFLX FD ILLQG UHOHYDQW SHQWUX QHYRLOH ORU DWXQFL FkQG HL QX ODX vQFHUFDW QLFLRGDW  Q SULPD vQFHUFDUH IRVW SR]LWLY  6FRSXO VWXGLHULL FRPSRUWDPHQWXOXL FXPS U WRUXOXL HVWH GH D SUHvQWDPSLQD PDL ELQH FHULQ HOH FRQVXPDWRULORU 1XPDL SURFHGkQG DVWIHO PDUNHWLQJXO vQWUHSULQGHULL YD IL FRQWLQXX L FRQVHFYHQW vQ vQWkPSLQDUHD SURSULLORU QHYRL QWRGHDXQD DSUHFLHUHD XWLOLW SUHIHULQ HOH ILHF UXLD )D FRPSRUWDPHQWDOH QHPXO XPLW ILLQG PHUHX vQ F XWDUH GH QRL SURGXVH LQVWDELO ILLQG vQWUR SHUPDQHQW VFKLPEDUH D IXUQL]RULORU L ULGLFDWH GH HYDOXDUH D SURGXVHORU LL XQXL SURGXV DUH XQ FDUDFWHU VWULFW VXELHFWLY L LQGLYLGXDO L IRDUWH FRPSOH[ FDUH H[SULP RELFHLXULOH JXVWXULOH L GHSLQGH GH R PXOWLWXGLQH GH IDFWRUL GH QDWXU

GH SURGXVH VDX VHUYLFLL FRQVXPDWRUXO SRDWH DGRSWD XUP WRDUHOH VW UL

H[LJHQW ILLQG SRVHVRUXO XQHL FDSDFLW

FXULRV FKLDU L DWXQFL FkQG QX DUH LQWHQ LD GH D FXPS UD GHVFKLV FRODERU ULL GRUQLF GH D VH LPSOLFD vQ DFWXO YkQ] ULLFXPS U ULL LQWURYHUWLW L UH LQXW vQ DSUHFLHUL XQHRUL DYkQG GRULQ H SH FDUH QX L OH SRDWH H[SULPD UHFHQWH DUDW LL F ORU PXO L FXPS U WRUL GDWRULW vL VFKLPE VDX SUHIHULQ HOH GLQ DOWH SHQWUX 'H DQXPLWH UHJXO  L GLQ FDX]D FDOLW VF ]XWH SUH XOXL PRWLYH

&HUFHW ULOH SURGXVH

FRQVXPDWRUXO HVWH GLVSXV V

SO WHDVF

vQ SOXV SHQWUX D EHQHILFLD GH R FDOLWDWH EXQ 

 )$&725,, '( ,1)/8(1

$6835$ &203257$0(178/8,

&21680$7258/8, &RPSRUWDPHQWXO FRQVXPDWRUXOXL HVWH SURGXVXO D GRX PDUL FDWHJRULL GH LQIOXHQ H DOH

IDFWRULORU HQGRJHQL FHL LQWHUQL DL LQGLYLGXOXL L DOH IDFWRULORU H[RJHQL FHL H[WHUQL DL LQGLYLGXOXL 

)DFWRULL H[RJHQL GH LQIOXHQ FRQVXPDWRUXOXL VXQW GH QDWXU JUXSXO GH UHIHULQ VRFLDO

DVXSUD FRPSRUWDPHQWXOXL GH FXPS

UDUH

)DFWRULL FDUH VXQW H[WHUQL LQGLYLGXOXL GDU DX XQ LPSDFW VXEVWDQ LDO DVXSUD FRPSRUWDPHQWXOXL L FXOWXUDO  $FHWLD LQFOXG FXOWXUD VWDWXWXO VDX FODVD VRFLDO  L UHOD LLOH GH IDPLOLH

&XOWXUD &XOWXUD SUH]LQW FHD PDL LPSRUWDQW LQIOXHQ H[WHUQ DVXSUD FRPSRUWDPHQWXOXL LQGLYLGXOXL FD ILLQG XQ FRPSOH[ GH LQFOXVLY DVXSUD FRPSRUWDPHQWXO OXL GH FXPS UDUH &XOWXUD SRDWH IL GHILQLW

YDORUL LGHL L DOWH VLPEROXUL VHPQLILFDWLYH FUHDWH vQ WLPS GH VRFLHWDWH FH FRQGXF OD XQ DQXPLW FRPSRUWDPHQW XPDQ L FDUH VXQW WUDQVPLVH GH OD R JHQHUD LH OD DOWD 7UHL DVSHFWH FKHLH VXQW FXSULQVH vQ DFHDVW FXOWXUD HVWH FUHDW RS LXQLOH RDPHQLORU IRUPHD] HVWH GH GXUDW  (D VH GH]YROW WUHFH DSURDSH QHVFKLPEDW LQWDQJLELOH WU LHWH 'H H[HPSOX &XOWXUD GHILQL LH 3ULPXO DVSHFW VH UHIHU OD IDSWXO F  FXOWXU HD GH RP 0RGHOHOH FRPSRUWDPHQWDOH LGHLOH DFWLYLW vQ WLPS GDU H VWDELO LOH HFRQRPLFH L VRFLDOH L DFHDVW

FXOWXUD GH DVW ]L $O GRLOHD DVSHFW vO FRQVWLWXH IDSWXO F

SH WHUPHQ VFXUW L PHGLX Q UHDOLWDWH vQV

GH OD R JHQHUD LH OD DOWD Q SDUWLFXODU YDORULOH VRFLHW OLPED HVWH L PRUIRORJLD VXQW SURGXVH ILHFDUH DOH FXOWXULL L

LL DX WHQGLQ D GH D VXQW REVHUYDELOH PRGHOHOH L R

IL SHUPDQHQWH $O WUHLOHD DVSHFW UHOHY

FD LQIOXHQ HOH FXOWXUDOH DX DWkW UH]XOWDWH WDQJLELOH FkW L

&RQYLQJHULOH IXQGDPHQWDOH L YDORULOH VXQW GH DVHPHQHD UH]XOWDWH DOH PHGLXOXL FXOWXUDO vQ FDUH LQGLYLGXO PHFDQLVPXO SULQ FDUH VRFLHWDWH vL GH]YROW FRPSRUWDPHQWDOH L YDORULOH L OH WUDQVPLWH JHQHUD LLORU YLLWRDUH ) U QR LXQL FXQRVWLQ H GHVSUH

FXOWXUD GLQ FDUH XQ LQGLYLG IDFH SDUWH JUHHOLOH vQ YkQ]DUH SRW IL LQWHUSUHWDWH FD ILLQG RSRUWXQLW HVWH XQ H[HPSOX 1RUPHOH FXOWXUDOH DOH ]LOHL HUDX GLIHULWH (YDOX ULOH SUHGRPLQDQWH DX GLFWDW F EXQ FDIHD QHFHVLW L D WLPS SHQWUX D IL SUHSDUDW UHIOHFW XQ DVSHFW L DFHDVW vQ KUDQHL E XWXULL QHJDWLY FHHD FH SULYHWH IRORVLUHD

UDWDWH /DQVDUHD GH FDWUH ILUPD 1(67/( OD LQFHSXWXO GHFHQLXOXL D SURGXVXOXL 1HVFDIH LQVWDQW FRIIHH SRUQLUH GH D VFXUWD WLPSXO DFRUGDW SUHSDU ULL EXJHWXOXL IDPLOLHL

vQWUXFkW LQYDULDELO KUDQD XRU GH SUHSDUDW FRVW MXVW VHJPHQWDUH D SLH HL LQW 

PDL PXOW GHFkW KUDQD QDWXUDO  &X R PDL EXQ HYLWH UHVSLQJHUHD LQL LDO D SURGXVXOXL SULQWUR IDF

vQWHOHJHUH D FXOWXULL ]LOHL D IRVW SRVLELO FD 1(67/( V 0DUNHWHULL FUHDWLYL FDUH DX OXDW FXQRWLQ

GHVSUH QRUPHOH FXOWXUDOH L DX WLXW V

HYDOXDUHD FRPSRUWDPHQWXOXL DX SURILWDW SULQ DOLQLHUHD EHQHILFLLORU L FDUDFWHULVWLFLORU SURGXVHORU OD DQXPLWH VWDQGDUGH VRFLDOH $VWIHO GH H[HPSOX GH SHVWH GRX $PHULFD GH 1RUG DX GHYHQLW SUHRFXSD L vQ OHJ WXU QHJDWLYH DVXSUD V Q W UHGXFH JU VLPHD GLQ GLHW GHFHQLL RDPHQLL GLQ (XURSD GH 9HVW L FX FDQWLWDWHD GH JU VLPH GLQ GLHWD ORU L HIHFWHOH QLFL R FXOWXU FDUH V LQ

LL ORU UH]XOWDWH GLQ FUHWHUHD QLYHOXOXL FROHVWHUROXOXL vQ VkQJH 0HVDMXO GH D D IRVW XQDQLP DFFHSWDW $FWXDOPHQWH QX PDL H[LVW

DFFHSWH PHQ LQHUHD XQHL GLHWH ERJDWH vQ JU VLPL 'RFWRUXO GH IDPLOLH R GH]DSURE  DQJDMD LL FDUH OD V Q WDWHD ORU R UHVSLQJ PDPHOH QX SHUPLW FRSLLORU ORU V GHFkW vQ FDQWLW L PRGHVWH 3ULHWHQLL YHFLQLL FROHJLL XQHL SHUVRDQH L RULFH DOW FXQRWLQ

FRQVXPH DOLPHQWH ERJDWH vQ JU VLPL VXQW JDWD DFHO LQGLYLG HVWH FRQVXPDWRU GH GH 9HVW L $PHULFD DX GH 1RUG GH

RULFkQG V L FRPXQLFH GH]DSUREDUHD vQWUXQ IHO VDX DOWXO GDF JU VLPL DGXF R 6LVWHPHOH SULP D OD RILFLDOH vQ GH FODVDUH D FX DUH DOLPHQWHORU DP QXQWXO DSURDSH GLQ

JU VLPL $FHDVWD D FUHDW R RSRUWXQLWDWH GH PDUNHWLQJ SHQWUX SURGXF WRULL GH DOLPHQWH V UDFH vQ (XURSD VDQF LRQHD] ILQDQFLDU SURGXVHOH FX XQ FRQ LQXW ERJDW vQ JU VLPL LDU DOLPHQWHOH V UDFH vQ JU VLPL SUH PDJD]LQHOH VWUX QX $FHVWH VFKLPE UL L FXOWXUDOH DVWIHO GHVFKLV L SHQWUX FUHVF WRULL GH VWUX L GLQ $XVWUDOLD 1DPLELD $IULFD GH 6XG (OYH LD GH GHORF V JU VLPH RIHU FRQVXPDWRULORU OH FUHDVF QLYHOXO FROHVWHUROXOXL 2 DVHPHQHD

DVHPHQHD RSRUWXQLW =LPEDEZH

&DUQHD

SRVLELOLWDWHD GH D FRQVXPD vQ FRQWLQXDUH FDUQH I U

FUHWHUH D FHUHULL SHQWUX DFHVW WLS GH FDUQH D I FXW FD IHUPHOH GH VWUX L GLQ 68$ FDUH vQDLQWH DELD HUDX FXQRVFXWH LDU vQ $QJOLD QLFL QX HUDX FXQRVFXWH V Q RULFH VRFLHWDWH FXOWXUD QD LRQDO VH GH]YROWH UDSLG FXSULQGH XQ DQXPLW QXP U GH VXEFXOWXUL $FHVWHD VXQW

VSHFLILFH GLYHUVHORU JUXSXUL UDVLDOH HWQLFH L UHOLJLRDVH )LHFDUH YD DYHD vQWUR RDUHFDUH P VXU  FUHGLQ H L YDORUL GLIHULWH 6XEFXOWXULOH QX VXQW PDL SX LQ LQWHUHVDQWH SHQWUX PDUNHWHUL vQWUXFkW VXQW R YDULDELO XWLO vQ VHJPHQWDUHD SLH HL

6WDWXWXO VRFLDO &ODVD &HUFHW ULOH VRFLDO VDX VWDWXWXO F VRFLDO HVWH XQ LQVWUXPHQW JUXS LPSRUWDQW VRFLDO vQ VHJPHQWDUHD V DLE SLH HORU L HPSLULFH VXJHUHD] RDPHQLL GLQ DFHODL vQFOLQ RSRUWXQLW

VLPLODUH WU LHVF vQ DFHODL WLS GH FDVH vQ DFHODL DUHDO FXPS U DFHODL WLS GH PDJD]LQ L vQ JHQHUDO DX DFHODL VWLO GH YLD DFHHDL FDWHJRULH vQ VRFLDO GRYHGHVF GH VLPLOLWXGLQL FRQVXP FRQVLGHUDELOH FRPSRUWDPHQWXO vQWUH DSURSLDWH GH

SURGXVH DOLPHQWDUH VLPLODUH GH OD OD XQXO OD DOWXO H[LVW GLIHUHQ H

 Q DFHODL WLPS vQ WLPS FH RDPHQLL GLQ JUXSXUL VRFLDOH *UXSD YDULDELOHORU

GLIHULWHOH

XWLOL]DWH vQ VWUDWLILFDUHD SRSXOD LHL vQ FODVH VRFLDOH VDX JUXSXUL LQFOXGH vQ PRG QRUPDO YHQLWXO RFXSD LD HGXFD LD L VWLOXO GH YLD  OD SRWHQ LDOXO OXL FD ED] vQ ,PSRUWDQ D VWDWXWXOXL VRFLDO SHQWUX PDUNHWHUL QX VH OLPLWHD] UHJXOL GHILQLWH FXOWXUDO 8Q JUXS LQIOXHQ HD] GDW  YD DYHD OHJDWXU

VHJPHQWDUHD SLH HL GHRDUHFH ILHFDUH VWDWXW SUHVXSXQH XQ VHW GH FRPSRQHQWH SURSULL VSHFLILFDWH SULQ PHPEULL V L vQ SULPXO UkQG SULQ UHJXOL L QRUPH FRPSRUWDPHQWDOH FDUH VXQW DWHSWDWH GH OD HL $VWIHO FRPSRUWDPHQWXO XQXL LQGLYLG FX R RFD]LH FX UROXO VRFLDO SH FDUHO DUH $VWIHO FkWHRGDW  RDPHQLL GLQ PHGLXO UXUDO VH LQXW DWULEXLQG DVWIHO XQ URO GH OLGHU DFHOHL SHUVRDQH LL FkQG VLWXD LD R YD FX VWDWXWXO GH OLGHU DO FRPXQLW VXSXQ FHOXL FDUH DUH FHO PDL PXOW WHUHQ GLQ $FHVWD YD DF LRQD L VH YD SXUWD vQ FRQFRUGDQ LPSXQH &X DOW JUXSXO FDUH vL

RFD]LH DFHODL LQGLYLG vL YD XUP UL SURSULLOH LQWHUHVH L VH YD SXUWD FD XQ PRLHU FX QRUPHOH VWDELOLWH GH F WUH $VWIHO OLGHUXO vL YD PRGHOD FRQIHU L vL VXV LQH RILFLDO SR]L LD GH OLGHU

2ULFXP ILHFDUH URO DVXPDW GH F WUH OLGHU YD IL MXFDW vQ FRQFRUGDQ FRPSRUWDPHQWXO SHQWUX D FRUHVSXQGH DWHSW ULORU FRPXQLW FRPXQLW DWHDSW LL 0DUNHWHUXO WUHEXLH V WLH FH URO MRDF

LL ORFDOH SH FDUH OH DUH HO FD OLGHU DO FX XQ DQXPLW VWDWXW VRFLDO L FH

R SHUVRDQ

GH OD DFHO LQGLYLG JUXSXO FH LD FRQIHULW DFHVW VWDWXW GH OLGHU 1HvQ HOHJHUHD XQRU DVHPHQHD VD

LQIOXHQ H D DIHFWDW VHPQLILFDWLY VWUDWHJLD GH PDUNHWLQJ D XQRU ILUPH 6H SRDWH HYRFD vQ DFHVW VHQV H[SHULHQ D FX IRORVLUHD LHUELFLGHORU vQ 1LJHULD XQGH SULQWUR VWUDWHJLH GH PDUNHWLQJ QHDGHFYDW vQFHUFDW V VH vQFXUDMH]H IHUPLHULL GLQ DFHDVW DU V DGRSWH LHUELFLGHOH GDU VWUDWHJLD QX D DYXW V LD GHFL]LLOH FHOH PDL EXQH vQ

VXFFHV GHFkW DWXQFL FkQG DX IRVW LQFOXVH HIRUWXULOH SURPR LRQDOH FH YL]DX OLGHULL GH JUXSXUL $FHVW SURLHFW D DSHODW OD UROXO SDWHUQDO DO OLGHUXOXL GH OD FDUH VH DWHSW LQWHUHVXO PHPEULORU JUXSXOXL 0DWHULDOXO SURPR LRQDO D DPLQWLW UROXO SDWHUQDOLVW DO OLGHUXOXL L D I FXW VXEWLO OHJ WXUD vQWUH DFHVWD L EHQHILFLLOH RDPHQLORU DGXVH GH DSOLFDUHD LHUELFLGHORU 1X VD vQFHUFDW V VH DSHOH]H OD GH OLGHU OXFUX FH FDUH HUD LQGLFDW HUD PDL DFHVWD ILLQG SURSULHWDUXO XQHL VXSUDIH H GH WHUHQ GHFkW FRQVLGHUDELOH SLD  YUHPH RELHFWLYXO GHJUDE U VSkQGLUHD DSOLF ULL LHUELFLGHORU

H[SORDWDUHD RSRUWXQLW

LORU GH SURILW FDUH UH]XOWDX GLQ SHQHWUDUHD FX VXFFHV D DFHVWHL ERJDWH QLH GH

*UXSXO GH UHIHULQ 2DPHQLL VXQW ILLQ H VRFLDOH FDUH DX WHQGLQ D GH D ORFXL vQ JUXSXUL *UXSXO GLQ FDUH R SHUVRDQ IDFH SDUWH H[HUFLW XQ R LQIOXHQ DVXSUD GH FRPSRUWDPHQWXOXL vQ IXQF LH GH S UHULORU FDUH XQ DWLWXGLQLORU LQGLYLG vL PHPEULORU MXGHF SULQ FRPXQLFDUHD QRUPHORU L DWHSW ULORU vQ OHJDWXU UHIHULQ DVLJXU VWDQGDUG FRPSDUD LH FX UROXO SH FDUH HL WUHEXLH V DSDU LQ LO DVXPH *UXSXO GH SURSULLOH

DWLWXGLQL FUHGLQ H L FRPSRUWDPHQWXO 8Q LQGLYLG QX WUHEXLH V FD DFHO JUXS V UHIHULQ H[HUFLWH R LQIOXHQ GLVWLQFWH

XQXL JUXS VXSHULRU OXL SHQWUX

DVXSUD FRPSRUWDPHQWXOXL V X $X IRVW LGHQWLILFDWH WUHL JUXSXUL GH

JUXSXO GLQ FDUH IDFH SDUWH LQGLYLGXO JUXSXO OD FDUH LQGLYLGXO DVSLU  JUXSXO OD FDUH LQGLYLGXO DUH SHUVSHFWLYH GH D IL DGRSWDW 'H H[HPSOX XQ PLF PRUDU VH YD LGHQWLILFD FX DO L PRUDUL DOH F URU RSHUD LXQL VXQW VLPLODUH DSDU LQH DFHOXL JUXS (O SRDWH DUH DPEL LD GH D GHYHQL XQ V ILH PHPEUXO XQXL JUXS R RSLQLH

FD GLPHQVLXQH L WHKQRORJLH L YD VLP L F

PDUH PRUDU IRORVLQG WHKQRORJLL VRILVWLFDWH GH PRU ULW L DVWIHO DVSLU DVRFLD LHL FRPHUFLDQ LORU GH JUkQH GH YUHPH FH HO FUHGH F

UHFXQRVFXW FD PRUDUL LQGXVWULDOL Q DFHODVL WLPS PLFXO PRUDU SRDWH DGRSWD S UHUL L RSLQLL DOH DWXQFL FkQG DFHVW JUXS H[SULP GHVSUH WHQGLQ H VDX SURSXQH VFKLPE UL vQ FRPHU XO FX JUkQH DUJXPHQWHOH OXL VXQW ELQH DUWLFXODWH SXWHUQLFH L vQ PRG QRUPDO RULHQWDWH VSUH LQWHUHVXO DWkW DO PLFLORU PRUDUL FkW L DO FRPHUFLDQ LORU GH

JUkX )DFWRUXO FRPXQ DO DFHVWRU WUHL JUXSXUL HVWH F UHIHULQ  *UXSXULOH GH UHIHULQ SRW DYHD R LQIOXHQ

ILHFDUH DVLJXU VHPQLILFDWLY

XQ UHSHU GH UHIHULQ

SHQWUX

LQGLYLG 3RUQLQG GH OD H[HPSOXO FX PLFXO PRUDU XQ LQGLYLG SRDWH DYHD PDL PXOWH JUXSXUL GH DVXSUD PRGXOXL GH XWOL]DUH D SURGXVHORU L FRQVXPXOXL Q &KLQD SUDFWLFD GH D FXPS UD SHWH YLX HVWH DWkW GH vPS PkQWHQLW vQFkW FRPHUFLDOL]DUHD SHWHOXL vQJKH DW D SULQV WHUHQ IRDUWH JUHX $QXPLWH QRUPH L YDORUL VXQW DWkW GH vQU G FLQDWH vQFkW GH RELFHL H FRQWUD SURGXFWLY V UHIHULQ DX GRDU R LQIOXHQ PLQRU UHSUH]HQWDW SURGXV 'DF GH FXPS UDUH GH LQIOXHQ HOH FH OH JHQHUHD] OH VFKLPEL Q DOW RUGLQH GH LGHL JUXSXULOH GH DVXSUD FRPSRUWDPHQWXOXL GH FXPS UDUH 'LIHUHQ D FKHLH HVWH XWLOL]DUHD VDX FRQVXPXO vQWUXQ PRG SXEOLF DO XQXL  DWXQFL VH DPSOLILFH LQFOXVLY vQ SULYLQ D FRPSRUWDPHQWXOXL

SURGXVXO VDX PDUFD VXQW HYLGHQWH FHORU FH SURYLQ GLQ JUXSXO GH UHIHULQ

LQIOXHQ D DVXSUD JUXSXOXL HVWH IRDUWH SUREDELO V

)DPLOLLOH FD JUXSXUL GH UHIHULQ )DPLOLD HVWH XQ DOW JUXS FDUH LQIOXHQ HD] FXPS UDUH 3RW IL GLVWLQVH GRX H[WLQV )DPLOLD GH WLS QXFOHX HVWH XQLWDWHD IDPLOLDO LQFOXGH WRDWH UXGHOH vQ YLD  SH OkQJ UXGH YLWUHJH L JLQHUL )DPLOLD IRUPHD] FRPSRUWDPHQWXO LQGLYL]LORU LQFOXVLY SH FHO GH GH ED]  DOFDWXLW GLQ S ULQ L L FRSLL )DPLOLD WLSXUL GH IDPLOLH IDPLOLD GH WLS QXFOHX L IDPLOLD H[WLQV  SDULQ L L FRSLLL ORU EXQLFL P WXL YHULRUL XQFKL

DGHVHD R 8QLWDWH 'HFL]LRQDOD GH 0DUNHWLQJ 8'0  vQ FDUH

LQkQG FRQW GH EXJHWXO DIHFWDW FXPS U WXULORU ILHFDUH PHPEUX DUH XQ URO GLIHULW 'H H[HPSOX FRSLLL SRW LQL LD SURFHVXO GH FXPS UDUH SULQ FHUHUHD OD PLFXO GHMXQ D IXOJLORU GH SRUXPE FX ODSWH &DSXO GH IDPLOLH vQ IXQF LH GH EXJHW SRDWH GHFLGH GDF FXP DU IL FHUHDOHOH OD PLFXO GHMXQ LDU R DQXPLW FDWHJRULH GH SURGXVH SRDWH IL FXPS UDW  FDUH HIHFWXHD] FXPS U WXULOH SRDWH L PHPEUXO IDPLOLHL

FRQWULEXL OD GHFL]LD GH FXPS UDUH D DFHVWRUD SULQ VWDELOLUHD P UFLL L D PDJD]LQXOXL GH XQGH OH FXPSDU  &kQG IDPLOLD H[WLQV MRDF SHQWUX VH LPSOLF vQ GHFL]LD GH FXPS UDUH 8'0 GHYLQH PDL ODUJ UROXULOH PHPEULORU IDPLOLHL PDL GLYHUVH &kQG PDUNHWLQJXO VH DGUHVHD] WLXW FDUH PHPEUL DL HL $VWIHO GHVWLQDW GH V H[HPSOX DWUDJ DGUHVkQGXVH FRSLLORU SURGXF WRULL F GH HL FHUHDOH SRW YL]D R SXEOLFLWDWH SH FkQG vQ IDPLOLHL HVWH HVHQ LDO GH ILHFDUH PHPEUX PDVV PHGLD HVWH SURPRYDUHD SULQ

XQ URO vQ DQXPLWH IHOXUL GH GHFL]LH L FH URO MRDF DQXPH XUP UHVF P UIXULOH PDJD]LQH

JRVSRGLQHOH GHRDUHFH HOH DOHJ PDUFD

)DFWRULL HQGRJHQL GH LQIOXHQ

DVXSUD FRPSRUWDPHQWXOXL GH FXPS

UDUH SVLKRORJLF L L LPDJLQHD

,QIOXHQ HOH HQGRJHQH VXQW DFHOHD FDUH VXQW LQWHUQH LQGLYLGXOXL (OH VXQW GH QDWXU L LQFOXG QHYRL L PRWLYH SHUFHS LL SURFHVH GH vQY GH VLQH DUH DWLWXGLQL WLSXUL GH SHUVRQDOLW

1HYRLOH VL PRWLYHOH 7HUPHQLL QHYRL L PRWLYD LL VXQW LQWHUDUMDELOL 2ULFXP H[LVW LQGLYLG UHFXQRDWH F QHYRLL VH vQWkPSO VWDUHD GRULW  &D DFWXDO  &RQWLHQW DUH R QHYRLH DFHVW DFW GHFODQHD] SRDWH IL OXDW JRVSRGLQD V FDUH R GLIHUHQ vQWUH HL &kQG XQ L VWDELOLUHD PRWLYD LLORU 5HFXQRDWHUHD FXPSDU RUH] VXSHULRU UDILQDW VWDUH  GH

DWXQFL FkQG LQGLYLGXO GHYLQH FRQWLHQW GH GLVFUHSDQ D GLQWUH VWDUHD VD DFWXDO H[HPSOX GH FDUHQ HOH vQ YLWDPLQH DOH DFHVWXL SURGXV L SUHRFXSDW SHUFHSWLELO vQWUH VWDUHD DFWXDO  FD VR LH L PDP

V Q WDWHD IDPLOLHL VWDUH GH GRULW  HD HVWH PRWLYDW R QHYRLH HVWH R GLIHUHQ LPSRUWDQW 'LQ V R VWDUH DFWXDO

FXPSHUH RUH] VLPSOX UDILQDW 0DL PXOW IRUPDO L VWDUHD GRULW  FDUH HVWH VXILFLHQW GH QRL H[HPSOH GH GLIHUHQ H vQWUH

VWLPXOH]H UHDF LD GH FXPS UDUH )LJXUD  HYLGHQ LD] L XQD LGHDO  FDUH DU PRWLYD FRPSRUWDPHQWXO UH]XOW F XQ QXP U GH IDFWRUL

ILJXU

SRW IL UHVSRQVDELOL GH DFWLYDUHD FRQWLHQWL] ULL VDX VRFLDO  2GDWD FH QHYRLD D IRVW

QHYRLORU $FHWL IDFWRUL SRW IL GH QDWXU

HPR LRQDO  SVLKRORJLF

UHFXQRVFXW  LQGLYLGXO SUHRFXSDW YD F XWD XQ PRWLY 8Q PRWLY SRDWH IL GHILQLW FD XQ LPSXOV FH DF LRQHD] DVXSUD LQGLYLGXOXL SHQWUX DL vQGHSOLQL QHYRLD

X XQ S ULQWH JULMXOLX FDUH H FDSDELO V FRSLLORU DFRSHUH

XQ

S ULQWH V

JULMXOLX

FDUH

H OH

GLVFHDUQ OXL L

QHYRLOH V GH OH

FDSDELO

GLVFHDUQ GLQ WUDWDW

QHYRLOH FDX]D

SRDWH

FRSLLORU OXL GDU QX SRDWH V vQGHSOLQHDVF YHQLWXULORU LQDGHFYDWH

R SHUVRDQ

UHVSHFWDW

SDUWHQHULL V L L DOH F UXL VIDWXUL VXQW IUHFYHQW FHUXWH

R SHUVRDQ

FX GLVSUH

GH SDUWHQHULL V L GLQ FDX]D SR]L LHL VRFLDOH LQIHULRDUH SH FDUH LR FRQIHU VD Q VFXW IDPLOLD vQ FDUH

67$5( '25,7

67$5( $&78$/

1(92,$ 5(&812$7(5($ 352%/(0(,

)LJXUD  'LIHUHQ LHUL vQWUH VWDUHD DFWXDO

L VWDUHD GRULW UDUH

FDUH PRWLYHD]

FRPSRUWDPHQWXO

GH FXPS 6 OXPH

OX P GH H[HPSOX SURGXVXO 0DUPLWH L V

YHGHP FXP D IRVW U VSkQGLW vQ vQWUHDJD ERJDW vQ

&XQRVFXWXO EDFWHULRORJ /RXLV 3DVWHXU D LGHQWLILFDW H[WUDFWXO GH GURMGLH FD R VXUV

YLWDPLQD % OD PLMORFXO VHFROXOXL DO ;,;OHD ([WUDFWXO GH GURMGLH HVWH XQ EDODVW DO LQGXVWULHL EHULL FH DUH XQ PDUH URO FD VXSOLPHQW LHIWLQ L KU QLWRU vQ GLHWD XPDQ  'HL D IRVW GHVFRSHULW vQ )UDQ D 0DUPLWH YDULDQWD IUDQFH] RULJLQH L vQ QLFL R DOW DU D FXYkQWXOXL RDO VXE SUHVLXQH  QX D IRVW QLF LHUL DFFHSWDW vQ DUD GH GLQ (XURSD &HQWUDO L GH 9HVW 'H IDSW XQ vQWUHSULQ] WRU HQJOH] D D SURGXVXOXL DELD D IRVW SURPRYDW L SHQWUX PDUNHWLQJXO GH H[SRUW LQW  3URGXF WRULL GH 0DUPLWH vQV  DX

GHVFRSHULW SLD D SHQWUX 0DUPLWH Q $QJOLD YDORDUHD QXWULWLY vQ FROL L VSLWDOH FDUH DX FRQVWLWXLW SULQFLSDOHOH SLH H

SURILWDW GH VWDWXWXO FRORQLDO DO $QJOLHL SHQWUX D GHVFKLGH RSRUWXQLW ]RQH XQGH DX VHUYLW OD FRPEDWHUHD PDOQXWUL LHL

0XOWH DPEDUFD LXQL FX 0DUPLWH DX SOHFDW VSUH FRORQLLOH EULWDQLFH vQ $IULFD (VWXO vQGHS UWDW L DOWH /XPHD VD VFKLPEDW PXOW GH FkQG D IRVW LQWURGXV SHQWUX SULPD GDWD SH SLD DQXO  GDU SURGXVXO D U PDV vQF YDORDUHD QXWULWLY vQ ULOH QDWXUDO L I U GLQ DFHVWH PDUNHWLQJ RFXS 0DUPLWH vQ SXWHUQLF 

SRSXODU 0DUPLWH PLURDVH D FDUQH L DUH R DURP ULOH vQ FXUV GH GH]YROWDUH DFHDVWD RFXS YHGHUH DO SUHIHULQ HORU FRQVXPDWRULORU

GDU vQ UHDOLWDWH HVWH LQ vQWUHJLPH XQ SURGXV YHJHWDO L QX FRQ LQH DGLWLYL DUWLILFLDOL Q WLPS FH SULPXO ORF vQ GLQ LQW SXQFWXO GH R SR]L LH VHFXQG *XVWXO DURPD GH]YROWDWH

DGLWLYL DX GHYHQLW SULQFLSDOHOH DWULEXWH DOH SURGXVXOXL SURPRYDWH FRQVXPDWRULORU DOH SURGXVXOXL 0DUPLWH VDX VFKLPEDW GHD OXQJXO DQLORU 3LH HOH HIRUWXULOH vQ GLUHF LD VWUDWHJLHL GH OXPHD 0DUPLWH HVWH L GH VXQW RULHQWDWH DFXP FX VXFFHV VSUH PLFLL FRQVXPDWRUL Q

UL 3LH HOH &DPSDQLLOH

LQVWLWX LRQDOH L DOWH SLH H RUJDQL]D LRQDOH QXL PDL FRQFHQWUHD] SURPR LRQDOH

ILHFDUH DQ SHVWH  PLOLRDQH GH FXWLL FX 0DUPLWH DX IRVW YkQGXWH vQ WRDW

XQ H[HPSOX LPSUHVLRQDQW DO SXWHULL PDUNHWLQJXOXL FUHDWLY GH D SUHOXD XQ SURGXV UHIXODW GH SLD LPDJLQH D FRQVXPDWRULORU

DO WUDQVIRUPD vQWUXQ SURGXV DFFHSWDW SHVWH WRW RJOLQGLQG QHYRLOH PRWLYHOH DWLWXGLQLOH L SURSULD

3HUFHS LLOH LQkQG VHDPD F SURGXVH PHVDMH PRWLYD LD HVWH XQ VWLPXO GH D DF LRQD IHOXO FXP XQ LQGLYLG SHUFHSH VLWXD LL L FKLDU VXUVH SHQWUX DVHPHQHD PHVDMH GHWHUPLQ PRGXO OXL GH D SHUFHS LHL DU IL DFHHD FXP Y G RDPHQLL OXFUXULOH 3HUFHS LD SRDWH IL FD ILLQG SURFHVXO SULQ FDUH XQ LQGLYLG VHOHFWHD]  RUJDQL]HD] L LPDJLQH GH DQVDPEOX ,QGLYL]LL SRW LQIRUPD LLOH SULQ FHOH  VLP XUL vQV DFHD GHRDUHFH SHUFHS LLOH SURPR LRQDOH

DF LXQH 2 GHILQL LH GH ED] GHILQLW  vQ PRG IRUPD

LQWHUSUHWHD]

LQIRUPD LLOH SULPLWH SHQWUX DL FUHD R VXJHVWLY

LQWHUSUHWD GLIHULW DFHHDL VLWXD LH 7R L RDPHQLL UHFHS LRQHD] P VXUD vQ FDUH ILHFDUH DFRUG GHSLQG GH  YDULDELOH VWLPXOL IL]LFL SURGXVXO L VHUYLFLLOH  UHOD LD GLQWUH VWLPXOL L PHGLXO vQ FDUH WU H[HPSOX  SVLKLFXO LQGLYLGXOXL GRULQ D GH D IL Y ]XW FD R SHUVRDQ VLWXD LH PDWHULDO XPLO LQIRUPD LH L IHOXO FXP LQIRUPD LD H LQWHUSUHWDW

DWHQ LH XQHL S U L GLQ LQIRUPD LH PRGXO FXP HL RUJDQL]HD] VXQW GLIHULWH $FHVWHD GLIHU

LHWH LQGLYLGXO R FUHWHUH JUDGXDO

D YHQLWXOXL GH

FDUH VD ULGLFDW SULQ SURSULLOH IRU H GH OD R

OD XQD vQGHVWXO WRDUH GH H[HPSOX  L UH LQHUHD VHOHFWLY  FRPHUFLDOL VDX

Q SOXV LQGLYL]LL SRW DYHD SHUFHS LL GLIHULWH VDX LQWHUSUHW UL GLIHULWH SHQWUX DFHLDL VWLPXOL SRWULYLW FHORU WUHL SURFHVH GH SHUFHS LH DWHQ LD VHOHFWLY  GHIRUPDUHD VHOHFWLY $WHQ LD VHOHFWLY  7R L RDPHQLL VXQW ERPEDUGD L ]LOQLF GH VWLPXOL

QHFRPHUFLDOL 2DPHQLL SXU L VLPSOX QX SRW IL DWHQ L OD WRDWH DFHVWH PHVDMH L GH DFHHD HL DX GHVFRSHULW PRGDOLW FRQVWDWDW F L GH D UHGXFH FDQWLWDWHD GH LQIRUPD LL SH FDUH GH IDSW R SUHOXFUHD]  2DPHQLL QHYRLOH ORU LPHGLDWH $VWIHO XQ IHUPLHU vQ D F UXL UHJLXQH VD GH R ERDO FH IDFH UDYDJLL PRUWDOH YD IL DWHQW vQ VSHFLDO OD SHQWUX D VH SRWULYL FX S UHULOH F XQ FUHDG VXQW DWHQ L OD VWLPXOLL FDUH YL]HD] S V ULOH GH FXUWH VXIHU

PHVDMHOH UHIHULWRDUH OD SUHYHQLUHD DIHF LXQLL 'HIRUPDUHD VHOHFWLY  ,QIRUPD LD HVWH DGHVHD GLVWRUVLRQDW RSLQLLOH L DWHSW ULOH H[LVWHQWH $VWIHO XQ FXQRVF WRU GH YLQXUL RFFLGHQWDO YD FUHGH FX XVXULQ SURGXFDWRU GLQ )UDQ D SRDWH RE LQH XQ &KDUGRQQD\ GH vQDOW IUDQ X]HVF $VHPHQHD S UHUL VH ED]HD] 5H LQHUHD VHOHFWLY WRWDOLWDWH ORLDO XQHL  2DPHQLL XLW P UFL GH FDOLWDWH vQVD vL YD YHQL JUHX V

FD L SURGXF WRULL URPkQL GLQ SRGJRULD 0XUIDWODU SRW RE LQH XQ &KDUGRQQD\ FRPSDUDELO FX FHO PDL PXOW SH SHUFHS LL GHFkW SH H[SHULHQ H WRWXO SUHD XRU ,QIRUPD LD UH LQXW LDXUW vL YD DPLQWL FX XXULQ HVWH vQ JHQHUDO DFHHD DILUPD LLOH I FXWH vQ

FDUH VHUYHWH OD OXDUHD GHFL]LHL ED]DWH SH DWLWXGLQL L S UHUL $VWIHO XQ FRQVXPDWRU FDUH HVWH vQ DQXPLWH GH FDPSDQLLOH SXEOLFLWDUH SHQWUX DFHVW SURGXV GDU YD XLWD VLJXU DILUPD LLOH I FXWH SHQWUX XQ SURGXV FRQFXUHQW

QY

DUHD PDMRULWDWH vQY D FRPSRUWDPHQWXOXL XPDQ HVWH vQY DW 'RYDGD vQY DWXULL FRQVW vQ L L FH DFHDVWD D GREkQGLW R DQXPH H[SHULHQ  7HRULD

0DUHD VXJHUHD] F

VFKLPEDUHD FRPSRUWDPHQWXOXL XQHL SHUVRDQH GXS

DUHD HVWH SURGXVXO LQWHUDF LXQLL GLQWUH HIRUW VWLPXOL DOX]LL UHVSRQVDELOLW

VXV LQHUH 'H H[HPSOX XQ IHUPLHU GHSXQH HIRUWXUL SHQWUX FUHWHUHD SURGXFWLYLW XQ SXWHUQLF VWLPXO LQWHUQ FH LPSXOVLRQHD] FX GXEOD UHPRUF  UHFHQW GLVSRQLELO R SRVLELO

LL OXL (IRUWXO HVWH

DF LXQHD )HUPLHUXO SRDWH YHGHD vQ IRORVLUHD XQXL WUDFWRU FDOH GH DL P UL SURGXFWLYLWDWHD SHQWUX R FHUHUH UHPRUF HVWH LQIOXHQ DW GH XQ LQGLYLG U VSXQGH L

H[WLQV  5 VSXQVXO IHUPLHUXOXL OD LGHHD GH D FXPS UD XQ WUDFWRU FX GXEO

DOX]LLOH GLPSUHMXU 2 DOX]LH HVWH XQ VWLPXO PDL PLF FDUH SRDWH GHWHUPLQD GDF

FXP U VSXQGH QFXUDMDUHD YHFLQXOXL IHUPLHUXOXL L SRDWH FKLDU D SULPDUXOXL VDWXOXL SHUFHSHUHD VXFFHVXOXL IHUPHL GLQ YHFLQ WDWH FDUH D IRORVLW DFHODVL WLS GH WUDFWRU SULPLUHD YL]LWHORU YkQ] WRULORU GLUHF L L FLWLUHD OLWHUDWXULL GH VSHFLDOLWDWH WRDWH VXQW DOX]LL FDUH SRW R LQIOXHQ D LPSXOVXO GH D LQYHVWL DO IHUPLHUXOXL vQ WUDFWRUXO FX GXEO GDF DMXQJH OD FRQFOX]LD F SURSXV DWXQFL vQY UHPRUF  'DF IHUPLHUXO FXPS U LD vPEXQ W WUDFWRUXO FX GXEO UHPRUF L DFHVWD IXQFWLRQHD] ELQH L F LW SURGXFWLYLWDWHD OD QLYHOXO FRJQLWLY  PHQ LQ

DUHD HVWH DFFHQWXDW

vQ VHQV SR]LWLY 'DFD H[SHULHQ D FXPS U WRUXOXL QX VH ULGLF VXIHUH R GLVRQDQ SH IDSWXO F VH VSULMLQ LQGLYL]LL VH VWU GXLHVF V

OD QLYHOXO DWHSW ULORU DWXQFL HVWH IRDUWH SRVLELO FD HO V 7HRULLOH SULYLQG GLVRQDQ D FRJQLWLY

XQ VHW FRQVLVWHQW GH DWLWXGLQL L S UHUL &kQG DWLWXGLQLOH L S UHULOH GHVSUH XQ SURGXV VDX VHUYLFLX VDX

VFKLPEDW GLQ SULFLQD SHIRUPDQ HORU OXL VF ]XWH vQ FRPSDUD LH FX DWHSW ULOH DWXQFL FXPS U WRUXO YD GHYHQL PRWLYDW V LPSRUWDQW UHGUHVH]H EDODQ D GLQWUH DWHSW UL L H[SHULHQ  LPSRUWDQW GLQ SHUVSHFWLYD 5HIHULWRU OD H[HPSOXO LSRWHWLF FX FLRFRODWD PDUFD ([WD] GLQ ILJXUD  YDORDUHD QX HVWH vQ SULYLQ D FRVWXOXL FXPS U WXULL GDU SRDWH IL FRQVLGHUDW RUJDQL]D LLOH FDUH VH RFXS L LDX SR]L LH ID FkW QX DSDU FXPS U WRUXOXL GDF 3LD D RULHQWHD] V DFHVWD D SHUFHSXW UROXO SH FDUH vO SRDWH DYHD SURGXVXO vQWUR RFD]LH VSHFLDO  GH GLVRQDQ D FRJQLWLY  F XWkQG  XQLL DWHQ LH DWULEXLH R RUJDQL]D LH SURGXFHULL XQ GHIHFW FkW GH PLF Q FRQVHFLQ DFHVW OXFUX VH vQWkPSO HVWH PDL SX LQ

UH]ROYH LQVDWLVIDF LLOH FXPS U WRULORU 1X FRQWHD]

VDX GLVWULEX LHL SURGXVHORU HL GDU H LPSRVLELO V LPSRUWDQW GHFkW PRGXO FXP FRPSDQLLOH UH]ROY

FXPS U WRUL YRU IL QHVDWLVI FX L OD XQ PRPHQW GDW )DSWXO F

DFHVWH LQVDWLVIDF LL 0XOWH FRPSDQLL SURPRYHD]

SROLWLFL FD SRVLELOLWDWHD FXPS U WRULORU GH D DOHJH UHWXUQDUHD FRQWUDYDORULL P UILL VDX DFFHSWDUHD vQORFXLULL SURGXVXOXL &RPSDQLLOH QX XUP UHVF GLUHFW ILHFDUH FD] GH UHWXUQDUH D SURGXVXOXL GDU SURPRYHD] UHWXUXUL SROLWLFD FXPS U WRUXO DUH vQWRWGHDXQD GUHSWDWH 8QHOH RUJDQL]D LL QX VXQW GH DFRUG VDU SXWHD DEX]D GH HOH L DU UH]XOWD XQ PDUH QXP U GH SHQWUX vQWUHSULQGHUH $OW PRWLY HVWH DFHOD F VDUFLQD VXSRUWH FH LPSOLF FRVWXUL PDUL FX DVHPHQHD SROLWLFL GHRDUHFH HOH FUHG F FHHD

PDUNHWLQJXOXL HVWH GH D FUHD XQ FRQVXPDWRU QX GH D YLQGH XQ SURGXV (OH VXQW GLVSXVH V FRVWXULOH SOkQJHULORU GLQ SDUWHD FRQVXPDWRULORU vQ FUHGLQ D F VWDELOLWDWHD SH WHUPHQ OXQJ D UHOD LLORU FX FXPS U WRULL

SURILWDELOLWDWHD SH WHUPHQ OXQJ YLQH GLQ

$WHSWDUHD GHOD PDUFD GH FLRFRODW ([WD]

8Q SURGXV GH EXQ FDOLWDWH DURP L WH[WXU GHRVHELWH 8Q SURGXV SH FDUH vO SR L VHUYL FX vQFUHGHUH OD RFD]LL ([SHULHQ D P UFLL GH FLRFRODW ([WD]

2 WH[WXU L R DURP SDUDILQ

vQF UFDW GH

)LJXUD  'LVRQDQ D FRJQLWLY

$WLWXGLQLOH $WLWXGLQLOH QHIDYRUDELO $FHDVW VXJHUHD] F VXQW R SUHGLVSR]L LH vQY DW GH D U VSXQGH vQWUR PDQLHU IDYRUDELO VDX

vQ FHHD FH SULYHWH XQ DQXPLW SURGXV GHILQL LH DWUDJH DWHQ LD DVXSUD FDUDFWHULVWLFLORU IXQGDPHQWDOH DOH DWLWXGLQLORU 3ULPD DWLWXGLQLOH VXQW GH GXUDW  (OH VH SRW VFKLPED GHD OXQJXO WLPSXOXL GDU DX WHQGLQ D GH D F DWLWXGLQLOH F LVDX GLQ FHHD FH LQGLYL]LL DX FLWLW VDX DX DX]LW GH OD DO LL $ WUHLD FRPSRUWDPHQWXO LDU D SDWUD HYLGHQ LD]

IL UH]RQDELO VWDELOLWH SH WHUPHQ VFXUW L PHGLX Q DO GRLOHD UkQG GHILQL LD VXEOLQLD] VXQW vQY WDWH GLQ SURSULD H[SHULHQ FDUDFWHULVWLF DUDW F DWLWXGLQLOH SUHFHG L LQIOXHQ HD]

DWLWXGLQLOH VXQW R JHQHUDOL]DUH L GH DFHHD XQ LQGLYLG WUHEXLH V SHQWUX ILHFDUH RELHFW vQ SDUWH 8Q FRQVXPDWRU SRDWH IL vQWUR SUHGLVSR]L LH QHIDYRUDELO FRQGL LHL VRFLDOH ([SHULHQ D QHJDWLY H UDSLG WUDQVIHUDW

WUHDF

SULQWUXQ SURFHV GH HYDOXDUH

SULYLQG SURGXVHOH ODFWDWH IDEULFDWH SH L D OD XQ DQXPLW JHQ GH SURGXVH

SODQ ORFDO GLQ FDX]D XQHL LQVDWLVIDF LL GLQ WUHFXW SULYLQG FDOLWDWHD XQXL WLS VSHFLILF GH EUkQ] D FXPS U WRUXOXL FDUH VH UHIHU FRPXQ

L DOWRU SURGXVH ODFWDWH IDEULFDWH GH DFHD PDUF  LDU FRQVXPDWRUXO YD SUHIHUD GH PDUNHWLQJ D vQWUHSULQGHULORU HVWH GH D SURPRYD

SURGXVHOH ODFWDWH GLQ LPSRUW 2 WDFWLF

DQXPLWH SURGXVH FD ILLQG SURGXVH SHQWUX H[SRUW DVXSUD ORU DSOLFkQGXVH XQ FRQWURO GH FDOLWDWH PXOW PDL UHVSRQVDELO GHFkW FHO DSOLFDW SURGXVHORU GHVWLQDWH SLH HL ORFDOH 0DUNHWHULL WUHEXLH V OXFUH]H GLQ JUHX OD FUHDUHD XQHL DWLWXGLQL SR]LWLYH SULYLQG RUJDQL]D LLOH GLQ 'REURJHD VH EXFXUDX GH R UHSXWD LH GHRVHELW vQ SURGXVHOH VDX VHUYLFLLOH ORU 6FKLPEDUHD DWLWXGLQLL QHJDWLYH FHUH L PDL PXOW HIRUW Q GHFHQLXO ,; GH H[HPSOX SURGXF WRULL GH VWUXJXUL GH PDV SULYLQ D VDWLVIDFHULL FHUHULL FOLHQ LORU 0DL WkU]LX DFHDVW 1LFL SkQ FXOWLYL GHFkW V R UHSXWD LH D IRVW GLVWUXV  GHRDUHFH SHQWUX D D DPEDODMHORU VWUXJXUL GH FDOLWDWH UHGXV  GH VFKLPEL R DWLWXGLQH QHJDWLY SURGXFWLY V IDFL VFKLPE UL GHFkW V SULYLQG

YLQGH FkW PDL PXOW PXQFLWRULL DH]DX vQ SDUWHD LQIHULRDU FDOLWDWH Q JHQHUDO HVWH PXOW PDL JUHX L PDL FRVWLVLWRU V DWLWXGLQH SR]LWLY  QWUDGHYDU H PXOW PDL FDUDFWHULVWLFLOH SURGXVXOXL LVDX LPDJLQHD V FDX L V

vQ SUH]HQW QX VD UHFXSHUDW vQ WRWDOLWDWH UHSXWD LD SURGXFHULL XQRU VWUXJXUL GH PDV

FRQVROLGH]L DWLWXGLQLOH H[LVWHQWH DOH FXPS U WRUXOXL

VFKLPEL DWLWXGLQL SUHFRQFHSXWH

3HUVRQDOLWDWHD ,QGLYL]LL WLQG V H[WURYHUWL LORU SHUFHDS DO L LQGLYL]L FD ILLQG WLSXUL GH SHUVRDQH ([LVW  GH H[HPSOX FHORU FDUH VH VXEDSUHFLD] FDUDFWHUL]DW XQXL HWF $FHVWHD VXQW SHUVRQDOLW L RDPHQL SHUFHSX L D IL vQ FDWHJRULD FHORU QHUYRL FHORU DPEL LRL vQFUH] WRUL vQ VLQH LQWURYHUWL LORU WLPL]LORU WXSHLWLORU FDUDFWHULVWLFH $VHPHQHD DWLWXGLQLORU FDUDFWHULVWLFLOH SHUVRQDOLW vQ FRPSRUWDPHQWXO XQXL LQGLYLG $VWIHO R SHUVRDQ GH VLQH YD DYHD LQGLVFXWDELO UHVSHFW ID QRL 2ULXQGH H[LVW XQ HOHPHQW GH vQFUH] WRDUH vQ VLQH YRU IL PDL GHJUDE QX L OH YRU DVXPD 'HL WHRUHWLFLHQLL LDX H[SULPDW VSHUDQ D GH D IL SRVLELO R HJDOLWDWH vQWUH PRGHOHOH GH FXPS UDUH L FRQVXP L WLSXULOH GH SHUVRQDOLWDWH DFHDVWD vQF SURSULH HVWH R IX]LXQH vQWUH PRGXO FXP R SHUVRDQD DU GRUL V WHQGLQ D V H[DJHUH]H vQWUR RDUHFDUH P VXU L GH XQD L GH FHDODOW  QX D GHYHQLW UHDOLWDWH FRQFHSWXO LPDJLQLL SURSULL ,PDJLQHD ILH IHOXO vQ FDUH FUHGH F R Y G DO LL L ULVF vQ LL VHUYHVF OD GHILQLUHD FRQVHFYHQ HL SULQWUXQ JUDG PDUH GH vQFUHGHUH SURGXV LQRYDWRU SHUVRQDOLW LOH

GH SURSULLOH S UHUL SULYLQG LGHL SURGXVH SUDFWLFL L SURFHVH DGRSWDUHD SULQWUH FHOH FDUH vL YRU DVXPD ULVFXUL GHFkW SULQWUH FHOH FDUH

Q SUDFWLFD PDQDJHPHQWXOXL ILUPHL PDUNHWLQJXO VWXGLD]

FXP HVWH HD GH IDSW Q FRQFOX]LH LPDJLQHD SURSULH SRDWH IL vQ vQWUHJLPH LQH[DFW  2DPHQLL DX FkQG H YRUED GH LGHDOXO SURSULX L V VH VXEHVWLPH]H vQWUR RDUHFDUH PDVXU SRDWH IL GLIHULW FkQG H YRUED GH VO ELFLXQLOH GLQ FDUDFWHUXO ORU L DGHYDUDWD ORU SHUVRQDOLWDWH

 352&(68/ '(&,=,(, '( $ &803 $ &21680$7258/8,

5$

'HFL]LLOH GH FXPS UDUH SRW IL OXDWH GH LQGLYL]L VDX JUXSXUL GH LQGLYL]L FXP DU IL IDPLOLD VDX XQ FRPLWHW GLQWUR RUJDQL]D LH FRPHUFLDO IRORVLW WHUPHQXO GH 8QLWDWH VDX LQGXVWULDO  &kQG HVWH LPSOLFDW XQ JUXS HVWH IUHFYHQW GH 0DUNHWLQJ 8'0  GDF V 0DUNHWHULL VXQW LQWHUHVD L GLVWLQJ SLHV vQ vQWUH GLQWU 'HFL]LRQDO

LGHQWLILFDUHD WXWXURU S U LORU LPSOLFDWH vQ SURFHVXO GH OXDUH D GHFL]LLORU L VXQW DWHQ L V FXPS U WRUL L XWLOL]DWRUL 8Q IHUPLHU SRDWH OXD GHFL]LD ILQDO XQ HFKLSDPHQW DJULFRO GDU GHFL]LD OXL SRDWH IL LQIOXHQ DW YD XWLOL]D PDLQD Q SOXV H[SHULHQ D XOWHULRDU

FXPSHUH R DQXPLW

GH S UHULOH DWLWXGLQLOH PXQFLWRUXOXL FDUH

D PXQFLWRUXOXL YD MXFD XQ URO PDMRU vQ GHWHUPLQDUHD

XQHL YLLWRDUH FXPS U UL Q PRG VLPLODU vQWUR IDPLOLH PDPD SRDWH IL FHD FDUH LD GHFL]LL vQ SULYLQ D

FXPS U WXULORU GLQ JRVSRG ULH GDU FRSLLL SRW DYHD R LQIOXHQ DOLPHQWH SH FDUH HL OH YRU FRQVXPD

PDMRU

DVXSUD FXPS U WXULORU GH

&RPSRUWDPHQWLWLL DX IRORVLW HYLGHQ H HPSLULFH SHQWUX D GHVFRSHUL PRGHOH DOH SURFHVXOXL GH FXPS UDUH $FHVWH PRGHOH GHVFULX vQ JHQHUDO GHFL]LD GH FXPS UDUH FD DYkQG FkWHYD HWDSH GLVWLQFWH UHFXQRDWHUHD HVWH XQ SUREOHPHL F XWDUHD vQWUXQ LQIRUPD LHL SURFHV FDUH HYDOXDUHD vQFHSH DOWHUQDWLYHORU vQDLQWH L GHFL]LD GH FXPS UDUH GXS FH DP FRPSRUWDPHQWXO SRVW FXPSDUDUH $VHPHQHD PRGHOH VXEOLQLD] HYHQLPHQW VLQJXODU FXPS UDW SURGXVXO 0DUNHWHUXO HVWH vQFXUDMDW V GH FXPS UDUH GHFkW D GHFL]LHL GH FXPS UDUH 5HFXQRDWHUHD SUREOHPHL 3URFHVXO GH FXPS UDUH vQFHSH FX UHFXQRDWHUHD QHYRLL XQXL LQGLYLG VDX XQHL RUJDQL]D LL ([HPSOH IHUPLHUXO UHFXQRDWH F VHPLQ H R FRPSDQLH FDUH FRPHUFLDOL]HD] HVWH vQ FUHWHUH L GH DFHHD WUHEXLH V DWHDSW FDSU VH DSURSLH VH]RQXO XQHL QRL FXOWXUL L VROLFLW F VWRFXULOH VXQW HSXL]DWH GDU FHUHUHD R FDSU VDX R RDLH 3UREOHPHOH L GH UDQL SRDWH FXPS UD R FHUHDOH UHDOL]HD] F  GH IDSW GHFL]LD GH D FXPS UD FRQWLQX DVXSUD LQIOXHQ ULL SURFHVXOXL

XQGHYD

UHIOHFWH PDL GHJUDE

SURFXUH JUkX SRUXPE L RUH] R IDPLOLH GLQ PHGLXO UXUDO L SUHSDU

XQ RDVSHWH LPSRUWDQW L vQ FLQVWHD OXL VDFULILF

QHYRLOH SRW IL GHFODQDWH GH VWLPXOL LQWHUQL L H[WHUQL 2 IDPLOLH PRGHVW ILH GHRDUHFH HL DX R RVSLWDOLWDWH vQQDVFXW F SHQWUX XQ YL]LWDWRU VSHFLDO V GLFWHD] ILH SURFXUDW R FDSU

VWLPXO LQWHUQ  ILH GHRDUHFH FRQYHQ LD VRFLDO VWLPXO H[WHUQ  GHL DELD vL SRW

SHUPLWH DFHVW OXFUX

5HFXQRDWHUHD SUREOHPHL

& XWDUHD LQIRUPD LHL

(YDOXDUHD DOWHUQDWLYHORU

'HFL]LD GH FXPS UDUH

&RPSRUWDPHQWXO SRVWFXPS UDUH

)LJXUD  (WDSHOH SURFHVXOXL GHFL]LRQDO GH FXPS &HUFHWDULOH GH PDUNHWLQJ WUHEXLH V SUREOHPH GHFL]LD F $VWIHO VDX XQRU QHYRL

UDUH UHFXQRDWHUHD XQRU VSUH VWDELOLUHD

LGHQWLILFH VWLPXOLL FDUH GHFODQHD] &HUFHW ULOH DU WUHEXL

SDUWLFXODUH

vQGUHSWDWH

QHYRLORUSUREOHPHORU FDUH VH LYHVF FXP DX OXDW DFHVWHD QDWHUH L FXP DX DMXQV FXPS U WRULL OD XQ DQXPLW SURGXV D IRVW PDL SRWULYLW V SRW SURLHFWD SURGXVHVHUYLFLL OH DFRSHUH QHYRLD VDX V FDSDELOH V DFRSHUH OH UH]ROYH SUREOHPD L V PDUNHWHULL QHYRLOHSUREOHPHOH

GHVFRSHUH VWUDWHJLL GH PDUNHWLQJ FDUH SRW GHFODQD LQWHUHVXO FRQVXPDWRULORU SULYLQG DFHOH SURGXVH VDX VHUYLFLL

&

XWDUHD LQIRUPD LLORU 6WUkQJHUHD LQIRUPD LLORU SRDWH IL SDVLY QHYRLH $VWIHO HO G GRYDG

VDX DFWLY  6WUkQJHUHD SDVLY

D LQIRUPD LLORU DUH ORF FkQG XQ LQGLYLG VDX XQ VLPSOX JUXS GHYLQH GLQ FH vQ FH PDL LQWHUHVDW V DFFHSWH R VROX LH SHQWUX R DQXPLW GH R DWHQ LH VSRULW  &XPS U WRUXO DU  YD F XWD LQIRUPD LL SRWHQ LDO GHYLQH PXOW PDL DWHQW OD DYHUWLVPHQWH VDX DOWH PHVDMH SULYLQG SURGXVXO UHVSHFWLY 8Q FRPHUFLDQW FDUH YD J VL SRWHQ LDO vQWUXQ QRX SURGXV DOLPHQWDU LPSRUWDQW vQ FRQWDFWH]H DO L FRPHUFLDQ L V VWDELOHWH F FHDU SULYLQG SURGXVXO VXUVHOH GH VWRFXUL SUH XULOH L UHJXODPHQWHOH GH LPSRUW (VWH SRVLELO FD HO V GRFXPHQWD LH GH OD SRWHQ LDOLL IXUQL]RUL HWF VWDELOHDVF FH VXUVH GH LQIRUPD LL VXQW PDL GHV F XWDWH .RWOHU 0DUNHWHULL YRU IL LQWHUHVD L V

VXUVHOH GH LQIRUPD LL VXQW JUXSDWH vQ SDWUX FDWHJRULL

6XUVH SHUVRQDOH IDPLOLH SULHWHQL FROHJL GH PXQF  YHFLQL FXQRVWLQ H 6XUVH FRPHUFLDOH PDWHULDOH SURPR LRQDOH UHODW UL GH SUHV  MXUQDOH WHKQLFH VDX PDJD]LQH

GLVWULEXLWRUL HWF 6XUVH SXEOLFH PDVV PHGLD ([SHULHQ H XWLOL]DUHD PkQXLUHD SURGXVXOXL .RWOHU VXJHUHD] JHQHUDO VH FRQVLGHU F F  vQ FD]XO FRQVXPDWRULORU DFHVWH VXUVH GH LQIRUPD LL MRDF XQ URO GLIHULW Q LQIRUPD LD vQWUH VXUVHOH FRPHUFLDOH L FHOHODOWH VXUVH FRPXQLFDUHD DVLJXU

6XUVHOH SHUVRQDOH vQV  FXP DU IL IDPLOLD L SULHWHQLL DMXW

OD HYDOXDUHD XQXL SURGXV VDX vQ OXDUHD QX WLH GH H[LVWHQ D PDL GLQ

XQHL GHFL]LLvQ FD]XO vQ FDUH VH SXQH SUREOHPD DOHJHULL vQWUH PDL PXOWH YDULDQWH SRVLELOH 'H YUHPH FH LQIRUPDUHD FOLHQWXOXL HVWH SUHFDU  HVWH SRVLELO FD HO V PXOWRU SURGXVHP UFL FDUH vQ DFHO PRPHQW VXQW GLVSRQLELOH SH SLD SURGXVHP UFL VH SRDWH V  $FHDVWD VH vQWkPSO

GLIHULWH PRWLYH &OLHQWXO SRDWH IL DQJDMDW vQWUR VWUkQJHUH GH LQIRUPD LL OLPLWDW  GHRDUHFH XQHOH QX IL IRVW SURPRYDWH vQ FDQDOHOH GH GLVWULEX LH OD FDUH FOLHQWXO DUH DFFHV GLQ RIHUWD WRWDO  0DL GHJUDE  GHFkW OD RIHUWD WRWDO  GH OD XQ FRQVXPDWRU OD $VWIHO FOLHQWXO HVWH UDUHRUL vQ SR]L LD GH D DOHJH XQ SURGXVPDUF FOLHQWXO DUH DFFHV OD R SDUWH GLQ RIHUW

(YDOXDUHD DOWHUQDWLYHORU 3URFHVXO GH HYDOXDUH D DOWHUQDWLYHORU GLIHU DOWXO &D XUPDUH LQGLYLGXO YD DGRSWD GHFL]LL GLIHULWH vQ FRQFRUGDQ DWXQFL FkQG FRQVXPDWRULL LDX GHFL]LL V SURGXV FDUH VXQW FHOH PDL UHOHYDQWH GDF SHQWUX QHYRLD ORU OD XQ

FX VLWXD LD GDW  ( SRVLELO FD GDW 6 FRQVLGHU P GH

VH FRQFHQWUH]H DVXSUD DWULEXWHORU L FDUDFWHULVWLFLORU DFHOXL PRPHQW

H[HPSOX XQ SURGXF WRU GH SDVWH I LQRDVH vQ F XWDUH GH JUkX EUXW 3URGXF WRUXO SRDWH DYHD FULWHULLOH VDOH vQ IXQF LH GH FDUH V XPLGLWDWH PD[LP  GHFLG VWRFXO GH FHUHDOH FRUHVSXQGH VDX QX FHULQ HORU GH H[HPSOX L PLQLP  NJ JUHXWDWH KHFWROLWULF  0DL SRW IL vQ WUDQH SHULRGLFH  FRUSXUL VWU LQH PD[LP 

IRORVLWH L DOWH FULWHULL vQ DOHJHUHD DQXPLWRU SURGXVH L VWRFXUL FD GH H[HPSOX SHULRDGD vQ FDUH VH IDFH OLYUDUHD GH OD IXUQL]RU DELOLWDWHD IXUQL]RUXOXL GH D OLYUD vQWUHDJD FRPDQG UHSXWD LD IXUQL]RUXOXL Q HWDSD GH HYDOXDUH SRWHQ LDOXO FOLHQW DMXQJH OD R FRQFOX]LH vQ

'HFL]LD OHJDWXU

GH

FXPS

UDUH

FX SUHIHULQ HOH VDOH L vL IRUPHD]

LQWHQ LD GH D FXPS UD QWUH LQWHQ LH L GHFL]LD GH D

FXPS UD SRW LQWHUYHQL GRL IDFWRUL  DWLWXGLQHD FHORUODO L  HYHQLPHQWHOH QHSUHY ]XWH 'DF DWLWXGLQHD FHORUODO L LQGLYL]L VDX RUJDQL]D LL FDUH DX LQIOXHQ DVXSUD SRWHQ LDOXOXL FOLHQW GH FXPS UDUH HVWH SXWHUQLF QHJDWLY  DWXQFL LQWHQ LD QX VH SRDWH WUDQVIRUPD vQWUR GHFL]LH IHUP (YHQLPHQWHOH QHSUHY ]XWH SRW GH DVHPHQHD LQWHUYHQL vQWUH LQWHQ LH L DF LXQH

$WLWXGLQHD FHORUODOWL  IDPLOLH  FXQRWLQ H  JUXS GH UHIHULQ

(YDOXDUHD DOWHUQD WLYHORU

,QWHQ LD GH D FXPS UD (YHQLPHQWH QHSUHYD]XWH  YHQLWXUL PDL VF ]XWH GHFkW FHOH SUHY ]XWH  FKHOWXLHOL RFD]LRQDWH GH VHFHW  vQJKH  EROL G XQ WRUL HWF

)LJXUD  )DFWRULL FDUH LQWHUYLQ vQWUH LQWHQ LD L DF LXQHD GH D FXPS 'H FkWH RUL LQGLYL]LL IRUPXOHD] LQWHQ LD GH D FXPS UD R FRPELQ OXL LPSOLFLW DPkQDW  &RPSRUWDPHQWXO YkQGXW HO FRQWLQX SRVWFXPS UDUH 5ROXO PDUNHWLQJXOXL QX VD vQFKHLDW GH D DYHD R UHFROW MXGHF L VDX FDXW V

UD

LD GHFL]LL HL IDF LQYDULDELO SUHVXSXQHUL

$FHVWH SUHVXSXQHUL VXQW DGHVHD PDL GHJUDE EXQ

LPSOLFLWH GHFkW H[SOLFLWH 8Q IHUPLHU vL SRDWH GHFODUD

GH UHFROWDW FHUHDOH vQ XUP WRDUHOH  OXQL GDU FkQG SUHVXSXQHUHD QX VD DGHYHULW GLQ FDX]D VHFHWHL FXPS UDUHD PDLQLL HVWH FkQG SURGXVXO VD

L vQ SHULRDGD SRVWFXPS UDUH 6FRSXO PDUNHWLQJXOXL QX HVWH QXPDL GH D YLQGH FL

L GH D FUHD SH WHUPHQ OXQJ UHOD LL FX FOLHQ LL 2UJDQL]D LLOH v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vL L SRDWH GH OD VI WXLWRUL SURIHVLRQLWL Q SOXV SURSULLOH SHUFHS LL DOH DWHSW ULOH 'DF SHUIRUPDQ HOH SURGXVXOXL VXQW HJDOH FXVDX ILH SH GHSOLQ VDWLVI FXW (VWH SH LQIOXHQ HD]

GHS HVF SHUIRUPDQ HOH DWHSWDWH DWXQFL H SRVLELO FD FXPS U WRUXO V vQ LQWHUHVXO RUJDQL]D LLORU FRPHUFLDOH V SURGXVHORU DU WUHEXL V

QX vL VXSUDOLFLWH]H SURGXVHOH 'H DOWIHO SUHWHQ LLOH DVXSUD PRWLY vQ OHJDWXU FX SURGXVXO UHVSHFWLY SH PDUNHWHUL HVWH FXP

UHIOHFWH SHUIRUPDQ HOH ORU DFWXDOH &KLDU L DWXQFL DFHDVWD QX vPSLHGLF

XQLL FXPS U WRUL V L IRUPXOH]H DWHSW ULOH I U

8Q DOW DVSHFW DO FRPSRUWDPHQWXOXL SRVWFXPSDUDUH FDUH LQWHUHVHD] IRORVHWH FXPS U WRUXO SURGXVXO (VWH QRUPDO V SURGXV SULPXO vQ VFRSXUL GLIHULWH J WLW FHOXL GDU FDUH D IRVW SUREOHPH VDX RSRUWXQLW UkQG SHQWUX SURLHFWDW DX VDX

H[LVWH VLWXD LL vQ FDUH FXPS U WRULL IRORVHVF XQ GHVWLQDW $VHPHQHD GHYLD LL SRW RIHUL F SRDWH IL IRORVLW L SHQWUX FXU QRX LUHD

L IXUQL]RULORU SURGXVHORU UHVSHFWLYH 'H H[HPSOX P ODLXO HVWH IRORVLW vQ FXPS U WRULL GHVFRSHULW FDUH VXQW S WD L HWF $FHDVW WRDWH VH YD FHOH PDL FLQFL DSHOD HWDSH OD vQWUHEXLQ DUH SRDWH 0XOWH GHSLQG GH

KDLQHORU GLQ EODQ  SDQWRILORU GLQ SLHOH vQWRDUV &XPS U WRULL LVDX IUHFYHQW QX WUHF QHDS UDW SUREDELO F SULQ QX

UHSUH]HQWD R RSRUWXQLWDWH GH PDUNHWLQJ SHQWUX R UHvPSDFKHWDUH VDX R UHSR]L LRQDUH D SURGXVXOXL GHVFULVH GH FLUFXPVWDQ HOH GLQ SUHDMPD SURFHVXOXL GH FXPS UDUH Q FD]XO XQRU SURGXVH PDL SX LQ VFXPSH FXPS UDWH VWUkQJHUHD LQIRUPD LL 'DF SRWHQ LDOXO FOLHQW HVWH ILGHO XQHL P UFL DQXPH DWXQFL HYDOXDUHD DOWHUQDWLYHORU QX YD PDL DYHD ORF

)DSWXO F vQV

XQHOH GLQ FHOH FLQFL HWDSH SRW OLSVL vQ DQXPLWH FLUFXPVWDQ H QX LQILUP VXFFHVLXQHD FRPSOHW SHQWUX D VH SRWULYL FX DQXPLWH FLUFXPVWDQ H GLQ MXUXO XQHL

PRGHOXO $FHVW GHFL]LL GH

PRGHO DUDW FXPS UDUH

D SRVLELOHORU HYHQLPHQWH GLQ SURFHVXO GH FXPS UDUH (O SRDWH IL DQXPLWH

PRGLILFDW

 &203257$0(178/ &21680$7258/8, , 6(*0(17$5($ 3,(

(,

8QD GLQ SULQFLSDOHOH DSOLFD LL DOH WHRULHL FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL vQ PDUNHWLQJ HVWH VHJPHQWDUHD SLH HL 'DF LQGXVWULDO  GLQ JUXSXO ILHFDUH GH DUH FOLHQWXO HVWH XQ FRQVXPDWRU LQGLYLGXDO VDX R RUJDQL]D LH FRPHUFLDO QHYRL PRWLYD LL H SURFHVH V ILH GHFL]LRQDOH VDWLVI FX L V GHFLG L FRPSRUWDPHQWH VXIHULQG GH GH R vQWUHSULQGHUH vQFHDUFD V YL]D L SLH HL SRVLELO VDX FXPS UDUH JUDGH GH FX

GLIHULWH Q DFHODL WLPS GDF FRQVXPDWRUL VHJPHQW ULL LQVDWLVIDF LH L FDXWkQG 7HKQLFD

DVLJXUH XQ SURGXV VWDQGDUGL]DW GRDU R SDUWH UHVWXO FkW GLIHULWH V

DOWHUQDWLYH 'H DLFL UH]XOW DMXW

QHFHVLWDWHD VHJPHQW ULL SLH HL GHSDUWH PHDUJ

vQWUHSULQGHUHD

DGDSWDUHD SURGXVHORU L VHUYLFLLORU ORU OD QHYRLOH GLIHULWHORU JUXSXUL GH FRQVXPDWRUL 6HJPHQWDUHD SLH HL SRDWH IL GHILQLW FD ILLQG SURFHVXO GH LGHQWLILFDUH L DSRL VHSDUDUH D SLH HL WRWDOH vQ S SRDW U L

DVWIHO vQFkW GLIHULWHOH VWUDWHJLL GH PDUNHWLQJ V LPSOLF

IL XWLOL]DWH SHQWUX ILHFDUH vQ SDUWH $FHDVWD

VWUkQJHUHD LQIRUPD LLORU GHVSUH GLIHULWH VHJPHQWH SH FDUH FRPSDQLD OHD LGHQWLILFDW

9DULDELOHOH IRORVLWH vQ VHJPHQWDUHD SLH HL SRW IL GHPRJUDILFH H[HPSOX YkUVW  VH[ SR]LWLH JHRJUDILF  RFXSD LH HGXFDWLH UDV SVLKRJUDILFH H[HPSOX DFWLYLW L LQWHUHVH RSLQLL SHUVRQDOLWDWH VWLO GH YLD

FRPSRUWDPHQWDOH H[HPSOX JUDGXO GH IRORVLUH D SURGXVHORU P VXUD vQ FDUH LQGLYLGXO H ILGHO P UFLL RFD]LD FX FDUH XWLOL]HD] SURGXVXO LGHQWLILFH JUXSXULOH GH SH SLD vQ 3RWULYLW OXL (QJHO RELHFWLYXO VHJPHQW ULL SLH HL HVWH V $VWIHO vQWUXQ VHJPHQW GH SLD

DQVDPEOXO HL FDUH VXQW VXILFLHQW GH VLPLODUH vQ FDUDFWHULVWLFL L U VSXQVXUL OD WUDWDPHQWH VHSDUDWH GHILQLW FRQVXPDWRULL DU WUHEXL V ILH IRDUWH DVHP Q WRUL XQLL ILH GLIHULWH XQXO QHFHVLW XQ GHFLG FDUH GLQ FX DO LL SH FkQG vQ VHJPHQWH GH SLD GH FHODODOW 'XS FXP VXJHUHD] GLVWLQFWH JUXSXULOH GH FRQVXPDWRUL DU WUHEXL V

GHILQL LD VHJPHQW ULL SLH HL ILHFDUH VHJPHQW GH SLD

PL[ GH PDUNHWLQJ GLIHULW 2GDWD FH SLD D D IRVW VHJPHQWDW  vQWUHSULQGHUHD WUHEXLH V DFHVWH VHJPHQWH SRDWH DVLJXUD SURILWDELOLWDWHD 3ULQFLSDOHOH F L VWUDWHJLFH FDUH SRW IL DGRSWDWH vQ DFHDVW QWUHSULQGHUHD VH FRQFHQWUHD] , 0DUNHWLQJ FRQFHQWUDW VSHFLDOLWDWH DFHVWD H SULYLQ VXQW

SH XQ VLQJXU VHJPHQW GH SLD L VXE GHQXPLUHD GH I U QL DFHVWXLD HVWH FRQVLGHUDW

 Q OLWHUDWXUD GH GH PDUNHWLQJ FD DYkQG XQ vQDOW

FXQRVFXW

6WUDWHJLD GH PDUNHWLQJ DGHFYDW

JUDG GH ULVF GHRDUHFH RUJDQL]D LD HVWH YXOQHUDELO ,, 0DUNHWLQJ Q DFHVW FD] RUJDQL]D LD DOHJH V SLD VHJPHQW GH SLD ,,, 0DUNHWLQJ V DWUDJ VHUYHDVF GRX

XQ DQXPLW JUDG GH

GLYHUVLILFDUH F FL QLD GH PDUNHWLQJ SRDWH GLVS UHD UDSLG VDX PDL PXOWH VHJPHQWH GH GLIHUHQ LDW LGHQWLILFDWH (VWH QHYRLH GH XQ PL[ GH PDUNHWLQJ GLVWLQFW SHQWUX ILHFDUH SH FDUH RUJDQL]D LD FDXW VDO SHQHWUH]H FX VHJPHQWDUHD SLH HL vLQ FDUH vQWUHSULQGHUHD FDXW IRUPXO VLPSO  GDU VDX

$FHDVWD HVWH vQ DQWLWH] QHGLIHUHQ LDW

PDL PXO L FXPS U WRUL SRVLELOL FX XQ VLQJXU PL[ GH PDUNHWLQJ L GLQ FH vQ FH PDL PDUL vQ VXV LQHUHD SR]L LHL ORU SH

8QHOH RUJDQL]D LL DX DYXW PDUH VXFFHV FX DFHDVW FRQIUXQWDW FX GLILFXOW SLD

 vQ WLPS FH FRQFXUHQ D D GHYHQLW WRW PDL SXWHUQLF 

3LH HOH SRW IL VHJPHQWDWH D SULRUL DWXQFL FkQG ED]HOH VHJPHQW ULL VXQW DOHVH vQ DYDQV L SRVW SULRUL FkQG VHJPHQWHOH VXQW IRUPDWH GXS FH SURGXVXO D IRVW GHVFRSHULW VDX FKLDU GXS YD FH D IRVW ODQVDW SH ED]D U VSXQVXOXL FRQVXPDWRUXOXL vQ OHJDWXU LDXUWXO V X SH SLD D URPkQHDVF  D GHFLV D SULRUL F L  DQL ,QWXLWLY PDQDJHPHQWXO D VLP LW F FX SURGXVXO &kQG FRPSDQLD 'DQRQH D ODQVDW LQH VHJPHQWXO GH FRQVXPDWRUL FXSULQV vQWUH  VHJPHQW D UHSUH]HQWDW DFHDVW R RSRUWXQLWDWH GH

DFHVW

PDUNHWLQJ 0 ULPHD FXWLHL  PO  GHVLJQXO FXWLHL FXORUL IRVIRUHVFHQWH L SHUVRQDMH GLQ GHVHQH DQLPDWH L DURPHOH FLRFRODW  F SXQL VD DX IRVW SURLHFWDWH V DWUDJ FDWHJRULH GH YkUVW 

&RPSDQLD DU IL SXWXW OD IHO GH ELQH V

DGRSWH R FDOH SRVW D SULRUL GH VHJPHQWDUH D SLH HL SULQ ODQVDUHD GHWHUPLQH FLQH IRORVHWH SURGXVXO FX FH RFD]LL ED] V IL IRVW

PRVWUHORU vQ FDVH L DSRL SULQ LQWHUYLXUL DOHDWRULL V VHJPHQWDW 

FXP D IRVW XWLOL]DW L FX FH UH]XOWDWH OHD SO FXWQX OHD SO FXW  L SH DFHDVW 3URFHVXO VHJPHQW ULL XQHL SLH H HVWH SRVLELO V QWUHSULQGHUHD WUHEXLH DSRL V VHOHFWH]H JUXSXULOH LQW SH FDUH DU GRUL V OH VHUYHDVF  SURGXF

XQ QXP U GLIHULW GH FRQVXPDWRUL LGHQWLILFDW L V

HYDOXH]H DWUDFWLYLWDWHD UHODWLY

D VHJPHQWXOXL GH SLD

6HJPHQWH GH PDUNHWLQJ  YDULDELOH GHPRJUDILFH  YDULDELOH SVLKRJUDILFH  YDULDELOH FRPSRUWDPHQWDOH

3URLHFWDUHD PL[XOXL GH PDUNHWLQJ  PDUNHWLQJ FRQFHQWUDW  PDUNHWLQJ GLIHUHQWLDW

6HOHFWDUHD VHJPHQWHORU GH SLDWD SH ED]D  SURILWDELOLWDWLL  GLVSRQLELOLWDWLL GH UHVXUVH

)LJXUD  3URFHVXO VHOHFW 'HVLJXU XQHOH VHJPHQWH GH SLD SXWHD XQRU V OH VHUYHDVF FX GDF JUkQH UHVXUVHOH GDU V

ULL VHJPHQWHORU GH SLD LL L vQWUHSULQGHUHD YD VHJPHQWH SHQWUX D $VWIHO VHUYL GH

SRW IL DWUDFWLYH vQ VHQVXO SURILWDELOLW VDOH DLE VH SRWULYHVF FX QHYRLOH GH DFHORU

H[HPSOX PDUNHWLQJXO XQHL PLFL FRPSDQLL GH IXQJLFLGH SRDWH DYHD R PDUH RSRUWXQLWDWH vQ VHUYLUHD FRPHUFLDQ L QX QXP UXO QHFHVDU YkQ]DWRUL DFHVW VHJPHQW 5H]XPDW &RQVXPXO FD DFWLYLWDWH FH vQFXQXQHD] GHRVHELW D PDQLIHVW DFHVWRUD GLYHUVLWDWHD SH SLD PRGHOHORU GH FRQVXP GH UHDOL]DUHD SURGXVHORUVHUYLFLLORU DUH R LPSRUWDQ LORU GH GLVWULEX LH L FRPHUFLDOL]DUH GH GHWDOLX DWHQW D D PRGXOXL FXP VH FRPSRUWDPHQWXOXL UHFODP R DQDOL]

SHQWUX PDUNHWLQJ 'LYHUVLWDWHD P UIXULORU D PRGDOLW GLYHUVHOH FDWHJRULL FRQVXPDWRUL

$QDOL]D

FRQVXPDWRULORU UHSUH]LQW &RQFHSWH FKHLH

SUHPLVD XQHL DFWLYLW

L HILFLHQWH D ILUPHL

0DUNHWHUL 6SHFLDOLWL DL ILUPHORU FDUH VH RFXS $WHSWDUH 7HUPHQ IRORVLW IUHFYHQW GH F WUH

GH PDUNHWLQJ HFRQRPLWL SULQ FDUH VH GHVHPQHD] RSLQLLOH

SXEOLFXOXL UHIHULWRDUH OD SHULRDGD XUP WRDUH $WLWXGLQH $QVDPEOX GH FRQYLQJHUL L DWLWXGLQL FDUH vL SXQ DPSUHQWD DVXSUD FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL 'LVRQDQ VHDPD F FRJQLWLY  'H]DP JLUHD SH FDUH R WU LHWH XQ FRQVXPDWRU vQ PRPHQWXO vQ FDUH vL G

SURGXVXO HVWH VXE DWHSW ULOH VDOH R DQXPLW PDUF

,PDJLQH ,GHL VHQWLPHQWH VHPQLILFD LL FX FDUH VH DVRFLD] /LGHU GH RSLQLH 3HUVRDQ FDUH LQIOXHQ HD]

FRPSRUWDPHQWXO JUXSXOXL GLQ FDUH IDFH SDUWH

3HUFHS LH 3URFHV GH UHFHSWDUH VHOHFWDUH L LQWHUSUHWDUH D LQIRUPD LHL

&DSLWROXO 

32/,7,&$ '( 0$5.(7,1* $ ),50(,

2ELHFWLYH 'HILQLUHD SROLWLFLL GH PDUNHWLQJ D ILUPHL &XQRDWHUHD WLSRORJLHL VWUDWHJLLORU GH SLD 

&XQRDWHUHD HOHPHQWHORU FRPSRQHQWH DOH PL[XOXL GH PDUNHWLQJ

 &225'21$7(/( 32/,7,&,, '( 0$5.(7,1* $ ),50(, Q SUH]HQW ILUPD vL GHVI RDU L UHVWULF LLOH FDUH VH PDQLIHVW DFWLYLWDWHD vQWUXQ PHGLX LQVWDELO L GLQDPLF UH]XOWkQG DVWIHO LL ILUPHL OD FHULQ HOH PHGLXOXL V X H[WHUQ OD FHULQ HOH

QHFHVLWDWHD XQHL DGDSW UL SHUPDQHQWH D DFWLYLW

SH SLH HOH SH FDUH ILUPD HVWH SUH]HQW  $GDSWDUHD ILUPHL OD FRQGL LLOH

FRQFUHWH DOH PHGLXOXL V X H[WHUQ QX VH SRDWH IDFH vQ FRQGL LLOH DEVHQ HL PDUNHWLQJXOXL ,QWHJUDUHD IXQF LHL GH PDUNHWLQJ vQ FDGUXO IXQF LLORU ILUPHL SUHVXSXQH GHVI XUDUHD XQRU DFWLYLW L VSHFLILFH FXP DU IL VHOHF LD SHUVRQDOXOXL LPSOLFDW vQ DFWLYLW L GHVI XUDWH vQ FDGUXO ILUPHL IRDUWH DX EDQL FL DX EDQL LOH GH PDUNHWLQJ HODERUDUHD SROLWLFLL L D VWUDWHJLLORU GH PDUNHWLQJ FRQFUHWH FXDQWLILFDUHD LQWHUGHSHQGHQ HORU vQWUH DFWLYLWDWHD GH PDUNHWLQJ L WRDWH FHOHODOWH DFWLYLW 1HFHVLWDWHD DERUG ULL WXWXURU SUREOHPHORU vQWUR YL]LXQH GH PDUNHWLQJ D IRVW VLQWHWL]DW VXJHVWLY GH F WUH *X\ 6HUUDI vQWUHSULQGHULOH ERJDWH QX IDF PDUNHWLQJ SHQWUX F SHQWUX F IDF PDUNHWLQJ GLQWUR VXP GH VWUDWHJLL L GLQWU

3ROLWLFD GH PDUNHWLQJ D ILUPHL GHILQHWH FDGUXO JHQHUDO GH DF LXQH DO ILUPHL vQ YHGHUHD UHDOL] ULL vQWUHJLL VDOH SURGXF LL 3ROLWLFD GH PDUNHWLQJ HVWH DOF WXLW LQVWUXPHQWH FRQFUHWH GH DF LXQH WDFWLFL  3ROLWLFD JOREDO GLVWULEX LH L SROLWLFD SURPR LRQDO  6WUDWHJLD GH PDUNHWLQJ FRPSRQHQW ILUPD XUPHD] FRQFRUGDQ HODERUDW FX V D SROLWLFLL GH PDUNHWLQJ LQFOXGH PLMORDFHOH SH FDUH SH FDUH L OHD SURSXV vQ D XQXL QRX SURGXV RGDW 6SHFLDOLWLL LQFOXG UHFRPDQG L VWUDWHJLL GH OH XWLOL]H]H vQ YHGHUHD UHDOL] ULL RELHFWLYHORU GH SLD GH PDUNHWLQJ D ILUPHL HVWH DOF WXLW

XQ QXP U GH SDWUX SROLWLFL GH ED]  L DQXPH SROLWLFD GH SURGXV SROLWLFD GH SUH  SROLWLFD GH

FX FRRUGRQDWHOH JHQHUDOH DOH SROLWLFLL GH PDUNHWLQJ 6WUDWHJLD GH PDUNHWLQJ SRDWH IL SURJUDPHORU OH SRDW SODQXULORU VDX EXJHWHORU ILUPHL HWF

vQ GLYHUVH PRPHQWH L FX GLYHUVH RFD]LL vQ FD]XO ODQV ULL SH SLD

IXQGDPHQWDUHD

HODERUDUHD OD QLYHOXO ILUPHL D XQXL VHW GH VWUDWHJLL GH PDUNHWLQJ VHW FDUH V UH]HUY  SH FDUH ILUPD V SLD

DSOLFD vQ VLWXD LLOH GH FUL]  vQ VLWXD LLOH QHSUHY ]XWH Q IXQF LH GH HWF HVWH DOF WXLW GLQ XUP WRDUHOH 6WUDWHJLD GH VWUDWHJLL DF LXQH SDU LDOH VWDELOHWH VWUDWHJLD DQJDM ULL

VHJPHQWXO F UXLD L VH DGUHVHD]  VWUDWHJLD GH PDUNHWLQJ SRDWH vPEU FD IRUPH FRQFUHWH VWUDWHJLH GH  VWUDWHJLH GH SURGXV VWUDWHJLH SURPR LRQDO Q VWUDWHJLD JHQHUDO DF LXQH R VWUDWHJLH VWUDWHJLD GH PDUNHWLQJ L V GH UH]XOWDWHORU

SURGXVHOH VDX JDPD GH SURGXVH FDUH XUPHD] XWLOL]DWH HWF 6WUDWHJLD UH]XOWDWHORU

ILH SURGXVH vQ ILUP  QLYHOXO SUH XULORU SUDFWLFDWH OD DF LXQLOH ILUPHL SULQ DERUGDUHD D FDSDFLW SULRULWDU D XQRU

EHQHILFLDU UHJLXQHD L UHVSHFWLY SLH HOH SH FDUH VH YD FRPHUFLDOL]D SURGXVXO FDQDOHOH GH GLVWULEX LH PRWLYHD] GRPHQLL FXP DU IL XWLOLWDWHD VRFLDO VDX D IRU HL GH PXQF  SULRULW D SURGXVHORU XWLOL]DUHD FRPSOHW LORU GH SURGXF LH

LOH WHKQLFH HWF 3ULQ VWUDWHJLD DQJDM ULL VH VWDELOHWH FLQH FkQG L XQGH WUDQVSXQHUHD HIHFWLY vQ SUDFWLF D VWUDWHJLLORU GH PDUNHWLQJ

YD H[HFXWD DF LXQLOH FRQFUHWH FXSULQVH vQ VWUDWHJLD vQ FDX]  7DFWLFD GH PDUNHWLQJ UHDOL]HD] DOH XQHL ILUPH 5HOD LD vQWUH VWUDWHJLD L WDFWLFD GH PDUNHWLQJ HVWH GH OD vQWUHJ OD SDUWH

 ,03257$1

$ 675$7(*,(, '( 3,$

1 &$'58/ 32/,7,&,, '( 0$5.(7,1* $ ),50(, 6H DSUHFLD]  DWkW vQ WHRULH FkW L vQ SUDFWLF  F DEVROXW QHFHVDU ILUPHL L V HODERUDUHD XQHL VWUDWHJLL GH SLD VWUDWHJLD GH SLD U VSXQG UHSUH]LQW HOHPHQWXO FHQWUDO

DO SROLWLFLL GH PDUNHWLQJ D ILUPHL 'H DVHPHQHD vQ FRQGL LLOH DFWXDOH vQ FDGUXO ILHF UHL ILUPH HVWH FDUH V FHULQ HORU PHGLXOXL H[WHUQ DO YDORULILFH RSWLP UHVXUVHOH GH FDUH GLVSXQH ILUPD SHQWUX DFWLYLWDWHD ILUPHL DFHDVWD UHSUH]LQW

LQkQG VHDPD GH LPSRUWDQ D VWUDWHJLHL GH SLD

GH IDSW SXQFWXO GH SOHFDUH vQ HODERUDUHD L IXQGDPHQWDUHD WXWXURU FHORUODOWH RS LXQL VWUDWHJLFH DOH ILUPHL Q DFHVW FRQWH[W HOHPHQWHOH vQ IXQF LH GH FDUH VXQW FRQVWUXLWH GLYHUVHOH WLSXUL GH VWUDWHJLL GH PDUNHWLQJ VH SRW FRQFUHWL]D vQ GLQDPLFD SLH HL VWUXFWXUD SLH HL VFKLPE ULOH FDUH DX ORF SH SLD H[LJHQ HOH SLH HL QLYHOXO FRPSHWL LHL 3URIHVRUXO & )ORUHVFX FODVLILF VWUDWHJLLOH GH SLD vQ IXQF LH GH HOHPHQWHOH HQXPHUDWH DQWHULRU ILJXUD   6WUDWHJLLOH GH SLD DFWLYLW HODERUDWH L DGRSWDWH vQ DFWLYLWDWHD ILUPHL DX XQ FDUDFWHU GLQDPLF GH DVHPHQHD ILUPD SRDWH RSWD SHQWUX IRUPXODUHD XQHL VWUDWHJLL XQLFH SHQWUX WRDWH SURGXVHOH L WRDWH LOH VDOH VDX SRDWH HODERUD VWUDWHJLL GLIHUHQ LDWH SH SURGXVH VDX JUXSH GH SURGXVH 

3R]L LD ILUPHL ID 'LQDPLFD SLH HL 6WUDWHJLD FUHWHULL 6WUXFWXUD SLH HL 6WUDWHJLH QHGLIHUHQ LDW 6FKLPE ULOH

GH ([LJHQ HOH SLH HL 6WUDWHJLD H[LJHQ HL ULGLFDWH 1LYHOXO FRPSHWL LHL 6WUDWHJLH RIHQVLY

SLH HL 6WUDWHJLH DFWLY

6WUDWHJLD PHQ LQHULL

6WUDWHJLH GLIHUHQ LDW

6WUDWHJLH SDVLY

6WUDWHJLD H[LJHQ HL PHGLL

6WUDWHJLH GHIHQVLY

6WUDWHJLD UHVWUkQJHULL

6WUDWHJLH FRQFHQWUDW

6WUDWHJLH DGDSWLY

6WUDWHJLD H[LJHQ HL VF ]XWH

)LJXUD  &ODVLILFDUHD VWUDWHJLLORU GH SLD 6XUVD & )ORUHVFX L FRODE 0DUNHWLQJ (G 0DUNHWHU %XFXUHWL  (ODERUDUHD XQHL VWUDWHJLL GH SLD H[SHULHQ QDWXU  R EXQ UHSUH]LQW R DFWLYLWDWH FRPSOH[  FDUH QHFHVLW FRPSHWHQ 

FXQRDWHUH D SLH HL HWF L FDUH DUH GUHSW VFRS HODERUDUHD XQRU GHFL]LL DGHFYDWH DFWLYLWDWH vPELQ  GH UHJXO  HOHPHQWH GH SRDWH

SHQWUX ILUPD vQ FDX]  6SHFLDOLWLL LPSOLFD L vQ DFHDVW RELHFWLY IL SUH]HQWDW VFKHPDWLF DD FXP UH]XOW GLQ ILJXUD 

FX GHWHUPLQ UL GH RUGLQ VXELHFWLY 3URFHVXO GH HODERUDUH D VWUDWHJLHL GH SLD

6WDELOLUHD RELHFWLYHORU JHQHUDOH

$QDOL]D GLDJQRVWLF D PHGLXOXL GH PDUNHWLQJ

6WDELOLUHD RSLXQLORU VWUDWHJLFH IXQGDPHQWDOH    VHJPHQWDUHD SLHHL

VHOHFWDUHD HOHPHQWHORU YL]DWH DOHJHUHD FmLORU GH UH]ROYDUH  SR]LLRQDUHD

&RQFHSHUHD PDUNHWLQJXOXLPL[     SURGXV SUH GLVWULEXLH SURPRYDUH

(YDOXDUHD SUHYL]LRQDOm D VWUDWHJLLORU

,PSOHPHQWDUHD VWUDWHJLHL

&RQWUROXO LPSOHPHQWmULL VWUDWHJLHL

)LJXUD  (ODERUDUHD VWUDWHJLHL GH SLD 6XUVD * 0HGULKDQ 0% 6DOR 5 %R\HU 0DUNHWLQJ  0,;8/ '( 0$5.(7,1* 0L[XO GH PDUNHWLQJ SRDWH IL GHILQLW FD XQ LQVWUXPHQW GH UHDOL]DUH D SROLWLFLL GH PDUNHWLQJ D ILUPHL FDUH FRQVW PL[WXUH FDUH vQ GLQWUR FRPELQD LH XQLWDU OLPED HQJOH] D GLIHULWHORU YDULDELOH GH PDUNHWLQJ vQ SDWUX GRPHQLL GLVWLQFWH SURGXV SUH  GLVWULEX LH L SURPRYDUH ILJXUD   1R LXQHD GH PL[ SURYLQH GH OD FXYkQWXO DUH VHPQLILFD LD GH DPHVWHF vPELQDUH FRPELQDUH &UHDWRUXO LL +DUYDUG 1HLO %RUGHQ vQ IXQF LH GH FRQGL LLOH FRQFUHWH DOH FRQFHSWXOXL GH PDUNHWLQJPL[ D IRVW SURIHVRUXO 8QLYHUVLW FRPSRQHQWHSURGXV SUH  GLVWULEX LH L

Q FDGUXO DERUG ULL DFWXDOH D FRQFHSWXOXL GH PDUNHWLQJ PL[ LPSRUWDQ D FHORU SDWUX HOHPHQWH SURPRYDUHYDULD] WUDQVSXQHULL vQ SUDFWLF D PL[XOXL 'H DVHPHQHD vQ SUDFWLF  QX HVWH REOLJDWRULH SUH]HQ D WXWXURU LL ILHF UXLD GLQWUH FHOH SDWUX FRPSRQHQWH DOH PL[XOXL

HOHPHQWHORU SHQWUX UHDOL]DUHD PL[XOXL &D XUPDUH D GLYHUVLW LL L FRPSOH[LW OD QLYHOXO ILHF UXLD GLQWUH HOH VH SRDWH HODERUD XQ DD QXPLW VXEPL[ VXEPL[ GH SURGXV VXEPL[ GH SUH  VXEPL[ GH GLVWULEX LH VDX VXEPL[ GH SURPRYDUH

5H]XPDW $FWLYLWDWHD GHVI XUDW U VSXQG FRQFUHWH XQRU ILUPD PXOWLSOH HYROXHD] SULQ GH ILUPH LQGLIHUHQW GH GRPHQLXO GH DFWLYLWDWH DO DFHVWRUD WUHEXLH V GLQDPLVP PHGLX VDOH FDSDFLWDWH L  GH DGDSWDUH Q D FDSDFLWDWH DFHVWH IL GH LQRYDUH SUH]HQ D vQ HWF 'H DVHPHQHD vQ FHOH PDL IUHFYHQWH GLQWUH VLWXD LLOH SUDFWLFH DJLWDW FRQFUHWH LPSUHYL]LELO VH FRQGL LL GRYHGHWH DEVROXW QHFHVDU

FHULQ H vQWUXQ

IOH[LELOLWDWH YL]LXQH SURVSHFWLY PDUNHWLQJXOXL

LQVWUXPHQWHOH

IXQGDPHQWDUHD VWUDWHJLHL JOREDOH D ILUPHL


3ROLWLFD GH SURGXV 3ROLWLFD GH SUH

0L[XO GH PDUNHWLQJ

3ROLWLFD GH GLVWULEX LH

3ROLWLFD

SURPR LRQDO

)LJXUD  0L[XO GH PDUNHWLQJ

&RQFHSWH FKHLH

3ROLWLFD GH PDUNHWLQJ &RPSRUWDPHQWXO ILUPHL vQ OHJ WXU XUPDUH D GHVI XU ULL DFWLYLW LL GH SLD 

FX DQVDPEOXO SUREOHPHORU UH]XOWDWH FD

6WUDWHJLD GH PDUNHWLQJ &RPSRQHQW SULQFLSDOHOH SURJUDPDWH GLUHF LL vQ FDUH ILUPD vL

D SROLWLFLL GH PDUNHWLQJ D ILUPHL SRDWH IL GHILQLW PRELOL]HD] UHVXUVHOH SHQWUX DL vQGHSOLQL

SULQ

RELHFWLYHOH

7DFWLFD GH PDUNHWLQJ ,QVWUXPHQWXO FRQFUHW GH WUDQVSXQHUH vQ SUDFWLF

D VWUDWHJLHL GH PDUNHWLQJ

0L[XO GH PDUNHWLQJ &RPELQDUHD vQWUXQ DQVDPEOX XQLWDU L FRHUHQW D HOHPHQWHORU FDUH YL]HD] SROLWLFD GH SURGXV SROLWLFD GH SUH  SROLWLFD GH GLVWULEX LH L SROLWLFD SURPR LRQDO D ILUPHL

&DSLWROXO 

32/,7,&$ '( 352'86


2ELHFWLYH &DUDFWHUL]DUHD DFWLYLW LORU GH PDUNHWLQJ VSHFLILFH HWDSHORU FLFOXOXL GH YLD DO SURGXVXOXL DO SURGXVXOXL JDP )DPLOLDUL]DUHD FX FDWHJRULL L FRQFHSWH QRL SUHFXP SURGXV FLFOXO GH YLD

GH SURGXVH HPEOHP  PDUF  &DUDFWHUL]DUHD WLSRORJLHL GH VWUDWHJLL  SROLWLFL GH PDUNHWLQJ VSHFLILFH GLIHULWHORU SURGXVH

 &216,'(5$

,, *(1(5$/( 35,9,1' 352'868/ &,&/8/ '( 9,$ &$7(*25,, , &21&(37( &25(/$ ,,

3URGXVXOVHUYLFLXO UHSUH]LQW

XQD GLQ SULQFLSDOHOH YDULDELOH FRQWURODELOH GH PDUNHWLQJ FDUH vQ OD SURLHFWDUHD SURJUDPHORU vQ PL[XULOH GH PDUNHWLQJ  LQW  3URGXVHOH XQHL

FRPELQD LL FX DOWH YDULDELOH VSHFLILFH FRQFXU ILUPH VXQW UH]XOWDWHOH DFWLYLW

LQVWUXPHQWH HILFDFH SHQWUX DWLQJHUHD RELHFWLYHORU SUHVWDELOLWH SH GLIHULWHOH SLH H SRW IL GH QDWXUD EXQXULORU PDWHULDOH VDX D VHUYLFLLORU

LL VDOH HFRQRPLFH UH]XOWDWH FH SRW IL RIHULWH XQRU FOLHQ L SRWHQ LDOL(OH

Q YL]LXQH PRGHUQ  XQ SURGXV VH SRDWH GHILQL FD ILLQG R FRPELQD LH GH EXQXUL PDWHULDOH L VHUYLFLL QHFHVDU VDWLVIDFHULL XQHL QHYRL ELQH LGHQWLILFDWH GH H[HPSOX R ILUP FX JDUDQ LL L VHUYLFLL  RVWHQWDWLY  HWF  GH DSDUDWH GH X] FDVQLF SURSXQH FOLHQWHOHL VDOH DSDUDWH vPSUHXQ QWUR VRFLHWDWH GH]YROWDW

HFRQRPLF vQ FDUH QHYRLOH SULPDUH VXQW DVLJXUDWH SHQWUX PDUHD

PDMRULWDWH D SRSXOD LHL vQ FDUH GH Fk LYD DQL EXQL VD DMXQV FKLDU OD DD ]LVXO FRQVXP SURGXVHOH  VHUYLFLLOH VXQW FXPS UDWH SHQWUX FDOLWDWHD ORU SHQWUX FHHD FH HOH VLPEROL]HD] $O WXUL GH QR LXQHD GH SURGXV VH XWLOL]HD] 8Q SURGXV QX H[LVW DPEL LL PRWLYD LLSH SULYLQG FHUFHW ULOH vQ YL]LXQH GH PDUNHWLQJ FDUH IXQF LD OXL R YD PRWLYD LLOH SVLKRORJLFH L DOWHOH SURGXV IXQF LH VDX vQWUR PDQLHU VSHFLILF  GHFkW GDF VDWLVIDFH DOH

SURGXV  SLD Q DFHVW

HO U VSXQGH XQHL DWHSW UL GRULQ H QHYRL FRQWH[W GH SXVH OD SRWHQ LDO VSHFLILF FRUHVSXQG GLQ SXQFW GH YHGHUH IL]LF VDX UHSUH]LQW SXQFWXO

FRQVXPDWRUXOXL

SOHFDUH vQ SURLHFWDUHD FHUFHWDUHD L GH]YROWDUHD YLLWRUXOXL QRXOXL SURGXV  VHUYLFLX 2GDW SXQFW SURGXVHOH VXQW WHVWDWH ODQVDWH SH SLD 0DQDJHPHQWXO SURGXVHORU UHSUH]LQW L DX XQ FLFOX GH YLD V

DQVDPEOXO PHWRGHORU LQVWUXPHQWHORU L WHKQLFLORU SXVH

vQ VOXMED UHDOL] ULL XQXL SURGXV FRQFUHW SURGXV FDUH XUPHD] MXULGLF  Q FRQGL LLOH XQHL HFRQRPLL GH SLD SURGXFH FL GLPSRWULY  VH SURGXFH FHHD FH

WHKQLF HFRQRPLF MXULGLF VRFLDO FXOWXUDO UHOLJLRV HWF FHULQ HORU XWLOL]DWRUXOXL SHUVRDQ VH VROLFLW  FHHD FH DFFHSW SLD D

FRQFXUHQ LDO  QX VH PDL YLQGH FHHD FH VH SRDWH 0DQDJHPHQWXO XQHL SLH H LQW  XQ SURGXV U PkQH

SURGXVHORU UHSUH]LQW  GH IDSW PDQDJHPHQWXO XQHL JDPH GH SURGXVH SHQWUX F Q FDGUXO GHPHUVXOXL VSHFLILF PDUNHWLQJXOXL LGHQWLILFDUHD SLH HL XQHL JDPH  2 PHWRG FX PXOWLSOH DSOLFD LL VWUXFWXU vQ PDQDJHPHQWXO SHUIRUPDQW DO LQW

UDUHRUL L]RODW HO I FkQG SDUWH vQ JHQHUDO GLQWUR IDPLOLH GH SURGXVH FDUH VH DGUHVHD]

HVWH XQ HOHPHQW H[WUHP GH DSDU LQH

LPSRUWDQW GH DVHPHQHD SR]L LRQDUHD L DYDQWDMXO FRQFXUHQ LDO DO ILHF UXL SURGXV FKLDU GDF SURGXVXOXL R

UHSUH]LQW GH PXOV L SXWHUQLF 

PHWRGD %&* Q ED]D DFHVWHL PHWRGH GH DQDOL] FODVLILFDWH GXS UHVSHFWLY SLDWU ELQHFXQRVFXW

L SUHGLF LH SURGXVHOH RIHULWH VSUH YkQ]DUH SRW IL

D PRGHOXOXL SURGXVH YHGHW  GLOHP  YDF

GH PRDU  8Q SURGXV GLOHP  FDUH FXFHUHWH R SR]L LH FRQFXUHQ LDO

GHYLQH XQ SURGXV YHGHW  Q FD] FRQWUDU HO YD GHYHQL XQ SURGXV PRUW  SLDWU XQXL FDQDO GH GLVWULEX LH LGHQWLILFkQGXVH GH DFHDVW ([LVWHQ D SH SLD QRPHQFODWRDUH L FODVLILF UL DGHFYDWH 'H GDW

GH PRDU  0HWRGD

%&* VH SRDWH IRORVL L OD QLYHOXO XQHL UH HOH GH YkQ]DUH FX DP QXQWXO DSDU LQkQG XQHL ILUPH VDX SXQFWHOH GH YkQ]DUH GLOHP  YHGHW  HWF QRPHQFODWRDUHOH SURGXVHORU HODERUDWH GH D XQXL QXP U vQVHPQDW GH SURGXVH L VHUYLFLL D FRQGXV OD HODERUDUHD GH H[HPSOX

,QVWLWXWXO )UDQFH] GH $XWRVHUYLUH ,)/6 DX DYXW vQ YHGHUH V FDGUX SHQWUX GHVI XUDUHD DFWLYLW GRX LORU SURSULL GH LQFOXVLY SURGXVH  SDQHOXUL XWLOL]DWH vQ FHUFHW ULOH GH SLD FODVLILFDUHD ,)/6 SHQWUX QRPHQFODWRUXO IUDQFH] ,)/6GLQ

DVLJXUH ILUPHORU GLVWULEXLWRDUH XQ XQRU L VWDWLVWLFL FRPHUFLDOH FDVQLFH vQ

UHDOL]DUHD DOLPHQWDUH 

 &X WLWOX GH H[HPSOX SUH]HQW P vQ WDEHOXO GH PDL MRV HFKLSDPHQWH  JUXSD IDPLOLL VXEIDPLOLL VHJPHQWH

JUXSH 

GRPHQLXO DOLPHQWDU 

7DEHO QU  0RGHOXO IUDQFH] GH FODVLILFDUH D SURGXVHORU


1RPHQFOD WXUD )DPLOLD 6XEIDPL OLD 6HJPHQWH &RGLILFDUH QXPHULF GH UHIHULQ 3URGXVH DOLPHQWDUH &DWHJRULD SURGXVH E F QLH 0 UIXUL JHQHUDOH    $SOLFH PXUDOH  &RQVHUYH GH OHJXPH 0D] UH YHUGH    OD HWXY  1DWXUDO  

&DWHJRULD HFKLSDPHQWH FDVQLFH

(OHFWULFL WDWH OXPLQ

3URGXVH GH LOXPLQDW

 /XVWUH ODPSDGDUH



$VWIHO GH JUXS UL FODVLILF UL L QRPHQFODWRDUH H[LVW

vQ ILHFDUH

DU  LPSRUWDQW HVWH vQ HWDSD VH DMXQJ OD XQ FRQVHQV L UL GDU L SH

DFWXDO  XUPDUH D WHQGLQ HL GH FRQVWLWXLUH D SLH HL JOREDOH LQWHUQD LRQDOHV

vQ DFHVW GRPHQLX UHDOL]DUHD XQXL QRPHQFODWRU GH P UIXUL XQLYHUVDO FHHD FH vQ SDUWH VD UHDOL]DW vQ OLQLL JHQHUDOH FX HIHFWH EHQHILFH vQ GRPHQLXO VWDWLVWLFLL  DQDOL]HL FRPSDUDWLYH LQWHU OLQLD SURPRY ULL SURJUHVXOXL WHKQLF HFRQRPLF L VRFLDO &LFOXO GH YLD DO SURGXVXOXL FRQVLGHUH F YLD ELQHFXQRVFXWXO FLFOX QDWHUH GH]YROWDUH PDWXULWDWH GHFOLQ DD FXP $QDORJLD FX ELRORJLD L GHPRJUDILD LD GHWHUPLQDW SH PXO L VSHFLDOLWL V XQXL SURGXV PDUF XUPHD] UH]XOW GLQ ILJXUD GH PDL MRV

ODQVDUH

FUHWHUH

PDWXUL WDWH GHFOLQ

WLPS

)LJXUD QU  &LFOXO GH YLD $FHDVW D

WHRUHWLF DO SURGXVXOXL $ L DO SURILWXOXL % GLILFLO GH XWLOL]DW GLQ SXQFW GH YHGHUH QX DSDUH FODU GDW ILLQG PDUHD

WHRULH HVWH VHGXF WRU GH VLPSO  GDU GH PXOWH RUL XQHOH SURGXVH  VHUYLFLL QR LXQHD GH

RSHUD LRQDO GHRDUHFH  SHQWUX FLFOX ORQJHYLWDWH D QHYRLORU VDWLVI FXWH

E vQ SUDFWLF ILLQG UHSUL]HOH

HVWH JUHX V F

GHWHUPLQL RELHFWLY L SUHFLV ID]HOH FLFOXOXL GH YLD GLQWUH SURGXVH DX XQ FLFOX GH YLD

 VWXGLLOH GH

VSHFLDOLWDWH GHPRQVWUHD]

FLUFD 

FODU PDL IUHFYHQWH GH YLD D SURGXVXOXL HYHQWXDO V O

VDX FLFOXULOH SDU LDOH  HVWH VWUkQV OHJDW GH QR LXQHD GH GXUDW vQ YLD XQ SURGXV VDX V O

F FRQFHSWXO GH FLFOX GH YLD SURPRYDUH UHODQVH]L  'XUDWD GH YLD SLD D LQIRUPDWLF GH YLD HWF V  L SURSXL V

(VWH XWLO GLQ SXQFWXO GH YHGHUH DO WHUDSLHL GH PDUNHWLQJ DOWIHO VSXV UHSR]L LRQDUH GLIHUHQ LHUH PHQ LL DEDQGRQH]L

D XQXL SURGXV  PDUF

GHSLQGH GH SLD D SH FDUH VH PLF

F UHLD L VH DGUHVHD] GXUDWD

L GH ULWPXO GH LQRYD LH DO UDPXULL GH SURGXF LH 'H H[HPSOX SLD D PHGLFDPHQWHORU vQ DQLL  L vQ DQLL  DX FXQRVFXW ULWPXUL GH LQRYD LH IRDUWH ULGLFDWH L vQ FRQVHFLQ D SURGXVHORU D IRVW IRDUWH VFXUW    DQL  'LPSRWULY  SH SLD D EXQXULORU GH FRQVXP XQGH D SURGXVHORU SUH]HQWH D]L vQ PDJD]LQH DO SURGXVXOXL

LQRYD LD HVWH PRGHVW  LDU LQYHVWL LLOH vQ SXEOLFLWDWH VXQW IRDUWH ULGLFDWH GXUDWD GH YLD HVWH IRDUWH PDUH 0DUHD PDMRULWDWH D P UFLORU GH EXQXUL GH FRQVXP GDWHD] GH Fk LYD DQL

3ROLWLFD GH PDUNHWLQJ D SURGXVXOXL DQDOL]kQG ID]HOH  HWDSHOH FLFOXOXL GH YLD SLD  'HFL]LD GH D ODQVD vQ SURGXF LH L GLVWULEX LH XQ SURGXV  VHUYLFLX UHSUH]LQW

DUH vQ YHGHUH SRVLELOLWDWHD UHODQV ULL SURGXVXOXL ILJXUD QU  VDX D ODQV ULL XQXL SURGXV QRX SH SHQWUX FRQGXFHUHD

XQHL ILUPH XQD GLQ FHOH PDL LPSRUWDQWH L FRPSOH[H GHFL]LL SHQWUX PDWHULDOL]DUHD DFHVWHLD VXQW SXVH vQ PLFDUH  DORFDWH LPSRUWDQWH UHVXUVH PDWHULDOH WHKQLFH XPDQH GDU L ILQDQFLDUH )LHFDUH GLQWUH PXOWLSOHOH FULWHULL SULYLQG RSWLPL]DUHD GHFL]LHL GH ODQVDUH SH SLD GLQ XUP FDUH GDF VXQW DFRSHULWRDUH FRQGXF OD LQWUDUHD SH SLD LGHHD ODQV ULL SURGXVXOXL SH SLD 
$ UHODQVDUH UHXLW

D XQXL SURGXV VXQW vQ FHOH FX SUH XULOH SLH HL vQ FD] FRQWUDU RSHUDWRUXO

FXDQWLILFDWH HFRQRPLF FRVWXULOH GH SURGXF LH L GLVWULEX LH VH FRPSDU D SURGXVXOXL

HFRQRPLF DEDQGRQHD]

YkQ] UL

% HHFXO UHODQV ULL

'HFL]LD GH UHODQVDUH

WLPS

)LJXUD QU  (YROX LD vQ WLPS D YLH LL XQXL SURGXV 3HQWUX LGHQWLILFDUHD XQXL SURGXV SH SLD VH IRORVHVF GLYHUVH HOHPHQWH QXPHOH HWLFKHWD

DPEDODMXO PDUFD XOWLPHOH GRX 2 PDUF ILUPH FRQFXUHQWH 5HSUH]HQWDUHD JUDILF D

IRDUWH LPSRUWDQWH vQ PDUNHWLQJXO PRGHUQ 

HVWH XQ VHPQ FDUH VHUYHWH OD GLIHUHQ LHUHD SURGXVHORU XQHL ILUPH GH FHOH DOH DOWHL XQHL P UFL HVWH GHQXPLW vQ OLWHUDWXUD IUDQFH] GH VSHFLDOLWDWH

ODJRW\SH  SH SLH HOH DFWXDOH SXWHUQLF FRQFXUHQ LDOH R PDUF SURGXVHORU ,QWHUHVXO SHQWUX VWXGLXO XQHL P UFL UH]XOW D I U E I U F I U PDUF PDUF QX VH SRW IDFH GLIHUHQ LHUL ID GH FRQFXUHQ

HVWH LQGLVSHQVDELO 

SHQWUX PDMRULWDWHD

GLQ XUP WRDUHOH FRQVLGHUHQWH R UHSUH]HQWDUH D SURGXVXOXL

QX SXWHP DYHD LPDJLQHD ILUPHL SURGXVXOXL DGLF

 ILUPHL vQ VSLULWXO DFFHS LXQLL FRQVXPDWRUXOXL PDUF  FRPXQLFDUHD SXEOLFLWDU HVWH GLILFLO  DSURDSH LPSRVLELO 

G I U

PDUF

QX HVWH SRVLELO

UHDOL]DUHD XQXL FDWDORJ FX DMXWRUXO F UXLD VH FRQIHU VH SUHYLQ FH D IRVW FDWDORJDW GHYLQH XQ HOHPHQW ILUP

XQ GUHSW GH SDWULPRQLDO vQ

SURSULHWDWH SURGXF WRUXOXL XWLOL]DWRUXOXL HWF DVWIHO vQFkW V vQWUXQ WHULWRULX SUHFL]DW QD LRQDO  2 PDUF ORFD LH XQHL VLQJXUH SHUVRDQH OLFHQ UHJOHPHQWDW vQ ILHFDUH Q DPLQWLP  PDUFD WLS SURGXV PDUFD HVWH DVRFLDW  PDUFD DFRSHU SUDFWLFD DFWLY FH SRDWH IL YkQGXW FHGDW FX WLWOX JUDWXLW DGXV

FRQWUDIDFHUHD VDX LPLWD LD QRX FUHDW  GDW

FD DSRUW vQWUR DOW

H[FOXVLY VDX PDL PXOWRU SHUVRDQH OLFHQ

QHH[FOXVLY  GDW

vQ JDM SHQWUX JDUDQWDUHD XQHL GDWRULL PDUFD HVWH XQ LPSRUWDQW HOHPHQW DO IRQGXOXL GH FRPHU  H[SUHV DU  FD L SH SODQ LQWHUQD LRQDO  D DIDFHULORU VXQW IRORVLWH R PDUH GLYHUVLWDWH GH P UFL GLQWUH FDUH HFRQRPLF

XQXL VLQJXU SURGXV  VHUYLFLX  'H]YROWDUHD P UFLORU XPEUHO HVWH vQ PRG

 PDUFD XPEUHO SDUWLFXODU LQGLFDW FD]XO ILUPHORU FD ILLQG YDODELO 

PDL PXOWH SURGXVH  VHUYLFLL (D SHUPLWH UHJUXSDUHD PDL

PXOWRU P UFL SURGXV vQWUXQ VLQJXU VHJPHQW SH SLD  PDUFD VHPQ

SH SLH HOH KLSHUVHJPHQWDWH FXP HVWH FHD D ELVFXL LORU E XWXULORU U FRULWRDUH WXU  PDUFD LQFOXGH vQ FRPSRQHQ D VD DWkW P UFL XPEUHO FkW L P UFL SURGXV R FRQVLGHUH

GH JUXS  vQFkW XQ WULEXQDO FRPHUFLDO V SHQWUX WRDWH FODVHOH GH SURGXVH  VHUYLFLL VLPLODUH FKLDU GDF DFRSHU DWkW ILUPD GLVWULEXLWRUXOXL FkW HD QX D IRVW GHSXV L WRDWH SURGXVHOH

 PDUFD QRWRULH PDUFD FH HVWH DWkW GH FXQRVFXW GHFkW FD XQD VLQJXU  ([HPSOX &RFD &ROD PDUFD GLVWULEXLWRUXOXL FRPHUFLDOL]DWH GH DFHVWD

$OHJHUHD XQHL P UFL HVWH R GHFL]LH GH PDUNHWLQJ GHRVHELW GH FRPSOH[  Q SURFHVXO GH DOHJHUH WUHEXLH V VH LQ FRQW GH FRQVWUkQJHUL PXOWLSOH OLQJYLVWLFH IRQHWLFH MXULGLFH FXOWXUDOH GH PDUNHWLQJ 6WXGLLOH vQWUHSULQVH DX GHPRQVWUDW F REVFXULWDWHD vQ WLPS FH YRFDOHOH ( L , HYRF 2 PDUF PHPRUDELO GH GHFkW R PDUF PDUNHWLQJ 3ROLWLFD PDWHULDO FH EXQ WUHEXLH V vQGHSOLQHDVF YRFDOHOH $ 2 8 VXJHUHD] vQFHWLQHDOD JUHXWDWHD ILH vQ

UDSLGLWDWHD OXPLQD OHMHULWDWHD 0DUFD WUHEXLH V DQXPLWH FHULQ H V L XWLOL]DELO XQ ILH OL]LELO

DFRUG FX SURGXVXO  VHUYLFLXO L ILUPD FDUH R GHVHPQHD]  L XRU GH SURQXQ DW FD R JUHHDO vQ ULOH L HYRFDWRDUH IRORVLUHD GH PDUFD FH GHFODQHD] 1RYD SHQWUX FOLHQWXOXL LPDJLQL PHQWDOH HVWH PXOW PDL HILFDFH vQ VWU LQ WDWH HVWH HYRFDW FH XUPHD] DSDUWH GDU L D IL DXWRPRELO R H[SRUWDW

FH GHVFULH SURGXVXO  RULJLQDO P UFLL D

$PHULFLL &HQWUDOH L GH 6XG vQ OLPED VSDQLRO  QR YD VH WUDGXFH SULQ QX PHUJH  PDUNHWLQJ SURGXVXOXL L vL DFRUG LPSRUWDQ IL]LF  DPEDODMXOXL L vQYHOLXO GH vQJOREHD] SURGXVXO DVLJXU SURWHF LH vQGHSOLQHWH IXQF LD

FRPXQLFDUH FX SLD D $PEDODMXO XQXL SURGXV DUH vQ SULQFLSDO GRX GLVWULEX LHL E IXQF LL FRPHUFLDOH L GH FRPXQLFD LH IDFLOLWDUHD YkQ] ULL SURGXVXOXL SULQ FRPXQLFDUHD FX YLLWRUXO FOLHQW DPEDODMXO D IRVW GHQXPLW vQ OLWHUDWXUD GH VSHFLDOLWDWH SUHDPEDODUHD vQWUXQ GR]DM DGHFYDW D P UIXULORU UHSUH]LQW $PEDODMXO D GHYHQLW SDUWH SULQFLSDO VHGXF EXQ JURDV XRDU  $PEDODMXO VH VFKLPE VWLOXO GH YLD V vQ WLPS GHRDUHFH PRGXULOH GH FRQVXP HYROXHD]  &DOLWDWHD GLHWHWLFXO GHYLQ VDX GLQ FH vQ FH PDL SUDFWLF PDL VHGXF WRU L V XQ DOW GRFXPHQW DFFHVLELO 2 QRUP SXEOLFXOXL SRDWH IL RIHUH vQ GHYLQ SUHSRQGHUHQWH LDU SURGXVHOH LQGLYLGXDOH VXQW vQ H[SDQVLXQH DPEDODMXO WUHEXLH SHQWUX GHWHUJHQ L VHPQLILF HYRF IDSWXO F YkQ] WRUXO PXW DO SURGXVXOXL  3HQWUX XQHOH IRUPH GH YkQ]DUH FX DP QXQWXO DXWRVHUYLUHD L DOWH IRUPH GH YkQ]DUH D P UIXULORU  R FRQGL LH HVHQ LDO  DWUDJ DWHQ LD L V R PDL L D PDUNHWLQJXOXL PL[ (O WUHEXLH V FDWHJRULL GH IXQF LL LL SH GXUDWD WUDQVSRUWXOXL SURGXVXOXL LQFOXVLY D IXQF LL WHKQLFH SURWHMDUHD L DVLJXUDUHD FDOLW

FRQVXPDWRUXO (VWH ELQHFXQRVFXW UROXO FXORULORU LQFOXVLY IRUPD OLWHUHORU DPEDODMXOXL EOHXO DFHWLD VSDO PDL PXOW GHFkW DOEXO JDOEHQXO VHPQLILF LL 3HQWUX EUkQ]  R OLWHU UDILQDW DUH R DOW URWXQG

GHJUHVDUH DXULXO L QHJUXO VXQW DVLPLODWH OX[XOXL L FDOLW SUH]HQ D PDWHULLORU JUDVH LDU R OLWHU

VHPQLILFD LH UHVSHFWLY R EUkQ]

VH DGDSWH]H DFHVWHL HYROX LL WUHEXLH V HVWH FX R VSHFLILFD LH WHKQLF D

FkW PDL PXOWH LQIRUPD LL 1RUPD FRRSHUDUH L VWDELOLW DSUREDUHD JHQHUDO WXWXURU S U LORU LQWHUHVDWH UHJLRQDO 

QD LRQDO

VDX LQWHUQD LRQDO  (D HVWH IRQGDW GH R DVRFLD LH QD LRQDO  FUHDW $1)25 SRDUW

SH UH]XOWDWHOH FRQMXJDWH DOH WLLQ HL WHKQRORJLHL L SULQ OHJHD GLQ  L SODVDW PDUFD 1) FDUH FHUWLILF VXE WXWHOD 0LQLVWHUXOXL F SURGXVHOH VXQW

H[SHULHQ HL Q )UDQ D PXQFD GH QRUPDOL]DUH HODERUDUH SXEOLFDUH L SXQHUH vQ DSOLFDUH D QRUPHORU HVWH FRRUGRQDW HXURSHQH L ,QGXVWULHL $)125 $S UkQG SR]L LD )UDQ HL vQ PDWHULH GH QRUPDOL]DUH vQ UDSRUW FX LQVWDQ HOH LQWHUQD LRQDOH IDSWXO FRQIRUPH FX QRUPHOH IUDQFH]H 0DUFD 1) HVWH R DVLJXUDUH D JDUDQ LLORU HVHQ LDOH   JDUDQ LD FDOLW  JDUDQ LD LL ORQJHYLWDWH SHUIRUPDQ H HILFDFLWDWH UH]LVWHQ LL HOHFWULF  PHFDQLF  YLVDYLV GH IXQF LRQDUH EXQ IXQF LRQDUH IDFLOLWDWH L FDOLWDWH vQ  GXUDELOLWDWH DVSHFW  JDUDQ LD VHFXULW XWLOL]DUH  JDUDQ LD UHJXODULW LL GH IDEULFD LH PDL PXOW GH  GH UHIHULQ H vQ ILHFDUH DQ ILLQG UHYL]XLWH GRX FDWDORDJH L R UHYLVW OXQDU (1-(8;  GLVSXQkQG GH  JDUDQ LD UHVSHFW ULL FRGXOXL P UFLORU SXEOLFH L UHJOHPHQW ULL ORU 1RUPHOH IUDQFH]H UHSUH]LQW R ED] GH GDWH HOHFWURQLFH 2 HWLFKHW LQFOXVLY UHSUH]LQW  DSURDSH  QRUPH $)125 HGLWHD]

DWLWXGLQLL

125,$1(  VWDELOHWH SHQWUX FHL LQWHUHVD L XQ SURFHGHX H[LJHQW SHQWUX XQ VHPQ GH FDOLWDWH FUHDW GH XQ RUJDQLVP RILFLDO GH H[HPSOX HWLFKHWD  5H]XOWDW DO HIRUWXULORU FRQMXJDWH DOH SXWHULORU SXEOLFH SURIHVLRQLWLORU HWLFKHWHOH VH ED]HD] SH SDWUX HOHPHQWH IXQGDPHQWDOH SDUWHQHULDW OD FDOLWDWH R FRRSHUDUH vQWUH GHQXPLUHD SURGXVXOXL

RE LQHUHD L PHQ LQHUHD GUHSWXOXL GH IRORVLUH D P UFLL 1) :ROPDUN SHQWUX OkQ

FRQVXPDWRULORU

GLVRFLHUHD IXQF LLORU GH FHUWLILFDUH L GH FRQWURO R UHIHULUH RELHFWLY SURIHVLRQLWL L FRQVXPDWRUL 'HL HOHPHQWH FRPSOHPHQWDUH DOH SURGXVXOXL HWLFKHWD

PDUFD

FHUWLILFDWXO GH FRQIRUPLWDWH HWF SUDFWLFD FRPHUFLDO vQGHSOLQHWH LPSRUWDQWH IXQF LL L DWULEX LL SH R SLD DGUHVHD] DFHORUDL FOLHQ L

D GHPRQVWUDW F VDWXUDW

ILHFDUH vQ PRG LQGHSHQGHQW

GH SURGXVH L  VDX VHUYLFLL FDUH VH

 ',1$0,&$ 3,( 3H R SLD SURGXVH QD LRQDO  SULYLW SULPH

(, 352'868/8, , 32/,7,&$ '( 0$5.(7,1* GLQ SXQFW GH YHGHUH VWDWLF VH GHVIDFH R IRDUWH PDUH GLYHUVLWDWH GH SURGXVH  HQHUJHWLFH VHUYLFLL LQGXVWULDOH QD LRQDO FDUH VH DJULFROH VH LQFOXVLY R vQ PDUH SLD D

PDWHULL

FRQVXPDELOH GLIHULWHOH

GLYHUVLWDWH GH EXQXUL  VHUYLFLL SHUVRQDOH $YkQG SURGXVHORU GUHSW FULWHULX L SURGXVH GH SLD D VWUXFWXUHD] GHWDOLD LQGXVWULDOH SLD D EXQXULORU FRQVXP JUXSDUH SRDWH FRQIRUP

RELHFWLYHORU FHUFHW WRUXOXL VDX SURIHVLRQLVWXOXL 3LD D SURGXVXOXL VH LQWHUIHUHD] FDUH LQWU vQ FRPSHWL LH SH SLD  SRW IL IRDUWH GLYHUVH VDX GLPSRWULY  XUPDUH D JUDGXOXL V X GH XQLFDWH  &HOH PDL PXOWH ILUPH UHDOL]HD] R  3URGXVHOH IDEULFDWH GH R ILUP JDP GHVWXO GH GLYHUV 2 JDP UHSUH]LQW GH SURGXVH XQ DQVDPEOX GH SURGXVH GHILQLWH vQ IXQF LH GH R WHKQRORJLH VDX GH R SLD SURGXVH VDX PRGHOH 'LPHQVLXQLOH FX VXPD SURGXVHORU GLQ WRDWH FX SLD D ILUPHL  ILUPHORU SURGXF WRDUH GH SURGXVH VLPLODUH FX

VSHFLDOL]DUH SRW IL VWULFW VSHFLDOL]DWH SURGXVHOH ILLQG

Q LQWHULRUXO XQHL JDPH VH GLVWLQJ OLQLL VDX IDPLOLL FDUH JUXSHD] HVWH HJDO

XQHL JDPH VXQW DSUHFLDWH SULQ O UJLPHD OXQJLPHD L SURIXQ]LPHD HL O UJLPHD XQHL JDPH GH SURGXVH FX QXP UXO GH OLQLL  IDPLOLL OXQJLPHD XQHL JDPH HVWH HJDO OLQLLOH VDX IDPLOLLOH LDU SURIXQ]LPHD JDPHL GH SURGXVH HVWH HJDO HVWH HJDO DGHVHD FX VXPD YDULDQWHORU L RS LXQLORU

RIHULWH GH ILHFDUH SURGXV VDX PRGHO GLQ WRDWH OLQLLOH VDX IDPLOLLOH 3URIXQ]LPHD XQHL OLQLL  IDPLOLL FX QXP UXO GH SURGXVH VDX PRGHOH FDUH OH FRPSXQ 'HWHUPLQDUHD P ULPLL XQHL JDPH HVWH FRPSURPLV vQWUH GRX SUHRFXS UL R PLQLPL]DUH D FRVWXULORU GH SURGXF LH L GH XQ

GLVWULEX LH  FDUH FRQGXFH OD DOHJHUHD XQHL JDPH vQJXVWH L R FUHWHUH D YkQ] ULORU FH MXVWLILF DOHJHUHD XQHL JDPH ODUJL Q ILJXUD  SUH]HQW P VFKHPDWLF SULQFLSDOHOH DWXXUL L VO ELFLXQL DOH FHORU GRX WLSXUL GH JDPH GH SURGXVH GLDPHWUDO RSXVH

0LFURPHGLXO

PDFURPHGLXO

RULF UHL

SLH H

LQGLIHUHQW

GH

QDWXUD

SURGXVHORU

VHUYLFLLORU SLD D HVWH SRWHQ LDOL

FRPHUFLDOL]DWH HVWH IRUPDW GLQWUXQ DQVDPEOX GH IDFWRUL LQWHUQL LVDX H[WHUQL FX DF LXQH FRQWLQX L FLFOLF  FX VHPQLILFD LH IDYRUDELO vQWUR FRQWLQX PRGLILFDUHD PDQDJHPHQWXO QHYRLORU ILUPHL PRWLYD LLORU HVWH REOLJDW V VDX QHIDYRUDELO DVSLUD LLORU DGDSWH]H LQW  L HWF FHHD FH MXVWLILF VWLOXOXL GH YLD DO  DILUPD LD F FOLHQ LORU VHUYLFLLOH WUDQVIRUPDUH /XkQG vQ FRQVLGHUDUH XQ PHGLX DWkW GH GLQDPLF OD FDUH DG XJ P SHUPDQHQW SURGXVHOH UHDOL]DWH OD

H[LJHQ HOH PHUHX vQ VFKLPEDUH DOH SLH HORU

*DPD )LUPD QJXVW )RU D VH GH SRDWH

$WXXUL FRQFHQWUD SH HIRUWXUL PDL GH

6O ELFLXQL 1X VXQW DFRSHULWH WRDWH VHJPHQWHOH GH SLD 2 SDUWH GLQ FOLHQWHOD SRWHQ LDO ULVF V FRQFXUHQ  OD PRGLILF ULOH SLH HL L  VDX 

FRPXQLFDUH YkQ]DUH VW SkQHWH ELQH SURGXVHOH *HVWLXQHD VWRFXULORU HVWH VLPSOLILFDW  )LUPD /DUJ SRDWH V U VSXQG PDL ELQH OD

FXPSHUH GH OD

)LUPD HVWH PDL YXOQHUDELO OD DWDFXO FRQFXUHQ LORU 1XP UXO PDUH GH

SURGXVH

DQWUHQHD]

GLVSHUVLH

DWHSW ULOH VHJPHQWH )LUPD SRDWH

SLH HL V VH

DFRSHULQG DFRPRGH]H LVDX

PDL PDL OD

PXOWH ELQH OD

HIRUWXULORU GH FRPXQLFDUH L D IRU HL GH YkQ]DUH  &RVWXO GH VWRFDUH HVWH ULGLFDW JHVWLXQHD VWRFXULORU HVWH DPSOLILFDW 

PRGLILF ULOH FRQFXUHQ LDO

SLH HL

DWDFXO

)LJXUD &RUHOD LD vQWUH GLPHQVLXQHD JDPHL GH SURGXVH L DYDQWDMHOH  GH]DYDQWDMHOH PDQLIHVWDWH SH SLD 3ULQ XUPDUH FKLDU ILUPHOH FDUH IDEULF PRWLYD LL F URUD V R JDP ODUJ GH SURGXVH VXQW REOLJDWH V DSHOH]H OD

WHKQLFL DGHFYDWH GH PDUNHWLQJ vQ YHGHUHD VHJPHQW ULL  WLSL] ULL SLH HL SHQWUX D LGHQWLILFD QHYRL L OL VH DGUHVH]H FX SURGXVH VSHFLILFH (OHPHQWHOH FRQVWLWXWLYH DOH XQHL JDPH GH SURGXVH DX vQ SULQFLSDO XUP WRDUHOH UROXUL D GH DWUDJHUH D XQRU QRL FOLHQ L LQFOXVLY FOLHQ L DL FRQFXUHQ HL  E GH WUDQ]L LH vQWUH IDPLOLLOH GH V SURGXVH PDL YHFKL L FHOH FDUH XUPDUH D FHUFHW ULL  GH]YROW ULL SURPRYDWH GH ILUP  XUPHD] DSDU  vQWUXQ YLLWRU QX SUHD vQGHS UWDW FX DWkW IRU D HVWH PDL PDUH L LQYHUV 

F UROXO GH OHDGHU DO SURGXF WRUXOXL FX FkW JDPD GH SURGXVH HVWH PDL ODUJ WHKQLF  HFRQRPLF  ILQDQFLDU  GH PDQDJHPHQW D ILUPHL vQ FDX] 5HDOL]DUHD L RIHULUHD SH SLD HWDSH SRW IL IRUPXODWH VXFFLQW DVWIHO  LQIRUPDUHD FRPSOHW L SHUWLQHQW GHVSUH SLD

D SURGXVHORU HVWH R RSHUD LXQH H[WUHP GH FRPSOH[  DOH F UHL L SURGXVHOH YL]DWH $FHVWD HVWH SXQFWXO GH DVWIHO R

SOHFDUH SULQ LQWHUPHGLXO F UXLD VH U VSXQGH OD FkWHYD vQWUHE UL IXQGDPHQWDOH FH VH FHUH" XQGH VH FHUH" OD FH SDUDPHWUL WHKQLFRHFRQRPLFL" FDUH HVWH PRWLYD LD FXPS U ULL" 6H UHDOL]HD] DQDOL] PXOWLSO D SLH HL D VHJPHQWHORU UH]XOWDWH L vQ IXQF LH GH UHVXUVHOH GLVSRQLELOH DOH ILUPHL VH vQF GLQ

SURSXQ YDULDQWHOH GH DF LXQH 3H ED]D VHJPHQW ULL L WLSRORJLHL VH DMXQJH OD VHJPHQWHOH GH SLD SHQWUX FDUH ILUPD DUH IRU HOH QHFHVDUH SHQWUX D UHDOL]D SURGXVHOH FRPSHWLWLYH VH UHDOL]HD] DFHDVW HWDS FXSOXO FX SURGXV LSRWHWLFSLD SHUPDQHQWD VXQW GLQDPLF SLH H V LQW D  SLH HORU HYROXHD] LQW  vQ OLWHUDWXUD GH GH VSHFLDOLWDWH VXEOLQLD] VDX D Q D FDSDFLW SURGXV OHJ WXU

H[LVWHQ D D WUHL IRUPH GH HYROX LH D SLH HORU DVWIHO  vQPXJXULUHD LL VDX SLH HL QRL FDUH IXQF LH GLIHUHQ LHUHD DX vQ FHUHULL F WHKQRORJLFH GH FDSDELOH VDWLVIDF FHUHUHD VH $FHVWH SLH H DYDQWDMXO VXQW ILLQG

REVHUYDELOH vQ HYROX LD ORU DVWIHO vQFkW VH SRDWH UHDF LRQD L GHILQL R VWUDWHJLH GH ODQVDUH D QRXOXL UHSR]L LRQDUH 6FKHPDWLF IHQRPHQXO SRDWH REVHUYD ILJXUD QU UHFXQRVFXWH XUP WRDUHOH WUHL VWDGLL   SLD D $  % HVWH vQ FUHWHUH  VHJPHQWXO $ D GHS LW VWDGLXO PDWXULW  VHJPHQWXO % FH UH]XOW WLPS DWkW FRQVXPDWRULL GLQ VHJPHQWXO $ LL L FXQRDWH XQ RDUHFDUH GHFOLQ FkW L DO L QRL FRQVXPDWRUL DL SURGXVXOXL 'XS FH GLQ $ FXQRDWH R FUHWHUH IRDUWH SXWHUQLF  DWU JkQG vQ DFHODL

VHJPHQWXO % FUHWH vQ GHWULPHQWXO VHJPHQWXOXL $ FDUH VH GH]YROW XUP UL FHOHODOWH GRX VLWXD LL GH FUHWHUH LPSOR]LY L H[SOR]LY  E FUHWHUHD LPSOR]LY VH FRQWUDFW SkQ OD

vQ PDQLHU

DXWRQRP  VH SRW LW

 VHJPHQWXO SULQFLSDO   FDUH FRQVWLWXLH SLD D HVWH V SDW URQ (VWH FD]XO DPSRQXOXL FDUH HUD OD RULJLQH WLQGH V I U D XQ SURGXV

GLQ WRDWH S U LOH GH QRL VHJPHQWH FDUH VH GH]YROW GLVSDUL LH GLYHUVLILFDW VLWXD LD LPSORVLY

vQ SULQFLSDO vQ GHWULPHQWXO VHJPHQWXOXL SULPDU FH SX LQ D SURGXVXOXL SHQWUX D VH DGDSWD VH UHGXF VXIHUL SHQWUX D PXOWH L

D GHWHUPLQDW GLYHUVLILFDUHD SXWHUQLF

OD QHYRL ODWHQWH WUDWDUHD S UXOXL JUDV VHF IUDJLO 3LD D RULJLQDO GHYHQL UH]LGXDO  FRPSDUDWLY FX QRLOH VHJPHQWH F FUHWHUHD H[SOR]LY  VHJPHQWXO SULPDU GH SLD G

SULPDU QDWHUH

SUHD

PRGLILF UL OD VHJPHQWH QRL FDUH VH LQGLYLGXDOL]HD]  $SDUL LD XQRU SLH H QRL VH FDUDFWHUL]HD] WHKQLFH H[LVWHQWH FDSDELO QHYRL LQH[LVWHQWH SH SLD V VDWLVIDF DFHDVW SULQ vQWkOQLUHD XQHL FHUHUL QRL L D XQHL FDSDFLW FHUHUH OD XQ FRVW DFFHSWDELO 1RXD SLD QX SURYLQH

FD SUHFHGHQWHOH GLQWUR GLIHUHQ LHUH SH VHJPHQWH D FHUHULL H[LVWHQWH FL GLQ DSDUL LD XQHL QRL FHUHUL  vQ WUHFXWXO DSURSLDW 7UHL HOHPHQWH FRQYHUJ DLFL R QRX DFHVW WLS GH SLD QHYRLH FH WUHEXLH VDWLVI FXW  QRL FRQVXPDWRUL L QRL SURGXVH Q OLWHUDWXUD IUDQFH] SURGXVXOXL WXULVWLF &OXE 0HGLWHUDQHH FDUH LOXVWUHD] IRUP 2 DOW PRGDOLWDWH GH GLQDPLF GH VSHFLDOLWDWH HVWH FLWDW H[HPSOXO  HD DUH FD RULJLQH R QRX GLQ U VSXQVXO OD

GH YDFDQ H FROHFWLYH FDUH UHXQHWH DVSHFWH PXOWLSOH VSRUWXO QDWXUD GDU L UHOD LLOH XPDQH  GH]YROWDUH D SLH HL SURGXVHORU UH]XOW VXUV  $VWIHO SH OkQJ SLD D IULJLGHUHORU DX DS UXW QXPHURDVH SURGXVH

QHYRLOH JHQHUDWH GH R SLD DOLPHQWHORU HWF  (WDSD 'RX

FDUH DX XQ URO FRPSOHPHQWDU VDFL GH JKHD

 VWLFOH WHUPRV VDX GH SODVWLF SHQWUX FRQVHUYDUHD GLUHF LH

SR]L LRQ ULL SURGXVHORU  UHVSHFWLY D GH]YROW ULL XQHL VWUDWHJLL vQ DFHDVW  DGLF LGHQWLILFDUHD XQXLD VDX PDL PXOWRU VHJPHQWH GH SLD

GHFL]LL LPSRUWDQWH LQWHUYLQ vQ PDWHULH GH SR]L LRQDUH  LQW F URUD OL VH IDFLOLW LQW LOH FRUHVSXQ] WRDUH DVWIHO vQFkW YLLWRULL FOLHQ L V DFKL]L LRQH]H SURGXVHOH ILUPHL

D DOHJHUHD SLH HL DWDHD] /D SLD D

VH DMXQJH SULQWUR VHJPHQWDUH DGHFYDW  vQ FD] FRQWUDU VH SRW vQWUHSULQGH DF LXQL DWXQFL FkQG FRQFXUHQ D HVWH SXWHUQLF  LQW  DOHJHUHD VWUDWHJLHL RSWLPH GHSLQGH

LQFRHUHQWH GH PDUNHWLQJ FX FRQVHFLQ H GXUH SHQWUX ILUP SH GH R SDUWH GH FDSDFLWDWHD ILUPHL LDU SH GH DOW LQIOXHQ GHFXSDW DQXPLW GDF

6H GLVWLQJ PDL PXOWH WLSXUL GH VWUDWHJLL SHQWUX SLD D  $VWIHO R SLD  VHJPHQWDW WkQ U

SDUWH GH HYROX LD  GLQDPLFD SLH HL D IDFWRULORU GH VH DWHSWH R  FKLDU ELFLFOHWD

HVWH GHVWXO GH UDU VHJPHQWDW  F FL HVWH SUHD VWUkQV SHQWUX D IL SHQWUX D GD VHJPHQWH VWDELOH 7UHEXLH V vQ D GH]YROWD R VLQJXU VWUDWHJLH

L SUHD GLQDPLF FRQVW

PDWXULWDWH GLQDPLF

D FUHWHULL SHQWUX D SURLHFWD GLYHUVHOH VWUDWHJLL SURGXVSLD

D 6WUDWHJLD QHGLIHUHQ LDW HVWH FXQRVFXW VHPLFXUVLHU ELFLFOHW

H[LVWHQ D PDL PXOWRU VHJPHQWH GH FOLHQWHO  'H H[HPSOX VH YD GH]YROWD R FX  YLWH]H  FDUH YL]HD] DWkW VSRUWLYLL FkW L SH FHL FDUH XWLOL]HD] PDUHD PDMRULWDWH D FXPS U WRULORU SRWHQ LDOL L SX LQ GLIHUHQ LDW  VSHFLILF ILHF UXL

SHQWUX QHYRL ]LOQLFH -XVWLILFDUHD DFHVWHL SROLWLFL HVWH F QHGLIHUHQ LDW VDX SH R SLD

DL SURGXVXOXL DX DWHSW UL DSURSLDWH FX SULYLUH OD SURGXV vQ QLFL XQ FD] LQFRPSDWLELOH  6WUDWHJLD HVWH DGRSWDW DMXQV DGHVHD SH R SLD WkQ U  XQGH FHUHUHD HVWH VWUkQV OD PDWXULWDWH vQ FDUH FRQFXUHQ D HVWH VODE   ILUPD RSWHD] SHQWUX D VH DGUHVD vQ PDQLHU YDVW GLVSXQH GH R JDP GH SURGXVH  &HOH SDWUX FRPSRQHQWH DOH HVWH GH R

D 6WUDWHJLD GLIHUHQ LDW VHJPHQW FDUH R LQWHUHVHD] PL[XOXL GH PDUNHWLQJ SUH]LQW

HOHPHQWH GLIHUHQ LDWH SHQWUX ILHFDUH VHJPHQW GH FOLHQ L YL]D L &RVWXO QLYHOXO GH DGDSWDUH DO RIHUWHL 2 VWUDWHJLH GLIHUHQ LDW SH R SLD FH EHQHILFLD]

PDL ULGLFDW DO DFHVWHL SROLWLFL OLPLWHD]

DGHVHD UH]XOWDWXO XQHL OXSWH FRQFXUHQ LDOH SXWHUQLFH FDUH VH PDQLIHVW HVWH R VWUDWHJLH FDUH VH DGUHVHHD] LQW  FDUH FRQVW SRWHQ LDOL L

FHUHUH ODUJ  XQGH DWHSW ULOH VXQW VXFFHSWLELOH GH D VH GLIHUHQ LD ILUPD DUH SXWHUH ILQDQFLDU  D 6WUDWHJLD FRQFHQWUDW GRX  ELQH GHOLPLWDWH E SR]L LRQDUHD XQXL SURGXV SH SLD D P UFL  FD U VSXQV OD DWHSW ULOH F SR]L LRQDUH LPSOLF 3R]L LRQDUHD XQXL R LGHH FODU SURGXV SH vQ D SUHFL]D ORFXO SURSULXOXL SURGXV SULQ GLIHUHQ LHUH GH FRQFXUHQ  2 FOLHQ LORU

XQXL VLQJXU VHJPHQW FHO PXOW

L SUHDODELO LQW

YLVDYLV GH SHUFHS LD FRQVXPDWRULORU GH SH SLD D ORFXO SH FDUH vO RFXS SURGXVXO PDUFD vQ

YL]DW  $FHDVWD vQVHDPQ

HWDSD UHVSHFWLY SLD D

VXFFHGH VHJPHQW ULL vQ GHUXODUHD ID]HORU GH PDUNHWLQJ UHIOHFW

UHSUH]HQWDUHD SHUFHSWXDO U VSXQG P UFLOH FRQFXUHQWH

D FRQVXPDWRUXOXL XQHL SLH H GHWHUPLQDWH 2 EXQ HVWH SRVLELO V GLVWLQJ

SR]L LRQDUH WUHEXLH V SURGXVXO GH SURGXVHOH LQW WUHEXLH

OD DWHSW ULOH FOLHQWHOHL SRWHQ LDOH L GDF

&HUFHWDUHD GH PDUNHWLQJ FDUH DUH FD RELHFWLY SR]L LRQDUHD XQXL SURGXV SH R SLD V U VSXQG OD vQWUHEDUHD FXP VH GLIHUHQ LD] SURGXVXO ILUPHL [ GH SURGXVHOH 3R]L LRQDUHD SRUQHWH GH OD SULQFLSLXO F  GLIHUHQ LHUHD GH DOWH SURGXVH $FHDVW QX VH SRDWH FkWLJD XQ ORF SH R SLD GLIHUHQ LHUH SRDWH IL RE LQXW SURGXVXO DGLF D GH

FRQFXUHQWH"

GHFkW SULQ GHOLPLWDUHD

L SULQ DOWH PLMORDFH GHFkW SULQ SULQ HOHPHQWH DOH UHJLVWUXOXL SUH]HQWH F vQ vQ OLWHUDWXUD vQ GH

FHUFHW UL SULYLQG DYDQWDMXO FRPSHWLWLY UH]XOWDW GLQ FDOLW UROXO VLPEROLF VDX SULQ VLPSDWLD SH FDUH R LQVSLU DIHFWLY  'LQWUH FHOH PDL IUHFYHQWH VWUDWHJLL GH

L WHKQLFH DOH SURGXVXOXL 'H H[HPSOX SULQ

SR]L LRQDUH SOHDF

SURGXVXOXL OD

VSHFLDOLWDWH UH LQHP  6WUDWHJLD GH LPLWD LH $FHDVW FRQFHS LH SULQFLSLXO VHULRDV GH FD]XO FDUH FRQVXPDWRUXO VH LPSOLF IRDUWH SX LQ SH SLD  HO YD IL vQFOLQDW V VFKLPEH XRU SURGXVXO DFKL]L LRQDW D IDFWRULORU H[SOLFDWLYL IDSWXO F RGDW F WUH ID FOLHQ L GH

LQL LDO 'HL XQHRUL DFHDVW SUHVXSXQH IRDUWH SX LQ

DWLWXGLQH SDUH IXQGDPHQWDW  OD R DQDOL] FUHD LH  LQVSLUD LH vQ HVWH XRU

DL DOHJHULL XQXL SURGXV LQWHUHVXO SHQWUX R DVWIHO GH VWUDWHJLH VFDGH ,PLWD LD SH OkQJ DEDQGRQDW GHVFRSHULW  6WUDWHJLD H[LVWHQW  GH GLIHUHQ LHUH FRQVW GLIHUHQ LHUHD SURGXVXOXL P UFLL

FRQFXUHQ D

SH SLD D

LQW  3HQWUX DWLQJHUHD DFHVWXL VFRS VH SRDWH DF LRQD vQ PDL PXOWH GLUHF LL DFHOH FDUDFWHULVWLFL FDUH V DVLJXUH XQ DYDQWDM ILH HIHFWLY SHUFHSXW GH FOLHQW

DVXSUD FDUDFWHULVWLFLORU SURGXVXOXL VH FDXW

FRQFXUHQ LDO L FDUH V UHIHU GH YLD

 DVXSUD LPDJLQLL SURGXVXOXL VH YD DF LRQD SH SODQ SVLKRORJLF DVXSUD HOHPHQWHORU FDUH VH OD VHFXULWDWH SO FHUH SH SODQ VRFLRORJLF VH YRU DFFHQWXD YDORULOH SURSULL FXOWXUDOH DOH VWLOXOXL  XQ QRX U VSXQV OD DWHSW ULOH SDU LDO VDWLVI FXWH FDUH VH SRW VLWXD 6WUDWHJLD GH LQRYD LH FDXW

vQ GRPHQLXO SURGXV SUH  FRPXQLFDUH GLVWULEX LH 3R]L LRQDUHD HVWH vQ DFHVW FD] UH]XOWDWXO GLUHFW DO LQRYD LHL L VH SRDWH VLWXD OD RULJLQHD HYROX LHL FHUHULL 3HQWUX D IL GH FDOLWDWH R SR]L LRQDUH D SURGXVXOXL SH R SLD PLQLPXP WUHL FHULQ H HVHQ LDOH  V  V SRVLELO  V ILH FRPHUFLDO  V SHUPLW ILUPHL V L DPHOLRUH]H SHUIRUPDQ HOH SURSULL SH SLD GH R PDUF  3ULQWUH WHKQLFLOH GH SR]L LRQDUH IRORVLWH vQ SUDFWLFD GH PDUNHWLQJ VH UHFRPDQG  D WHKQLFLOH FDOLWDWLYH VWXGLL GH PRWLYD LH GH DWLWXGLQH ID E WHKQLFLOH GH VWDWLVWLF L GH SHUFHS LH D SURGXVHORU LQFOXVLY SUH]HQWDUHD VLWXD LHL UHODWLYH D P UFLORU  SURGXVHORU XQHOH vQ UDSRUW FX DOWHOH  GHVFULSWLY FXSULQG WHKQLFL GH DQDOL] D FRPSRQHQWHORU SULQFLSDOH IDFWRULDOH L GH SUR[LPLWDWH FDUH vQ ED]D IRORVLULL XQRU DQFKHWH  FKHVWLRQDUH UHSUH]HQWDWH VXE IRUP VLQWHWLF  SHUPLW HODERUDUHD GH K U L GH SR]L LRQDUH vQ IXQF LH GH RELHFWLYHOH ILUPHORU 6WUDWHJLLOH GH SURGXV  PDUF WUHEXLH V L FRUHVSXQG FLFOXOXL GH YLD SUH]HQWDWH HYLGHQ LD] R GDW SXV IDSWXO F XQHL SLH H vQ FRQWLQX GLQDPLF XQ SURGXV FDUH VH DGDSWHD] SHUPDQHQW OD QRLOH H[LJHQ H DOH FHUHULL ,GHHD DSDUH QHFHVLWDWHD YHFKH  QRX  ILH GLVWLQFW  V SHUPLW V R GLIHUHQ LHUH D FRQFXUHQ HL GH R PDQLHU SHUFHSWLELO  OXQJ  FkW PDL PXOW ILH GXUDELO  DGLF DVLJXUH XQ DYDQWDM FRQFXUHQ LDO SH R SHULRDG LQW WUHEXLH V U VSXQG OD

D SURGXVHORU HVWH vQF

VXE VHPQXO vQWUHE ULL SHQWUX F

UHODQV ULL UHSR]L LRQ ULL SURGXVXOXL LQFOXVLY D XQXL SURGXV QRX ODQVDW SH R SLD )LJXUD  SUH]LQW FkWHYD FRPELQD LL SRVLELOH DOH FXSOXOXL SURGXV SLD

3URGXV H[LVWHQW 3URGXV QRX 3URGXV H[LVWHQW 3URGXV QRX

3LD 3LD

H[LVWHQW H[LVWHQW 3LD 3LD QRX QRX

)LJXUD QU  &RUHOD LLOH FXSOXOXL SLD  )LUPD SRDWH F XWD vQ SHUPDQHQ DFFHOHUHD]  IUkQHD]

SURGXV PXOWLSOL IDFWRUL FDUH

LGHL SHQWUX SURGXVH QRL VXQW vQV

DFWLYLWDWHD GH FHUFHWDUH GH]YROWDUH

(WDSHOH SUHDODELOH UHDOL] F UHL HWDSH SULQFLSDOH VXQW

ULL XQXL SURGXV FRPHUFLDOL]DELO DOH

3HQWUX D VH FRQFUHWL]D vQ SURGXVH YDQGDELOH LGHLOH SDUFXUJ XQ WUDVHX ILOWUX L R DQDOL] D HYDOXDUHD PHGLXOXL H[WHUQ JHQHUDO HFRQRPLF FRPHUFLDO WHKQRORJLF OHJLVODWLY VRFLDO E HYDOXDUHD FHUHULL SRWHQ LDOH HVWLPDUHD GLIHULWHORU VHJPHQWH SURGXV FXDQWLILFDUHD FRVWXULORU GH SURGXF LH L GLVWULEX LH FRW GH SLD

LQW  DFFHVLELOLWDWHD LGHLL GH

D SUH XOXL GH YkQ]DUH D SURGXVHORU H[LVWHQWH HWF

F HYDOXDUHD FRQFXUHQ HL GLUHFWH L GH VXEVWLWX LH YLVDYLV GH SURGXV L GH IXQF LLOH DVXPDWH  SUH  LPDJLQH GH PDUF  QRWRULHWDWH ID]D FLFOXOXL GH YLD G HYDOXDUHD SRVLELOLW H GDF LORU ILUPHL OHJDWH GH SURLHFWDUHD SURGXVXOXL GXUDWD FLFOXOXL GH YLD XUPHD] R XOWLP HWDS  vQ FDUH VXQW LQFOXVH SXQHUHD OD HVWH EXQ

SUREDELO  SURILWXO SH FDUH vO SRDWH JHQHUD SROLWLFD GH PDUNHWLQJ FH VH SRDWH SUDFWLFD HYDOXDUHD ILUPHL HVWH SR]LWLY SXQFW D SURWRWLSXOXL SURGXVXOXL GHILQLWLY  SXQHUHD OD SXQFW D DPEDODMXOXL SURGXVXOXL GDF IRUPHORU L PLMORDFHORU GH FRPXQLFDUH DOHJHUHD VXSRUWXOXL SXEOLFLWDU  D PHVDMXOXL  /DQVDUHD SURSULX]LV HVWH R FKHVWLXQH IRDUWH LPSRUWDQW GHRDUHFH D ODQVD SUHD WkU]LX DVLJXU QHSUHJ WLW  DYDQWDM FRQFXUHQ HL LDU D ODQVD SUHD GHYUHPH SUHVXSXQH FRQIUXQWDUHD FX R SLD /DQVDUHD XQXL SURGXV DUH XUP WRDUHOH VHPQLILFD LL PDMRUH  PRWLYHD]  LQIRUPHD]  DVLJXU  ODQVHD] IRU HOH GH YkQ]DUH DOH ILUPHL SURGXF WRDUH vQ SUHDODELO SUHVFULSWRULL L OHDGHULL GH RSLQLH GH FDPQLD GH SURPRYDUH  FRPXQLFDUH LQW HVWH LQWHUHVDQW GH REVHUYDW JUDGXO GH  VWDELOHWH DUJXPHQWD LD YkQ] ULL SHQWUX SURGXVXO YL]DW VWRFDUHD SURGXVXOXL OD WR L UHYkQ] WRULLJURVLWLL  FDPSDQLD SXEOLFLWDU  DFRPSDQLDW

GH FRQVXP  DOHJHUHD XQXL QXPH  PDUF  IL[DUHD SUH XOXL GH YkQ]DUH DO SURGXVXOXL GHWHUPLQDUHD

Q ID]D GH ODQVDUH D XQXL QRX SURGXV SH R SLD DFFHSWDUH DO SURGXVXOXL GH F WUH FRQVXPDWRULL SRWHQ LDOL Q IXQF LH GH SROLWLFD JHQHUDO FOLHQWHO

D ILUPHL GH RELHFWLYHOH VDOH SH WHUPHQ OXQJ GH VHJPHQWHOH GH GLQ ILJXUD QU  H[LVW SDWUX PDQLHUH GH

YL]DWH FH WUHEXLH FXFHULWH VDX S VWUDWH  GH LQWHQ LD GH GLYHUVLILFDUH VDX GH VSHFLDOL]DUH GH

GR]DMXO GH SURPRYDUH GH QLYHOXO SUH XOXL DD FXP UH]XOW DERUGDUH D SLH HL  FDSDELOH V  DGUHVHD] GDWRULW 3URPRYDUH SXWHUQLF ILUPD VH L SUH

ULGLFDW DFHVWHL VWUDWHJLL vL FRUHVSXQG SURGXVHOH FX R JDP FOLHQWHOH UHODWLY IRDUWH PDUL L FX YHQLWXUL VXILFLHQWH ULGLFDWH VH

GLYHUVLILFDW 

DGUHVHD] ULGLFDWH L

XQHL R

DFKL]L LRQH]H SURGXVH VFXPSH  IRDUWH SURPRYDUH VODE DSURDSH LQH[LVWHQW  SURGXVHOH XQHL HOLWH GH FOLHQ L ILH IRDUWH ERJD L ILH VQREL VDX DPEHOH FDWHJRULL  L SUH XUL VF ]XWH HVWH VWUDWHJLD ILUPHL FDUH GRUHWH V V DWUDJ VH DOLQLH]H OD SUH XULOH ILUPHL LQL LDWRDUH LQXQGH SLD D

3UH XUL

 3URPRYDUH SXWHUQLF

XQHL SROLWLFL GH SHQHWUDUH PDVLY  GHVWLQDW

FOLHQWHOD SRWHQ LDO  DVWIHO vQFkW V

LQKLEH ILUPHOH FRQFXUHQWH REOLJDWH V

3URPRYDUH

3XWHUQLF

6ODE

0DUH

*DP 3 WUXQGHUH

GLYHUVLILFDW

3UH 0LF

)LJXUD QU 'LYHUVH PRGDOLW  DFHDVW 6ODE

L GH DERUGDUH D SLH HL

SURPRYDUH L SUH XUL MRDVH VWUDWHJLD FRUHVSXQGH XQHL JDPH UHVWUkQVH GH SURGXVH R FDOLWDWH PHGLRFU  (ODVWLFLWDWHD FHUHULL vQ UDSRUW FX SUH XO OD

GHVWLQDWH XQHL FOLHQWHOH FDUH DFFHSW SLD HVWH IRDUWH PDUH 5H]XOW

DVWIHO R GLVWLQF LH vQ PDWHULH GH ODQVDUH GH SURGXVH DVWIHO  XQ SURGXV L SLD D VD LQYHVWLQG WLPS L UHXHWH

D SROLWLFD SLRQLHUDWXOXL LQRYDWRUXOXL  vQ FDUH ILUPD FUHD] V L LPSXQ SURGXVHOH

EDQL vQ FHUFHWDUH VWXGLL SXQHUH OD SXQFW FX ULVFXO GH D SLHUGH WRW VDX GH D FkWLJD PXOW GDF E SROLWLFD WUHQXOXL vQ PHUV FkQG ILUPD QX ULVF LPLWD vQDLQWH FD ILUPD LQL LDWRDUH V F SROLWLFD GH VHJPHQWDUH SLD V FXFHUHDVF vQ FDUH ILUPD SUHIHU V

GHFkW ID]D GH FUHWHUH D SURGXVXOXL SH FDUH vO YD R SR]L LH IRDUWH SXWHUQLF  DWHSWH FD R SHQHWUDUH SXWHUQLF D SURGXVXOXL SH

SURYRDFH R GLIHUHQ LHUH D FHUHULL DGDSWH]H  SUHLD DPHOLRU UL HVWH DFHOD DO LQGXVWULHL QRWDELOH OD SURGXVHOH H[LVWHQWH GHMD IRDUWH FHUXWH  L FD]XO WLSLF

G SROLWLFD L HX GH DVHPHQHD FDUH DUH FD DGHS L ILUPHOH FDSDELOH V DGHVHD MDSRQH]H GH EXQXUL GXUDELOH GH vQDOW FDUH D VFRV SH SLD D PRQGLDO DOWH UL LQGXVWULDOL]DWH

WHKQLFLWDWH DSDUDWH IRWR UDGLR PDJQHWRIRDQH DXWRPRELOH PDL EXQH PDL LHIWLQH GHFkW FHOH IDEULFDWH vQ

QXPHURDVH DSDUDWH

5H]XPDW &HOH SUH]HQWDWH HYLGHQ LD] GH R GHRVHELW LPSRUWDQ IDSWXO F SURGXVXO UHSUH]LQW XQ HOHPHQW  YDULDELO GH PDUNHWLQJ vQ PHWRGHOH L LQVWUXPHQWHOH GH PDUNHWLQJ FD LQVWUXPHQWH XWLOH DOH IDSWXO F SROLWLFLOH GH SURGXV VH FXSOHD] SURGXV SLD FX FDUH FX SLD D  RSHUHD]

PDQDJHPHQWXOXL SHUIRUPDQW L PRGHUQ DO ILUPHORU GLQ GLIHULWHOH UDPXUL HFRQRPLFH 3UDFWLFD ILUPHORU SHUIRUPDQWH HYLGHQ LD] SLH HOH LQW  IRUPkQG XQXO VDX PDL PXOWH PDQDJHPHQWXO ILUPHORU ELQRDPHIRU

&RQFHSWH FKHLH 3URGXV $QVDPEOXO GH EXQXUL PDWHULDOH VDX VHUYLFLL YkQGXW GH R ILUP  LGHQWLILFDW SULQ

FDUDFWHULVWLFL WHKQLFH L FRQ LQXWXO VLPEROLF 3URGXV DWHSWDW 3URGXV JHQHULF DPHOLRUDW SULQ FDUDFWHULVWLFLOH GRULWH GH F WUH FRQVXPDWRU 3URGXV GH]YROWDW 3URGXV DWHSWDW DPHOLRUDW vQ PDQLHU V GHS HDVF DWHSW ULOH

FRQVXPDWRULORU 3URGXV GH DSHO 3URGXV YkQGXW FX LQWHQ LH OD XQ SUH VF ]XW SHQWUX D DWUDJH FOLHQWHOD

3URGXV GLOHP SLH HL 3URGXV SLD SLDWU

 3URGXV FX FUHWHUH HYHQWXDO SXWHUQLF

L QHVLJXU

L FX R VODE

SDUWH UHODWLY

GH PRDU

 0HWRGD %&* SURGXV FX FUHWHUH VODE

L R UHGXV

SDUWH UHODWLY

GH

 $FHVW WLS GH SURGXV DGXFH SLHUGHUL ILUPHL YDF GH PXOV  0HWRGD %&* SURGXV FH GH LQH R SDUWH LPSRUWDQW GH SLD SH R SLD

3URGXV

FX FUHWHUH VODE  $FHVW WLS GH SURGXV DGXFH SURILW ILUPHL 3URGXV YHGHW  0HWRGD %&* OHDGHU FX FUHWHUH SXWHUQLF FX R SDUWH UHODWLY GLQ SLD

LPSRUWDQW  (VWH SURGXVXO HPEOHP HWDORQ DO ILUPHL 3URGXV GH XUJHQ 3URGXVH GH ED]  %XQXUL VDX VHUYLFLL FHUXWH SHQWUX D UH]ROYD R FUL] SXQFWXDO 

 3URGXVH GH PDUH FRQVXP GH FHUHUH FXUHQW  XWDWH 3URGXVH  VHUYLFLL SHQWUX FDUH FRQVXPDWRULL QX DX UHVLP LW R QHYRLH

3URGXVH SX LQ F DFXW 

3URGXVH VSHFLILFH 0 UIXULVHUYLFLL DVXSUD F URUD FRQVXPDWRULL VLPW QHYRLD GH D VH LQIRUPD vQDLQWH GH D OH FXPS UD LQVSLUDW GH OD MDSRQH]L SHQWUX DVLJXUDUHD FDOLW L FDUH GXUHD] LL XQXL SURGXV vQWUHJ FLFOX GH

3URJUDP GH FDOLWDWH WRWDO 0HWRG  VHUYLFLX vQF YLD DO SURGXVXOXL  2ULFH VHPQ FH VHUYHWH V FRQFXUHQW  )LUP

GLQ FXUVXO IDEULFD LHL vQDLQWH GH D IL ODQVDW SH SLD

0DUF 0DUF

LGHQWLILFH XQ SURGXV  VHUYLFLX FX R DOWD SHQWUX VDWLVIDFHUHD FHUHULL FRQVXPDWRUXOXL

FDUH FRQFXUHD]

vQ FHHD FH SULYHWH XQ SURGXVVHUYLFLX SUHFL]DW 0DUF D UHYkQ] WRUXOXL 0DUF  GH IDEULF OHJDO SURWHMDW  FDUH DSDU LQH H[FOXVLY XQXL IDEULFDQW VDX FH DSDU LQH LQWHUPHGLDUXOXL FDUH D FUHDWR SHQWUX DVLJXUDUHD

LPDJLQLL SURSULL GH SLD 0DUF GHSR]LWDW

 0DUF

FRPHUFLDQW 0DUFD IDEULFDQWXOXL 0DUF FH DSDU LQH XQXL IDEULFDQW L FDUH vL DVLJXU SURPRYDUHD FRQVXPDWRULORU

0L[ GH SURGXVH $QVDPEOXO SURGXVHORU XQHL ILUPH RIHULWH 1XPH GH PDUF  3DUWH D P UFLL UHSUH]HQWDW

GH FXYLQWH OLWHUH FLIUH FDUH VH SRW SURQXQ D

&DSLWROXO 

32/,7,&$ '( 35(


2ELHFWLYH (YLGHQ LHUHD FRUHOD LLORU GLQWUH FRVWXUL L SUH XUL &XQRDWHUHD GLIHULWHORU PRGDOLW Q HOHJHUHD VWUDWHJLLORU GH SUH  3DUFXUJkQG DFHVW FDSLWRO YH L OXD FXQRWLQ FRVW SUH D SUH XULORU VWUDWHJLL GH SUH 3UH XO HVWH R YDULDELO L DOWHOH FRQWURODELO GH PDUNHWLQJ SULQ LQWHUPHGLXO F UHLD VH SRW vQGHSOLQL XQ YDULDELO DUH XQ GH FDWHJRULL L FRQFHSWH VSHFLILFH SUHFXP SUH  L GH IL[DUH L GH IL[DUH FRQVWUXLUH D SUH XULORU

GH HFKLOLEUX FRVW PHGLX XQLWDU RELHFWLYHOH ILUPHL vQ IL[DUHD SUH XULORU PRGDOLW

RELHFWLYHOH VWUDWHJLFH DOH ILUPHL 3UH XO HVWH XQ HOHPHQW SULQFLSDO DO PDUNHWLQJXOXL PL[ FDUH MRDF URO IXQGDPHQWDO vQ FHHD FH SULYHWH FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL $FHDVW LPSDFW GLUHFW DVXSUD FRWLW LL GH SLD D ILUPHL LQFOXVLY D UHQWDELOLW LL DFHVWHLD

 &216,'(5$

,, 35,9,1' 35(

8/ 1 (&2120,$ '( 3,$ 35( 85,

 &$7(*25,, '(

)L[DUHD SUH XULORU GH YkQ]DUH D SURGXVHORU  VHUYLFLLORU RIHU SHQWUX F LQFLGHQ D SUH XULORU SRDWH IL REVHUYDW

ILUPHL XQD GLQ FRPSRQHQWHOH UHXLWD ILUPHL

LPSRUWDQWH DOH SROLWLFLL FRPHUFLDOH 'HFL]LLOH OXDWH vQ DFHVW GRPHQLX FRQGL LRQHD] vQ WUHL SXQFWH FUXFLDOH

D SUH XO FDUH YD IL UH LQXW YD LQIOXHQ D GHFLVLY QLYHOXO FHUHULL L YD GHWHUPLQD GHFL YROXPXO FLIUHL GH DIDFHUL E SUH XO GH YkQ]DUH YD GHWHUPLQD QLYHOXO SURILWXOXL ILUPHL LQFOXVLY FHOHODOWH HOHPHQWH GH VSHFLILFH PDUMD GH SLD SURGXV 8Q SUH XQ VHPQDO RSXV 3UREOHPHOH OHJDWH GH GHWHUPLQDUHD SUH XULORU GH YkQ]DUH DOH SURGXVHORU QX VXQW GHORF VLPSOH ILH F HVWH YRUED GH IL[DUHD XQXL SUH 3ROLWLFD GH SUH RIHU SH R SLD RSWLP Q PDQHYU LQW YD IL GLIHULW QRX SHQWUX XQ SURGXV QRX ILH F  vQ IXQF LH GH FOLHQWHOD FRQFUHW LQGXVWULDO VDX LQGLYLGXDO  QX H[LVW R  QHIDYRUDELO  QDWXUD SURGXVHORU  VHUYLFLLORU FH VH HVWH YRUED GH PRGLILFDUHD SUH XOXL XQXL SURGXV H[LVWHQW SH R SLD 0HGLXO FRPSOH[ GH SLD SROLWLF XQLYHUVDO  SURILWXO XQLWDU L DOWHOH SHUFHS LD JOREDO D FOLHQWXOXL ID PRGHUDW YD DYHD

F SUH XO GH YkQ]DUH DILDW SHQWUX XQ SURGXV LQIOXHQ HD]

ULGLFDW YD IL DWDDW LPDJLQLL GH FDOLWDWH SURGXVH GH OX[  LDU XQ SUH

 FRQMXQFWXUD IDYRUDELO

HWF VXQW DOWH YDULDELOH FDUH QH FRQGXF VSUH DILUPD LD SULQFLSLX F vQ PDWHULH GH SUH XUL L WDULIH D ULORU GH]YROWDWH FRQWUDU DWHSW ULORU RSHUDWRULL

SUDFWLFD YDULD]

HFRQRPLF

HFRQRPLFL

SURGXF WRULL L GLVWULEXLWRULL GLVSXQ GH R OLEHUWDWH UHGXV VXV LQXWH GH R FRQFXUHQ UHDO L EHQHILF  RSHUDWLY

vQ PDWHULH GH IL[DUH GH SUH XUL 0DUMHOH GH

vQ WLPS vQ IXQF LH GH RS LXQLOH SXWHULL SROLWLFH GH SULQFLSLLOH HFRQRPLFH JHQHUDOH DWkW OD QLYHO QD LRQDO FkW L LQWHUQD LRQDO vQ GHILQLUHD SUH XULORU  WDULIHORU GH VWUDWHJLF  FRPSXV  GLQ HWDSH vQ SROLWLFD GH SUH  XQD FRQVW

6H SRW LGHQWLILFD GRX

YkQ]DUH vQ IXQF LH GH VLWXD LD SLH HL SUHYL]LRQDWH LQW  DOWD GH QDWXU DF LXQL VXFFHVLYH GH DGDSWDUH D SUH XULORU OD VLWXD LD QRX FUHDW Q SULPD HWDS ID] VXQW SRVLELOH WUHL PRGDOLW SH SLD WDULIHORU D GHILQLUHD SUH XOXL  WDULIXOXL DYkQG FD UHIHULQ FD SXQFW GH SOHFDUH FHUHUHD PDQLIHVWDW FRQFXUHQ 

DS UXW SH SLD

L SULQFLSDOH GH IXQGDPHQWDUH D SUH XULORU  SUH XO GH FRVW E GHILQLUHD SUH XOXL DYkQG

 F IXQGDPHQWDUHD SUH XOXL GH YkQ]DUH SRUQLQG GH OD

Q HWDSD ID]D D GRXD GH DGDSWDUH D SUH XOXL GH YkQ]DUH OD H[LJHQ HOH SLH HL VXQW DYXWH vQ YHGHUH R PDUH GLYHUVLWDWH GH IDFWRUL SROLWLFD FRQFXUHQ HL PRGLILFDUHD FHUHULL IDFWRUL LQWHUQL OHJD L GH ILUP FUHWHUHD UHVXUVHORU ILQDQFLDUH D FDSDFLW LL GH SURGXF LH LQWHQ LD GH D PRGLILFD LPDJLQHD SURGXVXOXL  VHUYLFLXOXL VFKLPEDUHD GHVWLQD LHL SURGXVHORU VSUH DOWH VHJPHQWH  SLH H PRGLILFDUHD IRUPHORU GH GLVWULEX LH HWF  Q SUDFWLFD HFRQRPLF D ULORU FX HFRQRPLH GH SLD GH]YROWDW VH vQWkOQHVF PDL PXOWH FDWHJRULL GH SUH XUL  WDULIH GH YkQ]DUH D SURGXVHORU  VHUYLFLLORU GLQWUH FDUH FHOH PDL XWLOL]DWH VXQW D SUH XO URWXQG L SUH XO PDJLF  vQ WLPS FH SULPXO VH WHUPLQ XQ SUH EDULHU UHIOHFW vQ ]HUR   HWF  SUH XO PDJLF PDL PLF FD R SUH XO LQVXILFLHQW  DUH FD WHUPLQD LH FLIUD    HWF Q WLPS FH SUH XO URWXQG HVWH GLQ SXQFW GH YHGHUH SVLKRORJLF UHFH SUH XO PDJLF GLPSRWULY  HVWH PDL FDOG FUHkQG VHQ]D LD XQXL SUH PLQLP  VXE HO QX YUHD V WUHDF UHSUH]LQW QR LXQHD GH E SUH XO PLQLPDO L SUH XO PD[LPDO vQ FD]XO SUH XOXL PLQLPDO FRQVXPDWRUXO vO FRQVLGHU FDOLWDWH

PD[LPDO HVWH SUH XO SH FDUH FRQVXPDWRUXO QX GRUHWH V O GHS HDVF  FRQVLGHUkQGXO H[FHVLY QX XQ UDSRUW MXVW vQWUH FDOLWDWH L SUH  MXVW GH UHVSHFWH DFHVW SUH  1R LXQHD GH SUH MXVW FXSULQGH F SUH XO QHJRFLDW HVWH SUH XO SUHFL]DW GH IXUQL]RU vQ IDFWXULOH VDOH ILLQG FRQVLGHUDW FD XQ SUH UHYkQ]DUH FRPHUFLDQ LL HQ JURV VXQW REOLJD L V LPSHUDWLYHOH SURSXV GH SURILW DOH L OD QHFHVLWDWHD GH FRPSHWLWLYLWDWH LPSHUDWLY UHYkQ] WRULORU vQ

ILUPHL FDSDFLWDWHD GH FXPS UDUH D FOLHQ LORU DGHFYDUHD OD FDOLWDWHD

G SUH XO LPSXV SHQWUX XQ IDEULFDQW HVWH SUH XO SUHFL]DW vQ PDQLHU UHJOHPHQWDWH FD GH H[HPSOX V Q WDWH SUHV  SLD D ILQDQFLDU 

ED]D XQRU UHJOHPHQW UL OHJDOH OHJL VSHFLDOH SHQWUX F U L DVLJXU UL WUDQVSRUWXUL VDX vQ VHFWRDUHOH 3UH XULOH  WDULIHOH GH YkQ]DUH DOH SURGXVHORU L VHUYLFLLORU UHSUH]LQW VWUDWHJLF SXEOLF SkUJKLL GH LPSRUWDQ LL LQFOXVLY

QX QXPDL SHQWUX ILUPH GDU L SHQWUX VRFLHWDWH vQ DQVDPEOXO V X GUHSW SHQWUX FDUH SXWHUHD LQWHUYLQH vQ IRUPH GLYHUVH SHQWUX DVLJXUDUHD HFKLOLEUXOXL JHQHUDO DO VRFLHW

SHQWUX FUHDUHD FDGUXOXL IDYRUDELO QHFHVDU FUHWHULL HFRQRPLFH vQ IDYRDUHD LQWHUHVHORU JHQHUDOH DOH WXWXURU RSHUDWRULORU IL]LFL MXULGLFL SXEOLFL VDX SULYD L  $VWIHO SXWHUHD SXEOLF D SURWHF LHL FRQVXPDWRULORU SULYD L L SXEOLFL L REOLJ ILUPHOH V  LL vQ DFHVW LQWHUYLQH vQ YHGHUHD

 SXEOLFH SUH XULOH GH YkQ]DUH DOH EXQXULORU  VHUYLFLLORU FH IDF RELHFWXO SXEOLFLW FD] SUH XULOH SURPR LRQDOH VXQW FRQVLGHUDWH IUDXGXORDVH 

 PDUFKH]H SUH XULOH DILDUHD SUH XULORU LQFOXVLY WD[HOH DIHUHQWH 3HQWUX SURGXVHOH YkQGXWH FX UDEDW OHJHD IUDQFH] LPSXQH XQ GXEOX PDUFDM SUH YHFKL EDUDW L SUH QRX FX LQGLFDUHD LPSRUWDQ HL UHGXFHULL vQ SURFHQW L YDORDUH DEVROXW  E SURWHF LHL FRQFXUHQ HL SHQWUX IDYRUL]DUHD GH]YROW ULL FRQFXUHQ LDOH  SULQ  YkQ]DUHD vQ SLHUGHUH FDUH HVWH XQ SURFHGHX LQWHU]LV  SUH XO GH DSHO FDUH FRQVW XQ SUH LQWHU]LV  SUH PLQLPDO LPSXV VDQF LRQDW SULQ DPHQG IDSWD ILUPHL GH D LPSXQH GLUHFWLQGLUHFW XQ vQ SURPRYDUHD XQXL SURGXV OD XQ SUH VXE SUH XO GH FRVW L HVWH

QLYHO DO SUH XOXL GH YkQ]DUH PDL PLF vQ YHGHUHD DWUDJHULL XQHL FOLHQWHOH VXSOLPHQWDUH 

 02'$/,7

, '( ),;$5( $ 35(

85,/25

)L[DUHD SUH XULORU  WDULIHORU GH YkQ]DUH D SURGXVHORU  VHUYLFLLORU QX SRDWH UHSUH]HQWD XQ VFRS vQ VLQH GLPSRWULY  DFHDVW SUREOHP LPSRUWDQW GH PDQDJHPHQW PDUNHWLQJ D ILUPHL U VSXQGH XQ PRGHO XQRU RELHFWLYH vQWUH FDUH DPLQWLP D PD[LPL]DUHD SURILWXOXL HVWH SULQFLSDOXO RELHFWLY DO ILUPHL 3HQWUX DFHDVWD VH DGRSW VLPSOX GH IL[DUH D SUH XOXL FDUH U VSXQGH XQHL IXQF LL D FHUHULL L D FRVWXOXL GH SURGXF LH 3URILW 3URILW UHIHULQ 9HQLW &KHOWXLHOL IL[H  FLUFXODQWH  VDX &DQWLWDWHD GH SURGXVH YkQGXWH 3UH XO XQLWDU &KHOWXLHOL SURGXF LH  $FHVWH PRGHOH QX SHQWUX IL[DUHD SUH XOXL GLVWULEX LH LQ FRQW GH DOWH YDULDELOH GH PDUNHWLQJ GDU SHUPLW IXUQL]DUHD XQXL FDGUX GH

E VXSUDYLH XLUHD SHQWUX R ILUP FRQVW vQ D IL[D XQ SUH

FDUH DFWLYHD]

SH R SLD

SXWHUQLF FRQFXUHQ LDO  DFHVW RELHFWLY GLQWUH SUH XO GH YkQ]DUH L

FDUH V L SHUPLW

VXSUDYLH XLUHD 0DUMD XQLWDU

FRVWXO PHGLX XQLWDU HVWH VXILFLHQW GH PLF F R

GDU SR]LWLY  DVWIHO vQFkW QLYHOXO SURILWXOXL HVWH GH VODE JHVWLXQH  GHILQLUH D FRVWXULORU SURGXF LH L

VXSUDYLH XLUH vQORFXLUHD FDSLWDOXOXL IL[ X]DW PRUDO VH IDFH JUHX GLYLGHQGHOH VXQW PLQLPH HWF  PD[LPL]DUHD H[LVW FLIUHL GH DIDFHUL &$  GLVWULEX LH SRDWH FRQGXFH OD PD[LPL]DUHD &$ PDL PXOW GHFkW FUHWHUHD SURILWXOXL LSRWH]D F HWDS R UHOD LH OLQLDU vQWUH FHOH GRX YDULDELOH $FHVW RELHFWLY GDF SUHPHUJ WRDUH FRPSOHWDW LQkQG FRQW GH SR]L LRQDUH

HVWH DERUGDW FD R

FX PD[LPL]DUHD SURILWXOXL  DU SXWHD FRQGXFH OD R EXQ

D ILUPHL SH SLD

 3ULYLW VHSDUDW L LQGHSHQGHQW GH DOWH RELHFWLYH PD[LPL]DUHD &$ QX SRDWH IL XQ VF ]XW SHUPLWH SHQHWUDUHD SH SLD FHUHUHD HVWH HODVWLF ID SULQWUR VWLPXODUH D FHUHULL $FHVW L FRVWXULOH GH SURGXF LH L L SRWHQ LDOXO GHJUHVLY

RELHFWLY VWUDWHJLF SH WHUPHQ OXQJ G PD[LPL]DUHD FHUHULL XQ SUH GLVWULEX LH VFDG SH P VXU RELHFWLY QX HVWH YL]DW GHFkW GDF GH SUH

FH YkQ] ULOH FUHVF HIHFWXO HFRQRPLHL GH VFDU  FHUHUHD HVWH LQHODVWLF ULGLFDW 2ELHFWLYXO VH FRPELQ  vQ JHQHUDO FX XQ EXJHW GH SUH

H VPkQWkQLUHD SLH HL DFHVW RELHFWLY HVWH DOHV GH XUPDW GDF YkQ] ULORU HVWH VXILFLHQW SHQWUX XQ SUH ID GH R O UJLUH D SLH HL LQW 

DGHFYDW PDUH SHQWUX FKHOWXLHOLOH GH FRPXQLFDUH L VH XUP UHWH SULQWUR SROLWLF I VFKLPEDUHD LPDJLQLL SURGXVXOXL  ILUPHL VH IRORVHWH DWXQFL FkQG ED]DW ILQDQFLDUH ILUPD XUP UHWH R vPEXQ W vQDOWH L R PRGLILFDUH VXEVWDQ LDO )L[DUHD SUH XOXL UHSUH]LQW PDQDJHULDO L GH PDUNHWLQJ DO

SH R FUHWHUH D UHVXUVHORU R SROLWLF GH SUH XUL

LUH D LPDJLQLL VDOH IRORVLQG SH OkQJ

D SROLWLFLL GH SURGXV GLVWULEX LH FRPXQLFDUH  R GHFL]LH H[LVWHQ LDO ILUPHL 7HRULD L SHQWUX ILUP  'H U VSXQVXO OD vQWUHE ULOH DX FRQILUPDW SDWUX SXQFWH PDMRUH GH

&XP WUHEXLH IL[DW SUH XO XQXL SURGXV" &DUH HVWH QLYHOXO V X RSWLP" GHSLQGH FDOLWDWHD DFWXOXL SUDFWLFD UH]ROYDUH D IL[ ULL SUH XOXL L DQXPH D 7HRULD HFRQRPLF SLD SUH  SUH XO HVWH GHWHUPLQDW GH UH]XOWDWXO FRQIUXQW ULL GLQWUH RIHUW L FHUHUH SH R GH HFKLOLEUX   vQ FHD PDL PDUH SDUWH D WLPSXOXL SUH XO HVWH IL[DW vQ IXQF LH GH

E 3UDFWLFD FHD PDL FXUHQW

FRVWXULOH GH SURGXF LH L GH SUH XO GH FRVW WRWDO DO XQXL SURGXV FKHOWXLHOL IL[H L FKHOWXLHOL YDULDELOH  F Q IXQF LH GH FRQVWUkQJHULOH FRQFXUHQ LDOH VDX GH QHYRLOH GH DXWRILQDQ DUH GHVHRUL SUH XO HVWH IL[DW SULQ UDSRUWDUH OD QHYRLOH OD SUH XULOH SUDFWLFDWH GH FRQFXUHQ SHQWUX D SHQWUX UHDOL]D SURGXVH DOWH HFKLYDOHQWH GH P VXU IL[DW VDX SULQ vQ UDSRUWDUH ILQDQFLDUH DOH vQWUHSULQGHULL SURLHFWH H[HPSOX

LQGXVWULD IDUPDFHXWLF  SUH XO PHGLFDPHQWHORU WUHEXLH V ODERUDWRDUH SHQWUX UHDO]DUHD GH QRL PHGLFDPHQWH  G 'LQ SXQFWXO 6H &H GH SUH YHGHUH VXQWH L DO PDUNHWLQJXOXL R DQFKHW V SO WL L SUH XO vQ

ILQDQ H]H vQ HJDO WUHEXLH VH

FHUFHW ULOH vQ vQ IXQF LH SUH XO GH GH

vQWRWGHDXQD XQ L VH

FXPS U WRU SRWHQ LDOL

HIHFWXHD]

vQ

JHQHUDO

FDUH DFHVW

vQWUHDE

JUXS

GH

FRQVXPDWRUL

JDWD

SHQWUX

DUWLFRO"

GHWHUPLQ

DFFHSWDELOLWDWH VDX SUH XO SVLKRORJLF 3RUQLQG GH OD DFHVWH RELHFWLYH SURJUDPDWLFH XUP ULWH vQ FDGUXO SROLWLFLL GH SUH  ILUPD SRDWH IRORVL XUP WRDUHOH PRGDOLW  YDORULL L GH IL[DUH D SUH XOXL  WDULIXOXL GH YkQ]DUH SUH XO HVWH H[SUHVLD E QHDVF  FRVWXULOH RFD]LRQDWH FRVWXOXL GH VWUXFWXU DOH D GH GH )L[DUHD SUH XOXL vQ IXQF LH GH FRVWXULOH GH SURGXF LH L GLVWULEX LH (VWH R PHWRG SURGXVXOXL EXQXOXL   VHUYLFLXOXL YDORDUH 1H FDUH HVWH OD GDW WRDWH GH FKHOWXLHOLOH

RELHFWLY GH GHWHUPLQDUH D SUH XOXL GH YkQ]DUH DSUHFLLQGXVH F IDEULFDUHD VHUYLFLXOXL UHIHULP

HOHPHQWHOH

SURGXF LH L GLVWULEX LH PDWHULL SULPH PDWHULDOH FRPEXVWLELO HQHUJLH DS  DPRUWL]DUH VDODULL FRQWULEX LL DVXSUD VDODULLORU FRVWXUL GH GLVWULEX LH YDULDELOH L FRQVWDQWH  /D DFHVWH FRVWXUL WRWDOH VH DGDXJ PDUMD SURFHQWXDO PHWRG QX VDX vQ YDORDUH DEVROXW  FDUH UHSUH]LQW GDWRULW SXQFW SURILWXO SURGXF WRUXOXL L ODV GHFL R PLF DQV GH D HVWH XRU GH XWLOL]DW SHUPL kQG VWDWLF FkW L vQ GLQDPLF  GH $FHDVW LQH FRQW QLFL GH FHUHUH QLFL GH FRQFXUHQ IDSWXOXL F GH YHGHUH

DMXQJH OD XQ SURILW PD[LP 0HWRGD HVWH SUDFWLF vQWUHSULQ] WRUXOXL  PDQDJHUXOXL V V HVWLPH]H YROXPXO SXQFWXOXL FULWLF DWkW GLQ

GHWHUPLQH RSWLPXO FRPELQD LHL IDFWRULORU GH SURGXF LH LQFOXVLY LL LQYHVWL LHL UHVSHFWLY ULVFXOXL DVXPDW GH

DVHPHQHD SHUPLWH IL[DUHD XQXL SUDJ PLQLP DO UHQWDELOLW vQWUHSULQ] WRU

 5HOD LD

)L[DUHD GLQWUH

SUH XOXL L

vQ

IXQF LH HVWH

GH

FHUHUHD vQ

PDQLIHVWDW OLWHUDWXUD GH

SH

SLD

8Q

DO

GRLOHD

IDFWRU GH

LPSRUWDQW GH LQIOXHQ FHUHUH

DVXSUD SUH XOXL vO UHSUH]LQW SUH FXQRVFXW FRQIRUP UHOD LHL S  S

FHUHUHD GH P UIXUL L VHUYLFLL D XWLOL]DWRULORU VSHFLDOLWDWH VXE GHQXPLUHD

HODVWLFLWDWH L VH GHWHUPLQ & &

8QGH & FHUHUHD  FXUHQW   ED] 3 SUH XO  FXUHQW  ED] (ODVWLFLWDWHD (FS HVWH vQ JHQHUDO QHJDWLY  FX FUHWHUHD SUH XULORU DUH ORF R GLPLQXDUH D FHUHULL L LQYHUV $FHDVW WHQGLQ QX VH UHVSHFW  GH UHJXO  vQ XUP WRDUHOH FD]XUL HFRQRPLF SUHOXQJLW GH L vQ ULOH vQ FXUV GH GH]YROWDUH GDF VFXPSH GH IRORVLQ SUH XULOH vQ QHFHVLWDWH FUHVF SXWHUHD GH FXPS UDUH D FHORU PDL PXOWH IDPLOLL VH UHGXFH DFKL]L LRQ ULL EXQXUL PDL vQGHOXQJDW QHFHVLWDWH SkLQH RUH] XOHL EUkQ]HWXUL HWF  )HQRPHQXO D vQ SHULRDGHOH GH FUL] SHQWUX EXQXULOH GH SULP 5H]XOWDWXO HVWH VDFULILFDUHD

IDYRDUHD FRQVXPXOXL GH EXQXUL GH SULP

HVWH FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHD GH HIHFWXO *LIIHQ &X FkW FRHILFLHQWXO GH HODVWLFLWDWH DO FHUHULL vQ IXQF LH GH YHQLW HVWH PDL PDUH SHQWUX EXQXULOH GH FRQVXP DOLPHQWDU FX DWkW SRQGHUHD FKHOWXLHOLORU DORFDWH DFHVWRU EXQXUL vQ WRWDO YHQLWXUL HVWH PDL PDUH VHPQ FODU GH OLSVXUL PDMRUH GH SURGXVH DJURDOLPHQWDUH SHQWUX SRSXOD LD E XQ DO GRLOHD FD] vQ FDUH QX VH UHVSHFW SRDUW FX DWkW R DQXPLW VRFLDO  Q OLWHUDWXUD GH VSHFLDOLWDWH IHQRPHQXO GH HODVWLFLWDWH D FHUHULL vQ IXQF LH GH SUH  GDF OD GRX SURGXVH $ L % SRDUW GHQXPLUHD GH HODVWLFLWDWH vQFUXFLDW WUDQVYHUVDO YDULD LD FHUHULL SHQWUX SURGXVXO $ GDWRUDW &$ &$ S S YDULD LHL SUH XOXL SURGXVXOXL % FRQIRUP UHOD LHL VH UHIHU  HVWH YRUED GH ULL DQDOL]DWH  LL FHUHULL vQ IXQF LH GH SUH  WHQGLQ D  UHJXOD HODVWLFLW

GHQXPLUHD GH HIHFWXO 9HEOHQ IHQRPHQXO GH VQRELVP  FX FkW SUH XO XQXL EXQ HVWH PDL PDUH FDWHJRULH GH FRQVXPDWRUL FHU DFHVW EXQ vQ FDQWLW L PDL PDUL FD VHPQ GH GLVWLQF LH

$ % &$ S 'DF FHOH GRX

SURGXVXO $ SURGXVXO % FLIUD GH DIDFHUL YkQ] UL SUH XO HVWH QHJDWLY  EXQXULOH VXQW FRPSOHPHQWDUH GDF HVWH SR]LWLY 

HODVWLFLWDWHD vQFUXFLDW EXQXUL VXQW VXEVWLWXLELOH

 )L[DUHD SUH XOXL SVLKRORJLF GH DFFHSWDELOLWDWH  3UH XO SVLKRORJLF HVWH SUH XO GH DFFHSWDW SHQWUX FXPS UDUHD XQXL SURGXV GH XQ QXP U FkW PDL PDUH GH FOLHQ L 0HWRGD GHWHUPLQ ULL SUH XOXL SVLKRORJLF FRQVW vQ D LQWHURJD XQ HDQWLRQ GH SHUVRDQH UHSUH]HQWDWLYH SHQWUX SLD D L PLQLPH SHQWUX SURGXVXO vQ FDX]  GHSLQGH GH LPDJLQHD GH PDUF I U DWULEXLW XQXL SURGXV VDX XQHL LQW UH LQXW L D OH FHUH SUH XO PD[LPDO GLQFROR GH FDUH FOLHQWXO DUH VHQWLPHQWXO F PLQLPDO JDUDQW DO XQHL FDOLW JDWD V HVWH IXUDW  UHVSHFWLY SUH XO

3UH XO SVLKRORJLF VDX SUH XO DFFHSWDELO HVWH SUH XO OD FDUH FHO PDL PDUH QXP U GH FOLHQ L HVWH FXPSHUH XQ SURGXV $FHVW SUH P UFL QV  PXO L FRQVXPDWRUL FXPS U D SULYL FX DGHY UDW SUH XO SURGXVHORU YHFLQH vQ DFHVW

FD] FDOLWDWHD L QRWRULHWDWHD SURGXVXOXL DOHV VXQW PDL LPSRUWDQWH GHFkW SUH XO V X ,PDJLQHD GH

=  :  &$ S

=  :  & S

PDUF

D vQWUHSULQGHULL L  VDX D SURGXVXOXL LQIOXHQ HD] GH XQ SURGXV FRQWHD] ILGHO 

HQRUP FRPSRUWDPHQWXO GH FXPS UDUH

2ELFHLXULOH L ILGHOLWDWHD ID

OD IHO GH PXOW GH XQGH L LQWHUHVXO GH D IL SULPXO XQ QRX WLS GH YLQ DOE vQ HOHV HURDUHD ORU

vQ RFXSDUHD XQHL SLH H L GH DL IRUPD R FOLHQWHO ([HPSOX  DFXP ]HFH DQL R PDUH PDUF QX D FXPS UDW GLQ F DFHVWD 'XS XQ

GH YLQXUL ODQVD SH SLD D IUHQFH] SURPRWRULL DFHVWHL ODQV UL DX

DPSDQL]DW XQ YLQ VSXPRV OD SUH XO LPEDWDELO GH  ) VWLFOD 'DU FRQWUDU RULF UHL DWHSW UL QLPHQL VWXGLX FRQVXPDWRULL FXPS U /RU OHD IRVW WHDP vQ JHQHUDO YLQ VSXPRV SHQWUX DO RIHUL VDX SHQWUX D V UE WRUL XQ HYHQLPHQW SO WLQG XQ SUH SUHD PLF FXPS U XQ YLQ GH SURDVW FDOLWDWH VDX IDF GRYDGD FH VDX UHWUDV WRDWH VWLFOHOH GLQ UDLRDQH D IRVW UHODQVDW DFHODL

]JkUFHQLHL vQ ID D SULHWHQLORU ORU 'XS VXFFHV

YLQ FkWHYD OXQL PDL WkU]LX OD SUH XO GH  ) SH VWLFO  VFKLPEkQGXVH HWLFKHWD $ IRVW XQ YHULWDELO (YLGHQW YDULHWDWHD GH SUH XUL SURSXVH WUHEXLH V 0HWRGD SUH XOXL SVLKRORJLF SUH]LQW SULYLQG VLWXD LD FXPS U ULORU DIHFWLYH E GDF FLUFXPVWDQ HOH VH VFKLPE  DSUHFLHULOH FRQVXPDWRULORU VH VFKLPE SXEOLFLWDWH PLF ULOH FRQVXPDWRULORU SRW FRQWULEXL OD PRGLILFDUHD FRPSRUWDPHQWXOXL vQ FRQVXP  F SUH XO SVLKRORJLF DVLJXU G PHWRGD QX HVWH XWLOL]DELO UHOD LD SUH  FDOLWDWH MRDF SRDWH PD[LPXP GH YkQ] UL GDU QX L GH UHQWDELOLWDWH GHFkW SHQWUX XQ QXP U UHVWUkQV GH SURGXVH  VHUYLFLL SHQWUX FDUH LQ FRQW GH FRQVWUkQJHULOH FRQFXUHQ LDOH L

LQVWLWX LRQDOH SUH XULOH SRW IL OLPLWDWH SULQ OHJH L GH FRVWXULOH GH SURGXF LH R VHULH GH GH]DYDQWDMH GHFkW R LQGLFD LH UHODWLY D UH]XOWDWXO DQFKHWHL HVWH YDODELO GRDU OD GDWD UHDOL] ULL HL L QX G

XQ URO LPSRUWDQW vQ JHQHUDO SURGXVHOH FXUHQWH GH ODUJ FRQVXP  UHSUH]LQW XQ SRO GH UHIHULQ SHQWUX ILUP  SUDFWLF I U OXDUHD vQ

 )L[DUHD SUH XOXL  WDULIHORU GH YkQ]DUH vQ IXQF LH GH FRQFXUHQ 3UH XULOH FRQFXUHQ HL FRQVLGHUDUH D QLYHOXULORU SUH XULORU SUDFWLFDWH GH FRQFXUHQ SUH FRPSDUDELO FX SUH XULOH FRQFXUHQ HL" 'DF SULYLQG QHFHVLWDWHD L  QX VH SRDWH VXSUDYLH XL SH SLD  3ULPD FDOFXOH LQW

vQWUHEDUH SH FDUH LR SXQH RULFH vQWUHSULQ] WRU HVWH XUP WRDUHD SRW UHDOL]D XQ SURGXV DQXPH OD XQ U VSXQVXO HVWH GD vQWUHSULQ] WRUXO GXS LQWURGXFHULL vQ IDEULFD LH LQWU SH SLD DFWLYLWDWH SH R DOW ULJXURDVH FRPSDUDWLY 3HQWUX RSRUWXQLWDWHD SLD D

VHOHFWDW  vQ FD] FRQWUDU UHQXQ LQYHVWL LHL DIDFHULL  D FXQRDWH

L vL LQYHVWHWH EDQLL vQ DOW

 $QDOL]D

D SUH XULORU GH FRVW L GH YkQ]DUH UHSUH]LQW SUH XULOH FRQFXUHQ HL HVWH

HOHPHQWXO GH HYDOXDUH LQL LDO DO HILFLHQ HL V VH UHFXUJ OD WDEORXO VWDWLVWLF DO

SRVLELO

SUH XULORU RIHULWH GH SXQFWHOH GH YkQ]DUH DOH FRQFXUHQ HL VDX OD FDWDORDJHOH GH UDPXU LQVWLWX LLOH SXEOLFH DELOLWDWH

RIHULWH GH

5HDOL]DUHD XQRU FHUFHW UL GH WHUHQ ILH DVXSUD FRQVXPDWRULORU ILH DVXSUD ILUPHORU FRQFXUHQWH D IRU HORU ORU GH YkQ]DUH UHSUH]LQW PLMORDFH GH LQIRUPDUH FX PXOW PDL SHUWLQHQWH L FUHGLELOH (VWH DLE R VWUXFWXU LQWHULRDU SRDWH FDSDELO RSWD V U VSXQG XQD GLQ QHFHVDU FD GHSDUWDPHQWXO GH PDUNHWLQJ DO ILUPHL V 3RUQLQG GH OD VLWXD LD UHDO D SUH XULORU

QHYRLL FRPSOH[H GH LQIRUPDUH vQ UDSRUW FX FRQFXUHQ D FRQFXUHQ HL ILUPD SHQWUX XUP WRDUHOH YDULDQWH SH FDUH R FRQVLGHU D SUH XO SLH HL FRQVW WUDGXFH R FHULQ H[LVW FROHFWLY FD ILLQG FHD PDL SRWULYLW LQWHUHVHORU SURSULL  SUH XO SLH LL L VXILFLHQWH FX WRDWH F

vQ D VH DOLQLD OD SUH XO PHGLX WHKQLFD SUHVXSXQH F

D VHFWRUXOXL UDPXULL  RE LQHUHD XQHL UHQWDELOLW

XQ DGHY UDW U ]ERL DO SUH XULORU vQWUH FRQFXUHQ L E VXSUDFRWDUHD SH SLD  VXQW ILUPH FDUH GHFLG V L SODVH]H SURSULLOH SUH XUL GH YkQ]DUH HWF GH FRQFXUHQ QX HVWH SRVLELO GHFkW R PDUM GH  YkQG PDL LHIWLQ GHFkW FRQFXUHQ D $FHVW WLS GH

GHDVXSUD SUH XULORU SLH HL GLQ GLYHUVH PRWLYH DX UHXLW V L ILGHOL]H]H FOLHQWHOD SR]L LD ORU OH SHUPLWH V QX LQ FRQW GH FRQFXUHQ F VXEFRWDUHD SH SLD IL[DUH D SUH XOXL DQWUHQHD] PDQHYU  DFHVW FRPSRUWDPHQW DJUHVLY ID

GDF  FRVWXULOH PHGLL  XQLWDUH vL SHUPLW ILUPHL V GH F WUH ILUPD FH IRORVHWH DFHDVW WHKQLF 

UHDF LL SXWHUQLFH DOH FRQFXUHQ HL SULQ XUPDUH WUHEXLH O VDW

'HFL]LD GH DOHJHUH D SUH XULORU  WDULIHORU GH YkQ]DUH HVWH R SUREOHP

GH RS LXQH PDQDJHULDO

GH PDUNHWLQJ D ILHF UHL ILUPH PHWRGHOH SUH]HQWDWH  SURSXVH VXQW FRPSOHPHQWDUH FHUHUHD IL[HD]

OLPLWD VXSHULRDU SRO GH UHIHULQ 

D SUH XOXL FRVWXULOH GHWHUPLQ

SUH XO PLQLPDO GH YkQ]DUH LDU FRQFXUHQ D RIHU

XQ

3HQWUX D GHWHUPLQD SUH XO GH YkQ]DUH ILQDO VXQW OXDWH vQ FRQVLGHUDUH PDL PXOWH HOHPHQWH RELHFWLYHOH ILUPHL DOWH YDULDELOH GH PDUNHWLQJ SUH XULOH DOWRU SURGXVH GLQ JDP SHQWUX DVLJXUDUHD XQHL FRHUHQ H vQ SROLWLFD GH SUH  FRQVWUkQJHULOH OHJDOH VRFLDOH PRUDOH UHOLJLRDVH HWF

 675$7(*,, '( 35(

 ',1$0,&$ 35( HVWH R VDUFLQ

8/8, SHQWUX ILUP UHRULHQWDUH I U GHRDUHFH DUH LPSOLFD LL

$OHJHUHD XQHL VWUDWHJLL GH SUH HWF  0DL PXOW RGDW FDSDFLWDWHD GH SODW DSOLFDWH

GHOLFDW R

PDMRUH vQ WRDWH UHVRUWXULOH PDQDJHULDOH &$ UHQWDELOLWDWH HILFLHQ D LQYHVWL LLORU GH]YROWDUHD ILUPHL VWUDWHJLD DGRSWDW  HVWH GLILFLO FRQVHFLQ H QHJDWLYH vQ  VROYDELOLWDWH D ILUPHL LQFOXVLY vQ PRGLILFDUHD FRPSRUWDPHQWXOXL FOLHQ LORU

/LWHUDWXUD GH PDUNHWLQJ D VLQWHWL]DW XUP WRDUHOH WLSXUL JHQHUDOH GH VWUDWHJLL GH SUH  FDUH SRW IL LQkQG FRQW GH PRGXO GH PDQLIHVWDUH D SLH HL  ILUPD FDUH SUDFWLF R DVWIHO GH VWUDWHJLH IRORVHWH XQ SUH L D DOWRU FRQFXUHQ L VDX FKLDU VWUDWHJLH SHUPLWH WUHFHUHD FHUH FD FX FUHWHUHD FHUHULL GH LQW HVWH LPSRUWDQW ID GH GH FRVWXULOH PHGLL XQLWDUH  DYkQG FD RELHFWLYH PDMRUH  6WUDWHJLD GH SHQHWUDUH SH SLD VXILFLHQW GH VF ]XW DFRSHULWRU GHVLJXU ID FXFHULUHD XQHL PDUL S U L GH SLD UHGXFHUHD FRQFXUHQ HL H[LVWHQWH  )LUPD XUP UHWH PD[LPL]DUHD YROXPXOXL YkQ] ULORU &$  $FHDVW OD SLD D GH PDV SLD D V P UIXUL $YDQWDMHOH DFHVWHL VWUDWHJLL VXQW YROXPXO YkQ] ULORU &$ IL[DWH FD SHUPL kQG SURGXVXOXL ILUPHL V SURGXVHOH VLPLODUH DFHDVW WUHEXLH V DGRSWH R SROLWLF RE LQ R FRWLWDWH PDUH GH SLD VF ]XW  LQFOXVLY R SR]L LH GH IRU ILH VHQVLELO OD SUH  LDU FRVWXULOH PHGLL XQLWDUH V L VH vQWkOQHWH OD SURGXVHOH GH ODUJ FRQVXP 6WUDWHJLD GH SHQHWUDUH SH SLD VH GLPLQXH]H RGDW

VDX GHVFXUDMDUHD LQWU ULL SH SLD

VWUDWHJLH LPSXQH EDULHUH OD LQWUDUHD SH SLD GH SUH

SHQWUX QRL FRQFXUHQ L HL

FDUH QX OH SHUPLWH RE LQHUHD GH EHQHILFLL VXILFLHQWH  ,QFRQYHQLHQWHOH VWUDWHJLHL GH

SHQWUX R ODQVDUH vQW ULQG DVWIHO SR]L LD ILUPHL H[LVWHQWH SH SLD

SHQHWUDUH SHQWUX ILUPD FH IRORVHWH R DWDUH VWUDWHJLH DSDUH QHFHVDU XQ YROXP LPSRUWDQW GH SURGXF LH SHQWUX D U VSXQGH FHUHULL GH DVHPHQHD LQYHVWL LL FRVWLVLWRDUH SH FDUH QX L OH SRDWH SHUPLWH GHFkW R ILUP SXWHUQLF ILQDQFLDU vQ D IL[D XQ SUH LQW QL VXILFLHQW GH PDUH vQF GH OD  6WUDWHJLD GH VPkQWkQLUH D SLH LL FRQVW GH VWUDWHJLH VH FRQFHQWUHD] SH XQ VHJPHQW GH SLD

GHEXWXO YLH LL SURGXVXOXL ODQVDUH L GH]YROWDUH  SHQWUX D JDUDQWD XQ SURILW XQLWDU LPSRUWDQW 2 DVWIHO GH SLD  SHQWUX FDUH HODVWLFLWDWHD vQ RSWLFD SURILWXOXL FHUHULL vQ UDSRUW FX SUH XO HVWH QXO VDX DSURDSH QXO  )LUPD VH VLWXHD] 

VWUDWHJLD MXVWLILFkQGXVH vQ VLWXD LL SUHFXP   H[LVWHQ D XQXL DYDQV WHKQRORJLF ILUPD ILLQG OD DG SRVW GH FRQFXUHQ  H[LVWHQ D XQXL QXP U VXILFLHQW GH PDUH GH FOLHQ L SUHJ WL L V  ULVFXO PLF SH FDUH XQ SUH EXQXUL GH IRORVLQ GH SRSXOD LH  $YDQWDMHOH IRORVLULL VWUDWHJLHL GH VPkQWkQLUH D SLH HL VXQW D vQ ID]D GH ODQVDUH FHUHUHD ILLQG SX LQ VHQVLELO DO &$ E FRQFXUHQ D ILLQG SX LQ SUH]HQW  VWUDWHJLD SHUPLWH RE LQHUHD GH H[SHULHQ vQ WRDWH GRPHQLLOH SURGXF LH GHVIDFHUH FHUFHWDUH FDUH YD IL IRORVLW D DOWRU ILUPH ,QFRQYHQLHQWHOH DFHVWHL VWUDWHJLL  D H[LVWHQ D XQHL SLH H UHPXQHUDWRDUH FHHD FH DWUDJH FRQFXUHQ D E YROXPXO YkQ] ULORU U PkQH VF ]XW SHQWUX D vPSLHGLFD LQWUDUHD SH SLD OD SUH  DFHDVW SROLWLF YD DQWUHQD XQ VXUSOXV vQGHOXQJDW ULGLFDW vO VXVFLW SO WHDVF 

 SRVLELOLWDWHD GH D DWLQJH L DOWH VHJPHQWH JUD LH XQHL GLPLQX UL SURJUHVLYH D SUH XOXL vQ FHHD FH SULYHWH DSDUL LD FRQFXUHQ LORU vQ IRORVLQ D XQRU FDWHJRULL  VHJPHQWH 6WUDWHJLD VH IRORVHWH vQGHRVHEL SHQWUX SURGXVHOH  VHUYLFLLOH GH OX[ DXWRWXULVPH ELMXWHULL GHRVHELWH FDUH DX LQWUDW GHMD

Q WDEHOXO QU SUH]HQW P VLQWHWLF WU V WXULOH IXQGDPHQWDOH DOH VWUDWHJLLORU GH SUH 7DEHOXO QU &DUDFWHUL]DUHD VWUDWHJLLORU GH SUH
1U FUW 6WUDWHJLH 1LYHO SUH 2SWLFD &HUHUH  SUH 'LVWULEX LH

DQDOL]DWH 

3HQHWUDUH SH SLD

6F ]XW

&UHWHUHD &$ 3URILW

(ODVWLFLWDWH

'H PDV

6PkQWkQLUH D SLH HL 5LGLFDW

,QHODVWLFL WDWH

6HOHFWLY

XQLWDU LPSRUWDQW

&HOH GRX

VWUDWHJLL VXQW DSOLFDWH vQ SULQFLSDO SHQWUX ODQVDUHD XQXL SURGXV  VHUYLFLX SH SLD

 3H

GXUDWD FLFOXOXL GH YLD

DO SURGXVXOXL SUH XULOH GH YkQ]DUH QX SRW U PkQH IL[H XQHOH SUH XUL SRW IL SURFHGH]H OD VF GHUHD SUH XULORU GH YkQ]DUH D

GLPLQXDWH VDX GLPSRWULY  SRW IL P ULWH $OWH YDULDELOH GH PDUNHWLQJ SRW LQFLWD ILUPD V D 'LPLQXDUHD FRVWXULORU PHGLL XQLWDUH GDF GH IDEULFD LH DVXSUD FOLHQWXOHL VDOH HD WUHEXLH V DOW DPSOLILFDUHD JHQHUDO  E &DSDFLWDWHD GH SURGXF LH H[FHGHQWDU  XUPDUH D XQHL SUHYL]LXQL QHLQVSLUDWH D YROXPXOXL &$ VDX D XQHL SURDVWH SHQHWU UL SH SLD  ILUPD GLVSXQH GH XQ H[FHGHQW GH RIHUW SH SLD  'LPLQXDUHD SUH XOXL GH YkQ]DUH SH SLD F 6F GHUHD FRWHL GH SLD FRQVWLWXLH R SRVLELOLWDWH GH GHVIDFHUH SULQ FXFHULUHD GH QRL D VHJPHQWHORU DFWXDOH R ULSRVW IUHFYHQW  $FHDVW VF GHUH DFWLYLW LL GH FXFHULUH D XQRU QRL SURGXVXOXL 'LQWUH FDX]HOH LQWHUQH DOH GLPLQX ULL QLYHOXOXL SUH XOXL GH YkQ]DUH SRW IL UH LQXWH ILUPD GHFLGH V L UHSHUFXWH]H VF GHUHD FRVWXULORU LQ FRQW SH GH R SDUWH GH ULVFXO ILQDQFLDU LDU SH GH DVXPDUH D ULVFXOXL VH SRDWH MXVWLILFD SULQ GH SLD GH]YROWDUHD FRWHL GH SLD

SDUWH GH ULVFXO GHJUDG ULL LPDJLQLL VDOH $FHDVW

VHJPHQWH

VHJPHQWH VDX SULQ SHQHWUDUHD PDL LQWHQVLY

 VF GHUHD SUH XULORU UHSUH]LQW

YD SHUPLWH R UHGLPHQVLRQDUH D YkQ] ULORU OXSWkQG GLUHFW FRQWUD FRQFXUHQ HL /D DF LXQHD XQXLD GLQWUH FRQFXUHQ LL V L GH D YLQGH XQ SURGXV VLPLODU OD XQ SUH $FHDVW UHDF LH SRDWH IL GH PDL PXOWH IHOXUL V SUH XULORU VDOH GDF LPDJLQHD L PHQ LQHUHD SR]L LD vL PDL PLF ILUPD WUHEXLH V V FRQWUDDWDFH SULQ ULSRVWH]H FUHWHUHD OXSWH SHQWUX R GLPLQXDUH D SUH XULORU VDOH SHQWUX SHUPLW 

SUH XULORU GH YkQ]DUH OD SURGXVHOH SURSULL 0HQ LQHUHD SUH XOXL HVWH SRVLELO  FOLHQ LL VXQW ILGHOL P UFLL  HVWH YL]DW R VF GHUH D FRVWXULORU YD SHUPLWH UHFXFHULUHD SLH HL LQRYD LH  QDWHUH OD XQHOH ULVFXUL JUHX GH VW SkQLW FRQFXUHQ LL SRW SURILWD R UHFXFHULUH D GH R LPDJLQH  SLHUGHUHD SLH HL U PkQH OLPLWDW   R DF LXQH XOWHULRDU Q UHYDQ  DFHDVW SLH HL &UHWHUHD SUH XOXL DFHDVW SXWHUQLF  IDYRUDELO SH SLD 6XQW VLWXD LL GH SLD RIHQVLY QX HVWH YL]DW GHFkW GDF ILUPD VH EXFXU L LPSOLF LQL LDWLY R PRGLILFDUH D SURGXVHORU vQ DFFHS LXQHD FRQVXPDWRULORU VH SRDWH MXVWLILFD ILH SULQWUR FUHWHUH D FRVWXULORU PHGLL VWUDWHJLH G vQ XUP WRDUHOH LSRVWD]H

SHQWUX DL FRQVROLGD SR]L LLOH IRU D GH YkQ]DUH VH SRDWH GHPRELOL]D I FkQG GLILFLO

FkQG GLIHULWH YDULDELOH GH PDUNHWLQJ LPSXQ ILUPHL OXDUHD GHFL]LHL GH FUHWHUH D FUHWHUH DVXSUD FOLHQWHOHL SURSULL  ILH SULQWUR FHUHUH IRDUWH

SUH XOXL GH YkQ]DUH $FHDVW LPSRUWDQW ILUPD vQFHDUF V

XQLWDUH ILUPD YD UHSUH]HQWD DFHDVW

HYLWH QHVDWLVIDFHUHD FHUHULL SHQWUX DQVDPEOXO FRQVXPDWRULORU FHHD FH R DVWIHO GH GHFL]LH PDMRUDUHD SUH XOXL GH YkQ]DUH SH LL VDOH SRDWH DF LRQD vQWUR DVHPHQHD PDQLHU L GDF FHUHUHD QX DUH GHFkW R VODE

DU DQWUHQD R LPDJLQH QHJDWLY  $VWIHO ILUPD UHDOL]HD]  FX DMXWRUXO SUH XOXL PDMRUDW  R VHOHF LH D FRQVXPDWRULORU 'H DVHPHQHD HVWH SRVLELO SLD GDF  GDF ILUPD LQWHWH R vPEXQ W QX HVWH vQ FRQFXUHQ GH SUH  LUH D UHQWDELOLW

FX DOWH ILUPH SH SLD D DOHDV

HODVWLFLWDWH ID

6H

WLH

SUH XO

GH

YkQ]DUH

DO

SURGXVHORU GH SUH 

SH vQ

SLD

UHSUH]LQW FUHWHULL

YDULDELO

SULPRUGLDO YRU

PDUNHWLQJXOXL

PL[

7RDWH

PRGLILF ULOH

VHQVXO

VDX

VF GHULL

DYHD

UHSHUFXUVLXQL ILH DVXSUD FRQVXPDWRULORU ILH DVXSUD FRQFXUHQ HL (VWH SULQ XUPDUH LPSRUWDQW GH WLXW  SUHY ]XW FDUH VXQW DFHVWH UHDF LL L FH FRQWUDP VXUL SRW IL DYXWH vQ YHGHUH

5H]XPDW 'LQ DERUGDUHD SUREOHPDWLFLL UHIHULWRDUH OD SUH XUL SRDWH UH]XOWD XUP WRDUHD FRQFOX]LH JHQHUDO  VLVWHPXO GH GHFL]LL OHJDWH GH SUH YDULDELO ]LQW VWUDWHJLF R YDULDELO LQGLVSHQVDELO UHSUH]LQW  SULQ LPSRUWDQ D L UROXO SUH XOXL vQ DFWLYLWDWHD ILUPHL R SUH XO UHSUH FDUH DSDU LQH WRS PDQDJHPHQWXOXL 'LQWUR DVHPHQHD SHUVSHFWLY

WDEORXOXL GH ERUG DO PDQDJHPHQWXOXL JHQHUDO DO RULF UHL ILUPH

&RQFHSWH FKHLH

3UH XO URWXQG (VWH GLQ SXQFW GH YHGHUH SVLKRORJLF XQ SUH    HWF 3UH XO PDJLF (VWH GLQ SXQFW GH YHGHUH SVLKRORJLF XQ SUH    HWF (O G VHQ]D LD XQXL SUH PDL PLF

UHFH GHRDUHFH VH WHUPLQ

vQ ]HUR

FDOG GHRDUHFH DUH FD WHUPLQD LH FLIUD

3UH XO PLQLPDO (VWH FRQVLGHUDW GH FRQVXPDWRU FD ILLQG R EDULHU WUHFH FDOLWDWHD SURGXVXOXL VH FRQVLGHU LQVXILFLHQW 

PLQLP

VXE FDUH QX VH SRDWH

3UH XO PD[LPDO (VWH FRQVLGHUDW GH FRQVXPDWRU FD ILLQG H[FHVLY SHQWUX XQ SURGXV QX UHIOHFW UDSRUW MXVW vQWUH FDOLWDWH L SUH 

XQ

3UH XO &,) )2% )$6 HWF 6XQW SUH XUL QHJRFLDWH GH SDUWHQHUL SHQWUX P UIXULOH WUDQVSRUWDWH SH FDOH PDULWLP  (OH UHIOHFW UHIOHFW FLQH L SkQ FLQH L SkQ VXSRUW XQGH VXSRUW GH FKHOWXLHOLOH GH WUDQVSRUW SH UXWD PDULWLP  (OH WUDQVSRUW SH UXWD PDULWLP  I FkQG RELHFWXO XQGH FKHOWXLHOLOH

UHJOHPHQW ULORU LQWHUQD LRQDOH ,1&27(506 (ODVWLFLWDWHD FHUHULL vQ IXQF LH GH SUH  ([SULP P UIXUL PDQLIHVWDW SH SLD  PRGLILFDUHD RIHUWHL GH P UIXUL FD XUPDUH D LQIOXHQ D SUH XOXL DVXSUD PRGLILF ULL FHUHULL GH

(ODVWLFLWDWHD RIHUWHL vQ IXQF LH GH SUH  6XEOLQLD] IDFWRUXOXL GH LQIOXHQ SUH XO

3ROLWLFD GH SUH  3UHFL]HD]

RS LXQHD FODU H[SULPDW  DO XQ PRPHQW GDW GH R ILUP

vQ GRPHQLXO

SUH XULORU SURGXVHORU  VHUYLFLLORU SURSULL DYkQG vQ YHGHUH RELHFWLYHOH VWUDWHJLFH IL[DWH 3UH XO SLH HL (VWH SUH XO QHJRFLDWDFFHSWDW GH SDUWHQHULL XQHL WUDQ]DF LL FRQFUHWH vQ FRQGL LL GH ORF L WLPS GDWH 6WUDWHJLH GH SUH  6LVWHP GH GHFL]LL PDMRUH vQ GRPHQLXO SUH XULORU OXDWH OD QLYHOXO GH YkUI DO PDQDJHPHQWXOXL XQHL ILUPH DYkQG FD VFRS RSWLPL]DUHD DFWLYLW WLPS 6XSUDFRWDUH  VXEFRWDUH GH SLD UHSUH]LQW  'LQ SXQFWXO GH YHGHUH DO SROLWLFLL GH SUH D XQHL ILUPH LL HL vQWUR DQXPLW SHULRDG GH

RS LXQHD HL GH SODVDUH D SURSULLORU SUH XUL GHDVXSUDVXE SUH XULOH SLH HL

&DSLWROXO 

32/,7,&$ '( ',675,%8

,(

2ELHFWLYH 'HILQLUHD FRQFHSWXOXL GLVWULEX LHL &XQRDWHUHD RS LXQLORU VWUDWHJLFH vQ GRPHQLXO GLVWULEX LHL ,GHQWLILFDUHD SROLORU GH LQWHUHV GLQ GRPHQLXO GLVWULEX LHL 'HILQLUHD L FDUDFWHUL]DUHD FDQDOHORU GH GLVWULEX LH

 &21&(378/ '( ',675,%8

,( &$7(*25,, 63(&,),&( 5(3(5(

,6725,&( &RQFHSWXO GH GLVWULEX LH D P UIXULORU  VHUYLFLLORU SULQ ORFXO L UROXO SH FDUH vO RFXS UHSURGXF LHL UHSURGXF LHL VRFLDOH VRFLDOH DSDU LQH ILLQG FHOHL GHD WUHLD ID]H D UHSURGXF LHL L DQXPH VFKLPEXOXL SURGXF LD vQ VIHUD ID]HOH

UHSDUWL LD VFKLPEXO L FRQVXPXO  'LVWULEX LD SURGXVHORU 

VHUYLFLLORU DFRSHU Q DFWLYLW L GRPHQLXO OHJDWH vQ

DQVDPEOXO RSHUD LLORU SULQ FDUH XQ EXQ  VHUYLFLX FH LHVH GLQ VIHUD GH IDEULFD LH GLVWULEX LHL SULQFLSDO P UIXULORU GH L VHUYLFLLORU  DYkQG vQ YHGHUH GLQ LPSRUWDQ D GLYHUVHORU vQ VIHUD

HVWH SXV OD GLVSR]L LD FRQVXPDWRUXOXL VDX XWLOL]DWRUXOXL WUDQVIHUXO EXQXULORU VHUYLFLLORU VIHUD SURGXF LHL

FRQVXPXOXL D DS UXW R PDUH GLYHUVLWDWH GH FRQFHSWH Q WHRULD HFRQRPLF  FD L vQ SUDFWLF  QR LXQLOH GH FLUFXLW GH GLVWULEX LH L FDQDO GH GLVWULEX LH VXQW DGHVHD FRQIXQGDWH 6H FRQVLGHU F QR LXQHD GH FLUFXLW HVWH PDL YDVW GHFkW QR LXQHD GH FDQDO L SH FDUH R vQJOREHD]  8Q FDQDO GH GLVWULEX LH HVWH XQ DQVDPEOX GH DJHQ L GH GLVWULEX LH FH SRVHG FDUDFWHULVWLFL MXULGLFH L FRPHUFLDOH FRPXQH HQJURVLWL GHWDLOLWL FRPLVLRQDUL VXFXUVDOH VRFLHW GH YkQ]DUH SULQ FRUHVSRQGHQ  FHQWUDOH GH FXPS UDUH  8Q FLUFXLW GH GLVWULEX LH HVWH XQ DQVDPEOX

GH FDQDOH XWLOL]DWH SHQWUX GLVWULEXLUHD XQHL FDWHJRULL GH SURGXVH ELQH GHILQLWH GH OD SURGXF WRU  LPSRUWDWRU OD FRQVXPDWRUXO  XWLOL]DWRUXO ILQDO 2 UH HD GH GLVWULEX LH SRDWH IL GHILQLW GLVWULEX LH XWLOL]DWH GH DQVDPEOXO FD XQ DQVDPEOX GH SHUVRDQH IL]LFH VDX MXULGLFH FDUH WRDWH FDQDOHOH GH DFHHDL  GLVWULEXLWRULORU FDUH FRPHUFLDOL]HD] FRQWULEXLH OD YkQ]DUHD XQXL SURGXV )LOLDOD HVWH XQ VLVWHP HFRQRPLF FDUH DFRSHU SURGXF WRULORU IDPLOLH GH SURGXVH SH R SLD GH FRQVXP GDW  R VHULH GLYHUV GH GLVWULEX LH  GH IDFWRUL QX SRDWH QHIDYRUDELO  3URILOXO XQXL FDQDO GH GLVWULEX LH QX SRDWH vQ FRQWLQX D PLFDUH L FDQDOXO

$VXSUD GLPHQVLXQLL GLVWULEX LHL SURGXVHORU  VHUYLFLLORU DF LRQHD] XQLL FX DF LXQH IDYRUDELO  DO LL FX LQIOXHQ IL DFHODL vQ GH FRQGL LLOH R ILUP  vQ FDUH SLD D HVWH

UHSUH]HQWD XQ VFRS vQ VLQH FL XQ PLMORF GH DVLJXUDUH D YkQ] ULL RSWLPH D SURGXVHORU  VHUYLFLLORU UHDOL]DWH 3UDFWLFD HFRQRPLF SURGXF LHL GLVWULEX LHL EXQXULORU R VWUkQV VHUYLFLLORU  HYLGHQ LD] IDSWXO F GLPHQVLXQHD  SURILOXO FLUFXLWHORU L FDQDOHORU GH GLVWULEX LH QX SRDWH U PkQH L SROLWLFD GH GLVWULEX LH H[LV OHJ WXU  GDF HVWH YRUED GH XQ SURGXV GH WHKQLFLWDWH ULGLFDW IRUP GH GLVWULEX LH GHVFKLV VWUDWHJLD GH SURGXV

LPRELO  QWUH SROLWLFD GH SURGXV SROLWLFD GH SUH D vQ ID]D GH ODQVDUH SH SLD

DQRUPDO ILUPD SRDWH RSWD SHQWUX R GLVWULEX LH VHOHFWLY  GLPSRWULY  GDF EDQDO FHUHUH FXUHQW  ILUPD SRDWH DSHOD OD R DOW SURGXVXO HVWH QRX SH R SLD EXQH SR]L LRQ UL D GLVWULEXLQGXO OD XQ SUH SURGXVXOXL ILUPD SRDWH RSWD

HVWH YRUED GH XQ SURGXV  GH PDV  'DF D SLH HL

vQ FDUH FRQFXUHQ D QX DUH XQ URO LPSRUWDQW vQF  vQ SHUVSHFWLYD XQHL SHQWUX VPkQWkQLUH VHOHFWLY  FKLDU H[FOXVLY 

vQDOW L vQWUR PDQLHU

E GDF GH PDUF

SURGXVXO HVWH vQ ID]D GH FUHWHUH SH SLD SH SLD 

 vQ FD]XO XQXL SURGXV EDQDO ILUPD SRDWH LQILGHOLWDWH

DSHOD OD R SROLWLF

GH GLVWULEX LH GLYHUVLILFDW  GH PDV  DYkQG vQ YHGHUH IHQRPHQXO GH  WUHEXLH V 

FDUH VH PDQLIHVW

F vQ ID]D GH PDWXULWDWH vQ FDUH SURGXVHOH VDX LQVWDODW ELQH SH SLD FX DWHQ LH HVWH XRU V V VWDELOLP FkW GXUHD] DIO P GDF

VH SURFHGH]H

XQ SURGXV HVWH vQ ID]D GH ODQVDUH VDX FUHWHUH GDU GHVWXO GH JUHX SH SLD DF LRQHD] SURGXF WRUL GLYHUL DIOD L vQ FRQFXUHQ FXQRDVF 

FUHWHUHD DOWIHO VSXV FkQG vQFHSH ID]D GH PDWXULWDWH SH SLD

1X WUHEXLH SLHUGXW GLQ YHGHUH F

LPSRUWDWRUL FX LQWHUHVH RSXVH SUHVFULSWRUL GLVWULEXLWRUL JURVLWL L GHWDLOLWL H[LVW GHVWXO GH GHQV vQWUH SURGXF WRU L XWLOL]DWRULL SURGXVXOXL V X 3URGXF WRUXO WUHEXLH V VWDUHD ELQRPXOXL SURGXV SLD HILFDFH ODQVHD] SURGXVXO SH R DOW vQORFXLWRU DO FHOXL YHFKL FH XUPHD] LQW SHQWUX D IL vQ P VXU SLD LQW  UHSURLHFWHD] HWF D IL UHWUDV GH SH SLD V SURGXVXO GH]YROW

GHFL XQ HFUDQ H[DFW L

LD R GHFL]LH SURPSW  UHDOLVW

XQ SURGXV QRX

&HOH SUH]HQWDWH IDF LQGXELWDELO GRYDGD IDSWXOXL F DGHY UXOXL FRQIUXQW ULL SURGXVXOXL FX SLD D UHSUH]LQW PL[ DO ILUPHL 1X WUHEXLH V RPLWHP IDSWXO F GLIHUL LL RSHUDWRUL

SROLWLFD GH GLVWULEX LH FD PRPHQW DO R FRPSRQHQW HFRQRPLFL HVHQ LDO D PDUNHWLQJXOXL OD SURFHVXO GH

SDUWLFLSDQ L

GLVWULEX LH D SURGXVHORU  VHUYLFLLORU QX DX vQWRWGHDXQD LQWHUHVH FRPXQH 'LPSRWULY  DX L LQWHUHVH SURSULL SDUWLFXODUH SULQ XUPDUH FRQIOLFWHOH VXQW LQHUHQWH ILHFDUH GRUHWH V FDQDOXOXL GH GLVWULEX LH  Q YHGHUHD HYLW ULL DSDUL LHL GH FRQIOLFWH SDUWLFLSDQ LL OD SURFHVXO GH GLVWULEX LH SRW RSWD SHQWUX GLYHUVH VROX LL D E vQ HOHJHUHD FRRSHUDUHD WUHEXLH V SH QX ED]D FDG XQRU vQ FRQWUDFWH ELQH FRQFHSXWH GH D IL GLQ FKLDU PRPHQWXO XQRU PDUL SURLHFW ULL FDQDOHORU GH GLVWULEX LH SURGXF WRUXO FDSFDQD GDF LOX]LHL DFFHSW IXUQL]RUXO GLVWULEXLWRUL HO ULVF V VL SLDUG OLEHUWDWHD GH SLD FD XQ QXP U PLF GH LQWHUPHGLDUL RE LQ PD[LPXO GH SURILW PDUMD GH SURILW PD[LP SH FDUH vO SRDWH VXSRUWD SLD D FRQVXPDWRUXO VH vPSDUWH vQWUH PHPEULL

V L DFKL]L LRQH]H vQ WRWDOLWDWH SURGXF LD UHDOL]DW vQWUR SR]L LH GH LQIHULRULWDWH SH SLD 

DVWIHO GH FRQWUDFWH GH YkQ]DUH GH H[FOXVLYLWDWH

vQFKHLDWH GH XQ SURGXF WRU FX XQ HQJURVLVW vO IDF GHSHQGHQW SH SURGXF WRU FHHD FH ODU SXWHD SXQH F SURGXF WRUXO SHQWUX D IL OHDGHUXO FDQDOXOXL GH GLVWULEX LH SRDWH WUHEXLH V GLVSXQH GH PDJD]LQH SXQFWH GH YkQ]DUH SURSULL SUDFWLFkQG SH OkQJ YkQ]DUHD GLUHFW F WUH FRQVXPDWRUL GH SURGXVH Q DFHVW PRG D SURFHGDW &RFD &ROD VWLFOHOH PLFL SHQWUX PDQLIHVWD LL VSRUWLYH SHQWUX WUDVHHOH YkQ]DUHD F WUH HQJURVLWL  GHWDLOLWL L

G SHQWUX SUHYHQLUHD FDX]HORU GH FRQIOLFW SURGXF WRUXO SRDWH FRQFHSH R JDP VSHFLDO UH]HUYDWH SHQWUX ILHFDUH IHO GH GLVWULEX LH  VWLFOH SHQWUX KLSHUPDJD]LQH FXWLLOH

SHQWUX EDUXUL VWLFOHOH PLMORFLL L PDUL    O  SHQWUX PDJD]LQHOH GH SUR[LPLWDWH FDUWRDQHOH FX PHWDOLFH DHULHQH  'LIHULWHOH SROLWLFL GH GLVWULEX LH DOH SURGXVHORU DFWXDOH  QRL LQFOXVLY FRPELQD LLOH FX SROLWLFLOH GH SURPRYDUH DX FRQGXV OD QRL WLSXUL VWUDWHJLFH GH GLVWULEX LH  Q FHOH FH XUPHD] YRP SUH]HQWD FkWHYD QXPH LOXVWUH FDUH VH DIO OD RULJLQHD FHORU PDL PXOWH FRQFHSWH DOH GLVWULEX LHL PRGHUQH $VWIHO  $ULVWLGH %RXFLFTXW )UDQ D   HVWH FRQVLGHUDW D IL LQYHQWDWRUXO vQ  DO IRUPXOHL PDUHOXL PDJD]LQ RUJDQL]DW SH ED]D XUP WRDUHORU SULQFLSLL UHGXFHUHD PDUMHL FRPHUFLDOH OD   DGRSWDUHD VLVWHPXOXL SUH XULORU DILDWH SUDFWLFDUHD XQXL IHO GH GUHSW OD HURDUH vQORFXLUHD SURGXVXOXL FOLHQWHOHL  OLEHUD LQWUDUH SUDFWLFD YkQ] ULORU SURPR LRQDOH GLYHUVLILFDUHD DVRUWLPHQWXOXL SXQHUHD OD SXQFW D XQXL VHUYLFLX GH OLYUDUH OD GRPLFLOLX SXQHUHD OD SXQFW D XQHL SROLWLFL GH SHUVRQDO VWLPXODWLYH  )UDQFN : :RROZRUWK 86$  LQYHQWDWRUXO PDJD]LQXOXL SRSXODU   (O REVHUY LPSRUWDQ D FRQWDFWXOXL GLUHFW FOLHQW SURGXV GUHSW SHQWUX FDUH vQ  GHVFKLGH XQ ERXWLTXH )LYH 7HQ SURSXQkQG DUWLFROH FXUHQWH OD GRX SUH XUL XQLFH SUH XUL VF ]XWH  L  FHQ L IRUPXOD PDJD]LQXOXL FX HVWH OD RULJLQHD FRQFHSWXOXL GH PDJD]LQ SRSXODU

0DULOH SULQFLSLL DOH IRUPXOHL PDJD]LQXOXL SRSXODU FRQIRUP LQL LDWRUXOXL VXQW 

 DPSODVDUHD PDJD]LQHORU SRSXODUH vQ DUWHUHOH FHOH PDL DQLPDWH DOH RUDXOXL  DFKL]L LRQDUHD SURGXVHORU GLUHFW GH OD IDEULFDQW  RIHULUHD XQHL PDUL YDULHW  L GH DUWLFROH FRQVXPDWRULORU XQLF GHSR]LW FX GH JURV FX IXQF LRQDUH R SULQ QRX LQYHQWDWRUXO GHVFKLGH vQ F GH  GRX OD DO SULPXOXL HQ GHWDLO  OLPLWDUHD DVRUWLPHQWXOXL OD SURGXVHOH GH PDUH FRQVXP  YkQ]DUHD OD SUH &ODUHQFH SULQ 6DXQGHUV 86$  Q  SH IXQF LRQDUH JHQHUDOH IRUPXO DXWRVHUYLUH L SULPXO PDJD]LQ DFHVWH

DXWRVHUYLUH &D UHSUH]HQWDQW DO XQXL JURVLVW HO FRQVWDW SUHD PDUL YkQ] ULOH FUHGLW 3OHFkQG GH GHSR]LW WLS FDVK DQG FDUU\

VXQW JUHHOLOH IDOLPHQWDUH FKHOWXLHOL FRQVWDW UL RUJDQL]HD]

 0LFKDHO &XOOHQ 86$ HVWH LQYHQWDWRUXO IRUPXOHL VXSHUPDJD]LQ vQ DQXO SUDFWLF YkQ]DUHD JHQHUDOL]DW FX PDUMH UHGXVH

 3ULPXO

V X PDJD]LQ .LQJ &XOOHQ HUD XQ GLVFRXQW KRXVH  PLQLPDJD]LQ FX YkQ] UL HQ GHWDLO FDUH 3ULQFLSLLOH GH ED] DOH IRUPXOHL VXSHUPDJD]LQ FRQIRUP OXL &XOOHQ VXQW

 LQVWDODUHD PDJD]LQXOXL vQ LQFLQWD VWU ]LORU FRPHUFLDOH  UHGXFHUHD LQYHVWL LLORU OD PD[LPXP  OLPLWDUHD OD PLQLPXP D FKHOWXLHOLORU JHQHUDOH  RUJDQL]DUHD XQHL PDVLYH SXEOLFLW L DVXSUD DUWLFROHORU VFXPSH  'RQ &DVWR 86$ HVWH LQYHQWDWRUXO IRUPXOHL FHQWUXO FRPHUFLDO GH SHULIHULH vQ  (O D SOHFDW GH OD GXEOD FRQVWDWDUH vQ 86$ GHSODVDUHD VH IDFH FX DXWRPRELOXO HVWH GHFL QHFHVDU FD PDJD]LQXO V  YkQ]DUHD PRQGLDO SULPD ED] GLVSXQ GH ORFXUL GH SDUFDUH  LDU RDPHQLL DX RELFHLXO V 0D[ OD R 7KHUHW YDORDUH )UDQ D  FX  IRQGDWRULL PDL PLF  LDV vQ DIDUD RUDHORU QD LRQDO ODQVHD]  D vQ FDGUHORU SUHPLHU )1$&IHGHUD LD Q  )1$&

$QGUH

(VVHO

VSHFLDOL]DWH vQ YkQ] UL  FXPS U UL  vQ  (VWH YRUED GH IHGHUD LD FRPHUFLDQ LORU VSHFLDOL]D L vQ IRWRJUDILLORU )1$& (FRQWH IRUP GH FRPHUFLDOL]DUH SULQ WHOHIRQ D GLVFXULORU vQ DFHODL DQ D ODQVDW FX

GH GDWH FX GLVFXUL FRPSDFWH FRPHUFLDOL]DWH SULQ 0LQLWHO VRFLHWDWH FRPHUFLDO QX QXPDL vQ

 0DUFHO )RXUQLHU )UDQ D  LQYHQWDWRUXO IRUPXOHL KLSHUPDJD]LQXOXL Q  vPSUHXQ 'HQLV L -DFTXV 'HIIRUH\ D IRQGDW &DUUHIRXU ELQHFXQRVFXW )UDQ D GDU L vQ SODQ LQWHUQD LRQDO PDUF GH GLVWULEXLWRU ODQ GH PDJD]LQH vQ (XURSD L 86$ 

 (/(0(17( '( 0$1$*(0(17 , 0$5.(7,1* 35,9,1' 381&78/ '( 91=$5( 0DQDJHPHQWXO OD QLYHOXO GLVWULEX LHL P UIXULORUVHUYLFLLORU DU SXWHD IL DQDOL]DW OD WUHL QLYHOXUL  PDFURPDUNHWLQJXO FDUH DUH XUP WRDUHOH RELHFWLYH VWUDWHJLFH SULQFLSDOH DOHJHUHD IRUPHORU GH PLFDUH D P UIXULORU RSWLPL]DUHD SURLHFW ULL FLUFXLWHORU L FDQDOHORU GH GLVWULEX LH DVLJXUDUHD SROLWLFLORU GH GLVWULEX LH DGHFYDWH GLIHULWHORU FXSOXUL SURGXV SLD GLVWULEX LH vQ FRQVRQDQ  RSHUDWRULORU  ILUPHORU FX FLFOXO GH YLD FDUH vL PHPEULL DL PH]RPDUNHWLQJXO SURSXQH RSWLPL]DUHD FDQDOH  FRRUGRQDUHD VWUDWHJLHL GH GH GLVWULEX LH VDX FDUH OD QLYHOXO DO SURGXVXOXL HFKLOLEUXO PL[XOXL GH PDUNHWLQJ SROLWLFLORU GH GLIHULWHORU GLVWULEX LH DF LRQHD]

LQGHSHQGHQW   PLFURPDUNHWLQJXO FDUH VH D[HD] GH YkQ]DUH  PDJD]LQHORU 3XQFWXO GH YkQ]DUH vQ VHQVXO FHO PDL VLQWHWLF SRDWH IL GHILQLW FD ORFXO GH vQWkOQLUH DO FOLHQWXOXL FX SURGXVXO  VHUYLFLXO PDWHULDO FX VDX I U FXPS UDUH VH DVLJXU FXPS UDUHD SURFHVXOXL VD GH vQFKHLDW vQ PRG FODVLF  LQWHUPHGLHUHD YkQ] WRUXOXL 'DF WUDGL LRQDO DSUHFLDW 'LPSRWULY  R IRUP OLSVD UHDOL]DUHD DFWXOXL GH F YkQ]DUHD GLQ FDGUXO HILFLHQW SULQ LQWHUPHGLXO GLDORJXOXL YkQ] WRU FXPS U WRU VH DSUHFLD] FXPS UDUH HVWH FD PRGHUQ GH SH DF LXQLOH  RSHUD LXQLOH UHDOL]DWH OD QLYHOXO SXQFWXOXL

YkQ] WRUXOXL

YkQ]DUH

YkQ]DUH

HFRQRPLF L VRFLDO 'HVLJXU F SUH]HQ D YkQ] WRUXOXL DSDUH FKLDU GDF QX GLUHFW FD R QHFHVLWDWH vQ IRDUWH PXOWH IRUPH PRGHUQH GH YkQ]DUH 'H DOWIHO DWULEXWHOH  VDUFLQLOH SURIHVLRQDOH DOH YkQ] WRUXOXL FODVLF DX

HYROXDW DVWIHO vQFkW vQV L SURIHVLD GH YkQ] WRU VD GLYHUVLILFDW D F S WDW QRL YDOHQ H L H[LJHQ H DGDSWkQGXVH OD FHULQ HOH SHUPDQHQW vQ VFKLPEDUH DOH SLH HL 9 ]XW L LQWU GLQ SULVPD FRPSRQHQWHORU GLPHQVLRQDOH DOH XQXL FDQDO GH GLVWULEX LH SXQFWXO GH YkQ]DUH DSDUH FD ILLQG SXQFWXO WHUPLQXV SULQ LQWHUPHGLXO F UXLD P UIXULOH LHV GLQ VIHUD FLUFXOD LHL VWUXFWXUDO D XQHL XQLW L FRPHUFLDOH FDUH vQ WHRULH FD L

vQ VIHUD FRQVXPXOXL ILQDO VDX LQWHUPHGLDU  3XQFWXO GH YkQ]DUH HVWH R FRPSRQHQW GHQXPLUL GLIHULWH UDLRQ SXQFW GH VHUYLUH PDJD]LQ XQLWDWH FRPHUFLDO  GHSR]LW FX

vQ SUDFWLF  SRDUW

YkQ]DUH HWF 8Q SXQFW GH YkQ]DUH SRDWH IL VXERUGRQDW RUJDQL]DWRULF L LHUDUKLF ILH XQHL ILUPH FX ULGLFDWD ILH XQHL ILUPH FX DP QXQWXO XQXL SURGXF WRU LPSRUWDWRU HWF  3ULQFLSDOHOH DFWLYLW JUXSD DVWIHO  D RSHUD LXQL GH YkQ]DUH SURSULX]LV  FXSULQG XQ DQVDPEOX GLYHUV GH RSHUD LXQL SUHJ WLWRDUH UHDOL]DWH vQDLQWH GH YkQ]DUHD SURSULX]LV  XUPHD] YkQ]DUHD SURSULX]LV  E ULWPLFLW RSHUD LXQL GH DSURYL]LRQDUH L FRQVWLWXLUH D VWRFXULORU QHFHVDUH DVLJXU ULL FRQWLQXLW L  LL DSURYL]LRQ ULL FOLHQ LORU RSHUD LXQLOH GH YkQ]DUH SURSULX]LVH GLIHULWH vQ IXQF LH GH IRUPD GH YkQ]DUH SUDFWLFDW  vQ VIkULW VXQW UHDOL]DWH GLYHUVH RSHUD LXQLVHUYLFLL GXS L RSHUD LXQL FDUH VH UHDOL]HD] OD QLYHOXO XQXL SXQFW GH YkQ]DUH VH SRW

F RSHUD LXQL GH SURPRYDUH L FRPXQLFDUH D PDJD]LQXOXL FX SLD D $FWXO GH YkQ]DUH HVWH HOHPHQWXO FHQWUDO DO WXWXURU RSHUD LXQLORU GHVI XUDWH vQ FDGUXO SXQFWXOXL GH YkQ]DUH ILLQG UH]XOWDWXO PRGLILF ULORU VXUYHQLWH vQ FRPHU XO PRGHUQ PDL DOHV vQ XUPD UHYROX LLORU FRPHUFLDOH FDUH DX DYXW ORF 6H SRDWH GHILQL YkQ]DUHD FD R VHULH GH DF LXQL GHVWLQDWH YDORULILF ULL L DQLP ULL SURGXVHORU OD ORFXO GH YkQ]DUH 9kQ]DUHD U VSXQGH DVWIHO OD WUHL SROL GH LQWHUHVH LQWHUDFWLYH  FRQVXPDWRUXO SURGXF WRUXO  IDEULFDQWXO LPSRUWDWRUXO L GLVWULEXLWRUXO 3HQWUX DWUDFWLYLWDWH FRQVXPDWRU LQIRUPD LL LQWHUHVXO GH YkQ]DUH UH]LG vQ SRVLELOLWDWHD GH D J VL U VSXQVXUL GH OD DWHSW ULOH VDOH VRUWLPHQW DGHFYDW GLVSRQLELOLWDWH FRQVWDQW DVXSUD SURGXVHORU GLVSRQLELOH GLVSRQLELO 3HQWUX SURGXF D SURGXVHORU GRULWH FODULWDWHD OLQLHL DFFHSWDELO vQ IXQF LH YHQLWXO

SUH

WRU DFHVWD HVWH XQXO GLQ HOPHQWHOH PDUNHWLQJXOXL L UHVRUWXO SULQFLSDO DO SDUWH WHKQLFLOH GH YkQ]DUH vL YRU SHUPLWH V GLVSXQ GH R OLQLH GH  3HQWUX GLVWULEXLWRU DFHDVWD

VWUDWHJLHL FRPHUFLDOH SH GH DOW VH FRQFUHWL]HD] UHQWDELOLW L

VRUWLPHQWH L GH XQ DPSODVDPHQW DGHFYDW VLWXD LHL VDOH QRUPDOH SH SLD vQ H[SORDWDUHD RSWLPDO

D OLQLDUXOXL GH FDUH GLVSXQH UHVSHFWLY ED]D XQHL EXQH FDUH U VSXQGH

9kQ]DUHD HVWH SHQWUX LQWHUPHGLDU XQ PLMORF HILFDFH GH D GLVSXQH GH R RIHUW QHYRLORU PDMRULW LL FOLHQ LORU LQkQG FRQW GH SDUWLFXODULW VLWXD LH JHRJUDILF  8Q SURGXV I U 2 YkQ]DUH HILFLHQW YkQ]DUH HILFDFH SHQDOL]HD]

LOH FDUH vL VXQW SURSULL LPDJLQHD ILUPHL SURGXF WRUXO DS VkQG JDPD VD L

IUkQkQG LPSODQWDUHD VD SH OLQLLOH GLVWULEXLWRUXOXL HFRQRPLF L VRFLDO VH UHIHU OD YkQ]DUHD XQXL EXQ FRUHVSXQ] WRU OD ORFXO PDL EXQ L OD WLPSXO SRWULYLW vQ FDQWLW LOH L VRUWLPHQWHOH SRWULYLWH L OD XQ SUH

$FHVWHD VXQW FHULQ HOHH[LJHQ HOH PDUFKDQGLVLQJXOXL FDUH vQVHDPQ  PD[LPL]DUHD YkQ] ULORU  PD[LPL]DUHD SURILWXOXL  PD[LPL]DUHD VDWLVIDFHULL FOLHQ LORU 0DUFKDQGLVLQJXO D DS UXW GXS ILGHOL]D FOLHQWHOD 6H FLWHD] PXOW DX DS UXW GRX LQWHUHV  ' GRULQ FXP VH DSUHFLD] vQ WHRULD L SUDFWLFD FRPHUFLDO  GDWRULW WHKQLFL SHQWUX D VH GLIHUHQ LD L DEXQGHQ HL SURGXVHORU L FUHWHULL QXP UXOXL GH RIHUWH FDUH QHFHVLW WHKQLFL R SUH]HQWDUH SLUDPLGDO  $ DF LXQH VH IDF vQ SHQWUX LOH L DO GH H[LVWHQ LL VDOH FRPXQLFDUH YD IL SXV vQ SUDFWLF IDFLOLWDUHD LGHQWLILF ULL VDOH

H[HPSOXO FODVLF GH FRPHUFLDOL]DUH D SRUWRFDOHORU SHQWUX D YLQGH PDL SHQWUX D DWUDJH DWHQ LD L W LHUHD vQ MXP WDWH D OD SXQFW  $ DWHQ LH  ,

SRUWRFDOHL SHQWUX D VXVFLWD VHWHDGRULQ D 7HKQLFD $,'$ GHMD IXVHVH SXV

$VW ]L GDWHOH SUREOHPHL VXQW GLIHULWH SURGXVHOH VXQW VLQJXUH vQ UDLRQ HOH WUHEXLH V FXQRVFXWH VLQJXUH 3HQWUX DFHDVWD XQ SURFHV MXUXO SURGXVXOXL SHQWUX FUHWHUHD QRWRULHW SHQWUX

FRQWXUDUHD PRWLYD LLORU FOLHQWHOHL SRWHQ LDOH L SHQWUX D OH SURSXQH OD ORFXO WLPSXO FDQWLW SUH XULOH SRWULYLWH &RQIRUP GHILQL LHL OXL $ODLQ :HOOKRII XQXO GLQ IRQGDWRULL LQVWLWXWXOXL

IUDQFH]

PDUFKDQGLVLQJXOXL SULQ PDUFKDQGLVLQJ VH vQ HOHJH DQVDPEOXO GH PHWRGH L WHKQLFL FH FRQFXU

OD D

GD

SURGXVXOXL

XQ 

URO

DFWLY

OD

YkQ]DUH

SULQ

SUH]HQWDUHD VDOH GH

VD

PHGLXOXL

X

SHQWUX

RSWLPL]D R EXQ vQ

UHQWDELOLWDWHD SURGXVXOXL 'LQ FH vQ FH PDL PXOW WRDWH ILUPHOH GH GLVWULEX LH DX SURSULXO VHUYLFLX GH PDUFKDQGLVLQJ FXQRDWHUH D QHFHVLW 9kQ] WRUXO SULQ FDSDFLW LOH DQDOL] VLQWH]  R UHDO IRU RELHFWLYLWDWH SURGXVHORU SLH HORU L FOLHQ LORU UHSUH]LQW L GH DWHQ LH L UHDF LH OD QRXW GH YkQ]DUH FDUH LQWU

UHOD LH GH FRRSHUDUHFRQOXFUDUH FX FOLHQ LL UHVSRQVDELOLL GH PDJD]LQH IXUQL]RULL 3RVWXO GH YkQ] WRU UHDOH FDOLW L OD WHQGLQ HOH SLH HL Q OHJ WXU FRPHUFLDO GH VSHFLILFH DWUDFWLY  (OHPHQWHOH GH DWUDFWLYLWDWH vQ IDSW FRPSRQHQWH DOH PDUFKDQGLVLQJXOXL VH SRW SUH]HQWD GXS FXP XUPHD]   )LUPD HPEOHPD  HVWH SULPD LPDJLQH SH FDUH FRQVXPDWRUXO R YD DYHD GHVSUH SXQFWXO GH YkQ]DUH $VW ]L HOHPHQWHOH GH DUKLWHFWXU V OH SRDW YL]XDOL]D UDSLG L GH OD R GLVWDQ WUHEXLH V PRGHUQ DX I FXW FD UROXO YLWULQHL V VH HVWRPSH]H UROXO ILLQG SUHOXDW GH ILUP  ,PSODQWDUHD WDOLD FXORULOH IRORVLWH WUHEXLH V FkW PDL PDUH SHQWUX F P UIXULORU VH UHGXFH ULVFXO GH DFFLGHQWH LOXPLQDWXO LQWUDUHD L LHLUHD GLQ PDJD]LQ GLQ VDOD GH YkQ]DUH SkQ OD SDUNLQJXO  $FFHVXO L SDUFDUHD 6HPQDOL]DUHD DFHVWRU XWLOLW DVLJXU  & UXFLRDUHOH ILH FDOFXODWH DVWIHO vQFkW FOLHQ LL FX GHFL]LD GH vQILLQ DUH D XQXL PDJD]LQ OLWHUDWXUD GH VSHFLDOLWDWH LQFOXVLY SUDFWLFD FD XQ SULQFLSLX LPSHUDWLY DO WXUL GH HODERUDUHD XQXL VWXGLX WHKQLFRHFRQRPLF D vQILLQ ULL IL[DUHDDOHJHUHD XQHL SROLWLFL GH PDUNHWLQJ PDL V GLIHUHQ LH]H FRQFXUHQ LDO XQLWDWHD FRPHUFLDO  SHQWUX D R IDFH

VXEOLQLD] SURSULL

QHFHVLWDWHRSRUWXQLWDWHIH]DELOLWDWH FDUH

ILH FkW PDL IXQF LRQDOH SHQWUX D FUHWH VDWLVIDF LD FOLHQWHOHL

L HVWH LPSRUWDQW YHKLFXODUHD

VHFXULWDWHD FOLHQWHOHL WUDQDUHD DOHLORU IDFLOLWHD] DVLJXU

PDJD]LQXOXL HOH UHSUH]LQW FOLHQWHO IRUPDW  FDUH YLQH V ,OXPLQDWXO

R QHFHVLWDWH SHQWUX XQ SXQFW GH YkQ]DUH PRGHUQ  DSDUWH SHQWUX F SHUPLWH R EXQ FRPXQLFDUH vQWUH R VSHFLDO GH OD V VH LQIRUPH]HVDX FKLDU V SHQWUX VH SOkQJ L R HFKLS YkQ] ULORU VH WUHFH

 6SD LXO GH SULPLUH DUH R LPSRUWDQ VH O PXUHDVF R DOW FRQGL LH

SHQWUX D U VSXQGH OD DWHSW ULOH GLYHUVH IRUPXODWH HVHQ LDO SURPRYDUHD DO FRQVWUXF LHL FRPHUFLDOH D GHWHUPLQD FOLHQWXO L V VHUYLFLLOH RELHFWLYH V VSUH GHVWLQG

LOXPLQDWXO DUWLILFLDO OD FHO DO ]LOHL GLQ FKLDU VLVWHPXO GH DUKLWHFWXU  0X]LFD FOLHQWXO V DVLJXUH LQIRUPD LL DVLJXU FXPSHUH 6RQRUL]DUHD PDJD]LQHORU U VSXQGH OD GRX WHKQLFHFRPHUFLDOH GHVSUH SURGXVHOH

FUHDUHD XQHL DPELDQ H vQ PDJD]LQ FD R QHFHVLWDWH SHQWUX RIHULWH YkQ]DUH

LQFOXVLY

FRPHUFLDOH RIHULWH  2UJDQL]DUHD LQWHULRDU GHFL]LL FDUH SRW IDFH GRYDGD D V OLL GH YkQ]DUH FRPSDUWLPHQWDUHD L GLPHQVLRQDUHD UDLRDQHORU WRW DWkWHD R DUW RUJDQL] ULL FXORULOH  SURPR LRQDOH DPSODVDUHD VDX GLPSRWULY  $OHJHUHD QX PRELOLHUXOXL VWDELOLUHD IOX[XULORU LPSXVH VDX OLEHU DOHVH SHQWUX FOLHQ L P UIXUL L YkQ] WRUL UHSUH]LQW FRPHUFLDO FRPHUFLDO WLSXO GLPHQVLXQHD P UIXULORU UHSUH]LQW QXPDL

 GDU VH UHDOL]HD]

FRQIRUP XQRU SULQFLSLL OHJL VSHFLILFH FRPHUFLDOH HUJRQRPLFH GH VH vQGHSOLQHDVF WLLQ LILF  LQWHPV FHULQ HOH L H[LJHQ HOH PDUFKDQGLVLQJXOXL FD GH PDQDJHPHQW SR]L LH SHUIRUPDQW vQ DO SXQFWXOXL GH GH

SVLKRORJLH FRPHUFLDO  DVWIHO vQFkW V 1X D VXQW RPLVH vQWUR

XQ VXEDQVDPEOX GH WHKQLFL L LQVWUXPHQWH GH PDUNHWLQJ RUJDQL]DUH SRZHU YkQ]DUH QLFL FRQFHSWHOH WHKQLFH ULJXURDVH GH FDOFXO WHKQLFRFRPHUFLDO SUHFXP  DPSODVDUHD SURGXVHORU vQWUR VWUDWHJLF PDJD]LQSXQFWXO YkQ]DUH VDX OD FDS WXO JRQGROHL REOLJkQG FOLHQ LL V E vQF UFDUHD RSWLP VH GHSODVH]H GH OD R H[WUHPLWDWH OD DOWD

D PRELOLHUXOXL FRPHUFLDO JRQGROH UDIWXUL  SRUQLQGXVH GH OD FDOFXOH LL VRUWLPHQW ODUJ L SX LQ SURIXQG ODUJ L SURIXQG UHVWUkQV L RUL]RQWDO  GH LQGLFDWRUL HFRQRPLFL SUHFXP SUH XO GH YkQ]DUH PDUMD

WHKQLFH L FRPHUFLDOH DGHFYDWH L IRORVLQG HOHPHQWH WHKQLFH PHWUX OLQLDU OLQLDULWDWH OD VRO OLQLDULWDWH GH]YROWDW  IDFLQJ VDX OXQJLPH D OLQLDULW F JHVWLXQHD OLQHDUXOXL SH ED] L SX LQ SURIXQG UHVWUkQV L SURIXQG  SUH]HQWDUHHWDODUH D VWRFXOXL YHUWLFDO

EUXW  FRHILFLHQWXO PXOWLSOLFDWRU EHQHILFLXO EUXW VWRFXO PHGLX FRHILFLHQWXO GH URWD LH LQGLFH GH DWUDFWLYLWDWH DO UDLRQXOXL GH FXPS UDUH GH DWUDF LH GH WUHFHUH  SURGXFWLYLWDWHD OLQLHL UHQWDELOLWDWHD OLQLHL LQGLFH GH UHQWDELOLWDWH G DQDOL]D UHQWDELOLW IXQGDPHQWDOH LL SH SURGXV JUXS GH SURGXVH  6H SRUQHWH GH OD XUP WRDUHOH WUHL UHOD LL

 SUH XO GH YkQ]DUH FX DP QXQWXO SUH XO GH DFKL]L LH  PDUM  PDUM EUXW EUXW  GLIHULWH DYDQWDMH FRPHUFLDOH DMXVWDW PDUM

PDUM

EUXW  SURILW GLUHFW SH SURGXV 3'3  L D FLIUHL GH DIDFHUL SH V SW PkQ

EUXW

DMXVWDW 

 FRVWXUL GLUHFWH GH GLVWULEX LH SH SURGXV

$QDOL]D SURILWXOXL GLUHFW SH SURGXV SH XQLWDWH FRPHUFLDO SHUPLWH FDUDFWHUL]DUHD SURGXVHORU vQ WHUPHQL GH PDUFKDQGLVLQJ H XWLOL]DUHD PHWRGHORU GH JHVWLXQH D VWRFXULORU

0HWRGD $%& GH JHVWLXQH D VWRFXULORU GH P UIXUL OD QLYHOXO SXQFWXOXL GH YkQ]DUH UDLRQ PDJD]LQ GHSR]LW FRPSOH[ FRPHUFLDO SHUPLWH GHWHUPLQDUHD DUWLFROHORU GLQ VWRFXO GH P UIXUL DVXSUD F URUD YD WUHEXL V QH vQGUHSW P HIRUWXULOH GH FRQGXFHUH $FHVW OXFUX YD IL MXVWLILFDW GH SRQGHUHD vQ QXP UXO GH DUWLFROH L vQ YROXPXO WRWDO DO YkQ] ULORU &$  3URGXVHOH VXQW JUXSDWH vQ WUHL FDWHJRULL   JUXSD $ UHSUH]LQW JUXSD % UHSUH]LQW UHSUH]LQW   GLQ  GLQ QXP UXO UHIHULQ HORU GH UHIHULQ HORU GH VWRF L  VWRF L  GLQ GLQ YROXPXO YkQ] ULL   YkQ] ULORU SH XQLWDWH GLQ QXP UXO UHIHULQ HORU GH VWRF L  QXP UXO D PHWRGHL HVWH SUH]HQWDW VSHFLILF GLQ YROXPXO YkQ] ULORU  JUXSD & YROXPXO

5HSUH]HQWDUHD JUDILF

vQ ILJXUD QU 3HQWUX ILHFDUH GLQ FHOH WUHL IDPLOLL GH DSURYL]LRQDUHVWRFDUHGHVIDFHUH LQkQG FRQW GH

GH SURGXVH VH YD DSOLFD R SROLWLF

QDWXUD SURGXVHORU IUHFYHQ D L LQWHQVLWDWHD FHUHULL VXEVWLWXLUHD SURGXVHORU vQ FRQVXP 'H H[HPSOX SHQWUX JUXSD $ QX VH YRU DGPLWH UXSWXULOH GH VWRF VH SRDWH vQFHUFD GLYL]DUHD VXUVHORU GH DSURYL]LRQDUH vQ YHGHUHD DVLJXU ULL VLJXUDQ HL DSURYL]LRQ ULL FX P UIXUL D SRSXOD LHL VDX FRQWLQXLWDWHD IOX[XOXL GH SURGXF LH 
& $







% $ 

&



1XP U UHIHULQ H VWRF

)LJXUD QU 

0HWRGD $%& GH JHVWLXQH D VWRFXULORU

0HWRGD  GH JHVWLXQH D VWRFXULORU DUH vQ YHGHUH vPS U LUHD VWRFXULORU GH P UIXUL vQ GRX JUXSHIDPLOLL GH SURGXVH JUXSD , FXSULQGH  GLQ QXP UXO VRUWLPHQWXOXL L  SRQGHUHD KRW UkWRDUH  GLQ QXP UXO VRUWLPHQWXOXL L  GLQ &$ (VWH HYLGHQW F FHORU GRX GLQ &$ LDU JUXSH GH JUXSD ,,  GHRDUHFH RFXS

SURGXVH OL VH YRU DSOLFD SROLWLFL GH JHVWLXQH GLVWLQFWH GH R DWHQ LH VSHFLDO VDWLVI FXWH D SRSXOD LHL Q OHJ WXU FX SR]L LRQDUHD XQXL SURGXVP UFL WUHEXLH J VLW GH FRQFXUHQ R FRHUHQ

VH YD EXFXUD JUXSD ,

DVXSUD SODQXOXL GH YkQ] UL LQFOXVLY DVXSUD FHUHULL vQWUH WUHL HOHPHQWH

QHYRLD FRQVXPDWRULORU LPDJLQHD YHKLFXODW

 SURGXVXO LPDJLQHD L FDUDFWHULVWLFLOH

VDOH  3ULQFLSDOHOH FULWHULL SHQWUX R EXQ SRW IL

SR]L LRQDUH D SURGXVHORU XQXL SXQFW GH YkQ]DUH PDJD]LQ  GHWXUQDUHD FOLHQWXOXL

 VLPSOLWDWHD SXEOLFLWDWHD SRDWH SURGXFH GHUXW  RULJLQDOLWDWHD GHPDUFDUHD GH FRQFXUHQ  FUHGLELOLWDWHD ED]DW 2 DOW GRYDG SH FDOLWDWHD SURGXVXOXL

DOW SURGXV VDX PDJD]LQ  GRYDG vQ DFHODL

D SURIHVLRQDOLVPXOXL DSOLFDW OD QLYHOXO SXQFWXOXL GH YkQ]DUH PHWRGD GH JHVWLXQH D OLQHDUXOXL PDWULFHD *2/' GXS GH]YROWDWGHVI XUDW SUH]HQWDW

WLPS D LPSRUWDQ HL SXQFWXOXL GH YkQ]DUH vQ VWUXFWXUD RSHUDWRULORU  DFWRUL SDUWLFLSDQ L OD SURFHVXO GH GLVWULEX LH UHSUH]LQW JHVWLXQH 2 SUHVFXUWDUHD * RSWLP  / OLQHDU ' SH ODUJ vQ OLWHUDWXUD IUDQFH] 

 352,(&7$5($ , *(67,81($ 818, &$1$/ '( ',675,%8 Q HSRFD SURGXF LHL LQGXVWULDOH D IDFH FD P UIXULOH GLQWUXQ FHQWUX GH SURGXF LH V vQ FHQWUHOH GH FRQVXP FHOH PDL vQGHS UWDWH UHSUH]LQW GLVWULEX LH Q OLWHUDWXUD GH VSHFLDOLWDWH PDUNHWLQJ VH GLVWULEX LH FkW L FHO GH FDQDO GH GLVWULEX LH I U XWLOL]HD] DWkW WHUPHQXO GH

,( DMXQJ GH

UROXO PDMRU DO FDQDOHORU  FLUFXLWHORU GH FLUFXLW ILH HFKLYDOHQWH  FDUH VXQW FDUH VXQW IXQF LLOH VDUFLQLOH UROXO

FD DFHVWHD V

$SURDSH WRDWH GHILQL LLOH FDQDOHORU GH GLVWULEX LH UH LQ DWkW R YL]LXQH LQVWLWX LRQDO RSHUDWRULL FDUH LQWHUYLQ vQ FDQDO  FkW L R YL]LXQH IXQF LRQDO ILHF UXLD vQ DVLJXUDUHD GLIHULWHORU IOX[XUL GLQ FDQDO ILQDQFLDU  GH SODW GH FRPXQLFDUH PDQDJHULDO  'H]YROWDUHD I U D I FXW SRVLELO UHIHU SDUWHD SUHFHGHQW D SURGXF LHL LQGXVWULDOH VXV LQXW

UHDO  GH PLFDUHYHKLFXODUH D P UIXULORU

D FRQWUDYDORULL EXQXULORU GH WUDQVIHU DO GUHSWXOXL GH SURSULHWDWH LQIRUPD LRQDO L GH UHYROX LD WHKQLFRWLLQ LILF

GHVI XUDUHD vQ FRPHU

D XQXL SURFHV GH UHYROX LL VSHFLILFH 5HPDUF P IDSWXO F 

PDUHD PDMRULWDWH D WHQGLQ HORU FDUH VDX PDQLIHVWDW SULQ FHHD FH GHQXPLP UHYROX LL FRPHUFLDOH VH OD FRPHU XO FX DP QXQWXO PDJD]LQHOH GH SUR[LPLWDWH $FHVWH ILQDO  VWUXFWXUL FRPHUFLDOH VXQW FRPSRQHQWH DOH FDQDOHORU GH GLVWULEX LH DPSODVDWH vQ vQ DIDUD DQDOL]HL FDQDOXOXL GH GLVWULEX LH FHOHODOWH HWDMH OD IHO GH 5 PkQ DVWIHO

LPSRUWDQWH SURGXF WRUXO  LPSRUWDWRUXO FRPHUFLDQ LL FX ULGLFDWD 3UREOHPD DOHJHULL L  VDX SURLHFW ULL FDQDOHORU GH GLVWULEX LH HVWH R SUREOHP FRPHUFLDO SURSXQH V ILH OHDGHU QWUDGHY U D DOHJH XQGH" FXP" L FX FLQH" V R GHFL]LH GH LPSRUWDQ GH VWUDWHJLH D LQL LDWRUXOXL  SURGXF WRU LPSRUWDWRU H[SRUWDWRU VDX DOW RUJDQ HFRQRPLF FDUH vL GLVWULEXL SURGXVHOHVHUYLFLLOH VWUDWHJLF  3URLHFWDUHD UHPRGHODUHDDOHJHUHD XQXL

WDOH HVWH SHQWUX R ILUP IXQGDPHQWDOH 

QRX FDQDO GH GLVWULEX LH SUHVXSXQH RSWLPL]DUHD GHFL]LLORU FX SULYLUH OD XUP WRDUHOH WUHL SUREOHPH $ DQDOL]D LQVWLWX LRQDO GH SLD SURSXV  % DQDOL]D FRPSRUWDPHQWDO & DQDOL]D PDQDJHULDO FDUH   SUHFL]HD] FDQDOXOXL  UHDOL]HD] vQ FDGUXO XQXL FDQDO $FHDVW LQWHUPHGLDU FRQHFWDUH GH QDWXU vQWUXQ FDQDO HFRQRPLF  ED]DW Q SH R FHUFHWDUH D RSWLPXOXL GH IXQF LRQDUH D SHQWUX DL MXVWLILFD H[LVWHQ D ILHFDUH FDQDOHORU GH GLVWULEX LH GXS LQFOXV LQWHUPHGLDU vL SURSXQH V FULWHULL GH FRVW L XWLOLWDWH SHUPLWH MXVWLILFDUHD GH D IL D ILHF UXL RDUHFDUH JHQHUDO LOH DWHSWDWH vQ IXQF LH GH QDWXUD SURGXVXOXL LOH DWHSWDWH vQ IXQF LH GH QDWXUD HWF  $FHVWH R DQDOL] VWUXFWXUDO D[DW SH QXP UXO RSWLP DO LQWHUPHGLDULORU FDUH DF LRQHD] IXQF LLOH SH FDUH GLIHUL LL LQWHUPHGLDUL OH vQGHSOLQHVF GH UHJXO  GHD OXQJXO $ $QDOL]D LQVWLWX LRQDO D &' VDX FXP V FRQWUROH]L R SLD I UkPL DW  D &' VDX FXP V DOHJL FDQDOHOH GH GLVWULEX LH RSWLPH D FDQDOHORU GH GLVWULEX LH &' H[LVWHQWH VDX FXP V DWLQJHP FRWD

D FDQDOHORU GH GLVWULEX LH U VSXQGH PDL PXOWRU VFRSXUL SULQWUH

FUHH]H SH GH R SDUWH XWLOLW

GH YkQGXW YROXP JUHXWDWH WHKQLFLWDWH  LDU SH GH DOWD XWLOLW

FHUHULL FRQVXPDWRULORU SRWHQ LDOL RELFHLXUL GH FXPS UDUH YHQLW WUDGL LH JHRJUDILF

XWLOLW

L LDX IRUPH GLYHUVH ILLQG RIHULWH vQ PRGDOLW Q OHJ WXU

L DGHFYDWH VSHFLILFH SULQ ILHFDUH LQWHUPHGLDU vQ

FDGUXO DFHOXLDL FDQDO GH GLVWULEX LH FX IXQF LLOH UHDOL]DWH GH GLIHUL LL RSHUDWRUL GLQ FDGUXO XQXL FDQDO GH GLVWULEX LH H[LVWHQ D D GRX WUDQVSRUWXO PDUL FDWHJRULL GH IXQF LL DOH FDQDOHORU GH GH OD ORFXO GH SURGXFHUH OD ORFXO GH L OLWHUDWXUD GH VSHFLDOLWDWH VXEOLQLD] GLVWULEX LH VSD LDOH L WHPSRUDOH )XQF LD VSD LDO DVLJXU P UIXULORU FRQVXP FRQFRPLWHQW FX DOWH DFWLYLW )XQF LD WHPSRUDO HVWH L RSHUDWLY SURGXFWLYH SRU LRQDUHD EXQXULORU vQ FDQWLW GLQ WUHL FRPSRQHQWH HVHQ LDOH VWRFDMXO SH

DGHFYDWH FRQVXPXOXL WUDQVIRUPDUHD VRUWLPHQWXOXL LQGXVWULDO vQ VRUWLPHQW FRPHUFLDO IRUPDW IOX[XO FDQDOXOXL ILQDQ DUHD SURGXF LHL L GLVWULEX LD GHD OXQJXO FDQDOXOXL GH GLVWULEX LH &'  LQFOXVLY FRPHUFLDOL]DUHD F WUH GLYHUL XWLOL]DWRUL D SURGXVHORU 6WRFDMXO GHD OXQJXO FDQDOXOXL GH GLVWULEX LH SXQH SUREOHHD GHRVHELWH QX DWkW DYkQG vQ YHGHUH GHFDODMHOH GLQWUH PRPHQWHOH SURGXF LHL L FRQVXPXOXL FkW PDL DOHV vQ OHJ WXU RSWLP D VWRF ULL vQWUH GLIHUL LL PHPEULL DL FDQDOXOXL GH GLVWULEX LH 3kQ vQ FDGUXO VWRFXULORU vQ  VWRFDMXO GH EXQXUL vQ 5RPkQLD OD QLYHOXO GLIHULWHORU FDQDOH GH GLVWULEX LH VDX RSHUDWRUL FD QX D UHIOHFWDW RSLQLD  LQWHUHVXO GH  GHFL]LD PDUHD DFHVWRUD PDMRULWDWH SUREOHPDWLFD D DFWHORU GH GHFL]LH RUJDQHORU FHQWUDOH FD DOWIHO GLIHUL LORU DSDU LQHD FX DORFDUHD

GHFL]LH  Q HWDSD DFWXDO  IXQF LD GH VWRFDM HVWH vQWUR WRWDO RPLV WHQGLQ D FDUH VH PDQLIHVW vQ

UHRUJDQL]DUH ILLQG SXV

SH FX WRWXO DOWH

ED]H SURGXF WRULL  LPSRUWDWRULL vL SRW FRQFHSH SURSULLOH FDQDOH GH GLVWULEX LH 1X WUHEXLH vQV ULOH GH]YROWDWH GLQ SXQFW GH YHGHUH HFRQRPLF SDUWHQHULDWXO SH IXQF LD GH VWRFDM DYkQG vQ YHGHUH F OLYUDW P UIXULOH FLUFXO QX HVWH LPHGLDW GLQWUH SURGXF WRUL L GLVWULEXLWRULL LQWHUPHGLDULL GH SURGXVH GH ODUJ FRQVXP )XQF LD GH ILQDQ DUH VH JUHIHD] YkQGXW vQWUH SDUWHQHULL DSDU LQkQG DFHOXLDL FDQDO GH GLVWULEX LH &XP VH WLH R PDUI

OD HDORQXO XUP WRU FRVWXO JOREDO DO VWRFDMXOXL HVWH IRDUWH JUHX GH DVXPDW VXSRUWDW LL HWF SULQ FRPSOH[LWDWHD VD ILLQG DWkW VXUV GH YLD FkW L VXUV GH FRQIOLFW  DXWRQRP LQGHSHQGHQW GH FHOHODOWH IXQF LL

FKHOWXLHOL GH SURGXF LH LPRELOL] UL GH FDSLWDO FKHOWXLHOL GH SURPRYDUH ULVFXO GHWHULRU ULL L  VDX QHYDQGDELOLW )XQF LD FRPHUFLDO

PRDUWH SHQWUX GLYHUVHOH &' HVWH GH PXOWH RUL WUDWDW GHL FRPSOH[LWDWHD IOX[XULORU L DFWLYLW EORF  )XQF LD FRPHUFLDO

LORU QX VH SRDWH REVHUYD GHFkW SULQWUR WUDWDUH VLVWHPLF  vQ L 

DUH FD S U L FRPSRQHQWH XUP WRDUHOH DFWLYLW

D RSWLPL]DUHD VRUWLPHQWXOXL FRPHUFLDO GH ED] WLSXUL GH 8&$ GDU L OD QLYHO GH JURVLWL

L FRPSOHPHQWDU DWkW SHQWUX GLIHULWHOH

E SURLHFWDUHD VLVWHPXOXL GH LQIRUPDUH FRPXQLFDUH  GHD OXQJXO FDQDOXOXL GH GLVWULEX LH vQFHSkQG GLQ DYDO VSUH DPRQWH GDU L LQYHUV F UHDOL]DUHD XQXL VLVWHP LQWHJUDO GH VHUYLFH DWkW SHQWUX PHPEULL FDQDOXOXL GH GLVWULEX LH FkW PDL DOHV SHQWUX XWLOL]DWRUL EHQHILFLDUL SHUVRDQH IL]LFH  MXULGLFH QWUR HFRQRPLH D EHOXJXOXL GH RIHUW FRQVXPDWRUXO GRUHWH V RE LQ FkW PDL PXOW FRPHUFLDQ LL VXQW GH DFRUG F SH DFHVW WHUHQ VH YD FkWLJD U ]ERLXO FX FRQFXUHQ D L DF LRQHD] WRULORU )LLQG vQ FRQWDFW GLUHFW L SHUPDQHQW FX PDUHD GLYHUVLWDWH D FOLHQWHOHL GLVWULEXLWRUXO GHWDLOLVW HVWH SXUW WRUXO LPDJLQLL FDOLW GH PDUF D SURGXVHORU VDOH SH SLD $QDOL]D VWUXFWXUDO FDUH OH VHUYHVF 7RDWH IXQF LLOH GLVWULEX LHL SUH]HQWDWH VXPDU PDL VXV VXQW JUXSDWH SH GRX HWDMHHDORDQH OD QLYHOXO ILHF UXL FDQDO GH GLVWULEX LH QLYHOXO GH JURV L QLYHOXO GH GHWDLO QLYHOXUL LL QX QXPDL D SURGXVHORU RIHULWH GDU L D VLVWHPXOXL GH LPDJLQHD ORJLVWLF vQWUHJ VXSRUWXO VHUYLFHXOXL DIHUHQW vQ FRQVHFLQ SH OLQLD SHUIHF LRQ ULL VHUYLFLLORU

FRPHUFLDOH DO LQWHJU ULL DFHVWRUD FX DOWH VHUYLFLL vQ FDSWDUHD LQWHUHVXOXL  DWHSW ULORU FRQVXPD

GLVWULEX LH vQ JHQHUDO 3URGXF WRUXOXL  LPSRUWDWRUXOXL  HQJURVLVWXOXL QXL HVWH LQGLIHUHQW  GH DFHHD HO DVLJXU FDQDOHORU GH GLVWULEX LH SH FDUH OH FRRUGRQHD] 

D FDQDOHORU GH GLVWULEX LH DUH FD VFRS LGHQWLILFDUHD SXQFWHORU VODEH L

WDUL DOH ILHF UXL FDQDO GH GLVWULEX LH vQ YHGHUHD UHSURLHFW ULL ORU vQ FRQVHQV FX H[LJHQ HOH SLH HORU SH

1LYHOXO GH JURV JURVLWL VDX GHWDLOLWL 

VH FRQVWLWXLH GLQ XQD  PDL PXOWH VRFLHW

L FRPHUFLDOH GH GLVWULEX LH FX

ULGLFDWD L DUH FD VFRS DFKL]L LRQDUHD GH P UIXUL vQ YHGHUHD UHYkQ] ULL ORU OD DO L LQWHUPHGLDUL DO L 1LYHOXO GH GHWDLO HVWH IRUPDW GLQ VRFLHW DFKL]L LRQHD] P UIXUL vQ SDUWL]L PDUL SHQWUX D L FRPHUFLDOH GH GLVWULEX LH FX DP QXQWXO FDUH OH UHYLQGH vQ SDUWL]L PLFL 3ULQ LQWHUPHGLXO LOH FRPHUFLDOH GH GLVWULEX LH FX

PXOWLSOHORU VWDELOLPHQWH FRPHUFLDOH DPSODVDWH vQ WHULWRULX VRFLHW DP QXQWXO VH DIO vQ FRQWDFW SHUPDQHQW FX SXEOLFXO FRQVXPDWRU

'H UHJXO  DYkQG vQ YHGHUH QXP UXO SDUWLFLSDQ LORU vQ FDGUXO XQXL FDQDO GH GLVWULEX LH VH GLVWLQJ XUP WRDUHOH FDWHJRULL  FODVH GH FDQDOH D VH REVHUYD JUXSDUHD GH PDL MRV  D FDQDOHOH OXQJL LPSRUWDWRU L FRQVXPDWRU E FDQDOHOH VFXUWH FXSULQG XQ QXP U UHGXV GH LQWHUPHGLDUL vQWUH SURGXF WRU  LPSRUWDWRU L FRQVXPDWRU F FDQDOH XOWUDVFXUWH FDUH H[FOXG LQWHUPHGLDULL UHDOL]kQG XQ FRQWDFW GLUHFW vQWUH VH SURGXF WRUFRQVXPDWRU 'H PXOWH RUL XQ QXP U PDUH GH LQWHUPHGLDUL vQWUXQ FDQDO GH GLVWULEX LH D O VDW V vQ HOHDJ FDUDFWHUXO SDUD]LWDULQXWLOFRVWLVLWRU DO XQRUD GLQWUH DFHWLD 6XSULPDUHD ORU DU WUDQVIRUPD FD XQ SDQDFHX SHQWUX GLPLQXDUHD FRVWXULORU GLVWULEX LHL L GHFL D UHGXFHULL SUH XULORU ILHFDUH RSHUDWRU DUH UROXO  ORFXO V X 3UREOHPD FHULQ HORU OHJLORU SLH LL ILLQG H[WUHP GH  FXSULQG GRL  WUHL LQWHUPHGLDUL GH JURV L GH GHWDLO vQWUH SURGXF WRU 

FDQDOXO GH GLVWULEX LH vQWUXQXO PDL RSHUDWLY  HFRQRPLF 5HGXFHUHD QXP UXOXL GH LQWHUPHGLDUL QX WUHEXLH Y ]XW SHQWUX SXEOLFXO FRQVXPDWRU $ JkQGL DVWIHO SRDWH IL R HURDUH SHQWUX F HVWH GH D WL GDF GLILFLO V vQ FDGUXO XQXL &' VH SRDWH UHDOL]D PDL ELQH L OD FRVWXUL PDL PLFL IXQF LLOH

GLVWULEX LHL ,QWHJUDUHD vQ DYDO VDX vQ DPRQWH HVWH VXSXV FDUH UH]XOW GLQ PXQFD OXL GHFL GDF VH MXVWLILF

DIOL SXQFWXO vQ FDUH LQFRQYHQLHQWHOH XQXL LQWHUPHGLDU VXQW PDL PDULPLFL GHFkW DYDQWDMHOH VDX QX H[LVWHQ D VD vQ FDQDOXO GH GLVWULEX LH I UkPL DW  FX PXO L L PLFL GH P UIXUL GH XQ FDQDO DUH PXO L LQWHUPHGLDUL HVWH YRUED GH R SLD

DQDOL]DW  Q JHQHUDO GDF

RIHUWDQ L P UXQ L L FX PXO L GHWDLOLWL PLFL L IRDUWH PLFL FDUH YRU YLQGH FDQWLW H[HPSOX SLD D SURGXVHORU GLQ FDUQH SURDVS W  3H R SLD I UkPL DW

QXP UXO FRQWUDFWHORU FRPHUFLDOH FDUH VH vQFKHLH vQWUH RSHUDWRUL VH

PXOWLSOLF  $SDUL LD XQXL LQWHUPHGLDU vQWUH SDUWHQHUL FRQGXFH OD UHGXFHUHD QXP UXOXL GH FRQWUDFWH &DQDOHOH OXQJL VXQW SUH]HQWH DSURDSH vQ WRDWH VHFWRDUHOH GH DFWLYLWDWH L FRQVWDX vQ IRORVLUHD PDL PXOWRU JURVLWL L GHWDLOLWL LQFOXVLY vQ YkQ]DUHD SULQ FHQWUDOH JUXSXUL GH FXPS UDUH  'XS QDWXUD SURGXVXOXL FDQDOXO YD LQFOXGH PDL PXOWH HDORDQH GH JURVLWL L GHWDLOLWL XQXO GRL VDX PDL PXO L QHJXVWRUL FDUH LQWHUYLQ vQWUH SURGXF WRULPSRUWDWRU L JURVLWL SHQWUX D IDFLOLWD WUDQ]DF LLOH FRQWUD XQXL FRPLVLRQ $FHVW WLS GH FDQDO GH GLVWULEX LH SUH]LQW DYDQWDMH FkW L GH]DYDQWDMH SUH]HQWDWH PDL MRV SHQWUX SURGXF WRULLLPSRUWDWRUL RSHUDWRUL DWkW

$YDQWDMH  (FKLS GH YkQ]DUH UHGXV  PDL UHGXV

'H]DYDQWDMH  5LVFXO IRUP ULL XQXL HFUDQSDUDYDQ FX SLD D  3LHUGHUHD FRQWDFWXOXL FX GHWDLOLWLL  ,QILGHOLWDWHD JURVLWLORU FDUH SRW SXQH VW SkQLUH SH FDQDOXO GH GLVWULEX LH  'HSHQGHQ GH JURVLWL  3UHVLXQL DVXSUD SUH XOXLUDEDWXOXL vQ FD]XO JUXSXOXL GH FXPS UDUH

 $FRSHULUH JHRJUDILF ELQH GDWRULW

 5HJODUHD VWRFXULORUYkQ] ULORU VH IDFH PDL VWRFDMHORU I FXWH OD LQWHUPHGLDUL D SURGXF LHL  )LQDQ DUHD PDL VXSO WUDQVSRUW

 5HGXFHUHD FKHOWXLHOLORU GH IDFWXUDUH L

&DQDOHOH VFXUWH VXQW XWLOL]DWH SHQWUX FRPHUFLDOL]DUHD GH SURGXVH PRELO  PHQDM HGLWXU  HOHFWURFDVQLFH  QWUH SURGXF WRUL L GHWDLOLWL QX VH PDL LQWHUSXQ DO L RSHUDWRUL JURVLWLL  &D IRUPH GH YkQ]DUH VH SUDFWLF  YkQ]DUHD SULQ GHWDLOLWL H[FOXVLYL VLVWHPXO IUDQFKLVLQJ $FHVW WLS GH FDQDO GH GLVWULEX LH DUH DWkW DYDQWDMH FkW L GH]DYDQWDMH DD FXP VXQW SUH]HQWDWH PDL MRV

$YDQWDMH (FRQRPLVLUHD PDUMHL JURVLVWXOXL %XQ FRRSHUDUH FX GHWDLOLWLL 6HUYLFLL SRVWYkQ]DUH IRDUWH EXQH 0DL EXQD FXQRDWHUH D SLH HL )LGHOLWDWH DVLJXUDW &UHWHUH UDSLG SURGXF WRUXOXL vQ FD] GH IUDQFKLVLQJ LL P UFLL D QRWRULHW

'H]DYDQWDMH &KHOWXLHOL GH YkQ]DUH ULGLFDWH SHQWUX IXUQL]RUL ,QVROYDELOLWDWHD GHWDLOLWLORU PLFL 'LYHUVLILFDUHD ULVFXOXL LQILGHOLW 6WRFDMH PXOW PDL ULGLFDWH 1HFHVLWDWHD XQRU DF LXQL SURPR LRQDOH VSUH FRQVXPDWRU GHFL FD] GH IUDQFKLVLQJ FKHOWXLHOL WHKQLF vQ $MXWRU GH JHVWLXQH L DVLVWHQ LL

&DQDOHOH ]DWRUXO $FHVW YkQ]DUHD SULQ WLS

XOWUDVFXUWH

GLUHFWH

SUHVXSXQ

H[FOXGHUHD

GLQ

FDQDOXO

GH

GLVWULEX LH

DWkW

JURVLWLORU FkW L D GHWDLOLWLORU SURGXF WRUXO  LPSRUWDWRUXO UHDOL]kQG XQ FRQWDFW GLUHFW FX XWLOL GH FDQDO GH GLVWULEX LH SHUVRQDOL XWLOL]HD] YkQ]DUHD PDL PXOWH IRUPH GH YkQ]DUH SULQWUH FDUH 

UHSUH]HQWDQ L

GLUHFW

GLQ

GHSR]LWHOH

SURGXF WRULORU

LPSRUWDWRULORU YkQ]DUHD GLUHFW

SULQ FRUHVSRQGHQ

 L DOWHOH 'LQWUH DYDQWDMHOH L GH]DYDQWDMHOH

DFHVWXL WLS GH FDQDO GH GLVWULEX LH UH LQHP

$YDQWDMH &XQRDWHUHD IRQGXOXL QHYRLORU SLH HL I UkPL DWH /DQVDUHD PDL UDSLG D SURGXVHORU QRL 2IHULUHD GH VHUYLFLL OD FHUHUH SHQWUX FOLHQ L &kWLJ SDU LDO DO PDUMHORU LQWHUPHGLDULORU HOLPLQD L

'H]DYDQWDMH 6WRFDM IRDUWH ULGLFDW 2UJDQL]DUHD L FRQGXFHUHD GLILFLO YkQ] ULORU )LUPD WUHEXLH V ILQDQFLDU 2IHUW OLPLWDW GLVSXQ GH R FDSDFLWDWH IRDUWH EXQ OD SURGXVHOH SURSULL ILUPHL D

8Q SURGXF WRU  LPSRUWDWRU  H[SRUWDWRU YD UHFXUJH OD GLYHUVH FDQDOH GH GLVWULEX LH GH GLPHQVLXQL GLIHULWH &UHDUHD LQkQG FRQW GH RELHFWLYHOH VWUDWHJLFH SURSXVH FLUFXLW GH GLVWULEX LH GH F WUH XQ RSHUDWRU  vL YD SHUPLWH V U VSXQG XQXL

GLIHULWHORU VHJPHQWH GH XWLOL]DWRUL WHVWkQG vQ DFHODL WLPS RSRUWXQLWDWHD IRORVLULL ORU vQ GLIHULWHOH PHGLL VRFLR HFRQRPLFH % $QDOL]D FRPSRUWDPHQWDO DQDOL]D VWUXFWXUDO LQVWLWX LRQDO D &' FXP V FRQWUROH]L SLD D I UkPL DW  FRPSOHWHD] FX PRWLYD LD  DWLWXGLQHD L vQWUXFkW RIHU LQIRUPD LL vQ OHJ WXU

RELHFWLYHOH DYXWH vQ YHGHUH GH ILHFDUH SDUWLFLSDQW vQ FDGUXO XQXL &' &DQDOHOH GH GLVWULEX LH VXQW GLYL]DWH vQWUH PDL PXO L DFWRUL ILHFDUH DF LRQkQG DXWRQRP L QHJRFLLQG DIDFHULOH FDUH vO LQWHUHVHD]  $FHDVW SXWLQ YL]LXQH FRQGXFH OD SXQHUHD SUREOHPHL JHVWLXQLL FDQDOXOXL GH GLVWULEX LH vQ WRDWH ILH FkW PDL PLFL FX FRUHVSXQG FkW PDL ELQH H[LJHQ HORU SLH HL VH IDF DQDOL]D OD vQWUHJXO &' GHFkW L]RODW SH ILHFDUH VDOH LQFOXVLY &' RULHQWkQGXVH FRQIRUP FRPSRQHQWHOH VDOH GH IOX[XUL L RSHUD LXQL YHJKLQGXVH FD WUDQJXO ULOH V  LDU vQ ILQDO &' V (VWH QHFHVDU L PDL DOHV DYDQWDMRV V RSHUDWRU SDUWLFLSDQW QWUDGHY U SURGXF WRUXO FRQFHSH SURGXVHOH QHYRLORU XWLOL]DWRULORU 6XQW VHOHFWD L LQWHUPHGLDULL FRQIRUP XQHL GXEOH H[LJHQ H LQWHUHVXO OHDGHUXOXL GH FDQDO L LQWHUHVHOH FRQVXPDWRUXOXL 3URGXF WRULL LQWHUPHGLDUL LQWHUPHGLDULL HL DX FXSULQL  LPSRUWDWRULL V L vQ FDQDOHOH QX VH SRW PXO XPL ORU QX QXPDL GHVSUH SXWHD DU FX SLD YkQ]DUHD L GHFL SURGXVHORU V VH P UFLL ORU ORU OD F D LQWHUHVXO FRQVHUYH ORU GH YL]LXQHD DVLJXUH

GLVWULEX LH

DOWHUD

LPDJLQHD

SURGXVHORU L FKLDU D FDQDOXOXL 

3ULQ XUPDUH FDQDOHOH GH GLVWULEX LH vQ YL]LXQH GH PDUNHWLQJ VXQW R FRPSRQHQW SURGXF WRUXOXL vQ OHJ WXU FX SLD D LDU SDUWLFLSDQ LL OD XQ LQW FDQDO QX VXQW LQGHSHQGHQ L FL S U L DOH XQXL VLVWHP FDUH XUP UHVF XQ RELHFWLY 6H YHGH FODU F ELQH SUHFL]DW

D VWUDWHJLHL RSHUDWRUL

VLPSOL

DVSHFWHOH FRPSRUWDPHQWDOH DOH ILHF UXL SDUWLFLSDQW OHDGHU VDX LQWHUPHGLDU

vQWUXQ &' YRU MXFD XQ URO LPSRUWDQW vQ vQ HOHJHUHD IXQF LRQ ULL FDQDOXOXL /HDGHUXO XQXL &' vQ FDOLWDWHD VD GH FRPDQGDQW DO FDQDOXOXL DUH FDSDFLWDWHD GH D FRQWUROD YDULDELOHOH FDUH FDUDFWHUL]HD] VWUDWHJLD GH PDUNHWLQJ D FHORUODO L PHPEULL RSHUDWRUL SDUWLFLSDQ L OD FDQDOXO UHVSHFWLY 3UREOHPD FDUH VH SXQH vQ SUDFWLFD FRPHUFLDO LPSRUWDWRUXO  H[SRUWDWRUXO  DQJURVLVWXO VDX GHWDLOLVWXO" 'DF GH OHDGHU 8QHRUL GHWDLOLWLL VH DVRFLD] H[HPSOX ODQ XUL GH PDJD]LQH  L VH SRW LPSXQH SH SLD SH FDUH R DFRSHU FDSDFLW ILH SULQ PHWRGH GH YkQ]DUH ILH SULQ SUH XULOH SUDFWLFDWH VDX DULD JHRJUDILF SRW MXFD UROXO GH OHDGHU vQWUXQ FDQDO GH GLVWULEX LH 3UDFWLFD GHPRQVWUHD] FUHD R JDP F L DQJURVLWLL vL DVXP UROXO GH OHDGHU GDWRULW LL ORU GH D GH SURGXVH FRPHUFLDOH HFKLYDOHQWH SHQWUX XQ DQXPLW VHJPHQW GH SLD  VDX SULQ IRU D L FD DWDUH IDEULFDQWXO UHDOL]HD] XQ VRUWLPHQW GLYHUV GH SURGXVH FX XQ HYDQWDL ODUJ GH VHUYLFLL LDU FDQDOXO FUHDW GH HO DUH LQWHUPHGLDUL H[FOXVLYL  VLVWHP IUDQFKLVLQJ HVWH LQGLFDW V L DVXPH HO UROXO HVWH FLQH V ILH FRPDQGDQW SURGXF WRUXO 

ILQDQFLDU  HWF DVLJXUkQG FRQWUROXO DVXSUD PLFLORU GHWDLOLWL 'H VXEOLQLDW IDSWXO F  vQWUXQ &' UROXO GH OHDGHU QX HVWH FHYD GDW R GDW HO VH YD QHJRFLD RUL GH FkWH RUL HVWH QHYRLH /HDGHUXO QX YD UHDOL]DUHD GLIHULWHORU DFWLYLW 'DF GLVIXQF LRQDOLW SUHFLV DWULEX LLOH LGHUHJO UL SHQWUX WRWGHDXQD FRQILVFD WRDWH DFWLYLW  LOH  IOX[XULOH

FL YD FRRUGRQDSODQLILFD HOHPHQWHOH HVHQ LDOH L GH DQVDPEOX GHOHJkQG LQWHUPHGLDULORU FHL PDL DS L L QHFHVDUH SHQWUX RSWLPL]DUHD FLUFXLWXOXL OLGHUXOXL vQ XQXL &' QX D VXQW vQGHSOLQLWH GH FRUHVSXQ] WRU GXEODUHD SRW DSDUH D DFWLYLWDWHD JOREDO FDQDOXOXL H[HPSOX LQXWLO

DFHORUDL IXQF LL UHDOL]DWH GH GLIHUL L LQWHUPHGLDUL OLSVD GH UHVSRQVDELOLW GH UHDOL]DW GHD OXQJXO FDQDOXOXL

L FODUH SHQWUX R IXQF LH

6WXGLXO FRPSRUWDPHQWXOXL RSHUDWRULORU XQXL &' D I FXW RELHFWXO XQRU PXOWLSOH GH]EDWHUL vQ OLWHUDWXUD GH VSHFLDOLWDWH 'LQWUH SUREOHPHOH FHOH PDL WHQWDQWH DWkW WHRUHWLF FkW L SUDFWLF UH LQHP FRQFHQWUDUHD H[FHVLY D SXWHULL GHD OXQJXO XQXL &' L WHQWD LD  QHFHVLWDWHD DSDUL LHL XQHL FRQWUDSXQHUL OHDGHUXO IRUPDO L LQIRUPDO vQWUXQ &'  LGHQWLILFDUHD VHPQDOHORU GH SLHUGHUH D SXWHULL OHDGHUXOXL vQWUXQ &' FXDQWLILFDUHD IRU HL SXWHULL OHDGHUXOXL L DOWHOH /D SHQHWUDUHD SH R SLD SH SLD UHDOLW  SURGXF WRUXO vQWkOQHWH RSR]L LD GLVWULEXLWRULORU SXWHUQLFL H[LVWHQ L vQ FRPSHWL LH  FRQFXUHQ  D  vQGHRVHEL D DFHORUD FX FDUH SURGXVXO ODQVDW LQWU LL SLH HL RSR]L LH FH UH]XOW 3 HWF

&RQIOLFWHOH SRW IL PXOWLSOH DX FDX]H GLIHULWH  RSR]L LH FH SURYLQH GLQ SHUFHS LD GLIHULW SURYHQL GLQ DSUHFLHUHD GLIHULW VWRFXOXL D VWUDWHJLHL FHORU GLVWULEX LH GDF DVWIHO D FRQIOLFWHOH RUL]RQWDOH  DFHLDL IRUP GH YkQ]DUH 

GLQ GLIHUHQ H GH RELHFWLYH LQWHUHVH RSXVH  RSR]L LH FH SRDWH

D YROXPXOXL SLH HL GLQ PRGXO GH FRQFHSHUH D SROLWLFLL GH JHVWLXQH D

1X OLSVLWH GH LQWHUHV VXQW L FRQIOLFWHOH FDUH SRW LQWHUYHQL FKLDU vQ LQWHULRUXO XQXL FDQDO GH FRQIOLFWHOH FDUH DSDU vQWUH ILUPH SURGXF WRDUH VDX RSHUDWRUL DSDU LQkQG XQRU JUXSXUL OLSVHDVF  GH LQWHUHVH VXQW H[SOLFDELOH OD QLYHOXO XQXL FDQDO GH GLVWULEX LH FRQIOLFWHOH DU WUHEXL V

DSDU vQWUH ILUPHOH GH DFHODL WLS L GH OD DFHODL QLYHO DO

FDQDOXOXL GH GLVWULEX LH GH H[HPSOX FRQIOLFWHOH GLQWUH GRL RSHUDWRUL FX DP QXQWXO FDUH SUDFWLF E FRQIOLFWHOH LQWHUWLS DSDU vQ ILUPH GH WLSXUL GLIHULWH GDU DIODWH OD DFHODL QLYHO DO &' GH H[HPSOX FRQIOLFWHOH vQWUH GRL RSHUDWRUL FX DP QXQWXO GDU FDUH SUDFWLF PDJD]LQH FX SUH XUL XQLFH L PDJD]LQH FX SUH XUL GLIHULWH  F FRQIOLFWHOH YHUWLFDOH VXQW FRQIOLFWH FDUH DSDU vQWUH ILUPH VLWXDWH OD QLYHOH GLIHULWH DOH &' GH H[HPSOX FRQIOLFWHOH GLQWUH JURVLWL L GHWDLOLWL  )LH F YHGHUH WHRUHWLF HVWH YRUED GH FRQIOLFWH ODWHQWH VDX GHFODUDWH FRQVHFLQ HOH ORU vQ IXQF LRQDUHD L PDMRU DWkW SHQWUX SUDFWLF  FkW L SHQWUX WHRULH 'LQ SXQFW GH  D HODERUDW R WLSRORJLH GH VROX LRQDUH D FHUFHW WRUXO &:DOGPDQ vQ HILFLHQ D XQXL &' VXQW GH R LPSRUWDQ IRUPH GLIHULWH GH YkQ]DUH

FRQIOLFWHORU

DOF WXLW

GLQ

XUP WRDUHOH

FLQFL

IRUPH

GRPLQDUHD

FRPSURPLVXO

FRODERUDUHD

DFRPRGDUHD L QHDFRUGDUHD DWHQ LHL Q SUDFWLF VH YD GLVWULEXLWH 7RDW 8Q SUREOHPD HVWH GH D WL FkQG L vQ FH FRQGL LL XQ FRQIOLFW YD WUHFH GH OD R UH]ROYDUH GH GLVWULEX LH DOF WXLW GLQ XQXO  PDL PXOWH FDQDOH GH GLVWULEX LH SRDWH HILFDFH OD XQD LQHILFDFH VLVWHP VXSUDYLH XL vQ P VXUD vQ FDUH VRFLHW LOH FRPHUFLDOH SDUWLFLSDQWH VHUYHVF L DS U GLVWULEX LD QX WUHEXLH V FDQDO GH GLVWULEX LH PL[XO GH PDUNHWLQJ ILH XQ VFRS vQ VLQH OHJDW SULQWUXQ HVWH GH VXEOLQLDW IDSWXO F QX VH SRW IRORVL UH HOHOH  PRGHOHOH vQ PRG DEVROXW  SURGXVHOH LQH FRQW GH UDSRUWXO GH IRU H GLQWUH SDUWHQHUL FDUH QX HVWH VWDELO  WLSXO GH SLD

FDUH D VWDW OD ED]D FRQFHSHULL VDOH 'H UHPDUFDW IDSWXO F 6H SRDWH REVHUYD F RULFH PHPEUX DO XQXL

FL XQ PLMORF  LQVWUXPHQW SHQWUX UHDOL]DUHD RELHFWLYHORU VWUDWHJLFH DOH ILUPHL HVWH DQJDMDPHQW GH FXSOXO SURGXVSLD 'DF FRSDUWLFLSDQ LL DFHDVW OD  LQFOXVLY SULQWUXQ FRQWUDFW PRUDO SULQ LQWHUPHGLXO F UXLD HL vQWUH GHFkW

DSDU LQ DFHOXLDL VLVWHP GH GLVWULEX LH DFHOXLDL LQWHUHV  XQLILFDUH VH SRDWH IDFH DFHDVWD FRQGXFH OD R FRRSHUDUH IRDUWH EXQ &' QWUDGHY U VXQW PXOW PDL PXOWH RELHFWLYH FRQYHUJHQWH DFHODL

GLYHUJHQWH DVWIHO F LQWHUPHGLDU JHQHUDO 'DF SLD  & 6WXGLXO

HVWH R UHDOLWDWH VWDUHD GH FRRSHUDUH vQWUXQ &' FD VWDELOLUHD XQHL VLQJXUH VWUDWHJLL SHQWUX WR L PHPEULL &' ILHFDUH QXPDL FX PDL GHFL]LLOH PXO L VWUDWHJLFH R SURSULL VWUDWHJLH FRPSDWLELOH SHQWUX D FX VWUDWHJLD R SLD V D UH LQ VWDELOLW

&RRSHUDUHD HVWH Y ]XW OLPLWkQGXVH XQ JURVLVW DGPLV

GH WR L PHPEULL &' GHWDLOLWL FXFHUL UHIX]H DFHDVW GLVWULEX LH VWUDWHJLH GDF FXP V HO YL]HD]  DFHLDL 

IUDJPHQWDW  vQ DFHVW FD] XQ SURGXF WRU QX WUHEXLH V PDQDJHULDO DO FDQDOHORU GH

VDX

DOHJL

SURLHFWH]L

UHSURLHFH]L XQ FDQDO GH GLVWULEX LH RSWLP  8WLOL]kQG XQ FDQDO GH GLVWULEX LH SH XQ DQXPLW VHJPHQW DUH LQWHQ LD V VHUYLFLL  GHYLQ GH SLD  RSHUDWRUXO HFRQRPLF FDUH OHDGHU HVWH REOLJDW V L FRQFHQWUH]H DWHQ LD DVXSUD VHUYLFLLORU FDUH WUHEXLHVF DVXSUD MRFXOXL VXEWLO GH IRU H FDUH VH FRQIUXQW vQ FDQDO SHQWUX D HYLWD

vQGHSOLQLWH GH F WUH GLIHUL LL PHPEULL vQ YHGHUHD DVLJXU ULL XQXL IOX[ FRUHVSXQ] WRU GH P UIXUL  LQIRUPD LL FRQIOLFWHOH vQWUH GLIHULWHOH LQWHUHVH GLYHUJHQWH (IHFWXkQG DFHVW GHPHUV QX WUHEXLH XLWDWH VRFLHW HYLGHQ LLQG DVWIHO YRLQ D ORU GH D DF LRQD vQWUXQ VHQV LOH FRPHUFLDOH FDUH XUP ULQG GLIHULWH  DOWD XQ RELHFWLY  DOWXO FRRSHU ULL VDX GRPLQ ULL VDX DOWXO DO LQWHUHVH L VXSXQkQGXVH OD QXPHURDVH FRQVWUkQJHUL YRU DOHJH R VDUFLQ SDUWHQHULORU GH DIDFHUL GLQ FDGUXO SLH HL 6WXGLXO PDQDJHULDO VH VLWXHD] vQWUXQ FDGUX RSHUD LRQDO L DERUGHD] vQ JHQHUDO FDQDOXO GH V SURLHFWH]H SH FDUH OH GLVWULEX LH SULQ SULVPD ILUPHORU FDUH vO FRPSXQ Q FD]XO XQXL SURGXF WRU FDUH FDXW LQWHUPHGLDUL YD WUHEXL V FRQYLQJ V L YkQG SURGXVOH

XQ VLVWHP GH GLVWULEX LH SHQWUX SURGXVHOH VDOH HO vL SXQH SUREOHPD GH D WL FH QXP U L FH WLS GH LQkQG FRQW GH RELHFWLYHOH GH SLD XUP UHWH L GH FRQVWUkQJHULOH LQWHUQH L H[WHUQH SH FDUH OH UHVLPWH (OLPLQkQG FLUFXLWXO GLUHFW FDUH QX FRUHVSXQGH LQWHUHVHORU VDOH SURGXF WRUXO YD WUHEXL V GLVWULEX LH FDUH SRW IL UH]RQDELOH  UHDOLVWH SH FDUH V SURGXV SLD 2ELHFWLYHOH PDMRUH GH SLD  RE LQHUHD XQXL YROXP HODERUH]H PDL PXOWH YDULDQWH VWUDWHJLFH GH OH PRGHOH]H DGDSWH]H OD FHULQ HOH FXSOXOXL

L OXkQG vQ FRQVLGHUD LH RELHFWLYHOH SURSULL DYXWH vQ YHGHUH GH F WUH XQ YLLWRU OHDGHU GH FDQDO GH GLVWULEX LH IL[DW GH YkQ]DUH L SURILW I U D DYHD vQ YHGHUH vQ WLPS 

SRW IL FRQIRUP FHUFHW WRUXOXL '-%RZHUVR[  PD[LPL]DUHD SURILWXOXL   DWLQJHUHD XQHL FRWLW L SUHFL]DWH GH SLD VDX UDW GH SHQHWUDUH SH R SLD GH UHIHULQ  DVLJXUDUHD XQHL DQXPLWH VWUXFWXUL GH DVLVWHQ  DWLQJHUHD XQXL DQXPLW RELHFWLY DO UHQWDELOLW $FHVWH RELHFWLYH LQW GH GLVWULEX LH QX SRW IL DYXWH vQ YHGHUH I U DWkW RSHUDWRULL FkW L SURGXVHOH SH RULFH SLD   VHUYLFLL LL LQYHVWL LLORU DIDFHULL  D FRQVWUkQJHULORU OD FDUH VXQW VXSXL

JkQGLWH GH OHDGHU vQ SURFHVXO GH SURLHFWDUH  UHPRGHODUH D FDQDOHORU DQDOL]D SHUWLQHQW

'LQWUH FHOH PDL LPSRUWDQWH FRQVWUkQJHUL LQWHUQH LVDX H[WHUQH FDUH VH PDQLIHVW UH LQHP $ % & D SLD  SLD D LQW ' ( QDWXUD LQWHUPHGLDULORU IRORVL L FDUDFWHULVWLFLOH OHDGHUXOXL SURGXF WRU  GLVWULEXLWRU GH SLD D SHUPDQHQ LQW OD UHIOHFW SLD 

SH SLD

QDWXUD FRQFXUHQ HL SURGXVXO GH GLVWULEXLW &RQVWUkQJHUHD OHJDW SURGXVXOXL V vQ

DQJDMDPHQWXO SULYLQG FXSOXO SURGXV XQGH XUPHD] V VH FRQIUXQWH FX vQ PDQLHU MRDF GH

5DSRUWDUHD

DFROR

FHUHUHD XQGH XUPHD] XQ URO HVHQ LDO vQ

ILH UHFXQRVFXW Q FRQGL LLOH DFWXDOH SLD D QX PDL HVWH SHUFHSXW SLH HL OD GDU WRW PDL PXOW IDFWRULL GH FRPSRUWDPHQWDOL SUH 

FDQWLWDWLY  FL vQGHRVHEL FDOLWDWLY  'HVLJXU F HYDOXDUHD FX FXPS UDUH PRGLILF UHDF LLOH SULYLUH GLIHULWH

QXP UXO FOLHQ LORU SRWHQ LDOL SR]L LD JHRJUDILF YDULDELOH LQW  PDUNHWLQJ SURPRYDUH

RELFHLXULOH

VHUYLFLL

FRPHUFLDOH HWF DX R YDORDUH DSDUWH Q DFHVW FRQWH[W  FDQDOXO GH GLVWULEX LH DYXW vQ YHGHUH VH vQ PRG VSHFLILF OD H[LJHQ HOH SLH HL E &RQVWUkQJHULOH OHJDWH GH FRQFXUHQ GHPDUFD LH GLPSRWULY GH GH FDQDOHOH FRQFXUHQWH LPDJLQH GH PHGLXO H[WHUQ vQFRQMXU WRU SRW IL PDL PXOW  vQ D WL GDF ODUJ L VH GRUHWH R UDSLG VDX GLIHUHQ LDW  GLIX]DUH IRDUWH

PDL SX LQ IDYRUDELOH RE LQHULL XQHL SR]L LL GH PRQRSRO 3UREOHPD FRQVW

D IL SUH]HQW vQ DFHOHDL PDJD]LQH SH FDUH L FRQFXUHQ D OH IRORVHWH HVWH GH DVHPHQHD R FRQVWUkQJHUH R UHFHVLXQH FRQGXFH OD DOHJHUHD

&RQMXQFWXUD HFRQRPLF

FDQDOH VFXUWH L HOLPLQDUHD XQRU LQWHUPHGLDUL 7RDWH VLVWHPHOH FDUH FRQGXF OD FUHDUHD XQXL

PRQRSRO VDX OD VO ELUHD FRQFXUHQ HL DX IRVW VHYHU FRQWURODWH GH H[HPSOX UHIX]XO GH D YLQGH XQRU RSHUDWRUL FDUH QX DSDU LQ XQXL &' DFRUGXULOH GH H[FOXVLYLWDWH  F GHRVHELW JUDG GH &RQVWUkQJHULOH LPSRUWDQWH GH OHJDWH GH SURGXVXO XQXL  SURGXVHOH  GH GLVWULEXLW PRG H[FOXG VDX vQV VXQW GH PXOWH VH RUL YRU SULQ SHQWUX YRU DOHJHUHD IRORVL &' SURGXVHOH I U V GH VH SHULVDELOH

FRPHUFLDOL]D SULQ FDQDOH VFXUWH L  VDX XOWUDVFXUWH  'LPSRWULY ULGLFDW WHKQLFLWDWH FDQDOHOH OXQJL

SURGXVHOH VWDQGDUGL]DWH L FX XQ GLVWULEX LD

FRQFHVLXQH L  VDX VLVWHPXO GLVWULEX LHL H[FOXVLYH UHSUH]HQWDQ L SURSULL  G &RQVWUkQJHULOH OHJDWH GH LQWHUPHGLDULL IRORVL L  YL]D L VXQW H[SOLFDWH SULQ GLYHULVWDWHD ORU FD P ULPH RELHFWLYH H[LJHQ 3ULPD SUREOHP GLVWULEX LH SURLHFWDW FRQVW  HWF GHYLQ PHPEUX DO XQXL FDQDO GH LORU SH FDUH DFHVWD OH SRDWH UHDOL]D vQ vQGHSOLQLUHD vQ DOHJHUHD XQXL LQWHUPHGLDU FDUH V vQ GHWHUPLQDUHD DFWLYLW U VSXQG

IXQF LLORU GH GLVWULEX LH FDUH LDX IRVW DWULEXLWH  VWDELOLWH (VWH GLQ SXQFW GH YHGHUH WHKQLF ILQDQFLDU L XPDQ DFHVW DJHQW HFRQRPLF DSW V $ GRXD SUREOHP FRQVW DFHVWRU H[LJHQ H" vQ DQDOL]D RELHFWLYHORU SURSULL DFHVWXL LQWHUPHGLDU vQ UDSRUW FX

RELHFWLYHOH JHQHUDOH VWDELOLWH GH OHDGHU SHQWUX &' SURLHFWDW 6H YD MXGHFD SULQ XUPDUH FRPSDWL ELOLWDWHD RELHFWLYHORU SDUWHQHULORU PHPEULL DL DFHOXLDL &' $OHJHUHD QRPLQDO D LQWHUPHGLDULORU HVWH HVHQ LDO R IRU vQ FRPSXQHUHD XQXL FDQDO GH GLVWULEX LH FDUH SRDWH IL OXDW vQ FRQVLGHUDUH vQ P VXUD vQ FDUH ILHFDUH UHSUH]LQW  R YLWDOLWDWH SRWHQ LDO

SHQWUX SHUVSHFWLYD DIDFHULL vQ WRWDOLWDWH 6DUFLQD HVWH FX DWkW PDL FRPSOH[  FX FkW vQWUXQ VHFWRU JHRJUDILF GDW LQWHUPHGLDULL GH FDOLWDWH VXQW GHMD FXQRVFX L L vQ UHOD LL FX DO L IXUQL]RUL DSDU LQ DOWRU &'  $L FRQYLQJH V DGDXJH XQ SURGXV JDPHL ORU GH P UIXUL FRPHUFLDOL]DWH vQVHDPQ DL SXQH vQ FRQIOLFW GH LQWHUHVH FX DOWH FDQDOH GH GLVWULEX LH H[LVWHQWH OHDGHUXO DFHVWXL FDQDO GH GLVWULEX LH VDU SXWHD IRORVL GH DF LXQHD vQ FRQFXUHQ LQL LDWRUXOXL &' QRX  F DOHJHUHD SDUWHQHUXOXL GH DIDFHUH XQ &' SRDWH IL R DIDFHUH SHQWUX WR L SULQWUR FHUFHWDUH GH WHUHQ vQ LQIRUPD LL vQ OHJ WXU FX 3HQWUX DFHDVWD VH YRU DOHJH L YHULILFD $FHDVWD vQVHDPQ FRQWDFW QHPLMORFLW FX QHORLDO  ILH vPSRWULYD SDUWHQHUXOXL GH FDQDO ILH vPSRWULYD

SDUWLFLSDQ LL QX VH IDFH SULQWUR FHUFHWDUH GH ELURX FL GLPSRWULY SLD D LQWHUPHGLDULL SRWHQ LDOL 'LQWUH DVSHFWHOH FDUH vO LQWHUHVHD]

SH YLLWRUXO OHDGHU vQ YHGHUHD DOHJHULL

RSWLPH D LQWHUPHGLDULORU QHFHVDUL SHQWUX FRQVWUXLUHD XQXL QRX &' UH LQHP 

 LQGLFDWRULL GH SHUIRUPDQ

HFRQRPLFRILQDQFLDU  FDSLWDO VRFLDO ED]

WHKQLFRPDWHULDO 

UHVXUVH XPDQH GLQDPLFD &$  YDGXO FRPHUFLDO FOLHQWHOD LPDJLQHD ILUPHLQRWRULHWDWH  ]RQD GH SLD DFRSHULW  SHUVSHFWLYH  SR]L LD vQ UDSRUW FX FRQFXUHQ D  YDORDUHD GH RUJDQL]DUH D IRU HL GH YkQ]DUH  FDSDFLWDWHD PDQDJHULDO  GLQ FDUH FRPHUFLDO L ILQDQFLDU   FDOLWDWHD FOLHQWHOHL SURSULL VHJPHQWXO GH SLD  FRPSHWLWLYLWDWHD DVLJXUDUHD JHQHUDO  %9& FRQWXO LQW  GH SURILW D  SLHUGHUL 71 )51  1)5

WUH]RUHULH QHW  IRQG GH UXOPHQW QHW QHYRLH GH IRQG GH UXOPHQW  3HQWUX XQHL HILFLHQ H FRUHVSXQ] WRDUH GLVWULEX LHL SURGXF WRUXO JURVLVWXO OHDGHU YD SURLHFWD PRGDOLW LOH RSWLPH GH FRPXQLFDUH L FRRUGRQDUH D HIRUWXULORU VLQHUJLFH DOH FRRUGRQDWHORU

WXWXURU PHPEULORU FDQDOXOXL GH GLVWULEX LH 3ROLWLFD GH FRPXQLFDUH D OHDGHUXOXL GH &' GH FHOH PDL PXOWH RUL VH DOLQLD] SROLWLFLL FRPHUFLDOH RELHFWLYHOH FHORU GRX 3UDFWLFD DIDFHULORU VXEOLQLD] SROLWLFL DU IL XQ QRQVHQV GDF FD RSRUWXQH GRX QX DU IL FRQVRQDQWH 

SURFHGHH GH DF LXQH D OHDGHUXOXL DVXSUD V RE LQ FRODERUDUHD

PHPEULORU SDUWLFLSDQ L OD DFHODL &' vQ YHGHUHD UHDOL] ULL RELHFWLYHORU JHQHUDOH D SURFHGHXO GH DF LXQH SULQ DVSLUDUH SULQ FDUH OHDGHUXO vQFHDUF LQWHUPHGLDULORU VWLPXOkQG FHUHUHD ILQDO IRDUWH DJUHVLY DFRPSDQLDW GH GLVWULEX LH JUDWXLW SHQWUX SURGXVHOH VDOH XWLOL]kQG LQVWUXPHQWH FD  SXEOLFLWDWH GH XWLODMH DOH ILUPHL VHUYLFLXO GH WUDQVSRUW DO GHRVHELW D SLH HL FDUH SHQHWUHD] &' DVSLUkQG

P UIXULORU OD VHGLXO 5&$ (VWH YRUED GH R IRU LQWHUPHGLDULL SkQ vL SUHVHD] V VH OD IDEULFDQW RFXSH GH SURGXVHOH VDOH

E SURFHGHXO GH DF LXQH SULQ SUHVLXQH DVXSUD PHPEULORU FDQDOXOXL GH GLVWULEX LH /HDGHUXO DFRUGkQGXOH PDUMH FRPHUFLDOH ULGLFDWH RIHULQGXOH GHFkW SULPD DMXWRDUH DVXSUD ORFXOXL GH YkQ]DUH VWRFXUL GH SURGXVH JUDWXLWH PHUJkQG SkQ XQRU GHWDLOLWL V L HVWH SUHIHUDW VHPQH]H FRQWUDFWH GH H[FOXVLYLWDWH $FHDVW DWkW GH PDULL FkW L GH PLFLL SURGXF WRUL WRDUH OHDGHU JURVLVW ILUPHOH FX UHVXUVH ILQDQFLDUH DGHFYDWH VXQW PDL SX LQ FRQVWUkQVH GHFkW FHOHODOWH ILQDQFLDU OLPLWHD] DWkW GLUHFW FkW L LPHGLDW SDUWHD GLQ SLD D YL]DW  LQFOXVLY FUHH]H R DFROR vQFkW SURSXQH

PRGDOLWDWH HVWH PDL LHIWLQ

H &RQVWUkQJHULOH OHJDWH GH vQWUHSULQGHUHD SURGXF 'H UHJXO 6LWXD LD

FDUH YRU UHFXUJH OD LQWHUPHGLDULDVRFLD LSDUWHQHUL SHQWUX UHDOL]DUHD RELHFWLYHORU ORU SXWHUHD GH QHJRFLHUH FX SDUWHQHULL vQ YHGHUHD SURLHFW ULLUHSURLHFW ULL XQXL &' 8Q SURGXF WRU FDUH UHDOL]HD] IRU R JDP ODUJ GH SURGXVH YD SXWHD PDL UHSHGH V XQ VLQJXU SURGXV vQ PDWHULH GH GLVWULEX LH D GH YkQ]DUH SURSULH GHFkW XQ SURGXF WRU FDUH IDEULF FX PDL PXOW H[SHULHQ

8Q DOW IDFWRU FDUH QX SRDWH IL QHJOLMDW  H[SHULHQ D DFXPXODW P UIXULORU  2 ILUP LQWHUPHGLDUL 'XS DQDOL]HOH PXOWLFULWHULDOH LHD] UHDOL]DWH IXQF LRQDO

YD VWDELOL PDL UHSHGH FRQWDFWH FX XQ QXP U PDUH GH VWUXFWXUDO LQVWLWX LRQDO

FRPSRUWDPHQWDO DWLWXGLQDO L PDQDJHULDO vQ ID D XQXL SURLHFWDQW GH &' UHOD LHL SURGXVFOLHQW VH vQI E GLVWULEX LD VHOHFWLY  F GLVWULEX LD H[FOXVLY  D 'LVWULEX LD LQWHQVLY  FXQRVFXW D GLVWULEX LD LQWHQVLY 

LQkQG FRQW GH LQWHQVLWDWHD

XUP WRDUHOH YDULDQWH VWUDWHJLFH GH GLVWULEX LH 

L VXE QXPHOH GH GLVWULEX LH  FDUH DFFHSW V

GH PDV

 FRQVW

vQ D

YLQGH RULF UXL FRPHUFLDQW SHUVRDQ LQGLYLGXDOL  6RFLHW 3URGXF WRULL SXWHUQLF WUHEXLH V IDF ID

IL]LF MXULGLF

S VWUH]H vQ VWRF SURGXVHOH VDWXUH]H vQWUR

ILUPHL [ LQL LDWRDUH GH VLVWHP GH GLVWULEX LH vQ YHGHUHD UHYkQ] ULL ORU XWLOL]DWRULORU LQGXVWULDOL L  VDX LOH FRPHUFLDOH FDUH DX vQ YHGHUH DFHVW WLS GH GLVWULEX LH DX FD VFRS V  RELHFWLYXO ORU HVWH PD[LPL]DUHD FLIUHL GH DIDFHUL FRQVXP VSHU F DFHDVW RULHQWDUH VH YD PDWHULDOL]D FkW PDL ULGLFDW  7RWRGDW DFHWL SURGXF WRUL  LPSRUWDWRUL GH EXQXUL GH FHO PDL UDSLG SRVLELO SLD D SRWHQ LDO

&$ L R SDUWH  FRWLWDWH GH SLD

DQXPLWRU LQFRQYHQLHQWH  GLQWUH FDUH 

 XQ FRVW GH GLVWULEX LH PDUH MXVWLILFDW GH vQWUH LQHUH GH UHOD LL GH SDUWHQHULDW FX IRDUWH PXO L LQWHUPHGLDUL  ULVFXO HURG ULL LPDJLQLL GH PDUF PDV GH FXPS U WRUL HO GHYLQH EDQDO   ULVFXO SLHUGHULL FRQWUROXOXL PL[XOXL GH PDUNHWLQJ SURSULX FDX]D SRDWH IL LGHQWLILFDW SULQ DWDFXULOH PHPEULORU GLQ SURSULXO VLVWHP   FRVWXUL LPSRUWDQWH GH FRPXQLFD LLOH FX SXEOLFXO 'LVWULEX LD LQWHQVLY E 'LVWULEX LD IRORVHWH GH UHJXO  ,QL LDWRUXO FDQDOH GH GLVWULEX LH OXQJL L IRDUWH OXQJL XQHRUL DFHVWXL WLS GH GLVWULEX LH SURGXF WRU LPSRUWDWRU  XQ V FRPELQDWH L FX DOWH VLVWHPH GH GLVWULEX LH  VHOHFWLY H[SRUWDWRU JURVLVW JUXS GH GHWDLOLWL HWF YD VHOHFWD GLQWUR ]RQ  VHJPHQW GH SLD SUHFL]DW GDF XQ SURGXV GH PDUF HVWH FXPS UDW GH PDUHD

QXP U OLPLWDW GH LQWHUPHGLDUL FX DMXWRUXO F URUD YD UHDOL]D GLVWULEX LD SURGXVHORU SURSULL LPSRUWDWH  H[SRUWDWH  DFKL]L LRQDWH  /LPLWkQG QXP UXO LQWHUPHGLDULORU GHWDLOLWLORU SURGXF WRUXO VSHU VWDELOHDVF GH GLVWULEX LH SURSULX 'LVWULEX LD V X GLPHQVLXQHD VHOHFWLY VDX IRU D SHUPLWH GH LQL LDWRUXOXL  GH FDQDO GH GLVWULEX LH RIHULWH V DOHDJ VHOHFWLY SURGXVHOH LQWHUPHGLDULL V L vQ IXQF LH GH FULWHULLOH VHOHFWDWH GH HO SXWHUH ILQDQFLDU  LPDJLQHD L GLQDPLVPXO YkQ]DUH FDOLWDWHD VHUYLFLLORU FOLHQ LORU FRPSOHPHQWDUH  VLPLODUH SH FDUH OH YkQG HWF 'LVWULEX LD VHOHFWLY R UHQWDELOLWDWH vQDOW ED]DW HVWH ELQH DOHDV DWXQFL FkQG LQL LDWRUXO XQXL FDQDO GH GLVWULEX LH GRUHWH FRPHUFLDO FRQIRUWDELO  GDU QX VH vQWUH DXWRULL PHPEULL SH YkQ] UL OLPLWDWH L SH R PDUM UHOD LL PDL SXWHUQLFH  VWUkQVH  GH FRRSHUDUH FX ILHFDUH GLQWUH HL IRUWLILFkQG DVWIHO FDQDOXO

SRDWH UHDOL]D GHFkW FX SURGXVHVHUYLFLL GH PDUF L FXPS U UL SHQWUX UHGRWDUH Q FDGUXO XQHL GLVWULEX LL VHOHFWLYH VH UHDOL]HD] LQWHUPHGLDULL GHSXQ HIRUWXUL SH P VXU $FHDVW DFFHSWDW F FDQDOHOH VFXUWH R FRRSHUDUH HIHFWLY DL FDQDOXOXL GH GLVWULEX LH IDEULFDQWXO FRQWULEXLH SXWHUQLF OD SURPRYDUHD SURGXVXOXL  FDQDOXOXL LDU SHQWUX vPSLQJHUHD SURGXVXOXL VSUH XWLOL]DWRUXO ILQDO VDX SUHVXSXQH XWLOL]DUHD GH FDQDOH VFXUWH HVWH JUHX GH OD DOHJHUHD FOLHQ LORU V L GHWDLOLWL 'LVWULEX LD VHOHFWLY HVWH ULVFDQW D SURGXVHORU VDOH GHFkW XQ JURVLWLORU  ODQVDUHD GH QRL SURGXVH vQ FDQDOXO GH GLVWULEX LH VWUDWHJLH GH GLVWULEX LH VHOHFWLY OLPLWHD] OD PD[LPXP XQ LQWHUPHGLDU JURVLVW V L OLPLWH]H IXQF LD HVHQ LDO H[LVWHQ D

SHQWUX SURGXF WRU vQ P VXUD vQ FDUH DFHDVWD SRDWH IUkQD SHQHWUDUHD SH SLD LQVXILFLHQ D FXPS U WRULORUFOLHQ L DL GHWDLOLWLORU VHOHF LRQD L F 'LVWULEX LD H[FOXVLY FRPHUFLDQW vQWUR UHJLXQH GDW  V FDQDO $FHVW WLS GH GLVWULEX LH HVWH IRORVLW DFRUG FRQFXUHQWH 3URGXF WRUXO DFRUGkQG SULYLOHJLXO H[FOXVLYLW SLD HVWH RSXV GH LQ GLVWULEX LHL LQWHQVLYH SHQWUX F UHYkQG

QX DXWRUL]HD]

vQ VWRF L V

FOLHQ LORU SURGXVXO LQL LDWRUXOXL GH

GH SURGXF WRULL GH EXQXUL GH PDUF GH OX[ FDUH

LQWHUPHGLDUXOXL GUHSWXO GH YkQ]DUH H[FOXVLY  FX H[FOXGHUHD YkQ] ULL SURGXVHORU VDX P UFLORU LL XQXL LQWHUPHGLDU SH XQ DQXPLW VHJPHQW GH LL VHUYLFLLORU SUH XOXL L

 DUH DWkW DYDQWDMH XQ IRDUWH EXQ FRQWURO DO GLVWULEX LHL SH SODQXO FDOLW

DO SUHVWLJLXOXL FkW L GH]DYDQWDMH SRDWH VDFULILFD R SDUWH D SLH LL I FkQG PDL GLILFLO DFFHVXO OD SURGXVHOH VDOH  &kW SULYHWH LQWHUPHGLDUXO EHQHILFLDU DO FRQWUDFWXOXL FRPHUFLDO GH H[FOXVLYLWDWH LQWHUHVXO V X LQH GH FRWD GH EHQHILFLX FRQIRUWDELO VWDELOLW GH ILUPD SURGXF WRDUH FKLDU GDF DFWLYLWDWHD VD VH D XQXL V QX UHVWUkQJH FRQIRUP FRQ LQXWXOXL FRQWUDFWXOXL FRQWUDFW GH H[FOXVLYLWDWH UHSUH]LQW IUDQFKLVLQJ HVWH R IRUP RIHU VDYRLU IDLUH L R PDUF 'XS SDUWLFXODU R XQLWDWH GH SUH]HQWDUH L GHVIDFHUH EHQHILFLDU

ILUPD FX FDUH D vQFKHLDW DFHVW FRQWUDFW HVWH GHFL REOLJDW

FRPHUFLDOL]H]H SURGXVHOH DOWRU ILUPH FRQFXUHQWH SHQWUX SDUWHQHUXO V X  'H H[HPSOX FRQWUDFWXO GH GH GLVWULEX LH H[FOXVLY  8Q SURGXF WRU GHQXPLW IUDQFKLVHXU OH FRPHUFLDOL]H]H H[FOXVLY vQWUR UD] IDF GH DF LXQH XQXL GHWDLOLVW GHQXPLW IUDQFKL]DW  IUDQFKLVHV R FROHF LH GH SURGXVH VHUYLFLL LQFOXVLY XQ vQUHJLVWUDW SH FDUH V LGHQWLILFDUHD VLVWHPHORU GH GLVWULEX LH SRVLELOH GH DSOLFDW SURGXF WRUXO LPSRUWDWRUXO R HYDOXDUH D DFHVWRUD SHQWUX D DOHJH

LVDX LQL LDWRUXO VLVWHPXOXL GH GLVWULEX LH HVWH REOLJDW V

XQXO VDX PDL PXOWH FDQDOH GH GLVWULEX LH vQ IXQF LH GH RELHFWLYHOH SUHVWDELOLWH

5H]XPDW QWUR HFRQRPLH GH SLD DEXQGHQW  JHQHUDW HFRQRPLFH PDUNHWLQJHVWH WRW RUJDQL]DUHD DWkW GH UHDO L HFKLOLEUDW  FDUDFWHUL]DW P UIXULORU QX FKLDU L SULQWUR SURGXF LH GH PDV IXQF LD GH L RIHUW

GH H[WLQGHUHD I U GLILFLO GDF

SUHFHGHQW D UHYROX LHL WHKQLFRWLLQ LILFH vQ WRDWH UDPXULOH VHUYLFLLORU GLILFLO FRPHUFLDOL]DUH SURFHVXOXL GH PDL GHFkW RUJDQL]DUHD

FRPHUFLDOL] ULL

SURGXF LH SURSULX]LV IXQF LD GH SURGXF LH  'HPRQHWL]DW GHYDORUL]DW RGDW R EXQ EXFDW GH WLPS PHVHULD GH YkQ] WRU UHFDS W LPSRUWDQ FH DIDFHULOH GHYLQ WRW PDL GLILFLOH DSDUL LD L H[WLQGHUHD PXOWLSOHORU FUL]H  HQHUJHWLFH L GH GH PDL ELQH GH  GH DQL FHOH 1H J VLP DVW ]L vQ ID D XQRU YkQ] WRUL GLQ FH vQ FH PDL LQIRUPD LFRPSHWHQ L FDUH SUDFWLF QRL WHKQLFL L LQVWUXPHQWH GH GLVWULEX LH D P UIXULORU VHUYLFLLORU 0DULOH VRFLHW L FRPHUFLDOH GH GLVWULEX LH VXQW GLQ FH vQ FH PDL DWHQWH OD FRVWXUL vQFHUFkQG V UD LRQDOL]H]H YkQ] ULOH OD PD[LPXP SUDFWLFkQG FHOH PDL PRGHUQH PHWRGH WHKQLFL L LQVWUXPHQWH GH PDUNHWLQJ vQ VOXMED PD[LPL] ULL UH]XOWDWHORU &RQFHSWH FKHLH

PDWHULL SULPH DJULFROH HFRQRPLFH FXOWXUDOH PRUDOH HWF FDUH GXUHD]

PDL PRGHUQH IRUPH GH YkQ]DUH VDX DQJDMD L DL XQRU PDUL ILUPH GH PDUNHWLQJ SXUW WRUL DL FHORU PDL

'LVWULEXWRU

LQGXVWULDO

6RFLHWDWH

LQGHSHQGHQW

FDUH

FXPS U 

VWRFKHD]

YLQGH

SURGXVH

LQGXVWULDOH 'LVWULEXWRU EXQXUL GH FRQVXP 6RFLHWDWH LQGHSHQGHQW FDUH FXPS U  VWRFKHD] L YLQGH

SURGXVH EXQXUL GH FRQVXP 'LVWULEX LH GH HDQWLRDQH 2IHUW FXSRQ YkQGXW OD XQ SUH 'LVWULEX LH H[FOXVLY WHULWRULX 'LVWULEX LD H[WHQVLY JHRJUDILF GDW  'LVWULEX LH SULQ FHO PDL PDUH QXP U SRVLELO GH SXQFWH GH YkQ]DUH SH  3ROLWLF GH GLVWULEX LH FDUH FDXW V DFRSHUH FHO PDL PXOW SRVLELO R SLD GH HDQWLRDQH JUDWXLW  vQ IDYRDUHD FRQVXPDWRULORU VDX XQ

GH ODQVDUH H[FHS LRQDO  'LVWULEX LH vQ FXUVXO F UHLD QXP UXO GH LQWHUPHGLDUL HVWH OLPLWDW OD XQ

'LVWULEX LD LQWHQVLY DFHLDL SLD LQW

'LVWULEX LD VHOHFWLY XQ WHULWRULX GDW 'LVWULEX LH

 8WLOL]DUHD XQXL FLUFXLW GH GLVWULEX LH OLPLWDW OD FkWHYD SXQFWH GH YkQ]DUH SH

PDWHULDO

7RDWH

DFWLYLW

LOH

FDUH

DVLJXU

GLVWULEX LD

PDWHULLORU

SULPH

JHVWLXQHD

SURGXF LHL OLYUDUHD SURGXVHORU ILQLWH GH OD YkQ] WRU SkQ &HQWUX GH GLVWULEX LH

OD FRQVXPDWRU SURGXVHOH GLUHFW

/RFXO GH VWRFDM FDUH SULPHWH FRPHQ]LOH L OLYUHD] L PLFL

'HWDLOLVW &RPHUFLDQW FDUH YLQGH P UIXULOH vQ FDQWLW FRQVXPDWRUXOXL ILQDO (QJURVLVW JHQHUDOLVW  )LUP GH FRPHU FX

ULGLFDWD

FDUH

YLQGH

XQ

YDVW

VRUWLPHQW

GH

SURGXVH,QWHUPHGLDU vQWUH IDEULFDQW L GHWDLOLVW (QJURVLVW H[FOXVLY *URVLVW FDUH QX YLQGH GHFkW XQDGRX (QJURVLVW LQGHSHQGHQW ,QWHUPHGLDU JURVLVW FDUH SRVHG (QJURVLVW VSHFLDOL]DW FOLHQ L FDUH DX QHYRL 0DUHD VXSUDID JDPH GH SURGXVH ILUPD VD SULQ FDUH vL GHUXOHD] DIDFHULOH

(QJURVLVW FDUH SURSXQH XQ QXP U OLPLWDW GH SURGXVH vQ DWHQ LD XQRU

VSHFLILFH FH SUDFWLF GLVFRXQWXO +LSHUPDJD]LQ FH SUDFWLF DXWRVHUYLUHD ORFDOL]DW OD

SHULIHULD RUDHORU 3UH XULOH VXQW LQIHULRDUH FHORU SUDFWLFDWH vQ VXSHUPDJD]LQ 0DUHOH PDJD]LQ XQLYHUVDO  SURGXVHORU 0DUH VXSUDID ILLQG GH YkQ]DUH DPSODVDW SUHGRPLQDQW vQ FHQWUXO SULQFLSDO GH $VRUWLPHQWXO HVWH

YkQ]DUH

VWUXFWXUD

YkQGXWH

QHDOLPHQWDUH

FRQVLGHUDELO

0DJD]LQXO IDEULFLL 0DJD]LQ FX YkQ]DUH GLUHFW FDUH YLQGH P UIXULPDUF

DSDU LQkQG

SURGXF WRUXOXL

GH IDEULF  OD SUH XUL PDL PLFL GHFkW vQ DOWH PDJD]LQH DSDU LQkQG WHU LORU GRPLFLOLX  GH PXQF DO

0DJD]LQ GH SUR[LPLWDWH 0DJD]LQ DPSODVDW vQ DSURSLHUHD ORFXOXL GH FOLHQWXOXL FDUH YLQGH XQ DVRUWLPHQW GH SURGXVH GLYHUVH

0DJD]LQ VSHFLDOL]DW 0DJD]LQ GH YkQ]DUH FX DP QXQWXO vQ FDUH VH YkQG SURGXVH SDUWLFXODUH  VSHFLDOH 6H DGUHVHD] XQXL VHJPHQW GH SRSXOD LH ELQH SUHFL]DW GH YkQ]DUH ]LV FX SUH XUL XQLFH GH VXSUDID PHGLH L FDUH

0DJD]LQ SRSXODU 0DUH VXSUDID GLVSXQH GH XQ VRUWLPHQW UHGXV 0DJD]LQ FX VXFXUVDOH

0DJD]LQ FDUH GLVSXQH GH PDL PXOW GH SDWUX PXOWLSOH SXQFWH GH YkQ]DUH XQ FROHFWLY GH FRPHUFLDQ L LQGHSHQGHQ L  PS (VWH XQ PLQLPDJD]LQ FX

0DJD]LQ FROHFWLY &HQWUX FRPHUFLDO FDUH UHJUXSHD] 6XSHUHWWH 0LF VXSHUPDJD]LQ FX R VXSUDID

vQWUH

DXWRVHUYLUH 6XSHUPDJD]LQ 8Q SXQFW GH YkQ]DUH FX R VXSUDID PHGLH GH  PS FH SUDFWLF

DXWRVHUYLUHD 3UHGRPLQ

SURGXVHOH DOLPHQWDUH 6XQW YkQGXWH DUWLFROHOH FHOXL GHDO FLQFLOHD UDLRQ

SURGXVH GH vQWUH LQHUH WRLOHWWH ED]DU  (VWH DPSODVDW vQ DJORPHUD LLOH XUEDQH +LSHUPDJD]LQ 8Q SXQFW GH YkQ]DUH GH PDUH VXSUDID UDEDWXO GLVFRXQWXO DVXSUD WRWDOLW LL P UIXULORU YkQGXWH QHDOLPHQWDUH HVWH DSURDSH HJDO  (VWH DPSODVDW GH UHJXO OD LQWUDUHD VDX vQ DIDUD DJORPHUD LLORU XUEDQH 'H R PDUH GLYHUVLWDWH vQFHSkQG FX FHOH WUDGL LRQDOH FX YkQ] WRUL  YkQ]DUHD SULQ FRUHVSRQGHQ  YkQ]DUHD OD DXWRPDWH FRPHUFLDOH ! PS  SUDFWLF 3RQGHUHD SURGXVHORU DXWRVHUYLUHD DOLPHQWDUH L

0HWRGH GH YkQ]DUH WHMJKHD  HWF DSRL

DXWRVHUYLUHD

GRPLFLOLXO FOLHQ LORU YkQ]DUHD SULQ GLVWULEXLWRDUH

&DVK DQG FDUU\ 8Q GHSR]LW GH JURV UH]HUYDW FRPHUFLDQ LORU GHWDLOLWL DUWL]DQLORU KRWHOLHULORU FXPS U WRULORU HDQWLRDQH FOLHQWXO DVLJXU SURIHVLRQDOL SHQWUX DSURYL]LRQDUHD ILUPHORU SURSULL )XQF LRQHD] SH ED] GH FX VXEVHUYLUH FDVK FOLHQWXO SO WHWH SH ORF FX EDQL JKHD PDUID FXPS UDW  FDUU\

WUDQVSRUWXO P UILL FXPS UDWH GH OD GHSR]LW

OD ILUPD SURSULH FDOLILF ULL OXL SURIHVLRQDOH

&RQFHVLRQDUXO (VWH XQ FRPHUFLDQW DOHV GH F WUH SURGXF WRU GDWRULW VH vQFKHLH XQ FRQWUDFW SULQ FDUH VH DFRUG ]RQ GHWHUPLQDW

SHQWUX DL YLQGH vQ FHOH PDL EXQH FRQGL LL SURGXVHOHP UFLOH SURSULL QWUH SURGXF WRU L FRQFHVLRQDU GUHSWXO GH D YLQGH SURGXVHOH  P UFLOH IDEULFDQWXOXL vQWUR L FRQWUD XQHL UHPXQHUD LL GH FRPXQ DFRUG VWDELOLW FOLHQWHOD SRWHQ LDO D XQXL SXQFW GH YkQ]DUH

=RQ

GH DWUDF LH =RQD vQ FDUH ORFXLWRULL UHSUH]LQW

PDJD]LQ  6H DUH

vQ YHGHUH IHQRPHQXO GH DWUDF LH FRPHUFLDO

ORFXLWRULL GLQ DOWH ]RQH VH YRU PLJUDUH D FHUHULL ORFXLWRULL GLQ

DSURYL]LRQD GH OD DFHO SXQFW GH YkQ]DUH  GDU L IHQRPHQXO GH PDJD]LQH DPSODVDWH vQ DOWH ]RQH FRPHUFLDOH )UDQFL]D (VWH XQ VLVWHP GH GLVWULEX LH FRQIRUP F UXLD R ILUP FRQGXV FD L FXP DU IL R YDVW HFKLSDPHQWH

UD]DSHULPHWUXO ]LV QRUPDO GH DWUDF LH VH YRU GHSODVD SHQWUX DSURYL]LRQDUHD FX P UIXUL F WUH DOWH

SHUVRQDO  FX FDSLWDO SURSULX HVWH QD LRQDO  XQ vQVHPQ R ILUP 

RUJDQL]D LH GLVSXQH GH R PDUF

L WHKQRORJLL VWDQGDUG SURSULL UHDOL]kQG SURGXVHVHUYLFLL VWDQGDUG SH ED]D XQXL

VDYRLUH IDLUH )UDQFL]RUXO (VWH SURSULHWDUXO XWLOL]DWRU FRQWUD XQXL EHQHILFLX IUDQFL]HL  SH FDUH R SRDWH FHGD XQXL IUDQFL]DW EHQHILFLDU

)UDQFL]DWXO 8WLOL]DWRUXO IUDQFKL]HL FRQWUD XQHL UHGHYHQ H SURSRU LRQDOH FX &$ UHDOL]DW VXE VHPQXO IUDQFL]HL DQJDMkQGXVH V IUDQFL]RU UHVSHFWH FRQGL LLOH WHKQLFH L GH FRPHUFLDOL]DUH SUHVFULVH GH

&DSLWROXO



32/,7,&$ '( &2081,&$5( $ ),50(, &8 3,$ $

2ELHFWLYH 'HILQLUHD FRQFHSWXOXL GH FRPXQLFDUH &XQRDWHUHD HOHPHQWHORU VLVWHPXOXL GH FRPXQLFDUH (YLGHQ LHUHD EDULHUHORU GH FRPXQLFDUH L WLSRORJLD FRPXQLF ULL 5HOLHIDUHD FHULQ HORU XQHL FRPXQLF UL HILFLHQWH

 ),50$ &2081,&$5($ , 352029$5($ 3( 3,$ $ ,17

3ROLWLFD GH FRPXQLFDUH D XQHL ILUPH RUJDQL]D LL HVWH XQ HOHPHQW LPSRUWDQW DO SURJUDPHORU GH PDUNHWLQJ R YDULDELO DVHPHQHD V vQ HYLGHQ LPSRUWDQW D PDUNHWLQJXOXL PL[  3HQWUX D YLQGH QX HVWH VXILFLHQW V IDFL FXQRVFXW SURGXVXO V RIHUL VFR L XQ SURGXV  VHUYLFLX OD XQ DQXPLW SUH  SULQ LQWHUPHGLXO XQXL FLUFXLW GH GLVWULEX LH WUHEXLH GH vQVR HWL RIHUWD FX XQ VLVWHP FRHUHQW GH FRPXQLFDUH V QHYRLOH SH FDUH OH VDWLVIDFH V FUHH]L L V PHQ LL R EXQ LPDJLQH  (VWH GHFL PDL PXOW FDUDFWHUL]DW

GHFkW QHFHVDU FD ILUPD V SULQ FRQFXUHQ FRPSHWHQ

XWLOL]H]H FHOH PDL EXQH PLMORDFH GH FRPXQLFDUH SH FDUH OH SRDWH FRQWUROD GH FDSDFLWDWHD

&RQGL LD GH VXSUDYLH XLUH D RULF UHL ILUPH vQ FRQGL LLOH XQXL PHGLX GH SLD DFHUE  SURJUHV WHKQRORJLF UDSLG L JOREDOL]DUH HVWH UHSUH]HQWDW

ILUPHL GH D VH DGDSWD VFKLPE ULORU GLQ PHGLXO HL GH DF LXQH $FHVW OXFUX VH SRDWH UHDOL]D SULQ L UHVSRQVDELOLWDWH FDUH LQFOXG R FRPXQLFDUH SHUWLQHQW L HILFLHQW  DWkW FX LQWHULRUXO RUJDQL]D LHL FD R FRQGL LH GH PRELOL]DUH  PRWLYDUH D UHVXUVHORU SURSULL  FkW L FX H[WHULRUXO PLFUR L PDFURHFRQRPLF GH SLD  SHQWUX FUHDUHD L FRQVROLGDUHD XQHL LPDJLQL SR]LWLYH IDSWXO SH EXQ GUHSWDWH F QX VH SRDWH SXQH Q OLWHUDWXUD GH VSHFLDOLWDWH VH VXEOLQLD]

VHPQXO GH LGHQWLWDWH vQWUH FRPXQLFDUH L SURPRYDUH UHVSHFWLY SXEOLFLWDWH  3UH]HQW P vQ DFHVW VHQV FkWHYD GHILQL LL SUHOXDWH GLQ OLWHUDWXUD GH VSHFLDOLWDWH &RPXQLFDUHD YL]HD] VDOH V FUHH]H R LPDJLQH 3URPRYDUHD SURPRYDUHD UHSUH]LQW (D DUH FD LQW FRPSRUWDPHQWXO DFWLYLW LORU GH SXEOLFXOXL PDUNHWLQJ SXEOLFH OHJDW FDUH GH DVLJXUDUHD DYDQWDMHORU GHILQL LH YkQ] ULOH  QWUR DOW YkQ] ULOH V PRGLILFH QLYHOXO GH LQIRUPD LL DO SXEOLFXOXL L  VDX DWLWXGLQLOH

ILQDQFLDUH RE LQXWH SULQ DFKL]L LRQDUHD XQXL SURGXVVHUYLFLX RIHULW GH ILUP DQVDPEOXO FRQVXPDWRULORU SURPR LRQDOH FXSULQGH FRPXQLFDUHD UHOD LLOH SXEOLFLWDWHD

VWLPXOHD]

FXPS U WXULOH

3XEOLFLWDWHD FXSULQGH DQVDPEOXO IRUPHORU GH FRPXQFDUH LPSHUVRQDO UHDOL] ULL XQXL RELHFWLY FX FDUDFWHU FRPHUFLDO FUHWHUHD &$ GH H[HPSOX  3URPRYDUHD VWLPXOH]H LPHGLDW YkQ] 3URPRYDUHD YkQ] ULOH  OD ORFXO YkQ] ULL 3/9 UHSUH]LQW ULORU FXSULQGH XQ HYDQWDL GH WHKQLFL FDUH

 XWLOL]DWH vQ VFRSXO

SHUPLW

FRPHUFLDQ LORU

WHKQLFL GH YkQ]DUH SURPR LRQDOH FDUH

FRQVWDX vQ D LGHQWLILFD PLMORDFH GH VWLPXODUH D DWHQ LHL DVXSUD ORFXOXL GH YkQ]DUH 0LMORDFHOH GH FRPXQLFDUH DOH ILUPHL FX SLD D VXQW GH R IRDUWH PDUH GLYHUVLWDWH HVWH QHFHVDU FD ILUPD V D YkQ] WRUXO LGHQWLILFH FHOH PDL EXQH LQVWUXPHQWH FRPXQLFDUHD GLDORJKHD] SHUVRQDO GLUHFW FX  SULQ IRU D LQkQG FRQW DWkW GH UHVXUVHOH GLVSRQLELOH FkW L GH GH YkQ]DUH DUWL]DQDO  D FRVWLVLWRDUH vQ GDU HILFDFH PXOWH PHGLXO XQGH DF LRQHD]  $FHVWH PLMORDFH GH FRPXQLFDUH SRW IL JUXSDWH DVWIHO  FOLHQWXO 5HYROX LD FRPHUFLDO vQORFXLW IRDUWH

ORFXULGLUHF LL YkQ] WRUXO

E FRPXQLFDUHD SULQ SXEOLFLWDWH GH PDV  XQLODWHUDO  LPSHUVRQDO  PDL SX LQ HILFDFH GDU L PXOW PDL FRVWLVLWRDUH F DOWH PLMORDFH GH FRPXQLFDUH ILLQG LQFOXVH DLFL SURPRYDUHD UHOD LL SXEOLFH H[SR]L LL WkUJXUL FDGRXUL SXEOLFLWDUH 2 GHILQL LH FXSULQ] WRDUH L RSHUD LRQDO D FRPXQLF ULL HVWH FHD GDW GH $EUDKDP 0HOHV WRU L XQ

VWDELOLUHD XQHL FRUHVSRQGHQ H XQLYRFH vQWUH XQ XQLYHUV VSD LDO WHPSRUDO $ HPL

XQLYHUV VSD LDO WHPSRUDO % UHFHSWRU  FDUH LQFOXGH QR LXQHD GH vQ HOHJHUH WUDQVIHU L FDUH VH GHVI RDU GH OD FkPSXO IHQRPHQDO SkQ OD FkPSXO GH VLPEROXUL OHJDWH vQWUR VWUXFWXU  IDF DSHO OD Q VHQVXO FHO PDL JHQHUDO VFRSXO FRPXQLF ULL HVWH DFHOD GH D HIHFWXD VFKLPE UL GH D LQIOXHQ D R DF LXQH 7RDWH DFWLYLW FRPXQLFDUH 6DU SXWHD DILUPD F &RPXQLFDUHD WLQGH V SRDWH IL DERUGDW OD GRX LOH FDUH LQFOXG IDFWRUXO XPDQ vQ VRFLHWDWHD FRPHUFLDO HD VHUYHWH FD OXEULILDQW vQ RULFH DF LXQH

LQIOXHQ H]H VDX V QLYHOXUL  HWDMH

PRGLILFH SHUFHS LLOH DWLWXGLQLOH FRPSRUWDPHQWHOH LQWHUQ L H[WHUQ  &RPXQLFDUHD LQWHUQ FRQIHU

VHQWLPHQWHOH RSLQLLOH XQXL LQGLYLG VDX DOH XQXL JUXS GH LQGLYL]L &RPXQLFDUHD XQHL ILUPH FX SLD D PDQDJHUXOXL FRQWULEX LD SDUWLFLSDWLY  FRQVWLWXLH HOHPHQWXO GH FRH]LXQH GLQWUH PHPEULL FRQVLOLXOXL GH DGPLQLVWUD LH L D FHOXL GLUHFWRU DVLJXUkQGXOH SRVLELOLWDWHD GH D vQ HOHJH L GH D VH IDFH vQ HOHL GH F WUH VDODULD LL VRFLHW DWUDJHUH SULQFLSDO VRFLHW D FRPHUFLDOH LL FRPHUFLDOH &RPXQLFDUHD FRQVWLWXLH SHQWUX PDQDJHU FDOHD SULQFLSDO OD H[HUFLWDUHD FRQGL LLORU DFWLYLW SHQWUX LORU QHFHVDUH DO UHDOL] ULL LL L RELHFWLYHORU DO FRODERUDUHD VRFLHW F UXL UHSUH]LQW HOHPHQWXO GLQDPLF LQWHJUDUHD DFWLYLW PDQDJHULDOH GH LL VDODULD LORU vQ

&RPXQLFDUHD

VFRS

FRQVW

FUHDUHD

SVLKRVRFLDO

VDODULD LORU

LL FRPHUFLDOH SH WRDWH WUHSWHOH 0DQDJHUXO WUHEXLH V FRPXQLFH VDODULD LORU VDUFLQLOH SH FDUH OH DX GH vQGHSOLQLW SUREOHPHOH UHQWDELOLWDWH L HFRQRPLL /D UkQGXO ORU VDODULD LL GRUHVF V LL L FRQVHFLQ HOH UHFLSURF  FDUH OD FDOLWDWH L ILDELOLWDWH

UHIHULWRDUH FXQRDVF

SUHRFXS ULOH PDQDJHUXOXL SHQWUX GH]YROWDUHD L PRGHUQL]DUHD VRFLHW D SHUVRQDOXOXL Q IHOXO DFHVWD VH FUHD] XQ VLVWHP GH

XPDQH DOH SURFHVXOXL UHVSHFWLY P VXULOH SUHFRQL]DWH SHQWUX IRUPDUHD L SHUIHF LRQDUHD SUHJ WLULL SURIHVLRQDOH IDYRUL]HD] FRPXQLFDUH GH]YROWDUHD VRFLHW LL FRPHUFLDOH VSUH vQI SWXLUHD RELHFWLYHORU GH SHUVSHFWLY FUHH]H XQ FOLPDW XPDQ JHQHUDWRU GH HILFLHQ L FXUHQWH

Q DFHVW SURFHV FRPXQLFDUHD DF LRQHD] FRRUGRQDWRU L GH FRQWURO FDSDELO V &RPXQLFDUHD H[WHUQ LQW SH FDUH DF LRQHD]  5HOD LD GLQWUH ILUP ILUPD WUHEXLH V GLVSXQ L SLD R

QX QXPDL FD XQ HOHPHQW LQWHJUDWRU FL L FD XQ PHFDQLVP L VDWLVIDF LL VFKLPEXO GH LQIRUPD LL DO ILUPHL FX SLD D DWkW ILUPD FkW L SLD D vQGHSOLQHVF vQ FRPXQLFDUH FX SLD D ED]H VXQW SXVH GH DOH F UHL

D ILUPHL FX SLD D DVLJXU

HVWH ELODWHUDO  vQ VHQVXO F DGHFYDW GH

VLVWHPXO GH FRPXQLFDUH UROXO GH UHFHSWRU GDU L GH HPL GH VWUXFWXU FRPSDUWLPHQWHOH GH PDUNHWLQJ DQDOL] GLUHFW VXERUGRQDW PDQDJHUXOXL ILUPHL QWUH FRPXQLFDUHD LQWHUQ RIHUWHL UHDOL]DWH GH ILUP  E FRPXQLFDUHD H[WHUQ  GH OD ILUP F WUH SLD L H[WHUQ H[LVW L FHUFHWDUH GH SLD

WRU 3HQWUX R EXQ

FRPXQLFDUH

 FRRUGRQDWH GH XQ SXUW WRU GH FXYkQW

VWUkQVH OHJ WXUL  VHUYHWH SHQWUX DGDSWDUHD  SHUIHF LRQDUHD DUH FD VFRS SURLHFWDUHD XQHL LPDJLQL

D FRPXQLFDUHD H[WHUQ  GH OD SLD

F WUH ILUP

SR]LWLYH DWkW SHQWUX ILUP SURGXVH SHUIRUPDQWH 

FkW L SHQWUX SURGXVHOH VDOH LPDJLQH FDUH WUHEXLH V GH F WUH ILUP PDL EXQ

DLE

FD VXSRUW

F LQIRUPD LLOH SULPLWH GH OD SLD GHYLQH FRPXQLFDUH HWF QLYHOXO 5ROXO ILUPHL H[LVW DO /D FRPXQLFD LL LQWHUQ SHQWUX R SURPRY ULL

VXQW WUDQVPLVH OD WRDWH VWUXFWXULOH LQWHUQH D SURGXF LHL FDUH LL L GLVWULEX LHL DOF WXLHVF HILFDFLW LL UHFODPHL GH

RUJDQL]DUH GH

QXPHURDVH DFHVWXLD vQ

UH HOH

FRPXQLFD LL IXQF LRQDOLW

VLVWHPXO ILUPHL

GHRVHELW

DVLJXUDUHD

HVWH

JHQHUDW vQ SULQFLSDO GH   YROXPXO FRPSOH[LWDWHD L GLYHUVLWDWHD RELHFWLYHORU ILUPHL L VXEVLVWHPHORU VDOH GDWRUDWH LPSDFWXOXL YDULDELOHORU PHGLXOXL DPELDQW QD LRQDO L LQWHUQD LRQDO  PXWD LLOH SURIXQGH LQWHUYHQLWH vQ FDUDFWHULVWLFLOH GLPHQVLRQDOH L IXQF LRQDOH DOH ILUPHL URPkQHWL GHFODQDWH GH WUDQ]L LD OD HFRQRPLD GH SLD 

 JUXSXULOH L PRGXO GH FRQFHSHUH L IXQF LRQDUH D DFHVWRUD  XQDQLP DFWLYLWDWHD PDQDJHULDO  PRGXO GH VWUXFWXUDUH D WLPSXOXL GH PXQF  FDUH V SHUPLW UH]ROYDUHD GHFL]LRQDO L RSHUD LRQDO D SUREOHPHORU FDUH DSDU 'LQ DFHVW SXQFW GH YHGHUH HVWH DSUR[LPDWLY  GLQ WLPSXO V X SHQWUX D

DSUHFLHUHD FRQIRUP F UHLD XQ PDQDJHU DIHFWHD]

FRPXQLFD VLWXD LH FH MXVWLILF

PXOWLSOHOH UROXUL SH FDUH OH vQGHSOLQHWH vQ FDGUXO ILUPHL 

 XQ URO LQWHUSHUVRQDO VLPERO OLGHU DJHQW GH OHJ WXU   XQ URO LQIRUPD LRQDO REVHUYDWRU DFWLY GLIX]RU SXUW WRU GH FXYkQW   XQ URO GHFL]LRQDO vQWUHSULQ] WRU UHJXODWRU UHSDUWLWRU GH UHVXUVH QHJRFLDWRU  &RPXQLFDUHD L VLVWHPHOH GH FRPXQLFD LH VSHFLILFH XQHL ILUPH DX FRQVWLWXLW RELHFWXO XQRU DPSOH FHUFHW UL vQWUHSULQVH vQ SULQFLSDO vQ DQLL

 $[DWH SH DVSHFWH GH QDWXU DSHOkQG OD PRGDOLW D VHD] " FX LOH GH H[SULPDUH SUHOXDWH GLQ LQIRUPDWLF OXL /DVZHOO 3UH]LQW HVWH vQWUR PDQLHU FD ILLQG DOH SURFHVXOXL GH FRPXQLFDUH SRW IL UH]XPDWH OD XUP WRDUHOH 6FKHPD FH HIHFWH" UHODWLY WUDVHXO VLPSOLILFDW VWLPXO SURFHVXO LQIRUPD LH GH FH FRPXQLFDUH FRQFHSXW V SURYRDF U VSXQG OD FLQFL vQWUHE UL FLQH" FH ]LFH" SULQ FH PLMORDFH" FXL L VH DGUH SHUFHSXW XQXL SVLKRORJLF L L FLEHUQHWLF  SULQFLSDOHOH DERUG UL

&RPXQLFDUHD

XQ U VSXQV LPSDFWXO DVXSUD UHFHSWRUXOXL  &DQDO &DQDO 0HVDM 5HFHSWRU

(PL

WRU

E 6FKHPD OXL 6KDQQRQ (VWH PXOW PDL FRPSOH[ LQWURGXF L VH XWLOL]HD] QR LXQLOH GH FRGLILFDUH L QXPHURDVHORU EORFDMH DOH FRPXQLF ULL &DQDO (PL WRU 0HVDM FRGLILFDUH &DQDO 5HFHSWRU GHFRGLILFDUH

GHFkW SUHFHGHQWD SULQ DFHHD F FH SHUPLW

VH

GHFRGLILFDUH 

H[SOLFDUHD

F 6FKHPD OXL :LHQHU &RPSOHWHD] UHWXU vQ SRVHVLD 3H F UXLD ED]D HPL WRUXO LQWU  SRW FRPXQLF ULL DFHVWHL VFKHPH IL

SUHFHGHQWHOH UHDOL] UL FX IHHGEDFNXO LQIRUPD LD DVWIHO PDQLHUD GH UHFHSWDUH D PHVDMXOXL DOH LGHQWLILFDWH DWkW FRPSRQHQWHOH IXQGDPHQWDOH

FXQRVFkQG

SURFHVXOXL GH FRPXQLFDUH FkW L OHJ WXULOH GLQWUH HOH 'LQ UHSUH]HQW ULOH JUDILFH SUH]HQWDWH UH]XOW

IDFLOLWkQGXVH VHVL]DUHD LPSDFWXOXL SURGXV GLIHULWHOH HOHPHQWH VDX YDULDELOH GH FDUH

DVXSUD VLVWHPXOXL LQIRUPD LRQDO L PDQDJHPHQWXOXL ILUPHL GHSLQGH FRPXQLFDUHD $FHVWHD VXQW D HPL vQ FDUH WUHEXLH WRUXO HVWH VXELHFWXO FDUH DUH LQL LDWLY V VH LQ VHDPD GH REVWDFROHOH vQ HPLWHUHD PHVDMXOXL GH WUDQVPLV DF LXQH SHUVRQDOH SVLKRORJLFH L VRFLRORJLFH L WRUXO DIODW vQ LSRVWD]D GH PDQDJHU IRUPD IL]LF D LQIRUPD LHL

RUJDQL]D LRQDOH SH FDUH HPLWHQWXO HVWH QHYRLW V VDX H[HFXWDQW VDX WHU  HVWH SHUVRDQD FDUH LQL LD] E PHVDMXO H[SULPDW FX FODULWDWH L WUDQVPLVH GH HPL WRU VSUH UHFHSWRU FH vPEUDF ULL DUH OHJ WXU FX

OH HOLPLQH (PL SHUWLQHQ ILUHDVF 

FRPXQLFD LD DYkQG XQ VFRS ELQH SUHFL]DW UHSUH]LQW PDL PXOWH LSRVWD]H YHUEDO FX LQWHUHVXO HPL L QRQYHUEDO  WRUXOXL FRPXQLFDW vQWUHYHGHUH

F RELHFWLYXO FRPXQLF H WUDQVPLWHUHD

G PHGLXO IL]LF L XPDQ vQ FDUH VH SURGXFH FRPXQLFDUHD PHVDMXOXL LQGLFDUHD VXSRUWXOXL UHXQLXQH VFULVRDUH FLUFXODU  UDSRUW L FDQDOXOXL  I UHFHS LD PHVDMXOXL UHFHSWRUXO H[HFXWDQW PDQDJHU VDX WHU SHUVRDQH EHQHILFLDUH DOH PHVDMXOXL LQIRUPD LRQDO  $QDOL]D DFHVWRU HOHPHQWH VFRDWH vQ HYLGHQ FkWHYD DVSHFWH SULQFLSDOH FXP DU IL  SHUVRDQD VDX JUXSXO GH

 DVSHFWXO WHKQLF DO FRPXQLF ULORU FDUH DUH vQ YHGHUH SUHFL]LD L UDSLGLWDWHD FX FDUH SRW IL WUDQVPLVH PHVDMHOH  DVSHFWXO VHPDQWLF FDUH DUH vQ YHGHUH FRUHVSRQGHQ D GLQWUH VLPEROXUL L VHPQLILFD LD IHQRPHQHORU UHSUH]HQWDWH GH DFHVWHD  ODWXUD HILFLHQ HL SXV WUDQVPLWHULL PHVDMHORU 3URFHVXO GH FRPXQLFDUH UHFODP F URUD HPL WUDQVPLWHUHD HPL WRUXO WRUXO L UHFHSWRUXO DSHOHD] L LQWHUSUHWDUHD OD DSHOHD] L VLPEROXUL LQIRUPD LHL YDULDWH RSHUD LL GH FRGLILFDUH L GHFRGLILFDUH SULQ LQWHUPHGLXO FH IDFH RELHFWXO OLWHUH FRPXQLFD LHL FLIUH JHVWXUL $VWIHO JUDILFH SULQ HWF FRGLILFDUH  SHQWUX F  D vQ OD DQXPLWH VLPEROXUL SHQWUX D IDFLOLWD vQ HOHJHUHD PHVDMXOXL VXQHWH vQ YDORDUH GH UH]XOWDWHOH RE LQXWH FD XUPDUH D PDWHULDOL] ULL

WUDQVPLWH L D VH IDFH vQ HOHV GH F WUH UHFHSWRU LDU DFHVWD SULQ GHFRGLILFDUH DVLJXU PHVDMXOXL FRQYHUWLUHD VLPEROXULORU vQWUR LQIRUPD LH SHUWLQHQW  ,PSRUWDQW HVWH DQXPLWH VLWXD LL GHFRGLILFDUHD HVWH LQIOXHQ DW

LQWHUSUHWDUHD IDSWXO

GH PDQLHUD vQ FDUH VXQW LQWHUSUHWDWH VLPEROXULOH GH

F WUH UHFHSWRU GH VHPQLILFD LD ORU GH P VXUD vQ FDUH DFHVWHD vL VDWLVIDF FHULQ HOH 'H DVHPHQHD vQ FRQWH[WXO SURFHVXOXL GH FRPXQLFDUH DSDU L XQLL IDFWRUL SHUWXUEDWRUL FH VH PDQLIHVW DFHVWXLD SH WUDVHXO HPL SUHFXP ILOWUDMH WRU UHFHSWRU L FDUH SRW SURYRFD GLVIXQF LRQDOLW GLVWRUVLXQL EORFDMH $VWIHO GH IDFWRUL L PDMRUH vQ GHUXODUHD VXQW DWkW RELHFWLYL SHUWXUEDWRUL

FDOLWDWHD GHILFLWDU VXSRU L PDWHULDOL

D PLMORDFHORU GH FRPXQLFDUH WHOHIRQ LQWHUIRQ YLGHRIRQ 79 LQVWDOD LL GH D FDQDOHORU GH FRPXQLFDUH IRORVLUHD XQRU PDL VF ]XW D DFRUGDW L WUDQVPLWHULL L PDQDJHULORU H[HFXWDQ LORU QHDGHFYD L  FkW L VXELHFWLYL QLYHOXO DWHQ LD GH

GLVSHFHUL]DUH FDOFXODWRU ID[ WHOHID[ FDSDFLWDWHD UHGXV UHFHS LRQ ULL PHVDMXOXL LQIRUPD LRQDO

SUHJ WLUH

LQWHUYHQ LD XQRU SHUVRDQH SHQWUX GHIRUPDUHD FRQ LQXWXOXL LQIRUPD LLORU WUDQVPLVH HWF  1R LXQHD GH FRPXQLFDUH D ILUPHL FX SLD D HVWH FRPSOH[ LQWHUSUHWDW L DUH PXOWLSOH VHQVXUL (D SRDWH IL vQ QXPHURDVH IHOXUL GDU LQGLIHUHQW GH PRGXO FXP VXQW LQWHUSUHWDWH FRPXQLF ULOH DX XQ vQ HOHJHUHD UHFLSURF  FHULQ SULQ SRVLELOLWDWHD HL GH D FLUFXOD GH VXV vQ MRV GH MRV vQ VXV SH FH VH ED]HD] SH FDUDFWHULVWLFLOH

VLQJXU VFRS L DQXPH VFKLPEXO UHFLSURF GH LQIRUPD LL LGHL DWLWXGLQL JkQGXUL L RSLQLL $FHVW SURFHV GH VFKLPE GH LQIRUPD LL LPSOLF FRPXQLF ULL $FHVWHD WUHEXLH V ILH XRU LGHQWLILFDELOH

&RPXQLFD LD VH FDUDFWHUL]HD]  IOX[XO vQ GXEOX VHQV DGLF YHUWLFDO L SH RUL]RQWDO vQ VLVWHP  HPLWHUHD L UHFHS LRQDUHD

IHHGEDFN 

 H[LVWHQ D XQXL FRG ED]DW SH XWLOL]DUHD GH VLPEROXUL vQ HOHVH GH SDUWHQHUL  DVLJXUDUHD XQHL FRQFRUGDQ H vQWUH UHDOLWDWH L VHQVXULOH FXYLQWHORU VLPEROXULORU   UHDOL]DUHD FRQWLQXLW  OHJ WXUD LQYHUV VWDUH V LL FRPXQLFD LRQDOH DSHOkQGXVH OD UHSHWL LH  FD PLMORF GH FRPXQLFDUH vQ GXEOX VHQV

Q FDGUXO XQHL ILUPH VLVWHPXO GH FRPXQLFDUH WUHEXLH FRQFHSXW FD XQ RUJDQLVP GLQDPLF vQ VH DGDSWH]H vQ RULFH PRPHQW QHYRLORU GH LQIRUPDUH OD WRDWH QLYHOXULOH L vQ WRDWH VHQVXULOH L FRQGL LRQHD] VH SRDWH DWLQJHUHD RELHFWLYHORU SULQ UHVSHFWDUHD L FX H[WLQGHUH DVXSUD vQWUHJLL SUREOHPDWLFL FDUH LQIOXHQ HD] VWUDWHJLFH SURSXVH $VLJXUDUHD GLQDPLVPXOXL L IOH[LELOLW LL FRPXQLF ULL UHDOL]D XUP WRDUHORU FRQGL LL  IRUPXODUHD FRQFLV XRDU  WUDQVPLWHUHD UDSLG HVWH RUJDQL]DW L H[DFW D PHVDMXOXL FDUH WUHEXLH V DVLJXUH vQ HOHJHUHD LQWHJUDO GDF D DFHVWXLD GH F WUH WR L VDODULD LL VDX WHU LL GH SH SLD D L QHGHIRUPDW LQW  F URUD OHD IRVW DGUHVDW ILUPD GH GLVSXQ

D PHVDMXOXL FRQGL LH FH SRDWH IL UHDOL]DW

FX FHO PDL PLF QXP U SRVLELO GH WUHSWH LHUDUKLFH LDU RUJDQLJUDPD V

FRPSDUWLPHQWH GH FRPXQLFDUH  DVLJXUDUHD IOXHQ HL L UHYHUVLELOLW XXULQ LL FRPXQLFD LLORU vQ YHGHUHD WUDQVPLWHULL FX DFHHDL L SLH HOH LQW  D DWkW D LQIRUPD LLORU GHVFHQGHQWH FkW L DVFHQGHQWH LQFOXVLY FHOH GLQWUH ILUP

 XWLOL]DUHD OLPEDMXOXL GH VSHFLDOLWDWH FHHD FH SUHVXSXQH FXQRDWHUHD vQ DFHHDL P VXU SUREOHPHORU ILUPHL DWkW GH F WUH HPLWHQW FkW L GH F WUH UHFHSWRULL LQWHUQL L  VDX H[WHUQL ILUPHL 

 VLPSOLILFDUHD L GHVFRQJHVWLRQDUHD OLQLLORU GH FRPXQLFDUH SULQ GHVFHQWUDOL]DUHD DGRSW ULL GHFL]LLORU OD WUHSWHOH LQIHULRDUH DOH LHUDUKLHL

DVLJXUDUHD

IOH[LELOLW

LL

DGDSWDELOLW

LL

VLVWHPXOXL

GH

FRPXQLFDUH

FHHD

FH

SHUPLWH

IRORVLUHD OXL OD RULFDUH VLWXD LH QRX FUHDW  Q RULFH ILUP  vQ IXQF LH GH QHFHVLW FRPSOHWHD] L VH IRORVHVF GLIHULWH IHOXUL GH FRPXQLFD LL FDUH VH GH UDSLGLWDWHD L GH SUHFL]LD LPSXV GH H[LVWHQ D PXOWRU FULWHULL GH UHFLSURF LDU RUGLQHD ORU GH VHOHF LH HVWH GLFWDW

QHFHVLWDWHD UHVSHFWLY  9DULHWDWHD FRPXQLFD LLORU SHUPLWH IDFH QHFHVDU FODVLILFDUH L GHFL R WLSRORJLH DGHFYDW  D Q IXQF LH GD FDQDOXO GH FRPXQLFDUH FRPXQLFD LLOH SRW IL 

 FRPXQLFD LL IRUPDOH SUHFL]DWH ULJXURV SULQ LQWHUPHGLXO XQRU DFWH QRUPDWLYH GLVSR]L LL FX FDUDFWHU LQWHUQ FRPXQLFDWH SHQWUX SLD GLYHUVH SUREOHPH  FRPXQLFD LL LQIRUPDOH VWDELOLWH VSRQWDQ vQWUH SRVWXUL L FRPSDUWLPHQWH L UHIOHFWDWH vQ LQIRUPD LL QHRILFLDOH FX FDUDFWHU SHUVRQDO VDX JHQHUDO SHQWUX FRPXQLFD LLOH LQWHUQH UHVSHFWLY LQIRUPD LL DSUHFLHUL ]YRQXUL FH FLUFXO  SH SLD GHVSUH R ILUP FRPXQLFD LLOH H[WHUQH  vQWUH PDQDJHUL L VXERUGRQD L L L FRQFUHWL]DWH vQ LQIRUPD LL VWULFW QHFHVDUH OHJDWH GH

E Q IXQF LH GH GLUHF LD VHQVXO GH SDUFXUV DO LQIRUPD LHL FRPXQLFD LLOH SRW IL  FRPXQLFD LL YHUWLFDOH GHVFHQGHQWH FDUH VH PDQLIHVW VH FRQFUHWL]HD] vQ WUDQVPLWHUHD GH GHFL]LL LQVWUXF LXQL UHJXODPHQWH VDUFLQL VDX vQ VROLFLWDUHD GH

LQIRUPD LL FX SULYLUH OD GRPHQLLOH FRQGXVH 9ROXPXO ORU HVWH GHSHQGHQW GH VWLOXO GH PDQDJHPHQW SUHSRQGHUHQW IRORVLW DXWRULWDU RUL SDUWLFLSDWLY  FRPXQLFD LL YHUWLFDOH DVFHQGHQWH VWDELOLWH vQWUH VXERUGRQD L L PDQDJHUL SULQ LQWHUPHGLXO F URUD DFHWLD GLQ XUP FXQRVF UHDF LD PRGXO GH UHFHSWDUH GH F WUH VXERUGRQD L D

PHVDMHORU WUDQVPLVH GH VXV vQ MRV SH YHUWLFDOD VLVWHPXOXL GH PDQDJHPHQW 7RWRGDW  VXQW IXUQL]DWH LQIRUPD LL SHUWLQHQWH FX SULYLUH OD UHDOL] UL DEDWHUL UHVXUVH HWF &RPXQLFD LLOH YHUWLFDOH DVFHQGHQWH L GHVFHQGHQWH VH UHDOL]HD] L vQWUH ILUP L GLIHULWH RUJDQLVPH SXEOLFH 25& &&, '036 0LQLVWHUH  FRPXQLFD LL RUL]RQWDOH UHJ VLWH vQWUH SRVWXUL VDX FRPSDUWLPHQWH DPSODVDWH SH DFHODL QLYHO LHUDUKLF vQWUH FDUH H[LVW  FRPXQLFD LL QLYHOXUL LHUDUKLFH GLIHULWH I U UHOD LL RUJDQL]DWRULFH GH FRRSHUDUH FDUH DSDU GH RELFHL vQWUH SRVWXUL L FRPSDUWLPHQWHOH VLWXDWH SH FD vQWUH DFHVWHD V H[LVWH UHOD LL GH DXWRULWDWH GH WLS LHUDUKLF D VDUFLQLORU FLUFXPVFULVH XQRU REOLFH

F Q IXQF LH GH FRQ LQXWXO ORU FRPXQLFD LLOH SRW IL   FRPXQLFD LL RSHUDWRULL XWLOL]DWH SHQWUX UHXLWD WHKQLF H[HUFLWDUHD VDUFLQLORU L UHDOL]DUHD RELHFWLYHORU LQGLYLGXDOH  FRPXQLFD LL RS LRQDOH GHL QX YL]HD] FX SULRULWDWH UHDOL]DUHD RELHFWLYHORU LQGLYLGXDOH FLUFXPVFULVH SRVWXULORU VXQW IRDUWH LPSRUWDQWH SHQWUX UHOD LLOH GLQWUH VDODULD L $X XQ URO GHRVHELW DVXSUD FUHHULL L PHQ LQHULL XQXL FOLPDW RUJDQL]D LRQDO L PRWLYD LRQDO SURSLFH UHDOL] ULL RELHFWLYHORU ILUPHL L FRPSRQHQWHORU VDOH  FRPXQLFD LL JHQHUDOH UHIHULWRDUH OD SLD D ILUPHL OD VWUDWHJLD L SROLWLFD VD OD SXQFWHOH VDOH IRUWH L VODEH  FRPXQLFD LL PRWLYD LRQDOH YHKLFXODWH vQWUH PDQDJHUL L H[HFXWDQ L vQ OHJ WXU GH SHUVRQDO VRFLDO G 'XS QRUPH GH PXQF  VDODULL SULPH LQGHPQL]D LL HWF  PRGXO GH WUDQVPLWHUH FRPXQLFD LLOH SRW IL  IRUPD XQRU FRPXQLFD LL LQGLYLGXDOH RUL FROHFWLYH GLQ PHVDMHOH FH VH WUDQVPLW L VH LL DWkW YL]XDO FkW L DXGLWLY FHD PDL FX IXQF LD SRVWXUL GH H[HFX LH VDX GH PDQDJHPHQW ,DX IRUPD H[SOLFD LLORU LQVWUXF LXQLORU QHFHVDUH SHQWUX

 FRPXQLFD LL YHUEDOH FHOH PDL IUHFYHQWH SXQ vQ YDORDUH FDSDFLWDWHD PDQDJHULORU GH D VH H[SULPD L GH D DVFXOWD L vPEUDF  FRPXQLFD LL QRQYHUEDOH FH GH LQ DSUR[LPDWLY 

SULPHVF vQWUR FRQYHUVD LH SHUPLW SHUFHSHUHD L UHSUH]HQWDUHD UHDOLW PDUH SDUWH D FRPXQLF ULL QRQYHUEDOH D ILUPHL FX SLD D )XQF LRQDUHD PDQLIHVWDUHD DVSLUD LLOH GHUXOHD] L D HILFDFH D

ROIDFWLY 3URGXVHOH XQHL ILUPH SULQ PRGXO GH SUH]HQWDUH FDOLWDWH SUH  DPEDODM UHDOL]HD] VLVWHPXOXL GH FRPXQLFD LL HVWH LQIOXHQ DW FLUFXPVFULVH SUHFXP L vQ IDFWRULORU SHUWXUEDWRUL 

DGHVHD GH DSDUL LD L (OH vL DX RULJLQHD vQ FDUH vQ VH

QXPHURDVH

EDULHUH

FDUDFWHULVWLFLOH SVLKRORJLFH DOH HPL PRWLYD LLOH DFHVWRUD

WRUXOXL L UHFHSWRUXOXL vQ PDQLHUD GH FRPXQLFDUH vQ QHYRLOH FDUDFWHULVWLFLOH VLWXD LLORU FRQFUHWH DVHPHQHD EDULHUH VXQW OHJDWH GH HPL WRU GH

FRPXQLFDUHD $DGDU FDX]HOH FDUH JHQHUHD]

UHFHSWRU GH PHVDM GH FDQDOXO GH FRPXQLFDUH SUHFXP L GH FRQWH[WXO vQ FDUH VH GHVI RDU GH FRPXQLFDUH Q RSLQLD PDMRULW OD D HPL EDULHUH GH OLPEDM H[SULPDUH

SURFHVXO

LL VSHFLDOLWLORU FHOH PDL VHPQLILFDWLYH EDULHUH FRPXQLFD LRQDOH VH UHIHU IRORVLUHD QHFRUHVSXQ] WRDUH D XQRU HOHPHQWH DOH

SURFHVXOXL GH FRPXQLFDUH WRQXO IRORVLW JHVWXUL H[SUHVLD IH HL SR]L LD FRUSXOXL HWF  LQFDSDFLWDWHD WRUXOXL GH DL VW SkQL HPR LLOH vQ WUDQVPLWHUHD PHVDMXOXL LQIRUPD LRQDO DFHOHDL FXYLQWH DX E UHFHSWRU D EDULHUH VXUVHL GH UHFHS LH HPL WHQGLQ D WRUXOXL GH GH D DX]L QXPDL D FHHD FH QHDP RELQXLW V vQ DX]LP GH F WUH PRGXUL VHQVXUL GLIHULWH SHQWUX DQXPLWH SHUVRDQH  SRSRDUH R WUDGXFHUH QHLQVSLUDW  LJQRUDUHD LQIRUPD LLORU FDUH VXQW vQ GH]DFRUG FX FHHD FH FXQRDWHP HYDOXDUHD VXELHFWLY RELHFWLYH WUDQVPLWHUH PHVDMXOXL UHFHS LRQDUHD GLIHULWH GH F WUH SHUVRQDOXO ILUPHL D DFHOXLDL PHVDM  LQFOXVLY GH SRWHQ LDOLL FOLHQ L  F EDULHUH FRQWH[WXDOH SHUFHSHUHD GLIHULW G EDULHUH PL[WH FHOH FX VHPQLILFD LH UHGXV GLVFHUQHUHD LQVXILFLHQW VDX QXO  R VHULH GH GHILFLHQ H vQ VLVWHPXO GH FRPXQLFD LL vQWUH FDUH  D PHVDMHORU vQ IXQF LH GH SUHVLXQLOH H[HUFLWDWH HWF  D PHVDMHORU UHOHYDQWH WUDQVPLVH VDX SULPLWH GH GH PHGLX DVXSUD UHFHSWRUXOXL ]JRPRWXO FOLPDWXO RUJDQL]D LRQDO PHGLXO GLIHULW GH SLD

$FHVWH EDULHUH GHFODQHD] PHVDMXO

 ILOWUDMXO vQ HOHV FD R WULHUH D FRPXQLF ULORU SULQ SULVPD LQWHUHVHORU FHOXL FDUH SULPHWH  GLVWRUVLXQHD LQIOXHQ D H[HUFLWDW SDUD]LWDUH  VXSUDvQF UFDUHD FDQDOHORU GH FRPXQLFDUH FX LQIRUPD LL LQXWLOH VDX FD XUPDUH D SXQHULL vQ FLUFXOD LH D XQXL QXP U PDUH GH LQIRUPD LL H EDULHUH VXELHFWLYH JHQHUDWH GH DSDUL LD XQRU FRQIOLFWH LQWHUQH vQWUH VDODULD LL ILUPHL VDX vQWUH VDODULD L L PDQDJHUL VDX H[WHUQH vQWUH LQWHUHVHOH ILUPHL L FHOH DOH FRQFXUHQ HL  vQWUH ILUP JUXSXULOH GH FRQVXPDWRUL  I EDULHUH FXOWXUDOH UHOLJLRDVH VSHFLILFH ILUPHORU FDUH vL SURSXQ V L FRPHUFLDOL]H]H SURGXVHOH  VHUYLFLLOH vQ GLYHUVH UHJLXQL DOH OXPLL J EDULHUH MXULGLFH DSDU vQWUH SDUWHQHUL H[WHUQL FDUH DSDU LQ D GRX MXULGLFH DX R LQWHUSUHWDUH GLIHULW  GH OD DU OD DU  UHJLXQH OD VLVWHPH MXULGLFH GLIHULWH 3HQWUX HOLPLQDUHD DQXPLWH LQVWLWX LL MXULGLFH VXQW VSHFLILFH QXPDL XQRU VLVWHPH MXULGLFH GH DVHPHQHD XQHOH FRQFHSWH UHJLXQH  FRQIOLFWHORU GH OHJL VH UHFRPDQG DOHJHUHD LQVWDQ HORU GH OLWLJLX HWF &RQIRUP SUDFWLFLL FHOH ]HFH FRPDQGDPHQWH DOH FRPXQLF ULL HILFLHQWH DOH ILUPHL FX SLD D VXQW  6 vQ HOHJL LPSRUWDQ D IHQRPHQXOXL FRPXQLF ULL QX HVWH QXPDL H[SUHVLD XQHL PRGH HD G OD LYHDO QHFHVLW L vQWUHSULQGHUHD V VH SR]L LRQH]H GDU WRWRGDW VDW LQWHUDFWLY vQ FDUH PHVDMHOH L EUXLD] ([SOR]LD V SDUWHQHULORU GLQ FHOH GRX UL FX VLVWHPH MXULGLFH GLIHULWH V L DVXSUD UH HOHL GH ED] GH F WUH UH HOHOH GH FRPXQLFDUH

HODERUH]H FRQWUDFWH FRPHUFLDOH FODUH L QHHFKLYRFH FX XQ FRQ LQXW FkW PDL H[SOLFLW  GH GHWDOLX FX

SURIXQGH $EXQGHQ D RIHUWHORU I FXWH FOLHQ LORU REOLJ FRPXQLFH SR]L LRQ ULOH VDOH L V WRWXO VH IDFH IRDUWH UHSHGH GDU vQ HJDO LPDJLQLOH  1X VH SRDWH V PHPEULL HL FRPXQLF WUHEXLH V QX FRPXQLFL L SDUWLFLS P VXU

DILUPH GLIHUHQ HOH HL  /XPHD GHYLQH XQ ]JRPRWXO SXEOLFLWDU DIHFWHD]

&RPXQLFDUHD QX HVWH QXPDL XQ DFW YROXQWDU 2ULFH DWLWXGLQH D vQWUHSULQGHULL VDX D XQXLD GLQ FHYD ILH OD IDEULFDUHD LPDJLQLL 'DF H[LVWHQ D DFHVWHL FRPXQLF UL YUHP V vQ WRDWH RE LQHP UH]XOWDWH GLUHF LLOH SDU LDO DGHY UDWH UHFXQRVFXW

LQYROXQWDU  3ULQWUH IXQF LLOH ILUPHL DSDUH DVWIHO QHFHVDU  ,QGLYLGXO HVWH VFRSXO ILQDO )LH F FRPXQLF UL

IXQF LD GH FRPXQLFDUH RELHFWLYXO ILQDO DO RULF UHL PDL PXOW GHFkW DOW GDW

HVWH YRUED GH FRQVXPDWRU VDX VDODULDW LQGLYLGXO UHSUH]LQW HO VH vQGRLHWH GH DWDDPHQWHOH VDOH L QHJRFLD]

$VW ]L

SDUWLFLSDUHD L DGH]LXQHD VD 2UL QHYRLOH H[SULP ULL VDX FRPXQLF ULL SURIXQGH DOH LQGLYLGXOXL QX VXQW GHFkW SDU LDO VDWLVI FXWH GH R LQIRUPDUH VWDQGDUGL]DW 

 2 QHYRLH IXQGDPHQWDO &RPXQLFDUHD FKLDU UHGXV

GH FRHUHQ OD DVSHFWHOH VDOH IRUPDOH QX SRDWH IL XQLF  ,QIRUPD LD SHQWUX FRPXQLFDUH (OH YRU DYHD vQ ILQDO XQ HIHFW JOREDO

SXEOLFLWDWHD UHOD LLOH SXEOLFH FRQFXUHD]

,QGLYLGXO GH IDSW QX YD PDL IDFH GLVWLQF LH vQWUH GLIHULWH PHVDMH L vL YD IDFH R LGHH JOREDO  RUL FX FkW PHVDMHOH VH PXOWLSOLF  FX DWkW VH P UHVF ULVFXULOH  3RQGHUHD LQWHULRUXOXL Q DFHDVW FRPXQLFDUH JOREDO  LQWHULRUXO RFXS LQFRQWHVWDELO XQ ORF HVHQ LDO 3HUVRQDOXO SHQWUX RULFH LQWHUORFXWRU vQGRLDO R PDL DOHV vQ FD]XO VHUYLFLLORU SURLHFWHD] 0HVDMXO VDX DQXOHD] YHULJ SUHDODELO )LH F LPDJLQHD FHD PDL FUHGLELO

VDX vQW UHWH FRPXQLFDUHD H[WHUQ  $VWIHO SHUVRQDOXO FRQVWLWXLH I U

D RULF UHL WHKQLFL GH FRPHU  HVWH vQ FDGUXO UDSRUWXULORU LHUDUKLFH VDX vQ FDGUXO FRQWDFWHORU FX FOLHQWHOD

 ,QWHUSHUVRQDOXO vQ PLH]XO SUREOHPHL FRPXQLFDUHD LQWHUSHUVRQDO FULVWDOL]HD] SULQFLSDOHOH GLILFXOW L $LFL VH VLWXHD] GLVWDQ D FHD PDL

PDUH vQWUH QHYRLOH UHDOH GH H[SULPDUH GH VFKLPE L U VSXQVXULOH GDWH LQIRUPD LL DXWRMXVWLILFDUH   5ROXO PDMRU DO PDQDJHPHQWXOXL LQWHUPHGLDU ,PSRUWDQ D LQWHULRUXOXL L vQ VSHFLDO D UHOD LLORU LQWHUSHUVRQDOH vL J VHWH FRQFUHWL]DUHD vQ UROXO PDMRU DO FDGUXOXL LQWHUPHGLDU vQ $FHVWD FRQVWLWXLH SHQWUX VDODULDW L FHHD FH DFHVWD OLWHU GLQ XUP D UHSUH]LQW SHQWUX FRQVXPDWRU DFHODL WLPS YHFWRUXO HVHQ LDO PDWHULDOL]DUHD U PkQ SDOSDELO

FRPXQLF ULL ) U FRPXQLFDUH  $GHY FRPXQLFDUH

HO IUXPRDVHOH GLVFX LL L FHOH PDL EXQH SURLHFWH SRW V

PRDUW  'H

DVHPHQHD IRUPDUHD L FRQYLQJHUHD DFHVWXL HDORQ DO LHUDUKLHL FRQVWLWXLH SLYRWXO RULF UHL SROLWLFL GH UDWXO VDYRLUIDLUH GH DSDUHQ D VD HYLGHQW  1X WUHEXLH QLFLRGDW V XLW P F vQ PDWHULH GH PDL PXOW vQ FHHD FH HVWH SULPLW GHFkW vQ FHHD FH HVWH VSXV ,DW

&RPXQLFDUHD VXIHU

LPSRUWDQ D UH]LG

PRWLYXO SHQWUX FDUH DVFXOWDUHD UHIRUPXODUHD L IHHGEDFNXO FRQVWLWXLH LQGLVSHQVDELOHOH HOHPHQWH DOH VDYRLUIDLUHXOXL   ,QGLVSHQVDELOXO VDYRLUrWUH &RPXQLFDUHD VH VSULMLQ SH XQ DQVDPEOX GH WHKQLFL 'DU vQWUXQ GRPHQLX vQ FDUH DIHFWLYLWDWHD HVWH RPQLSUH]HQW GH D FRPXQLFD UHSUH]LQW DXWHQWLFLWDWHD L vQ FDUH FHHD FH HVWH SHUFHSXW HVWH HVHQ LDO R VWDUH GH VSLULW HVWH FRQGXF OD DWLWXGLQL QHSRWULYLWH 9RLQ D SURIXQG ,DW PRWLYXO SHQWUX FDUH PDWXULWDWHD HPSDWLD QX VH LQYHQWHD] 

LQGLVSHQVDELO  &HO PDL EXQ VDYRLUIDLUH SRDWH V DIHFWLY FDOLWDWHD SULPDU

FDUH WUHEXLH F XWDW

vQ DFHVW GRPHQLX F RULFH FRQGXF WRU UHVSRQVDELO R

 2 GLPHQVLXQH HVHQ LDO

D PDQDJHPHQWXOXL

7RW FHHD FH VH VSXQH GHVSUH LPSRUWDQ D LPDJLQLL DUDW XQ PHVDM L LPDJLQH $FHDVWD vQVHDPQ FRPSRQHQW IRUWH GH FRPXQLFDUH F

FRQVWLWXLH SULPXO FRPXQLFDWRU DO vQWUHSULQGHULL &HHD FH HO VSXQH L PDL DOHV FHHD FH HO IDFH GHYLQH DVW ]L QX SRDWH H[LVWD PDQDJHPHQW YHULWDELO I U



,167580(17(

7(+1,&,

0,-/2$&(

'(

&2081,&$5(

38%/,&,7$7( 0,;8/ &2081,&$

,21$/ '( 0$5.(7,1* $/ ),50(, SDQWRILL GRDU DL PHQ LQH SLFLRDUHOH FDOGH L GHVSUH HL vQLL GH

Q ]LOHOH QRDVWUH RDPHQLL QX PDL FXPS U XVFDWH (L vL FXPS U E UE QRDVWU

SHQWUX LPDJLQHD SH FDUH SDQWRILL UHVSHFWLYL OHR FUHHD]

LH VDX GH IHPLQLWDWH GH YLJRDUH GH RULJLQDOLWDWH GH UDILQDPHQW GH SXWHUH GH VHGXF LH GH YLQGH HPR LL QX SDQWRIL )UDQFLV &5RRQH\ 0XO L vQWUHSULQ] WRUL VXQW vQFXUFD L GH GLIHUHQ HOH GLQWUH SXEOLFWDWH SURPRYDUH L UHOD LLOH GHVHPQH]H DFHODL OXFUX (VWH LPSRUWDQW FD RULFH DFFHQWXHD] FDOLW LOH XQXL SURGXV VDX VHUYLFLX

DXWRULWDWH &XPS UDUHD XQHL SHUHFKL GH SDQWRIL D GHYHQLW R WU LUH HPR LRQDO  Q SUH]HQW ILUPD

SXEOLFH (OH QX VXQW GRDU FXYLQWH GLIHULWH FDUH V VWUDWHJLH GH PDUNHWLQJ V 3XEOLFLWDWHD $FHDVW GLUHFWLY LQFOXG 3XEOLFLWDWHD SURSULX]LV

SODQLILF UL SHQWUX ILHFDUH GLQWUH HOH XQ VHQWLPHQW SXEOLF

GHVSDUWH SXEOLFLWDWHD GH UHOD LLOH SXEOLFH FDUH SURPRYHD]

EXQ SHQWUX R ILUP  vQ JHQHUDO &DOLW LHIWLQ RUL DOWH DGMHFWLYH FDUH RIHU FRQVXPDWRUXOXL SRWHQ LDO

LOH DFFHQWXDWH DU SXWHD IL

QRX PDL EXQ PDL UDSLG PDL

FHYD vQ EHQHILFLXO FLWLWRUXOXL DVFXOW WRUXOXL VDX WHOHVSHFWDWRUXOXL H[LVWHQ D FkWRUYD FXYLQWH FKHLH DU WUHEXL LQFOXVH vQ PHVDMXO

&HUFHW UL GH PDUNHWLQJ L SVLKRORJLFH UHFHQWH VXJHUHD] FDUH VXQW FHOH PDL vQWkOQLWH vQ OLPEDMXO SXEOLFLWDU DFHVWH

FXYLQWH

SXEOLFLWDU vQ YHGHUHD GHVFULHULL SURGXVXOXL VHUYLFLXOXL  $VHPHQHD FXYLQWH SRW IL HFRQRPLH QRX GHVFRSHULUH UH]XOWDWH V Q WDWH HFRORJLH EDQL XRU JDUDQ LH FDOLWDWH GRYHGLW 8Q HOHPHQW LPSRUWDQW DO SXEOLFLW HILFLHQW  SXEOLFLWDWHD WUHEXLH V IL FXPS U 3ULPD LQWHQ LH D FRQ LQ LL DFXP VDX VXQD L DFXP SXEOLFLW QX HVWH V FUHH]H F XQ VHQWLPHQW EXQ vQ PLQWHD SXEOLFXOXL FXPSHUH LQW FL SXU L VLPSOX V O GHWHUPLQH V LL HVWH VWkUQLUHD GRULQ HL GH D FXPS UD 3HQWUX D IL PDL FHHD FH VH QXPHWH FKHPDUHD OD DF LXQH PHVDMH FXP DU

FXPS U WRU GHL DFHVW OXFUX SRDWH IL D GRXD SRDWH YRUEL GH R FDPSDQLH HILFLHQW UHVSHFWH XUP WRDUHOH FULWHULL  V ]LV   DGDSWDW  V  V  V  V  V  V FDUH DWUDJH OD SLD D LQW ILH VWUDWHJLF V I U

3UDFWLFD HODERU ULL FDPSDQLLORU GH SXEOLFLWDWH DUDW

RULFDUH DU IL GHPHUVXULOH vQWUHSULQVH QX VH LGHH WUHEXLH V

R LGHH IRUWH FUHWHUHD YkQ] ULORU $FHDVW

ILH ELQH H[SULPDW

vQ GRFXPHQWHOH UH]XOWDWH GLQ DFWLYLWDWHD SURSULX

F UHLD VH DGUHVHD] 

ILH VLPSO

L XRU GH vQ HOHV

ILH FUHGLELO  ILH RULJLQDO  ILH LQWHUHVDQW  ILH GHFOLQDELO ILH XWLOL]DELO LQWHUHVXO  WUDQVIHUDELO  WUDGXFWLELO vQWUH GLIHULWHOH PHGLD FDUH R IRORVHVF PDL PDUH GH WLPS VXQW DFHOHD FDUH XWLOL]HD] XQ vQ WLPS DQRWLPSXUL VDX SH R SHULRDG &HOH PDL HILFLHQWH SURPRY UL

3URPRYDUHD &HL PDL PXO L RDPHQL JkQGHVF GHVSUH SURPRYDUH FD GHVSUH XQ HYHQLPHQW SXEOLFXOXL HYHQLPHQW DWUDFWLY VXV LQXW GH FDPSDQLL SXEOLFLWDUH ELQH RUJDQL]DWH SHQWUX F GH DVWIHO GH HYHQLPHQWH QX WUHEXLH O VDW WHOHYL]LXQHD FRQIHULQ $FHVWH QRXW L DU WUHEXL GH SUHV vQ FDUH VH H[SOLF OD YRLD vQWkPSO ULL WUHEXLH V H[SOLFDWH SXEOLFLWDWHD JHQHUDW VH RUJDQL]HD] R

VH DQXQ H ]LDUHOH UDGLRXO

SH VFXUW HGLWRULORU 'H UHJXO

SH VFXUW GDU FODU HYHQLPHQWXO UHVSHFWLY WH DWHS L OD QLWH UHODW UL SURSULL SUHVHL IL L LQWLPLGD L GH SUHV  DPLQWL LY F HL

&kQG HVWH SODQLILFDW 0XOWRU RDPHQL vQV WUHEXLH V 'DF Y

R SURPRYDUH HVWH QRUPDO V

QX OH SODF DFHVWH OXFUXUL 1X WUHEXLH V SUHVHL HVWH FRQFLV

XPSOH ]LDUHOH UDGLRXO L WHOHYL]LXQHD FX WLUL QRL vQ ILHFDUH ]L DSWH ]LOH SH V SW PkQ L OD RELHFW PXQFD MXUQDOLWLORU HVWH PDL XRDU  1X

LQIRUPD LD SUH]HQWDW

vQJULMRUD L GDF  FRQ LQXWXO LQIRUPD LLORU SUH]HQWDWH QX HVWH DFFHSWDW GH SULPD GDW  3URPRYDUHD YkQ] ULORU HVWH XQ HOHPHQW DO FRPHUFLDOL] ULL SURGXVHORU 5ROXO V X D GHYHQLW

GHWHUPLQDQW vQ FXUVXO XOWLPLORU DQL XUPDUH D GH]YROW ULL IRUPHORU PRGHUQH GH YkQ]DUH D PDULORU VXSUDIH H L D DXWRVHUYLULL  /D RULJLQH UROXO GH D DWUDJH FRQVXPDWRUXO VSUH SURGXV VWUDWHJLD SXOO D IRVW DWULEXLW SXEOLFLW LL LDU UROXO GH D vPSLQJH SURGXVXO VSUH FOLHQW FRQVXPDWRU VWUDWHJLD SXVK IRUPHORU GH YkQ]DUH  Q XOWLPLL GRX ]HFL GH DQL DX DYXW ORF LPSRUWDQWH VFKLPE UL D GLVWULEX LD VD GH]YROWDW L SXWHUHD HL VD DILUPDW vQ ID D SURGXF WRULORU H[HUFLWkQG R SUHVLXQH SHQWUX UHDOL]DUHD GH DF LXQL SURPR LRQDOH  3URPRYDUHD HVWH XQ LQVWUXPHQW DWkW vQ VHUYLFLXO SURGXF WRULORU FkW L DO GLVWULEXLWRULORU E PXOWLSOLFDUHD RIHUWHL OD QLYHOXO DFHOXLDL SXQFW GH YkQ]DUH $FHDVW VD Y ]XW vQ VLWXD LD XQHL OLSVH DFXWH GH VXSUDID OH DQWUHQHD]  V MXVWLILFH R FHUHUH vQ FUHWHUH SH OLQHDUXO DORFDW DEXQGHQ GH RIHUW  OLQHDU 3URPRYDUHD SHUPLWH SULQ YkQ] ULOH SH FDUH

F SURPRYDUHD GHYLQH XQ PLMORF GH D FDQDOL]D FRQVXPDWRUXO FDUH DUH XQ FRPSRUWDPHQW GH FXPS UDUH LPSXOVLY QHSUHGHWHUPLQDW  3URPRYDUHD VH GHRVHEHWH GH SXEOLFLWDWH SULQ  F LOH SH FDUH ILHFDUH GLQ FHOH GRX UHJXO PLMORDFHOH GH FRPXQLFDUH vQ PDV FDWHJRULL OH IRORVHVF SURPRYDUHD QX IRORVHWH GH SUHV  UDGLR 79 

 WLSXO GH LQIOXHQ SXEOLFLWDWHD DUDW

SH FDUH R H[HUFLW

DVXSUD FRQVXPDWRUXOXL SURPRYDUHD XUP UHWH V DVXSUD FXQRWLQ HORU L DWLWXGLQLL SHQWUX D DUWD GH D FUHD R LPDJLQH EXQ V IDF D RDPHQLORU

GHFODQH]H FXPS UDUHD DF LRQkQG GLUHFW DVXSUD FRPSRUWDPHQWXOXL SRWHQ LDOXOXL FOLHQW vQ WLPS FH DYDQWDMHOH SURGXVXOXL L DF LRQHD] GXUDELO 5HOD LLOH SXEOLFH UHSUH]LQW DOHDJ vQWUH GRX FRQVWUXL QRWRULHWDWHD L LPDJLQHD GH PDUF 5HOD LLOH SXEOLFH SUHIHUDWH PDL DOHV GDF D SURGXVXOXL UHVSHFWLY DIDFHUL FX ILUPHOH

GH DIDFHUL L D FRPSDQLLORU ORU &X VLJXUDQ WUHEXLH V

 RDPHQLL GH DIDFHUL SUHIHU

VDX PDL PXOWH ILUPH LGHQWLFH 2 GHILQL LH L VFKLPEXO UHFLSURF $FHVWHD

VWDQGDUG D UHOD LLORU SXEOLFH YRUEHWH GHVSUH UDSRUWXUL  UHSXWD LH EXQ ILUP  5HOD LLOH SXEOLFH YRU IL vPEXQ W

VXQW FXYLQWHOH FKHLH FDUH DU WUHEXL XWLOL]DWH vQ FUHDUHD SURJUDPXOXL GH UHOD LL SXEOLFH SHQWUX ILHFDUH LWH FkQG XQ HYHQLPHQW SRDWH IL DGDSWDW VSUH VDWLVIDFHUHD vQ MXUXO HYHQLPHQWXOXL UH]XOWDWHOH UHOD LLORU

FOLHQ LORU L D SLH HL DFRUGDUHD GH DXWRJUDIH SRWHQ LDOLORU FOLHQ L GH F WUH DFWRUL VFULLWRUL RDPHQL SROLWLFL GH H[HPSOX  &X R SXEOLFLWDWH ELQH RUJDQL]DW SXEOLFH YRU IL SR]LWLYH L GH OXQJ 0XO L vQWUHSULQ] WRUL PLFL LJQRU L VXQW GHVI XUDWH FRUHFW &D UH]XOWDW DO H[SHULHQ HL DFXPXODWH vQ WLPS WHRULD GH VSHFLDOLWDWH D GH]YROWDW FHHD FH QXPLP FHOH ]HFH SRUXQFL DOH SXEOLFLW QX YRU vQWkU]LD V DSDU  LL VXQW GH D QX ULVLSL EDQLL FHOH PDL GH OD SULPD DF LXQH 0RWLYXO HVWH F LL 8UPDWH FX VWULFWH H GH F WUH R ILUP  UH]XOWDWHOH SR]LWLYH GXUDW  DFHDVW PRGDOLWDWH GH D S VWUD FRPSDQLLOH ORU vQ PLQWHD L LQLPD GDF OL VH DFRUG WLPSXO QHFHVDU

5HOD LLOH SXEOLFH EXQH SR]LWLYH FRQWULEXLH IRDUWH PXOW OD VXFFHVXO RDPHQLORU GH DIDFHUL FOLHQ LORU ORU 5HOD LLOH SXEOLFH SRW IL XQ PDUH DYDQWDM SHQWUX ILUP

&HOH ]HFH SRUXQFL DOH SXEOLFLW

 6WDELOL L OLPLWD FKHOWXLHOLORU VDX UHDOL]D L XQ PRG LVWH  1X XWLOL]D L UDGLRXO L WHOHYL]LXQHD vQF

EXQH UHFODPH UDGLR L WHOHYL]DWH FXSULQG GRDU XQ SURGXV XQ HYHQLPHQW L XQ PHVDM vQ WLPSXO FHORU   VHFXQGH Q DFHVW WLPS VFXUW FOLHQWXO QX SRDWH UH LQH ORFDOLWDWHD DOWH VHUYLFLL DFRUGDWH VDX SUH XO 'H DFHHD UHFODPD WUHEXLH UHSHWDW SXEOLFXO V UHFXQRDVF GH IRDUWH PXOWH RUL FHHD FH JHQHUHD] FRVWXUL IRDUWH PDUL 'HFL QX vQFHUFD UDGLRXO L WHOHYL]LXQHD SkQ  6 PLF VDX QXO  &UHD]  L R LPDJLQH 8Q VLPERO GHVHQDW SURIHVLRQDO L XQ VWDQGDUG WLS ULW UHSUH]LQW SULPLL SDL vQ FUHDUHD LPDJLQLL XQHL ILUPH 7RDW LGHQWLILF P FX FRPSDQLLOH SH FDUH OH OXPHD HVWH IDPLOLDUL]DW $OHJH RULFH UHYLVW FX LQL LDOHOH ,%0 VDX FX QD LRQDO F L XLW WH OD DUFXULOH JDOEHQH DOH ILUPHL 0F'RQDOG
V 1RL UHFXQRDWHP DFHVWH LPDJLQL QXPLWH ORJR L DXWRPDW OH UHSUH]LQW  SXEOLFLWDWHD UHDOL]DW GH FHOH PDL PDUL L SOLQH GH VXFFHV FRPSDQLL 2EVHUY XWLOL]HD] DFHODL FH FRPSDQLD WD QX HVWH ELQH vQWHPHLDW  DVWIHO vQFkW

QXPHOH L V O LGHQWLILFH FX SURGXVH VSHFLILFH L VHUYLFLL

QX IDFL SXEOLFLWDWH vQ SURJUDPH L UHYLVWH DQXDOH (IHFWXO DVXSUD YkQ] ULL YD IL IRDUWH

IRUPDW GH UHFODP  DFHODL VWLO L DFHODL FRQWXU L LQFOXG DFHODL ORJR vQ WRDWH UHFODPHOH (L DX R LPDJLQH L DVWD YUHL L WX &HL FDUH OXFUHD] VFKL H FX LGHLOH WDOH DSRL XWLOL]HD] SHQWUX ILUPHOH PDUL SRW OXFUD L SHQWUX WLQH V UHDOL]H]L FkWHYD DUWLVWXO V DOHDJ L /DV &XP V  L IDFL R LPDJLQH" Q SULPXO UkQG FUHHDW  L XQ ORJR QFHDUF XQ SURIHVLRQLVW SHQWUX D OH vPEXQ W LGHLOH OXL I VXJHVWLL GDF FHHD FH PHUJH FHO PDL ELQH ([DPLQHD]

YUHL L KRW U WH FDUH HVWH FHO PDL OH SRDUWH DQJDMD LL

EXQ ORJR SHQWUX WLQH 1XPDL DFXP WLS UHWHO 'H DVHPHQHD SR L FUHD XQ VORJDQ SH FDUH V O XWLOL]H]L vQ UHFODPH DQWHW GH VFULVRUL F U L GH YL]LW 'H FHOH PDL PXOWH RUL UHSUH]LQW L FKLDU XQLIRUPH SH FDUH V  )RORVHWH SRWD 3XEOLFLWDWHD SULQ SRW FHD PDL EXQ IRUPH GH FRPXQLFDUH L HVWH XQ DYDQWDM SHQWUX F  QFHDUF  QFHDUF XQ DGHY UDW RF V DUH R WD[ SRDWH IL FHO PDL HILFLHQW PRG GH D DWUDJH FOLHQ LL GLQ FH vQ FH PDL SX LQL FRQFXUHQ L R YRU XWLOL]D GH PXOWH RUL ]LDUXO ORFDO

IRORVLUH D EDQLORU (VWH XQD GLQ FHOH PDL RELQXLWH

SHQWUX D IDFH SXEOLFLWDWH SURGXVHORU L VHUYLFLLORU ORU ]LDUXO ORFDO &XYkQWXO FKHLH HVWH vQFHDUF  SHQWUX F FOLHQ LL DIDFHUHD HVWH vQWUXQ RUD PDUH YD IL GH ]LDUXO SULQFLSDO HGL LLOH UHJLRQDOH DOH XQRU ]LDUH PDUL 'DF UHSUH]LQW HVWH R SLHUGHUH GH EDQL L QX LQIOXHQ HD]

YH]L WD[HOH GH SXEOLFLWDWH SHUFHSXWH GH ]LDUHOH FHQWUDOH )LHFDUH HGL LH UHJLRQDO QXPDL R SDUWH GLQ WD[D SHUFHSXW

GH SXEOLFLWDWH FDUH vQV

$FHVW

OXFUX

SHUPLWH

PLFLORU

vQWUHSULQ] WRUL

IDF

UHFODP

vQWUR

DQXPLW

UHJLXQH

OD

XQ

SUH

UH]RQDELO  &RPXQLF FRQIHULQ FX SLD D FHO SX LQ R GDW SH OXQ  $PLQWHWH L F SXEOLFLWDWHD HVWH UHFODP JUDWXLW  =LDUHOH DX QHYRLH V L XPSOH SDJLQLOH vQ ILHFDUH ]L 'DF GH SUHV  RIHU SUHRFXSDUH HVWH vQV J VLUHD XQHL LGHL FDUH PHULW DQXQ DUHD XQXL SURLHFW FHUH R GH SUHV  'DF ]LDUXO HVWH

DWXQFL ]LDULWLORU WLUL SH FDUH DFHWLD OH YRU UHODWD vQ ]LDUHOH ORU 3ULPD vQWUDGHY U R FRQIHULQ

LQWHUHVDW GH QRXWDWH v L SRW WHOHIRQD SHQWUX XQ LQWHUYLX VDX SXU L VLPSOX YRU SXEOLFD FHHD FH D L FRPXQLFDW OD R FRQIHULQ D GH SUHV  )RORVHWH SXEOLFLWDWHD FkW GH GHV HVWH SRVLELO  &UHHD] vQ PRG FRQVWDQW HYHQLPHQWH 3R L UHJL]D XQ HYHQLPHQW DGXFkQG DFROR XQGH v L DFRUGH DXWRJUDIH WULFRXUL HSFL 'DF vQWkOQHDVF FOLHQ LL VDX FHHD FH IDF FHLODO L HYHQLPHQWH QX VH vPSDF FHYD FH FX PDUHOH SXEOLF YHGHWHOH SRW IL DGXVH V FRUHVSXQGH DIDFHULL WDOH vQFHDUF  GHVI RUL DFWLYLWDWHD XQD VDX PDL PXOWH YHGHWH ORFDOH FDUH V DIDFHUHD GXPQHDYRDVWU vQWUHSULQ] WRUL V 'DF

L FRSLLL ORU OD XQ SLFQLF VSHFLDO 6XQW PXOWH LGHL SH FDUH OH SR L IRORVL DQDOL]HD] YH]L SURPRY UL YRU IL GLVWUDFWLYH 9RU vQFXUDMD FOLHQ LL V SXL ED]HOH XQHL DIDFHUL SXWHUQLFH  vPEXQ W GRPHQLXO 8UP UHWH UH]XOWDWHOH FX FRPHQWDULL 8QXO GLQWUH FHOH PDL YDORURDVH FXSULQG DFWLYLW L JkQGHDVF

$FHVWH

ELQH GHVSUH DIDFHUHD WD L WH YD DMXWD LQVWUXPHQWH $FHDVWD YD SHQWUX DMXWD OD

LUHD L VXFFHVXO DIDFHULORU HVWH FRPXQLF ULL

LQHUHD XQXL MXUQDO FDUH V GHVSUH HILFLHQ D ILHF UHL

WRW FHHD FH VD I FXW vQ

GHWHUPLQDUHD D FHHD FH PHUJH L GH FH 3RUQLQG GH OD DFHDVW FDUH YD DVLJXUD UH]XOWDWH PDL EXQH vQ YLLWRU 0DUNHWLQJXO PRGHUQ vQVHDPQ

DQDOL]

SR L UHDOL]D XQ SODQ GH VXFFHV

PDL PXOW GHFkW D UHDOL]D XQ SURGXV EXQ D VWDELOL XQ SUH FRPXQLFH DWkW FX GHVI RDUH R WUHEXLH V

DWUDFWLY SHQWUX DFHVWD L DO IDFH DFFHVLELO FRQVXPDWRULORU YL]D L )LUPHOH WUHEXLH V FOLHQ LL ORU DFWXDOL FkW L FX FHL SRWHQ LDOL Q PRG LQHYLWDELO ILHFDUH ILUP GLYHUVLWDWH GH DFWLYLW L GH FRPXQLFDUH 0L[XO GH FRPXQLFDUH QXPLW L PL[ SURPR LRQDO FRQVW LQVWUXPHQWH SULQFLSDOH  3XEOLFLWDWHD RULFH IRUP VHUYLFLL SO WLW LPSHUVRQDO

vQ XWLOL]DUHD XQXL QXP U GH FLQFL

GH SUH]HQWDUH L SURPRYDUH D XQRU LGHL EXQXUL VDX

GH F WUH XQ VSRQVRU SUHFLV LGHQWLILFDW FX RDPHQLL SHQWUX D FRPXQLFD VDX D VROLFLWD U VSXQVXUL GH VWLPXOHQWH SH WHUPHQ VFXUW FX VFRSXO GH D vQFXUDMD SURPRYH]H VDX V FX XQXO VDX SURWHMH]H SH SLD PDL PXO L FOLHQ L WRUXO

 3XEOLFLWDWHD GLUHFW  XWLOL]DUHD VHUYLFLLORU SRWDOH k D WHOHIRQXOXL VDX D RULF URU DOWRU PLMORDFH LPSHUVRQDOH GH D LQWUD vQ OHJ WXU F WUH VDX GLQ SDUWHD XQRU FOLHQ L ELQH SUHFL]D L k $FHWLD SRW IL FOLHQ L DFWXDOL VDX SRWHQ LDOL  3URPRYDUHD YkQ] ULORU DFRUGDUHD FOLHQ LL V vQFHUFH VDX V   5HOD LLOH 9kQ]DUHD SXEOLFH DFKL]L LRQH]H XQ DQXPLW SURGXV VDX VHUYLFLX SURJUDPH GLYHUVH PHQLWH V LQWUDUHD vQ OHJ WXU vQ HOHDJ

LPDJLQHD ILUPHL VDX D SURGXVHORU HL SHUVRQDO  QHPLMORFLW SRWHQ LDOL vQ VFRSXO GH D OH YLQGH FHYD 6SHFLDOLWLL vQ PDUNHWLQJ WUHEXLH V WUHEXLH V UDGLR HPL HODERUH]H R IRUP GHFLG WRUXO WUHEXLH V WLS ULWH HO WUHEXLH V FXP IXQF LRQHD] FRPXQLFD LLOH (PL GH SUH]HQWDUH FRQYLQJ WRDUH SHQWUX PHVDMXO V X Q FD]XO XQHL UHFODPH WLWOXO WH[WXO LOXVWUD LLOH L FXORULOH 'DF DOHDJ FX JULM DWkW FXYLQWHOH FkW L FDOLW PHVDMXO YD IL WUDQVPLV SULQ LOH YRFLL 7LPEUXO YRFLL XQXL

FUDLQLF FDUH IDFH UHFODP XQXL DXWRPRELO QRX 'DF 3UH]HQWDWRULL WUHEXLH V SLHSW Q WXULL 'DF HPL WRUXO WUHEXLH V

XQXL DXWRPRELO X]DW WUHEXLH V PHVDMXO WUHEXLH V

ILH GLIHULW GH DO XQXLD FDUH IDFH UHFODP

ILH WUDQVPLV SULQ LQWHUPHGLXO WHOHYL]LXQLL VDX vQ PRG LQXWD YHVWLPHQWDU  LQXWD FRUSRUDO L OD VWLOXO

GLUHFW SHUVRQDO DWXQFL WUHEXLH V

ILH SODQLILFDWH DWHQW WRDWH DFHVWH HOHPHQWH SOXV OLPEDMXO WUXSXOXL

ILH DWHQ L OD PLPLF  JHVWXUL

PHVDMXO HVWH WUDQVPLV SULQ LQWHUPHGLXO SURGXVXOXL VDX DO DPEDODMXOXL DFHVWXLD DFRUGH R DWHQ LH GHRVHELW FXORULL WH[WXULL PLURVXOXL P ULPLL L IRUPHL  DH]DWH ILHFDUH OkQJ DX YDVXO URX FD XQ URO GH FRPXQLFDUH IRDUWH LPSRUWDQW vQ PDWHULH GH SUHIHULQ H DOLPHQWDUH JXVWH GLQ SDWUX FHWL GH FDIHD FDUH IXVHVHU FDIHDXD ILLQG OD IHO  

&XORDUHD MRDF

$WXQFL FkQG XQRU IHPHL OL VD GDW V VLP LW F FHD GH OkQJ

XQ YDV PDURQ XQXO DOEDVWUX XQXO URX L UHVSHFWLY XQXO JDOEHQ WRDW YDVXO PDURQ HUD SUHD WDUH 

DX FRQVLGHUDW FDIHDXD GH OkQJ

ILLQG FHD PDL DURPDW  DSURDSH WRDWH DX VLP LW FDIHDXD GH OkQJ FDIHDXD GH OkQJ YDVXO JDOEHQ FD ILLQG VODE  )LUPHOH GH SXEOLFLWDWH VH GLIHUHQ LD]

YDVXO DOEDVWUX FD ILLQG SRWULYLW

LDU

SULQ JUDGXO ORU GH FUHDWLYLWDWH 'XS QX XLW P F WLPSXOXL GDWRULW

FXP UHPDUFD P LHVWULHL FX

:LOOLDP %HUQEDFK IDSWHOH QX VXQW VXILFLHQWH 6

6KDNHVSHDUH D XWLOL]DW FkWHYD LQWULJL

GHVWXO GH EDQDOH L FX WRDWH DFHVWHD PHVDMHOH WULPLVH GH HO UH]LVW FX SXEOLFLWDWHD OD WHOHYL]LXQH DSURDSH GH GRX .LQJ L WRWXL WHOHVSHFWDWRULL DX GHFODUDW F DFHVWHD OHDX SO FXW PDL PXOW FXQRVFXW L DSUHFLDW

FDUH DX IRVW UHDOL]DWH 'H H[HPSOX vQ  ILUPD 0F 'RQDOG


V D FKHOWXLW  PLOLRDQH GH GRODUL RUL PDL PXOW GHFkW D FKHOWXLW ULYDOD VD ILUPD %XUJHU vL DPLQWHVF ELQH UHFODPHOH ILUPHL %XUJHU .LQJ L F SHQWUX EHUHD

GHFkW UHFODPHOH ILUPHL 0F 'RQDOG


V 7RW vQ DFHODL DQ FHD PDL L GLVFXWkQG vQ FRQWUDGLFWRULX vQ

FRPSDQLH GH SXEOLFLWDWH OD WHOHYL]LXQH D FRQVWLWXLWR FHD UHDOL]DW

0LOOHU FDUH SUH]HQWD SHUVRQDOLW L GLQ OXPHD VSRUWXOXL L DOWH FHOHEULW MXUXO XUP WRDUHL LGHL DYDQWDMXO RIHULW GH EHUHD 0LOOHU FRQVW F HVWH PDL SX LQ V LRDV  $FHDVW

vQ JXVWXO HL IRDUWH EXQ VDX vQ IDSWXO

FDPSDQLH D GHS LW FD SHUIRUPDQ H WRDWH FHOHODOWH FDPSDQLL

GH SXEOLFLWDWH SHQWUX EHUH GHL SHQWUX PXOWH GLQWUH DFHVWHD VDX FKHOWXLW PDL PXO L EDQL ,PSDFWXO PHVDMXOXL GHSLQGH QX QXPDL GH FHHD FH VH VSXQH GDU L GH PRGXO vQ FDUH VH VSXQH 8QHOH UHFODPH vL SURSXQ V SURGXVXOXL FDUH DSHOHD] FDOPHD] SUH]LQW DGRSWH XQ SXQFW GH YHGHUH UD LRQDO DOWHOH XQ SXQFW GH YHGHUH SUH]LQWH R FDUDFWHULVWLF VDX XQ DYDQWDM DO OD D PLQ LL RPHQHWL 9 IDFH UXIHOH PDL FXUDWH 9 OD DXWRPRELOXO 1LVVDQ FDUH XQHOH DVRFLHUL L XQHOH HPR LRQDO (VWH WLSLF SHQWUX UHFODPHOH DPHULFDQH V OD ODWXUD UD LRQDO

PDL UHSHGH L DD PDL GHSDUWH 5HFODPHOH MDSRQH]H VXQW PDL SX LQ GLUHFWH L DSHOHD] QX DXWRPRELOXO FL VFHQH PLQXQDWH GLQ QDWXU GHVWLQDWH V SURGXF

HPRWLYLWDWHD FRQVXPDWRUXOXL XQ DVWIHO GH H[HPSOX D IRVW UHFODPD I FXW

UHDF LL HPR LRQDOH $OHJHUHD WLWOXULORU D PRGXOXL GH SUH]HQWDUH SUHFXP L D DOWRU FDUDFWHULVWLFL SRDWH PRGLILFD LPSDFWXO UHFODPHL 7UDQVPLWHUHD PHVDMXOXL SRDWH IL GHFLVLY GHWHUJHQ LL SHQWUX SURGXVH IRDUWH DVHP Q WRDUH FXP DU IL GH R DQXPLW PDUF VXQW XOXLWRDUH 3HQWUX LJ ULOH FDIHDXD L YRGFD 9RGFD HVWH SULYLW  vQ JHQHUDO FD XQ EXQ GH ODUJ FRQVXP FDUDFWHULVWLFL VXQW vQWUH LQXWH YkQ]kQG LPDJLQHD SURGXVXOXL L QX $EVROXW D S WUXQV SH SLD D DPHULFDQ  ILUPD D YkQGXW vQ DQXO  YkQ] ULOH FUHVFXVHU PDUF GH GH YRGF FX FUHVF DVHPHQHD R OD GH LPSRUW GLQ UHSH]LFLXQH YRGF HVWH

7RWXL SH SLD D YRGFLL SUHIHULQ D L ILGHOLWDWHD ID PDMRULWDWHD P UFLORU DFHVWH GRX SURGXVXO vQVXL Q  FkQG PDUFD VXHGH]

GHVFXUDMDWRDUHD FDQWLWDWH GH  GH O ]L FX YRGF  3kQ $PHULFD GH LQkQG  GLQ SLD  9kQ] ULOH HL JOREDOH

 O ]L SH DQ 0DUFD $EVROXW D GHYHQLW FHD PDL YkQGXW XOXLWRDUH $UPD VD VHFUHW  R VWUDWHJLH HILFLHQW HVWH GHVWLQDW vPEXWHOLDW SLFWRJUDP vQWUR VWLFO

GH SR]L LRQDUH DPEDODUH L SXEOLFLWDWH $EVROXW vQ LHUDUKLD VRFLDO  $FHDVW

E XWRULORU UDILQD L ERJD L L FDUH DYDQVHD] FD SLHV FHQWUDO

FLXGDW  FX DVSHFW GLVWLQV VXJHUkQG DXVWHULWDWHD VXHGH]  6WLFOD D GHYHQLW R vQ FDGUXO ILHF UHL UHFODPH vQVR LW GH MRFXUL GH FXYLQWH YUHRGDW 

L HVWH XWLOL]DW

FXP DU IL $EVROXW PDJLF VDX $EVROXW U SLWRDUH &DPSDQLD GH SXEOLFLWDWH SHQWUX PDUFD $EVROXW D FkWLJDW PDL PXOWH SUHPLL L GLVWLQF LL GHFkW RULFH DOW (PL *DPEOH DGRSW RSXV VH VLWXHD] WRUXO WUHEXLH GH DVHPHQHD V DOHDJ FDPSDQLH GH SXEOLFLWDWH UHDOL]DW XQWRQ SRWULYLW SHQWUX UHFODP  )LUPD 3URFWHU

vQ PRG FRQWLHQW XQ WRQ SR]LWLY UHFODPHOH VDOH VSXQ vQWRWGHDXQD FHYD OD VXSHUODWLY UHFODPHOH ILUPHL 9RONVZDJHQ SHQWUX IDLPRVXO HL F U X  UHFODPH FDUH DGRSW  vQ

GHVSUH SURGXV 8PRUXO HVWH HYLWDW SHQWUX D QX VH GLVWUDJH DWHQ LD SXEOLFXOXL GH OD PHVDM /D SROXO PRG WLSLF XQ WRQ XPRULVWLF L DXWRLURQLF 8Q DOW PLMORF GH SXEOLFLWDWH SURPL SUH XUL VSHFLDOH OL VD DG XJDW R SOHLDG WRU HVWH vQVXL PDJD]LQXO ,QVWUXPHQWHORU SURPR LRQDOH PDL YHFKL GLQ FDGUXO PDJD]LQHORU FXP DU IL SDQRXULOH GH OD FDSHWHOH FXORDUHORU L DILHOH FDUH DQXQ GH QRL LQVWUXPHQWH GH UHFODP  8QHOH VXSHUPDUNHWXUL YkQG VSD LX SH SDUGRVHDOD ORU SHQWUX VLJOHOH ILUPHORU 6H IDF H[SHULPHQWH L FX UDIWXULOH YRUELWRDUH FX DMXWRUXO F URUD FXPS U WRULL RE LQ LQIRUPD LL DWXQFL FkQG WUHF SULQ GUHSWXO XQRU VWDQGXUL FX SURGXVH DOLPHQWDUH 2 ILUP SH SDUFXUVXO D  PHVDMH SURPR LRQDOH D LQWURGXV YLGHRLQIRUPDWRUXO XQ DSDUDW FH FRQ LQH XQ HFUDQ GH FDOFXODWRU FDUH GLQ WLPSXO GH IXQF LRQDUH SUH]LQW FRQVXPDWRUXOXL LQIRUPD LL SULYLWRDUH OD GLQ WLPSXO GH IXQF LRQDUH SUH]LQW

DYDQWDMHOH RIHULWH GH DQXPLWH SURGXVH LDU SH SDUFXUVXO D 

Q FD]XO SURPRY ULL YkQ] ULORU SHUVRDQD FDUH HODERUHD] DFWLYLWDWH WUHEXLH V LQ VHDPD GH WLSXO GH SLD GH FRQGL LLOH FRQFXUHQ HL L GH HILFLHQ D HFRQRPLF FXSRDQHOH RIHUWHOH GH UHWXUQDUH D EDQLORU

SODQXULOH UHIHULWRDUH OD DFHDVW LL GH SURPRYDUH D YkQ] ULORU

 GH RELHFWLYHOH DFWLYLW

D ILHF UXL LQVWUXPHQW vQ SDUWH YkQ] ULOH JUXSDWH RIHUWHOH SDFKHW  LOH

3ULQFLSDOHOH LQVWUXPHQWH GH UHDOL]DUH D SURPRY ULL SH SLH HOH GH FRQVXP VXQW PRVWUHOH UDEDWXULOH  UHFRPSHQVHOH SUHPLLOH SUHPLLOH GH ILGHOLWDWH vQFHUF ULOH JUDWXLWH JDUDQ LLOH SURGXVHORU DFWLYLW GH SURPRYDUH vQ FRODERUDUH L FHOH GH SURPRYDUH vQFUXFLDW  SXEOLFLWDWHD OD ORFXO YkQ] ULL 0RVWUHOH VXQW RIHUWH JUDWXLWH GLQWUXQ SURGXV VDX VHUYLFLX 0RVWUD SRDWH IL OLYUDW GRPLFLOLX WULPLV SULQ SRW  RIHULW vQ PDJD]LQH DWDDW GLUHFW OD XQ XQXL DOW SURGXV VDX FD SDUWH D XQHL RIHUWH vQFUHGHUH vQ QRXO HL SURGXV

SURPR LRQDOH 2IHULUHD GH PRVWUH HVWH FHO PDL HILFLHQW L FHO PDL VFXPS PRG GH D ODQVD SH SLD SURGXV QRX 'H H[HPSOX ILUPD /HYHU %UDWKHUV D DYXW DWkW GH PXOW FRVWkQG  PLOLRDQH GH GRODUL

GHWHUJHQWXO 6XUI vQFkW D GLVWULEXLW PRVWUH JUDWXLWH OD SDWUX GLQ FLQFL IDPLOLL DPHULFDQH DF LXQHD &XSRDQHOH VXQW FHUWLILFDWH FDUH GDX SRVHVRUXOXL GUHSWXO GH D EHQHILFLD GH R UHGXFHUH GH SUH ELQH SUHFL]DW DWXQFL FkQG DFKL]L LRQHD] XQ DQXPLW SURGXV &XSRDQHOH SRW IL WULPLVH SULQ SRW  LQFOXVH vQ DQXPLWH SURGXVH VDX DWDDWH OD DFHVWHD RUL vQVHUDWH vQ UHFODPH FH DSDU vQ UHYLVWH L ]LDUH &XSRDQHOH SRW IL HILFLHQWH DWkW SHQWUX VWLPXODUHD YkQ] ULORU XQHL P UFL PDWXUH FkW L SHQWUX DL GHWHUPLQD SH FOLHQ L V FXSRDQHOH WUHEXLH V vQFHUFH GH WLPSXULX R QRX PDUF  ([SHU LL FUHG F  )LUPD 3URFWHU SHQWUX D IL HILFLHQWH *DPEOH D S WUXQV SH IDPLOLLORU GLQ ]RQ XQ RIHUH UHGXFHUL GH SUH vQWUH  L 

SLD D 3LWWVEXUJKXOXL FX PDUFD VD QXPLW

)ROJHU GLVWULEXLQG SULQ SRW

FXSRQ FDUH RIHUHD R UHGXFHUH GH  GH FHQ L OD R FXWLH GH  NLORJUDPH L LQWURGXFkQG vQ ILHFDUH FXWLH XQ FXSRQ FDUH RIHUHD R UHGXFHUH GH  FHQ L 2IHUWHOH DFKL]L LRQDUHD GH UHWXUQDUH GDU QX OD D EDQLORU UDEDWXULORU GH GHVIDFHUH JDUDQWHD] FX R UHGXFHUH GH SUH GXS WULPLWH P UILL PDJD]LQXO DP QXQWXO &RQVXPDWRUXO

IDEULFDQWXOXL R GRYDG F

D HIHFWXDW DFKL]L LD LDU DFHVWD vL UHWXUQHD] SULQ SRW

R SDUWH GLQ

SUH XO GH DFKL]L LRQDUH D SURGXVXOXL )LUPD 7DUD D UHDOL]DW R FDPSDQLH LQWHOLJHQW SUHVH]RQ D XQRU PRGHOH GH KDLQH SHQWUX LDUQ  RIHULQG XQ UDEDW GDF DFHDVW DPkQ RIHUW GDWRULW WLPSXOXL IRDUWH VFXUW GH UHDF LH 3H GH DOW VH DQXQ FXPS U WRUXOXL VH VLWXDX VXE PHGLD PXOWLDQXDO  FRQFXUHQ D QX D IRVW FDSDELO

GH SURPRYDUH vQ V FRQWUDFDUH]H

QLQVRULOH GLQ ]RQD SLH HL

SDUWH UDEDWXULOH RIHULWH FX RFD]LD

FXPS U ULL DXWRPRELOHORU DX GHYHQLW DWkW GH RELQXLWH vQFkW PXO L FXPS U WRUL GH DXWRWXULVPH DFKL]L LD XQHL PDLQL SkQ 9kQ] R UHGXFHUH D DFRUGDUHD XQXL UDEDW 'HRDUHFH PDMRULWDWHD ILUPHORU PDUH OXFUX SH DPEDODMXO SURGXVH FRQVXPDWRULORU SRVLELOLWDWHD GH D EHQHILFLD GH LQGLFDW SH HWLFKHW VDX UHGXV FXP DU IL YkQ]DUHD D GH GLQ L  9kQ] ULOH JUXSDWH FKLDU GHFkW SURGXF WRDUH GH DXWRPRELOH RIHU SUH XOXL RELQXLW UDEDWXUL DSURDSH LGHQWLFH SULQ DFHDVWD QX VH FkWLJ DO SURGXVXOXL UHGXFHUH

ULOH JUXSDWH RIHUWHOH SDFKHW RIHU

SURGXVXOXL UHVSHFWLY (OH SRW vPEU FD IRUPD YkQ] ULORU JUXSDWH OD SUH GRX vQUXGLWH FDUH VXQW YkQGXWH vPSUHXQ FXSRDQHOH 5HFRPSHQVHOH FDGRXULOH VXQW P UIXUL IXUQL]DWH OD SUH GH H[HPSOX R SHULX L R SDVW

SURGXVH OD SUH XO XQXLD VLQJXU VDX SRDWH DYHD IRUPD RIHUWHL SDFKHW FRQVWkQG vQ GRX

VXQW IRDUWH HILFLHQWH vQ VWLPXODUHD YkQ] ULORU SH WHUPHQ VFXUW vQWUR PDL PDUH P VXU UHGXV

VDX RIHULWH JUDWXLW FX URO FX SURGXVXO

GH VWLPXOHQW SHQWUX DFKL]L LRQDUHD XQXL DQXPLW SURGXV 8QHOH VXQW RIHULWH vPSUHXQ UHDOL]DW R FDPSDQLH GH SURPRYDUH vQ FDGUXO F UHLD D LQWURGXV vQ SXQJLOH GH KUDQ HVWH XQ FRQWDLQHU UHIRORVLELO SRDWH IRORVL FD UHFRPSHQV  ([LVW VXQW DUWLFROH WULPLVH FRQVXPDWRULORU FDUH H[SHGLD] GRYDG FDUH SRDWH HVWH IL XQ XQ IUDJPHQW YkQGXW GLQ VXE DXWROLFKLGHD] DUWLFRO SUH XO R GRYDG QRUPDO DPEDODMXO

ILLQG vQVHUDWH ILH vQ LQWHULRUXO DPEDODMXOXL ILH vQ LQWHULRUXO SURGXVXOXL )LUPD 4XDNHU 2DWV D SHQWUX FkLQL PDUFD .HQ 5DWLRQ PRQHGH GH DXU L DUJLQW vQ YDORDUH GH  PLOLRDQH GH GRODUL $PEDODMXO vQVXL GDF L FDGRXUL RIHULWH SULQ SRW  DFHVWHD F DX DFKL]L LRQDW XQ DQXPLW RELHFW 8Q FDGRX FDUHO DOH F UXL VWRFXUL VH VROLFLW  $FWXDOPHQWH

DFHVWXLD

FOLHQ LORU

SURGXF WRULL RIHU

FRQVXPDWRULORU WRW IHOXO GH FDGRXUL FDUH DX vQVFULVH SH HOH QXPHOH ILUPHL DVWIHO

FRQVXPDWRUXO SURGXVHORU ILUPHL %XGZHLVHU SRDWH FRPDQGD WULFRXUL EDORDQH FX DHU FDOG L VXWH GH DOWH DUWLFROH FDUH DX vQVFULVH SH HOH QXPHOH ILUPHL

3UHPLLOH FRQFXUVXUL WRPEROH MRFXUL FRQVWDX vQ SRVLELOLWDWHD GH D FkWLJD EDQL H[FXUVLL VDX RELHFWH FD UH]XOWDW DO DFKL]L LRQ ULL XQXL SURGXV 8Q FRQFXUV FHUH FRQVXPDWRULORU V ILUPHL R PLF OXFUDUH VFULV R SRH]LRDU  R HYDOXDUH R VXJHVWLH FDUH YD IL H[DPLQDW FHUH FRQVXPDWRULORU V MXULX FH YD VHOHF LRQD FHOH PDL EXQH OXFU UL 2 WRPERO ILHFDUH GDW WULPLW GH F WUH XQ

SDUWLFLSH OD R

H[WUDJHUH D XQRU ELOHWH SH FDUH HVWH vQVFULV QXPHOH ORU 8Q MRF RIHU SRW DMXWD SH SRVHVRUXO ORU V FD] F FkWLJH XQ DQXPLW SUHPLX 2 ILUP

FRQVXPDWRULORU FkWH FHYD GH SURGXF WRDUH GH LJ UL D

FkQG FXPS U  GH H[HPSOX SRW IL RIHULWH QXPHUH GH ELQJR VDX OLWHUH GHVSHUHFKHDWH FDUHO EULWDQLF DQVD GH D FkWLJD SkQ OD   GH GRODUL vQ

LQWURGXV vQ ILHFDUH SDFKHW XQ ELOHW GH ORWHULH FDUH RIHU

ELOHWXO HUD FkWLJ WRU 8QHRUL PL]D HVWH R SHUVRDQ  DD FXP VD vQWkPSODW DWXQFL FkQG ILUPD

&DQDGD 'U\ D RIHULW FkWLJ WRUXOXL XQ PLOLRQ GH GRODUL VDX SRVLELOLWDWHD GH D OXD PDVD vQ FRPSDQLD DFWUL HL -RDQ &ROOLQV DX IRVW SUHIHUD L EDQLL vQ DFHVW FD]  3UHPLLOH GH ILGHOLWDWH VXQW YDORUL RIHULWH VXE IRUP VXQW SURSRU LRQDOH FX ILGHOLWDWHD SXQ FOLHQWXOXL OD ID GH XQ 0DMRULWDWHD ILUPHORU DHULHQH GLVSR]L LD F O WRULORU GH QXPHUDU VDX VXE DOWH IRUPH FDUH YkQ] WRU VDX JUXS GH YkQ] WRUL SDVDJHULORU VXE DDQXPLWHOH SODQXUL DOH DQXPLW

ILGHOL FDUH RIHU

SHQWUX QXP UXO GH NLORPHWUL GH ]ERU SDUFXUL SXQFWH FH SRW IL FRQYHUWLWH vQ H[FXUVLL GH UHFRPSHQVDUH FXQRVFXW FDUH RIHU SXQFWH XWLOL]DWRULORU KRWHOXULORU FRPSDQLHL LOH DQXDOH GH P UIXUL SH

JUDWXLWH FX DYLRQXO )LUPD 0DUULRW +RWHOV D DGRSWDW R VFKHP QXPHOH GH RDVSHWHOH GH RQRDUH VFKHP FDUH DFHWLD OH FXPS U FRQWUD PDUI DFHVWH

'LYLGHQGHOH SO WLWH GH F WUH FRRSHUDWLYH PHPEULORU ORU GHSLQG GH FDQWLW SHQWUX ILGHOLWDWH L VXQW RIHULWH FOLHQ LORU FDUH FXPS U WLPEUH SH ED] ILH OD FHQWUHOH GH FRPHQ]LORU SULQ SRW QFHUF SH FOLHQ L V GH FDWDORJ

GH OD UHVSHFWLYHOH FRRSHUDWLYH 7LPEUHOH FRPHUFLDOH VXQW L HOH UHFRPSHQVH GH OD DQXPL L FRPHUFLDQ L (L SRW VFKLPED D WLPEUHORU ILH SULQ LQWHUPHGLXO U VFXPS UDUH

ULOH JUDWXLWH FRQVWDX vQ D DFRUGD FXPS U WRULORU SRVLELOLWDWHD GH D SURED vQ PRG HL vO YRU FXPS UD $VWIHO FRPHUFLDQ LL GH DXWRPRELOH vL vQFXUDMHD]

JUDWXLW SURGXVXO vQ VSHUDQ D F PRGHOXO UHVSHFWL 

WHVWH]H vQ PRG JUDWXLW XQ DXWRWXULVP SHQWUX D OH VWLPXOD LQWHUHVXO GH D DFKL]L LRQD

*DUDQ LLOH SURGXVHORU VXQW XQ LQVWUXPHQW SURPR LRQDO LPSRUWDQW GHRDUHFH FRQVXPDWRULL SUH XLHVF GLQ FH vQ FH PDL PXOW FDOLWDWHD $WXQFL FkQG ILUPD &KU\VOHU D RIHULW R JDUDQ LH GH  DQL SHQWUX DXWRPRELOHOH VDOH PXOW PDL OXQJ ILUPD 6HDUV RIHU SXWHUQLF DO FDOLW $FWLYLW JDUDQ LL SH YLD LL DFHVWRU EDWHULL LOH GH SURPRYDUH vQ FRODERUDUH FRPSRUW GRX VDX PDL PXOWH P UFL VDX ILUPH GLQ SXQFW GH YHGHUH ILQDQFLDU GH PDL PXOW HIRUWXULOH UHIHULWRDUH OD DFRUGDUHD GH FXSRDQH VDX GHVS JXELUL L RUJDQL]DUHD GH  )LUPHOH FRODERUHD] H[SXQHUH SH SLD vQ WLPS FH vQ SDUDOHO IRU HOH GH YkQ]DUH GHFkW FHD RIHULW GH ILUPHOH )RUG VDX *HQHUDO 0RWRUV FDOLWDWH ,DU IDSWXO F FOLHQ LL DX OXDW DPLQWH (L DX WUDV FRQFOX]LD F PDLQLOH &KU\VOHU VXQW GH EXQ

SHQWUX EDWHULLOH VDOH DXWR HVWH SHQWUX FXPS U WRUL XQ DUJXPHQW

FDUHL FRURERUHD] vQ VSHUDQ D F

FRQFXUVXUL SHQWUX DL LPSXQH SURGXVHOH SH SLD YRU RE LQH R PDL EXQ vPSLQJ DFHVWH DFWLYLW $FWLYLW UHFODP DOWHL

L GH SURPRYDUH F WUH GHWDLOLWL Q DFHVW IHO ILUPHOH EHQHILFLD]

ORF GH H[SXQHUH vQ PDJD]LQH SUHFXP L GH PDL PXOWH VSD LL GH UHFODP  LOH GH SURPRYDUH vQFUXFLDWH SUHVXSXQ XWLOL]DUHD XQHL P UFL SHQWUX D VH IDFH FX FDUH SULPD QX VH DIO vQ FRQFXUHQ  'H H[HPSOX vQ FD]XO SU MLWXULORU XWLOL]HD] FLRFRODWD +HUVKH\ LDU DPEDODMXO UHVSHFWLYHORU SU MLWXUL DU P UFL FRQ LQ

1DELVFR VH SRDWH DQXQ D F SXWHD FKLDU V

XQ FXSRQ GHVWLQDW FXPS U ULL XQXL SURGXV PDUFD +HUVKH\ ULL DUH ORF OD SXQFWXO GH GHVIDFHUH VDX GH YkQ]DUH 8Q H[HPSOX UDIWXO

3XEOLFLWDWHD OD ORFXO YkQ]

DU IL DILXO GH FDUWRQ FX vQDO LPHD GH  PHWUL DO ILUPHL &RFD &ROD SODVDW vQ PDJD]LQH ILH OkQJ FH H[SXQH FXWLLOH FX &RFD &ROD ILH OD FDS WXO XQXL FXORDU 3URGXF WRULL XWLOL]HD] P VXU   5HGXFHULOH GH SUH vQWUR DQXPLW FDQWLWDWH VDX V SHULRDG UHSUH]LQW XQ

PDL PXOWH LQVWUXPHQWH GH SURPRYDUH SH SLH HOH FRPHUFLDOH Q PRG LORU GH SURPRYDUH D YkQ] ULORU VXQW GLULMDWH vQWUR PDL PDUH GHFkW F WUH SURPRYDUHD SH SLH HOH GH FRQVXP

VXUSULQ] WRU IRQGXULOH GHVWLQDWH DFWLYLW

F WUH SURPRYDUHD SH SLH HOH FRPHUFLDOH 

XQ UDEDW DFRUGDW OD SUH XO GH FDWDORJ SHQWUX DFKL]L LLOH I FXWH vL vQFXUDMHD] FDUH vQ PRG SH LQWHUPHGLDUL V RELQXLW QX ODU IL FXPSHUH R FXPS UDW DUWLFRO SH

GH WLPS 2IHUWD UHVSHFWLY QRX

DFKL]L LRQH]H

,QWHUPHGLDULL SRW DSHOD ERQLILFD LLOH GH DFKL]L LRQDUH SHQWUX RE LQHUHD XQXL SURILW LPHGLDW D XQRU VSD LL GH SXEOLFLWDWH VDX D XQRU UHGXFHUL GH SUH  %RQLILFD LLOH UHSH]LQW GHVWLQDW UHFRPSHQV ULL %RQXULOH FXPS U R DQXPLW SRW DFRUGD JUDWXLW R VXP GH EDQL RIHULW IDF L GH SURGXF WRUL XQRU GHWDLOLWL vQ VFKLPEXO HVWH GH SURGXVHORU GH PDUI XQHL RIHULWH ILUPH %RQLILFD LD SUH]HQW ULL GH F WUH DFHWLD D SURGXVHORU ORU vQWUXQ DQXPLW PRG %RQLILFD LD SURPR LRQDO GHWDLOLWLORU VXQW FDUH SXEOLFLWDWH H[SXQHUH vL UHFRPSHQVHD] SHQWUX H[SXQHUHD vQWUXQ PRG VSHFLDO D SURGXVHORU DFHVWHLD FDQWLW VXSOLPHQWDUH SH SLD LQWHUPHGLDULORU FDUH R DQXPLW FDWHJRULH GH SURGXV 3URGXF WRULL

JUDWXLWH

FDQWLWDWH VDX FDUH SUH]LQW

L GH vPSLQJHUH FDUH FRQVWDX vQ VXPH GH EDQL VDX FDGRXUL RIHULWH FRPHUFLDQ LORU SURGXVHOH ORU VDX DWHQ LL SHUVRQDOH QXPHOH ILUPHL SURGXF WRDUH

GHWDLOLWL VDX IRU HL GH YkQ]DUH SHQWUX D vPSLQJH SH SLD VWLORXUL FUHLRDQH FDOHQGDUH DJHQGH FDUH SRDUW

)LUPHOH FKHOWXLHVF PLOLDUGH GH GRODUL FX LQVWUXPHQWHOH GH SURPRYDUH SH SLD D DIDFHULORU $FHVWH LQVWUXPHQWH VXQW XWLOL]DWH SHQWUX D FkWLJD SDUWHQHUL GH DIDFHUL SHQWUX D LPSUHVLRQD L SHQWUX DL UHFRPSHQVD SH FOLHQ L SHQWUX DL VWLPXOD SH PHPEULL IRU HL GH YkQ]DUH V 'H UHJXO  EXJHWHOH DQXDOH SH FDUH ILUPHOH OH DORF VXQW DSUR[LPDWLY vQ FUHWHUH GH OD XQ DQ OD DOWXO 7kUJXULOH L PDQLIHVW WkUJXUL L PDQLIHVW UL LQGXVWULDO GRPHQLX FXPS U ULOH FRPHUFLDOH $VRFLD LLOH OD QLYHO GH UDPXU )LUPHOH GH FDUH YkQG vQ SURGXVH L VHUYLFLL H[SXQHUH FDGUXO DFHVWRU WkUJXUL L RUJDQL]HD] XQXL vL LQVWDOHD] DQXDO DQXPLW DLFL FRPHUFLDOH VSHFLILFH IDF HIRUWXUL PDL PDUL ILHF UXL LQVWUXPHQW GH SURPRYDUH D DIDFHULORU

VSD LX

VWDQGXUL L DILH SHQWUX DL SUH]HQWD SURGXVHOH Q ILHFDUH DQ DX ORF SHVWH   GH WkUJXUL FDUH DWUDJ DSUR[LPDWLY  GH PLOLRDQH GH YL]LWDWRUL 1XP UXO GH YL]LWDWRUL YDULD] WkUJXUL VH DWHDSW V WUDJ vQWUH FkWHYD PLL L SHVWH  OD  GH RDPHQL vQ FD]XO PDULORU WkUJXUL GLQ GRPHQLXO LQGXVWULHL KRWHOLHUH )LUPHOH FDUH SDUWLFLS

PDL PXOWH IRORDVH SULQWUH FDUH DPLQWLP J VLUHD XQRU QRL SDUWHQHUL

FRPHUFLDOL PHQ LQHUHD FRQWDFWHORU FX FOLHQ LL ODQVDUHD QRLORU SURGXVH UHDOL]DUHD GH vQWkOQLUL FX QRL FOLHQ L FUHWHUHD YROXPXOXL GHVIDFHULORU F WUH YHFKLL FOLHQ L L HGXFDUHD FOLHQ LORU SULQ LQWHUPHGLXO SXEOLFD LLORU ILOPHORU L DOWRU PDWHULDOH DXGLR  YL]XDOH &RQFXUVXULOH GH YkQ] UH]XOWDWH PDL EXQH vQ DFWLYLWDWHD DFRUG UL UHSUH]LQW FRQFXUVXUL OD FDUH SDUWLFLS PHPEULL IRU HL GH YkQ]DUH RE LQ vQ VWDELOLWH L vQ FDGUXO OXL VH VDX GLVWULEXLWRULL XQHL ILUPH &RQFXUVXO HVWH RUJDQL]DW FX LQWHQ LD GH DL IDFH SH DFHWLD V GH GHVIDFHUH GHD OXQJXO XQHL SHULRDGH SUHPLL FHORU FDUH UHXHVF V VXQW QXPLWH SURJUDPH

UHDOL]H]H DFHVW GH]LGHUDW 0DMRULWDWHD ILUPHORU VSRQVRUL]HD] GH VWLPXODUH L DX UROXO GH DL PRWLYD SH FHL FH

ILHFDUH DQ VDX FKLDU PDL IUHFYHQW FRQFXUVXUL GH YkQ] UL OD FDUH SDUWLFLS FRQFXUVXUL SHUIRUPDQ H GHRVHELWH L GH D OH DVLJXUD UHFXQRDWHUHD PHULWHORU 3XEOLFLWDWHD VSHFLDO DJHQ LL GH YkQ] UL OH RIHU FDGRXULOH GH SURWRFRO FRQVW

IRU D ORU GH YkQ] UL $FHVWH UHDOL]HD]

vQ RELHFWH LHIWLQH L XWLOH SH FDUH V OH FUHH]H DFHVWRUD QLFL R

FOLHQ LORU HIHFWLYL L FOLHQ LORU SRWHQ LDOL I U

REOLJD LH $FHVWH RELHFWH DX vQVFULVH SH HOH QXPHOH L DGUHVD ILUPHL FRQ LQkQG L XQ PHVDM SXEOLFLWDU $UWLFROHOH RIHULWH vQ PRG RELQXLW VXQW SL[XUL FDOHQGDUH EULFKHWH L DJHQGH (OH PHQ LQ QXPHOH ILUPHL vQ DWHQ LD FOLHQWXOXL SRWHQ LDO L GDWRULW LQGLFDW F  GLQWUH SURGXF WRUL vL GRWHD] &RPXQLFD LLOH GH PDUNHWLQJ UHSUH]LQW SURPRYDUHD YkQ] ULORU SXEOLFLWDWHD GLUHFW  XWLOLW LL ORU DWUDJ SUHIHULQ HOH DFHVWXLD 2 DQFKHW D DJHQ LL GH YkQ] UL FX DUWLFROH GH SURWRFRO  XQXO GLQ FHOH SDWUX HOHPHQWH SULQFLSDOH DOH PL[XOXL WLH FXP V L IRORVHDVF SXEOLFLWDWHD SHQWUX D UHOD LLOH SXEOLFH YkQ]DUHD SHUVRQDO

GH PDUNHWLQJ DO XQHL ILUPH 6SHFLDOLWLL vQ PDUNHWLQJ WUHEXLH V

FRPXQLFD FRQVXPDWRULORU YL]D L PHVDMHOH UHIHULWRDUH OD H[LVWHQ D L OD YDORDUHD SURGXVXOXL 5H]XPDW 1R LXQHD GH FRPXQLFDUH D ILUPHL FX SLD D HVWH FRPSOH[ FRPXQLFDUH HVWH LQGLVSHQVDELO SH SLD  KRW UkWRDUH SHQWUX F L KRW UkWRDUH LQGLVSHQVDELO UHSUH]LQW L SLD R SUHPLV VH UHDOL]HD] L DUH PXOWLSOH VHQVXUL 1HYRLD GH LQH GH FKLDU H[LVWHQ D ILUPHL

SHQWUX F

GH DVLJXUDUH D VXFFHVXOXL SULQ XWLOL]DUHD XQRU LQVWUXPHQWH GLYHUVH

&RPXQLFDUHD vQWUH ILUP LPSOLFDW vQ DFHDVW IDSWXO F

&RPELQDUHD FX VXFFHV D GLIHULWHORU PHWRGH LQVWUXPHQWH L WHKQLFL GHSLQGH DWkW GH DUWD VSHFLDOLVWXOXL DFWLYLWDWH FkW L GH VWUDWHJLD PDQDJHPHQWXOXL FRPXQLF ULL (VWH WRW PDL HYLGHQW ID GH FHOHODOWH IXQF LL DOH ILUPHL IXQF LD GH FRPXQLFDUH D ILUPHL GHYLQH DXWRQRP

&RQFHSWH FKHLH

&RPXQLFDUH 7UDQVPLWHUHD XQHL LQIRUPD LL &DQDO GH FRPXQLFDUH 0LMORF FH SHUPLWH XQHL VXUVH V 3URPRYDUH $QVDPEOXO DFWLYLW LORU GH PDUNHWLQJ YHKLFXOH]H XQ PHVDM SkQ FDUH VWLPXOHD] OD UHFHSWRU FOLHQ LORU

FXPS U ULOH

&XSULQGH UHOD LLOH SXEOLFH SXEOLFLWDWHD 3URPRYDUHD YkQ] LPHGLDW

YkQ] ULOH SURPR LRQDOH VWLPXOH]H YkQ] ULOH

ULORU (YDQWDL GH WHKQLFL FDUH SHUPLWH FRPHUFLDQ LORU V

3URPRYDUH DVXSUD SXQFWHORU GH YkQ]DUH 7HKQLFL GH YkQ]DUH SURPR LRQDOH FDUH FRQVWDX vQ LGHQWLILFDUHD GH PLMORDFH FDUH V 5HOD LL SXEOLFH $FWLYLW VXVFLWH DWHQ LD SH ORFXO GH YkQ]DUH

L GH FRPXQLFDUH vQ YHGHUHD SURPRY ULL DFFHSW ULL XQXL SURGXV  ILUP 

LQFOXVLY D LPDJLQLL P UFLL ORU 3XEOLFLWDWH GH PDUF YLLWRULL FOLHQ L 3XEOLFLWDWH LQVWLWX LRQDO GLYHUV 3XEOLFLWDWH vQ IDYRDUHD PDUHOXL SXEOLF 6H UHIHU OD EXQXUL GH FRQVXP LQGLYLGXDOH  &UHDUHD SURPRYDUHD XQHL LPDJLQL D XQHL ILUPH ID GH XQ SXEOLF  $UH FD VRS V IDF FXQRVFXW YDORDUHD DYDQWDMHOH P UFLL SHQWUX

JRVSRG UHWL 3XEOLFLWDWH LQGXVWULDO  6H DGUHVHD] SUHVFULSWRULORU XWLOL]DWRULORU LQGXVWULDOL ILUPH SXEOLFH 

SULYDWH LQVWLWX LL JXYHUQDPHQWDOH 3XEOLFLWDWH GHQRWDWLY FRQYLQJ 3XEOLFLWDWH FRQRWDWLY  6H DGUHVHD] VHQWLPHQWHORU HPR LLORU L PRWLYD LLORU LQFRQWLHQWH  6H DGUHVHD] UD LXQLL VXELHFWXOXL IRORVHWH DUJXPHQWH UD LRQDOH FDXW V

3XEOLFLWDWHD FRQRWDWLY 3XEOLFLWDWHD GXU QXDQ H

QX GHPRQVWUHD]

 DUJXPHQWHD]  FL VXJHUHD] VH FXPSHUH PHVDMXO ILLQG DJUHVLY I U

 $UH XQ RELHFWLY SH WHUPHQ VFXUW V

3XEOLFLWDWH GXOFH 9L]HD] WLS FRQRWDWLY 3XEOLFLWDWH FRQFHQWUDW 3XEOLFLWDWH FRQWLQX WRDW GXUDWD FDPSDQLHL

WHUPHQXO PHGLX IDFH FXQRVFXW SURGXVXO FUHHD]

R LPDJLQH HVWH GH

 &DPSDQLH GH SXEOLFLWDWH OLPLWDW

OD R SHULRDG

D DQXOXL

 3ODQ PHGLD GXS

FDUH PHVDMHOH SXEOLFLWDUH VXQW UHSDUWL]DWH vQ PRG HJDO SH

3XEOLFLWDWH JUDWXLW

 2ULFH PHVDM FRPXQLFDW SULQ WRDWH PHGLLOH  FDUH QX HVWH SO WLW GH ILUP  0HVDM SULQ FDUH VH vQFHDUF V VH DWUDJ DWHQ LD SXEOLFXOXL DVXSUD XQHL

3XEOLFLWDWH VHOHFWLY P UFL VSHFLILFH 3XEOLFLWDWH YHUWLFDO

FRPSHQVDW 

 3XEOLFLWDWH GH UDPXU

UH]HUYDW

GLVWULEXLWRULORU

3XEOLFLWDWH RUL]RQWDO GLVWULEX LH

3XEOLFLWDWH UH]HUYDW

RSHUDWRULORU GH OD DFHODL QLYHO DO XQXL FDQDO GH

&DSLWROXO 

25*$1,=$5($ $&7,9,7 '( 0$5.(7,1*

,,

2ELHFWLYH &XQRDWHUHD WLSRORJLHL VWUXFWXULORU GH PDUNHWLQJ &XDQWLILFDUHD XQRU UHOD LL L FRUHOD LL vQWUH SURJUDPH PL[XUL PRGHOH L SODQXUL GH PDUNHWLQJ

 1(&(6,7$7($ , ,03257$1

$ 25*$1,=

5,, $&7,9,7

,, '( 0$5.(7,1* SHQWUX VXSUDYLH XLUHD ILH

Q VRFLHWDWHD FRQWHPSRUDQ  LPSRUWDQ D PDUNHWLQJXOXL HVWH HVHQ LDO ILUPHORU DYkQG vQ YHGHUH IDSWXO F RULHQWDW vQ SHUPDQHQ DFHVWHD vL GHVI RDU SRUQHDVF $VWIHO IXQGDPHQWDUHD DF LXQLORU ILUPHL WUHEXLH V F WUH FOLHQ L L F WUH SLD

DFWLYLWDWHD vQWUXQ PHGLX FRQFXUHQ LDO GH OD XUP WRDUHOH SUHPLVH ILUPD V

 QWUHDJD DFWLYLWDWH L vQWUHJ SHUVRQDOXO WUHEXLH V ILUPD QX YD

ILH FDQDOL]DWH vQ GLUHF LD VDWLVIDFHULL FHUHULORU FOLHQ LORU DFWXDOL L D FHORU SRWHQ LDOL 'DF

LQH FRQW GH DFHVWH FHULQ H YD DYHD GH VXIHULW DWkW SH WHUPHQ VFXUW GDU PDL DOHV SH WHUPHQ PHGLX L OXQJ vQ LQWHULRUXO ILUPHL VWUDWHJLLOH WDFWLYFLOH L LQVWUXPHQWHOH FRQFUHWH SULQ LQWHUPHGLXO F URUD VH UHDOL]HD] SROLWLFD JOREDO GH PDUNHWLQJ WUHEXLH V ILH FRRUGRQDWH DVWIHO vQFkW V UHSUH]LQWH XQ WRW XQLWDU &ROHFWLYXO GH VSHFLDOLWL FDUH OXFUHD] GHVI XUDWH 2 XOWLP ILUPHL HVWH SUHPLV GH vQ FRPSDUWLPHQWXO  VHUYLFLXO  GHSDUWDPHQWXO GH FDUH vL YD DVXPD UHVSRQVDELOLWDWHD DF LXQLORU vQ IXQGDPHQWDUHD DF LXQLORU D FHULQ HORU H[LJHQ HORU L FOLHQ LORU ILUPHL

PDUNHWLQJ DO ILUPHL YD IL FRRUGRQDW GH R SHUVRDQ UHSUH]HQWDW EXQD FXQRDWHUH D

SH FDUH R FRQVLGHU P DEVROXW QHFHVDU

SUHIHULQ HORU DFHVWRUD DVWIHO vQFkW U VSXQVXULOH ILUPHL V )LUPD vL GHVI RDU FkW PDL ELQH OD PHGLXO 2UJDQL]DUHD DFWLYLW V X H[WHUQ ILUPD WUHEXLH

ILH SH P VXUD FHUHULORU DFHVWRUD FXQRDVF L V O FXDQWLILFH IRDUWH H[DFW

DFWLYLWDWHD vQWUXQ PHGLX FRPSOH[ L GLQDPLF 3HQWUX D VH SXWHD DGDSWD V O QHFHVLWDWH $QDOL]D PHGLXOXL LL GH PDUNHWLQJ D

LL GH PDUNHWLQJ D ILUPHL YD SRUQL GH OD DFHDVW

H[WHUQ HVWH R DFWLYLWDWH FRPSOH[  LDU GLQ SXQFWXO GH YHGHUH DO RUJDQL] ULL DFWLYLW ILUPHL LQWHUHVHD]  vQ PRG GHRVHELW XUP WRDUHOH DVSHFWH  FXQRDWHUHD GHWDOLDW VDX   SLH H GH D SLH HORU SH FDUH ILUPD vL GHVI RDU SULQ SULVPD HOHPHQWHORU

DFWLYLWDWHD SLH H GH DSURYL]LRQDUH DOH DFHVWRUD FHUHUH RIHUW 

GHVIDFHUH

FRPSRQHQWH

SUH XUL LQWHUPHGLDUL LQIRUPD LL HWF DERUGDUHD WXWXURU SUREOHPHORU SULQ SULVPD RULHQW ULL GH PDUNHWLQJ vQ HOHJHUHD GLIHUHQ HORU H[LVWHQWH vQWUH YkQ]DUH L PDUNHWLQJ DWkW OD QLYHO WHRUHWLF FkW L vQ SUDFWLF  Q PRG VFKHPDWLF DFHVWH GLIHUHQ H SRW IL SUH]HQWDWH GXS   LQFOXGHUHD FRQFHSWXOXL GH PDUNHWLQJ VRFLDO vQ ILORVRILD GH DIDFHUL D ILUPHL FHHD FH SUHVXSXQH OXDUHD vQ FRQVLGHUDUH D XQXL QXP U GH WUHL HOHPHQWH DOH F URU LQWHUHVH WUHEXLH V VRFLHWDWHDvQ DQVDPEOXO V X FRQVXPDWRULL LQGLYLGXDOL L ILUPD ILJXUD      DQDOL]D PLFURPHGXOXL H[WHUQ DO ILUPHL FOLHQ L IXUQL]RUL LQWHUPHGLDUL FRQFXUHQ L GH LQ WRUL GH LQWHUHVH HWF DQDOL]D PDFURPHGLXOXL H[WHUQ DO ILUPHL SULQ SULVPD WXWXURU FRPSRQHQWHORU VDOH GHILQLWRULL UHVSHFWLY D PHGLLORU VRFLDOHFRQRPLF SROLWLFRMXULGLF HFRQRPLF WHKQRORJLF HWF DQDOL]D PHGLXOXL LQWHUQ DO ILUPHL GLQ SXQFWXO GH YHGHUH DO DFWLYLW LORU GHVI XUDWH PDQDJHPHQW RUJDQL]DUH FRQWURO FRQYHDUJ  FXP UH]XOW GLQ ILJXUD

91=$5( )DEULF

0$5.(7,1*

3XQFW GH SRUQLUH

3LD

3URGXV 2ULHQWDUH

&OLHQW

3URPRYDUH YkQ]DUH 0DUNHWLQJ LQWHJUDW

0LMORDFH

3URILW SULQ FUHWHUHD YkQ]mULORU 2ELHFWLYH 3URILW SULQ VDWLVIDFHUHD FOLHQ LORU

)LJXUD  'LIHUHQ H vQWUH PDUNHWLQJ L YkQ]DUH

6RFLHWDWH

&RQVXPDWRU

)LUPm

)LJXUD  ,QWHUDF LXQL vQWUH GLIHULWH WLSXUL GH LQWHUHVH

 7,385, '( 25*$1,=$5( $ $&7,9,7 '( 0$5.(7,1* 6H SRDWH DSUHFLD F H[LVW R FRQYHUJHQ

,,

vQWUH RSWLFD GH PDUNHWLQJ L GLYHUVH FXUHQWH vQ FHHD FRQYHUJHQ  YRP SUH]HQWD XQ QXP U GH WUHL WLSXUL

FH SULYHWH RUJDQL]DUHD 3HQWUX D LOXVWUD DFHDVW ELURFUDWLF L RUJDQL]DUHD GH WLS PDUNHWLQJ 2UJDQL]DUHD VRODU HVWH FHO PDL

GH RUJDQL]DUH WUHL VWDGLL DOH LVWRULHL RUJDQL] ULL L DQXPH RUJDQL]DUHD VRODU  RUJDQL]DUHD GH WLS YHFKL VLVWHP GH RUJDQL]DUH vQWkOQLW vQ VRFLHW LOH

SULPLWLYH vQWUHJ JUXSXO HVWH RUGRQDW vQ MXUXO XQXL QXFOHX FHQWUDO D XQXL HI FDULVPDWLF GH FDUH GHSLQGH WRWXO WR L PHPEULL JUXSXOXL VH VH VXERUGRQHD] GLUHFW DFHVWXLD Q SUH]HQW vQWkOQLP DFHVW WLS GH RUJDQL]DUH PDL DOHV vQ vQWUHSULQGHULOH PLFL DFROR XQGH SRDWH GD EXQH UH]XOWDWH vQ FD]XO vQ FDUH SDWURQXO HVWH IRDUWH HQHUJLF L vL FXQRDWH IRDUWH ELQH SURSULD DIDFHUH 7RDWH LQIRUPD LLOH L WRDW GHOHJ ULL FRPSHWHQ HORU GH SXWHUHD VXQW FRQFHQWUDWH OD R VLQJXU 6LVWHPXO VH GRYHGHWH vQV SHUVRDQ  HYLWkQGXVH DVWIHO DSDU vQ XUPD FkQG D IL OLPLWDW DWXQFL SLHUGHULOH GH WLPS OHJDWH GH WUDQQVPLWHUHD LQIRUPD LLORU VDX FRQIOLFWHOH FDUH SRW V H[HPSOX GLPHQVLXQLOH vQWUHSULQGHULL VH PRGLILF PXOWH GH I FXW QX PDL UHXHWH V EORFDM GDWRULW vQ VHQVXO FUHWHULL Q DFHDVW

VLWXD LH SDWURQXO DUH IRDUWH OLPLW D VLWHPXOXL GH WLS

DGRSWH FHOH PDL EXQH GHFL]LL HWF 2 DOW

VRODU HVWH DFHHD F  GUHSW XUPDUH D HYROX LHL FRQWLQXH D PHGLXOXL VH SURGXFH GHVWXO GH IUHFYHQW XQ QHDGDSW ULL FRUHVSXQ] WRDUH D GHFLGHQWXOXL XQLF OD QRLOH FRQGL LL  FHQWUDW SH VDUFLQL XQXO GLQ SULQFLSLLOH GH ED] HVWH GLYL]LXQHD

2UJDQL]DUHD ELURFUDWLF

PXQFLL FDUH FRQGXFH OD FUHWHUHD HILFLHQ HL 'LYL]LXQHD VH SRDWH UHDOL]D DWkW SH RUL]RQWDO  FkW L SH YHUWLFDO  Q DIDUD GLYL]LXQLL PXQFLL DOWH WU V WXUL DOH RUJDQL] ULL GH WLS ELURFUDWLF VXQW FHQWUDOLVPXO QHvQFUHGHUHD vQ RDPHQL LQGLIHUHQ D ID GH H[WHULRU /LPLWHOH DFHVWXL WLS GH RUJDQL]DUH VXQW ULJLGLWDWHD L FDUDFWHUXO LQXPDQ 2UJDQL]DUHD GH WLS PDUNHWLQJ HVWH FRQVLGHUDW D IL UH]XOWDWXO FXFHULULORU WHRULHL PRGHUQH D PDQDJHPHQWXOXL $FHVW WLS GH RUJDQL]DUH VH GHILQHWH SULQWUXQ DQVDPEOX GH SULQFLSLL GH RUJDQL]DUH VLWXDWH OD FRQIOXHQ D WHRULHL UHOD LLORU XPDQH FX WHRULD VLVWHPHORU 'H]YROWDUHD DFHVWRU SULQFLSLL HVWH vQ FRQFRUGDQ ILUP RUJDQL]DW FX WHRULLOH SULYLQG PDUNHWLQJXO WHRULL FDUH VH SRW WUDQVSXQH vQ UHDOLWDWH QXPDL vQWUR PRGHUQ %D]HOH DFHVWRU SULQFLSLL SRW IL UHGDWH VXFFLQW DVWIHO /XDUHD vQ FRQVLGHUDUH UHVSRQVDELOLWDWHD QX SRDWH IL VLWXDW LQFOX]kQG vQWUH DXWRFRQWUROXO vQ DIDUD D UHVSRQVDELOLW GH DFWLYLWDWH LL L D LQIRUPD LHL DXWRUHJODUHD SULQ FRQGXFHUH LORU vQ SLUDPLGD UHVSRQVDELOLW

vQ PRG SULRULWDU D RDPHQLORU L D PRWLYD LLORU ORU PRWLYD LHL  GHVFHQWUDOL]DUHD FRQFRPLWHQW IRORVLUHD ILUP XQRU PHFDQLVPH RELHFWLYH DGHFYDWH DVLJXUDUHD SDUWLFLSDWLY SULQ SODQ XQHL

FRUHVSRQGHQ H

L SLUDPLGD IOX[XOXL LQIRUPD LRQDO  DFFHQWXDUHD ORFXOXL FHQWUDO DO LQIRUPD LHL vQ RSWLPL]DUHD FD XQ VLVWHP GH OXDUH D GHFL]LLORU LDU FDOLWDWHD DFHVWRUD GHSLQGH GH UHSUH]LQW vQ DFHVW FRQWH[W SXQFWXO

GHFL]LHL ILUPD HVWH FRQFHSXW

FDOLWDWHD LQIRUPD LLORU FDUH SDUYLQ GHFLGHQ LORU VWXGLXO GH SLD GH SOHFDUH DO XQHL E QFL GH GDWH LQGLVSHQVDELOH ILUPHL 

9L]LXQHD GH PDUNHWLQJ D LQIOXHQ DW vQ PRG GHFLVLY RUJDQL]DUHD ILUPHORU $VWIHO HYROX LD RUJDQL] ULL FRPSDUWLPHQWHORU FRPHUFLDOH D FXQRVFXW XUP WRDUHOH VWDGLL  RUJDQL]DUHD FRPHUFLDO SULQWUR  VWUXFWXU SULPLWLY  vQWkOQLW OHMHU  FHQWUDW OD XQ QXP U PDUH GH vQWUHSULQGHUL PLFL L PLMORFLL SH YkQ] UL UHSUH]HQWDQ LL GH YkQ] UL FRPLV vQ FDUH SUHRFXSDUHD FRPHUFLDO FRPHUFLDO QX HVWH GRPLQDQW  $FHVW WLS GH RUJDQL]DUH VH FDUDFWHUL]HD]

YRLDMRULL VXQW UHPXQHUD L SULQ FRPLVLRQ  RUJDQL]DUHD FRPHUFLDO WUDGL LRQDO  IRORVLW VH DIO FkQG QHFHVLW LOH FRPHUFLDOH VXQW PDL SUHVDQWH ID GH DOWH IXQF LL FXP DU IL RUJDQL]DUH D IXQF LL PDL SXWHUQLFH DSDU Q DFHVW FD] GLUHF LD FRPHUFLDO YkQ] ULORU  XQ HIRUW GH vQWUR SR]L LH SULYLOHJLDW DSDUL LD XQHL

SURGXF LD ILQDQ HOH VDX FRQWDELOLWDWHD Q DFHVW VWDGLX HVWH YRUED GH R PDL ULJXURDV LQWHJUDUH LQFOXVLY LHUDUKLL SUHFXP LQVSHFWRUXO FRPHUFLDO UHVSHFWLY VHUYLFLL GH SXEOLFLWDWH VDX GH H[SRUW  RUJDQL]DUHD GH PDUNHWLQJ LQWHUPHGLDU  Q DFHVW VWDGLX VFKLPEDUHD GH RSWLF vQILLQ DUHD XQXL VHUYLFLX GH PDUNHWLQJ vQV UFLQDW FX DFWLYLW SLD GRX PRGDOLW

IDFH QHFHVDU

L GH PDUNHWLQJ IXQF LRQDO VWXGLL GH

 SUHYL]LXQL DOH YkQ] ULORU SODQLILFDUHD DIDFHULORU HWF $VWIHO GH VDUFLQL VH SRW UHDOL]D vQ L ILH VXE DXWRULWDWHD XQHL GLUHF LL FRPHUFLDOH ILH OD XQ QLYHO PDL HODERUDW GLUHFW

VXERUGRQDW FRQGXFHULL JHQHUDOH D ILUPHL L vQ DFHVW WLS GH RUJDQL]DUH VH REVHUY JUHXWDWH QX FDGH vQF  SURGXF LH L SH DGPLQLVWUDUHD YkQ] ULORU RUJDQL]DUHD GH PDUNHWLQJ HYROXDW VH FDUDFWHUL]HD] SXWHUQLFH FDUH FRQWUROHD] LQIRUPD LL GH SLD PDUNHWLQJ  Q FDGUXO

FHQWUXO GH

SH VHUYLFLLOH GH PDUNHWLQJ FL SH FRPHUFLDO FDUH U PkQH FHQWUDW SH SULQ DSDUL LD XQHL GLUHF LL GH PDUNHWLQJ

vQWUHDJD DFWLYLWDWH FRPHUFLDO  LQFOXVLY YDULDELOHOH GH PDUNHWLQJ IRUPH GH RUJDQL]DUH XQD GLQ LQRYD LL HVWH DSDUL LD

 GHFL]LL GH PDUNHWLQJ PL[XUL L VWUDWHJLL SODQXUL SURJUDPH L PRGHOH GH DFHVWHL LL ILUPHL SHQWUX SURGXVXO HVWH IXQF LRQDO 

HIXOXLUHVSRQVDELOXOXL GH SURGXV vQV UFLQDW FX FRQGXFHUHD DFWLYLW YL]DW L FDUH FRODERUHD] GLYL]LL VLPSO SURGXF LH L ORJLF  FHUFHWDUHGH]YROWDUH FRQWDELOLWDWH HWF $FHDVW

FX FHOHODOWH VHUYLFLL GH PDUNHWLQJ LQFOXVLY FX FHOHODOWH GLUHF LL VDX VWUXFWXU

(VWH GH UHPDUFDW IDSWXO F

QX SRW IL GDWH UH HWH SHQWUX UH]ROYDUHD vQ SUDFWLF  D DFHVWHL 0DUNHWLQJ (GLWXUD 0DUNHWHU %XFXUHWL  SDJ  H[LVWHQ D PDL PXOWRU IRUPXOH RUJDQL]DWRULFH GHVI XUDUHD FRPSDUWLPHQWHORU WUDGL LRQDOH JUXSDUHD PDMRULW LL

SUREOHPH>YH]L )ORUHVFX & L FRODE  @ OLWHUDWXUD GH VSHFLDOLWDWH VXEOLQLD] XQRU DFWLYLW DFWLYLW L GH PDUNHWLQJ vQ

FDGUXO

LORU GH PDUNHWLQJ vQWUXQXO GLQ FRPSDUWLPHQWHOH WUDGL LRQDOH FRQVWLWXLUHD vQ FDGUXO VWUXFWXULL

RUJDQL]DWRULFH D vQWUHSULQGHULL D XQXL FRPSDUWLPHQW VSHFLDOL]DW GH PDUNHWLQJ FUHDUHD GH GLUHF LL GH PDUNHWLQJ  D  2 DOW WHPSRUDUH FDUDFWHULVWLF UHXQHVF D VWUXFWXULL GH PDUNHWLQJ HYROXDW FRQVW GLQ GLYHUVH GRPHQLL SHQWUX vQ UHFXUJHUHD OD VWUXFWXUL DQXPLWRU SUREOHPH FDUH VSHFLDOLWL UH]ROYDUHD

*UXSXO DGKRF VWXGLD]

SUREOHPD HODERUHD]

XQ UDSRUW FX DUJXPHQWDUHD YDULDQWHORU YLDELOH HWF

$OWHUQDQ D GLQWUH VWUXFWXULOH WHPSRUDUH L FHOH SHUPDQHQWH SRDWH FRQVWLWXL R UHJXO  R DVWIHO GH FRQOXFUDUH vQWUH GLIHULWH VWUXFWXUL SRDWH FRQWULEXL OD RSWLPL]DUHD DIDFHULORU ILUPHL ,QWHJUDWH vQ VWUXFWXULOH ILUPHL VWUXFWXULOH GH PDUNHWLQJ DX FXQRVFXW R HYROX LH SHUPDQHQW  (VWH LPSRUWDQW GH UH LQXW IDSWXO F HOH UHSUH]LQW RUJDQL]DUH SLH H 2UJDQL]DUHD GH WLS IXQF LRQDO GLIHULWH DFWLYLW DFWLYLW L VSHFLILFH FHUFHW ULL SUHVXSXQH FD VSHFLDOLWLL vQ PDUNHWLQJ V GH PDUNHWLQJ $YDQWDMXO XQXL DVWIHO GH U VSXQG VLVWHP SHQWUX vQ D FRQVW D VWUXFWXULOH vQ JHQHUDO QX UHSUH]LQW XQ VFRS vQ VLQH GLPSRWULY  XQ PLMORF QHFHVDU SHQWUX DWLQJHUHD RELHFWLYHORU SH FDUH ILUPD L OHD SURSXV DFWLYLW LL VSHFLILFH GHVI XUDWH vQ DFHVW GRPHQLX L DQXPH RUJDQL]DUHD GH WLS

/D QLYHOXO ILUPHL HYROX LD PDUNHWLQJXOXL FXQRDWH XQ QXP U GH SDWUX PRGHOH JHQHUDOH GH IXQF LRQDO RUJDQL]DUHD JHRJUDILF  RUJDQL]DUHD RULHQWDW SH SURGXV L RUJDQL]DUHD RULHQWDW VSUH

VLPSOLWDWHD DGPLQLVWU ULL VDOH LDU GH]DYDQWDMXO HVWH DFHOD F SRDWH IL UHSUH]HQWDW  VFKHPDWLF DVWIHO

vQ ILUPHOH PDUL GHILQLUHD FRQFUHW

LORU GLQ GRPHQLXO FHUFHW ULL HVWH GHVWXO GH GLILFLO  6FKHPDWLF RUJDQL]DUHD GH WLS IXQF LRQDO

'LUHFWRU GH PDUNHWLQJ

9kQ]mUL

3XEOLFLWDWH

&HUFHWDUH

3URGXVH QRL

5HODWLL SXEOLFH

2UJDQL]DUHD JHRJUDILF

D DFWLYLW

LL GH PDUNHWLQJ SUHVXSXQH FD DFWLYLW

LOH GH PDUNHWLQJ V

VH

GHVI RDUH SH UHJLXQL JHRJUDILFH $FHVW VLVWHP FUHHD]

DYDQWDMH SHQWUX IRU D GH YkQ]DUH

'LUHFWRU GH PDUNHWLQJ

5HVSRQVDELOL YkQ]mUL SHQWUX XQLWmLOH LQGXVWULDOH

5HVSRQVDELOL YkQ]mUL SHQWUX FOLHQLL VSHFLDOL

5HVSRQVDELOL YkQ]mUL FmWUH VHFWRUXO GHWDLOLWLORU

2UJDQL]DUHD RULHQWDW vQ VXERUGLQHD VD

SH SURGXV $FWLYLW GLIHULWHORU JUXSH

LOH GH PDUNHWLQJ VXQW JUXSDWH SH SURGXVH GLVWLQFWH GH SURGXVH DFHWLD OD UkQGXO ORU FRRUGRQkQG

SH OLQLL GH SURGXVH DVHP Q WRDUH QWUR ILUP PDQDJHULL DFWLYLWDWHD PDQDJHULORU SH SURGXVH LQGLYLGXDOH

GH PDUL GLPHQVLXQL PDQDJHUXO GH SURGXV SRDWH DYHD

'LUHFWRUPDQDJHU GH PDUNHWLQJ

0DQDJHU SURGXV ;

0DQDJHU SURGXV <

0DQDJHU SURGXV =

2UJDQL]DUHD RULHQWDW

VSUH SLH H HVWH VSHFLILF

ILUPHORU SURILODWH SH XQ SURGXV GH ED] QHFHVLWkQG R DERUGDUH GLIHULW 

VDX

SULQFLSDO FDUH VH YLQGH SH PDL PXOWH SLH H ILHFDUH WLS GH SLD

'LUHFWRUPDQDJHU GH PDUNHWLQJ

(FKLSD SURGXV ;

6HUYLFLL vQWUH LQHUHUHSDUD LL

$QJURVLWL L GLVWULEXLWRUL

$WULEX LLOH QXPHURDVH UHVSHFWLY

FDUH

UHYLQ

VSHFLDOLWLORU VH SRDWH SUH 

GLQ IDFH

FDGUXO vQ GH

FRPSDUWLPHQWXOXL GH GRPHQLLOH PDUNHWLQJ

GH

PDUNHWLQJ GH

VXQW GH

,QYHQWDULHUHD

DFHVWRUD

IXQF LH

VWULFWH

DFWLYLWDWH

FHUFHWDUH

SURGXV

GLVWULEX LH

VHUYLFLL

VLVWHPXO

LQIRUPD LRQDO

PDUNHWLQJ XOWLPHOH GRX Q FDGUXO DFWLYLW D FRPSRUWDPHQWHORU RFXS XQ L ORF FHD PDL

HOHPHQWH I FkQG RELHFWXO XQRU DERUG UL GLVWLQFWH LL GH FHUFHWDUH SULQFLSDOHOH DWULEX LL DOH VSHFLDOLWLORU LPSOLFD L FRQVWDX vQ GLYHUVHORU vQ FDWHJRULL GH OD GH FRQVXPDWRUL GH FHUFHWDUHD HL SLH HL &HUFHWDUHD GH  PXO L

FHUFHWDUHD PHGLXOXL LQWHUQ UHVSHFWLY H[WHUQ DO ILUPHL FHUFHWDUHD FHULQ HORU FRQVXPDWRULORU LQFOXVLY VSHFLILFH SLH HL LPSRUWDQW LPSRUWDQW FDUH SRW FDGUXO FHUFHW ULORU HOHPHQWH XQ PDUNHWLQJ ILLQG UHDOL]DUHD GDW VHJPHQWHOH FRQVLGHUDW HIHFWLY GH SLD

VSHFLDOLWL IDFLOLW

FHUFHWDUH DSDUH

PDUNHWLQJ  PRPHQW

SUHVXSXQkQG FOLHQ LL

FXDQWLILFDUHD

HYDOXDUHD

XUP WRDUHORU L HFRQRPLF 

FHUHUHD

LOHUHVWULF LLOH

YHQLWXULOH

FRQVXPDWRULORU

VWDELOLWDWHDLQVWDELOLWDWHD SROLWLF DFHHD D GH]YROW ULL WHKQLFH L SURGXVXOXL

GLQ VRFLHWDWH D DWkW ID]D  HWDSD FHUFHW ULL SURGXVXOXL FkW L SH $VWIHO vQ ID]D L GH DOH FHUFHWDUH VXQW UHDOL]DWH SURGXVHORU QRLOH SURSULL SURGXVHORU L FRQFXUHQWH ILUPHL

$FWLYLWDWHD UHIHULWRDUH OD SURGXV YL]HD] SURGXVHORU DQDOL]H SURJQR]H WHKQRORJLFH VHOHFWDUHD DOH

FHUFHW UL SULYLQG FLFOXO GH YLD XUP WRDUHOH DVSHFWH

DO SURGXVXOXL  SURGXVHORU Q ID]D  HWDSD GH GH]YROWDUH VXQW YL]DWH LGHLORU SULYLQG SURGXVH PRGHUQL]DUHD GLYHUVLILFDUHD

P UFLORU SURWHF LD QRLORU SURGXVH HODERUDUHD VWUDWHJLLORU GH SURGXV FH YRU IL XUPDWH GHILQLUHD PL[XOXL GH SURGXV 3URGXVXO SRDWH IL DERUGDW L VWXGLDW L SULQ FRPSDUD LH FX SURGXVHOH FRQFXUHQWH vQ SHUPDQHQ SLD ILUPD YD WUHEXL V WLH FH SURGXVH VLPLODUH DX DS UXW SH SLD  FDUH VXQW QRXW LOH LQWURGXVH vQ WHKQRORJLD GH IDEULFD LH FDUH VXQW FRVWXULOH FRQFXUHQ LORU FXP VXQW SURPRYDWH SH SURGXVHOH FRQFXUHQWH HWF 'RPHQLXO SUH XULORU IDFH RELHFWXO DFWLYLW XUPDUH D QHFHVLW LL GHVI XUDWH vQ FRPSDUWLPHQWXO GH PDUNHWLQJ FD LL LL DERUG ULL XUP WRDUHORU SUREOHPH GHILQLUHD SROLWLFLL GH SUH XUL D ILUPHL DQDOL]D

HYROX LHL SUH XULORU SH GLYHUVH SLH H L OD GLIHULWH RUL]RQWXUL GH ORF L GH WLPS DQDOL]D FRPSHWLWLYLW ILUPHOH FRQFXUHQWH D

FRVWXULORU VWXGLHUHD HYROX LHL SXWHULL GH FXPS UDUH D FRQVXPDWRULORU UHDOL]DUHD GH FRPSDUD LL FX

&RPSDUWLPHQWXO GH PDUNHWLQJ DFRUG

R DWHQ LH GHRVHELW

L DFWLYLW

LL GH GLVWULEX LH Q DFHVW

GRPHQLX SUREOHPHOH SULRULWDUH VXQW GHILQLUHD L IXQGDPHQWDUHD VWUDWHJLLORU GH GLVWULEX LH DQDOL]D FRVWXULORU GLVWULEX LHL HYDOXDUHD FDQDOHORU GH GLVWULEX LH H[LVWHQWH SUHFXP L D FHORU FH DU SXWHD DSDUH vQ YLLWRUXO DSURSLDW DQDOL]D DFWLYLW SRVLELOLWDWHD S WUXQGHULL SH DOWH SLH H LL GHVI XUDWH GH FRQFXUHQ vQ FHHD FH SULYHWH GLVWULEX LD

 352*5$08/ '( 0$5.(7,1* 'LYHUVHOH DFWLYLW SURJUDPH DGHFYDWH L GH PDUNHWLQJ FDUH VH SRW GHVI XUD OD QLYHOXO XQHL ILUPH VH vQFDGUHD] vQFkW V VH UHDOL]H]H FHULQ HOH HILFLHQ HL HFRQRPLFH 'LQ vQ

DVWIHO

DFHDVW

SHUVSHFWLY  RULFH SURJUDP GH PDUNHWLQJ HVWH XQ LQVWUXPHQW GH FRQFUHWL]DUH D SROLWLFLL GH PDUNHWLQJ D ILUPHL FRPSRQHQW OD UkQGXO V X D PDQDJHPHQWXOXL VWUDWHJLF Q OLWHUDWXUD GH VSHFLDOLWDWH DX DS UXW XQHRUL FRQIX]LL vQWUH SODQXO L SURJUDPXO GH PDUNHWLQJ &RQ LQXWXO HWDSHOH L IXQF LLOH SODQXOXL GH PDUNHWLQJ DX IRVW WUDQVIHUDWH SURJUDPXOXL GH PDUNHWLQJ SODQXO D IRVW SUH]HQWDW FD R HWDS H[FHVLY IRORVLW D HODERU ULL SURJUDPXOXL GH PDUNHWLQJ QWUR RDUHFDUH P VXU  VH SRDWH MXVWLILFD SULQ IDSWXO F QR LXQHD GH SODQ D IRVW DFHVW PHODQM DO FRQFHSWHORU vQ SUDFWLF

vQ HFRQRPLD VXSHUFHQWUDOL]DW  LDU URDGHOH IRORVLULL DFHVWXL FRQFHSW DX IRVW DOWHOH URPkQHDVF  UH LQHUHD vQ FHHD FH SULYHWH XWLOL]DUHD SH VHDPD GRULQ HL GH GHVSULQGHUH GH WUHFXW OLWHUDWXUD VWU LQ VXQW LQVWUXPHQWH GH SULQ LQWHUPHGLXO VXQW F URUD VH H[HFXW DOH SODQXULOH GH

GHFkW FHOH DWHSWDWH 3HQWUX OLWHUDWXUD HFRQRPLF DFHVWXL FRQFHSWSODQSRDWH IL SXV XWLOL]HD] VWUDWHJLFH vQV GH vQ DFHHDL P VXU GH PDUNHWLQJ DOH 3URJUDPHOH PDUNHWLQJ

DPEHOH FRQFHSWHSODQ L SURJUDP SODQXULOH PDUNHWLQJ FRPSRQHQWH SROLWLFLL

ILUPHL

PDUNHWLQJ D ILUPHL Q FDGUXO XQHL SROLWLFL GH PDUNHWLQJ VH SRW HODERUD GRX

VDX FKLDU PDL PXOWH

SODQXUL SH VXERELHFWLYH FRQFUHWH VDX SH IXQF LXQL DOH ILUPHL )LHFDUH SODQ GH PDUNHWLQJ OD UkQGXO V X SRDWH IL SXV vQ DSOLFDUH FX DMXWRUXO XQRU SURJUDPH DGHFYDWH XQXO VDX PDL PXOWH vQ IXQF LH GH FRPSOH[LWDWHD SODQXOXL 'LYHUVLWDWHD   SURJUDPHORU GH PDUNHWLQJ FH VH SRW SURLHFWD vQWUR ILUP HVWH FHUXW GH GLQDPLFD SLH HL $VWIHO vQ IXQF LH GH RELHFWLYXO FHQWUDO DO SURJUDPXOXL GH PDUNHWLQJ DYHP SURJUDPH GH PDUNHWLQJ RUJDQL]D LRQDOH vQ FDUH VXQW SURLHFWDWH VWUXFWXULOH GH PDUNHWLQJ FH YRU IL LQWHJUDWH vQ VWUXFWXULOH JHQHUDOH DOH ILUPHL L SURJUDPH GH PDUNHWLQJ RSHUD LRQDOH FXSULQ]kQG XQ DQVDPEOX ORJLF GH DF LXQL FH WUHEXLH UHDOL]DWH vQ VFRSXO DWLQJHULL XQRU RELHFWLYH VSHFLILFH DOH ILUPHL Q IXQF LH GH FDUDFWHUXO RELHFWLYHORU FXSULQVH vQ SURJUDPXO GH PDUNHWLQJ DYHP      SURJUDPH GH PDUNHWLQJ JOREDOHLQWHJUDWH FDUH LQFOXGH FYDVLWRWDOLWDWHD YDULDELOHORU GH PDUNHWLQJ L SURJUDPH GH PDUNHWLQJ SDU LDOH FH FXSULQG XQ QXP U OLPLWDW GH YDULDELOH Q IXQF LH GH RUL]RQWXO QHFHVDU DWLQJHULL RELHFWLYHORU SURJUDPXOXL GH PDUNHWLQJ DYHP SURJUDPH GH PDUNHWLQJ SH WHUPHQ VFXUW SH R SHULRDG PDL PLF GH XQ DQ vQWUH  L  DQL SURJUDPH GH PDUNHWLQJ SH WHUPHQ PHGLX SHULRDGD SRDWH IL FXSULQV DQL  /LWHUDWXUD GH VSHFLDOLWDWH VXEOLQLD] DSUHFLD] DYDQWDMHOH FUH ULL GH E QFL GH SURJUDPH FDUH LQFOXGH GLYHUVH PRGHOH GH SURJUDPH GH PDUNHWLQJ FRPSDUWLPHQWHOH GH PDUNHWLQJ GLQ WRW PDL PXOWH ILUPH DFHVWH PRGHOH FD XQ LQVWUXPHQW DX[LOLDU SRVLELO D IL XWLOL]DW vQ DFWLYLWDWHD GH FXQRDWHUH L GH HWDSH vQWUH FDUH LORU ILUPHL GH D GH DGDSWDUH OD FHULQ HOH SLH HL (ODERUDUHD XQXL SURJUDP GH PDUNHWLQJ SUHVXSXQH R VXFFHVLXQH ORJLF PDL LPSRUWDQWH VXQW XUP WRDUHOH   FHUFHWDUHD FRPSOH[  UHDOLVW U VSXQGH SURPSW OD DFHVWHD DOHJHUHD RELHFWLYXOXL SURJUDPXOXL GH PDUNHWLQJ vQ IXQF LH GH UHVXUVHOH ILUPHL L GH RELHFWLYHOH VWUDWHJLFH DOH DFHVWHLD SODQXO GH DIDFHUL SURSULX  D QHYRLORU SLH HL FRQFRPLWHQW FX DQDOL]D SRVLELOLW

SURJUDPH GH PDUNHWLQJ SH WHUPHQ OXQJ SHULRDGH PDUL GH WLPS FDUH GHS HVF RUL]RQWXO D 

  

vQWRFPLUHD SODQXOXL GH DF LXQL FRRUGRQDUHD ORU vQ WLPS DOWIHO VSXV HODERUDUHD FDOHQGDUXOXLOLVWHL GH DFWLYLW L HODERUDUHD EXJHWXOXL SURJUDPXOXL GH PDUNHWLQJ VXQW HVWLPDWH FKHOWXLHOLOH GLYHUVHORU DF LXQL HYHQWXDO YHQLWXULOH FDUH SRW UH]XOWD SH SDUFXUVXO UHDOL] ULL SURJUDPXOXL LPSOHPHQWDUHD SURJUDPXOXL GH PDUNHWLQJ LQFOX]kQG L HYHQWXDOHOH UHWXXUL QHFHVDUH 2 PHWRG GH XUP ULUH D UHDOL] ULL SURJUDPXOXL GH PDUNHWLQJ HVWH PHWRGD 3(57 FX DMXWRUXO F UHLD VH RUGRQHD] DFWLYLW LOH FRPSRQHQWH DOH SURJUDPXOXL FDOFXOkQGXVH GUXPXO FULWLF

5H]XPDW 2UJDQL]DUHD XQHL vQWUHSULQGHUL HVWH LQIOXHQ DW GH PDQDJHPHQWXO SUDFWLFDW GH DFHDVWD $VWIHO

SXWHP vQWkOQL VLVWHPH GH RUJDQL]DUH GHULYDWH GLQ RSWLFD GH SURGXF LH VLVWHPH FDUH IDYRUL]HD] HILFLHQ D SXWHP vQWkOQL VLVWHPH GH RUJDQL]DUH GHULYDWH GLQ RSWLFD GH PDUNHWLQJ VLVWHPH FDUH IDYRUL]HD] VXSOH HD L DGDSWDUHD vQWUHSULQGHULL OD PHGLXO GLQ FDUH DFHDVWD IDFH SDUWH LL GH PDUNHWLQJ HVWH R FRPSRQHQW DWLWXGLQH ID HVHQ LDO D FRQGXFHULL RULF UHL ILUPH OH IDF QX QXPDL PRGLILF UL vQ VWUXFWXULOH &RQGXFHUHD DFWLYLW

RULHQWDUHD QRX  GH PDUNHWLQJ D WRS PDQDJHPHQWXOXL JHQHUHD] FODVLFH GH FRQGXFHUH GDU L R QRX ID FX VXFFHV

GH H[LJHQ HOH SLH HL F URUD ILUPD WUHEXLH V

&RQFHSWH FKHLH

3ROLWLFD ILUPHL 2SWLFD ILUPHL SULYLQG HYROX LD VD SH SLD 3ODQXO ILUPHL 2S LXQH VWUDWHJLF 3URJUDP GH PDUNHWLQJ GH FRPSRUWDPHQW SRUQLQG GH OD SURSULD SROLWLF ORJLF GH DF LXQL DFWLYLW L L EXJHWH DGHFYDWH SHQWUX

6XFFHVLXQH

H[HFXWDUHD PL[XOXL GDW 0RGHO GH PDUNHWLQJ ,QVWUXPHQW XWLOL]DW vQWUXQ GRPHQLX VWULFW SUHYL]LXQH FRPSRUWDPHQW GH FXPS UDUH DWUDF LH FRPHUFLDO HWF

S-ar putea să vă placă și