Atti del Museo Civico di Storia Naturale di Trieste - Vol. 61 - Anno 2020 by Comune di Trieste

$77, '(/ 086(2 &,9,&2 ', 6725,$ 1$785$/( ', 75,(67(

92/

$77, '(/ 086(2 &,9,&2 ', 6725,$ 1$785$/( ', 75,(67( 9RO ,661

',5,*(17( ',5(7725( 5(63216$%,/( '(/ 3(5,2',&2 /DXUD &DUOLQL )DQIRJQD &20,7$72 6&,(17,),&2 'HERUDK $5%8//$ SDOHRQWRORJLD )UDQFHVFR %26&+,1 ]RRDUFKHRORJLD 1LFROD %5(66, ]RRORJLD $QGUHD &2//$ HQWRPRORJLD (QULFR '( /,//2 HQWRPRORJLD )UDQFR )5,//, HQWRPRORJLD 3DROR *5h1$1*(5 FKLPLFD H ERWDQLFD $QGUHD 0,1'6=(17< JHRORJLD /RXLV 3DXO 7$9(51( SDOHRQWRORJLD 5('$=,21( /LYLR )RJDU 0XVHR &LYLFR GL 6WRULD 1DWXUDOH YLD 7RPLQ] ± 7ULHVWH ± ,WDOLD 7HO ± )D[ ( PDLO VSRUWHOORQDWXUDOH#FRPXQH WULHVWH LW ELEOLRWHFDPVQ#FRPXQH WULHVWH LW ZZZ UHWHFLYLFD WULHVWH LW WULHVWHFXOWXUD PXVHL ,Q FRSHUWLQD 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ GDL FDOFDUL GRORPLWLFL ODPLQDWL GHO &HQRPDQLDQR GL *DUD 6EDD .HP.HP 0DURFFR 2Q WKH FRYHU 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ IURP &HQRPDQLDQ ODPLQDWHG GRORPLWLF OLPHVWRQHV RI *DUD 6EDD .HP.HP 0RURFFR )LQLWR GL VWDPSDUH QHO PHVH GL GLFHPEUH GD $UW *URXS *UDSKLFV 7ULHVWH

,661

$77, '(/ 086(2 &,9,&2 ', 6725,$ 1$785$/( ', 75,(67( 92/

75,(67(

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

),72 =22&(&,', '(//¶$/7$ 9$/&(//,1$ 35($/3, &$51,&+( 3$5&2 1$785$/( '2/20,7, )5,8/$1(

(7725( 720$6, 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH 9LD GHL 7RPLQ] ± , ± 7ULHVWH ,WDOLD

$EVWUDFW ± ,QYHVWLJDWLRQ *DOO PDNLQJ RI WKH KLJK 9DOFHOOLQD )ULXOL 9HQH]LD *LXOLD 1RUWK (DVWHUQ ,WDO\ 7KH $XWRU UHSRUWV WKH UHVXOWV VFKLHYHG EHWZHHQ DQG RI WKH UHVHDUFKHV FRQFHUQLQJ WKH JDOOV RI WKH KLJK 9DOFHOOLQD 3UHDOSL &DUQLFKH 'RORPLWL )ULXODQH 1DWXUDO 3DUN )ULXOL 9HQH]LD *LXOLD ,WDO\ 1( VSHFLHV KDYH EHHQ LGHQWL¿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± ,QGDJLQH FHFLGRORJLFD VXOO¶DOWD 9DOFHOOLQD )ULXOL 9HQH]LD *LXOLD ,WDOLD 1RUG (VW /¶$XWRUH ULSRUWD L ULVXOWDWL GHOOH ULFHUFKH HIIHWWXDWH WUD LO H LO LQHUHQWL L ¿WR ]RRFHFLGL GHOO¶DUHD GHOO¶DOWD 9DOFHOOLQD 3UHDOSL &DUQLFKH 3DUFR 1DWXUDOH 'RORPLWL )ULXODQH )9* ,WDO\ 1( 1HOO¶DUHD VRQR VWDWH LGHQWL¿FDWH VSHFLH FRVu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

± 3UHPHVVD 1HOO¶DPELWR GHL SURJHWWL GL ULFHUFD GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH 0&61 F¶q TXHOOR JLj DYYLDWR QHO GHOO¶LQGDJLQH &HFLGRORJLFD ULJXDUGDQWH OD UHJLRQH )ULXOL 9HQH]LD *LXOLD )9* 0ROWH OH ULFHUFKH JLj UHDOL]]DWH H SXEEOLFDWH PD

TXDOFKH DUHD QHFHVVLWD GL DQDOLVL H DSSURIRQGLPHQWL SURSULR SHU OD QRWHYROH LPSRUWDQ ]D H YDULHWj GHJOL HFRVLVWHPL LQ HVVH FXVWRGLWL ,Q VHJXLWR DO ODYRUR FHFLGRORJLFR JLj UHDOL]]DWR SUHFHGHQWHPHQWH H ULIHULWR DOOD 5L VHUYD 1DWXUDOH 2ULHQWDWD 6SHULPHQWDOH GHO 3UHVFXGLQ 720$6, E FKH ULHQWUD QHOO¶DPELWR GHOOH 3UHDOSL &DUQLFKH LO SUHVHQWH ODYRUR VXO 3DUFR 1DWXUDOH GHOOH 'ROR PLWL )ULXODQH 31') GHVLGHUD DPSOLDUH OD FRQRVFHQ]D FHFLGRORJLFD GL TXHVW¶DUHD SUHDOSLQD GHO )9* 2UD LQ TXHVWD ULFHUFD DQFKH VH QRQ FRPSUHQGH WXWWH OH 3UHDOSL &DUQLFKH UDF FKLXGH H UDSSUHVHQWD LO WHUULWRULR FKH q VWDWR GH¿QLWR HFFH]LRQDOH SHU EHOOH]]D GHO SDHVDJJLR VSHFL¿FLWj JHRORJLFD H LO PHQR DQWURSL]]DWR GHOOD UHJLRQH )DWWRUL FKH RYYLDPHQWH KDQQR GHWHUPLQDWR OD VDOYDJXDUGLD GHL VXRL HFRVLVWHPL 6HWWRUH SUH]LRVR FKH UDSSUHVHQWD XQR GHL QRYH VLVWHPL GRORPLWLFL ULFRQRVFLXWR 3DWULPRQLR GHOO¶8PD QLWj GD SDUWH GHOO¶81(6&2 1RWD /¶LQWHUD DUHD LQWHUHVVDWD GDOO¶LQGDJLQH FFHGRORJLFD q VHPSUH VWDWD VFDUVDPHQWH SRSRODWD H TXHVWR KD FRQWULEXL WR LQ PRGR GHWHUPLQDQWH D ODVFLDUH LQWDWWR LO SDHVDJJLR ¿QR DG RJJL 5LVDOH DO O¶LGHD GL LVWLWXLUH XQ 3DUFR 1DWXUDOH QHO VHWWRUH QRUG RFFLGHQWDOH GHOOD UHJLRQH )9* 7XWWDYLD VROR QHO WULHQQLR YHQQH VWLODWR LO SLDQR GL FRQVHUYD]LRQH H VYLOXSSR VX LQFDULFR GHOOD 5HJLRQH H GL FRQFHUWR FRQ L &RPXQL LQWHUHVVDWL /¶DQQR VHJXHQWH L &RPXQL GL $QGUHLV &LPRODLV &ODXW (UWR H &DVVR H )RUQL GL VRSUD DGRWWDURQR LO SLDQR H LO SDUFR IX LVWLWXLWR FRQ LO QRPH GL 3DUFR GHOOH 3UHDOSL &DUQLFKH VXFFHVVLYDPHQWH QHO TXDQGR DQFKH LO FRPXQH GL )RUQL GL VRWWR HQWUz D IDU SDUWH GHO SDUFR VL FUHz XQ FRPLWDWR GL FRRUGLQDPHQWR FKH VL RFFXSz GHOO¶DYYLR JHVWLRQDOH GHOO¶DUHD SUR WHWWD /¶LQL]LDWLYD GL LVWLWXLUH O¶DUHD SURWHWWD IX TXLQGL DOO¶LQL]LR DYYLDWD GDJOL HQWL ORFDOL LQWHUHVVDWL 1HO LQ¿QH OD 5H JLRQH $XWRQRPD )9* SURPXOJz OD OHJJH UHJLRQDOH Q GHO VHWWHPEUH FKH LQ DGHJXDPHQWR DOOD QRUPDWLYD QD]LRQDOH / LVWLWXu GH¿QLWLYDPHQWH LO 3DUFR 1DWXUDOH 5HJLRQDOH GHOOH 'RORPLWL )ULXODQH

/¶DUHD LQWHUHVVDWD GDOOD ULFHUFD RFFXSD OD SDUWH QRUG RFFLGHQWDOH GHOOD UHJLRQH DSHUWD WUD L ¿XPL 7DJOLDPHQWR H 3LDYH HG DO FXL LQWHUQR ROWUH DOOH YDOOL SULQFLSDOL &HO OLQD &LPROLDQD H 6HWWLPDQD DOWUH YDOODWH PLQRUL VL LQROWUDQR WUD OH QXPHURVH DOWXUH H FLPH GRORPLWLFKH ,O SDUWLFRODUH LVRODPHQWR GHO WHUULWRULR GHO 3DUFR O¶DVVHQ]D WRWDOH GL LQVHGLDPHQWL XPDQL OD VFDUVD H ULGRWWD YLDELOLWj H LO GLI¿FLOH SHUQRWWDPHQWR KDQQR FRQGL]LRQDWR QRQ SRFR OR VYROJLPHQWR GHOOH HVFXUVLRQL GL ULFHUFD H GL DQDOLVL GHL VLWL LQWHUQL ,O PH WRGR G¶LQGDJLQH RUPDL FROODXGDWR FLRq TXHOOR GHOOH HVSORUD]LRQL VWDJLRQDOL RUJDQL] ]DWH VXO WHUULWRULR SHU LO ULOLHYR GHWWDJOLDWR GHOOD FRQVLVWHQ]D )LWR =RRFHFLGRORJLFD KD SHUPHVVR GL LGHQWL¿FDUH VSHFLH SHU FDUDWWHULVWLFKH ¿WRFOLPDWLFKH ¿VLRQRPLFKH HG HFRORJLFKH SUHVFLQGHQGR O¶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¶DEEDQGRQR GHL SDVFROL H GHOOH PDOJKH FKH RJJL D FXUD GHOO¶$]LHQGD 5HJLRQDOH GHOOH )RUHVWH $5') KD SRVWR ULPHGLR H ULRUJDQL]]DWR O¶DUHD LQ XQD JHVWLRQH SL RSSRUWXQD YDORUL]]DQGR OH DWWLYLWj SURGXWWLYH H TXHOOH WXULVWLFKH HG HVFXUVLRQLVWLFKH

1HJOL LQWHUYHQWL GHOO¶$5') VXOOD SLDQL¿FD]LRQH WHUULWRULDOH q VWDWD SRVWD SDUWLFR ODUH DWWHQ]LRQH D YDORUL]]DUH OH SHFXOLDULWj QDWXUDOLVWLFKH GHO WHUULWRULR OD FXL ULFRVWUX ]LRQH QDWXUDOLVWLFD H SDHVDJJLVWLFD SHUIHWWD FRVWLWXLVFH HVHPSLR QHO VHWWRUH GHOOH $OSL H 3UHDOSL RULHQWDOL /D 3UHVHQWH LQGDJLQH FHFLGRORJLFD EDVDWD VXOO¶LQGLYLGXD]LRQH GLVWULEX]LRQH H UDSSRUWL WUD JDOOLJHQR H SLDQWD RVSLWH KD OR VFRSR GL UHQGHUH QRWR O¶DVSHWWR LQHGLWR GL TXHVWD GLVFLSOLQD VFLHQWL¿FD H DPSOLDUH OH FRQVFHQ]H ¿WR ]RRFHFLGRORJLFKH QHOO¶DP ELWR GHOOD UHJLRQH )9* /D ULFHUFD q VWDWD PRWLYDWD GD XQD FUHVFHQWH QHFHVVLWj GL FRQRVFHUH OD ELRGLYHUVLWj UHJLRQDOH DQFKH GD XQ SXQWR GL YLVWD FHFLGRORJLFR FRPH GHO UHVWR SUHYHGH OD / 5 H IDFLOLWDUQH DPSLD GLYXOJD]LRQH DG DSSDVVLRQDWL QDWXUDOLVWL ULFHUFDWRUL H TXDQ WL DOWUL VRQR LQWHUHVVDWL /D FHFLGRORJLD ± DOTXDQWR WUDVFXUDWD LQ ,WDOLD ± q GD FRQVLGHUDUVL SDUWLFRODUPHQWH LQWHUHVVDQWH VLD SHU LO FRPSOHVVVR DVSHWWR ELRHFRORJLFR FKH LQGDJD VLD H VRSUDWWXWWR SHU JOL DVSHWWL ¿WRVDQLWDUL QHL TXDOL DOFXQH VSHFLH JDOOLJHQH VRQR FRLQYROWH QHL UDSSRUWL HFRORJLFL GL %DFWHULD H )XQJL )LWRFHFLGL GL 1HPDWRGD $FDUL H ,QVHFWD =RRFHFLGL H OH SLDQWH RVSLWL 5DSSRUWL LPSRUWDQWL FKH DFFRPSDJQDQR OD EXRQD JHVWLRQH GHJOL HFRVLVWHPL H OD ORUR VDOYDJXDUGLD

± 'HVFUL]LRQH GHOO¶DUHD HVDPLQDWD ,O 3DUFR 1DWXUDOH GHOOH 'RORPLWL )ULXODQH VL HVWHQGH SHU KD HG q VXGGLYLVR WUD L &RPXQL GL )RUQL GL VRSUD )RUQL GL VRWWR 7UDPRQWL GL VRSUD $QGUHLV &ODXW &L PRODLV VHGH GHO 3DUFR H (UWR H &DVVR &RPXQL GHOOH SURYLQFH GL 8GLQH H 3RUGHQRQH ,O FRPSUHQVRULR PRQWXRVR FKH VRYUDVWD O¶DOWD SLDQXUD )ULXODQD VL HVWHQGH WUD LO ¿XPH 7DJOLDPHQWR D QRUG HVW LO WRUUHQWH 0HGXQD D HVW LO WRUUHQWH &HOOLQD D VXG H LO ¿XPH 3LDYH D RYHVW Ê XQ VLVWHPD DOSLQR GRPLQDWR GD URFFH FKH VL VRQR IRUPDWH WUD OD ¿QH GHO 7ULDVVLFR 1RULFR 5HWLFR H GHO *LXUDVVLFR PLOLRQL GL DQQL ID TXLQGL IDVL FRQFOXVLYH GHOOD VDJD GRORPLWLFD Ê OD VWRULD OLWL¿FDWD GL TXHVWH PRQWDJQH FKH UDFFRQWD GHOO¶HYR OX]LRQH GL TXHVW¶DUHD GRPLQDWD GDOOD 'RORPLD 3ULQFLSDOH ¿QH 7ULDVVLFR TXDOH URFFLD SL GLIIXVD 0HQWUH QHOO¶DUHD PHULGLRQDOH GHO 3DUFR VRQR SUHYDOHQWL OH URFFH FDOFDUHH *LXUDVVLFKH H &UHWDFLFKH FKH VL UHOD]LRQDQR DOOH IDVL GL IRUPD]LRQH GHOOD SLDWWDIRU PD IULXODQD /¶LQVLHPH GHL IDWWRUL JHRORJLFL HYROXWLYL KDQQR FRVWLWXLWR XQ DVSHWWR JHRPRUIROR JLFR FRPSOHVVR DQFKH LQ ULIHULPHQWR DOO¶RULHQWDPHQWR QRUG HVW VXG RYHVW GHOOH SULQ FLSDOL GRUVDOL PRQWXRVH FRQ OD ORUR JHRPHWULD DVLPPHWULFD FRQ ¿DQFKL VHWWHQWULRQDOL PHQR DFFOLYL ULVSHWWR D TXHOOL PHULGLRQDOL 'D WXWWR GLSHQGH OR VYLOXSSR GHOOH YDOOL SULQFLSDOL H VHFRQGDULH FKH ULÀHWWRQR O¶LQFOLQD]LRQH GHJOL VWUDWL HG L YDUL SLDQL GL VFRU ULPHQWR

3HU JHQWLOH FRQFHVVLRQH 5$)9*

3HU JHQWLOH FRQFHVVLRQH GHOOD 5$)9*

/¶DUHD GHO 3DUFR UDSSUHVHQWD XQ YDVWR UDJJUXSSDPHQWR PRQWXRVR GL JUDQGH LQWH UHVVH KD DVSHWWR SUHWWDPHQWH GRORPLWLFR D JXJOLH H PXUDJOLRQL DOWLVVLPL FKH VL HOH YDQR VHQ]D XQ SLDQR GL GLVWULEX]LRQH UHJRODUH FRQ GRVVL YHUVDQWL H YDOOL WURQFDWH VHQ]D VIRJR /H PDJJLRUL FLPH GL WLSR FDOFDUHR GRORPLWLFR VRQR OD &LPD GHL 3UHWL P OD SL DOWD GHO 3DUFR LO PRQWH 'XUDQQR P LO PRQWH &ULGROD P LO PRQWH 3UDPDJJLRUH P /¶RURJUD¿D GHOOD ]RQD q PROWR WRUPHQWDWD H PROWH VRQR OH YDOOL JUDQGL H SLFFROH SUHVHQWL 7UD TXHVWH OH SL LPSRUWDQWL VRQR 9DO &LPROLDQD q XQD YDOODWD GL NP GL OXQJKH]]D ODWHUDOH DOOD 9DO &HOOLQD SHUFRUVD GDO WRUUHQWH RPRQLPR /D YDOODWD LQL]LD D &LPRODLV LQWDWWD H VHOYDJJLD FRQ IRUHVWH GL IDJJL H DEHWL FRQ OD WLSLFD SUHVHQ]D GHO SLQR PXJR QHO IRQGRYDOOH GRYXWR DOO¶LQYHUVLRQH WHUPLFD SUHVHQWH QHOO¶DUHD /D YDOOH q VRSUDWWXWWR QRWD SHU OD SUHVHQ]D QHOOD VXD SDUWH SL HOHYDWD GHO QRWR &DPSDQLOH GL 9DO 0RQWDQDLD P FKH VL LQQDO]D VROLWDULR DO FHQWUR GL XQ FDWLQR JODFLDOH H VLPEROR GHO 3DUFR 9DO 6HWWLPDQD SHUFRUVD GDO WRUUHQWH RPRQLPR OD TXDOH LQL]LD GDO SDHVH GL &ODXW H VDOH LQ GLUH]LRQH QRUG HVW IUD OH FLPH GHL PRQWL 7XUORQ P H 9DFDOL]]D P D RYHVW H &LR GL 6DVV P H &RUQDJHW P D HVW $QFKH TXHVWD YDOODWD q PROWR VWUHWWD H ULFFD GL IRUHVWH H SDVFROL LQ TXRWD FRQ SDUHWL FDOFDUHR GRORPLWLFKH FLUFRVWDQWL FKH LQFRPERQR VXO JUHWR GHO WRUUHQWH JKLDLRVR $OOD WHVWDWD GHOOD YDOOH GHQRPLQDWD ORFDOLWj 3XVVD VL WURYD O¶RPRQLPD VRUJHQWH VROIR IHUUR PDJQHVLDFD H XQD PDOJD ULIXJLR 9DO =HPROD WUDYHUVDWD GDO WRU RPRQLPR VL HVWHQGH GDOO¶DELWDWR GL (UWR LQ GLUH]LRQH QRUG SHU TXDVL NP ,QL]LDOPHQWH SUHVHQWD XQ SUR IRQGR FDQ\RQ DSHUWR IUD L PRQWL %RUJj P H 3RUJHLW P SHU SRL DSULUVL IUD L PRQWL %XVFDGD P 3DOD]]D P )RUWH]]D P &LPH &HQWHQHUH P H LQ¿QH WHUPLQDUH VXOOH JKLDLH GHOO¶LPSRQHQWH 0RQWH 'XUDQQR P /D YDOOH q SHUFRUVD GD XQD VWUDGD VWHUUDWD WUD IRUHVWH H SUDWHULH LQFHVSXJOLDWH 9DOOH GHO 9DMRQW q XQD YDOOH DOSLQD DSHUWD WUD 9HQHWR H )9* SHUFRUVD GDO WRUUHQWH RPRQLPR FKH FRQÀXLVFH QHO 3LDYHLQ LQ SURVVLPLWj GL /RQJDURQH /¶DVSHWWR RURJUD¿FR VHSDUD OH 3UHDOSL &DUQLFKH D QRUG GDOOH 3UHDOSL %HOOXQHVL D VXG WUDPLWH LO SDVVR GL 6DQW¶2VYDO GR ,Q VHJXLWR DOOD VXD VWUXWWXUD JHRORJLFD WUD URFFH FDOFDUHH H DUJLOOH O¶DUHD GHOOD YDOOH IX LQWHUHVVDWD GD XQD JLJDQWHVFD IUDQD FKH GLHGH RULJLQH DOOD WUDJHGLD GHOOD GLJD GHO 9DMRQW QRWD D WXWWL 9DOFHOOLQD ¿QR DL SULPL GHO ¶ HUD DFFHVVLELOH VROR DWWUD YHUVR ULSLGL H IDWLFRVL VHQWLHUL FLz D IDWWR Vu FKH QRQ VL SRWHVVH VYLOXSSDUH GD XQ SXQWR GL YLVWD LQGXVWULDOH PDQWHQHQGR FRVu LQWDWWH OH WLSLFLWj GHL ERUJKL UXUDOL HG XQ HOHYDWR JUDGR GL LQWHJULWj QDWXUDOH ,O WUDWWR WHUPLQDOH GHOOD YDOOH WUD %DUFLV H 0RQWHUHDOH q FDUDWWHUL]]DWR GD XQD SURIRQGD IRUUD FKH SHU OH VXH SDUWLFRODUL FDUDWWHULVWLFKH QDWXUDOL H PRUIRORJLFKH q VWDWD LQVHULWD WUD OH 5LVHUYH 1DWXUDOL GHO )9* 7HVWLPRQLDQ]H GL VWRULD H WUDGL]LRQH ORFDOH HG XVL H FRVWXPL GL XQ WHPSR VRQR EHQ GRFXPHQWDWH QHL 0XVHL (WQRJUD¿FL GL $QGUHLV H &ODXW 9DO &ROYHUD q XQD SLFFROD YDOODWD GRPLQDWD GDOO¶LP SRQHQWH YHWWD GHO PRQWH 5DXW q SHUFRUVD GDOO¶RPRQLPR WRUUHQWH FKH OXQJR LO VXR FRUVR KD PRGHOODWR OH URFFH LQ VXJJHVWLYH FDYLWj 7HUUD GL JUDQGL WUDGL]LRQL DUWLJLDQDOL FKH SURVHJXRQR D )ULVDQFR H QHOOH ERUJDWH GL 3RIIDEUR &DVDVROD H 9DOGHVWDOL /D YDOOH q ERVFRVD H SUDWLYD ¿QR DOOD VRPPLWj GHL FULQDOL 9DO 7UDPRQWLQD q XQ¶DPSLD YDOOH YHUGHJJLDQWH FKH VL VQRGD OXQJR LO FRUVR GHO WRUUHQWH 0HGXQD HG q FDUDWWHUL]]DWD GD

WUH ODJKL DUWL¿FLDOL GL &D¶ =XO &D¶ 6HOYD H 5HGRQD 5LFFD GL ERVFKL H SUDWL VHQWLHUL H ERUJKL UXUDOL HG q GRWDWD GL XQD QDWXUD LQFRQWDPLQDWD ,Q SDVVDWR HUD ¿RUHQWH QHOOD OD YRUD]LRQH GHO OHJQR H GHO UDPH FRQRVFLXWH LQ WXWWD OD UHJLRQH $OWD 9DO 7DJOLDPHQWR q XQD GHOOH VHWWH YDOOL GHOOD &DUQLD Ê OD SULQFLSDOH YDOOH VLD SHU OXQJKH]]D FLUFD NP FKH SHU DPSLH]]D /D VWUDGD FKH OD SHUFRUUH q OD 66 &DUQLFD FKH GD 7ROPH]]R FRQGXFH ¿QR DO 3DVVR 0DXULD , SULQFLSDOL DIÀXHQWL VRQR LO /XPLHL LO 'HJDQR HG LO %XW /D 9DOOH FRPLQFLD D )RUQL GL 6RSUD ORF 0DXULD H ¿QLVFH D 7ROPH]]R GRYH LO ¿XPH ULFHYH OH DFTXH GHO %XW 'DO 3XQWR GL YLVWD RURJUD¿FR OD YDOOH VHSDUD OH $OSL &DUQLFKH D QRUG GDOOH 3UHDOSL &DUQLFKH D VXG ,Q TXHVWR SDUWLFRODUH VHWWRUH SUHDODSLQR VL GLVWLQJXH OD VXFFHVVLRQH GHOOH FRPX QLWj YHJHWD]LRQDOL QHOOD VXFFHVVLRQH GL DVVRFLD]LRQL GL SDUHWH SUDWHULH H SDVFROL G¶DO WLWXGLQH EUXJKLHUH FRQ DUEXVWL QDQL VXEDOSLQL 3LQXV PXJR 5KRGRGHQGURQ KLUVXWXP $UFWRVWDSK\ORV DOSLQXV HFF IRUHVWH GHO SLDQR PRQWDQR $ELHV DOED 3LFHD H[FHO VD )DJXV V\OYDWLFD 3LQXV QLJUD HFF YHJHWD]LRQH ULSDULDOH 6DOL[ VSS $OQXV VSS HFF H LQ¿QH ERVFKL H DUEXVWL GL IRUUD $FHU VSS )UD[LQXV VSS 7LOLD VSS HFF SHU QRQ VFRUGDUH OH PROWH VSHFLH HQGHPLFKH SURYHQLHQWL GDL VHWWRUL FLUFRVWDQWL ,Q TXHVWD VWUDRUGLQDULD ULFFKH]]D H YDULHWj GL DPELHQWL H SDHVDJJL SURSUL GHO 3DU FR VL ULVSHFFKLD DQFKH LO FOLPD 4XHVWR WHUULWRULR LQFDVWRQDWR IUD LO VLVWHPD DOSLQR $OSL &DUQLFKH H *LXOLH H LO 0DUH $GULDWLFR SUHVHQWD FRQGL]LRQL FOLPDWLFKH FKH VIX PDQR XQR QHOO¶DOWUD GDQGR OXRJR D XQD PROWLWXGLQH GL VLWXD]LRQL ORFDOL QHOOH GLYHUVH ORFDOLWj LQ VHJXLWR DOO¶DOWLWXGLQH JLDFLWXUD HG HVSRVL]LRQH VL LQFRQWUDQR FRQGL]LRQL PHGLWHUUDQH FRQWLQHQWDOL GL WUDQVL]LRQH H DOSLQH

3UHFLSLWD]LRQL PHGLH DQQXH $53$ 2VPHU )9*

7HPSHUDWXUH PHGLH PHQVLOL $53$ 2VPHU )9*

,Q ULIHULPHQWR D TXHVWL GDWL OH FRQGL]LRQL FOLPDWLFKH FKH LQWHUHVVDQR LO 3DUFR YLD YLD FKH VL SURFHGH DOO¶LQWHUQR GHOOH YDOOL H YHUVR RFFLGHQWH SUHVHQWD XQ FOLPD DEEDVWDQ]D PLWH VSHFLH QHOOD SDUWH PHULGLRQDOH ULSDUDWD GDL YHQWL PD GLVWXUEDWD GD HSLVRGL SLRYRVL FDXVDWL GD FRUUHQUWL XPLGH VFLURFFDOL 1HL PHVL LQYHUQDOL GRPLQDQR OH JLRUQDWH VROHJJLDWH H GHFLVDPHQWH IUHVFKH QHOOH RUH QRWWXUQH PHQWUH G¶HVWDWH OD FD OXUD GLXUQD q VSHVVR LQWHUURWWD GD WHPSRUDOL FKH SRUWDQR DULD SL IUHVFD 1HOOH YDOODWH

SL LQWHUQH LO FOLPD q D WUDWWL DOSLQR FRPXQTXH PLWLJDWR GDOOD YLFLQDQ]D GHOOD SLDQXUD IULXODQD H GDO 0DUH $GULDWLFR $53$ 2VPHU ³Ê HYLGHQWH TXLQGL FKH LO )ULXOL 9HQH]LD *LXOLD QRQ UDSSUHVHQWD XQD UHJLRQH FRQ FDUDWWHUL RPRJHQHL DQ]L LQ HVVD VL WURYD XQD QRWHYROH YDULHWj GL WHUUHQL GL PRUIR ORJLH GL FOLPL FKH LQÀXHQ]DQR O¶DWWXDOH FRPSRVL]LRQH GL IDXQD H ÀRUD IDYRUHQGR OD ORUR GLYHUVL¿FD]LRQH´ 9$//866, %$6, '¶$332**,2 ( 5,)8*,2 $ ± 5LF &DV 9DVHL P 1 ± 5LF &DV 9DOELQRQ P % ± 5LF &DV %DGLQ GL VRSUD P 2 ± 5LF &DVRQ GL %ULFD P & ± 5LI 0DQLDJR P 3 ± 5LI )ODLEDQ 3DFKHULQL P ' ± 5LF &DV *DOYDQD P 4 ± 5LF &DV 3UDPDJJLRUH P ( ± 5LF &DV /RGLQD P 5 ± 5LF &DV 0DVRQV P ) ± %LY 3HUXJLQL P 6 ± 5LI 3XVVD P * ± 5LI 3RUGHQRQH P 7 ± %LY $ *RLWDQ P + ± 5LF &DV 5RQFDGD P 8 ± 5LF &DV 3SRGHVWLQH P , ± 5LF &DV %UHJROLQD JUDQGH P 9 ± 5LF &DV &DVHUDWD P / ± %LY 0DUFKL *UDQ]RWWR P : ± 5LF &DV &KLDPSLX] P 0 ± 5LI *LDI P = ± 5LF &DV &KLDPSLV P $5(( ', 5,&(5&$ ± 9DO =HPROD (UWR H &DVVR ± 9DO &KLDYUDLV H 3XQWD GHO 0H]]RGu )RUQL GL VRW ± 9DO &LPROLDQD &LPRODLV ± 9DO 3RVFKLHGHD H 0 &KLDUHVFRQV )RUQL GL VRW ± 9DO 6HWWLPDQD &ODXW ± &DQDOH GL 0HGXQD 7UDPRQWL GL VRS ± $OWD 9DOOH 7DJOLDPHQWR )RUQL GL VRS ± 9DO ,QJODJQD H 6SLQHVSHV 7DPDUDW 6HOYD ± 9DO GL 6XROD )RUQL GL VRS ± 9DO GL 6XROD )RUQL GL VRS ± 9DO GHO 5LR GH OL 3DOHV $QGUHLV ± 3DVVR 5HVW 7UDPRQWL GL VRS ± 9DO 6LOLVLD )DLGRQD 6HOYD ± 6HQWLHUR 1DW 0RQWH &LDYDF $QGUHLV ± 9DO 9LHOOLD 7UDPRQWL GL VRS ± 3DVVR 6DQ 2VYDOGR 5LF &DV /RGLQD &LPRODLV ± 9DO &HOOLQD &ODXW ± 9DO 6FLRO 'HPR &DV %UHJROLQH SLFFROD ± 9DO GHO 5LR GH OL 3DOHV $QGUHLV ± 9DO 6HWWLPDQD H 9DO GL 6HQRQV &ODXW 9HGHUH ULIHULPHQWL QHOOD &DUWD JHRJUD¿FD DOOHJDWD DOOD ¿QH '(77$*/,2 '(//( $5(( ', 5,&(5&$ ± (UWR P 9DO =HPROD &DV 3H]]HL P ± &LPRODLV P 9DO &LPROLDQD 5LI 3RUGHQRQH P ± 5LI 3RUGHQRQH P 9DO 0RQIDOFRQ GL &LPROLDQD %LY 0DUFKL *UDQ]RWWR P 9DO 0RQIDOFRQ GL )RUQL 9HO 0HOX]]R ± &ODXW P 9DO 6HWWLPDQD 5LI 3XVVD P ± 5LI 3XVVD P 5LF &DV 3UDPDJJLRUH P ± )RUQL GL VRSUD P &KLDQGDUHQV P 5LI *LDI P )RUF 6FRGDYDFFD P ± 5LI *LDI P %LY 0DUFKL *UDQ]RWWR P 5LI *LDI P ± )RUQL GL VRSUD P 9DO GL 6XROD 5LI )ODLEDQ 3DFKHULQL P

5LI )ODLEDQ 3DFKHULQL P 0 3UDPDJJLRUH P ± $QGUHLV P 9DO GH OL 3DOHV )RUF 1DYDOHVF P ± $QGUHLV P $JD GHO 0XVFOH $QGUHLV P ± 0HGXQR 6HOYD P /DJR GL 6HOYD 6LVLODQ 7UDQFRQHUH P ± 0HGXQR 6HOYD P 9DOLQH EDVVH &DV 9DOLQH DOWH P ± 7UDPRQWL P 9DO 9LHOOLD 5LF &DV &KLDPSLV P ± 5LF &DV &KLDPSLV P 0 )UDVFROD P ± &ODXW P /HVLV )UDYH GD *HUH 5LF &DV 3RGHVWLQH P 5LF &DV &DVHUDWD P ± 3LDQ GH &HD P 6WUDGD GHJOL $OSLQL )RUF &ODXWDQD P &DV &ROFLDYDV P ± )RUQL GL VRWWR P )LHQ &KLDYUDLV 5LF &DV &MLDPSLX] P &LPRQ GL $JDU P ± )RUQL GL VRWWR P 9LFR %DLWL 3UH]HQDL P &RO 0DVRQ P )RUF /DUHVHLW P 9DO GHOO¶2UVR 6WXD )LHQ &URYDUHV P 9LFR ± )DLGRQD P 6HOYD JDOOHULD 6WDOOD 6SLQHVSHV JDOOHULD /DJR GHO &LXO P &DQDO 3LFFROR GL 0HGXQD 5LF &DV &DVHUDWD P ± )DLGRQD P 6HOYD JDOOHULD 6WDOOH 6SLQHVSHV P ± )RUQL GL VRSUD P 9DO GL 6XROD 5LI )ODLEDQ 3DFKHULQL P ± 7UDPRQWL GL VRSUD P 3DVVR 5HVW P &DV 0 5HVW )RUFD 6RSDUHLW P 0 9DOFDOGD P 5LF &DV 6RSDUHLW P ± $QGUHLV P 6HQW 1DW 0 &LDYDF $QGUHLV ± &LPRODLV 3DVVR GL 6 2VYDOGR P /XQH )RUF /RGLQD P 5LF &DV /RGLQD P ± 5LF &DV /RGLQD P 6HQW 9DOHQWLQR /HFFKLD 9DO GHO &DPSRO 3RQWH &DPSRO P 9DO &LPROLDQD &LPRODLV ± &LPRODLV 5LI 3RUGHQRQH P 9DO 6FLRO GH 0RQW 5LF &DV 5RQFDGD P )RUF GHOOD /DDPD P 5LF &DV %UHJROLQD JUDQGH P ± 5LF &DV %UHJROLQD JUDQGH P )RUF GHOOD /DPD P 9DO 6FLRO GH 0RQW P 5LI 3RUGHQRQH P ± &ODXW 9DO 6HWWLPDQD 5LI 3XVVD P 9DOOH GL 6HQRQV &DV 6HQRQV P 6HQW &LDGLQ GL 6HQRQV P ± $QGUHLV P 6HQW 1DW 0 &LDYDV $QGUHLV P ± $QGUHLV P 6HQW 1DW 0 &LDYDV $QGUHLV P ± $QGUHLV P 6HQW 1DW 0 &LDYDV $QGUHLV P ± (UWR P 9DO =HPROD &DV 3H]]HL P ± (UWR P 9DO =HPROD &DV 3H]]HL P ± )RUQL GL VRSUD P 9DO GL 6XROD 5LI )ODLEDQ 3DFKHULQL P ± )RUQL GL VRSUD P 9DO GL 6XROD 5LI )ODLEDQ 3DFKHULQL P ± )RUQL GL VRSUD P 9DO GL 6XROD 5LI )ODLEDQ 3DFKHULQL P ± &ODXW P *UDYH GH *HUH 5LF &DV 3RGHVWLQH P ± &ODXW P *UDYH GH *HUH 5LF &DV 3RGHVWLQH P ± $QGUHLV P )RUF 1DYDOHVF P ± )RUQL GL VRWWR P 5LF &DV &KLDPSLX] P ± )RUQL GL VRWWR P 5LF &DV &KLDPSLX] P ± )DLGRQD P 6WDOOD 6SLQHVSHV P ± &LPRODLV P 5LI 3RUGHQRQH P ± &LPRODLV P 5LF &DV /RGLQD P ± &LPRODLV P 5LF &DV /RGLQD P

± 0DWHULDOL H PHWRGL ,Q XQ FRQFHWWR PRGHUQR GL FHQVLPHQWR GHOOH ¿WRSDWLH QRQ q VXI¿FLHQWH GHVFULYHUH O¶D]LRQH FHFLGRORJLFD SURGRWWD GD XQD GHWHUPLQDWD VSHFLH q QHFHVVDULR GRFXPHQWDUH

DQFKH O¶DOWHUD]LRQH SURGRWWD FRQ WXWWL L GHWWDJOL XWLOL DO VXR ULFRQRVFLPHQWR H GRY¶q SRVVLELOH FDWWXUDUH H FRQVHUYDUH DQFKH LO JDOOLJHQR SURGXWWRUH FRQVHQ WHQGR GL ULVDOLUH DG XQR VWUXPHQWR GLD JQRVWLFR SUHFLVR ,QWHUHVVDQWH q SXUH OD GLVWULEX]LRQH GHO JDOOLJHQR ULVSHWWR D TXHOOR GHOOD SLDQWD RVSLWH H LQ TXHOOD GHOO¶DUHD LQGDJDWD TXDOH IRQWH FRPSD UDWLYD SHU VXFFHVVLYH LQGDJLQL $ WDOH VFRSR FL VLDPR YDOVL GHO 3URJHWWR &DUWRJUD¿FR (XUR SHR GL ¿WRJHRJUD¿D (5+(1'25)(5 +$0$11 DGRWWDWR GDO 'LSDUWLPHQWR GL %LRORJLD GHOO¶8QLYHUVLWj GHJOL 6WXGL GL 7ULHVWH 6H]LRQH %RWDQLFD LQ FXL q LQVHULWD O¶DUHD LQGDJDWD WUD OH DUHH GL EDVH 2JQL DUHD GL EDVH R 8QLWj *HRJUD¿FD 2SHUD]LRQDOH 2SHUDWLRQDO *HRJUDSKLF 8QLWV 2*8 &529(//2 FRUULVSRQGH DG ó GHO IRJOLR GHOOD FDU WD WRSRJUD¿FD G¶,WDOLD GHOO¶,VWLWXWR *HRJUD¿FR 0LOLWDUH ,*0 DOOD VFDOD [ NP NPT /¶DUHD GHO 3DUFR q LQWHUHVVDWD GD EHQ TXDGUDQWL H ,Q TXHVWR FRQWULEXWR ULSRUWLDPR OH VSHFLH JDOOLJHQH UDFFROWH R FDWWXUDWH D YL VWD VXOOH VSHFLH YHJHWDOL RVSLWL VX VSHFLH YHJHWDOL JHQHUDOL FHQVLWH SUHVHQWL QHOOH DUHH YLVLWDWH /¶LQGDJLQH ¿WR ]RRFHFLGRORJLFD HIIHWWXDWD QHOO¶DUHD LQ HVDPH q VWDWD UHDOL]]DWD WUD LO JLXJQR H LO JLXJQR DWWUDYHUVR O¶LQJHQWH QXPHUR G¶HVFXUVLRQL SUR JUDPPDWH QHOOH YDULH VWDJLRQL VRSUD HOHQFDWH QHOOH TXDOL q VWDWR SRVVLELOH HVDPLQDUH OD YHJHWD]LRQH QHO VXR PRPHQWR SL RSSRUWXQR LQGLYLGXDQGR VLD JOL RVSLWL SULPDUL FKH VHFRQGDUL ,Q TXHVWR FRQWULEXWR TXLQGL q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¿FDQR L WHVVXWL YHJHWDOL Ê XQ SUR

FHVVR GL SUROLIHUD]LRQH FHOOXODUH FKH DOWHUD ORFDOPHQWH LO WHVVXWR YHJHWDOH H LO FRORUH HSLGHUPLFR VWURPD WLFFKLRODWXUD YDLRODWXUD UXJJLQH HFF , PLFURPLFHWL VRQR WUD L SL LPSRUWDQWL ¿WRFHFLGL GHOOD YHJHWD]LRQH 7UD TXHVWL ULFRUGHUHPR JOL $VFRP\FR WD 'RWKLGHDFHDH (U\VLSKDFHDH &ODYLFLSLWDFHDH +\SRFUHDFHDH 3URWRP\FHWDFHDH 5K\WLVPDWDFHDH H 7DSKULQDFHDH L %DVLGLRP\FRWD &KDFRQLDFHDH &ROHRVSRULDFHDH &URQDUWLDFHDH 0HODPSVRUDFHDH 3KUDJPLGLDFHDH 3XFFLQLDFHDH 3XFFLQLDVWUDFHDH 8URS\[LGDFHDH ,QFHUWDH VHGLV ([REDVLGLDFHDH 7LOOHWLDFHDH H 8VWLODJLQDFHDH VHJXL WH GD HQWLWj QXPHULFKH PLQRUL TXDOL &K\WULGLRP\FRWD 3K\VRGHUPDWDFHDH H 6\Q FK\WULDFHDH 0\[RP\FRWD 'LG\PLDFHDH 2RP\FRWD $OEXJLQDFHDH 3HURQRVSRUD FHDH H 3ODVPRGLRSKRUDFHDH H LQ¿QH 0LWRVSRULF IXQJL 8OWHULRUL DJHQWL H]LRORJLFL GHOOD YHJHWD]LRQH VRQR UDSSUHVHQWDWL GDL 1HPDWRGD YHUPL FLOLQGULFL ¿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¿QH LO YDVWR H FRPSOHVVR PRQGR GHJOL ,QVHFWD L TXDOL LQGXFRQR VRU SUHQGHQWL IRUPH JDOOLJHQH VSHFL¿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¿QH +\PHQRSWHUD &KDOFLGRLGHD (XU\WRPLLGDH ,Q VHJXLWR DL ULVXOWDWL GHOO¶HVDPH GHL UHSHUWL UDFFROWL GRSR XQD SULPD GHWHUPLQD]LR QH H UHODWLYD SRVL]LRQH VLVWHPDWLFD VHFRQGR L FDWDORJKL GL +28$5' *2,'$1,&+ H GL %8+5 OD WDVVRQRPLD H OD VLVWHPDWLFD VRQR VWDWH DJJLRUQDWH LQ EDVH DL ODYRUL GL $05,1( 67$61< 0,1(//, 58) )2 3267$ +$:.6:257+ .,5. 687721 3(*/(5 5(0$8 ',Ê5( *$55,7< :,17(56 6($5/(6 H *$*1Ê

XOWHULRUPHQWH FRQIURQWDWL FRQ L VLWL :HE SL DJJLRUQDWL 3HU TXDQWR ULJXDUGD O¶DVSHWWR ERWDQLFR FL VL q ULIHULWL DOOD )ORUD G¶,WDOLD GL 3,*1$77, QRQRVWDQWH OD SXEEOLFD ]LRQH SL UHFHQWH GHO &DWDORJR GHOOH SLDQWH YDVFRODUL GHO )9* GL 32/',1, HW DO FLz DQFKH LQ VHJXLWR DL VXJJHULPHQWL GHL YDUL VSHFLDOLVWL ]RRORJLFR HQWRPRORJLFL 3HU L UHSHUWL GL GLI¿FLOH GHWHUPLQD]LRQH VL q ULFRUVR DOOD FROWXUD GHO JDOOLJHQR DW WUDYHUVR LO TXDOH VL q DFFHUWDWD OD UHDOH LGHQWLWj GHOOD JDOOD VWHVVD PHQWUH SHU OH VSHFLH FULWLFKH FL VL q YDOVL GHOOD FROODERUD]LRQH GHL ULVSHWWLYL VSHFLDOLVWL FKH VL QRPLQDQR QHL ULQJUD]LDPHQWL ,O PDWHULDOH G¶HUEDULR UDFFROWR SDUWH q VWDWR FRQVHUYDWR QHOOD &H FLGRWHFD GHO )9* PHQWUH L GDWL GL FDPSDJQD VRQR VWDWL UHJLVWUDWL QHOOD EDQFD GDWL GHSRVLWDWL SUHVVR LO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH 3HU OD VWRULD H OD ELRORJLD GHL JDOOLJHQL GHO )9* VL ULPDQGD DO ODYRUR GL 720$6, H D E

± 5LVXOWDWL ,Q VHJXLWR DOOH DFFXUDWH LQGDJLQL FHFLGRORJLFKH VYROWH QHOO¶DUHD GHO 3DUFR FRQ HVFXUVLRQL SURJUDPPDWH H UHDOL]]DWH WUD LO JLXJQR H LO JLXJQR LQ TXHVWR ODYRUR VRQR HVDPLQDWH VSHFLH ERWDQLFKH RVSLWL LQWHUHVVDWH GDOOH LQIH]LRQL FHFLGR ORJLFKH GRYXWH D VSHFLH JDOOLJHQH FKH WXWWDYLD VRQR QRPLQDWH YROWH 'L TXHVWL JDOOLJHQL EHQ VSHFLH ULVXOWDQR QRQ FLWDWH QHOOD &KHFNOLVW GHOOH VSHFLH GHOOD )DXQD LWDOLDQD H VSHFLH QRQRVWDQWH SURYRFKLQR HYLGHQWL DOWHUD]LRQL GHOOD SLDQWD RVSLWH YDUL $XWRUL OH ULWHQJRQR SVHXGRJDOOH

6SHFLH QRQ FLWDWH QHOOD &KHFNOLVW GHOOH VSHFLH GHOOD )DXQD LWDOLDQD 1(0$72'$ 6(&(51(17($ 7</(1&+,'$ $QJXLQLGDH 6XEDQJXLQD UDGLFLFROD *UHHII

3RD DQQXD / )HVWXFD SUDWHQVLV +XGVRQ

$&$5, 35267,*0$7$ (ULRSK\LGDH $FHULD FDUYL 1DOHSD $FHULD FKORUDQWKHV 1DOHSD $FHULD GUDEDH 1DOHSD $FHULD OLQRV\ULQD 1DOHSD $FHULD PDFURWXEHUFXODWD 1DOHSD $FHULD UHFKLQJHUL 1DOHSD $FXORSV SHGLFXODULV 1DOHSD $FXOXV ULJLGXV 1DOHSD &DOO\QWURWXV VFKOHFKWHQGDOL 1DOHSD (SLWULPHUXV UK\QFKRWKUL[ 1DOHSD 3K\OORFRSWHV VRUEHXV 1DOHSD

&DUXP FDUYL / &DPSDQXOD JORPHUDWD / &DPSDQXOD URWXQGLIROLD / $UDELV KLUVXWD / 6FRS $VWHU DPHOOXV / 9DOHULDQD VD[DWLOLV / 9DOHULDQD WULSWHULV / &UHSLV ELHQQLV / 3HGLFXODULV HORQJDWD .HUQHU 7DUD[DFXP IRQWDQLFROD 6RHVW 5RVD SHQGXOLQD / 5DQXQFXOXV DOSHVWULV / 6RUEXV DXFXSDULD /

7+<6$1237(5$ 7KULSLGDH 7KULSV IXOYLSHV %DJQDOO

0HUFXULDOLV SHUHQQLV /

+20237(5$ 36<//2,'($ $SKDODULGDH /LYLD FUHIHOGHQVLV 0LQN

&DUH[ FDSLOODULV /

7ULR]LGDH 7ULR]D FLUVLL /|Z ) 7ULR]D YHOXWLQD )|UVWHU

&LUVLXP DUYHQVH / 6FRS 6KHUDUGLD DUYHQVLV /

+20237(5$ $3+,'2,'($ $SKLGLGDH $SKLV $SKLV JHQWLDQDH %|UQHU $SKLV $SKLV LOLFLV .DOWHQEDFK $SKLV $SKLV WKRPDVL %|UQHU $SKLV $SKLV ZDUWHQEHUJL %|UQHU %UDFK\FDXGXV 3UXQDSKLV FDUGXL /LQQHR 'LXUDSKLV +ROFDSKLV KROFL + 5 / 6HPLDSKLV FHUYDULDH %|UQHU 6HPLDSKLV VSRQG\OLL .RFK +\DGDSKLV ELFLQFWD %|UQHU 9ROXWDSKLV FHQWDXUHDH %|UQHU $XODFRUWKXP $XODFRUWKXP PDMDQWKHPL ) 3 0XOOHU

*HQWLDQD FUXFLDWD / ,OH[ DTXLIROLXP / 6FDELRVD FROXPEDULD / &DUGXXV GHÀRUDWXV / 7DQDFHWXP FRU\PERVXP / 6FK %LS +ROFXV ODQDWXV / $JURVWLV VWRORQLIHUD / 3HXFHGDQXP RUHRVHOLQXP / 0RHQFK +HUDFOHXP VSKRQG\OLXP / /RQLFHUD QLJUD / 6LOHQH QXWDQV / 0DLDQWKHPXP ELIROLXP / 6FKPLGW

&2/(237(5$ 32/<3+$*$ ;9, &XUFXOLRQLGDH *\PQHWURQ EHFFDEXQJDH /LQQHR

9HURQLFD EHFFDEXQJD /

',37(5$ &(&,'20<,,'($ &HFLGRP\LLGDH $VSKRQG\OLD HFKLL /|Z + $VSKRQG\OLD JHQLVWDH /|Z + $VSKRQG\OLD KRUQLJL :DFKWO %XKULHOOD UXELFROD 6WHOWHU &RQWDULQLD DQWKRELD /|Z ) &RQWDULQLD DQWKRSKWKRUD /|Z ) &RQWDULQLD DVFOHSLDGLV *LUDXG &RQWDULQLD EDUELFKHL .LHIIHU &RQWDULQLD K\SRFKRHULGLV 5 EVDDPHQ &RQWDULQLD OLOLL .LHIIHU &RQWDULQLD PDUWDJRQLV .LHIIHU &RQWDULQLD SRO\JRQDWL 5 EVDDPHQ &RQWDULQLD TXLQTXHQRWDWD /|Z ) &RQWDULQLD VFXWDWL 5 EVDDPHQ &RQWDULQLD WUDJRSRJRQLV .LHIIHU 'DVLQHXUD DOSHVWULV .LHIIHU 'DVLQHXUD EHUEHULGLV .LHIIHU 'DVLQHXUD FHQWDXUHDH .LHIIHU 'DVLQHXUD NLHIIHULDQD 5 EVDDPHQ 'DVLQHXUD ODPLL .LHIIHU 'DVLQHXUD SHULFO\PHQL 5 EVDDPHQ 'DVLQHXUD VXEWHUUDQHD .LHIIHU 'DVLQHXUD WULVHWL %DUQHV 'DVLQHXUD YLRODH /|Z ) *LUDXGLHOOD LXQFOXVD )UDXHQIHOG -DDSLHOOD FLUVLLFROD 5 EVDDPHQ -DDSLHOOD LQÀDWDH 5 EVDDPHQ >,QTXLOLQR DOOD - ÀRULSHUGD /|Z ) @ -DDSLHOOD VFDELRVDH .LHIIHU /DVLRSWHUD DUXQGLQLV 6FKLQHU /DVLRSWHUD EHUEHULQD 6FKUDQN /DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ 0DFURODELV DTXLOHJLDH .LHIIHU 0DFURODELV ODPLL 5 EVDDPHQ 0DFURODELV SLORVHOODH %LQQLH 0LFURODVLRSWHUD ÀH[XRVD :LQQHUW] 3ODFRFKHOD OLJXVWUL 5 EVDDPHQ 3ODQHWHOOD FDULFLV 5 EVDDPHQ 7ULFKRODED WULIROLL 5 EVDDPHQ

(FKLXP YXOJDUH / *HQLVWD WLQFWRULD / 2ULJDQXP YXOJDUH / 5XEXV LGDHXV / &UDWDHJXV PRQRJ\QD -DFT 9HUEDVFXP QLJUXP / 9LQFHWR[LFXP KLUXQGLQDULD 0HGLFXV /RWXV FRUQLFXODWXV / &UHSLV ELHQQLV / /LOLXP PDUWDJRQ / /LOLXP PDUWDJRQ / 3RO\JRQDWXP PXOWLÀRUXP / $OO &RQYDODULD PDMDOLV / +HPHURFDOOLV OLOLR DVSKRGHOXV / 5XPH[ REWXVLIROLXV / 7UDJRSRJRQ SUDWHQVLV / VXEVS RULHQWDOLV / &HODN $UDELV KLUVXWD / 6FRS %HUEHULV YXOJDULV / &HQWDXUHD MDFHD / (SLORELXP DQJXVWLIROLXP / /DPLXP PDFXODWXP / /RQLFHUD QLJUD / 6LOHQH QXWDQV / 7ULVHWXP ÀDYHVFHQV / %HDXY 9LROD WULFRORU / 3KUDJPLWHV DXVWUDOLV &DY 7ULQ &LUVLXP YXOJDUH 6DYL 7HQ &LUVLXP DUYHQVH / 6FRS 6LOHQH YXOJDULV 0RHQFK *DUFNH VXEVS JODUHRVD -RUGDQ 0DUVG - 7XUU 6FDELRVD FROXPEDULD / 3KUDJPLWHV DXVWUDOLV &DY 7ULQ %HUEHULV YXOJDULV / +\ERODVLRSWHUD IDVFLDWD .LHIIHU )HVWXFD JLJDQWHD 9LOO $TXLOHJLD YXOJDULV / /DPLXP DOEXP / +LHUDFLXP SLORVHOOD / 3KUDJPLWHV DXVWUDOLV &DY 7ULQ /LJXVWUXP YXOJDUH / &DUH[ SDXFLÀRUD /LJKWI 7ULIROLXP SUDWHQVH /

7HSKULWLGDH (XUDVLPRQD VWLJPD /|Z +

$FKLOOHD PLOOHIROLXP /

$JURP\]LGDH 3K\WRP\]D SHQLFLOOD +HQGHO 'LVWLQJXLELOH VROR GRSR OD ULSURGX]LRQH

/DFWXFD VHUULROD /

&KORURSLGDH 2VFLQHOOD 2VFLQHOOD IHVWXFDH %DODFKRYVN\ 0HVQLO

)HVWXFD JLJDQWHD 9LOO

+<0(1237(5$ 6<13+,7$ &\QLSLGDH $XODFLGHD SLORVHOODH .LHIIHU

+LHUDFLXP SLORVHOOD /

$XODFLGHD WUDJRSRJRQLV 7KRPVRQ 'LSOROHSLV QHUYRVD &XUWLV ,VRFROXV ¿WFKL .LHIIHU ,VRFROXV MDFHDH 6FKHQFN ,VRFROXV VFDELRVDH *LUDXG 3KDQDFLV 3KDQDFLV FHQWDXUHDH )|UVWHU 7LPDVSLV FLFKRULL .LHIIHU 7LPDVSLV SKRHQL[RSRGRV 0D\U 7LPDVSLV VRQFKL 6WHIDQL

7UDJRSRJRQ SUDWHQVLV / VXEVS RULHQWDOLV / &HODN 5RVD DUYHQVLV +XGVRQ &HQWDXUHD VFDELRVD / &HQWDXUHD VFDELRVD / &HQWDXUHD VFDELRVD / &HQWDXUHD VFDELRVD / &HQWDXUHD MDFHD / &LFKRULXP LQW\EXV / /DFWXFD VHUULROD / 6RQFKXV DVSHU / +LOO

+<0(1237(5$ &+$/&,'2,'($ (XU\WRPLGDH 7HWUDPHVD DLUDH 6FKOHFKWHQGDO 7HWUDPHVD EUHYLFRUQLV :DONHU 7HWUDPHVD FDODPDJURVWLGLV 6FKOHFKWHQGDO 7HWUDPHVD KRUGHL +DUULV 7HWUDPHVD JLUDXGL 6FKOHFKWHQGDO 7HWUDPHVD SKUDJPLWLV (UG|V (XU\WRPD RUFKLGHDUXP :HVWZRRG

'HVFKDPSVLD FDHVSLWRVD / %HDXY )HVWXFD SUDWHQVLV +XGVRQ &DODPDJURVWLV YDULD 6FKUDGHU +RVW &DODPDJURVWLV DUXQGLQDFHD / 5RWK $JURS\URQ FDQ\QXV / %HDXY )HVWXFD JLJDQWHD 9LOO 3KUDJPLWHV DXVWUDOLV &DY 7ULQ 2UFKLV LQFDUQDWD /

, ODYRUL FHFLGRORJLFL ¿Q TXL UHDOL]]DWL GDO SHU LO )9* UDFFRJOLH O¶ GHOOD UHDOH FRQVLVWHQ]D GHOOH SUHVHQ]H JDOOLJHQH UHJLRQDOL LQ DVVHQ]D GL XOWHULRUL DSSURIRQ GLPHQWL LQ DOFXQL VHWWRUL DOSLQL 9DO $OED H )RUHVWD GL 7DUYLVLR

± &RQFOXVLRQL /¶LQGDJLQH FHFLGRORJLFD DWWXDOH ULJXDUGDQWH OD SUHVHQ]D H GLVWULEX]LRQH GHL FH FLGL QHOO¶DPELWR GHO 31') FLUFD ULVSHWWR DOOH VSHFLH YHJHWDOL FHQVLWH QHO 3DUFR PHWWH LQ OXFH OD JUDQGH ELRGLYHUVLWj FKH FDUDWWHUL]]D LO 3DUFR VWHVVR H VRWWR OLQHD FKH QHO JUDGXDOH SDVVDJJLR GD RULHQWH D RFFLGHQWH GD DPELHQWL SUHDOSLQL FRQ YHJHWD]LRQH ¿QR DOOH ]RQH VRPPLWj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

ϯϱϬ ϯϬϬ ϮϱϬ ϮϬϬ ϭϱϬ ϭϬϬ ϱϬ Ϭ

ĂĐƚĞƌŝĂ &ƵŶŐŝ ƐĐŽŵǇĐŽƚĂ &ƵŶŐŝ ͙ ŚǇƚƌŝĚŝŽŵǇĐŽƚĂ DǇǆŽŵǇĐŽƚĂ KŽŵǇĐŽƚĂ WůĂƐŵŽĚŝŽƉŚŽƌŽ͙ DŝƚŽƐƉŽƌŝĐ &ƵŶŐŝ EĞŵĂƚŽĚĂ ĐĂƌŝ KĚŽŶĂƚĂ dŚǇƐĂŶŽƉƚĞƌĂ ,ĞƚĞƌŽƉƚĞƌĂ ,ŽŵŽƉƚĞƌĂ ŽůĞŽƉƚĞƌĂ ŝƉƚĞƌĂ >ĞƉŝĚŽƉƚĞƌĂ ,ǇŵĞŶŽƉƚĞƌĂ

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¶LQWHUQR GL IRUHVWH H SUDWHULH QHL VLWL XPLGL OHJDWL DL WRUUHQWL H DVVLHPH DOO¶HOHYDWR YDORUH GL ZLOGHUQHVV FKH OH GHULYD GDOO¶DVVHQ]D GL YLDELOLWj H GL LQVHGLDPHQWL XPDQL KD FRQVHQWLWR GL VYROJHUH XQ LPSRUWDQWH ODYRUR QHOOD JUDQGH GLIIXVLRQH GHOOD YHJHWD]LRQH 7XWWDYLD q VWDWR UHJLVWUDWR TXDOFKH GLVDJLR VRSUDWWXWWR SHU L SRFKL ULIXJL DOSLQL JHVWLWL H SUHVHQWL VXO WHUULWRULR H SHU L SUHFDUL SHU QRWWDPHQWL QHL 5LFRYHUL &DVHUH GHOOD )RUHVWDOH 7XWWDYLD OD WDEHOOLQD DOOHJDWD VLQWHWL]]D L GDWL UHODWLYL DOOH VLQJROH DUHH LQGDJDWH LO QXPHUR GHOOH HVFXUVLRQL IDWWH QHOOD ULVSHWWLYD DUHD L FHFLGL LQGLYLGXDWL TXHOOL FLWDWL H OD SHUFHQWXDOH GL ULIHULPHQWR DO QXPHUR WRWDOH LQGLYLGXDWR (VFXU VLRQL

$UHD YLVLWDWD

6SHFLH FHQVLWH &HFLGL 2VSLWL FLWDWL

'DO O¶LQWHUR WHUULWRULR GHO 3DUFR q SURWHWWR H UDSSUHVHQWD XQ¶DUHD GL ULIXJLR SHU PROWH VSHFLH UDUH H PLQDFFLDWH HQGHPLFKH H QR PROWH GHOOH TXDOL VRQR VRJJHWWH D VSHFL¿FKH QRUPH GL WXWHOD 6,& =36 ,7 ,O VLVWHPD DWWXDOH GL JHVWLRQH GHO WHUULWRULR GHO 3DUFR IDYRULVFH OD FRQVHUYD]LRQH H OD WXWHOD GHJOL HOHPHQWL DXWRFWRQL D WXWWR YDQWDJJLR GHOOD ELRGLYHUVLWj

/D 9DOOH H LO &DPSDQLOH GL 9DO 0RQWDQDLD VLPEROR GHO 3DUFR

),72 =22&(&,', (/(1&2 180(5,&2 5,$66817,92 *DOOLJHQL

2VSLWL

%$&7(5,$ $OSKDSURWHREDFWHULD 5KL]RELDFHDH *DPPDSURWHREDFWHULD 3VHXGRPRQDGDFHDH

)81*, $VFRP\FRWD 'RWKLGHDOHV 'RWKLGHDFHDH (U\VLSKDOHV (U\VLSKDFHDH +\SRFUHDOHV &ODYLFLSLWDFHDH +\SRFUHDFHDH 3URWRP\FHWDOHV 3URWRP\FHWDFHDH 5K\WLVPDWDOHV 5K\WLVPDWDFHDH 7DSKULQDOHV 7DSKULQDFHDH %DVLGLRP\FRWD 8UHGLQDOHV &KDFRQLDFHDH &ROHRVSRULDFHDH &URQDUWLDFHDH 0HODPSVRUDFHDH 3KUDJPLGLDFHDH 3XFFLQLDFHDH 3XFFLQLDVWUDFHDH 8URS\[LGDFHDH ,QFHUWDH VHGLV %DVLGLRP\FRWD ([REDVLGLDOHV ([REDVLGLDFHDH %DVLGLRP\FRWD 8VWLODJLQDOHV 7LOOHWLDFHDH 8VWLODJLQDFHDH &K\WULGLRP\FRWD %ODVWRFODGLDOHV 3K\VRGHUPDWDFHDH 6\QFK\WULDFHDH 0\[RP\FRWD 3K\VDUDOHV 'LG\PLDFHDH 2RP\FRWD 3HURQRVSRUDOHV $OEXJLQDFHDH 3HURQRVSRUDFHDH 3ODVPRGLRSKRURP\FRWD 3ODVPRGLRSKRUDFHDH 0LWRVSRULF )XQJL

2UGLQL H IDPLJOLH

1(0$72'$ 6HFHUQHQWHD 7\OHQFKLGD $QJXLQLGDH +HWHURGHULGDH $SKHOHQFKRLGDH $5$&+1,'$ $&$5, $FDUL VSS

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

/HSLGRSWHUD $OXFLWRLGHD $OXFLWLGDH 3WHURSKRULGDH /HSLGRSWHUD *HOHFKLRLGHD &ROHRSKRULGDH 0RQSKLGDH *HOHFKLLGDH /HSLGRSWHUD 6HVLRLGHD 6HVLLGDH /HSLGRSWHUD 7RUWULFRLGHD 7RUWULFLGDH /HSLGRSWHUD 3\UDORLGHV 3\UDOLGDH &UDPELGDH /HSLGRSWHUD *HRPHWURLGHD *HRPHWULGDH +\PHQRSWHUD 6\PSK\WD $UJLGDH 7HQWKUHGLQLGDH +\PHQRSWHUD &\QLSRLGHD &\QLSLGDH +\PHQRSWHUD &KDOFLGRLGHD (XU\WRPLGDH

(/(1&2 6,67(0$7,&2 *$//( 3,$17( %$&7(5,$ $/3+$3527(2%$&7(5,$ 5+,=2%,$/(6 5KL]RELDFHDH $JUREDFWHULXP WXPHIDFLHQV ( ) 6PLWK 7RZVHQG &RQQ 6LQRUK\]RELXP PHOLORWL 'H /DMXGLH

6DOL[ FDSUHD / %HWXOD SHQGXOD 5RWK )DJXV V\OYDWLFD / 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 3\UXV FRPPXQLV / 0HGLFDJR OXSXOLQD /

*$00$3527(2%$&7(5,$ 36(8'2021$'$/(6 3VHXGRPRQDGDFHDH 3VHXGRPRQDV VDYDVWDQRL ( ) 6PLWK 6WHYHQV I VS IUD[LQL %URZQ 'RZVRQ )UD[LQXV RUQXV / )UD[LQXV H[FHOVLRU /

)81*, $6&20<&27$ '27+,'($/(6 'RWKLGHDFHDH $VFRFK\WD FDXOLFROD /DXEHUW 9HQWXULD LQDHTXDOLV &RRNH * :LQWHU

0HOLORWXV RI¿FLQDOLV / 3DOODV 6RUEXV DXFXSDULD /

$6&20<&27$ (5<6,3+$/(6 (U\VLSKDFHDH 3RGRVSKDHUD PDFXODULV :DOOU 8 %UDXP

+XPXOXV OXSXOXV /

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lUHQ 3URWRP\FHV NULHJHULDQXV % UHQ 3URWRP\FHV PDFURVSRUXV 8QJHU 3URWRP\FRSVLV DUQROGLL 0DJQXV 3URWRP\FRSVLV EHOOLGLV .ULHJ 0DJQXV 3URWRP\FRSVLV OHRQWRGRQWLV % UHQ

*DOLQVRJD SDUYLÀRUD &DY *DOLQVRJD FLOLDWD 5D¿Q %ODNH &UHSLV SDOXGRVD / 0RHQFK /HRQWRGRQ KLVSLGXV / &KDHURSK\OOXP KLUVXWXP / $QWKULVFXV V\OYHVWULV / +RIIP /DVHUSLWLXP ODWLIROLXP / /DVHUSLWLXP SHXFHGDQRLGHV / /HRQWRGRQ PRQWDQXV /DP YDU EUHYLVFRSXV &DYDUD *UDQGH %HOOLV SHUHQQLV / /HRQWRGRQ DXWXPQDOLV /

$6&20<&27$ 5+<7,60$7$/(6 5K\WLVPDWDFHDH 5K\WLVPD DFHULQXP 3HUV H[ 6W $PDV )U 5K\WLVPD SXQFWDWXP 3HUV )U

$FHU FDPSHVWUH / $FHU SVHXGRSODWDQXV /

5K\WLVPD VDOLFLQXP 3HUV )U

6DOL[ UHWLFXODWD / 6DOL[ JODEUD 6FRS

$6&20<&27$ 7$3+5,1$/(6 7DSKULQDFHDH 7DSKULQD DFHULFROD & 0DVVDO 7DSKULQD DFHULQD $ * (OLDVVRQ 7DSKULQD DOQL %HUN %URRPH *MDHUXP 7DSKULQD DWK\ULL 6LHPDV]NR 7DSKULQD EHWXOLQD 5RVWU 7DSKULQD EXOODWD %HUN 7XO 7DSKULQD FHUDVL )XFNHO 6DGHE 7DSKULQD FUDWDHJL 6DGHE 7DSKULQD GHIRUPDQV %HUN 7XO 7DSKULQD HSLSK\OOD 6DGHE 6DFF 7DSKULQD ¿OLFLQD 5RVWU 7DSKULQD IXVFD *LHVHQK 7DSKULQD SRO\VSRUD 6RURNLQ -RKDQVRQ 7DSKULQD SRWHQWLOODH )DUO -RKDQVRQ 7DSKULQD SUXQL )XFNHO 7XO 7DSKULQD SVHXGRSODWDQL & 0DVVDO -DDS 7DSKULQD VSOHQGHQV 3DOP 7DSKULQD XOPL )XFNHO -RKDQVRQ 7DSKULQD YHVWHUJUHQLL *LHVHQK 7DSKULQD YLULGLV 6DGHE 0DLUH 7DSKULQD ZHWWVWHLQLDQD +HU]IHOG

$FHU FDPSHVWUH / $FHU SODWDQRLGHV / $OQXV DOQREHWXOD (KUK . .RFK $WK\ULXP ¿OL[ IRHPLQD / 5RWK %HWXOD SHQGXOD 5RWK 3\UXV S\UDVWHU %XUJVG 3UXQXV DYLXP / &UDWDHJXV PRQRJ\QD -DFT 6RUEXV FKDPDHPHVSLOXV / &UDQW] $OQXV LQFDQD / 0RHQFK 3KHJRSWHULV FRQQHFWLOLV 0LFK[ :DWW 'U\RSWHULV YLOODULL %HOODUGL :R\QDU $FHU FDPSHVWUH / *HXP PRQWDQXP / 3UXQXV VSLQRVD / $FHU SVHXGRSODWDQXV / %HWXOD SXEHVFHQV (KUK 8OPXV JODEUD +XGVRQ 'U\RSWHULV ¿OL[ PDV / 6FKRWW $OQXV DOQREHWXOD (KUK . .RFK 3RO\VWLFXP ORQFKLWLV / 5RWK

%$6,',20<&27$ 85(',1$/(6 &KDFRQLDFHDH 2FKURSVRUD DULDH )XFNHO 5DPVE

$QHPRQH WULIROLD /

&ROHRVSRULDFHDH &KU\VRP\[D DELHWLV :DOOU 8QJHU &KU\VRP\[D HPSHWUL 3HUV - 6FKU|W &KU\VRP\[D S\URODH 5RVWU &ROHRVSRULXP WXVVLODJLQLV 3HUV 7XO

3LFHD H[FHOVD /DP /LQN (PSHWUXP KHUPDSKURGLWXP +DJHUXS 3\UROD PLQRU / 3\UROD URWXQGLIROLD / 3LQXV V\OYHVWULV /

&URQDUWLDFHDH &URQDUWLXP SLQL :LOOG -¡UVW &URQDUWLXP ULELFROD - & )LVFK

3LQXV V\OYHVWULV / 3LQXV PXJR 7XUUD 3LQXV QLJUD $UQROG 3LQXV V\OYHVWULV /

0HODPSVRUDFHDH 0HODPSVRUD DELHWLV FDSUHDUXP 7XEHXI 0HODPSVRUD DOOLL DOEDH .OHE 0HODPSVRUD FDSUHDUXP 7K P

6DOL[ HOHDJQRV 6FRS 6DOL[ UHWXVD / 6DOL[ FDSUHD /

0HODPSVRUD HSLWHD 7K P 0HODPSVRUD ODULFL HSLWHV .OHE 0HODPSVRUD SRSXOQHD 3HUV 3 &DUVR 0HODPSVRUD ULEHVL GDSKQRLGLV .OHE 0HODPSVRUD VDOLFLV DOEDH .OHE 0HODPSVRUD YHUQDOLV 1LHVVO

6DOL[ UHWLFXODWD / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ SXUSXUHD / (XRQ\PXV ODWLIROLXV / 0LOOHU 6DOL[ DSSHQGLFXODWD 9LOO 3LQXV V\OYHVWULV / 3LQXV PXJR 7XUUD 0HUFXULDOLV SHUHQQLV / 6DOL[ GDSKQRLGHV 9LOO 6DOL[ DOED / 6D[LIUDJD DL]RLGHV /

3KUDJPLGLDFHDH )URPPHHOOD WRUPHQWLOODH )XFNHO &XPPLQV < +LUDWV *\PQRFRQLD LQWHUVWLWLDOLV 6FKOWGO /DJHUK .XHKQHROD XUHGLQLV /LQN $UWKXU 3KUDJPLGLXP EXOERVXP )U 6FKOWGO 3KUDJPLWHV IXVLIRUPH - 6FKU|W 3KUDJPLGLXP PXFURQDWXP 3HUV 6FKOWGO 3KUDJPLGLXP SRWHULL )XFNHO 3KUDJPLGLXP UXEL LGDHL '& 3 .DUVW

3RWHQWLOOD HUHFWD / 5lXVFKHO 5XEXV VD[DWLOLV / 5XEXV FDHVLXV / 5XEXV LGDHXV / 5RVD SHQGXOLQD / 5RVD FDQLQD / 6DQJXLVRUED PLQRU 6FRS 5XEXV LGDHXV /

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|W

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jN 6\G 3XFFLQLD FLUFDHDH FDULFLV +DVOHU 3XFFLQLD FQLFL + 0DUW 3XFFLQLD FQLFL ROHUDFHL 3HUV 3XFFLQLD FRPPXWDWD 3 6\G 6\G 3XFFLQLD FRQJORPHUDWD ) 6WUDXVV 5|KO 3XFFLQLD FRQYROYXOL 3HUV &DVWDJQH 3XFFLQLD FRURQDWD &RUGD 3XFFLQLD FUHSLGLV DXUHDH 6\G 3 6\G 3XFFLQLD GHQWDULDH $OE 6FKZHLQ )XFNHO

$VSHUXOD DULVWDWD / VXEVS RUHRSKLOD %ULT +D\HN $VWHU DOSLQXV / $WKDPDQWD FUHWHQVLV / $VWHU EHOOLGLDVWUXP / 6FRS 6WDFK\V RI¿FLQDOLV / 7UHYLVDQ 3LPSLQHOOD PDMRU / +XGVRQ 7UDJRSRJRQ SUDWHQVLV / VXEVS RULHQWDOLV / &HODN %XSOHXUXP SHWUDHXP / %X[XV VHPSHUYLUHQV / &DUGXXV QXWDQV / &DUGXXV GHÀ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¿FLQDOLV / +RPRJ\QH DOSLQD / &DVV &RQYROYXOXV DUYHQVLV / 5KDPQXV VD[DWLOLV -DFT 5KDPQXV FDWKDUWLFXV / 5KDPQXV SXPLOXV 7XUUD )UDQJXOD DOQXV 0LOOHU &UHSLV DXUHD / &DVV &DUGDPLQH EXOELIHUD / &UDQW]

3XFFLQLD GLIIRUPLV .XQ]H 3XFFLQLD GLRLFDH 0DJQXV 3XFFLQLD GLYHUJHQV %XEjN 3XFFLQLD GRYUHQVLV $ %O\WW 3XFFLQLD GUDEDH ) 5XGROSKL 3XFFLQLD GXE\L 0 OO $UJ 3XFFLQLD HQRUPLV )XFNHO 3XFFLQLD HULRSKRUL 7K P 3XFFLQLD ¿UPD 'LHWHO 3XFFLQLD ÀDKDXOWLL 9LHQQ %RXUJ 3XFFLQLD JHQWLDQDH ) 6WUDXVV /LQN 3XFFLQLD JLJDQWHD 3 &DUVR 3XFFLQLD JOHFKRPDWLV '& 3XFFLQLD JOREXODULDH '& 3XFFLQLD JORPHUDWD *UHYL 3XFFLQLD JUDPLQLV 3HUV 3XFFLQLD KHUDFOHL *UHY 3XFFLQLD KLHUDFLL 5|KO + 0DUW 3XFFLQLD K\VWHULXP 5|KO 3XFFLQLD LPSHUDWRULDH -DFN\ $UWKXU + 6 -DFNV 3XFFLQLD MDFHDH OHSRULQDH 7UDQ]VFKHO 3XFFLQLD MDFN\DQD *lXP H[ -¡UVW 3XFFLQLD NDUVWHQLL /LQGU 3XFFLQLD NUXSDH :UzEO 3XFFLQLD ODFWXFDUXP 3 6\G 3XFFLQLD ODSVDQDH )XFNHO 3XFFLQLD PDFXORVD 6FKZHLQ 3XFFLQLD PDMRU 'LHWHO 3XFFLQLD PDODEDLODH %XEjN 3XFFLQLD PHQWKDH 3HUV

&DUGDPLQH HQQHDSK\OORV / &UDQW] *DOLXP PROOXJR / 'RURQLFXP JUDQGLÀRUXP /DP &LUVLXP HULRSKRUXP / 6FRS 7DUD[DFXP VHFW UXGHUDOLV .LUVFKQHU + XJ âWČSjQHN &UHSLV ELHQQLV / &DUOLQD YXOJDULV / (ULJHURQ DQQXXV / 3HUV &RQ\]D FDQDGHQVLV / &URQT 'UDED WRPHQWRVD &ODLUY $QGURVDFH KHOYHWLFD 7XUUD &KLRY &KDHURSK\OOXP KLUVXWXP / 6ROLGDJR YLUJDXUHD / $VWHU EHOOLGLDVWUXP / 6FRS *HUDQLXP PDFURUUKL]XP / *HQWLDQD EDYDULFD / *HQWLDQD IURHOLFKLL -DQ (SLORELXP DQJXVWLIROLXP / *OHFKRPD KHGHUDFHD / *OREXODULD FRUGLIROLD / *OREXODULD QXGLFDXOLV / *OREXODULD SXQFWDWD /DSH\U 3HWDVLWHV SDUDGR[XV 5HW] %DXPJ 6HQHFLR QHPRUHQVLV / $GHQRVW\OHV JODEUD 0LOOHU '& %HUEHULV YXOJDULV / +HUDFOHXP VSKRQG\OLXP / &HQWDXUHD MDFHD / 7DUD[DFXP VHFW UXGHUDOLV .LUVFKQHU + XJ âWČSjQHN +LHUDFLXP SLORVHOOD / 7UDJRSRJRQ SUDWHQVLV / VXEVS RULHQWDOLV / &HODN 3HXFHGDQXP RVWUXWKLXP / .RFK &HQWDXUHD MDFHD / 6FRU]RQHUD URVHD : . $QJHOLFD V\OYHVWULV / &UHSLV MDFTXLQLL 7DXVFK VXEVS NHUQHUL 5HFK ¿O 0HU[P /DFWXFD VHUULROD / /DSVDQD FRPPXQLV / /DFWXFD PXUDOLV / 'XPRUW &UHSLV SDOXGRVD / 0RHQFK *UD¿D JRODND +DFT 5FKE $FLQRV DOSLQXV / 0RHQFK &OLQRSRGLXP YXOJDUH /

3XFFLQLD PROLQLDH 7XO 3XFFLQLD RQWDQD )XFNHO 3XFFLQLD PRXJHRWLL /DQJHUQK 3XFFLQLD PXOJHGLL 3 6\G 6\G 3XFFLQLD QHPRUDOLV -XHO 3XFFLQLD QLJUHVFHQV 3HFN 3XFFLQLD QLWLGD ) 6WUDXVV %DUFOD\ 3XFFLQLD QLWLGXOD 7UDQ]VFKHO 3XFFLQLD REWXVDWD * + 2WWK H[ ( )LVFK 3XFFLQLD RSL]LL %XEjN 3XFFLQLD RUHRVHOLQL ) 6WUDXVV .|UQ 3XFFLQLD SDVVHULQLL - 6FKU|W 3XFFLQLD SDXOLL 3RHOW 3XFFLQLD SD]VFKNHL 'LHWHO 3XFFLQLD SHWDVLWH 9HVWHUJU 3XFFLQLD SHXFHGDQL DXVWULDFL 6LQGDFR H[ *lXP 3XFFLQLD SKUDJPLWLV 6FKXPDFK 7XO 3XFFLQLD SRDH DSRVHULGLV *lXP 3RHOW 3XFFLQLD SRDUXP 1LHOVHQ 3XFFLQLD SUDHFR[ %XEjN 3XFFLQLD SUHQDQWKLV SXUSXUHDH '& /LQGU 3XFFLQLD SULPXODH '& 'XE\ 3XFFLQLD SXOYHUXOHQWD *UHY 3XFFLQLD SXQFWDWD /LQN 3XFFLQLD SXQFWDWD I VS JDOLL YHUL *lXP 3XFFLQLD SXQFWLIRUPLV ) 6WUDXVV 5|KO 3XFFLQLD UDQXQFXOL $ %O\WW 3XFFLQLD UHFRQGLWD 5REHUJH H[ 'HVP 3XFFLQLD URVVLDQD 6DFF /DJHUK 3XFFLQLD UXWWQHUL * : )LVFK 3XFFLQLD U\W]LL *lXP -DDJ 3XFFLQLD VDOYLDH 8QJHU 3XFFLQLD VDQLFXODH *UHY 3XFFLQLD VD[LIUDJDH 6FKOWGO 3XFFLQLD VFLOODH UXEUDH &UXFKHW 3XFFLQLD VFRU]RQHUDH 6FKXPDFK -XHO 3XFFFLQLD VHVVLOLV - 6FKU|W

0HQWKD ORQJLIROLD / +XGVRQ 3UXQHOOD JUDQGLÀ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

3XFFLQLD VROGDQHOODH '& )XFNHO 6ROGDQHOOD PLQLPD +RSSH 6ROGDQHOOD DOSLQD / 3XFFLQLD VWDFK\GLV '& 6WDFK\V UHFWD / 3XFFLQLD VWLSLQD 7UDQ]VFKHO + & *UHHQH &XPPLQV 6DOYLD SUDWHQVLV / 3XFFLQLD VYHQVHPLL /LQGU $QWKULVFXV V\OYHVWULV / +RIIP 3XFFLQLD WHUULHUL *l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|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jN &\WLVXV SVHXGRSURFXPEHQV 0DUNJUDI 8URP\FHV JHUDQLL '& * + 2WWK :DUWP *HUDQLXP PDFURUUKL]XP / 8URP\FHV KHG\VDUL REVFXUL '& &DUHVWLD 3LFF +HG\VDUXP KHG\VDURLGHV / 6FK 7K 8URP\FHV LQDHTXLDOWXV /DVFK 6LOHQH QXWDQV / 8URP\FHV MXQFL 7XO %XSKWKDOPXP VDOLFLIROLXP /

8URP\FHV OLQHRODWXV 'HVP - 6FKU|W 8URP\FHV RYLUHQVLV -DDS 8URP\FHV SDOOLGXV 1LHVVO 8URP\FHV SKOHL PLFKHOLL &UXFKHW 8URP\FHV SRO\JRQL DYLFXODULV 3HUV * + 2WWK 8URP\FHV VFXWHOODWXV 6FKUDQN 1LHVVO 8URP\FHV VROLGDJLQLV 6RPPHUI )XFNHO 8URP\FHV WULIROLL UHSHQWLV /LUR 8URP\FHV WXEHUFXODWXV )XFNHO 8URP\FHV YDOHULDQDH 6FKXPDFK )XFNHO 8URP\FHV YHUDWUL '& - 6FKU|W 8URP\FHV YLFLDH IDEDH 3HUV - 6FKU|W

2HQDQWKH ELHQQLV / 3ULPXOD ZXOIHQLDQD 6FKRWW &\WLVXV HPHULÀRUXV 5FKE 5DQXQFXOXV PRQWDQXV :LOOG 3RO\JRQXP DYLFXODUH / (XSKRUELD F\SDULVVLDV / (XSKRUELD ÀDYLFRQD '& 6ROLGDJR YLUJDXUHD / 7ULIROLXP PRQWDQXP / (XSKRUELD ÀDYLFRPD '& (XSKRUELD F\SDULVVLDV / 9DOHULDQD PRQWDQD / $GHQRVW\OHV DOOLDULDH *RXDQ .HUQHU $GHQRVVW\OHV JODEUD 0LOOHU '& +RPRJ\QH DOSLQD / &DVV /DWK\UXV YHUQXV / %HUQK

3XFFLQLDVWUDFHDH +\DORSVRUD DVSLGLRWXV 3HFN 0DJQXV 3KHJRSWHULV FRQQHFWLOLV 0LFK[ :DWW +\DORSVRUD SRO\SRGLL 3HUV 0DJQXV &\VWRSWHULV IUDJLOLV / %HUQK 0HODPSVRUHOOD FDU\RSK\OODFHDUXP '& - 6FKU|W $ELHV DOED 0LOOHU 0HODPSVRULGLXP EHWXOLQXP 3HUV .OHE /DUL[ GHFLGXD 0LOOHU 0LOHVLQD PXUDULD 0DJQXV *URYH $VSOHQLXP ¿VVXP .LW 5XPH[ DFHWRVD / 3XFFLQLDVWUXP HSLORELL '& (SLORELXP DQJXVWLIROLXP / 3XFFLQLDVWUXP JRHSSHUWLDQXP - * . KQ .OHE 9DFFLQLXP YLWLV LGDHD / 7KHNRSVRUD HULFDH $ 1DXPDQQ 7UDQ]VFKHO &DOOXQD YXOJDULV / +XOO 8URS\[LGDFHDH 7UDQ]VFKHOLD DQHPRQHV 3HUV 1DQQI ,QFHUWDH VHGLV $HFLGLXP NDEDWLDQXP %XEjN $HFLGLXP PROOXJLQLV :XUWK $HFLGLXP SHWDVLWLGLV 6\G 3 6\G $HFLGLXP SHXFHGDQL UDLEOHQVLV 0DLUH 3HULGHUPLXP SLFHDH KRQGRHQVLV 'LHWHO %$6,',20<&27$ (;2%$6,',$/(6 ([REDVLGLDFHDH ([REDVLGLXP MXHOLDQXP 1DQQI ([REDVLGLXP P\UW\OOL 6LHJP ([REDVLGLXP UKRGRGHQGUL )XFNHO & ( &UDPHU ([REDVLGLXP XYDH XUVL 1DLUH -XHHO

$QHPRQH WULIROLD / 7KDOLFWUXP DTXLOHJLLIROLXP / 0\RVRWLV V\OYDWLFD +RIIP *DOLXP PROOXJR / 3HWDVLWHV DOEXV / *DHUWQ 3HXFHGDQXP DXVWULDFXP -DFT .RFK 3LFHD H[FHOVD /DP /LQN

9DFFLQLXP P\UWLOOXV / 9DFFLQLXP YLWLV LGDHD / 9DFFLQLXP P\UWLOOXV / 5KRGRGHQGURQ IHUUXJLQHXP / 5KRRGRGHQGURQ [ LQWHUPHGLXP 7DXVFK 5KRGRGHQGURQ KLUVXWXP / $UFWRVWDSK\ORV XYD XUVL / 6SUHQJHO $UFWRVWDSK\ORV DOSLQXV / 6SUHQJHO

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jN &RU\GDOLV FDYD / 6FKZHLJJ (QW\ORPD YHURQLFDH +DOVW /DJHUQK 9HURQLFD VHUS\OOLIROLD / *ORPRVSRULXP OHSWLGHXP 6\G 3 6\G .RFKPDQ &KHQRSRGLXP DOEXP / 0HODQRWDHQLXP MDDSLL 0DJQXV /DPLXP DOEXP / 1HRYRVVLD GDQXELDOLV 6lYXO 3KUDJPLWHV DXVWUDOLV &DY 7ULQ 1HRYRVVLD PROLQLDH 7K P .|UQ 0ROLQLD FRHUXOHD / 0RHQFK 7LOOHWLD DLUDH FDHVSLWRVDH /LQGU 'HVFKDPSVLD FDHVSLWRVD / %HDXY 7LOOHWLD DQWKR[DQWKL $ %O\WW $QWKR[DQWKXP RGRUDWXP / 7LOOHWLD FHUHEULQD (OOLV (YHUK H[ 6DFF 'HVFKDPSVLD FDHVSLWRVD / %HDXY 7LOOHWLD JX\RWLDQD +DU %URPXV HUHFWXV +XGVRQ 7LOOHWLD KROFL :HVWHQG - 6FKU|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jYXO $UUKHQDWKHUXP HODWLXV / 3UHVO 8URF\VWLV DWUDJHQHV /LUR =XQGHO &OHPDWLV DOSLQD / 0LOOHU 8URF\VWLV DYHQDVWUL 0DVVHQRW 1DQQI $YHQXOD SXEHVFHQV +XGVRQ 'XPRUW 8URF\VWLV FHSXODH )URVW $OOLXP HULFHWRUXP 7KRUH 8URF\VWLV FROFKLFL 6FKOWGO 5DEHQK &ROFKLFXP DXWXPQDOH / 8URF\VWLV GDFW\OLGLQD /DYURY =XQGHO 'DFW\OLV JORPHUDWD / 8URF\VWLV ¿VFKHUL .|UQ &DUH[ PXFURQDWD $OO &DUH[ V\OYDWLFD +XGVRQ &DUH[ EUDFK\VWDFK\V 6FKUDQN &DUH[ ÀDYD / 8URF\VWLV ÀRFFRVD :DOOU ' 0 +HQG +HOOHERUXV QLJHU / 8URFLVW\V JDODQWKL + 3RSH *DODQWKXV QLYDOLV / 8URF\VWLV MRKDQVRQLL /DJHUK 0DJQXV -XQFXV EXIRQLXV /

8URF\VWLV OX]XODH - 6FKU|W - 6FKU|W /X]XOD SLORVD / :LOOG /X]XOD PXOWLÀRUD (KUK /HM /X]XOD V\OYDWLFD +XGVRQ *DXGLQ 8URF\VWLV PDFURVSRUD 'HVP /LUR %URPXV UDPRVXV +XGVRQ 8URF\VWLV PHOLFDH /DJHUK /LUR =XQGHO 0HOLFD QXWDQV / 8URF\VWLV PL\DEHDQD 7RJDVKL 2QXPD 7RJDVKL &RQYDODULD PDMDOLV / 8URF\VWLV PXVFDULGLV 1LHVVO 0RHV] 0XVFDUL ERWU\RLGHV / 0LOOHU 8URF\VWLV SDULGLV 8QJHU 7K P 3DULV TXDGULIROLD / 8URF\VWLV SRO\JRQDWL 0RHV] 8OEULFK 3RO\JRQDWXP PXOWLÀRUXP / $OO 8URF\VWLV SULPXODH 5RVWU 9jQN\ 3ULPXOD IDULQRVD / 3ULPXOD W\UROHQVLV 6ZFKRWW 8URF\VWLV SXOVDWLOODH %XEjN 0RHV] 3XOVDWLOOD DOSLQD / 'HODUEUH 8URF\VWLV UDQXQQFXOL /LUR 0RHV] 5DQXQFXOXV DFULV / 5DQXQFXOXV K\EULGXV %LULD 5DQXQFXOXV QHPRURVXV '& 8URF\VWLV UDQXQFXOL ODQXJLQRVL '& =HQGHO 5DQXQFXOXV ODQXJLQRVXV / 8URF\VWLV ULJLGD /LUR =XQGHO &DUH[ KXPLOLV /H\VHU 8URF\VWLV VRURVSRULRLGHV $UWKXU 7KDOLFWUXP PLQXV / 8URF\VWLV V\QFRFFD / $ .LUFKQ % /LQGHE +HSDWLFD QRELOLV 0LOOHU 8URF\VWLV WHVVHOODWD /LUR =XQGHO $JURVWLV VWRORQLIHUD / 8URF\VWLV WULVHWL &LI =XQGHO 7ULVHWXP ÀDYHVFHQV / %HDXY 8URF\VWLV WUROOLL 1DQQI 7UROOLXV HXURSDHXV / 8URF\VWLV XOHL 0DJQXV )HVWXFD UXEUD / )HVWXFD VWHQDQWKD +DFNHO 5LFKWHU 8URF\VWLV XOPDULDH /LUR 9jDQN\ )LOLSHQGXOD XOPDULD / 0D[LP 8URF\VWLV YLRODH 6RZHUE\ $ $ )LVFK :DOG 9LROD KLUWD / 9LROD PLUDELOLV / 9LROD ULYLQLDQD 5FKE 8VWLODJLQDFHDH $QWKUDFRLGHD FDULFLV DOEDH 6\G .XNNRQHQ &DUH[ DOED 6FRS $QWKUDFRLGHD HO\QDH 6\G .XNNRQHQ .REUHVLD P\RVXURLGHV 9LOO )LRUL $QWKUDFRLGHD LUUHJXODULV /LUR %RLGRO 3RHOW &DUH[ GLJLWDWD / $QWKUDFRLGHD SUDWHQVLV 6\G %RLGRO 3RHOW &DUH[ ÀDFFD 6FKUHEHU $QWKUDFRLGHD VXELQFOXVD .|UQ %UHI &DUH[ QLJUD / 5HLFKDUG %DXHUDJR YX\FNLL 2XGHP %HLM 9DQN\ /X]XOD SLORVD / :LOOG /X]XOD PXOWLÀRUD (KUK /HM &LQWUDFWLD XUFHRORUXP '& &LI &DUH[ IHUUXJLQHD 6FRS )DU\VLD WKXHPHQL $ $ )LVFK :DOGK 1DQQI &DUH[ SDXFLÀRUD /LJKWI &DUH[ RUQLWKRSRGLRLGHV +DXVP &DUH[ ÀDYD / 0LFURERWU\XP DYLFXODUH /LUR 9jQN\ 3RO\JRQXP DYLFXODUH / 0LFURERWU\XP EHWRQLFDH %HFN 5 %DXHU 2EHUZ 6WDFK\V DORSHFXURV / %HQWKDP 0LFURERWU\XP ELVWRUWDUXP '& 9jQN\ 3RO\JRQXP YLYLSDUXP / 0LFUURERWU\XP FLFKRULL 6\G 9jQN\ &LFKRULXP LQW\EXV / 0LFURERWU\XP GLDQWKRUXP /LUR + 6FKRO] , 6FKRO] 3HWURUKDJLD VD[LIUDJD / /LQN

0LFURERWU\XP NXHKQHDQXP 5 :ROII 9jQN\ 5XPH[ DFHWRVD / 0LFURERWU\XP SLQJXLFXODH 5RVWU 9jQN\ 3LQJXLFXOD DOSLQD / 0LFURERWU\XP UHWLFXODWXP /LUR 5 %DXU 2EHUZ 3RO\JRQXP ODSDWKLIROLXP / 0LFURERWU\XP VDOYLDH )HUUDUL .HPOHU 0 /XW] 6DOYLD SUDWHQVLV / 0LFURERWU\XP VFDELRVDH 6RZHUE\ * 'HPO 3ULOOLQJHU .QDXWLD GU\PHLD +HXIIHO 0LFURERWU\XP VW\JLXP /LUR 9jQN\ 5XPH[ DFHWRVD / 0LFURERWU\XP VXFFLVDH 0DJQXV 5 %DXHU 2EHUZ 6XFFLVD SUDWHQVLV 0RHQFK 0LFURERWU\XP YLQRVXP 7XO & 7XO 'HQFKHY 2[\ULD GLJ\QD / +LOO 0LFURERWU\XP ZDUPLQJLL 5RVWU 9jQN\ 5XPH[ REWXVLIROLXV / 6RURVSRULXP GLDQWKRUXP &LI 'LDQWKXV EDUEDWXV / 6RURVSRULXP VLOHQHV LQÀDWDH =LJQR H[ &LI 6LOHQH GLRLFD / &ODLUY 6SKDFHORWKHFD K\GURSLSHULV 6FKXPDFK 'H %DU\ 3RO\JRQXP ODSDWKLIROLXP / 7KHFDSKRUD DI¿QLV : * 6FKQHLG $VWUDJDOXV JO\F\SK\OORV / 7KHFDSKRUD ODWK\UL - * . KQ /DWK\UXV RFFLGHQWDOLV )LVFK 0D\ )ULWVFK /DWK\UXV SUDWHQVLV / 7KHFDSKRUD R[DOLGLV (OOLV 7UDF\ 0 /XLF 5 %DXHU 3LDWHN 2[DOLV FRUQLFXODWD / 7KHFDSKRUD SLPSLQHOODH -XHL 3LPSLQHOOD VD[LIUDJD / 7KHFDSKRUD VHPLQLV FRQYROYXOL /LUR &DO\VWHJLD VHSLXP / 5 %U 7KHFDSKRUD WKODVSHRV %HFN 9DQN\ $UDELV KLUVXWD / 6FRS $UDELV DOSLQD / 7RO\SRVSRULXP MXQFL - 6FKU|W :RURQLQ -XQFXV WUL¿GXV / 7UDQ]VFKHOLHOOD K\SRG\WHV 6FKOWGO 9j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ÀRVFXORUXP '& 9jQN\ .QDXWLD DUYHQVLV / &RXOWHU 8VWLODJR JUDQGLV )ULHV 3KUDJPLWHV DXVWUDOLV &DY 7ULQ 8VWLODJR KRUGHL 3HUV /DJHUK $UUKHQDWKHUXP HODWLXV / 3UHVO 8VWLODJR MDPDODLQHQLL /LUR $JURS\URQ UHSHQV / %HDXY 8VWLODJR NDLUDPRL /LUR 3RD QHPRUDOLV / 8VWLODJR PLOLL )XFNHO /LUR 0LOLXP HIIXVXP / 8VWLODJR SHUVLFDULDH &LI 3RO\JRQXP SHUVLFDULD /

8VWLODJR SKOHL SUDWHQVLV 'DYLV H[ &LI 8VWLODJR VFDXUD /LUR 8VWLODJR VFURELFXODWD /LUR 8VWLODJR VHUSHQV 3 .DUVW % /LQGHE 8VWLODJR VWULLIRUPLV :HVWHQG 1LHVVO 8VWLODJR WULVHWL /LUR 9DQN\D RUQLWKRJDOL - & 6FKPLGW .XQ]H (UVKRG

3KOHXP SUDWHQVH / $YHQXOD SXEHVFHQV +XGVRQ 'XPRUW +HOLFWRWULFKRQ SUDWHQVH / %HVVHU &DODPDJURVWLV DUXQGLQDFHD / 5RWK $JURS\URQ FDQ\QXV / %HDXY 'DFW\OLV JORPHUDWD / 3RD DQQXD / 3RD FRPSUHVVD / 3RD SUDWHQVLV / 7ULVHWXP DOSHVWUH +RVW %HDXY 2UQLWKRJDOXP GLYHUJHQV %RUHDX

&+<75,',20<&27$ %/$672&/$',$/(6 3K\VRGHUPDWDFHDH 3K\VRGHUPD DOIDOIDH /DJHUK .DUOLQJ 3K\VRGHUPD FUHSLGLV 5RVWU 3K\VRGHUPD JUDPLQLV % VJHUL 'H :LOG 3K\VRGHUPD KHPLVSKDHULFXP 6SHJ .DUOLQJ 3K\VRGHUPD SXOSRVXP :DOOU 3K\VRGHUPD WULIROLL 3DVV .DUOLQJ

0HGLFDJR OXSXOLQD / 0HGLFDJR VDWLYD / &UHSLV SDOXGRVD / 0RHQFK $JURS\URQ UHSHQV / %HDXY 3LPSLQHOOD PDMRU / +XGVRQ &KHQRSRGLXP DOEXP / 7ULIROLXP PRQWDQXP /

&+<75,',20<&27$ &+<75,',$/(6 6\QFK\WULDFHDH 6\QFK\WULXP DOSLFROD 5\W]] 6\QFK\WULXP DQRPDOXP - 6FKU|W 6\QFK\WULXP DWK\ULL /DJHUK 6\QFK\WULXP DXUHXP - 6FKU|W 6\QFK\WULXP HQGRELRWLFXP 6FKLOE 3HUFLYDO 6\QFK\WULXP JORERVXP - 6FKU|W

+LSSRFUHSLV FRPRVD / 9LROD ELÀRUD / $GR[D PRVFDWHOOLQD / $WK\ULXP ¿OL[ IRHPLQD / 5RWK 5DQXQFXOXV YHQHWXV +XWHU 3DUQDVVLD SDOXVWULV / 5XEXV FDHVLXV / 6DQJXLVRUED PLQRU 6FRS *HXP ULYDOH / *HQLVWD WLQFWRULD / $QWK\OOLV YXOQHUDULD / VXEVS DOSHVWULV .LW $VFK *U 3RO\JDOD YXOJDULV / 9LROD KLUWD / $QJHOLFD V\OYHVWULV / 3ULPXOD YHULV / $MXJD UHSWDQV / 9DOHULDQD RI¿FLQDOLV / &DPSDQXOD SDWXOD / VXEVS MDKRULQDH 0DO\ +DXVHU &DPSDQXOD URWXQGLIROLD / 6RODQXP GXOFDPDUD / 9LROD ULYLQLDQD 5FKE

6\QFK\WULXP LQIHVWDQV 5\W] 6\QQFK\WULXP PHUFXULDOLV )XFNHO 6\QFK\WULXP P\RVRWLGLV - * . KQ 6\QFK\WULXP SLOL¿FXP ) 7KRPDV 6\QFK\WULXP VDQJXLQHXP - 6FKU|W 6\QFK\WULXP VD[LIUDJDH 5\W] 6\QFK\WULXP VWHOODULDH )XFNHO 6\QFK\WULXP VXFFLVDH GH %DU\ :RURQLQ 6\QFK\WULXP YXOJDWXP 5\W]

9HURQLFD FKDPDHGU\V / +XWFKLQVLD DOSLQD / 5 %U 7KODVSL URWXQGLIROLXP / *DXGLQ 0HUFXULDOLV SHUHQQLV / 'U\DV RFWRSHWDOD / 3RWHQWLOOD HUHFWD / 5lXVFKHO &LUVLXP SDOXVWUH / 6FRS 6D[LIUDJD DQGURVDFH / 6WHOODULD QHPRUXP / 6XFFLVD SUDWHQVLV 0RHQFK 3K\WHXPD KHPLVSKDHULFXP /

0<;20<&27$ 3+<6$5$/(6 'LG\PLDFHDH /HSLGRGHUPD FlUHVWLDQXP 5DEHQ 3RVWDI

-XQLSHUXV QDQD :LOOG

220<&27$ 3(52126325$/(6 $OEXJLQDFHDH $OEXJR FDQGLGD 3HUV H[ - ) *PHO 5RXVVHO 3HURQRVSRUDFHDH 3HURQRVSRUD DTXDWLFD *lXP 3HURQRVSRUD DOFKHPLOODH * + 2WWK 3HURQRVSRUD DOSLFROD *lXP 3HURQRVSRUD DOWD )XFNHO 3HURQRVSRUD DUERUHVFHQV %HUN 'H %DU\ 3HURQRVSRUD ERQL KHQULFL *lXP 3HURQRVSRUD FRQIHUWD 8QJHU 8QJHU 3HURQRVSRUD FRQJORPHUDWD )XFNHO 3HURQRVSRUD JULVHD 8QJHU 3HURQRVSRUD ODWK\UL SDOXVWULV *lXP 3HURQRVSRUD ODWK\UL YHUQL $ *XVWDYVVVRQ 3HURQRVSRUD PD\RULL *lXP 3HURQRVSRUD SXOYHUDFHD )XFNHO 3HURQRVSRUD UDQXQFXOL *lXP 3HURQRVSRUD VKHUDUGLDH )XFNHO 3HURQRVSRUD WULIROLRUXP GH %DU\ 3HURQRVSRUD YLFLDH %HUN &DVS 3ODVPRSDUD GHQVD 5DEHQK - 6FKU|W

6LV\PEULXP RI¿FLQDOH / 6FRS %DUEDUHD YXOJDULV 5 %U &DUGDPLQH LPSDWLHQV / $O\VVXP RYLUHQVH .HUQHU .HUQHUD VD[DWLOLV / 5FKE %LVFXWHOOD ODHYLJDWD / 'LSORWD[LV WHQXLIROLD / '& 9HURQLFD DQDJDOOLV DTXDWLFD / $OFKHPLOOD YXOJDULV 6FK . 5DQXQFXOXV VHJXLHUL 9LOO 3ODQWDJR PHGLD / 3DSDYHU UKRHDV / &KHQRSRGLXP ERQXV KHQULFXV / &HUDVWLXP DOSLQXP / *HUDQLXP SKDHXP / 9HURQLFD EHFFDEXQJD / /DWK\UXV V\OYHVWULV / /DWK\UXV YHUQXV / %HUQK 9LFLD FUDFFD / +HOOHERUXV RGRUXV : . 5DQXQFXOXV QHPRURVXV '& 6KHUDUGLD DUYHQVLV / 7ULIROLXP UHSHQV / 9LFLD VHSLXP / (XSKUDVLD URVWNRYLDQD +D\QH

3/$602',23+2520<&27$ 3/$602',23+25$/(6 3ODVPRGLRSKRUDFHDH 3ODVPRGLRSKRUD EUDVVLFDH :RURQLQ 6LQDSLV DUYHQVLV /

0,726325,& )81*, 'LG\PDULD PDWULFDULDH 6\G 6HSWRULD VRUEL /DVFK

1(0$72'$ 63,585,$ 6(&(51(17($ 7</(1&+,'$ $QJXLQLGDH $QJXLQD DJURVWLV 6WHLQEXFK $QJXLQD JUDPLQLV +DUG\ 'LW\WHQFKXV GLSVDFL . KQ 'LW\OHQFKXV P\FHOLRSKDJXV *RRGH\ 6XEDQJXLQD UDGLFLFROD *UHHII +HWHURGHULGDH *ORERGHUD URVWRFKLHQVLV :ROOHQZHEHU 0HORLGRJ\QH KDSOD &KLWZRRG 0HORLGRJ\QH VSS +HWHURGHUD FUXFLIHUDH )UDQNOLQ

$FKLOOHD PLOOHIROLXP / &UHSLV ELHQQLV / 6RUEXV DXFXSDULD /

3RD SUDWHQVLV / .RHOHULD S\UDPLGDWD /DP 'RPLQ 7ULVHWXP À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

$FHULD FRQYROYXOL 1DOHSD $FHULD GROLFKRVRPD &DQHVWULQL $FHULD GUDEDH 1DOHSD $FHULD HFKLL &DQHVWULQL $FHULD HIIXVD &DQHVWULQL $FHULD HXDVSLV 1DOHSD $FHULD HXSKUDVLDH 1DOHSD $FHULD IUD[LQLYRUD 1DOHSD $FHULD JDOLRELD &DQHVWULQL $FHULD JHQLVWDH 1DOHSD $FHULD JHUDQLL &DQHVWULQL $FHULD KHWHURQ\[ 1DOHSD $FHULD NLHIIHUL 1DOHSD $FHULD ODELDWLÀRUDH 7KRPDV $FHULD ODWLFLQFWD 1DOHSD $FHULD OLQRV\ULQD 1DOHSD $FHULD ORHZL 1DOHSD $FHULD ORQJLVHWD 1DOHSD $FHULD O\FRSHUVLFL :ROIIHQVWHLQ $FHULD PDFURFKHOD 1DOHSD $FHULD PDFURFKHOXVHULQHD 7URWWHU $FHULD PDFURUK\QFKD 1DOHSD $FHULD PDFURWXEHUFXODWD 1DOHSD $FHULD PDUJLQHPYROYHQV &RUWL $FHULD PHQWKDULD &DQHVWULQL $FHULD QDOHSDL )XFNHX $FHULD QHUYLVHTXD &DQHVWULQL $FHULD RQRQLGLV &DQHVWULQL $FHULD R[DOLGLV 7URWWHU

&RQYROYXOXV DUYHQVLV / *HUDQLXP V\OYDWLFXP / $UDELV KLUVXWD / 6FRS &DSVHOOD EXUVD SDVWRULV / 0HGLFXV +XWFKLQVLD DOSLQD / 5 %U (FKLXP YXOJDUH / 6DOL[ GDSKQRLGHV 9LOO /RWXV FRUQLFXODWXV / 'RU\FQLXP SHQWDSK\OOXP 6FRS VXEVS KHUEDFHXP 9LOO 5RX\ (XSKUDVLD URVWNRYLDQD +D\QH (XSKUDVLD VDOLVEXUJHQVLV )XQN (XSKUDVLD NHUQHUL :HWWVW (XSKUDVLD SXOFKHOOD .HUQHU )UD[LQXV RUQXV / )UD[LQXV H[FHOVLRU / *DOLXP YHUXP / *DOLXP PROOXJR / *HQLVWD WLQFWRULD / &\WLVXV HPHULÀ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

$FHULD SHXFHGDQL &DQHVWULQL $FHULD SLORVHOODH 1DOHSD $FHULD SOLFDWRU 1DOHSD $FHULD SVHXGRSODWDQL &RUWL $FHULD UHFKLQJHUL 1DOHSD $FHULD URVDOLD 1DOHSD $FHULD VDOYLDH 1DOHSD $FHULD VDQJXLVRUEDH &DQHVWULQL $FHULD VLOYLFROD &DQHVWULQL $FHULD VROLGD 1DOHSD $FHULD VRQFKL 1DOHSD $FHULD WHQHOOD 1DOHSD $FHULD WHQXLV 1DOHSD $FHULD WKRPDVL 1DOHSD $FHULD WULVWULDWD 1DOHSD $FHULD WXEHUFXODWD 1DOHSD $FHULD XOPL *DUPDQ $FHULD XQJXLFXODWD &DQHVWULQL $FHULD YLWDOEDH &DQHVWULQL $FXORSV PDFURWULFKXV 1DOHSD

3LPSLQHOOD PDMRU / +XGVRQ 3LPSLQHOOD VD[LIUDJD / 3HXFHGDQXP RUHRVHOLQXP / 0RHQFK 'DXFXV FDURWD / +LHUDFLXP SLORVHOOD / 0HGLFDJR OXSXOLQD / 0HGLFDJR VDWLYD / 0HGLFDJR VDWLYD / VXEVS IDOFDWD / $UFDQJ 7ULIROLXP PRQWDQXP / 7ULIROLXP UHSHQV / 7ULIROLXP SUDWHQVH / $FHU SODWDQRLGHV / $FHU SVHXGRSODWDQXV / &UHSLV ELHQQLV / +HOLDQWKHPXP QXPPXODULXP / 0LOOHU VXEVS JUDQGLÀRUXP 6FRS 6FK 7K +HOLDQWKHPXP RHODQGLFXP / '& VXEVS DOSHVWUH -DFT %UHLVWU )XPDQD SURFXPEHQV 'XQDO * * 6DOYLD SUDWHQVLV / 6DQJXLVRUED PLQRU 6FRS 5XEXV VD[DWLOLV / 5XEXV FDHVLXV / 6WDFK\V RI¿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

3HGLFXODULV HORQJDWD .HUQHU /DEXUQXP DQDJ\URLGHV 0HGLFXV *DOLXP RGRUDWXP / 6FRS *DOLXP PROOXJR / *DOLXP OXFLGXP $OO 7LOLD FRUGDWD 0LOOHU +LSSRFUHSLV HPHUXV / /DVVHQ VXEVS HPHURLGHV %RLVV 6SUXQ /DVVHQ &RURQLOOD YDJLQDOLV /DP )UD[LQXV RUQXV / )UD[LQXV H[FHOVLRU / 'DXFXV FDURWD / 3UXQXV DYLXP / )UD[LQXV RUQXV / )UD[LQXV H[FHOVLRU / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ FDSUHD / *HQWLDQD YHUQD / *HQWLDQD QLYDOLV / *HQWLDQD XWULFXORVD / *HQWLDQD IURHOLFKLL -DQ 6D[LIUDJD DL]RLGHV / 9LFLD V\OYDWLFD / 7DUD[DFXP IRQWDQLFROD 6RHVW &DPSDQXOD FDHVSLWRVD 6FRS 6DOL[ DOED / 6DOL[ UHWLFXODWD / /RQLFHUD QLJUD / /RQLFHUD [\ORVWHXP / &RUQXV VDQJXLQHD / &UDWDHJXV PRQRJ\QD -DFT (SLPHGLXP DOSLQXP / 5RVD SHQGXOLQD / *HXP PRQWDQXP / *HXP ULYDOH / *HXP XUEDQXP / 9LROD DUYHQVLV 0XUUD\ 7D[XV EDFFDWD / &RU\OXV DYHOODQD / 9LROD ULYLQLDQD 5FKE 9LROD ELÀRUD / 5DQXQFXOXV DOSHVWULV / 6DPEXFXV QLJUD / 6DPEXFXV UDFHPRVD / 6RUEXV DULD / &UDQW] $PHODQFKLHU RYDOLV 0HGLFXV &RWRQHDVWHU LQWHJHUULPXV 0HGLFXV (XSKRUELD F\SDULVVLDV /

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

7LOLD FRUGDWD 0LOOHU $OQXV DOQREHWXOD (KUK . .RFK %HWXOD SHQGXOD 5RWK 7LOLD FRUGDWD 0LOOHU 3UXQXV VSLQRVD / 3\UXV FRPPXQLV / &RWRQHDVWHU LQWHJHUULPXV 0HGLFXV 5XEXV FDHVLXV / 6RUEXV DXFXSDULD / 7LOLD FRUGDWD 0LOOHU 9LEXUQXP ODQWDQD / 3ODQWDJR ODQFHRODWD / )DJXV V\OYDWLFD / 5KRGRGHQGURQ IHUUXJLQHXP / &UDWDHJXV PRQRJ\QD -DFT &OHPDWLV DOSLQD / 0LOOHU 3RWHQWLOOD HUHFWD / 5lXVFKHO 3RWHQWLOOD FDXOHVFHV / 6RUEXV DXFXSDULD / 6DOL[ DOED / 6DOL[ UHWLFXODWD / 6DOL[ DSSHQGLFXODWD 9LOO $JURS\URQ FDQ\QXV / %HDXY

,16(&7$ 2'21$7$ /HVWLGDH /HVWHV YLULGLV 9DQ GHU /LQGHQ

6DOL[ DOED /

7+<6$1237(5$ 7KULSLGDH 0\FWHURWKULSV VDOLFLV 2 0 5HXWHU 2GRQWRWKULSV ORWL +DOLGD\ )LUPRWKULSV ¿UPXV 8]HO 7KULSV IXOYLSHV %DJQDOO

6DOL[ DOED / 6DOL[ DSSHQGLFXODWD 9LOO /DWK\UXV SUDWHQVLV / /DWK\UXV V\OYHVWULV / /RWXV FRUQLFXODWXV / 9LFLD FUDFFD / 9LFLD VDWLYD / 0HUFXULDOLV SHUHQQLV /

+(7(5237(5$ 0LULGDH /\JXV SUDWHQVLV /LQQHR

9HUEDVFXP QLJUXP /

7LQJLGDH &RSLXP FODYLFRUQH /LQQHR &RSLXP WHXFULL +RVW

7KHXFULXP FKDPDHGU\V / 7KHXFULXP PRQWDQXP /

'LFW\OD HFKLL 6FKUDQN 7LQJLV 7LQJLV FULVSDWD +HUULFK 6FKlIIHU

(FKLXP YXOJDUH / $UWHPLVLD YXOJDUH /

+20237(5$ $8&+(1255+<1&+$ $SKURSKRULGDH 3KLODHQXV VSXPDULXV /LQQHR +20237(5$ 67(51255+<1&+$ 36<//2,'($ $SKDODULGDH /LYLD FUHIHOGHQVLV 0LQN /LYLD MXQFL 6FKUDQN $SKDODUD H[LOLV :HEHU 0RKU $SKDORUD SRO\JRQL )|UVWHU &UDVSHGROHSWD ÀDYLSHQQLV )|UVWHU &UDVSHGROHSWD QHEXORVD =HWWHUVWHGW &UDVSHGROHSWD QHUYRVD )|UVWHU

&DUH[ FDSLOODULV / &DUH[ EUDFK\VWDFK\V 6FKUDQN -XQFXV DOSLQR DUWLFXODWXV &KDL[ 5XPH[ VFXWDWXV / 5XPH[ DFHWRVD / 3RO\JRQXP DYLFXODUH / 3RO\JRQXP ODSDWKLIROLXP / 3RO\JRQXP SHUVLFDULD / /HRQWRGRQ DXWXPQDOLV / (SLORELXP DQJXVWLIROLXP / $FKLOOHD PLOOHIROLXP /

3V\OOLGDH 3V\OOD EX[L /LQQHR 3V\OOD UKRGRGHQGUL 3XWRQ &DFRSV\OOD DPELJXD )|UVWHU

%X[XV VHPSHUYLUHQV / 5KRGRGHQGURQ IHUUXJLQHXP / 6DOL[ FDSUHD /

3WHULGLXP DTXLOLQXP / .XKQ 3RO\JRQXP DYLFXODUH / 2[\ULD GLJ\QD / +LOO &KHQRSRGLXP ERQXV KHQULFXV / +\SHULFXP PRQWDQXP / +\SHULFXP PDFXODWXP &UDQW] 3DSDYHU UKRHDV / 6LQDSLV DUYHQVLV / $UXQFXV GLRLFXV :DOWHU )HUQDOG 3RWHQWLOOD HUHFWD / 5lXVFKHO 3UXQXV DYLXP / ,PSDWLHQV QROL WDQJHUH / 2HQRWKHUD ELHQQLV / $HWKXVD F\QDSLXP / /DVHUSLWLXP SUXWHQLFXP / *HQWLDQD FLOLDWD / &DO\VWHJLD VHSLXP / 5 %U 6WDFK\V SDOXVWULV / 6FURSKXODULD QRGRVD / 9LEXUQXP RSXOXV / $VWHU DPHOOXV / *DOLQVRJD SDUYLÀRUD &DY 3HWDVLWHV K\EULGXV / *DHUWQ 0H\HU 6FK &LFHUELWD DOSLQD / :DOOU

&DFRSV\OOD PHODQRQHXUD )|UVWHU &DFRSV\OOD QLJULWD =HWWHUVWHGW &DFRSV\OOD VRUEL /LQQHR 7ULR]LGDH 7ULFKRFKHUPHV ZDONHUL )|UVWHU %DFWHULFHUD DOELYHQWULV )|UVWHU %DFWHULFHUD IHPRUDOLV )|UVWHU 7ULR]D DEGRPLQDOLV )ORU 7ULR]D DJURSKLOD /|Z ) 7ULR]D DSLFDOLV )|UVWHU 7ULR]D FKHQRSRGLL 5HXWHU 7ULR]D FLUVLL /|Z ) 7ULR]D GLVSDU %DVVR 7ULR]D ÀDYLSHQQLV )|UVWHU 7ULR]D IRHUVWHUL 0H\HU ' U 7ULR]D UXPLFLV /|Z ) 7ULR]D VFRWWL %DVVR 7ULR]D VHQHFLRQLV 6FRSROL 7ULR]D WKRPDVLL %DVVR 7ULR]D XUWLFDH /LQQHR 7ULR]D YHOXWLQD )|UVWHU $3+,'2,'($ $GHOJLGDH 'UH\IXVLD PHUNHUL (LFKKRUQ 'UH\IXVLD QRUGPDQQLDQDH (FNVWHLQ 'UH\IXVLD SLFHDH 5DW]HEXUJ 'UH\IXVLD SUHOOL *URVPDQQ 3LQHXV SLQL 0DFTXDUW $GHOJHV ODULFLV 9DOORW $GHOJHV WDUGXV 'UH\IXV 6DFFKLSKDQWHV DELHWLV /LQQHR 6DFFKLSKDQWHV VHJUHJLV 6WHIIDQ 6DFFKLSKDQWHV YLULGLV 5DW]HEXUJ

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

3K\OOR[HULGDH $FDQWKRFKHUPHV TXHUFXV .ROODU

4XHUFXV SHWUDHD 0DWWXVFKND /LHEO

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¿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¿QL 'HO *XHUFLR 0HQWKD ORQJLIROLD / +XGVRQ $SKLV $SKLV EUXQHOODH 6FKRXWHGHQ 3UXQHOOD YXOJDULV / $SKLV $SKLV FDFDOLDVWHULV + 5 / $GHQRVW\OHV JODEUD 0LOOHU '& $SKLV $SKLV FDODPLQWKDH %|UQHU $FLQRV DOSLQXV / 0RHQFK $SKLV $SKLV FDSVHOODH .DOWHQEDFK &DSVHOOD EXUVD SDVWRULV / 0HGLFXV $SKLV $SKLV FKORULV .RFK +\SHULFXP SHUIRUDWXP /

$SKLV $SKLV FOLQRSRGLL 3DVVHULQL $SKLV $SKLV FRPPHQVDOLV 6WUR\DQ $SKLV $SKLV FRQIXVD :DONHU $SKLV $SKLV FUDFFDH /LQQHR $SKLV $SKLV FUDFFLYRUD .RFK $SKLV %XUVDSKLV HSLORELL .DOWHQEDFK $SKLV $SKLV IDEDH 6FRSROL $SKLV $SKLV IDEDH VXEVS FLUVLLDFRQWKRLGLV 6FRSROL $SKLV $SKLV IDULQRVD - ) *PHOLQ $SKLV $SKLV IUDQJXODH .DOWHQEDFK $SKLV $SKLV JHQWLDQDH %|UQHU $SKLV $SKLV JRVV\SLL *ORYHU $SKLV $SKLV KHGHUDH .DOWHQEDFK $SKLV $SKLV KHOLDQWKHPL )HUUDUL $SKLV $SKLV LOLFLV .DOWHQEDFK $SKLV $SKLV LQW\EL .RFK $SKLV $SKLV ODPLRUXP %|UQHU $SKLV $SKLV ODQWDQDH .RFK $SKLV $SKLV PDPPXODWD *KLPLQJKDP + 5 / $SKLV $SKLV QDVWXUWLL .DOWHQEDFK $SKLV $SKLV RULJDQL 3DVVHULQL $SKLV $SKLV SDULHWDULDH 7KHREDOG $SKLV $SKLV SRGDJUDULDH 6FKUDQN $SKLV $SKLV SRPL 'H *HHU $SKLV $SKLV SUDHWHULWD :DONHU $SKLV $SKLV VDOLFDULDH .RFK $SKLV $SKLV VDPEXFL /LQQHR $SKLV $SKLV VHGL .DOWHQEDFK

$FLQRV DOSLQXV / 0RHQFK &OLQRSRGLXP YXOJDUH / 5KDPQXV FDWKDUWLFXV / .QDXWLD DUYHQVLV / &RXOWHU 6FDELRVD JUDPLQLIROLD / 6FDELRVD FROXPEDULD / 9LFLD FUDFFD / 9LFLD FUDFFD / 9LFLD VHSLXP / (SLORELXP SDUYLÀRUXP 6FKUHEHU 9LEXUQXP RSXOXV / 9DOHULDQD WULSWHULV / 0DOYD QHJOHFWD :DOOU &LUVLXP DUYHQVH / 6FRS 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ SXUSXUHD / )UDQJXOD DOQXV 0LOOHU *HQWLDQD FUXFLDWD / 5RULSSD V\OYHVWULV / %HVVHU +HGHUD KHOL[ / +HOLDQWKHPXP QXPPXODULXP / 0LOOHU VXEVS JUDQGLÀRUXP 6FRS 6FK 7K ,OH[ DTXLIROLXP / &LFKRULXP LQW\EXV / /DPLXP PDFXODWXP / /DPLXP DOEXP / /DPLXP SXUSXUHXP / /DPLDVWUXP JDOHREGRORQ / (KUHQG 3RODWVFKHN VXEVS ÀDYLGXP ) +HUPDQQ (KUHQG 3RODWVFKHN 9LEXUQXP ODQWDQD / 5KDPQXV FDWKDUWLFXV / 5KDPQXV FDWKDUWLFXV / &LUFDHD OXWHWLDQD / 9HURQLFD DQDJDOOLV DTXDWLFD / 2ULJDQXP YXOJDUH / 3DULHWDULD RI¿FLQDOLV / $HJRSRGLXP SRGDJUDULD / 3\UXV FRPPXQLV / &RWRQHDVWHU LQWHJHUULPXV 0HGLFXV (SLORELXP PRQWDQXP / (SLORELXP DQJXVWLIROLXP / &RUQXV VDQJXLQHD / 6DPEXFXV QLJUD / 6DPEXFXV UDFHPRVD / 6HGXP DOEXP /

$SKLV $SKLV VSLUDHSKDJD ) 3 0XOOHU 6SLUDHD GHFXPEHQV .RFK V\EVS WRPHQWRVD 3RHFK 'RVWDO $SKLV $SKLV VWDFK\GLV 0RUGYLONR 6WDFK\V UHFWD / $SKLV $SKLV WKDOLFWUL .RFK 7KDOLFWUXP DTXLOHJLLIROLXP / $SKLV $SKLV WKRPDVL %|UQHU 6FDELRVD FROXPEDULD / $SKLV $SKLV WRUPHQWLOODH 3DVVHULQL 3RWHQWLOOD HUHFWD / 5lXVFKHO $SKLV $SKLV XUWLFDWD - ) *PHOLQ 8UWLFD GLRLFD / $SKLV $SKLV YHUEDVFL 6FKUDQN 9HUEDVFXP QLJUXP / $SKLV $SKLV YLEXUQL 6FRSROL 9LEXUQXP ODQWDQD / 9LEXUQXP RSXOXV / $SKLV $SKLV ZDUWHQEHUJL %|UQHU &DUGXXV GHÀRUDWXV / &U\SWRVLSKXP DUWHPLVLDH %XFNWRQ $UWHPLVLD YXOJDUH / &HUXUDSKLV HULRSKRUL :DONHU 9LEXUQXP ODQWDQD / '\VDSKLV '\VDSKLV FUDWDHJL .DOWHQEDFK 'DXFXV FDURWD / '\VDSKLV 3RPDSKLV DXFXSDULDH %XFNWRQ 6RUEXV DXFXSDULD / '\VDSKLV 3RPDSKLV SDUDVRUEL %|UQHU $PHODQFKLHU RYDOLV 0HGLFXV %UDFK\FDXGXV %UDFK\FDXGXV KHOLFKU\VL .DOWHQEDFK 0\RVRWLV V\OYDWLFD +RIIP 5KLQDQWKXV IUH\QLL .HUQHU )LRUL (XSDWRULXP FDQQDELQXP / $GHQRVW\OHV DOOLDULDH *RXDQ .HUQHU &RQ\]D FDQDGHQVLV / &URQT (ULJHURQ DQQXXV / 3HUV %UDFK\FDXGXV $SSHOLD SUXQLFROD .DOWHQE 3UXQXV VSLQRVD / %UDFK\FDXGXV 3UXQDSKLV FDUGXL /LQQHR 7DQDFHWXP FRU\PERVXP / 6FK %LS %UDFK\FDXGXV 3UXQDSKLV PRUGYLONRL + 5 / (FKLXP YXOJDUH / %UDFK\FROXV FXFXEDOL 3DVVHULQL 6LOHQH YXOJDULV 0RHQFK *DUFNH VXEVS DQWHORSXP 9HVW +D\HN 'LXUDSKLV +ROFDSKLV IUHTXHQV :DONHU $JURS\URQ FDQ\QXV / %HDXY 'LXUDSKLV +ROFDSKLV KROFL + 5 / +ROFXV ODQDWXV / 'LXUDSKLV 'LXUDSKLV PXHKOHL %|UQHU 3KOHXP SUDWHQVH / $VSLGDSKLV DGMXYDQV :DONHU 3RO\JRQXP DYLFXODUH / +D\KXUVWLD DWULSOLFLV /LQQHR &KHQRSRGLXP SRO\VSHUPXP / &KHQRSRGLXP DOEXP / %UHYLFRU\QH EUDVVLFDH /LQQHR +HVSHULV PDWURQDOLV / /LSDSKLV /LSDSKLV HU\VLPL .DOWHQEDFK 6LV\PEULXP RI¿FLQDOH / 6FRS /LSDSKLV /LSDSKLV URVVL %|UQHU $UDELV KLUVXWD / 6FRS 'LSORWD[LV WHQXLIROLD / '& 6HPLDSKLV FHUYDULDH %|UQHU 3HXFHGDQXP RUHRVHOLQXP / 0RHQFK 6HPLDSKLV GDXFL )DEULFLXV 'DXFXV FDURWD / 6HPLDSKLV SLPSLQHOODH .DOWHQEDFK 3LPSLQHOOD PDMRU / +XGVRQ 3LPSLQHOOD VD[LIUDJD / 6HPLDSKLV VSKRQG\OLL .RFK 3HXFHGDQXP RVWUXWKLXP / .RFK +HUDFOHXP VSKRQG\OLXP / +\DGDSKLV ELFLQFWD %|UQHU /RQLFHUD QLJUD / +\DGDSKLV IRHQLFXOL 3DVVHULQL &KDHURSK\OOXP KLUVXWXP / &DUXP FDUYL / 3DVWLQDFD VDWLYD /

'DXFXV FDURWD / /RQLFHUD [\ORVWHXP / +\DGDSKLV SDVVHULQLL 'H *HHU /RQLFHUD FDSULIROLXP / 6WDHJHULHOOD QHFRSLQDWD %|UQHU *DOLXP YHUXP / 9ROXWDSKLV FHQWDXUHDH %|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|UQHU *DOLXP YHUXP / *DOLXP PROOXJR / 0\]XV 1HFWDURVLSKRQ DMXJDH 6FKRXWHGHQ $MXJD UHSWDQV / 0\]XV 1HFWDURVLSKRQ FHUWXV :DONHU 6DJLQD SURFXPEHQV / 9LROD WULFRORU / 0\]XV 1HFWDURVLSKRQ OLJXVWUL 0RVOH\ /LJXVWUXP YXOJDUH / 0\]XV 1HFWDURVLSKRQ SHUVLFDH 6XO]HU &KDHURSK\OOXP KLUVXWXP / &U\SWRP\]XV &U\SWRP\]XV JDOHRSVLGLV .DOWHQEDFK /DPLXP PDFXODWXP / /DPLXP SXUSXUHXP / *OHFKRPD KHGHUDFHD / 3RO\JRQXP SHUVLFDULD / 1DVRQRYLD 1DVRQRYLD SLORVHOODH %|UQHU +LHUDFLXP SLORVHOOD / 1DVRQRYLD 1DVRQRYLD ULELVQLJUL 0RVOH\ /DSVDQD FRPPXQLV / /DFWXFD VHUULROD / +\SHURP\]XV +\SHURP\]XV ODFWXFDH /LQQ 6RQFKXV ROHUDFHXV / +\SHURP\]XV +\SHURP\]XV SDOOLGXV + 5 / 6RQFKXV ROHUDFHXV / 5KRSDORVLSKRQLQXV 3VHXGRUKRSDORVLSKRQLQXV FDOWKDH .RFK &DOWKD SDOXVWULV / $XODFRUWKXP $XODFRUWKXP PDMDQWKHPL ) 3 0XOOHU 0DLDQWKHPXP ELIROLXP / 6FKPLGW $XODFRUWKXP $XODFRUWKXP VRODQL .DOWHQEDFK 6RODQXP GXOFDPDUD / $XODFRUWKXP $XODFRUWKXP VRODQL VXEVS F\ODFWLV %|UQHU 5XEXV VD[DWLOLV / 3XOPRQDULD RI¿FLQDOLV / $F\UWKRVLVSKRQ /LSRUUKLQXV FKHOLGRQLL .DOWHQEDFK &KHOLGRQLXP PDMXV / &RU\ORELXP DYHOODQDH 6FKUDQN &RU\OXV DYHOODQD / 6LWRELRQ 6LWRELRQ DYHQDH )DEULFLXV 'DFW\OLV JORPHUDWD / 3KOHXP SUDWHQVH / 0DFURVLSKXP 0DFURVLSKXP GDSKQLGLV %|UQHU 'DSKQH PH]HUHXP /

0DFURVLSKXP 0DFURVLSKXP JHL .RFK *HXP XUEDQXP / 0HWRSHXUXP IXVFRYLULGH 6WUR\DQ /HXFDQWKHPXP YXOJDUH /DP 8UROHXFRQ 8UROHXFRQ FLUVLL /LQQHR &LUVLXP YXOJDUH 6DYL 7HQ &LUVLXP SDOXVWUH / 6FRS 8UROHXFRQ 8UROHXFRQ VRQFKL /LQQHR 6RQFKXV DVSHU / +LOO 8UROHXFRQ 8URPHODQ UDSXQFRORLGLV %|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p &DUXODVSLV YLVFL 6FKUDQN &KLRQDVSLV VDOLFLV /LQQHR

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

(SLGLDVSLV OHSHULL 6LJQRUHW 8QDVSLV HXRQ\PL &RPVWRFN

/DEXUQXP DQDJ\URLGHV 0HGLFXV 9LEXUQXP ODQWDQD / 9LEXUQXP RSXOXV / 5RVD FDQLQD / -XJODQV UHJLD / 3\UXV FRPPXQLV / 6RUEXV DXFXSDULD / (XRQ\PXV ODWLIROLXV / 0LOOHU

&2/(237(5$ 32/<3+$*$ 9,, %XSUHVWLGDH $JULOXV FXSUHVFHQV 0pQpWULpV

5XEXV LGDHXV /

&2/(237(5$ 32/<3+$*$ ;,9 &HUDPELFLGDH 6DSHUGD SRSXOQHD /LQQHR 2EHUHD OLQHDULV /LQQHR

6DOL[ DOED / 6DOL[ FDSUHD / &RU\OXV DYHOODQD /

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ÀRUXP 6FRS 6FK 7K +HOLDQWKHPDSLRQ DFLFXODUH *HUPDU +HOLDQWKHPXP QXPPXODULXP / 0LOOHU VXEVS REVFXUXP &HODN +ROXE 3HUDSLRQ 3HUDSLRQ DI¿QH : .LUE\ 5XPH[ DFHWRVD / 3HUDSLRQ 3HUDSLRQ YLRODFHXP : .LUE\ 5XPH[ FULVSXV / 5XPH[ FRQJORPHUDWXV 0XUUD\ $SLRQ IUXPHQWDULXP /LQQHR 5XPH[ DFHWRVD / &DWDSLRQ SXEHVFHQV : .LUE\ 7ULIROLXP SUDWHQVH / &DWDSLRQ VHQLFXOXV : .LUE\ 9LFLD FUDFFD / 7ULFDSLRQ VLPLOH : .LUEU\ %HWXOD SHQGXOD 5RWK ,VFKQRSWHUDSLRQ ,VFKQRSWHUDSLRQ ORWL : .LUE\ /RWXV FRUQLFXODWXV /

+RORWULFKDSLRQ $SLRSV SLVL )DEULFLXV &\DQDSLRQ %RWKU\RUUK\QFKDSLRQ J\OOHQKDOL : .LUE\ &\DQDSLRQ &\DQDSLRQ DOF\RQHXP *HUPDU &\DQDSLRQ &\DQDSLRQ FROXPELQXP *HUPDU &XUFXOLRQLGDH %RWK\QRGHUHV DI¿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

0HGLFDJR VDWLYD / VXEVS IDOFDWD / $UFDQJ 9LFLD V\OYDWLFD / /DWK\UXV SUDWHQVLV / /DWK\UXV SUDWHQVLV / /DWK\UXV V\OYHVWULV / &KHQRSRGLXP SRO\VSHUPXP / &KHQRSRGLXP DOEXP / &DUGXXV QXWDQV / &LUVLXP YXOJDUH 6DYL 7HQ &LUVLXP DUYHQVH / 6FRS +HUDFOHXP VSKRQG\OLXP / &LUVLXP DUYHQVH / 6FRS &LUVLXP SDOXVWUH / 6FRS &HQWDXUHD VFDELRVD / &HQWDXUHD MDFHD / &DUOLQD YXOJDULV / 3LQXV V\OYHVWULV / 3LQXV QLJUD $UQROG 6DOL[ GDSKQRLGHV 9LOO ,ULV JUDPLQHD / $UWHPLVLD YXOJDUH / 6LV\PEULXP RI¿FLQDOH / 6FRS $UPRUDFLD UXVWLFDQD *DHUWQHU +XWFKLQVLD DOSLQD / 5 %U 6LV\PEULXP RI¿FLQDOH / 6FRS %DUEDUHD YXOJDULV 5 %U %LVFXWHOOD ODHYLJDWD / +HVSHULV PDWURQDOLV / 6LQDSLV DUYHQVLV / &DUGDPLQH LPSDWLHQV / 6LV\PEULXP RI¿FLQDOH / 6FRS (SLORELXP DQJXVWLIROLXP / (SLORELXP PRQWDQXP / 6RUEXV DXFXSDULD / 3UXQXV DYLXP / &UDWDHJXV PRQRJ\QD -DFT 3\UXV FRPPXQLV / 3LQXV V\OYHVWULV / &RU\OXV DYHOODQD / 0HOLORWXV DOEXV 0HGLFXV 0HOLORWXV RI¿FLQDOLV / 3DOODV 0HOLORWXV DOEXV 0HGLFXV 0HOLORWXV RI¿FLQDOLV / 3DOODV 0HGLFDJR VDWLYD / *HQLVWD WLQFWRULD /

7\FKLXV 7\FKLXV SRO\OLQHDWXV *HUPDU 7ULIROLXP SUDWHQVH / 7ULIROLXP PHGLXP / 6LELQLD 6LELQLD IHPRUDOLV *HUPDU 6LOHQH QXWDQV / 6LOHQH TXDGULGHQWDWD +RSSH 'RU\WRPXV 'RU\WRPXV WDHQLDWXV )DEULFLXV 6DOL[ DOED / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ SXUSXUHD / 6PLFURQ\[ MXQJHUPDQQLDH 5HLFK &XVFXWD HSLWK\PXP / / 0HFLQXV FROODULV *HUPDU 3ODQWDJR PHGLD / 3ODQWDJR ODQFHRODWD / 0HFLQXV MDQWKLQXV *HUPDU &KDHQRUKLQXP PLQXV / /DQJH /LQDULD DOSLQD / 0LOOHU 0HFLQXV ODELOLV +HUEVW 3ODQWDJR ODQFHRODWD / 0HFLQXV S\UDVWHU +HUEVW 3ODQWDJR PHGLD / *\PQHWURQ *\PQHWURQ EHFFDEXQJDH /LQQHR 9HURQLFD EHFFDEXQJD / *\PQHWURQ *PQHWURQ PHODQDULXP *HUPDO 3DHGHURWD OXWHD 6FRS 9HURQLFD VHUS\OOLIROLD / 9HURQLFD DSK\OOD / *\PQHWURQ *\PQHWURQ YHURQLFDH *HUPDU 9HURQLFD RI¿FLQDOLV / *\PQHWURQ *\PQHWURQ YLOORVXOXP *\OOHQKDO 9HURQLFD DQDJDOOLV DTXDWLFD / &LRQXV WKDSVXV )DEULFLXV /LQDULD DOSLQD / 0LOOHU 5KLQXVD DQWLUUKLQL 3D\NXOO &KDHQRUKLQXP PLQXV / /DQJH 5KLQXVD FROOLQD *\OOHQKDO /LQDULD DOSLQD / 0LOOHU 5KLQXVD OLQDULDH 3DQ]HU /LQDULD DOSLQD / 0LOOHU 5KLQXVD WHWUD )DEULFLXV 9HUEDVFXP WKDSVXV / 9HUEDVFXP QLJUXP / 6FURSKXODULD QRGRVD / 7KDPQXUJXV NDOWHQEDFKL %DFK *DOHRSVLV WHWUDKLW / /DPLXP DOEXP / 6WDFK\V RI¿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ÀRUXV 5FKE $VSKRQG\OLD GRU\FQLL 0XOOHU 'RU\FQLXP SHQWDSK\OOXP 6FRS VXEVS KHUEDFHXP 9LOO 5RX\

$VSKRQG\OLD HFKLL /|Z + $VSKRQG\OLD JHQLVWDH /|Z + $VSKRQG\OLD KRUQLJL :DFKWO $VSKRQG\OLD PHODQRSXV .LHIIHU $VSKRQG\OLD PHQWKDH .LHIIHU $VSKRQG\OLD PLNL :DFKWO $VSKRQG\OLD RQRQLGLV /|Z ) $VSKRQG\OLD SUXQLSHUGD 5RQGDQL $VSKRQG\OLD VFURSKXODULDH 6FKLQHU $VSKRQG\OLD VHUSK\OOL .LHIIHU $VSKRQG\OLD VSS $VSKRQG\OLD YHUEDVFL 9DOORW $WULFKRVHPD DFHULV .LHIIHU %D\HULROD WK\PLFROD .LHIIHU %ODVWRP\LD RULJDQL 7DYDUHV %XKULHOOD UXELFROD 6WHOWHU &OLQRGLSORVLV FLOLFUXV .LHIIHU &RQWDULQLD DFHUSOLFDQV .LHIIHU &RQWDULQLD DHTXDOLV .LHIIHU &RQWDULQLD DQWKRELD /|Z ) &RQWDULQLD DQWKRSKWKRUD /|Z ) &RQWDULQLD DVFOHSLDGLV *LUDXG &RQWDULQLD EDUELFKHL .LHIIHU &RQWDULQLD FDPSDQXODH .LHIIHU &RQWDULQLD FRU\OL .DOWHQEDFK &RQWDULQLD FUDFFDH /|Z + &RQWDULQLD JDOHREGRORQWLV .LHIIHU &RQWDULQLD KHOLDQWKHPL +DUG\ &RQWDULQLD K\SRFKRHULGLV 5 EVDDPHQ &RQWDULQLD OLOLL .LHIIHU &RQWDULQLD ORQLFHUDH .LHIIHU &RQWDULQLD ORWL 'H *HHU &RQWDULQLD PDUWDJRQLV .LHIIHU &RQWDULQLD PHGLFDJLQLV .LHIIHU &RQWDULQLD PHODQRFHUD .LHIIHU &RQWDULQLD PROOXJLQLV 5 EVDDPHQ &RQWDULQLD QDVWXUWLL .LHIIHU

(FKLXP YXOJDUH / *HQLVWD WLQFWRULD / *HQLVWD JHUPDQLFD / 2ULJDQXP YXOJDUH / /RWXV FRUQLFXODWXV / 0HQWKD ORQJLIROLD / +XGVRQ 0HGLFDJR VDWLYD / 2QRQLV VSLQRVD / 3UXQXV VSLQRVD / 6FURSKXODULD QRGRVD / 7K\PXV SUDHFR[ 2SL] /\FRSXV HXURSDHXV / 9HUEDVFXP WKDSVXV / 9HUEDVFXP QLJUXP / $FHU FDPSHVWUH / 7K\PXV SUDHFR[ 2SL] 2ULJDQXP YXOJDUH / 5XEXV LGDHXV / ,PSDWLHQV QROL WDQJHUH / 6WDFK\VRI¿FLQDOLV / 7UHYLVDQ $FHU FDPSHVWUH / $FHU SVHXGRSODWDQXV / 6HQHFLR QHPRUHQVLV / 6HQHFLR FDFDOLDVWHU /DP &UDWDHJXV PRQRJ\QD -DFT 9HUEDVFXP QLJUXP / 9LQFHWR[LFXP KLUXQGLQDULD 0HGLFXV /RWXV FRUQLFXODWXV / &DPSDQXOD WUDFKHOLXP / &RU\OXV DYHOODQD / 9LFLD FUDFFD / /DPLDVWUXP JDOHREGRORQ / (KUHQG 3RODWVFKHN VXEVS ÀDYLGXP ) +HUPDQQ (KUHQG 3RODWVFKHN +HOLDQWKHPXP QXPPXODULXP / 0LOOHU VXEVS JUDQGLÀRUXP 6FRS 6FK 7K &UHSLV ELHQQLV / /LOLXP PDUWDJRQ / 6DPEXFXV QLJUD / /RQLFHUD FRHUXOHD / /RWXV FRUQLFXODWXV / /LOLXP PDUWDJRQ / 0HGLFDJR OXSXOLQD / 0HGLFDJR VDWLYD / *HQLVWD WLQFWRULD / *DOLXP PROOXJR / 6LV\PEULXP RI¿FLQDOH / 6FRS 'LSORWD[LV WHQXLIROLD / '&

&RQWDULQLD SRO\JRQDWL 5 EVDDPHQ &RQWDULQLD S\ULYRUD 5LOH\ &RQWDULQLD TXLQTXHQRWDWD /|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|Z ) 'DVLQHXUD JO\FLSK\OL 5 EVDDPHQ 'DVLQHXUD K\SHULFL %UHPL 'DVLQHXUD LUUHJRODULV %UHPL 'DVLQHXUD NLHIIHULDQD 5 EVDDPHQ 'DVLQHXUD ODPLL .LHIIHU 'DVLQHXUD ODPLLFROD 0LN 'DVLQHXUD OXSXOLQDH .LHIIHU 'DVLQHXUD PDUJLQHPWRUTXHQV %UHPL

6LQDSLV DUYHQVLV / &RQYDODULD PDMDOLV / 3RO\JRQDWXP PXOWLÀ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ÀDYLGXP ) +HUPDQQ (KUHQG 3RODWVFKHN 0HGLFDJR OXSXOLQD / 6DOL[ DOED / 6DOL[ HOHDJQRV 6FRS

'DVLQHXUD PHGLFDJLQLV %UHPL 'DVLQHXUD P\UW\OOL 5 EVDDPHQ 'DVLQHXUD QDSL /|Z + 'DVLQHXUD SHULFO\PHQL 5 EVDDPHQ 'DVLQHXUD SK\WHXPDWLV /|Z ) 'DVLQHXUD SRO\JDOD .LHIIHU 'DVLQHXUD SWHULGLFROD .LHIIHU 'DVLQHXUD SWHULGLV 0 OOHU 'DVLQHXUD UDQXQFXOL %UHPL 'DVLQHXUD URGRGHQGUL .LHIIHU 'DVLQHXUD URVDH %UHPL 'DVLQHXUD VDOYLDH .LHIIHU 'DVLQHXUD VDPSDLQD 7DYDUHV 'DVLQHXUD VHURWLQD :LQQHUW] 'DVLQHXUD VLPLOLV /|Z ) 'DVLQHXUD VLV\PEULL 6FKUDQN 'DVLQHXUD VXEWHUUDQHD .LHIIHU 'DVLQHXUD WKRPDVLDQD .LHIIHU 'DVLQHXUD WLOLD 6FKUDQN 'DVLQHXUD WRUWUL[ /|Z ) 'DVLQHXUD WULVHWL %DUQHV 'DVLQHXUD XOPDULD %UHPL 'DVLQHXUD XUWLFDH 3HUULV 'DVLQHXUD YLFLDH .LHIIHU 'DVLQHXUD YLRODH /|Z ) 'DVLQHXUD YLUJDHDXUHDH /LHEHO 'DVLQHXUD [\ORVWHL .LHIIHU 'LG\PRP\LD WLOLDFHDH %UHPL 'LRGDXOXV OLQDULDH :LQQHUW] 'ULVLQD JOXWLQRVD *LDUG *HRFU\SWD EUDXHUL +DQGOLUVFK *HRFU\SWD FDPSDQXODH 0XOOHU

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¿FLQDOH / 6FRS %DUEDUHD YXOJDULV 5 %U 6LOHQH QXWDQV / 7LOLD FRUGDWD 0LOOHU 7LOLD FRUGDWD 0LOOHU 3UXQXV VSLQRVD / 7ULVHWXP ÀDYHVFHQV / %HDXY )LOLSHQGXOD XOPDULD / 0D[LP 8UWLFD GLRLFD / 9LFLD VHSLXP / 9LFLD VDWLYD / 9LROD WULFRORU / 6ROLGDJR YLUJDXUHD / /RQLFHUD [\ORVWHXP / 7LOLD FRUGDWD 0LOOHU /LQDULD DOSLQD / 0LOOHU $FHU FDPSHVWUH / $FHU SODWDQRLGHV / $FHU SVHXGRSODWDQXV / +\SHULFXP PDFXODWXP &UDQW] +\SHULFXP SHUIRUDWXP / &DPSDQXOD URWXQGLIROLD / &DPSDQXOD VFKHXFK]HUL 9LOO &DPSDQXOD FRFKOHDULLIROLD /DP

*HRFU\SWD JDOLL /|Z + *LUDXGLHOOD LQFOXVD )UDXHQIHOG +DSORGLSORVL PDUJLQDWD YRQ 5RVHU +\ERODVLRSWHUD IDVFLDWD .LHIIHU -DDSLHOOD DOSLQD /|Z ) -DDSLHOOD FLUVLLFROD 5 EVDDPHQ -DDSLHOOD ÀRULSHUGD /|Z ) -DDSLHOOD JHQLVWDPWRUTXHQV .LHIIHU -DDSLHOOD JHQLVWLFROD /|Z ) -DDSLHOOD LQÀDWDH 5 EVDDPHQ -DDSLHOOD ORWLFROD 5 EVDDPHQ -DDSLHOOD VFDELRVDH .LHIIHU -DDSLHOOD VFKPLGWL 5 EVDDPHQ -DDSLHOOD YDFFLQLRUXP .LHIIHU -DDSLHOOD YHURQLFDH 9DOORW -DQHWLHOOD OHPHHL .LHIIHU -DQHWLHOOD WK\PL .LHIIHU .LHIIHULD SHULFDUSLLFROD %UHPL /DVLRSWHUD DUXQGLQLV 6FKLQHU /DVLRSWHUD EHUEHULQD 6FKUDQN /DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ

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¿FLQDOLV / 8OPXV JODEUD +XGVRQ 8OPXV PLQRU 0LOOHU 7K\PXV SUDHFR[ 2SL] $QWKULVFXV V\OYHVWULV / +RIIP 3LPSLQHOOD VD[LIUDJD / $HJRSRGLXP SRGDJUDULD / %XSOHXUXP UDQXQFXORLGHV / &DUXP FDUYL / 3HXFHGDQXP RUHRVHOLQXP / 0RHQFK 3DVWLQDFD VDWLYD / +HUDFOHXP VSKRQG\OLXP / /DVHUSLWLXP ODWLIROLXP / /DVHUSLWLXP SUXWHQLFXP / 'DXFXV FDURWD / 3KUDJPLWHV DXVWUDOLV &DY 7ULQ %HUEHULV YXOJDULV / 'DFW\OLV JORPHUDWD /

/DVLRSWHUD FDURSKLOD ) %DVVR /RHZLROD FHQWDXUHDH /|Z ) 0DFURGLSORVLV SXVWXODULV %UHPL 0DFURGLSORVLV URERULV +DUG\ 0DFURODELV DTXLOHJLDH .LHIIHU 0DFURODELV KHUDFOHL .DOWHQEDFK 0DFURODELV ODPLL 5 EVDDPHQ 0DFURODELV ODVHUSLWLL 5 EVDDPHQ 0DFURODELV RUREL /|Z ) 0DFURODELV SLORVHOODH %LQQLH 0DFURODELV SRGDJUDULDH /|Z + 0DVVDORQJLD UXEHU .LHIIHU 0D\HWLROD GHVWUXFWRU 6D\ 0LFURODVLRSWHUD ÀH[XRVD :LQQHUW] 0LNRP\D FRU\OL .LHIIHU 0LNLROD IDJL +DUWLJ 0RQDUWKURSDOSXV ÀDYXV 6FKUDQN 1HRPLNLHOOD EHFNLDQD 0LN 1HRPLNLHOOD O\FKQLGLV 9DOORW 2OLJRWURSKXV MXQLSHULQXV /LQQHR 2OLJRWURSKXV SDQWHOL .LHIIHU 2]LUKLQFXV PLOOHIROLL :DFKWO

)HVWXFD JLJDQWHD 9LOO $JURS\URQ UHSHQV / %HDXY 7ULVHWXP À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

2]LUKLQFXV WDQDFHWL .LHIIHU 3DUDGLSORVLV DELHWLVSHFWLQDWDH 7XEHXI 3KHJRP\LD IDJLFROD .LHIIHU 3ODFRFKHOD OLJXVWUL 5 EVDDPHQ 3ODFKRFKHOD QLJULSHV /|Z ) 3ODQHWHOOD FDULFLV 5 EVDDPHQ 3ODQHWHOOD WXEHUL¿FD 5 EVDDPHQ 3XWRQLHOOD SUXQL .DOWHQEDFK 5DEGRSKDJD DOELSHQQLV /|Z + 5DEGRSKDJD FODYLIH[ .LHIIHU 5DEGRSKDJD KHWHURELD /|Z + 5DEGRSKDJD LQVLJQLV .LHIIHU 5DEGRSKDJD LWHRELD .LHIIHU 5DEGRSKDJD QHUYRUXP .LHIIHU 5DEGRSDJD SLHUUHL .LHIIHU 5DEGRSKDJD URVDULD /|Z + 5DEGRSKDJD VDOLFLV 6FKUDQN 5DEGRSKDJD WHUPLQDOLV /|Z + 5DEGRSKDJD YLPLQDOLV :HVWZRRG 5KRSDORP\LD EDFFDUXP :DFKWO 5KRSDORP\LD IROLRUXP /|Z + 5KRSDORP\LD PLOOHIROLL /|Z + 5RQGDQLROD EXUVDULD %UHPL 6DFNHQRP\LD UHDXPXULL %UHL 6FKL]RP\LD JDOLRUXP .LHIIHU 6SXUJLD HXSKRUELDH 9DOORW 7D[RP\LD WD[L ,QFKEDOG 7KHFRGLSORVLV EUDFK\QWHUD 6FKZDJULFKHQ 7ULFKRODED WULIROLL 5 EVDDPHQ :DFKWOLHOOD FDULFLV /|Z + :DFKWOLHOOD HULFLQD /|Z ) :DFKWOLHOOD SHUVLFDULDH /LQQHR :DFKWOLHOOD VWDFK\GLV %UHPL =HX[LGLSORVLV JLDUGL .LHIIHU =\JLRELD FDUSLQL /|Z )

/HXFDQWKHPXP YXOJDUH /DP $ELHV DOED 0LOOHU )DJXV V\OYDWLFD / /LJXVWUXP YXOJDUH / 6DPEXFXV QLJUD / &DUH[ SDXFLÀRUD /LJKWI &DUH[ DWUDWD / 3UXQXV VSLQRVD / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ FDSUHD / 6DOL[ HOHDJQRV 6FRS 6DOL[ VHUS\OOLIROLD 6FRS 6DOL[ SXUSXUHD / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ FDSUHD / 6DOL[ DOED / 6DOL[ SXUSXUHD / 6DOL[ HOHDJQRV 6FRS 6DOL[ DOED / 6DOL[ DSSHQGLFXODWD 9LOO $UWHPLVLD YXOJDUH / $UWHPLVLD YXOJDUH / $FKLOOHD PLOOHIROLXP / *OHFKRPD KHGHUDFHD / 9LEXUQXP ODQWDQD / *DOLXP OXFLGXP $OO (XSKRUELD GXOFLV / (XSKRUELD F\SDULVVLDV / (XSKRUELD DP\JGDORLGHV / (XSKRUELD ÀDYLFRQD '& 7D[XV EDFFDWD / 3LQXV V\OYHVWULV / 3LQXV PXJR 7XUUD 3LQXV QLJUD $UQROG 7ULIROLXP SUDWHQVH / &DUH[ FDU\RSK\OOHD /D 7RUU (ULFD FDUQHD / 3RO\JRQXP ODSDWKLIROLXP / 3RO\JRQXP SHUVLFDULD / 6WDFK\V V\OYDWLFD / 6WDFK\V SDOXVWULV / 6WDFK\V UHFWD / 6WDFK\V UHFWD / VXEVS ODELRVD %HUWRO %ULT +\SHULFXP SHUIRUDWXP / 2VWU\D FDUSLQLIROLD 6FRS

',37(5$ 7(3+5,72,'($ /RQFKDHLGDH 'DVLRSV ODWLIURQV 0HLJHQ

$JURS\URQ UHSHQV / %HDXY

7HSKULWLGDH 8URSKRUD FDUGXL /LQQHR 8URSKRUD FRQJUXD /|Z ) 8URSKRUD FXVSLGDWD 0HLJHQ 8URSKRUD MDFHDQD +DULQJ 8URSKRUD TXDGULIDVFLDWD 0HLJHQ 8URSKRUD VROVWLWLDOLV /LQQHR 8URSKRUD VW\ODWD )DEULFLXV (XSKUDQWD (XSKUDQWD FRQQH[D )DEULFLXV 'LWKU\FD JXWWXODULV 0HLJHQ (XUDVLPRQD VWLJPD /|Z + &DPSLJORVVD JUDQGLQDWD 5RQGDQL &DPSLJORVVD ORHZLDQD +HQGHO &DPSLJORVVD SURGXFWD /|Z + 2[\QD ÀDYLSHQQLV /|Z + 2[\QD QHEXORVD :LHGHPDQQ 2[\QD SDULHWLQD /LQQHR 7HSKULWLV DUQLFDH /LQQHR 7HSKULWLV FRQXUD /|Z + 7HSKULWLV GLODFHUDWD /|Z + 7HSKULWLV OHRQWRGRQWLV 'H *HHU 7HSKULWLV UXUDOLV /|Z + 7UXSDQHD VWHOODWD )XHVVOLQ

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

',37(5$ 1(5,2,'($ ',23625,'($ /$8;$1,2,'($ /DX[DQLLGDH &DOOLRSXP DHQHXP )DOOpQ 9LROD DUYHQVLV 0XUUD\ ',37(5$ 2320<=2,'($ &$512,'($ 63+$(52&(52,'($ $JURP\]LGDH +H[RP\]D FHFLGRJHQD +HULQJ 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ FDSUHD / +H[RP\]D VFKLQHUL *LUDXG 6DOL[ DOED / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ FDSUHD / 6DOL[ HOHDJQRV 6FRS 6DOL[ SXUSXUHD / /LULRP\]D XURSKRULQD 0LN /LOLXP PDUWDJRQ /

3K\WRP\]D FRQWLQXD +HQGHO 3K\WRP\]D SHQLFLOOD +HQGHO 3K\WRP\]D UREXVWHOOD +HQGHO 3K\WRP\]D ZDKOJUHQL 5\GpQ &KORURSLGDH /LSDUD OXFHQV 0HLJHQ /LSDUD UX¿WDUVLV /|Z ) /LSDUD VLPLOLV 6FKLQHU 2VFLQHOOD 2VFLQHOOD IHVWXFDH %DODFKRYVN\ 0HVQLO 2VFLQHOOD 2VFLQHOOD IULW /LQQHR 2VFLQHOOD 2VFLQHOOD QLWLGLVVLPD 0HLJHQ &KORURSV &KORURSV SXPLOLRQLV %MHUNDQGHU ',37(5$ 086&2,'($ $QWKRP\LGDH &KLURVLD EHWXOHWL 5LQJGDKO 0XVFLGDH 3KDRQLD WXJXULRUXP 6FRSROL /(3,'237(5$ *(/(&+,2,'($ &ROHRSKRULGDH $XJDVPD DHUDWHOOD =HOOHU 0RPSKLGDH 0RPSKD 0RPSKD GLYLVHOOD +HUULFK 6FKlIIHU 0RPSKD 0RPSKD VXEELVWULJHOOD +DZRUWK *HOHFKLLGDH 0HW]QHULD DHVWLYHOOD =HOOHU 0RQRFKURD F\WLVHOOD &XUWLV 0RQRFKURD KRUQLJL 6WDXGLQJHU &KLRQRGHV HOHFWHOOD =HOOHU &DU\RFROXP FDXOLJHQHOOD 6FKPLG &DU\RFROXP OHXFRPHODQHOOD =HOOHU

&LUVLXP YXOJDUH 6DYL 7HQ &LUVLXP SDOXVWUH / 6FRS /DFWXFD VHUULROD / &UHSLV ELHQQLV / 7DUD[DFXP VHFW UXGHUDOLV .LUVFKQHU + XJ âWČSjQHN 3KUDJPLWHV DXVWUDOLV &DY 7ULQ 3KUDJPLWHV DXVWUDOLV &DY 7ULQ 3KUDJPLWHV DXVWUDOLV &DY 7ULQ )HVWXFD JLJDQWHD 9LOO $JURS\URQ UHSHQV / %HDXY 7ULVHWXP ÀDYHVFHQV / %HDXY $JURVWLV VWRORQLIHUD / $JURVWLV VWRORQLIHUD / $JURVWLV WHQXLV 6LEWK $JURS\URQ FDQ\QXV / %HDXY $YHQXOD SXEHVFHQV +XGVRQ 'XPRUW

3WHULGLXP DTXLOLQXP / .XKQ $WK\ULXP ¿OL[ IRHPLQD / 5RWK 3WHULGLXP DTXLOLQXP / .XKQ

3RO\JRQXP DYLFXODUH / 3RO\JRQXP ODSDWKLIROLXP / (SLORELXP DQJXVWLIROLXP / (SLORELXP SDUYLÀRUXP 6FKUHEHU (SLORELXP PRQWDQXP / (SLORELXP DOSHVWUH -DFT .URFNHU (SLORELXP DQJXVWLIROLXP / (SLORELXP PRQWDQXP / &DUOLQD YXOJDULV / 3WHULGLXP DTXLOLQXP / .XKQ 3RO\JRQXP ODSDWKLIROLXP / 3LFHD H[FHOVD /DP /LQN -XQLSHUXV FRPPXQLV / 6LOHQH QXWDQV / 6LOHQH QXWDQV / 3HWURUKDJLD VD[LIUDJD / /LQN

/(3,'237(5$ 6(6,2,'($ 6HVLLGDH 6\QDQWKHGRQ ÀDYLYHQWULV 6WDXGLQJHU 6\QDQWKHGRQ WLSXOLIRUPLV &OHUFN /(3,'237(5$ 72575,&2,'($ 7RUWULFLGDH &RFK\OLPRUSKD KLODUDQD +HUULFK 6FKlIIHU &RFK\OLV DWULFDSLWDQD 6WHSKHQV &RFK\OLV QDQD +DZRUWK $FOHULV QRWDQD 'RQRYDQ /REHVLD /REHVLD UHOLTXDQD + EQHU (SLQRWLD ELOXQDQD +DZRUWK (SLQRWLD LPPXQGDQD )LVFKHU Y 5|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|P

6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ FDSUHD / -XQLSHUXV FRPPXQLV /

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

6FDELRVD FROXPEDULD / /RQLFHUD [\ORVWHXP / /RQLFHUD FDSULIROLXP / (XSDWRULXP FDQQDELQXP / .QDXWLD DUYHQVLV / &RXOWHU 6HQHFLR QHPRUHQVLV /

/HXFDQWKHPXP YXOJDUH /DP

&UDPELGDH 2VWULQLD QXELODOLV + EQHU &\QDHGD GHQWDOLV 'HQLV 6FKLIIHUP OOHU

$UWHPLVLD YXOJDUH / (FKLXP YXOJDUH /

/(3,'237(5$ *(20(752,'($ *HRPHWULGDH (XSLWKHFLD OLQDULDWD 'HQLV 6FKLIIHUP OOHU

/LQDULD DOSLQD / 0LOOHU

+<0(1237(5$ 6<03+<7$ $UJLGDH $UJH EHUEHULGLV 6FKUDQN $UJH RFKURSXV *PHOLQ $UJH XVWXODWD /LQQHR

%HUEHULV YXOJDULV / 5RVD FDQLQD / 6DOL[ DSSHQGLFXODWD 9LOO

7HQWKUHGLQLGDH $QHXJPHQXV FRURQDWXV .OXJ 3KHJRSWHULV FRQQHFWLOLV 0LFK[ :DWW 'U\RSWHULV ¿OL[ PDV / 6FKRWW $QHXJPHQXV SDGL /LQQHR 3WHULGLXP DTXLOLQXP / .XKQ $QHXJPHQXV WHPSRUDOLV & * 7KRPVRQ 3WHULGLXP DTXLOLQXP / .XKQ %ODVWLFRWRPD ¿OLFHWL .OXJ $WK\ULXP ¿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

3RQWDQLD 3RQWDQLD SUR[LPD 6HUYLOOH 3RQWDQLD 3RQWDQLD SXUSXUHDH &DPHURQ 3RQWDQLD (XSRQWDQLD UHWLFXODWDH 0DODLVH 3RQWDQLD UHWXVDH %HQVRQ 3RQWDQLD (XSRQWDQLD YHVLFDWRU %UHPL :ROI 3RQWDQLD (XSRQWDQLD YLPLQDOLV /LQQHR (XXUD (XXUD DPHULQDH /LQQHR (XXUD (XXUD DWUD -XULQH (XXUD *HPPXUD PXFURQDWD +DUWLJ (XXUD (XXUD WHVWDFHLSHV %ULVFKNH (XXUD (XXUD YHQXVWD %ULVFKNH

6DOL[ DOED / 6DOL[ SXUSXUHD / 6DOL[ UHWLFXODWD / 6DOL[ UHWXVD / 6DOL[ SXUSXUHD / 6DOL[ GDSKQRLGHV 9LOO 6DOL[ UHWLFXODWD / 6DOL[ UHWXVD / 6DOL[ VHUS\OOLIROLD 6FRS 6DOL[ ZDOGVWHLQLDQD :LOOG 6DOL[ SXUSXUHD / 6DOL[ DOED / 6DOL[ SXUSXUHD / 6DOL[ DOED / 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ DSSHQGLFXODWD 9LOO 6DOL[ DOED / 6DOL[ JODEUD 6FRS 6DOL[ DOED / 6DOL[ FDSUHD /

+<0(1237(5$ &<1,32,'($ &\QLSLGDH $QGULFXV DPEO\FHUXV *LUDXG Ƃ $QGULFXV DPHQWL *LUDXG Ƃ $QGULFXV FDOLFLIRUPLV *LUDXG Ƃ $QGULFXV FDSXWPHGXVDH +DUWLJ Ƃ $QGULFXV FRQL¿FXV +DUWLJ Ƃ $QGULFXV FRQJORPHUDWXV *LUDXG Ƃ $QGULFXV FRURQDWXV *LUDXG Ƃ $QGULFXV FRUUXSWUL[ 6FKOHFKWHQGDO $QGULFXV FXUYDWRU +DUWLJ Ƃƃ $QGULFXV IRHFXQGDWUL[ +DUWLJ Ƃƃ $QGULFXV LQIHFWRULXV +DUWLJ Ƃ $QGULFXV LQÀDWRU +DUWLJ Ƃƃ $QGULFXV NROODUL +DUWLJ Ƃ $QGULFXV OXFLGXV +DUWLJ Ƃ $QGULFXV PLWUDWXV 0D\U Ƃ $QGULFXV UK\]RPDH +DUWLJ Ƃ $XODFLGHD SLORVHOODH .LHIIHU Ƃ $XODFLGHD WUDJRSRJRQLV 7KRPVRQ Ƃƃ $\OD[ PLQRU +DUWLJ Ƃƃ %LRUKL]D SDOOLGD 2OLYLHU Ƃƃ &DOOLUK\WLV JODQGLXP *LUDXG Ƃ

4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV UREXU / 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV UREXU / 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV UREXU / +LHUDFLXP SLORVHOOD / 7UDJRSRJRQ SUDWHQVLV / VXEVS RULHQWDOLV / &HODN 3DSDYHU UKRHDV / 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 4XHUFXV SXEHVFHQV :LOOG 4XHUFXV UREXU /

'LDVWURSKXV UXEL %RXFKp Ƃ 5XEXV FDHVLXV / 'LSOROHSLV HJODQWHULDH +DUWLJ Ƃ 5RVD FDQLQD / 'LSOROHSLV PD\UL 6FKOHFKWHQGDO Ƃ 5RVD DUYHQVLV +XGVRQ 5RVD FDQLQD / 'LSOROHSLV QHUYRVD &XUWLV Ƃ 5RVD DUYHQVLV +XGVRQ 'LSOROHSLV URVDH /LQQHR Ƃ 5RVD FDQLQD / 'LSOROHSLV VSLQRVLVVLPDH *LUDXG Ƃƃ 5RVD FDQLQD / ,VRFROXV ¿WFKL .LHIIHU Ƃ &HQWDXUHD VFDELRVD / ,VRFROXV MDFHDH 6FKHQFN Ƃƃ &HQWDXUHD VFDELRVD / &HQWDXUHD MDFHD / ,VRFROXV VFDELRVDH *LUDXG Ƃƃ &HQWDXUHD VFDELRVD / &HQWDXUHD MDFHD / 1HD\OD[ VDOYLDH *LUDXG Ƃƃ 6DOYLD SUDWHQVLV / 1HXURWHUXV DQWKUDFLQXV &XUWLV Ƃ 4XHUFXV SHWUDHD 0DWWXVFKND /LHEO 1HXURWHUXV VDOLHQV .ROODU 4XHUFXV UREXU / 3KDQDFLV 3KDQDFLV FHQWDXUHDH )|UVWHU Ƃ &HQWDXUHD VFDELRVD / &HQWDXUHD MDFHD / 7LPDVSLV FLFKRULL .LHIIHU Ƃ &LFKRULXP LQW\EXV / 7LPDVSLV SKRHQL[RSRGRV 0D\U Ƃƃ /DFWXFD VHUULROD / 7LPDVSLV VRQFKL 6WHIDQL ƃ 6RQFKXV DVSHU / +LOO ;HVWRSKDQHV EUHYLWDUVLV 7KRPVRQ Ƃƃ 3RWHQWLOOD HUHFWD / 5lXVFKHO 3RWHQWLOOD UHSWDQV / ;HVWRSKDQHV SRWHQWLOODH 5HWLXV LQ 'H *HHU Ƃƃ 3RWHQWLOOD DXUHD / +<0(1237(5$ &+$/&,'2,'($ (XU\WRPLLGDH (XU\WRPD RUFKLGHDUXP :HVWZRRG 7HWUDPHVD DLUDH 6FKOHFKWHQGDO 7HWUDPHVD EUHYLFRUQLV :DONHU 7HWUDPHVD FDODPDJURVWLGLV 6FKOHFKWHQGDO 7HWUDPHVD JLUDXGL 6FKOHFKWHQGDO 7HWUDPHVD KRUGHL +DUULV 7HWUDPHVD K\DOLSHQQLV :DONHU 7HWUDPHVD OLQHDULV :DONHU 7HWUDPHVD SKUDJPLWLV (UG|V

2UFKLV LQFDUQDWD / 'HVFKDPSVLD FDHVSLWRVD / %HDXY )HVWXFD SUDWHQVLV +XGVRQ &DODPDJURVWLV YDULD 6FKUDGHU +RVW &DODPDJURVWLV DUXQGLQDFHD / 5RWK )HVWXFD JLJDQWHD 9LOO $JURS\URQ FDQ\QXV / %HDXY $JURS\URQ UHSHQV / %HDXY $JURS\URQ FDQ\QXV / %HDXY +ROFXV ODQDWXV / $JURS\URQ UHSHQV / %HDXY 3KUDJPLWHV DXVWUDOLV &DY 7ULQ

6SHFLH QRQ FLWDWH QHOOD &KHFNOLVW GHOOH VSHFLH GHOOD )DXQD LWDOLDQD 6SHFLH FKH DOFXQL DXWRUL LQGLFDQR QRQ JDOOLJHQD SVHXGRJDOOD

(/(1&2 6,67(0$7,&2 3,$17( ( *$//( 37(5,'23+<7$ +\SROHSLGDFHDH 3WHULGLXP DTXLOLQXP / .XKQ

3KLODHQXV VSXPDULXV /LQQHR 'DVLQHXUD SWHULGLFROD .LHIIHU

7KHO\SWHULGDFHDH 3KHJRSWHULV FRQQHFWLOLV 0LFK[ :DWW $VSOHQLDFHDH $VSOHQLXP ¿VVXP .LW

'DVLQHXUD SWHULGLV 0 OOHU &KLURVLD EHWXOHWL 5LQJGDKO 3KDRQLD WXJXULRUXP 6FRSROL 0RQRFKURD F\WLVHOOD &XUWLV $QHXJPHQXV SDGL /LQQHR $QHXJPHQXV WHPSRUDOLV & * 7KRPVRQ 7DSKULQD ¿OLFLQD 5RVWU +\DORSVRUD DVSLGLRWXV 3HFN 0DJQXV $QHXJPHQXV FRURQDWXV .OXJ 0LOHVLQD PXUDULDH 0DJQXV *URYH

$WK\ULDFHDH $WK\ULXP ¿OL[ IRHPLQD / 5RWK &\VWRSWHULV IUDJLOLV / %HUQK

7DSKULQD DWK\ULL 6LHPDV]NR 6\QFK\WULXP DWK\ULL /DJHUK &KLURVLD EHWXOHWL 5LQJGDKO %ODVWLFRWRPD ¿OLFHWL .OXJ +\DORSVRUD SRO\SRGLL 3HUV 0DJQXV

$VSLGLDFHDH 3RO\VWLFKXP DFXOHDWXP / 5RWK 3RO\VWLFKXP ORQFKLWLV / 5RWK 'U\RSWHULV ¿OL[ PDV / 6FKRWW 'U\RSWHULV YLOODULL %HOODUGL :R\QDU

'DVLQHXUD SWHULGLFROD .LHIIHU 7DSKULQD ZHWWVWHLQLDQD +HU]IHOG 7DSKULQD YHVWHUJUHQLL *LHVHQK $QHXJPHQXV FRURQDWXV .OXJ 7DSKULQD IXVFD *LHVHQK

*<01263(50$( 3LQDFHDH $ELHV DOED 0LOOHU 3LFHD H[FHOVD /DP /LQN /DUL[ GHFLGXD 0LOOHU

0HODPSVRUHOOD FDU\RSK\OODFHDUXP '& - 6FKU|W 7ULVHWDFXV SLQL 1DOHSD 'UH\IXVLD PHUNHUL (LFKKRUQ 'UH\IXVLD QRUGPDQQLDQDH (FNVWHLQ 'UH\IXVLD SLFHDH 5DW]HEXUJJ 'UH\IXVLD SUHOOL *URVPDQQ 0LQGDUXV DELHWLQXV .RFK 3DUDGLSORVLV DELHWLVSHFWLQDWDH 7XEHXI &KU\VRP\[D DELHWLV :DOOU 8QJHU 3HULGHUPLXP SLFHDH KRQGRHQVLV 'LHWHO $GHOJHV WDUGXV 'UH\IXV 6DFFKLSKDQWHV DELHWLV /LQQHR 6DFFKLSKDQWHV YLULGLV 5DW]HEXUJ 'DVLQHXUD DELHWLSHUGD +HQVFKHO &KLRQRGHV HOHFWHOOD =HOOHU 0HODPSVRULGLXP EHWXOLQXP 3HUV .OHE 7ULVHWDFXV SLQL 1DOHSD $GHOJHV ODULFLV 9DOORW

3LQXV QLJUD $UQROG 3LQXV V\OYHVWULV / 3LQXV PXJR 7XUUD &XSUHVVDFHDH -XQLSHUXV FRPPXQLV / -XQLSHUXV QDQD :LOOG 7D[DFHDH 7D[XV EDFFDWD /

6DFFKLSKDQWHV VHJUHJLV 6WHIIDQ &\GLD PLOOHQQLDQD $GDPF]HZVNL &URQDUWLXP SLQL :LOOG -¡UVW 7ULVHWDFXV SLQL 1DOHSD 3LVVRGHV 3LVVRGHV YDOLGLURVWULV & 5 6DKOEHUJ 7KHFRGLSORVLV EUDFK\QWHUD 6FKZDJULFKHQ &ROHRVSRULXP WXVVLODJLQLV 3HUV 7XO &URQDUWLXP SLQL :LOOG -¡UVW &URQDUWLXP ULELFROD - & )LVFK 0HODPSVRUD SRSXOQHD 3HUV 3 &DUVR 7ULVHWDFXV SLQL 1DOHSD 3LQHXV SLQL 0DFTXDUW %UDFKRQ\[ SLQHWL 3D\NXOO 3LVVRGHV 3LVVRGHV YDOLGLURVWULV & 5 6DKOEHUJ 7KHFRGLSORVLV EUDFK\QWHUD 6FKZDJULFKHQ

5HWLQLD UHVLQHOOD /LQQHR 5K\DFLRQLD EXROLDQD 'HQLV 6FKLIIHUP OOHU &URQDUWLXP SLQL :LOOG -¡UVW 0HODPSVRUD SRSXOQHD 3HUV 3 &DUVR 7ULVHWDFXV SLQL 1DOHSD 7KHFRGLSORVLV EUDFK\QWHUD 6FKZDJULFKHQ 5HWLQLD UHVLQHOOD /LQQHR *\PQRVSRUDQJLXP WUHPHOORLGHV 5 +DUWLJ 7ULVHWDFXV MXQLSHULQXV 1DOHSD 7ULVHWDFXV TXDGULVHWXV 7KRPDV &DUXODVSLV MXQLSHUL %RXFKp &DUXODVSLV YLVFL 6FKUDQN 2OLJRWURSKXV MXQLSHULQXV /LQQHR 2OLJRWURSKXV SDQWHOL .LHIIHU &KLRQRGHV HOHFWHOOD =HOOHU 6\QDQWKHGRQ WLSXOLIRUPLV &OHUFN &\GLD GXSOLFDQD =HWWHU /REHVLD /REHVLD UHOLTXDQD + EQHU *\PQRVSRUDQJLXP FRUQXWXP $UWKXU ) .HUQ *\PQRVSRUDQJLXP JDHXPDQQLL + =RJJ /HSLGRGHUPD FlUHVWLDQXP 5DEHQ 3RVWDI 7ULVHWDFXV TXDGULVHWXV 7KRPDV 2OLJRWURSKXV SDQWHOL .LHIIHU 7ULVHWDFXV SLQL 1DOHSD &HFLGRSK\RSVLV SVLODVSLV 1DOHSD 7D[RP\LD WD[L ,QFKEDOG &\GLD PLOOHQQLDQD $GDPF]HZVNL

$1*,263(50$( ',&27</('21(6 6DOLFDFHDH 6DOL[ DOED / 6DOL[ UHWLFXODWD / 6DOL[ UHWXVD / 6DOL[ VHUS\OOLIROLD 6FRS 6DOL[ JODEUD 6FRS 6DOL[ DSSHQGLFXODWD 9LOO

1HRQHFWULD JDOOLJHQD %UHV 5RVPDQ 6DPXHOV 0HODPSVRUD VDOLFLV DOEDH .OHE /HVWHV YLULGLV 9DQ GHU /LQGHQ 0\FWHURWKULSV VDOLFLV 2 0 5HXWHU $FXOXV WHWDQRWKUL[ 1DOHSD 6WHQDFLV WULUDGLDWD 1DOHSD %DFWHULFHUD DOELYHQWULV )|UVWHU 6DSHUGD SRSXOQHD /LQQHR 'RU\WRPXV 'RU\WRPXV WDHQLDWX )DEULFLXV 'DVLQHXUD PDUJLQHPWRUTXHQV %UHPL 5DEGRSKDJD URVDULD /|Z + 5DEGRSKDJD WHUPLQDOLV /|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|Z + 3RQWDQLD (XSRQWDQLD YLPLQDOLV /LQQHR 5K\WLVPD VDOLFLQXP 3HUV )U (XXUD (XXUD WHVWDFHLSHV %ULVFKNH 0HODPSVRUD HSLWHD 7K P 0HODPSVRUD ODULFL HSLWHV .OHE $FXOXV JHPPDUXP 1DOHSD 6WHQDFLV WULUDGLDWD 1DOHSD 0\FWHURWKULSV VDOLFLV ' 0 5HXWHU &DFRSV\OOD QLJULWD =HWWHUVWHGW $SKLV $SKLV IDULQRVD - ) *PHOLQ 'RU\WRPXV 'RU\WRPXV WDHQLDWXV )DEULFLXV 5DEGRSKDJD DOELSHQQLV /|Z + 5DEGRSKDJD FODYLIH[ .LHIIHU

6DOL[ FDSUHD / 6DOL[ ZDOGVWHLQLDQD :LOOG 6DOL[ HOHDJQRV 6FRS 6DOL[ SXUSXUHD /

5DEGRSKDJD LWHRELD .LHIIHU 5DEGRSKDJD QHUYRUXP .LHIIHU 5DEGRSKDJD YLPLQDOLV :HVWZRRG +H[RP\]D FHFLGRJHQD +HULQJ +H[RP\]D VFKLQHUL *LUDXG 6\QDQWKHGRQ ÀDYLYHQWULV 6WDXGLQJHU $UJH XVWXODWD /LQQHR (XXUD (XXUD DWUD -XULQH (XXUD *HPPXUD PXFURQDWD +DUWLJ 1HPDWXV 3WHURQLGHD PLOLDULV 3DQ]HU 3K\OORFROSD OHXFRVWLFWD +DUWLJ 3K\OORFROSD OHXFDSVLV 7LVFKEHLQ 3RQWDQLD (XSRQWDQLD SHGXQFXOL +DUWLJ $JUREDFWHULXP WXPHIDFLHQV ( ) 6PLWK 7RXVHQG &RQQ 1HRQHFWULD JDOOLJHQD 7XO & 7XO

6DPXHOV 5RVVPDQ 0HODPSVRUD FDSUHDUXP 7K P $FXOXV JHPPDUXP 1DOHSD &DFRSV\OOD DPELJXD )|UVWHU &KDLWRSKRUXV VDOLFWL 6FKUDQN 6DSHUGD SRSXOQHD /LQQHR 5DEGRSKDJD FODYLIH[ .LHIIHU 5DEGRSDJD SLHUUHL .LHIIHU +H[RP\]D FHFLGRJHQD +HULQJ +H[RP\]D VFKLQHUL *LUDXG 6\QDQWKHGRQ À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

6DOL[ GDSKQRLGHV 9LOO -XJODQGDFHDH -XJODQV UHJLD / %HWXODFHDH %HWXOD SHQGXOD 5RWK %HWXOD SXEHVFHQV (KUK

)DEULFLXV 5DEGRSKDJD LQVLJQLV .LHIIHU 5DEGRSKDJD URVDULD /|Z + +H[RP\]D VFKLQHUL *LUDXG (XXUD (XXUD DPHULQDH /LQQHR 3K\OORFROSD OHXFRVWLFWD +DUWLJ 3K\OORFROSD OHXFDSVLV 7LVFKEHLQ 3RQWDQLD 3RQWDQLD SXUSXUHDH &DPHURQ 3RQWDQLD (XSRQWDQLD YLPLQDOLV /LQQHR 3RQWDQLD (XSRQWDQLD YHVLFDWRU %UHPL :ROI 0HODPSVRUD ULEHVL GDSKQRLGLV .OHE $FHULD HIIXVD &DQHVWULQL &U\SWRUK\QFKXV &U\SWRUK\QFKXV ODSDWL /LQQHR 3K\OORFROSD OHXFDSVLV 7LVFKEHLQ 3RQWDQLD (XSRQWDQLD YHVLFDWRU %UHPL :ROI $FHULD WULVWULDWD 1DOHSD 3DQDSKLV MXJODQGLV *RH]H &KURPDSKLV MXJODQGLFROD .DOWHQEDFK (SLGLDVSLV OHSHULL 6LJQRUHW $JUREDFWHULXP WXPHIDFLHQV ( ) 6PLWK 7RXVHQG &RQQ 7DSKULQD EHWXOLQD 5RVWU $FDOLWXV UXGLV &DQHVWULQL (ULRSK\HV OHLRQRWXV 1DOHSD +DPDPHOLVWHV EHWXOLQXV +RUYDWK 6\P\GRELXV REORQJXV YRQ +H\GHQ *O\SKLQD EHWXODH /LQQHR 7ULFDSLRQ VLPLOH : .LUE\ 0DVVDORQJLD UXEHU .LHIIHU $FOHULV QRWDWD 'RQRYDQ &RFK\OLV QDQD +DZRUWK (SLQRWLD ELOXQDQD +DZRUWK (SLQRWLD WHQHUDQD 'HQLV 6FKLIIHUP OOHU (SLQRWLD WHWUDTXHWUDQD +DZRUWK &URHVXV ODWLSHV 9LOODUHW &URHVXV VHSWHQWULRQDOLV /LQQHR +HPLFKURD FURFHD *HRIIUR\ 7DSKULQD VSOHQGHQV 3DOP $FDOLWXV UXGLV &DQHVWULQL +DPDPHOLVWHV EHWXOLQXV +RUYDWK 6\P\GRELXV REORQJXV YRQ +H\GHQ 0DVVDORQJLD UXEHU .LHIIHU $FOHULV QRWDWD 'RQRYDQ

$OQXV DOQREHWXOD (KUK . .RFK $OQXV LQFDQD / 0RHQFK &RU\ODFHDH 2VWU\D FDUSLQLIROLD 6FRS &RU\OXV DYHOODQD / )DJDFHDH )DJXV V\OYDWLFD / 4XHUFXV SHWUDHD 0DWWXVFKND /LHEHO

&URHVXV VHSWHQWULRQDOLV /LQQHR +HPLFKURD FURFHD *HRIIUR\ 7DSKULQD DOQL %HUN %URRPH *MDHUXP 7DSKULQD YLULGLV 6DGHE 0DLUH (ULRSK\HV ODHYLV 1DOHSD (SLQRWLD LPPXQGDQD )LVFKHU Y 5|VOHUVWDPP (SLQRWLD WHQHUDQD 'HQLV 6FKLIIHUP OOHU 7DSKULQD HSLSK\OOD 6DGHE 6DFF 1HRQHFWULD GLWLVVLPD 7XO & 7XO 6DPXHOV 5RVVPDQ $FHULD QDOHSDL )XFNHX &KLRQDVSLV VDOLFLV /LQQHR &UDHVXV VHSWHQWULRQDOLV /LQQHR $FHULD WHQHOOD 1DOHSD $FXORSV PDFURWULFKXV 1DOHSD =\JLRELD FDUSLQL /|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Ƃ $QGULFXV DPHQWL *LUDXG Ƃ

$QGULFXVV FDOLFLIRUPLV *LUDXG Ƃ

$QGULFXV FDSXWPHGXVDH +DUWLJ Ƃ

$QGULFXV FRQL¿FXV +DUWLJ Ƃ

$QGULFXV FRQJORPHUDWXV *LUDXG Ƃ

$QGULFXV FRURQDWXV *LUDXG Ƃ

$QGULFXV FXUYDWRU +DUWLJ Ƃƃ

$QGULFXV LQIHFWRULXV +DUWLJ Ƃ

4XHUFXV UREXU / 4XHUFXV SXEHVFHQV :LOOG 8OPDFHDH 8OPXV JODEUD +XGVRQ 8OPXV PLQRU 0LOOHU &DQQDEDFHDH +XPXOXV OXSXOXV /

$QGULFXV NROODUL +DUWLJ Ƃ

%LRUKL]D SDOOLGD 2OLYLHU Ƃƃ

1HXURWHUXV DQWKUDFLQXV &XUWLV Ƃ

0DFURGLSORVLV SXVWXODULV %UHPL $QGULFXV FDOLFLIRUPLV *LUDXG Ƃ

$QGULFXV LQÀDWRU +DUWLJ Ƃƃ

$QGULFXV UK\]RPDH +DUWLJ Ƃ

&DOOLUK\WLV JODQGLXP *LUDXG Ƃ

1HXURWHUXV VDOLHQV .ROODU Ƃƃ

$QGULFXV FDOLFLIRUPLV *LUDXG Ƃ

$QGULFXV FRUUXSWUL[ 6FKOHFKWHQGDO Ƃ

$QGULFXV IRHFXQGDWUL[ +DUWLJ Ƃƃ

$QGULFXV NROODUL +DUWLJ Ƃ

$QGULFXV OXFLGXV +DUWLJ Ƃ

$QGULFXV PLWUDWXV 0D\U Ƃ

%LRUKL]D SDOOLGD 2OLYLHU Ƃƃ

0DFURGLSORVLV URERULV +DUGG\ 3KHJRP\LD IDJLFROD .LHIIHU 7DSKULQD XOPL )XFNHO -RKDQVRQ 7HWUDQHXUD 7HWUDQHXUD FDHUXOHVFHQV 3DVVHULQL -DQHWLHOOD OHPHHL .LHIIHU .DOWHQEDFKLHOOD SDOOLGD +DOLGD\ $FHULD FDPSHVWULFROD )UDXHQIHOG $FHULD XOPL *DUPDQ (ULRVRPD ODQXJLQRVXP +DUWLJ (ULRVRPD XOPL /LQQHR &RORSKD FRPSUHVVD .RFK 7HWUDQHXUD 7HWUDQHXUD FDHUXOHVFHQV 3DVVHULQL -DQHWLHOOD OHPHHL .LHIIHU 3RGRVSKDHUD PDFXODULV :DOOU 8 %UDXP

8UWLFDFHDH 8UWLFD GLRLFD / 3DULHWDULD RI¿FLQDOLV /

3XFFLQLD XUWLFDH FDULFLV .OHE 0HORLGRJ\QH KDSOD &KLWZRRG 7ULR]D XUWLFDH /LQQHR $SKLV $SKLV XUWLFDWD - ) *PHOLQ 7DHQLDSLRQ XUWLFDULXP +HUEVW 'DVLQHXUD XUWLFDH 3HUULV $SKLV $SKLV SDULHWDULDH 7KHREDOG

6DQWDODFHDH 7KHVLXP DOSLQXP / 7KHVLXP EDYDUXP 6FKUDQN

3XFFLQLD PRXJHRWLL /DQJHUQK 3XFFLQLD SDVVHULQLL - 6FKU|W 3ODQFKRQLD DUDELGLV 6LJQRUHW

7KHVLXP GLYDULFDWXP -DQ 3RO\JRQDFHDH 3RO\JRQXP DYLFXODUH / 3RO\JRQXP ODSDWKLIROLXP / 3RO\JRQXP SHUVLFDULD / 3RO\JRQXP YLYLSDUXP / 2[\ULD GLJ\QD / +LOO 5XPH[ VFXWDWXV / 5XPH[ DFHWRVD / 5XPH[ FULVSXV / 5XPH[ FRQJORPHUDWXV 0XUUD\ 5XPH[ REWXVLIROLXV / &KHQRSRGLDFHDH &KHQRSRGLXP ERQXV KHQULFXV /

3XFFLQLD WKHVLL 'HVY &KDLOOHW $FHULD DQWKRQRPD 1DOHSD 8URP\FHV SRO\JRQL DYLFXODULV 3HUV * + 2WWK 0LFURERWU\XP DYLFXODUH /LUR 9jQN\ 'LW\WHQFKXV GLSVDFL . KQ 3KLODHQXV VSXPDULXV /LQQHR

$SKDORUD SRO\JRQL )|UVWHU $VSLGDSKLV DGMXYDQV :DONHU $XJDVPD DHUDWHOOD =HOOHU

0LFURERWU\XP UHWLFXODWXP /LUR 5 %DXU 2EHUZ 6SKDFHORWKHFD K\GURSLSHULV 6FKXPDFK 'H %DU\ $SKDODUD SRO\JRQL )|UVWHU :DFKWOLHOOD SHUVLFDULDH /LQQHR

$XJDVPD DHUDWHOOD =HOOHU 0RQRFKURD KRUQLJL 6WDXGLQJHU 8VWLODJR SHUVLFDULDH &LI 'LW\OHQFKXV GLSVDFL . KQ $SKDORUD SRO\JRQL )|UVWHU &U\SWRP\]XV &U\SWRP\]XV JDOHRSVVLGLV .DOWHQEDFK :DFKWOLHOOD SHUVLFDULDH /LQQHR 0LFURERWU\XP ELVWRUWDUXP '& 9jQN\ 0LFURERWU\XP YLQRVXP 7XO & 7XO 'HQFKHY 3KLODHQXV VSXPDULXV /LQQHR $SKDODUD H[LOLV :HEHU 0RKU 7ULR]D UXPLFLV /|Z ) 0LFURERWU\XP NXHKQHDQXP 5 :ROII

9jQN\ 0LFURERWU\XP VW\JLXP /LUR 9jQN\ 3XFFLQLD SKUDJPLWLV 6FKXPDFK 7XO 8URP\FHV DFHWRVDH - 6FKU|W 'LW\OHQFKXV GLSVDFL . KQ $SKDODUD H[LOLV :HEHU 0RKU $SLRQ IUXPHQWDULXP /LQQHR 3HUDSLRQ 3HUDSLRQ DI¿QH : .LUE\ 0HORLGRJ\QH KDSOD &KLWZRRG 3HUDSLRQ 3HUDSLRQ YLRODFHXP : .LUE\

3HUDSLRQ 3HUDSLRQ YLRODFHXP : .LUE\ 0LFURERWU\XP ZDUPLQJLL 5RVWU 9jQN\ &RQWDULQLD VFXWDWL 5 EVDDPHQ

3HURQRVSRUD ERQL KHQULFL *lXP 3KLODHQXV VSXPDULXV /LQQHR

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

0HORLGRJ\QH KDSOD &KLWZRRG +D\KXUVWLD DWULSOLFLV /LQQHR %RWK\QRGHUHV DI¿QLV 6FKUDQN *ORPRVSRULXP OHSWLGHXP 6\G 3 6\G .RFKPDQ 3K\VRGHUPD SXOSRVXP :DOOU +D\KXUVWLD DWULSOLFLV /LQQHR 7ULR]D FKHQRSRGLL 5HXWHU %RWK\QRGHUHV DI¿QLV 6FKUDQN 3XFFLQLD DUHQDULDH 6FKXPDFK - 6FKU|W 3XFFLQLD DUHQDULDH 6FKXPDFK - 6FKU|W 6\QFK\WULXP VWHOODULDH )XFNHO 3HURQRVSRUD FRQIHUWD 8QJHU 8QJHU 3XFFLQLD DUHQDULDH 6FKXPDFK - 6FKU|W 0\]XV 1HFWDURVLSKRQ FHUWXV :DONHU 8URP\FHV LQDHTXLDOWXV /DVFK 8URP\FHV EHKHQLV '& 8QJHU 9ROXWDSKLV FHQWDXUHDH %|UQHU

6LELQLD 6LELQLD IHPRUDOLV *HUPDU 'DVLQHXUD VXEWHUUDQHD .LHIIHU

1HRPLNLHOOD O\FKQLGLV 9DOORW -DDSLHOOD ÀRULSHUGD /|Z ) &DU\RFROXP FDXOLJHQHOOD 6FKPLG &DU\RFROXP OHXFRPHODQHOOD =HOOHU 8URP\FHV EHKHQLV '& 8QJHU %UDFK\FROXV FXFXEDOL 3DVVHULQL 8URP\FHV EHKHQLV '& 8QJHU -DDSLHOOD LQÀDWDH 5 EVDDPHQ

-DDSLHOOD DOSLQD /|Z ) 6LELQLD IHPRUDOLV *HUPDU 8URP\FHV EHKHQLV '& 8QJHU 6RURVSRULXP VLOHQHV LQÀDWDH =LJQR H[ &LI 3XFFLQLD DUHQDULDH 6FKXPDFK - 6FKU|W 0LFURERWU\XP GLDQWKRUXP /LUR + 6FKRO] , 6FKRO] &DU\RFROXP OHXFRPHODQHOOD =HOOHU 6RURVSRULXP GLDQWKRUXP &LI 0HORLGRJ\QH KDSOD &KLWZRRG 3HURQRVSRUD SXOYHUDFHD )XFNHO 8URF\VWLV ÀRFFRVD :DOOU ' 0 +HQG 0RQRSKDGQXV ODWXV $ &RVWD 3XFFLQLD WUROOLL 3 &DUVR 8URF\VWLV WUROOLL 1DQQI 3XFFLQLD DFWDHDH DJURS\UL ( )LVFK

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

3XFFLQLD FDOWKDH /LQN 5KRSDORVLSKRQLQXV 3VHXGRUKRSDORVLSKRQLQXV FDOWKDH .RFK 8URP\FHV DFRQLWL )XFNHO 8URP\FHV GDFW\OLGLV * + 2WWK 3XFFLQLD DFRQLWL UXEUL / GL 7UDQ]VFKHOLD DQHPRQHV 3HUV 1DQQI 2FKURSVRUD DULDH )XFNHO 5DPVE 8URF\VWLV V\QFRFFD / $ .LUFKQ % /LQGHE $SKHOHQFKRLGHV IUDJDULDH 5LW]HPD %RV 3XFFLQLD YLUJLQLDQD 8QDPXQR 8URF\VWLV SXOVDWLOODH %XEjN 0RHV] $FHULD YLWDOEDH &DQHVWULQL (XUKDGLQRFHUDHD YHQWUDOLV 3DQ]HU 8URF\VWLV DWUDJHQHV /LUR =XQGHO 3K\OORFRSWHV KHWHURJDVWHU 1DOHSD 8URF\VWLV UDQXQQFXOL /LUR 0RHV] 3XFFLQLD UHFRQGLWD 5REHUJH H[ 'HVP 8URF\VWLV UDQXQFXOL ODQXJLQRVL '& =HQGHO 7KHFDELXV 7KHFDELXV DI¿QLV .DOWHQEDFK 'DVLQHXUD UDQXQFXOL %UHPL 8URF\VWLV UDQXQFXOL /LE 0RHV] 3HURQRVSRUD UDQXQFXOL *lXP 8URP\FHV DJURVWLGLV *RQ] )UDJ $ / *X\RW 'LW\OHQFKXV GLSVDFL . KQ 7KHFDELXV 7KHFDELXV DI¿QLV .DOWHQEDFK 'DVLQHXUD UDQXQFXOL %UHPL 'DVLQHXUD UDQXQFXOL %UHPL 'DVLQHXUD UDQXQFXOL %UHPL 8URP\FHV SKOHL PLFKHOLL &UXFKHW 8URP\FHV DOSLQDH 5\W] 6\QFK\WULXP DXUHXP - 6FKU|W 8URF\VWLV UDQXQFXOL /LE 0RHV] 3XFFLQLD UDQXQFXOL $ %O\WW (SLWULPHUXV UK\QFKRWKUL[ 1DOHSD

$FDUL VSS 8URP\FHV GDFW\OLGLV * + 2WWK 3HURQRVSRUD DOSLFROD *lXP 3XFFLQLD DFWDHDH DJURS\UL ( )LVFK /RQJLFDXGXV WULUKRGXV :DONHU 0DFURODELV DTXLOHJLDH .LHIIHU

3XFFLQLD DOWHUQDQV $UWKXU 7UDQ]VFKHOLD DQHPRQHV 3HUV 1DQQI $SKLV $SKLV WKDOLFWUL .RFK 3XFFLQLD DOWHUQDQV $UWKXU 8URF\VWLV VRURVSRULRLGHV $UWKXU

%HUEHULGDFHDH (SLPHGLXP DOSLQXP / %HUEHULV YXOJDULV / *XWWLIHUDH +\SHULFXP PRQWDQXP / +\SHULFXP PDFXODWXP &UDQW] +\SHULFXP SHUIRUDWXP / 3DSDYHUDFHDH 3DSDYHU UKRHDV / &KHOLGRQLXP PDMXV / &RU\GDOLV FDYD / 6FKZHLJJ

3HURQRVSRUD DUERUHVFHQV %HUN 'H %DU\ 3KLODHQXV VSXPDULXV /LQQHR $\OD[ PLQRU +DUWLJ Ƃƃ

0HORLGRJ\QH KDSOD &KLWZRRG $F\UWKRVLVSKRQ /LSRUUKLQXV FKHOLGRQLL .DOWHQEDFK (QW\ORPD XURF\VWRLGHV %XEjN

&UXFLIHUDH 6LV\PEULXP RULHQWDOH / 6LV\PEULXP RI¿FLQDOH / 6FRS +HVSHULV PDWURQDOLV / %DUEDUHD YXOJDULV 5 %U 5RULSSD V\OYHVWULV / %HVVHU $UPRUDFLD UXVWLFDQD *DHUWQHU &DUGDPLQH EXOELIHUD / &UDQW] &DUGDPLQH HQQHDSK\OORV / &UDQW]

'DVLQHXUD VLV\PEULL 6FKUDQN $OEXJR FDQGLGD 3HUV H[ - ) *PHO 5RXVVHO /LSDSKLV /LSDSKLV HU\VLPL .DOWHQEDFK &HXWRUK\QFKXV DVVLPLOLV 3D\NXOO &HXWRUK\QFKXV FKDOLEDHXV *HUPDU &HXWRUK\QFKXV QDSL *\OOHQKDO 'DVLQHXUD VLV\PEULL 6FKUDQN

&RQWDULQLD QDVWXUWLL .LHIIHU %UHYLFRU\QH EUDVVLFDH /LQQHR &HXWRUK\QFKXV LQDIIHFWDWXV *\OOHQKDO $OEXJR FDQGLGD 3HUV H[ - ) *PHO 5RXVVHO &HXWRUK\QFKXV FKDO\EDHXV *HUPDU 'DVLQHXUD VLV\PEULL 6FKUDQN $SKLV $SKLV JRVV\SLL *ORYHU &HXWRUK\QFKXV DVVLPLOLV 3D\NXOO 3XFFLQLD GHQWDULDH $OE 6FKZHLQ )XFNHO 3XFFLQLD GHQWDULDH $OE 6FKZHLQ )XFNHO

&DOHSLWULPHUXV HSLPHGLL 'H /LOOR 3XFFLQLD JUDPLQLV 3HUV 7ULR]D VFRWWL %DVVR /LRVRPDSKLV EHUEHULGLV .DOWHQEDFK 'DVLQHXUD EHUEHULGLV .LHIIHU /DVLRSWHUD EHUEHULQD 6FKUDQN

$UJH EHUEHULGLV 6FKUDQN 3KLODHQXV VSXPDULXV /LQQHR 3KLODHQXV VSXPDULXV /LQQHR 'DVLQHXUD K\SHULFL %UHPL *HRFU\SWD EUDXHUL +DQGOLUVFK $SKLV $SKLV FKORULV .RFK 3ODQFKRQLD DUDELGLV 6LJQRUHW 'DVLQHXUD VHURWLQD :LQQHUW] *HRFU\SWD EUDXHUL +DQGOLUVFK =HX[LGLSORVLV JLDUGL .LHIIHU

&DUGDPLQH LPSDWLHQV / $UDELV KLUVXWD / 6FRS $UDELV DOSLQD / $UDELV SXPLOD -DFT $O\VVXP RYLUHQVH .HUQHU 'UDED WRPHQWRVD &ODLUY .HUQHUD VD[DWLOLV / 5FKE &DSVHOOD EXUVD SDVWRULV / 0HGLFXV +XWFKLQVLD DOSLQD / 5 %U 7KODVSL URWXQGLIROLXP / *DXGLQ %LVFXWHOOD ODHYLJDWD / 'LSORWD[LV WHQXLIROLD / '& 6LQDSLV DUYHQVLV / 5HVHGDFHDH 5HVHGD OXWHD /

$OEXJR FDQGLGD 3HUV H[ - ) *PHO 5RXVVHO &HXWRUK\QFKXV SHFWRUDOLV :HLVH 3XFFLQLD WKODVSHRV )LFLQXV & 6FK E 7KHFDSKRUD WKODVSHRV %HFN 9DQN\ $FHULD GUDEDH 1DOHSD

/LSDSKLV /LSDSKLV URVVL %|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|UQHU &RQWDULQLD QDVWXUWLL .LHIIHU 'DVLQHXUD QDSL /|Z + 3ODVPRGLRSKRUD EUDVVLFDH :RURQLQ 0HORLGRJ\QH KDSOD &KLWZRRG 3KLODHQXV VSXPDULXV /LQQHR &HXWRUK\QFKXV OHSULHXUL & %ULVRXW &RQWDULQLD QDVWXUWLL .LHIIHU +HWHURGHUD VFKDFKWL 6FKPLGW

&UDVVXODFHDH 6HGXP VH[DQJXODUH / 6HGXP DOEXP /

3ODQFKRQLD DUDELGLV 6LJQRUHW $SKLV $SKLV VHGL .DOWHQEDFK

6D[LIUDJDFHDH 6D[LIUDJD URWXQGLIROLD / 6D[LIUDJD DQGURVDFH / 6D[LIUDJD DL]RLGHV /

3XFFLQLD VD[LIUDJDH 6FKOWGO 6\QFK\WULXP VD[LIUDJDH 5\W] 3XFFLQLD SD]VFKNHL 'LHWHO

6D[LIUDJD RSSRVLWLIROLD / 6D[LIUDJD EXUVHUDQD / 6D[LIUDJD KRVWLL 7DXVFK &KU\VRVSOHQLXP DOWHUQLIROLXP / 3DUQDVVLD SDOXVWULV /

0HODPSVRUD YHUQDOLV 1LHVVO $FXOXV NRFKL 1DOHSD 7KRPDV 3XFFLQLD SD]VFKNHL 'LHWHO 3XFFLQLD VD[LIUDJDH 6FKOWGO 3XFFLQLD SD]VFKNHL 'LHWHO 3XFFLQLD FKU\VRVSOHQLL *UHY 6\QFK\WULXP DXUHXP - 6FKU|W

5RVDFHDH 6SLUDHD GHFXPEHQV .RFK V\EVS WRPHQWRVD 3RHFK 'RVWDO $UXQFXV GLRLFXV :DOWHU )HUQDOG )LOLSHQGXOD XOPDULD / 0D[LP 5XEXV VD[DWLOLV / 5XEXV LGDHXV / 5XEXV FDHVLXV / 5RVD DUYHQVLV +XGVRQ 5RVD SHQGXOLQD / 5RVD FDQLQD / 6DQJXLVRUED PLQRU 6FRS 'U\DV RFWRSHWDOD /

$SKLV $SKLV VSLUDHSKDJD ) 3 0XOOHU 3KLODHQXV VSXPDULXV /LQQHR 8URF\VWLV XOPDULDH /LUR 9jQN\ 'DVLQHXUD XOPDULD %UHPL *\PQRFRQLD LQWHUVWLWLDOLV 6FKOWGO /DJHUK $FHULD VLOYLFROD &DQHVWULQL $XODFRUWKXP $XODFRUWKXP VRODQL VXEVS F\ODFWLV %|UQHU 3KUDJPLGLXP EXOERVXP )U 6FKOWGO 3KUDJPLGLXP UXEL LGDHL '& 3 .DUVW 0LPHXULD XOPLSKLOD 'HO *XHUFLFR $JULOXV FXSUHVFHQV 0pQpWULpV %XKULHOOD UXELFROD 6WHOWHU .XHKQHROD XUHGLQLV /LQN $UWKXU 6\QFK\WULXP DXUHXP - 6FKU|W $FHULD VLOYLFROD &DQHVWULQL (ULRSK\HV UXELFROHQV &DQHVWULQL 'LDVWURSKXV UXEL %RXFKp Ƃ 'LSOROHSLV PD\UL 6FKOHFKWHQGDO Ƃ

'LSOROHSLV QHUYRVD &XUWLV Ƃ

3KUDJPLGLXP IXVLIRUPH - 6FKU|W &DOO\QWURWXV VFKOHFKWHQGDOL 1DOHSD 3KUDJPLGLXP PXFURQDWXP 3HUV 6FKOWGO &KLRQDVSLV VDOLFLV /LQQHR 'DVLQHXUD URVDH %UHPL $UJH RFKURSXV *PHOLQ %OHQQRFDPSD SK\OORFROSD 9LLWDVDDUL 9LNEHUJ &ODGDUGLV HORQJDWXOD .OXJ 'LSOROHSLV PD\UL 6FKOHFKWHQGDO 'LSOROHSLV HJODQWHULDH +DUWLJ 'LSOROHSLV URVDH /LQQHR 'LSOROHSLV VSLQRVLVVLPDH *LUDXG 3KUDJPLGLXP SRWHULL )XFNHO 6\QFK\WULXP DXUHXP - 6FKU|W $FHULD VDQJXLVRUEDH &DQHVWULQL &ODUHPRQWLD SXQFWLSHSV .RQRZ 6\QFK\WULXP P\RVRWLGLV - * . KQ

*HXP PRQWDQXP / *HXP ULYDOH / *HXP XUEDQXP / 3RWHQWLOOD DXUHD / 3RWHQWLOOD HUHFWD / 5lXVFKHO 3RWHQWLOOD UHSWDQV / 3RWHQWLOOD FDXOHVFHV / )UDJDULD YHVFD / $OFKHPLOOD YXOJDULV 6FK . 3\UXV S\UDVWHU %XUJVG 3\UXV FRPPXQLV / 6RUEXV DXFXSDULD /

7DSKULQD SRWHQWLOODH )DUO -RKDQVRQ &HFLGRSK\HV QXGXV 1DOHSD 6\QFK\WULXP DXUHXP - 6FKU|W &HFLGRSK\HV QXGXV 1DOHSD &HFLGRSK\HV QXGXV 1DOHSD 0LFURVLSKXP 0LFURVLSKXP JHL .RFK ;HVWRSKDQHV SRWHQWLOODH 5HWLXV LQ 'H *HHU Ƃƃ

)URPPHHOOD WRUPHQWLOODH )XFNHO &XPPLQV < +LUDWV 6\QFK\WULXP SLOL¿FXP ) 7KRPDV 3K\OORFRSWHV SDUYXOXV 1DOHSD $SKLV $SKLV WRUPHQWLOODH 3DVVHULQL 3KLODHQXV VSXPDULXV /LQQHR ;HVWRSKDQHV EUHYLWDUVLVVLV 7KRPVRQ Ƃƃ

;HVWRSKDQHV EUHYLWDUVLVVLV 7KRPVRQ Ƃƃ

3K\OORFRSWHV SDUYXOXV 1DOHSD $SKHOHQFKRLGHV IUDJDULDH 5LW]HPD %RV

3HURQRVSRUD DOFKHPLOODH * + 2WWK %DFWHULFHUD IHPRUDOLV )|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

(SLGLDVSLV OHSHULL 6LJQRUHW '\VDSKLV 3RPDSKLV DXFXSDULDH %XFNWRQ

6RUEXV FKDPDHPHVSLOXV / &UDQW] 6RUEXV DULD / &UDQW] $PHODQFKLHU RYDOLV 0HGLFXV &RWRQHDVWHU LQWHJHUULPXV 0HGLFXV &RWRQHDVWHU QHEURGHQVLV *XVV & .RFK &UDWDHJXV PRQRJ\QD -DFT 3UXQXV VSLQRVD / 3UXQXV DYLXP / /HJXPLQRVDH /DEXUQXP DQDJ\URLGHV 0HGLFXV &\WLVXV HPHULÀRUXV 5FKE

&DFRSV\OOD VRUEL /LQQHR $QWKRQRPXV $QWKRQRPXV KXPHUDOLV 3DQ]HU 7DSKULQD GHIRUPDQV %HUN 7XO 1HFWULD GLLWLVVLPD 7XO & 7XO 6DPXHOV 5RVVPDQ *\PQRVSRUDQJLXP WUHPOORLGHV 5 +DUWLJ (ULRSK\HV DULDQXV &DQHVWULQL 5KRSDORVLSKXP LQVHUWXP :DONHU *\PQRVSRUDQJLXP FODYDULLIRUPH -DFT '& (ULRSK\HV DURQLDH &DQHVWULQL '\VDSKLV 3RPDSKLV SDUDVRUEL %|UQHU *\PQRVSRUDQJLXP FRQIXVXP 3ORZU (ULRSK\HV FRWRQHDVWUL &DQHVWULQL (ULRSK\HV S\UL 3DJHQVWHFKHU $SKLV $SKLV SRPL 'H *HHU 5KRSDORVLSKXP LQVHUWXP :DONHU 7DSKULQD FUDWDHJL 6DGHE &DOHSLWULPHUXV DUPDWXV &DQHVWULQL 3K\OORFRSWHV JRQLRWKRUD[ 1DOHSD &DFRSV\OOD PHODQRQHXUD )|UVWHU &RQWDULQLD DQWKRELD /|Z ) 'DVLQHXUD FUDWDHJL :LQQHUW] $QWKRQRPXV $QWKRQRPXV SHGLFXODULXV /LQQHR

7DSKULQD SUXQL )XFNHO 7XO (ULRSK\HV SUXQLVSLQRVDH 1DOHSD %UDFK\FDXGXV $SSHOLD SUXQLFROD .DOWHQEDFK 3KRURGRQ 3KRURGRQ KXPXOL 6FKUDQN $VSKRQG\OLD SUXQLSHUGD 5RQGDQL 'DVLQHXUD WRUWUL[ /|Z ) 3XWRQLHOOD SUXQL .DOWHQEDFK (QDUPRQLD IRUPRVDQD 6FRSROL 3ULVWLSKRUD 0LFURQHPDWXV PRQRJ\QLD +DUWLJ

7DSKULQD FHUDVL )XFNHO 6DGHE $FXOXV IRFNHXL 1DOHSD 7URXHVVDUW 3KLODHQXV VSXPDULXV /LQQHR 0\]XV 0\]XV FHUDVL )DEULFLXV $QWKRQRPXV $QWKRQRPXV KXPHUDOLV 3DQ]HU $FXOXV DFUDVSLV 1DOHSD &KLRQDVSLV VDOLFLV /LQQHR 8URP\FHV SDOOLGXV 1LHVVO

&\WLVXV SVHXGRSURFXPEHQV 0DUNJUDI *HQLVWD WLQFWRULD / *HQLVWD JHUPDQLFD / $VWUDJDOXV FLFHU / $VWUDJDOXV JO\F\SK\OORV / 9LFLD V\OYDWLFD / 9LFLD FUDFFD / 9LFLD VHSLXP / 9LFLD VDWLYD / /DWK\UXV YHUQXV / %HUQK /DWK\UXV RFFLGHQWDOLV )LVFK 0D\ )ULWVFK /DWK\UXV SUDWHQVLV / /DWK\UXV V\OYHVWULV / 2QRQLV VSLQRVD /

6FHULD JHQLVWDH 1DOHSD $VSKRQG\OLD FF\WLVL )UDXHQIHOG 8URP\FHV IXOJHQV %XEjN 6\QFK\WULXP DXUHXP - 6FKU|U $FHULD JHQLVWDH 1DOHSD 7\FKLXV 7\FKLXV SDUDOOHOXV 3DQ]HU $VSKRQG\OLD JHQLVWDH /|Z +

&RQWDULQLD PHODQRFHUD .LHIIHU -DDSLHOOD JHQLVWDPWRUTXHQV .LHIIHU -DDSLHOOD JHQLVWLFROD /|Z ) $VSKRQG\OLD JHQLVWDH /|Z + 'DVLQHXUD JO\FLSK\OL 5 EVDDPHQ 7KHFDSKRUD DI¿QLV : * 6FKQHLG 'DVLQHXUD JO\FLSK\OL 5 EVDDPHQ $FXOXV UHWLRODWXV 1DOHSD &\DQDSLRQP %RWKU\RUUK\QFKDSLRQ J\OOHQKDOL : .LUE\ 3HURQRVSRUD PD\RULL *lXP 'LW\OHQFKXV GLSVDFL . KQ )LUPRWKULSV ¿UPXV 8]HO $SKLV $SKLV FUDFFDH /LQQHR $SKLV $SKLV FUDFFLYRUD .RFK &DWDSLRQ VHQLFXOXV : .LUE\ $QDEUHPLD PDVVDORQJRL .LHIIHU &RQWDULQLD FUDFFDH /|Z + 3HURQRVSRUD YLFLDH %HUN &DVS $SKLV $SKLV FUDFFLYRUD .RFK 0HJRXUD YLFLDH %XFNWRQ 'DVLQHXUD YLFLDH .LHIIHU 0HORLGRJ\QH KDSOD &KLWZRRG )LUPRWKULSV ¿UPXV 8]HO 'DVLQHXUD YLFLDH .LHIIHU 8URP\FHV YLFLDH IDEDH 3HUV - 6FKU|W 3HURQRVSRUD ODWK\UL YHUQL $ *XVWDYVVVRQ 7KHFDSKRUD ODWK\UL - * . KQ 0DFURODELV RUREL /|Z ) 7KHFDSKRUD ODWK\UL - * . KQ 2GRQWRWKULSV ORWL +DOLGD\ &\DQDSLRQ &\DQDSLRQ DOF\RQHXP *HUPDU &\DQDSLRQ &\DQDSLRQ FROXPELQXP *HUPDU 3HURQRVSRUD ODWK\UL SDOXVWULV *lXP 2RGRQWRWKULSV ORWL +DOLGD\ &\DQDSLRQ &\DQDSLRQ FROXPELQXP *HUPDU $FHULD RQRQLGLV &DQHVWULQL $VSKRQG\OLD RQRQLGLV /|Z )

0HOLORWXV DOED 0HGLFXV 0HOLORWXV RI¿FLQDOLV / 3DOODV 0HGLFDJR OXSXOLQD / 0HGLFDJR VDWLYD / 0HGLFDJR VDWLYD / VXEVS IDOFDWD / $UFDQJ 7ULIROLXP PRQWDQXP / 7ULIROLXP UHSHQV / 7ULIROLXP SUDWHQVH / 7ULIROLXP PHGLXP / 'RU\FQLXP SHQWDSK\OOXP 6FRS VXEVS KHUEDFHXP 9LOO 5RX\ /RWXV FRUQLFXODWXV /

7\FKLXV 7\FKLXV FUDVVLURVWULV .LUVFK 7\FKLXV 7\FKLXV PHOLORWL 6WHSKHQV $VFRFK\WD FDXOLFROD /DXEHUW 7\FKLXV 7\FKLXV FUDVVLURVWULV .LUVFK 7\FKLXV 7\FKLXV PHOLORWL 6WHSKHQV 6LQRUKL]RELXP PHOLORWL 'H /DMXGLH 3K\VRGHUPD DOIDOIDH /DJHUK .DUOLQJ $FHULD SOLFDWRU 1DOHSD 3ODQFKRQLD DUDELGLV 6LJQRUHW &RQWDULQLD PHGLFDJLQLV .LHIIHU 'DVLQHXUD OXSXOLQDH .LHIIHU 3K\VRGHUPD DOIDOIDH /DJHUQK .DUOLQJ 'LW\OHQFKXV GLSVDFL . KQ $FHULD SOLFDWRU 1DOHSD

7\FKLXV 7\FKLXV PHOLORWL 6WHSKHQV $VSKRQG\OLD PLNL :DFKWO &RQWDULQLD PHGLFDJLQLV .LHIIHU 'DVLQHXUD PHGLFDJLQLV %UHPL $FHULD SOLFDWRU 1DOHSD +RORWULFKDSLRQ $SLRSV SLVL )DEULFLXV 8URP\FHV WULIROLL UHSHQWLV /LUR 3K\VRGHUPD WULIROLL 3DVV .DUOLQJ $FHULD SOLFDWRU 1DOHSD 3URWDDSLRQ DSULFDQV +HUEVW

3URWDSLRQ YDULSHV *HUPDU 3HURQRVSRUD WULIROLRUXP GH %DU\ 0HORLGRJ\QH KDSOD &KLWZRRG $FHULD SOLFDWRU 1DOHSD

3URWDSLRQ GLVVLPLOH *HUPDU $FHULD SOLFDWRU 1DOHSD &DWDSLRQ SXEHVFHQV : .LUE\ 3URWDSLRQ YDULSHV *HUPDU 7\FKLXV 7\FKLXV SRO\OLQHDWXV *HUPDU 3URWDSLRQ DSULFDQV +HUEVW 3URWDSLRQ WULIROLL /LQQHR 7ULFKRODED WULIROLL 5 EVDDPHQ

'LW\OHQFKXV GLSVDFL . KQ 7\FKLXV 7\FKLXV SRO\OLQHDWXV *HUPDU 3URWDSLRQ DSULFDQV +HUEVW 3URWDSLRQ WULIROLL /LQQHR 3URWDSLRQ YDULSHV *HUPDU 'DVLQHXUD D[LOODULV .LHIIHU $FHULD HXDVSLV 1DOHSD $VSKRQG\OLD GRU\FQLL 0XOOHU $FHULD HXDVSLV 1DOHSD 2GRQWRWKULSV ORWL +DOLGD\ ,VFKQRSWHUDSLRQ ,VFKQRSWHUDSLRQ ORWL :

$QWK\OOLV YXOQHUDULD / VXEVS DOSHVWULV .LW $VFK *U $QWK\OOLV YXOQHUDULD / VXEVS SRO\SK\OOD '& 1\PDQ &RURQLOOD YDJLQDOLV /DP +LSSRFUHSLV FRPRVD / +LSSRFUHSLV HPHUXV / /DVVHQ +LSSRFUHSLV HPHUXV / /DVVHQ VXEVS HPHURLGHV %RLVV 6SUXQ /DVVHQ +HG\VDUXP KHG\VDURLGHV / 6FK 7K

.LUE\ $VSKRQG\OLD PHODQRSXV .LHIIHU &RQWDULQLD EDUELFKHL .LHIIHU

&RQWDULQLD ORWL 'H *HHU -DDSLHOOD ORWLFROD 5 EVDDPHQ

$FXOXV FRURQLOODH &DQHVWULQL 0DVVDORQJR $VSKRQG\OLD EDXG\VL 9LPPHU $VSKRQG\OLD FRURQLOODH 9DOORW 8URP\FHV KHG\VDUL REVFXUL '& &DUHVWLD 3LFF

2[DOLGDFHDH 2[DOLV FRUQLFXODWD / 2[DOLV IRQWDQD %XQJH

7KHFDSKRUD R[DOLGLV (OOLV 7UDF\ 0 /XLF 5 %DXHU 3LDWHN $FHULD R[DOLGLV 7URWWHU $FHULD R[DOLGLV 7URWWHU

*HUDQLDFHDH *HUDQLXP PDFURUUKL]XP / *HUDQLXP SUDWHQVH / *HUDQLXP V\OYDWLFXP / *HUDQLXP SKDHXP / *HUDQLXP UREHUWLDQXP /

3XFFLQLD ÀDKDXOWLL 9LHQQ %RXUJ 8URP\FHV JHUDQLL '& * + 2WWK :DUWP $FHULD JHUDQLL &DQHVWULQL $FHULD GROLFKRVRPD &DQHVWULQL 8URP\FHV FDUSDWKLFXP 1DP\VW 3HURQRVSRUD FRQJORPHUDWD )XFNHO 3ODQFKRQLD DUDELGLV 6LJQRUHW

/LQDFHDH /LQXP FDWKDUWLFXP /

'DVLQHXUD VDPSDLQD 7DYDUHV

(XSKRUELDFHDH 0HUFXULDOLV SHUHQQLV / (XSKRUELD GXOFLV /

0HODPSVRUD SRSXOQHD 3HUV 3 &DUVR 6\QQFK\WULXP PHUFXULDOLV )XFNHO 7KULSV IXOYLSHV %DJQDOO

8URP\FHV HXSKRUELDH &RRNH 3HFN 6SXUJLD HXSKRUELDH 9DOORW

6\QFK\WULXP DXUHXP - 6FKU|W 3ODQFKRQLD DUDELGLV 6LJQRUHW 3ODQFKRQLD DUDELGLV 6LJQRUHW $FXOXV FRURQLOODH &DQ 0DVVDO $VSKRQG\OLD EDXG\VL 9LPPHU $VSKRQG\OLD FRURQLOODH 9DOORW Q 6\QFK\WULXP DOSLFROD 5\W]] $VSKRQG\OLD EDXG\VL 9LPPHU $VSKRQG\OLD FRURQLOODH 9DOORW

(XSKRUELD ÀDYLFRPD '& (XSKRUELD F\SDULVVLDV / (XSKRUELD DP\JGDORLGHV / 3RO\JDODFHDH 3RO\JDOD YXOJDULV / 3RO\JDOD DOSHVWULV 5FKE $FHUDFHDH $FHU FDPSHVWUH / $FHU SODWDQRLGHV / $FHU SVHXGRSODWDQXV /

8URP\FHV VFXWHOODWXV 6FKUDQN 1LHVVO 8URP\FHV WXEHUFXODWXV )XFNHO 6SXUJLD HXSKRUELDH 9DOORW 8URP\FHV VFXWHOODWXV 6FKUDQN 1LHVVO 8URP\FHV WXEHUFXODWXV )XFNHO (ULRSK\HV HXSKRUELDH 1DOHSD 'DVLQHXUD FDSVXODH .LHIIHU 6SXUJLD HXSKRUELDH 9DOORW (QGRSK\OOXP HXSKRUELDH V\OYDWLFDH '& * :LQWHU

6SXUJLD HXSKRUELDH 9DOORW 6\QFK\WULXP DXUHXP - 6FKU|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

%DOVDPLQDFHDH ,PSDWLHQV QROL WDQJHUH / $TXLIROLDFHDH ,OH[ DTXLIROLXP / &HODVWUDFHDH (XRQ\PXV ODWLIROLXV / 0LOOHU %X[DFHDH %X[XV VHPSHUYLUHQV / 5KDPQDFHDH 5KDPQXV VD[DWLOLV -DFT 5KDPQXV FDWKDUWLFXV / 5KDPQXV SXPLOXV 7XUUD )UDQJXOD DOQXV 0LOOHU 7LOLDFHDH 7LOLD FRUGDWD 0LOOHU 0DOYDFHDH 0DOYD QHJOHFWD :DOOU 7K\PHODHDFHDH 'DSKQH PH]HUHXP /

3HULSK\OOXV WHVWXGLQDFHXV )HUQLH $FHULFHFLV YLWULQD .LHIIHU &RQWDULQLD DFHUSOLFDQV .LHIIHU 'DVLQHXUD LUUHJXODULV %UHPL 'ULVLQD JOXWLQRVD *LDUG 3KLODHQXV VSXPDULXV /LQQHR &OLQRGLSORVLV FLOLFUXV .LHIIHU $SKLV $SKLV LOLFLV .DOWHQEDFK 0HODPSVRUD HSLWHD 7K P 8QDVSLV HXRQ\PL &RPVWRFN 3XFFLQLD EX[L 6RZHUE\ $FHULD XQJXLFXODWD &DQHVWULQL 3V\OOD EX[L /LQQHR 0RQDUWKURSDOSXV ÀDYXV 6FKUDQN 3XFFLQLD FRURQDWD &RUGD 7ULFKRFFKHUPHV ZDONHUL )|UVWHU 3XFFLQLD FRURQDWD &RUGD $SKLV $SKLV FRPPHQVDOLV 6WUR\DQ $SKLV $SKLV PDPPXODWD *KLPLQJKDP + 5 / $SKLV $SKLV QDVWXUWLL .DOWHQEDFK 3XFFLQLD FRURQDWD &RUGD 3XFFLQLD FRURQDWD &RUGD $SKLV $SKLV IUDQJXODH .DOWHQEDFK &KLRQDVSLV VDOLFLV /LQQHR 7ULFKRFKFHUPHV ZDONHUL )|UVWHU $FXOXV EDOOHL 1DOHSD (ULRSK\HV H[LOLV 1DOHSD (ULRSK\HV HULRVRPD 1DOHSD (ULRSK\HV WLOLD 3DJHQVWHFKHU 3K\WRSWXV WHWUDWULFKXV 1DOHSD &RQWDULQLD WLOLDUXP .LHIIHU 'DVLQHXUD WKRPDVLDQD .LHIIHU 'DVLQHXUD WLOLD 6FKUDQN 'LG\PRP\LD WLOLDFHDH %UHPL 3DUQD WHQHOOD .OXJ $SKLV $SKLV IDEDH6FRS 0DFURVLSKXP 0DFURVLSKXP GDSKQLGLV %|UQHU

'DSKQH FQHRUXP / 9LRODFHDH 9LROD KLUWD / 9LROD PLUDELOLV / 9LROD ULYLQLDQD 5FKE 9LROD ELÀRUD / 9LROD WULFRORU / 9LROD DUYHQVLV 0XUUD\ &LVWDFHDH +HOLDQWKHPXP QXPPXODULXP / 0LOOHU VXEVS JUDQGLÀRUXP 6FRS 6FK 7K +HOLDQWKHPXP QXPPXODULXP / 0LOOHU VXEVS REVFXUXP &HODN +ROXE +HOLDQWKHPXP RHODQGLFXP / '& VXEVS DOSHVWUH -DFT %UHLVWU )XPDQD SURFXPEHQV 'XQDO * *

'DVLQHXUD GDSKQHV .LHIIHU

'DVLQHXUD GDSKQHV .LHIIHU 8URF\VWLV YLRODH 6RZHUE\ $ $ )LVFK :DOG 6\QFK\WULXP DXUHXP - 6FKU|W 8URF\VWLV YLRODH 6RZHUE\ $ $ )LVFK :DOG 8URF\VWLV YLRODH 6RZHUE\ $ $ )LVFK :DOG 6\QFK\WULXP JORERVXP - 6FKU|W &HFLGRSK\HV YLRODH 1DOHSD

6\QFK\WULXP DOSLQXP ) 7KRPDV &HFLGRSK\HV YLRODH 1DOHSD 3XFFLQLD YLRODH 6FKXPDFK '& 0\]XV 1HFWDURVLSKRQ FHUWXV :DONHU 'DVLQHXUD YLRODH /|Z ) 3XFFLQLD YLRODH 6FKXPDFK '& 'LW\OHQFKXV GLSVDFL . KQ &HFLGRSK\HV YLRODH 1DOHSD &DOOLRSXP DHQHXP )DOOpQ $FHULD URVDOLD 1DOHSD $SKLV $SKLV KHOLDQWKHPL )HUUDUL 3KULVVRWULFKXP 6FKLOVN\DSLRQ UXJLFROOH *HUPDU &RQWDULQLD KHOLDQWKHPL +DUG\ +HOLDQWKHPDSLRQ DFLFXODUH *HUPDU $FHULD URVDOLD 1DOHSD $FHULD URVDOLD 1DOHSD

7DPDULFDFHDH 0\ULFDULD JHUPDQLFD / 'HVY

3XFFLQLD WKXHPHQLDQD : 9RVV

2QDJUDFHDH &LUFDHD OXWHWLDQD / &LUFDHD DOSLQD / 2HQRWKHUD ELHQQLV / (SLORELXP DQJXVWLIROLXP /

3XFFLQLD FLUFDHDH 3HUV 3XFFLQLD FLUFDHDH FDULFLV +DVOHU 0HORLGRJ\QH VSS $SKLV $SKLV QDVWXUWLL .DOWHQEDFK 3XFFLQLD FLUFDHDH 3HUV 'LW\OHQFKXV GLSVDFL . KQ 3KLODHQXV VSXPDULXV /LQQHR 3XFFLQLD JLJDQWHD 3 &DUVR

(SLORELXP GRGRQDHL 9LOO (SLORELXP SDUYLÀRUXP 6FKUHEHU (SLORELXP PRQWDQXP / (SLORELXP DOSHVWUH -DFT .URFNHU

3XFFLQLD SXOYHUXOHQWD *UHY 3XFFLQLDVWUXP HSLORELL '& $SKLV $SKLV VDOLFDULDH .RFK &UDVSHGROHSWD QHEXORVD =HWWHUVWHGW $XOHXWHV HSLORELL 3D\NXOO 'DVLQHXUD NLHIIHULDQD 5 EVDDPHQ

0RPSKD 0RPSKD GLYLVHOOD +HUULFK 6FKlIIHU 0RPSKD 0RPSKD VXEELVWULJHOOD +DZRUWK 3XFFLQLD SXOYHUXOHQWD *UHY $SKLV %XUVDSKLV HSLORELL .DOWHQEDFK 0RPSKD GLYLVHOOD +HUULFK 6FKlIIHU $SKLV $SKLV SUDHWHULWD :DONHU $XOHXWHV HSLORELL 3D\NXOO 0RPSKD GLYLVHOOD +HUULFK 6FKlIIHU 0RPSKD 0RQSKD VXELVWULJHOOD +DZRUWK 0RPSKD GLYLVHOOD +HUULFK 6FKlIIHU

&RUQDFHDH &RUQXV VDQJXLQHD / &RUQXV PDV /

$QWKRFRSWHV SODW\QRWXV 1DOHSD &HQRSDOSXV SXOFKHU &DQHVWULQL )DQ]DJR

$QRHFLD $QRHFLD FRUQL )DEULFLXV $SKLV $SKLV VDOLFDULDH .RFK &UDQHLRELD FRUQL *LUDXG &HQRSDOSXV SXOFKHU &DQHVWULQL )DQ]DJR

8PEHOOLIHUDH 6DQLFXOD HXURSDHD / &KDHURSK\OOXP KLUVXWXP / $QWKULVFXV V\OYHVWULV / +RIIP 0\UUKLV RGRUDWD / 6FRS 3LPSLQHOOD PDMRU / +XGVRQ

3XFFLQLD VDQLFXODH *UHY 3URWRP\FHV PDFURVSRUXV 8QJHU 3XFFLQLD FKDHURSK\OOL 3XUWRQ 3XFFLQLD HQRUPLV )XFNHO +\DGDSKLV IRHQLFXOL 3DVVHULQL 0\]XV 1HFWDURVLSKRQ SHUVLFDH 6XO]HU 0DFURODELV KHUDFOHL .DOWHQEDFK 3URWRP\FHV PDFURVSRUXV 8QJHU 3XFFLQLD VYHQVHPLL /LQGU 7ULR]D DSLFDOLV )|UVWHU .LHIIHULD SHULFDUSLLFROD %UHPL /DVLRSWHUD FDURSKLOD ) %DVVR 3XFFLQLD FKDHURSK\OOL 3XUWRQ 3K\VRGHUPD KHPLVSKDHULFXP 6SHJ

.DUOLQJ 3XFFLQLD ELVWRUWDH ) 6WUDXVV '& $FHULD SHXFHGDQL &DQHVWULQL 6HPLDSKLV SLPSLQHOODH .DOWHQEDFK 7ULR]D DSLFDOLV )|UVWHU

3LPSLQHOOD VD[LIUDJD / $HJRSRGLXP SRGDJUDULD / 2HQDQWKH ELHQQLV /

/DVLRSWHUD FDURSKLOD ) %DVVR 7KHFDSKRUD SLPSLQHOODH -XHL $FHULD SHXFHGDQL &DQHVWULQL 3ODQFKRQLD DUDELGLV 6LJQRUHW 6HPLDSKLV SLPSLQHOODH .DOWHQEDFK .LHIIHULD SHULFDUSLLFROD %UHPL 3XFFLQLD DHJRSRGLL 6FKXPDFK /LQN $SKLV $SKLV SRGDJUDULDH 6FKUDQN 0DFURODELV SRGDJUDULDH /|Z + .LHIIHULD SHULFDUSLLFROD %UHPL 8URP\FHV OLQHRODWXV 'HVP - 6FKU|W

$HWKXVD F\QDSLXP / $WKDPDQWD FUHWHQVLV / *UD¿D JRODND +DFT 5FKE %XSOHXUXP SHWUDHXP / %XSOHXUXP UDQXQFXORLGHV / &DUXP FDUYL / $QJHOLFD V\OYHVWULV / 3HXFHGDQXP DXVWULDFXP -DFT .RFK 3HXFHGDQXP RUHRVHOLQXP / 0RHQFK 3HXFHGDQXP RVWUXWKLXP / .RFK 3HXFHGDQXP YHUWLFLOODUH / .RFK 3DVWLQDFD VDWLYD /

3XFFLQLD QLWLGD ) 6WUDXVV %DUFOD\ 3KLODHQXV VSRPDULXV /LQQHR /DVLRSWHUD FDURSKLOD ) %DVVR 3XFFLQLD DWKDPDQWKLQD 3 6\G 6\G 3XFFLQLD PDODEDLODH %XEjN 3XFFLQLD EXSOHXUL ) 5XGROSKL .LHIIHULD SHULFDUSLLFROD %UHPL $FHULD FDUYL 1DOHSD

&DYDULHOOD &DYDULHOOD DHJRSRGLL 6FRSROL +\DGDSKLV IRHQLFXOL 3DVVHULQL .LHIIHULD SHULFDUSLLFROD %UHPL /DVLRSWHUD FDURSKLOD ) %DVVR 3XFFLQLD DQJHOLFDH 6FKXPDFK )XFNHO 3XFFLQLD DQJHOLFDH PDPPLOODWD .OHE 3XFFLQLD NDUVWHQLL /LQGU 6\QFK\WULXP DXUHXP - 6FKU|W 7ULR]D DSLFDOLV )|UVWHU /DVLRSWHUD FDURSKLOD ) %DVVR 3XFFLQLD SHXFHGDQL DXVWULDFL 6LQGDFR H[ *lXP $HFLGLXP SHXFHGDQL UDLEOHQVLV 0DLUH /DVLRSWHUD FDURSKLOD ) %DVVR 3XFFLQLD RUHRVHOLQL ) 6WUDXVV .|UQ $FHULD SHXFHGDQL &DQHVWULQL 6HPLDSKLV FHUYDULDH %|UQHU

7ULR]D DSLFDOLV )|UVWHU .LHIIHULD SLPSLQHOODH %UHPL /DVLRSWHUD FDURSKLOD /|Z ) 3XFFLQLD LPSHUDWRULDH -DFN\ $UWKXU + 6 -DFNV 6HPLDSKLV VSKRQG\OLL .RFK /DVLRSWHUD FDURSKLOD ) %DVVR 3XFFLQLD WHUULHUL *lXP &DYDULHOOD &DYDULHOOD SDVWLQDFDH /LQQHR

+HUDFOHXP VSKRQG\OLXP / /DVHUSLWLXP VLOHU / /DVHUSLWLXP ODWLIROLXP / /DVHUSLWLXP SHXFHGDQRLGHV / /DVHUSLWLXP SUXWHQLFXP / 'DXFXV FDURWD / +HGHUD KHOL[ / *$023(7$/$ 3\URODFHDH 3\UROD PLQRU / 3\UROD URWXQGLIROLD / (ULFDFHDH (ULFD FDUQHD / &DOOXQD YXOJDULV / +XOO 5KRGRGHQGURQ IHUUXJLQHXP /

+\DGDSKLV IRHQLFXOL 3DVVHULQL .LHIIHULD SHULFDUSLLFROD %UHPL

/DVLRSWHUD FDURSKLOD ) %DVVR 0DFURODELV KHUDFOHL .DOWHQEDFK 3XFFLQLD KHUDFOHL *UHY 3XFFLQLD QLWLGXOD 7UDQ]VFKHO 6HPLDSKLV VSRQG\OLL .RFK

/L[XV (XOL[XV LULGLV 2OLYLHU .LHIIHULD SHULFDUSLLFROD %UHPL /DVLRSWHUD FDURSKLOD ) %DVVR 7ULR]D DSLFDOLV )|UVWHU /DVLRSWHUD FDURSKLOD ) %DVVR 3URWRP\FHV PDFURVSRUXV 8QJHU 7ULR]D DSLFDOLV )|UVWHU 7ULR]D ÀDYLSHQQLV )|UVWHU .LHIIHULD SHULFDUSLLFROD %UHPL /DVLRSWHUD FDURSKLOD ) %DVVR 0DFURODELV ODVHUSLWLL 5 EVDDPHQ 3URWRP\FHV PDFURVSRUXV 8QJHU 3KLODHQXV VSXPDULXV /LQQHR .LHIIHULD SHULFDUSLLFROD %UHPL

/DVLRSWHUD FDURSKLOD ) %DVVR $FHULD SHXFHGDQL &DQHVWULQL $FXOXV HXU\QRWXV 1DOHSD &DYDULHOOD &DYDULHOOD DHJRSRGLL 6FRSROL '\VDSKLV '\VDSKLV FUDWDHJL .DOWHQEDFK +\DGDSKLV IRHQLFXOL 3DVVHULQL 6HPLDSKLV GDXFL )DEULFLXV 7ULR]D DSLFDOLV )|UVWHU .LHIIHULD SHULFDUSLLFROD %UHPL /DVLRSWHUD FDURSKLOD ) %DVVR 3ODQFKRQLD DUDELLGLV 6LJQRUHW $SKLV $SKLV KHGHUDH .DOWHQEDFK &KU\VRP\[D S\URODH 5RVWU &KU\VRP\[D S\URODH 5RVWU &KLRQDVSLV VDOLFLV /LQQHR &WHQRPHURSVLV QLJUD :DFKWO :DFKWOLHOOD HULFLQD /|Z ) 7KHNRSVRUD HULFDH $ 1DXPDQQ 7UDQ]VFKHO ([VREDVLGLXP UKRGRGHQGUL )XFNHO & ( &UDPHU

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|W 3XFFLQLD SULPXODH '& 'XE\ 6\QFK\WULXP DXUHXP - 6FKU|W 8URF\VWLV SULPXODH 5RVWU 9jQN\ 8URP\FHV RYLUHQVLV -DDS 8URF\VWLV SULPXODH 5RVWU 9jQN\ 8URP\FHV DSLRVSRUXV +D]VO 8URP\FHV DXULFXODH 0DJQXV $ %XFKKHLP 3XFFLQLD GXE\L 0 OO $UJ 3XFFLQLD VROGDQHOODH '& )XFNHO 3XFFLQLD VROGDQHOODH '& )XFNHO 3XFFLQLD FDULFLQD '& $FHULD ODWLFLQFWD 1DOHSD 8URP\FHV DUPHULLFROD 6SHJ 3VHXGRPRQDV VDYDVWDQRL ( ) 6PLWK 6WHYHQV I VS IUD[LQL %URZQ 'RZVRQ $FHULD IUD[LQLYRUD 1DOHSD $FXOXV HSLSK\OOXV 1DOHSD

)UD[LQXV H[FHOVLRU / /LJXVWUXP YXOJDUH / *HQWLDQDFHDH *HQWLDQD IURHOLFKLL -DQ *HQWLDQD FUXFLDWD / *HQWLDQD YHUQD / *HQWLDQD EDYDULFD / *HQWLDQD QLYDOLV / *HQWLDQD FLOLDWD / *HQWLDQD XWULFXORVD / $FOHSLDGDFHDH 9LQFHWR[LFXP KLUXQGLQDULD 0HGLFXV 5XELDFHDH 6KHUDUGLD DUYHQVLV / $VSHUXOD DULVWDWD / VXEVS RUHRSKLOD %ULT +D\HN *DOLXP RGRUDWXP / 6FRS *DOLXP YHUXP /

$FXOXV IUD[LQL 1DOHSD

3VHXGRPRQDV VDYDVWDQRL ( ) 6PLWK

6WHYHQV I VS IUD[LQL %URZQ 'RZVRQ 1HRQHFWULD GLWLVVLPD 7XO & 7XO 6DPXHOV 5RVVPDQ $FHULD IUD[LQLYRUD 1DOHSD $FXOXV HSLSK\OOXV 1DOHSD $FXOXV IUD[LQL 1DOHSD 3URFLSKLOXV 3URFLSKLOXV EXPHOLDH 6FKUDQN 3URFLSKLOXV 3URFLSKLOXV IUD[LQL )DEULFLXV 'DVLQHXUD DFURSKLOD :LQQHUW] 3XFFLQLD REWXVDWD * + 2WWK H[ ( )LVFK $FHULD ORHZL 1DOHSD 0\]XV 1HFWDURVLSKRQ OLJXVWUL 0RVOH\ 3ODFRFKHOD OLJXVWUL 5 EVDDPHQ

3XFFLQLD JHQWLDQDH ) 6WUDXVV /LQN $FXOXV NHUQHUL 1DOHSD $SKLV $SKLV JHQWLDQDH %|UQHU $FXOXV NHUQHUL 1DOHSD 3XFFLQLD JHQWLDQDH ) 6WUDXVV /LQN $FXOXV NHUQHUL 1DOHSD

3KLODHQXV VSXPDULXV /LQQHR 3ODQFKRQLD DUDELGLV 6LJQRUHW $FXOXV NHUQHUL 1DOHSD (XSKUDQWD (XSKUDQWD FRQQH[D )DEULFLXV &RQWDULQLD DVFOHSLDGLV *LUDXG 3HURQRVSRUD VKHUDUGLDH )XFNHO 7ULR]D YHOXWLQD )|UVWHU 3XFFLQLD DVSHUXODH )XFNHO $FXOXV DQWKRELXV 1DOHSD

3XFFLQLD SXQFWDWD I VS JDOLL YHUL *lXP $FHULD JDOLRELD &DQHVWULQL

7ULR]D YHOXWLQD )|UVWHU 0\]XV *DOLRELXP ODQJHL %|UQHU

6WDHJHULHOOD QHFRSLQDWD %|UQHU 'DVLQHXUD JDOLLFROD /|Z ) *HRFU\SWD JDOLL /|Z +

*DOLXP PROOXJR / *DOLXP OXFLGXP $OO *DOLXP ODHYLJDWXP / &RQYROYXODFHDH &XVFXWD HSLWK\PXP / / &DO\VWHJLD VHSLXP / 5 %U &RQYROYXOXV DUYHQVLV / %RUDJLQDFHDH (FKLXP YXOJDUH / 3XOPRQDULD RI¿FLQDOLV / 6\PSK\WXP WXEHURVXP / 0\RVRWLV V\OYDWLFD +RIIP /DELDWDH $MXJD UHSWDQV / 7KHXFULXP FKDPDHGU\V / 7KHXFULXP PRQWDQXP / *DOHRSVLV WHWUDKLW / /DPLXP PDFXODWXP / /DPLXP DOEXP /

3XFFLQLD GLIIRUPLV .XQ]H $HFLGLXP PROOXJLQLV :XUWK $FHULD JDOLRELD &DQHVWULQL $FXOXV DQWKRELXV 1DOHSD

0\]XV *DOLRELXP ODQJHL %|UQHU 7ULR]D YHOXWLQD )|UVWHU &RQWDULQLD PROOXJLQLV 5 EVDDPHQ $FXOXV DQWKRELXV 1DOHSD 'DVLQHXUD JDOLLFROD /|Z ) *HRFU\SWD JDOLL /|Z + 6FKL]RP\LD JDOLRUXP .LHIIHU 3XFFLQLD SXQFWDWD /LQN 6PLFURQ\[ MXQJHUPDQQLDH 5HLFK 7KHFDSKRUD VHPLQLV FRQYROYXOL /LUR 3KLODHQXV VSXPDULXV /LQQHR 3XFFLQLD FRQYROYXOL 3HUV &DVWDJQH $FHULD FRQYROYXOL 1DOHSD 3XFFLQLD UHFRQGLWD 5REHUJH H[ 'HVP $FHULD HFKLL &DQHVWULQL 'LFW\OD HFKLL 6FKUDQN %UDFK\FDXGXV 3UXQDSKLV PRUGYLONRL + 5 / $VSKRQG\OLD HFKLL /|Z +

&\QDHGD GHQWDOLV 'HQLV 6FKLIIHUP OOHU $XODFRUWKXP $XODFRUWKXP VRODQL .DOWHQEDFK 3XFFLQLD UHFRQGLWD 5REHUJH H[ 'HVP $HFLGLXP NDEDWLDQXP %XEjN %UDFK\FDXGXV %UDFK\FDXGXV KHOLFKU\VL .DOWHQEDFK 6\QFK\WULXP DXUHXP - 6FKU|W $FHULD DMXJDH 1DOHSD 0\]XV 1HFWDURVLSKRQ DMXJDH 6FKRXWHGHQ &RSLXP FODYLFRUQH /LQQHR &RSLXP WHXFULL +RVW 7KDPQXUJXV NDOWHQEDFKL %DFK $SKLV $SKLV ODPLRUXP %|UQHU &U\SWRP\]XV &U\SWRP\]XV JDOHRSVLGLV .DOWHQEDFK 'DVLQHXUD ODPLL .LHIIHU

0HODQRWDHQLXP MDDSLL 0DJQXV $SKLV $SKLV ODPLRUXP %|UQHU

7KDPQXUJXV NDOWHQEDFKL %DFK

/DPLXP SXUSXUHXP / /DPLDVWUXP JDOHREGRORQ / (KUHQG 3RODWVFKHN VXEVS ÀDYLGXP ) +HUPDQQ (KUHQG 3RODWVFKHN 6WDFK\V DORSHFXURV / %HQWKDP 6WDFK\V RI¿FLQDOLV / 7UHYLVDQ 6WDFK\V V\OYDWLFD / 6WDFK\V SDOXVWULV / 6WDFK\V UHFWD / 6WDFK\V UHFWD / VXEVS ODELRVD %HUWRO %ULT *OHFKRPD KHGHUDFHD / 3UXQHOOD JUDQGLÀRUD / 6FKROOHU 3UXQHOOD YXOJDULV / $FLQRVDOSLQXV / 0RHQFK &OLQRSRGLXP YXOJDUH / 2ULJDQXP YXOJDUH /

0DFURODELV ODPLL 5 EVDDPHQ 'LW\OHQFKXV GLSVDFL . KQ

$SKLV $SKLV ODPLRUXP %|UQHU

&U\SWRP\]XV &KU\SWRP\]XV JDOHRSVLGLV .DOWHQEDFK 0DFURODELV ODPLL 5 EVDDPHQ $SKLV $SKLV ODPLRUXP %|UQHU &RQWDULQLD JDOHREGRORQWLV .LHIIHU 'DVLQHXUD ODPLLFROD 0LN 0LFURERWU\XP EHWRQLFDH %HFN 5 %DXHU 2EHUZ 3XFFLQLD EHWRQLFDH $OE 6FKZHLQ '& $FHULD VROLGD 1DOHSD

7KDPQXUJXV NDOWHQEDFKL %DFK &OLQRGLSORVLV FLOLFUXV .LHIIHU :DFKWOLHOOD VWDFK\GLV %UHPL

'LW\OHQFKXV GLSVDFL . KQ 3KLODHQXV VSXPDULXV /LQQHR :DFKWOLHOOD VWDFK\GLV %UHPL

3XFFLQLD VWDFK\GLV '& $FHULD VROLGD 1DOHSD $SKLV $SKLV VWDFK\GLV 0RUGYLONR :DFKWOLHOOD VWDFK\GLV %UHPL :DFKWOLHOOD VWDFK\GLV %UHPL 3XFFLQLD JOHFKRPDWLV '& &U\SWRP\]XV &U\SWRP\]XV JDOHRSVLGLV .DOWHQEDFK 'DVLQHXUD JOHFKRPDH .LHIIHU 5RQGDQLROD EXUVDULD %UHPL 3XFFLQLD PROLQLDH 7XO 3XFFLQLD PROLQLDH 7XO $SKLV $SKLV EUXQHOODH 6FKRXWHGHQ 3XFFLQLD PHQWKDH 3HUV $SKLV $SKLV FDODPLQWKDH %|UQHU $SKLV $SKLV FOLQRSRGLL 3DVVHULQL 6TXDPDSLRQ YLFLQXP : .LUE\

3XFFLQLD PHQWKDH 3HUV $SKLV $SKLV FOLQRSRGLL 3DVVHULQL 6TXDPDSLRQ YLFLQXP : .LUE\ 3XFFLQLD WK\PL )XFNHO 3 .DUVW $FHULD ODELDWLÀRUDH 7KRPDV $SKLV $SKLV RULJDQL 3DVVHULQL $VSKRQG\OLD KRUQLJL :DFKWO

%ODVWRP\LD RULJDQL 7DYDUHV 7KDPQXUJXV NDOWHQEDFKL %DFK

7K\PXV SUDHFR[ 2SL] /\FRSXV HXURSDHXV / 0HQWKD ORQJLIROLD / +XGVRQ 6DOYLD JOXWLQRVD / 6DOYLD SUDWHQVLV / 6DOYLD YHUWLFLOODWD / 6RODQDFHDH 6RODQXP GXOFDPDUD / 6FURSKXODULDFHDH 9HUEDVFXP WKDSVXV / 9HUEDVFXP QLJUXP / 6FURSKXODULD QRGRVD / &KDHQRUKLQXP PLQXV / /DQJH /LQDULD DOSLQD / 0LOOHU

3XFFLQLD WK\PL )XFNHO 3 .DUVW $FHULD WKRPDVL 1DOHSD $VSKRQG\OLD VHUSK\OOL .LHIIHU %D\HULROD WK\PLFROD .LHIIHU -DQHWLHOOD WK\PL .LHIIHU 6TXDPDSLRQ DWRPDULXP : .LUE\ $VSKRQG\OLD VSS 3XFFLQLD PHQWKDH 3HUV $FHULD PHQWKDULD &DQHVWULQL $SKLV $SKLV DI¿QL 'HO *XHUFLR 2YDWXV FUDWDHJDULXV :DONHU $VSKRQG\OLD PHQWKDH .LHIIHU 3XFFLQLD VDOYLDH 8QJHU 3XFFLQLD VWLSLQD 7UDQ]VFKHO + & *UHHQH &XPPLQV 0LFURERWU\XP VDOYLDH )HUUDUL .HPOHU 0 /XW] $FHULD VDOYLDH 1DOHSD 'DVLQHXUD VDOYLDH .LHIIHU 1HD\OD[ VDOYLDH *LUDXG Ƃƃ

3XFFLQLD QLJUHVFHQV 3HFN 3ODQFKRQLD DUDELGLV 6LJQRUHW 6\QFK\WULXP HQGRELRWLFXP 6FKLOE 3HUFLYDO *ORERGHUD URVWRFKLHQVLV :ROOHQZHEHU $FHULD O\FRSHUVLFL :ROIIHQVWHLQ $XODFRUWKXP $XODFRUWKXP VRODQL .DOWHQEDFK &RQWDULQLD VRODQL 5 EVDDPHQ 5KLQXVD WHWUD )DEULFLXV

$VSKRQG\OLD YHUEDVFL 9DOORW

/\JXV SUDWHQVLV /LQQHR $SKLV $SKLV YHUEDVFL 6FKUDQN 5KLQXVD WHWUD )DEULFLXV $VSKRQG\OLD YHUEDVFL 9DOORW &RQWDULQLD DQWKRSKWKRUD /|Z ) 'LW\OHQFKXV GLSVDFL . KQ 3KLODHQXV VSXPDULXV /LQQHR 5KLQXVD WHWUD )DEULFLXV $VSKRQG\OLD VFURSKXODULDH 6FKLQHU 0HFLQXV MDQWKLQXV *HUPDU 5KLQXVD DQWLUUKLQL 3D\NXOO 5KLQXVD OLQDULDH 3DQ]HU 5KLQXVD FROOLQD *\OOHQKDO 0HFLQXV MDQWKLQXV *HUPDU 'LRGDXOXV OLQDULDH :LQQHUW]

3DHGHURWD OXWHD 6FRS 3DHGHURWD ERQDURWD / / 9HURQLFD VHUS\OOLIROLD / 9HURQLFD FKDPDHGU\V / 9HURQLFD RI¿FLQDOLV / 9HURQLFD DSK\OOD / 9HURQLFD DQDJDOOLV DTXDWLFD / 9HURQLFD EHFFDEXQJD / 0HODPS\UXP SUDWHQVH / (XSKUDVLD URVWNRYLDQD +D\QH (XSKUDVLD NHUQHUL :HWWVW (XSKUDVLD SXOFKHOOD .HUQHU (XSKUDVLD VDOLVEXUJHQVLV )XQN %DUWVLD DOSLQD / 3HGLFXODULV HORQJDWD .HUQHU 5KLQDQWKXV IUH\QLL .HUQHU )LRUL *OREXODULDFHDH *OREXODULD SXQFWDWD /DSH\U *OREXODULD FRUGLIROLD / *OREXODULD QXGLFDXOLV /

&LRQXV WKDSVXV )DEULFLXV (XSLWKHFLD OLQDULDWD 'HQLV 6FKLIIHUP OOHU *\PQHWURQ PHODQDULXP *HUPDO $FHULD ERQDURWDH &DQHV 0DVVDO (QW\ORPD YHURQLFDH +DOVW /DJHUQK 'LW\OHQFKXV GLSVDFL . KQ *\PQHWURQ PHODQDULXP *HUPDU -DDSLHOOD YHURQLFDH 9DOORW

6\QFK\WULXP JORERVXP - 6FKU|W 'LW\OHQFKXV GLSVDFL . KQ 'DVLQHXUD VLPLOLV /|Z ) -DDSLHOOD YHURQLFDH 9DOORW *\PQHWURQ YHURQLFDH *HUPDU -DDSLHOOD YHURQLFDH 9DOORW 3XFFLQLD DOEXOHQVLV 0DJQXV *\PQHWURQ PHODQDULXP *HUPDU 3HURQRVSRUD DTXDWLFD *lXP $SKLV $SKLV QDVWXUWLL .DOWHQEDFK *\PQHWURQ YLOORVXOXP *\OOHQKDO 'DVLQHXUD VLPLOLV /|Z )

3HURQRVSRUD JULVHD 8QJHU *\PQHWURQ EHFFDEXQJDH /LQQHR 'DVLQHXUD VLPLOLV /|Z ) 3XFFLQLD QHPRUDOLV -XHO 3ODVPRSDUD GHQVD 5DEHQK - 6FKU|W $FHULD HXSKUDVLDH 1DOHSD $FHULD HXSKUDVLDH 1DOHSD $FHULD HXSKUDVLDH 1DOHSD $FHULD HXSKUDVLDH 1DOHSD $FHULD EDUWVFKLDH 1DOHSD $FXORSV SHGLFXODULV 1DOHSD %UDFK\FDXGXV %UDFK\FDXGXV KHOLFKU\VL .DOWHQEDFK 3XFFLQLD JOREXODULDH '& 3XFFLQLD JOREXODULDH '& 3XFFLQLD JOREXODULDH '&

/HQWLEXODULDFHDH 3LQJXLFXOD DOSLQD /

0LFURERWU\XP SLQJXLFXODH 5RVWU 9jQN\

3ODQWDJLQDFHDH 3ODQWDJR PHGLD /

3HURQRVSRUD DOWD )XFNHO 0HORLGRJ\QH KDSOD &KLWZRRG 0HFLQXV FROODULV *HUPDU 0HFLQXV S\UDVWHU +HUEVW -DDSLHOOD VFKPLGWL 5 EVDDPHQ

3ODQWDJR ODQFHRODWD / &DSULIROLDFHDH 6DPEXFXV QLJUD / 6DPEXFXV UDFHPRVD / 9LEXUQXP ODQWDQD / 9LEXUQXP RSXOXV / /RQLFHUD FRHUXOHD / /RQLFHUD DOSLJHQD / /RQLFHUD QLJUD / /RQLFHUD [\ORVWHXP / /RQLFHUD FDSULIROLXP / $GR[DFHDH $GR[D PRVFDWHOOLQD /

0HORLGRJ\QH KDSOD &KLWZRRG /HLSRWKUL[ FRDFWXV 1DOHSD 3ODQFKRQLD DUDELLGLV 6LJQRUHW 0HFLQXV ODELOLV +HUEVW 0HFLQXV FROODULV *HUPDU -DDSLHOOD VFKPLGWL 5 EVDDPHQ (SLWULPHUXV WULOREXV 1DOHSD $SKLV $SKLV VDPEXFL /LQQHR &RQWDULQLD ORQLFHUDH .LHIIHU 3ODFKRFKHOD QLJULSHV /|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|UQHU 5KRSDORP\]XV -XGHQNRD ORQLFHUDH 6LHEROG 'DVLQHXUD SHULFO\PHQL 5 EVDDPHQ

+RSORFDPSRLGHV [\ORVWHL 9DOORW $FXOXV [\ORVWHL &DQHVWULQL +\DGDSKLV IRHQLFXOL 3DVVHULQL 3URFLSKLOXV 6WDJRQD [\ORVWHL 'H *HHU 'DVLQHXUD H[FDYDQV .LHIIHU 'DVLQHXUD [\ORVWHL .LHIIHU $OXFLWD KH[DGDFW\OD /LQQHR +RSORFDPSRLGHV [\ORVWHL 9DOORW +\DGDSKLV SDVVHULQLL 'H *HHU $OXFLWD KH[DGDFWLOD /LQQHR 3XFFLQLD DGR[DH 5 +HGZ 6\QFK\WULXP DQRPDOXP - 6FKU|W

9DOHULDQDFHDH 9DOHULDQD VD[DWLOLV / 9DOHULDQD PRQWDQD / 9DOHULDQD WULSWHULV / 9DOHULDQD RI¿FLQDOLV / 'LSVDFDFHDH 6XFFLVD SUDWHQVLV 0RHQFK .QDXWLD GU\PHLD +HXIIHO .QDXWLD DUYHQVLV / &RXOWHU 6FDELRVD JUDPLQLIROLD / 6FDELRVD FROXPEDULD / &DPSDQXODFHDH &DPSDQXOD SDWXOD / VXEVS MDKRULQDH 0DO\ +DXVHU &DPSDQXOD JORPHUDWD / &DPSDQXOD WUDFKHOLXP / &DPSDQXOD UDSXQFRORLGHV / &DPSDQXOD URWXQGLIROLD / &DPSDQXOD VFKHXFK]HUL 9LOO &DPSDQXOD FRFKOHDULLIROLD /DP

3XFFLQLD FRPPXWDWD 3 6\G 6\G $FHULD PDFURWXEHUFXODWD 1DOHSD

8URP\FHV YDOHULDQDH 6FKXPDFK )XFNHO 3XFFLQLD FRPPXWDWD 3 6\G 6\G $FHULD PDFURWXEHUFXODWD 1DOHSD

$SKLV $SKLV IDEDH 6FRSROL 3XFFLQLD FRPPXWDWD 3 6\G 6\G 6\QFK\WULXP DXUHXP - 6FKU|W )XVDULXP DQWKRSKLOXP $ %UDXQ :ROOHQZ 0LFURERWU\XP VXFFLVDH 0DJQXV 5 %DXHU 2EHUZ 6\QFK\WULXP VXFFLVDH GH %DU\ :RURQLQ 0LFURERWU\XP VFDELRVDH 6RZHUE\ * 'HPO 3ULOOLQJHU 8VWLODJR ÀRVFXORUXP '& 9jQN\ $SKLV $SKLV FRQIXVD :DONHU

6WHQRSWLOLD ELSXQFWLGDFW\OD 6FRSROL $SKLV $SKLV FRQIXVD :DONHU $SKLV $SKLV FRQIXVD :DONHU $SKLV $SKLV WKRPDVL %|UQHU -DDSLHOOD VFDELRVDH .LHIIHU $OXFLWD JUDPPRGDFW\OD =HOOHU (SLEOHPD VFXWXODQD 'HQLV 6FKLIIHUP OOHU 6\QFK\WULXP DXUHXP - 6FKU|W 3XFFLQLD FDPSDQXODH &DUPLFK $FHULD FKORUDQWKHV 1DOHSD

3ODQFKRQLD DUDELGLV 6LJQRUHW 3XFFLQLD FDPSDQXODH &DUPLFK 3ODQFKRQLD DUDELGLV 6LJQRUHW &RQWDULQLD FDPSDQXODH .LHIIHU 'DVLQHXUD FHFFRQLDQD .LHIIHU 3XFFLFQLD FDPSDQXODH &DUPLFK 3ODQFKRQLD DUDELGLV 6LJQRUHW 8UROHXFRQ 8URPHODQ UDSXQFRORLGHV %|UQHU 6\QFK\WULXP DXUHXP - 6FKU|W $FHULD FKORUDQWKHV 1DOHSD

*HRFU\SWD FDPSDQXODH 0XOOHU 3XFFLFQLD FDPSDQXODH &DUPLFK *HRFU\SWD FDPSDQXODH 0XOOHU 3XFFLQLD U\W]LL *lXP -DDJ *HRFU\SWD FDPSDQXODH 0XOOHU

&DPSDQXOD FDHVSLWRVD 6FRS 3K\WHXPD VSLFDWXP / 3K\WHXPD RUELFXODUH / 3K\WHXPD VLHEHUL 6SUHQJHO 3K\WHXPD KHPLVSKDHULFXP / &RPSRVLWDH (XSDWRULXP FDQQDELQXP / $GHQRVW\OHV DOOLDULDH *RXDQ .HUQHU $GHQRVW\OHV JODEUD 0LOOHU '& 6ROLGDJR YLUJDXUHD / $VWHU DOSLQXV / $VWHU EHOOLGLDVWUXP / 6FRS $VWHU DPHOOXV / &RQ\]D FDQDGHQVLV / &URQT (ULJHURQ DQQXXV / 3HUV %HOOLV SHUHQQLV / $QWHQQDULD GLRLFD / *DHUWQHU /HRQWRSRGLXP DOSLQXP &DVV %XSKWKDOPXP VDOLFLIROLXP / *DOLQVRJD SDUYLÀRUD &DY *DOLQVRJD FLOLDWD %D¿Q %ODNH

$FXOXV VFKPDUGDH 1DOHSD 8URP\FHV FDULFLV VHPSHUYLUHQWLV ( )LVFK 'DVLQHXUD SK\WHXPDWLV /|Z )

8URP\FHV FDULFLV VHPSHUYLUHQWLV ( )LVFK 'DVLQHXUD SK\WHXPDWLV /|Z ) 8URP\FHV FDULFLV VHPSHUYLUHQWLV ( )LVFK 6\QFK\WULXP YXOJDWXP 5\W] %UDFK\FDXGXV %UDFK\FDXGXV KHOLFKU\VL .DOWHQEDFK

$GDLQD PLFURGDFW\OD + EQHU 8URP\FHV YHUDWUL '& - 6FKU|W %UDFK\FDXGXV %UDFK\FDXGXV KHOLFKU\VL .DOWHQEDFK 3XFFLQLD JORPHUDWD *UHY 8URP\FHV YHUDWUL '& - 6FKU|W $SKLV $SKLV FDFDOLDVWHU + 5 / 3XFFLQLD HULRSKRUL 7K P 3XFFLQLD YLUJDH DXUHDH '& /LE 8URP\FHV VROLGDJLQLV 6RPPHUI )XFNHO 8UROHXFRQ 8URPHODQ VROLGDJLQLV )DEULFLXV 'DVLQHXUD YLUJDHDXUHDH /LHEHO &DPSLJORVVD JUDQGLQDWD 5RQGDQL &DPSLJORVVD ORHZLDQD +HQGHO (XFRVPD DVSLGLVFDQD + EQHU 3XFFLQLD DVWHULV DOSLQL 3 6\G 6\G 3XFFLFQLD EHOLGLDVWUL 8QJHU * :LQWHU 3XFFLQLD ¿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

$FKLOOHD PLOOHIROLXP / /HXFDQWKHPXP YXOJDUH /DP /HXFDQWKHPXP KHWHURSK\OOXP :LOOG '& 7DQDFHWXP FRU\PERVXP / 6FK %LS $UWHPLVLD YXOJDUH / $UWHPLVLD YHUORWRUXP /DPRWWH 7XVVLODJR IDUIDUD / 3HWDVLWHV K\EULGXV / *DHUWQ 0H\HU 6FK 3HWDVLWHV DOEXV / *DHUWQ

(QW\ORPD DFKLOOHDH 0DJQXV 'LG\PDULD PDWULFDULDH 6\G $FHULD NLHIIHUL 1DOHSD $FHULD DFKLOOHDH &RUWL &UDVSHGROHSWD QHUYRVD )|UVWHU &RORUDGRD DFKLOOHDH + 5 / 0DFURVLSKRQLHOOD 0DFURVLSKRQLHOOD PLOOHIROLL 'H *HHU

0DFRVLSKRQLHOOD 0DFURVLSKRQLHOOD

XVTXHUWHQVLV + 5 /

2]LUKLQFXV PLOOHIROLL :DFKWO 5KRSDORP\LD PLOOHIROLL /|Z + 'LWKU\FD JXWWXODULV 0HLJHQ (XUDVLPRQD VWLJPD /|Z + 2[\QD ÀDYLSHQQLV /|Z + 3XFFLQLD FQLFL ROHUDFHL 3HUV $FHULD WXEHUFXODWD 1DOHSD 0HWRSHXUXP IXVFRYLULGH 6WUR\DQ 2]LUKLQFXV WDQDFHWL .LHIIHU 3K\FLWRGHV PDULWLPD 7HQJVWU|P 3XFFLQLD FQLFL ROHUDFHL 3HUV 'LW\OHQFKXV GLSVDFL . KQ 7ULR]D DGGRPLQDOH )ORU 3XFFLQLD FQLFL ROHUDFHL 3HUV %UDFK\FDXGXV 3UXQDSKLV FDUGXL /LQQHR 2[\QD QHEXORVD :LHGHPDQQ $FHULD DUWHPLVDH &DQHVWULQL $FHULD PDUJLQHPYROYHQV &RUWL 7LQJLV 7LQJLV FULVSDWD +HUULFK 6FKlIIHU &RORUDGRD DUWHPLVLDH 'HO *XHUFLR &U\SWRVLSKXP DUWHPLVLDH %XFNWRQ 0DFURVLSKRQLHOOD 0DFURVLSKRQLHOOD DUWHPLVLDH )RVFRORPEH 5KLQRQFXV SHULFDUSLXV /LQQHR 2[\QD SDULHWLQD /LQQHR 5KRSDORP\LD EDFFDUXP :DFKWO 5KRSDORP\LD IROLRUXP /|Z + (SLEOHPD IRHQHOOD /LQQHR (XFRVPD PHW]QHULDQD 7UHLWVFKNH 2VWULQLD QXELODOLV + EQHU &RFK\OLPRUSKD KLODUDQD +HUULFK 6FKlIIHU 3XFFLQLD SRDUXP 1LHOVHQ 3XFFLQLD SHWDVLWH 9HVWHUJU 3XFFLQLD UXWWQHUL * : )LVFK 3KLODHQXV VSXPDULXV /LQQHR $HFLGLXP SHWDVLWLGLV 6\G 3 6\G

3HWDVLWHV SDUDGR[XV 5HW] %DXPJ +RPRJ\QH DOSLQD / &DVV $UQLFD PRQWDQD / 'RURQLFXP JUDQGLÀRUXP /DP 6HQHFLR QHPRUHQVLV / 6HQHFLR FDFDOLDVWHU /DP &DUGXXV QXWDQV / &DUGXXV GHÀRUDWXV / &LUVLXP YXOJDUH 6DYL 7HQ &LUVLXP HULRSKRUXP / 6FRS &LUVLXP DUYHQVH / 6FRS &LUVLXP SDOXVWUH / 6FRS &LUVLXP HULVLWKDOHV -DFT 6FRS &HQWDXUHD GLFKURDQWKD .HUQHU

3XFFLQLD JORPHUDWD *UHYL 3XFFLQLD FRQJORPHUDWD ) 6WUDXVV 5|KO 8URP\FHV YHUDWUL '& - 6FKU|W 7ULR]D WKRPDVLL %DVFR 7HSKULWLV DUQLFDH /LQQHR 3XFFLQLD GLRLFDH 0DJQXV 3XFFLQLD JORPHUDWD *UHYL 3XFFLQLD XUDOHQVLV *URY 7ULR]D VHQHFLRQLV 6FRSROL &RQWDULQLD DHTXDOLV .LHIIHU 3ODW\SWLOLD QHPRUDOLV =HOOHU &RQWDULQLD DHTXDOLV .LHIIHU 3XFFFLQLD FDOFLWUDSDH '& &OHRQLV SLJUD 6FRSROL

8URSKRUD VROVWLWLDOLV /LQQHR 3XFFFLQLD FDOFLWUDSDH '& $SKLV $SKLV ZDUWHQEHUJL %|UQHU

3XFFLQLD FQLFL + 0DUW $FHULD DQWKRFRSWHV 1DOHSD

8UROHXFRQ 8UROHXFRQ FLUVLL /LQQHR

&OHRQLV SLJUD 6FRSROL

-DDSLHOOD FLUVLLFROD 5 EVDDPHQ 3K\WRP\]D FRQWLQXD +HQGHO 8URSKRUD VW\ODWD )DEULFLXV 3XFFLQLD FQLFL + 0DUW 3XFFLQLD GLRLFDH 0DJQXV 3XFFLQLD SXQFWLIRUPLV ) 6WUDXVV 5|KO $FHULD DQWKRFRSWHV 1DOHSD 7ULR]D DJURSKLOD /|Z ) 7ULR]D FLUVLL /|Z )

$SKLV $SKLV IDEDH VXEVS FLUVLLDFRQWKRLGLV 6FRSROL &OHRQLV SLJUD 6FRSROL /DULQXV 3K\OORQRPHXV UXVWLFDQXV *\OOHQKDO -DDSLHOOD FLUVLLFROD 5 EVDDPHQ

8URSKRUD FDUGXL /LQQHR 3XFFLQLD FQLFL ROHUDFHL 3HUV 6\QFK\WULXP VDQJXLQHXP - 6FKU|W 8UROHXFRQ 8UROHXFRQ FLUVLL /LQQHR /DULQXV 3K\OORQRPHXV UXVWLFDQXV *\OOHQKDO 3K\WRP\]D FRQWLQXD +HQGHO 3XFFLQLD FQLFL ROHUDFHL 3HUV 7HSKULWLV FRQXUD /|Z + 8URSKRUD FRQJUXD /|Z ) 3XFFLQLD PRQWDQD )XFNHO /RHZLROD FHQWDXUHDH /|Z )

&HQWDXUHD VFDELRVD / &HQWDXUHD MDFHD / *XJOHU &DUOLQD YXOJDULV / &DUOLQD DFDXOLV / &LFKRULXP LQW\EXV / /DSVDQD FRPPXQLV / $SRVHULV IRHWLGD / /HVV 7UDJRSRJRQ SUDWHQVLV / VXEVS RULHQWDOLV / &HODN

3XFFLQLD FDUWKDPL &RUGD 3XFFLQLD YHUUXFD 7K P 3ODQFKRQLD DUDELGLV 6LJQRUHW /DULQXV 3K\OORQRPHXV UXVWLFDQXV *\OOHQKDO /RHZLROD FHQWDXUHDH /|Z ) 7UXSDQHD VWHOODWD )XHVVOLQ 8URSKRUD FXVSLGDWD 0HLJHQ ,VRFROXV ¿WFKL .LHIIHU Ƃ ,VRFROXV MDFHDH 6FKHQFN Ƃƃ

,VRFROXV VFDELRVDH *LUDXG Ƃƃ

3KDQDFLV 3KDQDFLV FHQWDXUHDH )|UVWHU Ƃ

3XFFLQLD KLHUDFLL 5|KO + 0DUW 3XFFLQLD MDFHDH OHSRULQDH 7UDQ]VFKHO 3XFFLQLD YHUUXFD 7K P /DULQXV 3K\OORQRPHXV UXVWLFDQXV *\OOHQKDO 'DVLQHXUD FHQWDXUHDH .LHIIHU /RHYLROD FHQWDXUHDH /|Z ) 8URSKRUD MDFHDQD +DULQJ 8URSKRUD TXDGULIDVFLDWD 0HLJHQ -VRFROXV MDFHDH 6FKHQFN Ƃƃ

-VRFROXV VFDELRVDH *LUDXG Ƃƃ

3KDQDFLV 3KDQDFLV FHQWDXUHDH )|UVWHU Ƃ &HQWDXUHD QLJUHVFHQV :LOOG VXEVS UDPRVD $FHULD FHQWDXUHDH 1DOHSD /RHZLROD FHQWDXUHDH /|Z ) 3XFFLQLD GLYHUJHQV %XEjN /DULQXV 3K\OORQRPHXV UXVWLFDQXV *\OOHQKDO 8URSKRUD VROVWLWLDOLV /LQQHR 0HW]QHULD HVWLYHOOD =HOOHU 3XFFLQLD FDOFLWUDSDH '& 0LFUURERWU\XP FLFKRULL 6\G 9jQN\ $SKLV $SKLV LQW\EL .RFK 7LPDVSLV FLFKRULL .LHIIHU Ƃ 3XFFLQLD ODSVDQDH )XFNHO 0HORLGRJ\QH KDSOD &KLWZRRG 1DVRQRYLD 1DVRQRYLD ULELVQLJUL 0RVOH\ 3XFFLQLD SRDH DSRVHULGLV *lXP 3RHOW 7ULR]D GLVSDU %DVVR 3XFFLQLD EUDFK\F\FOLFD ( )LVFK 3XFFLQLD K\VWHULXP 5|KO &RQWDULQLD WUDJRSRJRQLV .LHIIHU

6FRU]RQHUD URVHD : . /HRQWRGRQ DXWXPQDOLV / /HRQWRGRQ PRQWDQXV /DP YDU EUHYLVFRSXV &DYDUD *UDQGH /HRQWRGRQ KLVSLGXV / &KRQGULOOD FKRQGULOORLGHV $UG .DUVWHQ 7DUD[DFXP VHFW UXGHUDOLV .LUVFKQHU + XJ âWČSjQHN 7DUD[DFXP IRQWDQLFROD 6RHVW &LFHUELWD DOSLQD / :DOOU 6RQFKXV DVSHU / +LOO 6RQFKXV ROHUDFHXV / /DFWXFD VHUULROD /

$XODFLGHD WUDJRSRJRQLV 7KRPVRQ

Ƃƃ 3XFFLQLD MDFN\DQD *lXP H[ -¡UVW 3XFFLQLD VFRU]RQHUDH 6FKXPDFK -XHO 3URWRP\FRSVLV OHRQWRGRQWLV % UHQ 'LW\OHQFKXV GLSVDFL . KQ $FHULD DQWKRFRSWHV 1DOHSD &UDVSHGROHSWD ÀDYLSHQQLV )|UVWHU 3ODQFKRQLD DUDELGLV 6LJQRUHW &\VWLSKRUD OHRQWRGRQWLV %UHPL

&DPSLJORVVD SURGXFWD /|Z +

7HSKULWLV OHRQWRGRQWLV 'H *HHU

3URWRP\FRSVLV DUQROGLL 0DJQXV 3URWRP\FHV NULHJHULDQXV % UHQ 7ULR]D GLVSDU %DVVR &DPSLJORVVD SURGXFWD /|Z + &\VWLSKRUD OHRQWRGRQWLV %UHPL 7HSKULWLV OHRQWRGRQWLV 'H *HHU 3XFFLQLD FKRQGULOOLQD %XEjN 6\G $FHULD FKRQGULOODH &DQHVWULQL 3XFFLQLD GLRLFDH 0DJQXV 3XFFLQLD KLHUDFLL 5|KO + 0DUW 3K\WRP\]D ZDKOJUHQL 5\GpQ (QW\ORPD SLFULGLV 5RVWU $FXOXV ULJLGXV 1DOHSD 7ULR]DD GLVSDU %DVVR 8UROHXFRQ 8URPHODQ WDUD[DFL .DOW &DPSLJORVVD SURGXFWD /|Z + 3XFFLQLD PXOJHGLL 3 6\G 6\G 3KLODHQXV VSXPDULXV /LQQHR 3XFFLQLD RSL]LL %XEjN $FHULD VRQFKL 1DOHSD 8UROHXFRQ 8UROHXFRQ VRQFKL /LQQHR &RQWDULQLD VFKOHFKWHQGDOLDQD 5 EVDDPHQ 7HSKULWLV GLODFHUDWD /|Z + 7LPDVSLV VRQFKL 6WHIDQL ƃ

3XFFLQLD RSL]LL %XEjN +\SHURP\]XV +\SHURP\]XV ODFWXFDH /LQQHR +\SHURP\]XV +\SHURP\]XV SDOOLGXV + 5 / &RQWDULQLD VFKOHFWHQGDOLDQD 5 EVDDPHQ 3XFFLQLD ODFWXFDUXP 3 6\G 3XFFLQLD RSL]LL %XEjN

/DFWXFD PXUDOLV / &UHSLV SDOXGRVD / 0RHQFK &UHSLV DXUHD / &DVV &UHSLV ELHQQLV / &UHSLV MDFTXLQLL 7DXVFK VXEVS NHUQHUL 5HFK ¿O 0HU[P 3UHQDQWKHV SXUSXUHD / +LHUDFLXP SLORVHOOD / +LHUDFLXP SLORVHOORLGHV 9LOO +LHUDFLXP JODXFXP $OO +LHUDFLXP V\OYDWLFXP / / 0212&27</('21(6 /LOLDFHDH +HPHURFDOOLV OLOLR DVSKRGHOXV / &ROFKLFXP DXWXPQDOH / /LOLXP PDUWDJRQ /

1DVRQRYLD 1DVRQRYLD ULELVQLJUL 0RVOH\ 3K\WRP\]D SHQLFLOOD +HQGHO 7LPDVSLV SKRHQL[RSRGRV 0D\U Ƃƃ 3XFFLFQLD PDFXORVD 6FKZHLQ 7ULR]D ÀDYLSHQQLV )|UVWHU 7ULR]D IRHUVWHUL 0H\HU ' U 3URWRP\FHV FUHSLGLV SDOXGRVDH %lUHQ 3XFFLQLD PDMRU 'LHWHO 3K\VRGHUPD FUHSLGLV 5RVWU 3XFFLQLD FUHSLGLV DXUHDH 6\G 3 6\G 3XFFLQLD GLRLFD 0DJQXV 3XFFLQLD RSL]LL %XEjN 3XFFLQLD SUDHFR[ %XEjN (QW\ORPD FUHSLGLV UXEUDH -DDS /LUR 'LG\PDULD PDWULFDULDH 6\G $FHULD UHFKLQJHUL 1DOHSD &RQWDULQLD K\SRFKRHULGLV 5 EVDDPHQ 3K\WRP\]D UREXVWHOOD +HQGHO 3XFFLQLD NUXSDH :UzEO 3XFFLQLD SUHQDQWKLV SXUSXUHDH '& /LQGU 7ULR]D IRHUVWHUL 0H\HU ' U 3XFFLQLD KLHUDFL 5|KO + 0DUW $FHULD SLORVHOODH 1DOHSD 1DVRQRYLD 1DVRQRYLD SLORVHOODH %|UQHU &\VWLSKRUD VDQJXLQHD %UHPL 0DFURODELV SLORVHOODH %LQQLH 7HSKULWLV UXUDOLV /|Z + &RFK\OLV DWULFDSLWDQD 6WHSKHQV $XODFLGHD SLORVHOODH .LHIIHU Ƃ $FHULD ORQJLVHWD 1DOHSD $FHULD ORQJLVHWD 1DOHSD

$FHULD ORQJLVHWD 1DOHSD 7UXSDQHD VWHOODWD )XHVVOLQ

&RQWDULQLD TXLQTXHQRWDWD /|Z ) 8URF\VWLV FROFKLFL 6FKOWGO 5DEHQK 8URP\FHV DHFLGLLIRUPLV ) 6WUDXVV & & 5HHV &RQWDULQLD OLOLL .LHIIHU &RQWDULQLD PDUWDJRQLV .LHIIHU

/LULRP\]D XURSKRULQD 0LN

6FLOOD ELIROLD / 2UQLWKRJDOXP GLYHUJHQV %RUHDX 0XVFDUL ERWU\RLGHV / 0LOOHU $OOLXP FDULQDWXP / $OOLXP HULFHWRUXP 7KRUH &RQYDODULD PDMDOLV / 0DLDQWKHPXP ELIROLXP / 6FKPLGW 3RO\JRQDWXP PXOWLÀRUXP / $OO 3DULV TXDGULIROLD /

3XFFLQLD URVVLDQD 6DFF /DJHUK 3XFFLQLD VFLOODH UXEUDH &UXFKHW $QWKHURVSRUD VFLOODH &LI 5 %DXHU 0 /XW] %HJHURZ 3LDWHN 9DQN\ 9DQN\D RUQLWKRJDOL - & 6FKPLGW .XQ]H (UVKRG 8URF\VWLV PXVFDULGLV 1LHVVO 0RHV] 8URF\VWLV DOOLL 6FKHOOHQE 8URF\VWLV FHSXODH )URVW 8URF\VWLV PL\DEHDQD 7RJDVKL 2QXPD 7RJDVKL &RQWDULQLD SRO\JRQDWL 5 EVDDPHQ $XODFRUWKXP $XODFRUWKXP PDMDQWKHPL ) 3 0XOOHU 8URF\VWLV SRO\JRQDWL 0RHV] 8OEULFK &RQWDULQLD SRO\JRQDWL 5 EVDDPHQ 8URF\VWLV SDULGLV 8QJHU 7K P

$PDU\OOLGDFHDH *DODQWKXV QLYDOLV /

8URFLVW\V JDODQWKL + 3RSH

,ULGDFHDH ,ULV JUDPLQHD /

0RQRQ\FKXV SXQFWXPDOEXP +HUEVW

-XQFDFHDH -XQFXV WUL¿GXV / -XQFXV EXIRQLXV / -XQFXV DOSLQR DUWLFXODWXV &KDL[ /X]XOD SLORVD / :LOOG /X]XOD V\OYDWLFD +XGVRQ *DXGLQ /X]XOD PXOWLÀRUD (KUK /HM *UDPLQDFHDH %UL]D PHGLD / 'DFW\OLV JORPHUDWD / +\ERODVLRSWHUD IDVFLDWD .LHIIHU 3RD DQQXD /

7RO\SRVSRULXP MXQFL - 6FKU|W :RURQLQ 8URF\VWLV MRKDQVRQLL /DJHUK 0DJQXV 'LW\OHQFKXV GLSVDFL . KQ (QWRUUKL]D FDVSDU\DQD 0DJQXV /DJHUK /LYLD MXQFL 6FKUDQN 8URF\VWLV OX]XODH - 6FKU|W - 6FKU|W %DXHUDJR YX\FNLL 2XGHP %HLM 9DQN\ 8URF\VWLV OX]XODH - 6FKU|W - 6FKU|W 8URF\VWLV OX]XODH - 6FKU|W - 6FKU|W %DXHUDJR YX\FNLL 2XGHP %HLM 9jQN\ 8VWLODJR EUL]DH 8OH /LUR 8URF\VWLV DJURS\UL 3UHXVV $ $ )LVFK :DOGK $FHULD WHQXLV 1DOHSD

8URF\VWLV GDFW\OLGLQD /DYURY =XQGHO 8VWLODJR VWULLIRUPLV :HVWHQG 1LHVVO $FHULD WHQXLV 1DOHSD 6LWRELRQ 6LWRELRQ DYHQDH )DEULFLXV +DSORGLSORVL PDUJLQDWD YRQ 5RVHU /DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ 8VWLODJR VWULLIRUPLV :HVWHQG 1LHVVO

3RD FRPSUHVVD / 3RD SUDWHQVLV / 3RD QHPRUDOLV / )HVWXFD JLJDQWHD 9LOO )HVWXFD SUDWHQVLV +XGVRQ )HVWXFD UXEUD / )HVWXFD DOSLQD 6XWHU )HVWXFD VWHQDQWKD +DFNHO 5LFKWHU 6HVOHULD VSKDHURFHSKDOD $UGRLQR 6HVOHULD YDULD -DFT :HWWVW 0HOLFD QXWDQV / %URPXV HUHFWXV +XGVRQ %URPXV UDPRVXV +XGVRQ %UDFK\SRGLXP UXSHVWUH +RVW 5 6 (O\PXV FDQLQXV / / $JURS\URQ FDQ\QXV / %HDXY $JURS\URQ UHSHQV / %HDXY

6XEDQJXLQD UDGLFLFROD *UHHII 8VWLODJR VWULLIRUPLV :HVWHQG 1LHVVO 8VWLODJR VWULLIRUPLV :HVWHQG 1LHVVO $QJXLQD DJURVWLV 6WHLQEXFK +\ERODVLRSWHUD IDVFLDWD .LHIIHU 8VWLODJR NDLUDPRL /LUR /DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ

2VFLQHOOD 2VFLQHOOD IHVWXFDH %DODFKRYVN\ 0HVQLO 7HWUDPHVD JLUDXGL 6FKOHFKWHQGDO 8VWLODJR IHVWXFDUXP /LUR 6XEDQJXLQD UDGLFLFROD *UHHII

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jQN\ 0F.HQ]LH 8VWLODJR VHUSHQV 3 .DUVW % /LQGHE 6WHQHRWDUVRQHPXV FDQHVWULQL 0DVVDORQJR 5KRSDORVLSKXP SDGL /LQQHR 'LXUDSKLV +ROFDSKLV IUHTXHQV :DONHU &KORURSV &KORURSV SXPLOLRQLV %MHUNDQGHU +\ERODVLRSWHUD IDVFLDWD .LHIIHU 7HWUDPHVD KRUGHL +DUULV

7HWUDPHVD K\DOLSHQQLV :DONHU 8URF\VWLV DJURS\UL 3UHXVV $ $ )LVFK :DOGK 8VWLODJR MDPDODLQHQLL /LUR 7LOOHWLD SURVWUDWD /DYURY /DYURY 3K\VRGHUPD JUDPLQLV % VJHUL 'H :LOG

$YHQXOD SXEHVFHQV +XGVRQ 'XPRUW +HOLFWRWULFKRQ SUDWHQVH / %HVVHU $UUKHQDWKHUXP HODWLXV / 3UHVO +ROFXV ODQDWXV / .RHOHULD S\UDPLGDWD /DP 'RPLQ .RHOHULD HULRVWDFK\D 3DQFLF 7ULVHWXP DOSHVWUH +RVW %HDXY 7ULVHWXP ÀDYHVFHQV / %HDXY $JURVWLV DOSLQD 6FRS $JURVWLV VWRORQLIHUD / $JURVWLV WHQXLV 6LEWK

$EDFDUXV K\VWUL[ 1DOHSD $FHULD WHQXLV 1DOHSD 6LSKD 5XQJVLD HOHJDQV 'HO *XHUFLR 'DVLRSV ODWLIURQV 0HLJHQ +DSORGLSORVLV PDUJLQDWD YRQ 5RVHU +\DERODVLRSWHUD IDVFLDWD .LHIIHU /DVLRSWHUD FDODPDJURVWLV 5 EVDDPHQ 0D\HWLROD GHVWUXFWRU 6D\ 2VFLQHOOD 2VFLQHOOD IULW /LQQHR 7HWUDPHVD KRUGHL +DUULV 7HWUDPHVD OLQHDULV :DONHU 8URF\VWLV DYHQDVWUL 0DVVHQRW 1DQQI 8VWLODJR VFDXUD /LUR $FHULD WHQXLV 1DOHSD &KORURSV &KORURSV SXPLOLRQLV %MHUNDQGHU 8VWLODJR VFDXUD /LUR $FHULD WHQXLV 1DOHSD

8URF\VWLV DUUKHQDWKHUL .XSUHY 6jYXO 8VWLODJR GHQRWDULVLL $ $ )LVFK :DOGQ 8VWLODJR KRUGHL 3HUV /DJHUK +DSORGLSORVLV PDUJLQDWD YRQ 5RVHU 7LOOHWLD KROFL :HVWHQG - 6FKU|W $FHULD WHQXLV 1DOHSD 'LXUDSKLV +ROFDSKLV KROFL + 5 / 6LSKD 5XQJVLD PD\GLV 3DVVHULQL 7HWUDPHVD K\DOLSHQQH :DONHU 7LOOHWLD VWHULOLV 8OH $QJXLQD DJURVWLV 6WHLQEXFK 7LOOHWLD VWHULOLV 8OH 1DQQI 8VWLODJR WULVHWL /LUR 8URF\VWLV WULVHWL &LI =XQGHO $QJXLQD DJURVWLV 6WHLQEXFK 'DVLQHXUD WULVHWL %DUQHV /DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ 2VFLQHOOD 2VFLQHOOD IULW /LQQHR

7LOOHWLD VSKDHURFRFFD $ $ )LVFK :DOGK $QJXLQD JUDPLQLV +DUG\ 8URF\VWLV WHVVHOODWD /LUR =XQGHO 8VWLODJR DJURVWLGLV SDOXVWULV 'DYLV H[ &LI 'LXUDSKLV +ROFDSKLV KROFL + 5 /

2VFLQHOOD 2VFLQHOOD IULW /LQQHR 2VFLQHOOD 2VFLQHOOD QLWLGLVVLPD 0HLJHQ 8VWLODJR DJURVWLGLV SDOXVWULV 'DYLV H[ &LI $FHULD WHQXLV 1DOHSD +\ERODVLRSWHUD IDVFLDWD .LHIIHU 2VFLQHOOD 2VFLQHOOD QLWLGLVVLPD 0HLJHQ

&DODPDJURVWLV YDULD 6FKUDGHU +RVW &DODPDJURVWLV DUXQGLQDFHD / 5RWK .RHOHU &DODPDJURVWLV YLOORVD &KDL[ *PHOLQ 'HVFKDPSVLD FDHVSLWRVD / %HDXY 0ROLQLD FRHUXOHD / 0RHQFK 3KUDJPLWHV DXVWUDOLV &DY 7ULQ 7\SKRLGHV DUXQGLQDFHD / 0RHQFK $QWKR[DQWKXP RGRUDWXP / 3KOHXP SUDWHQVH / 0LOLXP HIIXVXP / 'LJLWDULD VDQJXLQDOLV / 6FRS

7HWUDPHVD FDODPDJURVWLGLV 6FKOHFKWHQGDO 7HWUDPHVD FDODPDJURVWLGLV 6FKOHFKWHQGDO

8VWLODJR VFURELFXODWD /LUR 'LW\OHQFKXV P\FHOLRSKDJXV *RRGH\ &DODPDJURVWLV SVHXGRSKUDJPLWHV +DOOHU I 8VWLODJR FDODPDJURVWLGLV )XFNHO * 3 &OLQWRQ 8VWLODJR FDODPDJURVWLGLV )XFNHO * 3 &OLQWRQ 7LOOHWLD DLUDH FDHVSLWRVDH /LQGU 7LOOHWLD FHUHEULQD (OOLV (YHUK H[ 6DFF $FHULD WHQXLV 1DOHSD

/DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ 7HWUDPHVD DLUDH 6FKOHFKWHQGDO 1HRYRVVLD PROLQLDH 7K P .|UQ $FHULD WHQXLV 1DOHSD &ODYLFHSV SXUSXUHD )U 7XO 8VWLODJR JUDQGLV )ULHV 1HRYRVVLD GDQXELDOLV 6lYXO +\DORSWHUXV SUXQL *HRIIUR\ *LUDXGLHOOD LXQFOXVD )UDXHQIHOG /DVLRSWHUD DUXQGLQLV 6FKLQHU 0LFURODVLRSWHUD ÀH[XRVD :LQQHUW] /LSDUD OXFHQV 0HLJHQ /LSDUD VLPLOLV 6FKLQHU /LSDUD UX¿WDUVLV /|Z ) 7HWUDPHVD SKUDJPLWLV (UG|V /DVLRSWHUD FDODPDJURVWLGLV 5 EVDDPHQ 8VWLODJR DQWKR[DQWKL /LUR 7LOOHWLD DQWKR[DQWKL $ %O\WW $FHULD WHQXLV 1DOHSD 8VWLODJR SKOHL SUDWHQVLV 'DYLV H[ &LI 'LXUDSKLV 'LXUDSKLV PXHKOHL %|UQHU 5KRSDORVLSKXP SDGL /LQQHR 6LWRELRQ 6LWRELRQ DYHQDH )DEULFLXV +DSORGLSORVLV PDUJLQDWD YRQ 5RVHU +\ERODVLRSWHUD IDVFLDWD .LHIIHU 0D\HWLROD GHVWUXFWRU 6D\

8VWLODJR PLOLL )XFNHO /LUR &ODYLFHSV SXUSXUHD )U 7XO $FHULD WHQXLV 1DOHSD 8VWLODJR GLJLWDULDH .XQ]H 5DEHQK

&\SHUDFHDH &DUH[ SDXFLÀRUD /LJKWI

)DU\VLD WKXHPHQL $ $ )LVFK :DOGK 1DQQI 3ODQHWHOOD FDULFLV 5 EVDDPHQ

&DUH[ PXFURQDWD $OO &DUH[ DWUDWD / &DUH[ FDU\RSK\OOHD /D 7RUU &DUH[ KXPLOLV /H\VHU &DUH[ GLJLWDWD / &DUH[ RUQLWKRSRGLRLGHV +DXVP &DUH[ FDSLOODULV / &DUH[ V\OYDWLFD +XGVRQ &DUH[ DOED 6FRS &DUH[ IHUUXJLQHD 6FRS &DUH[ EUDFK\VWDFK\V 6FKUDQN &DUH[ ÀDFFD 6FKUHEHU &DUH[ QLJUD / 5HLFKDUG &DUH[ ÀDYD / .REUHVLD P\RVXURLGHV 9LOO )LRUL

8URF\VWLV ¿VFKHUL .|UQ 3ODQHWHOOD WXEHUL¿FD 5 EVDDPHQ :DFKWOLHOOD FDULFLV /|Z + 8URF\VWLV ULJLGD /LUR =XQGHO $QWKUDFRLGHD LUUHJXODULV /LUR %RLGRO 3RHOW )DU\VLD WKXHPHQL $ $ )LVFK :DOGK 1DQQI /LYLD FUHIHOGHQVLV 0LQN 8URF\VWLV ¿VFKHUL .|UQ $QWKUDFRLGHD FDULFLV DOEDH 6\G .XNNRQHQ &LQWUDFWLD XUFHRORUXP '& &LI 8URF\VWLV ¿VFKHUL .|UQ /LYLD FUHIHOGHQVLV 0LQN $QWKUDFRLGHD SUDWHQVLV 6\G %RLGRO 3RHOW $QWKUDFRLGHD VXELQFOXVD .|UQ %UHI 8URF\VWLV ¿VFKHUL .|UQ /LUR )DU\VLD WKXHPHQLL $ $ )LVFK :DOGK 1DQQI $QWKUDFRLGHD HO\QDH 6\G .XNNRQHQ

2UFKLGDFHDH 2UFKLV PLOLWDULV / 2UFKLV LQFDUQDWD /

3XFFFLQLD VHVVLOLV - 6FKU|W (XU\WRPD RUFKLGHDUXP :HVWZRRG

6SHFLH QRQ FLWDWH QHOOD &KHFNOLVW GHOOH VSHFLH GHOOD )DXQD LWDOLDQD 6SHFLH FKH DOFXQL DXWRUL LQGLFDQR QRQ JDOOLJHQD SVHXGRJDOOD

/DYRUR FRQVHJQDWR LO

5,1*5$=,$0(17, 8Q SDUWLFRODUH ULQJUD]LDPHQWR q ULYROWR DO SURI )UDQFR )ULOOL GHOO¶8QLYHUVLWj GHJOL 6WXGL GL 8GLQH SHU LO SD]LHQWH ODYRUR G¶HVDPH GHL ODYRUL ¿Q TXL HGLWL H DO SURI (QULFR 'H /LOOR GHOO¶8QLYHUVLWj GHJOL 6WXGL GL %DUL ³$OGR 0RUR´ SHU LO ODYRUR VXJOL $FDUL GHO )9* 6L GHVLGHUD ULFRUGDUH H ULQJUD]LDUH LQROWUH L QXPHURVL VSHFLDOLVWL H ULFHUFDWRUL SHU OD GLVSRQLELOLWj H FROODERUD]LRQH RIIHUWD /DXUD $PEURJLRQL )LUHQ]H 6HEDVWLDQR %DUEDJDOOR &DWDQLD 5HQ]R %DUEDWWLQL 8GLQH )DELR %HUQLQL 6LHQD $QGUHD %LQD]]L )LUHQ]H 5REHUWR &DOGDUD 0LODQR 0DULVD &DVWDJQROL )LUHQ]H &HVDUH &RQFL 0LOD QR 0DUFR &RYDVVL )LUHQ]H (FNEHUW .ZDVW 6SUHQJEHUJ /XLJL 0DVXWWL /HJQDUR 3DGRYD /RUHQ]R 0XQDUL 9HQH]LD *LXVHSSH 2VHOOD /¶$TXLOD *XLGR 3DJOLDQR 7RULQR *LXVHSSLQD 3HOOL]]DUL 6FDOWULWL /HJQDUR 3D GRYD )DXVWR 3HVDULQL )HUUDUD 5DGPLOD 3HWDQRYLü =HPXQ %HOJUDGR &DUPHOR 5DSLVDUGD &DWDQLD 0DUFHOD 6NXKUDYD H 9DüODY 6NXKUDY\ 3UDJD *LDQEDWWLVWD 7URWWHU 5RPD 6HUJLR =DQJKHUL /HJQDUR 3DGRYD H 0DULD 7HUHVD 9LQFLJXHUUD &DWDQLD ,QROWUH ULQJUD]LR 1LFROD %UHVVL H $QGUHD &ROOD ULVSHWWLYDPHQWH JLj 'LUHWWRUH H WHFQLFR HQWRPRORJLFR GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH LO 0XVHR 5HJLRQDO GHV 6FLHQFHV 1DWXUHOOHV GL 6DLQW 3LHUUH GL $RVWD H )UDQFR %HUVDQ WHFQLFR PLFRORJR GHOO¶8QLYHUVLWj GHJOL 6WXGL GL 7ULHVWH

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q VWDWD DSSDVVLRQDWD FRPSDJQD GL WDQWH XVFLWH VXO FDPSR

%,%/,2*5$),$ $$ 99 ± (QFLFORSHGLD 0RQRJUD¿FD GHO )ULXOL 9HQH]LD *LXOLD ,VWLWXWR SHU O¶(QFLFORSHGLD 8GLQH F ± )RUHVWH XRPR HFRQRPLD GHO )ULXOL 9HQH]LD *LXOLD 0XV )ULXODQR 6W 1DW 8GLQH ± /D YHJHWD]LRQH IRUHVWDOH H VHOYLFROWXUDOH QHOOD UHJLRQH )ULXOL 9HQH]LD *LXOLD H 5HJ $XW )ULXOL 9HQH]LD *LXOLD 'LUH]LRQH GHOOH )RUHVWH 8GLQH ± &DWDVWR VHQWLHUL )9* &RPP *LXOLR &DUQLFD VHQWLHUL &$, )9* $$ 99 ± &RPSHQGLR VWDWLVWLFR GHO )9* 8II 6WDPSD )9* 7ULHVWH $$ 99 ± &DWDORJXH RI 3DODHDUWLF &ROHRSWHUD &XUFXOLRQLGHD 6RF (QWRP $UDJRQHVD 6($ =DUDJR]D 6SDLQ $%%$==, 3 26(//$ * ± (OHQFR VLVWHPDWLFR IDXQLVWLFR GHJOL $QWKULELGDH 5KLQRPDFHULGDH $WWHOD ELGDH $SLRQLGDH %UHQWLGDH &XUFXOLRQLGDH LWDOLDQL ,QVHFWD &ROHRSWHUD &XUFXOLRQLGHD , 5HGLD )LUHQ]H $05,1( - : 67$61< 7 $ ± &DWDORJ RI WKH (ULRSK\RLGHD $FDULQD 3URVWLJPDWD RI WKH ZRUOG ,QGLUD 3XEOLVKLQJ +RXVH ZHVW %ORRP¿HOG 0LFKLJDQ 8 6 $ ± &RUUHFWLRQV WR WKH FDWDORJ RI WKH (ULRSK\RLGHD $FDULQD 3URVWLJPDWD RI WKH ZRUOG ,QWHUQDW - $FDURO $558 * ± (QWRPRORJLD IRUHVWDOH &('$0 0LODQR $5=21( $ ± /¶$FDUR GHOOH JHPPH GHO QRFFLROR 3K\WRSWXV DYHOODQDH 1DOHSD $FDULQD (ULRSK\LGDH 5HSHUWL ELRORJLFL H SURYH VSHULPHQWDOL GL ORWWD FKLPLFD LQ 3LHPRQWH $QQ )DF 6FL $JUDU 8QLY 6WXGL GL 7RULQR %$/'5$7, , ± $SSXQWL GL FHFLGRORJLD 1XRYR *LRUQ %RW ,WDO )LUHQ]H %(0%$66$7 ,9$129$ ( 1$7&+()) ( ± 5HFKHUFKHV VXU OHV PRGL¿FDWLRQV GHV JOXPHOOHV GH %UR PXV LQHUPLV / *UDPLQHDH SURYRTXpHV SDU O¶$FHULD WHQXLV 1DO $FDULQD (ULRSK\LGDH 0DUFHOOLD %(1 '29 < ± $ V\VWHPDWLF FWDORJXH RI HLJKW VFROH ,QVHFW IDP LOLHV +HPLSWHUD &RFFRLGHD RI WKH ZRUOG (OVHYLHU /RQGRQ %,1$==, $ ± &RQWULEXWR DOOD FRQRVFHQ]D GHJOL $¿GL GHOOH &RQLIHUH , /H VSHFLH GHO JHQHUH &LQDUD &XUW 6FKL]RODFKQXV 0RUY SUHVHQWL LQ ,WDOLD +RPRSWHUD $SKLGRLGHD /DFKQLGDH 5HGLD )LUHQ]H 5HGLD )LUHQ]H ± &KLDYH SHU OH VSHFLH D¿GLFKH SL QRWH GHOOH FRQLIHUH LQ (XURSD %,1$==, $ &29$66, 0 ± &RQWULEXWR DOOD FRQRVFHQ]D GHJOL $¿GL GHOOH FRQLIHUH ,9 1RWH VX DOFXQH VSHFLH GL $GHOJLGL UHSHULWL LQ ,WDOLD +RPRSWHUD $GHOJLGDH 5HGLD )LUHQ]H ¿J WDY ± &RQWULEXWR DOOD FRQRVFHQ]D GHJOL $¿GL GHOOH &RQLIHUH ;,, ,O JHQHUH 'UH\IXVLD %|UQHU LQ ,WDOLD FRQ OD GHVFUL]LRQH GL XQD VSHFLH QXRYD +RPRSWHUD $GHOJLGDH 5HGLD )LUHQ]H %2&=(. - 3(7$129,& 5 ± (ULRSK\LG PLWHV RI *HUDQLXP VSS *HUDQLDFHH SODQWV ,, 'HVFULSWLRQ RI \ZR VSHFLHV %XOO 3ROLVK $FF 6FLHQ %LRO 6FLHQ

%2&=(. - =$:$'=., : '$9,6 5 ± 6RPH PRUSKRORJLFDO DQG ELRORJLFDO GLIIHUHQFHV LQ $FXOXV IRFNHXL 1DOHSD DQG 7URXVVDUW $FDUL (ULRSK\LGDH RQ YDULRXV KRVW SODQWV ,QWHUQDW - $FDURO %g+0 5 $8(5 , %581(77, 0 HW DO ± 5HJLRQDO WHPSHUDWXUH YDULDELOLW\ LQ WKH (XURSHDQ $OSV IURP KRPRJHQL]HG LQVWUPHQWDO WLPH VHULHV ,QW - &OLPDWRO %5$1'0$<5 3 ± /H 'RORPLWL H LO 3UHVFXGLQ $FWD ELRORJLFD %5(,7(1%$&+ - .5b1=/,1 ) ± &KDPSLJQRQV GH 6XLVVH (GLWLRQ 0\NRORJLD /XFHUQH %8&&+(5, " ± /D )ORUD GHO3DUFR LQYLWR DOOD VFRSHUWD GHO SDHVDJJLR YHJHWDOH QHO 3DUFR 1DWXUDOH 'RORPLWL )ULXODQH 0XVHR )ULXODQR (GL]LRQL &LPRODLV %8+5 + ± %HVWLPPXQJWDEHOOH GHU *DOOHQ =RR XQG 3K\WRFHFLGLHQ DQ 3ÀDQ]HQ 0LWWHO XQG 1RUGHX URSDV *XVWDY )LVFKHU 9HUODJ -HQD H &$/'$5$ 5 ± 7D[RQRP\ DQG SK\ORJHQ\ RI WKH VSHFLHV RI WKH ZHHYLO JHQXV 0LDUXV 6FK|QKHUU .ROHRSWHURORJLVFKH 5XQGVFKDX ± 2Q WKH WD[RQRP\ DQG QRPHQFODWXUH RI VRPH 0HFLQLQL &ROHRSWHUD &XUFXOLRQLGDH )UDJPHQWD HQWR PRORJLFD 5RPD &$1(675,1, * ± 3URVSHWWR GHOO¶$FDURIDXQD LWDOLDQD )DPLJOLD GHL 3K\WRSWLQL 3K\WRSWLGDH $WWL 6RF 9HQHWR 6FL 1DW 5RYHUHWR 7DY &$1121( 1 6*25%$7, 6 *8*/,(/0,1 0 ± 8QH[SHFWHG LPSDFWV RI FOLPDWLF FKDQJH RQ DOSLQH YHJHWDWLRQ )URQW (FRO DQG (QYLURQPHQW &$5(6&+( / $ :$36+(5( $ - ± %LRORJ\ DQG KRVW VSHFL¿W\ RI WKH &KRQGULOOD JDOO PLWH $FHULD FKRQGULOODH &DQ $FDULQD (ULRSK\LGDH %XOO (QWRPRO 5HV &$58//, * % ± /H URFFH L PLQHUDOL H OH SLHWUH XWLOL ,Q $$ 99 ± (QFLFORSHGLD 0RQ GHO )ULXOL 9HQH]LD *LXOLD ,VW 3HU O¶(QFLORSHGLD 8GLQH ± /LQHDPHQWL JHRORJLFL GHO )ULXOL %LRJHRJUD¿D GHOOH $OSL 6XG 2ULHQWDOL %LRJHRJUDSKLD &$67$*12/, 0 ± &RQWULEXWR DOOD FRQRVFHQ]D GHJOL $FDUL (ULR¿GL YLYHQWL VXO JHQ 3LQXV LQ ,WDOLD 5HGLD )LUHQ]H 7DY &(&&+,1, 5 ± 2ULJLQL GHOO¶DWWXDOH ÀRUD ERVFKLYD QHOOH 3UHDOSL H QHOOD 3LDQXUD GHO )ULXOL &/$5,'*( 0 ) ± $ FRQWULEXWLRQ WR WKH ELRORJL DQG WD[RQRP\ RI VRPH 3DODHDUWLF VSHFLHV RI 7HWUDPHVD :DONHU ,VRVRPD :DONHU +DUPROLWD 0RWVFK +\PHQRSWHUD (XU\WRPLGDH ZLWK SDUWLFXODU UHIHUHQFH WR WKH %ULWLVK )DXQD 5R\DO (QWRP 6RF RI /RQGRQ ¿J 7HUD )ULXODQD 8GLQH &21&, & 5$3,6$5'$ & 7$0$1,1, / ± $QQRWDWHG FDWDORJXH RI WKH ,WDOLDQ 3V\OORLGHD , ,QVHFWD +RPRSWHUD $FFDG URYHUHW GHJOL $JLDWL 5RYHUHWR % ± $QQRWDWHG FDWDORJXH RI WKH ,WDOLDQ 3V\OORLGHD ,, ,QVHFWD +RPRSWHUD $FFDG URYHUHW GHJOL $JLDWL 5RYHUHWR % &22. 0 7 6SHFLHV RI 6\QFK\WULXP LQ /RXLVLDQD 'HVFULSWLRQV RI VSHFLHV 0\FRORJLD

± 7ZR QHZ VSHFLHV RI 6\QFK\WULXP 0\FRORJLD &29$66, 0 0$6877, / ± 6XOOD SUHVHQ]D GHOOD 7KHFRGLSORVLV EUDFK\QWHUD 6FKZlJU LQ SLQHWH GHOOH $OSL FHQWURULHQWDOL 'LSWHUD &HFLGRP\LLGDH 5HGLD )LUHQ]H 7DY &29$66, 0 %,1$==, $ ± &RQWULEXWL DOOD FRQRVFHQ]D GHJOL $¿GL GHOOH FRQLIHUH ,O JHQ 'UH\IXVLD %RHUQHU LQ ,WDOLD FRQ OD GHVFUL]LRQH GL XQD VSHFLH QXRYD +RPRSWHUD $GHOJLGDH 5HGLD )LUHQ]H &529(//2 7 - 4XDQWLWDWLYH %LRJHRJUDSK\ DQ 2YHUYLHZ 7D[RQ 8WUHFKW &52:(// , + ± 7KH JHRJUDSKLFDO GLVWULEXWLRQ RI WKH JHQXV *\PQRVSRUDQJLXP &DQDG - 5HV 6HFW & 7 '$//$ 7255( . : .,())(5 - - ± &\QLSLGDH +\PHQRSWHUD 'DV 7LHUUHLFK %HUOLQ '$5%28; * +28$5' & ± &DWDORJXH V\VWHPDWLTXH GHV =RRFHFLGLHV GH O¶(XURSH HW GX %DVVLQ PqGL WHUUDQqHQ %XOO 6FL )UDQFH %HOJLTXH 3DULV

'( /,//2 ( ± $FDUL (ULR¿GL $FDUL (ULRSK\RLGHD QXRYL SHU O¶,WDOLD , (QWRPRORJLFD %DUL ± 3UHOLPLQDU\ REVHUYDWLRQV RI WKH RYRYLYLSDULW\ LQ WKH JDOO PDNLQJ PLWH $FHULD FDXORELXV

1DO $FDUL (ULRSK\RLGHD ,Q 6FKXVWHU 5 0XUSK\ 3 : HGV 7KH $FDUL 5HSURGXFWLRQ 'HYHORSPHQW DQG /LIH +LVWRU\ 6WUDWHJLHV

± $FDUL (ULR¿GL $FDUL (ULRSK\RLGHD GXH QXRYH VSHFLH H XQD QXRYD FRPELQD]LRQH

(QWRPRORJLFD %DUL

± 1HZ HULRSK\RLG PLWHV IURP ,WDO\ ,,, (QWRPRORJLFD %DUL '( /,//2 ( $05,1( - : -U ± (ULRSK\RLGHD $FDUL RQ D FRPSXWHU GDWDEDVH (QWRPRORJLFD %DUL '(//$ %())$ * ± *OL ,QVHWWL GDQQRVL DOO¶DJULFROWXUD 0HWRGL H PH]]L GL ORWWD +RHSOL (G 0LODQR ',(7(/ 3 ± XHEHU HLQLJH XQG EHPHUNHQVZHUWH XUHGLQHHQ $QQ 0\FRO ($'< 5 & ± +\PHQRSWHUD &\QLSLGDH +DQGERRN IRU WKH LGHQWL¿FDWLRQ RI %ULWLV ,QVHFW /RQGRQ (+5(1'25)(5 ) ± /LVW GHU *DIlVVSÀDQ]HQ 0LWWHOHXURSDV )LVFKHU YHUODJ 6WXWWJDUW (+5(1'25)(5 ) +$0$11 8 ± 9RUVFKOlJH ]X HLQHU ÀRULVWLVFKHQ NDUWLHUXQJ YRQ 0LWWHOHXURSD %HU 'HXWVFK %RW *HV %HUOLQ (//(1%(5* + ± 9HJHWDWLRQ 0LWWHOHXURSDV PLW GHQ $OSHQ 8OPHU YHUODJ 6WXWWJDUW )(1,/, * $ ± &RQWULEXWL DOOD FRQRVFHQ]D GHJOL +\PHQRSWHUD 6\PSK\WD )(2/, &+,$3(//$ / 32/',1, / ± 3UDWL H SDVFROL GHO )ULXOL 1( ,WDOLD VX VXEVWUDWL EDVLFL 6WXGLD *HRERWDQLFD 7ULHVWH )(55$5, 0 0$5&21 ( 0(17$ $ ± )LWRSDWRORJLD HG (QWRPRORJLD DJUDULD (GDJULFROH %RORJQD )(55$5, 0 0(17$ $ 0$5&21 ( 0217(50,1, $ ± 0DODWWLH H SDUDVVLWL GHOOH SLDQWH GD ¿RUH RUQDPHQWDOL H IRUHVWDOL (GDJULFROH %RORJQD H ),6&+(5 * : ± 2EVHUYDWLRQV RQ FHUWDLQ VSHFLHV RI 8VWLODJR 0LFRORJLD ),7721 0 * HW DOO ± $ FKHFN OLVW RI %ULWLVK LQVHFWV 3DUW +\PHQRSWHUD +DQGERRNV IRU WKH LGHQWL¿FD WLRQ RI %ULWLVK ,QVHFWV /RQGRQ ;, )251$&,$5, * ± ,O QRFFLROR VHOYDWLFR QHOOD UHJLRQH )ULXODQD 7HUUD )ULXODQD 8GLQH )5$'(/21, 6 ± 'RORPLWL GL VLQLVWUD 3LDYH H 3UHDOSL &DUQLFKH (G 'RORPLWL *$*1(¶ 5 - ± $ FDWDORJ RI WKH &HFLGRP\LLGDH 'LSWHUD RI WKH ZRUOG 6\VWHPDWLF (QWRP /DE $JULFROW 5HVHDUFK 6HUYLFH 8 6 1DWLRQDO 0XVHXP 1+% :DVKLQJWRQ 86$ *$*1( 5 - -$6&++2) 0 ± &DWDORJ RI WKH &HFLGRP\LLGDH 'LSWHUD RI WKH ZRUOG 'LSDUW RI $JULF 1DW 0XVHXP :DVKLQJWRQ *$55,7< * 0 0 :,17(56 ' % 6($5/(6 ± 7D[RQRPLF 2XWOLQH RI WKH 3URFDULRWLF *HQHUD %HUJH\¶V 0DQXDO RI 6\VWHPDWLF %DFWHULRORJ\ 5HOHDVH 6SULQJHU 9HUODJ 1HZ <RUN %HUOLQ +HLGHOEHUJ *(17,//, - ± ,O )ULXOL , FOLPL &DPHUD &RPP ,QG H $JU 8GLQH *2,'$1,&+ * ± 0DQXDOH GL SDWRORJLD YHJHWDOH (GDJULFROH %RORJQD H *2,'$1,&+ * &$6$5,1, % 8*2/,1, $ ± /H DYYHUVLWj GHOOH SLDQWH OHJQRVH GD IUXWWR 3RPDFHH 'UXSDFHH 9LWH 2OLYR H DJUXPL (GDJULFROH %RORJQD *28/(7 + +8%(57 - 7 ± +\PHQRSWHUD RI WKH ZRUOG DQ LGHQWL¿FDWLRQ JXLGH WR IDPLOLHV 5HVHDUFK %UDQFK $JULF &DQDGD 2WWDZD 2QWDULR *<8/$9$5, + $ )(/)2/', 7 6=$%2 / - 0,6.2/&=, 0 &6(5+$7, & +259$, 9 0$5,$/, *(7, . '(9$, * ± 0RUSKRPHWULF DQG PROHFXODU VWXGLHV RQ WKH SRSXODWLRQV RI WKH GDPVHOÀLHV &KDOFROHVWHV YLULGLV DQG SDUYLGHQV 2GRQDWD /HVWLGDH ,QWHUQ -RXUQDO RI 2GRQDWRORJ\ +$570$11 * 1,(1+$86 ) %87,1 + ± $WODQWH GHOOH PDODWWLH GHOOH SLDQWH )UDQFR 0X]]LR (GL WRUH 3DGRYD +$:.6:257+ ' / 3 0 .,5. % & 687721 ' 1 3(*/(5 ± $LQVZRUWK %LVE\¶V 'LFWLRQDU\ RI WKH )XQJL ,QWHUQDWLRQDO 0\FRORJLFDO ,QVWLWXWH &$% ,QWHUQDWLRQDO 8QLYHUVLW\ 3UHVV &DPEULGJH +(*, * ± )ORUD YRQ 0LWWHO (XURSD /HKPDQQV 0 QFKHQ

+2)0$11 $ ± )DXQH GH )UDQFH &ROHRSWHUHV &XUFXOLRQLGHV /HFKHYDOLHU 3DULV +28$5' & ± /HV ]RRFHFLGLHV GHV 3ODQWV G¶(XURSH HW GX %DVVLQ GH OD 0HGLWHUUDQHp +HU +HU PDQQ 3DULV H +8(0(5 3 025$1',1, & 025,1 / ± 1HZ UHFRUGV RI /HSLGRSWHUD IRU WKH ,WDOLDQ )DXQD /HSL GRSWHUD *RUWDQLD 8GLQH -$1(ä,ý ) ± &RQWULEXWLRQ WR NQRZOHGJH RI SODQW JDOOV LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHKQLVNH 8QLY ( . Y /MXEOMDQL ± 6L[WK FRQWULEXWLRQ WR WKH NQRZOHGJH DERXW SODQW JDOOV LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHKQLVNH 8QLY ( . Y /MXEOMDQL ± (LJKWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHKQLVNH 8QLY ( . Y /MXEOMDQL ± 7KH WHQWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHKQLVNH 8QLY ( . Y /MXEOMDQL ± 7KH HOHYHQWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHK QLVNH 8QLY ( . Y /MXEOMDQL ± 7KH WZHOIWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHK QLVNH 8QLY ( . Y /MXEOMDQL ± 7KH WKLUWHHQWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHK QLVNH 8QLY ( . Y /MXEOMDQL ± 7KH ¿IWHHQWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHK QLVNH 8QLY ( . Y /MXEOMDQL ± 7KH HLJKWHHQWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHK QLVNH 8QLY ( . Y /MXEOMDQL ± 7KH QLQHWHHQWK FRQWULEXWLRQ WR WKH NQRZOHGHJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD

=ERUQLN %LRWHKQLVNH 8QLY ( . Y /MXEOMDQL

± 7KH WZHQWLHWK FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD =ERUQLN %LRWHK QLVNH 8QLY ( . Y /MXEOMDQL ± 7KH WZHQW\ ¿UVW FRQWULEXWLRQ WR WKH NQRZOHGJH RI ]RRFHFLGLD LQ 6ORYHQLD <XJRVODYLD -h/,&+ : ± *XLGD DOOD GHWHUPLQD]LRQH GHL IXQJKL $UWL *UDI 6DWXUQLD 7UHQWR

ERUQLN %LRWHKQLVNH 8QLY ( . Y /MXEOMDQL

.(,)(5 + + ± (ULRSK\LG 6WXGLHV %XOO &DOLI 'HSW $JU .,())(5 - - ± 6\QRSVLV GHV ]RRFpFLGLHV G¶(XURSH $QQ 6RF (QWRPRO 'H )UDQFH 3DULV /$)), ) 0$5&+(77, / 3217, , ± $YYHUVLWj GHOOH SLDQWH RUQDPHQWDOL 0DODWWLH FULWWRJDPH ,QIRU PDWRUH $JUDULR (G 9HURQD /$)), ) 0217(50,1, $ ± *OL HULR¿GL GHO QRFH ,QI ¿WRS %RORJQD /$)), ) 3217, , ± 0DODWWLH FULWWRJDPLFKH GHOOH FROWXUH HUEDFHH ,QIRUPDWRUH $JUDULR (G 9HURQD /$)), ) 3217, , 32//,1, $ ± $YYHUVLWj GHOOH SLDQWH RUQDPHQWDOL ,QVHWWL ,QIRUPDWRUH $JUDULR (G 9HURQD /,(87$*+, 3 ± ,O OLEUR GHJOL DOEHUL H GHJOL DUEXVWL %85 0LODQR /,3$ - - ± $ QHZ UHFRUG RI $FHULD GUDEDH 1DO (ULRSK\LGDH $FDULQD RQ D ZHHG &DUGDULD GUDED / &UXFLIHUDH LQ 3RODQG %XOO $FDG 3RORQ 6FL 0$1, 0 6 ± (FRORJ\ RI SODQW JDOOV 'U : -XQN 3XEEOLVKHUV WKH +DJXH 0$57,1, ) ± /¶HQGHPLVPR YHJHWDOH QHO )ULXOL 9HQH]LD *LXOLD %LRJHRJUDSKLD 0$57,1, ) H 3$,(52 3 ± , VDOLFL G¶,WDOLD (G /LQW 7ULHVWH 0$57,1,6 % ± *HRORJLD JHQHUDOH H JHRPRUIRORJLD ,Q $$ 99 (QFLFORSHGLD 0RQRJUD¿FD GHO )ULXOL 9HQH]LD *LXOLD ,VW SHU O¶(QFLFORSHGLD 8GLQH

0$6877, / ± 5HSHUWL VXOO¶HQWRPRIDXQD GHO 3LQXV QLJUD $UQ 9DU DXVWULDFD +RHVV 1HOOH 3UHDOSL *LXOLH $QQ $FFDG ,W 6F )RU 0(<(5 - ± 3ODQWV *DOO DQG *DOO ,QGXFHUV *HEU GHU %RUQWUDHJHU %HUOLQ 6WXWWJDUW 0,1(//, $ 58))2 6 /$ 3267$ 6 ± &KHFNOLVW GHOOH VSHFLH GHOOD )DXQD LWDOLDQD 0,; $ - ± 0\FHOLDO KDELW LQ VRQLH VSHFLHV RI 7DSKULQD 0\FRORJLD 025$1',1, & ± /¶DEEDVVDPHQWR GHL OLPLWL DOWLPHWULFL GHL IHQRPHQL ¿VLFL H ELRORJLFL LQ )ULXOL FRQ SDUWL FRODUH ULJXDUGR DOOH 3UHDOSL &DUQLFKH H *LXOLH YLVWR QHOOH VXH FDXVH %ROO &LY ,VWLW &XOW 8GLQH 025,21'2 ) &$35(77, 3 5$*$==, $ ± 0DODWWLH GHOOH SLDQWH LQ ERVFR LQ YLYDLR H GHOOH DOEHUD WXUH 3DWURQ (G %RORJQD 0h//(5 * ± hEHU GDV ELRORJLVFKH 9HUKDOWHQ YRQ 5K\WLVPD DFHULQXP DXI YHUVFKLHGHQHQ $KRUQDUWHQ %HU 'HXWVFK %RW *HVHOOVFKDIW ± &RQWULEXWR DOOD FRQRVFHQ]D GHL &ROHRWWHUL ¿WRIDJL $WWL 0XV &LY 6W 1DW 7ULHVWH ± , FROHRWWHUL GHOOD 9HQHJLD *LXOD &HQWUR 6SHULP $JUDU H )RUHVW 7ULHVWH 1$/(3$ $ ± $QDWRPLH XQG 6\VWHPDWLN GHU 3K\WRSWHQ $Q] $NDG :LHQ ± (ULRSK\LGDH 3K\WRSWLGDH 'DV 7LHUUHLFK %HUOLQ /LHI SS ± (ULRSK\LGHQ *DOOPLOEHQ ,Q 'LH =RRFHFLGLHQ GXUFK 7LHUH HU]HXJWH 3ÀDQ]HQJDOOHQ 'HXWVFKODQGV XQG LKUH %HZRKQHU =RRORJLFD H 7DY 18==$&, * ± &RQWULEXWR DOOD FRQRVFHQ]D GHOO¶DQDWRPLD GHJOL $FDUL (ULR¿GL (QWRPRORJLFD %DUL ± &RQWULEXWR DOOD FRQRVFHQ]D GHOOR JQDWRVRPD GHJOL (ULR¿GL $FDULQD (ULRSK\RLGHD (QWRPRORJLFD %DUL ± ,O UXROR GHOO¶$FDURIDXQD QHJOL HFRVLVWHPL DJUDUL $WWL ;,9 &RQJU 1D] ,WDO (QW 3DOHUPR (ULFH %DJKHULD 18==$&, * '( /,//2 ( ± &RQWULEXWR DOOD FRQRVFHQ]D GHOOR JQDWRVRPD GHJOL $FDUL 7HQXLSDOSLGL 7HWUDQ\FKRLGHD 7HQXLSDOSLLGDH (QWRPRORJLFD %DUL 18==$&, * 0,002&&+, 7 &/(0(17 6 / ± $ QHZ VSHFLHV RI $FHULD $FDUL (ULRSK\LGDH IURP &RQYROYXOXV DUYHQVLV / &RQYROYXODFHDH ZLWK QRWHV RQ RWKHU HULRSK\LG DVVRFLDWHV RI FRQYROYXODFHRXV SODQWV (QWRPRORJLFD %DUL 18==$&, * '( /,//2 ( 0$5,$1, 5 * ± 6FDQQLQR PLFURVFRSL LQ DFDURORJR D QHZ WHFKQLTXH IRU SUHSDUDWLRQ RI (ULRSK\LGV SUHVHUYHG LQ GLIIHUHQW ZD\V %ROO 6RF (QW ,WDO *HQRYD 2/'),(/' * 1 ± (YLGHQFH IRU FRQVSHFL¿FLW\ RI $FXOXV FRUQXWXV DQG $ )RFNHXL $FDUL (ULRSK\LGDH WUXVW PLWHV SUXQXV IUXLW WUHHV $QQ (QWRPRO 6RF $P 26(//$ * ± , &ROHRWWHUL &XUFXOLRQRLGHL FDUDWWHULVWLFKH VLVWHPDWLFKH H IDXQLVWLFKH GHO SRSRODPHQWR LWD OLDQR $WWL ;9, &RQJ 1D] ,W (QWRPRO %DUL 0DUWLQD )UDQFD 26/(5 5 &$55$52 / /2, 1 *5(*25,6 $ 3$9$1 ) ),55$2 * 086(77, 5 (50$&25$ 3 /26&+, $ 3(5727 , 5()$77, ( ± /H SL LPSRUWDQWL PDODWWLH GD )LWRSODVPL QHO )9* (56$ )9* 8GLQH 3$,(52 3 ± /D YHJHWD]LRQH GHOO¶$OWD 9DOFHOOLQD %ROO 6RF $GULDW GL 6F 7ULHVWH 3(//,==$5, 6&$/75,7, * ± 1RWH VX DOFXQL LQVHWWL GDQQRVL DOO¶$UQLFD PRQWDQD / H DOO¶+\SHULFXP SHUIRUDWXP / $WWL &RQJU 1D] ,WDO (QWRPRO *HQRYD ± *XLGD DOOH SL FRPXQL JDOOH GHOOD )ORUD LWDOLDQD 3DWURQ (GLW %RORJQD ± *DOOH GHOOD )ORUD LWDOLDQD 5DVVHJQD LFRQRJUD¿FD $WWL $FF 1D] ,W (QWRP )LUHQ]H 3$*/,$12 * ± &DWDORJR GHJKOL ,PHQRWWHUL LWDOLDQL %ROO 0XV &LY 6W QDW 9HQH]LD ± &DWDORJR GHJOL ,PHQRWWHUL LWDOLDQL %ROO 0XV &LY 6W QDW 9HQH]LD ± &DWDORJR GHJOL ,PHQRWWHUL LWDOLDQL %ROO 0XV 5HJ 6FL 1DW 7RULQR ± &DWDORJR GHJOL ,PHQRWWHUL LWDOLDQL %ROO 6RF HQW ,WDO *HQRYD 3$*/,$12 * 6&$5$02==,12 3 ± (OHQFR GHL *HQHUL GL +\PHQRSWHUD GHO PRQGR 0HP 6RF HQW ,WDO *HQRYD

3$2/, * ± /DVLRSWHUD EHUOHVLDQD 3DROL Q VS 5HGLD 3,*1$77, 6 ±)ORUD G¶,WDOLD (GDJULFROH %RORJQD H (GL]LRQL &DOGHULQL %RORJQD 3,==877, 5 ± , SUDWL VWDELOL 1RWL]LDULR (56$ 8GLQH H 32/',1, / /H SLQHWH GL SLQR DXVWULDFR QHOOH $OSL &DUQLFKH %ROO 6RF $GU 6F 1DW 7ULHVWH ± 3DUFKL QD]LRQDOL H ULVHUYH QDWXUDOL QHO )ULXOL 9HQH]LD *LXOLD ,Q $$ 99 *XLGD GHO

QDWXUDOLVWD GHOOH $OSL =DQLFKHOOL (G %RORJQD 3S

± ,O SDHVDJJLR YHJHWDOH ,Q $$ 99 6XROL H IRUHVWH GHO 3UHVFXGLQ 5HJLRQH )9* H 'LUH] )RUHVWH 8GLQH 3S ± /D VXGGLYLVLRQH ¿WRJHRJUD¿FD GHO )ULXOL 9HQH]LD *LXOLD %LRJHRJUDSKLD ± ,WLQHUDUL ERWDQLFL QHO )ULXL 9HQH]LD *LXOLD (G 0XVHR )ULXODQR 6W 1DW 8GLQH 32/',1, / 1$5',1, 6 ± %RVFKL GL IRUUD IDJJHWH H DELHWHWL LQ )ULXOL 1( ± ,WDOLD 6WXGLD *HRERWDQLF 7ULHVWH 32/',1, / )251$&,$5, * ± 6FKHGH GHJOL DPELWL GL WXWHOD DPELHQWDOH 5HJLRQ $XW )ULXOL 9HQH]LD *LXOLD 7ULHVWH 32/',1, / 25,2/2 * ± /D YHJHWD]LRQH GHL SUDWL GD VIDOFLR H GHL SDVFROL LQWHQVLYL $UUKHQDWKHUHWDOLD H 3RR 7ULVHWDOLD LQ )ULXOL 1( ,WDOLD 6WXGLD *HRERWDQLFD 7ULHVWH 32/',1, / 25,2/2 * 9,'$/, 0 ± 1XRYR DWODQWH FRURORJLFR GHOOH SLDQWH YDVFRODUL QHO )ULXOL 9H QH]LD *LXOLD 5HJ $XW )ULXOL 9HQH]LD *LXOLD 8QLYHUVLWj GHJOL 6WXGL GL 7ULHVWH 32/',1, / 25,2/2 * 9,'$/, 0 720$6(//$ 0 672&+ ) 25(/ * ± 0DQXDOH GHJOL KDELWDW GHO )ULXOL 9HQH]LD *LXOLD 6WUXPHQWR D VXSSRUWR GHOOD YDOXWD]LRQH G¶LPSDWWR DPELHQWDOH 9,$ DPELHQWDOH VWUDWHJLFD 9$6 H GL LQFLGHQ]D HFRORJLFD 9,(F 5HJLRQ $XW )9* 'LUH] &HQWU $PE ( OO SS 6HUYL]LR 9DOXW ,PSDWWR $PE ( 8QLY 6WXGL 7ULHVWH 32/',1, / %5(66$1 ( ± , ERVFKL DG DEHWH URVVR HG DEHWH ELDQFR LQ )ULXOL ,WDOLD 12 )LWRVRFLRORJLD 32//, 6 ± ,O FOLPD GHOOD UHJLRQH ,Q (QFLFORSHGLD 0RQRJUD¿FD GHO )ULXOL 9HQH]LD *LXOLD 8GLQH 32/6(//, 8 ± ,GURJUD¿D H ,GURPHWHRURORJLD GHO EDFLQR ,Q /¶DPELHQWH ¿VLFR GHO 3UHVFXGLQ 5HJ $XW )9* 8GLQH 3S 5$0$1 $ 6&+$()(5 & : :,7+(56 7 1 ± %LRORJ\ (FRORJ\ DQG (YROXWLRQ RI *DOO LQGXFLQJ $UWKURSRGV H 6FLHQFH 3XEOLVKHUV ,QF (Q¿HOG 1+ 86$ 5$0%(//, $ ± )RQGDPHQWL GL PLFRORJLD =DQLFKHOOL (G %RORJQD 5$3,6$5'$ & &21&, & ± )DXQLVWLF QRWHV DQG ]RRJHRJUDSKLFDO FRQVLGHUDWLRQV RQ WKH 3V\OOLG )DXQD RI WKH 6RXWK (DVWHUQ $OSV %LRJHRJUDSKLD 5$3,6$5'$ & ± 7ULR]D VRQLDWH DQG 7 DSXOLFD Q VSS RQ 4XHUFXV VSS IURP VRXWKHUQ ,WDO\ 0HP 6RF (QW ,WDO *HQRYD 5$7+ ) ± ,O JHQHUH 5K\WLVPD $SSXQWL VXOOH SULQFLSDOL VSHFLH LWDOLDQH ,Q $0% 7UHQWR 5(0$8',(5( * 0 ± &DWDORJXH GHV $SKLGLGDH GX PRQGH ,15$ (G 3DULV 52%(57, ' ± *OL $¿GL G¶,WDOLD (QWRPRORJLFD %DUL 5h%6$$0(1 ( + ± =XU %OXWODXVWUDJH ,Q $OOJHQ =HLWVFKU ) (QWRPRO :LHQ 6$&&$5'2 3 $ ± 6\OORJH )XQJRUXP 7KH 8QLYHUVLWL ,OOLQRLV /LEUDU\ 6&+/(&+7(1'$/ ' + 5 ± 'LH *DOOELOGXQJHQ =RRFHFLGLHQ GHU GHXWVFKHQ *HIDHVVSÀDQ]HQ 9HUK 1DWZ :LHQ 6&257(*$*1$ 8 =$1(77, 0 ± (VXFUVLRQL 3DUFR 1DWXUDOH 'RORPLWL )ULXODQH &LHUUH (G 9HURQD 6,021(77, * )5,//, ) %$5%$77,1, 5 -2% 0 ± )ORUD GL LQWHUHVVH DSLVWLFR 8QR VWXGLR GL ERWD QLFD DSSOLFDWD LQ )ULXOL 9HQH]LD *LXOLD $SLFROWXUD 5LY 6FLHQW GL $SLGRORJLD )LUHQ]H 6.8+5$9< 9 ± 'LVWULEXWLRQ DQG RXWEUHDNV RI WKH JDOO PLGJH 7KHFRGLSORVLV EUDFK\QWHUD 6FKZlJU LQ (XURS 'LSWHUD &HFLGRP\LLGDH $FWD HQW %RKHP 6ORY 3UDKD

± $QDO\VLV RI DUHDV RI GLVWULEXWLRQ RI VRPH 3DODHDUFWLF JDOO PLGJH VSHFLHV 'LSWHU &HFLGRP\LLGDH &HFLGRORJLD ,QWHUQD]LRQDOH ± &HFLGRP\LLGDH ,Q 6RzV $ 3DSS / &DWDORJXH RI 3DODHDUFWLF 'LSWHUD 6FLDULGDH $QLVRSRGLGDH $NDGHPLDL .LDGz %XGDSHVW ± &HFLGRP\LLGDH ,Q 0LQQHOOL $ 5XIIR 6 /D 3RVWD 6 &KHFNOLVW GHOOH VSHFLH GHOOD )DXQD LWDOLDQD &DOGHULQL %RORJQD ± 6SHFLHV ULFKQHVV RI JDOO PLGJHV 'LSWHUD &HFLGRP\LLGDH LQ WKH PDLQ ELRJHRJUDSKLFDO

UHJLRQV RI WKH ZRUOG $FWD 6RF =RRO %RKHP

6.8+5$9$ 0 6.8+5$9< 9 ± $WODV RI *DOOV LQGXFHG E\ *DOO 0LGJHV $FDGHPLD 3UDKD &]HFKR VORYDNLD ± 7KH *DOO 0LGJHV 'LSWHUD &HFLGRP\LLGDH RI WKH 3ULQFLSDOLW\ RI /LHFKWHQVWHLQ 3UDKD ± *DOO 0LGJHV 'LSWHUD &HFLGRP\LLGDH RI ,WDO\ (QWRPRORJLFD %DUL ± *DOO 0LGJHV 'LSWHUD &HFLGRP\LLGDH RI 6ORYHQLD 6FRSROLD /MXEOMDQD ± *DOO PLGJHV RI )UDQFH /HV &pFLGRP\LHV GH )UDQFH 'LSWHUD &HFLGRP\LLGDH 0HP 'HO OD

6RF /LQQpHQQH GH %RUGHDX[

± *DOO PLGJHV 'LSWHUD &HFLGRP\LLGDH RI $XVWULD ± $QQRWDWHG OLVW RI VSHFLHV DQG

]RRJHRJUDSKLFDO DQDO\VLV 6WXGLD GLSWHURORJLFD

± *DOO PLGJHV 'LSWHUD &HFLGRP\LLGDH RI 6RXWK 7\URO ,WDO\ 6XPPDU\ RI UHVXOWV DQG

]RRJHRJUDSKLFDO DQDO\VLV *UHGOHULDQD

67b03)/, 5 ± 8QWHUVXFKXQJHQ EHU GLH 'HIRUPDWLRQHQ ZHLFKH EHL HLQLJHQ 3ÀDQ]HQ GXUFK 8UHGLQHHQ KHUYRUJHUXIHQ ZHUGHQ +HGZLJLD ¿J 67(5*8/& ) )5,*,0(/,&$ * ± ,QVHWWL H IXQJKL GDQQRVL DL ERVFKL QHO )ULXOL 9HQH]LD *LXOLD 5HJ $XW )ULXOL 9HQH]LD *LXOLD 'LUH]LRQH 5HJ )RUHVWH H 3DUFKL 8GLQH 7+20$6 ) ± 6FKZHL]HULVFKH 0LOEH JDOOHQ 3K\WRSWXV '\L VW *DOOHQ 9HUK 1DWZ *HV :LHQ 7+206(1 - ± )HHOLQJ EHKDYLRXU RI (ULRSK\HV WLOLDH WLOLDH 3JVW DQG VXFWLRQ WUDFN LQ WKH QXWULWLYH FHOOV RI WKH JDOOV FDXVHG E\ PLWHV (QWRP 0HGG 720$6, ( ± 3ULPR FRQWULEXWR DOOD FRQRVFHQ]D H DOOD GLVWULEX]LRQH GHL FHFLGRJHQL GHO )ULXOL 9HQH]LD *LX OLD $WWL 0XV &LY 6W 1DW 7ULHVWH D ± )LWR ± =RRFHFLGL GHOO¶DOWD 9DO 7RUUH H 9DO 8FFHD 3UHDOSL *LXOLH RFFLGHQWDOL /XVHYHUD 8GLQH $WWL 0XV &LY 6W 1DW 7ULHVWH E ± )LWR ± =RRFHFLGL GHO 0RQWH &DVWHOODUR 0DJJLRUH ,WDOLD 1RUGRULHQWDOH 6ORYHQLD $WWL 0XV &LY 6W 1DW 7ULHVWH F )LWR ± =RRFHFLGL GHOOD 9DO 5RVDQGUD 6DQ 'RUOLJR GHOOD 9DOOH 7ULHVWH ,WDOLD 1RUGRULHQWDOH

$WWL 0XV &LY 6W 1DW 7ULHVWH

D ± ,QGDJLQH FHFLGRORJLFD QHOOD )RUHVWD GL 7DUYLVLR )ULXOL 9HQH]LD *LXOLD ,WDOLD $WWL 0XV &LY 6W 1DW 7ULHVWH E ± , )LWR =RRFHFLGL GHOO¶DUHD GL 0XJJD H GHL /DJKHWWL GHOOH 1RJKHUH )ULXOL 9HQH]LD *LXOLD ,WDOLD $WWL 0XV &LY 6W 1DW 7ULHVWH D ± , )LWR =RRFHFLGL GHOO¶DUHD SURWHWWD GHL /DJKL GL 'REHUGz H 3LHWUDURVVD H 3DOXGH 6DOLFL $WWL 0XV &LY 6W 1DW 7ULHVWH E ± , )LWR =RRFHFLGL GHO 3DUFR 1DWXUDOH GHL /DJKL GL )XVLQH $WWL 0XV &LY 6W 1DW 7ULHVWH ± , &LQLSLGL H OH JDOOH 3DUFR 1DW 5HJ 3UHDOSL *LXOLH 5HVLD 8' D ± /D &HFLGRWHFD GHO )ULXOL 9HQH]LD *LXOLD 0XV &LY 6W 1DW 7ULHVWH E ± &HFLGRWHFD 3DUFR 3DUFR 1DW 5HJ 3UHDOSL *LXOLH 5HVLD 8' F ± &HFLGRWHFD )ULXODQD 0XV )ULXODQR GL 6W 1DW 8GLQH ± $QDOLVL FHFLGRORJLFD QHOO¶DUHD GHO 3DUFR 1DWXUDOH GHOOH 3UHDOSL *LXOLH (QWH 3DUFR 5HVLD 8'

± ,QGDJLQH FHFLGRORJLFD VXOOH 3UHDOSL *LXOLH RFFLGHQWDOL )ULXOL 9HQH]LD *LXOLD ,WDOLD $WWL 0XV &LY 6W 1DW 7ULHVWH D ± /D JDOOD 3DUFR 1DW 5HJ 3UHDOSL *LXOLH 5HVLD 8' E ± )LWR ]RRFHFLGL GHO )ULXOL 9HQH]LD *LXOLD 1RWD LQIRUPDWLYD %ROO 6RF 1DWXU 6 =HQDUL 3RUGHQRQH D ± )LWR ]RRFHFLGL GHO 0RQWH 9DOHULR )9* 7ULHVWH 1( ,WDOLD $WWL 0XV &LY 6W 1DW 7ULHVWH E ± )LWR ]RRFYHFLGL GHL PDJUHGL SRUGHQRQHVL ,WDOLD 1( %ROO 6RF 1DW 6LOYLD =HQDUL 3RUGHQRQH ± ,PQGDJLQH FHFLGRORJLFD VXOOD 3LDQXUD H OH /DJXQH )ULXODQH ,WDOLD 1( $WWL 0XV &LY 6W 1DW 7ULHVWH D ± , )LWR ]RRFHFLGL GHOO¶DUHD GL 6DQ &DQGLGR 6HVWR $OWR $GLJH 6XGWLURO ,WDOLD $WWL 0XV &LY 6W 1DW 7ULHVWH E ± , )LWR ]RRFHFLGL GHOOD 5LVHUYD 1DWXUDOH 2ULHQWDWD GHO EDFLQR GHO 3UHVFXGLQ )ULXOL 9HQH]LD *LXOLD ,WDOLD 1( F ± ,QGDJLQH FHFLGRORJLFD GHOO¶DUFLSHODJR GL 0XUWHU 'DOPDFLMD âLEHQLN +UYDWVND $WWL 0XV &LY 6W 1DW 7ULHVWH ,Q VWDPSD G ± ,QGDJLQH FHFLGRORJLFD GHOO¶LVROD GL &UHV /RãLQM &KHUVR /XVVLQR +UYDWVND $GULDWLF 6HD 1( ,Q VWDPSD 720$6, ( '( /,//2 ( ± &RQWULEXWR DOOD FRQRVFHQ]D H DOOD GLVWULEX]LRQH GHL &HFLGRJHQL GHO )ULXOL 9HQH]LD *LXOLD $FDUL (ULRSK\RLGHD $WWL 0XV &LY 6W 1DW 7ULHVWH 75(0%/$< ( ± (QWRPRORJLD DSSOLFDWD /LJXRUL (GLWRUH 1DSROL H 75277(5 $ ± 0DUFHOOLD 5LYLVWD GL FHFLGRORJLD 3DGRYD H $YHOOLQR ± 8UHGLQDOHV 8URP\FHV HW 3XFFLQLD )ORUD ,WDOLFD &ULWWRJDPD 5RFFD 6 &DVFLDQR 75277(5 $ &(&&21, * ± &HFLGRWKHFD ,WDOLFD R UDFFROWD GL JDOOH LWDOLDQH GHWHUPLQDWH SUHSD UDWH H LOOXVWUDWH 3DGRYD $YHOOLQR H &DWDQLD )DVF Q 9$/866, * ± /¶DPELHQWH JHRJUD¿FR JHQHUDOH ,Q (QFLFO 0RQRJU GHO )ULXOL 9HQH]LD *LXOLD 8GLQH =$1(77, 0 ± (VFXUVLRQL QHO 3DUFR 1DWXUDOH 'RORPLWL )ULXODQH &LHUUH (G 9HURQD =$1*+(5, 6 ± 5HFHQWL FRQWULEXWL DOOR VWXGLR GHL /HSLGRWWHUL JDOOLJHQL 0DUFHOOLDV $YHOOLQR ± $OHVVDQGUR 7URWWHU ,Q $UFK %RW H %LRJHRJU ,WDO ± (QWRPRORJLD DJUDULD (GDJULFROH %RORJQD =$1*+(5, 6 0$6877, / ± (QWRPRORJLD DJUDULD (GDJULFROH %RORJQD =2&&+, 5 ± &RQWULEXWLRQV WR NQRZOHGJH RI IRUHVW LQVHFWV ,,, 1RWHV RQ WKH ELRQRPLFV RI 5K\DFLRQLD EXROLDQD 5HGLD )LUHQ]H

)272 '(//( 63(&,( 121 &,7$7( 1(//$ &+(&./,67 '(//$ )$81$ ,7$/,$1$

$FHULD GUDED

$FXORSV SHGLFXODULV

3K\OORFRSWHV VRUEHXV

7ULR]D YHOXWLQD

$FHULD OLQRV\ULQD

$FXOXV ULJLGXV

7KULSV IXOYLSHV

$SKLV $SKLV JHQWLDQDH

$FHULD PDFURWXEHUFXODWD

&DOO\QWURWXV VFKOHFKWHQGDOL

/LYLD FUHIHOGHQVLV

$SKLV $SKLV LOLFLV

$FHULD UHFKLQJHUL

(SLWULPHUXV UK\QFKRWKUL[

7ULR]D FLUVLL

$SKLV $SKLV WKRPDVL

$SKLV $SKLV ZHUWHQEHUJL

6HPLDSKLV VSRQG\OLL

*\PQHWURQ EHFFDEXQJDH

%XKULHOOD UXELFROD

&RQWDULQLD EDUELFKHL

%UDFK\FDXGXV FDUGXL

+\DGDSKLV ELFLQFWD

$VSKRQG\OLD HFKLL

&RQWDULQLD DQWKRELD

&RQWDULQLD K\SRFKRHULGLV

'LXUDSKLV KROFL

9ROXWDSKLV FHQWDXUHDH

$VSKRQG\OLD JHQLVWDH

&RQWDULQLD DQWKRSKWKRUD

&RQWDULQLD OLOLL

6HPLDSKLV FHUYDULDH

$XODFRUWKXP PDMDQWKHPL

$VSKRQG\OLD KRUQLJL

&RQWDULQLD DVFOHSLDGLV

&RQWDULQLD PDUWDJRQLV

&RQWDULQLD SRO\JRQDWL

'DVLQHXUD DOSHVWULV

'DVLQHXUD ODPLL

'DVLQHXUD YLRODH

-DDSLHOOD VFDELRVDH

&RQWDULQLD TXLQTXHQRWDWD

'DVLQHXUD EHUEHULGLV

*LUDXGLHOOD LQFOXVD

/DVLRSWHUD DUXQGLQLV

'DVLQHXUD VXEWHUUDQHD

-DDSLHOOD FLUVLLFROD

/DVLRSWHUD EHUEHULQD

&RQWDULQLD WUDJRSRJRQLV

'DVLQHXUD FHQWDXUHDH

'DVLQHXUD SHULFO\PHQL

&RQWDULQLD VFXWDWL

'DVLQHXUD NLHIIHULDQD

'DVLQHXUD WULVHWL

-DDSLHOOD LQIODWDH

/DVLRSWHUD FDODPDJURVWLGLV

0DFURODELV DTXLOHJLDH

3ODFRFKHOD OLJXVWUL

3K\WRP\]D SHQLFLOOD

3ODQHWHOOD FDULFLV

3KDQDFLV FHQWDXUHDH

2VFLQHOOD IHVWXFDH

'LSOROHSLV QHUYRVD

0DFURODELV ODPLL

,VRFROXV MDFHDH

7LPDVSLV SKRHQL[RSRGRV

0LFURODVLRSWHUD IOH[XRVD

(XUDVLPRQD VWLJPD

$XODFLGHD SLORVHOODH

,VRFROXV ILWFKL

7LPDVSLV FLFKRULL

7ULFKRODED WULIROLL

0DFURODELV SLORVHOODH

$XODFLGHD WUDJRSRJRQLV

,VRFROXV VFDELRVDH

7LPDVSLV VRFKL

7HWUDPHVD DLUDH

7HWUDPHVD JLUDXGL

7HWUDPHVD EUHYLFRUQLV

7HWUDPHVD SKUDJPLWLV

7HWUDPHVD FDODPDJURVWLGLV

(XU\WRPD RUFKLGHDUXP

7HWUDPHVD KRUGHL

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

(92/8=,21( 1(*/, 678', '(//( %$8;,7, &$56,&+( .$567 %$8;,7(6

(15,&2 0(5/$. &RPPLVVLRQH *URWWH ³( %RHJDQ´ 6$/ &$, YLD 'RQRWD ± 7ULHVWH , ± ( PDLO PHUODN #JPDLO FRP

5LDVVXQWR ± ,O QRPH ³EDX[LWH´ GHULYD VWRULFDPHQWH GD /H %DX[ LQ 3URYHQ]D )UDQFLD GRYH LO PDWHULDOH URVVDVWUR H WHUURVR IX LQL]LDOPHQWH FKLDPDWR ³EHDX[LWH´ HG DQDOL]]DWR H FODVVL¿FDWR GD %HUWKLpU QHO ,O SULPDWR DVVROXWR GHOO¶DQDOLVL HG LGHQWL¿FD]LRQH YD DWWULEXLWR D 3LHWUR 7XULQL FKH QHO SXEEOLFz XQD PHPRULD VX XQ JLDFLPHQWR GL EDX[LWH SLULWLIHUD QHOOD FDYD GL DOOXPH GL 0LQMHUD SUHVVR OH 7HUPH GL 6DQWR 6WHIDQR LQ FHQWUR ,VWULD %X]HW &URD]LD /H EDX[LWL VRQR VWUXWWXUH VHGLPHQWDULH IRUPDWH GDOO¶DOWHUD]LRQH GL URFFH FRVWLWXLWH HVVHQ]LDOPHQWH GD DOOXPLQRVLOLFDWL &RPSRVL]LRQH H FDUDWWHULVWLFKH VWUXWWXUDOL VRQR LO ULVXOWDWR GL SURFHVVL FKH KDQQR FRQWULEXLWR DOOD ORUR HYROX]LRQH JHQHWLFD DWWUDYHUVR GLVVROX]LRQL LQFRQJUXHQWL QHRPLQHUDOL]]D]LRQL VHGLPHQWD]LRQH DOWHUD]LRQL HSLJHQHWLFKH H GLDJHQHVL 1HO SDVVDWR OH EDX[LWL FDUVLFKH GL WXWWR LO SLDQHWD VRQR VWDWH FDWDORJDWH FRPH JLDFLPHQWL PLQHUDOL H WXWWH OH ULFHUFKH VRQR VWDWH LQGLUL]]DWH YHUVR OR VIUXWWDPHQWR SHU O¶HVWUD]LRQH GHOO¶DOOXPLQLR ,Q TXHVWR FRQWHVWR VRQR VWDWL DFFXPXODWL QHJOL DQQL PLOLRQL GL GDWL ULJXDUGDQWL LO FRQWHQXWR PLQHUDOH H OH VWUXWWXUH GHL JLDFLPHQWL GDWL FKH RJJL YHQJRQR XWLOL]]DWL GDL JHRORJL H JHRFKLPLFL SHU OH SL GHWWDJOLDWH LQYHVWLJD]LRQL /R VYLOXSSR GHOOD JHRFKLPLFD H GHOOD ¿VLFD H OD GLVSRQLELOLWj GL QXRYH H VR¿VWLFDWH VWUXPHQWD]LRQL GL DQDOLVL KDQQR FRQVHQWLWR GL DPSOLDUH OH FRQRVFHQ]H VXOO¶RULJLQH H OD VHGLPHQWD]LRQH GHOOH EDX[LWL LQ JLDFLWXUD FDUVLFD DUFKLYLDQGR GH¿QLWLYDPHQWH OH FODVVLFKH GRWWULQH FKH FRUUHODYDQR TXHVWH URFFH DO UHVLGXR LQVROXELOH GHL FDOFDUL H FRQ L QXRYL VWXGL VXOOD PLFUR PLQHUDORJLD YHQJRQR HODERUDWH QXRYH LQIRUPD]LRQL VXOOD JHRORJLD GHL WHUUHQL QRQ FDUERQDWLFL FLUFRVWDQWL HG DGLDFHQWL OH DUHH FDUVLFKH FRQVHQWHQGR LQWHUSUHWD]LRQL FURQRORJLFKH H ULFRVWUX]LRQL GHJOL HYHQWL GL VPDQWHOODPHQWR GHOOH DUHH VXSHU¿FLDOL SURVVLPH DL VHGLPHQWL EDX[LWLFL ,O SURJHWWR ³7KHW\DQ %DX[LWHV´ RUJDQL]]DWR QHO GDOO¶,*&3 SURJHWWR Q ULXQu QHOOD ULFHUFD QXPHURVL VWXGLRVL H VFLHQ]LDWL GHOOH EDX[LWH FDUVLFKH GHO 0HGLWHUUDQHR FRQVHQWHQGR OR VYLOXSSR GHJOL VWXGL H O¶DPSOLDPHQWR GHOOH YLVLRQL VX TXHVWH URFFH FKH UDSSUHVHQWDQR LO GHOOH EDX[LWH GLVSRQLELOL QHO PRQGR , EDFLQL PDUJLQDOL GHOO¶DUHD GHOOD 7HWLGH FRPSUHQGHQWL OD UHJLRQH PHGLWHUUDQHD L %DOFDQL H O¶DUFR DQDWROLFR LUDQLDQR SRVVRQR HVVHUH FRQVLGHUDWL VHGL GL SURGX]LRQH GL PDWHULDOL FKH DWWUDYHUVR SURFHVVL GL ZHDWKHULQJ WUDVSRUWR H VHGLPHQWD]LRQH VL VRQR HYROXWL LQ EDX[LWL FDUVLFKH D SDUWLUH GDO 7ULDVVLFR 1HJOL XOWLPL DQQL VL q DJJLXQWR XQ ¿ORQH GL ULFHUFD ULJXDUGDQWH OH WHUUH UDUH 5((¶V SUHVHQWL QHL JLDFLPHQWL EDX[LWLFL GHO EDFLQR GHO 0HGLWHUUDQHRL ,QIDWWL VLD OH EDX[LWL FDUVLFKH VHOH]LRQDWH VLD L UHVLGXL GL ODYRUD]LRQH FRVLGGHWWL IDQJKL URVVL R ³UHG PXG´ FRVWLWXLVFRQR SRWHQ]LDOPHQWH XQD EXRQD ULVRUVD GL HOHPHQWL FRQWHQXWL QHOOH 5((¶V WUD OH TXDOL OR VFDQGLR HG LO JDOOLR ,Q VLQWHVL LO ODYRUR FRQFRUVXDOH GL ULFHUFDWRUL H VWXGLRVL FRQVHQWH RJJL XQD FRUUHWWD LQWHUSUHWD]LRQH GHO IHQRPHQR GHOOD JHQHVL H VHGLPHQWD]LRQH GHOOH EDX[LWL FDUVLFKH 3DUROH FKLDYH %DX[LWL FDUVLFKH SDOHR FDUVLVPR SDOHR FOLPD WHUUH UDUH 5((V $EVWUDFW ± (YROXWLRQ RI WKH VWXGLHV RI NDUVW EDX[LWHV ,Q WKH SDVW NDUVW EDX[LWHV KDYH EHHQ FDWDORJHG DV H[SORLWDEOH GHSRVLWV DQG PLQHUDORJLFDO DQG JHRFKHPLFDO LQYHVWLJDWLRQV KDYH EHHQ GLUHFWHG WR WKH DOXPLQXP FRQWHQWV DQG WKH W\SH RI GHSRVLW ,Q WKLV FRQWH[W KXJH DPRXQWV RI GDWD UHODWHG WR PLQHUDORJ\ KDYH EHHQ FROOHFWHG RYHU WKH \HDUV GDWD WKDW FDQ FXUUHQWO\ EH XVHG E\ VFKRODUV )URP WKH QLQHWLHV RQZDUGV WKH GHYHORSPHQW RI JHRFKHPLVWU\ DQG LQVWUXPHQWDWLRQ UHYROXWLRQL]HG WKH UHVHDUFK V\VWHPV E\ GH¿QLWLYHO\ DUFKLYLQJ WKH FODVVLFDO GRFWULQHV WKDW FRUUHODWHG WKHVH URFNV WR WKH SURGXFW RI WKH LQVROXEOH UHVLGXH RI OLPHVWRQHV ,Q WKH \HDU WKH ,*&3 SURMHFW Q ³7HWK\DQ %DX[LWHV´ ZDV SURPRWHG DQG H[SDQGHG ZLWK QXPHURXV VWXGLHV E\ WKH NDUVW EDX[LWHV JHRFKHPLVWV DQG JHRORJLVWV 7KH PDLQ SXUSRVH RI WKDW SURMHFW ZDV WR FROOHFW DQG DQDO\]H DOO GDWD RQ 0HGLWHUUDQHDQ NDUVW EDX[LWHV DQG EH\RQG LQ RUGHU WR EHWWHU XQGHUVWDQG WKH JHQHVLV RI WKHVH URFNV 7KH IUHTXHQF\ GLVWULEXWLRQ RI EDX[LWHV WKURXJK JHRORJLFDO WLPHV VKRZV SRVLWLYH DQRPDOLHV FRLQFLGHQW ZLWK WKH ³JUHHQ KRXVH´ SHULRGV RI (DUWK KLVWRU\ %DX[LWHV DUH UHVLGXDO GHSRVLWV WKDW DUH IRUPHG DV WKH UHVXOW RI ZHDWKHULQJ RI DOXPRVLOLFDWH ULFK SDUHQW URFNV LQ KXPLG WURSLFDO WR VXE WURSLFDO FOLPDWHV %DVHG RQ WKH OLWKRORJLFDO FRPSRVLWLRQ RI WKH XQGHUO\LQJ ³SDUHQW´ URFNV EDX[LWH GHSRVLWV DUH FODVVL¿HG LQWR WZR JURXSV ODWHULWLF EDX[LWHV DQG NDUVW EDX[LWHV .DUVW EDX[LWHV RFFXUULQJ LQ RWKHUZLVH FRQWLQXRXV FDUERQDWH VXFFHVVLRQV LQGLFDWH SHULRGV RI VXEDHULDO H[SRVXUH DQG KXPLG WURSLFDO FOLPDWH SDOHRVROV UHODWHG WR ORQJ ODVWLQJ H[SRVXUH QRQ GHSRVLWLRQ RU HURVLRQ 7KH VWUXFWXUH RI WKH NDUVW VXUIDFH FDQ GHWHUPLQH D ZLGH YDULHW\ RI W\SHV IRUPV DQG WKLFNQHVV RI NDUVW UHODWHG EDX[LWH GHSRVLWV DQG WKH NDUVWLF QHWZRUN SURYLGHV EHVW GUDLQDJH QHFHVVDU\ IRU GHVLOLFDWLRQ RI EDX[LWHV

7KHLU DEXQGDQFH LQ SDUWLFXODU LQWHUYDOV RI WKH VWUDWLJUDSKLF UHFRUG LQGLFDWHV WKH FRLQFLGHQFH RI SHDN LQWHQVLWLHV RI H[SORVLYH YROFDQLVP DQG WHFWRQLFDOO\ FRQWUROOHG H[SRVXUH RI FDUERQDWH SODWIRUP DUHDV 7KH PLQHUDORJ\ RI EDX[LWHV IDLWKIXOO\ UHFRUGV WKH UHGR[ FRQGLWLRQV RI WKH GHSRVLWLRQDO HQYLURQPHQW .DUVW EDX[LWHV IURP ERWK YDGRVH R[LGL]LQJ DQG SKUHDWLF UHGXFLQJ GLDJHQHWLF HQYLURQPHQWV KDYH EHHQ LGHQWL¿HG '¶$UJHQLR 0LQGV]HQW\ 3UHYDLOLQJ PLQHUDOV DUH JLEEVLWH >Ȗ $O 2+ @ ERHKPLWH >Ȗ $O2 2+ @ H GLDVSRUH >Į $O2 2+ @ 2WKHU PDMRU PLQHUDOV DUH JRHWKLWH >Į )H 2+ @ KHPDWLWH Į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¶V EDX[LWH UHVRXUFHV EXW WKH WRWDO 5((V DPRXQWV DUH VWURQJO\ YDULDEOH .H\ ZRUGV %DX[LWHV 3DOHRNDUVW 3DOHRFOLPDWH 5(( 5DUH (DUWK (OHPHQWV

± ,QWURGX]LRQH ,O QRPH ³EDX[LWH´ GHULYD VWRULFDPHQWH GD /H %DX[ LQ 3URYHQ]D )UDQFLD GRYH LO PDWHULDOH URVVDVWUR H WHUURVR IX LQL]LDOPHQWH FKLDPDWR ³EHDX[LWH´ HG DQDOL]]DWR H FODVVL¿FDWR GD %HUWKLpU QHO ,O SULPDWR DVVROXWR GHOO¶DQDOLVL HG LGHQWL¿FD]LRQH YD DWWULEXLWR D 3LHWUR 7XULQL FKH QHO SXEEOLFz XQD PHPRULD VX XQ JLDFLPHQWR GL EDX[LWH SLULWLIHUD QHOOD FDYD GL DOOXPH GL 0LQMHUD SUHVVR OH 7HUPH GL 6DQWR 6WHIDQR LQ FHQWUR ,VWULD %X]HW &URD]LD /H EDX[LWL VRQR VWUXWWXUH VHGLPHQWDULH IRUPDWH GDOO¶DOWHUD]LRQH ZHDWKHULQJ GL URFFH FRVWLWXLWH HVVHQ]LDOPHQWH GD DOOXPLQRVLOLFDWL &RPSRVL]LRQH H FDUDWWHULVWLFKH VWUXWWXUDOL VRQR LO ULVXOWDWR GL SURFHVVL FKH KDQQR FRQWULEXLWR DOOD ORUR HYROX]LRQH JH QHWLFD DWWUDYHUVR GLVVROX]LRQL LQFRQJUXHQWL QHRPLQHUDOL]]D]LRQL VHGLPHQWD]LRQH GLDJHQHVL HG DOWHUD]LRQL HSLJHQHWLFKH /¶D]LRQH FRQWLQXDWD GL VROX]LRQL DFTXRVH VXOOH URFFH VLOLFR DOOXPLQLIHUH RULJLQD ULH SURWROLWL SRUWD DG XQ SURJUHVVLYR DUULFFKLPHQWR LQ DOOXPLQLR FRQ SDU]LDOH DVSRUWR GHOOD VLOLFH $ VHFRQGD GHOO¶LQWHQVLWj GHO ZHDWKHULQJ HG LQ GLSHQGHQ]D GHO S+ VL SUR GXFRQR PLQHUDOL GHOOH DUJLOOH RVVLGL HG LGURVVLGL PHWDOOLFL OD VLOLFH WHQGH D PDQWHQHU VL LQ VROX]LRQH H YLHQH SDU]LDOPHQWH DVSRUWDWD /D FRPSRVL]LRQH ¿QDOH q UDSSUHVHQWDWD GD PLQHUDOL GL DOOXPLQLR JLEEVLWH >$O 2+ @ ERHKPLWH >Ȗ $O2 2+ @ H GLDVSRUR >Į $O2 2+ @ FRQ VRVWDQ]H DPRUIH FROORLGL JHQHULFDPHQWH LQGLFDWH FRPH DOOXPRJHO >$O 2+ Â Q+ 2@ ,QROWUH QHOOH EDX[LWL VRQR SUHVHQWL LQ GLYHUVH TXDQWLWj SUHYDOHQWHPHQWH HPDWL WH )H 2 OHSLGRFURFLWH >Ȗ )H2 2+ @ JRHWKLWH >Į )H2 2+@ IHUULGULWH H PDJQHWLWH )H 2 ROWUH FKH FDROLQLWH >$O 6L 2 2+ @ DQDWDVH 7L2 HG LOPHQLWH 2Â7L2 7UD JOL HOHPHQWL LQ WUDFFLD VRQR SUHVHQWL QLFNHO FURPR YDQDGLR FREDOWR UDPH ]LUFRQLR PDQJDQHVH ,O WHUPLQH ZHDWKHULQJ YLHQH XVDWR GL VHJXLWR QHO WHVWR HVVHQGR FRPSUHQVLYR GL WXWWL JOL DVSHWWL FKLPLFR ÀVLFL FKH GH WHUPLQDQR OD GHJUDGD]LRQH GL XQD URFFLD HURVLRQH WUDVSRUWR LGUDWD]LRQH H GLVLGUDWD]LRQH GLVVROX]LRQH FRQJUXHQWH HG LQFRQJUXHQWH Ë OHWWHUDOPHQWH GHÀQLELOH GDOO·LQJOHVH FRPH ´GLVLQWHJUD]LRQH ÀVLFD H GHFRPSRVL]LRQH FKLPLFD GL XQD URFFLDµ

6RQR VSHVVR ULQYHQLELOL UD GLRQXFOLGL 5HFHQWHPHQWH JOL VWXGL VL VRQR IRFDOL]]DWL VXOOD SUHVHQ]D GL HOHPHQWL GHOOH WHUUH UDUH ± 5((¶V ± GHOOH TXDOL OD EDX[LWH q XQD SRWHQ]LDOH SUH]LRVD ULVRUVD HFRQRPLFD 4XDQGR OD EDX[LWH q FRQWH QXWD R GHSRVLWDWD LQ DPELHQWH FDUERQDWLFR SL R PHQR FDUVL ¿FDWR q FODVVL¿FDWD FRPH EDX [LWH FDUVLFD NDUVW EDX[LWH R EDX[LWH LQ JLDFLWXUD FDUVLFD R LQ DVVRFLD]LRQH FDUVLFD )LJ *HRJUDSKLFDO PDS VKRZLQJ WKH PDMRU NDUVW EDX[LWHV GHSRVLWV LQ ,O WHUPLQH SULPLWLYR ³NDON WKH 0HGLWHUUDQHDQ DUHD $QDWROLDQ ,UDQLDQ DUF DQG 8UDOV EDX[LWH´ IX FRQLDWR GD +$5$6 629,7= 6XFFHVVLYDPHQWH 9$'È6= QHOOR VWXGLR GHL JLDFLPHQWL XQJKHUHVL OR PRGL¿Fz LQ ³NDUVW EDX[LWHV´ 4XHVWD GH¿QL]LRQH IX FRQVROLGDWD GDOOR VWXGLR FODVVL FR GL %$5'266< *< HG q RJJL DFFHWWDWD HG XWLOL]]DWD GD WXWWL JOL VWXGLRVL /H EDX[LWL FDUVLFKH FRVWLWXLVFRQR FLUFD LO GHOOH ULVRUVH PRQGLDOL GL WXWWD OD EDX[LWH GLVSRQLELOH VXO SLDQHWD H VRQR JHRJUD¿FDPHQWH FRQFHQWUDWH VRSUDWWXWWR QHOOH UHJLRQL GHO 0HGLWHUUDQHR $QDWROLD ,UDQ HG 8UDOL )LJ 'HSRVLWL LPSRUWDQWL VRQR GLIIXVL QHOOH UHJLRQL FDOFDUHH H FDOFDUHR GRORPLWLFKH SHUL PHGLWHUUDQHH LQ JLDFLWX UH VWUXWWXUH H OLYHOOL GLIIHUHQWL H FRQ FRPSRVL]LRQL PLQHUDORJLFKH GLYHUVH GD DUHD DG DUHD 1HOO¶DUHD PHGLWHUUDQHD TXHVWH URFFH VL VRQR VYLOXSSDWH DL PDUJLQL FRQWLQHQWDOL GHOO¶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j GL GDWL UH ODWLYL DO FRQWHQXWR PLQHUDORJLFR GDWL FKH SRVVRQR DWWXDOPHQWH HVVHUH XWLOL]]DWL GDJOL VWXGLRVL 'DJOL DQQL QRYDQWD LQ SRL FRQ OR VYLOXSSR GHOOD JHRFKLPLFD H GHOOH VWUXPHQWD ]LRQL VL VRQR DPSOLDWL L VLVWHPL GL ULFHUFD H VRQR VWDWH DUFKLYLDWH OH GRWWULQH FODVVLFKH FKH FRUUHODYDQR TXHVWH URFFH DO SURGRWWR GHO UHVLGXR LQVROXELOH GHOOH VXFFHVVLRQL FDU ERQDWLFKH 1HOOH EDX[LWH SLULWLIHUH GHOO·,VWULD VRQR VWDWL ULOHYDWL . 5D 5D 8 H &V 1HL JLDFLPHQWL DOEDQHVL GL 'DUGKD VL ULOHYDQR FRQFHQWUD]LRQL GL SSP GL 7K

± 2ULJLQH GHOOH EDX[LWL FDUVLFKH 1HO VLVWHPD VXROR DFTXD LQ FXL VL IRUPDQR GLIIHUHQWL IDVL VROLGH L PLQHUDOL VWDELOL VRQR TXHOOL FKH JDUDQWLVFRQR PLQRUH VROXELOLWj H PDVVLPD VWDELOLWj H OH EDX[LWL ULHQ WUDQR LQ TXHVWR JUXSSR 5LJXDUGR O¶DVSHWWR FLQHWLFR OH UHD]LRQL LQL]LDOL GL DOWHUD]LRQH GHJOL DOOXPLQRVLOL FDWL VRQR DFFHOHUDWH GD IDWWRUL FOLPDWLFL FRQ LQFUHPHQWR GL WHPSHUDWXUD HG XPLGLWj ELRORJLFL FKLPLFL H ¿VLFL HIIXVLRQL PDJPDWLFKH HG HUX]LRQL YXOFDQLFKH LQWHQVH SUH FLSLWD]LRQL *HQHVL H FRPSRVL]LRQH YDQQR TXLQGL ULFRQGRWWH D SL HOHPHQWL D FRPSRVL]LRQH PLQHUDORJLFD GHL SURWROLWL E SUHVHQ]D GL SL IDVL PLQHUDOL GXUDQWH WUDVSRUWR ULPHVFRODPHQWR H VHGLPHQWD]LRQH GHO PDWHULDOH F LQWHQVLWj GHO GUHQDJJLR H DFLGLWj GHOO¶DFTXD G DUULFFKLPHQWR GL DOFXQL HOHPHQWL FRQ IHQRPHQL GL DGVRUELPHQWR H SLFFKL FOLPDWLFL FRQ SLRJJH DEERQGDQWL I GXUDWD GHOOH HVSRVL]LRQL VXEDHUHH J DWWLYLWj RUJDQLFD YHJHWD]LRQH H GHFDGLPHQWR RUJDQLFR

K DWWLYLWj HSLJHQHWLFD ,O SULQFLSLR IRQGDPHQWDOH FKH DJLVFH VXOOD IRUPD]LRQH GHOOH EDX[LWL q FRVu VFKH PDWL]]DWR PLQHUDOL Q+ D+ VLOLFH DOXPLQD FDWLRQV

ZHDWKHULQJ

/¶HTXD]LRQH q LQ IXQ]LRQH GHO S+ LQ TXDQWR O¶LQWHQVLWj GHOOD UHD]LRQH GLSHQGH GLUHWWDPHQWH GDOO¶DWWLYLWj GHOOR LRQH LGURJHQR D + QHOOD VROX]LRQH DFTXRVD /¶DWWDFFR HVHUFLWDWR GDJOL LRQL LGURJHQR VXJOL DOOXPLQRVLOLFDWL q OD SULPD FDXVD GHOOD PHVVD LQ VROX]LRQH GL LRQL PHWDOOLFL DOFDOLQL HG DOFDOLQRWHUURVL H OD UHD]LRQH q FRVu VFKHPDWL]]DWD WHFWRVLOLFDWL H PLQHUDOL IHUURVL + + 2 2 ¿OORVLOLFDWL + 6L2 FDWLRQL )H LGU RVVLGL ZHDWKHULQJ

,Q TXHVWD IDVH XQD SDUWH L FDWLRQL &D 1D . H SDUWH GHOO¶DFLGR VLOLFLFR YHQJR QR ULODVFLDWL LQ VROX]LRQH HG DVSRUWDWL , FROORLGL DUJLOORVL H JOL RVVLGL LGUDWL FROORLGDOL FRVWLWXLVFRQR L SULPL SURGRWWL GHO ZHDWKHULQJ VXJOL DOOXPLQRVLOLFDWL FRQ FDSDFLWj GL DGVRUELPHQWR FRQ DUULFFKLPHQWR GL HOHPHQWL PHWDOOLFL 1L &R &U 0R : 1HOO·DUHD PHGLWHUUDQHD PROWL JLDFLPHQWL GL EDX[LWL FDUVLFKH VRQR SRVL]LRQDWL VHFRQGR DOOLQHDPHQWL JHRJUDÀFL H VWUDWLJUD ÀFL FRUULVSRQGHQWL DG HYHQWL SDOHRFOLPDWLFL GL WLSR LQWHUWURSLFDOH XPLGR 1,&2/$6 - HW DO 0,1'6=(17< $

, SURGRWWL GHULYDQWL GDOOD GLVVROX]LRQH LQFRQJUXHQWH VRQR L ¿OORVLOLFDWL SULQFLSDO PHQWH FDROLQLWH VLOLFH UHVLGXD HG RVVLGL PHWDOOLFL IHUUR PDQJDQHVH WLWDQLR HFF $ VHFRQGD GHOO¶DFLGLWj HG LQ HTXLOLEULR FRQ DFTXD H VLOLFH GLVVROWD FRO WHPSR VL VYLOXSSD XQD UHD]LRQH GHO WLSR ¿OORVLOLFDWL + 2 LGU RVVLGL GL DOOXPLQLR LGU RVVLGL GL IHUUR VLOLFH GLVVROWD GLVVROX]LRQH LQFRQJUXHQWH

H SHU OD FDROLQLWH *$55(/6 ( &+5,67 LSRWL]]DQR OD VHJXHQWH UHD]LRQH $/ 6L 2 2+ + 2 $O 2 ā + 2 + 6L2 FDROLQLWH GLVVROX]LRQH JLEEVLWH GLVVROY VLOLFD LQFRQJUXHQWH

1HOOD EDX[LWL FDUVLFKH OD JLEEVLWH q DFFRPSDJQDWD H R VRVWLWXLWD GD ERHKPLWH H R GD GLDVSRUR H L GLIIHUHQWL FRQWHQXWL H SURSRU]LRQL GL JLEEVLWH ERHKPLWH H GLDVSRUR GLSHQGRQR GDO JUDGR GL LGUDWD]LRQH GUHQDJJLR LGULFR H JUDGR GL PDWXUD]LRQH &RHVL VWHQ]H GHOOH GLIIHUHQWL IDVL PLQHUDOL GLSHQGRQR GD WUDVSRUWR GHL PDWHULDOL PLVFHOD]LR QH H ULVHGLPHQWD]LRQL 'RYH F¶q FRHVLVWHQ]D GL ERHKPLWH H GLDVSRUR SHU OH GXH IDVL PHWDVWDELOL q VWDWD LSRWL]]DWD XQD UHD]LRQH GL HTXLOLEULR VWDQGDUG GHO WLSR $O 2 ā + 2 ĺ $O 2 ā + 2 FRQ ǻ) U ± NFDO PROH *$55(/6 &+5,67 ERHKPLWH GLDVSRUR 6HFRQGR %DUGRVV\ JLEEVLWH ERHKPLWH H GLDVSRUR VL SRVVRQR IRUPDUH LQ VH TXHQ]D FRQ DXPHQWR GHOOD GLVLGUDWD]LRQH GHO VHGLPHQWR FDPELDPHQWL GHO GUHQDJJLR H ± WDOYROWD ± VWUHVV GHIRUPDWLYL FKH FRQYHUWRQR OD JLEEVLWH LQ ERHKPLWH H VXFFHVVLYH YDULD]LRQL GL (K DOO¶LQWHUQR GHL SURFHVVL GLDJHQHWLFL LQ DPELHQWH ULGXFHQWH SRVVRQR SURGXUUH LO GLDVSRUR H J 1,$ .RPOyVV\ ,O SURFHVVR q VRPPDULDPHQWH ULSRUWDWR QHOOR VFKHPD LQGLFDWR LQ )LJ ,Q VLQWHVL L SURWROLWL SL LQVWDELOL FRPH URFFH IHPLFKH R XOWUDIHPLFKH YHQJRQR VRVWLWXLWL GD PLQHUDOL PHWD VWDELOL H GD QXRYL PLQHUDOL GXUDQWH O¶DOWHUD]LRQH DFTXD VXROR ,O PDWHULDOH q VRJJHWWR D WUDVSRUWR PLVFHOD]LRQH H VHGLPHQWD]LRQL FLFOLFKH FRQ WUDVIRUPD]LRQH GL QXRYH IDVL PLQHUDOL

Ë OD GLVVROX]LRQH GHO PLQHUDOH SULPDULR SURWROLWR FRQ IRUPD]LRQH GL PLQHUDOL VHFRQGDUL QHRPLQHUDOL]]D]LRQH *$55(/6 &+5,67 ´«7KH HVVHQFH RI WKH SUREOHP RI WKH RULJLQ RI EDX[LWHV OLHV LQ WKH UHODWLRQ EHWZHHQ NDROLQLWH + $O 6L 2 DQG JLEEVLWH $O 2 Ã + 2 «µ GD 6ROXWLRQV 0LQHUDOV DQG (TXLOLEULD

)LJ 7KH ¿JXUH VKRZV WKH WKHRUHWLFDO HYROXWLRQ RI WKH GLIIHUHQW $O R[LGHV DV D IXQFWLRQ RI (K )URP %$5'266<

± *OL DUFKLYL H JOL VWXGL LQWHUQD]LRQDOL 1HO SDVVDWR XQD LQGLVSHQVDELOH ULVRUVD ELEOLRJUD¿FD GL ULIHULPHQWR q VWDWD O¶,&62 %$ ,QWHUQDWLRQDO &RPPLWWHH IRU 6WXG\ RI %DX[LWH $OXPLQD DQG $OXPLQLXP ± XQD VWUXWWXUD LQWHUQD]LRQDOH FUHDWD D =DJDEULD QHO H GHGLFDWD DOOR VWXGLR HG DOOD SUR PR]LRQH GHOOH EDX[LWL H QHO FRQWHVWR GHOO¶,&62%$ VL q IRFDOL]]DWD O¶DWWHQ]LRQH VXOOH EDX[LWL LQ JLDFLWXUD FDUVLFD GRPLQDQWL QHOO¶DUHD PHGLWHUUDQHD FRQ XQD JUDQGH SURGX ]LRQH GL VWXGL H SXEEOLFD]LRQL H FRQ GLVSRQLELOLWj HQRUPH GL GDWL DQDOLWLFL ,Q SDVVDWR DOFXQL VWXGLRVL QH DWWULEXLYDQR OD JHQHVL DG XQD GHULYD]LRQH GDO UHVLGXR LQVROXELOH GHL FDOFDUL 6L JLXVWL¿FDYD TXHVWD WHVL FRQ OD SUHHVLVWHQ]D QHOOH VXFFHVVLRQL FDUERQDWLFKH GL UHVLGXL GL VXROL JLj UXEL¿FDWL RVVLD SDOHRVXROL ULPDVWL LQJOREDWL QHL FDUERQDWL VWHVVL QHO FRUVR GHOOD GLDJHQHVL FRPH PDWHULDOH LQVROXELOH H SURJUHVVLYDPHQWH ULODVFLDWL LQ VRVSHQVLRQH GXUDQWH OD GLVVROX]LRQH GHL FDOFDUL 3HU DYYDORUDUH TXHVWD WHVL VL LSRWL]]DYD FKH L QXRYL VHGLPHQWL GHULYDWL GD DQWLFKL SDOHRVXROL IRVVHUR ULPDVWL LQGLVWXUEDWL GXUDQWH WXWWD O¶HYROX]LRQH GHO WHUULWRULR FDUVLFR (VLVWHYDQR DQFKH LSRWHVL VXOOD ORUR IRUPD]LRQH ULFRQGXFLELOL D IHQRPHQL LGUR WHUPDOL IDXWRUH GL TXHVWD WHRULD HUD &DPLOOR &UHPD 3UHVLGHQWH GHOOD 6RFLHWj *HR ORJLFD ,WDOLDQD 4XHVWH LGHH VRQR VWDWH PDQWHQXWH D OXQJR DQFKH QHO VHWWRUH GLGDWWLFR QRQRVWDQWH OH WHRULH FODVVLFKH GL 78û$1 H .,63$7,û IRVVHUR VWDWH VXSHUDWH GDJOL VWXGL GHL JHRFKLPLFL GHOOD VFXROD UXVVD 0$/<$9.,1 H $5&+$1*(/6.< FKH DYHYDQR SRVWXODWR FKH PLQHUDOL GL DOOXPLQLR H GL IHUUR GHULYDQWL GDOO¶DOWHUD]LRQH GL URFFH DOOXPLQRVLOLFDWLFKH IRVVHUR VWDWL WUDVSRUWDWL LQ VRVSHQVLRQH FROORLGDOH H VXF FHVVLYDPHQWH ÀRFFXODWL LQ VHGLPHQWL EDX[LWLFL SURSRVWH VXFFHVVLYDPHQWH FRQIHUPDWH GD %86&+,16.< FKH FODVVL¿Fz OH EDX[LWL FDUVLFKH FRPH EDX[LWL VHGLPHQWDULH RULJLQDWH GDOOD UL GHSRVL]LRQH GL PDWHULDOH ODWHULWLFR DOWHUDWR /D WHVL GL %86&+,16.< SUHYHGHYD GXQTXH FKH TXHVWH URFFH GHULYDVVHUR GD ODWHULWL FRQ OD SRVVLELOLWj FKH LQ 0(5/$. ( 8QD ELEOLRJUDÀD VHOH]LRQDWD GHOOH EDX[LWH FDUVLFKH H WHUUH URVVH &DUVR FODVVLFR LWDOLDQR 6ORYHQLD *UD]LD 3DHVL GHOO·H[ <XJRVODYLD $OEDQLD 8QJKHULD 5RPDQLD $WWL 0XV &LY 1DW 7ULHVWH 7HUPLQH FKH LQGLFD SDOHR VXROL URVVL SHU FRQWHQXWR GL HPDWLWH

FHUWH FRQGL]LRQL WRSRJUD¿FKH LO PDWHULDOH IRVVH VWDWR VRJJHWWR D WUDVIRUPD]LRQL ULPD QHJJLDWR PLVFHODWR H WUDVSRUWDWR LQ DUHH ¿QDOL FRQ FRQVHJXHQWH GLDJHQHVL 7(1<$.29 VXOOD EDVH GHOOH ULVXOWDQ]H JHRFKLPLFKH HG LQ SDUWLFRODUH VXO FRQWHQXWR FRVWDQWH GL JHUPDQLR *H FRQFOXVH FKH ³«EDX[LWHV RI SODWIRUP DUHDV DUH WKH SURGXFWV RI WKH XQLIRUP SURFHVV RI GLVLQWHJUDWLRQ RI DOOXPRVLOLFDWH URFNV«´ OHJJL DQFKH 3$-29,ý 3HU O¶RFFLGHQWH OH ULFHUFKH VL VSHFLDOL]]DQR FRQ L ODYRUL GL &20%(6 H .20 /266< DXWRUL FKH VXOOD EDVH GL RVVHUYD]LRQL FRPSLXWH LQ 8QJKHULD *UHFLD H )UDQFLD ULOHYDQR OD VWUHWWD FRUUHOD]LRQH WUD PLQHUDORJLD GHOOH EDX[LWL FDUVLFKH H FRQGL ]LRQL UHGR[ GHL VHGLPHQWL LQ IDVH GL GLDJHQHVL 6XOOR VWHVVR WHPD 0LQGV]HQW\ H '¶$UJHQLR HW DO VXJJHUL VFRQR FKH VWUXWWXUD H WHVVLWXUD GL TXHVWH URFFH YDGDQR LQWHUSUHWDWH VXOOD EDVH GHOOD PRUIRORJLD FDUVLFD GHL FDOFDUL RVSLWDQWL H FKH OH VWHVVH EDX[LWL IRUQLVFRQR VRSUDWWXWWR LQGLFD]LRQL VXOOH SDOHR VXSHU¿FL FDUVLFKH ,O FRQFHWWR q VHPSOLFH OH FRQGL]LRQL DPELHQWDOL UHGR[ LQ FXL VL IRUPDQR L JLDFL PHQWL VRQR FRQGL]LRQDWL GDO UHODWLYR OLYHOOR GHOO¶DFTXD GL IRQGR SDOHR JURXQG ZDWHU WDEOH QHOO¶LQWHUYDOOR WUD VHGLPHQWD]LRQH H GLDJHQHVL 8Q OLYHOOR G¶DFTXD HOHYDWR ID YRULVFH OD SURGX]LRQH GL DFTXH VWDJQDQWL H FRQGL]LRQL ULGXFHQWL SHU L VHGLPHQWL XQ OLYHOOR EDVVR GHOOH DFTXH GL IRQGR FRQVHQWH XQ RWWLPR GUHQDJJLR QHL WHUUHQL FDOFDUHL IUDWWXUDWL HG FDUVL¿FDWL H IDYRULVFH TXLQGL FRQGL]LRQL RVVLGDQWL ,Q )LJ q ULSRUWDWR OR VFKHPD VHPSOL¿FDWR DGRWWDWR SHU LOOXVWUDUH LO IHQRPHQR 1DWXUDOPHQWH VWUXWWXUH H WHVVLWXUH GHL GHSRVLWL GL EDX[LWL FDUVLFKH VRQR FRQVH JXHQ]D GHOOD PRUIRORJLD FDUVLFD H GHL YXRWL FKH YDQQR DG RFFXSDUH H UHJLVWUDQR TXLQGL OD FRQGL]LRQH GHL ULOLHYL SDOHR FDUVLFL ,Q IRUPD]LRQL EDX[LWLFKH VWUXWWXUDWH LQ WHUUHQL FDUVLFL GL EDVVR OLYHOOR FRQ HOHYDWD DOWH]]D GHOO¶DFTXD GL IRQGR VL ULOHYDQR WHVVLWXUH LQFURFLDWH H IRUWH PLVFHOD]LRQH GL PLQHUDOL FKH WHVWLPRQLDQR VHGLPHQWL VRJJHWWL DG LQWHQVR WUDVSRUWR H ULPHVFRODPHQWR

)LJ 6FKHPDWLF PRGHOV RI ³YDGRVH´ DQG ³SKUHDWLF´ NDUVW EDX[LWHV IRUPDWLRQ IURP '¶$UJHQLR HW DO DQG PRGL¿HG

&RQ L QXRYL VWXGL VXOOD PLFUR PLQHUDORJLD GHO UHVLGXR LQVROXELOH VRQR HODERUDWH QXRYH LQIRUPD]LRQL VXOOD JHRORJLD GHL WHUUHQL QRQ FDUERQDWLFL FLUFRVWDQWL HG DGLDFHQWL OH DUHH FDUVLFKH FRQVHQWHQGR LQWHUSUHWD]LRQL FURQRORJLFKH H ULFRVWUX]LRQL GHJOL HYHQWL GL VPDQWHOODPHQWR GHOOH DUHH VXSHU¿FLDOL SURVVLPH DL VHGLPHQWL EDX[LWLFL $17$/ - 0,1'6=(17< 0,1'6=(17< HW DO .(/(0(1 HW DO 1HO VHWWRUH GHOOD GLGDWWLFD OH PRQRJUD¿H HVDXVWLYH GLVSRQLELOL HG DOOH TXDOL IDUH ULIHULPHQWR VRQR L WHVWL GL 9$/(721 , H GL %$5'266< *< FRQVXOWDWL QHOOH XQLYHUVLWj FRPH FODVVLFL H GD TXHVWL ODYRUL VL ULOHYD FRPH LO WHPD VLD FROORFDEL OH QHOOD WHPDWLFD ULJXDUGDQWH L SURFHVVL GL ZHDWKHULQJ H VHGLPHQWD]LRQH GL PDWHULDOL SURYHQLHQWL GDOOH IRUPD]LRQL URFFLRVH XOWUDIHPLFKH HPHUJHQWL DL PDUJLQL FRQWLQHQWDOL ,Q SDUWLFRODUH %$5'266< q VWDWR XQR WUD L SULPL VFLHQ]LDWL D VSLHJDUH O¶DVSHW WR JHRFKLPLFR H SDOHR JHRJUD¿FR GHOOH EDX[LWL FDUVLFKH VXGGLYLGHQGROH LQ EDVH DO SRVL]LRQDPHQWR GHL JLDFLPHQWL ULVSHWWR DOOH VWUXWWXUH WHWWRQLFKH GHO WHUULWRULR ³XQD JUDQ SDUWH GHOOH EDX[LWL FDUVLFKH IXURQR VHGLPHQWDWH LQ FRUULVSRQGHQ]D GHOO¶RURJHQH H VRODPHQWH XQD SDUWH VXOOH SLDWWDIRUPH FRQWLQHQWDOL´ ,O WHPD WUDWWDWR GD %DUGRVV\ FRQ¿JXUDYD OH GLIIHUHQ]H WUD WLSL GL URFFH GLVWLQJXHQ GROH GXQTXH SHU FDUDWWHUL]]D]LRQL PLQHUDORJLFKH SHWURJUD¿FKH H SHU VWUXWWXUD H IRUPD GHL GHSRVLWL &Lz KD SRUWDWR VXFFHVVLYDPHQWH D QXRYH FRQFH]LRQL FRQ OD FUHD]LRQH GL LQGLUL]]L GL SHQVLHUR FKH WUDWWDQR LO SUREOHPD VRWWR SL DVSHWWL DQDOLWLFL PLQHUDORJLD JHRFKLPL FD WHWWRQLFD FOLPDWRORJLD H SDOHR JHRJUD¿D ± /¶HYROX]LRQH QHJOL VWXGL VXOOH EDX[LWL LQ JLDFLWXUD FDUVLFD /¶81(6&2 ± *HQHUDO &RQIHUHQFH ± WK 6HVVLRQH GL 3DULJL QHO ± SURSRVH XQD VHULH GL SURJHWWL JHRORJLFL ,*&3 LQFOXVL QHO 3URJHWWR JHQHUDOH ,*&3 Q GH QRPLQDWR ³7HWK\DQ %DX[LWHV´ FRQ ULIHULPHQWR DOOH EDX[LWL LQ JLDFLWXUD FDUVLFD NDUVW EDX[LWHV H FRQ O¶RELHWWLYR GL GH¿QLUH XQ TXDGUR SL SUHFLVR GHO IHQRPHQR 1HO ³3URJHWWR´ HUD FRQWHPSODWD XQD YDVWD UDFFROWD GL GDWL DQDOLWLFL FRPSUHQGHQWL JOL DVSHWWL JHRFKLPLFL O¶HYROX]LRQH SDOHRJHRJUD¿FD GHL WHUULWRUL OD WHWWRQLFD H L SD OHRFOLPL 'D TXHVWR SURJHWWR JHQHUDOH VL VRQR VYLOXSSDWL VLQJROL VWXGL FRQ LQQRYDWLYH PHWRGRORJLH GL ULFHUFD H GL DQDOLVL ,Q VHJXLWR VL VRQR DWWLYDWL VWXGL H FROODERUD]LRQL WUD VFLHQ]LDWL H ULFHUFDWRUL GL GL YHUVH QD]LRQL LQWHUHVVDWL D GH¿QLUH XQD FRPXQH YLVLRQH JHRFKLPLFD GL TXHVWH URFFH $WWXDOPHQWH OH ULFHUFKH VL FRQFHQWUDQR DQFKH VXOOD SRVVLELOLWj GL VIUXWWDPHQWR HFRQRPLFR GHL GHSRVLWL GHOOH ODWHULWL H GHOOH IRUPD]LRQL EDX[LWLFKH GHOO¶DUHD FLUFXP PHGLWHUUDQHD FRQWHQHQWL 1L &U H &R /H ODWHULWL DQFKH SURGRWWL GL DOWHUD]LRQH VXSHU¿FLDOH WURSLFDOH PD VHQ]D DUULFFKL PHQWR VSHFLDOH GL DOOXPLQLR H FRVu QRQ QHFHVVDULDPHQWH EDX[LWLFL D GLIIHUHQ]D GHOOH EDX[LWL VL IRUPDQR IUHTXHQWHPHQWH PD QRQ VHPSUH VX URFFH XOWUDPD¿FKH SURIRQGD PHQWH DOWHUDWH H QHOOD UHJLRQH GHOOD 7HWLGH VRQR VSHVVR GHULYDWH GD FRPSOHVVL R¿ROL WLFL +(55,1*721 HW DO 3L UDUDPHQWH LQYHFH FRQFHQWUD]LRQL GL 1L &U H &R

)LJ 6FKHPDWLF VHFWLRQ VKRZLQJ WKH UDQJH RI 1L &R ODWHULWLF GHSRVLWV IRXQG LQ WKH %DOFDQ DIWHU %2(9 $1' -$1.29,ý ± PRGL¿HG 1LFNHO GHSRVLWV DUH GHYHORSHG RQ NDUVWL¿HG OLPHVWRQHV FORVH WR D ZHDWKHUHG XOWUDPD¿F VRXUFH UHJLRQ

SRVVRQR FRVWLWXLUH GHSRVLWL LQWHUHVVDQWL DQFKH QHOOH EDX[LWL FDUVLFKH SDUWLFRODUPHQWH TXDQGR SURGRWWL GL DOWHUD]LRQH GHOOH URFFH R¿ROLWLFKH VRQR ULHODERUDWL H GHSRVLWDWL VXOOH VXSHU¿FL FDUVLFKH H J 9$/(721 %2(9 HW DO KDQQR HVSORUDWR GHSRVLWL GL QLFKHO DVVRFLDWL D FDOFDUL FDUVL¿ FDWL LQ GLYHUVH DUHH GHL %DOFDQL H GHOOD UHJLRQH RFFLGHQWDOH GHOOD 7HWLGH 6L WUDWWD GL 1L ODWHULWL GL RULJLQH DXWRFWRQD VYLOXSSDWH GDO ZHDWKHULQJ GL VRWWRVWDQWL IRUPD]LRQL GL SHULGRWLWL H VHUSHQWLQLWL 3DUWH GL TXHVWL GHSRVLWL KDQQR PLJUDWR YHUVR OH FRQ¿QDQWL IRUPD]LRQL FDOFDUHH FRVWLWXHQGR QXRYL GHSRVLWL VYLOXSSDWL QHOOH IUDWWXUH H QHL YDQL FDUVL¿FDWL GHL FDOFDUL /H VWUXWWXUH VRQR FODVVL¿FDWH FRPH ³JLDFLPHQWL PLQHUDUL GL 1L VLOLFDWL GL WLSR FDUVLFR´ 6L WUDWWD GL SURFHVVL FKH QRQ SRVVRQR HVVHUH LQTXDGUDWL QHOOD FDWHJRULD GHOOH EDX[LWL FDUVLFKH LQ TXDQWR LO PDWHULDOH q GHULYDWR GLUHWWDPHQWH GDO SURGRWWR GHO ZHDWKHULQJ GHOOH 1L ODWHULWL HG LO FRQWHQXWR PLQHUDORJLFR q GLIIHUHQWH GD TXHOOR GHOOH EDX[LWL H O¶XQLFD DQDORJLD FRQVLVWH QHOOD VRPLJOLDQ]D PRUIRORJLFD GHL JLDFLPHQWL /D ¿JXUD )LJ ULSRUWD D SURSRVLWR OD VH]LRQH VFKHPDWLFD GHOOD VWUXWWXUD JHRORJLFD GL DOFXQL GHL GHSRVLWL PLQHUDUL GL ODWHULWL ULFFKH GL 1L H &R GLVWULEXLWL QHOOD IRUPD]LRQH FDUVLFD GL HWj &UHWDFHR (RFHQH , GHSRVLWL VRQR FRQRVFLXWL DQFKH FRPH 1L VLOLFDWH RUHERGLHV RI NDUVWLF W\SH 1HJOL XOWLPL DQQL VL q DJJLXQWR XQ ¿ORQH GL ULFHUFD ULJXDUGDQWH OH WHUUH UDUH 5((¶V SUHVHQWL QHL JLDFLPHQWL EDX[LWLFL ,QIDWWL VLD OH EDX[LWL FDUVLFKH VHOH]LRQDWH VLD L UHVLGXL GL ODYRUD]LRQH FRVWLWXLVFRQR SRWHQ]LDOPHQWH XQD EXRQD ULVRUVD GL 5((¶V Ê DFFHUWDWR FKH OD FRQFHQWUD]LRQH LQ 5(( DXPHQWD GL PROWH YROWH GXUDQWH LO ZH DWKHULQJ H OD EDX[LWL]]D]LRQH ¿QDOH QHOOD SDUWH LQIHULRUH GHL GHSRVLWL 0$.6,029,& 3$172 '($'< ( HW DO &9(7.29,ý HW DO ± )LJ H FLz FRVWLWXLVFH XQD EDVH GL SDUWHQ]D SHU OH HVSORUD]LRQL PLQHUDORJLFKH GHL JLDFLPHQWL

'($'< HW DO VXJJHULVFR QR FKH QHO PRPHQWR LQ FXL FL VLD XQD FHU WD FRQFHQWUD]LRQH GL 5(( VXSHULRUH DL SSP QHO PDWH ULDOH EDX[LWLFR TXHVWR SXz HVVHUH DGVRUELWR VXOOD VXSHU¿FLH GHL PLQHUDOL DUJLOORVL 1HO SURVHJXR GHO SURFHV VR GL EDX[LWL]]D]LRQH O¶DFTXD FKH SHUFROD DWWUDYHUVR LO PDWHULDOH DUJLOORVR SXz ULPXRYH )LJ 6FKHPDWLF GLDJUDP VKRZLQJ WKH LQFUHDVH RI 5(( LQ GHSWK RI WKH GHSRVLW UH XQD SDUWH GHJOL 5(( ZLWK YDU\LQJ (K FRQGLWLRQ )URP %$5'266< LQ '($'< ( HW DO )RUPHG E\ DFFXPXODWLRQ RI UHVLGXDO FOD\V GHULYHG IURP WKH ZHDWKHULQJ RI DOXPLQRVLOLFDWH H WUDVSRUWDUOL YHUVR OD PLQHUDOV LQ GHSUHVVLRQV RQ FDUERQDWH SDOHRWRSRJUDSK\ 7KH FRQWHQW RI WKH GHSUHV ]RQD SL EDVVD GHO GH VLRQV DUH EDX[LWLVHG WKURXJK GHHS ODWHULWLF ZHDWKHULQJ DQG GHVLFL¿FDWLRQ RI VRLOV SRVLWR ,Q TXHVWD ]RQD JOL 5(( SRWUHEEHUR TXLQGL IUD]LRQDUVL HG DQGDUH D IRUPDUH GHL PLQHUDOL DXWLJHQL LO SL FRPXQH GHL TXDOL q LGHQWL¿FDWR FRPH K\GUR[LOEDVWQlVLWH 1G >1G &2 2+ @ 'XUDQWH L SURFHVVL GL FROWLYD]LRQH GL XQD EDX[LWH WDOL PDWHULDOL ¿QLVFRQR SHU FRQ FHQWUDUVL VRSUDWWXWWR QHL IDQJKL URVVL FKH QH GHULYDQR GDO SURFHVVR %D\HU FRPH UHVLGXL GHOOD SURGX]LRQH GHOO¶DOOXPLQD '($'< HW DO 9,1' HW DO 021',//2 HW DO 021*(//, HW DO DQDOL]]DQGR L FDPSLRQL GL EDX[LWH FUHWDFLFD GHOO¶,WDOLD FHQWUR PHULGLRQDOH KDQQR RVVHUYDWR FRQWHQXWL PDVVLPL GL 5(( WUD L H L SSP SHU FDPSLRQL GL 3XJOLD H &DPSDQLD GL FLUFD SSP LQ $EUX]]R H GL FLUFD SSP LQ 6DUGHJQD 6XFFHVVLYDPHQWH 387=2/8 HW DO VL VRQR FRQFHQWUDWL VXOOH EDX[LWL DEUX]]HVL QRWDQGR FRPH LO FRQWHQXWR GL 5(( VLD PHGLDPHQWH PRGHVWR FRP SUHVR WUD H SSP 1HL FDPSLRQL GHOOD 3XJOLD DG HVHPSLR LO FHULR q XQ HOHPHQWR DEEDVWDQ]D SUH VHQWH H ULVXOWD FRQFHQWUDWR QHOOD SDULVLWH XQ PLQHUDOH GHO JUXSSR GHOOD EDVWQlVLWH GL IRUPXOD 5(( &D &2 ) 021*(//, HW DO 7UD JOL DOWUL DXWRUL FKH KDQQR DQDOL]]DWR WDOH IHQRPHQR VL SRVVRQR FLWDUH (//$+, HW DO $%(',1, HW DO H 5$'86,129,ý 1HO ODYRUR GL (//$+, HW DO YHQJRQR DQDOL]]DWH OH FRQGL]LRQL JHRFKLPLFKH GHO JLDFLPHQWR GL 'RSRODQ 0RQWL =DJURV *OL VWXGL KDQQR DFFHUWDWR TXL XQ SURJUHVVLYR PDJJLRUH DUULFFKLPHQ

+\GUR[LO EDVWQlVLWH DV D QHZ PLQHUDO ZDV GHVFULEHG À +\GUR[LO EDVWQlVLWH DV D QHZ PLQHUDO ZDV GHVFULEHG ÀUVW E\ 0 UVW E\ $.6,029,& 3$172

WR GHOOH WHUUH UDUH OHJJHUH /5((V ULVSHWWR DOOH WHUUH UDUH SHVDQWL +5((V FRQ LQFUHPHQWR QHOOH SDUWL UH VLGXDOL GL $O =U 1E H +I )LJ , SURFHVVL GL DOWHUD]LRQH PLQHUDOH FKH ULJXDUGDQR OD PRELOL]]D]LRQH GL HOHPHQWL LQ WUDFFLD GXUDQWH OD IRU PD]LRQH H O¶HSLJHQHVL GHO OH EDX[LWH GL WLSR FDUVLFR VRQR VWDWL VWXGLDWL DQFKH QHL JUDQGL JLDFLPHQWL GHYRQLD )LJ 0LFURSKRWRJUDSKV RI WKH 'RSRODQ GHSRVLW =DJURV 0RXQWDLQ ,UDQ GLDVSRUH FRQFUHWLRQ LQ D SRURXV PDWUL[ FRPSRVHG RI NDROLQLWH NDR NDROL QL GL 6KXJRUVN QHJOL 8UDOL QLWH 'VS GLDVSRUH 7KH LVRWRSH YDOXHV IRU NDROLQLWH LQ WKH EDX[LWH VDP 025'%(5* HW DO SOH VXJJHVW HTXLOLEUDWLRQ ZLWK PHWHRULF ZDWHUV ZKLFK VXSSRUW D VXSHUJHQH RULJLQ DQG UHPRELOL]DWLRQ RI $O ZLWK IRUPDWLRQ RI VHFRQGDU\ ERHKPLWH DQG GRYH q VWDWD DFFHUWDWD OD GLDVSRUH )URP (//$+, HW DO $XWKRUL]HG UHSURGXFWLRQ IRUPD]LRQH GL OHXFR[HQH FRQ FRQFHQWUD]LRQH GL 1E &U 9 DQG : 6X TXHVWD WHPDWLFD SXz HVVHUH LQWHUHVVDQWH FRQVXOWDUH OH UHOD]LRQL SUHVHQWDWH DO SULPR ³5((%$8; :RUNVKRS´ WHQXWR LQ &URD]LD QHOO¶RWWREUH DYHQWH FRPH LQGL UL]]R VWXGLR OD ULFHUFD H OH SRVVLELOLWj GL VIUXWWDPHQWR GHL PLQHUDOL HG HOHPHQWL GL 5(( FRQWHQXWL QHOOH EDX[LWL FDUVLFKH ,Q TXHVWR FRQYHJQR LQWHUQD]LRQDOH VRQR VWDWL WUDWWDWL GLYHUVL WHPL ,Q SDUWLFRODUH JOL DXWRUL KDQQR LOOXVWUDWR JOL DVSHWWL GHOOD JHRFKLPLFD H O¶HYROX]LRQH WHFWRQR VWUDWLJUD¿FD GHOOH UHJLRQL GHOO¶(XURSD VXG RULHQWDOH LQFOXVD DQFKH SDUWH GHL %DOFDQL H OH SRWHQ]LDOL ULVRUVH ± 'LVFXVVLRQH , EDFLQL PDUJLQDOL GHOO¶DUHD GHOOD 7HWLGH FRPSUHQGHQWL OD UHJLRQH PHGLWHUUDQHD L %DOFDQL H O¶DUFR DQDWROLFR LUDQLDQR SRVVRQR HVVHUH FRQVLGHUDWL VHGL GL SURGX]LRQH GL PDWHULDOL FKH DWWUDYHUVR SURFHVVL GL ZHDWKHULQJ WUDVSRUWR H VHGLPHQWD]LRQH VL VRQR HYROXWL LQ EDX[LWL FDUVLFKH D SDUWLUH GDO 7ULDVVLFR ,Q DOFXQH DUHH %DOFDQL OD IRUPD]LRQH GHL PDJJLRUL JLDFLPHQWL q DYYHQXWD LQ XQ SHULRGR WUD LO 7ULDVVLFR H O¶(RFHQH FRQ SLFFKL LGHQWL¿FDELOL LQ FRLQFLGHQ]D FRQ LO PDVVLPR WHUPLFR 3DOHRFHQH (RFHQH 3HU OD 7HWLGH GDJOL VWXGL JHR VWUDWLJUD¿FL GHO *LXUDVVLFR H GHO &UHWDFLFR OD SUHVHQ]D GHOOH EDX[LWL FDUVLFKH FRVWLWXLVFH HYLGHQ]D GL ³PDUNHUV UHJLRQDOL´ FKH FRQVHQWRQR OD YDOXWD]LRQH GL XQD VHULH GL HYHQWL JOREDOL ,O OHXFR[HQH q XQ JHQHULFR PLQHUDOH WLWDQLIHUR (VLVWRQR DQFKH JLDFLPHQWL VIUXWWDELOL GL EDX[LWH FDUVLFKH GHOO·2OLJRFHFH 2EDUyN 8QJKHULD H GHO 0LRFHQH %DUDFL H[ <XJRVODYLD

3HU OH EDX[LWL GHJOL 8UDOL LO PDVVLPR SLFFR FRUULVSRQGH DO 'HYRQLDQR /D )LJ ULSRUWD XQ TXDGUR VHPSOL ¿FDWR GHL YDUL SLFFKL GL GHSRVL]LRQH UL VXOWDQWL GDOO¶LQWHQVLWj GHO ZHDWKHULQJ LQ IXQ]LRQH GHL WHPSL JHRORJLFL SHU 0HGLWHU UDQHR %DOFDQL HG 8UDOL %$5'266< $/( 9$ OH FXUYH VRQR VWDWH VXFFHVVL YDPHQWH GHVFULWWH DQFKH GD +(55,1*721 HW DO )UHTXHQ]D HQWLWj H GLVWULEX]LRQH GHL JLDFLPHQWL VRQR FRQVLGHUDWL TXLQGL LQGLFL GL VXFFHVVLRQH GL HFFHVVL FOLPDWLFL HVSRVL ]LRQL VXEDHUHH GL YDULD GXUDWD SDURVVLVPL YXOFDQLFL HIIXVLRQL ODYLFKH HFF 1HOOD SHQLVROD LWDOLDQD SHU HVHPSLR L GHSRVLWL EDX[LWLFL VRQR GLIIXVL QHOOD VXF FHVVLRQH FDUERQDWLFD GHO 0HVR]RLFR $ WDO SURSRVLWR 021',//2 HW DO LSRWL]]D )LJ 6LPSOL¿HG GLDJUDP VKRZLQJ SHDN EDX[LWH GHYHO QR FKH OD SUHVHQ]D FRVWDQWH GL SDUWLFRODUL RSPHQW ZLWK UHVSHFW WR JHRORJLFDO WLPH PRGL¿HG IURP DVVRFLD]LRQL GL GHWULWL GL PLQHUDOL SHVDQWL +(55,1*721 (7 $/ DQG +(55,1*721 HW DO SRVVDQR HVVHUH ULFRQGXFLELOH D PDWHULDOH GL RULJLQH YXOFDQLFD WUDVSRUWDWR GDO YHQWR LSRWHVL DYYDORUDWD GDO YXOFDQLVPR HVSOR VLYR QHOO¶DUHD GHOOH 'LQDULGL PD DQFKH GD WUDVSRUWR HROLFR GD WHUUHQL VXROL HVSRVWL 6HPSUH SHU O¶$SSHQQLQR 387=2/8 HW DO QHOOD FDUDWWHUL]]D]LRQH JHRFKLPL FD GHL GHSRVLWL GHJOL $EUX]]L WUDWWDQR GHL FRQWHQXWL LQ 1L &U FKH SRWUHEEHUR HVVHUH ULFRQGXFLELOL LQ SDUWH D WHIUD YXOFDQLFL 1HOOR VWHVVR VWXGLR VRQR DQDOL]]DWH OH PLFUR WHVVLWXUH GL RROLWL H GL PLQHUOL GHWULWLFL H YHQJRQR ULOHYDWH OH DOWHUQDQ]H QHL JLDFLPHQWL GL )H LGU RVVLGL H ERHKPLWH )LJ 6L ULFRUGD FKH GXUDQWH LO 0HVR]RLFR SHU OD SRVL]LRQH LVRODWD GHOOD SLDWWDIRUPD FDUERQDWLFD GHJOL $SSHQQLQL VL HVFOXGH OD SRVVLELOLWj GL LPSRUWDQWL DSSRUWL WHUULJHQL FRQ WUDVSRUWR ÀXYLDOH R PDULQR /(1$= ' 6&+0,7= % $/9$5(= : ± 7KH WHUUHVWULDO &U VSLQHOV LQ WKH 0DLROLFD /LPHVWRQH :KHUH DUH WKH\ IURP" 0DQRVFULWWR GHO SHU JHQWLOH FRQFHVVLRQH GL 'DYLGH /HQD] ,QIDWWL PROWL DXWRUL %$5'266< HW DO '¶$5*(1,2 ( 0,1'6=(17< KDQ QR VHPSUH VRVWHQXWR OD WHVL GHO WUDVSRUWR HROLFR GL PDWHULDOH SURYHQLHQWH GDOOH VXSHU ¿FL HVSRVWH R GL PDWHULDOH GHULYDQWH GD YXOFDQHVLPR HVSORVLYR /¶HVFOXVLRQH GL DWWLYLWj ÀXYLDOH DOPHQR LQ PROWL FDVL q FRQIHUPDWD GD 3$-29,& ³,W LV DOVR NQRZQ WKDW NDUVW EDX[LWH RULJLQDWHG RQ QXPHURXV FDUERQDWH LVODQGV /H IXQ]LRQL GL GLVWULEX]LRQH GHOOD EDX[LWH FDUVLFKH QHO WHPSR LQ UDSSRUWR DOOH ODWHULWL VRQR ULSRUWDWH VX /DWHULWLF %DX [LWHV GL %DUGRVV\ 'RZQORDG 0DQXVFULSW /HQD] 6FKPLW] $OYDUH] WH[W GRF[ 'RZQORDG 0DQXVFULSW /HQD] 6FKPLW] $OYDUH] WH[W GRF[

DQG SHQLQVXODV WKDW FRXOG QRW KDYH EHHQ FRQQHFWHG ZLWK WKH DGMDFHQW ODQGPDVV E\ D K\GURJUDSKLF QHWZRUN ZKLFK LV XQGRXEWHGO\ WKH SURRI WKDW WKH SDUHQW PDWH ULDO ZDV QRW WUDQVSRUWHG E\ ULYHUV´ 0ROWL VHGLPHQWL VRQR DVVRFLDWL D OLYHOOL SDOHR FDU VLFL HG RFFXSDQR LQ VWUXWWX UH GLYHUVH OH GLVFRQWLQXLWj VWUDWLJUD¿FKH GHOOH VXFFHV VLRQL FDUERQDWLFKH FKH VRQR VWDWH FDUDWWHUL]]DWH GD XQD HVSRVL]LRQH VXEDHUHD L FXL RUGLQL VRQR GL GXUDWD SUH )LJ %6( %DFNVFDWWHUHG HOHFWURQ SKRWRPLFURJUDSKV VKRZLQJ WKH PL VXPLELOPHQWH YDULDELOH WUD FURWH[WXUH RI WKH RROLWHV DQG WKH GHWULWDO PLQHUDOV FRQFHQWULF RROLWH VKRZLQJ DOWHUQDWLRQ RI )H K\GU R[LGHV ZLWK ERHKPLWH 0W 2UVHOOR ,WDO\ 7KH H DQQL 0D RJQL FDO WKH RROLWHV KDYH D KLJKW GHJUHH RI WH[WXUDO FRPSOH[LW\ )URP 387=2/8 HW DO FROR ULJXDUGR OD GXUDWD GL ± *HRFKHPLFDO &KDUDFWHUL]DWLRQ RI %DX[LWH 'HSRVLWV IURP WKH $EUX]]L HVSRVL]LRQH VXEDHUHD VDOYR 0LQLQR 'LVWULFW ,WDO\ $XWKRUL]HG UHSURGXFWLRQ TXDOFKH HFFH]LRQH q LSRWH WLFR SRLFKp TXHVWH URFFH VL HYROYRQR LQ XQD VLWXD]LRQH GL HVWUHPR ZHDWKHULQJ FRQ HOHYDWD RVVLGD]LRQH GL VXSHU¿FLH FKH GLVWUXJJH DQFKH RJQL WUDFFLD ELRORJLFD HG LPSH GLVFH FRUUHOD]LRQL FURQR VWUDWLJUD¿FKH DQFKH SHU HIIHWWR GHO GLDFURQLVPR H OD GXUDWD GHOO¶DWWLYLWj WHWWRQLFD QRQ q TXDVL PDL PLVXUDELOH 'DWD]LRQL GL EDX[LWL FDUVLFKH VRQR FRPXQTXH HVHJXLELOL LQ SUHVHQ]D GL VXI¿FLHQWL TXDQWLWj GL VLOLFDWL SULPDUL ± FRPSUHQGHQWL ]LUFRQL GHWULWLFL GL SURYHQLHQ]D PDJPDWLFD %21, 0 HW DO '81./ .(/(0(1 HW DO H H FRQ EXRQL ULVXOWDWL 8QD FDUDWWHULVWLFD GHOOH EDX[LWL FDUVLFKH q UDSSUHVHQWDWD GDOOH GLIIHUHQ]LD]LRQL PL QHUDORJLFKH FKH SRVVRQR HVVHUH LQWHUSUHWDWH FRPH LQGLFH GL ULPDQHJJLDPHQWL DYYHQXWL LQ GLYHUVH IDVL ,Q TXHVWR FRQWHVWR q QHFHVVDULR ULFRUUHUH DOOD GLIIHUHQ]D VLJQL¿FDWLYD WUD GHSRVLWL PDWXUDWL LQ DPELHQWH YDGRVR H TXHOOL VYLOXSSDWL LQ DPELHQWH IUHDWLFR 8Q HVHPSLR GL GLIIHUHQ]LD]LRQH PLQHUDOH LQ IDVH GL GLDJHQHVL q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ÀXVVR VWUXWWXUH IUHDWLFKH KDQQR GHWHUPLQDWR FRQGL]LRQL ULGXFHQWL DUHH GL HOHYDWR GUHQDJJLR VWUXWWXUH YDGRVH KDQQR GHWHUPLQDQR FRQGL]LRQL RVVLGDQWL

)LJ 3KRWRJUDSKLF FRPSRVLWLRQ VKRZLQJ WKH WH[WXUH RI NDUVW EDX[LWH OHQV LQ XSSHU &UHWDFHRXV OLPHVWRQHV 6WDUD %DVND ± .UN &URDWLD 6DPSOH RI URFN YHU\ FRPSDFW FROOHFWHG QHDU DQ DQFLHQW TXDUU\ 7KH LQWHQVH FKURPDWLF YDULDWLRQV DUH D FRQVHTXHQFH RI PLQHUDO YDULDWLRQ WKDW RFFXUUHG GXULQJ WKH WUDQVSRUW DQG PL[LQJ RI WKH PDWHULDO D &OHDU SDUW EHLJH \HO ORZ ERHKPLWH JRHWKLWH E 'DUN SDUW UHG ERHKPLWH KHPDWLWH 3KRWR 0HUODN 5; GLIIUDFWLRQ E\ 'DYLGH /HQD] DQG 0DWWHR 9HOLFRJQD SHUIRUPHG DW 'HSDUWPHQW RI 0DWKHPDWLFV DQG *HRVFLHQFHV RI WKH 8QLYHUVLW\ RI 7ULHVWH

)LJ 5HG FDOFLWH VSHOHRWKHPV GHYHORS LQ WKH ZDWHU WDEOH FDYHV D 'LIIXVH ÀRZ LV GRPLQDQW WKURXJKRXW WKH H[SRVHG VXUIDFH E )UDFWXUHV IRFXV WKH ÀRZ ZKLOH GHSRVLWV RI EDX[LWHV VWDUWV WR DFFXPXODWH RQ WKH VXUIDFH ZKHUH GUDLQDJH LV EHVW DQG FDYHV IRUP F )ORZ LV FRQFHQWUDWHG DORQJ WKH IUDFWXUHV WKDW GHYHORS WR FRQGXLWV $V UHVXOW RI XSOLIW RI WKH UHJLRQ ZDWHUWDEOH PRYHV GRZQZDUG &DYHV IRUP DW OHYHO RI WKH QHZ ZDWHUWDEOH G 3DUWLFOHV IURP WKH EDX[LWH DUH ZDVKHG GRZQ LQWR WKH NDUVW )URP *<ė5, 2 HW DO 0RGL¿HG

)LJ D 6(0 6( LPDJH RI DQ $O22+ DJJUHJDWH JUDLQ IURP WKH GLVVROXWLRQ UHVLGXH RI WKH UHG FDOFLWH E 7KH WDEXODU KDELWDW $O22+ FU\VWDOV KLJKHU PDJQL¿FDWLRQ LPDJH RI WKH JUDLQ LQ WKH SUHYLRXV LPDJH $ IURP *<25, (7 $/ ± 5HG FDOFLWH DQ LQGLFDWRU RI SDOHR NDUVW V\VWHP DVVRFLDWHG ZLWK EDX[LWLF XQFRQIRUPLWLHV *HRÀXLGV $XWKRUL]HG UHSURGXFWLRQ

/¶HYLGHQ]D GHOOH VWUXWWXUH IRUQLVFH GXQTXH XQ TXDGUR FRPSOHVVR VXOOD IRUPD]LRQH GHL YDUL FRPSRQHQWL OH EDX[LWL FDUVLFKH FRQ ULSHWXWL FLFOL GL GHSRVL]LRQH H ULPHVFRODPHQWR GHL PDWHULDOL 7XWWR FLz q VHJXLWR GD HYHQWL GLDJHQHWLFL HSL JHQHWLFL H WHWWRQLFL 8Q ¿ORQH GL ULFHUFD ULJXDUGD L FDOFDUL URVVDVWUL ± UHG FDOFLWH ± )LJ SUHVHQWL LQ IRUPD GL ¿ORQL HG LQWUXVLRQL QHOOH VXFFHVVLRQL FDUERQDWLFKH GHO 0HVR]RLFR ,O IHQRPH QR q DWWULEXLWR DOOD FRQWDPLQD]LRQH HG DOOD PLVFHOD]LRQH GL PDWHULDOH EDX[LWLFR QHOOH DFTXH GL VXSHU¿FLH 4XL LQ IDVH GL SUHFLSLWD]LRQH GHO FDUERQDWR GL FDOFLR YHQJRQR LQWUDSSRODWH VRVWDQ]H FROORLGDOL H FULVWDOOLQH ± SUHYDOHQWH PHQWH HPDWLWH ± FKH FRORUDQR GL URVVR LQWHQVR OD FDOFLWH )LJ /D SUHVHQ]D GHOOD FRORUD]LRQH q FRQVLGHUDWD LQ GLFH GL IDVL GL HPHUVLRQH FRQ DSSRUWR H GLIIXVLRQH GL PDWH ULDOH EDX[LWLFR *<25, 2 HW DO 0,1'6=(17< $ HW DO H ULHQWUD QHO TXDGUR GHJOL VWXGL VXJOL LQGLFDWRUL GHL VLVWHPL SDOHR FDUVLFL DVVRFLDWL D GLVFRQWLQXLWj VXSHU¿FLDOL )LJ Ê XQ WHPD FKH GRYUHEEH HVVHUH LQVHULWR QHOO¶DUJRPHQWR VSHFL¿FR GHJOL ³VSHOHRWHPL´ )LJ 'HWDLO RI D FRULQJ LQ WKH 7ULDVVLF OLPHVWRQHV RI +DOLPED +XQJDU\ LQ¿OWUD WLRQ RI EDX[LWH UHVHGLPHQW LQ IUHDWLF ]RQH )URP 0,1'6=(17< HW DO $XWKRUL]HG UHSURGXFWLRQ

5LSHWXWL FLFOL GL ULPHVFRODPHQWR GL PDWHULDOH EDX[LWLFR FRQ DOWUL PDWHULDOL JHQHUDQR VHGLPHQWL FKH DOFXQL VWXGLRVL LQTXDGUDQR LQ ´SDUDOORFKWRQ\µ R ´WUXH DOORFKWRQ\µ 9$/(721

3L UHFHQWHPHQWH O¶DWWHQ]LRQH GHL ULFHU FDWRUL VL q IRFDOL]]DWD VXO FRQWHQXWR LQ WHU UH UDUH 5((¶V OD FXL ULFKLHVWD VXO PHUFDWR PRQGLDOH q DXPHQWDWD D GLVPLVXUD Ê LQIDWWL FRQVROLGDWR LO SULQFLSLR FKH OD EDX[LWL]]D]LRQH q DVVRFLDWD D VLJQL¿FDWL YL DSSRUWL GL HOHPHQWL PLQRUL HG LQ WUDFFLD 021*(//, * HW DO *OL VWXGL VL FRQFHQWUDQR RJJL VX GXH LQ GLUL]]L D FDSDFLWj GL DGVRUELPHQWR GHJOL HOHPHQWL GL 5(( GD SDUWH GHL PDWHULDOL EDX[LWLFL E IUD]LRQDPHQWR YHUWLFDOH GHOOH FRQFHQ WUD]LRQH GL 5(( QHL SUR¿OL GHL JLDFLPHQWL &RPSUHQGHUH OD PLQHUDORJLD HG LO SUR FHVVR GL DUULFFKLPHQWR GL 5((¶V QHOOH EDX [LWL FDUVLFKH q LQGLVSHQVDELOH SHU OD YDOXWD ]LRQH GHOOH SRWHQ]LDOL ULVRUVH /D FRQFHQWUD ]LRQH GL HOHPHQWL 5(( DXPHQWD DWWUDYHUVR L SURFHVVL GL FULVWDOOL]]D]LRQH GHL PLQHUDOL )LJ .DUVW EDX[LWHV LQ *UHEQLN¶V RUH GHSRVLWV 6HUELD ,Q VRPH RROLWHV LV HYLGHQW ]RQDO GL RULJLQH H QHO FRUVR GHOOD GLVVROX]LRQH OH 0HWKRMLD DOWHUDWLRQ RI K\GURKHPDWLWH ZLWK OLPRQLWH DQG VRPH 5(( YHQJRQR DGVRUELWH VXOOH VXSHU¿FL GHOOH ZKHUH LW LV SUHVHQW ]RQDO VHSDUDWLRQ RI KHPDWLWH LQ WKH DUJLOOH UHVLGXH H WHQGRQR D FRQFHQWUDUVL LQ K\GUR KHPDWLWH¶V ODUJH RROLWH JUDLQV ,Q VRPH SODFH ODUJH K\GUR KHPDWLWH JUDLQV ZHUH WUDQVIRUPHG LQ OL SURIRQGLWj QHJOL VWHVVL GHSRVLWL PRQLWH +HPDWLWH UHOLFW UHPDLQV ZLWKLQ K\GUR KHPD , SDUDPHWUL FKLDYH FKH FRQWUROODQR OD WLWH JUDLQ )URP &9(7.29,ý ä HW DO $XWKRUL]HG FRQFHQWUD]LRQH 5(( LQFOXGRQR O¶HIIHWWR GHO UHSURGXFWLRQ GUHQDJJLR GHOOH DFTXH FKH VRQR LQ JUDGR GL ULPRELOL]]DUH HOHPHQWL DGVRUELWL DQFKH DWWUDYHUVR OH DUJLOOH FRQ WUDVSRUWR QHOOD ]RQD LQIHULRUH FKH FRUULVSRQGH VHPSUH DG XQ FDOFDUH IUDWWXUDWR H R EHQ FDUVL¿FDWR '($'< ( HW DO (VHPSL GL FRQFHQWUD]LRQL GL WHUUH UDUH QRQ PDQFDQR QHOOH EDX[LWL IHUUDOLWLFKH GHO *UHEQLN¶V RUH GHSRVLWV ± 6HUELD )LJ VRQR VWDWH ULOHYDWH FRQFHQWUD]LRQL GL 5(( GHOO¶RUGLQH GL SSP &9(7.29,ý ä H 7$1ý,ý 3 '($'< HW DO VHJQDODQR SHU OH EDX[LWH FDUVLFKH GHOO¶8QJKHULD FRQFHQWUD ]LRQL 5(( DPSLDPHQWH YDULDELOL WUD XQ FHQWLQDLR GL SSP H SSP $QDOLVL FKLPLFKH FRQGRWWH VXOOH EDX[LWL FDUVLFKH GHOO¶DUHD DSSHQQLQLFD 021',/ /2 HW DO ULYHODQR FRQWHQXWL PHGL GL 5(( DWWRUQR D SSP FRQ PDVVLPL GL SSP $PSLH YDULD]LRQL QHOOH FRQFHQWUD]LRQL GL 5(( SRVVRQR HVVHUH DWWULEXLWH D GLYHUVL IDWWRUL WUD L TXDOL /D SULRULWj QHOOR VWXGLR GHJOL HOHPHQWL LQ WUDFFLD GHOOH EDX[LWH H TXLQGL DQFKH GHOOH 5(( YD DWWULEXLWD FRPXQTXH D 0DNVLPRYLF 3DQWR FRQ L ORUR VWXGL VXL GHSRVLWL GL *UHEQLN

ULPDQHJJLDPHQWR GHOOH EDX[LWL GXUDQWH OD ORUR IRUPD]LRQH FRQ LQWHQVR GUHQDJJLR LGULFR LQ IDVH GL VHGLPHQWD]LRQH FRQFHQWUD]LRQH LQL]LDOH GL HOHPHQWL 5(( LQIHULRUH DG DOFXQL OLPLWL TXDQWLWDWLYL Ê DFFHUWDWR FKH HVLVWH XQD FRUUHOD]LRQH WUD DXPHQWR GHOOH 5(( HG LQWHQVLWj GL EDX[LWL]]D]LRQH FRQ OR VSHVVRUH GHO JLDFLPHQWR H FRQ OD ULGX]LRQH SURJUHVVLYD GHO FRQWHQXWR LQ VLOLFH 9DUL SURJUDPPL ULJXDUGDQWL OR VIUXWWDPHQWR GHOOH ULVRUVH PLQHUDOL KDQQR LQWHQVL¿ FDWR OD GLIIXVLRQH GHL GDWL ULJXDUGDQWL OD SRVVLELOLWj GL HVWUD]LRQH GL HOHPHQWL UDUL GDOOH EDX[LWL H ODWHULWL H GDL UHVLGXL GHOOD ORUR ODYRUD]LRQH 1H q XQ HVHPSLR LO ³&RPSLOD WLRQ RI *DOOLXP 5HVRXUFH 'DWD IRU %DX[LWH 'HSRVLWV´ 6&+8/7( HW DO GHOO¶86 *HRORJLFDO 6XUYH\ /H UHJLVWUD]LRQL GHL GDWL ULJXDUGDQWL OH 5(( SUHYHGRQR XELFD]LRQH WLSR GL EDX[L WH URFFH RVSLWDQWL LQGLYLGXD]LRQH GHL SURWROLWL IHQRPHQL GL DGVRUELPHQWR 8Q FDVR FODVVLFR q TXHOOR GHOOR VFDQGLR DWWXDOPHQWH FRQVLGHUDWR HOHPHQWR UDUR WRQQHOODWH DQQR FRQ XQD FRQFHQWUD]LRQH PHGLD QHOOD FURVWD LQWRUQR D PJ .J ±9,1' - HW DO &LUFD LO GHOOH VFDQGLR q FRQFHQWUDWR QHOOH ODWHULWL H QHOOH EDX[LWL FDUVLFKH H QHO SURFHVVR %D\HU FLUFD LO GL 6F SDVVD QHL UHVLGXL EDX[LWLFL UHG PXG ³IDQJR URVVR 8WLOL]]DQGR XQD FRPELQD]LRQH GL WHFQLFKH GL PLFUR DQDOLVL DOFXQL ULFHUFDWRUL VWDQQR VWXGLDQGR OH FDUDWWHULVWLFKH GL TXHVWR HOHPHQWR SUHVHQWH QHOOH EDX[LWL FDUVLFKH 9,1', - HW DO /¶DQDOLVL ULYHOD FKH OR VFDQGLR q SUHVHQWH DQFKH QHOOD PDWUL FH HPDWLWLFD H JRHWKLWLFD &RPXQTXH OD FDUDWWHUL]]D]LRQH GHOOR VFDQGLR QHO FRQWHVWR GHOOH EDX[LWL FDUVLFKH PHULWD LQGDJLQL DSSURIRQGLWH LQ TXDQWR DOOR VWDWR DWWXDOH OD OHWWHUDWXUD VFLHQWL¿FD ULYHOD VFDUVLWj GL LQIRUPD]LRQL ,Q XQ SURVVLPR IXWXUR q SUREDELOH FKH OH WHFQLFKH HVWUDWWLYH VL DI¿QHUDQQR DO SXQ WR DO SXQWR GL UHQGHUH TXHVWH URFFH PD VRSUDWWXWWR L ORUR UHVLGXL HFRQRPLFDPHQWH VIUXWWDELOL Ê SRVVLELOH HQIDWL]]DUH FKH VRQR LQ FRUVR H GLVSRQLELOL DWWXDOPHQWH GLYHUVH WHF QLFKH DOFXQH JLj UHJLVWUDWH H EUHYHWWDWH LQ 86$ *UHFLD H &LQD &Lz VLJQL¿FD FKH q SRVVLELOH O¶HVWUD]LRQH GL TXHVWL HOHPHQWL LQ GLYHUVL PRGL R GLUHWWDPHQWH GDOOD EDX[LWH R GDL IDQJKL URVVL /¶XQLFR SUREOHPD GD DIIURQWDUH q OD IDWWLELOLWj HFRQRPLFD $ WDO SURSRVLWR q FRQVLJOLDELOH OD OHWWXUD GL %255$ & 5 HW DO ULJXDUGDQWH O¶HVWUD]LRQH GL 5(( GDL UHVLGXL GL EDX[LWH FDUVLFD 4XHVWR WLSR GL ULFHUFD VL DI¿DQFD HG q FRPSOHPHQWDUH DOOH SRVVLELOLWj RIIHUWH GDL GHSRVLWL GL EDX[LWH H ODWHULWH ULFFKL GL 1L H &U H SUHVHQWL QHOO¶DUHD GHOOD 7HWLGH +(5 5,1*721 5 HW DO H 7HPD TXHVWR ULOHYDQWH FRQVLGHUDWR FKH OH ODWHULWL VRQR XQD ULVHUYD PRQGLDOH LQHVDXULELOH (YHQWL WHWWRQLFL DFFDGXWL QHO 0HVR]RLFR LQGLFDQR SHU O¶DUHD EDOFDQLFD FKH LO PD WHULDOH GL RULJLQH q LQ SDUWH ULFRQGXFLELOH DJOL DI¿RUDPHQWL R¿ROLWLFL GHO :HVWHUQ 9DUGDU /H EDX[LWL VRQR DWWXDOPHQWH OD SULQFLSDOH IRQWH GL JDOOLR $/(;$1'5 6866 %DX[LWH UHVLGXH DV D UDZ PDWHULDO IRU VFDQGLXP R[LGH UHFRYHU\ ² 8& 5XVDO H[SHULHQFH :RUN VKRS (XURSH·V &50 GDWD PDQDJHPHQW 6FDQGLXP LQYHQWRU\ %HUOLQ *HUPDQ\

2SKLROLWHV HG DOOD FRPSDUVD GL LPSRUWDQWL PDQLIHVWD]LRQL YXOFDQLFKH 5$'86,129,ý 6 52%(57621 ,Q TXHVWR FRQWHVWR q FRQVROLGDWD OD WHVL GL WUDVSRUWL HROLFL GL PDWHULDOH VXOOH DUHH FDUVLFKH HPHUVH FRPH FRQIHUPDWR GDOOH ULFHUFKH FRQGRWWH DQFKH QHJOL $SSHQQLQL 3HU OH EDX[LWL FDUVLFKH SUHVHQWL QHL FDOFDUL GL SLDWWDIRUPD GHO WDUGR &UHWDFHR GH JOL $SSHQQLQL PHULGLRQDOL O¶RULJLQH q DQFRUD FRQWURYHUVD PD O¶DQDOLVL GHJOL ]LUFRQL GHWULWLFL KD VXJJHULWR XQD GHULYD]LRQH GD VRUJHQWL YXOFDQLFKH L JLDFLPHQWL RFFXSDQR DUHH GL XQD SLDWWDIRUPD FDUERQDWLFD LVRODWD H SHU JLXVWL¿FDUH OD SUHVHQ]D GHL PLQHUDOL EDX[LWLFL q QHFHVVDULR LQYRFDUH VRUJHQWL GLVWDQWL HG DWWLYLWj HROLFD %21, HW DO 1HOOD FDUDWWHUL]]D]LRQH JHRFKLPLFD GHL GHSRVLWL GHOOH PLQLHUH DEUX]]HVL 387=28/8 HW DO IRFDOL]]DQR O¶DWWHQ]LRQH VXOOD SUHVHQ]D GHJOL HOHPHQWL FRVLGGHWWL EDX[L WR¿OL 9 &R 1L &U H =U 8QD SDUWLFRODUH DWWHQ]LRQH q SRVWD VXOO¶HOHYDWR FRQWHQXWR GL $O 2 H )H 2 DVVRFLDWR DOOD SUHVHQ]D GL ERHKPLWH HPDWLWH H JRHWKLWH ,O FRQWHQXWR GL 1L &U HG L UDSSRUWL WUD $O 2 H 7L2 VXJJHULVFRQR FKH OH URFFH GL RULJLQH FRUULVSRQGRQR D PDWHULDOL DG DI¿QLWj DFLGD FRUULVSRQGHQWL D WHSKUD YXOFDQLFL H R WUDVSRUWDWH GDO YHQWR ,Q FRQGL]LRQL GL HFFHVVL DWPRVIHULFL YXOFDQHVLPR H FRQ OD FRPSOLFLWj GL DWWLYL Wj LGULFD HG HROLFD OH VXSHU¿FL FDUERQDWLFKH HVSRVWH H OH GHSUHVVLRQL FDUVLFKH VRQR TXLQGL GLYHQXWH FRQWHQLWRUL R WUDSSROH GHO PDWHULDOH DOOXPLQRVLOLFDWLFR FRQ LQL]LR GHO FLFOR GL EDX[LWL]]D]LRQH ,Q VLQWHVL LO ODYRUR FRQFRUVXDOH GL ULFHUFDWRUL H VWXGLRVL FRQVHQWH RJJL XQD FRUUHWWD LQWHUSUHWD]LRQH GHO IHQRPHQR GHOOD JHQHVL H VHGLPHQWD]LRQH GHOOH EDX[LWL FDUVLFKH /DYRUR FRQVHJQDWR LO

5,1*5$=,$0(17, 6L ULQJUD]LD LO 'LSDUWLPHQWR GL 0DWHPDWLFD H *HRVFLHQ]H GHOO¶8QLYHUVLWj GHJOL 6WXGL GL 7ULHVWH FKH KD IRUQLWR XQ VXSSRUWR WHFQLFR H VFLHQWL¿FR 5LQJUD]LR 'DYLGH /HQD] SHU O¶LGHQWL¿FD]LRQH GHOOH IDVL PLQHUDORJLFKH GL DOFXQL FDPSLRQL GL EDX[LWH 0DWWHR 9HOLFRJQD SHU O¶HVHFX]LRQL GHOOH DQDOLVL GLIIUDWWRPHWULFKH /RUHQ]R )XUODQ SHU LO WDJOLR GHOOH VH]LRQL VRWWLOL QHFHVVDULH DOOH DQDOLVL SHWURJUD¿FKH 8Q DSSUH]]DPHQWR SHU $QGUHD 0LQGV]HQW\ (|WY|V 8QLYHUVLW\ %XGDSHVW 2UVRO\D *\|U\ (|WY|V 8QLYHUVLW\ %XGDSHVW $OLUH]D 6RPDULQ %UDQGRQ 8QLYHUVLW\ ± &DQDGD 1LFROD 0RQGLOOR 8QLYHUVLWj )HGHULFR ,, 1DSROL äHOLNR &YZWNRYLF *HRORJLFDO 6XUYH\ RI 6HUELD ± %HOJUDGH SHU DYHU FRQFHVVR OD ULSURGX]LRQH GL DOFXQH VLQJROH LPPDJLQL LQVHULWH QHO WHVWR 8Q ULQJUD]LDPHQWR VSHFLDOH DG $QGUHD 0LQGV]HQW\ 3URIHVVRUH (PHULWR GHOOD (|WY|V 8QLYHUVLW\ %XGDSHVW SHU OD UHYLVLRQH GHO WHVWR H SHU OH SUH]LRVH LQGLFD]LRQL IRUQLWH VX VSHFL¿FL DUJRPHQWL TXL WUDWWDWL HG DOOR VWHVVR GRWW 1LFROD 0RQGLOOR GHOO¶8QLYHUVLWj )HGHULFR ,, GL 1DSROL SHU OD OHWWXUD FULWLFD GHO PDQRVFULWWR H SHU L FRQVLJOL IRUQLWL ULJXDUGR DOFXQL DVSHWWL VFLHQWL¿FL

%,%/,2*5$),$ $%(',1, $ 0(+5 0 + .+265$9, 0 &$/$*$5, $ ± *HRFKHPLFDO FKDUDFWHULVWLF RI WKH NDUVW W\SH EDX[LWHV DQ H[DPSOH IURP WKH .DQLUDVK GHSRVLW 1: ,UDQ $UDELDQ -RXUQDO RI *HRVFLHQFHV DUW Q $/ %$66$0 . 6 ± 0LQHUDORJ\ DQG *HRFKHPLVWU\ RI WKH +XVVDLQL\DW .DUVW %DX[LWHV DQG =DELUD 6WUDWL IRUP %DX[LWH LQ 1RUWKHUQ $UDELDQ 3HQLQVXOD ,UDTL %XOOHWLQ RI *HRORJ\ DQG 0LQLQJ $5.+$1*(/6.< $ ' ± 2ULJLQ RI EDX[LWHV RI WKH 8 5 6 6 %XOO 6RF 1DW 0RVFRZ 6HFW *HRO $17$/ - ± 0LFURPLQHUDORJLFDO DQG WH[WXUDO IHDWXUHV LQ UHODWLRQ WR WKH JHQHVLV RI %DX[LWH RI ,V]NDV]HQWJ\ RUJ\ $FWD 0LQHU 3HWU 6]HJHG %$5'266< *< %21, 0 '$//¶$*/,2 0 '¶$5*(1,2 % 3$17Ñ * ± %DX[LWHV RI SHQLQVXODU ,WDO\ &RPSRVLWLRQ RULJLQ DQG JHRWHFWRQLF VLJQL¿FDQFH *HEH %RUQWUDHJHU 0LQHUDO 'HSRVLWV %$5'266< *< ± .DUVW %DX[LWHV (OVHYLHU 6FLHQFH $PVWHUGDP S %$5'266< *< $OHYD * - - ± /DWHULWLF %DX[LWHV (OVHYLHU $PVWHUGDP %$5'266< *< ± %DX[LWH )RUPDWLRQ DQG 3DOWH 7HFWRQLFV $FWD *HRO $FDG 6FL +XQJ %2(9 % -$1.29,& 6 ± 1LFKHO DQG QLFKHOIHURXV LURQ GHSRVLWVRI WKH 9DUGDU ]RQH 6( (XURSH ZLWK SDU WLFRODU UHIHUHQFH WR WKH 5]DQRYR 6WXGHQD 9RGD RUH EHDULQJ VHULHV 8QLYHUVLW\ 6W .LULO DQG 0HWRGLM )DFXOW\ RI 0LQLQJ DQG *HRORJ\ *HRORJLFDO 'HSDUWPHQW 6SHFLDO ,VVXH S %21, 0 52//,621 * 021',//2 1 %$/$6621( * 6$17252 / ± 4XDQWLWDWLYH 0LQHUDORJL FDO &KDUDFWHUL]DWLRQ RI .DUV %DX[LWHV 'HSRVLWV LQ WKH 6RXWKHUQ $SHQQLQHV ,WDO\ (FRQRPLF *HRORJ\ %21, 0 5(''< 6 0 021',//2 1 %$/$6621( * 7$</25 5 ± $ GLVWDQW PDJPDWLF VRXUFH IRU &UHWDFHRXV NDUVW EDX[LWHV RI 6RXWKHUQ $SHQQLQHV ,WDO\ UHYHDOHG WKURXJK 6+5,03 ]LUFRQ DJH GDWLQJ 7HUUD 1RYD %217( $ ± 0LVH HQ SODFH HW HYROXWLRQ GHV EDX[LWHV VXU PXU FDOFDLUH $QQ ,QVW *HRO 3XEO +XQJDU %255$ & 5 3217,.(6 < %,11(0$16 . 9$1 *(59(1 7 ± /HDFKLQJ RI UDUH HDUWKV IURP EDX[LWH UHG PXG 3RVWSULQW RI 0LQHUDOV (QJLQHHULQJ %8&+,16.< * - ± *HRORJ\ RI %DX[LWHV 1HGUD 0RVNYD SS &9(7.29,ý ä ( 7$1ý,ý 3 ³0LQHUDORJLFDO DQG FK\VWDOORJUDSKLF FKDUDFWHULVWLFV RI EDX[LWHV IURP VRPH *UHEQLN¶V 0HWRKLMD 6HUELD RUH GHSRVLWV *HRORãNL DQDOL EDOFDQVNRJD SROXRVWUYD &20%(6 3 - ± 2EVHUYDWLRQV HW LQWHUSUHWDWLRQV QRXYHOOHV VXU OH EDX[LWHV GX QRUG HVW GH O¶(VSDJQH $QQ ,QVW *HRO 3XEO +XQJ '¶$5*(1,2 % ( 0,1'6=(17< $ ³%DX[LWHV DQG UHODWHG SDOHRNDUVW 7HFWRQLF DQG FOLPDWLF HYHQW PDUNHUV DW UHJLRQDO XQFRQIRUPLWLHV´ (FORJDH JHRO +HOY '($'< ( 028&+26 ( *22'(1$8*+ . :,//,$0621 % :$// ) ± 5DUH HDUWK HOHPHQWV LQ NDUVW EDX[LWHV $ QRYHO XQWDSSHG (XURSHDQ UHVRXUFH" KWWSV ZZZ UHVHDUFKJDWH QHW SXEOLFDWLRQ &RQIHUHQFH 3DSHU 6HSWHPEHU '851 * 2771(5 ) 0,16=(17< $ 7,â/-$5 - 0,/(861,ý ± &OD\ PLQHUDORJ\ RI EDX[LWHV DQG SDOHRVROV IRUPHG GXULQJ UHJLRQDO VXEDHULDO H[SRVXUHV RI WKH $GULDWLF &DUERQDWH 3ODWIRUP KSSWV ZZZ UHVHDUFKJDWH QHW SXEOLFDWLRQ '851 * 2771(5 ) 7,â/-$5 -26,3 0,16=(17< $ %$58'=,-$ 8 5HJLRQDO 6XEDHULDO 8QFRQ IRUPLWLHV LQ 6KDOORZ 0DULQH &DUERQDWH 6HTXHQFH RI ,VWULD 6HGLPHQWRORJ\ 0LQHUDORJ\ *HRFKHPLVWU\ DQG 0LFURPRUSKRORJ\ RI $VVRFLDWHG %DX[LWHV 3DOHRVROV DQG 3HGR 6HGLPHQWDU\ &RPSOH[HV QG ,$6 0HHWLQJ RI 6HGLPHQWRORJ\ ± 2SDWLMD ),6&+(5 ( & ± $QQRWDWHG %LEOLRJUDSK\ RI WKH %DX[LWH 'HSRVLWV RI WKH :RUOG *HRORJLFDO 6XUYH\ %XO OHWLQ 86$ :DVKLQJWRQ S *$0$/(7626 3 *2'(/,76$6 $ .$6$0$ 7 &+85&+ 1 '289$/,6 3 *g77/,&+(5 - 67(, 1,1*(5 5 %289129 $ 3217,.(6 < 7=$026 ( %$.$6 7 ),/,33,',6 $ ± 1DQR

PLQHUDORJ\ DQG ±JHRFKHPLVWU\ RI KLJK JUDGH GLDVSRULF NDUVW W\SH EDX[LWH IURP 3DUQDVVRV *KLRQD PLQHV *UHHFH 2UH *HRORJ\ 5HYLHZV *$55(/6 5 &+5,67 & / ± 6ROXWLRQV 0LQHUDOV DQG (TXLOLEULD *85(9,&+ <8 / 7(5(029$ / , %21'$5(1.2 1 5 .,6/$1 6 / $%+,/$6+ ± %LRFKHPL FDO OHDFKLQJ RI NDROLQLWH KHPDWLWH ERHKPLWH W\SH EDX[LWH RUH ,QGLDQ -RXUQDO RI &KHPLFDO 7HFKQRORJ\ *<ė5, 2 25%$1 5 0,1'6=(17< $ )2'25 / 32526 =6 (5266 $ %(1.2 =6 02/1$5 ) ³5HG FDOFLWH DQ LQGLFDWRU RI SDOHR NDUVW V\VWHPV DVVRFLDWHG ZLWK EDX[LWLF XQFRQIRUPLWLHV´ *HRÀXLGV +$55$6629,7= + ± /DWHULW )RUWVFKU *HRO 3DOHRQWRO .(/(0(1 3 '81., , &6,//$* * 0,16=(17< $ ± 7UDFLQJ PXOWLSOH UHVHGLPHQWDWLRQ RQ D LVRODWH NDUVWL¿HG SODWHDX 7KH EDX[LWH EHDULQJ 0LRFHQH UHG FOD\ RI WKH 6RXWKHUQ %DNRQ\ 0RXQWDLQV +XQJDU\ 6HGLPHQWDU\ *HRORJ\ .(/(0(1 3 &6,//$* * '81., , 0,16=(17< $ ± 7HUUHVWULDO NDROLQ GHSRVLWV WUDSSHG LQ 0LRFHQH NDUVWLF VLQNKROHV RQ SODQDWLRQ VXUIDFH UHPQDQWV 7UDQVGDQXELDQ 5DQJH 3DQQRQLDQ %DVLQ +XQJDU\ *HR ORJLFDO 0DJD]LQH 3XEOLVKHG E\ &DPEULGJH 8QLYHUVLW\ 3UHVV .20/Ñ66< *- ± 7KH ,VNDV]HQWJ\|UJ\ EDX[LWH 3UREOHPV RI JHQHVLV DQG PLQHUDO IRUPDWLRQ $QQ ,QVW *HRO 3XEO +XQJ .20/Ñ66< *- ± 3DOHRJHRJUDSKLF LPSOLFDWLRQ RI NDVW EDX[LWHV JHQHVLV 7UDYRX[ /(1$= ' 0(5/$. ( /LWRWLSL EDX[LWLFL GHOO¶LVROD GL .UN %DãND H 6WDUD %DãND ± &URD]LD $WWL H 0HPRULH GHOOD &RPPLVVLRQH *URWWH ³( %RHJDQ´ /(1$= ' 6&+0,7= % $/9$5(= : ± 7KH WHUUHVWULDO &U VSLQHOV LQ WKH 0DLROLFD /LPHVWRQH :KHUH DUH WKH\ IURP" ± 0DQRVFULWWR GHO SHU JHQWLOH FRQFHVVLRQH GL 'DYLGH /HQD] +(55,1*721 5 =$<.29 9 0$6/(11,.29 9 %52:1 ' 38&+.29 9 1 0LQHUDO 'HSRVLWV RI WKH 8UDOV DQG /LQNV WR *HRG\QDPLFV (YROXWLRQ (FRQRPLF *HRORJ\ WK $QQLYHUVDU\ 9ROXPH +(55,1*721 5 %21, 0 6.$53(/,6 1 /$5*( ' ± 3DOHRFOLPDWH ZHDWKHULQJ DQG RUH GHSRVLWV ±D (XURSHDQ SHUVSHFWLYH 3URFHHGLQJ RI WKH 1LQWK %LHQQDO 6*$ 0HHWLQJ 'XEOLQ +(55,1*721 5 021',//2 1 %21, 0 7+251( 5 7$9/$1 0 %DX[LWH DQG 1LFNHO &REDOW /D WHULWLF 'HSRVLWV RI WKH 7HWK\DQ %HOW 6RFLHW\ RI (FRQRPLF *HRORJLVWV ,QF 6SHFLDO 3XEOLFDWLRQ .,â3$7,û 0 ± %DX[LWH GHU NURDWLFKHQ .DUWHV XQG LKUH (QWHKXQJ 1HXHV -DKUE 0LQHUDO *HRO 3DOHRQW .20/266< * ± &RQWULEXWLRQ D OD FRQDLVVDQFH GH OD JHQHVH GHV EDX[LWHV KRQJURLVH &WD *HRO 6FL +XQJ .20/266< * ± 3DOHRJHRJUDSKLF LPSOLFDWLRQ RI NDUVW EDX[LWH JHQHVLV 7UDYRX[ 0$/<$9.,1 : ) ± %DX[LWH $FDG 6FL 8 5 6 6 %XOO 0$.6,029,ý = ± 5DUH HDUWK HOHPHQWV DQG QLFNHO LQ WKH *UHEQLN GLDVSRULF EDX[LWH GHSRVLW 0HWRKMLD .RVRYR $FWD *HRORJLFD +XQJDULFD 0$.6,029,ý = 3$172 * ± 1HRG\PLDQ JR\D]LWH LQ WKH EDX[LWH GHSRVLW RI 9ODVHQLFD <XJRVODYLD 0LQHUDORJ\ DQG 3HWURORJ\ 0$5,6,ý 5 6$.$ý . 98-(& 6 ± 7KH :RUOG¶V ROGHVW EDX[LWH PLQLQJ 7UDYDX[ ,&62%$ 0(5/$. ( ± ,QGLUHFW GDWLQJ RI WZR VSHOHRWKHPV LQ D ¿HOG RI S\ULWL]HG EDX[LWHV 0LUQD 9DOOH\ 0LQMHUD &HQWUDO ,VWULD &URDWLD ,, ,QWHUQDWLRQDO 6\PSRVLXP RQ 0LQH &DYHV ,JOHVLDV $EVWUDFW %RRN 0(5/$. ( ± 3ULPH LQGDJLQL VXOOH EDX[LWL FDUVLFKH GHOO¶+HNXUDYH $OEDQLD 6SHGL]LRQH &*(% 3URJUHVVLRQH 0(5/$. ( ± 8QD ELEOLRJUD¿D VHOH]LRQDWD GHOOH EDX[LWH FDUVLFKH H WHUUH URVVH &DUVR FODVVLFR LWDOLDQR 6ORYHQLD *UD]LD 3DHVL GHOO¶H[ <XJRVODYLD $OEDQLD 8QJKHULD 5RPDQLD $WWL 0XV &LY 1DW 7ULHVWH

0(5/$. ( ± 1XRYH LQGDJLQL VXOOH EDX[LWL FDUVLFKH GHOO¶$OEDQLD 3URJUHVVLRQH 0(5/$. ( 9(/,&2*1$ 0 /(1$= ' ± &DUDWWHUL]]D]LRQH PLQHUDORJLFD GL GXH ¿ORQL EDX[LWLFL ULOH YDWL LQ SURVVLPLWj GL %DǆND LVROD GL .UN ± &URD]LD $WWL H 0HPRULH GHOOD &RPPLVVLRQH *URWWH ³( %RHJDQ´ 0,//27 * ± *HRORJ\ RI &OD\ 6SULQJHU 9HUODJ :LHQ SS 0,1'6=(17< $ ± /DWH 6HQRQLDQ PRUSKRORJLFDO HYROXWLRQ RI WKH ,KDUN W NDUVW DUHD DV UHFRQVWUXFWLRQ RQ WKH EDVLV RI VHGLPHQWRORJLFDO IHDWXUHV RI WKH EDX[LWHV 7UDYDX[ ,&62%$ 0,1'6=(17< $ ± 7KH OLWRKRORJ\ RI VRPH +XQJDULDQ EDX[LWHV D FRQWULEXWLRQ RI WKH SDOHRJHRJUDSKLF UHFRQVWUXFWLRQ $FWD *HRO $FDG 6FL +XQJ 0,1'6=(17< $ ± *HRG\QDPLFV RI %DX[LWHV LQ WKH 7HWK\DQ 5HDOP LQ 7KH 7HWKLV 2FHDQ 6SULQJHU 8 6 0,1'6=(17< $ &620$ $ 7g5g. $ +,36 . +(57(/(1', ( ± 5XGLVWLG OLPHVWRQHV EDX[LWHV SDOHRNDUVW DQG JHRG\QDPLFV 7KH FDVH RI WKH &UHWDFHRXV RI 7UDQVGDQXELDQ 5DQJH )|OGWDQL .|]O|Q\ 0,1'6=(17< $ 2Q WKH FRQWURYHUVLDO QDWXUH RI SDOHRVROV UHODWHG WR VKDOORZ PDULQH FDUERQDWH GHSRVL WLRQDO HQYLURQPHQWV 6HNFLMD ]D VHGLPHQWDUQR JHRORJLMR 6ORYHQVNR JHRORãNR GUXãWYR 0,1'6=(17< $ %DX[LWHV )HHGEDFNV RI 6\VWHP (DUWK DW *UHHQKRXVH WLPHV *HRORJLD &URDWLFD ZZZ JHRORJLD FURDWLFD KU GRL JF 0,1'6=(17< $ ³8QFRQIRUPLWLHV %DX[LWHV DQG 7HFWRQLFV 7KH FDVH RI WKH 7UDQVGDQXELDQ 5DQJH +XQ JDU\ 021',//2 1 %21, 0 %$/$6621( * 52//,621 * ± 5(( LQ NDUVW EDX[LWHV WKH &DPSDQLD H[DPSOH VRXWKHUQ ,WDO\ *HRSK\VLFDO 5HVHDUFK $EVWUDFWV (*8 (*8 *HQHUDO $VVHPEO\ 021',//2 1 52//,621 * %21, 0 %$/$6621( * 6$17252 / %8&&,21( 5 ± ; UD\ GLIUDFWLRQ DQG VFDQQLQJ HOHFWURQ PLFURVFRS\ TXDQWLWDWLYH PLQHUDORJLFDO HYDOXDWLRQ RI WKH NDUVW EDX[LWH GHSRVLWV LQ &DPSDQLD 6RXWKHUQ ,WDO\ 0'6* &RQIHUHQFH $7 /HLFHVWHU 8QLYHUVLW\ 021',//2 1 %$/$6621( * %21, 0 0,&+28 & &5(7(//$ 6 %$/$6621( * 3$3$ $ 3 %21, 0 025021( $ 387=2/8 ) 6$17252 / 6&2*1$0,*/,2 * 7$5$//2 0 ± 5DUH (DUWK (OHPHQWV 5(( LQ $O DQG )H 2[\ +\GUR[\GHV LQ %DX[LWHV RI 3URYHQFH DQG /DQJXHGRF 6RXWKHUQ )UDQFH ,PSOLFDWLRQV IRU WKH 3RWHQWLDO 5HFRYHU\ RG 5((V DV %\ 3URGXFWV RI %DX[LWH PLQLQJ 0LQHUDOV 021*(//, * %21, 0 %8&&,21( 5 6,1,6, 5 ± *HRFKHPLVWU\ RI WKH $SXOLDQ NDUVW EDX[LWHV VRXWKHUQ ,WDO\ &KHPLFDO IUDFWLRQDWLRQ DQG SDUHQWDO DI¿QLWLHV 2UH *HRORJ\ 5HYLHZV 025'%(5* / ( 67$1/(< & - *(50$11 . ± 0LQHUDORJ\ DQG JHRFKHPLVWU\ RI WUDFH HOHPHQWV LQ EDX[LWHV WKH 'HYRQLDQ 6KXJRUVN GHSRVLWV 5XVVLD 0LQHUDORJLFDO 0DJD]LQH 1,$ 5 ± *HQHVLV RI ERHKPLWH DQG GLDVSRUH LQ *UHHN 8SSHU &UHWDFHRXV EDX[LWHV RI WKH 3DUQDVVH *MRQD ]RQH 3URF QG ,QW 6\PS ,&62%$ %XGDSHVW 1,&2/$6 - %,/*(1 3 ± 5HODWLRQ EHWZHHQ WKH ORFDWLRQ RI WKH NDUVW EDX[LWHV LQ QRUWKHUQ KHPLVSKHUH WKH JOREDO WHFWRQLFV DQG WKH FOLPDWLF YDULDWLRQ GXULQJ JHRORJLFDO WLPH 3DODHRJHRJUDSK\ 3DODHRFOLPDWRORJ\ 3DODHRHFRORJ\ ė=7ĥ5. 2 +(,1 - 5 +$1,/d, 1 *HQHVLV RI WKH 'RJDQNX]X DQG 0RUWDV %DX[LWH 'HSRVLWV 7DX ULGHV 7XUNH\ 6HSDUDWLRQ RI $O )H DQG 0Q DQG ,PSOLFDWLRQ IUR 3DVVLYH 0DUJLQ 0HWDOORJHQ\ (FRQRPLF *HRORJ\ 3$-29,ý 0 ± *HQHVLV DQG JHQHWLF W\SHV RI NDUVW EDX[LWHV ,UDQLDQ -RXUQDO RI (DUWK 6FLHQFHV 387=2/8 ) 3$3$ $ 3 021',//2 1 %21, 0 %$/$6621( * 025021( $ *HRFKHPLFDO &KDUDFWHUL]DWLRQ RI %DX[LWH 'HSRVLWV IURP WKH $EUX]]L 0LQLQR 'LVWULFW 5$'86,129,ý 6 ³5DUH (DUWK (OHPHQWV LQ %DX[LWHV RI 0RQWHQHJUR´ VW 5((%$8; ZRUNVKRS XQGHU DXWKRULW\ RI WKH 8QLYHUVLW\ RI =DJUHE

52%(57621 $ ± 2YHUYLHZ RI WKH JHQHVLV HQG HPSODFHPHQW RI 0HVR]RLF RSKLROLWHV LQ WKH (DVWHUQ 0HGL WHUUDQHDQ 7HWK\DQ UHJLRQ /LWKRV 6+$129 6 .26729 . 'LQDPLF 7HFWRQLFV DQG .DUVW LQ ³&DYH DQG .DUVW 6\VWHP RI WKH :RUOG ´ 6H] ³$OEDQLD 7HFWRQLFV )DFWRU IRU .DUVW )RUPDWLRQ LQ WKH $OEDQLDQ 'LQDULGHV´ 6HULHV (G /D0RUHDX[ -DPHV : 6SULQJHU â,1.29(û % 6$&$û . '851 * ± 3\ULWL]HG EDX[LWHV IURP 0LQMHUD ,VWULD &URDWLD 1DWXUD &URDWLFD 6,1,6, 5 ³0LQHUDORJLFDO DQG *HRFKHPLFDO )HDWXUHV RI &UHWDFHRXV %DX[LWH IURP 6DQ *LRYDQQL 5RWRQGR $EXOLD 6RXWKHUQ ,WDO\ $ 3URYHQDQFWH 7RRO´ 0LQHUDOV GRL PLQ 6,9&29 ' %2&+$51,.29$ < %2(9$ 1 ± 0LQHUDORJLFDO DQG *HRFKHPLFDO &KDUDFWHULVWLF RI .DR OLQ RI 9HUNKQH $VKXWVNRH .DUVW 'HSRVLW LQ .D]DNKVWDQ 6FLHQWL¿F 5HVHDUFK $EVWUDFWV ;9, ,QWHUQD WLRQDO &RQIHUHQFH *UDQDGD 6/29(1(& ' â(*9,û ± 7KH ¿UVW XOWUDPD¿F FXPXODWHV IURP 0W .DOQLN RSKLROLWH PpODQJH LQ WKH 6: SDUWL RI WKH =DJRUMH 0LG 7UDQVGDQXELDQ =RQH 1: &URDWLD PLQHUDORJ\ SHWURORJ\ JHRFKHPLVWU\ DQG WHFWRQR DI¿QLW\ *HRORJLD &URDWLFD 6+8/7( 5 )2/(< 1 ± &RPSLODWLRQ RI *DOOLXP 5HVRXUFH 'DWD IRU EDX[LWH 'HSRVLWV 86*6 2SHQ )LOH 5HSRUW 86 'HS ,QWHU 86 *HRO 6XUYH\ SS 6&+:(570$11 8 7UDQVIRUPDWLRQ RI +HPDWLWH WR *RHWKLWH LQ 6RLOV 1DWXUH 69(6+1,.29$ 2 ± ([LELWLRQ RI %DX[LWHV DW WKH )HUVPDQ 0LQHUDORJLFDO 0XVHXP 5XVVLDQ $FFDGHP\ RI 6FLHQFHV 1HZ 'DWD 0LQHUDOV 7$5'< < 1$+21 ' ± *HRFKHPLVWU\ RI /DWHULWHV VWDELOLW\ RI $O *RHWKLWH $O +HPDWLWH DQG )H .DROLQLWH LQ %DX[LWHV DQG )HUULFUHWHV DQ DSSURDFK WR WKH PHFKDQLVP RI FRQFUHWLRQ IRUPDWLRQ $PHULFDQ -RXUQDO RI 6FLHQFH 7$9/$1 0 7+251( 5 +(55,1*721 5 ± 8SOLIW DQG ODWHULVDWLRQ KLVWRU\ RI WKH dDOGD÷ RSKLROLWH LQ WKH FRQWHVW RI 1HR 7HWK\DQ RSKLROLWH REGXFWLRQ SOXV XSOLIW ,PSOLFDWLRQ IRU WKH &HQR]RLF ZHDWKHULQJ KLVWRU\ RI :HVWHUQ $QDWROLD -RXUQDO RI *HRORJLFDO 6RFLHW\ 7(1<$.29 $ 9 ± 3UREOHPV RI VRXUFH DQG WKH PRGH RI IRUPLQJ EDX[LWHV GHSRVLWV 3UREOHPV RI %DX[LWH *HQHVLV $16665 1DXND 0RVNYD 7,786 0 085$5,8 $ ³5DUH 0HWDOV LQ WKH .DUVW %DX[LWHV IURP WKH $SXVHQL 0RXQWDLQV 5RPDQLD´ 0LQHUDO 'HSRVLWV LQ .DUVW .H\ /DERUDWRU\ RI .DUVW '\QDPLFV 78ý$1 ) ± 7HUUD URVVD GHUHQ 1DWXU XQG (QWVKXQJ 1HXHV -DKUEXFK 0LQ *HRO 3DOHRQW 78ý$1 ) ± 7HUUD URVVD XQG EDX[LWH LQ <XJRVODY .DUVW +HUDOG RI *HRJUDSKLF 6RFLHW\ %HOJUDGH 785,1, 3 ± 'HOOD SUHSDUD]LRQH GHOO¶DOOXPH QHOOD PLQLHUD GL 6 3LHWUR QHO GLSDUWLPHQWR GHOO¶,VWULD« 6WDPSHULD &XUWL LQ 9HQH]LD 85$, - )((1675$ $ ± :HDNHQLQJ DVVRFLDWHG ZLWK WKH GLDVSRUH FRUXQGXP GHK\GUDWLRQ UHDFWLRQ LQ PHWDEDX[LWHV DQ H[DPSOH IURP 1D[RV *UHHFH -RXUQDO RI 6WUXFWXUDO *HRORJ\ 9$'$= ( ± %DX[LWI|OGWDQ $NDG .LDGR %XGDSHVW SS 9$/(721 , ± %DX[LWHV LQ 'HYHORSPHQWV LQ 6RLO 6FLHQFH (OVHYLHU 3XEOLVKLQJ &RPSDQ\ S 9,1' - 3$,67( 3 7.$&=<. $ 9$66,/,$'28 9 3$1,$6 ' ± 7KH EHKDYLRXU RI VFDQGLXP LQ WKH %D\HU 3URFHVV (5(6 QG (XURSHDQ 5DUH (DUWK 5DUH 5HVRXUFHV 9,1' - 0$/)/,(7 $ %/$13$,1 % 76$.,5,',6 3 7.$&=<. $ 9$66,/,$'28 9 3$1,$6 ' ± 5DUH (DUWK (OHPHQWV 3KDVHV LQ %DX[LWH 5HVLGXH 0LQHUDOV GRL PLQ 9/$+29,û , 7,â/-$5 - 9(/,û , 0$7,ý(& ' ± (YROXWLRQ RI WKH $GULDWLF &DUERQDWH 3ODWIRUP 3DOHRJHRJUDSK\ PDLQ HYHQWV DQG GHSRVLWLRQDO G\QDPLFV (OVHYLHU 3DODHR ± 3DODHRJHRJUDSK\ 3DODHRFOL PDWRORJ\ 3DODHRHFRORJ\ 9/$+29,û , ³*HQHUDO VWUDWLJUDSK\ RI WKH EDX[LWH GHSRVLWV LQ WKH 'LQDULGHV VW 5((%$8; ZRUNVKRS XQGHU DXWKRULW\ RI WKH 8QLYHUVLW\ RI =DJUHE

<867( $ %$8/8= % 0$<$<2 0 ³*HQHVLV DQG PLQHUDO WUDQVIRUPDWLRQV LQ /RZHU &UHWDFHRXV NDUVW EDX[LWHV 1( 6SDLQ FOLPDWLF LQÀXHQFH DQG VXSHULPSRVHG SURFHVVHV´ *HRORJLFDO -RXUQDO :,//,$0 5 - ± .DUVW $VVRFLDWHG %DX[LWHH 'HSRVLWV RI 3DUQDVVRV *KLRQD &HQWUDO *UHHN 2UH *HQHVLV DQG 6WUXFWXUDO (YROXWLRQ 7HVL GL /DXUHD 8QLYHUVLW\ RI %ULKWRQ

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

5(67, ', 3,&12'217, 1(, &$/&$5, $/%,$1, &5(7$&(2 ,1)(5,25( ', &(55(72 6$11,7$ 3529,1&,$ ', %(1(9(172 0$66,&&,2 '(/ 0$7(6(

/8,*, &$3$662 0XVHR XQLYHUVLWDULR 8QLYHUVLWj ³*DEULHOH G¶$QQXQ]LR´ 3LD]]D 7UHQWR H 7ULHVWH ± &KLHWL ,WDOLD ± O FDSDVVR#XQLFK LW

$EVWUDFW ± 7KH DXWKRU UHSRUWV IRU WKH ¿UVW WLPH UHPDLQV PDLQO\ GHQWDO RI 3\FQRGRQWV FROOHFWHG GXULQJ WKH ODVW FHQWXU\ DW &HUUHWR 6DQQLWD %HQHYHQWR LQ OLPHVWRQH RXWFURSV RQ WKH HDVWHUQ VORSHV RI 0RQWH 0RQDFR GL *LRLD DQG FRUUHVSRQGLQJ WR WKH ³6HOFLIHURXV DQG ,FKW\ROLWKLF /LPHVWRQHV RI 3LHWUDURMD´ )RUPDWLRQ 7KH DQDWRPLFDO FKDUDFWHULVWLFV RI WKH ¿QGV DOORZ WKHLU DWWULEXWLRQ WR WKH VSHFLHV *UHJRULRS\FQRGXV EDVVDQLL UHFHQWO\ GHVFULEHG DW 3LHWUDURMD E\ 7$9(51( &$3$662 DQG FRUUHVSRQGLQJ WR WKH DQFLHQW PDWHULDOV GHVFULEHG DV SHUWDLQLQJ WR WKH VSHFLHV 2FORHGXV &RHORGXV FRVWDH +(&.(/ DEXQGDQWO\ NQRZQ LQ WKH PRVW IDPRXV DQG FRQWHPSRUDU\ OLPHVWRQH RI 3LHWUDURMD .H\ ZRUGV 3\FQRGRQWV &UHWDFHRXV 0DWHVH 0RXQWDLQ 5LDVVXQWR ± /¶DXWRUH VHJQDOD SHU OD SULPD YROWD UHVWL SUHYDOHQWHPHQWH GHQWDUL GL SLFQRGRQWL UDFFROWL GXUDQWH LO VHFROR VFRUVR SUHVVR &HUUHWR 6DQQLWD %HQHYHQWR LQ FDOFDUL DI¿RUDQWL VXOOH SHQGLFL RULHQWDOL GHO 0RQWH 0RQDFR GL *LRLD H FRUULVSRQGHQWL DOOD IRUPD]LRQH GHL FRVLGGHWWL &DOFDUL VHOFLIHUL HG LWWLROLWLIHUL GL 3LHWUDURMD /H FDUDWWHULVWLFKH DQDWRPLFKH GHL UHSHUWL FRQVHQWRQR XQD ORUR DWWULEX]LRQH DOOD VSHFLH *UHJRULRS\FQRGXV EDVVDQLL UHFHQWHPHQWH GHVFULWWD D 3LHWUDURMD GD 7$9(51( &$3$662 FRUULVSRQGHQWH D TXDVL WXWWL JOL DEERQGDQWL PDWHULDOL UDFFROWL QHJOL XOWLPL GXH VHFROL D 3LHWUDURMD H SUHFHGHQWHPHQWH DWWULEXLWL DOO¶DQWLFD VSHFLH 2FORHGXV &RHORGXV FRVWDH +(&.(/ 3DUROH FKLDYH 3LFQRGRQWL &UHWDFHR 0DVVLFFLR GHO 0DWHVH

± ,QWURGX]LRQH *Lj TXDUDQW¶DQQL RU VRQR 5DIIDHOH 6&25=,(//2 DYHYD VHJQDODWR OD SUH VHQ]D GL URFFH IRVVLOLIHUH DQDORJKH DOOD IRUPD]LRQH GHL FRVLGGHWWL ³&DOFDUL VHOFLIHUL HG LWWLROLWLIHUL GL 3LHWUDURMD´ &$7(1$&&, 0$1)5(',1, QHL SUHVVL GL &HUUHWR 6DQQLWD ,QIDWWL HUD JLj QRWR GDJOL DQQL ¶ GHO VHFROR VFRUVR FKH TXHVWL FDOFDUL QRQ DI¿RUDQR HVFOXVLYDPHQWH DOOD &LYLWD GL 3LHWUDURMD GRYH WXWWDYLD HVVL KDQQR IRUQL WR SHU TXDVL WUH VHFROL XQD ULFFD LWWLRIDXQD HG HUSHWRIDXQD GL HWj DSWLDQD FKH LQFOXGH DQFKH FRPH q EHQ QRWR XQ GLQRVDXUR JLRYDQLOH PD VRQR SUHVHQWL LQ VXSHU¿FLH DQ FKH LQ DOWUH ORFDOLWj SL PHULGLRQDOL FRPH OD &LYLWD GL &XVDQR 0XWUL HG LO FLUFRQGDULR GL &HUUHWR 6DQQLWD WDQWR FKH '¶$5*(1,2 FRQLz SHU TXHVWD IRUPD]LRQH LO WHUPLQH GL ³&DOFDUL DG ,WWLROLWL GHO &UHWDFHR LQIHULRUH GHO 0DWHVH´ /R VFULYHQWH QRQ KD LQGLYLGXDWR VWUDWL FRQVLPLOL VXOOH SHQGLFL GHO 0RQWH &LJQR VLWXDWR VXO ODWR GHVWUR GHO 7RUUHQWH 7LWHUQR SHUDOWUR FRQ SDUHWL VFRVFHVH HG LPSUD WLFDELOL FRQWUDULDPHQWH D TXDQWR ULSRUWDWR GD 6&25=,(//2 $O FRQWUDULR VXO YHUVDQWH VLQLVWUR GHO PHGHVLPR 7RUUHQWH 7LWHUQR JOL VWUDWL FDOFDUHL GL HWj DOELDQD DI¿RUDQR OXQJR OH SHQGLFL RULHQWDOL GHO 0RQWH 0RQDFR GL *LRLD FKH UDSSUHVHQWD QHO VXR FRPSOHVVR XQD PRQRFOLQDOH RURJUD¿FDPHQWH GHO WXWWR VLPLOH DOOD &LYLWD GL 3LH WUDURMD JOL VWUDWL LQ TXHVWLRQH VRQR SUHVHQWL DO GLVRWWR GHO PDQWR VXSHU¿FLDOH GL VXROR DWWRUQR DOOD TXRWD PHWUL VOP FLUFD OXQJR OD VWUDGD FKH FRQGXFH GD &HUUHWR 6DQQLWD DO &DVDOH GL 0RQWHUEDQR &RVLFFKp O¶DI¿RUDPHQWR GHL &DOFDUL DG ,WWLROLWL GHO &UHWD

FHR LQIHULRUH GHO 0DWHVH QHL SUHVVL GL &HUUHWR 6DQQLWD FRQVLVWH LQ XQ SDFFR GL VWUDWL FDOFDUHL LQVHULWL QHOOD PRQRFOLQDOH FKH FRVWLWXLVFH LO 0RQWH 0RQDFR GL *LRLD VLWXDWD LPPHGLDWDPHQWH DG 2YHVW GHOO¶DELWDWR GL &HUUHWR 6DQQLWD H VXOOD VSRQGD VLQLVWUD GHO 7RUUHQWH 7LWHUQR /RFDOLWj IRVVLOLIHUD HG LQTXDGUDPHQWR JHRORJLFR /D ORFDOLWj QHOOD TXDOH q VWDWR UDFFROWR LO PDWHULDOH GHVFULWWR LQ TXHVWR EUHYH ODYR UR VL WURYD OXQJR OD VWUDGD RJJL GHQRPLQDWD 9LD GL 0RQWHUEDQR FKH GDOO¶DELWDWR GL &HUUHWR 6DQQLWD FRQGXFH DOOD SLQHWD GL 0RQWHUEDQR VXOOH SHQGLFL RULHQWDOL GHO 0RQWH 0RQDFR GL *LRLD IUD OD TXRWD H OD TXRWD PHWUL VOP FLUFD GHWWD VWUDGD q VWDWD DPSOLDWD DOOD ¿QH GHJOL DQQL ¶ GHO ;; VHFROR FRQ O¶LPSLHJR GL PH]]L PHFFDQLFL H GXUDQWH L FLWDWL ODYRUL GL VEDQFDPHQWR VRQR VWDWL PHVVL D QXGR DQFKH L ³&DOFDUL DG ,WWLROLWL GHO &UHWDFHR LQIHULRUH GHO 0DWHVH´ QHOO¶RFFDVLRQH VRQR VWDWL UHFXSHUDWL DOFXQL DYDQ]L GL SHVFL FKH VRQR FRQÀXLWL QHOOD ³&ROOH]LRQH 3XEEOLFD /XLJL &DSDVVR´ H FKH VRQR ± LQ SDUWH ± RJJHWWR GHOOD SUHVHQWH VHJQDOD]LRQH 1HOOD ORFDOLWj DSSHQD GHVFULWWD L FDOFDUL DOELDQL VRQR DVVROXWDPHQWH LGHQWLFL D TXHOOL DI¿RUDQWL DOOD &LYLWD GL 3LHWUDURMD PD VRQR D JUDQD SL JURVVRODQD H VHQ]D VX SHU¿FL GL VWUDWR SHUIHWWH H OHYLJDWH PD SLXWWRVWR RQGXODWH H UXJRVH IHWLGL DOOD SHUFXV VLRQH (VVL FRQWHQJRQR XQR VFDUVR QXPHUR GL IRVVLOL SHUDOWUR JHQHUDOPHQWH LQ FDWWLYR VWDWR GL FRQVHUYD]LRQH ,O FRQWHVWR VWUDWLJUD¿FR QHO TXDOH DI¿RUDQR TXHVWL FDOFDUL q OR VWHVVR ULFRQRVFLXWR DOOD &LYLWD GL 3LHWUDURMD , IRVVLOL UDFFROWL FRQVLVWRQR LQ SRFKL LWWLROLWL SUHYDOHQWHPHQWH ³OHSWROHSLIRUPL´ GL SLFFROD WDJOLD IUD L HG L FP GL OXQ JKH]]D WRWDOH FLUFD SUREDELOPHQWH SHUWLQHQWL DO JHQHUH &OXSDYXV UHVWL GL SLFQRGRQWL SUHYDOHQWHPHQWH GHQWL HG XQ VROR HVHPSODUH GL JUDQGL GLPHQVLRQL ROWUH FP SUREDELOPHQWH ULIHULELOH DG XQ DPLLIRUPH DQFRUD LQGHWHUPLQDWR &$3$662 0DWHULDOH SDOHRQWRORJLFR , UHSHUWL RJJHWWR GHOOD SUHVHQWH QRWD VRQR L VHJXHQWL $ GHQWL]LRQH YRPHULQD SDU]LDOH FRVWLWXLWD GD VHL SLFFROL GHQWL GHOOH VHULH ODWHUDOL LQ FRQQHVVLRQH DQDWRPLFD VX PDWULFH OXQJKH]]D PDVVLPD PP FLUFD )LJXUD $ , JURVVR GHQWH VSOHQLDOH LVRODWR VX PDWULFH OXQJKH]]D PDVVLPD PP FLUFD )LJXUD % , YRPHUH IUDPPHQWDULR FRQ GHQWL]LRQH YRPHULQD FRPSOHWD OXQJKH]]D PDV VLPD PP FLUFD )LJXUD & VX ODVWUD GL FDOFDUH DVVLHPH DG XQ SUHDUWLFRODUH VLQLVWUR IUDPPHQWDULR FRQ SRFKL GHQWL GDQQHJJLDWL , GHQWL]LRQH VSOHQLDOH GHVWUD LQFRPSOHWD H FRQ DOFXQL HOHPHQWL GHQWDUL GLVDUWL FRODWL OXQJKH]]D PDVVLPD PP FLUFD )LJXUD ' , IUDPPHQWR PHGLDQR GL SUHDUWLFRODUH GHVWUR FRQ DOFXQL HOHPHQWL GHQWDUL GHOOD VHULH PHGLDOH OXQJKH]]D PDVVLPD PP FLUFD )LJXUD (

)LJ $

)LJ %

)LJ &

)LJ '

)LJ (

7XWWL L FLWDWL UHSHUWL DSSDUWHQJRQR DOOD ³&ROOH]LRQH 3XEEOLFD GL 3HVFL )RVVLOL /X LJL &$3$662´ QRWL¿FDWD FRQ 'HFUHWR GHO 0LQLVWHUR GHL %HQL H GHOOH $WWLYLWj &XOWXUDOL GHOO¶ RWWREUH FRQVHUYDWD QHL OXRJKL H VHFRQGR OH SUHVFUL]LRQL DSSRVLWDPHQWH VWDELOLWH GDO FLWDWR GHFUHWR SXEEOLFDWR VXO %ROOHWWLQR 8I¿FLDOH GHO 0LQLVWHUR OD FXL WXWHOD H OD FXL SXEEOLFD IUXLELOLWj VRQR DVVLFXUDWH DL VHQVL H QHL PRGL GHOO¶DUWLFROR GHOOD /HJJH Q GHO VLJOD &&/

5LVXOWDWL H 'LVFXVVLRQH 7XWWL L UHSHUWL GHVFULWWL FRUULVSRQGRQR DOOD VSHFLH SL FRPXQH GL SLFQRGRQWL FD UDWWHULVWLFL GHOO¶LWWLRIDXQD IRVVLOH GL 3LHWUDURMD FLRq DOOD VSHFLH 2FORHGXV &RHORGXV FRVWDH +(&.(/ 7DQWR OD PRUIRORJLD GHQWDULD TXDQWR OH GLPHQVLRQL TXDQWR ± LQ¿QH ± OH SURSRU]LRQL GHOOH YDULH VHULH GHQWDULH FRUULVSRQGRQR D TXHOOH FDUDWWHUL VWLFKH GHOOD FLWDWD VSHFLH GRWDWD GL FLQTXH VHULH GHQWDULH YRPHULQH GHOOH TXDOL TXHOOD FRQ HOHPHQWL PDJJLRUL H OD PHGLDQD H GL WUH VHULH GHQWDULH SUH DUWLFRODUL GHOOH TXDOL TXHOOD FRQ HOHPHQWL PDJJLRUL q OD PHGLDQD GD HQWUDPEL L ODWL &RPH q VWDWR HYLGHQ]LDWR GD &$3$662 2URQ]R *DEULHOH &RVWD QHOOH VXH PROWHSOLFL SXEEOLFD]LRQL GHGLFDWH DOOD GHVFUL]LRQH GL TXHVWD LWWLRIDXQD LQ UHDOWj HUHVVH PROWH QXRYH VSHFLH DOFXQH GHOOH TXDOL EDVDWH DQFKH VROWDQWR VX HOHPHQWL GHQWDUL OH TXDOL VRQR WXWWH FDGXWH QHOOD VLQRQLPLD GHOOD VSHFLH 2FORHGXV &RHORGXV FRVWDH +( &.(/ &RPH q VWDWR UHFHQWHPHQWH GLPRVWUDWR GD 7$9(51( HW DO OD VSHFLH 2FORHGXV &RHORGXV FRVWDH +(&.(/ HVLVWH VROWDQWR QHO JLDFLPHQWR FUHWDFHR GL &DVWHOODPDUH GL 6WDELD H O¶DQDOLVL GHWWDJOLDWD GHOOD VXD DQDWRPLD VFKHOH WULFD H GHQWDULD KD SRUWDWR D IDU WUDQVLWDUH TXHVWD VSHFLH QHOOD QXRYD VSHFLH &RVWDS\ FQRGXV FRVWDH 7$9(51( &$3$662 '(/ 5( 7XWWL L UHSHUWL GHVFULWWL QHO FRUVR GHJOL XOWLPL TXDVL GXH VHFROL H SRL WUDQVLWDWL QHOOD VSHFLH 2FORHGXV &RHORGXV FRVWDH +(&.(/ SURYHQLHQWL GDL FDOFDUL DSWLDQL GL 3LHWUDURMD VRQR LQYHFH GD DWWULEXLUVL DO QXRYR JHQHUH HG DOOD QXRYD VSHFLH UHFHQWHPHQWH GHVFULWWD FRPH *UH JRULRS\FQRGXV EDVVDQLL 7$9(51( &$3$662 3URSULR O¶LQWHQVR H FD SLOODUH ODYRUR GL UHYLVLRQH GL FHQWLQDLD GL HVHPSODUL DSSDUWHQHQWL D TXHVWD VSHFLH H SURYHQLHQWL GD 3LHWUDURMD PL KD FRQVHQWLWR GL DFTXLVLUH DVVLHPH DO FROOHJD /RXLV 3DXO 7DYHUQH XQD JUDQGH TXDQWLWj GL LQIRUPD]LRQL GL GHWWDJOLR VXOOD PRUIRORJLD GHOO¶DS SDUDWR PDVWLFDWRULR GL TXHVWL SLFQRGRQWL HG KD SRUWDWR DO FRQYLQFLPHQWR GL GRYHUH VHJQDODUH ± FRQ LO SUHVHQWH EUHYH ODYRUR ± OD SUHVHQ]D GHOOD QXRYD VSHFLH DQFKH QHL FDOFDUL DSWLDQL DI¿RUDQWL SUHVVR &HUUHWR 6DQQLWD ,QIDWWL L PDWHULDOL GHVFULWWL H ¿JXUDWL QHO SUHVHQWH ODYRUR FRUULVSRQGRQR DOO¶DQDWRPLD GL *UHJRULRS\FQRGXV EDVVDQLL VLD SHU TXDQWR DWWLHQH DOOD PRUIRORJLD GHQWDULD VLD SHU TXHO FKH ULJXDUGD OD VWUXWWXUD H OD PRUIRORJLD GHOOH SRFKH RVVD FRQVHUYDWH LQ SDUWLFRODUH LO YRPHUH HG LO SUHDUWLFRODUH &RQFOXVLRQL /H UHFHQWL UHYLVLRQL GL SLFQRGRQWL SURSUL GHO &UHWDFHR LQIHULRUH SURYHQLHQWL GD &DVWHOODPPDUH GL 6WDELD H GD 3LHWUDURMD KDQQR SRUWDWR DOOD PLJOLRUH FRQRVFHQ]D GHOO¶DQDWRPLD VFKHOHWULFD H GHQWDULD GL DOFXQH VSHFLH GHVFULWWH DOOD PHWj GHOO¶ H DG XQD UHYLVLRQH SURIRQGD GHOOD ORUR SRVL]LRQH WDVVRQRPLFD JLXQJHQGR D VWDELOLUH OD SUH VHQ]D GL GXH QXRYL WD[D DOO¶LQWHUQR GHOOD FXL VLQRQLPLD VRQR VWDWH IDWWH ULFDGHUH WXWWH OH GHFLQH GL VSHFLH SUHFHGHQWHPHQWH GHVFULWWH &RVWDS\FQRGXV FRVWDH FDUDWWHULVWLFD GL &DVWHOODPPDUH GL 6WDELD H *UHJRULRS\FQRGXV EDVVDQLL FDUDWWHULVWLFD GL 3LHWUDURMD /D VHJQDOD]LRQH GL UHVWL GHO SLFQRGRQWH *UHJRULRS\FQRGXV EDVVDQLL DQFKH QHL FDOFDUL

DOELDQL DI¿RUDQWL SUHVVR &HUUHWR 6DQQLWD q GD ULWHQHUVL SDUWLFRODUPHQWH LPSRUWDWH VXO SLDQR SDOHR JHRJUD¿FR LQIDWWL FRQ OD SUHVHQWH VHJQDOD]LRQH YLHQH HVWHVD OD SUHVHQ]D GL TXHVWR SLFQRGRQWH FDUDWWHULVWLFR GHOOD ODJXQD DOELDQD GL 3LHWUDURMD D WXWWR LO SD OHRDPELHQWH QHO TXDOH VL GHSRVLWDURQR L ³&DOFDUL DG ,WWLROLWL GHO &UHWDFHR LQIHULRUH GHO 0DWHVH´ &Lz GLPRVWUD FKH OH FRQGL]LRQL ODJXQDUL SLXWWRVWR FKH ULVWUHWWH DOOD VROD DUHD GHOOD &LYLWD GL 3LHWUDURMD HUDQR DOTXDQWR GLIIXVH DQFKH QHO 0DWHVH VXGRULHQWDOH GXUDQWH WXWWR O¶$OELDQR /DYRUR FRQVHJQDWR LO

5,1*5$=,$0(17, /¶DXWRUH ULQJUD]LD LO FROOHJD SURIHVVRU /RXLV 3DXO 7DYHUQH FKH KD ULOHWWR FULWLFDPHQWH LO WHVWR

%,%/,2*5$),$ &$3$662 / ± 3LHWUDURMD SLHWUH H PHPRULH 3DSHU :RUOG (GL]LRQL 7HUDPR &$7(1$&&, 9 0$1)5(',1, 0 ± 2VVHUYD]LRQL VWUDWLJUD¿FKH VXOOD &LYLWD GL 3LHWUDURLD %HQHYHQWR %ROOHWWLQR GHOOD 6RFLHWj *HRORJLFD ,WDOLDQD '¶$5*(1,2 % ± , FDOFDUL DG LWWLROLWL GHO &UHWDFHR LQIHULRUH GHO 0DWHVH $WWL GHOO¶$FFDGHPLD GHOOH 6FLHQ]H ¿VLFKH H PDWHPDWLFKH H GHOOD 6RFLHWj 1D]LRQDOH GL 6FLHQ]H /HWWHUH HG $UWL LQ 1DSROL 6&25=,(//2 5 ± /¶,WWLRIDXQD GL 3LHWUDURLD %HQHYHQWR ,Q $$ 99 , YHUWHEUDWL IRVVLOL LWDOLDQL &DWDOR JR GHOOD 0RVWUD SS /D *UD¿FD 9DJR 9HURQD 7$9(51( / 3 &$3$662 / ± 2VWHRORJ\ DQG SK\ORJHQHWLF UHODWLRQVKLSV RI *UHJRULRS\FQRGXV EDVVD QLL JHQ QRY D S\FQRGRQW ¿VK 3\FQRGRQWLGDH IURP WKH PDULQH $OELDQ /RZHU &UHWDFHRXV RI 3LHWUDURMD VRXWKHUQ ,WDO\ *HR (FR 7URS 7$9(51( / &$3$662 / '(/ 5( 0 ± 7KH S\FQRGRQW ¿VKHV IURP WKH /RZHU &UHWDFHRXV RI WKH &DSR G¶2UODQGR QHDU &DVWHOODPPDUH GL 6WDELD 1DSOHV &DPSDQLD VRXWKHUQ ,WDO\ ZLWK WKH GHVFULSWLRQ RI WKH QHZ JHQXV &RVWDS\FQRGXV *HR (FR 7URS

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

6(*1$/$=,21( '(/ 3,&12'217,)250( 3$5$1856$//,$ *8778526$ $5$0%285* 1(, &$/&$5, '2/20,7,&, '(/ &5(7$&(2 683(5,25( ', *$5$ 6%$$ 0$52&&2 68'25,(17$/( /8,*, &$3$662 0XVHR 8QLYHUVLWDULR GHOO¶8QLYHUVLWj GHJOL 6WXGL ³*DEULHOH G¶$QQXQ]LR´ GL &KLHWL H 3HVFDUD 3LD]]D 7UHQWR H 7ULHVWH &KLHWL ,WDOLD ± O FDSDVVR#XQLFK LW

5LDVVXQWR ± /¶DXWRUH VHJQDOD SHU OD SULPD YROWD OD SUHVHQ]D GL 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ QHL FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD YDOOH GHO .HP.HP 0DURFFR VXGRULHQWDOH GDWDWL DO &UHWDFHR VXSHULRUH /¶RFFDVLRQH GL TXHVWD VHJQDOD]LRQH FRQVHQWH DOO¶DXWRUH DQFKH GL GLVFXWHUH LO QXRYR LQTXDGUDPHQWR WDVVRQRPLFR GL TXHVWD VSHFLH RULJLQDULDPHQWH LVWLWXLWD GD $UDPERXUJ VX HVHPSODUL SURYHQLHQWL GDL FDOFDUL ELWXPLQRVL GL -HEHO 7VHOIDW 0DURFFR FRPH DSSDUWHQHQWH DO JHQHUH 3DODHREDOLVWXP SRL WUDQVLWDWD QHO JHQHUH 1XUVDOOLD LVWLWXLWR GD %ORW H UHFHQWHPHQWH FRQÀXLWD QHO JHQHUH 3DUDQXUVDOOLD LVWLWXLWR GD 7DYHUQH HW DO VX XQ HVHPSODUH XJXDOPHQWH QRUG DIULFDQR 7XQLVLD &RQ OD SUHVHQWH VHJQDOD]LRQH OD VSHFLH 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ HVWHQGH OD VXD GLVWULEX]LRQH SDOHRJHRJUD¿FD D GXH ORFDOLWj GHOO¶$IULFD VHWWHQWULRQDOH -HEHO 7VHOIDW H *DUD 6EDD HG D GXH ORFDOLWj GHOO¶,WDOLD FHQWUDOH H PHULGLRQDOH 3DVVR GHO )XUOR H )ORUHVWD 6XO SLDQR VWUDWLJUD¿FR OD VSHFLH 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ VL TXDOL¿FD FRPH XQ 3LFQRGRQWLIRUPH VWUHWWDPHQWH FLUFRVFULWWR DO &HQRPDQLDQR 6XO SLDQR SDOHRDPELHQWDOH LQ¿QH TXHVWD VSHFLH q SURSULD GHOO¶DUHD SDOHRJHRJUD¿FD GHL PDUJLQL GHOOD 7HWLGH 3DUROH FKLDYH 3LFQRGRQWLIRUPL &HQRPDQLDQR 0DURFFR 7HWLGH $EVWUDFW ± 7KH DXWKRU UHSRUWV IRU WKH ¿UVW WLPH WKH SUHVHQFH RI 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ LQ WKH ODPLQDWHG GRORPLWLF OLPHVWRQHV RI *DUD6EDD .HP.HP YDOOH\ VRXWK HDVWHUQ 0RURFFR GDWHG WR WKH 8SSHU &UHWDFHRXV 7KH RFFDVLRQ RI WKLV UHSRUW DOVR DOORZV WKH DXWKRU WR GLVFXVV WKH QHZ WD[RQRPLF FODVVL¿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¿HV LWVHOI DV D 3\FQRGRQWLIRUPHV VWULFWO\ OLPLWHG WR WKH &HQRPDQLDQ )LQDOO\ RQ WKH SDOHRHQYLURQPHQWDO OHYHO WKLV VSHFLHV EHORQJV WR WKH SDOHRJHRJUDSKLF OLWRUDQHDQ DUHDV RI WKH 7HWK\V .H\ ZRUGV 3\FQRGRQWLIRUPHV &HQRPDQLDQ 0RURFFR 7HWK\V

± ,QWURGX]LRQH /D SUHVHQ]D GL SHVFL IRVVLOL QHL FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD YDOOH GHO .HP.HP 0DURFFR q VWDWD SHU OD SULPD YROWD ULSRUWDWD GD 0XUUH\ :LOVRQ L TXDOL KDQQR GHVFULWWR LO QXRYR PDFURVHPLGH GL SLFFROD WDJOLD $JRXOWLFKWK\V FKDWWHU WRQL FRPH FDUDWWHULVWLFR GL TXHVWD QXRYD ORFDOLWj ,Q VHJXLWR DOWUL ULFHUFDWRUL KDQQR VHJQDODWR DOWUH IRUPH GL SHVFL IRVVLOL &DYLQ HW DO KDQQR GHVFULWWR SHU OD SULPD YROWD LO FRPSOHVVR GHL SHVFL IRVVLOL GL TXHVWR VLWR LQGLFDQGRQH OH DQDORJLH FRQ OH DOWUH LWWLRIDXQH FUHWDFHH GHOOD 7HWLGH VSHFLDOPHQWH TXHOOH GL -HEHO 7VHOIDW 0DURFFR H GHO /LEDQR ULSRUWDQGR DQFKH OD SUHVHQ]D GL SLFQRGRQWL QRQ LGHQWL¿FDWL 0XUUD\ :LOVRQ KDQQR GHVFULWWR OD QXRYD VSHFLH 6RUELQLFKWK\V DIULFDQXV 0XUUD\ HW DO KDQQR SRL GHVFULWWR GXH QXRYL SDUDFOXSHLGL FLRq 7KRUHFWLFKWK\V PDURFHQVLV H 7KRUHFWKLFKWK\V UDGLDWXV

0DUWLOO HW DO KDQQR ULDVVXQWR OH FDUDWWHULVWLFKH VWUDWLJUD¿FKH VHGLPHQWR ORJLFKH H SDOHRQWRORJLFKH GHL FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD VRWWROLQHDQGR FRPH O¶LWWLRIDXQD IRVVLOH GL TXHVWD ORFDOLWj DEELD IRUWL DQDORJLH FRQ TXHOOD GL DOWUL JLDFLPHQWL QHL TXDOL DOO¶LQWHUQR GHOOR VWHVVR .HP .HP SODWHDX DI¿RUD OD )RUPD]LRQH GL $NUDERX GHOOD TXDOH L FDOFDUL GL *DUD 6EDD UDSSUHVHQWDQR LO PHPEUR VRPPLWDOH 0DUWLOO HW DO ULSRUWDURQR ROWUH DO JLj FLWDWR PDFURVHPLGH OD SUHVHQ]D GL %HOR QRVWRPXV VS &ODGRF\FOXV VS 5K\QFKRGHUFHWLV VS GXH SDUDFOXSHLGL 'LSORP\VWXV VS HG XQD IRUPD (OOLPLFKWK\V VLPLOH XQ RVWDULR¿VR LQGHWHUPLQDWR HG XQD QXRYD VSH FLH GL DFDQWRPRUIR ,QROWUH JOL VWHVVL 0DUWLOO HW DO KDQQR DQFK¶HVVL VHJQDODWR QHOO¶DPELWR GL TXHVWD LWWLRIDXQD OD SUHVHQ]D GL SLFQRGRQWL LQGHWHUPLQDWL DWWULEXHQGR QH L IRVVLOL DO JHQHUH 3\FQRGXV HG DYYLFLQDQGRQH OD VSHFLH D 3\FQRGXV ODYHLUHQVLV GHO 7XURQLDQR GHO 3RUWRJDOOR PD VHQ]D GDUH XQD GHVFUL]LRQH DQDWRPLFD GHJOL HVHPSODUL GL *DUD 6EDD FKH SXUH L FLWDWL DXWRUL KDQQR ¿JXUDWR SDJLQD ,Q¿QH 0XUUD\ HW DO KDQQR GHWWDJOLDWR PHJOLR OH FDUDWWHULVWLFKH GL TXHVWD LWWLRIDXQD DQFKH SUHFL VDQGR OH GLDJQRVL VSHFL¿FKH GHOOH IRUPH JLj GHVFULWWH LQ SUHFHGHQ]D HVVL KDQQR DQFKH ULSRUWDWR SHU OD SULPD YROWD OD SUHVHQ]D GL XQ FOXSDYLGH /XVLWDQLFKWK\V DIULFDQXV HG KDQQR DSSURIRQGLWR OD SUHVHQ]D GL SLFQRGRQWL DOO¶LQWHUQR GHOO¶LWWLRIDXQD GL *DUD 6EDD DUULYDQGR D GH¿QLUH O¶HVLVWHQ]D GL GXH VSHFLH VHSDUDWH FKH VHEEHQH QRQ GHVFULWWH VRQR VWDWH FRPXQTXH ULIHULWH DOOD IDPLJOLD 3\FQRGRQWLGDH VHQVX 1XUVDOO ,O SUHVHQWH ODYRUR VHJQDOD SHU OD SULPD YROWD OD SUHVHQ]D GL XQ SLFQRGRQWH EHQ QRWR H UHODWLYDPHQWH GLIIXVR QHL EUDFFL PDULQL OLWRUDQHL GHOOD 7HWLGH GXUDQWH LO &UH WDFHR VXSHULRUH 3DUDQXUVDOOLD JXWWRURVD $UDPERXUJ TXHVWD SUHVHQ]D ROWUH FKH FRPSOHWDUH OD FRPSRVL]LRQH GHOO¶LWWLRIDXQD IRVVLOH GL *DUD 6EDD q PROWR LPSRU WDQWH SHU PLJOLRUDUH O¶LQTXDGUDPHQWR FURQRORJLFR GHO JLDFLPHQWR LQ TXHVWLRQH LO TXD OH ± LQ DVVHQ]D GL PLFURIRVVLOL VLJQL¿FDWLYL ± DWWHQGH DQFRUD GL ULFHYHUH XQD GDWD]LRQH SUHFLVD HVVHQGR DO PRPHQWR ULIHULELOH DOO¶LQWHUYDOOR FRPSUHVR IUD LO &HQRPDQLDQR VXSHULRUH HG LO 7XURQLDQR LQIHULRUH 0DUWLOO HW DO ± 0DWHULDOH 9LHQH GHVFULWWR QHO SUHVHQWH ODYRUR LO FDPSLRQH &/& Q 6 SURYHQLHQWH GD *DUD 6EDD 0DURFFR DSSDUWHQHQWH DOOD ³&ROOH]LRQH /XLJL &DSDVVR´ VLJOD &/& TXDOL PDWHULDOL GL FRQIURQWR SHU HVHJXLUH OH FRPSDUD]LRQL DQDWRPLFKH SURSRVWH QHO SUHVHQWH ODYRUR VRQR VWDWL DQFKH DGRSHUDWL JOL HVHPSODUL &/& Q 6 SURYHQLHQWH GD -HEHO 7VHOIDW 0DURFFR H &/& Q , SURYHQLHQWH GDO 3DVVR GHO )XUOR 3HVDUR GHOOD VWHVVD &ROOH]LRQH 'HWWD &ROOH]LRQH q SXEEOLFD HG q VWDWD QRWL¿FDWD FRQ 'HFUHWR GHO 0LQLVWHUR GHL %HQL H GHOOH $WWLYLWj &XOWXUDOL GHOO¶ RWWREUH HVVD q FRQVHUYD WD QHL OXRJKL H VHFRQGR OH SUHVFUL]LRQL DSSRVLWDPHQWH VWDELOLWH GDO FLWDWR GHFUHWR SXE EOLFDWR VXO %ROOHWWLQR 8I¿FLDOH GHO 0LQLVWHUR OD VXD SXEEOLFD DFFHVVLELOLWj q JDUDQWLWD DL VHQVL H QHL PRGL GHOO¶DUWLFROR GHOOD /HJJH Q GHO /¶HVHPSODUH FRQVLVWH LQ XQ SHVFH TXDVL FRPSOHWR FRQ OXQJKH]]D WRWDOH GL PP FLUFD SDU]LDOPHQWH FRQVHUYDWR LQ FRQWUR LPSURQWD (VVR q VWDWR UDFFROWR D *DUD 6EDD

XQD ORFDOLWj VLWXDWD DOOD YHWWD GHOO¶RPRQLPD DOWXUD DOOD TXRWD GL FLUFD P VOP VXO PDUJLQH RULHQWDOH GHO .HP.HP SODWHDX ± ,QTXDGUDPHQWR JHR VWUDWLJUD¿FR GHOO¶RUL]]RQWH GL SURYHQLHQ]D , FDOFDUL GRORPLWLFL ODPLQDWL GDL TXDOL SURYLHQH O¶HVHPSODUH RJJHWWR GHO SUHVHQWH ODYRUR DI¿RUDQR DOOD FLPD GHOOD FROOLQD GL *DUD 6EDD VLWXDWD D FLUFD P VOP DO PDUJLQH VXGRULHQWDOH GHO EDFLQR GL .HP.HP FLUFD FKLORPHWUL D VXG GL 7DIUDRXWH FRRUGLQDWH ¶ ´ 1 ¶ ´ : 6L WUDWWD GL XQD ORFDOLWj DVVROXWDPHQWH LPSHUYLD UDJJLXQJLELOH PHGLDQWH WLUL GL FDPPHOOL H VROR FRQ GLI¿FROWj FRQ PH]]L IXRULVWUDGD JLDFFKp OD SLVWD EDWWXWD SL YLFLQD D TXHVWR OXRJR q TXHOOD FKH FRQJLXQJH 7DRX] D =DJRUD ULVSHWWR DO FXL WUDFFLDWR OD FROOLQD GL *DUD 6EDD q VLWXDWD FLUFD FKL ORPHWUL D QRUG RYHVW *OL VWHVVL 0DUWLOO HW DO FKH KDQQR YLVLWDWR GLUHWWDPHQWH OD ORFDOLWj QHO GLFHPEUH GHVFULYRQR TXHVWR JLDFLPHQWR IRVVLOLIHUR FRPH XQR GHL OXRJKL SL LVRODWL GHO SLDQHWD 'DO SXQWR GL YLVWD VWUDWLJUD¿FR L FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD UDS SUHVHQWDQR LO PHPEUR VRPPLWDOH GHOOD FRVLGGHWWD )RUPD]LRQH GL $NUDERX GDWDWD DO &HQRPDQLDQR 7XURQLDQR 4XHVWR FDOFDUH q VWDWR GH¿QLWR XQ YHUR H SURSULR ³3ODW WHQNDON´ SHU OD ¿WWD ODPLQD]LRQH H SHU OD UHJRODULWj GHOOD VWUDWL¿FD]LRQH /D JUDQD ¿QLVVLPD GHOOD WHVVLWXUD H OD GRORPLWL]]D]LRQH UHQGRQR SDUWLFRODUPHQWH EHQ FRQVHU YDWL L IRVVLOL FRQWHQXWL LQ TXHVWL FDOFDUL WDQWR FKH 0DUWLOO HW DO KDQQR GH¿QLWR O¶DI¿RUDPHQWR GL *DUD 6EDD XQ YHUR H SURSULR ³.RQVHUYDW /DJHUVWlWWH´ 0ROWL IRVVLOL SUHVHQWDQR HIÀRUHVFHQ]H GHQGULWLFKH GL SLUROXVLWH HG DOFXQH RVVD GL YHUWHEUDWL VRQR LQFURVWDWH GD PLQHUDOL SDUDJRQDWL DOOD YLYLDQLWH 0DUWLOO HW DO 'DO SXQWR GL YLVWD SDOHRDPELHQWDOH VLD VXOOD EDVH GHOOH FDUDWWHULVWLFKH OLWRORJL FKH FKH VXOOD EDVH GHOOH FDUDWWHULVWLFKH FRPSOHVVLYH GHOOD IDXQD IRVVLOH O¶DPELHQWH GL GHSRVL]LRQH GHL FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD HUD TXHOOR PDULQR SURV VLPR DOOD FRVWD GL SLDWWDIRUPD DSHUWD VHQ]D HYLGHQ]H GL FRPPLVWLRQL Qp VDOPDVWUH Qp GL DFTXD GROFH 0XUUD\ HW DO OD WHPSHUDWXUD PHGLD GHOO¶DFTXD VXOOD EDVH GHOOR VWXGLR GHJOL LVRWRSL GHOO¶RVVLJHQR q VWDWD FDOFRODWD LQ & 0XUUD\ HW DO ± 'HVFUL]LRQH ,O UHSHUWR RJJHWWR GL VWXGLR q XQ UHVWR GL SHVFH IRVVLOH OXQJR PP TXDVL FRPSOH WR DQFKH VH SDU]LDOPHQWH FRQVHUYDWR LQ FRQWUR LPSURQWD )LJXUD HVVR RIIUH D FRQ VLGHUDUH WXWWL L FDUDWWHUL WLSLFL GHO JHQHUH 3DUDQXUVDOOLD VHFRQGR OD GH¿QL]LRQH GDWD GD 7DYHUQH HW DO ,O SUR¿OR JHQHUDOH GHO SHVFH q VXE FLUFRODUH FRQ FDUDWWHULVWLFD SURWUXVLRQH VLD GHOOD UHJLRQH DGGRPLQDOH VLD GL TXHOOD IURQWDOH &RPH LQ PROWL DOWUL SLFQRGRQWL :RRGZDUG OD WHVWD q FRUWD HG DOWD FRQ RUELWD URWRQGHJJLDQWH H FRQ VTXDUFLR GHOOD ERFFD REOLTXR H EUHYH /D FRGD q PROWR FRUWD H PROWR DOWD FRQ PDUJLQH

)LJ ± 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ GDL FDOFDUL GRORPLWLFL ODPLQDWL GHO &HQRPDQLDQR GL *DUD 6EDD .HP.HP 0DURFFR &/& Q 6 /XQJKH]]D 7RWDOH PP FLUFD )LJ ± 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ IURP &HQRPDQLDQ ODPLQDWHG GRORPLWLF OLPHVWRQHV RI *DUD 6EDD .HP.HP 0RURFFR &/& Q 6 7RWDO OHQJWK PP FD

SRVWHULRUH GROFHPHQWH FRQYHVVR FRUULVSRQGHQGR DO ³WLSR ) YHUWLFDOH´ FRPH GH¿QLWR GD 3R\DWR $UL]D :HQ] 1HOOR VFKHOHWUR GHO FUDQLR GLVWLQJXLDPR XQ EHQ GH ¿QLWR SDUDVIHQRLGH FKH FRPH q FDUDWWHULVWLFR GL TXDVL WXWWL L SLFQRGRQWL :RRGZDUG SUHVHQWD XQD EDVH UHWWLOLQHD FRQQHVVD DO YRPHUH HG XQ ERUGR VXSHULRUH OLHYH PHQWH VLQXRVR FKH FRVWLWXLVFH OD EDVH GHOO¶RUELWD /¶RVVR IURQWDOH SUHQGH FRQQHVVLRQH FRQ LO GHUPRVRSUDRFFLSLWDOH FRPH DYYLHQH QHOOD PDJJLRU SDUWH GHL SLFQRGRQWL PD LO IURQWDOH q YHUDPHQWH PROWR HVSDQVR VSHFLDOPHQWH YHUVR O¶DYDQWL HG DQFKH LO GHU PRVRSUDRFFLSLWDOH q DOTXDQWR HVSDQVR HQWUDPEH VRQR FDUDWWHULVWLFKH VLD GHO JHQHUH 1XUDOOLD 3R\DWR $UL]D :HQ] FKH GHO JHQHUH 3DUDQXUVDOOLD 7DYHUQH HW DO ,O GHUPRVRSUDRFFLSLWDOH SUHVHQWD XQ SUR¿OR DQWHULRUH OLVFLR H FRQWLQXR SULYR GL VSLQH H WXEHUFROL ,O SUHPDVFHOODUH q SRFR YLVLELOH PHQWUH LO GHQWDOH q XQ RVVR D SUR ¿OR VXE WULDQJRODUH 'HOOH RVVD SUHDUWLFRODUL q YLVLELOH VROR LO VLQLVWUR LO GHVWUR HVVHQ GR VWDWR SHUGXWR IRUVH UHVWDWR DGHVR DOOR VWUDWR GL FRQWUR LPSURQWD GHO IRVVLOH WDQWR

GD ODVFLDUH OLHYHPHQWH DSHUWR OR VTXDUFLR GHOOD ERFFD HVVR q GL IRUPD WULDQJRODUH H PRVWUD VROR LQ FRQWUR LPSURQWD OD VHULH GHQWDULD SL HVWHUQD ODWHUDOH FRPSRVWD GD VHL HOHPHQWL 6RQR LQYHFH SUHVHQWL DOFXQL GHQWL YRPHULQL GLVSRVWL VX FLQTXH ¿OH PD QRQ q SRVVLELOH VWDELOLUH FRQ HVDWWH]]D OD IRUPXOD GHQWDULD YRPHULQD WXWWDYLD L GHQWL SUHVHQWL GLPRVWUDQR FKH OD ¿OD FHQWUDOH HUD FRVWLWXLWD GDJOL HOHPHQWL SL YROXPLQRVL 'HOO¶DSSDUDWR RSHUFRODUH GLVWLQJXLDPR FKLDUDPHQWH XQ JURVVR SUHRSHUFROR RULHQWDWR REOLTXDPHQWH GDO GLHWUR LQ DOWR DOO¶DYDQWL LQ EDVVR GRYH VHPEUD TXDVL FKH TXHVW¶RVVR SUHQGD UDSSRUWL FRQ LO PDUJLQH SRVWHULRUH GHO SUH DUWLFRODUH LO SUHRSHUFROR KD XQD IRUPD TXDVL HOOLWWLFD PROWR DOOXQJDWD /¶RSHUFROR q SLFFROR ULGRWWR DG XQD VRWWLOH ODPLQHWWD RVVHD FKH SUHQGH UDSSRUWL FRQ OD VROD SDUWH VXSHULRUH GHO PDUJLQH SRVWHULRUH GHO SUHRSHUFROR ,O FOHLWUXP q JUDQGH PROWR DOOXQJDWR H FRUWR /D FRORQQD YHUWHEUDOH RFFXSD XQD SRVL]LRQH UHODWLYDPHQWH GRUVDOH FRQ DQGDPHQWR JHQHUDOH GHOO¶DVVH FKH VL SXz YDOXWDUH UHWWLOLQHR H VROR QHO WUDWWR SL YLFLQR DOOD WHVWD O¶DVVH YHUWHEUDOH SUHVHQWD XQD OLHYH FRQFDYLWj ULYROWD YHQWUDOPHQWH /D FRORQQD FRQWD PHWDPHUL YHUWHEUDOL HG KD RULJLQH DG XQ OLYHOOR VLWXDWR VXELWR DO GLVRSUD GHO PDUJLQH VXSHULRUH GHOO¶RUELWD , VLQJROL DUFRFHQWUL VRQR DUWLFRODWL IUD ORUR DWWUDYHUVR VXWXUH FRPSOHVVH GRWDWH GL GL JLWD]LRQL QXPHURVH EHQ YLVLELOL LQ WXWWL L PHWDPHUL FRQVHUYDWL QHO QRVWUR HVHPSODUH FRPH q DVVROXWDPHQWH WLSLFR VLD GHO JHQHUH 1XUVDOOLD FKH QHO JHQHUH 3DUDQXUVDOOLD /R VFKHOHWUR GL VXSSRUWR GHOOD SLQQD FDXGDOH q FRVWLWXLWR GD DOPHQR YHUWHEUH WUDVIRU PDWH LQ DOWUHWWDQWL HOHPHQWL LSRFRUGDOL HG HSLFRUGDOL FKH FRVWLWXLVFRQR XQ EHQ GH¿QLWR SHGLFHOOR FDXGDOH *OL XURGHUPDOL VRQR GXH PROWR HVSDQVL D SUR¿OR WULDQJRODUH D VXSHU¿FLH XQ SRFR FRQFDYD GHL TXDOL LO VXSHULRUH q PHQR HVSDQVR GHOO¶LQIHULRUH XQ WHU]R SLFFROR XURGHUPDOH q SUHVHQWH DOOD EDVH GHOO¶DSSDUDWR XURIRUR 9L VRQR UDJJL SULQFLSDOL GHOOD SLQQD FDXGDOH 'HOOD SLQQD SHWWRUDOH UHVWDQR SRFKH WUDFFH PD LO QX PHUR GL UDJJL SULQFLSDOL GRYHYD HVVHUH GL DOPHQR /D UHJLRQH DQDOH q GDQQHJJLD WD PD OD SLQQD SHOYLFD q EHQ YLVLELOH DQFKH VH QRQ q SRVVLELOH GHWHUPLQDUH LO QXPHUR SUHFLVR GL UDJJL FKH OD FRPSRQJRQR 7DQWR OD SLQQD GRUVDOH TXDQWR O¶DQDOH KDQQR XQ JUDQ QXPHUR GL UDJJL DQFKH VH ± D FDXVD GL SLFFROL GDQQL GHOOD VXSHU¿FLH GL VWUDWR ± QRQ q SRVVLELOH HVHJXLUH XQD FRQWD HVDWWD H FRPSOHWD OD SLQQD GRUVDOH SUHVHQWD DOPH QR UDJJL PHQWUH O¶DQDOH DOPHQR UDJJL /D VTXDPD]LRQH q FRVWLWXLWD GD VFDJOLH ¿OLIRUPL PROWR HVWHVH LQ VHQVR GRUVRYHQWUDOH PD HVLOLVVLPH &DUDWWHULVWLFDPHQWH HVVH SDUWRQR GDOOD FDUHQD GRUVDOH H VL GLULJRQR YHQWUDOPHQWH ROWUHSDVVDQGR OD FRORQQD YHU WHEUDOH H ULFRSUHQGR DQFKH OD UHJLRQH FRUULVSRQGHQWH DOOD FDYLWj DGGRPLQDOH 7UDFFH GL TXHVWH VWHVVH VFDJOLH VRQR EHQ YLVLELOL DQFKH QHOOD UHJLRQH FDXGDOH VXELWR DO GD YDQWL GHO SHGLFHOOR FDXGDOH DQFKH VH QHO QRVWUR HVHPSODUH VRQR SUHYDOHQWHPHQWH FRQVHUYDWH LQ FRQWURLPSURQWD 1HOOD UHJLRQH DGGRPLQDOH VRQR SUHVHQWL JUDQGL VFDJOLH DOOXQJDWH HPEULFDWH IUD ORUR FKH ULFRSURQR LQWHUDPHQWH TXHVWD UHJLRQH 4XHVWR WLSR GL VTXDPD]LRQH FRUULVSRQGH DO PRGHOOR DQDWRPLFR FKH 1XUVDOO KD GH¿QLWR ³SHOWDWR´ *OL VFXGL GHOOD FDUHQD GRUVDOH VRQR PHQWUH VFXGL HPEULFDWL IUD ORUR H FRQ PDUJLQH OLEHUR GHQWLFRODWR PDO FRQVHUYDWL FRVWLWXLVFRQR OD FDUHQD YHQWUDOH DO GDYDQWL GHOOD UHJLRQH DQDOH

± &RQIURQWL H GLVFXVVLRQH 7XWWL L FDUDWWHUL RVWHRORJLFL HYLGHQ]LDWL QHOO¶HVHPSODUH RJJHWWR GL TXHVWR VWXGLR FRUULVSRQGRQR D TXHOOL GLVWLQWLYL GHOOD VSHFLH GHVFULWWD GD $UDPERXUJ FRPH 3DODHREDOLVWXP JXWWXURVXP GHOOH DUJLOOH ELWXPLQRVH GL -HEHO 7VHOIDW )LJXUD OH XQLFKH GLIIHUHQ]H FRQVLVWRQR QHO QXPHUR GL VFXGL FKH FRPSRQJRQR WDQWR OD FDUHQD GRUVDOH TXDQWR TXHOOD YHQWUDOH YHGL LQQDQ]L ,Q SDUWLFRODUH FRUULVSRQGRQR SHUIHWWD PHQWH WXWWL L FDUDWWHUL GHO JHQHUH ³1XUVDOOLD´ GHVFULWWL VXJOL HVHPSODUL GL -HEHO 7VHOIDW GD $UDPERXUJ OD SHFXOLDUH HVWHQVLRQH GHOO¶RVVR IURQWDOH FKH FRQIHULVFH DOOD WHVWD GL TXHVWR SHVFH XQ SUR¿OR YHUDPHQWH FDUDWWHULVWLFR OD IRUPD JHQHUDOH GHOO¶RUEL WD H GHJOL VFOHURWLFL OD EUHYLWj GHOOH VHULH GHQWDULH YRPHULQH OD SHFXOLDUH PRUIRORJLD GHOOH VXWXUH LQWHUFRUUHQWL IUD L FRUSL YHUWHEUDOL FRQ GLJLWD]LRQL QXPHURVH H FRPSOLFDWH OD VWUXWWXUD GHOO¶XURIRUR H OD PRUIRORJLD GHOOD SLQQD FDXGDOH OD WLSRORJLD GHOOH VFDJOLH ,QROWUH VRQR SUHVHQWL QHOO¶HVHPSODUH GL *DUD 6EDD DQFKH WXWWL L FDUDWWHUL VSHFL¿FL FKH VHFRQGR $UDPERXUJ VRQR SHFXOLDUL GHOOD VSHFLH JXWWXURVXP H FLRq OD IRUPD

)LJ ± 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ GDL FDOFDUL ELWXPLQRVL FHQRPDQLDQL GL -HEHO 7VHOIDW 0DURFFR &/& Q 6 HVHPSODUH LQ FRQWUR LPSURQWD /XQJKH]]D 7RWDOH PP FLUFD )LJ ± 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ IURP WKH &HQRPDQLDQ ELWXPLQRXV OLPHVWRQHV RI -HEHO 7VHOIDW 0R URFFR &/& Q 6 7RWDO OHQJWK DERXW PP

H OD SRVL]LRQH GHOO¶RSHUFROR OD IRUPD H OD VWUXWWXUD GHO FOHLWUXP LO QXPHUR GL UDJJL SULQFLSDOL GHOOD FRGD OD GLVWULEX]LRQH GHOOH VFDJOLH 7XWWL TXHVWL FDUDWWHUL VLD JHQHULFL VLD VSHFL¿FL QRQ ODVFLDQR GXEEL VXOOD GHWHUPLQD]LRQH JHQHULFD H VSHFL¿FD GHOO¶HVHP SODUH GL *DUD 6EDD DQFKH TXDQGR OR VL FRQIURQWL GLUHWWDPHQWH FRQ HVHPSODUL GL -HEHO 7VHOIDW )LJXUD 3L UHFHQWHPHQWH 7DYHUQH HW DO KDQQR GHVFULWWR XQD QXRYD IRUPD 3DUD QXUVDOOLD VSLQRVD GDO &HQRPDQLDQR VXSHULRUH GL 'LU 2XODG <DKLD 7XQLVLD VHWWHQ WULRQDOH HG KDQQR FRPSDUDWR TXHVWD QXRYD IRUPD FRQ WXWWL L UDSSUHVHQWDQWL VLQR DG RJJL GHVFULWWL QHO JHQHUH 1XUVDOOLD LQFOXVD OD ³1XUVDOOLD´JXWWXURVXP $UDPERXUJ $ VHJXLWR GL TXHVWL FRQIURQWL JOL VWHVVL 7DYHUQH HW DO KDQQR GLPRVWUDWR FKH ³1XUVDOOLD´ JXWWXURVXP $UDPERXUJ SUHVHQWD XQD FRPELQD]LRQH GL FD UDWWHUL FKH SHUPHWWH GL IDU WUDQVLWDUH TXHVWD IRUPD QHO QHR LVWLWXLWR JHQHUH 3DUDQXU VDOOLD 4XHVWL FDUDWWHUL VRQR IRQGDPHQWDOPHQWH L WUH VHJXHQWL SUHIURQWDOL DPSL HG DSSDLDWL FKH FRSURQR LO PHVHWPRLGH SULPL DUFKL QHXUDOL IXVL LQ XQ JUDQGH VLQDU FDOH PDQGLEROD WULDQJRODUH WDQWR ODUJD TXDQWR OXQJD 3HUWDQWR VXOOD EDVH GHL WUH FDUDWWHUL HOHQFDWL 7DYHUQH HW DO KDQQR ULPRVVR OD ³1XUVDOOLD´ JXWWXURVD GDO JHQHUH 1XUVDOOLD H OD KDQQR LQFOXVD QHO ORUR QXRYR JHQHUH 3DUDQXUVDOOLD 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ FRQWUDH L VXRL SL VWUHWWL UDSSRUWL SURSULR FRQ 3DUDQXUVDOOLD VSLQRVD 7DYHUQH /D\HE /D\HE 7RXQVL *DXGDQW 1RQRVWDQWH OD VWUHWWD VRPLJOLDQ]D IUD TXHVWH GXH VSHFLH LQ 3DUDQXUVDOOLD JXWWXURVD LO PDUJLQH VXSHULRUH GHO GHUPRVXSUDRFFLSLWDOH q SULYR GL VSLQH LO IURQWDOH QRQ UDJJLXQ JH LO SDULHWDOH OH GXH RVVD VRQR LQYHFH LQ FRQWDWWR IUD ORUR LQ 3DUDQXUVDOOLD VSLQRVD OD SLQQD FDXGDOH q FRPSRVWD GD FLUFD UDJJL SULQFLSDOL LQ 3DUDQXUVDOOLD VSLQR VD H LQROWUH OD FDUHQD GRUVDOH H OD FDUHQD YHQWUDOH VRQR ULVSHWWLYDPHQWH FRPSRVWH GD FLUFD VFXGL VFXGL LQ 3DUDQXUVDOOLD VSLQRVD H GD D VFXGL VFXGL LQ 3DUDQXUVDOOLD VSLQRVD QRQ PDQFDQR DOWUH GLIIHUHQ]H PLQRUL D FDULFR GHO SUHRSHUFR OR H GHO FOHLWKUXP $OO¶LQWHUQR GL TXHVWR VFKHPD FRPSDUDWLYR SURSRVWR GD 7DYHUQH HW DO HPHUJRQR FRQ HYLGHQ]D OH SHFXOLDULWj GHO QRVWUR HVHPSODUH GL *DUD 6EDD LO TXDOH SRVVLHGH VFXGL QHOOD FDUHQD GRUVDOH H VFXGL QHOOD FDUHQD YHQWUDOH FLz UDSSUHVHQWD WXWWR VRPPDWR XQD FRQGL]LRQH LQWHUPHGLD IUD TXHOOD WLSLFD GHOOH GXH VSHFLH DIULFDQH GL 3DUDQXUVDOOLD DG RJJL FRQRVFLXWH $QFKH LO QXPHUR GHL UDJJL GHOOD SLQQD DQDOH H GHOOD SLQQD GRUVDOH q QHO QRVWUR HVHPSODUH XQ SR¶ SL EDVVR ULVSHWWR D TXHOOR WLSLFR GL 3DUDQXUVDOOLD VSLQRVD HG XQ SR¶ SL DOWR ULVSHWWR D TXHOOR WLSLFR GL 3DUDQXUVDOOLD JXWWXURVD 1HOO¶RSLQLRQH GL FKL VFULYH WXWWDYLD VL WUDWWD GL GLIIHUHQ]H FKH SRWUHEEHUR ULHQWUDUH DPSLDPHQWH QHOO¶DPELWR GHOOD YDULDELOLWj DOO¶LQWHUQR GL FLD VFXQD GHOOH GXH VSHFLH OH TXDOL SXUWURSSR VRQR FRQRVFLXWH DWWUDYHUVR XQ QXPHUR DQFRU RJJL WURSSR OLPLWDWR GL HVHPSODUL DGGLULWWXUD XQ VLQJROR HVHPSODUH SHU TXDQWR ULJXDUGD 3DUDQXUVDOOLD VSLQRVD &RPXQTXH DSSDUH GDYYHUR ULPDUFKHYROH FKH QHO QRVWUR HVHPSODUH LO PDUJLQH DQWHULRUH GHOO¶RVVR GHUPRVRSUDRFFLSLWDOH DSSDUH FRPSOH WDPHQWH OLVFLR SULYR GL TXDOVLDVL RUQDPHQWD]LRQH R VRYUDVWUXWWXUD RVVHD VRWWR IRUPD GL WXEHUFROL R VSLQH FRQ¿JXUDQGRVL O¶DVSHWWR WLSLFR GHOOD SDUWH DQWHULRUH GHO FUDQLR GL 3DUDQXUVDOOLD JXWWXURVD LQ FLz FRPSOHWDPHQWH GLIIHUHQWH GD TXHOOR GL 3DUDQXUVDOOLD VSLQRVD LO FXL RVVR GHUPRVRSUDRFFLSLWDOH q FDUDWWHULVWLFDPHQWH VRUPRQWDWR GD VSLQH

SHUDOWUR TXDVL LGHQWLFKH SHU QXPHUR IRUPD H GLVSRVL]LRQH D TXHOOH WLSLFKH GL 1XUVDO OLD WHWK\VHQVLV &DSDVVR HW DO 5LFRUGHUHPR FKH QHOO¶DPELWR GHOO¶LWWLRIDXQD GHVFULWWD GD /HRQDUGL QHOOH UDGLRODULWL ELWXPLQRVH FHQRPDQLDQH GL )ORUHVWD 0HVVLQD q VWDWD RVVHUYDWD XQD IRUPD SHUIHWWDPHQWH FRUULVSRQGHQWH DOOD VSHFLH GHVFULWWD GD $UDPERXUJ D -HEHO 7VHO IDW )LJXUD 7DQWR $UDPERXUJ TXDQWR /HRQDUGL GHVFULVVHUR TXHVWD IRUPD FRPH 3DODHREDOLVWXP JXWWXURVXP %ORW KD GLPRVWUDWR FKH L UDSSUHVHQ WDQWL GL TXHVWD VSHFLH SUHVHQWDQR WXWWL JOL DSRPRU¿VPL WLSLFL GHO JHQHUH 1XUVDOOLD ULGHWHUPLQDQGR OH FODVVL¿FD]LRQL GHL PDWHULDOL GL -HEHO 7VHOIDW &DSDVVR KD SRL GLPRVWUDWR FKH DQFKH JOL HVHPSODUL GHO FHQRPDQLDQR VLFLOLDQR GRYHYDQR HVVHUH FRQ VLGHUDWL FRPH ³1XUVDOOLD´ JXWWXURVXP $UDPERXUJ /R VWHVVR &DSDVVR KD DQFKH VHJQDODWR OD SUHVHQ]D GL ³1XUVDOOLD´ JXWWXURVXP $UDPERXUJ QHOOH UDGLRODULWL ELWXPLQRVH FHQRPDQLDQH GHO FRVLGGHWWR ³OLYHOOR %RQDUHOOL´ DI¿RUDQWL DO 3DVVR GHO )XUOR 3HVDUR &RVLFFKp FRPSOHVVLYDPHQWH GRSR OD SUHVHQWH VHJQDOD]LRQH OD VSHFLH 3DUDQXUVDOOLD JXWWXURVXP $UDPERXUJ HVWHQGH OD VXD GLVWULEX]LRQH DOOH VHJXHQWL TXDWWUR ORFDOLWj GXH GHOO¶$IULFD VHWWHQWULRQDOH H GXH GHOO¶,WDOLD FHQWUDOH H PHULGLRQDOH -HEHO 7VHOIDW *DUD 6EDD 3DVVR GHO )XUOR H )ORUHVWD 4XLQ GL OD VSHFLH 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ GHYH HVVHUH FRQVLGHUDWD XQD VSHFLH FDUDWWHULVWLFD HG HVFOXVLYD GHO &HQRPDQLDQR GHOO¶DUHD WHWLGHD FHQWUDOH ± &RQFOXVLRQL &RQ O¶DWWXDOH VHJQDOD]LRQH OD VSHFLH 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ HVWHQGH OD VXD GLIIXVLRQH SDOHRJHRJUD¿D (VVD LQIDWWL q SUHVHQWH QHOOH UDGLRODULWL FH QRPDQLDQH GHO 3DVVR GHO )XUOR QHOOH 0DUFKH &DSDVVR QHOOH UDGLRODULWL FHQR PDQLDQH GL )ORUHVWD LQ 6LFLOLD /HRQDUGL QHL FDOFDUL ELWXPLQRVL GHO &HQRPD QLDQR GL -HEHO 7VHOIDW 0DURFFR $UDPERXUJ H QHL FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD TXHVWR ODYRUR 6XO SLDQR VWUDWLJUD¿FR LQROWUH 3DUDQXUVDOOLD JXWWXURVD $UDPERXUJ VL FRQIHUPD HVVHUH XQD VSHFLH HVFOXVLYD GHO &HQRPDQLDQR FLz LPSOLFD DQFKH XQ XOWHULRUH ULÀHVVR VWUDWLJUD¿FR FKH FRQVHQWH GL UHVWULQJHUH O¶LQFHUWH] ]D FURQRORJLFD DQFRUD SUHVHQWH QHOOD GDWD]LRQH GHO SHULRGR GL IRUPD]LRQH FXL ULIHULUH JOL VWHVVL FDOFDUL GRORPLWLFL ODPLQDWL GL *DUD 6EDD FKH GRSR TXHVWD VHJQDOD]LRQH SRWUHEEHUR FUHGLELOPHQWH HVVHUH DVVHJQDWL DO &HQRPDQLDQR 6XO SLDQR SDOHRELRORJL FR JHQHUDOH LQ¿QH 3DUDQXUVDOOLD JXWWXURVXP $UDPERXUJ TXLQGL VHPEUD DYYLDUVL D SRWHUH HVVHUH LQWHUSUHWDWD FRPH XQD VSHFLH FDUDWWHULVWLFD GHO &HQRPDQLDQR GHOOD 7HWLGH YLVWH DQFKH OH DI¿QLWj FKH TXHVWD IRUPD GLPRVWUD FRQ DOWUH VSHFLH FRQVL PLOL SURSULH GHO &HQRPDQLDQR GHO /LEDQR 1XUVDOOLD WHWK\VHQVLV &DSDVVR $EL 6DDG 7DYHUQH H GHO &HQRPDQLDQR GHOOD /LELD 3DUDQXULVDOOLD VSLQRVD 7DYHUQH HW DO /DYRUR FRQVHJQDWR LO

%,%/,2*5$),$ $5$0%285* & ± /HV SRLVVRQV FUpWDFpV GX -HEHO 7VHOIDW 1RWHV HW 0pPRLUHV 6HUYLFH GHV0LQHV HW GH OD &DUWH *pRORJLTXH GX 0DURF %/27 - /¶2UGHUH GHV 3\FQRGRQWLIRUPHV 6WXGL H 5LFHUFKH VXL *LDFLPHQWL 7HU]LDUL GL %ROFD &$3$662 / ± 6HJQDOD]LRQH GHOO¶DFWLQRSWHULJLR 1XUVDOOLD JXWWXURVXP $UDPERXUJ QHOOH UDGLRODULWL ELWXPLQRVH FHQRPDQLDQH GHO 3DVVR GHO )XUOR 3HVDUR $WWL GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH &$3$662 / $%, 6$$' 3 7$9(51( / ± 1XUVDOOLD WHWK\VHQVLVVS QRY D QHZ 3\FQRGRQW ¿VK 1HRSWHU\JLL +DOHFRVWRPL IURP WKH &HQRPDQLDQ RI /HEDQRQ %XOOHWWLQ GH O¶,QVWLWXW 5R\DO GHV 6FLHQFHV 1DWXUHOOHV GH %HOJLTXH 6FLHQFHV GH OD 7HUUH &$9,1 / %28'$' / '8))$8' 6 .$%,5, / /( /2(8)) - 528*(7 , 721* + /¶HYROXWLRQ SDOpRHQYLURQPHQWDOH GHV IDXQH GH SRLVVRQV GX &UpWDFp VXSpULHXU GX %DVVLQ GX 7D¿ODOW HW GHV UH JLRQ VDYRLVLQDQWHV 6XG (VW GX 0DURF LPSOLFDWLRQV SDOpRJpRJUDSKLTXHV & 5 $FDG 6FL 3DULV 6FLHQFHV GH OD 7HUUH HW GHV SODQqWHV &$9,1 / 721* + %28'$' / 0(,67(5 & 3,8= $ 7$%28(// - $$5$% 0 $0,27 5 %8) )(7$87 ( '<.( * +8$ 6 /( /2(8)) - ± 9HUWHEUDWH DVVHPEODJHV IURP WKH HDUO\ /DWH &UHWDFHRXV RI 6RXWKHDVWHUQ 0RURFFR DQ RYHUZLHZ - $IU (DUWK 6FL /(21$5', $ ± /¶LWWLRIDXQD FHQRPDQLDQD GL )ORUHVWD 0HVVLQD 3DOHRQWRJUDSKLD ,WDOLFD 0$57,// ' 0 1,=$5 , %5,72 3 0 %$,'(5 / =+285, 6 /29(5,'*( 5 1$,6+ ' +,1* 5 ± $ QHZ 3ODWWHQNDON .RQVHUYDW /DJHUVWlWWH LQ WKH 8SSHU &UHWDFHRXV RI *DUD 6EDD VRXWK HDVWHUQ 0RURFFR &UHWDFHRXV 5HVHDUFK 0855$< $ 0 :,/621 0 9 + ± $ QHZ /DWH &UHWDFHRXV PDFURVHPLLG ¿VK 1HRSWHU\JLL +DOHFRV WRPL IURP 0RURFFR ZLWK WHPSRUDO DQG JHRJUDSKLFDO UDQJH H[WHQVLRQV IRU WKH IDPLO\ 3DODHRQWRORJ\ 0855$< $ 0 :,/621 0 9 + $ QHZ VSHFLHV RI 6RUELQLFKWK\V 7HOHRVWHL &OXSHRPRUSKD (OOLPPL FKWK\LIRUPHV IURP WKH /DWH &UHWDFHRXV RI 0RURFFR &DQ - (DUWK 6FL 0855$< $ 0 :,/621 0 9 + *,%% 6 &+$77(5621 ' ( ± $GGLWLRQV WR WKH /DWH &UHWDFHRXV &HQRPDQLDQ 7XURQLDQ DFWLQRSWHU\JLDQ IDXQD IURP WKH $JRXOW )RUPDWLRQ 0RURFFR DQG FRPPHQWV RQ WKH SDODHRHQYLURQPHQW ,Q 0HVR]RLF )LVKHV ± *OREDO 'LYHUVLW\ DQG (YROXWLRQ $UUDWLD * 6FKXOW]H + 3 9LOVRQ 0 9 + (GV 3IHLO 0 QFKHQ SDJHV 1856$// - 5 ± 7KH SK\ORJHQ\ RI S\FQRGRQW ¿VKHV ,Q $UUDWLD * 9LRKO * HGV 0HVR]RLF )LVK SS 9HUODJ 0 QFKHQ 1856$// - 5 7KH S\FQRGRQWLIRUP EDXSODQ WKH PRUSKRORJ\ RI D VXFFHVVIXO WD[RQ ,Q $UUDWLD * 6FKXOW]H + 3 HGV 0HVR]RLF )LVK SS 9HUODJ 0 QFKHQ 32<$72 $5,=$ ) - :(1= 6 ± $ QHZ LQVLJKW LQWR S\FQRGRQWLIRUP ¿VKHV *HRGLYHUVLWDV 7$9(51( / /$<(% 0 /$<(% 72816, < *$8'$17 - ± 3DUDQXUVDOOLD VSLQRVD Q JHQ Q VS D QHZ 8SSHU &UHWDFHRXV S\FQRGRQWLIRUP ¿VK IURP WKH (XUDIULFDQ 0HVRJHD *HRGLYHUVLWDV :22':$5' $ 6 ± &DWDORJXH RI IRVVLO ¿VKHV LQ WKH %ULWLVK 0XVHXP 1DWXUDO +LVWRU\ 9RO %ULWLVK 0XVHP RI 1DWXUDO +LVWRU\ /RQGRQ :22':$5' $ 6 ± 7KH IRVVLO ¿VKHV RI WKH (QJOLVK &KDON 3DUW 7KH 3DODHRQWRJUDSKLFDO 6RFLHW\ /RQGRQ SS

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

678',2 025)2/2*,&2 ( 025)20(75,&2 '(, 5(3(57, ', 85686 63(/$(86 3529(1,(17, '$//( &$03$*1( ', 6&$92 1(//$ *5277$ 32&$/$ $85,6,1$ 76

(0$18(/( *$9$ 9LD GHL /DQWLHUL ± *RUL]LD ± ( PDLO HPDQXHOHJDYD#YLUJLOLR LW

5LDVVXQWR ± 4XHVWR DUWLFROR SURSRQH XQD SURVSHWWLYD VX DOFXQL DQQL GL VWXGL PRUIRORJLFL H PRUIRPHWULFL VXOOD FROOH]LRQH SDOHRQWRORJLFD GHL UHVWL GL 8UVXV VSHODHXV SURYHQLHQWL GDOOD JURWWD 3RFDOD H FRQVHUYDWL QHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH /¶RELHWWLYR GL TXHVWD ULFHUFD q VYLOXSSDUH XQ QXRYR DSSURFFLR PRUIRPHWULFR SHU OR VWXGLR GHO FUDQLR H GHOOD GHQWL]LRQH GL 8UVXV VSHODHXV XWLOL]]DQGR JOL VWXGL SUHFHGHQWL VXOOD PRUIRORJLD H PRUIRPHWULD GHOO¶RUVR GHOOH FDYHUQH SHU UDJJLXQJHUH XQD GLVFULPLQD]LRQH DJHYROH GHO VHVVR GHL UHVWL H IRUQLUH LQGL]L VXOO¶RPRJHQHLWj GHOOD SRSROD]LRQH LQ HVDPH 3DUROH FKLDYH 8UVXV VSHODHXV PRUIRPHWULD GHO FUDQLR XVXUD GHQWDULD SRSROD]LRQL $EVWUDFW ± 0RUSKRPHWULFDO DQG PRUSKRORJLFDO VWXG\ RI 8UVXV VSHODHXV UHPDLQV FROOHFWHG IURP WKH H[FDYDWLRQ FDPSDLJQV LQ WKH 3RFDOD FDYH $XULVLQD 76 7KLV DUWLFOH JLYHV D SHUVSHFWLYH RI VHYHUDO \HDUV RI PRUSKRORJLFDO DQG PRUSKRPHWULFDO VWXGLHV RI WKH SDOHRQWRORJLFDO FROOHFWLRQ RI 8UVXV VSHODHXV¶V UHPDLQV IRXQGV LQ WKH 3RFDOD FDYH NHSW LQ WKH &LYLF 0XVHXP RI 1DWXUDO +LVWRU\ RI 7ULHVWH 7KH DLP RI WKLV UHVHDUFK LV WR GHYHORS D QHZ PHWULFDO DSSURDFK IRU WKH VWXG\ RI WKH VNXOO DQG GHQWLWLRQ RI 8UVXV VSHODHXV EDVHG RQ SUHYLRXV PRUSKRORJLFDO DQG PRUSKRPHWULFDO VWXGLHV *RDO RI WKH SUHVHQW SDSHU LV DQ HDV\ VH[LQJ RI WKH UHPDLQV DQG JLYLQJ D KLQW RI WKH KRPRJHQHLW\ RI WKH SRSXODWLRQ UHVHDUFKHG

± ,QWURGX]LRQH /D VWRULD GHJOL VWXGL HIIHWWXDWL VXL UHVWL GL 8UVXV VSHODHXV q FHUWDPHQWH OXQJD H FRPSOHVVD FRQ PROWH WHRULH VSHVVR LQ GLVDFFRUGR WUD ORUR /D FRQVLVWHQ]D QHJOL VWXGL HIIHWWXDWL SHUz FRQVHQWH GL WUDFFLDUH XQD VRUWD GL ¿OR FRQGXWWRUH GHOOD VWRULD GL TXHVWD VSHFLH , UHSHUWL SL DQWLFKL ¿QRUD ULWURYDWL GL 8UVXV VSHODHXV LQ (XURSD ULVDOJRQR DW WRUQR DL DQQL ID FLRq DOOD WUDQVL]LRQH WUD 3OHLVWRFHQH PHGLR H 6XSHULRUH OD VXD RULJLQH ¿ORJHQHWLFD GHULYD SUREDELOPHQWH GD 8UVXV GHQLQJHUL DQFKH VH DOFXQL DX WRUL WHQGRQR D HVFOXGHUOR FRQVLGHUDQGR 8UVXV GHQLQJHUL FRPH XQD IRUPD SULPLWLYD GL 8UVXV VSHODHXV H QRQ FRPH VSHFLH D Vp VWDQWH FRPH DG HVHPSLR *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV ,O IUD]LRQDPHQWR GHOOH YDULH SRSROD]LRQL GL RUVR GHOOH FDYHUQH OXQJR LO FRQWLQHQWH QHO FRUVR GHO 3OHLVWRFHQH VXSHULRUH KD SRUWDWR DOOD GLYHUVL¿FD]LRQH GHL ULVSHWWLYL SDWULPRQL JHQHWLFL LO FXL VWXGLR GD SDUWH GL DOFXQL DXWRUL DG HVHPSLR %R FKHUHQV HW DO KD SHUPHVVR GL VWDELOLUH XQD VXGGLYLVLRQH GHJOL HVHPSODUL GHOO¶(X URSD FHQWUDOH HG RULHQWDOH LQ TXDWWUR DSORJUXSSL EDVDQGRVL VXOO¶DQDOLVL GHO PW'1$ WUH GHULYDQWL GD 8UVXV VSHODHXV 8UVXV VSHODHXV VSHODHXV 8UVXV VSHODHXV ODGLQLFXV 8UVXV VSHODHXV HUHPXV HG XQD QXRYD VSHFLH 8UVXV LQJUHVVXV FRQVLGHUDWD FRPH XQD IRUPD SL UHFHQWH H GL GLPHQVLRQL PDJJLRUL DSSDUVD YHUVR OD ¿QH GHO 3OHLVWRFHQH D TXHVWH VL DVVRFLDQR GHOOH IRUPH SDUWLFRODUL ULWURYDWH QHO &DXFDVR H LQ 5XVVLD FRQ FDUDWWHULVWLFKH PRUIRORJLFKH SLXWWRVWR SULPLWLYH $OWUL VWXGLRVL LQYHFH FULWLFDQR O¶XVR TXDVL HVFOXVLYR GHOOH DQDOLVL GHO '1$ SHU GH¿QLUH OH YDULH IRUPH SUHVHQWL VXO FRQWLQHQWH FRPH DG HVHPSLR .QDSS HW DO ULFRQGXFHQGROH DG XQD YDULDELOLWj QDWXUDOH GHOOD VSHFLH

8UVXV VSHODHXV GRYXWD DO IUD]LRQDPHQWR GHOOH SRSROD]LRQL VL SXz FRQVLGHUDUH FRPH HVHPSLR LO FDVR GL 8UVXV VSHODHXV ODGLQLFXV LQ TXDQWR OD VXD PRUIRORJLD SL SLFFROD H PHQR UREXVWD SXz HVVHUH FRQVLGHUDWD FRPH XQ DGDWWDPHQWR DOO¶DPELHQWH GL DOWD TXRWD /¶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¶KDELWDW OD GLVSHUVLRQH LQ SRSROD]LRQL FRQ XQ ULGRWWR QXPHUR GL LQGLYLGXL KD FDXVDWR XQ LPSRYH ULPHQWR JHQHWLFR HG XQD ULGX]LRQH GHO WDVVR ULSURGXWWLYR FRQ FRQVHJXHQWH DXPHQWR GHOOD PRUWDOLWj 6WLOOHU HW DO 7XWWR FLz SXz DYHU IDYRULWR O¶LQVHULPHQWR QHOOD QLFFKLD HFRORJLFD GL 8UVXV VSHODHXV GL QXRYH VSHFLH PLJUDWULFL SL FRPSHWLWLYH HG DGDWWDELOL DOO¶DPELHQWH FRPH DG HVHPSLR 8UVXV LQJUHVVXV H 8UVXV DUFWRV 8Q¶DOWUD SRVVLELOH WHRULD q OD WURSSD VHOHWWLYLWj ULJXDUGR DL OXRJKL GRYH O¶RUVR GHOOH FDYHUQH WUDVFRUUHYD LO OHWDUJR 3DFKHU 6WXDUW SRLFKp L UHSHUWL GL 8UVXV VSHODHXV ¿QRUD UDFFROWL VRQR VWDWL ULWURYDWL TXDVL HVFOXVLYDPHQWH LQ JURWWH LO FKH SXz VXJJHULUH O¶XWLOL]]R GL TXHVWL OXRJKL FRPH XQLFD WLSRORJLD GL ULSDUR SHU LO SHULRGR GL OHWDUJR LQYHUQDOH 8Q¶DOWUD LSRWHVL LQWHUHVVDQWH q GDWD GDJOL VWXGL GL 'LHGULFK L TXDOL LQGLFDQR XQ¶DWWLYLWj GL SUHGD]LRQH GL 8UVXV VSHODHXV GXUDQWH LO OHWDUJR GD SDUWH GL DOWUL FDUQLYRUL FRPH DG HVHPSLR 3DQWKHUD OHR VSHODHD $OOH WHRULH HOHQFDWH SUHFHGHQWHPHQWH VL SXz DJJLXQJHUH FKH OD SUHVHQ]D GL SRSROD]LRQL GHO JHQHUH +RPR QHL SUHVVL GHOOH JURWWH SRWUHEEH DYHU FDXVDWR O¶DOORQWDQDPHQWR GHJOL RUVL GDL OXRJKL XWLOL]]DWL VROLWDPHQWH SHU VYHUQDUH XQ DOWUR IDWWRUH GD FRQVLGHUDUH q OD FDFFLD D 8UVXV VSHODHXV 5RPDQGLQL HW DO VSHFLDOPHQWH QHO SHULRGR GL VYHUQDPHQWR 7XWWH TXHVWH LSRWHVL SRVVRQR DYHU FRQWULEXLWR DOO¶HVWLQ]LRQH GHOOD VSHFLH 8UVXV VSHODHXV VFRPSDUH LQ XQ SHULRGR FRUULVSRQGHQWH D *UHHQODQG 6WDGLDO VH FRQGR OH GDWD]LRQL GHO & 3DFKHU 6WXDUW $G HVHPSLR LQ ,WDOLD FHQWUDOH VRQR VWDWL ULQYHQXWL GHL UHSHUWL GL 8UVXV VSHODHXV QHOOD *URWWD GHO &KLRVWUDFFLR LQ 7RVFDQD OD FXL GDWD]LRQH DO & q VWDWD YDOXWDWD \ %3 0DUWLQL HW DO 3HU TXDQWR FRQFHUQH OD VWRULD GHOOD *URWWD 3RFDOD H GHL VXRL UHSHUWL HVVD FRP¶q EHQ QRWR q OHJDWD LQ PDQLHUD LQGLVVROXELOH D TXHOOD GHO 0XVHR &LYLFR GL 6WRULD 1DWX UDOH GL 7ULHVWH LO VLWR LQ HVDPH KD OD SHFXOLDULWj GL SRVVHGHUH XQD GHOOH FROOH]LRQL SL ULFFKH GL UHVWL GL 8UVXV VSHODHXV LQ WXWWD ,WDOLD HG q XQ FDVR GL VWXGLR PROWR LQWHUHV VDQWH SRLFKp VLWXDWD LQ XQ SXQWR GL SDVVDJJLR REEOLJDWR SHU PROWH VSHFLH DSSDUWHQHQWL DOOD PDPPDORIDXQD SURYHQLHQWH GDOO¶(XURSD RULHQWDOH GXUDQWH WXWWR LO 4XDWHUQDULR 7XWWDYLD FLz FDXVD XQD QRWHYROH FRPSOHVVLWj QHOOD FRUUHWWD FDWDORJD]LRQH GHL UHVWL IDXQLVWLFL GL RUVR GHOOH FDYHUQH SHU OD SRVVLELOH SUHVHQ]D GL VRWWRVSHFLH H VSHFLH GL VWLQJXLELOL FRQ VLFXUH]]D VROWDQWR GDO SXQWR GL YLVWD GHOO¶DQDOLVL JHQHWLFD 7XWWL L UHSHUWL DQDOL]]DWL LQ TXHVWD SXEEOLFD]LRQH SURYHQJRQR GDOOH FDPSDJQH GL VFDYR FRQGRWWH DOO¶LQWHUQR GHOOD JURWWD 3RFDOD VLWXDWD QHO FRPXQH GL 'XLQR $XULVLQD QXPHUR GL FDWDVWR JURWWH UHJLRQDOH QXPHUR GL FDWDVWR VWRULFR 9*

)LJ 3ODQLPHWULD H SURVSHWWR GHOOD JURWWD O¶HOOLVVH LQ EOX SUHVHQWH LQ SODQLPHWULD VHJQDOD OD SRVL]LRQH GHOOH WULQFHH GL VFDYR UHDOL]]DWH GD %DWWDJOLD QHOOD FDPSDJQD GHO PHQWUH TXHOOD YHUGH LQGLFD LO SXQWR GRYH VRQR VWDWL HIIHWWXDWL JOL XOWLPL VFDYL LQ RUGLQH FURQRORJLFR )LJ 3ODQLPHWU\ DQG SHUVSHFWLYH GUDZLQJ RI WKH FDYH WKH EOXH HOOLSVH LQ WKH SODQLPHWU\ JLYHV WKH SRVLWLRQ RI WKH H[ FDYDWLRQ WUHQFKHV PDGH E\ %DWWDJOLD LQ WKH ¶V FDPSDLJQ WKH JUHHQ RQH LQGLFDWHV ZKHUH WKH ODWHVW H[FDYDWLRQV KDYH EHHQ PDGH LQ FKURQRORJLFDO RUGHU

/D VWRULD GHJOL VFDYL QHOOD JURWWD q PROWR DQWLFD H FROOHJDWD LQ PDQLHUD PROWR VWUHWWD DO 0XVHR &LYLFR GL 6WRULD QDWXUDOH GL 7ULHVWH OH HVSORUD]LRQL LQFRPLQFLDQR QHO TXDQGR LO SURIHVVRU .DUO 0RVHU H * $ 3HUNR HIIHWWXDURQR OD SULPD YLVLWD DOOD JURWWD VX VHJQDOD]LRQH GL XQ FDSR FDYD WURYDQGRYL L SULPL UHVWL QHO VHPSUH

OR VWHVVR 0RVHU LQFDULFDWR GDOO¶,PSHULDO 5HJLR 0XVHR GL &RUWH GL 9LHQQD HIIHWWXz XQD SULPD UDFFROWD GL UHVWL RVVHL DOO¶LQWHUQR GHOOD JURWWD 1HO 3HUNR VX LQYLWR GL 0RVHU LQFRPLQFLz XQD FDPSDJQD GL VFDYL QHOO¶DQJROR 11( GHOOD JURWWD TXHVWR VFDYR IX HVHJXLWR FRQ OD FROODERUD]LRQH GL &DUOR 0DUFKHVHWWL DOORUD GLUHWWRUH GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH LO TXDOH UHGDVVH OD SULPD VWUDWLJUD¿D GHL VHGLPHQWL VHPSUH 0DUFKHVHWWL QRWz FKH JOL VWUDWL QRQ HUDQR GLVSRVWL VX XQ SLDQR GLULW WR EHQVu LQFOLQDWR LQROWUH RVVHUYz FKH JOL VWUDWL DYHYDQR VSHVVRUH GLIIHUHQWH 4XHVWD FDPSDJQD GL VFDYR GXUz XQ JLRUQR H SRUWz DOOD OXFH ³ FUDQL SL R PHQR LQWDWWL PDQGLEROH VLFFKp VL VFRSHUVHUR ¿QRUD L UHVWL GL EHQ LQGLYLGXL´ 3HUNR FLWDWR LQ &DOOLJDULV 'DO DO VL LQWHQVL¿FDURQR JOL VFDYL JUD]LH DOO¶RSHUD GL (XJHQLR 1HX PDQQ FKH VL DOWHUQz D 0DUFKHVHWWL LO TXDOH FRQGXVVH EHQ FDPSDJQH &RQ OR VFRS SLR GHOOD , *XHUUD 0RQGLDOH JOL VFDYL IXURQR VRVSHVL SHU SRL ULSUHQGHUH QHO FRQ O¶HVSORUD]LRQH GL 1HXPDQQ H GL 5DIIDHOOR %DWWDJOLD LO TXDOH GDUj XQ JUDQGLVVLPR FRQWULEXWR SHU TXDQWR ULJXDUGD OD FRQRVFHQ]D VWUDWLJUD¿FD GHOOD JURWWD 3RFDOD 1HO %DWWDJOLD LQWUDSUHVH XQD FDPSDJQD GL VFDYL QRQ VHQ]D GLI¿FROWj SHUFKp OH HVSOR UD]LRQL SUHFHGHQWL DYHYDQR VFRQYROWR OD VWUDWLJUD¿D GHOOD JURWWD JHWWDQGR LO ULSRUWR GHJOL VFDYL VRSUD OH DUHH DQFRUD QRQ HVSORUDWH VL ULWURYz TXLQGL D GRYHU VRQGDUH SXQWL GLYHUVL GHOOD FDYHUQD LQ FHUFD GL WHUUHQR FKH QRQ ULYHODVVH WUDFFH GL PRGL¿FD]LRQL 6HPSUH %DWWDJOLD HVHJXu QHO XQ¶DOWUD FDPSDJQD GL VFDYL GL EHQ FLQTXH PHVL GRYH VJRPEUz LO WHUUHQR GDL UHVWL GHJOL VFDYL SUHFHGHQWL H VYXRWz OH WULQFHH GL VFDYR LQROWUH VL FRQFHQWUz VXOOD SDUWH WHUPLQDOH D 6 ( DSUHQGR QXRYH DUHH GL VFDYR HYLGHQ ]LDWH GD XQ¶HOOLVVH EOX VXOOD SODQLPHWULD GHOOD JURWWD ,Q VHJXLWR OD JURWWD HQWUz LQ XQD IDVH GL GHFOLQR FDUDWWHUL]]DWD GD QXPHURVL VFDYL DEXVLYL FKH VL SURWUDVVHUR ¿QR DOOD ¿QH GHJOL DQQL SL SUHFLVDPHQWH ¿QR DO TXDQGR LO 0XVHR GHFLVH GL FKLXGHUH OD JURWWD H ULSUHQGHUH JOL VFDYL HVHJXHQGR XQ FDURWDJJLR SHU VWXGLDUH OD VWUDWLJUD ¿D GDO SXQWR GL YLVWD VHGLPHQWDULR H SURFHGHUH DOOD GDWD]LRQH 8 7K GHJOL VSHOHRWH PL 3HWURQLR *OL VFDYL SL UHFHQWL VRQR TXHOOL GHOOH FDPSDJQH FRQGRWWH QHO GDO SURIHVVRU *HUQRW 5DEHGHU GHOO¶8QLYHUVLWj GL 9LHQQD HYLGHQ]LDWL GD XQ¶HOOLVVH YHUGH VXOOD SODQLPHWULD GRYH q VWDWR WROWR LO ULSRUWR GHJOL VFDYL SUHFHGHQWL HVSRQHQGR XQD VHTXHQ]D VWUDWLJUD¿FD LQWDWWD LQ FXL VRQR VWDWL ULQYHQXWL GHL PDQXIDWWL OLWLFL PXVWHULDQL

0HWRGL D 8VXUD PRUIRPHWULD H PRUIRORJLD GHQWDULD /R VWXGLR GHOO¶XVXUD GHQWDULD YLHQH HIIHWWXDWR VHFRQGR 6WHLQHU GRYH VL DQD OL]]DQR L GLYHUVL SDWWHUQ GL XVXUD GDWL GDOOD PDVWLFD]LRQH GHJOL DOLPHQWL FKH FRPSRQ JRQR OD GLHWD GHJOL XUVLGL DWWXDOL LO SURFHGLPHQWR YLHQH TXLQGL HVWHVR SHU DQDORJLD DOOH VSHFLH HVWLQWH /¶XVXUD FRQWLQXD FDXVD O¶DEUDVLRQH GHOOR VWUDWR GL VPDOWR HVSRQHQGRQH SURJUHVVLYDPHQWH OD GHQWLQD H LO FHPHQWR GHQWDULR ¿QR D UDJJLXQJHUH OH FDYLWj SXOSDUL GHO GHQWH WDOH HIIHWWR q SURJUHVVLYR H TXLQGL SHUPHWWH GL VWDELOLUH GHOOH FODVVL GL HWj

UHODWLYD SHU L UHSHUWL LQ HVDPH 4XHVWR PHWRGR GL DQDOLVL SHUPHWWH GL UDJJUXSSDUH LO UHSHUWR VHFRQGR FODVVL GL XVXUD UHODWLYH FRPSUHVH WUD , DVVHQ]D GL XVXUD D ,; XVXUD FRPSOHWD LGHQWL¿FDQGR WUH JUXSSL GL HWj JLRYDQLOH FRQ XVXUD FRPSUHVD WUD OD FODVVH , H ,,, DGXOWR FRQ FODVVH GL XVXUD FRPSUHVD WUD ,9 H 9,, VHQLOH FRQ FODVVH GL XVXUD FRPSUHVD WUD 9,,, H ,;

)LJ 6FKHPD GHOOH XVXUH GHQWDULH GHOOH HPLDUFDWH VXSHULRUL HG LQIHULRUL WUDWWR GD 6WLQHU E )LJ 6FKHPH RI WKH GHQWDO ZHDULQJV LQ XSSHU DQG ORZHU DUFKHV DV LQ 6WLQHU E

)LJ (VHPSL GL XVXUH GHQWDULH SURJUHVVLYH RVVHUYDWH VXOOH HPLPDQGLEROH GHL UHSHUWL SURYHQLHQWL GDOOD JURWWD 3RFDOD )LJ ([DPSOHV RI SURJUHVVLYH GHQWDO ZHDULQJV REVHUYHG LQ PDQGLEOHV H[WUDFWHG IURP WKH 3RFDOD FDYH

2OWUH DG DQDOL]]DUH OH FODVVL GL XVXUD q DQDOL]]DWD DQFKH OD PRUIRPHWULD GHQWDULD GHOOH DUFDWH LQIHULRUL H VXSHULRUL VHFRQGR %DU\VKQLNRY H OD PRUIRORJLD H PRUIR PHWULD GHQWDULD GHO SULPR PRODUH LQIHULRUH GL VHJXLWR QRPLQDWR P VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV SHU TXHVW¶XOWLPD DQDOLVL DO ¿QH GL RWWHQHUH XQ LQ VLHPH SL DPSLR SRVVLELOH VRQR VWDWL DQDOL]]DWL ROWUH DL UHSHUWL PDQGLERODUL WXWWL L PRODUL P VIXVL QRQ GHFLGXL H FRQ JUDGR GL XVXUD PLQLPR R DVVHQWH SUHVHQWL QHOOH FROOH]LRQL

)LJ 6FKHPD GHL SXQWL PRUIRPHWULFL XWLOL]]DWL QHOOH PLVXUD]LRQL GHQWDULH WUDWWR %DU\VKQLNRY )LJ 6FKHPH RI WKH PRUSKRPHWULFDO SRLQWV XVHG LQ GHQWDO PHDVXUHPHQWV WDNHQ IURP %DU\VKQLNRY

)LJ 6FKHPL GHL SXQWL PRUIRPHWULFL H GHOOH FXVSLGL GL P DQDOL]]DWH LPPDJLQH WUDWWD GD *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV )LJ 6FKHPH RI WKH DQDO\]HG PRUSKRPHWULFDO SRLQWV DQG FXVSV RI P LPDJH WDNHQ IURP *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV

)LJ 0RUIRWLSL GL P EDVDWL VXOOR VWXGLR GHOOH PRUIRORJLH GHOOH FXVSLGL LPPDJLQH WUDWWD GD *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV )LJ 0RUSKRW\SHV RI P EDVHG RQ WKH VWXG\ RI WKH PRUSKRORJ\ RI WKH FXVSV LPDJH WDNHQ IURP *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV

5LJXDUGR DOO¶DQDOLVL GHO GLPRU¿VPR VHVVXDOH YLHQH XWLOL]]DWR LO PHWRGR VHFRQGR .XUWpQ FKH XWLOL]]D O¶DQDOLVL VWDWLVWLFD GHOOH FRPSRQHQWL SULQFLSDOL 3&$ GHL GLDPHWUL ORQJLWXGLQDOL H WUDVYHUVDOL GHL FDQLQL

E 0RUIRPHWULD FUDQLFD 9LHQH XWLOL]]DWR LO PHWRGR VHFRQGR %DU\VKQLNRY 3X]DFKHQNR

)LJ 3XQWL PRUIRPHWULFL XWLOL]]DWL QHOO¶DQDOLVL GHL UHSHUWL FUDQLFL LPPDJLQH WUDWWD GD %DU\VKQLNRY 3X]DFKHQNR )LJ 0RUSKRPHWULFDO SRLQWV XVHG LQ WKH DQDO\VLV RI VNXOO ¿QGV LPDJH WDNHQ IURP %DU\VKQLNRY 3X]DFKHQNR

F ,SRWHVL VSHULPHQWDOH ,O SURFHGLPHQWR SURSRVWR LQ TXHVWD SXEEOLFD]LRQH q DSSOLFDWR VX WXWWL L UHSHUWL FUDQLFL GHOOD FROOH]LRQH PXVHDOH LQFOXGHQGR DQFKH TXHOOL SURYHQLHQWL GDOOH FDPSDJQH GL VFDYR DQWHFHGHQWL D TXHOOH GHO FHUFDQGR GL ULXQLUH JOL VWXGL VXOO¶XVXUD GHQWDULD H PRUIRPHWULD FUDQLFD HVSRVWL LQ SUHFHGHQ]D QHOOD IDVH SUHOLPLQDUH q FDOFR ODWD O¶XVXUD GHQWDULD PHGLD FRPSOHVVLYD GHOOH DUFDWH GHQWDULH VHFRQGR 6WLQHU LQ PRGR WDOH GD VXGGLYLGHUOL LQ EDVH DOOH FODVVL GL HWj FRQVLGHUDQGR FRPH ³VXEDGXOWL´ WXWWL L UHSHUWL DYHQWL XVXUD GHQWDULD PHGLD FRPSUHVD WUD , H ,,, ³DGXOWL´ WUD ,9 H 9,, H ³VHQLOL´ WUD 9,,, H ,;

1HOOD IDVH GL PLVXUD]LRQH YHUD H SURSULD VL UHJLVWUDQR WXWWL L SDUDPHWUL PRUIRORJLFL H PRUIRPHWULFL GHOOD GHQWL]LRQH H GHO FUDQLR H D VXGGLYLGHUH L UHSHUWL GL RJQL FDWHJRULD GL HWj LQ EDVH DO VHVVR XWLOL]]DQGR GHL JUD¿FL D GLVSHUVLRQH ;< XWLOL]]DQGR L YDORUL GHL GLDPHWUL WUDVYHUVDOL LQGLFDWL LQ .XUWpQ FRPH SDUDPHWUL SL LQGLFDWLYL GHO GLPRU¿VPR VHVVXDOH GHL FDQLQL GHVWUL H VLQLVWUL QHO FDVR GHL UHSHUWL FRQ XQ FDQLQR VROR VL q GHFLVR GL FRUUHODUH LO GLDPHWUR WUDVYHUVDOH D TXHOOR ORQJLWXGLQDOH ,O PHWRGR TXLQGL q VWDWR WHVWDWR WUDPLWH O¶DQDOLVL GHOOH FRPSRQHQWL SULQFLSDOL 3&$ VHFRQGR .XUWpQ DO ¿QH GL YDOXWDUH O¶HIIHWWLYD HI¿FDFLD QHOO¶DWWULEX]LRQH GHO VHVVR GD SDUWH GHO PHWRGR VSHULPHQWDOH ,Q VHJXLWR VRQR YDOXWDWL TXDOL SDUDPHWUL GHOOD PRUIRPHWULD FUDQLFD H GHQWDULD VLD QR SL GLIIHUHQWL WUD L GXH JUXSSL LQ RJQL FODVVH LSRWL]]DQGR TXLQGL FKH SRVVDQR HVVHUH SUHVHQWL GHL SDUDPHWUL PDJJLRUPHQWH LQGLFDWLYL GHO GLPRU¿VPR VHVVXDOH 6RQR VWDWL DQDOL]]DWL UHSHUWL FUDQLFL PRODUL LQIHULRUL P QRQ GHFLGXL VIXVL H PRODUL LQIHULRUL P DSSDUWHQHQWL D PDQGLEROH GL LQGLYLGXL QRQ JLRYDQLOL FRQ JUDGR GL XVXUD PLQLPR , R ,, SHU SRWHU PLVXUDUH FRQ VXI¿FLHQWH SUHFLVLRQH OH GLVWDQ]H WUD OH FXVSLGL SHU O¶DQDOLVL PRUIRPHWULFD H ULFRQRVFHUH QHOOD PDQLHUD SL HI¿FDFH SRVVL ELOH L WUDWWL PRUIRORJLFL , UHSHUWL VDUDQQR LGHQWL¿FDWL QHOOH VXFFHVVLYH WDEHOOH LQ EDVH DO ORUR FRGLFH G¶LQYHQWDULR PXVHDOH 7XWWH OH GLVWDQ]H GHJOL HOHPHQWL GHO FUDQLR VRQR HVSUHVVH LQ FP H PLVXUDWH WUDPLWH PHWUR D QDVWUR ULJLGR SHU TXDQWR FRQFHUQH O¶DQDOLVL PRUIRPHWULFD GHQWDULD OH GLVWDQ]H VRQR HVSUHVVH LQ PP H PLVXUDWH FRQ O¶DXVLOLR GL XQ FDOLEUR 3HU UHDOL]]DUH OH HODERUD]LRQL VWDWLVWLFKH HG L JUD¿FL SUHVHQWL QHOOD SXEEOLFD]LR QH VRQR VWDWL XWLOL]]DWL LO VRIWZDUH 0LFURVRIW 2I¿FH ([FHO H LO VRIWZDUH RSHQ VRXUFH 3$67 +DPPHU HW DO $O ¿QH GL YHUL¿FDUH O¶HVDWWH]]D GHL ULVXOWDWL RWWHQXWL GDOOH YDULH HODERUD]LRQL L WHVW VWDWLVWLFL FRPXQL D HQWUDPEL L VRIWZDUH VRQR VWDWL HVH JXLWL VX HQWUDPEL L SURJUDPPL LQ PRGR WDOH GD FRPSDUDUH L ULVXOWDWL RWWHQXWL

5LVXOWDWL $WWULEX]LRQH GHO VHVVR LQ EDVH DO PHWRGR VSHULPHQWDOH SURSRVWR /D SULPD IDVH RSHUDWLYD q OD GLYLVLRQH SHU FODVVL GL HWj GHL UHSHUWL FUDQLFL L ULVXOWD WL VRQR SUHVHQWL QHOOH WDEHOOH VRWWRVWDQWL 6L q TXLQGL DWWULEXLWR LO VHVVR GHJOL LQGLYLGXL XWLOL]]DQGR OH PLVXUD]LRQL HIIHWWXDWH GHL GLDPHWUL WUDVYHUVDOH H ORQJLWXGLQDOH GHL FD QLQL L GLDPHWUL PLVXUDWL VRQR SUHVHQWL QHOOH WDEHOOH VRWWRVWDQWL HVSUHVVL LQ FHQWLPHWUL 7DOL JUD¿FL KDQQR SHUPHVVR GL LGHQWL¿FDUH GHJOL LQVLHPL FKH SRVVDQR VXJJHULUH XQD GLYLVLRQH GLSHQGHQWH GDO GLPRU¿VPR VHVVXDOH VL q YROXWR XVDUH FRPH FULWHULR GL IRU PD]LRQH GHL GXH JUXSSL XQD GLIIHUHQ]D GL YDORUL VXSHULRUH DO WUD GXH FOXVWHU GL GDWL 3HU IDFLOLWDUH OD FRPSUHQVLRQH GHL JUD¿FL D GLVSHUVLRQH L UHSHUWL IHPPLQLOL VRQR HYLGHQ]LDWL GD XQ¶HOOLVVH FRORU URVVR PHQWUH TXHOOL PDVFKLOL GD XQD EOX

&2',&( 5(3(572

3 '(;

0 '(;

3 6,1

0 6,1

0(',$

,, ,, ,, ,, ,,, ,, ,, ,, ,, ,, ,9 ,9 ,, ,,, 9 ,, 9 ,9 9 ,,, ,, 9,, 9 ,,, ,,, ,,, 9 9, 9,,, ,; ,; 9, 9,, 9 9,,, 9 9,,

,, ,9 ,, ,,, ,,, 9 ,, ,, ,9 ,9 9, ,; 9, 9,, 9,, 9,, ,; ,, 9, 9, 9,, 9 9, ,; 9, ,; 9,, 9 9,,, ,; ,; ,; ,; ,; ,; ,; ,; ,; 9,,, ,; ,; 9,,,

,,, ,9 ,,, ,,, ,,, ,9 ,,, ,,, ,,, ,9 9 9 ,9 ,9 9 9, 9, ,; ,; 9, 9, ,9 9,,, ,; ,9 ,; ,; ,9 9, 9,,, 9,,, ,; ,; ,; 9,,, 9,,, 9,,, ,; ,; 9,,, ,; ,;

,, ,, ,, ,,, ,,, ,,, ,, ,, ,,, ,, ,,, ,,, 9, 9 ,9 ,9 ,,, ,, 9,, 9 ,9 ,,, ,9 9 9,, 9,, ,; 9,, 9 9,, 9, ,;

,,, ,9 ,, ,,, ,9 ,, ,, ,,, ,9 ,9 9,, ,; 9 9, 9 ,; 9, 9,, 9, 9 ,, 9,, 9, ,; 9,,, 9 9,, ,; 9,,, ,; ,; ,; ,; ,; ,; ,; 9,, ,; ,; 9,,,

,,, ,,, ,,, ,,, ,,, ,,, ,,, ,,, ,,, ,9 9 ,9 ,9 ,9 9 ,9 9, ,; 9, 9,,, 9 ,,, 9,,, 9 9 ,; ,; ,9 9,,, 9,, 9, ,; ,; ,; 9,,, 9,, ,; ,; ,; 9,,, ,; 9,,,

,,, ,,, ,, ,,, ,,, ,,, ,, ,,, ,,, ,9 9, 9, 9 ,9 9, ,9 9,, 9, 9, 9, 9, ,9 9 9,, 9 9,, 9,, ,9 9,, 9,,, 9,,, ,; ,; 9,,, 9,,, 9,,, 9,,, ,; 9,,, 9,,, 9,,, 9,,,

,1',9,'8, 68%$'8/7,

,1',9,'8, $'8/7,

,1',9,'8, 6(1,/,

7DE 7DEHOOD ULDVVXQWLYD GHOOH XVXUH GHQWDULH VHFRQGR 6WLQHU D YDOXWDWH SHU L UHSHUWL FUDQLFL H VXGGLYLVLRQH GHJOL VWHVVL SHU FODVVL GL HWj 7DE 6XPPDU\ WDEOH RI GHQWDO ZHDULQJV DV LQ 6WLQHU D HYDOXDWHG LQ VNXOO VDPSOHV DQG SDUWLWLRQ RI WKH ¿QGV LQ DJH FODVVHV

5HSHUWL FUDQLFL FDWHJRULD VXEDGXOWL

&2',&( 5(3(572

',$0(752 75$69(56$/( '(;

',$0(752 75$69(56$/( 6,1

',$0(752 ',$0(752 /21*,78',1$/( /21*,78',1$/( '(; 6,1

7DE 'LDPHWUL PLVXUDWL LQ FP SHU L UHSHUWL GHOOD FDWHJRULD VXEDGXOWL 7DE 0HDVXUHG GLDPHWHUV LQ FP RI VDPSOHV LQFOXGHG LQ MXYHQLOHV DJH FODVV

)LJ 'LDJUDPPD D GLVSHUVLRQH GHOOH PLVXUD]LRQL GHL GLDPHWUL GHL FDQLQL GHOOD FDWHJRULD VXEDGXOWL )LJ 'LVSHUVLRQ GLDJUDP RI PHDVXUHG GLDPHWHUV RI FDQLQHV MXYHQLOHV UHODWLYH DJH

5HSHUWL LSRWL]]DELOL FRPH IHPPLQLOL 5HSHUWL LSRWL]]DELOL FRPH PDVFKLOL

5HSHUWL FUDQLFL FDWHJRULD DGXOWL &2',&( 5(3(572

',$0(752 75$69(56$/( '(;

',$0(752 75$69(56$/( 6,1

',$0(752 ',$0(752 /21*,78',1$/( /21*,78',1$/( '(; 6,1

7DE 'LDPHWUL PLVXUDWL LQ FP SHU L UHSHUWL GHOOD FDWHJRULD DGXOWL 7DE 0HDVXUHG GLDPHWHUV LQ FP RI VDPSOHV LQFOXGHG LQ DGXOWV DJH FODVV

)LJ 'LDJUDPPD D GLVSHUVLRQH GHOOH PLVXUD]LRQL GHL GLDPHWUL GHL FDQLQL GHOOD FDWHJRULD DGXOWL )LJ 'LVSHUVLRQ GLDJUDP RI PHDVXUHG GLDPHWHUV RI FDQLQHV DGXOWV DJH FODVV

5HSHUWL LSRWL]]DELOL FRPH IHPPLQLOL 5HSHUWL LSRWL]]DELOL FRPH PDVFKLOL

5HSHUWL FUDQLFL FDWHJRULD VHQLOL &2',&( 5(3(572

',$0(752 75$69(56$/( '(;

',$0(752 75$69(56$/( 6,1

',$0(752 ',$0(752 /21*,78',1$/( /21*,78',1$/( '(; 6,1

7DE 'LDPHWUL PLVXUDWL LQ FP SHU L UHSHUWL GHOOD FDWHJRULD VHQLOL 7DE 0HDVXUHG GLDPHWHUV LQ FP RI VDPSOHV LQFOXGHG LQ VHQLOHV DJH FODVV

)LJ 'LDJUDPPD D GLVSHUVLRQH GHOOH PLVXUD]LRQL GHL GLDPHWUL GHL FDQLQL GHOOD FDWHJRULD VHQLOL )LJ 'LVSHUVLRQ GLDJUDP RI PHDVXUHG GLDPHWHUV RI FDQLQHV VHQLOHV DJH FODVV

5HSHUWL LSRWL]]DELOL FRPH IHPPLQLOL 5HSHUWL LSRWL]]DELOL FRPH PDVFKLOL

6L q YROXWR TXLQGL YHUL¿FDUH OD ERQWj GHL ULVXOWDWL RWWHQXWL HVHJXHQGR OD PHWRGLFD VHFRQGR .XUWpQ VXL GLDPHWUL GLVWDOL EXFFDOL PLVXUDWL VHQ]D VXGGLYLVLRQH LQ FODVVL GL HWj , GDWL VRQR VWDWL VRWWRSRVWL FRQ VXFFHVVR DL WHVW VWDWLVWLFL GL .XUWRVLV H GL DVLPPHWULD DO ¿QH GL YHUL¿FDUH OD GLVWULEX]LRQH QRUPDOH GHJOL VWHVVL UHTXLVLWR LQGL VSHQVDELOH SHU DSSOLFDUH OD 3&$ DO VHW GL PLVXUH L YDORUL RWWHQXWL GD WDOL WHVW GHYRQR ULFDGHUH QHOO¶LQWHUYDOOR GL YDORUL SHU DIIHUPDUH FRQ FHUWH]]D FKH VL WUDWWL GL XQD GLVWULEX]LRQH QRUPDOH GHL GDWL , ULVXOWDWL RWWHQXWL VRQR SUHVHQWL QHOOH VHJXHQWL WDEHOOH 1 0LQ 0D[ 0HDQ 6WG HUURU 9DULDQFH 6WDQG GHY 0HGLDQ 6NHZQHVV .XUWRVLV

',$0(752 75$69(56$/( '(;

',$0(752 75$69(56$/( 6,1

',$0(752 /21*,78',1$/( '(;

',$0(752 /21*,78',1$/( 6,1

7DE 7DEHOOD ULDVVXQWLYD GHOOH VWDWLVWLFKH HODERUDWH GDOOH PLVXUD]LRQL GHL FDQLQL XWLOL]]DQGR LO VRIWZDUH 3$67 VRQR HYLGHQ]LDWL LQ JUDVVHWWR L WHVW GL DVLPPHWULD H .XUWRVLV 7DE 6XPPDU\ WDEOH RI VWDWLVWLFDO HYDOXDWLRQ IURP FDQLQHV PHDVXUHPHQWV PDGH ZLWK 3$67 VRIWZDUH $V\PPHWU\ WHVW DQG .XUWRVLV WHVW DUH ODEHOHG LQ EROG W\SH

&2',&( 5(3(572

',$0(752 ',$0(752 ',$0(752 ',$0(752 75$69(56$/( 75$69(56$/( /21*,78',1$/( /21*,78',1$/( '(; 6,1 '(; 6,1

WHVW DVLPPHWULD WHVW .XUWRVLV

7DE 7DEHOOD ([FHO GHOOH PLVXUD]LRQL LQ FP UDFFROWH SHU L FDQLQL GHL UHSHUWL FUDQLFL QHOOH XOWLPH GXH ULJKH VRQR HYL GHQ]LDWL LQ JUDVVHWWR L ULVXOWDWL GHL WHVW GL DVLPPHWULD H .XUWRVLV FDOFRODWL LQ EDVH DOOH IRUPXOH GHO VRIWZDUH ([FHO 7DE ([FHO WDEOH RI FDQLQHV PHDVXUHPHQWV FROOHFWHG IURP VNXOO VDPSOHV DV\PPHWU\ DQG .XUWRVLV WHVW DUH ODEHOHG LQ EROG W\SH LQ WKH ODWHVW WZR URZV DQG FDOFXODWHG IURP ([FHO¶V IRUPXODV

9LHQH YHUL¿FDWR TXLQGL FKH WXWWL L GDWL UDFFROWL SRVVHJJRQR XQD GLVWULEX]LRQH QRU PDOH LQ TXDQWR WXWWL L ULVXOWDWL RWWHQXWL ULFDGRQR QHOO¶LQWHUYDOOR SUHYLVWR 6L q YHUL¿FDWD LQROWUH OD ERQWj GHOOH HODERUD]LRQL VWDWLVWLFKH GHL GXH VRIWZDUH LQ TXDQWR VL VRQR RWWH QXWL GHL YDORUL SUHVVRFKp LGHQWLFL ,O FRQIURQWR WUD L ULVXOWDWL RWWHQXWL GDL GXH SURJUDP PL q SUHVHQWH QHOOD VHJXHQWH WDEHOOD

',$0(752 %8&&$/( /,1*8$/( '(;

',$0(752 ',67$/( 0(6,$/( '(;

',$0(752 %8&&$/( /,1*8$/( 6,1

',$0(752 ,67$/( 0(6,$/( 6,1

WHVW GL DVLPPHWULD ([FHO

WHVW GL DVLPPHWULD 3$67

WHVW .XUWRVLV ([FHO

WHVW .XUWRVLV 3$67

7DE &RQIURQWR WUD L ULVXOWDWL RWWHQXWL GDL WHVW L SULPL VRQR TXHOOL RWWHQXWL WUDPLWH OH IRUPXOH GL ([FHO L VHFRQGL WUDPLWH O¶HODERUD]LRQH GHO VRIWZDUH 3$67 7DE &RQIURQWDWLRQ EHWZHHQ WKH UHVXOWV IURP VWDWLVWLFDO WHVWV WKH ¿UVW RQHV DUH REWDLQHG IURP ([FHO¶V IRUPXODV WKH ODVW RQHV DUH REWDLQHG IURP 3$67 VRIWZDUH

/¶DQDOLVL GHOOH FRPSRQHQWL SULQFLSDOL KD SURGRWWR LO VHJXHQWH JUD¿FR

)LJ *UD¿FR VFDWWHU SORW GHOOH FRPSRQHQWL SULQFLSDOL DQDOL]]DWH )LJ 6FDWWHU SORW GLDJUDP RI 3&$

6L q YROXWR LQROWUH FRVWUXLUH XQD WDEHOOD GL FRQIURQWR WUD OD VXGGLYLVLRQH GHL UHSHUWL IHPPLQLOL H PDVFKLOL SHU IDVFH GL HWj H FRUULVSRQGHQ]D FRQ L YDORUL RWWHQXWL VHFRQGR .XUWpQ , UHSHUWL DSSDUWHQHQWL DL VXEDGXOWL VRQR HYLGHQ]LDWL LQ D]]XUUR TXHOOL DSSDUWHQHQWL DJOL DGXOWL LQ YHUGH H TXHOOL GHJOL LQGLYLGXL VHQLOL LQ DUDQFLRQH 5,68/7$7, 63(5,0(17$/, 68%$'8/7,

'$7, 6(&21'2 .857e1

$'8/7,

6(1,/,

PDVFKL

IHPPLQH

PDVFKL

IHPPLQH

PDVFKL

IHPPLQH

PDVFKL

7DE &RQIURQWR GHOOH VXGGLYLVLRQL GHL UHSHUWL LQ EDVH DO VHVVR RWWHQXWH GDO PHWRGR VSHULPHQWDOH H GDOO¶DQDOLVL GHOOH FRPSRQHQWL SULQFLSDOL 7DE &RQIURQWDWLRQ EHWZHHQ WKH UHVXOWV REWDLQHG IURP WKH H[SHULPHQWDO PHWKRG DQG WKH UHVXOW RI 3&$

6L SXz QRWDUH FKH WXWWL JOL HOHPHQWL D VLQLVWUD GHOOD OLQHD URVVD QHO JUD¿FR GHOOD 3&$ VRQR UHSHUWL D FXL q VWDWR DWWULEXLWR HPSLULFDPHQWH LO VHVVR IHPPLQLOH PHQWUH WXWWL JOL HOHPHQWL D GHVWUD GHOOD OLQHD EOX VRQR UHSHUWL FRQVLGHUDWL FRPH PDVFKLOL SHU LO PHWRGR VSHULPHQWDOH

0RUIRPHWULD FUDQLFD 1HOOH WDEHOOH VHJXHQWL YHQJRQR LQGLFDWL L YDORUL LQ FP GHL SXQWL GL PLVXUD]LRQH FUDQLFD VHFRQGR %DU\VKQLNRY 3X]DFKHQNR , UHSHUWL VRQR VWDWL VXGGLYLVL SHU FODVVL G¶HWj H SHU LO VHVVR H SHU RJQL UDJJUXSSDPHQWR q VWDWD FDOFRODWD PHGLD GHYLD ]LRQH VWDQGDUG H GHYLD]LRQH VWDQGDUG 93$

: : : : : + : /

56'

/ :

: /

PHGLD

GHY VWG

: : /

PHGLD

GHY VWG

56'

VXEDGXOWL

7DE 7DEHOOD ULDVVXQWLYD GHL SDUDPHWUL PRUIRPHWULFL FUDQLFL PLVXUDWL VHFRQGR %DU\VKQLNRY 3X]DFKHQNR SHU OD FODVVH GL HWj UHODWLYD DL VXEDGXOWL H VWDWLVWLFD GL EDVH 7DE 6XPPDU\ WDEOH RI PRUSKRPHWULFDO SDUDPHWHUV RI WKH VNXOO PHDVXUHG IRU WKH VXEDGXOWV DJH FODVV DQG EDVLF VWDWL VWLF DV LQ %DU\VKQLNRY 3X]DFKHQNR /

93$

PHGLD

GHY VWG

56'

/ : : : : : + : / : : /

/ / :

/ :

DGXOWL

PHGLD

GHY VWG

56'

7DE 7DEHOOD ULDVVXQWLYD GHL SDUDPHWUL PRUIRPHWULFL FUDQLFL PLVXUDWL VHFRQGR %DU\VKQLNRY 3X]DFKHQNR SHU OD FODVVH GL HWj UHODWLYD DJOL DGXOWL H VWDWLVWLFD GL EDVH 7DE 6XPPDU\ WDEOH RI PRUSKRPHWULFDO SDUDPHWHUV RI WKH VNXOO PHDVXUHG IRU WKH VXEDGXOWV DJH FODVV DQG EDVLF VWDWLVWLF DV LQ %DU\VKQLNRY 3X]DFKHQNR

93$

: : : : : + : /

: : /

: /

/ :

GHY VWG

56'

PHGLD

GHY VWG

56'

PHGLD

VHQLOL

7DE 7DEHOOD ULDVVXQWLYD GHL SDUDPHWUL PRUIRPHWULFL FUDQLFL PLVXUDWL VHFRQGR %DU\VKQLNRY 3X]DFKHQNR SHU OD FODVVH GL HWj UHODWLYD DJOL LQGLYLGXL VHQLOL H VWDWLVWLFD GL EDVH 7DE 6XPPDU\ WDEOH RI PRUSKRPHWULFDO SDUDPHWHUV RI WKH VNXOO PHDVXUHG IRU WKH VHQLOHV DJH FODVV DQG EDVLF VWDWLVWLF DV LQ %DU\VKQLNRY 3X]DFKHQNR

8WLOL]]DQGR L GDWL UDFFROWL VRQR VWDWL FRVWUXLWL L VHJXHQWL LVWRJUDPPL DO ¿QH GL FRPSDUDUH OH GLIIHUHQ]H PRUIRPHWULFKH GHOOH YDULH PLVXUH WUD PDVFKL H IHPPLQH SHU RJQL FODVVH GL HWj VXGGLYLGHQGR L GDWL PHGL RWWHQXWL SHU RJQL SXQWR PRUIRPHWULFR VHFRQGR %DU\VKQLNRY 3X]DFKHQNR HVSUHVVL LQ FP , GDWL PHGL GHL UHSHUWL IHPPLQLOL VRQR HYLGHQ]LDWL LQ QHUR TXHOOL PDVFKLOL LQ URVVR 0RUIRPHWULD IHPPLQH PDVFKL FDWHJRULD VXEDGXOWL

)LJ 'LDJUDPPD GL FRQIURQWR GHOOH PHGLH GHL GDWL PRUIRPHWULFL GHO FUDQLR GHOOD FDWHJRULD VXEDGXOWL )LJ &RQIURQWDWLRQ RI PHDQ GDWD RI VNXOO PRUSKRPHWULFDO SRLQWV MXYHQLOHV DJH FODVV

0RUIRPHWULD IHPPLQH PDVFKL FDWHJRULD DGXOWL

)LJ 'LDJUDPPD GL FRQIURQWR GHOOH PHGLH GHL GDWL PRUIRPHWULFL GHO FUDQLR GHOOD FDWHJRULD DGXOWL )LJ &RQIURQWDWLRQ RI PHDQ GDWD RI VNXOO PRUSKRPHWULFDO SRLQWV DGXOWV DJH FODVV

0RUIRPHWULD IHPPLQH PDVFKL FDWHJRULD VHQLOL

)LJ 'LDJUDPPD GL FRQIURQWR GHOOH PHGLH GHL GDWL PRUIRPHWULFL GHO FUDQLR GHOOD FDWHJRULD VHQLOL )LJ &RQIURQWDWLRQ RI PHDQ GDWD RI VNXOO PRUSKRPHWULFDO SRLQWV VHQLOHV DJH FODVV

6L q YROXWR LQROWUH FRQIURQWDUH L YDORUL PHGL GL RJQL SDUDPHWUR FUDQLFR LQ EDVH DOOD FODVVH GL HWj VXGGLYLGHQGROL SHU VHVVR L UHSHUWL DSSDUWHQHQWL DL VXEDGXOWL VRQR HYLGHQ]LDWL GDOOH FRORQQH QHUH TXHOOL GHJOL DGXOWL GDOOH FRORQQH URVVH H TXHOOL GHJOL HVHPSODUL VHQLOL GDOOH FRORQQH EOX 5HSHUWL IHPPLQLOL

)LJ 'LDJUDPPD GL FRQIURQWR GHOOH PHGLH GHL GDWL PRUIRPHWULFL GHO FUDQLR GHL UHSHUWL IHPPLQLOL VXGGLYLVL SHU FODVVL GL HWj UHODWLYD )LJ &RQIURQWDWLRQ RI PHDQ GDWD RI VNXOO PRUSKRPHWULFDO SRLQWV IRU IHPDOH VSHFLPHQV RUGHUHG LQ UHODWLYH DJH FODVVHV

5HSHUWL PDVFKLOL

)LJ 'LDJUDPPD GL FRQIURQWR GHOOH PHGLH GHL GDWL PRUIRPHWULFL GHO FUDQLR GHL UHSHUWL PDVFKLOL VXGGLYLVL SHU FODVVL GL HWj UHODWLYD )LJ &RQIURQWDWLRQ RI PHDQ GDWD RI VNXOO PRUSKRPHWULFDO SRLQWV IRU PDOH VSHFLPHQV RUGHUHG E\ UHODWLYH DJH FODVVHV

/D VXGGLYLVLRQH LQ EDVH DO VHVVR GHL SDUDPHWUL PRUIRPHWULFL KD SHUPHVVR GL YHUL¿FD UH TXDOL SDUDPHWUL VLDQR PDJJLRUPHQWH GLPRU¿FL FRQVLGHUDQGR FRPH WDOL TXHOOL FRQ XQD GLIIHUHQ]D DO GHO UDSSRUWR SHUFHQWXDOH WUD OD PHGLD GHO YDORUH PDVFKLOH ULVSHWWR D TXHOOD IHPPLQLOH SHU RJQL FODVVH GL HWj FRQVLGHUDQGR SDUL DO LO YDORUH PHGLR IHP PLQLOH VL LSRWL]]D TXLQGL XQ GLPRU¿VPR VHVVXDOH VLPLODUH DOOH VSHFLH GL XUVLGL DWWXDOL LQ FXL JOL LQGLYLGXL PDVFKLOL VRQR PHGLDPHQWH SL JUDQGL GHOOH IHPPLQH , ULVXOWDWL RWWHQXWL VRQR SUHVHQWL QHOOD VHJXHQWH WDEHOOD LQ YHUGH VRQR HYLGHQ]LDWH TXDOL GLVWDQ]H PRUIRPH WULFKH SUHVHQWDQR XQ UDSSRUWR DO WDOH UDSSRUWR q VWDWR VFHOWR D SULRUL XWLOL]]DQGR FDXWHODWLYDPHQWH XQ YDORUH DUURWRQGDWR D ]HUR FLIUH GHFLPDOL PDJJLRUH ULVSHWWR DOOD SL DOWD GHYLD]LRQH VWDQGDUG SHUFHQWXDOH UHODWLYD ULVFRQWUDWD QHL GDWL PRUIRPHWULFL GHO FUDQLR )DFHQGR FLz VL YXROH VHOH]LRQDUH TXDOL GDWL ULFDGDQR DO GLIXRUL GL XQ SRVVLELOH UDQJH GL HUURUH FDXVDWR GD XQD PLVXUD]LRQH HUUDWD H TXLQGL SRWHU DYHUH XQD SUREDELOLWj SL DOWD FKH WDOL YDORUL HVSULPDQR XQ HIIHWWLYR GLPRU¿VPR VHVVXDOH 6L q QRWDWR FKH L SDUDPHWUL : DPSLH]]D ]LJRPDWLFD H : DPSLH]]D GHO URVWUR D OLYHOOR GHL FDQLQL VRQR GHL SDUDPHWUL GHVFULWWRUL GHO GLPRU¿VPR VHVVXDOH FR PXQL D WXWWH H WUH OH FODVVL GL HWj TXLQGL VL SXz VXSSRUUH FKH VLDQR GHL EXRQL LQGLFDWRUL PRUIRPHWULFL GHO VHVVR QHL UHSHUWL FUDQLFL PHGLD PHGLD PHGLD PHGLD PHGLD PHGLD LQFUHPHQWR LQFUHPHQWR LQFUHPHQWR IHPPLQH PDVFKL GLIIHUHQ]D IHPPLQH PDVFKL GLIIHUHQ]D IHPPLQH PDVFKL GLIIHUHQ]D PDVFKL PDVFKL PDVFKL VXEDGXOWL VXEDGXOWL DGXOWL DGXOWL VHQLOL VHQLOL /

7DE &RQIURQWR GHL GDWL PRUIRPHWULFL PHGL VXGGLYLVL SHU VHVVR H FODVVL GL HWj UHODWLYD H SHUFHQWXDOL GL LQFUHPHQWR FDOFRODWH 7DE &RQIURQWDWLRQ EHWZHHQ PRUSKRPHWULFDO PHDQ GDWD RUGHUHG E\ VH[ DQG UHODWLYH DJH FODVV DQG HYDOXDWLRQ RI WKH SHUFHQWDJH RI LQFUHDVH

± 0RUIRPHWULD H PRUIRORJLD GHQWDULD , ULVXOWDWL RWWHQXWL KDQQR SHUPHVVR LO FRQIURQWR WUD L SDUDPHWUL PRUIRPHWULFL H PRUIRORJLFL GHL UHSHUWL GHOOD JURWWD 3RFDOD H TXHOOL SURYHQLHQWL GD YDUL VLWL HXURSHL

GDWL RWWHQXWL GDOOH SXEEOLFD]LRQL XWLOL]]DWH FRPH ULIHULPHQWR GHL SDUDPHWUL PLVXUD WL SHU TXDQWR FRQFHUQH L VLWL DQDOL]]DWL LQ %DU\VKQLNRY O¶$XWRUH OL FRQVLGHUD FRPH WXWWL DSSDUWHQHQWL DO 3OHLVWRFHQH VXSHULRUH LQ SDUWLFRODUH DOO¶XOWLPR JODFLDOH SHU TXDQWR ULJXDUGD L VLWL SUHVHQWL LQ *UDQGDO G¶$QJODGH /zSH] *RQ]jOHV VL q YROXWR FUHDUH XQD WDEHOOD ULHSLORJDWLYD FKH VL SXz FRQVXOWDUH DOOD ¿QH GL TXHVWR SDUDJUDIR GRYH QRQ VSHFL¿FDWR OD GDWD]LRQH VL LQWHQGH FRPH HVHJXLWD WUDPLWH PHWRGR DO & WDOH FRQIURQWR q VWDWR UHDOL]]DWR WUDPLWH OD FUHD]LRQH GL JUD¿FL GL QHLJKERXULQJ XWLOL]]DQGR FRPH LQGLFH GL VLPLODULWj TXHOOR GL %UD\ &XUWLV SL LQGLFDWR SHU L VLVWHPL ELRORJLFL 6L q YROXWR FRQVLGHUDUH XQLFDPHQWH L UHSHUWL DVFULYLELOL DO 3OHLVWRFHQH VXSH ULRUH LQ TXDQWR JOL VWXGL GHOOH FRPSRVL]LRQL IDXQLVWLFKH ULQYHQXWH QHOOD JURWWD 3RFDOD VXJJHULVFRQR TXHVWR SHULRGR SHU OD IRUPD]LRQH GHO UHFRUG IDXQLVWLFR , GDWL FRUULVSRQGHQWL D VLWL GHOO¶(XURSD GHOO¶HVW VRQR HYLGHQ]LDWL GD XQ ER[ FRORU YHUGH VFXUR TXHOOL GHOO¶(XURSD FHQWUDOH GD XQ ER[ EOX VFXUR TXHOOL IUDQFHVL GD XQ ER[ YLROD TXHOOL VSDJQROL GD XQ ER[ YHUGH FKLDUR L VLWL LWDOLDQL GD XQ ER[ DUDQFLRQH L UHSHUWL GHOOD JURWWD 3RFDOD GD XQ ULTXDGUR URVVR 3HU PDVVLPL]]DUH OD SUREDELOLWj GL HVHJXLUH GHOOH PLVXUD]LRQL SUHFLVH VHFRQGR OD PHWRGLFD LQ %DU\VKQLNRY VL q YROXWR VHOH]LRQDUH VROWDQWR L UHSHUWL FRQ FODVVL GL XVXUD FRPSOHVVLYH PLQLPH DO ¿QH GL SRWHU DQDOL]]DUH L GHQWL LQ PDQLHUD DJHYROH H SUHFLVD VRQR VWDWH DQDOL]]DWH PDVFHOOH H PDQGLEROH 3HU TXDQWR FRQFHUQH OD PRUIRORJLD H PRUIRPHWULD GHO SULPR PRODUH LQIHULRUH VH FRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]DOqV VL q YROXWR DXPHQWDUH LO QXPHUR GL UHSHUWL DQDOL]]DWL LQFOXGHQGR DQFKH GHQWL VIXVL QRQ GHFLGXL DOOH PDQGLEROH DQD OL]]DWH VHFRQGR %DU\VKQLNRY FRQ XQ JUDGR GL XVXUD PLQLPR 6L q YROXWR LQROWUH FRQIURQWDUH L GDWL RWWHQXWL FRQ TXHOOL GL DOWUL VLWL SUHVHQWL QHOOD SXEEOLFD]LRQH GL ULIH ULPHQWR LQ PDQLHUD WDOH GD SRWHU LSRWL]]DUH GHOOH HYHQWXDOL VLPLODULWj WUD OH SRSROD ]LRQL HVDPLQDWH FHUFDQGR TXDOL YDORUL SUHVHQWL QHOOD SXEEOLFD]LRQH VL DYYLFLQDVVHUR LO SL SRVVLELOH DL ULVXOWDWL VSHULPHQWDOL RWWHQXWL H FUHDQGR GHOOH SHUFHQWXDOL GL VLPLOLWX GLQH ULVSHWWR DO WRWDOH GHL SDUDPHWUL PRUIRPHWULFL PRUIRORJLFL $O ¿QH GL VHOH]LRQDUH L YDORUL GHL VLWL SL VLPLOL D TXHOOL RWWHQXWL GDOOH PLVXUD]LRQL VL q HYLGHQ]LDWR LQ YHUGH QHOOH WDEHOOH GL FRQIURQWR WUD L YDUL VLWL TXHL YDORUL FRPSUHVL WUD LO GDWR VSHULPHQWDOH GHYLD]LRQH VWDQGDUG SHU L SDUDPHWUL PRUIRPHWULFL PHQWUH SHU L SDUDPHWUL PRUIROR JLFL QRQ HVVHQGR SRVVLELOH FDOFRODUH OR VFDUWR WLSR VRQR VWDWL VHOH]LRQDWL TXHL YDORUL FKH ULFDGHYDQR DOO¶LQWHUQR GHO UDQJH GDWR GDO YDORUH VSHULPHQWDOH 8Q¶XOWHULRUH YHUL¿FD GHL GDWL VSHULPHQWDOL RWWHQXWL q VWDWD HVHJXLWD FRQIURQWDQGR OH PHGLH GHL SDUDPHWUL PRUIRPHWULFL H PRUIRORJLFL FRQ L GDWL SUHVHQWL LQ 5RVVL 6DQWL LQ TXDQWR JOL $XWRUL KDQQR XWLOL]]DWR OD PHGHVLPD PHWRGLFD VX GHL UHSHUWL SURYHQLHQWL GDOOD JURWWD 3RFDOD H FXVWRGLWL SUHVVR LO 0XVHR GL *HRORJLD H 3DOHRQWROR JLD GL 3DGRYD 7UDPLWH TXHVWR FRQIURQWR VL YXROH YDOXWDUH O¶HVDWWH]]D GHOOH PLVXUD ]LRQL H QHO ULFRQRVFLPHQWR GHL PRUIRWLSL 1HL JUD¿FL GL QHLJKERXULQJ RWWHQXWL VRQR VWDWL HYLGHQ]LDWL GD XQD VFULWWD LQ YHUGH L VLWL LQ FXL OD ELEOLRJUD¿D GL ULIHULPHQWR LQGLFD OD SUHVHQ]D GL 8UVXV LQJUHVVXV QHL UHSHUWL 1HO FDVR GHO VLWR GL *DLOHQUHXWKHU YLVWD OD SUHVHQ]D GL HQWUDPEH OH VSHFLH LQ WHPSL GLIIH UHQWL VL q YROXWR HYLGHQ]LDUOR QHO JUD¿FR FRQ XQ FRORUH GLIIHUHQWH ULVSHWWR DJOL DOWUL VLWL

(7¬ 67,0$7$ '(/ 6,72

326,=,21(

VLWR

%,%/,2*5$),$ '(//( '$7$=,21,

(LUyV

N\ %3 8 7K

$ &H]D

N\ %3

/LxDUHV

N\ %3

SHQLVROD LEHULFD

7URVNDHWD (NDLQ (O 7ROO $UULNUXW] 5HJXHULOOR 5 EHODQG

N\ %3 ! N\ %3 ± FDO %3 2,6 N\ %3 N\ FDO%3

63(&,(

*UDQGDO G¶$QJODGH 9LGDO *UDQGDO G¶$QJODGH /ySH] *RQ]DOpV *UDQGDO G¶$QJODGH /ySH] *RQ]DOpV 7RUUHV HW DO 9LOODOXHQJD HW DO 5DPtUH] 3HGUD]D HW DO 7RUUHV HW DO 5HLQKDUG HW DO 5RVHQGDKO HW DO

8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV 8UVXV VSHODHXV

N\ 8UVXV VSHODHXV HUHPXV N\ 8UVXV LQJUHVVXV

:HLQVWRFN

N\ 8 7K

%UDQGO HW DO

.\ %3

5DEHGHU

/LHJOORFK

N\ %3

)HUQiQGH] HW DO

8UVXV LQJUHVVXV 5DEHGHU HW DO

&XQWXULQHV

.\ %3

5DEHGHU 1DJHO

8UVXV ODGLQLFXV

.\ %3

&KDW]RSRXORX HW DO

8UVXV LQJUHVVXV 7VRXNDOD HW DO

.\ %3

.XUWpQ E

8UVXV VSHODHXV

*DLOHQUHXWKHU 5HSROXVW

(XURSD FHQWUDOH

1L[ORFK

/RXWUDNL

(XURSD GHOO¶HVW

2GHVVD

8UVXV VSHODHXV HUHPXV 8UVXV LQJUHVVXV 8UVXV VSHODHXV 8UVXV LQJUHVVXV %DFD HW DO

7DE 7DEHOOD ULDVVXQWLYD GHL VLWL LQ *UDQGDO G¶$QJODGH /zSH] *RQ]DOpV 7DE 6XPPDU\ WDEOH RI WKH VLWHV LQ *UDQGDO G¶$QJODGH /zSH] *RQ]DOpV 3 &RGLFH UHSHUWR

PHGLH

GHY VW

PLQ

PD[

DVLPP

.XUWRVLV

7DE (OHQFR GHOOH PLVXUD]LRQL LQ PP GHL UHSHUWL PDQGLERODUL GHOOD JURWWD 3RFDOD FRQ XVXUD PLQLPD DQDOL]]DWL VHFRQ GR %DU\VKQLNRY H VWDWLVWLFD GHVFULWWLYD 7DE 0HDVXUHPHQWV OLVW LQ PP RI PDQGLEXODU VDPSOHV IURP 3RFDOD FDYH ZLWK ORZHVW ZHDULQJ DQDO\]HG DV LQ %D U\VKQLNRY DQG GHVFULSWLYH VWDWLVWLF 3 &RGLFH UHSHUWR PHGLH GHY VW PLQ PD[ DVLPP .XUWRVLV

7DE (OHQFR GHOOH PLVXUD]LRQL LQ PP GHL UHSHUWL PDVFHOODUL GHOOD JURWWD 3RFDOD FRQ XVXUD PLQLPD DQDOL]]DWL VHFRQGR %DU\VKQLNRY H VWDWLVWLFD GHVFULWWLYD 7DE 0HDVXUHPHQWV OLVW LQ PP RI PD[LOODU VDPSOHV IURP 3RFDOD FDYH ZLWK ORZHVW ZHDULQJ DQDO\]HG DV LQ %DU\VKQL NRY DQG GHVFULSWLYH VWDWLVWLF

&RGLFH UHSHUWR

7U'/

7UG%

7DG%

3U 3D

3U 0H +\ (Q

3DG&,

7UG&,

7DG&,

PHGLH

DVLPP

.XUWRVLV

7DE (OHQFR GHOOH PLVXUD]LRQL LQ PP GHL UHSHUWL PDQGLERODUL GHOOD JURWWD 3RFDOD FRQ XVXUD PLQLPD DQDOL]]DWL VHFRQ GR *UDQGDO G¶$QJODGH /zSH] *RQ]DOqV H VWDWLVWLFD GHVFULWWLYD 7DE 0HDVXUHPHQWV OLVW LQ PP RI PDQGLEXODU VDPSOHV IURP 3RFDOD FDYH ZLWK ORZHVW ZHDULQJ DQDO\]HG DV LQ *UDQ GDO G¶$QJODGH /zSH] *RQ]DOqV DQG GHVFULSWLYH VWDWLVWLF

7U'/

7UG%

7DG%

&RGLFH UHSHUWR

3U 3D 3U 0H +\ (Q

3DG&,

7UG&,

7DG&,

PHGLH

DVLPP

.XUWRVLV

7DE (OHQFR GHOOH PLVXUD]LRQL LQ PP GHL , PRODUL LQIHULRUL VIXVL GHOOD JURWWD 3RFDOD FRQ XVXUD PLQLPD DQDOL]]DWL VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]DOqV H VWDWLVWLFD GHVFULWWLYD 7DE 0HDVXUHPHQWV OLVW LQ PP RI EXON ¿UVW LQIHULRU PRODUV VDPSOHV IURP 3RFDOD FDYH ZLWK ORZHVW ZHDULQJ DQDO\ ]HG DV LQ *UDQGDO G¶$QJODGH /zSH] *RQ]DOqV DQG GHVFULSWLYH VWDWLVWLF

&RGLFH SDUDFRQLGH SURWRFRQLGH PHWDFRQLGH UHSHUWR

HQWRFRQLGH

LSRFRQLGH

&RGLFH SDUDFRQLGH SURWRFRQLGH PHWDFRQLGH UHSHUWR

HQWRFRQLGH

LSRFRQLGH

7DE 0RUIRWLSL GHO , PRODUH LQIHULRUH WDEHOOD GL VLQLVWUD UHSHUWL PDQGLERODUL WDEHOOD GL GHVWUD GHQWL VIXVL ULVFRQWUDWL SHU L UHSHUWL GHOOD JURWWD 3RFDOD VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]DOqV 7DE )LUVW ORZHU PRODU PRUSKRW\SHV WKH WDEOH RQ WKH OHIW VKRZV PDQGLEXODU VDPSOHV WKH WDEOH RQ WKH ULJKW VKRZV EXON WHHWK REVHUYHG LQ 3RFDOD FDYH ¿QGV DV LQ *UDQGDO G¶$QJODGH /zSH] *RQ]DOqV

0RUIRPHWULD GHL FDUQDVVLDOL FRQIURQWR WUD VLWL GHO 3OHLVWRFHQH VXSHULRUH PRUIRPHWULD VHFRQGR %DU\VKQLNRY

0DQGLEROH

)LJ *UD¿FR QHLJKERXU MRLQLQJ GHL GDWL PRUIRPHWULFL PDQGLERODUL )LJ 1HLJKERXU MRLQLQJ FKDUW RI PDQGLEXODU PRUSKRPHWULF GDWD

0DVFHOOH

)LJ *UD¿FR QHLJKERXU MRLQLQJ GHL GDWL PRUIRPHWULFL PDVFHOODUL )LJ 1HLJKERXU MRLQLQJ FKDUW RI PD[LOODU PRUSKRPHWULF GDWD

0RUIRPHWULD GHO , PRODUH LQIHULRUH FRQIURQWR WUD VLWL PRUIRPHWULD VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]jOHV

)LJ *UD¿FR QHLJKERXU MRLQLQJ GHL GDWL PRUIRPHWULFL GHO , PRODUH LQIHULRUH )LJ 1HLJKERXU MRLQLQJ FKDUW RI ¿UVW ORZHU PRODU PRUSKRPHWULF GDWD

0RUIRORJLD GHO , PRODUH LQIHULRUH FRQIURQWR WUD VLWL PRUIRORJLD VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]jOHV

)LJ *UD¿FR QHLJKERXU MRLQLQJ GHOOH SHUFHQWXDOL GHL PRUIRWLSL GHO , PRODUH LQIHULRUH )LJ 1HLJKERXU MRLQLQJ FKDUW RI ¿UVW ORZHU PRODU PRUSKRW\SHV UHODWLYH SHUFHQWDJHV

0RUIRPHWULD GHO , PRODUH LQIHULRUH VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]jOHV ULOHYDWH QHL UHSHUWL GHOOD JURWWD 3RFDOD PHGLD GHL SDUDPHWUL H FRQIURQWR WUD OH VLPLODULWj GHL SDUDPHWUL PRUIRPHWULFL GHL YDUL VLWL

SHQLVROD LEHULFD

VLWL

7U'/ 7UG% 7DG% 3U 3D 3U 0H +\ (Q 3DG&, 7UG&, 7DG&,

(LUyV

(XURSD GHOO (VW

0(',$

$ &HVD

/LxDUHV

7 URVNDHWD

(NDLQ

(O 7 ROO

$UULNUXW]

5HJXHULOOR

5 EHODQG

*DLOHQUHXWKHU (XURSD &HQWUDOH

9$/2 5, 6,0,/,

5HSROXVW

1L[ORFK

/LHJOORFK

&RQWXULQHV

/RXWUDNL

2GHVVD

3RFDOD

7DE &RQIURQWR WUD L GDWL PRUIRPHWULFL GHO , PRODUH LQIHULRUH H VWLPD GHOOH SHUFHQWXDOL GL VRPLJOLDQ]D 7DE &RQIURQWDWLRQ EHWZHHQ ¿UVW ORZHU PRODU PRUSKRPHWULFDO GDWD DQG HVWLPDWLRQ RI VLPLODULW\ SHUFHQWDJHV

3HUFHQWXDOL GHL PRUIRWLSL GHO , PRODUH LQIHULRUH VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]jOHV ULOHYDWL QHL UHSHUWL GHOOD JURWWD 3RFDOD H FRQIURQWR WUD OH VLPLODULWj GHL SDUDPHWUL PRUIRORJLFL GL YDUL VLWL

SHQLVROD LEHULFD

(XURSD &HQWUDOH

(XURSD GHOO (VW

(LUyV $ &HVD /LxDUHV 7URVNDHWD (NDLQ (O 7ROO $UULNUXW] 5HJXHULOOR 5 EHODQG *DLOHQUHXWKHU 5HSROXVW 1L[ORFK /LHJOORFK &RQWXULQHV /RXWUDNL 2GHVVD 3RFDOD

9$/25, 6,0,/,

0(',$

7DE &RQIURQWR WUD OH IUHTXHQ]H UHODWLYH SHUFHQWXDOL GHL PRUIRWLSL GHO , PRODUH LQIHULRUH H VWLPD GHOOH SHUFHQWXDOL GL VRPLJOLDQ]D 7DE &RQIURQWDWLRQ EHWZHHQ ¿UVW ORZHU PRODU PRUSKRW\SHV UHODWLYH SHUFHQWDJHV DQG HVWLPDWLRQ RI VLPLODULW\ SHU FHQWDJHV

&RQIURQWR WUD L GDWL VSHULPHQWDOL H L GDWL RWWHQXWL GD 5RVVL 6DQWL ULJXDUGR OH IUHTXHQ]H SHUFHQWXDOL GHL PRUIRWLSL GL P 3$5$&21,'(

QXPHUR PRUIRWLSR

35272&21,'(

0(7$&21,'(

(172&21,'(

,32&21,'(

)UHTXHQ]H ULFDYDWH GDL GDWL VSHULPHQWDOL

)UHTXHQ]H ULFDYDWH GDL GDWL LQ 5RVVL 6DQWL

7DE &RQIURQWR WUD OH IUHTXHQ]H UHODWLYH SHUFHQWXDOL RVVHUYDWH VSHULPHQWDOPHQWH QHL UHSHUWL GHOOD JURWWD 3RFDOD H TXHOOH ULFDYDWH GDOOD SXEEOLFD]LRQH GL UDIIURQWR 7DE &RQIURQWDWLRQ EHWZHHQ WKH UHODWLYH SHUFHQWDJHV REVHUYHG LQ WKH 3RFDOD FDYH ¿QGLQJV DQG WKRVH UHSRUWHG LQ 5RVVL 6DQWL

&RQIURQWR WUD L GDWL VSHULPHQWDOL H L GDWL RWWHQXWL GD 5RVVL 6DQWL ULJXDUGR DOOH PLVXUD]LRQL PRUIRPHWULFKH PHGLH GL P 7/

7U'/ 7UG%

3DG&, 7DG% 3U 3D 3U 0H +\ (Q

7UG&,

7DG&,

PHGLD GHL GDWL VSHULPHQWDOL

PHGLD GHL GDWL LQ 5RVVL 6DQWL

GLIIHUHQ]D FRQVLGHUDQGR LO GDWR PHGLR LQ 5RVVL 6DQWL FRPH YDORUH WHRULFR GHO SDUDPHWUR

7DE &RQIURQWR WUD L GDWL PRUIRPHWULFL PHGL GHO , PRODUH LQIHULRUH GHL UHSHUWL GHOOD JURWWD 3RFDOD H TXHOOL SUHVHQWL QHOOD SXEEOLFD]LRQH GL UDIIURQWR 7DE &RQIURQWDWLRQ EHWZHHQ WKH ¿UVW ORZHU PRODU PRUSKRPHWULFDO PHDQ GDWD REVHUYHG LQ WKH 3RFDOD FDYH ¿QGLQJV DQG WKRVH UHSRUWHG LQ 5RVVL 6DQWL

± &RQFOXVLRQL &RQVLGHUDWD OD TXDQWLWj H YDULHWj GL DQDOLVL HIIHWWXDWH VXL UHSHUWL RJJHWWR GL TXHVWR VWXGLR VL SXz WUDFFLDUH XQ¶LPPDJLQH SLXWWRVWR DI¿GDELOH GHOOD SRSROD]LRQH GL 8UVXV VSHODHXV FKH KD DELWDWR O¶DUHD GHOOD *URWWD 3RFDOD GXUDQWH LO SHULRGR GL GHSRVL]LRQH GHL OLYHOOL SDOHRQWRORJLFL DQDOL]]DWL QHOOH YDULH FDPSDJQH GL VFDYR 5LJXDUGR DOO¶LSRWHVL VSHULPHQWDOH IRUPXODWD LQ TXHVWD SXEEOLFD]LRQH OD VXGGLYL VLRQH GHL UHSHUWL LQ WUH FODVVL GL HWj SHUPHWWH GL RWWHQHUH XQ PDJJLRU QXPHUR GL DGXOWL ULVSHWWR DJOL LQGLYLGXL VXEDGXOWL H VHQLOL LQROWUH KD SHUPHVVR GL VHSDUDUH LQ PDQLHUD SL DJHYROH L PDVFKL GDOOH IHPPLQH VIUXWWDQGR XQ VHPSOLFH JUD¿FR D GLVSHUVLRQH

XWLOL]]DQGR FRPH FRRUGLQDWH LO GLDPHWUR WUDVYHUVDOH GHL FDQLQL GHVWUL H VLQLVWUL GL RJQL UHSHUWR R L GLDPHWUL GL XQ GHQWH VLQJROR QHO FDVR GL UHSHUWL LQFRPSOHWL /D ULFRQIHUPD GHOO¶LSRWHVL VSHULPHQWDOH WUDPLWH LO PHWRGR LQGLFDWR LQ .XUWpQ KD UDIIRU]DWR L ULVXOWDWL RWWHQXWL SRLFKp O¶LQVLHPH GL VLQLVWUD QHO JUD¿FR GHL ORDGLQJV GHOOD 3&$ q FRPSRVWR HVFOXVLYDPHQWH GD UHSHUWL YDOXWDWL FRPH IHPPLQLOL QHO PHWRGR VSHULPHQ WDOH 6L q TXLQGL GLPRVWUDWD VWDWLVWLFDPHQWH XQD PDJJLRUH HI¿FDFLD QHOO¶DWWULEX]LRQH GHO VHVVR GL XQ UHSHUWR FUDQLFR GL 8UVXV VSHODHXV RSHUDQGR TXLQGL XQD VXGGLYLVLRQH D SULRUL GHOO¶LQVLHPH GHL FDPSLRQL SULPD GL HVHJXLUH O¶DQDOLVL GHL GLDPHWUL GHL FDQLQL 8Q SRVVLELOH SXQWR GHEROH GHOO¶HODERUD]LRQH TXL SURSRVWD q OD QHFHVVLWj GL DYHUH XQ QXPHUR SLXWWRVWR FRQVLVWHQWH GL UHSHUWL LQROWUH OR VWDWR GL FRQVHUYD]LRQH H O¶LQWHJULWj GHJOL VWHVVL VRQR GHL SDUDPHWUL IRQGDPHQWDOL QHOOD UHDOL]]D]LRQH GHO PHWRGR /D VXGGLYLVLRQH LQ PDVFKL H IHPPLQH LQGLFD FKH L UHSHUWL VRQR SULQFLSDOPHQWH UL FRQGXFLELOL D LQGLYLGXL GL VHVVR PDVFKLOH PHQWUH OH IHPPLQH VRQR SUHVHQWL LQ PDQLH UD PROWR PLQRUH PDVFKL H IHPPLQH FLz SXz VXJJHULUH VLD XQR VFDUVR XWLOL]]R GHOO¶DUHD GHOOD JURWWD FRPH DUHD GL QDVFLWD H DOOHYDPHQWR GHL FXFFLROL VLD XQ SRVVLELOH FRPSRUWDPHQWR HWRORJLFR GL TXHVWD VSHFLH FKH ULVSHFFKLD TXHOOR GHOOH VSHFLH GL XUVLGL DWWXDOL FLRq OH IHPPLQH GXUDQWH OD QDVFLWD H OR VYH]]DPHQWR GHL FXFFLROL WHQGRQR DG HYLWDUH L PDVFKL SHU QRQ FRUUHUH LO ULVFKLR GL YHQLUH DWWDFFDWH H SHUGHUH OD SUROH $QDOL]]DQGR L GDWL RWWHQXWL GDOOH PLVXUD]LRQL GHO FUDQLR VL SRVVRQR WUDUUH DOFXQH FRQVLGHUD]LRQL WHRULFKH ULJXDUGR DOOR VYLOXSSR H LO GLPRU¿VPR VHVVXDOH % 6H VL RVVHUYDQR OH GLIIHUHQ]H WUD OH PHGLH GHOOH PLVXUD]LRQL SHU RJQL FODVVH GL HWj JOL LQGLYLGXL PDVFKLOL VRQR VSHVVR SL JUDQGL ULVSHWWR DOOH IHPPLQH SUREDELOPHQWH LO GLPRUILVPR VHVVXDOH VL PDQLIHVWDYD ILQ GDOO¶LQIDQ]LD SHUz SXUWURSSR QRQ VL q SRWXWR YHULILFDUH VH WDOL GLIIHUHQ]H VLDQR TXDQWLILFDELOL ILQ GDL SULPL SHULRGL GL YLWD % 6L SXz VXSSRUUH FKH OH IHPPLQH SRWHVVHUR DYHUH XQ DFFUHVFLPHQWR SUHVVRFKp FRQWL QXR SHU TXDVL WXWWL L SDUDPHWUL ULOHYDWL FLz SRWUHEEH IDU FRQFOXGHUH FKH OH IHPPLQH SL JUDQGL SRWHVVHUR DYHUH SL SRVVLELOLWj GL VRSUDYYLYHQ]D HG DUULYDUH DG XQ¶HWj SL DYDQ]DWD % , PDVFKL KDQQR XQ SURILOR GL FUHVFLWD SDUWLFRODUH SHUFKp L YDORUL PDVVLPL VRQR ULOH YDWL LQ TXDVL WXWWL L FDVL QHJOL LQGLYLGXL DGXOWL PHQWUH JOL LQGLYLGXL VHQLOL KDQQR GHL YDORUL LQWHUPHGL WUD L JLRYDQL H JOL DGXOWL 6L SXz LSRWL]]DUH TXLQGL XQ GLYHUVR SDWWHUQ GL VRSUDYYLYHQ]D ULVSHWWR DOOH IHPPLQH % , SDUDPHWUL PRUIRPHWULFL GHO FUDQLR SL GLPRUILFL ULVFRQWUDWL QHOOH PLVXUD]LRQL VRQR FRUUHODWL D GLVWUHWWL DQDWRPLFL FRQQHVVL DOOD PDVWLFD]LRQH DPSLH]]D GHO URVWUR H ]LJRPDWLFD 4XHVWL SDUDPHWUL SRWUHEEHUR HVVHUH XWLOL]]DWL SHU O¶DWWULEX]LRQH GHO VHVVR GHL UHSHUWL ULGXFHQGR GL PROWR VLD LO QXPHUR GHOOH PLVXUD]LRQL GD HIIHWWXDUH ULVSHWWR DO PHWRGR RULJLQDULR VLD OD SUREDELOLWj GL FRPSLHUH HUURUL GL PLVXUD]LRQH 8QD SRVVLELOH SXQWR FULWLFR QHOOD VHOH]LRQH GHL SDUDPHWUL PDJJLRUPHQWH GLPRUILFL GDO SXQWR GL YLVWD VHVVXDOH SXz HVVHUH GDWR GDOO¶DPSLR UDQJH XWLOL]]DWR FRPH YDORUH GLVFULPLQDWRULR GLIIHUHQ]D SHUFHQWXDOH WUD PDVFKL H IHPPLQH SUREDELO PHQWH q QHFHVVDULR ULYDOXWDUH LO VLVWHPD GL DFTXLVL]LRQH GHL GDWL XWLOL]]DQGR GHJOL VWUXPHQWL FKH IRUQLVFDQR XQD VWDQGDUGL]]D]LRQH PLJOLRUH GHOOH PLVXUH H TXLQGL XQ HUURUH SHUFHQWXDOH PLQRUH DG HVHPSLR XWLOL]]DQGR GHOOH WDYROH RVWHRPHWULFKH

&RQVLGHUDQGR LQYHFH OD PRUIRPHWULD GHQWDULD % $QDOL]]DQGR OH VLPLODULWj WUD OH YDULH SRSROD]LRQL HXURSHH QHOOR VWXGLR GL %DU\VKQL NRY VL RWWLHQH FKH SHU TXDQWR ULJXDUGD L UHSHUWL GHO 3OHLVWRFHQH VXSHULRUH L GDWL GHOOH PDVFHOOH ULHQWUDQR QHO FODGH LQ UHOD]LRQH FRQ XQ VLWR VSDJQROR (LUyV H XQR JHRUJLDQR .XGDUR PHQWUH SHU TXDQWR ULJXDUGD OH PDQGLEROH VL SXz LSRWL]]D UH XQD PDJJLRUH YLFLQDQ]D DL JUXSSL GHOO¶(XURSD &HQWUDOH =RROLWKHQ H 5 EHODQG ROWUH FKH DO VLWR JHRUJLDQR GL .XGDUR , ULVXOWDWL RWWHQXWL VRQR TXLQGL GL GLIILFLOH FRPSUHQVLRQH SRLFKp LQGLFDQR GHOOH VRPLJOLDQ]H GDO SXQWR GL YLVWD PRUIRPHWULFR WUD SRSROD]LRQL PROWR GLVWDQWL WUD GL ORUR H QRQ VL HVFOXGHUHEEH OD SUHVHQ]D GL 8U VXV LQJUHVVXV SRLFKp QRQ VL KDQQR LQGLFD]LRQL QHOOD SXEEOLFD]LRQH GL ULIHULPHQWR ULJXDUGR DOOD VXD SUHVHQ]D WUD L UHSHUWL DQDOL]]DWL QRQ SXz HVVHUH HVFOXVD LQROWUH D FDXVD GHOO¶HWj UHFHQWH GHL VLWL 8Q SRVVLELOH SXQWR GHEROH GL TXHVW¶HODERUD]LRQH q OD VFDUVLWj GHL UHSHUWL PDVFHOODUL DQDOL]]DWL PROWR SUREDELOPHQWH L GDWL RWWHQXWL SRWUHEEHUR HVVHUH LQWHJUDWL GD TXHOOL SURYHQLHQWL GDOO¶DQDOLVL GHL GHQWL VIXVL GHOOH DUFDWH VXSHULRUL QRQ GHFLGXL SUHVHQWL QHOOH FROOH]LRQL PXVHDOL % 5DJLRQDQGR VXL GDWL RWWHQXWL VSHULPHQWDOPHQWH VL SXz QRWDUH FKH LQ WXWWL L VHW UL JXDUGDQWL OH PRUIRPHWULH VL KD XQD GLVWULEX]LRQH QRUPDOH SHU TXDVL WXWWL L SDUDPHWUL PRUIRPHWULFL DQDOL]]DWL GHVXPLELOH GDL WHVW GL DVLPPHWULD H .XUWRVLV LO FKH IDUHE EH VXSSRUUH XQD UHODWLYD RPRJHQHLWj H TXLQGL OD SUHVHQ]D GL XQ¶XQLFD SRSROD]LR QH PROWR SUREDELOPHQWH LO VLWR GHOOD JURWWD 3RFDOD q SRVWR LQ XQ¶DUHD JHRJUDILFD ORQWDQD GDOOH GLUHWWULFL GL DUULYR GL 8UVXV LQJUHVVXV YHUVR OD ILQH GHO 3OHLVWRFHQH VXSHULRUH RSSXUH q FURQRORJLFDPHQWH GLVWDQWH GD HVVR % 6H VL FRQVLGHUD OD PRUIRPHWULD VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ]iOHV L ULVXOWDWL RWWHQXWL SHU FRQIURQWR WUD L YDUL SDUDPHWUL QRQ VHPEUDQR PROWR GLVFRUGL WUD GL ORUR LQ TXDQWR VL SXz QRWDUH XQ¶DOWD SHUFHQWXDOH GL VRPLJOLDQ]D WUD OD SRSROD ]LRQH GHOOD JURWWD 3RFDOD FRQ TXHOOH LEHULFKH GHOO¶(XURSD FHQWUDOH H GHOO¶(XURSD GHOO¶HVW FLz ID VXSSRUUH XQD VRVWDQ]LDOH RPRJHQHLWj PRUIRPHWUL FD SHU L SDUDPHWUL GHO SULPR PRODUH LQIHULRUH 2VVHUYDQGR L GHQGURJUDPPL RWWHQXWL XWLOL]]DQGR O¶LQGLFH GL %UD\ &XUWLV OD FRPSDUD]LRQH DSSDUH PROWR SL FRPSOHVVD H GLIILFLOPHQWH GLVWLQJXLELOH 6L SXz FRQFOXGHUH TXLQGL FKH OD PRUIRPHWULD QRQ VLD XQ SDUDPHWUR ULVROXWLYR SHU XQD VXGGLYLVLRQH HIILFDFH GHOOH YDULH SRSROD]LRQL HXURSHH % 3HU TXDQWR ULJXDUGD LO FRQIURQWR WUD OH PLVXUD]LRQL VSHULPHQWDOL H TXHOOH SUHVHQWL LQ 5RVVL 6DQWL VL SXz QRWDUH FKH OH GLIIHUHQ]H SHUFHQWXDOL VRQR PLQLPH HF FHWWR SHU LO SDUDPHWUR PRUIRPHWULFR +\ (Q GRYH VL ULVFRQWUD XQR VFRVWDPHQWR LQ GLIHWWR GHO ULVSHWWR DO GDWR PLVXUDWR GDJOL $XWRUL WDOL VFRVWDPHQWL SRVVRQR HVVHUH JLXVWLILFDWL ROWUH SHU XQD FRPSRQHQWH GDWD GDJOL HUURUL GL PLVXUD]LRQH DG XQ GLYHUVR QXPHUR GL FDPSLRQL DQDOL]]DWL QHOOD SXEEOLFD]LRQH GL FRQIURQWR 6L SXz TXLQGL DIIHUPDUH FKH OH PLVXUH PRUIRPHWULFKH GHQWDULH VLDQR VWDWH HIIHWWXDWH FRQ XQ EXRQ JUDGR GL HVDWWH]]D 3HU TXDQWR FRQFHUQH OD PRUIRORJLD VHFRQGR *UDQGDO G¶$QJODGH /zSH] *RQ ]iOHV

% 6L SXz QRWDUH XQD PDJJLRUH LQFLVLYLWj HG HIILFDFLD QHO GLVWLQJXHUH OH YDULH VRPL JOLDQ]H SRLFKp L YDORUL RWWHQXWL QRQ VXSHUDQR LO GL VLPLODULWj FRQ OD SRSROD ]LRQH LQ HVDPH LQROWUH L GHQGURJUDPPL GL QHLJKERXU MRLQLQJ LQGLFDQR XQ¶DIILQLWj FRQ L VLWL GHOO¶(XURSD FHQWUDOH HVFOXGHQGR OH SRSROD]LRQL GHOOD SHQLVROD LEHULFD OH TXDOL RFFXSDQR XQ FODGH XQLFR EHQ GLVWDFFDWR GDJOL DOWUL VLWL Ê LQWHUHVVDQWH QRWDUH FKH LO FODGH GHOOD JURWWD 3RFDOD q UDSSRUWDWR DO VLWR GHOOH &RQWXULQHV D VXD YROWD LQ UHOD]LRQH FRQ LO VLWR GL 5HSROXVW FRQ SUHVHQ]D GL 8UVXV VSHODHXV HG KD XQD VLPLODUL Wj FRQ LO VLWR GL /LHJOORFK FRQVLGHUDWR XQ JLDFLPHQWR GL UHSHUWL GL 8UVXV LQJUHVVXV H 5 EHODQG LO TXDOH LQYHFH q DVVRFLDWR DG 8UVXV VSHODHXV /¶DVVRFLD]LRQH DG XQ DUFR WHPSRUDOH GHL VLWL FRPSUHVR WUD L H L ND LO JUDILFR RWWHQXWR WHQGHUHEEH D IDU HVFOXGHUH LO VLWR GL 5HSROXVW GDOOH FRQVLGHUD]LRQL GDO SXQWR GL YLVWD FURQRORJLFR SRLFKp SRVVLHGH XQ LQGLFH GL VLPLODULWj WDOH GD UHQGHUOR GLVWDQWH GDL FODGL GHOOH &RQ WXULQHV 3RFDOD /LHJOORFK H 5 EHODQG SXz VXJJHULUH XQD SRVVLELOH FROORFD]LRQH GHL UHSHUWL GHOOD JURWWD 3RFDOD LQ TXHVWR UDQJH WHPSRUDOH SHU SRWHU FRQIHUPDUH TXHVW¶LSRWHVL q QHFHVVDULR FRPSLHUH XQD GDWD]LRQH GHJOL VWHVVL 6L SXz LSRWL]]DUH FKH FRPSOHVVLYDPHQWH OD PRUIRORJLD GHO SULPR PRODUH LQIHULR UH VLD SLXWWRVWR FRQVHUYDWD DQFKH WUD VSHFLH GLIIHUHQWL 8UVXV VSHODHXV HUHPXV" ODGLQLFXV LQJUHVVXV 5DJLRQDQGR LQYHFH QHO GHWWDJOLR OD SHUFHQWXDOH PROWR HOHYD WD GL XQD SDUWLFRODUH PRUIRORJLD GHO SDUDFRQLGH GHO SULPR PRODUH LQIHULRUH QRQ UL VFRQWUDWD QHJOL DOWUL VLWL SXz VXJJHULUH LO VXR XWLOL]]R FRPH SDUDPHWUR GLDJQRVWLFR DIILGDELOH SHU OD SRSROD]LRQH GHOOD JURWWD 3RFDOD VDUHEEH QHFHVVDULR HVHJXLUH XQ FRQIURQWR FRQ L UHSHUWL SURYHQLHQWL GD VLWL GLYHUVL DO ILQH GL VWDELOLUH VH VL WUDWWL GL XQD SHFXOLDULWj GHOOH SRSROD]LRQL GHO QRUG ,WDOLD /D YHULILFD GHL GDWL VSHULPHQWDOL FRQ TXHOOL SUHVHQWL LQ 5RVVL 6DQWL YLHQH YDOXWDWD SRVLWLYDPHQWH DQFKH VH O¶LQVLHPH GHL UHSHUWL DQDOL]]DWL GDJOL $XWRUL q VLJQLILFDWLYDPHQWH LQIHULRUH ULVSHWWR D TXHOOR XWLOL]]DWR QHO SUHVHQWH VWXGLR OH IUHTXHQ]H SHUFHQWXDOL FDOFRODWH GDOOD SXEEOLFD]LRQH GL FRQIURQWR ULVXOWDQR VLPLODUL D TXHOOH SURSRVWH QHOOH WDEHOOH SUHFH GHQWL 5LDVVXPHQGR O¶DVSHWWR PRUIRORJLFR GHL GHQWL VHPEUD SL LQFLVLYR ULVSHWWR DL SD UDPHWUL PRUIRPHWULFL SHUFKp Gj XQ¶LQGLFD]LRQH SL SUHFLVD ULJXDUGR DOOH SRVVLELOL UHOD]LRQL ¿ORJHQHWLFKH FRQ DOWUL VLWL LQROWUH OD SUHVHQ]D TXDVL WRWDOH GL XQ SDUDFRQLGH GL PRUIRORJLD DFXWD SXz IDU VXSSRUUH XQD VRVWDQ]LDOH RPRJHQHLWj QHOOD SRSROD]LRQH GHOOD JURWWD 3RFDOD /D YLFLQDQ]D FRQ VLWL WHGHVFKL H DXVWULDFL VLD GDO SXQWR GL YLVWD JHRJUD¿FR FKH PRUIRORJLFR SXz VXJJHULUH XQD YLD GL WUDQVLWR H R GL RULJLQH YLVWD OD YLFLQDQ]D FRQ LO VLWR LQ HVDPH LO IDWWR FKH QRQ FL VLDQR DVVRFLD]LRQL FRQ VLWL GHOO¶(XURSD VXG RULHQWDOH SRWUHEEHUR RULHQWDUH DG HVFOXGHUH TXHVWH ]RQH FRPH SXQWL GL RULJLQH GHOOD SRSROD ]LRQH DQDOL]]DWD ROWUH D HYHQWXDOL LQJUHVVL GL DOWUH SRSROD]LRQL GXUDQWH LO 3OHLVWRFHQH VXSHULRUH /¶RPRJHQHLWj GHL ULVXOWDWL UHQGH SL FRQFUHWD O¶LSRWHVL GL XQ¶XQLFD SRSROD]LRQH SUHVHQWH OD FRHVLVWHQ]D WUD OH GXH VSHFLH 8UVXV VSHODHXV H 8UVXV LQJUHVVXV JHQH

UHUHEEH XQD SDU]LDOH VRYUDSSRVL]LRQH QHOOD GLVWULEX]LRQH GHL GDWL FRQ XQD SRVVLELOH GLVWULEX]LRQH ELPRGDOH QRQ ULOHYDWD 3HU LQTXDGUDUH OD SRSROD]LRQH DQDOL]]DWD D OLYHOOR GL VRWWRVSHFLH VDUHEEH QHFHVVD ULD XQ¶DQDOLVL JHQHWLFD GHL UHSHUWL VLFFRPH QRQ q HPHUVR DOFXQ SDUDPHWUR VLD FUDQLFR FKH GHQWDULR FKH LGHQWL¿FKL LQ PDQLHUD FKLDUD O¶RUGLQDPHQWR WDVVRQRPLFR GHL UHVWL DQDOL]]DWL SURYHQLHQWL GDOOH FDPSDJQH GL VFDYR DQDOL]]DWH LQ TXHVWR VWXGLR /DYRUR FRQVHJQDWR LO

5,1*5$=,$0(17, 6L GHVLGHUD ULQJUD]LDUH OD GRWW VVD 'HERUDK $UEXOOD H LO GRWW )UDQFHVFR %RVFKLQ SHU LO IRQGDPHQWDOH FRQWULEXWR GL DUULFFKLPHQWR H UHYLVLRQH GL TXHVW¶DUWLFROR

%,%/,2*5$),$ ¬/9$5(= ; 3 5 '( /20%(5$ +(50,'$ $ )È%5(*$6 9$/&$5&( 5 /$=8e1 )(51È1'(= 7 ³7KH 8SSHU 3OHLVWRFHQH 6LWH RI &RYD (LUyV 7ULDFDVWHOD /XJR *DOLFLD 7R WKH :HVW RI 6SDQLVK &DQWDEULD´ 7KH 3DODHROLWKLF 6HWWOHPHQW RI *DOLFLD %$&$ 0 0$&.,(:,&= 3 67$1.29,& $ 32329,û ' 67()$1,$. . &=$512*Ï56.$ . 1$'$&+2:6., $ *Ą6,252:6., 0 +(5&0$1 + :(*/(16., 3 ³$QFLHQW '1$ DQG GDWLQJ RI FDYH EHDU UHPDLQV IURP 1LHGĨZLHG]LD &DYH VXJJHVW HDUO\ DSSHDUDQFH RI 8UVXV LQJUHVVXV LQ 6XGHWHV´ 4XDWHUQDU\ ,QWHUQDWLRQDO [[[ %$5<6+1,.29 * ³0RUSKRPHWULFDO YDULDELOLW\ RI FKHHN WHHWK LQ FDYH EHDUV´ 6FLHQWL¿F $QQDOV VFKRRO RI *HRORJ\ $ULVWRWOH 8QLYHUVLW\ RI 7KHVVDORQLNL 6SHFLDO YROXPH %$5<6+1,.29 * 38=$&+(1.2 $ ³&UDQLRPHWULFDO YDULDELOLW\ LQ WKH FDYH EHDUV &DUQLYRUD XUVLGDH PXOWLYDULDWH FRPSDUDWLYH DQDO\VLV´ 4XDWHUQDU\ ,QWHUQDWLRQDO %2&+(5(16 + 67,//(5 0 +2%621 . 3$&+(5 0 5$%('(5 * %8516 - 7h7.(1 7 +2)5(,7(5 0 ³1LFKH SDUWLWLRQLQJ EHWZHHQ WZR V\PSDWULF JHQHWLFDOO\ GLVWLQFW FDYH EHDUV 8UVXV VSHODHXV DQG 8UVXV LQJUHVVXV DQG EURZQ EHDU 8UVXV DUFWRV IURP $XVWULD ,VRWRSLF HYLGHQFH IURP IRVVLO ERQHV´ 4XDWHUQDU\ ,QWHUQDWLRQDO %5$1'/ 0 +$8=(1%(5*(5 & 3267/ : 02'/ ' .857$ & 751.$ * ³5HSROXVW &DYH $XVWULD UHYLVLWHG 3URYHQDQFH VWXGLHV RI FKHUW ¿QGV´ 4XDUWlU &$//,*$5,6 5 ³ 5LWRUQR LQ 3RFDOD´ $WWL GHOOD WDYROD URWRQGD ³8Q LPSRUWDQWH VLVWHPD FDUVLFR GHL 0RQWL /HVVLQL 9HURQD L &RYROL GL 9HOR´ ',('5,&+ & ³,FH $JH VSRWWHG K\HQDV" +XQWLQJ RU RQO\ VFDYHQJLQJ WKH FDYH EHDU 8UVXV VSHODHXV 5RVHQP OOHU DW WKH ,FH $JH VSRWWHG K\HQD RSHQ DLU GHQ DQG SUH\ GHSRVLW VLWH %DG :LOGXQJHQ %LHGHQVWHJ +HVVLD *HUPDQ\ ´ 6FLHQWL¿F $QQDOV VFKRRO RI *HRORJ\ $ULVWRWOH 8QLYHUVLW\ RI 7KHVVDORQLNL 6SHFLDO YROXPH ',('5,&+ & ³&DYH EHDU NLOOHUV DQG VFDYHQJHUV IURP WKH ODVW LFH DJH RI FHQWUDO (XURSH IHHGLQJ VSHFLDOL]DWLRQV LQ UHVSRQVH WR WKH DEVHQFH RI PDPPRWK VWHSSH IDXQD IURP PRXQWDLQRXV UHJLRQV´ 4XDWHUQDU\ ,QWHUQDWLRQDO ',('5,&+ & ³([WLQFWLRQV RI /DWH ,FH $JH FDYH EHDUV DV D UHVXOW RI FOLPDWH KDELWDW FKDQJH DQG ODUJH FDUQLYRUH OLRQ K\HQD ZROI SUHGDWLRQ VWUHVV LQ (XURSH´ ,651 =RRORJ\ 9ROXPH $UWLFOH ,' SDJHV

',('5,&+ & ³+RORW\SH VNXOOV VWUDWLJUDSK\ ERQH WDSKRQRP\ DQG H[FDYDWLRQ KLVWRU\ LQ WKH =RROLWKHQ &DYH DQG QHZ WKHRU\ DERXW (VSHU¶V ³JUHDW GHOXJH´ 4XDWHUQDU\ 6FLHQFH -RXUQDO 9ROXPH 1XPEHU )(51È1'(= 02648(5$ ' 9,/$ 7$%2$'$ 0 *5$1'$/ '¶$1*/$'( $ ³6WDEOH LVRWRSHV GDWD GHOWD & GHOWD 1 IURP WKH FDYH EHDU 8UVXV VSHODHXV D QHZ DSSURDFK WR LWV SDOHRHQYLURPHQW DQG GRUPDQF\´ 3URFHHGLQJV RI WKH 5R\DO 6RFLHW\ RI /RQGRQ % )5,6&+$8) & /,('/ 3 0 5$%('(5 * ³5HYLVLRQ GHU IRVVLOHQ %lUHQ GHU 'UDFKHQK|KOH 0L[QLW] 6WPN ´ 'LH +|KOH *5$1'$/ '¶$1*/$'( $ 9,'$/ 520$1Î - 5 ³$ SRSXODWLRQ VWXG\ RI WKH &DYH %HDU 8UVXV VSHODHXV 5RV +HLQ IURP &RYD (LUyV 7ULDFDVWHOD *DOLFLD 6SDLQ ´ *(2%,26 *5$1'$/ '¶$1*/$'( $ /Ï3(= *21=È/(= ) ³$ SRSXODWLRQ VWXG\ RQ WKH &DYH %HDUV 8UVXV VSHODHXV 5RVHQP OOHU +HLQURWK IURP *DOLFLDQ FDYHV 1: RI ,EHULDQ SHQLQVXOD´ &DGHUQRV GR /DERUDWRULR ;HROy[LFR GH /D[H *5$1'$/ '¶$1*/$'( $ /Ï3(= *21=È/(= ) ³$ VWXG\ RI WKH HYROXWLRQ RI WKH 3OHLVWRFHQH FDYH EHDU E\ D PRUSKRPHWULF DQDO\VLV RI WKH ORZHU FDUQDVVLDO´ 2U\FWRV +$00(5 +$53(5 ' $ 7 5<$1 3 ' ³3$67 3DOHRQWRORJLFDO 6WDWLVWLFV 6RIWZDUH 3DFNDJH IRU (GXFDWLRQ DQG 'DWD $QDO\VLV´ 3DODHRQWRORJLD (OHFWURQLFD .1$33 0 52+/$1' 1 :(,1672. - %$5<6+1,.29 * 6+(5 $ 1$*(/ ' 5$%('(5 * 3,1+$6, 5 6&+0,'7 $ +2)5(,7(5 0 ³)LUVW '1$ VHTXHQFHV IURP $VLDQ FDYH EHDU IRVVLOV UHYHDO GHHS GLYHUJHQFHV DQG FRPSOH[ SK\ORJHRJUDSKLF SDWWHUQV´ 0ROHFXODU (FRORJ\ .857e1 % ³6H[ GLPRUSKLVP DQG VL]H WUHQGV LQ WKH FDYH EHDU 8UVXV VSHODHXV 5RVHQP OOHU DQG +HLQURWK ³ $FWD =RRORJLFD )HQQLFD .857e1 % ³$ UDGLRFDUERQ GDWH IRU WKH FDYH EHDU UHPDLQV 8UVXV VSHODHXV IURP 2GHVVD´ &RPPHQWDWLRQHV %LRORJLFDH 0$57,1, , &2/7257, 0 0$==$ 3 5867,21, 0 6$1'5(//, ) ³7KH ODWHVW 8UVXV VSHODHXV LQ ,WDO\ D QHZ FRQWULEXWLRQ WR WKH H[WLQFWLRQ FKURQRORJ\ RI WKH FDYH EHDU´ 4XDWHUQDU\ 5HVHDUFK /(&5(5&4 / ³'pFRXYHUWHV SDOpRQWRORJLTXHV j &RUQHVVH ³ %XOOHWLQ GHV &KHUFKHXUV GH OD :DOORQLH ;/9 /Ñ3(= *21=¬/(6 ) *5$1'$/ '¶$1*/$'( $ ³$ SDODHRELRORJLFDO DSSURDFK WR WKH FDYH EHDUV IURP /LxDUHV DQG (LUyV *DOLFLD 6SDLQ ´ &DGHUQRV /DERUDWRULR ;HROz[LFR GH /D[H 3$&+(5 0 678$57 $ ³([WLQFWLRQ FKURQRORJ\ DQG SDODHRELRORJ\ RI WKH FDYH EHDU 8UVXV VSHODHXV ´ %RUHDV O 3(7521,2 $ ³'DWD]LRQH 8 7K GL VSHOHRWHPL GHOOD FDYHUQD 3RFDOD &DUVR WULHVWLQR ´ $WWL H 0HPRULH GHOOD &RPPLVVLRQH *URWWH ³( %RHJDQ´ YROXPH 5$%('(5 * ³8UVLGHQ &KURQRORJLH GHU |VWHUUHLFKLVFKHQ +|KOHQIDXQHQ´ *HRORJLVFKH %ODWW 12 %D\HUQ 5$%('(5 * 1$*(/ ' ³3K\ORJHQHWLF SUREOHPV RI WKH $OSLQH FDYH EHDUV´ &DGHUQRV ODERUDWRULR ;HROy[LFR GH /D[H YRO 5$%('(5 * '(%(/-$. , +2)5(,7(5 0 :,7+$/0 * ³0RUSKRORJLFDO UHVSRQVHV RI FDYH EHDUV 8UVXV VSHODHXV JURXS WR KLJK DOSLQH KDELWDWV´ 'LH +|KOH 5$0Ë5(= 3('5$=$ , 7251(52 & 3$33$ 6 7$/$02 6 6$/$=$5 *$5&Ë$ ' & %/$6&2 5 526(// - 5,9$/6 ) ³0LFURZHDU DQG LVRWRSLF DQDO\VHV RQ FDYH EHDU UHPDLQV IURP 7ROO &DYH UHYHDO ERWK VKRUW WHUP DQG ORQJ WHUP GLHWDU\ KDELWV´ 6FLHQWL¿F 5HSRUWV 5(,1+$5' ( 7255(6 7 2¶1(,/ - ³ 2 2 UDWLRV RI FDYH EHDU WRRWK HQDPHO D UHFRUG RI FOLPDWH YDULDELOLW\ GXULQJ WKH 3OHLVWRFHQH´ 3DODHRJHRJUDSK\ 3DODHRFOLPDWRORJ\ 3DODHRHFRORJ\ 520$1',1, 0 7(5/$72 * 1$11,1, 1 7$*/,$&2==2 $ %(1$==, 6 3(5(6$1, 0 ³%HDUV DQG KXPDQV D 1HDQGHUWKDO WDOH 5HFRQVWUXFWLQJ XQFRPPRQ EHKDYLRUV IURP ]RRDUFKDHRORJLFDO HYLGHQFH LQ VRXWKHUQ (XURSH´ -RXUQDO RI $UFKDHRORJLFDO 6FLHQFH 526(1'+$/ : 'g33(6 ' -2*(5 8 /$6.296., 5 /Ï3(= &255($ 0 1,(/%2&. 5 :5('( : ³1HZ UDGLRPHWULF GDWLQJV RI GLIIHUHQW FDYH EHDU VLWHV LQ *HUPDQ\ UHVXOWV DQG LQWHUSUHWDWLRQV´ %XOOHWLQ GH OD 6RFLpWp G¶KLVWRULH QDWXUHOOH GH 7RXORVH

5266, 0 6$17, * ³2EVHUYDWLRQV RQ WKH 8UVXV JU VSHODHXV UHPDLQV IURP WKH 3RFDOD &DYH 7ULHVWH )ULXOL 9HQH]LD *LXOLD 1 ,WDO\ ´ 5HYXH GH 3DOHRELRORJLH 6$/$ % 0$6,1, ) ³/DWH 3OLRFHQH DQG 3OHLVWRFHQH VPDOO PDPPDO FKURQRORJ\ LQ WKH ,WDOLDQ SHQLQVXOD´ 4XDWHUQDU\ ,QWHUQDWLRQDO ,VVXH 67,//(5 0 %$5<6+1,.29 * %2&+(5(16 + *5$1'$/ '¶$1*/$'( $ +,/3(57 % 0h1=(/ 6 3,1+$6, 5 5$%('(5 * 526(1'$+/ : 75,1.$86 ( +2)5(,7(5 0 .1$33 0 ³ :LWKHULQJ DZD\ \HDUV RI JHQHWLF GHFOLQH SUHFHGHG FDYH EHDU H[WLQFWLRQ´ 0ROHFXODU %LRORJ\ (YROXWLRQ ± 67,1(5 0 ³0RUWDOLW\ DQDO\VLV RI 3OHLVWRFHQH EHDUV DQG LWV SDOHRDQWKURSRORJLFDO UHOHYDQFH´ -RXUQDO RI +XPDQ (YROXWLRQ ± 7255(6 3e5(= +,'$/*2 7 *$5&Ë$ 0$57Ë1(= 0 - &2%2 5$<È1 5 257,= - ( *$5&Ë$ '( /$ 025(1$ 0 $ &+$&Ï1 ( //$0$6 ) - ³7KURXJK WLPH ,EHULDQ 8UVXV VSHODHXV 5RV +HLQ &KHHN WHHWK VL]H GLVWULEXWLRQ´ &DGHUQRV /DERUDWRULR ;HROz[LFR GH /D[H 7255(6 3e5(= +,'$/*2 7 &2%2 5$<È1 5 6$/$=$5 5,1&Ï1 $ ³/D SREODFLyQ GH RVR GH ODV FDYHUQDV 8UVXV VSHODHXV SDUYLODWLSHGLV Q VVS GH 7URVNDHWD¶NR NREHD $WD~Q *XLS~]FRD 0XQLEH 7255(6 3e5(= +,'$/*2 7 257,= - ( &2%2 5$<È1 5 ³)HDWXUHV RI GHHS FDYH VHGLPHQWV WKHLU LQÀXHQFH RQ IRVVLO SUHVHUYDWLRQ´ (VWXGLRV JHRORJLFRV 7628.$/$ ( &+$7=2328/28 . 5$%('(5 * 3$33$ 6 1$*(/ ' :,7+$/0 * ³3DOHRQWRORJLFDO DQG VWUDWLJUDSKLFDO UHVHDUFK LQ /RXWUD $ULGHDV EHDU FDYH $OPRSLD VSHOHRSDUN 3HOOD 0DFHGRQLD *UHHFH ´ 6FLHQWL¿F DQQDOV 6FKRRO RI *HRORJ\ $ULVWRWOH 8QLYHUVLW\ RI 7KHVVDORQLNL $87+ 6SHFLDO YROXPH 9,//$/8(1*$ $ &$67$ĕ26 3 $55,=$%/$/$*$ $ 08-,.$ $/867,=,$ - $ ³&DYH EHDU 8UVXV VSHODHXV 5RVHQP OOHU +HLQURWK DQG KXPDQV GXULQJ WKH (DUO\ 8SSHU 3OHLVWRFHQH /RZHU DQG PLGGOH 3DODHROLWKLF LQ /H]HW[LNL /H]HW[LNL ,, DQG $VWLJDUUDJDNR .REHD %DVTXH &RXQWU\ 6SDLQ 3UHOLPLQDU\ DSSURDFK´ -RXUQDO RI WDSKRQRP\ LVVXH :(,1672&. - ³$JH VWUXFWXUH DQG VH[ UDWLR RI FDYH EHDUV LQ WKH =RROLWKHQK|KOH VRXWKHUQ *HUPDQ\´ &DGHUQRV ODERUDWRULR ;HROy[LFR GH /D[H YRO

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

/( 25&+,'$&($( '(//$ '$/0$=,$ $0(/,2 3(==(77$ 9LD 0RQWHSHUDOED ± 7ULHVWH ± ( PDLO IRQWHURVVL#OLEHUR LW

5LDVVXQWR ± /D 'DOPD]LD q XQD UHJLRQH FRVWLHUD GHOOD SHQLVROD EDOFDQLFD GDOOD VXSHU¿FH WRWDOH GL FLUFD .PT FKH FRPSUHQGH XQD SDUWH FRQWLQHQWDOH GHOLPLWDWD GDOOR VSDUWLDFTXH GL YDULH FDWHQH PRQWXRVH H ROWUH WUD LVROH LVRORWWL H VFRJOL GL GLPHQVLRQL GLYHUVH ,O WHUULWRULR GDOPDWD q FDUDWWHUL]]DWR GD XQ¶HOHYDWD GLYHUVLWj ÀRULVWLFD FRQ XQ QXPHUR GL SLDQWH YDVFRODUL VWLPDELOH LQ XQLWj 1HO SUHVHQWH ODYRUR FRQVLGHUDQGR JOL VWXGL VLQRUD HIIHWWXDWL OH ULFHUFKH VXO FDPSR GHOO¶DXWRUH H OH VHJQDOD]LRQL LQHGLWH GL YDUL ULFHUFDWRUL q VWDWR FRPSLODWR XQ HOHQFR GL WXWWH OH 2UFKLGDFHDH SUHVHQWL 1HO FRPSOHVVR VRQR VHJQDODWH HQWLWj WUD VSHFLH H VRWWRVSHFLH SL LEULGL LQIUDVSHFLIFL /¶DQDOLVL FRURORJLFD HIIHWWXDWD HYLGHQ]LD OD SUHYDOHQ]D GHOO¶HOHPHQWR 0HGLWHUUDQHR VHJXLWR GD TXHOOL (XURSHR (XUDVLDWLFR (QGHPLFR H LQ¿QH 0HGLWHUUDQHR $WODQWLFR 3DUROH FKLDYH 'DOPD]LD 2UFKLGDFHDH FKHFN OLVW HOHPHQWL ÀRULVWLFL $EVWUDFW ± 7KH 2UFKLGDFHDH RI 'DOPDWLD 'DOPDWLD LV D FRDVWDO UHJLRQ RI WKH %DONDQ 3HQLQVXOD ZLWK D WRWDO DUHD RI DSSUR[LPDWHO\ VTXDUH NLORPHWHUV ZKLFK LQFOXGH D FRQWLQHQWDO SDUW ERXQGHG E\ WKH ZDWHUVKHG RI YDULRXV PRXQWDLQ UDQJHV DQG RYHU LVODQGV LVOHWV DQG URFNV RI GLIIHUHQW VL]H 7KH 'DOPDWLDQ WHUULWRU\ LV FKDUDFWHUL]HG E\ D KLJK ÀRULVWLF GLYHUVLW\ ZLWK D QXPEHU RI YDVFXODU SODQWV HVWLPDWHG DW GLIIHUHQW WD[D ,Q WKH SUHVHQW ZRUN FRQVLGHULQJ WKH VWXGLHV FDUULHG RXW VR IDU WKH DXWKRU¶V ¿HOG UHVHDUFK DQG WKH XQSXEOLVKHG UHSRUWV RI YDULRXV UHVHDUFKHUV D OLVW RI DOO WKH 2UFKLGDFHDH SUHVHQW ZDV FRPSLOHG 2YHUDOO WKHUH DUH HQWLWLHV DW WKH VSHFL¿F DQG VXEVSHFL¿F UDQN DQG LQIUDVSHFLIF K\EULGV LQ DGGLWLRQ 7KH FKRURORJLFDO DQDO\VLV VKRZV WKH SUHYDOHQFH RI WKH 0HGLWHUUDQHDQ HOHPHQW IROORZHG E\ WKH (XURSHDQ (XUDVLDQ (QGHPLF DQG ODVWO\ 0HGLWHUUDQHDQ $WODQWLF .H\ ZRUGV 'DOPDWLD 2UFKLGDFHDH FKHFN OLVW ÀRULVWLF HOHPHQWV

± ,QWURGX]LRQH &RQ 2UFKLGDFHDH -XVV V¶LQWHQGH XQD IDPLJOLD GL SLDQWH YDVFRODUL FRVWLWXLWD GD FLUFD VSHFLH ULSDUWLWH LQ JHQHUL *,91,6+ HW DO FKH KD FRORQL]]DWR FRQ VXFFHVVR TXDVL WXWWL JOL KDELWDW GHOOD WHUUD HG q FRQVLGHUDWD OD SL ULFFD GHO PRQGR YHJHWDOH GRSR OH $VWHUDFHDH 0DUWLQRY /H 2UFKLGDFHH VXVFLWDQR XQ QRWHYROH IDVFLQR SHU FXL LQ WXWWR LO PRQGR VRQR VRUWL QXPHURVL JUXSSL DVVRFLD]LRQL H VHPSOLFL DSSDV VLRQDWL FKH OH VWXGLDQR FROWLYDQR H ULFHUFDQR *UD]LH DO ORUR LPSRUWDQWH FRQWULEXWR OH FRQRVFHQ]H VX TXHVWD IDPLJOLD VRQR QRWHYROPHQWH DXPHQWDWH VRQR VWDWL GHVFULWWL QXR YL WD[D H VL q RWWHQXWD XQD PLJOLRU GH¿QL]LRQH GHJOL DUHDOL GL GLVWULEX]LRQH GHOOH VLQJR OH VSHFLH ,O SUHVHQWH VDJJLR LQ OLQHD FRQ WDOH WHQGHQ]D KD SHU ¿QDOLWj OD FRPSLOD]LRQH GL XQD FKHFN OLVW FRPSUHQGHQWH OH VSHFLH OH VRWWRVSHFLH H JOL LEULGL SUHVHQWL QHOO¶DUHD G¶LQGDJLQH DWWUDYHUVR JOL VWXGL QRWL LQ OHWWHUDWXUD OH ULFHUFKH VXO FDPSR GHOO¶DXWRUH H OH LQIRUPD]LRQL LQHGLWH IRUQLWH GD VWXGLRVL $OOR VWDWR DWWXDOH QRQ q VWDWR SXEEOLFDWR QHVVXQ ODYRUR PRQRJUD¿FR VSHFL¿FR VXOOH RUFKLGHH VSRQWDQHH GL WXWWR O¶DPELWR FRQVL GHUDWR QRQRVWDQWH OH QXPHURVH ULFHUFKH ERWDQLFKH FKH YL VRQR VWDWH FRQGRWWH ± ,QTXDGUDPHQWR GHOO¶DUHD G¶LQGDJLQH /D 'DOPD]LD q OD UHJLRQH FRVWLHUD DGULDWLFD GHOOD SHQLVROD EDOFDQLFD FRPSRVWD GD XQD SDUWH FRQWLQHQWDOH GHOLPLWDWD GDO YHUVDQWH PDULWWLPR RULHQWDOH GL YDULH FDWH

QH PRQWXRVH H XQ¶LQVXODUH ,O VXR WHUULWRULR FRPSUHQGH XQ¶DUHD FRQWLQHQWDOH H FLUFD WUD LVROH LVRORWWL H VFRJOL GL SRFKL PHWUL TXDGUDWL $/%(5, RFFXSD OD VXSHU¿FH GL FLUFD .PT GL FXL RFFXSDWL GDOOH LVROH 0$5&8==, VL HVWHQGH SHU FLUFD .P LQ OLQHD G¶DULD GD QRUG RYHVW D VXG HVW GDOOD %DLD GL %XFFDUL VLQR DO ¿XPH %RMDQD FKH FRVWLWXLVFH LO FRQ¿QH XI¿FLDOH WUD 0RQWHQHJUR H $OEDQLD $OO¶LQWHUQR LO FRQ¿QH QDWXUDOH GHOOD UHJLRQH q FRVWLWXLWR GDOOD OLQHD GL VSDUWLDFTXH IRUPDWD GDOOH FDWHQH PRQWXRVH FRQWLJXH FKH VL VXVVHJXRQR GD QRUG D VXG L 9HOHELW OH $OSL 'LQDULFKH LO %LRNRYR H L ULOLHYL FRVWLHUL PRQWHQHJULQL 4XHVWD VWULVFLD GL WHUUD q PROWR ULVWUHWWD H VROR QHOOD SDUWH FHQWUDOH VL HVWHQGH SHU FLUFD .P GDOOD FRVWD DOOH $OSL 'LQDULFKH /D UHJLRQH q VWDWD RJJHWWR GL YDULH YLFHQGH SROLWLFKH FKH O¶KDQQR SRUWDWD DG DSSDU WHQHUH D VWDWL QD]LRQDOL GLYHUVL ,QIDWWL QHJOL XOWLPL DQQL L VXRL WHUULWRUL VRQR SDV VDWL GDOO¶,PSHUR 2WWRPDQR H OH 5HSXEEOLFKH GL 9HQH]LD H 5DJXVD D YDUL VWDWL QD]LRQDOL FKH VL VRQR VXFFHGXWL QHO WHPSR ,PSHUR 1DSROHRQLFR ,PSHUR $XVWUR 8QJDULFR 5H JQR GL 0RQWHQHJUR ,WDOLD -XJRVODYLD H RUD %RVQLD (U]HJRYLQD &URD]LD H 5HSXEEOLFD GL 0RQWHQHJUR ,Q TXHVWR SHULRGR DOOD %RVQLD (U]HJRYLQD DSSDUWLHQH XQD VWUHWWD IDVFLD FRVWLHUD OXQJR FLUFD NP VL WXDWD DWWRUQR DOOD FLWWDGLQD GL 1HXP O¶XQLFR VERFFR DO PDUH GL WXWWR OR VWDWR DOOD &URD]LD DSSDUWHQJRQR OH LVROH H O¶DUHD FRQWLQHQWDOH FKH GDOOD 3RUWD OLEXUQLFD OL QHD )LXPH 3DVVR GL 9UDWD DWWUDYHUVR .UDOMHYLFD 1RYL 9LQRGROVNL 6HQM .DUOREDJ 6WDULJUDG 3DNOHQLFD 2EURYDF .QLQ =DUD 6HEHQLFR 7URJLU 6LQL 6SDODWR 2PLV 0DNDUVND 3ORþH H 5DJXVD DUULYD VLQR DO FRQ¿QH PRQWHQHJULQR DO 0RQWHQHJUR DSSDUWLHQH OD IDVFLD FRVWLHUD FKH GDO FRQ¿QH FURDWR SDVVD SHU +HUFHJ 1RYL .RWRU %XGYD %DU 8OFLQM H DUULYD DO ¿XPH %RMDQD 3HUFRUUHQGR OD VWUDGD FRVWLHUD GHQRPLQDWD ³-DGUDQVND 0DJLVWUDOD´ OXQJD FLUFD NP FKH XQLVFH )LXPH FRQ =DUD 6SDODWR 5DJXVD H &DWWDUR VL RVVHUYDQR SURIRQGH LQVHQDWXUH SHQLVROH H YDULH LVROH GHWWH FRQWLQHQWDOL FKH VRQR FDUDWWHUL]]DWH GD XQ SUR¿OR DOOXQJDWR H SL R PHQR SDUDOOHOR DOOD FRVWD (VVH FRVWLWXLVFRQR L YHUWLFL GL DQWLFKL ULOLHYL PRQWXRVL FKH GXUDQWH DOFXQH HUH JHRORJLFKH SDVVDWH HUDQR OHJDWL DOOD WHUUDIHUPD H SRL IXURQR SDU]LDOPHQWH VRPPHUVL GDOOH DFTXH PDULQH 0$5&8==, $/%(5, /H LVROH GDOPDWH QHO ORUR FRPSOHVVR VRQR GL SLFFROH GLPHQVLRQL ,QIDWWL VROR VHL VXSHUDQR .PT GL VXSHU¿FH VHWWH KDQQR XQD VXSHU¿FH FRPSUHVD WUD H .PT TXDWWUR WUD H NPT FRQ PHQR GL .PT H SL GL .PT H LO UHVWR q FRVWLWXLWR GD SLFFROL VFRJOL /¶DPELWR LQ HVDPH LQL]Lz D HPHUJHUH WUD LO &UHWDFHR H O¶(RFHQH LQ VHJXLWR DOOR VFRQWUR WUD OD SLDWWDIRUPD DIULFDQD H TXHOOD HXURSHD 1HOOH HUH JHRORJLFKH VXFFHVVLYH D FDXVD GHL PRYLPHQWL GHOOD FURVWD WHUUHVWUH L FDPELDPHQWL FOLPDWLFL H L FRQVHJXHQWL IHQRPHQL G¶LQWURJUHVVLRQH H UHJUHVVLRQH PDULQD VL VWDELOLURQR FROOHJDPHQWL WHUUHVWUL WUD OH LVROH LO UHWURWHUUD FRQWLQHQWDOH EDOFDQLFR H YDULH SDUWL GHOOD SHQLVROD LWDOLDQD ,Q SDUWLFRODUH GXUDQWH LO 0LRFHQH OD 'DOPD]LD HUD OHJDWD D SDUWH GHOOD 3XJOLD GD XQD IDVFLD WHUUHVWUH FRQWLQXD 'XUDQWH LO 3OHLVWRFHQH LO OLYHOOR PDULQR HUD LQIHULRUH GL FLUFD PHWUL GL TXHOOR DWWXDOH YDULH LVROH GDOPDWH HUDQR FROOHJDWH DOOD WHUUDIHUPD HG HPHUVH XQ¶DPSLD IDVFLD SLDQHJJLDQWH VLWXDWD D QRUG GL XQD OLQHD FKH FROOHJDYD =DUD

=DGDU DG $QFRQD 4XHVWL SRQWL WHUUHVWUL HEEHUR XQD JUDQGH LPSRUWDQ]D QHO IDYRULUH OH PLJUD]LRQL ÀRUR IDXQLVWLFKH ,QYHFH GXUDQWH OH HUH JHRORJLFKH LQ FXL VL IRUPDURQR L YDUL VLVWHPL LQVXODUL D FDXVD GHOO¶LVRODPHQWR JHRJUD¿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j GRYH VL WURYD OD FLPD SL DOWD GHO JUXSSR 9DJDQVNL 9UK P H D ORUR YROWD FDUDWWHUL]]DWL GD DOWUH YHWWH VXSHULRUL D P ,Q TXHVW DUHD q VLWR O LPSRUWDQWH 3DUFR 1DWXUDOH GL 9HOLND H 0DOD 3DNOHQLFD LQFLVR GD XQ SURIRQGR H VSHWWDFRODUH YDOORQH /D FDWHQD GHOOH 'LQDULGL LQ FXL VL UDJJLXQJH OD PDJJLRUH DOWLWXGLQH GHOOD &URD]LD 0 7URJODY P H VHJQD LO FRQ¿QH FRQ OD %RVQLD (U]HJRYLQD 5LVSHWWR DL 9H OHELW VRQR SL ORQWDQL GDOOD FRVWD H FL VRQR DOWUL PDVVLFFL PRQWXRVL SRVWL LQ SRVL]LRQH LQWHUPHGLD .R]MDN 0RVRU 3URPLQ 6YLODMD H 9LVRND ,O PDVVLFFLR GHO %LRNRYR DQFK¶HVVR XQD FDWHQD FRVWLHUD VL WURYD D VXG GL 6SDODWR WUD LO FRUVR GHO ¿XPH &HWLQD H TXHOOR GHOOD 1HUHWYD /D VXD YHWWD 6Y -XUH VLWXDWD SRVWD VRSUD 0DNUDVND UDJJLXQJH O DOWLWXGLQH GL P $OWUH PRQWDJQH GHOOD UHJLRQH VRQR TXHOOH GHOOD FDWHQD FRVWLHUD PRQWHQHJULQD FKH VHSDUDQR O¶HQWURWHUUD GHO SDHVH GDO PDUH O¶2UMHQ P FKH VRYUDVWD +HUFHJ 1RYL LO /RYüHQ P VLWXDWR VRSUD OH ERFFKH GL &DWWDUR %RND .RWRUVND H LO 5XPLMD P FKH D VXD YROWD VRYUDVWD %DU ,O VXROR GHOOD UHJLRQH q FRVWLWXLWR LQ SUHYDOHQ]D GD URFFH FDOFDUHH GHO &UHWDFHR H GHOO¶(RFHQH 7XWWDYLD QRQ PDQFDQR DOWUL OLWRWLSL TXDOL IRUPD]LRQL DUHQDFHH VLWXDWH QHL SUHVVL GL =DUD =DGDU 6SDODWR 6SOLW 5DJXVD 'X EURYQLN 0HWNRYLF H QHOOH YDOOL GHL ¿XPL .UND H =UPDQMD URFFH HUXWWLYH FKH D ORUR YROWD VL ULQYHQJRQR SUHVVR .QLQ 6LQM H YDULH LVROH WUD FXL 9LV 0$5&8==, $ FDXVD GHOOD QDWXUD FDUVLFD GHO VXROR H GHOOD YLFLQDQ]D WUD OR VSDUWLDFTXH PRQ WXRVR H OD IDVFLD FRVWLHUD OD UHWH LGURJUD¿FD q SRFR VYLOXSSDWD ,QIDWWL WUD L ¿XPL SL LPSRUWDQWL GHOOD UHJLRQH VROR LO &HWLQD VXSHUD NP GL OXQJKH]]D L ¿XPL .UND 9UOMLND H =UPDQMD QRQ VXSHUDQR NP PHQWUH OD 1HUHWYD FKH QDVFH LQ (U]HJRYLQD HG q OXQJR .P DWWUDYHUVD OD 'DOPD]LD SHU FLUFD .P $OWUL ¿XPL PLQRUL VRQR %RMDQD ýLNROD *XGXþD -DGUR /MXWD 2PEOD 9UHOR H äUQRYQLFD ,O SULQFLSDOH ODJR GHOOD 5HJLRQH LO 9UDQVNR -H]HUR RFFXSD OD VXSHU¿FH GL FLUFD NPT H VL WURYD LQ XQ¶DUHD FRPSUHVD WUD =DUD H 6HEHQLFR $OWUL ODJKL PLQRUL VL ULQYHQJRQR QHOOD ]RQD FHQWUDOH GHOOD WHUUDIHUPD H DOFXQH LVROH %RMDQVNR %ODWR &UYHQR -H]HUR 0DOR -H]HUR 1RYVNR =GULOR 3URNOMDQVNR -H]HUR 9HOLNR -H]HUR H 9UDQD LVROD GL &KHUVR $L FRQ ¿QL PHULGLRQDOL GHOOD 'DOPD]LD q VLWXDWR LO ODJR GL 6FXWDUL FKH q LO SL JUDQGH GL WXWWD OD SHQLVROD EDOFDQLFD RFFXSD OD VXSHU¿FH GL FLUFD .PT H DSSDUWLHQH SHU DO 0RQWHQHJUR H LO UHVWR DOO¶$OEDQLD

, SULQFLSDOL LQVHGLDPHQWL VL ULQYHQJRQR OXQJR OD FRVWD QHOOH EDLH H QHL JRO¿ /D SRSROD]LRQH FRPSOHVVLYD q GL ROWUH DELWDQWL FRQ XQD GHQVLWj PHGLD GL FLUFD DE .PT

,O FOLPD /D 'DOPD]LD VL HVWHQGH SHU FLUFD NP GL OXQJKH]]D LQ GLUH]LRQH QRUG VXG q FRPSUHVD LQ XQD IDVFLD DOWLWXGLQDOH FKH YD GDO OLYHOOR GHO PDUH D ROWUH PHWUL H SDUWL GHO VXR WHUULWRULR VRQR GLYHUVDPHQWH HVSRVWH DOOH FRUUHQWL G¶DULD DSSRUWDWULFL GL EHOOR R FDWWLYR WHPSR $ FDXVD GL FLz DO VXR LQWHUQR VL RVVHUYDQR YDULH WLSRORJLH FOL PDWLFKH FRPH GLPRVWUDQR L GDWL ULFDYDWL GDOOH SXEEOLFD]LRQL FRQVXOWDWH +$5$ý,ý %(5729,û â(*27$ ),/,3,û =$1,129,û HW DO , SULQFLSDOL YHQWL FKH LQWHUHVVDQR LO WHUULWRULR GDOPDWD VRQR OD ERUD OR VFLURFFR LO OLEHFFLR LO OHYDQWH LO SRQHQWH LO PDHVWUDOH H OD WUDPRQWDQD $OWUL FRQ PLQRUH IUH TXHQ]D JLXQJRQR GD YDUL TXDGUDQWL PHQWUH DOFXQL ORFDOL WUD FXL OH EUH]]H VRQR FDXVDWL GDOOH HVFXUVLRQL WHUPLFKH GLXUQH H GD IDWWRUL WRSRJUD¿FL GL GHWWDJOLR /D ERUD q XQ YHQWR FDWDEDWLFR FRQWLQHQWDOH IUHGGR H DVFLXWWR SURYHQLHQWH GD 1 ( FKH SXz UDJJLXQJHUH JUDQGL YHORFLWj TXHOOD UHFRUG UHJLVWUDWD DO SRQWH GL 0DVOHQLFD q VWDWD GL .P K /D VXD IRU]D q ULOHYDQWH VLQR D =DUD GRSRGLFKp SURFHGHQGR YHUVR VXG VL ULGXFH 0$5&8==, (VVD DFFHQWXD OD FRQWLQHQWDOL]]D]LRQH FOLPDWLFD H VHFRQGR 32/',1, ULGXFH VXOOD YHJHWD]LRQH O¶HIIHWWR EHQH¿FR GHOOD SLRYRVLWj 1HOOH DUHH SL HVSRVWH DOOD ERUD L SDUDPHWUL WHUPLFL VL DEEDVVDQR QRWHYROPHQWH /R VFLURFFR SURYHQLHQWH GD VXG VXG HVW DOO¶RULJLQH q XQ YHQWR FDOGR H VHFFR 6FRUUHQGR VXOO¶$GULDWLFR VL FDULFD GL XPLGLWj FKH URYHVFLD D WHUUD TXDQGR LO YDSRUH FRQGHQVD ,QROWUH SHQHWUDQGR YHUVR O¶LQWHUQR IDYRULVFH O¶HVSDQVLRQH GHO FOLPD PH GLWHUUDQHR 1HOOH DUHH SL HVSRVWH DOOR VFLURFFR L SDUDPHWUL WHUPLFL VXELVFRQR XQ LQ FUHPHQWR ,Q FHUWH VWDJLRQL L UHJLPL GL ERUD H GL VFLURFFR SRVVRQR DOWHUQDUVL LQ EUHYL SHULRGL SURYRFDQGR EUXVFKH HVFXUVLRQL WHUPLFKH 2OWUH FKH GDOOD ERUD H VFLURFFR LO FOLPD GDOPDWD q LQÀXHQ]DWR GD LO SDUWLFRODUH DOOLQHDPHQWR GHOOH FDWHQH PRQWXRVH FKH ULSDUD OD UHJLRQH GDL YHQWL IUHGGL FRQWLQHQWDOL GHWHUPLQD FRQGL]LRQL IDYRUHYROL DO IHQRPHQR GHOOH SLRJJH RURJUD¿FKH H SURGXFH XQD ULOHYDQWH GLIIHUHQ]D FOLPDWLFD WUD OH DUHH LQWHUQH H TXHOOH OLWRUDQHH O¶DOWLWXGLQH $OO¶DXPHQWR GL WDOH JUDQGH]]D JHQHUDOPHQWH VL DFFRPSDJQDQR OD ULGX ]LRQH GHOOD WHPSHUDWXUD PHGLD H O¶LQFUHPHQWR GHOOH SUHFLSLWD]LRQL O¶DQGDPHQWR FKH DVVXPRQR OH PDVVH G¶DULD DSSRUWDWULFL GL EHOOR R FDWWLYR WHPSR TXDOL O¶DQWLFLFORQH GHOOH $]]RUUH LO FLFORQH IUHGGR HXUR VLEHULDQR O¶DQWLFLFORQH VD KDULDQR HWF ,Q SDUWLFRODUH O¶DQWLFLFORQH GHOOH $]]RUUH G¶HVWDWH IDYRULVFH LO EHO WHPSR H RVWDFROD OD GLVFHVD GHOOH FRUUHQWL XPLGH VHWWHQWULRQDOL 'XUDQWH O¶LQYHUQR LQYHFH VSLQJHQGRVL D VXG IDYRULVFH OD SHQHWUD]LRQH GHOOH FRUUHQWL XPLGH H IUHGGH , GDWL FOLPDWLFL GHOOH ORFDOLWj GDOPDWH DG DYYLVR GL %(5729,û H =$1,129,û HW DO PRVWUDQR QHO FRPSOHVVR XQ DQGDPHQWR WLSLFR GHOOH ORFDOL Wj D FOLPD PHGLWHUUDQHR FDUDWWHUL]]DWR GDO SHULRGR G¶DULGLWj H GH¿FLW LGULFR SL R PHQR

SUROXQJDWR GHOOD VWDJLRQH HVWLYD WHPSHUDWXUH PHGLH DQQXH VXSHULRUL D & HVFXU VLRQL WHUPLFKH OLPLWDWH H SUHFLSLWD]LRQL FRQFHQWUDWH WUD O¶DXWXQQR H OD SULPDYHUD 6SR VWDQGRVL YHUVR O¶LQWHUQR H LQ ]RQH SRVWH DG DOWLWXGLQL PDJJLRUL LO FOLPD FDPELD H VL DF FHQWXDQR L VXRL DVSHWWL GL FRQWLQHQWDOL]]D]LRQH $OFXQL VWXGL H ULFHUFKH %(5729,û â(*27$ ),/,3,û KDQQR GLPRVWUDWR FKH QHOO¶DPELWR GL VWXGLR VL RVVHUYDQR YDULH WLSRORJLH FOLPDWLFKH WUD FXL DOFXQH GL WUDQVL]LRQH WUD LO FOLPD PHGLWHU UDQHR H TXHOOR FRQWLQHQWDOH $O ¿QH GL DYHUH PDJJLRUL FKLDULPHQWL VXO FOLPD UHJLRQDOH GDOPDWD VRQR VWDWL UL SRUWDWL QHOOD 7DEHOOD L YDORUL GHOOD WHPSHUDWXUD PHGLD H SUHFLSLWD]LRQL PHGLH DQQXH UHJLVWUDWL GDO DO LQ YDULH ORFDOLWj GHOOD WHUUDIHUPD H LVROH SRVWH WUD )LXPH 5LMHND D QRUG H 8OFLQM D VXG , GDWL ULSRUWDWL QHOOD 7DEHOOD GLPRVWUDQR TXDQWR VHJXH /DWLWXGLQH 1RUG

/DWLWXGLQH (VW

7HPSHUDWXUD PHGLD DQQXD &

3UHFLSLWD]LRQL DQQXH PP

)LXPH 5LMHND

.UDOLMHYLFD

&ULNYHQLFD

6HQM

0DOL /RãLQM

5DE

3DJ

=DGDU

%LRJUDG

âLEHQLN

6SOLW

+YDU

0DNDUVND

9LV

/RFDOLWj

.RUþXOD

'XEURYQLN

&UNYLFH

+HUFHJ 1RYL

&HWLQMH

%XGYD

8OFLQM

7DE $QGDPHQWR GHOOD WHPSHUDWXUD PHGLD H SUHFLSLWD]LRQL DQQXH GL ORFDOLWj GDOPDWH

OD WHPSHUDWXUD PHGLD DQQXD GHOOH ORFDOLWj FRVWLHUH H GHOOH LVROH RVFLOOD WUD & GL )LXPH 5LMHND H & GL 9LV (VVD q LQIHULRUH D & LQ WXWWH OH ORFDOLWj FRQWLQHQ WDOL VLWXDWH D QRUG GL 6HQM HG q VXSHULRUH D & LQ WXWWH OH ORFDOLWj FRVWLHUH H GHOOD WHUUD IHUPD VLWXDWH D VXG GL 6SDODWR 6SOLW WUDQQH TXHOOH PRQWHQHJULQH GL +HUFHJ 1RYL &HWLQMH 8OFLQM H &UNYLFH PDVVLFFLR GHOO¶2UMHQ DOWLWXGLQH P LQ FXL OD WHPSHUDWXUD PHGLD q OD SL EDVVD OH SUHFLSLWD]LRQL VRQR QHO FRPSOHVVR HOHYDWH QRWHYROPHQWH VXSHULRUL DOOH ORFDOLWj FRVWLHUH GHOO¶$GULDWLFR RFFLGHQWDOH SRVWH DOOH VWHVVH ODWLWXGLQL DXPHQWDQR SURJUHVVL YDPHQWH LQ GLUH]LRQH QRUG GD 6SDODWR D )LXPH H LQ GLUH]LRQH VXG VLQR D +HUFHJ 1RYM H &UNYLFH RYH UDJJLXQJH LO PDVVLPR YDORUH DVVROXWR GHOO¶DUHD $ FDXVD GHOOD QDWXUD SHUPHDELOH GHL VXEVWUDWL FDUERQDWLFL FKH VRQR SUHYDOHQWL QHO OD UHJLRQH VL ULGXFH O¶HIIHWWR EHQH¿FR GHOO¶HOHYDWD SLRYRVLWj VXOOD YHJHWD]LRQH

± $VSHWWL ERWDQLFL YHJHWD]LRQDOL H ¿WRJHRJUD¿FL /H SHFXOLDULWj JHRJUD¿FKH GHO WHUULWRULR O¶DQGDPHQWR FOLPDWLFR OH VXH YLFHQGH VWRULFR JHRORJLFKH OD EDVVD GHQVLWj GL SRSROD]LRQH H OD SUHVVLRQH DQWURSLFD DWWXDOH H GHO SDVVDWR VL ULÀHWWRQR VXO SDHVDJJLR YHJHWDOH H VXOOH VXH SDUWLFRODULWj ÀRULVWLFKH H ¿WRJHRJUD¿FKH /H GLQDPLFKH PLJUDWRULH FKH KDQQR LQWHUHVVDWR OD UHJLRQH KDQQR SRUWDWR DOO¶DE EDQGRQR GHOOD WHUUD OD FHVVD]LRQH GHOOH DWWLYLWj GL SDVFROR H D QXRYH GHVWLQD]LRQL G¶XVR GHO VXROR 4XHVWL IDWWL FRQ O¶DJJLXQWD GHOO¶HVSDQVLRQH GHL FHQWUL XUEDQL GHOOD UHWH VWUDGDOH GHOOH LQIUDVWUXWWXUH WXULVWLFKH H GHL FHQWUL FRPPHUFLDOL KDQQR SURYRFDWR OD WUDVIRUPD]LRQH GHO SDHVDJJLR FXL q VHJXLWD OD ULSUHVD GHO SURFHVVR GL ULIRUHVWD]LR QH OD PDJJLRUH GLIIXVLRQH GL DOFXQH IRUPD]LRQL YHJHWDOL OD VFRPSDUVD H R LO ULVFKLR G¶HVWLQ]LRQH SHU DOWUH H JUDQGL FDPELDPHQWL QHOOD FRPSRVL]LRQH ÀRULVWLFD 1RQRVWDQWH WXWWR TXHVWR LO SDHVDJJLR GHOOD 'DOPD]LD FRQWLQXD D HVVHUH PROWR YDULHJDWR H FDUDWWH UL]]DWR GD XQD IRUWH QDWXUDOLWj FRPH VL SXz IDFLOPHQWH RVVHUYDUH SHUFRUUHQGR OD VWUDGD OLWRUDQHD FKH YD GD )LXPH D &DWWDUR .RWRU 1HOOH DUHH FRQWLQHQWDOL H PDULWWLPH SL HVSRVWH DO YHQWR GL ERUD LO WHUULWRULR VL SUHVHQWD VSHVVR DVSUR GHQXGDWR H FRQ WHUUHQL PROWR LPSRYHULWL FKH LQ FHUWL FDVL DV VXPRQR O¶DVSHWWR GL GHVHUWL SLHWURVL LQ FXL OD YLWD YHJHWDOH VHPEUD DVVHQWH ,Q UHDOWj WUD JOL DI¿RUDPHQWL URFFLRVL VL ULQYHQJRQR SLDQWH PROWR UDUH H GL HOHYDWR LQWHUHVVH QDWXUDOLVWLFR FKH DFFUHVFRQR O¶LPSRUWDQ]D ÀRULVWLFD H ¿WRJHRJUD¿FD GHOOD UHJLRQH 1HJOL DPELWL SL ULSDUDWL LQYHFH VL RVVHUYDQR IRUPD]LRQL IRUHVWDOL SUDWLYH DUERUHH H DUERUHR DUEXVWLYH OD FXL WLSRORJLD H FRPSRVL]LRQH VRQR LQÀXHQ]DWH GDL IDWWRUL QDWXUDOL H GDO PRGR LQ FXL VL HVHUFLWD R VL q HVHUFLWDWD OD SUHVVLRQH DQWURSLFD *OL VWXGL YHJH WD]LRQDOL GHOOD UHJLRQH VRQR LQQXPHUHYROL H D HVVL KDQQR FRQFRUVR PROWL ULFHUFDWRUL FKH KDQQR GHVFULWWR WXWWH OH DVVRFLD]LRQL FKH VL VXVVHJXRQR GDO OLYHOOR GHO PDUH VLQR DOOH FUHVWH GHL PRQWL 3HU OH ¿QDOLWj VFKHPDWLFKH H ULDVVXQWLYH GHO SUHVHQWH VDJJLR VL GHVFULYHUDQQR VRPPDULDPHQWH TXHOOH SULQFLSDOL H SL GLIIXVH FKH VRQR VWDWH ULFD

YDWH GDOOD FRQVXOWD]LRQH GHL ODYRUL GHL VHJXHQWL DXWRUL (1*/(5 '58'( %(&. 921 0$11$*(77$ $'$029,û +259$7 /$.8â,û 720,û 67$1.29,û â8*$5 +259$7 HW DO +259$7,û 75,1$-67,û D E )$6&(77, 9(5, 32/',1, 75,1$-67,û 95%(. :,//,6 75,1$-67,û .$0(1-$5,1 H $1721,û HW DO 1HOOH ]RQH FRVWLHUH DQFRUD LQWDWWH QRQ PLQDFFLDWH GDOOH LQIUDVWUXWWXUH WXULVWL FKH WUD OH URFFH FROSLWH GDOOH RQGH PDULQH OH IRFL GHL ¿XPL OH VDOLQH OH SR]]H VDOPDVWUH L OHPEL GL VSLDJJLD VDVVRVD HWF VL RVVHUYDQR YDULH WLSRORJLH GL DVVRFLD ]LRQL YHJHWDOL FRVWLWXLWH GD SLDQWH FDSDFL GL UHVLVWHUH DOO¶D]LRQH GHOOD VDOVHGLQH H GL VRSUDYYLYHUH LQ XQ DPELHQWH PROWR GLI¿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û 0DQ PDQR FL VL DOORQWDQD GDOOD FRVWD VL QRWD XQ DYYLFHQGDPHQWR GHOOH IRUPH YHJHWDOL SUHVHQWL 1HL WUDWWL URFFLRVL VL RVVHUYDQR DVVRFLD]LRQL WLSLFKH GHOOH UXSL D PDUH FRQ FDUDWWHULVWLFKH FKH YDULDQR SURFHGHQGR GD QRUG D VXG ,QIDWWL DG DYYLVR GL +259$7,û LQ YDUL DPELWL FRQWLQHQWDOL GHOOD 'DOPD]LD VHWWHQWULRQDOH H GHOOH LVROH GL &KHUVR 9H JOLD $UEH H /XVVLQR q SUHVHQWH O¶DVVRFLD]LRQH &DPSDQXOR &HQWDXUHWXP GDOPDWLFDH +RUYDWLü FRQ &DPSDQXOD IHQHVWUHOODWD VXEVS LVWULDFD )HHU 'DPEROGW &HQWDXUHD GDOPDWLFD .HUQHU (XSKRUELD IUDJLIHUD -DQ ,ULV FHQJLDOWL VXEVS LOO\UL FD $VFK *UDHEQHU 3ROGLQL 7DQDFHWXP FLQHUDLLIROLXP 7UHY 6FKXOW] 5LS H DOWUH QHOOD 'DOPD]LD FHQWUDOH H PHULGLRQDOH q SUHVHQWH O¶DVVRFLD]LRQH 3KDJQDORQ &HQWDX UHWXP UDJXVLQDH +RUYDWLü QRP VRO +RUYDWLü DOOD FXL FRPSRVL]LRQH FRQFRUURQR &RQYROYXOXV FQHRUXP / &HQWDXUHD UDJXVLQD / 3KDJQDORQ UXSHVWUH / '& VXEVS LOO\ULFXP + /LQGE *LQ]E 3RUWHQVFKODJLHOOD UDPRVLVVLPD 3RUW 7XWLQ &DPSDQXOD S\UDPLGDOLV / 6HVHOL WRPHQWRVXP 9LV HWF QHOOD IDVFLD OLWRUDQHD SL EDVVD GHOOD UHJLRQH GL 'XEURYQLN VL ULQYLHQH O¶DVVRFLD]LRQH 6HVOHULR 3XWRULHWXP FDODEULFDH +RUYDWLü FRQ %UDVVLFD LQFDQD 7HQ 3XWRULD FDODEULFD / I 3HUV 6HVOHULD UREXVWD 6FKRWW 1\PDQ .RWVFK\ ,ULV SVHXGRSDO OLGD 7ULQDMVWLF ,QXOD YHUEDVFLIROLD :LOOG +DXVVNQ HWF 4XDQGR O¶LQFOLQD]LRQH GHOOH UXSL FDPELD OH URFFH LQL]LDQR D IUDWWXUDUVL H VL IRUPD QR JKLDLRQL H SLHWUDLH SL R PHQR HVWHVH VL SXz RVVHUYDUH O¶LQJUHVVLRQH GL YDULH SLDQWH OHJQRVH H R DVVRFLD]LRQL FDUDWWHUL]]DWH GD YDULH VSHFLH UDUH HG HQGHPLFKH

,Q WDOL DPELWL GHOOD 'DOPD]LD FHQWUR VHWWHQWULRQDOH JHQHUDOPHQWH VL WURYD LO 'U\SLGHWXP MDFTXLQLDQDH +RUYDWLü GHVFULWWR SHU OD SULPD YROWD SHU O¶LVROD GL 3DJR H LQ FXL ROWUH DOOD VSHFLH WLSLFD 'U\SLV VSLQRVD / VXEVS MDFTXLQLDQD :HWWVW 0XUE VH FRQGR L OXRJKL FRQFRUURQR WD[D GLYHUVL 6XL JKLDLRQL SRVWL DG DOWLWXGLQL PDJJLRUL VL KD O¶DYYLFHQGDPHQWR GHO 'U\SLGHWXP FRQ DOWUH DVVRFLD]LRQL FDUDWWHUL]]DWH VHPSUH GD SLDQWH GL QRWHYROH LQWHUHVVH QDWXUDOLVWLFR 'RSR DOFXQL PHWUL GDOOD OLQHD GL FRVWD TXDQGR OH URFFH H L JKLDLRQL VRQR VR VWLWXLWL GD VXROL SL HYROXWL VRQR SUHVHQWL YDULH WLSRORJLH GL DVVRFLD]LRQL SUDWLYH DUERUHH H DUERUHR DUEXVWLYH OD FXL SUHVHQ]D ROWUH FKH GDOOH FRQGL]LRQL DPELHQWDOL q LQÀXHQ]DWD DQFKH GDO PRGR LQ FXL VL q HVHUFLWDWD OD SUHVVLRQH DQWURSLFD ,Q SDUWL FRODUH OH DUHH PROWR GHJUDGDWH D FDXVD GHL IUHTXHQWL WDJOL JOL LQFHQGL H LO SDVFROR GHJOL DQLPDOL VRQR FRSHUWH GD SUDWL VHFFKL SDVFROL URFFLRVL H YDULH WLSRORJLH GL JDULJKH DUEXVWLYH H DUERUHR DUEXVWLYH +259$7,û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ü FKH q SUHVHQWH QHOOH DUHH SL FDOGH H VROHJJLDWH GHOOD IDVFLD OLWRUDQHD VLQR DO 0RQWHQHJUR 8OFLQM H LQ YDULH LVROH /DVWR YR 9LV +YDU 0OMHW .RUþXOD /RNUXP %UDþ âROWD $OOD VXD FRPSRVL]LRQH FRQFRU URQR 3LVWDFLD OHQWLVFXV / 2OHD V\OYHVWULV %URW -XQLSHUXV SKRHQLFHD / &HUDWRQLD VLOLTXD / (SKHGUD IUDJLOLV 'HVI 0\UWXV FRPPXQLV / HWF 2OHR (XSKRUELHWXP GHQGURLGHV 7ULQDMVWLü FKH VL VYLOXSSD VXL SHQGLL DULGL PROWR VROHJJLDWL HG HVSRVWL D VXG GHOO¶DUFLSHODJR GHOOH ,QFRURQDWH GHOOD SHQLVROD GL 3HOMHãDF H GL GLYHUVH LVROH WUD FXL %LãHYR %UDþ +YDU -DEXND .RUþXOD H 3HODJRVD 3DODJUX]D $OOD VXD FRPSRVL]LRQH JHQHUDOPHQWH FRQFRUURQR $ULVDUXP YXOJDUH 7DUJ 7R]] &HUDWRQLD VLOLTXD / (SKHGUD IUDJLOLV 'HVI (XSKRUELD GHQGURLGHV / 3LVWDFLD OHQWLVFXV / 3XQLFD JUDQDWXP / HWF 3LVWDFLR -XQLSHUHWXP SKRHQLFDH 7ULQDMVWLü FKH VL ULQYLHQH QHOOD SHQLVROD GL 3HOMHãDF H LQ YDULH LVROH WUD FXL %UDþ ýLRYR +YDU .RUþXOD H âROWD $OFXQH VSH FLH FKH OD FRPSRQJRQR VRQR &DOLFRWRPH VSLQRVD / /LQN -XQLSHUXV PDFURFDU SD 6P - SKRHQLFHD / 0\UWXV FRPPXQLV / 3LQXV KDOHSHQVLV 0LOO H 3K\OOLUHD DQJXVWLIROLD / 2UQR 4XHUFHWXP LOLFLV +RUYDWLF O¶DVVRFLD]LRQH FOLPD[ GHOOD IDVFLD PHGLWHU UDQHD VLQR D FLUFD PHWUL G¶DOWLWXGLQH FKH q SUHVHQWH LQ WXWWD OD UHJLRQH D SDUWLUH GDO OLWRUDOH PRQWHQHJULQR $ FDXVD GHOOD SUHVVLRQH DQWURSLFD VL SUHVHQWD VRWWR IRUPD GL GHQVD PDFFKLD SXz DVVXPHUH GLYHUVH YDULDQWL ORFDOL +259$7,û HG q HV

VHQ]LDOPHQWH FRPSRVWR GD $UEXWXV XQHGR / &HUDWRQLD VLOLTXD / )UD[LQXV RUQXV / /RQLFHUD LPSOH[D $LW 2OHD V\OYHVWULV %URW 3LVWDFLD OHQWLVFXV / 4XHUFXV LOH[ / HWF 2VWU\R 4XHUFHWXP LOLFLV 7ULQDMVWLü XQ¶DVVRFLD]LRQH IRUHVWDOH FKH VL HVWHQGH GDOOD FRVWD GDOPDWD DOOD FRVWLHUD WULHVWLQD H DOOD FXL FRPSRVL]LRQH FRQFRUURQR HVVHQ ]LDOPHQWH &DUSLQXV RULHQWDOLV 0LOO )UD[LQXV RUQXV / 2VWU\D FDUSLQLIROLD 6FRS 4XHUFXV LOH[ / 3K\OOLUHD ODWLIROLD / 3LVWDFLD WHUHELQWKXV / HWF 4XHUFR &DUSLQHWXP RULHQWDOLV +RUYDWLü HP 3ROGLQL XQ¶DVVRFLD]LRQH DUEXVWLYD SUHVHQWH LQ WXWWD OD UHJLRQH FKH q HVVHQ]LDOPHQWH FRVWLWXLWD GD 5KDPQXV LQWHPHGLD 6WHXG +RFKVW &DUSLQXV RULHQWDOLV 0LOO 3DOLXUXV VSLQD FKULVWL 0LOO &ROXWHD DUERUHVFHQV / 3UXQXV PDKDOHE / HWF 4XHUFR LOLFLV 3LQHWXP GDOPDWLFDH 7ULQDMVWLü FKH VL ULQYLHQH LQ GLYHUVH ORFDOLWj GHOOD 'DOPD]LD PHULGLRQDOH $OOD VXD FRPSRVL]LRQH FRQFRUURQR $UEXWXV XQHGR / &RQ YROYXOXV HOHJDQWLVVLPXV 0LOO (ULFD PDQLSXOLÀRUD 6DOLVE -XQLSHUXV SKRHQLFHD / 0LFURPHULD FURDWLFD 6FKRWW 3K\OOLUHD ODWLIROLD / 3LQXV QLJUD - ) $UQROG VXEVS GDOPDWLFD 9LV )UDQFR 4XHUFXV LOH[ / HWF 2VWU\R 4XHUFHWXP SXEHVFHQWLV +W 7ULQDMVWLü FKH VL VYLOXSSD QHOOH DUHH PHQR GH JUDGDWH GHOOD IDVFLD VXEPHGLWHUUDQHD GHO OLWRUDOH FURDWR QRUG RFFLGHQWDOH GHOOH LVROH TXDUQHULQH H GHOO¶,VWULD VLQR DO &DUVR WULHVWLQR 32/',1, 6XO PRQWH .R]MDN O¶2VWU\R 4XHUFHWXP SXEHVFHQWLV q VRVWLWXLWR GDOO¶2VWU\R 4XHUFHWXP YLUJLOLDQDH 7ULQDMVWLü .$0(1-$5,1 5KDPQR SDOLXUHWXP 7ULQDMVWLü XQ¶DVVRFLD]LRQH DUEXVWLYD FKH VL IRUPD GDO GHJUDGR GHO 4XHUFR &DUSLQHWR RULHQWDOH H VL ULQYLHQH D .UDOMHYLFD .ULNYHQLFD ,PRWVNL .R ]LFD 0DNDUVND 6LQM 0DNDUVND 3DJ .UN 5DE QHO WUDWWR OLWRUDQHR GHL 9HOHELW QHO %LRNRYR HWF &DULFL KXPLOLV &HQWDXUHWXP UXSHVWULV +RUYDW XQ¶DVVRFLD]LRQH GHL SDVFROL H GHO OH ODQGH UXSHVWUL FKH DG DYYLVR GL 32/',1, FRQ GLYHUVH YDULDQWL VL ULQYLHQH QHOOD IDVFLD DOWLWXGLQDOH GD D PHWUL G¶DOWLWXGLQH GHO WHUULWRULR FKH YD GDO 0RQWHQHJUR DO ¿XPH ,VRQ]R LQ ,WDOLD $OOD VXD FRPSRVL]LRQH LQ WXWWL L FDVL FRQFRU URQR &DUH[ KXPLOLV /H\VV &HQWDXUHD UXSHVWULV / &HQWDXUHD ZHOGHQLDQD 5FKE *HQLVWD V\OYHVWULV 6FRS /HXFDQWKHPXP OLEXUQLFXP +RUYDWLF HWF 6WLSR VDOYLHWXP RI¿FLQDOLV +RUYDWLü XQ¶DVVRFLD]LRQH YHJHWDOH G¶RULJL QH DQWURSLFD VYLOXSSDWDVL FRPH VWDGLR HVWUHPR GHO GHJUDGR GHO FDUSLQHWR RULHQWDOH H GHOO¶RVWULR TXHUFHWR FKH q WLSLFD GHOOD UHJLRQH FDUVLFD OLWRUDQHD FRPSUHVD WUD JOL RUL]]RQWL PHGLWHUUDQHR H PHGLWHUUDQHR PRQWDQR /D VXD FRPSRVL]LRQH YDULD GD OR FDOLWj D ORFDOLWj 1HJOL RUL]]RQWL PHGLWHUUDQHR H VXEPHGLWHUUDQHR D FDXVD GL SDUWLFRODUL IDWWRUL H FRQGL]LRQL DPELHQWDOL FRP¶q LO FDVR GHO WRSRFOLPD GHOOH GROLQH FDUVLFKH DEEDVWDQ]D SURIRQGH VL VYLOXSSDQR DVVRFLD]LRQL D]RQDOL GL DOWUL SLDQL GL YHJHWD]LRQH /¶RUL]]RQWH VXSHULRUH TXHOOR PRQWDQR q FDUDWWHUL]]DWR GDL ERVFKL GL IDJJLR FKH QHOOH PRQWDJQH GHOOD 'DOPD]LD FRQFRUUH LQVLHPH FRQ DOWUH VSHFLH DOOD FRPSRVL]LRQH GL GLYHUVH DVVRFLD]LRQL $1721,û HW DO KDQQR IDWWR SUHVHQWH FKH OD YHJHWD

]LRQH IRUHVWDOH SRWHQ]LDOH GHOOH IDVFH PRQWDQH H VXEPRQWDQH GHOOD 'DOPD]LD q FRVWL WXLWD GD IRUHVWH PLVWH DOWRPRQWDQH GL DJKLIRJOLH H FDGXFLIRJOLH FRQ $ELHV DOED / H )DJXV V\OYDWLFD / IRUPD]LRQL IRUHVWDOL VXEDOSLQH PLVWH GL DJKLIRJOLH H FDGXFLIRJOLH FRQ 3LQXV PXJR 7XUUD H )DJXV V\OYDWLFD / IRUHVWH PLVWH GL FDGXFLIRJOLH PHVR¿OH FRQ )DJXV V\OYDWLFD / ,Q UHDOWj D FDXVD GHOOD SUHVVLRQH DQWURSLFD HVHUFLWDWD FRQ LO WDJOLR LO SDVFROR H JOL LQFHQGL OD FRSHUWXUD IRUHVWDOH q ULGRWWD H LQ YDUL FDVL OH FHQRVL DUERUHH VRQR VRVWLWXLWH GD DOWUH DUERUHR DUEXVWLYH DUEXVWLYH HG HUEDFHH $QFKH QHOO¶RUL]]RQWH PRQWDQR VL ULQYLHQH O¶DVVRFLD]LRQH &DULFL KXPLOLV &HQWDX UHWXP UXSHVWULV FKH LQ WDOH IDVFLD q DUULFFKLWD GD $QWK\OOLV PRQWDQD / $VSKRGHOXV DO EXV 0LOO *HQWLDQD YHUQD / VXEVS WHUJHVWLQD %HFN +D\HN *OREXODULD PHULGLRQD OLV 3RGS 2 6FKZDU] 6DWXUHMD VXEVSLFDWD %DUWO H[ 9LV VXEVS OLEXUQLFD âLOLF HWF 8Q¶DOWUD DVVRFLD]LRQH SUDWLYD FKH VL VYLOXSSD GO GHJUDGR GHL ERVFKL GHJOL RUL]]RQWL VXEPHGLWHUUDQHR H PRQWDQR q %URPR 6HVOHULHWXP LQWHUUXSWDH 7ULQDMVWLF DOOD FXL FRPSRVL]LRQH FRQFRUURQR WD[D GL GLYHUVD RULJLQH JHRJUD¿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¿QL GHO SUHVHQWH ODYRUR $OOD ORUR FRP SRVL]LRQH 3(==(77$ WHQHQGR FRQWR GHOOD ELEOLRJUD¿D FRQVXOWDWD VWLPz FKH YL FRQFRUUHYDQR ROWUH VSHFLH GL SLDQWH YDVFRODUL VXSHULRUL /H ULFHUFKH VXFFHVVL YH KDQQR SRUWDWR DO ULQYHQLPHQWR GL DOWUH HQWLWj WUD FXL GLYHUVH QXRYH SHU OD VFLHQ]D $OOR VWDWR DWWXDOH VL SXz SUHVXPHUH FKH DOOD FRPSRVL]LRQH GHOOD ÀRUD GDOPDWD SRVVD FRQFRUUHUH XQ QXPHUR GL WD[D FRPSUHVR WUD H XQLWj $O FRUWHJJLR ÀRULVWLFR UHJLRQDOH FRQFRUURQR VSHFLH DSSDUWHQHQWL D ROWUH GLYHUVL FRURWLSL D GLPRVWUD]LRQH FKH OD 'DOPD]LD q XQ FURFHYLD GL ÀXVVL ÀRULVWLFL GL GLYHUVD RULJLQH JHRJUD¿FD 7UD JOL HOHPHQWL JHRJUD¿FL XQD QRWHYROH LPSRUWDQ]D O¶DVVXPRQR O¶(OHPHQWR 0HGLWHUUDQHR FKH QHOOD ÀRUD DXWRFWRQD GL DOFXQH LVROH UDJJLXQJH SHUFHQ WXDOL DWWRUQR DO GL VSHFLH O¶(OHPHQWR (QGHPLFR D GLPRVWUD]LRQH FKH QHO WHUULWRULR GDOPDWD VRQR DYYHQXWL SUR FHVVL GL VSHFLD]LRQH ÀRULVWLFD FKH KDQQR SRUWDWR DOOD IRUPD]LRQH GL QXRYL WD[D /¶LPSRUWDQ]D ÀRULVWLFD H ¿WRJHRJUD¿FD GHOOD 'DOPD]LD VL DFFUHVFH QRWHYROPHQWH FRQVLGHUDQGR FKH ROWUH WD[D VRQR VWDWL ULQYHQXWL H GHVFULWWL SHU OD SULPD YROWD QHO WHUULWRULR LQ HVDPH H D GL HVVL q VWDWR DVVHJQDWR LO VXI¿VVR ³GDOPDWLFXV´ OD UHJLRQH q SDUWH LQWHJUDQWH GHOOD 3URYLQFLD ,OOLULFD RYH q DYYHQXWD XQD JUDQGH GLIIH UHQ]LD]LRQH ELRORJLFD FKH KD SRUWDWR DOOD GH¿QL]LRQH GL XQ WLSR FRURORJLFR D VH VWDQWH

± /H ULFHUFKH ÀRULVWLFKH LQ JHQHUDOH H VXOOH 2UFKLGDFHDH GHOOD 'DOPD]LD /H SULPH QRWL]LH VXOOD ÀRUD GDOPDWD ULVDOJRQR DO ;9, H ;9,, VHFROR JUD]LH DO FRQWULEXWR GL YDUL VWXGLRVL GHOO¶HSRFD $1721,2 086$ %5$6$92/2 /8,*, $1*8,//$5$ &$63$5 %$8+,1 *,$&202 =$121, 3$8/ +(50$11 -$&48(6 %$55(/,(5 H 3$2/2 %4&&21( (1*/(5 '58'( 'XUDQWH LO ;9,,, VHFROR RYYHUR LQ HSRFD SL R PHQR FRQWHPSRUDQHD D /LQQHR OH HVSORUD]LRQL ERWDQLFKH FRQWLQXDURQR FRQ *,8/,2 3217('(5$ *,86(33( $*267, FKH LQ XQ VXR WUDWWDWR FLWz GLYHUVL ULWURYDPHQWL GL SLDQWH LQ DOFXQH ORFDOLWj GHOO¶DUHD LQ HVDPH 3,(752 $5'8,12 '20(1,&2 &,5,//2 XQ ERWDQLFR QD SROHWDQR FKH QHO YLVLWz O¶LVROD GL &KHUVR 9,7$/,$12 '21$7, FKH QHO FRUVR GHL VXRL YLDJJL OXQJR OD FRVWD DGULDWLFD RULHQWDOH VWXGLz OD ÀRUD GHL OXRJKL YLVLWDWL $/%(572 )257,6 FKH WUD LO H LO VL UHFz SULPD D /XVVLQR H SRL D &KHUVR %$/7+$6$5 +$&48(7 FKH GHVFULVVH GLYHUVH VSHFLH QXRYH SHU O¶DPELWR LQ HVDPH -2+$11,6 7+20$( 6&232/, FKH QHO VXR LPSRQHQWH YROXPH ³)ORUD &DUQLROLFD´ ULSRUWD GLYHUVH SLDQWH SUHVHQWL LQ ORFDOLWj GDOPDWH /(21+$5' 6(6/(5 )5$1& 921 0<*,1' FKH HUERUL]]z LQ $XVWULD 'DOPD]LD H 8QJKHULD )5$1= ;$9,(5 921 :8/)(1 FKH HVSORUz YDULH UHJLRQL GHOO¶$GULDWLFR 2ULHQWDOH /H ULFHUFKH FRQWLQXDURQR D QHO VHFROR VXFFHVVLYR H DL VXRL LQL]L +267 LQVLHPH D -$&48,1 HIIHWWXz GLYHUVL YLDJJL HG HVSORUD]LRQL ERWDQLFKH LQ 'DOPD]LD 6((186 SXEEOLFz LO UHVRFRQWR GHL YLDJJL HIIHWWXDWL OXQJR LO OLWRUDOH FURDWR GD )LXPH D .DUOREDJ H QHOOH LVROH GL 9HJOLD &KHUVR /XVVLQR H $UEH $ TXHVWL SLR QLHUL QHJOL DQQL VXFFHVVLYL VL DJJLXQVHUR :$/'67(,1 .,7$,%(/ *(50$5 +233( %$57/,1* 6,(%(5 3257(16&+/$* /('(50$<(5 %,$62/(772 +2&+67(77(5 9,6,$1, :(/ '(1 $/6&+,1*(5 3(77(5 D E 12( 7200$6,1, 6$87(5 (%(/ +(8)/(5 +2+(1%h&+(/ H 0$==2/(1, 1HOOD VHFRQGD PHWj GHO VHFROR JOL VWXGL H OH ULFHUFKH SURVHJXLURQR FRQ 5(, &+(1%$&+ 7200$6,1, 3(77(5 D E F 6&+/266(5 D E F %277(5, $/6&+,1 *(5 6$5'$*1$ -26&+ :(,66 1(,/5(,&+ $6&+(5621 D E 3,7721, -$1.$ .(51(5 6752%/ 3$1ý,û 3$172&6(. 67266,&+ %25%Æ6 9,6,$1, +,5& *$63(5,1, 67$3) $'$029,û -(77(5 %25108//(5 678'1,&=.$ +$5$ý,ý H %$/'$&&, 1HL SULPL GHFHQQL GHO ;; VHFROR OH HVSORUD]LRQL ERWDQLFKH FRQWLQXDURQR FRQ +,5& D E D E F D E F %(51È76.< *,1=%(5*(5 0$/< +$5$ý,ý )/(,6&+0$11 0$/< 7(<%(5

$'$029,û D E )25(1%$&+(5 /$1*+2) )(5 D E 5266, +58%< /$7=(/ %$80*$571(5 .h00(5/( 025721 0$5ý,û *,1=%(5*(5 /86,1$ &8)2'217,6 0$5 &+(6(77, %(*8,127 3(9$/(. H DOWUL ,Q VHJXLWR OH ULFHUFKH FRQWLQXDURQR JUD]LH DO FRQWULEXWR GL ERWDQLFL MXJRVODYL H GL DOWUH QD]LRQDOLWj /H FLWD]LRQL VRSUD ULSRUWDWH GLPRVWUDQR FKH OH ULFHUFKH IXURQR FRQGRWWH GD SHU VRQDOLWj DSSDUWHQHQWL D GLYHUVH QD]LRQDOLWj FKH FRQWULEXLURQR D IRQGDUH OD PRGHUQD VFLHQ]D ERWDQLFD H D FXL VRQR VWDWL GHGLFDWL YDUL JHQHUL H VSHFLH GL SLDQWH ,Q YDUL VDJJL FLWDWL %,$62/(772 9,6,$1, 5(, &+(1%$&+ $'$029,û %(&. 025721 .h00(5 /( VL VHJQDODQR DQFKH ULWURYDPHQWL GL 2UFKLGDFHDH $ HVVL VL DJJLXQJRQR GLYHUVH PRQRJUD¿H GHGLFDWH D WDOH IDPLJOLD GL SLDQWH D GLPRVWUD]LRQH FKH DYHYD DF TXLVLWR FXULRVLWj LQWHUHVVH H LPSRUWDQ]D VFLHQWL¿FD , ORUR DXWRUL VRQR VWDWL 7200$ 6,1, 6&+8/=( )/(,6&+0$11 +$<(. *8,/(/0, .h00(5/( 62Ï /86,1$ )8&+6 =,(*(163(&. H +(//0$<5 ,Q VHJXLWR JOL VWXGL VRQR SURVHJXLWL H KDQQR IRUQLWR LPSRUWDQWL LQIRUPD]LRQL ULJXDUGDQWL L QXRYL ULWURYDPHQWL OH ORFDOLWj LQ FXL VRQR VWDWL RVVHUYDWL H WDOYROWD WHVL GLVFRUGDQWL VXO UDQJR WDVVRQRPLFR FKH D ORUR YD DVVHJQDWR ,O QXPHUR GL VSHFLH GL RUFKLGDFHH SUHVHQWL LQ 'DOPD]LD FKH VL ULFDYD GDOOH YDULH SXEEOLFD]LRQL q YDULDELOH 9,6,$1, ULWHQHYD SUHVHQWL QHOOD UHJLRQH WD[D 9g7+ /g6&+/ QHO ORUR VDJJLR VHJQDODQR WD[D GLVWULEXLWL QHO WHU ULWRULR FLUFRVWDQWH O¶$GULDWLFR VHWWHQWULRQDOH FURDWR FKH YD GDOO¶,VWULD DO FRQ¿QH PRQWH QHJULQR *2/8%,û VHJQDOD VSHFLH H LEULGL LQ YDULH LVROH H OD WHUUDIHUPD GHOOD 'DOPD]LD FHQWUDOH $OWUL VWXGL '$1(6&+ 2 ( '$1(6&+ *g/= 5(,1+$5' 3$52//< 5,6< 5,6< .(56&+%$8067(, 1(5 HW DO .5$1-ý(9 1,.2/,û '(/)25*( D E VHJQDODQR QXRYL WD[D WDOYROWD LQVHULVFRQR QHL ORUR HOHQFKL YDULHWj R HQWLWj GDO UDQJR WDVVRQRPLFR GXEELR H QHO FDVR GL .5$1-ý(9 WD[D WURYDWL GD OXL VWHVVR GL FXL QRQ IRUQLVFH XQ¶DGHJXDWD GHVFUL]LRQH VFLHQWL¿FD H DOWUL IUXWWR GL JURVVRODQL HUURUL GL FODVVL¿FD]LRQH PDL RVVHUYDWL LQ SUHFHGHQ]D H FRQIHUPDWL LQ VHJXLWR

± 0DWHULDOL H PHWRGL /¶HOHQFR ÀRULVWLFR q VWDWR UHDOL]]DWR WHQHQGR FRQWR GHOOH ULFHUFKH VXO FDPSR GHOO¶DXWRUH GHL GDWL ULFDYDWL GDOOH FRQVXOWD]LRQL ELEOLRJUD¿FKH YDUL VLWL LQWHUQHW H GDO OH VHJQDOD]LRQL IRUQLWH GD DOFXQL DSSDVVLRQDWL H VWXGLRVL (VVR FRPSUHQGH OH VSHFLH OH VRWWRVSHFLH H JOL LEULGL PHQWUH QRQ VRQR VWDWH SUHVH LQ FRQVLGHUD]LRQH OH YDULHWj FURPDWLFKH H PRUIRORJLFKH /H SULPH SHUVRQDOL RVVHUYD]LRQL GHOOR VFULYHQWH LQL]LDURQR LO PDU]R QHOO¶LVROD GL 9HJOLD H OXQJR OD FRVWD VLQR D -DGUDQRYR 3RL VRQR FRQWLQXDWH QHOOH VH

JXHQWL ORFDOLWj H SHULRGL %LRNRYR DSULOH JLXJQR DSULOH PDJJLR JLXJQR OXJOLR JLXJQR PDJJLR H DSULOH FRVWD GDOPDWD GD %XFFDUL D .DUOREDJ H VXFFHVVLYD VDOLWD DOO¶DOWLSLDQR GL %DãNH 2VWD ULMH OXJOLR PDU]R DSULOH DSULOH DSULOH PDJJLR JLXJQR VHWWHPEUH VHWWHPEUH PDJJLR PDJJLR OXJOLR OXJOLR VHWWHPEUH JLXJQR JLXJQR DSULOH PDJJLR JLXJQR PDJJLR LVROD GL +YDU DSULOH PDU]R PDJJLR OXJOLR PDJJLR LVROD GL &KHUVR &UHV H /XVVLQR /RãLQM LO PDU]R DSULOH PDJJLR JLXJQR DSULOH DSULOH DSULOH PDJJLR LVROD GL 9HJOLD .UN PDJJLR PDJJLR PDJJLR JLXJQR DSULOH PDJJLR DSULOH RWWREUH DSULOH DSULOH DSULOH DSULOH PDJJLR DSULOH DSUL OH JLXJQR DSULOH JLXJQR PDJJLR PDJJLR DSULOH PDJJLR DSULOH DSULOH 6HQM -DEODQDF DSULOH PDU]R DSULOH DSULOH VHW WHPEUH VHWWHPEUH PDU]R PDU]R VHWWHPEUH PDU]R PDJJLR DSULOH 0 .]RMDN H .DãWHODQVNR 3ULPRUMH PDJJLR DSULOH PDJJLR PDJJLR 0XUWHU PDJJLR 2OWDUL H 0 =DYLå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j GHOOH SXEEOLFD]LRQL HVLVWHQWL LQ WDOH VHGH VRQR VWDWH LQVHULWH LQ ELEOLRJUD¿D TXHOOH SLRQLHUH FRQ OR VFRSR GL GRFXPHQWDUH O¶LQL]LR GHJOL VWXGL ERWD

QLFL OH SL UHFHQWL FKH YDQQR GDJOL XOWLPL GHFHQQL GHO VHFROR VFRUVR DOO¶DWWXDOLWj SHU HYLWDUH OH FLWD]LRQL GL VHJQDOD]LRQL GL SLDQWH HVWLQWH FRQ OH WUDVIRUPD]LRQL GHJOL KDELWDW H PROWR GXEELH D FDXVD GHL ULPDQHJJLDPHQWL WDVVRQRPLFL $FFDQWR DG RJQL WD[RQ VRQR ULSRUWDWL LO WLSR FRURORJLFR JOL DXWRUL FKH O¶KDQQR VHJQDODWR OH ORFDOLWj GL SUHVHQ]D H OH HYHQWXDOL RVVHUYD]LRQL VXO UDQJR WDVVRQRPLFR 3HU OD QRPHQFODWXUD GHL WD[D LQIUDVSHFLIFL VL q LQQDQ]LWXWWR VHJXLWD TXHOOD DGRWWDWD QHO UHFHQWH YROXPH GHO *,526 PHQWUH SHU OH VSHFLH QRQ ULSRUWDWH LQ WDOH WHVWR .5(87= H R QHO FDVR GL QXRYL ULWURYDPHQWL '(/)25*( H R L QRPL DVVHJQDWL DOOH SLDQWH GDL ORUR DXWRUL 1HOO¶DUHD KDQQR RSHUDWR ULFHUFDWRUL GL GLYHUVH QD]LRQDOLWj SRUWDWRUL GL SURSULH LGHH ULJXDUGDQWL LO FRQFHWWR GL VSHFLH FKH VL ULÀHWWH QHOOD VFHOWD GHL FDUDWWHUL GLDFULWLFL ,Q PROWL FDVL HVVL KDQQR XWLOL]]DWR ELQRPL GLYHUVL SHU FODVVL¿FDUH OH VWHVVH SLDQWH R ULWHQXWL SUHVHQWL WD[D SL R PHQR VLPLOL FKH DOWUL FRQVLGHUDQR DVVHQWL /R VFULYHQWH QHL FDVL LQ FXL L WD[D VWHVVL QRQ ULFDGDQR WUD TXHOOL FKH VRQR WDVVDWLYDPHQWH GD HVFOXGHUH KD GHFLVR GL ULSRUWDUOL QHOO¶HOHQFR ÀRUL VWLFR ULOHYDQGR OH FULWLFLWj FKH VROOHYDQR 3HU OD QRPHQFODWXUD GHJOL LEULGL VL q XWLOL]]DWR LO QRPH DVVHJQDWR GDJOL DXWRUL FKH OL VHJQDODQR RSSXUH TXDQGR QRQ q VSHFL¿FDWR VL q WHQXWR FRQWR GL TXDQWR ULSRUWDWR QHO VLWR *h17+(5¶6 (8523($1 25&+,'6 +<%5,' /,67 3HU O¶DVVHJQD]LRQH GHL WLSL FRURORJLFL VL q WHQXWR FRQWR GL TXDQWR ULSRUWDWR LQ 3,*1$77, .5(87= '(/)25*( H 3(==(77$ E $O FRURWLSR $SSHQQLQR %DOFDQLFR VRQR VWDWL DVVHJQDWL L WD[D SUHVHQWL HVFOXVLYD PHQWH QHO WHUULWRULR GHOLPLWDWR GDL VHJXHQWL FRQ¿QL ¿VLFL 3(==(77$ D D SHU OD 3HQLVROD ,WDOLDQD OH LVROH H O¶DUFR DSSHQQLQLFR GDOOD /LJXULD DOO¶$VSURPRQWH E SHU OD 3HQLVROD %DOFDQLFD &UHWD OH LVROH GHOO¶(JHR H LO WHUULWRULR FRQWLQHQWDOH D VXG GHOO¶DVVH ÀXYLDOH FKH YD GDOOH VRUJHQWL GHOOD 6DYD DOOH IRFL GHO 'DQXELR H GDO 0DU 1HUR DOO¶$GULDWLFR ,RQLR $O FRURWLSR 6XEHQGHPLFR VRQR VWDWL DVVHJQDWL L WD[D FRQWUDGGLVWLQWL GD XQ DUHDOH FKH GDO WHUULWRULR GDOPDWD VFRQ¿QD LQ UHJLRQL DSSDUWHQHQWL DG DOWUL VWDWL GHOOD SHQLVROD EDOFDQLFD $OEDQLD %RVQLD (U]HJRYLQD *UHFLD 0DFHGRQLD H 6HUELD 3HU OD QRPHQFODWXUD GHOOH ORFDOLWj GHL ULWURYDPHQWL VL q VFHOWR GL XWLOL]]DUH L QRPL JHRJUD¿FL QHOOH OLQJXH RULJLQDOL GHJOL VWDWL FXL DSSDUWHQJRQR 1HOO¶HOHQFR QRQ VRQR ULSRUWDWH OH VHJQDOD]LRQL VWRULFKH GL VSHFLH QRQ ULWURYDWH UHFHQWHPHQWH 6RQR VWDWH LQFOXVH VRWWR OD GLFLWXUD &UHV WXWWH OH VHJQDOD]LRQL ULJXDUGDQWL OH ORFDOL Wj GL GHWWD LVROD H GL =HþD /HYUHUD 6RQR VWDWH LQFOXVH VRWWR OD GLFLWXUD ³/RãLQM´ WXWWH OH VHJQDOD]LRQL ULJXDUGDQWL LO VXR DUFLSHODJR /XVVLQSLFFROR /XVVLQJUDQGH ,ORYLF 6UDNDQH 6XVDN H 8QMH 6RQR VWDWH LQFOXVH QHOOH YRFL %LãHYR %UDþ ýLRYR 'XJL 2WRN +YDU .RUþXOD .RUQDWL .UN /DVWRYR 0OMHW 0XUWHU 3DJ 5DE âROWD 8JOMDQ H 9LV WXWWH OH VHJQDOD ]LRQL HIIHWWXDWH QHOOH ORFDOLWj DSSDUWHQHQWL D WDOL LVROH 1HOOH YRFL 'XEURYQLN H 3HOMHãDF VRQR ULSRUWDWH WXWWH OH VHJQDOD]LRQL IDWWH QHL WHU ULWRUL GHOOH SHQLVROH FRQ OH VWHVVH GLFLWXUH 1HOOD FRPSLOD]LRQH GHOOD 7DE q VWDWR XWLOL]]DWR LO FRQFHWWR GL ³(OHPHQWR

*HRJUD¿FR´ FRPH GH¿QLWR GD $55,*21, H LQ WDOH YRFH VWDWL HIIHWWXDWL GHL UDJJUXSSDPHQWL GL FRURWLSL LQ EDVH DO VHJXHQWH VFKHPD QHOO¶(OHPHQWR *HRJUD¿FR ³(QGHPLFR H 6XEHQGHPLFR´ VRQR VWDWL LQFOXVL L FRURWLSL FRQ OD VWHVVD GLFLWXUD QHOO¶(OHPHQWR *HRJUD¿FR ³0HGLWHUUDQHR´ VRQR VWDWL LQFOXVL L FRURWLSL (XULPHGLWHU UDQHR 6WHQRPHGLWHUUDQHR 0HGLWHUUDQHR 2ULHQWDOH H 0HGLWHUUDQHR 2FFLGHQWDOH QHOO¶(OHPHQWR *HRJUD¿FR ³(XUDVLDWLFR´ VRQR VWDWL LQFOXVL L FRURWLSL (XUDVLDWLFR V V (XURSHR &DXFDVLFR 3DOHRWHPSHUDWR HG (XURVLEHULDQR QHOO¶(OHPHQWR *HRJUD¿FR ³1RUGLFR´ q VWDWR LQFOXVR LO FRURWLSR &LUFXPERUHDOH QHOO¶(OHPHQWR *HRJUD¿FR ³(XURSHR´ VRQR VWDWL LQFOXVL L FRURWLSL (XURSHR &HQWUR (XURSHR 2UR¿WD 6XG (XURSHR 6XG (XURSHR 6XG (VW (XURSHR H $SSHQQLQR %DO FDQLFR QHOO¶(OHPHQWR *HRJUD¿FR ³0HGLWHUUDQHR $WODQWLFR´ VRQR VWDWL LQFOXVL L FRURWLSL 0HGLWHUUDQHR $WODQWLFR V V H 6XEDWODQWLFR $O ¿QH GL DYHUH TXDGUL GLVWULEXWLYL SL FKLDUL GHL YDUL FRURWLSL VL q GHFLVR GL FDOFRODUH SHU RJQXQR GL HVVL OD GLIIXVLRQH XQD JUDQGH]]D FKH VL RWWLHQH IDFHQGR OD VRPPD GL WXWWH OH VWD]LRQL LQ FXL VRQR SUHVHQWL OH VSHFLH GL RJQL FRURWLSR OD GLIIXVLRQH PHGLD FKH VL q RWWHQXWD GLYLGHQGR OD GLIIXVLRQH SHU LO QXPHUR GL VSHFLH GL RJQL FRURWLSR ,O ULVXOWDWR GL TXHVW¶RSHUD]LRQH IRUQLVFH LO QXPHUR PHGLR GL VWD]LR QL GL SUHVHQ]D SHU WXWWH OH VSHFLH DSSDUWHQHQWL D XQ FRURWLSR 1HOO¶HOHQFR DO ¿QH GL HYLWDUH WURSSH ULSHWL]LRQL VRQR VWDWH XWLOL]]DUH GHOOH VLJOH FRVWLWXLWH GD OHWWHUH PDLXVFROH FKH VL ULIHULVFRQR DJOL DXWRUL GHOOH VHJQDOD]LRQL (VVH KDQQR LO VHJXHQWH VLJQL¿FDWR $$ '(087 $& *g/= 5(,1+$5' $) *$51:(,'1(5 $+ +(û,029,û 0 6 $, 5,6< 6 : $- 3$52//< $. 9/$'29,û ,/,-$1,û $/ 3$1'ä$ 67$1ý,û $0 .$0( 1-$5,1 $1 -$635,&$ .29$ý,û D $2 -$635,&$ .29$ý,û E $3 *2/8%,û $5 -$635,&$ .29$ý,û $6 3$1'ä$ D $; 3$1'ä$ E $< 3$8/86 $: %2*'$129,û HW DO $= )25(1%$&+(5 %% *2/8%,û %& *2/8%,û %' .5$1-ý(9 %+ .(56&+%$8067(,1(5 HW DO %. 0,/29,û %; 3/$=,%$7 %/ 3$1'ä$ HW DO %< â,/,û â2/,û %= +(57(/ 6 . &. +(57(/ 5,(&+(/0$11 &; 12',/2 &< 3$1'ä$ &: 3(5.2 .(56&+%$8067(,1(5 &= $/(*52 '% %2*'$129,û '2%529,û HW DO '+ %2*'$129,û ä83$1 HW DO '- '(9,//(56 '(9,//(56 7(56&+8 5(1 D '. '(9,//(56 '(9,//(56 7(56&+85(1 F '0 *2/8%,û '; .5$1-ý(9 '(/)25*( '< 0,/29,û ': 3(==(77$ (( +$+1 6$/.2:6., (+ .5$1-ý(9 (. 1,.2/,û 723,û (1 *2/8%,û (; %52**, %855, (< '(/)25*( D (: '(/)25*( E (= +(57(/ =,516$&. )% /-8%,ý,û %5,79(& )& 3(==(77$ )' 5$'29,û

HW DO )+ =(/(61< .5(87= ), 67$50h+/(5 ). :$//1g)(5 )/ ý,ý0,5 )1 *5,(%/ )< 0,/29,û 0,7,û ): 3,/-$& .2629,û 3$1'ä$ *% .5(87= -$.(/< *' /-8%,ý,û HW DO *+ 0,/29,û 3$1'ä$ */ 0$*$-1( *. 3(58==, &$3$5(//, *; 6('/$5 HW DO *< =$*277$ *: +5â$. HW DO ++ 3$1'ä$ HW DO +. â(*27$ $/(*52 +/ 9/$'29,û HW DO +1 '58â792 â78'(1729 %,2/2*,-( +6 .5(0(5 HW DO +; 0,/29,û 0,7,û +< 3$1'ä$ 0,/29,û /+ â(*27$ HW DO /. â,1&(. HW DO /0 7$)5$ 3$1'ä$ /; 98.2-(9,û 9,7$629,û .26,û /< -$.(/< .5(87= /: -(5,ý(9,û HW DO /= 0(.,1,û HW DO 0+ 0,/29,û HW DO 00 %851(/ 0; -(5,ý(9,û HW DO 0< %5,79(& HW DO 0: -8'( $//$5' 0= 5$1',û HW DO 1% '58â792 â78'(1729 %,2 /2*,-( 1+ -$635,&$ .29$ý,û 1. 3$8/86 1; 5277(167(,1(5 1< 6.(/,1 HW DO 1= 9$1 7:,//(57 2% */$6129,û HW DO 2' -(5,ý(9,û HW DO 2/ 1,.2/,û HW DO 22 $1$û.29 HW DO 26 %5./-$ý,û 27 %8%$1-$ 2; ý,ý0,5 2< '(/)25*( 2: -(5,ý(9,û 0 1 2= 0,/29,û 3+ 0,/29,û HW DO 3. 9/$'29,û HW DO 3; 9(5+$57 3: %$7(0$1 HW DO 5% %(51,1, 5' '58â792 â78'(1729 %,2/2*,-( 5) -2.6,029,û HW DO 5+ 0,/29,û 3$1'ä$ 5, 5$'$. HW DO 5- ä(951-$ 5. -$635,&$ HW DO 5/ %$8(5 51 ý$./(& 56 '$16. %27$1,6. )25(1,1* 5; *2/8%,û 5< 5277(167(,1(5 5: â(*27$ HW DO 5= 9(5+$57 6+ 3(==(77$ D 6. %8%$1-$ HW DO 6/ -$.(/< 61 1,.2/,û 63 3(==(7 7$ 65 5$'$. HW DO 6; 5277(167(,1(5 6< 9(5+$57 6: 5277(167(,1(5 HW DO 6= 9,7$629,û .26,û HW DO 7% %5$ý.( 25+,'(-( 7' .$57,5$1-( )/25( '$/0$&,-( 7+ 25 &+,'((15(,6( $ '(5 :(676(,7( '(6 %$/.$16 7. -2+1 *(55<¶6 7/ 0,/$129,& LQIRUPD]LRQH SHUVRQDOH 71 1$785(75(. 7285 5(3257 8% *h17+(5¶6 (8523($1 25&+,'6 8+ 628&+( LQIRUPD]LRQH SHU VRQDOH 8; 7$1'Ê LQIRUPD]LRQH SHUVRQDOH

± (OHQFR ÀRULVWLFR $QDFDPSWLV FRULRSKRUD / 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH VXEVS FR ULRSKRUD 6LQ 2UFKLV FRULRSKRUD / ± (XULPHGLWHUUDQHR $& $, $- $. $3 $: %% %& %' %. %= '0 '; (+ +; (< (: )% )' )+ *< */ 1+ 1; 2% 22 27 2; 2= 5) 5- 56 5; 5= 6+ 6. 6/ 61 6; 6< 6: 6= 7' 8+ 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DGLMD %DMDJLü

%DULþHYLüL %DãNH 2VWDULMH %LãHYR %ULãHYR %RND .RWRUVND %RNDQMDF %UDþ %XG YD &DYWDW &UHV &UNYLFH &UQR ýDQM 'ROL 'UDþHYDF 1LQVNL *L]GDYDF *RUQML 0Xü *UXGD +HUFHJ 1RYL +YDU ,PRWVNL -RYLüL .DUDNDãLFD .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHO 6WDUL .OHN .QLQ .RQMVNR .RUþXOD .R]MDN .RåLQR .UN .UDYDUL /MXEDþ 6WDQRYL /RãLQM 0 0DWRNLW 0RULQMH 0RVRU 0Xü *RUQML 1LNãLü 1LQVNL 6WDQRYL 2EURYDF 2JRUMH 2SRU 3DJ 3DOHUD 3DUFR 1D]LRQDOH GHOOD .UND 3HOMHãDF 3HUNRYLü 3HWURYDF 3ODQR 3RVHGDUMH 3RVWLQMH *RUQMH 3RWUDYOMH 3UHVMHND 3UJRPHW 3ULYODND 3UXJRYR 5DE 5DGRãLü 5DGRYLüL 5DGRYLQ 5DGXQLü 5DPOMDQH 5D]DQDF 5XEHåD 5XPLQ 6HQM 6LQM 6OLYQLFD 6ROLQ 6SOLW 6WDULJUDG 3DNOHQLFD 6XWLQD 6Y ĈRUÿH 6Y .OHPHQW 6Y 6WHIDQ 6YLODMD âLEHQLN 7ULEDQM 7URJLU 8OFLQM 9HOLND 3ODNHQLFD 9LUSD]DU 9LV 9ODGLPLU 9UED 9UDQD 9UEDQMH 9UJDGD 9UOLND 9UVL 9XNRYLü =DGDU =HORYR 0XüNR =UPDQMD 9UHOR =YHNRFLFD 266(59$=,21, 'LYHUVL ULFHUFDWRUL FLWDQR OD SUHVHQ]D LQ 'DOPD]LD GL 2UFKLV FRULR SKRUD VHQ]D VSHFL¿FDUH OD VRWWRVSHFLH $OWUL VHJQDODQR 2UFKLV FRULRSKRUD VXEVS IUDJUDQV XQ WD[RQ FKH YD SRVWR LQ VLQRQLPLD FRQ $QDFDPSWLV FRULRSKRUD / VXEVS IUDJUDQV 3ROOLQL 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH *8//, 726, D IDQQR SUHVHQWH FKH $ FRULRSKRUD VXEVS IUDJUDQV q FRQVLGHUDWR GL VFDUVR YDORUH WDVVRQRPLFR H LQGLFDWR DO PDVVLPR FRPH YDULHWj 7HQHQGR FRQWR GL TXHVW¶DXWRUHYROH WHVL H GHOO¶LPSRVVLELOLWj GL DWWULEXLUH D TXDOH VRWWRVSHFLH SRVVRQR HVVHUH ULFRQGRWWH WXWWH OH VHJQDOD]LRQL ELEOLRJUD¿FKH VL q ULWHQXWR RSSRUWXQR ULSRU WDUH QHOO¶HOHQFR ÀRULVWLFR VROR OD VSHFLH QRPLQDOH FXL VRQR VWDWH DVVHJQDWH WXWWH OH VHJQDOD]LRQL $QDFDPSWLV OD[LÀRUD /DP 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± (XULPHGL WHUUDQHR $, $- $1 $2 $3 $5 %% %. '0 '; (+ (< )+ *% *+ +1 00 0< 1% 1+ 1; 2% 22 27 2= 3. 5' 5) 5; 5< 6+ 6. 61 65 7' 8+ 6: 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DQMD %DU %DãNH 2VWDULMH %LRJUDG %LRNRYR %ODFD %RND .RWRUVND %UDþ %ULELU %ULãHYR %XGYD %XOMDUL FD &UHV 'DQLOR *RUQMH 'UDþHYDF 1LQVNL 'UQLã 'XEURYQLN 'XJL 2WRN *L]GD YDF *ODYLFH *RUQLD %UHOD *UXGD +XWRYR %ODWR -DGUWRYDF -HåHYLü .DUDNDãLFD .ORVWHU %XOMDULFD .QLQ .RQDYOH .RQMVNR .RUþXOD .RUQDWL .UN .UNRYLü .XSDUL .XULOR /MXEDþ /RNUXP 0DORVWRQVNL ]DOMHY 0HGDUH 0OLQL 0LRþLü 0Xü 0XUWHU 1LQ 2PLã 3DJ 3DUFR 1D]LRQDOH GHOOD .UND 3HOMHãDF 3HWURYDF 3LUDPDWRYFL 3LåLQRYDF 3RVWLQMH *RUQMH 3RWUDYOMH 3ULYODND 3UXJRYR 5DPOMDQH 5DGRãLü 5DGRYLüL 5XPLQ 6LQM 6ROLQ 6UHEUHQR 6XWLQD 6XWRULQD 6Y ĈRUÿH 6Y 6WHIDQ âLSDQ 7ULOM 8OFLQM YDOOH GHOOD &HWLQD 9LUSD]DU 9ODGLPLU 9UDQD 9UED 9UOLND 9UVL 9XNRYLü =DWRQ =UPDQMD 9UHOR =YHNRYLFD $QDFDPSWLV PRULR / 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH VXEVS DOEDQL FD *|O] + 5 5HLQKDUG .UHXW] 6XEHQGHPLFR $& $- '0 (+ 22 5+ 6WD]LRQL GL ULQYHQLPHQWR %DU %RND .RWRUVND %XGYD ýDQM *ODYDW *UDERYDF *UXGD +HUFHJ 1RYL .RQDYOH 3HWURYDF 3ULGYRUMH 6Y 6WHIDQ 8OFLQM 9LUSD]DU 9ODGLPLU 9UED 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWH OH VHJQDOD]LRQL GL $ PRULR VXE VS FDXFDVLFD H VXEVS SLFWD IDWWH QHO OLWRUDOH PRQWHQHJULQR ,O WD[RQ IX GHVFULWWR

GD *g/= 5(,1+$5' FKH JOL DVVHJQDURQR LO ELQRPLR 2UFKLV DOEDQLFD *|O] + 5 5HLQKDUG 9È=48(= HW DO OR FRQVLGHUDQR XQD YDULHWj FRQ OD VHJXHQWH GHQRPLQD]LRQH $QDFDPSWLV FDXFDVLFD . .RFK ) 0 9i]TXH] YDU DOEDQLFD *|O] + 5 5HLQKDUG ) 0 9i]TXH] FRPE QRY '(/)25*( FRQIHUPD LO UDQJR YDULHWDOH H JOL DVVHJQD XQD QXRYD GHQRPLQD]LRQH +HURUFKLV SLFWD YDU DOEDQLFD *|O] + 5 5HLQKDUG 3 'HOIRUJH 5$'$. FRPXQLFD]LRQH SHUVRQDOH KD IDWWR SUHVHQWH FKH QRQ KD QRWDWR VLJQL¿FDWLYH GLIIHUHQ]H PRUIRORJL FKH WUD $ FDXFDVLFD H $ DOEDQLFD QRQ FL VDUHEEHUR LPSRUWDQWL UDJLRQL SHU GH¿QLUH XQD QXRYD VRWWRVSHFLH R YDULHWj H TXLQGL KD SRVWR LQ VLQRQLPLD L GXH ELQRPL ,Q DWWHVD GL QXRYL VWXGL H ULFHUFKH OR VFULYHQWH KD ULWHQXWR YDOLGH OH WHVL GL .5(87= FKH FRQVLGHUD LO WD[RQ XQD VRWWRVSHFLH H O¶KD LQVHULWR QHOO¶HOHQFR ÀRULVWLFR $QDFDPSWLV PRULR VXEVS PRULR / 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± (XURSHR &DXFDVLFR $$ $& $) $, $- $. $0 $1 $2 $3 $5 $6 %% %' %. %; %= &; &= '0 '; (+ (; (< )+ ). ): *% *+ *< +1 +/ +6 /; /< /: /= 00 0: 1+ 1; 2% 22 26 27 3. 3; 5% 5' 5) 5- 51 56 5; 5< 5= 6+ 63 6< 6= 7' 7+ 7/ 71 8+ 8; 6WD ]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LRNRYR %REDUD %RND .RWRUVND %RUDMD %UDþ %UþHOL %ULELU %ULVWLYLFD %URWQLFH %XUDYFL &DYWDW &UHV &UNYLFH ûLOLSL ýLRYR 'RQML 'RODF 'UQLã 'UYHQLN 'XERYLN 'XEURYQLN ĈXULQLüL *DEULOL *R GLQMH *RUQMD %UHOD *RUQML 0Xü *UXGD *XGXþH +YDU ,YDQLFD -DEODQDF -DVH QLFH -HåHYLü .DUDNDãLFD .DVWDY .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHO 6XüXUDF .DãWHO 6WDUL .DUOREDJ .OHN .OLV .QLQ .RQDYOH .RUþXOD .R]MDN .RåLQR .ULåQLFH .UN .UYDYDF .XEDVL .XQD .RQDYRVND /DVWRYR /HPHV /MXWD /RNUXP /RãLQM /MHVHYLFL 0 0DWRNLW 0DOR /LELQMH 0DOR 5XMQR 0DOR VWRQVNL ]DOMHY 0HGHQL 0LKDQLüL 0LRþLü 0OMHW 0RGULF 'RODü 0RLþLüL 0RNUL 0LKDQLüL 0LRþLü 0OMHW 0RGULF 'RODü 0RLþLüL 0RNUL 0OMHW 0RGULF 'RODü 0RLþLüL 0RNUL QH 0 2UMHQ 0ROXQDW 0RVRU 0UNDQ 0UNRYL 0Xü 0XUWHU 1HRULü 1LNãLü 1MHJXãL 1RYL 9LQRGROVNL 2EURYDF 2OWDUL 2PLã 2SRU 2VWURV 3DþDUDÿH 3DJ 3DUFR 1D]LRQDOH GHOOD .UND 6ROLQ 3HOMHãDF 3HUNRYLü 3HWURYDF 3LåLQRYDF 3R WUDYOMH 3UHVMHND 3UDSDWQLFD 3UJRPHW 3ULGYRUMH 3ULVRWH 5DE 5DGRYLüL 5LMHND &UQRMHYLüD 5XEHåD 5XPLQ 5DPOMDQH 6HQM 6HRFD 6LQM 6ROLQ 6SOLW 6WDULJUDG 3DNOHQLFD 6XWLQD 6XWRUPDQ 6Y ĈRUÿH 6Y 5RN 6Y 6WHIDQ 6YLODMD âüDGLQ âLEHQLN âLSDQ âROWD 7LMDULFD 7UHEMHVD 7ULOM 8QHVLü 8WUJ 9HOLND 3DNOHQLFD 9HOLNR 5XMQR 9LOXVL 9LQRGRO 9LUSD]DU 9LV 9LWDOMLQD 9UDQD 9UDWQLN 9UEDQMH 9UJDGD 9UJRUDF 9UOLND =DGDU =DJRUD =DWRQ =DRVWURJ =HORYR =UPDQMD 9UHOR 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GHOOH VXEVS SLF WD H FDXFDVLFD IDWWH LQ WHUULWRULR FURDWR $QDFDPSWLV SDOXVWULV -DFT 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH VXEVS HOH JDQV 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± 0HGLWHUUDQHR 2ULHQWDOH (+ *% 1; 5- 5< 61 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH +XWRYR %ODWR .RQDYOH .UN 3DJ $QDFDPSWLV SDOXVWULV -DFT 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH VXEVS SDOXVWULV 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± (XULPHGLWHUUDQHR $) $+ )' 27 61 7' 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DãNH 2VWDULMH GHOWD GHO 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DãNH 2VWDULMH GHOWD GHO

OD 1HUHWYD *UXGD 0LKDQLüL .RORþHS .RQDYOH .UN 0HWNRYLF 1LQ 3DJ 6HQM 6ROLQH âLSDQ 8OFLQM YDOOH GHOOD &HWLQD 9UDQD $QDFDPSWLV SDSLOLRQDFHD / 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± (XULPH GLWHUUDQHR $$ $- %= (+ ). +; 1; 27 5. 5< 6+ 6. 61 6< 6: 7' 6WD]LRQL GL ULQYHQLPHQWR %RNDQMDF %UDþ &UHV &UQR 'XJRSROMH +YDU .DUOREDJ .RåLQR .UN /RãLQM 1LQVNL 6WDQRYL 3HWURYDF 3ULYODND 6XWRPRUH 8O FLQM 9HOLNL .DEDO 9LV =DGDU $QDFDPSWLV S\UDPLGDOLV / 5LFK VXEVS S\UDPLGDOLV ± (XULPHGLWHUUDQHR $$ $) $+ $, $- $0 $3 $: $= %% %& %' %. %; %= '% '+ '0 '< (; (< )' )+ ). *+ */ *< ++ +; +< /: /= 0: 1% 1+ 1; 2% 22 26 27 2; 3+ 3. 3; 5% 5) 5+ 5- 5. 5/ 56 5; 5= 6+ 6. 6/ 61 6; 6< 6: 6= 7' 8; 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %DMDJLü %DU %DULþHYLüL %DãNH 2VWDULMH %LRNRYR %LãHYR %ODFH %REDUD %RND .RWRU VND %RNDQMDF %UDþ %ULELU %XWLQRYDþD &DYWDW ýLRYR &UHV 'LNORYDF 'ROL 'X EURYQLN 'XJL 2WRN *RUQMD %UHOD *UHEDãWLFD +YDU -DGULMD -HåHYLü .DUDNDãLFD .DãWHO *RPLOLFD .DãWHO 6WDUL .DãWHOD .OHN .OLV .RORþHS .RQDYOH .RQMVNR .RUþXOD .RUQDWL .R]MDN .RåLQR .UDOMHYLFD .UDSDQM .UDYDUL .UN .UXþH .UXWH .XþLüL /DELQ /DYGDUD /RNUXP /RãLQM /XþDQH 0 0DWRNLW 0DNDUVND 0LRFLü 0OMHW 0RVRU 0UNDQ 0Xü *RUQML 0XUWHU 1LQ 1LQVNL 6WDQRYL 2EURYDF 2JRUMH 2OLE 2SRU 2VWURV RWRN ,å 3DJ 3DUFR 1D]LRQDOH GHOOD .UND 3HOMHãDF 3HWURYDF 3LåLQRYDF 3RWUDYOMH 3ULPRãWHQ 3ULYODND 3UJRPHW 3UXJRYR 5DGRVLü 5DPOMDQH 5DYD 5XPLQ 6HOLQH 6HQM 6HRFD 6LQM 6LOED 6ROLQ 6SOLW 6ULGLYLFD 6WDULJUDG 3DNOHQLFD 6WXSDþLQRYR 6WXSLQ &HOLQH 6XWRPRUH 6XWRUPDQ 6YLQLãüH 6Y $QGULMD 6Y ĈRUÿH 6Y 6WHIDQ 6YLODMD âüDGLQ âLSDQ 7LMDULFD 7ULOM 7XFHSL 8JOMDQ 8OFLQM 9LUSD]DU 9LV 9ODGLPLU 9UJDGD 9UJRUDF 9UOLND 9UQLN 9UVQR 9XORYLü =DGDU =DJYR]G =DRVWURJ =DWRQ =DYRMDQH =HORYR =UPDQMD 9UHOR =YHNRYLFD äUQRYQLFD 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL $QDFDPSWLV S\UDPLGDOLV / 5LFK VXEVS VHURWLQD 3UHVVHU %DUOLD UREHUWLDQD /RLVHO *UHXWHU ± 6WHQRPHGLWHUUDQHR $& $3 %% %' '0 (+ (1 (; (< (= /: 0: 1% 1+ 2% 3; 5- 5; 5= 61 6< 7' 8+ 6WD]LRQL GL ULQYHQLPHQWR %HWLQD %ODFH %UDþ %ULVWLYLFD ýLRYR 'UYHQLN 9HOL -DGUWRYDF .DãWHO .DPEHORYDF .DãWHO âWD¿OLü .OLV .RUþXOD .R]MDN /DVWRYR /R]LFD 0HMDãL 0XUWHU 3DNRVWDQH 3HOMHãDF 3LURYDF 3ULPRãWHQ 5RJR]QLFD 5XSRWLQD 'RQMD 6HJHW 9UDQMLFD 6ROLQ 6Y ,OLMD 6Y .OHPHQW âROWD 7LVQR 7UL EXQM 8JOMDQ 9RGLFH 9LV =DWRJODY =DWRQ äDERULü äHFQR &HSKDODQWKHUD GDPDVRQLXP 0LOO 'UXFH ± (XULPHGLWHUUDQHR $$ $& $, $- $. $= %% %. %; %< %= &. &= '0 (+ (< ). )< *< /+ 2% 26 3; 5% 5; 5= 6+ 6< 6: 8+ 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWD ULMH %LOMHYLQH %LRNRYR %RND .RWRUVND %RUDMD %UDþ %UDWLãNRYFL %ULELU &UHV ýLNROD 'RãHQ 'DEDU 'UQLã ,YDQRYD .RULWD -DEODQDF .RQMHYUDWH .RUþXOD .UD VQR .UN /RãLQM /XþDQH 0DOR 5XMQR 0OMHW 0RVRU 0Xü 'RQML 0Xü *RUQML 1MLHYH /HNLQH 1RV .DOLN 3DUFR 1D]LRQDOH GHOOD .UND 2OWDUL 3HOMHãDF 3HWUR

YDF 3UHPXĠLüHYD VWD]D 5DE 6HQM 6LQM 6XWLQD 6ODGRYDþNR %UGR 6ULGLYLFD 6WD ULJUDG 3DNOHQLFD 6XKD 'UDJD 6Y %UGR 6YLODMD âLEHQLN 7LMDULFD 9HOLND 0RþLOD 9HOLND 3DNOHQLFD 9HOLNR 5XMQR 9RGLFH 9UDWQLN =DGDU =HORYR äGUDSDQM äOLE &HSKDODQWKHUD ORQJLIROLD / )ULWVFK ± (XUDVLDWLFR $- $. $3 $: $= %% %& %= &. '% '+ '0 (+ (; (< ), ). *< +6 +; /= 0< 2+ 26 5; 5= 6+ 6< 7' 7. 7< 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LãHYR %RND .RWRUVND %UDþ %ULELU &UHV &UQL 9UK ýDQM 'UYHQLN 'XJL 2WRN *UXGD -HOLþLüL .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .OMDNH .QH]RYLüL .RQDY OH .RUQDWL .R]MDN .UN /DVWRYR /MXELþNR %UGR /RãLQM 0DNDUVND 0RVRU 0Xü 'RQML 2OWDUL 2VWURV 3DþDUDÿH 3HOMHãDF 3ROMLFH 5DE 5DGRVLü 5DGRYþLüL 5XM QR 6HQMVNR %LOR 6LOED 6SOLW 6ULGLYLFD 6WDULJUDG 3DNOHQLFD 6WXSDþLQRYR 6XWL QD 6YLODMD âüDGLQ 9HOLND 0RþLOD 3DNOHQLFD 9HOLNR 5XMQR 9LV 9UDWQLN =DGDU =DJYR]G =HOHQLND =HORYR äHåHYLFD 266(59$=,21, .5$1-ý(9 VHJQDOD QHL 9HOHELW &HQWUDOL 'RãHQ 'DEDU O¶LEULGR WUD &HSKDODQWKHUD ORQJLIROLD H *\PQDGHQLD FRQRSVHD PDL RVVHUYDWR LQ DOWUH ORFDOLWj H OD FXL HVLVWHQ]D q PROWR GXEELD &HSKDODQWKHUD UXEUD / 5LFK ± (XUDVLDWLFR $& $, $- $= %= &. &= '0 (+ ). +6 2% 26 5; 6+ 61 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LRNRYR %RND .RWRUVND %ULELU &UHV 'LQDUD .UN /MXELþNR %UGR 0HGDþND 6WD]D 0Xü 'RQML 2OWDUL 2VWURV 3HOMHãDF 3HWURYDF 3ROMLFH 7DNDOLFH 6WDULJUDG 3DNOHQLFD 6YLODMD 9HOLND 0RþLOD 3DNOHQLFD 9HOLND 3DNOHQLFD 9HOLNR 5XMQR 9LVRþLFD 9RGLFH 9UDWQLN 9UEDQMH =HORYR &RHORJORVVXP YLULGH / +DUWP ± &LUFXPERUHDOH $& $) $, $- $= (+ 26 61 6< 6WD]LRQL GL ULQYHQLPHQWR %RND .RWRUVND %ULELU ,YDQRYD .RULWD 0DOR YDQ 0 5DMLQDF 0 =DYLåDQ 2OWDUL 3OMHãLYLFD 3UHPXĠLüHYD VWD]D 6Y %UGR 6Y 5RN 6YLODMD 9LVRþLFD 9DJDQNL 9UDWD 9UK 9UEDQMH &RUDOORUKL]D WUL¿GD &KkWHO ± &LUFXPERUHDOH $) $- $3 &. &= (+ 2. 6WD]LRQL GL ULQYHQLPHQWR %DOLQRYDF %DãNH 2VWDULMH %LRNRYR ,YDQRYD .RULWD 0DORYDQ 2OWDUL 5DPLQR .RULWR 6HQM 6Y %UGR 6Y 5RN 6YLODMD âXJDUVND 'XOL ED 9LVRþLFD 9UDWQLN =HORYR &\SULSHGLXP FDOFHROXV / ± (XURVLEHULDQR (+ (. 0= 2. 6< 6WD]LRQL GL ULQYHQLPHQWR %DGDQM %XQRYDF 0DORYDQ 0HGDþND 6WD]D 3DUFR GL 3DNOHQLFD âWLURYDF 9LVRþLFD 'DFW\ORUKL]D LQFDUQDWD / 6Ry ± (XURVLEHULDQR &= (+ (. *' 26 61 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LRNRYR 3DUFR GL 3DNOHQLFD 9HOMXQ 3ULPRUVNL 9UDWQLN äHUDYD 'DFW\ORUKL]D PDFXODWD / 6Ry V O ± 3DOHRWHPSHUDWR &= '0 (+ 22 5+ 5; 61 6< 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %RND .RWRUVND %XQR YDF 'DOPDWLQVND =DJRUD 'RQMD 6XYRYD *RUQMD %UHOD .OHN .OLPHQWD 0DORYDQ 0 $ODQ 0HGDþND 6WD]D 0Xü 'RQML 3DNOHQLFD 5DPLQR .RULWR 6HQM 6WLURYDþD 6XWLQD 6Y %UGR 6YLODMD 9DJDQVNL 9UK 9LVRþLFD 9UDWQLN 266(59$=,21, 1HOOD SHQLVROD EDOFDQLFD LO JUXSSR GL ' PDFXODWD q UDSSUHVHQWDWR GD YDULH HQWLWj FRQ OLHYL GLIIHUHQ]H PRUIRORJLFKH D FXL L ULFHUFDWRUL DVVHJQDQR XQ

GLYHUVR UDQJR WDVVRQRPLFR H FKH VSHVVR QHOOH DUHH LQ FXL YHQJRQR LQ FRQWDWWR DV VXPRQR FDUDWWHUL LQWHUPHGL 3HU O¶DUHD LQ HVDPH OD ELEOLRJUD¿D FRQVXOWDWD ULSRUWD OD VXEVS IXFKVLL 'UXFH +\ODQGHU OD VXEVS VDFFLIHUD %URQJQ 6Rz H VSHVVR ' PDFXODWD VHQ]D DOWUH LQGLFD]LRQL /H SLDQWH RVVHUYDWH GDOOR VFULYHQWH LQ DOFXQH OR FDOLWj GHL 9HOHELW VRQR FDUDWWHUL]]DWH GD XQ¶DOWD YDULDELOLWj H GD XQD FHUWD GLI¿FROWj GL DVVHJQDUOH D TXDOFKH VRWWRVSHFLH 7HQHQGR FRQWR GHOOH RVVHUYD]LRQL VXO FDPSR H GHOO¶LPSRVVLELOLWj GL DWWULEXLUH FRUUHWWDPHQWH D TXDOH VRWWRVSHFLH VL GHEEDQR ULFRQ GXUUH WXWWH OH VHJQDOD]LRQL ELEOLRJUD¿FKH VL q GHFLVR GL XWLOL]]DUH LQ TXHVWD VHGH LO ELQRPLR ' PDFXODWD V O 'DFW\ORUKL]D PDMDOLV 5FKE 3 ) +XQW 6XPPHUK VXEVS PDMDOLV ± &HQWUR (X URSHR (+ (. 2. 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH /MXELþNR %UGR 0 $ODQ 6HQM 9HOLND 3DNOHQLFD 9UDWQLN 'DFW\ORUKL]D URPDQD 6HEDVW 6Ry ± 6WHQRPHGLWHUUDQHR $& $- '% (+ /: 2< 3; 56 61 6WD]LRQL GL ULQYHQLPHQWR %RND .RWRUVND %UDþ +YDU .RUoXOD 2VWURV 3HOMHãDF 6HRFD 9LUSD]DU 'DFW\ORUKL]D VDPEXFLQD / 6Ry ± (XURSHR $& $3 %% &. '0 (+ 1= 26 5; 61 6< 6WD]LRQL GL ULQYHQLPHQWR %DGDQM %DãNH 2VWDULMH %LRNRYR %UDMLüL %XGDNRYR %UGR %XQRYDF &UNYLFH 'DOPDWLVND 9UDWD 'RãHQ 'DEDU *UDþDF .RUþXOD .RVPDü .R]MDN .UDVQR /MXELþNR %UGR 0DOL 5DMLQDF /RYüHQ 0DOR 5XMQR 0Xü *RUQML 1HRULü 2EURYDF 2JRUMH *RUQMH 2OWDUL 3UHPXĠLüHYD VWD]D 5DPOMDQH 5DYQL 'DEDU 6LMDVHW 6ODGRYDþNR %UGR 6XWLQD 6Y %UGR 6Y 5RN âXJDUVND 'XOLED 9HOLNR 5XMQR 9LVRYDF 9LVRþLFD 9ODĞNL *UDG 9UJRUDF =HþMDN =HORYR 0XüNR (SLSDFWLV DWURUXEHQV +RIIP %HVVHU ± (XURSHR $0 $= &. &= (+ *< 1; 6+ 61 6WD]LRQL GL ULQYHQLPHQWR %DELQ 9UK %DGDQM %DãNH 2VWDULMH %LRNRYR %XQRYDF &UHV .OHN .R]MDN .UDVQR /RYüHQ 0DORYDQ 0HGDþND 6WD]D 0RGULF 'RODü 6HQM 6ODGRYDüD 6WLURYDþD 6Y %UGR 9HOLND 3DNOHQLFD 9LVRþLFD =DYLåDQ (SLSDFWLV H[LOLV 3 'HOIRUJH VLQ ( SHUVLFD VXEVS JUDFLOLV % %DXPDQQ + %DXPDQQ : 5RVVL ± 6XG (VW (XURSHR &. 6WD]LRQH GL ULQYHQLPHQWR 2OWDUL (SLSDFWLV JUHXWHUL + %DXPDQQ .XQNHOH ± &HQWUR (XURSHR &. '0 (+ (< 6WD]LRQL GL ULQYHQLPHQWR .UDVQR 6WXSDþLQRYR 6YLODMD =HORYR (SLSDFWLV KHOOHERULQH VXEVS KHOOHERULQH / &UDQW] ± 3DOHRWHPSHUDWR $, $3 $- $= %& %= &. '0 (+ ). 0; 0< 1; 26 3; 5% 56 5; 6+ 6< 6WD]LRQL GL ULQYHQLPHQWR %DELQ 9UK %DãNH 2VWDULMH &DYWDW &UHV 'DOPDWLVND 9UDWD 'LQDUD 'RãHQ 'DEDU 'RQMD 6XYRYD 'XEURYQLN *UDþDF ,YDQRYD .RULWD .DãWHOD .OHN .OLV .R]MDN .UDVQR .XNDOLQH /MXELþNR %UGR /RãLQM 0 $ODQ 0HGDþND 6WD]D 0RGULF 'RODü 0Xü 'RQML 2OWDUL 2WDUQLN 2VWURV 3HOMHãDF 6HQM 6YLODMD âWLURYDF âXJDUVND 'XOLED 7HUH]LMDQD 9HOLNR 5XMQR 9LUSD]DU 9LVRþLFD 9ODGLPLU 9ODĞNL *UDG 9UDWQLN 9UEDQMH =DYLåDQ =HORYR 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL (SLSDFWLV KHOOHERULQH VXEVS ODWLQD : 5RVVL ( .OHLQ FKH '(/)25*( SRQH LQ VL QRQLPLD FRQ ( WUHPROVL & 3DX H SHU %21*,251, HW DO GHYH FRQVLGHUDUVL D WXWWL JOL HIIHWWL ( KHOOHERULQH VXEVS KHOOHERULQH FRQ FDUDWWHUL PRUIRORJLFL PXWDWL

D FDXVD GL XQD PDJJLRUH HVSRVL]LRQH DOOD OXFH VRODUH (SLSDFWLV OHSWRFKLOD VXEVS OHSWRFKLOD *RGIHU\ *RGIHU\ ± &HQWUR (XURSHR &. '0 (+ 1; 2; 2< 61 6< 6WD]LRQL GL ULQYHQLPHQWR %ULELU 'RãHQ 'DEDU .UN 2OWDUL 6YLODMD =DGDU 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL (SLSDFWLV OHS WRFKLOD VXEVS GLQDULFD +HUWHO 5LHFKHOPDQQ FKH '(/)25*( FRQVLGHUD XQD YDULHWj GHOOD VSHFLH QRPLQDOH (SLSDFWLV PLFURSK\OOD (KUK 6Z ± (XURSHR &DXFDVLFR $, $- $= %. %= &. &= (+ (< '0 ). )< *< /< /= 0; 1; 22 3+ 3; 5% 5) 5; 5= 6+ 61 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %LRNRYR %RND .RWRUVND %RUDMD %UDþ %XGYD &DYWDW &UHV 'XEURYQLN 'XJL 2WRN *ODYDã .RUQDWL .UN /DELQ /DVWRYR /RãLQM /XþDQH 0DOL $ODQ 0OLQL 0RþLüL 0RGULþ 2OLE 2OWDUL 2VWURV 3HOMHãDF 3HWURYDF 3ROMLFH 5DE 5DGRYþLüL 6LOEH 6WDQLüL 6Y %UGR 6YL 6LOEH 6WDQLüL 6Y %UGR 6YL 6LOEH 6WDQLüL 6Y %UGR 6YL ODMD âüDGLQ 9HOLND 3DNOHQLFD 9ODĞNL *UDG 9LUSD]DU 9LVRYDF 3DUFR 1D]LRQDOH GHOOD .UND 9UED 9UVQR =HOHQLND =HORYR =RYLüL (SLSDFWLV PXHOOHUL *RGIHU\ ± &HQWUR (XURSHR %= &. (+ (< ). 5; 6+ 61 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %ULELU &UHV 'RãHQ 'D EDU .UDVQR .UN 0Xü 'RQMM 2JRUMH 2OWDUL 2WDUQLN 6LQM 6YLODMD (SLSDFWLV QHJOHFWD . PSHO . PSHO ± &HQWUR (XURSHR &. 6WD]LRQL GL ULQYH QLPHQWR .UDVQR 2OWDUL (SLSDFWLV SDOXVWULV / &UDQW] ± &LUFXPERUHDOH $= (+ 1; 26 5< 61 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %HQNRYDF 'XEURYQLN .UN 5RåDW 6ROLQH 6SOLW 6Y %UGR 9HOL 2WRN =DGDU (SLSDFWLV SODFHQWLQD %RQJLRUQL *U QDQJHU ± 6XG (XURSHR (+ (: 5; 6WD ]LRQH GL ULQYHQLPHQWR 0Xü 'RQML 6XWLQD 6YLODMD =HORYR (SLSDFWLV SXUSXUDWD 6P 6LQRQ (SLSDFWLV YLULGLÀRUD +RIIPDQQ H[ .URFNHU ± 6XEDWODQWLFR &. 2. 6WD]LRQL GL ULQYHQLPHQWR 6XãDQMVND 'UDJD .UDVQR 3DU FR GL 3DNOHQLFD (SLSRJLXP DSK\OOXP 6ZDUW]± (XURVLEHULDQR +. 6WD]LRQH GL ULQYHQLPHQWR 6WLURYDþD *RRG\HUD UHSHQV / 5 %U ± &LUFXPERUHDOH &. (+ 2. 6WD]LRQL GL ULQYHQL PHQWR 2OWDUL 'XEURYQLN *\PQDGHQLD FRQRSVHD / 5 %U LQ : 7 $LWRQ VXVES FRQRSVHD ± (XUDVLDWLFR $) $, $- $3 $6 $= %% %; &. &= '0 (+ */ 1; 26 5% 5; 5< 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LRNRYR %RND .RWRUVND %RURYDþD %XQRYDF &UHV &ULNYHQLFD &UNYLFH &UQRSDF 'LQDUD 'RQMD 6XYR YD 'RãHQ 'DEDU 'XEURYQLN ,YDQRYD .RULWD .OHN .QH]RYLüL .R]MDN .UD VQR .UN .XþLüH /MXELþNR %UGR /RãLQM 0 $ODQ 0DORYDQ 0HGDþND 6WD]D 0RGUDãD 0RVRU 0Xü 'RQML 0XUWHU 1HRULü 2UORY 2WDUQLN 3DNOHQLFD 3HWURYDF 3ORþLFH 3UHVMHND 3URPLQD 5DYQL 'DEDU âDWRULQD 6HQM 6ODGRYDþNR %UGR 6ROLQ 6WXSDþLQRYR 6XWLQD 6Y .OHPHQW 6Y 6WHIDQ 6YLODMD âXJDUVND 'XOLED 7LMDULFD 9DJDQVNL 9UK 9HOLQDF 9LVRþLFD 9ODGLPLU 9ODãNL *UDG 9RODULFH 9UDWQLN 9UED 9UEDQMH =DGYDUMH =HORYR 0XüNR =UPDQMD 9UHOR

*\PQDGHQLD RGRUDWLVVLPD / 5LFK ± (XURSHR $3 (+ 26 6WD]LRQL GL ULQYH QLPHQWR %DãNH 2VWDULMH 'RãHQ 'DEDU *L]GDYDF .OHN .UN 6WXSDþLQRYR äXWD /RNYD +LPDQWRJORVVXP DGULDWLFXP + %DXPDQQ ± (XULPHGLWHUUDQHR $3 %% %. %= '0 (+ (< ). *< /. 1; 2= 5% 5; 5= 6+ 6. 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %UDþ &UHV 'ROL .OHQRYLFD .RQMHYUDWH .UN /R]RYDF 0Xü *RUQML 2SRU 3HUNRYLü 3UJRPHW 3RNURYQLN 6HQM 6ODQR âROWD 8QHVLü 9HOLND 3DNOHQLFD +LPDQWRJORVVXP FDSULQXP 0 %LHE 6SUHQJHO ± 0HGLWHUUDQHR 2ULHQWDOH $, $- /. 1= 3: 56 5= 6WD]LRQL GL ULQYHQLPHQWR %XGYD %XNRYLN +HUFHJ 1RYL .RWRU /RYüHQ /R]RYDF 3HWURYDF 3RNURYQLN 6YDþ 8OFLQM 9ODGLPLU 9LUSD]DU 266(59$=,21, %$80$11 VRVWLHQH TXDQWR VHJXH QHL WHUULWRUL DGLDFHQWL DOO¶$GULDWLFR VHWWHQWULRQDOH q SUHVHQWH +LPDQWKRJORVVXP DGULDWLFXP FKH QHO VHW WRUH VXG RULHQWDOH q VRVWLWXLWR GD + FDSULQXP LQ DOFXQH ]RQH LQWHUPHGLH VL RVVHU YDQR LQGLYLGXL GL GLI¿FLOH FODVVL¿FD]LRQH FRQ FDUDWWHUL PRUIRORJLFL GL WUDQVL]LRQH WUD L GXH WD[D $G DYYLVR GL 02/1È5 HW DO OH SLDQWH GL + FDSULQXP UDFFROWH QHO ORFXV FODVVLFXV VRQR GLYHUVH GD TXHOOH GHOO¶(XURSD RULHQWDOH 3HUWDQWR GHVFULYRQR XQD QXRYD VSHFLH FXL DVVHJQDQR LO QRPH GL +LPDQWRJORVVXP MDQNDH 6RPO\D\ .UHXW] ÏYiUL H OD FRQVLGHUDQR SUHVHQWH QHL VHJXHQWL VWDWL $OEDQLD %XOJDULD *UHFLD &URD]LD 0DFHGRQLD 0RQWHQHJUR 5RPDQLD 6HUELD 6ORYDF FKLD 8QJKHULD H 1RUG 7XUFKLD '(/)25*( FRQVLGHUD YDOLGH OH GHQR PLQD]LRQL GL + FDSULQXP H + MDQNDH H DJJLXQJH FKH LQ 0RQWHQHJUR q SUHVHQWH XQD YDULHWj GD OXL GHVFULWWD +LPDQWRJORVVXP MDQNDH YDU FDOFDUDWXP * %HFN 3 'HOIRUJH %$7(0$1 HW DO DVVHJQDQR D + MDQNDH XQD SLDQWD UDFFROWD D %XNRYLN 0RQWHQHJUR $OOD OXFH GL WXWWH OH LQFHUWH]]H WDVVRQRPLFKH ULVFRQWUDWH H LQ DWWHVD GL DOWUL VWXGL LQ WDOH VHGH VL FRQWLQXD D XWLOL]]DUH OD GHQRPLQD]LRQH GL + FDSULQXP /LPRGRUXP DERUWLYXP / 6Z ± (XULPHGLWHUUDQHR $$ $& $+ $, $- $. $0 $3 %% %. %; %= &< '0 (+ (< )+ ), ). ): *+ *< /= 0; 0< 1; 1< 3+ 3. 5- 5; 5= 6+ 6< 6: 6= 7' 7. 8+ 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %DULþHYLüL %DãNH 2VWDULMH %LRNRYR %REDUD %RUDMD %UDþ %XGYD &UHV &ULNYHQLFD &UQR &UQR ýLNROD 'DNVD GHOWD GHOOD 1HUHWYD 'UDþHYDF 1LQVNL 'UYHQLN 0DOL 'XEUDYD *RUD %XNRYLN *UXGD +YDU .RORþHS .R]MDN .ORVWHU %XOMDULFD .RQDYOH .RQMHYUDWH .RUþXOD .UN .UNRYLF .XþLüL .XSDUL /DVWRYR /RNUXP /RãLQM /R]RYDF 0 0DWRNLW 0DNDUVND 0DOR 5XMQR 0LNXOLüL 0OMHW 0RGULF 0RLþLüL 0RVHü 0RVRU 0UNDQ 0Xü 0XUWHU 2JRUMH 2OLE 2SRU 2UDãDF 3HOMHãDF 3HUNRYLü 3HWURYDF 3RNURYQLN 3RVWLQMH *RUQMH 3UJRPHW 3ULGYRUMH 3URNOMDQ 5DGRYþLüL 5DPOMDQH 5RYDQMVND 5XPLQ 6HQM 6LOEH 6SOLW 6XWLQD 6YLODMD âüDGLQ âLSDQ âNDUGD âROWD 7LMDULFD 7XFHSL 9HOL ND 3DNOHQLFD 9UJDGD 9UOLND 9UVQR =DRVWURJ =HþHYR =HORYR =UPDQMD 9UHOR äLUMH äUQRYQLFD /LVWHUD FRUGDWD / 5 %U ± &LUFXPERUHDOH (+ 2. 6WD]LRQL GL ULQYHQLPHQWR âWLURYDþD 9HOLND .DSHOD

/LVWHUD RYDWD / 5 %U ± (XUDVLDWLFR $, %% %= '0 (+ ). 1; 5; 6+ 6/ 61 65 6: 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %RND .RWRUVND %ULELU &UHV *ODYDã .UN /RãLQM /XþDQH 0DORYDQ 0HGDþND 6WD]D 0Xü 'RQML 6HJHVWLQ 6HQM 6WXSDþLQRYR 6YLODMD âXJDUVND 'XOLED 9DJDQVNL 9UK 9LVRþLFD 9RODULFH =HORYR 1HRWLQHD ODFWHD 3RLUHW ± 6WHQRPHGLWHUUDQHR $3 (. 8; 6WD]LRQL GL ULQYHQL PHQWR 'UDJH *L]GDYDF -DEODQDF 6XWLQD 1HRWLQHD PDFXODWD 'HVI 6WHDUQ ± 0HGLWHUUDQHR $WODQWLFR $& %' %= &; (+ (; (< )+ ). ** +/ /: 0: 1+ 1; 3; 5< 5, 5; 6+ 61 6< 6: 7' 8; 6WD]LRQL GL ULQYHQLPHQWR %UDþ &UHV ýDQM ýLQRYLFD ýLRYR 'XEURYQLN *UXGD +HUFHJ 1RYL +YDU .RQDYOH .RUþXOD .UN /DVWRYR /MXWD /RãLQM 0OMHW 0ROXQDW 1LQ 2PLã 3HOMHãDF 3ULGYRUMH 3ULYODND 6SLOLFD âROWD 9HOL 'UYHQLN 9LV =DGDU 1HRWLQHD WULGHQWDWD 6FRS 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± (XULPHGL WHUUDQHR $& $) $, $- $. $/ $0 $2 $3 $6 %% %& %. %< %= &; &< &= '0 (+ (. (1 (< )% )' )+ ), ). ): *' *+ */ +1 +/ +< /; /: 0< 1% 1+ 1; 2% 22 26 3+ 3; 5% 5) 5+ 5- 5/ 51 5; 5< 5= 6+ 6< 6: 6= 7' 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR $ODQ %DGDQM %DGLMD %DULþHYLüL %DãNH 2VWDULMH %LRJUDG %LRNRYR %RND .RWRUVND %UDþ %ULELU %XGYD &DYWDW &UHV &UQR ýLRYR 'UQLã 'UYHQLN 'XJL 2WRN 'X EURYQLN *UXGD +YDU ,YDQLFD ,YDQRYD .RULWD -DEODQDF -DGULMD -DVHQLFH .DU OREDJ .DVWDY .DãWHO 6WDUL .OHN .QHåHYLüL .QLQ .RQDYOH .RUþXOD .RUQDWL .R]MDN .UDOMLFH .UDSDQM .UDVQR .UN .UYDYDF /DVWRYR /RãLQM 0 0DWR NLW 0DOR 5XMQR 0LRþLü 0OMHW 0RGULF 0RVRU 0Xü 0XUWHU 1HRULü 1LNãLü 1LQ 2OLE 2OWDUL 2EURYDF 2PLã 2SRU 2VWURV 2WULþ 3DJ 3DUFR 1D]LRQDOH GHOOD .UND 3HOMHãDF 3HWURYDF 3LåLQRYDF 3UHVMHND 3UDSDWQLFD 3UHPXĠLüHYD VWD]D 3UJRPHW 3ULMHYRU 3UYLü 5DPOMDQH 5DYD 6HQM 6LOEH 6OLYQR 6PULþQMDN 6R ODULV 6SOLW 6WDULJUDG 3DNOHQLFD 6WXSDþLQRYR 6XWRUPDQ 6Y .OHPHQW 6YLODMD âLEHQLN âNDUGD âROWD 7ULEDQM 7XJDUH 8JOMDQ 8WUJ 9HOLND 3DNOHQLFD 9HOLNR 5XMQR 9LOXVL 9LQRGRO 9LU 9LUSD]DU 9UDQD 9UDWQLN 9UJDGD 9UOLND =DEODüH =D GDU =HORYR =ODULQ =UPDQMD 9UHOR äLUMH 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 1HRWLQHD FRPPXWDWD 7RGDUR 5 0 %DWHPDQ XQ WD[RQ FKH '(/)25*( FRQVLGH UD DVVHQWH QHL WHUULWRUL GHOO¶H[ -XJRVODYLD PHQWUH DG DYYLVR GL *8//, 726, E GDO SXQWR GL YLVWD PDUFRPRUIRORJLFR q LGHQWLFR D 1HRWLQHD WULGHQWDWD GD FXL GLIIHULVFH SHU LO QXPHUR FURPRVRPLFR 1HRWLQHD XVWXODWD / 5 0 %DWHPDQ 3ULGJHRQ 0 : &KDVH ± (XURSHR &DX FDVLFR $$ $& $) %& '0 (+ (. ). 1; 26 3; 5< 5; 5= 6+ 6< 7% 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LRNRYR %UDþ %ULVWLYLFD &UHV ýLRYR ýLVWD 0DOD 'RQML 3URORåDF *UDGLQD -DVHQLFH .DVWDY .OHN .R]MDN .UDVQR .UN .UNRYLü /MXELþNR %UGR /RãLQM 0DOR 5XMQR 0DUDVRYLüL 0HGHQL 1RYL 9LQRGROVNL 2OWDUL 2PLã 3HOMHãDF 3UHVMHND 6HQM 6XãDQM &HVDULþNL âROWD 6WLURYDþD 9DJDQDF 9HOLNR 5XMQR 9HOMXQ 9LVRþLFD 9UDWQLN 9UED

1HRWWLD QLGXV DYLV / 5LFK ± (XUDVLDWLFR $& $) $- $3 %% %= &. &= '0 (+ (< ), ). ** /< 0; 1; 3; 26 56 5; 6+ 61 6: 6= 7. 6WD]LRQL GL ULQYHQLPHQWR %DELQ 9UK %DVDƙD %DãNH 2VWDULMH %LOMHYLQH %LRNR YR %RND .RWRUVND %UþHOL %XQRYDF &LVWD 0DOD &UHV &UQL 9UK 'RãHQ 'DEDU *UDþDF *UHEOMH ,YDQRYD .RULWD .OHN .OMDNH .R]MDN .UDVQR .UN /XþDQH 0 0DWRNLW 0DOR 5XMQR 0DORYDQ 0HGDþND 6WD]D 0RVRU 0Xü 'RQML 2JRUMH 2OWDUL 3HOMHãDF 3HWURYDF 3RNURYQLN 3UHPXĠLüHYD VWD]D 5DPLQR .RULWR 6HJHW 9UDQMLFD 6HQM 6ODGRYDþNR %UGR 6WDULJUDG 3DNOHQLFD 6XKD 'UDJD 6Y %UGR 6Y 5RN 6YLODMD âXJDUVND 'XOLED 8WUJ 9HOLND 3DNOHQLFD 9HOLNL 9DJDQDF 9HOLNR 5XMQR 9LUSD]DU 9ODNH 9ODãNL *UDG 9RODULFH 9UDWQLN =HORYR 2SKU\V DSLIHUD +XGV ± (XULPHGLWHUUDQHR $$ $& $, $- $1 $3 $5 %% %& %. %= &; &< &= '0 '; (+ (. (1 (; (< )' )+ ). )% ), */ *< +/ /0 1+ 1; 2% 22 27 2= 3; 5) 5+ 5- 5; 5< 5= 6+ 6. 6/ 61 6; 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %LRNRYR %REDUD %RND .RWRUVND %UDþ %ULãHYR %XGYD &DYWDW &UHV &ULNYHQLFD &UQR ýLNROD 'DQLOR *RUQMH GHOWD GHOOD 1HUHWYD 'UDþHYDF 1LQVNL 'UQLã 'UYHQLN 'XEURYQLN 'XULQLüL *DEULOL *RUQML *UXGD +HUFHJ 1RYL +YDU -DEXND -RYLüL .DãWHO *R PLOLFD .DãWHOD .QLQ .RPLåD .RQDYOH .RUoXOD .R]MDN .UDYDUL .UN .UXþH .UXWH .XþLüH .XþLüL /DVWRYR /MXWD /RNUXP /RãLQM 0DORVWRQVNL ]DOMHY 0D VOHQLFD 0LMLüD 6WDMH 0OMHW 0UNDQ 0RGULF 0Xü 0XUWHU 1HRULü 1LQVNL 6WDQR YL 1RYL 9LQRGROVNL 2EURYDF 2JRUMH 2SRU 2PLã 3DUFR 1D]LRQDOH GHOOD .UND 3DãPDQ 3HOMHãDF 3HWURYDF 3ORþH 3RNURYQLN 3RGVWLQMH *RUQMH 3RWUDYOMH 3UL GRYRUMH 3ULYODND 5DGRYLQ 5DGXQLü 5DPOMDQH 5D]DQDF 5RYDQMVND 6HQM 6L ELQM 6LQM 6OLYQLFD 6RQNRYLü 6ULGLYLFD 6WDULJUDG 3DNOHQLFD 6XWLQD 6Y $QGUL $QGUL MD 6Y .OHPHQW 6YLODMD âLEHQLN âLSDQ âROWD 7UHEMHVD 8JOMDQ 8OFLQM 8QHVLü 9DüDQL YDOOH GHOOD &HWLQD 9HOLND 3DNOHQLFD 9LUSD]DU 9LV 9UDWQLN 9UED 9UOLND =DEODüH =DGDU =HORYR äLUMH =UPDQMD 9UHOR =YHNRFLFD äLUMH 2SKU\V EHUWRORQLL VXEVS EHUWRORQLL 0RUHWWL ± $SSHQQLQR %DOFDQLFR $& $- $0 $2 $3 $6 $; $< $: %' %. %= '% '. '0 (+ (. (; (< (= )% ), )< ): *. *< +1 +; +< /: 00 0: 1+ 1; 1< 1= 22 27 3+ 3; 5) 5+ 5/ 5; 5< 6+ 6. 61 63 6< 6: 7% 7' 8; 6WD ]LRQL GL ULQYHQLPHQWR %DU %LOLFH %LRJUDG %LãHYR %ODFD %ODWVNL *DM %RND .R WRUVND %RUDMD %UDþ %ULVWLYLFD %XGYD ûLRYR &UHV &ULNYHQLFD 'ROL 'UYHQLN 'XEURYQLN 'XJL 2WRN *L]GDYDF *UDGLQD *UHEDãWLFD *ULåDQH +YDU ,YDQLFD -DGULMD -DGUWRYDF .DãWHO 6WDUL .RQMHYUDWH .RQMVNR .UDOMHYLFD .UDOMLFH .OLV .QLQ .RQDYOH .RQMVNR .RUoXOD .R]MDN .RåLQR .UN .XNXOLDQRYR /DVWRYR /RãLQM /RYüHQ /XNRYQLN 0DULQD 0RVHü 0RVRU 0Xü 0XUWHU 2EURYDF 2OLE 3DJ 3DUFR 1D]LRQDOH GHOOD .UND 3HOMHãDF 3HWURYDF 3ORþH 3UJRPHW 3ULVQMDN 3ULGYRUMH 3ULPRãWHQ 3UXJRYR 3UYLü 5DE 5DGRVLü 5RJR]QLFD 5XSRWLQD 6HQM 6PULþQMDN 6RODULV 6SOLW 6WDUL %DU 6Y 6WHIDQ 6Y ,OLMD 6YLODMD âLEHQLN âLSDQ 7LYDW 7ULEXQM 8OFLQM 8QHãLü 8JOMDQ 8QLMH 9HOL 5DW 9LU 9LV 9LUSD]DU 9RGLFH 9UDQD 9UJDGD 9USROMH =DEODüH =DGDU =DJRUD =DRVWURJ =HþHYR =ODULQ 2SKU\V EHUWRORQLL VXEVS EHUWRORQLLIRUPLV 2 'DQHVFK ( 'DQHVFK + 6XQG

± 6XEHQGHPLFR $, $- %% %& %' '0 (+ (; 61 7' 6WD]LRQL GL ULQYH QLPHQWR %RND .RWRUVND ýLRYR .DãWHO 6XüXUDF .UXãHYLFH 9LV 266(59$=,21, '(/)25*( H 5266,1, 48,7$'$02 FRQVLGH UDQR LO WD[RQ HQGHPLFR GHO *DUJDQR 2SKU\V ERPE\OLÀRUD /LQN ± 6WHQRPHGLWHUUDQHR $, $: %= '% (+ (. (1 ). )% +/ +; 1+ 1; 22 3; 5) 5; 5< 5= 6+ 61 7' 6< 8; 6WD]LRQL GL ULQYHQLPHQWR %LãHYR %RND .RWRUVND %UDþ &UHV 'XEURYQLN *UXGD +YDU .RQDQRYVNL 'YRUL .RUoXOD .RåLQR /RãLQM 0XUWHU 3HOMHãDF 3ULGYRUMH âLSDQ âROWD 9LV =DGDU 2SKU\V FUDEURQLIHUD VXEVS ELVFXWHOOD 2 'DQHVFK ( 'DQHVFK .ODYHU .UHXW] ± $SSHQQLQR %DOFDQLFR '0 (+ )/ 3. 2; 5; 61 6< 6WD]LRQL GL ULQYHQLPHQWR 0Xü *RUQML +YDU .RUoXOD /DVWRYR 1HRULü 9LV =DGDU 266(59$=,21, $G DYYLVR GL +(57(/ =,516$&. LO WD[RQ YD HVFOXVR GDOOD ÀRUD FURDWD 2SKU\V H[DOWDWD 7HQ VXEVS DUFKLSHODJL *|O] + 5 5HLQKDUG 'HO 3UHWH ± $SSHQQLQR %DOFDQLFR $& %% %& %= '0 (+ (1 (< (= )+ +/ /: 0: 1+ 1; 2/ 5; 5< 6+ 61 63 6< 6: 7. 8% 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR %ODFD &UHV ûLRYR 'UDJH 'UYHQLN *UXGD +HUFHJ 1RYL +YDU .DOLF .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHOD .RQDYOH .RUþXOD .R]MDN .UN .XþLüH /DVWRYR 0DMGDQ 0Xü 3URVLFD 5RJR]QLFD 5XSRWLQD 6HQM 6SOLW 6Y ,OLMD âROWD 9LV =DGYDUMH 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2SKU\V DUDFKQLWLIRUPLV *UHQ 3KLOLSSH 2SKU\V H[DOWDWD 7HQ VXEVS FHSKDORQLFD + % %DXPDQQ 5 6RFD ± 6XEHQ GHPLFR (= )/ 1. 7+ 8% 8; 6WD]LRQL GL ULQYHQLPHQWR %XGYD &DYWDW ûLOLSL *UXGD +HUFHJ 1RYL .RQDQRYVNL 'YRUL 3ULGYRUMH 8OFLQM 9RGRYDGD 266(59$=,21, +(57(/ ( =,516$&. HVDPLQDQGR OD GLVWULEX]LRQH GL 2SKU\V DUFKLSHODJL H 2 FHSKDORQLFD OXQJR OD FRVWD DGULDWLFD RULHQWDOH KDQQR IDWWR SUHVHQWH FKH OH SLDQWH DSSDUWHQHQWL D TXHVWR JUXSSR VL ULQYHQJRQR GDOO¶,VWULD H O¶DUFLSHODJR GHO 4XDUQHUR VLQR DOOH LVROH LRQLFKH HG q VSHVVR GLI¿FLOH DWWULEXLUOH DOO¶XQD R DOO¶DOWUD VSHFLH $ ORUR DYYLVR SHU TXDQWR ULJXDUGD LO WHUULWRULR GDOPDWD QHOO¶LVROD GL &UHV OH SRSROD]LRQL VRQR PRUIRORJLFDPHQWH PROWR YDULDELOL H KDQQR FDUDWWHULVWLFKH LQWHUPHGLH WUD 2 DUFKLSHODJL H 2 WK\UUKHQD *|O] + 5 5HLQ KDUG QHOOH ORFDOLWj GDOPDWH VLWXDWH D QRUG GHOO¶LVROD GL .RUoXOD OD PDJJLRU SDUWH GHOOH SLDQWH FRUULVSRQGH DOOD GHVFUL]LRQH GL 2 DUFKLSHODJL O¶LVROD GL .RUoXOD q LO ORFXV FODVVLFXV GL 2 DUFKLSHODJL QHOOH ORFDOLWj GDOPDWH VLWXDWH D VXG GL .RUoXOD OD PDJJLRU SDUWH GHOOH SRSROD]LRQL YD DVVHJQDWD D 2 FHSKDORQLFD PD VL ULQYHQJRQR DQFKH SLDQWH FKH DVVRPLJOLDQR D 2 DUFKLSHODJL 2SKU\V ÀDYLFDQV 9LV ± (QGHPLFR $& %% '0 (( (+ (1 (< (= )% )/ )< +/ /: 0: 2/ 3; 5; 5= 61 6< 7' 7. 8% 8; 6WD]LRQL GL ULQYHQLPHQWR %DQRYFL %HQNRYDF %ULVWLYLFD %UQLVWURYLFD ûLRYR 'RQML 'RODF

'UDJH *UHEDãWLFD .DãWHO *RPLOLFD .RQMHYUDWH .R]MDN /R]LFD /R]RYDF 0DUL QD 0Xü *RUQML 0XUWHU 1HRULü 3HOHV 3ODQR 3RGUOMDN 3ULPRãWHQ 3URVLFD 3UYLü 5RJR]QLFD 6DSLQD 'RFD 6WXEDOM 6WXSLQ &HOLQH 6Y ,OLMD âROWD 7ULEXQM 7URJLU 8QHãLü 9LVRYDF 9RGLFH =HFHYR 2SKU\V KRORVHULFHD %XUP I *UHXWHU VXEVS GLQDULFD .UDQMFHY 3 'HOIRUJH .UHXW] ± $SSHQQLQR %DOFDQLFR '0 '; (+ (< )+ )/ )< 2/ 22 2; 3. 5; 5= 61 6< 7. 8+ 6WD]LRQL GL ULQYHQLPHQWR %DMDJLü %RND .R WRUVND ýLNROD 'UQLã *DOD *ODYLFH *RUQML 0Xü -DEXND .DUDNDãLFD .LMHYR .OMDNH .QLQ .RQMHYUDWH .R]MDN .UþLü 0RVHü 0Xü 1HRULü 2EURYDF 6LQMVNL 2SRU 2WRN 3UOMHYR 3RGVWLQMH *RUQMH 3RNURYQLN 3RWUDYOMH 3UJRPHW 5DPOMDQH 5RãNL 6ODS 5XPLQ 5XSRWLQD 6LQM 6XWLQD 6YLODMD 9UED 9UOLND 9XNRYLü =HOR YR 0XüNR =UPDQMD 9UHOR 266(59$=,21, '(/)25*( KD GHVFULWWR 2SKU\V SHUVRQDWD FKH D VXR DY YLVR VRVWLWXLUHEEH 2 GLQDULFD LQ ,WDOLD 3RLFKp 2 SHUVRQDWD q FRQWURYHUVR LQ DWWHVD GL FRQIHUPH LQ TXHVWD VHGH VL FRQWLQXD D FRQVLGHUDUH 2 GLQDULFD XQ¶HQWLWj DSSDUWHQHQWH DO FRURWLSR $SSHQQLQR %DOFDQLFR 2SKU\V KRORVHULFHD %XUP I *UHXWHU VXEVS KRORVHULFHD ± (XULPHGLWHUUDQHR $, $- $3 %% %& %= '0 (+ (. )% *< +/ 1+ 2/ 5) 6+ 7' 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %ODFD %DU %RND .RWRUVND %UDþ &UHV &ULNYHQLFD 'UQã 'XEURYQLN +HUFHJ 1RYL +YDU ,PRWVNL -DEODQDF .DãWHO *R PLOLFD .OHN .RUþXOD .UN /DVWRYR /RãLQM 0RODW 0Xü *RUQML 1RYL 9LQRGROVNL 2EURYDF 3DJ 3HOMHãDF 3HWURYDF 5DE 6HQM 6XWLQD âLEHQLN âLSDQ âROWD YDOOH GHOOD &HWLQD 9UDWQLN 9UED =DGDU 266(59$=,21, $G DYYLVR GL %$80$11 HW DO H GL '(/)25*( L OLPLWL GL GLVWULEX]LRQH VXG RULHQWDOL GHO WD[RQ QRQ VRQR FKLDUL 'L FRQVHJXHQ]D q PROWR SUREDELOH FKH YDULH VHJQDOD]LRQL GHEEDQR HVVHUH DVVHJQDWH D VSHFLH VLPLOL 2SKU\V KRORVHULFHD %XUP I *UHXWHU VXEVS VHURWLQD 5ROOL H[ + ) 3DXOXV .UHXW] ± 6XEHQGHPLFR (+ (. 6+ 61 6WD]LRQL GL ULQYHQLPHQWR &UHV *RUQML .UN /RãLQM 0Xü 266(59$=,21, ,O WD[RQ q VHJQDODWR DQFKH LQ ,VWULD )ULXOL 9HQH]LD *LXOLD H YDULH ORFDOLWj GHOO¶,WDOLD FHQWUR PHULGLRQDOH *5,(%/ 3$8/86 3(==(77$ D 5202/,1, 628&+( SRQJRQR LQ VLQRQLPLD LO WD[RQ FRQ 2 WHWUDORQLDH 6HFRQGR '(/)25*( OH GXH HQWLWj GLIIHULVFRQR SHU LO FRORUH H JUDQGH]]D GHOOD FDYLWj VWLJPDWLFD H OD OXQJKH]]D H ODUJKH]]D GHL SHWDOL 2 VHURWLQD q HQGHPLFD GHOO¶,WDOLD &HQWUDOH SULQFLSDOPHQWH $EUX]]R H /D]LR 0HULGLRQDOH 3$8/86 VRVWLHQH FKH LO WD[RQ q SUHVHQWH DQFKH QHOO¶,WDOLD PHULGLRQDOH RYH q LPSROOLQDWR GD (XFHUD FO\SHDWD $G DYYLVR GL %,$*,2/, D 2 VHURWLQD q XQ¶HQWLWj GXEELD FRQ FDUDWWHUL D YROWH YDJDPHQWH SL YLFLQL D 2 WHWUDORQLDH 7HQHQGR FRQWR GL TXDQWR HVSUHVVR GD 3$8/86 *5,(%/ H '(/)25*( VL FRQVLGHUD 2SKU\V KRORVHULFHD VXEVS VHURWLQD XQD EXRQD VSHFLH H VL ULSRUWD LQ TXHVW¶HOHQFR 2SKU\V KRORVHULFHD %XUP I *UHXWHU VXEVS WHWUDORQLDH : 3 7HVFKQHU .UHXW] ± $SSHQQLQR %DOFDQLFR $3 %% '0 '; (+ (< )+ 1. 1; 2/ 2< 5;

5< 6+ 61 6: 7. 6WD]LRQL GL ULQYHQLPHQWR %HQGHU %DMDJLü &UHV ,PRWVNL -DEXND .DUDNDãLFD .QLQ .UN .XþLüH /RãLQM 0Xü *RUQML 0XãNRYFL 1HRULü 2JRUMH 3RGEDEOMH 3RGVWLQMH *RUQMH 3RWUDYOMH 3UYRSROMH 5DGOMHYDF 5DGXQLü 5DPOMDQH 5LþLFH 6LQM 6XWLQD 6YLODMD =HORYR =UPDQMD 9UED 9UHOR äXSD 266(59$=,21, ,Q DFFRUGR FRQ 3$8/86 H '(/)25*( VRQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2SKU\V KRORVHULFHD VXEVS OD[LÀRUD =HOHVQ\ .UHXW] =(/(61< .5(87= 2SKU\V KRORVHULFHD %XUP I *UHXWHU VXEVS XQWFKMLL 0 6FKXO]H .UHXW] ± 6X EHQGHPLFR %= '; ': (+ (< )+ 1. 1; 2/ 2< 2; 5< 6+ 61 6< 6: 7. 6WD]LRQL GL ULQYHQLPHQWR %DMDJLü %ULãHYR &UHV ýLNROD .UN /MXEDþ /RãLQM 0Xü 3DJ 5DE 6LQM 3RWUDYOMH 5DGRYLQ 5DPLüL 5DåDQDF 5WLQD 6SOLW 6XWLQD 7ULEDQM 9UOLND =DGDU =DGYDUMH =HORYR 266(59$=,21, ,Q DFFRUGR FRQ .5(87= H %$80$11 HW DO VRQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2SKU\V PHGHD GHVFULWWD GD '(9,//(56 '(9,//(56 7(56&+85(1 E 3('(56(1 )$8 5+2/'7 FRQVLGHUDQR 2 XQWFKMLL VLQRQLPR GL 2 IXFLÀRUD VXEVS IXFLÀRUD 2 KRORVHULFHD VXEVS KRORVHULFHD 2SKU\V LOO\ULFD 6 +HUWHO . +HUWHO ± $SSHQQLQR %DOFDQLFR %' %= ': (< ). *< 1; 2/ 2< 5< 6+ 61 7. 6WD]LRQL GL ULQYHQLPHQWR &UHV .UN /RãLQM 9LV 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ OH VHJQDOD]LRQL GL 2 VSKHJRGHV VXE VS OLWLJLRVD 2SKU\V LQFXEDFHD %LDQFD VXEVS LQFXEDFHD ± 6WHQRPHGLWHUUDQHR $& $6 %% %& %' $: %. %/ %= &; '. '0 (+ (1 (; (< (= )% ), ). )/ ): *. */ *< +; /: 0: 2/ 5; 5< 5= 6+ 61 6< 6: 7' 7+ 7. 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR %HQNRYDF %LRNRYR %UDþ %UJDW %LãHYR %ULVWLYLFD &UHV ûLRYR 'UDJH 'UQLã 'UYHQLN 'XEURYQLN *L]GDYDF *UDGDF *UHEDãWLFD *UXGD -DEODQDF +HUFHJ 1RYL +YDU .DNDQ .DSULMH .DãWHO *R PLOLFD .DãWHO .DPEHORYDF .DãWHO 6XüXUDF .DãWHO 6WDUL .RQDYOH .RUþXOD .R]MDN .UDSDQM .UN /DVWRYR /RNUXP /RãLQM 0DNDUVND 0LNXOLüL 0OMHW 0XUWHU -DEODQDF -DGULMD 2PLã 3DJ 3HOMHãDF 3ORþLFH 3RGUOMDN 3UDSDWQD 3UJR PHW 3ULPRãWHQ 3ULVQMDN 5LMHND &UQRMHYLüD 5RJR]QLFD 5XSLüL 6HJHW 9UDQMLFD 6HQM 6ODQR 6SOLW 6Y $QGULMD 6Y .OHPHQW âLEHQLN âLSDQ âROWD 7LVQR 7UL EXQM 7URJLU 9LV 9RGLFH 9UJDGD =DGDU =DWRQ äLUMH äUQRYQLFD 2SKU\V LQVHFWLIHUD / ± (XURSHR $- %' %= (+ 1; 5< 6+ 61 6: 7' 6WD]LRQL GL ULQYHQLPHQWR &UHV .OHN .UN /RãLQM 2UORY .Uã 8JOMDQ 9LV =DGDU 2SKU\V ODFDLWDH /RMDF ± $SSHQQLQR %DOFDQLFR %' '0 (+ (; 5; 61 7' 7. 6WD]LRQL GL ULQYHQLPHQWR 0Xü *RUQML 9LV 2SKU\V OHXFDGLFD 5HQ] ± 6XEHQGHPLFR $& %' (1 (; (< )/ +/ /: 0: 5; 5= 6. 61 6< 7' 7. 8; 6WD]LRQL GL ULQYHQLPHQWR %LRNRYR +YDU .DãWHOD 0DNDUVND 3RGVHOMH âROWD 8OFLQM 9LV 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ OH VHJQDOD]LRQL GL 2SKU\V IXVFD /LQN FKH '(/)25*( FRQVLGHUD SUHVHQWH VROR QHO EDFLQR GHO 0HGLWHUUDQHR

2FFLGHQWDOH 3HQLVROD ,EHULFD 0DJKUHE H VWD]LRQL LVRODWH GHOOD )UDQFLD VLQR DO GLSDUWLPHQWR GHO 9DU 2SKU\V OXWHD VXEVS JDOLODHD + )HOLVFK %RUQP 6Ry >6LQRQ 2SKU\V OXWHD VXEVS VLFXOD 7LQHR 6ROGDQR@ ± 0HGLWHUUDQHR 2ULHQWDOH $& $3 %& %' %. '0 (+ (; (< (= )/ ): +/ +; +< /: 0: 1; 3; 5/ 5; 5= 6+ 61 6< 7+ 7' 7. 8; 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %LRNRYR %UDþ ûLRYR &UHV 'XJL 2WRN *UHEDãWLFD +YDU .DãWHO .DPEHORYDF .DãWHO âXFXUDF .DãWHO 6WDUL .DãWHOD .OLV .RUþXOD .R]MDN 0DMGDQ 0DNDUVND 0OMHW 2SX]HQ 3HOMHãDF 3ODQR 5DYD 5RJR]QLFD 5XSRWLQD 6LOEH 6Y .OHPHQW 6YHWL 3HWDU âLSDQ âROWD 8OFLQM 9LV 9UJDGD =DGDU =DRVWURJ 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2SKU\V PHOH QD 5HQ] + ) 3DXOXV *DFN XQ¶HQWLWj PROWR FRQWURYHUVD 2SKU\V OXWHD VXEVS OXWHD &DYDQLOOHV ± 6WHQRPHGLWHUUDQHR $5 &< (+ )' )/ 1+ 5- 5= 7' 6< 8; 6WD]LRQL GL ULQYHQLPHQWR GHOWD GHOOD 1HUHWYD 'XEUR YQLN +YDU .RQDYOH .RUþXOD 0OLQL 0RVRU 3HOMHãDF 6UHEUHQR äLUMH 266(59$=,21, $G DYYLVR GL %$80$11 HW DO H '(/)25*( LO WD[RQ QRQ q SUHVHQWH LQ &URD]LD &RQVLGHUDWD O¶DXWRUHYROH]]D GHOOH IRQWL ELEOLRJUD ¿FKH FKH OR FLWDQR q VWDWR ULSRUWDWR QHOO¶HOHQFR ÀRULVWLFR 2SKU\V PLQXVFXOD * 7KLHOH 9 7KLHOH + 3UHVVHU 6 +HUWHO ± 6XEHQGHPLFR )/ 2< 7. 6WD]LRQL GL ULQYHQLPHQWR %UDþ ûLOLSL .RQDYOH /DVWRYR 266(59$=,21, ,O UDQJR WDVVRQRPLFR GHO WD[RQ q FRQWURYHUVR (VVR IX GHVFULWWR GD * ( : 7+,(/( FRPH YDULHWj GL 2 FRUQXWD 3 '(9,//(56 - '(9,//(56 7(56&+85(1 LQYHFH OR FRQVLGHUDQR XQD YDULHWj GL 2 FHUDVWHV + 35(66(5 6 +(57(/ OR HOHYDQR DO UDQJR VSHFL¿FR '(/)25*( FRQVLGHUD LO WD[RQ XQD EXRQD VSHFLH H OR LQVHULVFH LQVLHPH D 2 UKRGRVWH SKDQH QHO JUXSSR GL 2 RHVWULIHUD Ê PROWR SUREDELOH FKH GLYHUVH VHJQDOD]LRQL IDWWH LQ 'DOPD]LD GL 2 UKRGRVWHSKDQH D ¿RULWXUD WDUGLYD GHEEDQR HVVHUH DWWULEXLWH D 2 PLQXVFXOD 2SKU\V PRQWHQHJULQD + %DXPDQQ .ĦQNHOH 'HYLOOHUV 7HUVFKXUHQ 3 'HY LOOHUV ± 6XEHQGHPLFR $- (+ (< (= )/ /: 00 0: 1. 22 5) 61 8% 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR %DU %RND .RWRUVND %XGYD &DYWDW ûLOLSL 'UYHQLN 'XEUDYND 'XEURYQLN *UXGD +HUFHJ 1RYL .OLQFL .RPDML .RQDQRYV NL 'YRUL 0LKDQLþL 0LNXOLüL 0OLQL 0RþLüL 3ORþLFH 3ULGYRUMH 5DGRYLüL 6HRFD 6Y 6WHIDQ 8OFLQM 9LUSD]DU 9RGRYRGD 2SKU\V SDVVLRQLV VXEVS SDVVLRQLV 6HQQHQ H[ 'HYLOOHUV 7HUVFK 'HYLOOHUV VLQ 2 JDUJDQLFD 2 'DQHVFK ( 'DQHVFK ± 0HGLWHUUDQHR 2FFLGHQWDOH '0 (= )/ 1. 6< 6WD]LRQL GL ULQYHQLPHQWR %ODFH 'XED .RQDYOH .RUþXOD /DVWRYR 3UHåED 2SKU\V SKDULD 'HYLOOHUV 7HUVFK 3 'HYLOOHUV ± (QGHPLFR '- (+ 2/ 2; 5; 61 8+ 8; 7. 6WD]LRQL GL ULQYHQLPHQWR +YDU 0Xü *RUQML 5XSRWLQD 6XWLQD 9LV 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ OH VHJQDOD]LRQL GL 2SKU\V KRORVH ULFHD VXEVS PD[LPD 9g7+ /h6&+/ *g/= 5(,1+$5'

$QFKH LO UDQJR WDVVRQRPLFR GL 2SKU\V SKDULD q FRQWURYHUVR %$80$11 HW DO OR FRQVLGHUDQR VLQRQLPR GL 2SKU\V KHOGUHLFKLL 6FKOHFKWHU VXEVS KHOGUHL FKL 3HU +(57(/ 35(66(5 2 SKDULD q VLQRQLPR GL 2 KRORVHULFHD VXEVS DSXOLFD 2 'DQHVK ( 'DQHVK %XWWOHU 2SKU\V SKU\JDQDH - 'HYLOOHUV 7HUVFKXUHQ 3 'HYLOOHUV ± 0HGLWHUUDQHR 2ULHQ WDOH %= (+ (1 /< 1; 6+ 61 6WD]LRQL GL ULQYHQLPHQWR &UHV .RUþXOD âROWD 2SKU\V UHLQKROGLL 6SUXQHU H[ )OHLVFKP 6XEHQGHPLFR $- 22 5+ 61 6WD ]LRQL GL ULQYHQLPHQWR %RND .RWRUVND 0UNRYL 2SKU\V UKRGRVWHSKDQH 3 'HYLOOHUV - 'HYLOOHUV 7HUVFKXUHQ ± (QGHPLFR $& $, $- $. $0 $1 $2 $3 $5 $= %% %& %' %< &; &< '0 '- '; (1 (; (< )& )+ )/ )< *' +1 +/ +; 1+ /: 00 0: 2/ 22 27 2< 0; 3+ 5) 5+ 5- 5; 5= 6. 61 6< 7% 7' 7. 8; 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %DU %LRJUDG %LRNRYR %ODFH %REDUD %RND .RWRUVND %RUDMD %UDþ %XGYD &LOLSL ýLNROD ýLRYR 'ROL 'UDJH 'UQLã 'UYHQLN 'XJL 2WRN 'XEURYQLN *L]GDYDF *UXGD +HUFHJ 1RYL +YDU ,ORYLN ,YDQLFD -XUOLQH .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHO âXFXUDF .DãWHO 6WDUL .OLV .ORVWHU %XOMDULFD .QLQ .RQMVNR .RQDYOH .RQMHYUDWH .RUþXOD .RUQDWL .R]MDN .UDOML FH .UXþH .UXWH /DVWRYR /RNUXP /R]RYDF 0DORVWRQVNL ]DOMHY 0OMHW 0RGULF 0RVHü 0RVRU 0UNDQ 0Xü 1HRULü 1LQ 2OLE 2JRUMH 2SRU 3HOMHãDF 3HWURYDF 3UDSDWQLFD 3UJRPHW 3ULGYRUMH 5DGRVLü 5DGRYLüL 5DPOMDQH 5LMHND &UQRMHYLüD 5RJR]QLFD 5RYDQMVND 6LOEH 6LQM 6ROLQ 6WDULJUDG 6YLODMD 6Y ĈRUÿH 6Y 6WHIDQ âLSDQ âROWD 6WD]D 7ULEDQM 8JOMDQ 8OFLQM 8WUJ YDOOH GHOOD &HWLQD 9LGRQMH 9LUSD ]DU 9LV 9ODND 9RGLFH 9UED 9UOLND =DGDU =DWRQ =HORYR äLUMH =UPDQMD 9UHOR 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2SKU\V ELFRUQLV 6DGOHU LQ 1HQGYLFK 2 VFRORSD[ &DY VXEVS FRUQXWD 6WHYHQ &DPXV H 2 VFRORSD[ &DY VXEVS VFRORSD[ 2SKU\V VSKHJRGHV VXEVS VSKHJRGHV 0LOO ± (XULPHGLWHUUDQHR $& $) $+ $- $3 %% %& %' %= '0 '; '< (+ (. (; (< (= )% )' )+ ), ). )/ )< */ *< +1 /0 /: /= 00 0< 1+ 1. 1; 1< 2% 2/ 22 2< 27 2= 3; 5- 5. 5< 5= 6+ 6. 61 6< 6: 6= 7' 7+ 7. 7/ 71 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DGLMD %DMDJLü %DU %HQNRYDF %HWLQD %LRNRYR %LãHYR %ODFD %ODFH %OL]QD *RUQMD %REDUD %RND .RWRU VND %UDþ %UJDW %ULVWLYLFD %XGYD &UHV ûLOLSL ýLRYR 'UDJH 'UQLã 'UYHQLN 'XEURYQLN 'XJL 2WRN 'XULQLüL *L]GDYDF *RGLQMH *RURYLüL *UDGDF *UXGD +HUFHJ 1RYL +YDU ,JDOR ,PRWVNL .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHO âXFXUDF .DãWHO 6WDUL .DãWHOD .OHN .OMDNH .ORVWHU %XOMDULFD .QLQ .RPDML .RQDYOH .RUþXOD .RUQDWL .R]MDN .UDSDQM .UN .UXVHYLFH .XþLüH .XSDUL /DVWRYR /RNUXP /RãLQM /XþLFD 0 0DWRNLW 0DNDUVND 0DUDVRYLQH 0LNXOLüL 0OMHW 0ROXQDW 0RVRU 0UNDQ 0UNRYL 0Xü 'RQML 0Xü *RUQML 0XUWHU 1HRULü 1RYL 9LQRGROVNL 2ERQMDQ 2EURYDF 2ERG 2PLã 3DJ 3HOMHãDF 3HWURYDF 3LUR YDF 3ORþLFH 3RGRVWURJ 3RWUDYOMH 3ULGYRUMH 3ULPRãWHQ 3URVLFD 3UYLü 5DGRVLü 5DGRYLüL 5DPOMDQH 5HåHYLüL 5RJR]QLFD 5XSRWLQD 5RVH 6HQM 6HRFD 6LQM

6NUDGLQVNR 3ROMH 6SOLW 6ULQMLQH 6WDULJUDG 3DNOHQLFD 6XWLQD 6XWRPRUH 6Y $QGULMD 6Y ,OLMD 6Y .OHPHQW 6Y 6WHIDQ âüDGLQ âLEHQLN âLSDQ âROWD 7LVQR 7LYDW 7ULEXQM 8OFLQM 8QLMH YDOOH GHOOD &HWLQD 9HOL 'UYHQLN 9LU 9LUSD]DU 9LV 9LWDOMLQD 9RGLFH 9RGRYDGD 9UDQD 9UDWQLN 9UJDGD 9UQLN =DGDU =DGYDUMH =HþHYR =YHNRYLFD 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2 OLEXUQLFD 'HYLOOHUV 'HYLOOHUV 7HUVFKXUHQ FKH '(/)25*( H DOWUL ULFHUFDWRUL VH 5*( H DOWUL ULFHUFDWRUL VH JQDODQR LQ GLYHUVH ORFDOLWj PHQWUH .5(87= %$80$11 HW DO +(57(/ =,516$&. H *5,(%/ OR SRQJRQR LQ VLQRQLPLD FRQ 2 VSKHJRGHV 6HFRQGR '(9,//(56 '(9,//(56 7(56&+85(1 F H '(/)25*( WXWWH OH VHJQDOD]LRQL GL 2 VSKHJRGHV IDWWH QHOOH ]RQH PHGL WHUUDQHH GHOOD &URD]LD GHYRQR HVVHUH DWWULEXLWH DG DOWUL WD[D 2SKU\V VSKHJRGHV VXEVS WRPPDVLQLL 9LV 6Ry ± $SSHQQLQR %DOFDQLFR $& $: %' %= '% '. (+ (1 (; (< (= )/ )< *; *< /: 00 0: 1+ 1. 1; 2/ 22 3; 5- 5< 5= 6+ 61 6< 6: 8+ 7' 7. 8; 6WD]LRQL GL ULQYHQLPHQWR %LãHYR %RND .RWRUVND %UDþ &UHV GHOWD GHOOD 1HUHW YD 'XJL 2WRN 'XEURYQLN 'XULQLFL +YDU *UXGD .DãWHOD .OMDNH .OLQLFL .RQDYOH .RQMHYUDWH .RUþXOD .UN /DELQ /DVWRYR /RãLQM /RNUXP /RYüHQ /R]RYDF 0DUDVRYLQH 0DULQD .UPLN 0LNXOLüL 0OMHW 0RVHü 2SRU 3HOMHãDF 3ORþLFH 3UJRPHW 3ULPRãWHQ 5DE 5DGRYLüL 5RJR]QLFD 6DYDU 6HQM 6Y $Q 5DGRYLüL 5RJR]QLFD 6DYDU 6HQM 6Y $Q 5RJR]QLFD 6DYDU 6HQM 6Y $Q GULMD âLSDQ âROWD 7URJLU 8OFLQM 9LV 9LWDOMLQD 9RGLFH =DGYDUMH =HþHYR =YH NRYLFD äGUDSDQM =DQMLF 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2SKU\V DUD QHROD 5HLFK H 2 VSKHJRGHV 0LOO VXEVS LQFDQWDWD 'HYLOOHUV 'HYLOOHUV FRQ ORFXV FODVVLFXV D 3ULPRãWHQ 6HFRQGR '(/)25*( 2 LQFDQWDWD DSSDUWLH QH DOOD SULPD RQGDWD GL ¿RULWXUH GHOOH VSHFLH GHO JUXSSR GL 2SKU\V VSKHJRGHV D SLFFROL ¿RUL H ROWUH FKH LQ 'DOPD]LD q SUHVHQWH DQFKH LQ $EUX]]R ,O IDWWR FKH 2 LQFDQWDWD GLD RULJLQH D LQGLYLGXL LEULGL FRQ 2 WRPPDVLQLL 5277(167(,1(5 GLPRVWUD FKH OD ¿RULWXUD GHL GXH WD[D SXz HVVHUH FRQWHPSRUDQHD 3HU +(5 7(/ =,516$&. H %$80$11 HW DO 2 LQFDQWDWD q VLQRQLPR GL 2SKU\V VSKHJRGHV VXEVS WRPPDVLQLL 2SKU\V VXOFDWD 'HYLOOHUV 7HUVFK 3 'HYLOOHUV ± 0HGLWHUUDQHR 2FFLGHQWDOH *< 1; 5< 6+ 6WD]LRQL GL ULQYHQLPHQWR &UHV /RãLQM 2SKU\V WHQWKUHGLQLIHUD VXEVS QHJOHFWD 3DUO ( * &DPXV ± 6WHQRPHGLWHUUDQHR $- (+ (< )/ 3; 5= 5; 61 6< 7+ 7. 8+ 6WD]LRQL GL ULQYHQLPHQ WR ûLOLSL ûLRYR 'XEURYQLN *DEULOL *UXGD .RQDYOH .RUþXOD /DVWRYR 0OMHW 0RþLüL 3HOMHãDF 3HWURYDF 3ULGYRUMH âROWD 9RGRYRGD 2SKU\V ]LQVPHLVWHUL $ )XFKV =LHJHQVSHFN SUR K\EU VLQ 2SKU\V NYDUQHUL 3HUNR .HUVFKEDXPVWHLQHU ± (QGHPLFR $$ &: '- (< (9 *< )/ 1. 1; 2/ 2< 2; 5) 5< 6+ 6: 7. 6WD]LRQL GL ULQYHQLPHQWR &UHV .DOLF .UN /RãLQM 6HQM 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2 RHVWUL IHUD 0DUVKDOO YRQ %LHEHUVWHLQ H 2 VFRORSD[ &DYDQQLOOHV IDWWH QHOO¶DUFLSHODJR

TXDUQHULQR 2UFKLV DQWKURSRSKRUD / $OO ± 0HGLWHUUDQHR $WODQWLFR $& $, $- $1 $2 $5 %' %= '0 (+ (; (< ). /: 0: 1+ 2< 3; 5- 5; 5< 5= 6+ 61 6< 7+ 7. 8; 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %UDþ &UHV GHOWD GHOOD 1HUHWYD 'XEURYQLN *UXGD +YDU ,OLMLQ 9UK -DEODQDF .RQDYOH .RUþXOD /DV WRYR /RãLQM 0DORVWRQVNL ]DOMHY 0OMHW 3HOMHãDF 3HWURYDF 3ROMLFH 3ULPRãWHQ 6HQM 6ODQR âLSDQ âROWD 9LV 9RGLFH 2UFKLV LWDOLFD 3RLU ± 6WHQRPHGLWHUUDQHR $& $, $1 $3 %' &; '0 (+ (. (1 (; (< (= ). +/ 1% 1+ 0< /: 0: 2% 27 3; 5- 51 5; 6+ 6. 61 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %ODFH %UDþ &UHV ýLRYR 'XEURYQLN +YDU .DãWHO 6WDUL .DãWHOD .RQDYOH .RUþXOD .R]MDN .UH PHQD /DELãQLFD /DVWRYR /RãLQM 0DORVWRQVNL ]DOMHY 0OMHW 3HOMHãDF 3ODQR 5R JR]QLFD 5XSRWLQD 6PRNYLFD 6ROLQ âLSDQ âROWD 8OFLQM 9LV 2UFKLV PDVFXOD / / VXEVS PDVFXOD ± (XURSHR $) $3 %% '0 (+ (< 26 56 61 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %LRNRYR %REDUD %RND .RWRUVND %UDþ %XNRYLN 'XEURYQLN *L]GDYDF .OHN .QHåHYLüL .RQDYOH .UDVQR .UN .UXJ /RNUXP 0DOL 5DMLQDF 0DOL 6WRODF 0DOR 5XMQR 0RGULF 0UNDQ 0 $ODQ 2OWDUL 2UOMDþD 3RVWDN 3UHPXĠLüHYD VWD]D 6HQM 6WLURYDþD 6X WLQD 6Y %UGR âLSDQ 8OFLQM 9LUSD]DU 9ODãNL *UDG =DGDU =DYLåDQ =HþMDN =HORYR 266(59$=,21, 9DULH YRFL GHOOD ELEOLRJUD¿D FRQVXOWDWD ULSRUWDQR O¶LQGLFD]LRQH GL 2UFKLV PDVFXOD VHQ]D VSHFL¿FDUH OD VRWWRVSHFLH VH PDVFXOD R VSHFLRVD $OWUL ULFHUFDWRUL VHJQDODQR OD SUHVHQ]D GL 2UFKLV RYDOLV ) : 6FKPLGW H[ 0D\HU VLQRQ 2 PDVFXOD VXEVS VSHFLRVD $G DYYLVR GL *8//, 726, F OD VXEVS VSH FLRVD q GL GXEELR YDORUH WDVVRQRPLFR 'L FRQVHJXHQ]D LQ DFFRUGR FRQ WDOH WHVL H LQ FRQVLGHUD]LRQH GHOOH LQFHUWH]]H WDVVRQRPLFKH ULVFRQWUDWH QHOOD ELEOLRJUD¿D FRQ VXOWDWD VL q GHFLVR GL ULFRQGXUUH WXWWH OH VHJQDOD]LRQL ELEOLRJUD¿FKH D 2 PDVFXOD VXEVS PDVFXOD 2UFKLV PLOLWDULV / ± (XUDVLDWLFR $$ $& $, $- (+ (. (< ). *< 1; 5< 5= 6+ 61 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %RND .RWRUVND &UHV 'H EHOR %UGR 'XEURYQLN ,YDQRYD .RULWD .RãOMXQ .UDVQR .UN 0 $ODQ 0HGDUH 1LNãLü 2JRUMH 2PLã 3DJ 6HQM 6Y 5RN 6YLODMD 9ODãNL JUDG 9UDWDVNL .XN 9UDWQLN =HORYR äGUDSDQM 2UFKLV SDOOHQV / ± (XURSHR &DXFDVLFR (+ (. )+ 51 61 6WD]LRQL GL ULQ 6WD]LRQL GL ULQ YHQLPHQWR %DãNH 2VWDULMH 'XEURYQLN .OHN 0OMHW 6HQM 9ODĞNL *UDG 9UVXWD 2UFKLV SDXFLÀRUD 7HQ ± 6WHQRPHGLWHUUDQHR $& $, $- $0 $3 $= %% %' %< %= &; '0 (+ (; (< ). +/ +1 /< /: 00 1% 1; 2% 22 3; 5' 5) 51 5; 5< 5= 6+ 61 6< 6: 6= 7. 71 8; 6WD]LRQL GL ULQYHQLPHQWR %DU %ODFH %LRNRYR %RND .RWRUVND %RVDQND %UDþ %ULVWLYL FD %UþHOL %URWQLFH %XGYD %XUDYFL &DYWDW &UHV ýLRYR 'XERYLN 'XEUDYD 'XJREDEH *L]GDYDF *RGLQMH *RUQMD %UHOD *UHEDãWLFD *UXGD +HUFHJ 1RYL +YDU ,YDQLFD .DãWHO âXFXUDF .OLV .RþLQMH %UGR .RQDYOH .RQMVNR .RUþXOD .R]MDN .UDOMHYDF .UDOMLFH .UDSDQM .UN .UYDYDF .XQD .RQDYRVND /RãLQM

0 0DWRNLW 0DOD 3DNOHQLFD 0LKDQLüL 0LNXOLüL 0OMHW 0RVRU 0Xü 1LNãLü 1MHJXãL 1MLHYH /HNLQH 2JRUMH 2SRU 3DUFR 1D]LRQDOH GHOOD .UND 3HOMHãDF 3H WURYDF 3LåLQRYDF 3RGUOMDN 3ROMLFH 3RVWiN 3UJRPHW 3ULPRãWHQ 3URPLQD 3UX JRYR 5DGLQMH 5DGRVLü 5DGRYLüL 5RJR]QLFD 5RVH 6HRFD 6XWLQD 6XWRUPDQ 6YLODMD âLEHQLN âLSDQ âROWD 7UHEMHVD 7URJLU 8QHVLü 8WUJ 9LUSD]DU 9LV 9LVR UDYDQ 9ODGLPLU 9RGRYRGD 9UDQD 9UED =DELRNRYOMH =HORYR äDQMLF 2UFKLV SURYLQFLDOLV %DOE ([ /DP ± 6WHQRPHGLWHUUDQHR $$ $& $, $. $0 %= (+ (. (< )% ), ). */ 1+ 1; 2; 2= 51 5- 6+ 61 6: 7' 6WD]LRQL GL ULQYHQLPHQWR %LRNRYR %RND .RWRUVND %UDþ %UþHOL %XGYD &UHV GHOWD GHOOD 1HUHWYD 'LQDUD 'XEURYQLN +YDU .DãWHO *RPLOLFD .OLV .QLQ .RQD YOH .RUþXOD .R]MDN .UDSDQM .UN .UND /RãLQM 0OMHW 0RVRU 1RYL 9LQRGRO VNL 2EURYDF 2VWURV 3DJ 3DOHUD 3UDSXWQMDN 3URPLQD 6HQM 6SOLW 6XWRUPDQ 6Y .OHPHQW âLEHQLN âLSDQ 7URJLU 8WUJ 9LU 9LUSD]DU 9LV =DGYDUMH 2UFKLV SXUSXUHD +XGV ± (XUDVLDWLFR $& $) $- $3 $6 %% %& &= '0 (+ (. (; (< )% ). *' *< +6 +; /: /= 0; 0: 1+ 1; 2% 26 3; 5- 5; 5< 5= 6+ 61 6< 6: 7' 7. 8+ 8; 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %ODFH %UDþ %UþHOL &UHV &ULNYHQLFD ýLNROD 'D]OLQD 'LQDUD 'UHYQLN 'UQLã 'XEURYQLN 'XJL 2WRN +HUFHJ 1RYL +YDU -DEODQDF .DVWDY .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHO 6WDUL .DãWHO âXFXUDF .DãWHOD .OLV .QHåHYLüL .RORþHS .RUþXOD .R]MDN .UDVQR .ULåQLFH .UN .UNRYLF .UQH]D .UYDYDF .XþLüH /MXEDþ 6WDQRYL /MXEDþ 6WDQRYL /RãLQM 0DOL 5DMLQDF 0RVHü 0RVRU 0Xü *RUQML 0XUWHU 1MLHYH /HNLQH 2OWDUL 2SRU 2UMDþD 3DJ 3HOMHãDF 3LUDPDWRYFL 3LåLQRYDF 3RVHGDUMH 3RVWLQMH 3UDSDWQLFD 3UHPXĠLüHYD VWD]D 3U JRPHW 3ULYODND 3UYRSROMH 5DPOMDQH 5XPLQ 5XSRWLQD 6HQM 6LQM 6NUDGLQVNR 3ROMH 6ODQR 6SOLW 6WDQLüL 6WDULJUDG 3DNOHQLFD 6XWLQD 6Y $QGULMD 6Y %UGR âüDGLQ âLEHQLN 7URJLU YDOOH GHOOD &HWLQD 9HOLND 3DNOHQLFD 9HOLNR 5XMQR 9LV 9ODãNL *UDG 9RGLFH 9UED 9UDWQLN =DEODüH =DELRNRYOMH =DGDU =DGYDUMH =DWRQ =HORYR =ODULQ =UPDQMD 9UHOR äGUDSDQM 2UFKLV TXDGULSXQFWDWD &LULOOR H[ 7HQ ± 0HGLWHUUDQHR 2ULHQWDOH $& $, $- $1 $2 $3 $5 $6 $= %% %& %' %/ &; '0 (+ (. (; (< (= ). )< */ *< +/ +; /; /: 00 0: 1+ 2% 22 3; 5) 5- 51 5; 5= 6+ 61 6< 6= 7% 7' 7. 7/ 71 8; 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %LOLFH %LRJUDG %LRNRYR %ODFH %RND .RWRUVND %UDþ %XGYD ûLRYR &UHV &UQR 'UDJH 'UYHQLN 'XEUDYD 'XEURYQLN *L]GDYDF *UDGLQD *UHEDãWLFD *UXGD +YDU -D GULMD .DNDQ .DSULMH .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .OHN .RþLQMH %UGR .RORþHS .RPLQ .RQDYOH .RQMHYUDWH .RUþXOD .R]MDN .UDSDQM .UN .UYD YDF /RãLQM /R]LFD 0DORVWRQVNL ]DOMHY 0DUDVRYLQH 0DULQD 0 0DWRNLW 0OMHW 0RODW 0ROXQDW 0RVHü 0UNRYL 0XUWHU 2SRU 2VWURV 3DþDUDÿH 3HOHV 3HOMHãDF 3HWURYDF 3LåLQRYDF 3ULGYRUMH 3RGUOMDN 3ROMLFH 3UDSDWQLFD 3ULPRãWHQ 3URNOMDQ 5DE 5DGRYLüL 5DGRVLü 5LMHND &UQRMHYLüD 5RJR]QLFD 5RVH 6HJHW 9UDQMLFD 6HRFD 6LQM 6ODQR 6PULþQMDN 6SOLW 6XWRUPDQ 6Y .OHPHQW 6YLODMD âLEHQLN âROWD 7URJLU 8WUJ 9RGLFH 9LUSD]DU 9LV 9LWDOMLQD 9UDQD 9UJDGD 9UJRUDF 9UVQR =DGDU =DRVWURJ =DWRQ =GUDSDQM äDQMLF

2UFKLV VLPLD /DP ± (XULPHGLWHUUDQHR $& $, $- %= (+ (. )% )+ ). */ +1 /: 00 1+ 1; 22 3; 5' 5) 5. 51 5< 5= 6+ 61 6; 6< 7' 7. 6WD]LRQL GL ULQYHQLPHQWR %RND .RWRUVND %UDþ %XGYD %XUDYFL &UHV 'XEURYQLN *UXGD +HUFHJ 1RYL +YDU .OMDNH .QLQ .RQDYOH .RUþXOD .R]MDN .UN /RãLQM 0OMHW 2EURYDF 0Xü .RUþXOD 3DþDUDÿH 3DJ 3HOMHãDF 3HWURYDF 3ROMLFH 5LMHND &UQRMHYLüD 6HQM 6WDUL %DU 6XWRUPDQ 6Y .OHPHQW âLEHQLN 7UHEMHVD 9HOHELW 9HUXGD 9LU 9LUSD]DU 9LV 9UQLN =DGDU 2UFKLV VSLW]HOLL 6DXW ± (XURSHR &DXFDVLFR $& $2 (+ (. 0: 1+ 3; 51 6. 61 6WD]LRQL GL ULQYHQLPHQWR %UDþ 'XEURYQLN +YDU -HUNRYDF .RUþXOD .R]MDN .UXJ 0DOR 5XMQR 0OMHW 6Y %UGR 3HOMHãDF 8OFLQM 9ODãNL *UDG 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ WXWWH OH VHJQDOD]LRQL GL 2UFKLV SD WHQV 'HVI IDWWH LQ YDULH LVROH 3ODWDQWKHUD ELIROLD / 5FKE VXEVS ELIROLD ± 3DOHRWHPSHUDWR $& $, $= %% (+ (. (< ). *% 1; 22 26 5) 6+ 61 6: 6WD]LRQL GL ULQYH QLPHQWR %DãNH 2VWDULMH %LOMHYLQH %LRJUDG %RND .RWRUVND %XQRYDF &UHV -HORYDF .DVWDY .UDVQR .OHN .UN /LVDF /MXELþNR %UGR 0DORYDQ 0 $ODQ 0 =DYLåDQ 0HGDþND 6WD]D 0DORYDQ 0Xü 2JRUMH 2WRN 3UHPXĠLüHYD VWD]D 6HQM 6Y %UGR 6Y 5RN 6YLODMD âDWRULQD 9HOLNL .R]MDN 9LOXVL 9LQRGRO 9LU 9LVRþLFD 9ODGLPLU 9UDWQLN =DGDU =HORYR äHUDYD 3ODWDQWKHUD FKORUDQWKD &XVWHU 5FKE ± (XURVLEHULDQR $& $, $- $. $0 $3 %% %= &. (+ (< ). 1; 2; 5; 5= 6+ 6< 6: 6= 7. 6WD]LR QL GL ULQYHQLPHQWR %ODFD %RND .RWRUVND %UþHOL &UHV *RUQMD %UHOD ,PRWVNL ,YDQRYD .RULWD .R]MDN .UDVQR .UN /XþDQH 0 $ODQ 0 0DWRNLW 0RVHü 0RVRU 1HRULü 0Xü 'RQML 0Xü *RUQML 2OWDUL 2SRU 2VWURV 3HWURYDF 3UHVMH ND 3UJRPHW 6LQM 6XWLQD 6YLODMD 8WUJ YDOOH GHOOD &HWLQD 9LUSD]DU 9ODGLPLU 9UED =HORYR 0XüNR äHUDYD 6HUDSLDV EHUJRQLL &DPXV 6LQRQ 6HUDSLDV YRPHUDFHD %XUP %ULT VXEVS OD [LÀRUD 6Ry *|O] 5HLQKDUG ± 0HGLWHUUDQHR 2ULHQWDOH $+ $, $- (1 +/ 22 2: 5' 5) 56 5= 6+ 6< 6: 7' 7< 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %DU %LãHYR %RND .RWRUVND %UDþ %XGYD ýDQM +YDU .ORVWHU %XOMDUL %LãHYR %RND .RWRUVND %UDþ %XGYD ýDQM +YDU .ORVWHU %XOMDUL ýDQM +YDU .ORVWHU %XOMDUL +YDU .ORVWHU %XOMDUL FD .RORþHS .RPLåD .RUþXOD .UN /RNUXP /RãLQM 3HOMHãDF 3HWURYDF 6HRFD 6XWRPRUH 6Y ĈRUÿH 6Y 6WHIDQ âROWD 8OFLQM 9LUSD]DU 9LV 9ODGLPLU 6HUDSLDV FRUGLJHUD / ± 6WHQRPHGLWHUUDQHR $+ $- %& &; '0 00 1; 22 27 2: 5) 6. 61 6< 6: 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %RND .RWRUVND 'XEURYQLN 'XJL 2WRN .RORþHS .RQDYOH .RUþXOD .UN /D .RUþXOD .UN /D .UN /D VWRYR 0DNDUVND 0OMHW 1LQ 1LQVNL 6WDQRYL 3DJ 3HOMHãDF 3ROMLFD 5DGRYLüL 6ROLQ 6Y 6WHIDQ âLSDQ 8OFLQM =HOHQLND 6HUDSLDV LRQLFD ( 1HOVRQ + %DXPDQQ .ĦQNHOH ± 6XEHQGHPLFR $& '% (+ *: +/ /: 0: 2< 2: 3; 5; 5= 61 6< 8; 6WD]LRQL GL ULQYH 6WD]LRQL GL ULQYH QLPHQWR %UDþ +YDU .RUþXOD 0XUWHU 3HOMHãDF âROWD 6HUDSLDV LVWULDFD ± (QGHPLFR &, (< *: 6+ 6: 6WD]LRQL GL ULQYHQLPHQWR &UHV .UN /RãLQM

6HUDSLDV OLQJXD / ± 6WHQRPHGLWHUUDQHR $& $, $- $1 $2 %= (+ (< )& ). +1 +< /< 00 0< 1. 1; 22 27 2: 3; 5' 5) 5< 5: 5= 6+ 6. 65 6< 6: 7< 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DU %LMHOD %R EDUD %RND .RWRUVND %UDþ %XGYD &UHV ýDQM ûLOLSL 'UHYHQLN 'XEURYQLN 'XJL 2WRN 'XULQLFL *DEULOL *UXGD +HUFHJ 1RYL +YDU .ORVWHU %XOMDULFD .RORþHS .RQDYOH .RUþXOD .RåLQR .UN .XEDVL /DVWRYR /MXWD /RNUXP /RSXG /RãLQM 0DNDUVND 0DORVWRQVNL ]DOMHY 0LKDQLüL 0OMHW 0RODW 0ROXQDW 0UNDQ 1LQVNL 6WDQRYL 2ERG 2ãWUD *ODYD .XSDUL 3HOMHãDF 3HWURYDF 3ROMLFD 3ULGYRUMH 3UH YODND 5DE 5DGRYLüL 6WDUL %DU 6XWRPRUH 6XWRULQD 6Y 'RUGH 6Y /XFLMD 6Y 6WHIDQ âLSDQ 8OFLQM 9LU 9LWDOMLQD =DJRUD =DGDU =HOHQLND =YHNRFLFD 6HUDSLDV SDUYLÀRUD 3DUO ± 6WHQRPHGLWHUUDQHR $& $: %& %' &$ &; &< '0 (+ (1 (; (< ). ): ++ +/ +1 +< 00 1< 2: 1; 3; 5' 5+ 5; 5: 5= 6+ 61 6< 7' 8; 6WD]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DU %LãHYR %UDþ &UHV ýLRYR 'XED .RQDYRVND 'XEURYQLN 'XJL 2WRN +YDU *UXGD .DNDQ .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .OLV .RQDYOH .RUþXOD .R]MDN /DVWRYR /RãLQM 0DNDUVND 0HWHUL]L 0LKDQLüL 0LãQMDN 0OMHW 0RODW 0XþLüL 0XUWHU 1HRULü 1LQ 1MLYLFH 3HOMHãDF 3ULYODND 5DE 5DGRYLüL 5DYD 5RJR]QLFD 6LOEH 6WDUL %DU âLSDQ âROWD 7LYDW 8JOMDQ 9HOL 'UYHQLN 9LU 9LV 9UJDGD =HþHYR äLUMH 6HUDSLDV YRPHUDFHD %XUP I %ULT VXEVS YRPHUDFHD ± (XULPHGLWHUUDQHR $$ $& $- $0 $3 $6 %% &; '0 (+ (. (< ). *% +/ +; /< 00 1+ 1; 22 27 2; 2: 56 5; 5< 6+ 6. 6/ 6; 6< 6: 7' 6WD ]LRQL GL ULQYHQLPHQWR $GD %RMDQD %DGLMD %DU %LRNRYR %LãHYR %REDUD %RND .RWRUVND %UDþ %XGYD &DYWDW &UHV 'XEURYQLN *DEULOH *RGLQMH +HUFHJ 1RYL +YDU .RORþHS .RQDYOH .RUþXOD .RUQDWL .UDOMHYLFD .UN /DVWRYR /RNUXP /RãLQM 0DNDUVND 0OMHW 0UNDQ 0Xü *RUQML 0XUWHU 1LQ 3HOMHãDF 3ULGYRUMH 3ULYODND 6ROLQ 6WDUL %DU 6Y $QGULMD 6Y 6WHIDQ âROWD 8JOMDQ 9HOL 'UYHQLN 9LUSD]DU 9ODGLPLU =DGDU 6SLUDQWKHV DHVWLYDOLV 3RLU 5LFK (. 2. ± 0HGLWHUUDQHR $WODQWLFR 6WD]LRQL GL ULQYHQLPHQWR %LRNRYR GHOWD GHOOD 1HUHWYD 'XJL 2WRN 0OMHW 6Y $QGUMD 6SLUDQWKHV VSLUDOLV / &KHYDOO ± (XURSHR &DXFDVLFR $& $+ $- $1 $2 %% %= &; '% '0 (+ (; (< )< ). *< /: 00 0: 1; 22 27 5) 5- 5/ 5; 5< 6+ 6. 61 7' 7/ 6: 8+ 6WD]LRQL GL ULQYHQLPHQWR %DGLMD %DU %LRNRYR %REDUD %RND .RWRUVND %UDþ %ULVWLYLFD %XGYD &UHV GHOWD GHOOD 1HUHWYD 'XEURYQLN 'XULQLüL *DEULOL *UXGD +HUFHJ 1RYL +YDU -DEODQDF .OHN .OLQFL .RORþHS .RQDYOH .RUþXOD .UN /MXWD /RNUXP /R SXG /RãLQM 0DNDUVND 0DORVWRQVNL ]DOMHY 0LKDQLüL 0OMHW 0UNDQ 0Xü 'RQML 0Xü *RUQML 2ERG 3DJ 3HOMHãDF 3HWURYDF 5DE 6HQM 6ROLQ 6XWLQD 6XWRPRUH 6XWRUPDQ 6Y 6WHIDQ âLSDQ 8JOMDQ 8OFLQM 2PLã 9LUSD]DU 9LV 9UJDGD =DGDU 7UDXQVWHLQHUD JORERVD / 5FKE ± 2URI 6XG (XURSHR &. (+ )+ 26 61 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %XQRYDF .DUOREDJ .OHN .UDOMHYLFD .UDVQR 0 =DYLåDQ 0DOL 5DMLQDF 0OLQLãWH 0RGULF 'RODü 2OWDUL 3UHPXĠLüHYD VWD]D 6HQM 6Y %UGR 9HOLQDF 9UDWQLN

,EULGL $QDFDPSWLV PRULR VXEVS DOEDQLFD [ $ OD[LÀRUD $, 65 6WD]LRQL GL ULQYHQL PHQWR %XGYD ýDQM 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ OH VHJQDOD]LRQL GL $QDFDPSWLV [DODWD IDWWH D %XGYD H ýDQM GXH ORFDOLWj GHO OLWRUDOH PRQWHQHJULQR $QDFDPSWLV [DODWD )OHXU\ + .UHW]VFKPDU (FFDULXV + 'LHWU $ OD[LÀRUD [ $ PRULR ': *% 1; 3; 5; 6< 6: 6WD]LRQL GL ULQYHQLPHQWR %RND .RWRUVND .UN 3HOMHãDF $QDFDPSWLV [ELFNQHOOLL ( * &DPXV %HUJRQ $ &DPXV % %RFN $ FRULRSKRUD [ $ OD[LÀRUD %% '0 3; 5; 65 6WD]LRQL GL ULQYHQLPHQWR 'XJL 2WRN 1LQ 8OFLQM 9UED $QDFDPSWLV [JHQQDULL 5FKE I 1D]]DUR /D 9DOYD 2. 6: 6WD]LRQL GL ULQYHQLPHQWR &UHV .UN $QDFDPSWLV [OOR\GLDQD 5RX\ + .UHW]VFKPDU (FFDULXV + 'LHWU $ OD[LÀRUD [ $ SDOXVWULV *% 1; 6: 6WD]LRQH GL ULQYHQLPHQWR .UN &HSKDODQWKHUD [VFKXO]HL & * &DPXV %HUJRQ $ &DPXV & GDPDVRQLXP [ & ORQJLIROLD (< 5; 6< 6: 6WD]LRQL GL ULQYHQLPHQWR .UN 0Xü 'RQML 6X WLQD 9HOLND 0RþLOD 3DNOHQLFD =HORYR 'DFW\ORUKL]D [DOWREUDFHQVLV &RVWH 6RXOLH ' PDFXODWD [ ' VDPEXFLQD %% 6WD]LRQH GL ULQYHQLPHQWR 'DOPDWLQVND =DJRUD 'DFW\ORUKL]D [NHUQHULRUXP 6Rz 6Rz ' LQFDUQDWD [ ' PDFXODWD VXEVS IXFKVLL 6WD]LRQH GL ULQYHQLPHQWR %DãNH 2VWDULMH (SLSDFWLV [VFKPDOKDXVHQLL . 5LFKWHU ( DWURUXEHQV [ ( KHOOHERULQH (+ 6WD]LRQH GL ULQYHQLPHQWR 9HOHELW FHQWUR PHULGLRQDOL 1HRWLQHD [GLHWULFKLDQD %RJHQK + .UHW]VFKPDU (FFDULXV + 'LHWU 1 WUL GHQWDWD [ 1 XVWXODWD $- 5= 6< 6WD]LRQL GL ULQYHQLPHQWR %DãNH 2VWDULMH %UDþ .R]MDN 0DOL 9DJDQDF 3UHVMHND âROWD 2SKU\V DSLIHUD [ 2 XQWFKMLL 6: 6WD]LRQH GL ULQYHQLPHQWR .UN 2SKU\V DSLIHUD [ 2 ]LQVPHLVWHUL 1; 6+ 6WD]LRQH GL ULQYHQLPHQWR /RãLQM 2SKU\V EHUWRORQLL [ 2 ÀDYLFDQV 5; 8; 6WD]LRQL GL ULQYHQLPHQWR ýLRYR 5RJR]QLFD 7URJLU 2SKU\V GLQDULFD [ 2 UKRGRVWHSKDQH '; (< 6WD]LRQL GL ULQYHQLPHQWR 7URJLU =UPDQMD 9UHOR 2SKU\V GLQDULFD [ 2 WHWUDORQLDH '; (< 6WD]LRQH GL ULQYHQLPHQWR =UPDQMD 9UHOR 2SKU\V GLQDULFD [ 2 XQWFKMLL '; (< 6WD]LRQH GL ULQYHQLPHQWR .DUDNDãLFD 2SKU\V H[DOWDWD VXEVS DUFKLSHODJL [ 2 IODYLFDQV 8% 6WD]LRQH GL ULQYHQLPHQ 6WD]LRQH GL ULQYHQLPHQ WR âLEHQLN 2SKU\V H[DOWDWD VXEVS FHSKDORQLFD [ 2 PRQWHQHJULQD 8% 6WD]LRQH GL ULQYHQL PHQWR *UXGD 2SKU\V H[DOWDWD VXEVS DUFKLSHODJL [ 2 2SKU\V EHUWRORQLL 5; 6WD]LRQH GL ULQ YHQLPHQWR .DãWHO *RPLOLFD

2SKU\V ÀDYLFDQV [ 2 LQFXEDFHD (+ 6WD]LRQH GL ULQYHQLPHQWR 5RJR]QLFD 2SKU\V ÀDYLFDQV [ 2 VSKHJRGHV 5; 6WD]LRQL GL ULQYHQLPHQWR .DãWHO *RPLOL 5; 6WD]LRQL GL ULQYHQLPHQWR .DãWHO *RPLOL FD .DãWHO .DPEHORYDF 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ OH VHJQDOD]LRQL GL 2SKU\V ÀDYLFDQV [ 2 OLEXUQLFD 2SKU\V KRORVHULFHD [ 2 UKRGRVWHSKDQH $- 6WD]LRQH GL ULQYHQLPHQWR 3HWURYDF 2SKU\V LQFXEDFHD [ 2 OXWHD VXEVS JDOLODHD %& 6WD]LRQH GL ULQYHQLPHQWR .DãWHO *RPLOLFD 2SKU\V LQFXEDFHD [ 2 WRPPDVLQLL $& 6WD]LRQL GL ULQYHQLPHQWR .RUþXOD 3HOMHãDF 2SKU\V LQFXEDFHD [ 2 ]LQVPHLVWHUL %+ 6+ 6WD]LRQH GL ULQYHQLPHQWR /RãLQM 2SKU\V OHXFDGLFD [ 2 VSKHJRGHV /: 8; 6WD]LRQH GL ULQYHQLPHQWR +YDU 2SKU\V VSKHJRGHV [ 2 ]LQVPHLVWHUL ). 6+ 6WD]LRQH GL ULQYHQLPHQWR /RãLQM 2SKU\V [DOEHUWLDQD ( * &DPXV 2 DSLIHUD [ 2 KRORVHULFHD (+ 6WD]LRQL GL ULQYHQLPHQWR .UN 3DJ 2SKU\V [FDSLVWUHOORL 6RFD 2 GLQDULFD [ 2 WHWUDORQLDH 5; 6WD]LRQL GL ULQYH QLPHQWR 5DPOMDQH 6XWLQD 2SKU\V [JHOPLL 0XUU 2 EHUWRORQLL [ 2 VSKHJRGHV %& (< 6WD]LRQH GL ULQYH QLPHQWR +YDU .DãWHO *RPLOLFD 266(59$=,21, Ê VWDWD ULFRQGRWWD DO WD[RQ OD VHJQDOD]LRQH GL 2SKU\V EHUWRORQLL [ 2 FHSKDORQLFD IDWWD GD *2/8%,û 2SKU\V [FLFPLULDQD 3 'HOIRUJH 2 EHUWRORQLL [ 2 ]LQVPHLVWHUL (< (: 6: 6WD]LRQH GL ULQYHQLPHQWR .UN 2SKU\V [LQ]HQJDH 7RG 1\PDQ 2 EHUWRORQLL [ 2 QHJOHFWD 6WD]LRQH GL ULQYH QLPHQWR ýLRYR 2SKU\V [NRVHFLRUXP ýLþLPLU 2 XQWFKMLL [ 2 ]LQVPHLVWHUL (< 2; 6: 6WD ]LRQH GL ULQYHQLPHQWR .UN 2SKU\V [NUDQMFHYLL 3 'HOIRUJH 2 GLQDULFD [ 2 XQWFKMLL (< (: 6WD]LRQH GL ULQYHQLPHQWR .DUDNDãLFD 2SKU\V [O\UDWD + )OHLVFKP 2 EHUWRORQLL [ 2 LQFXEDFHD $: '% (+ *. 1; 2' 2/ 3; 5; 5= 61 6< 7' 8; 6WD]LRQL GL ULQYHQLPHQWR +YDU %LãHYR %UDþ ýLRYR .DãWHO *RPLOLFD .DãWHO .DPEHORYDF .DãWHOD .R]MDN .RUþXOD /RãLQM 0XUWHU 3DJ 3HOMHãDF 3ULPRãWHQ 3ULVQMDN âLEHQLN 7URJLU 9LV 266(59$=,21, ,O WD[RQ KD LO ORFXV FODVVLFXV QHOO¶LVROD GL /RãLQM LQ FXL )/(,6&+0$11 OR ULQYHQQH H GHVFULVVH SHU OD SULPD YROWD 2SKU\V [PXHOOQHUL + )OHLVFKP 2 WRPPDVLQL [ 2 ]LQVPHLVWHUL 2/ 61 6WD ]LRQL GL ULQYHQLPHQWR &UHV /RãLQM 266(59$=,21, ,O WD[RQ KD LO ORFXV FODVVLFXV QHOO¶LVROD GL /RãLQM 2SKU\V [SDXOL )XFKV 2 VSKHJRGHV [ 2 WRPPDVLQLL %+ )1 6+ 6WD]LRQH GL ULQYHQLPHQWR /RãLQM ,O WD[RQ KD LO VXR ORFXV FODVVLFR QHOO¶LVROD GL /RãLQM LQ FXL IX ULQYHQXWR GD )8&+6 2SKU\V [UHGOLRUXP ) )RKULQJHU 2 ÀDYLFDQV [ 2 LQFXEDFHD 8; 6WD]LRQH GL ULQYHQLPHQWR *UHEDãWLFD

2SKU\V [VDUDWRL 2 EHUWRORQLL [ 2 VSKHJRGHV '; 6WD]LRQH GL ULQYHQLPHQWR 9LV 2SKU\V [VRRL $ )XFKV 2 LQFXEDFHD [ 2 KRORVHULFHD (9 2/ 6WD]LRQH GL ULQYHQLPHQWR /RãLQM 2SKU\V [WRGDURDQD 0DFFKLDWL 2 LQFXEDFHD [ 2 VSKHJRGHV 6< 6WD]LRQH GL ULQYHQLPHQWR âROWD 266(59$=,21, Ê VWDWD ULFRQGRWWD DO WD[RQ OD VHJQDOD]LRQH GL 2SKU\V LQFXEDFHD [ 2 OLEXUQLFD 2SKU\V [WURPEHWWHQVLV 6RFD 2 DUFKLSHODJL [ 2 VSKHJRGHV 5; 6WD]LRQL GL ULQYHQLPHQWR .DãWHOD .RUþXOD 5XSRWLQD 266(59$=,21, 6RQR VWDWH ULFRQGRWWH DO WD[RQ OH VHJQDOD]LRQL GL 2 DUFKLSHODJL [ 2 OLEXUQLFD 2UFKLV [EHUJRQLL 1DQWHXLO 2 DQWKURSRSKRUD [ 2 VLPLD 2' /< 6WD]LRQH GL ULQYHQLPHQWR .RUþXOD 2UFKLV [ELYRQDH 7RG 2 DQWKURSRSKRUD [ 2 LWDOLFD $& (+ (1 (< 2' 3; 5; 5= 61 6< 8; 6WD]LRQL GL ULQYHQLPHQWR %UDþ +YDU .RUþXOD 3HOMHãDF âROWD 2UFKLV [K\EULGD /LQGO %RHQQ H[ 5FKE 2 PLOLWDULV [ 2 SXUSXUHD 5= 6WD]LRQH GL ULQYHQLPHQWR äGUDSDQM 2UFKLV [SVHXGDQDWROLFD )OHLVFKP $& $, %% '0 (+ /: 00 3; 5; 5= 6< 8; 6WD]LRQL GL ULQYHQLPHQWR %RND .RWRUVND %UDþ *UHEDãWLFD +YDU 3HOMHãDF 3ROMLFH 3ULPRãWHQ 5DGRVLü 9LV äDQMLF 266(59$=,21, )/(,6&+0$11 XWLOL]]z OD GHQRPLQD]LRQH GL 2 SVHXGD QDWROLFD SHU GHVFULYHUH O¶LEULGR IRUPDWR WUD 2 TXDGULSXQFWDWD H 2 SURYLQFLDOLV ULQYHQXWR QHOO¶LVROD GL .RUþXOD $OFXQL DQQL GRSR 5+2/(1$ WURYz D &H WLQMH 0RQWHQHJUR O¶LEULGR WUD 2 SDXFLÀRUD H 2 TXDGULSXQFWDWD H OR FKLDPz 2 [FHODNRYVN\L 5KROHQD ,Q VHJXLWR &$086 &$086 FRQVLGHUDURQR VLQRQLPL OH GXH GHQRPLQD]LRQL 6HUDSLDV [DPELJXD 5RX\ 6 FRUGLJHUD [ 6 OLQJXD $- 6WD]LRQL GL ULQYHQLPHQ $- 6WD]LRQL GL ULQYHQLPHQ 6WD]LRQL GL ULQYHQLPHQ WR 6Y 6WHIDQ =HOHQLND 6HUDSLDV [GHPDGHVLL 5HQ] 6 EHUJRQLL [ 6 OLQJXD $- (+ 3; 6WD]LRQL GL ULQYHQLPHQWR %UDþ +YDU 3HOMHãDF 6Y 6WHIDQ 6HUDSLDV [LQWHUPHGLD )RUHVWLHU 6 OLQJXD [ 6 YRPHUDFHD 1; 6WD]LRQH GL ULQ YHQLPHQWR .UN 6HUDSLDV [NHOOHUL &DPXV 6 FRUGLJHUD [ 6 YRPHUDFHD $- 6WD]LRQH GL ULQYHQL PHQWR 6Y 6WHIDQ 6HUDSLDV [SXODH 3HUNR 6 LVWULDFD [ 6 OLQJXD 6+ 6WD]LRQH GL ULQYHQLPHQWR &UHV 6WD]LR 6HUDSLDV [WRGDURL 7LQ 6 OLQJXD [ 6 SDUYLÀRUD 2: 3; 5: 5= 6< 6WD]LR QL GL ULQYHQLPHQWR %UDþ 'XJL 2WRN .RUþXOD 0OLHW 0RODW 3HOMHãDF 9LU 6HUDSLDV [ UXJJLHUR 0HGDJOL 7XUFR ) 0HGDJOL 7XUFR 6 SDUYLÀRUD [ 6 YRPHUDFHD 0HGDJOL 7XUFR '; 6WD]LRQH GL ULQYHQLPHQWR +YDU

6HUDSLFDPSWLV [FRUUHYRQLL ( * &DPXV $ &DPXV - 0 + 6KDZ $QDFDPSWLV PRULR [ 6HUDSLDV OLQJXD (+ 1; 6: 6WD]LRQH GL ULQYHQLPHQWR .UN 6HUDSLFDPSWLV [JDUEDULRUXP 0XUU - 0 + 6KDZ $QDFDPSWLV OD[ÀRUD [ 6HUD SLDV YRPHUDFHD ': (+ 1; 6: 6WD]LRQH GL ULQYHQLPHQWR .UN 6HUDSLFDPSWLV [ URXVLL 'X 3X\ - 0 + 6KDZ $QDFDPSWLV OD[LÀRUD [ 6HUDSLDV YRPHUDFHD 6: 6WD]LRQH GL ULQYHQLPHQWR .UN 6HUDSLFDPSWLV [WLPEDOLL . 5LFKW + .UHW]VFKPDU (FFDULXV + 'LHWU $QD FDPSWLV OD[ÀRUD [ 6HUDSLDV OLQJXD 1; 6WD]LRQH GL ULQYHQLPHQWR .UN

$QDOLVL H GLVFXVVLRQH 1HOO¶HOHQFR ÀRULVWLFR VRQR ULSRUWDWL WD[D LQIUDJHQHULFL FXL VL DJJLXQJRQR LEULGL H SHUWDQWR LO QXPHUR FRPSOHVVLYR GHL WD[D SUHVHQWL q GL 7DOL QXPHUL GLPR VWUDQR O¶LPSRUWDQ]D GHO SDWULPRQLR RUFKLGRORJLFR GHOO¶DPELWR GL VWXGLR 7UDQQH 2SKU\V UHLQKROGLL WXWWL L WD[D LQIUDJHQHULFL VRQR SUHVHQWL QHOOD 5HSXEEOLFD GL &URD]LD LQ FXL DG DYYLVR GL 1,.2/,û QHO FRPSOHVVR VH QH FRQWDQR HVFOXVR JOL LEULGL 'L FRQVHJXHQ]D LQ 'DOPD]LD q SUHVHQWH LO GHOOH RUFKLGDFHH FURDWH 1HOO¶HOHQFR ÀRULVWLFR q ULSRUWDWR $QDFDPSWLV PRULR VXEVS DOEDQLFD [ $ OD[LÀRUD FKH q XQ QXRYR WD[RQ GHOOD ÀRUD PRQWHQHJULQD 1HJOL DOWUL FDVL O¶LQVLHPH GHOOH ORFDOLWj ULFRQIHUPD R DOODUJD O¶DUHDOH GL GLIIXVLRQH GHL WD[D VHJQDODWL /D 'DOPD]LD q LO ORFXV FODVVLFXV GL HQWLWj 2SKU\V DUFKLSHODJL 2 GLQDULFD 2 ÀDYLFDQV 2 LOO\ULFD 2 PRQWHQHJULQD 2 SKDULD 2 UKRGRVWHSKDQH 2 WRPPDVLQLL 2 ]LQVPHLVWHUL 2 [FLPLULFLDQD 2 [O\UDWD 2 [PXHOOQHUL 2 [SDXOL 2UFKLV [SVHX GDQDWROLFD H 2SKU\V [UHGOLRUXP $ HVVL DQGUHEEHUR DJJLXQWL 2SKU\V LQFDQWDWD H 2 OLEXUQLFD FKH QHO SUHVHQWH ODYRUR VRQR FRQVLGHUDWL VLQRQLPL GL DOWUH VSHFLH *HQHUH $QDFDPSWLV %DUOLD &HSKDODQWKHUD &RHORJORVVXP &RUDOORUKL]D &\SULSHGLXP 'DFW\ORUKL]D (SLSDFWLV *RRG\HUD *\PQDGHQLD +LPDQWRJORVVXP

1XPHUR VSHFLH

7DE *HQHUL H VSHFLH GHOOH 2UFKLGDFHDH GDOPDWH

*HQHUH /LPRGRUXP /LVWHUD 1HRWLQHD 1HRWWLD 2SKU\V 2UFKLV 3ODWDQWKHUD 6HUDSLDV 6SLUDQWKHV 7UDXQVWHLQHUD

1XPHUR VSHFLH

'DOOD 7DEHOOD HPHUJH FKH OH YDULH HQWLWj VL ULSDUWLVFRQR LQ JHQHUL WUD FXL LO SL UDSSUHVHQWDWR q 2SKU\V FRQ WD[D 6HJXRQR L JHQHUL (SLSDFWLV H 2UFKLV WD[D FLDVFXQR $QDFDPSWLV 6HUDSLDV 'DFW\ORUKL]D 1HRWLQHD H SRL WXWWL JOL DOWUL FRQ YDORUL LQIHULRUL /H VSHFLH VHJQDODWH LQ SL ORFDOLWj H TXLQGL SL FRPXQL LQ RUGLQH GHFUHVFHQ WH VRQR OH VHJXHQWL $QDFDPSWLV PRULR 2SKU\V VSKHJRGHV VXEVS VSKHJRGHV $QDFDPSWLV S\UDPLGDOLV 1HRWLQHD WULGHQWDWD 2SKU\V DSLIHUD $QDFDPSWLV FRULRSKRUD 2SKU\V UKRGRVWHSKDQH 2 EHUWRORQLL 2UFKLV TXDGULSXQFWDWD 2 SXUSXUHD 2 SDXFLÀRUD /LPRGRUXP DERU WLYXP $QDFDPSWLV OD[LÀRUD 2SKU\V LQFXEDFHD 6HUDSLDV OLQJXD *\PQDGHQLD FRQRSVHD &HSKDODQWKHUD GDPDVRQLXP & ORQJLIROLD 6SLUDQWKHV VSLUDOLV 2SKU\V VSKHJRGHV VXEVS WRPPDVLQLL 1HRWWLD QLGXV DYLV 6HUDSLDV SDUYLÀRUD 6 YRPHUDFHD (SLSDFWLV PLFURSK\OOD ( KHOOHERULQH 2UFKLV SURYLQFLDOLV 2 VLPLD 1HRWLQHD XVWXODWD 'DFW\ORUKL]D VDPEXFLQD 2SKU\V KRORVHULFHD VXEVS KRORVHULFHD 2UFKLV PDVFXOD 3ODWDQWKHUD ELIROLD %DUOLD UREHUWLDQD 2SKU\V ÀDYLFDQV 2 KRORVHULFHD VXEVS GLQDULFD 2 OXWHD VXEVS JDOLODHD 3ODWDQWKH UD FKORUDQWKD 2SKU\V H[DOWDWD VXEVS DUFKLSHODJL 2 KRORVHULFHD VXEVS WHWUDORQLDH 2UFKLV LWDOLFD 1HRWLQHD PDFXODWD 2SKU\V PRQWHQHJULQD 2UFKLV DQWKURSRSKRUD &HSKDODQWKHUD UXEUD 6HUDSLDV EHUJRQLL 2SKU\V KRORVHULFHD VXEVS XQWFKMLL 'DFW\ORUKL]D PDFXODWD 2UFKLV PLOLWDULV 6HUDSLDV FRUGLJHUD (SLSDFWLV DWURUXEHQV /LVWHUD RYDWD 2SKU\V ERPE\OLÀRUD $QDFDPSWLV SDSLOLRQDFHD $QDFDPSWLV SDOXVWULV VXEVS SD OXVWULV &RHORJORVVXP YLULGH $QDFDPSWLV DOEDQLFD +LPDQWRJORVVXP DGULDWLFXP 7UDXQVWHLQHUD JORERVD 2SKU\V WHQWKUHGLQLIHUD VXEVS QHJOH FWD &RUDOORUKL]D WUL¿GD +LPDQWRJORVVXP FDSULQXP 2UFKLV VSLW]HOLL (SLSDFWLV PXHOOHUL ( SDOXVWULV 2SKU\V OXWHD VXEVS OXWHD 2 FHSKDORQLFD 'DFW\ORUKL]D URPDQD 2SKU\V LQVHFWLIHUD 2 OHXFDGLFD &\SULSHGLXP FDOFHROXV *\PQDGHQLD RGRUDWLVVLPD 2UFKLV SDOOHQV 'DF W\ORUKL]D LQFDUQDWD ' PDMDOLV (SLSDFWLV OHSWRFKLOD 2SKU\V ELVFXWHOOD 2 SDVVLRQLV VXEVS SDVVLRQLV H 6HUDSLDV LRQLFD $ ORUR YROWD OH VSHFLH UDUH SRLFKp VHJQDODWH LQ SRFKH ORFDOLWj PD[ H TXLQGL SL YXOQHUDELOL VRQR OH VHJXHQWL $QDFDPSWLV SDOXVWULV VXEVS HOHJDQV 2SKU\V EHUWR ORQLL VXEVS EHUWRORQLLIRUPLV 2 KRORVHULFHD VXEVS VHURWLQD 2 SKDULD 2 ]LQVPHLVWHUL 6SLUDQWKHV DHVWLYDOLV ( (SLSDFWLV JUHXWHUL ( SODFHQWLQD 1HRWLQHD ODFWHD 2SKU\V LOO\ULFD 2 PLQXVFXOD (SLSDFWLV SXUSXUDWD 2SKU\V SKU\JDQDH 6HUDSLDV LVWULDFD (SLSDFWLV QHJOHFWD *RRG\HUD UHSHQV /LVWHUD FRUGDWD 2SKU\V ODFDLWDH 2 UHLQKROGLL 2 VXOFDWD (SLSDFWLV H[LOLV H (SLSRJLXP DSK\OOXP /¶HOHQFR ÀRULVWLFR QRQ FRPSUHQGH 2SKU\V OLEXUQLFD 3 'HYLOOHUV - 'HYLOOHUV 7HUVFKXUHQ H 2SKU\V PHGHD - 'HYLOOHUV 7HUVFKXUHQ 3 'HYLOOHUV FKH '(9,//(56 '(9,//(56 7(56&+85(1 E F H '(/)25*( VHJQDODQR LQ YDULH ORFDOLWj GHOO¶,VWULD GHOO¶DUFLSHODJR TXUQHULQR H GHOOD 'DOPD]LD FRQWLQHQWDOH

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q HI¿PHUD H PROWL WD[D FKH OL FRVWLWXLVFRQR SRWUHEEHUR ULIHULUVL D XQ XQLFR VRJJHWWR /R VFULYHQWH KD SRWXWR YHUL¿FDUH FKH LQ 'DOPD]LD ,VWULD H YDULH UHJLRQL LWDOLDQH V¶LQFRQWUDQR SRSROD]LRQL GL 2SKU\V VSKHJRGHV FRQ FDUDWWHULVWLFKH PRUIRORJLFKH YDULDELOLVVLPH 7DOH RVVHUYD]LRQH q FRQIHUPDWD DQFKH GD DOWUL ULFHU FDWRUL WUD FXL +(57(/ +(57(/ H :(</$1' 'D TXHVWL VWXGL VL ULFDYD FKH OD GLVWLQ]LRQH EDVDWD VXO FRORUH GHL VHSDOL H DOWUL SLFFROL FDUDWWHUL PRUIRORJLFL WUD 2 OLEXUQLFD H 2 VSKHJRGHV QRQ q VXI¿FLHQWH SHU FODVVL¿FDUOH FRPH VSHFLH GLYHUVH ,O VHFRQGR WD[RQ FRQWURYHUVR QRQ LQVHULWR QHOO¶HOHQFR ÀRULVWLFR q 2SKU\V PHGHD FKH q VLQWRSLFR GL 2 XQWFKMLL GL FXL q PROWR VLPLOH 6SHVVR LQ QDWXUD V¶LQFRQWUDQR LQGLYLGXL FRQ FDUDWWHUL LQWHUPHGL FKH UHQGRQR GLI¿FROWRVD OD FODVVL¿FD]LRQH *5,(%/ H DOFXQL GL HVVL VRQR VWDWL LQWHUSUHWDWL FRPH IRUPH LEULGH WUD OH GXH VSHFLH '( 9,//(56 '(9,//(56 7(56&+85(1 E H '(/)25*( 3$8/86 H :(</$1' FRQ OH ORUR ULFHUFKH LQ ,VWULD KDQQR GLPRVWUDWR FKH JOL LQGLYLGXL DWWULEXLELOL DL GXH WD[RQ H OH ORUR IRUPH LQWHUPHGLH KDQQR VHPSUH OR VWHVVR LQVHWWR LPSROOLQDWRUH (XFHUD FO\SHDWD ,Q FRQFOXVLRQH 3$8/86 VRVWLH QH FKH 2 PHGHD H 2 XQWFKMLL VRQR GD FRQVLGHUDUVL VLQRQLPL XQD WHVL FRQIHUPDWD GD %,$*,2/, E H DFFHWWDWD GDOOR VFULYHQWH 1HOO¶HOHQFR ÀRULVWLFR QRQ q VWDWD LQVHULWD 2SKU\V PDPPRVD 'HVI FKH SHU '(/ )25*( q SUHVHQWH LQ 0RQWHQHJUR H SHU DOWUL ULFHUFDWRUL LQ YDULH LVROH GDOPDWH $G DYYLVR GL 3$8/86 +,57+ LO WD[RQ q SUHVHQWH LQ YDULH UHJLRQL GHO 0H GLWHUUDQHR 2ULHQWDOH PD QRQ QHL SDHVL GHOO¶H[ -XJRVODYLD &RPH VL q SRWXWR RVVHUYDUH GLYHUVH HQWLWj H R ORUR JUXSSL ULSRUWDWL QHOO¶HOHQFR ÀRULVWLFR VRQR FDUDWWHUL]]DWL GD XQ UDQJR WDVVRQRPLFR FRQWURYHUVR &Lz q LQQDQ]LWXWWR GRYXWR DO IDWWR FKH OD IDPLJOLD GHOOH 2UFKLGDFHDH q PROWR FRPSOHVVD HG q WXWWRUD LQ HYROX]LRQH 'LYHUVL JHQHUL VRQR FDUDWWHUL]]DWL GD XQD QRWHYROH SODVWLFLWj JHQHWLFD H PRU 'LYHUVL JHQHUL VRQR FDUDWWHUL]]DWL GD XQD QRWHYROH SODVWLFLWj JHQHWLFD H PRU IRORJLFD H GD XQD JUDQGH IDFLOLWj GL SURGXUUH LEULGL IHUWLOL FKH VL ULFRPELQDQR FRQ DOWUH HQWLWj VYLOXSSDQGR QXPHURVH IRUPH LQWHUPHGLH GL GLI¿FLOH FODVVL¿FD]LRQH /H GLI¿FROWj SHU XQD FRUUHWWD FODVVL¿FD]LRQH DXPHQWDQR FRQ OH RVVHUYD]LRQL VXO FDPSR SRLFKp VSHV VR L FDUDWWHUL GLVWLQWLYL WUD XQD VSHFLH O¶DOWUD VRQR ODELOL LQGLYLGXL GHOOR VWHVVR JUXSSR FRQVLGHUDWL DSSDUWHQHQWL D WD[D GLYHUVL FRQGLYLGRQR KDELWDW H SHULRGR GL ¿RULWXUD L YDUL SRSRODPHQWL VRQR FRVWLWXLWL GD SLDQWH FRQ FDUDWWHUL LQWHUPHGL WUD WD[D GLYHUVL H QRQ F¶q LVRODPHQWR ULSURGXWWLYR /D WHQGHQ]D LQ DWWR q JHQHUDOPHQWH RULHQWDWD YHUVR OD GHVFUL /D WHQGHQ]D LQ DWWR q JHQHUDOPHQWH RULHQWDWD YHUVR OD GHVFUL /D WHQGHQ]D LQ DWWR q JHQHUDOPHQWH RULHQWDWD YHUVR OD GHVFUL

]LRQH GL QXRYL WD[D VXOOD EDVH GL VRWWLOL FDUDWWHUL PRUIRORJLFL FKH SRUWDQR DOOD ULGX]LRQH GHOO¶LQWHUYDOOR GL YDULDELOLWj GHL FDUDWWHUL VWHVVL SHU RJQL VLQJROD HQWLWj 7XWWDYLD FL VRQR DQFKH VWXGLRVL FKH VRWWROLQHDQR FKH TXHVWD ULSDUWL]LRQH SUHVHQWD QRWHYROL VYDQWDJJL H WHQGRQR D UDJJUXSSDUH LQ XQ XQ¶XQLFD VSHFLH SLDQWH GDOO¶DVSHWWR PROWR YDULDELOH 4XHVWL IDWWL QRQ DLXWDQR D ULVROYHUH L SUREOHPL WDVVRQRPLFL DG DGRWWDUH XQ PHWRGR GL FODVVL ¿FD]LRQH DPSLDPHQWH FRQGLYLVR H D GHOLPLWDUH FRQ VXI¿FLHQWH FKLDUH]]D L FRQFHWWL GL JHQHUH VSHFLH VRWWRVSHFLH YDULHWj HG HFRWLSL ,Q DFFRUGR FRQ TXDQWR VFULWWR 681'(5 0$11 ULOHYDYD FKH OH GLI¿FROWj GL FODVVL¿FD]LRQH VRQR GRYXWH DO IDWWR FKH L FRQFHWWL H OH FDWHJRULH WDVVRQRPLFKH QRQ VRQR HVDWWDPHQWH GH¿QLWL H SURSRQHYD GHOOH VROX]LRQL FKH LQ VHJXLWR QRQ VRQR VWDWH FRPSOHWDPHQWH FRQGLYLVH QHO PRQGR VFLHQWL¿FR $QFRUD RJJL LO FRQFHWWR GL VSHFLH RYYHUR O¶XQLWj IRQGDPHQWDOH GL FODVVL¿FD]LRQH GHOOH VFLHQ]H ELRORJLFKH q FDUDWWHUL]]DWR GD PROWHSOLFL GH¿QL]LRQL $ WDO SURSRVLWR =,00(5 KD ULOHYDWR FKH HVLVWRQR GLYHUVH GH¿QL]LRQL GL WDOH FRQFHWWR PHQWUH =81,12 =8//,1, D ORUR YROWD IDQQR SUHVHQWH FKH VXOO¶DUJRPHQWR VRQR VWDWH VFULWWH PLJOLDLD GL SDJLQH 'L FRQVHJXHQ]D RJQL ULFHUFDWRUH DGRWWD XQ SURSULR FULWHULR GL FODV VL¿FD]LRQH XWLOL]]D LO FRQFHWWR GL VSHFLH FKH JOL VHPEUD SL DSSURSULDWR HG HVSULPH WHVL H YDOXWD]LRQL VXL WD[D FKH QRQ VHPSUH VRQR FRQGLYLVH 6H VL WLHQH FRQWR FKH QHO WHUUL WRULR LQ HVDPH KDQQR RSHUDWR VWXGLRVL GL YDUL SDHVL HXURSHL DXVWULDFL EHOJL ERVQLDFL FHFRVORYDFFKL FURDWL GDQHVL IUDQFHVL LWDOLDQL PRQWHQHJULQL RODQGHVL VHUEL VORYHQL WHGHVFKL H XQJKHUHVL SRUWDWRUL RJQXQR GL SURSULH LGHH HG HVSHULHQ]H DSSDUH DEEDVWDQ]D FKLDUR LO PRWLYR SHU FXL OD FODVVL¿FD]LRQH GHOOH RUFKLGHH GHOOD UHJLRQH q FDUDWWHUL]]DWD GD GLYHUVH YDOXWD]LRQL FRQWUDGGLWRULH 8Q JUXSSR PROWR FRPSOHVVR H WDVVRQRPLFDPHQWH FRQWURYHUVR q TXHOOR GL 2SKU\V KRORVHULFHD FKH QHO WHUULWRULR LQ HVDPH q UDSSUHVHQWDWR GD VHL HQWLWj 2 GLQDULFD 2 SKDULD 2 WHWUDORQLDH 2 VHURWLQD 2 KRORVHULFHD VXEVS KRORVHULFHD H 2 XQWFKML $ WDOL WD[D DQGUHEEHUR DJJLXQWL 2 KRORVHULFHD VXEVS OD[LÀRUD H 2 PHGHD GL FXL VL q LQ SUHFHGHQ]D GLVFXVVR '(/)25*( IDFHYD QRWDUH FKH VRWWR LO QRPH GL 2SKU\V IXFLÀRUD R KRORVHULFHD VRQR VWDWL UDFFROWL XQ JUDQ QXPHUR GL WD[D GL RULJLQL GLYHUVH H VSHFLH DSSDUWHQHQWL D LQVLHPL ¿ORJHQHWLFDPHQWH GLVWLQWL 3$8â,ý HW DO KDQQR GLPRVWUDWR FKH OH SRSROD]LRQL GHO JUXSSR GL 2 KRORVHULFHD SUHVHQWL QHOOD SHQLVROD LVWULDQD H QHOOH LVROH GL &KHUVR H 9HJOLD VRQR FDUDWWHUL]]DWH GD XQ JUDQGH YDULDELOLWj PRUIRORJLFD OD GLI¿FROWj GL FODVVL¿FD]LRQH VH VL XWLOL]]DQR VROR L FDUDWWHUL PRUIRORJLFL H GDOO¶XVR GL XQD QRPHQFODWXUD GLYHUVD GD SDUWH GHL ULFHUFDWRUL $QFKH OH ULFHUFKH GHO OR VFULYHQWH KDQQR HYLGHQ]LDWR FKH QHOOH VWHVVH VWD]LRQL VSHVVR V¶LQFRQWUDQR SRSROD ]LRQL FKH SUHVHQWDQR XQD PRUIRORJLD PROWR YDULDELOH H VRQR GL GLI¿FLOH FODVVL¿FD]LR QH $OFXQL VWXGLRVL KDQQR LQGLYLGXDWR DOO¶LQWHUQR GL SRSROD]LRQL VLQWRSLFKH LQGLYLGXL FKH KDQQR ULWHQXWR DSSDUWHQHQWL D WD[D GLYHUVL FRPH QHO FDVR GL 5202/,1, H 62&$ FKH QHOO¶,WDOLD FHQWUDOH KDQQR GHVFULWWR 2SKU\V DSSHQQLQD H 2 SLQJXLV ,Q SL RFFDVLRQL OR VFULYHQWH WHQHQGR FRQWR GL TXDQWR VRVWHQXWR GD '(/ 35(7( H '(9(< HW DO KD HYLGHQ]LDWR FKH L VHJXHQWL IDWWRUL VRQR LQGLFDWLYL GL XQ UDQJR WDVVRQRPLFR PROWR GLVFXWLELOH H LQFHUWR LO IRUWH VHPEUDPHQWR LQ FXL 2 KRORVHULFHD q VWDWR VRWWRSRVWR LO IDWWR FKH LQ QDWXUD V¶LQFRQWUDQR VSHVVR LQGLYLGXL FRQ FDUDWWHUL LQWHUPHGL WUD WD[D VLPLOL FKH UHQGRQR GLI¿FROWRVD OD FODVVL¿FD]LRQH YDULH HQWLWj GH

VFULWWH FRQGLYLGRQR KDELWDW WHPSL GL ¿RULWXUD H XQ ÀXVVR JHQLFR FKH QRQ DVVLFXUDQR O¶LVRODPHQWR ULSURGXWWLYR $OOD OXFH GL WDOL FRQVLGHUD]LRQL H GHO IDWWR FKH LO UDQJR WDVVRQRPLFR GL YDUL WD[D q FRQWURYHUVR VL GHYH ULWHQHUH SURYYLVRULR LO ORUR TXDQWLWDWLYR SUHVHQWH LQ 'DOPD]LD H VXVFHWWLELOH GL QRWHYROL YDULD]LRQL 1HOOD 7DEHOOD H QHO JUD¿FR GHOOD )LJXUD VRQR ULSRUWDWL L ULVXOWDWL GHOO¶DQDOLVL FRURORJLFD FRQ OD ULSDUWL]LRQH SHUFHQWXDOH GHL YDUL HOHPHQWL JHRJUD¿FL 'D HQWUDPEH VL SXz RVVHUYDUH FKH GRPLQD O¶(OHPHQWR 0HGLWHUUDQHR FRQ WD[D (VVR q VHJXLWR GDJOL HOHPHQWL (XURSHR FRQ (XUDVLDWLFR FRQ (QGHPLFR FRQ QRUGLFR FRQ H LQ¿QH GDOO¶(OHPHQWR 0HGLWHUUDQHR $WODQWLFR FRQ WD[D ,Q WRWDOH L FRURWLSL VRQR 7DOH FRQ¿JXUD]LRQH DUHDOLFD FRQIHUPD FKH O¶DUHD GL VWXGLR FRVWLWXLVFH XQ DPELWR FKH KD ULFHYXWR RQGDWH PLJUDWRULH GL GLYHUVD RULJLQH JHRJUD¿FD (OHPHQWL JHRJUD¿FL (QGHPLFR (QGHPLFR 6XEHQGHPLFR 0HGLWHUUDQHR (XULPHGLWHUUDQHR 6WHQRPHGLWHUUDQHR 0HGLWHUUDQHR 2ULHQWDOH 0HGLWHUUDQHR 2FFLGHQWDOH (XUDVLDWLFR (XUDVLDWLFR V V (XURSHR &DXFDVLFR (XURVLEHULDQR 3DOHRWHPSHUDWR 1RUGLFR &LUFXPERUHDOH (XURSHR (XURSHR V V &HQWUR (XURSHR 2UR¿WD 6XG (XURSHR $SSHQQLQR %DOFDQLFR 6XG (XURSHR 6XG (VW (XURSHR 0HGLWHUUDQHR $WODQWLFR 0HGLWHUUDQHR $WODQWLFR 6XEDWODQWLFR 7RWDOH

1XPHUR WD[D

7DE &RURWLSL GHOOH 2UFKLGDFHDH GDOPDWH

'LIIXVLRQH

'LIIXVLRQH PHGLD

)LJ (OHPHQWL *HRJUD¿FL GHOOH RUFKLGDFHH GDOPDWH

&RPH VL SXz RVVHUYDUH GDOOD WDEHOOD L FRURWLSL PDJJLRULWDUL LQ FXL VL UHJLVWUD OD PDJJLRU SUHVHQ]D GL VSHFLH VRQR (XULPHGLWHUUDQHR 6WHQRPHGLWHUUDQHR (QGHPLFR $SSHQQLQR %DOFDQLFR HG (XUDVLDWLFR $ ORUR YROWD L FRURWLSL PLQRULWDUL FRQ XQ WD[D FLDVFXQR VRQR 6XEDWODQWLFR 6XG (XURSHR 6XG (VW (XURSHR H 2UR¿WD 6XG (XURSHR 4XHVWL GDWL GLPRVWUDQR FKH QHO WHUULWRULR GDOPDWD GRPLQDQR OH RUFKLGDFHH ³PDFURWHUPLFKH´ FKH VL ULQYHQJRQR QHJOL DPELWL WHUPR¿OL H DSSDUWHQJRQR DL FRURWLSL 6WHQRPHGLWHUUDQHR (XULPHGLWHUUDQHR 0HGLWHUUDQHR 2FFLGHQWDOH 0HGLWHUUDQHR 2ULHQWDOH (QGHPLFR H 6XEHQGHPLFR LQ XQD SRVL]LRQH LQWHUPHGLD VRQR FROORFDWH OH RUFKLGDFHH ³PHVRWHUPLFKH´ FKH VRQR WLSLFKH GHJOL DPELHQWL WHPSHUDWL H DSSDUWHQJRQR DL FRURWLSL $SSHQQLQR %DOFDQLFR 3DOHRWHPSHUDWR 0HGLWHUUDQHR $WODQWLFR (XUDVLDWLFR (XURVLEHULDQR &HQWUR (XUR SHR (XURSHR &DXFDVLFR 6XG (XURSHR H 6XG (VW (XURSHR LQ SRVL]LRQH PLQRULWDULD WURYLDPR OH RUFKLGDFHH ³PLFURWHUPLFKH´ FKH VL ULQYHQJRQR QHJOL KDELWDW SL IUHVFKL H DSSDUWHQJRQR DL FRURWLSL &LUFXPERUHDOH 2URI 6XG (XUR SHR H 6XEDWODQWLFR ,O UDJJUXSSDPHQWR GL FRURWLSL VX EDVH JHRJUD¿FD (VW 2YHVW LQYHFH GLPRVWUD OD GRPLQDQ]D GHO JUXSSR RULHQWDOH FKH FRPSUHQGH L WD[D GHOO¶(OHPHQWR (XUDVLDWLFR H GHL FRURWLSL 0HGLWHUUDQHR 2ULHQWDOH 6XG (VW (XURSHR (QGHPLFR H 6XEHQGHPLFR ,O JUXSSR RFFLGHQWDOH LQ FXL VRQR VWDWL LQFOXVL L FRURWLSL 0HGLWHUUDQHR 2FFLGHQWDOH 0HGLWHUUDQHR $WODQWLFR H 6XEDWODQWLFR WUD OH 2UFKLGDFHDH q LO PHQR UDSSUHVHQWDWR /D GLVWULEX]LRQH GHOOH VSHFLH GHL YDUL FRURWLSL QHO WHUULWRULR GDOPDWD YDULD VHFRQGR XQ JUDGLHQWH DOWLWXGLQDOH ,QIDWWL QHOOH LVROH H GDOOD IDVFLD FRVWLHUD VLQR D FLUFD PHWUL G¶DOWLWXGLQH VRQR PDJJLRU PHQWH GLIIXVL L WD[D GHJOL (OHPHQWL 0HGLWHUUDQHR HG (QGHPLFR QHOO¶RUL]]RQWH VXEPHGLWHUUDQHR RYYHUR GD FLUFD D PHWUL LQL]LDQR DG DFTXL VLUH SL LPSRUWDQ]D H D HVVHUH SL GLIIXVL L WD[D GHL FRURWLSL (XUDVLDWLFR HG (XURSHR V O

QHOO¶RUL]]RQWH PRQWDQR VL ULQYHQJRQR H LQL]LDQR D HVVHUH SL IUHTXHQWL OH VSHFLH GHL FRURWLSL &LUFXPERUHDOH 2UR¿WD 6XG (VW (XURSHR 6XG (VW (XURSHR H &HQWUR (XURSHR 'DOOD 7DEHOOD HPHUJH FKH DOO¶(OHPHQWR (QGHPLFR DSSDUWHQJRQR WD[D WUD FXL VWHQRHQGHPLFL FKH VRQR HVFOXVLYL GHOO¶DPELWR GL VWXGLR 2SKU\V ÀDYLFDQV 2 PRQWHQHJULQD 2 SKDULD H 2 UKRGRVWHSKDQH Ê GD FRQVLGHUDUVL XQ HQGHPLVPR FKH VL SRWUHEEH GH¿QLUH LVWUR GDOPDWD R PHJOLR LVWUR TXDUQHULQR SRLFKp OLPLWDWR DOOD SHQLVR OD LVWULDQD H DG DOFXQH LVROH GHO SURVSLFHQWH DUFLSHODJR TXDUQHULQR 6HUDSLDV LVWULDFD 7DOL GDWL GLPRVWUDQR FKH DQFKH SHU OH 2UFKLGDFHDH QHOO¶DPELWR LQ HVDPH q DYYHQXWR XQ SURFHVVR GL VSHFLD]LRQH ÀRULVWLFD ,O IDWWR FKH VROR 2 SKDULD KD XQ DUHDOH ULVWUHWWR D XQ¶LVROD GLPRVWUD FKH O¶LVRODPHQWR JHRJUD¿FR FDXVDWR GDOO¶LQVXODULWj SHU TXHVWD IDPLJOLD GL SLDQWH QRQ KD DYXWR XQD JUDQGH ULOHYDQ]D QHO IDYRULUH L SURFHVVL GL VSH FLD]LRQH , WD[D VXEHQGHPLFL $QDFDPSWLV PRULR VXEVS DOEDQLFD 2 FHSKDORQLFD 2 OHX FDGLFD 2 UHLQKROGLL H 6HUDSLDV LRQLFD VRQR FRQGLYLVL FRQ DOWUL VWDWL GHOOD SHQLVROD EDOFDQLFD $OEDQLD H R *UHFLD 2SKU\V EHUWRORQLL VXEVS EHUWRORQLLIRUPLV 2SKU\V ELVFXWHOOD 2 VHURWLQD H 2 XQWFKMLL H DOWUL WD[D GHO FRURWLSR $SSHQQLQR %DOFDQLFR LQYHFH VRQR FRQGLYLVL FRQ GLYHUVH UHJLRQL LWDOLDQH 1HOO¶DPELWR GL VWXGLR VRQR VHJQDODWH VSHFLH DSSHQQLQR EDOFDQLFKH H GXH PH GLWHUUDQHR RULHQWDOL 2UFKLV TXDGULSXQFWDWD H 6HUDSLDV EHUJRQLL FKH VRQR VHJQDODWH DQFKH LQ DOFXQH UHJLRQL LWDOLDQH ,O JUXSSR QHO VXR LQVLHPH SRWUHEEH UDSSUHVHQWDUH OD WHVWLPRQLDQ]D GL PLJUD]LRQL ÀRULVWLFKH DYYHQXWH LQ HUH JHRORJLFKH SDVVDWH WUD OH SHQLVROH LWDOLDQD H EDOFDQLFD R IDYRULWH GDO YHQWR FRPH DJHQWH WUDVSRUWDWRUH GHL VHPL 8Q DOWUR JUXSSR LQWHUHVVDQWH q FRVWLWXLWR GDOO¶HOHPHQWR 0HGLWHUUDQHR $WODQWLFR H GDO FRURWLSR 0HGLWHUUDQHR 2FFLGHQWDOH QHO FRPSOHVVR UDSSUHVHQWDWR GD VHL WD[D FKH LQYHFH GRFXPHQWDQR SRVVLELOL PRYLPHQWL PLJUDWRUL DYYHQXWL LQ GLUH]LRQH RULHQWDOH 1HO WHUULWRULR GL VWXGLR GLYHUVH VSHFLH UDJJLXQJRQR TXDOFKH OLPLWH GHO ORUR DUHDOH GL GLVWULEX]LRQH JHRJUD¿FD XQ DOWUR LPSRUWDQWH GDWR FKH DFFUHVFH OD VXD LPSRUWDQ]D ¿WRJHRJUD¿FD ,QIDWWL UDJJLXQJRQR LO OLPLWH VHWWHQWULRQDOH H R QRUG RULHQWDOH GL GL VWULEX]LRQH JHRJUD¿FD $QDFDPSWLV PRULR VXEVS DOEDQLFD 2SKU\V ERPE\OLÀRUD 2 FHSKDORQLFD 2 DUFKLSHODJL 2 OHXFDGLFD 2 PRQWHQHJULQD 2SKU\V SKU\JDQDH 2 OXWHD VXEVS JDOLODHD 2UFKLV TXDGULSXQFWDWD 2 LWDOLFD 6HUDSLDV LRQLFD 6 OLQJXD H 6 SDUYLÀRUD 5DJJLXQJRQR LO OLPLWH RULHQWDOH GL GLVWULEX]LRQH JHRJUD¿FD 2SKU\V EHUWRORQLL VXEVS EHUWRORQLLIRUPLV 2 ELVFXWHOOD 2 KRORVHULFHD VXEVS GLQDULFD 2 LOO\ULFD 2 ODFDLWDH 2 SDVVLRQLV VXEVS SDVVLRQLV H 2 VXOFDWD , GDWL ULJXDUGDQWL OD GLIIXVLRQH H OD GLIIXVLRQH PHGLD GLPRVWUDQR TXDQWR VHJXH O¶(OHPHQWR *HRJUD¿FR 0HGLWHUUDQHR H LO FRURWLSR (XULPHGLWHUUDQHR KDQQR LO SL DOWR YDORUH GL GLIIXVLRQH H GLIIXVLRQH PHGLD O¶(OHPHQWR *HRJUD¿FR 1RUGLFR KD L YDORUL SL EDVVL GL GLIIXVLRQH H GLIIXVLRQH PHGLD ULVSHWWR D WXWWL JOL DOWUL (OHPHQWL *HRJUD¿FL JOL (OHPHQWL *HRJUD¿FL (XURSHR HG (QGHPLFR FKH VRQR UDSSUHVHQWDWL GL H

WD[D KDQQR XQ YDORUH GL GLIIXVLRQH H GLIIXVLRQH PHGLD GL ROWUH YROWH LQIHULRUH DOO¶(OHPHQWR 0HGLWHUUDQHR D GLPRVWUD]LRQH FKH L WD[D FKH OL FRVWLWXLVFRQR QRQ VRQR PROWR GLIIXVL LO FRURWLSR 6XG (VW (XURSHR FKH q UDSSUHVHQWDWR GD XQD VROD VSHFLH SUHVHQWD L YD ORUL SL EDVVL GL GLIIXVLRQH H GLIIXVLRQH PHGLD +DQQR YDORUL OHJJHUPHQWH VXSHULRUL LQ HQWUDPEH OH GXH JUDQGH]]H L FRURWLSL 0HGLWHUUDQHR 2FFLGHQWDOH 6XG (XURSHR H 6XEDWODQWLFR

&RQFOXVLRQL /¶DOWR QXPHUR GL WD[D ULSRUWDWL QHOO¶HOHQFR ÀRULVWLFR SXz HVVHUH FRQVLGHUDWR XQ LP SRUWDQWH LQGLFDWRUH GHOOD JUDQGH TXDOLWj DPELHQWDOH GHJOL HFRVLVWHPL LQ FXL YHJHWDQR SRLFKp WDOL SLDQWH KDQQR XQ OXQJR FLFOR ELRORJLFR H DWWHFFKLVFRQR VROR VX WHUUHQL QRQ DOWHUDWL GD GLVVRGDPHQWL FRQFLPD]LRQL H ODUJR XVR GL GLVHUEDQWL H LQVHWWLFLGL FKH PR GL¿FDQGR OH FDUDWWHULVWLFKH ¿VLFR FKLPLFKH GHOO¶DULD GHOO¶DFTXD H GHO VXROR SRVVRQR SRUWDUH DOO¶HVWLQ]LRQH GHL IXQJKL PLFRUUL]LFL H GHJOL LQVHWWL SURQXEL GD FXL GLSHQGH OD ORUR YLWD 1(:0$1 ,1*(%25* /¶HVLVWHQ]D GL WD[D VWHQRHQGHPLFL D VXD YROWD FRQIHUPD FKH LO WHUULWRULR LQ HVDPH q XQ DPELWR GL VSHFLD]LRQH ÀRULVWLFD ,Q 'DOPD]LD OH WUDVIRUPD]LRQL WHUULWRULDOL LQ DWWR SURYRFDWH GDOOR VYLOXSSR GHOO¶DJULFROWXUD LQWHQVLYD H GHOOH LQIUDVWUXWWXUH VWUDGDOL WXULVWLFKH H FRPPHUFLDOL WHQ GRQR D ULGXUUH JOL VSD]L LQ FXL OH RUFKLGDFHH DWWHFFKLVFRQR $QFKH O¶DEEDQGRQR GL DOFXQH IRUPH WUDGL]LRQDOL GL DWWLYLWj DJUR SDVWRUDOL SURYRFD OD VFRPSDUVD GL DOFXQL WD[D SRLFKp D HVVR VHJXH O¶HYROX]LRQH GHOOD YHJHWD]LRQH GHL SUDWL SDVFROR H O¶LQVHGLD PHQWR GL QXRYH DVVRFLD]LRQL YHJHWDOL FKH JHQHUDOPHQWH SRUWDQR DOOD VFRPSDUVD GHOOH RUFKLGDFHH WLSLFKH GHJOL HFRVLVWHPL SUDWLYL H OD PDJJLRUH GLIIXVLRQH GL TXHOOH GHJOL DPELWL ERVFKLYL H FHVSXJOLRVL /H RVVHUYD]LRQL IDWWH VX YDULH HQWLWj ULSURSRQJRQR LO WHPD GHOOD FRUUHWWD GH¿QL ]LRQH H FDUDWWHUL]]D]LRQH GHL VLQJROL WD[D 3HU TXHVWR PRWLYR QRQ VL ULXVFLUj PDL D VWDELOLUH FRQ FHUWH]]D LO QXPHUR GL VSHFLH HIIHWWLYDPHQWH SUHVHQWL LQ XQ WHUULWRULR &Lz q DQFKH LPSRVVLELOH SHUFKp OD ÀRUD YDULD GL FRQWLQXR ,PSRUWDQWH FRPH GHWWR q OD FRUUHWWD GHQWL]LRQH GHL VLQJROL WD[D XQ RELHWWLYR SHUVHJXLELOH H FKH ULHQWUD QHOOH ¿QD OLWj GHOOD VFLHQ]D 7XWWDYLD DQFKH OH GH¿QL]LRQL WDOYROWD SRVVRQR FDPELDUH FRQ QXRYH ULFHUFKH 4XHVWR VXFFHGH SRLFKp OD VFLHQ]D QRQ q XQ VLVWHPD GL DVVHU]LRQL FHUWH R VWDELOLWH LQ PRGR GH¿QLWLYR H QRQ q QHSSXUH XQ VLVWHPD FKH DYDQ]D FRVWDQWHPHQWH YHUVR XQR VWDWR GH¿QLWLYR QRQ SXz PDL SUHWHQGHUH GL DYHU UDJJLXQWR OD YHULWj H QHS SXUH GL HVVHUH XQ VRVWLWXWR GHOOD YHULWj 6HEEHQH QRQ SRVVD PDL UDJJLXQJHUH OD YHULWj OR VIRU]R SHU RWWHQHUH OD FRQRVFHQ]D H OD ULFHUFD GHOOD YHULWj VRQR DQFRUD L PRWLYL SL IRUWL GHOOD ULFHUFD VFLHQWL¿FD

/DYRUR FRQVHJQDWR LO

5,1*5$=,$0(17, 3HU OD FROODERUD]LRQH SUHVWDWD H R OH LQIRUPD]LRQL IRUQLWH VL ULQJUD]LDQR )HGHOH 'DQLHOD *DOHWWL *LRYDQQL *U QDQJHU 3DROR -DVSULFD 1HQDG .DOLJDULF 0LWMD .UHXW] .DUHO 0LODQRYLF 'MRUGMLMH 6HUJR .RUDGR 6RXFKH 5HP\ 7UDYDJOLQL 0LUNR H 9HUKDUW )UDQN

%,%/,2*5$),$ $'$029,û / ± *UDÿD ]D ÀRUX 'XEURYDþNX 'LR SUYL *ODV +U 1DU GUX Q $'$029,û / D ± %LOMQRJHRJUDIVNH IRUPDFLMH ]LP]HOHQRJ SRMDVD 'DOPDFLMH %RVQH +HUFHJRYLQH L &UQH *RUH 5DG -XJ $NDG =QDQ L XPMHW $'$029,û / E ± 'LH 3ÀDQ]HQZHOW 'DOPDWLHQV :HUQHU 9HUODJ YRQ GHU 'U :HUQHU .OLQNKDUGW /HLS]LJ $'$029,û / ± %LOMQRJHRJUDIVNH IRUPDFLMH ]DJRUVNLK NUDMHYD 'DOPDFLMH %RVQH +HUFHJRYLQH L &UQH JRUH ,, GLR 9HJHWDFLRQVNH IRUPDFLMH YLãLK EUGD L SODQLQD 5DG -XJ $NDG ]QDQ L XPMHW $'$029,û / ± 'LH 3ÀDQ]HQZHOW GHU $GULDODQGHU )LVFKHU -HQD $/(*52 $ ± %LOMQL VYLMHW ³13 3DNOHQLFD´ 3DNOHQLFNL =ERUQLN $/%(5, ' ± 'DOPD]LD VWRULD DUWH FXOWXUD (G /LQW 7ULHVWH $/6&+,1*(5 $ ± )ORUD -DGUHQVLV 7\SRJUDSKLD %DWWDUD =DUD $/6&+,1*(5 $ ± %RWDQ $XVÀXJ DXI G %LVFRYR gHVWHUU %RW =HLWVFKU $/6&+,1*(5 $ ± $XVÀXJ LQ 9HOHELW *HELUJH LQ 'DOPDWLHQ gHVWHUU %RW =HLWVFKU $/6&+,1*(5 $ ± =XU )ORUD YRQ /HVLQD gHVWHUU %RW =HLWVFKU $1$û.29 * &$.29,& ' 67(â(9,& ' 98.6$129,û 6 0$ý,û 9 72029,û * ± 'LYHUVLW\ RI 9DVFXODU )ORUD RI %RND .RWRUVND %D\ ,Q -2.6,029,û $ '-8529,û 0 6(0(129 $ =211 , .267,$12< $ HGV 7KH %RND .RWRUVND %D\ (QYLURQPHQW 7KH +DQGERRN RI (QYLURQPHQWDO &KHPLVWU\ 6SULQJHU &KDP $1721,û 2 %8.29(& ' .5,ä$1 - 0$5., $ +$7,û ' ± 6SDWLDO GLVWULEXWLRQ RI PDMRU IRUHVW W\SHV LQ &URDWLD DV D IXQFWLRQ RI PDFURFOLPDWH 1DW &URDW $55,*21, 3 9 ± $VSHWWL FRURORJLFL GHOOD ÀRUD VDUGD /DY 6RF ,WDO %LRJHRJU $6&+(5621 3 D ± %HLWUDJ ]XU )ORUD 'DOPDWLHQ gHVWHUU %RW =HLWVFKU ± $6&+(5621 3 E ±%HPHUNXQJHQ XHEHU HLQLJH YRQ 7KRPDV 3LFKOHU LQ 'DOPDWLHQ *HVDPPHOWHQ 3ÀDQ]HQ gHVWHUU %RW =HLWVFKU %$/'$&&, $ ± /H %RFFKH GL &DWWDUR H L 0RQWHQHJULQL LPSUHVVLRQL GL YLDJJLR H QRWL]LH GD VHUYLUH SHU LQWURGX]LRQH DOOD ÀRUD GHOOD &]HUQDJRUD $]]RJXLGL %RORJQD %$/'$&&, $ ± $OWUH QRWL]LH LQWRUQR DOOD ÀRUD GHO 0RQWHQHJUR , ,O YLDJJLR GHO 0DOSLJKLD ± %$/'$&&, $ ± $OWUH QRWL]LH LQWRUQR DOOD ÀRUD GHO 0RQWHQHJUR 0DOSLJKLD %$/'$&&, $ ± &RQWULEXWL DOOD FRQRVFHQ]D GHOOD )ORUD 'DOPDWD 0RQWHQHJULQD $OEDQHVH (SLURWD H *UHFD 1X *LRU %RW ,W 1 6

%$129,û 6 ±1HNH ]QDþDMQH ELOMNH 'DOPDFLMH 3ULURGD þDVRSLV ]D SRSXODUL]DFLMX SULURGQLK ]QDQRVWL L HNRORJLMH +U SULU GUX %$57/,1* ) * ± $XVÀXJ LQ GDV gVWHUUHLFKLVFKH /LWRUDO )ORUD %$57/,1* ) * ± 'H /LWRULEXV HW LQVXOLV PDULV OLEXUQLFL +DQQRYHU %$7(0$1 5 0 02/1È5 $ 9 65$0.Ï * ± ,Q VLWX PRUSKRPHWULF VXUYH\ HOXFLGDWHV WKH HYROXWLRQDU\ V\VWHPDWLFV RI WKH (XUDVLDQ +LPDQWRJORVVXP FODGH 2UFKLGDFHDH 2UFKLGLQDH 3HHU- H '2, SHHUM %$8(5 1 ± &RQWULEXWLRQV DQG SODQW JHRJUDSKLFDO QRWHV WR WKH ÀRUD RI &UHV±/RãLQM DUFKLSHODJR &URDWLD 1DW &URDW %(51,1, $ ± 3DUWH VWHWWHQWULRQDOH GHOO¶LVROD GL &KHUVR &UHV ,Q (VFXUVLRQL ÀRULVWLFKH DO GL IXRUL GDOOH $OSL (GL]LRQL 1 7 3 7RULQR

%$80*$571(5 - ± 6WXGLHQ EHU GLH 9HUEUHLWXQJ GHU *HK|O]H LP QRUG|VWOLFKHQ $GULD JHELHWH 7HLO $EK =RRO ERW *HV 9RUDUEHLWHQ ]X HLQHU 3ÀDQ]HQJHRJUDSKLVFKHQ .DUWH gVWHUUHLFKV ± %$80$11 + ± +LPDQWRJORVVXP DGULDWLFXP VSHF 1RY ± HLQH ELVODQJ EHUVHKHQH 5LHPHQ]XQJH DXV GHP ]HQWUDOHQ Q|UGOLFKHQ 0LWWHOPHHUJHELHW 'LH 2UFKLGHH ± %$80$11 + .h1.(/( 6 /25=(1= 5 ± 2UFKLGHHQ (XURSDV PLW DQJUHQ]HQGHQ *HELHWHQ 8OPHU 1DWXUI KUHU 9HUODJ 8OPHU (XJHQ 9HUODJ 6WXWWJDUW %(&. 921 0$11$*(77$ * ± 'LH 9HJHWDWLRQ 'HU (UGH 9 'LH 9HJHWDWLRQVYHUKDOWQLVVH 'HU ,OO\ULVFKHQ /DQGHU *QWKHU 5HXWHU /HLS]LJ %(&. 921 0$11$*(77$ * ± 9HJHWDWLRQVELOGHU DXV 'DOPDWLHQ /RWRV (VVHQ %(51È76.< - ± 1|YpQ\|NRORJLDL PHJ¿J\HOpVHN /XVVLQ V]LJHWH GpOL UpV]pQ 3ÀDQ]HQ|NRORJLVFKH %HREDFKWXQJHQ DXI 6 G /XVVLQ 7HUPpV]HWUDM]L ) ]HWHN ± %(5729,û 6 ± 3ULORJ SR]QDYDQMX RGQRVD NOLPH L YHJHWDFLMH +UYDWVNRM $FWD ELRORJ 9,, =DJUHE %,$*,2/, 0 D ± 2SKU\V KRORVHULFD VXEVS SRVLGRQLD ,Q *,526 2UFKLGHH G¶,WDOLD *XLGD DOOH RUFKLGHH VSRQWDQHH D HG ,O &DVWHOOR &RUQDUHGR 0, %,$*,2/, 0 E ± 2SKU\V KRORVHULFD VXEVS XQWFKMLL ,Q *,526 2UFKLGHH G¶,WDOLD *XLGD DOOH RUFKLGHH VSRQWDQHH D HG ,O &DVWHOOR &RUQDUHGR 0, %,$62/(772 % ± %RWDQLVFKH 1RWL]LHQ )ORUD %,$62/(772 % ± $JDYH DPHULFDQD XQG 6WHQEHUJLD OXWHD DO QHXH %HLWUlƥH ]X 'HXWXVFKODQGV )ORUD )ORUD %,$62/(772 % ± 5HOD]LRQH GHO YLDJJLR IDWWR QHOOD SULPDYHUD GHOO¶DQQR GDOOD PDHVWj )HGHULFR $XJXVWR GL 6DVVRQLD QHOO¶,VWULD 'DOPD]LD H 0RQWHQHJUR + ) )DYDUJHU 7ULHVWH %,$62/(772 % ± 5HLVH 6U 0 GHV .|QLJV )ULHGULFK $XJXVW YRQ 6DFKVHQ GXUFK ,VWULHQ 'DOPDWLHQ XQG 0RQWHQHJUR LP )U KMDKUH 'UHVGHQ %2*'$129,û 6 '2%529,û , 2672-,û $ ± 'UXåLQD 2UFKLGDFHDH QD RWRNX %LãHYR )DPLO\ 2UFKLGDFHDH RI WKH LVODQG %LãHYR ,Q ý$51, $ =ERUQLN SRY]HWNRY SULVSHYNRY VLPSR]LMD 9HJHWDFLMD 6ORYHQLMH LQ VRVHGQMLK REPRþLM 6\PSRVLXP 9HJHWDWLRQ RI 6ORYHQLD DQG QHLJKERXULQJ FRXQWULHV $EVWUDFWV %RWDQLþNR GUXãWYR 6ORYHQLMH LQ %LRORãNL LQãWLWXW - + /MXEOMDQD %2*'$129,û 6 '2%529,,û , 2672-,û $ %25â,û , 02'5,û ä 92-1,û 52*,û , ± $ FRQWULEXWLRQ WR WKH YDVFXODU ÀRUD RI WKH LVODQG RI %LãHYR FHQWUDO $GULDWLF &URDWLD $FWD %RW &URDW ± %2*'$129,û 6 ä83$1 ' .8/-(5,û 0 /8.,1 $ ±7KH ÀRUD RI WKH LVODQG RI 6LOED QRUWK 'DOPDWLD &URDWLD 3UYL KUYDWVNL ERWDQLþNL VLPSR]LM V PHÿXQDURGQLP VXGMHORYDQMHP VW &URDWLDQ %RWDQLFDO 6\PSRVLXP ZLWK LQWHUQDWLRQDO SDUWLFLSDWLRQ +U %RW 'UX %21*,251, / '( 9,92 5 )25, 6 ± (SLSDFWLV WUHPROVLL & 3DX HG (SLSDFWLV KHOOHERULQH VXEVS ODWLQD : 5RVVL ( .OHLQ FRQVLGHUD]LRQL VXO YDORUH GL TXHVWL WD[D *,526 1RWL]LH %25%Æ6 9 ± $ GDWRN $UEH HV 9HJOLD V]LJHWHN Q\DUL ÀRUDMD N|]HOHEELLVPHUHOH] 6\PERODH DG ÀRUDP DHVWLYDP LQVXODUXP $UEH HW 9HJOLD 0DWKHP 7HUP .|]O %XGDSHVW %25%$ĝ 9 ± ([FXUVLRQHQ DXI GLH ,QVHO $UEH XQG 9HJOLD ± gVWHU %RWDQ =HLWVFKU %25%$ĝ 9 ± 2VWDULD DP 9HOHELW LQ .URDWLHQ -XQL gVWHU %RW =HLW %25%$ĝ 9 ± 'LH )ORUD YRQ %XFFDUL gHVWHUU %RW =HLWVFKU %277(5, 0 ± 1RWL] ĦEHU )ORUD XQG )DXQD HLQLJHU GDOPDWLQFKHU ,QVHOQ 9HUKKDQ ' ]RRO ERW 9HU :LHQ ,,, %25108//(5 - ± %HLWUDJ ]XU )ORUD 'DOPDWLHQV gHVWHUU %RW =HLWVFKU ± %5,79(& 0 81*$5 9 %2*'$129,û 6 ± )ORUD QDNRYDQVNH YLVRYDUQL L RNROLFL 3ROXRWRN 3HOMHãDF $JURQ *ODV %5./-$ý,û $ ± 9DVNXODUQD ÀRUD 3DUND SULURGH 9HOHELW 'RNWRUVND GLVHUWDFLMD 6YHXþLOLãWH -RVLSD -XUMD 6WURVVPD\HUD 2VLMHN L ,QVWLWXW 5XÿHU %RãNRYLü =DJUHE %52**, 0 ) %855, & ±7KH RUFKLG ÀRUD DQG GLVWULEXWLRQ RI VSHFLHV RQ WKH LVODQG RI 9LV HDVWHUQ $GULDWLF &URDWLD $FWD %RW &URDW ± %8%$1-$ 1 ±*HRERWDQLFDO FKDUDFWHUL]DWLRQ RI YDVFXODU ÀRUD RI ORQJ 8OFLQM 2) EHDFK DQG LWV KLQWHUODQG LQ 0RQWHQHJUR LQ FURDWR 'RFWRUDO 'LVVHUWDWLRQ 8QLYH]LWHW RI %HRJUDGX %LRORãNL )DNXOWHW %HRJUDG

%8%$1-$ 1 â,1ä$5 6(.8/,û - 67(9$129,û 9 ± &RQWULEXWLRQ WR WKH ÀRUD RI 9HOLND SODåD DQG LWV YLFLQLW\ LQ 8OFLQM 0RQWHQHJUR %LRO 6HUE '2, ]HQRGR &$086 ( * &$086 $ ± 0RQRJUDSKLH GHV 2UFKLGHHV G¶(XURSH HW GX %DVVLQ 0HGLWHUUDQHHQ 3DXO /HFKHYDOLHU 3DULV &8)2'217,6 * ± %HLWUDJ ]XU .HQQWQLV GHU )ORUD YRQ 1RUGGDOPDWLHQ $QQ 1DW 0XV :LHQ ý,ý0,5 5 ± 2SKU\V [NRVHFLRUXP QRWKKRVS QDW QRYD 1DWXUDO %HOJHV 2UFKLG '$1(6&+ 2 '$1(6&+ ( ± 2UFKLGHHQ (XURSDV 6 GHXURSD +DOOZDJ %HUQ 6WXWWJDUW '(/ 35(7( & ± 6LQWHVL GHL SUREOHPL WDVVRQRPLFL H FRURORJLFL GHOOH RUFKLGDFHH GHOO¶,WDOLD SHQLQVXODUH $WWL 6RF 7RVF 6FL 1DW 0HP 6HU % '(/)25*( 3 ± 5HPDUTXHV VXU OHV 2SKU\V IXFLÀRUD WDUGLIV GH O¶,WDOLH SpQLQVXODLUH PHULGLRQDOH HWH GHVFULSWLRQ G¶2SKU\V SRVLGRQLD VS QRYD 1DWXUDO %HOJHV 2UFKLG '(/)25*( 3 D ± &RQWULEXWLRQ j OD FRQQDLVVDQFH GHV 2UFKLGpHV GH &URDWLH 5HVXOWDWV GH FLQT DQQpHV GH SURVSHFWLRQV 1DWXUDO %HOJHV 2UFKLG '(/)25*( 3 E ± 2SKU\V [FLPLULFLDQD HW 2SKU\V [NUDQMFHYLL GHX[ QRXYHDX[ K\EULGHV GH &URDWLH 1DWXUDO %HOJHV 2UFKLG '(/)25*( 3 ±1RXYHOOHV FRQWULEXWLRQV WD[RQRPLTXHV HW QRPHQF DWXUDOHV DX[ 2UFKLGpHV G¶(XURSH 1DW %HO KRUV VpULH '(/)25*( 3 *XLGH GHV RUFKLGpHV G¶(XURSH G¶$IULTXH GX 1RUG HW GX 3URFKH 2ULHQW 'HODFKDX[ HW 1LHVWOp 3DULV '(9,//(56 3 '(9,//(56 7(56&+85(1 - D ± 6FRORSD[RLG 2SKU\V RI WKH $GULDWLF 'LYHUVLW\ DQG ELRJHRJUDSKLFDO FRQWH[W 1DWXUDO %HOJHV 2UFKLG '(9,//(56 3 '(9,//(56 7(56&+85(1 - E ± 6PDOO ÀRZHUHG 2SKU\V RI WKH 2SKU\V IXFLÀRUD FRPSOH[ LQ WKH QRUWKHUQ $GULDWLF DQG LWV DSSURDFKHV 1DWXUDO %HOJHV 2UFKLG '(9,//(56 3 '(9,//(56 7(56&+85(1 - F ± 7KH 2SKU\V VSKHJRGHV FRPSOH[ LQ WKH $GULDWLF VSDWLDO DQG WHPSRUDO GLYHUVLW\ 1DWXUDO %HOJHV 2UFKLG '(087 ( ± 2UFKLGHHQ GHU ,QVHO .UN -XJRVODZLHQ 2UFKLGHMH '(9(< ' 6 %$7(0$1 5 0 )$< 0 ) +$:.,16 - $ ± *HQHWLF VWUXFWXUH DQG V\VWHPDWLF UHODWLRQVKLSV ZLWKLQ WKH 2SKU\V IXFLÀRUD DJJUHJDWH 2UFKLGDFHDH 2UFKLGLQDH KLJK GLYHUVLW\ LQ .HQW DQG D ZLQG LQGXFHG GLVFRQWLQXLW\ ELVHFWLQJ WKH $GULDWLF $QQ %RW 2[IRUG '58â792 â78'(1729 %,2/2*,-( D FXUD GL ± (NRVLVWHPL -DGUDQD ýUQD *RUD /MXEOLMDQD '58â792 â78'(1729 %,2/2*,-( D FXUD GL ± (NRVLVWHPL -DGUDQD GHOWD 1HUHWYH /MXEOLMDQD '58â792 â78'(1729 %,2/2*,-( D FXUD GL ± (NRVLVWHPL -DGUDQD ýUQD *RUD /MXEOLMDQD (%(/ : ± %HULFKW XHEHU HLQH 5HLVH LQ 0RQWHQHJUR 0RQDWVEHU 9HUK *HV ± (%(/ : ± =Z|OI 7DJH LQ 0RQWHQHJUR XQG HLQ %OLFN DXI 'DOPDWLHQ .RQLJVEHUJ 6 ,± ± H ,± (1*/(5 $ '58'( 2 ± 'LH 9HJHWDWLRQVYHUKlOWQLVVH GHU LOO\ULVFKHQ /lQGHU 9HUODJ YRQ :LOKHOP (QJHOPDQQ /HLS]LJ )$6&(77, 6 9(5, / ± $VSHWWL [HULFL GHOOD PDFFKLD PHGLWHUUDQHD WUD 1HXP H 'XEURYQLN 1RW )WLWRV )/(,6&+0$11 + ± =XU 2UFKLGHHQ )ORUD /XVVLQV 9HUK =RRO %RW *HV :LHQ )/(,6&+0$11 + ± 2UFKLGHHQ GHU ,QVHO &XU]ROD $QQ 1DWXUK 0XV :LHQ )25(1%$&+(5 $ ± 2WRN /DVWRYR %LOMQR JHRJUD¿þND VWXGLMD 5DG -XJ $NDG =QDQ L XPMHW )25(1%$&+(5 6 ± 9HOHELW L QMHJRY EOMQL VYMHW âNROVND NQMLJD =DJUHE )8&+6 $ =,(*(163(&. + ± 1RYDH K\EULGDH HW IRUPDH JHQHULV 2SKU\V 5HSHUW 6SHF 1RY 5HJQL 9HJ %HLK *$51:(,'1(5 ( ± )ORUHQOLVWHQ GHU ([NXUVLRQ GHU %D\HULVFKHQ %RWDQLVFKHQ *HVHOOVFKDIW QDFK -XJRVODZLHQ %D\HU %RW *HV *$63(5,1, 5 ± &KLDYH DQDOLWLFD SHU OD GHWHUP GHOOH SLDQWH IDQHURJDPH GL 6SDODWR H GH VXRL FRQWRUQL =DQRQL 6SDODWR

*(50$5 ( ) ± 5HLVH QDFK 'DOPDWLHQ XQG 5DJXVD /HLS]LJ *,1=%(5*(5 $ ± %HLWUDJ ]XU .HQQWQLV GHU )ORUD GHU 6FRJOLHQ XQG NOHLQHUHQ ,QVHOQ 6 G 'DOPDWLHQV gVWHUU %RW =HLW *,1=%(5*(5 $ 0$/< . ± ([NXUVLRQ LQ GLH LOO\ULVFKHQ /lQGHU 6 G .UDLQ . VWHQODQG 'DOPDWLHQ 0RQWHQHJUR 2NNXSDWLRQVJHELHW G L %RVQLHQ XQG +HU]HJRZLQD :LHQ *,526 D FXUD ± 2UFKLGHH G¶,WDOLD JXLGD DOOH RUFKLGHH VSRQWDQHH (G ,O &DVWHOOR &RUQDUHGR 0, *,91,6+ 7 - 63$/,1. ' $0(6 0 /<21 6 3 +817(5 6 - =8/8$*$ $ '28&(77( $ &$52 * * 0&'$1,(/ - &/(0(176 0 $ $552<2 0 7 . (1'$5$ / .5,(%(/ 5 :,//,$06 1 + &$0(521 . 0 ± 2UFKLG KLVWRULFDO ELRJHRJUDSK\ GLYHUVLIFDWLRQ $QWDUFWLFD DQG WKH SDUDGR[ RI RUFKLG GLVSHUVDO - %LRJHRJU */$6129,û 3 129$. â %(+5,ý 6 )8-6 1 ± 7RZDUGV D FKHFNOLVW RI WKH YDVFXODU ÀRUD RI WKH 1HUHWYD 5LYHU 'HOWD &URDWLD 1DW &URDW *2/8%,û 9 ± 2UKLGHMD RG .DãWHOD GR 6YLODMH 3ULURGRVORYQL PX]HM L ]RRORãNL YUW 6SOLW *2/8%,û 9 ± 2UKLGHMH 'DOPDWLQVNH =DJRUH 3ULURGRVORYQL PX]HM L ]RRORãNL YUW 6SOLW *2/8%,û 9 ± 2UKLGHMH RNROLFH .DãWHODQVNR ]DOMHYD 3ULURGRVORYQL PX]HM L ]RRORãNL YUW 6SOLW *2/8%,û 9 ± 2UKLGHMH RG RWRND 9LVD GR SODQLQD 6YLODMH 3ULURGRVORYQL PX]HM L ]RRORãNL YUW 6SOLW *2/8%,û 9 ± 2UKLGHMH RWRND âROWH 3ULURGRVORYQL PX]HM L ]RRORãNL YUW 6SOLW *2/8%,û 9 ± 2UKLGHMH 'DOPDFLMH 3ULURGRVORYQL PX]HM L ]RRORãNL YUW 6SOLW *g/= 3 5(,1+$5' + 5 ± 'LH 2UFKLGHHQÀRUD $OEDQLHQV 0LWW %O $UEHLWVNU +HLP 2UFK %DGHQ : UWW *g/= 3 5(,1+$5' + 5 ± 2UFKLGHHQ LQ -XJRVODZLHQ %HU $UEHLWVNUV +HLP 2UFKLG *8//, 9 726, * D ± $QDFDPSWLV FRULRSKRUD VXEVS IUDJUDQV ,Q *,526 2UFKLGHH G¶,WDOLD *XLGD DOOH RUFKLGHH VSRQWDQHH HG ,O &DVWHOOR &RUQDUHGR 0, *5,(%/ 1 ± 'LH 2UFKLGHHQ ,VWULHQV XQG GHUHQ %HJOHLWÀRUD %HU $UEHLWVNUV +HLP 2UFKLG *5,(%/ 1 ± 'LH 2UFKLGHHQ GHU $EUX]]HQ %HU $ + 2 *8//, 9 726, * E ± 1HRWLQHD WULGHQWDWD *,526 2UFKLGHH G¶,WDOLD *XLGD DOOH RUFKLGHH VSRQWDQHH HG ,O &DVWHOOR &RUQDUHGR 0, *8//, 9 726, * F ± 2UFKLV PDVFXOD VXEVS VSHFLRVD ,Q *,526 2UFKLGHH G¶,WDOLD *XLGD DOOH RUFKLGHH VSRQWDQHH HG ,O &DVWHOOR &RUQDUHGR 0, *8,/(/0, $ ± ,Q 'DOPDWLHQ JHVDPPHOWH 2UFKLGHHQ 9HUK =RRO %RW *HV :LHQ +$<(. $ ± =XU .HQQWQLV 2UFKLGHHQÀRUD YRQ 'DOPDWLHQ XQG 7XQLV gVWHU %RW =HLW +$+1 : 6$/.2:6., + ( ± =XU .HQWQLV YRQ 2SKU\V ÀDYLFDQV 9LVLDQL %HU $UEHLWVNUV +HLP 2UFKLG +$5$ý,ý $ ± 6XOOD YHJHWD]LRQH GHOO¶LVROD GL /XVVLQR 3URJUDPPD GHOO¶, 5 6FXROD 1DXWLFD GL /XVVLQSLFFROR *RUL]LD +$5$ý,ý $ ±'LH ,QVHO /XVVLQ LKU NOLPD XQG LKUH 9HJHWDWLRQ 'HXW 5XQG IXHU *HRJU XQG 6WDWLVW +$5$ý,ý $ ± $OOLXP DPSHORSUDVXP / YDU OXVVLQHQVH 9HUK =RRO ERW *HV SS :LHQ +$5$ý,ý $ ± /¶LVROD GL /XVVLQR LO VXR FOLPD H OD VXD YHJHWD]LRQH 'LUH]LRQH GHOO¶, 5 6FXROD 1DXWLFD /XVVLQSLFFROR +$5$ý,ý $ ± 1RWH HG DJJLXQWH DOOD ÀRUD GHOO¶LVROD GL /XVVLQR 3URJUDPPD GHOO¶, 5 6FXROD 1DXWLFD LQ /XVVLQSLFFROR +(û,029,û 0 +(û,029,û 6 ± )ORUD RWRND .RORþHSD $FWD %RW &URDW +(//0$<5 & ( ± 1RWHV VXU TXHOTXHV 2UFKLGHHV GH O¶$GULDWLTXH &DQGROOHD +(57(/ 6 . ± 'LH 2UFKLGHHQ GHU ,QVHOQ &UHV XQG /RãLQM - (XU 2UFK +(57(/ 6 + 35(66(5 + ± =XU .HQQWQLV GHU ,WDOLHQLVFKHQ 2UFKLGHHQ ± 1DFKWUDJ - (XU 2UFK

+(57(/ 6 35(66(5 + ± 1HXH (UNHQQWQLVVH ]X GHQ 2UFKLGHHQ LQ *ULHFKHQODQG %HU $UEHLWVNUV +HLP 2UFKLG +(57(/ 6 5,(&+(/0$11 $ ± 6SlW EO KHQGH 2UFKLGHHQ LQ .URDWLHQ XQG 6ORZHQLHQ %HU $UEHLWVNUV +HLP 2UFKLG +(57(/ 6 =,516$&. $ ± $QPHUNXQJHQ ]X HLQLJHQ NURDWLVFKHQ 2UFKLGHHQ7D[D (XU 2UFK +(8)/(5 +2+(1%h&+(/ / ± 'LH *ROD]EHUJH LQ GHU 7VFKLWVFKHUHL 7ULHVWH +,5& ' ± =XU )ORUD GHV &URDWLVFKHQ +RFKJHELUJHV gVWHUU %RW =HLW +,5& ' ±%RWDQLþNH HNVNXU]LMH QD 9HOHELWX *ODV KUY QDUDY 'UX +,5& ' ± 5HYL]LMD KUYDWVNH ÀRUH 5HYLVLR ÀRUDH FURDWLFDH 5DG -XJ $NDG ]QDQ L XPMHW +,5& ' D ± ,] ELOLQVNRJ VYLMHWD 'DOPDFLMH )ORUD YUKD 0DUMDQD *ODV +U 3UL 'UX +,5& ' E ±,] ELOLQVNRJ VYLMHWD 'DOPDFLMH , 'XEURYQLN L RNROLQD *ODV KU SULU 'UX +,5& ' ± 3RJOHG X ÀRUX KUYDWVNRJ 3ULPRUMD V RVRELWLP RE]LURP QD ãXPVNR GUYHüH L JUPOMH âXPDUVNL OLVW ]QDQVWYHQR VWUXþQR L VWDOHãNR JODVLOR +U ãXP 'UX +,5& ' ± *UDGD ]D ÀRUX RWRND &UHVD 5DG -XJRVODY $NDG =QDQ +,5& ' D ± 3UROMHWQD ÀRUD RWRNl 6XVND L 8QLMl 5DG -XJ $NDG =QDQ +,5& ' E ± 3UROMHWQD ÀRUD RWRND 6XVND L 8QLMD ,]YMHVFD R 5DVSUDYDPD 0DWHPDWLFNR 3ULURGRVORYQRJD 5D]UHGD %XOOHWLQ GHV 7UDYDX[ GH OD &ODVVH GHV 6FLHQFHV 0DWKHPDWLTXHV HW 1DWXUHOOHV +,5& ' F ± *UDGD ]D ÀRUX RWRND &UHVD 0DWHULDOLHQ I U GLH )ORUD GHU ,QVHO &UHV ,]YMHVFD R 5DVSUDYDPD 0DWHPDWLFNR 3ULURGRVORYQRJD 5D]UHGD %XOOHWLQ GHV 7UDYDX[ GH OD &ODVVH GHV 6FLHQFHV 0DWKHPDWLTXHV HW 1DWXUHOOHV +,5& ' D ± 3ULOR]L ÀRUL RWRND &UHVD 5DG -XJRVODY $NDG =QDQ +,5& ' E ± 3ULOR]L ÀRUL RWRND &UHVD %HLWUlJH ]XU )ORUD GHU ,QVHO &UHV ,]YMHVFD R 5DVSUDYDPD 0DWHPDWLFNR 3ULURGRVORYQRJD 5D]UHGD %XOOHWLQ GHV 7UDYDX[ GH OD &ODVVH GHV 6FLHQFHV 0DWKHPDWLTXHV HW 1DWXUHOOHV +,5& ' F ± 1RYL SULOR]L KUYDWVNRM ÀRUL , 1D RWRNX /RãLQMX *ODVQ +UYDWVN 3ULU 'UXVWYD +2&+67(77(5 ) ± hEHU GLH /HLVWXQJHQ GHV ERWDQLVFKHQ 5HLVHYHUHLQV LP -DKU )ORUD +233( ' + ± 7DJHEXFK HLQHU 5HLVH QDFK GHQ .XHVWHQ GHV DGULDWLVFKHQ 0HHUV âV Q û 5HJHQVEXUJ +259$7 , ± 9HJHWDFLMVNH VWXGLMH R KUYDWVNLP SODQLQDPD , =DGUXJH QD SODQLQVNLP JROHWLPD 5DG -XJ $NDG ]QDQ L XPMHW =DJU +259$7 , 9HJHWDFLMD SODQLQD ]DSDGQH +UYDWVNH $FWD %LRO 3ULURGQRVO LVWUD] NQM +259$7 , */$9$ý 9 (//(1%(5* + ± 9HJHWDWLRQ 6XGRVWHXURSDV *HRERWDQLFD 6HOHFWD *XVWDY )LVKHU 6WXWWJDUW +259$7,û 6 ±7LSRORãNR UDãþODQMHQMH SULPRUVNH YHJHWDFLMH JDULJD L ERURYLK ãXPD $FWD %RW &URDW +259$7,û 6 ±9HJHWDFLMVND NDUWD RWRND 3DJD V RSüLP SUHJOHGRP YHJHWDFLMVNLK MHGLQLFD +UYDWVNRJ SULPRUMD $FWD %LRO +267 - ± 9LDJJLR ERWDQLFR QHOO¶,VWULD ,VROH GHO 4XDUQHUR H QHOOD 'DOPD]LD LQFRPLQFLDWR LO GL G¶$JRVWR H WHUPLQDWR LO GL G¶$JRVWR 5NS ,, D $UKLY +$=8 +5â$. 9 %5$1$ 6 6('/$5 = 3(-,û , ± 0RUSKRPHWULF DQG PROHFXODU 5$3' DQDO\VLV RI VL[ 6HUDSLDV WD[D IURP &URDWLD %LRORJLD 6HFWLRQ %RWDQ\ +58%< - ± 'HU 0RQWH 2VVHUR DXI /XVVLQ $OOJ %RW = 6\VW ,1*(%25* ) ± 'HYHORSPHQW RI DJULHQYLURQPHQWDO LQGLFDWRUV LQ $XVWULD 2(&' ZRUNVKRS RQ DJULHQYLURQPHQWDO LQGLFDWRUV /H\VDQ 6ZLW]HUODQG PDUFK -$.(/< ' ± 5HYLGLHUWH %HOHJH DXV GHP ³+HUEDULXP ,VWULDFXP´ ,Q 5277(167(,1(5 : . 1RWL]HQ ]XU ³)ORUD YRQ ,VWULHQ´ 7HLO ,9 ± -RDQQHD %RWDQLN -$.(/< ' .5(87= & $ - ± $NWXDOLVLHUWH &KHFNOLVW GHU 2UFKLGHHQ YRQ ,VWULHQ 9RUDUEHLWHQ ]X HLQHU )ORUD YRQ ,VWULHQ 7HLO &DULQWKLD

-$1.$ 9 ± 'UHL I U 'DOPDWLHQV )ORUD QHXH 3ÀDQ]HQ gVWHUU %RW =HLWVFKU -$635,&$ 1 '2/,1$ . 0,/29,û 0 ± 7KH ÀRUD DQG YHJHWDWLRQ RI WKH 1( 0HGLWHUUDQHDQ LVOHW ZLWK FHQWXULHV ORQJ KXPDQ LQÀXHQFHV $FWD %RW &URDW ± -$635,&$ 1 .29$ý,û 6 D ± )ORUD RI 0DOL 6WRQ %D\ DQG LWV VXUURXQGLQJV LQ FURDWR =E 'XE SULP L RW -$635,&$ 1 .29$ý,û 6 E ± 9DVFXODU ÀRUD RI WKH FHQWUDO SDUW RI 3HOMHãDF SHQLQVXOD 1DW &URDW -$635,&$ 1 .29$ý,û 6 ± )ORULVWLþNH L YHJHWDFLMVNH ]QDþDMNH 6WRQD L RNROLFH 'XEURYQLN -$635,&$ 1 .29$ý,û 6 ± 8JURåHQH HQGHPLþQH L ULMHWNH ELOMNH KUYDWVNH ÀRUH QD .RUþXOL %ODWVNL /MHWRSLV ± -(5,ý(9,û 0 -(5,ý(9,û 1 -$635,&$ 1 ± 1RYD VYRMWD NDüXQRYLFH 2UFKLGDFHDH X +UYDWVNRM *ODV +U %RW GUX -(5,ý(9,û 0 -(5,ý(9,û 1 -$635,&$ 1 ± )ORULVWLF QRYHOWLHV IURP WKH LVODQG RI .RUþXOD DQG SHQLQVXOD RI 3HOMHãDF 6RXWK &URDWLD 1DW &URDW -(5,ý(9,û 0 -(5,ý(9,û 1 -$635,&$ 1 ± 1HZ WD[RQ RI RUFKLG 2UFKLGDFHDH LQ &URDWLD *ODV +U ERW GUX -(5,ý(9,û 0 -(5,ý(9,û 1 ± 'LVWULEXWLRQ RI WKH 6HUDSLDV VSHFLHV RQ WKH LVODQG RI .RUþXOD WK &URDWLDQ %RWDQLFDO 6\PSRVLXP ZLWK ,QWHUQDWLRQDO 3DUWLFLSDWLRQ -(77(5 & ± (LQ )U KOLQJVDXVÀXJ DQ GLH GDOPDWLQLVFKH . VWH gVWHUU %RW =HLWVFKU -2.6,029,û $ '-8529,û 0 6(0(129 $ 9 =211 , 6 .267,$12- * ± 7KH %RND .RWRUVND %D\ (QYLURQPHQW 6SULQJHU ,QWHUQDWLRQDO 3XEEOLVKLQJ .RWRU -26&+ ( 5 ± (UJHEQLVVH HLQHU ERWDQLVFKHQ 5HLVH YRQ /DLEDFK QDFK GHU ,QVHO 2VVHUR LP 4XDUQHUR XQWHUQRPPHQ LP 0DL gVWHU %RW =HLWVFKULIW .$0(1-$5,1 - ± 9DVFXODU ÀRUD RI PRXQW .R]MDN DERYH 6SOLW 1DW &URDW .(51(5 $ ± =XU ÀRUD YRQ 'DOPDWLHQ &URDWLHQ XQG 8QJDUQ gHVWHUU %RW =HLWVFKU ± .(51(5 $ ± =XU ÀRUD YRQ 'DOPDWLHQ &URDWLHQ XQG 8QJDUQ )ORUD .(56&+%$8067(,1(5 + 3(5.2 0 / 67,03)/ * ± 'LH 2UFKLGHHQ ,VWULHQV XQG GHU .YDUQHU ,QVHOQ .UN &UHV XQG /RãLQM ± HLQ 9RUEHULFKW GHU 2SKU\V *HPlOGH YLHOPDOV JHGDQNW $UEHLWVJUXSSH - (XU 2UFK .5$1-ý(9 5 ± 2UFKLGV RQ WKH ,VODQG RI 9LV HDVWHUQ $GULDWLF &URDWLD $FWD %RW &URDW .5$1-ý(9 5 ± +UYDWVNH 2UKLGHMH $.' =DJUHE .5$1-ý(9 5 '(/)25*( 3 ± '¶2SKU\V GX 'LQDUD 2SKU\V GLQDULFD XQH HVSpFH PpFRQQXH GH &URDWLH 1DWXUDO %HOJHV 2UFKLG .5(0(5 ' 5$1',û 0 /8.$ý * .26$/(& , .5â8,û , 58âû,û 0 ± 1HZ ORFDOLWLHV RI VRPH ÀRULVWLFDOO\ LQWHUHVWLQJ VSHFLHV LQ WKH QRUWKZHVW GLQDULF PRXQWDLQV LQ &URDWLD 1DW &URDW .5(87= & $ - ± .RPSHQGLXP 'HU (XURSlLVFKHQ 2UFKLGHHQ &DWDORJXH RI (XURSHDQ 2UFKLGV /DQGJUDDI 1HWKHUODQGV .5(87= & $ - ± 1HXNRPELQDWLRQHQ XQG (UJlQ]XQJHQ ]X YHUVFKLHGHQHQ HXURSlLVFKHQ 2UFKLGHHQWD[D %HU $UEHLWVNUV +HLP 2UFKLG ± .5(87= & $ - -$.(/< ' ± 5HYLGLHUWH %HOHJH 2UFKLGDFHDH DXV GHP ³+HUEDULXP ,VWULDFXP 9RUDUEHLWHQ ]X HLQHU )ORUD YRQ ,VWULHQ 7HLO &DULQWKLD .h00(5/( ' - % ± 8EHU GLH (QWGHFNXQJ YRQ 2UFKLV 6SLW]HOLL 6DQW LQ .URDWLHQ XQG 1RUGGDOPDWLHQ 0DJ %RW /DS /$.8â,û 5 ± 3ODQLQVND YHJHWDFLMH -XJRLVWRFQLN 'LQDULGD *ODVQLN /$.8â,û 5 ± 'LH 9HJHWDWLRQ GHU VXGRVWOLFKHQ 'LQDULGHQ 9HJHWDWLR

/$1*+2))(5 $ D ± %LOMQRJHRJUDIVNH IRUPDFLMH ]LP]HOHQRJ SRMDVD 'DOPDFLMH +HUFHJRYLQH L & *RUH 5DG -XJRV $NDG =QDQ L XPMHW /$1*+2))(5 $ E ± 'LH 3ÀDQZHOQZHOW 'DOPDWLHQV .OLQLQNKDUGW /HLS]LJ /$7=(/ $ ± 1HXHUH (UJHEQLVVH GHU ERWDQLVFKHQ (UIRUVFKXQJ 'DOPDWLHQV XQG +HU]HJRYLQD 9HUK *HV 'HXWVFK 1DWXUI /-8%,ý,û , %5,79(& 0 ± 5LMHWNH L XJURåHQH ELOMNH RWRND 3DJD $JU *ODV /-8%,ý,û , %5,79(& 0 3/$=,%$7 0 9,7$629,û .26,û , ± )ORUD RI WKH 6RXWK :HVWHUQ 3DUW RI WKH 1DWLRQDO 3DUN ³1RUWKHUQ 9HOHELW´ $JULF &RQVSHFV 6FL /86,1$ ± 2SKU\V DSLIHUD+XGV ERWWHURQL $ HW 4XDUQHUR $QQ %RW 5RPD 0$/< . ± %HLWUDJH ]XU LOO\ULVFKHQ )ORUD gVWHU %RW =HLW 0$5&+(6(77, & %(*8,127 $ ± )ORUD GHOO¶LVROD GL &KHUVR $UFK %RW 6LVW 0$5&8==, * ± $VSHWWL QDWXUDOLVWLFL GHOOD 'DOPD]LD /¶8QLYHUVR 0$5ý,û 0 ± 6UHGR]HPQD ÀRUD X GUYRUHGLPD L SDUNRYLPD QD LVWRþQLP REDODPD -DGUDQD âXPDUVNL OLVW ]QDQVWYHQR VWUXþQR L VWDOHãNR JODVLOR +U âXP 'UX 0$==2/(1, $ ± *LWD %RWDQLFD LQ 'DOPD]LD (XJDQHR GL 6FLHQ]H /HWWHUH $UWL H 9DULHWj 0,/29,û 0 ± 7KH ÀRUD RI âLEHQLN DQG LWV VXUURXQGLQJV 1DW &URDW 0,/29,û 0 ± )ORUD RI WKH LVODQG RI 2ERQMDQ âLEHQLN $UFKLSHODJR &URDWLD 1DW &URDW 0,/29,û 0 ± $ QHZ FRQWULEXWLRQ WR WKH NQRZOHGJH RI WKH YDVFXODU ÀRUD RI WKH .UND 1DWLRQDO 3DUN 1RUWK 'DOPDWLD &URDWLD *ODV +U ERW GUX 0,/29,û 0 0,7,û % ± $ FRQWULEXWLRQ WR WKH NQRZOHGJH RI YDVFXODU ÀRUD RI .UND 1DWLRQDO 3DUN 1DW &URDW 0,/29,û 0 0,7,û % ± 7KH XUEDQ ÀRUD RI WKH FLW\ RI =DGDU 'DOPDWLD &URDWLD 1DW &URDW 0,/29,û 0 3$1'ä$ 0 ± $ FRQWULEXWLRQ WR WKH YDVFXODU ÀRUD RI WKH âLEHQLN DUFKLSHODJR LVODQGV 'DOPDWLD &URDWLD 1DW &URDW 0,/29,û 0 3$1'ä$ 0 ± )ORUD .DOL L RNROLFH ,Q .DOL =QDQVWYHQD NQMLåQLFD =DGDU 0,/29,û 0 98.(/-$ 1 3$1'ä$ 0 0,7,û % ± 7KH YDVFXODU ÀRUD RI 7ULEXQM DQG QHDUE\ LVOHWV RI /RJRUXQ DQG /XNRYQLN 'DOPDWLD &URDWLD 1DW &URDW 0,/29,û 0 .29$ý,û 6 -$635,&$ 1 67$0(1.29,û 9 ± &RQWULEXWLRQ WR WKH VWXG\ RI $GULDWLF LVODQG ÀRUD 9DVFXODU SODQW VSHFLHV GLYHUVLW\ LQ WKH &URDWLDQ ,VODQG RI 2OLE 1DW &URDW 0(.,1,û 6 3,$6(92/, * 9/$'29,û ' ä(951-$ 1 ±)ORUD SRGUXþMD âüDGLQ VUHGQMD 'DOPDFLMD +UYDWVND *ODV +U ERW GUX 02/1È5 $ 9 .5(87= & $ - Ï9È5, 0 6(11,.29 $ 1 %$7(0$1 5 0 7$.È&6 $ 620/<$< / 65$0.Ï * ± +LPDQWRJORVVXP MDQNDH 2UFKLGDFHDH 2UFKLGHDH D QHZ QDPH IRU D ORQJPLVQDPHG OL]DUG RUFKLG 3K\WRWD[D ± 025721 ) ± %HLWUlJH ]XU .HQQWQLV GHU )ORUD YRQ 6 GGDOPDWLHQ gVWHU %RW =HLW 1(,/5(,&+ $ ± 'LH 9HJHWDWLRQVYHUKlOWQLVVH YRQ &URDWLHQ :LHQ 1(:0$1 % ± 2UFKLGV DV LQGLFDWRUV RI HFRV\VWHP KHDOWK LQ XUEDQ EXVKEDQG IUDJPHQWV 3K' WKHVLV 0XUGRFK 8QLYHUVLW\ 1,.2/,û 7 0,/29,û 0 %2*'$129,û 6 -$635,&$ 1 ± (QGHPL X +UYDWNVRM ÀRUL $OID G G =DJUHE 1,.2/,û 7 723,û - ± &UYHQD NQMLJD YDVNXODUQH ÀRUH +UYDWVNH 0LQLVWDUVWYR .XOWXUH =DJUHE 12',/2 0 ± 1HNROLNR YUVWD L] SRURGLFH 2UFKLGDFHDH V RWRND 0OMHWD âXPDUVNL OLVW 12Ê - ± 6HOWHQKHLWHQ DXV GHU 8PJHEXQJ YRQ )LXPH LQ ,VWULHQ )ORUD 3$1ý,û - ± %RWDQLVFKH %HUHLVXQJ YRQ 0RQWHQHJUR LP -DKUH gHVWHUU %RW =HLWVFKU ±

3$172&6(. - ± $GQRWDWLRQHV DG )ORUDP HW )DXQDP +HUFHJRYLQDH &UQDJRUDH HW 'DOPDWLDH 9HUKDQGOXQJHQ GHV 9HUHLQHV ) U 1DWXUNXQGH LQ 3UHVEXUJ ± 3$1'ä$ 0 67$1ý,û = &RQWULEXWLRQ WR WKH ÀRUD RI WKH .RUQDWL LVODQGV &URDWLD 1DW &URDW ± 3$1'ä$ 0 D ± )ORUD RI WKH LVODQG RI 0XUWHU &HQWUDO $GULDWLF $FWD %RW &URDW 3$1'ä$ 0 E ± )ORUD RI WKH LVODQG RI =ODULQ 1DW &URDW 3$1'ä$ 0 ± )ORUD RI WKH LVODQG RI äLUMH DQG WKH VPDOO LVODQGV DURXQG LW HDVWHUQ $GULDWLF FRDVW &URDWLD $FWD %RW &URDW ± 3$1'ä$ 0 )5$1-,,û - â.925& ä ± 7KH ÀRUD RI VRPH XQLQKDELWHG âLEHQLN $UFKLSHODJR LVODQGV 'DOPDWLD &URDWLD 1DW &URDW 3$1'ä$ 0 0,/29,û 0 ± )ORUD L YHJHWDFLMD QD SRGUXþMX 9HORJ 5DWD 'XJL RWRN 9HOL UDW 8JOHãLü $QWH )DULþLü -RVLS XU 6YHXþLOLãWH X =DGUX =DGDU 3$1'ä$ 0 0,/29,û 0 .53,1$ 9 7$)5$ ' ± 9DVFXODU ÀRUD RI WKH 9UJDGD LVOHWV =DGDU DUFKLSHODJR HDVWHUQ $GULDWLF 1DW &URDW 3$52//< * ± 'LH 2UFKLGHHQÀRUD 0RQWHQHJURV (LQ %HLWUDJ ]XP 237,0$ 3URMHNW ³.DUWLHUXQJ GHU PHGLWHUUDQHQ 2UFKLGHHQ´ 2UFKLGDFHDH 0LWW %O $UEHLWVNU +HLP 2UFK %DGHQ : UWW 3$8/86 + ) ± =XU %HVWlXEXQJVELRORJLH HLQLJHU 2SKU\V $UWHQ ,VWULHQV .URDWLHQ PLW HLQHU %HVFKUHLEXQJ YRQ 2SKU\V VHURWLQD 5ROOL H[ 3DXOXV VSHF QRY DXV GHU 2SKU\V KRORVHULFD $UWHQJUXSSH 2UFKLGDFHDH XQG ,QVHFWD $SRLGHD %HU $UEHLWVNUV KHLP 2UFKLG 3$8/86 + ) ± =XU %HVWlXEXQJVELRORJLH YRQ 6HUDSLDV OLQJXD XQG HLQLJHU 2SKU\V $UWHQ LQ .URDWLHQ 2UFKLGDFHDH XQG ,QVHFWD $SRLGHD - (XU 2UFK 3$8/86 + ) +,57+ 0 ± %(67b8%81*6%,2/2*,( XQG 6\VWHPDWLN GHV 2SKU\V PDPPRVD .RPSOH[HV LP |VWOLFKHQ 0LWWHOPHHUUDXP PLW 1HXEHVFKUHLEXQJHQ YRQ 2SKU\V SUHVSDHQVLV XQG 2 ZLOOLQJLL YRP JULHFKLVFKHQ )HVWODQG - (XU 2UFK 3$8â,ý , /,329â(. 0 -$.(/< ' 3$9/(& 1 ,9$-1â,ý ' .$/,*$5,ý 0 ± /RFDO FOLPDWH DQG ODWLWXGH DIIHFW ÀRZHU IRUP RI 2SKU\V IXFLÀRUD 2UFKLGDFHDH HYLGHQFH IRU FOLQDO YDULDWLRQ %RW OHW 3('(56(1 + $ )$85+2/'7 + ± 2SKU\V 7KH EHH RUFKLGV RI (XURSH .HZ 3XE 5R %RW *DUG /RQGRQ 3(5.2 0 / .(56&+%$8067(,1(5 + ± 2SKU\V NYDUQHUL 0 / 3HUNR + .HUVFKEDXPVWHLQHU VSHF QRY HLQH ELVKHU EHUVHKHQH $UW DXV ,VWULHQ XQG GHP .YDUQHU $UFKLSHO %HU $UEHLWVNUV +HLP 2UFKLG 3(58==, / &$3$5(//, . ( ± $JJLRUQDPHQWR GHOOD )ORUD YDVFRODUH GHOO¶LVRORWWR GL 3ULVQMDN $UFLSHODJR GL 0XUWHU &URD]LD ,QIRUP %RW ,W 3(77(5 ) D ± $XVÀXJ DXI GHQ %HU %LRNRYR LQ 'DOPDWLHQ )ORUD RG DOOJ %RW =HLW 3(77(5 ) E ± %RWDQLVFKHU :HJZHLVHU LQ GHU *HJHQG YRQ 6SDODWR LQ 'DOPDWLHQ %DWWDUD 9HUODJ =DUD 3(77(5 ) ± %HULFKW DXV 'DOPDWLHQ )ORUD RG DOOJ %RW =HLW 3(77(5 ) D ± ,QVHO )ORUD YRQ 'DOPDWLHQ gVWHUU %RW :RFK 3(77(5 ) E ± ,QVHO )ORUD YRQ 'DOPDWLHQ gVWHUU %RW :RFK 3(77(5 ) F ± ,QVHO )ORUD YRQ 'DOPDWLHQ gVWHUU %RW :RFK 3(9$/(. , ± 3ULURGRVORYQD LVWUDåLYDQMD VMHYHUQR GDOPDWLQVNRJ RWRþMD 9DVNXODUQD ÀRUD RWRþMD 'XJL L .RUQDWL 3ULU ,VWU .UDO -XJ 3(==(77$ $ ± 6HJQDOD]LRQL GL UDUH RUFKLGHH LQ 'DOPD]LD H LVROD GL .UN 9HJOLD *,526 1RWL]LH 3(==(77$ $ ± $VSHWWL ÀRULVWLFL YHJHWD]LRQDOH H ¿WRJHRJUD¿FL GHOOD 'DOPD]LD /¶8QLYHUVR 3(==(77$ $ ± 1XRYH VHJQDOD]LRQL GL HQWLWj UDUH QHO 4XDUQHUR H LQ DOWUH ORFDOLWj GDOPDWH H JLXOLDQH *,526 1RWL]LH 3(==(77$ $ D ± *OL HOHPHQWL DSSHQQLQR EDOFDQLFL LOOLULFL SRQWLFL H VXG HVW HXURSHL GHOOD ÀRUD LWDOLDQD RULJLQL H GLVWULEX]LRQH JHRJUD¿FD $QQ VHU +LVW 1DW

3(==(77$ $ ± $VSHWWL ÀRULVWLFL YHJHWD]LRQDOL H ¿WRJHRJUD¿FL GHOO¶,VWULD H GHOO¶$UFLSHODJR GL &UHV H /XVVLQR /¶8QLYHUVR 3(==(77$ $ ± /H 2UFKLGDFHDH G¶$EUX]]R DJJLRUQDPHQWR VLVWHPDWLFR H QXRYD FKHFN OLVW $QQ VHU KLVW QDW Â 3(==(77$ $ D ± /H 2UFKLGDFHDH GHOO¶,VWULD H GHOO¶DUFLSHODJR GL &KHUVR /XVVLQR $WWL 0XV &LY 6W 1DW 7ULHVWH 3(==(77$ $ E ± /H RUFKLGHH GHOOD ÀRUD LWDOLDQD GLVWULEX]LRQH JHRJUD¿FD H RULJLQL *,526 2UFK 6SRQW (XU 3(==(77$ $ ± 2SKU\V H[DOWDWD VXEVS DUFKLSHODJL LQ &URD]LD SULPR ULWURYDPHQWR SHU O¶LVROD GL 9HJOLD .UN *,526 2UFK 6SRQW (XU 3,*1$77, 6 ± G¶,WDOLD YROO , ,,, (G (GDJULFROH %RORJQD 3,/-$& .2629,û / 3$1'ä$ 0 ± )ORUD RI WKH LVODQG RI 9UJDGD DQG WKH VXUURXQGLQJ LVOHWV 1DW &URDW 3,7721, - & ± 7KRPDV 3LFKOHU¶V 5HLVH QDFK 'DOPDWLHQ XQG 0RQWHQHJUR LP -DKUH gVWHU %RW =HLW 3/$=,%$7 0 ± $ FRQWULEXWLRQ WR WKH ÀRUD RI 7LMDULFD LQ VRXWKHUQ &URDWLD 1DW &URDW 32/',1, / ± /D YHJHWD]LRQH GHO &DUVR LVRQWLQR H WULHVWLQR (G /LQW 7ULHVWH 32/',1, / ± /D GLYHUVLWj YHJHWDOH GHO &DUVR IUD 7ULHVWH H *RUL]LD (GL]LRQL *ROLDUGLFKH 7ULHVWH 3257(16&+/$* /('(50$<(5 ) ± (QXPHUDWLR SODQW LQ 'DOPDWLD OHFWDUXP +lUWHU :LHQ 5(,&+(1%$&+ + * / ± ,FRQHV )ORUDH *HUPDQLFDH HW +HOYHWLFDH VLPXO 3HGHPRQWDQDH /RPEDUGRYHQHWLFDH ,VWULDFDH 'DOPDWLFDH +XQJDULFDH 7UDQVV\OYDQLFDH %RUXVVLFDH 'DQLFDH %HOJLFDH +ROODQGLFDH $OVDWLFDH HUJR 0HGLDH (XURSDH 9RO ;,,, ;,9 ) +RIPHLVWHU /LSVLDH 5$'$. % %2.,â % $1$ý.29 * ± 'HQVH ÀRZHUHG RUFKLG 1HRWLQHD PDFXODWD D QHZ VSHFLHV IRU ÀRUD RI 0RQWHQHJUR ,Q 7KH %RRN RI $EVWUDFWV DQG 3URJUDPPH WK ,QWHUQDWLRQDO 6\PSRVLXP RI (FRORJLVWV ± ,6(0 2FWREHU 6XWRPRUH 0RQWHQHJUR 5$'$. % ' 9/.8 $ = 3(â.$129 - 0 0$7(96., 9 6 $1$ý.29 * ± 0RUSKRORJLFDO FKDUDFWHUL]DWLRQ RI WKUHH QDWXUDO K\EULG RUFKLG WD[D QHZ IRU 6HUELD 0RQWHQHJUR DQG 1RUWK 0DFHGRQLD $UFK %LRO 6FL KWWSV GRL RUJ $%6 5 $UFKLYHV RI %LRORJLFDO 6FLHQFHV 5$'29,û - /(.2 . 0$5.29,û ' 52',û 3 6&+1(,'(5 ' 75(1& 1 ± 3DUN SULURGH 'HOWD 1HUHWYH VWUXþQD SRGORJD ]D ]DãWLWX 'UåDYQL ]DYRG ]D ]DãWLWX SULURGH =DJUHE 5$1',û 0 %5./-$ý,û $ /8.$ * .5(0(5 ' ± 1HZ ORFDOLWLHV RI UDUH 1$785$ VSHFLHV 3XOVDWLOOD JUDQGLV :HQGHU *HQLVWD KRORSHWDOD .RFK %DOG DQG &\SULSHGLXP FDOFHROXV / LQ WKH 1: 'LQDULGHV LQ &URDWLD 1DW &URDW 5,6< 6 5,6< : ± $XI 2UFKLGHHQVXFKH LQ 0RQWHQHJUR %HU $UEHLWVNUV +HLP 2UFKLG 5+2/(1$ - ± $GGLWDPHQWD LQ ÀRUDP GDOPDWLFDP 3UHVOLD 5202/,1, 5 62&$ 5 ± 1HZ VSHFLHV LQ 2SKU\V 2UFKLGDFHDH WR WKH ,WDOLDQ DQG )UHQFK )ORUDH - (XU 2UFK 5202/,1, 5 628&+( 5 ± 2SKU\V G¶,WDOLD eG 6RFRFRU 6DLQW 0DUWLQ GHV /RQGUHV ) 5266, / ± 8 âXJDUVNRM 'XOLEL 3ULORJ SR]QDYDQMX ÀRUH 9HOHELWD ,,, GLR *ODV +U 3ULU 'UX 5266, / ± )ORULVWLþND LVWUDåLYDQMD SR MXJRLVWRþQRM +UYDWVNRM *ODV +U 3ULU 'UX 5266, / ± 3UHJOHG ÀRUH +UYDWVNRJ 3ULPRUMD 3ULU ,VWU .UDO -XJ 5266,1, $ 48,7$'$02 * ± 2SKU\V EHUWRORQLL VXEVS EHUWRORQLLIRUPLV ,Q *,526 2UFKLGHH G¶,WDOLD *XLGD DOOH RUFKLGHH VSRQWDQHH D HG ,O &DVWHOOR &RUQDUHGR 0, 5277(167(,1(5 : 5 ± ([NXUVLRQVÀRUD I U ,VWULHQ 9HUO 1DWXUZLVV 9HU .lUQWHQ .ODJHQIXUW 5277(167(,1(5 : 5 ± 1RWL]HQ ]XU )ORUD YRQ ,VWULHQ 7HLO ,, -RDQQHD %RWDQLN ± 5277(167(,1(5 : 5 ± 'LH 3ÀDQ]HQ ,VWULHQV LQ LKUHQ QDW UOLFKHQ /HEHQVU۰XPHQ 0HGLDJUD¿N +DQVFKLW] H 8 .ODJHQIXUW 5277(167(,1(5 : 5 1RWL]HQ ]XU )ORUD YRQ ,VWULHQ 7HLO 9 -RDQQHD %RWDQLN

5277(167(,1(5 : 5 =(51,* . -$.(/< ' 6&+(8(5 & %HLWUlJH ]XU )ORUD YRQ ,VWULHQ 9, (LQH NRPPHQWLHUWH 3U ÀLVWH GHU *HIl SÀDQ]HQ DOV *UXQGODJH I U HLQH ³)ORUD XQG 9HJHWDWLRQ GHU ,QVHO .UN 9HJOLD 9|JOV LQ GHU 4XDUQHU %XFKW³ )ULWVFKLDQD 6$5'$*1$ 0 ± (LQ $XVÀXJ DXI GHQ %LRFRYR LQ 'DOPDWLHQ gVWHU %RW =HLW 6$87(5 $ ( ± +HUEDULHQ $JURVWRWKHFD KXQJDULFD FRPSOHFWHQV SODQWDV VLFFDWDV JUDPLQHDV F\SHUDFHDV HW MXQFHDV +XQJDULDH &URDWLDH HW 'DOPDWLDH )ORUD RG DOOJ %RW =HLW 6&+8/=( 0 ± 'LH 2UFKLGDFHHQ 'HXWVFKODQGV 'HXWVFK gVWHUUHLFKVXQG GHU 6FKZHL] *HUD 8QWHUPKDXV 6((186 - ) ± %HVFKUHLEXQJ HLQHU 5HLVH QDFK ,VWULHQ XQG 'DOPDWLHQ YRU]XHJOLFK LQ ERWDQLVFKHU +LQVLFKW %HLODJH ]XP ERWDQLVFKHQ 7DVFKHQEXFKH DXIGGDV MDKU âV Q û 1XHUQEHUJ XQG $OWGRUI 6.(/,1 0 /-8%,ý,û , 6.(/,1 , 9,7$629,û .26,û , %2*'$129,û 6 ± 7KH )ORUD RI =HþHYR +YDU $UFKLSHODJR &URDWLD $JULF FRQVSHF VFL 6('((. . ( 0 6&23(&( * 67$('/(5 $ 0 6&+g1(1%(5*(5 - &2==2/,12 6 6&+,(67/ ) 3 6&+/h7(5 3 0 ± *HQLF UDWKHU WKDQ JHQRPH ZLGH EHWZHHQ VH[XDOO\ GHFHSWLYH 2SKU\V RUFKLGV ZLWK GLIIHUHQW SROOLQDWRUV 0RO (FRO 6&+/266(5 $ D ± 5HLVHÀRUD DXV 6 G .URDWLHQ 6FKOXVV gHVWHUU %RW :RFK 6&+/266(5 $ E ± 5HLVHÀRUD DXV 6 G .URDWLHQ 6FKOXVV gHVWHUU %RW :RFK 6&+/266(5 $ F ± 5HLVHÀRUD DXV 6 G .URDWLHQ 6FKOXVV gHVWHUU %RW :RFK 6&+/266(5 - & . ± .DüXQRYLFH 2UFKLGHDH -XVV 5DG -XJ $NDG =QDQ L XPMHW 6('/$5 = +5â$. 9 â(*27$ 9 ± 1HZ UHFRUGV RI YDVFXODU SODQWV IRU WKH QHZ SDUW RI WKH .UND 1DWLRQDO 3DUN 1DW &URDW 6,(%(5 ) : ± 1HXH XQG VHOWHQH *HZlFKVH )ORUD 5HJQVE ± 62&$ 5 ± 7\SL¿FDWLRQ G¶2SKU\V H[DOWDWD 7HQRUH 2UFKLGDFHDH /H PRQG GHV SODQWHV 62Ï 5 ± $GGLWVPHQWD RUFKLGHRORJLFD 1RW %RW *DUW 0XV %HUOLQ 'DKOHP 67$3) 2 ± %HULFKW EHU GHQ $XVÀXJ GHU N N ]RRORJLVFK ERWDQLVFKHQ *HVHOOVFKDIW QDFK GHP /LWRUDOH XQG GHP 4XDUQHUR 9HUK ]RRO ERW *HV 67$50h+/(5 : ± 9RUDUEHLWHQ ]X HLQHU )ORUD YRQ ,VWULHQ 7HLO &DULQWKLD ± 67266,&+ 0 ± (LQH ([NXUVLRQ LQ GDV NURDWLVFKH /LWRUDOH gVWHU %RW =HLW 6752%/ * ± $XV GHU )U OLOLQJV )ORUD XQG )DXQD ,OO\ULHQV 9HUK =RRO %RW *HV :LHQ 678'1,&=.$ & ± %HLWUlJH ]XU )ORUD YRP 6 GGDOPWLHQ ± 9HUK =RRO ± %RW *HV :LHQ ± 681'(50$11 + ± =XP 3UREOHP GHU 'H¿QLWLRQ WD[RQRPLVFKHU .DWHJRULHQ 6SHFLHV 6XEVSHFLHV 3UDHVSHFLHV 9DULHWlW ± GDUJHVWHOOW DP %HLVSLHO GHV 6LSSHQ NRPSOH[HV 2SKU\V IXFLÀRUD &UDQW] 0RHQFK ± 2SKU\V VFRORSD[ &DY 7D[RQ ± â(*27$ 7 ),/,3,û $ ± .|SSHQRYD NODVL¿NDFLMD NOLPH L +UYDWVNR QD]LYOMH *HRDGULD â(*27$ 9 $/(*52 $ ± )LUVW UHFRUG RI WKH UDUH P\FR KHWHURWURSKLF RUFKLG (SLSRJLXP DSK\OOXP 6ZDUW] RQ 0W 9HOHELW &URDWLD 1DW &URDW â(*27$ 9 +5â$. 9 $/(*52 $ ± &HSKDODQWKHUD GDPDVRQLXP 0LOO 'UXFH LQ 0HGLWHUUDQHDQ HYHUJUHHQ YHJHWDWLRQ 1DW &URDW â(*27$ 9 +5â$. 9 98.29,û 1 $/(*52 $ %(6(1'25)(5 9 6('/$5 = %2*'$129,û 6 32/-$. , ± 'LVHQWDQJOLQJ WKH NLQVKLS RI 6HUDSLDV î WRGDURL 7LQ 2UFKLGDFHDH DORQJ WKH HDVWHUQ $GULDWLF XVLQJ FKURPRVRPH FRXQW DQG PRUSKRPHWU\ )ORUD â,/,û ý â2/,û 0 ( ± $GGLWLRQ WR WKH YDVFXODU ÀRUD LQ WKH UHJLRQ RI %LRNRYR 'DOPDWLD &URDWLD 1DW &URDW â,1&(. ' ý,ý0,5 5 ý %2529(ý., 926.$ /- ± (ODERUDW SURMHNWD LVWUDåLYDQMH L UDãþODQMLYDQMH VYRMWL 7H UMHãDYDQMH WDNVRQRPVNLK SUREOHPD YH]DQLK X] URG +LPDQWRJORVVXP 2UFKLGDFHDH + DGULDWLFXP %DXPDQQ + KLUFLQXP / 6SUHQJ L + FDSULQXP 6SUHQJ X 5HSXEOLFL +UYDWVNRM 'UåDYQL ]DYRG ]D ]DãWLWX SULURGH =DJUHE â8*$5 , ± 3RVL]LRQH YHJHWDOH H FOLPDWLFD GHOO¶LVROD GL /RãLQM 0LWWHLOXQJHQ 2VWDOSLQ 'LQDULVFKHQ 3ÀDQ]HQVR]LRORJLVFKHQ $UEHLWJHPHLQVFKDIW +HIW

â8*$5 , ± 6XO OLPLWH VHWWHQWULRQDOH GHOOD GLVWULEX]LRQH ]RQDOH GHO OHFFLR QHO OLWRUDOH FURDWR 1RW )LWRV â8*$5 , ± &RQWULEXWR DOOD FRQRVFHQ]D GHOOH FDUDWWHULVWLFKH ¿WRVRFLRORJLFKH HG DOOD ORFDOL]]D]LRQH GHOOD PDFFKLD H GHL ERVFKL D OHFFLR QHOOH ]RQH VHWWHQWULRQDOL GHO OLWRUDOH FURDWR 1RW )LWRV 7$)5$ ' 3$1'ä$ 0 ± 9DVFXODU ÀRUD RI WKH WRZQ RI 2PLã 1DW &URDW 7(<%(5 $ ± hEHU LQWHUHVVDQWH 3ÀDQ]HQ DXV 1LHGHU|VWHUUHLFK XQG 'DOPDWLHQ 9HUK =RRO %RW *HV :LHQ 7(<%(5 $ ± %HLWUDJ ]XU )ORUD 1LHGHURHVWHUUHLFKV XQG 'DOPDWLHQV gVWHU %RW =HLW 7+,(/( * 7+,(/( : ± (UJlQ]XQJHQ ]XU .HQQWQLV GHU 2UFKLGHHQ LQ 1RUGZHVW *ULHFKHQODQG - (XU 2UFK 720,û 67$1.29,û . ±9HJHWDFLMD /RYüHQD X &UQRM *RUL =DMHGQLFD QDXþQLK XVWDQRYD .RVRYD X 3ULãWLQL 7200$6,1, GH 0 ± %RWDQLVFKH :DQGHUXQJHQ LP .UHLVH YRQ &DWWDUR )ORUD 5HJHQVE ± 7200$6,1, GH 0 ± 'HU %HUJ 6ODXQLJ LP . VWHQODQG XQG VHLQH ERWDQLVFKHQ 0HUNZ UGLJNHLWHQ /LQQDHD 7200$6,1, GH 0 ± hEHU GLH LP )ORUHQJHELHWH GHV |VWHUU LOO\ULVFKHQ . VWHQODQGHV YRUNRPPHQGHQ 2UFKLGHHQ XQG LKUH JHRJUDSKLVFKH 9HUEUHLWXQJ gVWHUU %RW =HLWVFKU SDJJ 7200$6,1, GH 0 ± 'LH 9HJHWDWLRQ GHU 6DQGLQVHO 6DQVHJR XQG HLQLJHU QDKHOLHJHQGHU ,QVHOQ LP 4XDUQHUREXVHQ 9HUK =RRO %RW *HV :LHQ 7200$6,1, GH 0 ± 6XOOD YHJHWD]LRQH GHOO¶LVROD GL 9HJOLD H GHJOL DGLDFHQWL VFRJOL GL 6 0DUFR 3ODYQLN H 3HUYLFFKLR QHO JROIR GHO 4XDUQHUR ,Q &8%,&+ * +UVJ 1RWL]LH QDWXUDOL H VWRULFKH VXOO¶LVROD GL 9HJOLD 'RFXPHQWL VXOO¶LVROD GL 9HJOLD 7ULHVWH 7200$6,1, GH 0 ±)ORUD GHOO¶LVROD GL /XVVLQR $WWL 0XV FLYLFR 6W 1DW 7ULHVWH 75,1$-67,û , ± +RKHQJ UWFO GHU 9HJHWDWLRQ XQG GLH 9HJHWDWLRQVSUR¿OH LP 9HOHELW *HELUJH 0LWW 2VWDOS GLQ *HV 9HJHWNGH SS 75,1$-67,û , E ± 9HJHWDFLMD VYH]H 2OHR &HUDWRQLRQ %U %O X MDGUDQVNRP SULPRUMX -XJRVODYLMH $FWD %RW &URDW 75,1$-67,û , D ± 6XOOD VLQWDVVRQRPLD GHOOD YHJHWD]LRQH VHPSUHYHUGH GHOOD FODVVH 4XHUFHWHD LOLFLV GHO OLWRUDOH DGULDWLFR MXJRVODYR 1RWL] )LWRVRFLRO 75,1$-67,û , ± $SHUFX V\QWD[RQRPLTXH GH OD YHJHWDWLRQ GHV URFKHV GH O¶HVSDFH $GULDWKLTXH 6WXGLD *HRERW 75,1$-67,û , ± 6\QWD[RQRPLH 1RPHQNODWRULVFKH 5HYLVLRQ GHU 2VWDGULDWLVFKHQ 9HJHWDWLRQ PLW 3DOLXUXV 5KDPQR 3DOLXURQ 7ULQDMVWLF 1RP 1RY $W 0XV &LY 5RYHU 75,1$,67,û , .$0(1-$5,1 - ± )LWRFHQROãNR 6LQWDNVRQRPVND DQDOL]D âXPD ýHVPLQH 4XHUFXV LOH[ / QD .R]MDNX NUDM 6SOLWD âXP /LVW 75,1$-67,û , 95%(. 0 ± $VVRFLDWLRQ 2OHR (XSKRUELHWXP GHQGURLGHV 7ULQDMVWLF LQ WKH YHJHWDWLRQ RI WKH LVODQG RI 'XJL 2WRN 1DW &URDW 9È=48(= ) 0 %/$1&2 - *$5&Ë$ ' 0È548(= ) *8(55$ 0 - ± 5HYLHZ RI $QDFDPSWLV VHFW 0RULDQWKXV WD[D IURP 6: ,EHULDQ 3HQLQVXOD - (XU 2UFK 9(5+$57 ) ± 2UFKLG REVHUYDWLRQV LQ &URDWLD 'RFXPHQWR PDQRVFULWWR LQ ZRUG 9,6,$1, 5 ± 6WLUSLXP GDOPDWLFDUXP VSHFLPHQ 7\SLV &UHVFLQLDQLV 3DWDYLL 9,6,$1, 5 ± 3ODQWDH UDULRUHV LQ 'DOPDWLD UHFHQV GHWHFWDH D 5REHUWR GH 9LVLDQL 0 ' HW SOXULXP $FDGHPLDUXP 6RGDOL )ORUD RG DOOJ %RW =HLW ± 9,6,$1, 5 ± 3ODQWDH GDOPDWLFDH QXQF SULPXP HGLWDH )ORUD RG DOOJ %RW =HLW ± 9,6,$1, 5 ± )ORUD 'DOPDWLFD ,±,,, $SXG )ULGHULFXP +RIPHLVWHU /LSVLDH 9,6,$1, 5 ± )ORUDH 'DOPDWLFDH VXSSOHPHQWXP 0HPRU 'HO 5 ,VWLWXWR ;9, , 9HQHWLLV 9,6,$1, 5 ± )ORUDH 'DOPDWLFDH 6XSSOHPHQWXP DOWHUXP DGMHFWLV SODQWLV LQ %RVQLD +HUFHJRYLQD HW 0RQWHQHJUR FUHVFHQWLEXV 3DUV SULPD ,ELG YRO EU VWU

9,6,$1, 5 ± )ORUDH 'DOPDWLFDH 6XSSOHPHQWXP DOWHUXP DGMHFWLV SODQWLV LQ %RVQLD +HUFHJRYLQD HW 0RQWHQHJUR FUHVFHQWLEXV 3DUV VHFXQGD SRVWKXPD ,ELG YRO EU VWU 9,7$629,û .26,û , 98.2-(9,û 0 %2*'$129,û 6 )LUVW LQYHQWRU\ RI YDVFXODU ÀRUD RI 0DWRNLW 0RXQWDLQ %LRNRYR 0DVVLI &URDWLD âXPDUVNL OLVW ± 9/$'29,û ' ,/,-$1,û / ± 3ULORJ ÀRUL SODQLQH 0RVRU +UYDWVND $FWD %RW &URDW 9/$'29,û ' 3,$6(92/, * 0(.,1,û 6 ä(951-$ 1 +58â(9$5 ' '$0-$129,û 7 %2%$1 - %$5%$5,û 6 &9,7$1,û 5 ± )ORUD ]QDþDMQRJD NUDMREUD]D 5XPLQ 6' 3ULQW G R R 6SOLW 9/$'29,û ' 68/( ' ä(951-$ ' ± )ORUD RWRND âROWD %DãüLQD 9g7+ : /g6&+/ ± =XU 9HUEUHLWXQJ GHU RUFKLGHHQ DN GHU gVWOLFKH $GULD /LQ]HU ELRO %HLWU 98.2-(9,û 0 9,7$629,û .26,û , ±0RXQWDLQ 0DWRNLW DQG 9UJRUDF FLW\ QHZ ORFDOLWLHV RI WKUHDWHQHG DQG LQYDVLYH SODQW WD[D LQ &URDWLD - RI &HQW (XURS $JULF :$/'67(,1 YRQ ) GH 3 $ .,7$,%(/ 3 ± 'HVFULSWLRQHV HW ,FRQHV 3ODQWDUXP 5DULRUXP +XQJDULDH 9RO 9LHQQDH :$//1g)(5 % ± $Q DQQRWDWHG FKHFNOLVW RI WKH YDVFXODU SODQWV RI WKH &UHV /RãLQM &UHV /XVVLQR DUFKLSHODJR 1( $GULDWLF 6HD &URDWLD $QQ 1DWXUKLVW 0XV :LHQ % :(</$1' + ± %LRWRSSÀHJH XQG 2UFKLGHHQPRQLWRULQJ DXI HLQHU HKHPDOLJHQ 6FKDIZHLGH LQ ,VWULHQ %HU $UEHLWVNUV +HLP 2UFKLG :(</$1' + ± %HVWlXEXQJVELRORJLVFKH 8QWHUVXFKXQJHQ DQ 2SKU\V SDUYLPDFXODWD 2 ( 'DQHVFK 3DXOXV *DFN XQG 2SKU\V XQWFKMLL 6FKXO]H 'HOIRUJH LQ ,VWULHQ %HU $UEHLWVNUV +HLP 2UFKLG :(,66 ( ± )ORULVWLVFKHV DXV ,VWULHQ 'DOPDWLHQ XQG $OEDQLHQ 9HUK =RRO %RW *HV :LHQ :(,66 ( ± )ORULVWLVFKHV DXV ,VWULHQ 'DOPDWLHQ XQG $OEDQLHQ 9HUK =RRO %RW *HV :LHQ :(/'(1 / ± &RUUHVSRQGHQ] )ORUD 5HJHQVEXUJ :(/'(1 / ± )UXHKOLQJVÀRU LQ 'DOPDWLHQ &RUUHVSRQGHQ] )ORUD RG DOOJ %RW =HLW :(/'(1 / ±6FKUHLEHQ XHEHU GLH )ORUD YRQ 'DOPDWLHQ )ORUD RG DOOJ %RW =HLW :,//,6 . - ± 7KH YHJHWDWLRQDO KLVWRU\ RI WKH %DONDQV 4XDW 6FL 5HY =$1,129,û . *$-,û ý$3.$ 0 3(5ý(& 7$',û 0 98ý(7,û 0,/.29,û - %$-,û $ &,1'5,û . &9,7$1 / .$78â,1 = .$8ý,û ' /,.62 7 /21ý$5 ( /21ý$5 ä 0,+$-/29,û ' 3$1'ä,û . 3$7$5ý,û 0 651(& / 98ý(7,û 9 ± .OLPDWVNL DWODV +UYDWVNH '+0= =DJUHE =(/(61< + .5(87= & $ ± 2SKU\V KRORVHULFD 1 / %XUPDQ *UHXWHU VVS OD[LÀRUD =HOHVQ\ .UHXW] HLQH QHXH 8QWHUDUW GHU +XPPHO 5DJZXU] LQ .URDWLHQ XQG ZHLWHUH $QPHUNXQJHQ ]XU 2UFKLGHHQÀRUD .URDWLHQV - (XU 2UFK ± =,00(5 & ± &KH FRV¶q XQD VSHFLH /H 6FLHQ]H =81,12 0 =8//,1, $ ± %LRJHRJUD¿D OD GLPHQVLRQH VSD]LDOH GHOO¶HYROX]LRQH &DVD (GLWULFH $PEURVLDQD 0LODQR ä(951-$ 1 9/$'29,û 9 %2%$1 - ± 9DVNXODUQD ÀRUD GHOWH 1HUHWYH 3ULURGRVORYQL PX]HM 0HWNRYLü

6,72*5$),$ %851(/ 3 ± 2UFKLGpHV GX 0RQWHQHJUR KWWS SKLOLSSH EXUQHO IU RUFKLG 0RQWHQHJUR KWP %5$ý.( 25+,'(-( %UDþ 2QOLQH KWWS EUDFRQOLQH FRP KU DUKLYD SRUWDOD EUDFNH RUKLGHMH KWP/ ý$./(& / ± 'LVWULEXFLMD L DQDOL]D URGD 2UFKLV QD RWRNX 0OMHWX X *,6 6XþHOMX 'LSORPVNL 5DG 6YHXþLOLãWH X =DJUHEX $JURQRPVNL )DNXOWHW KWWSV UHSR]LWRULM DJU XQL]J KU LVODQGRUD REMHFW DJU $ ý,ý0,5 5 ± &URDWLD ± 2SKU\V KWWSV ZZZ RSKU\V JHQXV EH ¾ &URDWLD

'$16. %27$1,6. )25(1,1* ± 0217(1(*52 -81, KWWS ERWDQLVNIRUHQLQJ GN ZS FRQWHQW XSORDGV 0RQWHQHJUR SGI *h17+(5¶6 (8523($1 25&+,'6 +<%5,' /,67 KWWS ZZZ JXHQWKHU EODLFK GH K\EQDP SKS"SDU H[SDQG -2+1 *(55<¶6 RI %ULWDLQ DQG (XURSH &URDWLD ZZZ RUFKLGVRIEULWDLQDQGHXURSH FR XN -8'( - & $//$5' 0 ± (Q ORQJHDQW O¶$GULDWLTXH YR\DJH HQ &URDWLH GX DX $YULO KWWS ZZZ RUFKLGHH SRLWRX FKDUHQWHV RUJ VSLS SKS"DUWLFOH 0$*$-1( 0 ± 6DPRQLNOD L XUHVQD ÀRUD RWRND 6Y .OHPHQW 3DNOHQL 2WRFL KWWSV ]LU QVN KU LVODQGRUD REMHFW SPI $ GDWDVWUHDP 3') YLHZ 0,7,û % 723,û - ,/,-$1,û / -$635,&$ 1 0,/29,û 0 58âý,û 0 3$1'ä$ 0 %2*'$129,û 6 '2/, . ± .DUWLUDQMH ÀRUH 'DOPDFLMH 3ULRULWHWQD SRGUXþMD RWRN 3DJ HVWXDULM .UNH RWRN 9LV L SXþLQVNL RWRFL 3HOMHãDF L 0OMHW WRN &HWLQH KWWSV GRFSOD\HU RUJ .DUWLUDQMH ÀRUH GDOPDFLMH SULRULWHWQD SRGUXFMD RWRN SDJ HVWXDULM NUNH RWRN YLV L SXFLQVNL RWRFL SHOMHVDF L POMHW WRN FHWLQH KWPO 1$785(75(. 7285 5(3257 &URDWLD¶V 'DOPDWLDQ &RDVW $SULO 1,.2/,û 7 HG ± )ORUD &URDWLFD 'DWDEDVH 2Q /LQH KWWS KLUF ERWDQLF KU IFG 'HSDUWPHQW RI %RWDQ\ )DFXOW\ RI 6FLHQFH 8QLYHUVLW\ RI =DJUHE KWWSV KLUF ERWDQLF KU IFG XOWLPR DFFHVVR GLFHPEUH 25&+,'((15(,6( $1 '(5 :(676(,7( '(6 %$/.$16 KWWSV ZZZ RUFKLGHHQNXOWXU QHW LQGH[ SKS"WRSLF 9$1 7:,//(57 0 ± /RRNLQJ IRU ZLOG RUFKLGV LQ 0RQWHQHJUR KWWS PRQWHQHJUR IRU PH ORRNLQJ IRU ZLOG RUFKLGV LQ PRQWHQHJUR 9(5+$57 ) ± 2UFKLG REVHUYDWLRQV LQ &URDWLD IUDQNQDWXUH QO 2UFKLG REVHUYDWLRQV LQ &URDWLD LQ =$*277$ , ± 9DVNXODUQD )ORUD 6MHYHURLVWRþQRJ GMHOD RWRND .UHVD 'LSORPVNL UDG 6YHXþLOLãWH X =DJUHEX 3ULGRGRVORYQR 0DWHPDWLþNL )DNXOWHW %LRORãNL 2VGMHN KWWSV ]LU QVN KU LVODQGRUD REMHFW SPI $ 3') YLHZ

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

),567 5(&25'6 2) 257+232'20<,$ 38/&5,3$/3,6 521'$1, ',37(5$ &8/,&,'$( ,1 1257+(51 ,7$/<

%5812 *5(*2 5(1$72 =$0%85/,1,

0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH 9LD GHL 7RPLQ] 7ULHVWH ,WDOLD ( PDLO EUXQRJUHJRLVW#OLEHUR LW 'LSDUWLPHQWR GL 6FLHQ]H DJURDOLPHQWDUL DPELHQWDOL H DQLPDOL 8QLYHUVLWj GL 8GLQH 9LD GHOOH 6FLHQ]H 8GLQH ,WDOLD ( PDLO UHQDWR ]DPEXUOLQL#JPDLO FRP

5LDVVXQWR ± 6L VHJQDOD LO SULPR ULWURYDPHQWR SHU LO )ULXOL 9HQH]LD *LXOLD H SHU O¶,WDOLD VHWWHQWULRQDOH GHO &XOLFLGH 2UWKRSRGRP\LD SXOFULSDOSLV /¶KDELWDW ODUYDOH HUD FRVWLWXLWR GD UDFFROWH LGULFKH FRQWHQXWH LQ WURQFKL FDYL LQ GXH VLWL GL XQ¶DUHD ERVFKLYD GHO &DUVR WULHVWLQR 6SHFLH GL &XOLFLGL DVVRFLDWH HUDQR $HGHV JHQLFXODWXV H $QRSKHOHV SOXPEHXV /D VSHFLH VYHUQD DOOR VWDGLR GL ODUYD LQ YDULH HWj 3DUROH FKLDYH 2UWKRSRGRP\LD SXOFULSDOSLV 'LSWHUD &XOLFLGDH ,WDOLD )ULXOL 9HQH]LD *LXOLD &DUVR $EVWUDFW ± :H UHSRUW WKH ¿UVW UHFRUGV IRU QRUWKHUQ ,WDO\ RI WKH WUHH KROH EUHHGLQJ PRVTXLWR 2UWKRSRGRP\LD SXOFULSDOSLV 'LSWHUD &XOLFLGDH /DUYDH ZHUH IRXQG LQ WZR VLWHV RI D ZRRGHG DUHD LQ WKH .DUVW 3ODWHDX RI WKH SURYLQFH RI 7ULHVWH )ULXOL 9HQH]LD *LXOLD UHJLRQ 7KH ODUYDO KDELWDW ZDV VKDUHG ZLWK RWKHU WZR PRVTXLWR VSHFLHV $HGHV JHQLFXODWXV DQG $QRSKHOHV SOXPEHXV 7KH VSHFLHV RYHUZLQWHUV DW WKH VWDJH RI ODUYD LQ YDULRXV LQVWDUV .H\ZRUGV 2UWKRSRGRP\LD SXOFULSDOSLV 'LSWHUD &XOLFLGDH ,WDO\ )ULXOL 9HQH]LD *LXOLD .DUVW

± ,QWURGXFWLRQ 'XULQJ D VXUYH\ RQ WKH WUHH KROH EUHHGLQJ PRVTXLWRHV RI 7ULHVWH¶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¿HG DQG FODVVL¿HG DV &XOH[ SXOFULSDOSLV E\ 5RQGDQL ZKR KRZHYHU RPLWWHG WR UHSRUW WKH W\SH ORFDOLW\ (YHQ )LFDOEL ZKR OHIW D PRUH GHWDLOHG GHVFULSWLRQ RI WKH 5RQGDQL¶V FXOLFLGV FROOHFWLRQ GLG QRW VSHFLI\ WKH JHRJUDSKLFDO RULJLQ RI WKH VSHFLPHQV H[DPLQHG UHIHUULQJ WKHLU SURYHQDQFH JHQHULFDOO\ WR ³PLGGOH ,WDO\´ 6XEVHTXHQWO\ LQ ,WDO\ WKH SUHVHQFH RI WKH VSHFLHV ZDV GRFXPHQWHG ERWK LQ WKH 6DUGLQLD UHJLRQ $LWNHQ DQG WKH /D]LR UHJLRQ =DYRUWLQN 5LYRVHFFKL 7KHUH DUH QR UHSRUWV HLWKHU IURP QRUWKHUQ ,WDO\ RU WKXV IURP )9* UHJLRQ =DPEXUOLQL HW DO EXW WKH VSHFLHV LV UHFRUGHG LQ WKH QHDUE\ &URDWLDQ ,VWULD ZKHUH KRZHYHU RQO\ D VLQJOH DGXOW VSHFLPHQ ZDV VDPSOHG 0HUGLü HW DO $V IRU DOO WKH FRQJHQHULF VSHFLHV LWV SUH LPDJLQDO KDELWDW FRQVLVWV W\SLFDOO\ LQ VPDOO UDLQ ZDWHU FROOHFWLRQV LQ WUHH KROHV ,Q )9* RWKHU FRPPRQ WUHH KROH

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

± 0DWHULDOV DQG PHWKRGV ± 6WXG\ DUHD 7KH 7ULHVWH¶V .DUVW LV D FDOFDUHRXV SODWHDX VLWXDWHG LQ WKH SUR[LPLW\ RI QRUWKHUQ $GULDWLF 6HD FRDVW DW P D V O ¿J 7KH FOLPDWH RI WKH DUHD LV FODVVL¿HG DV PHVRWHPSHUDWH WKH DQQXDO DYHUDJH WHPSHUDWXUH LV & WKH DQQXDO DYHUDJH SUHFLSLWDWLRQ LV DERXW PP ZLWK PRVW UDLQIDOO RFFXUULQJ LQ ODWH VSULQJ DQG DXWXPQ $53$ )9* 260(5 $Q LPSRUWDQW FOLPDWLF IDFWRU LV WKH %RUD ZLQG ZKLFK EORZV LQ DOO VHDVRQV RIWHQ PDNLQJ

)LJ 6WXG\ DUHD )ULXOL 9HQH]LD *LXOLD UHJLRQ SURYLQFH RI 7ULHVWH .DUVW 3ODWHDX

WKH DLU DQG WKH VRLOV GU\ %HVLGHV EHFDXVH RI WKH QDWXUH RI WKH FDOFDUHRXV URFNV ULFK LQ FUDFNV WKH DYDLODELOLW\ RI VXSHU¿FLDO UDLQ ZDWHU ERGLHV LV TXLWH VFDUFH 7KH NDUVWLF ZRRGODQGV DUH PDLQO\ FRPSRVHG RI WUHHV VXFK DV 4XHUFXV SXEHVFHQV ZHOO DGDSWHG WR GU\ VRLOV WRJHWKHU ZLWK 2VWU\D FDUSLQLIROLD DQG )UD[LQXV VSS

± &ROOHFWLRQ DQG LGHQWL¿FDWLRQ /DUYDH RI &XOLFLGDH ZHUH FROOHFWHG E\ PHDQV RI D VPDOO GLSSHU LQ DERXW UDLQ ¿OOHG WUHH KROHV LQ YDULRXV VLWHV RI WKH 7ULHVWH¶V .DUVW 6RPH ODUYDH ZHUH VWRUHG LQ HWKDQRO DQG RWKHUV ZHUH UHDUHG LQ ODERUDWRU\ XS WR WKH DGXOW VWDJH 7KH PDOH K\SRS\JLD ZHUH PRXQWHG RQ VOLGHV IRU PLFURVFRSLF REVHUYDWLRQ 7KH LGHQWL¿FDWLRQ ZDV XQGHUWDNHQ DFFRUGLQJ WR WKH NH\V RI *XWVHYLFK HW DO (QFLQDV *UDQGHV 6HYHULQL HW DO DQG %HFNHU HW DO

± 5HVXOWV DQG 'LVFXVVLRQ 2U SXOFULSDOSLV ODUYDH ZHUH IRXQG LQ WZR GLIIHUHQW VLWHV D IHZ KXQGUHG PHWHUV DSDUW 7KH VLWH Q ¿J ZDV D GHHS FDYLW\ LQ D 4XHUFXV SXEHVFHQV WUHH 1 ( DOWLWXGH P D V O P IURP WKH $GULDWLF 6HD FRDVW OLQH VLWXDWHG LQ WKH ORFDOLW\ RI *DEURYL]]D PXQLFLSDOLW\ RI 6JRQLFR 7KH ¿UVW FROOHFWLRQ GDWHV EDFN WR 0D\ QG ZKHQ ¿YH IRXUWK LQVWDU ODUYDH RI &XOLFLGDH ZHUH VDPSOHG DQG IURP ZKLFK ¿YH DGXOWV HPHUJHG WZR 2U SXOFULSDOSLV RQH PDOH DQG RQH IHPDOH WZR $H JHQLFXODWXV DQG RQH $Q SOXPEHXV 7KH VHFRQG FROOHFWLRQ RFFXUUHG RQ 0DUFK WK ZKHQ RQH WK LQVWDU ODUYD RI 2U SXOFULSDOSLV ZDV VDPSOHG DQG IURP ZKLFK RQH DGXOW PDOH HPHUJHG ,Q WKLV VHFRQG VDPSOLQJ WKH ZDWHU ZDV GDUN ULFK LQ WDQQLQ EXW FOHDU WKH FRQGXFWLYLW\ ZDV

)LJ /DUYDO KDELWDW RI 2UWKRSRGRP\LD SXOFULSDOSLV LQ VLWH Q

ȝ6 FP DQG WKH ZDWHU WHPSHUDWXUH ZDV RI & WKH S+ ZDV PXFK ORZHU WKDQ WKH S+ REVHUYHG IRU WKH VDPH VSHFLHV DQG KDELWDW LQ VRXWKHUQ )UDQFH 5LRX[ 7KUHH PRUH FROOHFWLRQV ZHUH FDUULHG RXW RQ 6HSWHPEHU QG RQ 6HSWHPEHU WK DQG RQ 1RYHPEHU WK RQ WKLV ODWHVW VDPSOLQJ ZDWHU WHPSHUDWXUH & FRQGXFWLYLW\ ȝ6 FP DQG S+ ZKHQ IRXU ,, LQVWDU RQH ,9 LQVWDU DQG ¿YH IRXU ,, LQVWDU DQG RQH ,,, LQVWDU ODUYDH RI 2U SXOFULSDOSLV ZHUH VDPSOHG UHVSHFWLYHO\ DOO WLPHV LQ DVVRFLDWLRQV ZLWK ODUYDH RI $H JHQLFXODWXV DQG $Q SOXPEHXV 7KH VLWH RI VDPSOLQJ Q ¿J ZDV D KROH LQ DQ $LODQWKXV DOWLVVLPD WUHH 1 ( DOWLWXGH P D V O P IURP WKH FRDVW OLQH VLWXDWHG QHDU WKH ORFDOLW\ &DPSR VDFUR WKH ZDWHU FRQGXFWLYLW\ ZDV ȝ6 FP WKH WHPSHUDWXUH ZDV & DQG WKH S+ ZDV ,Q WKLV VLWH RQH ,9 LQVWDU ODUYD ZDV VDPSOHG RQ 0D\ WK

)LJ /DUYDO KDELWDW RI 2UWKRSRGRP\LD SXOFULSDOSLV LQ VLWH Q

7KH VDPSOLQJ UHVXOWV FRQ¿UP WKDW 2U SXOFULSDOSLV LV D SRO\F\FOLF VSHFLHV DQG WKDW LW RYHUZLQWHUV DV D ODUYD LQ YDULRXV LQVWDUV 7KH LGHQWL¿FDWLRQ RI 2U SXOFULSDOSLV LV UHODWLYHO\ HDV\ DW DOO VWDJHV 7KH ODUYD LV RI D SLQN FRORXU DQG KDV D VLSKRQ ZLWKRXW WKH SHFWHQ ¿J 7KH WKRUD[ VFXWXP DQG VFXWHOOXP RI WKH DGXOW KDV D FKDUDFWHULVWLF GHVLJQ RI QDUURZ ORQJLWXGLQDO ZKLWH OLQHV RQ D EODFN EDFNJURXQG ¿J ,W VKRXOG EH QRWHG WKDW WKHVH VWULSHV DSSHDUHG \HOORZLVK ¿J LQ WKH DGXOW PDOH VSHFLPHQ FROOHFWHG LQ 0DUFK LQ DFFRUGDQFH ZLWK ZKDW ZDV GHVFULEHG E\ )LFDOEL RQ WKH 5RQGDQL¶V KRORW\SH ZKLFK KDG D ³EDFN ZLWK D \HOORZ EUDVV ÀHHFH´

)LJ 2UWKRSRGRP\LD SXOFULSDOSLV ODUYD 7HUPLQDO VHJPHQWV

)LJ 2UWKRSRGRP\LD SXOFULSDOSLV DGXOW 'RUVDO YLHZ RI WKRUD[

7KH PDOH K\SRS\JLXP ¿J KDV WKH JRQRVW\OH ZLWK D FKDUDFWHULVWLF GLJLWLIRUP HQG ³QDLO´ DQG WKH JRQRFR[LWH LV FRYHUHG E\ ODUJH VHWDH ,Q WKH VDPH VXUYH\ RWKHU VPDOO FRQWDLQHU EUHHGHU PRVTXLWRHV ZHUH REVHUYHG &XOLVHWD ORQJLDUHRODWD 0DFTXDUW ZDV IRXQG LQ D URFN KROH ¶ ´1 ¶ ´( DQG &[ SLSLHQV /LQQHDXV LQ FR RFFXUUDQFH ZLWK $H NRUHLFXV (GZDUGV ZHUH GHWHFWHG LQ DQ DQLPDO VPDOO GULQNLQJ WURXJK ¶ ´1 ¶ ´( 7KH SUHVHQW UHFRUGV RI 2U SXOFULSDOSLV DUH WKH ¿UVW IRU 1RUWKHUQ ,WDO\ DQG UHSUHVHQW DQ DGGLWLRQ RI D QHZ JHQXV DQG D QHZ VSHFLHV WR WKH )9* &XOLFLGV FKHFNOLVW =DPEXUOLQL HW DO ZKLFK LV QRZ FRPSRVHG RI D WRWDO RI VSHFLHV /DYRUR FRQVHJQDWR LO

)LJ 2UWKRSRGRP\LD SXOFULSDOSLV DGXOW 'RUVDO YLHZ RI WKRUD[ RI WKH VSHFLPHQ ZLWK \HOORZLVK VWULSHV

)LJ 2UWKRSRGRP\LD SXOFULSDOSLV DGXOW 0DOH K\SRS\ JLXP

$&.12:/('*0(176 :H ZRXOG OLNH WR WKDQN $QGUHD &ROOD 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH IRU WDNLQJ WKH SKRWRJUDSKV XQGHU WKH PLFURVFRSH DQG GU /XFLDQR 7RPD ,VWLWXWR 6XSHULRUH GL 6DQLWj 5RPH IRU FRQ¿UPLQJ WKH SUHVHQW ,WDOLDQ JHRJUDSKLF GLVWULEXWLRQ RI WKH VSHFLHV

5()(5(1&(6 $53$ )9* ± 260(5 ,O FOLPD GHO )ULXOL 9HQH]LD *LXOLD KWWS ZZZ PHWHR IYJ LW FOLPD FOLPDBIYJ B GRFXPHQWLBGHVFULWWLYLBHBDSSURIRQGLPHQWL B,OBFOLPDBGHOB)ULXOLB9HQH]LDB*LXOLD FOLPDBIYJ GLYXOJDWLYR SGI %(&.(5 1 3(75,& ' =*20%$ 0 %2$6( & 0$'21 0 % '$+/ & .$,6(5 $ 0RVTXLWRHV DQG WKHLU FRQWURO QG (GLWLRQ 6SULQJHU +HLGHOEHUJ 'RUGUHFKW 1HZ <RUN SS (1&,1$6 *5$1'(6 $ 7D[RQRPLD \ ELRORJLD GH ORV PRVTXLWRV GHO DUpD VDOPDQWLQD 'LSWHUD &XOLFLGDH (GLFLRQHV 8QLYHUVLGDG GH 6DODPDQFD SS ),&$/%, $ 9HQWL VSHFLH GL ]DQ]DUH &XOLFLGDH LWDOLDQH FODVVDWH H GHVFULWWH H LQGLFDWH VHFRQGR OD ORUR GLVWULEX]LRQH FRURORJLFD %ROOHWWLQR 6RFLHWj (QWRPRORJLFD ,WDOLDQD *876(9,&+ $ 9 021&+$'6.,, $ 6 6+7$.(/¶%(5* $ $ 0RVTXLWRHV )DPLO\ &XOLFLGDH )DXQD RI WKH 8566 'LSWHUD -HVXUDOHP .HWHU 3XEOLVKLQJ +RXVH SS (QJOLVK WUDQVODWLRQ +$5%$&+ 5 ( 0RVTXLWR 7D[RQRPLF ,QYHQWRU\ $YDLODEOH IURP KWWS PRVTXLWR WD[RQRPLF LQYHQWRU\ LQIR DFFHVVHG 6HSWHPEHU 0(5',û ( %2&$ , 68'$5,û %2*2-(9,û 0 /$1'(.$ 1 0RVTXLWRHV RI ,VWULD D FRQWULEXWLRQ WR WKH NQRZOHGJH RI &URDWLDQ PRVTXLWR IDXQD 'LSWHUD &XOLFLGDH 3HULRGLFXP ELRORJRUXP ± 5,28; - /HV &XOLFLGHV GX ³0LGL´ 0pGLWHUUDQpHQ (WXGH V\VWHPDWLTXH HW HFRORJLTXH (GLWLRQV /HFKHYDOLHU 3DULV SS 5,926(&&+, / 0$/7=()) 3 1RWD SUHOLPLQDUH VXOOH GLWWHURFHQRVL GHOOD WHQXWD SUHVLGHQ]LDOH GL &DVWHOSRU]LDQR 5RPD 'LSWHUD %ROOHWWLQR GHOO¶$VVRFLD]LRQH 5RPDQD GL (QWRPRORJLD 52%(57 9 *h1$< ) /( *2)) * %2866Ê6 3+ 68/(6&2 7 .+$/,1 $ 0('/2&. - 0 .$03(1 + 3(75,û ' 6&+$))1(5 ) 'LVWULEXWLRQ FKDUW IRU (XUR 0HGLWHUUDQHDQ PRVTXLWRHV ZHVWHUQ 3DODHDUFWLF UHJLRQ -RXUQDO RI WKH (XURSHDQ 0RVTXLWR &RQWURO $VVRFLDWLRQ 521'$1, & 6XOOH VSHFLH LWDOLDQH GHO JHQHUH &XOH[ / %ROOHWWLQR GHOOD 6RFLHWj (QWRPRORJLFD ,WDOLDQD 6(9(5,1, ) 720$ / ', /8&$ 0 520, 5 /H ]DQ]DUH LWDOLDQH JHQHUDOLWj H LGHQWL¿FD]LRQH GHJOL DGXOWL 'LSWHUD &XOLFLGDH )UDJPHQWD (QWRPRORJLFD =$0%85/,1, 5 &$5*186 ( =$1',*,$&202 3 0RVTXLWRHV 'LSWHUD &XOLFLGDH RI )ULXOL 9HQH]LD *LXOLD 1RUWK (DVWHUQ ,WDO\ DQQRWDWHG FKHFNOLVW JHRJUDSKLF GLVWULEXWLRQ DQG KDELWDWV RI SUH LPDJLQDO VWDJHV 5HGLD =$9257,1. 7 - 0RVTXLWR VWXGLHV 'LSWHUD &XOLFLGDH $ SURGURPH RI WKH JHQXV 2UWKRSRGRP\LD &RQWULEXWLRQV RI WKH $PHULFDQ (QWRPRORJLFDO ,QVWLWXWH ±

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

),567 5(&25' 2) 7$,/ %,)85&$7,21 ,1 +259$7+¶6 52&. /,=$5' ,%(52/$&(57$ +259$7+, -8/,$1 $/36 )5,8/, 1257+ ($67(51 ,7$/<

*,$1/8&$ 5$66$7, 9LD 8GLQH ± 7ROPH]]R ,WDO\ ± ( PDLO LWDVVDU#WLVFDOL LW

5LDVVXQWR ± 3ULPD VHJQDOD]LRQH GL ELIRUFD]LRQH GHOOD FRGD QHOOD /XFHUWROD GL +RUYDWK ,EHURODFHUWD KRUYDWKL $OSL *LXOLH )ULXOL /¶RVVHUYD]LRQH DYYHQXWD LO GL XQ LQGLYLGXR GL /XFHUWROD GL +RUYDWK ,EHURODFHUWD KRUYDWKL VX XQ PXUR GL VRVWHJQR GHOOD VWUDGD GHOOD 9DO 5DFFRODQD UDSSUHVHQWD OD SULPD VHJQDOD]LRQH GHOOD ELIRUFD]LRQH GHOOD FRGD QHO JHQHUH ,EHURODFHUWD 3DUROH FKLDYH /XFHUWROD GL +RUYDWK ,EHURODFHUWD KRUYDWKL %LIRUFD]LRQH GHOOD FRGD $OSL *LXOLH )ULXOL ,WDOLD $EVWUDFW ± 7KH REVHUYDWLRQ RQ RI DQ LQGLYLGXDO RI +RUYDWK¶V URFN OL]DUG ,EHURODFHUWD KRUYDWKL RQ D UHWDLQLQJ ZDOO RI WKH 5DFFRODQD 9DOOH\ URDG LV WKH ¿UVW UHFRUG RI WDLO ELIXUFDWLRQ LQ WKH JHQXV ,EHURODFHUWD .H\ ZRUGV +RUYDWK¶V URFN OL]DUG ,EHURODFHUWD KRUYDWKL 7DLO ELIXUFDWLRQ -XOLDQ $OSV )ULXOL ,WDO\

± ,QWURGXFWLRQ +RUYDWK·V URFN OL]DUG ,EHURODFHUWD KRUYDWKL 0e+(/»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ÀFDOO\ LQ /DFHUWLGDH LQ $FDQWKRGDFW\OXV DHJ\SWLXV 67$5. HW DO $FDQWKR GDFW\OXV HU\WKUXUXV 0217(6 *$9,/É1 HW DO $OJ\URLGHV QLJURSXQFWDWXV .2/(ä.$ -$%/216., /DFHUWD DJLOLV '8'(. (.1(5 *5=<% *25'((9 .2/(1'$ HW DO 5$0$'$129,ý =,0,ý /DFHUWD YLULGLV 672-$129 HW DO /DFHUWD VFKUHLEHUL 0217(6 *$9,/É1 HW DO 2SKLVRSV HOHJDQV 7$0$5 HW DO 3RGDUFLV ER FDJHL 0217(6 *$9,/É1 HW DO 3RGDUFLV HUKDUGLL %52&. HW DO 3RGDUFLV OLROHSLV 0217(6 *$9,/É1 HW DO 3RGDUFLV PHOLVHOOHQ VLV %$(&.(16 HW DO 3RGDUFLV PXUDOLV %$',$1( 32/$ .2/(â.$ 0217(6 *$9,/É1 HW DO 625/,1 HW DO 3RGDUFLV YLUHVFHQV 0217(6 *$9,/É1 HW DO 7HLUD GXJHVLL .2/(â.$ HW DO 7LPRQ OHSLGXV 0217(6 *$9,/É1 HW DO =RRWRFD YLYLSDUD

)LJXUH ,QGLYLGXDO RI ,EHURODFHUWD KRUYDWKL ZLWK WDLO ELIXUFDWLRQ ,QGLYLGXR GL ,EHURODFHUWD KRUYDWKL FRQ ELIRUFD]LRQH FDXGDOH 3KRWR * 5DVVDWL

'8'(. (.1(5 *5=<% .2/(1'$ HW DO 7DLO ELIXUFDWLRQ ZDV QRW SUHYLRXVO\ NQRZQ LQ WKH JHQXV ,EHURODFHUWD ± 0DWHULDOV DQG PHWKRGV 2YHU WKH ODVW \HDUV WKH SUHVHQW DXWKRU KDV FRQGXFWHG QXPHURXV ÀHOG VXUYH\V DLPHG DW EHWWHU GHÀQLQJ WKH NQRZOHGJH RI ,EHURODFHUWD KRUYDWKL ZLWK SDUWLFXODU UH JDUG WR ,WDO\ 5$66$7, 6RPH RI WKHVH DFWLYLWLHV ZHUH FDUULHG RXW LQ WKH 5DF FRODQD 9DOOH\ -XOLDQ $OSV )ULXOL 1RUWK HDVWHUQ ,WDO\ ZKHUH WKH ÀUVW TXDQWLWDWLYH GDWD WRJHWKHU ZLWK RWKHUV IURP WKH /XPLHL 9DOOH\ &DUQLF $OSV RQ WKH VSHFLHV LQ ,WDO\ ZHUH FROOHFWHG E\ PHDQV RI D VWDQGDUGL]HG PHWKRGRORJ\ 'XULQJ WKH VXUYH\V H[DPLQDWLRQ RI WKH LQGLYLGXDOV ZDV SHUIRUPHG DW D YHU\ FORVH GLVWDQFH DQG E\ ZD\ RI SKRWRJUDSKV ZLWK D FRPSDFW FDPHUD ± 5HVXOWV DQG GLVFXVVLRQ 2Q DQ LQGLYLGXDO RI ,EHURODFHUWD KRUYDWKL ZLWK ODWHUDO FDXGDO ELIXUFD WLRQ LQ WKH SUR[LPDO WKLUG )LJ ZDV REVHUYHG RQ D FRQFUHWH UHWDLQLQJ ZDOO RI WKH

5DFFRODQD 9DOOH\ URDG

( DW P D V O 7KH VLWH LV QHDU WKH YDOOH\ KHDG RQ WKH ORZHU VORSH RI WKH -{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ÀF DJJUHVVLYH LQWHUDFWLRQ $512/' %$7(0$1 )/(0,1* ,Q WKH UHSRUWHG FDVH LW ZDV QRW SRVVLEOH WR GHWHUPLQH WKH FDXVH RI WKH WDLO EUHDNDJH 2Q WKH EDVLV RI WKH DYDLODEOH LQIRUPDWLRQ LW LV EHOLHYHG WKDW WKH GHVFULEHG FDVH LV WKH ÀUVW UHFRUG RI WDLO ELIXUFDWLRQ LQ WKH JHQXV ,EHURODFHUWD DQG WKXV DOVR LQ , KRUYDWKL /DYRUR FRQVHJQDWR LO

5()(5(1&(6 $512/' ( 1 ² (YROXWLRQDU\ DVSHFWV RI WDLO VKHGGLQJ LQ OL]DUGV DQG WKHLU UHODWLYHV -RXUQDO RI 1DWXUDO +LVWRU\ %$',$1( $ ² 7ULIXUFDWLRQ FDXGDOH FKH] OH Op]DUG GHV PXUDLOOHV 3RGDUFLV PXUDOLV /DXUHQWL 6TXD PDWD /DFHUWLGDH %XOO 6RF +HUS )U %$(&.(16 6 /(,56 : 6&+2//,(56 - ² 3RGDUFLV PHOLVHOOHQVLV 'DOPDWLDQ :DOO /L]DUG 7DLO ELIXUFDWLRQ +HUSHWRORJLFDO 5HYLHZ %$7(0$1 3 : )/(0,1* 3 $ ² 7R FXW D ORQJ WDLO VKRUW D UHYLHZ RI OL]DUG FDXGDO DXWRWRP\ VWXGLHV FDUULHG RXW RYHU WKH ODVW \HDUV -RXUQDO RI =RRORJ\ %52&. . 0 %(/$6(1 $ )28)2328/26 - ² 3RGDUFLV HUKDUGLL (UKDUG·V ZDOO OL]DUG ELIXUFDWHG WDLO SRVW DXWRWRP\ +HUSHWRORJLFDO 5HYLHZ '$56$ 0 ² $QÀEL H 5HWWLOL GL )XVLQH +\OD 1RWL] 8 ( , '8'(. . (.1(5 *5=<% $ ² )LHOG REVHUYDWLRQ RI WZR WDLOHG VDQG OL]DUG /DFHUWD DJLOLV /LQQDHXV DQG D FRPPRQ OL]DUG =RRWRFD YLYLSDUD -DFTXLQ LQ 3RODQG 1DWXUD 6ORYHQLDH *25'((9 ' $ &DVHV RI ,QFRPSOHWH $XWRWRP\ DQG 7DLO 5HJHQHUDWLRQ $EQRUPDOLW\ RI WKH 6WHSSH 5XQQHU (UHPLDV DUJXWD 3DOODV

DQG 6DQG /L]DUG /DFHUWD DJLOLV /LQQDHXV LQ WKH 9ROJRJUDG 5HJLRQ &XUUHQW 6WXGLHV LQ +HUSHWRORJ\ LQ 5XVVLDQ .2/(1'$ . :,(&=25(. 0 1$-%$5 $ 1$-%$5 % 6.$:,ķ6., 7 ² /LPE PDOIRUPDWLRQ DQG WDLO ELIXUFDWLRQ LQ VDQG OL]DUGV /DFHUWD DJLOLV DQG FRPPRQ OL]DUGV =RRWRFD YLYLSDUD IURP 3RODQG +HUSHWRORJ\ 1RWHV .2/(ä.$ ' -$%/216., ' ² 7DLO WULIXUFDWLRQ UHFRUGHG LQ $OJ\URLGHV QLJURSXQFWDWXV 'XPpULO %LEURQ (FRORJLFD 0RQWHQHJULQD

.2/(â.$ ' .8/0$ 0 95$%(& 9 ² 7HLUD GXJHVLL 0DGHLUDQ :DOO /L]DUG 7DLO ELIXUFDWLRQ +HUSHWRORJLFDO 5HYLHZ 0e+(/» / ² (LQH QHXH /DFHUWD DXV 8QJDUQ $QQ 0XV 1DW +LVW +XQJ 0217(6 *$9,/É1 3 6É1&+(= 9,$/$6 $ &$/92 5(98(/7$ 0 ² )UHFXHQFLDV GH ELIXUFD FLRQHV FDXGDOHV HQ ODFpUWLGRV GHO 0HGLWHUUiQHR RFFLGHQWDO %RO $VRF +HUSHWRO (VS 32/$ / .2/(â.$ ' ² 7DLO ELIXUFDWLRQ LQ &RPPRQ ZDOO OL]DUG 3RGDUFLV PXUDOLV /$85(17, IURP /LJXULD ,WDO\ 3URFHHGLQJV RI WKH WK :RUNVKRS RQ %LRGLYHUVLW\ -HYDQ\ &]HFK 5HSXEOLF -XO\ 5$0$'$129,ý ' =,0,ý $ ² 5HFRUG RI D /DFHUWD DJLOLV /LQQDHXV ZLWK HU\WKURQRWXV FRORXU PRUSK DQG WDLO ELIXUFDWLRQ +HUSHWRORJ\ 1RWHV 5$66$7, * ² &RQWULEXWR DOOD FRQRVFHQ]D GHOOD GLVWULEX]LRQH GHOOD /XFHUWROD GL +RUYDWK ,EHURODFHUWD KRUYDWKL H GHOOD /XFHUWROD GHL PXUL 3RGDUFLV PXUDOLV LQ )ULXOL 9HQH]LD *LXOLD H LQ 9HQHWR $WWL 0XV &LY 6WRU 1DW 7ULHVWH 5$66$7, * ² +RUYDWK·V URFN OL]DUG ,EHURODFHUWD KRUYDWKL LQ ,WDO\ VXPPDU\ RI LWV GLVWULEXWLRQ ÀUVW TXDQ WLWDWLYH GDWD DQG QRWHV RQ FRQVHUYDWLRQ $WWL 0XV &LY 6W 1DW 7ULHVWH 6,//(52 1 &$0326 - %21$5', $ &257, & &5((0(56 5 &52&+(7 3 $ ,6$,/29,ý - & '(12Ê/ 0 ),&(72/$ * ) *21d$/9(6 - .8=0,1 6 /<0%(5$.,6 3 '( 3286 3 52 '5Ì*8(= $ 6,1'$&2 5 63(<%52(&. - 72;23(86 % 9,(,7(6 ' 5 9(1&(6 0 ² 8SGDWHG GLVWULEXWLRQ DQG ELRJHRJUDSK\ RI DPSKLELDQV DQG UHSWLOHV RI (XURSH $PSKLELD 5HSWLOLD 625/,1 0 *$1*/2)) ( .28<280'-,$1 / &25'(52 * '$51(7 ( $8%5(7 ) ² 3R GDUFLV PXUDOLV &RPPRQ :DOO /L]DUG 7DLO ELIXUFDWLRQ +HUSHWRORJLFDO 5HYLHZ 67$5. * '$9,' ' /(:,1 $ 0(,5, 6 ² 1DWXUDO +LVWRU\ 1RWHV $FDQWKRGDFW\OXV DHJ\SWLXV (J\SWLDQ )ULQJHG ¿QJHUHG /L]DUG ± 7DLO ELIXUFDWLRQ +HUSHWRORJLFDO 5HYLHZ 67()$1(//, $ ² , IHQRPHQL ULJHQHUDWLYL H GHJHQHUDWLYL GHO PLGROOR VSLQDOH FDXGDOH GHJOL $QÀEL H GHL 5HWWLOL %ROO =RRO 672-$129 $ 7=$1.29 1 ' 1$8029 % ² 'LH $PSKLELHQ XQG 5HSWLOLHQ %XOJDULHQV &KLPDLUD )UDQNIXUW DP 0DLQ 7$0$5 . 0$=$ ( 0(,5, 6 ² 2SKLVRSV HOHJDQV 6QDNH (\HG /L]DUG %LIXUFDWLRQ +HUSHWRORJLFDO 5HYLHZ

$WWL 0XV &LY 6W 1DW 7ULHVWH

;,,

,661

127(6 21 7+( 201,925286 )((',1* 2) 7+( &20021 :$// /,=$5' 32'$5&,6 085$/,6 ,1 $ 0217$1( 85%$1 $5($ &$51,& $/36 1257+ ($67(51 ,7$/<

*,$1/8&$ 5$66$7, 9LD 8GLQH ± 7ROPH]]R ,WDO\ ± ( PDLO LWDVVDU#WLVFDOL LW

5LDVVXQWR ± 1RWH VXOO¶DOLPHQWD]LRQH RQQLYRUD GHOOD /XFHUWROD PXUDLROD 3RGDUFLV PXUDOLV LQ XQ¶DUHD XUEDQD PRQ WDQD $OSL &DUQLFKH ,WDOLD 1RUG RULHQWDOH 1HO FRUVR GHO q VWDWD FRQGRWWD XQ¶LQGDJLQH VXOO¶RQQLYRULD GHOOD /XFHU WROD PXUDLROD 3RGDUFLV PXUDOLV D 7ROPH]]R &DUQLD Ê VWDWR YHUL¿FDWR LO FRQVXPR GHL VHJXHQWL DOLPHQWL VSHFLH 3RGDUFLV PXUDOLV PHOD SHUD EDQDQD PHORQH DQJXULD DQDQDV VXVLQR SRPRGRUR $UXP LWDOLFXP )UDJDULD YHVFD XRYR GL JDOOLQD &KDHQRPHOHV MDSRQLFD 6RQR VHJQDODWL DQFKH O¶XWLOL]]R GHO FDGDYHUH GL XQ FRQVSHFL¿FR HG LO FRQVXPR GL XQD IRJOLD VHFFD 'D XQD UHYLVLRQH GHOOD OHWWHUDWXUD GLVSRQLELOH WDOL DOLPHQWL QRQ ULVXOWDQR SUHFHGHQWHPHQWH ULSRUWDWL 7DOH XWLOL]]R q DYYHQXWR FRQ UHODWLYD UHJRODULWj HG q VWDWR HIIHWWXDWR QHO H QHO GHL FDVL ULVSHWWLYDPHQWH GD PDVFKL H GD IHPPLQH 3DUROH FKLDYH /XFHUWROD PXUDLROD 3RGDUFLV PXUDOLV $OLPHQWD]LRQH 2QQLYRULD (UELYRULD $UHD XUEDQD $OSL &DUQLFKH )ULXOL ,WDOLD 1RUG RULHQWDOH $EVWUDFW ± ,Q D VXUYH\ ZDV FRQGXFWHG RQ WKH RPQLYRU\ RI WKH &RPPRQ ZDOO OL]DUG 3RGDUFLV PXUDOLV LQ 7ROPH]]R &DUQLD &RQVXPSWLRQ RI WKH IROORZLQJ IRRGV VSHFLHV ZDV UHFRUGHG 3RGDUFLV PXUDOLV DSSOH SHDU EDQDQD PHORQ ZD WHUPHORQ SLQHDSSOH SOXP WRPDWR $UXP LWDOLFXP )UDJDULD YHVFD FKLFNHQ HJJ &KDHQRPHOHV MDSRQLFD 8VH RI WKH FDUFDVV RI D FRQVSHFL¿F DQG FRQVXPSWLRQ RI D GU\ OHDI DUH DOVR UHSRUWHG $ UHYLHZ RI WKH DYDLODEOH OLWHUDWXUH IDLOHG WR ¿QG UHSRUWV RI WKHVH IRRGV 7KLV XVH RFFXUUHG ZLWK UHODWLYH UHJXODULW\ DQG ZDV SHUIRUPHG LQ RI FDVHV E\ PDOHV DQG LQ E\ IHPDOHV .H\ ZRUGV &RPPRQ ZDOO OL]DUG 3RGDUFLV PXUDOLV )HHGLQJ 2PQLYRU\ +HUELYRU\ 8UEDQ DUHD &DUQLF $OSV )ULXOL 1RUWK HDVWHUQ ,WDO\

± ,QWURGXFWLRQ 0RVW (XURSHDQ ODFHUWLGV IHHG PDLQO\ RQ DUWKURSRGV DOWKRXJK RWKHU LQYHUWHEUDWHV DQG RFFDVLRQDOO\ VPDOO YHUWHEUDWHV FDQ DOVR EH SUH\HG XSRQ D FHUWDLQ TXDQWLW\ RI VRIW SODQW IRRG FDQ EH HDWHQ HVSHFLDOO\ E\ ODUJHU VSHFLHV DQG E\ SRSXODWLRQV OLYLQJ RQ LVODQGV 328*+ $512/' 3e5(= 0(//$'2 &257, 9$1 '$00( &223(5 9,77 0$ýÈ7 HW DO 7KH &RPPRQ ZDOO OL]DUG 3RGDUFLV PXUDOLV LV D JHQHUDOLVW DQG RSSRUWXQLVWLF VSH FLHV WKDW IHHGV PDLQO\ RQ D ZLGH YDULHW\ RI LQYHUWHEUDWHV VXFK DV &ROHRSWHUD &RO OHPEROD 'HUPDSWHUD 'LSWHUD +HPLSWHUD +\PHQRSWHUD /HSLGRSWHUD 1HXURSWHUD 2UWKRSWHUD 3VRFRSWHUD 7K\VDQRSWHUD 7K\VDQXUD $PSKLSRGD ,VRSRGD $UDFKQLGD &KLORSRGD *DVWURSRGD 0\ULDSRGD DQG 2OLJRFKDHWD .$%,6&+ (1*(/0$11 675,-%26&+ HW DO 028 *$5&Ë$ )(51È1'(= HW DO &$38/$ HW DO 3e5(= 0(//$'2 &257, %20%, %2/2 *1$ 02//29 3(7529$ +DYLQJ RQ YDULRXV RFFDVLRQV REVHUYHG LQGLYLGXDOV RI 3RGDUFLV PXUDOLV IHHGLQJ RQ SODQW VXEVWDQFHV DQG RWKHU IRRGV QRW XVXDOO\ UHSRUWHG LQ WKH VSHFL¿F OLWHUDWXUH , GHFLGHG WR DFTXLUH LQIRUPDWLRQ RQ WKH VXEMHFW

± 6WXG\ DUHD DQG PHWKRGV 7KH LQYHVWLJDWLRQ WRRN SODFH LQ DQ XUEDQ DUHD VLWXDWHG LQ DQ DOSLQH YDOOH\ ÀRRU 7ROPH]]R

( P V O P &DUQLF $OSV FKDUDFWHUL]HG E\ ORZ EXLOGLQJ GHQVLW\ DQG FRQVLVWLQJ RI DQ H[WHQVLYH UHVLGHQWLDO ]RQH ZKHUH WKH KRXVHV KDYH DGMDFHQW DUHDV XVHG IRU YHJHWDEOH DQG ÀRZHU JDUGHQV XVXDOO\ ZLWK WUHHV VKUXEV KHGJHV 3RGDUFLV PXUDOLV LV WKH PRVW FRPPRQ UHSWLOH LQ WKH DUHD DQG LV ZLGHVSUHDG 7KH VHDUFK IRU IRRG WDNHV SODFH ERWK ZLWK D VLW DQG ZDLW VWUDWHJ\ DQG E\ DFWLYH SXUVXLW HVSHFLDOO\ LQ JUDVV\ VHFWRUV DQG LV FDUULHG RXW IURP WKH JURXQG WR WKH URRIV RI EXLOG LQJV DOVR XVLQJ WKH YHJHWDWLRQ /LTXLGV DUH WDNHQ LQ WKURXJK IRRG DQG E\ H[SORLWLQJ ZDWHU UHPDLQLQJ RQ VXUIDFHV RU LQ YDULRXV FDYLWLHV DQG LQ ÀRZHUSRW GLVKHV GHPRQ VWUDWLQJ RSSRUWXQLVP LQ UHVRXUFH XVH FI H J 'Ë$= $OWKRXJK WKLV OL]DUG LV SUH\HG XSRQ DV YHUL¿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¶V SHUVRQDO GDWD EDVH ZDV GUDZQ XSRQ IRU LQIRUPDWLRQ DQG SUHYLRXV GDWD 7R HVWDEOLVK ZKHWKHU WKH FRQVXPSWLRQ RI SODQW IRRG ZDV DQ H[FHSWLRQDO HYHQW RU D UHJXODU RFFXUUHQFH KRXU REVHUYDWLRQV ZHUH FDUULHG RXW GXULQJ WKH WLPH RI JUHDWHVW DFWLYLW\ RI WKH OL]DUGV IRU GD\V HDFK PRQWK IURP -XQH WR 6HSWHPEHU DW D VLWH XVHG IRU IRRG ZDVWH IURP WKH ³ZHW´ IUDFWLRQ RI JDUEDJH LW FRQVLVWHG RI D FRQFUHWH WDQN WR ZKLFK WKH OL]DUGV ZHUH DOVR DWWUDFWHG E\ WKH ODUJH QXPEHU RI LQVHFWV DQG RWKHU LQYHU WHEUDWHV

±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

)RRG 6SHFLHV 3RGDUFLV PXUDOLV $SSOH 3HDU %DQDQD 0HORQ :DWHUPHORQ 3LQHDSSOH 3OXP 7RPDWR $UXP LWDOLFXP )UDJDULD YHVFD &KLFNHQ HJJ &KDHQRPHOHV MDSRQLFD

1RWHV &DUFDVV RI FRQVSHFLÀF )HHGLQJ RQ SHHOV )HHGLQJ RQ SHHOV )HHGLQJ RQ SHHOV )HHGLQJ RQ ULQGV )HHGLQJ RQ ULQGV )HHGLQJ RQ ULQGV UHPDLQV )HHGLQJ RQ VWRQHV )HHGLQJ RQ UHPDLQV )HHGLQJ RQ IUXLWV )HHGLQJ RQ IUXLWV )HHGLQJ RQ VKHOOV )HHGLQJ RQ D GU\ OHDI

7DEOH )RRGV FRQVXPHG E\ 3RGDUFLV PXUDOLV UHFRUGHG GXULQJ WKH VWXG\ 7DEHOOD $OLPHQWL FRQVXPDWL GD 3RGDUFLV PXUDOLV ULOHYDWL QHO FRUVR GHOOR VWXGLR

DUHD DW OHDVW PHWHUV IURP WKH WDQN UHVSHFWLYHO\ ZLWK RQO\ WZR SODQWV FORVH WR HDFK RWKHU DQG ZLWK D IHZ VFDWWHUHG SODQWV $QRWKHU H[FHSWLRQ ZDV D GU\ OHDI RI D -DSDQHVH TXLQFH &KDHQRPHOHV MDSRQLFD )LJ DERXW P IURP WKH WDQN 7KH XVH RI WKH FDU FDVV RI D FRQVSHFL¿F )LJ IRU WURSKLF SXUSRVHV ZDV UHFRUGHG SUHYLRXVO\ E\ ZD\ RI D SKRWRJUDSK SXEOLVKHG LQ 5$66$7, DQG LV WKH RQO\ GDWXP GHULYLQJ IURP REVHUYDWLRQV QRW FDUULHG RXW LQ 7KH IUXLWV RI $UXP LWDOLFXP DQG )UDJDULD YHVFD ZHUH ELWWHQ LQWR ZKLOH VWLOO RQ WKH SODQW DQG RU GHWDFKHG DQG IRXQG RQ WKH JURXQG ,Q ERWK FDVHV WKH EHKDYLRXU ZDV REVHUYHG VHYHUDO WLPHV *LYHQ WKHVH ¿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³VXEVWDQFHV´ VXFK DV D FDUFDVV RU WKH $UXP LWDOLFXP IUXLWV ,QGHHG PRUH SRZHUIXO ELWLQJ SRZHU LV LPSRUWDQW IRU LQFOXVLRQ RI SODQW PDWHULDO LQ WKH GLHW 62.2/ +(55(/ HW DO DQG FDQ DOORZ DFFHVV WR ODUJHU SUH\ +(55(/ HW DO ZLWK LPSOLFDWLRQV RQ SDWWHUQV RI UHVRXUFH XVH QLFKH GLYHU JHQFH DQG VH[XDO GLPRUSKLVP +(55(/ HW DO 7KH SHUFHQWDJH RI WKH TXDQWLW\ RI LQJHVWHG SODQWV DOVR LQFUHDVHV VLJQL¿FDQWO\ ZLWK ODUJHU ERG\ VL]H 9$1 '$00( &223(5 9,77 ZKLFK UHVXOWV LQ JUHDWHU KHDG VL]H DQG ELWLQJ SRZHU +(55(/ HW DO 7KH UHYLHZ RI WKH DYDLODEOH OLWHUDWXUH IDLOHG WR UHYHDO DQ\ UHSRUW LQ WKH GLHW RI 3RGDUFLV PXUDOLV RI WKH IRRGV UHFRUGHG LQ WKLV LQYHVWLJDWLRQ 7KHUHIRUH LW LV EHOLHYHG

WKDW WKH\ FRQVWLWXWH WKH ¿UVW UHSRUWV WKXV H[SDQGLQJ WKH LQIRUPDWLRQ RQ WKLV ODFHUWLG¶V WURSKLF VSHFWUXP ,Q SDUWLFXODU XVH RI WKH FDUFDVV RI D FRQVSHFL¿F IRU WURSKLF SXU SRVHV LV QRWHZRUWK\ DV VXFK D XVH VHHPV WR KDYH EHHQ UHSRUWHG RQO\ ZLWK UHJDUG WR OLYLQJ LQGLYLGXDOV FI H J ä$*$5 &$55(7(52 7KH SUHVHQW REVHUYDWLRQV VXJJHVW WKDW DW OHDVW LQ DQ XUEDQ DUHD WKH FRQVXPSWLRQ RI QRQ ³XVXDO´ IRRGV LV PRUH IUHTXHQW WKDQ H[SHFWHG HYHQ WKRXJK WKLV FDQ SUREDEO\ EH FRQVLGHUHG FI FLWHG ELEOLRJUDSK\ DQ H[FHSWLRQ DW WKH OHYHO RI WKH HQWLUH SRSXOD WLRQ WKLV GHPRQVWUDWHV D FHUWDLQ WURSKLF SODVWLFLW\ DV RFFXUV ZLWK UHJDUG WR LQYHUWH EUDWHV RI ZKLFK DOPRVW DOO VSHFLHV DUH SUH\HG XSRQ LQ SURSRUWLRQ WR WKHLU DYDLODELOLW\ 'Ë$= 7KLV DOLPHQWDU\ YHUVDWLOLW\ LV SHUKDSV RQH RI WKH NH\V WR WKH YHU\ EURDG HFRORJLFDO DGDSWDELOLW\ RI 3RGDUFLV PXUDOLV +RZHYHU SURORQJHG REVHUYDWLRQV DOVR LQ H[WUD XUEDQ DUHDV PLJKW UHYHDO VXUSULVHV VLQFH VRPH RI WKH SODQW VSHFLHV UHSRUWHG LQ 7DEOH DUH DOVR GLVWULEXWHG LQ QDWXUDO HQYLURQPHQWV

/DYRUR FRQVHJQDWR LO

)LJ 3RGDUFLV PXUDOLV HDWLQJ DQ $UXP LWDOLFXP IUXLW 3RGDUFLV PXUDOLV FKH PDQJLD XQ IUXWWR GL $UXP LWDOLFXP 3KRWR * 5DVVDWL

)LJ 3RGDUFLV PXUDOLV IHHGLQJ RQ D GU\ OHDI RI &KDHQRPHOHV MDSRQLFD 3RGDUFLV PXUDOLV FKH VL FLED GL XQD IRJOLD VHFFD GL &KDHQRPHOHV MDSRQLFD 3KRWR * 5DVVDWL

)LJ 3RGDUFLV PXUDOLV XVLQJ WKH FDUFDVV RI D FRQVSHFLÀF IRU WURSKLF SXUSRVHV 3RGDUFLV PXUDOLV 8WLOL]]R GHO FDGDYHUH GL XQ FRQVSHFLÀFR SHU ÀQL WURÀFL 3KRWR * 5DVVDWL

)LJ 3RGDUFLV PXUDOLV IHHGLQJ RQ DQ DSSOH SHHO 3RGDUFLV PXUDOLV FKH VL FLED GL XQD EXFFLD GL PHOD 3KRWR * 5DVVDWL

$&.12:/('*(0(176 *LDQFDUOR 5DVVDWL LV WKDQNHG IRU KLV DVVLVWDQFH ZLWK WKH VXUYH\V

5()(5(1&(6 $512/' ( 1 ² 5HVRXUFH SDUWLWLRQ DPRQJ ODFHUWLG OL]DUGV LQ VRXWKHUQ (XURSH - =RRO /RQG % %20%, 3 %2/2*1$ 0 $ ² 8VH RI IDHFDO DQG VWRPDFK FRQWHQWV LQ DVVHVVLQJ IRRG QLFKH UHODWLRQVKLSV D FDVH VWXG\ RI WZR V\PSDWULF VSHFLHV RI 3RGDUFLV OL]DUGV 6DXULD /DFHUWLGDH 5HY (FRO 7HUUH 9LH &$38/$ 0 /8,6(//, / 58*,(52 / ² &RPSDUDWLYH HFRORJ\ LQ V\PSDWULF 3RGDUFLV PXUDOLV DQG 3 VLFXOD 5HSWLOLD /DFHUWLGDH IURP WKH KLVWRULFDO FHQWUH RI 5RPH :KDW DERXW FRPSHWLWLRQ DQG QLFKH VHJUHJD WLRQ LQ DQ XUEDQ KDELWDW" %ROO =RRO &223(5 : ( -5 9,77 / - ² 'LVWULEXWLRQ H[WHQW DQG HYROXWLRQ RI SODQW FRQVXPSWLRQ E\ OL]DUGV - =RRO /RQG 'Ì$= - $ ² 3UH\ VHOHFWLRQ E\ ODFHUWLG OL]DUGV D VKRUW UHYLHZ +HUSHWRO - *$5&Ì$ )(51É1'(= - 0$57Ì1 9$//(-2 - 3e5(= 0(//$'2 9 ² 'LHWD FRPSDUDGD GH GRV HVSHFLHV GHO JpQHUR 3RGDUFLV :DJOHU HQ OD 6LHUUD GH *XDGDUUDPD 6LVW &HQWUDO ,9 &RQJU 1DFLRQDO +HUSHWRO 0DGULG 5HV~PHQHV

+(55(/ $ $(576 3 '( 95(( ) ² 6WDWLF ELWLQJ LQ OL]DUGV IXQFWLRQDO PRUSKRORJ\ RI WKH WHPSRUDO OLJDPHQWV - =RRO /RQG +(55(/ $ 63,7+29(1 / 9$1 '$00( 5 '( 95(( ) ² 6H[XDO GLPRUSKLVP RI KHDG VL]H LQ *DOORWLD JDOORWL WHVWLQJ WKH QLFKH GLYHUJHQFH K\SRWKHVLV E\ IXQFWLRQDO DQDO\VHV )XQFW (FRO +(55(/ $ 9$1 '$00( 5 9$1+22<'21&. % '( 95(( ) ² 7KH LPSOLFDWLRQV RI ELWH SHUIRU PDQFH IRU GLHW LQ WZR VSHFLHV RI ODFHUWLG OL]DUGV &DQ - =RRO .$%,6&+ . (1*(/0$11 : ( ² =XU 1DKUXQJ YRQ /DFHUWD PXUDOLV /DXUHQWL LQ 2VWEXOJDULHQ =RRORJLVFKH $EKDQGOXQJ %HUOLQHQ 0XVHXP 0$ÿÉ7 = 9(6(/ë 0 -$%/216., ' ² 1HZ FDVH RI IUXLW HDWLQJ REVHUYDWLRQ LQ 3RGDUFLV VLFXOXV 5DÀQHVTXH 6FKPDOW] /DFHUWLGDH IURP &URDWLD %LKDUHDQ %LRORJLVW 02//29 , 3(7529$ 6 ² $ FRQWULEXWLRQ WR WKH NQRZOHGJH RI WKH WURSKLF VSHFWUXP RI WKUHH ODFHUWLG OL]DUGV IURP %XOJDULD - %LR6FL %LRWHFK 028 < 3 ² eFRORJLH WURSKLTXH G¶XQH SRSXODWLRQ GH Op]DUGV GHV PXUDLOOHV 3RGDUFLV PXUDOLV GDQV O¶RXHVW GH OD )UDQFH 5HY (FRO 7HUUH 9LH 3e5(= 0(//$'2 9 &257, & ² 'LHWDU\ DGDSWDWLRQV DQG KHUELYRU\ LQ ODFHUWLG OL]DUGV RI WKH JHQXV 3RGDUFLV IURP ZHVWHUQ 0HGLWHUUDQHDQ LVODQGV 5HSWLOLD 6DXULD %RQQHU =RRORJLVFKH %HLWUlJH 328*+ ) + ² /L]DUG HQHUJHWLFV DQG GLHW (FRORJ\ 5$66$7, * ² $VSHWWL JHQHUDOL GHOOD YHJHWD]LRQH H GHOOD IDXQD GHOOD FRQFD GL 7ROPH]]R ,Q )(5,*2 * =$1,(5 / HGV 7XPLHo 1XPHUR XQLFR GHOOD 6RFLHWj )LORORJLFD )ULXODQD 5$66$7, * ² &RQWULEXWR DOOD FRQRVFHQ]D GHOOD GLVWULEX]LRQH GL DOFXQH VSHFLH GL $PSKLELD H GL 5HSWLOLD LQ )ULXOL 9HQH]LD *LXOLD H LQ 9HQHWR $WWL 0XV &LY 6W 1DW 7ULHVWH 5$66$7, * ² $ VWXG\ RQ WKH JHQXV 3DVVHU LQ )ULXOL 9HQH]LD *LXOLD 1RUWK HDVWHUQ ,WDO\ *OL 8FFHOOL G·,WDOLD 5$66$7, * ² &RPXQLWj RUQLWLFKH XUEDQH QLGLÀFDQWL QHOOH $OSL &DUQLFKH H *LXOLH H QHOOD SLDQXUD IULXODQD 3LFXV 5$66$7, * ² 6LQWHVL GLVWULEXWLYD GHOOH VSHFLH GL $PSKLELD H 5HSWLOLD LQ &DUQLD &DQDO GHO )HUUR H 9DOFDQDOH $OSL 2ULHQWDOL )ULXOL FRQ QRWH VX LPSDWWL PLQDFFH H FRQVHUYD]LRQH $WWL 0XV &LY 6W 1DW 7ULHVWH 62.2/ 2 0 ² +HUELYRU\ LQ OL]DUGV (YROXWLRQ 675,-%26&+ + %211(0$<(5 - - $ 0 ',(792567 3 - 0 ² 7KH 1RUWKHUQPRVW 3RSXODWLRQ RI 3RGDUFLV PXUDOLV /DFHUWLOLD /DFHUWLGDH $PSKLELD 5HSWLOLD 9$1 '$00( 5 ² (YROXWLRQ RI KHUELYRU\ LQ ODFHUWLG OL]DUGV (IIHFWV RI LQVXODULW\ DQG ERG\ VL]H -RXUQDO RI +HUSHWRORJ\ æ$*$5 $ &$55(7(52 0 $ ² $ UHFRUG RI FDQQLEDOLVP LQ 3RGDUFLV PXUDOLV /DXUHQWL 5HS WLOLD /DFHUWLGDH IURP 6ORYHQLD +HUSHWRORJ\ 1RWHV

,1',&(

(WWRUH 720$6, SDJ )LWR ]RRFHFLGL GHOO¶$OWD 9DOFHOOLQD 3UHDOSL &DUQLFKH 3DUFR 1DWXUDOH 'RORPLWL )ULXODQH

(QULFR 0(5/$. SDJ (YROX]LRQH QHJOL VWXGL GHOOH EDX[LWL FDUVLFKH .DUVW EDX[LWHV

/XLJL &$3$662 SDJ 5HVWL GL 3LFQRGRQWL QHL FDOFDUL DOELDQL &UHWDFHR ,QIHULRUH GL &HUUHWR 6DQQLWD SURYLQFLD GL %HQHYHQWR PDVVLFFLR GHO 0DWHVH

/XLJL &$3$662 SDJ 6HJQDOD]LRQH GHO 3LFQRGRQWLIRUPH 3DUDQXUVDOOLD *XWWXURVD $UDPERXUJ QHL FDOFDUL GRORPLWLFL GHO &UHWDFHR 6XSHULRUH GL *DUD 6EDD 0DURFFR 6XGRULHQWDOH (PDQXHOH *$9$ SDJ 6WXGLR PRUIRORJLFR H PRUIRPHWULFR GHL UHSHUWL GL 8UVXV 6SHODHXV SURYHQLHQWL GDOOH FDPSDJQH GL VFDYR QHOOD *URWWD 3RFDOD $XULVLQD 7V

$PHOLR 3(==(77$ SDJ /H 2UFKLGDFHDH GHOOD 'DOPD]LD %UXQR *5(*2 5HQDWR =$0%85/,1, SDJ )LUVW UHFRUGV RI 2UWKRSRGRP\LD 3XOFULSDOSLV 5RQGDQL 'LSWHUD &XOLFLGDH LQ 1RUWKHUQ ,WDO\ *LDQOXFD 5$66$7, SDJ )LUVW UHFRUG RI WDLO ELIXUFDWLRQ LQ +RUYDWK¶V URFN OL]DUG ,EHURODFHUWD +RUYDWKL -XOLDQ $OSV )ULXOL 1RUWK (DVWHUQ ,WDO\

*LDQOXFD 5$66$7, SDJ 1RWHV RQ WKH RPQLYRURXV IHHGLQJ RI WKH FRPPRQ ZDOO OL]DUG 3RGDUFLV 0XUDOLV LQ D PRQWDQH XUEDQ DUHD &DUQLF $OSV 1RUWK (DVWHUQ ,WDO\

1250( 3(5 */, $8725, *OL $WWL GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH SXEEOLFDQR VWXGL ULFHUFKH H RVVHUYD]LRQL VXOOD VWRULD QDWXUDOH H L UDSSRUWL FRQ O¶XRPR GL VSHFLH DPELHQWL H HFRVLVWHPL LQ PRGR SDUWLFRODUH VH SUHVHQWL DQFKH QHOOD 9HQH]LD *LXOLD QHOOH UHJLRQL QRUG DGULDWLFKH R QHOOH FROOH]LRQL H QHOOH DWWLYLWj GHL 0X VHL 6FLHQWL¿FL 7ULHVWLQL , ODYRUL GHYRQR SHUYHQLUH LQ IRUPDWR :RUG R FRPSDWLELOH D ELEOLRWHFDPVQ#FRPXQH WULHVWH LW $WWL GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH 9LD 7RPLQ] ,± 7ULHVWH ,WDOLD WHO ID[ 6L UDFFRPDQGD OD VWHVXUD LQ OLQJXD LQJOHVH R LWDOLDQD HFFH]LRQDOPHQWH SRVVRQR HVVHUH VWDPSDWL ODYRUL LQ OLQJXH GLYHUVH /D 'LUH]LRQH VHQWLWL L UHIHUHH VL ULVHUYD OH GHFLVLRQL FLUFD OD SXEEOLFD]LRQH GHL ODYRUL /D UHVSRQVDELOLWj VFLHQWL¿FD GHL ODYRUL q GHJOL $XWRUL 1HO FDVR GL FRUUH]LRQL QXPHURVH GHO WHVWR RULJLQDOH LO FRVWR UHODWLYR VDUj D FDULFR GHOO¶$XWRUH 1HO SUHGLVSRUUH JOL RULJLQDOL JOL $XWRUL GHYRQR DWWHQHUVL D TXDQWR VHJXH OD SULPD SDJLQD GHYH FRQWHQHUH QHOO¶RUGLQH 7LWROR GHO ODYRUR VFULWWR LQ PDLXVFROR H JUDVVHWWR 1RPH H FRJQRPH GHOO¶$XWRUH R GHJOL $XWRUL VFULWWR LQ PDLXVFROR H LQ WRQGR , ORUR LQGLUL]]L VFULWWL LQ PLQXVFROR H LQ WRQGR $EVWUDFW H .H\ ZRUGV LQ (QJOLVK FRQ XQ PDVVLPR GL ULJKH GHYH LQL]LDUH FRQ OD WUDGX]LRQH LQ LQJOHVH GHO WLWROR RULJLQDOH 5LDVVXQWR EUHYH H SDUROH FKLDYH LQ LWDOLDQR FRQ XQ PDVVLPR GL ULJKH (YHQWXDOH ULDVVXQWR LQ XQD WHU]D OLQJXD 7HVWR 7(672 LO WHVWR GHYH HVVHUH VXGGLYLVR LQ VH]LRQL VHPSUH FRQ WLWROL LQ JUDVVHWWR H VRWWRWLWROL LQ WRQGR QXPHUDWL SURJUHVVLYDPHQWH FRQ QXPHUL DUDEL VHQ]D SXQWR ¿QDOH (VHPSL ± 3UHPHVVD ± 0DWHULDOL H PHWRGL ± 5LVXOWDWL ± $OFXQH FRQVLGHUD]LRQL VXJOL +\GURDGHSKDJD ),*85( )RWRJUD¿H JUD¿FL GLVHJQL GLDJUDPPL WDYROH H WDEHOOH VRQR FRQVLGHUDWL ¿JXUH H YDQQR LQGLFDWL SURJUHVVLYDPHQWH FRQ L QXPHUL DUDEL QHO WHVWR L ULPDQGL DOOH ¿JXUH YDQQR LQGLFDWL QHO VHJXHQWH PRGR )LJ )LJ )LJJ RSSXUH )LJ HFF /D ORUR SRVL]LRQH QHO WHVWR GHYH HVVHUH FKLDUDPHQWH LQGLFDWD /H ¿JXUH GHYRQR HVVHUH LQYLDWH LQ EXRQD ULVROX]LRQH LQ IRUPDWR ³-3*´ ³7,)´ ³31*´ R FRPSDWLELOH ULVROX]LRQH PLQLPD GSL FRQ OH GLPHQVLRQL GL VWDPSD H GHYRQR FRQVHQWLUH HYHQWXDOL ULGX]LRQL ¿QR DO IRUPDWR GL [ PP FRPSUHVD OD GLGDVFDOLD 'LGDVFDOLH H OHJHQGH GHYRQR HVVHUH ULSRUWDWH VX IRJOL D SDUWH FRUUHGDWH GD WUDGX]LRQH LQ LQJOHVH VH LO WHVWR q LQ LWDOLDQR H GL WUDGX]LRQH LQ LWDOLDQR VH LO WHVWR q LQ XQ¶DOWUD OLQJXD &,7$=,21, %,%/,2*5$),&+( L ULPDQGL DOOD ELEOLRJUD¿D GHYRQR HVVHUH FLWDWL QHO WHVWR FRPH QHJOL HVHPSL VHJXHQWL *5,'(//, RSSXUH *5,'(//, =$1,1, 32//, $/%(57, $%5$0, 9$521( HW DO RSSXUH 9$521( HW DO TXDQGR FL VRQR SL GL GXH $XWRUL ,Q DOWUH SDUWL GHO WHVWR 5LDVVXQWL $EVWUDFWV QRWH D SLq GL SDJLQD GLGDVFDOLH GL )LJJ L ULPDQGL VWHVVL YDQQR LQGLFDWL FRQ FDUDWWHUH PDLXVFROR %,%/,2*5$),$ QHOOD ELEOLRJUD¿D L ULIHULPHQWL GHYRQR HVVHUH ULSRUWDWL LQ RUGLQH DOIDEHWLFR SHU $XWRUH ,O FRJQRPH H O¶LQL]LDOH GHO QRPH GHOO¶$XWRUH VRQR GD FRPSRUUH FRQ FDUDWWHUH PDLXVFROR 3L ODYRUL GHOOR VWHVVR $XWRUH GHYRQR VHJXLUH O¶RUGLQH FURQRORJLFR H VH SXEEOLFDWL QHOOR VWHVVR DQQR O¶DQQR YD FRQWUDVVHJQDWR FRQ OHWWHUH LQ RUGLQH DOIDEHWLFR 6ROR L WLWROL GHL SHULRGLFL H QRQ TXHOOL GHOOH PRQRJUD¿H YDQQR ULSRUWDWL LQ FRUVLYR 6L YHGDQR L VHJXHQWL HVHPSL *$5%,1, $ D *$5%,1, $ E *$5%,1, $ F +8;/(< $ ± 3LDQWH SHUHQQL HG DFTXDWLFKH 6 $ , ( 7RULQR SS 0$*5,1, 3 9$11, 6 ± 8Q QXRYR 2F\V GHOO¶,WDOLD PHULGLRQDOH &ROHRSWHUD &DUDELGDH %ROO 6RF HQW ,WDO *HQRYD ¿J 127( LO WHVWR SXz HVVHUH FRUUHGDWR GL QRWH D SLq GL SDJLQD FKH GHYRQR HVVHUH QXPHUDWH SURJUHVVLYDPHQWH %2==( OH FRUUH]LRQL GHOOH ER]]H GL VWDPSD GRYUDQQR HVVHUH HIIHWWXDWH HQWUR JLRUQL GDOOD ORUR FRQVHJQD &23,( 2JQL DXWRUH ULFHYHUj XQD FRSLD GHO YROXPH D VWDPSD H LO SGI GHO VXR ODYRUR ,Q SUHVHQ]D GL SL DXWRUL GRYUj HVVHUH LQGLFDWR XQ UHIHUHQWH SHU LO FRQWDWWR FRQ OD UHGD]LRQH DVVLHPH DO UHFDSLWR SRVWDOH H PDLO H WHOHIRQLFR

*8,'(/,1(6 )25 7+( $87+256 7KH MRXUQDO RI WKH 7ULHVWH 1DWXUDO +LVWRU\ &LYLF 0XVHXP SXEOLVKHV VWXGLHV UHVHDUFKHV QRWHV DQG RYHUYLHZV DERXW WKH QDWXUDO KLVWRU\ DQG WKH KXPDQ GLPHQVLRQ RI VSHFLHV HFRV\VWHPV DQG HQYLURQPHQWV PRVWO\ FRQFHUQLQJ DOVR WKH 9HQH]LD *LXOLD WKH 1RUWKHUQ $GULDWLF 5HJLRQV RU WKH FROOHFWLRQV DQG WKH DFWLYLW\ RI WKH 6FLHQWL¿F 0XVHXPV RI 7ULHVWH 0DQXVFULSWV PXVW EH VHQW LQ :RUG RU FRPSDWLEOH WR ELEOLRWHFDPVQ#FRPXQH WULHVWH LW $WWL GHO 0XVHR &LYLFR GL 6WRULD 1DWXUDOH GL 7ULHVWH 9LD 7RPLQ] ,± 7ULHVWH ,WDOLD WHO ID[ 7KH FRQWULEXWLRQV VKRXOG EH ZULWWHQ LQ (QJOLVK RU ,WDOLDQ H[FHSWLRQDOO\ ZRUNV FDQ EH SULQWHG LQ GLIIHUHQW ODQJXDJHV 7KH DGPLQLVWUDWLRQ DIWHU FRQVXOWLQJ WKH UHIHUHHV UHVHUYHV WKH GHFLVLRQ DERXW WKH SXEOLFDWLRQ RI WKH ZRUNV 7KH VFLHQWL¿F UHVSRQVLELOLW\ RI WKH ZRUNV LV RI WKH $XWKRUV ,Q WKH FDVH RI QXPHURXV FRUUHFWLRQV WR WKH WH[W WKH $XWKRUV ZLOO KDYH WR SD\ IRU H[WUD FRVW ,Q SUHSDULQJ WKH RULJLQDOV WKH $XWKRUV KDYH WR NHHS WR ZKDW IROORZV 7KH ¿UVW SDJH PXVW EH ZULWWHQ DV IROORZ 7LWOH RI WKH ZRUN FDSLWDOL]HG DQG EROG 1DPH DQG VXUQDPH RI WKH $XWKRU RU $XWKRUV FDSLWDOL]HG DQG 5RPDQ 7KHLU DGGUHVVHV VPDOO 5RPDQ $EVWUDFW DQG NH\ ZRUGV LQ (QJOLVK XS WR D PD[LPXP RI OLQHV 3RVVLEOH VXPPDU\ LQ D WKLUG ODQJXDJH 7H[W 7(;7 WKH WH[W FDQ EH VXEGLYLGHG LQ VHFWLRQV DOZD\V ZLWK WKH WLWOHV LQ EROG DQG VXEWLWOHV LQ 5RPDQ SURJUHVVLYHO\ QXPEHUHG ZLWK $UDELF QXPEHUV ZLWKRXW IXOO VWRS ([DPSOHV ± ,QWURGXFWLRQ ± 0DWHULDOV DQG PHWKRGV ± 5HVXOWV ± VRPH FRQVLGHUDWLRQV RQ +\GURDGHSKDJD ),*85(6 3KRWRJUDSKV &KDUWV 'UDZLQJV 'LDJUDPV 3ODWHV 7DEOHV 6OLGHV KDYH WR EH FRQVLGHUHG DV )LJXUHV DQG QXPEHUHG SURJUHVVLYHO\ E\ $UDELF QXPEHUV LQ WKH WH[W WKH UHIHUHQFHV PDUNV WR WKH ÀJXUHV KDYH WR EH LQGLFDWHG DV IROORZV )LJ )LJ « )LJJ RU )LJ HWF 7KH ¿JXUHV SRVLWLRQ LQ WKH WH[W KDV WR FOHDU\ LQGLFDWHG )LJXUHV KDYH WR EH VHQW LQ KLJK TXDOLW\ ³-3*´ ³7,)´ ³31*´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¿UVW OHWWHU RI WKH QDPH RI WKH $XWKRU KDYH WR EH LQ FDSLWDO OHWWHUV 0RUH ZRUNV E\ WKH VDPH $XWKRU KDYH WR IROORZ WKH FKURQRORJLFDO RUGHU DQG LI SXEOLVKHG LQ WKH VDPH \HDU WKH \HDU KDV WR EH PDUNHG ZLWK OHWWHUV LQ DOSKDEHWLFDO RUGHU 2QO\ WKH PDJD]LQHV WLWOHV KDYH WR EH ZULWWHQ LQ LWDOLFV DQG QRW WKH WLWOHV RI WKH PRQRJUDSKV 3OHDVH VHH WKH IROORZLQJ H[DPSOHV *$5%,1, $ D *$5%,1, $ E *$5%,1, $ F +8;/(< $ ± 3LDQWH SHUHQQL HG DFTXDWLFKH 6 $ , ( 7RULQR SS 0$*5,1, 3 9$11, 6 ± 8Q QXRYR 2F\V GHOO¶,WDOLD PHULGLRQDOH &ROHRSWHUD &DUDELGDH %ROO 6RF (QW ,WDO *HQRYD ¿J )227127(6 WKH WH[W FDQ EH FRPSOHWHG ZLWK IRRWQRWHV WKDW KDYH WR EH SURJUHVVLYHO\ QXPEHUHG 3522)6 SURRIV KDYH WR EH FRUUHFWHG DQG UHWXUQHG WR WKH (GLWRU ZLWKLQ GD\V XSRQ UHFHLSW &23,(6 WKH $XWKRUV ZLOO UHFHLYH SULQWHG FRS\ RI WKH YROXPH SOXV D SGI FRS\ RI WKHLU ZRUNV ,Q FDVH RI PRUH WKDQ RQH $XWKRU RQH SHUVRQ ZLOO EH WKH PDLQ FRQWDFW ZLWK WKH (GLWRU RQH DGGUHVV H PDLO DQG SKRQH QXPEHU PXVW EH LQGLFDWHG

,661 &23,$ 20$**,2