Il Trenino Verde della Sardegna by Fausto Pitzalis

$VVHVVRUDWR GHL 7UDVSRUWL

,/ 75(1,12 9(5'( '(//$ 6$5'(*1$ JR R O WD D F

,1',&( &217(176 ,O 7UHQLQR 9HUGH GHOOD 6DUGHJQD 7KH 7UHQLQR 9HUGH RI 6DUGLQLD 9LDJJLDUH 7UDYHOOLQJ

SDJ

/H /LQHH 7XULVWLFKH 7RXULVW /LQHV 0DQGDV $UEDWD[

SDJ

,VLOL 6RUJRQR

SDJ

0DFRPHU %RVD

SDJ

6DVVDUL 1XOYL 3DODX

SDJ

/D VWRULD GHOOH IHUURYLH LQ 6DUGHJQD 7KH KLVWRU\ RI WKH UDLOZD\V LQ 6DUGLQLD

SDJ

,O 0XVHR GHOOH )HUURYLH GL 0RQVHUUDWR &$ 7KH 5DLOZD\ 0XVHXP LQ 0RQVHUUDWR &$

SDJ

/ÂªDQWLFD 2IILFLQD GL 7HPSLR 3DXVDQLD 27

7KH 2OG :RUNVKRS RI 7HPSLR 3DXVDQLD 27

/D 5HWH )HUURYLDULD NP /,1(( 75$632572 38%%/,&2 /2&$/( /2&$/ 38%/,& 75$163257 /,1(6 6DVVDUL $OJKHUR 6DVVDUL 6RUVR 6DVVDUL 1XOYL 0DFRPHU 1XRUR &DJOLDUL ,VLOL 7RWDOH

NP NP NP NP NP NP

/,1(( 785,67,&+( 7285,67 /,1(6 1XOYL 3DODX 0DFRPHU %RVD 0DULQD 0DQGDV $UEDWD[ ,VLOL 6RUJRQR

NP NP NP NP

7RWDOH

NP NP

SDJ

,1 &23(57,1$ /$ /2&2027,9$ $ 9$325( 5(**,$1( '(/ $ /$186(, 9,(1( 86$7$ 62/2 3(5 9,$**, 63(&,$/, $ 12/(**,2 ( 0$, ,1 (67$7( 1(, 9,$**, $ &$/(1'$5,2 35(6(17$7, ,1 48(672 &$7$ /2*2 6212 87,/,==$7, (6&/8 6,9$0(17( 75(1, $ 75$=,21( ',(6(/ $8720275,&, ( /2&2 02725,

LO &DWDORJR WKH &DWDORJXH

+. %#6#.1)1 &'+ 8+#))+

6*' %#6#.1)7' 1( 6*' 64+25

Ë LO DQQLYHUVDULR GL TXHVWD SXEEOLFD]LR QH XWLOH SHU FKL GHVLGHUD YLDJJLDUH R DYHUH LQIRUPD]LRQL VXO VHUYL]LR WXULVWLFR IHUURYLDULR GL $567 6S$ /D SULPD HGL]LRQH VXVFLWz LPPHGLD WDPHQWH O·LQWHUHVVH GHL WDQWL FKH DYHYDQR VHQWLWR SDUODUH GHO 7UHQLQR 9HUGH H FKH ÀQDO PHQWH SRWHYDQR WURYDUH QHO &DWDORJR OH SUL PH ULVSRVWH DOOH ULFKLHVWH GL LQIRUPD]LRQL VX TXHVWR VHUYL]LR $QQR GRSR DQQR OD SXEEOLFD]LRQH VL q DUULF FKLWD GL XOWHULRUL LQIRUPD]LRQL QRQ VROR UHOD WLYH DO YLDJJLR PD DQFKH DO WHUULWRULR H DOOH WDQWH ORFDOLWj DWWUDYHUVDWH GDOOD OLQHD

7KLV LV WKH WK HGLWLRQ RI WKLV SXEOLFDWLRQ WKDW FRQWDLQV XVHIXO SLHFH RI LQIRUPDWLRQ IRU SHRSOH ZKR ZKLVK WR WUDYHO RU JHW VRPH QHZV DERXW WKH UDLOZD\ WRXULVW VHUYLFH RI WKH FRP SDQ\ $567 6S$ 7KH ÀUVW HGLWLRQ LPPHGLDWHO\ DURX VHG WKH LQWHUHVW RI WKH PDQ\ WKDW KDG KHDUG DERXW WKH 7UHQLQR 9HUGH DQG FRXOG ÀQDOO\ ÀQG RXW WKH ÀUVW DQVZHUV DQG QHZV DERXW WKHVH WULSV <HDU DIWHU \HDU WKH &DWDORJXH KDV FRQVWDQWO\ EHHQ HQULFKHG E\ QHZ LQIRUPDWLRQ QRW RQO\ UHIHUULQJ WR WKH WULS EXW DOVR WR WKH PDQ\ YLO ODJHV DQG SODFHV WKDW DUH DORQJ WKH UDLOZD\ OLQH

ZZZ WUHQLQRYHUGH FRP

' 64+25

LQIRUPD]LRQL LQIRUPDWLRQ $567 6S$

$]LHQGD 5HJLRQDOH 6DUGD 7UDVSRUWL 6RFLHWj SHU $]LRQL 'LUH]LRQH *HQHUDOH 9LD =DJDEULD &DJOLDUL 7HO )D[ ZZZ DUVW VDUGHJQD LW DUVW#DUVW VDUGHJQD LW 6HGH 7HUULWRULDOH )HUURYLDULD GL &DJOLDUL 9LD 3RPSHR 0RQVHUUDWR &$

7HO )D[ 6HGH 7HUULWRULDOH )HUURYLDULD GL 0DFRPHU &RUVR 8PEHUWR , 0DFRPHU 18

7HO )D[ 6HGH 7HUULWRULDOH )HUURYLDULD GL 6DVVDUL 9LDOH 6LFLOLD 6DVVDUL 7HO )D[

8)),&,2 785,67,&2 7285,67 2)),&( 25*$1,==$=,21( 9,$**, 75$9(/ 25*$1,=$7,21 086(2 '(//( )(5529,( 5$,/:$< 086(80 6HUYL]LR &RPPHUFLDOH &RPPHUFLDO 'HSDUWPHQW 9LD 3RPSHR 0RQVHUUDWR &$

7HO )D[ 1XP YHUGH GDO OXQHGu DO YHQHUGu GDOOH DOOH

0RQGD\ WR )ULGD\ IURP WR

ZZZ WUHQLQRYHUGH FRP WUHQLQRYHUGH#DUVW VDUGHJQD LW

3URJHWWR JUDÃ&#x20AC;FR HGLWLQJ HG RWWLPL]]D]LRQH Â&#x2039; *,$ &RPXQLFD]LRQH YLD 6DUGHJQD &DJOLDUL 7HO H )D[ ZZZ JLDFRPXQLFD]LRQH FRP LQIR#JLDFRPXQLFD]LRQH LW 7HVWL H 7UDGX]LRQH 6HUYL]LR &RPPHUFLDOH $567 6WDPSD 2IÃ&#x20AC;FLQH *UDÃ&#x20AC;FKH 7LHPPH )RWR +DQVMXUJ 5RKUHU *LDPSDROR 0DUFKHVHOOL 6HUJLR 6WHIDQLQL (QULFR 6SDQX (QULFR 0XUUX 0DVVD 6DUDK 3LQVRQ 0DULR %RQX *LDQSLHWUR 0LJKHOL 0DXUL]LR $UWL]]X *LDQQL 2QQLV 0DWWHR 6XOLV %UXQR $W]RUL *LXVHSSH &DPEDUDX 3LHUR 3LURVX 0DXUR 0DUUDV $UFKLYLR *,$ 6HUYL]LR &RPPHUFLDOH $567 )RWR GL FRSHUWLQD +DQVMXUJ 5RKUHU )RWR UHWUR FRSHUWLQD (QULFR 0XUUX 0DVVD

LO 7UHQLQR 9HUGH GHOOD 6DUGHJQD OD OLQHD 0$1'$6 $5%$7$; 8QR GHL PRGL PLJOLRUL SHU DWWUDYHUVDUH H FRQRVFHUH L GLYHUVL DVSHWWL GHO SDHVDJJLR GHOOÂ·LVROD VRSUDWWXWWR GHOOÂ·LQWHUQR q DWWUDYHUVR XQ YLDJJLR FRQ LO 7UHQLQR 9HUGH 7UD OH OLQHH GL 7UDVSRUWR 3XEEOLFR /RFDOH H TXHOOH 7XULVWLFKH OD UHWH VL VYLOXSSD SHU ROWUH NP SHUFRUUHQGR H FROOHJDQGR WUD ORUR TXDVL WXWWH OH UHJLRQL JHRJUDÃ&#x20AC;FKH GHOOÂ·LVROD 1HO QRPH VRQR VLQWHWL]]DWL GXH FDUDWWHULVWLFKH LPSRUWDQWL GL TXHVWR VHUYL]LR Â´7UHQLQRÂµ SHUFKp q XQ PH]]R GL GLPHQVLRQL SL FRQWHQXWH ULVSHWWR DL FRQYRJOL Â¶RUGLQDULÂ· WLSR )HUURYLH GHOOR 6WDWR OD IHUURYLD YHQQH FRVWUXLWD D Ã&#x20AC;QH Â¶ FRQ FULWHUL HFRQRPLFL SHU FROOHJDUH OH ]RQH GHOOÂ·LQWHUQR PRQWXRVR DOOH SULQFLSDOL FLWWj H DO PDUH H TXLQGL DO UHVWR GHO PRQGR /D OLQHD YHQQH UHDOL]]DWD D VFDUWDPHQWR ULGRWWR FLRq FRQ OD GLVWDQ]D WUD OH URWDLH

SL SLFFROD ULVSHWWR D TXHOOD GHOOR VFDUWDPHQWR RUGLQDULR PP LQYHFH GL PP FLz FRQVHQWu GD XQ ODWR GL FRQWHQHUH OH VSHVH GL FRVWUX]LRQH H GDOOÂ·DOWUR GL DIIURQWDUH FRQ PDJJLRUH DJLOLWj OH DVSHULWj GHO WHUUHQR H L YHUVDQWL GHOOH PRQWDJQH Â´9HUGHÂµ SHUFKp SHU OXQJKL WUDWWL LO WUHQR YLDJJLD DWWUDYHUVR SDHVDJJL VHOYDJJL Â¶ZLO GHUQHVVÂ· GRYH QRQ VL DYYHUWH OD SUHVHQ]D GHOOÂ·XRPR H LO YHUGH GHL ERVFKL DYYROJH LO WUHQR QHOOD VXD FRUVD /D OLQHD IHUUDWD L SRQWL OH VWD]LRQL OH FDVH FDQWRQLHUH VHPEUDQR IDU SDUWH GD VHPSUH GHO SDHVDJJLR SHUIHWWDPHQWH LQVHULWL LQ XQ FRQWHVWR DPELHQWDOH D YROWH UDJJLXQJLELOH VROR FRQ LO WUHQR 4XHVWR VL VSRVWD DOOD JLXVWD YHORFLWj FRQVHQWHQGR DO YLDJJLDWRUH GL RVVHUYDUH H FRQRVFHUH DO PHJOLR LO SDHVDJJLR OD YHJHWD]LRQH FKH OHQWDPHQWH FDPELDQR FRVu FRPH VL SURFHGH VXOOD OLQHD

ZZZ WUHQLQRYHUGH FRP

LO 7UHQLQR 9HUGH GHOOD 6DUGHJQD 7KH MRXUQH\V RQ 7UHQLQR 9HUGH DUH RQH RI WKH EHVW ZD\V WR WUDYHO DQG WR NQRZ WKH GLIIHUHQW DVSHFWV RI WKH LVODQG ODQGVFDSH HVSHFLDOO\ RI WKH LQODQG DUHD 7KH $567 QHWZRUN LV ORQJ PRUH WKDQ NP DQG LW UXQV DFURVV DOPRVW DOO WKH JHRJUDSKLF UHJLRQV RI WKH LVODQG 7KH QDPH V\QWKHVL]HV WZR LPSRUWDQW IHDWXUHV RI WKLV VHUYLFH Â´7UHQLQRÂµ VWDQGV IRU WKH IDFW WKDW LV D QDUURZ JDXJH UDLOZD\ EXLOW DW WKH HQG RI ZKHUH WKH GLVWDQFH EHWZHHQ WKH UDLOV LV PP LQVWHDG RI PP RI WKH VWDQGDUG JDXJH Â´9HUGHÂµ EHFDXVH LW FURVVHV D ODQG ULFK LQ YHJHWDWLRQ ,W LV DOVR FDOOHG Â´WKH WUDLQ LQ WKH ZLOGHUQHVVÂµ HPSKDVL]LQJ WKH WUDYHO WKURXJK D ZLOG XQFRQWDPLQDWHG ODQGVFD SH ZKHUH WKH UDLOZD\ VHHPV WR KDYH DOZD\V EHORQJHG WR MXVW OLNH VLJQDOPDQÂ·V

KRXVHV VWDWLRQV YLDGXFWV DQG RWKHU UDLO ZD\ HQJLQHHULQJ ZRUNV 7KH VSHHG RI WKH WUDLQ LV WKH ULJKW RQH WR DOORZ \RX WR DSSUHFLDWH DVSHFWV RI WKH LVODQGÂ·V ODQGVFDSH DV WKH WUDLQ SURFHHGV DOPRVW RQ WLSWRHV LQ DQ HQYLURQPHQWDO FRQWH[W XQUHDFKDEOH E\ DQ\ RWKHU ZD\

,/ 75(1,12 9(5'( 5$335(6(17$ 81$ ,03257$17( &20321(17( '(//Â·2))(57$ 785,67,&$ '(//Â·,17( 5$ 6$5'(*1$ 9$/,'$ 3(5 &2126&(5( $1*2/, ', 81 3$(6$**,2 $/75,0(17, ,1$&&(66,%,/( '(//Â·,17(512 '(//Â·,62/$ ( '$ 87,/,==$5( 3(5 78772 /Â·$5&2 '(//Â·$112 7+( 75(1,12 9(5'( 5(35(6(176 $1 ,03257$17 (/(0(17 )25 7+( (17,5( 7285,67 2))(5 2) 6$5 ',1,$ 7+$7 $//2:6 72 (;3/25( 7+( :,/'(51(66 ,1 7+( ,1/$1' 2) 7+( ,6/$1' $// <($5 /21*

LO 7UHQLQR 9HUGH GHOOD 6DUGHJQD 7UD L GHVLGHUL GHO WXULVWD PRGHUQR YL q TXHOOR GL LPPHUJHUVL WRWDOPHQWH QHOOD UHDOWj GHOOD ORFDOLWj LQ FXL VL WURYD D YLDJJLDUH *OL SLDFH LPPHGHVLPDUVL QHOOH D]LRQL GHOOD YLWD GHO OXRJR UHVSLUDUH H YLYHUH OH VHQVD]LRQL L SURIXPL OÂ·DWPRVIHUD GL XQ PRQGR GLYHUVR GD TXHOOR LQ FXL YLYH TXRWLGLDQDPHQWH 8QR GHL IDWWRUL GL VXFFHVVR GHO 7UHQLQR 9HUGH q SURSULR LO ULXVFLUH D GRQDUH TXHVWH HPR]LRQL D ERUGR GL TXHVWL URPDQWLFL WUHQL GRYH LO SDVVHJJHUR YLHQH WUDVSRUWDWR LQ XQ YLDJJLR VSHFLDOH Ã&#x20AC;VLFR PD DQFKH PHQWDOH ULFFR GL LPPDJLQL VRVSHVH QHO WHP SR GL JHVWL GLPHQWLFDWL GL SLFFROH VWD]LRQL LQ SLFFROL SDHVL GL ULFRUGL GL ULFKLDPL GL XVL FRVWXPL H YLWH SDVVDWL ,O YLDJJLR UDSSUHVHQWD LO UDFFRQWR GL XQ WHUULWRULR OHWWR H FRPSUHVR ULPDQHQGR VH GXWL JXDUGDQGR IXRUL GDO Ã&#x20AC;QHVWULQR

Â©3UHQGLDPR LO WUHQLQR GHOOH 6HFRQGDULHÂ« RYXQTXH HVVR YDGDÂª 4XHVWD IUDVH VLQWHWL]]D LO JLXVWR VSLULWR FKH DQLPDYD ' + /DZUHQFH H VXD PRJOLH )ULHGD WXULVWL DQWH OLWWHUDP GHO 7UHQLQR 9HUGH GXUDQWH LO ORUR YLDJJLR SHU OÂ·LVROD DO GHVLGHULR GL FRQRVFHQ]D H FXULRVLWj VL XQLYD XQ DQLPDWR VSLULWR GL DYYHQWXUD (VVL YLDJJLDURQR VXO WUHQR GHOOH Â¶6HFRQGDULHÂ· FRVu VL FKLDPDYD DOORUD OD FRPSDJQLD IHUURYLDULD Â² Y SL DYDQWL QHOOD 6WRULD QHOOÂ·LQYHUQR GHO HG HFFR XQÂ·DOWUD FDUDWWHULVWLFD SRVLWLYD GL TXHVWR VHUYL]LR WXULVWLFR SXz HVVHUH XWLOL]]DWR GXUDQWH WXWWR OÂ·DQQR H OR VWHVVR YLDJJLR IDWWR LQ SHULRGL GLYHUVL VHPEUD VYROWR DWWUDYHUVR XQ DOWUR WHUULWRULR FRVu FRPH FDPELD LO SDHVDJJLR DO YDULDUH GHOOH VWDJLRQL

ZZZ WUHQLQRYHUGH FRP

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ÁRDWLQJ LQ WKH WLPH LPDJHV RI IRUJRWWHQ DWWLWXGHV VPDOO UDLOZD\ VWDWLRQV LQ VPDOO YLOODJHV LPDJHV RI PHPR ULHV KDELWV FXVWRPV DQG SDVW OLYHV 7KH MRXUQH\ LV WKH WDOH RI WKH ODQG D WDOH WKDW \RX FDQ UHDG DQG XQGHUVWDQG MXVW EHLQJ VHDWHG DQG ZDWFKLQJ RXW RI WKH ZLQGRZ

´:H ZLOO JR E\ WKH 6HFRQGDU\ UDLOZD\ ZKHUHYHU LW JRHVµ 7KLV VHQWHQFH VXPPDUL]HV WKH DWWLWXGH WKDW OLJKWHG XS ' + /DZUHQFH DQG KLV ZLIH )ULHGD DQWH OLWWHUDP WUDYHOOHUV RQ WKH 7UHQLQR 9HUGH GXULQJ WKHLU WULS LQ WKH LVODQG WKHLU ORQJLQJ IRU NQRZOHGJH DQG FXULRVLW\ ZHQW WRJHWKHU ZLWK WKHLU VHQVH RI DGYHQWXUH 7KH\ WUDYHOOHG LQ 6DUGL QLD RQ WKH ¶6HFRQGDU\· OLQH DV LW ZDV FDOOHG WKH UDLOZD\ FRPSDQ\ DW WKRVH WLPHV GXULQJ WKH ZLQWHU DQG KHUH LV DQRWKHU SRVLWLYH IHDWXUH RI WKLV WRXULVW VHUYLFH WKH IDFW WKDW \RX FDQ WUDYHO DOO \HDU ORQJ DQG WKH MRXUQH\ LWVHOI PDGH LQ GLIIHUHQW SHULRGV RI WKH \HDU VHHPV PDGH LQ GLIIHUHQW SODFHV DV WKH ODQGVFDSH FKDQJHV DFFRUGLQJ WR WKH VHDVRQV

YLDJJLDUH /D UHWH GHOOH IHUURYLH $567 q FODVVLÃ&#x20AC;FDWD LQ GXH WLSL OLQHH GL 7UDVSRUWR 3XEEOLFR /RFDOH NP H 7XULVWLFKH NP 6XOOH SULPH YLHQH VYROWR XQ VHUYL]LR UHJRODUH DGDWWR D VRGGLVIDUH OH HVLJHQ]H GL PRELOLWj GHOOD SRSROD]LRQH ORFDOH VRSUDWWXWWR SHU PRWLYL GL VWXGLR GL ODYRUR R SHU OÂ·DFFHVVR D VHUYL]L , FROOHJDPHQWL VRQR VYROWL SHU WXWWR OÂ·DQQR FRQ XQD IUHTXHQ]D GL FRUVH FKH YDULD GD OLQHD D OLQHD

6XOOH WXULVWLFKH LQYHFH YLHQH VYROWR XQ VHUYL]LR VSHFLÃ&#x20AC;FDWDPHQWH GHGLFDWR GXUDQWH WXWWR OÂ·DQQR VL SXz SUHQGHUH D QROHJJLR XQ WUHQR H SHUVRQDOL]]DUH LO SURSULR YLDJJLR VL SXz VFHJOLHUH OÂ·LWLQHUDULR JOL RUDUL OH VRVWH OXQJR OLQHD H OD VWHVVD WLSRORJLD GHO FRQYRJOLR 75(1, $ 12/(**,2 1LHQWH q SL HPR]LRQDQWH GL RUJDQL]]DUVL LO YLDJJLR GD VROL VL SXz VFHJOLHUH OÂ·RUDULR LO SHUFRUVR OH IHUPDWH SHUÃ&#x20AC;QR OD FRPSRVL]LRQH GHO WUHQR ,, SUH]]R q LQ IXQ]LRQH GHO YLDJJLR ULFKLHVWR VHFRQGR OD GXUDWD LO SHU FRUVR H OD FRPSRVL]LRQH D WLWROR GÂ·HVHPSLR VL ULSRUWDQR TXHOOL ,9$ LQFOXVD SHU XQ YLDJJLR PHGLR GL NP H GHOOD GXUDWD GL XQ JLRUQR FRQ GLYHUVH FRPSRVL]LRQL GL PDWHULDOH URWDELOH

&RPSRVL]LRQH $XWRPRWULFH 'LHVHO $XWRPRWULFH 'LHVHO /RFRPRWRUH 'LHVHO FRQ YHWWXUD /RFRPRWRUH 'LHVHO FRQ YHWWXUH /RFRPRWRUH 'LHVHO FRQ FDUUR]]D VWRULFD /RFRPRWRUH 'LHVHO FRQ FDUUR]]H VWRULFKH

3RVWL

3UH]]R LQ HXUR

,Q GHWHUPLQDWL SHULRGL GHOOÂ·DQQR VL SXz YLDJJLDUH VXOOH OLQHH WXULVWLFKH VXL WUHQL SURJUDPPDWL VHFRQGR XQ FDOHQGDULR 75(1, $ &$/(1'$5,2 7HQXWR FRQWR GHOOÂ·HVLJXLWj GHO SDUFR PH]]L XQD YROWD WHUPLQDWR LO SHULRGR VFRODVWLFR GLYHQWD SRVVLELOH GLURWWDUH XQ FHUWR QXPHUR GL FRQYRJOL VXOOH OLQHH WXULVWLFKH HG HIIHWWXDUH XQ VHUYL]LR SL IUHTXHQWH DSHUWR D WXWWL FRORUR FKH DFTXLVWDQR LO ELJOLHWWR GLUHWWDPHQWH QHOOH VWD]LRQL GL SDUWHQ]D VXO WUHQR R QHOOH VHJXHQWL DJHQ]LH FRQYHQ]LRQDWH $ J H Q ] L H

3KLOLD 6DGDOL 7HO &RRSHUDWLYD $OEDWD[ D U O 7HO

7XULQIRUPD 6DQWD 0DULD 1DYDUUHVH 7HO 6DUGLQLDQ 7RXULVW 6HUYLFH 7RUWROu 7HO

,QFDQWRV 9LDJJL $VVHPLQL 7HO

$QFRUD XQÂ·DOWUD SRVVLELOLWj q RIIHUWD GDL 75(1, /$67 0,187( OD FXL SURJUDPPD]LRQH YLHQH HIIHWWXDWD DOOÂ·XO WLPR PLQXWR 9LDJJL VSHFLDOL VXOOH OLQHH WXULVWLFKH DG XQ RWWLPR SUH]]R FRQVXOWDELOL VXO VLWR ZZZ WUHQLQR YHUGH FRP

$99,6, 5DFFRPDQGLDPR GL SUHQRWDUH LQ DQWLFLSR L ELJOLHWWL SHU LO YLDJJLR 6XL WUHQL L SRVWL QRQ VRQR ULVHUYDWL VL FHUFKHUj GL PDQWHQHUH XQLWL L JUXSSL GL YLDJJLDWRUL PD FLz GLSHQ GHUj GDOOD GLVSRQLELOLWj GHL SRVWL 5DFFRPDQGLDPR OD PDVVLPD DWWHQ]LRQH DJOL RUDUL GL SDUWHQ]D VRSUDWWXWWR SHU L WUHQL GL ULHQWUR

'85$17( 78772 /Â·$112 6, 38Ã&#x2019; 35(1'(5( $ 12/(**,2 81 75(12 ( 3(5621$/,==$56, ,/ 9,$**,2 1(/ 3(5,2'2 121 6&2/$67,&2 ( 6(&21'2 81 &$/(1'$5,2 ',9(562 2*1, $112 ( 3(5 /,1($ 6, 38Ã&#x2019; 9,$**,$5( 68, 75(1, 352*5$00$7, $1&+( 68//( /,1(( 785,67,&+(

ZZZ WUHQLQRYHUGH FRP

DJJL $VVHPLQL

WUDYHOOLQJ 7KH $567 UDLOZD\ QHWZRUN LV FODVVLÃ&#x20AC;HG LQ WZR NLQGV RI OLQHV 3XEOLF 7UDQVSRUW /LQHV 73/ DQG 7RXULVW /LQHV ,Q WKH Ã&#x20AC;UVW RQHV NP LV FDUULHG RXW D UHJXODU WUDQVSRUW VHUYLFH XVHIXO WR VDWLVI\ WKH PRELOLW\ GHPDQG RI WKH ORFDO SRSXODWLRQ 2Q WKH RWKHU KDQG WKH VHFRQG W\SH RI OLQHV NP LV GHGLFDWHG WR WKH WRXULVW VHUYLFH WKH 7UHQLQR 9HUGH

<RX FDQ WUDYHO RQ 7UHQLQR 9HUGH LQ WZR GLIIHUHQW ZD\V UHQWLQJ D VSHFLDO WUDLQ RU DFFRUGLQJ ZLWK D SUHÃ&#x20AC;[HG FDOHQGDU WKDW FKDQJHV HYHU\ \HDU &+$57(5(' 75$,16 1RWKLQJ LV PRUH HQFKDQWLQJ WKDQ WR RUJDQL]H \RXU WULS E\ \RXUVHOI <RX FDQ FKRRVH WLPH LWLQHUDU\ VWRSV DQG WKH FRPSRVLWLRQ RI WKH WUDLQ WRR 7KH SULFHV GHSHQG RQ WKH OHQJWK WKH GXUDWLRQ DQG FRPSRVLWLRQ $V DQ H[DPSOH ZH UHSRUW WKH SULFHV LQFOXGLQJ 9$7 IRU D NP WULS ODVWLQJ RQH ZKROH GD\ ZLWK GLIIHUHQW DOWHUQDWLYHV RI UROOLQJ VWRFN FRPSRVLWLRQ

&RPSRVLWLRQ 'LHVHO 5DLOFDU 'LHVHO 5DLOFDU 'LHVHO /RFRPRWLYH ZLWK FDUULDJH 'LHVHO /RFRPRWLYH ZLWK FDUULDJH 'LHVHO /RFRPRWLYH ZLWK KLVWRULFDO FDUULDJH 'LHVHO /RFRPRWLYH ZLWK KLVWRULFDO FDUULDJH

6HDWV

3ULFH LQ HXURV

7KH &RPSDQ\ RUJDQL]HV WRXULVW WULSV LQ FHUWDLQ SHULRGV RI WKH \HDU HVSHFLDOO\ LQ VXPPHU ZKHQ VFKRROV DUH FORVHG DQG LW LV SRVVLEOH WR PRYH WKH QHFHVVDU\ PHDQV RI WUDQVSRUW WRZDUGV WKH WRXULVW OLQHV 75$,16 %< &$/(1'$5 7KH WLPHWDEOHV DUH UHSRUWHG LQ WKLV &DWDORJXH DW WKH VWDWLRQV DQG LQ WKH ZHE VLWH ZZZ WUHQLQRYHUGH FRP DQG \RX FDQ EX\ WKH WLFNHWV DW WKH PDLQ VWDWLRQV RQ WUDLQV RU DW WKH IROORZLQJ DJHQFLHV

/D 9LD GHO 0DUH 9LOODVLPLXV 7HO 6DUGD 7HUUD %XGRQL 7HO

(VHGUD 0DFRPHU 7HO $TXLOD %LDQFD /DQXVHL 7HO

%HQY LQ 6DUGHJQD $OJKHUR 3DODX 7HO Â² &LYLOWj GHL 6DUGL %XGRQL 7HO

7KHUH LV DOVR DQRWKHU WUDYHO SRVVLELOLW\ XVLQJ WKH /$67 0,187( 75$,16 WKDW FDQ EH UHIHUUHG RQ ZZZ WUHQL QRYHUGH FRP

$'9,&(6 :H UHFRPPHQG WR ERRN LQ DGYDQFHG \RXU WULS WLFNHWV 2Q ERDUG WKHUH DUH QRW UHVHUYHG VHDWV JURXSV RI WUDYHOOHUV FDQ EH NHSW WRJHWKHU DFFRUGLQJ WR DYDLODELOLW\ :H UHFRPPHQG FORVH DWWHQWLRQ WR GHSDUWXUH WLPHV HVSHFLDOO\ IRU WUDLQV WR UHWXUQ

'85,1* 7+( :+2/( <($5 <28 &$1 &+$57(5 $ 75$,1 $1' 3(5621$/,=( <285 75$9(/ :+(1 6&+2 2/6 $5( &/26(' $1' $&&25',1* :,7+ $ 35(),;(' &$/(1'$5 7+$7 ,6 ',))(5(17 )25 ($&+ /,1( $1' &+$1*,1* (9(5< <($5 <28 &$1 75$9(/ 21 6&+('8/(' 75$,16 21 7285,67 /,1(6

OLQHD 73/ &DJOLDUL ,VLOL /D VWD]LRQH GL 0DQGDV VL WURYD VXOOD OLQHD 73/ FKH LQL]LD GDOOD FLWWj GL &DJOLDUL 6XOOD SULPD SDUWH GL WDOH OLQHD NP q RSHUDWLYR GDO LO VHUYL]LR WUDPYLDULR 0HWURFDJOLDUL 'DOOD VWD]LRQH GL 0216(55$72 LQYHFH LQL]LD OD OLQHD IHUURYLDULD FKH SURFHGH SHU 6HWWLPR 6ROHPLQLV '2/,$129$ 'RQRUL %DUUDOL 6HQRUEu 6XHOOL *HVLFR H DSSXQWR 0DQGDV

0216(55$72 'LYHQWDWR &RPXQH DXWRQRPR QHO VWDF FDQGRVL GD &DJOLDUL 0RQVHUUDWR KD FRQRVFLXWR QHJOL XOWLPL DQQL XQ QRWHYROH LQFUHPHQWR GHPR JUDÃ&#x20AC;FR &LWWDGLQD D YRFD]LRQH DJULFROD VL q GD VHPSUH VSHFLDOL]]DWD QHOOD ODYRUD]LRQH GHL SUR GRWWL GHOOD WHUUD GLYHQWDQGR IDPRVD VRSUDWWXWWR SHU L VXRL YLQL 9LFLQR ROWUH OD FLUFRQYDOOD]LRQH GHOOÂ·DUHD XUED QD q VWDWR FUHDWR GL UHFHQWH LO SROLFOLQLFR H LO SROR XQLYHUVLWDULR IUHTXHQWDWR JLRUQDOPHQWH GD PLJOLDLD GL XWHQWL 0RQVHUUDWR FRVWLWXLVFH XQ LP SRUWDQWH QRGR IHUURYLDULR SHUFKp YLFLQR DOOD VWD ]LRQH VRQR SUHVHQWL JOL XIÃ&#x20AC;FL H L GHSRVLWL FRQ OH RIÃ&#x20AC;FLQH D]LHQGDOL LO FDSROLQHD GHOOD PHWURSROL WDQD GL &DJOLDUL QRQFKp LO 0XVHR GHOOH )HUURYLH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 3RPSHR 7HO &RPXQH 0XQLFLSDOLW\ 3LD]]D %HDWD 0DULD 9HUJLQH 7HO &DJOLDULÂ²0RQVHUUDWR /LQHD 0HWURSROLWDQD 0RQVHUUDWRÂ²0DQGDVÂ²,VLOL /,1($ 73/

0RQVHUUDWR KDV EHFRPH DQ DXWRQRPRXV PX QLFLSDOLW\ LQ ZKHQ LW VHSDUDWHG IURP &D JOLDUL DQG KDV NQRZQ D UHPDUNDEOH SRSXODWLRQ LQFUHDVH LQ WKH ODWHVW \HDUV ,WÂ·V D VPDOO WRZQ ZLWK DQ DJULFXOWXUDO LQFOLQDWLRQ VSHFLDOL]HG LQ WLOOLQJ DQG HVSHFLDOO\ IDPRXV IRU LWV ZLQHV 1RW IDU IURP WKH XUEDQ DUHD SDVWH WKH ULQJ URDG LW KDV UHFHQWO\ EHHQ PDGH D SR O\FOLQLF DQG D XQLYHUVLW\ SROH GDLO\ DWWHQGHG E\ WKRXVDQG RI XVHUV 0RQVHUUDWR LV DQ LPSRUWDQW UDLOZD\ MXQFWLRQ DV QHDU WKH VWDWLRQ WKHUH DUH RIÃ&#x20AC;FHV GHSRWV ZRUNURRPV WKH WHUPLQXV RI WKH WUDPZD\ IURP &DJOLDUL DQG PRUHRYHU WKH 5DLO ZD\ 0XVHXP

ZZZ WUHQLQRYHUGH FRP

OLQHD 73/ &DJOLDUL ,VLOL 0DQGDV VWDWLRQ LV RQ WKH 73/ OLQH WKDW GHSDUWV IURP &DJOLDUL ,Q WKH EHJLQQLQJ RI WKDW NP LW LV RSHUDWLQJ D WUDP VHUYLFH 0HWURFDJOLDUL VLQFH )URP 0216(55$72 VWDWLRQ EHJLQV WKH UDLOZD\ WKDW SURFHHGV WR 6HWWLPR 6ROHPL QLV '2/,$129$ 'RQRUL %DUUDOL 6HQRUEu 6XHOOL *HVLFR DQG WKHQ 0DQGDV

'2/,$129$ 1DWR GDOOÂ·XQLRQH GHL GXH ERUJKL PHGLRHYDOL GL 6LFFL 6DQ %LDJLR H GL 6DQ 3DQWDOHR 'ROLD q LO FHQWUR SL LPSRUWDQWH GHOOD UHJLRQH GHO 3DUWH ROOD OD ODWLQD 3DUV 2OHD FRVu FKLDPDWD SHU OD GLIIXVD FROWXUD GHOOÂ·XOLYR VLQ GDL WHPSL DQWLFKL (Â· XQ LPSRUWDQWH FHQWUR DJULFROR LQ HVSDQVLR QH IDPRVR SHU OÂ·RWWLPD TXDOLWj GHL SURGRWWL GHOOD VXD WHUUD ROWUH DOOÂ·ROLR H DOOH ROLYH DQFKH OÂ·DSSUH]]DWR YLQR SHU FRQWLQXDUH FRQ L SURGRW WL OHJDWL DO JUDQR FRPH SDQH H GROFL H DO ODWWH H IRUPDJJL 0ROWR EHOOD H LPSRUWDQWH OD FKLHVD URPDQLFD GL 6DQ 3DQWDOHR LQ RULJLQH FKLHVD SUL PD]LDOH GHOOD VRSSUHVVD GLRFHVL GL 'ROLD

,W ZDV ERUQ IURP WKH XQLRQ RI WZR PHGLHYDO YLO ODJHV 6LFFL 6DQ %LDJLR DQG 6DQ 3DQWDOHR 'ROLD ,W LV WKH PRVW LPSRUWDQW FHQWUH RI 3DUWHROOD UH JLRQ WKH ODWLQ 3DUV 2OHD VR FDOOHG EHFDXVH RI WKH ODUJH ROLYH JURZLQJ VLQFH DQFLHQW WLPHV ,W LV DQ LPSRUWDQW DJULFXOWXUDO FHQWUH IDPRXV IRU WKH H[FHOOHQW TXDOLW\ RI LWV FURSV LQ DGGLWLRQ WR RLO DQG ROLYHV ZLQH LV DOVR DSSUHFLDWHG DQG VR IRU FRUQ SURGXFWV VXFK DV EUHDG DQG VZHHWV PLON FKHHVH DQG GDLU\ SURGXFWV ,WÂ·V DOVR UHPDUNDEOH WKH 5RPDQHVTXH FKXUFK RI 6DQ 3DQWDOHR SUL PDWLDO FKXUFK RI WKH FDQFHOOHG GLRFHVH RI 'ROLD

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 7HO 0RQVHUUDWRÂ²0DQGDVÂ²,VLOL /,1($ 73/

OD OLQHD 0$1'$6 $5%$7$; NP

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH NP

Â©%HQ SUHVWR FRPLQFLDPR D VDOLUH VXOOH FROOLQH ( SUHVWR OH FROWXUH FRPLQFLDQR DG HVVHUH LQWHU PLWWHQWL Ã&#x2039; VWUDRUGLQDULR FRPH TXHVWH FROOLQH FKH ULFRUGDQR OD EUXJKLHUD DUULYLQR Ã&#x20AC;QR DO PDUH VWUD RUGLQDULR FRPH VLDQR VWHQWDWL H GHVHUWL L JUDQGL VSD]L GHOOD 6DUGHJQDÂ« 7XWWR TXHVWR q PROWR GLYHU VR GDO SDHVDJJLR LWDOLDQR /Â·,WDOLD q TXDVL VHPSUH GUDPPDWLFD H IRUVH LQYDULDELOPHQWH URPDQWLFDÂ« /D 6DUGHJQD q XQÂ·DOWUD FRVD SL DPSLD PROWR SL FRQVXHWD QLHQWÂ·DIIDWWR LUUHJRODUH PD FKH VL SHUGH LQ ORQWDQDQ]D 4XHVWR Gj XQD VHQVD]LRQH GL VSD]LR FKH WDQWR PDQFD LQ ,WDOLD ,QFDQWHYROH VSD]LR LQWRU QR H GLVWDQ]H GD YLDJJLDUH QXOOD GL Ã&#x20AC;QLWR QXOOD GL GHÃ&#x20AC;QLWLYR Ã&#x2039; FRPH OD OLEHUWj VWHVVDÂª ' + /$:5(1&( Â©%XW VRRQ ZH EHJLQ WR FOLPE WR WKH KLOOV $QG VRRQ WKH FXOWLYDWLRQ EHJLQV WR EH LQWHUPLWWHQW ([WUDRU GLQDU\ KRZ WKH KHDWK\ PRRU OLNH KLOOV FRPH QHDU WKH VHD H[WUDRUGLQDU\ KRZ VFUXEE\ DQG XQLQKDEL WHG WKH JUHDW VSDFHV RI 6DUGLQLD DUHÂ« 7KLV LV YHU\ GLIIHUHQW IURP ,WDOLDQ ODQGVFDSH ,WDO\ LV DOPRVW DO ZD\V GUDPDWLF DQG SHUKDSV LQYDULDEO\ URPDQWLF 6DUGLQLD LV DQRWKHU WKLQJ 0XFK ZLGHU PXFK PRUH RUGLQDU\ QRW XS DQG GRZQ DW DOO EXW UXQQLQJ DZD\ LQWR WKH GLVWDQFH 7KLV JLYHV D VHQVH RI VSDFH ZKLFK LV VR ODFNLQJ LQ ,WDO\ /RYHO\ VSDFH DERXW RQH DQG WUDYHOOLQJ GLVWDQFHV Â² QRWKLQJ Ã&#x20AC;QLVKHG QRWKLQJ Ã&#x20AC;QDO ,W LV OLNH OLEHUW\ LWVHOIÂª ' + /$:5(1&((

OD OLQHD 0$1'$6 $5%$7$; 3RFR GRSR OD SDUWHQ]D GD 0$1'$6 OD IHUURYLD VL GLUDPD LQ GXH WURQFKL XQR SURFHGH D QRUG YHUVR 6HUUL H ,VLOL OÂ¶DOWUR GHYLD D HVW D FHUFDUH OH PRQWDJQH Â¿QR DO PDUH /D SULPD SDUWH GHO YLDJJLR VL VYROJH LQ XQ SDHVDJJLR FROOLQDUH GRYH LO WUHQR JLUD H ULJLUD VHQ]D SXQWL GL ULIHULPHQWR /D SULPD VWD]LRQH FKH VL LQFRQWUD q TXHOOD GL 2552/, WUD OH FDVH GHOOÂ¶DELWDWR H EDVH GL SDUWHQ]D SHU YLVLWDUH LO WHUULWRULR H LO 1XUDJKH $UUXELX

0$1'$6 $GXOWL $ 5 GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD &DJOLDUL 7HO &RPXQH 0XQLFLSDOLW\ 3LD]]D GHO 'XFDWR GL 0DQGDV 7HO % % ,O 0HORJUDQR 9LD 1DSROL 7HO &HOO $QWLFD /RFDQGD /XQHWWD % % GL &KDUPH 7HO ZZZ DQWLFDORFDQGDOXQHWWD FRP $IÃ&#x20AC;WWDFDPHUH $QWLFD &DVD 3DVROLQL 7HO ZZZ DQWLFDFDVDSDVROLQL LW $JULWXULVPR /H 9LJQH 'XFDOL /RF %DX LV &HDV 7HO $IÃ&#x20AC;WWDFDPHUH ,O JLDUGLQR GL 9DOHQWLQD 9LD 9 (PDQXHOH (VFROFD 7HO Â² &HOO LQIR#LOJLDUGLQRGLYDOHQWLQD LW ZZZ LOJLDUGLQRGLYDOHQWLQD LW

35(==,

,PSRUWDQWH QRGR IHUURYLDULR H FHQWUR WUD L SL DWWLYL GHO WHUULWRULR +D XQ EHQ FRQVHUYDWR FHQWUR VWRULFR FRQ OD LP SRQHQWH FKLHVD GL 6DQ *LDFRPR VHF ;9, LO PXVHR GL ,V OROODVD GH LV $LDLXVX GHOOH 6WDQ]H GHL 1RQQL LO FRQYHQWR GL 6DQ )UDQFHVFR H LO PXVHR GÂ·DUWH VDFUD 3HUHJULQDWLR )LGHL ,Q HSRFD VSDJQROD IX VHGH GL XQ LPSRU WDQWH 'XFDWR GDO

$GXOWV 5 IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

,W LV DQ LPSRUWDQW UDLOZD\ MXQFWLRQ DQG RQH RI WKH PRVW DFWLYH YLOODJHV LQ WKH DUHD ,W KDV JRW D ZHOO SUHVHUYHG ROG WRZQ FHQWUH ZLWK WKH VWDWHO\ FKXUFK RI 6DQ *LDFRPR ;9, FHQWXU\ WKH PXVHXP RI ,V OROODVD GH LV $LDLXVX *UDQGSDUHQWV URRPV WKH FRQYHQW RI 6DQ )UDQFHVFR DQG WKH 6DFUHG $UW PXVHXP 3HUHJULQDWLR )LGHL ,Q 6SDQLVK DJH LW ZDV WKH VHDW RI DQ LPSRUWDQW 'XFK\ VLQFH

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH $IWHU OHDYLQJ 0$1'$6 WKHUH LV D IRUN LQ WKH UDLOZD\ D EUDQFK JRHV IRUZDUG WR QRUWK WRZDUGV 6HUUL DQG ,VLOL WKH RWKHU RQH WXUQV RII WR HDVW WRZDUGV WKH PRXQWDLQV DQG WKH VHD $W WKH EHJLQQLQJ WKH WULS WDNHV SODFH DPRQJ D KLOO\ ODQGVFDSH ZKHUH WKH WUDLQ WXUQV FRQWLQXDOO\ ZLWKRXW DQ\ UHIHUHQFH PDUNV 7KH WUDLQ UHDFKHV WKH Â¿UVW VWDWLRQ LQ 25 52/, DPRQJ WKH KRXVHV RI WKH YLOODJH ,W LV WKH SRLQW IURP ZKLFK OHDYH PDQ\ H[FXU VLRQV WR VHH WKH FRXQWU\VLGH DQG WKH IDPRXV 1XUDJKH $UUXELX

2552/, $GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

,Q EHOOD SRVL]LRQH DL SLHGL GHO PRQWH 3L]]LRJX H FLUFRQGDWR GD LPSRQHQWL URYHUHOOH VHFRODUL 2UUROL KD XQ FHQWUR VWRULFR FRQ DQWLFKH FDVH EHQ FRQ VHUYDWH DOFXQH GHOOH TXDOL GHVWLQDWH DOOÂ·DFFRJOLHQ]D WXULVWLFD WUD FXL 6D 2PX $[LX ,O WHUULWRULR KD XQ HFFH]LRQDOH YDORUH DUFKHRORJLFR FRQ QXPHURVH GRPXV GH MDQDV H ROWUH QXUDJKL WUD L TXDOL LO SHQWDOREDWR $UUXELX

$GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

,Q D EHDXWLIXO SRVLWLRQ DW WKH IRRW RI 0RXQW 3L]]LRJX DQG VXUURXQGHG E\ LPSRVLQJ DJH ROG SXEHVFHQW RDNV 2U URO\ KDV JRW DQ ROG WRZQ FHQWUH ZLWK ZHOO SUHVHUYHG KRXVHV VRPH RI ZKLFK DUH WXUQHG LQWR UHVLGHQWLDO KRWHOV IRU WRXULVWV VXFK DV 2PX $[LX 7KH WHU ULWRU\ KDV DQ H[FHSWLRQDO DUFKDHRORJL FDO YDOXH ZLWK PDQ\ GRPXV GH MDQDV DQG RYHU QXUDJKHV LQFOXGLQJ WKH SHQWDOREDWH $UUXELX

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD (XURSD 7HO 2PX $[LX &DVD 0XVHR 2OG KRXVH DQG PXVHXP 7HO LQIR#RPXD[LX LW ,V -DQDV 6HUYL]L 7XULVWLFL 7XULVWLF 6HUYLFHV 7HO H )D[ IDFHERRN LVMDQDVQXUDJKHDUUXELX LVMDQDV#WLVFDOL LW

OD OLQHD 0$1'$6 $5%$7$; 3RFR GRSR WURYLDPR TXHOOD GL 1855, GD GRYH VL SXz IDFLOPHQWH UDJJLXQJHUH LO /DJR GHO )OXPHQGRVD ,O WUHQR VL WXIID QHO YDOORQH GL *DUXOOR H UDJJLXQJH OD JUD]LRVD VWD]LRQH GL 9,/ /$129$ 78/2 LVRODWD H DG DOFXQL NP GDO SDHVH 'D TXL OR VFHQDULR FDPELD UHSHQWLQDPHQWH HG HFFR LO /DJR GHO )OXPHQGRVD LO VHFRQGR ¿XPH GHOO¶LVROD SHU OXQJKH]]D FKH YLHQH DWWUDYHUVDWR VX XQ OXQJR SRQWH SDUDOOHOR DOOD VWUDGD FDUUDELOH 6L q ODVFLDWR LO 6DUFLGDQR H FL VL ULWURYD QDOOD %DUEDJLD GL 6HXOR ,O WUHQR VL LQHUSLFD VX XQ YHUVDQWH SHU XQD OXQJD VDOLWD ODVFLDQGR DL YLDJJLDWRUL VSOHQGLGH LQTXDGUD WXUH GHO VRWWRVWDQWH ODJR FKH VL GLVWHQGH FRPH XQ ¿RUGR 4XLQGL LQFDVWRQDWD WUD GXH JDOOHULH VL SDVVD GDYDQWL DOOD FDVD FDQWRQLHUD GL 3DODUDQD Q XQ WHPSR

1855, $GXOWL $ 5 GD 0DQGDV ½ GD $UEDWD[ ½ , UDJD]]L SDJDQR OD PHWj

35(==,

'LVSRVWR LQ SRVL]LRQH GRPLQDQWH VX XQ DOWRSLDQR D SRFD GLVWDQ]D GDOOD EHQ FXUDWD VWD]LRQH 1XUUL q XQ FHQWUR GLQDPLFR FKH DFFDQWR DOOH VXH WUDGL ]LRQDOL DWWLYLWj DJUR SDVWRUDOL VWD DI ÀDQFDQGR QXRYH LQL]LDWLYH LQGXVWULDOL VRSUDWWXWWR OHJDWH DO FRPSDUWR ODWWLHUR FDVHDULR H D TXHOOR WXULVWLFR

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ &RUVR ,WDOLD 7HO

$GXOWV 5 IURP 0DQGDV ½ IURP $UEDWD[ ½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

6LWXDWHG LQ D FRPPDQGLQJ SRVLWLRQ RQ D WD EOHODQG QRW IDU IURP WKH QLFH VWDWLRQ 1XUUL LV D OLYHO\ YLOODJH WKDW ZLWK LWV WUDGLWLRQDO DJURSD VWRUDO DFWLYLWLHV LV VXSSRUWLQJ QHZ LQGXVWULDO HQWHUSULVHV HVSHFLDOO\ FRQQHFWHG ZLWK PLON DQG GDLU\ IDUPLQJ DQG WRXULVW VHFWLRQ

ZZZ WUHQLQRYHUGH FRP

$/ 5()(5(1&(

WKH 0$1'$6 $5%$7$; OLQH $IWHU D IHZ NLORPHWUHV WKH WUDLQ UHDFKHV 1855, VWDWLRQ QHDU WR )OXPHQGRVD /DNH 7KH WUDLQ UXQV GRZQ LQWR *DUXOOR UDYLQH DQG UHDFKHV WKH SUHWW\ DQG ORQHO\ VWDWLRQ RI 9,//$129$ 78/2 WKDW LV D IHZ NLORPHWUHV IDU IURP WKH YLOODJH )URP QRZ RQ WKH ODQGVFDSH FKDQJHV TXLFNO\ 7KH ¿UVW DSSRLQWPHQW LV ZLWK )OX PHQGRVD /DNH WKDW LV WKH VHFRQG ORQJHVW ULYHU LQ 6DUGLQLD ,Q SDUDOOHO WR WKH URDG WKH WUDLQ FURVVHV WKH ULYHU RQ D ORQJ EULGJH :H KDYH MXVW OHIW 6DUFLGDQR UHJLRQ DQG QRZ ZH DUH LQ %DUEDJLD RI 6HXOR 7KH WUDLQ ULVHV RQ D ORQJ FOLPE DPRQJ WKH PRXQWDLQV DQG WKH SDVVHQJHUV FDQ JHW VWXQQLQJ YLHZV RI WKH XQGHU ODNH WKDW OD\V OLNH D IMRUG 7KHQ WKH WUDLQ SDVVHV LQ IURQW RI WKH VLJQDOPDQ¶V KRXVH RI 3DODUDQD Q WKDW LV VHW EHWZHHQ WZR WXQQHOV DQG

9,//$129$ 78/2 $GXOWL $ 5 GD 0DQGDV ½ GD $UEDWD[ ½

35(==,

3RVWR LQ SRVL]LRQH SDQRUDPLFD VXOOD YDOOD WD GHO )OXPHQGRVD DG DOFXQL NP GDOOD VWD ]LRQH LO SDHVH VL IRUPz GDOO·XQLRQH GL GXH SLFFROL DELWDWL 9LOODQRYD H 7XOR 8QD EHOOD VRUSUHVD q LO WURYDUH QHOOH IDF FLDWH GL DOFXQH FDVH GHO FHQWUR GHL PXUD OHV GLVHJQDWL GDOO·DUWLVWD VDUGR 6FLROD 1HO WHUULWRULR FL VRQR GLYHUVH WHVWLPRQLDQ]H GHO SDVVDWR WUD FXL LO JUDQGH 1XUDJKH $GRQL

$GXOWV 5 IURP 0DQGDV ½ IURP $UEDWD[ ½

)$5(6

6LWXDWHG LQ D SDQRUDPLF SRVLWLRQ RYHU )OX PHQGRVD YDOOH\ D IHZ NLORPHWUHV IURP WKH VWDWLRQ LW ZDV IRUPHG E\ WKH XQLRQ RI WZR WLQ\ YLOODJHV 9LOODQRYD DQG 7XOR ,W LV D SOHDVDQW VXUSULVH WR ÀQG VRPH PX UDOHV FUHDWHG E\ WKH 6DUGLQLDQ DUWLVW 6FLR OD RQ WKH IURQW RI VRPH KRXVHV LQ WKH ROG WRZQ FHQWUH ,Q WKH FRXQWU\VLGH WKHUH DUH VHYHUDO WUDFHV RI WKH SDVW VXFK DV WKH ELJ 1XUDJKH $GRQL

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD &DJOLDUL 7HO

OD OLQHD 0$1'$6 $5%$7$; GHVWLQDWD DL FDQWRQLHUL PHQR GLVFLSOLQDWL H UDJJLXQJLELOH VROR FRQ OD IHUURYLD 3RFR GRSR VL DUULYD DOOD JUD]LRVD IHUPDWD PRQWDQD GL %(7,//, LQ PH]]R DO YHUGH H GL IURQWH DOOÂ¶LPSRQHQWH 0RQWH 6DQWD 9LWWRULD LO WHUULWRULR q TXHOOR GL (67(5=,/, OD FXL VWD]LRQH YLHQH UDJJLXQWD GRSR XQ LQVROLWR JLUR QHFHVVDULR SHU VXSHUDUH XQ IRUWH GLVOLYHOOR &DPELD QXRYDPHQWH LO SDHVDJJLR LO WUHQR SURFHGH DWWUDYHUVR OD YHJHWD]LRQH SL UDGD GHOOÂ¶DOWRSLDQR GL 6$'$/, Â¿QR DOOD VWD]LRQH GHO SDHVH FRQGLYLVD FRQ 6HXOR GLVWDQWH DOFXQL NP VRWWR LO 0RQWH 3HUGHGX /D VWD]LRQH q WUD OH SL IUHTXHQWDWH GDL YLDJJLDWRUL SRLFKp 6DGDOL RIIUH XQÂ¶DSSUH]]DELOH FRPEL QD]LRQH WUD EHOOH]]H GHO WHUULWRULR H RWWLPD FXFLQD /D OLQHD SURVHJXH DQFRUD LQ VDOLWD VL YLDJJLD YHUVR 6HXL QRQ SULPD GL DYHU WRFFDWR XQÂ¶DOWUD IHUPDWD XQ WHPSR PROWR LPSRUWDQWH YLFLQR DOOD YHFFKLD PLQLHUD GL DQWUDFLWH GL 6DQ 6HEDVWLDQR

(67(5=,/, %(7,//, $GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

,O SDHVH q SRVWR DG DOFXQL NP GDOOD VWD]LRQH VXOOÂ·RUOR GL XQÂ·DUHD PRQWXRVD DO FRQÃ&#x20AC;QH GHOOD %DUEDJLD GL 6HXOR ,O WHUULWRULR q GRPLQDWR GDOOD SUHVHQ]D GHO 0RQ WH 6DQWD 9LWWRULD P FKH IX XQR GHJOL XOWLPL ULIXJL GHL Ã&#x20AC;HUL DELWDQWL ORFDOL FRQWUR JOL DQ WLFKL LQYDVRUL URPDQL 1HO WHUULWRULR VL WURYD OD FXUDWD VWD]LRQFLQD PRQ WDQD GL %HWLOOL $GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 3LD]]D 6DQWÂ·,JQD]LR 7HO %RUJR GHL &DUERQDL %HWLOOL

7HO ERUJRGHLFDUERQDL HVWHU]LOL#JPDLO FRP

)$5(6

7KH YLOODJH LV VLWXDWHG D IHZ NLORPHWUHV IURP WKH VWDWLRQ DQG IURP %HWLOOL VWRS ,W LV RQ WKH HGJH RI D PRXQWDLQRXV DUHD DW WKH ERXQGDU\ RI WKH %DUEDJLD RI 6HXOR 7KH FRXQWU\VLGH LV GRPLQDWHG IURP WKH SUHVHQFH RI 0RQWH 6DQWD 9LWWRULD P WKDW ZDV RQH RI WKH ODVW VKHO WHUV IRU WKH DQFLHQW SURXG LQKDELWDQWV DJDLQVW WKH 5RPDQV ZKR LQYDGHG WKH LVODQG ,Q WKH FRXQWU\ VLGH WKHUH LV WKH QLFH PRXQWDLQ VWDWLRQ RI %HWLOOL

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH \RX FDQ JHW WKHUH RQO\ E\ WUDLQ 2QFH LW ZDV XVHG DV WKH SXQLWLYH GHVWLQDWLRQ IRU WKH PRVW LQVXERUGLQDWH VLJQDOPHQ $IWHU D IHZ PLQXWHV WKH WUDLQ DUULYHV DW WKH SUHWW\ PRXQWDLQ VWRS RI %(7,//, LQ WKH PLGGOH RI D RDNV ZRRG DQG LQ IURQW RI WKH LPSRVLQJ 0RQWH 6DQWD 9LWWRULD :H DUH LQ WKH FRXQWU\VLGH RI (67(5=,/, DQG WKH WUDLQ UHDFKHV WKH VWDWLRQ RI WKH YLOODJH DIWHU DQ XQXVXDO WXUQ WR JHW RYHU D ELJ ULVH 7KH ODQGVFDSH FKDQJHV DJDLQ DQG WKH WUDLQ SURFHHGV LQWR WKH VSDUVHU YHJHWDWLRQ RI WKH WDEOHODQG RI 6$'$/, 7KH VWDWLRQ RI WKH YLOODJH LV VKDUHG ZLWK WKH QHDUE\ YLOODJH RI 6HXOR WKDW LV D IHZ NLORPHWUHV IDU XQGHU WKH 3HUGHGX 0RXQWDLQ 7KLV LV RQH RI WKH PRVW IUHTXHQWHG VWDWLRQV EHFDXVH 6DGDOL RIIHUV D JRRG PL[ EHWZH HQ WKH EHDXWLHV RI LWV FRXQWU\VLGH DQG D YHU\ JRRG FXLVLQH 7KH UDLOZD\ FDUULHV RQ D JUDGLHQW WRZDUGV 6HXL DQG EHIRUH UHDFKLQJ LWV VWDWLRQ JRHV WKURXJK D VWRS QHDU WR

6$'$/, $GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

&DUDWWHULVWLFR H EHQ FRQVHUYDWR q LO FHQWUR VWRULFR GRYH VL WURYDQR DQFKH GLYHUVH IRQWL H UHVWL GL DQWLFKL PXOLQL QHOOD FKLHVD GHO SDWUR QR 6DQ 9DOHQWLQR VRQR VWDWH WURYDWH DQWLFKH WUDFFH H VHSROWXUH GL HSRFD URPDQD 1HJOL XOWLPL DQQL LO SDHVH VL q FRQWUDGGLVWLQWR SHU XQD SDUWLFRODUH FDSDFLWj QHOOÂ·DFFRJOLHQ]D GHL WXULVWL DWWUDWWL GDOOH EHOOH]]H GHO WHUULWRULR H GDOOD JHQXLQD RVSLWDOLWj H GDOOÂ·RWWLPD FXFL $GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

7KH ROG WRZQ FHQWUH LV D FKDUDFWHULVWLF DQG ZHOO SUHVHUYHG RQH DQG \RX FDQ Ã&#x20AC;QG WKHUH VH YHUDO VRXUFHV DQG WUDFHV RI DQFLHQW PLOOV EX ULDOV DQG WUDFHV RI DQFLHQW 5RPDQ FLYLOL]DWLRQ KDYH EHHQ IRXQG LQ WKH FKXUFK RI WKH SDWURQ VDLQW 6DLQW 9DOHQWLQH /DWHO\ WKH YLOODJH KDV EHHQ LQFUHDVLQJ LWV DFFRPPRGDWLRQ RSSRU WXQLWLHV LQ RUGHU WR VDWLVI\ WRXULVWV UHTXHVW PRUH DQG PRUH DWWUDFWHG E\ WKH EHDXWLHV RI WKH FRXQWU\VLGH WKH VLQFHUH KRVSLWDOLW\ DQG WKH H[FHOOHQW FXLVLQH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ 9LD *UD]LD 'HOHGGD 7HO &HOO 6HUYL]L 3KLOLD 3KLOLD 6HUYLFH 7HO &HOO $OEHUJR 0RQWH *UDQDWLFR 7HO &HOO 6Â·DPEDVFLDGD 6DUGD 7HO &HOO 5LVWRUDQWH WLSLFR 6X 6WRUL 7HO 5LVWRUDQWH WLSLFR EDUEDULFLQR GD ,OLDQR H 3DOPLQR 7HO &HOO %DU 5LVWRUDQWH 3L]]HULD 'D &RUUDGR H )UDQFHVFD 7HO &HOO

OD OLQHD 0$1'$6 $5%$7$; /D VWD]LRQH GL 6(8, q WUD OH SL LPSRUWDQWL GHOOD OLQHD H FRVWLWXLVFH XQÂ¶DOWUD DSSUH] ]DWD GHVWLQD]LRQH GL YLDJJLR 'D TXL LQL]LD LO WUDWWR FKH GHYH HVVHUH ULVXOWDWR FRPH LO SL LPSHJQDWLYR SHU L FRVWUXWWRUL GHOOD IHUURYLD VL ULPDQH ROWUH JOL PHWUL GL TXRWD TXRWD PD[ P DWWUDYHUVR OH PRQWDJQH GHO *HQQDUJHQWX FKH YHQJRQR VXSHUDWH FRQ OXQJKH JDOOHULH OD SL OXQJD $UTXHUu P H DUGLWL SRQWL WUD L TXDOL TXHOOR LP SRQHQWH VXO 5LR 6DQ *HURODPR FRQ XQD WUDYDWD PHWDOOLFD OXQJD PHWUL VRVSHVD DG

XQD DOWH]]D GL PHWUL

6(8, 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ 9LD GHOOD 6DSLHQ]D 7HO % % Â´3RQWLÂ·H %RFFLÂµ 9LD 6DQ *LRUJLR 7HO PLGGDL#WLVFDOL LW 7UDWWRULD 3L]]HULD %DU GHJOL $PLFL 9LD 5RPD 7HO

$GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

Ã&#x2039; OD SL JUDQGH VWD]LRQH GL TXHVWD SDUWH GHOOD OLQHD H LO SL JURVVR FHQWUR GHOOÂ·DUHD +D XQ EHO FHQWUR VWRULFR XQ 0XVHR HW QRJUDÃ&#x20AC;FR XQ DQWLFR FDUFHUH GL HSRFD VSDJQROD H LO SDOD]]R FRPXQDOH RVSLWD XQD LQWHUHVVDQWH SLQDFRWHFD $WWRUQR DO SDHVH ERVFKL GL TXHUFH H FD VWDJQL H LPSUHVVLRQDQWL SURÃ&#x20AC;OL GL PRQWL IUDVWDJOLDWL

$GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

,W LV DQ LPSRUWDQW WRZQ LQ WKH GLVWULFW ZLWK WKH ELJJHVW VWDWLRQ RI WKLV VKDUH RI WKH UDLOZD\ ,W KDV D Ã&#x20AC;QH ROG WRZQ FHQWHU DQ HWKQRJUDSKLF PXVHXP DQ ROG MDLO RI 6SDQLVK DJH DQG LQ WKH 7RZQ +DOO WKHUH LV DQ LQWHUHVWLQJ SLFWXUH JDO OHU\ 7KH YLOODJH LV HQFLUFOHG E\ ZRRGV RI RDNV DQG FKHVWQXW WUHHV DQG E\ LP SUHVVLYH SURÃ&#x20AC;OHV RI MDJJHG PRXQWDLQV

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH WKH DQWKUDFLWH PLQH RI 6DQ 6HEDVWLDQR WKDW RQFH XVHG WR EH D YHU\ LPSRUWDQW VLWH 6(8, VWDWLRQ LV RQH RI WKH PRVW LPSRUWDQW RI WKH OLQH DQG UHSUHVHQWV DQRWKHU DSSUH FLDWHG GHVWLQDWLRQ RI WKH MRXUQH\ )URP QRZ RQ LW EHJLQV WKH VWUHWFK RI UDLOZD\ WKDW ZDV VXUHO\ WKH PRVW GLIÂ¿FXOW RQH IRU WKH EXLOGHUV WKH KHLJKW LV RYHU PHWUHV WKH KLJKHVW SRLQW LV P DPRQJ WKH *HQQDUJHQWX PRXQWDLQV WKDW WKH WUDLQ FURVVHV WKURXJK ORQJ WXQQHOV WKH ORQJHVW RQH LV $UTXHUu P DQG DXGDFLRXV EULGJHV RQH RI WKHP LV WKH VWDWHO\ RQH RYHU 5LR 6DQ *HURODPR IRUPHG E\ D PHWDOOLF WUXVV

OD OLQHD 0$1'$6 $5%$7$; 4XL VL WURYD XQÂ¶DOWUD IHUPDWD LQWHUHVVDQWH SHU FKL DPD OD PRQWDJQD H OH EHOOH SDV VHJJLDWH 1,$/$ LQ WHUULWRULR GL 866$66$, 6L SURFHGH LQ TXRWD QHO SL Â¿WWR YHUGH GHOOÂ¶2JOLDVWUD /D VWD]LRQH VXFFHVVLYD q TXHOOD GL 8VVDVVDL DG DOFXQL NP GDO SDHVH H SRL TXHOOD GL *$,52 FKH VL UDJJLXQJH GRSR HVVHUH SDVVDWL SHU LO SDHVDJJLR OXQDUH GHOOD YDOOH GL 7DTXLVDUD 'D TXL SDUWLYD XQ DOWUR WURQFR GL NP GLUHWWR D -HU]X H VPDQWHOODWR QHO GHO TXDOH q VWDWR UHFXSHUDWR LO FDSROLQHD LQ WHUULWRULR GL 8ODVVDL WUDVIRUPDWR LQ XQD Â³6WD]LRQH GHOOÂ¶$UWHÂ´

866$66$, 1,$/$ $GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

,O SDHVH q QRWR SHU OD SURGX]LRQH GL PHOH 'LVSRVWR VXO Ã&#x20AC;DQFR GL XQD SLF FROD YDOOH FROWLYDWD DG DOEHUL GD IUXWWD LO FHQWUR q GLVWDQWH DOFXQL FKLORPHWUL GDOOD VWD]LRQH /XQJR OD IHUURYLD VL WURYD XQÂ·DOWUD IHUPDWD LPSRUWDQWH SHU L WXULVWL TXHOOD GL 1LDOD VRWWR LO FDUDW WHULVWLFR SURÃ&#x20AC;OR GL 6X 3RQWL Â¶H ,UW]LRQL LQ XQR GHL SXQWL SL IDPRVL GHOOÂ·LQWHUR *HQQDUJHQWX

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 1D]LRQDOH 7HO 6X 3RQWL Â¶H ,UW]LRQL 1LDOD

7HO &HOO

$GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

7KH YLOODJH LV IDPRXV IRU WKH FXOWLYD WLRQ RI DSSOH WUHHV 6LWXDWHG RQ WKH VLGH RI D QDUURZ YDOOH\ FXOWLYDWHG ZLWK IUXLW WUHHV 8VVDVVDL LV D IHZ NLORPH WUHV IURP WKH VWDWLRQ $ORQJ WKH UDLO ZD\ WKHUH LV D IXUWKHU LPSRUWDQW VWRS IRU WRXULVWV 1LDOD XQGHU WKH FKDUDF WHULVWLF SURÃ&#x20AC;OH RI 6X 3RQWL Â¶H ,UW]LRQL LQ RQH RI WKH EHWWHU ZHOO NQRZQ SODFHV RI WKH ZKROH *HQQDUJHQWX

ZZZ WUHQLQRYHUGH FRP

IRWR

*DLUR *DLUR 75$ 75$ 0$5( 0$5( ( ( 0217$*1$ 0217$*1$

campeggio campeggio COCCORROCCI COCCORROCCI

L ,O FDPSHJJLR &2&&2552&&, q XELFDWR QHOOD PDULQD G *DLUR GLVWD GDO ,O FDPSHJJLR &2&&2552&&, q XELFDWR QHOOD PDULQD G *DLUR GLVWD GDO SRUWR GL $UEDWD[ .P VXG SRUWR GL $UEDWD[ .P VXG 'LVSRQH GL XQÂ¶LPPHQVD VSLDJJLD D FLUFD PLQXWL GL PDUFLD VL 'LVSRQH GL XQÂ¶LPPHQVD VSLDJJLD D FLUFD PLQXWL GL PDUFLD VL SRVVRQR YLVLWDUH OH VXJJHVWLYH SLVFLQH QDWXUDOL SRVVRQR YLVLWDUH OH VXJJHVWLYH SLVFLQH QDWXUDOL 6HUYL]L FRPPHUFLDOL EDU JHODWHULD ULVWRUDQWH WLSLFR SL]]HULD PDUNHW 79 6HUYL]L FRPPHUFLDOL EDU JHODWHULD ULVWRUDQWH WLSLFR SL]]HULD PDUNHW 79 VDWHOOLWDUH GHSRVLWR YDORUL SLVFLQD SDUFR JLRFKL FDPSR FDOFHWWR SDOODYROR VDWHOOLWDUH GHSRVLWR YDORUL SLVFLQD SDUFR JLRFKL FDPSR FDOFHWWR SDOODYROR

6SLDJJLD &DOH /XDV 6SLDJJLD &DOH /XDV

6SLDJJLD &DPSHJJLR &RFFRUURFFL 6SLDJJLD &DPSHJJLR &RFFRUURFFL

&RQWDWWR &DPSLQJ &2&&2552&&, 9LD ( GÂ¶$UERUHD *DLUR 2JOLDVWUD &RQWDWWR &DPSLQJ &2&&2552&&, 9LD ( GÂ¶$UERUHD *DLUR 2JOLDVWUD 7HO )D[ &HOO VN\SH FDPSLQJ &RFFRUURFFL )DFHERRN &DPSHJJLR LQ 6DUGHJQD &RFFRUURFFL 7HO )D[ &HOO VN\SH FDPSLQJ &RFFRUURFFL )DFHERRN &DPSHJJLR LQ 6DUGHJQD &RFFRUURFFL

6LWR LQWHUQHW ZZZ FDPSLQJFRFFRUURFFL RUJ LQIR#FDPSLQJFRFFRUURFFL RUJ 6LWR LQWHUQHW ZZZ FDPSLQJFRFFRUURFFL RUJ LQIR#FDPSLQJFRFFRUURFFL RUJ

Offerte Offertevantaggiose vantaggiose(anti (anticrisi) crisi)leletrovi trovisul sulsito sitointernet internet

WKH 0$1'$6 $5%$7$; OLQH PHWUHV ORQJ DQG VXVSHQGHG DW D KHLJKW RI PHWUHV +HUH LV DQRWKHU LQWHUHVWLQJ VWRS IRU WKRVH ZKR ORYH WKH PRXQWDLQV DQG WKH Â¿QH ZDONV 1,$/$ LQ WKH FRXQWU\VL GH RI 866$66$, 7KH WULS FRQWLQXHV LQ WKH WKLFNHVW JUHHQQHVV RI 2JOLDVWUD UHJLRQ 7KH QH[W VWDWLRQ LV WKDW RI 8VVDVVDL D IHZ NLORPHWUHV DZD\ IURP WKH YLOODJH DQG DIWHUZDUGV WKH RQH RI *$,52 DIWHU KDYLQJ FURVVHG WKH PRRQ OLNH VFHQHU\ RI 7D TXLVDUD YDOOH\ )URP WKLV SRLQW DQRWKHU VHFWLRQ XVHG WR EUDQFK RII WR -HU]X LW ZDV GHPROLVKHG LQ DQG LWV WHUPLQDO VWDWLRQ LQ WKH FRXQWU\VLGH RI 8ODVVDL KDV EHHQ UHVWRUHG DQG FRQYHUWHG LQWR DQ Â³$UW 6WDWLRQÂ´ $IWHU FURVVLQJ D IHZ WXQQHOV WKH WUDLQ DUULYHV DW WKH VHFRQG DSSRLQWPHQW ZLWK )OX

*$,52 $GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

/D VWD]LRQH VL WURYD q D *DLUR 7DTXLVDUD SRFR ORQWDQR GD *DLUR 6DQWÂ·(OHQD QXFOHR DELWDWL YR UHDOL]]DWR D VHJXLWR GHOOD HYDFXD]LRQH GDO YHFFKLR FHQWUR DELWDWR *DLUR 9HFFKLR D VH JXLWR GHOOH IUDQH GHWHUPLQDWH GDOOH HFFH]LR QDOL SLRJJH DXWXQQDOL QHO 'D TXL SDUWL YD DQFKH XQ DOWUR WUDWWR GL OLQHD VPDQWHOODWR QHO FKH SDVVDYD SHU 2VLQL 8ODVVDL H -HU]X GHO TXDOH q VWDWR UHFXSHUDWR LO FDSROL QHD WUDVIRUPDWR LQ XQD Â´6WD]LRQH GHOOÂ·$UWHÂµ $GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

7KH VWDWLRQ LV DW *DLUR 7DTXLVDUD QRW IDU IURP *DLUR 6DQWÂ·(OHQD WKH OLWWOH KDPOHW WKDW ZDV VHW XS DIWHU DQ HYDFXDWLRQ IURP WKH ROG LQKDELWHG FHQWUH *DLUR 9HFFKLR ZKLFK ZDV DEDQGRQHG DIWHU WKH ODQGVOLGHV GXH WR H[FHSWLRQDO DXWXPQ UDLQV EHWZHHQ DQG )URP KHUH DQRWKHU WUDFW XVHG WR EUDQFK RII IRU 2VLQL 8ODVVDL DQG -HU]X ,W ZDV GHPROLVKHG LQ DQG LWV WHUPLQDO VWDWLRQ KDV EHHQ UHFHQWO\ UHVWR UHG DQG FRQYHUWHG LQWR DQ Â´$UW 6WDWLRQÂµ

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD GHOOD /LEHUWj 7HO 6WD]LRQH GHOOÂ·$UWH 8ODVVDL

7HO Â² 5LVWRUDQWH /Â·$VIRGHOR 7HO &HOO &DPSLQJ &RFFRUURFFL 7HO

OD OLQHD 0$1'$6 $5%$7$; $WWUDYHUVDWH DOWUH JDOOHULH VL DUULYD DO VHFRQGR DSSXQWDPHQWR FRQ LO )OXPHQGRVD YLFLQR DOOD VWD]LRQH GL 9,//$*5$1'( H DO /DJR $OWR GHO Â¿XPH 3URFHGHQGR D ODWR GHO 5LR 6LFFDGHUED VL UDJJLXQJH OD VWD]LRQH GL $5=$1$ HG HFFR FKH VL DSUH XQR VSHWWDFRODUH SDQRUDPD VXO PDUH H VXOOD FRVWD RJOLDVWULQD 6FHQGHQGR UHSHQWLQDPHQWH GL TXRWD GRSR LO ODFFLROR GL 3LW]X ÂµH &XFFX GRYH OD

9,//$*5$1'( 675,6$,/, 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 5RPD 7HO )D[ 3UR ORFR 9LD 5RPD 7HO )D[ SURORFRYLOODJUDQGH#WLVFDOL LW

$GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

'LVWDQWH GDOOD VWD]LRQH DOFXQL FKLORPH WUL q XQ SDHVH GDO WLSLFR DVSHWWR PRQ WDQR FRQ XQD VSOHQGLGD YLVWD VXO PDUH ORQWDQR H LQ YLFLQDQ]D GL JUDQGL ERVFKL GL OHFFL H URYHUHOOH WUD FXL TXHOOR GL 6DQWD %DUEDUD $GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

$ IHZ NLORPHWHUV DZD\ IURP WKH VWD WLRQ LW LV D W\SLFDO PRXQWDLQRXV YLOODJH ZLWK D EHDXWLIXO YLHZ RYHU WKH GLVWDQW VHD DQG VXUURXQGHG E\ ODUJH IRUHVWV RI RDNV 6DQWD %DUEDUD DUHD

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH PHQGRVD QHDU WR 9,//$*5$1'( VWDWLRQ DQG WKH /DJR $OWR RI WKH VDPH ULYHU 3URFHHGLQJ IXUWKHU DORQJ WKH VLGH RI 6LFFDGHUED VWUHDP ZH UHDFK WKH VWDWLRQ RI $5=$1$ ZKHUH ZH FDQ KDYH D VSOHQGLG YLHZ RQ WKH VHD DQG WKH FRDVW RI 2JOLDVWUD 'HVFHQGLQJ VWHHSO\ DIWHU WKH URXQG RI 3LW]X µH &XFFX ZKHUH WKH OLQH UXQV XQGHU LWVHOI WKH WUDLQ DUULYHV DW DQRWKHU LPSRUWDQW VWDWLRQ LQ /$186(, 6WLOO LQ GHVFHQW WKH OLQH FURVVHV (/,1, ZLWK LWV WLQ\ VWRQH VWDWLRQ LQ WKH PLGGOH RI WKH YLOODJH WKHQ WKH WUDLQ SURFHHGV RQ OHYHO JURXQG WLOO 72572/Î ZKLFK LV WKH PRVW SR

$5=$1$ $GXOWL $ 5 GD 0DQGDV ½ GD $UEDWD[ ½ , UDJD]]L SDJDQR OD PHWj

35(==,

6XO SHQGLR VXG HVW GHO PRQWH ,GROR P WUD ERVFKL GL TXHUFH H FDVWDJQL 1HO VXR WHUULWRULR VL WURYD OD SXQWD SL DOWD GHOO·LVROD /D 0DUPRUD P $WWRUQR QXUDJKL PROWR EHQ FRQVHUYDWL $UHGREED H 3LVFLQD 1LHGGD GRPXV GH MDQDV H WRPEH GHL JLJDQWL $GXOWV 5 IURP 0DQGDV ½ IURP $UEDWD[ ½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

2Q WKH VORSH VRXWK HDVW RI 0RQWH ,GROR P VXUURXQGHG E\ RDN DQG FKHVWQXW WUHHV ,Q LWV WHUULWRU\ WKHUH LV WKH ,VODQG·V KLJKHVW PRXQWDLQ /D 0DUPRUD P $URXQG ZHOO SUHVHUYHG QXUDJKHV $UHGREED DQG 3LVFLQD 1LHGGD GR PXV GH MDQDV DQG WRPEV RI WKH JLDQWV

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ YLD 0RQV 9LUJLOLR 7HO )D[ 3UR ORFR 6LFFDGHUED

9LD *DULEDOGL 7HO )D[ XQSOLVDUGHJQD#WLVFDOL LW %DU /D 6WD]LRQH 7HO

OD OLQHD 0$1'$6 $5%$7$; OLQHD SDVVD VRWWR VH VWHVVD VL DUULYD DG XQ¶DOWUD LPSRUWDQWH VWD]LRQH TXHOOD GL /$186(, $QFRUD LQ GLVFHVD VL DWWUDYHUVD (/,1, FRQ OD VXD JUD]LRVD VWD]LRQFLQD LQ SLHWUD QHO FHQWUR GHO SDHVH TXLQGL VL SURFHGH LQ SLDQXUD ¿QR D 72572/Î LO SL SRSR

/$186(, $GXOWL $ 5 GD 0DQGDV ½ GD $UEDWD[ ½ , UDJD]]L SDJDQR OD PHWj

35(==,

&DSROXRJR FRQ 7RUWROu GHOOD SURYLQFLD RJOLDVWULQD q XQ FHQWUR LPSRUWDQWH SHU VHUYL]L H VHGH YHVFRYLOH Ë GLVSRVWR LQ EHO OD SRVL]LRQH WUD FDPSL FROWLYDWL H ERVFKL FRQ XQR VSD]LRVR SDQRUDPD ÀQR DO PDUH 9L KD VHGH XQ LQWHUHVVDQWH PXVHR FKH FRQVHUYD UHSHUWL VWRULFL ULQYHQXWL QHO WHUUL WRULR GRYH OD FLYLOWj QXUDJLFD KD ODVFLDWR PROWH WUDFFH LQ SDUWLFRODUH QHOOD ]RQD GHO 6HOHQH 1HOOD JUD]LRVD VWD]LRQH KD VHGH DQFKH XQ GHSRVLWR D]LHQGDOH GL DXWREXV XWLOL]]DWL SHU L FROOHJDPHQWL FRQ L FHQWUL GHOOD ]RQD 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ 9LD 5RPD 7HO

$GXOWV 5 IURP 0DQGDV ½ IURP $UEDWD[ ½ &KLOGUHQ SD\ KDOI IDUH

,Q WKH QLFH VWDWLRQ WKHUH LV DOVR D EXV GHSRW IRU WKH PDQ\ OLQNV QHFHVVDU\ LQ WKH DUHD &KLHI WRZQ WRJHWKHU ZLWK 7RUWROu RI WKH 3URYLQFH RI 2JOLDVWUD LV DQ LPSRUWDQW FHQWUH IRU SXEOLF VHUYLFHV DQG GLRFHVH DV ZHOO ,W LV SODFHG LQ D JRRG SRVLWLRQ DPRQJ FXOWLYDWHG ÀHOGV DQG ZRRGV ZLWK D ZLGH YLHZ WRZDUGV WKH VHD <RX FDQ ÀQG KHUH DQ LQWHUH VWLQJ PXVHXP WKDW FRQWDLQV KLVWRULFDO ÀQGLQJV IURP WKH FRXQWU\VLGH ZKHUH WKH 1XUDJLF FLYLOL]DWLRQ KDV OHIW PDQ\ WUDFHV HVSHFLDOO\ LQ WKH 6HOHQH DUHD

+RWHO 9LOOD 6HOHQH 7HO )D[ LQIR#KRWHOYLOODVHOHQH QHW +RWHO 0DULH &ODLUH 7HO )D[ &HOO %DU 6D &DIIHWWHUD 7HO 6HUYL]LR FROD]LRQL SDQLQL SULPL SLDWWL

)$5(6

ZZZ WUHQLQRYHUGH FRP

OD OLQHD 0$1'$6 $5%$7$; ORVR FHQWUR GHOOÂ¶DUHD FKH VL DWWUDYHUVD SHU HVWHVR SHU JLXQJHUH Â¿QDOPHQWH DO FDSROLQHD OD VWD]LRQH GL $5%$7$; VXO PROR GL &DOD *HQRYHVL GL IURQWH DOOH 5RFFH 5RVVH

(/,1, $GXOWL $ 5 GD 0DQGDV Â½ GD $UEDWD[ Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

*UD]LRVR SDHVH FROOLQDUH D PHWj VWUDGD WUD OD UHJLRQH LQWHUQD H TXHOOD FRVWLHUD GHOOÂ·2JOLDVWUD q SRVWR LQ EHOOD SRVL]LRQH SDQRUDPLFD FLUFRQGDWR GD FDPSL FRO WLYDWL D ROLYHWL H YLJQHWL H SL LQ DOWR GD YHUGL ERVFKL 3DUFR &DUPLQH /D VWD]LRQH LQ EORFFKL GL JUDQLWR q LQ SRVL]LRQH FHQWUDOH QHOOÂ·DELWDWR YLFLQD DO SLFFROR H EHQ FRQVHUYDWR FHQWUR VWRULFR H DOOD SDUURFFKLDOH GL 6DQ *DYLQR

$GXOWV 5 IURP 0DQGDV Â½ IURP $UEDWD[ Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

3UHWW\ KLOO\ YLOODJH DW KDOI ZD\ EHWZHHQ WKH LQODQG DUHD DQG WKH FRDVWDO RQH RI 2JOLDVWUD LV VLWXDWHG LQ D JRRG SD QRUDPLF SRVLWLRQ VXUURXQGHG E\ ROLYH JURYHV YLQH\DUGV DQG E\ JUHHQ ZRRGV 3DUFR &DUPLQH 7KH VWDWLRQ IRUPHG E\ EORFNV RI JUD QLWH LV LQ FHQWUDO SRVLWLRQ QHDU WR WKH VPDOO DQG ZHOO SUHVHUYHG WRZQ FHQWUH DQG WKH SDULVK FKXUFK RI 6DLQW *DYLQR

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 3RPSHL 7HO

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH SXODWHG YLOODJH LQ WKH DUHD HQWLUHO\ FURVVHG E\ WKH WUDLQ WLOO WKH WHUPLQXV $5%$7$; VWDWLRQ RQ &DOD *HQRYHVL PROH LQ IURQW RI 5RFFH 5RVVH 5HG 5RFNV

72572/Á $5%$7$; $GXOWL $ 5 GD 0DQGDV ½ GD $UEDWD[ ½ , UDJD]]L SDJDQR OD PHWj

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH $UEDWD[

7HO

35(==,

7RUWROu q LO FHQWUR SL SRSRORVR GHOOD ]RQD H DVVLHPH D /DQXVHL q LO FDSROXR JR GHOO·2JOLDVWUD 1HO WHUULWRULR q GLIIXVD OD FROWLYD]LRQH GL IUXWWHWL RUWL H YLJQHWL 9LFLQR DOOR VWDJQR VL WURYD LO FDVWHOOR GL 0HGXVD FRVWUXLWR QHO PHGLRHYR GDL *LXGLFL GL &DJOLDUL /D VHFRQGD VWD]LRQH GHOOD FLWWDGLQD FD SROLQHD GHOOD IHUURYLD VL WURYD QHO SRUWR GL $UEDWD[ GL IURQWH DOOH IDPRVH 5RFFH 5RVVH

&RPXQH 0XQLFLSDOLW\ 9LD 0DPHOL 7HO 6DUGLQLDQ 7RXULVW 6HUYLFHV 7RUWROu 7HO &HOO &RRSHUDWLYD $OEDWD[ D U O 7HO (VFXUVLRQL LQ WUHQR H YLD PDUH

$GXOWV 5 IURP 0DQGDV ½ IURP $UEDWD[ ½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

7RUWROu LV WKH PRVW SRSXODWHG FHQWUH LQ 2JOLDVWUD DQG FKLHI WRZQ WRJHWKHU ZLWK /DQXVHL 7KHUH DUH PDQ\ RUFKDUGV DQG YLQH\DUGV LQ WKH FRXQWU\VLGH DQG QHDU WR WKH SRQG WKHUH LV WKH 0HGXVD &DVWOH EXLOW LQ WKH 0LGGOH $JHV E\ WKH *LXGLFL RI &DJOLDUL 7KH VHFRQG VWDWLRQ RI WKH WRZQ DQG UDLO ZD\ WHUPLQXV LV LQ WKH SRUW RI $UEDWD[ LQ IURQW RI WKH IDPRXV 5RFFH 5RVVH 5HG 5RFNV

OD OLQHD 0$1'$6 $5%$7$; NP

48$'52 25$5,2 7,0(7$%/( ,Q YLJRUH GDO JLXJQR DO VHWWHPEUH 7877, , *,251, 0$57('Ï (6&/862 &21 75(1, ',(6(/ 9DOLG IURP WK -XQH WR WK 6HSWHPEHU (9(5< '$< (;&(37 21 78(6'$< :,7+ ',(6(/ 75$,16

0DQGDV $UEDWD[ $UEDWD[ 0DQGDV

0DQGDV 2UUROL 1XUUL 9LOODQRYD 7XOR %HWLOOL (VWHU]LOL 6DGDOL 6HXL DUULYD 6HXL SDUWH $QXO 6DQ *HURODPR 1LDOD 8VVDVVDL *DLUR 9LOODJUDQGH $U]DQD /DQXVHL (OLQL 6HOOD (OHFFL 7RUWROu $UEDWD[

$UEDWD[ 7RUWROu 6HOOD (OHFFL (OLQL /DQXVHL $U]DQD 9LOODJUDQGH *DLUR 8VVDVVDL 1LDOD 6DQ *HURODPR $QXO 6HXL DUULYD 6HXL SDUWH 6DGDOL (VWHU]LOL %HWLOOL 9LOODQRYD 7XOR 1XUUL 2UUROL 0DQGDV

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 $5%$7$; OLQH NP

1 75(1, ',(6(/ 7+ ',(6(/ 75$,16

$99(57(1=( ( 127,=,( 87,/,

$'9,&(6 $1' 86()8/ 127,&(6

SUHQRWDWH LQ DQWLFLSR L YRVWUL ELJOLHWWL GXUDQWH LO YLDJJLR VRQR SUHYLVWH GHOOH VRVWH GL DOFXQL PLQXWL OXQJR OD OLQHD LO YLDJJLR VX WXWWD OD OLQHD q PROWR OXQJR GD IDUVL LQ JLRUQDWD FRQ EUHYH VRVWD DOOÂ·DUULYR SXz HVVH UH HIIHWWXDWR VROR GD Â´YLDJJLDWRUL QR OLPLWVÂµ

UHPHPEHU WR ERRN LQ DGYDQFH \RXU WLFNHWV WKHUH DUH VRPH VFKHGXOHG VWRSV GXULQJ WKH WULS DORQJ WKH OLQH WKH WULS DORQJ WKH ZKROH OLQH ODVWV YHU\ PXFK ZLWK VKRUW VWRSRYHU DW WKH DUULYH LW FDQ EH PDGH RQO\ E\ Â´QR OLPLWV WUDYHOOHUVÂµ

IRWR

/2 6$, &+( /Â·DUFKLYLR GHOOH SODQLPHWULH SDUWLFHOODUL GHL WUDFFLDWL IHUURYLDUL KD FRVWLWXLWR H FRVWLWXLVFH WXWWRUD XQD PLQLHUD GL LQIRUPD]LRQL VXOOH SURSULHWj IRQGLDULH DWWRUQR DOOD OLQHD DOOÂ·HSRFD GHOOD FRVWUX]LRQH

OD OLQHD 0$1'$6 ,6,/, 625*212 NP

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 ,6,/, 625*212 OLQH NP

Â©(UR VRUSUHVR GL FRPH LO SLFFROR PRWRUH SUHQGHVVH EHQH L FRQWLQXL SHQGLL ULSLGL GL FRPH HPHUJHVVH FRUDJJLRVDPHQWH VXOOD OLQHD GHOOÂ·RUL]]RQWH Ã&#x2039; XQD VWUDQD IHUURYLD 0L SLDFHUHEEH VDSHUH FKL OÂ·KD FR VWUXLWD 6IUHFFLD VX SHU OH FROOLQH H JL SHU OH YDOOL H DWWRUQR D FXUYH LPSURYYLVH FRQ OD PDVVLPD QRQ FXUDQ]D QRQ FRPH IDQQR OH YHUH JUDQGL IHUURYLH FKH DYDQ]DQR JUXJQHQGR LQ SURIRQGH WULQFHH H DS SHVWDQGR OÂ·DULD QHOOH JDOOHULH PD FRUUH VX SHU XQD FROOLQD FRPH XQ FDJQHWWR DIIDQQDWR H VL JXDUGD DWWRUQR H SDUWH LQ XQÂ·DOWUD GLUH]LRQH VFXRWHQGRFL GLHWUR D OXL &RQ JUDQGH LQGLIIHUHQ]DÂª ' + /DZUHQFH Â´6HD DQG 6DUGLQLDÂµ

Â´, ZDV VXUSULVHG KRZ ZHOO WKH VPDOO HQJLQH WRRN WKH FRQWLQXRXV VWHHS VORSHV KRZ EUDYHO\ LW HPHU JHG RQ WKH VN\ OLQH ,W LV D TXHHU UDLOZD\ , ZRXOG OLNH WR NQRZ ZKR PDGH LW ,W SHOWV XS KLOO DQG GRZQ GDOH DQG URXQG VXGGHQ EHQGV LQ WKH PRVW XQFRQ FHUQHG IDVKLRQ QRW DV SURSHU ELJ UDLOZD\V GR JUXQWLQJ LQVLGH GHHS FXWWLQJV DQG VWLFNLQJ WKHLU ZD\ WKURXJK WXQQHOV EXW UXQQLQJ XS WKH KLOO OLNH D SDQWLQJ VPDOO GRJ DQG KDYLQJ D ORRN URXQG DQG VWDUWLQJ RII LQ DQRWKHU GLUHFWLRQ ZKLVNLQJ XV EH KLQG XQFRQFHUQHGO\ 7KLV LV PXFK PRUH IXQ WKDQ WKH WXQQHO DQG FXWWLQJ V\VWHPÂµ ' + /DZUHQFH Â´6HD DQG 6DUGLQLDÂµ

OD OLQHD 0$1'$6 ,6,/, 625*212 3DUWLWL GD 0DQGDV VL SURFHGH VXOOD OLQHD GHVWLQDWD DO WUDVSRUWR SXEEOLFR ORFDOH YHUVR ,6,/, ODVFLDQGR DG HVW TXHOOD WXULVWLFD FKH SRUWD DG $UEDWD[ ,Q VDOLWD VL UDJJLXQJH OD VWD]LRQH GL 6HUUL SRFR GLVWDQWH GDOOÂ¶DELWDWR H GDOOÂ¶DUHD DUFKHRORJLFD GL 6DQWD 9LWWRULD 4XHVWD SULPD SDUWH GHO YLDJJLR VL VYROJH DWWUDYHUVR LO SDHVDJJLR FROOLQDUH GHO 6DUFLGDQR HFFR OD VWD]LRQH GL ,6,/, D VXG GHO SDHVH FKH YLHQH DWWUD YHUVDWR LQ WXWWD OD VXD OXQJKH]]D H FKH VL ODVFLD GRSR DYHU ODPELWR OÂ¶LPSRUWDQWH DUHD QXUDJLFD GL ,V 3DUDV /D OLQHD VL WXIID QHOOD YDOODWD GHO 5LR 0DQQX GRYH GDO q VWDWR FUHDWR LO ODJR DUWLÂ¿FLDOH GL ,V %DUURFFXV FKH KD LVRODWR VX XQR VSHURQH OD FKLHVHWWD GL 6DQ 6HED VWLDQR VL DUULYD DOOD VWD]LRQH GL 6DUFLGDQR XQ WHPSR PROWR LPSRUWDQWH SHUFKp GD TXL SDUWLYD DQFKH OD IHUURYLD SHU $OHV H 9LOODFLGUR RUD VPDQWHOODWD PD SHUFRUULELOH SHU OXQJKL WUDWWL FRPH SLVWD FLFODELOH

,6,/, /D VWD]LRQH GL ,VLOL q D FDSR GHOOD OLQHD GL WUDVSRUWR SXEEOLFR FKH OD XQLVFH D &D JOLDUL 9L KD VHGH OÂ·LQWHUHVVDQWH 0XVHR GHO 5DPH H GHO 7HVVXWR H D SRFKL PHWUL GDOOD IHUURYLD DOOD SHULIHULD GHO SDHVH VL WURYD LO QXUDJKH ELDQFR GL ,V 3DUDV WUD L PHJOLR FRQVHUYDWL GHO WHUULWRULR H FKH FRVWLWXLYD GD EDOXDUGR D SURWH]LRQH GHO YDOLFR GHOOD YDOOH GHO 5LR 0DQQX

,VLOL VWDWLRQ LV WKH WHUPLQXV RI WKH WUDQ VSRUW SXEOLF OLQH IURP &DJOLDUL ,Q WKH WRZQ WKHUH LV D YHU\ LQWHUHVWLQJ 0X VHXP RI &RSSHU DQG 7H[WLOHV 7KH ZKL WH FKXUFK RI 6DQ *LXVHSSH &DODVDQ]LR LV FKDUDFWHULVWLF RI WKH LVODQGÂ·V UXVWLF DUFKLWHFWXUH $W WKH QRUWKHUQ WRZQÂ·V SHULSKHU\ WKHUH LV WKH ZKLWH 1XUDJKH ,V 3DUDV RQH RI WKH EHVW SUHVHUYHG RI WKH DUHD WKDW XVHG WR EH D VRUW RI FD VWOH SURWHFWLQJ WKH FURVVLQJ RI WKH 5LR 0DQQX YDOOH\

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 6 6 7HO &RPXQH 0XQLFLSDOLW\ 3LD]]D 6DQ *LXVHSSH 7HO $IÃ&#x20AC;WWDFDPHUH ,O JLDUGLQR GL 9DOHQWLQD (VFROFD

9LD 9 (PDQXHOH 7HO LQIR#LOJLDUGLQRGLYDOHQWLQD LW ZZZ LOJLDUGLQRGLYDOHQWLQD LW &DJOLDULÂ²,VLOL /,1($ 73/

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 ,6,/, 625*212 OLQH $IWHU OHDYLQJ 0DQGDV WKH WUDLQ KHDGV QRUWKZDUGV RQ WKH 3XEOLF 7UDQVSRUW /LQH WRZDUGV ,6,/, OHDYLQJ RII WKH EUDQFK WKDW JRHV WR HDVW DV IDU DV WKH VHD DW $UED WD[ 5LVLQJ VORZO\ RQ WKH EDVDOWLF WDEOHODQG RI 6HUUL LW DUULYHV DW WKH VWDWLRQ RI WKH YLOODJH D OLWWOH IDU IURP LW DQG IURP WKH IDPRXV DUFKDHRORJLFDO DUHD RI 6DQWD 9LWWRULD 7KLV Â¿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

185$//$2 $GXOWL $ 5 GD 0DQGDV Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

/D VWD]LRQH VL WURYD LQ SRVL]LRQH SDQR UDPLFD VXOOÂ·DELWDWR 1RWR Ã&#x20AC;Q GDOOÂ·DQWL FKLWj SHU OD SURGX]LRQH GL FDOFH H OD ODYRUD]LRQH GHOOÂ·DUJLOOD 1XUDOODR KD QHO VXR WHUULWRULR LO EHO SDUFR GL )XQWD QD ,V $ULQXV ,Q ORFDOLWj $LRGGD D EUH YH GLVWDQ]D GDO SDHVH VL WURYD LQYHFH XQÂ·LQWHUHVVDQWH DUHD DUFKHRORJLFD FRQ XQD WRPED GHL JLJDQWL H XQD VHULH GL VWDWXH PHQKLU $GXOWV 5 IURP 0DQGDV Â½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 3LD]]D 0DWWHRWWL 7HO

)$5(6

7KH VWDWLRQ LV VLWXDWHG LQ GRPLQDWLQJ SRVLWLRQ RYHU WKH YLOODJH 6LQFH DQ FLHQW WLPHV 1XUDOODR ZDV IDPRXV IRU LWV FDYHV RI OLPH DQG FOD\ 1HDU WKH YLOODJH WKHUH LV WKH EHDXWLIXO SDUN RI )XQWDQD ,V $ULQXV $W $LRGGD WKHUH LV DQ LQWHUHVWLQJ DUFKDHRORJLFDO DUHD ZLWK D Â´WRPE RI WKH JLDQWVÂµ DQG D URZ RI PHQKLUV

OD OLQHD 0$1'$6 ,6,/, 625*212 /D YHJHWD]LRQH JUDGDWDPHQWH DXPHQWD H VL YD VDOHQGR IUD LO YHUGH GHOOD PDFFKLD PHGLWHUUDQHD 6L UDJJLXQJH RUD OD VWD]LRQH GL 185$//$2 LQ SRVL]LRQH GRPLQDQWH VXO VRWWR VWDQWH SDHVH 'D TXL LQL]LD XQ JUDQ EHO WUDWWR FRQ OD OLQHD D PH]]D FRVWD GRPLQDQWH VXOOD YDOODWD FRQ OR VIRQGR DG RYHVW GHO SURÂ¿OR SLDWWR GHOOD *LDUD GL *HVWXUL 6L VXSHUDQR OH IHUPDWH GL &LJQRQL H GL 6X /DX H VL DUULYD DOOD JUD]LRVD VWD]LRQH GL /$&21, GRSR DYHU DWWUDYHUVDWR LO SDUFR GHO SDHVH 'D TXHVWR SXQWR LQ SRL VXOOD OLQHD FÂ¶q XQÂ¶DOWLVVLPD GHQVLWj GL RSHUH GÂ¶DUWH GL LQJHJQHULD IHUURYLDULD QHFHVVDULH SHU VXSHUDUH OH DVSHULWj GHO WHUULWRULR WUD FXL LO YLDGRWWR LQ FXUYD GL *HQQHVLW]X IRU PDWR GD WUH WUDYDWH PHWDOOLFKH (FFR OH IHUPDWH GL )XQWDQDPHOD H SRFR GRSR TXHOOD GL 2UWXDELV XWLOL]]DWD QHO SDVVDWR GDJOL RSHUDL GHOOD PLQLHUD GL )XQWDQD 5DPLQRVD 6L VWD SDVVDQGR QHOOD %DUEDJLD GL %HOYu GRSR DYHU FRVWHJJLDWR OÂ¶DUHD GHOOÂ¶LPSR QHQWH QXUDJKH 1RO]D HFFR FKH VL DUULYD DOOD VWD]LRQH GL 0($1$ 6$5'2 FKH DSSDUH DG RYHVW SRFR GLVWDQWH

/$&21, $GXOWL $ 5 GD 0DQGDV Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

,O SDHVH q PROWR FRQRVFLXWR SHU GLYHU VL PRWLYL GLHGH L QDWDOL D 6DQWÂ·,JQD]LR q FKLDPDWR Â´OÂ·$VVLVL VDUGDÂµ SRV VLHGH XQ EHO FHQWUR VWRULFR FRQ LO SDUFR H LO FDVWHOOR GHJOL $\PHULFK KD XQ LQWHUHV VDQWH 0XVHR GHOOH 6WDWXH 6WHOH 0HQKLU H QHO VXR WHUULWRULR VL WURYDQR WHVWLPR QLDQ]H DUFKHRORJLFKH LPSRUWDQWL FRPH LO FLUFROR PHJDOLWLFR GL &LUFXLWWXV $GXOWV 5 IURP 0DQGDV Â½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 3LD]]D 0DUFRQL 7HO

)$5(6

7KH YLOODJH LV UHQRZQHG IRU YDULRXV DVSHFWV ,JQD]LR WKH PRVW IDPRXV 6DU GLQLDQ PRGHUQ VDLQW ZDV ERUQ KHUH LQ LW LV FDOOHGL Â´$VVLVL RI 6DUGLQLD /DFRQL KDV DOVR JRW D ZHOO SUHVHUYHG ROG WRZQ FHQWUH ZLWK WKH SDUN DQG WKH FDVW OH RI $\PHULFK IDPLO\ DQG DQ LQWHUHVWLQJ 0XVHXP RI WKH 0HQKLU VWDWXHV SLFNHG XS LQ WKH VXUURXQGLQJV ZKHUH WKHUH DUH LPSRUWDQW WUDFHV RI WKH SDVW VXFK DV WKH PHJDOLWKLF FLUFOH RI &LUFXLWWXV

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 ,6,/, 625*212 OLQH DQRWKHU UDLOZD\ WKDW EUDQFKHG RII WR $OHV DQG 9LOODPDU ,W ZDV GLVPDQWOHG LQ EXW ORQJ WUDFWV RI LW FDQ VWLOO EH UXQQHG DFURVV E\ ELNH 7KH YHJHWDWLRQ LQFUHDVHV DQG WKH WUDLQ ULVHV DPLGVW JUHHQ 0HGLWHUUDQHDQ PDTXLV 1RZ WKHUH LV WKH VWDWLRQ RI 185$//$2 VLWXDWHG LQ GRPLQDWLQJ SRVLWLRQ RYHU WKH YLOODJH 7KH WUDLQ SURFHHGV DFURVV WKH PRXQWDLQ VLGH RYHUORRNLQJ WKH YDOOH\ DQG WKH Ã&#x20AC;DW SURÂ¿OH RI *LDUD GL *HVWXUL DW ZHVW 7KH VWRSV DUH &LJQRQL H 6X /DX EHIRUH WKH QLFH VWDWLRQ RI /$&21, DIWHU KDYLQJ FURVVHG WKH SDUN RI WKH YLOODJH :LWK D QXPEHU RI WXUQV WKH UDLOZD\ UXQV DORQJ WKH DEUXSW HGJH RI WKH WDEOHODQG DQG LV HQULFKHG E\ LPSRUWDQW UDLOZD\ ZRUNV VXFK DV WKH H[FHSWLRQDO *HQQHVLW]X YLDGXFW IRUPHG E\ WKUHH PHWDOOLF WUXVVHV $IWHU WKH VWRSV RI )XQWDQDPHOD DQG 2UWXDELV RQFH XVHG E\ WKH ZRUNHUV RI WKH QHDU FDYHV DQG PLQHV VXFK DV )XQWDQD 5DPLQRVD WKH WUDLQ SURFHHGV WRZDUGV WKH %DUEDJLD GL %HOYu DQG UHDFKHV WKH VWRS RI WKH LPSRVLQJ 1X UDJKH 1RO]D WKHQ DUULYHV WR WKH VWDWLRQ RI 0($1$ 6$5'2 WKDW DSSHDUV DW D VKRUW GLVWDQFH RQ WKH ZHVW 7KH YLHZ RSHQV RQWR DQ DPSKLWKHDWUH RI PRXQWDLQV ZLWK EH

0($1$ 6$5'2 $GXOWL $ 5 GD 0DQGDV Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

3RVWR LQ EHOOD SRVL]LRQH SDQRUDPLFD VRWWR LO 0RQWH 6DQWÂ·(OLD P q DO FRQÃ&#x20AC;QH WUD OH PRQWDJQH GHOOD %DUEDJLD H OH FROOLQH GHO 6DUFLGDQR H GHO 0DQGUROLVDL ,O VXR SURÃ&#x20AC;OR VL ULFRQRVFH DQFKH GD ORQWDQR SHU OD EHOOD H LPSRQHQWH WRUUH FDPSDQDULD P DO ODWR GHOOD FKLHVD GL 6DQ %DUWROR $GXOWV 5 IURP 0DQGDV Â½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 3LD]]D ,9 1RYHPEUH 7HO

)$5(6

1RW IDU IURP WKH VWDWLRQ WKH YLOODJH LV LQ D YHU\ QLFH SDQRUDPLF SRVLWLRQ XQGHU WKH 6DQWÂ·(OLD PRXQWDLQ P DW WKH ERUGHU EHWZHHQ %DUEDJLD PRXQWDLQV DQG 6DUFLGD QR DQG 0DQGUROLVDL KLOOV ,W LV HDVLO\ UHFRJQL]DEOH IURP IDU IRU LWV EHOO WRZHU WKDW LV WDOOHU WKDQ P DQG FORVH WR WKH 6DQ %DUWRORPHR FKXUFK ;9, FHQWXU\ ,Q WKH WHUULWRU\ WKHUH DUH ORWV RI QXUDJLF WUDFHV VXFK DV WKH LPSRUWDQW QXUDJKH 1RO]D QHDU WKH UDLOZD\

OD OLQHD 0$1'$6 ,6,/, 625*212 /D YLVWD VL DSUH LQ XQ DQ¿WHDWUR GL PRQWL FRQ EHL SDQRUDPL D SRQHQWH ¿QR DO PDUH GL 2ULVWDQR 3RFR GRSR OD IHUPDWD GL &DVWLDX XQD VHULH GL SRQWL WUD L TXDOL GD ULOHYDUH TXHOOR GL 3DUDOj OXQJR P LQ FXUYD H D GXH RUGLQL G¶DUFKL TXLQGL VL DWWUDYHUVD OD SL OXQJD JDOOHULD GHOOD OLQHD 6¶$UFX GL P H VL DUULYD DG XQD GHOOH SL DSSUH]]DWH GHVWLQD]LRQL GHO YLDJJLR OD JUD]LRVD VWD]LRQFLQD GL %(/9Î H GL $5,7=2 VRWWR LO FDUDWWHULVWLFR SUR¿OR GHO 0RQWH 7H[LOH ,O WUHQR SURVHJXH OD FRUVD QHOOD YDOODWD GHO 5LR 8DW]X XQ DIÀXHQWH GHO 7LUVR LO ¿XPH SL OXQJR GHOOD 6DUGHJQD LQ IRQGR DYDQWL H LQ DOWR DSSDUH 721$5$ OD FXL VWD]LRQH q OD SURVVLPD FKH VL LQFRQWUD LQ FRPXQH FRQ LO SDHVH GL '(68/2

%(/9Á $5,7=2 $GXOWL $ 5 GD 0DQGDV ½ , UDJD]]L SDJDQR OD PHWj

35(==,

%(/9Ï KD XQ EHQ FRQVHUYDWR FHQWUR VWR ULFR H XQ LQWHUHVVDQWH 0XVHR GL 6FLHQ]H 1DWXUDOL 'D VHPSUH XQR GHL FHQWUL SL LPSRUWDQWL GHOO·DUHD Gj LO QRPH D TXHVWD SDUWH GHO OH %DUEDJLH $5,7=2 FRVWLWXLVFH XQD GHOOH SL IDPR VH ORFDOLWj GL YLOOHJJLDWXUD GHOOD PRQ WDJQD VDUGD FRQ XQ EHO FHQWUR VWRULFR FLUFRQGDWR GDO YHUGH GHL ERVFKL

$GXOWV 5 IURP 0DQGDV ½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 'DQWH 7HO &RPXQH 0XQLFLSDOLW\ %HOYu 9LDOH .HQQHG\ 7HO &RPXQH 0XQLFLSDOLW\ $ULW]R 7HO H )D[ LQIRUPDULW]R#WLVFDOL LW

)$5(6

%(/9Ï KDV JRW D ZHOO SUHVHUYHG ROG WRZQ FHQWUH DQG D SHFXOLDU 1DWXUDO 6FLHQFH 0XVHXP )URP DQFLHQW WLPHV %HOYu ZDV RQH RI WKH PRVW LPSRUWDQW FHQWUHV RI WKLV DUHD DQG JLYHV LWV QDPH WR WKLV SDUW RI %DUEDJLD $5,7=2 LV RQH RI WKH PRVW IDPRXV 6DU GLQLDQ PRXQWDLQ KROLGD\ UHVRUWV ZLWK D ÀQH ROG WRZQ FHQWUH VXUURXQGHG E\ ZRRGODQG

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 ,6,/, 625*212 OLQH DXWLIXO SDQRUDPDV WR WKH ZHVW DV IDU DV WKH VHD DW 2ULVWDQR 7KH QH[W VWRS LV WKDW RI &DVWLDX DQG EHIRUH UHDFKLQJ WKH SUHWW\ VWDWLRQ VKDUHG E\ %(/9Î DQG $5,7=2 WKH WUDLQ FURVVHV PDQ\ YLDGXFWV VXFK DV 3DUDOj P LQ EHQG DQG RQ WZR RUGHUV RI DUFKHV DQG WXQQHOV VXFK DV 6¶$UFX WKH ORQJHVW RI WKH OLQH P 7KH UHG VPDOO VWDWLRQ RI %HOYu LV RQH RI WKH PRVW DSSUHFLDWH GHVWLQDWLRQV RI WULSV LW LV VLWXDWHG XQ GHU WKH YLOODJH DQG LV GRPLQDWHG E\ WKH FKDUDFWHULVWLF SUR¿OH RI 0RQWH 7H[LOH 7KH WUDLQ SURFHHGV RQ LWV URXWH WKURXJK WKH YDOOH\ RI 5LR 8DW]X D WULEXWDU\ RI WKH 7LUVR WKH ORQJHVW ULYHU LQ 6DUGLQLD LQ WKH EDFNJURXQG IDFLQJ XV DQG DERYH WKHUH LV WKH YLOODJH RI 721$5$ D IHZ NLORPHWUHV IURP WKH QH[W VWDWLRQ VKDUHG ZLWK '(68/2 ZKLFK LV KLGGHQ IURP KHUH RQ WKH RWKHU VORSH RI WKH PRXQWDLQ :LWK VHUSHQWLQH ZLQ

'(68/2 721$5$ $GXOWL $5 GD 0DQGDV ½ , UDJD]]L SDJDQR OD PHWj

35(==,

'(68/2 SRVWR VRWWR OH SL DOWH FLPH GHO *HQ QDUJHQWX q IRUPDWR GDL QXFOHL GL $VXDL 2YR ODFFLR H ,VVLULD ,O FRVWXPH GHO SDHVH q WUD L SL HOHJDQWL H GL FRORUH URVVR EOX H JLDOOR 721$5$ FLUFRQGDWR GD ERVFKL GL TXHUFH FD VWDJQL H QRFFLROL q IRUPDWR GDOOH ERUJDWHOOH GL 7RQHUL 7HOLVHUL $UDVXOq H 6X 3UDQX 1HO SDHVH VL WURYDQR ERWWHJKH SHU OD SURGX]LRQH DUWLJLDQDOH GL FDPSDQDFFL 7RQDUD q ULQRPDWR DQFKH SHU OD SURGX]LRQH GL PLHOH H WRUURQH $GXOWV 5 IURP 0DQGDV ½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 'HVXOR 9LD /DPDUPRUD 7HO 3UR ORFR 9LD /DPDUPRUD SURORFRGHVXOR#WLVFDOL LW &RPXQH 0XQLFLSDOLW\ 7RQDUD 9LDOH GHOOD 5HJLRQH 7HO )D[ LQIR#FRPXQHWRQDUD LW

)$5(6

'(68/2 VLWXDWHG LQ D JRRG SRVLWLRQ EHORZ WKH *HQQDUJHQWX KHLJKWV LV FRPSRVHG RI WKH VHW WOHPHQWV RI $VXDL 2YRODFFLR H ,VVLULD 7KH WRZQ FRVWXPH LV DPRQJ WKH PRVW HOHJDQW LQ UHG EOX DQG \HOORZ FRORXUV 721$5$ VXUURXQGHG E\ IRUHVWV RI RDNV FKHVW QXWV DQG KD]HOQXWV LW LV IRUPHG E\ WKH VHWWOH PHQWV RI 7RQHUL 7HOLVHUL $UDVXOq DQG 6X 3UDQX ,Q WKH VWUHHWV RI WKH YLOODJH WKHUH DUH VKRSV IRU WKH SURGXFWLRQ RI KDQGPDGH EHOOV 7RQDUD LV DOVR UHQRZQHG IRU WKH SURGXFWLRQ RI KRQH\ DQG QRXJDW

OD OLQHD 0$1'$6 ,6,/, 625*212 QDVFRVWR QHOOÂ·DOWUR YHUVDQWH GHOOD PRQWDJQD 'D TXL OD OLQHD FRQ VHUSHQWLQL DY YROJLPHQWL H DOWUH LPSRUWDQWL RSHUH GL LQJHJQHULD FRPH OÂ·LPSRQHQWH HG HOHJDQWH YLDGRWWR GL 6X 6DPPXFFX VDOH D YDOLFDUH LO FRQWUDIIRUWH FKH SRUWD QHO 0DQGUROLVDL DOOD FRQFD GL 625*212 LO FHQWUR SL LPSRUWDQWH GHOOD ]RQD QHOOD FXL VWD]LRQH KD WHUPLQH LO YLDJJLR

625*212 $GXOWL $ 5 GD 0DQGDV Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

1HO EDULFHQWUR GHOOÂ·LVROD VDUGD 6RUJR QR FRVWLWXLVFH LO FHQWUR GL VHUYL]L SL LPSRUWDQWH GHO 0DQGUROLVDL UHJLRQH FROOLQDUH QHOOÂ·DOWUR YHUVDQWH GHOOH PRQ WDJQH ULVSHWWR DOOD %DUEDJLD 1HO WHUULWRULR VL WURYD OD EHOOLVVLPD ]RQD GL 6DQ 0DXUR H OD FKLHVHWWD GHOOD 9HU JLQH GÂ·,WULD H QXPHURVH WHVWLPRQLDQ]H DUFKHRORJLFKH FRPH PHQKLU WRPEH GHL JLJDQWL H QXPHURVL QXUDJKL

$GXOWV 5 IURP 0DQGDV Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

$W WKH JHRJUDSKLF FHQWUH RI WKH LVODQG 6RUJRQR LV WKH PRVW LPSRUWDQW WRZQ RI WKH 0DQGUROLVDL WKH KLOO\ UHJLRQ LQ WKH RWKHU VORSH UHVSHFW WR WKH PRXQWDL QRXV %DUEDJLD ,Q LWV WHUULWRU\ WKHUH LV D EHDXWLIXO DUHD FDOOHG 6DQ 0DXUR DQG WKH VPDOO FKXUFK GHGLFDWHG WR WKH 9HU JLQH GÂ·,WULD DQG QXPHURXV DUFKDHRORJL FDO WUDFHV VXFK DV PHQKLUV WRPEV RI WKH JLDQWV DQG PDQ\ QXUDJKHV

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ &RUVR ,9 1RYHPEUH 7HO

ZZZ WUHQLQRYHUGH FRP

WKH 0$1'$6 ,6,/, 625*212 OLQH GLQJV DQG RWKHU LPSRUWDQW HQJLQHHULQJ ZRUNV VXFK DV WKH PDMHVWLF 6DPPXFFX LQ EHQG DQG RQ WZR RUGHUV RI DUFKHV WKH OLQH ULVHV IURP KHUH WR FURVV RYHU WKH EXWWUHVV WKDW OHDGV LQWR 0DQGUROLVDL UHJLRQ WR WKH EDVLQ RI 625*212 WKH PRVW LPSRUWDQW FHQWUH RI WKH DUHD LQ ZKRVH VWDWLRQ WKH WULS HQGV

OD OLQHD 0$1'$6 ,6,/, 625*212 NP

48$'52 25$5,2 7,0(7$%/( ,Q YLJRUH GDOO· JLXJQR DO VHWWHPEUH 62/2 ,/ 0$57('Ï &21 75(1, ',(6(/ 9DOLG IURP WK MXQH WR WK VHSWHPEHU 21/< 21 78(6'$< :,7+ ',(6(/ 75$,1

0DQGDV 6RUJRQR

6RUJRQR 0DQGDV

0DQGDV 6HUUL ,VLOL DUULYD ,VLOL SDUWH 6DUFLGDQR 1XUDOODR &LJQRQL /DFRQL )XQWDQDPHOD 2UWXDELV 0HDQD 6DUGR %HOYu $ULW]R 'HVXOR 7RQDUD 6RUJRQR

6RUJRQR 'HVXOR 7RQDUD %HOYu $ULW]R 0HDQD 6DUGR 2UWXDELV )XQWDQDPHOD /DFRQL &LJQRQL 1XUDOODR 6DUFLGDQR ,VLOL DUULYD ,VLOL SDUWH 6HUUL 0DQGDV

WKH 0$1'$6 ,6,/, 625*212 OLQH NP

$99(57(1=( ( 127,=,( 87,/,

$'9,&(6 $1' 86()8/ 127,&(6

SUHQRWDWH LQ DQWLFLSR L YRVWUL ELJOLHWWL LO YLDJJLR VL VYROJH VROR LO PDUWHGu

UHPHPEHU WR ERRN LQ DGYDQFH \RXU WLFNHWV WKH WULS LV RQO\ RQ WXHVGD\V

/2 6$, &+( /H ORFRPRWLYH SRVVRQR SURFHGHUH DQFKH D ULWURVR PD KDQQR XQ VHQVR SUHIHUHQ]LDOH GL PDUFLD 3HU FDPELDUH LO YHUVR HVLVWRQR GLYHUVL PHWRGL WUD L TXDOL ´OD SLDWWDIRUPD JLUHYROHµ SUHVHQWH LQ DOFXQH VWD]LRQL /D PDFFKLQD YLHQH IDWWD SURFHGHUH VXOOD SLDWWDIRUPD FKH FRQ OD VROD IRU]D PDQXDOH EDVWDQR SRFKL XRPLQL YLHQH IDWWD UXRWDUH GL FRVu OD ORFRPRWLYD q SURQWD SHU LQFRPLQFLDUH LO YLDJ JLR GL ULWRUQR

OD OLQHD 73/ 18252 0$&20(5 ,O WUDWWR GD 18252 SURFHGH LQ QHWWD GLVFHVD GDOOD FLWWj DL SLHGL GHOOÂ¶2UWREHQH YHUVR 3UDWR 6DUGR OD ]RQD LQGXVWULDOH GHO FDSROXRJR OH VWD]LRQL GL 2QLIHUL FLU FRQGDWR GD HQRUPL PDVVL JUDQLWLFL 2URWHOOL SDHVH GHL 7KXUSRV DQWLFKH PDVFKHUH ORFDOL $WWUDYHUVDWR LO 7LUVR Â¿XPH SL OXQJR GHOOÂ¶LVROD VL DUULYD DOOD VWD]LRQH GL 7LUVR GD GRYH Â¿QR DO HUD DWWLYR DQFKH XQ FROOHJDPHQWR Â¿QR D &KLOLYDQL 'D TXL LQ VDOLWD VL DWWUDYHUVDQR OH VWD]LRQL GL %RORWDQD LO SL JURVVR FHQWUR GHOOÂ¶DUHD /HL LQ FDUDWWHULVWLFD SRVL]LRQH SDQRUDPLFD 6LODQXV IDPRVR SHU OÂ¶DUHD QXUDJLFD GL 6DQWD 6DELQD GRYH VL WURYD ÂµRPRQLPD FKLHVHWWD %RUWLJDOL FLUFRQGDWR GD XQ WHUULWRULR ULFFR GL QXUDJKL 7LQWLUULRORV 3RQWH %LURUL DL SLHGL GHO FRVWRQH GRYH VL WURYD 0$&20(5

18252 1XRUR q OD FLWWj SL JUDQGH GHOOÂ·LQWHUQR GHOOÂ·LVROD H TXHOOD SL UDSSUHVHQWDWLYD GHL YDORUL H GHOOH WUDGL]LRQL GHOOD FXOWXUD VDUGD 'LVWHVD VX XQ DOWRSLDQR JUDQLWLFR SRVWR VRWWR LO 0RQWH 2UWREHQH P q VHGH GL DOFXQL LPSRUWDQWL PXVHL (WQRJUDÃ&#x20AC;FR &LYLFR 'HOHGGD 0$1 0XVHR GÂ·$UWH GHO OD 3URYLQFLD GL 1XRUR

1XRUR LV WKH ODUJHVW FLW\ LQ WKH LQWHULRU RI WKH LVODQG DQG UHSUHVHQWV WKH PRVW DXWKHQWLF YDOXHV RI 6DUGLQLDQ WUDGLWLRQV DQG FXOWXUH ,W VWUHWFKHV RQ D JUDQLWLF WDEOHODQG GRPLQDWHG E\ WKH 0RQWH 2U WREHQH P DQG LW LV WKH VHDW RI D IHZ LPSRUWDQW PXVHXPV (WKQRJUDSKLF 0 0XQLFLSDO 0 'HOHGGD 0 0$1 0 RI $UW RI 1XRUR SURYLQFH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD /DPDUPRUD 7HO &RPXQH 0XQLFLSDOLW\ 9LD 'DQWH 7HO 0DFRPHUÂ²1XRUR /,1($ 73/

ZZZ WUHQLQRYHUGH FRP

WKH 73/ 18252 0$&20(5 OLQH 7KH UDLOZD\ SURFHHGV LQ D VWHHS GHVFHQW IURP 18252 EHQHDWK WKH 0RQWH 2UWR EHQH WR 3UDWR 6DUGR WKH LQGXVWULDO DUHD RI WKH FKLHI WRZQ 2QLIHUL VXUURXQGHG E\ KXJH JUDQLWH ERXOGHUV 2URWHOOL IDPRXV IRU WKH 7KXUSRV DQFLHQW ORFDO PDVNV $IWHU FURVVLQJ WKH 7LUVR WKH ,VODQGÂ¶V ORQJHVW ULYHU WKHUH LV 7LUVR VWDWLRQ ZKHUH XQWLO LW ZDV DFWLYH WKH OLQN WR &KLOLYDQL )URP KHUH XSKLOO WKHUH LV %RORWDQD VWDWLRQ WKH ELJJHVW YLOODJH RI WKH DUHD /HL LQ D FKDUDFWHULVWLF SDQRUDPLF SRVLWLRQ 6LODQXV IDPRXV IRU WKH QXUDJLF DUHD RI 6DQWD 6DELQD ZKHUH WKHUH LV WKH KRPRQ\ PRXV FKXUFK %RUWLJDOL VXUURXQGHG E\ DQ DUHD ULFK RI PDQ\ QXUDJKHV 7LQWLUULR ORV 3RQWH %LURUL DW WKH IRRW RI WKH ULGJH ZKHUH WKHUH LV 0$&20(5

0$&20(5 ,Q SRVL]LRQH VWUDWHJLFD SHU L FROOHJD PHQWL QHOOÂ·LVROD 0DFRPHU VL WURYD LQ SRVL]LRQH SDQRUDPLFD DO PDUJLQH GHOOÂ·DOWRSLDQR GHO 0DUJKLQH Ã&#x2039; XQ FHQ WUR HFRQRPLFR WUD L SL DWWLYL GHOOÂ·LQWHU QR GHOOÂ·LVROD 1HO VXR WHUULWRULR VL WURYD XQD FRQFHQWUD ]LRQH GL WHVWLPRQLDQ]H QXUDJLFKH WUD OH SL DOWH GHOOÂ·LVROD

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 3LD]]D 'XH 6WD]LRQL 7HO &RPXQH 0XQLFLSDOLW\ &RUVR 8PEHUWR , 7HO 6RF &RRSHUDWLYD (VHGUD 7HO Â² )D[ ZZZ HVHGUDHVFXUVLRQL LW

,Q D IDYRXUDEOH SRVLWLRQ DW WKH ERUGHU RI WKH 0DUJKLQH WDEOHODQG 0DFRPHU LV DQ LPSRUWDQW URDG DQG UDLOURDG MXQ FWLRQ ,W LV DOVR RQH RI WKH PRVW DFWLYH HFRQRPLF FHQWUHV RI WKH LQWHULRU RI WKH LVODQG ,Q LWV WHUULWRU\ WKHUH LV RQH RI WKH KL JKHVW FRQFHQWUDWLRQ RI QXUDJKL HYLGHQ FH

0DFRPHU 1XRUR /,1($ 73/

OD OLQHD 18252 0$&20(5 %26$ NP

ZZZ WUHQLQRYHUGH FRP

WKH 18252 0$&20(5 %26$ OLQH NP Â©/XQJR LO YLDJJLR GD 1XRUR D 0DFRPHU VWHWWH VHPSUH VXO WHUUD]]LQR GHO YDJRQH VFRVVR IRU WHPHQWH GDOOÂ·XUWR GLVSHWWRVR GHO SLFFROR WUHQR 3RFD JHQWH VDOLYD R VFHQGHYD QHOOH VWD]LRQL GH VRODWH H OH DFDFLH OXQJR OD OLQHD SDUHYD FKH DVSHWWDVVHUR LO WUHQR SHU JHWWDUJOL FRQWUR QHPEL GL IRJOLROLQH JLDOOH (FFR Â² GLFHYDQR OH DFDFLH DO WUHQR Â² SUHQGL SLFFROR PRVWUR GLVSHWWRVR QRL VWLDPR VHPSUH IHUPH H WX FDPPLQL &KH FRVD SUHWHQGL GL SL "Âª *UD]LD 'HOHGGD Â´&HQHUHÂµ

Â©'XULQJ WKH MRXUQH\ IURP 1XRUR WR 0DFRPHU KH VSHQW DOO WKH WLPH RQ WKH ZDJRQ EDOFRQ\ VKDNHQ XS E\ WKH VSLWLIXO PRYHPHQW RI WKH WLQ\ WUDLQ 9HU\ IHZ SHRSOH ZHQW RQ DQG RII LQ WKH GHVHUWHG VWDWLRQV DQ DFDFLDV DORQJ WKH OLQH VH HPHG WR EH ZDLWLQJ IRU WKH WUDLQ WR WUDRZ FORXGV RI WLQ\ \HOORZ OHDYHV RQ LW 7KHUH Â² WKH DFDFLDV VDLG WR WKH WUDLQ Â² WDNH LW OLWWOH VSLWLIXO PRQVWHU ZH DUH DOZD\V VWLOO ZKLOH \RX PRYH :KDW GR \RX ZDQW PRUH"Âª *UD]LD 'HOHGGD Â´&HQHUHÂµ

/2 6$, &+( 6XOOH URWDLH YLHQH VWDPSLJOLDWR LO QRPH GHOOD GLWWD FRVWUXWWULFH 3HU PROWL FKLORPHWUL GL IHUURYLD HVLVWRQR DQFRUD OH URWDLH RULJLQDOL WUD OH TXDOL TXHOOH SURGRWWH GDOOD 6RFLHWj $QRQLPD 0HWDOOXUJLFD 7DUG\ %HQHFK QHOOR VWDELOL PHQWR GL 6DYRQD QHJOL DQQL GL FRVWUX]LRQH GHOOD IHUURYLD WUD LO H LO

OD OLQHD 0$&20(5 %26$ /D SDUWHQ]D q GDOOD 3LD]]D 6WD]LRQL FKLDPDWD FRVu SHUFKp GL IURQWH D TXHOOD $567 FÂ¶q DQFKH TXHOOD GHOOH )HUURYLH GHOOR 6WDWR 3RFR GRSR OD SDUWHQ]D VL SUH VHQWD XQD GLUDPD]LRQH D HVW q OD OLQHD 73/ SHU 1XRUR D RYHVW TXHOOD WXULVWLFD YHUVR LO PDUH 6L SURVHJXH LQ VDOLWD LQFURFLDQGR H VRWWRSDVVDQGR OD OLQHD )6 ,O SDHVDJJLR q FRQWUDGGLVWLQWR GD DPSLH GLVWHVH D SDVFROR GHOLPLWDWH GD PXUHWWL D VHFFR H GRPLQDWH GDOOD SUHVHQ]D IRUWH H UDVVLFXUDQWH GHL QXUDJKL WUD FXL LO EHQ FRQVHUYDWR 6XFFRURQLV SRFR GLVWDQWH GDOOD OLQHD 6L DUULYD QHO SXQWR SL DOWR GL TXHVWD WUDWWD LQ SURVVLPLWj GHOOD IHUPDWD GL %DUD TXRWD P H GD TXL VL SUR FHGHUj LQ OHQWD PD FRVWDQWH GLVFHVD Â¿QR DO PDUH /D VXFFHVVLYD IHUPDWD q D ODWR GHOOÂ¶DEED]LD FLVWHUFHQVH GL 6DQWD 0DULD GL &RUWH YROXWD GD *RQDULR *LXGLFH GL 7RUUHV QHO ;,, VHFROR 6L SURFHGH SDUDOOHOL DO 5LR )XUULJKHVX DIÃ&#x20AC;XHQWH GHO 7HPR H VL DUULYD DOOD VWD]LRQH GL 6LQGLD ,O PDUH QRQ VL YHGH PD VH QH SHUFHSLVFH OD YLFLQDQ]D SHU OD LQWHQVD OXPLQRVLWj SURYHQLHQWH GDOOD GLUH]LRQH YHUVR FXL LO WUHQR SURFHGH H SHU OD FUHVFHQWH LQFOLQD]LRQH GHL WURQFKL GHJOL DOEHUL SURYRFDWD GDOOD IRU]D GHO PDHVWUDOH 6L VWD SDVVDQGR LQ XQÂ¶DOWUD UHJLRQH OD 3ODQDUJLD ,O SDHVDJJLR q SL FROWLYDWR H SLDQHJJLDQWH H L SLFFROL SDHVL VL WURYDQR YLFLQL OÂ¶XQR D ULGRVVR GHOOÂ¶DOWUR 6L DUULYD DOOD VWD]LRQH GL 7LQQXUD OH FXL FDVH VRQR SUDWLFDPHQWH XQLWH D TXHOOH GL 6XQL H GL )OXVVLR SRL q OD YROWD GHOOD VWD]LRQH GL 75(6185$*+(6

75(6185$*+(6 $GXOWL $ 5 GD 0DFRPHU Â½ GD %RVD Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

7UHVQXUDJKHV q XQ SDHVH DJULFROR LO SL LPSRUWDQWH GHL FHQWUL GHOOD 3OD QDUJLD VRUWL D SLFFROD GLVWDQ]D OÂ·XQR GDOOÂ·DOWUR SHU OD IHUWLOLWj GHO WHUUHQR GL RULJLQH YXOFDQLFD

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ /DUJR 6HEDVWLDQR 0RUHWWL 7HO LQIR#FRPXQH WUHVQXUDJKHV RU LW 3UR ORFR 9LD GHJOL 2OPL

$GXOWV 5 IURP 0DFRPHU Â½ IURP %RVD Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

7UHVQXUDJKHV LV DQ DJULFXOWXUDO YLOODJH WKH PRVW LPSRUWDQW LQ 3ODQDUJLD ZKH UH WKHUH DUH QHLJKERXULQJ YLOODJHV LQ DQ DUHD RI IHUWLOH YROFDQLF VRLO

7HO VXSHUORU\ WUHV#NDWDPDLO FRP

ZZZ WUHQLQRYHUGH FRP

WKH 0$&20(5 %26$ OLQH

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Ã&#x20AC;DW DQG WKH OLWWOH YLOODJHV DUH YHU\ FORVH WR HDFK RWKHU 7KH QH[W VWDWLRQ LV WKDW RI 7LQQXUD ZKRVH KRXVHV DUH SUDFWLFDOO\ MRLQHG WR WKRVH RI 6XQL DQG )OXVVLR

OD OLQHD 0$&20(5 %26$ FRQGLYLVD FRQ 0DJRPDGDV H OD SL GLVWDQWH NP &XJOLHUL )LQDOPHQWH LO PDUH XQ RUL]]RQWH DSHUWR H OXPLQRVR VXOOD FRVWD GHOLPLWDWD D QRUG GDOOÂ¶DVSUR SURÂ¿OR GL &DSR 0DUUDUJLX H D VXG GDOOD SHQLVROD GL &DSR 0DQQX FRQ SRFR D ODUJR OD SLDWWD ,VROD GL 0DOH %HQWX QRPH VDUGR PDO WUDGRWWR LQ LWDOLDQR Â³0DO GL 9HQWUHÂ´ 6L VWD SHUFRUUHQGR LO WUDWWR SL SDQRUDPLFR GHOOD OLQHD HFFR OD IHUPDWD GL 1LJRORVX H OD VSLJRORVD &XUYD GL 1DQLR DOWD H SDQRUDPLFD VXO PDUH ,O WUHQR VL WXIID DOOÂ¶LQWHUQR LQ XQD YDOODWD QRWD SHU OD SURGX]LRQH GHOOD 0DOYDVLD OÂ¶HFFHOOHQWH YLQR GHOOD ]RQD TXLQGL ULJLUD QXRYDPHQWH SHU SXQWDUH YHUVR OD FRVWD 6XSHUDWD DQFKH OD VWD]LRQH GL 0RGROR VL SURFHGH RUD LQ SLDQR YHUVR OD VSLDJJLD GL FLRWWROL GL 7XUDV TXLQGL GRSR XQD FXUYD UHSHQWLQD VL DYDQ]D SDUDOOHOL DOOD FRVWD D SRFKL PHWUL GDOOÂ¶DFTXD $QFRUD SRFR HG HFFR LO FDSROLQHD QHOOD VWD]LRQH GL %26$ 0$5,1$ GL IURQWH DOOD IRFH GHO 7HPR

%26$ 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD &ULVWRIRUR &RORPER &RPXQH 0XQLFLSDOLW\ 9LD &DUGXFFL 7HO 6RF &RRSHUDWLYD (VHGUD 7HO Â² )D[ ZZZ HVHGUDHVFXUVLRQL LW

$GXOWL $ 5 GD 0DFRPHU Â½ , UDJD]]L SDJDQR OD PHWj

'LVWHVD VXOOD ULYD GHVWUD GHO 7HPR LQ TXH VWR WUDWWR QDYLJDELOH SHU DOFXQL FKLORPHWUL OD FLWWDGLQD q GRPLQDWD GDOOÂ·LPSRQHQWH FDVWHOOR PHGLRHYDOH GHL 0DODVSLQD VHFR OR ;,, ,O TXDUWLHUH VWRULFR 6D &RVWD H OH FRVWUX]LRQL OXQJR LO Ã&#x20AC;XPH ,V FRQ]DV VRQR HOHPHQWL FDUDWWHUL]]DQWL GHO SDHVDJJLR XU EDQR FKH OR GLIIHUHQ]LDQR GD WXWWL JOL DOWUL FHQWUL GHOOÂ·LVROD H FKH WHVWLPRQLDQR OÂ·LPSRU WDQWH SDVVDWR YLVVXWR GD %RVD VRSUDWWXWWR LQ HSRFD PHGLRHYDOH $GXOWV 5 IURP 0DFRPHU Â½ &KLOGUHQ SD\ KDOI IDUH

35(==,

)$5(6

6WUHWFKHG RXW RQ WKH ULJKW EDQN RI WKH ULYHU 7HPR LQ WKLV WUDFW WKDW LV QDYLJDEOH IRU D IHZ NLORPHWUHV WKH FLW\ RI %RVD LV GRPLQD WHG E\ WKH LPSRVLQJ 0DODVSLQD PHGLDHYDO FDVWOH 7KH KLVWRULFDO GLVWULFW RI WKH FLW\ 6D &RVWD DQG WKH EXLOGLQJV DORQJ WKH ULYHU ,V FRQ]DV UHSUHVHQW HOHPHQWV RI WKH XUEDQ ODQGVFDSH WKDW GLVWLQJXLVK LW IURP DOO RWKHU FHQWUHV RI 6DUGLQLD DQG WHVWLI\ WR WKH LP SRUWDQW SDVW RI %RVD HVSHFLDOO\ LQ PHGLD HYDO WLPHV

ZZZ WUHQLQRYHUGH FRP

WKH 0$&20(5 %26$ OLQH 7KHQ WKHUH LV 75(6185$*+(6 VWDWLRQ WKDW LV VKDUHG ZLWK 0DJRPDGDV DQG &X JOLHUL D WHQ NLORPHWUHV IURP KHUH )RU WKH Â¿UVW WLPH LW FDQ EH VHHQ WKH VHD LQ DQ RSHQ EULJKW KRUL]RQ GHOLPLWHG E\ WKH URXJK SURÂ¿OH RI &DSR 0DUUDUJLX WR WKH QRUWK WKH SHQLQVXOD RI &DSR 0DQQX WR WKH VRXWK ZLWK WKH QHDUE\ Ã&#x20AC;DW LVODQG RI 0DOÂ¶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

OD OLQHD 0$&20(5 %26$ NP

48$'52 25$5,2 7,0(7$%/( ,1 9,*25( '$/ *,8*12 $/ 6(77(0%5( /81('Ï ( 9(1(5'Ï &21 75(1, ',(6(/ 9$/,' )520 7+ -81( 72 7+ 6(37(0%(5 21/< 21 021'$< $1' )5,'$< :,7+ ',(6(/ 75$,16

0DFRPHU %RVD 0DULQD

%RVD 0DULQD 0DFRPHU

0DFRPHU %DUD 6LQGLD 7LQQXUD 7UHVQXUDJKHV 1LJRORVX 0RGROR %RVD 0DULQD

%RVD 0DULQD 0RGROR 1LJRORVX 7UHVQXUDJKHV 7LQQXUD 6LQGLD %DUD 0DFRPHU

$ %

%RVD 0DULQD 7UHVQXUDJKHV

7UHVQXUDJKHV %RVD 0DULQD

%RVD 0DULQD 7UHVQXUDJKHV

7UHVQXUDJKHV %RVD 0DULQD

$ ,Q FRLQFLGHQ]D FRQ XQ DXWREXV GD %RVD 0DULQD RUH H FRQ XQ WUHQR GD 1XRUR /D GRPHQLFD OD FRLQFLGHQ]D GD 1XRUR q JDUDQWLWD GD XQ DXWREXV LQ SDUWHQ]D DOOH % ,O ULHQWUR GD %RVD 0DULQD D 0DFRPHU q SRVVLELOH DQFKH FRQ DXWREXV LQ SDUWHQ]D DOOH & ,Q FRLQFLGHQ]D FRQ XQ WUHQR GLUHWWR D 1XRUR RUH /D GRPHQLFD OD FRLQFLGHQ]D q JDUDQWLWD GD XQ DXWREXV RUH

,O ELJOLHWWR IHUURYLDULR $ 5 YDOH DQFKH SHU OD FRUVD LQ DXWREXV /D VWD]LRQH GL %RVD 0DULQD SXz HVVHUH UDJJLXQWD GD $OJKHUR FRQ XQ DXWREXV LQ SDUWHQ]D DOOH RUH PHQ WUH LO ULHQWUR q SUHYLVWR DOOH RUH H $ ,Q FRQQHFWLRQ ZLWK D EXV IURP %RVD 0DULQD K DQG D WUDLQ IURP 1XRUR K 2Q 6XQGD\ WKH FRQQHFWLRQ LV JXDUDQWHHG E\ D EXV OHDYLQJ IURP 1XRUR DW % 7KH UHWXUQ MRXUQH\ IURP %RVD 0DULQD WR 0DFRPHU LV DOVR DVVXUHG E\ EXV WULSV OHDYLQJ DW ² ² ² & ,Q FRQQHFWLRQ ZLWK D WUDLQ WR 1XRUR K 2Q 6XQGD\ WKH FRQQHFWLRQ LV JXDUDQWHHG E\ D EXV OHDYLQJ DW K 7KH UDLO UHWXUQ WLFNHW LV DOVR YDOLG IRU WKD EXV WULS 7KH VWDWLRQ RI %RVD FDQ EH FDXJKW XS IURP $OJKHUR ZLWK D EXV LQ GHSDUWXUH WR KRXUV ZKLOH WKH UH HQWHU LV SUHYLHZHG WR KRXUV DQG

ZZZ WUHQLQRYHUGH FRP

1, ',(6(/

'$< :,7+

WKH 0$&20(5 %26$ OLQH NP $99(57(1=( ( 127,=,( 87,/,

$'9,&(6 $1' 86()8/ 127,&(6

SUHQRWDWH LQ DQWLFLSR L YRVWUL ELJOLHWWL QHL YLDJJL GD %RVD SHU 7UHQXUDJKHV GHOOD GRPHQLFD H SHU 0DFRPHU GHO PHUFROHGu VRQR SUHYLVWL GHL VHUYL]L DJJLXQWLYL D FRUUHGR GHO YLDJJLR LO SUH]]R VXELUj XQ LQFUHPHQWR

UHPHPEHU WR ERRN LQ DGYDQFH \RXU WLFNHWV RQ WKH WULSV IURP %RVD WR 7UHVQXUDJKHV RQ VXQGD\V DQG WR 0DFRPHU RQ ZHGQHVGD\V WKHUH DUH VRPH VHUYLFHV RQ ERDUG WKH SULFH ZLOO EH LQFUHDVHG

48$'52 25$5,2 7,0(7$%/( ,1 9,*25( '$/ *,8*12 $/ 6(77(0%5( 62/2 ,/ 0(5&2/('Ï ,/ 9,$**,2 6, 692/*( 62/2 68 5,&+,(67$

9$/,' )520 7+ -81( 72 7+ 6(37(0%(5 21/< 21 :('1(6'$< 7+( 75,3 &$1 %( 0$'( 21/< %< 5(48(67

%RVD 0DULQD 0DFRPHU %RVD 0DULQD 0RGROR 1LJRORVX 7UHVQXUDJKHV 7LQQXUD 6LQGLD 6 0 &RUWH %DUD 0DFRPHU $

6X DOFXQH FRUVH VRQR SUHYLVWL GHL VHUYL]L DJJLXQWLYL JXLGD GHJXVWD]LRQH HWF D FRUUHGR GHO YLDJJLR ,O SUH]]R GHO YLDJJLR SRWUj SHUWDQWR VXELUH GHJOL LQFUHPHQWL

$ ,O ULHQWUR D %RVD YLHQH HIIHWWXDWR FRQ XQ DXWREXV FKH SDUWH GD 0DFRPHU DOOH HG DUULYD D %RVD 0DULQD DOOH $ 7KH UHWXUQ MRXUQH\ IURP 0DFRPHU WR %RVD 0DULQD LV DVVXUHG E\ EXV WULS OHDYLQJ DW WKDW JHWV DW ,QIRUPD]LRQL ,QIRUPDWLRQ 7UHQLQR 9HUGH 3RLQW (VHGUD 7HO

OD OLQHD 73/ $/*+(52 6$66$5, /D VWD]LRQH GL 6$66$5, q FROOHJDWD DQFKH DOOD OLQHD SHU 6RUVR H D TXHOOD FKH SDVVD SHU 2OPHGR SDUWHQGR GDOOD EHOOD FLWWj GL PDUH $/*+(52 6L SDUWH GDOOD EHOOD VWD]LRQH GHOOH )HUURYLH GHOOR 6WDWR ,O ELQDULR $567 q GHÂ¿ODWR ULVSHWWR D TXHOOL GHOOH )6 H OR VL ULFRQRVFH GDOOH GLPHQVLRQL SL ULGRWWH 3DUWLWL VL FRVWHJJLDQR LO GHSRVLWR H OH RIÂ¿FLQH D]LHQGDOL H VL SURFHGH QHOOD SHULIHULD QRUG GL 6DVVDUL DFFRPSDJQDWL GDOOD LQWHQVD OXFH SURYHQLHQWH GDO PDUH GHO *ROIR GHOOÂ¶$VLQDUD SRFR GLVWDQWH D QRUG

$/*+(52 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 'RQ 0LQ]RQL 7HO &RPXQH 0XQLFLSDOLW\ 9LD 6DQWÂ·$QQD 7HO 2OLYD $JHQ]LH GL 9LDJJLR 7HO LQIR#DJHQ]LHROLYD LW

$OJKHUR q WUD OH SL EHOOH FLWWj GHOOÂ·LVROD H TXHOOD FKH KD VYLOXSSDWR SL GL WXWWH XQD SDUWLFRODUH YRFD]LRQH WXULVWLFD ID YRULWD GDOOD SDUWLFRODUH EHOOH]]D GHL OXR JKL H GDO YLFLQR IXQ]LRQDOH DHURSRUWR ,O QXFOHR VWRULFR q SUHVVRFKp LQWDWWR GDO 0HGLRHYR FRQ LQFDQWHYROL DWPRVIHUH FKH ULHYRFDQR L TXDWWUR VHFROL WUDVFRUVL FRPH FLWWj FDWDODQD

$OJKHURÂ²6DVVDUL /LQHD 73/

$OJKHUR LV RQH RI WKH PRVW EHDXWLIXO 6DUGLQLDQ FLWLHV DQG WKH RQH WKDW KDV PRVW GHYHORSHG D WRXULVW YRFDWLRQ WKDQ NV WR WKH EHDXW\ RI WKH SODFH DQG WKH IXQFWLRQDO QHDUE\ DLUSRUW 7KH KLVWRULFDO FHQWUH LV SUDFWLFDOO\ LQWDFW VLQFH WKH 0LGGOH $JHV ZLWK DQ HQFKDQWLQJ DWPR VSKHUH WKDW UHFDOOV WKH IRXU FHQWXULHV SDVVHG DV D &DWDODQ FLW\

ZZZ WUHQLQRYHUGH FRP

WKH 73/ $/*+(52 6$66$5, OLQH

OD OLQHD 73/ $/*+(52 6$66$5, 6L VDOH WUD ROLYHWL H RUWL DWWUDYHUVR FROOLQH FKH YHQJRQR VXSHUDWH FRQ OXQJKL YLDGRW WL 6L SDVVD SHU DOFXQH IHUPDWH )LOLJKHGGX $FKHWWDV H TXLQGL VL DUULYD DOOD EHOOD VWD]LRQH GL 26,/2 SRFR GLVWDQWH GDO SDHVH DGDJLDWR SL LQ DOWR VXO YHUVDQWH GL XQ FROOH ,O WUHQR SURVHJXH QHO SDHVDJJLR FROOLQDUH GHOOÂ¶$QJORQD DQWLFD UHJLRQH GDOOÂ¶DVSHW WR YDULDELOH DO FDPELDUH GHOOH VWDJLRQL 3HU OHJJHUH VDOLWH VL DUULYD DOOD VWD]LRQH GL )HQRVX ORFDOLWj GRYH DOHJJLD DQFRUD OD Â¿JXUD GHO IDPLJHUDWR EDQGLWR GHOOÂ¶ *LRYDQQL 7ROX &L VL WURYD QHO SXQWR SL DOWR GL TXHVWR WUDWWR GL OLQHD H GD TXL LQL]LD XQD OXQJD FRVWDQWH OHQWD GLVFHVD Â¿QR DO Â¿XPH &RJKLQDV DO FRQÂ¿QH FRQ OD *DOOXUD

6$66$5, 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LDOH 6LFLOLD 7HO &RPXQH 0XQLFLSDOLW\ 9LD &DQRSROR 7HO $OJKHUR 6DVVDUL /LQHD 73/

$GXOWL $ 5 GD 7HPSLR Â½ GD 3DODX Â½ , UDJD]]L SDJDQR OD PHWj

6DVVDUL q OD VHFRQGD FLWWj VDUGD H OD SL LPSRUWDQWH GHO QRUG GHOOÂ·LVROD 'X UDQWH OD GRPLQD]LRQH VSDJQROD IX LO FD SROXRJR GHO FRVLGGHWWR &DSR GL 6RSUD H VHGH GHOOD SULPD XQLYHUVLWj VDUGD ,O FDUDWWHULVWLFR FHQWUR VWRULFR OH WDQWH FKLHVH OH EHOOH SLD]]H H OÂ·LPSRUWDQWLV VLPR 0XVHR 6DQQD VRQR HOHPHQWL GL JUDQGH ULFKLDPR $GXOWV 5 IURP 7HPSLR Â½ IURP 3DODX Â½ &KLOGUHQ SD\ KDOI IDUH

35(==,

)$5(6

6DVVDUL LV WKH VHFRQG 6DUGLQLDQ FLW\ DQG WKH PRVW LPSRUWDQW RQH LQ WKH QRUWK RI WKH LVODQG 8QGHU WKH 6SDQLVK GRPLQDWLRQ LW EHFDPH WKH FDSLWDO RI WKH VR FDOOHG &DSR GL 6RSUD DQG WKH VHDW RI WKH Ã&#x20AC;UVW 6DUGLQLDQ XQLYHUVLW\ 7KH FKDUDFWHULVWLF FLW\ FHQ WUH WKH PDQ\ FKXUFKHV WKH EHDXWL IXO VTXDUHV DQG WKH YHU\ LPSRUWDQW 0XVHR 6DQQD DUH IHDWXUHV RI JUHDW DWWUDFWLRQ

ZZZ WUHQLQRYHUGH FRP

WKH 73/ $/*+(52 6$66$5, OLQH 7KH VWDWLRQ RI 6$66$5, LV DOVR FRQQHFWHG WR WKH OLQH WR 6RUVR DQG WR WKDW SDVVLQJ WKURXJK 2OPHGR VWDUWLQJ IURP WKH EHDWLIXO VHDVLGH FLW\ RI $/*+(52 7KH GHSDUWXUH LV IURP WKH Â¿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Â¿JXUH RI WKH EULJDQG *LRYDQQL 7ROX VWLOO Ã&#x20AC;XWWHUV KHUH 7KLV LV WKH KL JKHVW SRLQW RI WKLV VWUHWFK RI OLQH DQG IURP KHUH LW EHJLQV D ORQJ JUDGXDO DQG VWHDG\ GHVFHQW WR WKH &RJKLQDV ULYHU DW WKH ERUGHU ZLWK WKH

$GXOWL $ 5 GD 6DVVDUL Â½ , UDJD]]L SDJDQR OD PHWj

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ YLD 6DQQD 7ROX 7HO )D[

35(==,

/D VWD]LRQH q DOOD EDVH GHO SDHVH DGD JLDWR SL LQ DOWR VXO ULSLGR SHQGLR GL XQ FROOH VXOOD FXL SXQWD URFFLRVD GRPLQD LO FDVWHOOR GHL 0DODVSLQD VHF ;,,,

3UR ORFR YLD 'RUJDOL 7HO

$GXOWV 5 IURP 6DVVDUL Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

7KH VWDWLRQ LV EHORZ WKH YLOODJH O\LQJ LQ WKH VWHHS VORSH RQ D URFN\ KLOO LQ ZKLFK WKHUH LV WKH 0DODVSLQD FDVWOH VHF ;,,,

OD OLQHD 6$66$5, 18/9, 3$/$8 NP

ZZZ WUHQLQRYHUGH FRP

WKH 6$66$5, 18/9, 3$/$8 OLQH NP

/D VWD]LRQH GL 6DVVDUL q FROOHJDWD DQFKH DOOD OLQHD SHU 6RUVR H D TXHOOD FKH SDVVD SHU 2OPHGR SDUWHQGR GDOOD EHOOD FLWWj GL PDUH $OJKHUR 7KH VWDWLRQ RI 6DVVDUL LV DOVR FRQQHFWHG WR WKH OLQH WR 6RUVR DQG WR WKDW SDVVLQJ WKURXJK 2OPHGR VWDUWLQJ IURP WKH EHDXWLIXO VHDVLGH FLW\ RI $OJKHUR

/2 6$, &+( ,O URGLJJLR ULDVVXPH OH FDUDWWHULVWLFKH GL XQD ORFRPRWLYD LQGLFD LO QXPHUR GHOOH VDOH PRWULFL H GHOOH VDOH SRUWDQWL (VLVWRQR GLYHUVH FRGLÃ&#x20AC;FKH WUD OH SL XVDWH TXHOOD QXPHULFD LO FXL YD ORUH LQGLFD LO QXPHUR GHJOL DVVL VXFFHVVLYL GHOOR VWHVVR JHQHUH /D 5HJJLDQH KD LO URGLJJLR Â² Â²

OD OLQHD 6$66$5, 18/9, 3$/$8 /D VWD]LRQH VXFFHVVLYD q TXHOOD GL 18/9, LO FHQWUR SL LPSRUWDQWH GHOOD ]RQD QHO FXL WHUULWRULR VL WURYDQR WDQWH WUDFFH GHO SDVVDWR WUD FXL LO 1XUDJKH ,UUX D ODWR GHOOD OLQHD ,O YLDJJLR FRQWLQXD WUD OH PHVDV OH FDUDWWHULVWLFKH FROOLQH GHOOD ]RQD FKH DVVRPLJOLD QR D TXHOOH GHO IDU ZHVW DPHULFDQR HG HFFR OD VWD]LRQH GL 0$57,6 SDHVH QHO FXL WHUULWRULR VL WURYD OD IRUHVWD SLHWULÂ¿FDWD GL &DUUXFDQD /DHUUX q OD VWD]LRQH VXFFHV VLYD VHJXLWD GD TXHOOD GL 3(5)8*$6 SL LQ EDVVR ULVSHWWR DO SDHVH UHVR IDPRVR GDO UHWDEOR FXVWRGLWR QHOOD SDUURFFKLDOH H GDO SR]]R QXUDJLFR WUD OH FDVH ,O WUHQR SURFHGH RUD SHU XQD SLDQD YHUGH H FROWLYDWD YHUVR L PRQWL GHOOD *DOOXUD 6RSUD XQ EHO YLDGRWWR VL VXSHUD LO &RJKLQDV LO WHU]R Â¿XPH SL OXQJR GHOOÂ¶LVROD H VL SDVVD

18/9, $GXOWL $ 5 GD 6DVVDUL Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

Ã&#x2039; LO SL LPSRUWDQWH FHQWUR GHOOD UH JLRQH GHOOÂ·$QJORQD H WUD L SL DQWLFKL Ã&#x2039; FDUDWWHUL]]DWR GDOOÂ·LPSRQHQWH WRUUH FDPSDQDULD GHOOD SDUURFFKLDOH GHOOD 9HUJLQH $VVXQWD GL IRUPD RWWDJRQDOH YLFLQR q OÂ·RUDWRULR GL 6DQ )LOLSSR GRYH VRQR FXVWRGLWL L WUH JLJDQWHVFKL FDQGH OLHUL FKH UDSSUHVHQWDQR L WUH JUHPL GHO SDHVH 'L SDUWLFRODUH LQWHUHVVH VRQR LO 0XVHR GÂ·$UWH 6DFUD H OD 0RVWUD (WQR JUDÃ&#x20AC;FD SHUPDQHQWH $GXOWV 5 IURP 6DVVDUL Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

1XOYL LV WKH PRVW LPSRUWDQW WRZQ LQ $QJORQD UHJLRQ DV ZHOO DV RQH RI WKH ROGHVW ,W LV FKDUDFWHUL]HG E\ WKH LP SRVLQJ RFWDJRQDO EHOIU\ RI WKH SDULVK RI WKH 9HUJLQH $VVXQWD QHDU WR WKH RUDWRU\ RI 6DLQW 3KLOLS ZKHUH WKH WKUHH JLJDQWLF FDQGOHVWLFNV UHSUHVHQWLQJ WKH WKUHH JUHPL FDWHJRULHV RI SHRSOH RI WKH YLOODJH DUH NHSW 3DUWLFXODUO\ LQWHUHVWLQJ LV WKH 0XVHXP RI 6DFUHG $UW DQG WKH SHUPDQHQW HWKQRJUDSKLF H[KLELWLRQ

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ &RUVR 9 (PDQXHOH 7HO

ZZZ WUHQLQRYHUGH FRP

WKH 6$66$5, 18/9, 3$/$8 OLQH *DOOXUD UHJLRQ 7KH QH[W VWDWLRQ LV WKDW RI 18/9, WKH PRVW LPSRUWDQW FHQWUH RI WKH DUHD ZKHUH WKH UH DUH PDQ\ WUDFHV RI WKH SDVW VXFK DV WKH 1XUDJKH ,UUX EHVLGH WKH OLQH 7KH WULS FRQWLQXHV DW WKH IRRW RI WKH PHVDV WKH FKDUDFWHULVWLF KLOOV RI WKLV UHJLRQ WKDW VHHP WKRVH RI WKH $PHULFDQ IDU ZHVW ODQGVFDSH +HUH LV WKH VWDWLRQ RI 0$57,6 LQ ZKRVH WHUULWRU\ LV WKH SHWULÂ¿HG IRUHVW RI &DUUXFDQD /DHUUX LV WKH QH[W VWDWLRQ IROORZHG E\ WKDW RI 3(5)8*$6 LQ D ORZHU SRVLWLRQ WKDQ WKH WRZQ IDPRXV IRU WKH ZRQGHUIXO UHWDEOR LQVLGH WKH SDULVK FKXUFK DQG IRU WKH QXUDJKLF ZHOO DPRQJ WKH FHQWUH KRXVHV 1RZ WKH WUDLQ SURFHHGV DFURVV D JUHHQ DQG FXOWLYDWHG YDOOH\ WRZDUGV WKH *DOOXUD PRXQWDLQV 2Q D Â¿QH EULGJH LW FURVVHV WKH

0$57,6 $GXOWL $ 5 GD 6DVVDUL Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

,O SDHVH GL 0DUWLV VL WURYD DO FHQWUR GHOOÂ·$QJORQD ,O WHUULWRULR FRQVHUYD ]RQH GL JUDQGH LQWHUHVVH SDHVDJJLVWLFR H DPELHQWDOH FRPH OD &DVFDWD GL 7ULXOLQWDV H OD SURIRQGD JROD GL %DGGH 7UDHV $O PDUJLQH GHOOÂ·DELWDWR VL WURYD OD FKLHVD GL 6DQ 3DQWDOHR FRVWUXLWD DJOL LQL]L GHO ;,9 VHFROR GRYH DL SLHGL GHOOD FROOLQD LQ FXL VRUJH VL HVWHQGH OD IDPRVD IRUHVWD SLHWULÃ&#x20AC;FDWD GL &DUUXFDQD ULFFD GL WURQFKL VLOLFL]]DWL FLRq FRQ WXWWH OH SDUWL OLJQHH HVDWWDPHQWH WUDVIRUPDWH LQ URFFLD $GXOWV 5 IURP 6DVVDUL Â½ &KLOGUHQ SD\ KDOI IDUH

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 7ULHVWH 7HO

)$5(6

7KH YLOODJH RI 0DUWLV LQ WKH FHQWHU RI $QJORQD FRXQWU\ VLGH 7KH WHUULWRU\ UHWDLQV DUHDV RI JUH DW VFHQLF DQG HQYLURQPHQWDO LQWHUHVW VXFK WKH 7ULXOLQWDV ZDWHUIDOO DQG WKH GHHS JRUJH RI %DG GH 7UDHV $W WKH HGJH RI WRZQ LV WKH FKXUFK RI 6DQ 3DQWD OHR EXLOW LQ WKH HDUO\ IRXUWHHQWK FHQWXU\ ZKHUH DW WKH IRRW RI WKH KLOO RI ZKLFK LV ORFDWHG ZH FDQ Ã&#x20AC;QG WKH IDPRXV SHWULÃ&#x20AC;HG IRUHVW RI &DUUXFDQD ULFK RI VLOLFLÃ&#x20AC;HG WUXQNV RI WUHHV ZLWK DOO ZRRGHQ SDUWV H[DFWO\ WUDQVIRUPHG LQWR URFN

OD OLQHD 6$66$5, 18/9, 3$/$8 DWWUDYHUVR XQD YHJHWD]LRQH YLD YLD SL Â¿WWD SUHQGHQGR TXRWD FRQ DPSL WRUQDQWL 6X SHUDWD OD IHUPDWD GL 6FDOD 5XLD LO YLDJJLR VL VYROJH VX XQR GHL WUDWWL SL VXJJHVWLYL GHOOÂ¶LQWHUD OLQHD DWWUDYHUVR XQ SDHVDJJLR FRQWUDGGLVWLQWR GDO JUDQLWR H GDOOD TXHUFLD GD VXJKHUR VLPEROL GHOOÂ¶LQWHUQR GHOOD *DOOXUD ,O ODYRUR GHL FRVWUXWWRUL GHOOD IHUURYLD SHU VDOLUH VX TXHVWH PRQWDJQH GHYH HVVHUH VWDWR DUGXR q XQD VXFFHVVLRQH GL YLDGRWWL H GL JDOOHULH WUD OH TXDOL TXHOOD GL %RUWL JLDGDV DXWHQWLFR FDSRODYRUR GÂ¶LQJHJQHULD IRUPDWD GD XQD VSLUDOH OXQJD SL GL PHWUL VFDYDWD DOOÂ¶LQWHUQR GHOOD PRQWDJQD 'RSR OD VWD]LRQH GL %RUWLJLDGDV DG DOFXQL FKLORPHWUL GDO SDHVH H TXHOOD VXFFHVVLYD GL $JJLXV FHQWUR GRPLQDWR GDO FDUDWWHUL VWLFR SURÂ¿OR VHJKHWWDWR GHL VXRL PRQWL VL DUULYD DO SXQWR SL DOWR GL WXWWD TXHVWD OLQHD D SL GL PHWUL GL TXRWD QHOOD EHOOD VWD]LRQH GL 7(03,2 UHDOL]]DWD QHO LQ VRVWLWX]LRQH GHOOD SL DQWLFD GHO 'D YHGHUH QHOOD VDOD GÂ¶DWWHVD L TXDGUL

3(5)8*$6 $GXOWL $ 5 GD 6DVVDUL Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

/D VWD]LRQH q LQ EDVVR ULVSHWWR DO SD HVH FKH KD OD FDUDWWHULVWLFD GL DYHUH WUD OH FDVH QHO FHQWUR XQ EHQ FRQVHU YDWR SR]]R QXUDJLFR LQ SLHWUD ELDQFD 'L IURQWH VL WURYD OD SDUURFFKLDOH GHOOD 0DGRQQD GHJOL $QJHOL FKH FXVWRGLVFH LO IDPRVR UHWDEOR GL 6DQ *LRUJLR VHFROR ;,9 3HUIXJDV q DQFKH VHGH GL XQ LQWH UHVVDQWH 0XVHR $UFKHRORJLFR H 3DOHR ERWDQLFR

$GXOWV 5 IURP 6DVVDUL Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD /D 0DUPRUD 7HO

7KH VWDWLRQ LV EHORZ WKH YLOODJH WKDW KDV WKH SHFXOLDULW\ WR KDYH D ZHOO SUH VHUYHG 1XUDJKLF VDFUHG ZHOO PDGH RI ZKLWH VWRQH ,Q IURQW RI LW WKHUH LV WKH SDULVK FKXUFK RI WKH 0DGRQQD GHJOL $QJHOL WKDW KRVWV WKH IDPRXV UHWDEOR RI 6DLQW *HRUJH ;,9 3HUIXJDV LV DOVR WKH VHDW RI DQ LQWHUHVWLQJ $UFKDHRORJL FDO DQG 3DODHRERWDQLFDO 0XVHXP

$VVRFLD]LRQH 7XULVWLFD 3UR ORFR 7HO ZZZ SURORFRSHUIXJDV LW

ZZZ WUHQLQRYHUGH FRP

WKH 6$66$5, 18/9, 3$/$8 OLQH &RJKLQDV WKH WKLUG ORQJHVW ULYHU LQ WKH LVODQG DQG UXQV WKURXJK D JUDGXDOO\ WKL FNHU YHJHWDWLRQ DQG ULVHV ZLWK ODUJH VKDUS WXUQV $IWHU WKH 6FDOD 5XLD VWRS WKH WULS LV QRZ WDNLQJ SODFH DFURVV RQH RI WKH PRVW EHDXWLIXO WUDFWV RI WKH HQWLUH OLQH WKURX JK D ODQGVFDSH PDUNHG E\ JUDQLWH DQG FRUN RDN V\PEROV RI WKH LQWHULRU RI *DOOXUD +HUH WKH URXJKQHVV RI ODQG PDGH YHU\ GLIÂ¿FXOW WKH ZRUN RI UDLOZD\ FRQVWUXFWLRQ WKHUH LV D VXFFHVVLRQ RI YLDGXFWV DQG WXQQHOV LQFOXGLQJ WKH %RUWLJLDGDV WXQQHO DQ DXWKHQWLF HQJLQHHULQJ PDVWHUSLHFH PDGH XS RI D VSLUDO LQVLGH WKH PRXQWDLQ RI RYHU PHWUHV $IWHU WKH VWDWLRQ RI %RUWLJLDGDV D IHZ NLORPHWUHV IURP WKH YLOODJH DQG WKDW RI $JJLXV D WRZQ GRPLQDWHG E\ WKH FKDUDFWHULVWLF SURÂ¿OH RI LWV PRXQWDLQV WKH WUDLQ UHDFKHV WKH KLJKHVW SRLQW RI WKH HQWLUH OLQH DW WKH EHDXWLIXO VWDWLRQ RI 7(03,2 PRUH WKDQ PHWUHV EXLOW LQ LQ SODFH RI WKH ROGHU RQH GDWLQJ ,Q LWV ZDLWLQJ URRP WKHUH DUH VRPH SLFWXUHV RI WKH SDLQWHU %LDVL DQG LQ WKH ROG ZRUNVKRS

7(03,2 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ 3LD]]D *DOOXUD 7HO

$GXOWL $ 5 GD 6DVVDUL Â½ GD 3DODX Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

3RVWR VX XQ DOWRSLDQR VLWXDWR LQ EHOOD SRVL]LR QH VRWWR L PRQWL GHO /LPEDUD 7HPSLR KD XQ FD UDWWHULVWLFR FHQWUR VWRULFR FRQ FDVH LQ JUDQLWR GDOOÂ·DUFKLWHWWXUD VHPSOLFH HG HOHJDQWH q FKLD PDWD Â´FLWWj GL SLHWUDÂµ ,O VXROR q ULFFKLVVLPR GL IRQWL OH FXL DFTXH PLQHUDOL YHQJRQR XWLOL]]DWH QHOOH WHUPH FLWWDGLQH $QFKH OD VWD]LRQH q GH JQD GL ULOLHYR FRQ OD VDOD GÂ·DVSHWWR DEEHOOLWD GDL TXDGUL GL %LDVL H OÂ·DQWLFD RIÃ&#x20AC;FLQD IHUURYLDULD FRQ L PDFFKLQDUL RULJLQDOL GL Ã&#x20AC;QH Â¶

$GXOWV 5 IURP 6DVVDUL Â½ IURP 3DODX Â½ &KLOGUHQ SD\ KDOI IDUH

)$5(6

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

OD OLQHD 6$66$5, 18/9, 3$/$8 GHO SLWWRUH %LDVL H LO PXVHR QHOOÂ¶DQWLFD RIÂ¿FLQD GRYH q ULSURSRVWD OÂ¶DWPRVIHUD IHU URYLDULD GL Â¿QH Âµ 'D TXL LO YLDJJLR SURVHJXLUj LQ GLVFHVD Â¿QR DO PDUH 6L SDVVD DWWUDYHUVR ]RQH LQGXVWULDOL FRQ VWDELOLPHQWL SHU OD ODYRUD]LRQH GHO VXJKHUR H GHO JUDQLWR 6XSHUDWD OD VWD]LRQH GL 1XFKLV IUD]LRQH GL 7HPSLR VL DUULYD LQ TXHOOD GL /85$6 GD GRYH Â¿QR DO XQ DOWUR WURQFR SRUWDYD DWWUDYHUVR LO /LPEDUD Â¿QR DOOD VWD]LRQH GL 0RQWL H DOOD FRQJLXQ]LRQH FRQ OH OLQHH )6 WUDWWR LQ SDUWH XWLOL]]D ELOH FRPH SLVWD FLFODELOH 'RSR OD IHUPDWD GL &$/$1*,$186 LO WUHQR SURFHGH PDQWHQHQGRVL DO ERUGR GL XQ YDOORQH H FRVWHJJLDQGR XQD FXULRVD FDVD ULFDYDWD GD XQ JURVVR EORFFR JUDQLWLFR 'RSR OH DOWUH IHUPDWH GL 6DQ /HRQDUGR H GL 5LX 3LDWX VL ODPELVFH LO /DJR GHO /LVFLD H VL DUULYD DOOD JUD]LRVD VWD]LRQH GL 6DQWÂ¶$QWRQLR LO FXL SDHVH ULPDQH SRFR VRSUD

/85$6 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 1D]LRQDOH 7HO 6DUGD 7HUUD %XGRQL 7HO LQIR#VDUGDWHUUD FRP ZZZ VDUGDWHUUD FRP $GXOWL $ 5 GD 6DVVDUL Â½ GD 3DODX Â½ , UDJD]]L SDJDQR OD PHWj

35(==,

$GXOWV 5 IURP 6DVVDUL Â½ IURP 3DODX Â½ &KLOGUHQ SD\ KDOI IDUH

/D VWD]LRQH VL WURYD SRFR GLVWDQWH GDO SDHVH SL YLFLQD D &DODQJLDQXV GD TXL VL GLSDUWLYD XQ DOWUR WUDWWR VPDQWHOODWR GDO Â¶ FKH DWWUDYHU VDYD L PRQWL GHO /LPEDUD FROOHJDQGRVL DOOD UHWH )6 D 0RQWL ,O SDHVH q SRVWR VX XQ SRJJLR DELWDWR VLQ GDOOÂ·DQWLFKLWj FRPH WHVWLPRQLDWR GDOOÂ·DOWD FRQ FHQWUD]LRQH LQ ]RQD GL VHSROWXUH GROPHQLFKH $O]ROHGGD &LXOHGGD %LOOHOOD /DGDV FRVWUXLWH D SDUWLUH GDO ,9 PLOOHQQLR D & 1HO FHQWUR VL WURYD OD SDUURFFKLDOH LQ JUDQLWR GHO OD 9HUJLQH GHO 5RVDULR H OÂ·LQWHUHVVDQWH PXVHR HWQRJUDÃ&#x20AC;FR *DOOXUDV

)$5(6

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

ZZZ WUHQLQRYHUGH FRP

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Â¿QDOO\ DUULYHV DW WKH QLFH VWDWLRQ RI 6DQWÂ¶$QWRQLR ZKRVH WRZQ FHQWUH DSSHDUV

&$/$1*,$186 $GXOWL $ 5 GD 6DVVDUL Â½ GD 7HPSLR Â½ GD 3DODX , UDJD]]L SDJDQR OD PHWj 35(==,

&HQWUR DJULFROR HG LQGXVWULDOH VHGH GL QXPHURVL VWDELOLPHQWL SHU OD ODYRUD]LRQH GHO JUDQLWR H VR SUDWWXWWR GHO VXJKHUR ,O FHQWUR VWRULFR q IRUPD WR GD YLX]]H H FDVH LQ JUDQLWR D YLVWD $JULFXOWXUDO DQG LQGXVWULDO FHQWHU VHDW IRU PDQ\ SODQWV IRU SURFHVVLQJ JUDQLWH DQG FRUN 7KH ROG WRZQ FHQWHU KDV QDUURZ VWUHHWV DQG KRXVHV PDGH RI H[SRVHG JUDQLWH

$GXOWV 5 IURP 6DVVDUL Â½ IURP 7HPSLR Â½ IURP 3DODX &KLOGUHQ SD\ KDOI IDUH )$5(6

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 6 $QWRQLR 7HO 3UR ORFR 9LD 6 $QWRQLR 7HO

6 $1721,2 $GXOWL $ 5 GD 6DVVDUL Â½ GD 7HPSLR Â½ GD 3DODX , UDJD]]L SDJDQR OD PHWj 35(==,

6DQWÂ·$QWRQLR GL *DOOXUD QHO FXL WHUULWRULR VL WURYD QR QXPHURVH FDYH GL JUDQLWR H LO ODJR DUWLÃ&#x20AC;FLDOH GHO Ã&#x20AC;XPH /LVFLD 6DQWÂ·$QWRQLR GL *DOOXUD LQ LWV WHUULWRU\ WKHUH DUH PDQ\ JUDQLWH TXDUULHV DQG WKH DUWLÃ&#x20AC;FLDO ODNH RI /LVFLD ULYHU

$GXOWV 5 IURP 6DVVDUL Â½ IURP 7HPSLR Â½ IURP 3DODX &KLOGUHQ SD\ KDOI IDUH )$5(6

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( &RPXQH 0XQLFLSDOLW\ 9LD 3ULQFLSH 8PEHUWR 7HO 3UR ORFR 9LD 5 (OHQD 7HO SURORFR VDJ#JPDLO FRP

OD OLQHD 6$66$5, 18/9, 3$/$8 4XLQGL VL SDVVD VX XQ EHO YLDGRWWR FRVWUXLWR FRQ XQD YDULDQWH QHJOL DQQL Âµ LQ VRVWLWX]LRQH GL TXHOOL SL DQWLFKL FKH VL YHGRQR SL DOOÂ¶HVWHUQR GHOOD FXUYD H DW WUDYHUVDWD XQD JDOOHULD LO SDHVDJJLR FDPELD GL QXRYR LQ VHTXHQ]D VL DUULYD DOOH IHUPDWH GL 2GGDVWUX &DSLFKHUD YLFLQD DOOÂ¶DUHD DUFKHRORJLFD GL /L 0XUL &DOGRVD H TXLQGL DOOD VWD]LRQH GL $5=$&+(1$ SRFR GLVWDQWH GDO SDHVH FHQWUR SULQFLSDOH GHOOD &RVWD 6PHUDOGD ,O PDUH q YLFLQR VL VHQWH PD QRQ OR VL YHGH DQFRUD 2FFRUUH SURFHGHUH SHU TXDOFKH FKLORPHWUR YHUVR QRUG SDUDOOHOL DOOD VWUDGD VWDWDOH H SRL GRSR XQD JUDQ FXUYD HFFR FKH VL DSUH XQR VWUDRUGLQDULR SDQRUDPD VX XQR GHL SRVWL SL EHOOL LQ DVVROXWR LO PDUH H OD FRVWD GHOOD *DOOXUD H SRFR GLVWDQWH OÂ¶DUFLSHODJR GL /D 0DGGDOHQD 6L DUULYD DOOD SULPD VWD]LRQH GL 3$/$8 H GRSR FLUFD XQ FKLORPHWUR H XQ LQVROLWR VFDPELR OÂ¶DVWD GL PDQRYUD VL DUULYD DOOD VHFRQGD VWD]LRQH GHO SDHVH VXO PROR GL IURQWH DOOÂ¶LPEDUFR GHL WUDJKHWWL SHU OH LVROH

$5=$&+(1$ $GXOWL $ 5 GD 6DVVDUL Â½ GD 7HPSLR Â½ GD 3DODX , UDJD]]L SDJDQR OD PHWj 35(==,

Ã&#x2039; XQR GHL SROL WXULVWLFL SL FRQRVFLXWL QHO PRQGR H VHGH GHO &RQVRU]LR &RVWD 6PHUDOGD FUHDWR QHO GDOOÂ·$JD .KDQ .DULP 2OWUH DOOD FRVWD DQFKH OÂ·HQWURWHUUD KD LO VXR IDVFLQR FRQ L PLVWH ULRVL FLUFROL SUHQXUDJLFL GL /L 0XUL H OH LPSRQHQWL WRPEH GHL JLJDQWL GL /L /ROJKL H &RGGX 9HFFKLX

$GXOWV 5 IURP 6DVVDUL Â½ IURP 7HPSLR Â½ IURP 3DODX &KLOGUHQ SD\ KDOI IDUH )$5(6

,W LV RQH RI WKH PRVW LPSRUWDQW WRXULVW SROHV LQ WKH ZRUOG DQG VHDW RI WKH &RVWD 6PHUDOGD &RQVRUWLXP IRXQGHG LQ E\ WKH $JD .KDQ .DULP 7KH LQWHULRU WRR LV RI DQ H[WUDRUGLQDU\ QDWXUDOLVWLF DQG DUFKDHRORJLFDO LQWHUHVW ZLWK WKH SUH 1XUDJLF FLUFOHV RI /L 0XUL DQG WKH LPSR VLQJ WRPEV RI WKH JLDQWV RI /L /ROJKL DQG &RGGX 9HFFKLX

5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ 9LD )LUHQ]H 7HO

ZZZ WUHQLQRYHUGH FRP

WKH 6$66$5, 18/9, 3$/$8 OLQH IXUWKHU XS 7KHQ WKH WULS FRQWLQXHV RYHU DQ LPSRVLQJ YLDGXFW EXLOW XS LQ WKH Â¿IWLHV LQ UHSODFHPHQW RI ROGHU RQHV WKDW FDQ EH VHHQ LQ WKH RXWHU VLGH RI WKH EHQG DQG FURVVHG D WXQQHO WKH ODQGVFDSH FKDQJHV RQFH PRUH LQ TXLFN VXFFHVVLRQ WKH WUDLQ SDVVHV RYHU WKH VWRSV RI 2GGDVWUX &DSLFKHUD QHDUE\ WKH DUFKDHRORJLFDO DUHD RI /L 0XUL &DOGRVD DQG WKHQ WKH VWDWLRQ QRW IDU IURP $5=$&+(1$ YLOODJH WKH PDLQ FHQWUH RI &RVWD 6PHUDOGD :H FDQ IHHO WKH SUHVHQFH RI WKH VHD EXW FDQQRW VHH LW \HW ZH KDYH WR SURFHHG QRUWKZDUGV IRU D IHZ NLORPHWUHV LQ SDUDOOHO WR WKH QDWLRQDO URDG DQG Â¿QDOO\ DIWHU D ELJ EHQG WKH VHD DSSHDUV MXVW LQ IURQW RI XV ZLWK DQ H[WUDRUGLQDU\ YLHZ RI RQH RI WKH PRVW EHDXWLIXO SODFHV WKH VHD DQG WKH FRDVW RI WKH *DOOXUD UHJLRQ DQG WKH QRW IDU DUFKLSHODJR RI /D 0DGGDOHQD 7KH WUDLQ UHDFKHV WKH Â¿UVW VWDWLRQ RI 3$/$8 DQG DIWHU DERXW D NLORPHWUH DQG XQXVXDO SRLQWV WKH VHFRQG VWDWLRQ WKH 3DODX 0DULQD WHUPLQXV LV RQ WKH TXD\ LQ IURQW RI WKH IHUU\ VHUYLFH IRU WKH LVODQGV

3$/$8 5,)(5,0(17, /2&$/, /2&$/ 5()(5(1&( 6WD]LRQH 6WDWLRQ 9LD 6WD]LRQH 7HO &RPXQH 0XQLFLSDOLW\ 3LD]]D GHO &RPXQH 7HO

$GXOWL $5 GD 6DVVDUL Â½ GD 7HPSLR Â½ , UDJD]]L SDJDQR OD PHWj 35(==,

$GXOWV 5 IURP 6DVVDUL Â½ IURP 7HPSLR Â½

,O SDHVH VRUJH LQ XQÂ·DUHD SUDWLFDPHQWH GLVD ELWDWD Ã&#x20AC;QR D GXHFHQWR DQQL ID XQ JURVVR LP SXOVR DOOD FUHVFLWD GHULYz GDOOD SRVL]LRQH GL FROOHJDPHQWR FRQ /D 0DGGDOHQD GDOOÂ·HVVHUH LO FDSROLQHD GHOOD IHUURYLD H XOWLPDPHQWH GDOOR VYLOXSSR GHOOÂ·LQGXVWULD WXULVWLFD /XQJR OD FRVWD VL WURYD LO IDPRVR &DSR GÂ·2UVR FRQ OD FXULRVD URFFLD JUDQLWLFD HURVD D IRUPD GHOOÂ·DQLPDOH VH JQDODWD DQFKH GDOOÂ·DOHVVDQGULQR 7RORPHR QHOOD SULPD FDUWD JHRJUDÃ&#x20AC;FD GHOOD 6DUGHJQD

3DODX LV LQ DQ DUHD SUDFWLFDOO\ XQLQKDELWHG XS WR WZR FHQWXULHV DJR D ELJ LPSXOVH IRU WKH JURZWK FDPH IURP LWV JHRJUDSKLFDO SRVLWLRQ WKDW OLQNV LW WR /D 0DGGDOHQD IRU EHLQJ WKH UDLOZD\ WHUPL QXV DQG ODWHO\ IRU WKH GHYHORSPHQW RI WKH WRX ULVW LQGXVWU\ 1HDUE\ RQ WKH FRDVW WKHUH LV WKH IDPRXV &DSR GÂ·2UVR ZLWK WKH FXULRXV JUDQLWLF URFN HURGHG LQ WKH VKDSH RI WKH DQLPDO EHDU WKDW ZDV DOVR NQRZQ E\ WKH IDPRXV $OH[DQGULDQ JHRJUDSKHU 3WROHP\ ZKR TXRWHV LW LQ WKH Ã&#x20AC;UVW JHRJUDSKLF PDS RI 6DUGLQLD

)$5(6

OD OLQHD 6$66$5, 18/9, 3$/$8 NP

48$'52 25$5,2 7,0(7$%/( ,1 9,*25( '$/ *,8*12 $/ 6(77(0%5( &21 75(1, ',(6(/ 9$/,' )520 7+ -81( 72 7+ 6(37(0%(5 :,7+ ',(6(/ 75$,16

6DVVDUL 7HPSLR 3DODX

9HQHUGu 6DVVDUL $ )LOLJKHGGX $FKHWWDV 2VLOR )HQRVX 1XOYL 0HUFROHGu 3R]]R 6DFUR *LRYHGu 0DUWLV 6DEDWR /DHUUX 3HUIXJDV &RJKLQDV 6FDOD 5XLD *DOOHULD HOLFRLGDOH %RUWLJLDGDV $JJLXV 7HPSLR & /XUDV /DJR GHO /LVFLD $U]DFKHQD 3DODX 0DULQD

3DODX 7HPSLR 6DVVDUL

0HUFROHGu 9HQHUGu *LRYHGu 6DEDWR 3DODX 0DULQD $U]DFKHQD /DJR GHO /LVFLD /XUDV 7HPSLR ' ' $JJLXV %RUWLJLDGDV *DOOHULD HOLFRLGDOH 6FDOD 5XLD &RJKLQDV 3HUIXJDV /DHUUX 0DUWLV 3R]]R 6DFUR 1XOYL )HQRVX 2VLOR $FKHWWDV )LOLJKHGGX 6DVVDUL %

$99(57(1=( ( 127,=,( 87,/,

$'9,&(6 $1' 86()8/ 127,&(6

SUHQRWDWH LQ DQWLFLSR L YRVWUL ELJOLHWWL LO YLDJJLR VX WXWWD OD OLQHD q PROWR OXQJR GD IDUVL LQ JLRUQDWD FRQ EUHYH VRVWD DOOÂ·DUULYR SXz HVVH UH HIIHWWXDWR VROR GD Â´YLDJJLDWRUL QR OLPLWVÂµ VDEDWR LO ULHQWUR D 3DODX YLHQH VYROWR LQ DXWREXV

UHPHPEHU WR ERRN LQ DGYDQFH \RXU WLFNHWV WKH WULS DORQJ WKH ZKROH OLQH ODVWV YHU\ PXFK ZLWK VKRUW VWRSRYHU DW WKH DUULYH LW FDQ EH PDGH RQO\ E\ Â´QR OLPLWV WUDYHOOHUVÂµ RQ VDWXUGD\V WKH UHWXUQ WULS WR 3DODX LV RQ EXV

$ ,Q FRLQFLGHQ]D FRQ LO WUHQR LQ SDUWHQ]D GD $OJKHUR K H GD 6RUVR K % ,Q FRLQFLGHQ]D FRQ LO WUHQR SHU $OJKHUR K H H SHU 6RUVR K & ,O ULHQWUR D 6DVVDUL GD 7HPSLR q DQFKH SRVVLELOH FRQ GXH FRUVH DXWRPRELOLVWLFKH LQ SDUWHQ]D DOOH H ' LQ FRLQFLGHQ]D FRQ GXH FRUVH DXWRPRELOLVWLFKH LQ SDUWHQ]D GD 6DVVDUL K H ,O ELJOLHWWR IHUURYLDULR $ 5 q YDOHYROH DQFKH SHU OD FRUVD DXWRPRELOLVWLFD $ ,Q FRQQHFWLRQ ZLWK D WUDLQ OHDYLQJ IURP $OJKHUR K DQG IURP 6RUVR K % ,Q FRQQHFWLRQ ZLWK D WUDLQ WR $OJKHUR K DW DQG WR 6RUVR K & 7KH UHWXUQ WULS IURP 7HPSLR WR 6DVVDUL LV DOVR SRVVLEOH ZLWK WZR EXV WULSV DW K DQG K ' 7KH WUDLQ OHDYLQJ IURP 7HPSLR LV FRQQHFWHG ZLWK WZR EXV WULSV OHDYLQJ IURP 6DVVDUL DW K DQG

7KH UDLO UHWXUQ WLFNHW LV DOVR YDOLG IRU WKH EXV WULS

WKH 6$66$5, 18/9, 3$/$8 OLQH NP 48$'52 25$5,2 7,0(7$%/( ,1 9,*25( '$/ *,8*12 $/ 6(77(0%5( &21 75(1, ',(6(/ 9$/,' )520 7+ -81( 72 7+ 6(37(0%(5 :,7+ ',(6(/ 75$,16

7HPSLR 3DODX

7HPSLR

GDO 0DUWHGu 6DEDWR DO 9HQHUGu FRQ EXV % %

1XFKLV /XUDV &DODQJLDQXV 6DQ /HRQDUGR 5LR 3LDWWR /DJR GHO /LVFLD 6DQWÂ·$QWRQLR 2GGDVWUX &DOGRVD $U]DFKHQD 6XUUDX 3DODX 3DODX 0DULQD

0DUWHGu $

Èº Èº Èº & &

3DODX 7HPSLR

GDO 0DUWHGu DO 6DEDWR

3DODX 0DULQD 3DODX 6XUUDX $5=$&+(1$ &DOGRVD 2GGDVWUX 6DQWÂ·$QWRQLR /DJR GHO /LVFLD 5LR 3LDWWR 6DQ /HRQDUGR &DODQJLDQXV /XUDV 1XFKLV 7HPSLR

$ ,O ULHQWUR D 7HPSLR q SRVVLELOH DQFKH FRQ WUH FRUVH DXWRPRELOLVWLFKH LQ SDUWHQ]D GD 3DODX DOOH RUH H DUULYR D 7HPSLR DOOH RUH % ,Q FRLQFLGHQ]D FRQ GXH FRUVH DXWRPRELOLVWLFKH LQ SDUWHQ]D GD 3DODX RUH H DUULYR D 7HPSLR RUH /Â·DXWREXV GHOOH RUH WUDQVLWD DG $U]DFKHQD DOOH RUH & ,O ULHQWUR D 7HPSLR q SRVVLELOH FRQ XQD FRUVD DXWRPRELOLVWLFD LQ SDUWHQ]D GD 3DODX RUH H DUULYR D 7HPSLR DOOH RUH ' ,O ULHQWUR GD 7HPSLR q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

/$ 6725,$ '(//( )(5529,( ,1 6$5'(*1$ ,O OXJOLR GRSR FLUFD DQQL GL SURJHWWL H ODYRUL OD UHWH GHOOD ´&RPSDJQLD 5HDOH GHOOH )HUURYLH 6DUGHµ OH DWWXDOL )HUURYLH GHOOR 6WDWR HUD FRQFOXVD 7XWWDYLD QXPHURVH ]RQH GHOO·LVROD UHVWDYDQR SULYH GL TXDOXQTXH FROOHJDPHQWR H IUD TXHVWH OH SL LP SHUYLH H GLIÀFLOL GD UDJJLXQJHUH FRPH OH %DUEDJLH O·2JOLDVWUD LO 1XRUHVH QRQFKp OD *DOOXUD H LO 6XOFLV L FROOHJDPHQWL FRQ L SRUWL ² H TXLQGL FRQ LO UHVWR GHO PRQGR ² ULVXOWDYDQR SUDWLFDPHQWH LQHVLVWHQWL /D UHWH IHUURYLDULD SULQFLSDOH GRYHYD SHUFLz FRPSOH WDUVL FRQ XQD UHWH ´VHFRQGDULDµ R ´FRPSOHPHQWD UHµ FRVWUXLWD FRQ FULWHUL HFRQRPLFL ,Q SDUWLFRODUH VL VDUHEEH VHJXLWR O·DQGDPHQWR SLDQR DOWLPHWULFR GHO WHUUHQR H VL VDUHEEH DGRWWD

WR OR VFDUWDPHQWR ULGRWWR FKH DYUHEEH SHUPHVVR ULGXFHQGR OD ODUJKH]]D GHOOH VHGH IHUURYLDULD XQ QRWHYROH ULVSDUPLR DQFKH QHOOD UHDOL]]D]LRQH GHOOH RSHUH G·DUWH H QHO FRVWR GHJOL HVSURSUL WDOH WHFQLFD UHVH SL DJHYROH DQFKH OD SHQHWUD]LRQH WUD L ULOLHYL PRQWDJQRVL GHOO·LQWHUQR 'L FRQVHJXHQ]D DQFKH LO PDWHULDOH URWDELOH HUD QHFHVVDULDPHQWH SL SLFFR OR H OHJJHUR *OL LQFRQYHQLHQWL GRYXWL DO WUDVERUGR FRQ L WUHQL )6 H DOOH YHORFLWj ULGRWWH HUDQR FRPXQ TXH LQHYLWDELOL H WUDVFXUDELOL SHU TXHL WHPSL H DP SLDPHQWH FRPSHQVDWL GDOOH HFRQRPLH UHDOL]]DELOL /·DUPDPHQWR SUHYLVWR HUD GD NJ P FRQ O·DSSURYD]LRQH GHOOD /HJJH Q VL ´Gj IDFROWj DO *RYHUQR GL IDU FRQFHVVLRQL

7+( 5$,/:$< +,6725< ,1 6$5',1,$ 7KH VW -XO\ DIWHU DERXW \HDUV RI SURMHFWV DQG ZRUNV WKH Â´&RPSDJQLD 5HDOH GHOOH )HUURYLH 6DUGHÂµ QHWZRUN WKH SUHVHQW )HUURYLH GHOOR 6WDWR FRPSDQ\ ZDV WHUPLQDWHG 1HYHUWKHOHVV PDQ\ DUHDV LQ WKH LVODQG ZHUH ZLWKRXW DQ\ NLQG RI OLQ NV VXFK DV %DUEDJLD 2JOLDVWUD 1XRUHVH *DOOXUD DQG 6XOFLV WKH PRVW GLIÃ&#x20AC;FXOW WR UHDFK WKH OLQNV WR WKH SRUWV Â² DQG IURP WKHP WR WKH UHVW RI WKH ZRUOG Â² ZHUH SUDFWLFDOO\ LQH[LVWHQW 7KH PDLQ UDLOZD\ QHWZRUN KDG WR EH FRPSOHWHG E\ D Â´VHFRQGDU\Âµ RU Â´FRPSOHPHQWDU\Âµ RQH WKDW KDG WR EH EXLOW XS DFFRUGLQJ WR HFRQRPLF VWDQGDUGV 7KH OLQH ZDV GHVLJQHG IROORZLQJ WKH OHYHO JURXQG DQG LW ZDV XVHG WKH QDUURZ JDXJH VR WR UHGXFH

WKH ZLGWK RI WKH UDLOZD\ DQG FRQVHTXHQWO\ WKH FRVWV IRU H[SURSULDWLRQV 2Q WKH RWKHU KDQG WKLV WHFKQLTXH DOORZHG WR SH QHWUDWH LQWR WKH PRXQWDLQV LQ DQ HDVLHU ZD\ QG 0DUFK $FW QR LV SDVVHG Â´JL YLQJ WKH JRYHUQPHQW WKH IDFXOW\ RI JUDQWLQJ VH FRQGDU\ UDLOZD\V LQ FRQFHVVLRQ LQ WKH LVODQG RI 6DUGLQLDÂµ VW $XJXVW 5R\DO 'HFUHH QR Â´IRU WKH FRQFHVVLRQ RI WKH FRQVWUXFWLRQ DQG PDQDJHPHQW RI VHFRQGDU\ UDLOZD\V LQ WKH LVODQG RI 6DUGLQLDÂµ LV SDVVHG 7KH ZRUNV DUH DVVLJQHG WR WKH Â´6WUDGH )HUUDWH 6HFRQGDULH GHOOD 6DUGHJQDÂµ 6)66 XQGHU WKH PDQDJHPHQW RI HQJLQHHUV &RWWUDX DQG 0DU

/$ 6725,$ '(//( )(5529,( ,1 6$5'(*1$

GL VWUDGH IHUUDWH VHFRQGDULH QHOO·LVROD GL 6DUGHJQDµ LO 5HJLR 'HFUHWR Q FRQVHQWH O·HIIHWWXD]LRQH GL XQD JDUD LQWHUQD]LRQDOH SHU ´OD FRVWUX]LRQH H O·HVHUFL]LR GHOOH VWUDGH IHUUDWH VHFRQ GDULH QHOO·LVROD GL 6DUGHJQDµ /D JDUD IX YLQWD GD XQ FRQVRU]LR GL FDSLWDOLVWL LWD OLDQL >OD ´VRFLHWj LWDOLDQD SHU OH 6WUDGH )HUUDWH 6HFRQGDULH GHOOD 6DUGHJQDµ 6)66 @ PHQWUH DOOD &RPSDJQLD 5HDOH IX DFFRUGDWD VROR OD OLQHD ,JOH VLDV 0RQWHSRQL O·RIIHUWD GHO WHU]R FRQFRUUHQWH OD EHOJD 6RFLHWp GH FKHPLQV GH IHU HFRQRPLTXHV IX LQYHFH ERFFLDWD LQWHJUDOPHQWH 6RUSUHQGH FRPH DO SURJHWWR GL 3LHUF\ YHQQH SUHIH ULWR TXHOOR GHOOD 6)66 GHOO·LQJHJQHUH QDSROHWDQR $O IUHGR &RWWUDX PD OH WDQWH SROHPLFKH IXURQR VRSLWH QHO PRGR PLJOLRUH L ODYRUL YHQQHUR HVHJXLWL EHQH H LQ IUHWWD *Lj LO IHEEUDLR FLRq PHVL GRSR OD VWLSX

OD GHOOD FRQFHVVLRQH HUDQR LQ IXQ]LRQH OD &DJOLDUL ,VLOL H OD 0RQWL 7HPSLR 6XFFHVVLYDPHQWH LO GL FHPEUH GHOOR VWHVVR DQQR OD %RVD 0DFRPHU 7LUVR ,O IHEEUDLR OD IHUURYLD JLXQJH D 1XRUR ,O PDU]R q LQDXJXUDWD OD OLQHD 6DVVDUL $OJKHUR H OR VWHVVR JLRUQR OD IHUURYLD SURVHJXHQGR GD ,VLOL UDJ JLXQJH 0HDQD 6DUGR SHU JLXQJHUH ÀQDOPHQWH DO FDSROLQHD 6RUJRQR LO GLFHPEUH ,O DSULOH q LQDXJXUDWD OD OLQHD 2]LHUL 7LUVR OR VWHVVR JLRUQR V·LQDXJXUD OD WUDWWD 0DQGDV 1XUUL H *DLUR $UEDWD[ LO QRYHPEUH OD IHUURYLD VL VSLQJH ÀQR D 9LOODQRYDWXOR GD XQ ODWR H ÀQR D 8VVDVVDL GDOO·DOWUR H V·LQDXJXUD OD GLUDPD]LRQH GD *DLUR ÀQR D -HU]X ,O DSULOH V·LQDXJXUD O·LQ WHUR WUDWWR GD 0DQGDV DG $UEDWD[ GL FKLORPHWUL ,Q WRWDOH OD 6)66 GLVSRQH GL XQD UHWH IHUURYLDULD GL FLUFD FKLORPHWUL 7XWWH OH RSHUH YHQQHUR UHDOL] ]DWH FRQ WUH DQQL GL DQWLFLSR ULVSHWWR DOOH VFDGHQ]H

7+( 5$,/:$< +,6725< ,1 6$5',1,$

VDJOLD 7KH ZRUNV ZHUH FDUULHG RXW ZLWK D SUHFL VLRQ DQG VSHHG WKDW DVWRQLVKHG WKH ZKROH ,WDO\ WK )HEUXDU\ 7KH Ã&#x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

6)66 SRVVHVVHV D WRWDO UDLOZD\ QHWZRUN RI DERXW NLORPHWUHV VW 0DUFK 5R\DO 'HFUHH QR LV SDV VHG DZDUGLQJ WKH FRQFHVVLRQ IRU WKH FRQVWUXF WLRQ DQG PDQDJHPHQW RI WKH ,VLOL 9LOODFLGUR UDLO ZD\ ZLWK WKH $OHV 9LOODPDU EUDQFK WR WKH Â´6RFLHWj )HUURYLH &RPSOHPHQWDUL GHOOD 6DUGHJQDÂµ 6)&6 XQGHU WKH PDQDJHPHQW RI WKH 6DUGLQLDQ HQJLQH HUV *UDFFR 7URQFL 6WDQLVODR H 'LRQLJL 6FDQR VW -XQH 7KH ,VLOL 9LOODFLGUR ZLWK WKH $OHV 9LOODPDU EUDQFK LV LQDXJXUDWHG VW -DQXDU\ 7KH 6)&6 WDNHV RYHU WKH 6)66 UG 0D\ ,W ZDV LQDXJXUDWHG LQ WKH 6XOFLV DUHD WKH UDLOZD\ QHWZRUN RI WKH Â´6RFLHWj )HUURYLH 0HULGLRQDOL 6DUGHÂµ RI NLORPHWUHV RI OHQJWK 7KH QRUWK SDUW RI 6DUGLQLD LV VWLOO LQVXODWHG DQG EDGO\ VHUYHG

/$ 6725,$ '(//( )(5529,( ,1 6$5'(*1$

IRWR

SUHYLVWH SURFHGHQGR DG XQD PHGLD GL FLUFD PHWUL GL IHUURYLD DO JLRUQR 5LPDQHYDQR DQFRUD DOWUH DUHH GD VHUYLUH FRQ OD IHUURYLD WUD OH TXDOL LO &DPSL GDQR LO 6XOFLV H OD *DOOXUD 1HO YHQQH FRVWLWXLWD D 0LODQR OD ´6RFLHWj SHU OH )HUURYLH &RPSOHPHQWDUL GHOOD 6DUGHJQDµ 6)&6 FKH VL SUHÀJJHYD GL FRVWUXLUH H JHVWLUH LQ FRQFHV VLRQH OD QXRYD SUHYLVWD IHUURYLD 9LOODFLGUR 6DQOXUL 9LOODPDU ,VLOL H OD GLUDPD]LRQH 9LOODPDU $OHV ,O PDU]R q DSSURYDWR LO 'HFUHWR 5HDOH Q FRQ LO TXDOH YLHQH DIÀGDWD DOOD 6)&6 OD FRQFHV VLRQH SHU OD FRVWUX]LRQH H O·HVHUFL]LR GHOOD IHUURYLD ,VLOL 9LOODFLGUR FRQ OD GLUDPD]LRQH $OHV 9LOODPDU ,O SURJHWWR H OD GLUH]LRQH GHL ODYRUL YHQQHUR DIÀGDWL D WUH LQJHJQHUL VDUGL 6WDQLVODR H 'LRQLJL 6FDQR H *UDFFR 7URQFL 7DOH IHUURYLD QRQ VL DWWHVWz SHUz DG ,VLOL EHQVu DOOD VWD]LRQH 6)66 GL 6DUFLGDQR GLVWDQWH GD TXHOOD FLU FD NP ,O WUDWWR 6DUFLGDQR ,VLOL ULVXOWDYD SHUFLz LQ FRPXQH FRQ OH ´6HFRQGDULHµ /·HVHUFL]LR GHOOH OLQHH LQL]Lz LO JLXJQR ,O JHQQDLR OD ´6RFLHWj SHU OH )HUURYLH &RP SOHPHQWDUL GHOOD 6DUGHJQDµ DVVRUEH OH ´6HFRQGD ULHµ ,O PDJJLR YHQQHUR LQDXJXUDWH OH OLQHH IHU

URYLDULH QHO 6XOFLV GHOOD ´6RFLHWj DQRQLPD )HUURYLH 0HULGLRQDOL 6DUGHµ FKH VWLSXOz JLj QHO XQD FRQYHQ]LRQH FRQ OR 6WDWR SHU OD FRVWUX]LRQH H OD JH VWLRQH GHOOH IHUURYLH PD FKH YHQQH EORFFDWD GDOOR VFRSSLR GHOOD 3ULPD *XHUUD 0RQGLDOH , ODYRUL LQL]LD URQR FRVu VROR QHO H WHUPLQDURQR DSSXQWR QHO SHU XQ WRWDOH GL FKLORPHWUL GL OLQHH 1HO QRUG GHOO·LVROD ULPDQH DQFRUD LVRODWR H PDO VHU YLWR O·LQWHUQR GHOOD *DOOXUD ,O PDU]R q DSSURYDWR LO 'HFUHWR 5HDOH Q FRQ LO TXDOH YLHQH DIÀGDWD OD FRQFHVVLRQH SHU OD FRVWUX]LRQH H O·HVHUFL]LR GHL WURQFKL 6RUVR 6DV VDUL 7HPSLR H /XUDV 3DODX DOOD ´6RFLHWj DQRQLPD )HUURYLH 6HWWHQWULRQDOL 6DUGHµ 6)66 VIUXWWDQGR OD JLj HVLVWHQWH 7HPSLR /XUDV 0RQWL GHOOH ´&RPSOH PHQWDULµ SHU FRQVHQWLUH LO FROOHJDPHQWR IUD 6DVVD UL H 3DODX ,O SURJHWWR q GHOO·LQJHJQHU 'LHJR 0XUJLD FKH VXF FHVVLYDPHQWH GLYHQQH DPPLQLVWUDWRUH GHOHJDWR GHOOH 6)66 ,O PDJJLR V·LQDXJXUD OD OLQHD 6DVVDUL 6RUVR LO QRYHPEUH V·LQDXJXUD OD 6DVVDUL 7HPSLR LO JHQQDLR V·LQDXJXUD OD /XUDV 3DODX ,Q WRWDOH O·HVWHQVLRQH GHOOH IHUURYLH VHFRQGDULH ²

7+( 5$,/:$< +,6725< ,1 6$5',1,$

WK 0DUFK 5R\DO 'HFUHH QR LV SDV VHG DZDUGLQJ WKH FRQFHVVLRQ IRU WKH FRQVWUXFWLRQ DQG PDQDJHPHQW RI WKH 6RUVR 6DVVDUL 7HPSLR DQG /XUDV 3DODX WUDFN VHFWLRQV WR WKH Â´6RFLHWj )HUURYLH 6HWWHQWULRQDOL 6DUGHÂµ 6)66 XQGHU WKH PDQDJHPHQW RI HQJLQHHU 'LHJR 0XUJLD WK 0D\ 7KH 6DVVDUL 6RUVR OLQH LV LQDX JXUDWHG WK 1RYHPEHU 7KH 6DVVDUL 7HPSLR OLQH LV LQDXJXUDWHG WK -DQXDU\ 7KH /XUDV 3DODX OLQH LV LQDXJXUDWHG 7KH VHFRQGDU\ UDLOZD\V UHDFKHG D WRWDO RI DO PRVW NLORPHWUHV RI OHQJWK 7KH 6)66 FRPSDQ\ LV WUDQVIHUUHG WR WKH Â´6WUDGH )HUUDWH RI 3XJOLDÂµ ZLWK KHDG RIÃ&#x20AC;FH LQ *H QRD KROGHU RI FRQFHVVLRQV IRU RWKHU UDLOZD\V LQ

3XJOLD LQ ,WDO\ ZKLFK LQ WKH VDPH \HDU FKDQJHG LWV FRUSRUDWH QDPH LQ Â´6WUDGH )HUUDWH 6DUGHÂµ 6)6 7KLV FRPSDQ\ DOVR SXUFKDVHG WKH )&6 DQG IURP WKHQ RQ 6)6 DQG )&6 ZHUH XQGHU WKH VDPH FRQ WURO ZLWK PDQDJLQJ GLUHFWRU WKH FRXQW ODZ\HU 3D VTXLQL 'XULQJ WKH 6HFRQG :RUOG :DU PDQ\ SRLQWV RI WKH UDLOZD\V ZHUH ERPEHG &DJOLDUL 0DFRPHU $UED WD[ VWDWLRQV KRZHYHU WKH UDLO ZDV XVHIXO IRU WKRX VDQGV RI SHRSOH ZKR ZDQWHG WR OHDYH WKH FLW\ DQG UHDFK WKH TXLHWHU YLOODJHV LQ WKH LQODQG )URP WKH Â¶ V LW EHJDQ WKH SURFHVV RI VXEVWLWXWLQJ UDLOZD\V OLQHV ZLWK FRDFK VHUYLFHV RQ WKH IROORZLQJ OLQHV VW -XO\ ,VLOL 9LOODFLGUR DQG 9LOODPDU $OHV WK 6HSWHPEHU *DLUR -HU]X VW -XO\ /XUDV 0RQWL VW 'HFHPEHU &KLOLYDQL 2]LHUL 7LUVR

/$ 6725,$ '(//( )(5529,( ,1 6$5'(*1$

FRQVLGHUDQGR DQFKH OH )HUURYLH 0HULGLRQDOL 6DUGH NP ² UDJJLXQJHYD TXDVL L FKLORPHWUL 1HO OD 6)66 YLHQH FHGXWD DOOD ´6WUDGH )HUUD WH 3XJOLHVL 6RFLHWj $QRQLPDµ FRQ VHGH D *HQRYD FRQFHVVLRQDULD GL DOWUH IHUURYLH LQ TXHOOD UHJLRQH OD TXDOH OR VWHVVR DQQR PXWD OD SURSULD UDJLRQH VRFLDOH LQ ´6WUDGH )HUUDWH 6DUGH 6RFLHWj $QRQL PDµ 6)6 4XHVWR JUXSSR ÀQDQ]LDULR DFTXLVWDYD DQFKH OD PDJJLRUDQ]D GHOOH D]LRQL GHOOH ´&RPSOH PHQWDULµ GD TXHO PRPHQWR LQ SRL OH GXH VRFLHWj FRQ DPPLQLVWUDWRUH GHOHJDWR LO FRQWH 8JR FRPP DYY 3DVTXLQL PDUFHUDQQR VHPSUH LQ SDUDOOHOR HVHUFHQGR FKLORPHWUL FRPSOHVVLYL GL OLQHH 'X UDQWH OD 6HFRQGD *XHUUD 0RQGLDOH OH IHUURYLH IXUR QR RJJHWWR GL ERPEDUGDPHQWL VWD]LRQL GL &DJOLDUL 0DFRPHU H $UEDWD[ QRQRVWDQWH FLz FRQVHQWL URQR D PLJOLDLD GL FLWWDGLQL GL VIROODUH GDOOH FLWWj YHUVR L SDHVL GHOO·LQWHUQR 'DJOL DQQL ¶ LQL]LD LO SURFHVVR GL VPDQWHOODPHQWR GHOOH OLQHH H GL VRVWLWX]LRQH GHOO·HVHUFL]LR IHUURYLDULR FRQ DXWRFRUVH VXOOH VH JXHQWL OLQHH OXJOLR ,VLOL 9LOODFLGUR H 9LOODPDU $OHV VHWWHPEUH *DLUR -HU]X OXJOLR

/XUDV 0RQWL GLFHPEUH &KLOLYDQL 2]LHUL 7LUVR 1HO OD 6RFLHWj QRQ q SL SULYDWD H VL WUDVIRUPD LQ *HVWLRQH *RYHUQDWLYD UHWWD GD XQ &RPPLVVDULR ,O YHGH OD FKLXVXUD FRPSOHWD GHOOH OLQHH ´0H ULGLRQDOLµ GHO 6XOFLV ,O JHQQDLR GDOOD IXVLRQH GHOOH ¶&RPSOH PHQWDUL· H ¶6WUDGH )HUUDWH· QDVFH OD ¶*HVWLRQH *R YHUQDWLYD )HUURYLH GHOOD 6DUGHJQD· )'6 )HEEUDLR OH )G6 YHQJRQR DIÀGDWH DOOH )HUUR YLH GHOOR 6WDWR *HQQDLR OH )HUURYLH GHOOD 6DUGHJQD VRQR QXRYDPHQWH UHWWH GD XQ &RPPLVVDULR *RYHUQDWLYR QRPLQDWR GDO 0LQLVWHUR GHL 7UDVSRUWL *LXJQR OH )G6 VRQR WUDVIHULWH DOOD 5HJLRQH $XWRQRPD 6DUGHJQD H WUDVIRUPDWH QHOOD VRFLHWj D UHVSRQVDELOLWj OLPLWDWD $567 *HVWLRQH )G6 WR WDOPHQWH FRQWUROODWD GDOOD D]LHQGD UHJLRQDOH $567 VRFLHWj SHU D]LRQL QRYHPEUH $UVW *HVWLRQH )G6 q LQFRUSRUD WD QHOO·D]LHQGD GL 7UDVSRUWR 5HJLRQDOH GHOOD 6DUGH JQD $567 VSD

7KH &RPSDQ\ LV QR ORQJHU SULYDWH DQG LW LV WUDQVIRUPHG LQWR D *RYHUQPHQW 0DQDJHPHQW UXQ E\ D &RPPLVVLRQHU 7KH )06 UDLOZD\ QHWZRUN ZDV GHÀQLWLYHO\ FORVHG ZLWK D FRDFK VHUYLFH LQ VXEVWLWXWLRQ RI WKH OLQNV E\ WUDLQ VW -DQXDU\ 7KH QHZ FRPSDQ\ ´)HUURYLH GHOOD 6DUGHJQDµ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

7+( 5$,/:$< +,6725< ,1 6$5',1,$

IRWR

,/ 086(2 '(//( )(5529,( ,QDXJXUDWR QHO FRQ LO FRQWULEXWR GHOOÂ·(QWH 6DUGR ,QGXVWULH 7XULVWLFKH LO 0XVHR KD OR VFRSR GL UDFFRJOLHUH L GRFXPHQWL OH PDFFKLQH JOL VWUX PHQWL FKH VRQR VWDWL XWLOL]]DWL H VRQR VWDWL L SURWD JRQLVWL GHOOD OXQJD YLWD GHOOH IHUURYLH /D Ã&#x20AC;QDOLWj q VWDWD UDJJLXQWD H VL q ULXVFLWL D SUH VHUYDUH LQ WHPSR H FRQVHUYDUH XQ LPSRUWDQWH SDWULPRQLR VWRULFR FKH DOWULPHQWL VL VDUHEEH GH WHULRUDWR R SHJJLR SHUVR 'LVWULEXLWR VX FLUFD PT q ORFDOL]]DWR D 0RQVHUUDWR DOOD SHULIHULD GL &DJOLDUL HG q IDFLO PHQWH UDJJLXQJLELOH GDO FDSROXRJR WUDPLWH XQ EUHYH YLDJJLR VXL WUDP GL 0HWURFDJOLDUL LQ SDUWHQ ]D GDOOD VWD]LRQH GL 3LD]]D 5HSXEEOLFD 6RQR LQ FRUVR GHL ODYRUL GL PDQXWHQ]LRQH DOOD VWUXWWXUD SHU FXL SXUWURSSR LO 0XVHR q RUD FKLXVR 3UHVHQWD L SULQFLSDOL H FDUDWWHULVWLFL DPELHQWL GL ODYRUR GHOOH IHUURYLH VRQR SUHYLVWL DFFHVVL IDFLOL WDWL SHU OH SHUVRQH QRQ GHDPEXODQWL ,, SULPR GL TXHVWL q OD Â¶/LQHDÂ· GRYH VRQR HVSRVWL JOL DWWUH]]L RULJLQDOL FKH VRQR VWDWL DGRSHUDWL GDL FRVWUXWWRUL GHOOH SULPH IHUURYLH H GDL SULPL FDQWRQLHUL SHU OD ORUR VXFFHVVLYD PDQXWHQ]LRQH ,O VHFRQGR q OD Â¶2IÃ&#x20AC;FLQDÂ· GRYH VRQR HVSRVWL DQWLFKL XWHQVLOL H DWWUH]]DWXUH LQ SDUWH DQFRUD

DGRSHUDWL SHU JOL LQWHUYHQWL VXOOH ORFRPRWLYH D YD SRUH QHOOH SDUHWL VRQR HVSRVWL GLVHJQL GÂ·HSRFD GL SH]]L H GL PDFFKLQH 6HJXH OD Â¶6WD]LRQHÂ· FRQ L WHOHJUDÃ&#x20AC; SHU OD FRPXQLFD]LRQH OXQJR OD OLQHD HG LO WLSLFR DUUHGDPHQWR IRUPDWR GDL TXDGUL RUDULR DSSHVL DOOH SDUHWL GDL WLPEUL GDL UHJLVWUL GDO OLEUR GHL UHFODPL FKH ULSURSRQJRQR OÂ·DWPRVIHUD GL XQD VWD]LRQH GL Ã&#x20AC;QH Â¶ ,QÃ&#x20AC;QH VL SDVVD DOOD SDUWH SL DSSUH]]DWD H SUHVWL JLRVD GHO 0XVHR GRYH VL WURYDQR L PH]]L GÂ·HSR FD 7UD SDUHWL DOOHVWLWH FRQ JOL DQWLFKL H RULJLQDOL GLVHJQL H SURJHWWL GL ORFRPRWLYH QHOOD VWRULD GHOOH )G6 H Ã&#x20AC;QR DJOL DQQL Â¶ QH VRQR FRPSDUVL VHWWH WLSL GLYHUVL H FRQ FXULRVL SH]]L GL WDOL PDFFKLQH FRPH VSDUJL VDEELD D YDSRUH WDFKLJUDIR H DOWUL IDQQR EHOOD PRVWUD GL Vp GXH ORFRPRWLYH D YD SRUH H GXH YHWWXUH GÂ·HSRFD OD :LQWHUWKXU Q Â´*RLWRÂµ GHO H OD 5HJJLDQH Q GHO , FRUSL GL IDEEULFD GHO 0XVHR VL DSURQR D YHQWD JOLR YHUVR LO SLD]]DOH IHUURYLDULR H DOOD YLD SXE EOLFD GD TXL VL SXz SDUWLUH SHU L YLDJJL WXULVWLFL FRQ LO 7UHQLQR 9HUGH FRPH IRVVH XQD VWD]LRQH $OOÂ·LQWHUQR VL WURYD DQFKH XQ ERRNVKRS SUHVVR LO TXDOH VRQR LQ YHQGLWD OLEUL YLGHR DUWLFROL YDUL SHU DSSDVVLRQDWL H FROOH]LRQLVWL

7+( 5$,/:$< 086(80 7KH 0XVHXP ZDV IXQGHG DQG FUHDWHG WKURXJK WKH VXSSRUW RI WKH (QWH 6DUGR ,QGXVWULH 7XULVWL FKH DQG LQDXJXUDWHG LQ ,WV PDLQ DLP LV WR FROOHFW WKH GRFXPHQWV WRROV DQG PDFKLQHV WKDW ZHUH XVHG LQ WKH ORQJ UDLOZD\ OLIH ,I WKH 0XVHXP KDG QRW EHHQ EXLOW WKLV LPSRU WDQW KLVWRULF HVWDWH FRXOG KDYH EHHQ GHÃ&#x20AC;QLWHO\ ORVW ZKHUHDV LW LV SUHVHUYHG QRZ ,WV OD\RXW LV RQ DOPRVW VTXDUH PHWUHV DQG LV VLWXDWHG LQ 0RQVHUUDWR RQ WKH RXWVNLUWV RI &DJOLDUL HDVLO\ UHDFKDEOH LQ PLQXWHV E\ WUDP IURP WKH VWDWLRQ LQ 3LD]]D 5HSXEEOLFD &D JOLDUL $W WKH PRPHQW WKH 0XVHXP LV FORVHG EHFDXVH RI H[WUDRUGLQDU\ UHSDLUV ,W FRQWDLQV WKH PDLQ UDLOZD\ ZRUN VHWWLQJV 7KH Ã&#x20AC;UVW VHWWLQJ LV WKH Â¶/LQHDÂ· WKH UDLOZD\ ZKH UH DUH FROOHFWHG WKH RULJLQDO WRROV WKDW ZHUH XVHG IRU WKH EXLOGLQJ DQG WKH PDLQWHQDQFH RI WKH Ã&#x20AC;UVW UDLOZD\ OLQHV 7KH VHFRQG RQH LV WKH Â¶2IÃ&#x20AC;FLQDÂ· WKH ZRUNVKRS ZKHUH DUH VKRZQ ROG WRROV DQG HTXLSPHQW XVHG WR RSHUDWH WKH ROG VWHDP PDFKLQHV ROG SLFWXUHV GUDZLQJV RI WRROV DQG PDFKLQHV DUH VKRZQ RQ WKH ZDOOV

7KH QH[W VWHS LV LQ WKH Â¶6WD]LRQHÂ· ZKHUH LW FDQ EH UHYLYHG WKH VDPH DWPRVSKHUH RI D VWDWLRQ DW WKH HQG RI WKH QLQHWHHQWK FHQWXU\ ZLWK WKH WHOHJUDSKV IRU WKH FRPPXQLFDWLRQ DORQJ WKH ZD\ DQG WKH W\SL FDO IXUQLVKLQJV ZLWK WLPHWDEOHV VWDPSV UHJLVWHUV DQG WKH FRPSODLQWVÂ· ERRN 7KHQ WKHUH LV WKH 0XVHXPÂ·V PRVW DSSUHFLDWHG VHFWRU ZKHUH WKH KLVWRULFDO UROOLQJ VWRFN LV GLVSOD \HG 7ZR EHDXWLIXO KLVWRULFDO VWHDP HQJLQHV :LQ WHUWKXU QR Â´*RLWRÂµ RI 5HJJLDQH QR RI DQG WKH WZR %DXFKLHUR FDUULDJHV RI DUH HOHJDQWO\ GLVSOD\HG LQ ODUJH KDOOV ZKRVH ZDOOV DUH GHFRUDWHG ZLWK ROG RULJLQDO HQJLQH GUDZLQJV DQG SURMHFWV LQ )'6 KLVWRU\ XS WR WKH Â·V DS SHDUHG VHYHQ GLIIHUHQW W\SHV RI VWHDP HQJLQHV DQG ZLWK SHFXOLDU SLHFHV IURP WKHVH VDPH HQJLQHV VWHDP VDQG VSUHDGHU WDFKRJUDSK DQG RWKHUV 7KH LQGLYLGXDO VHFWLRQV RI WKH 0XVHXP RSHQ IDQZLVH WR WKH UDLOZD\ VTXDUH DQG WKH SXEOLF ZD\ WKURXJK D URWDWLQJ SODWIRUP LQ WKLV ZD\ PDQ\ WRX ULVW WULSV FDQ OHDYH IURP KHUH XVLQJ WKLV VLWH DV D VWDWLRQ ,QVLGH WKH 0XVHXP WKHUH LV DOVR D ERRNVKRS ZKH UH FDQ EH EX\HG UDLOZD\Â·V JLIWV VXFK DV ERRNV YL GHRV DQG GLIIHUHQW LWHPV IRU FROOHFWRUV

/Âª$17,&$ 2)),&,1$ /D VWD]LRQH GL 7HPSLR q WUD OH SL EHOOH GL WXWWH OH IHUURYLH LQ 6DUGHJQD 9HQQH LQDXJXUDWD QHJOL DQQL Â¶ LQ VRVWLWX]LRQH GHOOD SUHFHGHQWH GHOOH 6WUDGH )HUUDWH 6HFRQGDULH SRVWD SRFR SL LQ DOWR 1HOOD VDOD GÂ·DVSHWWR GHO EHO FDVHJJLDWR VL WUR YDQR L TXDGUL GHO SL IDPRVR SLWWRUH VDUGR GHO Â¶ *LXVHSSH %LDVL )XURQR FRPPLVVLRQDWL LQ RFFDVLRQH GHOOD LQDXJXUD]LRQH GHOOD OLQHD FKH Ã&#x20AC;QDOPHQWH FRQVHQWLYD GL FROOHJDUH 7HPSLR H OD *DOOXUD D 6DVVDUL 0D OD YHUD DWWUD]LRQH q LO 0XVHR GHOOÂ·RIÃ&#x20AC;FLQD 9LVLWDELOH FRQ OD JXLGD GHO SHUVRQDOH GL VWD]LRQH DGXOWL HXUR UDJD]]L H VWXGHQWL HXUR

YLHQH ULSURSRVWD IHGHOPHQWH OÂ·DWPRVIHUD GL ODYR UR GL XQÂ·RIÃ&#x20AC;FLQD IHUURYLDULD GL Ã&#x20AC;QH Â¶ 8Q PRWRUH PRYLPHQWD XQD FLQJKLD SULPDULD FKH VFRUUH SHU WXWWD OD OXQJKH]]D GHOOD VWDQ]D LQ FHUQLHUDWD DO VRIÃ&#x20AC;WWR 8QD EDWWHULD GL PDFFKLQH XWHQVLOL WRUQLR WUDSDQR IUHVD H XQ JLJDQWHVFR PDJOLR q GLVSRVWD LQ RUGLQH H D GHWHUPLQDWD GLVWDQ]D GDOOD FLQJKLD PRWULFH DOOD TXDOH OD VLQ JROD PDFFKLQD SXz HVVHUH FROOHJDWD FRQ XQD SURSULD FLQJKLD VHFRQGDULD PHGLDQWH OD TXDOH DYYLHQH OD WUDVPLVVLRQH GHO PRYLPHQWR 8Q YHUR JLRLHOOR SHU JOL DSSDVVLRQDWL GL DUFKHROR JLD LQGXVWULDOH

7+( 2/' :25.6+23 7KH VWDWLRQ RI 7HPSLR LV RQH RI WKH PRVW EHDXWL IXO RI WKH ZKROH UDLOZD\ LQ 6DUGLQLD ,W ZDV LQDXJXUDWHG LQ WKH WKLUWLHV LQ VXEVWLWXWLRQ RI WKH IRUPHU RQH RI WKH 6WUDGH )HUUDWH 6HFRQ GDULH FRPSDQ\ WKDW ZDV VLWXDWHG IXUWKHU XS DW D OLWWOH GLVWDQFH ,Q WKH ZDLWLQJ URRP RI WKH Ã&#x20AC;QH EXLOGLQJ WKHUH DUH WKH SDLQWLQJV RI WKH PRVW IDPRXV WZHQWLHWK FHQWXU\ 6DUGLQLDQ DUWLVW *LXVHSSH %LDVL 7KH\ ZHUH RUGHUHG IRU WKH LQDXJXUDWLRQ RI WKH 6DVVD UL 7HPSLR UDLOZD\ WKDW HYHQWXDOO\ DOORZHG WR OLQN 7HPSLR DQG WKH *DOOXUD UHJLRQ WR 6DVVDUL %XW WKH UHDO DWWUDFWLRQ LV WKH 0XVHXP RI WKH ZRUNVKRS WKDW FDQ EH YLVLWHG XQGHU WKH JXLGH

RI WKH )'6 SHUVRQQHO DGXOWV Â½ ER\V DQG VWXGHQWV Â½ ,W FDQ EH UHYLYHG WKH VDPH DWPRVSKHUH RI D UDLOZD\ ZRUNVKRS DW WKH HQG RI WKH QLQHWHHQWK FHQWXU\ $Q HQJLQH PRYHV D SULQFLSDO EHOW WKDW UXQV IRU DOO WKH OHQJWK RI WKH ORXQJH RYHU SXOOH\V KLQJHG WR WKH FHLOLQJ $ VHW RI PDFKLQH WRROV D ODWKH D GULOO D FXWWHU DQ KXJH KDPPHU LV SODFHG DW D Ã&#x20AC;[HG GLVWDQFH DQG HYHU\ VLQJOH WRRO FDQ EH FRQQHFWHG WR WKH SULQFLSDO EHOW E\ PHDQV RI VHFRQGDU\ EHOWV ,Q WKLV ZD\ WKH PRYHPHQW FDQ EH WUDQVIHUUHG IURP WKH PDLQ EHOW WR HYHU\ PDFKLQH WKDW FDQ VWDUW WR ZRUN $ WUXH PDVWHUSLHFH IRU WKRVH ZKR ORYH WKH LQGXVWULDO DUFKDHRORJ\

6WD]LRQH GL %HOYu 3HUIRUPDQFH PXVLFDOH GL 3DROR )UHVX