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&XOHJHUH GH EDQFXUL VL SRDQWH vQ OLPED URPkQD 9HUVLXQHD 9ROXPXO ,

0DULD 0DL ,RDQH WX QX PDL I WXW GH PXOW ,RQ 0DULH DFXPD FKLDU FD QX DP FKHI GDU VWLL FXP IDFHP" &kQG WH VWULJ RGDWD WX PHUJL vQ GRUPLWRU FkQG WH VWLJ D GRXD RDUD WX WH GH]EDFL VL FkQG WH VWULJ D WUHLD RDUD WH XUFL vQ SDW 'XSD FkWHYD ]LOH ,RQ 0DULH 0DULD VH GXFH vQ GRUPLWRU ,RQ 0DULH 0DULD VH GH]EUDFD ,RQ 0DULH 0DULD VH XUFD vQ SDW ,RQ 7X 0DULH VXUD DUGH VL WLH WL DUGH GH I W" 0DULD GD GLYRUW GH ,RQ 6L OD SURFHV LQWUHDED MXGHFDWRUXO 'H FH YUHL WX 0DULH VD WH GHVSDUWL GH ,RQ" 3DL GRP MXGHFDWRU QH DP FDVDWRULW GH DQL VL QX PL R IDFXW QLPLF , DX]L ,RDQH FXP YLQH DVWD" 3DL GRP MXGHFDWRU Q DP FUH]XW FD L DVH JUDED

,RQ VH GXFH VD PXOJD YDFD 3XQH JDOHDWD VXE YDFD R PXOJH FLQG VD JDWH GDUkPD YDFD JDOHDWD FX SLFLRDUHOH GLQ IDWD )XWX WL SLFLRDUHOH PD WLL ,D ,RQ R IUkQJKLH vL OHDJD SLFLRDUHOH GLQ IDWD LDU R PXOJH FkQG VD WHUPLQH YDFD GD FX SLFLRDUHOH GLQ VSDWH VL GDUkPD JDOHDWD )L WL DU SLFLRDUHOH DOH GUDFXOXL ,D ,RQ DOWD IUkQJKLH OHDJD SLFLRDUHOH GLQ VSDWH QX PDL SXWHD YDFD VD IDFD QLFL R PLVFDUH 3XQH LDU JDOHDWD PXOJH FkQG VD WHUPLQH GD YDFD FX FRDGD VL LDU GDUkPD JDOHDWD (HH I WX WL YDFD PD WLL FX FRDGD FX WRW 6H HQHUYHD]D ,RQ VFRDWH EkUQHWXO GH OD L]PHQH VL OHDJD FRDGD YDFLL GH R EkUQD GLQ WDYDQ &XP R OHJD HO L]PHQHOH vL FDG vQ YLQH VL WDPDQ vQ PRPHQWXO DOD LQWUD 0DULD vQ VXUD 7XODL ,RDQH FH IDFL LFL" &H VD ]LF ID R I W FD GDF WL ]LF FD R PXOJ WRW Q R VD PD FUH]L ,RQ VL 0DULD VH GXF OD R SHWUHFHUH 'XSD R YUHPH GHMD DPHWLWL VH GXF vQ IkQ VL VL R WUDJ SXWHUQLF GXSD FDUH 0DULD ]LFH ,RDQH GDFD L EDLDW FXP R VD L ]LFHP" 'DYLG &RSSHUILHOG ]LFH ,RQ VFRWvQGX VL WDFWLFRV SUH]HUYDWLYXO ,RQ VL 0DULD VH GXF OD RUDV SHQWUX SULPD GDWD ,QWUD OD FLQHPDWRJUDI $FROR vQWXQHULF EH]QD 9LQH XQ vQWkU]LDW FDUH vVL FDXWD ORFXO FX ODQWHUQD /D FDUH ,RQ $L JULMD 0DULH FD YLQH R ELFLFOHWD

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0DULH HVWL GLYLQD /D FDUH 0DULD %D GL YLQD VXQWHP DPkQGRL ,RDQH

&XOHJHUH GH EDQFXUL VL SRDQWH vQ OLPED URPkQD 9HUVLXQHD 9ROXPXO ,

0HUJH 0DULD FX MXQLQFD GH IXQLH SH XOLWD 'H GXSD JDUG ,RQ R QWUHDED 0DULH G DQ GH WH GXFL" /D WDXU %LQH G DWXQFL FX YDFD FH IDFL "

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,RQ VL 0DULD V DX GXV vQ SDGXUH VD FXOHJD PXUH 6L ILLQGFD HUD PXOWD OXPH DX FXOHV PXUH

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&XOHJHUH GH EDQFXUL VL SRDQWH vQ OLPED URPkQD 9HUVLXQHD 9ROXPXO ,

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&XOHJHUH GH EDQFXUL VL SRDQWH vQ OLPED URPkQD 9HUVLXQHD 9ROXPXO ,

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1X D IRVW GHORF XVRU SHQWUX ,RQ VD R FRQYLQJD SH 0DULD GDU SkQD OD XUPD VH SDUH FD D UHXVLW 2PXO QRVWUX vQFKLULD]D R FDPHUD vQWU XQ KRWHO GH OX[ VL R LQYLWD SH GRPQLVRDUD OD FLQD vQDLQWH GH D GXFH VXV vQ FDPHUD VL D IDFH VH[ FX HD 0DULD FRQVXPD DEVROXW WRW FH VH SRDWH GH SH PHQLX GH OD DSHULWLY VL SkQD OD GHVHUW 1HUDEGDWRU ,RQ DU PHUJH GHMD vQ FDPHUD VD VH vQIUXSWH GLQ QXULL IHPHLL ÌQ FHOH GLQ XUPD R vQWUHDED 6SXQH PL PHUHX PDQkQFL DWvW GH PXOW" =kPELQG GXOFH HD vL VSXQH 2 QX 1XPDL FkQG VvQW SH FLFOX

1HYDVWD OXL ,RQ 0DULD HVWH VXUSULQVD GH DFHVWD IDFvQG VH[ FX DPDQWXO HL ÌQ JUDED PDUH vL VSXQH $VFXQGH WH vQ VSDWHOH WHOHYL]RUXOXL LPHGLDW ,RQ SRUQHVWH WHOHYL]RUXO VL VL VRDUEH RELVQXLWD EHUH 6DUPDQD QHYDVWD QX PDL VWLD FXP VD O IDFD SH EDUEDWX VX VD LDVD GLQ FDPHUD ÌQ FHOH GLQ XUPD VWULJD GLQ EXFDWDULH ,RDQH YLQR UHSHGH VD YH]L FH FLXGDWHQLH PL V D vQWvPSODW $P VFDSDW R IDUIXULH GH SRUWHODQ SH MRV VL PL D VDULW vQDSRL vQ PkQD LQWDFWD $VWD L QLPLF VWULJD GLQ FDPHUD VRWXO $GLQHDXUL XQ MXFDWRU D IRVW SHQDOL]DW FX FDUWRQDV URVX VL HOLPLQDW GH SH WHUHQ VL D LHVLW WRFPDL SH DLFL SH OkQJD PLQH ÌQYvUWLQGX VH FX WUHEXUL SULQ FDVD 0DULD QX DUH WLPS VD O REVHUYH SH ,RQ VRWXO VDX FDUH RSULW GLQ FLWLWXO ]LDUXOXL R XUPDUHD FX XQ ]kPEHW SH EX]H /D XQ PRPHQW GDW FvQG IHPHLD FXUDWD DUDJD]XO VL VH DIOD FX VSDWHOH OD HO DFHVWD vL VSXQH $L XQ IXQG PDUH FkW R EHWRQLHUD )HPHLD VH UXVLQHD]D SXWLQ GDU QX VFRDWH XQ FXYkQW VL VH KRWDUDVWH vQ VLQHD HL FD L R YD SODWL FX YkUI VL vQGHVDW 6HDUD OD FXOFDUH VH vQWRDUFH FX IDWD OD SHUHWH VL QLFL QX O EDJD vQ VHDPD SH ,RQ 1HUDEGDWRU EDUEDWXO vQFHSH VD L PvQJkLH IXQGXO 1HUYRDVD VRWLD OXL VH vQWRDUFH VL L VSXQH &UH]L FD SHQWUX GRXD SLHWULFHOH DWvW GH PLFL GDX GUXPXO VD IXQFWLRQH]H R EHWRQLHUD DWvW GH PDUH " 0DULD VXSDUDWD ,RDQH FH IDFL" &LQH WL D VSXV FD SRWL VD vWL EDJL DVD SXU VL VLPSOX PvLQLOH VXE IXVWD PHD" 7RDWD OXPHD ,RQ FDWUH 0DULH 0DULH KDL vQ SRUXPE 1X PD GXF ,RDQH QX PD GXF 0DULH KDL R GDWD vQ SRUXPE ,RDQH QX PD GXF 0DULH 'DFD QX YLL R vQFXUFL ,RDQH QX PD GXF 'LQ WUHL PRWLYH vV YLUJLQD GH FDWH RUL PD GXF vQ SRUXPE PD GRDUH VSDWHOH


&XOHJHUH GH EDQFXUL VL SRDQWH vQ OLPED URPkQD 9HUVLXQHD 9ROXPXO ,

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