Revista Matéria Prima - 7ª edição

$EULO GH

)RWR )UHGHULFR 0RPEDFK

tQGLFH

0$ 7e5,$ '( & $3 0$7e5,$ &$3 $3$ $ &GUGPXQNXGPFQ RGUUQCU 0GKXC $KNJCT UGT± C RTKOGKTC OWNJGT C CUUWOKT C RTGUKF¿PEKC FQ %GPVTQ FCU +PFÐUVTKCU FG %CEJQGKTKPJC HTGPVG FC /WPFKCN 4GEWTUQU *WOCPQU HCNC SWG Q ECRKVCN JWOCPQ ¾ Q RTKPEKRCN FKHGTGPEKCN EQORGVKVKXQ FG WOC GORTGUC

G 4'2146#)'/ '52'%+#.

+PFÐUVTKCU KPXGUVGO GO UWUVGPVCDKNKFCFG # UWUVGPVCDKNKFCFG G C RTGQEWRC¼µQ EQO Q OGKQ CODKGPVG RQT RCTVG FCU GORTGUCU FGKZCTCO FG UGT WO CRGNQ UQEKCN 1U TGEGPVGU GUVWFQU G NKXTQU TGXGNCO SWG Q EWKFCFQ EQO C PCVWTG\C G C PGEGUUKFCFG FG IGTCT OGPQU KORCEVQ CQ RNCPGVC ¾ WOC SWGUVµQ FG UG OCPVGT XKXQ PQ OGTECFQ

5GDTCG KPXGUVKT± PC 4GIKµQ

$KQRN±UVKEQ ¾ CNVGTPCVKXC GEQNÉIKEC

*QTC FG FGENCTCT Q +ORQUVQ FG 4GPFC

)/ RNCPGLC KPXGUVKOGPVQU

%TKUG PµQ KORGFG KPXGUVKOGPVQU

2CTSWG )T±HKEQ UGT± KPCWIWTCFQ GUVG O¿U

)GUVµQ FG 4KUEQU UWTIG WOC PQXC +51

5GVQT )T±HKEQ GUV± EQPHKCPVG

(;3(',(17( $EULO $QR ,, D (GLomR &LUFXODomR ([HPSODUHV -RUQDOLVWD 5HVSRQViYHO 5RVHODLQH 9LQFLSURYD 07%

9HUVmR RQ OLQH ZZZ WUFRPXQLFDFDR FRP PDWHULDSULPD

$Y -RmR %DWLVWD GD 6 H 6RX]D &HQWUR &DFKRHLULQKD 56

)RQWHV )LHUJV DGPLQLVWUDGRUHV FRP EU )HFRPpUFLR )HGHUDVXO 3RUWDO 3*43 6HEUDH 56 3RUWDO GD 4XDOLGDGH &,& 3UHIHLWXUD GH *UDYDWDt ZZZ IQT RUJ EU 6HWFHUJV =HUR +RUD 5HFHLWD )HGHUDO GR %UDVLO 9DORU (FRQ{PLFR 6HFUHWDULD (VWDGXDO GD )D]HQGD -RUQDO GR &RPpUFLR 2 (VWDGR GH 6mR 3DXOR )ROKD GH 6mR 3DXOR *D]HWD 0HUFDQWLO $JrQFLD %UDVLO

&RQWDWRV &RRUGHQDomR 5RVHODLQH 9LQFLSURYD URVHODLQH#WUFRPXQLFDFDR FRP 7DGHX %DWWH]LQL WDGHX#WUFRPXQLFDFDR FRP *HUDO _ PDWHULDSULPD#WUFRPXQLFDFDR FRP &RPHUFLDO 7DGHX %DWWH]LQL WDGHX#WUFRPXQLFDFDR FRP &RODERUDomR 0LFDHO 5RGULJXHV PLFDHO#WUFRPXQLFDFDR FRP &DPLOD 6FKlIHU MRUQDOLVPR#WUFRPXQLFDFDR FRP 0DUFHOR $FRVWD PDUFHOR#WUFRPXQLFDFDR FRP

0DWpULD 3ULPD p XPD SXEOLFDomR ELPHVWUDO GD 75&20 7RGRV RV GLUHLWRV UHVHUYDGRV

$EULO GH

$EULO GH

HGLWRULDO

8P DQR GH yWLPDV VXUSUHVDV $

V JUDQGHV LQYHQo}HV QDVFHP GH VROXo}HV VLPSOHV (VVD p DILUPDomR GRV FULDGRUHV GH JUDQGHV LGHLDV FRPR R WHOHIRQH D LQWHUQHW R 0F 'RQDOGV H R *RRJOH 4XDQGR VH FULDP VROXo}HV SUiWLFDV H FRP XPD HV WUDWpJLD R UHVXOWDGR p VXUSUHHQGHQWH /RQJH GH VH FRPSDUDU DRV H[HPSORV DFLPD D 5HYLVWD 0DWpULD 3ULPD VXU SUHHQGHX D WRGRV QyV 'XUDQWH R SHUtRGR HP TXH IRL WUDoDGR VHX SODQHMDPHQWR HVWLSXOD GDV PHWDV FULDGRV RV REMHWLYRV YLV OXPEUDPRV TXH D LQLFLDWLYD HUD H p

PXLWR ERD 0DV QDGD VH FRPSDUD j SUiWLFD 2 PRPHQWR HP TXH D SUR FXUD SHOD 5HYLVWD DXPHQWD 4XDQGR FOLHQWHV H FRODERUDGRUHV QRV UHWRU QDP IDODQGR TXH IHFKDUDP QHJyFL RV RX FRQKHFHUDP QRYRV IRUQHFH GRUHV DWUDYpV GD 5HYLVWD ,VVR WHP

VLGR XPD URWLQD 7RGR R PRPHQWR HP TXH DSUR[LPDPRV SHVVRDV p Pi JLFR $ 5HYLVWD 0DWpULD 3ULPD FRPSOH

1HVWH PRPHQWR TXHUHPRV DJUDGHFHU D WRGRV RV DQXQFLDQWHV FROXQLVWDV DPLJRV H jV SHVVRDV TXH FRQKHFHPRV GXUDQWH HVWD WUDMHWyULD TXH VH WRUQDUDP DOpP GH SDUFHLURV JUDQGHV DPLJRV WD VHX SULPHLUR DQR -i WHP XPD YLGD SUySULD 1mR SHUWHQFH VRPHQWH j 75&20 TXH LGHDOL]RX VHX QDVFL PHQWR PDV p XP PHLR GD 5HJLmR e XPD YR] GR VHWRU LQGXVWULDO e R

UHWUDWR GH XPD UHDOLGDGH TXH WRGRV RV GLDV DFRUGD FHGR H ID] DV PiTXL QDV URGDUHP $ 5HYLVWD Mi WHP R VRP GDV HQJUHQDJHQV WUDEDOKDQGR $ FDGD HGLomR EXVFDPRV DSUHVHQWDU QRYLGD GHV H PDWpULDV H[FOXVLYDV $EULPRV HVSDoRV LQGLVFULPLQDGRV SDUD WRGDV DV LQG~VWULDV 1HVWH PRPHQWR TXHUHPRV DJUD GHFHU D WRGRV RV DQXQFLDQWHV FROX QLVWDV DPLJRV H jV SHVVRDV TXH FR QKHFHPRV GXUDQWH HVWD WUDMHWyULD TXH VH WRUQDUDP DOpP GH SDUFHLURV JUDQGHV DPLJRV 8P REULJDGR VHULD SRXFR SDUD H[SUHVVDU D LPSRU WkQFLD GH FDGD XP GH YRFrV QHVWH SULPHLUR DQR GD 5HYLVWD 0DWpULD 3ULPD %RD OHLWXUD H DWp MXQKR

'SWKRG FC 4GXKUVC /CV¾TKC 2TKOC

PHQVDJHQV 64%1/ 3WGTQ RCTCDGPK\CT ¯ GSWKRG FC 64%1/ GO GURGEKCN CQU COKIQU 4QUGNCKPG G 6CFGW RGNQ GZEGNGPVG VTCDCNJQ SWG VGO UKFQ HGKVQ RGNC CI¿PEKC G GO GURGEKCN C TGCNK\C¼µQ FC TG XKUVC /CV¾TKC 2TKOC 5GK DGO Q SWCPVQ ¾ FKHÃEKN XKCDKNK\CT WO OC VGTKCN EQO SWCNKFCFG G XQE¿U V¿O UG UWRGTCFQ C ECFC GFK¼µQ OCPVGPFQ WO RCFTµQ KPXGL±XGN PQ EQPVGÐFQ G PC CRTGUGPVC¼µQ FC TGXKUVC /GWU RCTCD¾PU UKICO GO HTGPVG )TCPFG CDTC¼Q FQ COKIQ .WÃU #PVÊPKQ %CTFQUQ 'PECTTGICFQ FG %QOWPKEC¼µQ FC #EKITC

)QUVCTKC FG RCTCDGPK\CT C TGXKUVC /CV¾TKC 2TKOC 2TKOC RQT UGORTG PQU RTQ RQTEKQPCT VGOCU KPVGTGUUCPVGU G JKUVÉ TKCU FG GORTGU±TKQU XGPEGFQTGU RTÉZK OCU C PÉU /CU XGPJQ JQLG GURGEKCNOGPVG RCTCDGPK\CT C TGRQTVCIGO FC GFK¼µQ HG XGTGKTQ UQDTG C GORTGUC HCOKNKCT C SWCN PQU KFGPVKHKECOQU G VKXGOQU ETGU EKOGPVQ 2CTCD¾PU G QDTKICFQ %±UUKC (TCPEKUEQ 4COQU $CTDQ\C &KTGVQTC #FOKPKUVTCVKXC %GPVTQ FG 'F +PHCPVKN /COµG %QTWLC

0QUUQU CRNCWUQU RGNQ UW EGUUQ PGUVG CPQ (KECOQU JQPTCFCU /±TEKC G GW FG VGTOQU UGIWKFQ GUVG ECOKPJQ EQO XQE¿U %QPVKPWGO EQPVCPFQ EQ PQUEQ

'TQVKNFGU 0QIWGKTC /CEJCFQ &KTGVQTC FC 0QIWGKTC /CEJCFQ #UUGUUQTKC 'ORTGUCTKCN

'44#6# '44#6# 0C GFK¼µQ CPVGTKQT RWDNKECOQU CTVKIQ UQDTG &GUEQPUKFGTC¼µQ FC 2GTUQPCNKFCFG LWTÃFKEC RI 2QT GSWÃXQEQ EQPUVQW EQOQ UGPFQ FC CWVQTKC FG PIGNC %CORCIPGT 'PVTGVCPVQ Q CTVKIQ ¾ FC CWVQTKC FG ,QµQ 2CWNQ %CORCIPGT CFXQICFQ KPUETKVQ PC 1#$ 45 UQD Q Pu VKVWNCT FQ GUETKVÉTKQ %CORCIPGT #UUGUUQTKC ,WTÃFKEC

$EULO GH

$GPLQLVWUDomR PXQLFLSDO HQWUD QD HUD GR 3ODQHMDPHQWR (VWUDWpJLFR 0GUVG ÐNVKOQ CPQ %CEJQGKTKPJC VGO TGIKUVTCFQ PQVÃEKCU OWKVQ RQUKVKXCU 7OC FCU RTKOGKTCU HQK C EQPEGUUµQ FQ CNXCT± GO JQTCU # 5GETGVCTKC FG &GUGPXQNXK OGPVQ SWG VCOD¾O OWFQW FG PQOG RCTC CEQORCPJCT QU PQXQU VGORQU GORGPJQW GUHQT¼QU RCTC VTCPUHQTOCT %CEJQGKTKPJC PC EKFCFG SWG EQPEGFKC Q CNXCT± OCKU T±RKFQ T±RKFQ FC 4GIKµQ /GVTQRQNKVCPC CVTCKP FQ QU QNJCTGU FG KPXGUVKFQTGU G XCNQTK\CP FQ Q RQVGPEKCN FC EKFCFG *QLG C KFGKC HQK VµQ DGO CEGKVC SWG C 2TGHGKVWTC /WPKEKRCN GUV± KORNCPVCPFQ Q 8KCDKNKFCFG GO JQTCU +UUQ RQUUKDKNKVC C RCTEGTKC GPVTG CU UGETGVCTKCU FG &GUGPXQNXKOGPVQ /GKQ #ODKGPVG G #FOKPKUVTC¼µQ RCTC SWG CU GORTGUCU RQUUCO VGT C XKCDKNKFCFG G C NK DGTC¼µQ RCTC KPUVCNC¼µQ PC EKFCFG GO JQTCU 1 RTQLGVQ PµQ EQORTGGPFG CU KP FÐUVTKCU SWG PGEGUUKVGO FG CP±NKUG FG KO RCEVQ CODKGPVCN %CEJQGKTKPJC CRGUCT FG UGT WO FQU RQNQU FGUVCSWG PQ 'UVCFQ CKPFC ECTGEG FG OµQ FG QDTC ECRCEKVCFC 2CTC UWRTKT GUUC ECT¿PEKC HQK ETKCFC C #I¿PEKC /WPKEK

RCN FG 6TCDCNJQ G 'ORTGIQ SWG DWUEC CRTQZKOCT GORTGUCU G VTCDCNJCFQTGU NQ ECKU # FGOCPFC FGXGT± CWOGPVCT EQO C CDGTVWTC FQ EGPVTQ NQIÃUVKEQ FCU NQLCU 3WGTQ 3WGTQ HWPEKQPCPFQ PC CPVKIC UGFG FCU %CUCU $CJKC KPCWIWTC¼µQ FQ 2CTSWG )T±HKEQ FC 5QW\C %TW\ EQPUVTW¼µQ FQ *Q VGN +DKU G EQO Q KPÃEKQ FCU QDTCU FQ (QP RNCVC SWG RTGX¿ C FWRNKEC¼µQ FC #X (TG FGTKEQ 4KVVGT G 2CRC ,QµQ ::+++ HKPCNK\C¼µQ FQ %QPFWVQ (QT¼CFQ G QWVTCU OGNJQTKCU # %QPUWNVQTKC )GP FG 5µQ 2CWNQ GUV± KPKEKCPFQ LWPVQ ¯ 2TGHGKVWTC /WPKEK RCN Q RNCPGLCOGPVQ GUVTCV¾IKEQ FC EKFCFG RCTC Q HWVWTQ 1 CNKPJCOGPVQ QTICPK\CEK QPCN UKVWC C CFOKPKUVTC¼µQ RÐDNKEC PQU OGUOQU OQNFGU FG WOC GORTGUC GO DWU EC FG ETGUEKOGPVQ %QPHQTOG Q 5GETGV± TKQ FG 2NCPGLCOGPVQ 5CWN 5CUVTG C )GP ¾ WOC FCU OGNJQTGU EQPUWNVQTKCU FQ RCÃU GUEQNJKFC RGNQ /KPKUV¾TKQ 2ÐDNKEQ FQ 45 RCTC UGW RNCPGLCOGPVQ GUVTCV¾IKEQ #N¾O FC CLWFC FGNC C CFOKPKUVTC¼µQ GUV± KPITGU UCPFQ PQ 2TQITCOC )CÐEJQ FC 2TQFWVK XKFCFG G %QORGVKVKXKFCFG 2)32 'O

$EULO GH

OCKQ VQFCU CU UGETGVCTKCU PWOC KPKEKCVKXC KP¾FKVC CUUKPCTµQ Q VGTOQ FG CFGUµQ CQ RTQITCOC CVTCX¾U FQ %QOKV¿ FG %CEJQ GKTKPJC

/50 ¾ GZGORNQ PCEKQPCN %CEJQGKTKPJC ICPJQW FGUVC SWG PC KORTGPUC PCEKQPCN EQO WO RTQLGVQ SWG GUV± CRTQZKOCP FQ GORTGUCU G EQO¾TEKQU FC $TK ICFC /KNKVCT 'O RCTEGTKC EQO Q 5KPFKNQLCU %CEJQGKTKPJC Q 2QNÃ EKC +PUVCPV³PGC +PUVCPV³PGC EQPGEVC Q GU VCDGNGEKOGPVQ FKTGVQ EQO C EGP VTCN FC $TKICFC /KNKVCT 1 RTQLG VQ L± ¾ NGK GO VT¿U 'UVCFQU DTCUK NGKTQU # 5GETGVCTKC FG 5GIWTCP ¼C GUVCT± CRTGUGPVCPFQ C KPKEKC VKXC EQOQ OGNJQT OQFGNQ PCEK QPCN PQ (ÉTWO $TCUKNGKTQ FG 5G IWTCP¼C 2ÐDNKEC SWG CEQPVGEG GO UGVGODTQ

HQWUHYLVWD _ 1HLYD %LOKDU

'HVHQYROYHQGR SHVVRDV

1HLYD %LOKDU VHUi D SULPHLUD PXOKHU D DVVXPLU D SUH VLGrQFLD GR &HQWUR GDV ,QG~VWULDV GH &DFKRHLULQKD ­ IUHQWH GD 0XQGLDO 5HFXUVRV +XPDQRV IDOD TXH R FDSLWDO KXPDQR p R SULQFLSDO GLIHUHQFLDO FRPSHWLWLYR GH XPD HPSUHVD

5HFUXWDU SHVVRDV QmR p XPD WDUHID IiFLO &RPR IXQFLRQD QD 0XQGLDO 5+"

4XDO D DWXDomR GD 0XQGLDO 5+" $ 0XQGLDO 5+ DWXD D QtYHO %UDVLO SULQFLSDOPHQWH QR 56 6& 35 63 5- %+ GHVHQYROYHQGR H FDSDFL WDQGR SHVVRDV 6XDV iUHDV GH DWXDomR VmR DWUDomR H UHWHQomR GH WDOHQWRV WUHLQDPHQWR SODQHMDPHQWR GH FDU UHLUD &RDFKLQJ UHFUXWDPHQWR H VHOHomR 7($/ WUHLQD PHQWR YLYHQFLDO DR DU OLYUH HIHWLYRV WHPSRUiULRV

HVWDJLiULRV DYDOLDomR SVLFROyJLFD MRJRV HPSUHVDULDLV H GLQkPLFDV GH JUXSRV 7UDEDOKD GHVGH R QtYHO HVWUDWpJLFR DWp R WiWLFR H RSHUDFLRQDO

$ FDGD GLD TXH SDVVD DV HPSUHVDV HVWmR VHQGR PDLV FREUDGDV (VWD FREUDQoD p SRU PHOKRUHV UHVXOWDGRV PDLRU TXDOLGDGH HP VHXV VHUYLoRV PDLRU OXFUDWLYLGD GH PDLV LQRYDomR FUpGLWR H UHFXUVRV KXPDQRV FDSD FLWDGRV H WDOHQWRVRV SDUD GDU FRQWD GHVVD HTXDomR GR PHUFDGR 3RU IRUoD GHVVDV YDULiYHLV R HPSUHVDULDGR PX GRX PXLWR VXD IRUPD GH UHFUXWDU SHVVRDV 3DUD VHUHP EHP VXFHGLGDV DV RUJDQL]Do}HV QHFHVVLWDP GH SHVVR DV FHUWDV QD KRUD FHUWD $ 0XQGLDO 5+ SRVVXL VLVWHPDV HILFD]HV GH UHFUXWDU TXH GHILQHP FODUDPHQWH R SHUILO GDV SHVVRDV 3RU HQWHQGHU TXH PDLV TXH XP SURILVVLRQDO TXDOL ILFDGR WHFQLFDPHQWH D HPSUHVD UHVVHQWH VH GH SHVVR DV FRP FRPSRUWDPHQWRV H DWLWXGHV DGHTXDGRV j FXO WXUD j PLVVmR j YLVmR H DRV REMHWLYRV GD RUJDQL]DomR D 0XQGLDO 5+ UHDOL]D R SURFHVVR GH VHOHomR H UHFUXWD PHQWR FRP PHWRGRORJLD SUySULD H XPD HTXLSH PXO WLIXQFLRQDO FRPSRVWD SRU SVLFyORJRV DGPLQLVWUDGR UHV SHGDJRJRV WRGRV FRP SyV JUDGXDomR 0%$ H PHVWUDGR 7UDEDOKD FRQGX]LQGR WRGR R SURFHVVR GH IRUPD HVWUDWpJLFD H YLWDO 3ODQHMDQGR XPD ERD HQWUH YLVWD PDSHDQGR R SHUILO GH FRPSHWrQFLDV SDUD FDGD FDUJR FULDQGR DWLYLGDGHV MRJRV HVWUDWpJLFRV GLQkPL FDV GH JUXSR DYDOLDomR SVLFROyJLFD TXH SRVVLELOLWDP TXH FDGD FDQGLGDWR FRORTXH HP SUiWLFD VHXV FRQKHFL PHQWRV KDELOLGDGHV H DWLWXGHV SDUD TXH D HVFROKD SHOR FDQGLGDWR VHMD LGHDO $V HPSUHVDV VmR IRUPDGDV GH SHVVRDV H GHSHQ GHP GHODV SDUD DWLQJLU VHXV REMHWLYRV SRU LVVR QRVVR FRPSURPHWLPHQWR FRP D HVFROKD FHUWD

([LVWH XP XQLYHUVR GH SHVVRDV HP EXVFD GH HPSUHJRV H SRU RXWUR ODGR PXLWDV YDJDV QmR VmR SUHHQFKLGDV 3RUTXH LVVR DFRQWHFH" 2 PHUFDGR p H[WUHPDPHQWH FRPSHWLWLYR DSHQDV XP GLSORPD QD PmR QmR p PDLV VXILFLHQWH SDUD TXHP TXHU ID]HU D GLIHUHQoD 2 SURILVVLRQDO WHP GH WHU FRP SHWrQFLD H[SHULrQFLD WpFQLFD DSXUDGD ERP UHODFLR QDPHQWR FULDWLYLGDGH DWLWXGH FDSDFLGDGH GH UHVLOLrQ FLD H DOWR JUDX GH FDSDFLGDGH LQWHOHFWXDO H HPRFLRQDO SRVVXLU PDLV GH XP LGLRPD DWXDOL]DomR FRQVWDQWH H VHU XP HVWUDWHJLVWD (VVH p R SURILVVLRQDO PDLV UHTXLVL WDGR SHOR PHUFDGR 8PD SHVVRD TXH ILFD SDUDGD VHP VH DSULPRUDU HVWi IRUD GR PHUFDGR 3RU LVVR DWXDOL]D omR SURILVVLRQDO p D SHoD FKDYH QRV GLDV GH KRMH

&RP RV HIHLWRV PDLV YLVtYHLV GD FULVH PXLWDV HPSUHVDV SDUWHP SDUD GHPLVV}HV SUHYHQ WLYDV RX HP DOJXQV HP PDVVD (VVH p FD PLQKR" 'HPLWLU QXQFD p R FDPLQKR 2 FDSLWDO KXPDQR p R EHP PDLV SUHFLRVR GH XPD HPSUHVD 2UJDQL]Do}HV VH SUHRFXSDP FRP D OXFUDWLYLGDGH PDWpULD SULPD H

$EULO GH

)UHGHULFR 0RPEDFK 03

'HPLWLU QXQFD p R FDPLQKR 2 ´FDSLWDO KXPDQR p R EHP PDLV

SUHFLRVR GH XPD HPSUHVD 2UJDQL]Do}HV VH SUHRFXSDP FRP D OXFUDWLYLGDGH PDWpULD SULPD H RXWURV H FRQWLQXDP HVTXHFHQGR GH UHFRQKHFHU R TXDGUR WpFQLFR

µ

GLUHWRULD $ LQGLFDomR GR PHX QRPH SDUD VXFHGHU R HPSUHViULR -DLUR 5RPD]]LQL IRL DFROKLGD FRP XQDQL PLGDGH HQWUH WRGRV RV GLUHWRUHV ,VVR p EDVWDQWH PR WLYDGRU 9DPRV FRQWLQXDU WUDEDOKDQGR MXQWRV H OXWDQ GR SRU SURMHWRV LPSRUWDQWHV FRPR D LQDXJXUDomR GH XPD (VFROD GR 6(1$, XP *LQiVLR GR 6(6, DPSOL DomR GD VHGH H SULQFLSDOPHQWH EXVFDU MXQWR DRV yU JmRV PXQLFLSDLV UHJLRQDLV H HVWDGXDLV XPD UHSUHVHQ WDWLYLGDGH PDLV IRUWH GR &,& 9DPRV VHU DWXDQWHV HP WRGDV DV GHFLV}HV (VWDPRV WUDEDOKDQGR FRP RV GLUL JHQWHV GH HPSUHVDV FRP DOWHUQDWLYDV SDUD HQIUHQWDU D FULVH +RMH &DFKRHLULQKD p XP GRV SRORV PDLV IRUWHV GH GHVHQYROYLPHQWR GR (VWDGR 7HPRV JUDQGHV HP SUHVDV FRP SURGXWRV GLYHUVLILFDGRV $FUHGLWR PXLWR QR QRVVR GLVWULWR LQGXVWULDO H DSRVWR HIHWLYDPHQWH TXH KRMH HOH p D LGHQWLGDGH PDLV IRUWH GH &DFKRHLULQKD 9DPRV WUDEDOKDU HP SDUFHULD FRP WRGD D HTXLSH SDUD IRUWDOHFHU D HQWLGDGH H R QRVVR GLVWULWR LQGXVWULDO

RXWURV H FRQWLQXDP HVTXHFHQGR GH UHFRQKHFHU R TXDGUR WpFQLFR 3HUGHU XP SURILVVLRQDO p DOWDPHQWH PDLV FDUR GR TXH GHSRLV GH DOJXP WHPSR WHQWDU UHSRU $V SHVVRDV VmR RV GLIHUHQFLDLV FRPSHWLWLYRV GH FDGD HPSUHVD 0DV TXDO TXHU SHVVRD SRGHULD VH SHUJXQWDU 2 TXH WHP D YHU D FULVH HFRQRPLD FRP UHFUXWDPHQWR H VHOHomR" $ UHVSRVWD QmR p FRPSOLFDGD e R VHU KXPDQR TXH PDQWpP DV HVWUXWXUDV RX YiULRV VHWRUHV GH XPD HP SUHVD PDQLSXOD DV PiTXLQDV FRPS}H DV HPSUHVDV $VVLP D GHFLVmR VREUH D FRQWUDWDomR GR SURILVVL RQDO FHUWR p D PDLRU JDUDQWLD GH VXFHVVR IXWXUR GH XPD HPSUHVD

&RPR p R GHVDILR GH VHU D SULPHLUD PXOKHU D SUHVLGLU R &HQWUR GDV ,QG~VWULDV GH &DFKRHL ULQKD" (P WLYH R SULPHLUR FRQWDWR FRP R &HQWUR GDV ,QG~VWULDV 7HPSR GHSRLV Mi FRPHFHL D DWXDU QD

$EULO GH

HVWDGR

'LYXOJDomR 03

(VWDGR p XP GRV TXH OLGHUD SURGXomR GH ELRGLHVHO 4KQ )TCPFG FQ 5WN /CVQ )TQU UQ G )QK±U NKFGTCTCO C RTQFW¼µQ DTCUKNGKTC FG DKQFKGUGN GO UGIWPFQ FCFQU FC #I¿PEKC 0CEKQ PCN FQ 2GVTÉNGQ )±U 0CVWTCN G $K QEQODWUVÃXGKU #02 %QPHQTOG CP±NKUG FQ +'# +PU VKVWVQ FG 'EQPQOKC #ITÃEQNC C

RTQFW¼µQ PCEKQPCN CNECP¼QW DKNJµQ FG NKVTQU NKVTQU PQ CPQ RCUUC FQ EQPVTC OKNJËGU GO 'O LCPGKTQ FG C CFK¼µQ FG FG DKQFKGUGN CQ ÉNGQ FKGUGN XGP FKFQ PQ RCÃU VQTPQW UG QDTKICVÉ TKC 'O LWNJQ RQT FGEKUµQ FQ %QP UGNJQ 0CEKQPCN FG 2QNÃVKEC 'PGT I¾VKEC %02' Q RGTEGPVWCN CW

OGPVQW RCTC #VT±U CRGPCU FQ 2CTCP± GPVTG QU 'UVCFQU EQO OCK QT ECRCEKFCFG RCTC RTQFW ¼µQ FG ÉNGQU XGIGVCKU PQ $TCUKN Q 4KQ )TCPFG FQ 5WN RCUUQW C RWZCT C RTQFW¼µQ FG DKQFKGUGN GO EQO OCKU FG OKNJËGU FG NK VTQU 5QLC COGPFQKO G IK TCUUQN CNKOGPVCO C RTQFW¼µQ ICÐ EJC 1 /CVQ )TQUUQ XGO GO UG IWKFC EQO EGTEC FG OKNJËGU FG NKVTQU UGIWKFQ RQT )QK±U NÃFGT GO G 5µQ 2CWNQ 1 ÉNGQ FG UQLC HQK C OCV¾TKC RTKOC FG FQ DKQFKGUGN RTQ

(6&2/$ 0Ð9(/ '( $8720$d®2 ,1'8675,$/

2 yOHR GH VRMD IRL D PDWpULD SULPD GD PDLRULD GR ELRGLHVHO SURGX]LGR HP

FW\KFQ PQ OGTECFQ KPVGTPQ GO 'O UGIWKFC CRCTGEG Q UGDQ DQXKPQ EQO # OCOQPC OCV¾TKC RTKOC RTGHGTKFC RGNQ IQ XGTPQ HGFGTCN PQ KPÃEKQ FQ RTQ ITCOC UGSWGT CRCTGEG PQ TCPMKPI

)$/È1&,$6 12 (67$'2 (QTCO FGETGVCFCU HCN¿PEKCU FG GORTGUCU PQ 4KQ )TCP FG FQ 5WN GO LCPGKTQ G HGXGTGKTQ Q SWG UKIPKHKEC WO CWOGP CWOGP VQ FG GO TGNC¼µQ CQ CPQ RCUUCFQ SWCPFQ HQTCO RTQEGFKOGPVQU ,± Q PÐOGTQ FG TGSWGTKOGPVQU FG HCN¿PEKCU ECKW 0Q 'UVCFQ VCOD¾O UWDKW Q PÐOGTQ FG UQNKEKVC¼ËGU FG TGEWRGTC¼µQ LWFKEKCN FCU GORTGUCU 1U FCFQU UµQ FC 5GTCUC 'URGEKCNKUVCU CPCNKUCO PQ GPVCPVQ SWG CRGUCT FQ ETGUEK OGPVQ QU PÐOGTQU FQ 4KQ )TCPFG FQ 5WN CKPFC UµQ RGSWG PQU 1 PÐOGTQ FG RGFKFQU FG TGEWRGTC¼µQ LWFKEKCN ¾ OCKQT RQTSWG EQO C SWGFC PQ EQPUWOQ G CWOGPVQ PC KPCFKO RN¿PEKC CU GORTGUCU GUVµQ EQO FKHKEWNFCFGU RCTC OCPVGT GSWKNKDTCFQ Q HNWZQ FG ECKZC 0Q RCÃU HQTCO RGFKFQU FG TGEWRGTC¼µQ LWFKEKCN EQP VTC PQ RTKOGKTQ DKOGUVTG FG

1 5GTXK¼Q 0CEKQPCN FG #RTGPFK\CIGO +PFWUVTKCN 5' 0#+ NCP¼QW GO OCT¼Q C GUEQNC OÉXGN FG CWVQOC¼µQ V¾EPKEQ FG CNVC SWC KPFWUVTKCN SWG QHGTGEGT± GPUKPQ V¾EPKEQ NKHKEC¼µQ GO UKPVQPKC EQO CU FGOCPFCU TGIKQPCKU # WPKFCFG EQPVC EQO WO FKURQUKVKXQ FG CXCP¼QU NCVGTCKU SWG RTCVKECOGPVG FWRNKEC Q GURC¼Q HÃUKEQ GO TGNC¼µQ ¯U ECTTGVCU UKORNGU CNECP¼CPFQ Ow 1 GURC ¼Q VGO WOC UCNC FG CWNC G QHKEKPC ENKOCVK\CFC RCTC RCTVKEKRCPVGU CN¾O FG CEGUUQ RCTC RGUUQCU EQO PGEGU UKFCFGU GURGEKCKU EQORWVCFQTGU G DCPECFCU FKF±VKECU FG CEKQPCOGPVQ GN¾VTKEQ FKP³OKEQ GUV±VKEQ G EQPVTQ NG FG XGNQEKFCFG FG OQVQTGU GN¾VTKEQU &GXKFQ ¯ ITCPFG FGOCPFC C GUEQNC OÉXGN FG CWVQ OC¼µQ KPFWUVTKCN L± VGO RTQITCOC¼µQ EQORNGVC CV¾ Q HKPCN FG 'UVG CPQ C WPKFCFG GUVCT± GO $GPVQ )QP¼CNXGU 0QXC 2TCVC 5CRKTCPIC G +ITGLKPJC

$EULO GH

'LYLPRQWD SODQHMD DPELHQWHV 0LFDHO 'RPLQJXHV 5RGULJXHV 03

2NCPGLCT CODKGPVGU EQO Q SWG GZKUVG FG OCKU OQFGTPQ PQ OGT ECFQ ¾ C GURGEKCNKFCFG FC &KXKOQP VC *± OCKU FG CPQU PQ OGT ECFQ ECFQ C GORTGUC CVGPFG ENKGPVGU GO VQFQ Q $TCUKN EQO ETGFKDKNKFC FG G CVGPFKOGPVQ FKHGTGPEKCFQ 7OC FCU XCPVCIGPU FC &KXKOQPVC ¾ SWG GNC QHGTGEG VQFQU QU VKRQU FG OCVGTKCKU EQOQ GUVC¼ËGU FG VTC DCNJQ ECTRGVGU FKXKUÉTKCU G HQTTQU 4GFGUGPJCT OQFGTPK\CT QW VQTPCT OCKU HWPEKQPCN WO GURC¼Q PµQ ¾ WOC VCTGHC H±EKN 2QT KUUQ C &KXK OQPVC EQPVC EQO WOC GSWKRG FG RTQHKUUKQPCKU ECRCEKVCFC RCTC CVGP FGT VQFCU CU FGOCPFCU # GORTGUC GUV± EWKFCPFQ FQ NC[QWV KPVGTKQT FQ %GPVTQ FG 1RG TC¼ËGU FCU .QLCU 3WGTQ 3WGTQ SWG GUV± UG KPUVCNCPFQ GO %CEJQ GKTKPJC *± WOC VGPF¿PEKC OQFGT

PC FG CRTQXGKVCOGP VQ VQVCN FQU CODKGP VGU FGKZCPFQ GNGU OWNVKHWPEKQPCKU # &KXKOQPVC VTCDCNJC UQOGPVG EQO OCVG TKCKU FC OCKU CNVC SWC NKFCFG 2CTC C GSWKRG Q RGFKFQ FQ ENKGPVG ¾ WOC QTFGO 5G PµQ VKXGT Q RTQFWVQ VGO RCTC SWGO KPFK ECT # GORTGUC KPCW IWTQW TGEGPVGOGP VG UWCU PQXCU KPUVC NC¼ËGU QHGTGEGPFQ RCTC QU ENKGPVGU WO ITCPFG UJQY TQQO FG X±TKCU OCTECU G OQFGNQU NQECNK\CFC PC /QTCFC FQ 8CNG +

'LYLPRQWD LQDXJXURX UHFHQWHPHQWH QRYDV LQVWDODo}HV

#DTKN FG

'(6(19 2/ 9,0(17 2 '(6(192/ 2/9,0(17 9,0(172 6DXO 6DVWUH 6HFUHWiULR 0XQLFLSDO GH 3ODQHMDPHQWR GH &DFKRHLULQKD VDXOVDVWUH#WHUUD FRP EU

0DUNHWLQJ 9HUGH R SUREOHPD p R SUHoR # OWFCP¼C FG EQORQTVCOGPVQ FQ EQPUW OKFQT PQ UGPVKFQ FG RTQVG¼µQ CQ OGKQ CODK GPVG VQTPQW UG WO FQU HCVQTGU FG OCKQT KPHNW ¿PEKC RCTC SWG CU GORTGUCU CRTGUGPVCUUGO UQ NW¼ËGU RCTC CNECP¼CT Q FGUGPXQNXKOGPVQ UWU VGPV±XGN G CQ OGUOQ VGORQ CWOGPVCT C NWETC VKXKFCFG FG UGWU PGIÉEKQU # IGUVµQ CODKGPVCN OKITQW FG WOC CVKXKFCFG HKNCPVTÉRKEC QW VGOC RCTC GEQNQIKUVCU G CODKGPVCNKUVCU RCTC WOC CVK XKFCFG SWG RQFG RTQRKEKCT ICPJQU HKPCPEGKTQU RCTC CU GORTGUCU &CPKGN 'UV[ RTQHGUUQT FC ;CNG 7PKXGTUKV[ G GURGEKCNKUVC GO GUVTCV¾IKC CODKGPVCN EQTRQTCVK XC FGUVCEC GO UWC RCNGUVTC PC 'ZRQ/CPCIG OGPV C KORQTV³PEKC FCU GORTGUCU QNJC TGO C SWGUVµQ CODKGPVCN EQOQ FKHGTGPEKCN EQO RGVKVKXQ DGO EQOQ FG DWUECTGO C KPQXC¼µQ 7O FQU RQPVQU HQTVGU FG UWC RCNGUVTC HQK GZRNK ECT SWG C GUVTCV¾IKC CODKGPVCN FGXG KPKEKCT PC ECUC FQ IGUVQT #U RGUUQCU VGTµQ SWG FGUGP XQNXGT CVKVWFGU GEQNÉIKECU C EQOG¼CT RQT UWCU TGUKF¿PEKCU G Cà GPVµQ UWTIGO FKXGTUCU QRQT VWPKFCFGU EQOQ UGRCTC¼µQ FQ NKZQ CNVGTPCVKXCU GPGTI¾VKECU OWFCP¼C PQ UKUVGOC FG GUIQVCOGP VQ G GEQPQOKC #Q HKPCN 'UV[ CHKTOQW SWG Q ITCPFG UGITGFQ FQ OCTMGVKPI GEQNÉIKEQ ¾ VTCPU HGTKT GEQNQIKC RCTC Q UGW ENKGPVG FCPFQ GZGO RNQU UQDTG C OQPVCFQTC 6Q[QVC G UGWU RTQLG VQU EQO ECTTQU OCKU NGXGU GEQPÊOKEQU G OG PQU RQNWGPVGU 1 ENKGPVG FC 6Q[QVC QRVC G UG UGPVG DGO EQO RTQFWVQ GEQNQIKECOGPVG EQT TGVQ EQNCDQTCPFQ EQO Q RTQITGUUQ FC JWOC PKFCFG GO FGVTKOGPVQ FG QWVTCU GORTGUCU CW VQOQDKNÃUVKECU SWG EQPVKPWCO EQO UGWU ECTTQU ITCPFGU RGUCFQU SWG EQPUQOGO OWKVQ EQO DWUVÃXGN G ECWUCO OCKQT KORCEVQ CODKGPVCN 0Q $TCUKN Q OCTMGVKPI XGTFG ¾ NGXCFQ C U¾TKQ RQT WOC ITCPFG RCTVG FG EQPUWOKFQTGU OCU UGIWPFQ Q KPUVKVWVQ 3WQTWP $TCUKN GO RGUSWKUC GZENWUKXC RCTC 4GXKUVC 'ZCOG FQU GPVTGXKUVCFQU FGUKUVGO FG EQORTCT RTQFW VQU EQO UGNQ CODKGPVCN ECUQ GNGU EWUVGO OCKU ECTQ SWG QU UKOKNCTGU G CN¾O FKUUQ FQU GPVTGXKUVCFQU CHKTOCO SWG PµQ FGKZCO FG EQO RTCT Q RTQFWVQ OGUOQ UCDGPFQ SWG GNG ¾ RTG LWFKEKCN ¯ UCÐFG 1U PÐOGTQU KPFKECO SWG PQ $TCUKN C EQPU EK¿PEKC CODKGPVCN ¾ HQTVGOGPVG KPHNWGPEKCFC RGNQ HCVQT GEQPÊOKEQ G SWG CU C¼ËGU FQ OCTMGVKPI XGTFG FGXGO UGT CNKCFCU CU C¼ËGU FG GUVTCV¾IKC FG RTG¼Q PCU EQTRQTC¼ËGU

UHJLmR

6HEUDH LQYHVWLUi QD 5HJLmR 1 FKTGVQT UWRGTKPVGPFGPVG FQ 5GT XK¼Q FG #RQKQ ¯U /KETQ G 2GSWGPCU 'ORTGUCU PQ 4KQ )TCPFG FQ 5WN 5G DTCG 45 /CTEGNQ FG %CTXCNJQ .QRGU CPWPEKQW PQ KPÃEKQ FG OCT¼Q WO CRQT VG FG 4 OKNJËGU GO RCTC CU C¼ËGU SWG KORWNUKQPCO Q FGUGPXQN XKOGPVQ FCU OKETQ G RGSWGPCU GORTGUCU GORTGUCU FG OWPKEÃRKQU FC 4GIKµQ /GVTQRQNKVCPC 'PVTG QU RTQLGVQU GU VµQ Q %QO¾TEKQ 8CTGLKUVC FQ %CN¼CFµQ FG %CEJQGKTKPJC G Q %QO¾TEKQ FQ %GP VTQ *KUVÉTKEQ FG )TCXCVCà 5GIWPFQ Q UWRGTKPVGPFGPVG Q KPXGU VKOGPVQ UGT± TGXGTVKFQ GO ICTCPVKC FG

UWUVGPVCDKNKFCFG G UWEGUUQ FG OKN GORTGGPFKOGPVQU ICÐEJQU #VWCN OGPVG C ECTVGKTC FG RTQLGVQU FC TG IKµQ EQPVC EQO VT¿U WPKFCFGU FG CVGP FKOGPVQ NQECNK\CFCU PCU EKFCFGU FG 2QTVQ #NGITG )TCXCVCÃ G %CPQCU *QLG FGUGPXQNXGOQU RTQLGVQU EQNGVKXQU G KPFKXKFWCKU KPFKXKFWCKU SWG DG PGHKEKCO EGTEC FG GORTGUCU HQT OCKU FQU UGVQTGU FC KPFÐUVTKC EQO¾T EKQ G UGTXK¼QU G VWTKUOQ EQOGPVC 1 VTCDCNJQ KPENWK ECRCEKVC¼µQ CEGUUQ CQ OGTECFQ EQPUWNVQTKC KPQXC¼µQ CEGUUQ CQ ET¾FKVQ G CRQKQ CQ GORTG GPFGFQTKUOQ

1U RTQLGVQU EQNGVKXQU FC TGIKµQ /GVTQRQNKVCPC GPINQDCO #VGPFKOGPVQ +PFKXKFWCN FC /GVTQ RQNKVCPC %QO¾TEKQ FQ %GPVTQ *KUVÉTKEQ FG )TCXCVCÃ %QO¾TEKQ G 5GTXK¼Q $CKTTQ #\GPJC G SWCFTC %QO¾TEKQ 8CTGLKUVC FQ %CN ¼CFµQ FG %CEJQGKTKPJC #FGPUC OGPVQ FC %CFGKC 2TQFWVKXC FQ 2GVTÉNGQ )±U G 'PGTIKC FC 4GIKµQ /GVTQRQNKVCPC (QOGPVQ CQ 'O

RTGGPFGFQTKUOQ /GTECFQ 2ÐDNK EQ FG 2QTVQ #NGITG 2QNQU FG %QP HGE¼µQ )CUVTQPQOKC 2CPKHKECFQ TCU G /GVCNOGE³PKEQ 2TQITCOC %QORGVKVKXKFCFG 'ORTGUCU 4GXGP FGFQTCU FG )±U &GUGPXQNXKOGP VQ FG (QTPGEGFQTGU (CE¼ËGU FC 4GIKµQ /GVTQRQNKVCPC 2TQLGVQ 5G VQTKCN FG %QUO¾VKEQU G 5GVQTKCN 'NGVTQGNGVTÊPKEQ FC 4GIKµQ /G VTQRQNKVCPC

0XOKHUHV GH WDOHQWR 0Q O¿U GO SWG UG EQOGOQTQW Q &KC +PVGTPCEKQPCN FC /WNJGT C %³OC TC FG +PFÐUVTKC %QO¾TEKQ G 5GTXK¼QU FG %CPQCU %+%5 RTQOQXGW Q YQTMUJQR /WNJGTGU FG 6CNGPVQ 1 GXGPVQ CEQPVGEGW PQ FKC FG OCT¼Q OW G EQPVQW EQO Q VGUVGOWPJQ FG OW NJGTGU SWG GPHTGPVCTCO ITCPFGU QDUV±EWNQU QDUV±EWNQU G RTGEQPEGKVQU RCTC CN ECP¼CT UGWU QDLGVKXQU G WO GURC¼Q FG FGUVCSWG PC UQEKGFCFG 'PVTG CU RCTVKEKRCPVGU GUVCXCO $GVJ %QNQODQ RTQHGUUQTC 5GETGV±TKC FG 5CÐFG FG %CPQCU G C RTKOGKTC OWNJGT C GZGTEGT Q ECTIQ FG 8KEG 2TGHGKVC FC EK FCFG )GPK $QTFKO DCEJCTGN GO %K ¿PEKCU %QPV±DGKU CFOKPKUVTC C GORTG

#DTKN FG

UC 'TXC /CVG 5CPVKCIQ G XGPEGFQTC FQ 2T¿OKQ 5GDTCG /WNJGTGU FG 0GIÉEKQU %TKUVKCPG 6KGV\G RWDNKEKV±TKC G GORTG U±TKC RTKOGKTC OWNJGT C GZGTEGT Q ECT IQ FG 2TGUKFGPVG FC %&. ,GCPG -KEJ

CFOKPKUVTCFQTC RÉU ITCFWCFC GO )GU VµQ 5QEKCN G OGUVTCPFC GO %K¿PEKCU 5Q EKCKU %QQTFGPCFQTC 'ZGEWVKXC FC 10) 2CTEGKTQU 8QNWPV±TKQU &K\C )QP\CIC

CTSWKVGVC CDCPFQPQW C RTQHKUUµQ CRÉU C OQTVG FQ HKNJQ G ETKQW C (WPFC¼µQ 6JKCIQ )QP\CIC 8KFC 7TIGPVG <KNOC $KC\WU RTQHGUUQTC 2TGUKFGPVG FC .KIC (GOKPKPC FG %QODCVG CQ %³PEGT G 5K OQPG .GKVG GORTGU±TKC 5GETGV±TKC FG &GUGPXQNXKOGPVQ FG %CPQCU G 8KEG 2TGUKFGPVG FC %+%5

'LYXOJDomR 03

&CPKGN $CTPCTV #FXQICFQ 1#$ 45

2 UHFHQWH EDUDWHDPHQWR GRV SUHoRV GDV SDVVDJHQV DpUHDV LPSOL FRX QR DXPHQWR GUDPiWLFR GRV DEXVRV FRPHWLGRV FRQWUD RV FRQ VXPLGRUHV 'LDQWH GLVVR RFRUUHX D PXOWLSOLFDomR GDV FRQVXOWDV VREUH HVVH WHPD QRV HVFULWyULRV GH DGYR FDFLD H D PDLRU GLILFXOGDGH GR FRQ VXPLGRU p VDEHU FRPR SURFHGHU QHVVDV RFDVL}HV (P FDVR GH SUHMXt]R H YLVDQGR VHU UHVVDUFLGR PDWHULDOPHQWH H PR UDOPHQWH QR IXWXUR R FRQVXPLGRU GHYH DGRWDU DV VHJXLQWHV PHGLGDV JXDUGDU R FDUWmR GH HPEDUTXH H RV FRPSURYDQWHV GRV JDVWRV UHDOL]DGRV GXUDQWH D HVSHUD UHXQLU GRFXPHQ WRV UHODFLRQDGRV DR FRPSURPLVVR TXH VHULD FXPSULGR QR GHVWLQR H SURFXUDU DQJDULDU WHVWHPXQKDV GRV

FRQVWUDQJLPHQWRV VRIULGRV PHVPR TXH HVVH FRQVWUDQJLPHQWR VHMD R VLP SOHV DWUDVR GR YRR H R FRPXPHQWH GHVFDVR GD FRPSDQKLD FRP R SDV VDJHLUR QHVVD VLWXDomR 2XWURVVLP DWUDYpV GH SHGLGR HQFDPLQKDGR SHOD 2$% 56 R 75) GD 5HJLmR GHWHUPLQRX TXH DV FRPSDQKLDV Dp UHDV QDFLRQDLV IRUQHoDP FHUWLG}HV FRPSUREDWyULDV GH DWUDVRV H FDQ FHODPHQWRV GH YRRV SDUD RV DGYR JDGRV HP GHFLVmR RULXQGD GR 3UR FHVVR Q 56 'HVVD IRUPD FRQVWLWXLX VH XP YDOLRVR VLVWHPD GH SURWHomR FRQWUD R GHVFDVR GDV FRPSDQKLDV DpUHDV YLVDQGR VHPSUH D SUHVHUYDomR GDV JDUDQWLDV PDLV HOHPHQWDUHV GR FRQ VXPLGRU LQVFXOSLGDV QD /HL Q &yGLJR GR &RQVXPLGRU

#DTKN FG

0QU OGUGU FG LCPGKTQ G HGXGTGKTQ HQTCO HGKVQU RGFKFQU FG CFG UµQ CQ 5KORNGU 0CEKQPCN &GUUGU L± GUVµQ PQ UKUVGOC OCU UQNKEKVC¼ËGU HQTCO KPFGHGTKFCU RQT RTQDNGOCU FG F¾DKVQU G RGP F¿PEKCU ECFCUVTCKU ECFCUVTCKU PC 4GEGKVC (GFG TCN FQ $TCUKN 'UVCFQU QW OWPKEÃRKQU # .GK %QORNGOGPVCT SWG CLWUVQW C .GK FQ 5KORNGU 0CEKQPCN .GK %QORNGOGPVCT RGTOKVKW Q RCTEGNCOGPVQ FG F¾DKVQU VTKDWV±TKQU RCTC GORTGUCU SWG GUVCXCO UQNKEKVCPFQ CFGUµQ CQ UKUVGOC RGNC RTKOGKTC XG\ 2QT¾O C OCKQTKC FQU KPFGHGTKOGPVQU QEQTTGW RQT RTQDNGOCU FG F¾DKVQU +UUQ RQTSWG OWKVCU GORTGUCU PµQ RCTEGNC TCO QW PµQ RWFGTCO RCTEGNCT GUUCU Fà XKFCU EQOQ PQ ECUQ FC RCTVG TGVKFC FQU GORTGICFQU PC 2TGXKF¿PEKC 1 5GDTCG GUV± RTGQEWRCFQ EQO Q PÐOGTQ FG KPFGHGTKOGPVQU RQKU RCTC OWKVCU GORTGUCU HKECT HQTC FQ 5KORNGU UGTKC WOC UGPVGP¼C FG OQTVG GURGEK CNOGPVG PQ OQOGPVQ FGNKECFQ SWG XKXG Q 2CÃU GO FGEQTT¿PEKC FC ETKUG HK PCPEGKTC OWPFKCN 1 5KORNGU 0CEKQPCN WPKHKEC C CTTG ECFC¼µQ FG VTKDWVQU FG OKETQ G RGSWG PCU GORTGUCU TGWPKPFQ +42, +2+ %5..

2+5 %1(+05 G +055 RCVTQPCN OCKU +%/5 G +55 'NG RQUUKDKNKVC TGFW¼µQ FG DWTQETCEKC G FG VTKDWVQU 2QFGO CFG TKT GORTGUCU EQO TGEGKVC DTWVC CPWCN FG CV¾ OKNJËGU FGUFG SWG PµQ GU VGLCO PC NKUVC FG TGUVTK¼ËGU #U GORTGUCU RQFGO XGTKHKECT UWC UKVWC¼µQ PQ RQTVCN FQ 5KORNGU 0CEKQ PCN YYY TGEGKVC HC\GPFC IQX DT

GLUHLWR

&RPR OLGDU FRP R DEXVR GDV FRPSDQKLDV DpUHDV

0DLV HPSUHVDV DGHUHP DR 6LPSOHV 1DFLRQDO

&DQRDV UHFHEH QRYRV HPSUHHQGLPHQWRV 1D WDUGH GR GLD GH DEULO R SUHIHL WR GH &DQRDV -DLUR -RUJH UHFHEHX R DQ~QFLR GD LQVWDODomR GH GXDV QRYDV HPSUHVDV QD FLGDGH TXH GHYHP JHUDU FHUFD GH QRYRV SRVWRV GH WUDED OKR $OpP GLVVR WHYH D FRQILUPDomR GH SHUPDQrQFLD GD &RRSHUDWLYD GRV 7UD EDOKDGRUHV 0HWDO~UJLFRV GH &DQRDV &70& QD FLGDGH PDQWHQGR R HP SUHJR GRV FRRSHUDWLYDGRV H FRP D H[SHFWDWLYD GH VHOHomR QD SUy[LPD VH PDQD SDUD FRQWUDWDomR GH PDLV Vy FLRV 1XP SULPHLUR PRPHQWR D H[SHF WDWLYD p GH PDLV RX PHQRV HPSUH JRV SDUD R PXQLFtSLR VHQGR QRYDV RSRUWXQLGDGHV &RPR IRUPD GH LQFHQWLYDU R GHVHQ YROYLPHQWR HFRQ{PLFR GD FLGDGH R SUHIHLWR IDORX GR SURMHWR GH UHGXomR GD WD[D GH ,6641 GRV DWXDLV SDUD QXP SHUtRGR GH TXDWUR DQRV VHQ GR H[HFXWDGR HP IRUPD GH JDWLOKR GH DR DQR FRQIRUPH D DUUHFDGDomR GR PXQLFtSLR $ LQLFLDWLYD GHYH HQWUDU HP YLJRU HP MXQKR -DLUR DLQGD FRPHQ WRX D LPSODQWDomR GR HVFULWyULR GR HP SUHHQGHGRU FRPR IRUPD GH DJLOL]DU R SURFHVVR GH LQVWDODomR GDV HPSUHVDV (VWDPRV GLVSRVWRV D DWUDLU FDGD YH]

PDLV QRYRV HPSUHHQGLPHQWRV SDUD FL GDGH SRLV WHPRV SRWHQFLDO SDUD LVWR

GHFODURX R SUHIHLWR $ SULPHLUD D ID]HU R FRPXQLFDGR IRL D HPSUHVD 791 TXH DWXD QD iUHD GH 79 D FDER H VHUYLoR GH LQWHUQHW EDQGD ODUJD 2 LQYHVWLPHQWR LQLFLDO VHJXQGR R JHUHQWH GH RSHUDo}HV GD HPSUHVD -RVp /XL] 5LEHLUR VHUi LQLFLDOPHQWH GH 5 PLOK}HV FRP XPD UHGH GH TXLO{ PHWURV GH ILEUD yWLFD H FDERV FRD[LDLV TXH LUmR WUDQVPLWLU R VLQDO GH WHOHYLVmR H LQWHUQHW EDQGD ODUJD $ SHUVSHFWLYD p GH QR LQtFLR GH MXQKR FRPHoDU D RSHUDU QD FLGDGH (VWD p XPD UHJLmR TXH SRVVXL H[FHOHQWHV SURILVVLRQDLV FDSDFLWDGRV H DWHQGHUmR D GHPDQGD GD 791 SDUD SUHVWDUPRV XP VHUYLoR GH TXDOLGDGH

UHVVDOWD 5LEHLUR $ WHOHIRQLD GLJLWDO p RX WUD QRYLGDGH GD RSHUDGRUD (P SDU FHULD FRP R SRGHU S~EOLFR LUHPRV WUD EDOKDU QD LQFOXVmR GLJLWDO GD FRPXQLGD GH DWUDYpV GD GLVSRQLELOL]DomR GR VLQDO GH 79 D FDER HP HVFRODV PXQLFLSDLV

FRPXQLFRX $ VHJXQGD QRYLGDGH IRL R DQ~QFLR GD LQVWDODomR GH HPSUHVD TXH WUDEDOKD QR UDPR GH SUHVWDomR GH VHU YLoRV 3DUD D VHFUHWiULD GH 'HVHQYROYL PHQWR (FRQ{PLFR 6LPRQH /HLWH WR

GDV DV LQLFLDWLYDV VRPDP SDUD R FUHVFL PHQWR GD FLGDGH $ DVVLQDWXUD GH XP SURWRFROR GH LQWHQo}HV HQWUH R ([HFXWLYR H D &70& YLVDQGR D PDQXWHQomR H DPSOLDomR GRV HPSUHJRV GLUHWRV H LQGLUHWRV GD FRRSH UDWLYD IHFKRX FRP FKDYH GH RXUR D WDU GH DOpP GH UHDILUPDU D SHUPDQrQFLD GD HPSUHVD QD FLGDGH $ FULDomR GR )XQGR 0XQLFLSDO GH 'HVHQYROYLPHQWR SDUD GDU WUDQVSDUrQFLD DR GHVHQYROYL PHQWR H D FULDomR GH SROtWLFDV S~EOLFDV HVSHFtILFDV GH IRPHQWR IRUDP GHVWDFD GDV SHOR SUHIHLWR -DLUR IDORX GR FRP SURPLVVR GH EXVFDU XPD iUHD SDUD DEUL JDU D HVWUXWXUD GD &70& TXH SRU PRWLYRV GH ORJtVWLFD H H[SDQVmR SUHFLVD PXGDU GR ORFDO RQGH HVWi LQVWDODGD 2 SUHVLGHQWH H R YLFH SUHVLGHQWH GD &70& 2VPDULQR 0DLD H -RmR +HQUL TXH %DUERVD GD 6LOYD UHVSHFWLYDPHQWH IDODUDP GD LPSRUWkQFLD GD FRRSHUDWLYD FRQWLQXDU QR PXQLFtSLR 2 GLUHWRU GH IRPHQWR GD 6HFUHWDULD 1DFLRQDO GH (FR Q{PLD 6ROLGiULD GR 0LQLVWpULR GR 7UD EDOKR H (PSUHJR 'LRQH 6RDUHV 0D QHWWL HORJLRX D LQLFLDWLYD GR ([HFXWLYR 0XQLFLSDO HP VHU SDUFHLUR GH LQLFLDWLYDV FRPR D GD &70&

&RQIHUrQFLD $QSHL 'PVTG QU FKCU G FG LWPJQ CEQPVGEG C +: %QPHGT¿PEKC #PRGK FG +PQXC¼µQ 6GEPQNÉIKEC PQ %GPVTQ FG %QPXGP¼ËGU FC (KGTIU (GFGTC¼µQ FCU +PFÐUVTKCU FQ 'UVCFQ FQ 4KQ )TCPFG FQ 5WN GO 2QTVQ #NGITG # FCVC EQKPEKFG EQO QWVTCU VT¿U EQOGOQTC¼ËGU QU CPQU FC #PRGK #UUQEKC¼µQ 0CEKQPCN FG 2GUSWKUC G &GUGPXQNXKOGPVQ FCU 'O RTGUCU +PQXCFQTCU QU CPQU FC ETKC ¼µQ FQ +PUVKVWVQ 'WXCNFQ .QFK G QU EKP EQ CPQU FC KORNGOGPVC¼µQ FC .GK FG +PQXC¼µQ

1 VGOC GUEQNJKFQ HQK # KPQXC¼µQ UWUVGPVCPFQ UWC GORTGUC G UGW RNCPG VC TGHNGVKPFQ C EQPUQNKFC¼µQ FQ 5WN FQ RCÃU EQOQ KORQTVCPVG RQNQ FG RGUSWK UC FGUGPXQNXKOGPVQ G KPQXC¼µQ %QO WO RÐDNKEQ GURGTCFQ FG OCKU FG RGUUQCU Q GPEQPVTQ XKUC CORNKCT Q FG DCVG G C TGHNGZµQ UQDTG C RGTRGVWC¼µQ FQU PGIÉEKQU 5GIWPFQ Q EQQTFGPCFQT IGTCN FQ GXGPVQ %CTNQU %CNOCPQXKEK C FKUEWUUµQ UGT± UQDTG Q HWVWTQ VCPVQ FCU RGUUQCU GORTGUCU G UQEKGFCFG SWCPVQ FQ RNCPGVC # RTQITCOC¼µQ FC +: %QP

#DTKN FG

HGT¿PEKC #PRGK FG +PQXC¼µQ 6GEPQNÉIK EC KPENWK RCNGUVTCU EQO EQPXKFCFQU FG PÃXGN KPVGTPCEKQPCN CRTGUGPVC¼ËGU G FKU EWUUµQ FG ECUQU FG UWEGUUQ GPVTG QW VTCU CVKXKFCFGU #N¾O FKUUQ C EQPHGT¿PEKC CDQTFC T± VGOCU G HQTOCU FG RTCVKECT WOC KPQXC¼µQ FG XCNQT XCNWG KPPQXCVKQP SWG TGUWNVG GO RTQFWVQU G RTQEGU UQU OCKU GHKEKGPVGU WVKNK\CPFQ VGEPQ NQIKCU ECFC XG\ OCKU UWUVGPV±XGKU /CKU KPHQTOC¼ËGU PQ UKVG YYY CPRGK QTI DT

0QU FKCU G FG OCKQ CEQPVGEG GO 5µQ 2CWNQ Q (ÉTWO /WPFKCN FG )GUVµQ FG 'ORTGUCU (COKNKCTGU 'PVTG QU RCNGUVTCPVGU GUVµQ PQOGU EQOQ ,QJP &CXKU

5WEGUUQ G )QXGTPCP¼C 2GFTQ 2CTGPVG 2TQHKUUKQPCNK\C¼µQ ,Q UGRJ $QYGT 5WEGUUµQ 0KIGN 0K EJQNUQP )GUVµQ FG EQPHNKVQU G &GGRCM /CNJQVTC 0GIQEKC¼µQ /CKQTGU KPHQTOC¼ËGU PQ HQPG

QW RGNQ G OCKN GXGPVQU DT"JUOINQDCN EQO

35È0,2 $%,*5$) # #UUQEKC¼µQ $TCUKNGKTC FC +PFÐUVTKC )T±HKEC TGCNK\CT± PQ FKC FG LWPJQ &KC /WPFKCN FQ /GKQ #ODKGPVG C GPVTGIC FQ RT¿OKQ #DKITCH FG 4GURQPUCDKNKFCFG 5QEKQCODKGPVCN KPVGITCFQ RGNCU ECVGIQ TKCU 4GURQPUCDKNKFCFG 5QEKCN G 4GURQP UCDKNKFCFG #ODKGPVCN #U KPUETK¼ËGU CQ CDTKN RT¿OKQ RTQUUGIWGO CV¾ FG CDTKN 1 QDLGVKXQ ¾ GUVKOWNCT RT±VKECU UQEKCKU G CODKGPVCKU PQ UGVQT IT±HKEQ # GPVTGIC FQU RT¿OKQU UGT± GO 5µQ 2CWNQ G Q TGIWNCOGPVQ CUUKO EQOQ C HKEJC FG KPUETK¼µQ GUVµQ FKURQPÃXGKU PQ UKVG FC GPVKFCFG YYY CDKITCH QTI DT 0C ECVGIQTKC 4GURQPUCDKNKFCFG 5Q

EKCN UGTµQ EQPUKFGTCFCU C¼ËGU FCU GO RTGUCU FQ UGVQT PCU ±TGCU FG GFWEC¼µQ EWNVWTCN GURQTVGU KPENWUµQ UQEKCN KPKEK C¼µQ RTQHKUUKQPCN RCTVKEKRC¼µQ GO ECO RCPJCU EQOWPKV±TKCU QW GO C¼ËGU EQNG VKXCU XQNVCFCU ¯ EQOWPKFCFG 0C ECVGIQTKC 4GURQPUCDKNKFCFG #O DKGPVCN RQFGTµQ RCTVKEKRCT C¼ËGU VGE PQNQIKCU O¾VQFQU G RTQEGUUQU CODK GPVCNOGPVG EQTTGVQU EQOQ RTQEGUUQU FG TGEKENCIGO WVKNK\C¼µQ FG RCRGN G KP UWOQU OGPQU RQNWGPVGU VTCVCOGPVQ G FGUVKPC¼µQ FG TGUÃFWQU WVKNK\C¼µQ TCEK QPCN G TGWVKNK\C¼µQ FG ±IWC G UQNW¼ËGU INQDCKU RCTC TGFW\KT FCPQU CODKGPVCKU

6(0,1É5,2 (035(7(& # RTÉZKOC RCNGUVTC FG CRTGUGPVC¼µQ FQ 5GOKP±TKQ 'ORTGVGE GO %CPQCU UGT± FG CDTKN FG CDTKN 1 UGOKP± TGCNK\CFC PQ FKC FG CDTKN TKQ KT± QEQTTGT FG C FG OCKQ &GUVKPCFQ C RTQHKUUKQPCKU EQO QW UGO GORTGUC EQPUVKVWÃFC FG SWCNSWGT UGVQT GORTGUCTKCN Q 'ORTGVGE VTCDC

NJC CU FG\ ECTCEVGTÃUVKECU GORTGGP FGFQTCU CRQPVCFCU RGNC 1TICPK\C¼µQ FCU 0C¼ËGU 7PKFCU 107 EQOQ GU UGPEKCKU RCTC WO IGUVQT DGO UWEGFK FQ DWUEC RQT QRQTVWPKFCFGU G KPKEK CVKXC GZKI¿PEKC FG SWCNKFCFG G GHKE± EKC FKURQUK¼µQ RCTC EQTTGT TKUEQU ECN

$EULO GH

EWNCFQU RGTUKUV¿PEKC EQORTQ OGVKOGPVQ GUVCDGNGEKOGPVQ FG OGVCU RNCPGLCOGPVQ G OQPKVQ TCOGPVQ UKUVGO±VKEQ DWUEC RQT KPHQTOC¼ËGU RGTUWCUµQ G TGFG FG EQPVCVQU KPFGRGPF¿PEKC G CW VQEQPHKCP¼C

DJHQGD

*(67®2 '( (035(6$6 )$0,/,$5(6

HVSHFLDO DQR

5HYLVWD 0DWpULD 3ULPD 3WGTQ RCTCDGPK\CT GUVC OCTCXKNJQUC GSWKRG RGNQ RTKOGKTQ CPQ FC TGXKUVC /CV¾TKC 2TKOC 2TKOC 2TKOGKTQ GPVTG OWKVQU 6QFQ GUVG UWEGUUQ UG FGXG CQU GZEGNGPVGU RTQHKUUKQPCKU GPXQNXKFQU FG ITCPFG ETGFKDKNKFCFG EQO WOC RGTEGR¼µQ FC PGEGUUKFCFG FG WO OGKQ FG EQOWPKEC¼µQ XQNVCFQ RCTC C KP FÐUVTKC G C EQOWPKFCFG FG WOC HQTOC FKTGVC G QDLGVKXC EQO VGOCU NQECKU G CVWCKU FQ FKC C FKC FC KPFÐUVTKC 1WVTQ KVGO KORQTVCPVG ¾ C HQTOC FG FKUVTKDWK¼µQ FKTGEKQPCFC CQ RÐDNKEQ CNXQ EQO ITCPFG QTIWNJQ SWG JQLG RQUUQ FK\GT SWG HK\ RCTVG FC JKUVÉTKC FQ PCUEKOGPVQ FGUVC ITCPFG TGXKUVC

/CTKC *GNGPC 6GKEJOCPP ECRC FC C GFK¼µQ 'ORTGU±TKC ^ 2±VKQ 4KQ )TCPFG

3WGTQ RCTCDGPK\CT RGNQ RTKOGKTQ CPQ FG NCP¼COGPVQ FC PQUUC TGXKUVC /CV¾TKC 2TKOC 2TKOC (CNQ PQUUC RQTSWG OG UKPVQ RCTEGKTQ RQKU EQPJG¼Q QU FKTGVQ TGU FC OGUOC G L± FGUGPXQNXGOQU QW VTQU VTCDCNJQU FG UWEGUUQ OQUVTCPFQ C ECRCEKFCFG G Q COQT SWG GNGU V¿O RQT GUVC CVKXKFCFG FG FKXWNIC¼µQ *QLG UKPVQ WO QTIWNJQ FWRNQ 2TKOGKTQ RQT VGT GO PQUUC EQOWPKFCFG WOC TGXKUVC HQTVG G DGO GNCDQTCFC EQO DQC CRTGUGPVC¼µQ G CEGKVC¼µQ 5WCU OCV¾TKCU G UGWU GFKVQ TKCKU V¿O UKFQ OWKVQ QDLGVKXQU G ENCTQU VTC\GPFQ CUUWPVQU FQ PQUUQ OGKQ 5G

(

P XP DQR PXLWRV IDWRV HQWUDUDP SDUD D KLVWyULD H PXLWDV FRLVDV PXGDUDP &XED SDV VRX D YHQGHU DSDUHOKRV FHOXODUHV SDUD D SRSXODomR H D WHFQRORJLD * FKHJRX SDUD IDFLOLWDU D YLGD GRV EUD VLOHLURV %ROVDV VXELUDP H FDtUDP $WHQWDGRV DFRQWH FHUDP HP WRGD D SDUWH GR PXQGR 0XLWD JHQWH QDV FHX 2 PXQGR PXGRX $ HFRQRPLD JDQKRX R QRWL FLiULR SULQFLSDO 'XUDQWH HVWH DQR XPD QRYD SXEOLFDomR SURFX URX PRVWUDU RXWUD UHDOLGDGH $ 5HYLVWD 0DWpULD 3UL PD QDVFHX FRP R SULQFLSDO LQWXLWR GH DSUR[LPDU LQ G~VWULDV HQWLGDGHV H SURILVVLRQDLV OLEHUDLV &RP XP HOHYDGR JUDX GH GHVHQYROYLPHQWR DV FLGDGHV GH &D FKRHLULQKD &DQRDV H *UDYDWDt FRQWDP FRP JUDQGHV HPSUHVDV TXH JHUDP PLOKDUHV GH HPSUHJRV H FRQ WULEXHP SDUD TXH HVWDV FLGDGHV HVWHMDP HQWUH DV TXH PDLV DUUHFDGDP ,&06 &ULDU XP YHtFXOR GH FR

D HGLomR IWPFQ RQT VGT UKFQ GUEQNJKFQ EQOQ ECRC FC UGIWPFC GFK¼µQ /WKVCU XG\GU PQU EQDTCO GO TGNC ¼µQ C OGKQU FG EQOWPKEC¼ËGU HQTVGU GO PQUUC EKFCFG OCU RTGEKUCOQU FG RGU UQCU EQOQ XQE¿U G VCPVQU QWVTQU SWG VKXGTCO C EQTCIGO GO ETKCT LQTPCKU G TGXKUVCU RCTC XCNQTK\CT Q SWG VGOQU G RTQEWTCT UQNW¼ËGU RCTC QU RTQDNGOCU GO PQUUC EQOWPKFCFG

2GFTQ FG $QTDC ECRC FC C GFK¼µQ &KTGVQT ^ #TCWVGTO

PXQLFDomR IRFDGR QHVWH S~EOLFR IRL XP GHVDILR ,GH DOL]DGR SHOD DJrQFLD GH FRPXQLFDomR 75&20 D 5HYLVWD SURFXURX HVWDEHOHFHU PHWDV (P SULPHLUR OXJDU RIHUHFHU XPD TXDOLGDGH HGLWRULDO GLIHUHQFLDGD SDUD DWHQGHU HVWH S~EOLFR (P VHJXQGR FRQVWUXLU XPD 0DLOLQJ /LVW FRP WRGR R S~EOLFR DOYR TXH IRL SRVVtYHO FRP D PRQWDJHP GH XP JUDQGH TXHEUD FDEHoDV FRP GDGRV GDV SUHIHLWXUDV HQWLGDGHV H VLV WHPD GH GDGRV SULYDGRV $ HQWUHJD JUDWXLWD IRL D FKDYH SDUD TXH D UHYLVWD VH SURSDJDVVH UDSLGDPHQWH +RMH RV SDtVHV PDLV GHVHQ YROYLGRV Mi QmR FREUDP SHODV SXEOLFDo}HV EDVHDGRV QR IDWR GH TXH D LQIRUPDomR GHYH VHU XQLYHUVDO H TXH D LQWHUQHW SRVVLELOLWD JUDQGH TXDQWLGDGH VHP FXVWR 2 GHVDILR GD HTXLSH IRL TXHEUDU DOJXPDV EDUUHLUDV H HQWUDU QDV LQG~VWULDV SDUD GLYXOJDU VXDV Do}HV SURMHWRV H SDUFHULDV $ GLYXOJDomR LQIHOL]PHQWH DLQGD QmR p

$EULO GH

D HGLomR

D HGLomR

&GUGLCOQU RCTCDGPK\CT QU EQORQPGPVGU FC 4G 2TKOC C SWCN UG VQTPQW PGUVG RTKOGK XKUVC /CV¾TKC 2TKOC TQ CPQ FG XKFC WO TGURGKVCFQ XGÃEWNQ FG FKXWNIC¼µQ FCU CVKXKFCFGU KPFWUVTKCKU G EQOGTEKCKU FC PQUUC TG IKµQ 2QT KUUQ C 5KFGTUWN PµQ RQFGTKC UG HWTVCT GO RCTVK EKRCT FC GFK¼µQ FQ O¿U FG CDTKN VTCPUOKVKPFQ QU RCTC D¾PU RGNC HGNK\ KPKEKCVKXC

6WNKQ (TCPEKUEQ ,CEQPK ECRC FC C GFK¼µQ 5ÉEKQ )GTGPVG ^ 5KFGTUWN

DSRLDGRUHV

SULRULGDGH HP DOJXPDV HPSUHVDV /RJR QD SULPHLUD HGLomR R REMHWLYR IRL SOHQD PHQWH DOFDQoDGR H DV H[SHFWDWLYDV IRUDP VXSHUDGDV $V LQG~VWULDV SDVVDUDP D VH FRQKHFHU H D WHU XP FRQ WDWR GLUHWR FRP D VXD FRPXQLGDGH 1HVWH VHX SULPHLUR DQR IRUDP GH]HQDV GH QH JyFLRV IHFKDGRV PXLWDV SDUFHULDV H PXLWRV IDWRV TXH SXGHUDP VHU FRQKHFLGRV DWUDYpV GD 5HYLVWD 0DWpULD

3ULPD &RP FLUFXODomR ELPHVWUDO WHP WLUDJHP GH PDLV GH PLO H[HPSODUHV QDV LQG~VWULDV GH &DFKRHL ULQKD *UDYDWDt H &DQRDV H HQWLGDGHV FRPR 6LQGLOR MDV $VVRFLDo}HV &RPHUFLDLV )LHUJV H $VVHPEOpLD /H JLVODWLYD DOpP GH SURILVVLRQDLV OLEHUDLV GDV WUrV FLGD GHV $ 5HYLVWD 0DWpULD 3ULPD UHIRUoD VHX FRPSUR PHWLPHQWR HP DEULU VXDV SiJLQDV SDUD GLYXOJDU WXGR R TXH IRU GD LQG~VWULD H SDUD D LQG~VWULD 3DUWLFLSH

$EULO GH

HVSHFLDO DQR

FRPSOHWD VHX SULPHLUR DQR

&,& &HQWUR GDV ,QG~VWULDV GH &DFKRHLULQKD FLF FRPXQLFDFDR#WHUUD FRP EU

$OWHUQDWLYDV SDUD FULVH ILQDQFHLUD PC ETKUG SWG PCUEGO CU KPXGP ¼ËGU QU FGUEQDTKOGPVQU G CU ITCP FGU GUVTCV¾IKCU (CNCT FG ETKUG ¾ RTQ OQX¿ NC G ECNCT UG UQDTG GNC ¾ GZCN VCT Q EQPHQTOKUOQ 'O XG\ FKUUQ VTCDCNJGOQU FWTQ #ECDGOQU FG WOC XG\ EQO C ÐPKEC ETKUG COGC¼C FQTC SWG ¾ C VTCI¾FKC FG PµQ SWG TGT NWVCT RCTC UWRGT± NC 1 %GPVTQ FCU +PFÐUVTKCU FG %C EJQGKTKPJC FGW KPÃEKQ GO OCT¼Q CQ UGW ECNGPF±TKQ FG VTGKPCOGPVQU FQ CPQ 1U RTKOGKTQU EWTUQU TGCNK\CFQU HQTCO /QVKXC¼µQ GO 8GPFCU G 2QTVWIW¿U %QPJGEGPFQ G #RNKECP FQ CU 0QXCU 4GITCU 'O CDTKN GUV± RTQITCOCFQ Q %QOQ /QPVCT WO 2NCPQ FG 8GPFCU G GO OCKQ (NWZQ FG %CKZC G 1T¼COGPVQ (KPCPEGKTQ 1 (ÉTWO .GICN GXGPVQ OGPUCN SWG VGXG KPÃEKQ GO VTC\GPFQ CUUWPVQU RGTVKPGPVGU FQ FKTGKVQ VTK DWV±TKQ NGICN EKXKN G VTCDCNJKUVC TG EQOG¼QW VCOD¾O GO OCT¼Q EQO Q VGOC 2NCPGLCOGPVQ 6TKDWV±TKQ 'O CDTKN %QOQ 'XKVCT 4GENCOCVÉ TKCU 6TCDCNJKUVCU UGT± Q VGOC C UGT FGDCVKFQ 'O OCKQ ¾ C XG\ FQ CUUWP VQ *QNNFKPI UGT VTCVCFQ G GO LW PJQ 'PVGPFGPFQ %±NEWNQU 6TCDCNJKU VCU 1 %QOKV¿ 4GIKQPCN FC 3WCNKFC FG VCOD¾O GUV± RTQITCOCPFQ UGW ECNGPF±TKQ 2QT GPSWCPVQ L± GUVµQ EQPHKTOCFCU 8KUKVCU 6¾EPKECU ¯ (TWMK G ¯ 8KUCVG 1 5GOKP±TKQ FC 3WCNKFC FG L± GPVTQW RCTC Q ECNGPF±TKQ QHKEK CN FG VTGKPCOGPVQU FQ %QOKV¿ G GUVG CPQ XCK RCTC UWC m GFK¼µQ JQ OGPCIGCPFQ CU GORTGUCU FGUVCSWG PQ 5KUVGOC FG #XCNKC¼µQ %QO GUVCU C¼ËGU Q %+% GURGTC EQPVTKDWKT RCTC Q PCUEKOGPVQ FG KP XGP¼ËGU G FGUEQDTKOGPVQU GO %C EJQGKTKPJC

FRQWDELOLGDGH (PSUHVDV WHUmR GH GLJLWDOL]DU VHXV OLYURV ILVFDLV 'HSRLV GH REULJDU DOJXQV VHWRUHV GD HFRQRPLD EUDVLOHLUD D VXEVWLWXtUHP R YHOKR WDORQiULR GH 1RWD )LVFDO HP SD SHO SHOR PRGHOR GLJLWDO R JRYHUQR IH GHUDO SDVVD D H[LJLU DJRUD TXH DV FRP SDQKLDV DSRVHQWHP RV WUDGLFLRQDLV OL YURV ILVFDLV (VVD GRFXPHQWDomR WHUi GH VHU HQWUHJXH SRU PHLR GR 6LVWHPD 3~ EOLFR GH (VFULWXUDomR 'LJLWDO 6SHG

TXH SDVVRX D YLJRUDU QR LQtFLR GR DQR 2 VLVWHPD FRPHoRX D VHU GHVHQYRO YLGR QR *RYHUQR )HUQDQGR +HQULTXH FRP D HGLomR GD /HL 3ODQR 3OXULDQXDO TXH FRQWHPSODYD R 3URJUD PD GH PRGHUQL]DomR GDV $GPLQLVWUD o}HV 7ULEXWiULDV H $GXDQHLUDV 3HOD PHGLGD WRGDV DV HPSUHVDV TXH IDWXUDP DQXDOPHQWH DFLPD GH 5 PL OK}HV H UHFROKHP LPSRVWRV SHOR OXFUR UHDO WHUmR GH GLJLWDOL]DU RV OLYURV ILVFDLV H HQYLDU VHXV UHJLVWURV j 5HFHLWD )HGHUDO SRU PHLR GH DUTXLYRV HOHWU{QLFRV 'H DFRUGR FRP R )LVFR R FRQWULEXLQWH TXH QmR PLJUDU SDUD R VLVWHPD HOHWU{QLFR WHUi GH SDJDU PXOWD GH 5 PLO SRU PrV QmR GHFODUDGR $OJXPDV HPSUHVDV IRUDP REULJD GDV D PLJUDU QR PrV SDVVDGR SDUD R VLVWHPD $ VHJXQGD HWDSD GR FDOHQGi ULR FRPHoDUi HP MXQKR TXDQGR PDLV PLO FRPSDQKLDV TXH DLQGD VHUmR LQ

IRUPDGDV WHUmR GH DGRWDU R PHLR GL JLWDO $ SULPHLUD PXGDQoD TXH R 6SHG WUD] p TXH WRGDV DV HPSUHVDV WHUmR GH EDL[DU HP VHXV FRPSXWDGRUHV R PHV PR 3URJUDPD 9DOLGDGRU H $VVLQDGRU 39$ GLVSRQtYHO QR VLWH GD 5HFHLWD SDUD SDGURQL]DU R HQYLR GDV LQIRUPD o}HV $ VHJXQGD PXGDQoD p D UHGXomR GH FXVWRV FRP D LPSUHVVmR GH SDSHO QRWDV ILVFDLV EROHWRV H JXLDV GH UHFR OKLPHQWR

2 6SHG IRL FULDGR SDUD TXH R JR YHUQR SXGHVVH FRQWURODU PHOKRU DV HP SUHVDV H SULQFLSDOPHQWH HYLWDU D VRQH JDomR GH LPSRVWRV 3DUD WDQWR IRL ILU PDGR XP DFRUGR HQWUH D 5HFHLWD H DV VHFUHWDULDV HVWDGXDLV H PXQLFLSDLV FRP R REMHWLYR GH LQWHJUDU RV GDGRV IRUQH FLGRV SRU HVVHV FRQWULEXLQWHV 2 QRYR VLVWHPD HVWi GLYLGLGR HP WUrV VXEJUXSRV &RQWiELO )LVFDO H 1RWD )LVFDO (OHWU{QLFD 1) H 6HQGR DVVLP R YROXPH GH LQIRUPDomR D VHU GHFOD UDGR FHUFD GH PLO GHYH VHU SUHHQ FKLGR HP FDPSRV GLIHUHQWHV QR VLVWHPD 2 6SHG IRL DSURYDGR HP GH DEULO GH 3HOD SRUWDULD ILFRX LQVWLWXtGD D (VFULWXUDomR &RQWiELO 'LJLWDO (&'

SDUD ILQV ILVFDLV H SUHYLGHQFLiULRV

$/*816 %(1()Ì&,26 $3217$'26 3(/$ 5(&(,7$ 4GFW¼µQ FG EWUVQU EQO C FKURGPUC FG GOKUUµQ G CTOC\GPCOGPVQ FG FQ EWOGPVQU GO RCRGN 4GFW¼µQ FG EWUVQU EQO C TCEKQPCNK \C¼µQ G UKORNKHKEC¼µQ FCU QDTKIC¼ËGU CEGUUÉTKCU 7PKHQTOK\C¼µQ FCU KPHQTOC¼ËGU SWG Q EQPVTKDWKPVG RTGUVC ¯U FKXGTUCU WPK FCFGU HGFGTCFCU 4GFW¼µQ FQ VGORQ FGURGPFKFQ EQO

$EULO GH

C RTGUGP¼C FG CWFKVQTGU HKUECKU PCU KPUVCNC¼ËGU FQ EQPVTKDWKPVG (QTVCNGEKOGPVQ FQ EQPVTQNG G FC HKUECNK\C¼µQ RQT OGKQ FG KPVGTE³O DKQ FG KPHQTOC¼ËGU GPVTG CU CFOK PKUVTC¼ËGU VTKDWV±TKCU 2QUUKDKNKFCFG FG VTQEC FG KPHQT OC¼ËGU GPVTG QU RTÉRTKQU EQPVTK DWKPVGU C RCTVKT FG WO NC[QWV RC FTµQ

,PSRVWR GH 5HQGD

5RVHODLQH 9LQFLSURYD 03

7RGR R DQR p D PHV PD FRLVD FKHJD R PrV GH PDUoR H FRP HOH D WHP SRUDGD GH HQWUHJD GD 'HFODUDomR GH $MXVWH $QXDO GR ,PSRVWR VREUH D 5HQGD ',53) $SH VDU GR DFHUWR GH FRQWDV FRP R OHmR VHU XPD REUL JDomR TXH RV FRQWULEXLQ WHV GHYHP FXPSULU WRGRV RV DQRV p FRPXP VXUJL UHP G~YLGDV FRPR TXHP GHYH GHFODUDU" 4XDLV DV GHGXo}HV SRV VtYHLV" ( TXDO R PHOKRU 'H DFRUGR FRP /XWLDQH 6LOYD GHYHPRV PRGHOR GH GHFODUDomR DSURYHLWDU R TXH D /HL QRV IDFXOWD VLPSOHV RX FRPSOHWD (P WHPSRV GH FULVH PXLWDV SHVVRDV SURFXUDP R &RQWD GRU FRPR VHQGR R PLODJUHLUR TXH LUi UHGX]LU D UHQGD H DX PHQWDU DV GHVSHVDV GR FRQWULEXLQWH XPD LQYHUGDGH QmR H[LV WHP PLODJUHV QD iUHD WULEXWiULD H[LVWH VLP R DSURYHLWDPHQWR GRV GLVSRVLWLYRV GD /HL &RQIRUPH D FRQWDGRUD /XWLDQH 6LOYD GD )LV&RQWD5K $V VHVVRULD &RQWiELO R TXH D /HL QRV IDFXOWD GHYHPRV DSURYHLWDU SRUpP GH IRUPD LQWHOLJHQWH H OtFLWD ([HPSOR GLVWR VmR DV GHVSHVDV PpGLFDV 1mR GHYHPRV OHPEUDU GHODV VRPHQWH QR ILQDO GR DQR RX QR LQLFLR GR H[HUFtFLR VHJXLQWH pSRFD HP TXH WHQWDU EXVFDU RV FRPSURYDQWHV GH GHVSHVDV PpGLFDV p TXDVH

3UHIHLWXUD &DGDVWUD $o}HV $PELHQWDLV GDV (PSUHVDV # 2TGHGKVWTC /WPKEKRCN FG %CEJQGKTKPJC CVTCX¾U FCU 5GETGVCTKCU FQ /GKQ #ODKGPVG G 2NCPGLCOGPVQ C 'UEQNC 'UVCFWCN FG 'PUKPQ /¾FKQ 0QUUC 5GPJQTC FG (±VKOC G Q %QORNGZQ FG 'PUKPQ 5WRGTKQT 0QUUC 5GPJQTC FG (±VKOC GUVµQ HC\GPFQ WO FKCIPÉUVKEQ FCU C¼ËGU UQEKQCODKGPVCKU GO %CEJQGKTKPJC 5G C UWC QTICPK\C¼µQ RQUUWK WOC C¼µQ UQEKQCODKGPVCN ECFCUVTG C $CUVC GPXKCT WO G OCKN RCTC CIGPFC ECEJQGKTKPJC"IOCKN EQO 8QE¿ TGEGDGT± WO NKPM RCTC CEGUUCT WO SWGUVKQP±TKQ XKTVWCN 4GURQPFC CU RGTIWPVCU G CQ HKPCN CRGPCU ENKSWG GO ŋ'PXKCTŌ 5WC C¼µQ GUVCT± ECFCUVTCFC G UGT± CPCNKUCFC QHGTG EGPFQ UWDUÃFKQU RCTC SWG UG RQUUC OQPVCT WO RCPQTCOC FCU C¼ËGU XQNVCFCU ¯ UWUVGPVCDKNKFCFG GO %CEJQGKTKPJC DGO EQOQ RQFGT± UGT GNGKVC C UWC C¼µQ EQOQ OQFGNQ RCTC CU C¼ËGU UWUVGPV±XGKU

LPSRVVtYHO PDV VLP DR ORQJR GH WRGR R DQR VDOL HQWD /XWLDQH $ FDGD FRQVXOWD GHYH VH VROLFLWDU R UH FLER ID]HQGR YDOHU R VHX GLUHLWR H WDPEpP OHP EUDQGR GR DEDWLPHQWR GR ,PSRVWR GH 5HQGD 2XWUR H[HPSOR GH GHVSHVD GHGXWtYHO TXH GHYH VHU REVHUYDGD D VXD OHJDOLGDGH p D SHQVmR DOLPHQWtFLD YiOLGD VRPHQWH DTXHOD GHFRUUHQWH GH GHFLVmR MXGLFLDO H QmR D SDJD HVSRQWDQHDPHQWH SHOR H[ F{QMXJH 1HVWHV PRPHQWRV GH G~YLGDV H LQFHUWH]DV DV HP SUHVDV WDPEpP GHVHPSHQKDP XP SDSHO LPSRUWDQ WH QD LQIRUPDomR H RULHQWDomR D VHXV FRODERUDGR UHV SULQFLSDOPHQWH j DTXHOHV TXH UHFHEHP UHQGLPHQ WRV WULEXWiYHLV DFLPD GH 5 PDV TXH QmR VRIUHUDP D UHWHQomR GR ,PSRVWR GH 5HQGD QD )RQ WH 2 IDWR GH QmR KDYHU UHWHQomR QD IRQWH QmR VLJQL ILFD GL]HU TXH QmR GHYD UHSDVVDU DV LQIRUPDo}HV DWUD YpV GD ',53) 0XLWDV SHVVRDV GHVFRQKHFHP HVWD REULJDomR H DFDEDP WHQGR VHX &3) EORTXHDGR $ SURFXUD GR SURILVVLRQDO DGHTXDGR SDUD D HOD ERUDomR GD ',53) p RXWUR SRQWR LPSRUWDQWH D VHU OHPEUDGR SRLV PXLWRV VH MXOJDP DSWRV D SUHHQFKHU RV IRUPXOiULRV GD ',53) EXVFDQGR XP GLQKHLUR IiFLO 3RUpP D 5HFHLWD )HGHUDO SRVVXL XP HILFLHQWH VLVWHPD LQIRUPDWL]DGR GH FUX]DPHQWRV GH LQIRUPD o}HV ( p QHVWH PRPHQWR TXH XP SURILVVLRQDO TXD OLILFDGR SRGHUi DQDOLVDU DV LQIRUPDo}HV H OKH RULHQ WDU GH PDQHLUD FRUUHWD TXDQWR DR UHFROKLPHQWR GR WULEXWR HYLWDQGR PXOWD RX DWp PHVPR D PDOKD ILQD 2 LPSRUWDQWH p DQDOLVDU EHP DV LQIRUPDo}HV LQ IRUPDU WRGRV RV UHQGLPHQWRV WULEXWiYHLV LQFOXVLYH GH VHXV GHSHQGHQWHV REVHUYDU VH DV GHVSHVDV GHGX WtYHLV HVWmR HP FRQIRUPLGDGH FRP D OHJLVODomR YL JHQWH YHULILFDU D FRHUrQFLD GDV LQIRUPDo}HV SRLV FDVR D SHVVRD FDLD QD PDOKD ILQD SRGHUi SHUGHU R GLUHLWR D UHVWLWXLomR H DLQGD WHU TXH UHFROKHU R WULEX WR DFUHVFLGR GH XPD PXOWD GH VREUH R PRQ WDQWH D VHU SDJR PDLV D YDULDomR GD 6HOLF 9DOH D SHQD HVWDU DWHQWR H HYLWDU R ULVFR

$EULO GH

FRQWDELOLGDGH

+RUD GH GHFODUDU R

GHVHQYROYLPHQWR

'LYXOJDomR 03

&ULVH QmR LPSHGH

LQYHVWLPHQWRV

0HVPR FRP D FULVH GDV HPSUHVDV QR SDtV SUHWHQGHP LQYHVWLU HP $ 6RQGDJHP (VSH FLDO GD &RQIHGHUDomR 1DFLRQDO GD ,QG~VWULD &1, TXH FRQVWDWRX DV QRYDV WHQGrQFLDV GR LQYHV WLPHQWR LQGXVWULDO HP PRVWURX TXH D LQFHUWH]D QD HFRQRPLD QmR DEDORX RV LQYHVWLPHQWRV GDV HP SUHVDV PDV PXGRX VHXV REMHWLYRV DJRUD IRFDGRV HP DXPHQWDU D FDSDFLGDGH GH SURGXomR 6HJXQGR R GLUHWRU GD $UDXWHUP 3HGUR GH %RU ED D LQWHQomR GD HPSUHVD p GH LQYHVWLU R PHVPR TXH IRL LQYHVWLGR HP (VSHUDPRV FRQWLQXDU FUHVFHQGR QXPD PpGLD GH DR DQR 7LYHPRV XP FUHVFLPHQWR QR DQR SDVVDGR GH DILUPD %RUED FRQWD TXH D FULVH DIHWRX SDUFLDOPHQWH D HP SUHVD GH &DFKRHLULQKD $OJXQV QHJyFLRV IRUDP VXV SHQVRV PDV QRVVD HPSUHVD FRQWLQXD FRP SHGLGRV HP FDUWHLUD H SRU RXWUR ODGR DFDEDPRV EXVFDQGR RXWUDV DOWHUQDWLYDV GH WUDEDOKR FRPHQWD 2XWUD WHQGrQFLD TXH R UHODWyULR DSUHVHQWRX p TXH

HP D PDLRULD GDV HPSUHVDV LQYHVWLUi QR PHU FDGR LQWHUQR $TXHODV TXH VH GHVWLQDP SULRULWDULD PHQWH DR PHUFDGR H[WHUQR TXH HUDP PDLV GH GR WRWDO DWp H FDtUDP SDUD QR DQR SDVVD GR DJRUD HP VmR DSHQDV 9mR GHGLFDU VH SULRULWDULDPHQWH DR PHUFDGR LQWHUQR GDV HP SUHVDV GDV JUDQGHV FRPSDQKLDV H DSHQDV SUHWHQGHP IDEULFDU LJXDOPHQWH SDUD RV GRLV PHUFD GRV Vy HQWUH DV JUDQGHV HVVH SHUFHQWXDO p GH

3DUD GRV HPSUHViULRV HQWUHYLVWDGRV D LQ FHUWH]D HFRQ{PLFD SRGHUi LPSHGLU WRWDO RX SDUFLDO PHQWH RV LQYHVWLPHQWRV SUHYLVWRV SDUD (P GRV VHWRUHV SHVTXLVDGRV SDVVRX GH D TXDQ WLGDGH GH HPSUHVDV TXH WHPHP D QmR UHDOL]DomR GH VHXV SODQRV GH LQYHVWLPHQWR GHYLGR jV LQFHUWH]DV QD HFRQRPLD 3DUD XP FHQiULR JOREDO DFUHGLWDPRV TXH D FULVH YDL SLRUDU PDV SDUD QRVVD HPSUHVD QmR HVSH UDPRV GLVVH 3HGUR GH %RUED (P D SHVTXLVD PRVWURX TXH GDV HP

$EULO GH

'LYXOJDomR )DYRULW 03

'LUHWRU GD $oRV )DYRULW 5RVHODLQH 9LQFLSURYD 03

SUHVDV HVWDYDP GLVSRVWDV D LQYHVWLU $SHQDV LQYHVWLUDP FRPR SOD QHMDGR H UHDOL]DUDP DSHQDV SDU WH GR TXH KDYLDP SURJUDPDGR 8P SHTXHQR Q~PHUR FDQFHORX RX DGLRX LQGHILQLGDPHQWH R LQYHV WLPHQWR 3HGUR GH %RUED FRQWD TXH QD $UDXWHUP IRUDP SODQHMDGRV GL YHUVRV GHVDILRV SDUD H GHOHV IRUDP DOFDQoDGRV PHVPR FRP DOJXPD GLILFXOGDGH $ SHVTXLVD GD &1, IRL UHDOL]D GD HP MDQHLUR FRP PLO HPSUH VDV 3DUD ILQDOL]DU %RUED Gi XP FRQ VHOKR 6H DSUHQGH EDVWDQWH FRP DV FULVHV 3UHFLVDPRV WUDEDOKDU PXLWR VHU FULDWLYRV EXVFDU VROXo}HV UHGX ]LU FXVWRV GLYXOJDU FDGD YH] PDLV $JRUD p D KRUD SDUD LVWR ILQDOL]D )DYRULW LQYHVWH HP QRYD ILOLDO 0HVPR FRP D FULVH DIHWDQGR R VHWRU GH DoRV D $oRV )DYRULW GH &DFKRHLULQKD SUHWHQGH LQYHVWLU HP 'H DFRUGR FRP R GLUHWRU 5X GROI )ULWVFK HP D HPSUHVD LQYHVWLX DSUR[LPDGDPHQWH 5 PL OK}HV (VVH PHVPR YDORU GHYH VHU LQYHVWLGR HP FRP D DEHUWXUD

GH XPD QRYD ILOLDO QR (VWDGR GH 6mR 3DXOR FRP DSUR[LPDGDPHQWH PLO P GH iUHD FRQVWUXtGD DILUPD (P D )DYRULW WHYH XP DX PHQWR GH VREUH R IDWXUDPHQ WR PDV SDUD DV H[SHFWDWLYDV VmR PHQRUHV $ FRPSDQKLD GHYH Ui WHU HP XPD UHGXomR GH HP UHODomR DR IDWXUDPHQWR GH FRQWD )ULWVFK 3HUJXQWDGR VREUH R DJUDYDPHQ WR GD FULVH R GLUHWRU GD )DYRULW VH PRVWURX SRXFR SHVVLPLVWD $ FUL VH GHYHUi VH PDQWHU HP DEDL [R GR UHDOL]DGR HP $ SDUWLU GHVVH PrV D HFRQRPLD WHQGHUi D WHU XP DFUpVFLPR GH D DILU PD 3DUD )ULWVFK R JRYHUQR GHYHULD GDU LQFHQWLYRV WDPEpP DRV IDEUL FDQWHV GH SHoDV GDV SHTXHQDV H PpGLDV HPSUHVDV DVVLP FRPR IH] FRP DV PRQWDGRUDV GH DXWRPyYHLV TXDQGR UHGX]LX R ,3, )LQDQFLD PHQWR GLUHWDPHQWH GRV LPSRVWRV FRPR QR SDVVDGR Mi UHDOL]DGR LQ FOXLQGR XP SHTXHQR MXUR p XPD GDV VROXo}HV ,VWR UHIOHWLULD QXP yWL PR FDSLWDO GH JLUR QDV HPSUHVDV ILQDOL]RX

$EULO GH

´6H DSUHQGH EDVWDQWH FRP DV FULVHV 3UHFLVDPRV WUDEDOKDU PXLWR VHU FULDWLYRV EXVFDU VROXo}HV UHGX]LU FXVWRV GLYXOJDU FDGD YH] PDLV $JRUD p D KRUD SDUD LVWRµ 3HGUR GH %RUED 'LUHWRU GD $UDXWHUP

GHVHQYROYLPHQWR

´)LQDQFLDPHQWR GLUHWDPHQWH GRV LPSRVWRV FRPR QR SDVVDGR Mi UHDOL]DGR LQFOXLQGR XP SHTXHQR MXUR p XPD GDV VROXo}HV ,VWR UHIOHWLULD QXP yWLPR FDSLWDO GH JLUR QDV HPSUHVDVµ 5XGROI )ULWVFK

TXDOLGDGH

*HVWmR GH 5LVFRV

VXUJH XPD QRYD ,62

$ SDUWLU GH RXWXEUR GH DV HPSUHVDV SRGHUmR FRQWDU FRP D ,62 3ULQFLSOHV DQG *XLGHOLQHV IRU 5LVN 0DQDJHPHQW XPD QRU PD XQLYHUVDO YROWDGD HVSHFLILFDPHQWH j *HV WmR GH 5LVFRV $ QRYD VpULH GH RULHQWDo}HV GD ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWL RQ ,62 VXUJLX GD QHFHVVLGDGH GH OLGDU FRP DV LQFHUWH]DV TXH SRGHP DIHWDU RV REMHWLYRV GDV FRUSRUDo}HV $ QRUPD SRGH VHU DSOLFDGD SRU HPSUHVDV RX LQGLYtGXRV H IRUQHFH GLUHWUL]HV SDUD LP SOHPHQWDomR GD *HVWmR GH 5LVFRV HP RUJD QL]Do}HV GH TXDOTXHU WLSR WDPDQKR RX iUHD GH DWXDomR $OJXPDV HPSUHVDV SRGHP HQIUHQWDU GL ILFXOGDGHV HP LQWHJUDU D QRUPD jV VXDV GLIHUHQWHV IXQo}HV H DWLYLGDGHV SRUTXH DWp DJRUD QmR Ki FRQVHQVR HP UHODomR j WHUPLQRORJLD H DRV FRQFHLWRV XWLOL]DGRV SDUD D *HV WmR GH 5LVFRV 'HVVD IRUPD HOD DFDED VHQGR WUDWDGD GH IRUPD LVRODGD R TXH RFDVLRQD D XWLOL]DomR GH WHUPLQRORJLDV VLVWHPDV FULWpUL RV H FRQFHLWRV GLIHUHQWHV SDUD FDGD XP GRV VHWRUHV GD HPSUHVD 2 JUDQGH GHVDILR QR GHVHQYRO YLPHQWR GD ,62 HVWi HP HV WDEHOHFHU XPD OLQJXDJHP FRPXP EHP FRPR SDGURQL]DU DV PHOKR

$EULO GH

UHV SUiWLFDV H DERUGDJHQV SDUD TXH DV RUJDQL ]Do}HV SRVVDP LPSOHPHQWDU D *HVWmR GH 5LV FRV HP VHXV SURFHVVRV $ SDUWLU GR ODQoDPHQWR GD ,62 RV SDtVHV SDVVDUmR D FRQWDU FRP XPD QRUPD FRP UHFRQKHFLPHQWR LQWHUQDFLRQDO DVVLP FRPR DV QRUPDV ,62 QD iUHD GD 4XDOLGDGH H D ,62 QD iUHD GH 0HLR $PELHQWH 1HVWH FHQiULR R %UDVLO DWUDYpV GD &R PLVVmR GH (VWXGR (VSHFLDO SDUD *HVWmR GH 5LVFRV GD $%17 $V VRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV SURPHWH FDPLQKDU QD OLGHUDQoD GHVWH PRYLPHQWR $ YHUVmR EUDVLOHLUD GD QRUPD HVWi VHQGR GHVHQYROYLGD FRP R DSRLR GH HVSHFLDOLVWDV HP *HVWmR GH 5LV FRV GH YiULDV HPSUHVDV QR SDtV SDUD DWHQGHU DV QHFHVVLGD GHV HVSHFtILFDV GR PHU FDGR QDFLRQDO H GHYHUi VHU ODQoDGD TXDVH TXH VLPXOWDQHDPHQWH j YHU VmR RULJLQDO

'LYXOJDomR 03

'LYXOJDomR 03

)HVWD 1HVWH PHVPR GLD H PrV WHPSR DWUiV RFRUUHX DOJR GLJQR GH VHU OHP EUDGR (VWH p R VHQWLGR GD FRPHPR UDomR GHVWD HGLomR p R DQLYHUViULR GD UHYLVWD H GH QRVVD FROXQD $R ORQ JR GHVWH DQR FRQKHFHPRV SHVVRDV HV SHFLDLV 92&È6 FROHJDV GH HGLomR H OHLWRUHV H WURFDV LPSRUWDQWHV IRUDP RSRUWXQL]DGDV -XQWDPR QRV j FRPX QLGDGH GD UHYLVWD 0DWpULD 3ULPD H GH GLFDPRV D YRFrV QRVVD DOHJULD

$QLYHUViULR $QLYHUViULR WDPEpP p KRUD GH UH IOH[mR 3RU FRQWD GLVWR DOJXPDV SHV VRDV ILFDP WULVWHV HP IHVWDV )D]HP XP EDODQoR GR TXH FRQVHJXLUDP H FRPSDUDP FRP R TXH SODQHMDUDP &RPR VHPSUH VRQKDPRV PDLV GR TXH SRGHPRV DOFDQoDU e FHUWR TXH DV SHVVRDV SHVVLPLVWDV HQFRQWUDUmR PRWLYRV SDUD HVWDUHP GHSULPLGDV DQWHV GR ILQDO GR GLD 2XWUDV FRPH PRUDP FRP HQRUPH DOHJULD QmR VR PHQWH R GLD HP TXH D GDWD GH VHX QDVFLPHQWR VH UHSHWH PDV WDPEpP FDGD GLD VHMD ERP RX UXLP $JUDGH FH D 'HXV R VLPSOHV IDWR GH HVWDU YLYR $V GLILFXOGDGHV GR ~OWLPR DQR VmR GHVDILRV Mi VXSHUDGRV RX UHSUH VHQWDP PDLV PRWLYRV SDUD FRQWLQXDU OXWDQGR SHODV PHOKRULDV

(PSUHVDV YLYDV &RQIRUPH GHIHQGH $GL]HVð DV HPSUHVDV WrP XP &LFOR GH 9LGD PXLWR SDUHFLGR FRP RV KXPDQRV (VWH IDPRVR DXWRU FRQVLGHUD FRPR (VWiJLRV GR 'HVHQYROYLPHQWR DV IDVHV TXH OHYDP GD VXD LGHDOL]DomR DWp D SOHQLWXGH FRUUHODFLRQDQGR jV HWD SDV GR QRVVR GHVHQYROYLPHQWR )LFD IiFLO GH SHUFHEHU D IUDJLOLGDGH GH XPD RUJDQL]DomR GXUDQWH VXD LQIkQFLD H QDV RFDVL}HV HP TXH DGRHFH e QDWXUDO WDPEpP TXH DV HPSUHVDV TXHLUDP FRPHPRUDU DQLYHUViULRV YHUGDGHLUD

'TQVKNFGU 0QIWGKTC /CEJCFQ #WFKVQTC .ÃFGT G 'URGEKCNKUVC GO %QPUWNVQTKC &KTGVQTC FC 0QIWGKTC /CEJCFQ #UUGUUQTKC 'ORTGUCTKCN +PVGITCPVG FQ %QOKV¿ FQ 2)32 %CEJQGKTKPJC

H[SUHVVmR GD YLWyULD GD YLGD

,62 H RV DQLYHUViULRV ­ PHLR FDPLQKR HQWUH RV GHSUL PLGRV SRUTXH PDLV XP DQR ILQGRX

H RV XIDQLVWDV TXH FRPR 3ROLDQDV ULHP SDUD R PXQGR HP GHUURFDGD

HVWi R JHVWRU VHQVDWR 6DEH TXH DQL YHUViULR p KRUD GH UHQDVFHU e KRUD GH JLUDU R 3 ' & $ GR &LFOR GH 'HPLQJ 3ODQHMDU )D]HU &RQWURODU $JLU H IHFKDU R FLFOR GH DSUHQGL]D GR LQLFLDQGR XPD QRYD HWDSD FRP PDLV VDEHGRULD H PXLWD FRUDJHP )LUPDU XP FRPSURPLVVR LQWHQVR H LQDEDOiYHO p D FKDYH GR VXFHVVR SRLV HVWH FRPSURPLVVR RX D VXD DXVrQ FLD p TXH D PDQWHUi YLYD RX D PDWD Ui ð $ ,62 FRQ YLGD D HPSUHVD SDUD DGPLQLVWUDU VHXV SUR FHVVRV DWUDYpV GH PH GLo}HV FRPSURPHWL GDV FRP D PHOKRULD FRQWtQXD 4XH WDO XPD FHUWLILFDomR ,62 FRPR SUHVHQWH j VXD RUJDQL]DomR HP VHX SUy[LPR DQLYHUViULR"

$EULO GH

6(0,1É5,2 ,17(51$&,21$/ (0 %86&$ '$ (;&(/È1&,$ # m GFK¼µQ FQ 5GOKP±TKQ +PVGTPCEKQPCN GO DWUEC FC 'Z EGN¿PEKC 5GDG RTQOQXKFQ CPWCNOGPVG RGNC (03 (WPFC ¼µQ 0CEKQPCN FC 3WCNKFCFG G UGT± TGCNK\CFC PQU FKCU G FG OCKQ OCKQ GO 5µQ 2CWNQ PQ 'URC¼Q #RCU 1 VGOC FGUVG CPQ UGT± 4KUEQU 'OGTIGPVGU FQ 0QXQ 5¾EWNQ %QOQ CU QTIC PK\C¼ËGU RQFGO G FGXGO UG RTGRCTCT RCTC PQXQU 4KUEQU 5KU V¿OKEQU 1 GXGPVQ EWLQ QDLGVKXQ ¾ CRTGUGPVCT G FKUEWVKT VGPF¿P EKCU KPQXCFQTCU UQDTG C IGUVµQ QTICPK\CEKQPCN EQPVCT± EQO C RCTVKEKRC¼µQ FG MG[PQVG URG CMGTU RCKP¾KU FG FGDCVGU G ENà PKECU FG IGUVµQ 'O Q 5GDG TGWPKW NÃFGTGU FG RCÃUGU EQOQ $TCUKN 'URCPJC /¾ZKEQ 2GTW G %JKNG 1 GXGPVQ CDQTFCT± C PCVW TG\C FQU RTÉRTKQU 4KUEQU 5KUV¿ OKEQU 'OGTIGPVGU DWUECPFQ OQUVTCT EQOQ CU QTICPK\C¼ËGU RQFGO G FGXGO UG RTGRCTCT PGUVG PQXQ EGP±TKQ 2QT KUUQ Q GXGPVQ EQPVCT± EQO FGDCVGU C TGURGKVQ FCU RT±VKECU KPQXCFQ TCU FG QTICPK\C¼ËGU %NCUUG /WPFKCN EQOQ %2(. 2CWNKUVC 5W\CPQ 2CRGN G %GNWNQUG #'5 'NGVTQRCWNQ )GTFCW #¼QPQTVG G QWVTCU /CKQTGU KPHQTOC¼ËGU PQ NKPM YYY HPS QTI DT UKVG FGHCWNV CURZ

TXDOLGDGH

$QLYHUViULR H D ,62

UHSRUWDJHP HVSHFLDO

+ %HUHQGV 03

,QG~VWULDV LQYHVWHP HP 6867(17$%,/,'$'( +

i DOJXP WHPSR RV HVWXGLRVRV VH SHU JXQWDYDP VH R KRPHP XP GLD VH GDULD FRQWD GR HVWUDJR TXH HVWi ID]HQGR FRP R PXQGR $ VXVWHQWDELOLGDGH H D SUHRFXSDomR FRP R PHLR DPELHQWH SRU SDUWH GDV HPSUHVDV GHL[DUDP GH VHU XP DSHOR VRFLDO 2V UHFHQWHV HVWXGRV H OLYURV UHYH ODP TXH R FXLGDGR FRP D QDWXUH]D H D QHFHVVLGDGH GH JHUDU PHQRV LPSDFWR DR SODQHWD p XPD TXHVWmR GH VH PDQWHU YLYR QR PHUFDGR 2 DSHOR KRMH QmR p Vy SDUD DV JHUDo}HV IXWXUDV $ SHUJXQWD p R TXH HX SRVVR ID]HU SDUD HFRQRPL]DU H HYLWDU R GDQR DR PHLR DPELHQWH" ,VVR SRUTXH D VXVWHQWDELOLGDGH SDVVRX D VHU XPD TXHVWmR ILQDQFHLUD 4XDQWR HX SRVVR UHGX]LU GH JDV WR FRP HQHUJLD" &RPR HX SRVVR UHDSURYHLWDU D $EULO GH

iJXD GD FKXYD RX GD PLQKD SURGXomR" &RPR SRVVR UHXWLOL]DU PDWHULDLV" &RPR SRVVR XWLOL]DU PHQRV PDWpULD SULPD RX DFUHVFHQWDU PDWHULDLV GH UHFLFODJHP" 7RGDV HVVDV SHUJXQWDV WrP R IRFR QR PHLR DPELHQWH PDV HVWmR GLUHWDPHQWH OLJDGDV j UHGXomR GH FXVWRV $VVLP D LQG~VWULD YHUGH FUHVFHX 3DUD D &RQ VXOWRUD 5RVDQJHOD %DFLPD VXVWHQWDELOLGDGH p XP REMHWLYR SDUD TXDOTXHU WLSR GH HPSUHVD H GHYH HV WDU QR FHQWUR GR QHJyFLR 2 PRPHQWR FHUWR SDUD LPSODQWDU p DJRUD 2V EHQHItFLRV VHUmR UHDLV H FUHV FHQWHV XPD JUDQGH RSRUWXQLGDGH SDUD R FRPpU FLR H FRQVXPR FRQVFLHQWHV H SDUD XP YHUGDGHLUR

JDQKD JDQKD HPSUHVD H VRFLHGDGH UHYHOD D FRQ VXOWRUD

$ FULVH DEULX HVVD EUHFKD HP HVSHFLDO $ VXVWHQ WDELOLGDGH SRGH VHU XPD JUDQGH DUPD SDUD VXSHUDU D FULVH H GH IRUPD pWLFD H FRP YDORUHV FHUWHLURV DOpP GH GLPLQXLU FXVWRV UHGX]LU ULVFRV HYLWDU GHV SHUGtFLRV PHOKRUDU UHODFLRQDPHQWRV H JHUDU OXFURV 1mR VH DVVXVWHP VH D PHUFHDULD GD HVTXLQD HVWL YHU VH H[LELQGR GL]HQGR TXH HVWi HPLWLQGR PHQRV FDUERQR QD QDWXUH]D 6H XPD ORMD YHQGHU D LPD JHP TXH VXD HVWUXWXUD ItVLFD SDVVRX D FRQVXPLU PHQRV GH HQHUJLD DR LPSODQWDU XP QRYR OD\RXW

SULRUL]DQGR D OX] VRODU 3DUD VH WHU XPD LGHLD GH Do}HV VLPSOHV H HILFLHQ WHV R 3iWLR 5LR *UDQGH HPSUHHQGLPHQWR ORFDOL ]DGR QR 'LVWULWR ,QGXVWULDO GH &DFKRHLULQKD WHP XP UHVHUYDWyULR GH PLO OLWURV GH iJXD GD FKXYD TXH VmR XVDGRV SDUD D GHVFDUJD GRV VDQLWiULRV H SDUD PROKDU DV SODQWDV 2XWUD DomR GR HPSUHHQGL PHQWR p TXH D iJXD GR UHVWDXUDQWH p DTXHFLGD SHOR FDORU GD FKXUUDVTXHLUD %RP SDUD R QHJyFLR H H[ FHOHQWH SDUD D QDWXUH]D 3KLO 'RNDV 03

'HVFRQWDPLQDomR GH OkPSDGDV 7O FQU RTQEGUUQU OCKU KORQTVCPVGU FC TGEKENC IGO FQ NKZQ ¾ Q VTCVCOGPVQ EQTTGVQ RCTC CU N³ORC FCU 5G LQICFCU PQ OGKQ CODKGPVG GNCU RQFGO EQP VCOKPCT QWVTQU OCVGTKCKU G Q UQNQ # GORTGUC 4GEK ENWZ FG %CPQCU TGCNK\C C VTKVWTC¼µQ G FGUEQPVCOK PC¼µQ FCU N³ORCFCU #VTCX¾U FG WO OQFGTPQ GSWK RCOGPVQ Q XCRQT FG OGTEÐTKQ ¾ ECRVWTCFQ G TGVKFQ PQ HKNVTQ FG ECTXµQ # ECFC OKN N³ORCFCU CEQPVG EG Q FGUECTVG 1 XKFTQ ¾ UGRCTCFQ FGUEQPVCOKPCFQ G CRÉU OQCIGO ¾ WVKNK\CFQ PC HCDTKEC¼µQ FG ICTTCHCU 1 XKFTQ ¾ Q ÐPKEQ OCVGTKCN SWG RQFG UGT TGEK ENCFQ

3URMHWR FKDPD DWHQomR SDUD R 5LR *UDYDWDt 7O GUVWFQ FKXWNICFQ RGNC #I¿PEKC 0CEKQPCN FG IWCU GPSWCFTQW Q 4KQ )TCXCVCÃ EQOQ WO FQU RKQ TGU GO RQNWK¼µQ 7O FQU RTKPEKRCKU RTQDNGOCU ¾ Q FGRÉUKVQ FQ GUIQVQ FQO¾UVKEQ FKTGVCOGPVG PC ±IWC 1U OQTCFQTGU OCKU CPVKIQU FCU TGIKËGU CDCUVGEKFCU RGNQ 4KQ NGODTCO SWG PµQ HC\ OWKVQU CPQU GO SWG GTC RQUUÃXGN RGUECT G VQOCT DCPJQ PQ )TCXCVCÃ 'O CNIWPU NQECKU C VQVCN CWU¿PEKC FG QZKI¿PKQ PC ±IWC KORGFG SWCNSWGT VKRQ FG XKFC #PVGU OGUOQ FC FKXWNIC¼µQ FQ TGNCVÉTKQ GO RTGU±TKQU XQNWPV±TKQU FQ 4QVCT[ %NWD &KUVTKVQ NKFGTCFQU RGNQ 4QVCT[ %NWD %CEJQGKTKPJC DWUECXCO XGTDCU KPVGTPCEKQPCKU RCTC KORNCPVCT WO RTQLGVQ FG EQPUEKGPVK\C¼µQ G TGEWRGTC¼µQ FQ 4KQ )TCXCVCÃ PCU

EKFCFGU FG #NXQTCFC %CEJQGKTKPJC G )TCXCVCà &G RQKU FG FQKU CPQU FG VTCDCNJQ Q RTQLGVQ HKPCNOGPVG TGEGDGW C CRTQXC¼µQ FC (WPFC¼µQ 4QV±TKC 1 XCNQT VQVCN FQ KPXGUVKOGPVQ ¾ FG OCKU FG 7 OKN 1 NCP¼COGPVQ FQ RTQLGVQ CEQPVGEG PQ EQOG ¼Q FG OCKQ &KUVTKDWÃFQ GO SWCVTQ OÉFWNQU Q VTCDCNJQ VGO FWTC¼µQ FG VT¿U CPQU #U RTKPEKRCKU C¼ËGU UµQ RNCPVC¼µQ G TGEWRGTC¼µQ FG OCVC EKNK CT OWVKTËGU FG NKORG\C EQORTC FG GSWKRCOGP VQU RCTC RCVTWNJCOGPVQ FC $TKICFC #ODKGPVCN G CVKXKFCFGU EWTTKEWNCTGU PCU GUEQNCU OWPKEKRCKU 2GU UQCU QW XQNWPV±TKQU SWG SWKUGTGO CLWFCT PC KPKEK CVKXC RQFGO GPVTCT GO EQPVCVQ RGNQ G OCKN NWK\DQTDC"JKFTQMKV EQO DT

$EULO GH

UHSRUWDJHP HVSHFLDO

$o}HV JDUDQWHP UHFRQKHFLPHQWR 'LYXOJDomR 5HQRYD 03

4XDQGR VH TXHVWLRQD D GLUHomR GD HPSUHVD 5HQRYD /DYDQGHULD H 7RDOKHLUR VREUH Do}HV GH VXVWHQ WDELOLGDGH D SULPHLUD UHVSRVWD p YRFr HVWi QR OXJDU FHUWR $R HQ WUDU QD HPSUHVD WRGR PXQGR Mi QRWD TXH DTXHOH p XP ORFDO GLIHUHQ FLDGR $ UHFHSomR p IHLWD SRU SDY}HV JDQVRV RYHOKDV SDWRV FLUFXODQGR OL YUHPHQWH &RP DQRV GH PHUFD GR D 5HQRYD SDXWRX VXD DomR SDUD VHU XPD HPSUHVD TXH FXLGD GR PHLR DPELHQWH FRP SROtWLFDV EHP FODUDV $ SULPHLUD GHODV p TXH R FOLHQWH GD 5HQRYD GHYH ID]HU D VXD SDUWH $ VH JXQGD p GDU R WUDWDPHQWR FRUUHWR SDUD RV XWHQVtOLRV URXSDV H WRDOKDV XVDGDV GHQWUR GR DPELHQWH GH WUD EDOKR H FRP D Pi[LPD XWLOL]DomR 4XDQGR XPD HPSUHVD SHUPLWH TXH R IXQFLRQiULR ODYH HP FDVD D VXD OXYD SRU H[HPSOR HVWi FRQWULEXLQGR SDUD TXH HVWH UHVtGXR PXLWDV YH]HV Wy[L FR VHMD MRJDGR QR PHLR DPELHQWH 2XWUD SUHRFXSDomR p HP DXPHQWDU R Pi[LPR R WHPSR GRV XWHQVtOLRV 4XDQGR VH FRORFD SDSHO SDUD RV IXQFLRQiULRV VHFDUHP DV PmRV PDLV iUYRUHV HVWmR VHQGR FRUWDGDV 3RU LVVR D 5HQRYD VHGH WRDOKLQKDV H PD

[LPL]D VHX WHPSR GH XVR 'HQWUR GD 5HQRYD XPD GDV SULQFLSDLV SUHR FXSDo}HV p D UHX WLOL]DomR GDV PD WpULDV SULPDV GHQWUH HODV D iJXD $ iJXD UHVXOWDQWH GD ODYDJHP p FODVVLILFDGD HP GRLV WLSRV VXML GDGH OHYH H SHVD GD É iJXD TXH ODYD RV PDWHULDLV GD VXMLGDGH OHYH p UHDSURYHLWDGD QD ODYDJHP SHVDGD $ iJXD UHVXOWDQWH GDV ODYDJHQV SHVDGDV UHFHEH XP WUD WDPHQWR ItVLFR TXtPLFR ELROyJLFR H GHOD VDL SURQWD SDUD VHU UHXWLOL ]DGD 'H DFRUGR FRP R 'LUHWRU GD 5HQRYD -RDUH] 0LJXHO 9HQoR WRGDV DV Do}HV GD HPSUHVD VmR SHQVDGDV SDUD PLQLPL]DU R LPSDFWR DPELHQ WDO $ SDUWLU GH D 5HQRYD QR WRX TXH SRGHULD GHVHQYROYHU Do}HV SDUD JHUDU PHQRV HQHUJLD 'LYHUVDV GHODV IRUDP SRQWXDGDV 8PD GDV Do}HV TXH IRL D VXEVWLWXLomR GH OkP SDGDV IOXRUHVFHQWHV JHUD XPD HFR

#¼µQ +PUVCNC¼µQ FG KPXGTVQTGU PCU O±SWKPCU +ORNCPVC¼µQ FG VGNJCU VTCPUNÐEKFCU +PUVCNC¼µQ FG UQHVYCTG RCTC EQPVTQNG 5WDUVKVWK¼µQ FG XGPVKNCFQTGU RQT XGPVKNC¼µQ PCVWTCN 5WDUVKVWK¼µQ FG N³ORCFCU HNWQTGUEGPVGU

1D 5HQRYD XPD GDV PDLRUHV SUHRFXSDo}HV p R UHDSURYHLWDPHQWR GDV PDWpULDV SULPDV

QRPLD DQXDO GH PDLV GH 5 PLO PLO NZ K 2XWUR SURMHWR GH UHFRQKHFLPHQ WR GD 5HQRYD p D GRDomR GRV XQL IRUPHV TXDQGR DFDED VHX WHPSR GH YLGD ~WLO (P SDUFHULD FRP R SUR JUDPD 6(6& (QYROYD VH WRGR HVVH PDWHULDO p UHXWLOL]DGR SDUD QRYDV URXSDV (P IRUDP PDLV GH WRQHODGDV GH GRDomR 2 PDLV QRYR IRFR GD 5HQRYD p R UHDSURYHLWDPHQ WR GR ORGR GR SURFHVVR GH GHFDQ WDomR $WUDYpV GH XPD OLFHQoD HVSH FLDO D HPSUHVD Mi FRQVHJXH UHDSUR YHLWDU SDUD DGXER GHVWH PDWH ULDO

'EQPQOKC RQT CPQ 4 OKN OKN MY J 4 OKN OKN MY J 4 OKN OKN MY J 4 OKN OKN MY J 4 OKN OKN MY J

3UHRFXSDomR WDPEpP QD HVIHUD S~EOLFD 4GEGPVGOGPVG C #FOKPKUVTC¼µQ /WPKEKRCN FG %CPQCU FGENCTQW %JQSWG PC .KORG\C SWG RTGX¿ OCKQT TKIQT PC RWPK¼µQ FQU FGUECUQU EQO Q OGKQ CODKGPVG # TGHQT OWNC¼µQ FC NGK RTQRQTEKQPC SWG UGLCO CRNKECFCU OWNVCU OCKU RGUCFCU CQU RTQRTKGV±TKQU FG VGTTGPQU DCNFKQU G

VCOD¾O RCTC SWGO FGRQUKVCT NKZQ GO NQECN KPCRTQRTKC FQ # 2TGHGKVWTC TGHQT¼QW UGW OCSWKP±TKQ G C GSWKRG SWG HCT± C HKUECNK\C¼µQ # 5GETGVCTKC FG 5GTXK¼QU 7TDCPQU VCOD¾O GUV± GNCDQTCPFQ WOC ECTVKNJC UQDTG GFWEC¼µQ CODKGPVCN RCTC UGT NGXCFC ¯U GUEQNCU FQ OWPKEÃRKQ

$EULO GH

6RIWZDUH JHUHQFLD PLQLPL]DomR GD iJXD H HIOXHQWHV OtTXLGRV LQGXVWULDLV 2CTC EQPVTQNCT CU C¼ËGU CODKGPVCKU C 846GEJ KPU VCNCFC PC +PEWDCFQTC 6GEPQNÉIKEC FC %KGPVGE FGUGP XQNXGW Q CRNKECVKXQ 4GEQ84 RCTC IGTGPEKCT CFGSWCFC OGPVG Q WUQ FCU ±IWCU KPFWUVTKCKU FGUFG C UWC ECRVC ¼µQ CV¾ Q UGW FGUECTVG %QO Q UQHVYCTG ¾ RQUUÃXGN FGVGEVCT HCNJCU PQ UKUVGOC FG OQPKVQTCOGPVQ FC ±IWC XC\COGPVQU FQU GSWKRCOGPVQU UKOWNCT EGP±TKQU FG HCNJCU G GZRCPUËGU CN¾O FG RTQLGVCT TGFGU FG TGWUQ FG ±IWC EQO EQPUKFGTC¼ËGU GEQPÊOKECU G CODKGP VCKU 1 RTQITCOC RQUUKDKNKVC C TGFW¼µQ FG CV¾ FQ WUQ FC ±IWC G FGUECTVG FG GHNWGPVGU 1 NCP¼COGPVQ QHKEKCN FQ CRNKECVKXQ CEQPVGEGW GO OCT¼Q #VTCX¾U FGUVC KPKEKCVKXC C 846GEJ TGEGDGW C FKU VKP¼µQ 2T¿OKQ 'ZRTGUUµQ 'EQNQIKC 'O CPQU FG TGCNK\C¼µQ Q RT¿OKQ L± TGIKUVTQW OCKU FG OKN ECUGU KPUETKVQU

9$17$*(16 Ő /QFGNCIGO G UKOWNC¼µQ FQ UKUVGOC FG WUQ FG ±IWC T±RKFC G UKORNKHKECFC Ő 4GFW¼µQ PQ PÐOGTQ FG OGFKFQTGU FG XC\µQ EQORQUK¼µQ Ő &GVGE¼µQ FG HCNJCU PQ UKUVGOC FG OGFK¼µQ G XC\COGPVQU Ő #EQORCPJCOGPVQ IT±HKEQ FQ UKUVGOC FG WUQ FG ±IWC Ő #XCNKC¼µQ FG EGP±TKQU FG FKUVÐTDKQ G VTQECU FG GSWKRCOGPVQU Ő #XCNKC¼µQ FQ EWUVQ QRGTCEKQPCN FQ UKUVGOC Ő 2TQLGVQ FG TGFGU FG TGWUQ FG ±IWC EQO EQP UKFGTC¼ËGU GEQPÊOKECU G TGUVTK¼ËGU QRGTCEKQPCKU

3LRQHLULVPR QD EXVFD GD ,62 &GUFG C 'NUVGT FG %CEJQ GKTKPJC GORTGGPFG C¼ËGU HQECFCU PC IGUVµQ FC SWCNKFCFG G OGKQ CO DKGPVG CVTCX¾U FQ UGW 5KUVGOC FG )GUVµQ #ODKGPVCN 1 UKUVGOC HQK GUVTWVWTCFQ EQOQ RQPVQ FG RCTVK FC ¯ RTGXGP¼µQ FC RQNWK¼µQ G HQEC FQ PWOC 2QNÃVKEC #ODKGPVCN EQPUKU VGPVG EQORTQOGVKFC EQO C NGIKU NC¼µQ G DWUEC FG OGNJQTKC EQPVÃPWC 0Q HKPCN FG EQO C EGTVKHKEC ¼µQ +51 HQK WOC FCU RKQPGK TCU PQ 'UVCFQ G C RTKOGKTC FQ UG VQT GNGVTQ GNGVTÊPKEQ G C VGTEGKTC PQ $TCUKN EQO C EGTVKHKEC¼µQ

$d¯(6 ,03257$17(6 6TCVCOGPVQ FG FQU GHNWGPVGU IGTCFQU (Q TCO KPXGUVKFQU OCKU FG 4 OKN RCTC KORNCPVC¼µQ FQ RTQ EGUUQ 5GITGIC¼µQ G EQNGVC UGNGVKXC UGNGVKXC # EQPUVTW¼µQ FQ %GP VTQ FG 4GUÃFWQU G KORNCPVC¼µQ FQ RTQITCOC FG EQNGVC UGNG VKXC RQUUKDKNKVCO C TGEKENCIGO FG FQU TGUÃFWQU IGTCFQU RGNC 'NUVGT CN¾O FC TGFW¼µQ FQ XQNWOG %QPUWOQ TCEKQPCN FG GPGTIKC G ±IWC %QO C KO RNCPVC¼µQ FQU RTQITCOCU FG IGUVµQ CODKGPVCN C 'NUVGT VGO ICTCPVKFQ WO EQPUWOQ EQPVTQNCFQ G GO EQPUVCPVG TGFW ¼µQ FQU TGEWTUQU PCVWTCKU PQ RTQEGUUQ FG RTQFW¼µQ

68*(67®2 '( /(,785$ *5((1 %86,1(66(6 <28 &$1 67$57 72 0$.( 021(< $1' 0$.( $ ',))(5(1&( *OHQQ &URVWRQ ELyORJR 1HJyFLRV 9HUGHV SDUD FRPHoDU JDQKDU GLQKHLUR H ID]HU GLIHUHQoD

)NGPP QNJC RCTC C TGUQNW¼µQ FQU RTQDNGOCU CODKGPVCKU FQ OWPFQ CVTCX¾U FC NGPVG FQ GORTGGPFGFQTKUOQ #U GORTGUCU XµQ FG OGTEGCTKCU EQO DCKZC GOKUUµQ FG ECTDQ PQ EQPVCDKNKFCFG CODKGPVCN ¯ KPUVCNC¼µQ FG VWTDKPCU GÉNKECU

$EULO GH

(GJDU %RUWROLQL p R QRYR SUHVLGHQWH GD 3DUNV # 2CTMU VTCFKEKQPCN HCDTKECPVG PCEKQPCN FG GSWKRCOGPVQU RCTC VG NGEQOWPKEC¼ËGU CPWPEKQW GO HG XGTGKTQ Q PQOG FG 'FICT $QTVQ NKPK RCTC CUUWOKT C RTGUKF¿PEKC FC EQORCPJKC 'O QWVWDTQ FG Q HWPFCFQT G RTGUKFGPVG FC 2C TMU 2CWNQ 4GPCVQ -GV\GT FG 5QW \C HCNGEGW G PC QECUKµQ Q &KTGVQT FG 1RGTC¼ËGU .¾Q ,QU¾ $QTIGU *CKP\GPTGFGT CUUWOKW KPVGTKPC OGPVG C RQUK¼µQ &GPVTG CU OGVCU FQ PQXQ RTG UKFGPVG GUVµQ OCPVGT C CVWC¼µQ XK UKQP±TKC G KPQXCFQTC FQ HWPFCFQT

'LYXOJDomR 3DUNV 03

FC 2CTMU GO VGEPQNQIKC IGUVµQ FG RGUUQCU RTQEGUUQU G TGURQPUCDK NKFCFG UQEKCN OCPVGPFQ QU XCNQ TGU FGUGPXQNXKFQU CQ NQPIQ FQU CPQU FG GZKUV¿PEKC FC GORTGUC &G CEQTFQ EQO C CUUGUUQTKC FC 2C TMU C EQORCPJKC RTGVGPFG VTCDC NJCT PQ UGPVKFQ FG OKPKOK\CT QU KORCEVQU FC ETKUG GEQPÊOKEC INQ DCN CVWCPFQ GO PKEJQU GURGEÃHK EQU G DWUECPFQ WO ETGUEKOGPVQ FG GO TGNC¼µQ C 1 HQEQ GO UGT± GO UKUVGOCU 9KTGNGUU GURGEKCNOGPVG 9+/#: G )

$QTVQNKPK ¾ HQTOCFQ GO 'PIG PJCTKC 'N¾VTKEC EQO GURGEKCNK\C¼µQ GO 4GFGU RQT $GTMGNG[ 75# 1 GZGEWVKXQ CVWQW PC RTÉRTKC 2CTMU EQOQ &KTGVQT PQ RGTÃQFQ FG CV¾ HG\ RCTVG FQ %QPUGNJQ FG #FOKPKUVTC¼µQ FC 2CTMU PQ RG TÃQFQ FG CV¾ G CVWQW EQOQ EQPUWNVQT KPFGRGPFGPVG PC

2CTMU GO &G CV¾ VTCDCNJQW PQ ITWRQ 5KGOGPU PC ±TGC FG CEGUUQ $TQCFDCPF 'O CUUWOKW C &KTG¼µQ FC (CEWNFCFG FG 'PIGPJCTKC FC 27%45 G GO EQQTFGPQW RTQLG VQU FG CNVC VGEPQNQIKC LWPVQ CQ 2CT SWG 6GEPQNÉIKEQ FC 27%45 6'% 0127% #N¾O FKUUQ ¾ XKEG RTGUK

$EULO GH

FGPVG FC 5QEKGFCFG FG 'PIGPJC TKC FQ 4KQ )TCPFG FQ 5WN 5'4 )5 OGODTQ FQ %QPUGNJQ /W PKEKRCN FG %K¿PEKC G 6GEPQNQIKC

%1/%'6 G 2TGUKFGPVG (WPFC FQT FC (+456 (QT +PURKTCVKQP CPF 4GEQIPKVKQP QH 5EKGPEG CPF 6G EJPQNQI[

'LYXOJDomR 03

56 FRPHoD D XWLOL]DU R &7 H

ORJtVWLFD

&G HQTOC RKQPGKTC Q 'UVC FQ RCUUQW C CFQVCT Q %6 G

&QEWOGPVQ FG %QPJGEKOGP VQ FG 6TCPURQTVG 'NGVTÊPKEQ FGUFG Q KPÃEKQ FG OCT¼Q 1 UKU VGOC GNGVTÊPKEQ FG GOKUUµQ FG PQVC RCTC VTCPURQTVG FG ECTIC VGO XCNKFCFG HKUECN G LWTÃFKEC RCTC VQFQ Q VGTTKVÉTKQ PCEKQPCN PCEKQPCN 5QOGPVG PC RTKOGKTC UG OCPC GO HWPEKQPCOGPVQ HQ TCO FQEWOGPVQU GOKVKFQU RQT SWCVTQ GORTGUCU SWG KPK EKCTCO C KORNCPVC¼µQ FQ RTQ EGUUQ &G CEQTFQ EQO Q NÃFGT FQ RTQLGVQ PQ 4KQ )TCPFG FQ 5WN .WK\ #HQPUQ 2GTGU 4COQU Q FQEWOGPVQ PµQ ¾ CRGPCU WOC UWDUVKVWK¼µQ FQ RCRGN OCU UGTXG EQOQ OGKQ FG WPKHKECT GO WO ÐPKEQ FQEWOGPVQ GNG VTÊPKEQ QU FKXGTUQU OQFCKU FG VTCPURQTVG FG ECTIC TQFQXK± TKQ HGTTQXK±TKQ CSWCXK±TKQ C¾ TGQ G FWVQXK±TKQ 1 QDLGVKXQ FQ %6 G ¾ TGFW\KT EWUVQU UKO

RNKHKECT CU QDTKIC¼ËGU CEGUUÉTK CU FQU EQPVTKDWKPVGU G RGTOK VKT CQ OGUOQ VGORQ Q CEQO RCPJCOGPVQ GO VGORQ TGCN FCU QRGTC¼ËGU EQOGTEKCKU RGNQ (KUEQ 1 RTQLGVQ FQ %6 G UGT± FGUGPXQNXKFQ FG HQTOC ITCFWCN PQ RCÃU VCPVQ EQO GORTGUCU ICÐEJCU SWCPVQ FG QWVTQU 'U VCFQU 5GIWPFQ Q FKTGVQT FC 4GEGKVC 'UVCFWCN ,ÐNKQ %¾UCT )TC\\KQVKP Q 4KQ )TCPFG FQ 5WN FGXG FKURQPKDKNK\CT DTGXGOGP VG C EJCOCFC 5GHC\ 8KTVWCN RCTC C GOKUUµQ FG %6 GU %QOQ L± QEQTTG EQO C 0QVC (KUECN 'NG VTÊPKEC PC SWCN Q 45 VCOD¾O HQK RKQPGKTQ QWVTQU 'UVCFQU CVTCX¾U FG EQPX¿PKQ WVKNK\CO C KPHTCGUVTWVWTC ETKCFC RGNC 4G EGKVC 'UVCFWCN G RGNC 2TQEGTIU RCTC CWVQTK\CT Q %6 G GOKVKFQ PQ 'UVCFQ EQPXGPKCFQ RQT OGKQ FCU O±SWKPCU NQECNK\CFCU PQ 4KQ )TCPFG FQ 5WN

)UHWH VRIUH UHDMXVWH GH 'O TGWPKµQ FC %³OCTC 6¾EPKEC FG 'SWKNà DTKQ %QPEQTTGPEKCN FQ 5GVEGTIU 5KPFKECVQ FCU 'ORTGUCU FG 6TCPURQTVG FG %CTICU G .QIÃUVKEC PQ 'UVCFQ FQ 4KQ )TCPFG FQ 5WN TGCNK\CFC PQ KPÃEKQ FG OCT¼Q HKEQW FGHKPKFQ WO TGCLWUVG FG PQ XCNQT FQU HTGVGU C RCTVKT FCSWGNG O¿U *QWXG WO EQPUGPUQ FCU GORTGUCU CUUQEKCFCU FGRQKU SWG QU PÐOGTQU OQUVTCTCO GUVC FGHC UCIGO GPVTG QU OGUGU FG UGVGODTQ FG C HGXGTGKTQ FG #U OGFK¼ËGU FG EWUVQU G TGRCUUGU QEQTTGO GO FWCU QRQTVWPKFCFGU FQ CPQ OCT¼Q G UGVGODTQ 1 EQQTFGPCFQT FC %QOKUUµQ 4GP¾ /GUSWK VC GZRNKEC SWG Q ÃPFKEG FG XKUC CEQORC PJCT C GXQNW¼µQ FG VQFQU QU EWUVQU FG KPUWOQU FQ UGVQT KPUWOQU FQ UGVQT KPENWKPFQ VTCPUHGT¿PEKC CF OKPKUVTC¼µQ VGTOKPCKU EQNGVC G GPVTGIC G KO RQUVQU KPFKTGVQU # CORNKC¼µQ FG RTC¼CU FG RG F±IKQU RGNCU TQFQXKCU DTCUKNGKTCU VCOD¾O KPHNW GPEKQW PC FGEKUµQ FC %³OCTC 6¾EPKEC FG 'SWKNà DTKQ %QPEQTTGPEKCN # GPVKFCFG FGEKFKW SWG QU RGF±IKQU FCU PQ XCU RTC¼CU RTGXKUVCU RCTC CU TQFQXKCU 4¾IKU $KV VGPEQWTV GO 5µQ 2CWNQ (GTPµQ &KCU /KPCU )GTCKU G PC $4 5CPVC %CVCTKPC FGXGTµQ UGT KPENWÃFQU PCU RNCPKNJCU FG EWUVQU FQ UGVQT G TGRCUUCFQU CQU ENKGPVGU GO UGRCTCFQ FQU HTG VGU

029,0(172 '( &$5*$ &$, #UUKO EQOQ CNIWPU UGVQTGU FC GEQPQOKC Q VTCPURQTVG FG ECTICU VCOD¾O GUV± RCUUCPFQ RQT FKHKEWNFCFGU FKHKEWNFCFGU %QO C SWGFC FC CVKXKFCFG KPFWUVTKCN FCU GZRQTVC¼ËGU G FQ EQPUWOQ HCNVCO GPEQOGPFCU Q SWG IGTC SWGFC PQ XQNWOG GODCTECFQ G QRGTC¼µQ CDCKZQ FC ECRCEKFCFG 1U ECOKPJQPGKTQU CWVÊPQOQU SWG UQOCO SWCUG OGKQ OK NJµQ FG RTQHKUUKQPCKU PQ $TCUKN XKTCO CU GPEQOGPFCU ECÃTGO EGTEC FG PGUVG CPQ 0CU HGTTQXKCU C SWGFC HQK FG G PQU RQTVQU Q OQXKOGPVQ FKOKPWKW 0C O¾FKC GPVTG VQ FQU QU OQFCKU C %QPHGFGTC¼µQ 0CEKQPCN FQU 6TCPURQTVGU

%06 GUVKOC WO TGEWQ FG GO EQORCTC¼µQ C 0Q VGTOKPCN (GTPµQ &KCU GO 5µQ 2CWNQ OCKQT RQUVQ FG ECTICU FQ $TCUKN Q OQXKOGPVQ EQOG¼QW C ECKT GO FG\GODTQ G CV¾ CIQTC PµQ OGNJQTQW 2CTC UG VGT WOC PQ¼µQ C SWCPVKFC FG O±ZKOC FG ECOKPJËGU PQ VGTOKPCN (GTPµQ &KCU GO RGTÃQ FQU PQTOCKU ¾ FG XGÃEWNQU G C GURGTC FQU OQVQTKUVCU RQT WOC ECTIC PµQ RCUUC FG JQTCU *QLG J± EGTEC FG OKN XGÃEWNQU GURCNJCFQU RQT VQFQU QU ECPVQU FQ VGTOKPCN G C FG OQTC ¾ FG RGNQ OGPQU WOC UGOCPC %QOQ UG PµQ DCUVCUUG QU ECOKPJQPGKTQU CKPFC UQHTGO QU TGHNGZQU FC HCNVC FG ECKZC FCU GORTGUCU FG VTCPURQTVG EQO FKHKEWN FCFG RCTC RCICT RGNQU HTGVGU &GUUC HQTOC GNGU EQTTGO Q TKUEQ FG RGTFGT UGWU XGÃEWNQU RQT PµQ RQFGT RCICT Q HKPCPEKCOGPVQ 2QT RCTVG FQ UGVQT RCVTQPCN C GUVKOCVKXC VCOD¾O PµQ ¾ DQC %CNEWNC UG SWG Q OQXKOGPVQ VGPJC ECÃFQ RGTVQ FG 7O FQU TGHNGZQU ¾ C SWGFC PQU KPXGUVKOGPVQU

$EULO GH

UHFXUVRV KXPDQRV

3HUJXQWDV H UHVSRVWDV VREUH

VHJXUR GHVHPSUHJR

'LDQWH GD RQGD GH GHPLVV}HV SUR YRFDGD SHOD FULVH ILQDQFHLUD LQWHUQDFL RQDO R SRUWDO * OLVWRX DV SULQFLSDLV G~YLGDV UHIHUHQWHV DR VHJXUR GHVHP SUHJR &RQILUD DOJXPDV SHUJXQWDV H UHVSRVWDV DEDL[R 4XHP SRGH UHTXHUHU R VHJXUR GHVHPSUHJR" 7RGR WUDEDOKDGRU GHPLWLGR VHP MXVWD FDXVD FRP FRQWUDWR UHJLGR SHOD &RQVROLGDomR GDV /HLV GR 7UDEDOKR &/7 TXH WUDEDOKH QD PHVPD HP SUHVD SRU SHOR PHQRV VHLV PHVHV 2QGH UHTXHUHU" (P TXDOTXHU SRVWR GH DWHQGLPHQ WR GR 0LQLVWpULR GR 7UDEDOKR QRV SRV WRV HVWDGXDLV GR 6LQH 6LVWHPD 1DFLR QDO GH (PSUHJR RX QDV DJrQFLDV GD &DL[D (FRQ{PLFD )HGHUDO 4XH GRFXPHQWRV VmR QHFHVViULRV" &RPXQLFDomR GH 'LVSHQVD YLD

PDUURP H 5HTXHULPHQWR GR 6HJXUR 'HVHPSUHJR YLD YHUGH TXH VmR IRU QHFLGRV SUHHQFKLGRV SHOR HPSUHJD GRU DSyV D GHPLVVmR 7HUPR GH 5HVFLVmR GR &RQWUDWR GH 7UDEDOKR TXLWDGR SHOR HPSUHJD GRU &DUWHLUD GH 7UDEDOKR H 3UHYLGrQ FLD 6RFLDO 'RFXPHQWR GH LGHQWLILFDomR FDU WHLUD GH LGHQWLGDGH FHUWLGmR GH QDVFL PHQWR RX FDVDPHQWR FRP R SURWR FROR GH UHTXHULPHQWR GH QRYD LGHQWL GDGH FDUWHLUD GH PRWRULVWD FRP IRWR SDVVDSRUWH RX FHUWLILFDGR GH UHVHUYLV WD

&DUWmR GR &DGDVWUR GH 3HVVRD )tVLFD &3)

&DUWmR GR 3,6 3$6(3 RX &DU WmR GR &LGDGmR 2V GRLV ~OWLPRV KROHULWHV

$EULO GH

2QGH UHFHEHU R GLQKHLUR" 2 SDJDPHQWR Vy p IHLWR QDV DJrQ FLDV GD &DL[D (FRQ{PLFD )HGHUDO H HP VHXV FRUUHVSRQGHQWHV FRP D DSUHVHQ WDomR GR &DUWmR GR &LGDGmR 4XHP WHUi GLUHLWR DRV VHWH PH VHV DQXQFLDGRV SHOR JRYHUQR" $ DPSOLDomR GH GRLV PHVHV p SHU PLWLGD SHOD OHJLVODomR HP VLWXDo}HV GH HPHUJrQFLD 2 JRYHUQR GHILQLX TXH RV WUDEDOKDGRUHV DIHWDGRV SHOD FULVH ILQDQ FHLUD LQWHUQDFLRQDO WHUmR GLUHLWR DRV GRLV PHVHV DGLFLRQDLV PDV QmR GHIL QLX UHJUDV 6DEH VH TXH Vy WHUi GLUHLWR DR EHQHItFLR TXHP IRL GHPLWLGR D SDU WLU GH GH]HPEUR GR DQR SDVVDGR 6H JXQGR R 0LQLVWpULR GR 7UDEDOKR DWp R ILP GR TXLQWR PrV GR EHQHItFLR RV WUDEDOKDGRUHV DIHWDGRV VDEHUmR VH WH UmR RX QmR GLUHLWR DRV GRLV PHVHV DGL FLRQDLV

# ETKUG HKPCPEGKTC OWPFKCN SWG VTQWZG GUECUUG\ FG TGEWT UQU HWIC FG ENKGPVGU G TGEGKQ SWCPVQ CQ HWVWTQ GUV± CUUWU VCPFQ VCOD¾O QU VTCDCNJCFQ TGU 0KPIW¾O OCKU FWXKFC SWG Q RCÃU GUVGLC GO ETKUG G QU LQT PCKU GXGPVWCNOGPVG VTC\GO PQ VÃEKCU UQDTG GORTGUCU SWG GU VµQ FGOKVKPFQ 0Q GPVCPVQ GURGEKCNKUVCU ICTCPVGO SWG PµQ ¾ JQTC FG Q VTCDCNJCFQT HKECT VGOG TQUQ TQUQ SWCPVQ CQ HWVWTQ FG UGW GORTGIQ &G CEQTFQ EQO GNGU Q KFGCN ¾ UGT RTQCVKXQ G CITG ICT XCNQT ¯ GORTGUC #UUKO OGUOQ SWG UGLC FGOKVKFQ Q RTQHKUUKQPCN VGT± OWKVQ OCKU EJCPEGU FG EQPUGIWKT QWVTQ VTC DCNJQ RQKU UCDG SWG VGO CU EQORGV¿PEKCU PGEGUU±TKCU 1WVTC QTKGPVC¼µQ ¾ SWG Q VTCDCNJCFQT PµQ RGPUG SWG FG OKUUËGU GUVµQ UGORTG CVTGNCFCU ¯ KPEQORGV¿PEKC /WKVQU RTQ HKUUKQPCKU EQORGVGPVGU ¯U XG\GU UµQ FGOKVKFQU RQT FGEKUµQ GU VTCV¾IKEC FC GORTGUC EQOQ HG EJCT WO FGRCTVCOGPVQ QW FKU RGPUCT CSWGNGU SWG VKPJCO QU UCN±TKQU OCKU CNVQU #IQTC ¾ Q OQOGPVQ FG CIKT 2TKOGKTCOGPVG ¾ RTGEKUQ GPVGP FGT SWG CU GORTGUCU EQPVTCVCO RQT ECWUC FQ EWTTÃEWNQ QW UGLC HCNCO OCKU CNVQ PQ RTQEGUUQ UG NGVKXQ C HQTOC¼µQ G C GZRGTK ¿PEKC 0Q GPVCPVQ GNCU CECDCO FGOKVKPFQ RQT EQPVC FQ EQO

2 TXH R PHUFDGR GH WUDEDOKR UHSXGLD

RQTVCOGPVQ PQ FKC C FKC FG OCPGKTC SWG Q EWTTÃEWNQ ¾ SWC UG GUSWGEKFQ PC JQTC FG FGEK FKT SWGO GUV± HQTC G SWGO EQP VKPWC 2QTVCPVQ EWTTÃEWNQ PµQ UCNXC PKPIW¾O FC FGOKUUµQ #U FKECU CDCKZQ RQFGO CLWFCT CSWGNCU RGUUQCU SWG GUVµQ VG OGTQUCU SWCPVQ CQ HWVWTQ Ő /CPFG UGW TGECFQ ¯ EJG HKC ŋCSWK VGO CVKVWFG XCOQU RCUUCT DGO RGNC ETKUGŌ Ő 0µQ UG SWGKZG FCU EKTEWPU V³PEKCU 2TQRQPJC CNVGTPCVKXCU PQ NWICT FKUUQ Ő 8GPFC UWCU KF¾KCU G UGWU RTQLGVQU 5KPCNK\G EQO ICPJQU RCTC QU SWG CFQVCTGO UWCU RTQ RQUVCU Ő &GUEWDTC Q SWG ¾ OCKU KO RQTVCPVG RCTC C GORTGUC G EQO RTQOGVC UG EQO KUUQ QW CRQKG Q TGURQPU±XGN RGNQ OCKU KORQT VCPVG Ő 5G XQE¿ L± HQK FGUNKICFQ CTTGICEG CU OCPICU 0CFC FG HKECT RCTCFQ 2TQEWTG CVKXKFCFGU XQNWPV±TKCU G CRQKQ GO ITWRQU FG UWRQTVG 5WC TGEQNQEC¼µQ FGRGPFG OWKVQ FQ UGW CUVTCN GPVµQ EQPVTQNG UWCU GOQ¼ËGU Ő 5GLC RQUKVKXQ EQO RGUUQCU PGICVKXCU 'XKVG KTTKVCT UG QW FKU EWVKT 1W¼C EQORTGGPFC G QHG TG¼C CRQKQ RCTC FKCU OGNJQTGU Ő 1 RTQHKUUKQPCN SWG GURGTC CNIW¾O FK\GT Q SWG GNG FGXG HC \GT GUV± GO RQUK¼µQ XWNPGT±XGN RQT KUUQ PµQ EQPHWPFC CVKXKFC FG EQO RTQFWVKXKFCFG

#NIWOCU ECTCEVGTÃUVKECU FQU RTQHKUUKQPCKU UµQ TGCNOGPVG TGRWFKCFCU PQ OGTECFQ FG VTCDCNJQ #N¾O FG CVTCRCNJCT Q CNECPEG FG TGUWNVCFQU PµQ EQPVTKDWGO RCTC Q CODKGP VG EQTRQTCVKXQ G CKPFC RQFGO RTGLWFKECT QU ECPFKFCVQU C WOC XCIC %GTVCU ECTCEVGTÃUVKECU UµQ EKVCFCU RQT GU RGEKCNKUVCU FC ±TGC EQOQ HCNVC FG ETKCVKXKFC FG CSWGNC RGUUQC SWG PµQ EQPVTKDWK EQO KFGKCU RCTC C GORTGUC FKUEWTUQ OWKVQ RTQ NKZQ CSWGNC RGUUQC SWG GPTQNC RCTC HCNCT G PQ HKPCN EJGIC ¯ WOC EQPENWUµQ UKORNGU HCN VC FG VTCPURCT¿PEKC SWCPVQ OCKU UKPEGTQ HQT OGNJQT KPFKXKFWCNKUOQ CSWGNC RGUUQC SWG UÉ RGPUC PQU UGWU TGUWNVCFQU G PµQ PQ EQNG VKXQ CVKVWFGU PGICVKXCU G HQEQ UÉ PQU TGUWN VCFQU CSWGNC RGUUQC SWG VTCDCNJC RQT VTC DCNJCT UGO CITGICT PCFC ¯ GORTGUC /WKVQU RTQHKUUKQPCKU CETGFKVCO SWG VGP FQ WO DQO EWTTÃEWNQ G EQPJGEKOGPVQ FC HWP¼µQ ¾ Q DCUVCPVG RCTC QDVGT UWEGUUQ PC ±TGC RTQHKUUKQPCN 2QT¾O PµQ ¾ KUUQ SWG RGPUC 4QI¾TKQ 2QPU FC 5KNXC FKTGVQT FC 5KFGTOG VCN FG %CEJQGKTKPJC &G CEQTFQ EQO GNG Q EQPJGEKOGPVQ ¾ OWKVQ KORQTVCPVG CUUKO EQOQ C JCDKNKFCFG OCU C CVKVWFG RQUKVKXC CKP FC ¾ WOC FCU OCKQTGU XKTVWFGU SWG WOC RGU UQC RQFG VGT # CVKVWFG RQUKVKXC ¾ TGSWGTK FC RQT SWCNSWGT RGUUQC RCTC VQFCU CU CVKXK FCFGU JWOCPCU UGLCO GNCU RTQHKUUKQPCKU QW OGUOQ PC XKFC RCTVKEWNCT G HCOKNKCT CHKTOC )GTCNOGPVG CU ECTCEVGTÃUVKECU PGICVKXCU EKVCFCU UµQ KFGPVKHKECFCU NQIQ PQ RTQEGUUQ UGNGVKXQ &G CEQTFQ EQO C XCIC CNIWOCU FG NCU RQFGO UGT FGHKPKVKXCU PC JQTC FG GUEQ NJGT UG Q ECPFKFCVQ ¾ CRVQ QW PµQ RCTC C HWP¼µQ

$EULO GH

UHFXUVRV KXPDQRV

'LFDV SDUD PDQWHU R HPSUHJR GLDQWH GD FULVH

LQIRUPH SXEOLFLWiULR

3,/$ 7(6 &2148,6 $&+2(,5,1+$ 3,/$7(6 &2148,677$ & &$

80 $12 '( $1$6 *5$1'2

5RVHODLQH 9LQFLSURYD 03

3WGO L± RCUUQW RGNC GZRGTK¿PEKC UCDG SWG QTICPK \CT WO GXGPVQ GORTGUCTKCN PµQ ¾ H±EKN G Q RTKOGKTQ RCU UQ ¾ C GUEQNJC FQ NQECN 2GPUCPFQ GO QHGTGEGT WO CO DKGPVG HCOKNKCT G FKHGTGPEKCFQ ¾ SWG C FGPVKUVC 0CTC 4GIKPC #NOGKFC SWG UGORTG CFQTQW QTICPK\CT G RTQ OQXGT HGUVCU FGEKFKW CDTKT WO UCNµQ FG HGUVCU # FGEK UµQ TGEGDGW CORNQ CRQKQ FQ OCTKFQ 8GPVGNKPQ )TCPFQ G EQORNGVQW WO CPQ PC EKFCFG FG %CEJQGKTKPJC EQO OWKVQ UWEGUUQ .QECNK\CFQ PWO GURC¼Q QPFG HQK WOC TGUKF¿PEKC Q #PCU )TCPFQ ¾ CEQNJGFQT FGUFG C UWC GPVTCFC 1 CODK GPVG VGO ECRCEKFCFG RCTC RGUUQCU # FGEQTC¼µQ HQVQU HKNOCIGO G Q DWHHGV HKECO ¯ GUEQNJC FQ ENKGPVG %QPHQTOG 0CTC C CEGKVC¼µQ VGO UKFQ OWKVQ DQC RQT KUUQ Q UWEGUUQ PGUUG RTKOGKTQ CPQ FG XKFC 'NC CKPFC ICTCPVG WO CVGPFKOGPVQ RGTUQPCNK\CFQ RCTC QU ENKGPVGU 1 PQOG FQ #PCU )TCPFQ ¾ WOC JQOGPCIGO ¯U FWCU HKNJCU FG 0CTC G 8GPVGNKPQ #PC .CWTC G #PC %C TQNKPC +PHQTOC¼ËGU G CIGPFCOGPVQ RGNQ HQPG QW QW CKPFC RGNQ G OCKN CPCUITCPFQGXGPVQU"VGTTC EQO DT

,1*/È6 &20 &203(7È1&,$ 6QFQU UCDGO SWG RCTC VGT UWEGUUQ PC XKFC RTQHKUUKQPCN ¾ PGEGUU±TKQ CN¾O FG EQPJGEKOGPVQU PC HWP¼µQ VCOD¾O VGT EQPJGEKOGPVQU FG QWVTQU KFKQOCU /CU CQ OGUOQ VGORQ EQOQ WOC RGUUQC SWG VTCDCNJC QKVQ JQTCU RQT FKC G CKPFC GUVWFC RQFGT± CFSWKTKT GUUGU EQPJGEKOGPVQU! RGPUCPFQ PKUUQ SWG C %QORGVGPEG +FKQOCU QHGTGEG JQ T±TKQU HNGZÃXGKU C UGWU CNWPQU #N¾O FG GUVCT GO NQECN RTKXKNGIK CFQ RTÉZKOQ CQ FKUVTKVQ KPFWUVTKCN FG %CEJQGKTKPJC G PQ EC OKPJQ RCTC SWGO XGO FG )TCXCVCÃ %CPQCU QW 2QTVQ #NGITG C GUEQNC CKPFC QHGTGEG CWNCU GO ITWRQ FG PQ O±ZKOQ RGUUQCU QW KPFKXKFWCKU (QECFC PC EQPXGTUC¼µQ C %QORGVGPEG QHGTGEG EWTUQU FG KPIN¿U G GURCPJQN EGTVKHKECFQU G EQO RTQHGUUQTGU CNVCOGPVG SWCNKHKECFQU #N¾O FKUUQ Q CNWPQ SWG PµQ CVKPIKT QU QDLGVKXQU FG WO OÉFWNQ RQFG EWTUCT Q RTÉZKOQ FGUFG SWG TGRKVC Q CPVGTKQT G KUUQ UGT± UGO EWUVQ UQD C EQPFK¼µQ FG SWG GNG VGPJC HTGSWGPVCFQ VQFCU CU CWNCU G TGCNOGPVG CRTGUGPVG FKHK EWNFCFGU FG CRTGPFK\CIGO 2CTC CU ETKCP¼CU CV¾ m U¾TKG C GUEQNC QHGTGEG Q EWTUQ FG KPIN¿U DCUGCFQ PQU EQPVGÐFQU SWG UµQ GUVWFCFQU PQ EQN¾IKQ

EQOQ IGQITCHKC OCVGO±VKEC TGHQT¼CPFQ Q CRTGPFK\CFQ CVTC X¾U FQ WUQ FQ O¾VQFQ EQOWPKECVKXQ DCUGCFQ PQ FKC C FKC #N¾O FKUUQ C %QORGVGPEG CEQORCPJC Q FGUGPXQNXKOGPVQ G C HTGSW¿PEKC FC ETKCP¼C OCPVGPFQ QU RCKU KPHQTOCFQU Q SWG ICTCPVG OCKQT UGIWTCP¼C C GNGU 1 OCVGTKCN WUCFQ PCU CWNCU ¾ FC %CODTKFIG 7PKXGTUKV[ 2TGUU G ¾ WVKNK\CFQ PQ OWPFQ KPVGKTQ GUVCPFQ GO EQPUVCPVG CVWCNK\C¼µQ # GUEQNC VCOD¾O EQPVC EQO OCVGTKCN CWFKQXKUWCN G OKPK DKDNKQVGEC # %QORGVGPEG VGO RTG¼QU CEGUUÃXGKU HNGZKDKNKFCFG PQ RC ICOGPVQ G CVGPFKOGPVQ RGTUQPCNK\CFQ CQU CNWPQU G HCOKNKCTGU RQT UGT WOC GORTGUC FG RGSWGPQ RQTVG 5CKDC OCKU UQDTG C GUEQNC CVTCX¾U FQ HQPG QW RGNQ G OCKN

EQORGVGPEGKFKQOCU"IOCKN EQO $EULO GH

1 2KNCVGU ¾ WOC CVK XKFCFG SWG XGO IC PJCPFQ OCKU CFGRVQU C ECFC CPQ 5µQ PQXG QU RTKPEÃRKQU D±UKEQU CVTC X¾U FQU SWCKU Q O¾VQ FQ ¾ GZGEWVCFQ EQP EGPVTC¼µQ EQPVTQNG

CRTKOQTCT C EQQTFGPC ¼µQ FQ OQXKOGPVQ )LVLRWHUDSHXWDV $OLQH H 'HQLVH VmR HVSHFLDOL]DGDV HP 3LODWHV EGPVTCIGO WVKNK\CT CVK XC¼µQ FC OWUEWNCVWTC RTQHWPFC FC EQNWPC G CDFQOG TGURK TC¼µQ CNKPJCOGPVQ RQUVWTCN NGXG\C OQXKOGPVQU NGPVQU G EQO HNWKFG\ RTGEKUµQ FQU OQXKOGPVQU PQ KPVWKVQ FG GXKVCT NGUËGU HQT¼C G TGNCZCOGPVQ CRTGPFGT C TGNCZCT RCTVGU FQ EQTRQ SWG PµQ GUVµQ UGPFQ WVKNK\CFCU GXKVCPFQ EQORGPUC¼ËGU 'O %CEJQGKTKPJC Q 2KNCVGU (KUKQOGF ¾ RKQPGKTQ G HQK KPCW IWTCFQ GO LWNJQ FG #U HKUKQVGTCRGWVCU #NKPG 1NKXGKTC FG %CTXCNJQ G &GPKUG 4KDCU .C\\CTK UµQ CU RTQRTKGV±TKCU G EQQTFGPCFQTCU FQ GUVÐFKQ 'NCU RQUUWGO %GTVKHKEC¼µQ +PVGT PCEKQPCN GO 2KNCVGU WOC RCTEGTKC FC & & 2KNCVGU G C 7PK XGTUKFCFG FC 'URCPJC #N¾O FKUUQ RQUUWGO GURGEKCNK\C¼µQ GO 2KNCVGU PQ RT¾ G RÉU RCTVQ G PQ VTCVCOGPVQ FG GUEQNKQUG Q SWG ¾ WO FKHGTGPEKCN RCTC Q GUVÐFKQ 1 GURC¼Q ¾ HQTOCFQ RQT VT¿U GUVÐFKQU EQORNGVQU EQO QU UGIWKPVGU CRCTGNJQU TGHQTOGT NCFFGT DCTTGN ECFKNNCE YCNN WPKV UVGR EJCKT CN¾O FQU GSWKRCOGPVQU WVKNK\CFQU RCTC C RT±VKEC FQ O¾VQFQ PQ UQNQ EQOQ RQT GZGORNQ DQNCU ECPG NGKTCU OGKC NWC VJGTC DCPF G HNGZ EKTENG # GSWKRG SWG CVWC PQ 2KNCVGU (KUKQOGF ¾ EQPUVKVWÃFC RQT RTQHKUUKQPCKU FC ±TGC FG HKUKQVGTCRKC 5µQ UGVG KPUVTWVQTGU SWG GUVµQ GO EQPUVCPVG CRTKOQTCOGPVQ CVTCX¾U FG EWTUQU CXCP ¼CFQU PC ±TGC FG 2KNCVGU #U UGUUËGU UµQ TGCNK\CFCU FG FWCU C VT¿U XG\GU RQT UGOCPC EQO FWTC¼µQ FG J CWNC G ECFC RTQ HKUUKQPCN CVGPFG VT¿U CNWPQU RQT JQT±TKQ RCTC SWG RQUUC UGT FCFC C CVGP¼µQ PGEGUU±TKC 0µQ GZKUVG NKOKVG O±ZKOQ FG KFCFG RCTC C RT±VKEC FQ O¾ VQFQ G QU JQT±TKQU FQ 2KNCVGU (KUKQOGF UµQ HNGZÃXGKU 1 GUVÐFKQ VCOD¾O RQUUWK RCTEGTKCU EQO C & & 2KNCVGU FQ 4KQ FG ,CPGK TQ 0Q ÐNVKOQ CPQ C & & 2KNCVGU VTQWZG RQT FWCU XG\GU UWC GSWKRG FG RTQHKUUKQPCKU RCTC Q GUVÐFKQ FG %CEJQGKTKPJC EQO KPVWKVQ FG HQTOCT PQXQU RTQHKUUKQPCKU PC ±TGC 1 EWTUQ FG HQTOC¼µQ ¾ TGCNK\CFQ PQ 2KNCVGU (KUKQOGF G L± RQUUWK FCVC CIGP FCFC RCTC GUVG CPQ +PHQTOC¼ËGU RGNQ HQPG '37+2' #NKPG 1NKXGKTC FG %CTXCNJQ Ő )TCFWCFC RGNQ %GPVTQ 7PKXGTUKV±TKQ (GGXCNG Ő RÉU ITCFWCFC GO (KUKQVGTCRKC FQ 6TCDCNJQ RGNQ %$'5 Ő HQTOC¼µQ PQ /¾VQFQ /E-GP\KG Ő HQTOC¼µQ PQ /¾VQFQ /WNNKICP Ő HQTOC¼µQ GO /QDKNK\C¼µQ 0GWTCN Ő HQTOC¼µQ PQ /¾VQFQ 2KNCVGU RGNC & & 2KNCVGU Ő HQTOC¼µQ GO 2KNCVGU PQ RT¾ G RÉU RCTVQ G QDUVGVTÃEKC Ő HQTOC¼µQ GO 2KNCVGU PC 'UEQNKQUG &GPKUG 4KDCU .C\\CTK Ő )TCFWCFC RGNQ %GPVTQ 7PKXGTUKV±TKQ (GGXCNG Ő RÉU ITCFWCFC GO (KUKQNQIKC FQ 'ZGTEÃEKQ 2TGUETK¼µQ FG 'ZGTEÃEKQ RGNC 7PKXGTUKFCFG )COC (KNJQ Ő HQTOC¼µQ GO /QDKNK\C¼µQ 0GWTCN Ő HQTOC¼µQ PQ /¾VQFQ 2KNCVGU RGNC #UUQEKC¼µQ $TCUKNGKTC FG 2KNCVGU Ő HQTOC¼µQ GO 2KNCVGU PQ RT¾ G RÉU RCTVQ G QDUVGVTÃEKC

'LYXOJDomR 7UDQN %HP 03

6DQGUD &HOLVWUH 03

&$5,0%26 ( 0$187(1d®2 '( &21752/(6 5(02726 1U EQPVTQNGU TGOQVQU FG RQTVËGU GNG VTÊPKEQU G CNCTOGU UµQ KORQTVCPVGU HGTTC OGPVCU RCTC ICTCPVKT C UGIWTCP¼C FQ WUW ±TKQ 5G GNGU GUVTCICO GUUC UGIWTCP¼C GUV± EQORTQOGVKFC &C OGUOC HQTOC WOC QW FWCU EÉRKCU FGUUGU EQPVTQNGU RQFGO UGT KPUWHKEKGPVGU RCTC WOC HCOÃNKC FG SWCVTQ RGUUQCU RQT GZGORNQ %CEJQGKTKPJC EQP VC EQO C 6TCPM $GO GURGEKCNK\CFC GO OC PWVGP¼µQ G EÉRKC FG EQPVTQNGU TGOQVQU FG RQTVËGU GNGVTÊPKEQU G CNCTOGU .QECNK\CFC GO HTGPVG CQ $CPTKUWN C 6TCPM $GO VGO H±DTKEC RTÉRTKC FG ECTKO DQU VCPVQ GO OCFGKTC SWCPVQ CWVQGPVKP VCFQU KPFKURGPU±XGKU GO SWCNSWGT GORTG UC 'PVTG QU UGTXK¼QU SWG C 6TCPM $GO QHGTGEG GUVµQ CKPFC CNCTOGU OQPKVQTCFQU TGUKFGPEKCKU G EQOGTEKCKU EQO QT¼COGP VQ PQ NQECN UGO EWUVQ XGPFC FG EKTEWKVQ HGEJCFQ FG 68 E³OGTCU HCNUCU G XGTFC FGKTCU UGTXK¼Q FG EÉRKCU FG EJCXGU GP ECFGTPC¼µQ GO GURKTCN RNCUVKHKEC¼µQ GO FQEWOGPVQ G VCOCPJQ # HQVQEÉRKCU UGTXK¼QU FG HCZ /CKQTGU KPHQTOC¼ËGU RQ FGO UGT QDVKFCU PQ HQPG QW G OCKN VTCPMDGO"WQN EQO DT

0GWUC /CVVQU GORTGU±TKC FQPC FC *CKT %QORCP[ CORNKQW UGW GURC¼Q #N¾O FG VQFQU QU VTCVCOGPVQU FG EC DGNQ OµQU R¾U FGRKNC¼µQ G OCUUC IGO GNC CIQTC QHGTGEG QU UGTXK¼QU FG 'UV¾VKEC (CEKCN EQO QU VTCVCOGPVQU FG TGLWXGPGUEKOGPVQ EQOQ NKORG\C EQO JKFTQUWE¼µQ EQO XCRQT FG Q\ÊPKQ EQO OKETQEQTTGPVGU EQO RGGNKPI FG FKCOCPVG G QWVTQU # GUV¾VKEC EQPVC CKPFC EQO 6TCVCOGPVQU %QTRQTCKU RCTC TGFW¼µQ FG OGFKFCU FTGPCIGO NKPH±VKEC OCPWCN G EQO CRCTGNJQU IGU UQVGTCRKC EQTTGPVG TWUUC WNVTC UQO DTQP\GCOGPVQ CTVKHKEKCN CEWRWPVWTC G OCUUCIGO EJKPGUC 0GWUC KPENWUKXG ETKQW WO GURC ¼Q SWG ¾ PQXKFCFG GO %CEJQGKTKPJC Q &C[ 5RC 7TDCPQ QPFG Q ENKGPVG GU EQNJG Q RCEQVG EQPHQTOG UWCU PGEGU UKFCFGU G UGWU JQT±TKQU 5µQ FG\ RC EQVGU SWG KPENWGO FGRGPFGPFQ FQ JQT±TKQ ECH¾ FC OCPJµ CNOQ¼Q NCP EJGU UWEQU GURWOCPVGU FGPVTG QW VTQU 6TCVCOGPVQU FG TGNCZCOGPVQ EQTRQTCN EQOQ C VGTCRKC FCU RGFTCU SWGPVGU DCPJQ FG JKFTQOCUUCIGO EQO GTXCU G CTQOCU OCUUCIGO TGNC ZCPVG G GUHQNKC¼µQ EQTRQTCN UµQ CNIWPU FQU QWVTQU UGTXK¼QU QHGTGEKFQU # GORTGUC VCOD¾O RQUUWK RCEQ VGU GURGEKCKU RCTC Q FKC FQU PCOQTC FQU RCTC Q FKC FCU OµGU G FQU RCKU RCTC Q FKC FC PQKXC G FC FGDWVCPVG PQ SWCN KPENWGO UG QU CNWIW¾KU FQU XGUVKFQU /CKU KPHQTOC¼ËGU RGNQU VG NGHQPGU G

QW CKPFC RGNQ CVGPFKOGPVQ QP NKPG PQ UKVG YYY JCKTEQORCP[ PO EQO

7($752 1$ (035(6$ # %KC %TCMGV[ CN¾O FG CRTGUGPVCT FK XGTUQU GURGV±EWNQU GO GXGPVQU FC EKFCFG VCOD¾O QHGTGEG EQOQ QR¼µQ KPVGTXGP¼ËGU VGCVTCKU PCU GORTGUCU #U RG¼CU UµQ PC OCKQTKC XQNVCFCU ¯ UGIWTCP¼C PQ VTCDCNJQ G RTGXGP¼µQ FG CEKFGPVGU C HKO FG EQPU EKGPVK\CT QU HWPEKQP±TKQU UQDTG C KORQT V³PEKC FGUUC ±TGC 1U RTQLGVQU UµQ RGTUQ PCNK\CFQU G CVGPFGO C PGEGUUKFCFG FG ECFC GORTGUC FG HQTOC ETKCVKXC G CTVÃUVKEC 1 ITWRQ %KC %TCMGV[ GZKUVG J± CPQU G VTCDCNJC EQO DQPGEQU G RCNEQ 1U RTQHKUUKQPCKU UµQ CVQTGU FG VGCVTQ DCKNCTK PQU CTVKUVCU RN±UVKEQU G CVQTGU FG EKPGOC 1 GNGPEQ VTC\ ECTCEVGTÃUVKECU FG GZRTGUUK XKFCFG PCEKQPCN 4QUCPG )QOGU HWPFC FQTC FC %TCMGV[ ¾ FKTGVQTC FG VGCVTQ CT VKUVC RN±UVKEC RTQFWVQTC EWNVWTCN G DQPG SWGKTC /QTICPC 4QFTKIWGU ¾ CVTK\ G KPVG ITCPVG FQ ITWRQ FG VGCVTQ FC (#%15 2CWNQ #FTKCPG HG\ C 2TKUEKNC FC 68 %QNQU UQ G 68 :WZC ¾ CVQT FG VGCVTQ G EKPGOC G FKTGVQT VGCVTCN %TKU %NG\CT G #NGZCPFTG /CNVC GUVKXGTCO PQ RTQITCOC /CKU 8QE¿ TGRTGUGPVCPFQ C %TCMGV[ EQO DQPGEQU )WKNJGTOG (GTTGTC CVQT FG VGCVTQ EKPG OC DCKNCTKPQ G EQTGÉITCHQ FC %CUC FCU /WNJGTGU FC TGFG )NQDQ G )TGKEG )Q OGU TGRTGUGPVQW C %TCMGV[ G HQK RTGOKC FC PQ 5G XKTC PQU FQ (CWUVµQ EQO Q PÐOGTQ OWUKECN EQO Q R¾ +PHQTOC¼ËGU RGNQ HQPG

&(1752 '( 75(,1$0(172 )Ì6,&2 3(5621$/,=$'2 ( $'$37$'2 1 %QORNGZQ (KVPGUU PµQ ¾ WOC ENÃ PKEC FG HKUKQVGTCRKC G PGO WOC CECFG OKC FG IKP±UVKEC OCU UKO WO %GPVTQ FG 6TGKPCOGPVQ (ÃUKEQ 2GTUQPCNK\CFQ G #FCRVCFQ QPFG Q CNWPQ TGEGDG C CVGP ¼µQ G FGFKEC¼µQ FQU RTQHKUUKQPCKU XKUCP FQ UWC RTQPVC TGEWRGTC¼µQ G EQPUG SWGPVGOGPVG UCVKUHC¼µQ 6TGKPCOGPVQ (ÃUKEQ 2GTUQPCNK\CFQ RQTSWG VTCDCNJC EQO PQ O±ZKOQ SWC VTQ CNWPQU RQT JQT±TKQ G RTGXKCOGPVG

CIGPFCFQU 1 EGPVTQ FKURQPKDKNK\C RCTC GUVGU ITWRQU FQKU RTQHKUUKQPCKU SWG FG PQOKPC FG 2GTUQPCN 6TCKPPGT 6TGKPCOGPVQ #FCRVCFQ RQTSWG TGC DKNKVC SWCNSWGT HQTOC FG RCVQNQIKC SWG RQUUC UGT TGCDKNKVCFC EQOQ RQT GZGO RNQ JKRGTVGPUµQ FKCDGVGU ECTFKQRCVKCU JKRGT EKHQUGU JKRGT NQTFQUGU GUEQNKQUGU J¾TPKCU XGTVGDTCKU G NGUËGU FG NKICOGP VQU PQU LQGNJQU ' CKPFC VTGKPCOGPVQ RCTC QDGUKFCFG IGUVCPVGU G KFQUQU

$EULO GH

#N¾O FKUUQ Q EGPVTQ QHGTGEG )KP±U VKEC 2GTUQPCNK\CFC )KP±UVKEC NQECNK\CFC ,WOR 2GTUQPCNK\CFQ G CWNCU EQO DQNC UWüC # %QORNGZQ (KVPGUU QHGTGEG VCO D¾O VTGKPCOGPVQ HÃUKEQ GO ITWRQ RCTC GORTGUCU FGPVTQ FQ RTÉRTKQ GU VCDGNGEKOGPVQ G IKP±UVKEC NCDQTCN PC UGFG FC GORTGUC /CKU KPHQTOC¼ËGU PQ HQPG QW RGNQ G OCKN EQORNGZQHKVPGUU"WQN EQO DT

LQIRUPH SXEOLFLWiULR

129,'$'(6 '$ +$,5 &203$1< (0 &$&+2(,5,1+$

TXDOLGDGH GH YLGD

,1)250( 38%/,&,7É5,2

%ROVD QD PmR H R PXQGR DRV VHXV SpV /HGD /HPRV 03

(±DKC 2GTGKTC 2TQHGUUQTC 6¾EPKEC GO ¡RVKEC GUVWFCPVG FG 1RVQ OGVTKC G )GTGPVG FG /CTMGVKPI FCU ¡RVKECU 2GTGKTC

2QFG RCTGEGT GZCIGTQ QW EQPXGP EKOGPVQ FG PQUUC RCTVG OCU RGUSWK UCU EQPHKTOCO G GURGEKCNKUVCU XCNKFCO SWG SWCPFQ UG RGPUC GO KPKEKCT Q RTQ EGUUQ FG ETKC¼µQ FG CNIWO RTQFWVQ WOC KPHQTOC¼µQ UG VQTPC RTGEKQUC RCTC QU HCDTKECPVGU FQ SWG CU OWNJGTGU IQUVCO! ,± GUV± EQPHKTOCFQ SWG ¾ C OWNJGT SWGO FGEKFG Q SWG UGT± EQPUWOKFQ GO FQU ECUQU /CU Q KPVGTGUUCPVG GO VWFQ KUUQ ¾ SWG QU HCDTKECPVGU L± V¿O EQPUEK¿PEKC FQ SWG GUUG RQFGT UKIPKHKEC PQ EGP±TKQ GEQPÊOKEQ ,± HC\ VGORQ SWG C KPFÐUVTKC CWVQ OQDKNÃUVKEC VGO UG DCUGCFQ PCU GZK I¿PEKCU HGOKPKPCU 1U OQFGNQU FG WOC HQTOC IGTCN GUVµQ OCKU CTTGFQPFCFQU QU EQPVTQNGU FQ RCKPGN PµQ SWGDTCO OCKU CU WPJCU G Q GURGNJQ FQ SWGDTC UQN CQ NCFQ FQ OQVQTKUVC VCOD¾O HQK WOC GZKI¿PEKC FCU OWNJGTGU # RTÉRTKC KPFÐUVTKC $QUEJ EJGIQW

¯ EQPENWUµQ FG SWG CU OWNJGTGU VCO D¾O EQORTCO HWTCFGKTCU GN¾VTKECU 2QT KUUQ FGUFG QU CPQU KORNCPVCO OQFK HKEC¼ËGU EQOQ Q RWPJQ GTIQPÊOKEQ SWG F± NGXG\C G UGIWTCP¼C 1 PQUUQ TGNÉIKQ FG RWNUQ TGEGPVG OGPVG GUVGXG COGC¼CFQ FG GZVKP¼µQ RGNQ WUQ FQ EGNWNCT K RQF EQORWVCFQT G QWVTQU CRCTCVQU GNGVTÊPKEQU 2CTC EQO DCVGT C COGC¼C PCFC OGNJQT FQ SWG CRGNCT RCTC Q NWZQ VTCPUHQTOCPFQ Q GO WOC LÉKC HKPC CVGPFGPFQ ¾ ENCTQ CQ RÐDNKEQ HGOKPKPQ #UUKO Q TGNÉIKQ FG RWNUQ JQLG EQPUGIWKW TGUUWTIKT EQOQ QDLGVQ FG OQFC G GZRTGUUµQ RGUUQCN 0Q UGVQT FC XKUµQ RTCVKECOGPVG VQFC C RWDNKEKFCFG VGO GUVCORCFQ TQUVQU HGOK PKPQU EQO CTOC¼ËGU INCOQTQUCU G CTTQLC FCU 'PVTG QU KPEQPV±XGKU UQPJQU FG EQP UWOQ FCU OWNJGTGU EQOQ LÉKCU ECTTQU RGTHWOGU G ECN¼CFQU VCOD¾O UG KPENWK WO CEGUUÉTKQ SWG OGUENC PGEGUUKFCFG G EJCT OG QU ÉEWNQU 6CPVQ FG UQN EQOQ FG ITCW ¾ EQPUKFGTCFQ WO CEGUUÉTKQ FG RQFGT EQORQPFQ WO XKUWCN VQTPCPFQ WOC RGU UQC OCKU U¾TKC QW FGURQLCFC ECTCEVGTK\CPFQ FG HQTOC XKUÃXGN C UWC RGTUQPCNKFCFG #T OC¼ËGU OQFGTPCU EQNQTKFCU DTKNJCPVGU SWG OQUVTCO EQOQ CU OWNJGTGU OWFC TCO Q UGW RQFGT FG FGEKUµQ 1U HCDTKECP VGU FG OWNVKHQECKU FQ OWPFQ VQFQ RTGEK UCTCO ETKCT NGPVGU OGPQTGU G OCKU EQO RCEVCU RQTSWG CU OWNJGTGU PµQ IQUVCXCO FG CTOC¼ËGU ITCPFGU RQKU PµQ GTC RQUUà XGN CFCRV± NCU CQ UGW TQUVQ /WNJGTGU OCKU GZKIGPVGU FGEKFKFCU VCNGPVQUCU VGPFQ Q TGCN TGEQPJGEKOGP VQ FC KORQTV³PEKC FG UWCU RTGHGT¿PEKCU G FQ ETGUEKOGPVQ SWG GUUCU FGEKUËGU VTC \GO RCTC CU GORTGUCU FG PQUUQ RCÃU

$EULO GH

&5,6( (;,*( 0$,6 &8,'$'26 &20 $ 6$Ó'( &KCPVG FC ETKUG OWKVQU RTQHKUUKQ PCKU CETGFKVCO SWG JQTCU G JQTCU PQ GUETKVÉTKQ G VTCDCNJQ GO ECUC UKIPKHKEC OQUVTCT ECFC XG\ OCKU GORGPJQ 2QT EQPVC FKUUQ GUUCU RGUUQCU CECDCO FGK ZCPFQ FG NCFQ C RTÉRTKC UCÐFG Q SWG RQFG KORNKECT GO OGPQT ECRCEKFC FG FG UQNW¼µQ FG RTQDNGOCU RTQDNGOCU 1U O¾FKEQU CHKTOCO SWG GZGEWVK XQU SWG RTCVKECO GZGTEÃEKQU G PµQ RGT FGO Q HQEQ PC UCÐFG EQPVCO EQO XCP VCIGO EQORGVKVKXC GO TGNC¼µQ CQU FG OCKU #NIWOCU GORTGUCU L± RGTEGDGTCO SWG ECKT GO GUVCFQ FG VTCDCNJQ EQPVÃ PWQ ¾ WO GTTQ RQT KUUQ GUVµQ KPXGUVKP FQ ECFC XG\ OCKU GO SWCNKFCFG FG XKFC 'O OGKQ ¯ ETKUG Q EQTRQ PµQ KFGP VKHKEC UG Q GUVTGUUG ¾ RUKEQNÉIKEQ QW HÃUKEQ 2QTVCPVQ Q KFGCN ¾ SWG Q RTQ HKUUKQPCN RTQEWTG RTCVKECT CVKXKFCFGU SWG RTQOQXCO Q TGNCZCOGPVQ EQOQ JQDDKGU G GURQTVGU #N¾O FG GZGTEÃEKQU HÃUKEQU CNIWPU GZGTEÃEKQU TGURKTCVÉTKQU EQOQ KPURK TCT G GZRKTCT RQT WO RGTÃQFQ OCKQT RQFGO CNKXKCT C VGPUµQ G GNGXCT Q TGP FKOGPVQ FQ GZGEWVKXQ PQ VTCDCNJQ 7OC FKGVC GSWKNKDTCFC JCRR[ JQWTU G IGUVµQ FQ VGORQ VCOD¾O CLWFCO #N¾O FGUUCU GZKUVGO X±TKCU QWVTCU FKECU RCTC COGPK\CT Q GUVTGUUG FQ FKC C FKC 2QT KUUQ PWPEC ¾ FGOCKU UCNKGP VCT CU XCPVCIGPU RCTC CU GORTGUCU SWG KPXGUVGO PC SWCNKFCFG FG XKFC FG UGWU HWPEKQP±TKQU 1 CWOGPVQ FC KFGPVKHK EC¼µQ FQ EQNCDQTCFQT EQO C KPUVKVWK ¼µQ Q OCKQT EQORTQOGVKOGPVQ G TGPFKOGPVQ G EQPUGSWGPVGOGPVG Q HQTVCNGEKOGPVQ FC RTÉRTKC KOCIGO UµQ CRGPCU CNIWPU FQU DGPGHÃEKQU SWG FK XGTUCU GORTGUCU L± FGUHTWVCO

35(6(59$5 2 $0%,(17( ( 68$ (035(6 $ 33$5$ $5$ $6 35(6(17(6 ( (035(6$ )8785$6 *(5$d¯(6

3RUWDO 7HUUD 03

&GRQKU FQ DKQFKG UGN HGKVQ C RCTVKT FG OCVGTKCN QTI³PKEQ EQOQ DCIC FG OCOQ PC UGOGPVG FG IKTCU UQN ECTQ¼Q FG CNIQFµQ UGOGPVG FG ECPQNC G QWVTQU UWTIG CIQTC Q DKQRN±UVKEQ HGKVQ C RCT VKT FG OCPFKQEC ECPC FG C¼ÐECT OKNJQ G DC VCVC G SWG RQFG UWDUVKVWKT QU RN±U %LRSOiVWLFR GHPRUD VHPDQDV VKEQU ¯ DCUG FG RG SDUD VH GHFRPSRU VTÉNGQ VTÉNGQ PQU RTÉZKOQU CPQU # RTQFW¼µQ FGUUGU OCVGTKCKU VCOD¾O FGXG HQT VCNGEGT C CVKXKFCFG FG CITKEWNVQTGU FQ RCÃU EQO C ETKC ¼µQ FG OCKU WO PKEJQ FG OGTECFQ &G CEQTFQ EQO Q GORTGU±TKQ ,QµQ %CTNQU FG )Q FQ[ /QTGKTC FC $KQOCVGT 'EQ OCVGTKCKU GORTGUC KP EWDCFC PQ %GPVTQ FG &GUGPXQNXKOGPVQ FG +PFÐUVTKC 0CUEGPVGU %GFKP GO 5µQ %CTNQU 52 SWG L± RTQFW\ DKQRN±UVKEQ CU CITQKPFÐUVTKCU SWG UWTIKTGO C RCTVKT FGU UC CVKXKFCFG PµQ EQORGVKTµQ EQO CU KPFÐUVTKCU FG CNK OGPVQU 7O GZGORNQ SWG GNG EKVC ¾ Q FC OCPFKQEC WUC FC PC RTQFW¼µQ FQ DKQRN±UVKEQ C DTCXC SWG PµQ UGTXG RCTC EQPUWOQ # UWDUVKVWK¼µQ FQ RN±UVKEQ UKPV¾VKEQ RQT DKQFGITCF± XGKU ¾ NWETCVKXC VCOD¾O RCTC Q OGKQ CODKGPVG 2CTC ECFC SWKNQ FG RN±UVKEQ RTQFW\KFQ EQO RGVTÉNGQ J± C GOKUUµQ FG FQKU C SWCVTQ SWKNQU FG ECTDQPQ #Q EQP VT±TKQ PC RTQFW¼µQ FG DKQRN±UVKEQ ECFC SWKNQ FQ RTQ FWVQ UGSWGUVTC FG SWCVTQ C UGKU SWKNQU FG ECTDQPQ FC CVOQUHGTC #U XCPVCIGPU EQPVKPWCO GPSWCPVQ Q RN±UVK EQ UKPV¾VKEQ FGOQTC FG C CPQU RCTC UG FGITC FCT QU OCVGTKCKU G GODCNCIGPU DKQFGITCF±XGKU G EQO RQUV±XGKU UG FGEQORËGO GO CV¾ UGOCPCU 1U DKQ FGITCF±XGKU VCOD¾O UG VTCPUHQTOCO GO CFWDQ LWPVC OGPVG EQO Q NKZQ QTI³PKEQ %QO QU DKQOCVGTKCKU ¾ RQUUÃXGN EQPHGEEKQPCT GO DCNCIGPU G CTVKIQU RCTC FKXGTUQU UGIOGPVQU FC GEQPQ OKC EQOQ CNKOGPVQU EQUO¾VKEQU O¾FKEQ HCTOCE¿WVK EQ CWVQOQDKNÃUVKEQ GNGVTQGNGVTÊPKEQU CITKEWNVWTC V¿ZVKN 6TCVC UG FG WOC KPFÐUVTKC SWG CKPFC GUV± GO FGUGPXQN XKOGPVQ *± GORTGUCU PQ OWPFQ G C RTQFW¼µQ EJGIC C OKN VQPGNCFCU CQ CPQ RQWEQ CKPFC GO EQO RCTC¼µQ EQO CU OKNJËGU FG VQPGNCFCU CQ CPQ FG RN±UVKEQ UKPV¾VKEQ RTQFW\KFCU 5É Q $TCUKN RTQFW\ QKVQ OKNJËGU FG VQPGNCFCU FG RN±UVKEQ FGTKXCFQU FQ RGVTÉNGQ CQ CPQ 0Q RCÃU J± EKPEQ GORTGUCU SWG L± RTQFW\GO DKQFG ITCF±XGKU G GUV± GO RTQEGUUQ FG HQTOC¼µQ C #UUQEKC ¼µQ $TCUKNGKTC FC +PFÐUVTKC FG 2QNÃOGTQU $KQFGITCF±XGKU %QORQUV±XGKU #DKEQO

/CWTÃEKQ (GTPCPFGU FC 5KNXC #FXQICFQ 1#$ 45 ^ %QPUWNVQTKC #ODKGPVCN

1WXG UG HCNCT OWKVQ GO FGUGPXQNXKOGPVQ UWUVGPV± XGN &5 OCU Q SWG KUUQ UKIPKHKEC! %QPUQNKFCFQ OWPFKCN OGPVG PC '%1 Q &5 VTQWZG WO OQFGNQ FG WVKNK\C ¼µQ FQU TGEWTUQU PCVWTCKU FG WOC HQTOC SWG PµQ EQO RTQOGVGO GO SWCNKFCFG G FKURQPKDKNKFCFG CU IGTC¼ËGU HWVWTCU 2QGVKECOGPVG FK\ UG SWG 1 OWPFQ SWG VGOQU JQLG PµQ ICPJCOQU FG PQUUQU RCKU PQU HQK GORTGUVCFQ RQT PQUUQU HKNJQU 1W UGLC CECDQW C GTC FG GZVTC¼µQ FGUEQPVTQNCFC FCU OCV¾TKCU RTKOCU 8KXGOQU GZCVCOGPVG PC ¾RQEC QPFG QU UGVQTGU SWG PµQ GORGPJCTGO VGORQ G FKPJGKTQ GO EK¿PEKC G VGEPQ NQIKC RCTC GSWCNK\CT CU PGEGUUKFCFGU CVWCKU UGO EQORTQ OGVGT CU HWVWTCU GUVCTµQ RCXKOGPVCPFQ Q ECOKPJQ FCU GZVKP¼ËGU FQ OGTECFQ G FQ RNCPGVC 0µQ RGPUGOQU SWG ¾ FKHÃEKN 1TC OCKU EQORNKECFQ FQ SWG EQPEKNKCT RTQITGUUQ G RTGUGTXC¼µQ ¾ OWFCT QU RCTC FKIOCU #NIWOCU RGUUQCU GUVWFCO EQO QU OGUOQU NKXTQU J± F¾ECFCU 0µQ UG EQPJGEG SWGO FGHGPFC Q FGUOCVC OGPVQ PC #OC\ÊPKC OCU SWGO GZKIG EGTVKHKECFQ FG QTK IGO FC OCFGKTC PC JQTC FC EQORTC PQVCFCOGPVG PC EQPUVTW¼µQ EKXKN! %CDG CRGPCU CQ XK\KPJQ RTGUGTXCT! 0µQ RTGEKUQ OWFCT C HQTOC FG RGPUCT 2GUSWKUC OQUVTC SWG FCU GORTGUCU EQO RTQDNGOCU HKPCPEGKTQU V¿O VCOD¾O RCUUKXQU CODKGPVCKU # EKFCFG SWG OCKU FGUOCVC PQ 2CÃU VCOD¾O RQUUWK Q OCKQT ÃPFKEG FG JQOKEÃFKQU 6WFQ GUV± TGNCEKQPCFQ %KVQ Q GZGORNQ FG WO DCPEQ SWG SWGDTCPFQ RCTC FKIOCU XQNWPVCTKCOGPVG FKURQPKDKNK\QW UG C TGEGDGT RK NJCU G DCVGTKCU CNVCOGPVG RQNWGPVGU FQU EKFCFµQU 0Q KPÃEKQ RCICXC RCTC VTCVCT GUVG NKZQ FGRQKU EQO Q ITCP FG XQNWOG CTTGECFCFQ EQNQEQW UG PQ OGTECFQ EQOQ HQTPGEGFQT FG OCV¾TKC RTKOC *QLG XGPFG VWFQ IGTCP FQ VTCDCNJQ TGPFC G RTGUGTXCPFQ Q CODKGPVG 1 SWG VGO C XGT WO DCPEQ EQO VTCVCOGPVQ FG TGUÃFWQU RGTK IQUQU! 0CFC /CU UG CPCNKUCTOQU UQD C ÉVKEC FC SWGDTC FG RCTCFKIOCU G FQ OCTMGVKPI XGTFG VGO VWFQ C XGT 2T±VKECU UWUVGPV±XGKU PC ECFGKC RTQFWVKXC G KPXGUVK OGPVQU UQEKCODKGPVCKU EQPSWKUVCO EQPUWOKFQTGU EQPU EKGPVGU HQTOCFQTGU FG QRKPKµQ G ENKGPVGU OCKU HK¾KU

$EULO GH

PHLR DPELHQWH

%,23/É67,&2 e $/7(51$7,9$ (&2/Ð*,&$

*0 SODQHMD

*(1' $ (6&2/$5 $/25,=$1'2 *(1'$ 9$/ 25,=$1'2 $ $$*(1' 0C OCPJµ FQ FKC FG OCT¼Q CEQPVGEGW PCU FGRGPF¿PEKCU FC GORTGUC 5QW\C %TW\ FG %CEJQGKTKPJC WO GPEQPVTQ FG CRTGUGP VC¼µQ FC m GFK¼µQ FQ 2TQLGVQ 8CNQTK\CT WOC CVKXKFCFG FQ 2CTSWG #ODKGPVCN FC 5QW\C %TW\ GO RCTEGTKC EQO C 5GETGVCTKC FG /GKQ #ODKGPVG G FG 'FWEC¼µQ FG %CEJQGKTKPJC G C %QQTFGPCFQTKC 4GIKQPCN FG 'FWEC¼µQ 'UVG RTQLGVQ VGO EQOQ OKUUµQ XCNQTK\CT CU ECTCEVGTÃUVKECU FQ CODKGPVG PCVWTCN G JWOCPQ FQ OWPKEÃRKQ G GUVG CPQ VGT± EQOQ VGOC ŋ8CNQTK\CPFQ C #IGPFC 'UEQNCTŌ # #IGPFC HQK GUVCDGNGEKFC PC 4KQ ņ G EQPUKUVG PWO KPUVTWOGPVQ FG RNCPGLCOGPVQ RCTC C EQPUVTW¼µQ FG UQEKGFCFGU UWUVGPV±XGKU GO FKHGTGPVGU NQECKU FQ $TCUKN SWG GPXQNXG O¾VQFQU FG RTQVG¼µQ CODKGPVCN LWUVK¼C UQEKCN G GHKEK¿PEKC GEQPÊOKEC 1 2TQLGVQ 8CNQTK\CT EQOG¼QW C UGT FGUGPXQNXKFQ PQ OWPKEà RKQ GO CDTCPIGPFQ GUEQNCU OWPKEKRCKU G GUVCFWCKU EQO C¼ËGU FG XCNQTK\C¼µQ UQEKQCODKGPVCKU EQOQ XCNQTK\C¼µQ FQ DCPJCFQ

XCNQTK\C¼µQ FC OCVC EKNKCT XCNQTK\C¼µQ FQU CTTQKQU

G XCNQTK\C¼µQ FQU R±VKQU GUEQNCTGU 5É GO RCTVKEKRCTCO FQ RTQLGVQ GUEQNCU EQO CNWPQU GPXQNXKFQU FKTGVCOGPVG G KPFKTGVCOGPVG 1U QDLGVKXQU FC m GFK¼µQ UµQ KORNCPVCT C #IGPFC 'UEQNCT PCU GUEQNCU FG %CEJQGKTKPJC XCNQTK\CT Q CODKGPVG GUEQNCT KPEGP VKXCT C EQOWPKFCFG GUEQNCT CNWPQU RTQHGUUQTGU RCKU GSWKRG FK TGVKXC HWPEKQP±TKQU FC GUEQNC G OQTCFQTGU FC EQOWPKFCFG C VTCDCNJCT GO EQPLWPVQ RCTC SWG Q CODKGPVG GUEQNCT CN¾O FG WO NQECN FG CRTGPFK\CIGO RQUUC UGTXKT VCOD¾O RCTC Q DGO GUVCT UQEKCNK\C¼µQ G EQPVCVQ EQO C PCVWTG\C #N¾O FKUUQ CFQVCT WOC OGVQFQNQIKC FG VTCDCNJQ SWG GUVCDGNG¼C UQNW¼ËGU UWUVGPV±XGKU PQ FGUGPXQNXKOGPVQ FCU C¼ËGU

LQYHVWLPHQWRV 0Q HKPCN FQ O¿U FG OCT¼Q FKXGTUQU LQTPCKU RWDNKEC TCO C PQVÃEKC UQDTG Q KPXGUVKOGPVQ FG 75 DKNJµQ FC )GPGTCN /QVQTU GO )TCXCVCà 2QT¾O Q IQXGTPQ FQ 'UVCFQ G C FKTG¼µQ PCEKQPCN FC GORTGUC CKPFC GUVµQ GO PGIQEKC¼µQ # RTGXKUµQ ¾ FG SWG Q CPÐPEKQ QHKEKCN UCKC PC OGVCFG FG CDTKN #V¾ Q HKPCN FGUVC GFK¼µQ PµQ GZKUVKC CPÐPEKQ QHKEKCN 1 KPXGUVKOGPVQ CPWPEKCFQ UGTKC RCTC C CORNKC¼µQ FC H±DTKEC SWG RCUUCTKC C RTQFW\KT OCKU WO OQFGNQ FG ECT TQ CKPFC PµQ FGHKPKFQ RTKPEÃRKQ UGTKC WO WVKNKV±TKQ GURQTVKXQ EQORCEVQ SWG KT± DWUECT CU NKPJCU FQ EQPEGK VWCN )2K: WO ETQUUQXGT EWR¿ SWG HQK FGUVCSWG FC OQP VCFQTC PQ 5CNµQ FQ #WVQOÉXGN FG 5µQ 2CWNQ PQ #PJGODK *QLG C )/ FG )TCXCVCà RTQFW\ QU OQFGNQU %GNVC G 2TKUOC OCU C RNCPVC RQUUWK ECRCEKFCFG RCTC EKP EQ OQFGNQU FKHGTGPVGU # GZRGEVCVKXC PQ CWOGPVQ FQ PÐOGTQ FG GORTGIQU VCOD¾O ¾ ITCPFG &G CEQTFQ EQO Q 5KPFKECVQ FQU /G VCNÐTIKEQU FG )TCXCVCà FGXGO UGT IGTCFCU EGTEC FG OKN XCICU EQO C CORNKC¼µQ FC NKPJC FG OQPVCIGO # RNCPVC FG )TCXCVCà ¾ C OCKU OQFGTPC FC )GPGTCN /QVQTU PQ OWPFQ G ¾ C UGIWPFC GO RTQFWVKXKFCFG RGT FGPFQ CRGPCU RCTC WOC WPKFCFG EJKPGUC # QTICPK\C¼µQ GO EQPFQOÃPKQ EQO QU HQTPGEGFQTGU PQ OGUOQ NQ ECN Q EQORCTVKNJCOGPVQ FCU GUVTWVWTCU C OµQ FG QDTC SWCNKHKECFC G C CNVC VGEPQNQIKC FµQ ¯ WPKFCFG FG )TCXCVCà WO CNVQ ITCW FG GHKEK¿PEKC 1 RTGUKFGPVG FC GORTGUC 4KEM 9CIQPGT FGUVCEQW PQ HKPCN FG OCT¼Q SWG RGNQ GZEGNGPVG FGUGORGPJQ CU VT¿U WPKFCFGU OCKU TGPV±XGKU FC EQTRQTC¼µQ $TCUKN %JKPC G PFKC VGTKCO QU KPXGUVKOGPVQU RTKQTK\CFQU RQKU HQ TCO QU OGTECFQU OGPQU CVKPIKFQU RGNC ETKUG GEQPÊOK EC OWPFKCN 2CTC QU GURGEKCNKUVCU Q $TCUKN CUUKO EQOQ %JKPC G PFKC UµQ RCÃUGU GO SWG CU OQPVCFQTCU FGXGO KPXGUVKT OCKU 1 OQVKXQ UGIWPFQ GNGU ¾ SWG C ETKUG CVKPIKW EQO OCKU HQT¼C CU PC¼ËGU OCKU TKECU

$EULO GH

3ODQHMDPHQWR 7ULEXWiULR

QRGTCO ¯ X±EWQ G GSWKRC OGPVQU SWG UKOWNVCPGC OGPVG IGTCO G CEWOWNCO XCRQT F ±IWC QW QWVTQ HNW ÃFQ 0GUUG UGPVKFQ GNC EQP UKUVG VCOD¾O PC XGTKHKEC ¼µQ FG FQEWOGPVC¼µQ CEQORCPJCOGPVQ FC ECNK DTC¼µQ FG KPUVTWOGPVQU CP±NKUG FQ NQECN FG KPUVCNC ¼µQ SWCPVQ ¯ UGIWTCP¼C GPVTG QWVTQU %QOQ NGK C 04 FGXG UGT EWORTKFC 2QT¾O JQLG C PQTOC PµQ GUV± UGPFQ CRNKECFC EQOQ FG XGTKC /WKVCU XG\GU FGXKFQ ¯ HKUECNK\C¼µQ KPGHKEKGPVG QW HCNVC FG EQPJGEKOGPVQ # 04 ¾ HKUECNK\CFC RGNC &GNGICEKC 4GIKQPCN FQ 6TC DCNJQ G CU RGPCNKFCFGU GU VµQ RTGXKUVCU PC 04 #VWCNOGPVG C OWNVC OCKU ITCXG GSWKXCNG C 7HKT RCTC GORTGUCU EQO OCKU FG OKN HWPEKQP±TKQU EQ OGPVC %WPJC

1RV GLDV GH KRMH HP TXH SUHFLVDPRV GH WRGDV DV PDQHLUDV UHGX]LU FXVWRV H UDFLRQDOL]i ORV QDGD PDLV FR HUHQWH GR TXH VH SURPRYHU WDLV GHVLGHUDWRV DWUDYpV GR 3ODQHMDPHQWR 7ULEXWiULR TXH HP IXQomR GD UHFHQWH FULVH JOREDO HFRQ{PLFR ILQDQFHLUD VH WRUQRX LPSH UDWLYR $OLiV SRGHU VH LD GHQRPLQDU WDO SODQHMDPHQWR GH 3ODQHMDPHQWR (PSUHVDULDO WHQGR HP YLVWD HVVD FRQ MXJDomR GH VROXo}HV HPSUHVDULDLV WULEXWiULDV (IHWLYD PHQWH D PDLRULD GDV HPSUHVDV DSURYHLWD DV FULVHV SDUD MXVWLILFDGDPHQWH LPSODQWDU VLVWHPDV GH UDFLRQDOL ]DomR GH VXDV DWLYLGDGHV H GLVSrQGLRV 2UD GH IRUPD DVVRFLDGD D HVVDV Do}HV LPS}H VH DQDOLVDU FRPR D HP SUHVD DQGD HP WHUPRV WULEXWiULRV e LPSHUDWLYR YHULIL FDU RV SURFHGLPHQWRV ILVFDLV DGRWDGRV SDUD FKHJDU D FRQFOXV}HV TXH SRVVDP LQGLFDU RV FDPLQKRV D VHUHP WULOKDGRV QR IXWXUR H SURPRYHU HYHQWXDOPHQWH DOWHUD o}HV QR SUySULR SDVVDGR DWUDYpV GH UHWLILFDo}HV VHP SUH DWHQGHQGR j DGRomR GH SULQFtSLRV TXH OHYHP j HOL VmR ILVFDO H QmR j HYDVmR ILVFDO R TXH p PXLWR FR PXP $VVLP WHPRV R SODQHMDPHQWR DGPLQLVWUDWLYR H R MXGLFLDO TXH GHYHP VHU SUDWLFDGRV HP FRQMXQWR DSyV VpULR HVWXGR GDV DOWHUQDWLYDV H[LVWHQWHV QD GRXWULQD H QD MXULVSUXGrQFLD 'LWR HVWXGR GHYH OHYDU HP FRQVLGHUD omR RV SURFHGLPHQWRV TXH YLQKDP VHQGR DGRWDGRV H GH IRUPD FRPSDUDWLYD FRP R TXH VH SHUPLWH QD iUHD ILVFDO FRWHMi ORV FRP IyUPXODV GHVFRQKHFLGDV SDUD D HPSUHVD 2XWUD DOWHUQDWLYD p OHYDU HYHQWXDLV G~YLGDV j SUySULD 5HFHLWD )HGHUDO GR %UDVLO DWUDYpV GH FRQVXOWDV WULEXWiULDV RX R TXH p PDLV UHQWiYHO DMXL]DU SURFHGL PHQWRV MXGLFLDLV QR VHQWLGR GH SURYRFi OR SDUD D DQi OLVH GH SRVVtYHLV LOHJDOLGDGHV RX LQFRQVWLWXFLRQDOLGDGHV 6mR LQ~PHUDV DV RSRUWXQLGDGHV GH HFRQRPLD ILVFDO TXH VH OHYDGDV D HIHLWR WRUQDP DV HPSUHVDV PXLWR PDLV FRPSHWLWLYDV HP VHXV UHVSHFWLYRV VHJPHQWRV GH PHU FDGR 'HVWD IRUPD ILFD IiFLO HQWHQGHU SRU TXH DOJXPDV HPSUHVDV WrP HQRUPHV SRVVLELOLGDGHV GH SUDWLFDU SUH oRV PHQRUHV GR TXH RXWUDV 0XLWDV YH]HV RX WDOYH] QD VXD WRWDOLGDGH R SODQHMDPHQWR HPSUHVDULDO H WULEXWiULR HVWi SRU GHWUiV GD H[SOLFDomR SDUD WDLV IDWRV

'O FG CDTKN FG HQK CRTQXCFC C 04 SWG EQPFKEKQPC C QRGTC¼µQ FG ECNFGKTCU G XCUQU FG RTGU UµQ 'UVGU GSWKRCOGPVQU OWKVQ WVKNK\CFQU GO EQ\K PJCU KPFWUVTKCKU JQURKVCKU CECFGOKCU WPKFCFGU FG RTQEGUUQ RGVTQSWÃOKEQ G QWVTQU PGEGUUKVCO FG OQ PKVQTCOGPVQ G KPURG¼µQ RCTC SWG C UGIWTCP¼C GU VGLC ICTCPVKFC PC GORTGUC &G CEQTFQ EQO CNIWPU GU RGEKCNKUVCU FC ±TGC C NGK HG FGTCN PµQ GUV± UGPFQ DGO CRNKECFC Q SWG RQFG IGTCT TKUEQU CN¾O FG EWUVQU RCTC CU EQORCPJKCU SWG PµQ CVGPFGTGO C PQTOC 5GIWPFQ Q UÉEKQ IG TGPVG FC 5% 'PIGPJCTKC GORTGUC FG %CPQCU 4Q DGTVQ %WPJC GUVC PQTOC ¾ CRNKE±XGN GO GSWKRCOGP VQU SWG UGLCO QW GUVGLCO UWDOGVKFQU ¯ RTGUUµQ KP VGTPC GZVGTPC CQU SWG

2#4# #2.+%# 1 &'56# 014/# 0'%'55 4+1 'PIGPJGKTQ /GE³PKEQ QW 'PIGPJGKTQ 0CXCN FGPQOKPCFQ 2* +PURGVQT FG 'SWKRCOGPVQU +PURGVQT FG '0& 5 3WCPFQ CRNKE±XGN #U ECNFGKTCU FGXGO UGT UWDOGVKFCU C KPURG ¼ËGU FG UGIWTCP¼C KPKEKCN RGTKÉFKEC G GZVTCQT FKP±TKC UGPFQ EQPUKFGTCFQ EQPFK¼µQ FG TKUEQ ITCXG G KOKPGPVG Q PµQ CVGPFKOGPVQ CQU RTC\QU GUVCDGNGEKFQU PC 04

4WK 'FWCTFQ 8KFCN (CNEµQ 1#$ 45 8KFCN (CNEµQ #FXQECEKC 'ORTGUCTKCN 1#$ 45

$EULO GH

OHJLVODomR

6HJXUDQoD HP FDOGHLUDV H YDVRV GH SUHVVmR

'LYXOJDomR 6RX]D &UX] 03

3DUTXH *UiILFR VHUi LQDXJXUDGR HVWH PrV

(VWi FRQILUPDGD SDUD R GLD GH DEULO D LQDXJXUDomR GR SDUTXH JUiILFR GD 6RX]D &UX] HP &DFKRHLULQKD &RP LQ YHVWLPHQWR HP WRUQR GH 5 PLOK}HV D HPSUHVD WUDQVIHULX DV DWLYLGDGHV GR VH WRU GR 5LR GH -DQHLUR SDUD &DFKRHLULQKD QXPD iUHD GH PLO P 0HVPR FRP D FULVH LQWHUQDFLRQDO WR GRV RV LQYHVWLPHQWRV SODQHMDGRV SHOD HP SUHVD QR 5LR *UDQGH GR 6XO HVWmR JDUDQ WLGRV DILUPRX R GLUHWRU SDUD D $PpULFD /DWLQD GH 3URGXomR H ,QG~VWULD GD 6RX]D &UX] $OH[ %DUERVD *HUDQGR HP SUHJRV GLUHWRV GXUDQWH D REUD H QD RSHUDomR R QRYR 3DUTXH *UiILFR YDL SUR GX]LU PDWHULDLV SDUD DV IiEULFDV GH FLJDU URV QR %UDVLO H QR H[WHULRU 'H DFRUGR FRP -DQDtQD %DUUHWR $QD OLVWD GH $VVXQWRV &RUSRUDWLYRV GD HP

SUHVD R (VWDGR ID] SDUWH GD KLVWyULD GD 6RX]D &UX] Ki PDLV GH XP VpFXOR 2V ODoRV GHVVD JUDQGH SDUFHULD FRP R (VWD GR VH IRUWDOHFHP D FDGD GLD H SHUPLWHP TXH RV QRVVRV VRQKRV VH WRUQHP UHDOLGD GH ( XP H[HPSOR GLVVR p D 8QLGDGH GH &DFKRHLULQKD XPD QRYD FRQFHSomR LQ GXVWULDO HP TXH D iUHD GDV FRQVWUXo}HV RFXSD DSHQDV GR WHUUHQR VHQGR R UHVWDQWH GHVWLQDGR j SUHVHUYDomR DPEL HQWDO DILUPD &RP D DEHUWXUD GR GHSDUWDPHQWR JUi ILFR &DFKRHLULQKD FRQFHQWUDUi D IDEULFD omR GH WRGDV DV HPEDODJHQV XWLOL]DGDV SHOD HPSUHVD QR %UDVLO 6HUmR PLO WRQHOD GDV GH PDWHULDLV JUiILFRV SURGX]LGRV SRU DQR R TXH WRUQDUi R SDUTXH D PDLRU JUi ILFD GR 5LR *UDQGH GR 6XO H XPD GDV PDLRUHV GR %UDVLO

+,67Ð5,$ '$ *5É),&$ 'UUC JKUVÉTKC FG UWEGUUQ EQOG¼QW EQO Q GURÃTKVQ GORTGGPFGFQT FQ LQ XGO KOKITCPVG #NDKPQ 5QW\C %TW\ PWO RGSWGPQ UQDTCFQ PQ 4KQ FG ,CPGKTQ ' C JKUVÉTKC FQ 2CTSWG )T±HKEQ CEQORC PJC C GXQNW¼µQ FC GORTGUC CQ NQPIQ FQU CPQU 5GLC GO IGTC¼µQ FG GORTG IQU QW GO PQXCU VGEPQNQIKCU %QO WOC XKUµQ RKQPGKTC #NDKPQ CF SWKTKW GO C %QORCPJKC .KVQITC RJKEC (GTTGKTC 2KPVQ C RTKOGKTC FQ $TC UKN C RQUUWKT WOC O±SWKPC QHHUGV FCP

$EULO GH

FQ KPÃEKQ ¯ JKUVÉTKC FQ &GRCTVCOGPVQ )T±HKEQ FC 5QW\C %TW\ 2KQPGKTKUOQ G KPQXC¼µQ SWG UG TG HNGVGO PC EQPUVCPVG OQFGTPK\C¼µQ FQ RCTSWG EQOQ C RGTHWTC¼µQ FG RQPVGK TCU FG EKICTTQ ¯ NCUGT UWDUVKVWKPFQ Q CPVKIQ RTQEGUUQ OGE³PKEQ G C CSWKUK ¼µQ FG WOC O±SWKPC KORTGUUQTC EQO EQTVG TQVCVKXQ SWG VQTPQW Q &GRCT VCOGPVQ )T±HKEQ FC 5QW\C %TW\ RKQ PGKTQ PGUUC VGEPQNQIKC PC #O¾TKEC .C VKPC

'LYXOJDomR 03

WHFQRORJLD

&XVWR GD WHOHIRQLD EUDVLOHLUD p XP GRV PDLV DOWRV GR PXQGR 0

Q KPÃEKQ FG OCT¼Q C 7PKµQ +PVGTPCEKQPCN FG 6GNGEQOWPKEC¼ËGU 7+6 FKXWNIQW SWG Q EWUVQ FC VGNGHQPKC EGNWNCT G HKZC PQ $TCUKN ¾ WO FQU OCKU CNVQU FQ OWPFQ G C KPVGTPGV EJGIC C CRGPCU WO GO ECFC VT¿U DTCUKNGKTQU 1 TCPMKPI HQK RTQFW\KFQ RGNC 1TICPK\C¼µQ FCU 0C¼ËGU 7PKFCU 107 G OQU VTC CKPFC SWG Q RCÃU RGTFG GURC¼Q GO VGTOQU FG ECRCEKFCFG FG VGNGEQOWPKEC¼ËGU # TGNCVKXC DCKZC GFWEC¼µQ FC RQRWNC¼µQ DTCUKNGK TC HQK EKVCFC EQOQ OQVKXQ SWG FKHKEWNVC Q WUQ FCU PQXCU VGEPQNQIKCU &GUUC HQTOC Q $TCUKN ECKW PQ TCPMKPI SWG OGFG C RTGRCTC¼µQ FG ECFC RCÃU GO VGTOQU FG VGEPQNQIKC FG EQOWPKEC¼µQ #N¾O FKUUQ Q EWUVQ CSWK VCOD¾O ¾ Q OCKU GNGXC FQ &QU RCÃUGU CXCNKCFQU RGNC 7+6 Q $TCUKN HQK Q EQO QU RTG¼QU OCKU GNGXCFQU GO EGNWNCTGU VQ OCPFQ GO EQPVC C TGPFC O¾FKC RQT JCDKVCPVG FQ RCÃU 7O DTCUKNGKTQ ICUVC GO O¾FKC FG UGW UCN± TKQ EQO Q EGNWNCT *QPI -QPI &KPCOCTEC G %KPIC RWTC QPFG Q EGNWNCT ¾ TGURQPU±XGN RQT OGTQU FC TGPFC O¾FKC UµQ QU NWICTGU QPFG Q EGNWNCT ¾ OCKU DCTCVQ ,± QU OCKU ECTQU UµQ 6QIQ G 0ÃIGT QPFG Q EWUVQ FQ EGNWNCT TGRTGUGPVC FC TGPFC O¾FKC 1 XCNQT FC KPVGTPGV FG CNVC XGNQEKFCFG DCPFC

NCTIC PQ $TCUKN VCOD¾O GUV± CEKOC FC O¾FKC FQU RCÃUGU TKEQU 7OC CUUKPCVWTC FG DCPFC NCTIC GZKIG FC TGPFC FG WO DTCUKNGKTQ 6QFQU QU FGOCKU RCÃUGU SWG HQTOCO Q $TKEU CN¾O FQ $TCUKN 4ÐUUKC PFKC G %JKPC EQPVCO EQO VCZCU OCKU HCXQT±XGKU FG CEGUUQ ¯ KPVGTPGV 2CTC C 7+6 Q CEGUUQ ¯ DCPFC NCTIC ¾ Q TGCN GURGNJQ FQ FGUGPXQNXKOGPVQ FG WO RCÃU PC FKHWUµQ FC KPVGTPGV

%1/2#4# 1 %1/ 176415 2# 5'5

+06'40'6 2CÃU $TCUKN %JKNG #TIGPVKPC 4GR 6EJGEC

$EULO GH

8GNQEKFCFG -DRU -DRU -DRU /D

8CNQT CRTQZKOCFQ 75 75 75 75

JHUDO

6HWRU *UiILFR FRQILDQWH 2

VHWRU JUiILFR EUDVLOHLUR FRQ WLQXD FRQILDQWH H FRP SUHYL VmR GH FUHVFLPHQWR HVWH DQR VHPH OKDQWH DR 3,% 2 IDWXUDPHQWR GDV PLO HPSUHVDV TXH R FRPS}HP GHYH Ui DOFDQoDU R WRWDO GH 5 ELOK}HV 1R DQR SDVVDGR R IDWXUDPHQWR IRL GH 5 ELOK}HV RX VXSHULRU DR UHJLVWUDGR HP 1D (ILFD] (PEDODJHQV D FULVH QmR p YLVWD FRPR XP SUREOHPD PDV FRPR XPD RSRUWXQLGDGH SRU LVVR HV WmR FRQILDQWHV e QD FULVH TXH R PHU FDGR DSURYHLWD SDUD VHOHFLRQDU DV HP SUHVDV FRPSHWHQWHV H FRPR WHPRV WR WDO FRQILDQoD QD TXDOLGDGH GRV VHUYLoRV TXH RIHUHFHPRV HVWDPRV Mi QRV SUH SDUDQGR SDUD DEVRUYHU D GHPDQGD DILUPD :DOGLU )HLMy XP GRV VyFLRV 'H DFRUGR FRP HOH D HPSUHVD VHQWLX XPD VHQVtYHO DOWHUDomR QR Q~PHUR GH HQFR

PHQGDV H KRMH VH SUHSDUD SDUD DEVRU YHU D IDWLD GHL[DGD SHODV HPSUHVDV TXH SRVVLYHOPHQWH QmR VREUHYLYHUmR j WXU EXOrQFLD HFRQ{PLFD 2V LQYHVWLPHQWRV SDUD HVWH DQR WDPEpP HVWmR JDUDQWLGRV VHJXQGR R WDPEpP VyFLR 0DUFRV (OR\ 1RVVD HPSUHVD PDQWpP XPD SROtWLFD SHUPD QHQWH H FRQWtQXD GH LQYHVWLPHQWRV H QHVWH DQR QmR VHUi GLIHUHQWH 3URYD GLVVR p D UHFHQWH DTXLVLomR GH VXD VHGH SUySULD QR GLVWULWR LQGXVWULDO HP &D FKRHLULQKD GLVVH $ H[SHFWDWLYD SDUD QD (IL FD] (PEDODJHQV p ERD 2EVHUYDPRV DWHQWDPHQWH TXH IRUoDV SRGHURVDV HFRQ{PLFDV H SROtWLFDV WrP VH PRYL PHQWDGR QR H[WHULRU SDUD FRQWRUQDU HVVD IDVH GH WUDQVLomR H RV HIHLWRV EH QpILFRV GLVVR VHUmR VHQWLGRV PXLWR HP EUHYH DTXL QR %UDVLO 4XDQWR DR QRV

VR QHJyFLR DV H[SHFWDWLYDV VmR DV PH OKRUHV FRP D LQDXJXUDomR GD QRYD VHGH GD HPSUHVD H FRP R UHDTXHFL PHQWR GDV YHQGDV TXH SUHYHPRV TXH RFRUUHUi DWp R VHJXQGR VHPHVWUH FRQWD (OR\ 3RUpP PHVPR FRP RWLPLVPR D HPSUHVD DLQGD Yr REVWiFXORV QR VH WRU )HLMy H (OR\ FLWDP RV GRLV PDLR UHV DV HPSUHVDV TXH SUDWLFDP FRQFRU UrQFLD GHVOHDO H D SHVDGD FDUJD WULEX WiULD 0DV FRPR TXDOTXHU HPSUHVD TXH TXHU VH PDQWHU QR PHUFDGR D (ILFD] (PEDODJHQV VDEH FRPR OLGDU FRP HVWHV SUREOHPDV 2 SULPHLUR REVWiFXOR p HQIUHQWDGR FRP R FRQWt QXR DSHUIHLoRDPHQWR GD TXDOLGDGH GRV SURGXWRV H D PHOKRUD QR DWHQGL PHQWR GRV FOLHQWHV 2 VHJXQGR DWUD YpV GH FRQWUROH GH JDVWRV H LQYHVWLPHQ WR HP WHFQRORJLD ILQDOL]D )HLMy

,03257Ç1&,$ '$ &2081,& $d®2 &25325$ 7,9 $ &2081,&$d®2 &25325$7,9 7,9$

$EULO GH

%QPUKFGTCFC WOC KORQTVCPVG HGTTCOGPVC CVWCNOGPVG C EQOWPKEC¼µQ EQTRQTCVKXC GUV± ICPJCPFQ UVCVWU GUVTCV¾IKEQ PCU GORTGUCU Q SWG OQUVTQW WOC RGUSWKUC FKXWNICFC TGEGPVG OGPVG RGNC #DGTLG #UUQEKC¼µQ $TCUKNGKTC FG %QOWPKEC¼µQ 'ORTGUCTKCN EQO RTQHKUUKQPCKU TGURQPU±XGKU RGNC ±TGC FG EQ OWPKEC¼µQ FG UWCU GORTGUCU 1 FGUVCSWG HKEQW PQ TCOQ FG UGTXK¼QU GO SWG FQU GPVTGXKUVCFQU RQUUWGO GUUC QRK PKµQ 1U KPXGUVKOGPVQU GO EQOWPKEC¼µQ KPVGTPC GUVµQ CWOGP VCPFQ FG HQTOC SWG Q UGVQT ICPJC ECFC XG\ OCKU KORQTV³PEKC PCU EQTRQTC¼ËGU 2CTC UG VGT WOC KFGKC CRGPCU FCU GORTGUCU RGUSWKUCFCU PµQ EQPVCO EQO WOC ±TGC FG EQOWPKEC¼µQ 3WCUG FCU GORTGUCU V¿O GSWKRGU PC ±TGC EQO OGPQU FG HWPEKQP±TKQU %JCOC C CVGP¼µQ FQU CPCNKUVCU Q RGSWGPQ VCOCPJQ FQU FGRCTVCOGPVQU FG EQOWPKEC¼µQ CRGUCT FG Q UG VQT UG TGURQPUCDKNK\CT RQT VGOCU FG CDUQNWVC TGNGX³PEKC ¯U GO RTGUCU EQOQ Q TGNCEKQPCOGPVQ EQO HWPEKQP±TKQU EQOWPKFC FG IQXGTPQ KORTGPUC G UQEKGFCFG QTICPK\CFC 2CTC FQU GPVTGXKUVCFQU C EQOWPKEC¼µQ EQTRQTCVKXC VGO OWKVQ KORCEVQ PC TGRWVC¼µQ FC GORTGUC # EQNGVC FG FCFQU RCTC C RGUSWKUC CEQPVGEGW PQ HKPCN FG EQPVCPFQ EQO C RCTVKEKRC¼µQ FG OCKU FG RTQHKUUKQ PCKU TGURQPU±XGKU RGNC ±TGC FG %QOWPKEC¼µQ PCU GORTGUCU OGPEKQPCFCU PC GFK¼µQ FC NKUVC /CKQTGU FG 8CNQT

$OHVVDQGUR 6FKOHVQHU 03

'HILQLGD D SUHVLGrQFLD GD *UDQSDO DWp # RTGUKF¿PEKC FC #UUQEKC¼µQ FQU /WPKEÃRKQU FC )TCPFG 2QTVQ #NGITG )TCPRCN HQK FGHKPKFC GO OCT¼Q PWOC TGWPKµQ CNOQ¼Q TGCNK\CFC PQ 4GU VCWTCPVG /GTECVQ GO %CEJQGKTKPJC 1U RTGHGK VQU SWG GUVKXGTCO PC EKFCFG FGEKFKTCO RQT WO TQFÃ\KQ SWG EQNQECT± Q 2/&$ PC RTGUKF¿PEKC GUVG CPQ Q 26 PQ CPQ SWG XGO Q 25$ GO G Q 26$ GO 1 RTGHGKVQ FG %CEJQGKTKPJC 8KEGPVG 2KTGU XCK RTGUKFKT C )TCPRCN GO 'NG HQK KPFKECFQ RQT WPCPKOKFCFG RGNQU RTGHGKVQU G TGRTGUGPVCPVGU FQU QWVTQU FG\ OWPKEÃRKQU SWG KPVGITCO C GPVKFCFG 5GT± C RTKOGKTC XG\ SWG C EKFCFG XCK RTGUKFKT C )TCPRCN RTKPEKRCN HÉTWO FG FGDCVGU FQU RTGHGKVQU FC TGIKµQ OGVTQRQNKVCPC 1 RTHGKVQ FG %CPQCU ,C KTQ ,QTIG KT± RTGUKFKT C GPVKFCFG PQ CPQ SWG XGO 2CTC 8KEGPVG C )TCPRCN VCOD¾O VGO Q FGUC HKQ FG WPKHKECT C RCWVC RCTC FCT OCKU XKUKDKNKFCFG G HQT¼C RQNÃVKEC CQU RNGKVQU FQU OWPKEÃRKQU 'NG NGO DTQW SWG CU EKFCFGU V¿O RTQDNGOCU EQOWPU PQ VTCPURQTVG PC OQDKNKFCFG PC UCÐFG G PC JCDKVC ¼µQ G RQFGTKCO OQDKNK\CT UGWU V¾EPKEQU FG WOC HQTOC CTVKEWNCFC RCTC FGHKPKT RTQLGVQU G RTQITC OCU G ECRVCT TGEWTUQU LWPVQ CQU IQXGTPQU GUVC FWCN G HGFGTCN 'UVG CPQ Q RTGUKFGPVG FC )TCPRCN UGT± Q RTG HGKVQ FG 5CPVQ #PVÊPKQ FC 2CVTWNJC &CK¼QP /CEKGN

2/&$ 'O Q RTGHGKVQ FG %CPQCU ,CKTQ ,QT IG 26 G GO Q RTGHGKVQ FG #NXQTCFC ,QµQ %CTNQU $TWO 26$ # RQUUG FC PQXC FKTGVQTKC UGT± FKC FG CDTKN GO 5CPVQ #PVÊPKQ FC 2CVTWNJC 2CTVKEKRCTCO FC TGWPKµQ GO %CEJQGKTKPJC QU RTGHGKVQU 8KEGPVG 2KTGU %CEJQGKTKPJC ,QU¾ (Q IC¼C 2QTVQ #NGITG ,QµQ %CTNQU $TWO #NXQTC FC ,CKTQ ,QTIG %CPQCU )KNOCT 4KPCNFK 'UVGKQ 8KNOCT $CNNKP 5CRWECKC FQ 5WN &CK¼QP /CEKGN 5CP VQ #PVÊPKQ FC 2CVTWNJC G &QTKXCN /GFKPIGT )NQ TKPJC CN¾O FQ XKEG RTGHGKVQ FG )TCXCVCÃ %TKUVK CPQ -KPIGUMK G FG WO TGRTGUGPVCPVG FG 0QXC 5CPVC 4KVC 8KCOµQ PµQ GPXKQW TGRTGUGPVCPVG ¯ TGWPKµQ FG %CEJQGKTKPJC

7UDGLFLRQDO WUDMHWR GD ODYRXUD FRQWRX FRP D JRYHUQDGRUD H GHPDLV DXWRULGDGHV

&ROKHLWD GR $UUR] HP &DFKRHLULQKD #

u #DGTVWTC 1HKEKCN FC %QNJGKVC FQ #TTQ\ SWG CEQPVGEGW PQ KPÃEKQ FG OCT¼Q GO %CEJQGKTKPJC OQUVTQW QU GZEGNGPVGU TGUWNVCFQU FC UCHTC FG G RTQ LGVQW WO FGUGORGPJQ OCKQT RCTC GUVG CPQ 0Q CPQ RCUUCFQ HQTCO EQNJKFCU OKNJËGU FG VQPGNCFCU FG CTTQ\ RCTC OKNJµQ FG JGEVCTGU FG ±TGC RNCPVCFC 1U ICÐEJQU UµQ TGURQPU±XGKU RQT FC RTQFW¼µQ FQ RCÃU # IQXGTPCFQTC CKPFC TGUUCNVQW SWG JQLG VQFQU QU OKN RTQ FWVQTGU ICÐEJQU FGXGO UG QTIWNJCT FGUUG FGUGORGPJQ 1 RTGHGKVQ FG %CEJQGKTKPJC 8KEGPVG 2KTGU UWDKW PC EQ NJGKVCFGKTC LWPVQ EQO C IQXGTPCFQTC RCTC Q VTCFKEKQPCN VTC LGVQ FC NCXQWTC G CKPFC GPVTGIQW ¯ ;GFC WOC RNCEC FG CITC FGEKOGPVQ # EKFCFG CDTKIC C 'UVC¼µQ 'ZRGTKOGPVCN FQ +TIC +PUVKVW VQ 4KQ )TCPFGPUG FQ #TTQ\ SWG J± CPQU VTCDCNJC EQO RGUSWKUCU FGUGPXQNXKOGPVQ RCTC CITKEWNVQTGU G RCTC Q 'U VCFQ 8KEGPVG CITCFGEGW CKPFC CQ RTGUKFGPVG FC (GFGTCT TQ\ 4GPCVQ 4QEJC RGNC ETGFKDKNKFCFG FCFC ¯ %CEJQGKTK PJC # (GFGTCTTQ\ VGO UKFQ ITCPFG RCTEGKTC FC RTGHGKVW TC G GURGTQ SWG RQUUCOQU EQPVKPWCT VTCDCNJCPFQ LWPVQU RGNQ ETGUEKOGPVQ FC EKFCFG G FQ 4KQ )TCPFG FQ 5WN CHKT OQW #RÉU C EGTKOÊPKC HQK UGTXKFQ WO ECTTGVGKTQ RCTC QU RTGUGPVGU 2CTVKEKRCTCO FGRWVCFQU GUVCFWCKU HGFGTCKU XG TGCFQTGU G UGETGV±TKQU GUVCFWCKU G OWPKEKRCKU

$EULO GH

2 TXH RV FRQVXPLGRUHV SURFXUDP $WXDOPHQWH GHYLGR j DEXQGkQFLD GH RIHUWDV ILFD GLItFLO VDEHU R TXH RV FRQVXPLGRUHV SURFXUDP 3DUD XPD VLPSOHV GHPDQGD Ki XPD VpULH GH SRVVLELOLGDGHV 3RU LVVR FULDU QRYRV VHUYLoRV RX SURGXWRV TXH FDWLYHP RV FRQVXPLGRUHV H DLQGD JHUHP OXFURV SRGH VH WRUQDU XP WUDEDOKR iUGXR 3DUD VDLU QD IUHQWH R JHVWRU UHV SRQViYHO SHOR GHVHQYROYLPHQWR GR QRYR VHUYLoR SUHFLVD WHU HP PHQWH DOJXPDV FRLVDV 3HQVDU DQWHV QR FOLHQWH H GH SRLV QD WHFQRORJLD TXDQGR VH FR ORFD D WHFQRORJLD HP SULPHLUR OXJDU FRUUH VH R ULVFR GH R VHUYLoR ILFDU PXLWR GLVWDQWH GDV SULRULGDGHV GR FOLHQWH SRU VHX XVR VHU PXLWR FRP SOLFDGR RX SRUTXH VXD SURGXomR p PXLWR GLVSHQGLRVD 2V QRYRV SUR GXWRV RX VHUYLoRV GHYHP VHU RULHQ

WDGRV SHODV QHFHVVLGDGHV GRV FRQVX PLGRUHV 1mR SULRUL]H FRQFHLWRV SHOD LQWXLomR p PDLV HIHWLYR EDVHDU DV GHFLV}HV HP FULWpULRV TXH UHIOLWDP RE MHWLYRV HVWUDWpJLFRV WDQWR GH FXUWR FRPR GH ORQJR SUD]R 8VDU FULWpULRV GHILQLGRV WRUQD D WRPDGD GH GHFLVmR PDLV UiSLGD H WUDQVSDUHQWH SDUD WR GRV RV HQYROYLGRV LQVWLOD PDLRU FRQ ILDQoD QRV UHVXOWDGRV H SHUPLWH j RU JDQL]DomR IRFDU XP SHTXHQR FRQMXQ WR GH VHUYLoRV GH DOWR SRWHQFLDO 'HILQD XP PRGHOR GH QH JyFLR HP WRUQR GR VHUYLoR XP QRYR VHUYLoR JHUDOPHQWH H[LJH XP QRYR PRGHOR GH QHJyFLR SDUD FULDU YDORU FRQWtQXR SDUD R FRQVXPLGRU H REWHU OXFUR 0XLWDV HPSUHVDV JDVWDP PDLV WHPSR QR GHVHQYROYLPHQWR GH IXQFLRQDOLGDGHV H FDUDFWHUtVWLFDV GR

$EULO GH

QRYR SURGXWR GR TXH QR PRGHOR GH QHJyFLR 7HVWH UDSLGDPHQWH DV JUDQ GHV DSRVWDV p DFRQVHOKiYHO DQWHV GH WXGR HPEDVDU DV GHFLV}HV HP IDWRV $QDOLVDU D FRQFRUUrQFLD WDPEpP SRGH GHWHUPLQDU TXH FDUDFWHUtVWLFDV LQIOX HQFLDP D GHPDQGD H FRPR DV GHFL V}HV GR FRQVXPLGRU SRGHP DIHWDU R PHUFDGR (VWXGDU RV GDGRV GR FRQVXPLGRU GR FRQFRUUHQWH H GR PHUFDGR SDUD FULDU QRYRV FRQFHLWRV DXPHQWDUi GUDVWLFDPHQWH DV SRVVLEL OLGDGHV GH LGHQWLILFDU FRQFHLWRV GH SURGXWRV GH JUDQGH SRWHQFLDO 3RU ILP VH VHJXLGDV HVVDV GLFDV R JHVWRU SRGH ID]HU HVFROKDV PDLV Ui SLGDV H ViELDV R TXH FRQWULEXL SDUD UHGX]LU R WHPSR GH HQWUDGD QR PHU FDGR H LPSXOVLRQD DV SRVVLELOLGDGHV GH XP ODQoDPHQWR EHP VXFHGLGR

WHFQRORJLD

$EULO GH

$EULO GH

$EULO GH

$EULO GH