101
8QLYHUVLWDWHD·75$16,/9$1,$·%UDœRY)DFXOWDWHDGH0HGLFLQ’LVFLSOLQD,JLHQ œL6QWDWHD0HGLXOXL ,*,(1 ø,617$7($0(’,8/8, ’U/,*,$*5$’ $VLVWHQWXQLYHUVLWDU

Grad Ligia Igiena-101p

Embed Size (px)

Citation preview

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

,*,(1� ù,�6�1�7$7($��0(',8/8,

'U��/,*,$�*5$'�$VLVWHQW�XQLYHUVLWDU

����

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

&835,16,JLHQD�6FXUW�LVWRULF������������������������������������������������������������������������������������������������������««�(FRORJLH�XPDQ� úL LJLHQ��������������������������������������������������������������������������������������������������«�9LD D�&UHúWHUHD�úL�GH]YROWDUHD��ÌPE�WUvQLUHD��0RDUWHD����������������������������������������������������������%LRULWPXULOH�������������������������������������������������������������������������������������������������������������������«����)DFWRULL�PHGLXOXL�IL]LF�úL�LQIOXHQ D�ORU�DVXSUD�V�Q�W� LL���������������������������������������������������«��&OLPD�9UHPHD��$FOLPDWL]DUHD������������������������������������������������������������������������������������������«��$HUXO���������������������������������������������������������������������������������������������������������������������������������«��$SD������������������������������������������������������������������������������������������������������������������������������������«��+DELWDWXO����������������������������������������������������������������������������������������������������������������������������������,QVWLWX LLOH�SXEOLFH�������������������������������������������������������������������������������������������������������������«��6SLWDOXO««««««««««««««««««««««««««««««««����$HURPLFURIORUD«««««««««««««««««««««««««««««���,JLHQD��DOLPHQWD LHL����������������������������������������������������������������������������������������������������������«���/DSWHOH�úL�SURGXVH�ODFWDWH��������������������������«������������������������������������������������������������������«���3URWHLQHOH««««««««««««««�«««««««««««««««««���/LSLGH�úL�JU�VLPL�DOLPHQWDUH«����������������������«�����������������������������������������������������������««���2X� úL�SUHSDUDWH���������������������«������������������������������������������������������������������������������������«�����&DUQH�úL�SHúWH��GHULYDWH������������«�������������������������������������������������������������������������������«��������*OXFLGH�úL�GXOFLXUL««««««««��������������������������������������������������������������������««��«��6WLPXODUHD�GH]YROW�ULL�FRSLOXOXL��SUHúFRODU������������������������������������������������������������������«���������%LEOLRJUDILH�������������������������������������������������������������������������������������������������������������������������«���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

,*,(1$��6&857��,6725,&,JLHQD� SULPLWLY� VH� FRQIXQG� FX� SURFHVXO� GH� FRQVWLWXLUH� D� QRUPHORU� HOHPHQWDUH� � GH�YLD ��� 3UDFWLFLOH� LJLHQHL� UXGLPHQWDUH� DX� FDUDFWHU� HPSLULF�� UH]XOWkQG� GLQ� REVHUYD LD� RPXOXL� úL�GLQ� GHSULQGHUL� SULYLQG� FXU� HQLD� FRUSRUDO��� vQ� ORFXLQ H�� vQ� MXUXO� ORU�FDOLWDWHD� KUDQHL��FRPHVWLELO����D�DSHL�GH�E�XW��SRWDELO����5HVSHFWDUHD�DFHVWRU�QRUPH�HVWH�FRQVLGHUDW� LQL LDO³R�GDWRULH�UHOLJLRDV� ´��FH�DVLJXU� VHFXULWDWHD�ELRORJLF� D�FRPXQLW� LL�SULPLWLYH�/D� QLYHO� úWLLQ LILF�� SULPHOH� UHJXOL� úL� SULQFLSLL� GH� LJLHQ� DSDU� RGDW� FX� LQVWLWXLUHD�SURIHVLXQLL�PHGLFDOH��vQ�VFULHULOH�KLSRFUDWLFH�J�VLP�JHUPHQLL�LJLHQHL��*UHFLD�DQWLF� DúHD]� SH�SULP�SODQ� LJLHQD� LQGLYLGXDO��� LDU� URPDQLL� IDF� WUHFHUHD� OD� IXQF LLOH�VRFLDOH�DOH� LJLHQHL�SXEOLFH��FRQVWUXF LL����� ��V�OL�GH�JLPQDVWLF���PDVDM����FDQDOL]�UL�SULQ�DSHGXFWH���E�L�SXEOLFH�WHUPH��7RW�vQ�5RPD� DQWLF� VH� UHJOHPHQWHD]� vQKXPDUHD� FDGDYUHORU�� FRQWUROXO� VDQLWDU� DO� DOLPHQWHORU��DVDQDUHD�PODúWLQLORU��FXU� HQLD�RUDúXOXL��'H�OD�VWU�PRúLL�QRúWUL�JHWRGDFLL�S�VWU�P�HOHPHQWH�GH�LJLHQ� SXEOLF� �� FLVWHUQHOH� SHQWUX� DS� GH� E�XW�� SUHFXP� úL� L]YRDUHOH� W�P�GXLWRDUH� ±DFWXDOHOH�*HRDJLX�%�L�úL�+HUFXODQH�&UHúWLQLVPXO�FD� UHOLJLH�RILFLDO� vQVHDPQ� R�SHULRDG� GH�GHF�GHUH�D�FRQFHSWXOXL�³PHQV�VDQD�LQ�FRUSRUH�VDQR´��R��SUHRFXSDUH�H[FHVLY� SHQWUX�LJLHQD�FRUSRUDO���UHSUH]HQWkQG�XQ�S�FDW��(YXO�0HGLX��SULQ�HSLGHPLL��U�]ERDLH�úL�GHSODV�UL�GH�SRSXOD LL��DGXFH�SHUWXUE�UL�LPSRUWDQWH�vQ�YLD D�HFRQRPLFR�VRFLDO� D�SRSRDUHORU��6H�LPSXQH�WUH]LUHD�GLQ�LJQRUDQ ��úL�OXDUHD�XQRU�P�VXUL�UD LRQDOH��FDUDQWLQH��OHJLVOD LH�VDQLWDU���PHGLFL�RILFLDOL�DL�RUDúHORU�6HFROHOH�;9,�± ;9,,,�UHSUH]LQW� SHULRDGD�GH�´UHQDúWHUH³�D�LJLHQHL�PRGHUQH��ED]DW� SH�FXQRúWLQ H� GH� IL]LF��� FKLPLH�� IL]LRORJLH�� HWF�� 0HGLFLQD� GH� VWDW� HVWH� RUJDQL]DW� vQ� ³SROL LD�PHGLFDO�´�úL�³PHGLFLQD�MXGLFLDU�´��$SDU�SULPHOH�OXFU�UL�GH�DOLPHQWD LH�úL�FRQGXLW� UD LRQDO���ÌQ�FHUFHWDUH� VH� UHPDUF� 3DUDFHOVXV� FDUH� GHVFULH� EROLOH� SURIHVLRQDOH� DOH� PLQHULORU� úL� SXEOLF�WUDWDWXO�³�'H�ORQJD�YLWD�´��������FRQVDFUDW�vQ�PDUH�SDUWH�SUREOHPHORU�GH LJLHQ���������3DWRORJLD� LQGXVWULDO� HVWH� DERUGDW� GH� %HUQDUGLQR 5DPD]LQQL vQ� FDUWHD� ³'HVSUH� EROLOH�PHVHULDúLORU´��������LDU�,RKDQ�3HWHU�)UDQFN UHDOL]HD]� OXFUDUHD�vQ ��YROXPH�³6LVWHPXO�XQHL�SROL LL� VDQLWDUH� FRPSOHWH´� ������ ������� FDUH� LQFOXGH� WRDWH� GRPHQLLOH� LJLHQHL�� HO� LQWURGXFH�QR LXQHD�GH�SURILOD[LH�³PHGLFDO�´�úL�³GH�VWDW´��VXEOLQLLQG�UROXO�PHGLFXOXL�vQ�HGXFD LD�VDQLWDU�úL�vQ�LQIOXHQ DUHD�DXWRULW� LORU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

6HFROXO�;9,,,�PDUFKHD]� vQFHSXWXO�XQRU�DF LXQL�GH�RUJDQL]DUH�VDQLWDU� vQ� �ULOH�URPkQH�FDUDQWLQH�vPSRWULYD�FLXPHL�OD�JUDQL H��7UDQVLOYDQLD��������PHGLFL�DL�RUDúHORU��VSLWDOH�GH�VWDW�FX�URO�DQWLHSLGHPLF��YDFFLQDUH�DQWLYDULROLF� REOLJDWRULH�D�FRSLLORU��������3ULPD��MXP�WDWH�D�VHFROXOXL�;,;�VH�FDUDFWHUL]HD]� SULQ�SURSDJDUHD�VFULV� D FXQRúWLQ HORU�GH� LJLHQ� úL� HSLGHPLRORJLH�RUJDQLF� OHJDWH� vQWU�R� GLVFLSOLQ� SURILODFWLF� XQLWDU��� 8Q� QXPH�FHOHEUX� vQ� 7UDQVLOYDQLD� HVWH� FHO� DO�'U�� 3DYHO�9DVLFL � LJLHQLVW�� HSLGHPLRORJ�� WUDGXF�WRU� vQ�OLPED�URPkQ� D�0DFURELRWLFLL�vQ���YROXPH�%UDúRY����������ÌQ�������'U�*KHRUJKH�&LXFXUHDQX SUH]LQW� GRPQLWRUXOXL�*ULJRUH�$O��*KLND��SULPXO�FRG�GH�RUJDQL]DUH� VDQLWDU� GLQ� 3ULQFLSDWHOH� 5RPkQH�´� 3URLHFWXO� SHQWUX� DúH]�PkQWXO� PHGLFDO� DO�0ROGRYHL� ´FX� XQ� FDSLWRO�� ³,JLHQD� SXEOLF�´�� ,OXPLQLVPXO� VWLPXOHD]� R� ERJDW� OLWHUDWXU�DFFHVLELO� PDVHORU� ODUJL� �UHYLVWH�� EURúXUL�� F�U L�PHGLFDOH��� XQHOH� FX� XQ� SURQXQ DW� FDUDFWHU� GH�HGXFD LH� VDQLWDU��� ³2JOLQGD� V�Q�W� LL� úL� D� IUXPXVH LL� RPHQHúWL´�(SLVFRSHVFX ��������³$QWURSRORJLD� VDX� VFXUW� FXQRúWLQ �� GHVSUH� RP´������� úL� ³'LHWHWLFD� VDX� vQY� �WXUD� D� S�VWUD�vQWUHDJD�V�Q�WDWH´��������DOH�'U��3DYHO�9DVLFL�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

(&2/2*,(�80$1� ù,�,*,(1�&RQFHSW��RLNRV� FDV���DG�SRVW�ORF�GH�YLD ���HFRQRPLHORJRV� �úWLLQ �x HFRORJLD�UHSUH]LQW� VWXGLXO�YLH XLWRDUHORU�DFDV� OD�HOH�vQ�PHGLXO�ORU�GH�YLD � >S���@,VWRULF� 2PXO� SULPLWLY� vúL� PDQLIHVW� QHYRLD� GH� FRQVHUYDUH�DS�UvQGX�VH� vPSRWULYD� IULJXOXL��IRDPHL�úL�L]RO�ULL��ÌúL�GH]YROW� HPSLULF�DSWLWXGLQL�VH�KU�QHúWH�VH�DG�SRVWHúWH��GHVFRSHU� IRFXO�úL� XQHOWHOH��$FHVWH� UXGLPHQWH� GH GHSULQGHUL� HFRORJLFH� DSDU� SHQWUX� SULPD� GDW� PHQ LRQDWH� vQ�WH[WHOH�DQWLFH�GLQ�(JLSW��,QGLD��&KLQD��0HVRSRWDPLD��*UHFLD��,PSHULXO�5RPDQ��(YXO�0HGLX�úL�5HQDúWHUHD� DGXF� P�UWXULL� VFULVH� GHVSUH� YvQDW�� DJULFXOWXU��� SHVFXLW�� VHULFLFXOWXU��� 6HFROHOH�;9,,,�;,;� vQUHJLVWUHD]� LPSRUWDQWH� GHVFRSHULUL� úWLLQ LILFH� vQ� JHRJUDILH�� IL]LF��� ELRORJLH�´�,VWRULD� QDWXUDO� úWLLQ LILF�´� LQFOXGH� VWXGLL� GH´� ELRPHWULH�� VWDWLVWLF��� DUKLWHFWXU� D� FXLEXULORU��GH]YROWDUH�D�SXLORU´>S���@3HUVRQDOLW� L� /LQQH��%XIIRQ��5HDXPXU��0RHELXV��+DHFNHO��'DUZLQ��.XOLH��6HYHU RY�ÌQ� VHFROXO�;;�� 6KHOOIRUG� GHVFRSHU� OHJHD� VXFFHVLXQLL� HFRORJLFH�� LDU� (OWRQ� IDFH� XQ� VWXGLX� DO�SRSXOD LLORU�ÌQ�5RPkQLD��,RQ�,RQHVFX�GH�OD�%UDG�HVWH�IRQGDWRUXO�vQY� �PkQWXOXL�VXSHULRU�DJURQRPLF��DYkQG�QXPHURDVH�VWXGLL�GH�SURWHF LD QDWXULL��VROXOXL�úL�GH�FUHúWHUHD�DQLPDOHORU��6XQW�UHQXPL L�VDYDQ LL�URPkQL��*ULJRUH�$QWLSD��(PLO�5DFRYL ���,RQ�%RUFHD��*HRUJH�%XMRUHDQ��HWF��LDU�GLQWUH�PHGLFL��'U��1LFRODH�/HRQ��,RQ�&DQWDFX]LQR��9LFWRU�%DEHú��>S���@'RPHQLL� vQUXGLWH� ELRORJLD�� JHRJUDILD�� FOLPDWRORJLD�� PHWHRURORJLD�� IL]LFD�� FKLPLD��PDWHPDWLFD��VWDWLVWLFD��FLEHUQHWLFD��IL]LRORJLD��PRUIRORJLD��JHQHWLFD��ELRFKLPLD��HPEULRORJLD�2GDW� FX�GH]YROWDUHD�VLOYLFXOWXULL��DJRQRPLHL��KLGURWHKQLHL��DUKLWHFWXULL��LJLHQHL��VH�DGDXJ� QRL�VSHFLDOLúWL�FDUH�UH]ROY� SUREOHPHOH�SUDFWLFH�DOH�HFRORJLHL�(FRORJLD� XPDQ� VH� GH]YROW� GXS� SULQFLSLLOH� HWLFLL�� PRUDOHL�� vPS�UW�úLQG� LGHL� FRPXQH� FX�VRFLRORJLD��SVLKRORJLD��DUWD��UHOLJLD�úL�ILORVRILD�6XEGLYL]LXQL��HFRORJLH�D�SODQWHORU��DQLPDOHORU��SDVDULORU��D�DOJHORU���D�PLFURRUJDQLVPHORU��HFRORJLH�D�KDELWDWXOXL��D�PHGLXOXL�DHULDQ��WHUHVWUX��DFYDWLF��DSH�GXOFL��PDULQH�HWF����HFRORJLH�XPDQ���VWXGLXO�VRFLHW� LL�XPDQH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

�HFRORJLH�D�UHVXUVHORU�XPDQH��D�WUDQVSRUWXULORU��SULYLW� GLQ�SXQFW�GH�YHGHUH�HFRQRPLF��HFRORJLH� VLVWHPLF��� YLD D� SULYLW� GXS� PRGHOXO� FLEHUQHWLF�� SH� QLYHOXUL� GLIHULWH� GH� LQWHJUDUH�ELRORJLF� >S���@�2%,(&7,9�6WLLQ HOH�HFRORJLFH�YHULILF� úL�FHUWLILF� OHJLOH�FH�JXYHUQHD]� LQWHUDF LXQHD�RUJDQLVPHORU�YLL�FX� PHGLXO� vQFRQMXU�WRU� �FUHúWHUHD�� GH]YROWDUHD�� SURGXF LD� ELRORJLF� FH� DVLJXU�SHUSHWXDUHD�VSHFLLORU�úL�VXSUDYLH XLUHD�SULYLW� FD�R�DGDSWDUH�D�LQGLYL]LORU��SRSXOD LLORU�úL�ELRFHQR]HORU�OD�FRQGL LLOH�GH�H[LVWHQ ���>S���@�(FRORJLH��PHGLFDO���%DUQD��&DOFLX�(&2/2*,$�80$1�³�2PXO�HVWH�VXELHFW�úL�RELHFW�DO�HFKLOLEUXOXL�´³�(FRVLVWHPHOH�XUPHD]� V� ILH�GLULMDWH�GH� UD LXQHD�úL� YRLQ D�RDPHQLORU�� vQ� VFRSXO�XQXL�WUDL� PDL� XúRU�� D� XQHL� YLH L� GH� FDOLWDWH� úL� D� XQHL� V�Q�W� L� VXSHULRDUH�´� >S���@� (FRORJLH��PHGLFDO���%DUQD��&DOFLX�

2%,(&7,9(�63(&,),&(���vQ HOHJHUHD�FLFOXOXL�QDWXUDO�YLD ��PRDUWH�úL�D�SURFHVHORU�GH�GH]YROWDUH��DGDSWDUH��vPE�WUkQLUH��vPEROQ�YLUH��FXQRDúWHUHD�IDFWRULORU�GH�PHGLX�úL�D� LQWHUGHSHQGHQ HL� ORU�FX�RUJDQLVPHOH�YLL��SHQWUX�D�SXWHD�LQWUHYHQL�vQ�IDYRDUHD�V�Q�W� LL�RPXOXL��IRUPDUHD�XQRU�FRPSRUWDPHQWH�FLYLOL]DWH��D�XQHL�DWLWXGLQL�HWLFH��XPDQLVWH��SULQ�x vQO�WXUDUHD�ULVLSHL�úL�D�GHJUDG�ULL�EXQXULORU�x SODQLILFDUHD�UHVXUVHORU�úL�UHFLFODUHD�XQRU�PDWHULDOHx SURWHF LD�PHGLXOXL�QDWXUDO�vPSRWULYD�SROX�ULL�úL�D�FDODPLW� LORUx HYLWDUHD�JUHúHOLORU�DQWHULRDUH�vQ�DOLPHQWD LH��FRQVXP�GH�WR[LFH�úL�VWLO�GH�YLD ��(FRORJLD�XPDQ� DUH�QXPHURDVH�DSOLFD LL�SUDFWLFH��0HWRGHOH�IRORVLWH�VH�ED]HD]� SH�REVHUYD LL�FRQWLQXH��FH�VXUSULQG�YDULD LLOH�SH�WHUPHQ�OXQJ��SURGXVH�vQ�UkQGXO�SRSXOD LLORU��úL�PDL�SX LQ�DO�LQGLYL]LORU�3ULPHOH�SURJUDPH��GH�HFRORJLH�������� ³3URJUDPXO�%LRORJLF�,QWHUQD LRQDO´�úL������±

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

³2PXO� úL� ELRVIHUD´�� VXQW� XUPDWH� GH� FRQVWLWXLUHD� XQRU� IRUPD LXQL� VSHFLDOL]DWH�� &RQVLOLXO�,QWHUQD LRQDO� DO� 8QLXQLORU� ùWLLQ LILFH�� &RPLWHWXO� 6SHFLDO� SULYLQG� SUREOHPHOH� PHGLXOXL�� ÌQ�SUH]HQW��0LQLVWHUXO�0HGLXOXL��SDUWLGHOH��IRUPD LXQLOH�HFRORJLVWH�úL�SROLWLFLOH�VWDWDOH��DX�FD�VFRS�IXQF LRQDUHD�LQWHJUDW� úL�HFKLOLEUDW� D�WXWXURU�XQLW� LORU�FXOWXUDOH�DOH�OXPLL�>S���@([LVW� R� HFRORJLH� VSHFLILF� XPDQ��� VRFLDO� úL� FXOWXUDO��� SROLWLF��� PLOLWDU� úL� PHQWDO� FH�VXEOLQLD]� WU�V�WXULOH� DFHVWXL� � QRX� ³+RPR� 6DSLHQV´�� ILLQ �� ³FRQúWLHQW��� UD LRQDO��� YROXQWDU���LQYHQWLY��� FRQVWUXFWLY� úL� FUHDWRDUH´�� JkQGLQG� OD� YLD D� IHULFLW� D� FHORU�GLQ� MXUXO� V�X�� GDU� úL� D�JHQHUD LLORU�YLLWRDUH�>S�����@3URJUDPHOH� DFWXDOH� VH� UHIHU� DWkW� OD� SURWHF LD� PHGLXOXL� úL� SODQLILFDUHD� UHVXUVHORU� QDWXUDOH��IRORVLUHD� HQHUJLHL� VRODUH�� HROLHQH�� PDUHLFH�� JHRWHUPLFH��� FkW� úL� OD� UHFLFODUHD� PDWHULDOHORU�ELRGHJUDGDELOH�úL�FRQYHUVLD�PDWHULHL�RUJDQLFH��&HHD�FH�DGXFH�QRX� HFRORJLD�DFWXDO� úL�LJLHQD�HVWH� SUHRFXSDUHD� SHQWUX� LQIOXHQ D� SH� FDUH� R� SRW� DYHD� IDFWRULL� SVLKR�VRFLDOL� DVXSUD�HFRVLVWHPHORU� XPDQH�� LQGLYLGXDO�� GH� JUXS�� UHJLRQDO�� QD LRQDO� VDX� PRQGLDO�� 'HúL� OHJLOH�ELRORJLFH�úL�IL]LFR�FKLPLFH�QX�SRW�IL�FRPSOHW�PRGLILFDWH��VWLOXO�GH�YLD ��DO�ILHF�UHL�VRFLHW� L�DUH�R�LPSRUWDQ ��SULPRUGLDO� vQ�VWDELOLUHD�ORQJHYLW� LL�úL�V�Q�W� LL�LQGLYL]LORU�HL��$VWIHO��SURJUDPHOH�SHQWUX� FRPEDWHUHD� VDX� GLPLQXDUHD� � VWUHVXOXL�� VHGHQWDULVPXOXL�� IXPDWXOXL�� FRQVXPXOXL� GH�DOFRRO�� GURJXUL�� VDUH� VDX� FRQGLPHQWH� vQ� H[FHV� � DX� FD� VFRS� ILQDO� FUHúWHUHD� FDOLW� LL� YLH LL� úL�SUHOXQJLUHD�VSHUDQ HL�GH�YLD ��OD�QDúWHUH�$OWH� SUHRFXS�UL� PHGLFDOH� FH� vPEXQ�W� HVF� vQV�úL� FRQGL LD� XPDQ� VXQW� FHOH� OHJDWH� GH�SODQLILFDUH�IDPLOLDO���WUDQVSODQW��IHUWLOL]DUH�LQ�YLWUR��FORQDUH�x &H�vQVHDPQ� vQ�FRQFHS LD�YRDVWU� D�IL�HFRORJLVW�"&21&/8=,(�$�IL� HFRORJLVW� vQVHDPQ� D� UHVSHFWD� YLD D� úL� V�Q�WDWHD�� D� QX� WH� RSXQH�SURJUHVXOXL� FLYLOL]D LHL��LGHDOL]vQG�QDWXUD��FL�D�VXSUDYHJKHD�WUDQVIRUP�ULOH��DQDOL]kQG��SODQLILFkQG���'LF LRQDU�GH�WHUPHQL�ELRWRS��ELRFHQR]���HFRVLVWHP��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

9,$�$��'(=92/7$5($��Ì0%�75Æ1,5($��02$57($9LD D�D� vQFHSXW�DSUR[LPDWLY�DFXP�WUHL�PLOLDUGH�GH�DQL�SULQ�RUJDQLVPH�XQLFHOXODUH� úL�D�HYROXDW�GXS� XQ�PRGHO�JHQHWLF�SURSULX�PDWHULHL�YLL��'LQ�SXQFW�GH�YHGHUH�WHUPRGLQDPLF��YLD D�UHSUH]LQW� VWDUHD GH� HFKLOLEUX� HQHUJHWLF�� R� WHQGLQ �� SHUPDQHQW� VSUH� HQWURSLH� QHJDWLY���&DUDFWHULVWLFD�HVHQ LDO� D�RUJDQLVPHORU�YLL�HVWH�PHWDEROLVPXO�ILHF�UHL�FHOXOH�>S����@&RQWUDGLF LD�GLDOHFWLF� D�H[LVWHQ HL�FRQVW� vQ�FDUDFWHUXO�SHUPDQHQW�úL�LQILQLW�DO�YLH LL� SH�GH� R� SDUWH� úL� vQ� H[LVWHQ D� OLPLWDW� vQ� WLPS� D� LQGLYLGXOXL�� SH� GH� DOW� SDUWH��'HFL�FRQWLQXLWDWHD�YLH LL�VH�PHQ LQH�SULQ�VXFFHVLXQHD�LQGLYL]LORU��6SXQHP�F� ³�YLD D�HVWH�QHPXULWRDUH��GDU�IRUPHOH�HL�GH�PDQLIHVWDUH�VXQW�SDVDJHUH´�>S����@³� 1DúWHUHD� úL� PRDUWHD� VXQW� SUDJXUL� FDUH� QX� PDUFKHD]� QLFL� vQFHSXWXO�� QLFL� VIkUúLWXO�ILLQ HL��HOH�UHSUH]HQWkQG�VWDGLL�DOH�XQHL�PHWDPRUIR]H�QHFHVDUH�vQ�FLFOXO�HYROX LHL´�>*RHWKH@�'HúL� GXUDWD� GH� YLD �� D� FHOXOHL� DQLPDOH� HVWH� FRQWURODW� SULQ� FRGXO� JHQHWLF� �+D\IOLN���ILHFDUH�RUJDQLVP�UHVLPWH�GLIHULW�YkUVWD�úL�PRPHQWXO�VIkUúLWXOXL��$��&DUUHO�úL�/H�&RPWH�GX�1RX\�DSUHFLD]� F� R� ]L� GLQ� YLD D� XQXL� RUJDQLVP� WkQ�U� HVWH� PDL� OXQJ� GHFkW� XQD� GLQ� YLD D� XQXLD�YkUVWQLF��GLQ�DFHHDúL�VSHFLH�1R LXQHD�GH�WLPS�IL]LF��FURQRORJLF��IRORVLW� vQ�PRG�FXUHQW�HVWH�vQORFXLW� vQ�HFRORJLH�FX�FHD�GH�WLPS�GLQDPLF� FDUDFWHULVWLF�ILHF�UHL�VSHFLL��SURSULX�ILHF�UXL�LQGLYLG�úL�FKLDU�GLIHULWHORU�RUJDQH�>S����@

&5(ù7(5($��ù,�'(=92/7$5($�� VXQW�GRX� SURFHVH GLIHULWH��GHúL�FHOH�GRX� QR LXQL�VH�IRORVHVF�DGHVHD�FD�VLQRQLPH�([LVW� DQXPLWH�FDUDFWHULVWLFL�DOH�GH]YROW�ULL�XPDQH� IL]LFH�úL�QHXUR�SVLKLFH�&UHúWHUHDx HVWH�XQ�IHQRPHQ�FDQWLWDWLY�P�VXUDELO�OXQJLPL�SHULPHWUH�YROXPH�JUHXWDWH��GH�VSRULUH�D�GLPHQVLXQLORU�FRUSRUDOH��úL��PRGLILFDUH�D�IRUPHL�úL�UDSRUWXOXL�vQWUH�GLIHULWH�VHJPHQWH�x DUH�ORF�vQWU�XQ�RUJDQLVP�YLX�FkQG�SURFHVHOH�GH�DVLPLOD LH�GLQ�DPELDQ ��OH�GHS�úHVF�SH�FHOH�GH�GH]DVLPLOD LH�x VSRULUHD�PDVHL�FRUSRUDOH�VH�IDFH�SULQWU�R�GLYL]LXQH�FHOXODU��x UHSUH]LQW� DXJPHQWDUHD�VXEVWDQ HL�YLL��9HUZRUQ��GDWRULW� DG�XJ�ULL�GH�PDV� YLH�FX�YDORDUH�VWUXFWXUDO� úL�IXQF LRQDO� �5RVVOH���>S����@

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

0DWXUD LD��GLIHUHQ LHUHD��GH]YROWDUHDx HVWH� XQ� SURFHV� FDOLWDWLY� GH� PRGLILFDUH� D� VWUXFWXULL�� FRPSR]L LHL�� IXQF LRQDOLW� LL�FHOXOHORU�� HVXWXULORU��RUJDQHORU��VLVWHPHORU�úL�vQWUHJXOXL�RUJDQLVP�x vQFHSH� vQ� SDUDOHO� FX� FUHúWHUHD� úL� VH� GHVI�úRDU� FX� R� YLWH]� LQYHUV� SURSRU LRQDO� FX�DFHDVWD�x SUH]LQW� SDUWLFXODULW� L�OD�FHOH�GRX� VH[H��vQF� GLQ�YLD D�LQWUDXWHULQ���x 'H]YROWDUHD UHSUH]LQW� XQ�FRPSOH[�GH�PRGLILF�UL�PRUIRORJLFH�úL�IXQF LRQDOH��FH�VH�SHWUHF�WLPS�GH�GRX� GHFHQLL�vQ�HYROX LD�RQWRJHQHWLF� XPDQ���GLQ�PRPHQWXO�FRQFHS LHL�SkQ� OD�DWLQJHUHD�VWDGLXOXL�GH�DGXOW�'H]YROWDUHD�OD�QLYHO�VXEFHOXODUx &UHVWHUHD� VRPDWLF��� SULYLW� FD� IHQRPHQ� ERLFKLPLF� UHSUH]LQW� VLQWH]D� GH� PROHFXOH�RUJDQLFH��FX�JUHXWDWH�PROHFXODU� PDUH��PDL�DOHV�SURWHLQH�x 3URWHLQD� HVWH� XQLWDWHD� ELRFKLPLF� HOHPHQWDU� �'H� 7RQL�� vQ]HVWUDW� FX� FDUDFWHU� GH�VSHFLILFLWDWH�úL�FX�FDSDFLWDWH�GH�DXWRUHSURGXFHUH�x )DFWRULL�HVHQ LDOL�vQ�SURFHVXO�GH�FUHúWHUH�VXQW��$1'��$51�GLQ�QXFOHRO�úL�FLWRSODVP� úL�HQ]LPHOH�VSHFLILFH�FX�URO�vQ�GLYL]LXQHD�FHOXODU� PLWRWLF��x (QHUJLD�QHFHVDU� IRVIRULO�ULL�HVWH�HOLEHUDW� GH�$73�'H]YROWDUHD�OD�QLYHO�FHOXODU�x &UHúWHUHD�UHSUH]LQW� IHQRPHQXO�GH�PXOWLSOLFDUH��FDULRNLQHWLF� FURPRVRPLDO��x )DFWRULL�LPSOLFD L��VXQW��HQ]LPH��YLWDPLQH��KRUPRQL�úL�SROLDPLQH��'H�7RQL��x 7HRULL� DOH� FUHúWHULL�IHUPHQWD LD� DQDHURELRWLF��� JOLFROL]D�GRYDGD� HVWH� � FUHúWHUHD� UDSLG�vQ� HVXWXUL�D�DFLGXOXL�ODFWLF���VDX�DOWH�IHQRPHQH�FH�VH�GHVI�úRDU� FX�FRQVXP�GH�R[LJHQ�x 9ROXPXO� PD[LP� DO� FHOXOHL� HVWH� FRQWRODW� JHQHWLF� úL� SXWHUQLF� FRQGL LRQDW� GH� IDFWRUL�SHULVWDWLFL�IL]LFL��FKLPLFL�úL�QXWUL LRQDOL�&UHúWHUHD�VH�UHDOL]HD]� SULQ�SDWUX�PHFDQLVPH�x PXOWLSOLFDUHD�FHOXODU���HSLWHOLL��PXFRDVH��HOHPHQWH�ILJXUDWH�VDQJYLQH�x KLSHUWURILH� FHOXODU��� FHOXOH� QHUYRDVH� úL� PXVFXODUH�� IL]LRORJLF� XWHUXO� vQ� VDUFLQ� úL�SDWRORJLF�PLRFDUGXO�vQ�DQJLRFDUGLRSDWLL��YDVHOH�GH�VkQJH�U�PkQkQG�OD�IHO���x GLIHUHQ LHUH�FHOXODU� SvQ� OD�vQGHSOLQLUHD�IXQF LHL�RUJDQXOXL�VDX� HVXWXOXL���x vQFRUSRUDUH� GH� VXEVWDQ H� GH� GHSR]LW�� QHFLWRSODVPDWLFH�� HVXWXO� RVRV�� FDUWLODJLQRV��DGLSRV�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

'H]YROWDUHD�OH�QLYHO�WLVXODU��YLVFHUDO�x 'H]YROWDUHD�LQWUDXWHULQ� SUHQDWDO� HVWH�LQWHQV� vQ�SHULRDGD�HPEULRQDU��GH�IRUPDUH�D�YLVFHUHORU�SULPHOH�WUHL�OXQL��úL�FHD�GH�SHUIHF LRQDUH�PRUIRORJLF� IRHWDO� úL�HVWH�XUPDW�GH�R�SHULRDG� SRVWQDWDO�� GH�WUDQVIRUP�UL�PDL�OHQWH�x )RUPDUHD�RUJDQHORU�YLWDOH���LQLP���FUHLHU�RFKL��XUHFKL��SDODW��D�GLQ LORU�úL�D�H[WUHPLW� LORU�SRDWH�IL�LQWHUIHUDW� GH�DJUHVLXQHD�XQRU�IDFWRUL�GH�PHGLX��UH]XOWkQG�HPEULRSDWLLOH�x 3RVWQDWDO�� GH]YROWDUHD� RUJDQHORU� úL� HVXWXULORU� OHJDWH� IXQF LRQDO� VH� IDFH� vQ� LQWHUFRQ�GL LRQDUH� UHFLSURF��VLVWHP� QHUYRV� HVXW� PXVFXODU�VLVWHP� RVRV� HVXW� PXVFXODU�FRUG�SXOPRQ�DSDUDW�UHVSLUDWRU�VLVWHP�QHUYRV��FUHLHU� RUJDQH�GH�VLP �x &UHúWHUHD� VH� GHVI�úRDU� DOORPHWULF� vQ� VHQV� FHIDOR�FDXGDO� úL� SUR[LPR�GLVWDO�ILLQG�LQWHJUDW� GH� VLVWHPXO� QHUYRV�� FRQWURODW� JHQHWLF� úL� OLPLWDW� GH� DF LXQHD� LQWHQV� D�IDFWRULORU�PH]RORJLFL�� 5HDPLQWL L�Y� FDOHQGDUXO�HPEULRSDWLLORU��%LEOLRJUDILH�� 3HGLDWULH�SUHYHQWLY� GH 1�7ULIDQ��(G��0HGLFDO���%XFXUHúWL������� ,JLHQD�GH�0�QHVFX��&XFX��7�Q�VHVFX��'XPLWUDFKH�(GLWXUD�0HGLFDO���%XFXUHúWL�������'H]YROWDUHD�OD�QLYHOXO�RUJDQLVPXOXL�FD�vQWUHJ�� �&XUED�FUHúWHULL�HVWH�GH�WLS�VLJPRLGDO��FX�R�ID]� GH�DXWRDFFHOHUD LH�úL�XQD�GH�DXWRLQKLEL LH��SXQFWXO�GH�LQIOH[LXQH�ILLQG�FRUHVSXQ]�WRU�SXEHUW� LL�DSUR[LPDWLY����DQL���ILJ���� �'H]YROWDUHD� HVWH� IDYRUL]DW� GH� IXQF LLOH� FDUH� GHSLQG� GH� VXSUDID �� �UHVSLUD LH�� DEVRUE LH�LQWHVWLQDO��� H[FUH LH�� VFKLPEXUL� RVPRWLFH�� úL� OLPLWDW� GH� FHOH� FDUH� GHSLQG� GH YROXP��PHWDEROLVP��>%HUWDODQII\@�ILJ���� �'H]YROWDUHD� VRPDWLF� VH� GHVI�úRDU� FX� FRQVXP� HQHUJHWLF�� HVWH� FRQWURODW� JHQHWLF� úL�FRQGL LRQDW� ODUJ�GH�IDFWRUL�PH]RORJLFL��� �'H]YROWDUHD�IL]LF� VH�DSUHFLD]� SULQ�LQGLFDWRUL�DL�FUHúWHULL ��WDOLH��JUHXWDWH��SHULPHWUH� úL�LQGLFDWRUL� DL� PDWXUD LHL RVRDVH�� GHQWDUH� úL� SXEHUWDUH� �� QXFOHL� GH� RVLILFDUH�� IRQWDQHOH��GHQWL LH�SURYL]RULH��GHILQLWLY���FDUDFWHUH�VH[XDOH�VHFXQGDUH��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

�����DQLILJ������������������������������������ ILJ��'H]YROWDUHD�OD�QLYHOXO�FROHFWLYLW� LL�� �6H�FDUDFWHUL]HD]� SULQWU�R�YDULDELOLWDWH�FDQWLWDWLY� D�SDUDPHWULORU��úL�GLVSHUVLD�YDORULORU�vQ�MXUXO�XQXL�QLYHO�PHGLX��� �'HSLQGH�GH�FRQGL LLOH�GH�YLD ��D�JUXSXULORU�XPDQH��� �3HUPLWH� VWDELOLUHD� VWDQGDUGHORU� GH� UHIHULQ � úL� FRPSDUDUHD� vQ� WLPS� úL� VSD LX� D�FROHFWLYLW� LORU��GXS� GLIHULWH�FULWHULL��YkUVW���VH[�]RQ� JHRJUDILF���VWDWXV�VRFLDO�HWF���� �(VWH�XQ�LQGLFDWRU�DO�EXQ�VW�ULL�IL]LFH��SVLKLFH�úL�VRFLDOH����/HJLOH�JHQHUDOH�DOH�FUHúWHULL����>S����@��/HJHD�DOWHUQDQ HL�D��RDVHOH�OXQJL�VH�DOXQJHVF�úL�VH�vQJURDú� DOWHUQDWLY�E�� OHJHD� EDVFXOHL�� SHULRDGHOH� GH� DFWLYLWDWH� úL� UHSDXV� VXQW� FRQWUDUH� SHQWUX� GRX� RDVH� OXQJL��FRQVHFXWLYH� DOH� DFHOXLDúL� PHPEUX� �H[��� FkQG� KXPHUXVXO� FUHúWH� vQ� OXQJLPH�� UDGLXVXO� úL� XOQD�FUHVF�vQ�JURVLPH��F��GH]YROWDUHD�UDSLG� D�XQRU�RUJDQH�úL� HVXWXUL�HVWH�vQVR LW� GH�R�FUHúWHUH�PDL�OHQW���R�VWDJQDUH�VDX�FKLDU�R�UHJUHVLXQH�D�DOWRUD�����>S����@�

��/HJHD�SURSRU LLORU�&UHúWHUHD� VH� IDFH� vQ� WUHL� ID]H� FH� UHVSHFW� YDULD LLOH� GH� SURSRU LL� vQWUH� OXQJLPHD� úL� JURVLPHD�FRUSXOXL��D���SUHúFRODU������DQL��E��úFRODU�������DQL��F��DGROHVFHQW�WkQ�U��GXS� ���DQL��SkQ� OD�VWDGLXO�GH�DGXOW�

5�

5�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

���/HJHD�SXEHUW� LL��ÌQDLQWH�GH�SXEHUWDWH � OXQJLPHD�FRUSXOXL�FUHúWH�SH VHDPD�PHPEUHORU�LQIHULRDUH� SUHGRPLQ� SURFHVHOH�GH�DOXQJLUH�RVRDV�� VH�GH]YROW� PDL�PXOW�RDVHOH��'XS� SXEHUWDWH � OXQJLPHD�FRUSXOXL�FUHúWH�SH�VHDPD�WUXQFKLXOXL� SUHGRPLQ� vQJURúDUHD�RVRDV�� VH�GH]YROW� PDVD�PXVFXODU���/HJHD�SODVWLFLW� LL�IRUPDWLY�HYROXWLYH������>S����@'H]YROWDUHD�DUH�ORF�SULRULWDU�vQ�GRPHQLXO�IXQF LRQDO�FHO�PDL�QHFHVDU�vQWU�R�HWDS� RQWRJHQHWLF��OLPEDM�YRUELW�����DQL�� OLPE� VW�LQ�������DQL��SRVLELOLW� L�FRJQLWLY� LQWHOHFWLYH�������DQL�� IRU ��PXVFXODU� PD[LP���������DQL��/HJLOH�JHQHUDOH�DOH�FUHúWHULL�GHVFULVH�GH�0ROFLDQRY� ����>S����@��5LWPXO�FUHúWHULL�VFDGH�FX�vQDLQWDUHD�vQ�YkUVW����&UHúWHUHD�QX�HVWH� VLPHWULF� SHQWUX� vQWUHJXO�RUJDQLVP�úL� vQ�DFHOHDúL�SURSRU LL��HD�VH� IDFH�SH�VHJPHQWH�FDUH�FUHVF�LQHJDO���9DULD LLOH�FUHúWHULL��FRQGL LRQDWH�GH�HUHGLWDWH�úL�GH�IDFWRULL�GH�PHGLX��RVFLOHD]� vQWUH�DQXPLWH�OLPLWH�IL]LRORJLFH���5LWPXO�GH�FUHúWHUH�HVWH�DFFHOHUDW�vQ�SULPLL�GRL�DQL�GH�YLD ���DSRL�VFDGH�úL�VH�DFFHQWXHD]� GLQ�QRX�VSUH�SXEHUWDWH��DSRL�VFDGH�RGDW� FX�VWDELOL]DUHD�PDWXUD LHL�VH[XDOH�/HJLOH�3UHQDQW�����>S����@&X�FkW�FHOXOHOH�VXQW�PDL�GLIHUHQ LDWH��FX�DWkW�FUHúWHUHD�HVWH�PDL�vQFHDW� úL�LQYHUV�ÌQ�VWDUHD�GH�HFKLOLEUX�VWDWXUDO�QX�VH�PDL�vQUHJLVWUHD]� QLFL�FUHúWHUL�DOH�QXP�UXOXL�GH�FHOXOH��QLFL�PRGLILF�UL�DOH�P�ULPLL�ORU�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

Ì0%�75Ì1,5($ÌQWUH� QDúWHUH� úL�PRDUWH� VH� GHVI�úRDU� DWkW� FUHúWHUHD� úL� GH]YROWDUHD�� SkQ� OD�PDWXULWDWH�� FkW� úL�DWURILD��LQYROX LD�úL�UHJHQHUDUHD���DFHVWHD�I�FkQG�SDUWH�GLQ�SURFHVXO�vPE�WUkQLULL�ÌPE�WUkQLUHD�IL]LRORJLF� vQFHSH�GLQ�VWDGLXO�GH�DGXOW�SHQWUX�FHOH�PDL�PXOWH�DSDUDWH�úL�VLVWHPH��GDWRUvQGX�VH� X]XULL�� (D� WUHEXLH� GLIHUHQ LDW� GH� VHQLOLWDWHD� SUHFRFH�XQ� SURFHV� SDWRORJLF�([LVW� HVXWXUL� FDUH� vúL� vQFKHLH�PDL� UHSHGH�SURFHVXO� GH�GLIHUHQ LHUH� úL� VH� DWURILD]� SUHFRFH� WLPXVXO�VDX� WDUGLY� JODQGHOH� VH[XDOH�$OWH� HVXWXUL� VH� UHJHQHUHD]� �� vúL� vQORFXLHVF� FHOXOHOH� X]DWH� SULQ�OH]LXQL�WDXPDWLFH��WR[LFH��LQIHF LRDVH��FX�FHOXOH�HPEULRQDUH��ÌQ�WLPS�FH� HVXWXO�KHPDWRSRLHWLF��HSLWHOLXO�FXWDQDW�úL�PXFRDVD�LQWHVWLQDO� DX��R�PDUH�FDSDFLWDWH�GH�UHJHQHUDUH��ILFDWXO��ULQLFKLXO��WLURLGD��SDQFUHDVXO�úL�FRUWLFRVXSUDUHQDOHOH�VH�UHJHQHUHD]� IRDUWH�SX LQ�([LVW� úL�FHOXOH�FDUH�QX�PDL�SRW�IL�vQORFXLWH��JDQJOLRQDUH��VXSUDUHQDOH�úL�UHWLQLHQH�'XS� 6FKOHLFK��vPE�WUkQLUHD�HVWH�³R�PRDUWH�OHQW�´�FH GXFH�OD�DEROLUHD�FRPSOHW� D�IXQF LHL�GH�vQORFXLUH�D� HVXWXULORU��LDU�GXS� 5RVWDQG�HD�UHSUH]LQW� YHULJD�GH�OHJ�WXU� FX��PRDUWHD��'DF� VH�SHWUHFH�OD�QLYHOXO�VSHFLHL��vPE�WUkQLUHD�HVWH�XQ�IHQRPHQ�GH�LQYROX LH�D�vQWUHJLL�OXPL��'HFXJLV��&RQWLQXkQG� WHRULD� OXL�+DQV� 6HO\H�� D� DGDSW�ULL� JHQHUDOH� OD� VWUHV��$QD�$VODQ�� UHSUH]HQWDQW� D�úFROLL� URPkQHúWL� GH� HQGRFULQRORJLH� DGXFH� FRQWLEX LL� LPSRUWDQWH� OD� VWXGLLOH� GH� JHULDWULH� úL�JHURQWRORJLH�� VXEOLQLLQG� UROXO� JODQGHL� VXSUDUHQDOH� GH� D� FRQWUDFDUD� X]XUD�3URJUDPHOH� DFWXDOH�FRPELQ� VWUDWHJLL�PHGLFDOH�úL��GH�RFURWLUH�SVLKR�VRFLDO��SHQWUX�D�vQFHWLQL�SURFHVXO�vPE�WUkQLULL�úL�D��vPEXQ�W� L�FDOLWDWHD�YLH LL�OD�YkUVWD�D�WUHLD�02$57($� QDWXUDO� UHSUH]LQW� vQFHWDUHD� IXQF LRQ�ULL� WXWXURU� DSDUDWHORU� úL� VLVWHPHORU�� � FX��WUHFHUHD�GH�OD�PDWHULD�YLH�OD�FHD�LQHUW��([LVW� PDL� PXOWH� IRUPH� GH� WUHFHUH� OD� PRDUWHD� GHILQLWLY��� FRQVLGHUDWH� ³DUWLILFLDOH´� �� úRFXO��VLQFRSD��FRPD��2SULUHD�IXQF LHL�RUJDQHORU�VH�IDFH�vQ�RUGLQH�LQYHUV� DSDUL LHL�ORU���ILORJHQHWLFH�� DGLF� VXEVWDQ D� FHUHEUDO��� FHD� PDL� WkQ�U� úL� XOWLPD� FD� HYROX LH� vúL� vQFHWHD]�SULPD�DFWLYLWDWHD��%LEOLRJUDILH�� 3HGLDWULD�SUHYHQWLY� GH�1�1��7ULIDQ��(G��0HGLFDO� %XFXUHúWL�������>S����@� ,JLHQD�GH�0�QHVFX��&XFX��7�Q�VHVFX��'XPLWUDFKH� (G��0HGLFDO���%XFXUHúWL�����

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

%,25,7085,/(

0LQ��)LJ��

'HILQL LH�� IHQRPHQH�FLFOLFH��ULWPLFH��FDUH�VH�UHSHW� FX�R�DQXPLW� SHULRGLFLWDWH��DWkW� vQ� OXPHD�SODQWHORU�úL�DQLPDOHORU�FkW�úL�OD�RP��$YLFHQD�YRUEHúWH�SHQWUX�SULPD�GDW� GHVSUH�³WHPSHUDPDQWHOH�DQRWLPSXULORU´�úL�OHJ�WXUD�ORU�FX�VW�ULOH�PRUELGH�DOH�RUJDQLVPXOXL��OXFUX�FDUH�úL�YD�J�VL�DSOLFD LL�SUDFWLFHPDL�WkU]LX�vQ�SURILOD[LD�EROLORU�VH]RQLHUH�5HQH�'HVFDUWHV�FRPSDU� RUJDQLVPXO�FX�XQ�FHDVRUQLF��LDU�*DOLOHR�*DOLOHL�vúL�DVHDP�Q� SXOVXO�FX� RVFLOD LLOH� SHQGXOXOXL�� DFHVWHD� ILLQG� SULPHOH� PRGHOH� IL]LFH� GH� GHVI�úXUDUH� OLQLDU� D�SURFHVHORU� YLWDOH�������� FDUH� LQWURGXF� QR LQHD� GH� IUHFYHQ �� %LRULWPXULOH� DX� vQV� úL� DOWH�FDUDFWHULVWLFL��UH]XOWDWH�GLQ�FDUDFWHUXO��ORU�RQGXODWRULX��QHOLQLDU��JUDILF�������x DPSOLWXGLQHD ± LQWHQVLWDWHD��W�ULD�IHQRPHQXOXL�vQWUH�PD[LP�úL�PLQLP���$��x SHULRDGD ±LQWHUYDOXO�GH�WLPS�vQ�FDUH�VH�UHDOL]HD]� ��7��x ID]D ± vQFHSXWXO�RVFLOD LHL�ID ��GH�SXQFWXO�GH�RULJLQH���I��x IUHFYHQ D � QXP�UXO�GH�SHULRDGH�vQ�XQLWDWHD�GH�WLPS���Q �x 'D L�SURSULD�GHILQL LH�ELRULWPXOXL��'D L�H[HPSOH�GH�ULWPXUL�vQ�OXPHD�YLH��

0D[�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

3ODQHWD� QRDVWU� V�D� IRUPDW� úL� H[LVW� vQ� LQWHUUHOD LH� FX�PHGLXO� FRVPLF�� FX� FDUH� DUH� XQ�VKLPE�SHUPDQHQW�GH�VXEVWDQ ���HQHUJLH�úL�LQIRUPD LH�ÌQ�DFHVW�FRQWH[W��ILLQ D�XPDQ� V�D�DGDSWDW�OD�YDULD LLOH�SHULRGLFH�DOH� IDFWRULORU�H[WHUQL� úL�D HYROXDW�FD�VSHFLH�GLXUQ���)UHFYHQ HOH�YDULDWH�DOH� ELRULWPXULORU� OD� RP� VXQW� GHWHUPLQDWH� GH� IUHFYHQ H� úL� SHULRDGH� GLIHULWH� DOH� IHQRPHQHORU�PHGLXOXL�DPELDQW��FX�FDUH�LQWU� vQ�UH]RQDQ ��������>S���@�0RGHOHOH� FLEHUQHWLFH� H[SOLF� FLFOXULOH� ]LOQLFH�� OXQDUH�� DQXDOH�$FWLYLWDWHD� YLWDO� HVWH�SULYLW� FD� XQ� SURFHV� RQGXODWRULX� FRQWLQXX�� ILHF�UHL� PDQLIHVW�UL� vL� FRUHVSXQG� GRX� ID]H�DOWHUQDQWH��XQD� SR]LWLY��� GH� DFWLYLWDWH� úL� DOWD� QHJDWLY��� GH� UHSDXV�� UHIDFHUH� D� X]XULL�� HOH� ILLQG�UHOD LRQDWH�SULQ�IHHG�EDFN���DXWRUHJODUH ���'HFL��OD�RULFH�QLYHO�GH�RUJDQL]DUH��GH�OD��RUJDQLVPH�XQLFHOXODUH� OD� � FHOH� VXSHULRDUH�� � GH� OD� PROHFXOH� OD� SRSXOD LL� vQWUHJL�� SURFHVHOH� YLWDOH� VH�GHVI�úRDU� ULWPLF�� GXS� XQ�PRG� SURSULX� GH�PLúFDUH�� FH� UHSUH]LQW� R�PDQLIHVWDUH� D� WLPSXOXL�ELRORJLF�úL�D�IRVW GHQXPLW�ELRULWP�%LRULWPXULOH� VXQW� SHUHFKL� GH� FRQWUDULL� �� H[��� H[FLWD LH�LQKLEL LH�� DVLPLOD LH�GH]DVLPLOD LH��(OH�DX�R�GXEO� GHWHUPLQDUH��H[RJHQ� úL�HQGRJHQ���FDUH�FRH[LVW��&ODVLILFDUH�ELRULWPXUL��YHJHWDOH���DQLPDOH���XPDQH��LQGLYLGXDOH���GH�JUXS�FHOXODUH���WLVXODUH���RUJDQLFH���VLVWHPLFH�PHWDEROLFH���DOH�FUHúWHULL���DOH�UHSURGXFHULL���DOH�VW�ULL�SVLKLFH��PLFURULWPXUL���PDFURULWPXUL�6SHFWUXO�ELRULWPXULORU FXSULQGH�ULWPXUL�FX�IUHFYHQ ��vQDOW���PHGLH�úL�MRDV��x %LRULWPXUL�FX�IUHFYHQ ��vQDOW� ��FDUH�DX�SHULRDGD�SkQ� OD����GH�PLQXWH���VXQW�FHOH�DOH�DFWLYLW� LL�HQ]LPDWLFH��QHUYRDVH��PXVFXODUH��FDUGLDFH�úL�UHVSLUDWRULL�x %LRULWPXULOH�FX�IUHFYHQ ��PHGLH �FX�SHULRDGD�vQWUH����PLQXWH�úL�����]LOH��VH�vPSDUW�vQ�XOWUDGLHQH��FLUFDGLHQH�úL�LQIUDGLHQH�x %LRULWPXULOH�FX�IUHFYHQ ��MRDV� VXQW V�SW�PkQDOH��OXQDUH��DQXDOH�úL�PXOWLDQXDOH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

RUD���������������� ����� �� ��������������������� ���� �������������� ��� �ILJ��

&HOH�PDL�LPSRUWDQWH�GLQ�SXQFW�GH�YHGHUH�PHGLFDO�VXQW�ELRULWPXULOH�FLUFDGLHQH� FX�R�GXUDW� DSUR[LPDWLY� GH�R�]L��FXSULQV� vQWUH����úL����GH�RUH������� �5LWPXO� VRPQ�YHJKH HVWH� LQGLVSHQVDELO� YLH LL�� HFKLOLEUXOXL� VLVWHPXOXL� QHUYRV� úL�SHUIRUPDQ HORU� XPDQH�� UHSUH]HQWkQG� XQ� DGHY�UDW� ³FHDV� LQWHUQ´� FDUH� FRRUGRQHD]� DOWH�ULWPXUL�FLUFDGLHQH��0RGLILF�UL�vQ�RUDUXO�úL�FDOLWDWHD�VRPQXOXL�GXF�OD�GHUHJO�UL�DOH�IXQF LLORU�IL]LFH���DOH�SURFHVHORU�HPR LRQDOH�úL�LQWHOHFWLYH��� �%LRULWPXO�WHPSHUDWXULL�XUPHD]� DFHODúL�JUDILF�FX�XQ�PD[LP�vQWUH�RUHOH������úL�������úL�FX� XQ� PLQLP� GH� ���� &� QRDSWHD�&XUED� WHUPLF� HVWH� GHSHQGHQW� GH� ULWPXO� VRPQ�YHJKH��VRPQXO�VH�SUHOXQJHúWH�SURSRU LRQDO�FX�FUHúWHUHD� WHPSHUDWXULL�úL� LQYHUV�$FHODúL�SDUDOHOLVP�GH� ID]� H[LVW� vQWUH� ULWPXO� WHPSHUDWXULL� úL� DOWH� ULWPXUL� ELORJLFH�� DO� DFWLYLW� LL� QHUYRDVH��FDUGLDFH�� DO� WHQVLXQLL� DUWHULDOH�DO� SXOVXOXL�2EVHUY�P�F� OXPLQD� MRDF� XQ� URO� LPSRUWDQW� vQ�UHDOL]DUHD� ID]HL� SR]LWLYH� D� WXWXURU� ELRULWPXULORU�� ID]D� GH� ]L�� OD� DFHDVWD� FRQWULEXLQG� úL�DFWLYLW� LOH�GHVI�úXUDWH�úL�DOLPHQWD LD��� ±%LRULWPXO�SHUIRUPDQ HL XPDQH�GHSLQGH�GH�SULPHOH�GRX� ULWPXUL��GDU�úL�GH�DQWUHQDPHQW��FRPSOH[LWDWHD� VDUFLQLL�� VWDUH� GH� V�Q�WDWH�� FDUDFWHULVWLFL� LQGLYLGXDOH�ÌQ� JHQHUDO�� GLPLQHD D�HVWH�RSWLP� VWRF�ULL�SH�WHUPHQ�VFXUW�D�GDWHORU�VDX�UHPHPRU�ULL��FHOH�PDL�EXQH�SHUIRUPDQ H�SHQWUX� PHPRULD� SH� WHUPHQ� OXQJ� ILLQG� vQUHJLVWUDWH� GXS�DPLD]D� úL� VHDUD� �� vQ� SDUDOHO� FX�WHPSHUDWXUD�PD[LP� D�FRUSXOXL���$O L�LQGLFDWRUL�DL�VW�ULL�GH�V�Q�WDWH�VXQW ELRULWPXULOH�FH�UHSUH]LQW� IXQF LLOH�UHVSLUDWRULL��H[FUH LD�UHQDO��� SURFHVHOH�PHWDEROLFH�� FRQVWLWXHQ LL� VkQJHOXL�� VHQVLELOLWDWHD� OD�PHGLFDPHQWH�� LQFLGHQ D�GHFHVHORU�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$SOLFD LL� SUDFWLFH� %LRULWPXULOH� UHSUH]LQW� R� GRYDG� D� RELHFWLYLW� LL� WLPSXOXL�� D� XQLW� LL�PDWHULDOH�úL�D�GLYHUVLW� LL�OXPLL�YLL��2UJDQLVPHOH�VH�DGDSWHD]� OD�FRQGL LLOH�DPELDQ HL��GDWRULW�KRPHRVWD]LHL� � FDSDFLW� LL� GH� D�úL�PHQ LQH� FRQVWDQWHOH� vQWU�XQ� FkPS� GH� YDULD LH� IL]LRORJLF���LQWUH�XQ�PD[LP�úL�XQ�PLQLP�([LVW� R�FURQRIL]LRORJLH úL�R�FURQRSDWRORJLH��XWLOH�PHGLFLORU��ELRORJLORU�úL�DOWRU�VSHFLDOLúWL�ÌQ�IL]LRORJLH� VH� GHVFRSHU� YDULD LLOH� ULWPLFH� DOH� XQHL� IXQF LL� �DPSOLWXGLQHD�� IUHFYHQ D�� QLYHOXO�PHGLX��úL�VH�DQDOL]HD]� VWDWLVWLF��LDU�vQ�PHGLFLQD�FOLQLF� VH�XUP�UHVF�LQIOXHQ HOH�SH�FDUH�OH�DUH�DFHDVW� YDULDELOLWDWH�vQ�WLPS�DVXSUD�GLDJQRVWLFXOXL��SURJQRVWLFXOXL�úL�WUDWDPHQWXOXL�x (VWH�LPSRUWDQW� RUD�OD�FDUH�H[DPLQ�P�EROQDYXO�"x &XP�VH�PRGLILF� ULWPXO�FLUFDGLDQ�DO�XQRU�IXQF LL��vQ�GLIHULWH�PDODGLL�"x &XP�VH�DOF�WXLHúWH�RUDUXO�PHGLFD LHL�DFWLYH��SHQWUX�D�IL�HILFLHQW� "*KLGXUL� GH� YDORUL� QRUPDOH� DOH� XQRU� LQGLFDWRUL� IL]LRORJLFL�� IDF� GRYDGD� YDULD LLORU� GLXUQH��PXOLFRWLGLHQH�VDX�OXQDUH��XQHRUL��VH]RQLHUH��VDX�DQXDOH��%LRULWPRPHWULD HVWH�XWLO� vQ�GHWHUPLQDUHD�]LOHORU�úL�D�SHULRDGHORU�FULWLFH�OD�EROQDYLL�FXSDWRORJLH�FDUGLRYDVFXODU��GLJHVWLY���SVLKLDWULF��UHVSLUDWRULH�UHXPDWLVPDO���PHWDEROLF���,DW�FkWHYD�GRPHQLL�PHGLFDOH�FH�vúL�SURSXQ�V� U�VSXQG� OD�vQWUHE�ULOH�GH�PDL�VXV��x vQ� PHGLFLQD� SUHYHQWLY��� ³FURQRLJLHQD´� SRDWH� LQWHUYHQL� vQ� SURILOD[LD� EROLORU� úL� D�DFFLGHQWHORU�GDWRUDWH�IDFWRULORU�PHWHRURORJLFL���]RQDOL��UHVSHFWLY�VFKLPE�ULL�WHPSRUDUH�VDX�SHUPDQHQWH�D FRQGL LLORU�GH�YLD ��úL�GH�PXQF���F�O�WRULL�GLQWU�R�HPLVIHU� vQ�DOWD��GHFDO�UL�GH�IXV�RUDU��PRGLILFDUHD�RELFHLXULORU�DOLPHQWDUH�úL�D�VWLOXOXL�GH�YLD ���x vQ� � PHGLFLQD� PXQFLL� FURQRSDWRORJLD�� SH� DSDUDWH� úL� VLVWHPH� RIHU� PRGHOXO� XQRU� YDULD LL�VH]RQLHUH� VDX� DQXDOH� DOH�PDODGLLORU� vQ� IXQF LH� GH� RUDUXO�PXQFLL� �GH� DQXPLWH� FRQGL LL� GH�PLFURFOLPDW�FH�LQIOXHQ HD]� SURFHVH�YLWDOH���x vQ�IDUPDFRORJLH�HIHFWHOH�PHGLFDPHQWHORU�vQ�IXQF LH�GH�RUDUXO�DGPLQLVWU�ULL�x vQ� FKLUXUJLH� SODQLILFDUHD� LQWHUYHQ LLORU�� vQ� � FXUVXO� ]LOHL� úL� D� WUDQVSODQWXOXL� vQ� IXQF LH� GH�ULWPLFLWDWHD�PLWR]HORU�RUJDQHORU�GRQDW�úL�SULPLW�x vQ�PHGLFLQD�VSRUWLY��DGDSWDUHD�HIRUWXOXL�OD�SHULRDGHOH�GH�DQWUHQDPHQW�úL�FRPSHWL LH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

'LF LRQDU�GH�WHUPHQL�x DFURID]��P�VXU� D�WLPSXOXL�GH�OD�SXQFWXO�GH�UHIHULQ ��OD�SXQFWXO�FHO�PDL�vQDOW�DO�XQXL�ULWP�GHILQLW�GH�XQ�PRGHO�PDWHPDWLF��FRV���GHILQLW� SULQ�XQLW� L�GH�WLPS���VHF��PLQ��RUH�]LOH��DQL��VDX�XQLW� L�IL]LRORJLFH��QU� E�W�L�LQLP���QU��UHVSLUD LL���x FURQRWROHUDQ ��LQWHUYDOH� GH� WLPS�� VHPQLILFDWLYH� VWDWLVWLF�� vQ� FDUH� H[LVW� R� UH]LVWHQ ��FUHVFXW� OD� DQXPLWH� WUDWDPHQWH� VDX� GLIHUHQ H� GUDPDWLFH� vQ� U�VSXQVXO� RUJDQLVPXOXL� OD�WHUDSLL��FRQVLGHUDWH�QHG�XQ�WRDUH�x GHVLQFURQL]DUH�VWDUH� D� GRX� VDX� PDL� PXOWH� YDULDELOH� ULWPLFH� FDUH� DX� IRVW� vQ� SUHDODELO�VLQFURQL]DWH��GDU�DX�vQFHWDW�V� PDL�ILH�SH�DFHHDúL�IUHFYHQ ��VDX�DFURID]��x GLVFURQLVP�DOWHU�UL� vQ� VWUXFWXUD� WLPSXOXL�� DVRFLDWH� FX� LQVXILFLHQ H� IL]LFH�� IL]LRORJLFH� VDX�PHQWDOH�x LQIUDGLDQ�ULWP�FX�R�IUHFYHQ ��PDL�PDUH�GHFkW�FLUFDGLDQ��x LQWHUYDO�GH�VLJXUDQ � ��GH�FRQILGHQ ����± FHO�J�VLW�SULQ�PHWRGH�VWDWLVWLFH�SHQWUX�XQ�VLQJXU�SDUDPHWUX�LQYHVWLJDWx ULWP�P�VXU�WRDUH� D� VHULHL� ELRORJLFH�� GHPRQVWUDW� vQWU�R� IRUP� DOJRULWPLF��� FX� PHWRGH�VWDWLVWLFH� FDUH� UHOHY� F� DQXPLWH� HYHQLPHQWH� UHDSDU� OD� LQWHUYDOH� HJDOH� GH� WLPS� úL� VXQW�SUHGLFWLELOH�GLQ�SXQFW�GH�YHGHUH�PDWHPDWLF�x VLQFURQL]DUH�VWDUH� D� XQXL� VLVWHP�� vQ� FDUH� GRX� VDX� PDL� PXOWH� YDULDELOH� SHULRGLFH� DX�DFHHDúL�IUHFYHQ ���V��H[WHUQ�� GHWHUPLQDW� GH�XQ�IDFWRU�GH�PHGLX��VLQFURQL]DWRU�úLV��LQWHUQ� ± GHWHUPLQDW� GH�XQ�LQGLFDWRU�GH�ULWP��SDFH�PDNHU�x VSHFWUXO WLPSXOXL�ELRORJLF�± WRWDOLWDWHD�ULWPXULORU�ELRORJLFH�FX�IUHFYHQ H�GLIHULWH�x VWUXFWXUD WLPSXOXL�ELRORJLF� VXPD�WXWXURU�ULWPXULORU�ELRORJLFH�DOH�ILHF�UXL�VSHFWUX�

%LEOLRJUDILH�� 7UDWDW�GH�,JLHQ� GH�6��0�QHVFX�(G��0HGLFDO��%XFXUHúWL������������� &URQRELRORJLD�úL�PHGLFLQD�GH�'��ùWHIOHD��(G�PHGLFDO� %XFXUHúWL�����������������

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

)$&725,,�0(',8/8,��),=,&�ù,�,1)/8(1�$�/25��$6835$�6�1�7��,,&/,0$��95(0($��$&/,0$7,=$5($�&RQFHSW��FOLP�� >�NOLPD�@�GLQ�OLPED�JUHDF� �GHYLD LD��vQFOLQD LD�UDGLD LHL�VRODUH�&OLPD HVWH� FDUDFWHUL]DW� GH� WRWDOLWDWHD� IDFWRULORU� IL]LFL�� FRVPLFL�� DWPRVIHULFL�� WHUHúWUL��WHOXULFL��ELRORJLFL� úL� PHWHRURFOLPDWLFL� � WHPSHUDWXU��� SUHFLSLWD LL�� vQVRULUH�� QHEXOR]LWDWH��XPLGLWDWH�� YkQW��FDUDFWHULVWLFL� SHQWUX� R� DQXPLW� UHJLXQH� WLPS� vQGHOXQJDW� úL� FDUH� DF LRQHD]�DVXSUD�RPXOXL�(D�UHSUH]LQW� VXPD� WXWXURU�VW�ULORU�GH�YUHPH GLQWU�XQ� WHULWRULX�GHOLPLWDW��FX�R�PDUH� VWDELOLWDWH vQ� WLPS�� VXIHULQG� PRGLILF�UL� DSUHFLDELOH� QXPDL� OD� LQWHUYDOH� GH� VHFROH� VDX�PLOHQLL������>S���@9UHPHD HVWH�VWDUHD�FRQGL LLORU�PHWHRURORJLFH �LQWHUGHSHQGHQWH��SHQWUX�XQ� LQWHUYDO�PDL�VFXUW�GH WLPS� PRGLILFkQGX�VH� FKLDU� GH�PDL�PXOWH� RUL� SH� ]L�(D� GHSLQGH� úL� GH� DOWH� SURFHVH� IL]LFH��SHWUHFXWH� vQ� DWPRVIHU��� vQ� DULD� WHULWRULXOXL� VXEMDFHQW�� FXP� DU� IL�� FDQWLWDWHD� GH� UDGLD LL� VRODUH��SUHVLXQHD�úL�YL]LELOLWDWHD�DWPRVIHULF���LRQL]DUHD��FkPSXO�HOHFWULF��FDUDFWHUXO�QRULORU�HWF��0RGLILF�ULOH�SHULRGLFH DOH�YUHPLL��]LOQLFH�VDX DQXDOH��VH�SURGXF� WUHSWDW�úL�QX�SUH]LQW� DF LXQL�DFXWH�DVXSUD�RUJDQLVPXOXL��FL�GRDU�LQIOXHQ HD]� ULWPLFLWDWHD�XQRU�IXQF LL�FRPSOH[H�0RGLILF�ULOH� QHSHULRGLFH VXQW� FDX]DWH GH� PLúFDUHD� PDVHORU� GH� DHU� FH� VH� GHSODVHD]� vQ�WURSRVIHU��0DVHOH� GH DHU VH� FODVLILF� vQ� PDVH� FRQWLQHQWDOH VDX� PDULWLPH� UHVSHFWLY� GLQ� ]RQH� SRODUH��WHPSHUDWH�VDX�WURSLFDOH�)URQWXO�DWPRVIHULF DSDUH�OD�]RQD�GH�FRQWDFW�GLQWUH�GRX� PDVH�GH�DHU��([LVW� IURQWXUL FDOGH�úL�UHFL ± LPSRUWDQWH� SHQWUX� VWDUHD� GH� V�Q�WDWH�� SUHFXP� úL� FRPELQD LL� DOH� DFHVWRUD� ± IURQWXUL� GH�RFOX]LH�� FH�QX� LQIOXHQ HD]� RUJDQLVPXO� vQ�PRG�GHRVHELW�(OH�SRW� IL� vQVR LWH� DGHVHD�GH� FLFORQL��YkUWHMXUL�SXWHUQLFH��EUXVF�LQVWDODWH���GH�QRUL�JURúL��GHVF�UF�UL�HOHFWULFH��SUHFLSLWD LL�VXE�IRUP�GH�DYHUVH�$QWLFLFORQLL ± IRUPD L�vQ�]RQH�FX�SUHVLXQH�DWPRVIHULF� ULGLFDW���VXQW��OLSVL L�GH�IURQWXUL�úL�DGXF�YUHPH�VWDELO���FDOG� YDUD�úL�UHFH�LDUQD�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

7,385,/(�'(�&/,0$7�ù,�,1)/8(1�$��/25��$6835$��25*$1,608/8,3H�VXSUDID D�S�PkQWXOXL�H[LVW� FLQFL�]RQH�FOLPDWLFH�GH�ED]���XQD�WURSLFDO���GRX� WHPSHUDWH�úL�GRX� SRODUH�úL�vQF� GRX� ]RQH�FOLPDWLFH�VXEWURSLFDOH��=21(/(��32/$5(6H�vQWLQG�SkQ� OD�ODWLWXGLQHD�GH������FRUHVSXQ]�WRDUH�L]RWHUPHL��DQXDOH���&DUDFWHULVWLFL��DOWHUQDQ D�]L�QRDSWH�SRODU��WHPSHUDWXUD�PHGLH�DQXDO� HVWH�VXE�]HUR�JUDGH�&HOVLXV��XPLGLWDWHD�UHODWLY� HVWH�PDUH��vQVRULUHD� HVWH� UHGXV� úL� UHJLPXO� GH� UDGLD LL� VDWLVI�F�WRU�� GDWRULW� DHUXOXL� SXU� FH� SHUPLWH�S�WUXQGHUHD�ORU��PDL�DOHV�vQ�SHULRDGD�OXQJLORU�]LOH�SRODUH��GHQVLWDWHD�UHGXV� D�SRSXOD LHL�HVFKLPRúL�,QIOXHQ D�DVXSUD�RUJDQLVPXOXL��UH]LVWHQ �� D� RUJDQLVPXOXL� OD� WHPSHUDWXUL� VF�]XWH�� SULQ� PRGLILF�UL� DOH� WHUPRUHJO�ULL�YDVRFRQVULF LH�SHULIHULF���FX�LQWHQVLILFDUHD�FLUFXOD LHL�VDQJYLQH�vQ�RUJDQHOH�LQWHUQH�úL�PXFRDVH�����FUHúWH�IOX[XO�VDQJYLQ�vQ�H[WUHPLW� L�úL�FUHúWH�YROXPXO�FLUFXODQW���PRGLILF�UL� VH]RQLHUH� DOH� IXQF LLORU� IL]LRORJLFH�� vQ� SURFHVXO� DFOLPDWL]�ULL�� FUHúWHUHD�PHWDEROLVPXOXL� ED]DO�� FUHúWHUHD� VFKLPEXULORU� JD]RDVH�� LQWHQVLILFDUHD� DFWLYLW� LL� � VLVWHPXOXL�KLSRIL]R�KLSRWDODPR�FRUWLFRVXSUDUHQDOLDQ�� vQ� VSHFLDO� D� JODQGHL� WLURLGH�R DOW� SHULRGLFLWDWH� D�FLFOXOXL�RYDUR�PHQVWUXDO��SDUWLFXODULW� L�DOH�FXUEHL�GH�GH]YROWDUH��QRX�Q�VFXWXO�DUH�JUHXWDWH�úL�OXQJLPH�PDL�PDUL�GHFkW�vQ�DOWH�]RQH�GXS� ����OXQL��VLWXD LD�LQYHUVkQGX�VH���SDWRORJLD� VSHFLILF� HVWH� UHSUH]HQWDW� GH� EROL� LQIHF LRDVH� UDUH GDU� DYkQG� IRUPH� JUDYH GH�PDQLIHVWDUH�� vQ� VSHFLDO� vQ� FD]XO� PLFURRUJDQLVPHORU� DHURJHQH�� FHHD� FH� GRYHGHúWH� IDSWXO� F�]RQHOH� SRODUH�� GHúL� UHFL�� QX� VXQW� VWHULOH� �� V�D� GRYHGLW� F� H[LVW� R� PDUH� YDULHWDWH� GH� VSHFLL�PLFURELHQH�� FDUH� VH� vQPXO HVF� YDUD� úL� FRQWULEXLH� OD� PLQHUDOL]DUH� vQ� SHULRDGD� LHUQLL�� EDFLOLL�GL]HQWHULFL�vúL�PHQ LQ�YLWDOLWDWHD�úL�YLUXOHQ D�úL�GXS� ³�LHUQDW�³�vQ�]�SDG���UDKLWLVPXO� úL� DWHURVFOHUR]D� QX� DSDU� vQ� FLXGD� IULJXOXL� úL� D´� KLEHUQ�ULL´�� GDWRULW� UHJLPXOXL�DOLPHQWDU�ERJDW�vQ�FDUQH�úL�JU�VLPL�QHVDWXUDWH��DGHVHD�FRVXPDWH�vQ�VWDUH�FUXG���$FOLPDWL]DUHD LPLJUDQ LORU vQ�DFHVWH�]RQH�GXUHD]� Fk LYD�DQL��FHOH�PDL�PDUL�PRGLILF�UL�DYkQG�ORF�vQ�SULPXO�DQ�GH�OD�PXWDUH��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

=21(/(�7(03(5$7(6XQW�VLWXDWH� � vQWUH�FHOH�GRX� L]RWHUPH�DQXDOH��GH����úL�UHVSHFWLY�]HUR�JUDGH��FRUHVSXQ]�WRDUH�SDUDOHOHORU����úL����&DUDFWHULVWLFL��DOWHUQDQ D�FHORU�SDWUX�DQRWLPSXUL��FX�VFKLPE�UL�IUHFYHQWH�DOH�YUHPLL�úL�YDULD LL�GH�FOLP� IRDUWH�PDUL��GLIHUHQ H�PDUL�GH�OD�R�UHJLXQH�OD�DOWD��vQ�IXQF LH�GH�LQIOXHQ D�PDULWLP� VDX�FRQWLQHQWDO���vQVRULUH�PHGLH��GHQVLWDWH�PDUH�GH�ORFXLWRUL�DJORPHU�UL�XUEDQH�3DWRORJLH�VSHFLILF��LQIHF LL�YLUDOH�úL�PLFURELHQH� �� vQ�VSHFLDO�UHVSLUDWRULL��FX�FDUDFWHU�VH]RQLHU��EROL�FURQLFH��GHJHQHUDWLYH��IUHFYHQW�5$$��DUWURSDWLL���³EROLOH�FLYLOL]D LHL´�=21$��7523,&$/�6LWXDW� GH�R�SDUWH�úL�FHDODOW� D�HFXDWRUXOXL��VHSDUDW� GH�]RQHOH�WHPSHUDWH�SULQ�FHOH�GRX� ]RQH�VXEWURSLFDOH�&DUDFWHULVWLFL��WHPSHUDWXUL�ULGLFDWH��vQVRULUH�PD[LP���VFKLPE�UL�GH�YUHPH�FX�FDUDFWHU�ULWPLF�6XEGLYL]LXQL��FOLPDW�WURSLFDO�PDULWLP� FDOG�úL�XPHG�XPLGLWDWH�ULGLFDW���GH�XVFDW��GH�VWHS��VDYDQ���SUHHULL��GHúHUW�WHPSHUDWXUL�PD[LPH��GH�vQ�O LPH� SHVWH������P�± SUHVLXQH�DWPRVIHULF� VF�]XW���FDQWLW� L�PDUL�GH�UDGLD LL��%LEOLRJUDILH�� 7UDWDW�GH�LJLHQ� GH�0�QHVFX�±YRO�,�(G��0HGLFDO� %XFXUHúWL�������� ,JLHQD�GH�0�QHVFX��&XFX��'XPLWUDFKH� (G��0HGLFDO�������

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$(58/ÌQYHOLúXO�JD]RV�DO�S�PkQWXOXL�GHQXPLW�úL�DWPRVIHU� WHUHVWU� HVWH�XQ�IDFWRU�HVHQ LDO�DO�H[LVWHQ HL�YLH LL�SH�S�PkQW�&RPSR]L LH� DWPRVIHUD� XVFDW� HVWH� UHSUH]HQWDW� GH� D]RW� vQ� SURSRU LH� GH� �������� R[LJHQ���������ELR[LG�GH�FDUERQ�������������UHVWXO��GH�������ILLQG�JD]H���1H��+H��&+���.U��;H��+���5D�� R]RQ� �� úL� YDSRUL� GH� DS� �������5H]XOW� GH� DLFL� F� FHOH� GRX� JD]H� SULQFLSDOH�� D]RWXO� úL�R[LJHQXO�VH�DIO� vQ�UDSRUW�GH���OD����1������UHVSHFWLY�2�����������,PSRUWDQ ��D]RWXO� GLQ� DHU� UHSUH]LQW� R� YHULJ� LPSRUWDQW� vQ� FLUFXLWXO� D]RWXOXL� vQ� QDWXU���R[LJHQXO�LQWHUYLQH�vQ�UHVSLUD LD�YHJHWDO� úL�DQLPDO���LDU�ELR[LGXO�GH�FDUERQ�vQ�IRWRVLQWH]��1HYRLD�GH�DHU�HVWH�GH�������P�������GH�RUH��DGLF� DSUR[LPDWLY����NJ�DHU������RUH�vQ�DWPRVIHU�GHVFKLV� úL� ����� P�� �� ��� GH� RUH� vQWU�R� vQF�SHUH�5H]XOW� LPSRUWDQ D� SHQWUX� V�Q�WDWH� � D�FRPSR]L LHL� FKLPLFH� D� DHUXOXL� LQVSLUDW�� GDU� úL� D� SURSULHW� LORU� VDOH� IL]LFH�� WHPSHUDWXU���XPLGLWDWH��FXUHQ L�GH�DHU��SUHVLXQH��UDGLD LL��9LFLHUHD� DHUXOXL� UHSUH]LQW� DOWHUDUHD� SURSULHW� LORU� IL]LFH� DOH� DHUXOXL� vQWU�XQ� VSD LX� vQFKLV��QHYHQWLODW� úL� DJORPHUDW�� FD� UH]XOWDW� DO� DFWLYLW� LL� IL]LRORJLFH� D� RDPHQLORU� úL� DSDUL LD� vQ� PRG�VHFXQGDU� D� XQRU� PRGLILF�UL� DOH� FRPSR]L LHL� � VDOH� FKLPLFH�� VF�GHUHD� R[LJHQXOXL�� FUHúWHUHD�ELR[LGXOXL�GH�FDUERQ��DFXPXODUHD�XQRU�JD]H�GH�IHUPHQWD LH�úL�D�XQRU�SURGXúL�WR[LFL��]RRWR[LQH��VHFUH LL�WHJXPHQWDUH��3ROXDUHD� DHUXOXL� UHSUH]LQW� SUH]HQ D� vQ� DWPRVIHU� D� XQRU� VXEVWDQ H� VWU�LQH� GH� FRPSR]L LD�QRUPDO� D�DHUXOXL� FDUH��vQ�IXQF LH�GH�FRQFHQWUD LH��WLS�GH�VXEVWDQ ��úL�WLPS�GH�DF LXQH�SURYRDF�DOWHUDUHD�PHGLXOXL�GH�YLD ��XPDQ��VW�UL�GH�GLVFRQIRUW��PDODGLL��DIHFWHD]� IORUD�úL�IDXQD�

9LFLHUHD�DHUXOXL6H�SURGXFH�vQWU�XQ�VSD LX�vQFKLV��QHYHQWLODW�úL�DJORPHUDW�$X�ORF�XUP�WRDUHOH�SURFHVH�IL]LRORJLFH��� UHVSLUD LD��; 2���9 &2���9 WHPSHUDWXUD�úL9XPLGLWDWHD�SULQ�DHUXO�H[SLUDW� SLHUGHUHD�GH�F�OGXU� D�RUJDQLVPXOXL�SULQ�FRQGXF LH��DHUXO�PDL�FDOG��FX�GHQVLWDWH�PDL�PLF�VH�GHSODVHD]� vQ�vQF�SHUH��LDU�DSD�VH�HYDSRU� OD�VXSUDID D�SLHOLL�úL�D�PXFRDVHL�UHVSLUDWRULL�� HOLPLQDUHD�SURGXúLORU�GH�PHWDEROLVP�SULQ�SLHOH�DFLG�EXWLULF��YDOHULF��FDSURLF��úL�SULQ�WXEXO�GLJHVWLY�1+���+�6��LQGRO��VFDWRO��PHUFDSWDQL��9LFLHUHD� DHUXOXL� SURGXFH� HIHFWH� DFXWH� úL� FURQLFH� DVXSUD� RUJDQLVPXOXL� XPDQ�� vQ� IXQF LH� GH�WLPSXO�GH�WLPSXO�GH�H[SXQHUH�OD�FRQGL LLOH�GH�PDL�VXV�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

(IHFWHOH�DFXWH VH�PDQLIHVW� UDSLG��vQ�FkWHYD�PLQXWH�VDX�RUH��SULQ�FHIDOHH��YHUWLM��JUHD ���YRP���VHQ]D LH�GH�VXSUDvQF�O]LUH��VXIRFDUH��DVWHQLH��VRPQROHQ ��� OLSRWLPLH�VDX�FKLDU�PRDUWH�$FHVWHD�VH� REVHUY� PDL� IUHFYHQW� vQ� V�OLOH� GH� VSHFWDFROH�� FLQHPD�� FRQIHULQ H�� OLIWXUL�� FKHVRDQH��DG�SRVWXUL� HUPHWLF� vQFKLVH�� PLQH�V�OL� GH� IHUPHQWDUH� D� EHULL�� vQF�SHUL� PLFL�� QHDHULVLWH� VDX�VXSUDvQF�O]LWH�(IHFWHOH�FURQLFH VH��LQVWDOHD]� vQ�WLPS��OD�SHUVRDQHOH�FDUH�OXFUHD]� ]LOQLF�VDX�ORFXLHVF�vQ�DVWIHO�GH� FRQGL LL�(OH� FRQVWDX� vQ�� DQRUH[LH�� DQHPLH�� SDORDUH�� DGLQDPLH�� IDWLJDELOLWDWH�� VF�GHUHD�UH]LVWHQ HL�RUJDQLVPXOXL�úL�UHWDUG�VWDWXUR�SRQGHUDO�OD�FRSLL��PXOW�PDL�VHQVLELOL�OD�KLSR[LH�GHFkW�DGXO LL�'HWHUPLQDUHD� YLFLHULL� DHUXOXL� VH� SRDWH� IDFH� ILH� P�VXUkQG� VHSDUDW� WHPSHUDWXUD�� XPLGLWDWHD��YLWH]D� FXUHQ LORU� GH� DHU�� ILH� IRORVLQG� FD� LQGLFDWRU� FRQFHQWUD LD� ELR[LGXOXL� GH� FDUERQ� GLQ�vQF�SHUL�$HUXO�DWPRVIHULF�DUH��vQ�PRG�QRUPDO�R�FRQFHQWUD LH�PLF� D�&2����GH��������������OD�YDORUL GH������������ SURSULHW� LOH� IL]LFH� DOH� DHUXOXL� VXQW� DWvW� GH� PRGLILFDWH�� vQFkW� DFHVWD� SRDWH� IL�FRQVLGHUDW�YLFLDW�'HWHUPLQDUHD�SUDFWLF� D�FRQFHQWUD LHL�ELR[LGXOXL�GH�FDUERQ�VH�IDFH�SULQ�P�VXUDUHD�FRQVXPXOXL�GH� &2�� � FH� VH� IL[HD]� SH� R� VROX LH� GH� KLGUR[LG� GH EDULX� ±%D�2+��� FDUH� VHGLPHQWHD]� SH�IXQGXO�IODFRQXOXL��'LQ�VXSHUQDWDQW�VH�GHWHUPLQ� WLWUXO�ILQDO�DO�VROX LHL�GH�%D�2+���úL�VH�IDFH�GLIHUHQ D�ID ��GH�WLWUXO�LQL LDO��SH�ED]D�XQHL�IRUPXOH�GH�FDOFXO�VH�GHWHUPLQ� FRQFHQWUD LD�&2��GLQ�DHU�(VWH�LPSRUWDQW�V� QRW�P�WHPSHUDWXUD�úL�SUHVLXQHD�DHUXOXL�OD�ORFXO�GHWHUPLQ�ULL�1RUPH� YDORUL�PD[LP�DGPLVH��91x vQ�DHUXO�vQF�SHULORU����Å�VDX������x vQ�VSLWDOH�������Å�VDX�������2EVHUYD LL��FUHúWHUL�UHGXVH�DOH�&2���������������GHFL�GH����[�91����SRW�V� DSDU� vQ�vQF�SHUL�vQFKLVH�QHYHQWLODWH�VXILFLHQW���LDU�FUHúWHUL�PDUL����������GHFL�GH�����[�91���VH�vQUHJLVWUHD]� vQ�VSD LL�vQFKLVH�OD�PDUH�DGkQFLPH�úL�vQ�V�OL�GH�IHUPHQWDUH�D�EHULL�3URILOD[LD�YLFLHULL�DHUXOXL�VH�UHDOL]HD]� SULQ��YHQWLOD LH� QDWXUDO� SHUPDQHQW�� SULQ� REHUOLFKWXUL�� SRULL� SHUH LORU�� FRúXULOH� GH� YHQWLOD LH��QHHWDQúHLWDWHD� XúLORU� úL� IHUHVWUHORU� VDX� WHPSRUDU�� SULQ� GHVFKLGHUHD� IHUHVWUHORU�� vQ� DEVHQ D�SHUVRDQHORU�GLQ�vQF�SHUH�vQ�UHFUHD LL�VDX�vQWUH�VFKLPEXUL���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

�YHQWLOD LH�DUWLILFLDO�� LQVXIODUH�GH�DHU�vQ�LQWHULRU��H[KDXVWDUHD�DHUXOXL�vQ�H[WHULRU�VDX�DPEHOH�RSHUD LL�vQ�V�OL�GH�VSRUW��FLQHPDWRJUDIH��KDOH�LQGXVWULDOH�HWF����DHU�FRQGL LRQDW�� DHUXO�VXSXV�RSHUD LLORU�GH�SXULILFDUH��U�FLUH��vQF�O]LUH��XVFDUH�VDX�XPLGLILFDUH��FKLDU�GH]LQIHF LH�WRDWH��LQVWDOD LLOH�GH�YHQWLOD LH�WUHEXLH�V� vQGHSOLQHDVF� DQXPLWH�FRQGL LL�GH�FRQIRUW�V� QX�LQWURGXF� DHU�SROXDW��V� QX�SURGXF� ]JRPRW��WUHSLGD LL��FUHúWHUHD�EUXVF� D�WHPSHUDWXULL�DHUXOXL�GLQ�LQWHULRU��0,&52&/,0$78/�ù,�,1)/8(1�$�/8,�$6835$�25*$1,608/8,�80$1'HILQL LH��0LFURFOLPDWXO� VDX�DPELDQ D� WHUPLF� UHSUH]LQW� XQ� FRPSOH[�GH� IDFWRUL� IL]LFL� DL�PHGLXOXL� �WHPSHUDWXU��� XPLGLWDWH��PLúFDUHD� DHUXOXL�� UDGLD LD� FDORULF��� FH� LQIOXHQ HD]� VWDUHD�WHUPLF� D�RUJDQLVPXOXL�VDX�VFKLPEXO�GH�F�OGXU� FX�PHGLXO�vFRQMXU�WRU����>S����@ÌQ�IXQF LH�GH�VSD LXO�XQGH�VH�UHDOL]HD]� VFKLPEXO�GH�F�OGXU���YRUELP�GH�PLFURFOLPDW�LQGLYLGXDO��VXEYHVWLPHQWDU���DO�ORFXLQ HL��DO�FDUWLHUXOXL��DO�ORFDOLW� LL�XUEDQ��UXUDO��VXEXUEDQ��SHULXUEDQ��0HWRGHOH� GH� GHWHUPLQDUH� SRW� LQYHVWLJD� VHSDUDW� ILHFDUH� IDFWRU� IL]LF� GH� PLFURFOLPDW�PHWRGH�VLPSOH� VDX�DF LXQHD�ORU�FRQFRPLWHQW���FRPELQDW��PHWRGH�FRPSOH[H�$�0HWRGH�VLPSOH�GH�GHWHUPLQDUH�D�PLFURFOLPDWXOXL��$��'(7(50,1$5($�7(03(5$785,,�$(58/8,�(FKLOLEUXO� WHUPLF� DO� RUJDQLVPXOXL� VH� PHQ LQH� SULQ� IXQF LD� GH� WHUPRUHJODUH�� 3LHUGHUHD� GH�F�OGXU� �WHUPROL]D�� VH� UHDOL]HD]� SULQ� SDWUX� PHFDQLVPH� �� UDGLD LH�� FRQGXF LH�� FRQYHF LH� úL�HYDSRUDUHD� DSHL�� 3HQWUX� D� HYLWD� VXSUDvQF�O]LUHD� RUJDQHORU� YLWDOH�� LQWU� vQ� IXQF LXQH� úL�YDVRGLODWD LD�SHULIHULF��7HPSHUDWXUD� SUHD� vQDOW� D� PHGLXOXL� GXFH� OD� KLSHUWHUPLH� DFFHOHUHD]� SXOVXO�� GHUHJOHD]�DFWLYLWDWHD� VLVWHPXOXL� FDUGLRYDVFXODU�� LQIOXHQ kQG� QHJDWLY� úL� VLVWHPXO� QHUYRV� FHQWUDO�VFDGH�DWHQ LD��SUHFL]LD��FRRUGRQDUHD�PLúF�ULORU�úL�YLWH]D�GH�UHDF LH�ÌQ�FD]XO�XQRU�WHPSHUDWXUL�SUHD�VF�]XWH vQ�PHGLX��RUJDQLVPXO�SXQH�vQ� IXQF LH�PHFDQLVPHOH�GH�WHUPRJHQH]��� FRQWUDF LD�PXVFXODU��� IULVRQXO�� SLORHUHF LD�� YDVRFRQVWULF LD� SHULIHULF��3DWRORJLD�GDW� GH�IULJ�HVWH�UHSUH]HQWDW� GH�EROL�DOH�DSDUDWXOXL�UHVSLUDWRU��DOH�VLVWHPXOXL�QHUYRV�SHULIHULF��DOH�VLVWHPXOXL�PXVFXODU�úL�DUWLFXODU�3HQWUX�UHDOL]DUHD�XQHL�VW�UL�GH�FRQIRUW�D�SDFLHQ LORU��R�GHRVHELW� LPSRUWDQ ��DUH�WHPSHUDWXUD�vQ�vQF�SHULOH� VSLWDOLFHúWL�� LDU� SHQWUX� GHVI�úXUDUHD� DFWLYLW� LORU� FX� XQ� UDQGDPHQW� RSWLP�� FHD� vQ�vQF�SHULOH� GH� OXFUX�7DEHOXO� GH�PDL� MRV� IDFH� FkWHYD� UHFRPDQG�UL�� SULYLQG� YDORULOH� RSWLPH� GH�WHPSHUDWXU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

7DEHO�QU����9DORUL�RSWLPH�GH�WHPSHUDWXU� vQ�VSLWDOH��ORFXLQ H�úL�DOWH�vQF�SHUL1U��&UW '(180,5($�Ì1&�3(5,, 7HPSHUDWXUD$��&� ÌQF�SHUL�XQGH�VH�HIHFWXHD]� PXQFL�JUHOH ��� ÌQF�SHUL�XQGH�VH�HIHFWXHD]� HIRUW�PHGLX ������ 6�OL�GH�VSRUW ������ 6�OL�GH�FODV� ������ ÌQF�SHUL�GH�ORFXLW ������ &DPHUH�GH�EDLH��ED]LQH�GH�vQRW ������ 6DORDQH�SHQWUX�EROQDYL�GH�WLUHRWR[LFR]� ��� 6DORDQH�SHQWUX�EROQDYL�IHEULOL ��� 6DORDQH�SHQWUX�DGXO L��EROQDYL�7%&��KLSRWHUPLH� ���� 6DORDQH�SRVWRSHUDWRULL��$7,��DUúL��O�X]H��V�OL�GH�RSHUD LL� ���� &DELQHWH�PHGLFDOH ������� 6DORDQH�SHQWUX�EROQDYL�FX�KLSRWLURLGLH ���� 6DORDQH�SHQWUX�QRX�Q�VFX L�úL�SUHPDWXUL ��$SDUDWHOH�GH�GHWHUPLQDUH�D�WHPSHUDWXULL�VH�QXPHVF�WHUPRPHWUH�([LVW� PDL�PXOWH�WLSXUL�GH�WHUPRPHWUH��FX�OLFKLGx WHUPRPHWUXO�FX�DOFRROx WHUPRPHWUXO�FX�PHUFXU��PD[LPDOH�x WHUPRPHWUXO�PHGLFDO�x WHUPRPHWUXO�FX�FXUVRU�PHWDOLF�IRORVLWH�H[SHULPHQWDOx WHUPRPHWUXO�GH�PD[LP� úL�PLQLP�x WHUPRJUDIXO

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

0�VXUDUHD�WHPSHUDWXULL�vQ�vQF�SHUL VH�HIHFWXHD]� vQ�GLIHULWH�SXQFWH��SH��DFHHDúL�RUL]RQWDO� FX�R�VXUV� GH�vQF�O]LUH�VDX�GH�U�FLUH��OD�����± ��P GLVWDQ ��GH�HD��SH�YHUWLFDO���HYLWkQG�LQIOXHQ D�UDGLD LHL��FDORULFH��UDGLD LH�VRODU� GLUHFW���RELHFWH�vQF�O]LWH�VDX�U�FLWH���OD�vQ�O LPL�GLIHULWH��GXS� GHVWLQD LD�vQF�SHULL�OD����FP�GH�WDYDQ � DSUHFLHUHD�XQLIRUPLW� LL�DHUXOXL�FDOGOD����FP�GH�SRGHD � WHPSHUDWXUD�OD�QLYHOXO�SLFLRDUHORU�OD�����úL�����P�GH�SRGHD�� QLYHOXO�GH�UHVSLUD LH�DO�DGXOWXOXL�vQ�úH]kQG�úL�vQ�SLFLRDUH�OD����FP�GH�SRGHD ± QLYHOXO�GH�UHVSLUD LH�DO�FRSLOXOXL��OD ������FP�GH�SRGHD�± QLYHOXO�SDWXOXL�vQWU�XQ�VDORQ�GH�VSLWDO�7HPSHUDWXUD�SRDWH�YDULD�vQ�IXQF LH�GH�GHQVLWDWHD�vQ�vQF�SHUH�úL�GXUDWD�SRSXO�ULL�HL��DFWLYLW� LOH�GHVI�úXUDWH��VLVWHPXO�úL�UHJLPXO�GH�vQF�O]LUH��VH]RQ��GH�DFHHD��SHULRGLFLWDWHD�GHWHUPLQ�ULORU�VH�YD� VWDELOL� GH� OD� FD]� OD� FD]�� ÌQ� DQFKHWHOH� HSLGHPLRORJLFH�� GHWHUPLQDUHD� FRQGL LLORU� GH�PLFURFOLPDW� VH� IDFH� GH� GRX� RUL� SH� DQ�� vQ� VH]RDQH� H[WUHPH�� FkWH� FLQFL� ]LOH� FRQVHFXWLY� úL� GH�GRX� RUL�SH�]L�x 'D L� H[HPSOH� GH� VLPSWRPH SH� FDUH� OH�D� L� UHVLP LW� vQ� FRQGL LL� GH� VXSUDvQFRUGDUH� D�IXQF LHL�GH�WHUPRUHJODUH��1RUPH�GH�WHPSHUDWXU��'LQ�WDEHOXO�QU�����REVHUY�P�F� H[LVW� QHYRL�GLIHULWH�GH�WHPSHUDWXU���vQWU�XQ�VDORQ�GH�EROQDYL���ID ��GH�XQ�DWHOLHU�GH�OXFUX��vQWUH�R�VDO� GH�FODV� úL�R�VDO� GH�VSRUW��vQWUH�R�FDPHU� GH�]L��úL�R�VDO�GH� EDLH� HWF�9RUELP� GHVSUH� R� WHPSHUDWXU� GH� FRPIRUW �� GLIHULW� vQ� IXQF LH� GH� GHVWLQD LD�vQF�SHULL��YkUVWD�úL�VWDUHD�IL]LRORJLF� D�SHUVRDQHORU�FH�R�SRSXOHD]��ÌQ�PHGLH��WHPSHUDWXUD�GH�FRQIRUW�HVWH�FXSULQV� vQWUH����úL���� &��FRQIRUP�2UG��0�6��QU����������9,��������FRQVLGHUkQG�RSWLPH�WHPSHUDWXULOH�OD�FDUH�RUJDQLVPXO�QX�WUHEXLH�V� IDF� XQ�HIRUW�VSHFLDO�GH�DGDSWDUH�����R&�SHQWUX�GRUPLWRDUH���R&�SHQWUX�FDPHUH�GH�]L��� R&� SHQWUX� V�OL� GH� EDLH�� DFHVWH� YDORUL�PRGLILFkQGX�VH� � GDF� HVWH� YRUED� GH� FRSLL�PLFL� VDX�E�WUkQL��YDORUL�PDL�ULGLFDWH�FX�����R &�SHQWUX�ILHFDUH�vQF�SHUH��DYkQG�vQ�YHGHUH�SDUWLFXODULW� LOH�WHUPRUHJO�ULL�OD�DFHVWH�YkUVWH��$OWH�QRUPH�VH�UHIHU� OD�GLIHUHQ HOH�RSWLPH�GH�WHPSHUDWXU� GLQ�vQF�SHUL���JUDGLHQWXO�WHUPLF� �GLIHUHQ D�GH�WHPSHUDWXU� GLQWUH�GRX� SXQFWH��OD�XQ�PRPHQW�GDW91�0D[�����&�SH�DFHHDúL�YHUWLFDO����!����& : LJUDVLH��FDPHU� LQVDOXEU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

0D[�����R&�SH�DFHHDúL�RUL]RQWDO����!����R&�: FXUHQ L�GH�DHU�GH�LQWHQVLWDWH�PDUH�DPSOLWXGLQH�WHUPLF� �GLIHUHQ D�vQWUH�WHPSHUDWXUD�PD[LP� úL�FHD�PLQLP���vQ����GH�RUH�91��0D[����R&$��'(7(50,1$5($�80,',7��,,�$(58/8,,PSRUWDQW�SDUDPHWUX�DO�PLFURFOLPDWXOXL��XPLGLWDWHD�DHUXOXL� LQIOXHQ HD]� S�VWUDUHD� vQ�FRQGL LL�RSWLPH� D�PDWHULDOHORU� GH� FRQVWUXF LH�� D�PRELOLHUXOXL�� vPEU�F�PLQWHL� úL� DOLPHQWHORU�� ILLQG� XQ�IDFWRU�GH�ULVF�vQ�DSDUL LD�vPEROQ�YLULORU��DWXQFL�FkQG�QX�VH�vQFDGUHD]� vQ�OLPLWH�QRUPDOH��8PLGLWDWHD�vQDOW� ��DO�WXUL�GH�WHPSHUDWXUL�MRDVH���vQF�SHUL�UHFL��FX�LJUDVLH��QHvQVRULWH���GXFH�OD�VF�GHUHD� UH]LVWHQ HL� RUJDQLVPXOXL� úL� � IDYRUL]HD]� DSDUL LD� EROLORU� UHVSLUDWRULL� �� EURQúLWH�IUHFYHQWH�� DVWP� EURQúLF��� D� VXIHULQ HORU� GH� QDWXU� LQIODPDWRULH� OD� QLYHOXO� VLVWHPXOXL� RVWHR�DUWLFXODU� �5$$��DUWULW� UHXPDWRLG��� úL� DO� DSDUDWXOXL�XUR�JHQLWDO�LQIHF LL�SHOYLHQH� vQ� VSHFLDO� OD�IHPHL�FDUH�DX�R�VHQVLELOLWDWH�FUHVFXW���'DF� vQVR HúWH� WHPSHUDWXUL� FUHVFXWH�� XPLGLWDWHD� vQDOW� vPSLHGLF� SLHUGHUHD� F�OGXULL� SULQ�HYDSRUDUH��OLPLWkQG�SRVLELOLW� LOH�RUJDQLVPXOXL�GH�DGDSWDUH�D�IXQF LHL�WHUPRUHJO�ULL�8PLGLWDWHD� PRGHUDW� OD� WHPSHUDWXUL� VF�]XWH� vQ� PHGLX� PLFúRUHD]� SLHUGHULOH� GH� F�OGXU� DOH�RUJDQLVPXOXL��LDU�OD�WHPSHUDWXUL�ULGLFDWH��DMXW� HYDSRUDUHD��ILLQG�EHQHILF� vQ�DPEHOH� VLWXD LL�8PLGLWDWHD� IRDUWH� MRDV� LQIOXHQ HD]� QHJDWLY� RUJDQLVPXO�� IDYRUL]kQG� XVFDUHD� PXFRDVHORU��JXU���QDV��JkW�ULQLWD�DWURILF���úL�GHVFXDPDUHD�SLHOLL�([LVW� PDL� PXOWH� PRGDOLW� L� GH� FDUDFWHUL]DUH� D� XPLGLW� LL�� FD� XPLGLWDWH� PD[LP��8P���XPLGLWDWH DEVROXW��8D��VDX�XPLGLWDWH�UHODWLY� �8U���8P ��YDSRUL�GH�DS� QHFHVDU� SHQWUX�D�VDWXUD�FRPSOHW���P��GH�DHU�OD�R�WHPSHUDWXU� WR�&: HVWH�R�FRQVWDQW� IL]LF� FH�GHSLQGH�GH�WHPSHUDWXU� úL�VH�FLWHúWH�GLQ�WDEHOH�8D�� �YDSRUL�GH�DS� FRQ LQXW� HIHFWLY�vQWU�XQ��P��GH�DHU�OD�XQ�PRPHQW�GDW��8U� �8D��8P�[����: DUDW� JUDGXO�GH�VDWXUD LH�DO�DWPRVIHUHL�FX�YDSRUL�GH�DS� ��VH�H[SULP� SURFHQWXDO�8QLW� L�GH�P�VXU� SHQWUX�8P�úL�8D����>JUDPH�+�2��P�DHU@��VDX��>PP�+J��P�DHU@���0HWRGHOH�GH�GHWHUPLQDUH�D�XPLGLW� LL��8D���D���PHWRGD�JUDYLPHWULF� � UH LQHUHD��SH�R�VXEVWDQ ��KLJURVSLF���D�YDSRULORU�GH�DS�GLQWU�XQ�YROXP��GHWHUPLQDW�GH�DHU�8U���E� PHWRGD�SVLKURPHWULF� ± VWDELOLUHD GLIHUHQ HL�GLQWUH�WHPSHUDWXUD�XVFDW� úL�FHDXPHG���P�VXUDWH�FX�DMXWRUXO�SVLKURPHWUXOXL�$VVPDQQ�úL�FDOFXOXO�XPLGLW� LLUHODWLYH�SH�ED]D�XQRU�IRUPXOH��WDEHOH�VDX�D�QRPRJUDPHL�SVLKURPHWULFH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

F�PHWRGD�KLJURPHWULF� � DEVRUE LD�YDSRULORU�GH�DS� GLQ�DHU�P�VXUDW� FX�KLJURPHWUXO6DXVVXUH��SULQ�DOXQJLUHD��ILUXOXL�GH�S�U�EORQG��GLUHFW�SURSRU LRQDO� FX�FUHúWHUHD�8U��G�PHWRGD�KLJURJUDILF� ± vQVFULHUHD�vQ�GLQDPLF� D�XPLGLW� LL��UH]XOWkQG�XQ�JUDILF�KLJURJUDPD�1RUPH �P�VXU�P�YDORDUHD�PD[LP� D�8U��91���������9DORUL�H[WUHPH���������2SWLP������8PLGLWDWH�IRDUWH�MRDV� �����$��'(7(50,1$5($��0,ù&�5,,�$(58/8,&XUHQ LL�GH�DHU�VH�FDUDFWHUL]HD]� SULQ�GRX� P�ULPL���� GLUHF LD�GH�PLúFDUH�� YLWH]D�'HWHUPLQDUHD�GLUHF LHL�GH�PLúFDUH�D�DHUXOXL�vQVHDPQ� D� VWDELOL� GLQ� FH� SDUWH� EDWH� YkQWXO�� FXQRDúWHUHD� GLUHF LLORU� UHSHWDWH� GH� YkQW� GLQWU�R�ORFDOLWDWH��UR]D�YkQWXULORU��DUH� LPSRUWDQ ��SHQWUX�SODQLILFDUHD�FRQVWUXF LLORU��DWkW�D�FDVHORU�GH�ORFXLW��FkW�úL�D�LQVWLWX LLORU�PHGLFDOH�VDX�SHQWUX�FRSLL�� VHUYHúWH�FD�LQGLFH�GH�VFKLPEDUH�D�WLPSXOXL�vQ�(XURSD��� YDUD�YkQWXULOH�GH�HVW�DGXF�WLPS�XVFDW��YkWXULOH�GH�YHVW�DGXF�WLPS�XPHG�úL�U�FRURV�LDU�� LDUQD�±YkQWXULOH�GH�HVW�DGXF�WLPS�UHFH�úL�FHOH�GH�YHVW�DGXF�WLPS�FDOG�vQ�vQF�SHUL VH�IDFH�FX�DMXWRUXO�IXPLJDWRUXOXL��OXPkQDUH�� LJDU���FORUXU� GH�DPRQLX��vQ�H[WHULRU VH�UHDOL]HD]� FX�� JLUXHWD��� XQ�WXE�PHWDOLF�FX�SDOHWH��DPSODVDW�SH�DFRSHULúXUL��SH�VWkOSL��VDX�vQ�ORFXUL�YLUDQH�OD����P�vQ�O LPH��IL[DW�FX�R�FRQWUDJUHXWDWH�SDOHWHOH�LQGLF� SDUWHD�VSUH�FDUH�VH�GHSODVHD]� DHUXO��� PDQúD�GH�YkQW � XQ�WUXQFKL�GH�FRQ�GLQ�SkQ]���SH�XQ�LQHO�PHWDOLF��SULQV�SH�R�WLM� FH�VH�URWHúWH��ED]D�PDUH�D�FRQXOXL�LQGLF� GLUHF LD�GLQ�FDUH�YLQ�FXUHQ LL�GH�DHU�'HWHUPLQDUHD�YLWH]HL�GH�PLúFDUH�D�DHUXOXL�vQVHDPQ� VWDELOLUHD�GLVWDQ HL�SDUFXUVH�GH�PDVD�GH�DHU�vQ�XQLWDWHD�GH�WLPS�>P���VHF@�VHUYHúWH�OD�DSUHFLHUHD�YHQWLOD LHL�XQHL�vQF�SHUL�úL�D�PLFURFOLPDWXOXL�LQGLYLGXDO��ILLQG�XQXO�GLQ�IDFWRULL�FDUH�LQIOXHQ HD]� GLUHFW�VFKLPEXO�GH�F�OGXU� GLQWUH�RUJDQLVP�úL�PHGLX��VH�UHDOL]HD]� vQ�vQF�SHUL FX�FDWDWHUPRPHWUXO��LDU�vQ�H[WHULRU FX�DQHPRPHWUXO�URWDWLY��FX�FXSHVDX�FX�SDOHWH

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

1RUPH�� vQ�vQF�SHUL���91�� �����± ����P�VHF�� vQ�H[WHULRU 91� ���± ��P�VHF$OWH�UHFRPDQG�UL��� vQ�LQVWLWX LL�GH�FRSLL���91�� �����± ����P�VHF�� vQ�V�OLOH�VSRUWLYH���� 91�� �����± ����P�VHF� vQ�KDOH�ILHUELQ L������ 91�� ���± ����P�VHF2EVHUYD LL��OD�YLWH]H�GH�VXE�����P�VHF�VFKLPEXO�GH�DHU�HVWH�LQVXILFLHQW��DSDUH�VHQ]D LD�GH�DHU�QHPLúFDW��OD� YLWH]H� GH� SHVWH� ����P�VHF� RUJDQLVPXO� UHVLPWH� vQ� PRG� QHSO�FXW� VHQ]D LD� GH� FXUHQW�� FDUH�SRDWH�SURGXFH�U�FLUHD�ORFDO� úL�DSRL�JHQHUDO���PLúFDUHD� DHUXOXL� LQIOXHQ HD]� SURFHVHOH� UHVSLUDWRULL�� FRQVXPXO� GH� HQHUJLH� úL� VWDUHD� QHXUR�SVLKLF���vQ�SURFHVHOH� GH� WHUPRUHJODUH��PLúFDUHD� DHUXOXL� DMXW� OD� U�FLUHD� RUJDQLVPXOXL� SULQ� HYDSRUDUH�FkW� WLPS�WHPSHUDWXUD�PHGLXOXL�HVWH�ULGLFDW� úL�XPLGLWDWHD�VF�]XW� úL�GHYLQH� LQHILFLHQW� DWXQFL�FkQG� WHPSHUDWXUD�DHUXOXL�HVWH�PDL�PDUH�GHFkW� WHPSHUDWXUD�FRUSXOXL� VDX�DHUXO�HVWH� VDWXUDW�GH�YDSRUL�WHUPROL]D�ILLQG�OLPWDW��%�0HWRGH�FRPSOH[H�GH�DSUHFLHUH�D�PLFURFOLPDWXOXL6H� IRORVHVF� vQ� SUDFWLF� PDL� GHV�� vQWUXFkW� IDFWRULL� IL]LFL� GH� PLFURFOLPDW�� WHPSHUDWXUD��XPLGLWDWHD�� PLúFDUHD� DHUXOXL�� LQIOXHQ HD]� RUJDQLVPXO� SULQ� DF LXQHD� ORU� FRQFRPLWHQW� úL�FRPELQDW���$FHVWH�PHWRGH�SRW�IL�JUXSDWH�vQ�WUHL�FDWHJRULL��IL]LFH��IL]LRORJLFH�úL�SVLKRORJLFH�%��0(72'(/(��),=,&(�$SUHFLD]� VFKLPEXO�GH�F�OGXU� GLQWUH�RUJDQLVP�úL�PHGLX��H[SULPkQG�SULQWU�R�VLQJXU� YDORDUH��LQGLFH��UH]XOWDQWD�FDORULF� D�FRPELQD LLORU�IDFWRULORU�GH�PLFURFOLPDW��)RORVHVF� LQVWUXPHQWH� LQWHJUDWRDUH� FDUH� IDF� R� DQDORJLH� OLPLWDW� FX� VROLFLW�ULOH� RUJDQLVPXOXL�XPDQ��I�U� D�VLPXOD�UHDF LL�IL]LRORJLFH��&HO�PDL�GHV�IRORVLW�vQ�SUDFWLF� HVWH�FDWDWHUPRPHWUXO�OXL�+LOO�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

%��0(72'(/(�),=,2/2*,&(�6XQW�RELHFWLYH vQWUXFkW�P�VRDU� PRGLILFDUHD�XQRU�P�ULPL�IL]LRORJLFH�VWUkQV�OHJDWH�GH�IXQF LD�GH� WHUPRUHJODUH�� WHPSHUDWXUD� FHQWUDO� D� FRUSXOXL�� WHPSHUDWXUD� FXWDQDW��� SURFHVXO� VXGRUDO��DFWLYLWDWHD� DSDUDWXOXL� FDUGLR�YDVFXODU�IXQF LD� UHVSLUDWRULH� úL� VWDUHD� IXQF LRQDO� D� VLVWHPXOXL�QHUYRV�7HPSHUDWXUD�FHQWUDO��HVWH�R�FRQVWDQW� D�RUJDQLVPXOXL���FX�YDORUL�QRUPDOH�FXSULQVH�vQWUH������úL������R�&�G� LQGLFD LL�DVXSUD�vQFRUG�ULL�IXQF LHL�GH�WHUPRUHJODUH��DWXQFL�FkQG�HVWH�PRGLILFDW�����HVWH� XQ� LQGLFDWRU� IL]LRORJLF� ULJLG�� SX LQ� FRQFOXGHQW�� vQWUXFkW� � HIRUWXUL�PDUL� � GH� � DGDSWDUH� � D�RUJDQLVPXOXL�OD�WHPSHUDWXUL��H[WUHPH�DOH�PHGLXOXL�DPELDQW�GHWHUPLQ� YDULD LL�PLFL�DOH��7F��GH�����R&�ÌQ�FRQGL LL�GH�FRQIRUW�WHUPLF�úL�OD�DFWLYLW� L�RELúQXLWH�H[LVW� YDULD LL�IL]LRORJLFH�OD�WHPSHUDWXUL�PDUL� úL� HIRUW� IL]LF� LQWHQV� SRDWH� V� DSDU� KLSHUWHUPLD�� LDU� OD� WHPSHUDWXUL� VF�]XWH�� vQ� ID]D�GHFRPSHQVDW� VH�SRDWH�LQVWDOD�KLSRWHUPLD��vQ�PRG�LUHYHUVLELO�'LQ�WDEHOXO�GH�PDL�MRV�UH]XOW� VROLFLWDUHD�WHUPRUHJO�ULL�vQ�IXQF LH�GH�YDULD LLOH�GH�WHPSHUDWXU��

9$5,$�,, 62/,&,7$5(��� �����R�&�� IL]LRORJLF���� �����± ����R &�� VODE���� �����± ����R &�� PRGHUDW���� �����± ����R &�� LQWHQV���� �����± ����R &�� 0D[LP���ID]D�FRPSHQVDW���� �����± ����R &�� 0D[LP���ID]D�GHFRPSHQVDW�7DEHO�QU��7HPSHUDWXUD�FXWDQDW��HVWH� XQ� LQGLFDWRU� IL]LRORJLF� IRDUWH� VHQVLELO�� WUDQVIHUXO� FDORULF� UHDOL]kQGX�VH� vQ� FHD�PDL�PDUH�SDUWH�SULQ�WHJXPHQW��YDULD]� vQ�IXQF LH�GH�JURVLPHD�VWUDWXOXL�DGLSRV�úL�GH�SDWXO�YDVFXODU�VXEMDFHQW��HVWH� PDL� ULGLFDW� OD� IUXQWH� �� ������ R� &� �� ID �� GH� PHPEUXO� LQIHULRU� �� ������ R &� ��� DFHDVW�GLIHUHQ ��SH�YHUWLFDO� ILLQG�GHQXPLW� JUDGLHQW� WHUPLF��YDORDUHD� OXL�QRUPDO� HVWH�GH��� R&� vQ�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

VHQV� GHVFUHVF�WRU�� LQYHUVDUHD�� VF�GHUHD�� FUHúWHUHD� VDX� GLVSDUL LD� OXL�� LQGLFkQG� vQFRUGDUHD�IXQF LHL�GH�WHUPRUHJODUH��YDULD]� vQ�OLPLWH�PLFL��IL]LRORJLFH����R&�VXE�IRUPD�XQXL�SODWRX�WHUPLF��OD�DFHHDúL�SHUVRDQ���vQ�DFHHDúL�]RQ� WHJXPHQWDU���vQ�DFHOHDúL�FRQGL LL�GH�DPELDQ ��WHUPLF���OD��PRPHQWH�GLIHULWH�úL�GH�DVHPHQHD� vQWUH� GRX� ]RQH� WHJXPHQWDUH� VLPHWULFH�� OREXO� XUHFKLL�� YkUIXO� RPRSODWXOXL���WHUPRVLPHWULD QHGHS�úLQG���R&��PRGLILF�ULOH�LQGLF� vQFRUGDUHD�IXQF LHL�GH�WHUPRUHJODUH��vQUHJLVWUHD]� YDORUL�UHDOH�SkQ� OD�DSDUL LD�VXGRUD LHL��DSRL�SULQ�LQWHUYHQ LD�HYDSRU�ULL��YDORULOH�P�VXUDWH�VXQW�PDL�PLFL�GHFkW�vQ�UHDOLWDWH�3URFHVXO�VXGRUDO���DUH�LPSRUWDQ � vQFHSkQG�FX�������R&��FkQG�DSDUH�R�WUDQVSLUD LH�XúRDU���GHYLQH�P�VXUDELO�GH�OD����R&�FkQG�WUDQVSLUD LD�FUHúWH�vQ�LQWHQVLWDWH�GLUHFW�SURSRU LRQDO�FX�WHPSHUDWXUD��DVWIHO�vQFkW�OD�SHVWH����R&��DSURDSH�vQWUHDJD�FDQWLWDWH�GH�F�OGXU� VH�SLHUGH�SULQ�HYDSRUDUH��H[SULP� VROLFLWDUHD� LQWHQV� D� DSDUDWXOXL� GH� WHUPRUHJODUH�� SULQ� DSDUL LD� WUDQVSLUD LHL�DEXQGHQWH�UHVSHFWLY� GHS�úLUHD� PRPHQWXOXL� GH� FRQIRUW� WHUPLF� vQ� FD]XO� XQHL� DFWLYLW� L� IL]LFH�RELúQXLWH���GHELW�VXGRUDO�PDL�PDUH�GH�����RU� ���VW� OD�ED]D�XQRU�LQGLFDWRUL�IL]LRORJLFL�FRPSOHFúL��� ,QGLFHOH� GH� VROLFLWDUH� WHUPLF� �+HDW� 6WUHVV� ,QGH[�+,6�� ± LQGLFH� IL]LF�� GHILQLW� SULQ�UDSRUWXO� vQWUH� FDQWLWDWHD�GH�DS� HYDSRUDW� OD�R�DQXPLW� DPELDQ �� WHUPLF� úL� FDQWLWDWHD�GH�DS� QHFHVDU� D�IL�HYDSRUDW� OD�DFHHDúL�WHPSHUDWXU� SHQWUX�PHQ LQHUHD�KRPHRVWD]LHL��� ,QGLFHOH�GH�VWUHV�WHUPLF���,QGH[�RI�7KHUPDO�6WUHVV��� ± UDSRUWXO� vQWUH�FDQWLWDWHD�GH�DS�DVXGDW� úL� FDQWLWDWHD� WRWDO� GH� DS� FH� DU� WUHEXL� V� ILH� DVXGDW� SHQWUX� PHQ LQHUHD�KRPHRWHUPLHL��HVWH�XQ�LQGLFDWRU�IL]LRORJLF��PDL�YDORURV�GHFkW�����$FWLYLWDWHD�DSDUDWXOXL�FDUGLRYDVFXODU�VH� DSUHFLD]� SULQ� P�VXUDUHD� SXOVXOXL�� D� WHQVLXQLL� DUWHULDOH� úL� REVHUYDUHD� PRGLILF�ULORU� GH�PRWULFLWDWH�D�YDVHORU�WHJXPHQWDUH��SXOVXO�FUHúWH�FX�DSUR[LPDWLY����GH�E�W�L���PLQXW��vQFHSkQG�FX����R&�vQ�DHU�OD�ILHFDUH�FUHúWHUH�FX��R&�D� WHPSHUDWXULL�FHQWUDOH��SHVWH����GH�E�W�L� ��PLQXW� ID ��GH�SXOVXO�QRUPDO�UHSUH]LQW� R�VXSUDvQFRUGDUH�D�IXQF LHL�GH�WHUPRUHJODUH�FUHúWHUD�SXOVXOXL�VH�vQUHJLVWUHD]� vQ�DPELDQ H��IRDUWH�FDOGH��GDU�úL�IRDUWH�UHFL��SH�VHDPD�WHUPRSURGXF LHL��WHQVLXQHD� DUWHULDO� VFDGH� vQ� DPELDQ H� FDOGH� úL� FUHúWH� vQ� FHOH� UHFL�� PDL� FX� VHDP� FkQG� VH�DVRFLD]� úL�HIRUWXO�IL]LF��vQ�DPEHOH�VLWXD LL��GDF� VH�GHS�úHúWH�FDSDFLWDWHD�GH�WHUPRUHJODUH��VH�SURGXFH�SU�EXúLUHD�WHQVLXQLL�DUWHULDOH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

)XQF LD�UHVSLUDWRULH�VH� PRGLILF� vQ� H[SXQHUHD� OD� F�OGXU��FD� IUHFYHQ ��� ULWP� úL� DOXU� D� FXUEHL� GH� YHQWLOD LH�SXOPRQDU��� FkQG� IXQF LD�GH� WHUPRUHJODUH�HVWH�GHS�úLW��� UHVSLUD LD�GHYLQH� UDU��� VXSHUILFLDO� úL�QHUHJXODW��6LVWHPXO�QHUYRV����vúL� PRGLILF� SULQFLSDOHOH� IXQF LL�FRJQLWLYH�DWHQ LD� úL� SVLKRPRWRULL� LQWHQVLWDWHD� úL� WLPSXO� GH�UHDF LH�� SULQ� GLQDPLFD� ORU� SXWHP� XUP�UL� QLYHOHOH� FULWLFH� GH� H[SXQHUH� OD� R� DPELDQ �� GH�GLVFRQIRUW��%��0(72'(�36,+2/2*,&(�6XQW�VXELHFWLYH��H[SULPkQG�VHQ]D LD�GH�FRQIRUW�WHUPLF �GH�ELQH��FD�SHUFHS LH�FDORULF� D�XQXL�LQGLYLG�� DX� OD� ED]� H[SHULHQ HOH� OXL� <DJORX� ±68$�� HIHFWXDWH� SULQ� FRPELQDUHD� vQ� DQXPLWH�vQF�SHUL�D�SDUDPHWULORU�GH�PLFURFOLPDW�úL�LQWHURJDUHD�XOWHULRDU� D�SHUVRDQHORU�DIODWH vQ�XQWUX��)RORVHVF� WHPSHUDWXUD� HIHFWLY� �7(� FD� LQGLFDWRU� VLQWHWHWLF�� H[SUHVLH� D� UH]XOWDQWHL� IL]LFH� D�DF LXQLL� FHORU� WUHL� SDUDPHWUL� GH� PLFURFOLPDW�� WHPSHUDWXU��� XPLGLWDWH� úL� YLWH]� GH� PLúFDUH� D�DHUXOXL�'HWHUPLQDUHD�WHPSHUDWXULL�HIHFWLYH�3ULQFLSLL��� $FHOHDúL�YDORUL�DOH�WHPSHUDWXULL��XPLGLW� LL�úL�YLWH]HL�GH�PLúFDUH�D�DHUXOXL��SURGXF�DFHHDúL�VHQ]D LH�WHUPLF� OD�PDUHD�PDMRULWDWH�D�VXELHF LORU�LQYHVWLJD L��� $FHHDúL� VHQ]D LH� WHUPLF� VH�RE LQH� úL� OD� DOWH� FRPELQD LL� DOH� IDFWRULORU� GH�PLFURFOLPDW�� vQ�FRQGL LL� GH� FRPSHQVDUH� SURSRU LRQDO��� DFHVWHD� DX� IRVW� GHQXPLWH� FRQGL LL� HFKLYDOHQWH� úL�QRWDWH�FX�DFHOHDúL�JUDGH�GH�WHPSHUDWXU� HIHFWLY���� 7HPSHUDWXUD�HIHFWLY� 7(�HVWH�HJDO� FX�WHPSHUDWXUD�DHUXOXL��DWXQFL�FkQG�PLúFDUHD�DHUXOXL�HVWH�GH��P�VHF�úL�XPLGLWDWHD�UHODWLY� GH������3UDFWLF��SXWHP�FLWL�GLQ�WDEHOH�7(��FXQRVFkQG��WHPSHUDWXUD�DHUXOXL�GHWHUPLQDW� FX�WHUPRPHWUXO��XPLGLWDWHD�UHODWLY� GHWHUPLQDW� FX�SVLKURPHWUXO�úL��YLWH]D�GH�PLúFDUH�D�DHUXOXL�GHWHUPLQDW� FX�FDWDWHUPRPHWUXO�2�DOW� PRGDOLWDWH�GH�GHWHUPLQDUH�D�7(�HVWH FLWLUHD�HL�FX�DMXWRUXO�QRPRJUDPHL�6XQW�QHFHVDUH�XUP�WRDUHOH�GDWH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

�WHPSHUDWXUD�EXOEXOXL�XVFDW�DO�SVLKURPHWUXOXL�WHPSHUDWXUD�EXOEXOXL�XPHG�DO�SVLKURPHWUXOXL�YLWH]D�GH�PLúFDUH�D�DHUXOXL�vQ�P�VHF�=RQD�GH�FRQIRUW� WHUPLF�DUH�R� OLPLW� VXSHULRDU� GH�7(�SHVWH FDUH�WR L�VXELHF LL�DX�VHQ]D LD�GH�FDOG� úL� XQD� LQIHULRDU� VXE� FDUH� WR L� DX� VHQ]D LD� GH� IULJ�/D�PLMORFXO� GLVWDQ HL� vQWUH� FHOH� GRX�OLPLWH� VH�J�VHúWH� OLQLD�GH� FRQIRUW� ±7(� OD� FDUH� DSURDSH� WRDWH�SHUVRDQHOH� VH�J�VHVF� vQ� FRQIRUW�WHUPLF�3HQWUX�FOLPDWXO�GLQ� DUD QRDVWU���]RQD�GH�FRQIRUW�WHUPLF�vQ�ORFXLQ � HVWH�FXSULQV� vQWUH�91������������ �����R7(��LDUQD�úL�����������R7(�YDUD=RQD�GH�FRQIRUW�VH�PRGLILF� vQ�IXQF LH�GH�HIRUW��HVWH�PDL�UHGXV� vQ�FD]XO�HIHFWX�ULL�PXQFLORU�JUHOH��� GH� YkUVW� �SUHPDWXULL� úL� YkUVWQLFLL DX� R� ]RQ� GH� FRQIRUW� PDL� PDUH� FD� DGXO LL�� úL� GH�IDFWRULL�LQGLYLGXDOL��FRQVWLWX LH��DQWUHQDPHQW��DGDSWDUH��VWDUH�GH�V�Q�WDWH����

ÌQWUHE�UL�x &DUH�HVWH�GLIHUHQ D�GLQWUH�YLFLHUH�úL�SROXDUH"x &DUH�VXQW�YDORULOH�RSWLPH�GH�WHPSHUDWXU� D�DHUXOXL�vQ�GLIHULWH�vQF�SHUL"x &XP�GHILQL L�PLFURFOLPDWXO"x &DUH�VXQW�HIHFWHOH�SROX�ULL�DFXWH�úL�FURQLFH"%LEOLRJUDILH�

¾ $SOLFD LL�SUDFWLFH�vQ�V�Q�WDWHD�PHGLXOXL�VXE�UHGDF LD�SURI��'U��&DUPHQ�,RQX ��$XWRUL��'U�&DUPHQ�,RQX ��'U��9DOHULD�/D]D��'U��,OHDQD�5XVX��'U��9LRULFD�,RQX ��'U��0RQLFD�3RSD��(GLWXUD�0HGLFDO� 8QLYHUVLWDU� ³,XOLX�+D LHJDQX´�&OXM�1DSRFD�������

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$3$*(1(5$/,7��,,PSRUWDQ ��3ULPHOH�IRUPH�GH�YLD ��DX�OXDW�QDúWHUH�vQ�DS���$SD�LQWU� vQ�FRPSR]L LD�RUJDQLVPHORU�YLL��ÌQ�MXUXO�DSHORU�VH�FRQVWUXLHVF�DúH]�UL�XPDQH��GDWRULW� QHYRLORU�IL]LRORJLFH�úL�PXOWLSOHORU�VDOH�XWLOL]�UL�FRPXQLWDUH��FDVQLFH��XUEDQLVWLFH��LQGXVWULDOH��DJULFROH��&RQVXPXO�]LOQLF�HVWH�GH������ ��OLWUL�GH�DS� �����GH�RUH�SHQWUX�QHYRLOH�IL]LRORJLFH�FDUH�FUHVF�vQ�FRQGL LL�GH�F�OGXU� úL�HIRUW�IL]LF�LQWHQV�SvQ� OD���OLWUL�GH�DS� SH�]L�������OLWUL�GH�DS� VXQW�QHFHVDUL�SHQWUX�QHYRL�PHQDMHUH��GLQ�FDUH����OLWUL�GH�DS� SHQWUX�LJLHQD�FRUSRUDO���UHVWXO�SHQWUX�J�WLW��VS�ODWXO�KDLQHORU��YDVHORU�úL�DO�ORFXLQ HL�&RPSR]L LD�FKLPLF� D�DSHL��ÌQ�QDWXU���DSD�QX�VH�J�VHúWH QLFLRGDW� vQ�VWDUH�SXU���(D�FRQ LQH�JD]H�GL]ROYDWH�VDX�vQ�VXVSHQVLH�2��&2���+�6���VXEVWDQ H�PLQHUDOH��+���&O���)���,��62���&2�� ���VXEVWDQ H�RUJDQLFH�GHVFRPSXVH�GH�IORUD�úL�GH�IDXQD�QDWXUDO� D�DSHL��vQ�VXEVWDQ H�PLQHUDOH�2[LGDUHD�úL�UHGXFHUHD�DX�ORF�vQ WUHSWH��VXFFHVLY�VDX�VLPXOWDQ��vQ�IXQF LH�GH�SUH]HQ D�R[LJHQXOXL�vQ�DS���GXS� VFKHPD�GH�PDL�MRV�6XEVWDQ H�RUJDQLFH�o VXEVWDQ H�ELRJHQH�o 1+� o QLWUL L�o QLWUD L�� R[LGDUHm m m �+� � UHGXFHUH'HILQL LL�$SD�SRWDELO���DSD�EXQ� GH�E�XW��FDUH�vQGHSOLQHúWH�QRUPHOH�LJLHQLFR�VDQLWDUH�FRUHVSXQ]�WRDUH�VWDQGDUGHORU�QD LRQDOH�úL�HXURSHQH�3ROXDUHD� LPSXULILFDUHD�DSHL��FX�VFKLPEDUHD�FRPSR]L LHL�FKLPLFH�úL�SLHUGHUHD�XWLOL]�ULORU�SH�FDUH�OH�DYHD�vQ�PRG�QRUPDO�DFHDVWD�DIHFWvQG�VWDUHD�GH�V�Q�WDWH�D�SRSXOD LHL��$XWRSXULILFDUHD�DSHL�D� ELRORJLF�� GHVFRPSXQHUHD�VXEVWDQ HORU�RUJDQLFH�vQ�VXEVWDQ H�PLQHUDOH��VXE�DF LXQHD�PLFURRUJDQLVPHORU�FDUH�IRUPHD]� IORUD�QDWXUDO� D�DSHL��E� IL]LFR�FKLPLF���WRWDOLWDWHD�UHDF LLORU GH R[LGDUH��UHGXFHUH��FRQMXJDUH��SUHFLSLWDUH��DGVRUE LH��DEVRUE LH��FRQFHQWUDUH��IL[DUH�úL�VFRDWHUH�D�WR[LFXOXL��FDUH�DX�FD�UH]XOWDW�UHGXFHUHD�FRQFHQWUD LHL�VDOH�vQ�PDVD�PDUH�D�DSHL�¾ 7(0� ��5HDPLQWL L�Y� FLUFXLWXO�DSHL�vQ�QDWXU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&/$6,),&$5($�$3(/252ELHFWXO�DQDOL]HORU�GH��ODERUDWRU�vQ�LJLHQ� vO�FRQVWLWXLH�DSD�SRSWDELO��2�YRP�UHJ�VL�vQ�FODVLILF�ULOH�GH�PDL�MRV�FD�DS� GH�FDWHJRULD�vQWvL��GXOFH��SURYHQLW� GH�OD�VXSUDID ��VDX�GLQ�SURIXQ]LPH��GLQ�VXUVH�ORFDOH�VDX�FHQWUDOH�GH�DSURYL]LRQDUH�$� GXS� XWLOL]DUH��DSHOH�VH�FODVLILF� vQ�WUHL�FDWHJRULL�x &DWHJRULD�,� DSD�GH�E�XW��J�WLW��vPE�LHUH��LQFOXVLY�GLQ�ED]LQH�úL�úWUDQGXUL�DSD��GLQ�LQGXVWULD�DOLPHQWDU� úL�FHD�IRORVLW� SHQWUX�LULJD LL�VSHFLDOHx &DWHJRULD�D�,,�D� DSD�SHQWUX�VDOXEULWDWH�úL DJUHPHQW��FLúPHOH��IvQWvQL�DUWH]LHQH��VSRUWXUL�QDXWLFH�x &DWHJRULD�D�,,,�D�� DSH�LQGXVWULDOH�úL�DJULFROH��IRORVLWH�OD�IDEULFDUHD�XQRU�SURGXVH�LQGXVWULDOH��FX�H[FHS LD�FHORU�DOLPHQWDUH��OD�LULJD LL��QHYRL�DQLPDOH�úL�vQJULMLUL�JRVSRG�ULL�DJULFROH�%� GXS� VWUDWXULOH�GH�VRO�SH�FDUH�OH�VWU�EDW��DSHOH�VH�FODVLILF� vQ�����$3(�'(�6835$)$��FXUJ�WRDUH�úL�VW�W�WRDUHQDWXUDOH�úL�DUWLILFLDOHGXOFL�úL�V�UDWH���$3(�'(�$'Ì1&,0(��VXEWHUDQH�IUHDWLFH�úL�FDSWLYH���DVFHQVLRQDOH�úL�DUWH]LHQH�&� GXS� FRQ LQXWXO�vQ�VXEVWDQ H�PLQHUDOH��DSHOH�VH�FODVLILF� vQ��VODE�PLQHUDOL]DWH��VXE�����PJ�OLWUXPLQHUDOL]DWH��vQWUH����������PJ�OLWUXSXWHUQLF�PLQHUDOL]DWH��SHVWH������PJ�OLWUX'� DSHOH�UH]LGXDOH�VH�FODVLILF� vQ��DSH�PHQDMHUHDSH�LQGXVWULDOHDSH�DJULFROH

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

5(&2/7$5($�ù,�75$1632578/�352%(/25�'(�$3�3HQWUX�DQDOL]HOH�GH�ODERUDWRU��DSD�VH�UHFROWHD]� GLQ�LQVWDOD LL�FHQWUDOH�GH�OD�FRQVXPDWRU��DSD�GH�URELQHW�VDX�GH�OD�VXUV���ODF��UvX��$SD�GLQ�VXUVH�ORFDOH�HVWH�DSD�GLQ�IvQWvQL��SX XUL��L]YRDUH�9ROXPHOH�QHFHVDUH�YDULD]� vQWUH�����PO�úL�Fv LYD�OLWUL�GH�DS�3HQWUX��ILHFDUH�UHFROWDUH�VH�vQWRFPHúWH�R�ILú� vQ�FDUH�VH�SUHFL]HD]���GDWD��RUD��ORFDOLWDWHD��ORFXO�GH�XQGH�V�D�I�FXW�UHFROWDUHD��QXPHOH�úL�IXQF LD�FHORU�FDUH�DX�I�FXW�R��VFRSXO�HL��DQDOL]H�GH�ODERUDWRU�FXUHQWH��FRPSOHWH�VDX�VSHFLDOH��FRQGL LLOH�PHWHRURORJLFH��úL�WHPSHUDWXUD�DSHL�6H�QRWHD]� SHQWUX�ODFXUL�úL�UvXUL�GLVWDQ D�GH�OD�SXQFWXO�GH�UHFROWDUH�SvQ� OD�PDO��SvQ� OD�ORFXO�GH�Y�UVDUH�DO�HIOXHQ LORU��DGvQFLPHD�DSHL�vQ�SXQFWXO�UHFROW�ULL�5HFROWDUHD�GLQ�UvX�VDX�ODF�VH�IDFH�GLQWU�R�]RQ� VLWXDW� OD�GLVWDQ ��GH�PDOXUL�úL�GH�IXQGXO�DSHL��GLQ�VWUDWXO�GLQ�PLMORF��6H�IRORVHVF�vQ�DFHVW�VFRS�YDVH�VSHFLDOH�GLQ�VWLFO���SUHY�]XWH�FX�GRS�URGDW�úL�JUHXW� L�SHQWUX�VFXIXQGDUH��WUDQVSDUHQWH��FXUDWH��GH]LQIHFWDWH��VWHULOL]DWH�vQ�SUHDODELO��$FHVWH�YDVH�VH�XPSOX SvQ� OD�UHIX]��I�U� V� O�V�P�ORF�DHUXOXL��FDUH�DU�SXWHD�LQWUD�vQ�UHDF LH�vQ�WLPSXO�WUDQVSRUWXOXL�FX�GLIHULWH�VXEVWDQ H�GLQ�FRPSR]L LD�DSHL�ÌQ�FD]XO�VXUVHORU�ORFDOH�VH�GHVFULX��SH�OvQJ� GDWHOH�GH�PDL�VXV��VWDUHD�SHUH LORU�IvQWvQLL��VLVWHPXO�GH�VFRDWHUH�D DSHL��DXWRPDW�VDX�FX�J�OHDWD��FX�ODQ VDX�FXPS�Q���FvWH�JRVSRG�ULL�GHVHUYHúWH��GLVWDQ D�GH�OD�JXUD�IvQWvQLL�OD�RJOLQGD�GH�DS���DGvQFLPHD�IvQWvQLL��QXP�UXO�GH�SRPS�UL�SH�PLQXW�vQ�FD]XO�VLVWHPHORU�DXWRPDWH��&X�DSD�GLQ�SULPD�H[WUDJHUH�VH�FO�WHúWH�J�OHDWD�VDX IODFRQXO�GH�UHFROWDUH��DSRL�DSD�VH�DUXQF���*�OHDWD�VH�LQWURGXFH�FRPSOHW�VXE�RJOLQGD�GH�DS�úL�VH�VFRDWH�SOLQ���HYLWvQG�PDUJLQLOH�IvQWvQLL��DWvW�OD�LQWURGXFHUHD��FvW�úL�OD�VFRDWHUHD�HL��3URED�SHQWUX�GHWHUPLQ�UL�VH�UHFROWHD]� GLQ�PLMORFXO�J�OH LL�$QXPLWH�SURSULHW� L�DOH�DSHL�VH�GHWHUPLQ� SH�ORF��SHQWUX�UHFROWDUH�IRORVLQGX�VH�WUXVH�SRUWDELOH��SUHY�]XWH�FX�VWLORXUL�PLFL�SHQ�úL�UHDFWLYLL�QHFHVDUL�

75$1632578/�352%(/25�'(�$3�)ODFRDQHOH�VDX�YDVHOH�GH�UHFROWDUH�DúH]DWH�vQ�O�]L�VDX�FLVWHUQH�L]RWHUPH��OD���JUDGH�&HOVLXV��IHULWH�GH�úRFXUL�úL�GH�LQIOXHQ D�WHPSHUDWXULL�H[WHUQH�VH�WUDQVSRUW� FvW�PDL�UHSHGH�SRVLELO��SHQWUX�D�IL�OXDWH�vQ�OXFUX��vQ�PD[LPXP������RUH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

35235,(7��,��25*$*$12/(37,&(*XVWXO�úL�PLURVXO3ULPHOH�GHWHUPLQ�UL�vQ�DFHVW�VHQV�DX�IRVW�HPSLULFH��*XVWXO�DSHL�D�IRVW�DSUHFLDW�SULQ�FRQVXPXO�HL�GH�F�WUH�GLIHULWH�ORWXUL�GLIHULWH�GH�SRSXOD LH��GLQWU�R�DQXPLW� UHJLXQH�úL�FRPSDUDW�FX�DSD�GLQ�DOWH�UHJLXQL�JHRJUDILFH�VDX�SURYHQLW� GLQ�VXUVH�GLIHULWH��6�DX�IRORVLW�WHUPHQL�FD��JXVW�GXOFH��DP�UXL��V�UDW��DFULúRU��V�OFLX��PHWDOLF��DS� GXU���DS� PRDOH�úL�DS� FX�JXVW�EXQ�6�D�FRQVWDWDW�F� H[LVW� R�OHJ�WXU� VWUvQV� vQWUH�JXVWXO�DSHL�úL�FRPSR]L LD�HL�FKLPLF���$VWIHO��DSD�FX�FRQ LQXW�FUHVFXW�GH�PDJQH]LX�HVWH�DP�UXLH��FHD�FDUH�FRQ LQH�PXOWH�V�UXUL�GH�FDOFLX�HVWH�V�OFLH��FORUXO�úL�XUPHOH�GH�XULQ� vQ�DS� GDX�JXVW�V�UDW��ILHUXO�vQ�H[FHV�± XQ�JXVW�PHWDOLF��ELR[LGXO�GH�FDUERQ�� XQ�JXVW�DFULúRU�vQ HS�WRU��KLGURJHQXO�VXOIXUDW�úL�XUPHOH�GH�IHFDOH�±XQ�PLURV�UHVSLQJ�WRU�JUH RV�ÌQ�PRG�DVHP�Q�WRU��PLURVXO�DSHL�SRDWH�IL�GHQDWXUDW�GH�VXEVWDQ HOH�SURSULL�FRQ LQXWH�vQ�H[FHV�VDX�GH�DOWHOH�VWU�LQH�GH�FRPSR]L LD�HL�QDWXUDO���$YvQG�vQ�YHGHUH�FDUDFWHUXO�VXELHFWLY�DO�GHWHUPLQ�ULORU��SUHFXP�úL�LPSRUWDQ D�JXVWXOXL�úL�PLURVXOXL�DSHL�SHQWUX�V�Q�WDWH���HIHFWHOH�SVLKLFH�vQUHJLVWUDWH�DVXSUD�ORWXULORU�FDUH�FRQVXPDX�DSD�FX�SURSULHW� L�RUJDQROHSWLFH�QHFRUHVSXQ]�WRDUH���V�DX�VWDELOLW�FvWHYD�FRQGL LL�SHQWUX�FHL�VXSXúL�DFHVWRU�H[SHULHQ H��V� QX�ILH�IXP�WRUL�VDX�FRQVXPDWRUL�FURQLFL�GH�DOFRRO��FRQGLPHQWH��PvQF�UXUL�VDX�E�XWXUL�ILHUELQ L��V� DLE� QHDOWHUDWH�FHOH�GRX� VLP XUL��V� ILH�SHUIHFW�V�Q�WRúL�OD�PRPHQWXO�GHWHUPLQ�ULL��3HQWUX�R�PDL�PDUH�H[DFWLWDWH�V�D�VWDELOLW�R�VFDO� SHQWUX�JXVW�úL�XQD�SHQWUX�PLURV��(VWH�FRQVLGHUDW� SRWDELO� DSD�FDUH�VH�vQFDGUHD]� vQWUH�]HUR�úL�GRX� JUDGH�GH�JXVW���DS� FX�JXVW�SO�FXW�LQVLSLG� ��UHVSHFWLY�]HUR�úL�GRX� JUDGH�GH�PLURV��DSD�LQRGRU���

¾ 'D L�H[HPSH�GH�DS� FX�JXVW�SDUWLFXODU�úL�PHQ LRQD L�]RQD�vQ�FDUH�D L�J�VLW�R�¾ &XP�HVWH�DSD�GLQ�UHJLXQHD�XQGH�ORFXL L"�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

35235,(7��,�),=,&(ùWLP�F� DSD�SRWDELO� HVWH�LQVLSLG���LQRGRU���LQFRORU���DGLF� OLSVLW� GH�JXVW��PLURV�úL�FXORDUH��'DF� SULPHOH�GRX� SURSULHW� L�VXQW�FRQVLGHUDWH�RUJDQROHSWLFH��ILLQG�DSUHFLDWH�VXELHFWLY��FX�DMXWRUXO�RUJDQHORU�QRDWUH�GH�VLP ��FXORDUHD�HVWH�R�P�ULPH�IL]LF���P�VXUDELO�RELHFWLY��OD�IHO�FD�úL�WHPSHUDWXUD��SK�XO��WXUELGLWDWHD��FRQGXFWLYLWDWHD�HOHFWULF���UDGLRDFWLYLWDWHD�QDWXUDO� úL�DUWLILFLDO� D�DSHL��(QXPHU�P�vQ�FRQWLQXDUH�SULQFLSLXO�PHWRGHL�GH�ODERUDWRU�IRORVLWH�úL�YDORULOH�QRUPDOH��91��SHQWUX�ILHFDUH�P�ULPH�vQ�SDUWH��UHIHULQGX�QH�QXPDL�OD�DSD�SRWDELO���

&8/2$5($�$3(,�)RORVLP�SHQWUX�P�VXUDUHD�HL�R�VFDO� JUDGDW� GH�SODWLQ� ±FREDOW�91�������� JUDGH�GH�FXORDUH�7(03(5$785$�$3(,6H�P�VRDU� FX�DMXWRUXO�WHUPRPHWUHORU�91�������JUDGH�&HOVLXV(IHFWH�DVXSUD�V�Q�W� LL�$SD�UHFH�VXE���JUDGH�&HOVLXV�SURGXFH�U�FHOL�ODULQJLWH�DIHFWvQG�YRUELUHD��DFFHOHUHD]�WUDQ]LWXO�LQWHVWLQDO��SURYRFvQG�GLDUHL��FKLDU�úL�vQ�OLSVD�JHUPHQLORU�SDWRJHQL��SULQ�DFHDVWD�ILLQG�SHULFXORDV� PDL�DOHV�OD�FRSLL�$SD�FDOG���SHVWH����JUDGH�&HOVLXV�HVWH�IDG���V�OFLH��QX�VDWLVIDFH�VHQ]D LD�GH�VHWH�úL�SRDWH�SURYRFD�IHQRPHQH�GLJHVWLYH��FROLFL�DEGRPLQDOH��JUH XUL��Y�UV�WXUL��LQDSHWHQ ��S+�±XO�$3(,�(VWH�GDW�GH�VXPD�LRQLORU SR]LWLYL�GH�+LGURJHQ��GL]ROYD L�vQ�DS��91���������������S+�QHXWUX9�PD[LP�DGPLVLELOH������ S+�XúRU�DOFDOLQ�3+�XO�DSHL�YDULD]� GH�OD�R�UHJLXQH��JHRJUDILF� OD�DOWD��vQ�IXQF LH�GH�VROXULOH�SH�FDUH�OH�VWU�EDWH�DSD�UHVSHFWLY���DVWIHO��YRUELP�GH�DSH�GXUH��FX�XQ�FRQ LQXW�FUHVFXW�GH�V�UXUL�úL�GHFL�FX�XQ�S+�PDL�DOFDOLQ�úL�GH�DSH�PRL�VDX�OLSVLWH�GH�V�UXUL��FX�XQ�S+�QHXWUX�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

(IHFWH�DVXSUD�V�Q�W� LL�3+�XO�FUHVFXW��DOFDOLQ��UHSUH]LQW� XQ�IDFWRU�GH�SURWHF LH�vPSRWULYD�vPEROQ�YLULORU�FDUGLR� YDVFXODUH�GH�WLSXO�DULWPLLORU��LQIDUFWXOXL�PLRFDUGLF�DFXW��GDWRULW� FRQ LQXWXOXL�FUHVFXW�vQ�V�UXUL�GH�FDOFLX��LRQ�LPSRUWDQW�vQ�SURFHVHOH�PHWDEROLFH�GLQ�FHOXOD�FDUGLDF��3+�XO�VF�]XW��QHXWUX�±DFLG��UHGXFH�ULVFXO�GH�IRUPDUH�D�OLWLD]HL�UHQDOH��YH]LFDOH�úL�ELOLDUH�GHFL�HVWH�IDFWRU�SURWHFWRU�SHQWUX�DFHDVW� SDWRORJLH�785%,',7$7($�$3(,�(VWH�GDW� GH�WRDWH�SDUWLFXOHOH�DIODWH�vQ�VXVSHQVLH��FX�H[FHS LD LRQLORU�PHWDOHORU�DOFDOLQH��6H�REVHUY� FX�RFKLXO�OLEHU�R�WXOEXUDUH�D�DSHL�FDUH�VH�SRDWH�P�VXUD�GLUHFW�FX�DMXWRUXO�WXUELGLPHWUXOXL�91����JUDGH�GH�WXUELGLWDWH��&21'8&7,9,7$7($��(/(&75,&� $��$3(,6H�P�VRDU� FX�DMXWRUXO�FRQGXFWLYLPHWUXOXL�úL�FDUDFWHUL]HD]� DFWLYLWDWHD�HOHFWULF� D�DSHL��91������������8�6LHPHQV���FP��5$',2$&7,9,7$7($��$3(,5HSUH]LQW� VXPD�UDGLRDFWLYLW� LL�QDWXUDOH�úL�DUWLILFLDOH�DFWLYLWDWHD�DOID�JOREDO� ����%T�GP��DFWLYLWDWHD�EHWD�JOREDO� ��%T�GP�

'(7(50,1$5($�32/8�5,,�0,&52%,(1(�$�$3(,�'HILQL LH���$QDOL]D�EDFWHULRORJLF� D�DSHL�UHSUH]LQW� XQ�FRPSOH[�GH�H[DPHQH�GH�ODERUDWRU��I�FXWH�FH�VFRSXO�GH�D�DSUHFLD�JUDGXO�GH�vQF�UF�WXU� PLFURELDQ� D�XQHL�DSH��IHOXO�úL�SURYHQLHQ D�JHUPHQLORU��SHQWUX�D�R�FDUDFWHUL]D�GLQ�SXQFW�GH�YHGHUH�VDQLWDU�úL�D VWDELOL�SRVLELOLWDWHD�GH�D�SXWHD�IL�IRORVLW� FD�DWDUH�VDX�GXS� R�SUHDODELO� SUHOXFUDUH��$SD�DUH�R�IORU� PLFURELDQ� SURSULH�úL�R�IORU� SROXDQW���GH�SURYHQLHQ ��XPDQ� úL�DQLPDO���)ORUD�QDWXUDO� HVWH�IRUPDW� GLQ�VSHFLL�EDFWHULHQH�FX�URO�vQ�SURFHVHOH�GH�GHJDGDUH�D�VXEVWDQ HORU�RUJDQLFH�GLQ�DS���SvQ� OD�VXEVWDQ H�PLQHUDOH��IORUD�SROXDQW� HVWH�IRUPDW� GLQ�VSHFLL�VDSURILWH��SDWRJHQH�úL�FRQGL LRQDW�SDWRJHQH��$VWIHO��SULQ�LQWHUPHGLXO�DSHL��PLFURELL��YLUXVXULOH�úL�SDUD]L LL�GH�SURYHQLHQ ��XPDQ� VDX�DQLPDO� SRW�WUDQVPLWH�vPEROQ�YLUL�FH�HYROXHD]� DGHVHD�VXE�IRUP� GH�HSLGHPLL�KLGULFH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

ÌQ�FRQWUROXO�SRWDELOLW� LL�DSHL�V�DX�VWDELOLW�JUXSH�GH�JHUPHQL�GHQXPLWH�LQGLFDWRUL�3UH]HQ D�úL�QXP�UXO�ORU�DSUHFLD]� R�FRQWDPLQDUH�PDL�YHFKH�VDX�PDL�UHFHQW� úL�ULVFXO�GH�DSDUL LH�D�XQRU�LQIHF LL�WUDQVPLVH�SULQ�DS���FHO�PDL�IUHFYHQW�FX�SRDUW� GH�LQWDUH�GLJHVWLY���'XS� UHFROWDUH�úL�WUDQVSRUW��SUREHOH��GH�DS� VXQW�SUHOXDWH�GH�ODERUDWRU��6H�OXFUHD]� FX�YROXPH�PLFL�GH�DS���vQWUH����������PO��PDL�XúRU�GH�SUHOXFUDW��3HQWUX�R�PDL�PXOW� SUHFL]LH�VH�UHDOL]HD]� GLOX LL�VXFFHVLYH�����������������������3HQWUX�FDOFXOXO�QXP�UXOXL�SUREDELO�GH�JHUPHQL�VH�IRORVHVF�WDEHOH�GH�FDOFXO�DSUR[LPDWLY��67$1'$5'8/�$3(,�327$%,/(������2UJDQROHSWLF*XVW���JUDGH0LURV����JUDGH)L]LF&XORDUH���������JUDGH�3W�&R7HPSHUDWXUD�������JUDGH�&HOVLXV3+�����������0D[����&RQGXFWLYLWDWHD�HOHFWULF�������������8�6LHPHQV���FP�5DGLRDFWLYLWDWHD�QDWXUDO� úL�DUWLILFLDO��DFWLYLWDWHD�DOID�JOREDO� ����%T�GP��DFWLYLWDWHD�EHWD�JOREDO� ��%T�GP�

3$5$0(75,,�'(�&$/,7$7(��$,�$3(,�327$%,/(6XQW�PLFURELRORJLFL��FKLPLFL�úL�LQGLFDWRUL�3HQWUX�DSD�FRPHUFLDOL]DW� vQ�VWLFOH�VDX�DOWH�UHFLSLHQWH3DUDPHWULL�PLFURELRORJLFL�����������������������������������������������������������������&0$(��&ROL��(QWHURFRFL��3VHXGRPRQDV�DHUXJLQRVD�������� 91��������PO1XP�U�GH�FRORQLL�OD���� &�������������������������������������������������������������91�������PO1XP�U�GH�FRORQLL�OD���� &�������������������������������������������������������������91������PO3DUDPHWULL�FKLPLFL�$FULODPLG���KLGURFDUEXUL�SROLFLFOLFH�DURPDWH��SHVWLFLGH���������������91�������PJ�O%HQ]HQ��0HUFXU��������������� 91�����PJ�O

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$V��6H��3E��&&O���WULFORUHWHQ���&LDQXUL�OLEHUH��%URPD L�����������������91������PJ�O&ORUXU� GH�YLQLO��QLWUL L��WRWDO�SHVWLFLGH�������������������������������������������91�������PJ�O&DGPLX��VWLELX����������������� 91�����PJ�O&LDQXUL�WRWDOH��1LWUD L��������������������� 91������PJ�O3DUDPHWULL�LQGLFDWRUL�%DFWHULL�FROLIRUPH�úL�&ORVWULGLXP�SHUIULQJHQV�������� 91���������PO

%LEOLRJUDILH�¾ /HJHD�QU����GLQ���LXOLH������SULYLQG�FDOLWDWHD�DSHL�SRWDELOH¾ 1RUPH�PHWRGRORJLFH�SHQWUX�VXSUDYHJKHUHD�VDQLWDU� D�FDOLW� LL�DSHL�H�E�XW� /DERUDWRUXO�GH�LJLHQD�DSHL��,63�%XFXUHúWL�������¾ ,JLHQD�VXE�UHGDF LD�&RUGHDQX��&RFRUD��0�QHVFX��%XFXUHúWL�¾ 6WDQGDUG�GH�VWDW�����GLQ�����������HODERUDW�GH�0LQLVWHUXO�6�Q�W� LL�±$FDGHPLD�GH�ùWLLQ H�0HGLFDOH�±,QVWLWXWXO�GH�,JLHQ� úL�6�Q�WDWH�3XEOLF� %XFXUHúWL���$SUREDW�GH�,QVWLWXWXO�5RPkQ�GH�6WDQGDUGL]DUH��6WU��-HDQ�/RXLV�&DOGHURQ�QU�����%XFXUHúWL�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

+$%,7$78/'HQXPLP�KDELWDW PHGLXO�DUWLILFLDO�FUHDW� úL� ORFXLW�GH�RP�� ORFXLQ D� ORFXO�GH�PXQF���LQVWLWX LL�GH�vQY� �PkQW�úL�FXOWXU����DGPLQLVWUDWLYH��SHQWUX�RFURWLUH�VRFLDO� úL�DVLVWHQ ��PHGLFDO���/D�IHO�FD�úL�YHVWLPHQWD LD�úL�DOLPHQWD LD��³�KDELWDWXO´�HVWH�XQ�LQGLFDWRU�DO�JUDGXOXL�GH�FLYLOL]D LH�úL�FXOWXU� DO�XQHL�VRFLHW� L��DO�QLYHOXOXL�³PHGLX´GH�HGXFD LH�DO�XQHL�FROHFWLYLW� L�úL�QX�vQ�XOWLPXO�UkQG� XQ� LQGLFDWRU� LQGLUHFW� DO� VW�ULL� GH� V�Q�WDWH� DO� DFHVWHLD�� 3ULYLW� GLQ� SXQFW� GH� YHGHUH� DO�VSD LXOXL�SH�FDUH�vO�RFXS���ILHFDUH� LQGLYLG�HVWH�³XQ�ORFDWDU´�� �DYkQG�FRPSRUWDPHQWH�úL�SXQFWH�GH�YHGHUH�FRQGL LRQDWH�GH�SURSULD�H[SHULHQ ��GH�YLD ��úL�GH�XQ�DQXPLW�QLYHO�GH�LQVWUXLUH��3XWHP�YRUEL�GHFL�GH�R�³FXOWXU� D�ORFXLULL´���FD�UH]XOWDW�DO�HYROX LHL�VRFLDOH��/RFXLQ D�IDFH�SDUWH�GLQ�FRQVWUXF LLOH�QHLQGXVWULDOH��QHSURGXFWLYH�GLUHFW��PRWLY�SHQWUX�FDUH� VH�SURGXFH� DGHVHD� XQ� GHFDODM� vQWUH� QHYRLD� VRFLDO� GH� ORFXLUH� �FHUHUHD�� úL� UHVXUVHOH� GLVSRQLELOH��EDQL�� PDWHULDOH�� PDQRSHU���� FRQGL LLOH� HFRQRPLFH� QX� VH� ULGLF� vQWRWGHDXQD� OD� QLYHOXO�SURJUHVHORU�VRFLDOH��FHHD�FH�GXFH�OD�R�FUL]� GH�ORFXLQ H�VDX�OD�X]XUD�PRUDO� D�DFHVWRUD��vQDLQWHD�X]XULL�IL]LFH��3URWRWLSXO� ORFXLQ HL� FRQWHPSRUDQH� � LQGLYLGXDO� VDX�FROHFWLY��� XUEDQ� VDX� UXUDO� HVWH�FDVD�WUDGL LRQDO���FRQVWUXLW� VSRQWDQ��vQWU�XQ�DQXPLW�PHGLX�QDWXUDO��VWUXFWXUDW� úL�PRGHODW� vQ�WLPS�GH�IDFWRUL�RELHFWLYL�úL�VXELHFWLYL�&DX]HOH� RELHFWLYH FH� DX� JHQHUDW� DVSHFWXO� PRUIRORJLF� DO� ORFXLQ HL� VXQW� QDWXUDOH� FOLPD��UHOLHIXO��PDWHULDOHOH�GH�FRQVWUXF LH�H[LVWHQWH��UHVXUVHOH�HQHUJHWLFH�GLQ�]RQ� úL�DUWLILFLDOH�RFXSD LLOH� SRVLELOH� úL� UHOD LLOH� VRFLDOH� DXWRKWRQH�� WUDGL LRQDOH�(OH� YRU� JHQHUD� FHULQ HOH� ±QHFHVLW� L DOH�LQGLYLGXOXL��DGLF� DFHOH FRQGL LL�PLQLPH�GH�ORFXLUH��GHWHUPLQDWH�GH��P�ULPHD�úL�FRPSRQHQ D�IDPLOLHL��FDWHJRULD�VRFLR�SURIHVLRQDO� D�PHPEULORU�HL�úL�QLYHOXO�YHQLWXULORU�&DX]HOH� VXELHFWLYH FH� GXF� OD� DSDUL LD� XQRU� FHULQ H�DVSLUD LL VXQW� UHSUH]HQWHWH� GH� IDFWRUL�VRFLDOL��FXOWXUDOL�úL�GH�RUGLQ�SVLKRORJLF�WHPSHUDPHQWDO��DS�UXWH� vQ�JHQHUDO�FD�UH]XOWDW�DO�XQRU�³PXWD LL´� GH� RELFHLXUL� úL� FRPSRUWDPHQWH� GLQWU�XQ� WHULWRULX� vQ� DOWXO�� GH� OD� R� FXOWXU� OD� DOWD��5H]XOWDWHOH�ORU�VXQW�DGHVHD�QHJDWLYH�GDF� QX�H[LVW� R�ED]� FRPXQ� GH�UHOLHI��FOLP� úL�UHVXUVH��SURGXFkQGX�VH� FKLDU� GH]HFKLOLEUH� úL� GL]DUPRQLL� vQ� SHLVDMXO� VRFLHW� LL� UHVSHFWLYH�� DFROR� XQGH�OLPLWHOH�VXSHULRDUH�QX�SRW�IL�QHW�WUDVDWH�3HQWUX�D�PRGLILFD�vQ�VHQV�FRQVWUXFWLY�WLSRORJLD�ORFXLQ HL�WUDGL LRQDOH��HVWH�ELQH�V� SUHOX�P�GH�OD�DFHDVWD��HOHPHQWH�RULJLQDOH�FD� UHSHUH�GH�FUHDWLYLWDWH��S�VWUkQG�YDORULOH�HWLFH�úL� HVWHWLFH�DOH�VSD LXOXL�vQ�DQVDPEOX�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

³3ROLWLFD� GH� ORFXLQ H´� HVWH� VSHFLILF� ILHF�UHL� HWDSH� GH� GH]YROWDUH� VRFLDO�HFRQRPLF���,QGXVWULDOL]DUHD�RUDúHORU�úL�XUEDQL]DUHD�VDWHORU�DX�JHQHUDW�WUDLXO�vQ�FRPXQ�úL�DX�GXV�OD�QHYRLD�VWDQGDUGL]�ULL� GLQ� PRWLYH� HFRQRPLFH�� &RQFHS LD� ILORVRILF� D� OXL� 7D\ORU� úL� )RUG�� D�³IXQF LRQDOLVPXOXL³�vúL�J�VHúWH�H[SUHVLH�vQ�³PDúLQD�GH�ORFXLW´�D�DQLORU�µ����GHQXPLW� XOWHULRU�³ORFXLQ �� PRGHUQ�´�� 7RW� FH� VH� FRQVWUXLHúWH� vQ� ]LOHOH� QRDVWUH� úL� vQWUXQHúWH� FRQGL LL� QRL� � GH�WLSL]DUH� GHVFKLV��� HODVWLF� �IOH[LELOLWDWH�� SHUVRQDOL]DUH�� YDULHWDWH�� HVWH� GHQXPLW� JHQHULF�³ORFXLQ ��FRQWHPSRUDQ�´��DGHFYDW� PRELOLW� LL�VRFLDOH���7(5,725,8/��&/,0$��9,$�$�62&,$/� � 75$',�,$�'(�/2&8,5(�

3XQFWXO� GH� SOHFDUH� SHQWUX� DPHQDMDUHD� JRVSRG�ULHL� vO� FRQVWLWXLH� WHUHQXO� DJULFRO� 'LQ�FHOH� PDL� YHFKL� WLPSXUL�� RPXO� D� PDQLIHVWDW� R� WHQGLQ �� QDWLY��� LQVWLQFWLY� GH� D�úL� SURWHMD�WHULWRULXO�SURGXFWLY��IRORVLQG�R�PLF� VXSUDID ��SHQWUX�FRQVWUXF LH�LDU�UHVWXO�SHQWUX�FXOWXUL��$úD�V�D�Q�VFXW�LGHHD�H[WLQGHULL�FDVHL�SH�YHUWLFDO���FKLDU�úL�OD�VDWH��7RW�GH�QDWXU� ³HFRORJLVW�´�HVWH�úL�vQFOLQD LD�GH�D�úL�IHUL�DG�SRVWXO�GH�DUúL ���YkQWXUL�SXWHUQLFH��IULJ�VDX�XPLGLWDWH�H[FHVLY���$VWIHO��ILHFDUH�]RQ� FOLPDWLF���FX�IRUPHOH�HL�GH�UHOLHI�DUH�XQ�DQXPLW�PRGHO�GH�ORFXLQ ��6DWHOH� GH� PXQWH� PDL� SX LQ� SRSXODWH�� DX� FDVHOH� L]RODWH�� DO�WXUL� GH� HOH� ILLQG� FRQVWUXLWH�JUDMGXULOH� SHQWUX� DQLPDOH�� GHSR]LWHOH� SHQWUX� SURGXVH�� IkQDUXO� �WRWXO� vQ� FXU L� LQWHULRDUH�vQJU�GLWH��GHQXPLWH�³RFRO´��SURWRWLSXO�HVWH�VWkQD��6DWHOH�GH�FkPSLH��PDL�DGXQDWH��FX�FDVH�GHVH��DX�IRVW�FRQVWUXLWH�FX�O� LPHD�VSUH�XOL ��úL�FXUWHD�VSUH� LQWHULRU�� vQ� SURIXQ]LPH� vQúLUkQGX�VH� DQH[HOH� JRVSRG�UHúWL�� EXF�W�ULD� GH� YDU��� úXUD��JU�GLQD��OLYDGD�6DWHOH�VXEFDUSDWLFH�VH�vQúLU� GH�D�OXQJXO�Y�LORU�� OD�R�VWUDG� SULQFLSDO���DYkQG�vQ�SUHOXQJLUHD�FXU LL��SH�GHDOXUL��ORWXUL�OXQJL��SDUDOHOH�GH�OLYH]L�úL�SRGJRULL�0RGHOXO� WUDGL LRQDO� UXUDO� HVWH� FDVD� SHQWUX� R� VLQJXU� IDPLOLH�� ÌQ� DUD� QRDVWU��� HD� DUH�IRUP� GUHSWXQJKLXODU��� R� WLQG� úL� XQD� VDX� GRX� FDPHUH�´&DPHUD� FXUDW�´ HVWH� GHVWLQDW�J�]GXLULL�RDVSH LORU��GHSR]LW�ULL�]HVWUHL��KDLQHORU�GH�V�UE�WRDUH��HYHQWXDO�IUXFWHORU��LDU�FHDODOW�vQF�SHUH�HVWH�SHQWUX� ORFXLW��GRUPLW��J�WLW�� HVXW� 7LQGD� �KROXO�DFWXDO�� VH�SUHOXQJHúWH� vQ�FDVHOH�PDUL��GH�WLS�FRQDF��UH]XOWkQG�����FDPHUH�QHGLIHUHQ LDWH�FD�IRUP� úL�FD�P�ULPH�ÌQ�]RQH� LQWHQV�SRSXODWH��FDVD�HWDMDW� D�DS�UXW�GH� WLPSXULX� úL� vQ� UXUDO� �2ODQGD���DYkQG� LQWU�UL�GLIHULWH�� GH� SH� JDOHULL� H[WHULRDUH�� SHQWUX� PDL� PXOWH� IDPLOLL�� ÌQ� DIDUD� IXQF LHL� HFRQRPLFH��ORFXLQ D�vQ�O DW� SRDWH�V� MRDFH�úL�XQ�URO�GH�DS�UDUH��ILLQG�IRORVLW� FD�UHIXJLX�&RQGL LLOH� QDWXUDOH� vQ� VLQH� SRW� UHSUH]HQWD� ]RQH� GH� VHFXULWDWH��PXQWHOH�� JROIXULOH� úL� ODJXQHOH�DG�SRVWHVF�XQHRUL�RUDúH�vQWUHJL��9HQH LD��0H[LFR��1HZ�<RUN��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&OLPD�MRDF� XQ�URO�KRW�UkWRU�vQ�RULHQWDUHD�úL�DUKLWHFWXUD�ORFXLQ HL�&OLPD�FDOG� úL�XVFDW��� UHJ�VLW� vQ�PXOWH� VDWH� úL�RUDúH� DUDEH�� OH�G� DFHVWRUD� vQI� LúDUHD�XQRU�FHW� L�FX�]LGXUL�DOEH��FH� UHIOHFW� VRDUHOH��SURWHMkQG� WRW�FH�HVWH� vQ� LQWHULRU�GH�F�OGXUD�H[FHVLY�GLQ�WLPSXO�YHULL��8PEUD�PDL�SRDWH�IL�RE LQXW� SULQ�RULHQWDUHD�FDPHUHORU�GH�YDU� VSUH�QRUG��SULQ�DPHQDMDUHD�GH�WHUDVH��JDOHULL�úL�ORJLL��ÌQF�SHULOH�RSWLPH�VXQW�vQDOWH��FX�SHUH L�GH�OHPQ�WUDIRUD L��FX�VLVWHPH�QDWXUDOH�GH�YHQWLODUH��$FROR�XQGH�H[LVW� SRVLELOLW� L�� LDUQD�VH� UHDOL]HD]� R�PXWDUH�VH]RQLHU� vQ�DOWH�vQF�SHUL��PDL�FDOGH�&OLPD�FDOG� úL�XPHG���VSHFLILF� XQRU�]RQH�GLQ�$VLD��-DSRQLD���$IULFD��$PHULFD�&HQWUDO� úL�$PHULFD�GH�6XG�GHWHUPLQ� QHYRLD�GH�D�ORFXL�úL�GH�D�PXQFL�PXOW�vQWU�XQ�VSD LX�GHVFKLV��SH�DSH��ODJXQH�� /RFXLQ HOH� VXQW� U�VILUDWH�� FX� SHUH L� WUDIRUD L� úL� FXUHQ L� GH� DHU� FH� SHUPLW� HOLPLQDUHD�DHUXOXL�XPHG�&OLPD� UHFH� SUHVXSXQH� UH]LVWHQ �� OD� YkQW�� IULJ� úL� vQJKH �� FRQGL LH� SH� FDUH� R� vQGHSOLQHVF�ORFXLQ HOH�GH�WLS�,DJORR��vQ�IRUP� GH�KHPLVIHU���FRQVWUXLWH�GLQ�FDOXSXUL�GH�]�SDG���DFSHULWH�OD�LQWHULRU� FX� EO�QXUL�ÌQ� QRUGXO� (XURSHL�� FO�GLULOH� VXQW� � ]XJU�YLWH� OD� H[WHULRU� vQ� FXORUL� vQFKLVH��SHQWUX�D�DEVRUEL� UDGLD LD�FDORULF��� DX� IHUHVWUH�PDUL��RULHQWDWH� VSUH� VRDUH� úL� VXQW�SUHY�]XWH�FX�GHSR]LWH�SHQWUX�SURYL]LLOH�GH�LDUQ��&OLPD� WHPSHUDW� IDYRUL]HD]� GHVI�úXUDUHD� XQXL� VWLO� GH� YLD �� HFKLOLEUDW� vQWUH� LQWHULRUXO� úL�H[WHULRUXO�ORFXLQ HL��3URWHF LD�WHUPLF� V�D�UHDOL]DW�LQL LDO�SULQ�ORFXLQ H�vQJURSDWH��GH�WLS�ERUGHL�GLQ�OHPQ�vQ�FRPXQD�SULPLWLY����UHJ�VLW�SkQ� OD�vQFHSXWXO�VHFROXOXL�;;�VXE�IRUPD�GHPLVROXOXL�GLQ� S�U LOH� YHFKL� DOH� RUDúHORU��� VDX� � FD� XQ� DFRSHULú� GLQ� WUHVWLH� vQ� GRX� SDQWH�� vQ� -DSRQLD��3URWHF LD�vPSRWULYD�SORLORU�VH�UHDOL]HD]� SULQWU�R�IRUP� SROLJRQDO� D�³RFROXOXL´�vQJU�GLW��FX�XQ�]LG�úL�XQ�DFRSHULú�GH�OHPQ�úL�SULQ�RULHQWDUHD�FDVHL�SH�GLUHF LD�GH�FXUJHUH�D�DSHORU�GH�SORDLH�2ULHQWDUHD�RSWLP� D�FDPHUHORU�GH�ORFXLW�HVWH�VSUH�VXG��VXG�HVW�VDX�VXG�YHVW��VSUH�SROXO�RSXV� ILLQG� GLVSXVH� EXF�W�ULD�� PDJD]LD�� DWHOLHUXO�� VWDXOXO�VSD LL� WDPSRQ� vQ� GLUHF LD�YvQWXULORUGLQVSUH�QRUG��/RFXLQ HOH� FX� HWDM� DX� OD� SDUWHU� ILH� JUDMGXULOH� SHQWUX� DQLPDOH� vQ� �ULOH�EDOFDQLFH�� ILH� vQF�SHUL� GH� LDUQ��� OD� DUDEL� �SHQWUX� D� SURILWD� GH� LQHU LD� WHUPLF� D� S�PkQWXOXL���2GDW� FX�GH]YROWDUHD�PDQXIDFWXULL��GLQ�VHFROXO�;9,,��DSDU�OD�SDUWHUXO�XQRU�ORFXLQ H�DWHOLHUH�úL�SU�Y�OLL�� vQ�VSHFLDO�vQ�*HUPDQLD��LDU� OD�URPkQL� ±GHSR]LWH�SHQWUX�IUXFWH�úL�YLQ��SHQWUX�UHFX]LWD�GH� OD� F�UX ��� 3LYQL D� HVWH� QHFHVDU� PDL� DOHV� vQ� ]RQHOH� GH� GHúHUW�� GDU� VH� UHJ�VHúWH� úL� vQ� FHOH�WHPSHUDWH�$SDU� vQ� HYROX LD�FDVHL�HXURSHQH�SRGXO�IRORVLW� FD� L]RODWRU� WHUPLF� úL� ORF�GH�DIXP�WRDUH��SULVSD�úL�FHUGDFXO��DFWXDOXO�EDOFRQ�GHVFKLV�� � VSD LL�GH�OXFUX�úL�GH�GRUPLW�YDUD��GH�XPEULUH�úL�DHULVLUH�vQ�UHVWXO�DQXOXL���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

9LD D�VRFLDO� úL� WHPSHUDPHQWXO�RDPHQLORU�GLQ�GLIHULWH�]RQH�VXQW�RJOLQGLWH� vQ�PRGXO�GH�RUJDQL]DUH� úL� FRPSDUWLPHQWDUH� D� JRVSRG�ULLORU�� $VWIHO�� vQ� &KLQD� J�VLP� XQ� VLVWHP� vQFKLV�HUPHWLF�� VLPHWULF��FRQVHUYDWRU�� vQ�FDUH� IDPLOLD� IHXGDO� vúL�S�VWUHD]� XUPDúLL� vQ�DFHHDúL� FXUWH��vQJU�GLW� FX�]LGXUL�vQDOWH�GH�WUHL�PHWUL��SULQ�FDUH�QX�VH�SULYHúWH�GLQ�H[WHULRU��&DVHOH�VXQW�MRDVH��FX� XQ� VLQJXU� QLYHO� úL� SULYHVF� VSUH� FHQWUXO� FXU LL�� -DSRQLD� VH� FDUDFWHUL]HD]� SULQWU�XQ� VLVWHP�FRQFHQWULF��GHVFKLV��GH�DJORPHUDUH�D�ORFXLQ HORU�GLQWU�XQ�VHQWLPHQW�GH�DSURSLHUH�FH�VXJHUHD]�³ORLDOLWDWHD´� ID �� GH� úRJXQL�� QXPHURWDUHD� FDVHORU� VH� IDFH� � vQ� RUGLQHD� FRQVWUXLULL� ORU�� QHILLQG��DQXPLWH�GLUHF LL�RUGRQDWH�GH�vQúLUXLUH��LDU�VSD LLOH�YHFLQH�SRW�IL�SHUPDQHQW�YL]XDOL]DWH�&OLPD� PHGLWHUDQHDQ� IDFH� WUHFHUHD� vQWUH� FOLPD� GH� GHúHUW� úL� FHD� WHPSHUDW��� vPELQkQG�HOHPHQWHOH�FXOWXUDOH�DIULFDQH�FX�FHOH�HXURSHQH�ÌQ�)UDQ D�GH�VXG�úL�6SDQLD�H[LVW� PXOWH�VSD LL�GHVFKLVH��SLH H�SXEOLFH��SDUFXUL��EXOHYDUGH�ODUJL��IRORVLWH�FD�SXQFWH�GH�FRQYHUJHQ ��XUEDQ���DúD�FXP�vQ�ORFXLQ ���VDORDQHOH�PDUL�UHXQHVF�SULQWU�XQ�VLVWHP�UDGLDU�WR L�ORFDWDULL��SULQ�LQWU�UL�VHSDUDWH��ÌQ� *UHFLD� DSDUH� LGHHD� GH� ³VSHFLDOL]DUH³� D� vQF�SHULORU�� SHQWUX� RDVSH L�� GHSR]LWDUH�� vPE�LHUH��J�WLW��GLVSXVH�vQ�MXUXO�XQHL�FXU L�LQWHULRDUH�³SDWLR´��FX�ED]LQ�GH�FROHFWDUH�D�DSHORU�GH�SORDLH��ÌQ�*HUPDQLD�ORFXLQ D�HVWH�GH�WLS�OLQLDU��LHUDUKL]DW��RUGRQDW��FRQIRUWXO�ILLQG�DVLJXUDW�GH�FRPDVDUHD�GLYHUVHORU� DFWLYLW� L� vQ� DFHHDúL� vQF�SHUH�� ILHFDUH� PHPEUX� DO� IDPLOLHL� DUH� FkWH� R� FDPHU��� OD�DFHVWHD�DG�XJkQGX�VH�R�VXIUDJHULH�FRPXQ��ÌQ�$QJOLD�� GDWRULW� GHQVLW� LL� FUHVFXWH� D� SRSXOD LHL� VH� DJORPHUHD]� FO�GLUL� FROHFWLYH�SH� VWU�]L�vQJXVWH��ORFXLQ D�67$6�³PXQFLWRUHDVF�´�GHYHQLQG�UDSLG�XQ�PRGHO�SHQWUX�vQWUHDJD�(XURS���&HL�vQVW�UL L�vúL�FRQVWUXLHVF�YLOH��FO�GLUL�SDUWLFXODUH�WLS�FOXEXUL��ELEOLRWHFL��FDVWHOH�DLFL�ILLQG�FHO�PDL�SXWHUQLF� UHSUH]HQWDW� ³VSHFLDOL]DUHD³� SH� IXQF LXQL� D� ILHF�UXL� HGLILFLX� úL� D� ILHF�UHL� vQF�SHUL��FDPHUD� GH� ]L� �OLYLQJURRP�� GLIHULW� GH� VXIUDJHULH� �GLQLQJURRP��� 'DWRULW� FOLPHL� WHPSHUDW�RFHDQLF� XPHG��� VXQW� GHV� vQWkOQLWH� SDUFXULOH�� VFXDUXULOH�� SHOX]HOH� FX� JD]RQ�� FH� GDX�DVSHFWXO�WUDGL LRQDO�GH�³RUDúH�JU�GLQ�´�HQJOH]HúWL�%LEOLRJUDILH��¾ /RFXLQ D�FRQWHPSRUDQ� ±SUREOHPH�úL�SXQFWH�GH�YHGHUH��GH�'U��$UK��0LKDLO�&DIIH�� �(G��7HKQLF� %XFXUHúWL�������

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&(5&(7$5($��6$1,7$5� $��/2&8,1�(,'LQ�SXQFW�GH�YHGHUH�DO�FRQGL LLORU�LJLHQLFR�VDQLWDUH�D�ORFXLQ HL��XUP�ULP�x $PSODVDUHD ± vQ� ]RQD� GH� ORFXLW�� VDOXEU��� SH� XQ� WHUHQ� XúRU� vQFOLQDW�� SHQWUX� D� IDYRUL]D�VFXUJHUHD� DSHORU�PHWHRULFH�� DYkQG� DSD� VXEWHUDQ� OD� FHO� SX LQ�XQ�PHWUX�GH� IXQGD LH�� FHOH�PDL� DYDQWDMRDVH� SHQWUX� VWDELOLWDWHD� FRQVWUXF LHL� VXQW� FRPELQD LLOH� GH� VRO� DUJLORV� QLVLSRV��VROXO�DUJLORV�IDYRUL]HD]� LJUDVLD��LDU�FHO�QLVLSRV�DOXQHFDUHD��x &�LOH� GH� DFFHV� ± DVLJXU� DSURYL]LRQDUHD� UDSLG� GLQ� ]RQD� FRPHUFLDO��� SLH H�� PDJD]LQH��HGXFD LD� úL� GHVWLQGHUHD� vQ� WLPSXO� OLEHU� SULQ� LQVWLWX LL� GH� vQY� �PkQW� ±FXOWXU� úL� ]RQH� GH�DJUHPHQW��úFROL��WHDWUH��SDUFXUL��FOXEXUL�V�OL�GH�VSRUW�H[SR]L LL�HWF��x &RQGL LL� IXQF LRQDOH�± UH HOH� GH� DOLPHQWDUH� FX� DS� úL� FDQDOL]DUH�� GH� FROHFWDUH� UH]LGXXUL��LQVWDOD LL��GH�JD]��HOHFWULFH��WHUPLFH��GH�YHQWLODUH�úL�WUDWDUH�D�DHUXOXL�x 6WUXFWXUD�FO�GLULL��� WLS� FDV���YLO���EORF��QXP�U�GH�HWDMH�úL�DSDUWDPHQWH�� RULHQDUH� LGHDO�VSUH�VXG��VXG�HVW��VXG�YHVW��FHO�SX LQ�FDPHUHOH�GH�]L�úL�GRUPLWRUXO�SHQWUX�D�DVLJXUD�vQVRULUHD��IHULWH�GH�VRDUH��GDU�DHULVLWH��EXF�W�ULD��F�PDUD��EDLD�� PDWHULDOH�GH�FRQVWUXF LH� QDWXUDOH��SLDWU���OHPQ��VDX�DUWLILFLDOH��EHWRQ��F�U�PLG���SUHIDEULFDWH��PDWHULDO�SODVWLF���vQGHSOLQLQG�FRQGL LL�GH�UH]LVWHQ ���vQWUH LQHUH�úL�VHFXULWDWH��WHUPR���IRQR� úL�KLGURL]RODQWH��JUHX�LQIODPDELOH��LHIWLQH��GXUDELOH��ODYDELOH�x &DUDFWHULVWLFL�IXQF LRQDOH�RELHFWLYH�DOH�ORFXLQ HL��� GHVFULHUH� DPSODVDUH�vQ�FO�GLUH��P�ULPH��GRW�UL�FRPXQH��VWDUH�SHUH L��IHUHVWUH�� SODQLILFDUH�LQWHULRDU�� QXP�U�GH�vQF�SHUL�úL�GHVWLQD LD�ILHF�UHLD� GLPHQVLXQL� FRQGL LL�GH�PLFURFOLPDW���LOXPLQDW�QDWXUDO��DUWLILFLDOWHPSHUDWXU���XPLGLWDWH�FXUHQ L�GH�DHU]JRPRW�LQWHULRU��H[WHULRU� VWDUH�GH�FXU� HQLH��DHURPLFURIORU� �JHUPHQL�SH�RELHFWH�úL�VXSUDIH H�YLFLHUHD�DHUXOXL��LQGLFDWRU�± PRQR[LGXO�GH�FDUERQ������� FRQGL LL�GH�FRQIRUW��GHQVLWDWHD� ��QXP�UXO�GH�ORFDWDUL���QXP�UXO�GH�FDPHUHFXEDMXO� �YROXPXO�GH�DHU�QHFHVDU�XQHL�SHUVRDQH�SHQWUX�D�úLGHVI�úXUD�DFWLYLWDWHD�vQ�FRQGL LL�RSWLPH��IL]LRORJLFH�PXOWLSOXO�GH�VFKLPE� �FRHILFLHQWXO�GH�YHQWLOD LH��GH�FkWH�RULDHUXO�GLQ�vQF�SHUH�WUHEXLH�vPSURVS�WDW���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

1RUPH�� 'HQVLWDWHD��LGHDO�± QU��ORFDWDUL���QU��FDPHUH�GH�ORFXLW�x 9�0D[LP���QU��ORFDWDUL� �QU��FDPHUH����x 9�PLQLP���QU��FDPHUH� �QU��ORFDWDUL�� �� &XEDMXO� ������P����SHUVRDQ� ��FX�R�PHGLH�GH����� P����SHUVRDQ�� 0XOWLSOXO�GH�VFKLPE���9FDPHU����9�EXF�W�ULH�úL����9�EDLH�� 6XSUDID D��������P���vQF�SHUH� ÌQ�O LPHD������������P��DGLF� PLQLP��PHWUX�SHVWH�vQ�O LPHD�PHGLH�D�ORFDWDULORU�� &RQGL LL�GH�SURSRU LRQDOLWDWH������O� LPH����vQ�O LPHD�������/XQJLPHx &DUDFWHULVWLFL�VXELHFWLYH��� DPELDQ D�JHQHUDO���DúD�FXP�UH]XOW� GLQ�DQFKHWDUHD�ORFDWDULORU��FRQWURDOH�LJLHQLFR� VDQLWDUH�vQ� GLIHULWH� DQRWLPSXUL�� VWXGLL� FOLQLFH� VWDWLVWLFH� DOH� SDWRORJLHL� VSHFLILFH�� H[SHULPHQWH� vQ�FDPHUH� WHVW� vQFKLVH�FH�UHSURGXF�vQWRFPDL�FRQGL LLOH�PHGLXOXL�GH� ORFXLW�VWXGLDW��LQFOXGH�úL�FOLPDWXO�SVLKRORJLF�GLQWUH�ORFDWDUL����,175(%�5,�7(0(�

¾ 'D L�H[HPSOH�GH�EROL�GDWRUDWH�PLFURFOLPDWXOXL�VSD LXOXL�GH�ORFXLW�¾ $OF�WXL L� XQ� FKHVWLRQDU� GH� RSLQLH� FX� SULYLUH� OD SROXDUHD� LQWHUQ� úL� OD� FHD�H[WHULRDU� ORFXLQ HL�

,167,78�,,/(���38%/,&(2� GHRVHELW� LPSRUWDQ �� GLQ� SXQFW� GH� YHGHUH� HSLGHPLRORJLF� DUH� � VXSUDYHJKHUHD�FRQGL LLORU� GH� LJLHQ� GLQ� XQLW� LOH� PHGLFDOH�FXOWXUDOH� úL� GH� vQY� �PvQW�� DGPLQLVWUDWLYH��LQGXVWULDOH�úL�FRPHUFLDOH��XQLW� L�GH�FD]DUH�DVLVWHQ ��VRFLDO� úL�UHFUHHUH��SUHFXP�úL�XQLW� LOH�GH�SUHVW�UL�VHUYLFLL��vQWUH LQHUH�FRUSRUDO��� LJLHQD�YHVWLPHQWDU���UHSDUD LL��FRQIHF LL��3HQWUX�R�EXQ�GHVI�úXUDUH�D�DFWLYLW� LORU�VSHFLILFH��WRDWH�DFHVWH�LQVWLWX LL�úL�XQLW� L�WUHEXLH�V� SULPHDVF� DYL]XO�HSLGHPLRORJLF�úL�DXWRUL]D LD�GH�IXQF LRQDUH��LDU�SHUVRQDOXO�DQJDMDW�V� ILH�LQVWUXLW�úL�GLQ�SXQFW�GH�YHGHUH�DO�FXQRúWLQ HORU�VDQLWDUH�PLQLPH�úL�FRQWURODW�PHGLFDO�SHULRGLF��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&ODVLILFDUH��x 8QLW� L� PHGLFDOH�� VSLWDOH�� SROLFOLQLFL�� GLVSHQVDUH� úL� FDELQHWH� PHGLFDOH�� VDQDWRULL��SUHYHQWRULL�� VWD LXQL� EDOQHRFOLPDWHULFH� úL� FHQWUH� GH� UHFXSHUDUH�� ODERUDWRDUH�� VHUYLFLL�+RVSLFH� �� DVRFLD LL� PHGLFDOH� SDUWLFXODUH� úL� GH� VWDW�� RUJDQL]D LL� JXYHUQDPHQWDOH� úL� QRQ�JXYHUQDPHQWDOH�x 8QLW� L�FXOWXUDOH�úL GH�vQY� �PvQW��FUHúH��JU�GLQL H��úFROL��OLFHH��XQLYHUVLW� L��FROHJLL��FDVH�GH�FXOWXU���WHDWUH��FLQHPDWRJUDIH��RSHU��x 8QLW� L� GH� vQWUH LQHUH� FRUSRUDO��� FRDIXU��� IUL]HULH�� FRVPHWLF��� PDVDM�� PDQLFKLXU���SHGLFKLXU���E�L�SXEOLFH��SLVFLQH��ED]LQH��úWUDQGXUL�x 8QLW� L�SHQWUX�LJLHQD�YHVWLPHQWDU���VS�O�WRULH��FXU� �WRULH��YRSVLWRULH�x 8QLW� L�GH�vQWUH LQHUH�vPEU�F�PLQWH��vQF�O �PLQWH�UHSDUD LL��FRQIHF LL���DSDUDWH�HOHFWURFDVQLFH��FHDVXUL��ELMXWHULL��VHUYLFH�DXWR�x 8QLW� L�GH�FD]DUH��KRWHO��PRWHO��FDPSLQJ��WDE�U���FDEDQ���F�PLQ�GH�HOHYL��VWXGHQ L��QHIDPLOLúWL�x /RFDOXUL�SHQWUX�DFWLYLW� L�GH�UHFUHHUH��ED]H�úL�FRPSOH[H�VSRUWLYH��SDWLQRDU��FOXEXUL�úFRODUH��VWXGHQ HúWL��VSRUWLYH��FD]LQRXUL��GLVFRWHFL��V�OL�GH�GDQV��GH�VSHFWDFROH��GH�MRFXUL�GLVWUDFWLYH��ELOLDUG��LQWHUQHW�HWF�x 8QLW� L�FRPHUFLDOH��PDJD]LQH��SLH H��FRPSOH[H�FRPHUFLDOH�x 8QLW� L�DGPLQLVWUDWLYH�úL�LQGXVWULDOH��E�QFL��LQWUHSULQGHUL�HWF�7RDWH� DFHVWH� XQLW� L� VXQW� FROHFWLYH�� UHODWLY� RPRJHQH� FD� SHUVRQDO� SURSULX� úL� IRDUWH�KHWHURJHQH�FD�XWLOL]DWRUL��'LQ�SXQFW�GH�YHGHUH�VDQLWDU��HOHPHQWHOH�FRPXQH�VXQW��DSURYL]LRQDUHD�FX�DS� SRWDELO���HYDFXDUHD�UH]LGXXULORU�VROLGH�úL�OLFKLGH��FRQGL LLOH�GH�PLFURFOLRPDW��VLVWHPXO�GH� vQF�O]LUH��GH�YHQWLOD LH�� LOXPLQDWXO�QDWXUDO� úL� DUWLILFLDO��3HQWUX� ILHFDUH� WLS�GH�XQLWDWH�H[LVW�QRUPDWLYH� GH� SURLHFWDUH�� FH� FXSULQG� FRQGL LLOH� PLQLPH� GH� FDOLWDWH� QHFHVDUH� SH� WRDW� GXUDWD�IXQF LRQ�ULL��GHVWLQD LD�ILHF�UHL�vQF�SHUL��FLUFXLWH��GRW�UL�LQWHULRDUH�LQVWDOD LL��F�L�GH�DFFHV�2ULFH�PRGLILFDUH�WUHEXLH�VHPQDODW� úL�DSUREDW���SULQWU�R�QRX� DXWRUL]D LH�úL�XQ�QRX�DYL]�VDQLWDUÌ175(%�5,�x &DUH� HVWH� IUHFYHQ D� FX� FDUH� Y� DGUHVD L� XQLW� LORU� GH� vQWUH LQHUH� FRUSRUDO�"� &H�LPEXQ�W� LUL�V�DU�SXWHD�DGXFH�"x /D�FH�GLVWDQ ��GH�FDV� VH�J�VHVF���JU�GLQL D�VDX�úFRDOD�FRSLLORU��XQLYHUVLWDWHD"�x &DUH�VXQW�DFWLYLW� LOH�GH�UHFUHHUH�SH�FDUH�OH�SUHIHUD L"

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

63,7$/8/3ULPHOH� vQJULMLUL� PHGLFDOH� FROHFWLYH� DX� IRVW� DFRUGDWH� GH� F�WUH� F�OXJ�UL� �EROQDYLORU�FRQVLGHUD L� SURVFULúL� úL� HOLPLQD L� GLQ� VRFLHWDWH�� (L� HUDX� J�]GXL L� vQ� XQLW� L� FOHULFDOH� U�X�YHQWLODWH��FX�FDPHUH�PLFL��vQWXQHFRDVH��DVHP�Q�WRDUH�FKLOLLORU�5�]ERDLHOH� DX� WUDQVIRUPDW� XQLW� LOH� GH� vQJULMLUH� vQ� VSLWDOH� GH� WLS� FD]DUP��� FX� VSD LL�PDUL��PDL�ELQH�RUJDQL]DWH� úL�GRWDWH��GDU�QHGLIHUHQ LDWH��FHHD�FH� IDYRUL]D� U�VSvQGLUHD� UDSLG� D�LQIHF LLORU�&HULQ HOH�VDQLWDUH�UHIHULWRDUH�OD�DPSODVDUH��FRQVWUXF LH��GRW�UL�úL�IXQF LRQDUH�DSDU�DELD�OD�WUHFHUHD�GLQWUH�VHFROHOH�;,;�úL�;;��RGDW� FX�VSLWDOXO�PRGHUQ�$PSODVDUHD VSLWDOHORU�VH�I�FHD�vQ�WUHFXW�vQ�DIDUD�ORFDOLW� LORU��GDU�DVW�]L�HOH�VXQW�VLWXDWH�FHQWUDO� úL� XúRU� DFFHVLELOH� ORFXLWRULORU� GLQ� XUEDQ� úL� UXUDO�� 7HUHQXO� VH� DOHJH� vQ� ]RQD�GH� ORFXLW��ILLQG� XúRU� vQFOLQDW� VDX� GUHSW�� SH� XQ� VRO� DUJLORV�QLVLSRV�� IHULW� GH� VXUVH� GH� SROXDUH�� ]JRPRW� úL�YvQWXUL�SULQFLSDOH��6XSUDID D�PHGLH�HVWH�GH�����GH�PHWUL�S�WUD L�SHQWUX�XQ�SDW�GH�VSLWDO�� DYvQG� vQ� YHGHUH� úL� VSD LLOH� GLQ� MXU�� SDUFXUL�� DOHL�� ]RQH� GH� SDUFDUH�� FUHPDWRULXO�� VWD LD� GH�HSXUDUH� D� DSHORU� UH]LGXDOH�� VWD LD� GH� R[LJHQ�� FHQWUDOD� WHUPLF��� SODWIRUPD� SHQWUX� UH]LGXXUL�VROLGH� 2ULHQWDUHD FO�GLULL�VH�IDFH�FX�vQF�SHULOH�SULQFLSDOH� VDORDQH��V�OL�GH�WUDWDPHQW��VSUH�VXG��VXG�HVW�SHQWUX�D�EHQHILFLD�GH�LOXPLQDW�QDWXUDO�úL�DQH[HOH�VSUH�QRUG�YHVW�úL�SR]L LL�LQWHUPHGLDUH�0DWHULDOHOH�GH�FRQVWUXF LH WUHEXLH�V� ILH�KLGUR�úL�IRQRL]RODQWH��QHLQIODPDELOH��UH]LVWHQWH�úL�XúRU�GH�vQWUH LQXW��DOHVH�GXS� FULWHULL�GH�FDOLWDWH�úL HFRQRPLFH��)XQF LRQDOLWDWHD VSLWDOXOXL� VH� DVLJXU� SULQ� vPS�U LUHD� OXL� SH� VHF LL�� SH� JUXSH� GH�SDWRORJLH��YvUVW���VH[�6HF LD� FXSULQGH� ���� XQLW� L� GH� vQJULMLUH�� FX� FvWH� ����� PD[LP� ��� VDORDQH� ILHFDUH�� FX�FDPHUH� GH� WUDWDPHQW�� FDPHUH� GH� JDUG��� vQF�SHUL� SHQWUX� PHGLFL�� SHQWUX� úHIXO� GH� VHF LH� úL�vQF�SHUL�SHQWUX� DVLVWHQWH� úL� SHQWUX� DVLVWHQWD� úHI��� FX� JUXSXUL� VDQLWDUH� SHUVRQDOH��PRQLWRU� VDX�VDORQ�GH�VXSUDYHJKHUH�DO�EROQDYLORU��V�OL�GH� LQYHVWLJD LL� VSHFLDOH�� LQWHUYHQ LL�FKLUXUJLFDOH� VDX�JLPQDVWLF� PHGLFDO���8QLWDWHD�GH�vQJULMLUH�DUH��XQ�PHGLF�úHI�GH�VHF LH�úL�R�DVLVWHQW� úHI���PDL�PXO L�PHGLFL��DVLVWHQWH� úL� LQILUPLHUH� FDUH� VH� URWHVF� vQ� VFKLPEXUL� GH� ]L� úL� J�U]L� GH� QRDSWH�� 3RDWH� FXSULQGH�QXPDL�MXP�WDWH�GLQ�VHF LH��DGLF� SvQ� OD����GH�SDWXUL�3HQWUX� VF�GHUHD� ULVFXOXL� HSLGHPLRORJLF� VH� UHFRPDQG� VHSDUDUHD� SDWRORJLHL� FX� ULVF�VHSWLF�GH�UHVWXO�FD]XULORU�DVHSWLFH��GHFL�DPSODVDUHD� ORU�OD�HWDMH�GLIHULWH��'H�DVHPHQHD��vQWU �XQ�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

VSLWDO� GH� EROL� LQIHF LRDVH�EROLOH� GLJHVWLYH� YRU� IL� OD� SDUWHU� úL� FHOH� UHVSLUDWRULL� OD� HWDMHOH�VXSHULRDUH�6SLWDOHOH�GH�SHGLDWULH�VXQW�RUJDQL]DWH�SH�JUXSH�GH�YvUVW���GH�MRV�vQ�VXV��vQFHSvQG�FX�QRX�Q�VFX L��VXJDUL�úL� WHUPLQvQG�FX�FRSLLL�PDUL� OD�XOWLPXO�HWDM��VHUYLFLLOH�GH�XUJHQ ���$7,� �VXQW� OD�SDUWHU��XUPHD]� FKLUXUJLD�úL�PDL�VXV�EROLOH�LQWHUQH��$LFL�SULPLUHD�YL]LWDWRULORU�VH�IDFH�SH�KROXUL�VSHFLDO� DPHQDMDWH�� LDU� SHQWUX� VXSRUWXO� SVLKLF� DO� PLFLORU� SDFLHQ L� VXQW� GHVWLQDWH� FDPHUH� GH�WHUDSLH�SULQ�MRF��*UXSXULOH�VDQLWDUH�FX�E�L�úL�GXúXUL�VXQW�OD�FDSHWHOH�FRULGRDUHORU��6HFWRUXO�JRVSRG�UHVF�LQFOXGH�VHUYLFLL�GH�DOLPHQWD LH��RILFLXO�úL�VDOD�GH�PHVH��SUHFXP�úL�VHUYLFLL�GH�vQWUH LQHUH�D LJLHQHL�VSD LL�SHQWUX�LQVWUXPHQWHúL�VROX LL�GH�FXU� HQLH��YHVWLDUH��GXúXUL�SHUVRQDO��ER[H�úL�GHEDUDOH�SHQWUX�FRúXUL��UXIH�úL�OHQMHULH�FXUDW� ±FD]DUPDPHQW�PRDOH�6SLWDOHOH�PRGHUQH�úL FHOH�SDUWLFXODUH�DX�XQ�QXP�U�PDL�PDUH�GH�UH]HUYH��SUHY�]XWH�FX�JUXS�VDQLWDU�SURSULX��R�DPELDQ ��PDL�SO�FXW� FDUH�UHSURGXFH�PLFURFOLPDWXO�ORFXLQ HL�&OLQLFLOH�SDUWLFXODUH�FRQVWUXLWH�vQ�VLVWHPXO�Ä�URRPLQJ�±LQ´�DVLJXU� SHQWUX�ILHFDUH�PDP�XQ�VSD LX�SULYDW�vPSUHXQ� FX�QRX�Q�VFXWXO��SvQ� OD�H[WHUQDUH�6SLWDOXO� HVWH� XQLWDWHD� GH� ED]� FH� DVLJXU� DVLVWHQ D� PHGLFDO� FRPSOHW� VDX� GH�VSHFLDOLWDWH��SUHYHQWLY���FXUDWLY� úL�GH�UHFXSHUDUH��SHQWUX�EROQDYLL�LQWHUQD L�úL�DPEXODWRUL�GH�SH�WHULWRULXO�DURQGDW�6SLWDOHOH�VXQW VXERUGRQDWH�0LQLVWHUXOXL�6�Q�W� LL�VDX�DOWRU�PLQLVWHUH��DO�WUDQVSRUWXULORU��PLQLVWHUXOXL� GH� LQWHUQH�� VSLWDOH� PLOLWDUH�� (OH� DX� vQ� VXERUGLQHD� ORU� SROLFOLQLFL�� GHVWLQDWH�DVLVWHQ HL� vQ� DPEXODWRULX�� LDU� DFHVWHD� DX� VXERUGRQDWH� GLVSHQVDUH� PHGLFDOH� úL� FDELQHWH� GHPHGLFLQ� GH�IDPLOLH�6SLWDOXO�FDUH�vQGHSOLQHúWH�úL�IXQF LD�GH�vQY� �PvQW�PHGLFDO�úL�GH�FHUFHWDUH�GHYLQH�6SLWDO�&OLQLF� 8QLYHUVLWDU� �� 5HQXPLWH� SULQ� YHFKLPH� úL� SUHVWLJLX�� VDX� SULQ� vQWLQGHUH�� ,QVWLWXWHOH�0HGLFDOH�VDX�&HQWUHOH�0HGLFDOH�VH�J�VHVF�vQ�RUDúHOH�PDUL�$OWH� IRUPH�GH� � DVLVWHQ ��PHGLFDO� RUJDQL]DW� VXQW� SUHYHQWRULLOH� úL� VDQDWRULLOH�� SHQWUX�EROQDYL� SVLKLFL� úL� WXEHUFXORúL�� VLWXDWH� GH� RELFHL� vQ� DIDUD� ORFDOLW� LL�� ED]HOH� GH� UHFXSHUDUH� GLQ��VWD LXQL� EDOQHRFOLPDWHULFH�� FX� WUDWDPHQW� � SULQ� IL]LRWHUDSLH�� NLQHWRWHUDSLH� VDX� DOWH� SURFHGHH�SHQWUX�FRQYDOHVFHQ L�FX�DIHF LXQL�FDUGLRYDVFXODUH��UHXPDWLVPDOH��RVWHRDUWLFXODUH��QHXURORJLFH�6�DX�GH]YROWDW� OD�RUD� DFWXDO� DVRFLD LL�PHGLFDOH� úL� VHUYLFLL�GH�DVLVWHQ ��SVLKR�VRFLDO���JXYHUQDPHQWDOH�úL�QRQJXYHUQDPHQWDOH�úL�VHUYLFLL�+RVSLFH�SHQWUX�VXSUDYHJKHUHD�OD�GRPLFLOLX�([LVW� VSLWDOH�JHQHUDOH�úL�GH�VSHFLDOLWDWH��LQWHUQH��SHGLDWULH��RQFRORJLH��EROL�LQIHF LRDVH��GHUPDWRORJLH��QHXURORJLH��UHFXSHUDUH��SVLKLDWULH��SQHXPR�IWL]LRORJLH�HWF��2UJDQL]DWH� SH� SULQFLSLXO� WHULWRULDO�� VSLWDOHOH� SRW� IL� �� MXGH HQH��PXQLFLSDOH�� RU�úHQHúWL��FRPXQDOH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$FWLYLW� LOH FDUH�VH�GHVI�úRDU� vQ�VSLWDOH�VXQW���PHGLFDOH��LQYHVWLJD LL��WUDWDPHQW��FRQVXOWD LL��VXSUDYHJKHUHD�úL�DVLVWDUHD�EROQDYLORU��GH�FHUFHWDUH�vQY� �PvQW��VWXGLX�FOLQLF��VWDWLVWLF��REVHUYD LH�H[SHULPHQW�H[SORUDUH�IXQF LRQDO���WHKQLFH��H[SORDWDUH��vQWUH LQHUH��UHSDUDUHD�DSDUDWXULL�úL�D�HFKLSDPHQWHORU��DGPLQLVWUDWLYH��DSURYL]LRQDUH��DOLPHQWD LH��FXU� HQLH��HFRQRPLFH��JHVWLRQDUHD�UHVXUVHORU��RUJDQL]DUH��FRQGXFHUH��SROLWLF� GH�SHUVRQDO��SODQLILFDUH��HYDOXDUH�8WLOL]DWRULL VSLWDOXOXL�VXQW��SDFLHQ LL��SH�JUXSH�GH�EROL��YvUVW���VH[��SHUVRQDOXO�PHGLFDO�úL�GH�FHUFHWDUH��WHKQLF�úL�DGPLQLVWUDWLY��VWXGHQ L��FXUVDQ L��SUDFWLFDQ L��DSDU LQ�WRUL��YL]LWDWRUL��vQVR LWRUL�&RQVWUXLUHD�VSLWDOHORU� VH� UHDOL]HD]� GLQ� IRQGXUL�SXEOLFH��GH� OD�EXJHWXO�GH� VWDW��EXJHWH�ORFDOH��IRQGXUL�VSHFLDOH�FRQVWLWXLWH�SULQ�OHJH�vQ�DIDUD�EXJHWHORU��IRQGXUL�SULYDWH�GH�OD�SHUVRDQH�IL]LFH�VDX�MXULGLFH��FUHGLWH�JDUDQWDWH�úL�FRQWUDFWH�GH�VWDW��SUHFXP�úL�GLQ�IRQGXUL�PL[WH��SXE OLFH�úL� SULYDWH�� (OH� WUHEXLH� V� vQGHSOLQHDVF� SH� WRDW� GXUDWD� GH� H[LVWHQ �� D� FRQVWUXF LHL�� FRQGL LL�PLQLPH�GH�FDOLWDWH�úL�GH�UH]LVWHQ ��6WUXFWXULOH�GH�UH]LVWHQ ��DOH�FO�GLULORU�VSLWDOLFHúWL�VXQW��IXQGD LD��FRORDQHOH��SODIRQXO�úL�SRGHDXD��VWvOSLL�GH�VXV LQHUH��JULQ]LOH�úL�SHUH LL�GH�UH]LVWHQ ��&RPSRQHQWHOH�IXQF LRQDOH�DUKLWHFWXUDOH�VXQW�IHUHVWUHOH��XúLOH��DFRSHULúXO��SHUH LL�LQWHULRUL�'RW�ULOH�úL�XWLOLW� LOH�VXQW�PXOW�PDL�YDORURDVH�HFRQRPLF��UHSUH]HQWvQG�SHVWH�����GLQ�FRVWXULOH�WRWDOH��(OH�WUHEXLH�ELQH�DPSODVDWH�úL�vQWUH LQXWH��SHQWUX�F���GH�FHOH�PDL�PXOWH�RUL�SRW�IL�FDX]H�GH�LQFHQGLL��VFXUWFLUFXLWH��H[SOR]LL��SU�EXúLUL�DOH�VWUXFWXULL��SXWvQG�SHULFOLWD�DFWLYLWDWHD�PHGLFDO� úL�YLD D�XWLOL]DWRULORU�([HPSOH��VLVWHPH�GH�vQF�O]LUH��GH�FRQGL LRQDUH�D�DHUXOXL��LQVWDOD LL�HOHFWULFH��ERLOHUH��ED]LQH�GH�KLGURWHUDSLH��HFKLSDPHQWH�PHGLFDOH�SHQWUX�UDGLRORJLH�úL�WRPRJUDILH�FRPSXWHUL]DW��([LVW� PRGHOH� WLSRORJLFH GH� VSLWDOH�� FDUH� VH� SRW� DOHJH� vQDLQWH� GH� SURLHFWDUH�� VH�XUP�UHúWH�SRWHQ LDOXO�GH�IOH[LELOLWDWH�DO�VSD LLORU�úL�DO�PRGXOXL�GH�UDFRUGDUH�OD�LQVWDOD LL��SHQWUX�D�SXWHD�IL�PRGHUQL]DWH�úL�UHHFKLSDWH�FX�DSDUDWXU� OD�ILHFDUH�������DQL��PD[LP����GH�DQL��I�U� D�SHUWXUED�WRDW� DFWLYLWDWHD�GLQ�LQWHULRU�6LVWHPXO�SDYLOLRQDU VH�DOHJH�SHQWUX�VSLWDOH�PDUL��RU�úHQHúWL��PXQLFLSDOH�FX�SHVWH������GH�SDWXUL��úL�LQVWLWX LL��DYvQG�DYDQWDMXO�XQHL�PDL�EXQH�RUJDQL]�UL�úL�DGPLQLVWU�UL�SHQWUX�ILHFDUH�FO�GLUH�vQ�SDUWH��GDU�HVWH�PDL�FRVWLVLWRU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

6LVWHPXO�PRQREORF HVWH�GHVWLQDW�VSLWDOHORU�PLFL�úL�PLMORFLL��FRPXQDOH��FX���������GH�SDWXUL����GHúL�HVWH�PDL�HFRQRPLF��LJLHQD�HVWH�GHILFLWDU��6LVWHPXO� DUWLFXODW VH� UHIHU� OD� VHFWRUXO� GH� VSLWDOL]DUH� VHSDUDW� GH� VHUYLFLLOH� WHKQLFR�DGPLQLVWUDWLYH� úL� JRVSRG�UHúWL�� FO�GLUHD� DUH� IRUP� GH� OLWHUD�/� VDX�&� �� R� DULS� ILLQG� UH]XOWDW�XQHRUL�GLQ�FRQVWUXF LL�XOWHULRDUH���PDL�PRGHUQH�6LVWHPXO�WHQWDFXODU VH�UHJ�VHúWH�vQ�PDULOH�FOLQLFL�úL�VSLWDOH�XQLYHUVLWDUH��U�VSvQGLWH�SH�FROLQH� VDX� SH� XQ� UHOLHI� vQWLQV�� XQGH� ]RQH� IXQF LRQDOH� UHODWLY� DXWRQRPH� VXQW� FRQHFWDWH� OD� XQ�YROXP�FHQWUDO�6SLWDOHOH�VXQW�FRPSDUWLPHQWDWH� vQ� ]RQH�IXQF LRQDOH��GXS� FULWHULL�GH� LJLHQ� úL�DVHSVLH��6SD LLOH�SRW�IL�VWHULOH��DVHSWLFH�VDX�VHSWLFH��DYvQG�vQWUH�HOH�]RQH�FX�URO�GH�EDULHU� VDX�ILOWUX�GH�FRQWURO�úL�LJLHQL]DUH��&LUFXLWHOH�SRW�IL�PHGLFDOH�VDX�QHPHGLFDOH��vQFKLVH�VDX�GHVFKLVH��VHSWLFH�VDX�DVHSWLFH�7(0(��

¾ ÌQFDGUD L�VSD LLOH�GH�PDL�MRV�vQWU�R�FDWHJRULH�GLQ�XUP�WRDUHOH��VHSWLF��DVHSWLF�VDX�VWHULO��EORF�RSHUDWRU��$7,��VDO� GH�QDúWHUL��VWHULOL]DUH�FHQWUDO��VDORDQH�$7,��QRX�Q�VFX L��DUúL��DOWH�VDORDQH�ODERUDWRDUH��UDGLRORJLH��IDUPDFLH�SURVHFWXU��LQWHUQ�UL��XUJHQ H¾ 'D L�H[HPSOH�GH�FLUFXLWH�GLQ�VSLWDO�¾ (QXPHUD L�VXUVHOH�GH�WUDQVPLWHUH�D�LQIHF LLORU�vQWU�XQ�VSLWDO�¾ 'HVFULH L�DYDQWDMHOH�úL�GH]DYDQWDMHOH�VLVWHPXOXL�Ä�URRPLQJ�LQ´��¾ *�VL L�VROX LL�GH�RSWLPL]DUH�D�DFWLYLW� LL�GLQ�VSLWDOH��IRORVLQG�DFHODúL�VSD LX�%LEOLRJUDILH�¾ 1RUPDWLY� GH� SURLHFWDUH� D� FO�GLULORU� VSLWDOLFHúWL� ,QGLFDWLY� 13������� HODERUDW� GH�,QVWLWXWXO� GH� 3URLHFWDUH�� FHUFHWDUH� úL� WHKQLF� GH� FDOFXO� vQ� FRQVWUXF LL�� DSUREDW� GH�0LQLVWHUXO�/XFU�ULORU�3XEOLFH�úL�DPHQDM�ULL�WHULWRULXOXL�FX�2UGLQXO���1�GLQ������������¾ ,JLHQD�GH�3URI��'U�0DQROH�&XFX��*KH��7�Q�VHVFX��6HEDVWLDQ�'XPLWUDFKH��(G��0HGLFDO� %XFXUHúWL������

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$(520,&52)/25$'HWHUPLQDUHD�FRQWDPLQ�ULL�PLFURELHQH�úL�IXQJLFH�D�DHUXOXL��RELHFWHORU�úL�VXSUDIH HORU6FRSXO�HVWH�GHWHUPLQDUHD�FRQGL LLORU�GH�LJLHQ� úL�VWDELOLUHD�SRWHQ LDOXOXL�GH�WUDQVPLWHUH�DHURJHQ� D� JHUPHQLORU� SDWRJHQL� úL� FRQGL LRQDW� SDWRJHQL� GLQ� VSLWDOH�� ODERUDWRDUH�� FUHúH��JU�GLQL H��úFROL��XQLW� L�GH�LQGXVWULH�DOLPHQWDU���IDUPDFLL��V�OL�SXEOLFH��ORFXLQ H�3URYHQLHQ D�JHUPHQLORU�HVWH�GLQ�PHGLX��DS���VRO��YHJHWD LH��VDX�XPDQ� úL�DQLPDO��

&ODVLILFDUHD�JHUPHQLORU���VDSURIL L��FRQGL LRQDW�SDWRJHQL�úL�SDWRJHQL��EDFWHULL��YLUXVXUL�VDX�SDUD]L L��SVLKURILOL����������&��VDX�PH]RILOL����������&��GXS� WHPSHUDWXUD�RSWLP� GH�GH]YROWDUH��GH�SURYHQLHQ ���UHVSLUDWRULH��9LUXúL� SROLR��6WUHSWRFRF�� +HPROLWLF��$QWUD[�FXWDQDW���6WDILORFRFXO��0LFR]HOH��GLJHVWLY� ��&ROLIRUPLL��9LUXVXO�+HSDWLWHL�$6XUVD�GH�LQIHF LH SULQFLSDO� HVWH�RPXO�EROQDY�VDX�SXUW�WRU��3RDUWD�GH�LQWUDUH HVWH�QDVXO�VDX�IDULQJHOH�&DOHD�GH�WUDQVPLWHUH HVWH�DHURJHQ���SULQ�WXVH��VWU�QXW��H[SHFWRUD LH�VDX�YRUELUH�FX�SURQXQ DUHD�XQRU�FRQVRDQH��ú��W�� �3LF�WXULOH�OXL�)O&JH�VH�WUDQVPLW�OD�����PHWUL��VHGLPHQWHD]� UDSLG�úL�DX�FHO�PDL�PDUH�SRWHQ LDO�LQIHFWRJHQ��6XQW�DOF�WXLWH�GLQWU�R�FHOXO� GHVFXDPDW���JHUPHQ�PLFURELDQ�úL�vQYHOLú�KLGULF�1XFOHLL�:HOOV�VDX�QXFOHROLL�QX�PDL�DX�vQYHOLú�KLGULF��SLHUG�GLQ�YLUXOHQ ��úL�VH�WUDQVPLW��SvQ� OD�������PHWUL�GHS�UWDUH��(L�DGHU� GH�SXOEHUL�úL�VH�WUDQVIRUP� vQ�SUDI�EDFWHULDQ��ULGLFDW GH�FXUHQ LL�GH�DHU�úL�SXUWDW�SH�GLVWDQ H�PXOW�PDL�PDUL��GH�DFHHD�SRWHQ LDOXO�LQIHFWRJHQ�HVWH�PDL�PLF�3ULQFLSDOHOH�EROL�FX�WUDQVPLWHUH�DHURJHQ� VXQW��EROLOH�LQIHFWR�FRQWDJLRDVH�DOH�FRSLO�ULHL��UXMHROD�� UXEHROD�� YDULFHOD�� VFDUODWLQD�� WXVHD� FRQYXOVLY���� JULSD� úL� DOWH� YLUR]H�� WXEHUFXOR]D��DQWUD[XO��6WUHSWRFRFXO�+HPROLWLF�úL�9LULGDQV�ÌQ�VDORDQHOH�GH�DUúL�úL�RSHUD L��GH�OD�VXSUDID D�SLHOLL�VH�SRW�GHVSULQGH�vQ�DHU�6WDILORFRFL��FHO�PDL�UH]LVWHQW�OD�WUDWDPHQW�ILLQG�6WDILORFRFXO�$XUHX��2�DWPRVIHU� FRQWDPLQDW� FX�JHUPHQL�GLQ�LQWHVWLQ��&ROLIRUPL��GHQRW� XQ�JUDG�FUHVFXW�GH�LQVDOXEUL]DUH�D�vQF�SHULORU�úL�XQ�SRWHQ LDO�LQIHFWRJHQ�ULGLFDW�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

1H� LQWHUHVHD]� vQ�PRG�GHRVHELW�JHUPHQLL� FDUH� UH]LVW� úL� VH� vQPXO HVF� OD� WHPSHUDWXUD�FRUSXOXL� RPHQHVF�� ��� �&�� GHQXPL L� JHUPHQL� PH]RILOL�� &X� FvW� QXP�UXO� GH� JHUPHQL� HVWH� PDL�PDUH��FX�DWvW�FUHúWH�SUREDELOLWDWHD�FD�SULQWUH�HL�V� H[LVWH�úL�JHUPHQL�SDWRJHQL�'LQ� DFHVWH� FRQVLGHUHQWH� V�DX� DOHV� XUP�WRDUHOH� JUXSH� GH� LQGLFDWRUL� EDFWHULRORJLFL� GH�FRQWDPLQDUH�D�DHUXOXL�����WRWDO�JHUPHQL�PH]RILOL�OD�����&��������������������: JHOR]� VLPSO� ��JHOR]� VvQJH���6WUHSWRFRFL�+HPROLWLFL�úL�YLULGDQV����������������: JHOR]� VvQJH��YLROHW�GH�JHQ LDQ���6WDILORFRFL����������������������������������������������� : PHGLL�&KDSPDQ�KLSHUFORUXUDWH��&ROLIRUPL������������������������������������������������������: 'ULJDOVNL�VDX�9RJHOVDQJ��,Q� VFKHPD� GH� PDL� VXV� DP� UHGDW� PHGLLOH� GH� FXOWXU� IRORVLWH� OD� GHWHUPLQDUHD� LQGLFDWRULORU�EDFWHULRORJLFL�GLQ�DHU�

0HWRGH�SHQWUX�GHWHUPLQDUHD�FRQWDPLQ�ULL�DHUXOXL����0HWRGD�VHGLPHQW�ULL��D�OXL�.RFK�P�VRDU� IUDF LXQHD�VHGLPHQWDELO� D�IORUHL�GLQ�DHU�)RORVLP�SO�FL�3HWUL�FX�VXSUDID D�GH�����FP��� ��H[SXVH�WLPS�GH���PLQXWH�vQ�PHGLX��FX�XúLOH�úL�IHUHVWUHOH�vQFKLVH��3UHVXSXQHP�F� GLQWU�XQ�PLFURRUJDQLVP�VH�GH]YROW� R�FRORQLH�)RORVLP�XQ�YROXP�GH�DHU�GH����OLWUL��DGLF� ���GP� VDX��������GH�P��)RUPXOD� OXL� 2PHOLDQVNL� QH� SHUPLWH� V� FDOFXO�P� 1� JHUPHQL� �� P� �� UDSRUWvQG� Q[� ������� OD�SURGXVXO�6[�W��� XQGH���Q�QXP�U�GH�FRORQLL�QXP�UDWH�6�VXSUDID D�SO�FLL�3HWUL������FP�W�WLPSXO�GH�H[SXQHUH����PLQXWH3O�FLOH�3HWUL�VH�DúD]� SH�SRGHD��SH�PDVD�GLQ� ID D�RJOLQ]LL� vQ�VDORQ��SH�PDVD�GH� WUDWDPHQW�� OD�vQ�O LPL�GLIHULWH�úL�vQ�GLIHULWH�FRO XUL�DOH�vQF�SHULL���0HWRGD�DVSLU�ULL�SULQ�ILOWUDUH�VDX�SULQ�LPSDFW��IRORVLQG�DSDUDWXO�OXL�.URWRY�ÌQ�PHWRGD�SULQ�LPSDFW��1�JHUPHQL��P� VH�FDOFXOHD]���UDSRUWvQG�Q[������OD�9��XQGH�Q�QXP�U�GH�FRORQLL9�YROXPXO�GH�DHU������GDWRULW� WUDQVIRUP�ULL�vQ�P���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

1RUPH���17*�HVWH�QXP�UXO�WRWDO�GH�JHUPHQL�PH]RILOL��P��������JHUPHQL�PH]RILOL��P��vQ�vQF�SHUL�GH�ORFXLW�������JHUPHQL�PH]RILOL��P��vQ�LQVWLWX LL�GH�FRSLL������JHUPHQL�PH]RILOL��P��vQ�VDORDQH�GH�VSLWDO��EXF�W�ULL��V�OL�GH�SDQVDPHQWH�úL�$7,������JHUPHQL�PH]RILOL��P��vQ VDORDQH�GH�QRXQ�VFX L�����JHUPHQL�PH]RILOL��P��vQ�V�OL�GH�RSHUD LH�úL�GH�QDúWUH��������� JHUPHQL�PH]RILOL��P��vQ�V�OL�GH�RSHUD LH�QHXURFKLUXUJLH�úL�WUDQVSODQW�GH�RUJDQH1XP�UXO�GH�6WUHSWRFRFL�KHPROLWLFL�WUHEXLH�V� ILH�0D[LP����GLQ�17*6WDILORFRFLL�SDWRJHQL�úL�JHUPHQLL�&ROLIRUPL�WUHEXLH�V� ILH�DEVHQ L�&RQWUROXO�EDFWHULRORJLF�DO�VXSUDIH HORU�6H�IDFH�vQ�VFRSXO�GH�D�GHWHUPLQD�JUDGXO�GH�FXU� HQLH�DO�vQF�SHULORU�VSHFLDOH�úL�DO�SHUVRQDOXOXL�0HGLLOH�GH�FXOWXU� VXQW�DFHOHDúL�0HWRGHOH�IRORVLWH��PDL�GHV�VXQW ��� 0HWRGD�WDPSRQXOXL�VWHULO��6H�UHFROWHD]� GH�SH�VXSUDID D�XQXL�S�WUDW�GH�����GH�FP����FX�DMXWRUXO�XQXL�WDPSRQ�VFRV�GLQWU�R�HSUXEHW� FX�VROX LH�L]RWRQLF� VWHULO���GXS� FH�V�D�IODPEDW�JXUD�HSUXEHWHL�'LQ�VXVSHVLH�VH�IDF�GLOX LL����������������������VH�vQV�PvQ HD]� SH�PHGLX�VROLG�úL�VH�LQFXEHD]�OD������&��WLPS�GH����GH�RUH�6H�FDOFXOHD]� 1�JHUPHQL���FP����FD�R�VXP� GLQ�Q[�G[������1[6��XQGH��Q�QXP�U�GH�FRORQLL�QXP�UDWH�1�QXP�UXO��SO�FL�3HWUL�IRORVLWH�G�LQYHUVXO�GLOX LHL�6�VXSUDID D�SO�FLL�3HWUL������FP�6H�UHFROWHD]� GH�SH�PDVD�GLQ�VDORQ��GH�SH�FHDUúDI��SLMDPDXD�EROQDYXOXL��FXWLD�FX�LQVWUXPHQWH�FKLUXUJLFDOH�VWHULOL]DWH��LQVWUXPHQWH��PvQD�FKLUXUJXOXL�úL�D�DVLVWHQWHL�PHGLFDOH��HWF�1RUPH�17*�QXP�U�GH�JHUPHQL�PH]RILOL�OD�����&��FP���91����vQ�vQF�SHUL�RELúQXLWH��±vQ�V�OL�GH�VSLWDO��±vQ�V�OL�GH�RSHUD LH

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

3H�VXSUDID D�PvLQLL��91����JHUPHQL�SHQWUX�SHUVRQDOXO�PHGLX���JHUPHQL�SHQWUX�PvQD�FKLUXUJXOXL3H�XQLWDWHD�FRQYHQ LRQDO� GH�VXSUDID ���GH�����FP�� �91�± JHUPHQL�OD�����&��� VXSUDID � FXUDW�������VXSUDID ��UHODWLY�FXUDW�SHVWH�����VXSUDID ��PXUGDU����0HWRGD�SULQ� FRQWDFW� �� VH� DSOLF� VXSUDID D� SDOPHL� VDX� D� XQXL� DOLPHQW� �SDFKHW� GH� XQW�� SH�PHGLXO�GH�FXOWXU� VROLG�GLQ�FXWLD�3HWUL��VH�ODV� ��PLQXWH��VH�LQFXEHD]� OD�����&�WLPS�GH����GH�RUH�úL�VH�FLWHúWH�QXP�UXO�GH�FRORQLL�SH�VXSUDID ����0HWRGD�SHOLFXOHORU�DGH]LYH����VH�VFRW�GLQ�FXWLL�VWHULOH�úL�VH�DSOLF� SH�VXSUDID D�PHGLXOXL�FX�SHQVD�VWHULO���VH�ODV� ��PLQXWH��VH�LQFXEHD]���VH�FDOFXOHD]� QXP�UXO�GH�JHUPHQL���0HWRGD� VS�O�ULL�PvLQLORU� vQ� VHU� IL]LRORJLF� VWHULO��GLQ� VXVSHQVLD� UH]XOWDW� VH� vQV�PvQ HD]�PHGLL�GH�FXOWXU� VROLGH�úL�VH�LQFXEHD]���VH�FDOFXOHD]� QXP�UXO�GH�JHUPHQL��0�VXUL�GH�SUHYHQLUH�úL�FRPEDWHUH�D�FRQWDPLQ�ULL�PLFURELHQH�D�DHUXOXL�¾ ,]RODUHD�VXUVHL�GH�LQIHF LH�OD�GRPLFLOLX�VDX�OD�VSLWDO�¾ 'HSLVWDUHD�SXUW�WRULORU�V�Q�WRúL�¾ 0�VXUL�vQ�IRFDU�vQ�FROHFWLYLW� LOH�GH�FRSLL�vQ�FD]�GH�HSLGHPLL�¾ (YLWDUHD�DJORPHUD LLORU�vQ�SHULRDGHOH�GH�YvUI�DOH�HSLGHPLLORU�¾ 'H]LQIHF LD�DHUXOXL�SULQ�PHWRGH�IL]LFH�VDX�FKLPLFH�¾ 9HQWLOD LD�vQF�SHULORU�¾ &XU� HQLD SHUPDQHQW��¾ (GXFD LD�SHQWUX�V�Q�WDWH�SULYLQG�OLPLWDUHD�SURSDJ�ULL�vQ�DHU�D�JHUPHQLORU�PLFURELHQL�¾ ,JLHQD�EROQDYLORU�úL�D�SHUVRQDOXOXL�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

,*,(1$���$/,0(17$�,(,2ELHFWLYH�,� &XQRDúWHUHD�� JUXSHORU�GH�DOLPHQWH��SURGXV�GH�ED]���GHULYDWH� VWUXFWXULL�ORU���FRQ LQXW�GH�SURWHLQH��OLSLGH��JOXFLGH��PLQHUDOH��YLWDPLQH� UROXOXL���QXWULWLY��HQHUJHWLF��SODVWLF��HWF�� SRVLELOLW� LORU� GH� FRQWDPLQDUH� úL� DOWHUDUH� SH� WRW� SDUFXUVXO� �GH� OD� UHFROWDUH�� SURGXFHUH��WUDQVSRUW��GHSR]LWDUH��SUHSDUDUH��FRQVXP����,,� 6WDELOLUHD��� XQHL�UD LL�HFKLOLEUDWH��FDQWLWDWLY�úL�FDOLWDWLY��RSWLP� SHQWUX�YkUVWD��VH[XO��FRQGL LLOH�GH�HIRUW�IL]LF�úL�LQWHOHFWXDO��VWDUHD�IL]LRORJLF� D�RUJDQLVPXOXL�Â�UD LD�GH�FUHúWHUH�úL�GH]YROWDUH�D�FRSLOXOXL�GH�OD�����DQL������DQL������DQL�������DQL�Â�UD LD�GH�vQWUH LQHUH�D�DGXOWXOXL��úL�D�YkUVWQLFXOXLÂ�UD LD�IHPHLL�JUDYLGH�úL�D�FHOHL�FDUH�DO�SWHD]�Â�UD LD�PXQFLWRUXOXL�vQ�IXQF LH�GH�JUXSD�GH�HIRUW�úL�FRQGL LLOH�GH�PHGLXÂ�UHJLPXO�LJLHQR�GLHWHWLF�GH�FUX DUH�úL�UHIDFHUH�vQ�GLIHULWH�EROL��P�VXULORU�úL�UHJXOLORU�GH�LJLHQ� QHFHVDUH�SHQWUX�D�SUHYHQL�vPEROQ�YLUHD�xHYLWDUHD�GH]HFKLOLEUHORU��DOLPHQWDUH��SULQ��FDUHQ ��VDX��H[FHV���xHGXFD LD�SHQWUX�vQVXúLUHD�XQRU�FRPSRUWDPHQWH�úL�RELFHLXUL�DOLPHQWDUH�VDQRJHQHxDSUHFLHUHD�VW�ULL�GH�QXWUL LH�D�XQHL�FROHFWLYLW� L��DVRFLDW� FX�DQFKHWD�DOLPHQWDU�,,,� � (YDOXDUHD� RUJDQL]�ULL� DFWLYLW� LL� vQ� VHFWRUXO� DOLPHQWDU�� XQLW� L� GH� SURGXF LH�� GHSR]LWDUH��GHVIDFHUH�úL�ODUJ�FRQVXP���SULQ�FRQWUROXO LJLHQLFR�VDQLWDU�DO�SHUVRQDOXOXL�DO�PHGLXOXL�GH�OXFUX�úL� DO� SURGXVHORU� GH� OD� PDWHULD� SULP� OD� SURGXVXO� ILQLW�� QRUPH�� OHJLVOD LH�� PHWRGRORJLH� GH�FRQWURO�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

*583(/(���'(���$/,0(17(

�� /DSWH�úL�SURGXVH�ODFWDWH�� &DUQH�úL�SHúWH��GHULYDWH�� 2X� úL�SUHSDUDWH�� /HJXPH�úL�IUXFWH��GHULYDWH�� 3URGXVH�FHUHDOLHUH�úL�OHJXPLQRDVH�XVFDWH�� =DK�U�úL�SURGXVH�]DKDURDVH�� *U�VLPL�DOLPHQWDUH�� %�XWXUL�DOFRROLFH�úL�QHDOFRROLFH�3ODQ�GH�OHF LH���� UHSUH]HQWDQWXO�JUXSHL� GHULYDWH��SUHSDUDWH� VWUXFWXU� úL�URO�vQ�RUJDQLVP� UD LD�RSWLP� ]LOQLF�� SRVLELOL � L�GH�FRQWDPLQDUH��DOWHUDUH� P�VXUL�GH�LJLHQ� QHFHVDUH� SDWRORJLD�VSHFLILF�� GHWHUPLQ�UL�GH�ODERUDWRU� LQWHUSUHWDUHD�XQXL�EXOHWLQ�GH�DQDOL]�$OWH�WHPH���&RQVHUYH�DSHUWL]DWH�úL�WHKQLFL�GH�FRQVHUYDUH�D�DOLPHQWHORU�&RQGLPHQWHOH�úL�HIHFWXO�ORU�DVXSUD�VW�ULL�GH�V�Q�WDWH�3ULQFLSLL�GH�JDVWURWHKQLH�vQ�UHJLPXULOH�LJLHQR�GLHWHWLFH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

/$37(/(��ù,��352'86(/(�/$&7$7(5HSUH]HQWDQWXO�JUXSHL��ODSWHOH�GXOFH�GH�YDF�ÌQ� DUD�QRDVWU� VH�FRQVXP� úL�ODSWH�GH�RDLH��FDSU���ELYROL ���PXOW�PDL�ERJDWH�vQ�OLSLGH��vQ�$IULFD� ODSWH� GH� F�PLO��� vQ� $PHULFD� GH� 6XG� ODSWH� GH� ODP��� vQ� &DXFD]� úL� 0RQJROLD� ODSWH�IHUPHQWDW� GH� LDS� úL� GH�P�J�UL ��� vQ� ]RQH� UHFL�� ODSWH� GH� UHQ� SRODU��'H� DFHHD�� VH� YD� SUHFL]D�SHQWUX�DOWH�SUHSDUDWH�GHFkW�ODSWHOH�GH�YDF���VSHFLD�úL�GHQXPLUHD�H[DFW� �WHOHPHD�GH�RDLH��ODSWH�FRY�VLW��ODSWH�E�WXW�HWF��1RX� Q�VFXWXO� HVWH� VLQJXUXO� SXL� GH� PDPLIHU� FDUH� VH� SRDWH� DOLPHQWD� úL� FX� ODSWHOH� DOWRU�VSHFLL��GHúL� ODSWHOH�GH�PDP� DUH�PXOWH�FDOLW� L�GHPQH�GH� UHPDUFDW��HVWH�QHV�UDW�� DOEXPLQRV��ERJDW� vQ� ]LQF� úL� YLWDPLQH�� LPXQJOREXOLQH�� DFL]L� JUDúL� QHVDWXUD L�� FROHVWHURO�� SURWHLQH� GH�FDOLWDWHD�,���WRDWH�DYkQG�R�DEVRUE LH�LQWHVWLQDO� PXOW�PDL�EXQ� GHFkW�GLQ�ODSWHOH�GH�YDF���XQGH�HQ]LPHOH� VXQW� GLVWUXVH� SULQ� VWHULOL]DUH�� SURSRU LD� GH� DFL]L� JUDúL� VDWXUD L� HVWH� PDL� PDUH� úL�FD]HLQD��PXOW�PDL�ELQH� UHSUH]HQWDW� GHFkW�SURWHLQHOH�]HUXOXL�� FRDJXOHD]��� ,DW� FkWHYD�PRWLYH�FDUH�V� QH�FRQYLQJ� DVXSUD�LPSRUWDQ HL�DOLPHQWD LHL�QDWXUDOH vQ�SULPHOH�úDVH�OXQL�GH�YLD ���� VWDELOLUHD�UHOD LHL�DIHFWLYH�PDP��I�W� SURWHF LH�DQWLDOHUJLF� úL�DQWLLQIHF LRDV�� DGDSWDUH� PHWDEROLF� SHUIHFW� OD� QHYRLOH� VXJDUXOXL�� SULQ� DXWRUHJODUHD� FRPSR]L LHL� úL�YROXPXOXL�GH�ODSWH�GH�OD�R�PDV� OD�XUP�WRDUHD� SURWHF LH�FRQWUDFHSWLY� úL�DQWLFDQFHULJHQ� D�PDPHL�SH�GXDWD�DO�SW�ULL� DYDQWDM�HFRQRPLF��DOLPHQW�LHIWLQ��FRPRG�GH�DGPLQLVWUDW�vQ�FRQGL LL�RSWLPH�GH�WHPSHUDWXU���I�U� D�QHFHVLWD�YUHR�SUHOXFUDUH�SUHDODELO��5HJXOL�GH�LJLHQ� SULYLQG�DOLPHQWD LD�QDWXUDO� �����SUHJ�WLUHD�VkQLORU�VH�IDFH�GLQ�XOWLPHOH�OXQL�GH�VDUFLQ��SULQWU�XQ�PDVDM��XúRU�FX�SURVRSXO�XPHG��SHQWUX�IRUPDUHD�PDPHORDQHORU�úL�H[SULPDUHD�FRORVWUXOXL�SH�WRDW� SHULRDGD�DO�SW�ULL�VH�YD�DVLJXUD�R�LJLHQ� ULJXURDV� D�VkQLORU�úL�D�PkLQLORU�PDPHL��R�GHWHQVLRQDUH�D�DFHVWHLD�SULQ�DMXWRUXO�GDW�GH�PHPEULL�IDPLOLHL�PDPD��DúH]DW� FkW�PDL�FRPRG�vQ�WLPSXO�DO�SW�ULL��YD�VXSUDYHJKHD�FRSLOXO��DúH]DW�FX�ID D�VSUH�HD��FX�FDSXO�RULHQWDW�REOLF�vQ�VXV��VSULMLQLW� GH�EUD XO�PDPHL�FX�Q�ULOH�OLEHUH�úL�EX]HOH�IL[DWH�HWDQú�SH�DUHROD�PDPDU���SHQWUX�D�QX�vQJKL L�DHU��SULPXO�VXSW�DUH�ORF�OD�FkWHYD�RUH�GXS� QDúWHUH�DSRL�³�OD�FHUHUH�³�GDU�QX�PDL�GHV�GH�GRX� RUH��LQWHUYDO�QHFHVDU�GLJHVWLHL�FRPSOHWH�D�XQHL�PHVH��PDVD�GH�QRDSWH�GLVSDUH�GXS� WUHL�OXQL��LDU�LQWHUYDOXO�GLQWUH�PHVH�FUHúWH�OD������RUH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

�GXUDWD�XQXL�VXSW�OD�VkQ�HVWH��vQ�PHGLH�GH����GH�PLQXWH��LQWHUYDO�GH�WLPS�vQ�FDUH�FRSLOXO�SRDWH��IDFH�SDX]H��H[SORUHD]� PHGLXO��³FRPXQLF�´�PDPHL�LPSUHVLL��VW�UL�DIHFWLYH��OD�VIkUúLWXO�ILHF�UHL�PHVH�H�ELQH�V� ULGLF�P�VXJDUXO�vQ�SR]L LH�YHUWLFDO� úL�V��O�ORYLP�XúRU�SH�VSDWH�SHQWUX�D�HOLPLQD�DHUXO�PDPD�WUHEXLH�V� UHVSHFWH�XQ�UHJLP�LJLHQR�GLHWHWLF�IDU� DOFRRO��FDIHD��FRQGLPHQWH�LX L��V� VH�DE LQ� vQ�P�VXUD�SRVLELOXOXL�GH�OD�FRQVXPXO�GH DQWLELRWLFH��RSLDFHH��VRPQLIHUH��VDX�DOWH�GURJXUL�FH�VH�YRU�UHJ�VL�vQ�ODSWH�ÌQ�FD]XO�XQRU�FRQWUDLQGLFD LL�DOH�DOLPHQWD LHL�QDWXUDOH VH�YD�UHFXUJH�OD�IRUPXOH�GH�ODSWH�SUDI�DGDSWDWH�VLWXD LHL��LQWROHUDQ ��OD�ODFWR]���OD�SURWHLQHOH�GLQ�ODSWHOH�GH�YDF���FHOLDFKLH��JDVWURHQWHULWH��VLQGURDPH�GH�PDODGVRUE LH��GLDUHL�VXJDU�SUHPDWXU��GLVPDWXU���GLVWURILF�VDX�PDP� FX�7%&��VHSWLFHPLH��LQVXILFLHQ ��UHQDO���FDUGLDF���KHSDWLF���FX�PDPHORDQH�RPELOLFDWH�VDX�FX�UDJDGH�VkQJHUkQGH��DIODW� vQ�GLYHUVH�WUDWDPHQWH�HWF���VH�YD�GD�VXJDUXOXL�V� VXJ� FX�ELEHURQXO��DWkW�VWLFOHOH�FkW�úL�WHWLQHOH�ILLQG�ELQH�VWHULOL]DWH���DVWIHO�VH�GH]YROW� PXúFKLL�PDVWLFDWRUL��FD�úL�vQ�DOLPHQWD LD�OD�VkQ�'HULYDWH�GLQ�ODSWH�VDX�SURGXVH�ODFWDWH�,� &X�FRPSR]L LH�PRGLILFDW� �� ODSWH�KLSHUSURWHLF� FRQ LQXW�GH�SURWHLQH�SkQ� OD�����ID ��GH�����FkW�HVWH�QRUPDO� ODSWH�IOXRUL]DW��FX�VROX LH���Å�1D)��68$��$QJOLD��(OYH LD���SURWHF LH�DQWLFDULRJHQ�� ODSWH�YLWDPLQL]DW��vPERJ� LW�vQ�YLWDPLQHOH�'��úL�&�� ODSWH�GHJUHVDW�úL�SDU LDO�GHJUHVDW�� ODSWH�RPRJHQL]DW SULQ�SUHVDUH�D�SDUWLFXOHORU�GH�JU�VLPH�vQ�ILOWUH��PDL�XúRU�GLJHUDELO�,,� 2E LQXWH�SULQ�GHVKLGUDWDUH��� ODSWH�FRQGHQVDW���� HYDFXDUH�SDU LDO� D�DSHL�����������DGDRV�GH�]DK�U�� ODSWH�SUDI � HYDFXDUH�D�DSHL�vQ�SURSRU LH�GH���������úL�DGDRV�GH�]DK�U��YLWDPLQH��FRORUDQ L��DURPDWL]DQ L��PLQHUDOH��VDX��OHJXPH�úL�I�LQXUL�GH�FHUHDOH�� IRUPXOH�VSHFLDOH�/DSWHOH�SUDI�VH�SRDWH�RE LQH�SULQ�PHWRGD�YDO XULORU�� WUHFHUL�vQ�VWUDW�VXE LUH�SH�VXSUDID D�vQF�O]LW� D�GRL�FLOLQGUL��FDUH�VH�URWHVF�vQ�VHQV�RSXV�úL��VI�UkPDUHD�FUXVWHL DVWIHO�IRUPDWH��VDX�SULQ�DWRPL]DUH� SXOYHUL]DUH�vQ�SLF�WXUL�ILQH�FD�R�FHD ��vQWU�R�FDPHU� FX�FXUHQ L�GH�DHU�FDOG��XUPDW� GH�XVFDUHD�LQVWDQWDQHH�D�ODSWHOXL�OD�����&�$YDQWDMXO�vO�FRQVWLWXLH�FUHúWHUHD�GXUDWHL�GH�FRQVHUYDELOLWDWH��ODSWHOH�SUDI�SRDWH�IL�S�VWUDW�SkQ�OD�XQ�DQ�GH�]LOH�GXS� DPEDODUH�5HFRQVWLWXLUHD�LQVWDQWDQHH�VH�IDFH�SULQ�SUHV�UDUHD�vQ�SORDLH�D�SXOEHULL�GH�ODSWH���vQWU�XQ�YDV�FX�DS� ILDUW� úL�U�FLW� OD��������&�������JUDPH�ODSWH�SUDI��úL�����PO�DS� UHIDF�XQ�OLWUX�GH�ODSWH���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

,,,� 3URGXVH�ODFWDWH�DFLGH�6H�RE LQ�SULQ�IHUPHQWD LD�ODFWLF� VSRQWDQ� VDX�GLULMDW���D�ODFWR]HL��VXE�DF LXQHD�EDFWHULLORU�VDSURILWH��6WUHSWRFRFFXV�ODFWLV�6��WHUPRSKLOXV��6�FUHPRULV��/DFWREDFLOOXV��DFLGRSKLOXV�/��EXOJDULFXV�HWF���6XQW�SURGXVH�XúRU�GLJHUDELOH��PDL�ERJDWH�vQ�YLWDPLQH�úL�PDL�SX LQ�SHULVDELOH��PHGLXO�DFLG�ILLQG�QHSULHOQLF�SHQWUX�vQPXO LUHD�IORUHL�SDWRJHQH�� ODSWHOH�E�WXW VH�SUHSDU� SULQ�vQV�PkQ DUHD�FX�PDLD�D�ODSWHOXL�SDVWHXUL]DW�VDX�SULQ�IHUPHQWDUHD�VSRQWDQ� D�ODSWHOXL�LQWHJUDO�VDX�SDU LDO�GHJUHVDW��HVWH�VXE LUH��DUH�]HU�� ODSWHOH�DFLGRILO UH]XOW� GLQ�vQV�PkQ DUHD�ODSWHOXL�SDVWHXUL]DW�FX�/DFWREDFLOOXV�DFLGRSKLOXV��HVWH��FUHPRV��ILODQW��PDL�ILQ�GHFkW�ODSWHOH�E�WXW�� LDXUWXO VH�RE LQH�SULQ�DG�XJDUHD�GH�PDLD�VSHFLILF� ODSWHOXL�GH�YDF���RDLH��FDSU� VDX�ELYROL ���6WUHSWRFRFFXV�WHUPRSKLOXV�úL��/DFWREDFLOOXV�EXOJDULFXV���DGHU� GH�ERUFDQ��QX�DUH�]HU��HVWH�RULJLQDU�GLQ�$VLD�0LF� úL�3HQLQVXOD�%DOFDQLF��� ODSWHOH�FRY�VLW VH�SUHSDU� GLQ�ODSWH�LQWHJUDO�GH�RDLH�VDX�GH�YDF���SULQ�vQV�PkQ DUH�FX�/DFWREDFLOOXV�EXOJDULFXV�úL�/�OHLFKPDQLL��HVWH�DOE��JURV��FRQVLVWHQW��I�U� ]HU�� FKHILUXO���RULJLQDU�GLQ�&DXFD]��VH�SUHSDU� GLQ�JUDQXOHOH�GH�FKHILU�DJORPHU�UL�GH�FD]HLQ�IRUPDWH�SULQ�vQV�PkQ DUHD�ODSWHOXL�FX�VWUHSWRFRFL�úL�EDFLOL�ODFWLFL��vQ�VLPELR]� FX�GURMGLLOH���vQ�FKHILUXO�VODE���GH�R�]L���SUHGRPLQ� IHUPHQWD LD�ODFWLF���LDU�vQ�FHO�WDUH���GH�WUHL�]LOH���SUHGRPLQ� IHUPHQWD LD�DOFRROLF���DUH�R�FRQVLVWHQ ��VSXPRDV���JXVW�DFUX�vQ HS�WRU���HVWH�DURPDWL]DW�úL�vQGXOFLW�,9��������3URGXVH�RE LQXWH�SULQ�IHUPHQWDUH�úL�FRDJXODUH���EUkQ]HWXUL�%UkQ]HWXULOH�VH�RE LQ��ILH�SULQ�IHUPHQWD LD�ODFWLF� D�ODSWHOXL�SDVWHXUL]DW�úL�U�FLW�OD��������&��FkQG�UH]XOW� EUkQ]D��SURDVS�W� GH�YDF� �GXS� HOLPLQDUHD�]HUXOXL���ILH�SULQ�FRDJXODUH�FXODEIHUPHQW��GHQXPLW�SRSXODU�SUHVXU� VDX�FKHDJ���HQ]LP� SURGXV� GH�VWRPDFXO�PLHORU�YL HLORU��LH]LORU�VDX�SXUFHLORU���FkQG�UH]XOW� FDúXO�GXOFH�GH�YDF���GH�RDLH�VDX�FRPELQDW�'LQ�]HU�VH�RE LQH�XUGD��SULQ�SUHFLSLWHUHD�ODFWDOEXPLQHL�úL�ODFWRJOREXOLQHL�úL�VHSDUDUHD�FKHDJXOXL�3HQWUX�D�FUHúWH�GXUDWD�GH�FRQVHUYDUH�úL�VDSLGLWDWHD��EUkQ]HWXULOH�VXQW�VXSXVH�XQXL�SURFHV�FRPSOH[�GH�WUDQVIRUP�UL�ELRFKLPLFH�úL�PLFURELRORJLFH��GHQXPLW�PDWXUDUH���VXE�DF LXQHD�EDFWHULLORU��OHYXULORU�úL�PXFHJDLXULORU��vQ�FRQGL LL�VSHFLDOH�GH�WHPSHUDWXU���XPLGLWDWH�úL�FXUHQ L�GH�DHU��VH�GHVFRPSXQ�WR L�QXWULHQ LL��ÌQWU�R�SULP� ID]���GH�IHUPHQWDUH��GLQ�ODFWR]� VH�IRUPHD]�DFLG�ODFWLF�FDUERQLF�SURSLRQLF��DFHWLF�LDU�SURWHLQHOH�VXQW�GHVFRPSXVH�SDU LDO�OD�DOEXPR]H�úL�SHSWRQH��WRDWH�DFHVWHD�GkQG�JXVWXO�úL�PLURVXO�FDUDFWHULVWLF��DURPDW��SO�FXW�ÌQ�D�GRXD�ID]� DUH�ORF�R�KLGUROL]� D�SURWHLQHORU��FX�IRUPDUH�GH��DPLQRDFL]L��DPLQH��DPRQLDF�úL�D�OLSLGHORU��UH]XOWkQG�JOLFHULQ���DFL]L�JUDúL�úL�FHWRQH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

ÌQ�IXQF LH�GH�VRUWLPHQWXO�ILQDO�GRULW��EUkQ]HWXULOH�SURDVSHWH�FDúXUL��VXQW�VXSXVH�GXS�IHUPHQWDUH�XQRU�SURFHVH�WHKQRORJLFH�GLIHULWH��RS�ULUH��IU�PkQWDUH��V�UDUH��XVFDUH��DIXPDUH��PXFHJ�LUH�vQ�WRDW� PDVD�SURGXVXOXL��SDUDILQDUH��GHYHQLQG�EUkQ]HWXUL�PDWXUDWH��FDúFDYDOXUL��([SXQHUHD�OD�IULJ�HVWH�XOWLPD�RSHUD LH��FDUH�RSUHúWH�IHUPHQWD LD�6SUH�GHRVHELUH�GH�FDúFDYDOXUL��XQGH�V�UDUHD�VH�IDFH�vQ�VDUDPXU� WLPS�GH����RUH��WHOHPHDXD�VH�FRQVHUY� SULQ�S�VWUDUH�vQ�EXWRDLH�GH�OHPQ�FX�DS� V�UDW��WLPS�GH����GH�]LOH�����)HUPHQWD LD�VH�SURGXFH�FX�PDLD�VSHFLILF� GH�6WUHSWRFRFFXV�ODFWLF�VDX�6�FDVHL�úL�FKHDJ�VH�DGDXJ� FORUXU� GH�FDOFLX�úL�D]RWDW�GH�SRWDVLX��DSRL�VH�SUHVHD]���VH�WDLH�vQ�FDOXSXUL�úL�VH� LQH�vQ�VDUH�6H�GHSR]LWHD]� OD�UHFH���&/$6,),&$5($���%5Æ1=(785,/25����'XS� IHOXO�VSHFLHL� EUkQ]� GH�YDF� �%9���WHOHPHD�GH�YDF�� EkQ]� GH�EXUGXI��WHOHPHD�GH�RL���'XS� FDOLWDWH� EUkQ]� VXSHULRDU� ± FRUHVSXQGH�WXWXURU�VWDQGDUGHORU� ,�± QXPDL�FX�GHIHFWH�IL]LFH� D,,� D�± úL�FX�GHIHFWH�RUJDQROHSWLFH�úL�IL]LFR�FKLPLFH��'XS� FRQ LQXWXO�GH�JU�VLPL� VODEH�GLHWHWLFH���EUkQ]D�VODE� GH�YDFL��XUGD�� JUDVH��FDúFDYDOXULOH��EUkQ]D�GH�EXUGXI��EUkQ]D�WRSLW����'XS� SURVSH LPH� SURDVSHWH��%9��XUGD��FDúXO�GXOFH� PDWXUDWH���FDúFDYDOXULOH��EUkQ]D�GH�EXUGXI��WHOHPHDXD��'XS� SURFHVXO�WHKQRORJLF� SDVWH�PRL�WHOHPHD��FDúFDYDO�3HQWHOHX� SDVWH�VHPLWDUL�'DOLD� SDVWH�WDUL�3DUPH]DQ� RS�ULWH�'REURJHD��'DOLD��3HQWHOHX� WRSLWH� FUqPH�SHQWUX�FRSLL��FX�DGDRVXUL�GH�YLWDPLQH��FDUQH��FRQGLPHQWH��YHUGH XUL� IU�PkQWDWH� EUkQ]D�GH�EXUGXI���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

6WUXFWXU� úL�URO�vQ�RUJDQLVP/DSWHOH�HVWH�R�VROX LH�DSRDV� FH�FRQ LQH�GL]ROYDWH�VDX�vQ�VXVSHQVLH��VXEVWDQ H�PLQHUDOH��HQ]LPH��KRUPRQL��YLWDPLQH��SURWHLQH��OLSLGH��JOXFLGH�3URSRU LD�ORU�GLIHU� vQ�IXQF LH�GH�VSHFLH��FHO�PDL�VODE�ILLQG�ODSWHOH�GH�YDF���vQ�FRPSDUD LH�FX�ODSWHOH�GH�FDSU���RDLH�úL�ELYROL ��x 6HOHFWD L��SURGXVHOH�GLHWHWLFH�ID ��GH�FHOH�FX�XQ�FRQ LQXW�FUHVFXW�GH�OLSLGH�úL�GH�VDUH��SUHSDUDWHOH�GXOFL�úL�SH�FHOH�DFLGH�úL�UHFRPDQGD L�OH�vQ�GLIHULWH�DIHF LXQL��3URWHLQHOH�GLQ�ODSWH�VXQW�SURWHLQH�VXSHULRDUH��GH�FODVD�,���FX�XQ�FRHILFLHQW�GH�XWLOL]DUH�GLJHVWLY�IRDUWH�EXQ���FRQ LQ� WR L�DPLQRDFL]LL� HVHQ LDOL��)(1�� ,=2��/(8��/,6��0(7�75(��753� 9$/�����+,6�vQ�SURSRU LL�RSWLPH�FUHúWHULL�úL�GH]YROW�ULL�RUJDQLVPHORU�WLQHUH��PHQ LQHULL�HFKLOLEUXOXL�D]RWDW��UHSDUD LHL�X]XULL��5ROXO�ORU�HVWH�SODVWLF úL�vQ�PRG�VHFXQGDU�HQHUJHWLF��3ULQFLSDOHOH�SURWHLQH�VXQW���FD]HLQD��FDUH�SUHFLSLW� OD�S+ �����SXQFW�L]RHOHFWULF��VXE�DF LXQHD�DFLGXOXL�ODFWLF�VDX�D�ODEIHUPHQWXOXL��UH]XOWkQG�EUkQ]HWXUL�úLODFWDOEXPLQD�úL ODFWLJOREXOXLQD�GLQ�]HU�3URFHQWXO�GH�SURWHLQH�FUHúWH�GH�OD�������������vQ�ODSWH��OD��������vQ�EUkQ]HWXUL�*OXFLGHOH UHSUH]HQWDWH�GH�ODFWR]� VH�J�VHVF�vQ SURSRU LH�GH��������vQ�ODSWH�úL�vL��GDX�JXVWXO�GXOFHDJ��FDUDFWHULVWLF�/DFWD]D�UH]XOWDW� GLQ�IHUPHQWD LD�ODFWLF���GHVFRPSXQH�ODFWR]D�vQ�JOXFR]�úL�JDODFWR]���DEVHQ D�HL�OD�FRSLO��LQWROHUDQ D�OD�ODFWR]���GHWHUPLQ� IHQRPHQH�GLVSHSWLFH�úL�QHFHVLW� vQORFXLUHD�ODSWHOXL�GH�YDF� SULQ�IRUPXOH�VSHFLDOH�GH�ODSWH�SUDI��LDU�QLYHOXO�UHGXV�GH�ODFWD]� OD�DGXOW�HVWH�FRQVLGHUDW�IL]LRORJLF�±VLWXD LH�vQ�FDUH�VH�UHFRPDQG� SUHSDUDWHOH�DFLGH�/LSLGHOH GLQ�ODSWH�VH�J�VHVF�VXE�IRUP� GH�SDUWLFXOH�ILQH��HPXVLRQDWH��FHHD�FH�OH�IDFH�XúRU�GH�GLJHUDW��/DSWHOH�FRQ LQH�FDQWLW� L�PDUL�GH�FROHVWHURO�úL�IRVIDWLGH���OHFLWLQ���FHIDOLQ� ���QHFHVDUH�PLHOLQL]�ULL�VLVWHPXOXL�QHUYRV�úL�FUHúWHULL�JOREDOH�D�RUJDQLVPXOXL�WkQ�U�úL�JU�VLPL�QHXWUH�HVWHUL�DL�JOLFHULQHL�FX�DFL]L� JUDúL� VDWXUD L� úL�SROLQHVDWXUD L�� DFHúWLD�GLQ�XUP� ILLQG� vQ�SURSRU LH�PXOW�PDL�PLF� �DFLGXO�OLQROHLF��OLQROHQLF�úL�DUDKLGRQLF�3UHSDUDWHOH�JUDVH�GLQ�ODSWH�DX�SURSULW� L�DWHURVFOHUR]DQWH�úL�KLSHUFROHVWHUROHPLDQWH��PRWLY�SHQWUX�FDUH�QX�VH�UHFRPDQG� vQ�UD LD�E�WUkQLORU�úL�D�EROQDYLORU�FX�ULVF�3URFHQWXO�GH�OLSLGH�YDULD]� GH�OD�����± �����vQ�ODSWH��SkQ� OD������vQ�EUkQ]HWXUL�/LSLGHOH�úL�JOXFLGHOH�DX�URO�HQHUJHWLF� SULQ�DUGHUHD�ORU�HOLEHUkQG�FHD�PDL�PDUH�SDUWH�GLQ��FDORULLOH�QHFHVDUH�DFRSHULULL�QHYRLORU�RUJDQLVPXOXL��PHWDEROLVP�ED]DO�PLúFDUH�GLJHVWLH��FUHúWHUH��UHSDUDUH�D�X]XULL��VDUFLQ� úL�DO�SWDUH��HIRUW�IL]LF�GHRVHELW�HWF�6�UXULOH�PLQHUDOH GDX�ODSWHOXL�FDOLWDWHD�GH�DOLPHQW�FX�HIHFW�DOFDOLQL]DQW��PRWLY�SHQWUX�FDUH�VH�UHFRPDQG� vQ�EROLOH�FX�DFLGLWDWH�JDVWULF��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&DOFLXO�úL�IRVIRUXO�VH�J�VHVF�vQ�SURSRU LD�RSWLP� IL[�ULL�vQ�RDVH�úL�GLQ L ��&D�3� �������� ���������vQ�SOXV�H[LVW� IDFWRUL�IDYRUDELOL�DEVRUE LHL���YLWDPLQD�'���ODFWR]D�úL�DFLGXO�FLWULF�úL�OLSVHVF�DFLGXO�R[DOLF�úL�DFLGXO�ILWLF�± IDFWRUL�GH�LQVROXELOL]DUH�D�FDOFLXOXL�/DSWHOH�FRQ LQH�úL�0J��.��FDQWLW� L�PLFL�GH�)H��&X�úL�0Q��XQ�UHJLP�XQLODWHUDO�ODFWDW��I�U�FDUQH�OHJXPH�úL�IUXFWH�GXFH�OD�DQHPLH�IHULSULY���KLSRFURP���PLFURFLWDU��/DSWHOH�HVWH�XQ�DOLPHQW�V�UDW��FRQ LQH�PXOW�1D�úL�&O�PRWLY�SHQWUX�FDUH�QX�VH�UHFRPDQG� FHORU�FX�UHVWULF LH�VRGDW� �EROL�UHQDOH��WUDWDPHQWH�DQWLLQIODPDWRULL��9LWDPLQHOH VXQW�ERJDW� UHSUH]HQWDWH� úL�DX� OD� IHO�FD�úL�PLQHUDOHOH�� URO�ELRFDWDOLWLF�úL�UHJODWRU�9LWDPLQHOH� OLSRVROXELOH� �$�� '�� (�� .�� VH� J�VHVF� GL]ROYDWH� vQ� IUDF LXQHD� JUDV� D� ODSWHOXL��SURSRU LD�ORU ILLQG�PDL�PDUH�vQ�OXQLOH�GH�YDU��WRDPQ���FkQG�KUDQD�DQLPDOHORU�HVWH�SURDVS�W� úL�ERJDW� vQ�DFHVWH�YLWDPLQH��ID � GH�DQRWLPSXO�UHFH�9LWDPLQHOH�KLGURVROXELOH�VXQW��%���� WLDPLQD%���� ULERIODYLQD%���� DFLGXO�SDQWRWHQLF%���� SLULGR[LQD%���� FLDQFREDODPLQD33�� QLDFLQD&���� DFLGXO�DVFRUELF*D]HOH� GL]ROYDWH vQ� ODSWH� �� ELR[LG� GH� FDUERQ�� R[LJHQ� úL� D]RW� VH� HOLPLQ� SULQ� ILHUEHUH�� vQ�FDLPDF�'DWRULW� SUH]HQ HL�R[LJHQXOXL��HVWH�ELQH�FD�GXS� SDVWHXUL]DUH��DPEDODUHD�V� VH�IDF� vQ�SXQJL�VDX�FDUWRDQH�RSDFH��SHQWUX�D�HYLWD�R[LGDUHD�+RUPRQLL� GLQ� ODSWH� FUHVF� vQ� WLPSXO� JHVWD LHL� DQLPDOXOXL�� VFKLPEkQG� SURSULHW� LOH�RUJDQROHSWLFH��GH�DFHHD�VH�UHFRPDQG� FD�ODSWHOH�DP�UXL�GLQ�DFHD�SHULRDG� V� QX�ILH�GDW�VSUH�FRQVXP��IRORVLQG�FD�KUDQ� SHQWUX�DQLPDOHOH�WLQHUH�/DSWHOH� PDL� FRQ LQH� DQWLFRUSL� �� HQ]LPH� úL� PLFURRUJDQLVPH� VDSURILWH�IORUD� SURSULH�� GH�IHUPHQWD LH�5D LD�RSWLP� ]LOQLF� YDULD]� FX�YkVWD��UHJLPXO�GH�HIRUW�úL�]RQD�JHRJUDILF��(VWH� GH� ���� PO� � ODSWH� OD� DGXOW� �� /HGHUHU��� ���� PO� OD� FRSLO� úL� DGROHVFHQW�� ���PO� OD� IHPHLD�JUDYLG� úL�OD��PXQFLWRUL�vQ�PHGLX�WR[LF�úL�HIRUW�PDUH�����������PO�OD�E�WUkQL�5D LD�GH�EUkQ]HWXUL�HVWH�GH���� ���PJ�SH�]L���6H�SRW�IRORVL�HFKLYHOHQ HOH�DOLPHQWDUH���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

3527(,1(/(6XQW�VXEVWDQ H�QXWULWLYH�SUH]HQWH�vQ�WRDWH�RUJDQLVPHOH�YLL�6XQW�DOF�WXLWH�GLQ�DPLQRDFL]L�����QHHVHQ LDOL�úL���HVHQ LDOL��DGXúL�QXPDL�SULQ�DOLPHQWD LH��IHQLODODQLQ���L]ROHXFLQ���OHXFLQ���OL]LQ���PHWLRQLQ���WUHRQLQ���WULSWRIDQ��YDOLQ��'LQ�KLGUROL]D�SURWHLQHORU�UH]XOW� SHSWLGH��DQJLRWHQVLQD��EUDGLNLQLQD��JDVWULQD��SLUH[LQD��JOXWDWLRQXO�FX�GLIHULWH�UROXUL�vQ�RUJDQLVP�3URWHLQHOH�VLPSOH�VH�QXPHVF�KDORSURWHLQH �DOEXPLQH��JOREXOLQH��VFOHURSURWHLQH���LDU�FHOH�FRQMXJDWH�±KHWHURSURWHLQH��IRVIR�JOLFR��OLSR��FURPR��PHWDOR�úL�QXFOHRSURWHLQH���&DOLWDWHD�SURWHLQHORU�DOLPHQWDUH�HVWH�GDW� GH��FRPSR]L LD�ORU�vQ�DPLQRDFL]L�HVHQ LDOL6H�GHRVHEHVF�WUHL�FODVH�GH�SURWHLQH�,� 3URWHLQH�FX�YDORDUH�ELRORJLF� ULGLFDW� VDX�VXSHULRDU� ��FRQ LQ�WR L�DPLQRDFL]LL�HVHQ LDOL��vQ�SURFHQWH�DGHFYDWH�RUJDQLVPXOXL�XPDQ��VXQW�HILFLHQWH�vQ�SURPRYDUHD�FUHúWHULL�úL�UHSDUDUHD�X]XULL�úL�VH�J�VHVF�vQ�FDUQH��ODSWH�úL�RX��,,� 3URWHLQH�FX�YDORDUH�ELRORJLF� PHGLH��FRQ LQ�WR L�DPLQRDFL]LL�HVHQ LDOL��GDU�XQLL�vQ�SURFHQW�UHGXV�DPLQRDFL]L�OLPLWDWLYL�úL�VH�J�VHVF�vQ�FHUHDOH��OHJXPLQRDVH�XVFDWH��OHJXPH�úL�IUXFWH�,,,� 3URWHLQH�FX�YDORDUH�ELRORJLF� LQIHULRDU���GLQ�FDUH�OLSVHVF�XQXO�VDX�PDL�PXO L�DPLQRDFL]L�HVHQ LDOL��LDU�FHLODO L�VXQW�vQ�FDQWLW� L�GH]HFKLOLEUDWH��H[���]HLQD�GLQ�SRUXPE�VDX�FRODJHQXO�GLQ� HVXWXULOH�FRQMXQFWLYH�DQLPDOH�5D LD�GH�SURWHLQH�HVWH�GH����������vQWU�R�DOLPHQWD LH�PL[W���ID ��GH������OLSLGH�úL�����JOXFLGH�2�QHYRLH�PDL�PDUH�GH�SURWHLQH�DX�FRSLLL�vQ�FUHúWHUH��IHPHLOH�JUDYLGH�úL�FHOH�FDUH�DO�SWHD]���PXQFLWRULL�vQ�PHGLX�WR[LF�úL�VSRUWLYLL�5ROXO�SURWHLQHORU ��3ODVWLF�±IRUPDUH��GH]YROWDUH��UHvQQRLUH��UHSHUDUHD�X]XULL�7URILF�úL�DQWLWR[LF�± DVLJXU� WURILFLWDWHD�QRUPDO� D� HVXWXULORU�úL�RUJDQHORU�DVXSUD�F�URUD�DF LRQHD]� VXEVWDQ HOH�QRFLYH�úL�HFKLSDPHQWXO�HQ]LPDWLF�QHFHVDU�PHWDEROL]�ULL�QR[HORU�SULQ�R[LG�UL��UHGXFHUL��KLGUROL]H��FRQMXJ�UL�,PXQLWDU�± SULQ�DQWLFRUSL�JDPDJOREXOLQH� FvQG�UD LD�HVWH�ERJDW� vQ�SURWHLQH�0HWDEROLF�úL�HQGRFULQ�± LQWU� vQ�VWUXFWXUD�XQRU�HQ]LPH�VDX�VLQWHWL]HD]�KRUPRQL�DF LRQHD]� FD�VLVWHPH�WDPSRQ��FRQWULEXLH�OD�PHQ LQHUHD�HFKLOLEUXOXL�DFLGRED]LF�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

/,3,'(/(��ù,��*5�6,0,/(��$/,0(17$5('HILQL LH��VXEVWDQ H�RUJDQLFH��FRPSRQHQWH�DOH�PDWHULHL�YLL��FX�DVSHFW�RQFWXRV��LQVROXELOH�vQ�DS���VROXELOH�vQ�VROYHQ L�RUJDQLFL��HWHU��DOFRRO��EHQ]HQ���&RPSR]L LH�FKLPLF���HVWHUL� DL�DFL]LORU�JUDúL�FX�GLIHUL L DOFRROL�±OLSLGH�VLPSOH�VDX�FX�DPLQRDOFRROL��IRVID L��JOXFLGH� OLSLGH�FRPSOH[H�$FL]LL�JUDúL� FRQ LQ�ODQ XUL�FX�QXP�U�SDU�GH�DWRPL�GH�FDUERQ�GH�OD���OD����vQ�JU�VLPLOH�DOLPHQWDUH��VDWXUD L�VDX�QHVDWXUD L�x 6$785$�,�&��� � EXWLULF��&����� FDSURLF � VROXELOL�vQ�DS� � vQ�ODSWHOH�GH�YDF���RDLH��&���� FDSULOLF�&���± FDSULQLF�������������������� LQVROXELOL�vQ�DS� FDSU���ELYROL �&����� ODXULF��&���± PLULVWLF�&���± DUDKLF�� vQ�DOLPHQWH�YHJHWDOH�úL�DQLPDOH��FDQWLW� L�PLFL&���± SDOPLWLF�&���± VWHDULF���������������������� FHL�PDL�U�VSkQGL L�*U�VLPLOH�ORU�VXQW�VROLGH�OD�WHPSHUDWXUD�RELúQXLW���DX�SXQFW�GH�WRSLUH�vQDOW�úL�LQGLFH�GH�LRG�VF�]XW���VXQW��JUHX�GLJHUDELOH��XQW��XQWXU� GH�SRUF��VHX�ERYLQ��x 1(6$785$�,�&����� SDOPLWROHLF��&����� ROHLF ������� R�GXEO� OHJ�WXU�&����� OLQROHLF� �� ������������ � GRX� GXEOH�OHJ�WXUL� OLQROHQLF�������������������������������� WUHL�GXEOH�OHJ�WXUL&����� DUDKLGRQLF������������ � SDWUX�GXEOH�OHJ�WXUL$FLGXO�ROHLF HVWH�FHO�PDL�U�VSkQGLW�DFLG�JUDV��VH�J�VHúWH�vQ��� XOHL�GH�P�VOLQH �������GH�DUDKLGH��������GH�JHUPHQL�GH�SRUXPE������ JU�VLPH�GH�SRUF�úL�GH�YLW��������GH�SDV�UH������� OLSLGHOH�GLQ�RX� �����$FLGXO�OLQROHLF� �� GHQXPLW�LPSURSULX�³�YLWDPLQD�)�´�HVWH�DGHY�UDWXO�DFLG�SROLQHVDWXUDW�HVHQ LDO��GLQ�HO�VLQWHWL]kQGX�VH�DFLGXO�OLQROHQLF�úL�DUDKLGRQLF��VH�J�VHúWH�vQ�� XOHL�GH�SRUXPE�GH�IORDUHD�VRDUHOXL�GH�VRLD���������� RX�XQWXU� GH�SRUF�GH�SDV�UH��������� ODSWH�GH�YDF� ���������JU�VLPH�GH�YLW� úL�GH�RDLH�$FLGXO�DUDKLGRQLF VH�J�VHúWH�vQ�FDQWLWDWH�PDUH�vQ�XOHLXO�GH�SHúWH��vQ�FDQWLW� L�PLFL�vQ�JU�VLPLOH�DQLPDOH�H[FOXVLY�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

$FL]LL� JUDúL�QHVDWXUD L� VH�J�VHVF� vQ� IRUPHOH�QDWXUDOH�&,6�vQ�JU�VLPLOH�DOLPHQWDUH�� VXQW�OLFKL]L�OD�WHPSHUDWXUL�RELúQXLWH���PDL�XúRU�GH�GLJHUDW�úL�GH�DEVRUELW�DGL LRQHD]� XúRU�OD�GXEOHOH�OHJ�WXUL����KLGURJHQ� VH�VDWXUHD]���VH�VROLGLILF���IRUPkQG�SODQWRO�KDORJHQL�LRG��GHFL�DX�XQ�LQGLFH�GH�LRG�PDUH��LQGLFkQG�JUDGXO�PDUH�GH�QHVDWXUDUH�R[LJHQ� VH�R[LGHD]��� IRUPkQG�DOGHKLGH��FHWRQH�úL�SHUR[L]L�FH�GDX�JXVW� úL�PLURV�GH� UkQFHG���VXQW�PDL�SHULVDELOL�GHFkW�FHL�VDWXUD L����/,3,'(/(��6,03/(��&RQ LQ�GRDU�&��+��2�± VXQW�HVWHUL�DL�XQXL�DOFRRO�FX�DFL]L�JUDúL��GXS� QDWXUD�DOFRROXOXL�VH�FODVLILF� vQ�JOLFHULGH��VWHULGH�úL�FHULGH���*/,&(5,'(/(� JU�VLPL�QHXWUH� VXQW�HVWHUL�DL�JOLFHULQHL�FX�DFL]L�JUDúL�FX�ODQ VFXUW���&����XOHLXUL��VDX�FX�ODQ OXQJ� &�����JU�VLPL�VROLGH����� WULJOLFHULGHOH�UHSUH]LQW� JU�VLPL�GH�UH]HUY� SHQWUX� HVXWXULOH�YHJHWDOH�VDX�DQLPDOH��LDU�PRQR� úL�GLJOLFHULGHOH�VXQW�IRUPH�LQWHUPHGLDUH�vQ�VLQWH]D�úL�KLGUROL]D�ORU���67(5,'(/(�� VXQW�HVWHUL�DL�VWHUROLORU�FX�DFL]L�JUDúL��� ]RRVWHUROL��&2/(67(52/8/�±SUH]HQW�vQ�FDQWLW� L�PDUL�vQ�ILFDW��FUHLHU��QHUYL�SHULIHULFL��VXEVWDQ ��UHWLFXODW� úL�vQ�FDQWLW� L�PLFL�vQ�WRDWH�FHOXOHOH� ILWRVWHUROL�úL�PLFRVWHUROL��&(5,'(/(� VXQW��HVWHUL�DL�DOFRROLORU�VXSHULRUL���&��� &�����FX�DFL]L�JUDúL�FX�ODQ OXQJ���&���&���� VH�J�VHVF�vQ�FHUXULOH�GH�SH�VXSUDID D�OHJXPHORU��IUXFWHORU�SH�FDUH�OH�SURWHMHD]� LPSRWULYD�GHVKLGUDW�ULL��vQ�FHDUD�GH�DOELQH��vQ�ODQROLQD�GH�SH�OkQD�GH�RDLH� QX�VXQW�KLGUROL]DWH��QLFL�DEVRUELWH�vQ�WXEXO�GLJHVWLY��QX�DX�URO�QXWULWLY/,3,'(/(��&203/(;(�&RQ LQ�SH�OkQJ� DOFRROL�úL�DFL]L�JUDúL��JOXFLGH��DPLQRDOFRROL�DFLG�IRVIRULF���)26)$7,'(/(��VDX�JOLFHURIRVIROLSLGHOHx VXQW�FHOH�PDL�U�VSkQGLWH�x LQWU� vQ�VWUXFWXUD�OLSLGHORU�GH�FRQVWLWX LHx SDUWLFLS� OD�IRUPDUHD�PHPEUDQHORU�FHOXODUH�úL�VXEFHOXODUHx GXS� QDWXUD�DOFRROXOXL�VXQW�� /(&,7,1(��vQ�J�EHQXú��ILFDW��FUHLHU��ODSWH��vQ�XOHLXUL�YHJHWDOH�QHUDILQDWH� &(()$/,1(��6(5,1)26)$7,'(��,12=,72/)26)$7,'(�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

��6),1*2/,3,'(/( � JOLFHUROXO�HVWH�vQORFXLW�FX�VILQJR]LQ���XQ�DPLQRDOFRRO�x 6ILQJRPLHOLQHx 6ILQJRJOLFROLSLGH�� &(5(%52=,'(��vQ�FUHLHU��FRQ LQ�JOXFR]� VDX�JDODFWR]�� *$1*/,2=,'(��vQ�QHUYLL�SHULIHULFL��FRQ LQ�JDODFWR]�'LJHVWLD�úL�DEVRUE LD�OLSLGHORU�VH�IDFH�PDL�XúRU�FkQG�x VXQW�ILQ�HPXOVLRQDWH�FD�vQ�J�OEHQXúXO�GH�RX��XQW��IULúF���VPkQWkQ���PDLRQH]���FUqPHx KLGUROL]HD]� PDL�XúRU��VXQW�OLFKLGH�OD�WHPSHUDWXUD�FRUSXOXL�XOHLXUL�x DX�SXQFW�GH�WRSLUH�PLF�úL�LQGLFH�GH�LRG�PDUH/D�KLGUROL]� SDUWLFLS� WRDWH�HQ]LPHOH�OLSROLWLFH�OLSD]D�JDVWULF���SDQFUHDWLF���IRVIROLSD]D��FROHVWHUROHVWHUD]D�DFL]LL�úL�V�UXULOH�ELOLDUH��PRQR� úL�GLJOLFHULGHOH�PHWDEROLVPXO�ORU�QHFHVLW�FDQWLW� L�FRUHVSXQ]�WRDUH�GH�YLWDPLQH�vQ�UD LH�

*5�6,0,/(��$/,0(17$5($X�R�SUH]HQ ��GLIHULW� vQ�UD LH�vQ�IXQF LH�GH�FOLPDWXO�]RQHL�JHRJUDILFH�FDUH�D�GHWHUPLQDW�RELúQXLQ D�ORFXLWRULORU�GH�D�OH�FRQVXPD�x H[FOXVLY�JU�VLPL�DQLPDOH�vQ�]RQD�SRODU�x PDL�DOHV�JU�VLPL�YHJHWDOH�vQ�]RQD�WURSLFDO�x JU�VLPL�YHJHWDOH�úL�DQLPDOH�vQ�]RQD�WHPSHUDW�)RORVLUHD�ORU�HVWH�LQGLYLGXDOL]DW� vQ�IXQF LH�GH�VXIHULQ H�úL�GH�YkUVW� �x OD�FRSLL�SUHGRPLQ� JU�VLPLOH�DQLPDOH�OD�DGXO L�FHOH�YHJHWDOHx vQ�EROLOH�KHSDWLFH�úL�JDVWULFH�DSDUH�R�UHSXOVLH�ID ��GH�RX���SU�MHOL�úL�JU�VLPL�YHJDWDOH�3URSULHW� LOH�ORU�RUJDQROHSWLFH�DX�R�PDUH�LPSRUWDQ ��vQ�DUWD�FXOLQDU���GH�DFHHD�XQHOH�VH�IRORVHVF�IRDUWH�UDU��ILLQG�GH]DJUHDELOH��VHXO�GH�RDLH�*U�VLPLOH�DOLPHQWDUH�VH�J�VHVF�vQ�RUJDQLVPXO�DQLPDO��FD�SULQFLSDO� IRUP� GH�GHSR]LWDUH�D�HQHUJLHL��LQWU� vQ�VWUXFWXUD� HVXWXULORU�VDX�D�PHPEUDQHORU�FHOXODUH��LDU�vQ�SODQWH�VXQW�ORFDOL]DWH�vQ�VHPLQ H�6H�FODVLILF� vQ�JU�VLPL�DQLPDOH�YHJHWDOH�úL�KLGURJHQDWH��*5�6,0,/(��$1,0$/(�VXQW VROLGH��VHPLVROLGH�VDX�OLFKLGH6H�SRW�FRQVXPD�FD�DWDUH����VO�QLQD�GH�SRUF� SURDVS�W� VDX�FRQVHYDW� �ILDUW���V�UDW���FRQGLPHQWDW���DIXPDW���VDX�VXIHU� SURFHVH�GH�SUHOXFUDUH�WHUPLF��vQ�XUPD�F�URUD�UH]XOW�XQWXUD�GH�SRUF�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

0DWHULD�SULP� IRORVLW� SHQWUX�SUHSDUDUHD�XQWXULL�HVWH�JU�VLPHD�GH�DFRSHULUH��HYLWkQG�³FXU� LUHD´�JU�VLPHD�LPHGLDW�GH�VXE�SLHL��³Ek]DUHD´�GH�SH�PH]HQWHU�úL�HSLSORRQ�úL�RVkQ]D�JU�VLPHD�UHWURSHULWRQHDO��'XS� UHFROWDUHD�LJLHQLF� D� HVXWXULORU�JUDVH��SULQ�WRSLUHD�XPHG��FX�XQ�FXUHQW�GH�YDSRUL�GH�DS���VH�RE LQH�R�SDVW� ILQ���vQ�XUPD�GLVWUXJHULL�PHPEUDQHORU�FHOXODUH�DOH�DGLSRFLWHORU��WUHFXW� SULQWU�R�VHUSHQWLQ� ILHELQWH�vQ�DEVHQ D�R[LJHQXOXL��GHFDQWDW���UH]XOW� R�JU�VLPH�IOXLG� FDUH�VH�U�FHúWH�EUXVF��VH�RPRJHQL]HD]� vQWU�XQ�PDOD[RU�úL�DSRL�VH�DPEDOHD]��3URGXVXO�ILQDO�RE LQXW�vQ�XUPD�DFHVWRU�RSHUD LL�DUH�SURSULHW� L�RUJDQROHSWLFH�FRUHVSXQ]�WRDUH��FXORDUH�GHVFKLV���JXVW�úL�PLURV�SO�FXWH��R�DQXPLW� SODVWLFLWDWH�úL�PDOHDELOLWDWH�3RDWH�IL�S�VWUDW�WLPS�GH�WUHL�OXQL�OD�����&�úL�PDL�PXOW�OD�±���&�'HIHFWH�GH�DVSHFW�VH�SRW�GDWRUD�JUHúHOLORU�vQ�WHKQRORJLD�GH�IDEULFDUH��WRSLUH�OHQW���OD�FD]DQ�XQWXU� JUDQXODW��WXOEXUH��vQFKLV� OD�FXORDUH�LDU�FHOH�GH�JXVW�úL�PLURV��IRORVLULL�XQHL�PDWHULL�SULPH�GLUHFW�GH�SH�SLHL��FX�UHVWXUL�GH�PXúFKL��VkQJH�VDX�DOWHUDW� �XQWXU� FX�PLURV�GH�VXGRDUH��GH�DUV�VDX�SXWULILF��6SUH�GHRVHELUH�GH�VO�QLQ� FDUH�FRQ LQH�����OLSLGH�úL�DGXFH�XQ�DSRUW�GH���� 4��JUDP��XQWXUD�GH�SRUF�DUH��������OLSLGH��XQ�LQGLFH�GH�LRG�IRDUWH�VF�]XW���������úL�XQ�SXQFW�GH�WRSLUH�vQDOW���������&��GHFL�HVWH�JUHX�PHWDEROL]DELO��8QWXUD�GH�SDV�UH ��UD ���JkVF� ��FXUF���J�LQ� DUH�R�FXORDUH�JDOEHQ� FDUDFWHULVWLF� úL� R�YDORDUH�QXWULWLY� PXOW�PDL�PDUH�GHFkW�FHD�D�PDPLIHUHORU��FRQ LQH�PDL�PXO L�DFL]L�JUDúL�QHVDWXUD L�úL�PDL�SX LQL�VDWXUD L��HVWH�PDL�XúRU�GLJHUDELO��8QWXUD�WRSLW� GH�JkVF� DUH�OD����&�DVSHFWXO�XQHL�PDVH�VHPLIOXLGH�RPRJHQH��LDU�SULQ�vQF�O]LUH�GHYLQH�WUDQVSDUHQW���I�U� LPSXULW� L��LQGLFHOH�GH�LRG�HVWH�������úL�SXQFWXO�GH�WRSLUH�������&�8OHLXO�GH�SHúWH HVWH�H[WUDV�GLQ�ILFDWXO�GH�PRUXQ��WRQ��EDWRJ��KHULQJ��VRPRQ��FRG��HVWH�ERJDW�vQ�YLWDPLQH�$�úL�'�úL�vQ�DFL]L�JUDúL�QHVDWXUD L��DUDKLGRQLF��HLFRVDSHQWHQRLF���GRFRVDKH[HQRLF���SUHFXUVRUL�DL�SURVWDJODQGLQHORU��WURPER[DQLORU�úL�SURVWDFLFOLQHORU��FH�UHJOHD]� PXOWH�IXQF LL�vQ�RUJDQLVP�7$��DJUHJDUHD�SODFKHWDU���DFLGLWDWHD�JDVWULF��WRQXVXO�PXVFXODWXULL�QHWHGH��D�YDVHORU�GH�VkQJH�úL�D�EURQKLLORU��8QWXO��IULúFD�úL�VPkQWkQD�VXQW�JU�VLPL�DQLPDOH�SURYHQLWH�GLQ�ODSWH�)ULúFD HVWH�XQ�OLFKLG�RPRJHQ��GXOFH��GH�FXORDUH�DOE���UH]XOWDW�GLQ�ODSWH�GH�YDF���QHILHUW�VDX�FHQWULIXJDW��FRQ LQH��������JU�VLPL�ILQ�HPXOVLRDWH�����SURWHLQH�����ODFWR]��������YLWDPLQH�úL�PLQHUDOH�������DS��$UH�R�DFLGLWDWH�GH��������7�úL�R�SXWHUH�FDORULF� GH����4��JUDP�GH�SURGXV�6PkQWkQD HVWH�DOE�J�OEXLH�DUH�R�FRQVLVWHQ ��PDL�GHQV��XQLIRUP��JXVW�úL�PLURV�GXOFH�DFULúRU��DFHHDúL�FRPSR]L LH�FKLPLF��GDU�DFLGLWDWH�PDL�PDUH��úL�XQ�FRQ LQXW�GH�SURWHLQH�XúRU�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

FUHVFXW�ID ��GH�IULúF���6H�RE LQH�GLQ�ODSWH�GXOFH�SULQ�DFLGLILHUH�VSRQWDQ���VDX�SULQ�vQV�PkQ DUHD�ODSWHOXL�SDVWHXUL]DW�úL�GLQ�IULúF���DUH�R�SXWHUH�FDORULF� GH����4��8QWXO VH� RE LQH� GLQ� VPkQWkQ��� SULQ� FHQWULIXJDUH� VDX� EDWHUH�H[LVW� XQW� GH� RDLH�VH�IRORVHúWH�WRSLW�OD�IDEULFDUHD�FDúFDYDOXOXL��XQW�GH�ELYROL ��GH�DFHHD�YRP�PHQ LRQD�VSHFLD��GDF�QX�HVWH�YRUED�GH�XQW�GH�YDF���0DWHULD� SULP� IRORVLW� WUHEXLH� V� ILH� R� VPkQWkQ� GH� FDOLWDWH�IOXLG��� I�U� DJORPHU�UL� GH�JU�VLPH�� VXEVWDQ H� SURWHLFH� VDX� LPSXULW� L�QX� VH� DGPLWH� R� VPkQWkQ� SUHD� DFLG��� YkVFRDV���PXFLODJLQRDV���FX�JXVW�DPDU�VDX�PLURV�UkQFHG�6H� YRU� HIHFWXD� FRUHFW� úL� vQ� FRQGL LL� GH� LJLHQ� WRDWH� RSHUD LLOH� WHKQRORJLFH��QHXWUDOL]DUH�DGXFHUH� OD� S+� ������ QRUPDOL]DUH�DGXFHUH� OD� ������� JU�VLPH��� SDVWHXUL]DUH��GH]RGRUL]DUH�� PDWXUDUH� SULQ� U�FLUH� úL� vQV�PkQ DUH� FX� IORU� DFLGLILDQW� �6WU�� /DFWLF� úL�&UHPRULV�úL�DURPDWL]DQW��6WU��'LDFHWLODFHWLF��&LWURYRUXV�úL�3DUDFLWURYRUXV��%DWHUHD�DUH�FD�VFRS�LQWHJUDUHD�JOREXOHORU�GLVSHUVDWH�GH�JU�VLPH��LDU�VS�ODUHD�úL�PDOD[DUHD�vQGHS�UWHD]� ]DUD�'XS�V�UDUH��XQWXO�HVWH�DPEDODW�úL�SRDWH�IL�S�VWUDW� OD����&�úL�XPLGLWDWH��������WLPS�GH�]HFH�]LOH��VDX�PDL�PXOW�OD�±���&��&RPSR]L LD�FKLPLF� úL�SURSULHW� LOH�EDFWHULRORJLFH�GHOLPLWHD]� WUHL�FDWHJRULL�GH�XQW��GH�FDOLWDWH�VXSHULRDU���GH�FDOLWDWHD�,�úL�D�,,�D�x 8QWXO�GH�FDOLWDWH�VXSHULRDU� FRQ LQH�����OLSLGH�����SURWHLQH�����JOXFLGH��YLWDPLQH�$��'�PLQHUDOH�1D��&O��(VWH�GH�UH LQXW�SURSRU LD�PDUH�GH�DFL]L�JUDúL�VDWXUD L��EXWLULF��FDSURLF��FDSULOLF��FDSULQLF�úL�GH�FROHVWHURO��������DGXFH�vQ�UD LH����4�JUDP�úL�DUH�R�DFLGLWDWH�GH���7�x 8QWXO�GH�FDOLWDWHD�,�úL�D�,,� D�FRQ LQH������OLSLGH��PDL�PXOWH�PXFHJDLXUL�úL�GURMGLL�SH�JUDP�GH�SURGXV�úL�DUH�R�DFLGLWDWH�GH�SkQ� OD������7�3URSULHW� L� RUJDQROHSWLFH�XQWXO� SURDVS�W� DUH� R� VXSUDID �� FRQWLQX��� FX� OXFLX� VSHFLILF�� FXORDUH�DOE�J�OEXLH��XQLIRUP���SH�VHF LXQH�DUH�XQ�DVSHFW�XQLIRUP��I�U� SHWH��JROXUL�GH�DHU�úL�SLF�WXUL�GH�DS���FRQVLVWHQ D�OXL�HVWH�FRPSDFW���RQFWXRDV��PLURVXO�úL�JXVWXO�SO�FXWH��DURPDWH��VSHFLILFH�'HIHFWHOH�XQWXOXL�VH�SRW�GDWRUD�XQRU�JUHúHOL�vQ�SURFHVHOH�WHKQRORJLFH�GH�IDEULFDUH��S�VWU�ULL�OXL�vQ�FRQGL LL�QHLJLHQLFH�VDX�SURYHQLHQ HL�GLQ�PDWHULL�SULPH�QHFRUHVSXQ]�WRDUH$VWIHO�� XQWXO� OLSLFLRV�� SUHD� PRDOH� VDX� VI�UkPLFLRV� UH]XOW� GLQWU�R� EDWHUH� SUHOXQJLW� D�VPkQWkQLL�ILH� OD� R� � WHPSHUDWXU� SUHD� ULGLFDW��� UHVSHFWLY�SUHD� MRDV��� LDU� FHO� DSRV� GLQ�GLVSHUVLD�]DUHL�vQ�XQW�8QWXO�DOE�SURYLQH�GLQWU�R�VPkQWkQ� V�UDF� vQ�FDURWLQH��FHO�PDUPRUDW�GLQWU�XQD�SUHD�DFLG� VDX�GLQ�DG�XJDUHD�FRORUDQWXOXL�GLUHFW�vQ�SURGXVXO ILQDO��SHWHOH�GLQ�XQW�VH�SRW�GDWRUD�ILH�H[FHVXOXL�GH�SLJPHQ L�ILH�PLFURRUJDQLVPHORU�FURPRJHQH��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

'HIHFWHOH� GH� JXVW� úL� PLURV� VXQW� vQ� JHQHUDO� UH]XOWDWXO� DOWHU�ULL�3XWHP� J�VL� XQW� DFUX�� UkQFHG��V�SXQRV�� FX� JXVW� DPDU�� PHWDOLF�� GH� SHúWH�� GH� PXFHJDL� VDX� DOWH� JXVWXUL� úL� PLURVXUL� VWU�LQH��DERUELWH� vQ� FXUVXO� GHSR]LW�ULL�� $OWHUDUHD� VH� SURGXFH� SULQ� OLSROL]�� VXE� DF LXQHD�EDFWHULLORU�3VHXGRPRQDV� IOXRUHVFHQV�� IUDJL�� SXWUHIDFLHQV�� %DFW�SURGLJLRVXP��� D�PXFHJDLXULORU�2LGLXP�� $VSHUJLOOXV�� 3HQLFLOOLXP�� &ODGRVSRULXP�� VDX� SULQ� SURWHROL]� VXE�DF LXQHD���(QWHUREDFWHU��3URWHXV�YXOJDULV��3VHXGRPRQDV�SXWUHIDFLHQV�*5�6,0,/(���+,'52*(1$7(�VXQW�GHQXPLWH�úL�VHX�YHJHWDO�VDX�SODQWRO�

0DUJDULQHOH VH�RE LQ�SULQ�VROLGLILFDUHD��KLGURJHQDUHD��XOHLXULORU�YHJHWDOH�úL�GH�SHúWH�úL�DPHVWHFXO�ORU�FX�ODSWH�SDVWHXUL]DW�úL�DFLGLILDW�$GL LD�GH�KLGURJHQ�OD�GXEOHOH�OHJ�WXUL�VH�IDFH�OD�FDOG�� VXE� SUHVLXQH�� vQ� SUH]HQ D� FDWDOL]DWRULORU�� 1L�� &X�� )H�� DX� ORF� vQ� SDUDOHO� úL� UHDF LL� GH�L]RPHUL]DUH��UH]XOWkQG�IRUPH�QHQDWXUDOH�GH�DFL]L�JUDúL��WUDQV��FLV�WUDQV��WUDQV�WUDQV��6H�DGDXJ�OHFLWLQH��PRQR� úL�GLJOLFHULGH�FD�DJHQ L�HPXOJDWRUL��DS���FRORUDQ L��DURPH��VDUH�úL�]DK�U�VH�DJLW�FRPSR]L LD�SHQWUX�D�VH�DPHVWHFD� ID]D�DSRDV� FX�FHD�XOHLRDV���DSRL� VH� U�FHúWH�EUXVF� vQWUHDJD�PDV��� SHQWUX� SODVWLFLWDWH�� 6H� XUP�UHúWH� vQ� SUH]HQW�� SULQ� IRORVLUHD� XQRU� WHKQRORJLL� DYDQVDWH��ULGLFDUHD�YDORULL�QXWULWLYH�úL�DSURSLHUHD�PDUJDULQHL�GH�FDOLW� LOH�XQWXOXL��VH�DGDXJ� YLWDPLQH�±DQWLR[LGDQ L�$�� (�� &�� úL� '�� FDURWHQL� úL� FRQVHUYDQ L�� DPLGRQ� SHQWUX� ³LGHQWLILFDUH´� UHDF LD�/XJRO�HVWH�SR]LWLY� SHQWUX�PDUJDULQ� úL�QHJDWLY� SHQWUX�XQW������9DORDUHD�FDORULF� D�PDUJDULQHL�HVWH�GH�����4��JUDP�GH�SURGXV�*5�6,0,/(���9(*(7$/(��VH�FRQVXP� VXE�IRUP� GH�XOHLXUL�VDX�XQW��8OHLXULOH� VXQW� RE LQXWH� GLQ� VHPLQ H� ROHDJLQRDVH� ELQH� FRDSWH�� XVFDWH�� HYHQWXDO� SU�MLWH��SXULILFDWH��FX�R�DQXPLW� DFLGLWDWH��DFHVWHD�VH�PDFLQ���VH�vQF�O]HVF��VH�SUHVHD]� OD���������GH�DWPRVIHUH�úL�VH�RE LQ�WXUWH��úURW��GLQ�FDUH�VH�H[WUDJH�FX�VROYHQ L�RUJDQLFL��XOHLXO�UH]LGXDO�$X�ORF�VXFFHVLY�� RSHUD LL� GH� UDILQDUH�� GHPXFLODJLQDUH�� VDSRQLILFDUH�� GHFRORUDUH� úL� GH]RGRUL]DUH�� vQ�XUPD�F�URUD�UH]XOW� XOHLXUL�SXUH��FX�XQ�FRQ LQXW�GH�SkQ� OD�������JU�VLPL�8OHLXO�GH�IORDUHD�VRDUHOXL HVWH�FHO�PDL�GHV�IRORVLW�vQ�DOLPHQWD LH���FRQ LQH�DFL]LL�JUDúL��ROHLF��OLQROHLF úL�SDOPLWLF��SRWH�IL�RE LQXW�úL�SULQ�SUHVDUH�OD�UHFH�8OHLXO�GH�VRLD VH�DGDXJ� vQ�PH]HOXUL�FRQ LQH�úL�DFLG�PLULVWLF�úL�WRFRIHUROL�8OHLXO� GH� JHUPHQL� GH� SRUXPE DUH� PLURV� GH� P�ODL� úL� FRQ LQH� DQWLR[LGDQ L�QDWXUDOL�WRFRIHUROL��úL�VXEVWDQ H QHVDSRQLILFDELOH�ILWRVWHUROL��8OHLXO�GH�P�VOLQH HVWH�XQ�OLFKLG�JDOEHQ�YHU]XL��H[WUDV�GLQ�IUXFWH��HVWH�IRORVLW�PDL�GHV�OD�VDODWH�úL�WUDWDPHQWH�úL�QX�OD�SU�MLUH��YDORDUH�FDORULF�������4��JUDP�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

8OHLXO�GH�GRYOHDF FRQ LQH�DFL]LL��ROHLF��OLQROHLF��VWHDULF�úL�SDOPLWLF�8OHLXO�GH�QXF� VH�R[LGHD]� XúRU�úL�GHYLQH�GLQ�JDOEHQ��YHU]XL������DFLG�OLQROHLF�8OHLXO�GH�DUDKLGH QX�UkQFH]HúWH�PXOW�WLPS��FRQ LQH�����JU�VLPL�VDWXUDWH�úL�QHVDW�8OHLXO�GH�VXVDQ HVWH�GXOFH��FRQ LQH�$*�VDWXUD L�úL�QHVDWXUD L��ILWRVWHUROL�8QWXO�GH�FRFRV HVWH�DOELFLRV��DUH�XQ�PLURV�FDUDFWHULVWLF��SXQFW�GH�WRSLUH�������&�úL�GH�VROLGLILFDUH�������&�8QWXO�GH�FDFDR��IRORVLW� OD�SURGXVH�FRVPHWLFH�HVWH�VROLG��XQVXURV��DOE�J�OEXL��FX�PLURV�DURPDW� GH� FLRFRODW� úL� JXVW� GXOFHDJ�� SXQFW� GH� WRSLUH� ������&� úL� GH� VROLGLILFDUH� ������&��FRQ LQH�DFLG�ROHLF��OLQROHLF��PLULVWLF��SDOPLWLF��VWHDULF�úL�DUDKLF��5ROXUL�vQ�RUJDQLVP���HQHUJHWLF � ILLQG�LQVROXELOH�úL�DU]kQG�FRPSOHW�JU�VLPLOH�VH�GHVFRPSXQ�SkQ� OD�&2��úL��+�2��HOLEHUkQG� ���� .FDO� ��JUDP�� HOH� UHSUH]LQW� FHD� PDL� EXQ� IRUP� GH� VWRFDUH� D� HQHUJLHL� vQ�RUJDQLVP��vQPDJD]LQDW� vQ� HVWXO�DGLSRV��QX�LQHUW��FL�UHPRGHODW� GH�KRUPRQL���SODVWLF � LQWU� vQ�VWUXFWXUD�WXWXURU�FHOXOHORU�IRVIROLSLGH�GH�FRQVWLWX LH�FUHLHU�613�ILFDW��VDX�FROHVWHURO��úL�vQ�VXEVWDQ D�UHWLFXODW����vQ�VLQWH]D�DFL]LORU�ELOLDUL��D�YLWDPLQHL�'���D�KRUPRQLORU�&65�úL�VH[XDOL��LQGLVSHQVDELOH�RUJDQLVPHORU�WLQHUH��vQ�FUHúWHUH���PHWDEROLF ± VWLPXOHD]� DFWLYLWDWHD�XQRU�HQ]LPH�úL�DEVRUE LD�YLWDPLQHORU�OLSRVROXELOH�QLYHOXO�FROHVWHUROXOXL�vQ�VkQJH�HVWH�VF�]XW�GH�DFL]LL�JUDúL�QHVDWXUD L���FXOLQDU ± FUHVF�VDSLGLWDWHD�DOLPHQWHORU�úL�WLPSXO�ORU�GH�GLJHVWLH�vQ�VWRPDF�VDWXU���5D LD�úL�HIHFWHOH�FRVXPXOXL�QHDGHFYDW��ÌQ�DOF�WXLUHD�UD LHL�DOLPHQWDUH��YRP� LQH�VHDPD�GH�JU�VLPLOH�³DVFXQVH�³�vQ�FDUQH��ODSWH��RX���SUHFXP�úL�GH�FHOH�IRORVLWH�OD�SUHSDUDUHD�PkQF�UXULORU���SULQ�XUPDUH�OLSLGHOH�FD�DWDUH��SXUH��YRU�IL�vQWU�XQ�SURFHQW�PDL��VF�]XW��2UJDQLVPXO� WkQ�U� DUH� QHYRLH�� SHQWUX� FUHúWHUH� úL� GH]YROWDUH�� SHQWUX� PLHOLQL]DUHD�VLVWHPXOXL� QHUYRV� úL� IRUPDUHD� SULQFLSDOHORU� VWUXFWXUL�� GH� ������� JU�VLPL� SXUH�� UHVWXO�³DVFXQVH´�� GHS�úLUHD� DFHVWXL� SURFHQW� QHFHVLWkQG� úL� FDQWLW� L� VXSOLPHQWDUH� GH� YLWDPLQH�OLSRVROXELOH�SHQWUX�PHWDEROL]DUH�3HUVRDQHOH� � VHGHQWDUH� VDX� FDUH� GHVI�úRDU� PXQFL� XúRDUH� YRU� DYHD� QHYRLH� GH� �������JU�VLPL�SXUH�� UHVSHFWLY� ���� OLSLGH� vQ� UD LD� ]LOQLF��� SHQWUX� D� DFRSHUL� XQ� FRQVXP� �PHGLX� GH������.FDORULL�� ÌQ� FRQGL LL� GH� IULJ�� YkQW�� XPH]HDO� úL� HIRUWXUL� IL]LFH�PDUL�� FX� R� FKHOWXLDO� GH������� .FDO�� SURFHQWXO� GH� JU�VLPL� DMXQJH� OD� � ���� GLQ� UD LH�� ([SULPDWH� SH� NLORJUDP� ±FRUS��QHYRLOH� GH� JU�VLPL� VXQW� GH� �����JUDPH�NJF���� RUH� OD� VHGHQWDUL� úL� IHPHL� vQ� SHULRDGD�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

PDWHUQLW� LL�� UHVSHFWLY� �� JUDPH�NJF�]L� OD� FRSLL� úL� vQ� PXQFL� JUHOH�3URSRU LD� LGHDO� GLQWUH�JU�VLPLOH�YHJHWDOH�úL�FHOH�DQLPDOH�HVWH����� ±����YHJHWDOH�� UHVWXO�DQLPDOH��FX�PHQ LXQHD�F� vQ�FRSLO�ULH�SUHGRPLQ� WRDWH�DOLPHQWHOH�GH�QDWXU� DQLPDO���DSRL�H[LVW� R�WHQGLQ ��JHQHUDO� GH�D�OH�VF�GHD�FRQVXPXO�*OREDO��UD LD�QRUPDO� D�RPXOXL�V�Q�WRV�FXSULQGH����������OLSLGH��FRQ LQkQG�FkWH�R�WUHLPH�GLQ�ILHFDUH�WLS�GH�DFL]L�JUDúL��VDWXUD L��PRQRQHVDWXUD L�úL�SROLQHVDWXUD L���8Q�FRQVXP�FUHVFXW�GH�JU�VLPL GXFH� OD�REH]LWDWH��GH� WLS�KLSHUSODVWLF�VDX�KLSHUWURILF���GLVOLSLGHPLH�� DWHURVFOHUR]��� ULVF� GH� EROL� FRURQDULHQH�� DOH� F�LORU� ELOLDUH�� LQVXILFLHQ �� KHSDWR�SDQFUHDWLF��7R L�DFHúWL�EROQDYL���OD�IHO�FD�úL�FHL�FX�VLQGURDPH�GH�PDODGVRUE LH�JDVWULWH��HQWHULWH��GXRGHQRMHMXQLWH��KHSDWLWH��FLUR]���YRU�DYHD�UHJLPXUL�LJLHQR�GLHWHWLFH�V�UDFH�vQ�JU�VLPL��3UH]HQ D� DFHVWRUD� vQ� DOLPHQWD LH� DU� SXWHD� SURYRFD� VFDXQH� VWHDWRUHLFH�� IDOVH� GLUHL�� FH� GXF� OD�GHVKLGUDWDUH�� FUL]H�� JUHD �� úL� Y�UV�WXUL�� LQDSHWHQ �� OD� DGXO L�� FKLDU� DQRUH[LH� úL� LQWR[LFD LL� OD�FRSLL�� � 6H� YD� UHFRPDQGD� HYLWDUHD� SURGXVHORU� JUDVH�� D� FRQVHUYHORU� GLQ� FDUQH� GH� SRUF� úL� D�SURFHGHHORU�LQGLJHVWH�GH�SUHSDUDUH��FXP�VXQW�SU�MHOLOH�vQ�XQWXU���FHO�SX LQ�SkQ� OD�YkUVWD�GH���DQL� $SRUWXO� VF�]XW�GH�JU�VLPL vQVHDPQ� FDQWLW� L�PDL�PLFL�GH�DFL]L�JUDúL� HVHQ LDOL� � úL�GH�YLWDPLQH� OLSRVROXELOH� vQ� UD LH�� FHHD� FH� DWUDJH� GXS� VLQH� WRDW� SDWRORJLD� GHWHUPLQDW� GH�FDUHQ HOH� YLWDPLQHORU� $�� (� �'�� .� �� WXOEXU�UL� WURILFH�� DOH� WHJXPHQWHORU� úL� IDQHUHORU��GHVFXDPD LL�DIHF LXQL�RFXODUH�úL�JHQLWDOH���vQ�SOXV�LQWROHUDQ ��OD�IULJ��DVWHQLH��DQHUJLH��([SHULHQ H�HIHFWXDWH�SH�SXLL�GH�úRERODQ��SULYD L�GH�DFL]L�JUDúL�SROLQHVDWXUD L��GRYHGHVF�VWDJQDUHD� ORU� vQ� FUHúWHUH�� F�GHUHD� S�UXOXL�� GHUPDWR]H� H[IROLDWLYH�� IUDJLOLWDWH� FDSLODU��HWF��IHQRPHQH�UHYHUVLELOH�RGDW� FX�DGPLQLVWUDUHD�JU�VLPLORU�SRWULYLWH�$/7(5$5($��*5�6,0,/25�VH�SURGXFH�SULQ�x UkQFH]LUH� R[LGDUH� D� DFL]LORU� JUDúL�� FX� IRUPDUH� GH� SHUR[L]L�� DOGHKLGH�� FHWRQH�� HVWHUL�VXEVWDQ H�XUkW�PLURVLWRDUH�úL�vQFKLVH�OD�FXORDUH�DUH�ORF�OD�WHPSHUDWXUL�ULGLFDWH��vQ�SUH]HQ D�XUPHORU� PHWDOLFH� �&X�� )H�� &U�� úL� D� XQRU� LPSXULW� L� RUJDQLFH�� vQ� DEVHQ D� DQWLR[LGDQ LORU�QDWXUDOL��YLWDPLQH�$��(��&��x KLGUROL]�� VXE�DF LXQHD�OLSD]HORU�SURSULL�VDX�EDFWHULHQH��UH]XOWkQG�DFL]L�JUDúL�úL�JOLFHULQ���VH�SURGXFH�OD�OXPLQ���SH�FHOXOH�OH]DWH��JHUPLQDWH�x SROLPHUL]DUH� FRQMXJDUHD� úL� VWHUHRL]RPHUL]DUHD� OD� QLYHOXO� GXEOHORU� OHJ�WXUL�� FX� IRUPDUH�GH�SURGXúL�WR[LFL��QHQDWXUDOL��75$16��&,6�75$16��75$16�75$16��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

28� ù,��35(3$5$7(5HSUH]HQWDQW��RXO�GH�J�LQ�7RDWH�RX�OH�S�V�ULORU�GRPHVWLFH�úL�V�OEDWLFH�VXQW�FRPHVWLELOH��GDU�VH�FRQVXP� PXOW�PDL�UDU�GHFkW�FHOH�GH�J�LQ��&HHD�FH�OH�GLIHUHQ LD]� HVWH�P�ULPHD�úL�FRPSR]L LD�ORU�&HOH�PDL�PDUL�VXQW�RX�OH�GH�VWUX ��GH�JkVF�����J���FXUF����J��úL�UD ����J���LDU�FHOH�PDL�PLFL� VXQW� RX�OH� GH� ELELOLF����J��� SRUXPEHO� úL� SUHSHOL ��� /D� UkQGXO� ORU�� RX�OH� GH� J�LQ� VXQW�FRQVLGHUDWH�PLFL��VXE����JUDPH�úL�PDUL��SHVWH�����vQ�PHGLH�DX����GH�JUDPH�'HULYDWH�úL�SUHSDUDWH�GLQ�RXÌQ�DIDU� GH�RXO�vQ�VWDUH�SURDS�W� S�VWUDW�OD�UHFH��WLPS�GH�GRX� V�SW�PkQL��vQ�FRQGL LL�GH�XPLGLWDWH�VF�]XW���H[LVW� SUHSDUDWH�GLQ�RX� IRORVLWH�vQ�ODERUDWRDUH�úL�vQ�LQGXVWULD�DOLPHQWDU�� OD�RE LQHUHD� SURGXVHORU� GH� SDWLVHULH�FRIHW�ULH�� úL� D� XQRU� PH]HOXUL�� 6H� XUP�UHúWH� FUHúWHUHD�FRQVHUYDELOLW� LL�SULQ�GLIHULWH�SURFHGHH�x 3ULQ�GHVKLGUDWDUH VH�RE LQH�SUDIXO�GH�RX� LQWHJUDO VDX�VHSDUDW�� SUDI�GH�J�OEHQXú úL�SUDI�GHDOEXú� vQ� DFHVW� VFRS�� VXQW� VRUWDWH� RX�OH� SURDVSHWH� SULQ� RYRVFRSLH�� VSDUWH�� E�WXWH� SHQWUX�RPRJHQL]DUH�� VWUHFXUDWH� SHQWUX� vQGHS�UWDUHD� FRMLORU� úL� PHPEUDQHORU�� GHVKLGUDWDWH� vQ�GXODSXUL� GH� XVFDUH� FX� DEXUL� VDX� vQ WXQHO�� DSRL� DPEDODWH� vQ� DWPRVIHU� GH�1�� VDX�&2�� ��vPSRWULYD�XPH]LULL��PXFHJ�LULL�úL�UkQFH]LULL�3UDIXO�DVWIHO�RE LQXW�VH�SRDWH�S�VWUD�OD����&�úL�R�XPLGLWDWH�UHODWLY� GH�������������x 3ULQ� FRQJHODUH� VH� RE LQH�PHODQMXO� GH� RX�� RXO� VFRV� GLQ� FRDM� úL� SDVWHXUL]DW HVWH� LQL LDO�vQJKH DW�OD�±�������&��WLPS�GH����GH�RUH��DSRL�S�VWUDW�OD�±������&�1X�YRP�UHFRPDQGD�FRSLLORU�úL�EROQDYLORU�SUHSDUDWH�vQ�FDUH�RXO�HVWH�FRQVHUYDW�ÌQ�JRVSRG�ULH� FRQVHUYDUHD�RXOXL�VH�SRDWH�IDFH�SULQ�x 5HIULJHUDUH��OD�±�����&��8U� ����������DúH]DW�FX�SROXO�PDUH�vQ�VXV�úL�URWLW�SHULRGLFx ÌQYHOLUH�vQ�KkUWLH�VDX�S�VWUDUH�vQ�O�GL H�FX�UXPHJXú��FHQXú���P�ODL��vQ�F�PDU�x ,QWURGXFHUHD�vQ�DS� GH�YDU������SUHSDUDW� GH����RUH��SRULL�DVWXSkQGX�VH�FX�&D&2�x 8QJHUHD�FRMLL�FX�XQWXU� VDX�LPHUVLD�vQ�EDLH�GH�XOHL�OD��������&�� LPSHUPHDELOL]DUHx 2S�ULUH�WLPS�GH���VHFXQGH�vQ�DS� FORFRWLW���DVWIHO�IRUPkQGX�VH�R�SHOLFXO� ILQ� GH�SURWHLQH�FRDJXODWH�vQ�LQWHULRUXO�FRMLL�6WUXFWXU� úL��URO��vQ��RUJDQLVP$1$720,& ��GH�OD�VXSUDID ��VSUH�LQWHULRU��RXO�SUH]LQW� SH�VHF LXQH�x &XWLFXOD�VDX�DOEXJLQHHD�R�SHOLFXO� GH�PXFXV�XVFDWx &RDMD�IRUPDW� GLQ�V�UXUL�GH�FDOFLX�������&D&2����úL�DYkQG�����������SRUL

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x 0HPEUDQD�SDULHWDO� � F�SWXúHúWH�ID D�LQWHUQ� D�FRMLL�x 0HPEUDQD�YLVFHUDO� ± DFRSHU� DOEXúXO�OD�VXSUDID �x &DPHUD�GH�DHU��IRUPDW� vQWUH�FHOH�GRX� PHPEUDQH��OD�LHúLUHD�GLQ�RYLGXFWx $OEXúXO��FX�WUHL�VWUDWXUL�FRQFHQWULFH�úL�GRX� FRUGRDQH�± úDOD]HOHx *�OEHQXúXO�FX�GLVFXO�JHUPLQDWLY��PRUXOD��úL�YLWHOXVXO�QXWULWLY�3URFHQWXDO�RXO�FRQ LQH��DSUR[LPDWLY�����J�OEHQXú������DOEXú�úL�����FRDM��&+,0,&�� RXO�HVWH�DOF�WXLW�GLQ�GRX� VLVWHPH�FRORLGDOH�GH�FRQFHQWUD LH�GLIHULW��x *�OEHQXúXO�± R�HPXOVLH�GH�SURWHLQH�úL�OLSLGH�vQWU�XQ�PHGLX�GH�����DS���FRQ LQkQG�WRDWH�VXEVWDQ HOH� D]RWDWH� QHFHVDUH� GH]YROW�ULL� RUJDQLVPXOXL� S�V�ULL�YLWDPLQH�V�UXUL� úL�HQ]LPH�'DWRULW� FRPSR]L LHL� IRDUWH� HFKLOLEUDWH� úL� VWDELOH� vQ� DPLQRDFL]L� �0(7��&,6�9$/�)(1�7,5�� SURWHLQHOH GLQ� RX� VXQW� DOHVH� FD� VWDQGDUG� SHQWUX� DSUHFLHUHD� YDORULL�ELRORJLFH�D� DOWRU� WLSXUL�GH�SURWHLQH�$FHVWHD� VXQW� RYRYLWHOLQD� úL�JOREXOLQHOH�(OH� UHSUH]LQW���JUDPH�����JUDPH��UHVSHFWLY�����JUDPH�OD�XQ�RX�GH�������JUDPH�/LSLGHOH GLQ�J�OEHQXú�VXQW� WULJOLFHULGH�� IRVIROLSLGH�OHFLWLQ��� FHIDOLQ��� FROLQ��� úL� FROHVWHURO������0LQHUDOHOH� 3�����PJ����&D����PJ����)H������PJ����6��.��1D��0J�úL�ROLJRHOHPHQWH�,��&X��0Q��=Q��DX�DF LXQH�DFLGLILDQW��9LWDPLQHOH OLSRVROXELOH�$��'��(� ��.��SUHFXP�úL�R�PDUH�SDUWH�GLQ�FHOH�KLGURVROXELOH��%��� %��%��%���33� VXQW� FRQFHQWUDWH� WRDWH� vQ� J�OEHQXú�$FHVWD�PDL� FRQ LQH�SLJPHQ L �OXWHLQ� �� � [DQWLQ��� ]HD[DQWLQ��� úL� HQ]LPH� OLSD]H� �WULEXWLUD]D�PHWLOEXWLUD]D��SURWHD]H�FROLQHVWHUD]H��GLDVWD]H�x $OEXúXO�± R�GLVSHUVLH�FRORLGDO� GH�SURWHLQH� vQ�����DS��� �PDL�FRQ LQH�XUPH�GH� OLSLGH úL�JOXFLGH��V�UXUL�PLQHUDOH�PXOW�VXOI��SX LQ�1D��.��&O��&D��3��)H���SX LQH�YLWDPLQH �%���%����SLJPHQ L �RYRIODYLQ��� úL� HQ]LPH �SURWHD]H��� 3URWHLQHOH DOEXúXOXL� ��������� VXQW�RYDOEXPLQD�� RYRJOREXOLQD�� RYRPXFRLGH�� RYRPXFLQ��� OL]R]LP�� DQWLWULSWD]� �IDFWRU�DQWLWULSWLF�� úL� DYLGLQ� �DQWLELRWLQ��� � XOWLPHOH� GRX��� DOHUJL]DQWH�� LULWDQWH� � ILLQG� DQLKLODWH�SULQ�ILHUEHUH����5ROXO�vQ�RUJDQLVP��HVWH vQ�SULPXO�UkQG QXWULWLY� ILLQG�XQ�DOLPHQW�YDORURV�ELRORJLF��HFRQRPLF��XúRU�GH�RE LQXW�úL�GH�FRQVHUYDW��FDUH�FUHúWH�VDSLGLWDWHD�DOLPHQWHORU��IRORVLW�vQ�VDODWH���PDLRQH]H��FUqPH��3ULQ� FRQ LQXWXO� GH� SURWHLQH� úL� OLSLGH� DQLPDOH� DUH� URO� SODVWLF�� LQWHUYLQH� vQ� FUHúWHUH� úL�UHSDUDUHD�X]XULL��vQ�IRUPDUHD�úL�vQW�ULUHD�VLVWHPXOXL�QHUYRV��3ULQ�OLSLGH������DUH�URO�HQHUJHWLF�IXUQL]HD]� ���4�JUDP��SULQ� YLWDPLQH� úL� PLQHUDOH� DUH� URO� FDWDOLWLF� úL� ELRUHJODWRU�DQWLDQHPLDQW �FRQ LQH�)H���DQWLUDKLWLF �FRQ LQH�&D��5HFRPDQG�UL�vQ�GLHWH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

� +LSRVRGDWH��EROL�UHQDOH��FDUGLR�YDVFXODUH����FRQ LQXW�VF�]XW�GH�1D��&O�� +LSRJOXFLGLFH��REH]LWDWH��GLDEHW�]DKDUDW����QX�FRQ LQH�JOXFLGH�� +LSRSURWHLFH��JXW���KLSHUXULFHPLL����vQORFXLHúWH�FDUQHD�� &ROHFLVWRSDWLL�DWRQH���HIHFW�FROHFLVWRNLQHWLF�� 5HJLPXUL�GH�FUX DUH���JDVWULWH�KLSHUDFLGH��XOFHUH��HQWHURFROLWH��úRGRX�FX�ODSWH��� 5HIDFHUH�SRVWWUDXPDWLPH��VW�UL�SRVWKHSDWLFH���FRQ LQH�SURWHLQH�GH�FDOLWHD�,�&RQWUDLQGLFD LL�� &RSLL�PLFL� DOHUJLL�OD�SURWHLQHOH�GLQ�DOEXú�� &ROHFLVWRSDWLL�KLSHUNLQHWLFH�� /LWLD]H�ELOLDUH��LQVXILFLHQ ��SDQFUHDWLF���FLUR]� KHSDWLF��� +LSHUFROHVWHUROHPLL��DWHURPDWR]��'LJHVWLELOLWDWHD� RXOXL� GHSLQGH� GH�PRGXO� GH� SUHSDUDUH� úL� LQIOXHQ HD]� WLPSXO� GH� HYDFXDUH� DO�VWRPDFXOXL��DVWIHO�� 2XO�PRDOH�ILHUW���PLQ�VH�GLJHU� vQ���ò�RUH��DUH�XQ�FRHILFLHQW�GH�GLJHVWLH�GH������ 2XO�FUXG��GLQ�úRGRX��S�U�VHúWH�VWRPDFXO�GXS� ��RUH��FRHILFLHQW�GH�GLJHVWLH������ 2XO�SUHSDUDW� FX�XQW� vQ�EDLH�PDULQ� VH�GLJHU� vQ���ò�RUH�� FRHILFLHQW� GH�GLJHVWLH� VXSHULRU�RXOXL�SUHSDUDW�vQ�JU�VLPL�vQFLQVH��WR[LF��FDUH�U�PvQH�vQ�VWRPDF���RUH�5D LD�RSWLP� ]LOQLF��� ��RX��]L�VDX�����RX� �V�SW�PvQ� OD�FRSLL�úL�DGROHVFHQ L�� ��RX�OD��ò�]LOH�VDX�����RX� SH�V�SW�PvQ� OD�JUDYLGH�úL�O�X]H�� ��RX�OD�GRX� ]LOH��UHVSHFWLY�����RX� SH�V�SW�PvQ� OD�DGXO L�úL�E�WUvQL�3RVLELOLW� L�GH�FRQWDPLQDUH��DOWHUDUH�6XUVH��FORDF���VRO�XPHG��FXLEDU�PXUGDU���JHUPHQLL�S�WUXQG�SULQ�SRULL�GLQ�FRDM���DSD�VDX�IXUDMHOH�LQJHUDWH�GH�J�LQ���UD ��VDX�JvVF���SHUVRQDO�PXUGDU�VDX�EROQDY�OD��PDQLSXODUH��WUDQVSRUW��SUHOXFUDUH��XWLODMH��UHFLSLHQWH�PXUGDUH��YHFWRUL��úRERODQL�*HUPHQL��6DOPRQHOD� �WR[LLQIHF LL� DOLPHQWDUH��� PXFHJDLXUL�3HQLFLOOLXP�� $VSHUJLOOXV��0XFRU��2LGLXP���6WDILORFRFL�FRDJXOD]R���(��&ROL�HQWHURSDWRJHQ��3URWHXV��%�&HUHXV�6XEVWDQ H�FKLPLFH��SHVWLFLGH� PLFRWR[LQH��DQWLELRWLFH��PHWDOH�WR[LFH�$OWHUDUHD�RXOXL�VH�SURGXFH� vQ�FRQGL LL�GH�S�VWUDUH� vQGHOXQJDW� OD� WHPSHUDWXU� vQDOW� úL�XPLGLWDWH�PDL�PDUH�VDX�PLF� GH���������6H�SURGXF�KLGUROL]H�DOH�SURWHLQHORU�úL�OLSLGHORU�VXE�DF LXQHD� HQ]LPHORU�SURSULL� úL� D�PLFURRUJDQLVPHORU� S�WUXVH�SULQ� FRDM��$OEXúXO� VH�PDFHUHD]���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

úDOD]HOH� VH� OLFKHILD]��� J�OEHQXúXO� S�U�VHúWH� SR]L LD� FHQWUDO� úL� VH� DPHVWHF� FX� DOEXúXO�&UHVF�GLPHQVLXQLOH� FDPHUHL� GH� DHU�� RXO� SOXWHúWH� OD� VXSUDID D� DSHL�� DSDU� SHWH� GDWH� GH� PXFHJDLXUL��PLURV�XUvW�GDWRULW� +�6��1+���PHUFDSWDQLORU��HIHFWH�WR[LFH�úL�LULWDQWH�DVXSUD�WXEXOXL�GLJHVWLY�2X�OH� FX� GHIHFWH� VXQW�PDL� XúRU� DOWHUDELOH�� RX� FX� FRDMD� VXE LUH�� FU�SDW��� FX� SRUL�SUHD�PDUL�� RX� I�U� FRDM��� DOEXú� VDX� J�OEHQXú�� RX� VvQJHUDWH�� URúLL�� FX� FRUSL� VWU�LQL�� FX�PLURV� GH�SHúWH�VDX�GH�PXFHJDL���0�VXUL�GH�LJLHQ� QHFHVDUH SHQWUX�D�SUHYHQL�WR[LLQIHF LLOH�DOLPHQWDUH�� FRQWUROXO�vQDLWH�úL�GXS� VSDUJHUH�úL�vQO�WXUDUHD�RX�ORU�YHFKL�úL�FX�GHIHFWH�� VS�ODUHD�FX�DS� FDOG� úL�GH]LQIHF LD�vQ�VROX LH�FORULJHQ� ���� VSDUJHUHD�VHSDUDW��IRORVLUHD�GH�FX LWH�úL�YDVH�VWHULOH�� FRQVHUYDUHD�FRUHFW���SULQ�SURFHGHHOH�PHQ LRQDWH�DQWHULRU�3DWRJLD�VSHFLILF��� &DUHQ Do VWDJQDUHD�vQ�FUHúWHUH��PRQRWRQLD�UD LHL�úL�OLSVD VHQ]D LHL�GH�VD LHWDWH�� ([FHVXO�o KLSHUFROHVWHUROHPLH���SDQFUHDWLW���DOHUJLL�� &RQVXPXO�GH�RX� YHFKLo KHSDWLWH��LULWD LL��SDQFUHDWLW���WR[LLQIHF LL�� 2X�OH�SUHSDUDWH�JUHX��LQGLJHVWo GLVNLQH]LL�ELOLDUH��SDQFUHDWLWH��JDVWULWH�'HWHUPLQ�UL�GH�ODERUDWRU�� ([DPHQ�RUJDQROHSWLF�� DVSHFW�� FRQVLVWHQ ��� FXORDUH��PLURV��JXVW� vQDLQWH� úL�GXS� VSDUJHUH� ��SURED�2926&23,(,�VDX�0,5$-8/8,�� ([��IL]LFH��GHQVLWDWHD�RXOXL�HVWH�XQ�LQGLFDWRU�DO�SURVSH LPLL��SURED�VFXIXQG�ULLvQ�DS� RELúQXLW���GXS� ���]LOH�VW� YHUWLFDO�SH�IXQG��OD����VH�ULGLF� OD�VXSUDID ��vQ�DS� FX�VDUH������]LOH�VW� YHUWLFDO�OD�IXQGXO�DSHL������]LOH�vQ�VWUDWXO�GLQ�PLMORF������]LOH�SOXWHúWH�FX�FDPHUD�GH�DHU�vQ�VXV�� ([��FKLPLFH��IRVID LL�GLQ�DOEXú��SHVWLFLGH��DQWLELRWLFH��PHWDOH��PHWDORL]L����� ([��PLFURELRORJLFH��6DOPRQHOHOH�GH�SH�FRDM� úL�GLQ�FRQ LQXW�%$��GDWD��ORFXO��QU��SURF�YHUEDO�GH�UHFROWDUH��QXPH��SURED��RX�GH�J�LQ�1� FRDMD vQWUHDJ���FXUDW���QHWHG���XQLIRUP���DOE�J�OEXLH��I�U� SHWH�GH�JU�VLPH�VDX�H[FUHPHQWH��2YRVFRSLH��FDPHUD�GH�DHU�FX�FRQWXU�UHJXODW��SR]L LH�IL[���) ����PP��J�OEHQXúXO�FHQWUDO��XúRU�PRELO��DOEXú�WUDQVOXFLG��I�U� SHWH�VDX�FRUSXUL�VWU�LQH�*UHXWDWHD�PHGLH���� JUDPH��&RQFOX]LH��SURED�FRUHVSXQGH�FHULQ HORU�VDQLWDUH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&$51(��3(ù7(�ù,�35(3$5$7($FHDVW� JUXS� GH� DOLPHQWH� LQFOXGH� WRDWH� S�U LOH� GLQ� FRUSXO� DQLPDOHORU� úL� S�V�ULORU�GRPHVWLFH�VDX�V�OEDWLFH�PDPLIHUH��LHUELYRUH��vQRW�WRDUH��HWF��ÌQ�UHJLPXO�DOLPHQWDU�DO�GLIHULWHORU�JUXSH� GH� SRSXOD LH� VH� YD� J�VL� SUHGRPLQDQW� SHúWH� vQ� ]RQD� P�ULORU�� RFHDQHORU� �� IOXYLLORU��UHVSHFWLY�FDUQH�GH�RDLH��ERX�DIULFDQ��F�PLO���vQ�]RQD�HFXDWRULDO���XQGH�FRQVXPXO�GH�FDUQH�GH�SRUF�HVWH�SURKLELW�5HSUH]HQWDQ L�GLQ�ILHFDUH�JUXS�� 0DPLIHUH�� GRPHVWLFH��ERYLQH��RYLQH��SRUFLQH��FDEDOLQH�� V�OEDWLFH��LHSXUL��FDSUH��PLVWUH L�� 3�V�UL�� GRPHVWLFH��J�LQD��UD D��FXUFDQXO��SRUXPEHOXO��ELELOLFD�� V�OEDWLFH��ID]DQXO��UD D��JkVFD��SRWvUQLFKHD��SUHSHOL D�� 3HúWL��� GH�DS� GXOFH��úDO�X��úWLXF���OLQ��ELEDQ��FUDS��S�VWU�Y��VRPQ�� GH�DS� V�UDW���VFUXPELH��QLVHWUX��WKRQ�VWDYULG��PRUXQ��FDOFDQ��EDUEXQ�� &UXVWDFHH��KRPDUL��ODQJXVWH��UDFL��FUHYH L�� 0ROXúWH��PHOFL��VWULGLL��FDUDFDWL H��VFRLFL�� %DWUDFLHQL��EURDVFD�YHUGH�GH�DS��)RUPH�GH�FRQVXP�úL�SUHSDUDWH&DUQH�� SURDVS�W�� UHIULJHUDW����� ����&� FRQJHODW��������&��GXS� UHIULJHUDUH�HVWH�WUHFXW� SULQ�WXQHOH�IULJRULILFH�úL�DSRL�S�VWUDW� OD������± ����&�OXQL�GH�]LOH��� JODVDW��� DFRSHULW� FX� XQ� VWUDW� VXE LUH� GH� JKHD ��� vPSRWULYD� R[LG�ULL� JU�VLPLORU� GH� OD�VXSUDID ��0H]HOXUL�&ODVLILFDUH�,�'XS� FRQ LQXW�� GLQ�FDUQH�WRFDW���VDODP��FvUQDW��WRE���VvQJHUHWH��FDOWDERú��PDWHULD�SULP���FDUQH��VO�QLQ���úRULF��YLVFHUH��VvQJH��SODVP�PDWHULL�DX[LOLDUH���VDUH��]DK�U��FRQGLPHQWH��FRQVHUYDQ L��DURPH�� GLQ�FDUQH�QHWRFDW���úXQF� SUHVDW���PXúFKL� LJ�QHVF��FRVWL ���SDVWUDP���JDUI��VO�QLQ��]RQH�DQDWRPLFH�VDX�RUJDQH�GLQ�FDUFDVH�VXQW�IDVRQDWH��V�UDWH�VLPSOX�VDX�vQ�VDUDPXU���ILHUWH�VDX�DIXPDWH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

,,�&X�GXUDW� GH�S�VWUDUH�� VFXUW�����]LOH��SDUL]HU��FUHPYXUúWL��úXQF� GH�3UDJD�� PHGLH�����OXQL��VDODP�%XFXUHúWL�úL�LWDOLHQHVF�� OXQJ�����DQ��VDODP�GH�LDUQ� úL�GH�YDU���JKLXGHP�,,,�'XS� PRG�GH�SUHSDUDUH�úL�FRQVHUYDELOLWDWH��PH]HOXUL�GH�FDWHJRULD� ,� ILHUWH��FRQVXPDWH�SURDVSHWH��SDUL]HU��FUHPYXUúWL��SRORQH]�� D�,,�D�± ILHUWH��VHPL�DIXPDWH��VDODP�%XFXUHúWL��3RLDQD��LWDOLDQ��UXVHVF��YvQ�WRUHVF�� D�,,,�D�± FUXGH��DIXPDWH��VDODP�GH�6LELX��JKLXGHP��EDELF�� D�,9�D�± SDVWH�ILQH��RPRJHQH��GLQ�FDUH�úL�FRQGLPHQWH��SDWHXUL��OHE�UYXUúWL�� D� 9�D�± ILHUWH��FX�JHODWLQD�FRDJXODW���WREH�úL�SLIWLL�GHQXPLWH�SURVS�WXUL���&RQVHUYH��RE LQXWH�SULQ�VWHULOL]DUHD�F�UQLL�úL�SHúWHOXL�DXWRFODYDUH�OD�SHVWH�����&�úL�vQFKLGHUH�HUPHWLF� vQ�UHFLSLHQWH�PHWDOLFH�VDX�GH�VWLFO������VRVXUL�OHJXPH��EXOLRQ�HWF�3URFHGHHOH�GH�FRQVHUYDUH�HQXPHUDWH�DQWHULRU��FRQJHODUH��DIXPDUH��V�UDUH�VDX�VWHULOL]DUH��DX�FD�VFRS�QX�QXPDL�FUHúWHUHD�GXUDWHL�GH�S�VWUDUH�D�SUHSDUDWHORU��FL�úL�UHGXFHUHD�QXP�UXOXL�GH�JHUPHQL�HIHFW�EDFWHULRVWDWLF��úL�vPEXQ�W� LUHD�JXVWXOXL�úL�PLURVXOXL�&RQGLPHQWHOH� IRORVLWH� SRW� IL� LX L� SLSHU�� ERLD�� FHDS��� XVWXURL� VDX� DURPDWH� FLPEUX��FXLúRDUH��FRULDQGUX��VFRU LúRDU���LHQXS�U��LHQLEDKDU��IRL�GH�GDILQ��VHPLQ H�GH�FKLPLRQ�$OWH�DGDRVXUL�VXQW��GHULYDWH�SURWHLFH�GLQ�VRLD��ODSWH�SUDI��IXOJL�GH�FDUWRIL��RX� VDX�SUDI�GH�RX���IRORVLWH�PDL�DOHV�OD�PH]HOXULOH�ILHUWH�úL�VHPLDIXPDWH��FDWHJRULD�D�,,�D�úL�D�9�D���0HPEUDQHOH�vQ�FDUH�VH�LQWURGXFH�úURWXO�VXQW�VLQWHWLFH�VDX��QDWXUDOH�±LQWHVWLQH��DQWHULRU�YHULILFDWH��VS�ODWH�úL�GH]LQIHFWDWH�vQ�VROX LH���Å GH .0Q2���3ULQ�DIXPDUH��PHPEUDQD�VH�SHUJDPHQWL]HD]� úL�VH�vQFKLGH�OD�FXORDUH��FUHVFvQG�FRQVHUYDELOLWDWHD�

6WUXFWXU� úL�URO�vQ�RUJDQLVP,QGLIHUHQW GH�VSHFLH��DQLPDOHOH�SRW�IL�FODVLILFDWH�GXS� FRPSR]L LD�PDVHL�FRUSRUDOH��vQ�VODEH��JUDVH��IRDUWH�JUDVH��ILHFDUH� HVXW�SDUWLFLSvQG�FX�XQ�DQXPLW�SURFHQW�x �HVXWXO�RVRV� ��������vQ�IXQF LH�GH�VSHFLH��HVWH�DOF�WXLW�GLQ�V�UXUL�GH�&D��0J��1D�x �HVXWXO� FRQMXQFWLY� ������� UHSUH]HQWDW� GH� DSRQHYUR]H�� OLJDPHQWH�� WHQGRDQH� FRQ LQH�ILEUH�GH�FRODJHQ��HODVWLQ���UHWLFXOLQ���FHOXOH��YDVH�úL�QHUYL�x �HVXWXO� JUDV� ������ YDULD]� LQYHUV� SURSRU LRQDO� FX� HVXWXO� PXVFXODU�� VH� J�VHúWH�VXEFXWDQDW�VDX�vQWUH�ILEUHOH�PXVFXODUH��SH�PHPEUDQD�SHULWRQHDO� úL�OD�VXSUDID D�RUJDQHORU�LQWHUQH��FD� HVXW�FRQMXQFWLY�OD[�XPSOXW�FX�JU�VLPH��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x �HVXWXO� PXVFXODU�� ������� FRQ LQH� SURWHLQH�� OLSLGH�� XUPH� GH� JOXFLGH�� V�UXUL� PLQHUDOH��YLWDPLQH�úL�HQ]LPH� HVXWXO�FHO�PDL�YDORURV�QXWULWLY�3URWHLQHOH GLQ�FDUQH�UHSUH]LQW� vQ�PHGLH������JUDP�GH�SURGXV�(OH�SRW�IL�x ,QWUDFHOXODUH��GH�FDOLWDWH�VXSHULRDU���FRQ LQ�WR L�DPLQRDFL]LL�HVHQ LDOL��9 0(7�/,6��x ([WUDFHOXODUH��I�U� YDORDUH�QXWULWLY��� FRODJHQXO KLGUROL]HD]� SULQ�ILHUEHUH�úL�IRUPHD]� JHODWLQD�: SLIWLH��DVSLF�� HODVWLQD� QHGLJHUDW���VH�HOLPLQ� SULQ�IHFDOH�: HIHFW�DQWLFRQVWLSDQW�x 1XFOHRSURWHLQH��vQ�FDUQHD�PDFU���SULQ�GHJUDGDUH�: DFLG�XULF��JXW���OLWLD]� XULF��������������������������������/LSLGHOH YDULD]� vQWUH����vQ�FDUQHD�VODE����������vQ�FDUQHD�JUDV� úL�����vQ�PH]HOXUL�6XQW�UHSUH]HQWDWH�GH�DFL]L�JUDúL�VDWXUD L�úL�FROHVWHURO��vQ�SURFHQWH�PDL�PDUL�OD�FDUQHD�GH�SRUF��GH�DFHHD�GLJHVWLELOLWDWHD�HL�HVWH�PDL�VF�]XW���/D�FDUQHD�GH�SHúWH��JU�VLPHD�������VH�J�VHúWH�GLVWULEXLW� vQWUH�ILEUHOH�PXVFXODUH��SULQ�SUHSDUDUH�VH�WRSHúWH�úL�OH�vPELE���FHHD�FH�vL�FRQIHU� JXVWXO�GHRVHELW��/D�IHO�VH�vQWvPSO� úL�FX�FDUQHD�DOE� GH�SDV�UH��FDUH�FRQ LQH�ILEUH�ILQH�úL� HVXW�FRQMXQFWLY�SX LQ�GH]YROWDW�&DUQHD�GH�SHúWH�FRQ LQH�$*�SROLQHVDWXUD L��FX�SURSULHW� L�KLSRFROHVWHUROHPL�DQWH�úL�DQWLDWHURVFOHUR]DQWH��YH]L�JU�VLPLOH�DOLPHQWDUH���/LSLGHOH�VXQW�PDL�ERJDW�UHSUH]HQWDWH�OD�IHPHOH�GHFvW�OD�PDVFXOL��LQGLIHUHQW�GH�VSHFLH��GH�DFHHD� FDUQHD� ORU� HVWH� PDL� JXVWRDV��9vQDWXO� DUH� JU�VLPH� SX LQ� úL� SURWHLQH� vQ� SURFHQW� PDL�ULGLFDW�GHFvW�S�V�ULOH�GH�FXUWH�*OXFLGHOH��WRWDO�DEVHQWH�GLQ�PH]HOXUL�VH�J�VHVF�vQ�SURSRU LL�PLFL�vQ�FDUQHD�GH�SXL��SRUF�úL�YLW���FD�XUPH�GH�JOXFLGH������������9LWDPLQHOH �� /LSRVROXELOH��$��'�VXQW�SUH]HQWH�vQ�ILFDW��JU�VLPL��SHúWH�� +LGURVROXELOH�GLQ�FDUQH��%���%���%���%����33��DFLG�IROLF�0LQHUDOHOH� ��3��.��)H��=Q��&X�VH�J�VHVF� vQ�SURFHQW�PDUH� vQ�YLVFHUH��3�� ,��)� vQ�SHúWH��FDUQHD�FRQ LQH�FDQWLW� L�PLFL�GH�&D��1D�úL�YLWDPLQD�&��'XS� FRQ LQXWXO�ORU�úL�FXORDUH��YLVFHUHOH VH�FODVLILF� vQ��� $OEH� FUHLHU��SDQFUHDV��VWRPDF��P�GXY��� 5RúLL� ILFDW��LQLP���SO�PvQL��OLPE���VSOLQ���ULQLFKL�&HO� PDL� YDORURV� GLQ� SXQFW� GH� YHGHUH� QXWULWLY� HVWH� ILFDWXO�� UH]HUYD� GH� JOXFLGH�� YLWDPLQH� úL�PLQHUDOH�D�RUJDQLVPXOXL��DSRL�FUHLHUXO��LQLPD��ULQLFKLXO��SO�PvQXO��OLPED�úL�WLPXVXO�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

5D LD�]LOQLF� GH�FDUQH��SHúWH�úL�SUHSDUDWH,QWURGXV� WUHSWDW�vQ�DOLPHQWD LD�FRSLOXOXL��GH�OD�YvUVWD�GH���OXQL��vQ�SURSRU LH�PLF� ID ��GH�UHVWXO�JUXSHORU�������JUDPH��]L���FDQWLWDWHD��GH�FDUQH�VH�FUHúWH�FX�������J��DQ�SvQ� OD���DQL����J�]L�� FX����J�DQ�SvQ� OD����DQL�úL�FX����J�DQ�SvQ� OD�PDWXULWDWH�x UD LD�PHGLH�]LOQLF� D�DGROHVFHQWXOXL�úL�D�DGXOWXOXL HVWH�GH�����JUDPH��]L�x UD LD�IHPHLL�JUDYLGH�úL�D�FHOHL�FDUH�DO�SWHD]� HVWH�GH ����JUDPH��]L�x UD LD�vQ�HIRUWXUL�PDUL IL]LFH�úL�LQWHOHFWXDOH�SRDWH�DMXQJH�OD�����JUDPH�]L�x UD LD�E�WUvQLORU HVWH�UHSUH]HQWDW� GH�FDUQH�VODE���vQ�PHGLH���� JUDPH��]L�3RVLELOLW� L�GH�FRQWDPLQDUH��DOWHUDUHx 6XUVHOH�GH�LQVDOXEUL]DUH�VXQW�SLHOHD�PXUGDU� D�DQLPDOXOXL��VvQJHOH VDX�FRQ LQXWXO�LQWHVWLQDO� PvLQLOH�PXUGDUH�DOH�SHUVRQDOXOXL��DSD�IRORVLW���XWLODMHOH��DPEDODMHOH�úL�PDL�UDU�VROXO�úL�YHFWRULL�x &�LOH�GH�WUDQVPLWHUH�VXQW�GLUHFWH��JHUPHQLL�S�WUXQG�vQ�RUJDQLVPXO�XPDQ�SH�FDOH�GLJHVWLY�VDX�SULQ�FRQWDFW�FXWDQDW�x &RQWDPLQDUHD�FX�KHOPLQ L���7ULFKLQHOOD�6S���7DHQLD�6ROLXP�úL�6DJLQDWD�'LSKLORERWULXP�ODWXP�± LPSXQH�QHFHVLWDWHD�H[DPHQXOXL�SDUD]LWRORJLF�x 3ROXDUHD�PLFURELDQ���YLUDO� �6DOPRQHOD��$QWUD[��3URWHXV��&ROL��<HUVLQLD�HQWHURFROLWLFD��YLUXVXO�IHEUHL�4��YLUXVXO�IHEHL�DIWRDVH��UDELHL��EDFLOXO�ERWXOXLQLF��VXEWLOLV��PH]HQWHULFXV��.RFK��EUXFHOHOH��úL�FX�PXFHJDLXUL �0XFRU��$VSHUJLOXV��3HQLFLOOLXP��± LPSXQH�UHVSHFWDUHD�UHJXOLORU�GH�LJLHQ� SH�WRW�SDUFXUVXO�GH�OD�UHFROWDUH��WUDQVSRUW��GLVWULEX LH��SUHSDUDUH�úL�FRQVXP�x 3ROXDUHD�FX�VXEVWDQ H�FKLPLFH�VH�SRDWH�SURGXFH�SULQ��SHVWLFLGHOH �RUJDQRFORUXUDWH�úL�KLGURFDUEXUL�SROLFLFOLFH�DURPDWH��GLQ�IXUDMH��DQWLELRWLFH� DQDEROL]DQWH�VDX�WUDQFKLOL]DQWH�GDWH�DQLPDOXOXL��UHVWXUL�GH�PHWDOH�úL�PHWDORL]L GH�SH�XWLODMH��DPEDODMH�úL�FRQVHUYDQ LQHSHUPLúL�VDX�FDUH�GHS�úHVF�OLPLWHOH�PD[LP�DGPLVLELOH�GLQ�VWDV�0�VXUL�GH�SUHYHQLUHx VDFULILFDUHD�DQLPDOHORU�QXPDL�vQ�DEDWRDUH�VDX�FHQWUH�DXWRUL]DWHx L]RODUHD�DQLPDOHORU�VXVSHFWH�úL�GLVWUXJHUHD�SURGXVHORU�SURYHQLWH�GH�OD�FHOH�EROQDYHx UHFROWDUHD�FRUHFW���LJLHQLF� D�PDWHULHL�SULPH��FX�H[DQJKLQDUHD�FRPSOHW� úL�JROLUHD�DWHQW� D�WXEXOXL�GLJHVWLY��SHQWUX�D�QX�FRQWDPLQD�UHVWXO�RUJDQHORU

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x H[DPLQDUHD�FDUFDVHORU��D�VvQJHOXL��D� HVXWXOXL�FRQMXQFWLY�VXEFXWDQDW�D�H[XGDWHORU�FDYLWDUH�úL�D�YLVFHUHORU��GH�F�WUH�PHGLFXO�YHWHULQDU��PDUFDUHD��³V�Q�WRV´x UHVSHFWDUHD�WLPSLORU�GH�H[SXQHUH�D�EXF� LORU�PDUL�GH�FDUQH��vQ�VSD LL�DHULVLWH�GH�]YvQWDUH��U�FLUH��SHQWUX�HYLWDUHD�vQFLQJHULL�úL�SHQWUX�LQVWDODUHD�ULJLGLW� LL�FDGDYHULFH��D�PDWXU�ULL�úL�D�IH]DQG�ULL��IU�JH]LULL�� DSRL�VH�IDFH�WUDQúDUHD SH�UHJLXQL�DQDWRPLFH�x DVLJXUDUHD�XQXL�ODQ IULJRULILF�FRUHVSXQ]�WRU�SH�WRW�SDUFXUVXO�F�UQLL�úL�IRORVLUHD�PHWRGHORU�GH�FRQVHUYDUH��FX�HIHFW�EDFWHULRVWDWLF��RS�ULUH��DIXPDUH��FRQJHODUH��x LQVWUXLUHD�SHUVRQDOXOXL��SXUWDUHD�HFKLSDPHQWXOXL�GH�SURWHF LH�DGHFYDW�úL�UHVSHFWDUHD�UHJXOLORU�GH�LJLHQ� VSHFLILFH�RSHUDWLLORU�SUHVWDWH��&0$�úL�&03��x DVLJXUDUHD�FXU� HQLHL�PDúLQLORU��XWLODMHORU��DPEDODMHORU�úL�vQORFXLUHD�FHORU�X]DWH�3DWRORJLD�VSHFLILF�&DUQHD�DUH�XQ�HIHFW�VWLPXODWRU�úL�HQHUJL]DQW DVXSUD�x $SDUDWXOXL�GLJHVWLY�GDWRULW� SURGXúLORU�GH�PHWDEROLVP��DPLQRDFL]L��SHSWRQH��DFLG�ODFWLF��úL�FRQGLPHQWHORU��VWLPXOHD]� VHFUH LD�GH�VXF�JDVWULF��VXF�SDQFUHDWLF�úL�ELO��x 61&�±FUHúWH�FDSDFLWDWHD�GH�PXQF� úL�UDQGDPHQWXOx 0HWDEROLVPXOXL�DFFHOHUHD]� FUHúWHUHD�úL�GH]YROWDUHD&RQVXPXO�H[DJHUDW GH�FDUQH�GHWHUPLQ� JXWD�úL�OLWLD]D�XULF�&RQVXPXO� XQLODWHUDO�� I�U� DOLPHQWH� GLQ� JUXSHOH� ODSWH�� IUXFWH� úL� OHJXPH�� GHWHUPLQ� DFLGR]�WLVXODU���FDUHQ ��vQ�FDOFLX�UDKLWLVP�OD�FRSLL�úL�RVWHRSRUR]� OD�DGXOW�&RQVXPXO�VF�]XW GH�FDUQH�GHWHUPLQ� DQHPLL�QXWUL LRQDOH��IUHFYHQWH�OD�FRSLL�5HFRPDQG�P�FRQVXPXO�GH�FDUQHx I�U� VDUH��FRQGLPHQWH�vQ�EROL�FDUGLR�YDVFXODUH�úL�UHQDOH�x I�U� JU�VLPL�OD�E�WUvQL�úL�FRSLLx SUHSDUDW� SULQ� ILHUEHUH� vQ� EROLOH� VWRPDFXOXL� úL� FROHFLVWXOXL�� HVWH� FRQWUDLQGLFDW� EXOLRQXO��VXSD�GH�FDUQH��vQ�XOFHUXO�JDVWUR�GXRGHQDO�'HWHUPLQ�ULOH�GH�ODERUDWRU�VWDELOHVF�VWDUHD�GH�VDOXEULWDWH��SURVSH LPHD��FRPSR]L LD�F�UQLL�úL�D�SURGXVHORU�GHULYDWH�� ÌQ�DFHVW� VFRS�VH�SUHSDU� H[WUDFWXO�GH�FDUQH� ����J�FDUQH� WRFDW� P�UXQW������PO�DS� GLVWLODW���RPRJHQL]DW��ILOWUDW����PLQ���GLQ�FDUH�VH�GHWHUPLQ��x 1+��FX�UHDFWLY�1HVVOHU�± FRORUD LH�JDOEHQ� OD�FDUQHD�DOWHUDW���GXS� SULPHOH�SLF�WXULx 1+�&O�FX�UHDFWLY�(EHU�± QRU�DOE�vQ�WRW�YROXPXO�EDORQXOXL�OD�FDUQHD�DOWHUDW�x +�6�FX�DFHWDW�GH�SOXPE�± vQQHJULUHD�KvUWLHL�GH�ILOWUX�OD�FDUQHD�DOWHUDW�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x 3K�XO�FX�UHDFWLY�*ULHVV�± 91�!��OD�FDUQHD�QRUPDO���3K������OD�FDUQHD�DOWHUDW��x $]RWXO�XúRU�KLGUROL]DELO�SXV�vQ�OLEHUWDWH�GH�1D2+��91 ����PJ�1+������J�SURGXV�x 1LWUL LL��91� ���PJ������J�SURGXV��GHWHUPLQDUH�GLUHFW� FX�54�IOH[�%XOHWLQH�GH�DQDOL]���GDWD��ORFXO��QU��SURF�YHUEDO�GH�UHFROWDUH��QXPHOH��SURED�([DPHQXO�RUJDQROHSWLF YD�FXSULQGH�XUP�WRDUHOH�GDWH��vQ�IXQF LH�GH�SURED�DQDOL]DW��x &DUQH��VXSUDID D��VHF LXQHD��FRQVLVWHQ D��DVSHFWXO�JU�VLPLL��WHQGRDQHORU�OLFKLGXOXL�VLQRYLDO�VXSUDIH HORU�DUWLFXODUH��P�GXYHL�RDVHORU��DO�EXOLRQXOXL�OD�ILHUEHUH��PLURVXO�3URGXV�DOWHUDW� VXSUDIH H�XPHGH��OLSLFLRDVH��FX�SHWH�FHQXúLL��YHU]XL��GH�PXFHJDL��FX�PXFXV�SH�WHQGRDQH�úL�DUWLFXOD LL��JU�VLPHD�PDW���FHQXúLH��P�GXYD�GLVFRQWLQX���EXOLRQ�WXOEXUH��PXUGDU��PLURV�UvQFHG��FRQVLVWHQ D�PRDOH��IODVF���ODV� XUPH�OD�GLJLWRSUHVLXQH�x 3HúWH�SURDVS�W��VRO]LL��SLHOHD��FRQVLVWHQ D�F�UQLL��RSHUFXOLL��EURQKLLOH��RFKLL��PLURVXO3URGXV�DOWHUDW� VRO]LL�XúRU�GHWDúDELOL��PD L��OLSLFLRúL��FX�PXFR]LW� L��SLHOHD�FOHLRDV���IDFH�FXWH��DEGRPHQXO�GHIRUPDW��FDUQHD�PRDOH��VH�GHVSULQGH�XúRU�GH�SH�RDVH��S�VWUHD]� LPSUHVLXQHD�GLJLWDO���RSHUFXOLL�VH�GHIRUPHD]� SODVWLF��EURQKLLOH�XVFDWH��FHQXúLL�YHU]XL��RFKLL�vQIXQGD L�vQ�RUELWH��FRUQHHD�WXOEXUH��RSDF���PLURVXO�UHVSLQJ�WRU��HPDQ� JD]H�x 3DV�UH�W�LDW���SHQHOH��FUHDVWD��PXFRDVD�QD]DO���SODJD�GH�OD�JvW��SLHOHD�DEGRPHQXOXL��RFKLL��FRQVLVWHQ D�F�UQLL�úL�ULJLGLWDWHD�FDGDYHULF���PLURVXO�3URGXV�DOWHUDW� SHQHOH�PDWH��FLRFXO�úL�DQXVXO�FX�GHSR]LWH�XUvW�PLURVLWRDUH��SLHOHD�DOEDVWU� ±YLRODFHH��SODJD�OLYLG���I�U� VvQJH��RFKLL�GHVFKLúL�FX�FRUQHHD�WXOEXUH��RSDF���FDUQHD�PRDOH��IODVF���SLFLRDUHOH�VH�GHIRUPHD]� SODVWLF��PLURV�QHSO�FXW�$OWH�H[DPLQ�UL�GH�ODERUDWRU úL&RQFOX]LD��SURED�FRUHVSXQGH�QX�GSGY�LJLHQLFR�VDQLWDU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

*/8&,'(/('HQXPLUHD YHFKH�GH�KLGURFDUERQDWH SURYLQH�GH�OD�DFHHDúL�SURSRU LH�+��2��FD�úL�vQ�DS��&ODVLILFDUHD ORU�VH�SRDWH�IDFH�GXS� QXP�UXO�GH�DWRPL�GH�FDUERQ�GLQ�PROHFXO���vQ�x 0RQR]DKDULGH��R]H����&��� SHQWR]H��DUDELQR]D��[LOR]D��[LOXOR]D��ULEXOR]D�&��± KH[R]H���JOXFR]D��IUXFWR]D��JDODFWR]D��PDQR]D��UDPQR]D�x 2OLJR]DKDULGH���GL]DKDULGH���ODFWR]D��]DKDUR]D��PDOWR]D��FHORELR]D��WUL]DKDULGH��UDILQR]D�WHWUD]DKDULGH��VWDFKLR]D�x 3ROL]DKDULGH���GLJHUDELOH���DPLGRQ��GH[WULQH��JOLFRJHQ�QHGLJHUDELOH���FHOXOR]D��KHPLFHOXOR]D��SHFWLQHOH��JXPHOH��OLJQLQHOH�5ROXUL vQ�RUJDQLVP�

��HQHUJHWLF����JUDP�JOXFLGH�: ���4���&2���+�2�*OXFR]D� FRQWULEXLH� OD� IRUPDUHD� UH]HUYHORU� GH� JOLFRJHQ�� DVLJXU� HQHUJLD� SHQWUX�61& úL�SHQWUX�PXúFKL�vQ�FRQWUDF LL�UDSLGH��FkQG�OXFUHD]� SH�GDWRULH�GH�R[LJHQ�x ³*U�VLPLOH�DUG�vQ�IRFXO�JOXFLGHORU��LDU�JOXFLGHOH�FUX ��SURWHLQHOH´��SODVWLF ��PXFRSROL]DKDULGHOH�IRUPHD]� VXEVWDQ D�IXQGDPHQWDO� LQWHUFHOXODU����IXQF LRQDO���DFLG�JOXFXURQLF��DFLG�KLDOXURQLF��FRQGURLWLQ� úL�PXFRLWLQVXOID L��KHSDULQ���$'1�$51��LPXQRSROL]DKDULGH��IDFWRU�LQWULQVHF�DQWLSHUQLFLRV��JDODFWROLSLGH�vQ�61���GLJHVWLY���JOXFLGHOH�QHGLJHUDELOH��D��FHOXOR]D�úL�KHPLFHOXOR]D�DFFHOHUHD]� WUDQ]LWXO�LQWHVWLQDO��FHHD�FH�DUH�XUP�WRDUHOH�HIHFWH��� VF�GHUHD� FRHILFLHQWXOXL� GH� DEVRUE LH� DO� VXEVWDQ HORU� QXWULWLYH� �� 3�� /�� *� DVLPLODELOH��PLQHUDOH� úL� YLWDPLQH��� GH� DFHHD� UHFRPDQG�P� UHJLPXUL� LJLHQR�GLHWHWLFH� ERJDWH� vQ� ILEUH��SDFLHQ LORU�FX���GLVOLSLGHPLL��REH]LWDWH��GLDEHW�]DKDUDW��DWHURVFOHUR]��� VF�GHUHD� FROHVWHUROXOXL�� FXU� DUHD� WXEXOXL� GLJHVWLY� GH� PLFURUJDQLVPH�� SULQ� vQJOREDUHD�VXEVWDQ HORU�RUJDQLFH�� D� SURGXúLORU�GH� VHFUH LH� úL� GH�GHVFXDPDUH� D�PXFRDVHORU� �� VXSD�GH�PRUFRYL��SXOSD�GH�PHUH�VDX�GH�F�SúXQL�ERJDWH�vQ�SHFWLQH��� vQO�WXUDUHD�FRQVWLSD LHL�E��SHFWLQHOH�úL�JXPHOH�±VROXELOH�vQ�DS���IRUPHD]� XQ�JHO�FDUH�vQWvU]LH�JROLUHD�WXEXOXL�GLJHVWLY��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

HOH�OHDJ� FDWLRQL�FH�VH�SLHUG�vQ�IHFDOH���&D��0J��=Q��)H��&X��F��PDWHULDOXO�ILEURV�GH]YROW� IORU� GH�IHUPHQWD LH��GLQ�FDUH�PLFURRUJDQLVPHOH�GLQ�FRORQ�SRWVLQWHWL]D�YLWDPLQH�%�úL�.���vQ�FDQWLW� L�H[FHVLYH���vQV���DJUDYHD]� DIHF LXQL�LQIODPDWRULL�JDVWULWH��XOFHUH��GXRGHQLWH��HQWHULWH��FROLWH�GH�IHUPHQWD LH�úL�XOFHURDVH��5HGXFHUHD�vQ�UD LH�D�SURSRU LHL�GH�ILEUH�DOLPHQWDUH��FD�XUPDUH�D�FUHúWHULL�FRQVXPXOXL�GH�SURGXVH� UDILQDWH�� GXOFLXUL�� RUH]� GHFRUWLFDW�� I�LQ� DOE��� DUH� GUHSW� FRQVHFLQ H� DSDUL LD� FROLWHL�VSDVWLFH��D�GLYHUWLFXOR]HL��D�KHPRURL]LORU��D�FDQFHUXOXL�GH�FRORQ�'8/&,85,/(�6H� FDUDFWHUL]HD]� SULQ� YDULHWDWHD� GH� DURPH� úL� FXORUL�� SULQ� UROXO� ORU� HQHUJHWLF�� HOLEHUvQG�UDSLG� ��������4����� JUDP� � SURGXV�&RQVXPDWH� vQ� H[FHV�� OLPLWH]� DEVRUE LD�&D��)H� úL� =Q� vQ�RUJDQLVP�&ODVLILFDUHD��ORU�VH�SRDWH�IDFH�vQ�IXQF LH�GH�SURFHQWXO�GH�JOXFLGH�SH�FDUH�vO�FRQ LQ���*OXFLGH�UDILQDWH ����������JOXFLGH��FDQWLW� L�LQILPH�GH�SURWHLQH��OLSLGH��PLQHUDOH��YLWDPLQH�x =DK�UXO�HVWH�XQ�SURGXV�UDILQDW��FH�FRQ LQH�]DKDUR]� DSURDSH�������XUPH�GH�1D��.�úL�)H�x =DK�UXO�LQYHUWLW�VH�RE LQH�SULQ�KLGUROL]D�DFLG� VDX�HQ]LPDWLF� D�]DK�UXOXL�HVWH�XQ�DPHVWHF�GH�JOXFR]���IUXFWR]� úL�DFLG�FLWULF��DYvQG�R�SXWHUH�GH�vQGXOFLUH��GH�GRX� RUL�PDL�PDUH�GHFvW�]DK�UXO���GDWRULW� IUXFWR]HL��FX�����PDL�GXOFH�GHFvW�]DKDUR]D�x %RPERDQHOH�úL�FDUDPHOHOH�VH�RE LQ�GLQWU�R�PDV� ILHUELQWH�GH�FDUDPHO�]DK�U�úL�JOXFR]� VDX�]DK�U�LQYHUWLW��vQ�FDUH�VH�vQJOREHD]� FRORUDQ L��DURPH��DFL]L��HYHQWXDO�ODSWH��FDFDR� FDIHD��DOXQH��QXFL��DUDKLGH��IUXFWH�vQ�DOFRRO�VDX�FLRFRODW� úL�VH�PRGHOHD]� vQ�GLIHULWH�IRUPH�x +DOYL D�HVWH�XQ�VLURS�FRQFHQWUDW�úL�DHUDW�SULQ�EDWHUH�vQ�VWDUH�ILHUELQWH�x 5DKDWXO�UH]XOW� SULQ�ILHUEHUHD�XQXL�DPHVWHF�GH�]DK�U��JOXFR]� úL�DPLGRQ�SvQ� OD�JHOLILFDUH��DG�XJvQGX�VH�DSRL�� GLIHULWH�LQJUHGLHQWH�x ùHUEHWXO�HVWH�XQ�VLURS�ILHUW�SvQ� OD�VDWXUDUH��U�FLW�úL�VROLGLILFDW�VXE�IRUP� GH�PLFURFULVWDOH�

��3URGXVH�GLQ�]DK�U�úL�IUXFWH������ �����JOXFLGH��SHFWLQH��PLQHUDOH��SURWHLQH��DFL]L�RUJDQLFL��DURPH��FRORUDQ L�x 0DUPHODGHOH���IUXFWH�ERJDWH�vQ�SHFWLQH��PHUH��SHUH��JXWXL��FDLVH�x 0DJLXQXO��SUXQH��]DK�U�vQ�FDQWLWDWH�PLF��x -HOHXUL��VXFXUL�GH�IUXFWH�ERJDWH�vQ�SHFWLQH��ILHUEHUH�FX�]DK�U�VDX�]DK�U�LQYHUWLW��DJDU�DJDU�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x )UXFWH�JODVDWH��ILHUWH�vQ�VLURS�GH�]DK�U��VFXUVH��XVFDWH�: FUXVW� GH�]DK�U���3URGXVH�GLQ�]DK�U�úL�VHPLQ H�ROHDJLQRDVH����������JOXFLGH��OLSLGH��SURWHLQH��PLQHUDOH��YLWDPLQH��DURPH�x &LRFRODWD���VHPLQ H�GH�FDFDR�SU�MLWH��GHFRUWLFDWH��P�FLQDWH��DGDRV�GH�]DK�U��XQW�GH�FDFDR��ODSWH�OHFLWLQ���VvPEXUL�GH�IUXFWH�IXOJL�GH�FHUHDOH��FDIHD�: FRQ LQH�FDIHLQ���WHREURPLQ���WDQDQ L��ILWD L�úL�R[DOD L�x +DOYDXD���VHPLQ H�GH�IORDUHD�VRDUHOXL�SU�MLWH��P�FLQDWH��DPHVWHFDWH�FX�FDQWLW� L�HJDOH�GH�KDOYL ��ILHUELQWH��DGDRV�GH�FDFDR��IUXFWH�FLRFRODW����0L[WXUL�FRPSOH[H���������� JOXFLGH��SURFHQWH�PDL�PDUL�GH�SURWHLQH��OLSLGH��PLQHUDOH�úL�YLWDPLQH�UH]XOWDWH�GLQ�DOWH�LQJUHGLHQWH���ODSWH��IULúF���XQW��RX���PDUJDULQ���I�LQ� DOE���DPLGRQ��IUXFWH�SURDVSHWH��QXFL��DOXQH�DUDKLGH�x 3URGXVH�GH�SDWLVHULH�úL�FRIHW�ULH���FKHFXUL��FR]RQDFL��IXUVHFXUL��WRUWXUL��SU�MLWXUL��vQJKH DW��0RGDOLW� L�GH�FRQWDPLQDUH�DOWHUDUH�

6XUVHOH�GH�FRQWDPLQDUH�VXQW�OXFU�WRULL�GLQ�VHFWRUXO�DOLPHQWDU��GH�OD�DPEDODUH��SUHSDUDUH��FRQVXPDWRULL�YHFWRULL��XWLODMHOH�úL�DPEDODMHOH�*HUPHQLL�PLFURELHQL�SRW�SURYHQL�GH�SH�PvLQL��VXSUDIH H�VDX�YDVH�PXUGDUH�VDX�GLQ�F�LOH�UHVSLUDWRULL��6DOPRQHOOD��6KLJHOD��(��&ROOL��6WDILORFRFL�FRDJXOD]R�SR]LWLYL��&O��:HOFKL��8UPHOH�GH�PHWDOH���&X��3E��=Q��6Q��$V�SRW�FRQWDPLQD�SURGXVHOH�GDWRULW� DFLGLW� LL�FUHVFXWH�úL�D�WHPSHUDWXULL�vQDOWH�OD�IDEULFDUH��6H�FRQVLGHU� QHFRUHVSXQ]�WRU�RULFH�SURGXV�FH�FRQ LQH�FRORUDQ L��vQGXOFLWRUL��DURPH�VDX�FRQVHUYDQ L�QHDXWRUL]D L�VDX�SHVWH�OLPLWHOH�DGPLVH�$OWHUDUHD�VH�SURGXFH�PDL�XúRU�GDF� PDWHULD�SULP� QX�HVWH�GH�FDOLWDWH ��SURGXVH�ODFWDWH�FX�DFLGLWDWH�FUHVFXW���IUXFWH�ORYLWH��VHPLQ H�QHFRDSWH�VDX�JHUPLQDWH���GDF� QX�VvQW�UHVSHFWDWH�FRQGL LLOH�GH�WHPSHUDWXU� úL�XPLGLWDWH�SH�WRW�SDUFXUVXO�GH�OD�SUHSDUDUH�OD�FRQVXP�&HOH�PDL�SHULVDELOH�VXQW�PL[WXULOH�FRPSOH[H��FDUH VH�SRW�DOWHUD�SULQ�PXFHJ�LUH�úL�IHUPHQWDUH��FLRFRODWD�úL�KDOYDXD�FDUH�UvQFH]HVF�GDWRULW� JU�VLPLORU��3UHSDUDWHOH�GLQ�]DK�U�úL�IUXFWH�VH�SRW�]DKDULVL�SULQ�vQYHFKLUH��LDU�ERPERDQHOH�VH�DJORPHUHD]� úL�VH�OLSHVF�OD�F�OGXU�����

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

67,08/$5($�'(=92/7�5,,�&23,/8/8,�35(ù&2/$5'H]YROWDUHD�QRUPDO� D�FRSLOXOXL�úL�DGROHVFHQWXOXL�HVWH�FHO�PDL�LPSRUWDQW�RELHFWLY�DO�LJLHQHL�úFRODUH��$FHVW�GRPHQLX�UHXQHúWH�VWXGLL�PHGLFDOH��SVLKR�VRFLDOH�úL�SHGDJRJLFH��SHQWUX�D�HODERUD�VWDQGDUGH�GH��GH]YROWDUH�OD�ILHFDUH�YvUVW� úL�P�VXUL�GH�VWLPXODUH�D�FUHúWHULL�VDX�GH�UHFXSHUDUH�ÌQ�VHQV�ODUJ��FUHúWHUHD�úL�GH]YROWDUHD�VH�FRQIXQG� FD�QR LXQL��7RWXúL��HOH�QX�VXQW�VLQRQLPH�&UHúWHUHD�VH�UHIHU� OD�DVSHFWXO�FDQWLWDWLY��OD�P�ULUHD�GLPHQVLXQLORU�FRUSRUDOH��GLDPHWUH��OXQJLPL��YROXPH��GLUHFW�P�VXUDELOH��vQ�WLPS�FH�GH]YROWDUHD�GHILQHúWH�PDWXUL]DUHD��GLIHUHQ LHUHD�FH�DUH�ORF�OD�ILHFDUH�QLYHO��FHOXO���RUJDQ�VDX�VLVWHP�RUJDQLVP�vQ�DQVDPEOX����&HOH�GRX� IHQRPHQH�VH�GHVI�úRDU� vQ�SDUDOHO��FX�YLWH]H�GLIHULWH��SvQ� OD�PDWXULWDWH��������DQL��3H�PDVXU� FH FUHúWHUHD�XQXL�RUJDQ�LQFHWHD]���vQFHSH�PDWXUD LD�OXL��PDQLIHVWDW�SULQ�vQGHSOLQLUHD�IXQF LHL�([LVW� R�SHULRG� RSWLP� SHQWUX�ILHFDUH�VFKLPEDUH�PDUH�GLQ�RUJDQLVP�vQY� DUHD�PHUVXOXL�vQWUH������OXQL��D�OLPEDMXOXL�vQWUH�����DQL�PDWXUL]DUHD�VH[XDO� vQWUH������ DQL���(OH�QX�WUHEXLH�GHYDQVDWH�GLQ�GRULQ D�GH�D�DYHD�XQ�FRSLO�SUHFRFH��GDU�QLFL�O�VDWH�V�DSDU� OD�YRLD�vQWvPSO�ULL�vQ�WLPS��PXOW�GXS� YvUVWD�PHQ LRQDW� vQ�VWDQGDUG��ÌQ�DFHVW�VFRS�V�DX�HODERUDW�WHVWH�SHQWUX�S�ULQ L�úL�HGXFDWRUL��PHQLWH�V��L�RULHQWH]H�DVXSUD�YvUVWHL�UHDOH�D�FRSLOXOXL��GLQ�SXQFW�GH�YHGHUH�DO�DFKL]L LLORU�SH�FDUH�OH�D�GREvQGLW�3HQWUX�R�PDL�XúRDU� vQ HOHJHUH��YRP�DQDOL]D�GH]YROWDUHD�FRSLOXOXL�SDV�FX�SDV��SH�FRPSRUWDPHQWH��PRWRU��YHUEDO��FRJQLWLY�VL�VRFLDO�DIHFWLY�7HVWXO�'HQYHU�WUDGXV�GLQ�OLPED�HQJOH]� úL�DGDSWDW�SHQWUX�FRSLOXO�GLQ�JU�GLQL ��QH�VHPQDOHD]� RULFH�vQWvU]LHUH�OD�XQ�DQXPLW�QLYHO��ÌPS�U LUHD�SH�JUXSH�GH�FRSLL��PLF���PLMORFLH��PDUH�VL�SUHJ�WLWRDUH�D�XúXUDW�PXQFD�HGXFDWRDUHL�úL�D�IUDJPHQWDW�VDUFLQLOH�GH�vQY� DW�vQ�WUHSWH�VXFFHVLYH��2�VHULH�GH�DOWH�WHVWH�úL�FKHVWLRQDUH�HODERUDWH�GH�VSHFLDOLúWL��PHGLFL��SVLKRORJL��VRFLRORJL��SHGDJRJL��QH�DMXW� V� FXDQWLILF�P�QLYHOXO�GH�FXQRúWLQWH�DO�FRSLOXOXL��GH]YROWDUHD�LQWHOHFWXDO� �DWHQ LH��PHPRULH��LQWHOLJHQ ���LPDJLQD LH��úL�IL]LF� �DSWLWXGLQL�PRWRULL��vQGHPvQDUH��UH]LVWHQ ��OD�HIRUW��3HUVRQDOLWDWHD�FRSLOXOXL�úL�FRPSRUWDPHQWXO�SRW�IL�RJOLQGLWH�vQ�OLPEDM��vQ�WLPSXO�MRFXOXL�úL�vQ�UHOD LD�OXL�FX�FHL�GLQ�MXU��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

'LQ�SXQFW�GH�YHGHUH�IL]LF��FRSLOXO�GH�JU�GLQL ��SRDWH�FvQW�UL�LQWUH����NJ�OD���DQL�VL����NJ�OD��DQL�úL�SRDWH�P�VXUD�vQ�vQ�O LPH�vQWUH���FP�OD��DQL�VL����FP�OD��DQL��IHWHOH�ILLQG�vQ�JHQHUDO���PDL�PLFL�GHFvW�E�LH LL�GH�DFHHDúL�YvUVW� úL�PDL�vQGHPkQDWLFH��&RSLLL�GLQ�PHGLXO�XUEDQ��DOLPHQWD L�úL�vQJULML L�FRUHVSXQ]�WRU�VH�GH]YROW� PDL�ELQH�GHFvW�FHL�GLQ�UXUDO��DGHVHD�VROLFLWD L�vQ�JRVSRG�ULH�OD�PXQFL�JUHOH�VDX�OD�FUHúWHUHD�IUD LORU�PDL�PLFL��HL�VWDJQHD]� vQ�JUHXWDWH�úL�FKLDU�vQ�vQ�O LPH�GLQ�FDX]D�HIRUWXULORU�IL]LFH�SUHD�PDUL��/D�DFHDVW� YvUVW� ����DQL��FRSLOXO�DUH�DVSHFWXO�XQXL�DGXOW�LPDWXU��GLVSURSRU LRQDW��FX�FDSXO�PDUH��WUXQFKLXO�GUHSW��I�U� WDOLH��PHPEUHOH�VXE LUL��FX�PXVFXODWXUD�VODE�GH]YROWDW���(VWH�SHULRDGD�vQ�FDUH�VH�SHUIHF LRQHD]� PLúF�ULOH�OHJDWH�GH�PRWULFLWDWHD�JURVLHU� �0*��FDS��WUXQFKL��PHPEUH�LQIHULRDUH���úL�FHOH�OHJDWH�GH�PRWULFLWDWHD�ILQ� �0)��PHPEUH�VXSHULRDUH�����DQL��JUXSD�PLF���FRSLOXO�GH]YROWDW�QRUPDO�

0275,&,7$7($�*526,(5��x VDUH��SH�ORF��VDUH�vQ�OXQJLPH�x VW� vQWU�XQ�SLFLRU��DSRL�SH�FHO�ODOW���VHFXQGH�x EDODQVHD]� XQ�SLFLRU�FvWHYD�VHFXQGH�x XUF� úL�FRERDU� VLQJXU�VF�ULOH��IRORVLQG�DPEHOH�SLFLRDUH�DOWHUQDWLY�x VDUH�vQWU�XQ�SLFLRU�x VDUH�SHVWH�XQ�REVWDFRO�0275,&,7$7($�),1��x SOLD]� KvUWLD�GXS� GHPRQVWUD LH�x FRSLD]� FHUFXO�x GHVHQHD]� XQ�GUHSWXQJKL�GXS� PRGHO�x GHVHQHD]� RPXO�GLQ�SDWUX�S�UWL�x VXSUDSXQH������FXEXUL�x FRQVWUXLHúWH XQ�SRG�GXS� PRGHO�x vQúLU� ELOH�SH�R�WLM���P�UJHOH�SH�D ��x vQúXUXEHD]���GHúXUXEHD]��x VH�vQFKHLH��VH�GHVFKHLH�x VH�vPEUDF���VH�GH]EUDF��x VH�vQFDO ���VH�GHVFDO ��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x VH�VSDO� SH�PvLQL��SH�ID ��SH�GLQ L�x VH�DOLPHQWHD]� VLQJXU��FX�FDQD��OLQJXUL D��IXUFXOL D����DQL� ����DQL��JUXSD�PLMORFLH

0275,&,7$7($�*526,(5��x VDUH�XúRU�SH�XQ�SLFLRU��DSRL�SH�FHO�ODOW�x PHUJH�vQDLQWH�SH�R�OLQLH�GUHDSW��0275,&,7$7($�),1��x SULQGH�PLQJHD�DUXQFDW� GH�DOWFLQHYD�F�WUH�HO������vQFHUF�UL�UHXúLWH�GLQ���x GHVHQHD]� S�WUDWXO�GXS� PRGHO�x GHVHQHD]� RPXO�FX�GHWDOLL���FDS��PHPEUH��WUXQFKL��RFKL��

����DQL���DQL��JUXSD�PDUH 0275,&,7$7($�*526,(5��x PHUJH�vQDSRL�vQ�OLQLH�GUHDSW��x EDVFXOHD]� XQ�SLFLRU����VHFXQGH�x VDUH��DOHDUJ���VH�FD �U� FX�VLJXUDQ ��x IDFH�IOH[LL��H[WHQVLL�GXS� V�ULWXUL�0275,&,7$7($�),1��x SULQGH�R�PLQJH�DUXQFDW� GLQ�ID ������vQFHUF�UL�UHXúLWH�GLQ���x GHVHQHD]� XQ�URPE�GXS� PRGHO�x GHVHQHD]� RPXO�úL�FDVD�FX�GHWDOLL�úL�RULJLQDOLWDWH�RFKL�� JXU���QDV��S�U��FDS��JvW�� WUXQFKL��PHPEUH��KDLQH�� UHVSHFWLY� IHUHVWUH��DFRSHULú�FX� LJO���KRUQ�HWF��

6WLPXODUHD�DFWLYLW� LL�PRWRULL�JURVLHUH �6H� IDFH�SULQ� H[HUFL LL� IL]LFH�� ������PLQXWH�� vQ� FDGUXO� DFWLYLW� LL� GH� LQVWUXLUH� úL�SULQ�JLPQDVWLF� GH�vQYLRUDUH�������PLQXWH�GLPLQHD D�/D� JUXSD� PLF� VXQW� LQGLFDWH� MRFXULOH� GLQDPLFH�� FX� PLQJHD�� FX� EDVFXODQWH��J�OHWXúH��ORSH L��F�UXFLRDUH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

/D� JUXSD�PLMORFLH� MRFXULOH� SRW� IL� FRPELQDWH� FX�PX]LF��� LPLWvQG�SDúLL� GH�GDQV�VDX���JLPQDVWLFD�DHURELF���GDQVXO�GH�VRFLHWDWH��/D�JUXSD�PDUH�vQFHS�VSRUWXULOH�SURSULX�]LVH��vQ�FDUH�PLúF�ULOH�GHYLQ�FRPSOH[H��FRQFRPLWHQWH��FRPELQDWH��FX�HIRUWXUL�PXVFXODUH�SUHOXQJLWH��V�ULWXUL�FX�FRDUGD��úRWURQ���WULFLFOHW��� ELFLFOHW��� vQRW�� VFKL�� SDWLQDM�� JLPQDVWLF� ULWPLF��� EDOHW�� IRWEDO�� DFHVWHD� GLQ�XUP� SRW� IL� SUDFWLFDWH� LQGLYLGXDO� VDX� vQ� FDGUXO� XQRU� FOXEXUL� VSRUWLYH�� GXS� R�SUHVHOHF LH�6WLPXODUHD�DFWLYLWD LL�PRWRULL�ILQH�6H�IDFH�SULQ�DFWLYLW� L�FH�DQWUHQHD]� UDSLGLWDWHD�úL�SUHFL]LD�PLúF�ULORU�PvLQLL��GHVHQXO��FRODMXO��SODVWLOLQD��SLFWXUD�FX�SHQVXOD�úL�DFXDUHOH��FRQVWUXF LL�GLQ�FXEXUL�VDX�IUDJPHQWH�GH�SLHVH��SX]]OH��OHJR��GRPLQR�6LPXOWDQ�FX�vQGHPvQDUHD�úL�FRRUGRQDUHD�VH�GH]YROW� DWHQ LD��LPDJLQD LD��VSLULWXO�GH�REVHUYD LH��FUHDWLYLWDWHD��LQL LDWLYD�'DF� REVHUY�P�R�EXQ� GH]YROWDUH�D�PRWLOLW� LL�JURVLHUH� úL� WHQGLQ D� OD�PLúFDUH�SHUPDQHQW� D� FRSLOXOXL�� GDU� R� VWvQJ�FLH� úL� R� OLSVD� GH� vQGHPvQDUH� vQ� DFWLYLW� LOH� GH�SUHFL]LH��YRP�LQVLVWD�DVXSUD�DFHVWRUD�GLQ�XUP���SHQWUX�D�UHFXSHUD�Ä�KDQGLFDSXO�PRWRU�´�úL� D�O� DGXFH� OD� QLYHOXO� VWDQGDUGXOXL�� ,QYHUV�� SH� FRSLLL� VWDWLFL� úL� PHWLFXORúL�� vL� YRP�DQWUHQD�vQ�MRFXUL�GLQDPLFH��FDUH�V��L�DFWLYH]H�

Ì175(%�5,�ù,�7(0(��x 'HVFULH L�GLIHUHQ HOH�GH�GH]YROWDUH�PRWRULH�vQWUH�IHWHOH�úL�E�LH LL�GH�DFHHDúL�YvUVW��x 2EVHUYD L�FRSLLL�vQ�WLPSXO�MRFXOXL��DFDV���OD�FUHú���JU�GLQL ���VDX�vQ�SDUF�x &H�PHWRGH�D L�DSOLFD�SHQWUX�UHFXSHUDUHD�vQWvU]LHULORU�vQ�FRPSRUWDPHQWXO�PRWRU"x ([LVW� GHFDODMH�vQWUH�FRPSRUWDPHQWXO�UHDO�úL�GDWHOH�GLQ�OLWHUDWXUD�GH�VSHFLDOLWDWH"

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&203257$0(178/�9(5%$/6H� UHIHU� OD� OLPEDMXO� YRUELW�� DWvW� GLQ� SXQFW� GH� YHGHUH� FDQWLWDWLY� �� QXP�U� GH� FXYLQWH�URVWLWH� SH�PLQXW�GHELW� YHUEDO�� FvW� úL� FDOLWDWLY� �� DFXUDWH HD� H[SULP�ULL�� FRQVWUXF LL� JUDPDWLFDOH�FRUHFWH��QR LXQL�FODUH��IRORVLWH�SRWULYLW�������DQL��JUXSD�PLF���XQ�FRSLO�GH]YROWDW�QRUPDO�x IRORVHúWH�FRUHFW�SOXUDOXO��x IRORVHúWH�FRUHFW�SUHSR]L LD� VSD LDO� �� VXV�� MRV�� vQ� ID ��� vQ� VSDWH�� vQ�XQWUX�� vQDIDU��� VXE��GHDVXSUD�úL�HVWH�RULHQWDW�vQ�VSD LX�x SRYHVWHúWH�FRHUHQW�R�VLWXD LH�FRQFUHW� GLQ�YLD D�OXL�x vQYD ��XúRU�úL�FX�LQWHUHV�SRH]LL�x vQFHSH�V� vQYH H�R�OLPE� VWU�LQ������DQL� ����DQL��JUXSD�PLMORFLH�x IRORVHúWH� FRUHFW� úL� DGYHUEXO� GH� WLPS�� D]L�� PvLQH�� LHUL�� DFXP�� DSRL� úL� HVWH� RULHQWDW�WHPSRUDO�úL�VSD LDO�x GHILQHúWH�FRUHFW�QR LXQL�X]XDOH��FHDúF���IXUFXOL ���FDV���JU�GLQ���XPEUHO���JDUG��PLQJH��OD�FH�IRORVHúWH�ILHFDUH�"x H[SOLF� GLQ�FH�HVWH�I�FXW�XQ�SDQWRI��R�OLQJXU� R�Xú��x QXP�U��x UHFLW� úL�FvQW������DQL���DQL�JUXSD�PDUH�x IRORVHúWH�FRUHFW�WLPSXO�vQ�SURSR]L LL�VDX�IUD]H�x GHILQHúWH���GLQ����FXYLQWH�x SRDWH�VROIHJLD��vQY� D�XQ�LQVWUXPHQW�PX]LFDO�6WLPXODUHD�FRPSRUWDPHQWXOXL�YHUEDO/D� JUXSD� PLF� VH� IDFH� SULQ� OHFWXUL� SH� FDUH� FRSLOXO� OH� DVFXOW��� DSRL� OH� UHSURGXFH� OD�vQFHSXW�SULQ�LPLWD LH��DSURDSH�LGHQWLF�úL�FD�LQWRQD LH��DSRL�OH�UHSRYHVWHúWH��OH�UHLQYHQWHD]��/D� JUXSHOH� PLMORFLH� úL�PDUH� FRSLOXO� YD� IL� VWLPXODW� V� vQYH H� FvW� PDL�PXOWH� SRH]LL� úL�FvQWHFH�� SULOHM� FX� FDUH� YD� SXQH� vQWUHE�UL� SH� PDUJLQHD� ORU�� vúL� YD� GH]YROWD� YRFDEXODUXO� úL�PHPRULD�/D�JUXSD�PDUH�SRYHúWLOH�GHYLQ�YLL��vQWUXFKLSDWH�vQ�SLHVH�GH�WHDWUX�SH�FDUH�FRSLOXO�OH�LQWHUSUHWHD]���MXFvQG�SH�UvQG�GLIHULWH�UROXUL��vL�GH]YROW�P�DVWIHO�LPDJLQD LD��H[SUHVLYLWDWHD��PLPLFD��JHVWXULOH�úL�HPSDWLD�SXWHUHD�GH�D�vQ HOHJH�VLWXD LL�GLQ�YLD ���SH�FDUH�OH�DVLPLOHD]� FX�FHOH�GLQ�SRYHVWH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&203257$0(178/�&2*1,7,9&XQRDúWHUHD� HVWH� OD� vQFHSXW� VHQ]RULDO� VDX� GH� WLS� SULPDU� �VH� ED]HD]� SH� RUJDQHOH� GH�VLP ��Y�]��DX]��PLURV��JXVW��SLS�LW��LDU�GXS� SULPLL���DQL�GH�YLD ��HVWH�GH�WLS�VXSHULRU��LQWHOHFWLY��VH�GH]YROW� IXQF LLOH�SVLKLFH��DWHQ LD��PHPRULD�VL�JvQGLUHD���0DL�WvU]LX��H[SHULHQ HOH�FRQFUHWH�WU�LWH�QH�RIHU� úDQVD�XQHL�FXQRDúWHUL�VRFLDOH� FHD�PDL�DSURSLDW� GH�UHDOLWDWH�����DQL��JUXSD�PLF���FRSLOXO�QRUPDO�GH]YROWDWx LúL�FXQRDúWH�LGHQWLWDWHD��QXPH��SUHQXPH��YvUVW���VH[�x VRUWHD]� RELHFWH�GXS� FODVH�GH�YDORUL��P�ULPH��OXQJLPH��FXORDUH��JUHXWDWH��x JUXSHD]� SH�FDWHJRULL��IUXFWH��DQLPDOH��IORUL�x FXQRDúWH�úL�UHFXQRDúWH�FXORULOH�x UHFXQRDúWH�IUDJPHQWHOH�FDUH�OLSVHVF�GLQWU�XQ�GHVHQ�LQFRPSOHW�x vúL�FXQRDúWH�S�U LOH�FRUSXOXL����DQL�����DQL��JUXSD�PLMORFLHx GHRVHEHúWH�PRPHQWHOH�]LOHL�x vQ HOHJH�DQWRQLPH� �SHUHFKL�GH�FRQWUDULL��FDOG�UHFH��PDUH�PLF��WDUH�PRDOH��QHWHG�DVSUX�x GHQXPHúWH�FRSDFL��PLMORDFH�GH�WUDQVSRUW��DUWLFROH�GH�vPEU�F�PLQWH�x VWDELOHúWH�GHRVHELUL�úL�DVHP�Q�UL�vQWUH�RELHFWH��PLQJH�SRUWRFDO���VRDUH�PLQJH��DYLRQ�SRUXPEHO�����DQL���DQL��JUXSD�PDUHx FXQRDúWH�DQRWLPSXULOH�úL�]LOHOH�V�SW�PvQLL�x QXPDU� SvQ� OD�]HFH�VDX�PDL�PXOW�x FXQRDúWH�S�U LOH�VWvQJL�úL�GUHSWH�DOH�FRUSXOXL�x FRPSOHWHD]� ODFXQH�GLQWU�XQ�WH[W�FXQRVFXW��SRYHVWH��x UHSHW� úLUXUL�GH�FXYLQWH�VDX�FLIUH�x VWDELOHúWH�DQWRQLPHOH�XQRU�FXYLQWH�x GHQXPHúWH�FDWHJRULL�PDL�FRPSOH[H��PHVHULL��IRUPH�JHRPHWULFH��YHVHO���LQVWUXPHQWH�PX]LFDOH�x SHUVRQDOL]HD]� SRYHVWLULOH�x DOF�WXLHúWH�SURSR]LWLL�GXS� XQ�FXYvQW�GDW�VDX�R�LPDJLQH�GDW��6WLPXODUHD�FXQRDúWHULL VH�SRDWH�IDFH�SULQ�YL]LWH�OD�JUDGLQD�]RRORJLF���vQ�SDUFXUL��OD�WHDWUXO�GH�S�SXúL��OD�FLUF��/HFWXUD�úL�SRYHVWLULOH�vL�GH]YROW� úL�LQWXL LD��SRVLELOWDWHD�GH�D�DQWLFLSD�DQXPLWH�HYHQLPHQWH��&X�FvW�DQWXUDMXO�HVWH�PDL�LQVWUXLW��FX�DWvW�FRSLOXO�YD�IL�PDL�HGXFDW�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&203257$0(178/��62&,$/�$)(&7,96H�UHIHU� OD�UHOD LD�FRSLOXOXL�SUHúFRODU�FX�S�ULQ LL��IUD LL��SULHWHQLL��JUXSXO�GH�FROHJL�GH�OD�JUDGLQLW���SUHFXP�úL�OD�GLVFLSOLQ� úL�DXWRJRVSRG�ULUH��LJLHQD��DOLPHQWD LH��UHJLP�GH�DFWLYLWDWH�RGLKQ��ÌQWUH���VL���DQL�VH�FRQWXUHD]� FRQúWLLQ D�GH�VLQH���Ä(8´���DSDUH�VHQWLPHQWXO�SURSULHW� LL�����Ä�$/�0(8��´��HJRLVPXO��HJRFHQWULVPXO��GRULQ D�GH�D�IDFH�VLQJXU�WRWXO�GH�D�IL�XWLO��DGPLUDW��UHFXQRVFXW�GH�FHLODO L�FD�Ä&(/�0$,´��6H� GHILQHúWH� LGHQWLWDWHD� VH[XDO� GH� JHQ� SULQ� MRFXUL�� KDLQH� úL� FRPSRUWDPHQWH� VSHFLILF�PDVFXOLQH�VDX�IHPLQLQH�

����DQL���JUXSD�PLF�� FRSLOXO�QRUPDO�GH]YROWDWx VH�VSDO� VLQJXU�SH�PvLQL�úL�VH�úWHUJH��GDF� D�IRVW�vQY� DW�x VH�vQFDO ��úL�VH�GHVFDO ��VLQJXU�x SXQH�vQWUHE�UL�FvQG�QX�úWLH�FHYD�x HVWH� VRFLDELO� VHOHFWLY� FX� DO L� FRSLL� úL� FX� DGXO LL�� VH� DSURSLH� úL� VH� MRDF� QXPDL� � FX�XQLL�PDQLIHVW� RSR]L LH�ID ��GH�DO LL�x H[HFXW� VDUFLQL�FDVQLFH�Y�]XWH�VDX�vQY� DWH�67,08/$5($�GH]YROW�ULL�VRFLR� DIHFWLYH�VH�IDFH�SULQ�HGXFD LH�

&RSLOXO�YD� IL� vQY� DW�V� VH�VSHOH��V� VH�DOLPHQWH]H�úL� V� VH� vPEUDFH�VLQJXU�� ÌQFXUDM�P�WHQGLQ D�GH�D�DMXWD�vQ�JRVSRG�ULH��GH�D�IL�XWLO�I�U� D�úL�GHS�úL�SRVLELOLW� LOH�UHDOH�DOH�YvUVWHL��QX�YD� � � F�UD��QX�YD� ULGLFD� JUHXW� L� SUHD�PDUL�� QX�YD� IL� DQJDMDW� vQ� ULWXDOXUL� RERVLWRDUH�� VS�ODW�GH�YDVH���KDLQH��vQF�SHUL�vQ�PRG�UHSHWDW��FL�YD�IL�O�VDW�V� SDUWLFLSH�GH�YRLH�OD�VHUYLUHD�úL�SUHJ�WLUHD�PHVHL��OD�RUGLQH�úL�FXU� HQLH��OD�VXSUDYHJKHUHD�IUD LORU�PDL�PLFL�ÌL�GH]YROW�P�SUHRFXS�ULOH�GH�WLPS�OLEHU��SULOHM�FX�FDUH�FRSLOXO�VH�VRFLDOL]HD]���PX]LFD��VSRUWXULOH��MRFXULOH�SRW�IL�FROHFWLYH�úL�vL�GH]YROW� VSLULWXO�GH�HFKLS���(YROX LD�MRFXOXL�OD�FRSLO�D�IRVW�VWXGLDW� GH�5RVH�9LFHQW�vQ�Ä&XQRDúWHUHD�FRSLOXOXL´� ± (GLWXUD�GLGDFWLF� úL� SHGDJRJLF� %XFXUHúWL� ������ (QXPHU�P�PDL� MRV� SULQFLSDOHOH� WLSXUL� GH� MRFXUL� úL�YvUVWHOH�OD�FDUH�VXQW�SUDFWLFDWH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

x -RFXUL�GH�H[SORUDUH����± ��DQL��MXF�ULL�FRORUDWH�PX]LFDOH��GH�VLOLFRQ��PRL��vQ�PLúFDUH��FH�VWLPXOHD]� WRDWH�VLP XULOH�úL�QHYRLD�GH�GHSODVDUH�x -RFXUL�GLVWUXFWLYH ����± ��DQL�± UHIOHFW� GLVSURSRU LD�GLQWUH�GH]YROWDUHD�UHDO� D�HXOXL�úL��GRULQ D� GH� SXWHUH� D� FRSLOXOXL�� UXSH� SDJLQL� GLQ� F�U L�� VFRDWH� RFKLL� S�SXúLL�GHPRQWHD]�PDúLQL��VSDUJH�YDVH�x -RFXUL�GH�LPLWD LH ����± ���DQL�± H[SULP� GRULQ D�GH�D�IL�SULPLW�vQ�OXPHD�DGXO LORU��GH�D�IL�XWLO���VH�MRDF� GH�D�PDPD��GH�D�GRFWRUXO��GH�D�YvQ]�WRDUHD��GH�D�SURIHVRDUD��HWF�x -RFXUL�GH�DJLOLWDWH ����±��DQL�± UHIOHFW� GRULQ D�FRSLOXOXL�GH�D�VH�DILUPD�SULQWUH�FROHJL��vQWU�R�OXPH�H[WHULRDU� SRVLELO� vQ�FDUH�VH�DGDSWHD]� SHUPDQHQW��6H�MRDF� FX�PLQJHD��FX�ELFLFOHWD���VDUH�FRDUGD��FRQVWUXLHúWH��GHVHQHD]��x -RFXUL�GH�FRPSHWL LH ����± ���DQL�±H[SULP� GRULQ D�GH�D�IL�DSUREDW��GH�D�IL�OLGHU�FRQFXUVXUL�x -RFXUL�FX�UHJXOL ����± ���DQL�±LQWHUHVXO�SHQWUX�FvúWLJ��SXWHUH�HVWH�GXEODW�GH�FRQúWLLQ D�GH�VLQH��GH�GRULQ D�GH�D�IL�SURWHMDW�vQWU�R�FRPSHWL LH�SULQ�UHJXOL��VH�MRDF� úDK��WDEOH��F�U L��ELOH��MRFXUL�vQ�FHUF��SH�úLUXUL��SH�HFKLSH��VSRUWXUL�RUJDQL]DWH�'HúL�VSHFLILFH�DQXPLWRU�YvUVWH��DFHVWH�MRFXUL�SRW�IL�LQL LDWH�úL�OD�YvUVWH�PDL�PLFL�úL�FRQWLQXDWH�vQ�DGROHVFHQ ��úL�WLQHUH H��5ROXO� FRPSOH[� DO� MRFXOXL� D� IRVW� UHFXQRVFXW� GH� F�WUH� WR L� SHGDJRJLL� úL� WHUDSHX LL� GH�D�OXQJXO� WLPSXOXL� ��GH�UHFUHHUH��GLVWUDF LH��FHUFHWDUH�H[SORUDUH��XFHQLFLH�SHQWUX�RFXSD LL�GH�PDL�WvU]LX��FDOPDUHD�VXS�U�ULL��DOXQJDUHD SOLFWLVHOLL��GH]YROWDUHD�VLP XOXL�DUWLVWLF��SODVWLF��SUDFWLF��D�ULWPXOXL��D�FUHDWLYLW� LL��D�VROLGDULW� LL��GLVFLSOLQHL��FRUHFWLWXGLQLL��VWLPXODUHD�FRPSRUWDPHQWHORUHWLFH�VL�PRUDOH�2%6(59$�,,�ù,�&20(17$5,,&UHúWHUHD�FRSLOXOXL�HVWH�VSHFWDFXORDV� vQ�SULPLL� WUHL�DQL�GH�YLD ��� ÌQ�DFHVW� LQWHUYDO��XQ�URO� KRW�UvWRU� UHYLQH� IDFWRULORU� GH� PHGLX� �� DOLPHQWD LH�� RFURWLUH� úL� HGXFD LH� vQ� IDPLOLH�� VRPQ�VXILFLHQW�� VWLPXODUH� FRUHVSXQ]�WRDUH�� $YvQG� vQ� YHGHUH� PHGLXO� VRFLDO� GLIHULW� GLQ� FDUH� SURYLQ�FRSLL�FDUH�VH�vQVFULX�OD�WUHL�DQL�vQ�JU�GLQL H�DU�IL�JUHX�úL�OLSVLW�GH�RELHFWLYLWDWH�V��L�FRPSDU�P�SH�XQLL�FX�DO LL�GLQ�SXQFW�GH�YHGHUH�DO�GH]YROW�ULL��'H�PXOWH�RUL�DFKL]L LLOH�ORU�PRWRULL��FRJQLWLYH��YHUEDOH�VDX�SVLKR�VRFLDOH�GHSLQG�GH�JUDGXO�GH�LQVWUXLUH�DO�FHORU�FDUH�L�DX�FUHVFXW�vQGHDSURDSH��EXQLFL��S�ULQ L��EDE\�VLWWHUL��DYvQG�YvUVWH�úL�RFXSD LL�GLIHULWH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

3ULQ�XUPDUH��FRQVLGHU�P�F� ÄSULPD�KDOW�´�vQ�HYDOXDUHD�FRSLOXOXL�YD�IL�JU�GLQL D��ORFXO�GH�XQGH�VH�SRUQHúWH�GH�OD�]HUR�vQ�HGXFD LH�úL�VH�vQFHDUF� SULQ�PHWRGH�VSHFLILFH�GH�VWLPXODUH��DGXFHUHD�OD�QRUPDO�D�FHORU�U�PDúL�vQ�XUP� FX�DQXPLWH�DFKL]L LL�'HúL�PHWRGHOH�SVLKR�SHGDJRJLFH�úL�PHGLFDOH�HQXPHUDWH�DQWHULRU�VH�DGUHVHD]� vQ�PRG�GHRVHELW�ILHF�UXL�FRPSRUWDPHQW��PRWRU��FRJQLWLY��YHUEDO�VDX�VRFLDO�DIHFWLY���WUHEXLH�V� PHQ LRQ�P�F�GH]YROWDUHD�VH�IDFH�VLPXOWDQ�vQ�WRDWH�GLUHF LLOH��GH�H[HPSOX�VWLPXODUHD�PRWULFLW� LL�YD�GH]YROWD�úL�FXQRDúWHUHD�FRSLOXOXL�VDX�VWLPXODUHD�OLPEDMXOXL�vO�YD�DSURSLD�PDL�PXOW�GH�FHL�GLQ�MXU��GHFL�vL�YD�GH]YROWD�DIHFWXO�úL�VHQWLPHQWXO�GH�JUXS�1XPDL�GLQ�PRWLYH�GLGDFWLFH�DP�DERUGDW�VHSDUDW�FHOH�SDWUX�FRPSRUWDPHQWH��vQ�UHDOLWDWH�HOH�LQWULFvQGX�VH�úL�LQWHUFRQGL LRQvQGX�VH�UHFLSURF�&HD� PDL� LPSRUWDQW� PHWRG� GH� VWLPXODUH� JOREDO� D� FRSLOXOXL� SUHúFRODU� U�PvQH� vQV�RUJDQL]DUHD�XQXL�UHJLP�DGHFYDW�GH�DFWLYLWDWH�úL�RGLKQ���UHVSHFWvQG�FvWHYD�SULQFLSLL�x $GDSWDUHD� FRQ LQXWXOXL� úL� GXUDWHL� SURJUDPXOXL� OD� FDSDFLWDWHD� GH� OXFUX� D� YvUVWHL�FRSLOXOXL�x *UDGDUHD�HIRUWXOXL�úL�D�vQY� �ULL�GH�OD�VLPSOX�OD�FRPSOH[��GH�OD�FRQFUHW�OD�DEVWUDFW��GH�OD�DSURSLDW�OD�GHS�UWDW�úL�GH�OD�XúRU�OD�JUHX��SRWULYLW�SXWHULL�OXL�GH�vQ HOHJHUH�x 5HVSHFWDUHD� VXFFHVLXQLL� DFWLYLWDWH� � UHFUHHUH� ± RGLKQ� úL� D� GXUDWHL� ORU� IL]LRORJLFH�SUHYD]XW� GH�QRUPHOH�GH�LJLHQ��x $VLJXUDUHD�XQXL�PLFURFOLPDW�IDYRUDELO��DGLF� D�PHGLXOXL�IL]LF�vQ�FDUH�FRSLLL�V��úL�GHVI�úRDUH�RSWLP�DFWLYLWDWHD�x 'HSULQGHUHD�XQRU�UHJXOL�GH�LJLHQ� LQGLYLGXDO� úL�FROHFWLY��x $VLJXUDUHD�XQHL�DOLPHQWD LL�FRUHVSXQ]�WRDUH�YvUVWHL�x (YLWDUHD�RERVHOLL�úL�D�VXSUDVROLFLW�ULL�x 3UHYHQLUHD�FD]XULORU�GH�LQDGDSWDUH��DEVHQWHLVP�úL�DEDQGRQ�DO�JU�GLQL HL�'LQ�SXQFW�GH�YHGHUH�DO�RUDUXOXL�JU�GLQL HOH�VH�FODVLILF� vQ�XQLW� L�FX�RUDU�QRUPDO���RUH���SUHOXQJLW����± ���RUH��VDX�V�SW�PvQDO��GH�WLS�FUHú� VDX�JU�GLQL ��VSHFLDO���,PSDFWXO�FRSLOXOXL�FX�SURFHVXO�GH�HGXFD LH�± vQY� �PvQW�HVWH�PDUH�úL�JHQHUHD]�DGHVHD�SUREOHPH�GH�DGDSWDUH�DVHP�Q�WRDUH�FX�FHOH�DOH�úFRODUXOXL�GH�FODVD�vQWvL�'H�DFHHD�� �UL�GH]YROWDWH�úL�HPDQFLSDWH�FD�SULQFLSLL�SHGDJRJLFH�DX�DOHV�VROX LD�IUHFYHQW�ULL�JU�GLQL HL���± ��]LOH�SH�V�SW�PvQ� OD�vQFHSXW�úL�QX�]LOQLF��vQ�SULPXO�DQ��OD�JUXSD�PLF��� ÌQWUH�WLPS��FRSLOXO�SRDWH�IL�VXSUDYHJKHDW�DFDV� úL�GHVSULQGHUHD�GH�IDPLOLH�VDX�GH�ERQ� VH�IDFH�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

WUHSWDW�úL�FX�WDFW��$FHDVWD�SUHVXSXQH�vQV� R�FKHOWXLDO� VXSOLPHQWDU���IOH[LELOLWDWH�DWvW�GLQ�SDUWHD�S�ULQ LORU��FvW�úL�GLQ�SDUWHD�LQVWLWX LHL�GH�HGXFD LH�� RFURWLUH�FDUH�SUHLD�FRSLOXO��ÌQ�5RPkQLD�V�D�DGRSWDW�VLVWHPXO�JU�GLQL HORU�vQ�VLVWHP�SULYDW��XQGH�VH�OXFUHD]� FX�JUXSH�PDL�PLFL�GH�FRSLL��VSD LXO�PDL�LQWLP�O�VvQG�ORF�PDPHL�V��O�VXSUDYHJKH]H�vQ�SULPHOH�]LOH�GDF� SOvQJH�GXS� HD��'RW�ULOH�VXQW�DGHVHD�PDL�EXQH�VL�LJLHQD�SRDWH�IL�S�VWUDW� FX�JULM� vQ�FRQVWUXFWLLOH�GH�WLS�YLO� FX���± ��HWDMH��GHVWLQDWH�XQHL�PLQL�JU�GLQL H��&RQVWUXF LLOH�FODVLFH��WLS�DSDUWDPHQWH�vQ�EORFXUL�GH�ORFXLW�RIHU� DYDQWDMXO�XQXL�VSD LX�PXOW�PDL�PDUH�GHVWLQDW�ILHF�UXL�FRSLO��SHQWUX�FD vQF�SHULOH�GH�JUXS� VXQW�DGHVHD�VHSDUDWH�SULQWU�XQ�JOD]YDQW�GH�GRUPLWRU��DVWIHO�vQFvW�ILHFDUH�FRSLO�UHVSLU� XQ�YROXP�GXEOX�GH�DHU�DWvW�OD�MRDF���FvW�úL�vQ�WLPSXO�VRPQXOXL��&DGUHOH�GLGDFWLFH�PDL�YHFKL�DX�GRYHGLW�R�PDL�EXQ� vQ HOHJHUH�D�SURFHVXOXL�LQVWUXFWLY�±HGXFDWLY�úL�R�H[SHULHQ ��D�SODQLILF�ULL�DFWLYLW� LL�SUHúFRODULORU��FHHD�FH�ULGLF� QLYHOXO�ORU�GH��GH]YROWDUH��ÌQ�]LOHOH�QRDVWUH�QXPHURúL�S�ULQ L�RSWHD]� vQV� SHQWUX�JU�GLQL HOH�FX�RUDU�SUHOXQJLW��GH���RUH��úL�FX�SUHGDUH�vQ�OLPEL�VWU�LQH�HYHQWXDO�FX�QR LXQL�GH�FDOFXODWRU�VDX�VSRUWXUL�GH�LDUQ���(VWH�R�QRXD�RULHQWDUH�SUHFRFH��SHQWUX�FHL�FX�WLPS�SX LQ�GH�VXSUDYHJKHUH�D�FRSLOXOXL�úL�FX�SRVLELOLW� L�PDWHULDOH�PDL�PDUL��'H]YROWDW�GH�WLPSXULX�vQ�VSLULWXO�GLVFLSOLQHL��DO�HIRUWXOXL�RUJDQL]DW��DO�vQY� �ULL�PHWRGLFH�VXSHULRDUH�DOWRU�FRSLL�GH�DFHHDúL�YvUVW���PLFXO�XFHQLF�LQWU� vQ�úFRDOD�YLH LL�úL�GREvQGHúWH�DWLWXGLQL�VSHFLILFH�YLLWRUXOXL�VSRUWLY��DUWLVW�VDX�SROLJORW��/LPLWD�DFHVWRU�FHUFXUL�UHVWUvQVH�DU�IL�FRPSRUWDPHQWHOH�ÄHOLWLVWH´�úL�FRQYLQJHUHD�ILHF�UXL�vQY� �FHO�F�HVWH�DOIHO��ÄFHO�PDL´��ÄVSHFLDO´��ÄGHRVHELW´��FHHD�FH�QDúWH�vQ�HYROX LH�SHUVRQDOLW� L�GLILFLOH�úL�JUHX�GH�FRQWURODW��HJRFHQWULVP��HJRLVP��*U�GLQL HOH�VSHFLDOH�VH�SODVHD]� OD�FHDODOW� H[WUHP���HOH�DGXFvQG�FRSLL�FX�SUREOHPH�VRFLDOH��DEDQGRQD L�VDX�RUIDQL��FX�KDQGLFDS��FX�SUREOHPH�ILQDQFLDUH��(L�VXQW�J�]GXL L�SH�WRDW� SHULRDGD�V�SW�PvQLL��LDU�VvPEDWD�úL�GXPLQLFD�GRDU�XQLL�vúL�SHWUHF�WLPSXO�vQ�IDPLOLH��FHLODO L�U�PvQvQG�DGHVHD�WRW�vQ�JULMD�SHUVRQDOXOXL�6H�vQWvPSO� DGHVHD�FD�úL�GLQ�DFHúWL�FRSLL�V� VH�UHFUXWH]H�LQGLYL]L�FX�XQ�PDWHULDO�JHQHWLF�EXQ��FDUH�SUHOXFUD L�FRUHVSXQ]�WRU�VH�GRYHGHVF�PDL�UREXúWL�úL�PDL�SUHJ�WL L�SHQWUX�YLD ��ÌQ�OLQLL�PDUL��SURFHVXO�HGXFDWLY�GHFXUJH�DVHP�Q�WRU��GDU�ILHFDUH�FRSLO�U�VSXQGH�GLIHULW�OD�VHPQDOHOH�úL�PHVDMHOH�SULPLWH�GH�OD�FHLODO L��VH�FRPSRUW� vQWU�XQ�PRG�SUHVWDELOLW�SDU LDO�SULQWU�XQ�FRG�JHQHWLF��&HHD�FH�QX�D�SXWXW�UHDOL]D�QDWXUD�SXWHP�FRUHFWD�XQHRUL�SULQWU�R�HGXFD LH�DGHFYDW���'H�DLFL�úL�LPSRUWDQ D�FRYvUúLWRDUH�D�IUHFYHQW�ULL�JUDGLQL HL��GH�F�WUH�FvW�PDL�PXO L�FRSLL�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

'DF� VWXGLHP�FRPSDUDWLY� RUDUHOH� JUXSHL�PLFL��PLMORFLL� úL�PDUL�� FRQVWDW�P�F� HOH� VXQW�DOF�WXLWH�GLQ� MRFXUL� OD�DOHJHUH�úL�DFWLYLW� L�REOLJDWRULL��VHSDUDWH�SULQ�JXVWDUH�VL�SOLPE�UL� vQ�DHU�OLEHU��$FWLYLW� LOH�REOLJDWRULL�GXUHD]� GRDU����GH�PLQXWH�OD�JUXSD�PLF���R�RU� OD�JUXSD�PLMORFLH�úL� R� RU� úL� MXP�WDWH� OD� JUXSD�PDUH�� 7UHEXLH� V� LQHP� FRQW� FD�� GLQ� DFHVW� LQWHUYDO�� FRSLOXO� GH�JUXSD�PLF� vQYD ��FHYD�QRX�GRDU����PLQXWH��FHO�GLQ�JUXSD�PLMORFLH�GRDU����PLQXWH�úL�FHO�GLQ�JUXSD� PDUH� ��� PLQXWH� ± LQWHUYDOH� GH� WLPS� vQ� FDUH� VH� SRW� FRQFHQWUD�� UHVWXO� ILLQG� GHVWLQDW�UHSHWL LHL�QR LXQLORU�PDL�YHFKL��$FWLYLW� LOH�GH�UHFUHHUH�WUHEXLH�V� DFRSHUH���± ��RUH�SH�]L��vPS�U LWH�vQ�LQWHUYDOH�GH���RUH�VDX�GH�R�RU� úL�MXP�WDWH��LDU�DFWLYLWDWHD�IL]LF� V� ILH�GH���PLQXWH GLPLQHD D�����PLQXWH�GXS�ILHFDUH�DFWLYLWDWH�GH�vQY� DUH�FDUH�VROLFLW� FRSLOXO�úL����± ���PLQXWH�VXE�IRUP� GH�MRF�FROHFWLY�6RPQXO�IL]LRORJLF�FH�VWLPXOHD]� FUHúWHUHD�úL�GH]YROWDUHD�QRUPDO� HVWH�GH����± ���RUH�OD���DQL��GLQ�FDUH����± ���RUH�QRDSWHD�úL���± ��RUH�]LXD��LDU�OD���DQL�PLQLP����RUH�QRDSWHD��HYHQWXDO�R�RUD�GXS��DPLD]D��2UD�GH�FXOFDUH�QX�WUHEXLH�V� ILH�GXSD�������úL�FHD�GH�WUH]LUH�vQDLQWH�GH���GLPLQHD D��SHQWUX�D�QX�FUHD�RERVHDOD�FURQLF��6H�SUHIHU� YL]LRQDUHD�VSHFWDFROHORU�úL�D�SLHVHORU�GH�WHDWUX�vQ�ORF�GH�ILOPH�úL�FDVHWH�YLGHR�±DFHVWHD�GLQ�XUP� PD[LPXP���RUH�SH�]L��OD�IHO�MRFXO�SH�FDOFXODWRU��&RSLOXO�GH���± ��DQL�DUH�WUHL�PHVH�SULQFLSDOH�SH�]L�úL���JXVW�UL��WLPSXO�GHVWLQDW�DOLPHQWD LHL�VF�]vQG�RGDW� FX�YvUVWD��/D���DQL�PDVD�GXUHD]� ���GH PLQXWH�úL�vQF� ���GH�PLQXWH�VXQW�GHVWLQDWH�SUHJ�WLULL�SHQWUX�PDV� úL�UHOD[�ULL�SRVWSUDQGLDOH��/D���DQL�VXQW�GHVWLQDWH�GRDU����PLQXWH�SHQWUX�JXVW�UL�VL����GH�PLQXWH�SHQWUX�PDVD�GH�SUvQ]��SUHJ�WLUHD�ILLQG�PDL�VFXUW��VS�ODUH��úWHUJHUH��DúH]DUH�OD�P�VX ���'H]YROWDUHD�QRUPDO� D�XQXL�SUHúFRODU�VH�DVLJXU� úL�SULQWU�R�GLHW� HFKLOLEUDW� FDQWLWDWLY�úL�FDOLWDWLY��$VWIHO��vQWUH�����DQL�WUHEXLH�DWLQV�QLYHOXO�GH������FDORULL�SH�]L��LDU�vQWUH�����DQL������FDORULL�SH�]L��SULQFLSDOHOH�SURGXVH�QHFHVDUH�FUHúWHULL�ILLQG�FHOH�DQLPDOH��ODSWH��FDUQH��RX���&DQWLW� LOH�PHGLL�SH�]L�FDUH�WUHEXLH�GDWH�FRSLOXOXL�VXQW�GDWH�vQ�WDEHOXO����9vUVWD����/DSWH &DUQH 2X� *U�VLPL &HUHDOH /HJ��IUXFWH =DK�U����DQL������J ��J ��]L ���J ���J ���J ��J����DQL�������J ���J ��]L ���J ���J ���J ��J

0DVD�WUHEXLH�VHUYLW� UHVSHFWvQG�WRDWH�QRUPHOH�GH�LJLHQ� D�DOLPHQWD LHL�úL�UHJXOLOH�GH�DOF�WXLUH�D�PHQLXULORU��DVWIHO�vQFvW�V� ILH�DSHWLVDQWH��SURDVSHWH��YDULDWH�úL�V� QX�SURGXF�vPEROQ�YLUL�vQ�FROHFWLYLW� L�

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

0LFURFOLPDWXO�vQ�JU�GLQL ��WUHEXLH�V� vQGHSOLQHDVF� QRUPHOH�GH�FRQIRUW��x 7HPSHUDWXUL�GH�������&�úL�������&�YDUD�vQ�GRUPLWRDUH�úL�V�OLOH�GH�JUXS��x 7HPSHUDWXUL�GH����&�OD�E�L�x 8PLGDWH�UHODWLY� GH���������DVLJXUDW� SULQ�YDVH�FX�DS� SH�FDORULIHUH�x 9LWH]D�FXUHQ LORU�GH�DHU�vQ�vQF�SHUL�����������PHWUL�VHFXQG��6H�YRU�DHULVL�GRUPLWRDUHOH�vQDLQWH�GH�VRPQXO�GH�SUvQ]�úL�FHO�GH�QRDSWH��VH�YRU�FXU� D�V�OLOH�GH�PHVH�úL�FDPHUHOH�FRSLLORU�GRDU�vQ�DEVHQ D�DFHVWRUD��FvQG�VXQW�OD�SOLPEDUH��SULQ�DVSLUDW�úL�P�WXUDW�XPHG�&HOH�PDL�LPSRUWDQWH�RELHFWLYH�YL]DWH�GLQ�SXQFW�GH�YHGHUH�DO�LJLHQHL�úFRODUH�VXQW�DQH[HOH��EXF�W�ULD��EDLD��VS�O�WRULD��XVF�WRULD��0RELOLHUXO�WUHEXLH�V� FRUHVSXQG� FD�GLPHQVLXQL��PDWHULDO��VWDUH�GH�FXU� HQLH��V� vPSLHGLFH�SURGXFHUHD�]JRPRWXOXL�LQXWLO�úL�D�DFFLGHQWHORU�-XF�ULLOH� WUHEXLH� V� ILH� ODYDELOH�� QHWR[LFH�� XúRU� GH� vQWUH LQXW� úL� GHVWLQDWH� GH]YROW�ULL�LQWHOLJHQ HL�úL�FUHDWLYLW� LL�FRSLOXOXL��VSLULWXOXL�GH�HFKLS���VLP XOXL�SUDFWLF�(OH�YRU�IL�DYL]DWH�GH�2ILFLXO�GH�3URWHF LH�D�&RQVXPDWRUXOXL���SHQWUX�ILHFDUH�YvUVW���,JLHQD�]LOQLF� D�vQF�SHULORU��YHVHOHL�úL�FHD�LQGLYLGXDO� D�FRSLLORU�WUHEXLH�SULYLWH�FD�SULQFLSDOH�P�VXUL�vQ�SUHYHQLUHD�HSLGHPLLORU�úL�DVLJXUDUHD�XQHL�V�Q�W� L�D�FROHFWLYLW� LL��3HQWUX�D�XúXUD�vQWUH LQHUHD�FXU� HQLHL�vQ�LQWHULRU��FRSLLL�YRU�DYHD�SDSXFL�GH�FDV� úL�KDLQH�GH�MRDF� FvW�PDL�FRPRGH�úL�SX LQ�SUHWHQ LRDVH���FRORUDWH��ODUJL��GLQ�PDWHULDOH�QDWXUDOH��EXPEDF��OvQ���WULFRW��MHUVH��vQ�IXQF LH�GH�DQRWLPS�úL�GH�WHPSHUDWXU���7HQGLQ D�DFWXDO� GH�HPDQFLSDUH�D�vQY� �PvQWXOXL�DSURSLH� DUD�QRDVWU� GH�FHODODOWH� �UL�HXURSHQH�GLQ�SXQFW�GH�YHGHUH�DO�SURJUDPHORU�FXULFXODUH��$VWIHO�YRU�IL�VWLPXOD L�GLQ�FH�vQ�FH�PDL�PXO L�FRSLL�GH�úDVH�DQL�V� VH�vQVFULH�vQ�FODVD�vQWvL��&HL�DPvQD L�FX�XQ�DQ�GH�OD�vQFHSHUHD�úFRODUL]�ULL��vúL�YRU�SUHOXQJL�HGXFD LD�vQ�JU�GLQL ���OD�JUXSD�SUHJ�WLWRDUH��SvQ� OD�YvUVWD�GH�úDSWH�DQL��7UHEXLH�VXEOLQLDW� vQV� LPSRUWDQ D�YvUVWHL�OD�FDUH�FRSLOXO�HVWH�DSW�V� DVLPLOH]H�FvW�PDL�PXOW��DFHDVWD�FRERUvQG�vQ�0DUHD�%ULWDQLH�FKLDU�OD�FLQFL�DQL�*HQHUD LLOH�DFWXDOH�VXQW�WRW�PDL�GH]YROWDWH�SVLKRPRWRU��PRWLY�SHQWUX�FDUH�HVWH�GH�GRULW�V�VWLPXO�P�LQWUDUHD�OD�WLPS�vQWU�XQ�SURFHV�RUJDQL]DW�GH�vQY� �PvQW��GLQ�SXQFW�GH�YHGHUH�HFRQRPLF��XQ�DQ�GH�úFRDO� PDL�GHYUHPH�vQVHDPQ� WLPS�FvúWLJDW�vQ�IDYRDUHD�WvQ�UXOXL�FDUH�YD�SXWHD�IL�vQFDGUDW�vQ�PXQF� OD�DEVROYLUHD�HL���

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

��

&21&/8=,,x &RSLOXO SUHúFRODU�LQVWUXLW�vQ�JU�GLQL ��VH�DFRPRGHD]� PXOW�PDL�XúRU�OD�úFRDO��x -RFXO�HVWH�OD�IHO�GH�QHFHVDU�SHQWUX�GH]YROWDUHD�IL]LF� úL�QHXURSVLKLF� D�FRSLOXOXL��FD�úL�DOLPHQWD LD��VRPQXO��DHUXO�SURDVS�W��ORFXLQ D�FXUDW� úL�IDPLOLD�HFKLOLEUDW��x 1LFL�R�LQL LDWLY� GH�HWLFKHWDUH�D�XQXL�FRSLO�GUHSW�Ä�UHWDUGDW´�VDX�ÄDQRUPDO�GH]YROWDW´�QX�YD�IL�DFFHSWDW� I�U� R�HYDOXDUH�GH�VSHFLDOLWDWH�D�PHGLFXOXL��SVLKRORJXOXL�úL�HGXFDWRDUHL��$ELD�DSRL�YD�IL�VXSXV�XQXL�SURJUDP�VSHFLDO�GH�VWLPXODUH�VDX�UHFXSHUDUH�

%,%/,2*5$),(¾ 7UDWDW� GH� LJLHQ� YRO�� ,,,�� (GLWXUD� 0HGLFDO� %XFXUHúWL� ������ 6HUJLX� 0�QHVFX�� *KH��7�Q�VHVFX�&�8UVRLX�¾ 3HGLDWULH�SUHYHQWLY� GH�1�7ULIDQ��(G��0HGLFDO���%XFXUHúWL������¾ 7UDWDW�GH�SHGLDWULH�YRO�����(G��0HGLFDO� %XFXUHúWL �����GH�3URI��'U��3�WUX�0�LO���&RQI�'U��ùW��0LOHD�¾ 3HGLDWULH�YRO��,��'U��)ORUHD�,RUG�FKHVFX��(G��1D LRQDO������¾ ,JLHQD�GH�3URI��'U�0DQROH�&XFX��*KH��7�Q�VHVFX��6HEDVWLDQ�'XPLWUDFKH��(G��0HGLFDO� %XFXUHúWL������¾ ,JLHQD�FRSLOXOXL�úL�DGROHVFHQWXOXL�± OXFU�UL SUDFWLFH�VXE�UHGDF LD�ùHI�GH�OXFU�UL�'U��(��)XLRDJ� ������,0)�%XFXUHúWL��)DFXOWDWHD�GH�0HGLFLQ� *HQHUDO���GLVFLSOLQD�,JLHQ��

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

���

%,%/,2*5$),(�� $SOLFD LL�SUDFWLFH�vQ�V�Q�WDWHD�PHGLXOXL�VXE�UHGDF LD�SURI��'U��&DUPHQ�,RQX ��$XWRUL��'U�&DUPHQ�,RQX ��'U��9DOHULD�/D]D��'U��,OHDQD�5XVX��'U��9LRULFD�,RQX ��'U��0RQLFD�3RSD��(GLWXUD�0HGLFDO� 8QLYHUVLWDU� ³,XOLX�+D LHJDQX´�&OXM�1DSRFD��������� $OLPHQWD LD�UD LRQDO� D�RPXOXL�V�Q�WRV�úL�EROQDY��,XOLDQ�0LQFX��'RULQD�%RERLD��(GLWXUD�0HGLFDO� %XFXUHúWL����������� &KLPLD�VDQLWDU� D�PHGLXOXL�GH�6HUJLX�0�QHVFX��0DQROH�&XFX��(GLWXUD�0HGLFDO�%XFXUHúWL��������� ,JLHQD�DOLPHQWD LHL�úL�QXWUL LHL�± QR LXQL�SUDFWLFH�VXE�UHGDF LD�SURI��'U��&DUPHQ�,RQX ��$XWRUL��'U�&DUPHQ�,RQX ��'U��0RQLFD�3RSD��'U��&DUPHQ�&DOID��'U��'DQD�6kUEX��'U��'DQLHOD�&XUúHX��'U��9LRULFD�,RQX ��'U��9DOHULD�/D]D��'U��%RJGDQD�1�VXL��(GLWXUD�0HGLFDO� 8QLYHUVLWDU� ³,XOLX�+D LHJDQX´�&OXM�1DSRFD���������� ,JLHQD�GH�3URI��'U�0DQROH�&XFX��*KH��7�Q�VHVFX��6HEDVWLDQ�'XPLWUDFKH��(G��0HGLFDO� %XFXUHúWL�������� ,JLHQD�VXE�UHGDF LD�0�QHVFX��$��&RUGHDQX��&RFRUD��(GLWXUD�8QLYHUVXO��%XFXUHúWL��� ,JLHQD�FRSLOXOXL�úL�DGROHVFHQWXOXL�± OXFU�UL�SUDFWLFH�VXE�UHGDF LD�ùHI�GH�OXFU�UL�'U��(��)XLRDJ� ������,0)�%XFXUHúWL��)DFXOWDWHD�GH�0HGLFLQ� *HQHUDO���GLVFLSOLQD�,JLHQ���� ,PSDFWXO�RP�DOLPHQWD LH��,XOLDQ�0LQFX��(GLWXUD�0HGLFDO� %XFXUHúWL��������� /RFXLQ D�FRQWHPSRUDQ� ±SUREOHPH�úL�SXQFWH�GH�YHGHUH��GH�'U��$UK��0LKDLO�&DIIH�� �(G��7HKQLF� %XFXUHúWL���������� 1XWUL LH�úL�GLHWRWHUDSLH��0LUFHD�3HWUHVFX��$XURUD�ùX LDQX��(GLWXUD�0HGLFDO�%XFXUHúWL��������� 3HGLDWULH�SUHYHQWLY� GH�1�7ULIDQ��(G��0HGLFDO���%XFXUHúWL��������� 3HGLDWULH�YRO��,��'U��)ORUHD�,RUG�FKHVFX��(G��1D LRQDO��������� 7UDWDW�GH�LJLHQ� YRO�,��VXE�UHGDF LD��6HUJLX�0�QHVFX��FRRUGRQDWRUL�+XJR�6UDXV��*KHRUJKH�=DPILU��(GLWXUD�0HGLFDO� %XFXUHúWL���������� 7UDWDW�GH�LJLHQ� YRO�,,��VXE�UHGDF LD��6HUJLX�0�QHVFX��FRRUGRQDWRUL�&DURO�%HG|��6HEDVWLDQ�'XPLWUDFKH��(GLWXUD�0HGLFDO� %XFXUHúWL��������� 7UDWDW�GH�LJLHQ� YRO��,,,��VXE�UHGDF LD��6HUJLX�0�QHVFX��FRRUGRQDWRUL�*KH��7�Q�VHVFX��&�8UVRLX��(GLWXUD�0HGLFDO� %XFXUHúWL������

8QLYHUVLWDWHD´75$16,/9$1,$´�%UDúRY��)DFXOWDWHD�GH�0HGLFLQ��'LVFLSOLQD�,JLHQ� úL�6�Q�WDWHD�0HGLXOXL

���

��� 7UDWDW�GH�SHGLDWULH�YRO����GH�3URI��'U��3�WUX�0�LO���&RQI�'U��ùW��0LOHD����(G��0HGLFDO�%XFXUHúWL��������� �/HJHD�QU����GLQ���LXOLH������SULYLQG�FDOLWDWHD�DSHL�SRWDELOH���� � 1RUPDWLY� GH� SURLHFWDUH� D� FO�GLULORU� VSLWDOLFHúWL� ,QGLFDWLY� 13������� HODERUDW� GH�,QVWLWXWXO� GH� 3URLHFWDUH�� FHUFHWDUH� úL� WHKQLF� GH� FDOFXO� vQ� FRQVWUXF LL�� DSUREDW� GH�0LQLVWHUXO�/XFU�ULORU�3XEOLFH�úL�DPHQDM�ULL�WHULWRULXOXL�FX�2UGLQXO���1�GLQ��������������� �1RUPH�PHWRGRORJLFH�SHQWUX�VXSUDYHJKHUHD�VDQLWDU� D�FDOLW� LL�DSHL�GH�E�XW�/DERUDWRUXO�GH�LJLHQD�DSHL��,QVWLWXWXO�GH�6�Q�WDWH�3XEOLF� %XFXUHúWL���������� �2UGLQXO�0LQLVWHUXOXL�6�Q�W� LL�SHQWUX�DSUREDUHD�1RUPHORU�GH�LJLHQ� SULYLQG�DOLPHQWHOH�úL�SURWHF LD�VDQLWDU� D�DFHVWRUD��1U�����������������GLQ�0RQLWRUXO�2ILFLDO�DO�5RPkQLHL��������LXQLH��������� �2UGLQXO�0LQLVWHUXOXL�6�Q�W� LL�SHQWUX�DSUREDUHD�1RUPHORU�GH�LJLHQ� SULYLQG��SURGXF LD��SUHOXFUDUHD��GHSR]LWDUHD��S�VWUDUHD��WUDQVSRUWXO�úL�GHVIDFHUHD�DOLPHQWHORU�1U�������������������� ��6WDQGDUG�GH�VWDW������GLQ������������HODERUDW�GH�0LQLVWHUXO�6�Q�W� LL�SULYLQG�FDOLWDWHD�DSHL�SRWDELOH���