&DSLWROXO 

0(',8/ '( 0$5.(7,1* $/ ),50(,

2ELHFWLYH

” ”

&XQRDúWHUHD FRQFHSWXOXL GH PHGLX H[WHUQ DO ILUPHL úL DO FRPSRQHQWHORU FDUHO DOF WXLHVF (YLGHQ LHUHD ILUPHL úL vQWHOHJHUHD HVHQ HL SULQFLSDOHORU IRU H FDUH DOF WXLHVF PHGLXO GH PDUNHWLQJ D

SUHFXP úL H[HPSOH FDUH V

LOXVWUH]H SRWHQ LDOXO LPSDFW DO DFHVWRUD DVXSUD DFWLYLW

LL GH SLD

”

3UH]HQWDUHD PRGDOLW

LORU SULQ FDUH ILUPD SRDWH VXSUDYHJKHD PRGLILF ULOH GH PHGLX úL D FHORU

SULQ FDUH SRDWH UHDF LRQD OD DFHVWH PRGLILF UL ” ÌQ HOHJHUHD FRQ LQXWXOXL UHOD LLORU ILUPHL FX PHGLXO V X H[WHUQ D UHOD LLORU GLUHFWH GH SLD FHORU GH FRQFXUHQ  IXQF LRQHD] vQ FRQGL LLOH SH FDUH L OH RIHU PHGLXO V X H[WHUQ LOH GDU úL D

2ULFH RUJDQL]D LH HFRQRPLF DQVDPEOX GH RSRUWXQLW

F UXLD L VH PDL VSXQH úL PHGLX GH PDUNHWLQJ 3HQWUX ILUP  PHGLXO GH PDUNHWLQJ VH FRQVWLWXLH vQWUXQ L GDU úL GH SULPHMGLL 3HQWUX D YDORULILFD vQ LQWHUHVXO V X RSRUWXQLW FXQRDVF úL SHQWUX D VH IHUL GH SULPHMGLL SULPD FRQGL LH HVWH FD ILUPD V IRU HOH FH DIHFWHD] 3URIHVRUXO IDFWRUL úL IRU H QLYHOXO SHUIRUPDQ HORU VDOH HFRQRPLFH 1$/ 323 FRQVLGHU F ´ WRDWH UDPXULOH úL vQWUHSULQGHULOH HFRQRPLFH úL QX SRW DúL LQIOXHQ D PDFURPHGLXO VFKLPE ULORU 7UHEXLH $FHDVWD vQV V úL ³PHGLXO V H[WHUQ DO ILUPHL UHXQHúWH DQVDPEOXO GH H[WHUQH DFHVWHLD FDSDELOH LQIOXHQ H]H PHQ LQHUHD VDX GH]YROWDUHD FRPSRQHQWHOH IL]LRQRPLD DFWLYLWDWHD GH PDUNHWLQJ úL

úL PHFDQLVPXO GH IXQF LRQDUH D PHGLXOXL IDFWRUL FDUH vL LQIOXHQ HD]

VFKLPEXULORU SH SLH HOH SH FDUH DFWLYHD] IL VW SkQL L VDX SUHYHQL L SULQ DFWLYLW SRDWH IDFH IRDUWH SX LQ úL V DSURDSH VH PRQLWRUL]H]H PHGLXO

8QLL IDFWRUL YDULDELOL GH PHGLX DIHFWHD] QLPLF

LOH ILUPHORU $FHúWL IDFWRUL DOFDWXLHVF PDFURPHGLXO 2 ILUP SHQWUX SHQWUX LQHYLWDELOLWDWHD vQVHDPQ

SUHJ WHVF

LQWXLUHD QDWXULL úL GLPHQVLXQLL SRWHQ LDOHORU VFKLPE UL úL vQWRFPLUHD GH VWUDWHJLL úL SURJUDPH SHQWUX D UDVSXQGH FRUHFW DWXQFL FkQG HOH VH YRU SURGXFH 8Q H[HPSOX SRSXOD LHL GLQWUR DQXPLW GHVIDFHUH DSDUDWXU 3H P VXUD DU VDX ]RQ  'DF WLPSXOXL YD vQ DFHD ]RQ úL FHUHUHD QDWDOLWD LL IDEULFDQ LL GH MXFDULL VH YRU DIOD ± I U WUHFHULL HOHFWURQLF LQWHUHVDQW VDX GH DU vQ DFHVW VHQV DU IL VWUXFWXUD R VF GHUH D VH vQUHJLVWUHD]

YRLD ORU ± vQ ID D XQHL UHGXFHUL WUHSWDWH D SLH HL GH P UIXUL GHVWLQDWH DGROHVFHQ LORU DFFHSWkQG

VF GHD

úL vPEU F PLQWH GH H[HPSOX WLQHULORU F V WRUL L ORFXLQ H VL RELHFWH GH LQW úL UHFRQVLGHUDUHD

PHQDM DGXO LORU DXWRPRELOH HWF $FHVWH WHQGLQ H QX SRW IL RSULWH GH QLFL R ILUP  vQV LQHYLWDELOXO WRDWH VH SRW SUHJDWL SHQWUX VFKLPE UL SULQ H[WLQGHUHD JUXSXOXL DFWLYLW LORU GH PDUNHWLQJ

$O L IDFWRUL GH PHGLX vQV  SRW DIHFWD XQHOH ILUPH PDL PXOW GHFkW SH DOWHOH $FHúWL IDFWRUL DOF WXLHVF PLFURPHGLXO 8Q H[HPSOX VXQW FRQFXUHQ LL 6FKLPE ULOH vQ VWUDWHJLD XQHL ILUPH GLQWUR UDPXU GHYLQ U VSXQG RDUHFDUH YRU DIHFWD vQ PRG VLJXU FRQFXUHQ LL SH P VXU FOLHQ LL V L 'DU úL ILUPHOH FHOHODOWH SRW GH]YROWD FH FOLHQ LL DFHVWRUD VXQW FRQYLQúL V SHQWUX D FRQWUDFDUD LPSDFWXO DQWLFLSH]H úL V VWUDWHJLL

VFKLPE ULORU FRQFXUHQWXOXL ORU ÌQ DFHVW FD] ILUPHOH SRW IDFH FHYD PDL PXOW GHFDW V LQWHUIHUHQ HL ORU FX DGYHUVDULL GLQ DFHHDúL UDPXU GH DFWLYLWDWH

VFKLPE ULORU GLQ PLFURPHGLX HOH SRW LQIOXHQ D VFKLPE ULOH úL SRW FRQWUROD GLPHQVLXQLOH

 0$&520(',8/ ),50(, 0DFURPHGLXO ILUPHL ILJXUD  UHSUH]LQW FRQVWLWXLH FOLPDWXO JHQHUDO vQ FDUH DFHVWD vúL GHVIDúRDU ([LVW DFWLYLW ” DQVDPEOXO IDFWRULORU YDULDELOHORU LQFRUSRUDELOL FH DFWLYLWDWHD PRGXO vQ FDUH ILUPHOH vúL DERUGHD]

SDWUX FDWHJRULL GH DVWIHO GH IDFWRUL FDUH LQIOXHQ HD]

LOH GH PDUNHWLQJ ÌQ OLWHUDWXU  HL VXQW FXQRVFX L VXE GHQXPLUHD GH IDFWRULL 67(3 OD PRGHOHOH GH FRPSRUWDPHQW DOH FRQVXPDWRULORU SH R DQXPLWD

)DFWRULL VRFLR±FXOWXUDOL FDUH VH UHIHU SLD 

” ”

)DFWRULL WHKQRORJLFL FDUH YL]HD] )DFWRULL PRGDOLW HFRQRPLFL FDUH VH

DPSOLILFDUHD SRWHQ LDOXOXL HFRQRPLF DO VRFLHW vQWUXQ VLVWHP GH IHQRPHQH

LL HFRQRPLFH úL

FRQFUHWL]HD]

YDULDELOH

L GH DORFDUH D UHVXUVHORU vQ VRFLHWDWH OD PLMORDFHOH GH FRQWURO PHQLWH V DSHUH LQWHUHVHOH LQGLYL]LORU úL

”

)DFWRULL SROLWLFR±MXULGLFL FDUH VH UHIHU VRFLHW LL vQ DQVDPEOX VWDWLVWLFLOH FDUH úL WLSXO D )DFWRULL VRFLR ± FXOWXUDOL ([DPLQkQG

RDPHQLORU úL

GLQWUR VRFLHWDWH WUHQGXULOH úL PRGLILFDUHD VWUXFWXULL SLD  GHVLJXU SUHIHULQ HOH DFHVWRUD VXQW FRUHODWH FX FDUDFWHULVWLFLOH

SRSXODWLHL VH SRW IDFH DQWLFLS UL DVXSUD FRPSRUWDPHQWXOXL FRQVXPDWRULORU GH SH R DQXPLW QXPDL vQ P VXUD vQ QHYRLOH GRULQ HOH GHPRJUDILFH YkUVWD VH[XO VWDUHD FLYLO  RFXSD LD úL UDVD 0RGLILF ULOH GHPRJUDILFH SRW SULYL ‰ 'LVWULEXWLD SH JUXSH GH YDUVW vQ XOWLPLL  DQL HVWH UHVSRQVDELO  DQL D GXV OD R VXEVWDQ LDO

D SRSXOD LHL 'H H[HPSOX vQ 5RPkQLD VF GHUHD UDWHL QDWDOLW

LL

SHQWUX GHFOLQXO SLH HL SHQWUX FRSLL FUHúWHUHD JUXSXOXL GH YkUVW

vQWUH  ±

H[SDQVLXQH D SLH HL FDVHWHORU DXGLR úL D &'XULORU DUD QRDVWU  GH SLOG  SRSXOD LD PLQRULWDU D URPLORU HVWH vQ FRQWLQX DFROR XQGH GLIHUHQ HOH OX P FD H[HPSOX WRW

‰ 0LQRULW HWQLFH DIHFWHD]

LOH QD LRQDOH ÌQ

FUHúWHUH 9L]DUHD DFHVWXL VHJPHQW VXEFXOWXUDO D GHYHQLW GLQ FH vQ FH PDL LPSRUWDQW QHYRLOH FXPS U WRUXOXL &DVHOH GH GLVFXUL úL FDVHWH DXGLR FD V LQW

GRPHQLXO PX]LFLL DX FUHDW DVWIHO GH SURGXVH VSHFLDOH SHQWUX HL ILLQG IRDUWH SURILWDELOH 6DX vQ $QJOLD SURGXF WRULL GH FRVPHWLFH DX FUHDW SURGXVH VSHFLDOH FDUH DX FD IRDUWH FXQRVFXWH úL SURILWDELOH ‰ )DPLOLD PHGLH PHQDMXO D QDWDOLW PHGLX &UHVWHUHD UDWHL GLYRU XULORU PDULDMXO OD YkUVWH WRW PDL JUXSXULOH VXEFXOWXUDOH GHYHQLQG P UFL

vQDLQWDWH úL R UDW

VF ]XW

LL DX GXV OD UHGXFHUHD GLPHQVLXQLL PHGLL D IDPLOLHL úL LPSOLFLW OD PHQDMHOH

FUHúWHUHD QXP UXOXL GH PHQDMH 3HQWUX VSHFLDOLúWLL vQ PDUNHWLQJ GH XQ LQWHUHV GHRVHELW VH EXFXU VHUYLFLL GH FDOLWDWH (OH UHSUH]LQW HWF DO XQHL VRFLHW R LQW LPSRUWDQW

FX YHQLWXUL PDUL úL REOLJD LL ILQDQFLDUH PLFL SUHGLVSXVH D FKHOWXL EDQL SHQWUX EXQXUL OX[RDVH úL GXUDELOH úL SHQWUX SURGXF WRULL KLIL RSHUDWRULL GH WXULVP úL L VH SRW LGHQWLILFD SULQFLSDOHOH FUHGLQ H YDORUL úL UHVWDXUDQWH FDVHOH GH PRG

3ULQ DQDOL]DUHD JUDGXOXL GH FXOWXU QRUPH FRPSRUWDPHQWDOH GXS

FDUH VH FRQGXFH VRFLHWDWHD DFHVW OXFUX RIHULQG R VHULH GH LQGLFL DVXSUD HIRUWXOXL GHSXV GH LQVWLWX LLOH HGXFD LRQDOH úFRDOD ELVHULFD LL úL YDORDUHD YLH LL XPDQH ± FH LQ GH FUHGLQ D PRUDO ± VH LORU 0XOWH GLQ FHOHODOWH QRUPH FXOWXUDOH vQV  VDX VFKLPEDW SHQWUX DOF WXLUHD ULOH

SUHIHULQ HORU SRSXOD LHL SHQWUX SURGXVH VDX VHUYLFLL 8QHOH FUHGLQ H VXQW UHODWLY VWDELOH QHPRGLILFkQGXVH VHPQLILFDWLY GH OD R JHQHUD LH OD DOWD GDWRULW MXVWL LD HWF 'H H[HPSOX LPSRUWDQ D RQHVWLW PHQ LQ GH PLOHQLL vQ FYDVLWRWDOLWDWHD VRFLHW

GUDPDWLF $VWIHO LQIOXHQ D UHOLJLHL D VF ]XW PDULDMXO QX PDL HVWH R FRQGL LH SUHDODELO IDPLOLHL GLYRU XO úL UHF V WRULD DX FUHDW QRL WLSXUL GH IDPLOLH ú D

8QHOH VFKLPE UL FXOWXUDOH DX DYXW XQ LPSDFW PDMRU DVXSUD PDUNHWLQJXOXL YL]LELO PDL DOHV LQ RFFLGHQWDOH GH]YROWDWH 6 OX P XOWLPD MXP WDWH GH VHFRO )DSWXO F FHD PDL PDUH SDUWH GLQ DFWLYLW DFHVWRUD $FHDVW FDVQLF

vQ GLVFX LH UROXO IHPHLL vQ VRFLHWDWH URO FDUH VD PRGLILFDW GUDPDWLF vQ IHPHLOH VDX GHGLFDW WRW PDL PXOW úL XQHL FDULHUH SURIHVLRQDOH D I FXW FD ILH SUHOXDWH GH PDúLQL GH VS ODW DVSLUDWRDUH LOH PHQDMHUH VSHFLILFH ORU V

URER L GH EXF WDULH úL DOWH DSDUDWH FDVQLFH XúXUkQGXVH DVWIHO PXQFD úL VFXUWkQG HQRUP WLPSXO GHVWLQDW PRGLILFDUH D VWDWXWXOXL IHPHLL vQ VRFLHWDWH D GXV OD GLQDPL]DUHD LQGXVWULHL GH DSDUDWXU FUHúWHUH D SLH HL EXQXULORU GH X] FDVQLF 6DX XQ DOW H[HPSOX OLSVD VH PXWH vQ DIDUD RUDúHORU FRQVWUXLQG SDUNLQJXUL ILH SRVLELO DSURYL]LRQDUHD PHQDMHORU FHO SX LQ úL LPSOLFLW OD R FRQWLQX

ORFXULORU GH SDUFDUH GLQ RUDúH D IDFXW FD VXSHUPDUNHWXULOH V XULDúH úL RIHULQG R PDUH YDULHWDWH GH SURGXVH DVWIHO vQFkW V

SHQWUX R V SW PkQ  GLQWUXQ VLQJXU ORF 'H DVHPHQHD DX IRVW FUHDWH IDVWIRRGXUL FDUH SRW VFXWL WRW PDL

PXO L RDPHQL GH SUREOHPD J WLWXOXL &UHGHP FD DFHVWH H[HPSOH VXQW VXILFLHQWH SHQWUX D HYLGHQ LD IDSWXO F VFKLPE ULOH FXOWXUDOH úL RSRUWXQLW LOH GH PDUNHWLQJ PHUJ ³PkQ Q PkQ ´

0HGLXO 0HGLXO VRFLR FXOWXUDO &OLHQ L ,QWHUPH )XUQL]RUL GLDUL WHKQRORJLF

'H LQ WRUL GH LQWHUHVH

&RQFXUHQ L

0HGLXO SROLWLFRMXULGLF

0HGLXO HFRQRPLF

)LJXUD  &RPSRQHQWHOH PHGLXOXL GH PDUNHWLQJ DO ILUPHL

E )DFWRULL WHKQRORJLFL 3HQWUX VSHFLDOLúWLL vQ PDUNHWLQJ QRLOH WHKQRORJLL VXQW LPSRUWDQWH GLQ XUP WRDUHOH PRWLYH ‰ &UHD] PX]LF QRL PRGXUL GH D VDWLVIDFH QHYRLOH FRQVXPDWRULORU 'H H[HPSOX QHYRLD GH D DVFXOWD ± JUD LH QRLORU WHKQRORJLL ± SULQ vQORFXLUHD PDJQHWRIRQXOXL FX &'XO ULJOHL GHWHUJHQ LORU RELúQXL L FX GHWHUJHQ L ELRORJLFL

GH R FDOLWDWH PDL EXQ  GH D IDFH FDOFXOH PDL UDSLG úL GH D HOLPLQD WRDWH SHWHOH GH PXUG ULH GH SH

KDLQHOH VS ODWH D IRVW VDWLVIDFXW

GH FDOFXO FX FDOFXODWRUXO úL UHVSHFWLY D

‰ 3RW LGHQWLILFD úL VDWLVIDFH QHYRL ODWHQWH 8Q H[HPSOX vQ DFHVW VHQV SRDWH IL WLJDLD WHIORQ FDUH VSUH GHRVHELUH GH WLJDLD FODVLF  QX OLSHúWH SURGXVHOH SUHSDUDWH HVWH URGXO XQXL SURJUDP VSD LDO DO 68$ LQL LDO WHIORQXO D IRVW FUHDW SHQWUX QDYHWHOH VSD LDOH ‰ 0RGLILF P UIXUL FODVLFH ÌQ PRGHOHOH FHUHULL 7HKQRORJLLOH YLLWRUXOXL SUHYHVWHVF UHvQWRDUFHUHD OD R HFRQRPLH GH GHYLQ SLD D SURGXF WRUL LQGHSHQGHQ L GH ³EXQXUL LQIRUPDWLFH´ úL PDL SX LQ GH WUDQVSRUWXULORU GH F O WRUL SLD D PRELOHL SHQWUX ELURXUL SLD D DFHVWH FRQGL LL

WLS FDVQLF PXO L RDPHQL XUPkQG V

SURGXVHORU GH FDWHULQJ VH YRU UHGXFH GUDPDWLF ‰ 3RDWH PRGLILFD QDWXUD FRQFXUHQ HL & U LOH GH FUHGLW úL EDQFRPDWHOH GH H[HPSOX VXQW PXOW PDL FRPRGH SHQWUX XWLOL]DWRUL GHFkW FR]LOH OD E QFL VDX LQWHUQHWXO UHGXFH FHUHUHD SHQWUX VHUYLFLL SRúWDOH 1X YD WUHFH PXOW SkQ FH HOHYLL YRU vQY D VLQJXUL DFDV  FX DMXWRUXO XQRU SURJUDPH VSHFLDOH úL QX FX DMXWRUXO SURIHVRULORU 6H vQ HOHJH F  vQ DFHVWH FRQGL LL FRQFXUHQ D SURYLQH vQ PRG LQGLUHFW GH OD SURJUHVXO WHKQLFR úWLLQ LILF GH OD QHYRLOH WHKQRORJLHL ‰ 3RDWH DMXWD OD GHVFRSHULUHD GH QRL FRQVXPDWRUL 3ULQ QRLOH WHKQRORJLL GH FRQJHODUH GH

H[HPSOX VD UHXúLW DG XJDUHD FLRFRODWHL OD vQJKH DW QRXOXL SURGXV ± V ÌQ ILH DWUDúL QRL FRQVXPDWRUL HWF ORU IDFWRULL HFRQRPLFL F )DFWRULL HFRQRPLFL DQVDPEOXO

QX GRDU D JXVWXOXL GH FLRFRODW  UHXúLQGXVH  GDWRULW

IRUPHD]

PHGLXO

HFRQRPLF

$FHVWD

UHSUH]LQW

ED]D

GH

VXV LQHUH D SXWHULL GH FXPS UDUH D SXUW WRULORU FHUHULL ILH HL XWLOL]DWRUL VDX FRQVXPDWRUL ILQDOL 3HQWUX FDUDFWHUL]DUHD PHGLXOXL HFRQRPLF VH SRW DYHD vQ YHGHUH QLYHOXO 3,%XOXL VWUXFWXUD SH UDPXUL D HFRQRPLHL

QD LRQDOH QLYHOXO GH GH]YROWDUH DO ILHF UHL UDPXUL JUDGXO GH RFXSDUH DO IRU HL GH PXQF  VLWXD LD ILQDQFLDU ± YDOXWDU D ULL ILVFDOLWDWHD LQIOD LD HYROX LD SUH XULORU HYROX LD HFRQRPLLORU SRSXOD LHL úL VROLFLW ULORU GH FUHGLWH UDWHOH GREkQ]LORU HYROX LD úL GLVWULEX LD YHQLWXULORU SH GLIHULWH FDWHJRULL VRFLDOH HWF ,QIOXHQ D IDFWRULORU GH PHGLX HFRQRPLF VH RJOLQGHúWH GLUHFW VDX LQGLUHFW vQ HYROX LD SLH HL PDL FRQFUHW vQ HYROX LD QLYHOXOXL úL VWUXFWXULL RIHUWHL GH P UIXUL vQ HYROX LD P ULPLL úL VWUXFWXULL FHUHULL vQ PLúFDUHD SUH XULORU úL QLYHOXO FRQFXUHQ HL FX SHQWUX R $FHVWH YDULDELOH vQ úL HFRQRPLFH FX FKLDU  SH D FDUH VSHFLDOLúWLL úL GH vQ PDUNHWLQJ SRW SH FDUH WUHEXLH SRDWH V OH XUP UHDVF QHFHVDUH DWHQ LH DQDOL]DWH FRUHOD LH IDFWRULL GHPRJUDILFL FXOWXUDOL SLD RIHUL HOHPHQWHOH FRQWD

FRUHFW

HYDOXDUH

DQWLFLSDUH

SRWHQ LDOXOXL

vQWUHSULQGHUHD G )DFWRULL SROLWLFRMXULGLFL )DFWRULL vPEXQ W HDVF HFRQRPLFL HYLGHQ LD L PDL VXV UH]XOW  GH RELFHL GLQ LQL LDWLYHOH SROLWLFH PHQLWH V SHUIRUPDQ HOH HFRQRPLHL úL EXQ VWDUHD RDPHQLORU vQV LQIOXHQ D JXYHUQXOXL HVWH UHVLP LW

úL SULQ OHJLVOD LD LQWURGXV  /HJLVOD LD FDUH VXSUDYHJKHD]    SURWHMDUHD FRQVXPDWRULORU SURWHMDUHD FRQFXUHQ HL SURWHMDUHD VRFLHW  DFHDVW LL SURILWH GH SH DIDFHULOH XUP UHúWH vQ JHQHUDO WUHL RELHFWLYH

/HJLVOD LD SULYLQG SURWHF LD FRQVXPDWRULORU DUH FD VFRS vPSLHGLFDUHD ILUPHORU V XUPD ORU ÌQ HVHQ OHJLVOD LH DUH vQ YHGHUH

*DVLJXUDUHD XQXL VWDQGDUG PLQLPDO DO SURGXVHORU úL VHUYLFLLORU *FRQWURODUHD PRGDOLW LORU GH YkQ]DUH úL D LQIRUPD LLORU RIHULWH FXPS U WRUXOXL GHVSUH SURGXVHOH RIHULWH

*HYLWDUHD LQGXFHULL vQ HURDUH D FXPS U WRUXOXL vQ FHHD FH SULYHúWH SUH XO *FRQGDPQDUHD SUDFWLFLORU QHFLQVWLWH /HJLVODWLD SULYLQG SURWHFWLD VRFLHW GURJXUL DOFRRO úL WXWXQ úL QX OH SHUPLWH V &DQDGD  DQL 'H DVHPHQHD vL REOLJ GH DOW LL VSHFLILF PDUNHWLQJXOXL VRFLHWDO vL DS U OD R DQXPLW YkUVW SH FRQVXPDWRUL GH FRQVHFLQ HOH SURSULLORU ORU GHFL]LL QHIHULFLWH $VWIHO vL SURWHMHD] FRQGXF DXWRPRELOXO SkQ SH FRQGXF WRULL DXWR V DPHQLQ SH FRSLL GH SURGXVHOH FH OH IDF U X 5RPDQLD  DQL L LDU SH

ILH DVLJXUD L SHQWUX HYHQWXDOH DFFLGHQWH vQ FX VWULFWH H DFHDVW SURGXF WRULL  GDF OHJLVOD LH DX GH

VFRSXO FRPSHQV ULL GDXQHORU SURGXVH DOWRUD 2 DVWIHO GH OHJLVOD LH FUHD]  SH GH R SDUWH RSRUWXQLW SDUWH SHQWUX PDUNHWLQJ UHSUH]LQW 3ULQ FRQFXUHQ 3URWHF LD OHJLVOD LD SULYLQG UL &HL FDUH UHVSHFW VXQW DYDQWDM DVXSUD FRQFXUHQ HL GHúL OH SRDWH VSRUL FRVWXULOH SURWHF LD FRQFXUHQ HL SURWHMD L

LQYHQWDWRUL

 'H H[HPSOX FkQG SH SLD VH UHDOL]HD] YLQGHULL VXE IRUPD

VH ODQVHD]

XQ QRX SURGXV VHUYLFLX VDX WHKQRORJLH ILUPHOH WUHEXLH ODQVDUHD OXL SH SLD OHJDOH FH DFHVW OXFUX SHUPLWH QX FKLDU vQDLQWH LQYHQWDWRULORU V úL ODQVH]H VXQW GRFXPHQWH JDUDQWHD] ILUPHORU

SURWHMDWH DVWIHO vQFkW FRQFXUHQ LL V H[FOXVLYLWDWHD LQYHQ LLORU

QX FRSLH]H SURGXVXO GXS SDWHQWHORU ÌQ WHUPHQL V FDUH GH PDUNHWLQJ

SURGXVHOH QRL úL V

FXFHUHDVF

SLH HOH I U GH SLD

VH WHDP

GH FRQFXUHQ IRUP

 FHHD FH vQ FRQGL LL QRUPDOH vQVHDPQ GH SURWHF LH vPSRWULYD FRQFXUHQ HL HVWH SH WHULWRULXO JHRJUDILF SHQWUX FDUH D IRVW

XQ SURILW ULGLFDW SH GXUDWD GH DFRUGDUH D SDWHQWXOXL 2 DOW vQUHJLVWUDUHD P UFLORU 2 PDUF FXORDUH GLVWLQFW vQVHDPQ RUL IRUP VSHFLDO

FDUH SRDWH LQFOXGH XQ ORJR XQ FXYkQW XQ VLPERO XQ GHVHQ VDX R SURILWH GH XQ SURFHV vQGHOXQJDW úL FRVWLVLWRU FDUH vQ IDSW PHQ LQ OHJLVOD LD FDUH SURWHMHD] DIDFHULOH OD

D OLWHUHORU QX SRDWH IL FRSLDW LPLWDWRULL V

vQVFULV  &D úL SDWHQWXO HD vPSLHGLF ÌQ PXOWH

FRQVWUXLUHD LPDJLQLL ILUPHL vQ FDX]  UL FRPSDQLLOH VXQW GH RELFHL LQWHUHVDWH V úL FRVWLVLWRDUH GDF R DSOLF  GDU úL PDL FRVWLVLWRDUH DWXQFL LJDUHWH DX VWDELOLW XQ FRG GH vQ DOWH

PLQLPXP GHRDUHFH VH SRDWH GRYHGL UHVWULFWLY YROXQWDU UL

FkQG VXQW DF LRQDWH vQ MXVWL LH 'H DFHHD HOH DSHOHD] FRPSRUWDPHQW SULYLQG SXEOLFLWDWHD UHXúLQG V

OD DXWRUHJOHPHQWDUH ± SULQ FRGXUL GH FRQGXLW LJ UL FDUH VH SUDFWLF

± OXkQGR vQDLQWHD OHJLVOD LHL 'H H[HPSOX vQ $QJOLD SURGXF WRULL GH HYLWH LQWHU]LFHUHD UHFODPHL OD

 0,&520(',8/ ),50(, 0LFURPHGLXO ILUPHL ILJXUD  FXSULQGH XQ DQVDPEOX GH IDFWRUL H[WHUQL FDUH DIHFWHD] GH PDUNHWLJ VFKLPE ULOH GLQ DFHVW PHGLX DX R GHRVHELW vQ PRG

GLUHFW ILUPD úL DVXSUD F URUD VH SRDWH H[HUFLWD XQ DQXPH FRQWURO ,QIOXHQ kQG GHFL]LLOH VWUDWHJLLOH úL WDFWLFLOH VHPQLILFD LH SHQWUX PDUNHWHUL &RPSRQHQ LL

SULQFLSDOL DL PLFURPHGLXOXL VXQW IXUQL]RULL FOLHQ LL LQWHUPHGLDULL FRQFXUHQ LL úL DOWL GH LQ LQWHUHVH LQGLYL]L VDX JUXSXUL FH DX DQXPLWH LQWHUHVH vQWUR vQWUHSULQGHUH D )XUQL]RULL VXQW RUJDQL]D LLOH úL LQGLYL]LL FDUH RIHU ILUPHL LQSXWXULOH PDWHULL úL

WRUL GH

PDWHULDOH DLE vQ

XWLODMH HFKLSDPHQW WHKQRORJLF HQHUJLH DPEDODMH HWLFKHWH VHUYLFLL IRU YHGHUH úL XQ DQXPLW ULVF FX ILHFDUH vQ SDUWH FDUH SRDWH V DSDU GDF 

GH PXQF  UHVXUVH ILQDQFLDUH

LQIRUPD LL HWF QHFHVDUH IDEULF ULL SURGXVHORU SURSULL ÌQ UHOD LLOH FX IXUQL]RULL ILUPD WUHEXLH V

Ü IXUQL]RUXO GH LQH SDWHQWXO DVXSUD SURGXVXOXL FDUH FRQVWLWXLH LQSXWXO HVHQ LDO SHQWUX ILUP  Ü SURGXVXO FH FRQVWLWXLH LQSXWXO HVHQ LDO QX HVWH VXEVWLWXLELO Ü vQ FD]XO ILUPHORU GH FRPHUFLDOL]DUH PDJD]LQ VXSHUPDUNHW HWF FOLHQ LL VROLFLW UHDOL]DWH QXPDL GH R DQXPLW ILUP  vQ PRG H[SUHV SURGXVH

Ü VFKLPEDUHD IXUQL]RUXOXL HVWH SUHD FRVWLVLWRDUH Ü IXUQL]RUXO HVWH PDL SXWHUQLF GHFkW FXPS U WRUXO R ILUP IXUQL]RU HVWH vQ GH]DYDQWDM ILUPHOH PDUL RIHU  GH UHJXO  GH]DYDQWDMRDVH ILUPHORU FDUH DX FRPHQ]L PLFL HWF 6SHFLDOLúWLL vQ PDUNHWLQJ DL ILUPHL WUHEXLH V PRQLWRUL]H]H DFWLYLWDWHD IXUQL]RULORU GHRDUHFH SUREOHPHOH LL ÌQ DFHVWH FRQGL LL SURSULL FOLHQ L SRW ILUPH úL LQVWLWX LL GXS úL DO ORU SHUVRDQHORU vQ JUXSXUL SLH HOH DFHVWRUD QHUH]ROYDWH OD WLPS SRW SURGXFH JUDYH SHUWXUE UL vQ SURGXF LD SURSULH úL LPSOLFLW OD FUHúWHUHD FRVWXULORU SURGXVHORU FX FRQVHFLQ H GUDPDWLFH vQ SODQXO SURILWDELOLW WUHFH OD ILUPHOH FRQFXUHQWH E FRPSRQHQW XWLOL]DWRUL &OLHQ LL D ± FH DOF WXLHVF FHUFXO DJHQ LORU HFRQRPLFL XQHL LQGLYLGXDOH F URUD OH VXQW DGUHVDWH SURGXVHOH VHUYLFLLOH vQWUHSULQGHULL ± FRQVWLWXLH FHD PDL LPSRUWDQW PLFURPHGLXOXL GH &RPSRQHQ LL IRUPDWH FOLHQWHOHL GLQ ILUPH FDUH JUXSD L FXPSDU QDWXUD D RPRJHQH SRW IRUPD SLH HOH GH FRQVXP IRUPDWH GLQ FRQVXPDWRULL SULYD L SLH HOH LQGXVWULDOH IRUPDWH GLQ SLH HOH GLVWULEX LH LQWHUPHGLDULL SHQWUX UHYLQGH JXYHUQDPHQWDOH IRUPDWH GLQ FXPS U WRUL ± RUJDQLVPH SXEOLFH úL SLH HOH LQWHUQD LRQDOH IRUPDWH GLQ FXPS U WRUL H[WHUQL 6DUFLQD FRPSDUWLPHQWXOXL GH PDUNHWLQJ GLQWUR ILUP VHUYLFLLOH SH FDUH OH RIHU WUHEXLH V FXQRDVF  ‰ &DUDFWHULVWLFLOH FOLHQ LORU XQGH WU LHVF VWLOXO GH YLD  YkUVWD QLYHOXO HGXFD LHL RFXSD LD ED] HVWH GH D PD[LPL]D FHUHUHD SHQWUX SURGXVHOH FOLHQ LORU GH D PHQ LQH FOLHQ LL H[LVWHQ L úL GH D DWUDJH QRL FOLHQ L GLQ UkQGXO PLF FH VH DSURYL]LRQHD] GH PDL VODE GH OD XQ PDUH OD SUH XUL

SURGXVH

FDOLWDWH

QRQFRQVXPDWRULORU UHODWLYL úL DO FRQFXUHQ HL 3HQWUX D UHDOL]D DFHVWH RELHFWLYH VSHFLDOLúWLL vQ PDUNHWLQJ

YHQLWXULOH HWF 7RDWH DFHVWH FDUDFWHULVWLFL IRUPHD]

SURILOXO FOLHQWXOXL FDUH WUHEXLH FRPSDUDW FX SURILOXO 3H DFHDVW

SLH HL SHQWUX D LGHQWLILFD SURGXVHOH ILUPHL FDUH SODF PDL PXOW DQXPLWRU WLSXUL GH FOLHQ L LQW 

VH GHFLG FDUDFWHULVWLFLOH QRLORU SURGXVH SUH XULOH úL PHVDMHOH SURPR LRQDOH FHOH PDL SRWULYLWH SHQWUX SLD D

‰ &H QHYRL vúL VDWLVIDF FOLHQ LL FX SURGXVXO UHVSHFWLY úL FDUH VXQW DYDQWDMHOH RE LQXWH GH SH XUPD OXL FRPSDUDWLY FX DOWH SURGXVH FDUH VDWLVIDF DFHOHDúL QHFHVLW FXPSDU XQRU ELOHWH OD XQ VSHFWDFRO FL R VHDU PDL FXUDWH úL PDL SXWLQ GLVWUDFWLY SULQ KDLQH X]DWH VS ODUH L $FHDVWD GHRDUHFH GH H[HPSOX OXPHD QX GHWHUJHQ L FL VSHUDQ D PLMORF PDL EXQ SHQWUX DSDUH vQV XQ VDX JRVSRGLQHOH QX FXPSDU 'DF

VDWLVIDFHUHD XQHL QHYRL FRQVXPDWRULL vO YRU DGRSWD LPHGLDW ‰ &H FULWHULL IRORVHVF FXPS U WRULL SHQWUX D DOHJH vQWUH GLIHULWH SURGXVH FDOLWDWH SUH  DPSODVDUHD PDJD]LQXOXL HWF ‰ ,PSRUWDQ D SURGXVXOXL SHQWUX DQXPLWH FDWHJRULL GH XWLOL]DWRUL VDX FRQVXPDWRUL GDF HVWH LQGLVSHQVDELO SHQWUX R ILUP  DFHO FOLHQW HVWH JDWD V XQHL DIDFHUL DYDQWDMRDVH ‰ 'H XQGH SURYLQ LQIRUPD LLOH FDUH LQIOXHQ HD] F ,QWHUPHGLDULL SURGXVHORU XQHL ILUPH F WUH FRQVXPDWRULL ILQDOL GHFL]LLOH GH FXPS UDUH DOH FOLHQ LORU HWF FRPHUFLDQ LL GH JURV úL GHWDLO GDU úL DOWH SO WHDVF SURGXVXO

SUH XUL PDL PDUL H[LVWkQG RSRUWXQLWDWHD

$FHúWLD VXQW DJHQ L HFRQRPLFL LPSOLFD L vQ SURPRYDUHD GLVWULEXLUHD úL YkQ]DUHD UHVSHFWLY L GH WUDQVSRUW GH

FDWHJRULL PDL SX LQ LPSRUWDQWH FD EURNHUL MREEHUL FXULHUL FRPLVLRQDUL HWF VRFLHW DVLJXU UL VDX DJHQ LL GH SXEOLFLWDWH GH VRQGDUH VDX GH FRQVXOWDQ GH PDUNHWLQJ

6XQW WUHL WLSXUL GH LQWHUPHGLDUL FDUH VH SRW LPSOLFD vQ HIRUWXULOH GH PDUNHWLQJ DOH XQHL FRPSDQLL ‰ YkQ] UL 5HVHOOHULL UHYkQ] WRULL vQ FDUH LQWU DQJURVLúWLL GHWDLOLúWLL PLFLL FRPHUFLDQ L DJHQ LL GH

7UHEXLH V

VH FRODERUH]H QXPDL FX DFHL UHVHOOHUL FDUH DMXW

ILUPD V úL PD[LPL]H]H JUDGXO vQ FDUH

SURGXVHOH VDOH VDWLVIDF FRQVXPDWRUXO ILQDO

([LVW  vQV  SHULFROXO FD  GDWRULW SURGXVHOH V GHYLQ

UHOD LHL GLUHFWH SH FDUH R DUH PDL SXWHUQLF GHFkW ILUPD

FX FRQVXPDWRUXO ILQDO  UHVHOOHUXO FDUHL FRPHUFLDOL]HD]

SURGXF WRDUH úL DVWIHO V L GLFWH]H WHUPHQLL VFKLPEXOXL FDUHL GHYLQ QHIDYRUDELOL ‰ 'LVWULEXLWRULL F IL]LFL FDUH VXQW GH UHJXO RSHUDWRULL GHSR]LWHORU GH P UIXUL úL ILUPHOH GH

WUDQVSRUW LPSOLFDWH vQ WUDQVSRUWDUHD P UIXULORU GH OD SURGXF WRUL OD FRQVXPDWRUL J VHVF GLQ FDX] FOLHQ LL 'H DVHPHQHD GDF

'DF

SURGXVHOH QX VH PDL

FHL GH OD GHSR]LWH QX DX XUP ULW FX DWHQ LH QLYHOXO VWRFXULORU ILUPD SRDWH SLHUGH SURGXVHOH VXQW OLYUDWH FX vQWkU]LHUH VDX GHWHULRUDWH HVWH SUHD SX LQ SUREDELO FD

ILUPD V úL PDL S VWUH]H FRQVXPDWRULL SH FDUHL DUH ‰ $JHQWLLOH SUHVWDWRDUH GH VHUYLFLL GH PDUNHWLQJ VRQGDUH FRQVXOWDQ ILUPHOH V úL LGHQWLILFH FRQVXPDWRULL úL V FRPXQLFH FX HL V FXQRDVF  SXEOLFLWDWH (OH DMXW

SLH HOH úL PHGLXO FRQFXUHQ LDO VDWLVIDF DFHOHDúL QHYRL DOH

G &RQFXUHQWLL $FHúWLD VXQW ILUPH VLPLODUH FDUH XUP UHVF V

FOLHQ LORU ILLQG SHUFHSXWH GH FRQVXPDWRUL FD DOWHUQDWLYH SHQWUX VDWLVIDFHUHD QHYRLORU ORU &RQFXUHQ LL XQHL ILUPH SRW DSDU LQH ILHFDUH XQHLD GLQ FHOH SDWUX FDWHJRULL HYLGHQ LDWH vQ ILJXUD 

3URGXVH VLPLODUH $FHOHDVL QHYRL DOH FOLHQWLORU 1HYRL GLIHULWH DOH FOLHQWLORU &RQFXUHQWL GLUHFWL &RQFXUHQWL LQGLUHFWL

3URGXVH GLIHULWH ÌQORFXLWRUL

1RX YHQLWL

)LJXUD 

7LSRORJLD FRQFXUHQ LORU

‰ &RQFXUHQ LL GLUHF L FXSULQG ILUPHOH FDUH RIHU

DFHODúL WLS GH SURGXVH VDX VHUYLFLL SHQWUX D

VDWLVIDFH DFHOHDúL QHYRL &D H[HPSOX SRW IL OXDWH FXQRVFXWHOH ILUPH GH E XWXUL U FRULWRDUH &RFD &ROD úL 3HSVL VDX SRSXODUHOH ILUPH GH GHWHUJHQ L $ULHO úL 3HUVLO &RQFXUHQ LL GLUHF L IDF HIRUWXUL ILQDQFLDUH GHRVHELWH FX UHFODPD vQ vQFHUFDUHD GH D DU WD VXSHULRULWDWHD SURGXVXOXL ORU vQ UDSRUW FX DO ULYDOLORU )RDUWH GHV vQ DFHDVW OXSW VH XWLOL]HD] úL SUH XO vQ vQFHUFDUHD GH D DWUDJH R SDUWH GLQ QX DMXW OD VXSUDYLH XLUH GHFkW FXPS U WRULL ULYDOLORU )LLQG IRDUWH FRVWLVLWRDUH FRQFXUHQ D GLUHFW ILUPHOH IRDUWH SXWHUQLFH FX VXILFLHQWH PLMORDFH ILQDQFLDUH ‰ &RQFXUHQ LL LQGLUHF L VXQW ILUPHOH FDUH RIHU LJLHQLF  GDU XQD VH DGUHVHD] LQVWLWX LLORU LDU FHDODOW FRQVXPDWRULORU XQ SURGXV VLPLODU GDU FX ILUPH SURGXF KkUWLH

FDUDFWHULVWLFL GLIHULWH VDWLVIDFkQG DOWH QHYRL VDX SUHIHULQ H 'H H[HPSOX GRX PHQDMHORU

‰ ÌQORFXLWRULL VXQW FRQFXUHQ LL FDUH YLQ FX SURGXVH IRDUWH GLIHULWH FD IRUP GLIHULWH VDWLVIDF QHYRLD GH GXOFH D FRQVXPDWRULORU

úL FRQ LQXW GDU

FDUH VDWLVIDF DFHHDúL QHYRLH D FRQVXPDWRULORU =DK UXO úL ]DKDULQD GH H[HPSOX SURGXVH GH ILUPH

‰ 1RX YHQL LL VXQW ILUPHOH FDUH YkQG GHMD XQXL DQXPLW JUXS GH FRQVXPDWRUL úL VH GHFLG V úL H[WLQG JDPD GH SURGXVH SH FDUH OH RIHU VDX ILUPHOH SURGXF WRDUH FDUH DFKL]L LRQHD] úL R UH HD GH GLVWULEX LH )DEULFDQWXO GH KkUWLH GH H[HPSOX DFKL]L LRQHD] FkW PDL DSURDSH GH FRQVXPDWRUXO ILQDO úL DO LQIOXHQ D H 'HWLQDWRULL GH LQWHUHVH 3URIHVRUXO .RWOHU vL GHOLPLWHD] ‰ /XPHD ILQDQFLDU DF LRQDUL VRFLHW DVWIHO R FRPSDQLH GH GLVWULEX LH SHQWUX D IL

L GH LQYHVWL LL E QFL HWF

‰ 0HGLLOH GH FRPXQLFDUH vQ PDV HWF

JUXSXUL GH SUHV  SRVWXUL GH UDGLR FDQDOH GH WHOHYL]LXQH

‰ *UXSXUL GH LQWHUHVH PLúF ULOH SHQWUX SURWHF LD FRQVXPDWRULORU HFRORJLúWLL DVRFLD LL DOH SURGXF WRULORU HWF ‰ $GPLQLVWUD LD SXEOLF 

‰ 0DUHOH SXEOLF SXUW WRUXO RSLQLHL SXEOLFH ‰ 3HUVRQDOXO SURSULX DO ILUPHL

6SHFLDOLúWLL SURWHF LD

vQ

PDUNHWLQJ PHGLD &HO OD

WUHEXLH SHQWUX

V F

PRQLWRUL]H]H FLWLWRULL LPSDFW XQHL DO VXQW

FX PDL

DWHQ LH

PHGLD V

úL

PLúF ULOH vQ

SHQWUX

FRQVXPDWRULORU DOH ILUPHL GXFH

LQFOLQD L SH

FUHDG

DFXUDWH HD R FURQLF

LQIRUPD LLORU GLQ FRPHQWDULXO HGLWRULDO DO XQXL ]LDU GHFkW vQ UHFODPHOH FRPHUFLDOH VDX PDWHULDOHOH SURPR LRQDOH QHIDYRUDELO PDL YL]LELO SUHVHL SH HVWH %URDGZD\ PLúF ULOH XQGH SHQWUX SRDWH VLVWDUHD MXF ULL SLHVH VFHQ 

SURWHF LD

FRQVXPDWRULORU SHQWUX F SXEOLF

DX FD SULQFLSDO RELHFWLY LGHQWLILFDUHD SUDFWLFLORU QHJDWLYH DOH ILUPHORU úL R PDUH YDULHWDWH GH SURGXVH úL LL úL XWLOLW LL ORU HWF

DGXFHUHD ORU OD FXQRúWLQ D FRQVXPDWRULORU 'H DVHPHQHD HOH WHVWHD] FODVDPHQWH DOH FDOLW

 $1$/,=$ 0(',8/8, '( 0$5.(7,1* 6FKLPE ULOH PHGLXOXL GH PDUNHWLQJ DO XQHL ILUPH SRW IL IDYRUDELOH VDX QHIDYRUDELOH DFWLYLW VDOH SH SLD  SRW FUHD RSRUWXQLW GLPSRWULY  SRW GLPLQXD FDSDFLWDWHD ILUPHL GH DúL VDWLVIDFH FOLHQ LL 6SHFLDOLúWLL vQ PDUNHWLQJ WUHEXLH V GH PHGLX SULQ ‰ 2EVHUYDUHD FRQWLQX FRQFXUHQ LORU ‰ 0RQLWRUL]DUHD LQIRUPD LLORU GHVSUH QDWXUD IRUPHOH WHQGLQ HOH úL GXUDWD VFKLPE ULORU SHQWUX D VH UHDOL]D R LPDJLQH FkW PDL FODU GXUDW úL UHDO DVXSUD ORU ÌQ XQHOH FD]XUL VFKLPE ULOH SRW IL GH VFXUW OD VWDGLL FDUH DIHFWHD] DFWLYLWDWHD úL QHVHPQLILFDWLYH LDU vQ DOWHOH vQV  VH SRW GH]YROWD SkQ D VW ULL PHGLXOXL DVWIHO vQFkW VFKLPE ULOH V ILH GHSLVWDWH vQ VWDUH DGRSWH XQ SURFHV VLVWHPDWLF GH XUP ULUH D VFKLPE ULORU LL

L GH D IDFH QRL DIDFHUL FX FOLHQ LL H[LVWHQ L úL GH D DWUDJH DO LL VDX

LQFLSLHQW  SHQWUX D OXD P VXUL vQDLQWH FD VFKLPE ULOH V

DIHFWH]H DFWLYLWDWHD ILUPHL OXkQGR vQDLQWHD

ILUPHL GHWHUPLQkQG ILH R RSRUWXQLWDWH ILH R DPHQLQ DUH ‰ 3URJQR]DUHD GHOLPLW ULL DULHL YLWH]HL úL LQWHQVLW LL VFKLPE ULORU UHOHYDQWH 6H IDFH vQ VFRSXO

HODERU ULL XQRU VWUDWHJLL SRVLELOH GH DGDSWDUH D ILUPHL OD UHVSHFWLYHOH VFKLPE UL ‰ $QDOL]D SRWHQ LDOHORU LQIOXHQ H D LPSDFWXOXL VFKLPE ULORU GH PHGLX DVXSUD FDSDFLW GH DúL VDWLVIDFH FOLHQ LL ÌQ IXQF LH GH SUREDELOLWDWHD FD VFKLPEDUHD GH PHGLX V 1XPDL SULQWUXQ PDUNHWLQJ DFWLY VH SRW DQWLFLSD úL XQHRUL FKLDU DLE SUREDELO DO DFHVWHLD DVXSUD ILUPHL VH SRW vQWkOQL SDWUX FDWHJRULL GH LPSDFW ILJXUD  LQIOXHQ D VFKLPE ULOH LL HL 'H PHGLXOXL SUHFXP úL HIHFWHOH DFHVWRUD DVXSUD DFWLYLW FkQG VFKLPE ULOH DX LPSDFW VHPQLILFDWLY PHQLWH V SRVLELO SULPHMGLLOH HIHFWHOH QHJDWLYH DOH DFHVWRUD LL GH SLD D ILUPHL D SURILWDELOLW LOH úL V LL ILUPHL

ORF úL GH HIHFWXO

DVHPHQHD PDUNHWLQJXO DFWLY SHUPLWH DGRSWDUHD GH VWUDWHJLL úL SURJUDPH GH DGDSWDUH D ILUPHL DWXQFL YDORULILFH RSRUWXQLW HYLWH SH FkW

6FKLPEDUHD

3UREDELOLWDWHD DSDUL LHL VDOH PDUH PDUNHWLQJ PLF SODQXUL SHQWUX RULFH HYHQWXDOLWDWH UHYL]XLUH PLF PRQLWRUL]DUH SHULRGLF

,PSDFWXO SUREDELO DVXSUD ILUPHL

PDUH

DFWLY

)LJXUD  7LSXUL GH LPSDFW úL GH U

VSXQV OD VFKLPE

ULOH GH PHGLX

 5(/$

,,/( ),50(, &8 0(',8/ (;7(51 ILUPD SLD D GH LQH ORFXO úL UROXO SULQFLSDO

ÌQWUXFkW vQ VWUXFWXUD PHGLXOXL OD FDUH VH UDSRUWHD] UHOD LLOH FH VH GHVI úRDU VXQW SULQ QDWXUD úL FRQ LQXWXO ORU UHOD LL GH SLD DIO vQ UHOD LL GH FRQFXUHQ

vQWUH vQWUHSULQGHUH úL DJHQ L DL PHGLXOXL PLFURPHGLXOXL VDX GH PDUNHWLQJ  5HOD LLOH SH FDUH OH DUH ILUPD vQ GXEOD VD FDOLWDWH  ÌQ FDGUXO DFHOXLDVL PHGLX ILUPD VH DFHOHDúL VXUVH GH

GH FXPS U WRU úL YkQ] WRU RIHUWDQW  VXQW UHOD LL GLUHFWH GH SLD DSURYL]LRQDUH úL SLH H GH GHVIDFHUH  5HOD LLOH GLUHFWH GH SLD DOH ILUPHL YL]HD]

FX ILUPH FH DX SURILO VLPLODU FX FDUH vúL GLVSXW

WRDWH FHOH WUHL FRPSRQHQWH DOH SLH HL

JOREDOH SLD D P UIXULORU SURGXVH úL VHUYLFLL SLD D FDSLWDOXULORU úL SLD D IRU HL GH PXQF  )L]LRQRPLD úL GLPHQVLXQLOH UHOD LLORU GLUHFWH DOH ILUPHL FX SLD D VXQW LQIOXHQ DWH GH R JDP IRDUWH ODUJ ‰ GH IDFWRUL GLQWUH FDUH PDL LPSRUWDQ L VXQW HFRQRPLFRVRFLDO FDUH SRDWH VWLPXOD RUL OLPLWD DQXPLWH UHOD LL GH SLD DOH

&DGUXO

vQWUHSULQGHULL SRDWH FUHD R FRQMXQFWXU REOLJD V VH VXSXQ

IDYRUDELO

VDX QHIDYRUDELO

SHQWUX DFHDVWD VDX R SRDWH

DQXPLWRU UHJOHPHQW UL WLSXO úL IRUPHOH LQVWUXPHQWHORU XWLOL]DWH GH vQWUHSULQGHUH vQ 

‰ 6SHFLILFXO SLH HL FDUH GHWHUPLQ

UDSRUWXULOH SH FDUH OH DUH FX DJHQ LL GH SLD

‰ &DUDFWHULVWLFLOH vQWUHSULQGHULL YHFKLPH DPSODVDPHQW SURILO GLPHQVLXQL HWF FDUH VH UHIOHFW vQ QXP UXO úL SDUWLFXODULW LOH DJHQ LORU HFRQRPLFL FX FDUH ILUPD LQWU  vQ UHOD LL vQ DULD WHULWRULDO úL GLVWULEX LD vQ WLPS D DFWHORU GH SLD

)LLQG GH R PDUH GLYHUVLWDWH UHOD LLOH GLUHFWH DOH vQWUHSULQGHULL FX SLD D VH SRW JUXSD GXSD PDL PXOWH FULWHULL D 'XS 5HOD LLOH RELHFWXO UHOD LLORU ID GH YkQ]DUHFXPSDUDUH GH FDUH GHRVHELP UHOD LL GH YkQ]DUHFXPS SRW IDFH RELHFWXO OLYU ULORU VDX UDUH úL UHOD LL GH GH P UIXUL WUDQVPLWHUH UHFHS LH GH PHVDMH úL LQIRUPD LL DFKL]L LRQ ULORU SUHVW ULORU GH VHUYLFLL vQFKLULHULORU LQWHUPHGLHULORU vPSUXPXWXULORU HWF (OH SRW IL SUHFRQWUDFWXDOH FRQWUDFWXDOH úL SRVWFRQWUDFWXDOH E 'XS F 'XS RFD]LRQDOH G SURILOXO ORU ID IUHFYHQ D ORU ID $FHVWH FDUDFWHUH GH GH FDUH GHRVHELP UHOD LL FX IXUQL]RULL úL SUHVWDWRULL GH VHUYLFLL GH FDUH GHRVHELP UHOD LL SHUPDQHQWH UHOD LL SHULRGLFH úL UHOD LL DOH UHOD LLORU VXQW JHQHUDWH ID GH SDUWLFXODULW LOH SH FDUH OH SUH]LQW UHOD LL GH FXPS UDUH FX FOLHQ LL UHOD LL GH YkQ]DUH úL FX LQVWLWX LL úL RUJDQLVPH GH VWDW

FHUHUHD úL RIHUWD GH SURILOXO úL RELHFWLYHOH vQWUHSULQGHULL vQ FDGUXO SLH HL 'XS JUDGXO VSD LDO FRQFHQWUDUH WHPSRUDO VH UHIHU úL DO ORU GH FDUH GHRVHELP UHOD LL FRQFHQWUDWH WHPSRUDO GLPHQVLRQDO VDX UHOD LL GLVSHUVDWH GLPHQVLRQDO VSD LDO VDX

&RQFHQWUDUHD GLPHQVLRQDO FHD WHPSRUDO

OD P ULPHD SDUWL]LORU GH P UIXUL FH IDF RELHFWXO YkQ] ULL OD P ULPHD DULHL GH GHVI úXUDUH D WUDQ]DF LLORU ILUPHL LDU

FXPS U ULL &RQFHQWUDUHD VSD LDO

VH UHIHU

OD WLPSXO OXQ  WULPHVWUX VHPHVWUX DQ HWF vQ FDUH DFHVWHD DX ORF HWF

 5HOD LLOH GH FRQFXUHQ 3H SLD  ILUPHOH FRQFXUHQWH vúL GLVSXW  SH GH R SDUWH IXUQL]RULL GH P UIXUL SUHVWDWRULL GH úD úL SH GH DOW SDUWH FOLHQ LL ILHFDUH GLQ HOH F XWkQG V úL vQ FDUH LQWU ILUPHOH VHUYLFLL FUHGLWHOH IRU D GH PXQF UHOD LLOH GH FRQFXUHQ

DVLJXUH LQSXWXULOH QHFHVDUH úL SODVDUHD SURGXVHORU SURSULL vQ FRQGL LL FkW PDL DYDQWDMRDVH &D XUPDUH SRW IL GHILQLWH FD DQVDPEOXO UDSRUWXULORU GH SLD vQ OXSWD SHQWUX DVLJXUDUHD LQSXWXULORU QHFHVDUH RE LQHULL SURGXF LHL úL D SLH HORU GH GHVIDFHUH &RQFXUHQ D FXQRDúWH JUDGH GLIHULWH GH LQWHQVLWDWH vQ IXQF LH GH GRL IDFWRUL  UDSRUWXO GLQWUH FHUHUHD úL RIHUWD H[LVWHQWH SH SLD  UDSRUWXO GH IRU H vQ FDUH VH SODVHD] 'HúL *DPD SLORQL 3 HVWH VHVL]DELO úL XQHRUL FRQFXUHQ D SURSULX]LV PLMORDFHORU SH FDUH VH GHVI úRDU úL vQ   DSURYL]LRQ ULL vQ OXSWD GH ILUPHORU FX UHVXUVHOH H[WUHP GH QHFHVDUH GH ODUJ  úL úL ILUPHOH SH SLD SODQXO XWLOL]DWH vQV

vQWUH vQWUHSULQGHUL vQ FDOLWDWHD ORU GH RIHUWDQW FRQFXUHQ vQ HVWH VHQV SRW LQ MXUXO FHORU SDWUX GLVWULEX LH FDOLWDWHD YL]D

LQVWUXPHQWHORU VSULMLQ vQWUH

PHUJkQG GH OD FHOH OHJDOH SkQ VH SURPRYDUH vQV 'LIHUHQ LHULOH

OD FHOH LOHJDOH ÌQ JHQHUDO HOH VH GHOLPLWHD] PDUNHWLQJXO FRQFXUHQ L vQ SURGXV FHHD FH SUH  SODVDUH SULYHúWH SURGXVXO

SUH]HQWDUHD DPEDODMXO P UFLOH VHUYLFHXO FRPXQLFD LLOH FX SULYLUH OD SURGXV LPDJLQHD HWF (OH vúL YRU SXQH DPSUHQWD DVXSUD SUH XULORU GXS LL XQ VLQJXU RIHUWDQW úL R PDV PDUH GH FXP SUH XULOH SRW DF LRQD vQ PRG LQGHSHQGHQW SULQ QLYHOXO ORU  FD LQVWUXPHQW DO FRPSHWLWLYLW

$WXQFL FkQG SH SLD D XQXL SURGXV VDX VHUYLFLX H[LVW QXO SRW FXPS UD GHFkW GH OD DFHD ILUP  QX DX XQGH V PDL vQ EXQ D SURGXVXOXL UHVSHFWLY QHILLQG FRQFXUHQ  SXWHUHD DVXSUD FRQVXPDWRULORU SULQWUXQ SUH SUH XULORU FDUH OH vPSLHGLF ÌQ OLWHUDWXU SLD D WUHEXLH V ” ” ” vQGHSOLQHDVF V

FXPS U WRUL DYHP GHD IDFH FX R VLWXD LH GH PRQRSRO ÌQ DFHVW FD] FOLHQ LL SRWHQ LDOL DL SURGXVXOXL FDXWH QLFL XQ SUH $FHVW OXFUX PDL EXQ úL QLFL R FDOLWDWH ILUPHL V úL H[HUFLWH SHUPLWH

ULGLFDW 6LQJXUHOH PRQRSROXUL FDUH PDL VXSUDYLH XLHVF

ULOH GH]YROWDWH VXQW vQ VHUYLFLLOH SXEOLFH GDU úL DLFL VXQW UHJOHPHQW UL PDL DOHV LQ SULYLQ D DEX]H]H GH SXWHUHD ORU SHUIHFW úL LPSHUIHFW  &D V ILH FRQFXUHQ SHUIHFW  XUP WRDUHOH FRQGL LL VH YRUEHúWH GH FRQFXUHQ

DWRPLFLWDWH H[LVWHQ D XQHL PDVH PDUL GH RIHUWDQ L úL FXPS U WRUL IOXLGLWDWH DGDSWDUHD XúRDU WUDQVSDUHQ YkQ] WRUL LQIRUPD LL D RIHUWHL OD FHUHUH úL LQYHUV FRPSOHWH GHVSUH SLD DWkW SHQWUX FXPS U WRUL FkW úL SHQWUX

”

RPRJHQLWDWH D SURGXVHORU ÌQ UHDOLWDWH DFHVWH FRQGL LL VXQW vQGHSOLQLWH GRDU SDU LDO FHHD FH vQVHDPQ F vQ FYDVL

WRWDOLWDWHD FD]XULORU FRQFXUHQ D HVWH LPSHUIHFW  ÌQWUH RIHUWDQ L VH SRW vQWvOQL XUP WRDUHOH IRUPH GH FRQFXUHQ D &RQFXUHQ D SXU  (VWH VSHFLILF  SLH HL FHUHDOHORU SLH HL PLQHUHXULORU SLH HL FRPEXVWLELOLORU

úD XQGH GLIHUHQ LHULOH QHVHPQLILFDWLYH GLQWUH SURGXVH úL GLQWUH FRQGL LLOH GH FRPHUFLDOL]DUH LPSXQ DOLQLHUHD SUH XULORU DYkQG OD ED] E &RQFXUHQ D GLIHUHQ LD] SURGXVHOH UHODWLY ORU D ID XQXL UDSRUWXO GLQWUH FHUHUH úL RIHUW   3HQWUX FHOH DOH  H[LVW GRDU Fk LYD FRPSHWLWRUL D DOWRU ILUPH D IDFH DOWRU ID ILUPH GH SLD FkW  PDL ELQH FRQFXUHQ HL XQHOH OH ILUPH GH FUHkQGXOH DFHDVWD FDUDFWHULVWLFL H[SOLF FH FRQIHU RDUHFXP PRQRSROLVW

PRQRSROL]DUHD

DQXPLW

VHJPHQW

GHQXPLUHD

FRQWUDGLFWRULH D DFHVWHL IRUPH GH FRQFXUHQ F &RQFXUHQ D ROLJRSROLVW (D VH GDWRUHD] FKHOWXLHVF LJDUHWHORU ROLJRSROLVW ILUP ULGLF PDUL

 6H vQWkOQHúWH DWXQFL FkQG SH R SLD

DOLHULL DFHVWRU FRPSHWLWRUL vQ VFRSXO EORF ULL LQWU ULL SH SLD D UHVSHFWLY VXPH GH

ÌQ UDPXUL FDUDFWHUL]DWH SULQ PDUL LQYHVWL LL GH FDSLWDO FXP HVWH LQGXVWULD FKLPLF  VDX vQ FHOH FDUH EDQL SHQWUX SXEOLFLWDWH FXP VXQW LQGXVWULD DXWRPRELOHORU úL LQGXVWULD SRWHQ LDO FRQFXUHQW HVWH IRDUWH VFXPS úL JUHD ÌQ FRQFXUHQ D FkQG GDF R FHO PDL XWLOL]DW 'DF XQD GLQ ILUPH UHGXFH SUH XO LQWUDUHD RULF UXL

SUH XO HVWH LQVWUXPHQWXO GH OXSW QX YRU V úL SLDUG

FHOHODOWH  GDF

FOLHQ LL  WUHEXLH V O UHGXF V

úL HOH 6XQW VLWXD LL vQV UHYLQ

SUH XULOH FHOHODOWH QX R XUPHD]  vQFHUFkQG V

SURILWH GH DYDQWDMXO SUH XOXL VF ]XW ÌQ DVXSUD GHFL]LHL SHQWUX D QXúL

DFHVWH FRQGL LL ILUPD FDUH úLD ULGLFDW SUH XULOH HVWH REOLJDW

SLHUGH FOLHQ LL 5H]XOWDWXO XQRU DVWIHO GH MRFXUL GH SLD ILUPHOH VXEPLQkQGXúL SURILWDELOLWDWHD ILH R VSLUDO WUHSWDW FOLHQWHOD 6ROX LD HYLGHQW

SRDWH IL ILH R VSLUDO

D SUH XULORU vQ MRV

D SUH XULORU vQ VXV ILUPHOH SLHU]kQGXúL vQ PRG

HVWH XQ DFRUG DO ILUPHORU GH D QX VH DQJDMD vQWUXQ U ]ERL DO LQWHUYLQ SHQWUX DSODQDUHD FRQIOLFWHORU GLQWUH

SUH XULORU úL GH D XWLOL]D FD DUPH DOH FRQFXUHQ HL FDOLWDWHD VHUYLFLLORU VDX SURPRYDUHD $GHVHRUL DGPLQLVWUD LD GH VWDW WUHEXLH V RIHUWDQ L ILLQG QHYRLH GH QHJRFLHUL úL FRQFLOLHUL vQWUH DFHúWLD ,PSOLFDUHD VWDWXOXL vQ PHFDQLVPXO FRQFXUHQ LDO VH IDFH vQ FDOLWDWHD VD GH OHJLXLWRU GH DS UDWRU DO OHJLORU DGRSWDWH vQ DFHVW GRPHQLX úL GH DJHQW HFRQRPLF 5DSRUWDW FRQFXUHQ LL SDUD]LWDU vQF OF ULL &HOH OD FDGUXO OHJDO FRQFXUHQ D SRDWH IL ORLDO PDL vQWkOQLWH ILVFDOLW SUDFWLFL QHORLDOH VXQW FkQG ILUPHOH vO UHVSHFW  VDX QHORLDO úWLLQ GHQLJUDUHD PRUDOH úL FRQFXUHQ LORU SROLWLFH FRQFXUHQ D ILUPHORU FkQG XQHOH ILUPH DSHOHD] OD PLMORDFH QHFLQVWLWH SUHMXGLFLLQG vQ PRG GLUHFW úL FX EXQ

FRQIX]LL GH P UFL FRQFXUHQ D LOLFLW VDX HOXG ULL LL GXPSLQJXO

SUDFWLFDUHD XQRU SUH XUL PDL MRDVH FD XUPDUH D SUHVLXQL DVXSUD

FRQFXUHQWH YLRODUHD VHFUHWHORU GH IDEULFD LH FRPHUFLDOH VDX EDQFDUH HWF

5H]XPDW ÌQ DFHVW FDSLWRO VDX H[DPLQDW QDWXUD úL FRQFHSWXO GH PHGLX H[WHUQ DO ILUPHL IRU HOH DVXSUD F URUD ILUPD QX DUH FRQWURO úL FHOH SH FDUH OH SRDWH LQIOXHQ D SULQ GHFL]LLOH VDOH GH PDUNHWLQJ 8WLOL]kQGXVH H[HPSOH VD H[SOLFDW PRGXO vQ FDUH VFKLPE ULOH PHGLXOXL VROLFLW PDUNHWLQJ JHQHUDO LGHQWLILF GH DGRSWDUHD DSUHFLHUH GH D VWUDWHJLL PHGLXOXL úL GH SURJUDPH GH DO DGDSWDUH ILUPHORU FRQWLQX úL OD DFHVWH VSHFLDOLúWLORU vQ SHQWUX FDUH VH VFKLPE UL SULQ

PHQ LQHUHD FOLHQ LORU úL SURVSHULWDWHD ILUPHL SH WHUPHQ OXQJ &DSLWROXO RIHU  GH DVHPHQHD FDGUXO PDUNHWLQJ VXJHUHD] SURFHVHOH DF LXQLOH SULRULWDUH GH SUHvQWkPSLQDUH D SURYRF ULORU ³IRU HORU´ IDFWRULORU FDUH QX VH DIO ILH SXQFWXO GH SOHFDUH SHQWUX RULFH

VXE FRQWUROXO ILUPHL $QDOL]D PHGLXOXL H[WHUQ DO ILUPHL WUHEXLH V PHQ LQH FOLHQ L SURILWDELOL

DFWLYLWDWH GH PDUNHWLQJ GHRDUHFH VFKLPE ULOH DFHVWXLD SRW DIHFWD FDSDFLWDWHD ILUPHORU GH DúL FUHD úL

&RQFHSWH FKHLH

‰ &OLHQ L )LUPH VDX LQGLYL]L FDUH FXPS U

SURGXVHOH ILUPHL

‰ &RQFXUHQ L )LUPH FDUH SURGXF P UIXUL VDX VHUYLFLL FH VDWLVIDF QHYRL VLPLODUH DOH FOLHQ LORU ‰ 'H LQ WRUL GH LQWHUHVH 2UJDQL]D LL VDX LQGLYL]L FDUH DX LQWHUHV úLVDX R DQXPLW LQIOXHQ DVXSUD

DIDFHULORU ILUPHL ‰ )XUQL]RUL )LUPH VDX LQGLYL]L FDUH RIHU VDX VHUYLFLL ‰ ,QWHUPHGLDUL )LUPH VDX LQGLYL]L FDUH DMXW OD FRQVXPDWRUL XWLOL]DWRUL ‰ 0DFURPHGLXO )DFWRUL HYHQLPHQWH FDUH LQIOXHQ HD] DVXSUD F URUD ILUPHOH DX XQ FRQWURO VF ]XW ‰ 0LFURPHGLXO )RU HOH IDFWRULL FDUH DIHFWHD] SRDWH H[HUFLWD XQ DQXPLW FRQWURO ‰ 1RX YHQL L )LUPH FDUH LQWU ‰ 5HOD LL GH SLD SH SLD GXSD FH DO L FRQFXUHQ L úLDX VWDELOLW GHMD ]RQHOH GH LQIOXHQ vQ PRG GLUHFW R RUJDQL]D LH úL DVXSUD F URUD VH XQD VDX PDL PXOWH UDPXUL GH DFWLYLWDWH úL WUDQVIHUXO SURGXVHORU VDX VHUYLFLLORU GH OD SURGXF WRUL SURGXVHOH ORU XQHL vQWUHSULQGHUL SHQWUX D SURGXFH EXQXUL

 5HOD LLOH GLQWUH ILUPH úL DJHQ L DL PHGLXOXL ORU H[WHUQ  $QVDPEOXO UDSRUWXULORU GH LQWHUDF LXQH vQ FDUH LQWU ILUPHOH vQ OXSWD

‰ 5HOD LL GH FRQFXUHQ

SHQWUX DVLJXUDUHD UHVXUVHORU úL D SLH HORU GH GHVIDFHUH