$11$/(6©6HUKLVWVRFLRO©©© 2&(1(5(&(16,21,5(9,(:6Ÿ  QD SULPHU SUHN WHOHVQH SDVLYL]DFLMH LQ RGWXMLWYH RG QDUDYH GHMDQVNR ÊH SRYHáXMHMR QMLKRYR SRWUHER SR DNWLYQL UHNUHDFLML NDU ]DRVWUXMH ]DKWHYH ]D ]DJRWRYLWHY NDNRYRVWQHJD IL]LáQHJD RNROMD 1D WDNÊQLK L]KRGLÊáLK DYWRU NULWLáQR RFHQMXMH QH UHÊHYDQMD DNWXDOQLK SUREOH PRYXUHMDQMDSURVWRUDQDSULPHUXREPRáMD.RSUDR]L URPD2EDOHSULáHPHUXJRWDYOMDGDSUHYODGXMRáLY]RUFL ELYDQMDSRVWDMDMRYPQRJRáHPQHXSRUDEQLQRYHXVPH ULWYH ]D SULKRGQRVW SD ÊH QLVR L]REOLNRYDQH =D UD]OLNR RG UD]ODJGDGDQHVQLYHáPRJRáHSUHGYLGHYDWL LQQD áUWRYDWL VSUHPHPE ]D SULKRGQRVW DYWRU YHQGDUOH UD] NULYDYUVWRSUHGYLGOMLYLKSURFHVRYPHGNDWHULPL L]VWRSD GROJRURáQDNUHSLWHYáORYHNDNRWSRVDPH]QLNDYJOREDOQL GUXÌEL9 WHPQDMÊLUÊHPNRQWHNVWXSD VH VSUHPLQMD WXGL SURVWRUVNDLQáDVRYQDRUJDQL]DFLMDÌLYOMHQMDOMXGL3RYH áXMHVHERJDVWYRUD]QRYUVWQRVWLSRYH]RYDQMLQNRPELQD FLM ELYDQMD GHOD UHNUHDFLMH XSUDYOMDQMD LQ QHQD]DGQMH WXGLSURPHWDNLSUHVHJDMRGRVHGDQMHORáHYDQMHQRWUDQMH KRPRJHQLKSURVWRUVNLKHQRWSRVDPH]QHJDPHVWD 9 NQMLJL MH VLFHU YHOLND SR]RUQRVW QDPHQMHQD SUHEL YDOFHP]YLGLNDJUDMHQHJDRNROMD RPHMHQHPRÌQRVWL]D RVDPRVYDMDQMH PODGLK SRVHEQRVWL ELYDQMD ÊWXGHQWRY ÌHQVNRVWDUHOLKEROQLNRYVDPFHYRGYLVQLNRYRGGURJ EUH]GRPFHY JHMHY LQ OH]ELMN LGU  YHQGDU DYWRU V SR PRáMRWRYUVWQLKSULPHURYDQDOL]LUDSUHGYVHPSURVWRUVNH áDVRYQH UD]VHÌQRVWL ELYDQMD NL VR ELOH GRVOHM ]DSR VWDYOMHQH 9 WHP VPLVOX UD]PLÊOMD R VSUHPLQMDQMX UD] PHUMDPHG VWDULP LQ QRYLP RG L]NOMXáHYDQMD VWDUHJD N QMHJRYHP QDGJUDMHYDQMX  RG ]DSR]QHOHJD UHDJLUDQMD N YQDSUHMÊQMHPXDQWLFLSDWLYQHPXGHORYDQMXQHL]NRULÊáH QRVWL ]DáDVQH SUHKRGQH UDEH SURVWRURY NXOWXUQD LVWU VND GHGLÊáLQDLQRGSLUDQMHYVYHWSUHQDYOMDQMHJUDMHQLK VWUXNWXURÌLYOMDQMHPHVWDLSG5HODWLYQRYHOLNDSR]RUQRVW MH QDPHQMHQD WXGL SURVWRUVNLPRELOQRVWL OMXGL Y RNYLUX NDWHUH DYWRU VNXÊD V SRPRáMR ]DQLPLYLK SULPHURY L] YVDNGDQMHJD ÌLYOMHQMD SUHELYDOFHY REPRáMD .RSUD QD SULPHUSRPRUÊáDNLLQYR]QLNL,QWHUHXURSH RGJRYRULWLQD YSUDÊDQMDDOLMHQDYLGLNXNRQHFVWDOQHJDELYDOLÊáDNDNR VH VSUHPLQMD UD]PHUMH PHG SUHELYDOFL LQ RELVNRYDOFL WXULVWL  DOL V SRYHáDQR VWRSQMR PRELOQRVWL ÌLYOMHQMH XKDMDL]IL]LáQLKNUDMHYYRPUHÌMD 6NXSQLLPHQRYDOHFVSUHPHPENLMLKDYWRU]D]QDYDY YVDNGDQMHP ÌLYOMHQMX SRVDPH]QLNRY MH RVDPRVYDMDQMH R]LURPD LQGLYLGXDOL]DFLMD L]UDÌD SD VH Y SRYHáHYDQMX GHOHÌD VDPVNLKJRVSRGLQMVWHY Y QRYLK SRWUHEDK Y GUX ÌLQDK]GYRMQRNDULHURYYHáMLKVWDQRYDQMVNLKSRYUÊLQDK QDRVHERYPRáQLKWHÌQMDKNUDELRVHEQHJDDYWRPRELOD LGU = XSRÊWHYDQMHP WHJD SURFHVD VNXÊD DYWRU SRGDWL UHÊLWYH V SRPRáMR NDWHULK EL SUHVHJOL SDUDGRNV GDQDÊ QMHJD VWDQMD NR WHKQRORÊNH VSUHPHPEH LQIRUPDFLMVNR NRPXQLNDFLMVND WHKQRORJLMD  SUHKLWHYDMR QH OH ]DYHVW SUHELYDOFHYQDVSORKDPSDNWXGLVWURNRYQMDNRYQDSRG URáMXXUEDQHJDSODQLUDQMD3UHGYVHPVOHGQMHQHXVPHUMD DPSDN EROM DOL PDQM VOHGL LQ ]DRVWDMD ]D RPHQMHQLPL VSUHPHPEDPL .RWMHUD]YLGQRL]VOLNRYLWLKSULPHURYSUHGVWDYOMHQLK YNQMLJL MH.RSHUYSUHWHNOLKGHVHWOHWMLKSUHÌLYOMDOKXGR NUL]R VYRMH LGHQWLWHWH WDNR Y VPLVOX GLVNRQWLQXLWHWH QMH JRYLK SUHELYDOFHY NRW WXGL JOHGH QDáLQD ÌLYOMHQMD NL MH SRGOHJHONRQWLQHQWDOQLPYSOLYRPLQQHQD]DGQMH MHFHOR IL]LáQR L]JXELOSUHMÊQMR LGHQWLWHWRRWRND3RGUXJL VWUDQL SDNOMXEWRYUVWQLP QHJDWLYQLP VSUHPHPEDPQDJRVSR GDUVNHPSRGURáMXGRÌLYOMDSUHSRURG6WHJDYLGLNDODKNR NRSUVNR]JRGERY WHPGHOXEHUHPRNRWSDUDGLJPDWVNR NDMWL SUHNR VNUEQR L]EUDQLK LQ VOLNRYLWR SUHGVWDYOMHQLK SULPHURY DYWRU SR HQL VWUDQL SRNDÌH NDNR Y PHWDIR ULáQHP VPLVOX  PHVWR ] RGSLUDQMHP Y VYHW VSUHPLQMD VYRMR LGHQWLWHWR RWRND Y LGHQWLWHWR NULÌLÊáD R]LURPD YR]OLÊáD àH SD Y]DPHPR RWRN NRW VLPERO UD]PHURPD L]ROLUDQH VNXSQRVWL SRVDPH]QLNRY NULÌLÊáH SD NRW VLP ERORGSLUDQMDQDVSURWL WRNRYRPLQIRUPDFLMGREULQ LSG SRWHP ODKNR QD WHP SULPHUX YHOLNR L]YHPR R WUHQGLK QDVWDMDQMDQRYLKLGHQWLWHWYNRQWHNVWXGDQDÊQMHJOREDOQH GUXÌEH .QMLJD3URVWRUVNRáDVRYQDRUJDQL]DFLMDELYDQMD UD] LVNRYDQMDQD.RSUVNHP LQY VYHWXSULQDÊDQDVWURNRYQR LQ ]QDQVWYHQR SRGURáMH SUHGYVHP ]EOLÌHYDQMH SURVWRU VNH  VRFLRORJLMH LQ DUKLWHNWXUH NDU YRGL N QMXQHPX Y]DMHPQHPX GRSROQMHYDQMX LQ N SUHVHJDQMX ]DPHMLWHY ]DUDGL NDWHULK VR GRVHGDM RVWDMDOL QHUHÊHQL SUREOHPL Y SUDNVL.OMXEWHPXGDJUH]D]QDQVWYHQRGHORMHNQMLJD NDU MH SRWUHEQR SRVHEHM L]SRVWDYLWL EHUOMLYD LQ QDGYVH SULPHUQD WXGL ]D ODLáQR MDYQRVW 3R HQL VWUDQL QDPUHá SRL]NXÊD UD]ÊLUMDWL KRUL]RQWH PLÊOMHQMD Y SURVWRUX LQ áDVX REHQHP SD QD GRNDM SUHSURVW QDáLQ SRMDVQMXMH UD]XPHYDQMH DEVWUDNWQLK NDWHJRULM NRW VWD JOREDOL]DFLMD LQLQIRUPDWL]DFLMDWHUMLKWDNRSULEOLÌDUDYQLYVDNGDQMHJD ÌLYOMHQMVNHJDRNROMD %ODË/HQDUàLà &ODXGLD0HVFK9LROD0LFKHO\ XU  -26(3+%(8<67+(5($'(5 &DPEULGJH 0$ 7KH0,73UHVVVWU -RVHSK %HX\V   HGHQ QDMEROM UD]YSLWLK PLWRORJL]LUDQLKLQNRQWURYHU]QLKXPHWQLNRYGUXJHSROR YLFHVWROHWMD MHJRWRYR WDNÊQHYUVWHXPHWQLÊNL IHQR PHQGD WXGLSRGREULKGYDMVHWLK OHWLKSRQMHJRYL VPUWL QMHJRYSRORÌDMYNDUWRJUDILMLPRGHUQHLQVRGREQHXPHW QRVWL RVWDMD LQWULJDQWHQ -H YHUMHWQR WXGL HGLQVWYHQD XPHWQLÊND SHUVRQD NL MH VSURÌLOD WROLNR SDUDGRNVDOQR QDVSURWXMRáLKVLLQL]NOMXáXMRáLKNULWLÊNLK LQQHNULWLáQLK VWDOLÊá R SRORÌDMX SRPHQX LQ YUHGQRVWL VYRMHJD XPHW QLÊNHJD GHOD NL JD MH VDP SRVWXOLUDO NRW NRPSOHNVQR YVHREVHJDMRáHÌLYOMHQMVNRSRGMHWMHŸYNOMXáXMRáYHQDNL PHUL XPHWQRVW NRW ÌLYOMHQMH àH VL MH VRGREQD XPHW QRVWQD]JRGRYLQDRGSR]QLKÊHVWGHVHWLK OHWGDOMHSUHG YVHPY='$LQQDWRWXGLY(YURSLSUL]DGHYDODWHRUHWVNR NRQFLSLUDWL SRVWPRGHUQL]HPNRWQDMSRPHPEQHMÊRSDUD $11$/(6©6HUKLVWVRFLRO©©© 2&(1(5(&(16,21,5(9,(:6Ÿ  GLJPRYNXOWXULLQXPHWQRVWLGUXJHSRORYLFHVWROHWMD LQMHSULWHPSRPHPEQRUHGHILQLUDODWXGLPRGHUQL]HPLQ QMHJRYH NDQRQH PHG GUXJLP QD SULPHU SURWR SRVW PRGHUQLSRORÌDM0DUFHOD'XFKDPSD SRWHP MH%HX\V RVWDOYWHPSRVNXVXHQRRGWLVWLKXPHWQLÊNLKLPHQNLMH YWDNÊQLNDWHJRUL]DFLMLLQNDWDORJL]DFLMLVSURÌLOYHáYSUD ÊDQM SRPLVOHNRY LQ QHVWULQMDQM NDNRU NRQVHQ]XDOQHJD GRJRYRUD R WHP NDNRPLVOLWL QMHJRYR XPHWQRVW %HX\V RVWDMDY]JRGRYLQLVRGREQHXPHWQRVWLQHNDNÊQDPUDáQD ILJXUDŸQD]DGQMHYHUMHWQRSUDY]DWRNHUMHQMHJRYXPHW QLÊNL RSXV QHORáOMLYR ]YH]DQ ] ODVWQLP ]DYHVWQR NRQ VWUXLUDQLP NXOWRP RVHEQRVWL WDNR SROLPRUIHQ GD MH VOHGQMLáGRVWRSHQWDNR]DQHNULWLáQRYHQHUDFLMRNDNRU]D ÊHPDQMNULWLáQRREVRMDQMHLQ]DYUDáDQMH=ERUQLN-RVHSK %HX\V 7KH 5HDGHU L]ÊHO SUL 7KH 0,7 3UHVV O  GRND]XMH LQ VH VRRáD SUDY V WHP WHÌDYQLP SRORÌDMHP REMHNWLYQHJDNULWLáQHJDVRRáHQMD]%HX\VRYRXPHWQRVW QR]DSXÊáLQR3UHMNDNRUSRGYLJ]DFHORYLWR LQNRQáQR RYUHGQRWHQMH%HX\VRYHJD GHOD MH L]GDMD WDNÊQHJD NRP SHQGLMDUD]SUDYR%HX\VRYLXPHWQRVWLÌLYOMHQMX LQGHOX VLPSWRP QMHJRYHJD QHUD]UHÊHQHJD LQ QHPDUD QHUHÊOML YHJDSRORÌDMDYVYHWXXPHWQRVWL =ERUQLN MH ]DVWDYOMHQ NRW L]ERU NOMXáQLK WHNVWRY R %HX\VX LQ UD]OLáQLKYLGLNLKQMHJRYHJDÌLYOMHQMD LQGHOD NL VR MLK Y UD]SRQX ]DGQMLK WULGHVHWLK OHW SULVSHYDOL XJOHGQL DPHULÊNL LQ HYURSVNL XPHWQRVWQL NULWLNL ]JRGR YLQDUML LQ XPHWQLNL WDNR ]DVWDYOMHQ MH KNUDWL SUHJOHG HSLVWHPRORÊNLKLQPHWRGRORÊNLKL]]LYRYLQSDVWLNLMLKMH Y SUHWHNOLK GHVHWOHWMLK %HX\V V VYRMLP GHORP ]DVWDYOMDO VWURNL 8YRGQLEHVHGL$UWKXUMD&'DQWDHPLQHQFLDPHULÊNH HVWHWLÊNH PLVOL NL ORFLUD %HX\VRYR HQLJPR Y QMHJRY HNVFHQWULáQL RVHEQL VWLO VOHGL XUHGQLÊNL XYRGQLN NL SRMDVQMXMH NRPSOHNVHQ ]JRGRYLQVNL NRQWHNVW UD]YRMD NULWLÊNHPLVOLR%HX\VRYHPGHOXRULÊHQMHJRYRGUDVWLáQR UD]OLáQR UHFHSFLMR QD REHK VWUDQHK $WODQWLND NOMXáQR YORJR LQ RPHMLWYH ELRJUDIVNH PHWRGH Y GHNRQVWUXNFLML %HX\VRYHJD PLWRORJL]LUDQHJD VWDWXVD XPHWQLND NXOWXU QR]JRGRYLQVNL NRQWHNVW SRYRMQH 1HPáLMH NL MH JHQH ULUDO SRJRMH ]D DNWXDOL]DFLMR RVHEQRVWQLK LQ XPHWQLÊNLK SUHPLV SUL WHP NOMXáQHP QHPÊNHP XPHWQLNX SR GUXJL VYHWRYQL YRMQL UHFHSFLMR %HX\VD ]QRWUDM IHPLQLVWLáQLK XPHWQLÊNLKNURJRY LWG6 WHPXUHGQLÊNLXYRGQLNQDSRYH ÊHVW YHáMLK WHPDWVNLK VNORSRY Y NDWHUH VR RUJDQL]LUDQH UD]SUDYHY ]ERUQLNX 7L VNORSL VR%HX\V DQG KLV &KDO OHQJHUV  &ULWLFV  3HUVSHFWLYHV %HX\V DQG WKH /LPLWV RI ,FRQRJUDSK\ %HX\V $UW DQG 3ROLWLFV %HX\V DQG 3RVW PRGHUQLVP LQ ,VVXHV RI 5HFHSWLRQ =ERUQLN WDNR WYRUL ÊHVWQDMVW SRPHPEQLK XPHWQRVWQR]JRGRYLQVNLK ÊWXGLM R %HX\VRYL XPHWQRVWL L] REGREMD ]DGQMLK WULGHVHWLK OHW PHG WHPL QHNDM ÌH REMDYOMHQLK LQ ÊLURNRRGPHYQLK  LQ GYD]DSLVD%HX\VRYLKMDYQLKGLVNXVLMNLMLKMHSRO SUDNWLFLUDO NRW UHDOL]DFLMR VYRMH LGHMH R VRFLDOQL VNXOS WXUL NQMLJD VH ]DNOMXáL VSULORJR Ÿ NOMXáQLPL GDWXPL LQ UD]VWDYDPLY%HX\VRYLNDULHUL7DNR]DVWDYOMHQNRPSHQ GLM SRPHPEQLK LQ RáLWQR QDVSURWXMRáLK VL FHOR L]NOMX áXMRáLKVHNULWLÊNLKLQLQWHOHNWXDOQLKVWDOLÊáRSRORÌDMXLQ YUHGQRVWL %HX\VRYH XPHWQLÊNH SUDNVH NL L]SRVWDYOMDMR QMHJRYPDUJLQDOL]LUDQSRORÌDM]QRWUDMDPHULÊNHJDXPHW QRVWQR]JRGRYLQVNHJDGLVNXU]DIXQJLUDNRWVLPSWRPSR WUHEHSR UHDNWXDOL]DFLMLGHEDWHRXPHWQLÊNHPGHOX WHJD DYWRUMDNLMHXVSHOGHVWDELOL]LUDWLLQL]]YDWLNDWHJRULMHNL MLK MH ]D ]DKRGQR PRGHUQR LQ SRVWPRGHUQR XPHWQRVW SRVWXOLUDOD DPHULÊND XPHWQRVWQD ]JRGRYLQD YVH RG ]D áHWNDKODGQHYRMQH 3UYL VNORS UD]SUDY SRG QDVORYRP %HX\V DQG KLV &KDOOHQJHUV  MH SRVYHáHQ EROM DOL PDQM NRQIOLNWQHPX UD]PHUMX %HX\VD GR NOMXáQLK SUHGKRGQLK UHIHUHQF DOL VRGREQLNRYNRQFHSWXDOQHXPHWQRVWL$QWMHYRQ*UDHYH QLW]DQDOL]LUD%HX\VRYRSULODVWLWHYLQVSUHREUQLWHY'XFK DPSRYHJD NRQFHSWD UHDG\PDGHD Y GUXÌEHQRDQJDÌL UDQR YHQGDU DQWURSRORÊNR ]D]QDPRYDQR XPHWQRVW 6WHIDQ *HUPHU LQ 'RURWKHD =ZLUQHU VH Y VYRMLK UD] SUDYDK SRVYHWLWD ]QDPHQLWHPX ]JRGRYLQVNHPX VSRUX PHG0DUFHORP%URRGWKDHUVRP LQ+DQVRP+DDFNHMHP LQ %HX\VRP NL MH SRVWDO UHIHUHQáQD WRáND ]D RáLWNH R %HX\VRYHP QHNULWLáQHP VSUHMHPDQMX LQ SRWUMHYDQMX LQVWLWXFLRQDOQHPRáL VYHWDXPHWQRVWL NLMHYáDVXSR] $11$/(6©6HUKLVWVRFLRO©©© 2&(1(5(&(16,21,5(9,(:6Ÿ  QLKÊHVWGHVHWLKLQYVHGHPGHVHWLKOHWLKVWROHWMDSUHG VWDYOMDOD QHYUDOJLáQR WRáNR Y NULWLáQL RSUHGHOLWYL OHYL áDUVNR XVPHUMHQLK NRQFHSWXDOQLK XPHWQLNRY 9LROD 0LFKHO\QDPHQMD VYRMSULVSHYHNYUHGQRWHQMXNRUHVSRQ GHQáQHJD VRGHORYDQMD PHG %HX\VRP LQ DPHULÊNLP XPHWQLNRP-DPHVRP/HH%\DUVRPNLMXUD]NULYDNRWGYH GLDPHWUDOQR QDVSURWQR UD]XPOMHQL SR]LFLML XPHWQLND Y GUXÌEL 'UXJL VNORS UD]SUDY RGSLUD SRQDWLV ]QDPHQLWHJD WHNVWD]ORJODVQHXQLáXMRáHNULWLNHXJOHGQHJDDPHULÊNHJD XPHWQRVWQHJD ]JRGRYLQDUMD LQ NULWLND %HQMDPLQD + %XFKORFKDQD%HX\VRYRGHOR LQSHUVRQRSRPHQOMLYHJD QDVORYD7KH7ZLJKOLJKWRIWKH,GROL]O%XFKORFK Y WHP ÌROáQHP RG]LYX QD %HX\VRYR SUYR VDPRVWRMQR SUHGVWDYLWHY Y ='$ O  Y 0X]HMX *XJJHQKHLP Y 1HZ