%,%/,2*5$),$ (63(&Ì),&$²,%$ &DWiORJRVHSXEOLFDo}HVPRQRJUi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i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|OLFK.DXIPDQQ 6(1$725 IU %$8 XQG :2+181*6:(6(1 /D ([SRVLFLyQ ,QWHUQDFLRQDO GH $UTXLWHFWXUD %HUOtQ 0HPyULD )HY 9HUVmR FDVWHOKDQD 67(51 *PE+ XQG 6(1$725 IU %$8 XQG :2+181*6:(6(1 (GLW ,QWHUQDWLRQDOH %DXDXVVWHOOXQJ %HUOLQ 3URMHFW 5HSRUW %HUOLQ 5HYLVWDV1~PHURVPRQRJUiILFRV $UFKLWHFWXUDO 'HVLJQ Y Q $UFKLWHFWXUDO 5HFRUG MXO SDUFLDOPHQWH PRQRJUiILFR 7KH $UFKLWHFWXUDO 5HYLHZ VHW 7KH $UFKLWHFWXUDO 5HYLHZ DEULO $UTXLWHFWXUDV %LV Q $8 ([WUD (GLWLRQ PDL $9 0RQRJUDILDV Q $9 0RQRJUDILDV Q %DXPHLVWHU Q &DVDEHOOD MXODJR &DVDEHOOD RFW SDUFLDOPHQWH PRQRJUiILFR 'RPXV GH] 'RPXV MXODJR SDUFLDOPHQWH PRQRJUiILFR *$ +RXVHV Q DJR SDUFLDOPHQWH PRQRJUiILFR 6(/(d®262%5($,%$%(5/,0($548,7(726'(67$&$'261(67((678'2 $OJXQV DUWLJRV GRV Q~PHURV PRQRJUiILFRV GH UHYLVWDV H GRV FDWiORJRV DFLPD FLWDGRV VmR UHSHWLGRV QHVWD OLVWD SRU WHUHP VLGR HVSHFLDOPHQWH LPSRUWDQWHV QD UHGDom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i FKH FDPELDQR ² %HUOLQR 0LODQR -DFD %RRN &$3(==872 5LWD ,WLQHUDULR ,%$ H %HUOLQR 'RPXV MXODJR &$3(//$72 *DEULHOH OD PRVWUD GHOOC,%$ GL %HUOLQR 3DUDPHWUR MXO &$3,7(/ $QWyQ 7UDGLFLyQ \ FDPELR HQ OD DUTXLWHFWXUD \ OD FLXGDG GH %HUOtQ (P 99$$ 7UDGLFLyQ \ FDPELR HQ OD DUTXLWHFWXUD GH VHLV FLXGDGHV HXURSpLDV &DWiORJR GD ([SRVLomR 0DGULG &HQWUR &XOWXUDO &RQGH 'XTXH &+$6/,1 )UDQo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± LO FRPSOHVVR GHO :LVVHQVFKDIV]HQWUXP D %HUOLQR GL 6WLUOLQJ /RWXV Q '$9(< 3HWHU &/(//$1' 'RXJODV %HUOLQ 2ULJLQV WR ,%$ 7KH $UFKLWHFWXUDO 5HYLHZ DEULO '$9(< 3HWHU 8QJHUV 7KH $UFKLWHFWXUDO 5HYLHZ MXQ '( 0,&+(/,6 0DUFR ,O PLWR GHOOD )HQLFH ,O FDVR GHOOC,%$ D %HUOLQR /RWXV Q DEULO '( 0,&+(/,6 0DUFR 0RGL GL HGLILFD]LRQL PLVWL ±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yQ DUWLILFLDO $UTXLWHFWXUD MDQIHY (,6(10$1 3HWHU 7KH KRXVHV RI PHPRU\ WKH WH[WV RI $QDORJXH (P 5266, $OGR 7KH $UFKLWHFWXUH RI WKH FLW\ &DPEULGJH 0,7 3UHVV (GLomR DPSOLDGD (//,6 :LOOLDP 7\SH DQG &RQWH[W LQ 8UEDQLVP &ROLQ 5RZHCV &RQWH[WXDOLVP 2SSRVLWLRQV Q )(5/(1*$ $OEHUWR 6HOHF $OGR 5RVVL %DUFHORQD (GGHO 6HUEDO )5$03721 .HQQHWK .2/%2:6., 6LOYLD (GLWV 208QJHUV :RUNV LQ 3URJUHVV 1HZ <RUN 5L]]ROL ,$86 ([KLELWLRQ &DWDORJXHV Q )5$03721 .HQQHWK &RVWUXLUH LQ ]RQD GL JXHUUD &DVDEHOOD MXQKR )5(,%(5* -HQV 8Q H[SRVLWLRQ TXL GHYLHQW XQ SURFHVVXV OH FHQWUH GH YLOOH OLHX UpVLGHQWLHO ,%$ %HUOLQ /C$UFKLWHFWXUH G$XMRXUGKXL DEU *$5&Ë$ 9È=48(= &DUORV %HUOtQ 3RWVGDPHU 3ODW] 0HWUySROL \ DUTXLWHFWXUD HQ WUDQVLFLyQ %DUFHORQD )XQGDFLyQ &DMD GH $UTXLWHFWRV *28*+ 3LHUV 7RZQ .ULHU 7KH $UFKLWHFWCV -RXUQDO Q DJR *5$66, *LRUJLR 3URJHWWR SHU /XW]RZSODW] /RWXV Q *5(*277, 9LWWRULR 0XUL LQ PDWWRQL H SRUWDOL ± /XW]RZVWUDVVH /RWXV Q *5(*277, 9LWWRULR 2VZDOG 0DWKLDV 8QJHUV /RWXV Q *580%$&+ $QWRLQH 7KH .ULHU %URWKHUV /RWXV Q *5832 & -3.OHLKXHV HQ OD HQFUXFLMDGD GH OD DUTXLWHFWXUD DOHPDQD & &RQVWUXFFLyQ GH OD &LXGDG Q MXQVHW *5832 & &RQYHUVDFLyQ FRQ $OGR 5RVVL & &RQVWUXFFLyQ GH OD &LXGDG Q *5832 & $OGR 5RVVL R OD FRQVWUXFFLyQ GLDOpFWLFD GH OD DUTXLWHFWXUD & &RQVWUXFFLyQ GH OD &LXGDG Q DEU *5832 & $OGR 5RVVL UHDOLGDG \ SUR\HFWR & &RQVWUXFFLyQ GH OD &LXGDG Q GH] *87,e55(= 9LFWRULDQR 6 /D &XOWXUD 8UEDQD GH OD 3RVPRGHUQLGDG $OGR 5RVVL \ VX &RQWH[WR 6HYLOOD$OIDU +$',' =DKD 2IILFH %XLOGLQJ LQ %HUOLQ $$ )LOHV Q +b0(5 +DUGW:DOWKHUU , GRGLFL SULQFLSL GHL ULQQRYDPHQWR XUEDQR 'RPXV MXODJR +$<6 . 0LFKDHO (GLW +HMGXNCV &KURQRWRSH 1HZ <RUN 3ULQFHWRQ $UFKLWHFWXUDO 3UHVV +(-'8. -RKQ %HUOLQ 0DVTXH /RWXV Q +(-'8. -RKQ 5LFRVWUXLUH D %HUOLQR 'RPXV DEU +(-'8. -RKQ 0DVN RI 0HGXVD 1HZ <RUN5L]]ROL +(-'8. -RKQ 2OWUH ³%HUOLQ 0DVTXH´ /RWXV Q +(-'8. -RKQ 2727(PDQ RU ³KH LV P\ UHODWLYH´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p /RWXV Q ./(,+8(6 -RVHI 3DXO (GLOL]LD FKLXVD HG HGLOL]LD DSHUWD /RWXV Q ./(,+8(6 -RVHI 3DXO =HLOH RGHU %ORFN" 1HXH 9HUVXFKH ]XP LQQHUVWlGWLVFKHQ :RKQHQ 1HXH +HLPDW Q YHUVmR LQJOHVD 1HZ DSSURDFKHV WR OLIH LQ WKH LQQHU FLW\ 7KH URZ RU WKH EORFN" $UFKLWHFWXUDO 'HVLJQ Y Q ./(,+8(6 -RVHI 3DXO %HUOLQR HUUDUH SHU QRQ VPDUULUVL (QWUHYLVWD 'RPXV GH] ./(,+8(6 -RVHI 3DXO ./(,+8(6 -RVHI 3DXO 'LH $UFKLWHNWXU GDV ZROOWH LFK VDJHQ EHGDUI XQVHU DOOHU 3IOHJH YHUVm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mR LQJOHVD 6WDWLRQV LQ WKH DUFKLWHFWXUDO KLVWRU\ RI %HUOLQ LQ WKH FHQWXU\ ,%$ $8 ([WUD (GLWLRQ ,%$ ,QWHUQDWLRQDO %XLOGLQJ ([KLELWLRQ %HUOLQJ 0DLR ./(,+8(6 -RVHI 3DXO 'LH $QIlQJH GHU %DXDXVVWHOOXQJ (P 6(1$725 IU %$8 XQG :2+181*6:(6(1 (GLW ,GHH 3UR]HVV (UJHEQLV 'LH 5HSDUDWXU XQG 5HNRQVWUXNWLRQ GHU 6WDGW %HUOLQ )U|OLFK .DXIPDQQ ./(,+8(6 -RVHI 3DXO 'LH 5HNRQVWUXNWLRQ GHU ]HUVW|UWHQ 6WDGW $UFKLWKHVH Q QRYGH] ./(,+8(6 -RVHI 3DXO /CHIIHWR ,%$ $OWUL SURJHWWL EHUOLQHVL /RWXV Q ./(,+8(6 -RVHI 3DXO 8Q QRQOXRJR /RWXV Q ./(,+8(6 -RVHI 3DXO 7KH FULWLFDO UHFRQVWUXFWLRQ RI WKH FLW\ 'RPXV Q MXODJR ./(,+8(6 -RVHI 3DXO 7RZDUGV D SRHWLF UDWLRQDOLVP 'RPXV VHW ./(,+8(6 -RVHI 3DXO 8UEDQLVPR HQ %HUOLQ GHVGH 'H OD GHVWUXFFLyQ D OD FUtWLFD UHFRQVWUXFFLyQ GH OD FLXGDG (P 99$$ 7UDGLFLyQ \ FDPELR HQ OD DUTXLWHFWXUD GH VHLV FLXGDGHV HXURSpLDV &DWiORJR GD ([SRVLomR 0DGULG &HQWUR &XOWXUDO &RQGH 'XTXH ./(,+8(6 -RVHI 3DXO 5$7+%(5*(5 &KULVWLQD (GLWV %HUOLQ ² 1HZ <RUN /LNH DQG XQOLNH 1HZ <RUN 5L]]ROL .2//+2)) +DQV /CXOWLPR FRQFRUVR ,%$ D %HUOLQR ± L SDUDGRVVL GHOODYDQJXDUGLD &DVDEHOOD GH] .2//+2)) +DQV 0$7(2 -RVHS /OXtV (QWUHYLVWD %HUOtQ &UzQLFD GCXQ IUDFjV 4XDGHUQV Q .2(1,* *LRYDQQL . 8OWLPH DGGL]LRQL EHUOLQHVL 2WWDJRQR Q MXQ .22/+$$6 5HP (QWUHYLVWD /C$UFKLWHFWXUH GC$XMRXUGCKXL DEU .22/+$$6 5HP %HUOLQWKH 0DVVDFUH RI ,GHDV ± DQ RSHQ OHWWHU WR WKH MXU\ RI 3RWVGDPHU 3ODW] &DUWD SXEOLFDGD QR MRUQDO )UDQNIXUWHU $OOJHPHLQH =HLWXQJ HP (P 99$$ 3ROLWLFV3RHWLFV 'RFXPHQWD ; ² 7KH ERRN .DVVHO &DQW] .5,(5 /HRQ 2UJ 5DWLRQDO $UFKLWHFWXUH 5DWLRQQHOOH ² /D 5HFRQVWUXFWLRQ GH OD 9LOOH (XURSpHQQH %UX[HODV $UFKLYHV GC$UFKLWHFWXUH 0RGHUQH .5,(5 /HRQ 4XDUWD OH]LRQH $QDOLVL H SURJHWWR GHOOCLVRODWR XUEDQR WUDGL]LRQDOH /RWXV Q MXQKR .5,(5 /HRQ &8/27 0DXULFH &RQWUHSURMHWV %UX[HODV $UFKLYHV GC$UFKLWHFWXUH 0RGHUQH .5,(5 /HRQ 3HU LO 7LHUJDUWHQ /RWXV Q .5,(5 /HRQ )RUZDUG &RPUDGHV :H PXVW JR EDFN 2SSRVLWLRQV Q .5,(5 /HRQ %HUOLQ 7HJHO $UFKLWHFWXUDO 'HVLJQ Q .5,(5 /HRQ 7UDGLWLRQ ± 0RGHUQLW\ ± 0RGHUQLVP VRPH QHFHVVDU\ H[SODQDWLRQV $UFKLWHFWXUDO 'HVLJQ Y Q .5,(5 5RE 6WDGWUDXP LQ 7KHRULH XQG 3UD[LV 6WXWWJDUW YHUVmR FDVWHOKDQD (O HVSDFLR XUEDQR %DUFHORQD *XVWDYR *LOL .5,(5 5RE 7\SRORJLFDO DQG PRUSKRORJLFDO HOHPHQWV RI WKH FRQFHSW RI XUEDQ VSDFH $UFKLWHFWXUDO 'HVLJQ Y .5,(5 5RE %HUOLQR )ULHGULFKVWDGW PHULGLRQDOH /RWXV Q .5,(5 5RE %HUOLQR &LW\ GLYLGHG LQWR EXLOGLQJ SORWV /RWXV Q .5,(5 5RE 'ZHOOLQJ RQ WKH 5LWWHUVWUDVVH *$ +RXVHV RXW .5,(5 5RE (OHPHQWV RI $UFKLWHFWXUH $UFKLWHFWXUDO 'HVLJQ .5,(5 5RE 2Q $UFKLWHFWXUH /RQGUHV $FDGHP\ (GLWLRQV YHUVmR FDVWHOKDQD 6REUH OD DUTXLWHFWXUD %DUFHORQD*XVWDYR *LOL .5,(5 5RE /H FDVL GL 5DXFKVWUDVVH ± XQH TXDUWLHUL UHVLGHQ]LDOH EHUOLQHV /RWXV Q .5,(5 5RE )UDJPHQWHU OD FRPPDQGH HW SURPRXYRLU OD SOXUDOLWp %XOOHWLQ GC,QIRUPDWLRQV $UFKLWHFWXUDOHV ± %HUOLQ 3DULV ,QVWLWXW )UDQoDLV GC$UFKLWHFWXUH .5,(5 5RE $UFKLWHFWXUH DQG 8UEDQ 'HVLJQ /RQGRQ $FDGHP\ (GLWLRQV $UFKLWHFWXUDO PRQRJUDSKV Q -$0(6 :DUUHQ &ROLQ 5RZH DQG WKH %XWWHUIO\ (IIHFW 3URJUHVVLYH $UFKLWHFWXUH MXO -2+1621 (XJHQH - (GLW &KDUOHV 0RRUH ² %XLOGLQJV DQG 3URMHFWV 1HZ <RUN5L]]ROL /$'' %ULDQ 7KH *KRVWV RI %HUOLQ &RQIURQWLQJ JHUPDQ KLVWRU\ LQ WKH XUEDQ ODQGVFDSH &KLFDJR 8QLYHUVLW\ RI &KLFDJR 3UHVV /$038*1$1, 9LWWRULR 0 (O KRUL]RQWH GHO SDVDGR )ULHGULFKVWDGW VXU XQ SRVLEOH PRGHOR HQ OD E~VTXHGD GH QXHYRV YDORUHV DUTXLWHFWyQLFRV $UTXLWHFWXUDV %LV DEULOMXQLR 3XEOLFDGR HP %$8$8667(//81* %(5/,1 *PE+ ,QWHUQDWLRQDOHU HQJHUHU :HWWEHZHUE %HUOLQ 6GOLFKH )ULHGULFKVWDGW .RFKVWUDVVH)ULHGULFKVWUDVVH %HUOLQ /$038*1$1, 9LWWRULR 0 /¶,%$ HVWHOOH DVVH] UDGLFDOH" /¶$UFKLWHFWXUH G¶$XMRXUG¶KXL IHY /$038*1$1, 9LWWRULR 0 7KH RULJLQ RI WUXWK 5HIOHFWLRQV RQ WKH QHZ KLVWRULFLVP LQ DUFKLWHFWXUH -DPHV 6WLUOLQJCV 6FLHQFH &HQWUH IRU %HUOLQ $UFKLWHFWXUDO 'HVLJQ Q /$038*1$1, 9LWWRULR 0 /XWRSLD DVVHQWH )UDPPHQWL SHU XQD VWRULD FULWLFD &DVDEHOOD Q MDQIHY /$038*1$1, 9LWWRULR0 7KH JHVWXUH DQG LWV VKDGRZ $8 IHY /$038*1$1, 9LWWRULR 0 7KH LQFRPSUHKHQVLEOH EDVLV RI UHDOLW\ $8 RXW /$038*1$1, 9LWWRULR 0 7KH ³]HUR KRXU´ UHFRQVWUXFWLRQ¶V JRDOV DQG SUHPLVHV 'RPXV MXODJR /$038*1$1, 9LWWRULR 0 /D ULFRVWUX]LRQH LPSRVLELOH 'RPXV MXODJR /$038*1$1, 9LWWRULR 0 &LWWj H XWRSLD ,QWHUYLVWD D :ROI -REVW 6LHGOHU 'RPXV MXODJR /$038*1$1, 9LWWRULR 0 /D FLXGDG GH OD WROHUDQFLD 6REUH OD FRQVWUXFFLyQ GHO SUHVHQWH $9 0RQRJUDILDV Q /$038*1$1, 9LWWRULR 0 8QD QXHYD VLPSOLFLGDG 5HIOH[LRQHV DQWH HO FDPELR GH 0LOHQLR $9 0RQRJUDILDV Q QRYGH] /,1'(5 0DUN )URP SLFWRULFDO LPSURSULHW\ WR VHDPLQJ GLIIHUHQFH $1< Q /29(52 3DVTXDOH $OV RE $QPHUNXQJHQ ]XP 3URJUDPP GHU ,%$ (P /$038*1$1, 9LWWRULR 0DJQDQR (GLW ,QWHUQDWLRQDOH %DXDXVVWHOOXQJ %HUOLQ 'RNXPHQWH XQG 3URMHNWH 'LH 1HXEDXJHELHWH %G , 0RGHOOH IU HLQH 6WDGW %HUOLQ 6LHGOHU YHUVmR LWDOLDQD ³&RPH VH´ 3DUDPHWUR PDLR /<11 *UHJ 1HZ YDULDWLRQV RQ WKH 5RZH FRPSOH[ $1< Q 0$&.$< 'DYLG /HDUQLQJ DQG 6WLUOLQJ 7KH $UFKLWHFWXUDO 5HYLHZ PDU 0$&.$< 'DYLG )LWWLQJ LQ %HUOLQ 7KH $UFKLWHFWXUDO 5HYLHZ PDU 0$/'21$'2 7RPiV %HUOLQR " &DVDEHOOD MXODJR 0$7+(:621 &DVH\ & 0 6RPH %LJ 1DPHV 6KRZ 7KHLU 6WXII DW %HUOLQ¶V ,%$ $UFKLWHFWXUH VHW 0(/,6 3DROR /CHVSHULHQ]D GHO SDVVDWR 'RPXV GH] 0(6(&.( $QGUHD 6&+((5 7KRUVWHQ (GLWV -RVHS 3DXO .OHLKXHV 7KHPHV DQG 3URMHFWV %DVHO %LUNKlXVHU 021(2 5DIDHO $OGR 5RVVL 7KH ,GHD RI $UFKLWHFWXUH DQG WKH 0RGHQD &HPHWHU\ 2SSRVLWLRQV Q 0225( &KDUOHV 6FKLQFNHOCV )UHH 6W\OH 3DYLOLRQ DQG WKH %HUOLQ 7HJHOHU +DIHQ 6FKHPH $UFKLWHFWXUDO 'HVLJQ Q 0225( &KDUOHV ³FRPSOH[LW\ EHFRPHV WKH RUGHU RI WKH GD\´ $UFKLWHFWXUH PDL 0225( &KDUOHV $//(1 *HUDUG 'LPHQVLRQV VSDFH VKDSH DQG VFDOH LQ DUFKLWHFWXUH 1HZ <RUN $UFKLWHFWXUDO 5HFRUG %RRNV YHUVmR FDVWHOKDQD 'LPHQVLRQHV GH OD $UTXLWHFWXUD %DUFHORQD*XVWDYR *LOL 0225( &KDUOHV %/220(5 .HQW & &XHUSR 0HPRULD \ $UTXLWHFWXUD 0DGULG +%OXPH 12(%(/ :DOWHU $ 8QD PRVWUD H XQ OLEUR GL 208QJHUV &DVDEHOOD RXW 20$ %HUOLQ &KHFNSRLQW &KDUOLH /C$UFKLWHFWXUH G$XMRXUGCKXL VHW 3(3&+,16., 0DU\ & 3HUVSHFWLYHV 5HSRUW IURP %HUOLQ 3URJUHVVLYH $UFKLWHFWXUH QRY 3(3&+,16., 0DU\ & %HUOLQ :LQ IRU $OGR 5RVVL 3URJUHVVLYH $UFKLWHFWXUH Q 3(3&+,16., 0DU\ & 20$CV %HUOLQ KRXVLQJ FRQIURQWHG E\ FKDQJH 3URJUHVVLYH $UFKLWHFWXUH GH] 3(3&+,16., 0DU\ & *LUDQGR HQ HO FtUFXOR FUHVFLHQWH R GLVHxDQGR %HUOtQ GHVSXpV GHO 0XUR (P 99$$ 7UDGLFLyQ \ FDPELR HQ OD DUTXLWHFWXUD GH VHLV FLXGDGHV HXURSpLDV &DWiORJR GD ([SRVLomR 0DGULG &HQWUR &XOWXUDO &RQGH 'XTXH 3(7(56 3DXOKDQV 0L[HG 5HYLHZV IRU %HUOLQ¶V ,QWHUQDWLRQDO %XLOGLQJ ([KLELWLRQ $UFKLWHFWXUH VHW 3(5(=*20(= $OEHUWR 7KH UHQRYDWLRQ RI WKH ERG\ -RKQ +HMGXN WKH FXOWXUDO UHOHYDQFH RI WKHRUHWLFDO SURMHFWV $$ )LOHV Q 32/ )UDQFHVFR (GLW /D FLXGDG FRPR SUR\HFWR 5HFXSHUDFLyQ WUDQVIRUPDFLyQ LQQRYDFLyQ HQ ORV FHQWURV KLVWRULFRV HXURSHXV (G 8QLYHUVLGDG ,QWHUQDFLRQDO 0HQpQGH] 3HOD\R 32572*+(6, 3DROR 4XDOLW\ YV 4XDQWLW\ &RQYHUVDWLRQ ZLWK 3DROR 3RUWRJKHVL DERXW WKH ,%$ %HUOLQ DQG WKH UHFRQVWUXFWLRQ RI WKH FLW\ 'RPXV GH] 5266, $OGR /D $UFKLWHWWXUD GHOOD &LWWj 3DGRYD 0DUVLOLR YHUVmR FDVWHOKDQD /D $UTXLWHFWXUD GH OD &LXGDG %DUFHORQD *XVWDYR *LOL 5266, $OGR (GLW $UFKLWHWWXUD 5D]LRQDOH ² ;9 7ULHQQDOH GL 0LODQR 6H]LRQH ,QWHUQD]LRQDOH GL $UFKLWHWWXUD 0LODQR)UDQFR $QJHOL 5266, $OGR 8Q JLRYDQH DUFKLWHWWR WHGHVFR 2VZDOG 0DWKLDV 8QJHUV &DVDEHOOD RXW 5266, $OGR 3HUFKp KR IDWWR OD PRVWUD GL DUFKLWHWWXUD DOOD WULHQQDOH &RQWURVSD]LR GH] 5266, $OGR 3DUD XQD DUTXLWHFWXUD GH WHQGHQFLD (VFULWRV %DUFHORQD*XVWDYR *LOL 5266, $OGR /D DUTXLWHFWXUD DQDORJD & &RQVWUXFFLyQ GH OD &LXGDG Q DEU 5266, $OGR /D FLWWj DQDORJD WDYROD /RWXV Q GH] 5266, $OGR (QWUHWLHQ DYHF $OGR 5RVVL /C$UFKLWHFWXUH GC$XMRXUGCKXL Q DEU 5266, $OGR &DQVDGR GH JORULD (QWUHYLVWD D 'LDQD $JUHVW 6XPPD Q 5266, $OGR $XWRELRJUDILD &LHQWtILFD %DUFHORQD *XVWDYR *LOL 5266, $OGR +RXVLQJ LQ %HUOLQ $8 PDUoR 5266, $OGR %UDJKLHUL *LDQQL &DVD GL PDWWRQL VHJQDWD GD ILQHVWUH /RWXV Q 5266, $OGR /¶$UFKLWHWWXUD GL %HUOLQR 'RPXV Q VHW 5266, $OGR (GLILFLR UHVLGHQ]LDOH 6GOLFKH )ULHGULFKVWDGW %HUOLQR 'RPXV VHW 5266, $OGR 6H JXDUGR TXHVWL XOWLPL SURJHWWL /RWXV Q 52:( &ROLQ ,QWURGXFWLRQ )LYH $UFKLWHFWV 1HZ <RUN 0R0$ 52:( &ROLQ 0DQLHULVPR $UTXLWHFWXUD 0RGHUQD \ 2WURV (QVD\RV %DUFHORQD *XVWDYR *LOL 52:( &ROLQ ,QWURGXFWLRQ (P .5,(5 5RE 8UEDQ 6SDFH 1HZ <RUN 5L]]ROL 52:( &ROLQ 3DVVHJJLDWH EHUOLQHVL &DVDEHOOD Q MDQIHY 52:( &ROLQ .2(77(5 )UHG &ROODJH &LW\ &DPEULGJH 0,7 3UHVV YHUVmR FDVWHOKDQD &LXGDG &ROODJH %DUFHORQD *XVWDYR *LOL 52:( &ROLQ &RPPHQWV RQ WKH ,%$ 3URSRVDOV $UFKLWHFWXUDO 'HVLJQ Y Q 52:( &ROLQ =HQWUDOHU %HUHLFK 7KH $UFKLWHFWXUDO 5HYLHZ VHW 52:( &ROLQ ,%$ 5RZH 5HIOHFWV 7KH $UFKLWHFWXUDO 5HYLHZ VHW 52:( &ROLQ 'HVSXpV GH TXp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yQ GH OD &LXGDG Q RFW 6&+g1,1* 3DVFDO %HUOLQ $$ )LOHV Q 6&+527+ 6WHSKDQ $ SODFH LQ %HUOLQ 7KH $UFKLWHFWXUDO 5HYLHZ GH] 6&8//< 9LQFHQW 3RVWFULSW LGHRORJ\ LQ )RUP (P 5266, $OGR $ 6FLHQWLILF $XWRELRJUDSK\ &DPEULGJH 0,7 3UHVV 6&8//< 9LQFHQW $OGR 5RVVL DUFKLWHFW RI ORYH DQG PHPRU\ $UFKLWHFWXUDO 'LJHVW RXW 6+$3,52 'DYLG $Q LQWURGXFWLRQ WR -RKQ +HMGXNCV ZRUNV 6XUJLFDO $UFKLWHFWXUH $8 MDQ 6,('/(5 :ROI -REVW 'RSR OC,%$ &DVDEHOOD RXW 6,('/(5 :ROI -REVW (QWUHYLVWD &LWWj H XWRSLD 'RPXV MXODJR 62/¬025$/(6 ,JQDVL 'HO REMHWR D OD GLVSHUVLyQ $UTXLWHFWXUD DUWLILFLDOLV $UTXLWHFWXUDV %LV Q GH] 62/¬025$/(6 ,JQDVL 1HR5DWLRQDOLVP )LJXUDWLRQ $UFKLWHFWXUDO 'HVLJQ Q 62/¬025$/(6 ,JQDVL +DFHU OD FLXGDG KDFHU OD DUTXLWHFWXUD (P '(7+,(5 -HDQ*8,+(8; $ODLQ (GLWV 9LVLRQHV XUEDQDV (XURSD /D FLXGDG GHO DUWLVWD OD FLXGDG GHO DUTXLWHFWR 0DGULG (OHFWD 6202/ 5( 2XEOLHU 5RZH $1< Q 67,5/,1* -DPHV :,/)25' 0LFKDHO 6FLHQFH &HQWUH %HUOLQ $UFKLWHFWXUDO 'HVLJQ 67,5/,1* -DPHV :LVVHQVFKDIW]HQWUXP $8 QRY 81*(56 2VZDOG 0 *,(6(/0$11 5HLQKDUG =X HLQHU QHXHQ $UFKLWHNWXU 'HU 0RQDW PDUoR YHUVmR FDVWHOKDQD 3DUD XQD QXHYD DUTXLWHFWXUD (P &215$'6 8OULFK (GLW 3URJUDPDV \ 0DQLILHVWRV GH OD $UTXLWHFWXUD GHO VLJOR ;; %DUFHORQD /XPHQ 81*(56 2VZDOG 0 7KH &LW\ DV :RUN RI $UW (P 2&.0$1 -RDQ $UFKLWHFWXUH &XOWXUH 1HZ <RUN &ROXPELD 8QLYHUVLW\5L]]ROL 81*(56 2VZDOG 0 ,QVHJQDPHQWR VYLOXSSR H ULFHUFD &DVDEHOOD Q 81*(56 2VZDOG 0 &ULWHUL GL SURJHWWD]LRQH /RWXV Q 81*(56 2VZDOG 0 'HVLJQLQJ DQG WKLQNLQJ LQ LPDJHV PHWDSKRUV DQG DQDORJLHV (P 0DQ WUDQV IRUPV 1HZ <RUN &DWiORJR GD H[SRVLomR 81*(56 2VZDOG 0 8Q YRFDERODULR /RWXV Q 81*(56 2VZDOG 0 'LH 6WDGW LQ GHU 6WDGW %HUOLQ GDV JUQH 6WDGWDUFKLSHO 3URSRVWD DSUHVHQWDGD HP QD %HUOLQHU 6RPPHUDNDGHPLH IU $UFKLWHNWXU UHDOL]DGD QR ,'= ± ,QWHUQDWLRQDOH 'HVLJQ =HQWUXP HP FRODERUDomR FRP D 8QLYHUVLGDGH GH &RUQHOO YHUVmR LWDOLDQD /D FLWWi QHOOD FLWWi /RWXV Q 81*(56 2VZDOG 0 .2//+2)) +DQV 29$6.$ $UWKXU $ 7KH 8UEDQ *DUGHQ 6WXGHQW 3URMHFWV IRU WKH 6GOLFKH )ULHGULFKVWDGW %HUOLQ 6XPPHU $FDGHP\ IRU $UFKLWHFWXUH C %HUOLQ .|OQ 6WXGLR 3UHVV IRU $UFKLWHFWXUH 81*(56 2VZDOG 0 +RWHO %HUOLQ +DUYDUG $UFKLWHFWXUH 5HYLHZ Q 81*(56 2VZDOG 0 )$6.(/ %HUQG * )ULHGULFKYRUVWDGW 3ODQXQJVVWXGLH XQG %HEDXXQJVYRUVFKODJ %HUOLQ 81*(56 2VZDOG 0 8QH PRGp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² :HUNH XQG :LUNXQJHQ %HUOLQ &DWiORJR GD ([SRVLomR YHUVmR LWDOLDQD &LQTXH LQVHJQDPHQWL GDOOCRSHUD GL 6FKLQNHO (P 208QJHUV $UFKLWHWWXUD 0LODQR(OHFWD 81*(56 2VZDOG 0 ,O GLULWWR GHOOCDUFKLWHWWXUD D XQ OLQJXDJJLR DXWRQRPR (P /D SUHVHQ]LD GHO SDVDWR 3ULPD PRVWUD LQWHUQD]LRQDOH GL DUFKLWHWWXUD 9HQH]LD &DWiORJR GD ([SRVLom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j H ULIRQGD]LRQH 5RPD2IILFLQD (GL]LRQL %,%/,2*5$),$*(5$/ $'2512 7KHRGRU )XQFWLRQDOLVP 7RGD\ 2SSRVLWLRQV Q $1'(5621 6WDQIRUG 7KH ILFWLRQ RI IXQFWLRQ $VVHPEODJH Q IHY $1'(5621 6WDQIRUG (GLW 2Q 6WUHHWV &DPEULGJH 0,7 3UHVV $5*$1 *LXOLR &DUOR 6WRULD GHOOCDUWH FRPH VWRULD GHOOD FLWWj (GLWRUL 5LXQLWL YHUVmR SRUWXJXHVD +LVWyULD GD DUWH FRPR KLVWyULD GD FLGDGH 6mR 3DXOR 0DUWLQV )RQWHV $<021,12 &DUOR ,O VLJQLILFDWR GHOOD FLWWi 5RPD%DUL /DWHU]D %$8'5,//$5' -HDQ &XOWXUD \ 6LPXODFUR %DUFHORQD.DLUyV %2+,*$6 2ULRO &RQWUD XQD DUTXLWHFWXUD DGMHWLYDGD %DUFHORQD 6HL[ %DUUDO %21)$17, (]LR $XWRQRPLD GHOOCDUFKLWHWWXUD &RQWURVSD]LR MXQ %52$'%(17 *HRIIUH\ (PHUJLQJ FRQFHSWV LQ XUEDQ VSDFH GHVLJQ 1HZ <RUN 9DQ 1RVWUDQG 5HLQKROG %8&+$1$1 3HWHU 2K 5DWV 5DFLRQDOLVP DQG 0RGHUQLVP 7KH $UFKLWHFWXUDO 5HYLHZ DEU &$68/2 1LFROiV&RPS (O GHEDWH PRGHUQLGDG ² SRVPRGHUQLGDG %XHQRV $LUHV 3XQWRVXU &+2$< )UDQoRLVH /C8UEDQLVPH 8WRSLHV HW UHiOLWpV 8QH DQWRORJLH eGLWLRQV GX 6HXLO YHUVmR SRUWXJXHVD 2 8UEDQLVPR 6mR 3DXOR 3HUVSHFWLYD &+2$< )UDQoRLVH 1XHYD %DEHO (O UHLQR GH OR XUEDQR \ OD PXHUWH GH OD FLXGDG $UTXLWHFWXUD 9LYD Q PDUDEU &2/48+281 $ODQ 0RGHUQLW\ DQG WKH &ODVVLFDO 7UDGLWLRQ $UFKLWHFWXUDO (VVD\V &DPEULGJH 0DVV 0,7 3UHVV YHUVmR FDVWHOKDQD 0RGHUQLGDG \ WUDGLFLyQ FOiVLFD 0DGULG -~FDU 8QLYHUVLGDG (,6(10$1 3HWHU 3RVWIXQFWLRQDOLVP 2SSRVLWLRQV Q (,6(10$1 3HWHU 7KH HQG RI WKH FODVVLFDO WKH HQG RI WKH EHJLQQLQJ WKH HQG RI WKH HQG 3HUVSHFWD Q )267(5 +DO (GLW 3RVWPRGHUQ &XOWXUH ,QJODWHUUD %D\ 3UHVV )28&$8/7 0LFKHO /C$UFKpRORJLH GX VDYRLU 3DULV *DOOLPDUG YHUVmR SRUWXJXHVD $ $UTXHRORJLD GR 6DEHU /LVERD9R]HV )5$03721 .HQQHWK 0RGHUQ DUFKLWHFWXUH D FULWLFDO KLVWRU\ /RQGUHV 7KDPHV DQG +XGVRQ YHUVmR FDVWHOKDQD +LVWRULD FUtWLFD GH OD DUTXLWHFWXUD PRGHUQD %DUFHORQD *XVWDYR *LOL (GLom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mR FDVWHOKDQD (O WHUULWRULR GH OD DUTXLWHFWXUD %DUFHORQD *XVWDYR *LOL +$%(50$6 -UJHQ $UTXLWHWXUD 0RGHUQD H SyV0RGHUQD 1RYRV (VWXGRV &(%5$3 VHW +$%(50$6 -UJHQ 0RGHUQLGDG XQ SUR\HFWR LQFRPSOHWR ,Q &$68//2 1LFROiV &RPS (O 'HEDWH 0RGHUQLGDG 3yVPRGHUQLGDG %XHQRV $LUHV3XQWRVXU +$59(< 'DYLG 7KH &RQGLWLRQ RI 3RVWPRGHUQLW\ $Q (QTXLU\ LQWR WKH RULJLQV RI &XOWXUDO &KDQJH 2[IRUG %DVLO %ODFNZHOO YHUVmR SRUWXJXHVD $ &RQGLomR 3yV0RGHUQD 6mR 3DXOR /R\ROD +(5(8 3HUH 0217$1(5 -RVHS 0DULD 2/,9(5$6 -RUGL 7H[WRV GH DUTXLWHFWXUD GH OD PRGHUQLGDG 0DGULG1HUHD ,%(/,1*6 +DQV 6XSHUPRGHUQLVPR $UTXLWHFWXUD HQ OD HUD GH OD JOREDOL]DFLyQ %DUFHORQD*XVWDYR *LOL ,62=$., $UDWD :KHQ WKH .LQJ ZDV .LOOHG *$ 'RFXPHQW VSHFLDO LVVXH Q -$&2%6 -DQH 'HDWK DQG OLIH RI JUHDW DPHULFDQ FLWLHV 1HZ <RUN 5DQGRP +RXVH YHUVmR FDVWHOKDQD 0XHUWH \ YLGD GH ODV JUDQGHV FLXGDGHV DPHULFDQDV %DUFHORQD 3HQtQVXOD -$0(621 )UHGULF 3RVWPRGHUQLVP RU WKH FXOWXUDO ORJLF RI ODWH FDSLWDOLVP 2[IRUG 1HZ /HIW 5HYLHZ YHUVmR FDVWHOKDQD (O SRVPRGHUQLVPR R OD ORJLFD FXOWXUDO GHO FDSLWDOLVPR DYDQ]DGR %DUFHORQD 3DLGy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mR SRUWXJXHVD $ (VWUXWXUD GDV 5HYROXo}HV &LHQWtILFDV 6mR 3DXOR 3HUVSHFWLYD .8+1 7KRPDV 6 /DV UHODFLRQHV GH OD FLHQFLD FRQ HO DUWH (P /D WHQVLyQ HVVHQFLDO HVWXGLRV VHOHFWRV VREUH OD WUDGLFLyQ \ HO FDPELR HQ HO DPELWR GH OD FLHQFLD 0H[LFR)RQGR GH FXOWXUD HFRQRPLFD /$.$726 ,PUH 2 IDOVHDPHQWR H D PHWRGRORJLD GRV SURJUDPDV GH SHVTXLVD FLHQWtILFD (P /$.$726 ,PUH 086*5$9( $ODQ (GLW $ FUtWLFD H R GHVHQYROYLPHQWR GR FRQKHFLPHQWR 6mR 3DXOR &XOWUL[ /$1'$8 5R\VWRQ 1RWHV RQ WKH FRQFHSW RI DQ DUFKLWHFWXUDO SRVLWLRQ $$ )LOHV Q /,(5185 -RUJH ¢3RVW" 0RGHUQLVPR 6XPPD Q PDU /<1&+ .HYLQ 7KH ,PDJH RI WKH FLW\ &DPEULGJH 0,7 3UHVV YHUVmR SRUWXJXHVD $ ,PDJHP GD FLGDGH 6mR 3DXOR 0DUWLQV )RQWHV /<27$5' -HDQ)UDQoRLV /D &RQGLWLRQ 3RVWPRGHUQH 3DULV 0LQXLW YHUVmR SRUWXJXHVD $ FRQGLomR SyVPRGHUQD /LVERD *UDGLYD 0$57Ë $5Ë6 &DUORV /DV YDULDFLRQHV GH OD LGHQWLGDG (QV\R VREUH HO WLSR HQ DUTXLWHFWXUD %DUFHORQD &2$&(G GHO 6HUEDO 0F/(2' 0DU\ $UFKLWHFWXUH DQG SROLWLFV LQ WKH 5HDJDQ HUD IURP SRVWPRGHUQLVP WR GHFRQVWUXFWLYLVP $VVHPEODJH Q 0$/'21$'2 7RPiV ,O IXWXUR GHOOD PRGHUQLWi 0LODQR )HOWULQHOOL 0$5&+È1 ),= 6LPyQ (QWUH HO RUGHQ \ OD GLVHPLQDFLyQ $UTXLWHFWXUD Q 021(2 5DIDHO (QWUDGRV \D HQ HO XOWLPR FXDUWR GH VLJOR $UTXLWHFWXUDV %LV Q 0217$1(5 -RVHS 0DULD (GLW /D FULVL GHO PRYLPHQW PRGHUQ 4HVWLRQV GCDUTXLWHFWXUD FRQWHPSRUjQLD %DUFHORQD %DUFDQRYD 0217$1(5 -RVHS 0DULD 'HVSXpV GHO 0RYLPLHQWR 0RGHUQR $UTXLWHFWXUD GH OD 6HJXQGD 0LWDG GHO 6LJOR ;; %DUFHORQD *XVWDYR *LOL 0217$1(5 -RVHS 0DULD /D PRGHUQLGDG VXSHUDGD $UTXLWHFWXUD DUWH \ SHQVDPLHQWR GHO VLJOR ;; %DUFHORQD *XVWDYR *LOL 08f2= 0DULD 7HUHVD 6REUH HO UHDOLVPR HQ DUTXLWHFWXUD $UTXLWHFWXUDV %LV Q 1(6%,7 .DWH 7KHRUL]LQJ D QHZ DJHQGD IRU DUFKLWHFWXUH $Q DQWKRORJ\ RI DUFKLWHFWXUDO WKHRU\ 3ULQFHWRQ $UFKLWHFWXUDO 3UHVV 1,&2/,1 3LHUOXLJL ,O JLRFR GHOOH SDUWL /RWXV Q 1,&2/,1 3LHUOXLJL 1XRYH LQTXLVL]LRQL VXOOCDUFKLWHWWXUD ± GDO SOXUDOLVPR DOOD QDUUDWLYLWj /RWXV Q 1,&2/,1 3LHUOXLJL $OWUH DFTXLVL]LRQL /RWXV Q 1,&2/,1 3LHUOXLJL $UFKLSHODJR /RWXV Q 125%(5*6&+8/= &KULVWLDQ ,O FRQFHWWR GH OXRJR &RQWURVSD]LR MXQ 125%(5*6&+8/= 7KH WZR IDFHV RI 3RVW0RGHUQLVP $UFKLWHFWXUDO 'HVLJQ Q 2&.0$1 -RDQ 7KH PRVW LQWHUHVWLQJ IRUP RI OLH 2SSRVLWLRQV Q 2&.0$1 -RDQ (GLW $UFKLWHFWXUH &ULWLFLVP ,GHRORJ\ 3ULQFHWRQ $UFKLWHFWXUDO 3UHVV 27;2725(1$ -XDQ 0 /D OyJLFD GHO SRVW $UTXLWHFWXUD \ FXOWXUD GH OD FULVLV 9DOODGROLG 8QLYHUVLGDG GH 9DOODGROLG 3$3$'$.,6 $QGUHDV :$7621 +DUULHW 1HZ &ODVVLFLVP /RQGRQ$FDGHP\ (GLWLRQV 3(5(= *20(= $OEHUWR /D JHQHVLV \ VXSHUDFLyQ GHO IXQFLRQDOLVPR HQ DUTXLWHFWXUD 0H[LFR/LPXVD 3(7(5621 6WHYHQ . 6SDFH DQG DQWLVSDFH 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ Q 32572*+(6, 3DROR 'RSR OCDUFKLWHWWXUD PRGHUQD *LXV /DWHU]D )LJOL 6SD YHUVmR SRUWXJXHVD 'HSRLV GD DUTXLWHWXUD PRGHUQD 6mR 3DXOR 0DUWLQV )RQWHV 32572*+(6, 3DROR 9HQLFH %LHQDO 'LVFXVVLRQ $UFKLWHFWXUDO 'HVLJQ Q 528$1(7 6HUJLR 3DXOR $V 5D]}HV GR ,OXPLQLVPR 6mR 3DXOR &RPSDQKLD GDV /HWUDV 6&277 %52:1 'HQLVH /HDUQLQJ IURP 3RS &DVDEHOOD Q PDLMXQ 6(./(5 (GXDUG )RUPDOLVP DQG WKH 3ROHPLFDO 8VH RI +LVWRU\ 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ YRO 6,/9(77, -RUJH 2Q UHDOLVP LQ $UFKLWHFWXUH 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ YRO 6,77( &DPLOR 'HU 6WlGWHEDX QDFK VHLQHQ .QVWOHULFKHQ *UXQGVlW]HQ 9LHQD YHUVmR FDVWHOKDQD &RQVWUXFFLyQ GH ODV FLXGDGHV VHJ~Q SULQFLSLRV DUWtVWLFRV %DUFHORQD &DQRVD 62/¬025$/(6 ,JQDVL 5LJRULVPR FULWLFR $UTXLWHFWXUD Q 62/¬025$/(6 ,JQDVL 8VR \ DEXVR GH OD FLXGDG KLVWyULFD /D 9LOOD 2OLPSLFD GH %DUFHORQD $9 0RQRJUDILDV Q 62/¬025$/(6 ,JQDVL 7HUULWRULR FRQVWUXLGR /D FLXGDG GHVGH OD DUTXLWHFWXUD $UTXLWHFWXUD 9LYD Q PDUDEU 62/¬025$/(6 ,JQDVL 'LIHUHQFLDV 7RSRJUDILD GH OD DUTXLWHFWXUD FRQWHPSRUiQHD %DUFHORQD *XVWDYR *LOL 67(51 5REHUW 7KH 'RXEOHV RI 3RVW0RGHUQ 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ YRO 7$)85, 0DQIUHGR 7HRULD H 6WRULD GHOOCDUFKLWHWWXUD *LXV /DWHU]D )LJOL 6SD YHUVmR FDVWHOKDQD 7HRUtDV H KLVWRULD GH OD DUTXLWHFWXUD 0DGULG &HOHVWH 7=21,6 $OH[DQGHU /()$,95( /LDQH 7KH 4XHVWLRQ RI $XWRQRP\ LQ $UFKLWHFWXUH 7KH $UFKLWHFWXUDO 5HYLHZ YRO 7=21,6 $OH[ /()$,95( /LDQH 7KH QDUFLVLVW SKDVH LQ DUFKLWHFWXUH 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ Q 9$77,02 *LDQQL HW DOO (Q WRUQR D OD SRVPRGHUQLGDG %DUFHORQD$QWKURSRV 9$77,02 *LDQQL /D ILQH GHOOD PRGHUQLWj 7RULQR YHUVmR FDVWHOKDQD (O ILQ GH OD PRGHUQLGDG %DUFHORQD *HGLVD 9(1785, 5REHUW &RPSOH[LW\ DQG &RQWUDGLFWLRQ LQ $UFKLWHFWXUH 1HZ <RUN 0R0$ YHUVmR FDVWHOKDQD &RPSOHMLGDG \ &RQWUDGLFFLyQ HQ OD $UTXLWHFWXUD %DUFHORQD *XVWDYR *LOL 9(1785, 5REHUW 6&277 %52:1 'HQLVH ,=(1285 6WHYHQ /HDUQLQJ IURP /DV 9HJDV &DPEULGJH 0,7 3UHVV 9(1785, 5REHUW 6&277 %52:1 'HQLVH $ YLHZ IURP &DPSLGRJOLR 6HOHFWHG (VVD\V 1HZ <RUN +DUSHU 5RZ 9,'/(5 $QWKRQ\ 7KH 7KLUG 7LSRORJ\ 2SSRVLWLRQV Q 9,'/(5 $QWKRQ\ $IWHU +LVWRULFLVP 2SSRVLWLRQV Q 99$$ 'LHFL RSLQLRQL VXO WLSR &DVDEHOOD Q 99$$ 'LVFXVVLRQH VXOOD 7ULHQDOH &RQWURVSD]LR GH] 99$$ $XWRQRPRXV $UFKLWHFWXUH 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ YRO 99$$ 0iV DOOi GHO SRVPRGHUQR &ULWLFD D OD DUTXLWHFWXUD UHFLHQWH %DUFHORQD*XVWDYR *LOL 99$$ %H\RQG WKH 0RGHUQ 0RYHPHQW (GLWRULDO 7KH +DUYDUG $UFKLWHFWXUH 5HYLHZ Q 99$$ /D SUHVHQ]LD GHO SDVDWR 3ULPD PRVWUD LQWHUQD]LRQDOH GL DUFKLWHWWXUD 9HQH]LD &DWiORJR GD ([SRVLomR &UpGLWRV GDV ,OXVWUDo}HV $51(// 3HWHU %,&.)25' 7HG (GLWV -DPHV 6WLUOLQJ EXLOGLQJV DQG SURMHFWV 1HZ <RUN 5L]]ROL ± SiJLQD DPEDV DR DOWR %$/)285 $ODQ %HUOLQ :RUOG &LWLHV /RQGRQ $FDGHP\ (GLWLRQV ± SiJLQDV DPEDV DR FHQWUR DOWR DOWR H DEDL[R HVTXHUGD %$8$8667(//81* %(5/,1 *PE+ (GLW ,QWHUQDWLRQDOH %DXDXVVWHOOXQJ %HUOLQ 'RNXPHQWH XQG 3URMHNWH 'LH 1HXEDXJHELHWH %G ,, (UVWH 3URMHNWH %HUOLQ 4XDGULJD SiJLQDV DOWR DEDL[R +(-'8. -RKQ 0DVN RI 0HGXVD 1HZ <RUN 5L]]ROL ± SiJLQDV DEDL[R +(-'8. -RKQ 9LFWLPV 7H[WR /RQGRQ $UFKLWHFWXUDO $VVRFLDWLRQ SiJLQD ./(,+8(6 -RVHI 3DXO 6&+((5 7KRUVWHQ .$+/)(/'7 3DXO &LW\ RI DUFKLWHFWXUH ² $UFKLWHFWXUH RI WKH FLW\ %HUOLQ %HUOLQ ± SiJLQDV .5,(5 5RE $UFKLWHFWXUH DQG 8UEDQ 'HVLJQ /RQGUHV$FDGHP\ (GLWLRQV ± SiJLQDV DOWR H FHQWUR FHQWUR /$038*1$1, 9LWWRULR 0DJQDQR (GLW ,QWHUQDWLRQDOH %DXDXVVWHOOXQJ %HUOLQ 'RNXPHQWH XQG 3URMHNWH 'LH 1HXEDXJHELHWH %G , 0RGHOOH IU HLQH 6WDGW %HUOLQ 6LHGOHU SiJLQDV DEDL[R 0(6(&.( $QGUHD 6&+((5 7KRUVWHQ (GLWV -RVHS 3DXO .OHLKXHV 7KHPHV DQG 3URMHFWV %DVHO %LUNKlXVHU ± SiJLQDV DEDL[R H GLUHLWD FHQWUR 32:(56 -RKQ &KHFNSRLQW /LEHUW\ %HUOLQ %HUOLP &DWiORJR GD ([SRVLomR ± SiJLQD 67(51 *PE+ XQG 6(1$725 IU %$8 XQG :2+181*6:(6(1 (GLW ,QWHUQDWLRQDOH %DXDXVVWHOOXQJ %HUOLQ 3URMHFW 5HSRUW %HUOLQ ± SiJLQDV FHQWUR DOWR H FHQWUR DEDL[R DEDL[R FHQWUR DEDL[R DOWR FHQWUR DEDL[R H GLUHLWD 81*(56 2VZDOG 0 208QJHUV $UFKLWHWWXUD 0LODQR(OHFWD 3iJLQDV DEDL[R DOWR H GLUHLWD DEDL[R $UFKLWHFWXUDO 'HVLJQ Y Q ± SiJLQDV DOWR H HVTXHUGD DEDL[R $UFKLWHFWXUDO 'HVLJQ Q ± SiJLQDV /C$UFKLWHFWXUH GC$XMRXUGCKXL RXWXEUR SiJLQD DOWR $UFKLWHFWXUDO 5HFRUG MXOKR ± SiJLQDV FHQWUR DEDL[R 7KH $UFKLWHFWXUDO 5HYLHZ VHWHPEUR ± SiJLQDV $8 ([WUD (GLWLRQ PDLR ± SiJLQDV DOWR DEDL[R DOWR DOWR H HVTXHUGD DOWR DOWR DOWR H DEDL[R 'RPXV DEULO SiJLQDV DOWR 'RPXV VHWHPEUR ± SiJLQDV DOWR H GLUHLWD FHQWUR DEDL[R *$ +RXVHV DJRVWR SiJLQD /RWXV Q SiJLQD DOWR H FHQWUR DEDL[R H HVTXHUGD /RWXV Q SiJLQD DEDL[R /RWXV Q ± SiJLQDV FHQWUR