$11$/(6©6HUKLVWVRFLRO©©© 3252à,/$,12&(1(5(/$=,21,(5(&(16,21,5(32576$1'5(9,(:6  QMHQD NDNRYRVW NL MR SRPQHQMX DYWRUMHY SUHGVWDYOMDMR GRVOHGQRVW Y]JRMH NDNRYRVW RGQRVRY WHU PRÌQRVW L] NXÊHQM NL MLK RNROMH QXGL QD SRVDPH]QLK SRGURáMLK UD]YRMDSULáHPHUL]SRVWDYOMDMR]ODVWLYORJRGRVWRSQRVWL L]NXÊHQM ]D MH]LNRYQL LQ NRJQLWLYQL UD]YRM 2E WHP VH QHQHKQR SRYHáXMH GHOHÌ VWDUÊHY NL MLP ILQDQáQH PRÌQRVWLQHRPRJRáDMRGDELVYRMHPXRWURNXSRQXGLOL NYDOLWHWQR Y]JRMR2WURN NL UDVWH Y UHYÊáLQL Y VPLVOX VNURPQHJD L]NXÊHQMVNHJD RNROMD LPDYHáPRÌQRVWL GD ER  L]SRVWDYOMHQ YSOLYRP L] RNROMD NL JD REUHPHQMXMHMR LQ ]QDáLOQR QHJDWLYQR YSOLYDMR QD QMHJRYR EODJR VWDQMHWHUXVPHUMDMRUD]YRMNÊNRGOMLYLPL]LGRP  L]NXÊHQMVNRUHYQDY]JRMDYSUYLKOHWLKÌLYOMHQMDMH]H OR XQLáXMRáD YHOLNR EROM NRW áH EL VH SRMDYLOD Y ]JRGQMHPÊROVNHPREGREMX  L]NXÊHQMVNR UHYQR RNROMH Y GUXÌLQL LQ KNUDWL WXGL Y ÊLUÊHP RNROMX XáLQNXMH NRW GYRMQR WYHJDQMH LQ LPD WDNR RNUHSOMHQ YSOLY QD SRMDY QHJDWLYQLK SRVOHGLF UD]YRMD 3UL XJRWDYOMDQMX SRPDQMNOMLYHJD VRGHORYDQMD PHG ]QDQRVWMR SUDNVR LQ SROLWLNR QD SRGURáMX ]JRGQMHJD RWURNRYHJDUD]YRMDSDMHSRWUHEQRYVHHQRLPHWLYXYLGX PHQLMR DYWRUML GD VL UD]OLáQL SROLWLáQL LQ VWURNRYQL SUR JUDPLGHOLMRHQDNRSUHSULáDQMH1MLKRYRHQRWQRPQHQMH MH GD MH RNROMH L]UHGQHJD SRPHQD ]D RWURNRY ]JRGQML UD]YRM LQ ODKNR SRYHáD ]PRÌQRVWL ÌHOHQLK UD]YRMQLK L]LGRY7RGHMVWYRSRWUMXMHMRWXGL]QDQVWYHQHXJRWRYLWYH .OMXE WHPX SD ODKNR WXGL Y VORYHQVNHP SURVWRUX ]DVOHGLPR ÊH YHOLNR QHL]NRULÊáHQLKPRÌQRVWL VRGHORYD QMDPHG]QDQRVWMRRRWURNRYLY]JRMLLQL]REUDÌHYDQMXWHU SUDNWLáQLP GHORP Y YUWFX LQ ÊROL =DWR YVHNDNRU YHOMD QDWDQáQHMHSUHXáLWLQDSRWNHNL MLKDYWRUML ÊWXGLMH )URP 1HXURQV WR1HLJKERUKRRGV QDYDMDMR SUL XUHVQLáHYDQMX WHVQHMÊHJD VRGHORYDQMD PHG ]QDQRVWMR LQ VWURNR QD SRGURáMXRWURNRYHJD]JRGQMHJDUD]YRMDLQVLFHU  DJHQFLMH LQ IXQGDFLMH NL VH XNYDUMDMR LQ SRGSLUDMR SUHXáHYDQMH ]JRGQMHJD RWURÊWYD QDM VOHGLMR ]JOHGX XVSHÊQHJD SULVWRSD NOLQLáQLK UD]LVNDY Y ELRPHGL FLQVNL]QDQRVWLFLOMLVWURNRYQHJDSURJUDPD]DGHOR] RWURNRPQDMWDNRWHPHOMLMRQDRVQRYLUD]LVNDY  HYDOYDFLMD XVSHÊQRVWL GHOD Y Y]JRMQRYDUVWYHQLK RU JDQL]DFLMDK PRUD ELWL GRNXPHQWLUDQD Y XVWUH]QLK GUÌDYQLK VOXÌEDK QDPHQ RFHQMHYDQMD REVWRMHáHJD VWDQMDMHRPRJRáDQMHVSUHPHPESURJUDPDQDRVQRYL XJRWRYLWHY WHU XSRUDED HYLGHQF ]D QDPHQ VWLPXOL UDQMDQDGDOMQMLKHNVSHULPHQWRYLQÊWXGLM  SRPHPEQH VWURNRYQH LQ SROLWLáQH RGORáLWYH QDM VH VSUHMHPDMR QXMQR RE XSRÊWHYDQMX L]VOHGNRY ]QDQVW YHQLKUD]LVNDYQDWHPSRGURáMX  VWDUÊH MH SRWUHEQR L]REUDÌHYDWL ]D VWDUÊHYVWYR WHU Y]JRMR RWURN RGJRYRUQRVW ]D L]YHGER WH QDORJH ODKNR SUHY]DPHMR GHORYQH VNXSLQH NL GHOXMHMR QD SRGURáMLK L]REUDÌHYDQMD ]GUDYVWYD LQ áORYHÊNLK YL URY 2SR]RULWL SD YHOMD GD VH QDYHGHQD SULSRURáLOD QDQDÊDMRQDGRORáHQRYWHPSULPHUXDPHULÊNRRNROMHY NDWHUHPMHÊWXGLMDQDVWDOD3ULSRURáLODVR]HORNRQNUHWQD VHM VH RSLUDMR QD PRÌQRVWL ]D L]EROMÊDYR GHORYDQMD QHYODGQLK LQ YODGQLK LQVWLWXFLM WHU RUJDQL]DFLM Y WHP REPRáMX .OMXE WHPX SD MH PRÌQR VDP SULVWRS N UHÊHYDQMX REVWRMHáH SUREOHPDWLNH ] QHNROLNR VSUHWQRVWL LQ GREULP SR]QDYDQMHP VWDQMD SUHQHVWL WXGL Y GUÌDYH =DKRGQH (YURSH 9PRQRJUDILML MH ]HOR YHOLN SRXGDUHN QDPHQMHQUDYQRSULSRURáLORP]D L]EROMÊDQMH VWDQMD LQ V WHP QMHQL DSOLNDWLYQRVWL áHSUDY GHOR VRGL QD SRGURáMH WHPHOMQLKGHOUD]YRMQHSVLKRORJLMH ,]SRVWDYLPRODKNRWXGLGDDYWRUML L]UHGQRSRPHPE QR YORJR Y SRYHáHYDQMX PRÌQRVWL ]D RWURNRY UD]YRM SULSLVXMHMR UD]LVNRYDOQHPX GHOX 6OHGQMHJD PHQLMR MH áORYHÊWYRQDSRGURáMXRWURNRYHJDUD]YRMDNRPDM]DáHOR XSRUDEOMDWL9HQGDUSD MH ]QDQVWYHQRUD]LVNRYDOQRGHOR WLVWRSLÊHMRNL ODKNRY]HORYHOLNLPHULSRPDJDRWURNX LQ QMHJRYLP VWDUÊHP SUHPDJDWL L]]LY ]DGRYROMHYDQMD SRWUHELQUD]YLMDQMDÌLYOMHQMVNLKPRÌQRVWLYVWROHWMX =DNOMXáLPR ODKNR GD MH GHOR )URP 1HXURQV WR 1HLJKERUKRRGVSRVYHáHQRDQDOL]LUDQMX]DNRQLWRVWL SR WHND RWURNRYHJD UD]YRMD Y SUYLK OHWLK ÌLYOMHQMD LQ NRW WDNR HQR UHGNLK NL VH QDWDQáQR SRVYHáD SUHXáHYDQMX ]JRGQMHJDRWURÊWYD9VORYHQVNHPSURVWRUXERYVHNDNRU QHSRJUHÊOMLYRáWLYRYVHP NL VH XNYDUMDMR V WR VWDURVWQR VNXSLQRRWURNERGLVLUD]LVNRYDOQRERGLVLVWURNRYQR.HU NQMLJD SULQDÊD WXGL ERJDW ]ELU GRVHGDQMLK WHPHOMQLK XJRWRYLWHY ER ]HOR GREURGRÊOD SUL ÊWXGLMX LQ XVSRVDE OMDQMX ÊWXGHQWRY SUDNWLNRY LQ UD]LVNRYDOFHY V SRGURáLM Y]JRMH LQ L]REUDÌHYDQMD NLQH]LRORJLMH VSHFLDOQLK GL GDNWLNSVLKRORJLMHSHGDJRJLNHSUHGÊROVNHY]JRMHPH GLFLQHVRFLRORJLMHLQDQWURSRORJLMH%RJDWYLULQIRUPDFLM SD ER WXGL YVHP VWDUÊHP NL ÌHOLMR R UD]YRMX VYRMHJD RWURNDYHGHWLQHNDMYHá]QDPHQRPGDELPXRPRJRáLOL áLPEROMÊH L]KRGLÊáH]D UD]YRM ]GUDYH LQ VNODGQHRVHE QRVWL -RFD=XUF )UDQN-/HFKQHU-RKQ%ROL HGV 7+( */2%$/,=$7,215($'(50DOGHQ86$ %ODFNZHOO[LLVWU =ERUQLN7KH*OREDOL]DWLRQ5HDGHU NL VWD JD XUHGLOD )UDQN-/HFKQHULQ-RKQ%ROL SUYLáREMDYOMHQOHWD GYDNUDW OHWD  GYDNUDW OHWD  LQ SRQRYQR OHWD  MHQDMEROM]QDQD]ELUNDEHVHGLONLVHQDQDÊDMRQD NDUDNWHUL]DFLMR SURFHVD JOREDOL]DFLMH LQ ] QMLP SRYH]D QLPL YSUDÊDQML NDM YVH YNOMXáXMH JOREDOL]DFLMD DOL MH JOREDOL]DFLMD QRY IHQRPHQ DOL MR SRY]URáD ÊLUMHQMH JOREDOQHJD WUJD DOL JOREDOL]DFLMD SULVSHYD N EROM KR PRJHQHPXVYHWXDOLGHWHUPLQLUDORNDOQHGRJRGNHDOLMH ÊNRGOMLYD =ERUQLN YVHEXMH  NUDWNLK áODQNRY NL VR $11$/(6©6HUKLVWVRFLRO©©© 3252à,/$,12&(1(5(/$=,21,(5(&(16,21,5(32576$1'5(9,(:6  UD]YUÊáHQL Y VNORSRY0HGQDMEROM ]QDQLPL DYWRUML VR LPHQD NRW VR 6DPXHO 3 +XQWLQJWRQ 7KH &ODVK RI &LYLOLVDWLRQ"  +DQV .€QJ $ *OREDO (WKLFV DV D )RXQGDWLRQ IRU *OREDO 6RFLHW\  'DYLG +DUYH\ 7LPH 6SDFH&RPSUHVVLRQDQGWKH5LVHRI0RGHUQLVP 7HG& )LVKPDQ 7KH -R\V RI *OREDO ,QYHVWPHQW  'DQL 5RGULN +DV *OREDOL]DWLRQ *RQH 7RR )DU"  6DGDNR 2JDWD 3HDFH 6HFXULW\ DQG +XPDQLWDULDQ $FWLRQ  -RKQ 7RPOLQVRQ &XOWXUDO ,PSHULDOLVP  )UDQN - /HFKQHU *OREDO)XQGDPHQWDOLVP $UMXQ$SSDGXUDL 'LVMXQFWXUH DQG 'LIIHUHQFH LQ WKH *OREDO &XOWXUDO (FRQRP\  3DXO :DSQHU *UHHQSHDFHDQG3ROLWLFDO*OREDOLVP LQGUXJL 9SUDÊDQMD NL MLK MH Y PRGHUQHP LQ SRVWPRGHUQHP áDVX SRY]URáLO SURFHV JOREDOL]DFLMH VH QDQDÊDMR SUHG YVHP QD IXQNFLRQDOQR DUKLWHNWXUR SROLWLáQR HNRQRP VNR NXOWXUQR  QDFLRQDOQLK VNXSQRVWL NL VR XVPHUMHQH SUHGYVHP Y GUÌDYQR R]LURPD Y ORNDOQR VXYHUHQRVW DYWRQRPLMR NL MDPáL ]D RKUDQMDQMH LGHQWLWHWH QD YVHK QLYRMLK3ULWHPVHYDQDOL]DKIHQRPHQRYNLVRY]YH]L] JOREDOL]DFLMR SRMDYOMD PRáQD WHRULMD LGHQWLWHWH NL MR ]DJRYDUMDMR SULYUÌHQFL PRáQH ORNDOQH VXYHUHQRVWL QD YVHKSRGURáMLK VRFLDOQH LQSROLWLáQHRQWRORJLMHSD WXGL VODED WHRULMD LGHQWLWHWH NL MR ]DVWRSDMR ODVWQLNL PHG QDURGQHJDNDSLWDODYPXOWLQDFLRQDOQLK]GUXÌEDK 2SWLPLVWLáQL VFHQDULM JOREDOL]DFLMH VH ]DáQH ] UDER NRQFHSWD OLEHUDOL]DFLMH ] PXOWLNXOWXUQLPL YUHGQRWDPL VRGREQH GUXÌEH ]QRWUDM NDWHUH MH V SRPRáMR VWDQGDU GL]DFLMH LQIRUPDFLMVNH WHKQRORJLMH LQ PRELOQHJD SDUW QHUVWYDPRÌQRXYHOMDYLWL VRFLDOQR LQSUDYQR UDYQRYHVMH Y VYHWX7RSDSULNULYD LQWHUHV NDSLWDOD GD VSUHPHQL LQ SUHXUHGLYVHVHNWRUMHVRFLDOQHRQWRORJLMHGDQDUHGLHQR SURVWRUVNRáDVRYQR NRPSUHVLMR ]QRWUDM NDWHUH SRVWDQH DEVROXWQLJRVSRGDULQHGLQDYUHGQRWDGHQDU3HVLPLVWLLQ VNHSWLNL DOL JORERIREL NDUDNWHUL]LUDMR IHQRPHQH QRYH JOREDOL]DFLMH NRW QRYL NRORQLDOL]HP LQ LPSHULDOL]HP NL JD XYHOMDYOMD WUDQVQDFLRQDOQL LQ VSHNXODWLYQL NDSLWDO Y URNDK PXOWLQDFLRQDOQLK NDSLWDOVNLK ]GUXÌE 0RELOQRVW NDSLWDODSDYLGLMRNRWXPLNODVWQLÊWYD]HQHJDGHORYQHJD RNROMD LQ VHOLWHY QD SRGURáMD ] PDQM SODáDQR GHORYQR VLOR 7DPRELOQRVW NDSLWDOD LQ VSUHPHQMHQ QDáLQ GHOD Y EROMVRILVWLFLUDQRLQWHKQRORÊNR]DKWHYQRGHORSRY]URáD OLEHUDOL]DFLMR ORNDOQHJD EUH]SRVHOQRVW DOL HNRQRPVNR PLJUDFLMR =ERUQLN7KH*OREDOL]DWLRQ5HDGHUNRUHNWQRSUHGVWDYL YVHYLGLNHJOREDOL]DFLMHLQ]QMRSRYH]DQHIHQRPHQH9 QMHPVRSRGDQDPQHQMD]DLQSURWLJOREDOL]DFLMLáHSUDY REVWDMD REáXWHN GD JUH ]D SURFHV NL VH JD QH GD YHá XVWDYLWLVSRPRáMRGHPRNUDWLáQLKVUHGVWHYRGORáDQMD3R HQL VWUDQL VH MH JOREDOL]DFLMD ÌH XYHOMDYLOD NRW QXMQRVW VRGREQHJD SRVWPRGHUQHJD NDSLWDOVNHJD QDáLQD WUJRYD QMD ] PUWYLPL VODER SODáDQLPL  GXÊDPL SR JOREDOQLK YDVHKVYHWDSRGUXJLSDNRWSUHPDJRYDQMHGLVWDQFHNRW RGSLUDQMH LQSULPHUMDOQDSULODJRGLWHY LGHQWLWHW7D]ERU QLNSRPDJDSULL]ELULSULVWRSDNUD]XPHYDQMXWLVWHJDNDU VHQDPGRJDMDLQYNOMXáXMHWXGLQDVVDPH 1LMD],EUXOM 5REHUW+DQQD.$17$1'7+()281'$7,2162) $1$/<7,&3+,/2623+<2[IRUG&ODUHQGRQ3UHVV [YVWU 5REHUW +DQQD SURIHVRU ILOR]RILMH QD NRORUDGVNL XQLYHU]L%RXOGHUVLMHYNQMLJL.DQWDQGWKH)RXQGDWLRQV RI$QDO\WLF3KLORVRSK\]DVWDYLO ]DSOHWHQRQDORJRY]SR VWDYOMDWL NRQFHSWXDOQH UHODFLMH PHG DQDOLWLáQR LQ WUDQV FHQGHQWDOQR ILOR]RILMR SUHGYVHP .DQWRYR ILOR]RILMR NL L]KDMD L] NULWLNH XPD 1DORJD MH WHÌND SUHGYVHP ]DWR NHUQHYHYURSVNLLQWXGLQHYDQJORDPHULÊNLILOR]RILMLQH REVWDMD GRNWULQDUQD SRYH]DYD PHG WHPD GYHPD SRG URáMHPD ILOR]RIVNLK UD]LVNDY] L]MHPR]DQLPDQMDNLJD MH ÌH SUHG  OHWL SRND]DO 6LU 3HWHU ) 6WUDZVRQ JOHM ,QGLYLGXDOV LQ WXGL 7KH %RXQGHULHV RI 6HQVHV  LQ Y QRYHMÊHPáDVX+LODU\3XWQDP 3RVNXVNRJQLWLYQRVHPDQWLáQHLQWHUSUHWDFLMHWUDQVFHQ GHQWDOQH ILOR]RILMH WHPHOML SUHGYVHP QD WLVWHP NDU MH SRYHGDOÌH*RWWORE)UHJHRáHDQDOLWLáQHILOR]RILMHNRVL MHYGHOX'LH*UXQGODJHQGHU$ULWKPHWLN  ]DVWDYLO NDQWRYVNRYSUDÊDQMHDOLVRPDWHPDWLáQHUHVQLFHDQDOL WLáQLDOLVLQWHWLáQLVWDYNLDSULRULR]LURPDDOLMHPRÌQR]