Professional Documents
Culture Documents
7,3$58/2&&,'(17$/
$SDUL LDWLSDUXOXL
,GHHD VFULHULL DUWLILFLDOH LD vQVXIOH LW GHRSRWULY SH VDYDQ L L SH DUWLWL UHXLWD HUD
FRQGL LRQDW GH DVHPQDUHD SHUIHFW vQWUH YHFKHD L QRXD VFULHUH VHPQHOH FX VXSUDID LQHJDO
WUHEXLDXVLJVHDVF IRUPDLGHDOWUHEXLDV ILHFUHDWXQWLSvQDDIHOvQFkWVHPQHOHSXVHFDSOD
FDSV DOFWXLDVF FXYLQWHUkQGXULSDJLQL'HSOLQDLGHQWLWDWHDXQXLVHPQFXWRDWHFHOHODOWHVHPQH
DVHPQWRDUH OXL WUHEXLD V FRQVWLWXLH VXSHULRULWDWHD KRWUkWRDUH D VFULHULL DUWLILFLDOH D VFULHULL FX
WLSXUL D WLSRJUDILHL DVXSUD VFULHULL GH PkQ 3UREOHPD FDUH XUPD D IL UH]ROYDW HUD FUHDUHD XQHL
XQHOWH R WDPSLO GH H[HPSOX SHQWUX ILHFDUH OLWHU SHQWUX ILHFDUH VHPQ DSRL DVDPEODUHD DFHVWRU
WDPSLOH SHQWUX FRQVWUXLUHD SDJLQLL WDPSLOD HUD FXQRVFXW vQF GLQ DQWLFKLWDWH ILLQG IRORVLW GH
LFKLPLHLODWRDWHDFHVWHDDFRQWULEXLWLIRORVLUHD
KkUWLHL &HO FDUH D UHXLW SHQWUX SULPD GDW V
vPELQHDFHVWHHOHPHQWHDIRVW *XWHQEHUJ
*XWHQEHUJLPDJLQHGHHSRF
9LD DLDFWLYLWDWHDOXL*XWHQEHUJ
-RKDQQHV *HQVIOHLVFK *XWHQEHUJ6RUJHORFK FHO FUXLD L VH DWULEXLH
LDO(OVHL*XWHQEHUJ(UDFHOGHDO GRLOHDILXDOQRELOHLLERJDWHLIDPLOLLGHRUIHYULHULDLFUHLPHPEUL
DMXQVHVHU ODGHPQLW LvQDOWHQF GHWkQU*XWHQEHUJDSOHFDWOD6WUDVERXUJGXS XQHOHVXUVHWULPLV
PHPEUXDOFRUSRUD LHLRUIHYULHULORUQSDUDOHODVWXGLDWWHRORJLDILORVRILDLDOFKLPLD3RVHVRUDOXQHL
DYHULFRQVLGHUDELOHWkQUXO-RKDQQHVQXHUDFRQVWUkQVV PXQFHDVF SHQWUXDLFkWLJDWUDLXO]LOQLFGH
DFHHD DUH SRVLELOLWDWHD V FXWUHLHUH *HUPDQLD ,WDOLD (OYH LD L 2ODQGD FXQRVFkQG RDPHQL FHOHEUL L
&XDFHDVW RFD]LHVHIDFHUHIHULUHODXQQRXPHWHXJOHJDWGHSURGXFHUHDXQRUSLHVHVHSDUDELOHLD
XQXL PHFDQLVP FX GRX XUXEXUL IU VIkULW FHO PDL SUREDELO PLVWHULRDVD LQGXVWULH D FHORU WUHL
DVRFLD LHUDRWHQWDWLY GHLPSULPDUH*XWHQEHUJVDvQWRUVvQRUDXOQDWDOSUREDELOGXS 2EVHGDW
GH WHKQLFD OLWHUHL *XWHQEHUJ vPSUXPXW vQ GH OD EDQFKHUXO -RKDQQHV )XVW IORULQL VXP
FRQVLGHUDELO SHQWUX YUHPHD UHVSHFWLY 'XS GRL DQL DFHODL EDQFKHUFRQVLPWH VL PDL vPSUXPXWH
FU L GDU L FX FRQGL LD XQHL DVRFLHUL Q QRLHPEULH )XVW vO FKHDP SH *XWHQEHUJ vQ ID D
WULEXQDOXOXLFHUkQGXL UDPEXUVDUHDVXPHLvPSUXPXWDWHSOXVGREkQ]LOHGHFODUDWLQVROYDELOHVWHVLOLWV
LDV GLQDVRFLD LHV DEDQGRQH]HOXFUXOGXS WRDWHDSDUHQ HOHDSURDSHWHUPLQDWLV UHWUDJ RPDUH
SDUWHGLQPDWHULDO)XVWVHDVRFLD] LPHGLDWFXIRVWXODMXWRUDOOXL *XWHQEHUJ3HWHU6FK|IIHUFDUHvLYD
GHYHQLLJLQHUH&kWHYDOXQLGXS GHFODQDUHDDFHVWRURVWLOLW LGDUvQDLQWHGHGDW PHQ LRQDW GH
XQUXEULFDWRUYDDSUHDIDLPRDVD%,%/,(&8'(51'85,'XS RSHULRDG vQFDUHLQYHQWDWRUXO
GHYHQLVH XQ RP UXLQDW SULQWUR FRQMXQFWXU IDYRUDELO vQ L VH DFRUG QXPHURDVH SULYLOHJLL
PDWHULDOH L RQRULILFH 'XS DQXO DQXO PRU LL OXL *XWHQEHUJ SULHWHQXO VX GRFWRUXO +XPHU\ vO
IRVWGHVFKL]WRUXOXQHLQRLHUHGLQLVWRULDRPHQLULL
&RQWURYHUVHOHvQFHSXWXOXLWLSDUXOXLFXOLWHUHPRELOH
1HJXUDFDUHSOXWHWHvQF SHVWHvQFHSXWXULOHDFHVWHLQRLvQGHOHWQLFLULLVSLULWXOQD LRQDOLVWDO
DOWRUD DX DYXW FD UH]XOWDW FRQWHVWDUHD vQWkLHW LL JHUPDQXOXL $XWRULL RODQGH]L UHYHQGLF SULRULWDWHD
FRPSDWULRWXOXL ORU /DXUHQV -DQV]RRQ &RVWHU GLQ +DDUOHP 3RWULYLW XQHL OHJHQGH
FRSDFDOFWXLQGGLQHOHXQIHOGHMRFGLGDFWLFSHQWUXLQVWUXLUHDQHSR LORU&XDMXWRUXODFHVWRUOLWHUH
GHOHPQLDXQHLFHUQHOLPDLYkVFRDVHDLPSULPDWDSRLWH[WXOFDUHvQVR HDLPDJLQLOH[LORJUDILDWHGLQ
WkU]LX VH SDUH F DU IL WXUQDW L OLWHUH GH SOXPE Q QRDSWHD GH &UFLXQ D DQXOXL XQ XFHQLF
-RKDQQ GLQ 0DLQ] D GLVSUXW FX vQWUHJ VWRFXO GH OLWHUH &RQIX]LD VSRUHWH SULQ PHQ LRQDUHD XQXL
FRPSOLFHODIXUW)DXVWDOX]LHOD)XVWDVRFLDWXOOXL*XWHQEHUJ
FDUH SULQWUXQ FRQWUDFW GLQ VH REOLJDVH V LQL LH]H QLWH
FHW HQL GLQ $YLJQRQ vQ DUWD VFULVXOXL DUWLILFLDO IUDQFH]XO
7HDVFXOOXL*XWHQEHUJ
0DLQ]vQ-RKDQQ6FK|IIHUDILUPDF 3HWHU6FK|IIHUWDWOVXL-RKDQQ)XVWEXQLFXOVXVXQW
DGHYUD LL LQYHQWDWRUL DL WLSDUXOXL ,QGLIHUHQW FDUH DU IL DGHYUXO VDX DGHYUXULOH FD GDW RILFLDO D
DSDUL LHL WLSDUXOXL HVWH FRQVLGHUDW DQXO QX HVWH FRQVLGHUDW JUHLW QLFL DILUPD LD F SH ED]D
GRYH]LORUIXUQL]DWHGHDQWLFKLWDWH&KLQD&RUHHDLHYXOPHGLXWLSDUXOHVWHRRSHU FROHFWLY'H
D OXQJXO VHFROHORU WLSDUXO D H[LVWDW FD XQ FRURODU VLQH TXD QRQ DO GH]YROWULL VRFLHW LL DYkQG
LSRVWD]HGLYHUVHGDUDFHHDLHVHQ WHKQRORJLF HPEULRQDU'DQ'XPLWUHVFXSUHID DOD(OLVDEHWK
*HFN *XWHQEHUJ L DUWD WLSDUXOXL %XFXUHWL *UDYDUHD LPSULPDUHD L FKLDU LGHHD OLWHUHORU
PRELOHDXIRVWFRQFHSXWHFXPXOWvQDLQWHDOXL*XWHQEHUJ6LQWHWL]kQGH[SHULHQ DSUHGHFHVRULORUHOD
SHUIHF LRQDWVLVWHPXOGHIDEULFDUHDOLWHUHORUPHWDOLFHPRELOHSUHVDGHWLSDULFRPSR]L LDFHUQHOLL
DH]kQG DVWIHO WLSRJUDILD SH ED]H SUDFWLFH L WLLQ LILFH 7RW FHHD FH DX UHDOL]DW vQDLQWDLL L
FRQWHPSRUDQLLOXL*XWHQEHUJQXFRQVWLWXLHGHFkWIXQGDPHQWXOSHFDUHHODvQO DWFXDWkWDPLHVWULH
XQHGLILFLXGXUDELO*XWHQEHUJDIRVWJHQLDOSHQWUXF LDGXVGHPHUVXOSkQ ODFDSW
3ULPHOHWLSULWXULFXOLWHUHPRELOHDWULEXLWHOXL*XWHQEHUJ
3ULPHOHOXFUULUHDOL]DWHvQDFHDVW QRX WHKQLFXQIUDJPHQWSURYHQLWGLQWURFRDO GHKkUWLH
UHFWRYHUVR GLQ &DUWHD VLELOHORU R FXOHJHUH GH SRH]LL JHUPDQH GLQ VHFROXO DO ;,9OHD HVWH
FRQVLGHUDW GUHSW FHD PDL YHFKH LPSULPDUH FWUH FRQVWLWXLQG SLHVD FHD PDL YDORURDV D
0X]HXOXL WLSDUXOXL GLQ 0DLQ] GLQ 'RQDW R JUDPDWLF HOHPHQWDU IRDUWH UVSkQGLW D OXL $HOLXV
'RQDWXVDXDSUXWQXPDLSX LQGHHGL LLGLIHULWHLPSULPDWHFXDFHOHDLOLWHUHUXGLPHQWDUHFDL
IUDJPHQWXOSUHFHGHQW0DMRULWDWHDDFHVWRUHGL LLPDLH[LVW vQF VXEIRUP GHIUDJPHQWHGLQWUHFDUH
GRX IRL VH JVHVF DVW]L OD %LEOLRWHFD 1D LRQDO D )UDQ HL $FHOHDL FDUDFWHUH FX GHVHQXO PDL
RUGRQDW DX IRORVLW OD LPSULPDUHD XQXL IUDJPHQW GLQ &DOHQGDUXO DVWURQRPLF SHQWUX 2GDW FX
,QGXOJHQ HOH&DOHQGDUXOWXUFL%XODFRQWUDWXUFLORULPSULPHULDVHSXQHSHQWUXSULPDGDW vQVOXMED
DFWLYLW LL SROLWLFH L UHOLJLRDVH GRYHGLQGXL GLVSRQLELOLWDWHD GH SURSDJDQG SHQWUX L SULQ
PXO LPH $FHVWH LPSULPUL VH VLWXHD] vQWUH SHULRDGD DVRFLHULL *XWHQEHUJ)XVW
0DUHD VD OXFUDUH PRQXPHQWDOD RSHU GHQXPLW %LEOLD FX GH UkQGXUL VDX %LEOLD GH OD
PRQXPHQW GLQWUH FDUH VH JVHVF vQ FROHF LL SDUWLFXODUH VXQW WLSULWH SH SHUJDPHQW
H[HPSODUHSHKkUWLHLQXPDLH[HPSODUHSHSHUJDPHQWVXQWFRPSOHWHQDQXOXQH[HPSODU
FRPSOHW SH SHUJDPHQW DWLQJHDVXPD GH DVW]L SUREDELO SUH XO GH OLFLWD LH DU IL vQ]HFLW
%LEOLD FX GH UkQGXUL vQ GRX VDXWUHLYROXPHDSUXW SUREDELOvQWUHLWLSULW FX
8OWLPDOXFUDUHLPSRUWDQWDQWHULRDU DQXOXLFDUH
IROLRGHGHSDJLQLUHSURGXFHLQWHJUDO(QFLFORSHGLDODWLQ D
OXL %DOEXV GH -DQXD IRDUWH UVSkQGLW vQ HSRF 3ULQ
SXQHUHD vQ SDJLQ SH FkWH GRX FRORDQH D FkWH GH UkQGXUL
FX GH VHPQH SH UkQG OXFUDUHD UHSUH]LQW XQ SURJUHV
FDUWHD FRQ LQH XQ WH[W DSURDSH GH GRX RUL PDL PDUH FX XQ
WRWDO GH DSUR[LPDWLY PLOLRDQH GH VHPQH 3HQWUX SULPD GDW
DYHPGHDIDFHFXROXFUDUHWLSRJUDILF FDUHVHPUWXULVHWHFD
DWDUH /D VIkULWXO YROXPXOXL VH JVHWH XQ FRORIRQ DQXQ kQG
YLH LL OXL *XWHQEHUJ RULFH DOW WLSRJUDI FXQRVFkQGXO V IL vQGU]QLW D YRUEL FX DWkWD PkQGULH &X
DMXWRUXO &HOXL GH 6XV FDUH G JODV FHORU PX L L GHVHRUL GH]YOXLH FHORU XPLOL FHHD FH DVFXQGH
QWUH L YRU PDL DSUHD OXFUUL GDU GH PDL PLF DQYHUJXU DSRL QLPLF $GDP
*HOWKXV R UXG D OXL *XWHQEHUJ D FRPSXV vQ XQ HSLWDI OLWHUDU vQ FDUH VSXQH )HULFLWXOXL
FDUH H ELQHFXYkQWDW GH WRDWH QD LLOH L OLPELOH 5PL HOH VDOH SPkQWHWL RGLKQHVF vQ ELVHULFD
6IkQWXO)UDQFLVFGLQ0DLQ]
&kWHYDGDWHWHKQLFH
9DULHWDWHDOLWHUHORUHUDIRDUWHPDUHSHQWUXF ILHFDUHWLSRJUDIHUDvQDFHODLWLPSLJUDYRUGH
3HQWUX VHFROXO DO ;9OHD YRU IL LQYHQWDULDWH SHVWH GH
FDUDFWHUHJRWLFH$FHDVW GLYHUVLWDWHDvQFHSXWXOXLVHYDDWHQXDvQ
PVXUDvQFDUHFDUWHDYDGHYHQLRPDUI FXRGLIX]DUHGLQFHvQFH
6FKHPDOLWHUHLGHPHWDO
PDL ODUJ IFkQG ORF XQHL RDUHFDUH QRUPDOL]UL 3H OkQJ FHOH
HQXQ DWHGHMDODvQFHSXWXULWLSRJUDIXOHUDLSURSULXOVXHGLWRUL
OLEUDU vQ IXQF LH GH FHULQ HOH SLH HL HO DOHJHD WLSXO GH FDUWH FDUH
XUPDV ILHWLSULW
vQGHPkQDWLFFKLDUODPLMORFXOVHFROXOXLWUHFXWHUDXQHFHVDULVDX
DQLLFKLDUPDLPXOWUDSLGLWDWHDFXFDUHVDUVSkQGLWLPSULPHULDHVWHVXUSULQ]WRDUH$FHDVWDFX
DWkW PDL PXOW FX FkW SURWRWLSRJUDIXO HUD QHYRLW V FRQVXPH IRDUWH PXOW WLPS L EDQL FX
/D vQFHSXWXULOH VDOH LPSULPHULD HUD FRQVLGHUDW R PHVHULH OLEHU VLQJXUHOH UHJOHPHQWUL
HUDX OHJDWH QXPDL GH OHJLOH VWULFWH DOH SLH HL )LHFDUH OXFUD DD
FXP FUHGHD GH FXYLLQ 0DL WkU]LX DSDUH GHOLPLWDUHDWLSRJUDI
0DLQ]XOOLVHSUHDSUHDVWUkPWLDUPLUDMXOERJ LHLHUDGHSDUWH
+DUWDGUXPXULORUXUPDWHGHHLDUDW F DFHWLDSUHIHUDXPDULOH
SURVSHULWDWHD (WDSHOH LQWHUPHGLDUH RUDH GH PDL PLF LPSRUWDQ VDX DH]UL PQVWLUHWL DX
FXQRVFXW PDL UDU LQVWDODUHD XQHL WLSRJUDILL SHUPDQHQWH *UDQL HOH OLQJYLVWLFH SUDFWLF QX H[LVWDX
'HPDUFD LD GLQWUH OXPHD FDWROLF L FHD RUWRGR[ VH YD REVHUYD vQ vQWkU]LHUHD FX FDUH YRU
3ULPHOHDWHOLHUHWLSRJUDILFH
&KLDU GLQ WLPSXO YLH LL OXL *XWHQEHUJ IXQF LRQHD] XQ RDUHFDUH QXPU GH DWHOLHUH DWkW OD
0DLQ] FkW L vQ DOWH SU L 6HFUHWXO HVWH GHVLJXU GLYXOJDW FX UHSH]LFLXQH GH FWUH FHL GHVWXO GH
QXPHURLFDUHDX FRODERUDWODSULPHOHLPSULPULQXPDLSHQWUXWLSULUHD%LEOLHLvQGHUkQGXULDX
IRVWQHFHVDUHSUHVHFXFkWHOXFUWRULILHFDUH,VWRULD LDFRQVHPQDWSHSULPLLPHWHUL+HLQULFK
.HIHU%HFKWROIIGLQ+DQDXL-RKDQQ1HXPHLVWHU&XWLPSXODWHOLHUHOHVHvQPXO HVFLDFWLYLWDWHDORU
VHGLYHUVLILF5HXLWDQXHVWHvQPRGREOLJDWRULXUHFRPSHQVDSHQWUXFHLFLQVWL LDDFSHQWUXFDXQ
DWHOLHU V IXQF LRQH]H RSWLP DYHD QHYRLH GH PLMORDFH SHFXQLDUH VROLGH L WHKQLFLHQL IRDUWH
FRPSHWHQ L XQ DVHPHQHD H[HPSOX vO IXUQL]HD] DVRFLHUHD )XVW6FK|IIHU GLQ 0DLQ] vQ GLQ
DFHVW DWHOLHU D LHLW D GRXD FDSRGRSHU D WLSDUXOXL 3VDOWLUHD GH OD 0DLQ] 3VDOWHULXP
0RJXQWLQXP 2 QRX vQGU]QHDO DFHDVW LPSULPDUH D IRVW WUDV vQ FXORUL QHJUX SHQWUX WH[W
URX L DOEDVWUX SHQWUX OHWULQH LQL LDOH L QXPDL URX SHQWUX vQFHSXWXULOH GH FDSLWRO 3HQWUX SULPD
GDW PXQFD GHVHQDWRUXOXL D GHYHQLW LQXWLO ILLQG SULPD OXFUDUH UHDOL]DW vQ vQWUHJLPH SULQ
LQWHUPHGLXOWLSDUXOXL QWUHJXOWLUDMDODFHVWHLFU LGHOX[DIRVWUHDOL]DWSHSHUJDPHQW3HQWUXSULPD
GDW FX WUHLDQL vQDLQWH GH &DWROLFRQ FDUWHD SRDUW LQGLFD LD RULJLQLL QFRORIRQXOVXVXQWQXPL L
FHLFDUHDXUVSXQVGHOXFUDUHGDWDWHUPLQULLHLLWHKQLFDUHDOL]ULL$FHDVW SVDOWLUHHVWHvQWRFPLW
vQWUX VODYD &HOXL GH 6XV FX JULM L PLJDO GH -RKDQQ )XVW FHW HDQ DO 0DLHQ]HL L GH 3HWHU
6FK|IIHU GLQ *HUQVKHLP vQ vQ DMXQXO DGRUPLULL 0DLFLL 'RPQXOXL GHFL DXJXVW &DUWHD
FRQ LQH L SULPD JUHHDO GH WLSDU FKLDU vQ FRORIRQ XQGH VSDOPRUXP ILJXUHD] vQ ORF GH
SVDOPRUXP $X XUPDW DSRL IRDUWH PXOWH WLWOXUL SULQWUH FDUH SULPD FDUWH GHVSUH SODQWH L SULPD
FDUWHFXFDUDFWHUPHGLFDO'HDVHPHQHD6FK|IIHUHVWHFUHDWRUXOHPEOHPHLWLSRJUDILFHSULQFDUHVH
SRDWH UHFXQRDWH OD SULPD YHGHUH RULJLQHD FU LL SULP L IRDUWH HILFDFH IRUP GH SXEOLFLWDWH
(PEOHPD VD FHD PDL FXQRVFXW GLQWUH WRDWH UHSUH]LQW GRX VFXWXUL DJ DWH GH R UDPXU GH R
FRQVLOLHUPXQLFLSDORPSXWHUQLFDDWULEXLWIDPLOLHLVDOHLQYHQWDUHDWLSDUXOXLFXOLWHUHPRELOHGHLFX
GHVFRSHULWRUXO LDU IDPLOLD VD vO SHUIHF LRQDVH QWUHSULQGHUHD HVWH FRQWLQXDW GH ILXO VX ILUH GH
DYHQWXULHU FDUH YD UHDOL]D LOXVWUD LL IUXPRDVH L YD vQFHUFD V WLSUHDVF QRWH PX]LFDOH GLQ FDX]D
FRQGL LLORU WHKQLFH UXGLPHQWDUH HOH QX YRU IL UHDOL]DWH GHFkW VHFROH PDL WkU]LX Q YD GHYHQL
WLSRJUDILDRILFLDO DXQLYHUVLW LLLYDFRQWLQXDDFWLYLWDWHDGDUIDLPDHLYDGHYHQLORFDO
SDUWH GHFkW OD 0DLQ] FU LOH VDOH QX VH GLVWLQJ SULQ DVSHFW HVWHWLF vQ VFKLPE DFHVW WLSRJUDI IRVW
ELMXWLHU FDUH VH SDUH F OD FXQRVFXW SH *XWHQEHUJ D GDW GRYDG GH XQ DVFX LW VLP SUDFWLF
DGUHVkQGXVH FX SUHFGHUH XQHL FOLHQWHOH SRSXODUH ORYLWXUD GH PDHVWUX D IRVW GDW SULQ WLSULUHD
SULPHL %LEOLL vQ OLPED JHUPDQ GHL WUDGXFHUHD HUD GH PXOWH RUL JUHLW DWUJkQG PkQLD FOHUXOXL
FDUWHDDvQUHJLVWUDWXQPDUHVXFFHVGHSXEOLFSUHJWLQG5HIRUPD
$OEUHFKW3ILVWHU DOXFUDWGHODODvQRUDXO%DPEHUJSUREDELOFXYHFKLOHOLWHUHDOH
OXL *XWHQEHUJ IRORVLWH OD WLSULUHD %LEOLHL FX GH UkQGXUL FX WRDW FDULHUD VD VFXUW L WHKQLFD
UHDOL]DW vQGRLWLPSLJUDYXULOHvQOHPQILLQGWUDVHVHSDUDW
.RQUDG 6ZH\QKHLP L $UQROG 3DQQDUW] vQ WUHF $OSLL L LQVWDOHD] vQ DSURSLHUHD
5RPHL OD PQVWLUHD GLQ 6XELDFR SULPXO DWHOLHU GLQ DIDUD JUDQL HORU ,PSHULXOXL *HUPDQ HO YD
IXQF LRQD DLFL SkQ OD GXS FDUH FHL GRL YRU SOHFD VSUH5RPD LQWD LQL LDO D FOWRULHL ORU
FHORU GRL OL VH GDWRUHD] FUHDUHD WLSXOXL GH OLWHU URPDQ 3ULQWUH FHOH GH WLSDUQL H GLQ 5RPD
LGHQWLILFDWHSkQ ODVHJVHDXvQPkLQLOHWLSRJUDILORUJHUPDQL
OXL *XWHQEHUJ OD .|OQ XQGH H[LVWD FHD PDL SXWHUQLF IDFXOWDWH GH WHRORJLH GLQ *HUPDQLD
SURGXF LDYDILWHRORJLF LDUOD%DVHOODvQFHSXWSURGXF LDHVWHvQFHDWGH]YROWkQGXVHPDLDOHVGXS
FkQGDFHVWRUDYDGHYHQLXQLPSRUWDQWFHQWUXDOXPDQLVPXOXLJHUPDQIDYRUL]DWGHDH]DUHD
VDODWUHFHUHDGLQWUH,WDOLDL)UDQ D
GH H[HPSODUH SHQWUX FD OD vQFHSXWXO VHFROXOXL XUPWRU V DWLQJ PLD $FHVW UDQGDPHQW
GHWHUPLQ GHDOWIHOPLQLPXOGHOLWHUHQHFHVDUEXQXOXLPHUVDOXQHLSUHVHLGXEOXOQHFHVDUXQHLIRL
vQ HOHJkQGXVHF RIRUP VHJVHWHODWUDVvQWLPSFHXUPWRDUHDHVWHODFXOHV
3UHVD WLSRJUDILF 'HQXPLW L WHDVF SHQWUX F vQ IRUPD HL DUKDLF VHPQD FX XQ WHDVF GH
VWUXJXUL D IRVW IRORVLW SULPD GDW GH *XWHQEHUJ L PHQ LQXW FX XQHOH vPEXQW LUL SkQ OD
vQFHSXWXOVHFROXOXLDO;,;OHD0HFDQLVPXOGHSUHVDUHHUDIL[DWGHRJULQG&XDMXWRUXOXQXLPkQHU
VHDF LRQDXQD[YHUWLFDOWHUPLQDWFXRVXSUDID SODQQXPLW SODWLQ VDXWLJKHO VXEFDUHVHDIOD
IUJH]L $VWIHO KkUWLD FH IXVHVH OD vQFHSXW DGHVHD DVSU DGHUD DFXP PXOW PDL ELQH SH vQWUHDJD
VXSUDID LPSULPDWQYHFKHDWLSRJUDILHSULQDSVDUHDLQHJDO VHH[SOLF UHOLHIXOGHSHVXSUDID D
SDJLQLL
QWUXQ DWHOLHU WLSRJUDILF VH PDL DIODX GXODSXUL VSHFLDOH SHQWUX SVWUDUHD OLWHUHORU VRUWDWH
SUHFXPLDOWHVFXOHFDEROXULSHQWUXFHUQHDOWDPSRDQHHWF
,QFXQDEXO
&XYkQWXOLQGLF RULFHFDUWHLPSULPDW vQDLQWHGH3DWLGXS FDOHQGDUXOJUHJRULDQ$FHDVW
GHQXPLUH LQGLF SHULRDGD GH vQFHSXW D LPSULPHULHL LQ FXQDEXOD VFXWHFH OHDJQ Q FHHD FH
&DUDFWHULVWLFLOHXQXLLQFXQDEXO
SULPHORU LQFXQDEXOH OH OLSVHWH IRDLD GH WLWOX vQFHSXWXO VH IDFH FX IRUPXOHOH VSHFLILFH
PDQXVFULVXOXLLQFLSLWH[SOLFLW
FHOHPDLYHFKLUHSURGXFSUHVFXUWULOHOLJDWXULOHLRUQDPHQWHOHPDQXVFULVXOXL
OLWHUHOHVXQWLQHJDOHFDJURVLPHLLPSHUIHFWFRQWXUDWH
DVW]L FX ORFXULJRDOH SH SDJLQL GHRDUHFHSRVHVRULLQX OHDX PDLGDWUXEULFDWRULORU SHQWUXD OH
FRPSOHWD
XQHOH LQFXQDEXOH SUH]LQW vQ HSWXUL SH PDUJLQHD IRLORU SURYHQLWH GH OD WLIWXULOH FDUH IL[DX
FRDODODWLSULUH
vQ DIDUD LQFXQDEXOHORU WLSULWH FX OLWHUH PRELOH VXQW GH PHQ LRQDW LQFXQDEXOHOH WDEHODUH VDX
[LORJUDILFH LPSULPDWH FX FOLHH JUDYDWH SH OHPQ 'RQDWHOH %LEOLD SDXSHUXP 6SHFXOXP
KXPDQDHVDOYDWLRQLVHWF
OD LQL LDWLYD ELEOLRORJXOXL JHUPDQ .RQUDG +lEOHU D OXDW ILLQ R FRPLVLH GH UHGDFWDUH D XQXL
UHSHUWRULX JHQHUDO DO SULPHORU WLSULWXUL LQWLWXODW *HVDPWNDWDORJ GHU :LHJHQGUXFNH *.: DO
FUXLSULPYROXPDDSUXWvQDQXO
5HJOHPHQWULOHPHWHXJXOXLWLSDUXOXL
'XS RVFXUW SHULRDG GHJORULHFkQGPHWHXJXOIDEULFULLFU LLHUDOLEHULDW F VHLYHVF
WUHL PRWLYH SULQFLSDOH SULQ FDUH DFHWL DUWLWL VXQW QHYRL L V UHYLQ OD R H[LVWHQ QRUPDO XQHRUL
SUHDOLQLWLWSXV VXEVFXWXODXWRULW LL
UHJXODPHQWHOHFRUSRUDWLYHvPSRWULYDGLILFXOW LORUVRFLDOHLHFRQRPLFH
FHQ]XUDvPSRWULYDULVFXOXLOXSWHLGHLGHL
SULYLOHJLLOHvPSRWULYDFRQFXUHQ HL
3ULQQDWXUDOXFUXULORUULVFXOGLQGRPHQLXOWLSDUXOXLHVWHGHPXOWHRULPDLPDUHGHFkWDORULFUHL
DOWH LQGXVWULL GDWRULW VWUkQVHL vPELQUL D FHORU GRX DVSHFWH DOH FU LL PDUI L SURGXV
LQWHOHFWXDO5DUHVWHFD]XOvQFDUHDFHVWHGRX FDOLW LVXQWvQDFRUGQDLQWHGHDGHYHQLRDIDFHUH
UHQWDELO FDUWHD IRDUWH EXQ ]DFH DGHVHD DOWXUL GH FHD IRDUWH SURDVW DFHDVWD GLQ XUP
DWHSWkQG PXOW L ELQH VXFFHVXO $VWIHO IRQGXO XQXL OLEUDU VWRFXO VX GH FU L YDORURDVH
SHULFXORDVH SHQWUX VWDWXO UHVSHFWLY 'HMD vQ VHFROXO DO ;9,OHD vQFHS V DSDU LQGH[XUL
FXSULQ]kQG OXFUUL LQWHU]LVH GH DLFL H[SUHVLD D IL SXV OD LQGH[ &U LOH SURKLELWH WUHEXLDX
HOLPLQDWHGLQWRDWHELEOLRWHFLOHLGLVWUXVHLDUFLWLUHDORUHUDLQWHU]LV8QDGLQWUHFHOHPDLPDUL
HSXUUL D FU LL D DYXW ORF vQ SHULRDGD VWDOLQLVW LQFOXVLY OD QRL vQ DU OLVWD FU LORU SURKLELWH
FXSULQ]kQG PLL GH WLWOXUL Q SODQXO DVSHFWXOXL FU LL FHQ]XUD D PDL DYXW XQ HIHFW L DQXPH
PXWLODUHDDFHVWRUDSULQWLHUHDFDSLWROHORUFRQVLGHUDWHREVFHQHSVWUkQGXVHQXPDLPDUJLQLOHFD
ODXQHOHYROXPHWUDQVIRUPDWHvQFXWLL1XPHOHWLSRJUDIXOXLGLVSDUHXQHRULGLQWLWOXGDUSHUVLVW
ODVIkULWXOOXFUULL6HPDLvQWkPSO FDLQXPHOHDXWRUXOXLV GLVSDU GLQWLWOXGDUVLUPkQ
SRUWUHWXOvQIURQWLVSLFLX&DRLURQLHDVRU LLDFHVWRUFU LOLVDULGLFDWFRWDYDORULF
3ULYLOHJLXO HVWH XQ GUHSW H[FOXVLY SH FDUH UHJHOH VDX QRELOXO GHFL DXWRULWDWHD WHULWRULDO vO
DFRUG XQXLSDUWLFXODU(OHUDDFRUGDWSHQWUXRDQXPLW SHULRDG SXWkQGILUHvQQRLWWHQGLQ DHUD
GH D GHYHQL SHUPDQHQW 2ULFH LPLWDWRU VH H[SXQHD XUPULULL MXGLFLDUH Q VHFROXO DO ;9,,,OHD
SULYLOHJLXODMXQVHVHXQDGHYUDWWLWOXGHSURSULHWDWHQHJRFLDELOODEXUV3ULYLOHJLXOSXWHDODIHO
GHELQHV ILHDFRUGDWWH[WXOXLXQXLDXWRUvQYLD FkWLXQXLWH[WDQWLF$XWRULLQXDYHDXQLFLXQ
GUHSW HL FHGDX PDQXVFULVHOH ORU RGDW SHQWUX WRWGHDXQD 1R LXQHD GH GUHSW GH DXWRU VDX GH
SURSULHWDWHLQWHOHFWXDO QXH[LVWDvQIRUPDVDDFWXDO3ULPHOHOHJLIHUULDOHGUHSWXOXLGHDXWRUV
DX IFXW vQ )UDQ D vQ DQXO L vQ *HUPDQLD vQ &HD GLQWkL FRQYHQ LH LQWHUQD LRQDO
SHQWUXSURWHMDUHDGUHSWXOXLGHDXWRUVDvQFKHLDWvQOD%HUQDvQ(OYH LD(UDREOLJDWRULXFDR
WLSRJUDILH V IXQF LRQH]H SH ED]D DFRUGULL XQXL SULYLOHJLX DFHVW IDSW HUD VXEOLQLDW vQ WRDWH
SURGXF LLOHWLSRJUDILFHSULQIRUPXODFRQVDFUDW &XPSULYLOHJLLV3ULYLOHJLXOHUDvQGUHSWDWL
vPSRWULYDDFHHDFHDPQXPLDVW]LFRQFXUHQ QHORLDOLvQFHUFDUHGHIDOV(VWHFXQRVFXWGH
SLOG FD]XO OXL $OGXV 0DQXWLQXV FDUH RE LQXVH GH OD 6HQDWXO YHQH LDQ GUHSWXO GH DL SXEOLFD
HGL LLOH vQ H[FOXVLYLWDWH FHHD FH QX D VWkQMHQLW SH WLSRJUDILL GLQ /\RQ V OH LPLWH (SLORJXO
GLDFXOXL/RULQ]OD7HWUDHYDQJKHOXOVODYRQ%OJUDGDYHUWL]HD]LFXSXWHUHDPDUHOXL
YRLHYRG%DWU&ULVWRYvQWLPSGHGHDQLQLPHQHDV QXvQGU]QHDVF DRWLSULGLQQRX
$UWLPSULPHULHVRFLHWDWH
&DUWHD FD RULFH RELHFW LHLW GLQ PkQD RPXOXL DUH XQ DVSHFW IRUPDO HVWHWLF &DOLW LOH VDOH
V GHD WRQXO L V FOX]HDVF SURGXF LD FXUHQW Q JHQHUDO vQ ]RULL XQHL QRL HSRFL FkWH R
JXVWXO ]LOHL LDU DUWLVWXO YD GHVFRSHUL SULQ DFHDVW WHKQLF DWkW R QRX H[SULPDUH SODVWLF FkW L XQ
LQFRPSDUDELO PLMORF GH GLIX]DUH 7LSRJUDIXO YD WUDQVIHUD UHSHGH DUWLVWXOXL VSHFLDOL]DW FUHDUHD
LOXVWUD LLORU D RUQDPHQWHORU D OLWHUHORU FkW L D OHJWXULL GH FDUH DUDUHRUL VD vQJULMLW UPkQkQG
SHQWUXPXOW YUHPHvQFVWSkQXOFU LLDUKLWHFWXOHL
&HOHPDLUHXLWHFUHD LLVXQWFHOHGLQVHFROXODO;9,OHDOHJDWHGH5HQDWHUHLVHvPSDUWvQ
GRX PDULFDWHJRULL
/XFUULOH FDUH EHQHILFLD] GH DSRUWXO XQRU PDULDUWLWL XPDQLWLL DUWLWL SROLYDOHQ L DX IRVW FHL
FDUH DX FRQWULEXLW OD vPEXQW LUHD HVWHWLFLL FU LL )UDQFH]LL &ODXGH *DUDPRQW
5REHUW *UDQMRQ L *XLOODXPH /H %p DX UHDOL]DW F R FDUWH WUHEXLH V ILH VFULV FX FDUDFWHUH
/XFUULOH VSHFLDOL]DWH DGUHVDWH DUWLWLORU FDP GH SH OD HYDQWDLXO DFHVWRU FU L GH DUW
WHRUHWLFH L SUDFWLFH OD vQGHPkQD SURIHVLRQLWLORU L D DPDWRULORU VH GHVFKLGH GLQ FH vQ FH PDL
PXOW&U LGHDUKLWHFWXUFU LGHSLFWXUFU LFXPRGHOHLRUQDPHQWHSHQWUXWRDWHPHVHULLOH
DUWLVWLFH FU L GH FDOLJUDILH FU L WHKQLFH GH GRFXPHQWDUH FU L GHVSUH PHGDOLL L DQWLFKLW L
VXLWH GH JUDYXUL GXS PDHWUL VH YRU UVSkQGL FD XQ YDO FUHVFkQG JVLQGXL H[SOLFD LD vQ
FXULR]LWDWHDJHQHUDOvQQHYRLDGHDvQY DLvQVHWHDGHLQIRUPDUH$FHVWHFU LIFHDXSDUWH
GLQ HFKLSDPHQWXO DWHOLHUHORU L DX IRVW IRORVLWH SkQ OD WRFLUH 'LVSUH XLWH GH ELEOLRILOL L GH
DPDWRULLOXPLQD LHOHDXGHYHQLWUDUHFDPXOWHFU LGHvQY WXU LOXFUX(OHDXUHSUH]HQWDW
FHHDFHQRLDVW]LQXPLPLQVWUXPHQWHGHOXFUX
F WRWGDWRULW ORUDFHVWPHWHXJVDUVSkQGLWFXUDSLGLWDWH&HOHPDLLPSRUWDQWHFHQWUHWLSRJUDILFH
GLQ*HUPDQLDGXS FHOHGHMDHQXQ DWHDXIRVW
$XJVEXUJ XQXO GLQWUH FHOH PDL LPSRUWDQWH RUDH DOH (XURSHL VHGLXO XQRU EDQFKHUL
LQWHUQD LRQDOL FD )XJJHU L :HOVHU vQ ID D ORU L UHJLL VH vQFKLQDX GLQ VLPSOXO IDSW F VH
vPSUXPXWDX GH OD HL XQHRUL FUHGLWXO SXWHD IL QHUDPEXUVDELO DLFL D SUHGRPLQDW FDUWHD LOXVWUDW
VFULV vQ OLPED SRSXODU 3UDFWLF RUDXO FXOWLYD vQ DFHO PRPHQWXQ vQIORULWRU DUWL]DQDW DOFWXLWGLQ
LQGLVFXWDELO XQD GLQWUH FHOH PDL UHXLWH FUHD LL DOH LPSULPHULHL JHUPDQH GLQ SULPD MXPWDWH D
VHFROXOXLDO;9,OHD$FHDVW vQIORULUHYDGHFDGHRGDW FX5HIRUPDFDUHvPSDUWH*HUPDQLDvQGRX
WDEHUHLFDUHvQGUHDSW FOLHQWHODFWUHVFULHULOHOXWHUDQHWLSULWHvQDOWHSU L
1UQEHUJvQDFHVWRUDFHOPDLLPSRUWDQWSHQWUXvQFHSXWXULOHLPSULPHULHLJHUPDQHVHIDFHVLP LW
HVWH LQVWDODW DLFL SULPD WLSRJUDILH D OXL -RKDQQ 6HQVHQVFKPLGW XQ JHUPDQ RULJLQDU GLQ
%RHPLD 'DU FHD PDL FHOHEU YD GHYHQL LPSULPHULD .REHUJHU IRQGDW GH ELMXWLHUXO $QWRQ
XPDQLVWXO +DUWPDQQ 6FKHGHO $FHDVW OXFUDUH PRQXPHQWDO D WLSDUXOXL JHUPDQ FX GLPHQVLXQL GH
[ FP HUD R LVWRULH D OXPLL GH OD vQFHSXWXUL L SkQ OD HD D FXQRVFXW GRX HGL LL XQD
ODWLQ L DOWD JHUPDQ DSUXW OXQL PDL WkU]LX L GDWDW GHFHPEULH 'LQ SXQFW GH YHGHUH DO
FRQ LQXWXOXL HUD R FRPSLOD LH D XQHL FURQLFL PDL YHFKL QRXWDWHD R FRQVWLWXLD FHOH LOXVWUD LL
UHSUH]HQWkQGSRUWUHWHOHDGHFHOHEULW LVILQ LSDSL vPSUD LUHJLHWFLPDJLQLDOHXQRU ULL
RUDH VFHQH GH OXSW Q FLXGD XQRU UHSUH]HQWUL IDQWH]LVWH DSDUL UHJLXQL PDL vQGHSUWDWH SULQWUH
HOH9DODKLDSULPDUHSUH]HQWDUHDXQHL ULURPkQH'LQSXQFWGHYHGHUHYDORULFXQH[HPSODUHVWH
HVWLPDWDVW]LODVXPDGHHXUR$FHVWYROXPVHQXPU SULQWUHFHOHPDLYDORURDVHLQFXQDEXOH
SVWUDWH +DUWPDQQ 6FKHGHO DXWRUXO PHULW R PHQ LXQH VSHFLDO SHQWUX IHOXO vQ FDUH LD
FRQVWLWXLWELEOLRWHFDSHUVRQDOHVWHFROHF LDWLSLF DXQXLLQWHOHFWXDOGLQDFHDHSRFLQWHOLJHQWFXR
VROLG FXOWXU XPDQLVW HO D OVDW vQ QXPHURDVH OXFUUL GRFXPHQWD LL ERJDWH PUWXULL DXWRJUDIH
SULYLQG FRQ LQXWXO VDX DFKL]L LD FU LORU GRYDG F XUPD FX FRQWLLQFLR]LWDWH PD[LPD SH FDUH R
VFULVHVH PDL vQDLQWH vQWUXQ YROXP GH VWXGLL PHGLFDOH FROOLJLWH IUDJPHQWD QH SHUHDQW DGXQD L
IUDJPHQWHOHFDV QXSLDUQWUDGHYUXQHOHIUDJPHQWHGLQFROHF LDVDDMXQV OD%LEOLRWHFDGH
6WDWGLQ0QFKHQFXSULQGDVW]LSLHVHXQLFHVDXIRDUWHUDUHvQVSHFLDOGLQVIHUD JUDYXULLvQOHPQ
3HRFURQLF DVD[RQLORU6FKHGHOQRWHD] F DSULPLWYROXPXOGHODXQRDUHFDUHDEDWH6HEDOGXVRP
GH UkQG GLQ *UHIIHQEHUJ L F LD GUXLW vQ VFKLPE R IUXPRDV L PDUH FXWLH GH ERPERDQH FX
DQDVRQ(ODH[SULPDWLXQSURIXQGDGHYU
vQVHQWLQ DOFRPLDGHDFROHFWDQXGLVSDUH
RGDW FXFROHF LRQDUXO
.|OQ
XQLYHUVLWDWHD
GRJPDWLVPXO
GH
DLFL
SUDFWLFDW
GHWHUPLQ
GH
R
/EHFNHVWHSHQWUXVHFROHOH;9L;9,
RUDXO FHO PDL LPSRUWDQW GLQ QRUGXO
FRPHUFLDOHFHDFRSHU vQWUHJQRUGXO(XURSHL
3URGXF LD ORUHUDvQGUHSWDW VSUHVDWLVIDFHUHD
/LEHU&KURQLFDUXP
SULPDLPDJLQHIDQWH]LVW D9DODKLHL
JXVWXOXLFODVHLPLMORFLLvQGHVWXODW
DFWLYLWDWHD GLIX]ULL WH[WHORU SRSXODUH XPDQLVWH L FODVLFH DIOkQGXVH vQ VHFROXO DO ;9,OHD vQ
SULPHOH UkQGXULDOH 5HIRUPHL 6SUHVIkULWXOVHFROXOXLFDUWHDJHUPDQ LOXVWUDW GHYLQHVSHFLDOLWDWHD
HGLWRULORUDFHVWXLRUDSRHPHHSLFHVDXHURLFHFU LSRSXODUHPHGLHYDOHHWF
%DVHO IXVHVH SkQ vQ RUD LPSHULDO GXS FDUH D DGHUDW OD &RQIHGHUD LD +HOYHWLF
QFHSXWXULOH LPSULPHULHL GHVWXO GH OHQWHVH SODVHD] FWUH DGRXD MXPWDWH D VHFROXOXL DO ;9OHD
SHQWUXDFHDVW SHULRDG VHUHPDUF HGLWDUHDFHOHEUHLOXFUUL&RUDELDQHEXQLORUFDUHVDEXFXUDW
GHXQVXFFHVUVXQWRUSRHPHLWRWDWkWHDLOXVWUD LLWUHFvQUHYLVW DYDUL LDDU DJXOHJRLVPXO
GHVIUkQDUHD PDQLD H[DJHUDW SHQWUX FU L VLF OLSVD GH FUHGLQ HWF &DUWHD D DSUXW XOWHULRU vQ
QXPHURDVHYHUVLXQLIUDQFH]HHQJOH]HHWFQVXLDXWRUXOFHOHEUHLOXFUUL6HEDVWLDQ%UDQWULGLFDvQ
VOYL WLSRJUDILD UHFRPDQGkQG FDUWHD WXWXURU $OWGDW EXQXO H[FOXVLY DO ERJDWXOXL SURSULHWDWHD
UHJHOXL DVW]L FDUWHD HVWH vQ WRDWH ERUGHLHOH 6 PXO XPLP &HOXL GH 6XV IU DO XLWD SH WLSRJUDI
FFLHOHVWHDFHODFDUHDGHVFKLVQRXDFDOH1HFXQRVFXW GHvQ HOHS LLJUHFLGHURPDQLLOXFL]LHDD
IRVW GH]YOXLW VSLULWXOXL JHUPDQLF %DVHOXO D GHYHQLW vQ SULPHOH GHFHQLL DOH VHFROXOXL DO ;9,OHD
FDSLWDOD XPDQLVPXOXL FUHWLQ PDLDOHVGXS FH(UDVPXVGLQ5RWWHUGDPLDVWDELOLWDFRORFDUWLHUXO
VX JHQHUDO 7LQHULGLQ vQWUHDJD(XURS DX YHQLW DLFL V vQYH H PHWHXJXO OLWHUHORU7LSRJUDILLOHL
HGLWXULOH GLQ %DVHO HUDX WRW DWkW GH YHVWLWH 6XQW GHPQH GH DPLQWLW WLSRJUDILD FRQGXV GH -RKDQQ
)UREHQDFUXLFUHD LHPDMRU DIRVW1RXO7HVWDPHQWvQWUDGXFHUHDOXL(UDVPXVHPEOHPDVDDUSHOH
SRSXODU D EHQHILFLDW GH GH HGL LL vQ OLPEL GH LPSRUWDQWH LQIRUPD LL EHQHILFLD] L VSD LXO
URPkQHVF 7RW OD %DVHO VDX WLSULW FX WRDW RSR]L LD DXWRULW LORU 7DOPXGXO L R
WUDGXFHUH ODWLQ D &RUDQXOXL FRQVLOLXO RUDXOXL FRQILVF IRLOH L vO vQWHPQL HD] SH WLSRJUDI 'RDU
LQWHUYHQ LD OXL /XWKHU vL vPEOkQ]HWH SH VHYHULL HGLOL FDUH YRU ULGLFD LQWHUGLF LD OD DUJXPHQWHOH
UHIRUPDWRUXOXL3HQWUXFLQVWLUHDOXL+ULVWRVSHQWUXELQHOHFUHWLQLORUSHQWUXUXOWXUFLORUSHQWUXDO
QHFMLSH'LDYRO$FHVW&RUDQDDSUXWvQFXSUHIH HVFULVHGH/XWKHUL0HODQFKWRQFRULIHLL
5HIRUPHLJHUPDQHHUDXDFWHGHPDUHFXUDMSHQWUXYUHPHDUHVSHFWLY
VSULMLQLW DPSOLILFDW L vQ FHOH GLQ XUP vQEXLW GH R FDQWLWDWH HQRUP GH FU L 0HULWXO
LQFRQWHVWDELO DO DFHVWXL FXUHQW vO UHSUH]LQW WLSULUHD GH FU L vQ OLPELOH QD LRQDOH L vQY PkQWXO
QD LRQDO FDUH DYHD QHYRLH GH PDQXDOH /XWKHU GUXLHWH JHUPDQLORU XQLWDWHD OLPELL OLPED VFULV
FRPXQ SULQ WUDGXFHUHD %LEOLHL 0XO XPLW LPHQVHL SRSXODULW L D OLPELL OXL /XWKHU GLDOHFWXO
*HUPDQLHL FHQWUDOH ED] D WUDGXFHULL VDOH YD GHYHQL PLMORFXO VFULV GH FRPXQLFDUH DO vQWUHJLL
*HUPDQLL 3ULPD HGL LH D %LEOLHL vQ OLPED JHUPDQ D DSUXW vQ %LEOLD GDV LVW GLH JDQW]H
+HLOLJH 6FKULIW 'HXWVFK GH SDJLQL LOXVWUD LL vQ WH[W $VW]L VXQW LQYHQWDULDWH GH
)UDQNIXUW RUD LPSHULDO GDU L ILQDQFLDU GHRSRWULY 7LSRJUDILL VH RFXS SUHGLOHFW FX FDUWHD
PXQFDWRSLWRUXOXLDGHVHQDWRUXOXLDJUDYRUXOXLDSDSHWDUXOXLDWLSRJUDIXOXLDVFULLWRUXOXLSXEOLFD
OHJWRUXOXL7LWOXOHLFRPSOHWHUD(\JHQWOLFKH%HVFKUHLEXQJDOOHU6WlQGH3DQRSOLDVDXGHVFULHUHD
WXWXURUPHWHXJDULORU&U LGHFRVWXPHPLOLWDUHLFLYLOHVXQWFRQFHSXWHvQDFHODLVSLULW7KpRGRU
GH %U\JUDYRU vQ DUDP LD SUVLW RUDXO QDWDO/LqJHL VD VWDELOLW vQ DQXO OD )UDQNIXUW FD
/XFUDUHD ORU FHD PDL GH VHDP HVWH FRQVWLWXLW GLQ GH IDVFLFXOH DOH &ROOHFWLRQHV
SHUHJULQDWLRQXP LQ ,QGLDP RULHQWDOHP HW ,QGLDP RFFLGHQWDOHP DSUXWH GLQ SkQ vQ
QFHSH DFXP HSRFD PDULORU RSXULGH FOWRULL GH JHRJUDILH GH GHVFULHUH L LQYHQWDULHUHDJOREXOXL
SPkQWHVF QUXGLW FRQIRUP XQXL RELFHL QHVFULV FX &DVD GH %U\ VH UHPDUF ILUPD GH HGLWXU
GHSDUWHDGHGLFDW $OVDFLHLDOHFUHLJUDYXULDXIRVWUHDOL]DWHFKLDUGH0HULDQUHVWXODIRVWH[HFXWDW
vQ DWHOLHUXO DQH[ DO FDVHL GH HGLWDUH LPSRUWDQ D SODQHORU UHSUH]HQWkQG UHOHYHXUL IFXWH GXS
QDWXU HVWH FRQVLGHUDELO FD VXUV GRFXPHQWDU 6H FRQVWDW vQFHSkQG FX VHFROXO DO ;9,OHD R
GLYL]DUH D PXQFLL WLSRJUDIXOXL JUDYRUXOXL L HGLWRUXOXL FDUH SH SDUFXUV VH YD DPSOLILFD 'DU
DGHYUDWDLPSRUWDQ DRUDXOXL)UDQNIXUWUH]LG vQWkUJXOVXDQXDOGHFU LGHVIXUDWLvQ]LOHOH
QRDVWUH FDUH vL DGXQD vQ ILHFDUH DQ SH SULQFLSDOLL HGLWRUL WLSRJUDIL OLEUDUL L WXUQWRUL GH OLWHUH DL
(XURSHL /LPED ODWLQ vQ VSHFLDO SHQWUX VXELHFWHOH VDYDQWH YD UPkQH PXOW YUHPH vQF PLMORFXO
SULQFLSDO GH H[SULPDUH L GLQ DFHVW PRWLY FDUWHD ODWLQ D UPDV SLYRWXO DFHVWXL JHQ GH PDQLIHVWUL
LQWHUQD LRQDOH /LVWHOH ELDQXDOH DOH QRXW LORU GH SH SLD D FU LL FDUH DX DSUXW vQ PRG UHJXODW OD
)UDQNIXUW GLQ VXE WLWOXO GH &DWDORJXV XQLYHUVDOLV VXQW SULPHOH ELEOLRJUDILL FRPSOHWH L
WRWRGDW L]YRDUH SUH LRDVH SHQWUX FHUFHWDUH Q FXUVXO VHFROXOXL DO ;9,,OHD GLQ FDX]D FHQ]XULL
FDWROLFH L D FRQIOLFWHORU JHQHUDWH GH 5]ERLXO GH GH DQL FLIUD GH DIDFHUL vQ DFHVW
GRPHQLX VFDGH FHHD FH FRQGXFH OD GLPLQXDUHD LPSRUWDQ HL DFHVWXL WkUJ IFkQG ORF WkUJXOXL GH OD
/HLS]LJRUDPDLOLEHUDO
,7$/,$ vQFHSXWXULOH WLSRJUDILHL vQ ,WDOLD HVWH IFXW GH JHUPDQL DIOD L vQ FXWDUHD XQRU
GHEXHXUL VWDELOH ,WDOLD IUkPL DW GLQ SXQFW GH YHGHUH VWDWDO UHSUH]HQWD R PDUH DWUDF LH ILLQG
Q SOXV VXGXO vQVRULW H[HUFLWD R SXWHUQLF DWUDF LH VHQWLPHQWDO DVXSUD QRUGLFLORU L SHVWH WRDWH
PDUHSURGXFWLYLWDWH&RQFHQWUDUHDvQWUHSULQGHULORUSXWHUQLFHOD5RPD9HQH LD0LODQRVDX)ORUHQ D
HVWH UHPDUFDELO FHHD FH QX H[FOXGH SURVSHULWDWHD XQRU DWHOLHUH GH PDL PLF LPSRUWDQ L QLFL
H[LVWHQ DXQHLVDOEHGHWLSRJUDILLDPEXODQWHHIHPHUHDWkWGHFDUDFWHULVWLFHSULPXOXLVHFRODODFHVWXL
PHWHXJDIODWvQFXWDUHDXQXLHFKLOLEUX
5RPD YD GHYHQL UDSLG FX WRDWH GLILFXOW LOH LQHUHQWH vQFHSXWXOXL XQXO GLQWUH FHOH PDL PDUL
FHQWUHLWDOLHQHDOHWLSRJUDILHLvQWRW XQJHUPDQ8OULFK+DQHGLWHD] SULPDFDUWHLOXVWUDW GH
SH WHULWRULXO ,WDOLHL 0HGLWDWLRQHV GH YLWD &KULVWL VFULV GH SURWHJXLWRUXO VX FDUGLQDOXO
7RUTXHPDGD YLLWRUXO PDUH LFKL]LWRU DO 6SDQLHL (XFKDULDV6LOEHURULJLQDUGLQ :U]EXUJSH OkQJ
HGL LL FODVLFH WLSUHWH EURXUL L IRL L]YRUkWH GLQ DFWXDOLWDWH SXWkQG IL FRQVLGHUDWH SULPHOH ]LDUH
$VWIHO HO IDFH FXQRVFXW FRQGDPQDUHD OXL 6DYRQDUROD UHIRUPDWRUXO IORUHQWLQ SXEOLF
&ROXPE'HLQVXOLVLQPDUHLQGLFRUXSHULQYHQWLV ,DFRER0D]]RFKLGLQ%HUJDPRIRORVHWHSULPXO
vQSDJLQLOHGHWLWOXFXFKHQDUDUKLWHFWXUDOWRWHOYDSXEOLFDvQ(SLJUDPPDWD DQWLTXDH
RUELV5RPDHFHDPDLYHFKHFROHF LHGHLQVFULS LLODSLGDUH
9HQH LD YD GHYHQL vQ VFXUW WLPS FDSLWDOD PRQGLDO D FU LL WLSULWH DWkW SULQ QRXWDWHD
FRQ LQXWXOXLLSUH]HQWULLFkWLSULQFDQWLWDWHDLUVSkQGLUHDFU LORUSURGXVHQF vQDLQWHGH
vQDFHVWRUDvLGHVIXUDXDFWLYLWDWHDGHWLSRJUDILFDUHHGLWDVHU SkQ ODGDWDPHQ LRQDW
GH WLWOXUL LQFXQDEXOH FD L OD 5RPD FHL GLQWkL WLSRJUDIL HUDX GH RULJLQH JHUPDQ OXFUX RDUHFXP
6HQLRULH XQ SULYLOHJLX FDUH vL JDUDQWHD] PRQRSROXO SH DQL SHQWUX H[HUFLWDUHD SURIHVLXQLL VDOH
IUDWHOHVDXvLFRQWLQX DFWLYLWDWHDSXEOLFkQGvQSULPD%LEOLHvQOLPEDLWDOLDQQMXUXODFHOHLDL
GDWH VH VWDELOHWH XQ FRQFXUHQW SULPHMGLRV FHO PDL FRPSHWHQW WLSRJUDI DO DFHVWHL HSRFL 1LFRODV
-HQVRQYHQLWGLQ6RPPHYRLUHGHOkQJ 7UR\HV(OSXEOLF vQ(SLVWRODHDG%UXWXP GH&LFHUR
-HQVRQHVWHDFHODFDUHG FDUDFWHUXOXLURPDQIRUPDVDGHILQLWLYDFHHDGLQFDUHLDVW]LGHULY vQF
QHQXPUDWHOH YDULDQWH FXQRVFXWH GH DFHVW DOIDEHW FHO PDL IRORVLW vQ WLSRJUDILD PRQGLDO 3RYHVWHD
OHD PLVWHUXO PXOWLSOLFULL VFULHULORU 2ULFDUH DU IL IRVW DGHYUXO DVXSUD WHQWDWLYHL GH VSLRQDM
LQGXVWULDO -HQVRQ D SUHIHUDW V VH VWDELOHDVF OD 9HQH LD XQGH DOWXUL GH DO L JHUPDQL D IRQGDW
SXWHUQLFDILUP1LFRODXV-HQVRQVRFLLTXHFXvQWLQVHOHJWXULGHDIDFHULLUHSUH]HQWDQ HOD5RPD
GHvPSRGRELULOHFXPkQD3ULQWUHFHOHGHOXFUULLHLWHGLQWHDVFXULOHVDOHvQWUHLGDWD
vQWRDUFHULLVDOHOD$XJVEXUJVHUHPDUF OXFUULGHDVWURQRPLHLGHPDWHPDWLFL
HGL LD SULQFHSV GLQ (OHPHQWH GH (XFOLG FX ILJXUL JHRPHWULFH SH PDUJLQL L XQ FDOHQGDU LWDOLDQ L
JHUPDQDODVWURQRPXOXL5HJLRPRQWDQXV,PSULPHULDLWDOLDQ DWLQJHFXOPHDUHSXWD LHLPRQGLDOHSULQ
IDPLOLD
OXL
$OGXV
IDPLOLD
*LXQWD
(PEOHPDHGLWRULDO DOXL$OGXV
0DQXWLXV
OXL
$OGXV
HUD FXQRVFXW GH WRDW OXPHD QWUH L IDPLOLD OXL
$OGXV LD IRORVLW WHDVFXULOH SHQWUX PXOWLSOLFDUHD PRWHQLULL FODVLFH JUHFHDVF L ODWLQ DOH FUHL
HGL LL GHYLQ XQ H[HPSOX SHQWUX FRQIUD L SULQ ILGHOLWDWH L VHULR]LWDWH (GLWkQGXL SH FODVLFL $OGXV
0DQXWLR0DQXWLQXV5RPDQXVYDGDRQRX IRUP FU LLSULQIRORVLUHDIRUPDWHORULQ TXDUWRLQ
PDUL SUH XUL PLFL /D vQFHSXW FU LOH VDOH QX SRDUW vQF QXPHURWDUHD SDJLQLORU GDU SHQWUX DO
vQGUXPD SH FLWLWRU VDX SH OHJWRU SDJLQLOH HUDX SUHY]XWH FX FXVWRGH L VLJQDWXUL
&8672'(/(SULPXO FXYkQW GLQWUR SDJLQ IU VR FDUH DSDUH vQ MRVXO SDJLQLL SUHFHGHQWH
6,*1$785$ $ , $ ,, HWF % , % ,, HWF LQGLF OHJWRUXOXL IHOXO vQ FDUH D IRVW vQGRLW FRDOD L
IHOXOvQFDUHXUPHD] FDLHWHOHFLIUHOHURPDQHFRUHVSXQGSULPHLMXPW LDFDLHWXOXL FHOGHDOGRLOHD
FDXUPDUHDvQGRLULLXUPHD] GHODVLQH&XVWRGHOHDIRVWDEDQGRQDWODVIkULWXOVHFROXOXLDO;9,,,
GLQ 5RWWHUGDP ILLQG LQVSLUDW GXS R PRQHG DQWLF URPDQ GLQ WLPSXO vPSUDWXOXL
7LEHULX7LSRJUDILD DOGLQ YD IDFH FRDO L SULQ OLWHUDIRORVLW DOGLQD FXUVLY GHYHQLW XQ VXFFHV
$XWRUXO FHORU GH LOXVWUD LL DUPRQLRV vPSOHWLWH FX WH[WXO HVWH DQRQLP QRXWDWHD HVWH GDW GH
DFURVWLKXO LQL LDOHORU FHORU GH FDSLWROH UH]XOWkQG IUD]D 3ROLDP IUDWHU )UDQFLVFXV &ROXPQD
SHUDPDYLW )UDWHOH )UDQFHVFR &ROXPQD D DGRUDW SH 3ROLD SHUVRQDMXO HVWH GH IDSW R DOHJRULH D
%RFFDFLR 'HFDPHURQXO 7DVVR $ULRVWR 2UODQGR IXULRVR FWUH DUH ORF R FRWLWXU EUXVF
*LROLWR HUD DPHQLQ DW GH PkQLD ,QFKL]L LHL &RQWUDUHIRUPD VH SRUQLVH 3HQWUX D SXWHD VXSUDYLH XL
9HURQD vQ *LRYDQQL GLQ 9HURQD WLSUHWH SULPD FDUWH PLOLWDU LOXVWUDW FX GH
[LORJUDYXUL UHSUH]HQWkQG DUPH L PDLQL GH OXSW vQ FRQGL LLOH U]ERLXOXL SHUPDQHQW SXUWDW vQWUH
UHSXEOLFLOHLWDOLHQHVDXvQWUHDFHVWHDLLQDPLFLGLQH[WHULRUFDUWHDYDFXQRDWHvQVHFROXODO;9,OHD
QXPHURDVHUHHGLWUL
%UHVFLD vQ DSDUH SULPXO 'DQWH LOXVWUDW FX JUDYXUL vQ OHPQ vQ IRUPDW PDUH SH vQ HOHVXO
WXWXURU
%RORJQDFHQWUXXQLYHUVLWDUYHVWLWVHVSHFLDOL]HD] SHHGLWDUHDGHPDQXDOH
)HUUDUD G OXPLL vQ 'H FODULV PXOLHULEXV XQD GLQWUH FHOH PDLIUXPRDVH FU L FDUH VDX
WLSULW YUHRGDW vPSRGRELW FX SRUWUHWH UHDOH &DWHULQD 6IRU]D (OHRQRUD G
(VWH L SHUVRQDMH
IHPLQLQHDQRQLPH
)ORUHQ D FHQWUX DUWLVWLF L LQWHOHFWXDO YHVWLW WLSDUXO HVWH QHYRLW GH OD vQFHSXW V vQIUXQWH
GLVSUH XOIDPLOLHL0HGLFL&XWRDWHDFHVWHDDUWDWLSDUXOXLLDDYkQWLPSXQkQGXVHJUDYXUDvQPHWDO
&HD PDL YDORURDV L PDL UDU FDUWH HVWH XQ 'DQWH DSUXW vQ GHVHQHOH LOXVWUD LLORUvL DSDU LQ
SUREDELOOXL%RWLFHOOL)ORUHQ DRFXS XQORFPDLPXOWGHFkWRQRUDELOvQSULYLQ DWLSULWXULORUJUHFHWL
(GL LDSULQFHSVDOXL+RPHULHVHGLQWHDVFULOHOXL%DUWRORPHRGLQ)UDQFHVFRGHO/LEULvQ&WUH
VIkULWXOVHFROXOXLPHPEULLIDPLOLHL*LXQWDGHYLQFHLPDLLPSRUWDQ LHGLWRULLWLSRJUDILGLQRUD
1HDSROH FDSLWDOD 5HJDWXOXL $UDJRQXOXL GLQ 6SDQLD HVWH VLQJXUXO RUD GLQ VXGXO ,WDOLHL FDUH D
DYXW R WLSRJUDILH LPSRUWDQW $X IRVW GHVFRSHULWH GH vQWUHSULQGHUL GLQDLQWH GH
QDSROLWDQDIRVWXQJHUPDQ6L[W5LHVVLQJHUFDUHYHQLWGHOD5RPDDLQVWDODWDLFLSULPDWLSDUQL vQ
FX R PHQ LXQH LPSRUWDQW WLSRJUDILL HUDX GHVHPQD L DQRQLP FD *HUPDQL ILGHOLVVLPL FHOH GH
JUDYXULvQOHPQHUDXRUQDWHFXPRWLYHKLVSDQRPDXUHQWLSRJUDILDSWUXQGHLvQ6LFLOLDWRW
SULQLQWHUPHGLXOXQXLJHUPDQ+HLQULFK$OGLQJ
7LSRJUDILD LWDOLDQ vQFHSH V GHFDG vQ VHFROXO DO ;9,OHDGDWRULW FDX]HORU HQXQ DWH YH]L
9HQH LDOVkQGORFXODOWRUFHQWUHHXURSHQH
)5$1$ DUH R VLWXD LH VSHFLILF GDWRULW IUkPL ULL VWDWDOH D OXSWHORU LQWHUQH L D
5]ERLXOXL GH GH DQL ([LVWHQ D D QXPHURDVH IRU H SRWULYQLFH vPSLHGLF LQVWDODUHD XQRU
vQWUHSULQGHUL GXUDELOH FDUH DU IL WUHEXLW V GHSHDVF FDGUXO ORFDO VDX FDUH DU IL FXQRVFXW R
OXFUXUL QX VH YD VFKLPED GHFkW vQ WLPSXULOH PRGHUQH FkQG PLMORDFHOH GH FRPXQLFDUH UDSLG YRU
*HUPDQLD GDWRULW IDSWXOXL F HL HUDX PDULL VSHFLDOLWL vQ WXUQDUHD OLWHUHORU SULPLL WLSRJUDIL HUDX
DQL 0HWDOXUJLD LQGXVWULD VWRIHORU D PWVXULORU VXQW SXWHUQLF vQFXUDMDWH GH FWUH
UHJDOLWDWHFDUHvQFHSHV VHLPSXQ FDHOHPHQWFHQWUDOL]DWRU$QVDPEOXODFHVWRUPVXULYDSHUPLWH
ULL V DMXQJ GLQ XUP QLYHOXO YHFLQLORU VL PDL SURVSHUL ,WDOLD L *HUPDQLD OXFUX vQISWXLW OD
3DULV FHQWUX FXOWXUDO FX R XQLYHUVLWDWH YHVWLW 6RUERQD UHFWRUXO XQLYHUVLW LL DGXFH vQ
WUHLWLSRJUDILJHUPDQL8OULFK*HULQJGLQ.RQVWDQ]0LFKDHO)ULEXUJHUGLQ&ROPDUPDHVWUXvQDUWH
L HO JHUPDQ GH RULJLQH GH VXE WHDVFXULOH VDOH LHV GH OXFUUL 3ULPD WLSULWXU 6FULVRULOH OXL
*DVSDULQR GLQ %HUJDPR VH vQFKHLH FX XQ RPDJLX 3DULV UHJDO KUQLWRU DO PX]HORU DD FXP
VRDUHOHUVSkQGHWHOXPLQDWXUVSkQGHWLWLLQ DvQOXPH$FHDVW VLQWDJP HVWHYDODELO LDVW]L
vQ GHILQLUHD 3DULVXOXL FD RUD OXPLQ 'XS WUHL DQL FHL WUHL JHUPDQL SUVHVF 6RUERQD L vL
GHVFKLGXQQRXDWHOLHUFXvQVHPQXO6ROHLOG
RUDGUHVkQGXVHGHDFHDVW GDW XQXLSXEOLFPDLODUJ
'RL GLQWUH IRWLL ORU DVRFLD L IODPDQGXO 3LHUUH .DLVHU L JHUPDQXO +DQV 6WROO vL GHVFKLG L HL XQ
DWHOLHU vQ YHFLQWDWH 8OL D 6DLQW -DFTXHV YD UPkQH PXOW YUHPH FXQRVFXW VXE GHQXPLUHD GH
XOL DWLSRJUDILORU6ROHLOG
RUYDVFRDWHSULPDFDUWHODPDLHVWHYRUEDGHVSUHXQPDQXDO
DGUHVDW SUHR LORU vQ WRW OD HL DSDUH R 9XOJDWD SULPD %LEOLH WLSULW vQ )UDQ D &RQFXUHQ D
DIODW GRX FDVH PDL MRV VFRDWH DFHODL WLS GH FU L vL vQFHWHD] DFWLYLWDWHD vQ $FHDVW
DFWLYLWDWH HIHPHU VH YD vQFKHLD vQ FXUkQG ILLQG XUPDW GH DWHOLHUH VWDELOH L GH FDVH GH HGLWXU
FXQRVFXWHQ GHEXWHD] SULPD HGLWXU VHULRDV DYkQG FDHPEOHP GRX OHEHGHRGDW FXHD
DSDULSULPHOHGRX FU LSDUL]LHQHLOXVWUDWH&DUDFWHULVWLFDDFHVWHLHGLWXULHVWHWLSULUHDDOWHUQDWLY
GHFU LUHOLJLRDVHLODLFHSUHFXPLIRORVLUHDJUDYXULLvQPHWDO$QWRLQH9pUDUGDIRVWSULPXOHGLWRU
SDUL]LDQYHULWDELOvQWUHLVXEILUPDVDDSDUFLUFDGHYROXPHvQEXQ SDUWHFU LGH
UXJFLXQH $OWXUL GH DFHVWH FU L HGLWRUXO VFRDWH XQ PDUH QXPU GH WLWOXUL FX VXELHFWH SURIDQH vQ
OLPEDSRSXODUDGHVHDLOXVWUDWH&RQWHPSRUDQFX9pUDUGHVWHLHGLWRUXO0DUQHIDFUXLDFWLYLWDWH
vQFHSH GLQ DQXO L FRQWLQX SkQ vQ VHFROXO XUPWRU QXPHOH OXLD UPDVOHJDWGH XQD GLQWUH
FHOHPDLVHPQLILFDWLYHLPDLVIkLHWRDUHOXFUULGHODVIkULWXO(YXOXL0HGLX'DQVXOPDFDEUX
DOHFUXLIRLLOXVWUDWHFXJUDYXULSHvQWUHDJDSDJLQ DXIRVWWLSULWHGH*X\0DUFKDQWvQ
DFHDVW WHP VHYDUHSHWDSkQ ODREVHVLHvQWRWFXUVXOVHFROXOXLDO;9,OHD
/\RQ FHQWUX ILQDQFLDU LQWHUQD LRQDO FX XQ QHJR vQIORULWRU vQGUHSWDW VSUH ,WDOLD *HUPDQLD L
6SDQLDGHYLQHUDSLGSULQFHOHGHDWHOLHUHWLSRJUDILFHDOWUHLOHDRUDGLQOXPHFXDFHDVW DFWLYLWDWH
GXS 9HQH LD L 3DULV 6SUH GHRVHELUH GH RUDXO OXPLQ LPSULPHULD GHSDUWH GH PDJLVWUD LL L
SUHR LL SDUL]LHQL VH GH]YROW OLEHU/\RQXO YD IL DFHOD FDUH YD DYHD SULPLL WLSRJUDILXPDQLWL DFHOD
DQWHULRU IRORVLWH OD .|OQ vQ L OD %DVHO vQ &HO PDL LPSRUWDQW WLSRJUDI DO RUDXOXL HVWH
-RKDQQ7UHFKVHODOFUXLDWHOLHUDIRVWDFWLYvQWUHL$EVROYHQWDO8QLYHUVLW LLGLQ(UIXUW
HO D OXDW vQ FVWRULH SH YGXYD FRPSDWULRWXOXL VX WLSRJUDIXO 3KLOLSSL D FUXL vQWUHSULQGHUH R
FRQWLQX 7UHFKVHO RE LQH SULPXO SULYLOHJLX UHJDO 'DU FDUWHD FDUH DYHD V DGXF IDLPD DFHVWXL
WLSRJUDIHVWHDOVX7HUHQWLQGLQUHHGLWDWvQ)UDQ DGHGHRULvQXUPWRULLGHDQL
,PSULPHULD vQ UHVWXO )UDQ HL XUPHD] OHJHD JHQHUDO D UVSkQGLULL VDOH HD VH vQWLQGH L VH
IL[HD] vQ ORFXULOH FDUH RIHU SHUVSHFWLYH HFRQRPLFH GH PXOWH RUL vQ FHQWUHOH GH PDL PLF
FHO PDL EXQ vQ DFHDVW SULYLQ vO FRQVWLWXLH LPSULPHULD GH OD %UHKDQ /RXGpDF GLQ %UHWDQLD (D
SUHILJXUHD] WLSDUQL HOHSDUWLFXODUHGLQVHFROHOHDO;9,,OHDLDO;9,,,OHD
8QGRPHQLXLQWHUHVDQWvOFRQVWLWXLHSODFKHWHOHJRWLFHGLQVHFROHOHDO;9OHDLDO;9,OHD
PRGHVWH 5HGDFWDWH vQ OLPED IUDQFH] WLSULWH FX OLWHUH JRWLFH GH RELFHL IRDUWH X]DWH RUQDWH FX
JUDYXULIUXVWHHOHvQGHSOLQHDXUROXOVXSOLPHQWHORUSRSXODUHDOHPDULORUFRWLGLHQHVDXUHYLVWHLOXVWUDWH
GLQ]LOHOHQRDVWUHQWUXQRDUHFDUHIHOOHVXQWFKLDUVXSHULRDUHILLQGFRPSOHWOLSVLWHGHSUHWHQ LLHOH
UHSUH]HQWkQG H[SUHVLD XQHL DGHYUDWH QHYRL SRSXODUH GH LQIRUPD LH GH VIDWXUL SHQWUX YLD L
QVHFROXODO;9,OHDDVLVWPODRVFKLPEDUHVXELQIOXHQ DWLSRJUDIXOXLXPDQLVWFDUHvQORF
GHDVDWLVIDFHSXEOLFXOHOvOFUHHD]vQORFGHDVHFRQIRUPDLGHLORUPRWHQLWHHOSURSDJ DOWHOHQRL
SHQWUXHOvQVXLVLQRQLPHFXDGHYUXOvQORFV ILHRPGHDIDFHULHOHUDXQDSRVWROLvQFHOHGLQXUP
FDLDFHVWDYDVXIHULPDUWLULXODFHDVW QRX SHUVSHFWLY VLWXHD] )UDQ DvQIUXQWHD(XURSHL
-RVVH %RGH -RGRFXV %RGLXV $VFHQVLXV RULJLQDU GLQ vPSUHMXULPLOH RUDXOXL *DQG HVWH
SULPXOPDUHWLSRJUDIHUXGLWGLQ3DULVQWUH WLSUHWHSHVWHGHWLWOXULUHSUH]HQWkQG
FODVLFLLODWLQLvQWRWDOLWDWHFURUDOLVHDGDXJ LPSRUWDQWHWH[WHFRQWHPSRUDQHSULQWUHFDUHSULPHOH
VFULVRUL DOH OXL (UDVPXV (PEOHPD VD HVWH FHOHEU Q HD VH SRDWH YHGHD R SUHV WLSRJUDILF FX
LQVFULS LD 3UDHOXP $VFHQVLDUXP )LLFD VD VH YD FVWRUL FX 5REHUW (VWLHQQH GXS PRDUWHD OXL
%RGLXVvQDWHOLHUXOIRQGDWGHHOYDIX]LRQDFXFHODOIDPLOLHL(VWLHQQH
)DPLOLD (VWLHQQH HVWH R DGHYUDW GLQDVWLH GH WLSRJUDIL VDYDQ L FDUH YD MXFD WLPS GH XQ
VHFRO L MXPWDWH XQ URO GH YD] vQ DFWLYLWDWHD HGLWRULDO GLQ (XURSD +HQUL (VWLHQQH+HQULFXV
6WHSKDQXVIRQGDWRUXOIDPLOLHLVDVWDELOLWOD3DULVSHODVIkULWXOVHFROXOXLDO;9OHDXQGHDWLSULW
vPSUHXQ FX+LJPDQ'XS PRDUWHDDFHVWXLDVHFVWRUHWHFXYGXYDOXLQFHSkQG FXDQXO
6IkQWXOXL 3DYHO vQWUHFXWH GRDU GH 4XLQFXSOH[ SVDOWHULXP WLSULWH vQ GRX FXORUL vL
DVLJXU WLSRJUDIXOXLLVDYDQWXOXLXPDQLVWRUHSXWD LHPRQGLDO'HYL]DVD6RDUWDSRDWHV ORYHDVF
FRQYLQJHULORU FKLDU vQ GHWULPHQWXO SURSULLORU LQWHUHVH /D PRDUWHD VD VXUYHQLW vQ +HQUL
(VWLHQQH ODV vQ XUP R vQWUHSULQGHUH SURVSHU YGXYD VD VH FVWRUHWH SHQWUX D WUHLD RDU FX
6LPRQGH&ROLQHVFRQGXFkQGvQWUHSULQGHUHDvQWLPSXOPLQRUDWXOXLILXOXLOXL(VWLHQQH
&ROLQHVHVWHSULPXOFDUHDIRORVLWOD3DULVOLWHUHOHLWDOLFH
ELVHULFLUHIRUPDWH&RQGXFHUHDILUPHLYDILSUHOXDW GH5REHUW
, FHO GHDO ,,OHD ILX DO OXL +HQUL (VWLHQQH LQL LDW vQ WDLQHOH
PHWHXJXOXL GH WDWO VX YLWUHJ (PEOHPD VD PVOLQXO YD
GHYHQL FHOHEU 3ULPHOH VDOH WUHL OXFUUL VXQW IXQGDPHQWDOH
(PEOHPDWLSRJUDILF DOXL5REHUW 7KHVDXUXV OLQJXDH ODWLQDH FHO PDL VHULRV
(VWLHQQH
GLF LRQDU ODWLQ XUPDW GH DOWH GRX ODWLQ IUDQFH] L
IUDQFH] ODWLQ L SH ED]D H[SHULHQ HL DFXPXODWH GH DOWH GLF LRQDUH SRUWDELOH SHQWUX X]XO
FRODULORUvLDVLJXU RVROLG UHSXWD LHGHILORORJLOH[LFRJUDI/DUkQGXOORUQXPHURDVHOHHGL LLDOH
R JUDPDWLF IUDQFH] &D L OD $OGXV FX GH DQL vQDLQWH VDX vQ WLPSXO DFWLYLW LL EXQLFXOXL VX
%RGLXVvQMXUXOVXVHJUXSHD] PLQ LOHFHOHPDLOXPLQDWHDOH)UDQ HL$WPRVIHUDGLQFDVDOXLHUD
DWkW GH HOHYDW vQFkW GXS PUWXULD PDL WkU]LH D XQXL QHSRW L VOXJLOH vQY DVHU OLPED ODWLQ
$FWLYLWDWHDVDGHYHQLVHDWkWGHLPSRUWDQWvQFkWVHDMXQVHVHV VHEXFXUHGHvQDOW SURWHF LHUHJDO
ILLQGQXPLWWLSRJUDIXOQRVWUXGHOLWHUHHEUDLFHJUHFHWLLODWLQHQWLPSXOFDULHUHLVDOHGHGH
UHSUH]LQW SHQWUX HO GUHSWXO OD UHFXQRWLQ QX QXPDL D )UDQ HL GDU L D OXPLL vQWUHJL WLWOXUL PDL
VROLGHGHFkWFHOHPDLVWUOXFLWHFXFHULULDOHFHORUPDLIDLPRLFRQGXFWRULGHRWL
&U LOH IDPLOLHL (VWLHQQH SDU DL IL JVLW FX 5REHUW IRUPXOD ORU GHILQLWLY 7LSULWXULOH
HIHFWXDWOD9HQH LDVHVWDELOHWHOD/\RQGHYHQLQGXQXOGLQWUHFHLPDLDFWLYLWLSRJUDILXPDQLWLGLQ
SULPD MXPWDWH D VHFROXOXL DO ;9,OHD HPEOHPD VD UHSUH]HQWD XQ JULIRQ 3ULQ FRQ LQXWXO FU LORU
SXEOLFDWH YD IL XQ GHPQ XUPD OXL $OGXV (VWLHQQH L )UREHQ (OYH LD 'DU FHHD FH vO YD
LQGLYLGXDOL]D L vL YD GD VDYRDUH YD IL VWUkQVD VD SULHWHQLH FX 5DEHODLV SURDVSW YHQLW GH OD
0RQWSHOOLHU XQGH SUHGDVH PHGLFLQD Q MXUXO OXL DSUHD OD /\RQ SULPD FDUWH GLQ 3DQWDJUXHO
DYkQG WLWOXO 3DQWDJUXHO XLPLWRDUHOH IDSWH L YLWHMLL DOH SUHD UHQXPLWXOXL 3DQWDJUXHO UHJH DO
'LSVRLORUIHFLRUXOXULDXOXL*DUJDQWXDWLFOXLW RGLQLRDU GHPHWHUXO$OFRIULERV1DVLHU $FHVW
PLF LQ TXDUWR QHGDWDW FX GH IRL QHQXPHURWDWH VD YkQGXW DD FXP vQVXL DXWRUXO
PUWXULVHD vQ GRX OXQL PDL PXOW GHFkW WRDWH ELEOLLOH vQ QRX DQL7LPS GH GH DQL FURQLFLOH
9RL GHYHQL SRDWH FLQHYD WUDJH L FRUWLQD FRPHGLD VD MXFDW /D WUHL DQL vO XUPD L EXQXO VX
SULHWHQWLSRJUDIXO*UHLII&OpPHQW0DURWvLFRPSXQHDXUPWRUXOHSLWDI
/DJUDQG
JULIIHTXLWRXWJULIIH
$JULIIpOHFRUSVGH*U\SKH
2XLOHFRUSGH*U\SKHPDLV
1RQVRQORVQRQMDPDLV
7UDGXFHUH
*KHDUDFHDPDUHFDUH]JkULHRGDW
$]JkULDWLWUXSXOOXL*U\SKH
'DFKLDULWUXSXOOXL*U\SKH
'DUUHQXPHOHVXQLFLRGDW
)DPLOLDGH7RXUQHVDVLJXUDFRQWLQXLWDWHDWUDGL LHLO\RQH]HvQWHPHLHWRUXOHL-HDQGH7RXUQHV
LD IFXW XFHQLFLD OD *U\SKH &X HPEOHPD VD GRL HUSL vQOQ XL L DSDU FHOH PDL IUXPRDVH FU L GLQ
DFHVWRUDUHXLWHDWkWSULQFODULWDWHDFDUDFWHUHORUDSXQHULLvQSDJLQFkWLSULQFRUHFWLWXGLQHDWH[WHORU
LIUXPXVH HDLOXVWUD LLORU*LQHUHOHVX%HUQDUG6DORPRQVXSUDQXPLW%HUQDUGFHO0LFYDDGRSWDvQ
)UDQ DQRXOVWLOQXPLWPDQLHULVWOHJDWGHFHUFHWULOHSODVWLFH'LQFDX]DSHUVHFX LLORUUHOLJLRDVHFDVD
GHHGLWXU VHPXW OD*HQHYDvQSURVSHUkQGDLFLWLPSGHGRX VHFROH
3HQWUX VHFROXO DO ;9,,OHD FD R QRXWDWH WUHEXLH PHQ LRQDW vQILLQ DUHD vQ )UDQ D D SULPHL
LPSULPHULLUHJDOHGHVWDWvQDQXO6SUHJORULD)UDQ HLLVSUHFLQVWLUHDOLWHUHORU
$FHDVW LPSULPHULH VXEYHQ LRQDW D DYXW DYDQWDMXO GH D IL WLSULW FU L IU UDQGDPHQW (D
VHUYHD ILUHWH L SHQWUX DSDUL LD XQRU OXFUUL GH SURSDJDQG DUVHQDOXO OLWHUHORU HUD LPHQV SHVWH
GHSRDQVRDQHSHUPLWHDXFRPSXQHUHDGHWH[WHvQWRDWHOLPELOHYHFKLVDXPRGHUQH&HOPDL
PDUHLPDLERJDWWH]DXUWLSRJUDILFDOOXPLLDIRVWWUDQVIRUPDWvQFHSkQGFXvQPX]HX$VWIHOV
FLWHD] R LPSULPDUH EDUFHORQH] GLQ R LQGXOJHQ D OXL 5RGULJR %RUJLD vL UHYHQGLF DFHHDL
FLQVWH&HOHGRX GRFXPHQWHQXFRQ LQQLFLGDWDWLSULULLQLFLQXPHOHWLSRJUDIXOXLFHDPDLYHFKHFDUWH
GDWDW DIRVWUHDOL]DW OD9DOHQFLDvQ 2EUHVHWUREHVGHODKRUVGHOD6DFUDWLVVLPD9HUJH0DULD
(VWH SRVLELO FD WLSDUXO V IL SWUXQV vQ 6SDQLD SH FDOHD 0ULL 0HGLWHUDQH 6SUH GHRVHELUH GH DOWH
LQXWXUL LPSULPHULD SUDFWLFDW vQ 3HQLQVXOD ,EHULF SUH]LQW FkWHYD SDUWLFXODULW L SRUQLQG GH OD
VXQW IUXPRDVHOH SDJLQL GH WLWOX RFXSDWH vQ vQWUHJLPH GH HOHPHQWHOH FRQWUDVWDQWH UHSUH]HQWkQG
EOD]RDQH RULHQWDOH VXQW HOHPHQWHOH RUQDPHQWDOH FKHQDUH IORUL LQVSLUDWH GLQ FDOLJUDILD DUDE 0DL
PXOW GHFkW RULXQGH LPSULPHULD SHQLQVXOHL GHSLQGH GH EXQXO SODF GH SURWHF LD DXWRULW LORU
HFOH]LDVWLFH Q WRW FXUVXO LVWRULHL VDOH SHULRDGHOH GH SURVSHULWDWH VDX GH GHFOLQ VXQW GHWHUPLQDWH GH
GHYLQHRLQVWLWX LHWHPXWSHUPDQHQWFDUHQXGLVSDUHGHFkWvQHLLVHGDWRUHD]PXOWHGLQWUH
GLVWUXJHULOH GH FU L 2 DOW SDUWLFXODULWDWH HVWH IRORVLUHD SkQ vQ VHFROXO DO ;9,OHD D FDUDFWHUHORU
JRWLFH DFHVW OXFUX ILLQG SXV vQ OHJWXU FX vQFHSXWXULOH JHUPDQLFH DOH LPSULPHULHL L DQXPH FX
WUHL JHUPDQL HVWH GDWDW vQ WRWDO DFHWLD DX WLSULW OXFUUL Q SULPHOH GHFHQLL LPSULPHULD VD
GH]YROWDWGHVWXO GH OHQW UPkQkQGSHPkLQLOHJHUPDQLORU&WUHvQFHSHV VHULGLFH%DUFHORQD
FDUH GHYLQH UDSLG XQXO GLQWUH FHOH PDL LPSRUWDQWH FHQWUH DOH 3HQLQVXOHL ,EHULFH SH OkQJ HOHPHQWXO
JHUPDQ VH YD LPSXQH L FHO DXWRKWRQ QWUH FHQWUHOH vQ IRUPDUH PHULW D IL PHQ LRQDW L 6HYLOOD
SURGXF LLOH HL UHPDUFkQGXVH SULQWUXQ GHFRU VSHFLILF DOFWXLW GLQ EHQ]L QHJUH FX GHVHQH DOEH FX
DUDEHVFXUL
,PSULPHULD LEHULF vQFHSH V SURVSHUH FX DGHYUDW vQ VHFROXO DO ;9,,OHD DFHVW DYkQW VH
GDWRUHD] OXL )UDQFLVFR ;LPHQHV DUKLHSLVFRS GH 7ROHGR L YLLWRU FDUGLQDO HO HVWH SURPRWRUXO
FXUHQWXOXLFXQRVFXWVXEQXPHOHGH&RQWUDUHIRUP&DUWHDFDUHFRQVDFU JORULDFDUGLQDOXOXLLDOXL
$UQDR*XLOOHQGLQ%URFDUWLSRJUDIGHRULJLQHIUDQFH]DGXVGH;LPHQHVHVWHR%LEOLHSROLJORWvQ
YROXPH LQ IROLR SULPD GH DFHVW JHQ FXQRVFXW VXE GHQXPLUHD GH 3RO\JORWWD FRPSOXWHQVLV
&RPSOXWXPHUDQXPHOHODWLQDORUDXOXL$OFDOi
&kQG vQ 0DGULGXO GHYLQH FDSLWDOD 6SDQLHL WLSRJUDILL VH vQWkOQHVF DFROR FX WRDWH F
RUDXOVHSODVHD] vQDFHVWGRPHQLXSHSULPXOORFFDOLWDWHDLFDQWLWDWHDFXQRVFRVFGHUHGLQFDX]D
U]ERDLHORU L D FHQ]XULL UHOLJLRDVH &DUWHD ILLQG LPSRUWDQW VH DGDSWHD] HFRQRPLHL GH FRQVXP
SHQWUXF DXUXOVSDQLROSURYHQLWGLQFRORQLLOHDPHULFDQHVHVFXUJHFWUHULOHGH-RVLVSUH$QJOLD
vQDFHVWVHQVR]LFDO SRSXODU VSXQHD6SDQLDPQkQF /XPHD1RXGDUULOHGH-RVVXQWDFHOHD
FDUHVHvQJUD
7RWXL6SDQLHLVHFROXOXLDO;9,OHDvLUHYLQHPHULWXOFRQVWLWXLULLXQRUELEOLRWHFLLPSRUWDQWH
&ROHF LDFDUGLQDOXOXL;LPHQHVDMXQJHOD8QLYHUVLWDWHDGLQ$OFDOiQDLQWHDOXLFDUGLQDOXO0HQGR]D
vL IRUPDVH R ELEOLRWHF vQVHPQDW SH FDUH R ODV 8QLYHUVLW LL GLQ 9DOODGROLG )HUQDQGR
GH OXFUUL GH JHRJUDILH FRVPRJUDILH L WLLQ HOH QDWXULL SH FDUH R GRQHD] FDWHGUDOHL GLQ 6HYLOOD
3URVWvQJULMLWDFHVWIRQGVHUHGXFHDVW]LODGHYROXPH%LEOLRWHFDGHOD(VFXULDOvQWHPHLDW
GH)LOLSDO,,OHDUPkQHFHDPDLLPSRUWDQW,PSRUWDQWHPDQXVFULVHDUDEHLJUHFHWLLDXDVLJXUDWR
IDLP PRQGLDOMXPWDWHGLQHDDF]XWSUDG IOFULORUvQ
&D SULPH SXWHUL PDULWLPH L FRORQLDOH 6SDQLD L 3RUWXJDOLD VH UHPDUF SULQ WLSULUHD XQXL
PDUH QXPU GH FU L GH QDYLJD LH FDUH DX FXQRVFXW QXPHURDVH UHHGLWUL SHQWUX SULPD GDW DSDUH
GHVFULHUHDEXVROHLvQWUDWDWXO$UWHGH1DYHJDUDOOXL3HGURGH0HGLQDDSUXWvQOD&RUGRED
32578*$/,$ EHQHILFLLQG GH XQ UHJLP PDL WROHUDQW WLSDUXO HVWH LQWURGXV DLFL GH FWUH
$1*/,$ HVWH VLQJXUD DU GLQ 2FFLGHQW DO FUHL SULP WLSRJUDI YD IL XQ DXWRKWRQ L WRW
,QWURGXFHUHD WLSDUXOXL vQ DFHDVW DU VH GDWRUHWH OXL :LOOLDP &D[WRQ QHJXVWRU ERJDW
UHSUH]LQW WUDGXFHUL SURSULL vQ WLSUHWH SULPD OXFUDUH XQ URPDQ FDYDOHUHVF XUPDW GH
&D[WRQ D FUHDW XQ FDUDFWHU JRWLF RULJLQDO %ODFN OHWWHU OLWHUD QHDJU YDULDQW D OLWHUHORU
JRWLFH GLQ ULOH GH -RV FDUDFWHUH FH YRU UPkQH vQ IRORVLQ PXOW YUHPH vQ $QJOLD WRW HO HVWH
vQWUHSULQGHUHD OD /RQGUD XQGH PDL IXQF LRQDX vQF GRX VLQJXUHOH GLQ $QJOLD WRW vQ DFHDVW
SHULRDG -RKQ7DWHvQILLQ HD] SULPDPRDU GHKkUWLHGLQ$QJOLD
3HQWUX F +HQULF DO 9,,,OHD LQL LDWRUXO SURWHVWDQWLVPXOXL HQJOH] FXQRVFXW VXE QXPHOH GH
DQJOLFDQLVP VD RSXV LQL LDO WUDGXFHULL %LEOLHL vQ HQJOH] SULPD %LEOLH vQ DFHDVW OLPE D IRVW
WLSULW SH FRQWLQHQW OD .|OQ 0DLQ] L $QYHUV 7UDGXFWRUXO 7\QGDOH VXVSHFWDW WRFPDL GH
SURWHVWDQWLVPDIRVWH[HFXWDWvQDQXOGLQRUGLQXODFHOXLDLQEGLRVVXYHUDQXQDQPDLWkU]LX
VWULQLORU vQ $QJOLD WLSRJUDILD HQJOH] FRQFHQWUDW OD /RQGUD ELQH VXSUDYHJKHDW GH VWDW VH YD
EORFDvQUHJXODPHQWHSkQ FWUHVIkULWXOVHFROXOXLDO;9,,OHD
'RX H[FHS LL VXQW QRWDELOH HVWH YRUED GHVSUH WLSDUQL HOH XQLYHUVLWDUH GH OD 2[IRUG L
&DPEULGJH FX vQFHSXWXUL vQ VHFROXO DO ;9OHD L FX SURGXF LH VWDWRUQLF vQ YHDFXO XUPWRU 7RW
DFXP$QJOLDFXOW LPSRUW FU LOHVDYDQWHDSUXWHSHFRQWLQHQWFXWRDWHRSUHOLWLOHRILFLDOH
GH]YROWDUH DSURSLDW PHGLXOXL JHUPDQ L PLFULL KXVLWH FX DVSLUD LL UHOLJLRDVH QD LRQDOH L VRFLDOH
'HODvQFHSXWVXQWWLSULWHFU LvQOLPEDFHKSULPDOXFUDUHLQWLWXODW 7URMDQVND.URQLNDQXPHOH
WLSRJUDIXOXLHVWHQHFXQRVFXWDSDUHvQOD3O]H FXGRLDQLvQDLQWHD3DULVXOXL
3UDJD VXSUDQXPLW RUDXO GH DXU DGSRVWLQG SULPD XQLYHUVLWDWH GLQ VSD LXO FHQWUDO HXURSHDQ
VH SDUH F D FXQRVFXW LPSULPHULD DELD GXS Q DFHVW DQ LDX vQFHSXW DFWLYLWDWHD WUHL
DWHOLHUHDQRQLPHFDUHDXWLSULWGLQFHOHGHWLWOXULFHKHDSUXWHvQDLQWHGHQYHGH
OXPLQD WLSDUXOXL FHOHEUD %LEOLH GH OD 3UDJD FHD GLQWkL %LEOLH vQ OLPED FHK &X WRDW DFWLYLWDWHD
32/21,$ PDL PXOW GHFkW %RHPLD SULPHWH vQ VHFROXO DO ;9OHD LQIOXHQ D FXOWXULL
JHUPDQH 6SUH GHRVHELUH GH %RHPLD DLFL FODVD PLMORFLH HUD DSURDSH LQH[LVWHQW FHOHODOWH FODVH
QRELOLPHD L UQLPHD QX DYHDX vQFOLQD LH VSUH FXOWXU &HQWUXO LQWHOHFWXDO DO 3RORQLHL HUD
&UDFRYLD UHHGLQ UHJDO L YHFKL FHQWUX XQLYHUVLWDU LPSRUWDQW SHQWUX F DGXQD vQWUXQ DPHVWHF
FRVPRSROLW VWXGHQ L GH WRDWH QD LRQDOLW LOH (XURSHL &HQWUDOH L GH (VW LQFOXVLY GLQ VSD LXO
URPkQHVF 3ULPXO WLSRJUDI FXQRVFXW .DVSDU 6WUDXEH GLQ 'UHVGD SXEOLF vQ ([SODQWDWLR LQ
DO VHFROXOXL DO ;9,OHD 2P GH DIDFHUL vQ VWLO PDUH HO RE LQH vQ XQ SULYLOHJLX SHQWUX WRDW
)LROVDX9H\ORULJLQDUGLQ)UDQFRQLDVHLPSXQHDWHQ LHLGHRDUHFHvQFRODERUDUHFXJUDYRUXO
GH SRDQVRDQH 5XGROI %RUVGRUI FUXLD vL FHUH VXE SUHVWDUH GH MXUPkQW V SVWUH]H VHFUHWXO
+\PQRORJLXPXO OXL ,RDQ 'DPDVFKLQXO $OWH SDWUXLPSULPUL GH FU L OLWXUJLFH RUWRGR[H GRYHGHVF
VHULR]LWDWHD DFHVWHL vQFHUFUL vQGUHSWDWH VSUH UVULW ,]EkQGD VD HVWH DWHVWDW SULQ H[LVWHQ D XQRU
H[HPSODUH SVWUDWH vQ ELEOLRWHFLOH UXVHWL $FHDVW GHVFRSHULUH VH SDUH F D IRVW KRWUkWRDUH SHQWUX
SWUXQGHUHDWLSDUXOXLvQ8FUDLQDL5XVLD/XFUXODGHYHQLWSRVLELOLSULQIDSWXOF DLFLDXOXFUDWUXL
L XFUDLQHQL 3ULPD %LEOLH vQ VODYRQ FX FDUDFWHUH FKLULOLFH HVWH WLSULW OD 3UDJD vQWUH L
GHFWUHXQVWXGHQWGLQ&UDFRYLDGHRULJLQHXFUDLQHDQ
7RW OD &UDFRYLD DSDUH vQ SULPD FDUWH vQ OLPED SRORQH] *UGLQD VXIOHWXOXL WLSULW vQ
DWHOLHUXOJHUPDQXOXL)ORULDQ8QJOHUQFHSkQGGLQ0DUNXV6FKDUIHQEHUJHUGHYLQHILJXUDFHQWUDO
DLPSULPHULHLSRORQH]H3ULPXOPDHVWUXWLSRJUDIGHRULJLQHSRORQH]0DFLH]:LU]ELHWDDFWLYHD] WRW
OD &UDFRYLD vQFHSkQG FX 'XS DYkQWXO 5HQDWHULL LPSULPHULD SRORQH] VH DIO vQWUR VFGHUH
YL]LELO FDUH YD GXUD SkQ FWUHPLMORFXO VHFROXOXL DO ;9,,,OHDHD YD FXQRDWH R QRX SHULRDG GH
vQIORULUHDELDVXEGRPQLDOXL6WDQLVODZ3RQLDWRZVN\ XOWLPXOUHJHDO3RORQLHL
81*$5,$ QX YD FXQRDWH LPSULPHULD GHFkW SULQ VWUkQVD OHJWXU FX 5HIRUPD Q
$QGUHDV+HVVWLSUHWHOD%XGD&KURQLFD+XQJDURUXPLRHGL LHDOXL9DVLOHFHO0DUH0LFDSLD
XQJDU D IRVW DSURYL]LRQDW GLQ VWULQWDWH PHWHULL PDJKLDUL DX LPSULPDW FX SUHFGHUH vQ DIDUD
5,/('(-26VXEDFHDVW GHQXPLUHVXQWFXQRVFXWH%HOJLDL2ODQGDDFHVWWHULWRULXGHQV
SRSXODW FX RDPHQL KDUQLFL L vQWUHSULQ]WRUL D FXQRVFXW vQF GH WLPSXULX R GH]YROWDUH HFRQRPLF
GHRVHELW,VWRULFXOIORUHQWLQ*XLFFLDUGLQLQXLSRDWHDVFXQGHHQWX]LDVPXOODYL]LWDUHDDFHVWRU LQXWXUL
$SURDSH WR L FKLDU L UDQLL WLX V FLWHDVF L V VFULH FHL PDL PXO L FXQRVF FKLDU HOHPHQWH GH
JUDPDWLF (L DX WDOHQW L R vQGHPkQDUH GHRVHELW SHQWUX LQYHQ LL DELOL OD WRW IHOXO GH PDLQL
FRQYHQDELOH L LQJHQLRDVH SHQWUXD XXUDL vQGHSOLQL WRW FHHD FH DX GH IFXW$YkQWXO WLSRJUDILHLL
IDEULFULLKkUWLHLHVWHVWUkQVOHJDWGHWDOHQWXOLQJHQLR]LWDWHDLSHUVHYHUHQ DDFHVWHLSRSXOD LL
3kQ OD5HIRUPGHVWLQHOH%HOJLHLL2ODQGHLVXQWVWUkQVOHJDWHHOHUHSUH]HQWDXSUDFWLFXQ
%UXJHV 'HOIW $QYHUV $PVWHUGDP HWF Q VHFROXO DO ;9OHD RUDXO
DPHULFDQ QXPDL vQWUH L RUDXO SRVHGD MXPWDWH GLQ WLSDUQL HOH ULORU GH -RV :LOOHP
9RUVWHUPDQ D FUXL SURGXF LH VHUYHWH PDL DOHV WHRORJLD G OD LYHDO PDUHD VD %LEOLH
IODPDQGODvQQRELODUHDFUHLDDXFRQWULEXLWFHLPDLPDULLOXVWUDWRULDLWLPSXOXL0LFKHO+LOOHQ
DWkW SULQ FDOLWDWHD L RULJLQDOLWDWHD OXFUULORU VDOH FkW L SULQ YROXPXO L vQWLQGHUHD DIDFHULORU VDOH
1VFXW vQ vPSUHMXULPLOH RUDXOXL 7RXUV 3ODQWLQ LD IFXW VWXGLLOH OD 3DULV LDU XFHQLFLD FD
OHJWRU GH FU L OD &DHQ 'LQ FDX]D VDWXUD LHL SURGXF LHL IUDQFH]H VH vQGUHDSW VSUH $QYHUV XQGH
GHVFKLGHXQDWHOLHUGHFDUWRQDMHvQVSHUDQ DF VHYDvPERJ LQOXFUXIRDUWHLPSRUWDQW
FkWLJ FHW HQLDRUDXOXL$QYHUVGHYHQLQGPHPEUXDO&RUSRUD LHL6DLQW /XFvQFDOLWDWHGHWLSRJUDI
QSXQHvQIXQF LXQHSULPDSUHVvQYDDYHDGHSUHVHPDLPXOWHGHFkWDXDYXWYUHRGDW
WUDGXFHUL GLQ DXWRUL JUHFL ODWLQL L IUDQFH]L L GH OXFUUL WLLQ LILFH GH WRW IHOXO 3ODQWLQ QX D DYXW
WHPHLQLFDFXOWXU XPDQLVW DXQXL(VWLHQQHQLFLWDOHQWXODFHVWXLDFDVFULLWRU(ODWLXWvQVFKLPEV VH
vQFRQMRDUHGHFRODERUDWRULLVIWXLWRULVDYDQ LLDUWLWLFRPSHWHQ LGHYHQLQGDVWIHOXQXOGLQWUHSULPLL
HGLWRUL PRGHUQL (PEOHPD VD WLSRJUDILF XQ FRPSDV L GHYL]D /DERUH HW FRQVWDQWLD PXQF L
VWDWRUQLFLH UHG FX SULVRVLQ PHULWHOH DFHVWXL RP GLQ 7RXUV GHYHQLW IODPDQG QJULMLUHD WHKQLF L
HVWHWLF SHFDUHRG WLSULWXULORUVDOHDFUHDWFRDO(ODIRVWSULPXOFDUHDIRORVLWVLVWHPDWLFSURFHGHXO
JUDYXULLvQDGkQFLPHvQSDJLQLOHGHWLWOXLDGHVHDvQLOXVWUDUHDFU LORUVDOHLQDXJXUkQGGHIDSWFDUWHD
EDURF Q VSHFLDO WLWOXULOH FX DUKLWHFWXUD ORU FX SHUVRQDMHOH L RELHFWHOH VLPEROLFH SRUWUHWHOH VDOH
SODVDWH vQ IURQWLVSLFLX YRU IL PRGHOHOH HGL LLORU IHVWLYH GLQ VHFROXO DO ;9,,OHD 3XULWLL vL UHSURDX
SUVLUHDJUDYXULLvQOHPQ'DUJUDYXUDvQPHWDOHUDVLQJXUDvQVWDUHV VDWLVIDF FXILGHOLWDWHJXVWXOGLQ
FHvQFHPDLvQGUHSWDWFWUHH[DFWLWDWH&XWDUHDXQXLVWLOFODUL HOHJDQWODGHWHUPLQDWVLXWLOL]H]HSH
FHL PDL EXQL JUDYRUL L WXUQWRUL GH OLWHUH vQWUH FDUH IUDQFH]LL *DUDPRQG *UDQMRQ L /H %p GH LQ
vQWkLHWDWH $OHJHUHD OLWHUHORU VDOH RUQDWH QX DUH SHUHFKH DOIDEHWHOH ERWDQLFH FRPSXVH GLQ FULQL
VWkQMHQHL SDQVHOX H JDURDIH FORSR HL WUVWXULOH GH SHQHO OLWHUHOH vPSRGRELWH OLWHUHOH vQIORUDWH
GHVHQDWHGXS YHFKLOHPDQXVFULVHGHYLQRFXOPHDDUWHLWLSDUXOXL
%LEOLD SROLJORW vQ YROXPH LQ IROLR L vQ OLPEL HEUDLF JUHDF ODWLQ FDOGHHDQ L
VLULDQ H[HFXWDW vQWUH L FX VFRSXO vQORFXLULL %LEOLHL GH OD $OFDOD FDUH QX VH PDL
JVHD HUD VO DGXF SH WLSRJUDI OD IDOLPHQW L vQ EUD HOH ,QFKL]L LHL SkQ OD XUP JUHXW LOH ILLQG
GHSLWH 3ODQWLQ DMXQJH GDWRULW DFHVWHL OXFUUL XQ SHUVRQDM LPSRUWDQW vQFUFDW GH RQRUXUL L
SULYLOHJLL &HO PDL LPSRUWDQW SULYLOHJLX SHQWUX HO L XUPDLL VL D IRVW DFHOD FDUH vL DVLJXUD
H[FOXVLYLWDWHDLPSULPULLLYkQ]ULLWXWXURUFU LORUGHULWXDOGLQSRVHVLXQLOHVSDQLROHGHSHVWHPUL
vQ6SDQLDLULOH GH-RV7XOEXUULOHVRFLDOHLUHOLJLRDVHvLSXQDPSUHQWDLDVXSUDOXL3ODQWLQQX
YD PDLVFRDWH WLWOXULDWkW GH LQWHUHVDQWHvQ VFKLPE ILUPD VDVSULMLQLW GHDXWRULW LYDDVLJXUDvQF
WLPS GH GRX VHFROH WLSULUHD FU LORU GH ULWXDO L D SXEOLFD LLORU RILFLDOH ,PSULPHULD UPDV SH
PkLQLOHGHVFHQGHQ LORUHVWHYkQGXW vQRUDXOXL$QYHUV'HDWXQFLDUKLYHOHYHFKLXOPDWHULDO
2/$1'$ SHQWUX D vQ HOHJH DFHDVW SHULRDG HVWH QHFHVDU R VFXUW WUHFHUH vQ UHYLVW GLQ
SXQFWGHYHGHUHLVWRULFSkQ ODXQPRPHQWGDWDDFXPVDPDLVXEOLQLDWWHULWRULXOGHQXPLWJHQHULF
ULOHGH-RVHUDDOFWXLWGLQWURVHULHGHVWWXOH HLRUDHORFXLWHGH RSRSXOD LHFDWROLF
&HOHPDLLPSRUWDQWHHUDX)ODQGUD%UDEDQW+DLQDXW$UWRLVLDUGLQWUHRUDH/LqJH%UXJHV
*DQGHWF8QHOHGLQWUHDFHVWHDFRQIRUPRELFHLXOXLHSRFLLSXWHDXWUHFHGLQGLIHULWHPRWLYHFVWRULL
DMXQJHVXEVX]HUDQLWDWHDKDEVEXUJLORUFDUHvQWUHWLPSDMXQVHVHU LVWSkQLL6SDQLHLQXUPDXQRU
UVFRDOH DQWLVSDQLROH WHULWRULLOH VXGLFH YRU UPkQH OD DFHDVWD SRSXOD LD UPkQkQG SUHSRQGHUHQW
FDWROLFGLQHOHVHYDIRUPDvQDQXO%HOJLDGHDVW]L 3URYLQFLLOHQRUGLFHSURWHVWDQWHvLGHFODU
VXGLFFHHDFHUDSRUWDWODXQWHULWRULXGH.PHUDFXDGHYUDWLPSUHVLRQDQW$FHVWDYkQWVD
UHIOHFWDWGLQSOLQLvQGRPHQLXOSURGXF LHLWLSRJUDILFHFDUHH[FHOHD] vQUHDOL]DUHDGHFU LGDULGH
DWODVHJHRJUDILFHLLVWRULFHVDXGHKU LVHSDUDWHYH]LFDSLWROXO+DUWD SURGXVDOWLSDUXOXL
2LVWRULHDWLSDUXOXLLDWLSULWXULORU
7LSRJUDILHGLQVHFROXODO;9,,OHD
2ODQGD VH GHRVHEHWH QHW GH FHOHODOWH VWDWH HXURSHQH vQFRYRLDWH GH PUH LD PRQDUKLORU
LQXWH vQ IUkX GH ELVHULFD DWRWSXWHUQLF SULQ OLEHUWDWHD FRQWLLQ HL OLEHU FRQVLP LWH PDULL
SHUVHFXWD L HYUHLL GLQ 6SDQLD SURWHVWDQ LL GLQ )UDQ D VRFLQLHQLL GLQ 3RORQLD VH YRU DGXQD DLFL
SXQkQGXPUXOSULQFHHDFHDYHDXPDLEXQILUHWHDOWXULGHRODQGH]LODSURJUHVXOLSURVSHULWDWHD
DFHVWHL UL $PVWHUGDPXO OXkQG ORFXO $QYHUVXOXL YD GHYHQL PHWURSROD OXPLL vQWUHJL 2ODQGD vQ
YL]LXQHD XQXL FRQWHPSRUDQ GGHD 2 SDWULH D OLEHUHL JkQGLUL SHUVHFXWDWH vQ vQWUHDJD (XURS L
HGLWRULSHQWUXWRDWHFU LOHGHWLLQ LSROHPLF
HGL LH (XWURSLXV vL DSDUH vQ 'XS WLWOXULOH VH VXFFHG
UDSLGVXEHPEOHPDVDUHSUH]HQWkQGVWHPD3URYLQFLLORU8QLWHXQ
YXOWXUFXXQPQXQFKLGHVJH LvQJKHDUHVLPEROL]kQGFHOH
&XvQFHSHUHGLQ/RGHZLMNVHVWDELOHWHFXILXOVX-RVW
OD 8WUHFKW GHYHQLQG OLEUDUL $O L GRL ILL DYHD vQ WRWDO0DWWK\V L %RQDYHQWXUD FRQWLQX DIDFHUHD OD
/H\GD ,VDDF ILXO OXL 0DWWKL\V GDWRULW XQHL FVWRULL DYDQWDMRDVH UHXHWH VL FXPSHUH XWLODMXO
QHFHVDUvQFXPSU RPDUHJDP GHFDUDFWHUHRULHQWDOHUPDVHGXS PRDUWHDVDYDQWXOXLRULHQWDOLVW
7KRPDVYDQ(USHFDUHDYXVHVHRSUHV SHUVRQDO3URPRYDWWLSRJUDIDO8QLYHUVLW LLGLQ/H\GD,VDDF
LD LQVWDODW SUHVHOH vQWUR GHSHQGLQ D XQLYHUVLW LL XQGH DX IXQF LRQDW FRQGXVH GH XUPDL SkQ vQ
6XE GLUHF LD OXL $EUDKDP FHOODOW ILX D OXL 0DWWKL\V L D XQFKLXOXL VX %RQDYHQWXUD ILUPD
(OVHYLHU UHDOL]HD] FHD PDL vQVHPQDW SURGXF LH DYkQG UHOD LL GH DIDFHUL vQWLQVH vQ vQWUHDJD (XURS
$EUDKDPVHRFXS GHSDUWHDWHKQLFvQWLPSFHXQFKLXOVXDVLJXUDGLUHF LDFRPHUFLDO
LPSXQHSULQHGLWDUHDDWUHLOXFUULIXQGDPHQWDOH2SHUDRPQLDDOXL(UDVPXVDSUXW vQWUH
YROXPH LQIROLR ERJDW vPSRGRELWH L *DOHULD SOFXW D OXPLL FHOH GH WRPXUL
WRWDOL]kQG GH JUDYXUL UHDOL]DWH SH vQWUHDJD SDJLQ UHSUH]HQWDX RUDH FDVWHOH DQWLFKLW L L
VFHQHGLQWRDWH ULOHOXPLL
7UHSWDW 2ODQGD vL YD SLHUGH VXSUHPD LD QX QXPDL DFHHD D PULORU ORFXO ILLQGXL OXDW GH
DYDQWDMHOH vQWUH FDUH SUH XO PRGHUDW KkUWLD EXQ LPSULPDUHD L FDUDFWHUHOH FXUDWH DX SUHYDODW
DVXSUDLQFRQYHQLHQWHORUDPLQWLWHLFUL]DGHKkUWLHLQWHUYHQLW GLQFDX]DLPSRUWXULORUDOLSVHLGH
PDWHULH SULP D U]ERDLHORU L GHFL D VFXPSLULL DFHVWHLD LD VSXV FXYkQWXO vQ FHHD FH SULYHWH
Q ILUPD (OVHYLHU D vQFHSXW V HGLWH]H VHULD FODVLFLORU ODWLQL +RUD LX 2YLGLX DSRL
&H]DU 3OLQLX 7HUHQ LX L vQ VIkULW 9LUJLOLX )UXPXVH HD LPSULPULL FX FDUDFWHUH QRL FODULWDWHD
WLSDUXOXL JXVWXO vQ DOHJHUHD RUQDPHQWHORU ILQH HD L UH]LVWHQ D KkUWLHL SXULWDWHD L FRUHFWLWXGLQHD
WH[WHORUWRDWHDFHVWHDODXQORFIDFGLQ&H]DU XOGLQXQDGLQSRGRDEHOHFHOHPDLGHLQYLGLDW
GLQUDIWXULOHXQXLELEOLRILO PUWXULVHDXQFRQWHPSRUDQ
$QDOL]DFDWDORJXOXLFHORUGHWLWOXULHGLWDWHGHGLIHULWHOHUDPXULHOVHYLHULHQHHFKLYDOHD]
Q DSDUH 0DUH OLEHUXP D OXL *URWLXV OXFUDUH FDUH SXQH ED]HOH GUHSWXOXL
LQWHUQD LRQDO DO OLEHUW LL PULORU )LORORJLH PHGLFLQ PDWHPDWLF KHEUDLFD GLF LRQDUH
FRQVWLWXLH PUWXULD VHULR]LW LL SUHRFXSULORU ORU &ROHF LD 0LFLOH UHSXEOLFL PHULW R PHQ LXQH
VSHFLDO$FHVWHPLFURPRQRJUDILLLQ vQFDUHILHFDUHGLQWUHFHOHGHWLWOXULHVWHFRQVDFUDWXQXL
VWDW PRGHUQ LDU GLQWUH FHOH DQWLFH FHORU LXGDLF JUHF L URPDQ VXQW DGHYUDWH HQFLFORSHGLL GH
JHRJUDILH SROLWLF )LHFDUH YROXP DUH XQ IURQWLVSLFLX FDUH UHSUH]LQW VLPEROLF SULQWUR HPEOHP
FDUDFWHULVWLFLOH ULL GHVFULVH SHQWUX URPDQL OXSRDLFD SHQWUX &KLQD 0DUHOH ]LG HWF 3HQWUX
DFHDVW VHULH DX IRVW FUHDWH RUQDPHQWH VSHFLDOH /D DOHJHUHD DXWRULORU GLUHFWRUXO &RPSDQLHL
2ODQGH]HD,QGLLORUGH(VWDDYXWXQFXYkQWKRWUkWRUVFULLQGHOvQVXLWLWOXUL8OWLPXOYROXPGLQ
DFHDVW VHULHDSUXWvQDYHDGUHSWVXELHFW-DSRQLD
3ULQ IRUPDW WLUDM VHULL L DFFHVLELOLWDWH (OVHYLHUHOH VH vQVFULX vQ OXPHD PRGHUQ FvQG
/80($ 128 VXE DFHDVW GHQXPLUH SODVWLF DSDUH FRQWLQHQWXO QRUG L VXG DPHULFDQ
SULPD WLSDUQL DSDUH vQ 0H[LF vQ GDU SULPXO WLSRJUDI YD IL XQ VSDQLRO SH QXPHOH VX -XDQ
3DEOR/XFUULOH OXLVH D[HD] SH DEHFHGDUHLFDWHKLVPHQ3DEORWLSUHWHODRUGLQXOYLFH
UHJHOXL 0HQGR]D SULPD FROHF LH GH OHJL DPHULFDQH &DSRGRSHUD VD HVWH XQ PDQXDO vQ IRORVXO
ELVHULFLLFXSULQ]kQGFDUDULWDWHSDUWLWXULFXQRWHPX]LFDOH1XPUXOWLSRJUDILLORUGLQ0H[LFvQFHSH
V VSRUHDVF DMXQJkQG vQ FXUVXO VHFROXOXL DO ;9,OHD OD XQ QXPU GH FX WLSULWXUL GLQWUH
FDUHREXQ SDUWHvQOLPELOHLQGLJHQH
$0(5,&$ '( 68' D DYXW vQ SULPXO VX WLSRJUDIOD /LPD $FHVWD SH QXPHOH VX
$QWRQLR 5LFDUGR RULJLQDUGLQ 7RULQR ,WDOLDD HGLWDWR 'RFWULQD FKULVWLDQD vQ OLPEDVSDQLRO L vQ
;9,,,OHD LH]XL LL VH LPSXQ FD WLSRJUDIL HL UHXHVF V IRUPH]H OXFUWRUL DXWRKWRQL ,]JRQLUHD
LH]XL LORUGHFWUHDXWRULW LOHVSDQLROHvQDVWYLOLWH[SDQVLXQHDLPSULPHULHLLXQPDUHQXPU
GH DWHOLHUH H[LVWHQWH DX IRVW GHVILLQ DWH 'HDELD OD vQFHSXWXO VHFROXOXL DO ;,;OHD RGDW FX
PLFDUHDGHLQGHSHQGHQ DFRORQLLORUVSDQLROHLPSULPHULDVXG DPHULFDQ VHYDUHIDFH
Q$0(5,&$'(125' LPSULPHULDDSUXWvQGHFLFXXQVHFROPDLWkU]LXGHFkWFHD
WLSRJUDIL DQXQ DSDUL LD SULPHL FU L vQ vQWUHJLPH DPHULFDQ DOH FUHL OLWHUH KkUWLH L FHUQHOXUL
IXVHVHU SURGXVHSHSPkQWDPHULFDQ8QWLSRJUDIGLQ%RVWRQ%DUWKRORPHZ*UHHQDLQVWDODWSULPD
WLSDUQL GLQ &DQDGD OD +DOLID[ vQ (O D IRVW XUPDW GH WLSRJUDIXO IUDQFH] )OHXU\ 0HVSOHW
RULJLQDU GLQ /\RQ L XUPULW GH DXWRULW LOH SDUL]LHQH FD XUPDUH D LGHLORU VDOH UHSXEOLFDQH L
DQWLFOHULFDOH (O VD UHIXJLDW PDL LQWkL OD /RQGUD XQGH %HQMDPLQ )UDQNOLQ OD FRQYLQV V SOHFH OD
3KLODGHOSKLD'HDFRORHODDMXQVvQOD0RQWUHDORUDSHFDUHUVFXOD LLYRLDXVOLQFRUSRUH]H
6WDWHORU 8QLWH (QJOH]LL ODX DUXQFDW vQ WHPQL Q WLPSXO FDULHUHL VDOH DYHQWXURDVH GH SH SPkQW
DPHULFDQDWLSULWYUHRGHOXFUULvQOLPELOHODWLQIUDQFH]HQJOH] LDLQGLHQLORULURFKH]L$
WUHFHUHD DFHVWXL WHULWRULX vQ SRVHVLXQH EULWDQLF vQ WRDPQD DQXOXL UHYROX LRQDULL DPHULFDQL
RFXS 0RQWUHDOXOOXQLPDLWkU]LXDUPDWDDPHULFDQ HVWHREOLJDW V SUVHDVF &DQDGD
ILODQWURS VFULLWRU VLPEROL]HD] FDOLW LOH XQXL SRSRU ULGLFDW GLQWUH VUPDQLL L SHUVHFXWD LL vQWUHJLL
(XURSHGHYHQLQGRQD LXQHFDUHSXQHPDLSUHVXVGHRULFHXQQRXSURWRWLSXPDQVHOIPDGHPDQ XO
DFHODSRUQLWGHODQLPLFLDMXQVSULQPXQFFUHDWLYLWDWHLLQL LDWLY XQRPLPSRUWDQW)UDQNOLQILXO
XQXLHPLJUDQWIDEULFDQWGHVSXQLDvQFHSXWODDQLXFHQLFLDGHWLSRJUDI/DGHDQLvQHO
DFXPSUDWvPSUHXQ FX+XJK0HUHGLWK3HQQV\OYDQLD*D]HWWHFDUHYDUPkQHvQSURSULHWDWHDVD
H[FOXVLY XQDQPDLWkU]LX3KLODGHOSKLDvLGDWRUHD] DFHVWXLRPSULPDELEOLRWHF GHvPSUXPXWXQ
VSLWDO PXQLFLSDO R VRFLHWDWH ILORVRILF L $FDGHPLD SHQWUX WLQHUHW GHYHQLW PDL WkU]LX
XQLYHUVLWDWH
,QYHQWDWRUXO SDUDWU]QHWXOXL D SXEOLFDW XQ PDUH QXPU GH VFULHUL SROLWLFH L PRUDOH
DXWRELRJUDILDVDSUHFXPLXQPDUHQXPU GHWUDGXFHULQDIRVWQXPLWDPEDVDGRUDO68$OD
3DULVFRQWULEXLQGODFRQVROLGDUHDLQGHSHQGHQ HLWkQUXOXLVWDW7UDWDWLYHOHGHSDFHGLQL
VXQW vQFKHLDWH FX SDUWLFLSDUHD VD DFWLY 3H OkQJ WRDWH DFHVWHD )UDQNOLQ vL JVHWH UHVXUVHOH
QHFHVDUH XQHL ERJDWH L XWLOH DFWLYLW L SH SODQ WLSRJUDILF DVWIHO vQWUH L UHGDFWHD] L
WLSUHWHvQDWHOLHUXOVXRVHULHGHDOPDQDKXULSHQWUXVUDFLDOFURUWLUDMVHULGLFDODSHVWH
GHH[HPSODUH3RRU5LFKDUG
V$OPDQDFKDYHDXXQFRQ LQXWD[DWSHSUHFHSWHGHHGXFD LHSRSXODU
VIDWXUL SUDFWLFH SHQWUX FDV L FkPS VIDWXUL PHGLFDOH L YHWHULQDUH SRYHVWLUL PRUDOH HWF $FHVWH
PLMORDFH HILFLHQWH GH HGXFD LH VSHFLILFH LOXPLQLVPXOXL VDX EXFXUDW GH XQ VXFFHV LPHQV
GHWHUPLQkQGWUDGXFHUHDDFHVWRUSXEOLFD LLDPHULFDQHvQOLPEL(XURSDHUDHQWX]LDVPDWODXGHOH
OD DGUHVD DFHVWXL RP GH R PRGHVWLH SURYHUELDO QX PDL FRQWHQHDX $FWLYLWDWHD WLSRJUDILF HVWH
PDUHUDULWDWH'LQLPSULPHULDGHOD3KLODGHOSKLDDIXQF LRQDWLVDGH]YROWDWVXEGHQXPLUHD
GH)UDQNOLQ +DOO
SUDFWLFH
7LSRJUDILDLSURGXF LLOHHLvQVHFROXODO;9,,,OHD
$FHVWVHFROSRDWHILUH]XPDWODU]ERDLHUHYROX LLLLOXPLQLVPQ(XURSDDUHORFROXSW
QHFXUPDW SHQWUX vQWkLHWDWH SROLWLF VH UHPDUF WHQGLQ HOH H[SDQVLRQLVWH DOH $XVWULHL L 5XVLHL vQ
WLPSFHDOWH ULFD3UXVLDL)UDQ DSXQED]HOHVWDWHORUFHQWUDOL]DWHQDGRXDMXPWDWHDVHFROXOXL
7UDQVLOYDQLD FRQGXV GH +RUHD &ORFD L &ULDQ 0LFDUHD FDUH YD SUHJWL DFHVWH UHYROX LL YD IL
LOXPLQLVPXO
WHKQLFH ID GH VHFROXO DO ;9OHD ,PSULPHULD HUD FRQVLGHUDW R PHVHULH FDUH QX PDL SXWHD DGXFH
7RWXL SHQWUX DFHVW VHFRO DWkW GH IUPkQWDW YRU H[LVWD WUHL PDUL vQQRLWRUL DL WLSRJUDILHL
HXURSHQH%DVNHUYLOOH'LGRWL%RGRQL
PFHODUDIRVWSULPLWFDOLEUDUvQLDUFDWLSRJUDIvQ
OXFUULOHORULSULQFHOHDOHFRODERUDWRULORUORUPDUHOHDYkQWSH
FDUHDYHDVOFXQRDVF LPSULPHULDOLEHUvQVHFROXOXUPWRU
7LPS GH JHQHUD LL GHVFHQGHQ LL ORU DX MXFDW XQ URO GH SULP
SODQvQDFWLYLWDWHDIUDQFH] GHHGLWDUH
3UHV GHWLSULWVHFDO;9,,,OHD
UHYL]XLUHDLVWDQGDUGL]DUHDVLVWHPXOXLGHPVXULWLSRJUDILFH
HVWH SXV OD SXQFW VDWLQDMXO KkUWLHL GXS LPSULPDUH SURFHGHX FDUH VXSULP ]JUXQ XO
KkUWLHL L R IDFH QHWHG L VWUOXFLWRDUH DSDUL LD SULPHORU FU L LPSULPDWH SH KkUWLH YHOLQ
QHYUJDW
GXS OLQLDWXULOHLJDUQLWXULOHGLQOHPQVXQWvQORFXLWHFXXQPDWHULDOPDLDGHFYDWWRSLWvQ
IUDWHOH OXL 'LGRW SXQH OD SXQFW XQD GLQWUH FHOH PDLPDUL LQYHQ LL GLQ GRPHQLXOKkUWLHL
SOXPE
PDLQDFRQWLQXYH]LFDSLWROXOKkUWLH
*LDQEDWWLVWD %RGRQL VXSUDQXPLW GH FWUH FRPSDWULR LL VL DUWLVWR GHOOD
VHPPSOLFLWD D IRVW XQXO GLQ PDULL SURPRWRUL DL JXVWXOXL WLSRJUDILF GH OD VIkULWXO VHFROXOXL DO
;9,,,OHD *ULMD VD SULQFLSDO YD IL UHJXODULWDWHD OLWHUHL L GH DLFL D SDJLQLL SULQWUXQ SURFHGHX GH
WXUQDUHFRUHVSXQ]WRDUH(OYDDFFHQWXDJURVLPLOHLVXE LULPLOHILQH HDUHFWLOLQLHDSLFLRUXOXLOLWHUHL
URWXQMLPHDFLUFXODU DFXUEHORU'LQSXQFWGHYHGHUHWHKQLFFDUDFWHUHOHVDOHVXQWLPSHFDELOH(OYD
PLOLWD SHQWUX HOLPLQDUHD RULFUHL SRGRDEH GLQ WLWOX &DUDFWHUXO FUHDW GH %RGRQL SVWUHD] XQ ORF
GXUDELOvQWXUQWRULDGHOLWHU LQWHUQD LRQDOILLQGIRORVLWHLDVW]L'HLHUDXIRDUWHHOHJDQWHHGL LLOH
%RGRQLFRQ LQHDXPXOWHJUHHOLGHDFHHDHUDXFXWDWHGHELEOLRILOLGDUQHJOLMDWHGHHUXGL L
vQWkL ODFKHX DSRL SURIHVRU GH FDOLJUDILH OD %LUPLQJKDP RUDvQ FDUH vLYD GHVFKLGH XQ FRPHU FX
YRSVHOH $ELD OD GH DQL UHXHWH VL GHVFKLG SULPXO DWHOLHU SHQWUX FDUH LD FRQVWUXLW VLQJXU
vQWUHJXO HFKLSDPHQW IRUPH FXORUL L WHDVFXUL (O IRORVHWH SHQWUX JUDYDUHD SRDQVRDQHORU GXS
SURSULLOHVDOHGHVHQHSHFHLPDLEXQLOXFUWRULGLQWLPSXOVX(VWHWLFDOLWHUHORUVDOHVHvQGHSUWHD]
YHOLQ D OXL -DPHV :KDWPDQ KkUWLH QHWHG QHYUJDW GH R FDOLWDWH IRDUWH EXQ Q IDEULFDUHD
FHUQHOLLGHXQQHJUXIUXPRVVWUOXFLWRUHOVHSUHYDOHD] GHH[SHULHQ HOHVDOHFDQHJXVWRUGHFXORUL
QGHSUWkQG RULFH RUQDPHQW %DVNHUYLOOH vL FRQVWUXLHWH SDJLQLOH QXPDL GLQ PDWHULDOXO VX
WLSRJUDILFQHGLWHD] SULPDVDFDUWHIDLPRDVDHGL LHD%XFROLFHORUDOHOXL9LUJLOLXSHFDUH
%HQMDPLQ)UDQNOLQVSHFLDOLVWvQPDWHULHDGHVHPQDWRGUHSWFHDPDLELQHFDUWHWLSULW GLQOXPH(O
%DVNHUYLOOH DWHX FRQYLQV D IRVW vQPRUPkQWDW GXS SURSULD OXL GRULQ VXE R SLUDPLG
'XS XQLUHD $QJOLHL FX 6FR LD vQ vQ DFHDVW DU D vQFHSXW V VH WLSUHDVF SH VFDU
ODUJ GLQWUXQ VSLULW DSURDSH DJUHVLY LPSULPHULD HQJOH] HUD LJQRUDW vQ PRG GHOLEHUDW /D WRDWH
DFHVWHDVHDGDXJ OLSVDGHPDWHULDOHWLSRJUDILFH$FHVWHDGLQXUPGXEODWHGHPHWHULSULFHSX LDX
FRQGXVVSUHRDOW LQYHQ LHVWHUHRWLSLD(DFRQVWDvQHIHFWXDUHDXQXLPXODMGHJKLSVGXS RSDJLQ
QRX FRPSXQHUH IU V VH X]H]H SHUPL kQG WLUDMH DSURDSH QHOLPLWDWH ,QYHQ LD DSDU LQH WRW XQXL
ELMXWLHU:LOOLDP*HGQDDSUXWUHDOL]DWSULQDFHVWSURFHGHX5]ERLXOOXL&DWLOLQD
GH6DOXVWLXVFXLQVFULS LD/D(GLQEXUJK:LOOLDPRUIHYUXDH[HFXWDWQXFXFDUDFWHUHPRELOHFXP
VHRELQXLHWHSHVWHWRWFLFXSODQHVDXFXSOFLWXUQDWH3URFHGHXODIRVWXLWDWQHJOLMDWGHDQL
PDL WkU]LX )LUPLQ 'LGRW D ODQVDW HGL LLOH VDOH VWHUHRWLSH $FHVW SURFHGHX VH DSOLF OD WLUDMHOH PDUL
SHQWUXDQXX]DOLWHUHOHUHLPSULPULDOHDFHOHDLHGL LLHWF
6FR LHQLL VDX PDL UHPDUFDW SULQ HGLWDUHD XQRU HGL LL vQJULMLWH GLQ FODVLFLL ODWLQL L JUHFL vQ
vQ OLSVD JUHHOLORU Q DFHVW VFRS vQ DIDU GH FHOH FRUHFWXUL REOLJDWRULL HL DX H[SXV SDOWXULOH
SXEOLFXOXLSURPL kQGUHFRPSHQVHDFHORUDFDUHDUJVLRJUHHDO(GL LD+RUD LXDIRVWVXSUDQXPLW
WKHLPPDFXODWHLWRWXLDXIRVWGHVFRSHULWHJUHHOLGHWLSDU&DUWHDXWLO QRvQORFXLHWHSHFHD
LOXVWUDW GH R FDOLWDWH H[FHS LRQDO UH]HUYDW GLQ FH vQ FH PDL PXOW FXOHJHULORU GRFXPHQWDUH QX
OLSVHWH QLFL OLWHUDWXUD LOXVWUDW 'RQ 4XLMRWH L )DEXOHOH OXL /D )RQWDLQH HD HUD GHVWLQDW
FXQRVFWRULORUL ELEOLRILOLORU
7RW FD QRXWDWH vQ *HUPDQLD GH DFHDVW GDW vQ VIHUD FRQ LQXWXOXL DSDUH OLWHUDWXUD SHQWUX
FRSLLGHVLJXUSHvQ HOHVXODFHVWRUD
'LF LRQDUXO UD LRQDO DO WLLQ HORU DUWHORU L PHVHULLORU UHIHULQ LQGLVSHQVDELO D PLFULL
LOXPLQLVWHFDUHYDSXQHRSHFHWHDWkWGHDGkQF DVXSUDJkQGLULLLDF LXQLLSHFDUHHQFLFORSHGLWLL
DXFRQFHSXWRSHQWUXSRVWHULWDWHFDILLQGFRQGXV QXPDLGHUD LXQH
FHOH PDL JHQHURDVH FX PDQHYUHOH FHOH PDL MRVQLFH FX H]LWULOH VDOH FX SDUWHD VD ULGLFRO FX
FRWLWXULOHVDOHVHYDJVLYUkQG QHYUkQGDQJDMDW vQSURPRYDUHDXQHLFDX]HFDUHYDGXFHODSURSULD
HLSLHLUH
&LQH HUD 'LGHURW" 'HQLV 'LGHURW ILXO XQXL PHWHXJDU vQVWULW GLQ /DQJUHV LD GHVYkULW
VWXGLLOH OD FRDOD DFHVWXL RUD VWXGLLOH XPDQLVWH SUHGDWH GH LH]XL L QXO SXWHDX VDWLVIDFH SH
DGROHVFHQWXO FXULRV GH DFHHD SkQ OD GH DQL 'LGHURW YD IL XQ DXWRGLGDFW SURGLJLRV FDUH YD
YDIRUPDvQFHWXOFXvQFHWXOXQVLVWHPFRHUHQWvQFDUHSHQWUXHOWRWXOVHVXV LQHQWUHWLPSSHQWUXD
VHSXWHDVXV LQHILQDQFLDUVDYDQWXODWUDGXVIRDUWHPXOWHOXFUULWLLQ LILFHGLQOLPEDHQJOH]3RWULYLW
VSLULWXOXLHSRFLLGHDDGXQDFXQRWLQ HOHGHWRDWHIHOXULOHvQYROXP'LGHURWHVWHFXSULQVDOWXULGHR
PDUHHFKLS ODUHGDFWDUHDXQHLHQFLFORSHGLL/DLXOLHDSDUHSULPXOYROXPDODFHVWHLDDYkQG
SDJLQL SH GRX FRORDQH GH WH[W vQ GH UkQGXUL QXPDL SHQWUX OLWHUD $ $SDUL LD VD HVWH
FKLDU (XURSD &XUWHD UHJDO D )UDQ HL L WRDWH &DPHUHOH UHXQLWH KRWUVF UHYL]XLUHD YROXPHORU
DSUXWHGHFWUHRFRPLVLH6HGRUHDDVWIHOFDDFHDVW OXFUDUHV QXPDLFRQWLQXHLWRWXLvQFLXGD
XQRU JUHXW L GH WRW IHOXO 'LGHURW L HFKLSD VD PDL WHUPLQ vQF YROXPH SkQ OD vQ ILQDO
HQFLFORSHGLDYDDSUHDvQGHYROXPH$FHVWHPLLGHSODQHFRQVWLWXLHRSDQRUDP FRPSOHW DWRW
FH VH SRDWH H[SOLFD YL]XDO &ODULWDWHD ORU LQFRPSDUDELO SUHFL]LD VWLOXOXL L H[HFX LHL FRQVWLWXLH
PDUHD LGHH D WLLQ HL UD LRQDOH L H[SHULPHQWDOH XQD VLQJXU SULQ PHWRG L IHO GH D JkQGL L vQ
DFHDVW SHUVSHFWLY FRQFOX]LD LVWRULFXOXL /XFLHQ /HIqYUH HVWH GLQWUH FHOH PDL SHUWLQHQWH
2HQFLFORSHGLHHVWHWUHEXLHV ILH PDQLIHVWXOXQHLFLYLOL]D LL
(QFLFORSHGLD VH VLWXHD] DVWIHO SULQWUH JHUPHQLL FDUH FUHHD] FDGUXO VHFROXOXL DO ;,;OHD
GRPLQDW GH GRX FRRUGRQDWH LQWURGXFHUHD PDLQLORU L OXSWD SRSRDUHORU SHQWUXOLEHUWDWH VRFLDO L
QD LRQDO(OHYRULQIOXHQ DLGH DFHDVW GDW WLSDUXO
7LSDUXO vQVHFROXODO;,;OHD
7LUDMHOH PDUL DX GHYHQLW R UHDOLWDWH vQ VHFROXO DO ;,;OHD GDWRULW LQYHQWULL PDLQLORU GH
LPSULPDW GH WXUQDW L GH FXOHV OLWHUH VWHUHRWLSLHL L WLSDUXOXL DSURDSH VLPXOWDQ SH DPEHOH IH H DOH
FROLL Q IHOXO DFHVWD WLSDUXO D WUDQVIRUPDW FDUWHD vQ SULQFLSDOXO PLMORF GH LQIRUPDUH L LQVWUXLUH
XQLYHUVDO
6HFROXO DO ;,;OHD WUDQVIRUP FDUWHD vQWUXQ PLMORF GH DILUPDUH D FRQWLLQ HL QD LRQDOH SH
vQWUHJ JOREXO VH YRU vPEXQW L PDQXDOHOH FRODUH FHHD FH YD FRQGXFH OD GH]YROWDUHD
vQY PkQWXOXLOLWHUDWXUDLLVWRULDQD LRQDO YRUSULPLXQQRXLPEROGPDULOHFXFHULULWLLQ LILFHDOH
RPHQLULL YRU SXWHD IL DGXVH UDSLG OD FXQRWLQ D SXEOLFXOXL 3UHVD YD FXQRDWH XQ DYkQW IU
SUHFHGHQW GHYHQLQG PDL DOHV vQ WHULWRULL DIODWH VXE VWSkQLUH VWULQ R DUP UHGXWDELO 7RWRGDW
SUHVD UPkQH SkQ OD DSDUL LD UDGLRXOXL L WHOHYL]LXQLL XQLFD VXUV GH LQIRUPDUH D SXEOLFXOXL ODUJ
$VLVWPGHDVHPHQHDODRHJDOL]DUHDWLSDUXOXLvQDSURDSHWRDWHVSD LLOHOXPLLLQFOXVLYvQ]RQHOH
FRQVLGHUDWHDOEH
3URJUHVXOWHKQLFDOWLSRJUDILHL
3UHVDWLSRJUDILFvQFHSHFXDGHYUDWV VHSHUIHF LRQH]HODVIkULWXOVHFROXOXLDO;9,,,OHDvQ
)UDQoRLVH $PEURLVH 'LGRW D SUH]HQWDW SUHVD FX R VLQJXU DSVDUH vQ FDUH
LPSULPDUHDVHIFHDGRDUFXRPLFDUHvQORFXOPDLPXOWRUSUHVLXQLVXFFHVLYHODVIkULWXOVHFROXOXL
DO ;9,,,OHD HQJOH]XO &KDUOHV 6WDQKRSH D FRQVWUXLW SULPD SUHV PHWDOLF XQ DOW HQJOH] -RKQ
5XWKZHQ vQ L DPHULFDQXO *HRUJ &O\PHU vQ DX SXV vQ IXQF LXQH SUHVH SHUIHF LRQDWH
]LDUXOXL 7KH 7LPHV Q JHUPDQXO $OR\V 6HQHIHOGHU D GHVFRSHULW SURFHGHXO OLWRJUDILHL L D
FRQVWUXLW SULPD SUHV GH WLSDU SODQ &HD GLQWkL SUHV GH WLSDU WLJKHO HVWH FUHD LD DPHULFDQXOXL
'DQLHO7UHDGYHOOLGDWHD] GLQDQXOQDXDSUXWSULPHOHPDLQLGHWLSULWSHDPEHOH
IH HDOHFROLLGHKkUWLH$PHULFDQXO5LFKDUG+RHDLPDJLQDWvQRSUHV GHWLSDUSUHFXUVRDUHD
URWDWLYHLGHPDLWkU]LX$FHODL+RHDLQYHQWDWvQRSUHV URWDWLY SHQWUXLPSULPDUHD]LDUHORU
DOFWXLW GLQ PDLQL VLPSOH GH JHQXO FHORU SURLHFWDWH vQ (QJOH]XO -RKQ :DOWHU D SXV OD
SXQFW R PDLQ GH WLSULW FX FOLHX FLOLQGULF L DOLPHQWDUH FX KkUWLH vQ ERELQ Q IUDQFH]XO
+LSSRO\WH0DULQRQLDLQYHQWDWURWDWLYDFDUHvLLSRDUW QXPHOHSHQWUXLPSULPULGHPDUHWLUDM
0DLQDGHFXOHVSDVXOvQDLQWHVHIDFHFXDGHYUDWFkQGSURFHGHXOFXOHJHULLPDQXDOHHVWHvQORFXLW
FXFHOPHFDQLFFXQRVFXWVXEGLIHULWHGHQXPLULLQWHUWLSOLQRJUDIOLQRWLSHWFQDQXOFDQDGLHQLL
-RKQ5RJHUVL)UHG%ULJKWDXFRQVWUXLWPDLQDGHFXOHVPHFDQLFWLSRJUDIXOSUHY]XW FXSRDQVRDQH
GH OLWHUH DH]DWH XQHOH OkQJ DOWHOH FX FDUH VH UHDOL]DX UkQGXUL FRPSOHWH 3ULPD PDLQ GH FXOHV
IRWRJUDILF XKHUWLS SURLHFWDW vQ SRDUW QXPHOH LQYHQWDWRUXOXL HL (GPXQG 8KHU Q
IUDQFH]LL%DIRXU%ODQFKDUGL5D\PRQGDXRE LQXWEUHYHWXOSHQWUXPDLQDGHFXOHVHOHFWURQLFSHFDUH
DXSXVRvQIXQF LXQHvQ0DLQDGHFXOHVvQGHSOLQHWHXUPWRDUHOHRSHUD LXQLFXOHJHvPSOLQHWH
UkQGXULOH L vPSDUWH PDWHULDOXO FXOHV Q JHQHUDO VH GLVWLQJ GRX WLSXUL GH PDLQL GH FXOHV D
PRQRWLSXOPDLQDGHFXOHVLWXUQDWOLWHUHODFDUHRSHUD LXQHDFXOHVXOXLVHH[HFXW VHSDUDWGHDFHHDD
WXUQULL E PDLQD GH FXOHV L WXUQDW UkQGXUL FDUH H[HFXW DPEHOH RSHUD LXQL FRQVWkQG vQ IRUPDUHD
DOLDM GH SOXPE DMXVWDUHD L UHFWLILFDUHD UkQGXOXL VWUkQJHUHD UkQGXULORU WXUQDWH SH XQ FDGUX L
vPSU LUHDPDWUL HORUSHQWUXDILUHIRORVLWHODFXOHJHUHDXUPWRDUH0RGHOHOHXQRUDVHPHQHDPDLQLGH
FXOHV VXQW FXQRVFXWH VXE GHQXPLUL FD LQWHUWLS OLQRJUDI OLQRWLS HFKLSDPHQWXO GH FXOHJHUH DO
OLQRWLSXOXL VH FRPSXQH GLQWUR FODYLDWXU WDVWHU SUHY]XW FX OLWHUH L VHPQH FDUH WULPLWH PDWUL HOH
SVWUDWH OD PDJD]LH OD GLVSR]LWLYXO GH WXUQDUH DOFWXLW GLQWUXQ UH]HUYRU FUHX]HW SHQWUX WRSLUHD
DOLDMXOXLPDWUL HLIRUPHGHWXUQDUH&HOHPDLPRGHUQHPDLQLGHFXOHVHIHFWXHD] RSHUD LLOHQHFHVDUH
HOHFWURQLF IRORVLQG XQ FDOFXODWRU SHQWUXvQUHJLVWUDUHDSH EDQG PDJQHWLF D FRPHQ]LORU GH WXUQDUH D
OLWHUHORULvPSOLQLUHDUkQGXULORUQ2WWPHU0HUJHQWKDOHU FHDVRUQLFDUGHRULJLQH
JHUPDQVWDELOLWvQ6WDWHOH8QLWHDFRQVWUXLWSULPXOOLQRWLSSHFDUHODSXVvQIXQF LXQHGRLDQLPDL
WkU]LXSHQWUX]LDUXO1HZ<RUN7ULEXQH
0DLQD GH IRWRFRSLDW DQVDPEOXO GH GLVSR]LWLYH SULQ LQWHUPHGLXO FURUD XQ GLDSR]LWLY VDX XQ
FOLHX HVWH FRSLDW SH R SODF PHWDOLF VHQVLELOL]DW SHQWUX RE LQHUHD XQHL IRUPH GH WLSDU SODQ
vQGHRVHELRIVHWSURFHGHXOHVWHIRORVLWLODUHDOL]DUHDKU LORULDDWODVHORU
0DLQD GH WLDW KkUWLH GLVSR]LWLY SUHY]XW FX IRDUIHFH L JKLORWLQ IRORVLW SHQWUX WLHUHD
FROLORU GH LPSULPDW URWXQMLUHD EORFXULORU GH FDUWH HWF $ IRVW LQYHQWDW vQ GH IUDQFH]XO
*XLOODXPH0DVVLJQRW ILLQGFXQRVFXW LVXEGHQXPLUHDGH0$66,&27
0DLQD GH WXUQDW DQVDPEOX GH GLVSR]LWLYH FX DMXWRUXO FURUD VH WRDUQ OLWHUH GH GLIHULWH
FRUSXULLFDUDFWHUHSUHFXPLPDWHULDOHGHDOELWXU GLQDOLDMWLSRJUDILF
VXSUDID D DFWLY D IRUPHL SH VXSUDID D VXSRUWXOXL DVLJXU ULGLFDUHD L VFRDWHUHD GLQ PDLQ D FROLL
LPSULPDWH3RWULYLWWHKQLFLORUGHLPSULPDUHVHGLVWLQJ
0DLQD GH WLSDU DGkQF FX FOLHH JUDYDWH vQ DGkQFLPH &HOH DFWXDOH VXQW URWDWLYH DGLF DWkW
FLOLQGUXO SODWIRUP VFXIXQGDW vQ UH]HUYRUXO GH FHUQHDO L vQ IHOXODFHVWDFHUQHDODGLQSRU LXQLOH
JUDYDWHHVWHWUDQVIHUDW SHFRDO
0DLQDGHWLSDUvQDOWFXIRUPHvQFDUHHOHPHQWHOHDFWLYHLPSULPDELOHGHSHVFvQvQO LPHSH
0DLQD GH WLSDU SODQ VDX OLWRJUDILF OD D FUHL IRUP HOHPHQWHOH LPSULPDELOH L FHOH
FHOHQHLQSULPDELOH
QHLQSULPDELOHVXQWSUDFWLFvQDFHODLSODQQWLPSXOLPSULPULLIRUPDVHDFRSHU VXFFHVLYFXDS L
FHUQHDO &HUQHDOD DGHU QXPDL OD HOHPHQWHOH LPSULPDELOH vQ WLPS FH HOHPHQWHOH QHLQSULPDELOH
UH LQkQGDSDUHVSLQJFHUQHDOD
FLOLQGUXO GH SUHVLXQH &kQG IXQGDPHQWXO VH PLF vQWUXQ VHQV FLOLQGUXO SUHVHD] FRDOD GH KkUWLH
SULQURVWRJROLUHLDUODvQDSRLHUHFRQWDFWXOIXQGDPHQWXOXLFXFLOLQGUXOHVWHvQWUHUXSW
GH SUHVLXQH FDUH VH URWHVF vQ VHQV FRQWUDU 3H XQXO VH PRQWHD] IRUPD GH WLSDU LDU SH FHOODOW
DWHUQXWXOHODVWLF
GH SUHVLXQH SODQH ,PSULPDUHD DUH ORF FkQG IXQGDPHQWHOH SODWIRUP L GH SUHVLXQH RFXS SR]L LL
YHUWLFDOH
7LSDUXOvQVHFROXO;;
6HFROXO ;; FRQVLGHUDW GH FkWYD YUHPH GUHSW VHFROXO WUHFXW VXSUDQXPLW L VHFROXO
FHHD FH SULYHWH WLSDUXO HO D IRVW LQWHJUDW vQ FHHD FH QXPLP DVW]L PLMORDFHOH GH FRPXQLFDUH vQ
PDV 0$66 0(',$ WHUPHQ JHQHULF GHVHPQkQG WRWDOLWDWHD PLMORDFHORU FDUH GLVSXQ GH
FDSDFLWDWHDGHDWUDQVPLWHLQIRUPD LLXQXLSXEOLFRULFkWGHPDUHFDUWHDSUHVDUDGLRXOWHOHYL]LXQHD
FLQHPDWRJUDIXODILXOGLVFXOEDQGDGHPDJQHWRIRQHWF
DFHVW SUDJ DX vQFHSXW V VH DILUPH PLMORDFHOH HOHFWURQLFH L vQ VSHFLDO FDOFXODWRUXO FX HOHPHQWHOH
(VWHJUHXGHGDWXQUVSXQVDFXPGLQSHUVSHFWLYDELEOLRILOXOXLLGLQDFHVWSXQFWGHYHGHUH
QFHFRQWH[WLVWRULFDDSUXWVFULHUHDDUWLILFLDO"
QFHDQDDSUXWSULPDOXFUDUHWLSULW vQFXORUL"
3UHFL]D LUROXOSHFDUHODXDYXWWLSRJUDILLJHUPDQLvQUVSkQGLUHDQRLLDUWHvQ(XURSD
'D LGHILQL LDLQFXQDEXOXOXLLHQXPDUD LSULQFLSDOHOHVDOHFDUDFWHULVWLFL
&H vQVHDPQ SHQWUX WLSDUXO JHUPDQ L FH HXURSHDQ /LEHU &KURQLFDUXP &URQLFD GH OD
1UQEHUJ"
&LQHDSXVED]HOHWLSDUXOXLLWDOLDQ"
/D FH FDV GH HGLWXU D IRVW WLSULW FHOHEUD VHULH 3DQWDJUXHO VFULV GH QX PDL SX LQ FHOHEUXO
5DEHODODLV"
&DUH VXQW FDX]HOH FDUH DX GHWHUPLQDW R vQIORULUH IU SUHFHGHQW D WLSDUXOXL RODQGH]" 'D L
H[HPSOXOXQHLFHOHEUHIDPLOLLRODQGH]HFDUHDUHYROX LRQDWDUWDFU LL
'H FH D IRVW FRQVLGHUDW %HQMDPLQ )UDQNOLQ SURWRWLSXO VHOIPDGHPDQXOXL" &DUHVXQW FHOH PDL
GHVHDP UHDOL]ULWLSRJUDILFHDOHVDOH"