&HUFHWDLL

EX]RLHQL
$QXO9QUQRLHPEULH

QRLHPEULH

=LXD&HUFHWDLORU0LOLWDUL
 680$5
$VRFLDLD&HUFHWDLORU0LOLWDULvQ
0(6$-/$$1,9(56$5(
5H]HUYLvQ5HWUDJHUH
 1RLHPEULH=LXD&HUFHWDLORU0LOLWDUL
%X]X%G0DUHDO$OH[DQGUX (',725,$/
$YHUHVFXEOEDS &RORQHOU$OH[DQGUX5XVX(GXFDLHFLYLOL]DLHEXQVLP
3XQFWGHOXFUX
%G8QLULLQUHW ',1&2/%8/95(085,/25
&RPHQGXLUHD*DUQL]RDQHL%X]X 'U$OLQ6SkQX,QIRUPDLLLFRQWUDLQIRUPDLLGHVIXUDWHGH$UPDWD5RPkQ
HPDLODFFPLOUU#\DKRRFRP vQ5]ERLXOGH,QGHSHQGHQ
ZZZFHUFHWDVLPLOUH]FRP
381&7('(9('(5(
&ROHFWLYXOGHUHGDFLH
*HQHUDOGHEULJDGGUUWU*KHRUJKH9GXYD*kQGLLYELQHGRPQLORUSROLWLFLHQLURPkQL
6HQLRUHGLWRU
&ROUGU0LUFHD7QDVH /(&,,'(6835$9,(8,5(
&RORQHOU*DEULHO%HQHVFX3ULPXODMXWRU+LSRWHUPLDLGHJHUWXULOH
5HGDFWRUHI
&ROU$OH[DQGUX5XVX ,6725,(
&DPLO0XUHDQX7UDWDWXOGHOD7ULDQRQ$PQH]LLYRLWHSUHOXDUHLQWHUQHW
&RODERUDWRUL
&ROU9LRUHO'UHQHD $0,17,5,$0,17,5,
&ROU*DEULHO%HQHVFX
&ROU/LYLX=DPILUHVFX *HQHUDOGHEULJDGU'XPLWUX0LX3ULQIRQHWXOWXPXOWXRVDOPHWHUH]HORU
*OEJU'XPLWUX0LX ,6725,(63(&,$/
*OEJUWUGU*KHRUJKH9GXYD
&ROU,RQ0LOLWDUX &RORQHOUGU0LUFHD7QDVH7WXFXODQX
'U$OLQ6SkQX 20$*,8&$5$0$'(5(6&
6HFUHWDUGHUHGDFLH  0HGDOLRQXOFHUFHWDLORU
0DULDQ&RPQL
$'(9585,1(6386(
WLSDU=<AL?J9H@ &RORQHOU9LRUHO'UHQHD'HVSUHXQLLVFULLWRULPLOLWDUL
ZZZHGLWJUDSKUR 5(&(1=,(
&RORQHOUGU0LUFHD7QDVH7LWXV5LOHDQX(XDPFUHVFXWvQFXLEGHYXOWXU
,661 0HPRULLOHXQXLSDUDXWLVWPLOLWDU
5HVSRQVDELOLWDWHD SHQWUX FRQLQXWXO
PDWHULDOHORU SXEOLFDWH vQ UHYLVW ZZZFHUFHWDVLPLOUH]FRP
DSDULQHH[FOXVLYDXWRULORUFRQIRUPDUW &RORQHOU*DEULHO%HQHVFX3UH]HQD$&055vQPHGLXOYLUWXDO
 &RG SHQDO 5HSURGXFHUHD
WH[WHORU L IRWRJUDILLORU HVWH SHUPLV 7(+12/2*,(02'(51
QXPDL vQ FRQGLLLOH SUHY]XWH GH OHJH &RORQHOULQJ,RQ0LOLWDUX7HKQRORJLD+$$53LIRORVLUHDDFHVWHLDvQGRPHQLXOPLOLWDU
0DQXVFULVHOHQXVHvQDSRLD]
$'(9585,&$5('25
 QWUHDURJDQLLPSROLWHH
&RSHUWHOHL
3$*,1$/,5,&
,PDJLQLDOHFHUFHWDLORUSDUDXWLWLL  'LQFLFOXOPDUHGUHSWDWHDLPDHVWUH
SDUDXWLWLORU
)RWR3HWULF0LKDODFKH
2EVHUYDWRUXO0LOLWDU

5HYLVWDVHGLIX]HD]PHPEULORUDVRFLDLHLVWUXFWXULORUPLOLWDUHDVRFLDLLORUSDUWHQHUHLLQVWLWXLLORUSXEOLFHLQWHUHVDWH
 0(6$-8/&20,7(78/8,',5(&725
$/
$62&,$,(,&(5&(7$,/250,/,7$5,15(=(59,15(75$*(5(
&835,/(-8/65%725,5,,
=,/(,&(5&(7$,/250,/,7$5,

12,(0%5,(12,(0%5,(

6WLPDLFROHJL
'UDJLFDPDUD]L

QILHFDUHDQODQRLHPEULH$VRFLDLD&HUFHWDLORU0LOLWDULvQ5H]HUYLvQ5HWUDJHUH
VUEWRUHWHDOWXULGHWRLFHLFDUHVOXMHVFVXEGUDSHOXOFHUFHWULLFXPkQGULHLEXFXULH=LXD
&HUFHWDLORU0LOLWDULGLQ$UPDWD5RPkQLHL

$FHDVW]LPDUFKHD]PRPHQWXOFkQGDOXDWILLQVXEVHPQWXUDGRPQLWRUXOXL$OH[DQGUX
,RDQ&X]DSHQDOWXORUGLQGH]LQU6WDWXO0DMRU*HQHUDODO$UPDWHL5RPkQLHLvQFDGUXOFUXLD
6HFLDD,,DGHYHQHDSULPXOHOHPHQWVSHFLDOL]DWGHLQIRUPDLLDORWLULLURPkQH$IRVWXQDGLQWUH
FHOHPDLLPSRUWDQWHGHFL]LLSROLWLFRPLOLWDUHD5RPkQLHLPRGHUQHFDUHDPDUFDWSURIXQGH[LVWHQD
LHYROXLDVWUXFWXULORUGHLQIRUPDLLPLOLWDUH

)DSWHOH GH DUPH L MHUWIHOH PHPRUDELOH GH XQ HURLVP L R GUXLUH H[HPSODUH DOH
FHUFHWDLORUPLOLWDULDFHWLOXSWWRULWFXLLGHFHOHPDLPXOWHRULQHWLXLYRUUPkQHJUDYDWH
HWHUQFXUHFXQRWLQvQFDUWHDGHDXUDRWLULLURPkQHLYRUFRQVWLWXLL]YRUGHDSYLHLSLOGHGH
XUPDWSHQWUXFHLFDUHYRUYHQLGXSQRL

$VRFLDLD&HUFHWDLORU0LOLWDULvQ5H]HUYLvQ5HWUDJHUHVHvQFOLQFXUHVSHFWLYHQHUDLH
vQIDDPUHLHLIDSWHORUGHDUPHDOHvQDLQWDLORULvLDILUPFXWULHKRWUkUHDGHDSURPRYDL
VXVLQHSULQWRWFHHDFHIDFHYDORULOHIXQGDPHQWDOHDOHVRFLHWLLURPkQHWLDUPDWHLLVWUXFWXULORU
GHLQIRUPDLLPLOLWDUH7RWRGDWVHDQJDMHD]VIDFWRWFHHDFHGHSLQGHGHPHPEULLVLSHQWUX
FDLVWRULDFHUFHWULLVILHFXQRVFXWSVWUDWLSURPRYDWFRQVHFYHQWvQDDIHOvQFkWFHLPDL
PDLWLQHULGLQWUHFHUFHWDLVLFXQRDVFvQDLQWDLLVLUHVSHFWHLVOHXUPH]HH[HPSOXO

&X RFD]LD =LOHL FHUFHWDLORU PLOLWDUL GRULP V WUDQVPLWHP WXWXURU FHUFHWDLORU PLOLWDUL
PHPEULORU$VRFLDLHL&HUFHWDLORU0LOLWDULvQ5H]HUYLvQ5HWUDJHUHLIDPLOLLORUDFHVWRUDJkQGXULOH
QRDVWUHEXQHVLQFHUHXUULGHVQWDWHLXQUHVSHFWXRVVDOXWFDPDUDGHUHVF

/DPXOLDQLWXWXURUFHUFHWDLORUPLOLWDUL

&216,/,8/',5(&725
$/$62&,$,(,&(5&(7$,/250,/,7$5,15(=(59,15(75$*(5(

3
 (',725,$/

('8&$,(&,9,/,=$,(%816,0
&LYLOL]DLH ODW FLYLV  FHWHDQ  DQVDPEOXO FXQRWLQHORU L DO
H[SHULHQLHL XPDQH WRWDOLWDWHD DFKL]LLLORU VSLULWXOXL XPDQ QLYHOXO vQDOW GH
GH]YROWDUHDOXQHLVRFLHWLFRQIRUP'(;
 (GXFDLDHVWHFHHDFHUPkQHGXSFHDLXLWDWWRWFHHDFHDLvQYDW
ODFRDO
$OEHUW(LQVWHLQ

1XWLXFXPIDFGDUPvQWRUFGLQQRXODVWDUHD
QDLHLPHOHSHQWUXFPGRDUHFHHDFHYGLWULHVF
QGLYHUVLWDWHDFRPSRUWDPHQWHORUVRFLDOHFHQH
vQFRQMRDULFDUHGHYLQHGLQFHvQFHPDLDSVWRDUH
VHVL]P DWLWXGLQL SHUFHSHP DFLXQL L PDQLIHVWUL DOH
RDPHQLORU/HDX]LPXQRUDSUREOHPHOHSHQWUXFQXL
DDDFHVWHDVHUH]RYSDUFPDLXRUGDFOHvPSDULFX
DOWFLQHYD  OH VXSRUWP DOWRUD IUD]HOH VIRUULWRDUH
$FHVWDvQFHSHFXHGXFDLDGDWDFDVGHSULQLL
LEXQLFLLQRWULRVXPGHUHJXOLVLPSOHLWUDGLLRQDOH
DOHSRSRUXOXLURPkQQVFXWHGLQvQFOLQULOHLWUHEXLQHOH
ILHFUXLDFUHDWHFDWHJRULFSHQWUXEXQDDUPRQLHDWXWXURU
FHORUGLQMXU/HDPvQYDWLHXSHQWUXFDPDLWkU]LXOD
YkUVWDPDWXULWLLVOHDSOLFvQYLDDGH]LFX]LRULXQGHL
RULFkQG SHQWUX D P GLIHUHQLD GH QHVLPLLL ]LOHORU
QRDVWUHDGLFGHFHLFDUHPQkQFVHPLQHLVFXLS
SDWHIRQLFHLHUWDWVPLILHMRFXOGHFXYLQWHOHDFFHSWP
FRSLLORUvQWUHEULOHFDUHGHFDUHPDLvQFXLHWRDUHLGH
FHOHPDLPXOWHRULWUHFHPPDLGHSDUWHvQFHUFkQGSDUF
SULQLJQRUDUHVQHDPJLPFOXPHDvQFDUHWULPHVWH
DOWIHO
FRMLOHSHMRVGHFHLFDUHPHUJODSLFQLFLODVPXQLGH
JXQRDLHvQXUPDORUGHFHLFDUHFRQVLGHUFVWUDGDHVWH
QXPDLDORUvQMXUkQGLFOD[RQkQGvQFOFkQGWRWFHHDFH
vQVHDPQ OHJLVODLH UXWLHU L DVWIHO GH H[HPSOH DU
SXWHD FRQWLQXD GHRDUHFH SDQRSOLD QHVLPLULL HVWH
LDPFkWHYDGLOHPH YDVW
(VWH HGXFDLD  SULPD DFWLYLWDWH FUHDWRDUH 1XUHXLPvQFVQHJVLPURVWXOLFRQWLQXP
QHSURGXFWRDUH GH EXQXUL GH FRQVXP FXQRVFXW GH VQHGHJUDGPFDVRFLHWDWHSH]LFHWUHFHXLWPFHDP
LVWRULH )ORULQ *HRUJHVFX   DFHO PRWRU VRFLDO
RULHQWDWVSUHFLYLOL]DUHDXQXLSRSRU"
(VWH QHFHVDU FD DFHVW SURFHV HPLQDPHQWH
VRFLDOVILHDOLPHQWDWSHUPDQHQWFXFHOPDLDGLWLYDW
FDUEXUDQWEXQXOVLP"
/XFUXULOH DSDUHQW PUXQWH JHQ VXIODW QDVXO L
VFXLSDWXOSHVWUDGDFRPSDQLDWHFXH[SUHVLLODPRG
ROLVWFDXQLQWHUYDOFHWLQGHVSUHLQILQLWVSRULQGSDUFvQ
SURJUHVLHJHRPHWULFIDFGLIHUHQDSHQWUXFGDFOD
DSRLQLYLQGHIHULFHVFQRURGXO
XQHOHQDLLDFHVWWLSGHFRPSRUWDPHQWDFFHSWDWLFKLDU
DGRUDWGHXQLLHVWHFRQVLGHUDWFDILLQGVSHFLILFQLYHOXOXL
GHMRVDOVRFLHWLLODQRLWLQGHVGHYLQH[SUHVLDXQHL
IRVWLJQRUPFHSXWHPILWLQHULLQXWLXLDUFHLEWUkQL
XLWVLvQYHHRULSRDWHPDLJUDYQXPDLWLXQLFLHLFH
VLvQYHH
L P GXFH JkQGXO OD SRHWXO QDLRQDO 0LKDL
(PLQHVFXLODDOVXVWULJWGHGH]QGHMGHGLQSRH]LD
$LQRWULWLQHULGLQFDUHFLWH]GRDUSULPDVWURI
$LQRWULWLQHULOD3DULVvQYD
/DJkWFUDYDWDFXPVHOHDJQRGXO
&XFKLSXOORULVWHGHRDLHFUHD
0DL JUDY HVWH IDSWXO FDP GHYHQLW WRWDO
QHSVDWRULIDGHQHVLPLLL]LOHORUQRDVWUHLDUDFWHOHORU
SR]LLLVRFLDOHGHWRSPDUHQRURFFSURVWLDQXGRDUH
'XS FH GP QDWHUH FRSLLORU VDX GHYHQLP
vQYWRULSURIHVRULHGXFDLDHVWHGDUXOFHOPDLSUHLRV
FDUH WUHEXLH IFXW FRSLLORU vQ IDPLOLH vQ FRDO L vQ
VRFLHWDWH'HXQLLVHSULQGHGHDOLLQXGDUWUHEXLHVQH
VWUGXLPSHQWUXDOHIXLFDUDFWHUHDIDFHFDDFHWLFRSLL
DMXQL OD PDWXULWDWH V SRDW FRQYLHXL vQ FRQGLLL
UHSUREDELOH L FRQGDPQDELOH vQ RFKLL EWUkQLORU QRWUL
GHYLQQRUPDOHvQRFKLLQRWUL6XQWHPFXWRLLYLQRYDL
GHIDSWXOFLJDQHDOPDQHOL]DUHDVILGDUHDYDORULORUL
D WUHFXWXOXL OLSVD GH UHVSHFW L GH EXQ VLP DX DMXQV
DVW]LYDORULvQVRFLHWDWHDURPkQHDVF
)DPLOLHFRDOVRFLHWDWHEXQVLPHGXFDLH
FLYLOL]DLH
FLYLOL]DWHELQHLIUXPRVFXVHPHQLLORULDUSULQIDSWH
YRUEHLDWLWXGLQLSOLQHGHEXQVLPVLSRDWFkWLJD
UHVSHFWXOGDULVQYHHVLUHVSHFWHSHFHLGLQMXUXO
ORU$UILIRDUWHELQHGDFDUvQYDVXWLOL]H]HFRQVWDQW
FD R RELQXLQ GH OLPEDM FXYLQWHOH GH SROLWHH
PXOXPHVF WH URJ L VDOXWXULOH ]LOQLFH V QX ULGLFH
WRQXOVLVWSkQHDVFIXULLOHVDVFXOWHVLXEHDVF
L V ILH DWHQW L JHQHURV L PDL DOHV V DMXWH
QHFRQGLLRQDWIUDDWHSWDODXGHVDXPXOXPLULSHQWUX
IDSWHOHEXQHDFFHSWkQGGRDURSULYLUHUHFXQRVFWRDUH
VDXRWFHUHH[SUHVLY
L GHVSUH EXQXO VLP VH SRW VSXQH PXOWH
SXWkQGXO FRPSDUD GXS RSLQLD IL]LFLDQXOXL GH JHQLX
3XWHP IL R QDLH SXWHUQLF QXPDL GDF YRP
LQYHVWL PDVLY vQ HGXFDLH *HQHUDLLOH HGXFDWH QH YRU
FLYLOL]DLQHYRUDVLJXUDYLLWRUXOFDQDLHQXEHL]DGHOHOH
GHEDQLJDWDFDUHDELDUHXHVFVOHJHGRXYRUEHL
DFHOHD DJUDPDWH L SOLQH GH EkOEH $ELD DSRL YRP IL
SXWHUQLFLSHPVXUDUHQXPHOXLLPUHLHLVWUPRLORU
QRWUL

3kQ DWXQFL UPkQHP FX DO QRVWUX $JDPL
'DQGDQDFKH YHQLFXO L HWHUQXO FDQWLGDW IU
VFUXSXOHFRQWLHQWGHYDORDUHDVDLFXXQWXSHXIU
PDUJLQL 6 QH WULHWL 1HQH ,DQFXOH F ELQH OH PDL
FRPEWHDL
$OEHUW (LQVWHLQ FX R FROHFLH GH SUHMXGHFL 5HGDFWRUHIFRORQHOU$OH[DQGUX5XVX
GREkQGLWHSkQODYkUVWDGHDQL
4
 ',1&2/%8/95(085,/25

,1)250$,,,&2175$,1)250$,,
'(6)85$7('($50$7$5201
15=%2,8/'(,1'(3(1'(1


'U$OLQ6318)DFXOWDWHDGH,VWRULH8QLYHUVLWDWHDGLQ%XFXUHWL

5HYROXLDOXL7XGRU9ODGLPLUHVFXLFHDGLQ GRXULYRUILUXSWH$FHDVWDvQFRQWH[WXOvQFDUHOD

8QLUHD3ULQFLSDWHORUDGXFHUHDXQXLSULQ LXQLH  6HUELD L 0XQWHQHJUX DX GHFODUDW U]ERL
VWULQLDGRSWDUHDXQHL&RQVWLWXLLOLEHUDOHDX
IRVWUHSHUHOHSRSRUXOXLURPkQvQSULPDSDUWHDVHFROXOXL
DO;,;OHD8UPWRDUHDHWDSREOLJDWRULHRUHSUH]HQWD
FXFHULUHDLQGHSHQGHQHLDFWFDUHSXWHDILUHDOL]DWSULQ
QHJRFLHUL GLSORPDWLFH VDX SULQWUXQ FRQIOLFW DUPDW
'DWRULW FRQMXQFWXULORU L LQWHUHVHORU OD QLYHO
FRQWLQHQWDODIRVWDOHDVFHDGHDGRXDYDULDQW'HL
LQGHSHQGHQD 5RPkQLHL D IRVW RELQXW PHULWDW SH
FkPSXO GH OXSW DFHDVWD D IRVW DSRL QHJRFLDW GH
PDULOHSXWHULODWUDWDWHOHGHSDFHXOWHULRDUHU]ERLXOXL
$QDOL]D UDSRUWXULORU GLSORPDWLFH GLQWUH %XFXUHWL L
FHLODOLDFWRULLPSOLFDLvQDFHVWFRQIOLFWRULHQWDOvQSULPXO
UkQG FX 5XVLD vQFKHLHUHD XQRU DFRUGXUL SROLWLFR
PLOLWDUH L GHVIXUDUHD DFLXQLORU GH OXSW D IFXW
RELHFWXOXQRUDPSOHOXFUULGHVSHFLDOLWDWH
7XUFLHL vQV HYROXLD DFLXQLORU PLOLWDUH OHD IRVW
GHIDYRUDELO /D  VHSWHPEULH  WUXSHOH VkUER
PXQWHQHJUHQHDXIRVWvQYLQVHFRPSOHWGHRWRPDQLLOD
QRLHPEULHDXFHUXWvQFHWDUHDRVWLOLWLORUFHHD
FHvQXUPDXOWLPDWXPXOXLUXVVXOWDQXODDFFHSWDWQ
SHULRDGD FRQIOLFWXOXL OD  LXOLH  vQ ORFDOLWDWHD
5HLFKVWDGWDDYXWORFRvQWUHYHGHUHvQWUHPLQLWULLGH
H[WHUQH DL $XVWUR8QJDULHL L 5XVLHL FRQWHOH *\XOD
$QGUDVV\ UHVSHFWLY$ 0 *RUFHDNRY FDUH DX GHFLV
SVWUDUHDVWDWXTXRXOXLvQ%DOFDQLGDULRELQHUHDGH
WHULWRULLvQIRORVXOSURSULX9LHQDDRELQXWDFFHSWXOV
RFXSH %RVQLD+HUHJRYLQD LDU 0RVFRYD DYHD
OLEHUWDWHDVDQH[H]HVXGXO%DVDUDELHL
8UPWRDUHDHWDSvQHYROXLDSUREOHPHLRULHQWDOH
DIRVWFRQIHULQDPDULORUSXWHULGHOD&RQVWDQWLQRSRO
'LQFROR GH ODWXULOH YL]LELOH DOH IDSWHORU R OXSW GHFHPEULHLDQXDULHFXVFRSXOGHD
LQWHQVDIRVWSXUWDWGHSDUWHGHRFKLLSXEOLFXOXLLDL RELQHOLEHUWLLDYDQWDMHSHQWUXSRSRDUHOHHXURSHQH
PDVVPHGLD EWOLD SHQWUX RELQHUHD GH LQIRUPDLL DIODWHvQVIHUDLPSHULXOXLRWRPDQ0DUHOHYL]LU$KPHG
SULQFDUHVILHFXQRVFXWHLQWHQLLOHFHOXLODOWSULHWHQVDX HILN0LGKDW3DDDSURFODPDWRQRX&RQVWLWXLHvQ
GXPDQSULYLWRUODVSDLXOURPkQHVF/DVIkULWXODQXOXL
 GRX LQIRUPDLL H[WUHP GH YDORURDVH DX IRVW
RELQXWHvQPRGOHJHQGDWGHFWUHDJHQLLGLSORPDWLFL
URPkQL$VWIHOODRFWRPEULHJHQHUDOXO,RDQ*U
*KLFDUHSUH]HQWDQWXO%XFXUHWLXOXLOD&RQVWDQWLQRSRO
DDIODWFJHQHUDOXOFRQWH13,JQDWLHYUHSUH]HQWDQW
SHUVRQDO DO DUXOXL $OH[DQGUX DO ,,OHD YD FHUH
,PSHULXOXL RWRPDQ V DFFHSWH vQ GRX ]LOH XQ
DUPLVWLLX GH  VSWPkQL L V vQFHWH]H RSHUDLLOH
PLOLWDUHvQ6HUELDQFD]FRQWUDUSHUVRQDOXOGLSORPDWLF
UXVYDSUVL7XUFLDLOHJWXULOHGLSORPDWLFHGLQWUHFHOH
FDUHSULQWUHDOWHOH5RPkQLDL6HUELDHUDXGHVHPQDWH
SURYLQFLLSULYLOHJLDWHFHHDFHDDWUDVSURWHVWXOFHORU
GRX VWDWH 1HPXOXPLULOH 5RPkQLHL DX FRLQFLV FX
RELHFWLYHOH5XVLHLLQWHUHVDWvQWURH[SDQVLXQHFWUH
VWUkPWRUL L vQ FRQWH[W GH VSULMLQLUH D PLFULORU
DQWLRWRPDQH /D  PDUWLH  JXYHUQXO URPkQ D
GHFUHWDWPRELOL]DUHDJHQHUDOLDUODDSULOLHD
VHPQDW R FRQYHQLH FX 5XVLD SULQ FDUH VH SHUPLWHD
WUXSHORULPSHULDOHWUDQ]LWDUHDWHULWRULXOXLURPkQHVFLDU
DFHVWHD WUHEXLDX V DSHUH OD QHYRLH IURQWLHUHOH
QDLRQDOH
5
',1&2/%8/95(085,/25
&HD GHD GRXD LQIRUPDLH YDORURDV SHQWUX
JXYHUQXOGHOD%XFXUHWLDIRVWRELQXWOD9LHQDGLQ
DQWXUDMXO DPEDVDGRUXOXL IUDQFH] $FHVWD D IRVW
LQIRUPDW vQ PRG FRQILGHQLDO GH JHQHUDOXO XQJXU
*\RUJ\.ODSNDYHQLWGHOD&RQVWDQWLQRSROFWXUFLLDX
LQWHQLDVRFXSHSDWUXSXQFWHSHWHULWRULXOURPkQHVF
&DODIDW7XUQX0JXUHOH2OWHQLDL%DUERLSHQWUXD
GLVWUXJHFLOHIHUDWHLDRFXSD%XFXUHWLXOQDFHODL SURLHFWHOHVDOHSHQWUXRGRFXPHQWDUHFkWPDLH[DFW
WLPSJHQHUDOXO.ODSNDDSURPLVWXUFLORUFYDDFLRQD
SHQWUX FD WUXSH VHFXLHWL V DFLRQH]H VXEYHUVLY
DVXSUDXQRUQRGXULGHFDOHIHUDWJULSRGXULLDOWH
HOHPHQWH GH LQIUDVWUXFWXU GLQ VSDLXO URPkQHVF vQ
VFRSXO vQJUHXQULL WUDQVSRUWXULORU PLOLWDUH FWUH IURQW
$FHVW OXFUX QX VD vQWkPSODW SHQWUX F RUJDQHOH GH
VLJXUDQURPkQHWLDXOXDWPVXULOHQHFHVDUHvQDFHVW
FD]$FHVWOXFUXQXLDGHVFXUDMDWSHLQLLDWRULLvQYDUD
DQXOXLDJHQLLURPkQLDXUHXLWVQHXWUDOL]H]HR
DOWWHQWDWLYGLULMDWGHOD%XGDSHVWDGHDDUXQFDvQ
DHU SRGXULOH GLQ 0ROGRYD FX VFRSXO GH D VXEPLQD
DVWIHO DSURYL]LRQDUHD WUXSHORU UXVRURPkQH DIODWH vQ
VXGXO 'XQULL 3ODQXO SUHYHGHD FD H[SOR]LELOXO V ILH
WUDQVSRUWDWFXGHFDUHvQXOFLRDUHIRORVLWHSHQWUX
DSDPLQHUDOGH%RUVHF'XSFRQWUDFDUDUHDDFHVWHL
DFLXQLGRYH]LOHDXIRVWWUDQVPLVHJXYHUQXOXLUXVFDUH
D SUH]HQWDW XQ YHKHPHQW SURWHVW RILFLDO DXWRULWLORU
XQJDUH
'XS  VLWXDLD DUPDWHL URPkQH D IRVW R
SULRULWDWH SHQWUX GRPQLWRULL GLQ DUD 5RPkQHDVF L
0ROGRYD/DYUHPHDVD$OH[DQGUX,RDQ&X]DDFHUXWR
PLVLXQHPLOLWDUIUDQFH]SHQWUXRPDLEXQLQVWUXFLH
DRILHULORULVROGDLORU2GDWFXYHQLUHDSULQFLSHOXL
&DUROPLVLXQHDIUDQFH]DOVDWORFXOXQHLDSUXVDFH
vQFRQIRUPLWDWHFXQRLOHRELHFWLYHDOHSROLWLFLLH[WHUQHQ
SHULRDGDDUPDWDDFXQRVFXWRGH]YROWDUH
VLPLWRDUH L R vQ]HVWUDUH GLQ FHOH PDL EXQH SHQWUX
YUHPHDUHVSHFWLY3XQFWXOGHFRWLWXUDIRVWU]ERLXO
LQIRUPDLLOH DWLQJWRDUH GH SR]LLD GH PLFULOH
LQDPLFXOXLVDXGHWRSRJUDILDWHUHQXOXLFHHORFXSQ
DFHVWH RUGLQH HUD YRUED GH LQVWUXFLXQL SHQWUX
HODERUDUHDGHKULLFURFKLXULPRGXOGHRUJDQL]DUHD
LWLQHUDUHORUGHUHFXQRDWHUHLRELQHUHDGHLQIRUPDLL
$FHVWHD GLQ XUP WUHEXLDX V FXSULQG SR]LLLOH
RFXSDWHGHLQDPLFHIHFWLYHOHVDOHVWDUHDVDPRUDOL
DVXSUDWUXSHORURWRPDQHQSULPD]LDOXQLLLXOLH
FSLWDQLL*0LKLHVFXL,%RPDQvPSUHXQFXGH
RVWDL WRL GLQ 5HJLPHQWXO  OLQLH DX H[HFXWDW R
UHFXQRDWHUH SHVWH 'XQUH vQ VFRSXO ORFDOL]ULL
WUXSHORULQDPLFHLDLGHQWLILFULLIRUWLILFDLLORUH[LVWHQWH
QXUPDLQFXUVLXQLLDIRVWRELQXWLQIRUPDLDFRQIRUP
FUHLD2VPDQ3DDvQIUXQWHDDGHPLOLWDULL
EDWHULL GH DUWLOHULH D SUVLW 9LGLQXO vQGUHSWkQGXVH
VSUH /RP 3DODQND L 1LFRSRO DPHQLQDWH GH WUXSHOH
UXVH 3ULQ DFLXQHD UDSLG D WUXSHORU DULVWH FRQWUD
JDUQL]RDQHL1LFRSRO2VPDQ3DDDUHQXQDWODSODQXO
LQLLDOLVDUHWUDVFWUH3OHYQD
/DUkQGXOVX2=$QULXOLHVDUHIHULW
H[FOXVLY OD PVXULOH GH VLJXUDQ DOH WUXSHORU FX
UHIHULUHODVWDELOLUHDLVHFUHWXOSDUROHLWUHFHUHDSHVWH
OLQLL UHFXQRDWHULOH vQ WHULWRULXO LQDPLF PRGXO GH
FRPSRUWDUHFXQHJRFLDWRULLSUL]RQLHULLLGH]HUWRULL'H
UHPDUFDW F DFHVW RUGLQ FXSULQGH L R ODWXU SXLQ
X]LWDWODYUHPHDUHVSHFWLYGDUH[WUHPGHHILFLHQWvQ
FRQIODJUDLLOH XOWHULRDUH DFHHD D GH]LQIRUPULL L
LQWR[LFULL LQDPLFXOXL 6H SRDWH FkWHRGDW H[HFXWD
vQDGLQV RDUHFDUH PLFUL JUHLWH DVWIHO FD
SDUODPHQWDUXOVILHvQHODWDVXSUDVFRSXULORUSR]LLLORU
VDXSXWHULORUQRDVWUH
8QDOW2=$QULXOLHDDERUGDWSHODUJ
PLMORDFHOH L PHWRGHOH XWLOL]DWH SHQWUX D RELQH GDWH
XWLOH DVXSUD RWRPDQLORU 3ULQFLSDOHOH PLMORDFH HUDX
SUL]RQLHULL GH]HUWRULL ORFXLWRULL VSLRQLL L DOWH LQGLFLL
IUDQFRSUXVDF  vQ XUPD FUXLD PRGHOXO $FFHQWXO D IRVW SXV SH GHVFRDVHUHD SUL]RQLHULORU
SUXVDF GH RUJDQL]DUH D DUPDWHL D IRVW SUHOXDW L GH DVXSUDFURUDWUHEXLDXSXVHvQWUHEUL
5RPkQLD3HQWUXRPDLEXQFRRUGRQDUHDVWUXFWXULORU &DSLWROXO6SLRQLHVWHXQXOFDUHGXSGHDQL
PLOLWDUH SULQ 'HFUHWXO QU  PDUWLH  D IRVW UPkQHGHDFWXDOLWDWHSULQDQDOL]DXWLOL]ULLDFHVWXLWLS
vQILLQDW'HSR]LWXO*HQHUDOGH5]ERLvQFDGUXOFUHLD GH RDPHQL 5HFUXWDUHD DFHVWRUD WUHEXLD HIHFWXDW
IXQFLRQDXGRXVHFLL6HFLDKDUWD5RPkQLHLOXFUUL GLQWUH DFHLD FDUH SRW IL SUHD SXLQ EQXLL V QX VH
WRSRJUDILFHPLOLWDUHL6HFLDOXFUULLVWRULFHVWDWLVWLFD FXQRDVF vQWUH HL DVWIHO FD V SRDW IL FRQWURODL L
PLOLWDU L OXFUUL UHJLPHQWDUH 2GDW FX vQILLQDUHD VXSUDYHJKHDLXQLLSULQDOLL$JHQLLSOWLLGHDPEHOH
0DUHOXL&DUWLHU*HQHUDO0&*FHOHGRXVHFLLDX
IRVW WUHFXWH vQ VXERUGLQHD DFHVWHL VWUXFWXUL &RQIRUP
XQRU VXUVH PDLRUXO &RQVWDQWLQ %UWLDQX L FSLWDQXO
&RQVWDQWLQ &SLWQHDQX FDUH FRQGXFHDX 6HFLD
WRSRJUDILF DX IRVW RILHULL vQVUFLQDL FX DQDOL]D
LQIRUPDLLORUOD0&*
'RX]LOHGXSFH5XVLDDGHFODUDWU]ERL7XUFLHL
OD  DSULOLH  HIXO 6WDWXOXL 0DMRU *HQHUDO DO
$UPDWHL FRORQHOXO *KHRUJKH 6OQLFHDQX D VHPQDW
WDEHUHVXQWFHLPDLEXQLGDUUVSODWDORUWUHEXLHVILH
SHPVXUFDLSHGHDSVDFKLDUvPSXFDLDWXQFL
FkQGH[LVWGRYH]LGHWUGDUH8QDOWDVSHFWLPSRUWDQW
HVWH DFHOD DO LQVWUXFLXQLORU  FHOH UHDOH VXQW GDWH
YHUEDO LDU FHOH IDOVH PHQLWH D vQHOD SH LQDPLF VH
WUDQVPLWVFULV
2UGLQHOHGHLQIRUPDLLHODERUDWHGH0&*DXIRVW
XQHOH H[WUHP GH YDORURDVH L SHUWLQHQWH vQ
FRQIRUPLWDWHFXVSLULWXOYUHPLL6QXXLWPFDUPDWD
2UGLQXO GH =L SH $UPDW 2=$ QU  vQ FDUH D
DFFHQWXDWLPSRUWDQDLUROXORUGLQHORUFDUHWUHEXLDXV
ILH SUHFLVH FODUH FRQFLVH L FXQRDWHUHD VLWXDLHL
IRUHORU SURSULL DPLFH L LQDPLFH &kWHYD ]LOH PDL
WkU]LXODDSULOLHDIRVWHPLV2=$QUFDUH 
VD UHIHULW VWULFW OD SUREOHPH LQIRUPDWLYH $VWIHO
FRPDQGDQLL GH FRUSXUL GH DUPDW L GLYL]LL DYHDX
REOLJDLD GH D WUDQVPLWH OD 0DUHOH &DUWLHU *HQHUDO
GHVFRSHULULOH IFXWH vQ UHFXQRDWHULOH RUGRQDWH L
6
URPkQ vQ HSRFD PRGHUQ DYHD R LVWRULH VFXUW GH
GRDUGHDQLLDUOLSVDGHH[SHULHQSHFkPSXOGH
OXSW D IRVW VXSOLQLW GH FXUDM RQRDUH L GHPQLWDWH
(VHQLDOUPkQHIDSWXOFDFHVWHGLUHFWLYHLQIRUPDWLYH
L FRQWUDLQIRUPDWLYH VXQW YDODELOH FX PLFL H[FHSLL
GDWRUDWHGH]YROWULLWHKQRORJLHLLvQSUH]HQW
8Q PLQXV vQ RUJDQL]DUHD DUPDWHL URPkQH OD
UHSUH]HQWDWOLSVDXQXLRUJDQFXDWULEXLLGHFXOHJHUHGH
LQIRUPDLLGHLGRPQLWRUXO$OH[DQGUX,RDQ&X]D
 ',1&2/%8/95(085,/25

DDYXWvQYHGHUHLPHGLDWGXSDOHJHUHDVDFD
GRPQ DO 3ULQFLSDWHORU 8QLWH RUJDQL]DUHD XQHL
DVHPHQHDVWUXFWXULODQLYHOXOFHULQHORUHSRFLL$VWIHO
ODQRLHPEULHSULQQDOWXO2UGLQGH=LQUVD
vQILLQDW 6WDWXO 0DMRU *HQHUDO DO $UPDWHL vQ FDGUXO
FUXLD IXQFLRQD 6HFLD D ,,D SULPXO VHUYLFLX GH
LQIRUPDLL DO DUPDWHL URPkQH $FHVW VHUYLFLX D IRVW
FRQGXV GH VXEORFRWHQHQWXO *KHRUJKH 6OQLFHDQX L
DSRL GH VXEORFRWHQHQWXO WHIDQ )OFRLDQX YLLWRUL
JHQHUDOLLPLQLWULGHU]ERL
(HFXULOHvQUHJLVWUDWHSHIURQWXOGLQ%XOJDULDVDX
GDWRUDW PDL GHJUDE XQRU OLSVXUL SHUVRQDOH vQ
FDSDFLWDWHDGHH[HFXWDUHDRUGLQHORUVDXGHDIDFHID
DFWXOXLGHFRPDQGFDUHDXFRQGXVODHURULWDFWLFHL
SLHUGHULLQXWLOHGHYLHLRPHQHWL&XFkWHYD]LOHvQDLQWH
GH DWDFXO UHGXWHL *ULYLD XQ JUHF VD SUH]HQWDW OD
JHQHUDOXO $OH[DQGUX &HUQDW FRPDQGDQWXO $UPDWHL
URPkQHGHRSHUDLLLODLQIRUPDWFWXUFLLVHDWHDSW
OD XQ DWDF SH  DXJXVW  DFHDVWD ILLQG ]LXD
RQRPDVWLF D DUXOXL $OH[DQGUX DO ,,OHD *HQHUDOXO
URPkQVDSUH]HQWDWLPHGLDWODPDUHOHGXFH1LFRODH
FRPDQGDQWXO DUPDWHORU UXVH L D SURSXV DPkQDUHD
DWDFXOXLvQVDSULPLWXQUVSXQVVWXSHILDQWRULWRDW
DUPDWDLPSHULDOYDSLHULRULYDOXD*ULYLD*HQHUDOXO
*KHRUJKH $QJKHOHVFX FRPDQGDQWXO 'LYL]LHL 
,QIDQWHULH D IRVW DFX]DW GH $OH[DQGUX &DQGLDQR
3RSHVFX GH OLSV WRWDO GH LQLLDWLY vQ RUJDQL]DUHD
UHFXQRDWHULORUVSHFLDOHLDUPDLRUXO,DFRE/DKRYDU\D
IRVWDVSUXFULWLFDWLQFOXVLYvQSUHVSHQWUXHURDUHDVD
$FHVWDDIRVWRILHUXOvQVUFLQDWFXFHUFHWDUHDWHUHQXOXL
GLQIDDUHGXWHL*ULYLDLDDILUPDWXOWHULRUFDDYXW
JUHXWLRELHFWLYHvQDLvQGHSOLQLPLVLXQHDDVWIHOF
QXDLGHQWLILFDWFHOHGRXUHGXWHLQXXQDFXPVH
FRQWUDLQIRUPDWLYH VDX VXERUGRQDW vQ PRG ILUHVF
FHULQHORUPLOLWDUHDOHPRPHQWXOXL$VWIHOHOHDXYL]DWvQ
SULPXO UkQG DQLKLODUHD VSLRQLORU RWRPDQL GLQ RUDHOH
GXQUHQHGHSHDPEHOHPDOXULGDULDOHDOWRUVWDWHFX
LQWHUHVHGLYHUVHvQVSDLXOEDOFDQLFVDXRULHQWDO3HGH
DOWSDUWHDWLvQVHDPQDILELQHLQIRUPDWDILELQH
LQIRUPDWvQVHDPQVILLSXWHUQLFLDUHSRFLOHLVWRULFHDX
IRVWFDWHJRULFGRPLQDWHGHFXWDUHDSXWHULLQ
SXWHUHD 5RPkQLHL D VWDW vQ FDOLWDWHD FRQGXFWRULORU
SROLWLFLLvQVROGDLLFDUHVDXDYkQWDWODOXSWSHQWUX
FXFHULUHD LQGHSHQGHQHL GXS FXP OHD FHUXW
SULQFLSHOH&DUROQDLQWHGDURWHQL5RPkQLvQDLQWHFX
EUELH L vQ FXUkQG Y YHL vQWRDUFH vQ IDPLOLLOH
YRDVWUHvQDUDYRDVWUOLEHUSULQYRLvQLYDFRSHULL
GHDSODX]HOHvQWUHJLLQDLXQL
2UGLQGH=LSH$UPDWQU
$UWLFROXO,QIRUPDLLOHQVWDUHDGHUHSDXVVHUYLFLXO
GHVLJXUDQDOWUXSHLYDDGXQDWRDWHUHODLLOHFSWDWH
GLUHFWVDXLQGLUHFWDVXSUDSR]LLLORURFXSDWHGHLQDPLF
HIHFWLYHOH VDOH VWDUHD VD PRUDO L SURLHFWHOH VDOH
$FHVWHUHODLLVHYRUWUDQVPLWHL0DUHOXL&DUWLHU*HQHUDO
FkQGSRWDYHDRLPSRUWDQLPHGLDWQWRWFD]XOHOHYRU
ILSVWUDWHODDUKLYDGLYL]LLORUVDXFRUSXULORUGHDUPDW
'HVFRSHULULOHDOFURUVFRSVHUDSRUWHD]ODDIODUHD
IRUHORULQDPLFXOXLGLVSR]LLLORUVDOHGHOXSWvQFDUHVH
YD FXWD PDL FX VHDP D SUHFL]D ORFXO RFXSDW GH
FDYDOHULD DUWLOHULD L SDUFXULOH LQDPLFXOXL VH YRU
FRPXQLFDLPHGLDWL0DUHOXL&DUWLHU*HQHUDO
'DW OD 0DUHOXL &DUWLHU *HQHUDO DO $UPDWHL vQ
%XFXUHWLDSULOLH
  HIGH6WDW0DMRU
  VVFRO6OQLFHDQX
FUHGHDLQLFLUkSDDEUXSWGLQIDDDFHVWRUDQXUPD
DWDFXULORUGLQDXJXVWLDXSLHUGXWYLDDFLUFD
GHPLOLWDULUXLLFDPGHURPkQL8OWHULRU
vQXUPDGDWHORUIXUQL]DWHGHGH]HUWRULLSUL]RQLHULWXUFL
ORFXLWRUL EXOJDUL VDX URPkQL D IRVW LGHQWLILFDW vQWUHJ
VLVWHPXOIRUWLILFDWGHDSUDUHRWRPDQFRPSXVGLQ
UHGXWHLDXIRVWHYDOXDWHFRUHFWSXWHUHDLYDORDUHD
DUPDWHLOXL2VPDQ3DD
/DQRLHPEULHXQVSLRQEXOJDULQILOWUDWvQ
3OHYQD /HYERNRYVN\ D UHYHQLW vQ UkQGXO WUXSHORU
DPLFHLDLQIRUPDWGHVSUHLQWHQLDOXL2VPDQ3DDGH
DVHSUHGDvQFD]XOFkQGQXYDUHXLVVSDUJEORFDGD
URPkQRUXV,QIRUPDLDDIRVWFRQILUPDWXOWHULRUGH
DOWHVXUVHDVWIHOFVDHVWLPDWRWHQWDWLYGHLHLUHGLQ
vQFHUFXLUHODVIkULWXOOXQLLQRLHPEULH$XIRVWOXDWH
PVXULGHvQWULUHDWUXSHORUGHDVHGLXLGHWLHUHD
RULFUHL SRVLELOLWL GH UHWUDJHUH D RWRPDQLORU Q
GLPLQHDD]LOHLGHQRLHPEULHWUXSHOHRWRPDQH
DXGHFODQDWDWDFXOvQVGXSFkWHYDVXFFHVHOLPLWDWH
DVXSUD WUXSHORU UXVH RIHQVLYD D IRVW VWRSDW L D
vQFHSXW FRQWUDRIHQVLYD ILQDO FDUH VD VROGDW FX
FDSLWXODUHDOXL2VPDQ3DD5HXLWDILQDOFkWLJDUHD
EWOLHLGHOD3OHYQDFRQWLQXDUHDRIHQVLYHLUXVHVSUH
LQLPD ,PSHULXOXL RWRPDQ L FDSLWXODUHD DFHVWXLD OD
vQFHSXWXO DQXOXL  DX IRVW HOHPHQWHOH GH
FRQWLQXLWDWH DOH FDPSDQLHL GLQ  OD FDUH DUPDWD
URPkQLDDGXVRFRQWULEXLHvQVHPQDW
 Q SUHDMPD L vQ WLPSXO 5]ERLXOXL GH
2UGLQGH=LSH$UPDWQU
,96SLRQL3ULQVSLRQLVHSRDWHDGHVHDDYHDPXOWH
WLULDVXSUDLQDPLFXOXLGDUvQWUHEXLQDUHDORUHVWHIRDUWH
DQHYRLRDVFFLDSURDSHWRLIFkQGDFHDVWPHVHULH
SHQWUXEDQLQXvQILHD]GHFkWSUHDSXLQHJDUDQLLGH
vQFUHGHUH(LVXQWDOHLRELQXLWSULQWUHFHLFDUHSRWILPDL
SXLQEQXLLSUHFXPSUHRLQHJXVWRULLSULQWUHRDPHQL
FDUHDXPDLPXOWRELFHLXOXQRUDVHPHQHDvQWUHSULQGHUL
SUHFXP VXQW FRQWUDEDQGLWLL 6SLRQLL WUHEXLH V ILH
QHFXQRVFXLXQLLDOWRUDDVWIHOFDVSXVHOHORUVSRDWIL
FRQWURODWHLFKLDUHLVXSUDYHJKHDLXQLLSULQDOLL6XQW
DGHVHDVSLRQLSOWLLGHDPkQGRXSULOH$FHWLDVXQW
FHLPDLEXQLGDUWUHEXLHPXOWGLEFLHSHQWUXDVHVOXML
GHGkQLL6SLRQLLWUHEXLHSHDWkWGHELQHUVSOWLLFkQG
DGXF WLUL EXQH SH FkW GH DVSUX SHGHSVLL FKLDU
vPSXFDLSHGDWFHVXQWGRYH]LFVXQWWUGWRUL1XOL
VHvQFUHGLQHD]GHFkWWUHSWDWvQVUFLQULGLQFHvQFH
PDL JUHOH GXS vQFUHGHUHD FH SXWHP DYHD vQ HL L
vQHOHSFLXQHD FH DUDW ,QVWUXFLXQLOH DGHYUDWH VXQW
WRWGHDXQD GDWH YHUEDO Q VFULV QX VH GDX GHFkW
LQVWUXFLXQL IDOVH PHQLWD D vQHOD SH LQDPLF 6H
UHFRPDQGVROGDLORUDVHIHULGHRDPHQLFDUHDUvQFHUFD
VLIDFVYRUEHDVFDVXSUDXQRUDPQXQWHSULYLWRDUH
OD RWLUH L D SVWUD WRWGHDXQD WFHUHD vQ DFHDVW
SULYLQ
'LQQDOW2UGLQ
  HIGH6WDW0DMRU*HQHUDO
  VVFRO6OQLFHDQX
,QGHSHQGHQ  DFWLYLWLOH LQIRUPDWLYH L

7
 381&7('(9('(5(

*1',,9%,1(
'201,/2532/,7,&,(1,5201,
*HQHUDOGHEULJDGUWUGU*KHRUJKH9'89$

3ULHWHQ DO FHUFHWDLORU DXWRUXO SHQVLRQDU PLOLWDU VD VLPLW GDWRU V UHDFLRQH]H OD DWDFXULOH
QHIRQGDWHYLUXOHQWHRULHQWDWHDVXSUDSHQVLRQDULORUPLOLWDULLQHVLPLWHORUSHQVLLDOHDFHVWRUDL
PDLDOHVODvQFHUFULOHGHDMXVWLILFDRDUHFXPVWLQJKHUSURFHVXOGHUHFDOFXODUHDFWXDOL]DUHDDFHVWRU
SHQVLL
&XDPUFLXQHDFHOXLFDUHLDGHGLFDWYLDDVOXMLULLULLGHODH[SHULHQDFHORUGHDQLFX
DUJXPHQWHORJLFHDGHFLVFDVRVLWPRPHQWXOVQXPDLDFFHSWHLVQXPDLVXSRUWHXPLOLQDMRFXO
SROLWLFLDQLVW>@LWRWFLUFXODFHVWDFDUHGHODJXYHUQDUHODJXYHUQDUHQXVHPDLWHUPLQ
5HGDFLD

6HSDUHFDEHUDLLOHLPSURYL]DLLOHLREVHVLDOD
GUDFXFXPLOLWDULLWLDFDUHQXSURGXFQLPLFFLGRDUFRQVXP
SkLQHD SROLWLFLHQLORU PDJLVWUDLORU FPWDULORU QRLORU
FDSLWDOLWLWLHWRULORUSGXULORU5RPkQLHLLSHFHDDWXWXURU
SOWLWRULORU GH WD[H L LPSR]LWH DOFWXLHVF FXWXPD SRVW
GHFHPEULVW GXS FDUH IXQFLRQHD] FD vQWRWGHDXQD
SROLWLFKLDURPkQHDVFvQWUHGRXU]ERDLH
'XSUHQXQDUHDLQWHPSHVWLYWULXPIDOFXIXULHL
DOXU GH vQYLQJWRUL vQ MXQJOD QLPQXL OD VHUYLFLXO PLOLWDU
REOLJDWRULX  FD L FXP SHQWUX 5RPkQLD DUD SFLL L D
SURVSHULWLLXQLYHUVDOH(OYHLD(VWXOXLLXELWLSURWHMDWGH
WRLYHFLQLLGHWRDWHLPSHULLOHGHLHULLGHD]LGHWRDWHPDULOH
SXWHUL GH WRDWH SODQHWHOH L GH vQWUHJXO 8QLYHUV QDU PDL
H[LVWDQLFLXQIHOGHSHULFROGHU]ERLLDURQRUSRSXODLDDU
WUHEXL SURWHMDW GRDU SULQ UXJFLXQL FWUH &HO GH 6XV L
ELQHvQHOHVGHFWUHKRLLFDUHDXIXUDWLDWvQWUXQVIHUWGH
YHDFDSURDSHWRWFHDPDLUPDVGHDOXQJXOPLOHQLLORUGLQ
EUXPDQRDVWUGHSPkQWLVXIOHWURPkQHVFWRDWOXPHD
EXQFDUHVHSHULQGSULQSDODWHOHQDLXQLLDGDWPDUHDPXW
GHRSDUWH 'HVLJXU QX vQDLQWH GH D UHGXFH DFHDVW PDUH
PXWODRVLPSOEOWRDFDLOXDDSURDSHWRDWHGUHSWXULOH
FHWHQHWLPDLSXLQSHFHOGHDYRWDFGHHQHYRLHLGH
YUHPHDUHVSHFWLYDYHDGUHSWGHVHPQWXUSHGHFUHWXOGH
DYDQVDUHODDFHVWJUDG(XWHDPIFXWFKHVWRU$FHVWH
FXYLQWHQXWUHEXLHH[SOLFDWH6XQWFHOHPDLXPLOLWRDUHLFHOH
PDLFRQFOXGHQWHGLQWURLVWRULHDUXLQLLLXPLOLQHL'HVLJXU
HVWHYRUEDGHHFKLYDOHQWXOJUDGXOXLGHJHQHUDOvQVWUXFWXULOH
0LQLVWHUXOXL GH ,QWHUQH GLQ VWUXFWXULOH 3ROLLHL LQVWLWXLH
GHPLOLWDUL]DW
'LQ  vQFRDFH DWDFXULOH VXE WRDWH IRUPHOH
SRVLELOH SH WLPS GH SDFH GDU PDL DOHV VXE IRUPD XQRU
SXOVLXQL RWUYLWH OD DGUHVD $UPDWHL 5RPkQLHL QDX vQFHWDW
QLFLRFOLS,DUDFHVWHDWDFXULQXOHDHIHFWXDWUDQXOURPkQ
DFXPXQEWUkQHOFDUHDIFXWDUPDWDOD,QIDQWHULHDVSDW
WUDQHHLDvQYDWVWUDJFXSXFDQXPDLLQXPDLvQWUXQ
LQDPLF vQ XQLIRUPD XQHL SRVLELOH DUPDWH GXPDQH QLFL
PXQFLWRUXOVDXLQJLQHUXOGHODIRVWD,0*%LGHODDOWHPDUL
vQWUHSULQGHULURPkQHWLDUXQFDWHD]LODJXQRLFDUHDIFXW
DUPDWDODDUWLOHULHODJHQLXVDXODWUDQVPLVLXQLQLFLWDQFKLVWXO
FDUHDWUHFXWODDSOLFDLLGHDWkWHDRULFXWDQFXOSHVXE0XUH
QLFL FRPDQGRUXO FDUH D ]EXUDW DYLRQXO VXSHUVRQLF R YLD
VXSRUWkQGLDVW]LODSHQVLHHIHFWHOHVXSUDVDUFLQLLDVXSUD
YHUWHEUHORU QLFL PDULQDUXO GH SH YHGHWHOH WRUSLORDUH QLFL
JHQHUDOXO 0LKDLO 3RSHVFX IRVWXO HI DO 6WDWXOXL 0DMRU
YRWXOVROGDLORUDLSHQHWUDFXRDPHQLSROLWLFLVDXGHFDUHRU
ILWRDWHVWUXFWXULOHLPSRUWDQWHLDRIDFHQHFUkFQLWRDUHLVWULFW
VOXJGDFDSRDOILQHODGHFLGHQWXOSROLWLFWUDQVIRUPDWvQWU
XQ GLFWDWRU QHFRQGLLRQDW SHQWUX WUXGLWRUXO vQ NDNL DL XPLOL
YDORULOHLPDLDOHVJUDGHOHvQGHRVHELSHFHOGHJHQHUDO
$FHVWDGLQXUPJUDGXOGHJHQHUDODIRVWDFRUGDW
FXFRPSOLFLWDWHDVDXWFHUHDFDSLORUDUPDWHLFXLDYUXWLFXL
QD YUXW VO SULPHDVF 7RL DFHWL X]XUSDWRUL GH YDORUL
PLOLWDUHGXUDWHvQPDULOHU]ERDLHFDUHDXGXVODDSUDUHDL
SVWUDUHD FUkPSHLXOXL GH 5RPkQLH FDUH QHD PDL UPDV
GXSVHFROHGHU]ERDLHSUHVLXQLKUXLULLXPLOLQHDXXLWDW
*HQHUDO FDUH XPLOLW L KUXLW DWkWD YUHPH GH LPEHFLOD
UHFDOFXODUHLQWHUPLQDELOVILGWRDUHLJURELDQDSHQVLLORU
PLOLWDUH GLQ UDLXQL DEVXUGH L SULQ PHWRGH FDUH QX H[LVW
QLFLHULvQOXPHGLQYUHPHDOXL%RFDIFXWLQIDUFWLDWUHFXW
GLQFRORvQOXPHDYHQLFLHL
$FHVWH DWDFXUL QX DX SXWXW IL HIHFWXDWH GHFkW GH
GXPDQLL5RPkQLHLGHFR]LOHORUGHWRSRUGHFHLFDUHQDX
vQHOHVQLFLRGDWFHvQVHDPQRDUPDWSHQWUXRQDLXQHPDL
DOHVvQDFHDVWHSRFvQFDUHWRDWOXPHDVHvQDUPHD]L
DX FRQIXQGDWR ILH FX IRUH GH RUGLQH vQDUPDWH ILH FX DOWH
VWUXFWXULGHIRUHFDUHSRDUWDUPHILHFXRULFHDOWFHYD,DU
VDXQDXWLXWQLFLRGDWFJUDGXOGHJHQHUDOvQWURDUPDW
HVWH R YDORDUH VXSUHP $FHVW JUDG VH DFRUG QXPDL L
QXPDLFRORQHLORUvQDFWLYLWDWHFDUHDXH[SHULHQDYDORDUHD
FDSDFLWDWHDSXWHUHDFRPSHWHQDLGHPQLWDWHDGHSULPLLD
L DVXPD UHVSRQVDELOLWL GH QLYHO VWUDWHJLF *UDGXO GH
JHQHUDOQXHVWHRUHFRPSHQVFLRvQVUFLQDUHvQURELWRDUH
HFKLYDOHQWFXFPDDPRULL
PL DPLQWHVF L DFXP UHSOLFD XQXL YXOSRL FDUH OD
PXOLGLQWUHDFHWLQLPHQLDMXQLSHSRVWGHGHFLGHQLSROLWLFLL
VWUDWHJLFLFRQVLGHUDUPDWDRSRYDULQVXSRUWDELOSHQWUXR
DU FDUH VD DIODW GH FkQG H[LVW HD SH DFHVW SPkQW DO
RDPHQLORU OD UVFUXFH GH LPSHULL L GH XUDJDQH 3ULPXO
5]ERL 0RQGLDO  vQ LQWHULRUXO FUXLD D H[LVWDW L 5]ERLXO
1RVWUX6DFUXGHQWUHJLUHD1HDPXOXLGLQGHOD
FDUHVHvPSOLQHVFvQFXUkQGRVXWGHDQLHVWHH[HPSOXOFHO
PDLFRQFOXGHQW'DUSHQWUXDILXLWDWLWUHFXWvQGHUL]RULXL
8
 381&7('(9('(5(
DFHVWDFDPDLWRWFHVDIFXWvQDUDDVWDRQRUGHFLGHQLL
QHDPXOXLDXKRWUkWVQXVHPDLIDF,VWRULD5RPkQLHLvQ
FROLOHURPkQHWLVDXVVHIDFDDSHVULWH/DIHOL LQVWLWXLLQVGHJHDEDQPRPHQWXOFkQGJXYHUQXO%RFD
/LPED5RPkQ
&XFkLYDDQLvQXUPvQWLPSXOXQHLSDX]HODR
GH]EDWHUH RUJDQL]DW XQGHYD vQ &DSLWDO SH WHPD
U]ERDLHORUGLQ2ULHQWXO$SURSLDWXQHIDOXQHLRUJDQL]DLL
SRVWGHFHPEULVWHPLDXLHUDWSULQWUHGLQLFXXUvQJODVL
FXRFKLLQMHFWDL%UDYDDUPDWURPkQFDUHDWUDVvQSRSRU
vQGHFHPEULH
6LPWLDFXPXUDGLQSULYLULOHDFHOXLLQGLYLGQFHL
GHDQLDLPHLQXDPY]XWQLFLRGDWRFKLDWkWGHULLQXDP
DX]LW QLFLRGDW FXYLQWH DWkW GH EDUEDUH GHVSUH LQVWLWXLD vQ
FDUHDPOXFUDWGHDQLFDPLOLWDUDFWLYGHODJUDGXOGHHOHY
SkQODFHOGHJHQHUDOL]HFHDQLvQFDOLWDWHGHFHUFHWWRU
WLLQLILFLDFXPGXSDQLVLPWvQWRDWHFHOXOHOHFRUSXOXLL
VXIOHWXOXL PHX DFHD DPUFLXQH DFHD RIHQV UHD L
VILGWRDUH DFHD LQVXOW LPSDUGRQDELO DGXV $UPDWHL
5RPkQLHLGHXQLQVGHFDUHQXDX]LVHPQLFLRGDW
$UPDWD 5RPkQ QX D WUDV QLFLRGDW vQ SRSRUXO
URPkQFLDVkQJHUDWWRWGHDXQDSHQWUXDSUDUHD5RPkQLHLL
DSRSRUXOXLURPkQ,DUGDF5RPkQLDPDLH[LVWDVW]LDD
FXP PDL H[LVW DFHDVW UHDOLWDWH VH GDWRUHD] QX GRDU
FkWRUYDSROLWLFLHQLFDUHDXOXDWGHFL]LLPDLPXOWVDXPDLSXLQ
SRWULYLWHODYUHPXULGHUHVWULWHFLPDLDOHVSUHXOXLGHVkQJH
SOWLW GH $UPDWD 5RPkQ DGLF GH SRSRUXO URPkQ vQ
XQLIRUP PLOLWDU FRQGXV PDL ELQH VDX PDL SXLQ ELQH GH
JHQHUDOLLDFHORUYUHPXUL3RVLELOHOHLQFLGHQWHVDXDFFLGHQWH
FDUHVDXSHWUHFXWvQGHFHPEULHXQHOHFKLDUIUDWULFLGH
VXQWLQFLGHQWHVDXDFFLGHQWHLDWkWFDUHVHSHWUHFvQWRDWH
DUPDWHOH GLQ OXPH vQ WLPS GH U]ERL 1LFLHUL QX D H[LVWDW
LQWHQLDYRLQDVDXDFLXQHDFRQWLHQWDFXLYDGLQDUPDWGH
DGHVFKLGHIRFXOvPSRWULYDSRSXODLHLLQLFLQXVDvQWkPSODW
DFHVW OXFUX $ QX VH FRQIXQGD vQV IRFXO GH GHVFXUDMDUH
GHVFKLVvQVDOYvQSODQYHUWLFDOFXWUDVXOvQRDPHQL
7LPSXO YD DUWD F GHFL]LLOH OXDWH GH FRQGXFHUHD
DUPDWHL vQ GHFHPEULH  DX VDOYDW DUD GH OD R SRVLELO
LQYD]LHGLQDIDUGHHVFDODGDUHDYLROHQHORUGHGHFODQDUHD
XQXLU]ERLFLYLOGHRFDWDVWURIRULELOGHWLSXOFHOHLFDUHVH
SHWUHFHGHPDLELQHGHSDWUXDQLvQ6LULD$FHOHHYHQLPHQWH
DXGRYHGLWvQVLFDOLWDWHDH[FHSLRQDODSRSRUXOXLURPkQ
XQLWDWHDOXLvQIDDSULPHMGLHLFDSDFLWDWHDOXLH[WUDRUGLQDUGH
DLQWXLLvQHOHJHYDOHQHOHPHGLXOXLVWUDWHJLFGHDUPkQH
IHUPLSXWHUQLFvQIDDRULFUHLDPHQLQUL/D7kUJX0XUH
vQDFHOPDUWLHGLYHUVLRQLVWGLQGUDPDWLFLH[WUHPGH
WLFORVvQIDDSULPULHLRUDXOXLIOXWXUD7ULFRORUXOLDURPDV
XULDGHURPkQLVWULJDvQWURVLQJXUYRFH,OLHVFXQXXLWDL
$UGHDOXLDUDWD0XULPOXSWP$UGHDOXOQXOFHGP$P
IRVWSUH]HQWODWRDWHDFHOHHYHQLPHQWHvQ%XFXUHWLOD&OXM
OD7LPLRDUDOD7kUJX0XUHLFXH[SHULHQDPHDGHR
YLD SHWUHFXW SULQ SROLJRDQH OD DSOLFDLL vQ LQVWUXLUHD
SHUPDQHQ XQ XULD SURFHQW GH vQFUHGHUH GLQ SDUWHD
SRSXODLHL D GHPRQVWUDW vQF RGDW FDOLWDWHD DFHVWHL
vQFHSXW XOXLWRDUHD UHFDOFXODUH D WXWXURU SHQVLLORU GLQ
5RPkQLD LQFOXVLY D FHORU PLOLWDUH SH SULQFLSLXO
FRQWULEXWLYLWLL HUDX YUHD  GH SHQVLRQDUL PLOLWDUL vQ
SODW$FXPPDLVXQWYUHRQDFHWLDQLGHWHURDUH
JXYHUQDPHQWDOSHQWUXSHQVLRQDULLPLOLWDULGHIDSWSHQWUX
WRL SHQVLRQDULL GLQ 5RPkQLD  DUPDWD D SLHUGXW DSURDSH
GRXGLYL]LLGLQUH]HUYDVDFDOLILFDWGLQHOLWDVD8QLLDXPXULW
FOHDYHQLQGUkQGXOODPRDUWHDOLLDXPXULWGDWRULWDFHVWRU
SUHVLXQLLDFHVWRUXPLOLQHLQVXSRUWDELOH
,QFOXVLYHXVHPQDWDUDODFHVWRUUkQGXULFRQVLGHU
F DP WUHFXW L WUHF SULQ XQD GLQ FHOH PDL vQJUR]LWRDUH
SHULRDGHGLQYLDDPHD7UXGHVFRUHvQILHFDUH]LGRUP
 RUH SH QRDSWH LPL EDWH PHUHX vQ WkPSOH VSHFWDFROXO
RGLRVGHSHHFUDQHLFDPGLQWRDWPHGLD)HOGHIHOGHLQL
FDUHQDXQLFLROHJWXUFXDFHDVWLQVWLWXLHHURLFSHQWUX
5RPkQLD vL GDX FX SUHUHD HPLW MXGHFL GDX VHQWLQH
vQMXULDUJXYHUQHOHFDUHQDXIFXWPDUHOXFUXSkQDFXP
SHQWUX D GRWD DUPDWD FX PLMORDFHOH GH FDUH DUH QHYRLH 
FRQWLQX V QX WLH L V QX vQHOHDJ DSURDSH QLPLF GLQ
PDULOHSUREOHPHDOHVHFXULWLLPLOLWDUHD5RPkQLHL'DUWRED
ORUFHDPDLDFFHVLELOLFDUHVXQFHOPDLELQHvQGH]EDWHUHD
LGLYHUVLXQHDSXEOLFVXQWSHQVLLOHPLOLWDULORU
QDFHWLDQLHIHFWLYHOHDUPDWHLVDXUHGXVGUDVWLF
GH OD SHVWH  OD YUHR  PLOLWDUL VDX FKLDU PDL
SXLQLLODYUHRGHFLYLOLPDLSXLQGHFkWLQWUSHXQ
VWDGLRQGHIRWEDO,QGXVWULDGHDSUDUHDIRVWGLVWUXVDUPDWD
ILLQGQHYRLWVDFKL]LLRQH]HDUPDPHQWLWHKQLFGHOXSWR
SDUWHGLQHDODPkQDDGRXDVDXDWUHLDLQFOXVLYPXQLLHGH
SULQDOWHSULSHEDQLJUHLHWFHWF
'H ILHFDUH GDW FkQG VH VFKLPE XQ JXYHUQ VH
UHLDX IXULEXQG DWDFXULOH OD QHVLPLWHOH SHQVLL PLOLWDUH
GkQGXVHH[HPSOXSHVWLFOSHQVLLOHPDJLVWUDLORULDOHXQRU
SULYLOHJLDL DL VRULL VDX DL FXL RU IL $SURDSH WRL FHL FDUH
FRPHQWHD]DUXQFYRUEHJUHOHQHFRQWURODWHVXJHUkQGF
SHQVLLOH PLOLWDULORU VH SOWHVF GLQ EDQLL SRSXODLHL GLQ EDQLL
FHORUFHPXQFHVFGLQFRQWULEXLLOHDFHVWRUDODEXJHWXOULL
'HVLJXUDUPDWDHVWHRLQVWLWXLHEXJHWDUDDFXP
VXQWFYDVLWRWDOLWDWHDDUPDWHORUGLQOXPHGDUGHDLFLQXUH]XOW
F SHQVLD PHD GH D]L HVWH SOWLW GLQ EDQLL FHORU FDUH DX
FRQWULEXLWVDXFRQWULEXLHODIRQGXOSXEOLFLQLFLGLQEDQLLFHORU
FDUHOXFUHD]D]LvQ5RPkQLDLFRQWULEXLHODEXJHWXOULL
3HQVLDPHDWUHEXLHVVHSOWHDVFGLQIRQGXOGH
SHQVLLPLOLWDUHUHDOL]DWGHFkQGH[LVWDUPDWDSULQREOLJDLD
DFHVWHLLQVWLWXLLPLOLWDUHGHDGHSXQHvQILHFDUHOXQODDFHVW
IRQGGHSHQVLLEDQLLQHFHVDULSHQWUXSOWLUHDSHQVLHLFHORU
FDUHWUHFvQUH]HUYDDUPDWHLSULQSHQVLRQDUH
5HWULEXLDPHDvQDFWLYLWDWHVHFRPSXQHDGLQ
VROGEDQLLSHFDUHLSULPHDPSHWDWXOGHSODWvQ
$UPDWHL vQ DQDOL]DUHD FRQIOLFWHORU L U]ERDLHORU OXPLL DP ILHFDUHOXQ
vQHOHVFDUHHVWHDGHYUXOLDPOFULPDWGHHPRLHLGH FRQWUDYDORDUHD2UGLQXOXLGH]LvQEDQLVDXvQ
EXFXULH SHQWUX XQLWDWHD L FDOLWDWHD SRSRUXOXL URPkQ L D DOLPHQWH
$UPDWHL5RPkQLHLFDUHOXDVHLPHGLDWvQVXSUDYHJKHUHLvQ HFKLSDPHQW
DSUDUHFRQIRUPSODQXULORUWRDWHRELHFWLYHOHGHLPSRUWDQ DVLVWHQPHGLFDOLPHGLFDPHQWHJUDWXLWH
VWUDWHJLFDOHULL RDQXPHVXPFDUHVHGHSXQHDOXQDUvQIRQGXOGH
6SXQWRDWHDFHVWHDSHQWUXDQXVHXLWD1XWUHEXLH SHQVLLSHQWUXYUHPHDFkQGYRLGHYHQLUH]HUYLVW
VXLWPGHVLJXUQLFLWUHFXWXOFXEXQHOHLFXUHOHOHOXLQLFL SHQVLRQDU
0UHWLL QLFL 2LWX]XO QLFL 7XUWXFDLD QLFL )OPkQGD QLFL
2DUEDGH0XUHQLFL&RWXO'RQXOXLQLFLIORDUHDRILHULORUL
JHQHUDOLORU$UPDWHL 5RPkQH FDUH DX VkQJHUDW vQ (VW L vQ
9HVWvQFHOGH$O'RLOHD5]ERL0RQGLDOSHQWUXFD5RPkQLD
VFRQWLQXHVH[LVWHLVILHvQWUHDJHURLDLQDLXQLLL
FDUHLDXVIkULWYLDDvQvQFKLVRULOHFRPXQLVWH
&DPWRWDDVDvQWkPSODWLvQDFHWLXOWLPLGH
DQLvQFDUHDUPDWDLDY]XWGHWUHDEDHLIDFLOLWkQGLQWUDUHD
5RPkQLHLvQ1$72LvQ8QLXQHD(XURSHDQ$FXPXOkQGvQ
XQSURFHQWDMGLQVROGDPHDLQLLDODSRL
SHQWUXRSHQVLHVXSOLPHQWDU
$DGDU SHQVLD SH FDUH R SULPHVF HX D]L VH
FRPSXQHGLQGHSXQHULOHOXQDUHvQIRQGXOGHSHQVLLPLOLWDUH
HIHFWXDWHGHLQVWLWXLDvQFDUHDPOXFUDWRYLD6WDWXOLD
vQGHSOLQLW vQ PRG FRQWLLQFLRV DFHDVW REOLJDLH LDU DFHVW
IRQGWUHEXLHVH[LVWH'DFQXPDLH[LVWD]LDFHLEDQLQX
HVWHYLQDPHDFLDFHORUFDUHLDXFKHOWXLWSHDOWFHYDVDXLDX
IXUDW'HDLFLQXUH]XOWFHXVXQWXQvQWUHLQXWRSRYDU
9

SHQWUXVWDWXOURPkQ1XHXVXQWGDWRUIDGHVWDWFLVWDWXO
HVWHGDWRUIDGHPLQHSHQWUXFHLGHDQLFkWDPPXQFLW]L
LQRDSWHSHQWUXHO
$PHVWHFDUHD OXFUXULORU EROPRMLUHD ORU SH WRDWH
SRVWXULOHGHWHOHYL]LXQHSULQ]LDUHLSULQJXUDWkUJXOXLVXQW
H[WUHP GH JUDYH L GH SHULFXORDVH SHQWUX UH]HUYD$UPDWHL
5RPkQHDWkWDFkWPDLHVWHHDvQPRPHQWXOGHID0DLPXOW
381&7('(9('(5(
VLVWHP
$ORGRPQLORULGRDPQHORUSODQLILFDWRULDLSHQVLLORU
PLOLWDULORUURPkQL
0LOLWDULL URPkQL SHQVLRQDUL GRDPQ 2OJXD
9DVLOHVFXHWFRQXDXSXVVDELDvQFXLXQLIRUPDSHXPHUD
LQXLDXOXDWDGLRGHODDUPH3kQYRUWUHFHSXFDvQPkQD
VWkQJFXP]LFIUDQFH]LLHFKLYDOHQWvQOLPEDURPkQFXD
VXQW FKLDU R DPHQLQDUH OD DGUHVD VHFXULWLL L DSULL
QDLRQDOH6QXXLWPQLFLRFOLSFvQFRQGLLLOHH[WUHPGH
WHQVLRQDWH DOH VLWXDLHL DFWXDOH RULFkQG HVWH SRVLELO V
L]EXFQHDVFXQU]ERLQLPLFLWRU&XDWkWHDDUPHDFXPXODWH
FXXQDUVHQDOQXFOHDUDO68$L5XVLHLFDUHFXPXOHD]SHVWH
 GH RJLYH QXFOHDUH DFWLYH OD FDUH VH DGDXJ L
FHOHODOWHDUVHQDOHQXFOHDUHFXSR]LLRQDUHDIRUHORUUXVHWLL
GDRUWXOSRSLLIDFSDUWHGLQUH]HUYD$UPDWHL5RPkQLHLVH
DIO vQ QLWH SODQXUL GH PRELOL]DUH L WUHEXLH V UVSXQG
SURPSWDWXQFLFkQGVXQWFKHPDL1XPDLPRDUWHDvLVFXWHWH
GHRDVWIHOGHREOLJDLHDVXPDWSULQMXUPkQW(LDXGHSXV
XQMXUPkQWIDGHDUFRYRUVOXMLFKLDUFXSUHXOYLHLL
3kQODGHDQLWRLSHQVLRQDULLPLOLWDULFKLDULFHLFDUHQX
VWDX IRDUWH ELQH FX VQWDWHD VXQW vQ HYLGHQD &HQWUHORU
DOH1$72IDvQIDFKLDULVLPEROLFSHIDOLDVWUDWHJLF 0LOLWDUH L RULFkQG SRW IL FKHPDL VXE DUPH 'DU L GXS
0DUHD 1HDJU 0DUHD %DOWLF HVWH GHDMXQV R VLQJXU
JUHHDO VDX XQ VLQJXU H[FHV GH ]HO SHQWUX FD XQ U]ERL
SXVWLLWRUVL]EXFQHDVFLDULvQLQLPD(XURSHLFKLDUvQ]RQD
vQFDUHVHDIODUDQRDVWU,DUDUDQRDVWUvQFD]XOXQHL U]ERLGHFUL]HFRQIOLFWHVDXvQRULFDUHDOWVLWXDLH'RVDUXO
DVWIHO GH FRQIUXQWUL YD IL XQD GLQWUH SULPHOH LQWH SHQWUX
DYLDLD GH ERPEDUGDPHQW VWUDWHJLF SHQWUX UDFKHWHOH GH
FURD]LHU SHQWUX UDFKHWHOH EDOLVWLFH SHQWUX VLVWHPHOH GH
DUPHGHvQDOWSUHFL]LH
3HQVLLOH PLOLWDUH QX VXQW SHQVLL VSHFLDOH FL GRDU
PLOLWDUHDDFXPDXIRVWHOHWRWGHDXQD3HQVLLOHPLOLWDUHQX
DX FXDQWXPXO FHORU DILDWH SH HFUDQ GH GRDPQD 2OJXD
9DVLOHVFX L GH WRL FHL FDUH FRPHQWHD] DD FXP
FRPHQWHD] DFHDVW SUREOHP $FHOHD VXQW SHQVLLOH
PDJLVWUDLORU QX DOH PLOLWDULORU 'LQ FkWH WLX HX QLFL XQ
SHQVLRQDUPLOLWDUURPkQQXDUHRSHQVLHGHGHOHL
0DMRULWDWHD SHQVLLORU GLQ $UPDWD 5RPkQLHL VXQW GH 
OHLLDUFHOHDOHPLOLWDULORUFDUHDXDYXWIXQFLLIRDUWHPDUL
DMXQJSUREDELOODOHL'DUSHDFHWLDvLQXPHULSH
GHJHWH
5HFHQWD FDOFXODUH  FDUH vQF QX VD vQFKHLDW  D
LQWURGXVGLVFUHSDQHXULDHvQWUHFHLFDUHDXLHLWODSHQVLH
vQDLQWH GH DQXO  L GXS DFHVW DQ 3HQVLRQDULORU PDL
YHFKLOLVDUHGXVGUDVWLFSHQVLDFKLDUGDFHDDUPDVvQ
DFHDVWYkUVWHLWRWvQVOXMED$UPDWHL5RPkQLHLVHDIOL
HX FDUH DP  GH DQL SRW IL FKHPDW RULFkQG GDF 6WDWXO
0DMRU*HQHUDOFRQVLGHUFHVWHQHYRLHGHPLQHvQFD]GH
PHXQXPDLHVWHOD&HQWUXO0LOLWDUDO6HFWRUXOXLFLvQDUKLYD
GH OD 3LWHWL 'DU HX VXQW vQF YLX L$UPDWD 5RPkQ WLH
IRDUWHELQHDFHVWOXFUX,DUHXDPWRDWJULMDVRVOXMHVFFX
WRDWFDSDFLWDWHDPHDGHPXQFLDFXPLDDVXQWHPWRL
FHL FDUH DP LHLW OD SHQVLH 7RL PXQFLP SkQ OD XOWLPD
SLFWXUGHYLDSHQWUX$UPDWD5RPkQLHLSHQWUX5RPkQLD
5HJXOLOHFLYLOLORUQXVXQWYDODELOHSHQWUXFHLFDUHDX
vPEUFDWFPDDPRULL)DSWXOFQDPPXULWSkQDFXP
VSUH D GD VDWLVIDFLH FHORU FH FRPHQWHD] LURQLF FRQGLLD
PLOLDUXOXL URPkQ FDUH vQ RSLQLD ORU QDUH QLFL XQ URVW GH
YUHPHFHQXVXQWU]ERDLHHVWHGRDURFKHVWLXQHGHQRURF
QVHDPQ F U]ERLXO VDX U]ERDLHOH SHQWUX FDUH QHDP
SUHJWLWvQFQDXDMXQVvQ5RPkQLD7RDWHDUPDWHOHGLQOXPH
LWRLPLOLWDULLVXQWSULPLLFDUHYRUVQXILHQLFLRGDWXQU]ERL
FHLFDUHYRUFDWDQFXULOHDYLRDQHOHLVLVWHPHOHORUGHDUPH
RULFkWDUILGHVRILVWLFDWHGHSHUIRUPDQWHLGHFRVWLVLWRDUHV
UXJLQHDVFVDXVLHSXL]H]HUHVXUVHOHvQWLPSGHSDFHL
QXSULQWUXQU]ERL0LOLWDULLSURIHVLRQLWLDLU]ERLXOXLVXQW
SULPLL FDUH GHWHVW U]ERLXO /D IHO VXQWHP L QRL PLOLWDULL
SODWvQFXDQWXPXOGLQDLQWHGHUHFDOFXODUHDUHFDOFXOULLLDU
FHORU FDUH DX LHLW OD SHQVLH vQ XOWLPLL DQL OHD FUHVFXW
'LVFUHSDQHOHDVWHDIDFXQPDUHUXUH]HUYHLDUPDWHL'DF
VHYDFRQWLQXDDDvQFLQFLDVHDQLQXPUXOFHORUFDUHVH
YRUPXWDODGLYL]LLOHQRDVWUHGLQFHUXULIUQLFLXQIHOGHRQRU
FLGRDUFXGH]JXVWLDPUFLXQHVHYDGXEOD
0DUH UXLQH $WkWHD PLQFLXQL DWkWHD RPLVLXQL
DWkWHDFRPHQWDULLDEVXUGHDWkWHDFRPSDUDLLIUVHQV1X
SRLFRPSDUDSURIHVLLOHvQWUHHOH)LHFDUHvLDUHUROXOLURVWXO
HLvQWURVRFLHWDWHLvQWURDU&HLFDUHDSHOHD]ODDVWIHOGH
PHWRGHILHQXvQHOHJvQFHVHDQJDMHD]ILHXUPUHVFQLWH
VFRSXULXUkWH
)DSWXOFvQXOWLPXOWLPSVDXLYLWVLWXDLLvQFDUHFHL
FDUHRSWHD]SHQWUXDLHLODSHQVLHSRWSULPLRSHQVLHPDL
PDUHGHFkWVDODULXHVWHRVLWXDLHDQRUPDO(VWHODPLQWHD
FRFRXOXLFQXSRLVDLSHQVLDPDLPDUHGHFkWVROGDFKLDU
URPkQL'DUGHDLFLQXUH]XOWFXQHFHVLWDWHFU]ERDLHOH
OXPLLQXYRUDMXQJHLODQRLLQLFLFvQDFHOHU]ERDLHQH
YRU DSUD DPHULFDQLL %UX[HOOHVXO VDX H[WUDWHUHWULL
1LFLRGDWQXQHDDSUDWQLPHQL7RWPLOLWDUXOURPkQYDPXUL
SH SPkQWXO 5RPkQLHL SHQWUX FD 5RPkQLD V PDL H[LVWH
$FXP FkQG vQ WRDW OXPHD VH IDEULF FHOH PDL VRILVWLFDWH
DUPHFDUHDXH[LVWDWYUHRGDWSH7HUUDFkQG(XURSDHVWH
VIkUWHFDWGHWRWIHOXOGHRUJDQL]DLLUHHOHLDWDFXULWHURULVWH
FkQG6LULDDIRVWUDVGHIDFWRGHSHVXSUDIDDSPkQWXOXL
FkQG SH IDOLD VWUDWHJLF 0DUHD 1HDJU 0DUHD %DOWLF VH
DGXQIRUHFkQG3DFLILFXO0DUHD%DOWLF0DUHD1HDJU
SPkQWXO5XVLHLFHODO&KLQHLHWFVXSRUWDSOLFDLLLH[HUFLLL
GH WRW IHOXO SDUDGH PLOLWDUH GHPRQVWUDLL GH IRU L
FRQFHQWUULGHWRDWHIHOXULOHQXHVWHGHJOXPLWFXSUREOHPD
PLOLWDU QLFL FX VROGHOH PLOLWDULORU HVWH RDUH SRVLELO FD vQ
5RPkQLDDQXOXLXQVHUJHQWSURIHVLRQLVWVWULDVFGLQ
GDFHWL*KHRUJKH'UDFX1XWLXFLQHLGHFHDIFXWDVWD
&HLFDUHDXIFXWRDUWUHEXLVIDFLPHGLDWXQSDVvQDSRLL
VDGXFOXFUXULOHvQOLPLWHOHORUQRUPDOH1XFUHGFPLOLWDULL
DUPDWHLURPkQHLQVWLWXLHFDUHWRWGHDXQDDIFXWVDFULILFLL
SHQWUXDUDXIRVWFDSDELOLGHDDFHYD'DURDVWIHOGH
VLWXDLHVHSRDWHUH]ROYDXUJHQWLSXQFWXDOQXSULQVXEWLOLWL
LPDQHYUHFDvQ)HUHQWDULVDXvQ&UXFHDGHSLDWU1XSRL
SHGHSVL  GH SHQVLRQDUL VFKLPEkQG VLVWHPXO GH
DFWXDOL]DUHDSHQVLLORURGDWFXFUHWHUHDVROGHLGHJUDGD
FHORUDFWLYLvPSPkQWHQLWGHPXOWYUHPHDLFLGRDUSHQWUX 
DLGHWHUPLQDSHSURILWRULLQRXOXLVLVWHPVRSWH]HvQWUHDLHL
ODSHQVLHFXRSHQVLHPDLPDUHGHFkWVROGDGDUFDUHQXVHYD
DFWXDOL]DQLFLRGDWSURSRULRQDOFXFUHWHUHDVROGHLGHJUDGD
GHOHLSHOXQLGLQYDORDUHDIRVWXOXLRUGLQ"
'HVLJXU SHQVLRQDULL PLOLWDUL URPkQL QX PRU GH
IRDPH'LQWURSHQVLHPLOLWDURELQXLWVHSRDWHWULGHFHQW
LDFHVWDHVWHXQOXFUXIRDUWHEXQLIRDUWHLPSRUWDQWFDUH
DUDWFDUPDWHLvLSDVGHVOXMLWRULLHL3HQVLRQDULLPLOLWDULvQ
FDOLWDWHD ORU GH UH]HUYLWL DL $UPDWHL 5RPkQLHL GH PLOLWDUL
SkQODPRDUWHQXDFFHSWvQVLQXVXSRUWXPLOLQDMRFXO
SROLWLFLDQLVW FX SHQVLLOH ORU WRW FLUFXO DFHVWD FDUH GH OD
JXYHUQDUHD%RFvQFRDFHQXVHPDLWHUPLQ
*kQGLLYELQHODWRDWHDFHVWHDGRPQLORUSROLWLFLHQL
URPkQL
FHORU DFWLYL FL GRDU FX LQGH[DUHD LQIODLHL VDX D UPkQH vQ $UWLFROXODIRVWSUHOXDWFXDFRUGXODXWRUXOXLGHSHLQWHUQHW

10
 /(&,,'(6835$9,(8,5(

35,08/$-8725
+,327(50,$,'(*(5785,/(
&RORQHOU*DEULHO%(1(6&8

 'HFHOHPDLPXOWHRULFUHGHPFWLPFHDYHP 5HVSLUDLHVODE
GHIFXWSHQWUXSURSULDSURWHFLHVDXDFHORUGUDJL8QHRUL 5LWPFDUGLDFVODE
QHDPLQWLPFRUHFWFHDYHPGHIFXWGDUDOWHRULSXWHPGD &RPVWRSFDUGLDF
JUHILHGLQVXSHUILFLDOLWDWHILHGLQGRULQDGHDIDFHXQ
OXFUXEXQQHWLLQGIRDUWHH[DFWFXPWUHEXLHSURFHGDW
 6H]RQXO UHFH VH DSURSLH DD F vQ FHOH FH
XUPHD]YRLvQFHUFDVFODULILFXQHOHDVSHFWHUHIHULWRDUH
ODGRXGLQWUHFHOHPDLGHVvQWkOQLWHDIHFLXQLVSHFLILFH
LHUQLLUHVSHFWLYKLSRWHUPLDLGHJHUWXULOH

 +,327(50,$
 $FHDVWDIHFLXQHDSDUHFkQGFRUSXOSLHUGHPDL
PXOW FOGXU GHFkW SRDWH JHQHUD L VH PDQLIHVW OD
H[SXQHUHD OD WHPSHUDWXUL VF]XWH SHQWUX R SHULRDG
vQGHOXQJDWIUvPEUFPLQWHDGHFYDWVDXvQFRQGLLL
GHXPH]HDO)ULJXOJHQHUHD]WHPSHUDWXUDVF]XWD
FRUSXOXLFRQVLGHUDWFDDWDUHVXE&GHODDFHVWQLYHO
VLPSWRPHOH vQFHS V VH PDQLIHVWH DIHFWkQG VWDUHD &DX]HIDFWRULLFDUHFRQWULEXLHODKLSRWHUPLH
PHQWDO L IL]LF FX PDQLIHVWUL GH DSDWLH OHWDUJLH L 7HPSHUDWXUDVF]XWvQVRLWGHYkQW
PROHHDO 'H UHLQXW F KLSRWHUPLD HVWH GLILFLO GH &RQWDFWXOSDULDOVDXWRWDOFXDSDUHFH
GHWHFWDWILLQGvQPXOWHFD]XULFRPSOLFDWVVHLDPVXUL ([SXQHUHDODWHPSHUDWXULIRDUWHVF]XWHIUvPEUF
DGHFYDWH PLQWHDGHFYDW
 'H RELFHL DX SUHGLVSR]LLH SHQWUX KLSRWHUPLH 3XUWDUHDGHKDLQHXGHSHYUHPHUHFHSORDLHVDXYkQW
SHUVRDQHOH FX EROL FURQLFH vQ VSHFLDO FHOH FDUGLDFH (IRUWPDUHSHYUHPHUHFH
EWUkQLLVDXFRSLLLSUHFXPLFHLFDUHVXQWIRDUWHRERVLL  ([SXQHUH OD WHPSHUDWXUL VF]XWH ILLQG VXE LQIOXHQD
PDOQXWULLVXELQIOXHQDGURJXULORUVDXDOFRROXOXL XQRUPHGLFDPHQWHGURJXULVDXDOFRROXOXL
 6LPSWRPHHYLGHQWH  &LUFXODLD VkQJHOXL VODE GLQ FDX]D KDLQHORU VWUkPWH
3DORDUHLSLHOHDUHFH VDX D VWDLRQULL QHPLFDW WLPS vQGHOXQJDW GH
$SDWLHOHWDUJLHLHSXL]DUH DVHPHQHD RERVHDOD FRQVXPXO GH DOFRRO XQHOH
7UHPXUDWXOPkLQLORULSLFLRDUHORUGDUFDUHvQFHWHD]OD PHGLFDPHQWHLWXWXQXOSRWGLPLQXDFLUFXODLDVkQJHOXL
WHPSHUDWXUIRDUWHVF]XW  &RQVXPXO LQVXILFLHQW GH DOLPHQWH L OLFKLGH FDOGH
6OELFLXQHLOLPEDMLQFRHUHQW QHFHVDUHvQFO]LULLFRUSXOXLvQDQRWLPSXOUHFH
&RQIX]LHLRF

11
 /(&,,'(6835$9,(8,5(

 'HUHLQXW VODEHLQXSRDWHUHDFLRQDHVWHSRVLELOVLVHSURYRDFH
+LSRWHUPLDQHFHVLWWUDWDPHQWSURPSWvQFD]FRQWUDU DUVXUL
SRDWHILIDWDO $LVHGDVEHDDOFRROVXERULFHIRUP
0DMRULWDWHDVLPSWRPHORUJUDYHVWRSXOFDUGLDFFRPD
LRFXOVHSRWLQVWDODGDFQXVXQWOXDWHPVXULODWLPS *UDGHOHKLSRWHUPLHL
VDXGDFDFHVWHDQXVXQWHILFLHQWH
8RU

WHPSHUDWXUDFRUSXOXL &
6HQ]DLHLQWHQVGHIULJ
-XGHFDWVODEFRQIX]LHLULWDELOLWDWH
/LPEDMLQFRHUHQWEkOEkLDO
7UHPXUDWQHFRQWURODW
0kLQLLSLFLRDUHUHFLFXORDUHDOEVWUXLH
5LJLGLWDWHPXVFXODU
8ULQDUHIUHFYHQWFXSURGXFHUHGHGHVKLGUDWDUH

0RGHUDW
WHPSHUDWXUDFRUSXOXL&
6FDGHQLYHOXOGHFRQWLHQ
7UHPXUDWXOVHSRDWHRSUL
 7UDWDPHQWXO 0XVFXODWXUDvQFRUGDWLULJLG
 9LFWLPD WUHEXLH GXV FkW PDL UHSHGH vQWUR vQFSHUH 5LWPFDUGLDFQHUHJXODW
vQFO]LW VDX VH GLVSXQH vQWUXQ DGSRVW LPSURYL]DW
FRQFRPLWHQWVHVROLFLWGHDMXWRUPHGLFDOVSHFLDOL]DW 6HYHU
3kQODVRVLUHDDPEXODQHLVHvQGHSUWHD]KDLQHOH WHPSHUDWXUDFRUSXOXLVXE&
XGHGDFHVWHFD]XO'DFvPEUFPLQWHDHVWHXVFDWL ,QFRQWLHQ
VH GHVFKHLH PDQHWHOH JXOHUXO L VH HOLEHUHD] 5HVSLUDLHVODE
JOH]QHOH 5LWPFDUGLDFVODELQHUHJXODW
6HDFRSHUYLFWLPDFXKDLQHVDXSWXULLQkQGFRQWF 3RVLELOLWDWHDRSULULLEWLORULQLPLL
IRDUWHPXOWFOGXUVHSLHUGHvQ]RQDFDSXOXLLJkWXOXL
 6H DSOLF FRPSUHVH FDOGH SH FDS JkW L vQ ]RQD  0VXULGHSUHYHQLUH
LQJKLQDO 3XUWDUHDFDSXOXLDFRSHULWFXFFLXOIHVGLQPDWHULDOH
'DFYLFWLPDHVWHFRQWLHQWLFDSDELOVvQJKLWIU QDWXUDOHOkQEXPEDFEODQQDWXUDO
V VH vQHFH L VH GDX V EHD OLFKLGH FDOGH vQGXOFLWH  3XUWDUHD PQXLORU IU GHJHW VDX FX XQ GHJHW
QHDOFRROLFHSHQWUXJUELUHDSURFHVXOXLGHvQFO]LUH FRQIHFLRQDWHGLQPDWHULDOHQDWXUDOH
'DFHVWHIRDUWHIULJLQXH[LVWRvQFSHUHvQFO]LW 3XUWDUHDKDLQHORUDGHFYDWHWHPSHUDWXULLLPHGLXOXLFX
GLVSRQLELO YLFWLPD YD IL VFRDV GLQ ]RQD FX YkQW OXDUHDvQFDOFXODSRVLELOLWLLVFKLPEULLEUXWHDYUHPLLL
DFRSHULWFXKDLQHLSHFkWSRVLELOGLVSXVDVWIHOvQFkW DSDULLHLLQWHPSHULLORU
VDLEXQFRQWDFWFkWPDLUHGXVFXSPkQWXOUHFH (YLWDUHDKDLQHORUVWUkPWHVDXXPHGHDFRUGkQGDWHQLH
(VWHQHFHVDUFDYLFWLPDVILHvQVRLWSHUPDQHQWSkQ PDQHWHORU RVHWHORU L MDPELHUHORU FDUH SRW GLPLQXD
ODVRVLUHDDPEXODQHL FLUFXODLDVkQJHOXL
QFRQGLLLGHIULJLQWHQVODSUH]HQDvQGHOXQJDWvQDHU
OLEHUVHUHFRPDQGSXUWDUHDDGRXSHUHFKLGHRVHWH
EXPEDF OD FRQWDFWXO FX SLHOHD L OkQ OD H[WHULRU L
vQFOPLQWH KLGURIRE FDUH V SURWHMH]H SLFLRUXO SkQ
GHDVXSUD JOH]QHL GH UHLQXW F vQ JHQHUDO KLSRWHUPLD
vQFHSHVVHPDQLIHVWHGHODSLFLRDUH
 2 DWHQLH GHRVHELW VH YD DFRUGD SURWHFLHL FDSXOXL
GDFVHGHVIRDUvQDSUHFHVFXIXQGULVXUIHWF
 Q FD]XO vQ FDUH VH XUPHD] WUDWDPHQW PHGLFDO HVWH
LQGLFDW FRQVXOWDUHD PHGLFXOXL GDF PHGLFDLD
GLPLQXHD]FLUFXODLDLVDXSUHVLXQHDVkQJHOXL
 'DF GLQ FDX]H GLYHUVH PDLQD VH VWULF VDX VH
EORFKHD] HVWH QHFHVDU UPkQHUHD vQ LQWHULRU$ VH
DYHDvQYHGHUHFvQFRQGLLLGHYLVFROHVWHPXOWPDLXRU
GH LGHQWLILFDW R PDLQ GHFkW R SHUVRDQ GLQFROR GH
SURWHFLDRIHULWGHPLMORFXOGHWUDQVSRUW'DFVHGHFLGH
 (VWHLQWHU]LV SUVLUHD PDLQLL HVWH IRDUWH LPSRUWDQW OVDUHD vQ
$VHSUHVXSXQHFRSHUVRDQJVLWQHPLFDWHVWH LQWHULRUDXQXLELOHWvQFDUHVVHVSHFLILFHRUDSOHFULL
PRDUW6HYDWUDQVSRUWDYLFWLPDSkQODXQORFFDUHV GLUHFLD DSUR[LPDWLY QXPUXO GH WHOHIRQ PRELO
SHUPLWPDVDMXOFDUGLDFLDSOLFDUHDPVXULORUGHVFULVH vPEUFPLQWHLRULFHDOWHGHWDOLLFHDUDMXWDODJVLUHvQ
PDLVXV FD]XOUWFLULL
$VHvQFO]LYLFWLPDFXFOGXUGLUHFWGHH[HPSOXFX  /XDUHD WXWXURU PVXULORU SHQWUX DVLJXUDUHD SURWHFLHL
DSFDOGVDXODPSFDOG'DFVLPXULOHYLFWLPHLVXQW VXJDULORU L FRSLLORU PLFL PDL DOHV SH WLPSXO QRSLL      

12
 /(&,,'(6835$9,(8,5(

(VWHLQGLFDWFDGXSOVDUHDvQWXQHULFXOXLvQFRQGLLLGH PHGLFDO VH LQWURGXF SULOH DIHFWDWH vQ DS FDOG QX
L]RODUHLIULJFRSLLLVVWHDOLSLLGHSULQLDGXOLVSUHD ILHUELQWHVDXVHLDXPVXULOHQHFHVDUHSHQWUXDSOLFDUHD
SLHUGHFkWPDLSXLQFOGXU GH KDLQH FDOGH SH YLFWLP FX UHvQFO]LUHD DFHVWRUD OD
QFD]XOGHSODVULORUSUHOXQJLWHSHWLPSGHLDUQVHYRU ILHFDUHPLQXWH
FRQVXPD DOLPHQWH HQHUJL]DQWH FX FRQLQXW ULGLFDW GH QFO]LUHDHVWHFRPSOHWFkQGSLHOHDDIHFWDWUHGHYLQH
]DKDUR]FLRFRODWEDWRDQHHQHUJL]DQWHHWF
 '(*(5785,/(
 $FHDVWDIHFLXQHHVWHIRDUWHDJUHVLYSXWkQG
DYHD HIHFWH SH YLD FX DIHFWDUHD SURIXQG D SLHOLL L
HVXWXULORU 'H RELFHL VH PDQLIHVW OD QLYHOXO
ILQvLUHFDSWFXORDUHDQDWXUDOLVHQVLELOLWDWHD
6HDGPLQLVWUHD]EXWXULFDOGHvQGXOFLWH
QVLWXDLLH[WUHPHFkQGQXHVWHSRVLELOGHSODVDUHDOD
XQVSLWDOvQWLPSVFXUWVHYRUSUHOXQJLPVXULOHGHSULP
DMXWRU GH PDL VXV SkQ OD HOLPLQDUHD SHULFROXOXL GH
UHvQJKHDUH
H[WUHPLWLORUIDQDVXUHFKLPkLQLGHJHWHSLFLRDUH QWRWGHDXQDGHJHUWXULOHWUHEXLHWUDWDWHGHXQPHGLF
1LYHOXO GH DIHFWDUH HVWH FX DWkW PDL JUDY FX FkW VH FKLDUGDFSDUHFUHFXSHUDUHDDIRVWFRPSOHW
SUHOXQJHWHH[SXQHUHDODWHPSHUDWXULVF]XWH
 6LPSWRPH
 3ULPXO VLPSWRP HVWH
DSDULLD XQRU VHQ]DLL GH
vQHSWXUL IXUQLFWXUL OD
H[WUHPLWLOH H[SXVH IULJX
OXLFXFRORUDUHDSLHOLLVSUH
DOEVWUXL
 8UPHD] SLHUGHUHD
JUDGXDO D VHQVLELOLWLL
DSDULLD WUHPXUDWXOXL L
GXUHULORU XOWHULRU VHQVLELOL
WDWHD GLVSDUH FRPSOHW
SDUWHD DIHFWDW GHYHQLQG
JUHRDLHSDOLGLUHFH
'XSFHHVXWXULOHDXIRVW
DIHFWDWHSLHOHDVHvQURH
WHLGXUHUHDVHLQWHQVLILF  (VWHLQWHU]LV
 Q FD]XUL H[WUHPH FkQG 6SDUJHUHDELFLORUGHSH]RQHOHDIHFWDWH
HVXWXULOH vQJKHD SLHOHD ,QWURGXFHUHDH[WUHPLWLORUGHJHUDWHvQDSILHUELQWH
GHYLQHDOELDSDUYH]LFXOH )UHFDUHDVDXPDVDUHD]RQHLDIHFWDWH
L FDQJUHQH HVXW PRUW L )XPDWXOVDXFRQVXPXOGHDOFRROSHWLPSXOUHFXSHUULL
vQQHJULW 2DVHOH WHQGRD ([SXQHUHD]RQHORUDIHFWDWHODWHPSHUDWXULSUHDULGLFDWH
QHOHPXFKLLLQHUYLLSRWIL FDUHSRWDIHFWDLUHPHGLDELOHVXWXULOHGHJHUDWH
GHDVHPHQHDDIHFWDL  0VXULGHSUHYHQLUH
 &DX]H  0DUH SDUWH GLQ PVXULOH GH SUHYHQLUH D KLSRWHUPLHL
  ([SXQHUHDSUHOXQJLWOD SUHYLQLGHJHUWXULOH
IULJSRDWHFDX]DGHJHUWXUL QRULFHVLWXDLHLQGLIHUHQWGHGXUDWSHWLPSGHLDUQVH
PEUFPLQWHDQHDGHFYDW YRUSXUWDPQXLIXODUFFLXOvQFOPLQWHGHLDUQ
L SURWHFLD LQVXILFLHQW D %ORFDUHDvQWUR]RQvQFRQGLLLGHWHPSHUDWXUIRDUWH
H[WUHPLWLORU FUHHD] VF]XW QHFHVLW HIHFWXDUHD GH PLFDUH SHUPDQHQW
PHGLXO SURSLFH DSDULLHL SHQWUXDPHQLQHVkQJHOHvQFLUFXODLHODH[WUHPLWL
GHJHUWXULORURLQIOXHQQHIDVWDYkQGLIDFWRULLH[WHUQL  $QWHULRU GHSODVULL vQ H[FXUVLL vQ PXQWH VH YRU OXD
FXPDUILYkQWXOLLQWHPSHULLOH PVXUL SHQWUX FXQRDWHUHD DGSRVWXULORU GLQ ]RQ GLQ
5LVFXOGHJHUULLHVWHFUHVFXWGHDQXPLLIDFWRULFXPDUIL DSURSLHUHDWUDVHXOXLYL]DW
PHGLFDLD FDUH GLPLQXHD] FLUFXODLD LVDX SUHVLXQHD
VDQJXLQ IXPDWXO FRQVXPXO GH DOFRRO DIHFLXQLOH
FURQLFHGLDEHWKLSRWHQVLXQHDUWHULDO
 7UDWDPHQW
&DLODKLSRWHUPLHVHYDSODVDYLFWLPDvQWUXQDGSRVW  %LEOLRJUDILH
GHSUHIHULQvQFO]LW6HvQGHSUWHD]KDLQHOHVWUkPWH ZZZHPHGLFLQHKHDOWKFRP
LVDX XGH L VH DFRSHU FX KDLQHSWXUL XVFDWH GH ZZZPD\RFOLQLFRUJ
SUHIHUDW FDOGH &RQFRPLWHQW VH VROLFLW DMXWRU PHGLFDO 3ULPXODMXWRUvQFD]GHXUJHQHvQIDPLOLHGU'DYLG%DVV
VSHFLDOL]DW 5RG%DNHU
 Q HWDSD XUPWRDUH VH LGHQWLILF VLPSWRPHOH
KLSRWHUPLHLLVHWUDWHD]
 6H vQIRDU SULOH DIHFWDWH GH SUHIHULQ FX
SDQVDPHQWH VWHULOH FX SUHFL]DUHD F GHJHWHOH VH
SDQVHD] L VH LQ VHSDUDW ILLQG IRDUWH LPSRUWDQW
WUDQVSRUWXOFkWPDLUDSLGDOYLFWLPHLODVSLWDO
'DFGXUHD]SUHDPXOWSUHOXDUHDGHFWUHSHUVRQDOXO

13
 ,6725,(

7UDWDWXOGHOD7ULDQRQ
$PQH]LLYRLWH
&DPLO0XUHDQX

6XQWHPvQSUDJGH&HQWHQDULvQWUHDJDQDLXQHDUWUHEXLVYLEUH]HvQULWPXODFHVWHL0DUL6UEWRUL
1DLRQDOH3HQWUXvQWUHJLUHDQDLRQDO5RPkQLDDSOWLWXQLPHQVWULEXWXPDQLPDWHULDODOWXUkQGX
VHULORUFDUHDXOXSWDWSHQWUXOLEHUWDWHLQWHJULWDWHLGHPQLWDWHQDLRQDO'HVLJXUOXSWHOHJUHOHQXVD
GXVQXPDLSHFkPSXOGHEWOLHXQGHDSULPDWDUJXPHQWXOIRUHLVSULMLQLWSH HURLVPXOOXSWWRULORU
LVFXVLQDFRPDQGDQLORULWULDDUPDPHQWHORUFLLvQFDQFHODULLOHHXURSHQHODVIkULWXOFRQIODJUDLHL
FkQG vQ MRF D IRVW LQWURGXV IRUD DUJXPHQWHORU  LVWRULFH SROLWLFH PLOLWDUH MXULGLFH HFRQRPLFH
GLSORPDWLFHHWF$VW]LODDSURDSHGHDQLGHODVHPQDUHD7UDWDWXOXLGHOD7ULDQRQSULQFDUHVH
GRUHDVILHYLQGHFDWGHILQLWLYXQDGLQUQLOHFHPFLQDXGXUHURVWUXSXOEWUkQHLLEROQDYHL(XURSH
DFHVWDvQFPDLSURYRDFVSDVPHUHDOHVDXQXPDLvQFKLSXLWHXQRUDGLQWUHFHLFDUHODXVHPQDWL
FDUHDFXPUHFODPYHKHPHQWWUDXPDSURYRFDW
$UWLFROXOGHPDLMRVSUHOXDWGLQVSDLXOYLUWXDODSDULQkQGUHSXWDWXOXLLVWRULF&DPLO0XUHDQX
 PHPEUX WLWXODU DO $FDGHPLHL 5RPkQH HVWH XQ vQGHPQ OD FXQRDWHUH OD UHIOHFLH OD
vQHOHJHUHLODDFFHSWDUHDXQRUUHDOLWLLQFRQWHVWDELOH'DUFXPLVWRULDQHvQYDFQLPHQLQDvQYDW
QLPLFGLQLVWRULH
 1X SXLQH VXQW HYHQLPHQWHOH L OXFUXULOH
GHVSUH FDUH VH YRUEHWH PHUHX L PXOW IU D IL
vQGHDMXQVGHELQHFXQRVFXWH$DVHvQWkPSODvQ
PRPHQWH DOH FRQYHUVDLHL FXUHQWH vQ GLVFXUVXO
WLLQLILFVDXvQFHOSROLWLF)UHFYHQDLLQWHQVLWDWHD
IHQRPHQXOXLVXQWSURSRULRQDOHFXLQWHUHVXOVWkUQLW
GHXQIDSWVDXDOWXO)RFDOL]DUHDDWHQLHLDVXSUDOXL
GHWHUPLQD IRUPDUHD XQHL LPDJLQL XQLODWHUDOH
FkWHRGDWGLVWRUVLRQDWHGHLQIODPDUHDVSLULWHORUGDU
LPSODQWkQGXVHDVWIHOvQFRQWLLQDSXEOLFD8QHRUL
IDSWXOSRDWHDYHDFRQVHFLQHGHDGUHSWXOQRFLYH
DOWHRULGRDUUHJUHWDELOH
2ULFXPHRGDWRULHFDRSLQLDSXEOLFVILH
FRUHFW L FRPSOHW LQIRUPDW PDL DOHV GHVSUH
HYHQLPHQWHGHSULPDvQVHPQWDWH
QWUH8QJDULDLUHVWXOOXPLL
3ULQWUHFD]XULOHGHPDLVXVSRDWHILvQVFULVL
7UDWDWXOGHOD7ULDQRQQFGHODVHPQDUHODLXQLH
 vQ HOHJDQWXO SDODW FRQVWUXLW OD  vQ
DSURSLHUHD FHOXL GH OD 9HUVDLOOHV GH FHOHEUXO
DUKLWHFW -XOHV +DUGRXLQ0DQVDUW DFHVW WUDWDW GH
&RORQHOUGU0LUFHD7QDVH
SDFH FX 8QJDULD D VWkUQLW SDVLXQL SROLWLFH
FRQWUDGLFWRULL DSULJH &HL GLUHFW YL]DL SULQ HO vL
DWULEXLH UROXO H[FOXVLY DO XQXL IHO GH PDQXDO GH
GLVHFLHDOIRVWXOXLPDUHVWDWPDJKLDUUHFRQVWLWXLW
vQFDGUXOPRQDUKLHLKDEVEXUJLFHvQWUH
& SULQ HO VD FRQILUPDW GH]PHPEUDUHD
DFHVWXLVWDWLDOLSLUHDSULORUVDOHORFXLWHGHDOWH
QDLRQDOLWL GHFkW FHD PDJKLDU OD VWDWHOH FDUH    
VDX IRUPDW DWXQFL RUL LDX GHVYkULW XQLWDWHD
QDLRQDODFHVWIDSWQXHGHWJGXLW
'DUHQHFHVDUVVHWLHF7UDWDWXOGHOD
7ULDQRQ D IRVW XQ DFW IRDUWH FRPSOH[ FDUH D
UHJOHPHQWDW PXOW PDL PXOWH OXFUXUL GHFkW
SUREOHPD IURQWLHUHORU GLQWUH 8QJDULD L ULOH
YHFLQHFXHD
7UDWDWXODFXSULQVXQSUHDPEXOLSULvQ
GHDUWLFROHDFURUvQWLQGHUHDFRSHUHDGH
SDJLQLGHWLSDULQRFWDYR
(ODIRVWVHPQDWGHGHSOHQLSRWHQLDULvQ
QXPHOHDGHVWDWH'LQWUHDFHVWHDHUDXVWDWH
14

HXURSHQH GLQ WDEUD $QWDQWHL LDU  GLQ DIDUD
(XURSHL 'LQ (XURSD VHPQDWDUHOH DX IRVW GH R
SDUWH 8QJDULD LDU GH FHDODOW IRVWHOH VWDWH
EHOLJHUDQWH  )UDQD 0DUHD %ULWDQLH ,WDOLD
3RUWXJDOLD%HOJLD0XQWHQHJUX*UHFLD5RPkQLD
L FHOH WUHL VWDWH QRL 3RORQLD &HKRVORYDFLD L
5HJDWXOVkUERFURDWRVORYHQFXPVDQXPLWLQLLDO
,XJRVODYLD'LQWUHULOHH[WUDHXURSHQHDXVHPQDW
WUDWDWXO68$&DQDGD$XVWUDOLD1RXD=HHODQG
8QLXQHD 6XG$IULFDQ ,QGLD -DSRQLD &KLQD
&XED1LFDUDJXD3DQDPDL7KDLODQGDQXPLWDvQ
,6725,(
DLREOLJDSHWRLVHPQDWDULLWUDWDWHORUGHSDFHOD
RH[SOLFLWUHFXQRDWHUHDSDFWXOXL
,QSDUWHD DGRXD VXQWVSHFLILFDWH WUDVHHOH
QRLORUIURQWLHUHDOH8QJDULHLFX$XVWULDFX5HJDWXO
VkUERFURDWRVORYHQ FX 5RPkQLD L FX
&HKRVORYDFLDQFHOHGHSDJLQLDOHWUDWDWXOXL
WRDW FKHVWLXQHD JUDQLHL XQJDURURPkQH RFXS
FDPRFRORDQDGHWH[WSHRVLQJXUSDJLQD
3DUWHD D WUHLD VD LQWLWXODW &ODX]H SROLWLFH
HXURSHQH Q FDGUXO DFHVWRUD vQ DUWLFROHOH 
HVWH vQVFULV UHFXQRDWHUHD GH FWUH 5RPkQLD D
WH[W6LDP QHFHVLWDLL LQVHUULL vQ OHJLVODLD VD GH GLVSR]LLL
7ULDQRQXODFHDVWDHSULPDUHDOLWDWHFHVH SHQWUX SURWHMDUHD LQWHUHVHORU ORFXLWRULORU GH DOW
LPSXQHDILFXQRVFXWvQOHJWXUFXHOQDIRVW UDVOLPEUHOLJLHGLQWHULWRULLOHFDUHFXQRVFXVHU
GHFLXQWUDWDWvQWUH8QJDULDLULOHYHFLQHDDFXP WUDQVIHUXO GH VXYHUDQLWDWH vQ IDYRDUHD VWDWXOXL
DSDUH VLPSOLILFDW vQ SXEOLFLVWLFD LQWHUHVDW vQ D URPkQ
VXJHUDFHODIRVWRUHJODUHGHFRQWXULLPSXVGH
FkWHYD UL GRUQLFH V EHQHILFLH]H GH SH XUPD
vQIUkQJHULL8QJDULHLvQ3ULPXO5]ERL0RQGLDOLD
QHGUHSWLL LVWRULFH D FUHL YLFWLP DU IL IRVW
DFHDVWD
7ULDQRQXODIRVWXQWUDWDWvQWUH8QJDULDL
UHVWXO OXPLL 5HJOHPHQWDUHD SULQ HO D
FRQWHQFLRVXOXL SUREOHPHORU GLQWUH 8QJDULD L
5RPkQLD RFXS XQ ORF UHVWUkQV vQ DQVDPEOXO
WUDWDWXOXLGHLGHVLJXUQXOLSVLWGHLPSRUWDQ
9RP H[HPSOLILFD DFHDVW PDQLHU GH
SUH]HQWDUHDWUDWDWXOXLSULQWURSULYLUHILHLQXPDL
UH]XPDWLY DVXSUD FRQLQXWXOXL VX GDU DYkQG
$FHDVWDFODX]GLQDUWLFROXOGHFXUJHD
GLQWUXQWUDWDWVHSDUDWSHFDUH5RPkQLDvOvQFKHLDVH
FXSXWHULOHDOLDWHODGHFHPEULHVHPQDWILLQG
GLQ SDUWHD VD GH JHQHUDOXO &RQVWDQWLQ &RDQG
SUHHGLQWHDO&RQVLOLXOXLGH0LQLWUL
3UHYHGHULQHDWHSWDWH
3H OkQJ JDUDQLLOH GH GUHSWXUL SHQWUX
PLQRULWLOHGHRULFHIHOWUDWDWXODFHVWDVHSDUDWPDL
FXSULQVHVH L SUHYHGHUL UHIHULWRDUH OD DD]LLL
RSWDQL ORFXLWRUL FDUH GXS  VH
VWUPXWDVHU vQ 8QJDULD VH SUHWLQGHD
UHFXQRDWHUHD GUHSWXULORU ORU GH SURSULHWDWH vQ
WHULWRULLOH FDUH WUHFXVHU VXE VXYHUDQLWDWHD DOWXL
FDOLWDWHDGHDSXQHvQOXPLQDLIDDOXLQHY]XW
FHD FDUH SUDFWLF QX VH EXFXU GH QLFL R DWHQLH
DVSHFWLQFRUHFWGLQSXQFWXOGHYHGHUHDOFXQRDWHULL
WLLQLILFH
3UHDPEXOXOWUDWDWXOXLFXSULQGHHQXPHUDUHD
VWDWHORU VHPQDWDUH L D vPSXWHUQLFLLORU ILHFUXLD
$WUDJH DWHQLD IDSWXO F JXYHUQXO XQJDU
GHVHPQDVHVSUHDOUHSUH]HQWDGRXSHUVRQDOLWL
WHUVH XQ PLQLVWUX DO 0XQFLL L DO 3UHYHGHULORU
6RFLDOHLXQIXQFLRQDUGLQ0LQLVWHUXOGH([WHUQH
FX UDQJ GH DPEDVDGRU$PELL QX MXFDVHU GHFkW
UROXULVXEDOWHUQHvQYLDDSROLWLFGHSkQDWXQFLD
8QJDULHL,QSUDFWLFDGLSORPDWLFXQJHVWFDDFHVWD
DUH R VHPQLILFDLH FH QX SRDWH VFSD QLFL XQXL
REVHUYDWRU
3RWULYLWXQHLUHJXOLDGRSWDWHGHDFWHOHILQDOH
DOH&RQIHULQHLGHSDFHGHOD3DULV7UDWDWXOGHOD
7ULDQRQ D UHSURGXV vQ SULPD VD SDUWH WH[WXO
3DFWXOXL 6RFLHWLL 1DLXQLORU LQFOXV FD R
FRPSRQHQWRUJDQLFD7UDWDWXOXLGHOD9HUVDLOOHV
FX*HUPDQLD3URFHGHXODIRVWJHQHUDOL]DWVSUHD
VWDW 3HVWH FkLYD DQL HOH YRU SULOHMXL vQ IDD
6RFLHWLL 1DLXQLORU L D &XULL GH -XVWLLH GH OD
+DJDRFHOHEUGLVSXWvQWUH5RPkQLDL8QJDULD
vQFXUVXOFUHLDVDLOXVWUDWPDUHOHWDOHQWRUDWRULF
GLSORPDWLFLMXULGLFDOOXL1LFRODH7LWXOHVFXIDvQ
IDFXH[SHULHQDLSUHVWDQDFRQWHOXLSSRQ\L
'LVSXWDDIRVWFRPSOLFDWGHIDSWXOFvQWUH
WLPS5RPkQLDDSOLFDVHOHJHDGHUHIRUPDDJUDU
SHFDUHRSWDQLLvQED]DWUDWDWXOXLGHPDLVXVLD
FHOXLGHOD7ULDQRQVSULMLQLWHILLQGXOHLQWHUHVHOHGH
FWUHVWDWXOXQJDUDXVRFRWLWFRSRWFRQWHVWDvQ
FHHDFHvLSULYHD
,Q DFHHDL D WUHLD SDUWH D WUDWDWXOXL HVWH
FXSULQV DQJDMDPHQWXO 5RPkQLHL GH D SUHOXD
SURSRULRQDO FX vQWLQGHUHD WHULWRULLORU LQWUDWH VXE
VXYHUDQLWDWHD HL VDUFLQLOH ILQDQFLDUH DOH IRVWXOXL
VWDWXQJDUGHSkQOD
&ODX]D UHVSHFWLY HVWH UHSHWDW SHQWUX
WRDWH VWDWHOH L WHULWRULLOH FDUH vQ SODQXO
WUDQVIHUXULORUGHVXYHUDQLWDWHDYHDXRWDQJHQFX
8QJDULD 8Q DUWLFRO VSHFLDO VH RFXSD GH SRUWXO
VHPQLILFD SXQHUHD VXE DXWRULWDWHD 6RFLHWLL )LXPH5LMHNDDQH[DWXQLODWHUDOGH,WDOLDSkQOD
1DLXQLORUDPDULORUDFWHGHSROLWLFLQWHUQDLRQDOL XUPUHFXQRVFXWGHFWUH3XWHUL

15
 ,6725,(

7RWvQDFHDVWSDUWHVHvQWkOQHVFRVHULHGH $VWIHOVXQWVWLSXODWHGHPRELOL]DUHDDUPDWHL
SUHYHGHULQHDWHSWDWHSHQWUXFLWLWRUXOQHDYL]DW XQJDUH GHVILLQDUHD VHUYLFLXOXL PLOLWDU REOLJDWRULX
$VWIHO VH VDQFLRQHD] LQGHSHQGHQD OLPLWDUHDHIHFWLYHORUDUPDWHLODPD[LPXPGH
8QJDULHL SURFODPDW GH HD vQVL vQ QRLHPEULH RILHULVXERILHULLVROGDL
LLQWHUGLFLDYUHXQHLYLLWRDUHXQLXQLDHL
FX DOW VWDW (VWH R DOX]LH OD HYHQWXDOLWDWHD XQXL
$QVFKOXVVFX$XVWULDSHFDUHvQFHUFDDWXQFLVO
UHDGXF vQ DFWXDOLWDWH &DVD GH +DEVEXUJ SULQ
XOWLPLLHLUHSUH]HQWDQL
&ODX]D LQGHSHQGHQHL 8QJDULHL D GDW GH
OXFUXFRPLVLLORUFDUHDXHODERUDWWUDWDWXOQQRXDHL
VLWXDLHGHGUHSWLQWHUQDLRQDO8QJDULDDWUHEXLWV
ILH SXV D UHFXQRDWH VDX GXS FD] D QX
UHFXQRDWHWUDWDWHOHvQFKHLDWHPDLGHPXOWYUHPH
FkQG HD IFXVH SDUWH GLQ $XVWULD VDX $XVWUR
8QJDULD 'HL FDOLWDWHD GH SDUWH OD DVHPHQHD
WUDWDWHIXVHVHGRDULPSOLFLWDFXPvQWUHEXLD
VSHFLILFDWH[SUHVIDSWXOFUHVSHFWLYHOHWUDWDWHHUDX
QHDQJDMDQWHSHQWUX8QJDULDLQGHSHQGHQW
1XYDPDLVXUSULQGHGHFLSHQLPHQLFSULQ
7UDWDWXOGHOD7ULDQRQ8QJDULDGHFODUD vQFHR
SULYHWHQXOLWDWHD7UDWDWXOXLGHOD%UHVW/LWRYVNGLQ
PDUWLHGLQWUH*HUPDQLD$XVWUR8QJDULDL
JXYHUQXOUXVEROHYLF
6HPDLFRQVWDWDFSULQDUWLFROXO8QJDULD
0DL PXOWH DUWLFROH SUHFL]HD] WLSXULOH GH
DUPDPHQWvQJGXLWHDUPkQHvQGRWDUHDDUPDWHL
XQJDUH L SUHYG vQ DPQXQW FRPSXQHUHD vQ
HIHFWLYHLvQWHKQLFDGHOXSWDPDULORUHLXQLWL
GLYL]LLLEULJ]L
$UWLFROHOH  VH RFXS GH VRDUWD
QDYHORUGHU]ERLFHDSDULQXVHUPDULQHLXQJDUHL
GHXQHOHSUREOHPHDHURQDXWLFHFDUHDWXQFLDYHDX
R SRQGHUH UHGXV vQ FRPSDUDLH FX WLPSXULOH GH
PDLWkU]LX
6XQW VSHFLILFDWH DSRL DWULEXLLOH FRPLVLLORU
LQWHUDOLDWHGHFRQWUROSHQWUXILHFDUHGLQGRPHQLLOH
GHQDWXUPLOLWDUGHPDLVXVREOLJDLLvQOHJWXUFX
SUL]RQLHULLGHU]ERLFXHYLGHQDFHORUGHFHGDLL
vQPRUPkQWDLSHWHULWRULXO8QJDULHL
$UWLFROHOH  YRU FUHD vQ YLLWRU
QXPHURDVH OLWLJLL GH GHWDOLX (OH SUHYHGHDX
UHVWLWXLUHD UHFLSURF  vQWUH 8QJDULD L VWDWHOH vQ
IDYRDUHD FURUD DYXVHVHU ORF WUDQVIHUXUL GH
WHULWRULLFDUHIXVHVHUVXEVXYHUDQLWDWHD VWDWXOXL
XQJDUSkQODDDUKLYHORUFXUHQWHSHXOWLPLL
UHFXQRDWHWUDWDWXOGLQGHFHPEULHvQED]D
FUXLD 'DQHPDUFD FHGDVH GXFDWHOH 6FKOHVZLJ L
+ROVWHLQ &RQIHGHUDLHL JHUPDQH 6DX F SULQWUH
DOWHDUWLFROHHDUHFXQRDWHWUDWDWHOHGLQWUH$XVWULD
UHVSHFWLY $XVWUR8QJDULD L ,WDOLD GH OD =XULFK
GHDQLGHFLGHODLDDUKLYHORULVWRULFH
SULYLQGWHULWRULLOHUHVSHFWLYH
9D IL R FKHVWLXQH H[WUHP GH JUHX GH
VROXLRQDWILLQGFDUKLYHOHDYHDXPXOWHIRQGXULL
GRFXPHQWHFHSUH]HQWDXLQWHUIHUHQWHLQH[WULFDELOH
 9LHQD  L )ORUHQD  'H
DVHPHQHD8QJDULDDQXOHD]WUDWDWHOHFXIRWLLHL
DOLDLGHGLQDLQWHDVDXGLQWLPSXOU]ERLXOXLPRQGLDO
3DUWHD D ,9D FRQLQH UHJOHPHQWDUHD
LQWHUHVHORU8QJDULHLvQDIDUD(XURSHLvQ0DURFvQ
(JLSWvQ6LDPLvQ&KLQDUHIHULWRUODOLFKLGDUHDXQRU
LQYHVWLLLLDXQRUFDSLWDOXULFRPHUFLDOH
3DUWHDD9DDWUDWDWXOXLFODX]HPLOLWDUH
HVWHLDULXQDPDLGHOLFDWGLQSXQFWXOGHYHGHUH
DO QDWXULL SUREOHPHORU SH FDUH OH VROXLRQHD] vQ
FDGUXOUDSRUWXULORUGLQWUH8QJDULDLDOWHUL
1LFL HD QX DUH FD RELHFW H[FOXVLY UHODLLOH
ELODWHUDOH FX 5RPkQLD L QLPLF QX GHQRW YUHR
LQWHUSXQHUHVSHFLDODULLQRDVWUHVDXDDOWRUDGLQ
]RQSHQWUXDVHRELQHRIL[DUHGHXQDQXPLWIHOD
YLLWRUXOXLVWDWXWPLOLWDUDO8QJDULHL
GH FRQLQXW vQWUH WHULWRULLOH GHYHQLWH OLPLWURIH vQ
WHUPHQLL7UDWDWXOXLGHOD7ULDQRQ
/XQJLDPQXQLWHRERVLWRDUHGHQDWXUD
VWkUQLDGPLUDLDSHQWUXGRFXPHQWDUHDLUEGDUHD
H[SHULORU FDUH SUHJWLVHU WUDWDWXO VXQW FODX]HOH
ILQDQFLDUHFRQRPLFHH[WLQVHSHQXPDLSXLQGHFkW
GHDUWLFROH
Q FDGUXO ORU HVWH VSHFLILFDW LQWHUGLFLD
SHQWUX8QJDULDGHDH[SRUWDDXUSkQODGDWDGH
PDLSUHYHGHUHDDYHDVFRSXOGHDvPSLHGLFD
GLPLQXDUHDUH]HUYHORUHLGHPHWDOSUHLRVDVWIHOFD
DFHVWHD V SRDW VHUYL DFKLWULL UHSDUDLLORU GH
U]ERLFHDYHDXDLVHVWDELOLFDVDUFLQ
Q FRQWLQXDUH LPHGLDW  REOLJDLD GH D
VXSRUWD vQWUHLQHUHD DUPDWHORU GH RFXSDLH GH SH
WHULWRULXOHLvQFHSkQGFXGDWDGHQRLHPEULH
 /LWLJLLGHGHWDOLX
7RW FH VH SUHYHGH OD DFHVW FDSLWRO VH
DVHDPQFXFRQGLLLOHLPSXVHSHSODQXOUHVSHFWLY
L DOWRU VWDWH vQYLQVH 6XQW DSOLFDWH DDGDU QLWH
SULQFLSLL JHQHUDOH FH IXVHVHU LQWURGXVH vQ WRDWH
WUDWDWHOHGHSDFH
GDWD DUPLVWLLXOXL GH OD 9LOOD *LXVWL FX $QWDQWD
SUHFXP L REOLJDLLOH VWDWHORU OD FDUH VH DOLSLVHU
WHULWRULLIRVWHDOH8QJDULHLGHDSUHOXDRSDUWHGLQ
GDWRULD GH VWDW D DFHVWHLD SURSRULRQDO FX
VXSUDIDDWHULWRULLORUUHVSHFWLYH

16

Q SDUWHD ILQDO 7UDWDWXO GH OD 7ULDQRQ
VWDELOHWH  SHQWUX OLWLJLLOH FH VDU IL LYLW XOWHULRU 
FRQVWLWXLUHDGHWULEXQDOHPL[WHGHDUELWUDMIRUPDWH
GLQFkWHXQUHSUH]HQWDQWDOSULORUvQFDX]LXQDO
WUHLOHDFRRSWDWGHHOHSULQFRQVHQV6HVWLSXOHD]
vQOLQLDWUDWDWXOXLVHSDUDWGHODGHFHPEULH
UHJLPXO SURSULHWLORU ORFXLWRULORU FDUH IXVHVHU
WUDQVIHUDLVXEDOWVXYHUDQLWDWHGHVWDWRULRSWDVHU
SHQWUXYUHXQDILLQGDSOLFDWvQSULQFLSLXSUHYHGHUHD
SVWUULL GH FWUH HL D GUHSWXOXL GH SURSULHWDWH
DVXSUDEXQXULORUORULPRELOLDUHGHRULFHQDWXU
$UWLFROHOH  VH RFXS GH QDYLJDLD
DHULDQ IOXYLDO GH UHJLPXO 'XQULL GH
FRPXQLFDLLOH WHUHVWUH GH FHOH WHOHJUDILFH L
WHOHIRQLFH3ULQDUWLFROXOVHGHFLGHFvQWUXFkW
SHWHULWRULXOURPkQHVFQXH[LVWDROHJWXUGLUHFW
GHFDOHIHUDWvQWUH6DORQWDL$UDGWLPSGHDQL
JDUQLWXULOHURPkQHWLGHWUHQYRUSXWHDFLUFXODvQWUH
FHOH GRXD RUDH SH WHULWRULXO PDJKLDU SULQ
%HNHVFVDEDQDFHVWLQWHUYDOGHWLPSVWDWXOURPkQ
WUHEXLD V FRQVWUXLDVF SH WHULWRULXO VX R FDOH
IHUDWDvQWUH6DORQWDL$UDGFHHDFHVHYDUHDOL]D
3DUWHD XOWLP D WUDWDWXOXL HVWH FRQVWLWXLW
GLQWUXQ GRFXPHQW SULYLWRU OD RUJDQL]DUHD PXQFLL
DGLFDFRQYHQLHLLQWHUQDLRQDOHDGRSWDWHSDUDOHO
FXWUDWDWHOHGHSDFH$FHDVWDFXSULQGHDFRQGLLLOH
PLQLPDOH DOHGHVIXUULL SURFHVXOXL GHPXQFL
UHJOHPHQWULDOHUDSRUWXULORULQWHUXPDQHFRQH[H
)XQFLRQD VXSR]LLD F LQFOXV ILLQG vQ
WUDWDWHOHGHSDFHVWDWHOHVHPQDWDUHDGHUDXLSVR
IDFWRODDFHVWGRFXPHQWLVHREOLJDXVOSXQvQ
DSOLFDUHSULQOHJLVODLDORUQDLRQDO(VWHDFHHDL
LGHH FDUH FRQGXVHVH L OD LQFOXGHUHD vQ WUDWDW D
3DFWXOXL6RFLHWLL1DLXQLORU
0DLHVWHYDODELO"
,6725,(
6XEOLQLHP GLQ QRX vQ vQFKHLHUH FHHD FH D
UHLHLWFUHGHPLGLQSUH]HQWDUHDGHPDLVXVF
7UDWDWXOGHOD7ULDQRQQDIRVWRSHUDGLDEROLF
D5RPkQLHLvPSRWULYDYHFLQHLVDOH
7kUkW vQ YkOWRDUHD 3ULPXOXL 5]ERL
0RQGLDO8QJDULDDIRVWvQIUkQWGXSFHDMXQVHVH
vQWUXQFRQIOLFWGHFODUDWRILFLDOFXSHVWHGHVWDWH
GLQ(XURSDLGLQUHVWXOOXPLL)LHFDUHGLQWUHDFHVWHD
VDIRORVLWGHSR]LLDOXLGHSDUWHQHUODYLFWRULHSHQWUX
D IRUPXOD SUHWHQLL VSHFLILFH ID GH FHO vQYLQV
7UDWDWXOGHOD7ULDQRQDIRVWLQYHQWDUXOFRPSOHWL
GHWDOLDWDOWXWXURUDFHVWRUD
2SUREOHPULGLFDWQXRGDWvQWUHFXWL
FDUHVDUSXWHDVUHDSDUFXSULOHMXOvPSOLQLULLD
GHDQLGHODvQFKHLHUHDOXLDUILDFHHDGDFHOPDL
HVWHYDODELO
0DL vQDLQWH GH D VH VFDQGDOL]D SHQWUX
LQVROHQD DVFXQV VDX EQXLW vQ DFHDVW
vQWUHEDUHFLWLWRUXOHVWHLQYLWDWVDUHIOHFWH]HDVXSUD
UkQGXULORUFHYRUXUPD
0RUDOPHQWH  L vQ IDSW  7UDWDWXO GH OD
7ULDQRQHVWHLQGLVFXWDELORUHDOLWDWHLvQSUH]HQW
'LQSXQFWGHYHGHUHVWULFWMXULGLFvQVUVSXQVXOQX
H XRU GH GDW GLQWUR GDW (O QD IRVW QLFLRGDW
GHQXQDW IRUPDO L RILFLDO SRWULYLW SUDFWLFLORU
LQWHUQDLRQDOH 0XOWH GLQWUH SUHYHGHULOH VDOH VDX
VWLQVSULQvQVLH[HFXWDUHDORURULSULQGHSLUHD
WHUPHQXOXLORUGHYDOLGLWDWH
&ODX]HOH FHOH PDL LPSRUWDQWH  FHOH
WHULWRULDOHLPLOLWDUHDXIRVWPRGLILFDWHGHFLSDULDO
DQXODWH SULQ DFLXQLOH JXYHUQHORU PDJKLDUH GLQ
 VSULMLQLWH GH *HUPDQLD L ,WDOLD 1H
UHIHULP OD LQYDGDUHD 8FUDLQHL 6XEFDUSDWLFH OD 
PDUWLH  OD DQH[LXQLOH vQ ED]D FHORU GRX
GLFWDWHGHOD9LHQDQRLHPEULHLDXJXVW
1RLOH IURQWLHUH GLQWUH 8QJDULD L VWDWHOH
YHFLQH FX HD IXVHVHU GHFLVH L SXEOLFDWH GH
&RQIHULQD GH SDFH GH OD 3DULV vQF vQ  LXQLH
'LQFDX]DIUPkQWULORULQWHUQHGLQ8QJDULD
GHOHJDLLDFHVWHLULQXVDXSUH]HQWDWODWUDWDWLYH
GHFkWVSUHVIkULWXODQXOXLFHHDFHH[SOLFL
VHPQDUHDWkU]LHD7UDWDWXOXLGHOD7ULDQRQDELDOD
LXQLH(ODLQWUDWRILFLDOvQYLJRDUHODLXOLH
 GXS FH IXVHVH UDWLILFDW GH PDMRULWDWHD
VWDWHORUVHPQDWDUH
)URQWLHUD GLQWUH 5RPkQLD L 8QJDULD
VFKLDWvQDUWLFROXODOWUDWDWXOXLDIRVWWUDVDWSH
WHUHQGHRFRPLVLHPL[WDOHFUHLOXFUULDXIRVW
FRQVHPQDWHvQIRLGHKDUWODVFDUD
vQWURKDUWJOREDOODVFDUDLRGHVFULHUH
D IURQWLHUHL L D OXFUULORU FRPLVLHL FXSULQ]kQG R
LQWURGXFHUHLIDVFLFXOHvQGHSDJLQL
17
LODLQYDGDUHDLDQH[DUHDvQDSULOLHD
WULXQJKLXOXLGLQWUH7LVD'XQUHL6DYDQXPLWGH
VkUEL9RLYRGLQDLDUGHXQJXUL%DFVND
3UHFL]P GH vQGDW F vQFOFDUHD
XQLODWHUDODXQXLWUDWDWPDLDOHVFkQGVDVYkULW
SULQ GLFWDW SULQ IRU VDX DPHQLQDUH FX IRUD QX
vQVHDPQQXOLILFDUHDOXLGHGUHSW
7UDWDWXOGHSDFHGHOD3DULVVHPQDWGH
8QJDULD GXS DO 'RLOHD 5]ERL 0RQGLDO OD 
IHEUXDULH  D UHVWDELOLW FODX]HOH WHULWRULDOH
DOH 7UDWDWXOXL GH OD 7ULDQRQ UHFRQILUPkQGXOH
SULQFRQVHQVLQWHUQDLRQDO
%LQHvQHOHVFvQVLWXDLDPXOWVFKLPEDW
QXPHURDVHDOWHFODX]HDOHWUDWDWXOXLGLQQDX
DYXWGHFHVILHUHLWHUDWHLFRQILUPDWH
&RQWHVWDUHD 7UDWDWXOXL GH OD 7ULDQRQ vQ
VXEVWDQDVDLPSOLFGHFLLFRQWHVWDUHDFHOXLGHOD
 ,6725,(

3DULVGLQVLSULQDFHDVWDDRUGLQLLSROLWLFHLGH FRQVRODW L D FHUXOXL VDWLVIFXW vO FLWP SH

GUHSW LQVWDXUDWH GXS DO 'RLOHD 5]ERL 0RQGLDO GHSXWDWXO,VQDUGvQ$GXQDUHD/HJLVODWLYD)UDQHL
&HHDFHvQVHDPQLQWURGXFHUHDXQXLSULQFLSLX
GHLQVWDELOLWDWHvQRUGLQHDPRQGLDO
(XURSDQXVHDIOIRDUWHDSURDSHGDUQLFL
SUHD GHSDUWH GH DFHDVWD 7UDWDWHOH LQWHUQDLRQDOH
PXOWLODWHUDOHVXQWFLWDWHvQXOWLPDYUHPHIRDUWHUDU
'LQXQHOHPRWLYHHOHDSDUFDMHQDQWH0XOLGLQWUH
FHLGHODFDUHQHDPDWHSWDVOHDSHUHvQGHDPQ
ODvQFKHLHUHDvQSODVDORUFXRFKLXULGHYHQLWHSUHD
ODUJL D XQRU WUDWDWH ELODWHUDOH (OH WUDWDWHOH
ELODWHUDOH SDU D IL GHYHQLW SUHIHUDWHOH GLSORPDLHL
PDULvQWUXFkWUHSUH]LQWDQJDMDPHQWHOLPLWDWHODGRL
SDUWHQHUL  UDU L SDUFLPRQLRV JDUDQWDWH GH XQ DO
WUHLOHDLSRWILXRUGHQXQDWHIUDGHWHUPLQD 
UHDFLLvQODQ
ODQRLHPEULH
3kQ FkQG WRL YRU FUHGH DFHVW OXFUX YD
SHUVLVWD vQV WHDPD DOLPHQWDW GH vQHOHSFLXQHD
UHIOHFLHLDVXSUDFHORUSHWUHFXWHvQXOWLPHOHGHFHQLL
FUHSXQHUHDvQGLVFXLHDRUGLQLLLQWHUQDLRQDOHGH
GUHSWIUDJPHQWDUHDHLvQWUHUVSXQGHULOLPLWDWHGLQ
SXQFWGHYHGHUHMXULGLFVSHUDQDGHDPHQLQHFX
IRUDXQDVHPHQHDQRXHFKLOLEUXQHFHVDUPHQWH
LQVWDELO VXQW QDLYLWL FH DU SXWHD GXFH OD
FRQVHFLQH FD DFHOHD FDUH VDX GH]YROWDW
FDWDVWURIDOGLQVSLULWXOFRQFHVLYIDGHDXWRULWDWHD
WUDWDWHORU LQWHUQDLRQDOH PDQLIHVWDW vQWUH 
&HOFDUHQXvLDPLQWHWHWUHFXWXOHVWH
Q DFHDVW FRQFHSLH SRSRDUHOH GXS FRQGDPQDWVvOUHSHWH*HRUJH6DQWD\DQD
YHUVXOSRHWXOXLVHSULQGGHPkLQLLVHGHVSULQGvQ
DWHSWDUHDFOLSHLGHVXEOLPLQVSLUDLHvQFDUHVH
YRUvPEULDvQIDDWLUDQLORUGRERUkLDSPkQWXOXL
KWWSZZZKLVWRU\FOXMUR,VWRULHFHUFHW0XUHVDQXKWP
KWWSZZZVFULWXEFRPLVWRULH7UDWDWXOGHOD7ULDQRQ$PQH]LLSKS

18
 $0,17,5,$0,17,5,

35,1)21(78/7808/7826
$/0(7(5(=(/25
*HQHUDOGHEULJDGU'XPLWUX0,8

Q OXQD PDUWLH  6WDWXO 0DMRU *HQHUDO DO SHDFHDVWWHPDXSDUWLFLSDWXQQXPUGHGHOHJDLL

$UPDWHL6XHGH]HDDGUHVDWLQYLWDLDFRQGXFHULL$UPDWHL GLQFDGUXOULORUPHPEUH1$72LGLQ3I31RUYHJLD
5RPkQH GH D SDUWLFLSD FX RILHULVXERILHUL FDUH VXQW 'DQHPDUFD 0DUHD %ULWDQLH )UDQD ,WDOLD *UHFLD
LQVWUXFWRUL GH VXSUDYLHXLUH VDX FDUH OXFUHD] vQ 7XUFLD *HUPDQLD %HOJLD 2ODQGD 68$ &DQDGD
GRPHQLL DSURSLDWH OD VHPLQDUXO LQWHUQDLRQDO GH /LWXDQLD(VWRQLD(OYHLD5RPkQLDL6XHGLD3HWLPSXO
VXSUDYLHXLUH L VDOYDUH RUJDQL]DW GH FRDOD GH VHPLQDUXOXL SDUWHD VXHGH] D SUH]HQWDW R VHULH GH
6XSUDYLHXLUH D )RUHORU $UPDWH
6XHGH]H OD .DUOVERUJ  GH NP
VXGYHVW 6WRFNKROP L  GH NP
QRUGHVW*|WHERUJvQ6XHGLD
'LUHFLD ,QIRUPDLL 0LOLWDUH D
SURSXV SDUWLFLSDUHD PHD HIXO
%LURXOXLFHUFHWDUHGHVSHFLDOLWDWHD
PDLRUXOXL*DEULHO%HQHVFXRILHUGLQ
FDGUXO %DWDOLRQXOXL  &HUFHWDUH
OHFWRU vQ %LURXO QYPkQW L D
VXEORFRWHQHQWXOXL0LUFHD&XFRILHU
G L Q  F D G U X O  % D W D O L R Q X O X L    
&HUFHWDUH FRPDQGDQW GH JUXS
FHUFHWDUH
'HVHPQDUHD QRDVWU VD
IFXW LQkQGXVH FRQW GH
SUHRFXSDUHDLH[SHULHQDDYXWSH
DFHDVWOLQLH5HDOL]DVHPFXSXLQ
WLPS vQ XUP  PDQXDOXO
7UDLXO vQ FRQGLLL GH L]RODUH L DP $VSHFWGHODGHVFKLGHUHDRILFLDODVHPLQDUXOXL
vQWRFPLW R VHULH GH WHPH SHQWUX
SUHJWLUHDFHUFHWDLORUvQDFHVWGRPHQLX7RWRGDWDP DVSHFWH WHRUHWLFH L PHWRGH SUDFWLFH IRORVLWH SHQWUX
RUJDQL]DWLDPFRQGXVH[HUFLLXOGHVXSUDYLHXLUHGLQ XXUDUHDWUDLXOXLvQL]RODUHLVXSUDYLHXLUHDFHUFHWDLORU
'HOWD 'XQULL FX PLOLWDULL GLQ DUPDWD FHK  vQ GLVSR]LWLYXO LQDPLFXOXL FRQIHFLRQDUHD GLIHULWHORU
0DLRUXO *DEULHO %HQHVFX D H[SHULPHQWDW vQ WHUHQ RELHFWH LPSURYL]DWH FX IRORVLUHD H[FOXVLY D
vPSUHXQFXDOLFHUFHWDLGLQFDGUXO%DWDOLRQXOXL PDWHULDOHORUGLQ]RQGDULSHQWUXGHVIXUDUHDXQRU
&HUFHWDUH vQ PHGLL L DQRWLPSXUL GLIHULWH PDQXDOXO DFLXQLGHFXWDUHVDOYDUHLUHFXSHUDUHDSHUVRQDOXOXL
7UDLXOvQFRQGLLLGHL]RODUHDIFXWRVHULHGHWUDGXFHUL SURSULXGLVSUXWvQPLVLXQHvQFHOHWUHLPHGLLDHUXVFDW
LDvPEXQWLWSULQHOHPHQWHGHQRXWDWHWHPDWLFDGH LDS
SUHJWLUH OD DFHDVW GLVFLSOLQ D FRQGXV SHUVRQDO 'HDVHPHQHDJD]GHOHQRDVWUHDXH[SXVRVHULH
FXUVXO7UDLXO vQ FRQGLLL GH L]RODUH L GH FDSWLYLWDWH GH PDWHULDOH L HFKLSDPHQWH GH SURWHFLH vPSRWULYD
RUJDQL]DW vQ FDGUXO &HQWUXOXL GH 3UHJWLUH D IULJXOXL D XPH]HOLL L D LQWHPSHULLORU WUXVH GH
&HUFHWDLORULDUVXEORFRWHQHQWXO0LUFHD&XFHUDRILHU VXSUDYLHXLUH GLQ GRWDUH VDX FDUH XUPDX V LQWUH vQ
LQVWUXFWRUGHVXSUDYLHXLUHvQFDGUXOXQLWLLVDOH GRWDUHEUFLSQHXPDWLFHGLQGRWDUHD)RUHORU0LOLWDUH
'HOHJDLDURPkQDDYXWPDQGDWXOGHDSUH]HQWD 6XHGH]H$VLJXUDUHDDSHLSRWDELOHFXDMXWRUXOILOWUHORU
XQHOH DVSHFWH SULYLQG PRGXO GH XWLOL]DUH D GLIHULWHORU GHDSLQGLYLGXDOHFXXQLFvQWUHEXLQDUHFHSRWILOWUD
SODQWH vQ VFRSXO WUDWULL XQRU DIHFLXQL EROL FH SRW SkQODGHOLWULGHDSVDXDILOWUHORUSRPSXQILOWUX
DSUHD SH WLPSXO L]ROULL 7RWRGDW PDLRUXO *DEULHO ODGRLOXSWWRULFXGRXEDWHULLGHILOWUDUHGHVFKLPEFH
%HQHVFXDSUH]HQWDWvQFDGUXOVLPSR]LRQXOXLOXFUDUHD DVLJXUILOWUDUHDDGHOLWULDSEDWHULH&DHOHPHQWH
FX WHPD)LWRWHUDSLD DIHFLXQLORU DFXWH SH WLPSXO GHQRXWDWHDXIRVWSUH]HQWDWHEDWHULDGHGHVDOLQL]DUHD
VXSUDYLHXLULLvQL]RODUH(IHFWHEHQHILFHLWR[LFHDVXSUD DSHLFHSRDWHSRWDELOL]DSkQODOLWULGHDSUDLDGH
RUJDQLVPXOXL DSGXOFHGLQWUXVDGHVXSUDYLHXLUHvQSDFKHWHGH
/DVHPLQDUXOGHOD.DUOVERUJGHVIXUDWvQOXQD OLWULFXSXQJLFRPSDUWLPHQWDWHDPLOLOLWULDSILHFDUH
VHSWHPEULHSULPXORUJDQL]DWGHDUPDWDVXHGH] OLWULDSGXOFHUDLH]LSHUVRDQYHVWDGHVDOYDUH

19
 $0,17,5,$0,17,5,

FXUH]HUYGH&2LVXSDSFRVWXPXOL]RWHUPLJQLIXJ PDJD]LQH GUJXH WHUDVH FRFKHWH GHD OXQJXO

GLQ*RUHWH[FHVHvPEUDFSHVWHXQLIRUP1HDXPDL &DQDOXOXL*|WDFDUHWUHFHSULQRUDFXSODMHPLFLLXQ
IRVW SUH]HQWDWH XQHOH WLSXUL GH PLQH DQWLSHUVRQDO L SRUWIRDUWHIUXPRVQSDUWHDGHQRUGDRUDXOXLVHDIO
DQWLWDQF XWLOL]DWH vQ XOWLPHOH FRQIOLFWH ORFDOH OD DFHD 3DUFXO 1DLRQDO 7LYHGHQ 3HLVDMXO VOEDWLF ORFXULOH
YUHPH*ROI%RVQLD.RVRYRDFURUH[SOR]LHSRDWHIL IHUPHFWRDUH ERORYDQLL JLJDQW GLQ URF GH JUDQLW L
LQLLDWGHFWUHSLORLODVDXGXSDWHUL]DUH WUDVHHOHWXULVWLFHH[LVWHQWHIDFGLQ7LYHGHQXQXOGLQWUH
&HHDFHPDLPSUHVLRQDWvQVvQPRGGHRVHELW SDUFXULOHFHOHPDLIUXPRDVHGLQ6XHGLD
SHWLPSXOVHPLQDUXOXLDIRVWSDUWLFLSDUHDODDFWLYLWLD 'DU SH OkQJ WRDWH DFHVWHD .DUOVERUJ HVWH
FRPXQLWLLFLYLOHGLQ.DUOVERUJLVXVLQHUHDGHFDUHVH UHQXPLWSHQWUXFHWDWHDVDLPHQVFXRFLUFXPIHULQGH
EXFXUDUPDWDSHSODQORFDO$PUHPDUFDWODORFDOQLFL FLQFLNLORPHWULvQFRQMXUDWGHODFXO9lWWHUQSHODWXULOHGH
PkQGULD DFHVWRUD F vQ RUDXO ORU VH DIO FRDOD GH QRUG HVW L YHVW FRQVWUXLW vQ VHFROXO DO ;,;OHD OD
6XSUDYLHXLUHL5HJLPHQWXOGH+XVDUL DSUR[LPDWLYGHPHWULHVWGHRUD
3H WRDW GXUDWD GH GHVIXUDUH D VHPLQDUXOXL QWUXQD GLQWUH GXSDPLH]HOH SHWUHFXWH DLFL
SDUWHD VXHGH] D RUJDQL]DW vQ VDOD GH VSRUW D JD]GHOHQRDVWUHDXLQFOXVvQSURJUDPYL]LWDUHDFHOHEUHL
JDUQL]RDQHL .DUOVERUJ R H[SR]LLH FX PDWHULDOH L FHWLFDUHDGDWLQXPHOHORFDOLWLL
HFKLSDPHQWH PLOLWDUH SURGXVH GH GLIHULWH ILUPH GH &RQVLGHUDW XQ DGHYUDW PRQXPHQW DO HSRFLL
UHQXPH GLQ 6XHGLD 1RUYHJLD 68$ )UDQD 0DUHD WUHFXWH &HWDWHD .DUOVEHUJ HVWH XQXO GLQWUH FHOH PDL
%ULWDQLHL*HUPDQLD&XDFHVWSULOHMGHOHJDLHLURPkQH PDULLPDLELQHFRQVHUYDWHIRUWXULGLQ(XURSD$FHDVWD
L VD RIHULW GH FWUH SDUWHD VXHGH] R WUXV GH D IRVW FRQFHSXW vQ DQXO  vQ FRQIRUPLWDWH FX
VXSUDYLHXLUHLGHSULPDMXWRUXQSDFKHWLQGLYLGXDOGH GRFWULQD GH DSUDUH D YUHPLL FD V VHUYHDVF vQ
KUDQLRVHULHGHSURVSHFWHvQVRLWHGHFULOHGHYL]LW SULQFLSDO OD GHSR]LWDUHD GH DUPDPHQW PXQLLL L
DOHSURGXFWRULORU
'H DVHPHQHD OD
VROLFLWDUHD SULL URPkQH
SDUWHD VXHGH] D RIHULW R
GRFXPHQWDLH SULYLQG
FRPSOH[XO GH SROLJRDQH
SHQWUX LQVWUXLUHD PLOLWDULORU
FHUFHWDL L SRVLELOLWDWHD
YL]LWULL WXUQXOXL GH DQWUHQD
PHQW SHQWUX SDUDXWDUH
WUHQDMRU
'LVFXLLOH SXUWDWH FX
PLOLWDULL VXHGH]L QHDX RIHULW
GHWDOLL GHVSUH RUJDQL]DUHD
GRWDUHD L SUHJWLUHD
JUXSXOXL GH FHUFHWDUH GLQ
FDGUXO 5HJLPHQWXOXL GH
+XVDULGLVORFDWvQJDUQL]RDQD
.DUOVERUJ &X DFRUGXO SULL
JD]G DVSHFWHOH SULQFLSDOH
DOHVHPLQDUXOXLGHVXSUDYLH 
XLUH ED]D GH LQVWUXFLH L
WXUQXO GH SDUDXWDUH FX 9]XWvQQHY]XW)RUWUHDD.DUOVERUJ
XQHOH GHWDOLL GH FRQVWUXFLH  HFKLSDPHQWHPLOLWDUHLWRWRGDWvQFD]XOvQFDUH5XVLD
DUPDPHQWXO L WHKQLFD SUH]HQWDWH H[SR]LLD FX DULQYDGD6WRFNKROPXOVGHYLQFDSLWDODGHUH]HUYD
PDWHULDOH L HFKLSDPHQWH PLOLWDUH DX IRVW ILOPDWH GH 6XHGLHL XQ ORF GH VLJXUDQ SHQWUX IDPLOLD UHJDO
FWUH GHOHJDLD URPkQ 0DWHULDOHOH UH]XOWDWH DX IRVW JXYHUQ UH]HUYHOH GH DXU DOH %QFLL 1DLRQDOH L
SXVH OD GLVSR]LLD VSHFLDOLWLORU PLOLWDUL URPkQL SHQWUX ELMXWHULLOH&RURDQHL
VWXGLHUHDORULSHQWUXvPEXQWLUHDGRWULLXQRUED]H /RFXODIRVWVXJHUDWGHFWUH%DOW]DUYRQ3ODWHQ
GH LQVWUXLUH D FHUFHWDLORU L PRGHUQL]DUHD XQQRELOVXHGH]SROLWLFLDQIRVWRILHUGHPDULQFDUHD
HFKLSDPHQWHORUGHOXSW IRVWLQLLDWRUXOLGHDVHPHQHDPDQDJHUXOSURLHFWXOXL
'XSSULPDLHLUHvQRUDDPUPDVvQFkQWDLGH GHFRQVWUXFLHD&DQDOXOXL*|WD'LVSXQHUHDVWUDWHJLF
IUXPXVHHD QHDWHSWDW D ORFXOXL .DUOVERUJ HVWH XQ D ORFXOXL FHWLL vQ YHFLQWDWHD ODFXOXL 9lWWHUQ L D
RUDPLFGHDSUR[LPDWLYGHORFXLWRULVLWXDWvQWUXQ FRQVWUXFLHL &DQDOXOXL *|WD SUHFXP L GHVWLQDLD
PHGLX QDWXUDO IUXPRV SH PDOXO GH YHVW DO ODFXOXL IRUWXOXLvQFD]GHU]ERLODXFRQYLQVSHUHJHOH6XHGLHL
9lWWHUQ DO GRLOHD FD PULPH GLQ 6XHGLD GXS ODFXO &DURO DO ;,9OHD V LD GHFL]LD ILQDO /D  LXOLH 
9lQHUQLDOFLQFLOHDGLQ(XURSDLODPDUJLQHDGHHVWD FRQIRUP SURLHFWXOXL GH SODQ D vQFHSXW FRQVWUXFLD
SURYLQFLHL9lVWHUJ|WODQG2UDXOVHSUH]LQWFDRVDOE FHWLLEDVWLRQFDUHDIRVWSUHY]XWVVHILQDOL]H]HvQ
GHYLOHFXRYLDUHOD[DQWFDUHVHGHVIRDUvQWUXQ ]HFH DQL OD XQ FRVW GH GRX PLOLRDQH GH FRURDQH
PHGLX FRQIRUWDELO FX RDPHQL IRDUWH DPDELOL FX VXHGH]H &D XUPDUH D GH]YROWULL WLLQHL L D

20
 $0,17,5,$0,17,5,

SHUIHFLRQULL FRQWLQXH D WHKQLFLL GH OXSW vQ VSHFLDO /DvQFHSXWFHWDWHDDSXUWDWQXPHOHGH9DQQlV

DUPDPHQWXO GH DUWLOHULH SODQXULOH FHWLL DX IRVW GXSGHQXPLUHDSHQLQVXOHLFXDFHODLQXPHQDQXO
PRGLILFDWHvQUHSHWDWHUkQGXULLFRQVWUXFLDIRDUWHPXOW  FX RFD]LD LQDXJXUULL &DQDOXOXL *|WD UHJHOH
vQWkU]LDW$VWIHOILQDOL]DUHDOXFUULORUDGXUDWDSURDSH VXHGLHL &DURO DO ;,,,OHD D GDW &HWLL QXPHOH GH
QRX]HFLGHDQLLDFRVWDWGHDVHRULPDL .DUOVERUJvQRQRDUHDPHPRULHLWDWOXLVX&DURODO;,9
PXOW OHD
'LQ SDUWHD GH VXV D IRUWXOXL VH SRW YHGHD WUHL 'XSFHDPIRVWLQIRUPDLFXDVSHFWHOHLVWRULFH
DOLQLDPHQWH GH DSUDUH FRQVWUXLWH SHQWUX D SURWHMD DVXSUDORFXOXLSHSDUFXUVXOXQHLRUHLMXPWDWHDP
&HWDWHD .DUOVERUJ =LGXULOH DX IRVW FRQVWUXLWH vQ XUPULWXQILOPGHDFLXQHLQFLWDQWFXHIHFWHIDQWDVWLFH
SULQFLSDOGLQFDOFDUFDUHDIRVWWUDQVSRUWDWFXEDUFDGH LVXUSUL]HXLPLWRDUHFDUHQHDLQWURGXVvQDWPRVIHUD
OD%RUJKDPQDSUR[LPDWLYGHNPVXGHVW.DUOVERUJ HYHQLPHQWHORUYUHPLLSHWUHFXWHODPLMORFXOVHFROXOXLDO
VLWXDWSHSDUWHDFHDODOWDODFXOXL9lWWHUQ1XHVWHGH ;9,,,OHDDSRLDPYL]LWDWPX]HXOLDPIFXWRSOLPEDUH
PLUDUHFUHJHOH&DURODO;,9OHDDVWULJDWLURQLFvQWLPS vQMXUXO&HWLL.DUOVERUJ
FHLQVSHFWDSHQWUXSULPDGDWFHWDWHD&HHVWHIFXW -RKDQ 7KRUHQ FDVFDGRU VXHGH] D FRQFHSXW
GLQSLDWU"$PFUH]XWFDIRVWFRQVWUXLWGLQDXU DFHVWWXUSOLQGHDFLXQH'LQWURGDWDPIRVWLPSOLFDWvQ
)RUD GH PXQF D IRVW IRUPDW GLQ VROGDL ILOP3ULQWUHDOWHOXFUXULDPVLPLWSHSLHOHDPHDFXP
SUL]RQLHULGHU]ERLSXFULDLLYROXQWDULSURYHQLLvQ HVWHVILLVXEDVHGLXOLQDPLFXOXLVDOHUJLSULQWXQHOXUL
VSHFLDOGLQUkQGXOUDQLORUGLQvPSUHMXULPLFRRUGRQDL vQWXQHFRDVHODDYDQSRVWXULSULQWUXQIXPJURVSURYRFDW
GHPHWHXJDULFDOLILFDL3HUVRQDOXOGHSD]DFRQVWDW GHIRFXOGHDUWLOHULHLGHSUDIXOGHSXFvQWLPSFH
GLQVROGDLGLQGLIHULWH DX]HDP KXUXLWXO
]RQHDOHULL WXQXULORU L USLWXO
0DLPXOWHGLQWUH IRFXULORU GH DUP GDU
FOGLULOH GLQ LQWHULRUXO L FRPHQ]LOH
IRUWLILFDLHLVXQWFRQVL FRPDQGDQLORU GH
GHUDWH PRQXPHQWH GLIHULWH UDQJXUL L
LVWRULFH 2 DVWIHO GH VWULJWHOH GH GXUHUH
FOGLUHHVWH6OXWYlUQHW DOH UQLLORU 3ULQWUH
FOGLUHD SULQFLSDO D DFLXQLOH GH OXSW OD
FHWLL  VLWXDW SH FDUHDPSDUWLFLSDWDP
ODWXUD GH VXG FDUH Y]XW R H[SR]LLH
DUH  GH PHWUL LQWHUHVDQW FX PHGLXO
OXQJLPH ILLQG XQD DXWHQWLFDODQLORU
GLQWUH FHOH PDL OXQJL ,PDJLQLOH FDUH PLDX
FOGLUL GLQ (XURSD UPDV vQ PLQWH VXQW
*URVLPHD ]LGXULORU QFURD]LHUSHODFXO9lWWHUQ OHJDWH GH ELURXO
HVWH GH  P vQ FRPDQGDQWXOXL
SDUWHDGHVXGLPXOWPDLVXELUHvQSDUWHDGHQRUGD FDPHUD DGPLQLVWUDWRUXOXL  FX WXQXO vQ FDPHUD GH ]L
FOGLULL'HDVHPHQHDFOGLUHDHVWHSUHY]XWFX FDVD%QFLL1DLRQDOHD6XHGLHLXPSOXWFXVXWHGH
GHFUHQHOXULSHQWUXDUPHOHGHIRFLFXWUHLWXUQXUL OLQJRXULGHDXUGHSR]LWXOGHPXQLLLVDODGHvQWUHLQHUH
QWLPSSURLHFWXODGHYHQLWGHPRGDWvQPDWHULHGH L UHSDUDW DUPDPHQW  GRWDW FX PHVH GH OXFUX L
DSUDUHLFDXUPDUHDVFKLPEULLVWUDWHJLHLGHU]ERLD PDWHULDOHGHvQWUHLQHUHGRUPLWRUXOFXSPkQWSHMRV
6XHGLHL GH H[HPSOX U]ERLXO &ULPHHL  FXSDWXULGHOHPQVXSUDSXVHSHWUHLQLYHOHFXSDLHvQ
7RWXLFHOHPDLPXOWHGLQWUHFOGLULDXUPDVvQSODQOD ORF GH VDOWHD vQ FDUH PLOLWDULL VH RGLKQHDX HFKLSDL
VWDUHD ORU LQLLDO /D QRUG GH ]RQD IRUWLILFDLHL D IRVW DYkQGSXWLOHDJDWHGHYkUIXOSDWXOXL
FRQVWUXLWvQDQXO3DYLOLRQXO5HJDOLVSLWDOXOLDUvQ 'XSDFHVWWXUGHIRUDPIRVWLQYLWDLGHFWUH
DQXOVDILQDOL]DWvQSDUWHDFHQWUDODFHWLL&DVD JD]GHVQHSRWROLPVHWHDFXREHUHDXWRKWRQGHFHD
&RPDQGDQWXOXL Q  D IRVW WHUPLQDW L %LVHULFD PDLEXQFDOLWDWH
*DUQL]RDQHL$FHDVWDHVWHVLWXDWvQFOGLUHDSULQFLSDO Q]LOHOHXUPWRDUHXQPRPHQWVSHFLDOvQFDGUXO
D FHWLL SH ODWXUD GH VXG OD HWDMXO GRL GHDVXSUD VHPLQDUXOXL OD FRQVWLWXLW FURD]LHUD IFXW SH ODFXO
0X]HXOXL&HWLL%LVHULFDHUDGHVWLQDWLFDVDOGH 9lWWHUQ GH IRUPD XQXL GHJHW OXQJ VLWXDW OD  P
HGLQHSHQWUX3DUODPHQWL*XYHUQvQFD]GHU]ERL GHDVXSUDQLYHOXOXLPULLDYkQGVXSUDIDDGHNP
VDXYUHPXULGHFUL]&DQGHODEUXOGLQELVHULFIRUPDW OXQJLPHDGHNPOLPHDGHNPLDGkQFLPHD
GLQ  GH EDLRQHWH vQ ORF GH SULVPH GH FULVWDO PD[LPGHGHPHWULYHVWLWSHQWUXDSDGHRVHELWGH
VLPEROL]HD]SULQFRURDQDGHDXUGLQSDUWHDGHVXV OLPSHGH&XDFHDVWRFD]LHQLVDSUH]HQWDWSHYLXFXP
SXWHUHD UHJDO EDLRQHWHOH  SXWHUHD PLOLWDU LDU VHFRPSRUWHFKLSDPHQWXOGHVDOYDUHLQGLYLGXDOLGH
ODQXULOHUHSUH]LQWSUL]RQLHULL JUXS GDU L UHFXSHUDUHD PLOLWDULORU QDXIUDJLDL FX
&HWDWHDDIRVWSURLHFWDWVDVLJXUHFD]DUHDXQXL DMXWRUXOHOLFRSWHUXOXL
QXPU FXSULQV vQWUH  L  GH RDPHQL 'LQ 'DUVXUSUL]HOHQXVDXRSULWDLFL$VWIHOvQWUXQD
IHULFLUH DFHDVWD QX D IRVW QLFLRGDW IRORVLW SHQWUX GLQWUH DFHOH ]LOH VXSHUEH GH VHSWHPEULH JD]GHOH
GHVWLQDLDVDLQLLDO7RWXLvQWLPSXOFHOXLGHDO'RLOHD QRDVWUH QHDX RIHULW FkWHYD RUH GH UHOD[DUH SH XQD
5]ERL0RQGLDODXIRVWGHSR]LWDWHDLFLUH]HUYHOHGHDXU GLQWUHDWUDFLLOHWXULVWLFHGLQ6XHGLD&DQDOXO*|WD
DOHULL

21
 $0,17,5,$0,17,5,

&DQDOXO WUDYHUVHD] DUD L HVWH URGXO XQXL YLV SULHWHQL8QLLGLQWUHHLQHDXRIHULWLQYLWDLLGHDSDUWLFLSD

OXQJ GH  GH DQL SHQWUX D OHJD 0DUHD 1RUGXOXL OD L OD DOWH DFWLYLWL GH DFHVW JHQ vQ DUD ORU &HD PDL
YHVW FX 0DUHD %DOWLF OD HVW SULQ LQWHUPHGLXO FHORU WHQWDQW PL VD SUXW LQYLWDLD IFXW GH FWUH
GRXPDULODFXUL9lQHUQL9lWWHUQILLQGXQXOGLQWUHFHOH UHSUH]HQWDWXO(OYHLHL$FHVWDQHRIHUHDSRVLELOLWDWHDGH
PDL PDUL SURLHFWH GH LQJLQHULH FLYLO GHVIXUDWH DSDUWLFLSDFXGRLRILHULJUDGXOPLQLPFSLWDQvQOXQD
YUHRGDW vQ 6XHGLD $FHVWD HVWH R FDOH QDYLJDELO GHFHPEULH  OD &XUVXO GH LQWHUYHQLH vQ FD] GH
DUWLILFLDOOXQJGHGHNPDYkQGOLPHDFXSULQV FDODPLWDWHFXGXUDWDGH]LOH2DOWLQYLWDLHQHDIRVW
vQWUHPLDGkQFLPHDPD[LPGHDSUR[LPDWLYP DGUHVDWGHFWUHHIXOGHOHJDLHLGLQ0DUHD%ULWDQLH
FXXQWRWDOGHGHVWYLODUH]JD]XULGHSLDWU'LQ
DFHDVWGLVWDQGHNPDXIRVWH[FDYDLPDQXDOLDU
NPVXQWUHDOL]DLGHODFXULOHSULQFDUHWUHFH&DQDOXO
/XFUULOHDXvQFHSXWSHDSULOLHFXSDUWHDGH
YHVWD&DQDOXOXLLDUGXSGHDQLSHVHSWHPEULH
DIRVWLQDXJXUDWvQDQVDPEOXOVXPSUHXQFX
&DQDOXO 7UROOKlWWH &DQDOXO *|WD IDFH OHJWXUD vQWUH
*|WHERUJ L 6WRFNKROP vQOHVQLQG FRPXQLFDLD L SH
DSSULQLQWHULRUXOULLGLQWUHFHOHGRXSRUWXULPDULDOH
6XHGLHL
$FHVWDGRUHDVSDUWLFLSPvQDQXOODXQVHPLQDU
GH VXSUDYLHXLUH DYkQG FD RELHFWLY SULQFLSDO
SUH]HQWDUHDPRGXOXLGHLQVWUXLUHSURSULXSULYLQGWUDLXO
vQ FRQGLLL GH L]RODUH SH WLPSXO GHSODVULL L GXS
HYDGDUHDGLQODJUXOGHSUL]RQLHUL&XDFHDVWRFD]LH
XUPD V VH RUJDQL]H]H L R H[SR]LLH FX YkQ]DUH GH
SURGXVHVSHFLILFHFHSRWILIRORVLWHSHWLPSXOXQRUDVWIHO
GHDFLXQL
7RDWH DFHVWH OXFUXUL P UHIHU OD SURJUDPXO
JHQHUDO DO FXUVXOXL GLQ (OYHLD L DO VHPLQDUXOXL GLQ
&OWRULD vQWUH .DUOVERUJ L 7|UHERGD 0DUHD %ULWDQLH SUHFXP L DOWH LQLLDWLYH FX SULYLUH OD
DSUR[LPDWLYGHNPQRUGYHVW.DUOVERUJXQDGLQWUH vPEXQWLUHD ED]HL PDWHULDOH GH LQVWUXFLH D
FHOHPDLIUXPRDVHSULDOHFDQDOXOXLVDIFXWFXQDYD
GHFURD]LHU6DQG|QRELMXWHULHGHYDSRUFRQVWUXLWvQ
DQXO  DSDULQkQG $GPLQLVWUDLHL 1DLRQDOH GH
7UDQVSRUW L GH 1DYLJDLH VXHGH]H  L D GXUDW
DSUR[LPDWLY FLQFL RUH 'XS FkWHYD PLQXWH LHLP GLQ
SRUW L R OXP VSUH QRUG 3OXWLP OLQLWLW SULQ *ROIXO
%RWWHQVM|Q6RDUHOHvLDUXQFFXSXWHUHUD]HOHDVXSUD
XQGHORUQHWHGHDOHODFXOXL$SRLWUHFHPSULQVWYLODUXO
GH OD )RUVYLN FHO PDL YHFKL L FHO PDL PDUH ]JD]
FHUFHWDLORU FRPSOH[H GH SROLJRDQH VDX GH
PRGHUQL]DUH D HFKLSDPHQWXOXL PLOLWDU DO DFHVWRUD
PRGDOLWLGHKUQLUHSHWLPSXOPLVLXQLORUVSHFLILFHLGH
GRWDUHFXWHKQLFVSHFLILFDXQLWLORUGHFHUFHWDUHGLQ
$UPDWD 5RPkQLHL DX IRVW SUH]HQWDWH FRQGXFHULL
0LQLVWHUXOXL$SUULL1DLRQDOHFDUHDDSUREDWDFHVWH
VROLFLWUL
7RWRGDWHIXO6WDWXOXL0DMRU*HQHUDOJHQHUDO
GH FRUS GH DUPDW &RQVWDQWLQ 'HJHUDWX L PLQLVWUXO
FRQVWUXLWvQDQXO&DQDOXOGHYLQHvQJXVWLQFLWDQW
FXVFKLPEULEUXWHGHGLUHFLH9DSRUXOSOXWHWHvQFHW
SULQWUH LQVXOH QDYLJkQG FX PDUH JULM 'XS FkWHYD
PDQHYUHLHLPvQODFXO9LNHQSOXWLQGFXRYLWH]PDL
PDUH GHFkW SULQ FDQDO &OWRULD QRDVWU D FRQWLQXDW
vQWURDWPRVIHUOLQLWLWRDUHvQWLPSFHOXDPPDVDGH
DSUULL QDLRQDOH 6RULQ )UXQ]YHUGH DX DSUREDW
SDUWLFLSDUHD XQXL SLORW PLOLWDU GLQ FDGUXO FROLL GH
6XSUDYLHXLUHD)RUHORU$UPDWH6XHGH]HvQOXQDLXOLH
vQ5RPkQLDSHQWUXSUH]HQWDUHDXQRUSUREOHPH
GH VSHFLDOLWDWH SH WLPSXO &XUVXOXL GH VXSUDYLHXLUH
RUJDQL]DW GH FWUH 6WUXFWXUD GH &HUFHWDUH D 6WDWXOXL
SUkQ]LVDYXUDPSUHSDUDWHOHGLQEXFWULDORFDO$SRL
YDSRUXO DOXQHF OLQ GHD OXQJXO FDQDOXOXL SULQWUXQ
SHLVDM FX SULYHOLWL SLWRUHWL IHUPHFWRDUH FDUH QHD
vQVRLWDSUR[LPDWLYNPGHOD7lWRUSOD7|UHERGD
7UHFHUHD SULQ VWYLODUXO GH OD 7lWRUS FX GHVFKLGHUH
0DMRU*HQHUDO-&HUFHWDUHOD&HQWUXOGH3UHJWLUH
D )RUHORU 6SHFLDOH GLQ VWUXFWXUD %DWDOLRQXOXL 
&HUFHWDUH%X]XFXSLORLLPLOLWDULURPkQL'LQSFDWH
SLORWXOVXHGH]QHDFRPXQLFDWvQSUH]LXDSUH]HQWULLvQ
5RPkQLDFGLQFDX]HPHGLFDOHQXPDLSRDWHRQRUD
PDQXDO HVWH XQ SURFHV GHRVHELW GH IDVFLQDQW PDL LQYLWDLDSULLURPkQH
DOHVFDPGDWLQRLRPkQGHDMXWRUODvQFKLGHUHDLOD 3HQWUX VSULMLQXO SH FDUH ODP SULPLW SH WLPSXO
GHVFKLGHUHD VWYLODUXOXL 'HD OXQJXO FOWRULHL DP SUH]HQHL QRDVWUH vQ 6XHGLD IRORVHVF L DFHDVW
WUHFXW GH OD DOWLWXGLQHD GH  P GHDVXSUD QLYHOXOXL PRGDOLWDWHFDVPXOXPHVFvQFRGDWDPEDVDGHL
PULL vQ .DUOVERUJ OD  OD )RUVYLN L OD 7lWRUS 5RPkQLHL GH OD 6WRFNKROP L DWDDWXOXL PLOLWDU FRO
DMXQJkQGODPOD7|UHERGD *KHRUJKH1RFDSHDWXQFLDFUHGLWDWvQ'DQHPDUFD
7|UHERGD HVWH VLWXDW DSURDSH OD MXPWDWHD $PUPDVFDvQDWkWHDDOWHUkQGXULLPSUHVLRQDW
GLVWDQHL GLQWUH .DUOVERUJ L 6M|WRUS H[WUHPLWDWHD GH SUHXLUHD vQWUHJLL SRSXODLL PLOLWDUL L FLYLOL ID GH
YHVWLFD&DQDOXOXL*|WDVLWXDWODDSUR[LPDWLYNP GDUXULOH QDWXUDOH FX FDUH D IRVW vQ]HVWUDW 6XHGLD L
QRUGYHVW GH .DUOVERUJ SH PDOXO GH HVW DO ODFXOXL KRWUkUHD FX FDUH DFHWLD FRQIRUP GRFWULQHL PLOLWDUH
9lQHUQ FHO PDL PDUH ODF GH VXSUDID GLQ 6XHGLD L QDLRQDOHGRUHDXLVHSUHJWHDXVvLDSHUHDUD
FDUHVHDIOODPGHDVXSUDQLYHOXOXLPULL'HOD $P VLPLW WRWRGDW XULDXO L LPSUHVLRQDQWXO
7|UHERGDQHDPvQWRUVOD.DUOVERUJvQPLH]GHQRDSWH UHVSHFWSHFDUHSRSXODLDvODFRUG$UPDWHL
FXDXWRFDUXO3OLPEDUHDSH&DQDOXO*|WDDIRVWRPDUH
vPSOLQLUHSHFDUHRSVWUH]PHUHXvQVXIOHW
8QDOWPRPHQWVSHFLDOvQFDGUXOVHPLQDUXOXLOD
FRQVWLWXLWVHDUD]LOHLGHVHSWHPEULHIHVWLYLWDWHD
GHvQFKLGHUHDOXFUULORU&XDFHVWSULOHMSDUWHDVXHGH]
D RIHULW R PDV RILFLDO L PD GHVHPQDW SH PLQH V
URVWHVFXQGLVFXUVvQQXPHOHWXWXURUULORUSDUWLFLSDQWH
3H WLPSXO VHPLQDUXOXL QHDP IFXW QXPHURL

22
 ,6725,(63(&,$/

778&8/
$18
Q LXQLH  8566 D SXV vQ DSOLFDUH
SUHYHGHULOH3DFWXOXL5LEEHQWURS0RORWRYLDRFXSDW
%DVDUDELDQRUGXO%XFRYLQHLLLQXWXO+HUDGXSFH
DWUDQVPLVRQRWXOWLPDWLY5RPkQLHL0XOLURPkQL
GLQDFHVWH]RQHEQXLQGFHQHFD]XULvLSkQGHVFVXE
RFXSDLDVRYLHWLFVDXUHIXJLDWvQ]RQHOHURPkQHWL
QHRFXSDWH
/RFRWHQHWXO 0LKDLO DQX QX HUD XQ RDUHFDUH
RILHU GH LQIDQWHULH GLQ DUPDWD URPkQ FL ILXO
vQYWRUXOXLEDVDUDEHDQ9DVLOHDQXIRVWSULPDUDO
&KLLQXOXLLGHSXWDWvQ6IDWXOULLODFkQGVD
YRWDW XQLUHD %DVDUDELHL FX 5RPkQLD 7kQUXO
PROGRYHDQDIRVWIRUPDWVXIOHWHWHvQWURDWPRVIHU
GHSURIXQGWULUHDYDORULORUWUDGLLRQDOHURPkQHWL
&DOYDUXORFXSULL%DVDUDELHLDYHDVOPDUFKH]H
SURIXQG SH DQX WUDQVIRUPkQGXO vQWUXQ GXPDQ
vQYHUXQDW DO EROHYLVPXOXL Q LXQLH  HO D
UVSXQVDSHOXOXLJHQHUDOGHDVHvQURODYROXQWDUvQ
WUXSHOHURPkQHGHSDUDXWLWL&XQRVFWRUGHOLPE
UXVVXSXVXQHLVHOHFLLODVkQJHDXLPLWDVLVWHQDOD
SURED WHRUHWLF FX UVSXQVXO VX VLQFHU OD
vQWUHEDUHD'HFHOXSWPQRLFRQWUDEROHYLVPXOXL"
 3DUDXWLVWLDJHQWVHFUHW
$RELQXWEUHYHWXOGHSDUDXWLVWvQRFWRPEULHC
&DOLWLOHVDOHLQWHOHFWXDOHODFDUHVDXDGXJDWFHOH
IL]LFHGHLPLFGHVWDWXUODXDMXWDWVXUFHUHSHGH
WUHSWHOHLHUDUKLHLQWUHWLPSVXSHULRULLODXWUHFXWOD
FRPDQGDSORWRQXOXLFXPLVLXQLVSHFLDOHGHVWLQDWV
H[HFXWH PLVLXQL vQ VSDWHOH IURQWXOXL LQDPLF 'H
UHPDUFDW F XQD GLQ FRQGLLLOH REOLJDWRULL GH D IDFH
SDUWHGLQDFHDVWVXEXQLWDWHHUDFXQRDWHUHDIRDUWH
ELQHDOLPELLPDJKLDUHVDXUXVH
6SUHILQHOHDQXOXLDQXDSULPLWPLVLXQHD
GHLQILOWUDUHLFXOHJHUHGHLQIRUPDLLvQ]RQD2GHVVHL
&RORQHOUGU0LUFHD71$6(
 7WXFXOHUD'XPQH]HXOQRVWUX
,XELW L VWLPDW SHVWH DWHSWUL VXERUGRQDLL vL
VSXQHDX vQ SDUWLFXODU 7WXFXO LDU D]L YHWHUDQLL vL
DPLQWHVFGHDFHVWEUDYRILHUFDILLQGXQ'XPQH]HXDO
ORU
8QLWDWHD LD GH]YROWDW HIHFWLYHOH PDL vQWkL vQ
YDUD OXL  SULQ vQILLQDUHD FRPSDQLHL FRPDQG
DSRL vQ DQXO XUPWRU D DOWRU VXEXQLWL &SLWDQXO
DQX D SULPLW FRPDQGD FRPSDQLHL GH PLVLXQL
VSHFLDOH vQ  3H IURQW SDUWHD GH QRUGHVW D
5RPkQLHLXUPDVGHYLQGLQQRXWHDWUXGHDFLXQL
PLOLWDUH 6H ]YRQHD F $QWRQVFX LQWHQLRQD V
IRORVHDVF %DWDOLRQXO GH 3DUDXWLWL vQ VSDWHOH
IURQWXOXLvQQRLHPEULHDFHODLDQ
$SOLFkQG PRGHOXO GH LQVWUXFLH JHUPDQ QRXO
FRPDQGDQW D SXV OD SXQFW XQ ULJXURV SURJUDP GH
SUHJWLUH vQ VSHFLDO D SURDVSHLORU YROXQWDUL 0XOL
GLQWUHHLQXVULVHUQLFLRGDWFXSDUDXWDLvQDIDU
GHFkWHYDH[FHSLLQXDYHDXH[SHULHQGHOXSW
3HQWUXSULPDGDWSDUDXWLWLLGLQVXERUGLQHDOXL
DQX DX IRVW LQLLDL vQ DFLXQL JHQ FRPDQGR
3URJUDPXOvQFHSHDFXDOHUJDUHDGHODGHWHSWDUHL
VH WHUPLQD FX PHUVXO OD FXOFDUH vQ SDV DOHUJWRU
3UHJWLUHD HUD R DGHYUDW EDQG UXODQW GH OD
PHWRGHOHGHLPSURYL]LRQDUHLIRORVLUHDH[SOR]LELOLORU
FXQRDWHUHDWXWXURUFDWHJRULLORUGHDUPDPHQWSkQ
ODYLFOHQLDGHWLSLQGLDQFRQGXFHUHDXQHLORFRPRWLYH
D XQXL WDQF EORFDUHD XQXL WXQ GHVFKLGHUHD XQHL
EURDWHIUFKHLHLWRWIUFKHLHSRUQLUHDRULFUXLIHO
GHPDLQWRDWHDFHVWHDILLQGvQYDWH]LOQLFFXGRDU
RSDX]SHQWUXSUkQ]OXDWODUHSH]HDO
'H PXOWH RUL vL YHULILFD VXERUGRQDLL SH YLX
FUHkQGXOH VLWXDLLOLPLW VDX WULPLkQGXL vQ PLVLXQL
GHVDERWDMODGLIHULWHRELHFWLYHGLQ%XFXUHWL3DODWXO
DFRORXQGH&RUSXO$UPDWURPkQRFXSDSR]LLLOHGH 7HOHIRDQHORU8]LQHOH0DOD[DHWF2ILHUXOSDUDXWLVW
OXSW OHDLQVXIODWOXSWWRULORUVLFRQYLQJHUHDFvQU]ERL

23
,6725,(63(&,$/
YLDDLWLPSXOVXQWGRXGLDPDQWHOHIXLWH&XFkWYRU
WUDQVSLUDPDLPXOWODLQVWUXFLHFXDWkWPDLSXLQYRUIL
H[SXLULVFXOXLGHDILXFLLvQOXSW
3HIURQWvQVOXFUXULOHVDXSUHFLSLWDWLDULQLLDWLYD
DFLXQLORUDQWLVRYLHWLFHDIRVWVXVSHQGDW
SULPLWvQVLDXUPDVFXJXVWXODPDUDOQHSXWLQHLvQ
IDDWYOXJXOXLFDUHYHQHDGHODUVULWQSULPYDUD
OXL  YRU IL HL vQLL YLFWLPHOH FLXPHL URLL FkQG
EDWDOLRQXO ORU YD IL GHVILLQDW 6SLULWXO GH FRUS D
VXSUDYLHXLW vQV L YHWHUDQLL SDUDXWLWL FROHJL VDX
 %RWH]XOIRFXOXL
Q LXQLH  %DWDOLRQXO GH 3DUDXWLWL
FRPDQGDWGHPDLRUXO7HRGRU1'REUHDIRVWGLVORFDW
OD&XUWHDGH$UJHSHQWUXDSOLFDLLWDFWLFHVSHFLDOH
$LFLVDFRQVWLWXLWWRWRGDW'HWDDPHQWXORSHUDWLY
FDUHDDYXWvQFRPSXQHUHDVDPDLPXOWGHMXPWDWH
GLQ HIHFWLYXO XQLWLL R FRPSDQLH FRPDQG GRX
FRPSDQLL GH SDUDXWLWL R FRPSDQLH GH DUPDPHQW
JUHX XQ SOXWRQ GH PLVLXQL VSHFLDOH L R JUXS
FRPDQG/DFRPDQGDGHWDDPHQWXOXLDIRVWQXPLW
FSLWDQXO0LKDLODQX'HWDDPHQWXODIRVWGHVWLQDW
V DVLJXUH VLJXUDQD &DSLWDOHL FD HOHPHQW GH
LQWHUYHQLHLPHGLDW
/D  DXJXVW RUHOH  QRXO PLQLVWUX
VXEVHFUHWDU GH VWDW DO $HUXOXL JHQHUDOFRPDQGDQW
DYLDWRU (UPLO *KHRUJKLX D RUGRQDW SXQHUHD
GHWDDPHQWXOXL vQ VWDUH GH DODUP L LQWHUYHQLD OD
RELHFWLYH SHQWUX DSUDUHD &DSLWDOHL $FLRQkQG
GLVSHUVDWSDUDXWLWLLDXDVLJXUDWVHFXULWDWHDVHGLLORU
6XEVHFUHWDULDWXOXL GH 6WDW DO $HUXOXL L
&RPDQGDPHQWXOXL $SUULL $$ DX DSUDW
DHURGURPXULOH %QHDVD 3LSHUD L %RWHQL DX
GH]DUPDW VXEXQLWLOH JHUPDQH GLQ VDWHOH 3LSHUD
+HUVWUXL%QHDVDDXDUHVWDWRILHULLQHPLFD]DL
VXERUGRQDLGHDLOXLDQXvOSVWUHD]LDVW]L
 3UHGDLOSHDQX
/DSRDUWDXQLWLLGLQ3DQWHOLPRQDXVRVLWSH
VHSWHPEULH  GRX FDPLRDQH vQFUFDWH FX
VROGDLVRYLHWLFLFDUHDXFHUXWFXLQVLVWHQSUHGDUHD
vQ VSHFLDO D OXL DQX L D UHIXJLDLORU EDVDUDEHQL
IDVFLWLGHDLOXL$QWRQHVFX
DQXvQVLDSUHJWLWGLQWLPSGLVSDULLDWLLQG
FYDILFXWDWHOVDDVFXQVSHQWUXRYUHPHGHSDUWH
GH%XFXUHWL$WUDQVPLVVXERUGRQDLORUVLUPDLvQ
FD]DUP vQGHPQXO GH D VH vQVFULH vQ 6LJXUDQD
6WDWXOXLLvQSDUWLGXOFRPXQLVWVDMXQJFkWPDLVXV
GDULDDPHQLQDWVLQPLQWHFDWXQFLFkQGHOOHYD
WULPWHXQRUGLQVQXXLWHFVXQWURPkQL
&XDMXWRUXOXQRUVXERUGRQDLGHvQFUHGHUHIRVWXO
FRPDQGDQWGHFRPSDQLHDUHXLWVLQWUHvQSRVHVLD
XQHL FDQWLWL DSUHFLDELOH GH DUPDPHQW L PXQLLH
GHSR]LWkQGR PDL vQWkL vQWUR ORFXLQ GH SH VWUDGD
$QD,SWHVFXQUDSRLSULQRPXOVXGHvQFUHGHUH
DGMXWDQWXOHI SDUDXWLVW ,RQ &UXX DUVHQDOXO D
IRVWWUDQVSRUWDWOD*HDPQDMXGHXO$UJH
0LFDUHD1DLRQDOGH5H]LVWHQGHLILUDYL
OLSVLWGHVXVLQHUHSHPVXUDRELHFWLYHORUDVXPDWH
LDSURSXVvQFGHODvQFHSXWLPHGLDWGXSPDUWLH
OD KRWHOXULOH %DYDULD 3ULQFLDU :LOVRQ ([FHOVLRU L
$PEDVDGRU
Q -XUQDOXO GH U]ERL DO EDWDOLRQXOXL XQGH D
UHODWDW SH ODUJ PLVLXQLOH GH OXSW FRQGXVH GH HO
RILHUXOFRQVHPQD(SUHDSXLQGLQDGHYUXOFOLSHORU
 DOXQJDUHD WUXSHORU VRYLHWLFH GLQ 5RPkQLD
SVWUDUHDWUDGLLLORUQDLRQDOHLUHYHQLUHDULLODXQ
UHJLPGHPRFUDWLF
$GHUDUHD OXL DQX OD UH]LVWHQD DUPDW
vPSRWULYDFRPXQLVPXOXLQXDIRVWXQDFWGHDYHQWXU
WULWHvQFHOHFLQFL]LOHDXJXVWQQGHOXSWH FLRGDWRULHIDGHSRSRUXOURPkQLDUGDFLQLLDWLYHOH
DSULJH FH QHDX vQIULW VXIOHWHWH WUHFkQG SHVWH VDOH vQ FDGUXO 015 DOWXUL GH DOL FDPDUD]L
GLIHUHQH GH JUDG WUHFkQG SHVWH RULFH FRQLYHQH SDUDXWLWL 9LFWRU 6DVVX 9DVLOH 1HHD L FKLDU
&HHDFHDPWULWQRLDWXQFLQLPHQLQXYDSXWHDUHGD
YUHRGDW RULFkW GH PLDVWU LDU IL SDQD 8Q OXFUX
UPkQHFODUvQFRQFHUWXOGLQDXJXVWDQXD
IRVWYLRDUDvQWkLDEDWDOLRQXOXLGHSDUDXWLWL2VSXQ
FX YHQHUDLH YHWHUDQLL L R GRYHGHVF LQFRQWHVWDELO
GRFXPHQWHOHYUHPLL
 &RPDQGRSHQWUX0DUHDO
6XQWFXQRVFXWHvQJHQHUDOFRQGLLLOHvQFDUHVD
SURGXV DUHVWDUHD PDUHDOXOXL ,RQ $QWRQHVFX L D
FRODERUDWRULORU VL DSURSLDL OD  DXJXVW  /D
PLH]XOQRSLLDUHVWDLLDXIRVWSUHGDLXQRUOXSWWRUL
GLQJU]LOHSDWULRWLFHFRQGXLGH(PLO%RGQUDFDUH
HQLJPDWLFD 6PDUDQGD %UHVFX QX DX IRVW
PDWHULDOL]DWH GHL DU IL GDW XQ SOXV GH FRQFUHWHH
DFHVWHL DFLXQL vQGU]QHH XQ DGHYU UPkQH GH
QHWJGXLWDQXDIRVWXQPDUHSDWULRW,DUSHQWUX
OLEHUWDUHDULLLDSLHUGXWODUXOHWDUXVHDVFSURSULD
OLEHUWDWH
 $FLXQHD3DUODPHQWDULL
3RDWH FHD PDL VXJHVWLY SHQWUX LQWHQLLOH VDOH
QHOPXULWH vQF vQ WRWDOLWDWH D IRVW PLVLXQHD GLQ
GHFHPEULH  FkQG vO UHJVLP vQ DPLQWLULOH
DGMXWDQWXOXL DYLDWRU 'XPLWUX 0DULQHVFX VHULDOXO 8Q
3DSLOORQ URPkQ SXEOLFDW vQ UHYLVWD 9LDD
FXXQDXWREX]DOEDWDOLRQXOXLGHSD]LDXGXVvQWUR
FDVFRQVSLUDWLYDSDUWLGXOXLFRPXQLVWGLQFDUWLHUXO
9DWUD/XPLQRDV
,PHGLDW GXS DUHVWDUHD PDUHDOXOXL JHQHUDOXO
*KHRUJKH -LHQHVFX FDUH vQF PDL HUD PLQLVWUX
DUPDWHL XQ RP GH vQFUHGHUH DO JHQHUDOXOXL
(UPLO *KHRUJKLX PLQLVWUXO DHUXOXL FXQRVFXW SHQWUX
DWLWXGLQHDVDDQWLVRYLHWLF
DQXDSULPLWVDUFLQDVDVLJXUHVHFXULWDWHDD
WUHL vPSXWHUQLFLL DL 2.:XOXL JHUPDQ SH WLPSXO
VXEVHFUHWDUGHVWDWDO$HUXOXLDDYXWLQLLDWLYDIRORVLULL HGHULLDFHVWRUDvQ5RPkQLDYHQLLvQPRGFODQGHVWLQ
GHWDDPHQWXOXL GH SDUDXWLWL SHQWUX HOLEHUDUHD SHQWUXDWHVWDSRVLELOLWDWHDLGHWHUPLQDUHDDUPDWHL
DFHVWXLD ,GHHD QD SULQV RSRUWXQLVPXO L URPkQHGHDvQWRDUFHDFWXOGHODDXJXVWDD
LPSURYL]DLD URPkQHDVF IFkQG vQF R GDW MRFXO ]LVDRSHUDLXQH'HWHSWDUHD3ULPYHULL1HPLLODX
DOWRUD3DUDXWLWLLOXLDQXDUILSXWXWVFKLPEDFXUVXO FRQWDFWDW SH JHQHUDOXO 1LFRODH 5GHVFX
LVWRULHLGDFDUILSULPLWRUGLQVDFLRQH]H1XODX SUHHGLQWHOH &RQVLOLXOXL GH 0LQLWUL SHQWUX D

24
 ,6725,(63(&,$/

FXQRDWHGDFDUPDWDURPkQHVWHJDWDVVXVLQR vQFKLVRDUH D WULW VXSOLFLXO WHPQLHORU FRPXQLVWH

FRQWUDRIHQVLY JHUPDQ SH IURQWXO GH YHVW SULQ UHIX]kQG V ILH UHHGXFDW $ UPDV YHKHPHQW SH
EORFDUHD WUHFWRULORU GLQ &DUSDL 2SHUDLD GH SR]LLDVDDQWLFRPXQLVWGHFODUkQGFVHQVXOYLHLLOXL
WUDQVSRUWDUHvQDSRLDDFHVWRUDSHVWHOLQLLOHVRYLHWR HVWHHOLEHUDUHD%DVDUELHLGHVXERFXSDLDVRYLHWLF$
URPkQH GLQ 7UDQVLOYDQLD L 8QJDULD D IRVW IRVWHOLEHUDWvQGDUQXDPDLDSXFDWVLYDG
FRQVHPQDWFXQXPHOHGHFRG3DUODPHQWDULL YLVXOvPSOLQLW$IRVWQHYRLWVVXSUDYLHXLDVFvQWUR
&HL WUHL HPLVDUL GHJKL]DL vQ PLOLWDUL 75 HUDX 5RPkQLHVWULQGHLGHDOXULOHVDOHGHGRULQDVDGH
5RODQG*XQQHHIXOVHUYLFLXOXLJHUPDQGHVSLRQDM OLEHUWDWH0DLPXOWDDFXPVHH[SULPDXQYHWHUDQ
SHQWUX(XURSDGH6XG(VW$QGUHDV6FKPLGWHIXO DQXGHYHQLVHRDLDQHDJUDSDUDXWLWLORUURPkQL 
HWQLHLJHUPDQHGLQ5RPkQLDLSURIHVRUXO&RQVWDQWLQ DUKLFXQRVFXWLEkUILWGHIRDUWHPXOLFRPXQLWL
6WRLFQHVFX  HPLJUDQW vQ *HUPDQLD vQ WLPSXO 8OWLPDSDUWHDYLHLLDSHWUHFXWRLQWXLWGHSDWXO
U]ERLXOXL RPXO GH OHJWXU DO JXYHUQXOXL URPkQ XQXL VSLWDO 9HFKLL FDPDUD]L ODX VXSUDYHJKHDW
IRUPDWvQH[LO SHUPDQHQW QWUXQD GLQ ]LOH D IRVW YL]LWDW FKLDU GH
&RQWUDLQIRUPDLLOH VRYLHWLFH DX IRVW IRDUWH *ULJRUH %DWDQ 'HL DX IFXW SDUWH GLQ VXEXQLWL
DSURDSH GH SULQGHUHD RILHUXOXL URPkQ L D GLIHULWH DOH EDWDOLRQXOXL GH SDUDXWLWL vQ SHULRDGD
SDUODPHQWDULORUOD%UDRYXQGHDJHQLLJHUPDQLDX  VH SDUH F QRXO OLGHU DO SDUDXWLWLORU
UHXLWVVHvPEDUFHvQWUXQDYLRQ+HQVFKHOFX PLOLWDUL URPkQL D DSUHFLDW vQWRWGHDXQD FDOLWLOH
GHVWLQDLD9LHQD$QLKLODUHDORUDDYXWORFOD0LQVNROF FDPDUDGXOXLVXEDVDUDEHDQ
8QJDULD Q  DQX VD VWLQV GLQ YLD )RWLL VL
/D SXLQ WLPS GXS FRQVXPDUHD DFHVWRU VXERUGRQDL DX VXSRUWDW WRDWH FKHOWXLHOLOH GH
HYHQLPHQWHvQDXGLHQDGLQPDUWLHODUHJHOH vQPRUPkQWDUH$GXQDL GH SULQ WRDWH SULOH ULL HL    
0LKDL,PDUHDOXO5RGLRQ0DOLQRYVNLFRPDQGDQWXO ODXFRQGXVSHXOWLPXOGUXPVSUHFLPLWLUXO&UPLGDULL
)URQWXOXLXFUDLQLDQL$,9kLQVNLSULPDGMXQFWDO GH -RV GLQ FDUWLHUXO EXFXUHWHDQ %HUFHQL 6H PDL
FRPLVDUXOXL SRSRUXOXL SHQWUX DIDFHULOH H[WHUQH DO SVWUHD] vQF vQ VFULSWHOH FLPLWLUXOXL QXPHOH VX
8566 VDX IRORVLW GH SUHWH[WXO SULQGHULL vQVORFXOPRUPkQWXOXLLFUXFHDGHODFSWkLVDX
SDUODPHQWDULORU PDQLIHVWkQGXL QHPXOXPLUHD F SLHUGXWGHPXOW
RILHULL URPkQL VDX GDW FX LQDPLFXO ILLQG SUWDL OD $PXULWXQSDUDXWLVWQHUYRVLDJHUFDUHDWUHFXW
SUHJWLUHDXQHLUVFRDOH SULQ YLD FD XQ VSDGDVLQ PHUHX vQ SR]LLH GH
 6DVWLQVXQVSDGDVLQ IDQGDUH $VW]L FD vQ DQLL U]ERLXOXL YHWHUDQLL vO
&SLWDQXOSDUDXWLVW 0LKDLO DQX D IRVW SULQV GLYLQL]HD] 3HQWUX FHL GH D]L FD L SHQWUX FHL GH
WUGDUH VDX LPSUXGHQ" vQ  L FRQGDPQDW PkLQHQXPHOHOXLDQXDUSXWHDILSXUWDWFXPkQGULH
SHQWUX LQIUDFLXQHD FDOLILFDW GH FRPSOLFLWDWH OD GHFWUHRXQLWDWHGHSDUDXWLWLVDXRSHUDLLVSHFLDOH
SVWUDUHDGHDUPDPHQWLPXQLLXQLIUDXWRUL]DLHL 5HJVLQGXQH SURSULD LGHQWLWDWH DP SXWHD DERUGD
SHQWUXFRPSORWDUHvQWUXGLVWUXJHUHDXQLWLLVWDWXOXL PDLXRULQFHUWLWXGLQLOHYLLWRUXOXL
6HFXULWDWHDGLQ5RPkQLDD
vQFHUFDW VO IRORVHDVF
vQWUR RSHUDLH IRDUWH ELQH
LQVWUXPHQWDW L DQX D
GDWGHvQHOHVFVHSXQHOD
GLVSR]LLD DFHVWHLD &D
DWDUH VH SDUH F D IRVW
DMXWDW V HYDGH]H L V
WUHDF FODQGHVWLQ JUDQLD
FXPLVLXQHDGHDDMXQJHOD
3DULV L D VH LQILOWUD vQ
UkQGXULOHPLOLWDULORUURPkQL
GLQ H[LO $LFL vQV LD
GHYRDODWPLVLXQHDFXFDUH
IXVHVHWULPLVGLQDULVD
SXVvQVOXMEDDFHVWRUD6D
RFXSDW GH LQVWUXLUHD XQRU
JUXSXULGHSDUDXWLWLFDUH
DX IRVW WULPLVH SH FDOHD
DHUXOXLvQ5RPkQLDSHQWUX *UXSGHRILHULSDUDXWLWLURPkQLQVWkQJDLPDJLQLLFSLWDQXO0LKDLDQX
DvQWULPLFDUHDGHUH]LVWHQ(OvQVXLDDFHSWDWV
ILHWULPLVFXPLVLXQHLQIRUPDWLYvQ5RPkQLDLGXSR
DGHYUDWDYHQWXU DWUDYHUVDW$XVWULDL8QJDULD
RFXSDWHGHWUXSHOHVRYLHWLFHDDMXQVvQ5RPkQLD6H
SDUHvQVFDIRVWWUGDWLDIRVWDUHVWDWGHRUJDQHOH &ULVWLDQ7URQFRW$UKLYHOHWRWDOLWDULVPXOXLQU


6HFXULWLL URPkQH &RQGDPQDW OD  GH DQL GH )ORULFD'REUH$OHVDQGUX'XX'LVWUXJHUHDHOLWHLPLOLWDUHURPkQHWL



25
 20$*,8&$0$5$'(5(6&

&RORQHOXOUWU6,0$0,&8
 6D QVFXW SH  RFWRPEULH
 vQ FRPXQD 2DUMD MXGHXO
$UJH
'XS DEVROYLUHD FXUVXOXL
SULPDUGHFODVHDXUPDWFXUVXO
GH DUWH L PHVHULL OD 3LWHWL L
FRDODGH2ILHULGH,QIDQWHULHGH
OD6LELX
Q DQXO  D XUPDW
FXUVXULOH$FDGHPLHL0LOLWDUHWLPS
GH  DQL DSRL LD GHVIXUDW
DFWLYLWDWH vQ FDGUXO 'LYL]LHL GH
9kQWRULGH0XQWHGHOD%UDRY'HDLFLvQDQXO
D IRVW VHOHFLRQDW SHQWUX 'LUHFLD ,QIRUPDLL Q
SHULRDGDDIRVWQXPLWDGMXQFWDODWDDWXOXL
PLOLWDUvQ7XUFLD
'XS vQFHWDUHD PLVLXQLL L vQDSRLHUHD vQ DU D
vQGHSOLQLWQXPDLIXQFLLSHOLQLHGHFHUFHWDUHvQFDGUXO
6HFLHL &HUFHWDUH OD 7UXSH RILHU  vQ %LURXO  L
0HGDOLRQXO
SUDFWLFODWUXSHLFDUHQHYRUEHDGHVSUH'LUHFLDGH
,QIRUPDLL 0LOLWDUH FD GHVSUH R LPDJLQH VDFU
0UWXULVHVF F FHUFHWDUHD SHQWUX PLQH FD
VSHFLDOLWDWH SUDFWLF DYHD GHVWXO GH PXOWH
QHFXQRVFXWH$PUHPDUFDWDWXQFLODFRORQHOXO6LPD
0LFXvQSULPXOUkQGLQXWDOXLLPSHFDELODH]DWSH
XQWUXSVXSOXFXWUVWXULGHDWOHW$YHQLWOD3OXWRQXO
GHFHUFHWDUHFDVQHFXQRDVFLVQHYRUEHDVF
GHVSUHVSHFLDOLWDWHDFHUFHWDUH)UXPXVHHDHLDVSU
WUHSWDWWUHSWDWDvQFHSXWVPLVHGH]YOXLHvQWRDW
VSOHQGRDUHDHLFkQGRILHUXO'LUHFLHLGH,QIRUPDLLD
$UPDWHL QHD YRUELW GHVSUH IDLPRVXO %DWDOLRQ 
FHUFHWDUH SULQ SDUDXWDUH GH OD %X]X GHVSUH DOWH
XQLWL GH SURILO GLQ DUPDW GHVSUH SUHRFXSULOH
6HFLHL FHUFHWDUH OD WUXSH GLQ 0DUHOH 6WDW 0DMRU SH
OLQLH GH VSHFLDOLWDWH L GHVSUH LPSRUWDQD VWXGLHULL
%XOHWLQXOXLLQIRUPDWLYDO$UPDWHLHGLWDWWULPHVWULDOGH
'LUHFLDGH,QIRUPDLLvQFDUHDYHDPSRVLELOLWDWHDV
JVLPGDWHGHLQWHUHVGHVSUHRUJDQL]DUHDLGRWDUHD
XOWHULRUHIDO%LURXOXLFHUFHWDUHvQGLVSR]LWLYDSRL FXWHKQLFGHOXSWDGLIHULWHORUXQLWLLPDULXQLWL
SULQWURGHFL]LHGHODFHOPDLvQDOWQLYHOFDELQHWXOvQ GLQ DUPDWHOH VWULQH GH OD QLYHO JUXS OD HDORQ
SHULRDGDOD&RPDQGDPHQWXO7UXSHORUGH DUPDWQILQDOFRORQHOXO6LPD0LFXQHDSRYHVWLWL
*UQLFHUL DIODW DWXQFL vQ VXERUGLQHD 0LQLVWHUXOXL XQHOH WULUL SHUVRQDOH SH WLPSXO PLVLXQLL FD DWDDW
$SUULL1DLRQDOHHIDO&HUFHWULL PLOLWDUDGMXQFWvQ7XUFLD$FHDVWvQWkOQLUHDDYXWXQ
$WUHFXWvQUH]HUYODSHQVLHvQDQXO LPSDFW PDMRU DVXSUD GHFL]LHL PHOH GH D GHYHQL
(VWH XQ PHPEUX DFWLY DO$VRFLDLHL 'LSORPDLORU FHUFHWDOD%&FLGHDOXFUDPDLDSRLvQ6HFLD
0LOLWDULvQ5H]HUYLvQ5HWUDJHUHLPHPEUXRQRULILF FHUFHWDUHODWUXSHGLQ'LUHFLD,QIRUPDLL0LOLWDUH
OD IHO GH DFWLY DO $VRFLDLHL &HUFHWDLORU 0LOLWDUL vQ
5H]HUYLvQ5HWUDJHUH $OHJHUHD PHD FD PRGHO vQ YLD D FRORQHOXOXL
6LPD0LFXPDGHWHUPLQDWVSVWUH]vQFRQWLQXDUH













OHJWXUD GH VXIOHW FX UHQXPLWXO FHUFHWD /D
'HVWRLQLFFHUFHWDPRGHVW YHQHUDELODYkUVWGHGHDQLSHFDUHDvPSOLQLWRSH
LDFkWLJDWUHVSHFWXOVWLPD  RFWRPEULH  P EXFXU ILHFDUH vQWkOQLUH FX
LPDLSUHVXVXQRPRQHVW 'RPQLD6DDWkWvQ3DUFXO&LPLJLXGLQ%XFXUHWLFkWL
(YHWHUDQXO0LFX6LPD vQ GHSODVULOH SULQ DU SH FDUH OH IDFHP XQHRUL
&RORQHOUWU/LYLX=$1),5(6&8
3HFRORQHOXO6LPD0LFXODPvQWkOQLWSULPDGDW
vQ WRDPQD DQXOXL  FkQG D YHQLW vQ FRQWURO GH
vQGUXPDUHODQRLOD6LELXOD3OXWRQXOGHFHUFHWDUHGLQ
FDGUXO FROLL 0LOLWDUH GH 2ILHUL $FWLYL 1LFRODH
 GHVSUH LVWRULD
%OFHVFX (UDP vQ DQXO ,,, L vQF vPL PDL FXWDP
PRGHOH GH RILHUL SH FDUH V OH XUPH] vQ FDULHUD
PLOLWDU &WQLD PLD SOFXW GLQWRWGHDXQD IU D
DYHDXQPRWLYVSHFLDO0LDPGRULWVGHYLQFHUFHWD
GDWRULW DXUHL FH vQFRQMRDU DFHDVW VSHFLDOLWDWH
EUELHL SH FDUH R HPDQ L GLQ GRULQD GH D P
DXWRHYDOXDFRPSDUDWLYFXDOLWLQHULGRPLQDLGHYLVXO
GHDvQIUXQWDSULPLLQHSUHY]XWXOIRDUWHELQHvQ]HVWUDL
IL]LFLLQWHOHFWXDO/DPSULYLWSHFRORQHOXO6LPD0LFX
FXPXOWDGPLUDLHLGHRVHELWLQWHUHVVFDQkQGXO
GLQFDSSkQvQSLFLRDUHSHQWUXFHUDSHQWUXSULPD
GDWFkQGYHGHDPXQRILHUGLQ'LUHFLDGH,QIRUPDLLD
$UPDWHL/DDFHDVWFXULR]LWDWHDFRQWULEXLWLOHFWRUXO
QRVWUX FRRUGRQDWRU UHJUHWDWXO FRORQHO FHUFHWD
vPSUHXQFXXQDOWEXQSULHWHQLFROHJGHDOQRVWUX
SRHWXOFRORQHO/LYLX=DQILUHVFX
Q]HVWUDW FX R PHPRULH LHLW GLQ FRPXQ FX R
GHRVHELWFDSDFLWDWHGHFRPXQLFDUHGHILHFDUHGDW
DIOP OXFUXUL QRL GH OD VLQJXUXO VXSUDYLHXLWRU DO
JHQHUDLHL GH FHUFHWDL DL DQLORU
IDVFLQDQWDFHUFHWULLvQGLVSR]LWLYXOLQDPLFXOXLSULQ
SDUDXWDUH GH SURIHVLRQDOLVPXO RILHULORU GLQ FDGUXO
6HFLHLFHUFHWDUHODWUXSHGLQSHULRDGDGH
vQWkPSOUL GLQ PLVLXQHD FD DWDDW PLOLWDU DGMXQFW vQ
7XUFLD
'UDJRVWHD ID GH RDPHQL DSURSLHUHD L
vQHOHJHUHDGHFDUHDGDWGRYDGSHWLPSXODFWLYLWLL
FDPLOLWDUVSLULWXOGHGUHSWDWHFHvOFDUDFWHUL]HD]DX
IFXW FD 208/ 6LPD 0LFX V ILH LXELW L VWLPDW GH
SHUVRQDOXOGLQVXERUGLQHLDUILJXUDOXLVGHYLQXQ
VLPERO L UHSHU SHQWUX WLQHUL XQ FHUFHWD vQ
HOLWDPRGHVWLHL
/DPXOLDQLJHQHUDOXOQRVWUX

&RVWLF*DYULOXQSURIHVRUFXRERJDWH[SHULHQ *HQHUDOGHEULJDGU'XPLWUX0,8

26
 20$*,8&$0$5$'(5(6&

FHUFHWDLORU
&RORQHOXO5(086*+(5*8/(6&85HP\

6D QVFXW SH  LXQLH PLDGXFDPLQWHGHSULPYDUDDQXOXLHUDP

 SH PDOXO 'XQULL vQ RUDXO RILHUVWXGHQWvQDQXODO$FDGHPLHLGHQDOWH6WXGLL0LOLWDUH
GH OkQJ SRGXO OXL $SRORGRU GLQ IRVWD$FDGHPLH0LOLWDUUHEUHGXLW&ROHJXOPHX9DVLOH
'DPDVF 'UREHWD 7XUQX6HYHULQ %RJGDQ vPL XPSOHD FDSXO FX SRYHWL XLPLWRDUH GHVSUH
'XS FRDOD JHQHUDO D XUPDW %DWDOLRQXO&HUFHWDUHLFROHFWLYXODFHVWHLXQLWLWLDP
FXUVXULOH /LFHXOXL 0LOLWDU 'LPLWULH L HX FkWH FHYD GDU FHO PDL ELQH HVWH WRW GH OD VXUV
&DQWHPLU %UHD]D SH FDUH OD )UPkQWULGLVFXLLYDULDQWHGHYLLWRDUHJDUQL]RDQHSHQWUX
DEVROYLWvQDQXO F VH DSURSLD H[DPHQXO GH OLFHQ L QHGRULWD GH XQLL
'XS OLFHX FRDOD UHSDUWLLH vQF IXQFLRQD UHJXOD JDUQL]RDQD WD H
0LOLWDU GH 2ILHUL $FWLYL 1LFRODH 5RPkQLD
%OFHVFX SOXWRQXO GH FHUFHWDUH QWUXQD GLQ ]LOH FXQRVFkQGXPL GRULQD GH D
SURPRLH  Q WRDPQD VFKLPED FHYD vQ FDULHUD PLOLWDU DYHDP GRDU  DQL
DFHOXLDLDQDIRVWUHSDUWL]DWOD%DWDOLRQXOGHFHUFHWDUHDO
5HJLPHQWXOXL  3DUDXWLWL GH OD %X]X SH IXQFLD GH
&RPDQGDQWJUXSFHUFHWDUH
Q  D IRVW DGPLV vQ $FDGHPLD 0LOLWDU
)DFXOWDWHDGH&RPDQGL6WDW0DMRUDOHFUHLFXUVXULOHD
DEVROYLWGRLDQLDLWkU]LXILLQGUHSDUWL]DWOD%DWDOLRQXO
&HUFHWDUHvQ%LURXO2SHUDLLL3UHJWLUHSHQWUX/XSW
QSULPYDUDDQXOXLDIRVWQXPLWODFRPDQGD
XQLWLL L D vQGHSOLQLW DFHDVW IXQFLH SkQ vQ DQXO 
FkQG HVWH SURPRYDW vQ FDGUXO 'LUHFLHL ,QIRUPDLL 0LOLWDUH
XQGHvQGHSOLQHWHGLIHULWHIXQFLLSkQODSHQVLRQDUHvQDQXO
FkQGVDUHWUDVvQORFDOLWDWHDDUJHHDQ%XGHDVD
1HDSUVLWDQXOWUHFXWGXSRJUHDVXIHULQ
QHvPSOLQLL9DVLOHPDDQXQDWFvPSUHXQFXDOLRILHUL
VWXGHQL YLLWRUL DEVROYHQL QH YRP vQWkOQL FX XQ
UHSUH]HQWDQWDO'LUHFLHLGH,QIRUPDLLD$UPDWHLSHQWUXR
GLVFXLHLQWHUYLX vQ YHGHUHD vQFDGUULL OD %DWDOLRQXO 
&HUFHWDUHDOFUXLVWDWGHRUJDQL]DUHVXIHULVHvPEXQWLUL
FRQVLVWHQWH
QWkOQLUHD D IRVW GLVFUHW OD FPLQXO DFDGHPLHL
WLDPFvOYRPvQWkOQLSHIRVWXOFRPDQGDQWDO%DWDOLRQXOXL
&HUFHWDUHORFRWHQHWFRORQHOXO5HPXV*KHUJXOHVFXR
DGHYUDW OHJHQG 9 GDL VHDPD FH HUD vQ LQLPD PHD
WLLQG IDLPD L SRYHWLOH IDEXORDVH HVXWH vQ MXUXO DFHVWHL
XQLWLLDRDPHQLORUFDUHIFHDXSDUWHGLQHD
8Q EUEDW vQDOW EUXQHW ELQH VWUXFWXUDW IL]LF VH
YHGHDGHODRSRWFQXHUDXQRPDOVWDWXOXLSHVFDXQFX













R LQXW HOHJDQW GGHD IRDUWH ELQH FXORDUHD DOEDVWU D
XQLIRUPHL OD FLQHYD SURYHQLW GLQ )RUHOH 7HUHVWUH FX
5HP\FXPvLVSXQHDPDSURSLDLLDIRVWSHOkQJ EOkQGHH R SULYLUH SWUXQ]WRDUH L R YRFH HFKLOLEUDW D
XQ EXQ FDPDUDG XQ RILHU PXOWLODWHUDO SUHJWLW D DYXW vQFHUFDWVDIOHPRWLYDLDILHFUXLDGLQWUHQRLSHQWUXDFHDVW
LQVWUXFWRUL L PHQWRUL IRDUWH EXQL FD QRL WRL D vQYDW XQLWDWH L DFHDVW QRX VSHFLDOLWDWH PLOLWDU $SRL vQWUR
UHSHGH L ELQH WDLQHOH DFHVWHL IUXPRDVH vQWkPSOUL GLQ DWPRVIHUGHVWLQVQHDYRUELWGHVSUHSDUDXWLVPXOPLOLWDU
YLDDQRDVWUFHUFHWDUHDvQGLVSR]LWLYSULQSDUDXWDUHLQX DPDFFHSWDWIUH]LWDUHEUHYHWDUHDFDSDUDXWLVWPLOLWDU
QXPDLGDUDIRVWLXQXOGLQWUHFRPDQGDQLLDSUHFLDLLXELL GHVSUH IUXPXVHHD L JUHXWLOH PLVLXQLORU FHUFHWDLORU L
LUHVSHFWDLGHQRLWRL PDLDOHVGHVSUHVXERUGRQDLLVLRDPHQLGHWRDWLVSUDYD
&RQVDFUDUHD FD RILHU L FD RP GH VRFLHWDWH DX LFDUDFWHUHSXWHUQLFHLGHVSUHPXOWHDOWHOHSHFDUHQXPL
YHQLW RGDW FX QXPLUHD OD FRPDQGD %DWDOLRQXOXL  OHPDLDPLQWHVF
&HUFHWDUHQDFHDVWXQLWDWHIXULWRDUHGHFDUDFWHUHLD PLDPLQWHVFvQVSULYLUHDSWUXQ]WRDUHFDUHWH
JVLWORFXOLYRFDLDFXPXOWXXULQLQRQDODQ&X IL[D DWXQFL FkQG DWHSWD XQ UVSXQV L vQFXUDMULOH
VLJXUDQDIRVWPRGHODWGHVSLULWXOOXLGDUVLJXUL5HP\ FROHJLDOHSHFDUHQLOHDDGUHVDWFkQGLDPFRPXQLFDWF
DDGXJDWDFHVWXLVSLULWRSDUWHGLQSUHDSOLQXOVXIOHWXOXLVX DFFHSWPDFHVWVFKLPEDUHPDMRUvQYLDDILHFUXLDGLQWUH
DQLPDWGHRPHQLHEXQWDWHSURIHVLRQDOLVP QRLLvQFDULHUDPLOLWDUFUHGFWLDFHVLPWHILHFDUHvQIDD
(UDDPELLRVLKRWUkWVvQYLQJPHUHXPLDGXF
DPLQWH FX SOFHUH GH VLWXDLL KD]OLL FkQG QH vQWUHFHDP OD
DFWLYLWL VSRUWLYH 'H PXOWH RUL FHL FDUH HUDP vQ HFKLSD
DGYHUVLFRQGXFHDPWUHEXLDVFRPSORWPSHQWUXDQH
OVDPFDUHJDODLLGHFHOHPDLPXOWHRULvQYLQLDOWIHOQX
SOHFDPDFDV
$DvQHOHJHDFRPDQGDQWXOQRVWUXVQHFUHDVF
UH]LVWHQDODHIRUWIL]LFGDULSVLKLF
DFHVWHLGHFL]LLLPSRUWDQWH
3HVWHDQLFkQGDPvQFHSXWVVWSkQHVFFkWGH
FkWWDFWLFLOHLWHKQLFLOHXQHLGLVFXLLPLDPGDXVHDPDFL
SHQWUXHODIRVWRvQFHUFDUHSHFDUHDGHSLWRFXVXFFHV
SHQWUXFWRLDPRSWDWIUH]LWDUHSHQWUXUHSDUWL]DUHDOD
%DWDOLRQXO&HUFHWDUH
$GHYUXOHFDYHDXQFHYDFDUHWHPROLSVHDFX
HQWX]LDVPXOLGHYRWDPHQWXOSHQWUXDFHDVWPHVHULHLWH
IFHDVOXUPH]LIUQLFLRUHPXFDUH
&RORQHOU9LRUHO'5(1($
&RORQHOU$OH[DQGUX5868

27
 $'(9585,1(6386(

'HVSUHXQLLVFULLWRULPLOLWDUL
&RORQHOU9LRUHO'5(1($
6FRQWLQXPFDSLWROXOvQFHSXWvQQXPUXOWUHFXW
DO UHYLVWHL QRDVWUH $GHYUXUL QHVSXVH DFXP vQV
FRPSOHWH]GDUWLXWH
9RLDERUGDRWHPVHQVLELOvQVGHDFWXDOLWDWH
VFULHULGXSVFULHULOHDOWRUD
Q]LXDGHD]LVHQXPHWHSODJLDWDLFLvQVHVWH
DOWFHYDHVWHIXUWSHQWUXFFHOHVFULVHGHXQLLLvQVXLWH
GH DOLL QX DX IRVW SXEOLFDWH DX IRVW GRDU PDQXVFULVH
SUHOXDWHPRGLILFDWHSXLQLDSRLSXEOLFDWH
3HQWUXFQXGRUHVFVSURYRFUHDFLLGHQLFLXQ
IHOYRLQRPLQDOL]DDLFLGRDUSHFHLFDUHOHDXOXFUDWL
VXQWPHQLRQDLSHPDQXVFULVHQXLSHFHLFDUHLOHDX
vQVXLW 5PkQH FD FHL GLQ D GRXD FDWHJRULH V VH
FDSLWROXOQRVWUXELQHvQHOHVFXDOLDXWRUL'HFHRDUH"
$PUVSXQVXOGDFQXJUHHDPLDFFHSWDPVWUHFOD
FRODERUDWRULVDXDXWRULLSHUVRDQHGRULWRDUHFKLDUGDF
QXVFULVHVHUQLPLFPDQXDOXOQRVWUXDSUHD
3HQWUX GRULWRUL SRW SXQH OD GLVSR]LLH
PDQXVFULVXOLH[HPSODUXOFDUWRQDWLOHJDW
$OGRLOHDH[HPSOX
Q XQD GLQ GHSODVULOH PHOH vQ PLVLXQH vQ
$IJDQLVWDQ DSURSRV HX
VXQW FHO FDUH D FRQGXV
SUHJWLUHDLDPLQWURGXVvQ
WHDWUXO GH RSHUDLL SULPXO
'HWDDPHQW GH ,QIRUPDLL
UHJVHDVFFLWLQGDFFHVWHUkQGXULVXQWSULQWUHQRLLV QXFHLFDUHODXDVXPDWSULQ
WUDJHLFRQFOX]LLOHGDFSRW &9 DP GHVFRSHULW VWXGLDW
$DGDUSULPXOH[HPSOX SXLQ L vQVXLW XQ PDQXDO
Q DQXO  FRQGXFHDP FRPSDUWLPHQWXO GH SUHJWLUH LQIRUPDWLY D
vQYPkQW GLQ XQLWDWH L FkPSXOXLGHOXSWDODUPDWHL
DP DYXW LQLLDWLYD DYHDP 68$$PJkQGLWFDUILELQH
DWULEXLL SH DFHDVW OLQLH
FRQFHSHULL XQXL PDQXDO
FDUH V DMXWH RILHULL
FXUVDQL L QX QXPDL vQ
SUHJWLUH
$PQXPLWSURLHFWXO
0DQXDOXO FHUFHWDXOXL L
DPSURYRFDWXQQXPUGH
FROHJL VSHFLDOLWL SH
GRPHQLL V VH DSOHFH
DVXSUD IRLL GH KkUWLH
&ROHFWLYXO IRUPDW GLQ OH
VDYHPLQRLXQDVWIHOGH
GRFXPHQW DGDSWDW OD
VSHFLILFXODUPDWHLQRDVWUH
$P JVLW GRL
RDPHQL LQLPRL PDLRUXO
5DGX 0RVFX UHVSHFWLY
FSLWDQXO LQJ GH PDULQ
,RQX 3RSHVFX $P SXUFHV OD PXQF WUDGXFHUL
DGDSWDUHVFKLHHWF $PXUPDWDSURDSHGRLDQLWRDWH
HWDSHOHSkQODDSUREDUHDGHHGLWDUH
'LQIHULFLUHSHQWUXXQLLvQYDUDDQXOXL,RQX
3RSHVFXDSOHFDWODRDOWVWUXFWXU5DGX0RVFXHUDOD
QXPHVFJUDGHOHGHDWXQFL
UHGDFWRU VXEVHPQDWXO
FRODERUDWRUL ORFRWHQHQW
FRORQHOXO0LKDL,JQWHVFX
PDLRULL &RUQHO *HRUJHVFX $OH[DQGUX 6FXLX ,RQ
&RELOL *DEULHO %HQHVFX FSLWDQXO 7LWL &URLWRUX
PDLVWUXOPLOLWDU0DULDQ/DPEUXWHKQRUHGDFWDUHVDODULDLL
FLYLOL6LPRQD%DQX(OHQD6WRLFDL0LRDUD%HOHDWUHFXW
OD WUHDE &X XQ FXYkQW GH SUH]HQWDUH DO GRPQXOXL
JHQHUDO GH GLYL]LH GU 'HFHEDO ,OLQD PDQXDOXO D IRVW
ILQDOL]DWDMXQJkQGODPRPHQWXOEXQGHWLSDU
$LFL D LQWHUYLQHQLW QHFKHPDWXO $P WULPLV
OXFUDUHDOD'LUHFLD,QIRUPDLLSHQWUXXQSXQFWGHYHGHUH
L DYL]DUH 2DPHQL LQVSLUDL FDUH QX WLDX GDU DIO
DFXPFDPPDQXDOXOFRSHUWDWDDFXPODPJkQGLWQRL
%X]XLDUHXDPLHLWODSHQVLH
/XFUDUHDDUPDVODXQFROHJFDUHDYHQLWvQORFXO
PHX7UHEXLDGRDUVIDFRXOWLPYHULILFDUHLDSRLV
WULPLWPDQXDOXOODWLSRJUDILH
$FXP XUPHD] SDUWHD LQWHUHVDQW Q OXQD
GHFHPEULHDDQXOXLDSDUH60*&F0DQXDOXO
SHQWUXSUHJWLUHDLQIRUPDWLYDFkPSXOXLGHOXSW'DU
&ROHJXOPHXPDDQXQDWGXSFHYDWLPSFD
DSUXWPDQXDOXOLDIRVWWULPLVODXQLWL(UDPEXFXURV
SHQWUXFDFHVWDHUDGHIDSWVFRSXOILQDO6WXSRDUHvQV
QLFL XQXO GLQWUH FHL WUHL DXWRUL QX VXQWHP WUHFXL vQ
FROHFWLYXOGHHODERUDUHLQLFLPFDUFROHJXOPHXFDUH
SUHOXDVHPDQXVFULVXO
'UDJL VFULLWRUL DYHL SXWHUHD V UHFXQRDWHL" 
'RDUDWkW
FXVHPQWXULOHFHORULPSOLFDLvQVFULHUHDOXLvQRULJLQDO
DXDQDOL]DWLUVDQDOL]DWDXvPSLHGLFDWDSDULLDOXLDX
H[WUDV FH vL LQWHUHVD L DX HODERUDW VHSDUDW VSUH
H[HPSOX XQ PDQXDO GH VXSUDYLHXLUH LQVSLUDW GLQ

28
 5(&(1=,(

(8$0&5(6&871&8,%'(98/785
0HPRULLOHXQXLSDUDXWLVWPLOLWDU
GH7LWXV5LOHDQX

&RORQHOUGU0LUFHD71$6(
$PSULPLWDPFLWLWPLDSOFXW$FHVWHDDXIRVW
FXYLQWHOH FX FDUH LDP UVSXQV FDPDUDGXOXL )ORULQ
%HGXGXSFHPLDWULPLVvQIRUPDWHOHFWURQLFFDUWHD
DFHDVWDUXJkQGXPVDUXQFXQRFKLSHVWHHDLLDP
PDL VFULV DWXQFL )U SUHWHQLL GH PDUH OLWHUDWXU
FDUWHDHVWHVFULVvQVFXFOGXULVLQFHULWDWH3HQWUX
QRL SDUDXWLWLL QX VXQW OXFUXUL H[WUDRUGLQDUH  SRDWH
GRDU ILRUXO QRVWDOJLHL  SHQWUX DOLL vQV SRDWH IL
LQWHUHVDQW/XGDELOHVWHFHVWHVFULVGHXQRPFDUH
QDUHQLFLRREOLJDLHIDGHQLPHQLFLGRDUPkQGULDGH
DILIRVWSDUDXWLVWPLOLWDU3RDWHFDUILWUHEXLWVRPDL
YDGFLQHYDRGDWDUHFkWHYDJUHHOLGHUHGDFWDUHGDU
VXQWGHvQHOHVLVHVFX]0XOXPHVFSHQWUXRIHUWD
XQHLOHFWXULDJUHDELOHLQRVWDOJLFHvQWURGXSDPLD]
SORLRDVGHRFWRPEULHOD%X]X
LLDPSURPLVDWXQFLFDPVvQFHUFVLIDFR
SUH]HQWDUHvQFDGUXOvQWkOQLULLQRDVWUHSRDWHLvQUHYLVWD
FHUFHWDLORU
$PvQFHUFDWVPLQGHFXYkQWLDPPDL
FLWLWvQFRGDWFDUWHDLUPkQODSULPDFRQVWDWDUHR
FDUWHVFULVFXFOGXULVLQFHULWDWH&KLDUGDFWLWOXOL
FXYkQWXOvQDLQWH QH LQGXF SRDWH QX vQWkPSOWRU
ODLWPRWLYXO DFHVWHL OXFUUL  SHUVRQDOLWDWHD FRORQHOXOXL
*ULJRUH%DWDQHDGHSHWHJUDQLDDFHVWXLWHULWRULX
SHFDUHLDOLLVDXDYHQWXUDWVOH[SORUH]HFXPDLPXOW
VDX PDL SXLQ VXFFHV 6SXQ DVWD SHQWUX F vQ
DQVDPEOXO FULL FRORQHOXO %DWDQ GHYLQH GRDU XQXO
GLQWUHSHUVRQDMHGHVLJXUGHVWXOGHSUHJQDQWUHOLHIDW
vQVHURXOSULQFLSDOHVWHVROGDWXOSDUDXWLVWWkQUXOGH
GHDQLFKHPDWVLVDWLVIDFVWDJLXOPLOLWDULVL
VHUYHDVF DUD vQ XQD GLQWUH FHOH PDL FRPSOH[H
VSHFLDOLWL PLOLWDUH vQWUR XQLWDWH GH HOLW D DUPDWHL
URPkQH L OXFUXO DFHVWD vL UHXHWH DXWRUXOXL vQWUXQ
PRG OXGDELO 'HL QH SUHYLQH XQGHYD vQ SDUWHD GH
vQFHSXWDOXFUULLGHVSUHVXELHFWLYLVPXOUHODWULORUvL
URJ SH FHL FDUH FLWHVF V ILH FRQYLQL GH DGHYUXULOH
29

WULWHGHPLQHRULFROHJLLPHLIUDH[FOXGHFGXS
DWkLD]HFLGHDQLHYHQLPHQWHOHVILHPDLURPDQDWH
PDL H[DJHUDWH L PDL KD]OLL  DXWRUXO HPLWH R OHP 
WHUPHQSHFDUHvOIRORVHWHGHPDLPXOWHRULvQWH[WXO
VX FX VHQVXO GH FRQFOX]LH SUHOLPLQDU  OD FDUH
VXEVFULXvQWRWDOLWDWHDDFXPDPPDLIFXWRLvQDOWH
GL1XIRORVHWHPHPRULHL FHOXLFDUHHVWHVLPEROXO
SDUDXWLWLORUURPkQLDSRYHVWLHYHQLPHQWHLQYHQWDWH
LvQWUDGHYUSDUFXUJkQGWH[WXODFHVWHLFUL
FRQVWDLFQLPLFQXHVWHLQYHQWDWPDLDOHVGDFHWL
FkWGHFkWvQWHPFXPHGLXOSDUDXWLWLORUPLOLWDULFX
H[LJHQHOH SUHJWLULL SHQWUX DFHDVW VSHFLDOLWDWH
PLOLWDU GDU L FX DFWLYLWDWHD L GH FH QX OHJHQGHOH
HVXWHvQMXUXOSHUVRQDOLWLLOXL%DWDQ
5HIHULQGXVHODSHULRDGDGHvQFHSXWDFHORUGRL
DQLGHVWDJLXPLOLWDUODSDUDXWLWLDXWRUXOQHLQWURGXFH
vQDWPRVIHUDVSHFLILFXQLWLLSHFDUHvQWURIRUPVDX
DOWDDPWULWRLQRLXQLLFDPLOLWDULvQWHUPHQDOLLFD
WLQHUHFDGUHFDUHRSWDVHUSHQWUXDFHDVWPHVHULHQ
DFHDVW SULP SHULRDG FX PXOWH IUXVWUL DVFXOWDP
SRYHWLOHPLOLWDULORUGLQDQXOGRLGHVSUHDOWHJUHXWLFDUH
QHDWHSWDXGHSHULFROXOLULVFXULOHODQVULORUDDF
GHLQXQHHUDIULFGHODQVULVDLQVWDXUDWvQQRLXQ
RDUHFDUH VHQWLPHQW GH QHVLJXUDQ L FX WRDWH
DFHVWHDWLDPFFLQHYUHDVUHQXQHODSDUDXWLVPR
SRDWHIDFHIUXUPULLIUFDVDMXQJvQIDDXQXL %DWDQFXDYDQWDMHFODUHLQXWKUDQQXYUHDXV
&RQVLOLX0LOLWDUVDXVSULPHDVFDOWWLSGHSHGHDSVvQ
DIDUGHSURSULDIUXVWUDUHPLDGXFDPLQWHFQLPHQLQX
DEWXWvQUHWUDJHUHPDLPXOWGLQWRDWSURPRLDGHVXWH
5(&(1=,(
OLSVHDHUDSHQWUXFWUHEXLDVWUHDFUHYL]LDWHKQLFXQ
H[DPHQFDUHGXUD]LOH&kQGUHYHQHDGLQUHYL]LL
SLORWXO FDUH WLD FkW GH DWDDL HUDP GH DFHO DYLRQ
VXUYRODXQLWDWHDODMRDVvQOLPHFDVQHGHDGHWLUH
F H LDU GLVSRQLELO &D VHPQDO GH VDOXW PLFD
HOHURDQHOH LDU QRL L]EXFQHDP vQ XUDOH DUXQFkQG
FKLSLLOH vQ DHU &HL FDUH HUDX vQ FOGLUH L DX]HDX
FKLRWHOH LHHDX FkW SXWHDX GH UHSHGH V VH DOWXUH
EXFXULHLJHQHUDOH(UDUHvQWUHJLUHDIDPLOLHL
5HIHULWRU OD DPLQWLULOH GLQ DUPDW  FH FDSLWRO
LPSRUWDQWDOYLHLLILHFUXLEUEDWFDUHGLQSFDWHDIRVW
VFRVvQXOWLPLLDQLGLQQHFHVDUXOHYROXLHLVSUHPDWXULWDWH
DWLQHULORUGDUFXFHFRQVHFLQHLQXQXPDLSHQWUXHL
DXWRUXOODQVHD]RvQWUHEDUHUHWRULFvQVFXPXOWPLH]
H[LVWHQLDO0vQWUHEXQHRULGHFHRDPHQLLFDUHDXIFXW
DUPDWDvLDGXFDPLQWHFXDWkWDFODULWDWHGHDFHOHFOLSH
FKLDUGXS]HFLGHDQL(VWHFHYDDWkWGHJUHXGHWHUV
GLQ PHPRULH F GH PXOWH RUL XLL HYHQLPHQWH
PHPRUDELOH SHWUHFXWH vQ IDPLOLH vQDLQWH GH D XLWD
IOHDFXULGLQDUPDW
'HVLJXUvQGRLDQLGHVWDJLXPLOLWDUDXWRUXOD
DGXQDW XQ VDF GH DPLQWLUL L SUREDELO D DOHV V QL OH
VSXQGRDUSHFHOHPDLVHPQLILFDWLYHXQHOHSRDWHFKLDU
IOHDFXUL vQV DWkW GH LQWHQV WULWH OD DFHD YkUVW D
HQWX]LDVPXOXL PDUFDW GH PkQGULD GH D IL GHDO OXL
MLJQHVFSHQLPHQLGDUPDMRULWDWHDPkQFDPPDLELQHFD
DFDV  FRQIRUW WHOHYL]RDUH vQ ILHFDUH GRUPLWRU FkQG
SXLQH IDPLOLL vL SHUPLWHDX vQ 5RPkQLD DFHORU DQL XQ
GHPLOLWDULGRDUXQXOVLQJXUDUHIX]DWLDFHODDELDGXS
FHDHIHFWXDW]ERUXOGHDFRPRGDUH1LPHQLQXDUkVGH
HO QLPHQL QX OD SHGHSVLW FL GRDU D IRVW WUHFXW OD
FRPSDQLDDX[LOLDUDXQLWLL
1XFUHGFJUHHVFGDFvOEQXLHVFSHDXWRUL
GHXQLQYROXQWDUWDOHQWOLWHUDUSHQWUXFSHLFLSHFROR
WH[WXODUHLVFOLSLULFDUHQXSRWVFSDQLFLXQXLLXELWRUGH
PHWDIRUHPLURVHDDYUHPHEXQLDSDUDXWULVSXQH
DXWRUXOvQFHUFkQGVQHLQWURGXFvQIUHDPWXOXQLWLLOD
vQFHSXWXOSULPYHULORUFkQGvQ&UkQJXO%X]XOXLLSH
DHURGURPVHVLPHDPLURVGHLDUEYHUGHLGHNHURVHQ
]XP]HWGHDOELQHLGHPRWRDUHGHDYLRDQHH[SOR]LHGH
PXJXULYHU]LLGHYRDOXULDOEHLWRWODIHOGHLQVSLUDW
]XJUYHWH L IUXPXVHHD L GHOLFLXO DODUPHORU GH
DOWGDWFkQGLPHGLDWFHVWULJWXOGHDODUPVHSLHUGHD
vQvQWXQHULF>@DJHQWXOGHDODUPIXQFLHGHFDUHL
DXWRUXOVHSDUHFHPkQGUXQHYRLHPDUHWUHEXLDV
DOHUJHvQFHOPDLVFXUWWLPSVDQXQHFDGUHOHLGDFOD
GLPLQHDDWHvQWkOQHDLFXXQXOFDUHIXJHDGHUXSHD
SPkQWXO FX R JURD] GH FKHVWLL ]QJQLQG SH HO
DFHVWD HUD XQ DJHQW GH DODUP $OWH YUHPXUL DOW
DUPDW
LODIHOGHIUXPRDVDPLQWLUHDXQXLSHUVRQDM
FHOHEUXLDWkWGHLXELWGHSDUDXWLWLLPLOLWDULGLQ%X]XO
DQLORU

 DYLRQXO /L 8Q VLPERO DSDUWH vQ YLDD WUHEXLDVOHDFFHSWPGDFYRLDPVQLVHVSXQDUP
QRDVWU GH SDUDXWLWL HUD DYLRQXO GLQ FDUH IFHDP
ODQVULOH (UD FHHD FH FDOXO HUD SHQWUX FDYDOHULWL L
WDQFXULOHSHQWUXWDQFKLWL3HJDVXOQRVWUXHUDXQDYLRQ
FXWRWXOLFXWRWXOVSHFLDODPHQDMDWSHQWUXSDUDXWULL
YRSVLWvQFXORULGHFDPXIODM
(UD XQ DYLRQ UXVHVF WLSXO /L FDUH SXUWD
QXPUXO GH LGHQWLILFDUH  XQ QXPU DSURDSH
OHJHQGDU SULQWUH SDUDXWLWL )FHD SDUWH GLQ IDPLOLD
QRDVWUGLQYLDDQRDVWULGDFDYLRDQHORUOLVDUIL
GHFHUQDW PHGDOLL DFHVWD DU IL PHULWDW R VDFR SOLQ
&kQGVHvQWkPSODVWULPLWDOWDYLRQGHOD%XFXUHWLWRW
XQ/LGDUGHWUDQVSRUWPDUILFDUHDUWDIRDUWHFLYLO
SDUF QH WLD FKHIXO (UDP IUXVWUDL Q JHQHUDO FkQG
DVHPHQHDOX[UHVSHFWXOFHORUODWHDUPHEDQLSHQWUX
SDUDXWULOH H[HFXWDWH  FHD PDL PDUH PXOXPLUH D
QRDVWU HUD SODWD ODQVULORU R VXUV GH YHQLWXUL
H[WUDRUGLQDU GH JHQHURDV 3H YUHPHD DFHHD ULVFXO
DYHDXQHFRXILQDQFLDUSHPVXUQWUXQDQSULPHDP
SHQWUXVDOWXULOHH[HFXWDWHFDPOHLRVXP
SHFDUHXQPXQFLWRURELQXLWRFkWLJDFDPvQOXQLQ
FRQFOX]LHSHWRDWGXUDWDDUPDWHLDPDYXWXQFRQIRUW
ILQDQFLDUGHRVHELWGXSFDUHPXOLGLQWUHQRLDXWkQMLW
FkQGDXUHGHYHQLWFLYLOL>@'XSFHILHFDUHvLQXPUD
DJRQLVHDODSOLFXULOHvQVRLWHGHGDWHOHSHUVRQDOHHUDX
LQDLQWDWHIXULHUXOXLXQLWLLFDUHGHSXQHDEDQLLLQFRQWXO
QRVWUXSHUVRQDOOD&(&&HWLXHVWHFvQ]LOHOHGH
SODW D VDOWXULORU XQLWDWHD &(& UHSDUWL]D R DQJDMDW
VSHFLDOSHQWUXQRLGHRDUHFHDYHDPXOWGHQXPUDWL
FRPSOHWDWvQFDUQHWHOHLQGLYLGXDOH$FHVWHFDUQHWHVH
SVWUDXOD&(&FDPVXUGHVLJXUDQ7RWFDPVXU
GHVLJXUDQIXULHUXOXLLVHDVLJXUDRHVFRUWIRUPDWGLQ
VDXVROGDL
'DU WRW DXWRUXO QH VSXQH &HL FDUH DP IRVW
VROGDLvQWHUPHQWLPFQXWRWHPLHUHLDXUvQDUPDW
& SH OkQJ VDWLVIDFLL H[LVW L GXUHUH L FKLDU
VDFULILFLX'HVLJXUHUDPFHLPDLSULYLOHJLDLGDUDFHVW
VWDWXWDGXFHDFXVLQHLPXOWHUHVSRVDELOLWLSHFDUH
GH HOLW $QWUHQDPHQWH GXUH VXSXQHUH DEVROXW
GRULQGHDXWRGHSLUHLWULHGHFDUDFWHU$VWDHFHHD
FH QH FHUHD FRORQHOXO %DWDQ vQ VFKLPEXO WXWXURU
FRQFHVLLORUSHFDUHQLOHIFHD(UDXQWkUJGHVWXOGH
HFKLWDELOHXWHSURWHMH]LWHUHVSHFWLDUWXWUHEXLHVILL
VROGDWXO SH FDUH VH VSULMLQ R DUPDW FRPSHWHQW L
HILFDFH 'D HUD HFKLWDELO 1LFLRGDW QX PDP VLPLW
vQMRVLW VDX PLQLPDOL]DW 7RW FHHD FH PL VH FHUHD HUD
MXVWLILFDELO0LVHFHUHDGRDUVGHYLQSH]LFHWUHFHPDL
EXQLPDLH[LJHQWFXPLQHvQVXPL$FXPQXYUHDXV
VSXQFQXQHVXSUDPSHJUDGDLLRILHUL1XYUHDXV
DVFXQG IDSWXO F DP PFLQDW vQWUH GLQL vQMXUWXUL L
EOHVWHPHvQPRPHQWHOHFkQGVLPHDPFQXPDLSRW
30
 5(&(1=,(
GDUSULQQXWLXSULQFHPLUDFRODPJVLWPHUHXFUDUHD
FDUHVPGXFSHGUXPXOEXQ
6HUHVLPWHSHWRWSDUFXUVXOOXFUULLGLQFRORGH
PkQGULDGHDILSDUDXWLVWLDFHOVXUSOXVGHRUJROLXSH
FDUHvOFRQIHUVSHFLDOLWDWHDGHFHUFHWDFUHPDXQLWLL
GXS FXP FUHGH DXWRUXO FURUD OL VH FUHDVH R DXU
DSDUWHLXQVWDWXWSULYLOHJLDW1HDIOPvQDQLL

 PDLYGRGDWvQIDPHDFKLDUGDFDUILGRDUSHQWUXD
FkQG EDWDOLRQXO GH SDUDXWLWL VD WUDQVIRUPDW vQ
UHJLPHQWFRPSDQLDGHFHUFHWDUHGHYHQLQGEDWDOLRQvQ
FDGUXO DFHVWXLD $XWRUXO vL DPLQWHWH QX QXPDL GH
XQHOHLVSUYLFDLFHUFHWDGDULGHRVHULHGHRILHUL
FHUFHWDLFDUHDXIFXWLVWRULHvQEUDQFSLWDQXO8OSLX
&KLULHVFX ORFRWHQHQLL *KHRUJKH DEOLHQFR 3DXO
DQLLFHHVWHDFXPvQWUHDFHOIXUQLFDULOLQLWHDXQHL
]LOH GH YLQHUL GXS DPLD] $P SLW FX HPRLH SH
SODWRXOGHDGXQDUHDOXQLWLLXQGHSHQWUXPRPHQWDP
Y]XWVLOXHWDUREXVWDFRORQHOXOXL%DWDQLSDUFDP
DX]LW YRFHD OXL UVXQkQG UHYHEHUDW SLHU]kQGXVH
SULQWUHFOGLULOHDFXPSXVWLL$ILGDWPXOWGHODPLQHVO
PSHGHSVLSHQWUXYUHRERDFQSHQWUXDPSXWHD
vQWRDUFHLHXODYkUVWDGHDWXQFL$PWUHFXWSHOkQJ
ORFXO XQGH HUD VDOD GH PHVH GDU EXFWULD VDOD GH
PHVH L EDLD FRPXQ QX PDL HUDX vQ ORFXO ORU VH
ULGLFDVHU DOWH FRQVWUXFLL SUREDELO DGDSWDWH OD
YUHPXULOHGHD]L0DPvQWULVWDWVYGVDODGHVSRUWR
9HOLX 7QDVH 1LFXOHVFX 3RSD FSLWDQXO (IWLPLH
'HVLJXU VXQW PHQLRQDL L DOL RILHUL GLQ FRPDQGD
UHJLPHQWXOXL GH FDUH vL VXQW OHJDWH DQXPLWH DPLQWLUL
PDLRUXO *KHRUJKH RLPX ORFRWHQHQWFRORQHOXO
$OH[DQGUX 7DUQRYVFKL 7RW GLQ DFHD SHULRDG HVWH
LQWHUHVDQWSHUFHSLDSHFDUHDDYXWRDXWRUXOFDPLOLWDU
vQ WHUPHQ OD XQ HYHQLPHQW LQWHUQDLRQDO FDUH D
]GUXQFLQDW vQWUR RDUHFDUH PVXU VWUkQVD OHJWXU
GLQWUH SRSRDUHOH SULHWHQH GLQ VSDLXO GH LQIOXHQ L
GRPLQDLH VRYLHWLF UHIX]XO 5RPkQLHL GH D VH DOLQLD
SODQXOXL HFRQRPLF LQWHUQDLRQDO FRQWURODW GH FWUH
8566DDQXPLWXO3ODQ9DOHYUHIX]vQXUPDFUXLDVH
DWHSWD R ULSRVW VRYLHWLF GXU L vQ FRQVHFLQ
XQLWDWHD  SUREDELO L DOWH XQLWL PLOLWDUH GDF QX
vQWUHDJDDUPDWVDDIODWvQVWDUHGHDOHUW
FOGLUHLPSR]DQWvQXQLWDWHFQXPDLHVWHXWLOL]DWDP
YL]LWDW VDOD SOLRULORU DFHHDL VDO XQGH vQFHUFDVHU
FRPDQGDQLLPHLVPvQYHHSOLDMXO1XPDLHUDQLFL
WHUHQXOGHIRWEDOGLQVSUHSDUWHDGHRUDDFXPvQORFXLW
FX EORFXUL GH ORFXLW $P YL]LWDW FRUSXO GH JDUG
UHY]kQG FDPHUD GH JDUG L ORFDLD DUHVWXOXL SH
YUHPHD PHD L FKLDU L WULVWD FPUX D DUHVWXOXL
VHYHU $P DIODW vQV GH OD WkQUXO PHX vQVRLWRU F
XQLWDWHD QX PDL DUH DUHVW ,QILUPHULD DYHD DFHHDL
ORFDWLH L GH OkQJ HD VH SXWHD YHGHD GHSR]LWXO GH
DUPDPHQWXQGHvQDFHLDQLHUDVLWXDWLSRVWXOGHJDUG
FHOPDLLPSRUWDQWQHOHJSURJUHVXOLQHFHVLWLOHOXL
GDUUHFXQRVFFvPLSOFHDPDLPXOWDFHDXQLWDWHFKLDU
GDF VXSU SH FLQHYD SHQWUX F OLQLWHD DFHHD PD
GXUXW1XWXSDVDOHUJWRUQXWXJODVDOXQXLPLOLWDUQXWX
)RDUWHIUXPRVHVWH]XJUYLWLOHJWXUDGLQWUH
VRFLHWDWHLLQVWLWXLDPLOLWDUFKHPDWvQDFHDYUHPH
FD GH DOWIHO GLQWRWGHDXQD SRDWH PDL SXLQ vQ XOWLPD
SHULRDGVFRQWULEXLHGHFLVLYDPSXWHDVSXQHOD
IRUPDUHDSHUVRQDOWLLXQXLWkQU3ULQLLQRWULSULQL WUHEXLD V vQHOHJ F GUDJD PHD XQLWDWH VD DGDSWDW
FXWUHEXULOHLQHYRLOHGH]LFX]LSVWUDXWRWXLDFHHD
vQFUHGHUHFVWDWXODUHJULMGHRGUDVODORU'HDVHPHQL
HUDXFRQYLQLFVWDJLXOPLOLWDUHUDRWUHDSWQHFHVDUvQ
FDOHDWUDQVIRUPULLXQXLELDWvQEUEDWUHVSRQVDELODSW
V vL YDG VLQJXU GH DOH OXL L V SRDW vQWHPHLD R
IDPLOLH
$XWRUXO XQ PLF SURILWRU VHQWLPHQWDO FDUH
vQFHUFD V WUDJ DUPDWD vQ SLHSW  DD FXP FX
QRQDODQUHFXQRDWHHVWHvQFSWUXQVGHPkQGULD
GH IL IRVW SDUDXWLVW GHDO OXL %DWDQ GH D IL DYXW
SULYLOHJLXOGHDVHDUXQFDGLQDYLRQvQWULLOHDOEDVWUHDOH
FHUXOXLGHODQVULFXSDUDXWDQXVGHLFLFROHD
GDUQXH]LWVLH[SULPHPkKQLUHDSHFDUHDUHVLPLWR
FkQGODDSURDSHFLQFLGHFHQLLGHFkQGvLSULPLVHELOHWXO
SHQWUXFLYLOLHDUHYHQLWvQXQLWDWHLVDORYLWGHRDOW
UHDOLWDWHSRDWHGHQHvQHOHVSHQWUXWQUXOGHDWXQFLL
EUEDWXO GH PDL WkU]LX 3H  LXOLH  DP SULPLW R
LQYLWDLH FDUH SXUWD DQWHWXO XQLWLL L PDP SUH]HQWDW
]EXUkQG FD XQ UHFUXW SkQ OD SRDUWD FD]DUPHL
7UHFXVHUGHDQLGHODLQFRUSRUDUH(PRLLOHDXIRVW
XULDH L IRDUWH DSURDSH V P FRQVXPH &X WRDWH
DFHVWH YURLDP V YG L V FRPSDU DFHDVW QRX
FD]DUPFXFHDGLQWLQHUHHDPHD$YHDPvQFGHVWXO
GHSUH]HQWvQPLQWHDFHDIRUIRWWLQHUHDVFDFHOGXWH
YLQRSOLQGHSURVSHLPH5XSWGHUHDOLWDWHDPLOLWDUD
DFHVWRUDQLWLPSvQFDUHDUPDWDUHJXODWDGHYHQLWWRWDO
SURIHVLRQLVWQXDPSXWXWVvPLLPDJLQH]VFKLPEULOH
SHQWUXFQXOHDPWULW$X]LVHPFDUPDWDFDLDOWH
LQVWLWXLL VH FRQIUXQWD FX SUREOHPH 8QLWDWHD HUD
DSURDSH SXVWLH (UD R ]L GH YLQHUL GXS DPLD] FX
JRDUQSUREDELOFD]LDFHDVWIXQFLHHVWHGHVXHW$
GLVSUXWFKLDULSRVWXOGHJDUGODGUDSHOXOXQLWLLFDUH
GHLHUDFHOPDLJUHXHUDLFHOPDLRQRUDQW$PLHLWSH
SRDUWLDPSOHFDWSHGUXPXULOHPHOHSXLQGH]DPJLW
UHDOLWLORUGHD]L6XQWHPvQ1$72DYHPDOWHUHJXOL
DOWWHKQLFPLOLWDUDOLDOLDLGDUDFHLDLGXPDQL$P
vQHOHVLDPDFFHSWDWvQVXIOHWXOPHXWRWXOLDPGHFLV
VPEXFXUFYLDDPHUJHvQDLQWHPLvPSOLQLVHPXQ
YLV 0LDX YHQLW vQV vQ PLQWH WRL FDPDUD]LL PHL vQ
EXFXULL L VXIHULQ LDP QGMGXLW F SRDWHSRDWH
DSDUHXQXOGXSXQFROGHFOGLUH6SHUGRDUVILHFX
WRLLvQFvQYLDLVVHEXFXUHGHHD3HQWUXFYLDD
HVWHXQPDUHGDULDUSULHWHQLDQXDUHYDORDUH
&DUWHDFXPDPVSXVGHLQXPDUHFDQXPU
GHSDJLQLGRDUHVWHSOLQGHFRQLQXWDUHPLH]WH
SURYRDFODOHFWXULODUHIOHFLL&HOHFkWHYDIRWRJUDILL
GHODILQDOXQHOHFKLDULQHGLWHYLQVvQWUHJHDVFDFHVW
IUXPRVGHPHUVHGLWRULDOSHFDUHQLODPGRULvQFHUFDWL
GHDOLWULWRULDLXQRUYUHPXULLDLXQHLLVWRULLSHFDUH
XRUXRUOHSLHUGHPLUHFXSHUDELO
7UHEXLH V UHPDUF L SUH]HQD vQ FDVHWD
UHGDFRQDODFULLvQFDOLWDWHGHUHGDFWRULDXWRUDO
FRSHULLLEQXLHVFFLDOXQRUDH]ULDOHWH[WXOXLD
OXL,RQ/LYLX2WkQFHDOXQDOWSDUDXWLVWFRQGHLHUGDU
GH YUHPXUL PDL UHFHQWH DXWRU GH DVHPHQHD D XQHL
OXFUUL OLWHUDUPHPRULDOLVWLFH VFULV vQV vQWUR DOW
FKHLHGLVFXWDELOGXSRSLQLDPHDGDUDSUHFLDWVXQW
VLJXUGHPXOLGLQWUHFLWLWRULLVL
7RFPDLGHDFHHDFUHGFWUHEXLHVPXOXPLP
FDPDUDGXOXLQRVWUXFHUFHWDSDUDXWLVW7LWXV5LOHDQX
SHQWUXFDvQGU]QLWVQHIDFXQSUHLRVGDULVvO
DVLJXU F VXEVFULX vQWUXWRWXO OD XOWLPD VD DVHULXQH
SRDWHFKLDUOHJPkQWXOGHFUHGLQDODFHVWHLIUXPRDVH
DYHQWXUL HGLWRULDOH $ YUHD V FUHG F DP UHXLW V
SURJUDPXOVFXUWLPLOLWDULLSXLQLHUDXGHMDDFDV ]XJUYHVFREXFLFGHLVWRULHDSDUDXWLVPXOXLPLOLWDU
0LDIRVWJUHXVYGGRUPLWRDUHOHPHOHILLQG vQ5RPkQLDLGDFQXvQVHDPQFDWkWDPSXWXWGDU
vQFKLVH L QHORFXLWH 0LQWHD PHD QX SXWHD UHDOL]D F DPIFXWRGLQWRDWLQLPD
SRDWHILRGLIHUHQDDWkWGHPDUHvQWUHFHHUDDFXP

31
 ZZZFHUFHWDVLPLOUH]FRP

35(=(1$$&05510(',8/9,578$/
&RORQHOU*DEULHO%(1(6&8

'XSDQLLMXPWDWHGHODFRQVWLWXLUHDZHEVLWHXOXLLD &HOHPDLPXOWHDFFHVULDXDYXWORFGLQ5RPkQLDSHVWH

SDJLQLORU QRDVWUH GH VRFLDOL]DUH )DFHERRN SUH]HQD $VRFLDLHL
QRDVWUHHVWHvQFRQWLQXDUHDFWLYvQPHGLXOYLUWXDO
3HQWUXRFRUHFWvQHOHJHUHDSUH]HQHLvQVSDLXOYLUWXDO
HVWH QHFHVDU OD DFHDVW GDW V SUH]HQWP VHSDUDW GDWHOH
UHIHULWRDUHODSDJLQLOHGHVRFLDOL]DUHGHFHOHDOHZHEVLWHXOXL
$VWIHOODGDWDGHSDJLQLOHQRDVWUHGH)DFHERRN
vQUHJLVWUDX XQ WRWDO GH  IDQL PDMRULWDWHD YRUELWRUL GH OLPE
URPkQODFDUHVHDGDXJDSURDSHYRUELWRULGHOLPEHQJOH]
GDU L YRUELWRUL GH IUDQFH] JHUPDQ VSDQLRO LWDOLDQ UXV
X]EHFPDFHGRQHDQHWF
5HIHULWRU OD ZHEVLWH vQ SHULRDGD 
DFHVWDDIRVWDFFHVDWGHGHSHUVRDQHIHPHL
XUPDWvQRUGLQHGH68$5XVLD6SDQLD*HUPDQLD0DUHD
%ULWDQLH,WDOLD%UD]LOLD$XVWULD
5HSDUWLLDXWLOL]DWRULORUZHEVLWHXOXLQRVWUXODQLYHOPRQGLDO
FRQIRUP*RRJOH$QDO\WLFVHVWHHYLGHQLDWvQKDUWDGHPDLMRV
/DQLYHOXO68$HVWHGHUHPDUFDWVWDWXO.DQVDVFXGH
XWLOL]DWRUL
/DQLYHOLQWHUQvQWRSXOSUHIHULQHORUXWLOL]DWRULORUVDXVLWXDW
UHYLVWD &HUFHWDLL %X]RLHQL QU  L VXESDJLQD GHGLFDW
DFWLYLWLORUGHUXODWHvQDFHDVWYDUvQSDUWHQHULDWFX&HQWUXO&XOWXUDO
)UDQFRIRQGLQ%X]X'HVLJXUDXIRVWDFFHVDWHGHURPkQLGLQDUL
VWULQDWDWHDUWLFROHOHGLQSDJLQD6QWDWH
5HIHULWRU OD GLVSR]LWLYHOH XWLOL]DWH SHQWUX DFFHVDUHD
EUEDLGLQDULVWULQWDWHFXXQWRWDOGHSDJLQL'LQWUHFHL
FDUH QHDX DFFHVDW SDJLQD vQ SHULRDGD DQDOL]DW  VXQW QRL
XWLOL]DWRUL
(YLGHQWGLQVWULQWDWHSDJLQDFHDPDLVROLFLWDWDIRVWFHD
GHWLULFXDFFHVULGLFDWDOOLQNXULORUFWUHGLIHULWHSXEOLFDLLLDJHQLL
LQWHUQDLRQDOHGLQVXESDJLQDvQOLPEDHQJOH]
ZHEVLWHXOXLVHHYLGHQLD]IDSWXOFGHXWLOL]DWRULDXIRORVLW
GHVNWRSODSWRSGHXWLOL]DWRULDXIRORVLWVPDUWSKRQHLDUGH
XWLOL]DWRULDXIRORVLWWDEOHWD3HQWUXDFFHVDXIRVWXWLOL]DWHEURZVHUHOH
&KURPH)LUHIR[6DIDUL,QWHUQHW([SORUHU$QGURLG%URZVHU
32
 7(+12/2*,(02'(51

7(+12/2*,$+$$53
,)2/26,5($$&(67(,$
1'20(1,8/0,/,7$5
&RORQHOULQJRQ0,/,7$58

33
7(+12/2*,(02'(51

34
 7(+12/2*,(02'(51

35
7(+12/2*,(02'(51

36
 7(+12/2*,(02'(51

37
7(+12/2*,(02'(51

38
 7(+12/2*,(02'(51

39
 $'(9585,&$5('25

175($52*$1,,032/,7((
 $WXQFLFkQGLVWRULDHVWHGDWXLWULLVHSRWSURGXFHLDVWIHOGHVLWXDLLMHQDQWHSHQWUXFHL
FDUH DU IL WUHEXLW SULQWUXQ FRPSRUWDPHQW QRUPDO OLSVLW GH DURJDQ L LPSROLWHH V
PXOXPHDVFFHORUFDUHODJUHXOHDXvQWLQVRPkQGHDMXWRULDWXQFLFkQGQXLLFRQWGH
UHDOLWLOHLVWRULFHVDUSXWHDVDLVXUSUL]HQHSOFXWH
5HGDFLD

'HDQ5XVN6HFUHWDUXOGH6WDWDOSUHHGLQWHOXL
DPHULFDQ-RKQ)LW]JHUDOG.HQQHG\HUDvQ)UDQDvQDQLL
FkQG'H*DXOOHDGHFLVVLDVGLQ1$72'H*DXOOH
DVSXVFYUHDFDWRLPLOLWDULL68$VSUVHDVF)UDQD
FkWPDLFXUkQGSRVLELO
5XVNDUVSXQV
$FHDVWDVHUHIHULODFHLFDUHDXPXULWSHQWUX
HOLEHUDUHD)UDQHLLVXQWvQPRUPkQWDLDLFL"

3XWHDLVDX]LFXPFDGHXQDF



&RQIHULQLQWHUQDLRQDOvQ)UDQDFXLQJLQHUL 3RUWDYLRDQHOHQRDVWUHDXWUHLVSLWDOHODERUGL
LQFOXVLY IUDQFH]L L DPHULFDQL QWUR SDX] XQ LQJLQHU SRWWUDWDPDLPXOWHVXWHGHSDFLHQL(OHVXQWFXHQHUJLH
IUDQFH]UHYLQHvQVDOVSXQkQG QXFOHDULSRWDOLPHQWDFXHOHFWULFLWDWHLQVWDODLLOHGHSH
$L DX]LW XOWLPD WkPSHQLH IFXW GH %XVK"$ XVFDWDXWUHLFDQWLQHFXRFDSDFLWDWHGHDVHUYLFHOSXLQ
WULPLV XQ SRUWDYLRQ vQ ,QGRQH]LD V DMXWH YLFWLPHOH GHFRQVXPDWRULFXWUHLPHVHSH]L3RWSURGXFHPDL
WVXQDPLXOXL&HRUILDYkQGGHJkQGVLERPEDUGH]H" PXOWHPLLGHJDORDQHGHDSSURDVSWGLQDSGHPDUH
8QLQJLQHUGHOD%RHLQJVDULGLFDWLDUHSOLFDW SH ]L L DX R MXPWDWH GH GX]LQ GH KHOLFRSWHUH FDUH
OLQLWLW WUDQVSRUW YLFWLPH GH SH SXQWHD GH DWHUL]DUH $YHP
XQVSUH]HFHDVHPHQHDQDYH&kWHDUH)UDQD"

3XWHDLVDX]LFXPFDGHXQDF

40
 $'(9585,&$5('25

8QDPLUDODO5R\DO1DY\OXDSDUWHODRFRQIHULQ
QDYDO FDUH FXSULQGHD L DPLUDOL GLQ 68$ 0DUHD
%ULWDQLH&DQDGD$XVWUDOLDL)UDQD
/DXQFRFNWDLOVHDIODXQPDUHJUXSGHRILHULGLQ
WRDWHDFHVWHQDLXQL7RDWOXPHDYRUEHDHQJOH]HWHL
vLVRUEHDEXWXULOHGDUXQDPLUDOIUDQFH]VDSOkQVF
vQ WLPS FH HXURSHQLL vQYD QXPHURDVH OLPEL VWULQH
HQJOH]LLYRUEHVFGRDUHQJOH]HWH$vQWUHEDW
'HFHVHvQWkPSOFPHUHXWUHEXLHVYRUELP
HQJOH]HWHvQFRQIHULQHOHDVWHDLQXIUDQFH]D"
)UH]LWDUHDPLUDOXOEULWDQLFDUHSOLFDW
 3HQWUX F DPHULFDQLL EULWDQLFLL FDQDGLHQLL L
DXVWUDOLHQLL DX IFXW DD FD V QX ILL QHYRLL V YRUELL
JHUPDQD

3XWHDLVDX]LFXPFDGHXQDF



5REHUW:KLWLQJXQPRXOLFDPHULFDQGHGH
DQLVRVHWHOD3DULVFXDYLRQXO/DYDPSLHUGHFkWHYD
PLQXWH FD VL FDXWH SDDSRUWXO UWFLW vQ VDFXO GH
YRLDM
$LPDLIRVWvQ)UDQDGRPQXOH"LVHDGUHVHD]
VDUFDVWLFIXQFLRQDUXOYDPDO
'O:KLWLQJDGPLWHFDPDLIRVW
 $WXQFL WUHEXLD V WLL F WUHEXLH V DYHL
SDDSRUWXOODvQGHPkQ
$PHULFDQXOUHSOLF
8OWLPDRDUDFkQGDPIRVWDLFLQDWUHEXLWVO
DUW
,PSRVLELO'XPQHDYRDVWUDPHULFDQLLWUHEXLH
WRWGHDXQDVDUWDLSDDSRDUWHOHFkQGLQWUDLvQ)UDQD
%WUkQXO DPHULFDQ vO SULYL DGkQF vQ RFKL SH
IUDQFH]$SRLH[SOLFOLQLWLW
&kQGDPDMXQVODUPOD*ROG%HDFKvQ]LXD=
vQSHQWUXDDMXWDODHOLEHUDUHDDFHVWHLULQDP
JVLWQLFLXQIUDQFH]FUXLDVLSRWDUWDSDDSRUWXO

3XWHDLVDX]LFXPFDGHXQDF

41
 3$*,1$/,5,&

',1&,&/8/
0$5('5(37$7($,0$(675(
 QFkWHYDVWURIHPHWHXJLWHFXPLHVWULHSRHWXO&RUQHOLX9DGLP7XGRUUHXHHWHvQ]HIOHPHD
VIDFXQSRUWUHWGHVWXOGHUHDOLVWDOQDLHLQRDVWUH
 9OVPVYGHOHFWDLFXDFHDVWSRH]LHDWHSWkQGSHDGUHVDUHGDFLHLUHYLVWHLFXPDUHLQWHUHVFRPHQWDULLOH
GXPQHDYRDVWULSURSXQHULGHSXEOLFDUHDDOWRUDVWIHOGHELMXWHULLOLWHUDUH
5HGDFLD

=()/(0($8$
0RWWR5RPkQLLHGHWHSL&DPLO3HWUHVFX
&kQGYDYHQLVIkULWXOOXPLL
5RPkQLLQXYRUDWHQL
,VXVDVSXV7DOLWDNXPL
'DUQXSHQWUXLQFRQWLHQL
,DU=LXD'RPQXOXLFDKRXO
QPLH]GHQRDSWHYDVRVL
)HPHLDYDGRUPLLDUVRXO
5HYLVWHSRUQRYDFLWL
1DYHPFRQWLLQDWUDJHGLHL
LWRWXOOXPjODOpJHUH
1RLFDPSLRQLLEFOLHL
$PFRPSURPLVRULFHPLVWHU
$YHPRVFX]GHIDDG 3HSULPXOORFHQMXUWXUD
/DVFPHUJHLDD
7UGPODSULPXOFROGHVWUDG
LDSRLvQFOHFPSHRD
6HQ]DLDHGHSOXWLUH
'HLQQLWSDUDXWLVP
1RLDPIFXWPLWRVXELUH
LGHPDU[LVPLGHIDVFLVP
&H'HFHEDOL%XUHELVWD"
&HSDWULRWXOFUWXUDU"
7ULDVF0LD%LFLFOLVWD
LEHUHDUHFHODSDKDU
0LWLFYHQLFVWULDVF
LQRLSHOkQJHOQRURF
)LOR]RDFKHOQUHDVF
(WRWSHORFSHORFSHORF
QWUHDJDGURMGLHVHVFXUVH
'LQPDKDODOHGH)DQDU
LQORFVPXQURLEGHFXUVH
1RLDPDMXQVGLQFDOPJDU
(DSHQWUXWRDWHHXQOHDF
6LPLFXPvLXPSOHWRDWJXUD
2PRWHQLPGLQYHDFvQYHDF
1RLIDFHPLEJPGHDYDOPD
1RLVXGXLPQHvQFHWDW
,DUODDFHVWSRSRUVXGDOPD
(RUHOLJLHGHVWDW
42
/DWUHEXULOHVHULRDVH
1RLQXQHFRQFHQWUPGHVWXO
$YHPRVRPQROHQQRDVH
LR]HHPHDGHSURVWIXGXO
&HDFSDF'DUODUHOXULGHID]H
3DUFQHPDLWUH]LPSXLQ
1DYHPSUROGHNDPLND]H
7LSDUXOQRVWUXLE\]DQWLQ
$SRFDOLSVDIXUWXQRDV
LVSHULHSHSPkQWHQL
3HQRLQXQHRJVLDFDV
9RPODPHFLVDXODSRPHQL
$FHDVWDSRDWHQHHVRDUWD
6RWUDJHPLSHDVWDQSLHSL
1DYHLGHFkWVQFKLGHLSRDUWD
'DFWRWIDFHHDSHPRDUWD
+DLFURPkQLLHGHWHSL
&RUQHOLX9DGLP7XGRU
VHSWHPEULH
/DPXOLDQLFXVQWDWH

&RORQHOUWU/LYLX=DQILUHVFX

 $VRFLDLD&HUFHWDLORU0LOLWDULvQ5H]HUYLvQ5HWUDJHUH%X]X
%XOHYDUGXO8QLULLQU
HPDLODFFPLOUU#\DKRRFRP
ZZZFHUFHWDVLPLOUH]FRP

,661