Sisteme de Educatie PDF

*$%5,(/$0817($18

6,67(0('(('8&$ ,(08=,&$/
(GL LDD,,D
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH

(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHL&HUFHW ULLúL,QRY ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLùWLLQ LILFH
GLQÌQY PkQWXO6XSHULRU

'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL

0817($18*$%5,(/$

6LVWHPHGHHGXFD LHPX]LFDO *DEULHOD0XQWHDQX(GDD

%XFXUHúWL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH

,6%1

5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP
úLSULQRULFHPLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV úLVHSHGHSVHúWHFRQIRUPOHJLL

5 VSXQGHUHDSHQWUXFRQ LQXWXOúLRULJLQDOLWDWHDWH[WXOXL
UHYLQHH[FOXVLYDXWRUXOXLDXWRULORU

5HGDFWRU0LKDHOD1ù7()$1
7HKQRUHGDFWRU0DJGDOHQD,/,(
&RSHUWD0DJGDOHQD,/,(

%XQGHWLSDU&ROLWLSDU
)RUPDW×

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XOHYDUGXO7LPLúRDUD1U%XFXUHúWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
HPDLOHGLWXUDIUP#\DKRRFRP

81,9(56,7$7($63,58+$5(7

*$%5,(/$0817($18

(GL LDD,,D

(',785$)81'$ ,(,520Æ1,$'(0Æ,1(
%XFXUHúWL

&835,16

3UHID «««««««««««««««««««««««««««««
&DSLWROXO,&ODVLILFDUHDVLVWHPHORUGHHGXFD LHPX]LFDO «««««««««
&XUVXO
(GXFD LD PX]LFDO ± GHILQL LH FODVLILFDUHD VLVWHPHORU GH vQY PkQW SH FULWHULXO
ILQDOLW LLXUP ULWHVFRSXUL±VDUFLQLRELHFWLYHFDGUX±FRPSHWHQ HJHQHUDOH«
&XUVXO
&ODVLILFDUHDHGXFD LHLPX]LFDOHSHFULWHULXOYkUVWHLSHULRDGHHWDSH«««««
&XUVXO
&ODVLILFDUHSHFULWHULXODSDUWHQHQ HLODWLSXOGHHGXFD LHPX]LFDO YRFDO úLLQVWUX
PHQWDO «««««««««««««««««««««««««««««
&XUVXO
5HSHUWRULXOúFRODUvQFRQWH[WXOPRGLILF ULORUDGXVHGHúFRDODDFWLY PX]LFDO «
&ODVLILFDUHDUHSHUWRULXOXLPX]LFDOúFRODUSHFULWHULXOFDQWLWDWLYúLFDOLWDWLY
DO VLVWHPHORU VRQRUH úL ULWPLFH IRORVLWH vQ IXQF LH GH YkUVWD úL QLYHOXO
DSWLWXGLQLORUPX]LFDOH««««««««««««««««««««
3UREOHPHOH FRUHVSRQGHQ HL GLQWUH DPELWXVXO SLHVHORU PX]LFDOH úL
GLDSD]RQXOYRFLORU«««««««««««««««««««««
&DSLWROXO,,5HVXUVHQRLvQHGXFD LDPX]LFDO «««««««««««««
&XUVXO
-RFXOPX]LFDOGUDPDWL]DWFDLGHDOOXGLF«««««««««««««««««
&XUVXO
$XGL LDPX]LFDO DFWLY ««««««««««««««««««««««
7HRULLOHDPELHQWDOLVWHúLHGXFD LDPX]LFDO ««««««««««««««
,QWURGXFHUHvQPX]LFRWHUDSLH«««««««««««««««««
&XUVXO
$XGL LDPX]LFDO DFWLY ««««««««««««««««««««««
3DWUX YL]LXQL DVXSUD PRGXOXL GH FRQYHUWLUH D DPELHQWXOXL VRQRU úL D PX]LFLL
SURSULX]LVHvQUHVXUVHDOHHGXFD LHLPX]LFDOHPHWRGHOH0RQWHVVRUL0DUWHQRW
.DEDOHYVNL6X]XNL«««««««««««««««««««««««
&DSLWROXO,,,6ROIHJLHUHDvQVHFROHOH;,;9,,«««««««««««««
&XUVXO
6ROPL]D LDUHODWLY ««««««««««««««««««««««««
,QWURGXFHUH««««««««««««««««««««««««
6ROPL]D LDvQFRQFHS LDOXL*XLGRG¶$UH]]R««««««««««««««
0XVLFDYHUDPXVLFDILFWD«««««««««««««««««««««
7DEXODWXULOH««««««««««««««««««««««««««
([WLQGHUHDVROPL]D LHLERFHGL]DUHDúLGHQXPLUHDVXQHWHORUGXS *LEHOLXV«««

&DSLWROXO ,9 1RL F L PHWRGH GH DFFHVLELOL]DUH D VFULVFLWLWXOXL PX]LFDO vQ
VHFROHOH;9,,,;,;««««««««««««««««««««««««
,QWURGXFHUH««««««««««««««««««««««««««««
&XUVXO
1RWDUHD úL FLWLUHD SULQ FLIUH D SDUWLWXULORU PX]LFDOH 0HWRGH GLQ )UDQ D VHFROXOXL
;9,,,;,;-HDQ-DFTXHV5RXVVHDX3LHUH*DOLQePLOH-RVHSK&KHYp««««
&XUVXO
2 LQRYD LH vQ VROIHJLHUHD SDUWLWXULORU PHWRGD HQJOH] 6DUDK *ORYHU úL -RKQ
&XUZHQGLQVHFROXO;,;«««««««««««««««««««««
$OWH SURFHGHH XWLOL]DWH vQ LQL LHUHD PX]LFDO SkQ vQ VHFROXO ;,; PXVLFD
SRHWLFDPLMORDFHGLGDFWLFHLQWXLWLYHGDFWLORULWPLDPkQDJXLGRQLF úLQHXPHOH
FDSURFHGHHIRQRPLPLFHÄSRUWDWLYXOPXW´RUWRIRQXO««««««««««
&DSLWROXO90HWRGHOHGHFLWLUHúLQRWD LHPX]LFDO vQÄúFRDODDFWLY PX]LFDO ´
DVHFROXOXL;;««««««««««««««««««««««««««
,QWURGXFHUH««««««««««««««««««««««««««««
&XUVXO
0HWRGHDOHÄúFROLLDFWLYHPX]LFDOH´GLQ)UDQ DúL(OYH LD««««««««
0HWRGD&KHYDLVGHSUHJ WLUHDFRSLOXOXLSHQWUXFkQWXOFRUDO«««««
0HWRGD0DUWHQRWGHLQL LHUHSVLKRIL]LF SOHQDU DFRSLOXOXLSLDQLVW«««
0HWRGD*pGDOJHGHVROIHJLHUH««««««««««««««««
0HWRGD'DOFUR]H±LQL LHUHPX]LFDO SULQPLúFDUHFRUSRUDO úLGDQV««
0HWRGD:LOOHPVGHFLWLUHvQFKHL«««««««««««««««
&XUVXO
5LWPXOFDSXQFWGHSOHFDUHvQHGXFD LDPX]LFDO GLQ2UII6FKXOZHUN«««««
&XUVXO
3URFHGHHHWQRVRQLFHSXUW WRDUHGHXQLYHUVDOLWDWHPHWRGD.RGDO\««««««
&XUVXO
0HWRGD(GOXQGGHVROIHJLHUHÄDWRQDO ´«««««««««««««««««
&DSLWROXO9,&kWHYDXWLOL] ULDOHFDOFXODWRUXOXLvQHGXFD LDPX]LFDO ««««
&XUVXO
1R LXQLLQWURGXFWLYH8QLW LSHULIHULFH8WLOL]DUHDVRIWZDUHXOXL««««««
3HUVRQDOFRPSXWHUXOvQHGXFD LDPX]LFDO ««««««««««««««
ÌQORFGHSRVWID «««««««««««««««««««««««««
$QH[H««««««««««««««««««««««««««««««
%LEOLRJUDILH««««««««««««««««««««««««««««

35()$

'XS FXPHVWHHVHQ LDOL]DWFRQ LQXWXOQRLLGLVFLSOLQHGLQSODQXOGHvQY PkQW
SHQWUXVWXGLLGHOLFHQ vQvQV úLGHQXPLUHDDFHVWHLD6LVWHPHGHHGXFD LHPX]LFDO
HVWH XQ FXUV FH SXQH ID vQ ID úL WRWRGDW LQWHUVHFWHD] GRX GRPHQLL FHO DO
úWLLQ HORU PX]LFDOH úL FHO DO úWLLQ HORU SHGDJRJLFH PDL SUHFLV FHO DO GLGDFWLFLL
PX]LFDOH
'LQ GRPHQLXO úWLLQ HORU PX]LFDOH DP VHOHF LRQDW VLVWHPH LQWRQD LRQDOH úL
VLVWHPHULWPLFHSULQFDUHVDH[SULPDWPX]LFDFUHúWLQ úLODLF HXURSHDQ vQFHSkQG
FXSHULRDGDvQFDUHVDvQFHUFDWRVHPLRJUDILHPDLVLPSO VHF;'LQGRPHQLXO
VLVWHPHORU SHGDJRJLFH DP SUH]HQWDW QXPDL RULHQW ULOH FDUH VDX FRQMXJDW FX
VLVWHPHOHPX]LFDOH
$YkQG vQ YHGHUH IDSWXO F RELHFWLYHOH VFRSXULOHVDUFLQLOH vQY PkQWXOXL
PX]LFDOGHVWLQDWHILHSURIHVLRQLúWLORUILHDPDWRULORUGHDOXQJXOWLPSXULORUDXIRVW
GLIHULWH WUHEXLH V QH DúWHSW P FD S U L FRPSRQHQWH DOH ILHF UXL VLVWHP DS UXW vQ
LVWRULD vQY PkQWXOXL PX]LFDO V DGXF XQHRUL HOHPHQWH DGDSWDWLYH DOWHRUL
VFKLPE ULGHRSWLF DVXSUDPHWRGHORUPLMORDFHORUSULQFDUHDFHVWHRELHFWLYHGHYLQ
FRPSHWHQ H
6HúWLHF DFFHVXOODPX]LF VDI FXWFHOPDLGHVSHFDOHRUDOSUDFWLF SULQ
LQWRQDUHDGXS PRGHOVDXSULQUHFHSWDUHDHLSULQDXGLHUH3HFDOHVFULV DXDMXQVOD
PX]LF QXPDL SHUVRDQH ± FRSLL VDX PDWXUL ± FDUH úLDX vQVXúLW GHSULQGHUHD GH
GHFRGLILFDUH D QRWD LHL PX]LFDOH $FHDVWD D FRQVWLWXLW XQD GLQ FHOH PDL GLILFLOH
SUREOHPHGHUH]ROYDWODQLYHOXOÄúFROLLSHQWUXWR L´GLQWRDWHWLPSXULOH&XDWkWPDL
DFXW GHYLQH DFHDVW SUREOHP DVW ]L FkQG vQ DFWXDOLWDWHD PX]LFDO URPkQHDVF
VDX GH SUHWXWLQGHQL VD VWDWRUQLFLW XQ PDWHULDO PX]LFDO YRFDO úL LQVWUXPHQWDO FH
IRORVHúWHVWUXFWXULWRQDOHPRGDOHDWRQDOHúLGXS FXPHVWHELQHFXQRVFXWPLMORD
FHHOHFWURQLFHVDXFRPSXWHUL]DWHSHQWUXDSUDFWLFDVDXDUHFHSWDPX]LFD
(VWHXQXOGLQSULQFLSDOHOHPRWLYHSHQWUXFDUHvQSUH]HQWXOFXUVQXPLW6LVWHPH
GHHGXFD LHPX]LFDO VHLQWHQ LRQHD] DVHSUH]HQWDFHOHPDLLPSRUWDQWHWLSXULGH
FRQ LQXWXULUHVXUVHPDWHULDOHúLPHWRGRORJLFHFXVSHFLILFPX]LFDOFHDXFRQWULEXLW
ODIDFLOLWDUHDDFFHVXOXLODPX]LFDVFULV DWkWDvQFHS WRULORUFkWúLDDYDQVD LORU3H
VFXUW SUREOHPH OHJDWH GH VROIHJLHUH FD SURFHGHX GH GHFRGLILFDUH D OLPEDMXOXL
PX]LFDOFHUHSUH]LQW RSDUWHDRELHFWLYHORUXUP ULWHGHWRDWHVLVWHPHOHPX]LFDOH
ILHF GHFRGLILFDUHDVROIHJLHUHDHVWH LQW XQLF SULRULWDU VDXVHFXQGDU
6LVWHPHOH PX]LFDOH FHQWUDWH GH RELFHL SH SUREOHPH GH VFULVFLWLW PX]LFDO
GXS FXPVHYDYHGHDVXQWRFRQVHFLQ DFXUHQWHORUúLGRFWULQHORUSHGDJRJLFHGDU
úLDGLYHUVHORUFRQFHS LLHVWHWLFHDXQRUSURFHGHHVWDWRUQLFLWHODQLYHOXOXQRUFHQWUH
PX]LFDOH P Q VWLUL úFROL FDUH ILHFDUH vQ SDUWH D DYXW QHYRLH GH R PRUIRORJLH
SDUWLFXODU SHQWUX DúL H[SULPD SURSULLORU PHVDMH 'H DLFL DSDUL LD XQRU VROX LL FH
VDX UHXQLW vQ PHWRGH LDU XQHOH GLQWUH DFHVWHD DX IRUPDW ÄVLVWHPH´ DGLF JUXS UL
RPRJHQHGHSURFHGHHFDUHDXSXVRDQXPHRUGLQHvQIOX[XOGHHGXFD LHPX]LFDO GH
WLSVFULV

'HGXFHPSkQ DLFLF YRPHWDODvQPDWHULDOXOGHID DWkWPHWRGHFODVLFHFkW
úLPHWRGHDFWXDOHGHDFFHVODSUDFWLFDUHDPX]LFLLFXSUHF GHUHSUREOHPHGHVFULV
FLWLW PX]LFDO GDU úL FkWHYD VROX LL RIHULWH GH WHKQLFD MRFXOXL PX]LFDO D UHFHSW ULL
PX]LFLL SULQ DXGLHUHD XQRU SLHVH PX]LFDOH GH WHKQLFD PRGHOHORU FRPSXWHUL]DWH
DYkQG vQ YHGHUH DYDQVXO WHKQLFLL úL SHQHWUDUHD DFHVWHLD úL vQ GRPHQLXO
vQY PkQWXOXLPX]LFDOFKLDUGDF DFHVWHDQXYL]HD] VWULFWVFULVFLWLWXOPX]LFDO
7UHEXLH V VXEOLQLHP IDSWXO F vQ FDGUXO XQRU FXUVXUL GH VSHFLDOLWDWH úL vQ
PDWHULDOHOHVXSRUWDOHDFHVWRUDDX[LOLDUHVXSOLPHQWDUHDXIRVWWUDWDWHVDXDPLQWLWH
vQDQLLGLQXUP GLYHUVHPHWRGHGHVROIHJLHUHFDS U LDOHFRQFHSWXOXLGHHGXFD LH
PX]LFDO YH]L,ùHUIH]L0HWRGLFDSUHG ULLPX]LFLLDS UXW vQ(GLWXUD0X]LFDO vQ
* 0XQWHDQX 'H OD GLGDFWLF OD HGXFD LD PX]LFDO DS UXW vQ OD
(GLWXUD )XQGD LHL 5RPkQLD GH 0kLQH úL 9 9DVLOH 0HWRGLFD HGXFD LHL PX]LFDOH
(GLWXUD0X]LFDO
1H SHUPLWHP V IDFHP DSUHFLHUHD F HVWH SULPD GDW vQ LVWRULD GLGDFWLFLL
PX]LFDOH GLQ 5RPkQLD FkQG DFHDVW WHP VROIHJLHUHD VH WUDWHD] GH VLQH
VW W WRU SUH]HQWkQGXR FD IDSW GLDFURQLF GHVLJXU VXFFLQW SHQWUX GLPHQVLXQHD
FXUVXOXLXQVHPHVWUXGDUúLSULQWHKQLFDGHWLSFRQFHQWULFúLVLQFURQLFSHFDUHR
DERUGHD]
6SXQHP DFHDVWD SHQWUX F DULD GH FXSULQGHUH D SUREOHPHORU FH DOF WXLHVF
GRPHQLXO 6LVWHPHORU GH HGXFD LH PX]LFDO FRQ LQH úL DOWH WHPH FH YRU IL WUDWDWH
vQWUR UDPXU VSHFLDO D FLFOXOXL ,, GH VWXGLL XQLYHUVLWDUH vQ VWXGLL PDVWHUDOH GH
Ä$UW PX]LFDO ´ úL DQXPH OD VSHFLDOL] ULOH Ä6WUDWHJLL PRGHUQH vQ HGXFD LD
PX]LFDO ´úLvQÄ7UDVHHOXGLFHvQHGXFD LDPX]LFDO ´6WXGHQ LORUPDVWHUDQ]LOHYD
ILQHFHVDUDFHVWFXUVvQVHPHVWUHOH,úL,,,
'LVFLSOLQD 6LVWHPH GH HGXFD LH PX]LFDO ILLQG XQ RELHFW GH VWXGLX QRX
LQWURGXVvQSODQXOGHvQY PkQWUHFODP FXQHFHVLWDWHFXQRDúWHUHDOXLúLGHF WUH
VWXGHQ LLPDVWHUDQ]LFDUHDXDEVROYLWvQVHULLOHDQWHULRDUHDWkW)DFXOWDWHDGH0X]LF
D8QLYHUVLW LL6SLUX+DUHWFkWúLFHOHODOWHIDFXOW LGHPX]LF GLQ DU VHULLFDUHQX
DXEHQHILFLDWGHDFHVWHQRLLQIRUPD LL
ÌQFLFOXO,,GHVWXGLLPDVWHUDOHSUREOHPHOHVROIHJLHULLGHVFLIU ULLGHFRGLIL
F ULLSDUWLWXULORUPX]LFDOHSULQLQWHUPHGLXOYRFLLXPDQHYRUILDúH]DWHvQFRQWH[WXO
vQWUHJXOXL ILHF UXL VLVWHP GH HGXFD LH PX]LFDO FRPSOHWDWH úL VLQWHWL]DWH VSUH D
IDFLOLWD FRPSDUD LLOH úL DQDORJLLOH QHFHVDUH FHUFHW ULORU SH FHUH OH YRU vQWUHSULQGH
VWXGHQ LLPDVWHUDQ]L
&XUVXO GLVFLSOLQHL 6LVWHPH GH HGXFD LH PX]LFDO VH DGUHVHD] WXWXURU
VWXGHQ LORU)DFXOW LLGH0X]LF ILLQGRGLVFLSOLQ REOLJDWRULHvQVFULV vQSODQXOGH
vQY PkQW DO FLFOXOXL , GH VWXGLL GH OLFHQ 'RFXPHQWHOH LFRQLFH GLQ WRDWH
FDSLWROHOHOXFU ULLSRWILLQWHJUDWHFDPDWHULDOHGHLQWHUIHUHQ LQWHUGLVFLSOLQDU úLvQ
FLFOXO ,, GH PDVWHUDW vQ $UWH PX]LFDOH OD GLVFLSOLQH FD 0RUIRORJLL úL VLQWD[H
PX]LFRORJLFH $UKHWLSXUL PX]LFDOH HWF LDU FDSLWROHOH ,9 9 úL 9, GLQ OXFUDUHD GH
ID VOXMHVFúLXQRUGHPRQVWUD LLSHQWUXFLFOXO,,GHPDVWHUDWODGLVFLSOLQHOH6WUDWHJLL
PRGHUQHGHHGXFD LHPX]LFDO 7UDVHHOXGLFH
&XUVXO GH ID YD GHEXWD FX GHILQLUHD VLQWDJPHL ÄHGXFD LH PX]LFDO ´ úL YD
WUHFHvQUHYLVW UHOD LDVLVWHPHORUGHvQY PkQWFXVLVWHPHOHGHHGXFD LHPX]LFDO
FODVLILFkQGXOH SH FULWHULL GLIHULWH SHQWUX D FRQWULEXL SULQ DFHVW SURFHGHX OD
VSRULUHDFRPSHWHQ HLVWXGHQ LORUGHDHIHFWXDDQDOL]HSDUDGLJPDWLFH

3HQWUX F vQ DFWXDOD UHIRUP D vQY PkQWXOXL DO WXUL GH UHVXUVD ÄFkQWHF´
SLHV PX]LFDO LQWRQDW FXWH[WVDXVROIHJLXSLHV PX]LFDO LQWRQDW SULQVLODEH
PX]LFDOH VXQW QXPLWH úL DOWH HOHPHQWH QRL FD UHVXUVH FH VHUYHVF SURFHVXOXL
FRPSOH[GHHGXFD LHPX]LFDO FXUVXOSUH]LQW vQWHUPHQLJHQHUDOLSUREOHPHOHJDWH
GHÄMRFXOGLGDFWLFPX]LFDO´úLGHÄDXGL LDPX]LFDO ´
1RWD LDFODVLF DPX]LFLLSULQSRUWDWLYFKHLDOWHUD LL±FHDSHFDUHRIRORVLP
úLDVW ]L±DUHU G FLQLvQVHFROHOH,;;(VWHPRWLYXOSHQWUXFDUHYRPvQFHSHFX
SURFHGHXODWULEXLWOXL*XLGRG¶$UH]]RVHF;úLFkWRUYDSUHGHFHVRULWUHFkQGDSRL
vQ UHYLVW FHOH PDL LPSRUWDQWH SURFHGHH GH VROIHJLHUH FH SRDUW QXPHOH XQRU
PX]LFLHQL FRQWLQXkQG SkQ vQ VHFROXO ;; DWkW vQ PX]LFD GLQ 9HVWXO FkW úL GLQ
(VWXOHXURSHDQGHODPX]LFDPRGDO ODFHDWRQDO VDXGHWLSDWRQDODQWLWRQDO
&RQVLGHU PF WUHFXWXODFHVWXLGRPHQLXQXHVWHVXILFLHQWGHELQHFXQRVFXWúL
FHUFHWkQGXOHOQHYDRIHULvQF PXOWHVROX LLFDUHSRWILUHDFWXDOL]DWHúLUHSXVHvQ
FLUFXLWvQIRORVXODFWLYLW LORUFDUHIDFLOLWHD] VROIHJLHUHDDGLF DFFHVXOFRSLLORUúL
PDWXULORU OD FXOWXUD PX]LFDO VFULV $FWLYLWDWHD FODVLF GH VFULVFLWLW PX]LFDO HVWH
IRDUWH YLWUHJLW DVW ]L úL GDWRULW PRGXOXL IDFLO GH D SUDFWLFD SDVLY PX]LFD SULQ
DXGLHUHDHLFXDMXWRUXOPLMORDFHHOHFWURQLFH
/DQV P WRWRGDW vQWUHEDUHD SH FDUH WUHEXLH V QHR SXQHP PHUHX GXS
ILHFDUHFXUV&DUHúLFkWHGLQJUXS ULOHGHSURFHGHHODQVDWHGHXQDXWRUVDXGHXQ
JUXSGHDXWRULIRUPHD] XQ6LVWHPGHHGXFD LHPX]LFDO "
ÌQ FHHD FH SULYHúWH PRGXO GH RUJDQL]DUH úL SUH]HQWDUH D FRQ LQXWXOXL DFHVWHL
GLVFLSOLQHQRLDPRSWDWSHQWUXVWUXFWXUDUHDHLvQWUXQQXP UGHFXUVXULQXP U
HJDO FX FHO DO V SW PkQLORU GLQWUXQ VHPHVWUX )LHFDUH FXUV YD DYHD XUP WRDUHD
VWUXFWXU
SUH]HQWDUHDFRQ LQXWXOXLILHF UXLFXUV
YRFDEXODUVXSOLPHQWDUGHWHUPHQLGHVSHFLDOLWDWHGXS FD]
UH]XPDWXOFXUVXOXL
RIHUWD GH DFWLYLW L SHQWUX DXWRHYDOXDUHD FXQRúWLQ HORU DIHUHQWH ILHF UXL
FXUV
WHPHGHUH]ROYDWDOF WXLUHDXQRUPLQLHVHXULFKHVWLRQDUVXEIRUPDDOHJHULL
XQXL U VSXQV FRUHFW GLQWUR RIHUW GH PDL PXOWH U VSXQVXUL GDWH VDX
RS LXQHDSHQWUXXQHQXQ DGHY UDWVDXIDOV$)
/D VIkUúLWXO OXFU ULL OD $QH[H YRP SUH]HQWD )LúH GH HYDOXDUH DOH XQRU
FXUVXULDOHXQRUOXFU ULSUDFWLFHVDXDOHXQRUVHPLQDULL9RPVROLFLWDVWXGHQ LORUV
FRPSOHWH]HQRPLQDOL]DWVDXQHQRPLQDOL]DWILúDSHQWUXFDSULQDFHVWLQVWUXPHQWV
FXQRDúWHPRSLQLLOHORUGHVSUHFRQ LQXWXOFXUVXOXLGHVSUHJUDGXOGHDFFHVLELOLWDWHúL
QLYHOXOúWLLQ LILFDODFHVWXLDGHVSUHJUDGXOGHXWLOLWDWHSHQWUXVSHFLDOLWDWHDIDFXOW LL
FHDGHSHGDJRJLHPX]LFDO

%XFXUHúWLPDUWLH
$XWRDUHD

,&/$6,),&$5($6,67(0(/25'(('8&$ ,(08=,&$/

&XUVXO

(GXFD LDPX]LFDO ±GHILQL LHFODVLILFDUHDVLVWHPHORUGHvQY PkQWSHFULWHULXO
ILQDOLW LLXUP ULWHVFRSXUL±VDUFLQLRELHFWLYHFDGUX±FRPSHWHQ HJHQHUDOH

(GXFD LDPX]LFDO IRUPDO LQVWLWX LRQDOL]DW HGXFD LDSULQúFRDO HVWHXQ
SURFHV vQ FDUH VXQW DQWUHQD L HOHYLL FRPXQLWDWHD GH HOHYL úL FDGUHOH GLGDFWLFH GH
VSHFLDOLWDWHSURIHVRULGHHGXFD LHPX]LFDO vQY WRULSHRGXUDW GHDQLWLPS
UH]HUYDWvQY PkQWXOXLREOLJDWRULXVDXDQLFkWGXUHD] vQY PkQWXOYRFD LR
QDOPX]LFDOSULPDUJLPQD]LDOOLFHDOvQ5RPkQLD
ÌQ DFWXDOD UHIRUP D vQY PkQWXOXL GLQ 5RPkQLD vQFHSXW SULQ OHJHD GLQ
HGXFD LH PX]LFDO HVWH GHQXPLUHD GLVFLSOLQHL GH vQY PkQW FH IDFH SDUWH
GLQDULDFXUULFXODU $UWHvQQRXOSODQGHvQY PkQW
3HSDUFXUVXOH[LVWHQ HLORUVLVWHPHOHGHvQY PkQWDQWHULRDUHSULQSODQXULOH
ORU DX QXPLW RELHFWXO GH vQY PkQW FDUH DYHD FD PDWHULDO GH VWXGLX VXQHWHOH
PX]LFDOH vQ FRPSOH[LWDWHD ORU ILH Ä&kQW´ ILH Ä0X]LF ´ GXS VFRSXORELHFWLYXO
SULQFLSDODYXWvQYHGHUH
&kQWXO ± FD RELHFW GH VWXGLX DO SURFHVXOXL GH vQY PkQW DSDU LQHD XQXL
vQY PkQW FH VH ED]D SH WUDQVPLWHUHD úL vQVXúLUHD SUDFWLF SH FDOH RUDO SULQ
PHPRUDUHDXQXLUHSHUWRULXGHSLHVHPX]LFDOHYRFDOH
3ULQ PX]LF VH GHQXPHD GLVFLSOLQD FDUH DG XJD OD DFHVW SURFHGHX úL
SUREOHPH GH LQWHUHV WHRUHWLF SUREOHPH FDUH vQ RSWLFD OHJLXLWRUXOXL FRQWULEXLH OD
IRUPDUHD FXOWXULL JHQHUDOH D HOHYXOXL 2EOLJDWLYLWDWHD VROIHJLHULL XQRU SDUWLWXUL GLQ
PDQXDOHOHGHPX]LF VFULVFLWLWXOPX]LFDOU PkQkQGSDUWHDGRPLQDQW DDFWLYLW LL
úFRODUH 'LVFLSOLQD Ä0X]LF ´ FXSULQGH GHFL PDL PXOWH GRPHQLL UHSHUWRULXO GH
FkQWHFHFDUHWUHEXLHV ILHvQY DWHRUDODYHDXPHQ LRQDUHDÄGXS DX]´SUREOHPH
GHLVWRULDPX]LFLLúLIROFORUIRUPHSUREOHPHGHWHRULDPX]LFLLvQVR LWHGHVROIHJLLúL
FkQWHFHFDUHVHvQY DXSULQVROIHJLHUH
2GDW FXVFKLPEDUHDRSWLFLLDVXSUDILQDOLW LLSURFHVXOXLGHvQY PkQWGHOD
DFWLYLW LGHPHPRUDUHODDFWLYLW LGHIRUPDUHDDLQWHUHVXOXLSHQWUXPXQFDúFRODU
OHJDW RUJDQLF GH YLD D VRFLHW LL vQ FDUH WU LHúWH HOHYXO OD JULMD SHQWUX
LQGLYLGXDOLWDWHDúLSHUVRQDOLWDWHDHOHYXOXLSHUVRQDOLWDWHHYLGHQ LDW SULQSRWHQ LDOXO
FUHDWLY DO DFHVWXLD WRDWH DFHVWHD DX GHWHUPLQDW VFKLPEDUHD GHQXPLULL GLVFLSOLQHL
vQWUXQD FDUH V H[SULPH LGHHD GH SURFHV FRPSOH[ &HD PDL DGHFYDW GHQXPLUH D
IRVWDFHHDGHÄHGXFD LHPX]LFDO ´
(GXFD LDPX]LFDO HVWHGLVFLSOLQDGHvQY PkQWFHYL]HD] PRGHODUHDVW ULL
LQL LDOH D DSWLWXGLQLORU PX]LFDOH DOH HOHYLORU LQGLIHUHQW GH QLYHOXO DSWLWXGLQLORU
PX]LFDOHvQFOLQD LLDSWLWXGLQHWDOHQW'LVFLSOLQDVHSUHRFXS VLVWHPDWLFGHIRUPD
UHDGHSULQGHULORUPX]LFDOHYRFDOLQVWUXPHQWDOHDOHWXWXURUHOHYLORUDFXQRúWLQ HORU
FDUH V DMXWH OD FRQúWLHQWL]DUHD DFWXOXL SUDFWLF PX]LFDO 3ULQ SURFHGHH VSHFLDOH

GLVFLSOLQDFDUHvúLLDGHQXPLUHDGHÄHGXFD LHPX]LFDO ´DUHREOLJD LDGHDPRGHOD
FRPSRUWDPHQWXOúLvQFOLQD LLOHDWLWXGLQLOHWDOHQWXOGHRUGLQHVWHWLFDUWLVWLFPX]LFDODO
ILHF UXL HOHY GLQ FRPXQLWDWHD vQ FDUH YLH XLHúWH $FHDVW GLVFLSOLQ DUH vQ YHGHUH
FXQRDúWHUHDSULQWHVWDUHDHOHYXOXLVRFLDOL]DUHDOXLGHDVHPHQHDDUHvQDWHQ LHúL
IRUPDUHD SHUVRQDOLW LL HOHYXOXL DúD FXP DP PDLPHQ LRQDWODQLYHOGHPX]LFLDQ
DPDWRUVDXGHYLLWRUSURIHVLRQLVW
$OWIHOVSXVVHQXPHúWHHGXFD LHPX]LFDO SURFHVXOGHPRGHODUHFRQWLQX
DGHSULQGHULORUFXQRúWLQ HORUúLDWLWXGLQLORUSULQúLSHQWUXPX]LF
ùL GDF DFHVWHD DX IRVW DYDWDUXULOH GHQXPLULL PX]LFLL FD GLVFLSOLQ GH
vQY PkQWQHSXWHPSXQHvQPRGILUHVFvQWUHE ULOH
± & URU VLVWHPH GH vQY PkQW DSDU LQ DFHVWH GLVFLSOLQH QXPLWH Ä&kQW´
Ä0X]LF ´Ä(GXFD LHPX]LFDO ´"
±ÌQIDSWFkWHVLVWHPHGHHGXFD LHPX]LFDO H[LVW "
± 'HQXPLUHD XQRU JUXS UL RPRJHQH GH HOHPHQWH FRQ LQXWXUL PHWRGH HWF
VXQWVLVWHPHVDXVXEVLVWHPHGHHGXFD LHPX]LFDO "
9RPOXDvQGLVFX LHvQFHOHFHXUPHD] WHUPHQLLFHLPDLYHKLFXOD LvQOXPHD
SHGDJRJLHLPX]LFDOHSUHFXPVLVWHPGHvQY PkQWFODVLFWUDGL LRQDOLVWVLVWHPGH
HGXFD LH PX]LFDO PRGHUQ VLVWHPXO GH HGXFD LH DO ÄùFROLL DFWLYH´ VLVWHP GH
HGXFD LH PX]LFDO SHQWUX SUHúFRODUL úFRODUL VLVWHP SUHXQLYHUVLWDU VLVWHP GH
HGXFD LHPX]LFDO YRFDO LQVWUXPHQWDO
6HLPSXQHRVXFFLQW O PXULUHDWHUPHQLORUSUH]HQWD LPDLVXV
3ULQWHUPHQXOVLVWHPvQ HOHJHPXQDQVDPEOXGHHOHPHQWHFRHUHQWHúLLQWHUGH
SHQGHQWH FH IRUPHD] XQ WRW RUJDQL]DW XQ DQVDPEOX FH SXQH RUGLQH vQ SUDFWLFD
DFHOXLGRPHQLXSHQWUXF VHFRQGXFHGXS RILQDOLWDWHELQHVWDELOLW úLHWDSL]DW
3ULQVLVWHPGHvQY PkQWFODVLFWUDGL LRQDOLVWvQ HOHJHPDQVDPEOXOIRUPDW
GLQ
SULQFLSLLOHFDUHWUHEXLHV RULHQWH]HDFWLYLWDWHDúFRODU
ILQDOLWDWHDXUP ULW ±vQ HOHDV FDFHHDFHVHDúWHDSW V úWLHHOHYLLODILQHOH
DEVROYLULLúFROLL
SODQ GH vQY PkQW FH LQGLF GLVFLSOLQHOH FH XUPHD] D IL VWXGLDWH
SUH]HQWDWHFURQRORJLFSHDQLGHVWXGLX
SUHFL] ULUHIHULWRDUHODPHWRGHOHPLMORDFHOHGHvQY PkQW
SUREOHPHOHJDWHGHSUHJ WLUHDSURIHVRUXOXL
SUHFL] ULvQOHJ WXU FXHYDOXDUHDHOHYLORUvQFHHDFHSULYHúWHFXQRúWLQ HGH
SULQGHULOHGREkQGLWHvQGLYHUVHSHULRDGHGHWLPS
)LQDOLWDWHD XUP ULW GH vQY PkQWXO FODVLFWUDGL LRQDOLVW FD VLVWHP vQFHSH V
VH JHQHUDOL]H]H vQ (XURSD vQFHSkQG FX VHFROXO ;9,, YH]L SULPD RULHQWDUH GDW
vQY PkQWXOXL GH &RPHQLXV vQ 'LGDFWLFD 0DJQD FDUH vQVHPQD ÄDUWD
XQLYHUVDO GH D vQY D SH WR L WRWXO´ $XWRUXO SUHFL]D vQ FDSLWROXO ;;; F ÄQRL
YUHP FD WLQHULL V SURPRYH]H úL V GHYLQ JUDPDWLFLHQL GLDOHFWLFLHQL UHWRUL
DULWPHWLFLHQLJHRPHWULPX]LFLHQLúLDVWURQRPL´ÌQIDSWVHUHXúHDvQWURSHULRDG
VFXUW GHúFRODUL]DUHV VHvQYH HQXPDLVFULVXOFLWLWXOVRFRWLWXOúLPHPRUDUHDXQRU
SUHFHSWHVSHFLILFHGLVFLSOLQHORUVXVDPLQWLWHúLXQHOHFkQWHFHÌQSODQXOGHvQY
PkQWDO WXULGHGLYHUVHGLVFLSOLQHHUDWUHFXW úLRGLVFLSOLQ FHVHQXPHDÄ0X]LF ´

QX &kQW´ )LQDOLWDWHD HL LQGLFD ÄvQ 0X]LF VH YD IDFH vQFHSXWXO GDF FRSLOXO YD
PHPRUL]D FkWH FHYD XúRU GLQ SVDOPL úL FkQW UL ELVHULFHúWL úL OH YD vQWUHEXLQ D vQ
UXJ FLXQLOH]LOQLFHÝH]L'LGDFWLFD0DJQD('3%XFXUHúWLS
6H vQ HOHJH GH OD VLQH F R DVWIHO GH ILQDOLWDWH HUD FX WRWXO QHSRWULYLW FX
YkUVWDSVLKRORJLF DFRSLOXOXL3XWHPDILUPDúLDSUHFLDF DFHVWWLSGHvQY PkQW
GHúL vúL SURSXQHD ÄV L vQYH H SH WR L WRDWH´ QH DPLQWHúWH GH R FRPSDUD LH D XQXL
SHGDJRJ URPkQ GH UHQXPH ** $QWRQHVFX vQY PkQWXO GH DWXQFL HUD DVHP
Q WRUFXXQFRSLOREOLJDWV SRDUWHRvPEU F PLQWHGHRPE WUkQ
ùL DFHDVW ILQDOLWDWH D SHUVLVWDW SkQ OD vQFHSXWXO VHFROXOXL ;; FkQG VH
HYLGHQ LD] FODU GRX GLUHF LL GLDPHWUDO RSXVH vQ vQY PkQW úL vQ PRGXO GH D
LQWHUYHQL vQ FRPSRUWDPHQWXO HOHYLORU GH RULFH YkUVW 1H UHIHULP OD ULJRULVPXO
LPSXV úL SUHOXDW GH R SDUWH GLQ úFROLOH HXURSHQH GLQ RSHUD ILOR]RIXOXL PRUDOLVW
JHUPDQ )ULHGHULFK 3DXOVHQ FDUH LQGLFD GUHSW SUHFHSWH EHQHILFH WUHL
LPSHUDWLYHGHXUPDWvQúFROL
ÌQYD V WHVXSXL
ÌQYD V WHVW SkQHúWL
ÌQYD V IDFLHIRUW
/DSROXORSXVVHDIO GLUHF LDVXJHUDW GHvQIO F UDWDVFULLWRDUHVXHGH] (OOHQ
.H\FDUHFHUHDXQvQY PkQW
I U XQUHJLPDXWRULWDU
XQ UHJLP ED]DW SH OLEHUWDWHD GHSOLQ DHOHYXOXLWUDWDWFXLXELUHúLFXYRLH
EXQ
R SURJUDP XWLOLWDULVW FH WUHEXLH V FXSULQG DFWLYLW L VHOHF LRQDWH SH
FULWHULXOÄHOHYXOV vQYH HQXPDLFHHVWHQHFHVDUvQYLD DSUDFWLF LPHGLDW ´
ùL GLQ DFHDVW VLWXD LH vQY PkQWXO VHFROXOXL ;; vQ PXOWH UL D DOHV
GLUHF LDGDW GH.H\GLUHF LHFDUHDSULPLWXQFDGUXQRXGDWGHILQDOLWDWHDXUP ULW
úLDSULPLWQXPHOHGHúFRDO QRX VDXúFRDO DFWLY
'HQXPLUHD GH ÄúFRDO DFWLY ´ QX WUHEXLH LQWHUSUHWDW FD ILLQG RSXVXO FHOHL
DQWHULRDUH FDUH DU IL IRVW ÄLQDFWLY ´ FL SHQWUX IDSWH UHGDWH IRDUWH FODU GH **
$QWRQHVFX vQ 3HGDJRJLD FRQWHPSRUDQ (GLWXUD &XOWXUD 5RPkQHDVF
OXFUDUHVFULV vQSHULRDGDFkQGDFHVWHQR LXQLvQFHUFDXV SULQG FRQWXUSUDFWLFvQ
5RPkQLD
,DW FH VFULD DXWRUXO S ÄÌQ RUL FH úFRDO VH OXFUHD] /XFUHD] úL
SURIHVRUXOúLHOHYXOGHFLDPELLVXQWDFWLYLDPSXWHDVSXQHF DYHPRúFRDO DFWLY
'DGDUDFHDVW úFRDO HVWHDFWLY vQPRGUHSURGXFWLY(OHYXOSULPHúWHH[SOLFD LLOH
SURIHVRUXOXLDUHWH[WXOvQPDQXDOúLvOvQYD GHFHOHPDLPXOWHRULI U V vQ HOHDJ
VXILFLHQWGDUUHSURGXFHFHHDFHLVDGDW´
2ÄúFRDO DFWLY ´HVWHLQVWLWX LDvQFDUHDFWLYLWDWHDSURIHVRUXOXLúLDHOHYXOXL
WUHEXLHV VWHDVXEVHPQXOSDUWHQHULDWXOXLDOFUHDWLYLW LLDODFWLYLW LORUSUDFWLFH
OHJDWH GH YLD D VRFLHW LL vQ FDUH WU LHúWH I U D VHOHF LRQD XWLOLWDULVW WHPHOH GH
OXFUX
(OHYXO úL SURIHVRUXO WUHEXLH V DLE DFWLYLW L FUHDWRDUH SURIHVRUXO YD IL
FUHDWRUGDF YDúWLV DGDSWH]HRDFWLYLWDWHSUDFWLF VDXLQWHOHFWXDO ODSRVLELOLW LOH
HOHYXOXLúLSULQDFHVWHDV LGH]YROWHLQWHUHVXOSHQWUXXQDQXPLWGRPHQLX(OHYXOYD

ILDFWLYFUHDWRUGDF YDILSURYRFDWV UHDOL]H]HSULQIRU HSURSULLROXFUDUH&HIHOGH
OXFUDUH"$FHDVW OXFUDUHFkWGHPLF GDUSHUVRQDO YDDSDU LQHILHSUDFWLFLLXQXL
GRPHQLXSURIHVLRQDOILHFXOWXULLJHQHUDOHLQWHOHFWXDOHILHXQHLSUREOHPHOHJDWHGH
HXOSHUVRQDOVDXDPLFLLFROHFWLYLW LvQFDUHWU LHúWHHOHYXO
2DVWIHOGHILQDOLWDWHFHOSX LQvQUHIRUPDDFWXDO DvQY PkQWXOXLURPkQHVF
XUP UHúWHV OvQY PSHHOHYV úWLHWHRULHúLV úWLHV DSOLFHSUDFWLFFHHDFH
úWLHWHRUHWLF)LQDOLWDWHDYL]HD] IRUPDUHDGHGHSULQGHULSUDFWLFHFXQRúWLQ HWHRUHWL
FH QHFHVDUH vQ HOHJHULL PRGXOXL GH DSOLFDUHDF LRQDUH D DFHVWRUD úL WRWRGDW
XUP UHúWHIRUPDUHDúLGH]YROWDUHDODWXULLDWLWXGLQDOHDFRPSRUWDPHQWXOXLHOHYXOXL
ID GH VLQH vQVXúL ID GH FRQFHS LLOH ILOR]RILFH UHOLJLRDVH HVWHWLFH DOH VRFLHW LL
VHFROXOXL;;,
5HYHQLQG OD WHUPHQXO GH ÄHGXFD LH PX]LFDO LQVWLWX LRQDOL]DW ´ DFHDVWD
SHQWUXDRULHQWDSURFHVXOGLGDFWLFVSUH HOXULFRPXQHúLDSURSXVvQVLVWHPHOHGLQ
FDUHDI FXWSDUWHLQGLIHUHQWF VDQXPLWFDGLVFLSOLQ GHvQY PkQWÄPX]LF ´VDX
ÄFkQW´ FkWHYD LQWH FDUH FRQFRUG SULQFLSLDO GDU VH GLIHUHQ LD] SULQ IRUPXO UL
LQWHOH VH SRW QXPL VFRSXUL VDUFLQL VDX vQ WHUPLQRORJLH PDL QRX PDL ELQH
FRQWXUDW VHPDQWLFRELHFWLYHúLvQDOWHFD]XULFRPSHWHQ H
6FRSXOXQXLVLVWHPGHvQY PkQWREOLJDWRULXGDUúLYRFD LRQDOHVWHRQR LXQH
FH DSDU LQH XQHL WHUPLQRORJLL PDL YHFKL 3ULQ VFRS VH LQWHQ LRQD SURLHFWDUHD
DQWLFLSDUHD XQHL S U L GLQ LGHDOXO XUP ULW vQWUXQ SURFHV PDL vQGHOXQJDW GH
LQVWUXF LH 6FRSXO LQGLFD DúWHSW ULOH ILQDOH DOH vQY PkQWXO GH WLS WUDGL LRQDOLVW
6FRSXOGHULYDGLQLGHDOXOGHVRUJLQWHWUDGL LRQDOLVW 'HúLLGHDOXOHUDLQGLFDWFDILLQG
FRPSOH[ PRUDO LQWHOHFWXDO WHKQLF HVWHWLF VDUFLQLOH LQGLFDWH vQ SUHDPEXOXO
SURJUDPHORUDQDOLWLFHQXLQGLFDXHOHPHQWHFRQFUHWHP VXUDELOHFDUHV SHUPLW úL
HYDOX UL FRUHVSXQ] WRDUH $FHDVW GHILFLHQ VH FRPXWD vQ SUDFWLFD úFRODU SULQ
PDQXDOHúLPRGXOGHDERUGDUHPHWRGLF DRUHLGHPX]LF FHVHP UJLQHDQXPDLOD
DOIDEHWL]DUHDVFULVFLWLWXOPX]LFDOHOHPHQWDUXQHLPDVHPDULGHSRSXOD LLWLQHUHúL
vQVXúLUHDGXS DX]DUHSHUWRULXOXLGHFkQWHFH
6DUFLQLOHFHUH]XOWDXGLQUHOD LDLGHDOXOVLVWHPXOXLFXVFRSXULOHVLVWHPXOXLGH
vQY PkQWúLFXFHOHVSHFLILFHGLVFLSOLQHLYL]DXDúDFXPVHFRQFUHWL]DXvQPDQXD
OHOH VLVWHPXOXL WUDGL LRQDOLVW H[HUFL LL QHFHVDUH IRUP ULL GHSULQGHULL GH VROIHJLHUH
DVRFLDWHFXSUREOHPHWHRUHWLFHúLGHDVLPLODUHDUHSHUWRULXOXLGHFkQWHFH
$PDU WDWPDLVXVF Ä0X]LFD´vQ'LGDFWLFDOXL&RPHQLXVHUDvQIDSWÄ&kQW´
úL DYHD FD VFRS vQVXúLUHD XQXL UHSHUWRULX UHOLJLRV úL FD VDUFLQ LPSOHPHQWDUHD
DFHVWRUDvQUXJ FLXQLOH]LOQLFHDOHHOHYXOXL
'HRDUHFH FKLDU VFRSXO VLVWHPXOXL GH vQY PkQW FODVLF HUD SUH]HQWDW GUHSW R
LQW FRPSOH[ LQVWUXFWLYHGXFDWLY LDU VSUH VHFROXO ;9,,,;,; vQ GLYHUVH UL
HXURSHQHSUHFXP)UDQ D$QJOLD*HUPDQLD,WDOLDVHvQFHDUF VROX LLGHDFFHVLELOL
]DUHD VFULVFLWLWXOXL PX]LFDO SHQWUX PDUHD PDV GH HOHYL 6H XUP UHD FD HOHYLL V
vQYH HV FLWHDVF PX]LF V VROIHJLH]HvQúLSULQPHWRGHOHDGHFYDWHSURJUHVXOXL
SHFDUHODXI FXWúWLLQ HOHSVLKRSHGDJRJLHL
6FRSXO DFHVWD FRPSOH[ vQ FDUH DSDUH GLQ FH vQ FH PDL FODU WHQGLQ D GH D
DOIDEHWL]D PX]LFDO HOHYLL SULQ úL vQ úFRDO RULHQWHD] SUDFWLFD úFRODU VSUH GRX
GLUHF LL

2GLUHF LHIRDUWHS JXERDV úLFXFRQVHFLQ HQHIDVWHSHQWUXvQY PkQWXOGH
PDV DIRVWWUDQVIHUXOSURJUDPHLGHVROIHJLLWHRULHGLQúFROLOHFXSURILOYRFD LRQDO
WHRORJLFVDXPX]LFDOGHSHOkQJ FDWHGUDOHXQLYHUVLW LEUHVOHvQúFROLOHGHFXOWXU
JHQHUDO JLPQD]LLOLFHHFDúFROLÄSHQWUXWR L´FXPOHQXPHD&RPHQLXVvQF GLQ
VHFROXO;9,,(OHYLLLQGLIHUHQWGHGRWDUHDORUHUDXREOLJD LV VROIHJLH]HH[HUFL LL
DULGH úL V FXQRDVF GHILQL LL FDUH SHQWUX HL QX vQVHPQDX QLPLF VO ELQG VDX
DQXOkQGLQWHUHVXOQDWXUDODWUDF LDHOHYLORUSHQWUXPX]LF
2DGRXDGLUHF LHGHVSUHFDUHYRPGDGHWDOLLvQFDSLWROHOH,,,,9GLQOXFUDUHD
GH ID VD IRUPDW GLQ FUHDUHD XQRU PHWRGH GH vQVXúLUH HYROXWLY D QXP UXOXL GH
VXQHWH SUH]HQWDWH VSUH VROIHJLHUH VDX vQ DSHODUHD OD LQL LHUHD PX]LFDO LQVWUXPHQ
WDO FX LQVWUXPHQWH FX PDQXDOLWDWH XúRDU úL OD MRFXUL PX]LFDOH vQ ORF GH FODVLFD
OHF LHKHUEDUWLDQ
$úDGHH[HPSOX0DULD0RQWHVVRULODvQFHSXWXOVHFROXOXL;;IDFHHGXFD LH
PX]LFDO SULQ MRFXUL $FHVWHD GH]YROWDX HOHYLORU FDSDFLWDWHD GLVFULPLQ ULL VHQ]R
ULDOH D VXQHWXOXL PX]LFDO DMXWkQGXL vQ IHOXO DFHVWD V FLWHDVF úL V LGHQWLILFH
WLPEUXULOHGXUDWHOHvQ O LPLOHGLIHULWHORUVXQHWHPX]LFDOHVDXQHPX]LFDOH
/D IHO SURFHGHD] vQ LQGLFDUHD VFRSXOXL XUP ULW GH HGXFD LD PX]LFDO úL
0DXULFH &KHYDLV SULQ DQLL (O PHQ LRQHD] F VLVWHPXO OXL GH HGXFD LH
PX]LFDO DUHFDSULP VDUFLQ V OIDF SHFRSLOV LXEHDVF PX]LFD$SRLGXS FH
HQXPHU VDUFLQLGHRUGLQHVWHWLFúLPRWLYD LRQDOVROLFLW FDSULQMRFXULPX]LFDOHFH
DX FD LQW GXUDWD vQ O LPHD VXQHWHORU V VH WUDQVPLW LQGXFWLY FXQRúWLQ HOH
WHRUHWLFHQHFHVDUHSUDFWLF ULLPX]LFLLYRFDOH
7UDVHXO WUDGL LRQDOLVW HVWH SUH]HQW úL vQ vQY PkQWXO URPkQHVF GLQ VHFROXO
;,; úL GLQ SULPD MXP WDWH D VHFROXOXL ;; 3HQWUX D GHPRQVWUD IHOXO vQ FDUH VH
SUDFWLFD PX]LFD vQ úFROL SULQ LQWHUPHGLXO PDQXDOHORU FD SULQFLSDOH PLMORDFH GH
vQY PkQW WUHEXLH V XUP ULP WDEORXULOH VLQRSWLFH GH OD $QH[H GLQ FDUH SXWHP
REVHUYD F SULQFLSDOD VDUFLQ D RUHL GH Ä0X]LF ´ HUD VROIHJLDWXOvQDSURDSHWRDWH
WRQDOLW LOHFDGUDQXOXLWRQDOLW LORU
3HQWUX D LOXVWUD VLWXD LD Ä0X]LFLL´ FD GLVFLSOLQ GH vQY PkQW SUH]HQW P
H[HPSOHGLQFHOHGRX OXFU ULGHGLGDFWLF PX]LFDO UHSUH]HQWDWLYHSHQWUXPRGXO
vQ FDUH DX IRVW LQGLFDWH úL SUDFWLFDWH DFHVWH DúWHSW UL ILQDOH DOH SURFHVXOXL GH
LQVWUXLUHúLHGXFD LHPX]LFDO vQ5RPkQLDvQSHULRDGD
ÌQ DFHVWH OXFU UL ± PX]LFD RELHFW GH VWXGLX SHQWUX vQY PkQWXO GH FXOWXU
JHQHUDO GDUQXQXPDL±VHPHQ LRQDF VFRSXODFHVWHLGLVFLSOLQHHUDGXEOXXQXO
JHQHUDODO WXUkQGXVHFHORUODOWHGLVFLSOLQHúLDOWXOVSHFLDOYL]kQGFHHDFHWUHEXLH
VWXGLDWvQúFROLQXPDLSULQDUWDPX]LFDO
'H H[HPSOX ,RQ ùHUIH]L SURIHVRUXO FDUH D FUHDW GXS
FDWHGUD GH PHWRGLF vQ FDGUXO vQY PkQWXOXL VXSHULRU PX]LFDO EXFXUHúWHDQ
&RQVHUYDWRUXO &LSULDQ 3RUXPEHVFX úL FDUH D VFULV R OXFUDUH FRPSOHW GH vQGUX
PDUH D SURIHVRULORU GH OD FDWHGUHOH GH PX]LF GLQ 5RPkQLD SHQWUX FODVHOH ,;,,
LQGLFDvQ0HWRGLFDSUHG ULLPX]LFLL('3%XFXUHúWLSÄPX]LFD±
RELHFWGHvQY PkQW±DUHXQVFRSGXEOXDGHDFRQWULEXLODHGXFD LDPXOWLODWHUDO
DHOHYLORUEGHDFRQWULEXLODHGXFD LDHVWHWLF DHOHYLORUÌQVDUFLQLOHHLVSHFLDOH
LQFOXGHPGH]YROWDUHDGUDJRVWHLúLLQWHUHVXOXLSHQWUXPX]LF DDX]XOXLPX]LFDOD
YRFLL HOHYLORU IRUPDUHD GHSULQGHULORU QHFHVDUH SUDFWLF ULL PX]LFLL D FXQRúWLQ HORU

QHFHVDUH vQ HOHJHULL PX]LFLL VWXGLHUHD SUDFWLF D OXFU ULORU YDORURDVH úL DFFHVLELOH
HOHYLORU´ ÌQ OXFUDUHD VXVDPLQWLW OXFUDUH GH SLRQLHUDW vQ SHGDJRJLD PX]LFDO D
VHFROXOXLWUHFXWDXWRUXOIDFHXUP WRDUHDGLVWULEX LHFDQWLWDWLY DWHPDWLFLLGH
SDJLQL GHVWLQDWH SUREOHPHORU GH GLGDFWLF SDJLQLGHVWLQDWHSODQXULORUGHOHF LL
GHSDJLQLGHVWLQDWHIRUP ULLGHGHSULQGHULGHFkQWSULQVROIHJLXúLGHSDJLQL
GHVWLQDWHFHORUODOWHWLSXULGHDFWLYLW LYL]kQGHGXFD LDHVWHWLF DUWLVWLF DHOHYLORU
8Q DOW H[HPSOX GH LQGLFDUH vQ OXFU ULOH GH VSHFLDOLWDWH D UDSRUWXOXL GLQWUH
VFRSXULOH úL VDUFLQLOH PX]LFLL FD GLVFLSOLQ GH vQY PkQW HVWH FHO GLQ OXFUDUHD
$QHL 0RWRUD,RQHVFX LQWLWXODW 0HWRGLFD SUHG ULL PX]LFLL SHQWUX
FODVHOH ,9,,, ('3 %XFXUHúWL $XWRDUHD D IRVW SURIHVRU GH PHWRGLFD
SUHG ULL PX]LFLL OD ,QVWLWXWXO GH 0X]LF GLQ %XFXUHúWL LQVWLWX LH FH SUHJ WHD SH
DWXQFL SURIHVRUL SHQWUX FODVHOH ,9,,, úL VD I FXW FXQRVFXW SHQWUX PRGXO GH
DSOLFDUHD vQ 5RPkQLD D PHWRGHL GH HGXFD LH PX]LFDO DFWLY SULQ MRFXULOH GLQ
PHWRGLFDIUDQFH] 0DXULFH&KHYDLVúLSULQFRQFHUWHOHFXDQVDPEOXULPDULFRUDOHúL
SULQ RUHOH GH VROIHJLX FDUH IRUPDX DX]XO PHORGLF DUPRQLF úL GLYHUVLWDWH ULWPLF
FKLDUvQVWDGLXOGHLQL LHUHPX]LFDO DHOHYLORU
ÌQ FHHD FH SULYHúWH ILQDOLWDWHD SH FDUH FRQVLGHUD F WUHEXLH V R XUP UHDVF
SURFHVXO GH vQY PkQW OD GLVFLSOLQD Ä0X]LF ´ DXWRDUHD LQGLFD XUP WRDUHOH
FRPSRQHQWH GUHSW VFRS DO PX]LFLL FD RELHFW GH VWXGLX SHQWUX FODVHOH ,9,,, YH]L
SÄGHDIDFHHGXFD LHPX]LFDO GHPDV SULQWRDWHPLMORDFHOHúLIRUPHOH
GH DFWLYLWDWH DUWLVWLF PX]LFDO ´ 6DUFLQLOH SULQ FDUH VH UHDOL]HD] DFHVW VFRS VH
UHIHU ODGH]YROWDUHDYRFLLúLDX]XOXLWXWXURUHOHYLORUDGUDJRVWHLSHQWUXPX]LF
vQDUPDUHD FX SULFHSHUL GHSULQGHUL úL FXQRúWLQ H PX]LFDOH D VSLULWXOXL FROHFWLY D
XQXLFRPSRUWDPHQWIUXPRVFXQRDúWHUHDFUHD LHLFXOWHúLSRSXODUH´
8UP ULQG vQ OXFUDUHD VXV PHQ LRQDW GLVWULEX LD SDJLQLORU GHVWLQDWH DFHVWRU
VDUFLQL VLQWHWL] P GH SDJLQL WUDWHD] SUREOHPH GH GLGDFWLF JHQHUDO úL
VSHFLDO SDJLQL SODQXULOH GH OHF LH SDJLQL VXQW GHVWLQDWH H[HUFL LLORU
MRFXULORU SHQWUX IRUPDUHD GHSULQGHULORU GH VFULVFLWLW PX]LFDO FkQW FRUDO DXGL LH
SDVLY LQYHQ LXQLPX]LFDOH
2EVHUY PvQ0HWRGLFDùHUIH]LF vQWUHVFRSXULVDUFLQLúLUHDOL]DUHDFRQFUHW
H[LVW GLIHUHQ H vQ WUDWDUHD FHORU SURSXVH 'LQ 0HWRGLFD 0RWRUD,RQHVFX UHLHVH
IDSWXO F VFRSXULOH úL VDUFLQLOH SURSXVH GHúL VXQW IRDUWH GLYHUVLILFDWH QX VXQW
VDWLVI FXWH GH WHUPLQRORJLD FODVLF QX DFRSHU QXDQ DW FHULQ HOH úL DúWHSW ULOH SH
HWDSHDOHILQDOLW LLSURFHVXOXLGHvQY PkQW
1R LXQLOHSULQFDUHVHLQGLFDILQDOLWDWHDXUP ULW GHSURFHVXOGHvQY PkQWGH
WLS WUDGL LRQDOLVW SULQ LQWHUPHGLXO PX]LFLL DGLF VFRSXULOHVDUFLQLOH vQ QRXD
FRQMXQFWXU D VHFROXOXL ;;, QX DX PDL SXWXW DFRSHULL QXDQ DW DULD VHPDQWLF D
GLIHULWHORUWUHSWHDOHILQDOLW LLSURFHVXOXLGHvQY PkQWDVHREVHUYDVDUFLQLOHGLQ
0HWRGLFD 0RWRUD,RQHVFX $FHVWH UHDOLW L DX GHWHUPLQDW DOHJHUHD XQRU QRL
WHUPHQLSUHFXPRELHFWLYHúLFRPSHWHQ HWHUPHQLFDUHDVLJXU úLDFRSHU LQWHQ LLOH
SUDFWLFLLSHHWDSHGLVWLQFWHDOHSURFHVXOXLGHvQY PkQWODWRDWHRELHFWHOHGHVWXGLX
GLQSODQXOGHvQY PkQWLQFOXVLYSHQWUXPX]LF

$FHVWH GHQXPLUL QRL LQGLF VWDGLXO LHUDUKLF DO ILQDOLW LL FODULILFkQG FH VH
XUP UHúWHvQILHFDUHHWDS DHL$úDDDS UXWFDWHJRULDGHRELHFWLYHúLDSRLFHDGH
FRPSHWHQ HFDUHSUHFL]HD] SUREOHPHOHJDWHDWkWGHIRQGXOFRQ LQXWXOPHWRGHOH
SURFHVXOXLGHHGXFD LHFkWúLIRUPDDFHVWXLD
&DWHJRULDRELHFWLYHFXSULQGHHWDSL]DWúLLHUDUKL]DWWUHLQR LXQLGLVWLQFWH(OH
VHFRQVWLWXLHvQWUXQJKLGSHQWUXvQ HOHJHUHDGHF WUHSURIHVRULGDUúLGHF WUHHOHYLD
HWDSHORUSHFDUHOHSDUFXUJHPXQFDORUDQXDOVHPHVWULDOV SW PkQDOPXQF DGLF
DFWLYLWDWH FH VH UHIHU OD vQVXúLUHD XQRU FRPSRUWDPHQWH SUDFWLFH úL DWLWXGLQDOH
ILOWUDWH SULQ úL SHQWUX PX]LF $FHVWHD VXQW YDODELOH SHQWUX WRDWH GLVFLSOLQHOH GH
vQY PkQWúLVXQWQXPLWH
±RELHFWLYHFDGUX
±RELHFWLYHGHUHIHULQ
±RELHFWLYHRSHUD LRQDOH
&HO SX LQ SHQWUX HWDSD DFWXDO SHQWUX FODVHOH ,9,,, VH XWLOL]HD] FDWHJRULD
QR LRQDO RELHFWLYH RELHFWLYH FDUH DX XUP WRUXO vQ HOHV H[SOLFLWDW vQ 0HWRGRORJLD
DSOLF ULLDULHLFXUULFXODUH$UWH0(
2ELHFWLYHOHFDGUXVLPERO2&DXXQJUDGULGLFDWGHJHQHUDOL]DUHúLFRP
SOH[LWDWHGHRDUHFHVXQWDúWHSW ULVDUFLQLFDUHVHYRUvPSOLQLODVIkUúLWXOúFRODULW LL
úL WUHEXLH V DLE FRHUHQ SH YHUWLFDO GH OD úFRDO SULPDU FOV ,,9 OD FXUVXO
LQIHULRU IRUPDW GLQ JLPQD]LX FOV 99,,, úL FXUVXO LQIHULRU OLFHDO FOV ,;;
2ELHFWLYHOH FDGUX XUP UHVF IRUPDUHD úL GH]YROWDUHD FXQRúWLQ HORU GHVSULQGHULORU
SUDFWLFH úL DWLWXGLQLORU OD HOHYL DX VWUXFWXU FRPXQ úL DVHP Q WRDUH SHQWUX
GLVFLSOLQHOHFHDSDU LQXQHLDULLFXUULFXODUH
ÌQ FD]XO DULHL FXUULFXODUH $UWH H[LVW RELHFWLYH FRPXQH SHQWUX HGXFD LH
PX]LFDO úLHGXFD LHSODVWLF FDUHLQGLF DFWLYLW LSHQWUXIRUPDUHDúLGH]YROWDUHD
FDSDFLW LLGHLQWHUSUHWDUHYRFDO úLLQVWUXPHQWDO DFDSDFLW LLGHDXGLHUHDFWLY D
XQXL UHSHUWRULX GH SLHVH GLQ OLWHUDWXUD FODVLF PRGHUQ úL FRQWHPSRUDQ úL GLQ
IROFORUXOPXOWLQD LRQDOGHSULQGHUHDGHVFLIU ULLXQRUSDUWLWXULGHQLYHOFRUHVSXQ] WRU
YkUVWHL úL FDSDFLW LL PX]LFDOH úL GH vQWUH LQHUH D VSLULWXOXL FUHDWLY DO HOHYLORU
IRORVLQGDUWDVXQHWHORU
2ELHFWLYHOH GH UHIHULQ VLPERO 25 VXQW VDUFLQL LQWH DúWHSW UL FH
XUP UHVF DQXDO DFKL]L LLOH úL FRPSRUWDPHQWXO DWLWXGLQLOH XQXL HOHY $FHVW WLS GH
RELHFWLYHFRQFUHWL]HD] RSDUWHGLQLQWHQ LLOHRELHFWLYHORUFDGUXFDUHWLPSGHXQDQ
VXQW UHSHWDWH vQ GLYHUVH FRQWH[WH PHWRGLFH SHQWUX D vPSOLQL VDUFLQD FRPSOH[
QXPLW RELHFWLYFDGUX
2ELHFWLYHOH RSHUD LRQDOH VLPERO 22 VXQW LQWH FRQFUHWH P VXUDELOH
XUP ULWHVSUHILQDOL]DUHODILHFDUHRU GHFXUV
3HQWUXOLFHXFXUVLQIHULRUFOV,;;úLFXUVVXSHULRUFOV;,;,,SURJUDPHOH
vQORFXLHVFWHUPHQXOGHRELHFWLYFXFHOGHFRPSHWHQ GHRDUHFHFDWHJRULDQR LRQDO
RELHFWLYHHVWHPDLUHVWUkQV ID GHFHHDFHVHPQLILF FDWHJRULDFRPSHWHQ H
&RPSHWHQ HOHVXQWDQVDPEOXULGHFXQRúWLQ HúLGHSULQGHULFHSHUPLWUH]ROYD
UHDXQRUSUREOHPHFRPSOH[HvQVLWXD LLGLYHUVHGLQWUXQDQXPHGRPHQLX
&RPSHWHQ HOH JHQHUDOH ± VH UHIHU OD XQ RELHFW GH VWXGLX úL XUPHD]
SDUFXUVXOvQWUHJXOXLFLFOXOLFHDOVLPERO&*

&RPSHWHQ HOH VSHFLILFH ± VH UHIHU OD XQ RELHFW GH VWXGLX GDU SUHY G
IRUPDUHDORUvQDUFXOGHWLPSUH]HUYDWXQXLVLQJXUDQúFRODUVLPERO&6
&RPSHWHQ HOH VH SRW UHDOL]D SDU LDO VDX LQWHJUDO vQ IXQF LH GH PRGXO vQ FDUH
FXQRúWLQ HOHúLGHSULQGHULOHPX]LFDOHGHYLQLQVWUXPHQWHGHUHFXQRDúWHUHDYDORULORU
FRPSRQLVWLFH LQWHUSUHWDWLYH úL FRQWULEXLH OD H[SULPDUHD DWLWXGLQLORU L]YRUkWH GLQ
FXQRDúWHUHD DFWLY $OWIHO VSXV WUHEXLH V QH FRQYLQJHP F HOHYLL DX RSLQLL QX
S UHULFRQWDPLQDWHGHVXELHFWLYLVPQHSURIHVLRQDOLVW
*KLGDUHD SURFHVXOXL GH vQY PkQW úL LPSOLFLW D SURFHVXOXL GH HGXFD LH
PX]LFDO SULQ LQWHUPHGLXO RELHFWLYHORU FDGUX úL D FRPSHWHQ HORU JHQHUDOH HVWH R
SUDFWLF HXURSHDQ SHFDUHvQY PkQWXOURPkQHVFDDGDSWDWRS VWUkQGVSHFLILFXO
úLWUDGL LDOXLOHJDW GHUHSHUWRULX
3HQWUX SURFHVXO GH HGXFD LH PX]LFDO úFRODU FHOH SDWUX RELHFWLYH FDGUX úL
FHOH GRX FRPSHWHQ H JHQHUDOH VOXMHVF SULQFLSLDO LGHHD GH PDL VXV úL DQXPH FD
SURFHVXOGHHGXFD LHPX]LFDO V VHUHDOL]H]HSULQúLSHQWUXPX]LF
'DF XUP P WHUPLQRORJLD FODVLF VFRSVDUFLQL VHPDQWLFD WHUPHQLORU QH
FRQGXFHVSUHRSUDFWLFDUHPDLUHVWUkQV GH HOXULúLFKLDUWHUPHQLLLQGXFQHFODULW L
vQFHHDFHSULYHúWHHWDSHOHILQDOLW LLXUP ULWHGHSURFHVXOGHvQY PkQW
7HUPHQLL DX DSDU LQXW XQXL VLVWHP GH vQY PkQW FODVLF FH SULQ WUDGL LH
XUP UHD vQVXúLUHD FX SULRULWDWH D VFULVFLWLWXOXL PX]LFDO LQGLIHUHQW GH QLYHOXO GH
DSWLWXGLQLPX]LFDOHDOHHOHYLORU
ÌQWUR SULP HWDS SkQ vQ VHFROXO ;; ILQDOLWDWHD H[SULPDW SULQ WHUPHQLL
VFRSVDUFLQL LQWHD DOIDEHWL]DUHD HOHYLORU úL IRUPDUHD XQXL UHSHUWRULX GH FkQWHFH
VXILFLHQW GH DUELWUDU DOHVH $FHVW WLS GH ILQDOLWDWHD HUD FRQVLGHUDW FD R FHULQ GH
QLYHOVXSHULRUDVRFLHW LL
7HUPLQRORJLD PRGHUQ RELHFWLYH FDGUX ± GH UHIHULQ ± RSHUD LRQDOH úL
FRPSHWHQ HJHQHUDOH±VSHFLILFHVHPDQWLFHVWHPDLFXSULQ] WRDUHúLQHLQGLF XQ
VLVWHPGHHGXFD LHPX]LFDO DGLF GHPRGHODUHFRQWLQX XQSURFHVGHDIHUHQWD LH
LQYHUV HOHYSURIHVRUSULQFDUHSRDWHV VHREVHUYHSHHWDSHSURJUHVHOHVWDJQ ULOH
DFHVWXLSURFHV$OWIHOVSXVGLQDPLFDSURFHVXOXLGHHGXFD LHPX]LFDO DHOHYLORU
ùL SHQWUX D vQ HOHJH PDL FODU FH VHPQLILFD LH úL XWLOLWDWHSUDFWLF DXWHUPHQLL
PDL VXVDPLQWL L SUHFL] P F VLVWHPXO GH vQY PkQW FODVLFWUDGL LRQDOLVW DYHD
GUHSWILQDOLWDWHH[SULPDW SULQLHUDUKLDVFRSXULVDUFLQLXUP WRDUHOHDOIDEHWL]DUHD
PDVHL GH HOHYL GH]YROWDUHD PHPRULHL úL IRUPDUHD XQHL JkQGLUL PRQRYDOHQWH
PRQRGLVFLSOLQDUH 6LVWHPXO D DYXW YLDELOLWDWH LQWHUQD LRQDO SkQ OD vQFHSXWXO
VHFROXOXL ;; FkQG UH]XOWDWHOH FHUFHW ULORU GLQ SHGDJRJLH úL SVLKRORJLH DX DU WDW
FDUHQ HOH VLVWHPXOXL GH vQY PkQW FODVLF $úD D vQFHSXW UHIRUPDUH VLVWHPXOXL GH
vQY PkQW OD VFDU LQWHUQD LRQDO 5HIRUPDUHD vQY PkQWXOXL VD UHDOL]DW GXS
SULQFLSLLOHúFROLLDFWLYHFDUHWUDQVIHUDDFWLYLWDWHDúFRODU SHWUHFXW VWULFWvQFO GLUHD
úFROLLDFWLYLWDWHFHQWUDW SHPHPRUDUHPHFDQLF DSUREOHPHORUQHFHVDUHLQWU ULLvQ
YLD DHOHYLORUVSUHDFWLYLW LQDWXUDOHGHFXQRDúWHUHúLFRQYLQJHUHGLUHFW DYLH LL
GHF WUHHOHYvQORWXULDJULFROHDWHOLHUHPHFDQLFHvQDFWLYLW LGHvQJULMLUHGLUHFW D
DQLPDOHORU vQ DFWLYLW L GH JRVSRG ULH vQ IRUPD LL DUWLVWLFHPX]LFDOH (OHYLL
FXQRúWHDXDFWLYLW LOHVRFLHW LLvQFDUHWU LDXúLSULQLQWHUPHGLXOVLPXODWRDUHORUvQ
FD]XO XQRU DFWLYLW L PDL FRPSOH[H FDUH QX SHUPLWHDX HOHYLORU LQWUDUHD vQ ORFXUL
SHULFXORDVHFXPDUILX]LQHOHFHQWUDOHDWRPLFHGLQXOWLPDSHULRDG HWF

2 DVHPHQHD úFRDO GHVLJXU DYHD R DOWIHO GH ILQDOLWDWH FDUH VH FRQFUHWL]D vQ
SURLHFWHSHGLYHUVHWHPHFDDFWLYLW LLQWHUGLVFLSOLQDUHFXRELHFWLYHFRQFUHWL]DWHvQ
IDSWH XWLOH FRPXQLW L HOHYLORU )LQDOLWDWHD VLVWHPXOXL PRGHUQ ED]DW SH SULQFLSLLOH
úFROLL DFWLYH LQGLFDX FD RELHFWLYH JHQHUDOH FDGUX IRUPDUHD LQWHUHVXOXL SHQWUX
PXQFDúFRODU úLDDGXO LORUVWLPXODUHDSHUVRQDOLW LLúLFDSDFLW LLGHVRFLDOL]DUHD
FUHDWLYLW LLHOHYLORUGUHSWFHOHPDLHYLGHQWHGRYH]LDOHFUHúWHULLLQGLYLGXDOLW LLOXL
2ELHFWLYHOH FH GHULYDX GLQ DFHVWH LQWH JHQHUDOH LQGLFDX DGDSWDUH GH H[HPSOX OD
PX]LF DUHSHUWRULXOXLSHDQRWLPSXULúLFDOHQGDUFXOWXUDOUHOLJLRVFDUHV SHUPLW
SUH]HQWDUHD SURJUDPHORU vQ ID D XQXL DXGLWRULX HYLWkQG VHOHF LRQDUH úL vQY DUHD
UHSHUWRULXOXLGHFkQWHFHSHSUREOHPHGHJUDPDWLF PX]LFDO 6HLQGLFDDSHODUHDOD
LQL LHUH LQVWUXPHQWDO LDU HGXFD LD PX]LFDO HUD HWDSL]DW vQ HGXFD LH SHQWUX
SUHúFRODUL úL úFRODUL úL VH SURSXQHDX IRUPH GH DFWLYLW L OLEHUGLPHQVLRQDWH FX
SUHF GHUH MRFXUL GLGDFWLFH 2ELHFWLYHOH LQGLFDX DFWH P VXUDELOH FDUH V SHUPLW
FRQWUROXO úL DXWRFRQWUROXO FDOLW LL DFHORU PLFL DFWLYLW L V GHD PHUHX VDWLVIDF LH
HOHYXOXLFDSURFHGHXGHIRUPDUHDLQWHUHVXOXLSHQWUXPXQFDúFRODU
8QDVHPHQHDVLVWHPGHvQY PkQWvúLDGDSWHD] PHWRGHOHIRUPHOHPLMORD
FHOH FRQ LQXWXO OD YkUVWD úL FDSDFLWDWHD HOHYLORU YH]L FRPSOHW ULOH GLQ SDUWHD , D
&XUVXOXL
3UH]HQW VSUHH[HPSOLILFDUHWUHLVWDGLLGHWUDQVIRUPDUHDRELHFWLYXOXLFDGUX
vQRELHFWLYGHUHIHULQ úLDSRLvQRELHFWLYRSHUD LRQDO

6XELHFWXOOHF LHL

6HPQHOHGHDOWHUD LHDOHVXQHWXOXL%HPROXO&ODVDD9,D
2ELHFWLYXOFDGUXQU&XQRDúWHUHDúLXWLOL]DUHDHOHPHQWHORUGHOLPEDM
2ELHFWLYHGHUHIHULQ
6 GHVFLIUH]HFkQWHFHvQWRQDOLW LPDMRUHúLPLQRUHFXRDOWHUD LH
ODFKHLH
6 GLIHUHQ LH]HvQDXGL LHFDUDFWHUXOPDMRUVDXPLQRUDOWRQDOLW LL
XQRUFkQWHFH
6 LGHQWLILFHvQOXFU ULOHDXGLDWHWHPHOHPX]LFDOHúLV OHDQDOL
]H]HVWUXFWXUDvQWURSDUWLWXU
3UHFL]DUHRELHFWLYXOQUQXDIRVWUHGDWSHQWUXF VHUHIHU ODSUREOHPH
ULWPLFHFHQXIDFRELHFWXOOHF LHLFHSULYHúWHXQHOHPHQWPHORGLF
2ELHFWLYHRSHUD LRQDOH
± HOHYLL WUHEXLH V GREkQGHDVF FDSDFLWDWHD GH D LQWRQD úL VROIHJLD
VWUXFWXUD PHORGLF PDMRU WUDQVIRUPDW vQ VWUXFWXU PLQRU FX
DMXWRUXOEHPROXOXL
±HOHYLLV ILHFDSDELOLV GHVFLIUH]HWRDWHPRGXOHOHPHORGLFHFHFRQ LQ
VWUXFWXULPHORGLFHFHDQWUHQHD] VHPLWRQDOEHPROXO
±HOHYLLV ILHFDSDELOLV XQLILFHPRGXOHOHvQY DWHVSUHDGDXQLWDWH
FkQWHFXOXLVROIHJLDWDIODWvQPDQXDO
±HOHYLLV ILHFDSDELOLV UHFXQRDVF vQGRX SLHVHLQWRQDWHGHSURIHVRU
FDUDFWHUXOPDMRUVDXPLQRUDOSLHVHORU

±HOHYLLV ILHFDSDELOLGXS DXGLHUHDXQRUSLHVHVLPSOHLQVWUXPHQWDOH
V LGHQWLILFHvQSDUWLWXULVWUXFWXULOHPHORGLFHFDUHFRQ LQEHPROL
±HOHYLLWUHEXLHV VFULHVXQHWHFXVHPQXOEHPROXOXLVFULVvQID DQRWHL
PX]LFDOH
5H]XPDW
ÌQY PkQWXOHXURSHDQGDUúLFHOGHSHDOWHFRQWLQHQWHDSDUFXUVGDF OX P
vQ FRQVLGHUD LH ILQDOLWDWHD XUP ULW GRX HWDSH SULQFLSDOH FDUH SRDUW XUP WRDUHOH
GHQXPLUL
ÌQY PkQW GH WLS FODVLFWUDGL LRQDOLVW &ODVLF vQ VHQVXO F D HODERUDW XQ
VLVWHP FH SRDWH VHUYL FD PRGHO úL WUDGL LRQDOLVW vQ VHQVXO F D S VWUDW
LQWDFW WUDGL LDPRGHOXOXLWLPSGHGHDQL6LVWHPXOGHúLvúLSURSXVHVH
XQ VFRS PDL FRPSOH[ LQIRUPDWLY úL IRUPDWLY QX D UHXúLW GHFkW V
DOIDEHWL]H]HPDVDGHFRSLL8QDVWIHOGHVLVWHPvúLH[SULP ILQDOLWDWHDSULQ
VFRSXUL úL PDL PXOWH VDUFLQL I U FD WHUPHQLL V GLIHUHQ LH]H V DFRSHUH
FODUVHPDQWLFDXQHLILQDOLW LFRPSOH[H
ÌQY PkQWPRGHUQVDXÄùFRDO DFWLY ´ÌúLSURSXQHDFWLYDUHDFUHDWRDUHD
SURIHVRUXOXLúLHOHYXOXLDSHOkQGODPHWRGHGHWLSOXGLF
)LQDOLWDWHD úFROLL DFWLYH VH H[SULP SULQ FDWHJRULL GH WHUPHQL SUHFXP
RELHFWLYHFDGUXGHUHIHULQ RSHUD LRQDOHVDXFRPSHWHQ HJHQHUDOHVSHFLDOH
'LVFLSOLQ QXPLW vQVLVWHPXOWUDGL LRQDOLVWÄ&kQW´VDXÄ0X]LF ´vQVLVWHPXO
GH vQY PkQW PRGHUQ DO úFROLORU GH WLS DFWLY VH QXPHúWH Ä(GXFD LH PX]LFDO ´ FX
HOXUL FRPSOH[H LQIRUPDWLYIRUPDWLYH DO WXUkQG QRL PHWRGH VSHFLILFH YkUVWHL úL
FDSDFLW LLHOHYLORU

9RFDEXODUQRXGHVSHFLDOLWDWH

$FWLYLWDWHOXGLF DFWLYLWDWHUHDOL]DW FXSO FHUHIDQWH]LHúLFXPRELOLWDWHGH
VLWXD LL
$ULHFXUULFXODU GHQXPLUHDXQXLDGLQFHOHJUXSHFHXQHVFGLVFLSOLQHFX
DFHOHDúL RELHFWLYH úL PHWRGRORJLL /LPE úL FRPXQLFDUH 0DWHPDWLF úL ùWLLQ HOH
QDWXULL 2P úL VRFLHWDWH $UWH (GXFD LH IL]LF úL VSRUW 7HKQRORJLL &RQVLOLHUH úL
RULHQWDUH
$ULDFXUULFXODU Ä$UWH´ JUXSXOGHGLVFLSOLQHIRUPDWGLQHGXFD LDSODVWLF úL
HGXFD LD PX]LFDO *UXSXO vúL SURSXQH RELHFWLYXO GH D IRUPD úL GH]YROWD VHQVLEL
OLWDWHD HOHYXOXL SULQ PLMORDFH VSHFLILFH ILHF UHL DUWH $LFL SULQ OLQLH FXORDUH úL
VXQHWH
$SWLWXGLQL PX]LFDOH vQVXúLUL FDUH PLMORFHVF VXFFHVXO XQHL DFWLYLW L
PX]LFDOHLQWHUSUHWDWLYHYRFDOHVDXLQVWUXPHQWDOHGLULMRUDOHFRPSRQLVWLFH
1LYHOHDOHGRW ULLPX]LFDOLW LL vQFOLQD LLSUHGLVSR]L LLDSWLWXGLQLWDOHQW
&RQ LQXWXO SURFHVXOXL GH vQY PkQW WRWDOLWDWHD WHPHORU D FDSLWROHORU D
VXELHFWHORUFHYRUILWUDWDWHSHSDUFXUVXOúFRODUL] ULLHOHYLORU
)LQDOLWDWHDXQXLVLVWHPGHvQY PkQW H[SULP VFRSXOúLUH]XOWDWXOODFDUH
WUHEXLHV DMXQJ ODVIkUúLWXODFWLYLW LORUúFRODUH

)RUPH GH RUJDQL]DUH D DFWLYLW LL HOHYLORU DFWLYLW L FH JUXSHD] HOHYLL
GXS FHULQ DGHDILOXFUDWHGHvQWUHJFROHFWLYXOFODVHLDFWLYLWDWHIURQWDO GHDIL
UHDOL]DWH SH FROHFWLYH PDL PLFL SH JUXSH RPRJHQHHWHURJHQH úL DFWLYLW L FDUH
QHFHVLW OXFUXWUDWDUHDLQGLYLGXDO úLGLIHUHQ LDW DHOHYXOXL
-RFPX]LFDO DFWLYLWDWHOXGLF FHDUHFDRELHFWLYvQY DUHDVDXGHPRQVWUDUHD
XQXLDQXPLWVXELHFWGLQSURJUDPDúFRODU
/HF LDKHUEDUWLDQ DFWLYLWDWHGHVI úXUDW SHSDUFXUVXOXQHLRUHúFRODUH
PLQXWH úL VH VHFYHQ HD] REOLJDWRULX vQ S U L PRPHQWH FDUH WUHEXLH SDUFXUVH
vQWUR DQXPLW RUGLQH ORJLF $ IRVW VFKL DW GH +HUEDUW SHGDJRJ úL SVLKRORJ
JHUPDQGLQVHFROXO;,;
0HWRGH GH vQY PkQW UHVXUVH F L PRGXUL FRQFUHWH GH OXFUX SHQWUX D
DWLQJH XQ RELHFWLY SURSXV FDOHD GH D WUDQVPLWH FXQRúWLQ H QRL FDOHD GH D IRUPD
GHSULQGHULSUDFWLFHGHGLYHUVHWLSXULFDOHDGHDUHDOL]DFRQVROLGDUHDFHORUvQY DWH
FDOHDGHDVLVWHPDWL]DúLUHFDSLWXODFDOHDGHDUHDOL]DHYDOXDUHDHOHYLORU
0LMORDFH GH vQY PkQW UHVXUVH WRWDOLWDWHD PDWHULDOHORU LQVWUXPHQWHORU
FDUH PLMORFHVF FRQWULEXLH OD GHPRQVWUD LLOH QHFHVDUH SUHG ULLvQY ULL úL HYDOX ULL
HOHYLORU
3ODQ GH vQY PkQW VDX SODQXO FDGUX HVWH XQ GRFXPHQW RILFLDO HPLV GH
PLQLVWHU FH FXSULQGH WRWDOLWDWHD GLVFLSOLQHORU FH VH YRU SUHGD SH WRDW SHULRDGD
úFRODULW LLGLVFLSOLQHJUXSDWHSHDULLFXUULFXODUH
7UDVHXOFODVLFDOvQY ULL HVWHWUDVHXOLQWXL LHH[SOLFD LHDSOLFD LHXOWHULRU
FRPSOHWDW GH +HUEDUWSULQWUR VXFFHVLXQH GH PRPHQWH S U L DOH OHF LHL 0RPHQW
DSHUFHSWLY ± 0RPHQW LQWXLWLY ± 0RPHQWXO FRPSDU ULL FHORU LQWXLWH 0RPHQWXO
JHQHUDOL] ULLUHJXOD0RPHQWXODSOLF ULLSHRVFDU PDLODUJ DVXELHFWXOXLvQY DW
8WLOLWDULVP FXUHQWvQSHGDJRJLHFDUHFRQVLGHU F XQHOHYWUHEXLHV vQYH H
OXFUXUL XWLOH SUDFWLFH PRWLYD LD WHRUHWLF RFXS XQ ORF PLQRU vQ DFHVW WLS GH
vQY PkQW

$FWLYLW LGHDXWRHYDOXDUH

, $OF WXL L XQ UHIHUDW FX WHPD 2UD GH HGXFD LH PX]LFDO vQWUH SURFHGHH
DFWLYHúLSURFHGHHUHSURGXFWLYH±FD]XULFRQFUHWH

,,$OHJH LU VSXQVXOU VSXQVXULOHFRUHFWFRUHFWH
&DGLVFLSOLQ GHvQY PkQWDUWDVXQHWHORUVDQXPLW
D vQWRWGHDXQD&kQW
E vQWRWGHDXQD0X]LF
F &kQW0X]LF (GXFD LHPX]LFDO
(GXFD LH0X]LFDO HVWHGHQXPLUHDXQHLGLVFLSOLQHGLQSODQXOGHvQY
PkQWFDUH
G DUH FD RELHFWLYH PRGHODUHD FXQRúWLQ HORU GHSULQGHULORU YRFDO
LQVWUXPHQWDOHDDWLWXGLQLORUILHF UXLHOHYSRUQLQGGHODGDWHOHVDOH
LQL LDOH
H DUH FD RELHFWLY DOIDEHWL]DUHD PX]LFDO D HOHYXOXL úL IRUPDUHD
XQXLUHSHUWRULXGHSLHVHYRFDOHQHFHVDUHYLH LLFXOWXUDOH

(GXFD LDPX]LFDO GLQFDGUXOúFROLLDFWLYHvúLSURSXQH
DVHOHF LRQDUHDFRQ LQXWXOXLDPHWRGHORUvQIXQF LHGHYkUVWDúLFDSD
FLWDWHDHOHYXOXL
ELQL LHUHDPX]LFDO V VHUHDOL]H]HYRFDOLQVWUXPHQWDO
FIRUPDGHRUJDQL]DUHDDFWLYLW LLHOHYLORUV ILHGHWLSOXGLFFUHDWLY

,,,$OHJH LGDF HQXQ XOHVWHIDOV)VDXDGHY UDW$
)LQDOLWDWHD XUP ULW GH VLVWHPXO PRGHUQ GH HGXFD LH PX]LFDO VH
RELHFWLYHD] vQ SDWUX WLSXUL GH RELHFWLYH FODVHOH ,9,,, úL WLSXUL GH
FRPSHWHQ HFODVHOH,;;,,
ÌQWUHWHUPHQXOGHRELHFWLYDOSURFHVXOXLGHvQY PkQWúLFRPSHWHQ DO
DFHOXLDúLSURFHVQXH[LVW GLIHUHQ HVHPDQWLFH
7HUPHQLLVFRSVDUFLQLRELHFWLYFRPSHWHQ VXQWVLQRQLPLúLFDDWDUH
SRW IL XWLOL]D L vQ RULFH VLVWHP GH UHIHULQ H SHGDJRJLFH ILH HOH FODVLFH
VDXPRGHUQH

&XUVXO

&ODVLILFDUHDHGXFD LHLPX]LFDOHSHFULWHULXOYkUVWHL
SHULRDGHHWDSH

'LQH[SXQHUHDVXELHFWXOXLFXUVXOXLDQWHULRUVHGHVSULQGHLGHHDF vQVLVWHPXO
GH vQY PkQW HXURSHDQ VDX FRQWXUDW vQ WLPS FHO SX LQ vQ XOWLPLL GH DQL DL
PLOHQLXOXL,,GRX GLUHF LLIRDUWHVWUkQVOHJDWHGHILQDOLWDWHDXUP ULW
0DUHDSURYRFDUHDFRQVWLWXLWRDOIDEHWL]DUHDFRSLLORU(XURSHLVSHUkQGXVHvQ
HPDQFLSDUHDVRFLHW LLSULQDUJXPHQWHOHGDWHGHUD LXQHGHúWLLQ &RQIRUPSULQFL
SLXOXLWUDGL LRQDOLVWFDUHFRQVLGHU F QRXDJHQHUD LHWUHEXLHV UHSHWHvQY WXUDúL
H[SHULHQ DFHOHLYHFKLRODWXU GRPLQDQW DVLVWHPXOXLWUDGL LRQDOLVWHUDH[HUFL LXO
GHPHPRUDUHDDFHVWRUDSULQFXOWXUDVFULV HVHQ LDOL]DW vQPDQXDOH
&RQFOX]LLOHL]YRUkWHGLQREVHUYDUHDDGHY UDWHLILQDOLW LDVLVWHPXOXLGHvQY
PkQWFODVLFWUDGL LRQDOLVWDU WDXFDUHQ HFDUHHYLGHQ LDXLQDGHFYDUHDHOHPHQWHORU
FRPSRQHQWHDOHDFHVWXLDFRQ LQXWUHSHUWRULXPLMORDFHPHWRGHHWFODFDSDFLWDWHD
UHDO SVLKLF úL IL]LF D YkUVWHL HOHYLORU &X DWkW PDL DFXW HUD VLWXD LD OD RUD GH
PX]LF XQGHQXWR LHOHYLLDYHDXDSWLWXGLQHDGHDUHSURGXFHVXQHWHOHODvQ O LPHD
ORUUHDO
5H]XOWDWHOH FHUFHW ULORU GLQ SVLKRORJLD úFRODU FRQFOX]LLOH DQDOL]HORU FULWLFH
DVXSUDGRFWULQHORUFDUHDXVWDWODED]DRUJDQL] ULLvQY PkQWXOXLGLQGLYHUVH UL
RSLQLDSXEOLF SULQJODVXOXQRUVFULLWRULúLSHGDJRJLSULQWUHFDUHFHOPDLYHKHPHQW
D IRVW DO VXHGH]HL (OOHQ .H\ DX GXV OD DSDUL LD XQRU QRL RULHQW UL vQ GRPHQLXO
SHGDJRJLHLRULHQW ULFDUHDXFUHDWSUHPL]HSHQWUXFDGUXPXOVLVWHPXOXLQRXQXPLW
ÄúFRDO DFWLY ´V ILHIHUPúLV SRDW ILDGDSWDELOODSDUWLFXODULWDWHDXQHL UL
$úDDDS UXWSHGDJRJLDH[SHULPHQWDO FHDSURSXVFXQRDúWHUHDHOHYXOXLSULQ
P VXU WRUL VSHFLILFH WHVWH GH LQWHOLJHQ JHQHUDO ± 4, WHVWH GH VSHFLDOLWDWH ±
46 SHGDJRJLD VRFLDO FH D RIHULW VROX LD RUJDQL] ULL FROHFWLYHORU GH HOHYL SH

JUXSHGLQDPLFHRPRJHQHVDXHWHURJHQHFDQLYHOGHDSWLWXGLQLúLLQIRUPD LH$FHVW
WLSGHRUJDQL]DUHDVXIHULWvQWLPSVFKLPE ULDMXQJkQGXVHODFRQFOX]LDF XQHOHY
VH GH]YROW QDWXUDO GDF RUJDQL]DUHD úFRODU DOWHUQHD] vQWUH DFWLYLWDWHD vQ JUXS
DFWLYLWDWHDLQGLYLGXDO úLFHDODQLYHOGHFROHFWLYPDUHGHHOHYLDFWLYLWDWHIURQWDO
2 DOW RULHQWDUH FH D LQIOXHQ DW VLVWHPXO GH vQY PkQW D IRVW FHD GDW GH
SHGDJRJLD SHUVRQDOLW LLD FXOWXULL FDUH D LQGLFDW GLVFLSOLQHOH úL SURFHGHHOH FDUH
FRQWULEXLHVXEVWDQ LDOODFUHDWLYLWDWHDHOHYXOXLODFRQWXUDUHDSHUVRQDOLW LLOXL
&RQMXJDWH FRQFOX]LLOH DFHVWRU QRL SHGDJRJLL DX HYLGHQ LDW LGHHD F ILHFDUH
HOHYDUHRLQGLYLGXDOLWDWHIRDUWHELQHFRQWXUDW FDUHQHFHVLW RWUDWDUHLQGLYLGXDO
F H[LVW HWDSHGHYkUVWHDOHHOHYLORUFDUHQXWUHEXLHLJQRUDWHF HOHYXOQXWUHEXLH
VXSUDHYDOXDWúLQLFLVXEHYDOXDWFLELQHúLSHUPDQHQWFXQRVFXWvQGLQDPLFDHYROX LHL
VDOHSHQWUXFDV QXPDLH[LVWHDVXSUDHOHYXOXLDSUHFLHULGHJHQXOÄVDVFKLPEDWQX
HUD DQXO WUHFXW DúD´ 'H DVHPHQHD VD HYLGHQ LDW LQGXELWDELO LQIOXHQ D SR]LWLY D
SUDFWLF ULLDFWLYHSDVLYHGDUFUHDWRDUHDDUWHORUFXSUHF GHUHDPX]LFLL
ÌQ DFHVWH FRQGL LL VDX FRQWXUDW XUP WRDUHOH REVHUYD LL FDUH DX QHFHVLWDW
OXDUHDORUvQFRQVLGHUD LHúLUHIRUPDUHDVLVWHPXOXLGHvQY PkQWSHED]HQRL
HOHYXO QX HVWH ÄWDEXOD UDVD´ GDW ILLQG IDSWXO F OD YHQLUHD OXL vQ úFRDO HO
DGXFHRDQXPLW H[SHULHQ GHYLD úLRGRWDUHvQQ VFXW GHFDUHWUHEXLH
V VH LQ FRQWvQSURFHVXOGHvQY PkQW
H[LVW SHULRDGH FX DQXPLWH FDUDFWHULVWLFL SVLKRIL]LFH OHJDWH GH YkUVWD
HOHYLORU3HULRDGHOHúFRODUHVXQWGLVWLQFWHFHOHSkQ ODDQLSkQ ODDQL
DSRLSkQ ODDQL
H[LVW GLYHUVHQLYHOXULGHGRWDUHPX]LFDO
6HFROXO;;DVWDELOLWFLFOXULOHYLH LLSUHFL]kQGFDUDFWHULVWLFLOHIXQGDPHQWDOH
DOHILHF UXLFLFOXVWDGLLOHúLVXEVWDGLLOHLPSOLFDWHúLDLQGLFDWvQXUPDREVHUYD LLORU
VLVWHPDWLFHúLDFHUFHW ULORUH[SHULPHQWDOHHIHFWXDWHPRGLILF ULOHFHDSDUvQULWPXO
GHFUHúWHUHVWDWXUDO SRQGHUDO vQVXúLUHDFRPSRUWDPHQWXOXLIDPLOLDOVRFLRFXOWXUDO
vQLQVWUXLUHDXWRLQVWUXLUHHWF
7UHEXLH VSXV vQF GH OD vQFHSXW F HGXFD LD PX]LFDO DFWXDO vQ SDV FX
RULHQW ULOHGHSULQFLSLXDOHvQY PkQWXOXLPRGHUQLDvQFRQVLGHUD LHWRDWHFLFOXULOH
YLH LL GHRDUHFH XQ RELHFWLY DO vQY PkQWXOXL PRGHUQFRQWHPSRUDQ HVWH HGXFD LD
PX]LFDO FRQWLQX SHUPDQHQW I U IURQWLHUHOHGDWHGHSHULRDGHOHGHYkUVW 7HQ
GLQ DHLHVWHGHFRERUkUHDSURFHVXOXLGHHGXFD LHPX]LFDO VXEYkUVWDSUHúFRODU ±
YkUVWD vQWkLD YH]L vQ FDSLWROXO ,,, PHWRGD 6X]XNL ± úL ORLVLUXO PX]LFDO SHQWUX
YkUVWDDWUHLD
&LFOXULOHYLH LLDúDFXPVXQWSUH]HQWDWHvQPDMRULWDWHDOXFU ULORUGHVSHFLDOL
WDWHVHSUH]LQW SHWUHLFLFOXULHWDSHÌQ3VLKRORJLDYkUVWHORU8UVXODùFKLRSX(PLO
9HU]D ('3 SUH]LQW OD SDJLQLOH XQ WDEORX VLQRSWLF GLQ FDUH VHOHF
LRQ PXUP WRDUHOHFLFOXULGHGH]YROWDUH
DFLFOXOGHFUHúWHUHúLGH]YROWDUHGHODDQLFXSULQGHFLFOXOSUHQDWDO
OXQL FRSLO ULD úL SXEHUWDWHD SULPXO DQ GH YLD SULPD FRSLO ULHSHUL
RDGDDQWHSUHúFRODU DQLDGRXDFRSLO ULHSHULRDGDSUHúFRODU DQLD
WUHLD FRSLO ULHSHULRDGD úFRODU PLF DQL SXEHUWDWHD DQL
DGROHVFHQ DDQLXQHRULH[LVW úLDGROHVFHQ DSUHOXQJLW DQL

EFLFOXODGXOWGHODDQLFXSULQGHYkUVWDDGXOW DFWLY
FFLFOXOGHUHJUHVLHGHE WUkQH HYkUVWDLQYROX LHLDQL
6HPDLSRWQXPLFLFOXULOHúLYkUVWDvQWkLDDQLYkUVWDDGRXDDQL
YkUVWDDWUHLDGHODGHDQLvQVXV
ÌQHGXFD LDPX]LFDO GLQSULPDMXP WDWHDVHFROXOXL;;GHFLvQSURFHVXOGH
vQY PkQW PRGHUQ VDX VWDELOLW SHULRDGH DOH SURFHVXOXL GHQXPLWH úL JUXSDWH vQ
PDMRULWDWHDPHWRGHORUGHHGXFD LHPX]LFDO GHUHQXPHPRQGLDOVDXQD LRQDOWRWSH
FULWHULXORELHFWLYXOXLSULQFLSDOFHOOHJDWGHQRWD LDPX]LFDO vQ HOHDV FDVFULVFLWLW
PX]LFDOÌQIHOXODFHVWDDSDUGHQXPLULFD
±HWDSDSHULRDGDSUHQRWD LHLPX]LFDOHúLHWDSDSHULRDGDQRWD LHLPX]LFDOH
±HWDSDSHULRDGDRUDOLQWXLWLY úLHWDSDSHULRDGDGHVROIHJLHUHHWF
2VFKL DSHULRGL] ULLHGXFD LHLPX]LFDOHSHFULWHULXOYkUVWHLSRDWHvQFHSHFX
)ULHGHULFK )URHEHO SHGDJRJ JHUPDQ SULPXO FDUH D FUHDW R úFRDO
VSHFLDO SHQWUXFRSLLVXEYkUVWDúFRODU PLF ,QVWLWX LDVDQXPLWJU GLQL GHFRSLL
úLVHFRQGXFHDGXS XQSURJUDPúLSUHYHGHDPLMORDFHGLGDFWLFHVSHFLDOHLQFOX]kQG
XQQXP UGHFRUSXULJHRPHWULFHSHFDUH)URHEHOOHQXPHDÄGDUXUL´FRUSXULJHRPH
WULFHSXVHvQFXWLLFDGDUXUL FDGRXUL)URHEHODSHODvQSURFHVXOGHLQVWUXF LHúLOD
MRFXULGLGDFWLFHSHVXSRUWPX]LFDOYRFDO
0DULD0RQWHVVRULPHGLFSVLKLDWUXúLSHGDJRJLWDOLDQvPSDUWH
SURFHVXOGHHGXFD LHvQSHULRDGDGHGH]YROWDUHDVHQVLELOLW LLVHQ]RULDOHvQFHSkQG
FX YkUVWD GH DQL $ GRXD SHULRDG HVWH GHVWLQDW vQVXúLULL PX]LFLL SULQ QRWD LD
PX]LFDO úLvQFHSHDWXQFLFkQGVXQWELQHVW SkQLWHSURFHGHHOHSULPHLHWDSH$YHP
XQH[HPSOXGHFLGHLQWUDUHDvQGUHSWXULúLDFULWHULXOXLGHFDSDFLWDWHPX]LFDO
0DXULFH&KHYDLVPX]LFLDQúLSHGDJRJIUDQFH]vPSDUWHSURFH
VXOGHHGXFD LHPX]LFDO vQWUHLHWDSH
HWDSDSUHQRWD LHLvQWUHDQL
HWDSDVROIHJLXOXLvQWUHDQL
HWDSDH[SOLFD LLORUWHRULHLPX]LFLLGXS DQL
0RGHOXO D IRVW SUHOXDW úL SURSDJDW vQ SHGDJRJLD URPkQHDVF PDL DOHV SULQ
PHWRGLFD$QHL0RWRUD,RQHVFXGXS
0DXULFH0DUWHQRWFRPSR]LWRUúLPHWRGLFLDQDOHGXFD LHPX]LFDO ±
QX SHULRGL]HD] SURFHVXO GH HGXFD LH PX]LFDO FL vO FRQFHSH FD R VXLW
HYROXWLY GH MRFXUL PX]LFDOH FRPSOH[H FDUH DX vQ YHGHUH SUHJ WLUHD PHORGLF
DUPRQLF SULQDXGL LDPX]LFDO DYLLWRUXOXLSLDQLVW
$QGUH *HGDOJH ± FRPSR]LWRU SURIHVRU XQLYHUVLWDU GH
FRQWUDSXQFW úL IXJ D XQRU FRPSR]LWRUL FHOHEULL SULQWUH FDUH úL * (QHVFX
FRQVLGHU F HGXFD LD PX]LFDO WUHEXLH vQFHSXW QXPDL GXS FH HOHYXO D DEVROYLW
FLFOXO SULPDU WUHFkQG GLUHFW OD LQVWUXF LD PX]LFDO SULQ QRWD LH PX]LFDO úL VROIH
JLHUH $FHHDúL RSLQLH D vPS UW úLWR úL 'LPLWULH &XFOLQ FRPSR]LWRU úL WHRUHWLFLDQ
URPkQ
(GJDU :LOOHPV SURIHVRU SUHYHGH GRX HWDSH SHQWUX HGXFD LD
PX]LFDO LQVWUXPHQWDO SLDQ
RSULP HWDS GHSUHJ WLUHDDX]XOXLPX]LFDOSULQH[HUFL LLGHGH]YROWDUHD
VHQVLELOLW LL ULWPLFH PHORGLFH DUPRQLFH úL SULQ FRQVROLGDUHD VROIHJLXOXL
WRQDO

HWDSDDGRXDGHSUDFWLF LQVWUXPHQWDO
(PLOH-DTXHV'DOFUR]HPX]LFLDQSHGDJRJvúLFRQFHSHHGXFD
LD PX]LFDO vQ GRX HWDSH I U V FRQGL LRQH]H HWDSL]DUHD GH YkUVWD VDX QLYHOXO
GRW ULL LQWHOHFWXDOH VDX VSHFLDOPX]LFDOH D vQFHS WRUXOXL ,QL LHUHD PX]LFDO UHFR
PDQG V VH vQFHDS GH IRDUWH WLPSXULX GH OD YkUVWD GH DQL úL DUH XUP WRDUHD
VXFFHVLXQH
HWDSDSUHJ WLWRDUHFXXQDQGHHGXFD LHULWPLF úLXQDQGHVROIHJLX
HWDSDLQVWUXPHQWDO FRQWDFWXOFXSLDQXO
=ROWDQ .RGDO\ FRPSR]LWRU úL PHWRGLFLDQ PDJKLDU FRQFHSH
SURFHVXOGHvQY PkQWSRUQLQGGLQSHULRDGDSUHúFRODU I U V LQ FRQWGHSHULR
GL]DUHDSHYkUVWHGHWLSXOFHOHLLQGLFDWHGH&KHYDLV3URFHVXOGHHGXFD LHPX]LFDO
HVWHFRQGXVGHRVXLW HYROXWLY GHFkQWHFHYRFDOHGHODVFDQG ULúLUHFLW ULULWPLFH
H[SUHVLYHDXQXLUHSHUWRULXGHSRH]LLGLQIROFORUXOFRSLLORUODELFLQLLOHúLWULFLQLLOH
5HQDúWHULLODFHOHGLQUHSHUWRULXFRQWHPSRUDQWRQRPRGDO
ÌQFHOHFDLHWHGHVWLQDWHHGXFD LHLPX]LFDOHYRFDOLQVWUXPHQWDOH&DUO2UII
FRPSR]LWRU úL PHWRGLFLDQ JHUPDQ UHDOL]HD] FD úL .RGDO\ R SUH
]HQWDUHvQVXLW HYROXWLY DXQXLPDWHULDOVRQRUFHSRUQHúWHGHODMRFXULFXFXYLQWH
ULWPLFHvQGLYHUVHOLPELDVRFLDWHFXULWPLFDQDWXUDO FRUSRUDO úLWUHFHODvQY DUHD
YRFDOLQVWUXPHQWDO D XQRU SLHVH PX]LFDOH SULQ PRGXOH PHORGLFH SUHSHQWDWRQLFH
DSRLKHSWDWRQLFHPRGDOHúLWRQDOH
9LRORQLVWXO úL SHGDJRJXO MDSRQH] 6KLQ,FKL 6X]XNL úLD
FRQFHSXWPHWRGDGHHGXFD LHLQVWUXPHQWDO vQGRX HWDSH5HFRPDQG FDHGXFD LD
V vQFHDS FkWPDLGHWLPSXULXDQL
vQ SULPD HWDS VH SUDFWLF DXGLHUHD FRQWLQX D UHSHUWRULXOXL GH SLHVH
PX]LFDOH úL vQVXúLUHD WHKQLFLORU GH SUL] D YLRULL úL D FRPSRUWDPHQWXOXL
XQXLYLRORQLVWSHSRGLXPGHFRQFHUWDvQVXúLULLXQRUPLFURPRGHOHULWPLFH
VDXPHORGLFHFDIUDJPHQWHGLQUHSHUWRULXODQXDO
GXS vQY DUHDXQXLUHSHUWRULXGHSLHVHSULQPHPRUDUHVHWUHFHODvQY DUHD
QRWD LHLPX]LFDOHúLDGHVFLIU ULLXQHLSDUWLWXULSURFHGHXvQVR LWFRQWLQXXGH
DXGLHUHD SLHVHL VXSXVH VWXGLXOXL 6H PHQ LRQHD] F WUHFHUHD vQ HWDSD D
GRXD QX HVWH GHWHUPLQDW GH YkUVW FL GH EXQD SUHJ WLUH GREkQGLW GXS
SDUFXUJHUHDSULPHLHWDSHGHLQL LHUH
ÌQ5RPkQLDDXH[LVWDWIUHFYHQWHSUHRFXS ULGHDSHULRGL]DHGXFD LDPX]LFDO
vQ VHQVXO F VD FUHDW XQ UHSHUWRULX PDL DGHFYDW úFRODULORU PLFL FODVHOH ,,9 DúD
FXP R GHPRQVWUHD] PDQXDOHOH OXL $OH[DQGUX 9RLHYLGFD *HRUJH %UHD]XO
,RQ9LFRO'DUDXH[LVWDWúLSUHRFXS ULGHDFUHDHGXFD LHPX]LFDO
YRFDO VDXLQVWUXPHQWDO SHQWUXJU GLQL HDúDFXPDXUHDOL]DWSURIHVRULFD0DQ\D
%RWH]0DULD&HUQRYRGHDQX±SLDQ(OHQD6FKPLW]HU±YLRDU
'RFXPHQWHVFULVHvQFDUHHGXFD LDPX]LFDO DSDUHVLVWHPDWL]DW úLFRPSDUWL
PHQWDW vQSHULRDGHGLVWLQFWHDSDUvQ5RPkQLDvQGHFHQLXOúDSWHvQOXFU ULOH$QHL
0RWRUD,RQHVFX úL DOH OXL ,RQ ùHUIH]L úL DSRL vQ vQ FHOH DOH
*DEULHOHL0XQWHDQX*HRUJHWD$OGHD

ÌQ0HWRGLFD0RWRUD,RQHVFXSHULRDGHOHGHHGXFD LHPX]LFDO VXQWGHQXPLWH
HWDSDRUDOLQWXLWLY úLSULYHúWHFODVHOH,,,
HWDSDQRWD LHLPX]LFDOHFDUHvQFHSHvQFODVDD,,,DúL LQHSkQ vQFODVDD
9,,,D
ÌQ0HWRGLFDùHUIH]LSHULRDGHOHVXQWQXPLWHúLHúDORQDWHvQIHOXOXUP WRU
HWDSD,DSUHQRWD LHLFHvQFHSHvQIDPLOLHFRQWLQX vQJU GLQL HúLvQFODVD,
HWDSDD,,D±DQRWD LHL
ÌQ'LGDFWLFDHGXFD LHLPX]LFDOHSHQWUXvQY PkQWXOSULPDUSDXWRDUHOH
$OGHD0XQWHDQXPHQ LRQHD] FDHWDSH
HWDSDDFKL]L LLORUVHQ]RULDOHJU GLQL úLFODVHOH,,,SHFDOHRUDOLQWXLWLY
YRFDOLQVWUXPHQWDO úLVWHQRJUDILF
HWDSD DFKL]L LLORU LQVWUXPHQWDOH FODVHOH ,,,,99 SH FDOH RUDOLQWXLWLY
YRFDOLQVWUXPHQWDO DVRFLLQGQRWD LDFODVLF
HWDSD DFKL]L LLORU YDORULFDWLWXGLQDOH FODVHOH 9,; SH FDOH YRFDO
LQVWUXPHQWDO RUDO úLVFULV
7UHEXLHV PHQ LRQ PF vQSULPDHWDS GHHGXFD LHPX]LFDO PHWRGLFLHQLL
VXVDPLQWL L SURSXQ XQ UHSHUWRULX GH FkQWHFH VHOHF LRQDW SH FULWHULXO DGDSW ULL OD
SRVLELOLW LOHGHLQWRQDUHúLGHvQ HOHJHUHDFRSLLORU
3DUWHDDSHUFHSWLY HVWHUHDOL]DW úLSULQIRQRPLPLHGDFWLORULWPLHúLFLWLUHSULQ
VLODEH ULWPLFH IRORVLQGXVH VDX QX GH SRUWDWLY 7RDWH DFHVWHD VXQW H[HUVDWH SULQ
LQWHUPHGLXOMRFXULORUGLGDFWLFHPX]LFDOHYH]LH[SOLFDUHDWHUPHQLORUvQ&XUVXULOH

'HGXFHP GLQ DFHDVW SUH]HQWDUH F GUXPXO HGXFD LHL PX]LFDOH IRUPDOH
LQVWLWX LRQDOL]DWH HVWH JkQGLW GH PHWRGLFLHQLL VHFROXOXL ;; FD SURFHV HWDSL]DW
3URFHVXOGHHGXFD LHPX]LFDO ILHF D LQXWFRQWVWULFWGHYkUVW &KHYDLV0RWRUD
,RQHVFX ILH F D FRQFHSXW WUHFHUHD GH OD R HWDS OD DOWD OHJDW GH FULWHULXO
SURJUHVXOXLDOFDOLW LLGHSULQGHULORUGREkQGLWH'DOFUR]H0DUWHQRW.RGDO\2UII
6X]XNL 0XQWHDQX 7RDWH DFHVWHD WUHEXLH vQ HOHVH FD SDúL LPSRUWDQ LvQFRQFHS LD
DVXSUD HWDSHORU GH IRUPDUHGH]YROWDUH D FXQRúWLQ HORUGHSULQGHULORUDWLWXGLQLORU FH
FRQWXUHD] RILQDOLWDWHDXQXLvQY PkQWPX]LFDOPRGHUQGHHGXFD LHFRQWLQX
8Q DVHPHQHD SXQFW GH YHGHUH IRDUWH HILFLHQW SHQWUX GH]YROWDUHD PX]LFDO
FRPSOH[ DXQXLHOHYLQGLIHUHQWGHGRWDUHDOXLLQWHOHFWXDO VDXPX]LFDO DUHvQV
LQFRQYHQLHQWXOF QXVHSRDWHGHVI úXUDvQRULFHIHOGHFRQGL LL
6XQW QHFHVDUH GHPHUVXUL SHUVRQDOL]DWH GH SURJUDPH UHSHUWRULL DGDSWDWH OD
LQGLYLGPLMORDFHGLGDFWLFH±LQVWUXPHQWHPX]LFDOHDGDSWDWHSRVLELOLW LORUIL]LFHDOH
HOHYLORU FDGUH GLGDFWLFH DELOLWDWH OD DFHVW WLS GH HGXFD LH vQ FDUH VSRQWDQHLWDWHD
RUJDQL]DWRULF FUHDWLYLWDWHDV ILHGRPLQDQWH
'DUHILFLHQ DGRYHGLW vQWLPSGHSHULRGL]DUHDHWDSL]DUHDHGXFD LHLPX]LFDOH
FHDFRQVROLGDWúLDGDWFRHUHQ SURFHVXOXLGHvQY PkQWPX]LFDOPRGHUQDI FXW
FD PRQROLWXO FHOXL DQWHULRU FODVLF V ILH QHYRLW V VH WULIXUFH úL V DSDU R QRX
FODVLILFDUH XQ VLVWHP GH HGXFD LH PX]LFDO SUHúFRODU FX RELHFWLYH GH UHIHULQ
FRPSHWHQ H VSHFLDOH GHRVHELWH GH DOH úFRODULORU úL GH FHHD FH VH UHDOL]HD] vQ
úFROL VXSHULRDUH DGLF vQ XQLYHUVLW L &HOH WUHL VLVWHPH WUHEXLH V ILH XQLWH SULQ
RELHFWLYH FDGUXFRPSHWHQ HOH JHQHUDOH XUP ULWH FD ILQDOLWDWH D SURFHVXOXL GH
HGXFD LHPX]LFDO

5H]XPDW
2ULFH SURFHV GH vQY PkQW RUJDQL]DW vQWUXQ VLVWHP PRGHUQ vúL GRYHGHúWH
FRHUHQ D úL SULQ IDSWXO F HO HVWH FRQFHSXW FD XQ SURFHV FRQWLQXX úL HWDSL]DW
HWDSL]DUHDUHDOL]kQGXVHSHFULWHULLGLIHULWH)RORVLQGXVHGHFRQFOX]LLOHFHUFHW ULORU
GLQSVLKRORJLDúFRODU úLGHGRFWULQHOHQRLORUSHGDJRJLLDOHVHFROXOXL;;VLVWHPXO
GH vQY PkQW SH GH R SDUWH D FRERUkW YkUVWD GH LQL LHUH GH OD YkUVWD FODVLF D
úFRODULW LL PLFL DQL OD YkUVWD GH DQL úL FKLDU PDL MRV DGLF OD SHULRDGD
úFRODULW LLPLFLúLFKLDUODFHDDSUHúFRODULW LLDQLLDUSHGHDOW SDUWHDGDW
SRVLELOLWDWHD úL FHORU GH YkUVWD D WUHLD ILH V VH LQL LH]H ILH V úL SHUIHF LRQH]H
HGXFD LD SULQ ORLVLU VDX FKLDU LQVWX LRQDOL]DW vQ vQY PkQWXO SUHXQLYHUVLWDU úL
XQLYHUVLWDU (GXFD LD PX]LFDO VD FRPSDUWLPHQWDW vQ HWDSH FX ILQDOLW L GLVWLQFWH
QXPLWHSHULRDGDSUHQRWD LHLSHULRDGDQRWD LHVDXHWDSD,HWDSD,,ILHF VDQXPLW
HGXFD LH SUHúFRODU úFRODU XQLYHUVLWDU SRVWXQLYHUVLWDU ,GHHD SHULRGL] ULL
HGXFD LHLPX]LFDOHDIRVWDGDSWDW GHWRDWH ULOHOXPLL3ULQWUHPX]LFLHQLLFDUHDX
RSWDW SHQWUX XQ VLVWHP GH HGXFD LH PX]LFDO vQ SHULRDGH VXQW DPLQWL L PHUHX
)URHEHO0RQWHVVRUL&KHYDLV'DOFUR]H0DUWHQRW:LOOHPV.RGDO\2UII6X]XNL
ÌQ5RPkQLD0DQ\D%RWH]$QD0RWRUD0DJGDOHQDV8UVX$XUHO,Y úFDQX3DYHO
'HOLRQ /LJLD 7RPD=RLFDú *HRUJHWD $OGHD *DEULHOD 0XQWHDQX ([LVW GHFL R
QRX FODVLILFDUHDHGXFD LHPX]LFDO FDUHIRUPHD] RXQLWDWHFXRELHFWLYHFRQ LQXW
PHWRGHPLMORDFHVSHFLILFHDGDSWDWVLVWHPXOXLGHHGXFD LHGHGLFDWSUHúFRODULORUXQ
DOWXOGHVWLQDWúFRODULORUvQY PkQWXQLYHUVLWDUúLXQVLVWHPGHHGXFD LHPX]LFDO
vQSHQWUXúFROLVXSHULRDUHXQLYHUVLW L
$FWLYLWDWH IURQWDO SH JUXSHLQGLYLGXDO DFWLYLW L FH JUXSHD] FODVD GH
HOHYL vQ WRWDOXO QXPHULF DO FODVHL DFWLYLWDWH IURQWDO QXP U UHODWLY UHVWUkQV GH
HOHYLDFWLYLWDWHSHJUXSHVDXDFWLYLWDWHLQGLYLGXDO GLIHUHQ LDW SHHOHYvQIXQF LH
GHRELHFWLYXOXUP ULW
&UHDWLYLWDWH GLVSR]L LDJHQHUDO DSHUVRQDOLW LLGHDLQRYD
'DFWLORULWPLH SURFHGHXGHDUHSUH]HQWDSULQVHPQHVLPEROLFHDOHGHJHWHORU
IRUPXOHULWPLFHGDFW\OLRV vQOEJUHDF LQHODSRLFXvQ HOHVXOGHGHJHW
(GXFD LH PX]LFDO SUHúFRODU úFRODU SUHXQLYHUVLWDU XQLYHUVLWDU
SRVWXQLYHUVLWDU SURFHV GH PRGHODUH D IRQGXOXL PX]LFDO LQL LDO DO XQXLXQRU
VXELHF LSHQWUXIRUPDUHDDFHVWRUDSULQVDXSHQWUXPX]LF
)RQRPLPLH SURFHGHXOGHDVLPEROL]DSULQVHPQHVWDQGDUGL]DWHDOHGHJHWH
ORUPkLQLLvQ O LPHDFHORUúDSWHVXQHWHSHRVFDU LPDJLQDU
*UXSH GLQDPLFHRPRJHQHHWHURJHQH FROHFWLYUHODWLYPLFGHHOHYLJUXSD
RPRJHQ HVWHFRPSXV GLQHOHYLFXQLYHOHGHFXQRúWLQ HGHSULQGHULDWLWXGLQLUHODWLY
DVHP Q WRDUHJUXSDHWHURJHQ YDILIRUPDW GLQHOHYLFXQLYHOHGLIHULWHGHFXQRú
WLQ HGHSULQGHULDWLWXGLQLJUXSHOHGLQDPLFHVXQWDFHOHDFDUHvúLPRGLILF FDQWLWDWHD
úLFDOLWDWHDFRPSR]L LRQDO
-RFGLGDFWLFPX]LFDO DFWLYLWDWHUHDOL]DW FXSO FHUHúLLQWHUHVvQFRQWH[WGH
PLFVSHFWDFRODUHFDWHP XQVXELHFWGLQSURJUDPDúFRODU

/RLVLU FLWHúWH ORD]LU DFWLYLWDWH OLEHU UHDOL]DW FX SO FHUHLQWHUHV úL VH
GHVI úRDU vQDIDUDRFXSD LLORUREOLJDWRULL
3HUVRQDOLWDWH RLQGLYLGXDOLWDWHGLVWLQFW FXRULJLQDOLWDWHFDSDELO GHHIRUWXUL
GHRVHELWHFHDXFDUH]XOWDWLPSXQHUHDXQRUVROX LLVDXLQRYDUHDXQRUGRPHQLL
6LODEHULWPLFH FLWLUHDSULQVLODEHDXQRUIRUPXOHULWPLFH'HH[HPSOXWLWL
RSWLPL WD R S WULPH WDIDWHIH úDLVSUH]HFLPL SURFHGHX &XUZHQ VDX
.RGDO\
Ä7DEXODUDVD´ vQODWLQ vQVHPQkQGWDEO JRDO H[SUHVLDLQGLF vQFRQFHS
LDPHGLHYDO OLSVDGHFXQRúWLQ HGHSULQGHULSHFDUHRDUHHOHYXOvQDLQWHGHvQFHSH
UHDúFROLL
7HVWH GH LQWHOLJHQ JHQHUDO 4, EDWHULH GH SUREH SHQWUX GLDJQR]D
LQWHOLJHQ HLvQ HOHDV FDWHPSRXOGHUH]ROYDUHFXVXFFHVDXQXLRELHFWLYSURSXV
7HVWHGHVSHFLDOLWDWH46 EDWHULHGHSUREHSHQWUXDGLDJQR]DDELOLWDWHD
SRWHQ LDO DSWLWXGLQHDSHQWUXRDFWLYLWDWHVSHFLDO GHH[HPSOXWHVWXOSHQWUXGRWDUH
PX]LFDO 6HDVKRUH
,7HPHSHQWUXGH]EDWHUH
± &H FDOLW L úL OLPLWH DX FRQFHS LLOH GH HWDSL]DUH D HGXFD LHL PX]LFDOH
0DXULFH&KHYDLV&DUOR2UII6KLQ,FKL6X]XNL"

,,$OHJH LU VSXQVXOU VSXQVXULOHFRUHFWFRUHFWH
(WDSL]DUHDSHULRGL]DUHDHGXFD LHLPX]LFDOHHVWHRVROX LH
DSHQWUX SUHJ WLUHD DSHUFHSWLY FH VH UHIHU VWULFW OD SUHJ WLUHD QRWD LHL
PX]LFDOH
ESHQWUX SUHJ WLUHD DSHUFHSWLY SOHQDU D HOHYXOXL GHSULQGHULFXQRúWLQ H
DWLWXGLQLPX]LFDOH

9kUVWD OD FDUH SRDWH vQFHSH HGXFD LD PX]LFDO YRFDOLQVWUXPHQWDO vQ
FRQFHS LDPHWRGLFLHQLORUDGHS LDLÄúFROLLDFWLYH´HVWHGH
DQXvQDLQWHGHDQL
EQXvQDLQWHGHDQL
FDQL

3HULRGL]DUHDHGXFD LHLPX]LFDOHvQFRQFHS LDPRGHUQ DFWXDO VHUHDOL]HD]
DVWULFWSHFULWHULXOYkUVWHL
ESHFULWHULXOYkUVWHLDOFDSDFLW LLPX]LFDOHDOSURJUHVXOXLUHDOvQvQVXúLUHD
RELHFWLYHORUGLQHWDSDDQWHULRDU

ÌQSHULRDGHOHGHLQWHUHVVHQ]RULDOQXPLWHGH0RQWHVVRULÄSHULRDGHVHQ]R
ULDOH´FRSLOXOXLWUHEXLHV LVHRIHUHDFWLYLW L
DFDUHV GH]YROWHVLP XOWDFWLOúLSHFHOYL]XDO
E FDUH V H[HUVH]H WRDWH VLP XULOH LQFOXVLY FH YL]HD] FDOLW LOH VXQHWXOXL
PX]LFDO

ÌQHGXFD LHPX]LFDO SUHFRQL]DW GH6X]XNLQRWD LDPX]LFDO
DVHUHDOL]HD] FRQFRPLWHQWFXLQL LHUHDLQVWUXPHQWDO
EHVWHLQGLFDW DVHLQWURGXFHGXS RSHULRDG GHDQL

,,,$OHJH LGDF HQXQ XULOHVXQWDGHY UDWH$VDXIDOVH)
'LQWUH FRPSR]LWRULL GH UHQXPH PRQGLDO FDUH VDX RFXSDW GH HGXFD LD
PX]LFDO D FRSLLORU FUHkQG XQ VLVWHP PX]LFDO úL XQ UHSHUWRULX HWDSL]DW GH
SLHVHPX]LFDOHvODPLQWLPSH&DUO2UIIúL=ROWDQ.RGDO\
'LQWUH FUHDWRULL GH PHWRGH GH HGXFD LH PX]LFDO FDUH DX FRQVLGHUDW F
HGXFD LDPX]LFDO WUHEXLHV vQFHDS GXS FHHOHYXODUHRDQXPLW PDWXUL
WDWHúLúWLHV VFULHúLV FLWHDVF VHDIO *HGDOJHúL&XFOLQ

&XUVXO

&ODVLILFDUHSHFULWHULXODSDUWHQHQ HLODWLSXOGHHGXFD LH
PX]LFDO YRFDO úLLQVWUXPHQWDO

0RQROLWXO VLVWHPXOXL GH vQY PkQW FODVLFWUDGL LRQDOLVW DGDSWDW WUHSWDW GH
ULOH HXURSHQH vQFHSkQG FX VHFROXO ;9,, D VXIHULW VFKLPE UL vQFHSkQG FX VHFROXO
;,;úLPDLDOHVvQVHFROXO;;FkQGúLDUHGHILQLWSULQFLSLLOHúLVDUHRUJDQL]DWvQ
IXQF LHGHILQDOLWDWHDXUP ULW 6DSURGXVRVFLQGDUHGXS FXPDPDU WDWvQFXUVX
ULOHDQWHULRDUH6HPHQ LQHVLVWHPXOFODVLFFDUHDYHDFDRELHFWLYQXPDLSUREOHPHGH
LQIRUPD LHúLGHSULQGHULGHVFULVFLWLWúLDSDUHXQVLVWHPQRXFDUHvúLSURSXQHFD
RELHFWLYSULRULWDUFHHDFHHUDYLFLXOGHIRQGDOYHFKLXOXLVLVWHPúLDQXPHIRUPDUHD
LQWHUHVXOXL SHQWUX SUDFWLFDUHD PX]LFLL SULQ SURFHGHH PLMORDFH úL PHWRGH DGDSWDWH
YkUVWHLúLFDSDFLW LLHOHYXOXL3HVFXUWVLVWHPXOÄúFROLLDFWLYH´
0DLGHSDUWHREVHUYkQGXVHLQHILFLHQ DHGXFD LHLPX]LFDOHFDUHQX LQHDFRQW
GHYkUVWDHOHYLORUQRXOVLVWHPGHHGXFD LHPX]LFDO VDvPS U LWvQIXQF LHGHYkUVW
vQvQY PkQWSUHúFRODUúLúFRODUDFHVWDGLQXUP QXPLQGXVHSUHXQLYHUVLWDUSHQWUX
F HUDSXQWHGHWUHFHUHVSUHXQLYHUVLWDU
3URFHGHXOGHWUHFHUHGLQWURHWDS vQDOWDVHHIHFWXDDWkWSHFULWHULXOYkUVWHLFkW
úLSHFHODOSURJUHVXOXLSHFDUHvOGRYHGHDHOHYXOODHYDOXDUHDILQDO
2EVHUYkQGXVHF úLDFHVWFULWHULXQXHVWHVDWLVI F WRUSHQWUXF DSWLWXGLQLOH
HOHYLORUGRYHGLWHúWLLQ LILFSULQUH]XOWDWHOHWHVW ULLDFHVWRUDHYLGHQ LDXFHHDFHHUD
GHPXOWFXQRVFXWGLQREVHUYDUHDFXUHQW DPRGXOXLFXPUHSURGXFXQFkQWHFHOHYLL
F H[LVW QLYHOXULGLIHULWHGHDSWLWXGLQLPX]LFDOH
ÌQID DDFHVWXLDGHY URSDUWHGLQPX]LFLHQLLPHWRGLFLHQLDLVHFROXOXL;;DX
J VLWVROX LDDGDSW ULLXQHLLQL LHULPX]LFDOHLQVWUXPHQWDOH
,QL LHUHD PX]LFDO LQVWUXPHQWDO DYHD PHQLUHD V VSULMLQH LQWRQD LD HOHYXOXL
SHQWUXRUHGDUHFkWPDLILGHO DvQ O LPLLVXQHWHORUXQHLPHORGLLSHGHDOW SDUWHúL
SULRULWDU V GHD VDWLVIDF LH úL V VSRUHDVF LQWHUHVXO HOHYXOXL SHQWUX SUDFWLFDUHD
PX]LFLL LQGLYLGXDO VDX vQ JUXS V GH]YROWH FUHDWLYLWDWHD úL V GHD OLEHUWDWH GH
DF LXQH HOHYXOXL vQ SURFHVXO GH DVLPLODUH D DOIDEHWXOXL PX]LFDO vQ LQWHUSUHWDUHD úL
DSUHFLHUHDPX]LFLLDXGLDWH

6HGLVWLQJHGHFLvQFHHDFHSULYHúWHVLVWHPHOHGHHGXFD LHPX]LFDO RQRX
GHSDUWDMDUH
XQVLVWHPGHHGXFD LHYRFDO
XQVLVWHPGHHGXFD LHYRFDOLQVWUXPHQWDO
3XQFWXO GH YHGHUH DO PX]LFLHQLORU FDUH DX VXV LQXW F HGXFD LD PX]LFDO
WUHEXLHV ILHvQSULPXOUkQGYRFDO VHVSULMLQHDSHIDSWXOUHDOF FHOPDLVLPSOXúL
OD vQGHPkQ LQVWUXPHQW PX]LFDO HVWH YRFHD XPDQ FRQFHS LH FDUH SkQ SULQ
VHFROHOH;,9;9DGRPLQDWPX]LFDGHFXOWUHOLJLRDV úLFHDODLF
6 QHDPLQWLPF JHQXULOHGRPLQDQWHGLQPX]LFDHXURSHDQ SkQ vQVHFROXO
;9 DX DQWUHQDW IRUPD LL YRFDOH GH YRFL E UE WHúWL úL GH FRSLL SUHFXP FRUDOXO
JUHJRULDQSVDOPLLEL]DQWLQLDSRLvQSROLIRQLLLQFLSLHQWHSUHFXPRUJDQXPXOFDQR
QXOGH]YROWkQGXVHvQGUDPHOLWXUJLFHPLVVHPRWHWHPDGULJDOH3HQWUXGREkQGLUHD
DELOLW LLGHDLQWHUSUHWDúLDGHVFLIUDSLHVHOHPX]LFDOHFHDERUGDXDVHPHQHDJHQXUL
H[LVWDXúFROLSHOkQJ ELVHULFLFDWHGUDOHP Q VWLULDOHFXOWHORUUHOLJLRDVHGRPLQDQWH
vQ (XURSD vQ 9HVW ± úFROL DOH ELVHULFLL FDWROLFH VFKROD FDQWRUXP PDvWULVH
FRQVHUYDWRDUH úL DSRL úFROL FH DSDU LQ UHOLJLLORU SURWHVWDQWH XQGH VH VWXGLD] úL
LQVWUXPHQWHFXFODYLDWXU vQ(VW±úFROLDOHELVHULFLORURUWRGR[HúFROLP Q VWLUHúWL
GHFkQWYRFDO
(YHQLPHQWHOH VHFROHORU ;9;9, PLúFDUHD 5HIRUPHL D &RQWUDUHIRUPHL úL
GHVFKLGHUHD PX]LFLL GLQ 5HQDúWHUH VSUH PHORGLD DFRPSDQLDW úL SHQWUX VRQRULW L
LQVWUXPHQWDOHWUDGL LDPX]LFLLSURSDJDWHvQF GLQVHFROHOH;,,;,,,GHWUXEDGXULúL
WUXYHULPLQQHVLQJHULúLPHLVWHUVLQJHULWRDWHDFHVWHDDXI FXWFDvQFRQVHUYDWRDUH±
FD úFROL GH PX]LF ± V H[LVWH R SUHRFXSDUH úL SHQWUX SHUIHF LRQDUHD H[HFX LHL
LQVWUXPHQWDOHQHFHVDUHXQHLRUFKHVWUHVLPIRQLFH
/DDFHDVW HYLGHQW PLúFDUHSURLQVWUXPHQWDO VHDGDXJ UHIRUPDvQY PkQ
WXOXL FRPHQLXVLDQ FH SURPRYD R úFRDO DFFHVLELO WXWXURU FRSLLORU E LH L úL IHWH
FKHPD L V vQYH H PX]LF &KLDU GDF RELHFWLYXO SURSXV D IL UHDOL]DW vQ úFROL SDUH
VLPSOXIRUPDUHDXQXLUHSHUWRULXGHFkQWHFHUHOLJLRDVHSHFDUHFRSLOXOWUHEXLDV O
LQWHJUH]HvQSUDFWLFDUXJ FLXQLL]LOQLFHSUREOHPDUHFXSHU ULLHOHYLORUFXGHILFLHQ
GH LQWRQDUH úL SUREOHPD J VLULL XQHL VROX LL VLPSOH GH VROIHJLHUH FD DFWLYLWDWH
REOLJDWRULH vQ HSRFD *XWKHPEHUJ U PkQHDX VHPQH GH vQWUHEDUH FDUH S UHDX GH
QHUH]ROYDW
3ULPHOHVHPQHGHVROX LRQDUHDSDUvQVHFROHOH;9,,,;,;GHV YkUúLQGXVHvQ
VHFROXO;;6ROX LLOHSULYHDXVROPL]D LDUHODWLY VROIHJLHULLF UHLDvLYRPDFRUGD
VSD LXO H[SOLFDWLY vQ FDSLWROXO ,9 DO OXFU ULL GH ID úL SURSXQHUHD FD HGXFD LD
PX]LFDO FDUHSkQ DWXQFLIXVHVHSXUYRFDO vQVLVWHPXOGHvQY PkQWFODVLFV
GHYLQ YRFDOLQVWUXPHQWDO
0X]LFLHQL úL SHGDJRJL SUHRFXSD L GH DFFHVLELOL]DUHD SUDFWLF ULL PX]LFLL úL
FUHúWHUHD LQWHUHVXOXL SHQWUX DFHDVW GLVFLSOLQ úFRODU VDX vQWUHEDW FDUH HVWH
LQVWUXPHQWXOFDUHV SHUPLW vQSULPXOUkQGDFFHVXOODPX]LFDODLF GHWLSFODVLF
URPDQWLF
2 VROX LH PDL SX LQ FXQRVFXW HVWH IRORVLUHD XQXL LQVWUXPHQW LQYHQWDW GH
6DUDK *ORYHU SURIHVRU OD úFRDOD GXPLQLFDO GLQ 1RUZLFK $QJOLD
SHQWUXDIDFHGHPRQVWUD LLHOHYLORU,QVWUXPHQWXOHUDFXFODSHúLUH]RQDWRULGHVWLFO
QX GH PHWDO VH QXPHD WLPSDQRQ VDX JODVV KDUPRQLFRQ ÄúL SHUPLWHD úL XQXL

SURIHVRU PDL SX LQ WDOHQWDW OD LQVWUXPHQW V IL[H]H FKHLH úL V GHPRQVWUH]H vQ O
LPHDVXQHWHORU´3HJJ\%HQQHW2GHVFKL] WRDUHGHGUXPXULvQHGXFD LDPX]LFDO
6DUDK*ORYHUvQ5HY,60(
0HWRGLFLHQLL ÄúFROLORU DFWLYH PX]LFDOH´ GLQ VHFROXO ;; DX RSLQLL GLIHULWH vQ
FHHDFHSULYHúWHLQVWUXPHQWXOPX]LFDOSULQFDUHVHSRDWHIDFHHGXFD LHPX]LFDO
$ 8Q JUXS GLQ FDUH D I FXW SDUWH 0DULD 0RQWHVVRUL 0DXULFH 0DUWHQRW
(PLOH-DTXHV'DOFUR]H (GJDU :LOOHPV FRQVLGHU F FHO PDL HILFLHQW LQVWUX
PHQW SRWULYLW SHQWUX PX]LFD GH IDFWXU DUPRQLF FHD FDUH GRPLQD HVWHWLF
VFHQHOHPDULDOHOXPLLGDUúLPX]LFDSUDFWLFDW vQFDVHSDUWLFXODUHHVWHSLDQXO
,QGXVWULD GH SLDQH D VHFROXOXL ;,; úL GLQ SULPD MXP WDWH D VHFROXOXL WUHFXW
DUDW FkW GH LQIOXHQW D IRVW DFHDVW FRQFHS LH SURPRYDW vQ úFROL OXkQG PRGHOH
LGHDOHGDWHGHPDULLYLUWXRúLDLSLDQXOXLGLQVHFROHOH;,;úL;;&ODUD6FKXPDQQ
)UDQW]/LV]W$QWRQ5XELQVWHLQ6YLDWRVODY5LFKWHUHWFPRGHOHSHFDUHYRLDXV OH
LPLWH RULFH GRPQLúRDU GH SHQVLRQ VDX FRSLO FUHVFXW vQ UHVSHFWXO SHQWUX DUWD
PX]LFDO
ÄÌQORFXODWHOLHUHORUFXDVSHFWPDQXIDFWXULHURUJDQL]DWHúLFRQGXVHGXS SULQ
FLSLXOIDPLOLDODXDS UXWvQWUHSULQGHULFRPSOH[HFXERJDWHUDPLILFD LLLQWHQD LRQDOH
SUHFXP FHOH GH OD ILUPHOH JHUPDQH %HFKVWHLQ SLDQH DQXDO %OXWKQHU
)RUVWHU GH SLDQH DQXDO 6FKLPPHO SHVWH GH SLDQH DQXDO ILUPH
DXVWULHFH %HVHQGRUIHU 3OH\HO GH SLDQH DQXDO ILUPH MDSRQH]H .DZD\
<DPDKD´úLDOWHQXPHURDVHILUPHGLQ$QJOLDúLGLQDOWH ULDOHOXPLLGLQ&RPDQ
/DYLQLD3LDQLVWLFDPRGHUQ (GLWXUD810%S

%8QDOWJUXSIRUPDWGLQ0DXULFH&KHYDLVúL=ROWDQ.RGDO\DFRQVLGHUDW
F HGXFD LD PX]LFDO WUHEXLH V VH UHDOL]H]H YRFDO SULQ FkQWHF úL VFDQGDUH GH
WH[WHSURFHGHXSULQFDUH.RGDO\DMXQJHODP LHVWULLSROLIRQLFH
ÌQ5RPkQLDWUDGL LDYRFDOFRUDO vQFHSkQGFXDQXODIRVWVHULRVDIHFWDW
GH LGHHD LQWURGXFHULL XQHL HGXFD LL PX]LFDOH YRFDOLQVWUXPHQWDOH SULQ LQVWUXPHQWH
FXPDQHYUDUHXúRDU FRQFHS LHFDUHDUWUHEXLV UHFRQVLGHUHvQWUHDJDGLGDFWLF OD
QLYHOXQLYHUVLWDU
0DXULFH&KHYDLVQRWDvQOXFU ULOHOXLWHRUHWLFHF GDF DUWUHEXLV DOHDJ XQ
LQVWUXPHQWDFHODDUILFKLWDUD0HWRGD=ROWDQ.RGDO\HVWHJkQGLW DILYRFDOFRUDO
GDU GLVFLSROLL úL FRODERUDWRULL DFHVWXLD vQ XOWLPLL DQL DX DWDúDW SURFHVXOXL GH
HGXFD LHPX]LFDO RSDUWHGLQLQVWUXPHQWHOHSURPRYDWHGH2UII

& 8Q FD] DSDUWH vQ FRQWH[WXO DFHORU PX]LFLHQL SUHRFXSD L úL GH SUREOHPHOH
vQY PkQWXOXLPX]LFDOvOFRQVWLWXLHFHODOFRPSR]LWRUXOXLJHUPDQ&DUO2UII
2UII6FKXOZHUNDWHOLHUXOúFRDO 2UIIVHUHIHU ODVLVWHPXOV XGHHGXFD LH
PX]LFDO ODPHWRGDOXLGHHGXFD LHPX]LFDO SUHSRQGHUHQWOXGLF úLLQVWUXPHQWDO
0HWRGD FRPELQ MRFXO WHPDWLF PLúFDUHD ULWPLF FX LQWRQDUHD FkQWHFHORU úL FX
DFRPSDQLDPHQWXOLQVWUXPHQWDODFHVWDILLQGIRUPDWGLQWUXQVHWGHGRX IDPLOLLGH
LQVWUXPHQWHDGDSWDWHODFRQGL LLOHGHPDQXDOLWDWHDOHFRSLLORUGHYkUVW SUHúFRODU úL
úFRODU

,QVWUXPHQWDUXO2UIIHVWHIRUPDWGLQGRX FDWHJRULLGHLQVWUXPHQWHSHUFX LHúL
VXIO WRULODFDUHVHDGDXJ úLÄFRUSXOXPDQ´FDLQVWUXPHQWQDWXUDO0RWLYXOSHQWUX
FDUH2UIIDOHJHQXPDLDFHVWHGRX IDPLOLLGHLQVWUXPHQWHvOH[SOLF 7KRPDV:HUQHU
0XVLFD SRHWLFD 2UII 6FKXOZHUN 3URGXN]LRQ +DUPRQLD 0XQGL
$OOHPDJQHS0RGHOXOHVWHDVHP Q WRUFXFHOHLQGLFDWHGHvQY DWXOFKLQH]/L
*L:HUQHURSFLWSÄ0X]LFDVHQDúWHGLQFXYkQWúLVHFRPSXQHGLQFXYLQWH
QHVSXVH 'DF RPXO VH EXFXU VDX VH vQWULVWHD] GH FHYD HO YRUEHúWH vQ FXYLQWH
PXWH 'DF QLFL DFHDVW IRUP GH H[SULPDUH QX vL HVWH VXILFLHQW HO IRORVHúWH
H[FODPD LL úL VXVSLQH ùL GDF QLFL DFHDVWD QX HVWH VXILFLHQW IRORVHúWH LQFRQúWLHQW
PkLQLOH úL SLFLRDUHOH úL WRDWH SUHOXQJLWRDUHOH PkLQLORU úL DOH JXULL WREH FORSR HL
SLHWUHKDUIDIOXLHUXO´
,QVWUXPHQWDUXO 2UII HVWH VHOHF LRQDW DVHP Q WRU FX SURFHGHHOH GHVFULVH PDL
VXV (VWH GHFL XQXO SULPDU HOHPHQWDU FRUHVSXQ] WRU HWDSHL SULPDUH D FRSLOXOXL
,QVWUXPHQWHOH 2UII VXQW SURGXF WRDUH GH VXQHWH FkW PDL DSURDSH GH WHPSHUDQ
SHQWUXFDUHH[LVW ILUPHSURIHVLRQLVWHQXDUWL]DQDOHVSHFLDOL]DWHvQFRQVWUXF LDORU
3UH]HQW PPDLMRVPLMORDFHOHGLGDFWLFHGLQLQVWUXPHQWDUXO2UII
± ,QVWUXPHQWH QDWXUDOH DOH FRUSXOXL E W L GLQ SDOPH SLFLRDUH GHJHWH
FRDSVHLQVWUXPHQWHQXPLWHúLÄJHVWXULVRQRUH´
3UHOXkQGúLPRGLILFkQGFkWHYDHOHPHQWHvQPRPHQWXOGHID vQ$PHULFDHVWH
OD PRG ERG\SHUFXVVLRQ ± LQWHUSUHWDUHD H[FOXVLY D VRQRULW LL SULQ LQVWUXPHQWHOH
FRUSXOXL
,QVWUXPHQWHFRQIHF LRQDWHGHFRSLLSDKDUHFXPHPEUDQ SDKDUHFXDS
GLYHUVHMXF ULLVRQRUHLPSURYL]DWHDGKRF
,QVWUXPHQWH GH SHUFX LH OHPQXO GH PRGHO FKLQH]HVF OHPQXO GH PRGHO
DPHULFDQFDVWDJQHWHOHPRULúFDWULDQJOXFLQHOGHPRGHOWXUFHVFFURWDOH
WDOJHUH PLFL FORSR HL LQGLYLGXDOL VDX vQ FLRUFKLQH JRQJXUL WREH WDPEX
ULQ WLPSDQ[LORIRQWLS&DPHUXQFXXQVLQJXUUkQGGHSO FX HGHWDúDELOH
PHWDORIRQXOúLMRFXOGHFORSR HLFDYDULDQWHDOH[LORIRQXOXL
,QVWUXPHQWH GH VXIODW IOXLHUXO FX FLRF EORFNIORWH GH WLSXO VRSUDQ DOWR
WHQRU úL EDV ÌQ IXQF LH GH QHFHVLW LOH úFROLORU LQVWUXPHQWDUXO 2UII vQ
DWHOLHUHOHúFRDO DVW ]L VH PDL XWLOL]HD] vQ HGXFD LD PX]LFDO WURPSHWH
FRUQ WURPERQ FODULQHW GDU úL VSLQHW FODYHFLQ WUDSH]RLGDO úLLQVWUXPHQWH
FDUHSURGXF]JRPRWHFHLPLW YkQWXO
2EVHUY PGLQDFHDVW SUH]HQWDUHDÄDUVHQDOXOXLGHLQVWUXPHQWH2UII´F LGHHD
F HGXFD LD PX]LFDO WUHEXLH I FXW SULQ LQVWUXPHQWH GH SHUFX LH úL GH VXIODW HVWH
ULJXURV UHVSHFWDW FKLDU GDF vQ PRPHQWXO GH ID PHWRGD D VXIHULW VFKLPE UL
DFFHSWkQGXVH RULFH LQVWUXPHQW PX]LFDO LQGLIHUHQW GH IDPLOLD GLQ FDUH IDFH SDUWH
GDF VH UHVSHFW VWUDWHJLD 2UII DFHHD GH D UHDOL]D GUDPDWXUJLH PX]LFDO úL
LPSURYL]D LHPX]LFDO SUREOHPHGHVSUHFDUHYRPGHWDOLDvQFDSLWROHOH,,,úL,9DOH
OXFU ULLGHID
0HWRGD GH vQY DUH D PX]LFLL SULQ LQWHUPHGLXO LQVWUXPHQWHORU SULRULWDU GH
SHUFX LHGHúLIRDUWHDWUDFWLY SHQWUXFRSLLGHYkUVW SUHúFRODU úLúFRODU PLF XQ
PRWLY ILLQG DFHOD F DFHDVW DFWLYLWDWH FRUHVSXQGH QHFHVLW LORU QDWXUDOH
ÄH[SUHVLRQLVWH´GHDSUDFWLFDVRQRULW LFX]JRPRWHúLDILLvQFRQMXUDWGH]JRPRWHD
IRVWFULWLFDW DWkWGHFRPSR]LWRULFkWúLGHSURIHVRULVHVL]kQGFRPSRUWDPHQWXOSUHD

HYLGHQWFD]RQ0HWRGDGLPLQXHD] VHQVLELOLWDWHDHOHYLORUVSUHPX]LFDÄSLDQLVVLPR´
QHFHVDU PHGLWD LHL úL UHHFKLOLEU ULL QHUYRDVH &HD PDL YHKHPHQW FULWLF DGXV
PHWRGHL2UIIDIRVWGDW GHFRQD LRQDOXOV X0DXULFLR.DJHO6FKXOZHUNIRUPHD]
±GXS RSLQLDOXL.DJHO±ÄVROGD LWDPEXULPDMRUL´vQPX]LF ÄVROGD LvQUHJLPHQ
WD LvQFD] UPLGHPX]LF ÝH]L5HYLVWD0XVLN,3
6D PDL I FXW REVHUYD LD F GDF VH PHQ LQH SULRULWDWHD LQVWUXPHQWDO vQ
HGXFD LD PX]LFDO FHOHEUD H[SUHVLH ÄSDWUX QHP L R RUFKHVWU ´ YD GHWHUPLQD R
ÄDIRQLHSDQGHPLF ´DFHORUFHYRUDSOLFDQHFULWLFPHWRGD

)LJ,QVWUXPHQWH2UII

' ÌQ FRQWH[WXO FRQWURYHUVHORU úL RIHUWHORU UHIHULWRDUH OD SUREOHPD DOHJHULL
LQVWUXPHQWXOXL VDX LQVWUXPHQWHORU FDSDELOH D IDFH ID RELHFWLYHORU SH FDUH OH
XUP UHD QRXD úFRDO DFWLY D VHFROXOXL ;; SURSXQHUHD YLRORQLVWXOXL úL
SHGDJRJXOXL MDSRQH] 6KLQ,FKL 6X]XNL FD HGXFD LD PRGHUQ HWDSL]DW V VH
UHDOL]H]HSULQYLRDU DúRFDWúLvQF PDLúRFKHD] OXPHDFODVLF WUDGL LRQDOLVW D
SURIHVRULORU 1LFL RS LXQHD OXL 6X]XNL UHIHULWRDUH OD DOHJHUHD XQXL LQVWUXPHQW FX
FRU]L YLRDUD QX D IRVW vQWkPSO WRDUH JUDWXLW $OHJHUHD D IRVW GHWHUPLQDW GH R
DQXPH FRQFHS LH ILOR]RILFRUHOLJLRDV GH IDFWXU EXGLVW vQ FDUH FUHGHD 6XNX]L
&RQIRUP DFHVWHLD VH FRQVLGHUD F QXPDL VXQHWHOH SURGXVH GH XQ LQVWUXPHQW FX
FRDUGH FUHHD] VWDUHD SURSLFH PHPRU ULL úL LQWHUSUHW ULL VHQVLELOH FD DFWLYLW L GH
ED] vQHGXFD LDPX]LFDO DFRSLLORU
(ÌQvQWUHDJDOXPHGDWRULW WHKQLFLLIDFLOHGHPDQHYUDUHúLDWLPEUXOXLSO FXW
VXQW IUHFYHQW XWLOL]DWH PHWRGH FDUH SURPRYHD] R HGXFD LH PX]LFDO SULQ
LQWHUPHGLXOIOXLHUXOXLFXFLRFQXPLWFDvQJHUPDQ EORFNIORWHSUHFXPUHFRPDQG

PHWRGDGHRULJLQHEHOJLDQ 'HVLUH7LWVúLFHDGHRULJLQHIUDQFH] -0'HKDQ
-*ULPHOVDXFHOHEUDPHWRG JHUPDQ :DOGRUI
)0HUJkQGSHLGHHDF RULFHLQVWUXPHQWFXPDQXDOLWDWHXúRDU SRDWHILvQWUH
EXLQ DWFXVXFFHVvQHGXFD LDPX]LFDO FRQWHPSRUDQ VHXWLOL]HD] vQPRPHQWXOGH
ID LQVWUXPHQWHHOHFWURIRQHFKLWDUDHOHFWULF RUJDHOHFWURQLF VLQWHWL]DWRUXOGDU
úLLQVWUXPHQWHFRQIHF LRQDWHDUWL]DQDOFXPDUILQXFDPX]LFDO HWF
5H]XPDW
ùFRDOD PRGHUQ DFWLY PX]LFDO D VHFROXOXL ;; FkW úL FHD GLQ SHUVSHFWLYD
VHFROXOXL;;,QXFRQFHSHHGXFD LDPX]LFDO GHFkWvQJHP QkQGFHOHGRX VLVWHPH
GHHGXFD LHPX]LFDO FDUHPXOWHVHFROHDXIRVWVHSDUDWHVLVWHPXOPX]LFLLYRFDOHúL
FHODOPX]LFLLLQVWUXPHQWDOHùFRDODWUDGL LRQDOLVW QXúLDSXVSUREOHPDHGXFD LHL
LQVWUXPHQWDOH UHDOL]DWH vQ úFROL GLQ YDULL PRWLYH SULQFLSDOD HL VDUFLQ ILLQG
IRUPDUHD XQXL UHSHUWRULX GH FkQWHFH SHQWUX WUHEXLQ H GH RUGLQ UHOLJLRV úL
DOIDEHWL]DUHDFRSLLORUWRWSHQWUXDFHODúLVFRSùFRDODDFWLY PX]LFDO DRSWDWSHQWUX
GLIHULWHLQVWUXPHQWHGHODFODVLFXOSLDQLQVWUXPHQWFDUHSXWHDVDWLVIDFHDWkWFHULQ H
PHORGLFH FkW úL SH FHOH DUPRQLFH DOH PX]LFL OD JUXSXUL PDUL GH LQVWUXPHQWH GLQ
FDUHDPLQWLPÄDUVHQDOXO2UIIÍRUPDWLQL LDOQXPDLGLQLQVWUXPHQWHGHSHUFX LHúL
SX LQH GH VXIODW FHHD FH D SO FXW IRDUWH PXOW FRSLLORU GDU PDL SX LQ SHGDJRJLORU
UHFODPkQGFDUDFWHUXOSUHDPLOLW URVDOVRQRULW LORUvQGHWULPHQWXOHGXFD LHLYRFDOH
VSHFLILF XPDQH FD SURFHGHH FX HIHFWH DQWLPX]LFDOH SH WLPS PHGLX úL OXQJ $OWH
VROX LL DX IRVW FHOH FH UHFRPDQG YLRDUD6X]XNL vQ HGXFD LD PX]LFDO VDX QXPDL
EORFNIORWH 7LWV :DOGRUI LQVWUXPHQWH SRSXODUH FRQIHF LRQDWH DUWL]DQDO
LQVWUXPHQWH HOHFWURIRQH RUJD HOHFWURQLF VLQWHWL]DWRUXO /D SROXO RSXV PLOLWkQG
SHQWUXRHGXFD LHPX]LFDO SXUYRFDO VHDIO &KHYDLVúL.RGDO\
$IRQLH SDQGHPLF H[SUHVLH FDUH LQGLF OLSVD FDOLW LORU GH UHSURGXFHUH
FRUHFW D VXQHWHORU PX]LFDOH úL IHQRPHQ GH PDUH U VSkQGLUH vQ SRSXOD LD XQHL
UHJLXQL UL
%RG\SHUFXVVLRQ FXUHQWvQFUHD LDPX]LFDO DPHULFDQ FRQWHPSRUDQ FDUH
IRORVHúWHvQH[FOXVLYLWDWHLQVWUXPHQWHOHQDWXUDOHDOHFRUSXOXLXPDQSDOPHGHJHWH
FRDSVHSLFLRDUHYDULDQWHGLQDPLFúLDJRJLF
&RQVHYDWRU LQL LDOOD1HDSROH,WDOLDLQGLF XQRUIHOLQDWXQGHFRSLLLvQY DX
GLYHUVHPHVHULLLDUFHLGRWD LPX]LFDOHUDXSUHJ WL LSHQWUXFDSHOHOHFRUDOHELVHUL
FHúWLVDXSHQWUXRSHU 'XS 5HYROX LDIUDQFH] GLQGHVHPQDILHRLQVWLWX LH
XQLYHUVLWDU ILHXQDOLFHDO PRWLYSHQWUXFDUHvQ&RQVHUYDWRDUHOHGLQ%XFXUHúWL
&OXM,DúL7LPLúRDUDúLDXVFKLPEDWWLWXODWXUDvQ$FDGHPLHVDX8QLYHUVLWDWH
(SRFD *XWKHPEHUJ VDX HSRFD FXOWXULL VFULVH D WLS ULWXULORU ,QYHQWDWRUXO
DSDUDWXOXL QXPLW WLSRJUDI D IRVW -RKDQQHV *HQVIOHLVFK ± ]LV
*XWKHPEHUJ ± FDUH vQ DQXO SXQH OD SXQFW OD 6WUDVERXUJ XQ SURFHGHX GH
LPSULPDUHPRELO DOLWHUHORUSHKkUWLH&HHDFHDFRQWULEXLWODFLUFXOD LDOXFU ULORU
LPSRUWDQWHvQPDULOHFHQWUHFXOWXUDOHDOH(XURSHL

0DvWULVH úFRDO LQWHUQDWLQVWLWXLW GHELVHULFLOHGLQ)UDQ DVHFROHORU;,;,,
FD DQH[H DOH úFROLORU HSLVFRSDOH SHQWUX D IRUPD FkQW UH L VSHFLDOL]D L vQ FkQWXO
OLWXUJLF'HYLQDXWRQRPHvQFHSkQGFXVHFROXO;,9LDUGXS VXQWGHVILLQ DWHúL
vQORFXLWH FX LQVWLWX LL QXPLWH &RQVHUYDWRDUH 0HWULVHOH DX IRVW VLQJXUHOH úFROL GH
PX]LF GLQ)UDQ DXQGHSULPHDXRVHULRDV LQVWUXLUHPX]LFDO úLvQY DXVXSOLPHQ
WDU úL OLPED ODWLQ 0HWULVH GH OD PDvWUH vQ OLPED IUDQFH] vQVHDPQ PDHVWUX
GHFLúFRDO GHPDLúWULLGHFDSHO VDXLQVWUXPHQWLúWL
0LQQHVLQJHUL FkQW UH SRHWGLQ*HUPDQLDPHGLHYDO
0HLVWHUVLQJHUL PHVHULDúFkQW UH úLSRHWGLQ*HUPDQLDPHGLHYDO
1XFDPX]LFDO LQVWUXPHQWURPkQHVFGHVXIODWFRQIHF LRQDWDUWL]DQDOGLQWUR
QXF
6FKRODFDQWRUXP úFRDO GHFkQW UH LSHQWUXELVHULFDGHULWFDWROLFVWLPXODW
GH3DSD*ULJRUHFHO0DUHGDUDS UXW OD5RPDPXOWvQDLQWHDVHFROXOXL9,1XP UD
GHDGXO LE UED LXOWHULRUúLFRSLL6HvQILLQ HD] vQPXOWHFHQWUHHXURSHQH
FDWROLFHÌQ)UDQ DVHQXPHDXPDvWULVHúFRDODPDLúWULORUGHPX]LF $VW ]LQXPHOH
GH6FKRODFDQWRUXPHVWHQXPHOHXQHLLQVWLWX LLGHJUDGVXSHULRUvQILLQ DW vQ)UDQ D
vQ GH F WUH 9LQFHQW G¶,QG\ úL FRODERUDWRULL SHQWUX UHFRQVLGHUDUHD FkQWXOXL
JUHJRULDQúLDPX]LFLLVDFUHFDWROLFH&RQ LQXWXOSODQXOXLGHvQY PkQWHVWHGHVWXO
GHODUJODLFL]DW
ùFROLP Q VWLUHúWL úFROLOHGHSHOkQJ P Q VWLULOHRUWRGR[HFDUHSUHJ WHDX
FkQW UH LSHQWUXFkQWHFXOOLWXUJLFEL]DQWLQ
6ROPL]D LH UHODWLY SURFHGHX GH FLWLUH FX VLODEH PX]LFDOH D XQHL PHORGLL
I U FD VXQHWHOH PX]LFDOH V LQGLFH vQ O LPHD DEVROXW D VXQHWHORU FL XQD UHODWLY
DYkQGvQV XQVXQHWGHUHSHUFKHLD'R)D6ROúLUHVSHFWkQGFDQWLWDWHDúLFDOLWDWHD
LQWHUYDOHORU
7UXEDGXUL SULPLLFkQW UH LvQDFHODúLWLPSúLSRH LDL)UDQ HLPHGLHYDOHGLQ
6XG FXQRVFX L FD QXPH FDUH DX PDUFDW LHúLUHD FUHDWRULORU úL LQWHUSUH LORU GLQ
DQRQLPDWXOF OXJ UXOXLPX]LFDQWVDX UDQXOXLPX]LFDQW
7UXYHUL FkQW UH LvQDFHODúLWLPSúLSRH LDL)UDQ HLPHGLHYDOHGLQ1RUGFH
DX FRQWLQXDW DUWD WUXEDGXULORU GDU DX RU úHQL]DWR IRORVLQG FD QRXWDWH FkQWXO
GLDORJDW
,7HPHSHQWUXGH]EDWHUL
&RPHQWD LSULQPHWRGD&XEXOPHWRGDGHHGXFD LHPX]LFDO 2UII
3URFHGHH
D SURIHVRUXO vQVFULH SH FHOH ODWXUL DOH XQXL FXE SUREOHPH UHIHULWRDUH OD
LQVWUXPHQWDUXO2UIIúLSULQDUXQFDUHFX]DUXODFHVWHDVXQWUHSDUWL]DWHVSUHGH]EDWHUH
ILHF UXLJUXS
3URSXQHP
± SRVLELOLW LOHGHH[SULPDUHDúLXWLOL]DUHSULQLQWHUPHGLXOLQVWUXPHQWHORU
QDWXUDOHOLPLWH
GHSHUFX LHOLPLWH

± XWLOL]DUHDYRFLLFRSLLORUvQFRQWH[WXOXQHLDFWLYLW LOXGLFHPX]LFDOH
GHVXIODWOLPLWH
SURGXF WRDUHGH]JRPRWH
± SURúLFRQWUDRSLQLHLOXL.DJHO
ESDUWLFLSDQ LLODGH]EDWHUHVHvPSDUWvQJUXSHHJDOHQXPHULFFXXQOLGHU
FDUHYDVXV LQHSURVDXFRQWUDvQQXPHOHJUXSXOXLSUREOHPDvQVFULV SHRODWXU D
FXEXOXL
$OF WXL LR)Lú GHREVHUYD LHFRPSDUDWLY vQWLPSXODVLVW ULLODXQFLFOXGH
WUHLOHF LLROHF LHGHLQVWUXPHQWFRPSDUkQGRFXROHF LHvQFDUHHGXFD LDPX]LFDO
D IRVW SUHSRQGHUHQW YRFDO úL FX XQD vQ FDUH HGXFD LD PX]LFDO D IRVW YRFDO
LQVWUXPHQWDO )LúD WUHEXLH V DLE FD LQGLFDWRUL LQWRQD LD HOHYLORU PLMORDFHOH úL
SURFHGHHOHSULQFDUHvúLFRUHFWHD] LQWRQD LDvQFD]XOXQRUJUHúHOLDFFHVLELOLWDWHDvQ
GHSULQGHUHD WHKQLFLORU LQVWUXPHQWDOH SURSXVH SHQWUX R OHF LH JUDGXO GH VDWLVIDF LH
GDWGHSUDFWLFDUHDPX]LFLLvQFODV HWF

,,0LQLHVHXUL
,GHQWLILFD L SUREOHPD GLGDFWLF H[LVWHQW vQ WH[WXO GH PDL MRV vQFDGUD LR vQ
FRQWH[WXOVLVWHPXOXLGLQFDUHIDFHSDUWHúLH[SULPD LXQSXQFWGHYHGHUHSHUVRQDOvQ
OHJ WXU FXSUREOHPDDERUGDW vQPD[LPXPRSDJLQ
ÄÌQ WRDWH PDQXDOHOH URPkQHúWL GH GXS VD SURSXV DFWLYDUHD HOHYLORU
SULQ IRORVLUHD XQRU LQVWUXPHQWH PX]LFDOH FX PDQXDOLWDWH XúRDU SUHFXP
FODYLHWHOH [LORIRQXO EORFNIORWH LWHUD LQVWUXPHQWH GH SHUFX LH úL SVHXGR
LQVWUXPHQWHOHMXF ULLOHVRQRUHDFRUGDWHWHPSHUDW´

,,,&KHVWLRQDU
$OHJH LU VSXQVXOU VSXQVXULOHFRUHFWH
0HWRGD2UIIIRORVHúWHvQHGXFD LDPX]LFDO
DSLDQXO
EQXPDLEORFNIORWH
FYLRDUD
GLQVWUXPHQWHGHSHUFX LHEORFNIORWHúLYRFHDXPDQ
HH[FOXVLYYRFHDXPDQ

0HWRGD:LOOHPVIRORVHúWHvQHGXFD LDPX]LFDO
DYRFHDXPDQ úLSLDQXO
EEORFNIORWH
FYLRDUD
GLQVWUXPHQWHGHSHUFX LHúLGHVXIODW
HvQH[FOXVLYLWDWHYRFHDXPDQ

0HWRGD.RGDO\IRORVHúWHvQHGXFD LDPX]LFDO FXSUHF GHUH
DSLDQXO
EEORFNIORWH

FYLRDUD
HYRFHDFkQWDW úLVFDQGDW

0HWRGD6X]XNLIRORVHúWHvQHGXFD LDPX]LFDO
DSLDQXO
EEORFNIORWH
FYLRDUD

'DF DPUHDOL]DRVLQWH] FDUHDUILFDWHJRULLOHGHLQVWUXPHQWHSULQFDUHVH
UHDOL]HD] HGXFD LDPX]LFDO FRQWHPSRUDQ "
DFRUSXOXPDQFDLQVWUXPHQWQDWXUDO
ELQVWUXPHQWHGLQIDPLOLDFRGRIRQ
FLQVWUXPHQWHGLQIDPLOLDPHPEUDQRIRQ
GLQVWUXPHQWHGLQIDPLOLDDHURIRQHORU
HLQVWUXPHQWHGLQFDWHJRULDHOHFWRIRQHORU
ILQVWUXPHQWHSRSXODUHIDEULFDWHDUWL]DQDO
JYRFHDXPDQ FkQWDW úLYRUELW VFDQGDW

(GXFD LD PX]LFDO YRFDOLQVWUXPHQWDO SURPRYDW vQ 5RPkQLD SULQ QRXO
FXUULFXOXPGHHGXFD LHPX]LFDO vúLSURSXQH
DV VSRUHDVF LQWHUHVXOSHQWUXSUDFWLFDUHDPX]LFLLvQúFROL
EV ULGLFHJUDGXOGHVDWLVIDF LHGDWGHSUDFWLFDUHDPX]LFLL
FV vQYH HWDLQHOHPX]LFLLQXPDLSULQLQWHUPHGLXOLQVWUXPHQWXOXL
GV IRUPH]HLQVWUXPHQWLúWLSURIHVLRQLúWL
HV IDFLOLWH]HSUREOHPHOHOHJDWHGHGHVFLIUDUHDXQHLSDUWLWXULI U V HOXGH]H
RFROHDVF VWkQJDFLVROIHJLDWXO
G V IDFLOLWH]H úL V vQFXUDMH]H LPSURYL]D LD PX]LFDO FD SULP HOHPHQW GH
FUHD LHPX]LFDO

&XUVXO

5HSHUWRULXOúFRODUvQFRQWH[WXOPRGLILF ULORUDGXVHGHúFRDODDFWLY
PX]LFDO
&ODVLILFDUHD UHSHUWRULXOXL PX]LFDO úFRODU SH FULWHULXO FDQWLWDWLY úL
FDOLWDWLY DO VLVWHPHORU VRQRUH úL ULWPLFH IRORVLWH vQ IXQF LH GH YkUVWD úL QLYHOXO
DSWLWXGLQLORUPX]LFDOH
3kQ OD DSDUL LD úFROLL DFWLYH D SHGDJRJLHL H[SHULPHQWDOH FX WRDWH F HUDX
HYLGHQWH GHRVHELULOH FRPSRUWDPHQWDOH GLQWUH FRSLLL GH YkUVWH GLIHULWH úFRDOD QX D
OXDWvQFRQVLGHUD LHDFHVWHIDSWHUHDOHREVHUYDELOHDPSXWHDVSXQHFXRFKLXOOLEHU
5HSHUWRULXO GH SLHVH PX]LFDOH SHQWUX FRSLL GH YkUVW SUHúFRODU úL úFRODU
SUREOHPHOH WHRUHWLFH FH IRUPDX FRQ LQXWXO SURJUDPHORU úFRODUH QX I FHDX
GLIHUHQ LHUL FDQWLWDWLYH FDOLWDWLYH VDX WHPDWLFH vQWUH SRVLELOLW LOH SVLKRIL]LFH DOH
FRSLLORUúLFHOHDOHPDWXULORU

$PSUH]HQWDWvQWUXQXOGLQFXUVXULOHDQWHULRDUHFXUVXOXQVXFFLQWWDEORXDO
FLFOXULORUYLH LLGLQFDUHUHLHVHF vQFLFOXOGHFUHúWHUHúLGH]YROWDUHDQL
FDUHLQWHUHVHD] vQY PkQWXOSUHXQLYHUVLWDUSRVWOLFHDOúLXQLYHUVLWDUILLQ DXPDQ
vúLvQVXúHúWHFRQGXLWHOHGHYLD vQYD V ILHDXWRQRPvQYD V VHDXWRVHUYHDVF
úL V VH DXWRHYDOXH]H vQYD FX WLPSXO V VHOHFWH]H VWUDWHJLL GH LQVWUXLUH úL GH
FRQGXLW IDPLOLDO úFRODU úL VRFLDO 7RDWH FX XQ HIRUW GH PHPRUDUH DWHQ LH
JkQGLUHDIHFWLYLWDWHDMXWDWvQP VXU PDLPLF VDXPDLPDUHGHWHPSHUDPHQWXOúL
GH SURSULX FDUDFWHU &RQFRPLWHQW FX DFHDVW GLQDPLF D FRQGXLWHL SULQFLSDOHOH
PRGLILF UL DOH IL]LFXOXL vQUHJLVWUHD] FHO PDL LQWHQV ULWP GH FUHúWHUH VWDWXUDO úL
SRQGHUDO vQSULPXODQGHYLD $SDUHDSRLXQSXVHXODYkUVWDSUHúFRODU úLDOWXOvQ
SHULRDGDSXEHUW LLFDODGHDQLV vQFHWH]H
6HSXQHSUREOHPDODRDVWIHOGHGLQDPLF DYLH LLFXPSRDWHúFRDODQXPDL
SULQ H[HUFL LL PX]LFDOH úL VROIHJLL V IRUPH]H LQWHUHVXO SO FHUHD úL FXULR]LWDWHD
SHQWUXPXQFDúFRODU úLSHQWUXPX]LF ±RELHFWGHIRUPDUHDYLLWRUXOXLPDWXU"
'DF OX P VSUH DQDOL] PDQXDOHOH GH PX]LF GH SH WHULWRULXO URPkQHVF GLQ
SHULRDGDYRPREVHUYDF DFHVWHDDXGHQXPLULIRDUWHHWHURJHQH)LHFDUH
vQV SUHFL]HD] LQWHQ LD úL FRQ LQXWXO GH D vQY D JUDPDWLFD PX]LFDO SH FDOH
SUDFWLF DGLF SULQVROIHJLHUH5HSHUWRULXOGHFkQWHFHPDLDOHVSHQWUXHOHYLLPLFL
HUD LGHQWLF FX FHO SHQWUX DGXO L vQ PDQXDOHOH SkQ vQ ([LVW úL H[FHS LL GH
H[HPSOXUHSHUWRULXOGLQPDQXDOXOvQY WRUXOXLEXFRYLQHDQ9RLHYLGFD
([HPSOLILF PFkWHYDWLWOXULGHPDQXDOH
± 3ULQFLSLL JHQHUDOH GH PX]LF HYURSHQHDVF PRGHUQ vQ WUHEXLQ D HOHYLORU
FODVLL GH PX]LF YRFDO D FROHJLXOXL QD LRQDO 6I 6DYD úL D DFHORUD FDUH
GRUHVF V GREkQGHDVF R GUHDSW FXQRúWLQ D DFHVWHL DUWH %XFXUHVFL
GH,RDQ:DFKPDQ
± &XUV HOHPHQWDU SHQWUX XVXO úFRDOHORU vQ JHQHUH 3DUWHD úFRODUXOXL
%XFXUHVFLGH&RQVWDQWLQ&RUGRUHDQX
±&XUVWHRUHWLFSUDFWLFGHPX]LF YRFDO SHQWUXúFROLOHVHFXQGDUHGHDPEHOH
VH[H%XFXUHVFLGH*%U WHDQX
±0DQXDOGHPX]LF YRFDO FXSULQ]kQGVROIHJLLúLFkQWHFHSHQWUXFODVD,GH
DPEHOHVH[H%XFXUHVFLGH$/,YHOD
±&kQWHFHúLVHPQHPX]LFDOHFDUWHSHQWUXFODVD,&UDLRYDGH0DUFHO
%RWH]
±0DQXDOGHPX]LF SHQWUXFODVD,VHFXQGDU %XFXUHúWLGH&%U LORLX
úL,&URLWRLUX
± &DUWH GH FkQWHFH SHQWUX FODVD , VHFXQGDU %XFXUHúWL GH *HRUJH
%UHD]XOúL$6D[X
±&DUWHGHPX]LF SHQWUXFODVDDYD%XFXUHúWLGH1LFRODH%XLFOLX
'DWRULW SXEOLFD LLORU úL FRQJUHVHORU úFROLL DFWLYH DPLQWLP &RQJUHVXO GH
HGXFD LHPX]LFDO GHOD3UDJDXQGHVDXvQWkOQLWúLDXVFKLPEDWRSLQLLFHOH
PDLUHSUH]HQWDWLYHQXPHGHPHWRGLFLHQLDL(XURSHLvúLIDFORFvQJkQGLUHDWHRUHWLF
vQFHSkQGFXGHFHQLXOSDWUXúLLGHLOHPRGHUQHUHIHULWRDUHODDFWLYLWDWHDPX]LFDO SULQ
MRF OD DGDSWDUHD XQXL UHSHUWRULX DGHFYDW SVLKRORJLHL YkUVWHL HOHYLORU UHSHUWRULX
RUJDQL]DW SH R WHPDWLF vQ VWUkQV OHJ WXU FX FDOHQGDUXO FXOWXUDOUHOLJLRV DO XQHL
UL UHSHUWRULX FH WUHEXLH V DGRSWH SULQFLSLXO HYROXWLY vQ FHHD FH SULYHúWH VF ULOH
PX]LFDOHPRGDOHWRQDOH

'RULQG V VFKLPEH FRQFHS LD GHVSUH FkQWHFXO FDUH WUHEXLH SURPRYDW SULQ
úFROL*HRUJH%UHD]XOvPSUHXQ FX1LFRODH6D[XDSXEOLFDWFROHF LLGHFkQWHFH
SHFLFOXULGHFODVHGHODFODVD,SkQ ODFODVDD,9D
&D V QH FRQYLQJHP GH VFKLPEDUHD UDGLFDO GH RSWLF DVXSUD WHPDWLFLL
UHSHUWRULXOXL SUH]HQW P VHOHF LRQDW FkWHYD FkQWHFH GHVWLQDWH HOHYLORU GLQ FODVD ,
DO WXUkQGúLVXQHWHOHPRGXOHORUPHORGLFHGLQFDUHDIRVWOXFUDWFkQWHFHOXO
&kQWHFHFXVXQHWHOH6RO0L±7UHFLSORDLH6RUFRYD0HOFPHOF
&kQWHFHFXVXQHWHOH6RO/D6RO0L±)OXWXUH/XQ QRX
&kQWHFHFXVXQHWHOH6RO0L'R±& U PLG QRX 'HDVROGD LL
&kQWHFHFXVXQHWHOH6RO/D6RO)D0L5H'R±& HOXúXOHWF
5H]XOWDWXOFHUFHW ULORUH[SHULPHQWDOHúFRODUHDXUP ULWúLSUREOHPHOHGHGLQD
PLFDSUHGLVSR]L LLORUvQFOLQD LLORUDSWLWXGLQLORUPX]LFDOH
ÌQ SULPD MXP WDWH D YHDFXOXL WUHFXW DFHVWH SUHRFXS UL DX DYXW XQ DQXPLW
DYkQWFXUH]XOWDWHQRWDELOHúLGHPQHGHOXDWvQFRQVLGHUD LHFDDSRLGLQYDULLPRWL
YHFHUFHW ULOHQXDXPDLIRVWGHQLYHOXOFHORUDQWHULRDUH
$PLQWLPF GRPHQLXOFHUFHW ULLSUHGLVSR]L LLORUDSWLWXGLQLORUPX]LFDOHDIRVW
WHVWDWVDXVLQWHWL]DWSHED]DXQRUREVHUYD LLVLVWHPDWLFHI FXWHvQFHSkQGFXSULPD
MXP WDWHDVHFROXOXL;;GHSHUVRQDOLW LGLQWUHFDUHWUHEXLHPHQ LRQD L&DUO6WXPSI
0DXULFH &KHYDLV 0DXULFH 0DUWHQRW +DQV 5XSS *H]D 5HYHV] %RULV 7HSORY
6HDVKRUH,RQ&UHDQJ *HRUJH%UHD]XOHWF
7RWXúL SXWHP V PHQ LRQ P FkWHYD FRQFOX]LL HGXFD LD PX]LFDO WUHEXLH V
LQ FRQWDWkWGHYkUVWDIL]LF DHOHYLORUGDUvQDFHHDúLP VXU úLGHVWDUHDHYROX LHL
SURFHVHORU SVLKLFH LQGLYLGXDOH úL GH UDQJXO QLYHOXO vQ]HVWU ULL PX]LFDOH QDWXUDOH
5DQJXULOHQLYHOXULOHFDSDFLW LLPX]LFDOHVXQWSUDJXULDOHXQHLLHUDUKLLFXQRVFXWH
VXE QXPHOH GH vQFOLQD LL VDX SUHGLVSR]L LL DSWLWXGLQL GRWDUH PX]LFDO PX]LFD
OLWDWHWDOHQW
0DXULFH&KHYDLVGHH[HPSOXDSUHFLDUHIHULWRUODVHQVLELOLWDWHDDIHFWLYHPR
LRQDO DHOHYXOXLF DUH[LVWDXUP WRDUHOHFDWHJRULLGHFRSLLHPRWLYLLPDJLQDWLYL
SDVLYLúLHPRWLYPDQLDFLFHLFHGRUHVFV ILHFRPS WLPL LúLF GHQLYHOXODFHVWHL
VHQVLELOLW LWUHEXLHVHOHFWDWHPHWRGHOHúLUHSHUWRULXOQHFHVDUHGXFD LHLPX]LFDOH
&HUFHW WRULL GLVWLQJ FDWHJRULLOH GH GRWD L PX]LFDO FX DELOLW L PHORGLFR
ULWPLFHDUPRQLFHúLQHGRWD LPX]LFDO0HQ LRQ PRFDWHJRULHPDLPDUHFXDEDWHUL
GHODUHSURGXFHUHDXQXLPRGHODFXVWLFVDXPRGHOULWPLFFDWHJRULHHGXFDELO GDF
OL VD GHSLVWDW LGHRPXO PX]LFDO DSHUFHSWLY FDUH WUHEXLH FXOWLYDW GH]YROWDW SULQ
DQWUHQDUHDvQFkQWDUHYRFDO úLRFDWHJRULHPLF FDUHQXVHSRWPRGHODGLQSXQFW
GH YHGHUH DO UHG ULL FRUHFWH D vQ O LPLL VXQHWHORU VDX D ULWPXOXL FRQVLGHUDW
QHHGXFDELO PX]LFDOGDF VHIRORVHVFQXPDLWHKQLFLOHFODVLFHDOHFkQWXOXLYRFDO
ÌQ UkQGXO GRWD LORU H[LVW GRWD L FX PX]LFDOLWDWH FDSDELOL GH LQWHUSUHW UL
VHQVLELOHFDSDELOLGHHPSDWLHPX]LFDO úLGRWD LI U PX]LFDOLWDWHEXQLWHKQLFLHQL
OLSVL L GH FDSDFLWDWH HPSDWLF VDX FX R FDSDFLWDWH IRDUWH GLPLQXDW 5DQJXO GH
GRWDUHúLPX]LFDOLWDWHU PkQHVXELHFWLYúLWUHEXLHHYDOXDWSHUPDQHQW

&HUFHW WRULL VHFROXOXL ;; VDX SUHRFXSDW úL GH FDWHJRULD GRWD L FX DX]
DEVROXWFDWHJRULHFDUHDUDYHDPHPRULDDFXVWLF DIUHFYHQ HLDEVROXWHDVXQHWHORU
FDOLWDWHFDUHQXJDUDQWHD] vQV F SHUVRDQDSRVHVRDUHDXQHLDVHPHQHDDSWLWXGLQL
DUSXWHDGHPRQVWUDWDOHQWúLF DUSXWHDGHYHQLRSHUVRQDOLWDWHDPX]LFLL
(VWHLQWHUHVDQWGHPHQ LRQDWRSLQLDFHUFHW WRUXOXLDPHULFDQ&)6HDVKRUHGH
OD 8QLYHUVLWDWHD GLQ -RZD FDUH DILUPD vQ UHIHULWRU OD SURJQRVWLFXO DVXSUD
GRW ULLúLPX]LFDOLW LLXQXLHOHYF H[LVW HOHYL
I U SHUVSHFWLY vQGH]YROWDUHDPX]LFDO
FXVSHUDQ vQGRLHOQLF SULYLQGGH]YROWDUHDPX]LFDO
FXGRWDWHúLPX]LFDOLWDWHSUREDELO
FXGRWDUHúLPX]LFDOLWDWHFHUW
)D GHDFHVWWDEORXUHDODOSRVLELOLW LORUGHLQWRQDUHLQWHUSUHWDUHGLQWURFODV
GHHOHYLWUHEXLHV QHFRQYLQJHPDQDOL]kQGFHVHDIODvQPDQXDOHGHÄ&kQW´VDXGH
Ä0X]LF ´vQDLQWHGHUHIRUPDUHDHGXFD LHLPX]LFDOHFDXUPDUHDWHVW ULLDFHVWRUD
1H YRP RSUL OD SULPHOH PDQXDOH DS UXWH vQ 5RPkQLD VHFROXOXL ;,; úL DSRL
PDQXDOHOHGLQSULPDMXP WDWHDVHFROXOXL;;
0DQXDOXO OXL ,RDQ :DFKPDQ DS UXW vQ SUH]HQWD H[HUFL LL úL VROIHJLL vQ
FKHLOH6ROGHYLROLQ FKHLD)DGHEDVFKHLOHGH'RVRSUDQPH]]RVRSUDQúLWHQRU
FXXQDPELWXVGHOD)DGLQRFWDYDPLF OD6LGLQRFWDYDDSDWUDvQÄWRDWHJDPHOH
PDULúLPLFLFXúLE´
ÌQ IDSW FHOH SUH]HQWDWH GH :DFKPDQ QX VXQW DOWFHYD GHFkW R SURJUDP GH
vQY PkQWYRFD LRQDOODQLYHOGH&RQVHUYDWRUWUDQVIHUDW I U QLFLRDGDSWDUHOD
QLYHOXOHOHYLORUGHDQL
0DQXDOXO OXL *DYULLO 0XVLFHVFX LQWLWXODW &XUV SUDFWLF GH PX]LF YRFDO
EURúXULOH HGL LD , ,DúL LPLW SURFHGHXO OXL :DFKPDQ IRORVLQG
QXPDLH[HUFL LLúLVROIHJLLFXXQDPELWXVGHOD6ROGLQRFWDYDPLF OD'RGLQRFWDYD
DWUHLDvQFKHLDGHVRO)DúLWUHLFKHLGH'RÄvQWRDWHJDPHOH´
ÌQ PRPHQWXO FkQG FHUFHW ULOH HWQRPX]LFRORJLFH REVHUYD LLOH UHIHULWRDUH OD
ROLJRFRUGLL SUHSHQWDWRQLL SHQWDWRQLLOH úL KH[DFRUGLLOH úL KHSWDFRUGLLOH GLDWRQLFH
FURPDWLFHH[LVWHQWHDWkWvQFUHD LDSRSXODU FkWúLFDVWDGLLGHHYROX LHDPDWHULDOXO
GHED] DSLHVHORUPX]LFDOHGLQFXOWXUDPX]LFDO VFULV úLFHDQHVFULV PDQXDOHOH
GLQvQWUHDJD(XURS úLDXUHFRQVLGHUDWSXQFWHOHGHYHGHUH'HH[HPSOXPDQXDOHOH
OXL*HRUJH%UHD]XOUHVSHFWDXFRQFHS LDVDHQFLFORSHGLF HQXQ DW vQSUHFXP
ÄQLPLF GLQ FHHD FH IRUPHD] GLVFLSOLQD PX]LFLL QX SRDWH OLSVL vQWUXQ PDQXDO
DUPRQLHFRQWUDSXQFWLQVWUXPHQWHIRUPHLVWRULDPX]LFLL´ÌQPDQXDOHOHGHSHVWHXQ
GHFHQLXDXWRUXODVHOHFWDWvQ& U LOHGHFkQWHFH±FODVHOH,,9FkQWHFH
GLQIROFORUXOFRSLLORUVDXFUHDWHSHQWUXOXPHDFRSLLORU/DIHODSURFHGDWúLvQ&DUWH
GHFkQWHFHSHQWUXFRSLLOXFUDUHFXQRVFXW GUHSWÄFDUWHDFXYDOXUL´SHQWUX
EHQ]LOH FRORUDWH VLQXVRLGDOH FDUH GHPRQVWUDX vQ PRG RULJLQDO VHQVXO PHORGLF DO
FkQWHFHOXOXL 5HSHUWRULXO DúD FXP VD SXWXW UHPDUFD vQ H[HPSOHOH GH PDL VXV VH
ED]DSHELWRQLD6RO0LFDLGLRPPX]LFDOFHVHGH]YROW vQWULWHWUDWRQLLúLFRUGLL
DMXQJkQGODSHQWDFRUGLLODKH[DúLKHSWDFRUGLLGLDWRQLFH

)LJ'LQ&DUWHDGHFkQWHFHSHQWUXFRSLLGH*%UHD]XO16D[XS
QXPLW &DUWHDFXYDOXUL

'UXPXOSURSXVGH0DQXDOHOHGHPX]LF SHQWUXFODVHOH,,9GH
&RQVWDQWLQ%U LORLXSRUQHúWHGHODVFDQG ULGLQIROFORUXOFRSLLORUúLSDUFXUJHVF UL
HYROXWLYHDúDFXPVWDELOLVHHWQRPX]LFRORJLDODQLYHOLQWHUQD LRQDO
6RO0L/D'25H)D'R6L
7UDLHFWRULD DFHDVWD PDL PXOW PRGDO GHFkW WRQDO OD I FXW SH PDUHOH
FHUFHW WRUDOHWQRPX]LFRORJLHLPRQGLDOH&RQVWDQWLQ%U LORLXV DILUPHF ÄSHQWUX
D vPS FD DFHVWH GRX OXPL LDU FRSLOXO URPkQ V DLE SRVLELOLWDWHD V ILH FLWLWRU úL
VFULLWRUGHPX]LF VHFRQVLGHU F HLPSRUWDQWV VHVHVL]H]HFDUHVXQWSXQFWHOHGH
OHJ WXU vQWUHWRQDOúLPRGDOúLV LGHQWLILF PFDUHVXQWVF ULOHFDUHvúLJ VHVFWHUHQ
vQ DPEHOH WLSXUL GH RUJDQL]DUH PHORGLF ´ 5 VSXQVXO OXL %U LORLX D LQGLFDW GUHSW
SXQWHGHOHJ WXU vQWUHFHOHGRX VLVWHPHVRQRUHJUXSXOIRUPDWGLQVFDUDPDMRU
VFDUDPDMRU FXVHSWLP PLF I U VHQVLELO QRWD%U LORLXPLQRUXOQDWXUDOFHOFX
VH[W PDUHúLFHOFXWUHDSWDD,,DFRERUkW

'R±5H±0L±)D±6RO±/D±6L±'R
'R±5H±0L±)D±6RO±/D±6LE±'R

'R±5H±0LE±)D±6RO±/DE±6LE±'R
'R±5H±0LE±)D±6RO±/D±6LE±'R
'R±5HE±0LE±)D±6RO±/DE±6LE±'R

) FkQG ELODQ XO SURSXQHULORU I FXWH GH PX]LFLHQLL úL SHGDJRJLL GLQ VHFROXO
;; UHIHULWRU OD PRGXO vQ FDUH VLVWHPHOH GH HGXFD LH PX]LFDO SHQWUX LQL LHUHD
PX]LFDO D HOHYLORU UHVSHFW FRQFOX]LLOH SHGDJRJLHL H[SHULPHQWDOH FRQFOX]LL
RE LQXWHvQXUPDDSOLF ULLXQRUWHVWHGHHYDOXDUHDGRW ULLPX]LFDOHDFRSLLORUGDU
úL GLQ REVHUYDUHD VLVWHPDWLF D PRGXOXL FXP HVWH DVLPLODW VXEVWDQ D VLVWHPHORU
VRQRUH GH F WUH FRSLLL GH YkUVWH úL GRW UL PX]LFDOH GLIHULWH SXWHP V RIHULP
XUP WRDUHOHVFKHPHFDWUDVHHGHXUPDWvQDVLPLODUHDSURJUHVLY DPDWHULHL
0RGHOXO FHO PDL YHFKL FDUH úLD GRYHGLW vQ WLPS OLPLWD úL LQHILFLHQ D D IRVW
PRGHOXOFODVLFGHvQVXúLUHvQVXFFHVLXQHDVF ULLQDWXUDOH
'R5H0L)D6RO/D6L'R
&HOHPDLDFFHVLELOHWUDLHFWRULLDXIRVWDFHOHDFDUHDXIRORVLWPRGXOHPHORGLFH
SUHFXPDSURSXV0DXULFH&KHYDLVúLDSRL2UIIúL.RGDO\
0RGHOXO GH WUDLHFWRULH &KHYDLV FRQGXFH SULQ PRGXOH GH VXQHWH VSUH
vQVXúLUHDVROIHJLHULLXQHLSLHVHvQWRQDOHFXWRQLFDSH'R
'R
'R6RO
'R0L6RO
'R5H0L)D6RO
6RO'R
6RO/D6L'R'R

0RGHOXO2UIIXUPHD] WUDLHFWRULDHYROXWLY GDUHDVHWUDQVSXQHGHSHVXQHWXO
'RSHVXQHWXO6ROúL5HFUHkQGSRVLELOLWDWHDXWLOL] ULLvQFkQWHFúLvQGHVFL
IUDUHDXQHLSLHVHLQVWUXPHQWDOHQXPDLDXQRUPRGXOHPDMRUHGHWLSKH[DFRUGLFSH
VXQHWHOH)D'RúL6RO
3ULPDVFDU FDPRGHOGHWUDQVSXVDUHXUP WRDUHOHPRGXOHPHORGLFHHYROXWLYH

'R/D
'R5H'R/D
'R5H'R/D)D6RO/D6LE'R

0RGHOXO .RGDO\ IRORVHúWH DFHHDúL WUDLHFWRULH GDU FX WUDQVSXQHUH vQ WHKQLFD
VROPL]D LHLUHODWLYHYH]LGHWDOLLvQFDSLWROXO,,,DOOXFU ULLGHID
3URSXQHUHDQRDVWU FHOSX LQSHQWUXLQL LHUHDPX]LFDO DWXWXURUFRSLLORUGLQ
vQY PkQWXO REOLJDWRULX HVWH FD WUDLHFWRULD HYROXWLY D PRGXOHORU PHORGLFH V
SDUFXUJ XUP WRUXOWUDVHX

)LJ3DJLQ GLQ0HWRGLFDHGXFD LHLPX]LFDOHGH*0XQWHDQX(GLWXUD6LJPD

6LVWHPXO ULWPLF DGDSWDW GH WRDWH PHWRGHOH GH HGXFD LH PX]LFDO D IRVW DO
VLVWHPXOXLGLYL]LRQDU&HHDFHDGHRVHELWPHWRGHOHFODVLFHGHFHOHDOHúFROLLDFWLYHD
IRVWSXQFWXOGHSRUQLUH
6LVWHPXOFODVLFSRUQHDGHODQRWDvQWUHDJ SULQGLYL]LXQHQRUPDO VSUHYDORUL
GHGXUDW PDLPLF RSWLPLúDLVSUH]HFLPL
6LVWHPXO úFROLORU DFWLYH IRORVLQG REVHUYD LLOH FHUFHW ULORU DVXSUD ULWPLFLL
FRSLLORU YH]L & %U LORLX GHVSUH 5LWPLFD FRSLLORU DX SRUQLW GH OD YDORDUHD GH
RSWLPHVSUHS WULPLGRLPLúLúDLVSUH]HFLPL
(PLOLD &RPLúHO IDFH ELODQ XO SRVLELOLW LORU LQL LDOH GH FRPSXQHUH ULWPLF
IRORVLW GHFRSLLELODQ FDUHVHSUH]LQW vQIHOXOXUP WRU

)LJ3DJLQDGLQ)ROFORUXOFRSLLORUGH(&RPLúHO(GLWXUD0X]LFDO

/XkQG vQ GLVFX LH SUREOHPHOH DFFHSW ULL SULQFLSLXOXL HYROXWLY DO VF ULORU
PX]LFDOHSULQFLSLXFDUHDUFRUHVSXQGHFXVWDGLLOHGHGH]YROWDUHSVLKRIL]LRORJLF D
FRSLLORU úL D RPXOXL vQ JHQHUDO SXWHP V DPLQWLP DLFL WHRULD ELRORJXOXL JHUPDQ
(UQHVW+DHNHOGXS FDUHRQWRJHQH]DLPLW ILORJHQH]DDGLF HYROX LD
XQHLILLQ HXPDQHGHODVWDGLXOHPEULRQDUODFHOGHPDWXULWDWHVHFRQGXFHúLXUPHD
] DFHODúLGUXPFDDOVSHFLHLXPDQHvQGLDFURQLDHL&RPSRUWDPHQWXOFRSLOXOXLGH
DVW ]L vQ FRQVHFLQ DUH ILOLD LH vQUXGLUH GHVFHQGHQW FX RPXO SULPLWLY GDF
HWQRPX]LFRORJLDDVWDELOLWF VWUDWXOSULPDUHUDROLJRFRUGLFGLQSXQFWGHYHGHUHDO
QXP UXOXLGHVXQHWHSHFDUHOHLQWRQDSULPLWLYXODWXQFLúLFRSLOXOYDDYHDDFHHDúL
FDSDFLWDWH PX]LFDO $FHVWD HVWH DUJXPHQWXO úWLLQ LILF SULQ FDUH DGHS LL FRQFHS LHL
ÄGHODVLPSOXODFRPSOH[´RDSOLF úLvQGRPHQLXOHGXFD LHLPX]LFDOHvQWkLILLQ D
XPDQ D IRVW FDSDELO V FkQWH R VWUXFWXU PHORGLF VDX ULWPLF FX HOHPHQWH PDL
SX LQHGXS XQLLWHU DPLF GXS DO LDXWRULFYDUWDSHUIHFW DIRVWLGHRPXOPX]LFDO
DOOXPLLVWUXFWXU FHVDDXJPHQWDWFDQWLWDWLYúLFDOLWDWLYDMXQJkQGODKHSWDFRUGLL
GLDWRQLFHFURPDWLFHQHWHPSHUDWHLQHJDOWHPSHUDWHWHPSHUDWH
'DUvQDIDUDDFHVWHLWHRULLU PkQHúLVHPQXOGHvQWUHEDUHDOÄELJEDQJXOXL´
PX]LFDO GXS FDUH FRQGL LL VSHFLDOH DX SXWXW GHWHUPLQD vQ DQXPLWH SXQFWH
JHRJUDILFHDOHOXPLLLQWRQDUHDXQRUFkQWHFHFRQVWUXLWHGLQWUXQvQFHSXWKHSWDWRQLF
I U VWDGLLHYROXWLYH
/XkQG vQ FRQVLGHUD LH GHPHUVXO úWLLQ LILF GH D UDFRUGD UHSHUWRULXO úFRODU SH
YkUVWH úL QLYHOXUL GH GRWDUH PX]LFDO SXWHP V VSXQHP F HGXFD LD PX]LFDO
PRGHUQ FRQWHPSRUDQ IRORVHúWH VLVWHPXO PRGDO SRSXODU GLDWRQLF FODVLILFDW SH
FULWHULXOFDQWLWDWLYGHODSUHSHQWDWRQLLODKHSWDFRUGLLúLVLVWHPXOKHSWDWRQLFWRQDO
VHOHF LRQkQGQXPDLVF ULOHFDUHSRWILDVLPLODWHI U GLILFXOWDWHúLPHWRGHOHFDUHQX
vQWkU]LHRE LQHUHDVDWLVIDF LHLvQSUDFWLFDUHDPX]LFLLYRFDOHúLLQVWUXPHQWDOH

3UREOHPHOHFRUHVSRQGHQ HLGLQWUHDPELWXVXO
SLHVHORUPX]LFDOHúLGLDSD]RQXOYRFLORU
'DF YRPDQDOL]DVLWXD LDUHSHUWRULXOXLGHFkQWHFHGLQPDQXDOHOHGHPX]LF
SHRSHULRDG PDLPDUHSXWHPV VHVL] PF SUREOHPDUDFRUG ULLDPELWXVXOXLXQHL
SLHVH YRFDOH QXúL DYHD FRUHVSRQGHQ D vQ GLDSD]RQXO YRFLL HOHYLORU 0RWLYXO VH
SRDWHGHGXFHGHRDUHFHIRDUWHWkU]LXVDvQ HOHVUHDOLWDWHDIDSWXOXLF vQWLQGHUHDYRFLL
XQXLHOHYHVWHFXWRWXODOWDGHFkWDXQXLPDWXUúLF H[LVW úLGHRVHELULWLPEUDOHúLGH
GLDSD]RQ vQWUH IHWHOH úL E LH LL GH DFHHDúL YkUVW )RDUWH WkU]LX DX IRVW DVLPLODWH
UH]XOWDWHOHFHUFHW ULORUGLQGRPHQLXOIROFORUXOXLFRSLLORUúLQXSXWHPV DILUP PF
H[LVW vQ ]LOHOH QRDVWUH FHQWUH GH FHUFHWDUH DVXSUD UDQJXOXL WDOHQWXOXL PX]LFDO
DVXSUDPRGXOXLGHDVLPLODUHvQY DUHDDUHSHUWRULXOXLYRFDOGHF WUHHOHYLFHUFHWDUH

FDUHSULQPHWRGHVLPSOHFXPDUILREVHUYD LDVLVWHPDWLF DUYHQLvQDMXWRUXODWkWDO
FRPSR]LWRULORUFkWúLDOSURIHVRULORUúLHOHYLORU
'HRDUHFHSUREOHPDUHG ULLILGHOHDvQ O LPLLVXQHWXOXLQXDSXWXWILUH]ROYDW
SULQ PLMORDFHOH FODVLFH SULQ WHKQLFL YRFDOH ÄúFRDOD DFWLY ´ D DGRSWDW LQL LHUHD
PX]LFDOLQVWUXPHQWDO SULQLQVWUXPHQWHFXPDQXDOLWDWHXúRDU EORFNIORWHFODYLHWH
LWHU FKLWDU LQVWUXPHQWHGHSHUFX LHHWFÌQIHOXODFHVWDWR LHOHYLLLQGLIHUHQWGH
GRWDUHDORUPX]LFDO DXDFFHVODH[SULPDUHDSULQPX]LF DWU LULORUSURSULL
6WXGLXOSHFDUHODPvQWUHSULQVFXSULYLUHODDPELWXVXOFkQWHFHORUGLQPDQXD
OHOHURPkQHúWLDUHPHQLUHDV VHFRQVWLWXLHFDGRFXPHQWvQFXQRDúWHUHDPRGXOXLvQ
FDUH XQ UHSHUWRULX GH FkQWHFH VDX VROIHJLL SRDWH IL vQY DW I U FD SUREOHPHOH GH
WHKQLFDFRQGXFHULLPHORGLFHSULQDPELWXVXOHLF GHYLQ XQLPSHGLPHQW6HSRDWH
REVHUYD F GDF vQ SULPXO PDQXDO GH PX]LF GLQ PDQXDO GH ÄPX]LF
HYURSHQHDVF ´ DGLF GH IDFWXU WRQDO DPELWXVXO SLHVHORU HUD FHO GH OD FODVD GH
FDQWRDFRQVHUYDWRDUHORUHXURSHQHGHRFWDYHRGDW FXH[SHULHQ DGREkQGLW vQ
vQY PkQWúLFXLGHLOHWHRUHWLFHDOHúFROLLPRGHUQHDFWLYHGHREVHUYDWPDQXDOHOH
GLQMXUXODQXOXLSURSDJDWHDúDFXPDPPDLDU WDWSULQDUWLFROHOHGLQUHYLV
WHOHGHVSHFLDOLWDWHGLQ5RPkQLDúLGLQVWU LQ WDWHvQPDQXDOHVHDGRSW RSR]L LH
PDLUH]RQDELO YH]LúLPDQXDOHOHGLQSHULRDGDPDQXDOHLQIOXHQ DWHGH
SURJUDPHOH UXVHúWL IRDUWH ELQH RULHQWDWH GLGDFWLF 0DQXDOHOH DGRSW R SR]L LH
FRQIRUP FX SULQFLSLXO HYROXWLY SULQFLSLX FH D F XWDW úL D LGHQWLILFDW SXQFWXO GH
SRUQLUHLGHRPXOPX]LFLLÌQRSLQLDXQRUFHUFHW WRULDFHVWDDUHSXQFWXOGHSRUQLUH
vQLGLRPXOPX]LFDO6RO0LSURSXVGHFHUFHW ULOHHWQRPX]LFRORJLFHúLDFFHSWDSRL
GHOXPHDSURIHVRULORUGHHGXFD LHPX]LFDO GHSHVWHWRW

/HJHQG SHQWUXLGHQWLILFDUHDDPELWXVXOXLSLHVHORUPX]LFDOHGLQPDQXDOHOH
URPkQHúWLGLQSHULRDGD

±1RWDUHDFXOLWHUHPLFLLQGLF UHJLVWUXORFWDYHLPLFL([HPSOXIDVROODVL

±1RWDUHDFXOLWHUHPLFLúLFXFLIUDLQGLF UHJLVWUXORFWDYHLFHQWUDOHRFWDYD
vQWkLDvQVLVWHPXOGHQRWDUHFODVLF DRFWDYHORU([HPSOXGR

± 1RWDUHD FX OLWHUH PLFL úL FX FLIUD LQGLF UHJLVWUXO RFWDYHL D GRXD vQ
VLVWHPXOGHQRWDUHFODVLF DRFWDYHORU([HPSOXGRVRO

±1RWDUHDFXOLWHUHPLFLúLFXFLIUDLQGLF UHJLVWUXOFHOHLGHDWUHLDRFWDYHvQ
VLVWHPXOGHQRWDUHFODVLF DRFWDYHORU([HPSOXGROD

±1RWDUHDFXOLWHUHPLFLúLFXFLIUDLQGLF UHJLVWUXOFHOHLGHDSDWUDRFWDYH
vQVLVWHPXOGHQRWDUHFODVLF DRFWDYHORU([HPSOXVL

$PELWXVXOSLHVHORUPX]LFDOHSUH]HQWDWHvQPDQXDOHOHGHPX]LF
GLQ5RPkQLDGLQSHULRDGD±

1XPHOHDXWRUXOXLGHPDQXDO $QXO $PELWXVXOSURSXVSHQWUX
H[HUFL LLúLFkQWHFH
,:DFKPDQ IDVL
*0XVLFHVFXO VROGR
*0XJXU VROGR
$9HUGLDQX VROGR
&&RUGRQHDQX VROGR
*ùWHI QHVFX GRGR
-0RYLOO VROGR
,&RVWHVFX ODOD
$O,YHOD ODOD
$O9RLHYLGFD ODOD
03RVOXúQLFX ODOD
&%U LORLX ODOD
0DUFHO%RWH] ODOD
**DOLQHVFX ODOD
0DQ\D%RWH] VLGR
*%UHD]XO ODGR
'&XFOLQ VROVRO
,3RWROHD VROVRO
1%XLFOLX VROVRO
) U QXPHGHDXWRUFOV,,9 GRGR
) U QXPHGHDXWRUFOV99,, ODGR
$0RWRUD,RQHVFX VROVROVROPLPHUV
,ùHUIH]L HYROXWLY
7RDWHPDQXDOHOHDOWHUQDWLYH VROVROSULQJDPD'R
SkQ vQ VROVROVROPLPHUVHYROXWLY

5H]XPDW
6ROX LLOHQRLSHFDUHOHDDGXVHGXFD LHLPX]LFDOHGHWLSDFWLYSULQUHIRUPDUHD
FRQWLQX D vQY PkQWXOXL GLQ VHFROXO ;; SRW IL VLQWHWL]DWH vQ IHOXO XUP WRU
VFKLPEDUHD ILQDOLW LL PXOW PDL FRPSOH[ GDU QX HQFLFORSHGLF FL FX HOHPHQWH
SUDJPDWLFH IRUPDWLYH SHULRGL]DUHD HGXFD LHL PX]LFDOH vQ IXQF LH GH YkUVWD
HOHYXOXLúLGHVWDGLXOFDSDFLW LLVDOHPX]LFDOHDDGXVGHODVLQHPRGLILF ULvQFHHD
FHSULYHúWHVHOHF LRQDUHDUHSHUWRULXOXLGHFkQWHFHYRFDOHúLLQVWUXPHQWDOHFDUH
GDWRULW PRGXOXL GH FRPSDUWLPHQWDUH D HOHPHQWHORU FRPSRQHQWH D UHOD LRQ ULL
GLQWUH HOH IRUPHD] VXEVLVWHPH FXQRVFXWH VXE QXPHOH GH ÄPHWRGH´ PHWRGD 2UII
PHWRGD&KHYqPHWRGD.RGDO\
5HSHUFXVLXQLOH LQGLF XUP WRDUHOH REOLJDWLYLWDWHD SHULRGL] ULL HGXFD LHL
PX]LFDOHFRQIRUPFLFOXULORUGHYLD HGXFD LHPX]LFDO SHQWUXSUHúFRODULúFRODULL
PLFLúFRODULDGROHVFHQ LFXSRVLELOLWDWHDFRQWLQX ULLHGXFD LHFXFDUDFWHUSHUPDQHQW
GH DPDWRUL OD YkUVWD PDWXULW LL úL FKLDU SHQWUX YkUVWD D WUHLD FD ORLVLU VHOHF
LRQDUHD UHSHUWRULXOXL DGDSWDW DFXP OD SRVLELOLW LOH GH UHSURGXFHUH D PRGXOHORU

PHORGLFRULWPLFH GH F WUH HOHYLL GH GLYHUVH YkUVWH úL FDSDFLW L HVWH SUHIHUDW R
VHOHF LRQDUHSHSULQFLSLXOHYROXWLYDOVF ULORUWRQDOHVDXPRGDOHVDXWRQRPRGDOH
DOHJHUHD UHSHUWRULXOXL FRQIRUP FX R SURJUDP DGDSWDW XQXL FDOHQGDU FXOWXUDO
UHOLJLRV UHVSHFWDUHD GLDSD]RQXOXL YRFLL HOHYLORU VSULMLQLUHD LQWRQD LHL YRFDO
LQVWUXPHQWH FX PDQXDOLWDWH XúRDU DFRUGDW WHPSHUDW VRFLDOL]DUHD úL GH]LQKL
EDUHDHOHYLORUSULQDQWUHQDUHDORUvQPLFURIRUPD LLYRFDOLQVWUXPHQWDOH
$PELWXV vQWLQGHUHVSD LXOGHODFHOPDLDFXWODFHOPDLJUDYVXQHWGLQWUR
SLHV PX]LFDO FDUH WUHEXLH V FRUHVSXQG GLDSD]RQXOXL YRFLL VDX LQVWUXPHQWXOXL
FDUHLQWHUSUHWHD] SLHVDPX]LFDO
$SWLWXGLQH PX]LFDO LQGLF SRWHQ LDOLWDWHD PX]LFDO D XQXL LQGLYLG
FDSDFLWDWHD DFHVWXLD GH D U VSXQGH FRUHVSXQ] WRU FX XQ PRGHO GDW FD SRVLELO
SURPLVLXQH GH vQVXúLUH OHVQLFLRDV úL GH]YROWDUH SH GLYHUVH GRPHQLL DOH PX]LFLL D
SHUVRDQHLvQFDX] SRWHQ LDOLWDWHPX]LFDO YLUWXDO
$X]DEVROXW GHQXPLUHRDUHFXPLPSURSULHGDW FDSDFLW LLXQXLLQGLYLGGHD
LQGLFD QXPHOH VLODEHL PX]LFDOH FH UHSUH]LQW vQ O LPHD DEVROXW IUHFYHQ D XQXL
VXQHW PX]LFDO R DELOLWDWH FH LQH PDL PXOW GH PHPRUDUHD DFXVWLF D vQ O LPLL
VXQHWXOXL
&DSDFLWDWHD PX]LFDO LQGLF SHUIRUPDQ GHPRQVWUDW GH IDSWH D XQXL
LQGLYLG QX LQGLF SHUIRUPDQ H YLUWXDOH 'H H[HPSOX FRUHFWLWXGLQHD UHSURGXFHULL
PHORGLFRULWPLFHDXQXLIUDJPHQWPX]LFDO
'LDSD]RQXOXQHLYRFL vQWLQGHUHVSD LXOFXSULQVvQWUHFHOPDLJUDYúLFHOPDL
DFXWVXQHWLQWRQDWGHRYRFHvQWLQGHUHDQDWXUDO QHIRU DW DXQHLYRFLXPDQH
'RWDUH PX]LFDO SHUIRUPDQ D XQHL SHUVRDQH GH D UHSURGXFH PHORGLF
ULWPLFGHDUHFXQRDúWHVXQHWHDUPRQLFHLGHQWLFHFXXQPRGHOGDW
'RWD LFXDX]PX]LFDODEVROXW SHUIRUPDQ DGHDLQGLFDvQ O LPHDDEVROXW D
VXQHWHORUPX]LFDOHPHPRUDUHDDFXVWLF DIUHFYHQ HORUXQRUVXQHWHPX]LFDOH
(PSDWLH FDSDFLWDWHD GH D WH WUDQVSXQH vQWUXQ URO XQ SURFHV FRPSOH[
SHUFHSWLY LQWHOHFWXDO DIHFWLY GH ÄD WU L YLD D DOWFXLYD´ GH D WUHFH GH OD XQ VWLO OD
DOWXOGHODRVWDUHSVLKLF úLIL]LF ODDOWD
)LORJHQH] ILORJHQLH HYROX LD IRUPHORU RUJDQLFH DOH XQHL VSHFLL F XWkQG
ILOLD LDDFHVWRUDDGLF vQUXGLUHDvQOLQLHGHVFHQGHQW 6HSXQvQWUHE ULúLVHDúWHDSW
U VSXQVXUL GH IHOXO DFHVWD &DUH HUDX VF ULOH PX]LFDOH vQDLQWH GH D IL OD VWDGLXO
KHSWDWRQLF" 5 VSXQVXO HWQRPX]LFRORJLHL D IRVW VF ULOH HUDX SUHSHQWDWRQLFH DSRL
SHQWVWRQLFHSUHKHSWDWRQLFHFXVXQHWHFXVXQHWHFXVXQHWH
,GLRPPX]LFDO RXQLWDWHSULPDU VRQRU GHOLPE VDXRVRQRULWDWHPX]LFDO
FDUHVHFRQVLGHU F DUHFDOLW LHYROXWLYHSXQFWXOFRQFHQWUDWGHSRUQLUHvQHYROX LD
XQXLOLPEDM
0RGXOH PHORGLFHULWPLFH JUXSXUL PHORGLFHULWPLFH GH VXQHWH GH VLQH
VW W WRDUHFHVHFRQVLGHU DILSLORQLLGHMRQF LXQHvQWURPHORGLH
0X]LFDOLWDWHSUHGLVSR]L LH PX]LFDO FDSDFLWDWHD XQHL SHUVRDQH GH D IL
VHQVLELOGHDDYHDHPSDWLH
2QWRJHQH] RQWRJHQLH RQWRORJLH úWLLQ D GHVSUH HYROX LD XQHL ILLQ H GH OD
VWDGLXOGHHPEULRQODVWDGLXOGHDGXOWILOR]RILDH[LVWHQ HLXPDQH

6LVWHPXO RFWDYHORU RUJDQL]DUHD DFXVWLFRPDWHPDWLF D PDWHULDOXOXL VRQRU
SH FULWHULXO VSD LXOXL VRQRU RIHULW GH RFWDYD SHUIHFW 5H]XOW F VSD LXO VRQRU DO
PX]LFLL YRFDOLQVWUXPHQWDOH FODVLFH GH OD VXQHWXO 'R GLQ VXEFRQWUDRFWDY OD
VXQHWXO6LGLQRFWDYDDDHVWHvPS U LWvQRFWDYH
,7HPH
,GHQWLILFD L GLDSD]RQXO YRFLL XQXL JUXS GH HOHYL GLQ FODVD OD FDUH LQH L
OHF LDILQDO ODSUDFWLF SHGDJRJLF VDXODFDUHIXQF LRQD LFDSURIHVRUúLDGDSWD LXQ
UHSHUWRULXGHFkQWHFHSHQWUXFDV UHVSHFWD LXQLWDWHDGLQWUHGLDSD]RQúLDPELWXV
6ROX LRQD LSULQSURFHGHHPHORGLFHDOHVHGHXQJUXSGHVWXGHQ LVDXGH
VWXGHQ LSURIHVRUL SUREOHPD QHFRQFRUGDQ HL GLQWUH DPELWXVXO XQRU SLHVH GLQ
UHSHUWRULXOREOLJDWRULXúLGLDSD]RQXOORWXOXLGHHOHYL

,,0LQLHVHXUL

Ä6H DILUP F ± SH VFDU ILORJHQHWLF ± ILLQ HOH FDUH VH DIO vQ SDUWHD
LQIHULRDU DVF ULLGHHYROX LHDXXQVLP PDWHUQSXWHUQLFúLGHGXUDW $FHVWVLP
HVWHRPRORJFXWDFWXOSHGDJRJLFFDHOHPHQWFHLQGLF WDOHQWXOSHGDJRJLF,QWHQVL
WDWHD VLP XOXL PDWHUQ DU VF GHD RGDW FX SDUFXUJHUHD DVFHQGHQW D WUHSWHORU GH
HYROX LHILORJHQHWLF SkQ ODRP'HDFHHDVXQWSX LQHWDOHQWHSHGDJRJLFHSHQWUX
F D VF ]XW FX WLPSXO LQWHQVLWDWHD LQVWLQFWXDO PDWHUQ FH IRUPHD] U G FLQLOH
HUHGLWDUHDOHWDOHQWXOXLSHGDJRJLF3XWHPVSXQHRDUHF WDOHQWXOSHGDJRJLFPX]L
FDO HVWH LQYHUV SURSRU LRQDO FX ORFXO DVFHQGHQW SH FDUH RPXO vO RFXS SH VFDUD
ILORJHQHWLF "´

Ä'HURDGHOHHGXFD LHLPX]LFDOHSULQPHWRGD0DXULFH0DUWHQRWEHQHILFLD]
XUP WRDUHOHFDWHJRULLGHFRSLLFRSLLGRWD LPX]LFDOFRSLLPDLSX LQGRWD LPX]LFDO
FRSLL vQWkU]LD L PHQWDO FRSLL FX SXWHUH PDL PLF GH FRQFHQWUDUH úL FRSLL FX
GHELOLWDWHPHQWDO ´GLQ00DUWHQRW)RUPDWLRQHWGHYHORSSHPHQWPXVLFDO

,,, &KHVWLRQDU
$OHJH LU VSXQVXOULOHFRUHFWH
8Q FHUFHW WRU D LGHQWLILFDW SXQWHD IRUPDW GLQWUXQ JUXS GH VF UL FDUH DU
SHUPLWHúWHUJHUHDOLPLWHLGLQWUHOXPHDWRQDO úLFHDPRGDO DSLHVHORUGLQUHSHUWR
ULXOúFRODU$FHVWDHVWH
D0DXULFH&KHYDLV
E&DUO2UII
F6KLQ,FKL6X]XNL
G&RQVWDQWLQ%U LORLX

,GHQWLILFD L vQ WUDVHHOH H[SXVH PDL MRV SH DFHOD FH DSDU LQH VLVWHPXOXL
HYROXWLYWRQDO&KHYDLV
D6RO0L/D'R5H)D'R6L±vQQRWD LHUHODWLY
E'R6RO'R0L6RO'R5H0L)D6RO6RO'R6RO/D6L'R
F'R/D'RUH'R/D)D6RO/D6LE'R

HYROXWLYWRQRPRGDO2UII
E'R6RO'R0L6RO'R5H0L)D6RO6RO'RVRO/D6L'R

HYROXWLYWRQRPRGDO.RGDO\
E'R6RO'R0L6RO'R5H0L)D6RO6RO'RVRO/D6L'R

7HVWDUHDDSWLWXGLQLORUPX]LFDOHDHYLGHQ LDWIDSWXOF H[LVW HOHYL
DQHGRWD LPX]LFDOGDUHGXFDELOLSkQ ODRDUHFDUHOLPLW
EGRWD LPX]LFDOúLQHGRWD LPX]LFDODFHúWLDGLQXUP QHHGXFDELOL

7HVWDUHDDSWLWXGLQLORUPX]LFDOHDHYLGHQ LDWIDSWXOF H[LVW HOHYL
DGRWD LPX]LFDOFXPX]LFDOLWDWH
EGRWD LPX]LFDOI U PX]LFDOLWDWH
FQHGRWD LPX]LFDOLHGXFDELOLGDUFXPX]LFDOLWDWH

7HVWDUHDDX]XOXLDEVROXWDHYLGHQ LDWIDSWXOF H[LVW HOHYL
DGRWD LPX]LFDOFXDX]DEVROXWFXPX]LFDOLWDWHúLI U PX]LFDOLWDWH
EGRWD LPX]LFDOFXDX]UHODWLYFXPX]LFDOLWDWHúLI U PX]LFDOLWDWH

(GXFD LDPX]LFDO DFWXDO HVWH
D XQ SURFHV FH DUH FD RELHFWLYH vQVXúLUHD XQXL UHSHUWRULX YRFDO úL vQY DUHD
VFULVFLWLWXOXLPX]LFDO
EXQSURFHVGHPRGHODUHDGHSULQGHULORUFXQRúWLQ HORUDWLWXGLQLORUHOHYLORU
ÄSULQúLSHQWUXPX]LF YRFDO úLLQVWUXPHQWDO ´

(GXFD LDPX]LFDO vQQRXOFXUULFXOXPLQGLF XWLOL]DUHD
DXQXLUHSHUWRULXPX]LFDOVWULFWYRFDO
EXQXLUHSHUWRULXPX]LFDOYRFDOLQVWUXPHQWDO

6LVWHPHOHLQWRQD LRQDOHVF ULULWPXULFHVOXMHVFHGXFD LDPX]LFDO FRQ
WHPSRUDQ VXQW
DQXPDLFHOHPRGDOHúLWRQDOH
EWRDWHVLVWHPHOHPRGDOHWRQDOHDWRQDOH

5HVXUVHOHPDWHULDOHFXVSHFLILFPX]LFDOvQHGXFD LDPX]LFDO FRQWHPSR
UDQ LQGLF
DSHQWUXWR LHOHYLLQXPDLLQVWUXPHQWHFODVLFHSLDQYLRDU IODXW
E SHQWUX WR L HOHYLL SVHXGRLQVWUPHQWH úL LQVWUXPHQWH GLQ WRDWH IDPLOLLOH GH
LQVWUXPHQWHFXFRQGL LDGHDILXúRUPDQHYUDELOH

6LVWHPXOGHHGXFD LHPX]LFDO SkQ ODUHIRUPDDFWXDO GLQvQY PkQWXO
URPkQHVF
DvPS U HDDFHVWSURFHVvQSHULRDGHSULPDILLQGFHDDSUHQRWD LHLDSRLFHDGH
QRWD LHLPX]LFDOH
EQXSHULRGL]DSURFHVXOGHHGXFD LHPX]LFDO

,,5(6856(12,Ì1('8&$ ,$08=,&$/

&XUVXO
-RFXOPX]LFDOGUDPDWL]DWFDLGHDOOXGLF

&XUVXO GH ID QHFHVLW R H[SOLFD LH SUHOLPLQDU UHIHULWRDUH OD R DOW FRPSR
QHQW D XQXL VLVWHP GH HGXFD LH PX]LFDO FRPSRQHQW FH D VXIHULW VFKLPE UL
UDGLFDOHvQPRGXOHLGHRUJDQL]DUHFRQVWLWXLQGXVHvQWURQRX UHVXUV GHHGXFD LH
PX]LFDO 1HUHIHULPODIRUPHOHGHRUJDQL]DUHDOHDFWLYLW LLVSHFLILFHSURFHVXOXL
GHHGXFD LHPX]LFDO
$FWLYLWDWHD IRUPDO D HOHYLORU GLQ LQVWLWX LD FDUH VH QXPHúWH úFRDO VH
GHVI úRDU RUJDQL]DWúLVLVWHPDWL]DWvQSHULRDGHELQHGHWHUPLQDWHúLDQXPH
SHDQLúFRODULILHFDUHDQúFRODUDUHOXQLFXDFWLYLW LGLGDFWLFHLQWHUFDODWH
FXYDFDQ HPLFLvQVXPkQGOXQ úLRYDFDQ PDUHGHOXQL
SHVHPHVWUHDFkWHOXQLLQFOX]kQGúLYDFDQ HOHPLFL
SHRUDUV SW PkQDOFXVDXGHRUHV SW PkQDOGLIHUHQ LDWHSH
FLFOXOSULPDUJLPQD]LDOúLOLFHDOFXUVLQIHULRUúLVXSHULRU
FXRUJDQL]DUH]LOQLF vQÄRUHGHFODV ´VHFYHQ HGHFkWHGHPLQXWH
ILHFDUH RU GH FODV VH GHVI úRDU vQWUR VXFFHVLXQH GH HYHQLPHQWH FH
DOF WXLHVFRIRUP FXQRVFXW VXEQXPHOHGHOHF LH
'DF QH UHIHULP OD IRUPD GH RUJDQL]DUH VHFYHQ DW D DFWLYLW LL GLGDFWLFH
QXPLW OHF LHDFHDVWDFXSULQGHPRPHQWHS U LVHFYHQ HGHGLPHQVLXQLGLIHULWHvQ
FDUHVHSUDFWLF HVHQ LDOL]DWSURFHVXOGHvQY PkQW
ÌQ OHF LH VH UHDOL]HD] SUHGDUHD vQ HOHDV FD DFWLYLWDWH GH H[SOLFDUH D
FXQRúWLQ HORUúLGHPRQVWUDUHDS U LLSUDFWLFHUHIHULWRDUHODGHSULQGHULOHFXVSHFLILF
PX]LFDO DFWLYLWDWH FDUH vO DUH FD SURWDJRQLVW SULQFLSDO GDU QX XQLF SH SURIHVRU
SDUWHQHUXOHOHYXOXL
ÌQ OHF LH WRWRGDW VH UHDOL]HD] úL vQY DUHD vQ HOHDV FD VXPD DFWLYLW LORU
UHDOL]DWH GH HOHYL DFWLYLW L FH DVLJXU UHSHWDUHD FHORU SUHGDWH SULQ VWHUHRWLSXUL
GLQDPLFHDSOLFDUHDvQVLWXD LLGLQFHvQFHPDLFRPSOH[HDFHORUvQVXúLWHDQWUHQDUHD
vQDFWLYLW LYDULDWHFHSRWFRQWULEXLODGH]YROWDUHDIDQWH]LHLHOHYLORU
/HF LD PDL FXSULQGH vQ GLYHUVH PRPHQWH DOH HL úL HYDOXDUHD VWDGLXOXL GH
SUHJ WLUHWHRUHWLF úLSUDFWLF DHOHYLORU(YDOXDUHDVHSRDWHUHDOL]D
OD vQFHSXWXO XQXL FLFOX úFRODU VDX OD vQFHSXWXO ILHF UXL DQ FX VFRSXO GH D
WHVWD VWDGLXO GH SUHJ WLUH WHRUHWLF úL SUDFWLF D HOHYLORU QXPLQGXVH
HYDOXDUHSUHGLFWLY HYDOXDUHLQL LDO
SHSDUFXUVXORUHORUXQXLVHPHVWUXDúDQXPLWDYHULILFDUHHYDOXDUHFRQWLQX
VDXSHSDUFXUV

OD VIkUúLWXO DQXOXL VDX OD VIkUúLWXO XQRU XQLW L GH vQY DUH QXPLQGXVH
HYDOXDUHILQDO VDXHYDOXDUHVXPDWLY
/HF LD GHFL HVWH R IRUP GH RUJDQL]DUH FH SURJUDPHD] SULQ VHFYHQ H
DFWLYLW LGHSUHGDUHvQY DUHHYDOXDUHDFHHDFHHVWHSURSXVV VHDVLPLOH]HvQWUR
DQXPLW SHULRDG GHWLPSGLQSURJUDPDúFRODU
0RGHOXO FX VHFYHQ HPRPHQWH GH OHF LH D IRVW QXPLW PRGHO FODVLF
KHUEDUWLDQ GXS QXPHOH OXL +HUEDUW úL DO GLVFLSROLORU OXL 5HLQ =HOOHU FDUH DX
SURSXVDFHVWHPRPHQWHVHFYHQ HFDRMXVWLILFDUHDGHPHUVXOSVLKRORJLFDODFWLYLW LL
GH SUHGDUHvQY DUH VH PDL QXPHDX vQ VHFROXO ;,; ÄWUHSWHOH SVLKRORJLFH DOH
OHF LHL´
0RGHOXODVXIHULWFkWHYDPRGLILF ULvQFHUFkQGXVHSULQDFHVWHDV FRUHVSXQG
RELHFWLYHORUVDXFRPSHWHQ HORUFHUXWHGHGLQDPLFDVRFLHW LLDFXOWXULLDúWLLQ HL
'XS SRQGHUHDSHFDUHRDUHXQDGLQFRPSRQHQWHOHSURFHVXOXLGHvQY PkQW
FD SURFHV GH SUHGDUHvQY DUHHYDOXDUH VDX GHSDUWDMDW WLSXULOH GH OHF LL FDUH DX
DS UXW GLQ PRWLYHOH HQXQ DWH DQWHULRU ÌQ DFWXDOHOH DFWH RILFLDOH GLQ 5RPkQLD VXQW
UHFXQRVFXWHúLUHFRPDQGDUHXUP WRDUHOHWLSXULGHOHF LLSHFDUHQRLOHDPDGDSWDW
VSHFLILFXOXLGLVFLSOLQHLQRDVWUH
OHF LHGHWUDQVPLWHUHúLvQVXúLUHDFXQRúWLQ HORUPX]LFDOH
OHF LHGHIRUPDUHDSULFHSHULORUúLGHSULQGHULORUPX]LFDOH
OHF LHGHFRQVROLGDUH
OHF LHGHVLVWHPDWL]DUHúLUHFDSLWXODUH
OHF LHGHYHULILFDUHHYDOXDUHDVWDGLXOXLGHSUHJ WLUHWHRUHWLF SUDFWLF
OHF LHPL[W FRPELQ GLIHULWHWLSXULGLQFHOHH[SXVHPDLVXV
6XFFHVLXQHDÄPRPHQWHORUOHF LHL´GLIHU vQV GHODRPHWRGLF ODDOWDI U FD
DFHVWHD V VH DEDW VXEVWDQ LDO GH OD RELHFWLYHOH VLVWHPXOXL GH FDUH DSDU LQ
([HPSOLILF PSULQWUHLOXFU ULURPkQHúWL
0RGHOXOXQHLIRUPHFODVLFHGHRUJDQL]DUHDDFWLYLW LLúFRODUHSULQÄPRPHQWH
GHOHF LH´$0RWRUD,RQHVFX0HWRGLFDSUHG ULLPX]LFLLvQúFRDODJHQHUDO

, 0RPHQWXORUJDQL]DWRULF
,, 0RPHQWXO YHULILF ULL UHSHUWRULXOXL GH FkQWHFH D FXQRúWLQ HORU
úLGHSULQGHULORUGREkQGLWHvQOHF LDOHF LLOHSUHFHGHQW
,,, 0RPHQWXOFRPXQLF ULLQRLORUFXQRúWLQ H
,9 0RPHQWXODSOLFD LHLSUDFWLFH
9 0RPHQWXOIL[ ULL
9, 0RPHQWXOFRQFOX]LLORUILQDOH±WHPDSHQWUXDFDV
0RGHOGHOHF LHFODVLF VHFYHQ DW ,ùHUIH]L0HWRGLFDSUHG ULLPX]LFLL
, $FWLYLW LLQWURGXFWLYH
,, 9HULILFDUHDOHF LHLSUHFHGHQWH
,,, 3UHJ WLUHDDSHUFHSWLY SHQWUXQRXDOHF LH
,9 6WXGLHUHDSUREOHPHLPX]LFDOHQRL
9 6WXGLHUHDFkQWHFXOXLQRX
9, &RQVROLGDUHDOHF LHLQRL
9,, ÌQFKHLHUHDOHF LHL

0RGHO GH OHF LH FODVLF SH VHFYHQ H GH DFWLYLW L GLGDFWLFH * 0XQWHDQX
ÌQGUXPDUPHWRGLFSHQWUXSUDFWLF SHGDJRJLF
, 3UHJ WLUHD FODVHL FRUHVSXQ] WRU VXELHFWXOXL OHF LHL UHSHUWR
ULXOOXQDU
,, 5HDFWXDOL]DUHD VHOHF LRQDW D FXQRúWLQ HORU úL GHSULQGHULORU
PX]LFDOH QHFHVDUH QRLL DFWLYLW L SH ED]D XQHL YHULILF UL D
OHF LLORUSUHFHGHQWH±FXSODQGDWDFWLYLWDWHIURQWDO
,,, 3UH]HQWDUHDPDWHULDOXOXLQRXLQWXLUHDDWUHLH[HPSOHDQDOL
]DUHD FRPSDUDWLY D H[HPSOHORU DQXQ DUHD WLWOXOXL GH OHF LH
GDF VHOXFUHD] LQGXFWLYRE LQHUHDGHILQL LHLUHJXOD
,9 $SOLFD LL SH XQ PDWHULDO PX]LFDO QRX FRQIRUP RELHFWLYHORU
SURSXVH
9 (YDOXDUHD FXQRúWLQ HORUGHSULQGHULORU QRL UHEXV MRFXUL
PX]LFDOH
9, ÌQFKHLHUHDOHF LHLDSUHFLHULDQXQ DUHDOHF LHLFHYDXUPDúLD
SURJUDPXOXLUDGLR79V SW PkQDOGHDXGL LHPX]LFDO
0DL QRX vQ vQFHUFDUHD GH D PRGHUQL]D OHF LD GH D R DGDSWD OD FHULQ HOH
HOHYXOXLDXDS UXWúLYDULDQWHGHWLSXULSHQWUXRGRFXPHQWDUHVXSOLPHQWDU YH]L
*DEULHOD 0XQWHDQX 'LGDFWLFD HGXFD LHL PX]LFDOH (GLWXUD )XQGD LHL 5RPkQLD GH
0kLQHS
)RUPHOHGHED] VSHFLILFHvQY PkQWXOXLFODVLFWUDGL LRQDOLVWVXQWOHF LDúLvQ
FHHDFHSULYHúWHFROHFWLYXOGHHOHYLSHFDUHVHOXFUHD] ±OHF LDFODVDGHHOHYL
)RUPDGHRUJDQL]DUHDSURFHVXOXLGHvQY PkQWvQOHF LLDDQWUHQDWúLGLYHUVH
PRGDOLW LGHRUJDQL]DUHDFROHFWLYXOXLGHHOHYLvQFDGUXOOHF LHL1HUHIHULPOD
RUJDQL]DUHDFROHFWLYXOXLGHHOHYLSHQWUXDFWLYLW LIURQWDOHFXWRDW FODVD
SHQWUX OXFU UL VFULVH FkQWDUHD FX vQWUHJXO FROHFWLY D UHSHUWRULXOXL GH
FkQWHFHDXGLHUHDUHSHUWRULXOXLGHSLHVHPX]LFDOH
RUJDQL]DUHDFROHFWLYXOXLGHHOHYLvQJUXSHRPRJHQHHWHURJHQHFDQLYHOGH
FDSDFLWDWHPX]LFDO SHDWHOLHUHWHPDWLFHGHOXFUX
RUJDQL]DUHSHDFWLYLW LLQGLYLGXDOHFXHOHYLL
2EVHUY P GLQ FHOH SUH]HQWDWH F VLVWHPXO FODVLF GH vQY PkQW D UHXúLW vQ
GHFXUVXO D GH DQL GH OD DSDUL LH IUXFWLILFkQG úL H[SHULHQ D PLOHQDU D vQY
PkQWXOXLQHHWDSL]DWV RIHUHPRGHOHFXXQLQVWUXPHQWDUHILFLHQWFDUHVOXMHDXGLQ
S FDWHXQvQY PkQWXODFWLYGDUUHSURGXFWLYGXS H[SUHVLDOXL**$QWRQHVFX
ùLvQDFHDVW VLWXD LHVDSXVvQWUHEDUHDFXPúLFXFHSRDWHILvQORFXLW IRUPD
GHOHF LHFODVLF KHUEDUWLDQ FkQGDFHDVWDHVWHXQLQVWUXPHQWDWkWGHVLJXUFKLDUvQ
PkQDXQXLGHEXWDQW"
8QSULPU VSXQVDIRVWFXDFWLYLW LOLEHUGLPHQVLRQDWHGHQDWXU OXGLF
$FHVWHQRLIRUPHGHRUJDQL]DUHDDFWLYLW LLFDV ILHHILFLHQWHWUHEXLHV VH
UHDOL]H]H vQ JUXSH PLFL VDX vQ DFWLYLW L LQGLYLGXDOH úL XQHRUL UHFODP DSHOXO OD
DQWUHQDUHDFROHFWLYHORUPDULGHHOHYLVLQRQLPFXFHHDFHVHSHWUHFHvQWURRUFKHVWU
VLPIRQLF FkQGVHDXGJUXSXULGHLQVWUXPHQWHLQVWUXPHQWHVRORúLPDUHDPDV GH
LQVWUXPHQWLúWLILHFDUHH[HFXWkQGRFRPSRQHQW GLQSDUWLWXU

1RXDIRUP GHRUJDQL]DUHDvQY PkQWXOXLQXPDLSRDWHILSHOHF LLúLFODVH
VDXQXPDLSHOHF LLúLFODVHFLWUHEXLHV SHUPLW OXFUXOSHJUXSHOXFUXOLQGLYLGXDO
úLOXFUXOSHFODVDPDUHGHHOHYLQHvQ HOHJkQGXVHvQWRWGHDXQDSULQDFHDVWDF VXQW
DQWUHQD LvQFROHFWLYXOPDUHHOHYLLGHDFHHDúLYkUVW FLGHDFHODúLVWDGLXGHSUHJ WLUH
úLLQWHUHV
$FWLYLWDWHOXGLF VDvQ HOHVGLQWUXQvQFHSXWF WUHEXLHV FXSULQG DFWLYLW L
IL]LFHúLLQWHOHFWXDOHFDUHIDFSO FHUH3HQWUXDFHVWHPRWLYHDFWLYLWDWHDOXGLF HVWH
DVLPLODW GUHSWMRF
&XYkQWXO MRF DUH LVWRULD OXL &UHGHP F QH LQWHUHVHD] FD SURIHVRUL DFHDVW
LVWRULHSHQWUXF vQWUXQIHOLOXVWUHD] DYDWDUXULOHúFROLLFHDXRVFLODWúLRVFLOHD]
vQWUHVHULR]LWDWHLPSXV SkQ ODULJLGLWDWHúLOLEHUWDWHDGDW GHDQHFGRW
/DWLQLLDYHDXSHQWUXOXGXVRVHPDQWLF vQWUHLW &XDFHVWFXYkQWQXPHDXDWkW
úFRDOD OXGXV OLWWHUDULXV úFRDO HOHPHPWDU OXGXV JODGLDWRULXV FD]DUP GH
JODGLDWRULFkWúLMRFXULOHSXEOLFHVSHFWDFROHGDUúLJOXPDSHUOXGXP vQJOXP
&UHGHP F HVWH GHVWXO GH FODU GH FH ÄúFRDOD DFWLY ´ FDUH DYHD FD LQW SH
WHUPHQLPHGLDWIRUPDUHDLQWHUHVXOXLDFUHDWLYLW LLDVSRQWDQHLW LLSULQDFWLYLWDWHD
úFRODU DvQORFXLWIRUPDGHOHF LHFXDFWLYLW LOXGLFHFXMRFXUL
-RFXOGHFLHUDGHODvQFHSXWRIRUP GDUúLRFDOHPHWRG SULQFDUHVHVLPXOD
úL VH UHSHWD SULQ VFKLPE UL GH UROXUL XQ WLS GH DFWLYLWDWH QHLPSXV FRQIRUP FX
SUHRFXS ULOHYkUVWHLVDXFXLQWHUHVXOSDUWLFXODUDOXQXLXQRUFRSLLSHQWUXRDQXPLW
DFWLYLWDWH
3ULPHOH MRFXUL DGDSWDWH úFROLL GH WLS FODVLF DSDU LQ OXL )URHEHO 2 SDUWH GLQ
MRFXULHUDXFkQWHFHSHVXSRUWPX]LFDO7H[WXOLOXVWUDRVXFFHVLXQHGHRSHUD LLFXP
HUDFHDGHQXP UDWVDXRVXFFHVLXQHGHJHVWXULLPLW ULSULQFDUHFRSLOXOLOXVWUDR
DFWLYLWDWH 1HDX U PDV GLQ MRFXULOH IURHEHOLHQH DGDSW UL URPkQHúWL SUHFXP
FkQWHFHOH %DWH YkQWXO IUXQ]HOH UDQXO H SH FkPS úL QXP U WRULOH GLQ FROHF LD
%UHD]XO+DLV ]LFHPXQDùLHUDXQ0RúùLDYHDXQFRFRúHWF
$XXUPDWÄMRFXULOHVHQ]RULDOH´GLQPHWRGD0RQWHVVRULFDUHXUP UHDXIRUPD
UHD úL SHUIHF LRQDUHD XQRUHOHPHQWHOHJDWHGHODWXUDVHQ]RULDO SUHFXPvQ O LPHD
XQXLVLQJXUVXQHWWLPEUXOXQXLVXQHWVDXDXQXLJUXSUHVWUkQVGHVXQHWHVDXGXUDWD
DFHVWRUD
-RFXULFXVSHFLILFGHDOIDEHWL]DUHPX]LFDO VXQWFUHDWHGH&KHYDLV0DUWHQRW
'DOFUR]H /H QXPLP MRFXUL GLGDFWLFH PX]LFDOH GHRDUHFH vQWUXQ FRQWH[W GH
VLPXODUH GH DOHJRULH VH vQYD XQ PRGHO FDUH DSRL VH UHSHW SULQ VFKLPEDUH GH
UROXUL I U FD HOHYXO V PDQLIHVWH OLSV GH LQWHUHV SUHD FXUkQG ID GH UHSHWDUHD
FODVLF QXG QHvQYHúPkQWDW vQDOHJRULDVFHQDULXOXLGHMRF
([LVW FkWHYD FDWHJRULL GH MRFXUL SULQ FDUH VH VLPXOHD] VDX VH LQYHQWHD]
VLWXD LLQRL$PLQWLPvQGRPHQLXOPX]LFLL
MRFXULSHVXSRUWPX]LFDOVDXI U VXSRUWPX]LFDO
MRFXULFXPLúF ULLPSXVHFXPLúF ULGHGDQVVDXFXPLúF ULOLEHUH
MRFXUL GLGDFWLFH PX]LFDOH DX FD RELHFWLY vQVXúLUHD XQRU SUREOHPH GLQ
SURJUDPDúFRODU
MRFXULGHFUHD LHPX]LFDO LQYHQ LXQLPHORGLFHULWPLFHWLPEUDOHGHIRUPH
PX]LFDOHHWF
MRFXULPX]LFDOHGUDPDWL]DWH

,GHHDFUH ULLMRFXULORUPX]LFDOHGUDPDWL]DWHRJ VLPúLvQOXFUDUHDSURIXQLY
,RVLI &]LUH LQWLWXODW (GXFD LD PX]LFDO GLQ SHUVSHFWLYD FUHDWLYLW LL FDSLWROXO
Ä(OHPHQWHGHGUDPDWXUJLHPX]LFDO LQWHJUDWHvQHGXFD LDPX]LFDO ´(GLWXUD
810%
'UDPDWXUJLD PX]LFDO vQ YL]LXQHD DXWRUXOXL HVWH R FUHD LH FH DVRFLD] PDL
PXOWH DUWH GUDPDWXUJLD OLWHUDU PX]LFD SLFWXUD VFHQRJUDILD FRUHJUDILD UHJLD
,GHHDUHODWLYQRX HVWHF VFHQDULXOUHJLDPX]LFDVXQWvQFUHGLQ DWHXQRUSURIHVLR
QLúWL VXQW JkQGLWH FX DFHVW VFRS GDU LQWHUSUHWDUHD HVWH vQFUHGLQ DW HOHYLORU XQRU
úFROL$XWRUXODPLQWHúWHDQWHFHGHQWHDOHGUDPDWL] ULPX]LFDOHGHYHQLWHSXQFWHGH
UHIHULQ GLQLVWRULDPX]LFLLSUHFXP
RSHUD'LGRúL$HQHDVGH+HQU\3XUFHOOFRPSXV SHQWUXXQFROHJLX
GHIHWH
WUHL RSHUH GH FkWH XQ PLQXW FRPSXVH GH 'DULXV 0LKDXG /¶qQOHYHPHQW
G¶(XURSH/¶DEDQGRQG¶$ULDQH/DGpOLYUDQFHGH7KpVpH
FUHD LDXQHLúFROL/HWV0DNHDQ2SHUD+DLV IDFHPRSHU úLWUDQVIRU
PDW GH%HQMDPLQ%ULWWHQvQRSHUD0LFXOFRúDU
'DUPDLH[LVW úLRFDWHJRULHGHOXFU ULPX]LFDOHGHRDQYHUJXU UHVWUkQV
1H UHIHULP OD PLFLOH FDQWDWH FD GH H[HPSOX %UXP UHOXO GH ,DFRE 0XUHúLDQX
SHQWUXFRUPL[WSLDQúLVRORGHVRSUDQ úLEDULWRQVDXFHOHEUD5HSHWL LHGHFRQFHUW
GH:$0R]DUWSHQWUXFRUSHYRFLHJDOHSLDQúLVRORGHYRFHGHFRSLOFDUHVH
SUHWHD] D IL LQWHUSUHWDWH GH FRSLL PLFL D GRXD úL DGROHVFHQ L SULPD úL
WUDQVIRUPDWH vQ VFHQDULX PLPDW FX HIHFW EHQHILF DWkW SHQWUX FHL FH LQWHUSUHWHD]
SLHVHOHFkWúLSHQWUXFHLFDUHRDXGLD]
$FHVWH PRGHOH VH SRW H[WLQGH OD GLYHUVH SLHVH FRUDOH SHQWUX FRSLL FD GH
H[HPSOXSLHVHOHGLQFUHD LDOXL$OH[DQGUX3DúFDQX/LYLX&RPHVHWFFUHD LLFDUH
SHUPLWVFHQDUL]DUH
-RFXOPX]LFDOGUDPDWL]DWVHGHRVHEHúWHGHFUHD LDFXOW GHVWLQDW VSUHDIL
LQWHUSUHWDW GHHOHYLSULQIDSWXOF HVWHÄRSUHPLHU úFRODU ´HODERUDW GHHOHYLvQ
úFRDO GXS R SUHJ WLUH SUHDODELO vQWUXQ ÄRS LRQDO FX WHP LQWHJUDWRDUH´ YH]L
QRWHOHH[SOLFDWLYHGLQ$QH[H
)RUPD SRDWH IL OXDW GXS PRGHOXO OLULFLL VFHQLFH DGLF XYHUWXU DFWH
VFHQHWDEORXULúLFXQXPHUHPX]LFDOHDULLUHFLWDWLYHFRUXULQXPHUHRUFKHVWUDOH
QXPHUH SHQWUX GDQV VDX SRDWH IL FRQVWUXLW R DOWD vQ IXQF LH GH FHULQ HOH
VFHQDULXOXLúLSRVLELOLW LOHLQWHUSUH LORU
7HPDWLFD HVWH VHOHF LRQDW GLQWUR RIHUW DOF WXLW GH HOHYL FX SUREOHPH FH
LQWHUHVHD] YkUVWDODFDUHVHJ VHúWHHOHYXO6HVXEvQ HOHJHF HOHYLLJUXSD LvQWUXQ
ÄDWHOLHUGHFUHD LH´VHOHF LRQHD] VDXFUHHD] UHFRQGL LRQHD] XQVFHQDULXDGDSWHD
] WH[WHVDXPL[HD] XQFRODMSURFHGkQGODIHOFXPX]LFDYRFDO LQVWUXPHQWDO FX
UHJLDVFHQRJUDILDGHFRUXULOHúLFRVWXPD LD
1RXD IRUP GH RUJDQL]DUH D DFWLYLW LL PX]LFDOH QXPLW MRF PX]LFDO
GUDPDWL]DWVHGHRVHEHúWHGHRSHUDLQWHUSUHWDW GHFRSLLDWkWSULQIDSWXOF HDHVWHR
FUHD LH D HOHYLORU vQ H[FOXVLYLWDWH GDU úL SULQ IDSWXO F HD HVWH XQ MRF XQ PRGHO
GLQDPLF QHILQDOL]DW FDUH VH SRDWH PRGLILFD SRDWH DGDSWD PDL PXOWH F L GH
UH]ROYDUHDLQWULJLLSRDWHDERUGDPDLPXOWHJHQXULúLIRUPHPX]LFDOHSHQWUXDFHHDúL

VFHQ SHQWUXDFHODúLSHUVRQDMDQWUHQkQGSXEOLFXOFROHJLLGLQúFROLLvQFRQWLQXDUHD
DFHVWXLVHULDO
1RXDIRUP YDFRPELQDHOHPHQWHGHMRFHOHPHQWHFH LQGHGUDPDWXUJLHúLGH
PX]LFDYRFDOLQVWUXPHQWDO úLYRUSURSXQHHYLGHQ LHUHDFkWRUYDFDWHJRULLHVWHWLFH
GLQWUHFDUHFHOHPDLHYLGHQWDWUDFWLYHSHQWUXHOHYLLGHWRDWHYkUVWHOHVXQWFRPLFXO
WUDJLFXOJUD LRVXOXPRULVWLFXOXQHRULJURWHVFXO
-RFXOPX]LFDOGUDPDWL]DWVHSRDWHRELHFWLYDvQVLPXO ULvQÄJOXPHPX]LFDOH´
vQvQWUHFHUHSHQWUXLQIRUPDUHúLH[HUVDUHDHPSDWLHLHOHYLORU
&UHGHPF DFHDVW IRUP DLFLSURSXV FDSURLHFWFDLSRWH] YDFRQVWLWXLXQ
SXQFWFXOPLQDQWXQLGHDODOMRFXOXLPX]LFDO
3HQWUXXQDVHPHQHDSURLHFWHVWHQHYRLHGHRSUHJ WLUHVSHFLDO DSURIHVRUXOXL
FH YD FRQGXFH RS LRQDOXO FX WHP LQWHJUDWRDUH 3UHJ WLUHD VWXGHQ LORU FD YLLWRUL
LQL LDWRUL vQ úFROL DL XQRU DVHPHQHD IRUPH QRL FRPSOH[H GH MRF VH YD UHDOL]D vQ
VHF LLVSHFLDOHGLQFDGUXOIDFXOW LORUGHÄSHGDJRJLHPX]LFDO ´
5H]XPDW
2 DFWLYLWDWH LQVWLWX LRQDOL]DW FXP HVWH FHD úFRODU D QHFHVLWDW GLQWUXQ
vQFHSXW R RUJDQL]DUH vQ FHHD FH SULYHúWH FROHFWLYXO GH HOHYL vQ ÄFODVH GH HOHYL SH
YkUVWH´FXXQSURJUDPV SW PkQDOSHGLVFLSOLQHúFRODUHSURJUDPvQVFULVvQÄRUDUXO
úFROLLDOFODVHL´2UJDQL]DUHDYL]HD] WRWRGDW úLREXQ VWUXFWXUDUHDRUHLGHFODV
FDUH DUH GH PLQXWH WLPS vQ FDUH SURIHVRUXO úL HOHYLL WUHEXLH V SDUFXUJ
WUDLHFWRULD SUHGDUHvQY DUHHYDOXDUH 2 DVHPHQHD IRUP GH RUJDQL]DUH D IRVW
SURSXV GH +HUEDUW PRGLILFDW SH SDUFXUVXO D GH DQL GH OD DSDUL LH (VWH
FXQRVFXW VXEQXPHOHGHOHF LHFDUHXOWHULRUVDDGDSWDWXQRUFHULQ HGHFRQVROLGDUH
VDXUHFDSLWXODUHQXPLWHWLSXULGHOHF LH2ULFkWVDUILVFKLPEDWFDWLSOHF LDFODVLF
VHUYHúWH XQLODWHUDO RELHFWLYXOXL GH UHSURGXFHUH D FXQRúWLQ HORUGHSULQGHULORU
SUHGDWH$IRVWQHYRLHGHVFKLPEDUHDILQDOLW LLVLVWHPXOXLGHvQY PkQWSHQWUXFD
OHF LD V ILH vQORFXLW DFROR XQGH FRQGL LLOH SHUPLW FX MRFXO $FHVWD VLPXOHD] úL
UHSHW vQWUXQFRQWH[WGHPLFVSHFWDFROGHDOHJRULHRDFWLYLWDWHXQDFWDOPDWXULORU
LQYHQWkQG FRQWH[WH QRL FDUH vL GH]YROW HOHYXOXL IDQWH]LD VSRQWDQHLWDWHD
SHUVRQDOLWDWHD -RFXULOH SRW IL GH PDL PXOWH FDWHJRULL &HO FDUH QH LQWHUHVHD] úL
SRDWH IL SUDFWLFDW vQ úFROL HVWH MRFXO GLGDFWLF PX]LFDO LDU LGHDOXO OXGLF vO SRDWH
FRQVWLWXL MRFXO PX]LFDO GUDPDWL]DW R FUHD LH FX GHVI úXUDUH VHULDO FRQFHSXW vQ
H[FOXVLYLWDWH GH HOHYL $FHDVW QRX IRUP VH SUHFRQL]HD] V ILH ILQLVDW úL
PRGLILFDW SHUPDQHQW FD ILQDOLWDWH GH VFHQDULX PX]LF UHJLH HWF RE LQkQGXVH
YDULDQWHDOHPRGHOXOXLRULJLQDO
$FWLYLWDWHIURQWDO DFWLYLWDWHDHIHFWXDW FXvQWUHJXOFROHFWLYDOFODVHLWH]H
FRUHWF
$WHOLHUúFRODUGHFUHD LH GHQXPLUHDXQXLVSD LXDOúFROLLúLWRWRGDW DXQHL
PHWRGHFDUHSXQHHOHYXOvQVLWXD LDGHDILFUHDWLYLPSURYL]kQGYRFDOLQVWUXPHQWDO
RIHULQGVROX LLGHLQWHUSUHWDUHUHJLHHWF

&RPHV /LYLX FRPSR]LWRU URPkQ D FRPSXV FkQWHFH SHQWUX FRSLL FRQIRUP
XQHL WHRULL SUH]HQWDWH vQ vQ $VXSUD XQRU PLMORDFH SHQWUX LQWURGXFHUHD
FRSLLORUvQPX]LFDSROLIRQLF YRFLúL2PHWRG GHLQL LHUHDFRSLLORUvQSROLIRQLD
ODWUHLYRFLUHSHUWRULXOHVWHGHVWLQDWFRSLLORUSUHúFRODULúLúFRODULORUPLFL
'UDPDWL]DUH FUHDUHDXQRUFRQGL LLSHQWUXFDRDF LXQHV SRDW ILSUH]HQWDW
SHVFHQ
(YDOXDUH LQL LDO YHULILFDUHD VWDGLXOXL GH SUHJ WLUH WHRUHWLFRSUDFWLF D
HOHYLORUODvQFHSXWXOXQXLDQúFRODUVDXvQFHSXWXOXQXLFLFOXúFRODU
(YDOXDUH SUHGLFWLY FHUFHWDUHD SRWHQ LDOLW LL QLYHOXOXL SUHGLVSR]L LLORU
DSWLWXGLQLORUWDOHQWXOXLPX]LFDODOHHOHYLORUODvQFHSXWXOXQXLDQúFRODUVDXvQFHSXWXO
XQXLFLFOXúFRODU
(YDOXDUH FRQWLQX SH SDUFXUV YHULILFDUHD SHUPDQHQW D VWDGLXOXL GH
SUHJ WLUH WHRUHWLFRSUDFWLF D HOHYLORU 3RDWH IL V SW PkQDO VDX ELOXQDU $VLJXU
FXQRDúWHUHD SHUPDQHQW D FDOLW LL SUHJ WLULL WHRUHWLFRSUDFWLFH úL DWLWXGLQDOH D
HOHYLORU
(YDOXDUH ILQDO GH VLQWH] YHULILFDUHD VWDGLXOXL GH SUHJ WLUH WHRUHWLFR
SUDFWLF D HOHYLORU OD VIkUúLWXO XQHL SHULRDGH úFRODUH VHPHVWUX DQ úFRODU VIkUúLWXO
DEVROYLULLúFROLLVDXGXS SDUFXUJHUHDLQWHJUDO DXQHLXQLW LGHvQY DUH
+HUEDUW -RKDQQ SHGDJRJ JHUPDQ SUHRFXSDW GH ORJLF úL
SVLKRORJLH FHO FDUH D GDW XQ PRGHO QRX vPEXQ W LW GH SDUFXUJHUH D WUDVHXOXL
vQY ULL FUHkQG vQY DUHD ORJLF vQ WUHSWH PRPHQWH PRPHQWXO DSHUFHSWLY
PRPHQWXOGHLQWXLUHDXQRUH[HPSOHPRPHQWXOFRPSDU ULLH[HPSOHORUPRPHQWXO
JHQHUDOL] ULL UHJXOL PRPHQWXO DSOLF ULL SUREOHPHL QRL vQ SUREOHPH X]XDOH
FRQFUHWH
3DúFDQX$OH[DQGUX FRPSR]LWRUURPkQFHDVFULVFkQWHFHSHQWUXFRSLLFDUH
VHSUHWHD] ODGUDPDWL]DUHFROHF LD&HORUPDLIUXPRDVHJODVXUL
2S LRQDO FX WHP LQWHJUDWRDUH GLVFLSOLQ QRX LQWURGXV vQ SURJUDPXO
HOHYLORUÄODGHFL]LDúFROLL´'LVFLSOLQDHVWHVROLFLWDW GHHOHYLúLDSRLHVWHDSUREDW
SHQWUXDLQWUDvQRUDUSULQGHFL]LDFRQGXFHULLúFROLLúLDLQVSHFWRUDWXOXLúFRODU$UH
FDWHP RVHULHGHHOHPHQWHFHDSDU LQXQRUDULLFXUULFXODUHGLIHULWHúLFDUHSHUPLW
LQWHJUDUHúLWUDQVIHUGDUQXIDFHSDUWHGLQWUXQFKLXOFRPXQGHGLVFLSOLQHúFRODUH
9DULDQWHOHWLSXULORUGHOHF LH VXQWDFHOHWLSXULGHOHF LLvQFDUHDFFHQWXOVH
SXQH SUHSRQGHUHQW SH XQ PLMORF GLGDFWLF VDX PHWRG 'H H[HPSOX OHF LH GH
FRQVROLGDUHFXYDULDQWDGHGXFWLY OHF LHGHIRUPDUHDDGHSULQGHULORUPX]LFDOHSULQ
YDULDQWDLQGXFWLY VDXSULQYDULDQWDFHSXQHDFFHQWXOSHDXGL LDPX]LFDO VDXSH
PHWRGDPRGHO ULLHWF
,7HPH
5HDOL]D LWUHLSURLHFWHSHQWUXROHF LHGHWLSFODVLFIRORVLQGODWRDWHDFHODúL
VXELHFWGHOHF LHGLQWUXQPDQXDOGHHGXFD LHPX]LFDO 0RGHOHOHSHQWUXSURLHFWHOH
GH OHF LH FX PRPHQWHVHFYHQ H GLGDFWLFH WUHEXLH V IRORVHDVF FHOH WHL OXFU UL GH
GLGDFWLF PHWRGLF SUH]HQWDWH vQ &XUVXO 0RWRUD,RQHVFX ùHUIH]L 0XQWHDQX
YH]L úL 0XQWHDQX *DEULHOD 'LGDFWLFD HGXFD LHL PX]LFDOH (GLWXUD )XQGD LHL
5RPkQLDGH0kLQHS

&RPHQWD LúLFRPSDUD LFHOHWUHLPRGHOHGHOHF LHFRPSOHWDWHFXHOHPHQWH
FRQFUHWHDIODWHvQWUXQPDQXDOGHHGXFD LHPX]LFDO LQGLIHUHQWGLQFHFODV VDXGH
OD FH HGLWXU H[HPSOH GH FkQWHFH DXGL LL LOXVWUD LH YL]XDO 8UP UL L OHJ WXUD
GLQWUHVHFYHQ HGLQWUHOHF LDSUHFHGHQW úLDQWHFHGHQW GLQWUHPRGXOvQFDUHVFKL D
FX VXFFHVLXQL GH OHF LH UHDOL]HD] UDSRUWXO vQWUH SUDFWLFD PX]LFDO úL FXQRúWLQ HOH
WHRUHWLFH
5HDOL]D L SURLHFWXO XQXL MRF GLGDFWLF PX]LFDO FH DUH DFHODúL VXELHFW FD úL
OHF LDFODVLF GHPDLVXVYH]LPRGHOHGHMRFvQ0XQWHDQX*RSFLWS

,,0LQLHVHX
Ä'RULQ DGHDFRQGXFHRDFWLYLWDWHúFRODU I U DRSURLHFWDúLDRDGDSWDvQ
FODV OD VLWXD LD FRQFUHW D DFHVWHLD YkUVW GRWDUH PX]LFDO LQWHUHVXO FRSLLORU
SHQWUXVXELHFWXODFWLYLW LLHWFHVWHODIHOFDSUHWHQ LDvQJkPIDW GHDQXWHVRFRWL
REOLJDWV úWLLFHVSXLFkQGYRUEHúWLFHIDFLFkQGOXFUH]L´

,,,&KHVWLRQDU
$OHJH LU VSXQVXOULOHFRUHFWH
)RUPDGHED] XWLOL]DW vQvQY PkQWXOFODVLFvQFHHDFHSULYHúWHSURFHVXO
GHvQY PkQWHVWH
DOHF LDRUJDQL]DW vQVHFYHQ HGLGDFWLFH
EMRFXOGLGDFWLF

)RUPDGHED] XWLOL]DW vQvQY PkQWXOFODVLFvQFHHDFHSULYHúWHRUJDQL
]DUHDFROHFWLYXOXLGHHOHYLHVWH
DRUJDQL]DUHDSHFODVHGHHOHYLSHFULWHULXOYkUVWHL
ERUJDQL]DUHD GHVWLQDW DFWLYLW LORU SH JUXSH FX WRDW FODVD IURQWDO VDX
DFWLYLW LLQGLYLGXDOH

)RUPDGHED] XWLOL]DW vQvQY PkQWXOPRGHUQDOÄúFROLLPX]LFDOHDFWLYH´
vQFHHDFHSULYHúWHRUJDQL]DUHDFROHFWLYXOXLGHHOHYLHVWH
DRUJDQL]DUHDSHFODVHGHHOHYLSHFULWHULXOYkUVWHL
ERUJDQL]DUHD DFWLYLW LORU SH JUXSH FX WRDW FODVD IURQWDO VDX DFWLYLW L
LQGLYLGXDOHSHFULWHULXOYkUVWHLúLDOFDSDFLW LLPX]LFDOH

-RFXOGLGDFWLFPX]LFDOH[HUVHD] vQFRQWH[WHYDULDWH
DQXPDLSO FHUHDGHDSUDFWLFDRULFHDFWLYLWDWHFHVXVFLW LQWHUHVXOHOHYLORU
ESO FHUHD GH D SUDFWLFD R DFWLYLWDWH FH DUH VXELHFWXO SUHOXDW GLQ SURJUDPD
úFRODU

-RFXOPX]LFDOGUDPDWL]DWSUHFRQL]HD]
DFUHDUHXQXLVSHFWDFROOLULFGHWLSVLQFUHWLFGHF WUHFRPSR]LWRULFRQVDFUD L
VSHFWDFROGHVWLQDWLQWHUSUHW ULLDFHVWXLDGHF WUHHOHYL
EFUHDUHDXQXLVSHFWDFROOLULFGHWLSVLQFUHWLFVHULDOFHSRDWHVXIHULPRGLIL
F ULvQLQWULJ VFHQRJUDILHPX]LF VXEIRUPDYDULDQWHORUVSHFWDFROFUHDW
úLLQWHUSUHWDWGHHOHYL

-RFXOGLGDFWLFPX]LFDOVHSRDWHRELHFWLYDvQ
D PLFL VFHQDULL FX WH[WH FH WUDWHD] SUREOHPH GLQ SURJUDPD úFRODU FX VDX
I U VXSRUWPX]LFDOFXVDXI U PLúFDUHGDQVFRPSHWL LLPX]LFDOH
EQXPDLvQIHHULLPX]LFDOHUHSHWDUHDXQRUFkQWHFHvQFRQWH[WGHVSHFWDFRO

8QMRFGLGDFWLFPX]LFDOSRDWHV ILHRDFWLYLWDWH
D FH SULYHúWH SUHGDUHD vQY DUHD HYDOXDUHD XQXL VXELHFW GLQ SURJUDPD GH
HGXFD LHPX]LFDO
E FH SULYHúWH vQY DUHD SULQ UHSHWDUHD DQHFGRWLF D RULF UXL VXELHFW DSDU L
QkQGúLDOWRUGLVFLSOLQH

-RFXOSHVXSRUWPX]LFDOSRDWHILXWLOL]DW
DGHRULFHGLVFLSOLQ úFRODU SHQWUXF HVWHXQWH[WvQYHúPkQWDWvQPHORGLH
ODURPkQ PDWHPDWLF HGXFD LHIL]LF PX]LF HWF
EQXPDLvQDFWLYLW LOHPX]LFDOH

-RFXULOHPX]LFDOHFDPHWRG IRUP SRWIL
DQXPDLH[HUFL LLGLYHUWLVPHQWSHVXSRUWPX]LFDO
ERULFHWHP GHLQWHUHVPX]LFDOSHQWUXHOHYLvQYHúPkQWDW vQFHULQ HOHVSH
FLDOHDOHGUDPDWXUJLHLOXGLFH
$OHJH LGDF HQXQ XOHVWHDGHY UDW$VDXIDOV)
%XJHWXO GH WLPS DORFDW XQHL ÄRUH´ GH DFWLYLWDWH úFRODU LQGLF FD DFHDVWD V
GXUH]HGHPLQXWHvQUHJLPGHLDUQ LQGLIHUHQWGHFLFOXOúFRODUODFDUHVHDSOLF

+HUEDUW DXWRUXO FH D LQGLFDW FDUH VXQW ÄWUHSWHOH SVLKRORJLFH DOH OHF LHL´
H[SOLFD vQ VHFROXO ;,; F DFHVWHD VXQW HWDSH GHSLVWDWH GH úWLLQ D ORJLFLL úL D
SVLKRORJLHLSULQFDUHHVWHLQGLFDW FDOHDGHDFFHVVSUHvQ HOHJHUHDXQHLQR LXQLGH
ODHWDSDLQWXLULLHLVHQ]RULDOHSkQ ODHWDSDVLQWHWL] ULLDFHVWHLDvQFXYkQWDEVWUDFWúL
ODDSOLFDUHDFXYkQWXOXLDEVWUDFWDGLF DQR LXQLLvQSUDFWLF

7UHSWHOH SVLKRORJLFH DOH XQHL OHF LL VXQW PRPHQWH VHFYHQ H ORJLFH FDUH
WUHEXLHSDUFXUVHSHQWUXDGDvQFRPXQLFDUHDúLvQVXúLUHDXQHLFXQRúWLQ HvQ HOHJHUH
GHSOLQ SUHFXPPRPHQWXODSHUFHSWLYDOOHF LHLDSRLH[SXQHUHDGDWHORUFRQFUHWHúL
FRPSDUDUHDDFHVWRUGDWHXUPDWHGHJHQHUDOL]DUHDúLDSOLFDUHDORU

&XUVXO

$XGL LDPX]LFDO DFWLY
3LHVHOH PX]LFDOH LPSULPDWH SH EDQG PDJQHWLF úL UHGDWH SULQ PLMORFLUHD
GLIX]RDUHORU GLQ FDVHWRIRDQH HWF VXQW R UHVXUV PDWHULDO D HGXFD LHL PX]LFDOH
FRQWHPSRUDQH$FHVWHDvPSUHXQ FXSLHVHOHPX]LFDOHYRFDOHFRUDOHLQVWUXPHQWDOH
DXGLDWH GLUHFW vQ VDOD GH FRQFHUW VH FRQVWLWXLH vQ FDWHJRULD GH PDWHULDOH GLGDFWLFH
UHVXUVH PDWHULDOH SULQ FDUH VH DWLQJ R SDUWH GLQ RELHFWLYHOH FDGUXFRPSHWHQ HOH
JHQHUDOH SURSXVH GH SURJUDPHOH GH HGXFD LH PX]LFDO 5HVXUVD VH PDL QXPHúWH
SUHVFXUWDWDXGL LHPX]LFDO
ÌQ úFRDOD PRGHUQ ÄDXGL LD PX]LFDO ´ GHYLQH R FRPSRQHQW REOLJDWRULH D
SURFHVXOXL GH HGXFD LH PX]LFDO RGDW FX FRQWXUDUHD SULQFLSLLORU ÄúFROLL DFWLYH
PX]LFDOH´DVHFROXOXL;;
ÌQH[SXQHUHDSUREOHPHORUSHFDUHQHSURSXQHPV OHULGLF PvQDFHVWFDSLWRO
WUHEXLHV VXEOLQLHPIDSWXOF DFHDVW UHVXUV PDWHULDO HVWHXQDQRX vQLQYHQWDUXO
QHFHVDU XQHL RUH GH HGXFD LH PX]LFDO FHO SX LQ vQ FHHD FH SULYHúWH RELHFWLYHOH
XUP ULWHDVHDWLQJHSULQHD7RWRGDW YUHPV FODULILF PFDX]DDSDUL LHLDFHVWRU
PRGLILF UL GH RSWLF úL V SDUWLFXODUL] P FRQFHSWXO WUDQVIHUkQGXO vQ HGXFD LD
PX]LFDO
9RPDIODvQFHOHFHXUPHD] vQFHFRQVW ED]DWHRUHWLF FHRULHQWHD] DFHVWH
SUDFWLFLGHYHQLWHDFXPDWkWGHFXQRVFXWHúLIRORVLWHvQFkWSDUEDQDOH9RPSUH]HQWD
FkWHYD SUREOHPH OHJDWH GH LQIOXHQ HOH SH FDUH ODX DYXW WHRULLOH DPELHQWDOLVWH
DVXSUD VLVWHPXO PRGHUQ GH vQY PkQW úL HIHFWXO GH WHUDSLH SULQ PX]LF DGLF
PX]LFRWHUDSLDDVSHFWHJHQHUDOHLQWURGXFHUHvQPX]LFRWHUDSLH&RPSOHW PWDEORXO
H[SXQHULL SULQ HQXPHUDUHD FkWRUYD PRGDOLW L GH D UHDOL]D ©DXGL LD PX]LFDO ª OD
PHWRGLFLHQL FHOHEULL SUHFXP 0DULD 0RQWHVVRUL 0DXULFH 0DUWHQRW 6KLQ,FKL
6X]XNL DG XJkQG FkWHYD VXJHVWLL SHQWUX D UHDOL]D FX úL SULQ DXGL LH ÄR HGXFD LH
VXILFLHQW úLQHFHVDU ´HOHYXOXL]LOHORUQRDVWUHILHHOPLQRUVDXPDMRU

7HRULLOHDPELHQWDOLVWHúLHGXFD LDPX]LFDO

(QXQ P GH OD vQFHSXW WH]D DVXSUD IDSWXOXL F PHGLXO DPELHQWDO PX]LFDO
IDYRUL]HD] FRPSRQHQWH LPSRUWDQWH DOH HGXFD LHL PX]LFDOH FRQVWLWXLQGXVH vQ
ÄED]D DSHUFHSWLY ´ D SURFHVXOXL GH vQY PkQW $SHUFHS LD HUD QXPLW GH WHRUHWL
FLDQXOSHGDJRJLHLFODVLFH-RKDQQ)ULHGHULFK+HUEDUWDFXPGHDQLÄRLQWHUYHQ
LHvQSHUFHS LDXPDQ DH[SHULHQ HLFRJQLWLYHDQWHULRDUH´
ÌQ SURFHVXO GH HGXFD LH PX]LFDO WUHEXLH V QH SXQHP vQWUHEDUHD FXP VH
SRDWH WUDQVIRUPD úL GH]YROWD LQGLYLGXDOLWDWHD SULPDU D HOHYXOXL LQFOXVLY FHD
PX]LFDO úLFDUHHVWHJUDGXOGHHGXFDELOLWDWHvQJHQHUDOúLJUDGXOGHHGXFDELOLWDWH
PX]LFDO vQVSHFLDODOHOHYLORU"&DUHVXQWIDFWRULLFHIDYRUL]HD] HGXFDELOLWDWHD"
'DF QH UHDPLQWLP F SULQ HGXFDELOLWDWH vQ HOHJHP ÄFDSDFLWDWHD SDUWLFXODUL
WDWHD VDX FDOLWDWHD VSHFLILF D SVLKLFXOXL XPDQ GH D VH PRGHOD VWUXFWXUDO úL LQIRU
PD LRQDO VXE LQIOXHQ D DJHQ LORU VRFLDOL úL HGXFD LRQDOL´ DWXQFL YRP vQ HOHJH F
DFHVWSURFHVSUHVXSXQHDF LXQLIRUPDOHLQVWLWX LRQDOL]DWHRUJDQL]DWHSODQLILFDWH
LQIRUPDOH FX SDUWLFLSDUH IDFXOWDWLY úL QRQIRUPDOH FX DSDUL LH VSRQWDQ &kW VH
SRDWHÄPRGHOD´HGXFDPRGLILFDGLQQDWXUDSULPDU DLQGLYLGXOXL"

6XQWUHFXQRVFX LFDIDFWRULDLGH]YROW ULLDLPRGHO ULLVWUXFWXUDOHúLLQIRUPD
LRQDOH D LQGLYLGXOXL HOHYXOXL DLFL WUHL ÄSXWHUL´ FDUH IDF SRVLELO QDúWHUHD úL
GH]YROWDUHDSURFHVXOXLGHWUDQVIRUPDUHDLQGLYLGXOXLvQRPPDWXUSHUIRUPDQW
QDWXUDLQGLYLGXOXLH[SULPDW SULQGDWHOHJHQRWLSLFHDOHHUHGLW LL
PHGLXO DPELHQWDO FD DQVDPEOX GH HOHPHQWH vQFRQMXU WRDUH vQ FDUH
WU LHúWHLQGLYLGXO
HGXFD LD FD WRWDOLWDWHD HOHPHQWHORU FH LQIOXHQ HD] LQGLYLGXO SULQ
DF LXQLLQWHQ LRQDWHVLVWHPDWL]DWHúLFRQWLQXHRUJDQL]DWHSULQúFRDO
&HLWUHLIDFWRULDLGH]YROW ULLXPDQHVDXFRQVWLWXLWSHSDUFXUVXOWLPSXOXLvQ
WUHL GLVSXWH WHRUHWLFH DVXSUD HGXFDELOLW LL GLVSXWH FH DX LQIOXHQ DW FRQVLGHUDELO
SURFHVXOGHUHIRUPDUHDVLVWHPHORUGHvQY PkQWGLQOXPH1HUHIHULPOD
7HRULLOHHUHGLWDULVWH
7HRULLOHDPELHQWDOLVWH
7HRULLOH GXEOHL úL WULSOHL GHWHUPLQ UL HUHGLWDWHPHGLX HUHGLWDWHPHGLX
HGXFD LH
&URQRORJLF vQ EDQGD WLPSXOXL LVWRULF DFHVWH WHRULL DX GRPLQDW úL LQIOXHQ DW
GRPHQLLGLIHULWHDOHYLH LLúLFXSULRULWDWHúFRDODvQIHOXOXUP WRU
ÌQ SHGDJRJLD HXURSHDQ DQWLF úL PHGLHYDOFUHúWLQ D GRPLQDW WHRULD
DWRWSXWHUQLFLHLPHWRGHLvQHGXFD LHVSULMLQLW GHLQIOXHQ DQHLQWHQ LRQDW DPHGLXOXL
GHFL WHRULD GXEOHL GHWHUPLQ UL &RQVHFLQ vQ SUD[LVXO úFRODU ÄPHWRGD´ D IRVW
FRQVLGHUDW FDILLQGSDQDFHXXQLYHUVDO'HH[HPSOX6RFUDWHúL3ODWRQFRQVLGHUDX
F SULQPHWRGDFRQYLQJHULLúLDH[HUV ULLXQHLGHSULQGHULFRPSRUWDPHQWDOHVHSRDWH
PRGLILFD FKLDU úL XQ LQGLYLG ÄFH SUDFWLF U XO´ ** $QWRQHVFX 3HGDJRJLD
JHQHUDO ,QVWLWXWXO 3HGDJRJLF 5RPkQ %XFXUHúWL S /D PHGLHYDOL
PHWRGD FRHUFLWLY SXQLWLY E WDLD HUD VROX LD FHD PDL HILFLHQW GH IRUPDUH D
FDUDFWHUXOXL ÌQ DWRWSXWHUQLFLD PHWRGHL DX FUH]XW úL (UDVPXV GLQ 5RWKHUGDP
&RPHQLXV/RFN/HLEQLW](GXFD LDvQYLQJHWRWXO.DQW2PXOSRDWHGHYHQLRP
QXPDLSULQHGXFD LHLDU+HOYHWLXVHUDFRQYLQVF ÄGLIHUHQ HOHGLQWUHRDPHQLVXQW
GREkQGLWH SULQPHWRG QXVXQWPRúWHQLWH´5DWNHVXSUDOLFLWDLPSRUWDQ DPHWRGHL
FDIDFWRUDOGH]YROW ULLXPDQHI FkQGUHPDUFDXUP WRDUHQXDXQLFLRLPSRUWDQ
SHUVRQDOLWDWHD SURIHVRUXOXL úL QLFL LQGLYLGXDOLWDWHD HOHYXOXL vQ SURFHVXO GH GH]YRO
WDUHFLQXPDLPHWRGD3RDWHRSLQLDFHDPDLUDGLFDO DH[SULPDWRFHOHEUXORPGH
VWDW GLQ )UDQ D 7XUJRW%DURQ GH /DXQH FDUH DILUPD F DUH QHYRLH
QXPDL GH DQL SHQWUX D IDFH GLQ IUDQFH]L SULQ DSOLFDUHD XQRU UHJXOL PHWRGLFH
VWULFWHGXS SURSULDH[SUHVLHÄSULPXOSRSRUDOOXPLL´
ÌQ SHGDJRJLD HXURSHDQ D VHFROHORU ;9,,,;,; úL vQ SUDFWLFD úFRODU DX
GRPLQDWWHRULLOHHUHGLWDULVWH7UHEXLHV SUHFL] PF ÄWUDQVPLWHUHDGHVSHFLILFLWDWH
GHD OXQJXO JHQHUD LLORU PRúWHQLUH HVWH XQ SURFHV FXQRVFXW GUHSW HUHGLWDWH´
Ä0RúWHQLUHD´QXWUDQVPLWHFRSLLORUvQVXúLULOHS ULQ LORUFLQXPDLÄJHQHOH´DFHVWRUD
FDUHSRWV DSDU VDXV QXDSDU ODSULPDJHQHUD LH'XS FXPHVWHFXQRVFXWLQWU
vQ DFHDVW FDWHJRULH WHRULD OXL 6FKRSHQKDXHU WHRULH FH DILUP úL VXV LQH F QDWXUD
JHQRWLSLF HUHGLWDU D LQGLYLGXOXL HOHYXOXL HVWH KRW UkWRDUH vQ GH]YROWDUHD OXL
QDWXU FHQXSRDWHILPRGLILFDW SULQSURFHVXOGHvQY PkQWúLQLFLGHLQIOXHQ HOH
PHGLXOXLÌQFRQVHFLQ HILFLHQ DHGXFD LHLHVWHQXO

7RW vQ FDWHJRULD WHRULLORU HUHGLWDULVWH SRDWH IL vQFDGUDW úL FHD D OXL 'DUZLQ
SULQFDUHFHOHEUXOHYROX LRQLVWDILUPDF WULXPI WRUvQOXSWDSHQWUXH[LVWHQ YDIL
DFHO LQGLYLG FH SRVHG R PRúWHQLUH HUHGLWDU FDSDELO V L GHD UH]LVWHQ úL V
J VHDVF VROX LLLQWHOLJHQWHGHDGDSWDELOLWDWHúLWHRULDOXL/DPDUFNFDUHSXQHDSH
VHDPDHUHGLW LLFDSDFLWDWHDGHDGDSWDELOLWDWHDLQGLYLGXOXLDGLF LQWHOLJHQ DOXL
7HRULLOHHUHGLWDULVWHVDXLPSXVvQPHGLFLQ FDWHJRULDGHEROLPRúWHQLWHvQ
SVLKRORJLHSURFHVHSVLKLFHPRúWHQLWHvQSHGDJRJLHFRQFHS LDGXS FDUHQXVHSRW
vQVXúLDVLPLODGHFkWPLQLPHGHSULQGHULXWLOLWDULVWH
7RDWH DX FRQWULEXLW OD FRQVWLWXLUHD FDWHJRULHL GH WHRULL DOH VFHSWLFLVPXOXL
SHGDJRJLF 6FHSWLFLVPXO VD UHVLP LW ± úL GLQ S FDWH VH PDL UHVLPWH úL DVW ]L ± vQ
GRPHQLXOHGXFD LHLPX]LFDOHDWXQFLFkQGVHHQXQ LGHHDF QXPDLGLQIDPLOLLGH
PX]LFLHQLSURYLQPX]LFLHQLFkQGVHFRQVLGHU F PX]LFDWUHEXLHSUDFWLFDW QXPDL
GHFHLFXÄDX]DEVROXW´VDXFHLFDUHDXGLQQDúWHUHFDSDFLWDWHDGHDUHGDFRUHFWOLQLD
PHORGLF D XQXL FkQWHF 7HRULLOH XOWHULRDUH GLQ IHULFLUH DX FRUHFWDW DFHVW VFHSWL
FLVP SURSXQkQG SULQ ÄúFRDOD DFWLY ´ VROX LL PHWRGLFH YDODELOH úL DVW ]L 8QD GLQ
FRQFHS LLOH FDUH DX PRGLILFDW FXUVXO vQY PkQWXOXL úL ODX UDFRUGDW OD RSWLPLVP
SURYLQHGHODILOR]RIXOúLVFULLWRUXO-HDQ-DFTXH5RXVVHDX
7HRULLOHHUHGLWDULVWHDXHYLGHQ LDWúLXQHOHPHQWQRXSR]LWLYSHFDUHvOJ VLP
OD5RXVVHDXHUHGLWDWHDRPXOXLQXHVWHVWDQGDUGL]DW H[LVW RLQGLYLGXDOLWDWHXQLF
FH DSDU LQH ILHF UXLD GLQWUH QRL ,GHHD HVWH SUHOXDW GH *RHWKH FDUH DILUPD F
ÄQDWXUDQXQHDI FXWHJDOL´
ÌQ FRQVHFLQ úFRDOD QX SRDWH QHVRFRWL LQGLYLGXDOLWDWHD XQXL LQGLYLG HOHY
ùFRDODQXWUHEXLHV SURGXF ÄDWRPLVRFLDOLFLFDUDFWHUHLQGLYLGXDOH´**$QWRQHVFX
RSFLWS
ùL GH DLFL GH OD DFHDVW XOWLP LQWHUSUHWDUH QXDQ DW D WHRULHL HUHGLW LL
GUXPXOVSUHFRQFHS LDÄúFROLLDFWLYH´DVHFROXOXL;;FDúFRDO DYLH LLSULQYLD
HVWHGHVFKLV
2GDW FXUHFXQRDúWHUHDLPSRUWDQ HLLQGLYLGXDOLW LLILLQ HLXPDQHVHYRUF XWD
úLDO LIDFWRULFDUHDXLQIOXHQ DWúLDXFRQWULEXLWODGH]YROWDUHDLQGLYLGXOXLFDRPvQ
VRFLHWDWH
6 UHDPLQWLPF ÄúFRDODDFWLY ´DVHFROXOXL;;DYHDGUHSWSULQFLSLXGHED]
FRQHFWDUHD SURFHVXOXL GH vQY PkQW FD IDFWRU DO GH]YROW ULL OD FRPSOH[XO YLH LL
UHDOH DFWLYH FXQRDúWHUHD GLUHFW QHPLMORFLW D UHDOLW LL vPSRWULYLQGXVH FXQRDú
WHULL úL IRUP ULL GH GHSULQGHUL SULQ VLPXODUHD UHDOLW LL DUWLILFLDOL]DUHD HL úFRDOD
H[FOXVLY SULQ PDQXDOH úFRODUH $úD VH SURGXFH PRGLILFDUHD YL]LXQLL DVXSUD
IDFWRULORUGHGH]YROWDUHDXPDQ úLPRWLYD LDLPSRUWDQ HLGDWHIDFWRUXOXLDPELHQWDO
vQHGXFD LH
± 7HRULLOH DPELHQWDOLVWH DX vQ YHGHUH F ÄDQVDPEOXO GH FRQGL LL vQFRQMXU
WRDUHDPELHQWDOHvQFDUHWU LHúWHPXQFHúWHFUHHD] ´XQFRSLOVDXXQDGXOWWUHEXLH
V ILH PHGLXO QDWXUDOHFRORJLF úL PHGLXO VRFLRFXOWXUDO ÌQ FRQVHFLQ RELHFWLYHOH
SURFHVXOXLGHvQY PkQWORFD LDORJLVWLFDPHWRGRORJLDFRQ LQXWXODFHVWXLDVHYRU
RUJDQL]DGHVI úXUDúLHYDOXDvQIXQF LHGHFkWGHO PXULWRDUHúLXWLOHVXQWDFHVWHD
SHQWUXFHOFHYLH XLHúWHvQDFHOPHGLXOQDWXUDOFRPSOH[ùFROLOHHXURSHQHVDXGHSH
DOWHFRQWLQHQWHFDUHDXGDWFkúWLJGHFDX] WHRULLORUDPELHQWDOHFDIRUPDWRDUHFD
IDFWRUL DL GH]YROW ULL XQXL LQGLYLG HOHY úLDX PRGLILFDW DUKLWHFWXUD úL ORFXO GH

SODVDUH D XQHL úFROL FDUH DFXP PDL FRUHFW HVWH V ILH QXPLW ÄFDPSXV úFRODU´
SHQWUX F HVWH R PLQLORFDOLWDWH vQFRQMXUDW GH JU GLQ S GXUHOLYDG FO GLUL GH
DPSODVDUHDDDQLPDOHORUS V ULORUÌQúFRDO VXQWODERUDWRDUHV OLGHFRQFHUWúLGH
VSRUWDWHOLHUHúFRODUHPRELOLHUúLXQDPELHQWDWUDFWLYYLXFRORUDWRDGRXDFDV D
HOHYXOXL
ÌQ IHOXO DFHVWD S WUXQGH vQ SURJUDPHOH úFRODUH DWPRVIHUD YLH D VRQRULW LORU
FDUH vO vQFRQMRDU SH HOHY 3UDFWLFD úFRODU IRORVHúWH DFHVWH UHVXUVH QDWXUDOH
DPELHQWXOVRQRUFDPDWHULDOLQWXLWLY]JRPRWHOHQDWXULLDOHRUDúXOXLPRGHUQYRUEL
UHDXPDQ HWFDO WXULGHUHVXUVHOHGLUHFWHGLQFRQFHUWHOHPX]LFDOHYRFDOHFRUDOH
LQVWUXPHQWDOHRUFKHVWUDOHVDXSULQUHVXUVHOHLQGLUHFWHDOHPLMORDFHORUHOHFWURQLFH
,QWURGXFHUHvQPX]LFRWHUDSLH
'DW ILLQGLPSRUWDQ DPHGLXOXLDPELHQWDOvQYLD DXQXLRPGHODQDúWHUHSkQ
OD VIkUúLWXO YLH LL UHVXUVHOH VRQRUH DOH DFHVWXLD VXQHWHOH PX]LFDOH ± FD HQWLW L FX
IUHFYHQ H GXUDWH WLPEUXUL LQWHQVLW L FH DX GHWHUPLQ UL PDWHPDWLFH SUHFLVH ± úL
VRQRULW LOHQXPLWH]JRPRWHDF URUIUHFYHQ QXHVWHELQHGHWHUPLQDW DGLF QX
HVWH SUHFLV UHJXODW GDU DX GXUDWH LQWHQVLW L WLPEUXUL SUHFLVH WRDWH DFHVWH
UHVXUVHPDWHULDOHVRQRUHDXIRVWXWLOL]DWHvQPHGLFLQ úLvQSHGDJRJLDPX]LFDO VXE
QXPHOHGHPX]LFRWHUDSLH
$S UXW vQWkL vQ MXUXO DQXOXL vQ *HUPDQLD VXE QXPHOH GH
PX]LFRSVLKRORJLH QRXD úWLLQ DYHD FD RELHFW VWXGLHUHD PRGXOXL GH LQIOXHQ DUH D
SVLKLFXOXLGHF WUHVRQRULW LOHPX]LFLLGHWLSFODVLFRURPDQWLF
'XS FHVDREVHUYDWF PX]LFDLQIOXHQ HD] SR]LWLYHFKLOLEUXOSVLKLFúLFKLDU
DPHOLRUHD] VW ULOH XQRU EROL SVLKLFH úL SVLKRVRPDWLFH vQ MXUXO DQXOXL vQ
68$ VH SURILOHD] R DSOLFDUH D PX]LFLL vQ WHUDSLD XQRU EROL úWLLQ FDUH SRDUW
QXPHOHGHPX]LFRWHUDSLH
'H IDSW DFHDVW úWLLQ DSDUH SDUDOHO FX FHHD FH DP DPLQWLW vQ FXUVXO vQ
OHJ WXU FXSHGDJRJLDFXOWXULLVDXDSHUVRQDOLW LLFDUHG GHDLPSRUWDQ DFWLYLW LL
FXOWXUDOH vQ úFROL DFWLYLW L FDUH SRW FRQWULEXL PDVLY OD GH]YROWDUHD SHUVRQDOLW LL
HOHYLORUGDF VHvQGHSOLQHVFFRQGL LLOHUDSRUWXOXLvQWUHHUHGLWDWHPHGLXDPELHQWDOúL
FHOúFRODUÌQDFHVWHFRQGL LLDSDUWHUDSLDSULQMRFDUWWHUDSLDDUJRWHUDSLDHWFWRDWH
ILLQGFRQVLGHUDWHHOHPHQWHIDYRUL]DQWHvQHGXFD LHúLWHUDSLDXQRUEROL
0X]LFRWHUDSLDILHF VHUHDOL]HD] LQGLYLGXDOVDXvQJUXSSRDWHV UH]ROYHúL
V DLE HIHFWH SVLKLFH GLIHULWH ÌQ FDUWHD 'LPHQVLXQLOH SVLKRORJLFH DOH PX]LFLL
,QWURGXFHUHvQPX]LFRWHUDSLH(GLWXUD5RPFDUWH[LPDXWRULLHL%RULV/XEDQ
3OR]]DúL,RDQ%DUEX,DPDQGHVFXHQXPHU FkWHYDHIHFWHDVXSUDSVLKLFXOXLXPDQ
HIHFWH FDUH SRW FRQWULEXL DWkW OD DPHOLRUDUHD XQRU EROL FkW úL OD IDYRUL]DUHD
SURFHVXOXLGHHGXFD LHPX]LFDO
ÌQDFHVWVHQVPX]LFD
SRDWHDYHDHIHFWFDWKDUWLFFRQWULEXLQGODHOLPLQDUHDRERVHOLLVDXvQORFXLQG
RVWDUHSVLKRORJLF FXRDOWDGHDOW IDFWXU
SRDWHDPSOLILFDXQHOHVW ULSVLKRORJLFHP ULQGLQWHQVLWDWHDXQHLDQXPLWH
VW ULGHWULVWH HVDXEXFXULHGLQWUXQPRPHQWDOYLH LL
SRDWHIDYRUL]DFRPXQLFDUHDvQWUHRDPHQL
HYLGHQ LD] HPR LLOHHVWHWLFHSURYRFDWHGHDXGLHUHDPX]LFLL

'HILQLW GH -DFTXHOLQH 9HUGHDX3DLOOHV vQ FD ÄXQ FRPSOH[ IRUPDW GLQ
VXQHWILLQ XPDQ FXSDUWLFLSDUHDFUHDWLY DDFHVWHLDvQVFRSWHUDSHXWLF´PX]LFR
WHUDSLDHVWHRúWLLQ FHúLDO UJLWDULDGHFXSULQGHUHúLDVXSUDRPXOXLV Q WRV
$FHVWDSRDWHV UHDOL]H]HFKLDURDXWRPX]LFRWHUDSLHSULQDXGL LDPX]LFDO SH
FDUHRDOHJHVLQJXUúLSULQDOWHIRUPHSULQFDUHVHIDFHPRGHODUHDVDXVFKLPEDUHD
VW ULLSVLKLFHDXQHLSHUVRDQH
$YkQG vQ YHGHUH F DFHVW WLS GH PX]LFRWHUDSLH HVWH HPSLULF VH SXQH
SUREOHPDLGHQWLILF ULLWLSXOXLGHPX]LFRWHUDSLHSRWULYLWúLvQIXQF LHGHFLFOXOYLH LL
XQHLSHUVRDQHúLGHRELHFWLYXOXUP ULW
(VWH FXQRVFXW FODVLILFDUHD I FXW GH WHUDSHXWXO &KULVWRSK 6FKZDEH
XQRUSURFHGHHSULQFDUHVHIDFHPX]LFRWHUDSLH
'XS 6FKZDEHvQPX]LFRWHUDSLHWUHEXLHIRORVLWH
SURFHGHH UHFHSWLYH ± FH VH ED]HD] SH DXGL LD PX]LFDO IXQF LRQDO FH
FRQVW vQWUXQ UHSHUWRULX FUHDW VSHFLDO SHQWUX RELHFWLYXO FDWKDUWLF SHQWUX
VWLPXODUHD HIHFWXOXL GH FRPXQLFDUH HWF $FHVW WLS GH DXGL LH PX]LFDO FH
IRUPHD] PX]LFRORJLD UHFHSWLY VH GHRVHEHúWH GH DXGL LD PX]LFDO
QHVHOHF LRQDW FDUHHVWHvQDIDUDSUHRFXS ULORUWHUDSHXWLFHúLRvQWkOQLPSH
VWUDG vQVSD LLOHFRPHUFLDOHHWF
SURFHGHHDFWLYH±VHUHIHU ODDQWUHQDUHDXQHLSHUVRDQHVDXDXQXLJUXSvQ
FRPSXQHUHDPX]LFLLVDXvQLQWHUSUHWDUHDHLGDUúLvQDQWUHQDUHDSHUVRDQHL
VDX D JUXSXOXL vQ DFWLYLW L vQ FDUH VH FXSOHD] PX]LFD FX GDQVXO GDQV
WHUDSLH7RDWHDFHVWHDIRUPHD] FDWHJRULDGHPX]LFRWHUDSLHDFWLY
&ODVLILF ULOH HQXQ DWH GHPRQVWUHD] F PX]LFRWHUDSLD GHVWLQDW SHUVRDQHORU
EROQDYH GDU úL FHORU V Q WRDVH VD FRQVWLWXLW vQWUR úWLLQ FRPSOH[ FH VOXMHúWH
PHGLFLQDFUHD LDPX]LFDO LQWHUSUHWDUHDúLSHGDJRJLDPX]LFDO PRWLYSHQWUXFDUH
vQPRPHQWXOUHIRUP ULLXQXLVLVWHPGHvQY PkQWPRGHUQDFHDVWDHVWHRSUH]HQ
REOLJDWRULH vQ SURJUDPHOH úFRODUH VXE IRUPD XQHL DXGL LL PX]LFDOH UHFHSWLYH VDX
DFWLYH
5H]XPDW
$FWLYLWDWHDGHDXGLHUHDSLHVHORUPX]LFDOHHVWHXQDGLQFHOHPDLX]XDOHvQWkO
QLULDOHRPXOXLFRQWHPSRUDQFXPX]LFDÌQGRPHQLXOvQY PkQWXOXLDFWLYLWDWHDDUH
R GHQXPLUH VWDQGDUGL]DW úL VH QXPHúWH DFWLYLWDWH GH DXGL LH PX]LFDO ÌQ úFRDOD
FRQWHPSRUDQ DFHDVWDDGHYHQLWRFRPSRQHQW DSURFHVXOXLGHHGXFD LHPX]LFDO
GDU FX VXEOLQLHUHD F DFHDVWD WUHEXLH V ILH DFWLY DGLF FX SDUWLFLSDUHD FULWLF D
HOHYXOXL FX LPSOLFDUHD DFHVWXLD OD WU LUHD HPR LRQDODIHFWLY D PX]LFLL ([LVW vQ
FHHD FH SULYHúWH DSUHFLHUHD IDFWRULORU GH GH]YROWDUH XPDQ WHRULD F GLQWUH WR L
IDFWRULL GH LQIOXHQ DUH DPELHQWXO VRQRU FRQWHD] úL HVWH H[WUHP GH LPSRUWDQW vQ
HGXFD LDPX]LFDO &DUH]XOWDWUHFHSWDUHDPX]LFLLSULQVHOHF LRQDUHDXQXLUHSHUWR
ULXYDORURVFDSRWHQ IRUPDWLY DHPDQFLSDWDXGL LDPX]LFDO GHODIXQF LDHLGH
GLYHUWLVPHQWODFHDGHIDFWRUHGXFDWLYúLWHUDSHXWLFPX]LFRWHUDSLHDFWLY DPHOLR
UDUHDVW ULLGHV Q WDWHSULQFRPHQWDUHDPX]LFLLDXGLDWHDVRFLHUHDPX]LFLLDXGLDWH
FXGHVHQXOPLúFDUHDFUHDUHDGHOLWHUDWXU

$UWWHUDSLH DPHOLRUDUHD VW ULL GH V Q WDWH D XQRU SDFLHQ L SULQ DQWUHQDUHD
DFHVWRUD vQ DFWLYLW L DUWLVWLFH GDQV SLFWXU LQWHUSUHWDUH YRFDO LQVWUXPHQWDO
WHDWUXDXGL LLPX]LFDOH
(IHFW FDWKDUWLF PX]LFDO GXS $ULVWRWHO HIHFWXO SXULILFDWRU DO DUWHL vQ
JHQHUDO$LFLFXVHQVXOGHSXULILFDUHDSULQPX]LF DSDVLXQLORUGHJUDGDQWHMRVQLFH
DQWLXPDQHLQVWDODUHDXQHLVW ULGHFRQIRUWSVLKLFúLIL]LF
(PR LHHVWHWLF IHQRPHQDIHFWLYVSRQWDQSULPDUFDUHDF LHODFRQWDFWXOFX
R RSHU GH DUW FDUH VH H[SULP SULQ GLYHUVH FDWHJRULL HVWHWLFH WUDJLFXO FRPLFXO
JURWHVFXOJUD LRVXOSDWHWLFXO
(UJRWHUDSLH DPHOLRUDUHDVW ULLGHV Q WDWHDXQXLSDFLHQWSULQDQWUHQDUHDOXL
vQDFWLYLW LFHYL]HD] RPHVHULHJU GLQ ULWvQJULMLUHDDQLPDOHORU]LG ULHHWF
5HVXUVHVRQRUH PLMORDFHGLGDFWLFHFHIRORVHVFVXQHWXO
7HUDSLHSULQMRF DPHOLRUDUHDVW ULLGHV Q WDWHDXQXLSDFLHQWSULQDQWUHQD
UHDOXLvQGLYHUVHWLSXULGHMRFXULFXPLúFDUHFXPX]LF GHVRFLDOL]DUHGHFUHD LHHWF
,0LQLHVHXUL
&RPHQWD LDQDOL]D LFULWLFúLH[HPSOLILFD LSULQFD]XULFXQRVFXWHXUP WRDUHD
RSLQLHDWULEXLW OXL6HYHULQXV%RHWLXVHQ
Ä6 Q WDWHD HVWH DWkW GH PX]LFDO vQFkW ERDOD QX HVWH QLPLF DOWFHYD GHFkW R
GLVRQDQ úLDFHDVW GLVRQDQ VHSRDWHYLQGHFDSULQPX]LF ´
9LD DPHGLFDO 0X]LFDvQVOXMEDPHGLFLQLLYRO,,

,,&KHVWLRQDU

$OHJH LXQVLQJXUU VSXQVFRUHFW
0HGLXOVRQRUPX]LFDOFDH[SHULHQ FRJQLWLY DQWHULRDU
DFRQVWLWXLHED]DSHFDUHVHFRQVWUXLHúWHHGXFD LDPX]LFDO DHOHYLORU
E QX DUH LPSRUWDQ GHRDUHFH HGXFD LD PX]LFDO VH IRUPHD] QXPDL vQ úL
SULQúFRDO

(GXFDELOLWDWHDPX]LFDO FDSURFHVGHLQIOXHQ DUHDSVLKLFXOXLHOHYLORU
DVHUHDOL]HD] QXPDLSULQúFRDO
EVHUHDOL]HD] SULQúFRDO úLPHGLXOvQFRQMXU WRU

)DFWRULL GH]YROW ULL XPDQH GHWHUPLQDQ L SHQWUX HILFLHQ D GHPHUVXOXLHGX
FD LHLPX]LFDOHVXQW
DGDWHOHJHQRWLSLFHDOHHOHYXOXLSUHGLVSR]L LLOHPX]LFDOHPRúWHQLWHPHGLXO
DPELHQWDOúLFHOHGXFD LRQDO
EQXPDLGDWHOHJHQRWLSLFHDOHHOHYXOXLúLPHGLXOHGXFD LRQDODOHOHYXOXL

7HRULLOHDPELHQWDOLVWHUHFRPDQG
D FO GLUHD XQHL úFROL V ILH XQ DQVDPEOX GH V OL GH FODV FDUH V SHUPLW
GHVI úXUDUHD XQXL SURFHV GH vQY PkQW GH WLS FODVLF FH DUH vQ YHGHUH
VFULVFLWLWXOPX]LFDOIRUPDUHDXQXLUHSHUWRULXYRFDO
EDQVDPEOXODUKLWHFWRQLFQHFHVDUSURFHVXOXLGHvQY PkQWV ILHXQÄFDPSXV
úFRODU´RÄPLQLORFDOLWDWH´vQFDUHV VHSRDW IRUPDúLGH]YROWDFXQRúWLQ H
OHGHSULQGHULOHDWLWXGLQLOH XQXL FRQVXPDWRU GH DUW PX]LFDO YRFDOLQVWUX
PHQWDO

7HRULLOHDPELHQWDOLVWHUHFRPDQG
D LQWHJUDUHD PHGLXOXL VRQRU FD PDWHULDO LQWXLWLY vQ HGXFD LD PX]LFDO D
HOHYLORU SH WRW SDUFXUVXO SURFHVXOXL GH vQY PkQW DO WXUL GH VRQRULW L
PX]LFDOHHJDOWHPSHUDWHúLLQHJDOWHPSHUDWH
E LQWHJUDUHD vQ HGXFD LD PX]LFDO FD PDWHULDO VRQRU QXPDL D VRQRULW LORU
PX]LFLLHJDOWHPSHUDWHGLQPX]LFD%DURFXOXLD&ODVLFLVPXOXLúL5RPDQ
WLVPXOXLPX]LFDOúLDXQRUJHQXULGLQPX]LFDSRSXODU URPkQHDVF

0X]LFRWHUDSLDVHSRDWHRELHFWLYD
DQXPDLvQFDWHJRULDQXPLW PX]LFRWHUDSLHUHFHSWLY GHDXGLHUHDPX]LFLL
EvQPX]LFRWHUDSLHUHFHSWLY úLDFWLY

0X]LFRWHUDSLDSHQWUXFD]XULGHERDO VHSRDWHUHDOL]D
DQXPDLSULQSLHVHPX]LFDOHGLQWUXQUHSHUWRULXSO FXWSDFLHQWXOXL
ESULQUHSHUWRULXOFXIXQF LLWHUDSHXWLFHúLFDUHQXRFROHúWHLQWHUHVXOSDFLHQWXOXL

0X]LFRWHUDSLDDFWLY SUHVXSXQH
DDQWUHQDUHDXQHLSHUVRDQHvQDFWLYLW LGHFUHD LHLQWHUSUHWDUHPX]LFDO úLGH
GDQVWHUDSLH
EDQWUHQDUHDXQHLSHUVRDQHQXPDLvQDFWLYLWDWHDGHDXGLHUHDXQXLUHSHUWRULX
PX]LFDO
F DQWUHQDUHD XQHL SHUVRDQH QXPDL vQ DFWLYLW L GH FUHD LH úL GH LQWHUSUHWDUH
PX]LFDO
$XGL LDPX]LFDO vQDFFHS LDDFWXDO FDUHVXUV PDWHULDO QHFHVDU DWLQJHULL
RELHFWLYHORUFRPSHWHQ HORUSURSXVHGHSURJUDPHOHúFRODUHUHFRPDQG XQUHSHUWR
ULX IRUPDW GLQ WRDWH JHQXULOH VWLOXULOH PX]LFDOH DXGLDWH GLUHFW vQ VDOD GH FRQFHUW
VDX LQGLUHFW SULQ LQWHUPHGLXO PLMORDFHORU HOHFWURQLFH GDU úL VRQRULW LOH PHGLXOXL
DPELHQWDO
$XGL LDPX]LFDO vQDFFHS LDDFWXDO FDUHVXUV PDWHULDO QHFHVDU DWLQJHULL
RELHFWLYHORUFRPSHWHQ HORU SURSXVH GH SURJUDPHOH úFRODUH UHFRPDQG XQ UHSHU
WRULX IRUPDW QXPDL GLQ JHQXULOH VWLOXULOH VSHFLILFH %DURFXOXL &ODVLFLVPXOXL úL
5RPDQWLVPXOXLPX]LFDODXGLDWHGLUHFWvQVDODGHFRQFHUWVDXLQGLUHFWSULQLQWHU
PHGLXOPLMORDFHORUHOHFWURQLFHODFDUHVHDGDXJ DXGLHUHDPX]LFLLSRSXODUH

(IHFWXOGHFDWKDUVLVDOPX]LFLLHUDFXQRVFXWGLQHSRFLLVWRULFHIRDUWHYHFKL
GHWHUPLQkQGXO SH $ULVWRWHO V GHD DFHDVW GHQXPLUH vQUkXULULL PRUDODIHFWLYH SH
FDUHOHDXVXQHWHOHDVXSUDRPXOXL
(UJRWHUDSLDSUHVXSXQHYLQGHFDUHDDPHOLRUDUHDXQRUEROLIL]LFHVDXSVLKLFH
SULQPXQF PRWLYSHQWUXFDUHVWXGLXOLQVWUXPHQWDOFHSUHVXSXQHúLHIRUWIL]LFHVWH
UHFRPDQGDWFDSURFHGHXFRPSOHPHQWDUPX]LFRWHUDSLHLDFWLYH
5HSHUWRULXO GH PX]LF VSHFLILF VHFROXOXL ;; GH H[HPSOX 6FKRQEHUJ
WUHEXLHH[FOXVGLQUHSHUWRULXOHGXFD LHLIRUPDOH

&XUVXO

$XGL LDPX]LFDO DFWLY
3DWUXYL]LXQLDVXSUDPRGXOXLGHFRQYHUWLUHDDPELHQWXOXLVRQRU
úLDPX]LFLLSURSULX]LVHvQUHVXUVHDOHHGXFD LHLPX]LFDOH
PHWRGHOH0RQWHVVRUL0DUWHQRW.DEDOHYVNL6X]XNL

$P HQXQ DW vQ FXUVXULOH DQWHULRDUH LGHHD UHIHULWRDUH OD LPSRUWDQ D DXGLHULL
PX]LFLL vQ SURFHVXO GH HGXFD LH PX]LFDO $FHDVW QRX UHVXUV D SURFHVXOXL GH
HGXFD LH PX]LFDO vQV WUHEXLH V ILH DFWLY DGLF V DQWUHQH]H HOHYLL vQ GLYHUVH
DFWLYLW L GH]LQKLEDWRULL V OH IDYRUL]H]H VSRQWDQHLWDWHD IDQWH]LD vQ D PRGLILFD
PRGHOHOHSURSXVHGHDUHDOL]DSXQ LLQWHUGLVFLSOLQDUHGHDOHVSRULLQWHUHVXOSHQWUX
PX]LF DOHGH]YROWDFDOLW LOHQDWLYHYRFDOHúLLQVWUXPHQWDOH
([LVW vQ SHGDJRJLD PX]LFDO FkWHYD VROX LL LQHGLWH GH D WUDWD DXGL LD
PX]LFDO VROX LLFDUHDXRELHFWLYHGLIHULWH
'H H[HPSOX SHGDJRJLD PX]LFDO IUDQFH] RSWHD] SHQWUX QXPLUHD GLIHUHQ
LDW DDFWLYLW LORUGHUHFHSWDUHDVXUVHORUVRQRUHGHQDWXU GLIHULW $FWLYLWDWHDFH
DUHFDUHVXUV VRQRULWDWHDDPELHQWDO DQDWXULLDPHGLXOXLIRUPDW GLQ]JRPRWHD
PHGLXOXLVRQRUYRUELWHVWHQXPLW DVFXOWDUHHFRXWHULDUDFWLYLWDWHDFHDUHFDVXUV
PX]LFDYRFDOLQVWUXPHQWDO HVWHQXPLW DXGL LHPX]LFDO DXGLWLRQ
3UH]HQW PSDWUXYL]LXQLUHIHULWRDUHODPRGXOGHFRQYHUWLUHDDXGL LHLPX]LFDOH
vQ HOHDV ILHFDDPELHQWVRQRUILHPX]LF SURSULX]LV vQUHVXUVHDOHXQHLHGXFD LL
PX]LFDOH PRGHUQL]DWH SULQ IHOXO GH D OH DGDSWD
OD RELHFWLYHOH SURSXVH 0DULD 0RQWHVVRUL
0DXULFH0DUWHQRW'PLWUL.DEDOHYVNL6KLQ,FKL
6X]XNL
0DULD 0RQWHVVRUL ± FD
PHGLFSHGLDWUX±VDGHGLFDWHGXF ULLFRSLLORUFX
GL]DELOLW LSVLKLFHGLQ,WDOLD5H]XOWDWHOHREVHU
YD LLORU VLVWHPDWLFH DVXSUD PRGXOXL vQ FDUH
UHDOL]HD] FXQRDúWHUHD UHDOLW LL vQFRQMXU WRDUH
PRGXO vQ FDUH DFHDVWD HVWH VW SkQLW úL IRORVLW
GH HOHYLL FX KDQGLFDS SVLKLF DX GXV OD FRQWX
UDUHDXQRUSURFHGHHIRDUWHHILFLHQWHúLSRWULYLWH
úLSHQWUXHOHYLLQRUPDOL3URFHGHHOHUHXQLWHVDX )LJ0DULD0RQWHVVRUL

QXPLW vQ XUPD DSURE ULORU GLQ FDGUXO &RQJUHVHORU 0RQWHVVRUL GLQ
0HWRGD0RQWHVVRUL
0HWRGD D DWUDV DWHQ LD úL SURIHVRULORU GH PX]LF FDUH DX WUDQVIHUDW PXOWH
SURFHGHH PRQWHVVRULHQH GH IRUPDUHD D GLVFHUQ PkQWXOXL DXGLWLY vQ HGXFD LD
PX]LFDO DFRSLLORUQRUPDOL
3XQFWHOHSULQFLSDOHGHODFDUHVHSRUQHúWHvQHGXFD LDPRQWHVVRULDQ VXQWSH
GHRSDUWHLGHHDGHDFRQYHUWLPHGLXOvQFRQMXU WRUDPELHQWXOvQPDWHULDOGLGDFWLF
GH ED] SHQWUX WRDWH GLVFLSOLQHOH úFRODUH LDU SH GH DOW SDUWH LGHHD FDUH LD vQ
FRQVLGHUD LHÄSHULRDGHOHGHLQWHUHVVHQ]RULDO´DOHFRSLOXOXLPLFÌQDFHVWHSHULRDGH
IDSW REVHUYDELO úL DVW ]L OD RULFH FRSLO DFHVWD HVWH LQWHUHVDW H[FOXVLY GH H[HUVDUHD
XQRU VLP XUL úL FD DWDUH SHULRDGD H[HUV ULL SO FHULL GH D FRORUD YD IL IDYRUDELO
H[HUFL LXOXL GH GHVHQDW FHD vQ FDUH FRSLOXO PDQLIHVW LQWHUHV SHQWUX VRQRULW L
SHULRDGD YD IL IDYRUDELO HGXFD LHL PX]LFDOH HWF 0LFXO HOHY YD IL LQWHUHVDW GH
SUDFWLFDUHDDFHOHLDFWLYLW LúLQXP UXOGHH[HUFL LLQHFHVDUIRUP ULLXQHLGHSULQGHUL
PX]LFDOHGHH[HPSOXQXOYDRERVLVDXSOLFWLVL2YDIDFHFXPDLPDUHXúXULQ
PDL DOHV GDF H[HUVDUHD VH IDFH VXE IRUPD XQXL MRF SH SRWULYD YkUVWHL úL D
FDSDFLW LLVDOHJHQHUDOHúLVSHFLDOH
ÌQXUPDQXPHURDVHORUFHUFHW ULH[SHULPHQWDOHvQWUHSULQVHvQ&DVHOHFRSLLORU
PLFL &DVH GHL EDPELQL 0RQWHVVRUL FRQWXUHD] HVHQ D PHWRGHL VDOH FH FRQVW vQ
FRQYHUWLUHDPHGLXOXLvQFRQMXU WRUvQFDUHWU LHúWHFRSLOXOvQPHGLXHGXFRJHQ
0RQWHVVRUL XWLOL]HD] SHQWUX SULPD GDW vQ HGXFD LD PX]LFDO RELHFWH GLQ
GLYHUVH PDWHULDOH SHQWUX D IRUPD SULQ HOH FXQRDúWHUHD VHQ]RULDO FRPSOHW FXP
VXQ XQ RELHFW FH FXORDUH DUH FXP VH GLVWLQJH HO SULQ VLP XO WDFWLO 'LQ VHULD
PDWHULDOHORUúLRELHFWHORUSULQFDUHVHIDFHFXQRDúWHUHDPHGLXOXLvQFRQMXU WRUSULQ
VLP XULFXQRDúWHUHVHQ]RULDO LQWXLWLY DPLQWLPFkWHYDFXPDUIL
FRUSXULOH JHRPHWULFH GLQ OHPQ VDX DOWH PDWHULDOH FRORUDWH vQ UR] FDIHQLX
DOEDVWUXúLURúX
IRUPHJHRPHWULFHRE LQXWHSULQFRPELQDUHOHJJR
PDWHULDOHSHQWUXFXQRDúWHUHDWLSXOXLGHPDWHULDOGLQFDUHHVWHFRQIHF LRQDW
XQ RELHFW D JUHXW LORU úL DVSHULW LORU XQRU VXSUDIH H D WHPSHUDWXULL XQRU
FRUSXUL
PDWHULDOHSHQWUXGH]YROWDUHDVLP XOXLDXGLWLY
FORSR HLPX]LFDOLSHQWUXIRUPDUHDúLGH]YROWDUHDDX]XOXLPX]LFDO
3ULQ DFHVWH XOWLPH SURFHGHH HOHYXO HVWH LQWURGXV vQ OXPHD VRQRULW LORU
vQFRQMXU WRDUHSULQQLúWHPLFLJKLFLWRULFHDXFDVXELHFW]JRPRWHúLVXQHWHFDUHSRW
IL FRQVLGHUDWH SULPHOH GLFWHH PX]LFDOH *KLFLWRULOH LGHQWLILF ULOH GH DFHVW WLS vúL
DPSOLILF úLGLYHUVLILF GRPHQLLOH'HH[HPSOXVHVROLFLW LGHQWLILFDUHDQXP UXOXL
GH ORYLWXUL HJDOHLQHJDOH vQWUXQ RELHFW VRQRU VHQVXO úL UHJLVWUXO XQRU VRQRULW L
PX]LFDOHWLPEUXULOHXQRURELHFWHVDXLQVWUXPHQWH0HWRGDFRPSDU ULLVRQRULW LORU
DMXQJHOD0RQWHVVRULDWkWGHDYDQVDW vQFkWvQFXWLLOHFXPDWHULDOHSHQWUXFXQRDú
WHUHDSULQH[HUVDUHDVLP XOXLDXGLWLYFORSR HLLDFRUGD LWHPSHUDWVXQWLGHQWLILFD LOD
vQ O LPHDUHDO DEVROXW GHF WUHFRSLLLPLFLFDvQWUXQGLFWHXPHORGLF

&ORSR HLLVXQWSUH]HQWD LFRSLLORUvQGRX FDWHJRULL
±2SULP FDWHJRULHRIRUPHD] XQJUXSGHúDSWHFORSR HLLQVFULS LRQD LFX
VLODEHOHPX]LFDOHGHOD'ROD'RúLSODVD LSHXQSRUWDWLYVFXOSWDWvQOHPQÌQ
DFHVWSDQRXFXSRUWDWLYILHFDUHFORSR HOQRW DUHORFXOOXLvQFDVWUDWvQWUXQORFDúDO
SRUWDWLYXOXL
±2DGRXDJUXS RIRUPHD] FORSR HLLQHLQVFULS LRQD LFDUHVXQWSODVD LSHR
PDV DO WXUDW &RSLL VXQW LQYLWD L V LGHQWLILFH GRL FORSR HL FDUH DX IUHFYHQ D
LGHQWLF XQXO QHLQVFULS LRQDW FHO ODOW LQVFULS LRQDW VDX V FRPSDUH FORSR HL GLQ
UHJLVWUXODFXWPHGLXJUDYDOVF ULLVDXV LGHQWLILFHJUXSHGLQFHvQFHPDLPDULGH
VXQHWH-RFXOGHDJKLFLLGHQWLWDWHDFHORUGRX VXQHWHFDúLFHOHODOWHH[HUFL LLOXGLFH
DX DYXW FD HIHFW GH]YROWDUHD DX]XOXL PX]LFDO OD SDUDPHWUL QHDúWHSWD L DWkW SHQWUX
FDWHJRULD GH FRSLL QRUPDOL FkW úL SHQWUX FDWHJRULD GH FRSLL FX GL]DELOLW L SVLKLFH
3URFHGHHOH DPLQWLWH PDL VXV úL XQLWH vQ FHHD FH VD QXPLW ÄPHWRGD 0RQWHVVRUL
SHQWUX LQL LHUH PX]LFDO ´ DX IRUPDW ED]D DSHUFHSWLY D HGXFD LHL PX]LFDOH SHQWUX
XUP WRDUHDHWDS HWDSDQRWD LHLPX]LFDOH
(GXFD LDPX]LFDO PRQWHVVRULDQ HVWHvQV GRPLQDW GHODWXUDVHQ]RULDO GH
LGHQWLILFDUHD VXQHWHORU D GXUDWHORU D WLPEUXULORU úL D LQWHQVLW LORU FHHD FH
FRQVWLWXLHRHYLGHQW ODWXU SR]LWLY DPHWRGHLGDUFDUHGLQS FDWHU PkQHODDFHVW
VWDGLX,PSRUWDQW QRX úLGHSUH XLWFDYDORDUHPHWRGLF SHQWUXHGXFD LDPX]LFDO
GHODvQFHSXWXOVHFROXOXL;;DIRVWLGHHDFRQYHUWLULLPHGLXOXLDPELHQWDODOHOHYXOXL
RELHFWH VRQRUH VRQRULW LOH QDWXULL HWF vQ UHVXUV PDWHULDO GH PRGHODUH D
VWDGLXOXLLQL LDODOHOHYXOXL
0HWRGD 0RQWHVVUL PDL DGXFH R LGHH H[SHULPHQWDW OD %DUFHORQD FHD D
HGXFD LHL W FHULL 'DF FRSLOXOXL vQ HWDSD GH LQL LHUH VHQ]RULDO HUD vQGHPQDW OD
S VWUDUHDOLQLúWLLSHQWUXDVHFRQFHQWUDvQWURHWDS FkQGVHFRQVLGHU F GLQDPLFD
OXLQDWXUDO PRWULF vLSHUPLWHFRSLOXOHVWHGXVvQWURELVHULF PLQLDWXUDO ÄELVHULFD
SHQWUX FRSLL´ úL vQGHPQDW OD UHFXOHJHUH PHGLWD LH UHFXOHJHUH vQ VHPLvQWXQHULFXO
DFHVWHLRULJLQDOH&DVHD'RPQXOXL
$OWHUQDUHD DFWLYLW LORU vQWUH LQWHQVLW L PX]LFDOH VROLFLWDQWH FD YLH XLUH
H[WHULRDU úLFHOHGHOLQLúWHWRWDO QXPLWHvQPX]LF ÄSDX] ÝLH XLUHLQWHULRDU
VXQWvQIDSWVROX LDFHDPDLGHGRULWDHGXFD LHLPX]LFDOHVROX LHFHDIRORVLWVSUH
PRGHODUHDHGXFDUHDFRSLLORUFHOHPDLQDWXUDOHúLODvQGHPkQ PDWHULDOHGLGDFWLFH
VXQHWXO]JRPRWXOúLW FHUHDH[LVWHQWHvQPHGLXOvQFRQMXU WRU
0HGLXOvQFRQMXU WRUFDPHGLXHGXFRJHQ0DULD0RQWHVVRULvOGHVFULHDVWIHO
Ä3ULQ FXYkQWXO DPELDQ vQ HOHJHP vQWUHJXO DQVDPEOX GH OXFUXUL GLQ FDUH
FRSLOXO SRDWH V DOHDJ vQ PRG OLEHU SH FHOH GRULWH IRORVLQGXOH DWkW FkW GRUHúWH
DGLF vQ UDSRUW FX WHQGLQ HOH úL QHYRLOH VDOH GH DFWLYLWDWH´ 0RQWHVVRUL 0
'HVFRSHULUHD FRSLOXOXL WUDGXFHUH vQ OLPED URPkQ OD (GLWXUD 'LGDFWLF úL
3HGDJRJLF %XFXUHúWLS

0DXULFH 0DUWHQRW FRPSR]LWRUXO
IUDQFH] úL LQYHQWDWRUXO ÄXQGHORU 0DUWHQRW´ ± LQVWUX
PHQWXO HOHFWURQLF FRQVWUXLW vQ SHQWUX FDUH DX
VFULV SDJLQL LQVSLUDWH +RQHJJHU 0HVVLDHQ -ROLYHW
0LOKDXG±DIRVWúLXQFXQRVFXWDXWRUDOXQRUOXFU ULFX
VSHFLILFGHGLGDFWLF PX]LFDO GHH[HPSOX)RUPDWLRQ
HW GpYHORSSHPHQW PXVLFDO 0DJQLDUG 3DULV
OXFU UL OD FDUH IDF UHIHULUL PDMRULWDWHD SURJUDPHORU
úFRODUHDFWXDOHLQGLIHUHQWGHSXQFWXOJHRJUDILFXQGHV
DUDIODHOH
/XFUDUHD PDL VXV PHQ LRQDW HVWH GHVWLQDW
vQGUXP ULL PHWRGLFH D SURIHVRULORU úL DUH vQ OXFU ULOH
FRPSOHPHQWDUH 0HWKRGH 0DUWHQRW H[SOLFD LL GHWDOL
DWHVXEIRUPDXQRUPDQXDOHLQWHUDFWLYHSULQPRGXOvQ
)LJ0DXULFH0DUWHQRW FDUH LQYLW HOHYLL OD DFWLYLW L FX VSHFLILF PX]LFDO
DFWLYLW L DQFRUDWH vQ SULQFLSLLOH úFROLL DFWLYH úFRDO
FDUHDúDFXPDPPDLPHQ LRQDWDFRUG úLPHGLXOXLDPELHQWDOQDWXUDOLPSRUWDQ
FRQVLGHUkQGXOIDFWRUDOGH]YROW ULLXPDQH
ÌQPDQXDOHOHVDOH0DUWHQRWDFRUG ÄDXGL LHLPX]LFDOH´RLPSRUWDQ HJDO FX
FHD D FkQWDWXOXL YRFDO úL LQVWUXPHQWDO FRQIRUP FRQFHS LHL úL SURSXQHULORU
H[SOLFLWDWHvQFDSLWROXOXL,9LQWLWXODW$XGL LDGLQOXFUDUHDVXVDPLQWLW
ÌQ SULPHOH SDJLQL DOH OXFU ULL DXWRUXO vúL SUH]LQW SXQFWXO GH YHGHUH DVXSUD
RELHFWLYHORU SH FDUH DU WUHEXL V OH XUP UHDVF HGXFD LD PX]LFDO RELHFWLYH FDUH
SULYHVFvQSULPXOUkQGIRUPDUHDLQWHUHVXOXLSHQWUXSUDFWLFDUHDúLDXGLHUHDPX]LFLL
'XS 0DUWHQRWúFRDODDUHGDWRULD
V OIDF SHHOHYvQSULPXOUkQGV LXEHDVF PX]LFD
V LRIHUHPLMORDFHSHQWUXFDGHSULQGHULOHGREkQGLWHV LILHIRORVLWRDUHvQ
VRFLHWDWH
V IDYRUL]H]HVW ULOHVXIOHWHúWLSR]LWLYHV LFDQDOL]H]HHQHUJLLOH
V LWUDQVPLW FXQRúWLQ HOHWHRUHWLFHVXEIRUP GHMRF
V IRUPH]HXQDXGLWRULXVHQVLELOODFDOLWDWHDPX]LFLL
úLSULQWRDWHDFHVWHDV SUHJ WHDVF PX]LFDOúLSVLKLFHOHYXOLQVWUXPHQWLVW
7RDWHFHOH;,,FDSLWROHDOHOXFU ULLVXQWWUDYHUVDWHGHLGHHDvQVXúLULLPX]LFLLSULQ
MRF VWLPXODUHD PLúF ULORU FRUSRUDOH FX ULWP SUHFLV úL H[SUHVLY DFRUGDUHD YRFLL SULQ
MRFXOÄ6LUHQD´JLVVDQGRSkQ ODVXQHWXOLQWRQDWMXVWúLSULQIOXFWXD LLPHORGLFHDVRFLDWH
FXJHVWXULLPSURYL]D LLPHORGLFHúLULWPLFHúLSULQDXGL LHPX]LFDO UHSDXVPHQWDO
3URFHGHHOHVSHFLILFHÄDXGL LHLPX]LFDOH´0DUWHQRWVXQWGHRUGLQSVLKRORJLFúL
XUP UHVFV LWUH]HDVF HOHYXOXLLQWHUHVXOID GHRULFHVXUV VRQRU ]JRPRWVXQHW
PX]LFDO FX GLYHUVH WLPEUXUL úL LQWHQVLW L ID GH RULFH IRUPD LH LQVWUXPHQWDO úL
RULFH JHQ PX]LFDO V HGXFH SXWHUHD HOHYXOXL GH FRQFHQWUDUH V L LQGXF HOHYXOXL
LGHHDF PX]LFDDUHXQFDUDFWHULPDWHULDOV LFXOWLYHSXWHUHDGHDDX]LPX]LFDFXP
FXUJHPHORGLFULWPLFvQLQWHULRUXOILLQ HLXPDQHSURFHGHXFXQRVFXWVXEQXPHOHGH
ÄDXGL LH LQWHULRDU ´ 0DUWHQRW HVWH XQXO GLQ SX LQLL WHRUHWLFLHQL FDUH LQVLVW DVXSUD
H[HUV ULLFDSDFLW LLGHDDX]LPX]LFDvQLQWHULRUXOILLQ HLSURFHGHXDVHP Q WRUFX
ÄFLWLUHDvQJkQG´DXQXLWH[WOLWHUDU

&DSLWROXO , GLQ OXFUDUHD )RUPDUHD úL GH]YROWDUHD PX]LFDO VH LQWLWXOHD]
Ä7UH]LUHD IDFXOW LORU PX]LFDOH DOH FRSLLORU´ úL VH ED]HD] SH LGHHD IRORVLULL
DPELHQWXOXLPX]LFDOvQVOXMEDWUH]LULLLQWHUHVXOXLSHQWUXPHGLXOVRQRUvQDOWHUQDQ
FXDGDSWDUHDFRSLOXOXLODGLYHUVHWHPSRXULvQFDUHVHGHUXOHD] DFWLYLW LOHOXGLFHvQ
FDUH HVWH DQWUHQDW HOHYXO úL FX REOLJD LD FRSLOXOXL GH D IRORVL PRPHQWH GH W FHUH
$FHVW FRPSOH[ GH DFWLYLW L GLQDPLFH DUH vQ FDSLWROXO ,,, QXPLW Ä5HOD[DUHD´
LQGLFD LLWRWGHRUGLQSVLKRORJLFSHQWUXFDHGXFD LDPX]LFDO V ILHFkWPDLDSURDSH
GHUHDOLWDWHDvQFRQMXU WRDUHDGLF RDOWHUQDUHDvQWUHVRQRULW LSHUFHSXWHDXGLWLYúL
vQWUHSDX]HVRQRUH([HUFL LLOHGLQDFHVWFDSLWROLQGLF MRFXULGHLQVSLUD LHH[SLUD LH
FHDOWHUQHD] FXFHOHFXPLúF ULGHHODQúLUHSDXVFRUSRUDOFXVFKLPE ULGHWHPSR
úLH[HUFL LLGHGLF LHFXRELúQXLUHDHOHYXOXLFXW FHUHDúLGHSULQGHUHDGHDGLVFHUQH
FHHVWHYDORURVvQWUXQFRPSOH[GHDXGL LL
0DUWHQRW UHFRPDQG FD DXGLHUHD PX]LFLL V VH UHDOL]H]H vQ vQF SHUL vQ FDUH
OXPLQDV ILHFkWPDLHVWRPSDW LDUSR]L LDHOHYXOXLV ILHGHUHOD[DUHWRWDO RFKLL
vQFKLúL WUXSXO DOXQJLW vQ EDQFD úFRODU PX]LFD FX LQWHQVLWDWH PLQLP ÌQWUXQ IHO
DFHDVW DFWLYLWDWH VHDP Q FX FHD D ÄHGXFD LHL W FHULL´ SH FDUH R SURPRYD
0RQWHVVRULvQELVHULF 0DUWHQRWVROLFLW vQV vQOXPHDODLF V VHUHDOL]H]HDFHDVW
W FHUH FDUH LQYLW FRSLOXO GH PLF OD ÄR SDX] PX]LFDO ´ VDX FKLDU OD PHGLWD LD
FHUXW GHDPELHQWXOPX]LFLL
6XEOLQLHP DFHVW OXFUX FRPXQ DO FHORU GRX PHWRGH GHRDUHFH PHWRGHOH
úFROLORUPX]LFDOHDFWLYHVXQWIRDUWHVROLFLWDQWHFDLQWHQVLWDWHULWPWHPSRDQWUHQkQG
FRSLLLvQMRFXULFXVFRSXOGHDOHLQGXFHSO FHUHDúLDOHVDWLVIDFHGRULQ DQDWXUDO GH
DF LXQH I U D FXOWLYD úL ODWXU LQGLVSHQVDELO D HGXFD LHL PX]LFDOH OLQLúWHD úL
FDWHJRULD GH DFWLYLW L FX VDX I U VXSRUW PX]LFDO FDUH SURGXF UHOD[DUH LQYLW
FRSLOXOODPHGLWD LHúLvOIDFV vQ HOHDJ LPDWHULDOLWDWHDPX]LFLL
(OHPHQWXOYL]XDOFLWLUHDVFULHUHDQRWHORUPX]LFDOHúLFKLDUH[SOLFD LDYHUEDO
VHDGDXJ IRDUWHGLVFUHWODDFHVWHWLSXULGHDFWLYLW LGHDXGLHUHSUDFWLFDUHDPX]LFLL
SULQ DWDúDUHD XQRU SODQúH FX SUREOHPH GH JUDPDWLF PX]LFDO FH VH YRU DVRFLD
QXPDL FX SDVDMHOH DXGLDWH I U FD V OL VH H[SOLFH VHPQLILFD LD ORU ([SOLFDUHD
vQVFULVXULORUGHSHSODQúHYDVXUYHQLvQFOLSDFkQGRELHFWLYXOMRFXOXLDFWLYLW LLRYD
FHUH úL GXS FH YL]XDO GHVHQXO ULWPLF VDX PHORGLF D GHYHQLW IRDUWH IDPLOLDU
HOHYXOXLúLSRDWHILvQVXúLWFXXúXULQ
'LPLWUL %RULVHYLFL .DEDOHYVNL
±FRPSR]LWRUPX]LFRORJSLDQLVWGLULMRU
UXV ± D SURSXV R PHWRG GH HGXFD LH PX]LFDO
ED]DW SH LQWHUSUHWDUHD úL DXGLHUHD XQRU SLHVH
PX]LFDOH FH DSDU LQ XQXL JUXS UHVWUkQV GH JH
QXULGDUFDUHGXS RSLQLDDXWRUXOXLDXFDSDFL
WDWHDV VHHPDQFLSH]HvQJHQXULPDLFRPSOH[H
JHQXUL FH YRU DFRSHUL GLYHUVH VWLOXUL úL IRUPH
PX]LFDOH
0HWRGD GH LQWRQDUHDXGLHUH .DEDOHYVNL
DGDSWHD] FRQFHSWXO GH HGXFD LH PX]LFDO
ED]DW SHÄWHPDWLVP´QR LXQHSULQFDUHvQIDSW
SURJUDPD GH HGXFD LH PX]LFDO QX VH PDL
RUJDQL]HD] SH FHOH GRX GRPHQLL GH PRUIROR )LJ'LPLWUL%RULVHYLFL.DEDOHYVNL
JLH PX]LFDO vQ O LPH GXUDW FL SH WHPH

LQWHUGLVFLSOLQDUHSUHFXP
0X]LFDúLQDWXUD
0X]LFDúLGDQVXO
0X]LFDúLOLWHUDWXUD
0X]LFDúLDUWHOHSODVWLFH
0X]LFDFXSURJUDPúLI U SURJUDP
,PDJLQHDPX]LFDO
'UDPDWXUJLDPX]LFDO
9DORULSHUHQHDOHPX]LFLLQD LRQDOH
0X]LFDGHDOXQJXOWLPSXOXL
0X]LFDDFDGHPLF úLPX]LFDGHGLYHUWLVPHQW
7HPDWLVPXO H[SXV PDL VXV VH FRQFUHWL]HD] vQWUXQ UHSHUWRULX GH SLHVH
PX]LFDOHIRUPDWvQH[FOXVLYLWDWHGLQ
FkQWHFHSURSULX]LVH
SLHVHPX]LFDOHGHGDQV
PDUúXUL
*HQXULOH HQXPHUDWH VXQW GXS H[SUHVLD DXWRUXOXL ÄJHQXUL FH VH UHJ VHVF vQ
YLD DSRSRDUHORUVRYLHWLFHúLSHFDUHVHED]HD] 0DUHD0X]LF ´
&RQIRUPFRQFHS LHLDXWRUXOXLFkQWHFXOGHOHDJ QVHYDOHJDILUHVFGHFkQWH
FXOSRSXODUDFHVWDGHURPDQ DSRLGHOLHGVDXDULHGHRSHU
0DUúXOYDSDUFXUJHúLHOGUXPXOGHODFkQWHFXOPDUúODPDUúXOGHSDUDG OD
FHO VSRUWLY OD FHO RVW úHVF OD FHO GH QXQW OD FHO IXQHEUX úL OD PDUúXUL VROHPQH
SHQWUXGLYHUVHRFD]LLWUHFkQGvQUHYLVW WRWFHHVWHYDORDUHúLFDSRGRSHU DJHQXOXL
GHOD%HHWKRYHQOD&KRSLQúLPDLGHSDUWH
ÌQ OHJ WXU FX GDQVXO úL DFHVW JHQ HVWH SXUWDW VHOHFWLY SULQ HSRFL VWLOLVWLFH
SUHFXPGDQVXULOHSRSXODUHÄDOHEXQLFLORUúLDOHVWU EXQLFLORU´'DQVXULOHVHFROHORU
;9,;9,,, SUHFXP PHQXHWXO IUDQFH] SDYDQD VSDQLRO FRQWUDGDQVXO HQJOH]HVF
VDX YDOVXO DXVWULDF DO VHFROXOXL ;,; VXQW SURPRYDWH GH F WUH .DEDOHYVNL FX
PHQ LXQHDÄF WUHEXLHDXGLDWHúLGDQVXULFRQWHPSRUDQHÍ U V VSHFLILFHFDUHHVWH
UHSHUWRULXOSURSXV
'DU VSHFLILFXO PHWRGHL .DEDOHYVNL VH DIO vQ
3RYHVWHD FHORU WUHL EDOHQH SRYHVWH VFULV GH vQVXúL
DXWRUXOPHWRGHLSULQFDUHFHOHWUHLJHQXULGHLQL LHUH
PX]LFDO VXQWFRPSDUDWHFXWUHLEDOHQH,GHHDIRVW
SUHOXDW GLQWUXQ EDVP UXVHVF vQ FDUH S PkQWXO
0DUHD 0X]LF VH VSULMLQ SH VSDWHOH D WUHL EDOHQH
WUHL JHQXUL FkQWHFXO GDQVXO PDUúXO ,GHHD IDFH
DWUDFWLY SURFHVXO GH FRPXQLFDUH FX HOHYLL UHVSHF
WkQG vQ DFHODúL WLPS úL FRQFHSWXO GH WHPDWLVP ÌQ
DFHDVW PDQLHU .DEDOHYVNL UHXúHúWH V UHDOL]H]H R
DXGL LHDFWLY úLDG XJ PQRLRPHORWHUDSLHDWkWGH
WLSUHFHSWLYFkWúLGHWLSDFWLYFXGDQV
6KLQ,FKL 6X]XNL D IRVW XQ
YLRORQLVW úL SHGDJRJ MDSRQH] D F UXL PHWRG GH
)LJ6KLQ,FKL6X]XNL SUHGDUHLQVWUXPHQWDO YLRDUDVDED]DWSHLGHHDF
HGXFD LD PX]LFDO WUHEXLH V IRORVHDVF ÄPHWRGD

vQY ULL OLPELL PDWHUQH´ DGLF D PHGLXOXL DPELDQW vQ FDUH WU LHúWH FRSLOXO
$PELHQWDOLVWFRQYLQV6X]XNLDUHDOL]DWRPHWRG FDUHG úDQV WXWXURUFRSLLORUV
SUDFWLFHPX]LFDúLDQXPHPX]LFDLQVWUXPHQWDO SRUQLQGGHODFHHDFHDXGHúLYHGH
vQMXUXOV X(ILFLHQ DHGXFD LHLPX]LFDOHFUHúWH±GXS RSLQLDPX]LFLDQXOXLMDSRQH]
± GDF WRWXO VH vQFHSH GLQ SULPHOH ]LOH GH YLD DOH FRSLOXOXL úL GDF LQL LHUHD
LQVWUXPHQWDO vQFHSHGHODDQL
,QL LDOPHWRGDDYL]DWQXPDLYLRDUDFRQVLGHUDW GHDXWRUFDILLQGLQVWUXPHQWXO
FRQYHQDELOVSHFLILFXOXLMDSRQH]VSHFLILFFHXUP UHúWHIRUPDUHDúLGH]YROWDUHDPH
PRULHLDSXWHULLGHFRQFHQWUDUHDVHQVLELOLW LLvQFDUHLQWURYHUWLUHDúLH[WUDYHUWLUHD
VXQWFDQDOL]DWHúLFRQGXVHHFKLOLEUDW$VW ]LXQHOHSURFHGHHFHIRUPHD] FRPSDFW
ÄPHWRGD 6X]XNL´ VH IRORVHVF vQ HGXFD LD PX]LFDO YRFDO úL VXQW WUDQVIHUDWH vQ
LQL LHUHDLQVWUXPHQWDO DWXWXURUIDPLOLLORUGHLQVWUXPHQWHFRDUGHVXIO WRULSHUFX LH
VDXSLDQ
6X]XNLYDORULILF úLFRPXW vQPHWRGDVDGHHGXFD LHPX]LFDO LQVWUXPHQWDO
R REVHUYD LH VLPSO úL OD vQGHPkQD RULFXL úL DQXPH IDSWXO F ILLQ D FRSLOXOXL PLF
DXGHSHUPDQHQWUHSHWkQGXVHFXYLQWHGLQOLPEDPDWHUQ DVRFLDWHFXRDQXPHFXUE
LQWRQDWLY 8OWHULRUGXS FHúLDvQVXúLWYRFDEXODUXOGHED] úLVSHFLILFXOLQWRQD LHL
OLPELLPDWHUQHSRDWHFRPXQLFDYHUEDOúLvQYD V VFULHúLV FLWHDVF
$FHVWDHVWHPRWLYXOúLSULQFLSLXOGHED] DOHGXFD LHLPX]LFDOHSULQFLSLXFDUH
DVFKLPEDWUDGLFDOÄvQY DUHDPX]LFLL´6X]XNLDFRUG DXGL LHLPX]LFDOHvQWkLHWDWHúL
SULRULWDWH SURFHGHX QHIRORVLW GH YUHXQ DXWRU GH GLGDFWLF PX]LFDO YRFDO VDX
LQVWUXPHQWDO SkQ ODHO
6SHFLILFXO DXGL LHL PX]LFDOH vQ PHWRGD 6X]XNL FD PHWRG FH XUP UHúWH
LQL LHUHDLQVWUXPHQWDO DFRSLOXOXLFRQVW vQ
VHOHF LRQDUHDVSUHDXGLHUHQXPDLDUHSHUWRULXOXLGHVWLQDWYLRULL
UHSHUWRULXO HVWH IRUPDW GLQ SLHVH FX VRQRULW L MDSRQH]H SUHSHQWDWRQLFH
SHQWDWRQLFH H[HFXWDWH OD YLRDU úL GLQ UHSHUWRULXO UHSUH]HQWDWLY GLQ HSRFD
%DURFXOXLD&ODVLFLVPXOXLúLD5RPDQWLVPXOXLPX]LFDOILHGHVWLQDWYLRULL
ILHWUDQVFULVSHQWUXYLRDU
UHSHUWRULXO LQWHUSUHWDW QXPDL GH YLRDU WUHEXLH V ILH DVFXOWDW úL V O
vQVR HDVF SHFRSLOXOPLFFKLDUGLQSULPHOHOXQLGHODQDúWHUH
IDPLOLDUL]DUHD FX WLPEUXO YLRULL WUHEXLH V VH UHDOL]H]H FRQWLQXX FRQVWL
WXLQGXVH vQWUR VRQRULWDWH vQVR LWRDUH D FRSLOXOXL LQGLIHUHQW GDF HO VH
MRDF P QkQF VDX VH SOLPE 2SLQLD OXL 6X]XNL HVWH DFHHD F UHSHWDUHD
FRQWLQX DDXGL LHLPX]LFDOHQXSOLFWLVHúWHFRSLOXOPLF
UHSHUWRULXO WUHEXLH V FXSULQG XQ JUXS PLF GH SLHVH 3HQWUX FRSLLL PDL
DYDQVD LUHSHUWRULXOWUHEXLHV FXSULQG RVLQJXU SDUWHGLQWUROXFUDUHPDL
H[WLQV XQ FRQFHUW SHQWUX YLRDU UHSHUWRULX FH WUHEXLH DVFXOWDW ]LOQLF
GXS XQRUDULQGLFDWGHDXWRU6X]XNLUHFRPDQG DXGLHUHD]LOQLF DSLHVHORU
GLQ DFHDVW XOWLP FDWHJRULH vQ UHSUL]H ILHFDUH UHSUL] WUHEXLH V ILH
DGDSWDW SXWHULL GH FRQFHQWUDUH D FRSLOXOXL GH OD OD PLQXWH 'DF VH
DF LRQHD] vQIHOXODFHVWDWLPSGHOXQLSURFHGHXOYDVFXUWDSHULRDGDGH
vQY DUHDDSLHVHLGHODOXQLODV SW PkQL

SLHVDDXGLDW WUHEXLHV LQWUHvQÄ]HVWUHDDSHUFHSWLY DHOHYXOXL´FXOXQLGH
]LOH vQDLQWHD VWXGLHULL HL FD WHKQLF YLRORQLVWLF SHQWUX D IL PHPRUDW DP
SXWHDVSXQHQRLLQFRQúWLHQW
LQL LHUHDLQVWUXPHQWDO HVWHSUHFHGDW GHDXGLHUHDFRQWLQX DPHORGLHL
QXPDL GXS FH UHSHUWRULXO SULPHORU WUHL & U L FX SLHVH PX]LFDOH D IRVW
vQY DW WHKQLF GXS DX] VH WUHFH OD &DUWHD ,9 SULQ FDUH VH IDFH úL FLWLUHD
QRWHORU GXS SDUWLWXU FRQFRPLWHQW úL I U D VH DEDQGRQD SURFHGHXO
VSHFLILFPHWRGHL6X]XNLPHPRUDUHDXQHLSLHVHLSULQDXGLHUHSURFHGHXFH
SHUPLWHHOHYXOXLV VHFRQFHQWUH]HFXSULRULWDWHDVXSUDWHKQLFLLGHRE LQHUH
DVXQHWXOXLVSHFLILFYLRULL
3LHVDPX]LFDO SURSXV DXGLHULLFXVFRSXOGHDILFXQRVFXW RUDOLQWXLWLYGH
FRSLOSRDWHILUHSHWDW úLDXGLDW SULQXUP WRDUHOHSURFHGHH
DXGLHUHD GH SH R FDVHW FH YD IDFH FRQWLQXX FDVHWD DIOkQGXVH PHUHX vQ
SUHDMPDFRSLOXOXLIRDUWHPLFLQGLIHUHQWGDF HOVHDIO vQFDV VDXvQDIDUD
HLXQHOHPDPHMDSRQH]HSULQGGHVSDWHOHFRSLOXOXLFDVHWD
DXGLHUHD WLPEUXOXL YLRULL úL D SLHVHORU PX]LFDOH D H[HUFL LLORU OD RUD GH
HGXFD LHPX]LFDO 6X]XNLVHIDFHSULQSLHVHH[HFXWDWHGHPDPDFRSLOXOXL
ÌQ SULPHOH RUH GH HGXFD LH PX]LFDO FRSLOXO DVLVW OD OHF LLOH GDWH GH
SURIHVRU PDPHL LDU SULPHOH LQL LHUL vQ WHKQLFD YLRULL OH YD GD PDPD
FRSLOXOXLQXSURIHVRUXO
FRSLOXOYDDVLVWDDFDV ODH[HUFL LLOHI FXWHGHPDP
FRSLOXOYDSULPLSULPDÄOHF LH´GHYLRDU GHODPDP úLDQXPHSULQGHUHD
VXEEUD DYLRULLSULQGHUHDDUFXúXOXLFXPkQDGUHDSW vQSR]L LHGHSHQGXO
úL UHYHUHQ D GH LQWUDUH úL LHúLUH GH SH SRGLXPXO GH FRQFHUW &X DFHVWH
GHSULQGHUL HOHYXO YD SDUWLFLSD OD FRQFHUWXO GH UHYHUHQ H XQ HYHQLPHQW
DúWHSWDW GH SXEOLFXO úFROLL FX DFHODúL LQWHUHVúLGkQGXLVHWRWDWkWDLPSRU
WDQ FDXQXLFRQFHUWPX]LFDODGHY UDW
vQWLPSXODXGL LLORUFRSLOXOQXYDILFRQVWUkQVV VWHDFXPLQWHQHPLúFDWFL
LVHYDGDOLEHUWDWHGHPLúFDUHFRQVLGHUkQGXVHF DWHQ LDOXLIXQF LRQHD]
vQ RULFH SR]L LH VDU DIOD GHVLJXU WHPSHUkQG ]JRPRWHOH I FXWH GH FHL FX
H[FHVGHHQHUJLH
RUJDQL]DUHD GH FRQFHUWH DFDV FX SUH]HQWDUHD vQ ID D IDPLOLHL D PLFLORU
DFKL]L LL V SW PkQDOH vQFXUDMkQG LQWHUSUHWDUHD HOHYXOXL FKLDU GDF DFHDVWD
QXHVWHSHUIHFW
DVLVWDUHDODOHF LLOHFROHJLORUGHFODV FXvQWUHDJDIDPLOLHDFRSLOXOXL
vQ DXGLHUH SLHVHL vQ FROHFWLYXO FODVHLJUXSHL VH YD vQFHUFD úL VXEOLQLHUHD
IRUPHL DUKLWHFWRQLFH D SLHVHL FKLDU FkQG HVWH YRUED GHVSUH R FHOXO
ROLJRFRUGLF D XQXL FkQWHF GLQ IROFORUXO FRSLLORU SHQWUX FD SULQ DFHVW
SURFHGHXV VSRUHDVF FDSDFLWDWHDGHPHPRUDUHORJLF DSLHVHL
vQFHSkQG FX HWDSD GH DXGLHUH úL vQY DUH D & U LL ,9 FkQG vQFHSH FLWLUHD
GXS SDUWLWXU DXGL LD YD IL vQVR LW úL GH SDUWLWXUD SLHVHL SURFHGHX FH
vQW UHúWHYL]XDOFDSDFLWDWHDGHPHPRUDUHDFRSLOXOXL

HYDOXDUHDHOHYXOXLVHYDIDFHvQIXQF LHGHWLPSXOvQFDUHDIRVWDVLPLODWOD
QLYHORSWLPUHSHUWRULXOPX]LFDOGLQFHOH=HFHFDLHWHGHHGXFD LHPX]LFDO
6X]XNL
)LQDOL]DUHD VWXGLLORU PX]LFDOH úL HYDOXDUHD ILQDO VH YD IDFH OD ,QVWLWXWXO GH
(GXFDUHD7DOHQWXOXLGLQ-DSRQLDSULQLQWHUPHGLXODFLQFLHWDSH(OHYXOLPSULP SH
FDVHWH SURJUDPXO H[HFXWDW OD YLRDU vQ FOLSD FkQG HO HVWH FDSDELO V VW SkQHDVF
WHKQLFúLH[SUHVLYSLHVDSHQWUXHYDOXDUHDILQDO D& U LORU&DVHWHOHVXQWDXGLDWHGH
SURIHVRUL (OHYLL SULPHVF XQ FDOLILFDWLY úL FDVHWHOH VXQW UHWUDQVPLVH FRSLLORU FX
REVHUYD LLOHGHUHPHGLHUHDJUHúHOLORU
5HSHUWRULXO SHQWUX YLRDU FDUH WUHEXLH vQVXúLW vQ SULPD HWDS SULQ DXGLHUH
FXSULQGH
&DUWHD , 9DULD LXQLOH 7ZLQNOH IRUPDWH GLQ PLFL FHOXOH ULWPLFH XOWHULRU úL
PHORGLFH FH DSDU LQ SLHVHORU GLQ UHSHUWRULXO SHQWUX YLRDU SLHVH FX ULWPXULOH
H[HUVDWH vQ YDULD LXQL GDU FDUH DX FkWH XQ WLWOX úL VH SUHWHD] OD MRFXUL PX]LFDOH
SHQWUX D OH IDFH DFFHVLELOH FRSLOXOXL PLF &kQWHFXO YkQWXOXL &HDUW XúRDU 2
YHQL LFRSLODúL&kQWHFGH0DL$OOHJUR0LúFDUHSHUPDQHQW $OOHJUHWWR$QGDQWLQR
5HSHUWRULXOIRORVHúWHIUDJPHQWHVDXFKLDULQWHJUDOSLHVHGLQWUXQUHSHUWRULXED]DWSH
WUDQVFULS LLPX]LFDOHSUHFXP6WXGLXSHQWUXJDPD6ROPDMRU0HQXHWGH%DFK
0HQXHW GH %DFK 0HQXHW GH %DFK VXQW IUDJPHQWH FDUH VH YRU FRPSOHWH vQ
& U LOH XUP WRDUH UDQXO IHULFLW GH 6FKXPDQQ WUDQVFULS LH GXS SLDQ *DYRW
GH*RVVHF±SLHV GHDEVROYLUHD& U LL,

&DUWHD,,5HSHUWRULXOHVWHIRUPDWGLQ&RUGLQRUDWRULXO-XGD0DFFDEHXOGH
+DHQGHO±WUDQVFULS LHSHQWUXYLRDU 0XVHWWHGH%DFK±WUDQVFULS LHSHQWUXYLRDU
&RUXOYkQ WRULORUGLQRSHUDÄ)UHLVFKXW]´GH&0YRQ:HEHU±WUDQVFULS LHSHQWUX
YLRDU 9DOVGH%UDKPV±WUDQVFULS LHSHQWUXYLRDU %RXUqHGH+DHQGHO'RLVROGD L
± GH 6FKXPDQQ ± WUDQVFULS LH SHQWUX YLRDU 'DQVXO YU MLWRDUHORU GH 3DJDQLQL
*DYRW GLQRSHUDÄ0LJQRQ´GH$7KRPDV±WUDQVFULS LHSHQWUXYLRDU *DYRW GH
/XOO\0HQXHWvQ6ROGH%HHWKRYHQ0HQXHWGH%RFFKHULQL±SLHV GHDEVROYLUHD
& U LL,,
&DUWHD,,,5HSHUWRUL*DYRW GH0DUWLQL0HQXHWGH%DFKFRQWLQXDUHDGLQ
&DUWHD,*DYRWHOHvQVROPLQRUúLvQ5HPDMRUGH%DFK+XPRULQVNDLDGH'YRUDN
±WUDQVFULS LHSHQWUXYLRDU %RXUHHGH%DFK±SLHV GHDEVROYLUHD& U LL,,,
&DUWHD ,9 5HSHUWRULX &RQFHUWXO QU GH 6HLW] XQHOH SDVDMHOH WUHEXLH
SUHJ WLWH vQF GLQ & U LOH , ,, &RQFHUWXO QU GH 6HLW] ± SULPD úL D WUHLD SDUWH
&RQFHUWvQODPLQRUGH9LYDOGL±SULPDúLDWUHLDSDUWH&RQFHUWXOSHQWUXGRX YLRUL
GH%DFK±SULPDSDUWHSDUWLWXUDYLRULLDGRXD±SLHV GHDEVROYLUHD& U LL,9
&DUWHD95HSHUWRULX*DYRW GH%DFK±UHOXDUHDGLQ&DUWHD,,,úLFRQWLQXDUH
&RQFHUWXOvQODPLQRUGH9LYDOGL±SDUWHDDGRXD&RQFHUWXOvQVROPLQRUGH9LYDOGL
±SULPDDGRXDúLDWUHLDSDUWH'DQVJHUPDQGHYRQ'LWWHUVGRUI'DQVDPHULFDQGH
:HEHU&RQFHUWSHQWUXGRX YLRULGH%DFK±SULPDSDUWHSDUWLWXUDSULPHLYLRUL±
SLHV GHDEVROYLUH

& U LOH9;5HSHUWRULX&RQFHUWHSHQWUXYLRDU %DFK0R]DUWHWF

5H]XPDW
ÌQ VHFROXO ;; FHUFHW ULOH GLQ GRPHQLXO SVLKRORJLHL DO VRFLRSHGDJRJLHL DO
PHGLFLQLL úL DO PX]LFLL VDX FRQMXJDW IHULFLW úL DX DMXQV OD FRQFOX]LD F VRQRULW LOH
PHGLXOXLDPELDQWúLDXGLHUHDPX]LFLLSRWILFRQYHUWLWHvQPLMORDFHQRQYHUEDOHQDWXUDOH
GHPDUHHILFLHQ vQGRPHQLLOHDPLQWLWHÌQGRPHQLXOSURFHVXOXLGHHGXFD LHPX]LFDO
DXGLHUHD PX]LFLL úL D VRQRULW LORU DPELHQWDOH VH FRQVWLWXLH vQ PLMORDFH GLGDFWLFH
GHYHQLWHDFWLYLW LREOLJDWRULLvQFDGUXORUHLGHPX]LF GLQúFROL&RPSR]LWRULúLPHGLFL
SVLKLDWUL SHGLDWUL UHXúHVF V FRQWXUH]H JUXSH GH SURFHGHH HILFLHQWH FDUH OH SRDUW
QXPHOH 0DULD 0RQWHVVRUL D SURSXV FD SURFHGHX GH LQL LHUH PX]LFDO IRUPDUHD
VHQVLELOLW LLVHQ]RULDOHDVXQHWHORUPX]LFDOHGDWHGHLQVWUXPHQWHPX]LFDOHGLQIDPLOLD
FORSR HLORUvQ O LPHGXUDW WLPEUXúLD]JRPRWHORUWLPEUXGXUDW DFWLYLWDWHFDUHV
IDFLOLWH]H HWDSD GH QRWD LH PX]LFDO 0DXULFH 0DUWHQRW RSWHD] SHQWUX R DXGL LH
PX]LFDO GH UHOD[DUH LDU 'LPLWUL .DEDOHYVNL SHQWUX R HGXFD LH PX]LFDO FH DUH FD
UHVXUV XQ JUXS GH WUHL JHQXUL PX]LFDOH FkQWHFXO GDQVXO úL PDUúXO PRWLYDWH úL
vQFDGUDWHGHRSRYHVWHGLQIROFORUXOUXV3RYHVWHDFHORUWUHLEDOHQH6KLQ,FKL6X]XNL
IRORVHúWHDXGL LDPX]LFDO FDPHWRG GHIDFLOLWDUHDPHPRU ULLXQXLUHSHUWRULXGHSLHVH
GHVWLQDWH LQWHUSUHW ULL OD YLRDU 'XS FXP VH SRDWH REVHUYD DXGL LD PX]LFDO HVWH R
QRX UHVXUV PDWHULDO D HGXFD LHL PX]LFDOH XWLOL]DW FRQIRUP YDULDWHORU RELHFWLYH
XUP ULWHGHÄúFRDODDFWLY PX]LFDO ´DVHFROHORU;;;;,
$XGL LHLQWHULRDU DXGL LHPXW DFWPHQWDOGHDQDOL] DXQHLVRQRULW L
,OX]LH R VWDUH GH DúWHSWDUH GH VSHUDQ DVXSUD XQHL SUREOHPH UHDOH SHUFH
SXWHGHIRUPDW
0HGLX HGXFRJHQ DWPRVIHU PHGLX SVLKRVRFLDO FDSDELO V FRQWULEXLH OD
HGXFDUHDúLLQWHJUDUHDVRFLDO DXQHLSHUVRDQH
3HULRDGHOH GH LQWHUHV VHQ]RULDO vQ FRQFHS LD 0DULHL 0RQWHVVRUL SHULRDGH
GHWLPSvQSULPDSDUWHDFRSLO ULHLDQLGHGXUDW OLPLWDW FkQGFRSLOXOHVWH
LQWHUHVDWGHGLYHUVHDFWLYLW LFDUHDXXQVLQJXUDQDOL]DWRUWLSXULGHDFWHVLPSOHGDU
FDUHDSDU LQDFHOXLDúLVLP SHULRDGDSHQWUXLQWHUHVDXGLWLYSHQWUXGHVHQ
5HYHOD LH GH]Y OXLUHVXUSULQ] WRDUHDXQHLFDOLW LVDXDGHY UDVFXQV
,7HPH
2UJDQL]D LRGH]EDWHUHSHLGHLOHH[LVWHQWHvQWH[WXOGHPDLMRV

Ä0X]LFD QX HVWH R LOX]LH HD HVWH R UHYHOD LH 3XWHUHD HL ELUXLWRDUH FRQVW vQ
DFHHD F HD GH]Y OXLH R IUXPXVH H FDUH QX HVWH OD vQGHPkQD QLFL XQHL DUWH HD QH
vPSDF FXYLD D´±3LRWU,OLFL&HDLNRYVNL

,,0LQLHVHXUL
5HDOL]D LXQPLQLHVHXvQFDUHV H[SULPD LXQSXQFWGHYHGHUHSHUVRQDOID GH
H[SUHVLDÄ$WUHLDXUHFKHDRPXOXL´vQIDSWWLWOXOXQHLF U LDS UXWHvQ,WDOLDvQ
,OWHU]RRUHFFKLRGH'HOOL3RQWLúL/XEDQ3OR]]DúLFDUHvPSUXPXW RLGHHDGHOD
1LHW]VFKHÄDOWUHLOHDRFKLWHDWUDO´

, &KHVWLRQDU
$OHJH LU VSXQVXOFRUHFW
0RQWHVVRULLQGLF UHIHULWRUODDXGL LDPX]LFDO
DDVFXOWDUHDúLFRPSDUDUHDVRQRULW LORUGLQPHGLXODPELHQWDODOFRSLOXOXLúLD
VRQRULW LORUSURGXVHGHFORSR HLLDFRUGD LvQ'R
E QXPDL DVFXOWDUHD úL FRPSDUDUHD VRQRULW LORU GLQ PHGLXO DPELHQWDO DO
FRSLOXOXL

0RQWHVVRULFRQFHSHDXGL LDPX]LFDO GUHSWÄRDVFXOWDUHDVRQRULW LORUGH
FDUHHvQFRQMXUDWFRSLOXO´
DFDHWDS SUHJ WLWRDUHSHQWUXQRWD LDPX]LFDO
EFDHWDS GHVLQHVW W WRDUHI U DWUHFHODHWDSDFODVLF GHQRWD LHPX]LFDO

.DEDOHYVNLSURSXQHFDUHSHUWRULXOGHDXGL LLPX]LFDOHV VHUHDOL]H]H
DH[FOXVLYSULQWUHLJHQXULSUHFL]DWHDILFkQWHFXOGDQVXOúLPDUúXO
ESULQFkQWHFHH[FOXVLYYRFDOH
FSULQSLHVHGHGDQVSRSXODUúLSUHFODVLF

.DEDOHYVNLSURSXQHFDDXGL LDPX]LFDO V ILHSUH]HQWDW
DVXEIRUPDFODVLF GHOHF LHFXSUREOHPHGHJUDPDWLF PX]LFDO GDUFXXQ
UHSHUWRULXSULRULWDUUXVHVF
EVXEIRUPDXQHLSRYHúWLDF UHLDOHJRULHV LQGLFHWUHLJHQXULSHFDUHV VH
VSULMLQHHYROXWLYWRDWHJHQXULOHGHYDORDUHGLQLVWRULDPX]LFLLXQLYHUVDOH

7LWOXODOHJRULFDOPHWRGHL.DEDOHYVNLGHHGXFD LHPX]LFDO HVWH
DÄ3RYHVWHDFHORUWUHLEDOHQH´
EÄ3RYHVWHDFHORUWUHL]kQH´
FÄ3RYHVWHDFHORUWUHLLQVWUXPHQWHIHUPHFDWH´

2ELHFWLYHSULQFLSDOHDOSUDFWLF ULLDXGL LHLPX]LFDOHvQPHWRGD0DUWHQRWVH
FRQVLGHU DFHOHSURFHVHFDUHFRQWULEXLHOD
D IRUPDUHD LQWHUHVXOXL SHQWUX SUDFWLFDUHD PX]LFLL úL WRWRGDW FDQDOL]DUHD
HQHUJLLORUVXIOHWHúWLDOHHOHYXOXL
E IRORVLUHD DXGL LHL PX]LFDOH H[FOXVLY SHQWUX GHPRQVWUD LD SUREOHPHORU GH
JUDPDWLF PX]LFDO vQVFULVHvQWURSDUWLWXU

ÌQPHWRGDVD0DUWHQRWLQGLF SULRULWDUFDDXGL LDPX]LFDO
DV LWUH]HDVF LQWHUHVXOFRSLOXOXLPLFDSRLSUHúFRODUXOXLSHQWUXDVFXOWDUHD
FXGLVFHUQ PkQWDRULF UHLVXUVHVRQRUHúLDRULF UXLJHQúLVWLOPX]LFDO
EV LWUH]HDVF LQWHUHVXOFRSLOXOXLPLFDSRLSUHúFRODUXOXLSHQWUXDVFXOWDUHD
QXPDLDPX]LFLFODVLFHúLURPDQWLFH

0HWRGHGHHGXFD LHPX]LFDO FXVFRSGHUHOD[DUHVDXGHHGXFD LHDW FHULL
DPHGLWD LHLSULQPX]LF DIRORVLW
D2UII
E0RQWHVVRULúL0DUWHQRW

0HWRGD6X]XNLGHDXGL LHPX]LFDO DXUP ULW
DIRUPDUHDUHSHUWRULXOXLGHDXGL LLPX]LFDOHQHFHVDUFXOWXULLJHQHUDOH
EIRUPDUHDED]HLDSHUFHSWLYHSHQWUXUHSHUWRULXOGHVWLQDWLQWHUSUHW ULLDFHVWXLD
ODYLRDU

5HSHUWRULXOGHDXGL LLPX]LFDOHGLQPHWRGD6X]XNLSUHYHGH
D SLHVH GLQ WRDWH JHQXULOH VWLOXULOHSHQWUXIRUPD LLYRFDOHLQVWUXPHQWDOHúL
RUFKHVWUDOH
EQXPDLSLHVHGHVWLQDWHYLRULLúLSHVHvQFDUHRUFKHVWUDDFRPSDQLD] YLRDUD
GLQUHSHUWRULXOSUHFODVLFFODVLFúLURPDQWLF
2DXGL LHPX]LFDO FRPSOH[ vQúFROLvúLSURSXQHV FRQWULEXLHODIRUPDUHD
LQWHUHVXOXL SHQWUX SUDFWLFDUHD PX]LFLL OD VWLPXODUHD DWLWXGLQLORU HVWHWLFHPX]LFDOH
OD UHOD[DUHD HOHYLORU V IRUPH]H ED]D DSHUFHSWLY D XQXL UHSHUWRULX PX]LFDO V
SRDW ILPDWHULDOGHPRQVWUDWLYSHQWUXSUREOHPHGHWHRULDPX]LFLL

$XGL LDPX]LFDO DFWLY LPSOLF RUHFHSWDUHDDPX]LFLLGHSHSR]L LLFULWLFH
GHDQDOL]DUHDWHKQLFLORUGHFUHD LHúLLQWHUSUHWDUHPX]LFDO

0HWRGHOH0RQWHVVRULúL0DUWHQRWSURSXQFDWHUPHQXOGHDXGL LHPX]LFDO
V LQGLFH DXGLHUHD PX]LFLL SURSULX]LVH YRFDOH úL LQVWUXPHQWDOH LDU WHUPHQXO GH
DVFXOWDUH D VRQRULW LORU V LQGLFH DFWLYLW L GH DSUHFLHUL DOH VRQRULW LORU
DPELHQWDOH

$XGL LD PX]LFDO vQ PHWRGHOH 0RQWHVVRUL 0DUWHQRW úL .DEDOHYVNL HVWH
UHFRPDQGDW DVHUHDOL]DSULQUHFHSWDUHDHLvQJUXS

0HWRGD6X]XNLLQGLF UHFHSWDUHDLQGLYLGXDO DSLHVHORUPX]LFDOHvQDLQWHGH
DILLQWHUSUHWDWHODYLRDU

$XGL LD PX]LFDO vQ PHWRGHOH 0RQWHVVRUL 0DUWHQRW úL .DEDOHYVNL LQGLF
UHFHSWDUHDLQGLYLGXDO DSLHVHORUPX]LFDOH

,,,62/)(*,(5($Ì16(&2/(/(;,;9,,

&XUVXO

6ROPL]D LDUHODWLY

,QWURGXFHUH

8Q RELHFWLY SHUPDQHQW DO úFROLORU FH DX DYXW úL DX vQ SURJUDPD ORU SULQWUH
RELHFWHOHGHvQY PkQWúLVWXGLHUHDPX]LFLLvQWRDWHWLPSXULOH±FXDWkWPDLPXOWvQ
HSRFLOHFXOWXULORUVFULVH±DIRVWS VWUDUHDUHSHUWRULXOXLPX]LFDOWUDGL LRQDOSHQWUX
vQY DUHDFkWVHSRDWHGHQHDOWHUDW DDFHVWXLDúLPDLFXVHDP SHQWUXWUDQVPLWHUHD
UHSHUWRULXOXLJHQHUD LLORUYLLWRDUH
6HSXQHGHFLSUREOHPDQRW ULLSLHVHORUPX]LFDOHRELHFWLYFHDI FXWSRVLELO
FLWLUHDSDUWLWXULORUDFWLYLWDWHSHFDUHPX]LFLHQLLRQXPHVFVROIHJLHUHDWXQFLFkQGVH
H[HFXW YRFDO
3HQWUXDYHDRSULYLUHGHDQVDPEOXDVXSUDSDúLORUI FX LvQJ VLUHDPHWRGHORU
RSWLPH GH VROIHJLHUH D SDUWLWXULORU PX]LFDOH HVWH QHYRLH V UHFDSLWXO P FkWHYD
QR LXQL FH SULQ VHPDQWLFD ORU IDFLOLWHD] DFFHVXO OD vQ HOHJHUHD DSRUWXOXL ILHF UHL
QRXW LDGXVHDFHVWHLDWkWGHJUHOHVDUFLQLDOHXQXLVLVWHPGHvQY PkQWPRGHUQ
6ROIHJLHUHD XQHL SDUWLWXUL YRFDOH SRDWH IL UHGDW SULQ FLWLUHD QRWHORU SULQ
VXQHWH FX vQ O LPHD GH QLYHO DEVROXW FRUHVSXQ] WRU XQXL DFRUGDM VWDQGDUGL]DW FH
FRQVW vQUHVSHFWDUHDXQXLUDSRUWvQWUHLQWHUYDOHOHPX]LFDOHGHH[HPSOXVXQHWXO/D
+] LQWHUYDOXO GH FYLQW SHUIHFW HJDO FX GH FHQ L ÌQ DFHVW FD] vQ
SUDFWLFDúFRODU VHIRORVHúWHQR LXQHDGHVROIHJLHUHDEVROXW ÌQFD]XOFkQGQRWHOH
VFULVHVXQWUHGDUHDSULQWURFRQYHQ LHFHQX LQHFRQWGHvQ O LPHDVWDQGDUGL]DW D
VXQHWHORUFLGHXQUHSHUPRELOFRQYHQDELOGLDSD]RQXOXLXQHLXQRUYRFLVROIHJLHUHD
SULPHúWHQXPHOHGHVROIHJLHUHUHODWLY
3HQWUXF DFWLYLWDWHDGHFLWLUHYRFDO DXQHLSDUWLWXULSULQWURWHKQLF VSHFLDO
DSXUWDWFXVHFROHvQXUP QXPHOHGHVROPL]D LHDEVROXW VDXUHODWLY GHPXOWH
RULSXWHPvQWkOQLúLDFHDVW GHQXPLUHvQYRFDEXODUXOGLGDFWLFLLPX]LFDOHFDWHUPHQ
DQDORJGDUvQQLFLXQFD]QXFDWHUPHQHFKLYDOHQW
7RW SHQWUX D GD FODULWDWH H[SOLFD LLORU FDUH XUPHD] PDL WUHEXLH V DPLQWLP
FkWHYDHOHPHQWHGHED] DOHFDSLWROXOXLGHQRWD LHPX]LFDO
1RWD LD HXURSHDQ D SDUWLWXULORU PX]LFDOH VD UHDOL]DW SULQWUXQ VLVWHP GH
VHPQHSHUIHF LRQDWHvQWLPSSULQFDUHVHLGHQWLILF vQ O LPHDGXUDWDLQWHQVLWDWHD
WLPEUXOXQXLVXQHWPX]LFDO3HQWUXvQ O LPHVLVWHPXOLQFOXGH
QRWHPX]LFDOHVHPQHFRQYHQ LRQDOHOLWHUHFLIUHPLFURVHPQHJHRPHWULFH
VHPQHGHPRGLILFDUHDDvQ O LPLLVXQHWHORUHWF
FKHLVHPQHFDUHLQGLF vQ O LPHDSUHFLV DVXQHWHORUFKHLD* 6ROFKHLD
& 'RFKHLD) )DúLFDUHRULHQWHD] UHJLVWUXOLQVWUXPHQWHORU6RO DFXW'R
PHGLX)D JUDY
SRUWDWLYHOLQLLHWF

0DL WUHEXLH V UHDPLQWLP F vQ FHHD FH SULYHúWH vQ O LPHD DEVROXW D
VXQHWHORU DFHDVWD SRDWH IL LGHQWLILFDW vQ DIDUD QRWHORU SH SRUWDWLY úL SULQ OLWHUH
VLODEHFRQYHQ LRQDOHSULQFLIUHDFXVWLFRPDWHPDWLFH
'HH[HPSOXVXQHWXOQXPLWSULQVLODED'RSRDWHILQXPLWúLSULQOLWHUD&
VDXSULQQRWD LDDFXVWLFRPDWHPDWLF +]
ÌQ FXUVXO GH ID QH YRP RFXSD QXPDL GH QXPLUHD VXQHWHORU PX]LFDOH SULQ
VLODEHPX]LFDOHSUH]HQWkQGDFRORXQGHVLVWHPXOGHQRWDUHDVXIHULWPRGLILF ULúL
DOWHVROX LLGHLGHQWLILFDUHQXPLUHDVXQHWHORUPX]LFDOHOLWHUHFLIUH
0DL WUHEXLH V DPLQWLP IDSWXO F PHORGLD FD VXFFHVLXQH RUJDQL]DW
vQWRWGHDXQDFRQIRUPXQRUUHJXOLVWLOLVWLFHúLXQRUUHJXOLFH LQGHVLVWHPHGHVF UL
PX]LFDOHDOHJDWFRHUHQWIRUPXOHPHORGLFRULWPLFHPRGXOHPHORGLFH
8QLWDWHD SURFHGHHORU GH DVDPEODUH D PRGXOHORU PHORGLFH VH GLIHUHQ LD] SH
VLVWHPHGHVF ULVLVWHPHLQWRQD LRQDOHúLLQWHUVLVWHPSHúFROLGHFkQWGLQGLYHUVH
P Q VWLUL FHQWUH FXOWXUDOH ÌQ FRQVHFLQ DúD VH MXVWLILF úL DúD WUHEXLH vQ HOHV
PRWLYXOSHQWUXFDUHVLVWHPXOPRGDOvúLFRQVWUXLHúWHPHORGLDvQSODQRUL]RQWDOSULQ
LQWHUPHGLXO D FkWRUYD WLSXUL GH WHWUDFRUGXUL 3H DFHODúL SULQFLSLX WUHEXLH vQ HOHDV
WHKQLFDGHGHVFLIUDUHDXQHLSDUWLWXULPRGDOHWHKQLF FHGHSULQGHGHPRGXOvQFDUH
VDXvQVXúLWGLIHULWHOHIRUPXOH±LQL LDOHPHGLDQHILQDOHDOHILHF UXLPRG
'DU ILHFDUH VLVWHP LQWRQD LRQDO FRPSXV GLQ VF UL PX]LFDOH DUH SUHFL]DW
GLVWLQFW VSD LXO GH RUJDQL]DUH 1XPLP VSD LX GH RUJDQL]DUH D XQXL VLVWHP VRQRU R
VXFFHVLXQHFXRVWUXFWXU LQWHUYDOLF UHSUH]HQWDWLY
3HQWUX VLVWHPXO PRGDO DFHDVW VWUXFWXU D IRVW WHWUDFRUGXO DWkW SHQWUX
VLVWHPXO PRGXULORU DQWLFH JUHFHúWL EL]DQWLQH FkW úL SHQWUX PRGDOXO SRSXODU
URPkQHVF3HQWDFRUGXOWHWUDFRUGXOúLKH[DFRUXULOHOXLG¶$UH]]RSHQWUXPRGXULOH
JUHJRULHQHúLDSRLVLVWHPXORFWDYHORUSHQWUXVLVWHPXOWRQDO0HORGLDvQDFHVWXOWLP
FD]SURLHFWkQGvQSODQRUL]RQWDODUPRQLDDGLF SODQXOVLPXOWDQHLW LLVXQHWHORUDO
YHUWLFDOLW LLVXQHWHORU
&KHLDVROX LRQ ULLFLWLULLXQHLSDUWLWXULYRFDOHGXS RSLQLDQRDVWU VHDIO vQ
DVLPLODUHD IRUPXOHORU FH IRUPHD] GLYHUVH PRGXOH PHORGLFRULWPLFH FH OD UkQGXO
ORU VH DVDPEOHD] vQ FRQWXUDUHD PHORGLHL PRGDOH VDX WRQDOH VDX FXP VH YD
GHPRQVWUDSULQPHWRGD(GOXQGGHVROIHJLHUHDWRQDO

6ROPL]D LDvQFRQFHS LDOXL*XLGRG¶$UH]]R
8QD GLQ VROX LLOH GH UH]ROYDUH D FLWLULL VXQHWHORU
PX]LFDOHHVWHYHFKHGHSHVWHGHDQL$SRUQLWGHOD
RSURSXQHUHDXQRUF OXJ ULLWDOLHQLGLQWUHFDUHFHOPDL
PHGLDWL]DWQXPHHVWHFHODOF OXJ UXOXLEHQHGLFWLQ*XLGR
G¶$UH]]R*XLGR$UHWLQXVGLQP Q VWLUHD$UH]]R,WDOLD
"VDX
ùFROLOHvQFDUHVHUHVSHFWDQHDOWHUDWVWUXFWXUDPH
ORGLF DSLHVHORUPX]LFDOHvQSULPXOUkQGDOUHSHUWRULXO
GHFXOWFUHúWLQvQ9HVWXO(XURSHLVXQWúFROLGHFkQW UH L
SH PRGHOXO 6FKROHL &DQWRUXP úFRDO FUHDW GH 3DSD
*ULJRUHFHO0DUH
ùFRDODvúLSURSXQHDvQY DUHDUHSHUWRULXOXLELVHUL
)LJ*XLGRG¶$UH]]R FHVFFRUDOFRPSOHWDYHDRGXUDW GHDQLVXSXQkQGXVH

FLFOXOXLGHúFRDO FXÄDUWHOLEHUDOH´6HvQY DvQSULPXOFLFOXJUDPDWLFDUHWRULFD
ILOR]RILDúLvQDOGRLOHDFLFOXDULWPHWLFDPX]LFDJHRPHWULDDVWURQRPLD6HSUDFWLFD
vQY DUHDSULQPHPRUDUHDWH[WHORUFLWLWHVROPL]DUHDSDUWLWXULORUvQPDQLHUDSHFDUH
R YRP GHVFULH PDL MRV IRORVLQG PRQRFRUGXO LQVWUXPHQW FX R VLQJXU FRDUG FD
UHSHUSHQWUXVWDELOLUHDvQ O LPLLDEVROXWHDVXQHWHORU(GXFD LDvQúFROLHUDH[WUHPGH
FRHUFLWLY FXOWLYkQGXVHSHGHSVHOHFRUSRUDOH
*XLGR$UHWLQXV]LV*XLGRG¶$UH]]RDIRVWXQGLGDFWLFLDQSUHRFXSDWGHDFFHVL
ELOL]DUHDFLWLULLSDUWLWXULORUPX]LFDOH(ODO VDWSHGDJRJLHLPX]LFDOH±GXS $PpGpH
*DVWRXp±OXFU ULWHRUHWLFHGLQWUHFDUHQXPLPDLFL0LFURORJXVGHGLVFLSOLQDDUWLV
PXVLFDH5HJXODHU\WKPLFDHúLUHYL]XLUHD7RQDUXOXLOXL2GRQFHO7kQ UYH]L$UWD
JUHJRULDQ WUDGXFHUHvQOLPEDURPkQ GH,5D LXúL'3RSRYLFL(GLWXUD0X]LFDO
S
*XLGRG¶$UH]]RDDGXVXUP WRDUHOHFODULILF ULúLQRXW LSUREOHPHLFLWLWXOXLúL
VFULHULLXQHLSDUWLWXULPX]LFDOH
DIL[DWQRWHOHSHXQSRUWDWLYGHOLQLL
DQRWDWvQVWkQJDSRUWDWLYXOXLOLWHUHOH)&*FXFDUDFWHUHJUDILFHJRWLFH
± OLWHUD ) ± SHQWUX D GHVHPQD FD VXQHW UHSHU VXQHWXO )D VSHFLILF UHJLVWUXOXL
JUDY
±OLWHUD&±SHQWUXDGHVHPQDFDVXQHWUHSHUVXQHWXO'RVSHFLILFUHJLVWUXOXL
PHGLX
±OLWHUD*±SHQWUXDGHVHPQDFDVXQHWUHSHUVXQHWXO6ROVSHFLILFUHJLVWUXOXL
DFXW
DOSLHVHLPX]LFDOH/LWHUHOHYRUILYLLWRDUHOHFKHL)D'R6RO
D HOLPLQDW GLQ Ä7RQDU´ WRDWH VHPQHOH FH QX HUDX GLDWRQLFH UH]XOWkQG
IRUPXOHFHHYLWDXFURPDWLVPHOHVDXHQRUPRQLVPHOHGHSURYHQLHQ PH]RDUDE VDX
EL]DQWLQ U PkQkQGSXUGLDWRQLFH
D IL[DW XQ UHSHU VLODELF XQLF VXQHWHORU GLQ KH[DFRUGXULOH FDUH vL SRDUW
QXPHOH
8W5H0L)D6RO/D
DSURPRYDWPkQDJXLGRQLF FDSURFHGHXPQHPRWHKQLF
D ILQLVDWWHKQLFDGHLQWRQDUHSULQVLODEHDXQXLGHVHQPHORGLFKH[DFRUGDO
QXPLWVRPL]D LH
3RUWDWLYXO
ÌQOHJ WXU FXSULPDLQRYD LHSRUWDWLYXOFXOLQLLWUHEXLHV PHQ LRQ PF
LGHHD QRW ULL XQRU UHSHUH VHPQH GH GLYHUVH DVSHFWH OLWHUH SH OLQLL RUL]RQWDOH
SDUDOHOH HFKLGLVWDQWH HVWH PDL YHFKH úL DSDU LQH XQXL F OXJ U IUDQFH] +XFEDOG
1XP UXOGHOLQLLHUDFRQGL LRQDWGHDPELWXVXOPHORGLHLSHQWUXFDSHHO
V VH SRDW vQVFULH WRDWH VXQHWHOH GH OD FHO JUDY OD FHO DFXW PRWLY SHQWUX FDUH
QXP UXOGHOLQLLDOHXQXLSRUWDWLYYDULDvQWUHOLQLL00'LF LRQDUGHWHUPHQL
PX]LFDOL(GLWXUDùWLLQ LILF úL(QFLFORSHGLF S8OWHULRUVDFRQVLGHUDW
F SHQWDJUDPD DGLF SRUWDWLYXO FX OLQLL DVLJXU FHO PDL ELQH VFULHUHD FHORU
VXQHWH SRWULYLWH FX GLDSD]RQXO QRUPDO DO YRFLORU XQXL FRU DMXWkQGXVH úL GH OLQLL

VXSOLPHQWDUH&XWLPSXOHPDQFLS ULLPRQRGLHLvQSROLIRQLHVDDMXQVODSRUWDWLYXO
GXEOXPXOWLSOXúLODSDUWLWXUDGHRUFKHVWU

)LJ'LIHULWHWLSXULGHSRUWDWLYH
&KHLOH
3ULPHOH QRW UL FDUH DYHDX FD VFRS V VH FRQVWLWXLH vQ UHSHU SHQWUX QRWDUHD
SUHFLV D vQ O LPLL XQRU VXQHWH VH SUH]HQWDX VXE IRUPD XQHL OLQLL LPDJLQDUH
QHVFULVH vQ MXUXO HL SODVkQGXVH QHXPH GLDVWHPHWLFH VHPQH SHQWUX LQWHUYDOH
8OWHULRU DX DS UXW OLQLL FRORUDWH GH H[HPSOX OLQLD URúLH /LWHUHOH ) & * YRU IL
VFULVH GH *XLGR G¶$UH]]R SH SRUWDWLY SODVkQGXOH vQ SDUWHD VWkQJD D DFHVWXLD
)RUPDJRWLF DOLWHUHORUDGHYHQLWGXS VHFROHFHHDFHQXPLPQRLDVW ]LFKHLOHGH
)D6ROúL'R
7RQDUXO
7RQDUXO HUD vQ 6FKROD FDQWRUXP R FROHF LH GH H[HUFL LL IRUPDWH GLQ IRUPXOH
PHORGLFH PRGXOH PHORGLFH GHVWLQDWH SXQFWHORU LQL LDOH PHGLDQH úL ILQDOH DOH
GLYHUVHORU JHQXUL PX]LFDOH FRQVWUXLWHFUHDWH GLQ PRGXULOH JUHJRULHQH 3ULQ
DVDPEODUHD ORU GXS DQXPLWH UHJXOL DYHDX PHQLUHD V VXV LQ WH[WXO UHOLJLRV GLQ
OLPED ODWLQ /LQLD PHORGLF GLDWRQLF GHVWXO GH VHYHU D FkQWXOXL JUHJRULDQ
FRUDOXOXLJUHJRULDQDIRVWvPERJ LW FXLQILOWUD LLPHORGLFRULWPLFHQXPLWHWURSHúL
VHFYHQ H $PSOLILFDUH PHORGLF DVRFLDW FX WH[WH FX VHPQLILFD LH UHOLJLRDV
LQWHUFDODWHvQIUD]HOHXQXLFkQWUHOLJLRVHUDQXPLW WURS LDUDPSOLILFDUHDPHORGLF
SHRVLODE DWH[WXOXLSUHFXP$OHOXLDHUDQXPLW VHFYHQ
1RWD LDPX]LFDO JXLGRQLF
ÌQ úFROLOH GH FkQW UH L ELVHULFHúWL 6FKROD FDQWRUXP IRUPD LLOH FRUDOH úL
VROLúWLL UHXQHDX QXPDL E UED L úL E LH L SkQ OD YkUVWD VFKLPE ULL YRFLL GHRDUHFH
IHPHLOH QX SXWHDX V SDUWLFLSH OD RILFLHUHD VHUYLFLXOXL GLYLQ ÄPXOOLHU WDFHW LQ
HJOHVLDV´

3HQWUX D UHVSHFWD DFHDVW UHJXO vQ QRWDUHD VXQHWHORU PX]LFDOH *XLGR
G¶$UH]]R IRORVHúWH R VFDU PX]LFDO GH GH VXQHWH FDUH XQHúWH GLDSD]RQXO
YRFLORUGHE UED LGHODVXQHWXOJUDY6ROGLQRFWDYDPDUHFXGLDSD]RQXOYRFLORUGH
FRSLLSkQ ODVXQHWXO0L±RFWDYDDGRXD
3HQWUX D DSUHFLD DGHY UDWD YDORDUH D LQRYD LHL JXLGRQLHQH WUHEXLH V QH
UHDPLQWLP F VSD LXO RUGRQDWRU DO PRGXULORU úL DO PHORGLLORU GLQ HSRFLOH VWLOLVWLFH
DQWHULRDUH HUD FHQWUDW SH WHWUDFRUG ÌQ PRGXULOH DQWLFH JUHFHúWL FHO PDL XWLOL]DW
WHWUDFRUGHUDGRULVW\SHVXQHWXO0LVHSDUHLQWRQDWGHVFHQGHQWWRQWRQVHPLWRQúL
FLWLWWHWRWDWLÄWDWL´PDUFDvQWRWGHDXQDVHPLWRQXO6HSDUHF *XLGRG¶$UH]]RD
FXQRVFXWDFHVWSURFHGHXGHFLWLUHDVXQHWHORUPX]LFDOHúLODIRORVLWvQPHWRGDOXLGH
FLWLUHQXPLW VROPL]D LHSHFDUHRYRPH[SOLFDvQSDUDJUDIHOHXUP WRDUH
3kQ OD G¶$UH]]R VXQHWHOH HUDX QRWDWH I U SRUWDWLY GHDVXSUD WH[WXOXL XQHL
SLHVHPX]LFDOH1RWD LDVHRSHUDFXOLWHUHJUHFHúWLvQPX]LFDDQWLF JUHFHDVF úL
DSRLFXOLWHUHURPDQHvQFkQWXODPEUR]LDQDSRLJUHJRULDQGHODOLWHUD$SkQ OD3
VXQHWXO FHO PDL JUDY HUD 6RO GLQ RFWDYD PDUH QRWDW JUHFHúWH úL QXPLW JDPD LDU
VXQHWXO/DGLQDFHHDúLRFWDY HVWHQXPLWúLQRWDWFXOLWHUD$
*XLGR S VWUHD] QRWDUHD SULQ OLWHUH D VF ULL JHQHUDOH FH SULYHúWH GLDSD]RQXO
YRFLORUGHFkQW UH LGDURFRPSOHWHD] FXHOHPHQWHQRLYH]LSDUDJUDIXOXUP WRU
&RPSDUWLPHQWDUHD VF ULL FHORU GH VXQHWH vQ WUHL JUXSH GH OLWHUH SRUQLQG GH OD
RFWDYDPDUHHUDFXQRVFXW GHOD2GRQ
6XQHWXO /D GLQ RFWDYD PDUH vQ QRWD LD OLWHUDU HVWH $ +] $FHODúL
VXQHWGDUFXRRFWDY PDLVXVDGLF GLQRFWDYDPLF HVWHVXQHWXO/DQRWDWD
+]úLVXQHWXO/DGHRFWDYDQRWDWDD +]
$%&'()*DEFGHIJDDEEFFGGHH
0DLGHSDUWHVFDUDJXLGRQLF GHGHVXQHWHHUDvPS U LW vQúDSWHVSD LLGH
RUJDQL]DUHQHFHVDUHVROIHJLHULLVSD LLFXRVWUXFWXU LGHQWLF IRUPDW GLQVXFFHVLX
QHD WRQWRQVHPLWRQWRQWRQ 3HQWUX F VXFFHVLXQHD SXU GLDWRQLF IRUPD FX
H[WUHPHOHRVH[W úLHUDFRPSXV GLQVXQHWHGLIHULWHGLVSXVHGXS PRGHOXOHWDODW
PDLVXVHUDQXPLW KH[DFRUG
&HUFHWkQGFHOHKH[DFRGXULJXLGRQLFHGHVI úXUDWHSHRUL]RQWDODVF ULLGH
GH VXQHWH UHPDUF P F GLQ SXQFW GH YHGHUH FDQWLWDWLYFDOLWDWLY GHúL LGHQWLFH VH
GHRVHEHVF úL vúL LDX GHQXPLUHD vQ IXQF LH GH DEVHQ D VDX SUH]HQ D úL FDOLWDWHD
VXQHWXOXLQRWHL6L3HDFHVWFULWHULXKH[DFRUGXULOHJXLGRQLFHVHFODVLILF vQWUHL
+H[DFRUGXP QDWXUDOH KH[DFRUGXO QDWXUDO VH QXPHúWH VXFFHVLXQHD GH
VXQHWHvQWUH'RúL/DI U QRWD6LGHFL'R5H0L)D6RO/DFLWLW FXVLODEHOH
8W5H0L)D6RO/D
'XS FXPVHSRDWHREVHUYDDFHVWWLSGHKH[DFRUGUHVSHFWDVXFFHVLXQHDWRQ
WRQVHPLWRQWRQWRQ
0XWDW SH VXQHWXO )D WLSDUXO KH[DFRUGXOXL SHQWUX FD V UHVSHFWH PHUHX
VWUXFWXUDLQWHUQ GHWRQXULFXVHPLWRQXOSODVDWFHQWUDODDYXWQHYRLHGHXQDUWLILFLX
VXQHWXO6LWUHEXLDFRERUkWWUHEXLDV GHYLQ ÄPRDOH´FRERUkQGXOFXXQVHPLWRQ
6XQHWXO6LQRWDWFXOLWHUD%vQQRWD LDDOIDEHWLF PX]LFDO vQDFHVWFD]VHQXPHD%

PROO % PRDOH 1RXO KH[DFRUG SULPHúWH GHQXPLUHD GH KH[DFRUGXP PROOH
KH[DFRUGPRDOHúLFXSULQGHDVXQHWHOHFXGHQXPLUHDDFWXDO )D6RO/D6LE'R
5HFLWLWWRWFXVLODEHOHJXLGRQLHQH8W5H0L)D6RO/D
+H[DFRUGXO QDWXUDO 'R5H0L)D6RO/D PXWDW SH VXQHWXO 6RO GLQ
FRQVLGHUHQWHDOHH[WHQVLHLPHORGLHLvQDOWUHJLVWUXúLVFDU PRGDO SHQWUXF QXPDL
XWLOL]HD] Ä% PROXP´ DUH QHYRLH GH XQ VHPQ JUDILF RDUHFXP S WUDW VHPQ SULQ
FDUHVHRSHUDUHYHQLUHDVXQHWXOXL%LQL LDO$YHPGHDIDFHFXXQ%FRERUkWODVWDUHD
QDWXUDO SULQWUXQDQXPLWVHPQ*UDILDQRXOXL%RDUHFXPS WUDW FRO XURDV GXU
vL G VXQHWXOXL GHQXPLUHD GH % TXGUDWXP VDX TXDGUXP úL QXPHúWH KH[DFRUGXOFX
DFHVW VHPQ úL VXQHW KH[DFRUGXP GXUXP FX XUP WRDUHD FRPSRQHQ GH VXQHWH
6RO/D6LEHFDU'R5H0LFLWLWHJLXGRQLFWRW8W5H0L)D6RO/D
'XS FXP VH SRDWH REVHUYD vQ FRPSRQHQ D KH[DFRUGXULORU VXQW SUH]HQWH úL
DGPLVHSHQWUXDILLQWRQDWHvQDFHDVW FRQMXQFWXU GLDWRQLF QXPDLWUHLVHPLWRQXUL
vQKH[DFRUGXOQDWXUDOSHVXQHWXO'RKH[DFRUGXPQDWXUDOHVHPLWRQXO0L)D
vQKH[DFRUGXOPRDOHSHVXQHWXO)DKH[DFRUGXPPROOHVHPLWRQXO/D6LE
vQKH[DFRUGXOGXUSHVXQHWXO6ROKH[DFRUGXPGXUXPFHIRORVHDVLEHFDU
VHPLWRQXO6L'R
6XQHWXO6LEHPROPDLDMXWDODHYLWDUHDLQWRQ ULLLQWHUYDOXOXLGHFYDUW P ULW
)D6LLQWHUYDOFRQVLGHUDWDWkWGHGLVRQDQWúLJUHXGHFkQWDWSHQWUXFHLGHSULQúLV
IRORVHDVF VXFFHVLXQHDvQFDUHLQWUDúLXQVHPLWRQvQFkWDILUPDXÄ6LFRQWUD)DHVW
GLDEROXVLQPXVLFD´
&LWLUHD úL LQWRQDUHD VXQHWHORU GLQ FHOH WUHL KH[DFRUGXUL VH UHDOL]D SULQ
QXPLUHDRULF UHLVXFFHVLXQLKH[DFRUGDOHFXVLODEHOHSHFDUHOHDPPDLPHQ LRQDW
8W5H0L)D6RO/D SURYHQLWH GLQWUXQ LPQ vQFKLQDW 6IkQWXOXL ,RDQ FRPSXV GH
3DXOXV'LDFRQXVvQDQXO)LHFDUHUkQGPHORGLFvQFHSHDFXXQVXQHWFDUHI FHD
SDUWH GLQ VXFFHVLXQHD KH[DFRUGXOXL GLDWRQLF PRGDO 3HQWUX D IL[D vQ PHPRULD
FkQW UH LORU DFHVW PRGHO *XLGR G¶$UH]]R D QXPLW VXQHWHOH GXS SULPD VLODE D
ILHF UXLYHUV

)LJ)UDJPHQWGLQ,PQXOvQFKLQDW6IkQWXOXL,RDQ

*UXSXOGHVLODEHPX]LFDOHQXHVWHLQYHQ LDOXL*XLGRFLVHSDUHDPHQWRUXOXL
V X 2GRQ FHO 7kQ U úL VH DSOLFD RULF UXL KH[DFRUG GLQ FHOH WUHL 3HQWUX FD V VH
S VWUH]HúLUHJLVWUXOFRUHVSXQ] WRUVF ULLJLXGRQLFHIRUPDW FXPDPPDLVSXVGLQ
GHVXQHWHILHFDUHVLODE PX]LFDO JXLGRQLF PDLWUHEXLDV SUHFL]H]HOLWHUDGLQ
VFDUDOLWHUDO úLDSRLvQF VLODEH
'HH[HPSOXVXQHWXO'RHUDFLWLWFXUPDWGHvQF WUHLVLODEHGLQKH[DFRU
GXULOHPXWDWHSHVXQHWHOH'R)D6RODGLF FVROIDXW
7HKQLFDIRDUWHFRPSOLFDW DQXPLULLVXQHWHORUSRDWHILXUP ULW vQWDEORXOGH
PDLMRV

)LJ3DJLQ GLQ'LF LRQDUGHWHUPHQLPX]LFDOLS

0kQDJLXGRQLF
3H PkQD VWkQJ SDOP úL IDODQJHOH GHJHWHORU *XLGR LQGLFD SULQWUR OLQLH
úHUSXLW ORFXO XQRU OLWHUH GLQ VLVWHPXO GH QRWDUH D UHJLVWUHORU SHQWUX FHOH GH
VXQHWH GLQ VFDUD JXLGRQLF &LWLUHD VH HIHFWXD SULQ DFHVW LQJHQLRV PDWHULDO PXW
LQWXLWLY PHQ LRQkQG DO WXUL GH QXPHOH OLWHUDO DO VXQHWXOXL úL QXPLUHD VLODELF D
DFHVWXLDFRUHVSXQ] WRDUHFHORUWUHLKH[DFRUGXUL
'HH[HPSOXVXQHWXO/DHUDFLWLWDODPLUH
(VWHXWLOGHúWLXWF SURFHGHXOGHH[HUVDUHDDOLQLLORUPHORGLFHVSHFLILFXQHL
VF ULPX]LFDOHFDSURFHGHXPQHPRWHKQLFHUDFXQRVFXWFXPXOWHVHFROHvQXUP GH
F WUHFKLQH]LSHQWUXPHPRUDUHDFHORUOLXGLQPX]LFDORU
'HP 8UP SUHOXkQG R LQIRUPD LH GDW GH 'XIRXUFT vQ 'LF LRQDUGH
WHUPHQLPX]LFDOLSDU WDF FLFOXOFHORUVXQHWHHUDvQY DWSULQSODVDUHD
ORUvQIHOXOXUP WRUvQSRGXOSDOPHLODED]DGHJHWHORUSHIDODQJHOHGHJHWXOXL
DU W WRUSHYkUIXOGHJHWXOXLPLMORFLXúLLQHODUúLSHIDODQJHOHGHJHWXOXLPLF

)LJ0kQ JXLGRQLF

*XLGR G¶$UH]]R D SUHJ WLW SHQWUX GHVFLIUDUHD XQHL SDUWLWXUL VFULVH PLMORDFH
GLGDFWLFHFDUHGHúLQXVXQWvQWRWDOLWDWHLQYHQ LHSURSULHVHEXFXU GHRQRDUHDGHDL
ILDWULEXLWH1XvQVHDPQ F PHULWXOOXLQXHVWHGHOXDWvQVHDP
/XL G¶$UH]]R WUHEXLH V L UHFXQRDúWHP SXWHUHD GH VLQWH] D PLMORDFHORU
DQWHULRDUHOXLVLQWH] SULQFDUHDDGXVOXPLLPX]LFDOHSRUWDWLYXOvQWkLFXROLQLH
DSRL FX SDWUX OLQLL FH YD GHYHQL SHQWDJUDP XWLOL]DUHD XQRU VLPEROXUL JUDILFH
SUHFXUVRDUH DOH FKHLORU PX]LFDOH SUHFXP VHPQHOH OLWHUHORU ) & * FDUH SXVH vQ
ID D SRUWDWLYXOXL LQGLFDX vQ O LPHD VXQHWXOXL UDSRUWkQGR OD XQ UHSHU VRQRU 'H
DVHPHQHDDQRWDWSHOLQLLOHúLVSD LLOHSRUWDWLYXOXLPLFLS WUDWHILLQGSULPHOHVHPQH
DOHQRWD LHLPRGHUQHDFWXDOH/DWRDWHDFHVWHDDPDLDG XJDWGXS FXPVDSXWXW
REVHUYDGLQFHOHH[SXVHPDLvQDLQWHvQDFHVWFXUVúLVLVWHPDWL]DUHDVF ULLGHGH
VXQHWHVLVWHPDWL]DUHDOXL2GRQGH&OXQ\QXPLWúL2GRQFHO7kQ USHSULQFLSLXO
SULPHORURFWDYH
$%&'()*DEFGHIJDDEEFFGGHH
'DUFHHDFHVHSRDWHQXPLLQYHQ LHJXLGRQLF VHUHIHU ODGHQXPLUHDVLODELF
DVXQHWHORUPX]LFDOHGXS FULWHULLOHDU WDWHPDLvQDLQWHvQDFHVWFXUV8W5H0L
)D6RO/D
ÌQ IDSW FDUH HUD WHKQLFD GH GHVFLIUDUH úL PHPRUDUH D XQXL GHVHQ PHORGLF
PRGDOJUHJRULDQPDLWkU]LXQXQHDS UDWPRGDOJUHJRULDQWHKQLF QXPLW úLDVW ]L
VROPL]D LHUHODWLY "
'DF PHORGLDSDUFXUJHDvQVHQVDVFHQGHQWGHVHQXOPHORGLFDOXQXLKH[DFRUG
úL DSRL vO GHS úHD SDVXO GH GHS úLUH vQVHPQD WUHFHUHD vQWUXQ DOW WLS GH KH[DFRUG

DO WXUDW 'XS FXP VH SRDWH REVHUYD vQ WDEORXO VLQRSWLF FHOH KH[DFRUGXUL FDUH
DFRSHUHDXVFDUDGLDSD]RQSHQWUXYRFLOHGHE UED LúLE LH LFDUHVHSUHJ WHDXSHQWUX
DFkQWDODVOXMEHOHVHUYLFLXOXLGLYLQFDWROLF
7UHFHUHDGLQWUXQKH[DFRUGQDWXUDOHvQPROOXPVDXGXUXPWUHEXLDV UHVSHF
WH UHJXOD FD VHPLWRQXULOH QXPLWH DVW ]L ODVL E úL VLGR V ILH FLWLWH PHUHX SULQ
GHQXPLUHDVLODELF PLID
'XS 'HP8UP YH]L'LF LRQDUGHWHUPHQLPX]LFDOLSXQGHVHQPHOR
GLF SH FDUH vO FLWLP FX GHQXPLULOH VLODELFH DFWXDOH PRGHOXO VH FLWHD vQ WHKQLFD
JXLGRQLF SULQVLODEHVSHFLILFHPRGHOXODVWIHO

0RGHO'R5H0L)D6RO/D6LE±/D±6RO)D
0RGHO8W5H0L)D6RO0L)D0L±6RO)D
$WHQ LHODWUHFHUHD6RO0L6HPLWRQXO/D6LE/DVHFLWHúWH0L)D0LGDU
FXLQWRQD LDFRQMXQFWXUDO DPRGHOXOXL

0RGHOXO6RO/D6L'R5H0L)D0L5H'R5H'R6L
0RGHOXO8W5H0L)D6RO0L)D0L6RO/D6RO)D0L
$WHQ LHODWUHFHUHD6RO0L6HPLWRQXO0L)D0LVHFLWHúWHWRW0L)D0L
GDUFXLQWRQD LDFRQMXQFWXUDO DPRGHOXOXL

3HQWUXF DFHVWWLSGHFLWLUHLQGLFDvQWRDWHWUHFHULOHGHODXQKH[DFRUGODDOWXO
FDGXS 6ROV XUPH]H0LSURFHGHXOVDQXPLWVROPL]D LH
&DHIHFWDSDUHGHFLRLQWRQDUHFXVLODEHFHQXGHQXPHVFvQ O LPHDDEVROXW D
VXQHWHORUFLXQDUHODWLY 'HDLFLFXQRVFXWDVLQWDJP VROPL]D LHUHODWLY SURFHGHX
FH D IRVW vQ X] SkQ vQ VHFROXO ;9,,, DO F UXL FRQFHSW YD IL UHFRQVLGHUDW úL
WUDQVIRUPDW vQ FHHD FH HVWH FXQRVFXW DVW ]L VXE QXPHOH GH PHWRGD &XUZHQ GLQ
VHFROXO;,;úLPDLDSURDSHGHQRLvQVHFROXO;;vQPHWRGD.RGDO\
(VWHYRUEDGHFLGHPHWRGHGHDFFHVLELOL]DUHDWHKQLFLORUGHVROIHJLHUHIRORVLQG
IRQRPLPLDLQFLSLHQW DPkLQLLJXLGRQLFHDO WXULGHLGHHDFLWLULLSULQWHU HDQRWHORU
GHSHSRUWDWLYWUDQVSXQHUHDODvQ O LPHUHODWLY QXDEVROXW DOLQLLORUPHORGLFH
6ROPL]D LDFDUHVOXMHúWHVLVWHPXOVF ULORUPRGDOHGLDWRQLFHHUDQXPLW PXVLFD
YHUDvQFRQWUDVWFXFHDLQWHU]LV RILFLDOPXVLFDILFWDIDOV
6ROPL]D LDJLXGRQLF HUDGXEODW GHIRQRPLPLDPX]LFDO SURFHGHXFHFRQVWD
vQ UHSUH]HQWDUHD SULQ JHVWXUL DQWLFLSDWLYH D vQ O LPLL VXQHWXOXL PX]LFDO GDU úL D
GXUDWHL úL LQWHQVLW LL DFHVWXLD SURFHGHXO FDUH YD IL SUHOXDW GH &XUZHQ vQ VHFROXO
;,;vQ$QJOLD
3UREOHPDQRW ULLúLFLWLULLULWPXOXLHVWHOHJDW WRWGHQHXPH
1HXPHOHRFFLGHQWDOHQHXPD QRWDURPDQDQRWD LDURPDQ VDXQ VFXWGLQ
DFFHQWHOHYRUELULLúLGXS FXPDPPDLVSXVHUDXVHPQHGHQRWD LHVWHQRJUDILF
FDUH LQGLFDX SULQ VHPQXO Ä´ DFFHQWXO WRQLF DVRFLDW vQ PRG QDWXUDO FX XQ VHQV
DVFHQGHQW DVFX LW $FFHQWXO FLUFXPIOH[ FX VHPQXO ÄA´ FRPELQ DFFHQWXO DVFX LW
FXFHOJUDYvQVHPQkQGvQPX]LF RXUFDUHúLRFRERUkUHDVHQVXOXLPHORGLF
([HPSOLILF P FX FHOHEUD VLQWH] JUDILF GLDFURQLF UHDOL]DW GH $ *DVWRXp
RSFLWS

$FHVW H[HPSOX HVWH OXDW GLQ IUDJPHQWXO SVDOPXOXL /;;9, FDUH VH FkQW vQ

1RWD LHvQQHXPHDFFHQWHVDQJDOOLHQHFXOLWHUHVHPQLILFDWLYHPVGLQ
6DLQW*DOOVHFROXO,;

1HXPHDFFHQWH GLQ 0HW] FX OLWHUH VHPQLILFDWLYH PV GH OD /HRQ
VHFROHOH,;;

1HXPHDFFHQWHIUDQFH]HPV]LVGHOD0RQWSHOOLHUVHFROXO;,RULJLQDUGLQ
'LMRQ"

¶1RWD LHDOIDEHWLF DFHODúLPDQXVFULV

1RWD LD GLDVWHPDWLF DTXLWDQ %LEO 1DW VHFROXO ;, RULJLQDU GLQ
$OEL1XPHOHVXQWvQúLUXLWHvQMXUXOXQHLOLQLLLGHDOHúLWRWDWkWGHXúRUGHFLWLWFDúL
FXDMXWRUXOXQXLSRUWDWLY

1XPHOH SH OLQLL FRQIRUP VLVWHPXOXL OXL *XLGR G¶$UH]]R JUDGXDOXO GLQ
6DLQ0DXUOHV)RVVpHVVHFROXO;,,%LEO1DWODW
>7UHLOLQLLJUDYDWHXQDFXFHUQHDO URúLHvQRULJLQDOFXOLWHUDFKHLH)@

1RWD LH QXPLW S WUDW IRORVLW GLQ VHFROXO ;,,, >HGL LD 9DWLFDQ
GLVWULEXLUHDEDUHORUGHLPSRWDQ GLYHUV FDUHVHSDU IUD]HOHúLVHF LXOHGHIUD] QD
IRVWUHJOHPHQWDW GHILQLWLYGHFkWGH%HQHGLFWLQLLGHOD6ROHVPHV@

7UDQVFULHUHDvQQDWD LHPRGHUQ VHYDUHPDUFDLQGLFD LDVLVLULGLFDWFX
XQ VIHUW GH WRQ GDW GH PDQXVFULVXO GH OD 0RQWSHOOLHU vQ QRWD LD VD DOIDEHWLF
$FFHQWXO FHOXL GHDO GRLOHD JUXS DO VLODEHL EL HVWH LQGLFDW GH B VHPQLILFDWLY GL
FDQWDWRULXP GH OD 6DLQ*DOO &HOH GRX JUXSXUL DOH VLODEHL ILQDOH QX DX SXWXW IL
WUDQVFULVHDLFL

IRUP GHUHSRQVJUDGXHOvQGXPLQLFD4XLQTXDJHVLPHL,DW GHWDOLLOHDFHVWXLWDEHO

'DU WUHEXLH V VXEOLQLHP F QHXPH OD DFHVW VWDGLX QX LQGLFDX LQWHQVLWDWHD
VXQHWHORU FL FDQWDELOLWDWHD ORFXO XQGH YRFHD WUHEXLD V XUFH VDX V FRERDUH QX
GHILQHDX QX SUHFL]DX LQWHUYDOHOH VDX GXUDWD VXQHWHORU 6XQW vQ IDSW SURFHGHH
PQHPRWHKQLFHGHDQWLFLSDUHDDPHORGLHLFDVHQVúLGXUDW DVRFLDWHSHUPDQHQWFX
JHVWXULúLVHPQHDOHPkLQLLGUHSWH
3HQWUXVWDELOLUHDGXUDWHLUHODWLYHDVXQHWHORUVDDSHODWODPHWULFDSRHWLF DQWLF
VXQHWVLODE OXQJ ORQJDVXQHWVLODE VFXUW EUHYLV
'LQWUH GHQXPLULOH SULPHORU QHXPH $PpGpH *DVWRXp vQ $UWD JUHJRULDQ
(GLWXUD 0X]LFDO S DPLQWHúWH ÄSXQFWXP SXQFWXO YLUJD DFFHQW
DVFX LW JUDYLV DFFHQWXO JUDY FLUFXPIOH[D VDX IOH[D DFFHQW FLUFXPIOH[
DSRVWURSKD DSRVWURIWHUQDSHUFXVVLRWULQXVLFWXV WULSODUHSHWDUHDDVXQHWXOXL´
'DF DS UHD GHDVXSUD WH[WXOXL XQ SXQFW VDX XQ DFFHQW JUDY VDX DVFX LW GLQ
SXQFWGHYHGHUHDOGXUDWHLVXQHWXOXLDFHVWHDLQGLFDXYDORULGHGXUDW VFXUW 'DF
DS UHDVHPQXOFLUFXPIOH[GRX HOHPHQWHVLPSOHDVFX LWúLJUDYVXQHWXOVHLQWRQD
OXQJ ORQJD EUHYLV 3HQWUX D vQ HOHJH FRPSOH[LWDWHD QHXPHORU SHQWUX
FRQWHPSRUDQLLQRWD LHLFODVLFHHUDXQLúWHÄSLFLRDUHGHPXúWH´$*DVWRXpWUHEXLH
V PDL DG XJ P F QHXPHOH SRW IL ± GXS DFHODúL DXWRU ± FODVLILFDWH vQ QHXPH
VLPSOH QHXPH OLTXHVFHQWH FRPELQDWH FX OLWHUHOH WH[WXOXL QHXPH RUQDPHQWDOH
DVHP Q WRDUH DQDORDJH FX YLEUDWR VWDFFDWR JUXSHWWR PRUGHQWXO QHXPH FH
LQGLFDXLQIOH[LXQLFURPDWLFHVDXHQDUPRQLFHIRORVHXóGHWRQ

0XVLFDYHUDPXVLFDILFWD
ÌQ(YXO0HGLXSULQPXVLFDYHUDVHvQ HOHJHDROLQLHPHORGLF SULQFDUHVH
UHVSHFWD GLDWRQLVPXO vQ PX]LF SURYHQLW GLQ VXFFHVLXQHD VF ULL IRUPDW GLQ
FYLQWHSHUIHFWH)D'R6RO5H/D0L)&*'$(
ÌQ DFHDVW FRQMXQFWXU VHPLWRQXO PLID ILLQG VLQJXUXO UHFXQRVFXW FD ILLQG
QDWXUDO
ÌQ PRPHQWXO WUDQVO ULL PRGHOXOXL KH[DFRUGXOXL QDWXUDO & 'R SH WUHSWHOH )
)DúL*6ROFXVWUXFWXUDFXQRVFXW VHPLWRQXOIODQFDWGHGRX WRQXULvQGUHDSWD
úL vQ VWkQJD OXL D IRVW QHYRLH GH XQ DUWLILFLX FH HUD LQGLFDW SULQWUR FRQYHQ LH GH
VHPQHEHPROúLEHFDUSULQFDUHVHRE LQHDXQVHPLWRQvQWUHVXQHWHOHQXPLWHFODVLF
/D6LEHPROVDXXQWRQ/D6LEHFDU
'DF VXQHWHOH úL QRWHOH 6L EHPRO 6L EHFDU DSDU RGDW FX KH[DFRUGXULOH
JXLGRQLHQHPROOHúLGXUXPDGLF vQVHFROXO;,RDOW QRW FXEHPROúLDQXPH0L
EYDILIRORVLW GHDELDvQFHSkQGFXVHFROXO;9,YH]L&WLQ5vS 7HRULDVXSHULRDU
DPX]LFLLYRO,S
'DF PHORGLD GLDWRQLF IRORVHD VROPL]D LD FD SURFHGHX GH GHVFLIUDUH úL
PHPRUDUH D XQHL OLQLL PHORGLFH GH WLS PRQRGLF H[LVWD XQ WRQDU FX H[HUFL LL
FRUHVSXQ] WRDUHFHVHVWXGLDSHSDUFXUVXOSURFHVXOXLGHvQY PkQWGLQúFROLOHGH
FkQW UH L
6HPQHOHEHPROEHFDUVHQXPHVFGLIHULWvQúFROLOHHXURSHQH'HH[HPSOXvQ
)UDQ DQXPHOHHVWHGHEPROúLEFDUUHÌQ,WDOLDEPROOHúLETXDGURÌQ*HUPDQLD
GLQ FDX]D FRQIX]LHL vQWUH IRUPD OLWHUHL JRULFH E úL K vQFHSkQG FX VHFROXO ;9,
GHQXPLUHDDIRVWVFKLPEDW ELQGLF 6LEHPROúLKLQGLF 6LEHFDU

ÌQFHSkQG FX VHFROXO ;,,, PX]LFD GLDWRQLF PRQRGLF D vQFHSXW V ILH
FRQFXUDW GHRPX]LF PXOWLYRFDO SROLIRQLF FHDDYXWQHYRLHGHFkWHYDVFKLPE UL
FH DX FRQVWDW vQ LQWURGXFHUHD VHPLWRQXOXL úL vQ DOW ORF DO KH[DFRUGXOXL GHFkW vQ
SR]L LDOXLGHPLMORFWRQWRQVHPLWRQWRQWRQ0X]LFDFHXWLOL]DDFHVWHPRGLILF UL
HUD SURKLELW GH RILFLDOLW L GDU FRPSR]LWRULL QX VDX O VDW LQWLPLGD L GH DFHDVW
UHVWULF LHDXFRQWLQXDWV IRORVHDVF DFHVWWLSGHLQILOWUDUHFURPDWLF WHKQLF IRDUWH
JXVWDW GHSXEOLF6HPLWRQXOGHGDWDDFHDVWDIRORVHDXQVHPQQRXSHQWUXVHPLRJUD
ILDPHGLHYDO úLDQXPHGLH]XO
6XQHWHOHVWU LQHGHFHOHGLDWRQLFHGLQKH[DFRUGXOJXLGRQLFDXGDWQDúWHUHODR
PX]LF DSDUWH QXPLW PXVLFD ILFWD VDX PXVLFD IDOVD 7UDGL LRQDOLúWLL DSUHFLDX F
VXQ IDOVúLSHQWUXPRWLYXOF VHFRQVWUXLDSHED]HFRQVLGHUDWHDILDUWLILFLDOH
8Q H[HPSOX GH LQILOWUDUH D VHPLWRQXOXL FX VHQV DVFHQGHQW HVWH IRUPXOD
FRQFOX]LY D XQHL OLQLL PHORGLFH GH WLS PRQRGLF QXPLW FODXVXOD FODXGHUH vQ
ODWLQ vQVHDPQ D vQFKLGH &HD PDL FXQRVFXW FRQVWLWXLQGXVH vQ PRGHO GH
FODXVXOD PRQRGLF HVWH FODXVXOD/DQGLQR0L5H'R6L5H&RQWLQXkQGLGHHD
IRORVLULL vQ PX]LF D XQRU VHPLWRQXUL RE LQXWH SULQ vPS U LUHD WRQXULORU GLQ
KH[DFRUGFXDMXWRUXOVHPQXOXLGHGLH]FRPSR]LWRUXO0DFKDXOWDLPSXVRPX]LF
DUPRQLF FX GRX VHQVLELOH vQ FDUH FHOH GRX VXQHWH RUWRJUDILDWH FX GLH]L VH
UH]ROYDXVHPLWRQDODVFHQGHQW

5H'R5H
^/D6RO±/D
)D±0L±5H

1RXDIRUPXO FRQFOX]LY HVWHFXQRVFXW VXEQXPHOHGHFODXVXOD0DFKDXOW
$WkWFODXVXOD/DQGLQRFkWúLFHD0DFKDXOWDXPRGLILFDWHVHQ DPRGDOXOXLJUHJRULDQ
RIHULQG VSD LX GRPLQDQW PHORGLHL FX VHQVLELOH GHVFKL]kQG FDOHD VSUH PHORGLD
WRQDO GHHVHQ DUPRQLF
ÌQFRQVHFLQ WRQDUHOH vúLO UJHVFH[HUFL LLOHúLFXDVWIHOGHIRUPXOHFRQFOX
]LYH6HPQHOHGHGLH]LHUDXSXVHQXPDLvQID DVXQHWHORUGLQPRGXULOHJUHJRULHQH
FDUHQXDYHDXVHQVLELOH
'RSHQWUXGRULXVSH5H
5HSHQWUXIULJLXVSH0L
)DSHQWUXPL[ROLGLXVSH6RO
6ROSHQWUXSODJDOXOOXLGRULXVFXLQL LDODSH/D

7DEXODWXULOH
&LWLUHDúLVFULHUHDYRFDO SHQWUXSDUWLWXULOHFkQW UH LORUVHHIHFWXDDSHOkQGOD
PHWRGD VFULHULL SH SRUWDWLY FX QRWH úL DOWHUD LL GH WLS GLDWRQLF VDX FURPDWLF 1H
SXQHPvQWUHEDUHDILUHDVF FXPVHQRWDXSDUWLWXULOHSHQWUXLQVWUXPHQWHSHQWUXF VH
FXQRDúWHDYDQVXOPX]LFLLLQVWUXPHQWDOHGLQVHFROHOH;,9;9,
7DEXODWXUL DúD VH QXPHDX vQVFULVXULOH PX]LFDOH VSHFLILFH XQRU LQVWUXPHQWH
FXFRU]LFLXSLWHVDXFODYLDWXU 3DUWLWXUDSXWHDV IRORVHDVF RQRWDUHFRPELQDW GH
OLWHUHFLIUHVDXVLODEHFXOLQLX HGHDVXSUDWDEXODWXUDJHUPDQ SHQWUXRUJ SXWHD
V IRORVHDVF SRUWDWLYXOFXOLQLLWDEXODWXUDLWDOLDQ HQJOH] QHGHUODQGH] VDX
OLQLLWDEXODWXUDLWDOLDQ VDXQXPDLFLIUHDUDEHWDEXODWXUDVSDQLRO DYHDQRWDW
DFRUGDMXOVSHFLILFILHF UHL ULúLJULIXUDSHQWUXLQVWUXPHQWHOHFXFRDUGH$FHDVWDVH

VWDQGDUGL]HD] VHFROXO;9,,úLHVWHDGDSWDW DFRUGDMXOIUDQFH]/D5H)D/D
5H6RO
([WLQGHUHDVROPL]D LHLERFHGL]DUHDúLGHQXPLUHDVXQHWHORUGXS *LEHOLXV

%RFHGL]DUHVHQXPHúWHSURFHGHXOGHH[WLQGHUHDVROPL]D LHLGHODKH[DFRUGOD
KHSWDFRUGQXPLQGFHOHVXQHWHFXXUP WRDUHOHVLODEHERFHGLJDGLODPDQL
8OWHULRU3XWHQXV+HQULNYDQ3XWDSURSXVERFHGLJDGLODPDEL3DWHUQL
WDWHDSURFHGHXOXLLVHDWULEXLHFRPSR]LWRUXOXLIODPDQG+XEHUW:DHOUDQWSURFHGHX
FHDGRULWVLPSOLILFDUHDPXWD LLORUKH[DFRUGXULORUJXLGRQLHQH
%RFHGL]DUHD D FRQWULEXLW OD WUHFHUHD GH OD VROPL]D LD SULQ KH[DFRUG OD SDVXO
XUP WRU VROIHJLHUHD SH FDGUXO LQWHUYDOXOXL GH RFWDY SURFHGHX VSHFLILF PX]LFLL
WRQDOHFODVLFH
1RWD 6L D IRVW LQWURGXV vQ FLUFXLWXO VROIHJLHULL VSUH VIkUúLWXO VHFROXOXL ;9,
FUHkQGSUHPL]HHYLGHQWHSHQWUXWUHFHUHDODRUJDQL]DUHDVSD LXOXLRUGRQDWRUDOVF ULL
FXVXQHWHRUJDQL]DWHDFXPSHFULWHULXORFWDYHL1XPLUHDSURYLQHGHODLQL LDOHOH
FXYLQWHORU6DQFWH-RKDQQHV6- 6,
2WWR *LEHOLXV DXWRUXO XQHL OXFU UL WHRUHWLFH LQWLWXODW %HGULFK
YRQ GHQ 9RFLEXV 0XVLFDOLEXV REVHUYkQG F vQ VROIHJLHUH VLODED 8W QX VHUYHúWH
FkQWDWXOXLH[SUHVLYSHYRFDO úLSRWULYLWFXVSHFLILFXOOLPELLODWLQHFDOLPE RILFLDO
DFXOWXOXLFDWROLF3URSXQHGLQDFHVWHUD LXQLGHWHKQLF YRFDO vQORFXLUHDVLODEHL
8WIRORVLW vQVROPL]DUHFXVLODED'R
'HQXPLUHDSURYLQHILHGHODLQYRFD LD'RPLQXVYRELVFXP'RPQXOV ILHFX
YRLILHGHODQXPHOHXQXLWHRUHWLFLDQ*%'RQL
7RW*LEHOLXVDPDLDGXVúLDOWHPRGLILF ULPHWRGHLGHVROIHJLHUHWUDGL LRQDO
VROPL]D LDGLQFDUHHQXPHU P
±VFKLPEDUHDGHQXPLULLVXQHWHORU6ROúL6LvQ6RúL7LGLQDFHOHDúLUD LXQLGH
IDYRUL]DUHDFkQWDWXOXLFXVSULMLQSHYRFDOH6LODED6LDIRVWvQORFXLW FXFHDGH7L
SRWULYLW XQHLLQWRQD LLVHPLWRQDOHOHJDWHGH'R
±VFDUDPX]LFDO *LEHOLXVVHQXPHúWHFLWHúWHFXXUP WRDUHOHVLODEH
'R5H0L)D6R/D7L'R
±RQRW VFULV FXGLH]WUHEXLDFLWLW FXYRFDODLFDUHV RvQORFXLDVF VLODED
FODVLF
'HH[HPSOX'R 'L)D )L
±RQRW VFULV FXEHPROWUHEXLDFLWLW FXYRFDODDFDUHV vQORFXLDVF YRFDOD
FODVLF
'HH[HPSOX5HE 5D0LE 0D
3HQWUXF /DEHPROHUDFLWLW/DGHFLVHI FHDFRQIX]LHQHSHUPLV UHIHULWRDUH
ODvQ O LPHDDEVROXW DVXQHWHORU*LEHOLXVDSURSXVGHGDWDDFHDVWDFDVLODEDXV
LQGLFHVXQHWXOVFULVFXEHPRO
'HH[HPSOX5HE 5X/DE /XHWF
'LQWUHSURSXQHULOHOXL*LEHOLXVFHDFDUHDIRVWIRORVLW úLvQVHFROHOH;,;;;
D U PDV YDODELO FHD FX GHQXPLUHD VLODELF D VF ULL 'R SH FDUH R YRU IRORVL
PHWRGHOHPRGHUQHGHFLUFXOD LHXQLYHUVDO 2UIIúL.RGDO\

5H]XPDW
8QDGLQFHOHPDLYDORURDVHFRQWULEX LLODFRQWXUDUHDXQHLPHWRGHFRHUHQWHGH
FLWLUH úL QRWDUH D SDUWLWXULL PX]LFDOH D IRVW FHD GDW vQ VHFROXO ;, GH *XLGR
G¶$UH]]R 0HWRGD OXL HVWH FRPSOH[ úL SULYHúWH IRORVLUHD XQXL PDWHULDO GLGDFWLF
LQWXLWLY PkQD JXLGRQLF FRPSDUWLPHQWDW vQ WUHL RFWDYH QRWDWH FX OLWHUH SRUQLQG
GH OD $ D DD XWLOL]DUHD SRUWDWLYXOXL FX OLQLL LQGLFDUHD FD UHSHU LQWRQD LRQDO D
OLWHUHORU ) & * YLLWRDUHOH FKHL PX]LFDOH HODERUDUHD WHKQLFLL GH VROPL]D LH
UHODWLY SULQ LQWHUPHGLXO FHORU WLSXUL GH KH[DFRUGXUL FLWLWH FX DFHOHDúL VLODEH
PX]LFDOH 8W 5H 0L )D 6RO /D úL DQFRUDUHD VWULFW GLDWRQLF D PHORGLLORU GLQ
WRQDUHOHGHVWLQDWHúFROLORUGHFkQW UH L*XLGRIRORVHDúLIRQRPLPLDSHQWUXDSUHFL]D
vQ O LPHDUHODWLY DVXQHWHORUWHKQLF FHYDILSUDFWLFDW FKLDUGXS GHDQLGH
XQLLSURIHVRULLGLQvQWUHDJDOXPH
ÌQFHSkQGFXVHFROXO;,,,vQPX]LFDHXURSHDQ DDS UXWIHQRPHQXOÄPXVLFD
ILFWDIDOVD´ PX]LF FH SULQ IRUPXOHOH VDOH FRQFOX]LYH FODXVXOH PHORGLFH VDX
DUPRQLFH D SHUPLV LQILOWU UL FURPDWLFH vQ PRGXUL FDUH QX DYHDX VHPLWRQXUL vQWUH
WUHSWHOH 9,, úL 9,,, IHQRPHQ FH D IDFLOLWDW DSDUL LD VLVWHPXOXL WRQDOIXQF LRQDO GH
HVHQ DUPRQLF 6ROIHJLHUHDSULQVLODEHPX]LFDOHVDSURGXVvQVHFROXO;9,SULQ
ERFHGL]DUHVXQHWHOHQXPLQGXVHERFHGLJDORPDQLXOWHULRUEL2FRQWULEX LHvQ
FHHD FH SULYHúWH GHQXPLUHD VLODELF D VXQHWHORU PX]LFDOH GHQXPLUH FH IDYRUL]D
FkQWDWXOSHYRFDOHDIRVWDGXV GH2WWR*LEHOLXVvQVHFROXO;9,,(ODGHQXPLWFHOH
VXQHWH'R5H0L)D6R/D7L'RÌQIHOXODFHVWDVDWUHFXWODVROIHJLDWXOSH
VSD LXOLQWHUYDOXOXLGHRFWDY
$UWHOLEHUDOH vQP Q VWLULOHDSXVHQHvQY PkQWGHVWLQDWRDPHQLORUOLEHUL
SUHJ WL LSHQWUXDGHYHQLFOHULFLVHVWXGLDXGLVFLSOLQHvQGRX FLFOXULÌQSULPXO
FLFOX QXPLW 7ULYLXP VH VWXGLD JUDPDWLFD UHWRULFD GLDOHFWLFD ÌQ FLFOXO DO GRLOHD
QXPLW4XDGULYLXPúLVHVWXGLDDULWPHWLFDJHRPHWULDDVWURQRPLDúLPX]LFD
& OXJ UEHQHGLFWLQ F OXJ UDOXQXLRUGLQUHOLJLRVvQILLQ DWvQVHFROXO9,vQ
,WDOLDUHFXQRVFXWSHQWUXPLQX LR]LWDWHúLU EGDUH
&kQWXO DPEUR]LDQ FkQW YRFDO UHOLJLRV FH HVWH DWULEXLW OXL $PEUR]LH GLQ
0LODQR IRORVHD PRGXUL VWULFW GLDWRQLFH SH VXQHWHOH 5H 0L )D 6RO GLQ FDUH VH
YRUIRUPDFHOHPRGXULGLDWRQLFHJUHJRULHQHDXWHQWLFHSODJDOH
)RUPXOHPHORGLFHLQL LDOHPHGLDQHILQDOH IRUPXOHUHODWLYVWDQGDUGL]DWH
SR]L LRQDWHODvQFHSXWXOXQHLSLHVHvQFHQWUXOSLHVHLúLODVIkUúLWXOSLHVHLPX]LFDOH
/LX VLVWHP VRQRU FKLQH] FH FXSULQGH VXFFHVLXQHD GH VXQHWH GH vQ O LPH
DEVROXW RE LQXWHSULQSURFHGHXGHPXOWLSOLFDUHSULQFYLQWHúLFYDUWH
0RQRFRUG LQVWUXPHQW FRUGRIRQ FLXSLW SH FDUH 3LWDJRUD vO IRORVHD SHQWUX
GHPRQVWUD LLDFXVWLFH
3HQWDJUDP SRUWDWLYFXOLQLL
3URFHGHH PQHPRWHKQLFH DQVPEOX GH SURFHGHH DUWLILFLDOH SHQWUX D PHPRUD
FHYD
6SD LXRUGRQDWRUDOVF ULL JUXSXOGHVXQHWHvQVXFFHVLXQHOXDWGUHSWFULWHULX
GH RUJDQL]DUH D VF ULORU PX]LFDOH VDX D PDWHULDOXOXL DFXVWLFPX]LFDO WHWUDFRUGXO
SHQWUX PRGXULOH JUHFHúWL SHQWDFRUGXO úL WHWUDFRUGXO SHQWUX PRGXULOH JUHJRULHQH

KH[DFRUGXO SHQWUX VROPL]DúLD UHODWLY G¶$UH]]R RFWDYD SHQWUX VFDUD DFXVWLFR
PX]LFDO úLSHQWUXVLVWHPXOWRQDO
,&KHVWLRQDU
$OHJH LXQVLQJXUU VSXQVFRUHFW
6ROIHJLHUHDDEVROXW HVWHRH[SUHVLHFDUHVHUHIHU OD
DLQWRQDUHDVXQHWHORUvQUDSRUWGHVXQHWXOUHSHU/D +]
ELQWRQDUHDQHVWDQGDUGL]DW DVXQHWHORULQWRQDUHFHDUHXQUHSHUPRELOFDUH
UHVSHFW vQV UDSRUWXOFDQWLWDWLYFDOLWDWLYDOvQ O LPLLVXQHWHORUGLQPHORGLH

3ULPD vPS U LUH D XQHL VF UL PDL H[WLQVH QXPHULF FDUH V LQ FRQW GH
GLDSD]RQXOXLYRFLORUVHSUH]LQW FXXUP WRDUHOHvQVHPQHJUDILFH
D$SHQWUXRFWDYDPDUHDSHQWUXRFWDYHPLF DDSHQWUXRFWDYD
E/DSHQWUXRFWDYDPDUH/DSHQWUXRFWDYHPLF /DSHQWUXRFWDYD

3ULQVLODEHOH8W5H0L)D6RO/D*XLGRG¶$UH]]RQXPHD
DQXPDLKH[DFRUGXOQDWXUDO
EKH[DFRUGXULOHQDWXUDOHPROXPúLGXUXP
FQXPDLKH[DFRUGXOQDWXUDOúLGXUXP

6ROPL]D LDDIRVWvQX]DQ DúFROLORU
DQXPDLvQVHFROXO;,SHWLPSXOOXL*XLGRG¶$UH]]R
ESkQ vQVHFROXO;9,,,

'HQXPLUHDVXQHWHORUFXVLODEHOH'R5H0L)D6R/D7LDSDU LQHOXL
D*XLGRG¶$UH]]R
E2WWR*LEHOLXV

3ULPHOHVLODEHOHSHQWUXFLWLUHDSHVXQHWHDXIRVW
D%R&H'L*D'L/D0D1L
E8W5H0L)D6RO/D
$OHJH LGDF HQXQ XULOHVXQWDGHY UDWH$VDXIDOVH)
ÌQ O LPHD VXQHWHORU VH SRDWH LGHQWLILFD JUDILF SULQ QRWDUHD ORU FX QRWH
PX]LFDOHOLWHUHFLIUHVDXSULQQXP UGHKHU]L
ÌQ O LPHDVXQHWHORUVHSRDWHLGHQWLILFDJUDILFQXPDLSULQQRWDUHDORUFXQRWH
PX]LFDOH
6ROPL]D LD UHODWLY D IRVW UHFRQVLGHUDW úL SUHOXDW FD SULQFLSLX GH F WUH
.RGDO\
6ROPL]D LDUHODWLY DIRVWXQSURFHGHXFDUHDLQWHUHVDWQXPDLvQY PkQWXO
PX]LFDO GLQ VHFROXO ;, XOWHULRU QLFLXQ VLVWHP PX]LFDO QX D IRVW LQWHUHVDW GH
XWLOL]DUHDVDXUHFRQVLGHUDUHDOXL

6ROPL]D LDUHODWLY FDSURFHGHXGHFLWLUHúLLQWRQDUHDKH[DFRUGXULORUSULQ
DFHODúL JUXS GH VLODEH 8W 5H 0L )D 6RO /D SHUPLWHD GHS úLUHD DPELWXVXOXL
XQXLKH[DFRUGSULQDSOLFDUHDGXS VLODED6RODJUXSXOXLVHPLWRQDO0L)DSULQFDUH
VHQXPHDXúLFHOHODOWHVHPLWRQXULH[LVWHQWHvQKH[DFRUGXULVHPLWRQXULOH/D6LEVDX
6L'R
6ROPL]D LDUHODWLY FDSURFHGHXGHFLWLUHúLLQWRQDUHDKH[DFRUGXULORUSULQ
DFHODúLJUXSGHVLODEH8W5H0L)D6RO/DQXSHUPLWHDGHS úLUHDDPELWXVXOXL
XQXLKH[DFRUG
0XVLFD ILFWDIDOVD D LQWURGXV vQ KH[DFRUGXULOH JXLGRQLFH VHPLWRQXUL GH
IDFWXU FURPDWLF SODVkQGXOHúLvQDOWHORFXULGHFkWvQFHQWUXOKH[DFRUGXOXLFXP
HUDRELúQXLWDSR]L LHDVHPLWRQXOXLGLDWRQLF
7RQDUHOHVHFROXOXL;9,DYHDXvQUHSHUWRULXOORUPRGDOGLDWRQLFúLH[HUFL LL
GHLQWRQDUHDDIRUPXOHORUPHORGLFHDUPRLFHFXVHPLWRQXOGLQWUHWUHSWHOH9,,9,,,
&ODXVXOD PHORGLF /DQGLQR D LQWURGXV VXQHWXO úL QRWD 'R vQ FDGHQ D
FRQFOX]LY DXQXLPRGGRULXVSH5H
&DXVXODGHWLS/DQGLQRHUDLGHQWLF FXFHDFRQFHSXW GH0DFKDXOW
&ODXVXOD0DFKDXOWRSHUDFXGRX VHQVLELOH'R6ROvQVXFFHVLXQHDGH
DFRUGXULILQDOHFHDQWLFLSDXUHOD LDDUPRQLF ,9,vQWUXQPRGGRULXVSH5H
)RQRPLPLDPX]LFDO DUHXQDQDPRGHOUHSUH]HQWDUHDYL]XDO SULQJHVWXUL
DQWLFLSDWLYH D vQ O LPLL VXQHWHORU XQ PRGHO UHSUH]HQWDUHD VLPEROXOXL vQ O LPLL
VXQHWXOXL SULQWUR IRUP XQLF D SR]L LHL PkLQLL úL XQ PHWDPRGHO VHPQH GXS
FRQVXPDUHDLQWRQ ULLFRUHFWHDPRGHOXOXLIRQRPLPLF
%RFHGL]DUHD D FRQWULEXLW OD WUHFHUHD VROPL]DWLHL GH OD KH[DFRUG OD
KHSWDFRUG
&LWLUHD VLODELF D VXQHWHORU PX]LFDOH D WUHFXW GH OH HWDSD KH[DFRUGXOXL
JXLGRQLF XWUHPLIDVRO VSUH HWDSD KHSWDFRUGLF JLEHOLDQ GRUHPLIDVRODWL
SULQERFHGL]DUH

,912,& ,0(72'('($&&(6,%,/,=$5($6&5,6&,7,78/8,
08=,&$/Ì16(&2/(/(;9,,,;,;

,QWURGXFHUH

ÌQ FDSLWROXO DQWHULRU DP H[SXV FkWHYD SUREOHPH OHJDWH GH VFULHUHD úL FLWLUHD
XQHLSDUWLWXULPRQRGLFHSULQQRWHSRUWDWLYFKHLSULQLQWHUPHGLXOFHORUWUHLWLSXULGH
KH[DFRUGXUL FDUH LPSXQ SULPHOH DOWHUD LL GH WLS GLDWRQLF EHPROXO EHFDUXO úL
HPDQFLSDUHD PRGDOXOXL SULQ FDGHQ H PHORGLFH úL DUPRQLFH vQ VRQRULW L FH YRU
FRQWXUD YLLWRUXO VLVWHP WRQDO 3URFHGHXO LQDXJXUDW vQ VHFROXO ;, GDWRULW XQHL
DQXPLWH SODV UL úL FLWLUL D VHPLWRQXULORU H[LVWHQWH SH DWXQFL vQ KH[DFRUGXULOH
JXLGRQLFH QXPDL FX VLODEHOH 0L)D GXS 6RO VD QXPLW VROPL]D LHVROPL]DUH
62/0,]D LH 3URFHGHXO HVWH DWULEXLW OXL *XLGR G¶$UH]]R úL SHQWUX F QXPHD
RULFHVXQHWGHvQ O LPHDEVROXW FXVLODEHVWDQGDUGL]DWH8W5H0L)D6RO/D
LQGLFDGHFLvQ O LPHDUHODWLY DVXQHWXOXLDFHVWWLSGHVROPL]D LHHUDúLHVWHQXPLW
VROPL]D LH UHODWLY *UXSXO GH SURFHGHH SRDWH SULPL QXPHOH GH PHWRG DGLF
LPSOLF XQFRPSOH[GHSURFHGHH'HODvQFHSXWVDUHPDUFDWIDSWXOF HUDH[WUHPGH
JUHXGHGHSULQVFDWHKQLF vQFHLDQLGHúFRODUL]DUHYH]L$PpGpH*DVWRXp$UWD
JUHJRULDQ S
3URFHGHXOvQVXúLULLWHKQLFLLGHVFULVFLWLWPX]LFDOSULQKH[DFRUGXULOHJXLGRQLFH
D IRVW DEDQGRQDW vQ VHFROXO ;9,,, úL SH PRWLYXO F VSD LXO RUGRQDWRU DO VF ULORU
PX]LFDOHDGHYHQLWvQVLVWHPXOWRQDOIXQF LRQDORFWDYD
$IRVWQHFHVDUV VHGHDXQU VSXQVDGHFYDWvQWUHE ULLFDUHVXQWSURFHGHHOHGH
FLWLUHvQQRXOVSD LXRUGRQDWRUúLFDUHHVWHPHWRGDGHGHVFLIUDUHDSDUWLWXULORUPRQR
GLFH WRQDOH" &RQFRPLWHQW DX PDL DS UXW vQV úL DOWH DVSHFWH vQ FRQWH[WXO VRFLDO
FXOWXUDO DO FLYLOL]D LHL HXURSHQH GLQ VHFROXO ;9,,, DQWLFLSDWH FKLDU GLQ VHFROHOH
DQWHULRDUH ;9,;9,, FDUH DX QHFHVLWDW UHvQQRLUL DOH SURFHGHHORU IRORVLWH vQ
vQY PkQWSkQ DWXQFL
9RP SUH]HQWD VXFFLQW XQ WDEORXO UHIHULWRU OD RSWLFD HXURSHDQ DVXSUD
vQY PkQWXOXLRSWLF FHSULYHúWHVFKLPE ULGLQYLD DVRFLDO LQIOXHQ DQRLORUWHRULL
DVXSUDILQDOLW LLvQY PkQWXOXLúLDVXSUDUHVWUXFWXU ULLDFHVWXLDúLLPSOLFLWDVXSUD
vQY PkQWXOXLPX]LFDO
ÌQFHSkQGFXVHFROHOH;9,;9,,VXQWQHFHVDUHVFKLPE ULvQGRX vQGHOHWQLFLUL
FHVROLFLW PRGLILF ULvQFRQ LQXWXOúLILQDOLWDWHDXUP ULW GHvQY PkQW(VWHYRUED
GH FDWHJRULD PHúWHúXJDULORU úL D QHJXVWRULORU FDWHJRULL FH DX QHYRLH DFXP GH R
FRPXQLFDUH SULQ OLPED PDWHUQ VFULVFLWLW GH XWLOL]DUHD vQ SUDFWLFD PHVHULLORU D
LQYHQ LLORUGLQúWLLQ DúLWHKQLFDDFHVWRUVHFROH2ULúFRDODvQOLPEDODWLQ WULYLXP
TXDGULYLXPúLFXRSURJUDP DFFHQWXDWILOR]RILF LQWHOHFWXDOL]DW QXPDLSXWHDIL
GHIRORVDFHVWRUvQGHOHWQLFLULSUDFWLFH
2 SULP VROX LH SH FDUH DP SUH]HQWDWR GLQ &XUVXO HVWH FHD RIHULW vQ
VHFROXO ;9,, GH &RPHQLXV SULQ 'LGDFWLFD 0DJQD DWXQFL FkQG FHUH R ùFRDO
SHQWUXWR LERJD LúLV UDFLFkUPXLWRULúLVXSXúLIHWHúLE LH L7R LSRWvQY D
WRDWH

([SUHVLD7RWXO±GXS &RPHQLXV±VHUHIHU ODXQFRQ LQXWFHWUHEXLHSUHGDWúL
vQVXúLW WUHSWDW JUDGDW úL FRQFHQWULF SULQ PHWRGH LQWXLWLYH vQ FDUH H[HUFL LXO úL
H[SOLFD LD VXQW SULRULWDUH SHQWUX FD vQY PkQWXO V SRDW GHYHQL DFFHVLELO XQHL
PDVHPDULGHHOHYL
7RW SH DFHDVW OLQLH D GHPRFUDWL] ULL úL DFFHVLELOL] ULL vQY PkQWXOXL PDL
SOHGHD] úLGDXVROX LLSHUVRQDOLW LPDUFDQWHDOHDFHVWRUVHFROH
'LQWUH DFHVWHD PHQ LRQ P XUP WRDUHOH LGHL FD LQIRUPD LL XWLOH DFHVWXL
FDSLWRO
í (GXFD LD IHWHORU SkQ vQ VHFROXO ;9,, VH UHDOL]D FD úL vQ SHULRDGHOH
DQWHULRDUHQXPDLvQIDPLOLH3HGDJRJXOúLWHRUHWLFLDQXOIUDQFH])pQHORQDSURSXV
FD HGXFD LD IHWHORU V ILH UHDOL]DW LQVWX LRQDOL]DW GH]YROWkQG FDOLW LOH DIHFWLYH
QHFHVDUHXQHLVR LLúLPDPHI U FDRUL]RQWXOúWLLQ LILFGLQSODQXOGHvQY PkQWV
ILHLGHQWLFFXFHOQHFHVDUPHVHULLORUSHFDUHOHSRWSUDFWLFDE UED LL
í (GXFD LDE LH LORUYLLWRULLE UED LÄJHQWOHPHQL´DVWDWvQDWHQ LDILOR]RIXOXL
WRWRGDW ILORORJXOXLúLPHGLFXOXL-RKQ/RFN,GHHDHVHQ LDO GLQSHGDJRJLDORFNLDQ
HUD DFHHD F E LH LL WUHEXLH V GXF XQ UHJLP VHYHU GH YLD SULQ F OLUHD
RUJDQLVPXOXL SULQ H[HUFL LL IL]LFH PXQF IL]LF KUDQ FXPS WDW úL V GHYLQ
vQWUHSULQ] WRULEXQLFRQGXF WRULGHDIDFHULGDUúLIRDUWHPDQLHUD LEXQLGDQVDWRULúL
FXREXQ LQVWUXF LHPX]LFDO 2DVWIHOGHHGXFD LH/RFNQXRYHGHUHDOL]DW GHFkW
GHÄSUHFHSWRU´SURIHVRUSDUWLFXODUvQIDPLOLHQXvQÄúFRDODSHQWUXWR L´FDSDELO
GH D UHDOL]D LQVWUXF LD XQXL HOHY QX úL HGXFD LD PRUDO úL FRPSRUWDPHQWDO D
DFHVWXLD
í (GXFD LD vQ VHFROXO ;9,,, VHFROXO OXPLQLORU HUD FRQFHSXW FD R ÄúFRDO
SHQWUX WR L´ ,QVWUXLUHD SRSRDUHORU HUD FRQVLGHUDW FD SULQFLSDOD PHWRG GH
DPHOLRUDUHDVRFLHW LLÌQY PkQWXOWUHEXLDV FRQWLQXHOLQLDFRPHQLDQ ÄWUHSWDW
JUDGDWFRQFHQWULF´GDUWUHEXLDV GHYLQ úLÄSUDFWLFQD LRQDOODLF´
í --5RXVVHDXH[SULP vQOXFU ULOHOXLYH]LúLURPDQXO(PLOHLGHLQRLFH
YRU PDUFD vQ VHFROHOH ;,; úL ;; GUXPXO vQY PkQWXOXL PRGHUQ UHVSHFWDUHD
SDUWLFXODULW LORU GH YkUVW DOH FRSLOXOXL FDUH VXQW DOWHOH GHFkW DOH DGXOWXOXL
H[HUVDUHDVLP XULORUSULQSXQHUHDDFHVWRUDvQUHOD LHFXJkQGLUHDúLORJLFDÄHGXFD LD
QHJDWLY ´ vQ HOHJkQG SULQ DFHDVWD F VH ODV OLEHUWDWH WRWDO FXQRDúWHULL YLH LL SULQ
H[SHULHQ SURSULHI U QXXULOHHGXFDWRULORUSURFHVXOGHLQVWUXLUHVHSUHFRQL]DD
VHGHVI úXUDSULQFXQRDúWHUHGLUHFW DOXFUXULORUúLDIDSWHORUIHQRPHQHORUYLH LLúL
QDWXULL6HOHF LDFRQ LQXWXULORUWUHEXLDV XUPH]HFDOHDXQHLUHFLSURFLW LvQWUHXWLOúL
DFFHVLELO
í 6HFROXO;,;HVWHPDUFDWGHFkWHYDLGHLSUH]HQWDWHvQOXFU ULFXSURILOSVLKR
SHGDJRJLF GLQ FDUH HQXPHU P DFFHQWXDUHD FDUDFWHUXOXL SUDFWLF DFFHVLELO úL
RUJDQL]DW DO SURFHVXOXL GH vQY PkQW GH OD FRQFHSHUHD XQXL SODQ GH vQY PkQW
SURJUDPH DQDOLWLFH SkQ OD RUJDQL]DUHD XQHL RUH GH DFWLYLWDWH GLGDFWLF QXPLW
ÄOHF LH´GXS PRGHOXOWUHSWHORUSVLKRORJLFHDOHOXL+HUEDUWDFRUGDUHDXQHLDWHQ LL
VSRULWH PDWHULDOHORU GLGDFWLFH LQWXLWLYH GH WLS YL]XDO VDX SHQWUX FXQRDúWHUHD
LQWXLWLY DXGLRNLQHVWH]LF MXF ULLOHOXL)URHEHOLQWXLUHDPDWHULDOHORUGLGDFWLFHOD
3HVWDOR]]LDFORSR HLORUPX]LFDOLOD0RQWHVVRUL

,GHLOHH[SXVHPDLVXVILHFDUHDYkQGXQJUDGGHPRGHUQLWDWHHYLGHQW QXVDX
LPSOHPHQWDW GXS FXP R DWHVW LVWRULD GHFkW FX PDUH JUHXWDWH vQ SUDFWLFD
vQY PkQWXOXLHXURSHDQ0 VXUDWvQWLPSDFHVWOXFUXvQVHDPQ ]HFLGHDQLúLSHVWH
XQVHFROGHUHIRUPDUHDGDSWDUHODUHDOLW LOHILHF UHL ULHXURSHQH
ÌQ ID D UHDOLW LORU HQXQ DWH UHDOLW L GLFWDWH ILH GH HYROX LD úL GLYHUVLILFDUHD
RFXSD LLORUDPHVHULLORUúLSURIHVLXQLORUGLQVRFLHWDWHDHXURSHDQ DVHFROXOXL;,;
ILHGHQRLOHWHRULLSHGDJRJLFHHODERUDWHSHED]HúWLLQ LILFHDGLF SHED]DREVHUYD
LLORUúLDH[SHULPHQWHORUDLQWHUIHUHQ HORUGLQWUHúWLLQ FXOWXU úLWHKQLF úLGRPHQLXO
vQY PkQWXOXLPX]LFDORIHU SURFHGHHQRLDGHFYDWHFHULQ HORUGHDFFHVLELOL]DUHD
FLWLWXOXLúLVFULVXOXLPX]LFDOSURFHGHXFDUHHVWHQXPLWDFXPVROIHJLHUH
3URFHGHHOHDúDFXPVHYDREVHUYDvQFHOHFHXUPHD] VXQWDQWLJXLGRQLHQH
SHQWUXF VXEVWLWXLHSRUWDWLYXOúLQRWHOHFXVLPEROXULFXQRVFXWHGHHOHYLFLIUHOHvQ
)UDQ DúLOLWHUHOHURPDQHvQ$QJOLD

&XUVXO

1RWDUHDúLFLWLUHDSULQFLIUHDSDUWLWXULORUPX]LFDOH0HWRGHGLQ)UDQ DVHFROHORU
;9,,,;,;-HDQ-DFTXHV5RXVVHDX3LHUH*DOLQePLOH-RVHSK&KHYp

ùFRDODFDLQVWLWX LHSXEOLF PHQLW V DVLJXUHRLQVWUXF LHúLRHGXFD LHXWLO
vQVWUkQV OHJ WXU FXQLYHOXOFLYLOL]D LHLFXWUDGL LDORFDO úLUHOLJLDGHFDUHDSDU LQH
RFRPXQLWDWHWUHEXLDV J VHDVF SURFHGHHGHVLPSOLILFDUHDPHWRGHORUGHSUHGDUH
FDUHV IDFLOLWH]HvQDFHODúLWLPSVWXGLXOLQGLYLGXDODOHOHYXOXL
ÌQFHHDFHSULYHúWHSUHGDUHDPX]LFLLSHQWUXQRXDRULHQWDUHDúFROLLDFHHDGH
ÄúFRDO SHQWUX WR L´ LGHHD VLPSOLILF ULL VFULHULL úL DSRL GHFRGLILF ULL VRQRUH D XQHL
SDUWLWXULDIRVWvQSDUWHUH]ROYDW vQ)UDQ D
)LOR]RIXO VFULLWRUXO úL FRPSR]LWRUXO -HDQ
-DFTXHV5RXVVHDXDIRVWúLXQLQVSLUDW
GLGDFWLFLDQ DO PX]LFLL 'DWH ILLQG FRQFOX]LLOH
VLQWHWL]DWHGXS VHFROHGHSUDFWLF úFRODU FHDU WDX
F H[LVW RLQFRPSDWLELOLWDWHvQWUHFDSDFLWDWHDPDVHL
GH HOHYL GH D VROIHJLD OD vQ O LPHD DEVROXW SDUWL
WXULOHPX]LFDOHDFXPvQWRQDOLW LPDMRUHúLPLQRUH
SkQ ODDOWHUD LLFXGLH]LúLEHPROLSULQXWLOL]DUHD
QRWHORU VFULVH SH SRUWDWLY FX DMXWRUXO FKHLORU úL DO
DOWHUD LLORU LQRYD LD OXL 5RXVVHDX VD UHIHULW OD
UHQXQ DUHDODQRWD LDFODVLF DvQ O LPLLVXQHWHORUSH
)LJ-HDQ-DFTXHV5RXVVHDX SRUWDWLY QRWH úL FKHL 3URSXQHUHD OXL 5RXVVHDX
FRQVWD vQ QRWDUHD XQHL SDUWLWXUL FX FLIUH DUDEH IRORVLQG SHQWUX PRGHOXO PDMRU GH
JDP FLIUHOHPRGHOvQFDUHFLIUDLQGLFDvQWRWGHDXQDWRQLFDXQHL
JDPH 3HQWUX JDPD PLQRU IDSWXO F UHOD LD FX UHODWLYD PDMRU LPSOLFD FD WRQLFD
JDPHLUHODWLYHPLQRUHV ILHSR]L LRQDW FXRWHU PLF PDLMRVGHFkWFHDPDMRU D
DGXV OD XWLOL]DUHD FD WRQLF D RULF UHL JDPH PLQRUH FLIUD LDU VXFFHVLXQHD XQHL
JDPHPLQRUHHUDQRWDW úLLQWRQDW FXFLIUHOH

([HPSOHGHQRWDUHDJDPHORUPDMRUH

'R ± 5H ± 0L ± )D ± 6RO ± /D ± 6L ± 'R
± ± ± ± ± ± ±

5H ± 0L ± )D ± 6RO ± /D ± 6L ± 'R 5H
± ± ± ± ± ± ±

6LE ± 'R ± 5H ± 0LE ± )D ± 6RO ± /D ± 6LE
± ± ± ± ± ± ±
([HPSOHGHQRWDUHDJDPHORUPLQRUH
OD ± VL ± GR ± UH ± PL ± ID ± VRO ± OD
± ± ± ± ± ± ±

VL ± GR ± UH ± PL ± ID ± VRO ± OD ± VL
± ± ± ± ± ± ±

VRO ± OD ± VLE ± GR UH ± PLE ± ID ± VRO
± ± ± ± ± ± ±

3HQWUX DOWHUD LL VH IRORVHD R OLQLH REOLF VSUH GUHDSWD FH W LD FLIUD SHQWUX D
LQGLFDLQWRQDUHDFXXQVHPLWRQDVFHQGHQWGHRELFHLúLROLQLHREOLF VSUHVWkQJD
FHWDLHFLIUDSHQWUXDLQGLFDFRERUkUHDQRWHLFXXQVHPLWRQGHRELFHLEHPRO
3URFHGHXO H[WUHP GH LQJHQLRV D IRORVLW OD VLPSOLILFDUHD PRGHOHORU PHORGLFH
GH PHPRUDW D O PXULW SUREOHPD JDPHORU UHODWLYH GHVLJXU SULQ GHVHQH PHORGLFH
DFFHVLELOH 'XS FXP VH SRDWH GHGXFH 5RXVVHDX D PHUV SH LGHHD IRORVLULL
FXQRúWLQ HORU SULPDUH DOH HOHYLORU FDUH GLQ SULPHOH OHF LL RSHUDX FX OLPEDMXO
FLIUHORUIDSWFDUHDVLPSOLILFDWúLGHFRQJHVWLRQDWFDQWLWDWHDGHLQIRUPD LLQHFHVDUH
vQY ULLOLPEDMXOXLPX]LFDO6DI FXWGHFLXQWUDQVIHUGHFXQRúWLQ HúLQRWDUHGLQ
DULWPHWLF vQPX]LF DLFLFDVXFFHVLXQHGHWUHSWHvQWURJDP PDMRU VDXPLQRU
3HQWUX QRWDUHD YDORULORU GH GXUDW 5RXVVHDX D IRORVLW QRWD LD FODVLF FX YDORUL GH
S WULPLRSWLPLSDX]HHWFSXVHVXEFLIUHOHFDUHLQGLFDXvQ O LPHDVXQHWHORU
0HWRGD 5RXVVHDX D IRVW SUHOXDW úL vPEXQ W LW GH FRQD LRQDOXO V X 3LHUUH
*DOLQ FDUH R SXEOLF vQ DQXO VXE WLWOXO GH ([SRVLWLRQ G¶XQH
QRXYHOOH PpWKRGH *DOLQ D IRORVLW úL IRQRPLPLD SHQWUX D IDFH úL PDL FODU vQ HOH
JHUHD SR]L LHL VXQHWXOXL SH R VFDU LPDJLQDU SULQ ILJXULOH GHVHQDWH GH SDOPD úL
GHJHWHOHPkLQLLGUHSWH7RW*DOLQHVWHDXWRUXOPHORSODVWLHLSURFHGHXGHLQGLFDUHSH
SRUWDWLYFXDMXWRUXOXQHLEDJKHWHDVXQHWHORUVSUHLQWRQDUHúLGHQXPLUHDVLODEHORU
ULWPLFH

7D S WULPHD7R GRLPHD7L7L RSWLPL7LUROD WULROHWGHRSWLPL
0 SXQFWXOGHSUHOXQJLUH7LNLWLNL úDLVSUH]HFLPL

$LPp 3DULV FXQRVFXW SHQWUX SUHRFXS ULOH VDOH vQ GRPHQLXO
VWHQRJUDILHL HVWH XQ DOW PX]LFLDQ FH D IRORVLW QRWD LD SULQ FLIUH D SDUWLWXULORU
PX]LFDOHGHVWLQDWHúFROLORU0HWRGDDIRVWvQFRQWLQXDUHIRORVLW vQ)UDQ DP UWXULH
ILLQGDSDUL LDvQDQXODXQHLOXFU ULFXVFRSGLGDFWLFLQWLWXODW 0pWKRGH*DOLQ
&KHYp3DULV DXWRU ILLQG ePLOOH -RVHSK 0DXULFH &KHYp 1RWD LD
YDORULORU GH GXUDW D IRVW GH GDWD DFHDVWD úL HD VLPSOLILFDW SULQWUXQ VLVWHP GH
SXQFWHFDUHVHSXQHDXVXEFLIUDQRW

([HPSOX±±

(YLWDUHDVHPLRJUDILHLFODVLFHJXLGRQLHQHSULQSRUWDWLYHQRWHFKHLDOWHUD LLúL
DSRLDQRW ULLFODVLFHDYDORULORUGHQRWHúLSDX]HHVWHXQSURFHGHXFDUHVHDOLQLD]
WHQGLQ HL GH HGXFDUH D PDVHL GH HOHYL $FHúWLD DX vQ VHFROXO ;,; SRVLELOLWDWHD V
FLWHDVF úLV VFULHXQGHVHQPHORGLFVLPSOXvQRULFHWRQDOLWDWHPDMRU VDXPLQRU
3URFHGHXO VFULHULL úL FLWLULL FX FLIUH D PX]LFLL VH vQVFULH WRW SH OLQLD LQWRQ ULL OD
vQ O LPHDUHODWLY DVXQHWHORUDDYXWVXFFHVúLvQDOWH ULGHH[HPSOXvQ*HUPDQLD
DGDSWDW VHSDUHGHGU%1DWRUS
5H]XPDW
ÌQ WHQGLQ D JHQHUDO D vQY PkQWXOXL HXURSHDQ GLQ VHFROHOH ;9,,,;,;
vQY PkQWGHYHQLWÄúFRDO SHQWUXWR L´VHvQVFULHúLVROX LDGHVROIHJLHUHFLWLWVFULV
PX]LFDO FX SURFHGHH QHJXLGRQLHQH )UDQ D vQ XQHOH UHJLXQL D DGRSWDW PHWRGD
QRWD LHLSULQFLIUHDVXQHWHORUPX]LFDOH0HWRGDFRQVW vQXWLOL]DUHDVXFFHVLXQLLGH
FLIUHGHODODSHQWUXDLQGLFDRVFDU PDMRU FXWRQLFDSHRULFH
VXQHWúLDVXFFHVLXQLLSHQWUXRVFDU FXVWUXFWXU PLQRU 1RWDUHD
VXQHWHORU FX DOWHUD LL VH RSHUD FX VHPQH REOLFH GUHDSWD SHQWUX DVFHQGHQW REOLF
VWkQJD SHQWUX XQ VXQHW GHVFHQGHQW 1RWDUHD YDORULORU GH GXUDWH VH UHDOL]HD] vQ
SULPDHWDS SULQQRWD LHFODVLF DSRLSULQWUXQVLVWHPGHSXQFWH0HWRGDDIRVWR
LQRYD LH FH DSDU LQH OXL 5RXVVHDX úL vPEXQ W LW GH FRQD LRQDOLL V L 3 *DOLQ
(-0&KHYp$3DULVúLFRQVWLWXLHúLDVW ]LRSUDFWLF vQXQHOHúFROLGLQ)UDQ DúL
GLQOXPH6HDSOLF XúRUúLFDPHWRG LQVWUXPHQWDO VDXPL[W FLIUHSRUWDWLY
)RQRPLPLH UHSUH]HQWDUHD YRUELULL IRQHPHORU SULQ JHVWXUL SURFHGHX
IRORVLWPDLDOHVvQFRPXQLFDUHDvQWUHVXUGRPX L
)RQRPLPLD PX]LFDO UHSUH]HQWDUHD SULQ PRGHOH GH JHVWXUL D vQ O LPLL
VXQHWHORU
,7HPH
&RPSXQH LúLWUDQVFULH LvQOLPEDMXOFLIUHORUOXL5RXVVHDXRPHORGLHGHRSW
P VXULvQWRQDOLWDWHPDMRU úLRDOWDvQWRQDOLWDWHPLQRU
([SOLFD LXQXLHOHYWHKQLFDQRW ULLFXFLIUHDXQHLSDUWLWXULPX]LFDOHQRWD L
FLIUHOHSHSLDQúLREVHUYD LvQFkWWLPSHVWHFDSDELOV RGHVFLIUH]HID GHXQHOHY
FDUHRFLWHúWHvQQRWD LHFODVLF SHSRUWDWLYFXQRWHFKHLHúLDOWHUD LL

,,&KHVWLRQDU
0HWRGDQRW ULLFXFLIUHDVXQHWHORUPX]LFDOHLVHDWULEXLHFDSDWHUQLWDWHOXL
D*XLGRG¶$UH]]R
E2WWR*LEHOLXV
F-DQ&RPHQLXV
G--5RXVVHDX

ÌQSULPDHWDS 5RXVVHDXQRWHD]
DSULQFLIUHQXPDLVXQHWHOHXQHLJDPHPDMRUH
ESULQFLIUHQXPDLVXQHWHOHXQHLJDPHPLQRUH
FSULQFLIUHVXQHWHOHXQHLJDPHHWDORQPDMRUHúLPLQRUH

0HWRGDGHQRWDUHFXFLIUHDvQ O LPLLVXQHWHORU
DDIRVWXWLOL]DW QXPDLvQVHFROXO;9,,,
EDIRVWSUHOXDW úLvPEXQ W LW vQVHFROXO;,;vQ)UDQ DúLvQDOWH UL

3ULQVXFFHVLXQHDGHFLIUHVHVROIHJLD
DQXPDLvQJDPDWRQDOLW LL'RPDMRU
EvQRULFHWRQDOLWDWHPDMRU FXGLH]LVDXEHPROL
FvQRULFHWRQDOLWDWHPDMRU úLPLQRU FXGLH]LVDXEHPROL

3ULQVXFFHVLXQHDGHFLIUHVHVROIHJLD
DQXPDLvQJDPDWRQDOLW LL'RPDMRU
EvQRULFHWRQDOLWDWHPDMRU FXGLH]LVDXEHPROL
FvQRULFHWRQDOLWDWHPDMRU úLPLQRU FXGLH]LVDXEHPROL
GQXPDLvQJDPDWRQDOLW LLODPLQRU
HvQRULFHWRQDOLWDWHPLQRU FXGLH]LVDXEHPROL
$OHJH LGDF HQXQ XULOHVXQWDGHY UDWH$VDXIDOVH)
ÌQ WRQDOLWDWHD 5H PDMRU VXFFHVLXQHD SULQ QRWDUH FX FLIUH
UHSUH]LQW VXQHWHOH5H)D/D5H'R5H
6XFFHVLXQHD GH QRWDUH FX FLIUH vQ PHWRGD 5RXVVHDX*DOLQ&KHYp3DULV D
OLQLHL PHORGLFH UHSUH]LQW XQ IUDJPHQW GLQ JDPD WRQDOLW LL 'R
PDMRU
6XFFHVLXQHD GH QRWDUH FX FLIUH vQ PHWRGD 5RXVVHDX*DOLQ&KHYp3DULV D
OLQLHL PHORGLFH UHSUH]LQW DUSHJLXO XQHL JDPH PLQRUH LQGLIHUHQW GH
vQ O LPHDDEVROXW DWRQLFLL

&XUVXO

2LQRYD LHvQVROIHJLHUHDSDUWLWXULORU
PHWRGDHQJOH] 6DUDK*ORYHUúL-RKQ&XUZHQGLQVHFROXO;,;
ÌQY PkQWXO HXURSHDQ DO VHFROXOXL ;,; FRQWLQXkQG GLUHF LD GDW FX GRX
VHFROH vQ XUP GH &RPHQLXV úL vQW ULW GH LOXPLQLúWLL VHFROXOXL ;9,,, D GDW R
LPSRUWDQ GLQ FH vQ FH PDL PDUH FKHP ULL FRSLLORU VSUH úFRDO úL WRWRGDW
FXQRVFkQGXVHIRU DEHQHILF DPX]LFLLDVXSUDFRSLLORUúLRDPHQLORUPDWXULDDYXW
vQ YHGHUH FD GLVFLSOLQD QXPLW ÄPX]LF ´ VDX ÄFkQW´ V VH PHQ LQ SHUPDQHQW vQ
SODQXULOHGHvQY PkQW
3HQWUX F úFRDOD GH DWXQFL DYHD FD VDUFLQ SULQFLSDO DOIDEHWL]DUHD FRSLLORU
SULQVFULVFLWLWVHvQ HOHJHGHODVLQHF vQúFRDO HOHYLLWUHEXLDXV vQYH HFLWLUHDúL
VFULHUHDPX]LFLL
$FFHVLELOL]DUHD FLWLWXOXL PX]LFDO U PkQHD R SUREOHP H[WUHP GH JUHX GH
UH]ROYDW
([LVWD R RSRUWXQLWDWH YHQLW GLQ GLUHF LD SDUWLWXULORU PX]LFDOH *UD LH
LQYHQW ULL WLSDUXOXL PX]LFDO GH F WUH 2WWDYLR 3HWUXFFL vQ DQXO DFXP DFHVWHD
QX PDL WUHEXLDX VFULVH PDQXDO FL SXWHDX V FLUFXOH FX UDSLGLWDWH SULQ LQWHUPHGLXO
WLS ULWXULORU GH OD FRPSR]LWRU OD LQWHUSUHW VROLVW YRFDO VROLVW LQVWUXPHQWLVW VDX
PHPEUXDOXQHLIRUPD LLLQVWUXPHQWDOHVDXFRUDOH7RWRGDW DFHVWHSDUWLWXULWLS ULWH
GHYHQHDXPDWHULDOGLGDFWLFvQúFROLOHV SW PkQDOHVDXGXPLQLFDOH
ÌQ DFHODúL WLPS QRWD LD PX]LFDO EHQHILFLD GH RIHUWH FDUH vQ SDUWH VXQW
XWLOL]DWHúLDVW ]L(VWHYRUEDGH
±QRWD LDIRQHWLF DvQ O LPLLVXQHWHORUSULQOLWHUHFGHIJEKVDXFGHI
JDEIODWKvQ*HUPDQLD$XVWULD$QJOLDXQHOHVWDWHDPHULFDQHHWF
± QRWD LD VLODELF D vQ O LPLL VXQHWHORU FX XUP WRDUHOH GHQXPLUL DS UXWH vQ
GLIHULWHHWDSH
x 8W5H0L)D6RO/D*XLGRG¶$UH]]R
x %R&H'L*D'L/D0D%L+XEHUW:DHOUDQW
x 'R5H0L)D6RO/D6L VDX 'R5H0L)D6R/D7L 2WWR *LEHOLXV vQ
,WDOLD)UDQ D6SDQLD5XVLD5RPkQLDHWF
±QRWD LDSULQFLIUHDvQ O LPLLVXQHWHORUVFDUDPDMRU
VFDUD PLQRU vQ XQHOH úFROL GLQ )UDQ D 5RXVVHDX *DOLQ &KHYp
3DULVvQFHOHGLQ*HUPDQLD1DWRUSHWF
±QRWD LDSHJUXSHGHLQWHUYDOHGLDVWHPDWLF SULQQHXPHJUHJRULHQHVDX
EL]DQWLQH
,GHHDYDVWDvQDWHQ LDSURIHVRULORUVHFROXOXL;,;úLPDLDOHV;;GXS FXP
YRPvQFHUFDV H[SOLF PDWkWvQFXUVXOGHID FkWúLvQFHOHFHXUPHD]
2SLQLD QRDVWU HVWH F LGHHD GLDVWHPDWLFLL vQ FXQRúWLQ GH FDX] VDX vQ
QHFXQRúWLQ GHFDX] YDILSUHOXDW UHFRQVLGHUDW DWkWSHQWUXPRGXOHOHPHORGLFH
WRQDOHFkWúLSHQWUXFHOHPRGDOHvQPHWRGHOHGHVXFFHVDOHVHFROXOXL;;&KHYDLV
0DUWHQRW2UII.RGDO\úLFKLDU6X]XNL

6HFROHOH;9,,,;,;ODFDUHQHUDSRUW PvQFXUVXOGHID U PkQVXEVHPQXO
HIRUWXOXL DFFHVLELOL] ULL FRQ LQXWXOXL SURJUDPHORU DQDOLWLFH DO XWLOL] ULL OLPELL
PDWHUQHVDXFHOHLRILFLDOHVXEVHPQXOODLFL] ULLDFFHQWXDWHDUHSHUWRULXOXLúFRODU
&DOHDGHDFFHVVSUHDFHVWH LQWHHUDFHDDGHVFLIU ULLSDUWLWXULORUPX]LFDOHFDOH
RSWXUDW GH PHWRGHOH GH VFULVFLWLW PX]LFDO GH SkQ DWXQFL GHVWLQDWH úFROLORU GH
FkQW UH LVDXLQL LHULLvQSDUWLFXODUvQDUWDFkQWXOXLVDXDXQXLLQVWUXPHQWSHGHR
SDUWHúLGHUHDOLWDWHDGLQFODVHOHGHHOHYLFDUHVHPQDODSHQWUXSULPDGDW H[LVWHQ D
HOHYLORU LQFDSDELOL GH D LQWRQD FRUHFW GLYHUVH PRGXOH PHORGLFRULWPLFH OD QLYHO
DEVROXWSHGHDOW SDUWH
'LQ $QJOLD VHFROHORU ;9,,,;,; SURYLQH R LQRYD LH FHD D VROIHJLHULL úL D
QRW ULL SDUWLWXULORU I U SRUWDWLY QXPDL FX DMXWRUXO XQRU OLWHUH SURYHQLWH GLQ
HOLPLQDUHDYRFDOHORUGLQQRWD LDJLEHOLDQ 'R5H0L)D6R/D7LGHYHQLW '5
0)6/7
1RXD QRWD LH D SDUWLWXULORU IDFH SDUWH GLQ FDWHJRULD QRWD LHL IRQHWLFH HD
SURYLQHGLQQRWD LDVLODELF UHVWUXFWXUDW GLQUD LXQLGLGDFWLFH
,GHHDúLPRGHOXOGHED] DSDU LQHSURIHVRDUHL6DUDK*ORYHUGLQ
1RUZLFK UHJLXQHD 1RUIRON GLQ $QJOLD 0HWRG SHUIHF LRQDW vQ WLPSXO YLH LL
SURIHVRDUHLI U DDYHDDFRUGXOWRWDODODFHVWHLDúLGDW SXEOLFLW LLvQGHF WUH
FRQD LRQDOXOV XSDVWRUXO-RKQ&XUZHQ

)LJ6DUDK*ORYHU )LJ-RKQ&XUZHQ

0HWRGD DYHD vQ YHGHUH VLPSOLILFDUHD WHKQLFLL GH GHVFLIUDUH D XQHL SDUWLWXUL
SHQWUXXQFRUDOLQWRQDWYRFDOúLDFRPSDQLDWGHRUJ
,QWHQ LD DXWRDUHL QX D IRVW DFHHD GH D HOLPLQD SRUWDWLYXO úL VHPQHOH FX QRWH
PX]LFDOH FL GH D FUHD R SXQWH DFFHVLELO YL]XDO SULQ FRQVRDQHOH SURYHQLWH GLQ
VLODEHOHPX]LFDOHvQWUHSDUWLWXU YRFHúLFODSHOHLQVWUXPHQWXOXL

ÌQ QRWDUH VH HOLPLQD SRUWDWLYXO úL VH IRORVHDX QXPDL OLWHUHOH FH UHSUH]HQWDX
FRQVRDQHOHGLQQRWD LDúLGHQXPLUHDJLEHOLDQ DVXQHWHORUHOLPLQkQGGHFLYRFDOHOH
GLQ GHQXPLUHD VLODELF D VXQHWHORU DúD FXP DP DU WDW PDL VXV GDU S VWUkQG
SURQXQ DUHDHQJOH]HDVF DVLODEHORUJXLGRQLFH

' 5 0 ) 6 / 7BBB
'RK 5D 0H )DK 6RO /DK 7H

1RWHL ' 'R L VH DWULEXLD YDORDUH GH WRQLF PRELO úL HUD DSOLFDW vQ ORFXO
RULF UHLWRQLFLDXQHLWRQDOLW LPDMRUHFXGLH]LVDXEHPROL'50)6/7'
$FHODúLSURFHGHXúLDWULEXWGHWRQLF PRELO VHDSOLFDúLQRWHL//DSHQWUX
WRQDOLW LOHPLQRUHFXGLH]LVDXEHPROL/7'50)6/
2EVHUY PF vQWUHSURFHGHXOIUDQFH]GHQRWDUHFXFLIUHúLFHOHQJOH]HVFSULQ
FRQVRDQH JLEHOLHQH H[LVW R DQDORJLH DPEHOH IRORVHVF SULPD WUHDSW D JDPHL FD
WRQLF PRELO SHQWUX JDPHOH PDMRUH FRQVRDQD ' úL FLIUD úL FHD GHD úDVHD
WUHDSW DDFHVWHLDSHQWUXJDPHOHPLQRUHFRQVRDQD/úLFLIUD
) FHDP REVHUYD LD GLQ LQWURGXFHUHD OD DFHVW FXUV F SURFHGHXO vQVXúLULL
VXQHWHORU SULQ UHFRQVLGHUDUHD SULQFLSLXOXL GH ED] DO GLDVWHPDWLFLL ± DFHOD GH D VH
DVLPLODFLWLUHDVXQHWHORUSULQJUXSGHLQWHUYDOH±vQFHSHV ILHGLQFHvQFHPDLDWHQW
SULYLW úLXWLOL]DW
&HOHHQXQ DWHPDLVXVDXROHJ WXU GLUHFW FXPRGXOGHSUH]HQWDUHDPRGX
OHORUPHORGLFHQHFHVDUHGHVFLIU ULLXQHLSDUWLWXULFXDWkWPDLPXOWFXFkWSDUWLWXULOH
VXQW FD JHQ PX]LFDO FRUDOH FH DSDU LQHDX VLVWHPXOXL WRQDO 5HSHUWRULXO vQY DW vQ
úFROLOH FRQGXVH GH 6DUDK *ORYHU HUD GHVWXO GH OLPLWDW FkWHYD LPQXUL úL FkWHYD
FDQRDQH
ÌQ PHUVXULOH PHORGLFH GHVWXO GH VLPSOH DOH DFHVWRU SLHVH VH UHFXQRúWHDX FX
XúXULQ VFKHPH PHORGLFH úL ULWPLFH FH DSDU LQHDX SULQFLSDOHORU IXQF LL DUPRQLFH
DOH WUHSWHORU SULQFLSDOH GLQWUR WRQDOLWDWH $FHDVWD HVWH GH IDSW LGHHD LQJHQLRDV D
PHWRGHL *ODYHU FDUH D IRVW VLQWHWL]DW vQ OXFU UL FD 6FKHPD GH vQY DUH D
SVDOPLORU vQ &RQJUHJD LD UHOLJLRDV úL &DUWHD WRQXULORU QHFHVDUH VROIHJLHULL
WRQXULFXvQ HOHVXOGHLQWRQDUHDúLH[HFXWDUHDODLQVWUXPHQWDJDPHLWRQDOLW LLGLQ
FDUHHVWHOXFUDWXQSVDOPLPQVDXFDQRQ
3ULPXOPRGXOPHORGLFGDWVSUHvQVXúLUHHUDFHODOWULVRQXOXLWRQLFLL'R0L
6ROQRWDW'06XUPDWGHFHODOGRPLQDQWHLVXSHULRDUH6RO7L5HQRWDW675úL
GHFHODOGRPLQDQWHLLQIHULRDUHVXEGRPLQDQWHL)D/D'RQRWDW)/'
$FHDVW RUGLQH GH vQY DUH D JUXSHORU GH VXQHWH FH UHSUH]LQW VSHFLILFXO
PHWRGHLDGHWHUPLQDWFDPHWRGDV ILHFXQRVFXW VXEQXPHOHGHPHWRGD721,&
62/)$
&D LQVWUXPHQW DMXW WRU SHQWUX VWXGLXO XQXL LQVWUXPHQW FX FODSH LQVWUXPHQW
SUHJ WLWRUSHQWUXRUJ 6DUDK*ORYHUDLQYHQWDWXQLQVWUXPHQWQXPLWvQWkLWLPSDQRQ
DSRL JODVV KDUPRQLFRQ SHQWUX F DYHD UH]RQDWRULL GH VWLFO QX GH PHWDO
,QYHQWDWRDUHD DSUHFLD F LQVWUXPHQWXO ÄSHUPLWH FKLDU XQXL SURIHVRU PDL SX LQ
WDOHQWDWV GHFRGLILFHPHORGLFRSDUWLWXU úLV úLOSURFXUHSHQWUXF QXFRVW PXOW´
*ODYHUDFRQVWDWDWF DOWHUD LLOHFRQVWLWXWLYHúLFHOHSDVDJHUHFUHHD] SUREOHPH
PDUL vQFHS WRULORU F URUD OH WUHEXLH WLPS vQGHOXQJDW SkQ V DMXQJ OD VDWLVIDF LD

LQWHUSUHW ULL XQHL SLHVH FX DOWHUD LL OD XQ LQVWUXPHQW FX FODSH 3HQWUX D WUHFH SHVWH
DFHVW REVWDFRO *ODYHU D HWLFKHWDW FODSHOH LQVWUXPHQWXOXL FX OLWHUHOH XQHL VF UL
PDMRUH SHQWUX R SLHV PDMRU '50)6/7' úL FX OLWHUHOH FRUHVSXQ] WRDUH
/7'50)6/FODSHOHSHQWUXRSLHV vQWRQDOLWDWHPLQRU
3HQWUXDLQGLFDYDULDQWHOHPLQRUXOXLFHQHFHVLWDXPRGLILF ULDOHWUHSWHORU9,úL
9,,*ODYHUIRORVHDVLODEHOH%DúL1LFLWLWH%DK1HVFULVHFRORUDWvQURúX
([HPSOXJDPD/DPLQRUPHORGLF
/D7L'R5H0L%D1L
3HQWUXDOWHVLWXD LLFkQGRQRW HUDDOWHUDW SULQWUXQGLH]VHS VWUDFRQVRDQD
VXQHWXOXL GDU VH DG XJD ÄRL´ LDU SHQWUX VLWXD LD XWLOL] ULL XQXL EHPRO FRQVRDQD
VXQHWXOXLSULPHDÄRX´
([HPSOXFXGLH]LFURPDWLFL
'RL5RL0RL)RL6RL/RL7LRL

([HPSOXFXEHPROLFURPDWLFL
'RX5RX0RX)RX6RX/RX7LRX

6HvQ HOHJHIDSWXOF SHQWUXFDDFHVWSURFHGHXV ILHHILFLHQWSLHVDWUHEXLDV
QXDLE XQGHVHQPRGXODWRULXV ILHGHFLXQLWRQDO
0DL WUHEXLH V DPLQWLP DLFL F WHKQLFD FODXVXOD PHORGLF VDX DUPRQLF vQ
SUDFWLFD ILHF UHL úFROL PDL LPSRUWDQWH GH FkQW UH L SUHVXSXQHD H[LVWHQ D XQHL
WUDGL LLRUDOHVDXVHPLRUDOHGHLQWURGXFHUHDVXQHWHORUDOWHUDWHvQVWUXFWXUDGLDWRQLF
DSLHVHLPX]LFDOH
ÌQSDUWLWXULOHYUHPLLVHPQHOHGHDOWHUD LLOLSVHVFFHHDFHQXvQVHDPQ F QX
HUDX SUDFWLFDWH RUDO 'H DELD vQ DQXO WHRUHWLFLDQXO 1LFROD 9LFHQWLR D FHUXW
QRWDUHDDOWHUD LLORUvQFDGHQ HOHILQDOH'HDFHHDSURSXQHUHDGLQPHWRGD*ODYHUYLQH
V RIHUH XQ SURFHGHX SHQWUX VLPSOLILFDUHD SUREOHPHL VROIHJLHULL FX PDL PXOWH
DOWHUD LLSURFHGHXvQF JUHRLGDUFDUHWUHEXLHDSUHFLDWGXS SURSXQHUHDLQRYDWRDUH
úLRPRJHQLWDWHDFRQFHS LHL
ÌQ FHHD FH SULYHúWH ULWPXO vQ WHQGLQ D GH D vQORFXL QRWD LD FODVLF SULQ
SURFHGHHPDLVLPSOH*ODYHUDDSHODWvQWLPSODGLYHUVHPLMORDFHGHVXEVWLWXLUHILH
ODOLWHUHOHPLFLILHODOLQLX HRUL]RQWDOHILHODROLQLHYHUWLFDO FDREDU GHP VXU
FHUHSUH]HQWDXQWLPSDFFHQWXDWXQSXQFWFHUHSUH]HQWDXQWLPSQHDFFHQWXDWúL
XQ VHPQ GH H[FODPDUH ÄSXQFW GH DGPLUD LH´ VSXQHD *ODYHU SHQWUX D LQGLFD XQ
WLPSVHPLDFFHQWXDW
'HH[HPSOXRP VXU GHWLPSLIRUPDW GLQSDWUXS WULPLVHQRWD,
6DX VH QRWD FX OLWHUD PLF D VXQHWXOXL UHSUH]HQWDW SULQ FRQVRDQD PDMXVFXO
OLWHUDPLF VHPQLILFkQGQXP UXOGHXQLW LFRQ LQXWHvQGXUDWDUHVSHFWLY $OWHRULVH
SXQHDXWRWDWkWHDOLQLX HPLFLvQGUHDSWDFRQVRDQHLFHUHSUH]HQWDvQ O LPHDVXQHWXOXL
SULQPDMXVFXO
'HH[HPSOX'G'GGVDX'±'
3DX]HOHVHFLIUDXUHSUH]HQWDSDX]DGHWLPSFDUHGDF VDUIL
QRWDWFXFLIUDVDUILFRQIXQGDWFXOLWHUDOPLF/DGLF QRWD/D

(VWH HYLGHQW F SDUWLWXUD WUHEXLD V ILH VLPSO FD OLQLH ULWPLF &RUDOHOH
SURWHVWDQWH DYHDX DFHDVW FDUDFWHULVWLF IDSW FDUH OHD SHUPLV V S WUXQG úL V
FRQWULEXLHODLQVWUXF LDXQXLQXP UPDUHGHHOHYLvQSULPXOUkQGSULQLQWHUPHGLXO
úFROLORUGXPLQLFDOH
0HWRGD GH VROIHJLHUH 7RQLF6RO)D PDL DYHD XQ PDWHULDO GLGDFWLF LOXVWUDWLY
QXPLW 7DEHOXO PHORGLLORU FH FXSULQGHD PRGXOHOH FH IRUPDX SULQ DVDPEODUH
IUDJPHQWHGLQFRUDOHOHGLQUHSHUWRULXvQIDSWIRUPXOHFDGHQ LDOHLQL LDOHPHGLDQHúL
ILQDOHGXS RSLQLDQRDVWU FHDPDLPRGHUQ VROX LHSHQWUXvQY DUHDPX]LFLLYRFDOH
úLLQVWUXPHQWDOH
6DUDK *ORYHU HVWH SULQWUH SX LQHOH IHPHL FDUH úLDX vQVFULV QXPHOH SH R
PHWRG GH VROIHJLHUH úL QRWDUH D PX]LFLL PHWRG GHVWLQDW XQHL PDVH GH DPDWRUL
LQWHUHVDW vQDSUDFWLFDPX]LFDYRFDOLQVWUXPHQWDO

)LJ([HPSOXGHSDUWLWXU PX]LFDO FXQRWD LD*ORYHU

3HQWUXDFHVWVXPXPGHSURFHGHHUHFXQRVFXWHFKLDUvQWLPSXOYLH LLVDOHFD
ILLQG YDORURDVH vQ DQXO VD vQILLQ DW OD VXJHVWLD úL VSULMLQXO OXL &XUZHQ
6RFLHWDWHD 7RQLF6RO)D 0HWRGD D IRVW LQWURGXV vQ WRDWH úFROLOH GLQ $QJOLD
vQFHSkQGFXDQXOúLVHvQILLQ HD] &ROHJLXO7RQLFVRO)DvQDQXOFROHJLX
FHILLQ HD] úLDFXPvQVHFROXO;;,0HWRGD*ORYHUDVWDWODED]DPXOWRULQRYD LL
PHWRGLFHGLQVHFROXO;;GXS FXPYRPH[SOLFDvQFXUVXULOHXUP WRDUH
'DUPHWRGD7RQLF6RO)DDFXQRVFXWvPEXQ W LULúLDPSOLILF ULDWXQFLFkQGD
IRVW SUHOXFUDW vQFHSkQG FX DQXO GH SDVWRUXO FRJUHJR LRQLVW -RKQ &XUZHQ
PRGLILF UL VLQWHWL]DWH úL VLVWHPDWL]DWH vQ OXFUDUHD *UDPDWLFD PX]LFLL
YRFDOH úL DSRL vQ &XUVXO VWDQGDUG DO OHF LLORU GH FkQW SUHGDWH SULQ
PHWRGD 7RQLF6RO)D $ vQILLQ DW 5HYLVWD PX]LFLL YRFDOH SHQWUX RDPHQL úL R
FRUSRUD LH&XUZHQ 6RQVFDUHDILLQ DWSkQ vQDQXO
&DUHVXQWDWULEXWHOHPHWRGHL*ODYHUUHYL]XLW GH&XUZHQ"

2 SULP REVHUYD LH I FXW GH &XUZHQ úL PHQ LRQDW GH 5DLPERZ YH]L
ELEOLRJUDILDVHUHIHU ODIDSWXOF ÄDX]XOPX]LFDODEVROXWúLFDSDFLWDWHDGHUHGDUH
DEVROXW D vQ O LPLL VXQHWHORU DWULEXWH DOH úFROLORU GH FkQW UH L VXQW FDOLW L UDU
vQWkOQLWH OD FRSLL´ IDSW FDUH REOLJ SURIHVRUXO V DSHOH]H OD VROIHJLHUHD vQ WHKQLFD
UHODWLY &HHDFHS UHDGHQHUH]ROYDWLQL LDOSHQWUX&XUZHQvQV UFLQDWV SUHGHDOD
R úFRDO GXPLQLFDO D IRVW PDL OHVQH GH UH]ROYDW RGDW FH SDVWRUXO D FXQRVFXW
PHWRGD *ORYHU SH FDUH R GHQXPHúWH GDWRULW PRGXOHORU DUPRQLFH GH SH WUHSWHOH
SULQFLSDOH DOH JDPHL HWDORQ 'R PDMRU 7RQLF6RO)D 3kQ OD HO PHWRGD HUD
FXQRVFXW GUHSW0HWRGD6RO)DGLQ1RUZLFK
'UHSW FRQVHFLQ QRXD PHWRG UHYLJRUDW U PkQH ILGHO QRWD LHL JORYHULHQH
GHDUHQXQ DODQRWD LDSHSRUWDWLYúLDQRWDvQ O LPHDSULQFRQVRDQHOHJLEHOLHQHGDU
DGDXJ VHPQHVSHFLDOHSHQWUXGXUDWHOHPX]LFDOHH[WUHPGHVLPSOXGHUHGDWJUDILF
FKLDUGHFRSLLSUHúFRODULYH]LWDEHOXO
2DOW LQRYD LHSHFDUHRDWDúHD] PHWRGHL*ORYHUHVWHDVRFLHUHDvQWRWGHDXQD
DVXQHWXOXLFkQWDWFXIRQRPLPLDYH]LH[HPSOLILFDUHDGLQILJXUDGHPDLMRVGHWLS
GLDWRQLF I U FURPDWLVPH PHORGLFH $VWIHO IOXFWXD LLOH OLQLHL PHORGLFH HUDX
FRQFUHWL]DWH vQ JHVWXUL FX ILJXUL úL SR]L LL VWDQGDUGL]DWH DOH SDOPHL úL GHJHWHORU
IRDUWHHORFYHQWHSHQWUXIXQF LDORUPHORGLFRDUPRQLF 'HH[HPSOXSHQWUXVXQHWXO
76,GHJHWXOXLDU W WRUHUDSR]L LRQDWvQVXVFDRVHQVLELO FHVLPWHQHYRLDGHDVH
VSULMLQL SH WRQLF DFHDVWD GLQ XUP vQWRWGHDXQD VLPEROL]DW GH SXPQXO VWUkQV
IHUP VDX SR]L LD FX SDOPD VWUkQV DSOHFDW vQ MRVSHQWUX ))DSHQWUXDLQGLFD
GHSHQGHQ D HL FD R VHQVLELO LQIHULRDU vQ DQXPLWH FRQMXQFWXUL ID GH VXQHWXO úL
QRWD0L

)LJ6HPQHPDQXDOHSHQWUXWRQXULOHVF ULL

&RQVLGHU PLPSRUWDQWGHPHQ LRQDWF QLFLDXWRDUHDQLFLFRDXWRUXOXLHLQXDX
DYXWvQYHGHUHvQORFXLUHDQRWD LHLJXLQLFHFXPHWRGD7RQLF6RO)D
&XUZHQ FKLDU vQWUR SULP HWDS GH OXFUX OD úFRDOD GXPLQLFDO XWLOL]D WUHL
VHFYHQ HPHWRGLFHFLWLUHDSULQFRQVRDQHDSDUWLWXULLFLWLUHDDVRFLDW DQRWHORUGHSH
SRUWDWLY FX VFULHUHD SULQ FRQVRDQH DSRL FLWLUHD SDUWLWXULL QXPDL SULQ LQWHUPHGLXO
QRWHORUSHSRUWDWLY

)LJ([HPSOXGHSDUWLWXU vQQRWD LDPL[W SRUWDWLYOLWHUH
GXS SURFHGHXO&XUZHQ

0DL WUHEXLH PHQ LRQDW F WRW OXL &XUZHQ L VH GDWRUHD] FLWLUHD VLODELF D
IRUPXOHORU ULWPLFH FDUH VD LQVSLUDW GLQ VLODEHOH ULWPLFH *DOLQ YH]L úL WDEHOXOGLQ
&XUVXO±.RGDO\

7DEHOXO
9DORULULWPLFH 'HQXPLUHD 'HQXPLUHDVLODELF
VLODELF *DOLQ &XUZHQ

S WULPHD 7D 7D
GRLPHD 7R 7DD
RSWLPL 7LWL 7LWL
7ULROHWRSWLPL 7LUROD
3XQFWXOGHSUHOXQJLUH P
úDLVSUH]HFLPL 7LNLWLNL 7DIDWHIH
3DX]D &K 6K

'DUvQFHSkQGFXDQXO&XUZHQGDWRULW VXFFHVXOXLGHFDUHVDEXFXUDW
PHWRGDFLWLULLSULQFRQVRDQHDXQHLSDUWLWXULPX]LFDOHVLPSOHUHQXQ ODSUDFWLFDUHD
PHWRGHLFDSURFHGHXPQHPRWHKQLFúLHOLPLQ GLQPHWRG VFULHUHDúLFLWLUHDQRWHORU
GHSHSRUWDWLY
6XFFHVXO PHWRGHL R GHPRQVWUHD] úL XUP WRDUHOH FLIUH GDF OD vQFHSXW
XWLOL]DWRULLPHWRGHLDXIRVWvQQXP UGHvQDXDMXQVODFLIUDGH
LDUSkQ vQvQ,QVXOHOH0DULL%ULWDQLLHUDXGHFRSLLLQL LD LvQPX]LFD
YRFDOLQVWUXPHQWDO SULQ DFHDVW PHWRG 3ULQWUH XWLOL]DWRUL VDX QXP UDW vQ DIDUD
$QJOLHL úL $XVWUDOLD 1RXD =HHODQG $IULFD GH 6XG &DQDGD 6WDWHOH 8QLWH DOH
$PHULFLL3ULQLQWHUPHGLXOPLVLRQDULORUVDU VSkQGLWvQ,QGLD0DGDJDVFDU&KLQD
-DSRQLD,QVXOHOH0DULGLQ6XG
1XHVWHGHPLUDUHF SHVWHDSUR[LPDWLYGHDQL(XURSDYDUHYLJRUDPHWRGD
úL GLYHUVH VHJPHQWH DOH HL YRU IL UHYDORULILFDWH DFWXDOL]DWH PRGHUQL]DWH VSUH
IRORVXO XQXL SURJUHV UHDO DO HGXFD LHL PX]LFDOH DWkW GH SX LQ FXQRVF WRDUH GH
PRGHUQL] ULvQSHULRDGDLVWRULHLPLOHQDUH

$OWHSURFHGHHXWLOL]DWHvQLQL LHUHDPX]LFDO SkQ vQVHFROXO;,;PXVLFD
SRHWLFDPLMORDFHGLGDFWLFHLQWXLWLYHGDFWLORULWPLDPkQDJXLGRQLF
úLQHXPHOHFDSURFHGHHIRQRPLPLFHÄSRUWDWLYXOPXW´RUWRIRQXO
&HHDFHHVWHLPSRUWDQWGHVHVL]DWvQSHULRDGDGHGXS DQXOHVWHQHYRLD
QRW ULLXQRUSLHVHPX]LFDOHILHSHQWUXDILPDLILGHOUHGDWHILHSHQWUXDILPDLXúRU
PHPRUDWH
'XS FXPDPDU WDWvQFDSLWROHOHDQWHULRDUHVDvQFHUFDWRQRWDUHDVXQHWHORU
úL D PRGXOHORU PHORGLFH ULWPLFH IRUPkQGXVH DGHY UDWH FXOHJHUL GH H[HUFL LL vQ
DFHVWVFRSDMXWDWHGHGLYHUVHPDWHULDOHGLGDFWLFHFDUHvQFHSkQGFXVHFROHOH;9,
;9,,GHYLQGHVWXOGHQXPHURDVHúLYDULDWH3HGHDOW SDUWHDFHDVW DFWLYLWDWHFDUH
SDUH GHVWXO GH GRJPDWLF úL QHDUWLVWLF D FXQRVFXW úL XQ DOW IHQRPHQ DFHOD GH
GHVFKLGHUHVSUHROLEHUWDWHvQFRPELQDUHDPRGXOHORUvQVXúLWH
ÌQVXEFDSLWROXOGHID YRPSUH]HQWDSHGHRSDUWHRPHWRG VXUSULQ] WRUGH
PRGHUQ FHYL]DOLEHUWDWHDGHDFUHDPX]LF vQúFROLHVWHDGHY UDWQXvQÄúFROLOH
SHQWUXWR L´úLSHGHDOW SDUWHFHOHPDLLPSRUWDQWHPDWHULDOHGLGDFWLFHFXSODWH
FX SURFHGHH VSHFLILFH PHQLWH V IDFLOLWH]H vQ HOHJHUHD UHSUH]HQW ULL vQ O LPLL úL
GXUDWHLVXQHWXOXLSULQFRQFUHWL] ULYL]XDOHVLPSOHLFRQLFHVDXJHVWXUL
1HYRPRSULSULPDGDW OD0XVLFD3RHWLFD0XVLFD3RHWLFDHVWHQXPHOH
XQXL WUDWDW JHUPDQ GH FRPSR]L LH GLQ VHFROXO ;,9 WLWOX FDUH VH YD UHJ VL vQ
QXPHURDVH RSHUH GLGDFWLFH GHVWLQDWH úFROLORU ODWLQH GH WLSXO FRQWRUV FDUH vúL
SURSXQHDXV UHXQHDVF YLD DúLFUHD LDPX]LFDO 0XVLFD3RHWLFDDYHDFDVDUFLQ V
VWDELOHDVF R PHWRG FDUH V IDF OHJ WXUD vQWUH H[HUFL LLOH QHFHVDUH QRWD LHL
PX]LFDOHúLUHDOLWDWHDVRQRU SHQWUXFDUHHVWHSUHJ WLWHOHYXOLQWHUSUHW
&XYkQWXO3RHWLFDDUHU G FLQLVHPDQWLFHúLSULQFLSLDOHFXH[SUHVLDGLQOLPED
JUHDF SRLHLQFHVHPQLILF ÄDIDEULFDDFRQIHF LRQD´0XVLFD3RHWLFDSUHVXSXQHD
vPELQDUHD D GRX SURFHGHH XVXV DFWLYLWDWH RELúQXLW IRORVLWRDUH HW VRUWLVDWLR
LQYHQ LXQLSULQWUDJHUHODVRU L

8VXVVHUHIHUHDODSURFHGHXOvQVXúLULLXQRUH[HUFL LLSUDFWLFHHOHPHQWDUHGDU
SURJUHVLYH QHFHVDUH LQL LHULL HOHYLORU vQ FLWLUHD XQHL SDUWLWXUL PRGDOH FDUH vQ
FRQGL LLOHXQHLVROLGHFXQRDúWHULúLGHSULQGHULGHYHQHDXVRWLVDWLRDGLF LPSURYL]D
LHPX]LFDO úLDPEHOHFRPSRVLWLRFRPELQDUHRUGRQDUH
(VWH GH PHQ LRQDW F -RKDQQHV 1XFLXV DSUHFLD F LPSURYL]D LD
VRUWLVDWLRHVWHGHUDQJLQIHULRUSHQWUXF HUDSUDFWLFDW GHYXOJXVPLQHULFURLWRUL
FDYDOHUL FRUGRQLHUL QHLQVWUXL L SULQ ÄXVXV´ GHúL vQ XQHOH FD]XUL UH]XOW
ÄH[FHOOHQWHVPXVLFLÍRORVLW úLvQVHUYLFLXOSDSDOLPSHULDOUHJDO
ÌQIHOXODFHVWD0XVLFD3RHWLFDGHYLQHXQSURFHGHXGHDYDQJDUG PX]LFDO FH
YD IL FRQWLQXDW SURIHVLRQLVW GH WHKQLFD LPSURYL]D LHL EDURFH úL SHVWH VHFROH GH
PX]LFDGHMD]]úLGHHGXFD LDPX]LFDO FRQFHSXW GH2UII
([HUFL LLOHPX]LFDOHGLQXVXVVDXDOWHOHVSHFLILFHXQRUPHWRGHGLQúFROLOHGH
FkQW UH LVHVSULMLQHDXGHPXOWHRULSHGLYHUVHPDWHULDOHYL]XDOHSHQWUXDFRQFUHWL]D
vQ O LPHDVXQHWHORUYDORULOHGHGXUDW DOHDFHVWRUDVDXJUXSDUHDWLPSLORUvQP VXU
3XWHPV DPLQWLPDLFLPkQDOXL*XLGRG¶$UH]]RPkQDDUPRQLF ODFKLQH]LúLvQ
$QWLFKLWDWHDUVLVúLWKHVLV

'DF OX PGUHSWFULWHULXUHSUH]HQWDUHDYL]XDO DVXQHWXOXLFKLDUQHXPHOH
JUHJRULHQH LQGLFDX vQ VFULV SULQ GRX WLSXUL GH DFFHQWH DVFX LW SHQWUX XUFDUH úL
JUDY SHQWUX FRERUkUH vQ O LPHD UHODWLY D VXQHWXOXL GDU FRQFRPLWHQW vQ O LPHD
HUDFRQFUHWL]DW GHVHPQHOHUHDOL]DWHGHGHVHQXODFHVWRUDFXPkQDGHF OXJ UXOFH
FRQGXFHD IRUPD LD FRUDO PRQRGLF /D IHO VH FRQFUHWL]DX YL]XDO úL QHXPHOH
EL]DQWLQH1HXPHOHSRWILQXPLWHFDILLQGSULPHOHIRUPHDOHIRQRPLPLHL
)RQRPLPLD GH PDL WkU]LX UHSUH]HQWD SULQ JHVWXULOH IRUPDWH GH SR]L LL
VWDQGDUGL]DWH DOH SDOPHL XQHL VLQJXUH PkLQL úL D GHJHWHORU DFHVWHLD vQ O LPHD
VXQHWHORUGLQVFDUDKHSWDFRUGLF GLDWRQLF 'R&RQFRPLWHQWH[LVWDúLXQSURFHGHX
FHXUP UHDFRQFUHWL]DUHDúLvQ HOHJHUHDYDORULORUGHGXUDW HOHPHQWDU GLQQRWD LD
FODVLF S WULPHD GRLPHD QRWD vQWUHDJ RSWLPHD úL SDX]HOH FRUHVSXQ] WRDUH
3URFHGHXOVHQXPHúWHGDFWLORULWPLHGHODJUHFHVFXOGDNW\ORV LQHOGHJHWULWPLH
SURFHGHXULWPLF
'DFWLORULWPLD HVWH QXPLW GH &KHYDLV $YDQW OH VROIqJH S FD ILLQG XQ
SURFHGHXOGHUHSUH]HQWDUHDYDORULORUGHGXUDW DOHVXQHWHORUSULQLQWHUPHGLXOXQRU
VHPQHDOHGHJHWHORUPkLQLLGXS XUP WRDUHDUHJXO
±ILHFDUHGHJHWUHSUH]LQW XQVXQHWFXGXUDWDXQXLWLPSRS WULPH
±PDLPXOWHGHJHWHGHODRPkQ GLVWDQ DWHUHSUH]LQW WRWDWkWHDVXQHWHDFkWH
XQWLPSGHJHWHGLVWDQ DWH WLPSLHJDOLGHJHWHGLVWDQ DWH WLPSLHJDOL
GHJHWHGLVWDQ DWH WLPSLHJDOL
± PDL PXOWH GHJHWH XQLWH UHSUH]LQW XQ VXQHW OXQJ FkW QXP UXO GH GHJHWH
XQLWHGHJHWHXQLWH XQVXQHWGHWLPSL RGRLPHGHJHWHXQLWH VXQHWH
XQLWH RGRLPHFXSXQFWGHJHWHXQLWH RQRW vQWUHDJ
±SDX]HOHVHPDUFKHD] SULQLQGLFDUHDQXP UXOXLGHGHJHWHVWUkQVH
DSRLEUXVFvQSXPQ
±RSWLPHDVHLQGLF SULQW LHUHDFXXQJHVWDODU W WRUXOXLPkLQLLGUHSWHSULQ
DU W WRUXOPkLQLLVWkQJL

6HREVHUY F GDFWLORULWPLDGHVSUHFDUHYRUEHúWH&KHYDLVvQFDUWHDVDDS UXW
vQDQXOHUDH[WUHPGHVLPSO GDUHILFLHQW SHQWUXDDVRFLDQRWDUHDFODVLF FX
DFHVWHJHVWXULVLPSOH

)LJ([HPSOXGHGDFWLORULWPLHGLQ$YDQWOHVROIqJHGH0&KHYDLVS

$OWSURFHGHXGHGDFWLORULWPLHGLQ$YDQWOHVROIqJHGH0&KHYDLVS

)LJ([HPSOXGHGDFWLORULWPLH

3RUWDWLYXOPXWHVWHXQPLMORFGLGDFWLFGHVWLQDWPHWRGHORUFDUHIRORVHDX
SRUWDWLYXOFDVLPEROGHQRWDUHDvQ O LPLLVXQHWHORUPX]LFDOH
)RUPDOXLFXVDXOLQLLRUL]RQWDOHDVHREVHUYDGHVHQHOHGHPDLMRVHUD
ILHGHVHQDW SHRWDEO VDXSHKkUWLHILHVHRELHFWLYDvQWUXQVFKHOHWGHOHPQFX
WLMHvQVWkQJDúLvQGUHDSWDLPLWkQGXQVHJPHQWGHSRUWDWLYDYkQGDG XJDW úLRDD
WLM VFXUW FHPDUFDOLQLDVXSOLPHQWDU SHFDUHVHVFULHQRWD'RvQFKHLH6RO
'LQWUHSULPHOHLQIRUPD LLUHIHULWRDUHODXWLOL]DUHDSRUWDWLYXOXLPXWvQSURFHVXO
GHLQL LHUHPX]LFDO VHPQDO P
í 3RUWDWLYXOPXWFXOLQLLUHFRPDQGDWvQGH6HEDOGH+H\GHQDYHD
OLQLLSHQWUXFKHLDVROYLROLQ ROLQLHVXSOLPHQWDU SHQWUX'RFHQWUDOúLvQF OLQLL
SHQWUXFKHLD)DEDV
í 3RUWDWLYXOPXWGHVFULVvQGHDEDWHOH/H%RHXIúLvQGH,DFRE
í 3RUWDWLYXOPXWQXPLWÄLQGLFDWRUXOYRFDO´DOXL%:LOKHPFHLQGLFD
GHDVXSUD SRUWDWLYXOXL F SDUWLWXUD WUHEXLH FkQWDW FX QRWH FX EHPROL FX QRWH
QDWXUDOHGLDWRQLFHEHFDUúLVDXFXGLH]L
í 3RUWDWLYXO PXW FX GRX EDJKHWH $YHD vQVFULVH QRWH FX XQ GHVHQ PHORGLF
SHQWUX 6RO PDMRU VFDUD 'R QDWXUDO úL XQ GHVHQ FH IRORVHD QRWD 6LE 3H DFHVW
SRUWDWLY FX DMXWRUXO D GRX EDJKHWH SURIHVRUXO LQGLFD HOHYLORU H[HUFL LL SH GRX
YRFL
0DWHULDOHOH LQWXLWLYH GH JHQXO ÄSRUWDWLYXOXL PXW´ SXWHDX V DVRFLH]H úL
HOHPHQWHGHIRQRPLPLHÌQIHOXODFHVWDVHSURGXFHIHQRPHQXOGHIX]LXQHúLWUDQVIHU
vQWUHQRWD LDFODVLF SULQSRUWDWLYLQGLFDWRUDOvQ O LPLLDEVROXWHDVXQHWHORUúLFHD
SULQIRQRPLPLHLQGLFDWRUDOvQ O LPLLUHODWLYHDVXQHWXOXL

)LJ([HPSOHGHPDWHULDOHGLGDFWLFHÄPXWH´

)LJ([HPSOHGLQ0&KHYDLV$YDQWOHVROIqJHS

0HUJkQG WRW SH OLQLD VLPSOLILF ULL úL D WUDQVIHUXULORU GH SURFHGHH vQ VHFROXO
;,; VH PDL LPSXQ PHWRGHOH 7RQLFD SH 'R DOH SHGDJRJLORU JHUPDQL -RKDQQ
+HLQURWK -RKDQQ :HEHU 7KHRUHWLVFKSUDNWLVFKH *HVDQJOHKU IXU GLH
DOOJHPHLQH 9RONVVFKXOHQ GHV .DQWRQV %HUQ $JQHV +XQGRHJJHU /HLWIDGHQ
GHU7RQLND'R/HKUHSRSXODUL]DWHvQGLYHUVHSXQFWHHXURSHQHGH)ULW]-RGH
YH]L úL &]LUH -RVLI (GXFD LD PX]LFDO GLQ SHUVSHFWLYD FUHDWLYLW LL
810%S

0HWRGD7RQLFDSH'RSULYHúWHRVROIHJLHUHDXQHLSLHVHFXWRQLF PRELO FH
DPLQWHúWH GH *ORYHU&XUZHQ úL GH FHOH SUH]HQWDWH GH *XLGR G¶$UH]]R vQ
0LFURORJXV GH GLVFLSOLQD DUWLV PXVLFDH úL 'LVHUWDWLRQ VXU OD PXVLTXH PRGHUQH
VFULV vQGH-HDQ-DFTXHV5RXVVHDXLGHHSUHOXDW SHVWHGHDQLGHePLOOH
3KLOLSH0DXULFH&KHYp([LVW RGHRVHELUHFHFRQVW SHQWUXPHWRGD7RQLFD
SH 'R vQ XWLOL]DUHD vQ VROIHJLX D WRQLFLL 'R SODVDW SH RULFH VSD LX úL OLQLH GH
SRUWDWLY:HEHUILHQXPDLSHOLQLDvQWkLDDSRUWDWLYXOXLFDRFLWLUHvQFKHLH'RGH
VRSUDQ+HLQURWK0HWRGD+HLQURWKPDLSUHYHGHDFLWLUHDvQFKHLD6ROLQFOXVLYD
UHODWLYHL PLQRUH PL PLQRU úL vQ FKHLH )D FX UHODWLYD UH PLQRU ÌQ IHOXO DFHVWD
PHWRGD7RQLFDSH'RQHDPLQWHúWHGHVROX LDPHWRGHL7RQLF6RO)DGDUFLWLW SH
SRUWDWLYSULQWURVLQJXU FKHLH7RDWHDFHVWHPHWRGHLQWHQVXWLOL]DWHPDLFXVHDP
vQ VHFROXO ;,; YRU FRQVWLWXL SULQ PRGHUQL]DUH úL DGDSWDUH FUHDWRDUH SLDWUD GH
WHPHOLHDPHWRGHORUÄúFROLLDFWLYH´DVHFROXOXL;;WHP FHIDFHRELHFWXOFXUVXOXL
XUP WRU
&LWLUHDIRQHWLF DQRWHORUGLQVFDUDWRQDO FURPDWLF DIRVWXQSURFHGHX
FHúL DúWHSWD GH PXOW UH]ROYDUHD úWLLQGXVH F SHQWUX QXPLUHD VXQHWHORU DOWHUDWH
VXLWRUVDXFRERUkWRUVHXWLOL]DGHQXPLUHDGLDWRQLF ODFDUHVHPDLDG XJDXWHUPHQL
SUHFXPGLH]VKDUS.UHX]EHPROIODW9HUWLHIXQJV]HLFKHQEHFDU
3UREOHPDGHQXPLULLVXQHWHORUGLQJDPDWRQDO FURPDWLF DIRVWRSURSXQHUHD
SURIHVRUXOXL.DUO$QGUHDV(LW]FHFRQVWDvQQXPLUHDVXQHWHORUJDPHL
FURPDWLFHSH'RODvQ O LPHDDEVROXW DVXQHWHORUSULQFRQVRDQHLDUSURQXQ DUHD
VLODELF VHFRQVXPDGXS UHJXODGHDDWDúDFRQVRDQHORUVXQHWHORUQDWXUDOHYRFDOH
vQ XUP WRDUHD RUGLQH LRXDH VHPLWRQXULOH GLDWRQLFH UHSHW YRFDOD VXQHWXOXL
GLDWRQLF

0L)D *X6X6L'R 1L%L

6FDUDGHVXQHWHvQFDUH'R VHSUH]LQW DVWIHO

%570*63/').1

'HQXPLUHDFODVLF 'R5H0L)D6RO/D6L'R
'HQXPLUHD(LW]%L7R*X6X/D)H1L%L

$FHODúL SURFHGHX GDU SHQWUX vQ O LPHD UHODWLY D VXQHWHORU R IRORVHúWH úL
7KRPDV 7KLHVVHQ úL 5LFKDUG 0XQLFK vQ VHFROXO ;; YH]L úL &]LUH ,RVLI RSFLW
S
8Q SURFHGHX VLPLODU D IRVW FUHDW vQ 5RPkQLD SHQWUX FODVD GH GLULMDW D
&RQVHUYDWRUXOXLÄ&LSULDQ3RUXPEHVFX´DFWXDOD8QLYHUVLWDWH1D LRQDO GH0X]LF
GLQ%XFXUHúWLGHF WUHSURIHVRUXOúLGLULMRUXO&RQVWDQWLQ%XJHDQX

)LJ'HQXPLUHDVXQHWHORUGLQJDPDFURPDWLF GXS &%XJHDQX

3URFHGHHOHHQXPHUDWHGHPRQVWUHD] FHOSX LQGRX IDSWH
í VLVWHPXOGHQRWD LHFODVLFDYHDúLDUHQHYRLHGHvPEXQ W LULSHQWUXDUHIOHF
WDIXQF LDDUPRQLF WRQDO VDXPRGDO DPX]LFLL
í VLVWHPXOGHQRWDUHúLVROIHJLHUHQXFRUHVSXQGHDVLWXD LHLGHDIDFLOLWDDFFH
VXOHOHYLORUODSUDFWLFDUHDPX]LFLLHOHYLGXS FXPVDFRQVWDWDWFXGLIHULWHQLYHOXUL
GHGRWDUHPX]LFDO
5H]ROYDUHD YD IL GDW GH VROX LLOH DGDSWDWH GH ÄúFRDOD DFWLY PX]LFDO ´ D
VHFROXOXL ;; FDUH YD YDORULILFD FUHDWRU R PDUH SDUWH GLQ SURFHGHHOH GLGDFWLFLL
DQWHULRDUHSURSXQkQGvQV VDOYDWRURHGXFD LHPX]LFDO LQVWUXPHQWDO FXWHKQLF
GHPDQHYUDUHXúRDU
5H]XPDW
&XUVXO GH ID SUH]LQW FkWHYD SUREOHPH DOH vQY PkQWXOXL PX]LFDO FH VDX
UHPDUFDWSkQ vQVHFROXODO;,;OHDúLFDUHYRUDYHDRLPSRUWDQ vQPRGHUQL]DUHD
vQY PkQWXOXLGLQVHFROXO;;
0HWRGD HQJOH] GH VROIHJLHUH úL QRWDUH D XQHL SDUWLWXUL VLPSOH LQL LDW GH
6DUDK *ORYHU úL PRGLILFDW DSRL GH -RKQ &XUZHQ 0HWRGD FRQVW vQ FLWLUHD I U
SRUWDWLY D VXQHWHORU PX]LFDOH QRWDWH QXPDL SULQ FRQVRDQHOH '50)6/7'
FH SURYLQ GLQ VLODEHOH PX]LFDOH *LEHOLXV QHFHVDUH SHQWUX FLWLUHD XQHL SDUWLWXUL
UHOLJLRDVH VLPSOH &XUZHQ DGXFH R VLPSOLILFDUH D QRW ULL ULWPXOXL PX]LFDO SULQ
VHJPHQWH PLFL GH GUHDSW YHUWLFDO SURFHGHX SH FDUH vO YRU SUHOXD vQ VHFROXO ;;
.RGDO\úL2UIIGHYHQLQGDVW ]LXQSURFHGHXXQLYHUVDOGRDUF SX LQ OXPHúWLHF
DSDU LQHSDUWH6DUDKHL*ORYHUúLSDUWHOXL&XUZHQ
$OWHSURFHGHHvQX]XOúFROLORUSkQ ODvQFHSXWXOVHFROXOXL;;SUHFXPD
0XVLFD3RHWLFD±PHWRG GHLQL LHUHPX]LFDO FDUHYL]DDWkWvQY DUHDXQRUWLSXULGH

H[HUFL LLPHORGLFRULWPLFHGHED] XVXVFDUHWUHEXLDV FRQGXF SULQFRPELQDUHOD
VRUWLVDWLR LPSURYL]D LH LQYHQ LH PX]LFDO DYkQG GUHSW VFRS FUHDUHD XQHL SLHVH
PX]LFDOH RELHFWLY GH R H[WUHP PRGHUQLWDWH úL SHQWUX VHFROXO ;;, QX QXPDL
SHQWUX VHFROHOH ;9,;9,,, FkQG D IRVW vQ YRJ E 3URFHGHH GH UHSUH]HQWDUH
LQWXLWLY D VF ULL PX]LFDOH GDFWLORULWPLD ÄSRUWDWLYXO PXW´ RUWRIRQXO ÄLQGLFDWRUXO
YRFDO´±SUH]HQWHúLXWLOHúLDVW ]LvQúFROLF0HWRGHOHGHVROIHJLHUHSHSRUWDWLYúL
FKHLGDUSULQUHGXFHUHDRULF UHLWRQDOLW LPDMRUHOD'RPDMRU 0HWRGD7RQLFDSH
'RG0HWRGDGHFLWLUHDVXQHWHORUPX]LFDOHGLQVFDUDWRQDO FURPDWLF SULQWUXQ
JUXSIRQHWLFGHFRQVRDQH%570*63/').1ODFDUHVHDGDXJ
YRFDOHOHvQRUGLQHDLRXDH
$UVLV JUXS GH VXQHWH QHDFFHQWXDWH vQ PX]LFD DQWLF JUHFHDVF (UD
vQWRWGHDXQDvQVR LGHPLúF ULJHVWXULFXVHQVDVFHQGHQW
&RQJUHJD LRQLúWL PHPEULLXQHLPLúF ULSURWHVWDQWHGLQ$QJOLDDS UXW vQF
GLQDQXOFDUHSUHFRQL]DDXWRQRPLDELVHULFLORUúLQHJDLHUDUKLDHFOH]LDVWLF
7KHVLV HUD JUXSXO ULWPLF DFFHQWXDW FH HUD vQVR LW GH PLúF UL vQ VHQV
GHVFHQGHQW
,7HPH
$OHJH L XQ IUDJPHQW GLQWUR SLHV PX]LFDO GLQWUXQ PDQXDO GH HGXFD LH
PX]LFDO QRWD LO úL DSRL FLWL LO FX HOHYLL SULQ SURFHGHHOH *ORYHU&XUZHQ úL
5RXVVHDX&HUH LHOHYLORUS UHUHDDVXSUDFHORUGRX SURFHGHHGHQRWDUHQXPLUHúL
VROIHJLHUHDXQHLSDUWLWXUL

,,0LQLHVHX
6HSRDWHDILUPDF PkQDJXLGRQLF úLQHXPHOHJUHJRULHQHVDXFHOHEL]DQWLQH
DXIRVWSUHFXUVRDUHOHIRQRPLPLHL&XUZHQGLQVHFROXOXL;,;"

,,,&KHVWLRQDU
1RWDUHDvQ O LPLLVXQHWHORUvQPHWRGD*ORYHU&XUZHQVHUHDOL]HD] SULQ
DQRWHSHSRUWDWLY
EI U SRUWDWLYQXPDLSULQFLIUHDUDEH
FI U SRUWDWLYQXPDLSULQOLWHUHFRQVRDQH

6XQHWHOH GH OD 'R OD 'R vQ PHWRGD *ORYHU&XUZHQ HUDX QRWDWH úL
QXPLWH
D&'()*$+&
E'50)6/7'

0HWRGD*ORYHUIRORVHúWHFDPDWHULDOGLGDFWLFLQWXLWLY
DSODQúDFXSRUWDWLYXOFXOLQLL
ESODQúDFXWDEHOXOPHORGLLORUúLDUPRQLXOGHVWLFO JODVVKDUPRQLXP

ÌQWUDWDWXO0XVLFD3RHWLFDXVXVHWVRUWLVDWLRLQGLFDX
DXQJUXSGHH[HUFL LLPX]LFDOHPRGXOHPHORGLFH
EWHKQLFLGHFRPSXQHUHDPX]LFLLHOLEHUDWHGHRULFHUHJXO
FH[HUVDUHDPRGXOHORUPHORGLFHvQVXúLUHDWHKQLFLORUGHLPSURYL]D LHSHQWUX
DUH]XOWDRFRPSR]L LHPX]LFDO

'DFWLORULWPLDVHUHIHU OD
D UHSUH]HQWDUHD XQRU YDORUL GH GXUDW HOHPHQWDUH D VXQHWXOXL SULQ SR]L LD
GHJHWHORUPkLQLL
EQRWDUHDODPDúLQDGHVFULVDULWPXOXLPX]LFDO

&RQVRDQHOHIRORVLWHSHQWUXLQGLFDUHDvQ O LPLLDEVROXWHDVXQHWHORUPX]LFD
OHvQPHWRGD(LW]HUDXXUP WRDUHOH
D'50)6/7'
E&'()*$+&
F%570*63/').1
$OHJH LGDF HQXQ XULOHVXQWDGHY UDWH$VDXIDOVH)"
0HWRGD7RQLF6RO)DVHQXPHúWHDúDSHQWUXF IRORVHúWHJUXSXOGHDUSHJLL
GHSHWRQLFD'RXUPDWGHDUSHJLLOHGHSHVXQHWXO6ROúL)DWUDQVSXVHDSRLSHRULFH
VXQHWGLQJDPDFURPDWLF 'R
0HWRGD 7RQLF6RO)D VH QXPHúWH DúD SHQWUX F VH DOHJ VSUH VROIHJLHUH
QXPDLSLHVHFHDXWRQLFDSHVXQHWHOH6ROúL)D
5LWPXO vQ PHWRGD &XUZHQ VH QRWHD] GLIHULW ID GH PRGXO vQ FDUH D IRVW
QRWDWGH*ORYHU
3ULQFLSLXO GH ED] GLQ WUDWDWXO 0XVLFD 3RHWLFD VHFROXO ;9, LPSXQHD
DSOLFDUHD SURFHGHHORU XVXV HW VRUWLVDWLR SURFHGHH FH VH UHJ VHVF vQ PHWRGD &DUO
2UIIGLQVHFROXO;;
3RUWDWLYXOPXWHVWHXQPDWHULDOGLGDFWLFLQWXLWLYFXDMXWRUXOF UXLDSURIHVR
UXOLQGLF SHRSODQú FXSRUWDWLYFXDMXWRUXOXQHLEDJKHWHGLYHUVHQRWHVSUHLQWRQDUH
1RWDUHDVXQHWHORUvQPHWRGD*ORYHU&XUZHQLQGLFDREOLJDWRULXLQWRQDUHD
ORUODvQ O LPHDEVROXW
6XQHWHOH vQ PHWRGD GH VROIHJLHUH (LW] LQGLF LQWRQDUHD ORU OD vQ O LPH
DEVROXW
0HWRGD(LW]LQGLF QXPLUHDVXQHWHORUGLQJDPDFURPDWLF SHVXQHWXO'R
SULQFRPELQDUHDDFRQVRDQHúLYRFDOH
)RQRPLPLD &XUZHQ DMXW HOHYXO V úL UHSUH]LQWH vQ O LPHD VXQHWHORU SULQ
SR]L LRQDUHDPkLQLLSHGLYHUVHWUHSWHDOHXQHLVF ULPX]LFDOHLPDJLQDUH

90(72'(/('(&,7,5(ù,127$ ,(08=,&$/ Ì1Äù&2$/$
$&7,9 08=,&$/ ´$6(&2/8/8,;;

,QWURGXFHUH

ÌQFHSkQGFXDFHVWFDSLWROFRQ LQXWXORELHFWXOXLGHVWXGLXLQWLWXODW6LVWHPHGH
HGXFD LH PX]LFDO WUDWHD] SUREOHPH PDL DSURDSH GH HSRFD QRDVWU úL DQXPH
VLVWHPHOHGHHGXFD LHPX]LFDO GLQVHFROXO;;
'DF DUILV LPDJLQ PRGHPDUFD LHRELHFWLYDW SULQWUXQREVWDFROvQFDUHV
VHSULQG WRWFHVDLQRYDWvQWUHDQLLúLvQGRPHQLXOSURFHGHHORUSULQFDUH
VD QRWDW úL DSRL GHFRGLILFDW SULQ VROIHJLHUH SDUWLWXULOH PX]LFDOH DP REVHUYD
H[LVWHQ DDGRX GLUHF LLGHDUH]ROYDDFHVWvQF QRGJRUGLDQLF
í GLUHF LD S VWU ULL SRUWDWLYXOXL FD VFDU FD RULHQWDUH vQ SODVDUHD YL]XDO D
IUHFYHQ HORUXQXLVXQHWvQ O LPHDVXQHWXOXL
í GLUHF LDHOXG ULLSRUWDWLYXOXL
ÌQSULYLQ DULWPXOXLVHFRQWXUHD] WRWGRX GLUHF LL
í QRWDUHD úL QXPLUHD ULWPXOXL FX VHPQH úL WHUPHQL FH DSDU LQHDX VLVWHPXOXL
ULWPLFP VXUDWGLYL]LRQDU
í QRWDUHDúLQXPLUHDULWPXOXLFXVHPQHúLWHUPHQLVLPSOLILFDWRULDOWHOHGHFkW
FHOHDOHVLVWHPXOXLULWPLFGLYL]LRQDU
'DUúLvQSULPDGLUHF LHDXH[LVWDWSURFHGHHGLIHUHQ LDWHGHQXPLUHDVXQHWHORU
PX]LFDOH
í QXPLUHDVLODELF úLUHGDUHDvQ O LPLLUHODWLYHDVXQHWHORUQXPLWHLQYDULDELO
8W5H0L)D6RO/D*XLGRG¶$UH]]R
í QXPLUHD VLODELF úL UHGDUHD vQ O LPLL DEVROXWH D VXQHWHORU QXPLWH 'R5H
0L)D6R/D7L'R2WWR*LEHOLXV
í QXPLUHD SULQWUR FRPELQD LH GH FRQVRDQH úL YRFDOH D VF ULL WRQDOH
FURPDWLFHSHVXQHWXO'RLQWRQDWHODvQ O LPHDDEVROXW DVXQHWHORU(LW]
%570*63/').1
%L7R*X6X/D)D1L%L
5LWPXOVHQRWDQXPHDFLWHDSULQQHXPHVDXSULQQRWD LDFODVLF
&HD GH D GRXD GLUHF LH DS UXW FD UH]XOWDW DO LGHLORU GHVSULQVH GLQ ÄúFRDOD
SHQWUXWR L´DVHFROXOXL;9,,DVXSUDFHULQ HLFDPHWRGHOHV ILHDFFHVLELOHWXWXURU
HOHYLORULQGLIHUHQWGHQLYHOXOGRW ULORUPX]LFDOHúLLQWHOHFWXDOHDSURFHGDWSULQ
± QRWDUHD úL QXPLUHD VXQHWHORU PX]LFDOH I U SRUWDWLY SULQ GRX PRGHOHGH
FLIUHSHQWUXRULFHVFDU PDMRU úLSHQWUXRULFHVFDU PLQRU
5RXVVHDX&KHYp3DULV*DOLQ IRORVLQG PDWHULDOH GLGDFWLFH SUHFXP
ÄVF UL PX]LFDOH´ *DOLQ 'XSDLJQH 3HQWUX ULWP QRWD LD HUD GH WLS FODVLF VDX VH
DSHOD OD GDFWLORULWPLD OXL 'XSDLJQH YH]L H[SOLFD LLOH GDWH SHQWUX GDFWLORULWPLD
&KHYDLV&XUVXOFDS,9

± QRWDUHD úL QXPLUHD VXQHWHORU PX]LFDOH I U SRUWDWLY '5)6/7'
SURFHGHX FH DSDU LQH PHWRGHL 7RQLF6RO)D LQL LDW GH *ORYHU úL vPEXQ W LW GH
&XUZHQ 0DWHULDOHOH GLGDFWLFH DMXW WRDUH HUDX WDEHOXO PHORGLLORU DUPRQLXO GH
VWLFO JODVV KDUPRQLXP úL IRQRPLPLD SHUIHF LRQDW GH &XUZHQ 5LWPXO vQ
PHWRGHOHHQJOH]HúWLGHDFFHVLELOL]DUHDVROIHJLHULLúLQRW ULLSDUWLWXULORUPX]LFDOHD
IRORVLWVXFFHVLYOLWHUHOLQLX HúLRQRWD LHPX]LFDO QRX &XUZHQSULQVHJPHQWHGH
OLQLL DVHP Q WRDUH FX QRWD LD FODVLF LQVWUXPHQWDO D RSWLPLORU úL S WULPLORU
9DORULOHVXQWUHFXQRVFXWHFDFHOHPDLX]LWDWHvQUHSHUWRULXOPX]LFDOVROLFLWDWSHQWUX
RFDWHJRULHGHFRSLLVDXGHPDWXULvQHWDSDGHLQL LHUHPX]LFDO
ÌQDOW RUGLQHGHLGHLSHQWUXFDV vQ HOHJHPWRWFHVDLQRYDWVDXUHFRQVLGHUDW
GLQ WHKQLFLOH GH VRPL]D LHVROIHJLHUH DQWHULRDUH VHFROXOXL ;; WUHEXLH V DPLQWLP
PDULOHSUHIDFHULGLQ]RQDSVLKRSHGDJRJLHLDFHVWXLVHFROSUHIDFHULFRQFHSWXDOHFDUH
DXLQIOXHQ DWúLFRQWLQX V LQIOXHQ H]HSUDFWLFDúFRODU GLGDFWLFDHGXFD LHLPX]L
FDOH$FHVWHSUHIDFHULVDXQXPLWFXXQWHUPHQJHQHUDOúFRDODDFWLY PX]LFDO D
VHFROXOXL;;
5HIRUPDUHDvQY PkQWXOXLPX]LFDOSHED]DSULQFLSLLORUúFROLLDFWLYHDXDGXV
XUP WRDUHOHPRGLILF ULvQY PkQWXOXLPX]LFDO
í GLVFLSOLQDVHQXPHúWHÄHGXFD LHPX]LFDO ´SHQWUXF VHXUP UHúWHIRUPDUHD
XQRUFRPSHWHQ HPX]LFDOHPRGHODUHDFDSDFLW LLLQL LDOHDHOHYXOXL4,úL
46 FDSDFLWDWH FXQRVFXW SULQ WHVWHUH IRUPDUHD OXL FRPSOH[ SULQ úL
SHQWUXPX]LF
í HGXFD LDPX]LFDO HVWHXQEXQDOWXWXURUFRSLLORUOXPLLGHDFHHDWUHEXLHV
IDF SDUWHGLQSODQXULOHGHvQY PkQW
í úFRDODRSWHD] SHQWUXRRUJDQL]DUHDHOHYLORUSHJUXSHúLFRQIRUPWLSXOXL
GHDFWLYLWDWHOXFUXOFXHOHYLLVHSRDWHGHVI úXUDDWkWLQGLYLGXDOFkWúLIURQWDO
FROHFWLYHPDULGHHOHYL
í HGXFD LDPX]LFDO HVWHREOLJDWRULXYRFDOLQVWUXPHQWDO
í ILQDOLWDWH HIRUWXOXL HGXFD LHL PX]LFDOH HVWH YDORULILFDUHD vQWUXQ VSHFWDFRO
DODQVDPEOXOXLYRFDOLQVWUXPHQWDOVDXSXULQVWUXPHQWDOXQHRULFRUDO
í LQVWUXPHQWHOHUHFRPDQGDWHDILVWXGLDWHFXWR LFRSLLLGLQúFROLVXQWFHOHFX
WHKQLF GHPDQHYUDUHXúRDU
í UHSHUWRULXOPX]LFDOVHED]HD] SHVF ULHYROXWLYHPRGDOHVDXSHPRGXOHGH
HVHQ WRQDO VDXDWRQDO
í HGXFD LD PX]LFDO YDORULILF FXFHULULOH HWQRPX]LFRORJLHL úL DOH WXWXURU
úWLLQ HORUFDUHVHSRWFRQYHUWLvQSURFHGHHHILFLHQWHvQDWLQJHUHDILQDOLW LORU
SURSXVH
í UHSHUWRULXO PX]LFDO FDUH vQDLQWH HUD RUGRQDW GXS SUREOHPH GH JUDPDWLF
PX]LFDO DFXP VH RUJDQL]HD] WHPDWLF SH DQRWLPSXUL VDX SH HYHQLPHQWH
FXOWXUDOH UHOLJLRDVH DQWUHQkQG vQ IXQF LH GH WHPH úL SUREOHPH GH JUDPDWLF
PX]LFDO
í OHF LD RUJDQL]DW SH VHFYHQ H SUHVWDELOLWH VH OLEHUGLPHQVLRQHD] SULQ
LQWHUPHGLXODFWLYLW LORUOXGLFHGHYLQHFXWLPSXOMRF
í DXGL LDPX]LFDO GHYLQHUHVXUV REOLJDWRULHvQHGXFD LDPX]LFDO

'LQWUHGRFWULQHOHSHGDJRJLFHFDUHDXLQIOXHQ DGHVI úXUDUHDRUHLGHPX]LF vQ
FHHDFHSULYHúWHSURJUDPDFRQ LQXWXOUHSHUWRULXOXLSURFHGHHOHPLMORDFHOHRELHF
WLYHOHXUP ULWHSHWHUPHQVFXUWPHGLXVDXOXQJDPLQWLPDLFL
í 3HGDJRJLDH[SHULPHQWDO ±FDUHDLPSXVúFROLORULGHHDWHVW ULLSUHGLFWLYHD
FHORUFHLQWU vQSURFHVXOGHHGXFD LHPX]LFDO SHQWUXFDvQIXQF LHGHFXQRDúWHUHD
DFHVWXLIRQGUHIHUHQ LDOPX]LFDO46úLGHLQWHOLJHQ 4,V VHVHOHF LRQH]HúL
V VHDGDSWH]HPHWRGHUHSHUWRULXPX]LFDOPLMORDFHGLGDFWLFH
í 3HGDJRJLD VRFLDO ± D FHUFHWDW FDUH VXQW PRGDOLW LOH FHOH PDL HILFLHQWH
SHQWUXRUJDQL]DUHDFROHFWLYXOXLGHHOHYLvQSURFHVXOGHHGXFD LHPX]LFDO UH]XOWkQG
SURSXQHUHD GH D RUJDQL]D SURFHVXO GH HGXFD LH PX]LFDO SH JUXSH RPRJHQH VDX
HWHURJHQH GH HOHYL FX VFRSXO VRFLDOL] ULL ORU IRUP ULL VSLULWXOXL GH HFKLS FUH ULL
XQXLFDGUXFkWPDLFRQIRUWDELOSHQWUXGH]YROWDUHDORUPX]LFDO úLJHQHUDO 3URFH
GHXO WUHEXLD V DOWHUQH]H FX RUH GH HGXFD LH LQGLYLGXDO úL FX FHOH FH QHFHVLWDX
FXUVXULVDXDFWLYLW LGHPDV FRURUFKHVWU FXUVXULGHDXO HWF
í 3HGDJRJLDFXOWXULLVDXDSHUVRQDOLW LL±XUP UHDWUDQVIRUPDUHDLQGLYLGXD
OLW LL vQ SHUVRQDOLWDWH SULQ LQWHUPHGLXO SUDFWLF ULL XQRU GLVFLSOLQH VDX DFWLYLW L vQ
úFRDO FDUH V SHUPLW FUHDWLYLWDWH UHFHSWDUHD FULWLF GH H[HPSOX D DXGL LHL
PX]LFDOHSUDFWLFDUHDPX]LFLLYRFDOHLQVWUXPHQWDOHFUHDUHDPX]LFLLVDXDVSHFWDFR
OHORU FDUH GH]YROWDX IDQWH]LD HOHYLORU EORFDW GH PHWRGHOH FODVLFH PHWRGH FH
FXOWLYDXPHPRUDUHDúLUHSURGXFHUHDILGHO DWH[WHORUGLQPDQXDOH
í 3HGDJRJLDRSHUD LRQLVW ±SURSXQHDRSHUD LRQDOL]DUHDIOX[XOXLLQIRUPD LR
QDOúFRODUSULQvPS U LUHDDFWLYLW LORUvQSDúLPLFL$UH]XOWDWXQvQY PkQWFHVH
QXPHDvQY PkQWSURJUDPDWXWLOL]DUHDPDúLQLORUGHvQY DWXOWHULRUDFDOFXODWRD
UHORUvQSURFHVXOGHvQY PkQWYH]L&XUVXO
í 3HGDJRJLD OXGLF ± XUP UHD DWUDJHUHD HOHYXOXL VSUH DFWLYLWDWHD úFRODU
0HWRGHOHOXGLFHHXURSHQHDXUHDOL]DWROHF LHMRFFHWUDQVIRUPDWHPHOHGLQSURJUD
PDúFRODU vQSRYHúWLJOXPHSHJXVWXOYkUVWHLFRSLLORUPLFLVDXDSUHDGROHVFHQ LORU
0HWRGHOH DPHULFDQH DX UHDOL]DW R OHF LHMRF GH VLPXODUH D DFWLYLW LORU PDWXULORU
SULQ DFWLYLW L OLOLSXWDQH 'HD GLULMRUXO 'HD GRFWRUXO YkQ] WRUXO GH GLVFXUL
]LGDULLHWF
í 3HGDJRJLDLQWHUGLVFLSOLQDU ±VROLFLWDOLPLWDUHDPRQRGLVFLSOLQHLúLWUDWDUHD
WXWXURUFXQRúWLQ HORUGHSULQGHULORUDWLWXGLQLORUSULQSURFHGHHDGLDFHQWHSULQDQDOR
JLLFRPSDUD LLSURFHGHHLQGXFWLYHGHGXFWLYHDIODWHGHFLODJUDQL DGLQWUHGLVFLSOLQH
PDLPXOWVDXPDLSX LQDSURSLDWH
&X DFHVWH VXFFLQWH LQIRUPD LL VLQWHWL]DWRDUH SXWHP V vQFHSHP H[SXQHUHD
PHWRGHORU GH VROIHJLHUH úL QRWDUH VSHFLILFH úFROLL DFWLYH PX]LFDOH HXURSHQH GLQ
VHFROXO;;UHSUH]HQWDWHvQ)UDQ DGH0DXULFH&KHYDLVúL0DXULFH0RUWHQRW3HQWUX
F D SURSXV R PHWRG GH VROIHJLHUH QRX GHúL FODVLF vQ S VWUDUHD OLQLHL GH
VROIHJLHUHODPQXPLWFDLQRYDWRUDOGRPHQLXOXLSH$QGUp*pGDOJH'LQ*HUPDQLD
YRP SUH]HQWD PHWRGD &DUO 2UII LDU GLQ 8QJDULD SH FHD D OXL =ROWDQ .RGDO\ FD
PHWRGHGHFLUFXOD LHXQLYHUVDO

&XUVXO

0HWRGHDOHÄúFROLLDFWLYHPX]LFDOH´GLQ)UDQ DúL(OYH LD
0DXULFH&KHYDLV0DXULFH0DUWDQRW$QGUp*pGDOJH(GJDU:LOOHPV

0HWRGD&KHYDLVGHSUHJ WLUHDFRSLOXOXLSHQWUXFkQWXOFRUDO

0DXULFH &KHYDLV D HODERUDW XQ VLVWHP GH HGXFD LH PX]LFDO
XQLF SHQWUX PRGXO vQ FDUH D VLQWHWL]DW RIHUWHOH GLQ vQY PkQWXO HXURSHDQ
DGDSWkQGXOHODFHULQ HOHFRSLOXOXLIUDQFH]GLQSULPDMXP WDWHDVHFROXOXL;;(VWH
XQLF úL PRGXO vQ FDUH D GLUHF LRQDW HGXFD LD PX]LFDO GLQ )UDQ D SULQWUXQ JUXS
LPSUHVLRQDQW GH OXFU UL WHRUHWLFH GDU úL SULQ vQGUXPDUHD úL FRQWUROXO SH FDUH OD
H[HUFLWDWvQFDOLWDWHGHLQVSHFWRUDOvQY PkQWXOXLPX]LFDOWLPSGHGHFHQLL
&HHD FH VH QXPHúWH ÄPHWRGD &KHYDLV´ QX HVWH QXPDL XQ EXQ DO QD LXQLL
IUDQFH]H FL XQXO FDUH D IRVW SUHOXDW LQWHJUDO VDX SDU LDO GH GLYHUVH UL FLUFXO
ÄIROFORULF´ GLQ úFRDO vQ úFRDO I U V VH FXQRDVF LGHQWLWDWHD úL SDWHUQLWDWHD
SURFHGHHORU
'HYRWDWSULQFLSLLORUÄúFROLLDFWLYH´&KHYDLVHVWHDGHSWXOSHULRGL] ULLHGXFD
LHLPX]LFDOHGHVSUHFDUHDPGDWGHWDOLLvQ&XUVXO
&HOHWUHLSHULRDGHHOHHGXFD LHLPX]LFDOH±HWDSDSUHQRWD LHLHWDSDQRWD LHLD
VROIHJLXOXLúLHWDSDH[SOLFD LLORU±VXQWFRQFHSXWHXQLWDUúLHYROXWLY
'LIHUHQ HOHvQV vQWUH&KHYDLVúLSUHGHFHVRULLHXURSHQLVDXIUDQFH]LFRQVWDXvQ
IRORVLUHD XQRU HOHPHQWH FDUH vL FRQWXUHD] VSHFLILFXO PHWRGHL 'DWHOH SUH]HQWDWH
PDL MRV VXQW H[WUDVH GLQ WUDWDWXO V X LQWLWXODW /¶DUWH GH O¶HQVHLJQHPHQW $UWD GH D
SUHGD
± (GXFD LD PX]LFDO GLQ úFROL WUHEXLH V ILH YRFDO úL DUH PHQLUHD V
SUHJ WHDVF HOHYXOSHQWUXFkQWDWXOvQFRU$EHFHGDUXOV XUHSXEOLFDWVDXPHQ LRQDW
PHUHXSkQ vQ]LOHOHQRDVWUHDUHPHQ LXQHD3UHPLpUHOLYUHGHO¶pOqYH,QWURGXFWLRQ
DX FKDQW FKRUDO 3ULPD FDUWH D HOHYXOXL ,QWURGXFHUH vQ FkQWXO FRUDO &KHYDLV QX
HVWHDGHSWXOHGXFD LHLPX]LFDOHLQVWUXPHQWDOHFRQVLGHUkQGF SULQWUDGL LHvQúFROL
WUHEXLHFXOWLYDW YRFHDXPDQ 'DF DUDSHODODXQLQVWUXPHQW&KHYDLVPHQ LRQD
F DUDSHODODFKLWDU
í (GXFD LD PX]LFDO WUHEXLH V ILH GH WLS OXGLF SHQWUX F OD FRSLO MRFXO
FRQVWLWXLH vQV úL YLD D MRFXO PX]LFDO WUDYHUVHD] FX SULRULWDWH SULPD HWDS GH
HGXFD LHPX]LFDO HWDSDGHSUHQRWD LH
í (GXFD LD PX]LFDO SUHVXSXQH FXQRDúWHUHD HOHYXOXL vQDLQWH GH D vQFHSH
HGXFD LDOXLPX]LFDO 3ULQSUREHOHSUHGLFWLYH&KHYDLVXUP UHDP VXUDUHDDFXLW LL
DXGLWLYHSUREDYRFLLúRSWLWHMRFXO7HOHIRQXOI U ILUSUREDFHVXOXLUHSHWDUHDvQ
GHVFUHVFHQGR D XQXL FXYkQW 'XS &KHYDLV PRGXO GH D WU L PX]LFD vL vPSDUWH SH
HOHYL vQ HPRWLYL LPDJLQDWLYL SDVLYL úL HPRWLYPDQLDFL YRU FRPS WLPLUH FDXW
PX]LF vQFDUHvúLUHJ VHVFIUXVWU ULOH
±(GXFD LDPX]LFDO WUHEXLHV ILHFHDDDX]XOXLúLDYRFLLDSO FHULLQXD
RFKLXOXL2SLQLDOXL&KHYDLVHUDF ÄVROIHJLXOXFLGHPX]LFDSHQWUXF HGXF QXPDL
RFKLXO´

)LJ$EHFHGDUXO&KHYDLV

6ROIHJLXO WUHEXLH DERUGDW SH VHFYHQ H SH PRGXOH PHORGLFH XWLOL]kQG
SRUWDWLYXOúLIRUPXOHULWPLFHFODVLFHvQIHOXOvQFDUHDIRVWHWDODWvQFXUVXO&HOH
FLQFLHWDSHVXQWQRWDWHDLFLSULQFLIUHURPDQH, 'R6RO,, 'R0L6RO,,,
6RO'R,9 6RO/D6L'R9 'R5H0L)D6RO/D6L'R9, WRDW VFDUD
GHGRX RFWDYHFHUHSUH]LQW GLDSD]RQXOYRFLORUGHFRSLLÌQVROIHJLHUHSURIHVRUXO
VH VSULMLQ SH WHKQLFD IRQRPLPLHL FH SR]L LRQHD] vQWUHJXO EUD GUHSW SH R VFDU
LPDJLQDU vQWUHOLQLDGHvQFHSXWDDEGRPHQXOXLúLSR]L LDPkLQLLGHDVXSUDFDSXOXL
YH]LSODQúDFXIRQRPLPLD&KHYDLVGLQ$YDQWOHVROIqJHS

)LJ)RQRPLQLD&KHYDLV

'XS FXPVHSRDWHREVHUYDIRQRPLPLD&KHYDLVDUHVLPEROXULúLSR]L LRQ UL
GLIHULWHDOHGHJHWHORUID GHFHOHDOHIRQRPLPLHL&XUZHQ
ÌQLQL LHUHDULWPLF &KHYDLVIRORVHDQXPDLYDORULVLPSOHSHFDUHOHDVRFLDFX
GDFWLORULWPLD OXL 'HVVLULHU DYkQG FD XQLWDWH GH P VXUDUH ÄWLPSXO´ XQ VXQHW OXQJ
FDUH GXUD FkW XQ JHVW FX PkQD GH VXV vQ MRV 6LPEROXULOH JUDILFH úL GDFWLORULWPLFH
HUDXXUP WRDUHOHYH]LJUDILFDGHOD&XUVXO
DXQGHJHWLQGLFDYDORDUHDGHXQWLPSQXPLW vQFLWLUHDULWPLF QRLUÄQHDJU ´
vQ WUDGXFHUH URPkQHDVF YDORDUH HFKLYDOHQW FX S WULPHD GLQ QRWD LD ULWPXOXL
GLYL]LRQDUSURSRU LRQDU
EGRX GHJHWHOLSLWHLQGLFDXYDORDUHDGHGRLWLPSLQXPLW %ODQFKHFLWLW vQ
GRX VLODEH HJDOH FD GXUDW %ODQFKH ÄDOE ´ vQ WUDGXFHUH URPkQHDVF YDORDUH
HFKLYDOHQW FXRGRLPHDGLQQRWD LDULWPXOXLGLYL]LRQDUSURSRU LRQDU
F GHJHWXO DU W WRU DO PkLQLL VWkQJL VHJPHQWDW vQ GRX GH FHO GH OD PkQD
GUHDSW LQGLFDYDORULGHGRX MXP W LGHWLPSVDXÄRMXP WDWHGHWLPSÝDORDUH
QXPLW vQ FLWLUHD ULWPLF FURFKH SURQXQ DW VFXUW vQWUR VLQJXU VLODE ÄFX
FURúHW ´ GXS VHPQXO FX VWHJXOH DJ WRU DO RSWLPLL VFULVH vQ QRWD LD VSHFLILF
SDUWLWXULORUYRFDOHQXLQVWUXPHQWDOH
GGRX VDXWUHLGHJHWHXQLWHLQGLFDXYDORULFDGRLPHDFXSXQFWQXPLW WUHL
WLPSLúLUHVSHFWLYQRWDvQWUHDJ QXPLW SDWUXWLPSLDPEHOHQRWDWHSULQVLPEROXUL
FODVLFH
6H REVHUY F QRWD LD ULWPXOXL vQ PHWRGD &KHYDLV HVWH FHD FODVLF GDU VH
FLWHúWHFXVLODEHULWPLFHDúDFXPSURFHGDúLFRQD LRQDOXOV X$LPp3DULV

)LJ6LPEROXULOHJUDILFHSHQWUXPHWRGD&KHYDLV

3URFHGHXOYDIDFHLVWRULHúLVHIRORVHúWHFXVXFFHVvQWRDWH ULOHúLDVW ]LFD
HWDS SUHJ WLWRDUH D VROIHJLXOXL ÌQ 5RPkQLD FLWLUHD SULQ VLODEH ULWPLFH D VWDW vQ
DWHQ LD$QHL0RWRUD,RQHVFXFDUHDSURSXVXUP WRDUHOHVLODEHVLPERO
SDVLXWHúLPDLLXWHUDDUVDVDD
í 0DWHULDOHOH GLGDFWLFH GLQ PHWRGD &KHYDLV LQGLF IRORVLUHD SRUWDWLYXOXL
PXWDRUWRIRQXOXLDSRUWDWLYXOXLFXGRX EDJKHWHSHQWUXFLWLUHDDUPRQLF ODGRX
YRFL
í 5HSHUWRULXOPX]LFDOYDDYHDVXFFHVLXQHDXQHLIRUPHGHOHF LHFHSRUQHúWH
GHODH[HUFL LXúLVHWHUPLQ vQFkQWHF&KHYDLVSURSXQHH[HUFL LLGHLQWRQDUHúL
FLWLUHIRQRPLPLF PRGXOHOHDFHVWRUDVHYRUUHJ VLvQH[HUFL LLGHVROIHJLHUHSH
SRUWDWLY PRQRGLL úL FDQRDQH DFHOHDúL PRGXOH YRU IL FRPSRQHQWH PHORGLFR
ULWPLFH DOH FkQWHFHORU P VXUL FX WH[WH FH VH SUHWHD] OD DVRFLHUL GH JHVWXUL úL
VXFFLW LQWHUHVXOFRSLLORUSHYkUVWH
í 5HSHUWRULXO HVWH RUGRQDW SHQWUX SULPD GDW vQWUXQ WUDWDW GH GLGDFWLF
PX]LFDO SHDQRWLPSXULúLHYROXWLYGLQSXQFWGHYHGHUHDOFDQWLW LLVF ULL
VXQHWHQXFDvQPHWRGHOHDQWHULRDUH
0RGHOXO HYROXWLY D U PDV XQ FULWHULX REOLJDWRULX úL DVW ]L vQ LQL LHUHD
PX]LFDO LQGLIHUHQWGDF VLVWHPXOSLHVHORUPX]LFDOHHVWHPRGDOWRQDOVDXDERUGDW
DWRQDO
2SHUDOXLGHGLGDFWLF PX]LFDO FXSULQGHDWkWFRPSDUWLPHQWHWHRUHWLFHGHVWLQDWH
DILJKLGWHRUHWLFSHQWUXSURIHVRUFkWúLPDWHULDOHGHVWLQDWHH[FOXVLYHOHYLORU

7UDWDWHOHGHSHGDJRJLHPX]LFDO VFULVHGH&KHYDLV
&RSLOXOúLPX]LFD
$UWDGHDSUHGD
0HWRGDDFWLY vQPX]LF
3UREHOHGHSHGDJRJLHPX]LFDO SHQWUXH[DPHQHOHGHSURIHVRUDW

'LQWUHPDWHULDOHOHSHQWUXVROIHJLHUHPHQ LRQ P
ÌQDLQWHGHVROIHJLXFDUWHGHVIDWXULúLO PXULULPHWRGLFHSHQWUXSURIHVRUL
$EHFHGDUXOPX]LFDOSULPDFDUWHSHQWUXHOHYLQWURGXFHUHvQFkQWXOFRUDO
6ROIHJLLSHQWUXúFRODULYROXPH
3UHGDUHDPX]LFLLvQvQY PkQWXOVHFXQGDUOLFHHFROHJLLEDFDODXUHDW

&HOHPDLFXQRVFXWHFXOHJHULGHFkQWHFHGLQFROHF LD&KHYDLVVXQW
&DLHWHGHFkQWHFH
)RUPD LDFRUDO FDUWHSHQWUXSURIHVRU
GHFDQRDQHFXWH[W
6 UE WRDUHDIORULORU
3HQWUXV SW PkQDPDPHORU
3HGUXP
6 UE WRDUHDPXQFLL
&kQWHFHFXPLúFDUH
&kQWHFHSHQWUXDQRWLPSXULFkWHGHILHFDUHDQRWLPS

)LJ([HPSOXGHVXFFHVLXQHPHWRGLF &KHYDLVGHODPRVWUHH[HPSOLILFDWLYHOD
FkQWHF±MRFGLQ$YDQWOHVROIqJHS

ÌQ SULPD OXL FDUWH GH VIDWXUL SHQWUX SURIHVRULL FDUH SUHGDX PX]LFD vQ úFROL
$YDQW OH VROIqJH ÌQDLQWH GH VROIHJLX 0DXULFH &KHYDLV DSUHFLD Ä0HWRGHOH DúD
]LVH WUDGL LRQDOH SXQ GLQWUXQ vQFHSXW SH SULPXO ORF GDWHOH SXU WHRUHWLFH DOH
PX]LFLL DQ (OH VXQW SHULFXORDVH SHQWUX GRPHQLXO vQY PkQWXOXL DUWLVWLF

(VWHQHFHVDUV QHDGUHV PVHQVLELOLW LLFRSLOXOXLúLV SURILW PGHIRU DHPR LRQDO
DPX]LFLLSHQWUXDDWDúDúWLLQ DGHDUWDHL1LPLFQXHVWHPDLHYLGHQWSUREDWGHFkW
LQVXFFHVXO vQY PkQWXOXL PX]LFDO ED]DW SH WHRULH SXU SH UD LRQDPHQWH 6H
DFRUG PDQXDOXOXLúLF U LLGHVROIHJLXXQORFQHPHULWDW&kQGHVWHYRUEDGHYLD D
VXQHWHORU QX HVWH QHYRLH GH PDQXDO (VWH QHYRLH GH XQ SURIHVRU DQLPDWRU
0DQXDOXO YD IL YRFHD XUHFKHD úL RFKLL SURIHVRUXOXL 6H XWLOL]HD] PDQXDOXO vQ
úFROLDQSHQWUXF SURIHVRULLQXúWLXDOWFHYDV IDF ´&KHYDLV0DXULFH$YDQWOH
VROIqJH(GLWXUH$OSKRQVH/HGXF6DLQWH+RQRUH3DULVS

0HWRGD0DUWHQRWGHLQL LHUHSVLKRIL]LF SOHQDU DFRSLOXOXLSLDQLVW
0DXULFH0DUWHQRW
D IRVW XQXO GLQWUH
PX]LFLHQLL FDUH DX vQWUXQLW vQ
SURSULD SHUVRQDOLWDWH FDOLW LOH
FRPSOH[H DOH XQXL LQRYDWRU GH
LQVWUXPHQWH PRGHUQH HOHFWUR
QLFH 8QGHOH 0DUWHQRW DOH
XQXLSURIHVRUFHDSDU LQHÄúFROLL
DFWLYH PX]LFDOH´ D VHFROXOXL
;; FDOLW L FDUH LDX SHUPLV V
HODERUH]HXQVLVWHPGHHGXFD LH
)LJ0DXULFH0DUWHQRW PX]LFDO SHQWUXFRSLLúLPDWXUL
VLVWHP FH FXSULQGH SURJUDPH
úFRODUHJKLGSHQWUXSURIHVRULPDWHULDOHGLGDFWLFHSHQWUXHOHYLUHFRPDQG ULSHQWUX
WLSXULGHDXGL LHPX]LFDO YH]LFDSLWROXO,,,FXUVXOH[HUFL LLúLPRGHOHGHMRFXUL
PX]LFDOH SHQWUX LQWRQDUHD MXVW D VXQHWHORU SHQWUX IRUPDUHD úL GH]YROWDUHD XQHL
ULWPLFL FRUHFWH SHQWUX GH]YROWDUHD IDQWH]LHL PX]LFDOH úL D XQHL LQWHUSUHW UL
VHQVLELOH 7RDWH DFHVWHD vQVOXMEDSUHJ WLULLHOHYXOXLSHQWUXHGXFD LDLQVWUXPHQWDO
SULQLQWHUPHGLXOSLDQXOXL

)LJ3LDQXOLQRYDWGH0DUWHQRW

)LJ,QVWUXPHQWXOLQYHQWDWGH0DUWHQRWÄ8QGHOH0DUWHQRW´

7HRUHWLFLDQúLSUDFWLFLDQvQDFHHDúLQRW HOHYDW GHFXQRDúWHUHúLYDORULILFDUHD
GLGDFWLFLL DQWHULRDUH 0DUWHQRW úLD H[SXV LGHLOH vQ FHOH GRX VSUH]HFH FDSLWROH DOH
OXFU ULL)RUPDWLRQHWGpYHORSSHPHQWPXVLFDO)RUPDUHúLGH]YROWDUHPX]LFDO
'LQWUH RELHFWLYHOH FDGUX SURSXVH D IL UHDOL]DWH GH HGXFD LD PX]LFDO
IRUPDO DPLQWLP DLFL SULPXO úL XOWLPXO RELHFWLY V O IDFHP SH HOHY V LXEHDVF
PX]LFDúLV OSUHJ WLPSHHOHYPX]LFDOúLSVLKLFSHQWUXFkQWDWXOODSLDQRELHFWLYH
FDUHQHLQGLF WUDLHFWRULDSHFDUHWUHEXLHV RXUPH]HHGXFD LDPX]LFDO DHOHYLORU
REOLJDWRULXYRFDOLQVWUXPHQWDO
/HJDWHVWULFWGHWHPDOXFU ULLGHID FHúLDSURSXVV SXQ vQGLVFX LHQXPDL
SUREOHPH OHJDWH GH QRWDUHD úL VROIHJLHUHD XQRU SLHVH PX]LFDOH PHQ LRQ P
XUP WRDUHOHVSHFLILFHPHWRGHL0DUWHQRW

ÌQ O LPHD GLIHULW D VXQHWHORU FDS , 9 9,,, ,; R UHFRPDQG V VH
UHDOL]H]HSULQWURVXFFHVLXQHGHH[HUFL LLMRFXUL
DLQWRQDUHDVXQHWHORUVHSDUDWMRFXO0LQJHDFXXQVXQHWGRLFRSLLID vQID
vúLWULPLWXQXODOWXLDVXQHWHFDUHWUHEXLHÄSULQVH´FRUHFW
EMRFXO 6LUHQD MRF FH OD I FXW FHOHEUX SH 0DUWHQRW SHQWUX F D GDW SHQWUX
SULPDGDW FUHGHPvQLVWRULDvQY PkQWXOXLPX]LFDORVROX LHSUDFWLF DPRGXOXL
FXP VH SRDWH FRUHFWD LQWRQDUHD IDOV D VXQHWHORU PX]LFDOH -RFXO HVWH GHWDOLDW GH
0DUWHQRWvQOXFUDUHDPDLVXVPHQ LRQDW ODSDJLQD(OHYLLDXGHLQWRQDWXQVXQHW
UHSHU6ROSHFDUHvODVRFLD] FXPLúFDUHDEUD HORUvQWLQVHvQID EUD HFDUHVHPLúF
vQH[WHULRUUDUSkQ VHHSXL]HD] VXQHWXO$SRLSULQPLúFDUHDEUD HORUGHMRVvQVXV
PLúFDUH DVRFLDW FX XQ JOLVVDQGR YRFDO VH DMXQJH OD SR]L LD VXQHWXOXL 6RO DGLF
EUD HOHvQWLQVHODQLYHOXOXPHULORU3URFHGHXOSRDWHILúLFXVHQVGHVFHQGHQWEUD HOH
GHDVXSUDFDSXOXLFRERDU vQVR LQGVXQHWXOYRFDOvQJOLVVDQGRSkQ ODQLYHOXOQRWHL
6RO 6H SRDWH WUDQVIHUD SURFHGHXO úL SH DOW VXQHW UHSHU ÌQ FOLSD FkQG VD RE LQXW
VXQHWXOFRUHFWJHVWXOFRSLOXOXLWUHEXLHV GHVHQH]HXQFHUFFHH[SULP SHUIHF LXQHD

6HSRDWHIRDUWHHILFLHQWDFRUGDODVXQHWXOPX]LFDORULFHFRSLOFDUHHVWHGLDJQRVWLFDW
FD ILLQG GLVIRQLF DIRQ 3URFHGHXO DUH HILFLHQ SHQWUX LQWRQDUHD FRUHFW D XQXL
VXQHWQXDXQXLPRGXOPHORGLF
8Q SURFHGHX VLPLODU D IRVW SUDFWLFDW úL vQ 5RPkQLD GH F WUH SURIHVRUXO ,RQ
&RVWHVFXGHODOLFHXOEXFXUHúWHDQ6IkQWX6DYDvQDQXO
FLQWRQDUHD úL UHFXQRDúWHUHD ÄRQGXOD LLORU PHORGLFH´ SURFHGHXO FRQVW vQ
REVHUYDUHD DSRL DVRFLHUHD PLúF ULORU DPEHORU PkLQL FX PHUVXORQGXOD LLORUPHOR
GLFH VHQVXO DVFHQGHQWGHVFHQGHQW VWD LRQDU DO OLQLLORU PHORGLFH 6H UHFRPDQG
PHUVXO GH VHFXQGH PDUL GHDVXSUD XQXL VXQHW QXPLW DUELWUDU PD VDX OD DSRL
LQWRQDUHDDQWUHQDUHDvQÄRQGXOHXULOHPHORGLFH´DVXQHWHORUWUHSWDWHúLSULQVDOWXUL
LQVLVWkQGXVHSHPHUVXOWUHSWDWDOVXQHWHORU
GHWDSD XUP WRDUHD D DVRFLHULL FHORU LQWRQDWH FX ÄMHWRDQH´ GH FDUWRQ FX
vQVFULVXOSHSRUWDWLYDOQRWHORUPX]LFDOHGLQ/RWRPX]LFDO0DUWHQRWRUHFRPDQG V
VHvQFHDS ÄQXPDLGXS FHHWDSDRUDO GHUHFXQRDúWHUHúLUHSURGXFHUHDVXQHWHORUD
IRVWUHDOL]DW ODSHUIHF LXQH´,QL LHUHDvQFLWLUHDVROIHJLHUHDPHORGLF 0DUWHQRWR
YHGH QXPDL SULQ GHVIDFHUHD XQHL SLHVH PX]LFDOH vQ FXYLQWH PX]LFDOH PRGXOH
PHORGLFHH[HUVDWHvQGLIHULWHVHQVXULRQGXOHXUL
)LHFDUHHOHYSULPHúWHFkWHXQFDUWRQFXXQSRUWDWLYQHLQVFULS LRQDWFXOLQLLOH
GLVWDQ DWHSHP VXUDXQXLGHJHWGHFRSLO3URIHVRUXOLQWRQHD] XQVXQHWSHFDUHvO
QXPHúWHÄ/D´úLVROLFLW FDHOHYLLV OLQWRQH]HúLV OORFDOL]H]HSHDOGRLOHDVSD LX
LQGLFkQGXOFXDU W WRUXOGHODPkQDGUHDSW /DIHOVHSURFHGHD] FXVXQHWXOÄ)D´
FDUHVHPDUFKHD] FXDU W WRUXOGHODPkQDVWkQJ SHSULPXOVSD LXDOSRUWDWLYXOXL
6HUHSHW LQWRQDUHDúLLQGLFDUHDDFHVWRUQRWHSHSRUWDWLYXOLQGLYLGXDODSRLSH
SODQúD SURIHVRUXOXL &XYkQWXO PX]LFDO VH XPSOH DSRL FX VXQHWXO úL QRWD Ä6RO´
6XQHWXO XUP WRU DO ÄFXYkQWXOXL PX]LFDO´ HVWH 'R VDX 'R GXS FXP HVWH
VWUXFWXUD SLHVHL PX]LFDOH 6H REVHUY F VH DQWUHQHD] vQ DFWLYLW LOH PX]LFDOH
DPEHOHPkLQLSURFHGHXIRDUWHIRORVLWRUvQHWDSDGHLQL LHUHLQVWUXPHQWDO SLDQ'H
DVHPHQHD WUHEXLH UHPDUFDW IDSWXO F SULPXO ÄFXYkQW PX]LFDO´ HVWH GH VWUXFWXU
PDMRU GDUQXHVWH'RPDMRU
H0DUWHQRWSUDFWLF RIRQRPLPLHQXPLW -RFXOFHORUFORSR HLvQFDUHVXQW
DQWUHQDWHQXPDLVXQHWHVXQHWHOHVXQWLQWRQDWHúLSR]L LRQDWHDVWIHO'R PkLQLOH
O VDWHvQMRV6RO SDOPHOHSHXP U0L DPEHOHPkLQLODSLHSW'R PkLQLOH
GHDVXSUDFDSXOXL-RFXOFRQVW vQDOHJHUHDXQXLJUXSGHFRSLLFDUHV LQWRQH]HúL
V LQGLFHSULQIRQRPLPLHSR]L LDFHORUFORSR HL
IvQVXúLUHDSULQÄFXYLQWHPX]LFDOH´VHH[WLQGHúLODFHOHODOWHVXQHWH
&HOH VXQHWH ± QRWH VH vQYD SULQ VROIHJLHUH úL UHFXQRDúWHUH ORU vQ
vQVFULVXULOHGHSHMHWRDQHOHPX]LFDOHDOHMRFXOXL/RWR-RFXOVHSUDFWLF vQJUXSGH
FRSLLFDUHSULPHVFILHFDUHFkWHRPLF SODQú XQFDUWRQSHFDUHVXQWvQVFULVHSH
XQSRUWDWLYIUDJPHQWDWS U LGLQWUXQVROIHJLX
ÌQFHQWUXOPHVHLvQMXUXOF UHLDVXQWFRSLLLVHSXQFXID DvQMRVMHWRDQHSH
FDUH VXQW vQVFULVH IUDJPHQWH GLQ VROIHJLL )LHFDUH FRSLO WUDJH XQ MHWRQ VROIHJLD]
FHOHVFULVH-HWRQXOWUHEXLHUHFXQRVFXWGHXQFRSLOFDUHvODUHSHFDUWRQXOSURSULX
&kúWLJ FHOFDUHvúLFRPSOHWHD] FkWPDLUHSHGHFDUWRQXOFXMHWRDQHPHORGLFH
J *UXSXO GH VXQHWH SHQWUX VROIHJLHUH YD IL LQL LDO R GLWRQLH VDX R WULFRUGLH
PDMRU QRWDW 0DSRLPLQRU QRWDW P/LWHUHOHYRUILVFULVHGHDVXSUDSRUWDWLYXOXL

GH OLQLL I U LQGLFDUHD FKHLL vQ FDUH VH FLWHúWH DFHVW SURFHGHX DWHVW IDSWXO F
0DUWHQRWSUDFWLF RVROPL]D LHUHODWLY IRORVLQGSRUWDWLYXO&HOHWUHLVXQHWHVHVFULX
SH SRUWDWLY FX VHPQH GHQRWHFODVLFHGDUSHRULFHOLQLHVDXVSD LXDOSRUWDWLYXOXL
FHHD FH vQVHDPQ F HOHYXO WUHEXLH V IRORVHDVF vQ VROIHJLHUH VWUXFWXUD WULFRUGLHL
PDMRUH WRQWRQ FD SDUWH D JDPHL WRQDOH SH 'R )D 6RO VDX SH FHD FX VWUXFWXUD
PLQRU WRQVHPLWRQ SH VXQHWHOH UH OD &kQG VH DWDúHD] DOWHUD LLOH DFHVWHD VXQW
WUDWDWH FD VHQVLELOH FH IRUPHD] ÄFXYLQWH ILQDOH´ FDGHQ H ILQDOH FX R SDUWH GLQ
VXQHWHOHvQY DWHODVROODVLODUHGRUHPLUH
$OWHUD LLOHQXDXRGHQXPLUHVSHFLDO

0P
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)RUPXOHOHULWPLFHFDS,,VHSUHJ WHVFSULQMRFXULFXPLúF ULFRUSRUDOHúL
JHVWXULSHQWUXDLPSULPDGXUDWHLUHODWLYHDVXQHWHORURVXEVWDQ FRQFUHW IRORVLQG
JHVWXULOH QDWXUDOH FLWLUHD SULQ VLODEH ULWPLFH FD GH H[HPSOX OD XQ WLPS R
S WULPHODD GRLWLPSL RGRLPHFKXW SDX]DGHXQWLPSFKXWXW SDX] GH
GRLWLPSL
9DORULOH ULWPLFH VXQW FHOH FODVLFH S WULPL RSWLPL GRLPL FX SDX]HOH
FRUHVSXQ] WRDUHúDLVSUH]HFLPLQRWDvQWUHDJ DSRLúLOHJDWRXOGHGXUDW úLSXQFWXO
GH SUHOXQJLUH FDUH SHUPLW IRUPDUHD ULWPXOXL GLYL]LRQDU 'LQWUH IRUPXOHOH ULWPLFH
H[FHS LRQDOH WULROHWXO HJDO IRUPDW GLQ RSWLPL HVWH IRDUWH GHV XWLOL]DW vQ LQL LHUHD
ULWPLF
3ULPHOHIRUPXOHULWPLFHWUHEXLHV ILHV OW UH H±VSXQH0DUWHQRW±QXPRQR
WRQHSRWV IRORVHDVF úLWULROHWXOVDXIRUPXOHSHFDUHVLQJXULOHFUHHD] FRSLLL
7RDWH H[HUFL LLOH GH FRQúWLHQWL]DUH D IRUPXOHORU ULWPLFH vQ FHHD FH SULYHúWH
FDQWLWDWHDúLFDOLWDWHDGXUDWHORUFHFRPSXQIRUPXODULWPLF VHvQVXúHVFúLVHUHSHW
SULQ MRFXUL $FHVWHD DX GHQXPLUL DWUDFWLYH SH vQ HOHVXO FRSLLORU 0DJLFLDQXO
&ROLHUXOFXSHUOH1HY VWXLFDDQLPDODJLOIUXPRVúLVLPSDWLF-RFXULOHvúLSURSXQ
V UHSHWHIRUPXOHULWPLFHvQJUXSúLDSRLLQGLYLGXDOvQGLIHULWHLSRVWD]H
'HH[HPSOXvQMRFXO0DJLFLDQXOSULPDGDW LQWHUSUHWDWGHSURIHVRUDSRLSH
UkQGGHWR LFRSLLLIRUPXOHOHULWPLFHVHUHSHW vQJUXSVDXLQGLYLGXDOvQFUHVFHQGR
úLvQGHFUHVFHQGRDFFHOHUkQGúLU ULQGPLúFDUHDLQL LDO GXS PkQDPDJLF DFHOXL
FHFRQGXFHMRFXOÌQDOWHMRFXULVHVROLFLW H[SUHVLYLWDWHULWPLF UHGDW GXS SXWHULOH
GH vQ HOHJHUH DOH FRSLLORU SUHFXP ULWP H[HFXWDW YHVHO HURLF DURJDQW GHPQ
DILUPDWLYLQWHURJDWLY WHULILDQW vQVS LPkQW WRU ([HUFL LLOH ULWPLFH FD úL FHOHODOWH
FH YL]HD] LQL LHUHD vQ DOWH GRPHQLL DOH VXQHWXOXL PX]LFDO VXQW UHSHWDWH SHQWUX D
IRUPD úL GH]YROWD PHPRULD PX]LFDO DLFL ULWPLF DX]XO LQWHULRU LGHQWLILFDUHD
IRUPXOHORUvQGLYHUVHSLHVHPX]LFDOHúLVROIHJLL
0DUWHQRW XWLOL]HD] IUHFYHQW úL SURFHGHXO YDULD LXQLL XQHL IRUPXOH ULWPLFH
GDWH MRFXO &H IDFHP FX DFHDVW WHP " VDX SURFHGHXO LPSURYL]D LHL OLEHUH GH
QDWXU ULWPLF

0DWHULDOXO GLGDFWLF SHQWUX MRFXULOH ULWPLFH HVWH IRUPDW GLQ SLHVHOH LQVFULS
LRQDWHFXIRUPXOHOHULWPLFHDOHMRFXOXL'RPLQRDOWHRUL/RWRULWPLF
0HUVXOvQSDúLHJDOLPHUHXSHYkUIXULSHQWUXWLPSLLQHDFFHQWXD LúLSHWDOS
SHQWUXWLPSXODFFHQWXDWFkWúLUHGDUHDSULQSDúLDXQXLULWPVXQWH[HUFL LLLQWURGXVH
vQ MRFXUL IRDUWH GLQDPLFH úL DWUDFWLYH úL vQWUHJHVF FDWHJRULD GH SURFHGHH OXGLFH D
PHWRGHL0DUWHQRWGHLQL LHUHULWPLF 3HQWUXFDV SRDW ILvQ HOHVWRWFRPSOH[XOFH
IRUPHD] PHWRGD GH HGXFD LH PX]LFDO 0DUWHQRW SUH]HQW P DLFL QXPDL VXFFH
VLXQHD FDSLWROHORU GLQ FDUH UHLHVH IDSWXO F DXWRUXO 8QGHORU 0DUWHQRW D UHDOL]DW
SHQWUX vQY PkQWXO PX]LFDO DO OXPLL R PHWRG FDUH DU WUHEXL SRSXODUL]DW úL
LQWHJUDW vQHGXFD LDPX]LFDO DúFROLORU
/XFUDUHD)RUPDWLRQHWGpYHORSSHPHQWPXVLFDODUHXUP WRDUHOHWHPH
í 7UH]LUHDvQFOLQD LLORUPX]LFDOHDOHFRSLLORUSURFHGHH
í 5LWPXOÄYLYDQWÝLXvQVXIOH LWRU
í 5HOD[DUHDSULQUHVSLUD LHJHVWXULFRQFHQWUDUHUHSUH]HQWDUHPHQWDO
í $XGL LD DWHQ LD DXGLWLY DXGL LD LQWHULRDU DVRFLHUL VHQ]RULDOH LGHQWLIL
F ULGLFWHH PX]LFDOH DWHQ LD GLVWULEXWLY SHQWUX R DXGL LH PXOWLYRFDO
GHVFRSHULUHDVRQRULW LORUWRQDOHúLPRGDOH
í ,QWRQD LD PX]LFDO DWHQ LD úL LQWRQDUH FRUHFW D VXQHWHORU RQGXOD LLOH
PHORGLFHFXYLQWHOHPX]LFDOH
í &UHD LDLPSURYL]D LDvQWUHEDUHU VSXQVÄPRWRUXOULWPLF´
í /HFWXUDULWPLF /RWRXOúL'RPLQRXOULWPLF
í 1XPHOHVXQHWHORU
í 6FULHUHDúLOHFWXUDQRWHORUPX]LFDOHMRFXULSHSRUWDWLY
í 3ODQXOXQHLOHF LL
í $GDSWDUHDH[HUFL LLORUODDGXO L

0DWHULDOXOVRQRUUHFRPDQGDWDILIRORVLWFDUHVXUV PDWHULDO vQHGXFD LD
PX]LFDO HVWH IRUPDW GLQ WRDW PDVD GH VRQRULW L FHO vQFRQMRDU SH FRSLO VDX SH
PDWXU]JRPRWHOHQDWXULLDOHRUDúXOXLVXQHWHPX]LFDOHWHPSHUDWHúLQHWHPSHUDWH
6HGHPRQVWUHD] SULQFHOHHQXQ DWHPDLVXVF 0DUWHQRWHVWHXQUHSUH]HQWDQW
WLSLFSHQWUXÄúFRDODPX]LFDO DFWLY ÍUDQFH] GLQVHFROXO;;
0HWRGD VD vQ DQVDPEOX HVWH úL DVW ]L FLWDW úL
IRORVLW ODVFDU PRQGLDO VDXXQHRULHVWHvPEU FDW vQ
KDLQHQRLORFDOHS VWUkQGXLVHSULQFLSLLOHGHED]

0HWRGD*pGDOJHGHVROIHJLHUH
$QGUp *pGDOJH D IRVW SURIHVRU OD
&RQVHUYDWRUXO 1D LRQDO GH 0X]LF GLQ )UDQ D XQGH D
vQGUXPDW OD GLVFLSOLQD &RQWUDSXQFW úL )XJ QXPH
JHQLDOHGHFRPSR]LWRUL0DXULFH5DYHO3DXO'XFDVVH
$UWKXU+RQHJJHU'DULXV0LOKDXG*HRUJH(QHVFXHWF
ÌQELRJUDILDSURIHVLRQDO DOXL*pGDOJHVHPDLvQVFULH
úL GH LQHUHD SRVWXOXL GH LQVSHFWRU DO vQY PkQWXOXL
PX]LFDO GLQ 0LQLVWHUXO ,QVWUXF LHL 3XEOLFH úL $UWHORU
)UXPRDVH
)LJ$QGUp*pGDOJH

6LP LQGQHYRLDXQHLSUH]HQW ULDFRQFOX]LLORUODFDUHDDMXQV*pGDOJHSXEOLF
vQDQXOROXFUDUHvQGRX YROXPHLQWLWXODW /¶LQVHJQHPHQWGHODPXVLTXHSDU
O¶pGXFDWLRQ PpWKRGLTXH GH O¶RUHLOOH ÌQY DUHD PX]LFLL SULQ HGXFDUHD PHWRGLF D
DX]XOXL
*pGDOJH WUHEXLH V VSXQHP GLQWUXQ vQFHSXW QX HVWH XQ UHSUH]HQWDQW DO
ÄúFROLLDFWLYH´0HWRGDOXLXUP UHúWHIRUPDUHDGHSULQGHULORUGHVROIHJLHUHWRQDO
'DUFHHDFHHVWHLPSRUWDQWvQFHHDFHYRPH[SOLFDvQFRQWLQXDUHDUHOHJ WXU
FX LQRYD LD IUDQFH]LORU GLQ VHFROHOH ;9,,,;,; UHIHULWRDUH OD QRWDUHD úL QXPLUHD
SULQ FLIUH D PRGHOXOXL GH JDP WRQDO PDMRU úL D FHOHL GH JDP PLQRU GH
IRORVLUHD vQWUR HWDS XOWHULRDU D SRUWDWLYXOXL D GHQXPLULL VLODELFH D QRWHORU
PX]LFDOH 0HWRGD QX HVWH GHVWLQDW vQY PkQWXOXL GH PDV 6H DGUHVHD]
SURIHVRULORUFHSUHGDXODFODVHOHHOHPHQWDUHGHVROIHJLXGLQúFROLOHGHPX]LF GLQ
OLFHHúLFROHJLLGDUúLLQVWLWXWRULORUHOHYLORUSUDFWLFDQ LGLQúFROLOHQRUPDOHWXWXURU
DFHORUDFDUHDYHDXQHYRLHGHRLQVWUXLUHPX]LFDO FDSDELO V LvQDUPH]HFXWHKQLFD
VROIHJLHULL XQHL SDUWLWXUL WRQDOH 0HWRGD QX SRDWH IL DERUGDW ± GXS RSLQLD OXL
*pGDOJH±GHFkWGXS vPSOLQLUHDYkUVWHLGHDQL
&KLDUGLQLQWURGXFHUH*pGDOJHvúLSUHFL]HD] LQWHQ LDúLvúLSUH]LQW VXFFHVLY
SURFHGHHOHFDUHvLFRQILJXUHD] PHWRGDODED]DIRUP ULLDX]XOXLPX]LFDOvQVWUkQV
OHJ WXU FX UHSURGXFHUHD ILGHO D VXQHWHORU PX]LFDOH VW FDOLWDWHD WHKQLFLL GH
vQVXúLUHPHPRUDUHDLQWHUYDOHORUVWXGLDWHSULQJDPDGLDWRQLF PDMRU SULQWUHSWHOH
QXPLWHSULQFLIUH1RXWDWHDFRQVW vQQRWDUHDSULQFLIUHURPDQHDFHORUVXQHWHGLQ
JDPD 'R (WDSD WUHEXLH V R SUHFHDG SH FHD vQ FDUH VXQHWHOH YRU IL QXPLWH
FRQFRPLWHQWFLIUHúLVLODEHPX]LFDOHDSRLQXPLWHQXPDLVLODELF

)LJ1RWDUHDSULQFLIUHURPDQH

&LIUHOH URPDQH DX UROXO GH D DU WD F WUHSWHOH JDPHL GLDWRQLFH VXQW IXQF LL
DUPRQLFHFXXQDQXPLWPHUVREOLJDWRULXGHVWXOGHYDULDW
(WDSD,±,,±,,,±,9±9±9,±9,,±9,,,

(WDSD,±,,±,,,±,9±9±9,±9,,±9,,,
'R±5H±0L±)D±6RO±/D±6L±'R

(WDSD'R±5H±0L±)D±6RO±/D±6L±'RvQGLYHUVHFKHL

0DWHULDOXOHVWHSUH]HQWDWvQWUXQQXP UGHOHF LLúLDXXUP WRUXOFRQ LQXW
vQVR LWGHUHFRPDQG ULPHWRGLFH
± LQWRQDUHD JDPHL PDMRUH GLDWRQLFH FD PDWHULDO GLGDFWLF GH ED] vQ VXFFH
VLXQHDVFHQGHQW úLGHVFHQGHQW QXPLQGVXQHWHOHSULQFLIUHvQOLPEDIUDQFH]

, XQ,, GHX[,,, WURLV,9 TXDWUH9 FLQT9, VL[9,, VHSW9,,,
KXLW
±LQWRQDUHDJDPHLGLDWRQLFHPDMRUHvQFDQRQ

x YRFHD,±,,±,,,±,9±9±9,±9,,±9,,,
x YRFHD,BBBBBBB,,±,,,±,9±9±9,

± DFHODúL H[HUFL LX SH GLYHUVH WRQLFL FLIUD , SRDWH V ILH RULFH WRQLF D XQHL
JDPHPDMRUHFDSULPXOH[HUFL LXGHWUDQVSR]L LHDGLF DGDSWDUHDPRGHOXOXLPDMRU
SHRULFHVXQHW5H0LE/D0L8W'RHWF
± VH PHPRUHD] úL VH H[HUVHD] LQWHUYDOHOH vQ XUP WRDUHD RUGLQH GHORF
vQWkPSO WRDUH RUGLQH FDUH DVLJXU VXFFHVXO PHWRGHL RFWDYD VHFXQGD PLF úL
VHFXQGDPDUHFYLQWDVHPLWRQXULOHFURPDWLFHúLGLDWRQLFHDOHJDPHLPDMRUHWHU HOH
PDUL úL PLFL FYDUWD SHUIHFW FYLQWD PLFúRUDW VHSWLPD PLF PDUH FYDUWD
PLFúRUDW ([HPSOHGHWUHSWHQRWDWHVSUHDILLQWRQDWH

D,±9,,,±,9,,,±,±9,,,SHWRQLFLGLIHULWH

E9,,,±9,,±9,,,,±9,,±,,±,,±,SHWRQLFLGLIHULWH

FLQWRQDUHDUPRQLF SHWRQLFLGLIHULWH,±,,±,
,±9,,±,
6DX9BBBBBBBBBBBBBB
9,,±,±,,±,,,

G,±9,,±,±9±,±,,±,±9,,,FRPELQD LLGHVHFXQGHFYLQWHSHUIHFWH
RFWDYHSHWRQLFLGLIHULWH

HQRWHOHFHIRUPHD] VHPLWRQXULvQJDPDFURPDWLF VXQWWUDWDWHFDVHQVLELOH

IH[HUFL LLOHGHPRGXOD LHGLDWRQLF DXXUP WRDUHDGHVI úXUDUH

JH[HUFL LLSHQWUXLQWRQDUHDWHU HORU

KH[HUFL LLFXFYLQWHPLFúRUDWHvQFDGUDWHvQFDGHQ HWRQDOH

LFLWLUHDFDQRDQHORUFXFLIUHVDXQRWHSHSRUWDWLYI U FKHLH

MH[HUFL LLODYRFLWULVRQI U FKHLHSHWRQLFLGLIHULWH

NULWPXUL VLPSOH IRUPDWH GLQ QRWH vQWUHJL GRLPL RSWLPL VXQW vQFDGUDWH vQ
P VXULOH GH ô 6SUH VIkUúLWXO FXUVXULORU VH IDF H[HUFL LL FX
WULROHWHJDOGHRSWLPLOHF LDúLFXIRUPXOHFXúDLVSUH]HFLPLH[HUVDWHWkU]LXGH
DELDODOHF LD

OH[HUFL LL GH WUDQVSR]L LH OD VHFXQGH PLFL VXSHULRDUHLQIHULRDUH úL OD DOWH
LQWHUYDOHSULQXWLOL]DUHDWXWXURUFKHLORUvQX]vQPX]LFDWRQDO FODVLF

0HWRGD'DOFUR]H±LQL LHUHPX]LFDO SULQPLúFDUHFRUSRUDO úLGDQV
ePLOH -DTXHV 'DOFUR]H VH ED]HD] SH SULRULWDWHD DEVROXW D
ULWPXOXL FD HOHPHQW OLDQW úL UH]ROYDWRU DO WXWXURU SUREOHPHORU GH PRUIRORJLH úL
VLQWD[ PX]LFDO 6D SRUQLW GH OD LGHHD F SHUVRQDOLWDWHD FRSLOXOXL SUREOHP vQ
DWHQ LD SHGDJRJLORU HXURSHQL GH OH vQFHSXWXO VHFROXOXL ;; HVWH SRVLELO V VH
IRUPH]H úL GH]YROWH GDF H[LVW IRU H FDQDOL]D
WRDUH RUGRQDWRDUH GH FDOPDUH úL GH VWLPXODUH D
HQHUJLLORU IL]LFH úL SVLKLFH DOH FRSLOXOXL )RU D
DFHDVWD'DOFUR]HRLQGLF DILULWPXOFHWUHEXLH
VHVL]DWSULQLQWHOHFWúLFRQFUHWL]DWPXVFXODUGDUvQ
VOXMEDDIHFWLYLW LL
'XS XQ DQ GH VWXGLX OD FODVD GH ULWPLF
FRSLOXOWUHFHvQDOGRLOHDDQODFODVDGHVROIHJLXúL
vQDOWUHLOHDDQvQFODVDGHSLDQ
0HWRGD 'DOFUR]H XUP UHúWH XUP WRDUHOH
RELHFWLYHSULQLQWHUPHGLXOH[HUFL LLORUULWPLFH
±GHFRQHFWDUHDPXVFXODU úLHIHFWXDUHDXQHL
UHVSLUD LLFRUHFWH
±UHVSHFWDUHDDFFHQWHORUPHWULFH
± UHSURGXFHUHD FRUHFW úL FRQúWLHQW D
)LJePLOH-DTXHV'DOFUR]H
FDQWLW LLFDOLW LL IRUPXOHORU ULWPLFH GXS UHDF LD
PXVFXODU
±FRQFHSHUHDIRUPXOHORUULWPLFHSHSULQFLSLXODGL LHLXQRUPLúF UL
±GLVRFLHUHDúLDVRFLHUHDPLúF ULORUSURGXF WRDUHGHULWPPX]LFDO
±H[HUFL LLFXIRUPXOHFRQWUDWLPSDWHVLQFRSDWHDQDFUX]LFH
±SROLULWPLLFRUSRUDOH
±SROLPHWULLSHRUL]RQWDO
±LGHQWLILFDUHDYL]XDODXGLWLY DP VXULORU
±H[HUVDUHDYRLQ HLúLDSURFHVXOXLGHLQKLEL LH

3ULQ WRDWH DFHVWHD 'DOFUR]H FUHGH F IRUPHD] úL SUHJ WHúWH ULWPLF FRSLOXO
SHQWUXHWDSDGHVWLQDW VROIHJLXOXLúLSLDQXOXL
ÌQOXFUDUHD/HU\WKPHODPXVLTXHHWO¶pGXFDWLRQ'DOFUR]HHQXPHU GHSULQGHULOH
QHFHVDUHXQXLFRSLOvQDLQWHGHDWUHFHODHWDSHOHHQXQ DWHPDLVXV$WkWVROIHJLXOFkWúL
LQWHUSUHWDUHDPX]LFLLODSLDQQHFHVLW RFRQFHQWUDUHDDWHQ LHLXQFRQWUROXOGHVLQHXQ
DQXPLW VWDGLX GH GH]YROWDUH D PHPRULH FRRUGRQDUHD PLúF ULORU FRUSRUDOH SULQ
FXQRDúWHUHDDFHVWXLDSRVLELOLWDWHDIRORVLULLLQWHQVLW LLVXQHWXOXLFRUHFWDUHDLQDGYHUWHQ
HORUDJUHúHOLORUVLP XOUHVSRQVDELOLW LLFDSDFLWDWHDGHDUHOD LRQDVRFLDOFDSDFLWDWHD
GHDVFKLPEDXQPRGHOGDWúLGHDGHYHQLXQPLFFUHDWRU0HWRGDXUP UHúWHGH]YROWDUHD
FRPSOH[ úL DUPRQLRDV D FRSLOXOXL GH]YROWDUH PX]LFDO LQWHOHFWXDO IL]LF SVLKLF
SULQLQWHUPHGLXOULWPXOXLFDQXFOHXFHQWUXFDSDELOGHDUHXQLFRQWUDULLOH
0HWRGDOXLDFUHDWHXULWPLDFDIRQGDWRDUHDGDQVXOXLPRGHUQDUWDPLúF ULORU
FRUSRUDOHH[SUHVLYHSODVWLFHPLúF ULFHWUDGXFLQWHQ LLOHDEVWUDFWHDOHPX]LFLL
,QVWLWXWXOGHOD*HQHYDFHLSRDUW QXPHOHDIRVWIUHFYHQWDWDWkWGHPX]LFLHQL
LQVWUXPHQWLúWLGLULMRULFkWúLGHVFHQRJUDILEDOHULQLSLFWRULSHGDJRJLHWFÌLDPLQ
WLPDLFLSH,JRU6WUDYLQVNL±FRPSR]LWRU6HUJKHL'LDJKLOHY±PHFHQDúLGLUHFWRUXO
EDOHWXOXLUXVGLQ)UDQ D$OIUHG&RUWRW±SLDQLVW3DXO&ODXGHO±VFULLWRU-HDQ&RFWHDX
±VFULLWRU(GXDUG&ODSDUqGH±SHGDJRJúLFRUHJUDILL0DU\:LJPDQ5XGROI/DEDQ
HWF $VW ]L ,QVWLWXWXO 'DOFUR]H GLQ *HQHYD DUH VHF LL SHQWUX SURIHVLRQLúWL GDU úL
SHQWUX DPDWRUL FRSLL PLFL DGROHVFHQ L VDX PDWXUL LQGLIHUHQW GH QLYHOXO GRW ULL
PX]LFDOHúLFKLDUSHUVRDQHFXKDQGLFDSPRWRUVDXDPEOLRSL

D

E

F
)LJ(GXFD LHULWPLF 'DOFUR]HODGLYHUVHYkUVWH

0HWRGD:LOOHPVGHFLWLUHvQFKHL
(GJDU :LOOHPV PX]LFLDQHOYH LDQ
GH OLPE IUDQFH] D GDW vQY PkQWXOXL PX]LFDO GLQ
vQWUHDJD OXPH R PHWRG FH DUH FDSDFLWDWHD GH D VH
DGDSWDVSHFLILFXOXLORFDOGLQPXOWH UL6HDGUHVHD]
FRSLLORU PLFL vQFHSkQG FX DQL YkUVW SH FDUH
:LOOHPV R FRQVLGHU REOLJDWRULH SHQWUX GHEXWXOXQHL
HGXFD LLPX]LFDOHWHPHLQLFHDWkWSHQWUXXQSUH]XPWLY
PDUH PX]LFLDQ GDU úL SHQWUX IRUPDUHD DPDWRULORU vQ
SUDFWLFDUHDPX]LFLLYRFDOLQVWUXPHQWDOH
$ OHJDW úL PRWLYDW DFWXO PX]LFDO DO HGXFD LHL
PX]LFDOHGHSVLKRORJLHIDSWFDUHGHWHUPLQ SHRULFH
SURIHVLRQLVW V FDXWH OXFU ULOH OXL WHRUHWLFH GLQ FDUH
DPLQWLP %D]HOH SVLKRORJLFH DOH HGXFD LHL PX]LFDOH
9DORDUHD XPDQ D HGXFD LHL PX]LFDOH ÌQ VSULMLQXO )LJ(GJDU:LOOHPV
PX]LFLLSUHJ WLUHDDXGLWLY DFRSLLORUPLFL
$GHSWDOSULQFLSLLORUÄúFROLLDFWLYHPX]LFDOH´:LOOHPVSRUQHúWHGHODLGHHDF
ÄWR L FRSLL OXPLL GRWD L VDX QHGRWD L PX]LFDO WUHEXLH V EHQHILFLH]H GH FXOWXUD GH
vQDOW FODV SHFDUHRUHSUH]LQW PX]LFD´ÌQY DUHDPX]LFLLvQRSLQLDOXL:LOOHPV
HVWH XQ GHPHUV FH WUHEXLH SHULRGL]DW ,QL LHUHD REOLJDWRULH LQVWUXPHQWDO SLDQ
WUHEXLH DQWLFLSDW GH R SHULRDG GH SUHJ WLUH WLPS GH DQL D DX]XOXL D YRFLL D
SHUFHSHULL VHQVXOXL PHORGLF ULWPLF DUPRQLF DO PX]LFLL GH SUHJ WLUH D FRSLLORU
SHQWUXDDVFXOWDVRQRULWDWHDvQFRQMXU WRDUHúLPX]LFDSURSULX]LV úLGHSUHJ WLUHD
PkLQLORUúLDvQWUHJXOXLFRUSSHQWUXFkQWDWXOODSLDQ
ÌQPRPHQWXOGHID LGHHDHGXFD LHLLQVWUXPHQWDOHSHSULQFLSLLOH:LOOHPVVD
H[WLQV UHFRPDQGkQGXVH LQL LHUHD XQXL FRSLO vQ RULFH LQVWUXPHQW SHQWUX FDUH HVWH
DSWúLSUHJ WLWV OSUDFWLFHIL]LFúLSVLKLFPX]LFDO

2ELHFWLYHOHXUP ULWHGH:LOOHPVDXXUP WRDUHDVXFFHVLXQH
± VH vQFHSH FX HGXFDUHD DX]XOXL PX]LFDO vQ YHGHUHD UHSURGXFHULL FkW PDL
ILGHOHDPHORGLLORUGLQUHSHUWRULXOGHFkQWHFHúLDUHFHSW ULLSULQDXGL LHDPX]LFLL
±VHWUHFHODHWDSDFLWLULLXQHLSDUWLWXULQHFHVDUHSUHJ WLULLH[HFXW ULLORUODSLDQ
VROIHJLXFLWLUHSULQÄPHWRGDIXUFLL´FXQRDúWHUHDPHFDQLVPXOXLXQXLSLDQ
±VWXGLXOLQWHUSUHW ULLSLHVHORUPHPRUDWHDUHWUHLID]HFLWLUHDODSULPDYHGHUH
PHPRUDUHDSLHVHORULQWHUSUHWDUHSLHVHORU
± VWLPXODUHD FUHDWLYLW LL SULQ MRFXUL SHQWUX YRFH LQVWUXPHQW FRPELQD LH
YRFHLQVWUXPHQWLPSURYL]D LLPX]LFDOH
5HYHQLQG OD LGHHD GH SULQFLSLXUHIHULWRDUHODGUHSWXOFRSLLORUGHDILHGXFD L
SULQ úL SHQWUX PX]LF FD SULQFLSLX SUHOXDW GLQ FRQFHS LD úFROLL DFWLYH D VHFROXOXL
;;:LOOHPVSUHFL]HD] F GHPHWRGDOXLSRWEHQHILFLDDWkWFRSLLLQRUPDOLSVLKLF
GRWD LVDXQHGRWD LPX]LFDOFkWúLFRSLLLvQWkU]LD LPHQWDOVDXFXSXWHUHPDLPLF GH
FRQFHQWUDUHVDXFKLDUGHELOLLPHQWDOL
5HSHUWRULXOPX]LFDO:LOOHPVvOVHOHF LRQHD] SHED]DDWUHLFULWHULL
SLHVHFDUHGH]YROW VHQVLELOLWDWHDFDSDFLWDWHDGHHPSDWLHDFRSLLORU
SLHVHFHFRQVROLGHD] WHKQLFDGHVROIHJLHUHFRUHFW
SLHVHFDUHSHUPLWGH]YROWDUHDWHKQLFLLLQVWUXPHQWDOHDFRSLLORU
ÌQ DFHVW VXEFDSLWRO YRP SUH]HQWD QXPDL GRX SURFHGHH VSHFLILFH PHWRGHL
:LOOHPVSURFHGHXOGHQRWDUHLQL LDO DULWPXOXLúLSURFHGHXOQXPLWIXUFDGHFLWLUH
FRQFRPLWHQW vQGRX FKHLWHKQLF VSHFLILF XQHLSDUWLWXULSHQWUXSLDQ
'XS FXP VD SXWXW REVHUYD SURFHGHHOH GLQ PHWRGD :LOOHPV VXQW DOHVH FX
JULM SHQWUX FD ILHFDUH FkW DU S UHD GH QHvQVHPQDW SURFHGHXO V FRQVROLGH]H
VHQVLELOLWDWHD PX]LFDO FLWLUHD XQHL SDUWLWXUL PX]LFDOH úL WHKQLFD LQVWUXPHQWDO
1RWDUHDLQL LDO DYDORULORUGHGXUDW DOHVXQHWHORUPX]LFDOH:LOOHPVRLQGLF SULQ
VHJPHQWHGHGUHDSW GHGLIHULWHGLPHQVLXQLSHFDUHRULFHFRSLOvQFHSkQGFXYkUVWD
GHDQLOHSRDWHGHVHQD'DUFHOPDLLPSRUWDQWOXFUXQLVHSDUHXUP WRUXOFRSLOXO
FX XQ GHJHW GH OD R PkQ DSRL FX DPEHOH PkLQL LQGLF SULQ WUDVDUH SH PDV
XOWHULRU SH SLDQ GLPHQVLXQHD VXQHWXOXL PX]LFLL SHQWUX VXQHWHOH OXQJL GHJHWXO V
ILH LQXW PDL vQGHOXQJ SH XQ SXQFW VDX V WUDVH]H VHJPHQWXO PDL OXQJ SH FkQG
SHQWUXVXQHWHOHVFXUWHVDXIRDUWHVFXUWHSURFHGHXOHVWHGHD LQHDS VDWXQSXQFWVDX
XQVHJPHQWRGXUDW GHWLPSPDLPLF
ÌQSULPXOVWDGLXOFRSLOXOFLWHúWHúLLQWRQHD] YRFDOVDXSUDFWLF ODLQVWUXPHQW
QXPDLSULQQRWD LDFXVHJPHQWHGHGUHDSW ÌQVWDGLXOXUP WRUDFHVWHVHJPHQWHVH
DVRFLD] FX VHPQHOH FODVLFH GH QRWDUH D YDORULORU GH QRW FD vQ VWDGLXO XOWLP
GHVHQXOFXVHJPHQWHGHGUHDSW V ILHHOLPLQDW
([HPSOH GH QRWD LH SULQ VHJPHQWH GH GUHDSW D YDORULORU GH GXUDW D
VXQHWHORU

'RX VXQHWHOXQJLBBBBBBBBBBBBBBBB
'RX VXQHWHIRDUWHOXQJLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3DWUXVXQHWHVFXUWHBBBBBBBBBBBBBB
8QVXQHWH[WUHPGHOXQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3URFHGHXOHVWHH[WUHPGHFXQRVFXW3RDWHPDLSX LQFXQRVFXWHVWHIDSWXOF HO
HVWHJkQGLWV VOXMHDVF ULWPLFLLSLDQLVWLFHGHDQWUHQDUHVHSDUDW VDXFRQFRPLWHQW D
ULWPXOXL FRPSOHPHQWDU VSHFLILF SLDQXOXL 0kLQLOH H[HFXW YDORUL GH GXUDW GLIHULWH
GDU FRPSOHPHQWDUH OD R S WULPH ± GH H[HPSOX FkQWDW GH PkQD GUHDSW ± SRW V
FRUHVSXQG ±ODPkQDVWkQJ ±IRUPXOHGLIHULWHGRX RSWLPLSDWUXúDLVSUH]HFLPLHWF
3HQWUXvQ HOHJHUHDFkWPDLQDWXUDO DP VXULORU:LOOHPVUHFRPDQG IRORVLUHD
PLúF ULORUQDWXUDOHDOHEUD HORUPLúF ULSHFDUHOHIDFSHUPDQHQWFRSLLLEDODQVDUHD
PkLQLORU GH VXV vQ MRV VH YD FRQYHUWL vQ P VXU GH WLPSL URWDUHD PkLQLORU vQ
P VXU GHWLPSL
'DU SURFHGHXO IXUFLL GH FLWLUH FRQFRPLWHQW vQ GRX FKHL ± 6RO úL )D ± HVWH
XQXOFDUHSRDWHILH[WLQVODWRDWHFKHLOHúLFUHGHPF SRDWHF FRQVWLWXLHDO WXULGH
FHOH GLQ PHWRGD *pGDOJH WHKQLFD GH ED] OD FODVHOH GH VROIHJLX DOH úFROLORU GH
PX]LF
3URFHGHXOFRQVW vQXWLOL]DUHDXQXLSRUWDWLYFXOLQLLSHQWUXFKHLD6RO
OLQLHSHQWUXSR]L LRQDUHDQRWHL'RFHQWUDOúLvQF OLQLLSHQWUXFKHLD)D
6HFRQIHF LRQHD] RIXUF FXGLQ LDSRLFXVDXGLQ LDFHDVWDVHDúHD]
SHROLQLHGRULW FLWLQGXVHQRWHOHILHGLQWHU vQWHU VXSHULRDU LQIHULRDU ILHSULQ
VHFXQGHVXSHULRDUHLQIHULRDUHSRUQLQGGHODVXQHWXOUHSHU'R
,GHHDSRUWDWLYXOXLFXOLQLL:LOOHPVDOXDWRGHOD6HEDOG+H\GHQFDQWRU
JHUPDQOXWHUDQúLDDGDSWDWRQHFHVLW LLSLDQXOXL

)LJ3RUWDWLYXOFXOLQLL

3URFHGHXOSRDWHILvQWkOQLWúLvQ0HWRGDGHSLDQ±0DULD&HQRYRGHDQXGDU
HDDIRVWLQRYDW SULQDQXOGHSURIHVRDUDGHSLDQGLQ5RPkQLDLQGHSHQGHQW
GHLQRYD LD:LOOHPV

3RDWHFHOPDLHORFYHQWPRGGHDvQ HOHJHVSLULWXOPHWRGHL:LOOHPVHVWHDFHOD
GH D QRWD DSUHFLHUHD OXL DVXSUD D FHHD FH WUHEXLH V ILH RUD GH PX]LF Ä2UHOH GH
LQL LHUHPX]LFDO QXVXQWQLFLGHJLPQDVWLF QLFLGHPLPLF QLFLGHGDQVúLQXVXQW
QLFLOHF LLGHFDQWR([FOXGSURFHGHHOHH[WUDPX]LFDOHFDSXQFWGHSOHFDUHvQLQL LH
UHDPX]LFDO ´

5H]XPDW
0HWRGHOH GH HGXFD LH PX]LFDO GLQ )UDQ D úL (OYH LD UHVSHFW vQ SDUWH
SULQFLSLLOHúFROLLDFWLYH'LQDFHDVW SHUVSHFWLY WUHEXLHDQDOL]DW PHWRGD&KHYDLV
FDUH D HWDSL]DW HGXFD LD PX]LFDO GH HVHQ YRFDOFRUDO SUHQRWD LH QRWD LH
VROIHJLX H[SOLFD LH úL D UHSDUWL]DW UHSHUWRULXO PX]LFDO SH FULWHULXO HYHQLPHQWHORU
FDOHQGDULVWLFH QX SH FHO FODVLF DO HYROX LHL SUREOHPHORU GH JUDPDWLF DSHOkQG vQ
VROIHJLHUH OD SRUWDWLY FKHLH 6RO IRQRPLPLH GDFWLORULWPLH &RQD LRQDOXO V X
0DUWHQRW FUHHD] úLvPEUDF vQWUHDJDLQVWUXLUHPX]LFDO vQMRFXULIRORVLQGXVHGH
/RWRPX]LFDOúLGH'RPLQRXOPX]LFDOGHWHPHFHUHDOL]HD] DVRFLHULSHvQ HOHVXO
FRSLLORU IRORVLQG LQWHUHVXO FRSLLORU SHQWUX SLDQ LQVWUXPHQWXO OD PRG vQ (XURSD
vQFHSXWXOXL GH VHFROXO ;; 7RW HO FRQIHU DXGL LHL PX]LFDOH GLQ úFROL XQ URO
LPSRUWDQW DFHOD GH PX]LFRWHUDSLH UHOD[DUH &LWLUHD QRWHORU VH UHDOL]HD] SH
SRUWDWLYGDUI U LQGLFDUHDFKHLL0HWRGD*pGDOJHQXVHvQVFULHvQFRUXOSURIHVRULORU
FDUHFHUHDXRHGXFD LHSHSULQFLSLLOHúFROLLDFWLYHFLFRQVLGHU F vQPX]LF QXSR L
S WUXQGHGHFkWGXS YkUVWDGHDQLSULQVROIHJLHUHDSULQFLIUHQRWDWHURPDQLF
0HWRGDOXLHVWHH[WUHPGHXWLO SHQWUXF UH]ROY FLWLUHDvQFHOHWUHLWLSXULGH
FKHL 'R 6RO )D IRORVLQG R HúDORQDUHD LQHGLW D LQWHUYDOHORU vQWkL RFWDYD
VHFXQGHOH DSRL FYLQWD SHUIHFW VHPLWRQXULOH FURPDWLFH úL GLDWRQLFH vQY DWH vQ
IRUPXOH FDGHQ LDOH SURFHGHH LQHGLWH GH PRGXOD LH GLDWRQLF úL GH WUDQVSR]L LH
XWLOL]kQGWRDWHFKHLOHvQX]'LQ(OYH LDFXUVXODH[SOLFDWHVHQ DDGRX PHWRGHFHD
DOXL'DOFUR]HED]DW SHULWPúLPLúFDUHFRUSRUDO úLFHDDOXL:LOOHPV$PEHOH
SUHJ WHVF HOHYXO SHQWUX FkQWDWXO OD SLDQ GDU SH F L vQWUXQ IHO GLIHULWH FKLDU
GLYHUJHQWH 5LWPLFD GDOFUR]HDQ XUP UHúWH RELHFWLYH FDUH FRQWULEXLH úL OD
GH]YROWDUHD SVLKLF IL]LF LQWHOHFWXDO D FRSLLORU IRORVLQG PLúFDUHD QDWXUDO D
FRUSXOXL úL GDQVXO :LOOHPV LQVLVW SH IRUPDUHD DX]XOXL PX]LFDO úL IRORVHúWH
PDQLIHVW ULQDWXUDOHDOHFRSLOXOXLSHFDUHOHWUDQVIRUP vQPX]LF úLH[HUFL LLOXGLFH
SHQWUXSLDQ
,7HPH
$OHJH L R VFXUW SLHV PX]LFDO YRFDO úL vQFHUFD L V R VROIHJLD L FODVLF
DSRLSULQFLIUHOHURPDQH*pGDOJH&RPHQWD LúLFRPSDUD LUH]XOWDWHOH
&UHD LRPHORGLHGHP VXULvQWURWRQDOLWDWHDDOHDV GHGXPQHDYRDVWU
GDU FX R SROLPHWULH SH RUL]RQWDO 5HDOL]D L R UHSHWDW DXGLHUH D SLHVHL HYHQWXDO
DUPRQL]DW úL DFRPSDQLDW OD XQ LQVWUXPHQW DSRL vQ SUDFWLFD SHGDJRJLF LQYLWD L
HOHYLLV RH[SULPHVSRQWDQSULQPLúF ULFRUSRUDOH&RPHQWD LFXHOHYLLDFHVWWLSGH
H[SULPDUHDILHF UXLSDUWLFLSDQWH[SDQVLYGHSUHVLYLQWURYHUWLWH[WUDYHUWLWH[SUHV
VLYLQH[SUHVLYULWPLFQHULWPLFHWF
,,0LQLHVHX
,GHQWLILFD L SUREOHPHOH GLGDFWLFH ULGLFDWH GH DXWRULL FLWDWHORU GLQ &XUVXO
vQFDGUD LOH vQ FRQWH[WXO VLVWHPXOXL GLQ FDUH IDF SDUWH úL H[SULPD L XQ SXQFW GH
YHGHUHSHUVRQDOvQOHJ WXU FXSUREOHPHOHDERUGDWHvQPD[LPRSDJLQ

,,,&KHVWLRQDU
0HWRGD0DXULFH&KHYDLVXWLOL]HD]
DSRUWDWLYXOFXOLQLLQRWHúLFKHLD6RO
ESRUWDWLYXOFXOLQLLQRWHI U SUHFL]DUHDFKHLL

0HWRGD*pGDOJHXWLOL]HD]
DSRUWDWLYXOFXOLQLLQRWHúLFKHLD6RO
ESRUWDWLYXOFXOLQLLQRWHI U SUHFL]DUHDFKHLL

ÌQPHWRGDVD&KHYDLVQXPHúWHVXQHWHOHPX]LFDOH
D8W5H0LID6RO/D
E'R5H0L)D6RO/D6L'R
FXQGHX[WURLVTXDWUHFLQTVL[VHSWKXLW

ÌQPHWRGDVD0DUWHQRWQXPHúWHVXQHWHOHPX]LFDOH
D8W5H0LID6RO/D
E'R5H0L)D6RO/D6L'R

ÌQPHWRGD*pGDOJHQXPHúWHVXQHWHOHPX]LFDOH
D8W5H0LID6RO/D
E'R5H0L)D6RO/D6L'R

ÌQPHWRGDVD&KHYDLV
DIRORVHúWHIRQRPLPLDOXL&XUZHQ
EIRORVHúWHRIRQRPLPLHGHWLSIUDQFH]GDUSDUWLFXODUL]DW
FQXIRORVHúWHIRQRPLPLD

ÌQPHWRGDVD0DUWHQRW

ÌQPHWRGDVD*pGDOJH
ÌQPHWRGDVD&KHYDLV
DIRORVHúWHGDFWLORULWPLD
EQXIRORVHúWHGDFWLORULWPLD

0HWRGD0DUWHQRWVHED]HD]
DSHMRFXULGHGLGDFWLF PX]LFDO
EQXIRORVHúWHPHWRGDúLIRUPDGHMRF

([HUVDUHD ULWPXOXL SULQ PLúF UL FRUSRUDOH FRQVWLWXLH LGHHD FHQWUDO D
PHWRGHL 'DOFUR]H SHQWUX D DVLJXUD SULQ DFHDVWD ED]D IRUP ULL FRPSOH[H D
SHUVRQDOLW LLXQXLFRSLOILHHOGRWDWVDXQHGRWDWPX]LFDO
([HUVDUHD ULWPXOXL vQ PHWRGD 'DOFUR]H DUH VFRSXO GH D IRUPD úL GH]YROWD
FDSDFLWDWHDULWPLF QXPDLGLQGRPHQLXOPX]LFDO
3URFHGHXOFLWLULLVLPXOWDQHvQGRX FKHL6ROúL)DSUHFRQL]DW GH:LOOHPV
HVWHFXQRVFXW VXEQXPHOHGHPHWRGDVDXSURFHGHXOÄIXUFD´FXGLQ L
0HWRGD:LOOHPVSULQSURFHGHXOQXPLWÄIXUFDÍRORVHúWHXQSRUWDWLYGHOLQLL

&XUVXO

5LWPXOFDSXQFWGHSOHFDUHvQHGXFD LDPX]LFDO GLQ2UII6FKXOZHUN

)LJ&DUO2UII

&RPSR]LWRUXO úL GLULMRUXO &DUO 2UII D IRVW XQXO GLQ SX LQLL
FRPSR]LWRULDLOXPLLFDUHDRIHULWvQY PkQWXOXLPX]LFDODWkWGHFULWLFDWGHWRDW
OXPHD SURIHVLRQLVW VDX QHSURIHVLRQLVW XQ PRGHO GH HGXFD LH PX]LFDO VLVWHPD
WL]DW FDUH D GHYHQLW EXQ DO WXWXURU FRSLLORU OXPLL UHSUH]HQWkQG R FRPSRQHQW D
F U LLGHYL]LW QXPLW HGXFD LDPX]LFDO DVHFROXOXL;;
ÌQ FXUVXO DQWHULRU DP DU WDW F )UDQ D úL (OYH LD FD UL FX WUDGL LH vQ
DGDSWDUHD vQY PkQWXOXL OD PRGHUQLWDWHD GRFWULQHORU ILHF UHL HSRFL DX GDW úL
vQY PkQWXOXL PX]LFDO QRL FRQ LQXWXUL úL PHWRGH DX SURSXV IRUPH QRL 6 QH
DPLQWLPGHRELHFWLYXOJHQHURVDOGUHSWXOXLWXWXURUFRSLLORUGHDEHQHILFLDGHEXFX
ULLOHSUDFWLF ULLPX]LFLLSULQúFRDO FDOHVLJXU VSUHLQWUDUHDORUvQWUROXPHFLYLOL
]DW úLVXSHULRDU RELHFWLYFHDGHYHQLWRUHDOLWDWHvQPDMRULWDWHD ULORUHXURSHQHúL
GHSHDOWHFRQWLQHQWH

ÌQSULPDMXP WDWHDVHFROXOXL;;vQúFROLOH(XURSHLPDLSHUVLVWDvQF LGHHD
GXS FDUHPX]LFDvQúFROLVHSRDWHDERUGDQXPDLSULQFLWLWVROIHJLXSURSXQkQGVH
VWXGLXODFHVWXLDvQHWDSHSUHQRWD LDFDUHvQOHVQHDDWkWDERUGDUHDPX]LFLLSULQVFULV
FLWLW HWDSD QRWD LHL FkW úL D H[SOLFD LHL XUPDW GH HWDSD LQL LHULL LQVWUXPHQWDOH
,QVWUXPHQWXO QX HUD DOWXO GHFkW SLDQXO LQVWUXPHQWXO PX]LFLL FODVLFH úL D FHOHL
URPDQWLFHLQVWUXPHQWXOFDUHSHUPLWHDúLSHUPLWHRLQWHUSUHWDUHPRQRGLF DUPRQLF
VDXSROLIRQLF DPX]LFLL$FHVWSXQFWGHYHGHUHHUDVXV LQXWGH0DUWHQRW'DOFUR]H
úL:LOOHPV/DSROXORSXV&KHYDLVLQGLF GUHSWFHOPDLHILFLHQWLQVWUXPHQWSHQWUX
HGXFD LDPX]LFDO YRFHDFkQWDW FDUHWUHEXLHFXOWLYDW SHQWUXDILDSW LQWHJU ULLHL
vQDQVDPEOXFRUDO
6 QH PDL DPLQWLP F DX DS UXW VROX LL VLPSOLILFDWRDUH FDUH DX SHUPLV vQ
VHFROXO ;,; V QX VH PDL FRQVLGHUH VROIHJLXO R EDULHU GH QHWUHFXW FLWLUHD I U
SRUWDWLYFXFLIUHVDXVLODEHSURFHGHXQXPLWVROPL]D LHUHODWLY OD5RXVVHDX&KHYp
*DOLQúL*ORYHU&XUZHQFLWLUHDSULQVLODEHOH(LW]DFHORUVXQHWHGLQJDPDWRQDO
FURPDWLF ODvQ O LPHDDEVROXW DVXQHWHORUIRQRPLPLDGHWLSHQJOH]VDXIUDQFH]úL
GDFWLORULWPLD PLMORDFHOH GLGDFWLFH DMXW WRDUH SRUWDWLYXO PXW RUWRIRQXO DUPRQLXO
GH VWLFO ± *ORYHU WRDWH IRUPHD] R ]HVWUH D GLGDFWLFLL PX]LFDOH FDUH YD IL
YDORULILFDW FUHDWRU GLQ S FDWH GH IRDUWH SX LQLL DXWRUL UHIRUPDWRUL DL vQY PkQ
WXOXLPX]LFDO
8QXOGLQWUHDFHúWLDHVWHúLFRPSR]LWRUXOJHUPDQ&DUO2UII
5HSHUWRULXO PX]LFDO DO SUHGHFHVRULORU OXL 2UII HUD DVRFLDW FX WHPDWLFD
MRFXULORU PX]LFDOH GH WLS GLGDFWLF LDU VF ULOH GHúL U PkQ SH OLQLD KHSWDFRUGLLORU
PDMRUH úL PLQRUH VXQW VWXGLDWH SULRULWDU SULQ WHKQLFD GLDVWHPDWLF PRGXOXO 'R
6RO 'R0L6RO &KHYDLV VDX PRGXOHOH PDMRUPLQRUH 'R5H0L /D6L
'R 0DUWHQRW 3URSXQHUHD OXL *pGDOJH FLWLUHD VXQHWHORU SH SRUWDWLYXO I U
FKHL FX FLIUH URPDQH FD VLPEROXUL DOH IXQF LLORU DUPRQLFH vQ JDPD GLDWRQLF D
FRQVWLWXLW XQ PRGHO PDL SX LQ FXQRVFXW úL SUDFWLFDW OD vQFHSXWXO VHFROXOXL ;;
0HWRGDRFRQVLGHU PIRDUWHHILFLHQW SHQWUXFHLFHvPEU LúHD] FDULHUDPX]LFDO
GRYDG ILLQGFKLDULOXúWULLV LHOHYLFDUHDXEHQHILFLDWGHDFHVWWLSGHLQVWUXF LH
6XFFLQWDFHDVWDDUIL]HVWUHDGHPHWRGLF PX]LFDO SHFDUHRSULPHúWH2UII
([LVW vQ LVWRULD DSDUL LHL úL XWLOL] ULL PHWRGHL 2UII GH HGXFD LH PX]LFDO
FXQRVFXW VXEQXPHOHGH6FKXOZHUNúFRDO DWHOLHUGRX HWDSHRSULP HWDS FX
SDUWLFLSDUHDGLUHFW DFRPSR]LWRUXOXLvQFDUHIRORVHúWHRPX]LF HOHPHQWDU
úLVHDGUHVHD] DGROHVFHQ LORUGHDQLúLRDGRXDGXS FHQRXOUHJLP
SROLWLF QX D SHUPLV XWLOL]DUHD PHWRGHL úL D LQWHU]LV SHQWUX R HWDS IXQF LRQDUHD
úFROLLLDUFRPSR]LWRUXOúLDGHGLFDWWLPSXOvQSULQFLSDOFRPSR]L LH'DUvQFHSkQG
FX6FKXOZHUNDIRVWSURSDJDWSULQLQWHUPHGLXO5DGLRGLIX]LXQLLEDYDUH]HúLvQ
OD FHULQ D SLH HL úFRODUH ILUPD 6WXGLR D vQFHSXW IDEULFDUHD LQVWUXPHQWHOH
QHFHVDUHHGXFD LHLPX]LFDOH2UII&RODERUDWRDUHDSULQFLSDO DFRPSR]LWRUXOXLDIRVW
*XQLOG .HHWPDQ $FHDVWD SUHLD VXE vQGUXPDUHD OXL 2UII WRDW VDUFLQD UHFRQVL
GHU ULL HGXFD LHL PX]LFDOH GXS PRGHOXO 2UII FDUH GH GDWD DFHDVWD VH DGUHVHD]
FRSLLORUSUHúFRODULúFRODULORUPLFLúLPDULGRWD LVDXPDLSX LQGRWD LFXQRUPDOL
WDWHIL]LF úLSVLKLF VDXFXKDQGLFDSIL]LFúLSVLKLF

ÌQRUGLQHFURQRORJLF PDWHULDOHOHHPLVLXQLORUUDGLRVXQWHGLWDWHvQYROXPH
VXEQXPHOHGH
± 2UII6FKXOZHUN 0XVLN IU .LQGHU ± (GLWXUD 6FKRWW 0RGHOXO
6FKXOZHUN0X]LF SHQWUXFRSLL
±ILOPXO0XVLNIU.LQGHU±
±vQUHJLVWU ULOHSHGLVFFXDFHODúLQXPH
± (LQIXKUXQJ LQ 0XVLN IU .LQGHU ± úL ,QWURGXFHUH vQ PX]LFD
SHQWUXFRSLL
±vQ(OHPHQWDULD±(VWHU8PJDQJPLWGHP2UII6FKXNOZHUN(OHPHQWDULD
±SULPHOHH[SHULHQ HFXPHWRGD2UII
± vQ SHULRDGD vQ FROHF LD +DPRQLD PXQGL )UHLEXUJ DSDU
GLVFXULQXPLWHVHPQLILFDWLY0XVLFDSRHWLFD
$FDGHPLD 0R]DUWHXP GLQ 6DO]EXUJ DUH vQFHSkQG GLQ DQXO XQ FXUV
GHGLFDW SURPRY ULL PHWRGHL 2UII FDUH GLQ VD H[WLQV úL D IRUPDW ,QVWLWXWXO
2UII/DDFHVWLQVWLWXWVHVWXGLD] PHWRGD2UIIWLPSGHVHPHVWUHFXUVLQWHJUDO
,QVWLWXWXORIHU úLFXUVXULFRPDVDWHGHVHPHVWUHVDXFXUVXULSHWLPSGHYDU
&HHD FH QL VH SDUH LPSRUWDQW GH HYLGHQ LDW vQ FDSLWROXO GH ID GHGLFDW
PHWRGHL2UIIVXQWXUP WRDUHOHGRPHQLLSHFDUHQRLFRQVLGHU PF ODXGHWHUPLQDW
V HODERUH]HúLV H[SHULPHQWH]HXQQRXVLVWHPGHvQY PkQW
$'RPHQLXOGDQVXOXLFXUHQWXO1HXH7DQ]H1RXO'DQV
%'RPHQLXOFXUHQWXOXLGLQFUHD LDVHFROXOXL;;QHRPDGDOLVPWRQRPRGDOLVP
& 'RPHQLXO PLúF ULL DUWLVWLFH GH DPDWRUL DO WXUL GH FHO SHQWUX R úFRDO
PX]LFDO DFWLY FDUHV FXSULQG WR LFRSLLLúLWLQHULLJHUPDQLLQGLIHUHQWGHGRWDUHD
ORUPX]LFDO

$ 1RXO FXUHQW GLQ EDOHW ± 1HXH 7DQ]H 1RXO 'DQV F XWD úL SURPRYD
PLúF ULOHDEVROXWHGDQVXODEVROXWSULQFDUHGHH[HPSOXFRUHJUDID0DU\:LJPDQ
vQ HOHJHDF GDQVXOWUHEXLHV ILHGHJUXSQXVROLVWLFúLvQDFHODúLWLPS
V QXPDLILHGHSHQGHQWGHPX]LFDWUDGL LRQDOFODVLF FLV úLILHOXLvQVXúLVXILFLHQW
5HFRPDQGDXQVXSRUWFXVRQRULW LRE LQXWHGLQWLPEUXULGLIHULWHGHSHUFX LHJRQJúL
IODXW1RXFXUHQWvOYDGHWHUPLQDSH2UIIV DSUHFLH]H$PJ VLWGDQVXOOXL0DU\FD
ILLQGHOHPHQWDU(XF XWDPHOHPHQWDUXOGDUHOHPHQWDUXOVSHFLILFPX]LFLL
'DU2UIIHVWHODFXUHQWúLFXH[SHULHQ D'DOFUR]HDHGXFD LHLPX]LFDOH±FHD
HYLGHQ LDW LPSRUWDQ D SUHG ULL PX]LFLL vQ úFRDO SRUQLQG GH OD ULWPXOXL PX]LFDO
XQLWFXPLúFDUHDFDSXQFWGHFRQYHUJHQ LQWHUGLVFLSOLQDU SURFHGHXSRSXODUL]DW
vQ WRDWH FHQWUHOH FXOWXUDOH DOH (XURSHL úL DOH /XPLL 1RL GH F WUH FRUHJUDIL úL
EDOHULQL VFHQDULúWL UHJL]RUL úL FRPSR]LWRUL ÌQ DFHDVW FRQMXQFWXU 2UII GHVFKLGH
vPSUHXQ FX FRUHJUDID 'RURWKHH *XQWKHU vQ DQXO ùFRDOD GH *LPQDVWLF
0X]LF úL 'DQV 3URJUDPD SHQWUX FRPSRQHQWD PX]LF vQFUHGLQ DW OXL 2UII vúL
SURSXQHDGXS FXPVDH[SULPDW2UIIvQ6FKXOZHN(OHPHQWDUH0X]LNSFHYD
QRX YUHDX V vQFHUF R UHJHQHUDUH D PX]LFLL SRUQLQG GH OD PLúFDUH GH OD GDQV
5LWPXOHVWHGHRSRWULY HIHFWúLFDX] (VWHIRU DFRPXQ DYRUELULLDPX]LFLLúLD
PLúF ULL
$FHVWHDVXQWPRWLYHOHSHQWUXFDUHHGXFD LDPX]LFDO RUIILDQ GHEXWHD] SULQ
ULWPúLDUHFDGRPLQDQW LGHHDF ULWPXOHVWHFDQDYDXDHL

%2UIIFRPSR]LWRUDWUDVGHWHDWUXDIRVWFRQWHPSRUDQFXPDUHDPLúFDUHD
QHRPRGDOLúWLORUúLHVWHXQXOGLQWUHDFHúWLLQRYDWRULFHDXDGXVvQFRPSR]L LLOHORU
VXIOXO FUHD LLORU GLQ VWUDWXULOH YHFKL GH FXOWXU $FHDVW DSDUWHQHQ D DYXW DVXSUD
VLVWHPXOXL GH HGXFD LH PX]LFDO SH FDUH OD FRQFHSXW FD PX]LF HOHPHQWDU
XUP WRDUHOHFRQVHFLQ H
3HQWUXVHOHF LRQDUHDVLVWHPXOXLGHVF ULGHHVHQ PRGDO FHHYROXHD] úL
VH OLPLWHD] OD 2UII QXPDL vQ VFDUD WRQDO GLDWRQLF QHRPRGDOLúLL DX vQFHUFDW V
VRQGH]HWUHFXWXOFXOWXULLSULPDUHDORPHQLULLF XWkQGHVHQ DLGHRPXULFHOXODGLQ
FDUH DX HYROXDW FDQWLWDWLY úL FDOLWDWLY VF ULOH PX]LFDOH ULWPXULOH $X F XWDW úL DX
J VLWU VSXQVXULvQGRPHQLLFDHWQRPX]LFRORJLDúLvQDQWURSRORJLDILORJHQLD3ULPXO
GRPHQLXFHODOHWQRPX]LFRORJLHLFDúWLLQ DFUHD LHLIROFORULFHXQLYHUVDOHDDGXV
FkWHYDSXQFWHGHYHGHUHGLQWUHFDUHHXURSHQLLDXDOHVXQDQLPSHFHDvQFDUHFHOXOD
PHORGLF GLQ FDUH DX HYROXDW VF ULOH PX]LFDOH DOH OXPLL FD PDWHULDO GH ED] vQ
FRQVWUXF LDXQRUJHQXULPX]LFDOHHYROXWLYHHVWHWHU DPLF GHVFHQGHQW FRQYHQ LR
QDO FRQFUHWL]DW vQ VXQHWHOH 62/0, &$ &HO GHDO GRLOHD GRPHQLX FHO DO
DQWURSRORJLHL úWLLQ D GHVSUH DSDUL LD úL HYROX LD ILLQ HL RPXOXL úL D ILORJHQLHL
UDPXU D ELRORJLHL FDUH VWXGLD] ILOLD LD GHVFHQGHQ D vQ HYROX LD XQHL VSHFLL
LQFOXVLYDRPXOXLDDMXQVODFRQFOX]LDF ILLQ DPLF DRPXOXLFRSLOXOSRDWHV
LQGLFHLGLRPXULOHDWkWGHF XWDWH
ùL FRSLOXO PLF vQWUDGHY U SRDWH V LQWRQH]H vQ FkQWHFH FD R SDUWH PDUH D
SULPLWLYLORU WHU D PLF GHVFHQGHQW FRQYHQ LRQDO 62/0, VDX &$ FX XúXULQ D
XQXLOXFUXQDWXUDOFHLDSDU LQH$FHVWDDIRVWDUJXPHQWXOúWLLQ LILFDOFHORUFDUHDX
RSWDWFDUHSHUWRULXOGHFkQWHFHV IRORVHDVF FkQWHFHSRWULYLWHFXQDWXUDHOHPHQWDU
SULPDU DFRSLLORUÌQFRQVHFLQ WUDLHFWRULDVXFFHVLXQHDVXQHWHORUvQPHWRGD2UII
VHFRPSRUW HYROXWLYSkQ ODSHQWDWRQLDDQKHPLWRQLF WUHFkQGSULQELQHFXQRVFX LL
SLHQLODKH[DFRUGLHúLRSULQGXVHODKHSWDWRQLDGLDWRQLF
2UIIúLDSUHFL]DWUHSHUWRULXOvQ&DLHWHFHFXSULQGXQÄDUVHQDO´GHPRGXOH
PHORGLFRULWPLFHQHFHVDUHVWXGLHULLUHSHUWRULXOXLGHFkQWHFHPRGXOHGLQFDUHFRSLL
DúDFXPYRPH[SOLFDPDLGHSDUWHYRULPSURYL]DSURSULDORUPX]LF
3HQWDWRQLD DQKHPLWRQLF FH IDFH RELHFWXO UHSHUWRULXOXL GLQ &DLHWHOH 2UII DUH
XUP WRDUHDVXFFHVLXQHGHPRGXOHPHORGLFHPRGXOHGHSUHJ WLUHDJDPHL'RPDMRU
62/0,
62//$62/0,
62//$62/0,'25(
62/0,)$62/
62/)$62//$62/0,'2
2GDW FX VWXGLHUHD [LORIRQXOXL FD LQVWUXPHQW PHORGLF vQY DUHD vQ O LPLL
VXQHWHORUVHUHDOL]HD] SURJUHVLYQXPDLSULQDXGL LDEDUHORUWLMHORUDFHVWXLD
3HQWUX'RPDMRU&GXU
±EDUHGH[LORIRQFDUHSRWILúL*(
±EDUH*$(*()
±EDUH*$('&
6DX
±EDUHFDUHSRWILúL&$
±EDUH&'$&$%
±EDUH&$')*

2EVHUY PF RE LQHPRSHQWDWRQLHDQKHPLWRQLF SH)DFHGHYLQHKH[DFRUGLHvQ
FOLSDFkQGVHDWDúHD] REDU FHHVWHDFRUGDW % 6LEHPRO'HFL)*$&'GHYLQH
)*$%&'VFDU FDUHYDHYROXDSULQVXQHWXOúLQRWD(vQJDPD)DPDMRU
3HQWUXJDPDWRQDOLW LL6ROPDMRUSULQDFHODúLSURFHGHXRE LQHP
±EDUHGH[LORIRQ'+
±EDUH'(+'+&
±EDUH'+(*$
&DLHWXO,,FRPSOHWHD] VHULDPRGXOHORUFRPELQkQGXOHFXFHOHGLQSULPXOFDLHW
62/'26,/$62/
6RO/$6,'2
2E LQHP vQ IHOXO DFHVWDPDWHULDOXOQHFHVDUSLHVHORUPX]LFDOHvQ'R&VDX
GDF RSHU PFXWUDQVSXQHULOHGHPDLVXVFHOXODLGHRPGHWHU PLF GHVFHQGHQW
PXWDW SH '2/$ &$ SXWHP V H[HFXW P R SLHV vQ )D PDMRU 'DF PXW P
DFHODúLLGHRPPHORGLFSH5(6, '+RE LQHPSULQDGL LHHYROXWLY DPRGXOHORU
GLQ&DLHWHOH,úL,,JDPDWRQDOLW LL6ROPDMRU
1RWDUHD VXQHWHORU VH IDFH SULQ VLVWHPXO OLWHUHORU DOIDEHWXOXL ODWLQ GXS
VXQHWXOSRODUL]DWRUDOVF ULLSHQWUX&GXU*($&'XOWHULRU)&úL+SHQWUX)
GXU&$'HWFSHQWUX*GXU'+(HWF
3RUWDWLYXOSRDWHV DLE LQL LDOOLQLLVHDWDúHD] SURJUHVLYvQDFHHDúLPDQLHU
FX VWXGLXO SURJUHVLY DO QRWHORU GH SH [LORIRQ VDX SULQ LQGLFDUHD SULPHORU OLWHUH
VHPQLILFDQWHDOHvQ O LPLLVXQHWHORUSHSHQWDJUDP SRUWDWLYFXOLQLLSHOLQLLVDX
SHVSD LL
)RUPXOHOH ULWPLFH VXQW SURYHQLWH GLQ ULWPXUL SULPDUH FX YDORUL VLPSOH
ELQDUHDXROHJ WXU FXULWPXOYRUELULLULWPFDUHSURYLQHGLQOLPELOHúLGLDOHFWHOH
YHFKL ELWRQLFH FX VLODE VFXUW VLODE OXQJ SUHFXP VFDQG ULOH úL QXP U WRULOH
FRSLLORU FX OLPEDMH QHORJLFH DúDQXPLWXO OLPEDM DO YU MLWRDUHORU OLPEDM IRDUWH
H[SUHVLYúLULWPDW$FHOHDúLFDOLW LPX]LFDOHvQWUXQHúWHúLGLDOHFWXOEDYDUH]ODWLQD
YHFKH JUHDFD YHFKH )RDUWH GHV HVWH XWLOL]DW SROLIRQLD YRUELW 2UII HYLW ULWPXO
GLQFkQWHFXOFXOWGDUIRORVHúWHWH[WHVFDQGDWHGLQJHUPDQDOXL*RHWKH)DXVWVDX
$QWLJRQDGH6RIRFOHFDSUHWH[WGHFXQRDúWHUHDVRQRULW LLXQRUOLPELYHFKLFXIRU
PX]LFDO 5LWPXO VH QRWHD] SULQ SURFHGHHOH &XUZHQ GHYHQLWH vQ VHFROXO ;; XQ
EXQXQLYHUVDOSHQWUXvQY PkQWXOPX]LFDO
7RDWH SLHVHOH PX]LFDOH SHQWUX 2UII VXQW PLMORDFH SH FDUH OH IRORVHúWH FD
S U LGLQGUDPDWXUJLDVFHQDULXOXLXUP ULW&RSLLSDUWLFLS ODRDF LXQHFHVHH[SULP
SULQFkQWHFYRFDOúLLQVWUXPHQWDOPLúFDUHGDQV$F LXQHDHVWHPDLPXOWXQSUHWH[W
GH H[SULPDUH D HPSDWLHL LQGLYLGXDOH VDX FROHFWLYH 3HQWUX 2UII QLPLF QX HVWH
GHILQLWLY PHUHX WUHEXLH vQQRLW FHYD LQWULJD DF LXQLL PX]LFD PLúFDUHD WH[WXO
7H[WHOHWUHEXLHV DLE FDOLWDWHDGHDVHWUDQVIRUPDvQDF LXQLGHJHQGUDPDWLFVDX
HSLF PRWLY SHQWUX FDUH IRORVHúWH SRH]LL SHQWUX FRSLL EDODGH WH[WH GLQ FkQWHFH
YHFKLSRSXODUHSDVDMHGLQWH[WHOHDPLQWLWHGLQ*RHWKH6RIRFOHGDUúL6KDNHVSHDUH
+ROGHULQHWF

$F LXQHD VH GHUXOHD] PDL PXOW SULQ PLúFDUH PX]LF LQVWUXPHQWDO
VFDQGDUH 9RFHD FkQWDW HVWH SDUWH GLQ UHVXUVHOH GH H[SULPDUH QX HVWH GRPLQDQWD
DF LXQLLGUDPDWLFH
,QVWUXPHQWHOHIRUPHD] FDWHJRULDSULQFDUHVHFRQFUHWL]HD] VXQHWXOPX]L
FDO DWkW FD vQ O LPH FkW úL FD GXUDW VDX WLPEUX 7UHL FDWHJRULL GH LQVWUXPHQWH
IRUPHD] LQVWUXPHQWDUXO2UIIGHED]
±FRUSXOFRSLOXOXLSDOPHGHJHWHSLFLRDUH
±LQVWUXPHQWHGHSHUFX LH
±LQVWUXPHQWHGHVXIODW
'DU VH SRW DWDúD úL DOWH LQVWUXPHQWH GDF DFHVWHD QX FUHHD] GLILFXOW L vQ
PDQHYUDUHDORUVOXMHVFRELHFWLYHORUDF LXQLLSURSXVHVDXFXQRVFXWHGHFRSLL
'DU úL DOHJHUHD DFHVWRUD QX D IRVW vQWkPSO WRDUH HD ILLQG R FRQVHFLQ D
FRQFHS LHLVDOHQHRPRGDOHPDLPXOWVDXPDLSX LQGHFODUDWH2UIIDOHJHLQVWUXPHQWH
YHFKL GLQ (XURSD VDX $IULFD SVHXGRLQVWUXPHQWH MXF ULL VRQRUH XQHOH FRQIHF
LRQDWHFKLDUúLvQúFRDOD2UII
&XPSRDWHGHYHQLFRUSXOFRSLOXOXLSDOPHOHGHJHWHOHúLSLFLRDUHOHUHVXUVH
ULWPLFRWLPEUDOHDGLF LQVWUXPHQWHPX]LFDOH"
3HQWUX F 2UII FDXW HIHFWH WLPEUDOH úL ULWPLFH FDUH V VOXMHDVF DF LXQLL
VLQFUHWLFHGDUvQDFHODúLWLPSOXGLFHDFHVWHS U LDOHFRUSXOXLHUDXIRORVLWHvQIHOXO
XUP WRUSDOPHOHORYLWHXQDGHDOWDRSDOP HVWHORYLW GHFHDODOW SHSRGXOHLSH
VSDWHOH HL SH vQFKHLHWXUD HL VDX vQ S U L 'HJHWHOH VXQW SRFQLWH SLFLRDUHOH VXQW
ORYLWHSHFRDSVH7URS LWXOSRDWHILH[HFXWDWSHWRDW WDOSDSHYkUIXULOHGHJHWHORU
SHF OFkLHVDXSULQSDúLV UL L
&DUHVXQWLQVWUXPHQWHGHSHUFX LHúLGHVXIODWGLQLQVWUXPHQWDUXO2UII"
&DRULFHPX]LFLDQGHvQDOW FODV FDUHDWXQFLFkQGvQWUHSULQGHRFHUFHWDUHVH
GRFXPHQWHD] GH OD VXUVH LVWRULFH &DUO 2UII FHUFHWHD] &ROHF LD GH VWDW GH
LQVWUXPHQWHYHFKLGLQ%HUOLQDF UXLGLUHFWRUHUD&XUW6DFKVúLDMXQJHODFRQFOX]LD
F WREDvQGHDPQ ODGDQV
$ILUPDP vQ FXUVXO GH ID F QRL DP UHPDUFDW vQ 2UII6FKXOZHUN R IRDUWH
HYLGHQW SDWLQ QHRPRGDOLVW FRQFHS LHFDUHGRUHúWHUHFRQVLGHUDUHDúLUHSXQHUHDvQ
FLUFXLWXO XQLYHUVDO D WUHFXWXOXL FXOWXULL HOHPHQWDUH D SUDFWLFLORU SULPLWLYLORU úL D
FRSLLORU FRQVLGHUkQGXVH F DFHúWLD UHIDF OD VFDU PLF WRDW LVWRULD RPHQLULL
$FHVWD HVWH PRWLYXO SHQWUX FDUH LQVWUXPHQWDUXO 2UII IRORVHúWH LQVWUXPHQWH DOH
SULPLWLYLORUGLQGLYHUVHFRQWLQHQWHLQFOXVLYFHOHLQYHQWDWHGHFRSLL
2ULFHFRUSVROLGFHSRDWHSULQORYLUHVDXSULQGLYHUVHIHOXULGHDF LRQDUHV
GHYLQ VWLPXOHQWSHQWUXPLúFDUHIDFHSDUWHvQSULQFLSLXGLQDFHVWHPLMORDFHSHQWUX
HGXFD LHPX]LFDO 'LQDFHDVW YDVW úLQLFLRGDW vQFKLV FDWHJRULHGHLQVWUXPHQWH
IDFSDUWH
DFRUSXULVRQRUHMXF ULLVRQRUHSHQWUXULWPLF úLDFRPSDQLDPHQWULWPLF
±P UJHOH]RUQ LWHODPkLQLVDXSLFLRDUHSUHFXPIRORVHDXGDQVDWRULLDIULFDQL
SULPLWLYL
±SLHWUHVDXVFRLFLFRMLGHQXF IUXFWHXVFDWHEXF LGHOHPQGHGLIHULWH
IRUPHúLP ULPL
±PRULúFDKXUXLWRDUHD±FDMXF ULHPX]LFDO

±úLUDJXULGHFORSR HLODSLFLRDUHVDXPkLQLGLQFRVWXPXOEXIRQLORU
ELQVWUXPHQWHGHSHUFX LHSHQWUXULWPLF úLDFRPSDQLDPHQWULWPLF
±EORFXOGHOHPQ±PRGHOFKLQH]HVF
±EORFXOGHOHPQ±PRGHOSURYHQLWGLQ$PHULFD&HQWUDO
±FODYHVGHSURYHQLHQ GLQ$PHULFD/DWLQ úL&HQWUDO
±FDVWDJQHWHOHVSDQLROH
±WULDQJOXODQWLFHYUHLHVFJUHFHVFVDXURPDQ
±WDOJHUHOHPLFLúLPDULPRGHOWXUFHVF
±WREDPLF úLPDUHDVLDWLF
±WDPEXULQDRULHQWDO
±WLPSDQXO
FLQVWUXPHQWHGHSHUFX LHPHORGLFHúLDFRPSDQLDPHQWULWPLF
±[LORIRQXOGHWLSXULOH6RSUDQ$OWR7HQRU%DVFDLQVWUXPHQWPHORGLFVDXGH
DFRPSDQLDPHQW [LORIRQXO DFFHSWDW GH 2UII HUD GH RULJLQH GLQ &DPHUXQ ILLQG
DFRUGDW SHQWDFRUGLF úL FX EDUHSO FX H GH OHPQ GHWDúDELOH FHHD FH D SHUPLV
XWLOL]DUHDSURFHGHXOXLGHDGL LHWUHSWDW DvQY ULLQRWHORUvQIXQF LHGHQXP UXOGH
EDUHSO FX HSHFDUHOHDYHD[LORIRQXO3HQWUXKHSWDWRQLDGLDWRQLF VDX
DG XJDWEDUHOHFXVXQHWHSLHQLSHQWUX'RPDMRUEDUHOH)$úL6,SHQWUX)DPDMRU
EDUHOH6,EúL0,SHQWUX6ROPDMRUEDUHOH'2úL)$
±JORFNHQVSLHOMRFGHFORSR HLGHWLS6RSUDQúL$OWRFDLQVWUXPHQWPHORGLF
VDXGHDFRPSDQLDPHQW
±PHWDORIRQXOGHWLS6RSUDQ$OWRúL%DVFDLQVWUXPHQWPHORGLFVDXGHDFRP
SDQLDPHQW
±SDKDUHOHGHVWLFO

)LJ,QVWUXPHQWH2UII

1RW 'HREVHUYDWF [LORIRQXOúLPHWDORIRQXODXEDUHSO FLGHWDúDELOHFHHD
FHSHUPLWHvQY DUHDVXFFHVLY DVXQHWHORUVHSXQEDUH6RO0LDSRLEDUH6RO
0L/DDSRLúLSHQWUXvQY DUHDWXWXURUVXQHWHORUQDWXUDOH

GLQVWUXPHQWHGHVXIODW
±EORFNIORWHIOXLHUFXFLRFGHWLS6RSUDQ$OWR7HQRUúL%DV
/DDFHDVW FDWHJRULHGHLQVWUXPHQWHVHSRWDG XJDLQVWUXPHQWHFXQRVFXWHGH
FRSLL FXP DU IL YLRDUD ,QVWUXPHQWXO vQV WUHEXLH IRORVLW QXPDL GH FRSLOXO
FXQRVF WRU úL LQWHUYLQH QXPDL vQWUXQ PRPHQW QHFHVDU VFHQDULXOXL 9LRDUD QX VH
VWXGLD] vQ2UII6FKXOZHUN3LDQXOLDU úLSRDWHILIRORVLWSHQWUXDFRPSDQLDPHQWFX
EXUGRQ FYLQWH RFWDYH SDUDOHOH DSRL WHU H 3ULQ WHKQLFD EXUGRQXOXL VH SXWHD
DFRPSDQLDRSRH]LHRVFDQGDUHREDODG RPLúFDUHHWFVDXRPLF PHORGLHI U
FDWHKQLFDSLDQLVWLF V REVWUXF LRQH]HH[SULPDUHDPX]LFDO
ÌQ PRPHQWXO GH ID 2UII6FKXOZHUN DFFHSW RULFH LQVWUXPHQW VXIO WRULL GH
DODP VXQW OD PRG FX FRQGL LD FD WHKQLFD DFHVWXLD V QX EORFKH]H HODQXO
FRSLOXOXLGRULQ DOXLGHDVHEXFXUDGHVXQHWHvQWHUPHQVFXUW
'DU VFRSXO LQL LHULL LQVWUXPHQWDOH QX HUD DFHOD GH D DOF WXL R RUFKHVWU
,QVWUXPHQWXOHVWHGXS 2UIIRSUHOXQJLUHDPkLQLORUVDXDJXULLDULWPXOXLGHFLúLD
FXYkQWXOXL YRUELW VDX D VXQHWXOXL FkQWDW ,QVWUXPHQWXO HVWH JkQGLW FD IRUPDWRU DO
ULWPXOXLDOIRUPHLPX]LFDOHFHOFDUHRIHU RH[SUHVLYLWDWHúLRFXORDUHDSDUWHXQHL
OLQLLVRQRUH
0HWRGDPDLLQWURGXFHFRSLOXOúLvQOXPHDIRUPHORUPX]LFDOHvQY kQGXO
V FRPSXQ ULWPXULVRQRULW LWLPEUDOHVDXPHORGLFHGHWLSXOOLHGXOXLELSDUWLW$%
$ VDX D URQGRXOXL $ % $ & $ ' $ YH]L MRFXO 5RQGRXO ULWPLF GLQ 'LGDFWLFD
HGXFD LHLPX]LFDOHGH*0XQWHDQXS
ÌQ 6FKXOZHUN VH G LPSRUWDQ úL DFRPSDQLDPHQWXOXL DUPRQLF VDX
SROLIRQLF SRUQLQG GH OD RVWLQDWRXUL EXUGRQ LVRQXUL SHGDOH DUPRQLFH SkQ ± vQ
FODVHPDLDYDQVDWH±ODDUPRQL] ULWRQDOHvQDGHY UDWXOVHQVDOFXYkQWXOXL3DUWLWXUD
RUIILDQ vQ DFHVW FD] VHDP Q FX R SDUWLWXU GH RUFKHVWU VLPIRQLF RFD]LH SULQ
FDUH FRSLLL VXQW LQL LD L úL vQ FLWLUHD XQHL DVHPHQHD VLQWH]H LQVWUXPHQWDOH GHVLJXU
OXGLFH
3HQWUX F PHWRGD 2UII VD LQVSLUDW DWkW GLQ REVHUYDUHD DFWLYLW LORU
vQWUHSULQVH GH FRSLL FkW úL GLQ IHOXO FXP HUDX LQWHJUDWH FkQWHFHOH vQ FXOWXULOH PDL
YHFKLSULQPLúFDUHVDXPLPLF GDQV(YXO0HGLXHXURSHDQVDXIHOXOvQFDUHHUDX
DF LRQDWHLQVWUXPHQWHOHHOHPHQWDUHvQGLYHUVHFRO XULDOHOXPLLXQGHLPSURYL]D LDúL
YDULD LXQHDHUDXSULQFLSDOHOHSURFHGHHGHGH]YROWDUHDGLVFXUVXOXLPX]LFDOPHWRGD
2UII SURPRYHD] LPSURYL]D LD PHORGLF ULWPLF WLPEUDO FD SURFHGHH FHL
GHILQHVFúLvQWUHJHVFFRQFHS LD
,PSURYL]D LD RUIILDQ XUP UHúWH GH]YROWDUHD SHUVRQDOLW LL HOHYXOXL GH]LQKL
EDUHDOXLS VWUDUHDOHJ WXULLFRSLOXOXLFXOXPHDSULPDU FXVLPSOLWDWHDHOHPHQWHORU
QDWXULL IORUL SODQWH DQLPDOH S V UL S PkQW FHU DS IHQRPHQH DOH QDWXULL 6H
FXOWLY vQ DFHODúL WLPS SULQ DFHVW SURFHGHX UHOD LLOH XPDQH SR]LWLYH vQ DFWLYLW L
VLPSOHXQGHFRSLOXOWUHEXLHV VHVLPW FRDXWRUDOXQXLSURGXVDUWLVWLFVLQFUHWLF1X
WHKQRORJLHPRGHUQ 3ULQFLSLXOLPSURYL]D LHLSRDWHILDSOLFDWvQMRFvQGUDPDWXUJLD
GH WLS YHFKL FRPPHGLD GHOO¶DUWH WHDWUX YHFKL LWDOLDQ ED]DW SH LPSURYL]D LH FH
DQWUHQDSDQWRPLPLúLDFURED LVDXFDSDUWHDFRPSXQHULLPX]LFLLGXS WUDWDWHOHGH
WLS0XVLFD3RHWLFDYH]LúL&XUVXO$FHVWOXFUXvQVHDPQ F PHWRGD2UIIDUHR

FDWHJRULH GH XVXV DGLF GH PRGXOH ULWPLFH PHORGLFH HWF FD PRGHOH GLQ FDUH VH
SRDWH UHDOL]D R VRUWLVDWLR OD QLYHOXO SXWLQ HL ILHF UXL FRSLO 3HQWUX DFHVW PRWLY
6FKXOZHUNRSXWHPQXPLI U UH]HUYH0XVLFD3RHWLFD2UII

)LJ'LQ&$5/25))/LHGHUIUGLH6FKXOHFDLHW9,0DLQ]IDS

([HPSOXGHSUHOXFUDUHRUIILDQ DXQHLSLHVHSHQWUXFRSLL.XFNXFN.XFNXFN
UXIW¶V DXV GHP :DOG &kQW FXFXO vQ S GXUH 3ULPXO SRUWDWLY YRFH FX WH[W DO
GRLOHD LQGLF XWLOL]DUHD MRFXOXL GH FORSR HL DO WUHLOHD PHWDORIRQXO úL DO SDWUXOHD
[LORIRQXOEDV
7UHEXLHV PDLDG XJ PDLFLúLLQIOXHQ DSHFDUHDDYXWRGRPHQLXOPLúF ULL
DUWLVWLFH GH DPDWRUL 0LúFDUHD WkQ U -XQJHQGEHZHJXQJ DúD VD QXPLW FXUHQWXO
LQL LDW vQ GH )ULW] -RGH 0LúFDUHD DUWLVWLF SHQWUX DPDWRUL SURPRYD SHQWUX
JHUPDQLRHGXFD LHPX]LFDO SULQLQVWUXPHQWHGHVXIODWGLQWUHFDUHEORFNIORWHHUD
FHO PDL SH SRWULYD LGHLL GH DFFHVLELOLWDWH GDU úL FRQIRUPH XQHL UHFRQVLGHU UL D
WUHFXWXOXL UHQDVFHQWLVW úL EDURF SHULRDGH vQ FDUH SHQWUX DFHVW LQVWUXPHQW FRPSR
]LWRULLHSRFLLDXVFULVSDJLQLH[FHS LRQDOH
$O WXULGHLQIOXHQ D-XQJHQGEHZHJXQJPHWRGD2UIID LQXWFRQWúLGHLGHLOH
PRGHUQH DOH úFROLL PX]LFDOH DFWLYH FDUH SURPRYD R HGXFD LH PX]LFDO D WXWXURU
FRSLLORUúLWLQHULORUJHUPDQLLQGLIHUHQWGHGRWDUHDORUPX]LFDO
'XS FXDPGHWDOLDWvQFXUVXULOHúFRDODDFWLY GRUHDDQWUHQDUHWXWXURU
FRSLLORU XQHL FRPXQLW L vQ DFWLYLW L PX]LFDOH GH WLS OXGLF LQWHUGLVFLSOLQDU
XWLOL]DUHDXQXLLQVWUXPHQWSLDQvQLQL LHUHDPX]LFDO FXVFRSXOGHDOHGDFRSLLORU
SRVLELOLWDWHDGHDVHH[SULPDDWkWYRFDOFkWúLLQVWUXPHQWDO3URFHGHXOVWLPXODHOHYLL
FDUH DX GLILFXOW L vQ UHGDUHD FRUHFW D VXQHWHORU V VH EXFXUH úL HL GH SO FHUHD
LQWHUSUHW ULLVROLVWLFHVDXvQJUXSDXQHLSLHVHPX]LFDOH
0HWRGDGHHGXFD LHPX]LFDO FRQFHSXW GH&DUO2UIIvQWURSHULRDG GHDIOX[
QD LRQDOLVWvQ*HUPDQLDDRIHULWGXS UHFRQFHSHUHDHLSHSULQFLSLLPDLODUJLGXS
DQXORVROX LHFDUHDUHYROX LRQDWvQY PkQWXOPX]LFDOODPRGHUQL]DWDGLF
OD DGDSWDW FHULQ HORU OXPLL FRQWHPSRUDQH 0HWRGD D FRQWULEXLW OD DFFHVLELOL]DUHD
WHKQLFLLGHFLWLUHVFULHUHDPX]LFLLSULQDSHODUHDODXQUHSHUWRULXED]DWSHVFDQG UL

FkQWHFHGLQIROFORUXOFRSLLORUGDUúLSULQPHVDMHPHORGLFHROLJRFRUGLFHSHQWDWRQLFH
úL KHSWDFRUGLFH WRQDOGLDWRQLFH 1HRPRGDOLVPXO RUIILDQ WULPLWH HGXFD LD PX]LFDO
VSUHVLQFUHWLVPÌQPLMORDFHOHúLSURFHGHHOHVLQFUHWLFHSULPHD] ULWPXOMRFXOvQWUH
WH[WFkQWHFXOYRFDOH[SUHVLDWLPEUDO LQVWUXPHQWDO úLPLQLGUDPDWXUJLDSULPDU
$FWXORUIILDQDIRVWúLHVWHFRQVLGHUDWGHOXPHDSHGDJRJLORUFDXQPRGHOGH
úFRDO DGHY UDW DGLF RúFRDO vQFDUHPRGHOHOHQXWUHEXLHQHDS UDWPHPRUDWHFL
VW SkQLWHSHQWUXDILIRORVLWHODFUHD LLSURSULLSHQWUXDILLQVWUXPHQWHGHDSUHFLHUHD
RULJLQDOLW LLXQHLFRPSR]L LLUHGDWHSULQPLúFDUHULWPLF YRUELW PLúFDUHFRUSRUDO
VDX H[SULPDUH YRFDOLQVWUXPHQWDO SHQWUX SUDFWLFDUHD XQHL DFWLYLW L PX]LFDOH
DFWLYH0HWRGDDIRVWFULWLFDW SHQWUXF VWLPXOkQGvQSULQFLSDOULWPXOúLSHUFX LD
G XQHD] VHQVLELOLW LLDUWLVWLFHúLHGXFD LHLYRFLLFDLQVWUXPHQWQDWXUDODORPXOXL
0DXULFLR.DJHOQFRQD LRQDOXODXWRUXOXL&DUPLQHLEXUDQDDFULWLFDW
DVSUXPHWRGD2UIIFRQVLGHUDW DIRUPDWDPEXULPDMRULLQVWUXPHQWLúWLSHUFX LRQLúWL
OD WRED PDUH 0HWRGD D PDL IRVW FULWLFDW SHQWUX IDSWXO F HVWH FRVWLVLWRDUH
QHFHVLW XQSHUVRQDOGHvQWUH LQHUHDLQVWUXPHQWHORU
5H]XPDW
0HWRGD 2UII GH HGXFD LH PX]LFDO HVWH QXPLW 6FKXOZHUN DGLF PRGHO GH
úFRDO DWHOLHU ÌQ DFHVW DWHOLHU HOHYLL vQYD V VH EXFXUH GH ULWPXO YRUELULL V O
H[WHULRUL]H]HSULQPLúFDUHFRUSRUDO OLEHU VDXSDúLGHGDQVV vQYH HVFULVFLWLWXO
PX]LFDO SULQ LQVWUXPHQW V FUHH]H PX]LF GLQ PRGXOHOH vQY DWH XVXV úL GLQ
DFHVWHD V FUHH]H SHQWUX WHPHOH RIHULWH GLQ GUDPDWXUJLL SULPDUH QRL HOHPHQWH
PX]LFDOH ULWPXUL PHORGLL IRUPH DUPRQLL SULQ WHKQLFD LPSURYL]D LHL VRUWLVDWLR
3HQWUXDFHVWPRWLYPHWRGDHVWHRDSOLFD LHvQGRPHQLXOvQY PkQWXOXLDWHKQLFLLGH
FRPSR]L LH QXPLW vQ (YXO 0HGLX 0XVLFD 3RHWLFD 2UII IRORVHúWH QXPDLVXQHWHOH
SHQWDWRQLHLDQKHPLWRQLFHSRUQLQGGHODFHOXODFRQVLGHUDW GHQHRPRGDOLúWLFDILLQG
LGHRPXO PX]LFLL 6RO0L VDX &$ FDUH VH H[WLQGH SkQ OD KHSWDWRQLD GLDWRQLF
3ULQWUDQVSXQHUHDFHDVWDSRDWHVDWLVIDFHSLHVHvQ'R&GXU)D)GXUúL6RO*
GXU ,QVWUXPHQWHOH 2UII VXQW GH WUHL FDWHJRULL RELHFWH VRQRUH SHUFX LH ULWPLF úL
PHORGLF EORFNIORWH0HWRGDHVWHGHVWLQDW WXWXURUFRSLLORUvQFHSkQGFXYkUVWDGH
DQL 0RGHUQLWDWHD HL FRQVW úL vQ IDSWXO F HD SRDWH IL DSOLFDW úL FRSLLORU FX
KDQGLFDS FUHkQGXVH SHQWUX DFHúWLD XQ LQVWUXPHQWDU DGDSWDW OD FDWHJRULD GH
KDQGLFDSIL]LFLQGLYLGXDO
,0LQLHVHXUL
&RPHQWD LúLFRPSDUD LXUP WRDUHOHRSLQLLDOHOXL&DUO2UII
Ä1HvQJULMRUHD] IDSWXOF H[LVW úFROL©PXWHªúFROLvQFDUHQXVHFkQW VDX
úFROLXQGHHGXFD LDPX]LFDO HVWHGHILFLWDU ´
Ä'LQWUHWRDWHH[SHULHQ HOHDWkWGHGLIHULWHFXPX]LFDHOHPHQWDU WLPSGHR
MXP WDWHGHVHFROQLPLFQXVDGHPRQVWUDWF DFHDVWDDUILGHS úLW (OHPHQWDUXOQX
HVWHGHSHQGHQWGHSHULRDGHVDXHSRFL(OvQVHDPQ RULFkQGXQvQFHSXWXQSXQFWGH
SRUQLUH$FHVWFDUDFWHUHWHUQDGXVODDFFHSWDUHDVDvQvQWUHDJDOXPH´

,,&KHVWLRQDU
2UII6FKXOZHUNvQVHDPQ
DúFRDOD2UII
EúFRDODDWHOLHU2UII

ÌQ2UII6FKXOZHUNLQL LHUHDPX]LFDO SRUQHúWHGHOD
DULWPXOYRUELULLúLDOPLúF ULORUFRUSRUDOH
EPHORGLH

,QVWUXPHQWDUXO2UIILQGLF FXSULRULWDWH
DRELHFWHVRQRUHSHUFX LHúLEORFNIORWH
ESLDQXOúLYLRDUD
FLQVWUXPHQWHFXFRU]LIUHFDWH

6XQHWHOHúLQRWHOHvQPHWRGD2UIIHYROXHD] DVWIHO
D ELWRQLD GH WHU PLF SHQWDWRQLH DQKHPLWRQLF JDPD PDMRU GLDWRQLF
KHSWDFRUGLF
EGHODVXQHWXO'RWUHSWDWSkQ OD'R

6FKXOZHUNSURPRYHD] FUHDWLYLWDWHDSHQWUXF
DHOHYXOFRPELQ GLQWUXQGHSR]LWXVXVGXS XQSODQGDWVDXXQXOOLEHUIRU
PXOH ULWPLFH DVRFLLQGXOH FX PLúF UL WLPEUXUL PHORGLL OHJDWH vQ IRUPH PX]LFDOH
QHFHVDUHXQHLWHPHDOHVH
E HOHYXO LPSURYL]HD] OLEHU I U QLFLR SUHJ WLUH SUHDODELO PHORGLL LQVWUX
PHQWDOHSXUH


0X]LFDHOHPHQWDU vQVHDPQ SHQWUX2UIIVRQRULWDWHDSULPDU IRUPDW GLQ
ULWPXO FXYLQWHORU DO LQWHUMHF LLORU DVRFLDWH FX PLúF ULOH QDWXUDOH DOH FRUSXOXL FX
H[SUHVLL PX]LFDOH ROLJRFRUGLFH VDX SHQWDWRQLFH FX VRQRULW L WLPEUDOH SURGXVH GH
FRUSXULOHVRQRUHVDXGHSDOPHúLSLFLRDUH
0X]LFDHOHPHQWDU vQVHDPQ SHQWUX2UIIXQUHSHUWRULXIRUPDWGLQFkQWHFH
KHSWDFRUGLFHPDMRUHúLPLQRUHvQP VXULVLPSOHGHúLWLPSLFXIRUPXOHRE LQXWH
GLQGLYL]DUHDGRLPLLvQS U LHJDOH
0HWRGD 2UII SHUPLWH GDWRULW FRQVWUXF LHL [LORIRQXOXL GLQ &DPHUXQ R
vQVXúLUHFDQWLWDWLY DVXQHWHORUúLQRWHORUPX]LFDOH
5HSHUWRULXO GH SLHVH PX]LFDOH GLQ PHWRGD 2UII IRORVHúWH WRDWH JDPHOH
PDMRUHúLPLQRUHFXEHPROLúLGLH]LGLQFDGUDQXOWRQDOLW LORU
3HQWUXFHOHWUHLSHQWDWRQLLDQKHPLWRQLFH&'(*$)*$&'*$+
'(FHYRUGHYHQL&GXU)GXU*GXU2UIISRDWHIRORVLWUHL[LORIRDQHDFRUGDWHFX
DFHVWHVXQHWHVDXXQXOFDUHV ILHGRWDWFXWRDWHVXQHWHOHQHFHVDUHFHORUWUHLJDPH
WRQDOH

&XUVXO

3URFHGHHHWQRVRQLFHSXUW WRDUHGHXQLYHUVDOLWDWHPHWRGD.RGDO\
&RPSR]LWRUXOPDJKLDU=ROWDQ.RGDO\
HVWH WRWRGDW úL PHQWRUXO
FRQFHSWXOXL PHWRGLF FHL SRDUW QXPHOH
.RGDO\QXDIRVWXQSUDFWLFLDQSURSULX]LV
DO HGXFD LHL PX]LFDOH GDU vQ FDOLWDWH GH
FRPSR]LWRU úL GH HWQRPX]LFRORJ FROLQ
GkQG DUDDO WXULGH%HOOD%DUWRNúLDGDW
VHDPD GH ODFXQHOH vQY PkQWXOXL HXUR
SHDQ úL UHVSHFWLY DOH FHOXL PDJKLDU
.RGDO\ VHVL]HD] XQ SDUDGR[ ([LVW XQ
GHFDODM LQYHUV SURSRU LRQDO vQWUH FRPSR
]L LD PX]LFDO D VHFROXOXL ;; DMXQV SH
WUHSWH GH PDUH úL FRPSOH[ H[SUHVLYLWDWH
VWLOLVWLF OD FDUH DYHD DFFHV XQ SXEOLF
UHVWUkQVUDILQDWGDUGHYkUVW PDWXU úLR
PDV PDUH GH QHLQL LD L vQ SULPXO UkQG )LJ=ROWDQ.RGDO\
WLQHULGDUúLPDWXUL.RGDO\QXVHVILHúWHV RQXPHDVF ÄPDV DQDOIDEHW GLQSXQFW
GH YHGHUH PX]LFDO´ I U FD H[SUHVLD V DLE R FRQRWD LH MLJQLWRDUH $QLPDW GH
LQWHQ LDFRUHFW ULLDFHVWXLQHSHUPLVQHDMXQVDOFRQWHPSRUDQHLW LLSURSXQHDO WXUL
GH XQ JUXS GH SURIHVRUL V vQFHDS DOIDEHWL]DUHD FRSLLORU WLQHULORU úL FKLDU D
PDWXULORUQHSURIHVLRQLúWL
7LPSGHDSURDSHGHDQLGLQSkQ vQVDSHWUHFXWXQFD]XQLF
vQLVWRULDvQY PkQWXOXLPX]LFDOXQJUXSGHILGHOLFRPSR]LWRULIRUPD LGH.RGDO\
úL WRWRGDW FDGUH FXQRVF WRDUH DOH SUREOHPHORU úFROLL DX VHOHF LRQDW PDWHULDOH
LQIRUPDWLYH GHVSUH WUHFXWXO GLGDFWLFLL PX]LFDOH úL DX FRPSXV VXE vQGUXPDUHD
GLUHFW D OXL .RGDO\ XQ UHSHUWRULX GHPRQVWUDWLY ÌQ MXUXO LGHLL GH DOIDEHWL]DUH D
FRSLLORUSULQOLPEDPDWHUQ úLFkQWHFXOPDWHUQPDJKLDUVDXVWUkQVQXPHLPSRU
WDQWH$GDP-HQR0ROQDU$QWDO%DUGRV/DMRV.HUHQ\*\RUJ\6]RQ\(U]VHEHWHWF
'LQ ELEOLRJUDILD GH GLGDFWLF PX]LFDO SULYLWRDUH OD QRWD LD PX]LFDO OD
WHKQLFLOHGHVROPL]D LHUHODWLY ODSUREOHPHOHULGLFDWHGHVHOHFWDUHDUHSHUWRULXOXLúL
D VF ULORU SHQWUX LQL LHUHD PX]LFDO JUXSXO GH PX]LFLHQL VD GRFXPHQWDW úL D
VHOHF LRQDWSURFHGHHGLQXUP WRDUHOHOXFU ULFRQFHSXWHDQWHULRUXQHOHFKLDUFXVXWH
GHDQLvQXUP
±0LFURORJXVGHGLVFLSOLQDDUWLVPXVLFDHGH*XLGRG¶$UH]]R
±'LVpUWDWLRQVXUODPXVLTXHPRGpUQHVFULV vQGH-HDQ-DFTXHV5RXVVHDX
± 7KHRUHWLVFKSUDNWLVFKH *HVDQJOHKU IXU GLH DOOJHPHLQH 9RONVVFKXOHQ GHV
.DQWRQV%HUQGH-RKDQQ:HEHU
±/HLWIDGHQGHU7RQLND'R/HKUHGH$JQHV+XQGRHJJHU
0DLWUHEXLHV DG XJ PF DH[LVWDWRFROHF LHGHGHFkQWHFHDS UXW vQ
DXWRU .LVV $URQ FDUH D VWDW OD ED]D VHOHF LRQ ULL úL SUH]HQW ULL HYROXWLYH D
VXQHWHORU PX]LFDOH OD FDUH VH DGDXJ úL SUDFWLFLOH FX PHWRGD 7RQLFD SH & D

JHUPDQLORU-RKDQQ+HLQURWKúL-RKDQQ:HEHUSRSXODUL]DWHvQ8QJDULDDQLORU
GH F WUH )ULW] -RGH FRQGXF WRUXO 0LúF ULL 7LQHUH GLQ *HUPDQLD úL VLVWHPXO GH
VROIHJLHUH UHODWLY 7RQLF6RO)D LQL LDW GH 6DUDK *ORYHU úL SHUIHF LRQDW GH -RKQ
&XUZHQODPLMORFXOVHFROXOXL;,;
0DWHULDOXO GLGDFWLF IRORVLW GH SURIHVRULL FDUH SUDFWLF PHWRGD .RGDO\ HVWH
IRUPDWGLQVFDQG ULFkQWHFHGLQIROFORUXOFRSLLORUúLFkQWHFHSRSXODUHPDJKLDUHVDX
DOH DOWRUL HWQLL úL SLHVH PX]LFDOH FRPSXVH GH JUXSXO GH FRPSR]LWRUL GLQ MXUXO OXL
.RGDO\ VDX GH vQVXúL FRPSR]LWRUXO 6H PDL DGDXJ SLHVH PX]LFDOH FX SROLIRQLD
PHGLHYDO ELFLL WULFLQLL FDQRDQH 0DWHULDOXO VRQRU HVWH PRGDO úL IDFH MRQF LXQHD
VSUHJDPHOHWRQDOHSULQSURFHGHHDVHP Q WRDUHVROPL]D LHL&XUZHQúL+XQGRHJJHU
3kQ DLFLSXWHPDILUPDF PHWRGDGHHGXFD LHPX]LFDO .RGDO\SULQFRQ LQXWXOHLúL
FKLDU vQV úL RSHUD OXL FRPSRQLVWLF SHQWUX F WU LHúWH vQ FRQWHPSRUDQHLWDWH FX
QHRPRGDOLVPXOúLWRQRPRGDOLVPXOIDFHSDUWHGLQDFHVWHRULHQW ULVWLOLVWLFH0HWR
GD IRORVHúWH VLVWHPH PRGDOH SULPDUH FkQWHFH GLQ VWUDWXULOH YHFKL DOH IROFORUXOXL
PDWXULORU úL YDORULILFkQG SRWHQ HOH PX]LFDOH DOH IROFORUXOXL FRSLLORU WHKQLFLOH GH
FLWLUHVFULHUHPX]LFDO PHGLHYDO VXELHFWHGLQOXPHDFRSLLORUVDXDPHGLXOXLUXUDO
VXELHFWHLVWRULFH

,QL LHUHDPX]LFDO SDUFXUJHXUP WRDUHOHHWDSH
vQvQY DUHDVFULVFLWLWXOXLPX]LFDO
± vQFHSH REOLJDWRULX FX DQWUHQDUHD FRSLOXOXL vQ MRFXUL GLGDFWLFH FDUH DX FD
RELHFWLY vQY DUHD XQXL UHSHUWRULX PLQLPDO GH FkQWHFH YRFDOH úL VFDQG UL QX VH
DSHOHD] ODOHF LDGHWLSKHUEDUWLDQ
±UHSHUWRULXOvQID]DXUP WRDUHHVWHGHFRGLILFDWSULQWURIRQRPLPLHVSHFLDO
DVHP Q WRDUHFXFHDDOXL&XUZHQGDUDGDSWDW WRQDOXOXLODFDUHVHDGDXJ VLODEHOH
PX]LFDOHVSHFLDOH±*LEHOLXV'R5H0L)D6R/D7LYH]LLPDJLQLOHGHPDLMRV
± RUGLQHD vQY ULL VXQHWHORU HVWH PRGLILFDW ID GH *LEHOLXV GHRDUHFH
UHVSHFW SULQFLSLXO HYROXWLY PRGDO VH SRUQHúWH GH OD FHOXODLGHRP GH WHU PLF
GHVFHQGHQW DMXQJkQGODSHQWDWRQLHDQKHPLWRQLF úLXOWHULRUODKHSWDFRUGLHPDMRU
PLQRU PRGDO úL WRQDO 6R0L/D'R 5H DSRL )D'R7L ÌQ FD]XO FkQG DSDU
DOWHUD LLVXSHULRDUHDOHVXQHWHORUVLODEDPX]LFDO DWDúHD] ODFRQVRDQ YRFDODL)D
)L 6R 6L 5H 5L ÌQ FD]XO DOWHUD LLORU FRERUkWRDUH VH DWDúHD] YRFDOD X
FRQVRDQHLFHGHQXPHúWHVLODEDPX]LFDO
6LEHPRO 7X0LEHPRO 0X/DEHPRO /XHWF
± FRQVRDQHOH VLODEHORU PX]LFDOH VH DúHD] vQWkL SH SRUWDWLYXO FX OLQLL
SUHFL]kQGORFXOVXQHWXOXL6ROVDX'RFDUHSRDWHILVFULVSHRULFHOLQLHVDXVSD LXDO
SRUWDWLYXOXL GH VDX OLQLL FRQIRUP SULQFLSLXOXL VRPL]D LHL UHODWLYH VDX D
PHWRGHL 7RQLFLL SH 'R 7RQLFD SH & 1RWDUHD GLDSD]RQXOXL YRFLL FRSLLORU FDUH
IRUPHD] vQDFHODúLWLPSúLVFDUDJHQHUDO IRORVLW vQFkQWHFHVHSUH]LQW DVWIHO

± FLWLUHD GHFL vQ PHWRGD .RGDO\ VH HIHFWXHD] FRQIRUP UHJXOHL GH ED] GLQ
VROPL]D LDUHODWLY QXPLQG

DRULFHELWRQLHGHWHU PLF GHVFHQGHQW 6R0L
E RULFH SHQWDWRQLH DQKHPLWRQLF 'R 5H0L6R/D'R FD SXQFWXO
FHQWUDODOPHWRGHLGHRDUHFHFkQWHFXOSRSXODUXQJXUHVFHVWHGRPLQDQWSHQWDWRQLF
FRULFHVFDU PDMRU 'R5H0L)D6R/D7L'R
GRULFHVFDU PLQRU /D7L'R5H0L)D6R/D
±XOWLPDHWDS vQVWXGLXOVROPL]D LHLUHODWLYHHVWHDWDúDUHDQRWD LHLFXOLWHUHOD
SRUWDWLYXO QRWDW FODVLF FX QRWH FKHL úL DUPXU QRWD LD PL[W FDUH SULQ DVRFLHUHD
DFHDVWDIRUPHD] GHSULQGHUHDGHDFRPRGDUHFXQRWD LDSXUFODVLF 0HWRGD.RGDO\
XUP UHúWHDOIDEHWL]DUHDFRSLLORULDUVRPL]D LDUHODWLY SULQWHKQLFDHLWUDQVSXQHUH
RUDOLQWLXWLY G SRVLELOLWDWHDFDXQFRSLOSULQvQY PkQWXOLQVWLWX LRQDOL]DWV VH
EXFXUHGHPLUDMXOGHVFLIU ULLXQHLSDUWLWXUL
±vQFD]XOXQHLSLHVHPRGXODWRULLORFXOWRQLFLL'RVHYDPXWDSXQkQGVHPQXO
HJDOvQWUHQRWHOHFDUHIDFPXWD LD'R 6R7L 0LHWF
± QRXWDWHD SH FDUH R DGXFH PHWRGD .RGDO\ vQ FHHD FH SULYHúWH VROPL]D LD
UHODWLY ID GH FHHD FH D FRQFHSXW &XUZHQ HVWH SRVLELOLWDWHD GHVFLIU ULL XQHL
PHORGLLSHQWDWRQLFHDQKHPLWRQLFHFRQVWUXLW SHRULFHVXQHWGHRDUHFHRULFHSLFQRQ
GH WHU PDUH VH FLWHD 'R5H0L 3H GH DOW SDUWH VROPL]D LD RIHU FKHL úL
VROPL]DUHDUHODWLY DFHORUPRGXULSRSXODUHSHFDUHQXOHYRPH[SXQHDLFLGLQ
UD LXQLGLGDFWLFH

1RWDUHDULWPXOXL
0HWRGDSUHLDLQWHJUDOSURFHGHXOFLWLULLVLODELFHDULWPXOXLPX]LFDOúLQRWDUHD
DFHVWXLDGXS JUDILDOXL&XUZHQ

.RGDO\ UHFRPDQG úL SROLIRQLL YRUELWH SROLIRQLL ULWPLFH UHDOL]DWH FX LQVWUX
PHQWHQDWXUDOHPkLQLSLFLRDUHLQVWUXPHQWHGHSHUFX LHPLF WULDQJOXWREL H

'H]YROWDUHDGHSULQGHULLGHLQWRQDUHPHORGLF SROLIRQLF úLDUPRQLF
0HWRGD.RGDO\HVWHJkQGLW FDRPHWRG GHSUHJ WLUHDYRFLLFRSLOXOXLSHQWUX
FkQWDUHD WUDGL LRQDO YRFDO VDX FRUDO )LLQG FRQYLQV DVXSUD IDSWXOXL F QXSRDWH
LQWRQDVXQHWHSUHFLVHDFHODFDUHFkQW QXPDLODRVLQJXU YRFHPRQRGLF.RGDO\
D VFULV SHQWUX DFHVW RELHFWLY FkQWHFH SHQWUX GRX YRFL 6 FkQW P FXUDW ±
XUPDW GHH[HUFL LLGHFLWLUHvQGHFDLHWHGHELFLQLLúLWULFLQLL%LFLQLD
+XQJDULFD
0HORGLLOH FRQILUP FHOH VSXVH GH QRL OD vQFHSXWXO DFHVWXL FXUV UHIHULWRU OD
DSDUWHQHQ D OD QHRPRGDOLVP D PHWRGHL .RGDO\ SHQWUX F DSHOHD] OD PHORGLL GH

VWUDW YHFKL GLQ IRDUWH PXOWH FRO XUL DOH OXPLL PDJKLDUH FLDQJ LHúWL EXFRYLQHQH
PROGRYHQHúWLURPkQHúWLFHKHXFUDLQHQHUXVHúWLQHP HúWLIUDQ X]HúWLOLWXDQLHQH
FDOLIRUQLHQH FD]DFH RODQGH]H WXUFHúWL ILQODQGH]H FHUHPLVH PRQJROH $FHVWXL
YDVW úL PXOWLQD LRQDO UHSHUWRULX L VH DGDXJ SLHVH GLQ PRGDOXO ODLF VDX UHOLJLRV DO
(YXOXL0HGLX%DURF&ODVLFLVPúL5RPDQWLVP6LQJXUDFHULQ DDFHVWXLUHSHUWRULX
HVWH FD HO V IDYRUL]H]H HYROX LD VSUH SHQWDWRQLD DQKHPLWRQLF VDX V ILH FKLDU GH
VWUXFWXU SHQWDWRQLF VDXKHSWDWRQLHGLDWRQLF PDMRU PLQRU
)RUPDUHDGHSULQGHULLGHLQWRQDUHDUPRQLF SULQPHWRGDVROPL]D LHLUHODWLYHD
F ]XWvQVDUFLQDXQXLGLVFLSRODOPHQWRUXOXLPHWRGHLPDJKLDUHúLDQXPHvQVDUFLQD
OXL %DUGRV /DMRV ([HUFL LL DUPRQLFH FX SURFHGHH GH LQWURGXFHUH WUHSWDW vQ
VWXGLXO DUPRQLHL RGDW FX GHSULQGHUHD GH D LQWRQD úL UHFXQRDúWHUHD UHOD LLORU
DUPRQLFHGXS FXPDQWLFLSDVH+XQGRHJJHU
.RGDO\ FD WR L PX]LFLHQLL LQRYDWRUL DL PHWRGHORU GH HGXFD LH PX]LFDO GLQ
VHFROXO ;; QX H[FOXGH vQY DUHD XQXL LQVWUXPHQW $FHVWD YD IL IRORVLW SHQWUX
DQWUHQDUHDFRSLLORUvQSUDFWLFDUHDPX]LFLLQXFDVFRSvQVLQHDúDFXPHVWHJkQGLW
PHWRGD 6X]XNL YLRDU VDX FKLDU 2UII6FKXOZHUN FDUH IRORVHúWH FX SULRULWDWH
LQVWUXPHQWH PX]LFDOH SHQWUX DFWLYLWDWHD PX]LFDO ,QVWUXPHQWHOH FDUH SRW IL
DFFHSWDWHvQPHWRGD.RGDO\I U DLPRGLILFDSULQFLSLLOHHWQRVRQLFHVXQWIOXLHUXO
LWHUDWULDQJOXWREL HOHFORSR HLL
7RWXúLSHQWUXF SLDQXOHUDLQVWUXPHQWXOWUDGL LRQDODOFRSLLORUHXURSHQLGHOD
RUDú .RGDO\ VFULH vQ NLV NDQRQ D IHNHWH ELOOHQW\XNRQ GH FDQRDQH
SHQWUXFODSHOHQHJUHSLHVHGHVWLQDWHDWkWLQWRQ ULLYRFDOHFkWúLH[HFXW ULLSHFHOH
FODSH QHJUH D FDQRDQHORU 3LDQXO SULQ FODSHOH QHJUH SUH]LQW vQ PRG QDWXUDO R
SHQWDWRQLHDQKHPLWRQLF
3HQWUXF PHWRGD.RGDO\UHFRQVLGHU PLMORDFHOHGHIDFWXU HWQRVRQLF VF UL
SULPDUH SHQWDWRQLH DQKHPLWRQLF IRUPXOH PHORGLFH FD DSDU LQ XQXL YDVW VSD LX
JHRJUDILF PX]LFDOLWDWHD XQRU OLPEL FX SULRULWDWH D OLPELL PDWHUQH FD IRU H
IRUPDWRDUH PRGHODWRDUHD DOH HGXFD LHL PX]LFDOH FHOH H[SXVH QH vQGUHSW HVF V
DSUHFLHPF PHWRGD.RGDO\HVWHGHIDFWXU QHRPRGDO vQFDUHHOHPHQWXOHWQRVRQLF
DUH IRU XQLYHUVDO GH HGXFD LH PX]LFDO PRWLY SHQWUX FDUH VW DO WXUL GH FHD
JHUPDQ úLIUDQFH] ODED]DvQY PkQWXOXLVHFROXOXL;;

6ROPL]D LH

6ROPL]D LHYRO,,QU

%LFLQLH

$PELWXVXO YRFLORU GH FRSLL GH OD VRO RFWDYD PLF 0L vQ QRWD LH IRQHWLF
OLWHUDO
V±O±W±G±U±P±I±V±O±W±G±U±P

ùL F HVWH DúD R GRYHGHúWH GH H[HPSOX FD]XO LWDOLDQXOXL 5REHUWR *RLWUH
FHVHGHGLF HGXFD LHLPX]LFDOYRFDOFRUDOHGLQ)LLQGLQYLWDWV
SUHGHD OD FDWHGUD GH PX]LF FRUDO úL GLULMDW FRUDO OD &RQVHUYDWRUXO 1LFROLQL GLQ
3LDFHQ]DVDL]ELWGHSUREOHPDVROIHJLHULLFDUHVHUHDOL]DSULQPHWRGHFODVLFHFDUH
GXUDX IRDUWH PXOW I U FD HILFLHQ D V GHYLQ SURSRU LRQDO FX HIRUWXO GHSXV GH
HOHYLúLSURIHVRUL3HVWHFk LYDDQLvQFXQRDúWHGLUHFWPHWRGD.RGDO\SHFDUHR
H[SHULPHQWHD] SH FRSLL QHVHOHF LRQD L GDU úL SH XQ JUXS FDUH YD IRUPD FRUXO
FXQRVFXW VXE QXPHOH GH , 3LFFROL &DQWRUL GLQ 7RULQR 0HWRGD HVWH R DGDSWDUH
LWDOLHQHDVF DPHWRGHL.RGDO\
0HWRGDLWDOLHQHDVF DIRVWvQUHPRGLILFDW GHF WUH*LRUJLR*XLRW
5H]XPDW
0HWRGD.RGDO\SURSXQHRHGXFD LHPX]LFDO FDUHV VHDGUHVH]HGHRSRWULY
FRSLLORU SUHúFRODUL VDX vQFHS WRULORU GH RULFH YkUVW DU IL HL 0DWHULDOXO GLGDFWLF
UHFRPDQGDW HVWH IRUPDW GLQ VFDQG UL vQ OLPED PDWHUQ úL GLQ FkQWHFH GHVWLQDWH
YRFLL 5HSHUWRULXO GH FkQWHFH VH ED]HD] SH SLHVH PRGDOH GLQWUXQ IROFORU vQ
SULQFLSDO PDJKLDU OD FDUH VH DGDXJ FkQWHFH GLQ IROFORUXO PXOWLQD LRQDO GH SH
GLYHUVH FRQWLQHQWH úL SLHVH GLQ UHSHUWRULXO PX]LFLL FXOWH GLQ VHFROHOH ;,,;;
6LQJXUD FRQGL LH vQ VHOHF LRQDUHD UHSHUWRULXOXL HWQRVRQLF VDX FODVLF HVWH DFHHD FD
SLHVHOH V IRORVHDVF VF UL FDUH V HYROXH]H vQ SHQWDWRQLD DQKHPLWRQLF VDX V
IRORVHDVF PRGXUL JUHJRULHQH PHGLHYDOH VDX SRSXODUH GLDWRQLFH 6H UHFRPDQG
FkQWDUHDSHYRFLSULQELFLQLLFDQRDQHVDXWULFLQLL0HWRGDQXDIRVWXQSURGXV
H[FOXVLYFUHDWGH.RGDO\FLDXQXLJUXSDOF UXLPHQWRUDIRVW.RGDO\6DFUHDWR
WHKQLF DFFHVLELO GH FLWLUH úL VFULHUH D XQHL SDUWLWXUL SULQ FRQVRDQHOH VLODEHORU
JLEHOLHQHSUHGDWHvQWURVXFFHVLXQHPRGDO VPOGUIGW3HQWUXULWPQRWD LDHVWH
vPSUXPXWDW GH OD &XUZHQ ,QVWUXPHQWHOH SRW IL XQ DMXWRU vQ SURFHVXO GH
DOIDEHWL]DUH GDU QX XQ VFRS DO HGXFD LHL PX]LFDOH FDUH DUH FD RELHFWLY IRUPDUHD
FDSDFLW LL GH UHGDUH FRUHFW D VXQHWHORU GH VROIHJLHUH SULQ PHWRGD VROPL]D LHL
UHODWLYH

9RFDEXODUGHVSHFLDOLWDWH
%LFLQLH ELFLQLXPFRPSR]L LHSROLIRQLF YRFDO VDXLQVWUXPHQWDO ODGRX YRFL
3URFHGHX HWQRVRQLF SURFHGHX FDUH XWLOL]HD] HOHPHQWH VRQRUH PHORGLFR
ULWPLFHWLPEUDOHvPSUXPXWDWHGLQIROFORU
/HF LHKHUEDUWLDQ DFWLYLWDWHRUJDQL]DW SHVHFYHQ HSUHVWDELOLWHSHFDUHXQ
SURIHVRUWUHEXLHV OHSDUFXUJ REOLJDWRULXvQWURRU úFRODU PLQXWH
7ULFLQLH WULFLQLXPFRPSR]L LHSROLIRQLF YRFDO VDXLQVWUXPHQWDO ODWUHLYRFL
6LODEHOH JLEHOLHQH *LEHOLXV D SURSXV SHQWUX VROIHJLHUHD FHORU QRWH
PX]LFDOHVLODEHFDUHV FRQ LQ FRQVRDQHGLVWLQFWHúLFDUHV VHWHUPLQHvQYRFDOH
SHQWUXDIDYRUL]DFkQWDUHDYRFDO 'R5H0L)D6R/D7L'R
,7HPH
1RWD LúLVROIHJLD LRSDUWLWXU ODúLYRFLFXJUDILFDUHFRPDQGDW GHPHWRGD
.RGDO\ ([SHULPHQWD L SURFHGHXO úL FX HOHYLL vQ WLPSXO SUDFWLFLL SHGDJRJLFH
IRORVLQGXQUHSHUWRULXSRWULYLWFXQLYHOXOILHF UHLFODVH

,,0LQLHVHXUL
&RPHQWD L úL FRPSDUD L LGHLOH GH PDL MRV SURPRYDWH GH PHWRGD .RGDO\ FX
FHOHDOXL&KHYDLV0DUWHQRWúL2UII
Ä&kQWDUHDSHPDLPXOWHYRFLGHVFKLGHGUXPXOVSUHPDULOHRSHUHDOHOLWHUDWXULL
PX]LFDOHXQLYHUVDOHúLSHQWUXFHLFHQXFkQW ODXQLQVWUXPHQW´
Ä&HO FH FLWHúWH SULQ VROPL]D LH UHODWLY PDL vQWkL vúL IRUPHD] LGHHD GHVSUH
VHQVXOVXQHWHORUDSRLIDFHFXQRúWLQ FXVHPQXOFDUHDFXPvLVSXQHPDLPXOW6
QXVHDWLQJ QLFLXQFRSLOGHLQVWUXPHQWSkQ FHQXDGHSULQVFkQWDUHDFXUHQW GXS
VHPQHOHPX]LFDOHH[SULPDWHSULQVLODEHPHORGLFHúLULWPLFH´
GHFDQRDQHPLFL

,,,&KHVWLRQDU

0HWRGD.RGDO\DIRVWFRQFHSXW
DvQH[FOXVLYLWDWHGH.RGDO\
EGHXQJUXSGHSURIHVRULúLPX]LFLHQLFRQGXúLGH.RGDO\

%D]DWHRUHWLF DPHWRGHL.RGDO\
DDIRVWFRQFHSXW vQH[FOXVLYLWDWHGH.RGDO\
EDUHvPSUXPXWXULGLQG¶$UH]]R&XUZHQ:HEHU5RXVVHDX

6FDUDUHSUH]HQWDWLY VSUHFDUHFRQYHUJWUHSWDWVXQHWHOHvQPHWRGD.RGDO\HVWH
DKHSWDWRQLDWRQDO PDMRU
EKHSWDWRQLDWRQDO PLQRU
FSHQWDWRQLDDQKHPLWRQLF

)RQGXOHWQRVRQLFDOUHSHUWRULXOXLPX]LFDO.RGDO\HVWHIRUPDWGLQ
DIROFORUXOFRSLLORUúLIROFORUXOPXOWLQD LRQDODOPDWXULORU
EUHSHUWRULXOGHPX]LF GHVWLOFODVLF

6ROPL]D LDvQPHWRGD.RGDO\
DSHUPLWHFLWLUHDSLHVHORUFXPRGXULSRSXODUHKHSWDFRUGLFHúLSHQWDFRUGLFH
EQXSHUPLWHFLWLUHDSLHVHORUFXPRGXULSRSXODUHKHSWDFRUGLFHúLSHQWDFRUGLFH

)RUPDGHED] GHDFWLYLWDWHvQPHWRGD.RGDO\HVWH
DOHF LDKHUEDUWLDQ
EMRFXOGLGDFWLF

5LWPXOvQPHWRGD.RGDO\
DVHFLWHúWHúLVHVFULHFXVLODEHOHULWPLFH&XUZHQ
EQXDUHXQFRGVSHFLDOGHVFULHUHúLFLWLUH

1RWDUHDSDUWLWXULORUvQPHWRGD.RGDO\VHUHDOL]HD] vQSULPDHWDS
DI U SRUWDWLYQXPDLSULQFRQVRDQHOHVLODEHORUPX]LFDOH
EGLUHFWFXQRWHSHSRUWDWLYúLFKHLHVRO

3RUWDWLYXOvQPHWRGD.RGDO\SRDWHIL
DQXPDLFXOLQLLSHQWDJUDP
EGHúLOLQLL

6LODEHOHSULQFDUHVHFLWHVFIRUPXOHOHULWPLFHvQPHWRGD.RGDO\VXQW
DWDDWDWLWLWDIDWHIH
EQXPDLFXVLODEDWDVDXOD

7H]D GH ED] D PHWRGHL .RGDO\ HVWH ÄLQL LHUHD PX]LFDO WUHEXLH V VH
ED]H]HSHOLPEDúLFkQWHFXOPDWHUQ´
.RGDO\ UHFRPDQG vQ HGXFD LD PX]LFDO XQ UHSHUWRULX H[FOXVLY PDJKLDU
SRSXODUúLFXOW
,QVWUXPHQWXOSULQFLSDODOHGXFD LHLPX]LFDOHNRGDO\HQHHVWHYRFHDXPDQ
.RGDO\UHFRPDQG XQUHSHUWRULXPX]LFDOvQH[FOXVLYLWDWHPRQRGLF
3URFHGHXO SULQ FDUH .RGDO\ FRQVLGHU F HOHYXO SRDWH V vQYH H V FkQWH
ÄFXUDW´ UHGDUHD SUHFLV D vQ O LPLL úL D ULWPXOXL HVWH FkQWDUHD SROLIRQLF úL
DUPRQLF
*HQXULOH SROLIRQLFH UHFRPDQGDWH GH .RGDO\ D IL HILFLHQWH vQ IRUPDUH
FDSDFLW LLGHUHGDUHFRUHFW DVXQHWHORUVXQWELFLQLLOHWULFLQLLOHFDQRDQHOH
2UGLQHDGHvQY DUHDDVXQHWHORUúLQRWHORUUHFRPDQGDW GH.RGDO\HVWHFHD
GHIRUP HYROXWLY SRUQLQGGHOD6R0LVSUHFRPSOHWDUHDSHQWDWRQLHLDQKHPLWRQFH
'R5H0L6R/DúLDSRLSULQ)DúL7LGHYLQHKHSWDWRQLH

3HQWDWRQLDDQKHPLWRQLF RFWDYLDQW 'R5H0L6R/D'R.RGDO\RFRQVL
GHU FD SXUW WRDUHD PDMRUXOXL úL PLQRUXOXL GH DFHHD R UHFRPDQG FD ED] D
IRUP ULLGHSULQGHULLGHVROIHJLHUH
2ULFHJDP PDMRU vQPHWRGD.RGDO\FHFLWHúWHSULQUHODWLYL]DUHDvQ O LPLL
VXQHWHORU'R5H0L)D6R/D7L'R
2ULFH JDP PLQRU vQ PHWRGD .RGDO\ FH FLWHúWH SULQ UHODWLYL]DUHD
vQ O LPLLVXQHWHORU/D7L'R5H0L)D6R/D

&XUVXO

0HWRGD('/81'GHVROIHJLHUHÄDWRQDO ´

ÌQ FUHD LD FRPSR]LWRULORU GLQ SULPD MXP WDWH D VHFROXOXL ;; VD VLP LW SH
OkQJ GLIHUHQ LHULOHDúWHSWDWHFHOHSDUWLFXODUL]HD] RSHUDúLRGLUHF LHFDUHLDXQLW
SHWR LPX]LFLHQLLHYLWDUHDVDX±vQXQHOHFD]XUL±FKLDUQHJDUHDVROX LLORUGDWHGH
FRQFHSWHOHDQWHULRDUHILHHOHPRGDOHVDXWRQDOH
(VWHYRUEDGHHYLWDUHDGH]OHJ ULORUDúD]LVHORUWHQVLXQLSURYRFDWHGHGLVRQDQ H
FDUHREOLJDWRULXvQVLVWHPHOHVXVDPLQWLWHWUHEXLDXUH]ROYDWHvQFRQVRQDQ H
2 DVHPHQHD FRPSR]L LH PX]LFDO FH HYLW WRQDOXO ± vQ SULPXO UkQG ± GDU úL
UHJXOLOH GH DOF WXLUH DOH XQXL GLVFXUV PHORGLF PRGDO HVWH XQ GHPHUV HYLGHQW
ÄDQWLWRQDO´úLHVWHQXPLWFXXQWHUPHQJHQHUDOL]DWRUFRPSR]L LHPX]LFDO DWRQDO
1RX DOF WXLUH PHORGLF SH FDUH D L FXQRVFXWR WHRUHWLF úL LQWRQDWR SULQ
VROIHJLL vQ FDGUXO FXUVXOXL GH 7HRULD PX]LFLLVROIHJLXGLFWHX PX]LFDO GLQ DQXO ,,,
UHYLQH vQ FRQWH[WXO GLVFLSOLQHL SH FDUH R VWXGLHP 6LVWHPH PRGHUQH GH HGXFD LH
PX]LFDO úL vúL SURSXQH V LQGLFH DWkW SURFHGHH GH DERUGDUH D DWRQDOXOXL FkW úL
VXFFHVLXQHDDOJRULWPXOPRGXOHORUVSHFLILFHDFHVWXLVLVWHPVRQRUFDSULQPLMORFLUHD
DFHVWRU SDúL V QH IDPLOLDUL] P úL FX WHKQLFD GH VROIHJLHUH DWRQDO DO WXUL GH FHD
PRGDO úLWRQDO
'XS FXP VD SXWXW REVHUYD vQ FXUVXULOH DQWHULRDUH VROIHJLHUHD D IRVW
GHSHQGHQW GH VSD LXO RUJDQL]DWRU DO VF ULORU VLVWHPXOXL LQWRQD LRQDO GH FDUH
DSDU LQH OLQLD PHORGLF D DFHVWXLD úL GH IRUPXOHOH LQL LDOH PHGLDQH VDX ILQDOH
FDUDFWHULVWLFHILHF UXLVLVWHPVDXPRGvQSDUWH
ÌQVLVWHPHOHPRGDOHFXVWUXFWXULGLDWRQLFHFURPDWLFHHQDUPRQLFHVROIHJLHUHD
DIRORVLWGLYHUVHWLSXULGHWHWUDFRUGXULGDUúLSHQWDFRUGXOvQSULPXOUkQGODPRGXULOH
JUHJRULHQHGDUQXQXPDLDO WXULGHIRUPXOHPHORGLFH±FDHOHPHQWHFHGHILQHDX
SHRUL]RQWDODPHORGLF ÄPRGXO´GHDILDOPHORGLHL
ÌQVLVWHPXOWRQDOFHVDFRQWXUDWvQXUPDDFRUGDMXOXLLQWRQD LHLHJDOWHPSHUDW
úL D GHILQLULL OXL FD VLVWHP PHORGLFRDUPRQLF VROIHJLHUHD D UHVSHFWDW RFWDYD GUHSW
FDGUXRUJDQL]DWRUúLIRUPXOHOHPHORGLFRDUPRQLFHLQL LDOHPHGLDQHúLILQDOH
6ROIHJLHUHD DWRQDO YL]HD] GHVFLIUDUHD OLQLHL PHORGLFH RUL]RQWDOH GH SH XQ
SRUWDWLYVLPSOXPHORGLHFHHVWHDOF WXLW GLQPRGXOHGLVRQDQWHJUXSHGHLQWHUYDOH
PHORGLFHGLVRQDQWH
6HSXQHSUREOHPDGDF RULFHSHUVRDQ ±FRSLOVDXPDWXU±DUHFDSDFLWDWHDGH
D LQWRQDUHGD VXQHWHOH PX]LFDOH" $YkQG vQ YHGH LPSRUWDQ D ÄGLFWHXOXL PX]LFDO´

LGHQWLILFDUHvQVFULVDVXQHWHORUPX]LFDOHvQIRUPDUHDúLGH]YROWDUHDFkQWXOXLYRFDO
úL LQVWUXPHQWDO VH SXQH SUREOHPD GDF ÄGLFWHXO PX]LFDO´ SRDWH IL R DFWLYLWDWH
SHQWUX RULFH SHUVRDQ vQ FDGUXO HGXFD LHL PX]LFDOH (VWH FD]XO V GHVFKLGHP R
SULP SDUDQWH] SHQWUXDSUH]HQWDVXFFLQWSULPDFDWHJRULHGHSUREOHPHFHDOHJDW
GHÄDX]XOPX]LFDO´
([SUHVLDÄFHIHOGHDX]PX]LFDO´DUHRSHUVRDQ WUHEXLHV SUHFL] PGLQWUXQ
vQFHSXWHVWHXQDGHYHQLW X]XDO GDUFDUHDUHFDUHQ HVHPDQWLFH
ÌQ SURFHVXO GH HGXFD LH PX]LFDO GXS FXP DP PHQ LRQDW vQ GHILQLUHD HL
YH]L&XUVXOVHXUP UHúWHIRUPDUHDFXSUHF GHUHDFDSDFLW LLXQHLSHUVRDQHGH
DLQWRQDYRFDORSLHV PX]LFDO *ULMDGHVHFROHDSURIHVRUXOXLÄGHPX]LF ´DIRVW
FDHOHYLLV GREkQGHDVF DFHDVW FDSDFLWDWHGHDLQWRQDFRUHFWPHORGLFúLULWPLFR
PHORGLHÌQSURFHVXOGHVWXOGHOXQJGHvQVXúLUHDUHSHUWRULXOXLPX]LFDOSHFDOHRUDO
VDX VFULV SURIHVRUXO VD VSULMLQLW SH FDSDFLWDWHD GH UHFHSWDUHUHSURGXFHUH D
VXQHWHORU GH F WUH HOHYL GHFL D SRUQLW GH OD ÄDX]´ 'DF UHSURGXFHUHD VXQHWHORU
WUDQVPLVH GH R VXUV YRFH LQVWUXPHQW D IRVW LQFRUHFW VD GHGXV HPSLULF úL
QHIRQGDWúWLLQ LILFF HOHYXOÄQXDUHDX]PX]LFDO´FkQGvQIRQGHODDX]LWVXQHWXO
GDUODUHSURGXVGHIRUPDWFDIUHFYHQ $úDFUHGHPF VDVWDWRUQLFLWH[SUHVLDÄDUH
DX]PX]LFDO´vQVHQVXOF DDX]LWúLUHSURGXVILGHOJUXSXOGHVXQHWHGDWHVDXÄQX
DUHDX]PX]LFDO´H[SUHVLHFDUHvQVHDPQ F DUHSURGXVLQH[DFWvQ O LPHDVXQHWHORU
WUDQVPLVHYRFDOLQVWUXPHQWDOGHGLYHUVHVXUVH
1HSXQHPXUP WRDUHOHGRX vQWUHE UL
'DF PX]LFDGHDVW ]LHVWHDOF WXLW GLQVWUXFWXULPHORGLFHPRGDOHWRQDOH
GDU úL DWRQDOH FXP SRDWH IL DFFHVDW SULQ VROIHJLHUH DFHDVW VRQRULWDWH DWkW GH
GLYHUV GH F WUH SHUVRDQH FH DSDU LQFHORUWUHLFDWHJRULLGHUHGDUHDVXQHWHORU"ÌQ
WHUPLQRORJLHHPSLULF DFHVWHFDWHJRULLVXQWQXPLWHSHUVRDQHFX
DX]PX]LFDODEVROXWDFWLY
DX]PX]LFDODEVROXWSDVLY
DX]PX]LFDOUHODWLY
I U DX]PX]LFDO
&XP SRDWH IL GHVFLIUDW SULQ FLWLUH YRFDO PX]LFD DWRQDO vQ HOHDV D IL
ÄPHORGLHFXLQWHUYDOHGLVRQDQWH´"
2SLQLD OXL (GOXQG FXQRVFXW vQF GLQ HVWH F SHQWUX SHUVRDQHOH FX
DX]PX]LFDODEVROXWDFWLYRULFHWLSGHPHORGLHWRQDO PRGDO DWRQDO QXFUHHD]
SUREOHPH OD FLWLUH úL QLFL OD VFULHUH GHRDUHFH SHUVRDQHOH FDUH SRVHG R DVWIHO GH
DELOLWDWH±GHRELFHLvQQ VFXW ±DXRPHPRULHVSHFLDO úLDVRFLD] ILHF UHLVLODEH
PX]LFDOHIUHFYHQ HOHH[DFWHDEVROXWHDOHVXQHWXOXLPX]LFDOILLQGFDSDELOV OH
UHGHDLQWRQH]HúLV OHUHFXQRDVF V OHLGHQWLILFH$PSXWHDVSXQHF DFHDVW
FDWHJRULH GH SHUVRDQH WLQHUL VDX PDWXUL DX R PHPRULH DFXVWLF VSHFLDO
GHRDUHFH SRW I U UHSHW UL vQGHOXQJDWH úL ]HORDVH V UHSURGXF IRDUWH ILGHO
IUHFYHQ DvQ O LPHDDEVROXW VXQHWHORUGLQRULFHRFWDY úLUHJLVWUXSRWvQDFHODúL
WLPS V LGHQWLILFH DFHDVW IUHFYHQ QXPLQG VLODED PX]LFDO F UXLD vL DSDU LQH
DFHDVW vQ O LPH DEVROXW GLQ VFDUD PX]LFDO SRW V LQWRQH]H úL V LGHQWLILFH
FRQJORPHUDWHGHVXQHWHWULVRQXULWHWUDVRQXULHWFI U V úWLHFHUHSUH]LQW HOHFD
PRUIRORJLH

'DUSUDFWLFDVROIHJLHULLDFLWLULLVXQHWHORUPX]LFDOHúLDGLFWHXOXLPX]LFDOD
VFULHULLGXS GLFWDUHDPX]LFLLDGDXJ (GOXQGDPDLHYLGHQ LDWúLRDOW FDWHJRULH
GHSHUVRDQHFHOHFXDX]PX]LFDODEVROXWSDVLY(VWHFD]XODFHORUDFDUHLGHQWLILF
vQ O LPHDDEVROXW DVXQHWHORUGDUQXSRWUHSURGXFHILGHODWXQFLFkQGOLVHFHUHV
LQWRQH]H VXQHWXO VDX VXQHWHOH GHMD UHFXQRVFXWH úL QXPLWH SULQ VLODEH PX]LFDOH
$FHDVW FDWHJRULHGHSHUVRDQHYDVFULHXúRURULFHVWUXFWXU PHORGLF VDXDUPRQLF
FkWDUILHDGHGLVRQDQW GDUYDDYHDGHUH]ROYDWSUREOHPHGHLQWRQD LH
$O WXUL GH DFHDVW FDWHJRULH H[LVW XQD PDMRULWDU UDSRUWDW OD vQWUHDJD
SRSXOD LH D XQHL úFROL VDX FKLDU UHJLXQL ,QWU vQ DFHDVW FDWHJRULH WR L FHL FH SRW
UHSURGXFH GLYHUVH PRGXOH PHORGLFH PRGDOH WRQDOH FKLDU DWRQDOH I U V SRDW
QXPL vQ O LPHD DEVROXW D VXQHWHORU 3HQWUX F SHUVRDQHOH GLQ DFHDVW FDWHJRULH
UHSURGXFvQ O LPHDVXQHWXOXLODQLYHOXOSDUDPHWUXOXLUHODWLYDOVXQHWXOXLDGLF SRW
QXPL SULQ LQWHUPHGLXO XQXL UHSHU LQWHUYDOLVWLF GHQXPLUHD VXQHWHORU FDWHJRULD GH
SHUVRDQHHVWHQXPLW FXDX]PX]LFDOUHODWLY
7UHEXLHV SUHFL] PF vQIXQF LHGH]HVWUHDJHQHWLF úLGHPHGLXOFXOWXUDOGH
FHHDFHDIRVWvQGHPQDWV FkQWHúLV DVFXOWHDFDV VDXvQúFRDO DFHDVW FDWHJRULH
SRDWH DYHD GLVSRQLELOLW L VSUH UHGDUHD FX XúXULQ D PRGXOHORU PHORGLFH PRGDOH
YH]LSHUVRDQHOHFDUHSUDFWLF PX]LFDSRSXODU ELVHULFHDVF JUHJRULDQ EL]DQWLQ
HWF PRGXOH WRQDOH VDX DWRQDOH 3HUVRDQHOH FX DX] UHODWLY DX HYLGHQWH DSWLWXGLQL
PX]LFDOHSRWLQWRQDFXXúXULQ WRDWHWLSXULOHGHPRGXOHFKLDUúLFHOHGHLQWRQD LH
QHWHPSHUDW SRW UHSURGXFH RULFH PRGXO PHORGLF GDU OD vQ O LPHD UHODWLY D
VXQHWHORUGHYLQDSWHV VROIHJLH]HúLV VFULHGLFWHXPX]LFDOH[HUVkQGFDWHJRULLGH
LQWHUYDOHFRQVRQDQWHVDXGLVRQDQWH
'XS FXP VD SXWXW REVHUYD PHWRGD H[HUV ULLvQVXúLULL LQWHUYDOHORU úL D
PRGXOHORU ILH HOH PRGDOH WRQDOH VDX DWRQDOH FXP YRP YHGHD F SURFHGHD]
(GOXQGPRGXOHVSHFLDOHGLVRQDQWHFDUHFRQGXFILUHVFODIDFLOLWDUHDFLWLULLDWRQDOH
WUHEXLHV XUPH]HXQDQXPLWWUDVHXSHQWUXFDPHWRGDV GHDURDGHOHDúWHSWDWH
'DU PDL H[LVW GLQ S FDWH R FDWHJRULH GH SHUVRDQH vQ FHHD FH SULYHúWH
FDSDFLWDWHDGHUHSURGXFHUHILGHO DvQ O LPLLVXQHWHORUHVWHQXPLW LPSURSULXI U
DX] PX]LFDO VDX DIRQL FkQG GH IDSW HL VXQW
QXPDL GLVIRQLFL DGLF UHSURGXF ÄSH DO WXUL´ GH
IUHFYHQ DGDW VSUHUHSURGXFHUHFXYRFHD
'LVIRQLFLL WUHEXLH WUDWD L vQ HGXFD LD
PX]LFDO GLIHUHQ LDW vQ IXQF LH GH UHJLVWUXO úL
IRUPXOHOHPHORGLFHSHFDUHOHSRVHG 2ULFkWDU
IL DFHVWHD GH V UDFH FD VWUXFWXU LQWHUYDOLVWLF
IRUPXOHOHJHQRWLSLFH±V OHVSXQHPDúDDFHVWRU
IRUPXOH H[LVWHQWH vQ ]HVWUHD PHORGLF DSHUVRD
QHL ± YRU WUHEXL GHSLVWDWH OD ILHFDUH LQGLYLG úL
YRUFRQVWLWXLSXQFWHGHSOHFDUHvQIRUPDUHDDOWRU
PRGXOH PHORGLFH I U V SXWHP VSXQH F
SHUVRDQHOHVHSRWÄYLQGHFD´WRWDOGHGLVIRQLH
5 VSXQ]kQG OD D GRXD vQWUHEDUH DILUP P
F XQDGLQSULPHOHPHWRGHGHVROIHJLHUHDWRQDO
)LJ/DUV(GOXQG DSDU LQHXQXLSURIHVRUGHOD&RQVHYDWRUXO5HJDO

GLQ6WRFNKROP/$56('/81'FDUHDSXEOLFDWvQXQFXUVGHVROIHJLHUHQXPLW
0RGXVQRYXV
/XFUDUHDHVWHSUH]HQWDW vQWUHLOLPELQRUYHJLDQ HQJOH] úLJHUPDQ LQWUkQG
GHSHDWXQFLvQSURJUDPHOHXQRUúFROLGLQ6WRFNKROP2VOR/RQGUD)UDQNIXUWúL1HZ
<RUN

02'8612986FXSULQGHXUP WRDUHOHWLWOXUL
/DURERNLIULWRQDOPHORGLODVQLQJ
/HKUEXFKLQIUHLWRODOHQ0HORGLHOHVXQJ
6WXGLHVLQUHDGLQJDWRQDOPHORGLHV
1RUGLVND0XVLNIRUODJHW6WRFNKROP

ÌQ 5RPkQLD GXS FD SULQFLSLX GH SUHGDUH PHWRGD D S WUXQV SH FDOH
RUDO vQPDLPXOWHFHQWUHXQLYHUVLWDUHGLQ DU GDUVXEIRUPDXQXLGRFXPHQWVFULVD
DS UXWOD7LPLúRDUD
9HUVLXQHD URPkQHDVF D IRVW WUDGXV úL DGDSWDW GH SURI XQLY GU 2YLGLX
*LXOYH]DQúL$UWKXU)XQNúLSXEOLFDW OD7LPLúRDUDvQvQGRX OLPELURPkQ
úLJHUPDQ
6FRSXODFHVWXLFXUV±HQXQ DWGH(GOXQJvQPLFDSUHID ±HVWHGHDFRQGXFH
VWXGLXOLQGLYLGXDODOHOHYXOXLVDXVWXGHQWXOXLVSUHDúLDVLPLODRFDWHJRULHGHLQWHUYDOH
PHORGLFH úL DUPRQLFH FDUH VH YRU WUDQVIRUPD vQ DFRUGXUL GH VXQHWH FD ED] D
VROIHJLHULLúLLGHQWLILF ULLvQ O LPLLVXQHWHORUFHIRUPHD] RUJDQL] ULÄDWRQDOH´
0DWHULDOXO SURSXV GH (GOXQG SHQWUX D IRUPD GHSULQGHUHD GH VROIHJLHUH úL
VFULHUHDXQXLGLFWHXDWRQDOVHSUH]LQW DVWIHO
$3UH]HQWDUHDvQILHFDUHFDSLWRODWLSXULORUGHH[HUFL LLFDUHSRWILVHOHF LRQDWH
SHQWUX D SHUPLWH R UHSHWDUH FkW PDL GLQDPLF úL YDULDW IHULQGXQH GH H[HUVDUHD
VWHULRWLSLF DPRGHOHORUSURSXVH
% 3UH]HQWDUHD JUXSXOXL GH LQWHUYDOH FRQIRUP XQHL RUJDQL] UL FRQFHQWULFH
FDUH SHUPLWH UHSHWDUHD FHORU vQVXúLWH DQWHULRU úL vQVXúLUHD LQWHUYDOXOXL QRX vQ
FRQWH[WXOXQXLDQVDPEOXGHVXQHWHDWRQDOHQRQIXQF LRQDOH
&3UH]HQWDUHDXQRUH[HUFL LLFDUHWUHEXLHYDULDWHGXS FXPXUPHD]
±H[HUFL LLSUHJ WLWRDUHvQFDUHVHH[HUVHD] LQWHUYDOHGLVRQDQWHSULQLQWHUYDOH
FXQRVFXWHGHHOHYLGHRELFHLFRQVRQDQWH
±H[HUFL LLSUHJ WLWRDUHvQFDUHVHH[HUVHD] LQWHUYDOHGLVRQDQWHSULQLQWHUYDOH
FDUHSULQHQDUPRQL]DUHGXFODLQWHUYDOHGLVRQDQWH
± LPSURYL]D LL PHORGLFH GLVRQDQWH vQFDGUDWH vQ SROLPHWULL SH RUL]RQWDO FX
PHWUXRPRJHQVDXHWHURJHQ
±H[HUFL LLGHLQWRQDUHDDFRUGXULORUGHWUHLSDWUXVXQHWHGHVWUXFWXU GLVRQDQW
±H[HUFL LLFRQFRPLWHQWHGHUHFXQRDúWHUHYL]XDOPHQWDO DFDQWLW LLúLFDOLW LL
LQWHUYDOHORU
±H[HUFL LLGHUHFXQRDúWHUHDHURULORUGHLQWRQD LHvQFLWLUHDXQXLIUDJPHQWGH
F WUHRSHUVRDQ
±H[HUFL LLGHPHPRUDUHDXQXLIUDJPHQWFXPRGXOHGLVRQDQWHI U GHQXPLUHD
VXQHWHORU
±LGHQWLILFDUHXQRUFHOXOHPHORGLFHGLVRQDQWHODSLDQ
±H[HUFL LLSUHJ WLWRDUHvQFDUHVHLGHQWLILF ODSLDQDFRUGXULGLVRQDQWH

±H[HUFL LLGHGLFWHXPHORGLFPHORGLFRULWPLF
±H[HUFL LLGHGLFWHXFXLQWHUYDOHDFRUGXULGHVXQHWH
±VROIHJLHUHDúLDXGLHUHDXQRUIUDJPHQWHGLQFUHD LDFRPSR]LWRULORUDWRQDOLúWL
'3UH]HQWDUHDXQRUIUDJPHQWHGLQFDSRGRSHUHOHDWRQDOLúWLORUQHRPRGDOLúWLORU
VHFROXOXL ;; vQ FDUH VH UHJ VHVF PRGXOHOH H[HUVDWH vQ 0RGXV QRYXV FD GH
H[HPSOX
±%HOD%DUWRN&YDUWHWGHFRDUGHQUúL&RQFHUWSHQWUXRUFKHVWU
±$OEDQ%HUJ:R]]HFN6XLWDOLULF
±3DXO+LQGHPLWK/LGXULSHQWUX0DULD
±$UQROG6FK|QEHUJ&YDUWHGHFRDUGH6LPIRQLDGHFDPHU
±,JRU6WUDZLQVNL7KUHQL
±$QWRQ:HEHUQ&DQWDWD,,HWF

9RPFRPHQWDvQFHOHFHXUPHD] FRQFHS LDOXL(GOXQGDVXSUDVXFFHVLXQLLGH
LQWHUYDOHFHWUHEXLHDVLPLODWHSULQLQWRQDUHGXS XQPRGHOGHLGHQWLILFDUHYL]XDO
VFULV LQVWUXPHQWDO FRQFRPLWHQWFXDXGLHUHDSLHVHORUPX]LFDOHGLQFDUHVDI FXW
VHOHF LRQDUHDIUDJPHQWHORUSHQWUXVROIHJLHUH
6XFFHVLXQHD LQWHUYDOHORU SURSXV GH (GOXQG VSUH D IDFLOLWD VROIHJLHUHD
DWRQDO ÄPRGXVQRYXV´HVWHXUP WRDUH

&DSLWROXO,
,QWHUYDOHOHGH0PS
6XQWUHFRPDQGDWH
± LQWRQDUHD PHUVXOXL GH VHFXQGH PLFLPDUL vQ VHQV DVFHQGHQWGHVFHQGHQW
FRPELQkQGPHUVXOFURPDWLFFXFHOvQÄWRQXUL´DSRLFXFHOGHFYDUWHSHUIHFWHDVFHQ
GHQWHGHVFHQGHQWHPHUHXFXJULMDGHDRFROLIRUPXOHFXDOX]LHWRQDO VDXPRGDO
±LQWRQDUHDvQVXFFHVLXQHDGRX SSHQWUXDRE LQHRP'2)D6LE

&DSLWROXO,,
,QWHUYDOHOHGH0PSFRPELQDWHFXS
6XQWUHFRPDQGDWH
LQWRQDUHDFYLQWHORUSHUIHFWHvQVXFFHVLXQH
FRPELQDUHD LQWHUYDOHORU vQ XUP WRDUHD VXFFHVLXQH S P VHPLWRQ
FURPDWLFS5H6RO6RO5H2E LQHPvQIHOXODFHVWDLQWRQDUHDLQWHUYDOXOXLGH
RFWDY P ULW LQWRQDW vQVHQVDVFHQGHQWVDXGXS FD]GHVFHQGHQW

&DSLWROXO,,,
,QWHUYDOHOHGH0PSSvQFRPELQD LHFX0úLP
6XQWUHFRPDQGDWH
±LQWRQDUHDVXFFHVLXQLLGHWHU HPDULúLFYDUWHPLFúRUDWH0
±FRPELQDUHDLQWRQ ULLGHODXQVXQHWvQVHQVGHVFHQGHQWDXQHL±úLDSRLD
XQHLWHU HPDULH[WUHPHOHIRUPkQGLQWHUYDOXOGHP5H6RO6LLQWHUYDOFDUHSULQ
HQDUPRQL]DUHGHYLQHÄ0LE6L´DGLF ±FYLQW PLFúRUDW
± WUDQVSXQHUHD SH GLYHUVH VXQHWH D PRGHOHORU FH FRPELQ 0 P S
0P

&DSLWROXO,9
,QWHUYDOHOHVWXGLDWHDQWHULRUvQFRPELQD LHFXúL±
6XQWUHFRPDQGDWH
±LQWRQDUHDvQVHQVDVFHQGHQWúLGHVFHQGHQWDVXFFHVLXQLLGHWUHLWRQXULSHQWUX
DDMXQJHODLQWHUYDOXOGH
±WUDQVSXQHUHDXQRUPRGXOHGHLQWHUYDOHGLVRQDQWHSHGLYHUVHVXQHWH
'R0LE6L)D'R5H6LE6RO0L5H

&DSLWROXO9
,QWHUYDOHOHVWXGLDWHDQWHULRUvQFRPELQD LHFXP
6XQWUHFRPDQGDWH
LQWRQDUHDSHGLYHUVHVXQHWHDLQWHUYDOXOXLGHPSURYHQLWGLQU VWXUQDUHD,D
WULVRQXOXLPDMRU
SHQWUX D QX FUHD LPSUHVLD GH IXQF LRQDOLWDWH HVWH UHFRPDQGDW LQWRQDUHD
DVFHQGHQW GHVFHQGHQW D VXFFHVLXQLL GH P úL P RE LQkQGXVH S ± úL
WUDQVSXQHUHDORUSHGLYHUVHVXQHWH
$VFHQGHQW5H6LE5HEVDXGHVFHQGHQW0L6RO0L

&DSLWROXO9,
,QWHUYDOHOHVWXGLDWHDQWHULRUvQFRPELQD LHFX0
6XQWUHFRPDQGDWH
LQWRQDUHDSHGLYHUVHVXQHWHDLQWHUYDOXOXLGH0SURYHQLWGLQU VWXUQDUHD,
DWULVRQXOXLPLQRU
DVFHQGHQW GHVFHQGHQW DVXFFHVLXQLLGH0úL0RE LQkQGXVHS
$VFHQGHQW'R/D'R'HVFHQGHQW5H6L5H

&DSLWROXO9,,
,QWHUYDOHOHVWXGLDWHDQWHULRUvQFRPELQD LHFXP
6XQWUHFRPDQGDWH
LQWRQDUHD SH GLYHUVH VXQHWH D LQWHUYDOXOXL GH P SURYHQLW GLQ FXQRVFXWXO
DFRUGPDMRUFXPFDRVXFFHVLXQHGHWHU H0PP'R0L6RO6LE
DVFHQGHQW GHVFHQGHQW DVXFFHVLXQLLGHGRX FYDUWHSHUIHFWHDVFHQGHQW'R)D6L
E VDX GHVFHQGHQW 5H/D0L úL WUDQVSXQHUHD ORU SH GLYHUVH VXQHWH 6XQHWXO GLQ
PLMORF(GOXQGvOUHFRPDQG DILLQWRQDWvQJkQG
LQWRQDUHDPXUPDW GHRVHFXQG PLF PDVFHQGHQW GHVFHQGHQW 5H
'R5HEVDX'R6L'R

&DSLWROXO9,,,
,QWHUYDOHOHVWXGLDWHDQWHULRUvQFRPELQD LHFX0
6XQWUHFRPDQGDWH
DVFHQGHQW GHVFHQGHQW DXUP WRDUHORUVXFFHVLXQLGHLQWHUYDOHWUDQVSXQHUHDORUSH

GLYHUVH VXQHWH VXQHWHOH LQWHUPHGLDUH FDUH DMXW OD LQWRQDUHD H[WUHPHORU FDUH
IRUPHD] VHSWLPDPDUH(GOXQGOHUHFRPDQG DILLQWRQDWHvQJkQGúLHFKLYDODUHD
SULQHQDUPRQL]DUHDLQWHUYDOXOXLGH0FX
±0PP'R0L6RO±6L
P'R0LE6L
PPS'R0LE6ROE±'RE 'R0LE6ROE±6L
PSP'R0LE/DE'RE
S'R)D6L
PP'R±5HE'RE

8OWLPXOFDSLWROGLQ0RGXVQRYXV(GOXQGvOFRQVDFU Ä,QWHUYDOHORUPDLPDUL
GHFkWRFWDYD´SHQWUXFDUHUHFRPDQG H[HUFL LLGHGLFWHXPX]LFDOSHGRX SRUWDWLYH
6XQHWHOHJUDYHVHYRUQRWDvQFKHLH)DGHEDVúLVXQHWHOHDFXWHFKHLD6ROGHYLROLQ
,QWHUYDOHOH ÄPDL PDUL GHFkW RFWDYD´ VH YRU H[HUVD FD LQWHUYDOH FRPSXVH
IRUPDWHGLQLQWHUYDOHVLPSOHFHVHSODVHD] vQGLIHULWHUHJLVWUHúLvQFRQVHFLQ VH
DXGúLVHVFULXSHVWHRRFWDY VDXSHVWHGRX RFWDYH
$FHVWWLSGHPHORGLHFHVHIRUPHD] úHUSXLWvQWUHUHJLVWUXOJUDYPHGLXDFXW
DXWRUXORQXPHúWHÄPHORGLHIUkQW ´0HORGLDIUkQW DEXQGHQWXWLOL]DW GHH[SUHV
VLRQLVPXO PX]LFDO IDFH SDUWH GLQ SURFHGHHOH VSHFLILFH DWRQDOLVPXOXL OLEHU GRGH
FDIRQLVPXOXLVHULDOúLVHULDOLVPXOXLWRWDOúLvQFRQVHFLQ IRUPDUHDGHSULQGHULLGH
VROIHJLHUHDWRQDO GHYLQHRFRQGL LHREOLJDWRULHSHQWUXDFFHVXOSULQLQWHUSUHWDUHOD
PX]LFDVHFROXOXL;;
5H]XPDW
0HWRGD(GOXQGGHVROIHJLHUHDWRQDO VHDGUHVHD] DFHORUSHUVRDQHFDUHDXXQ
ÄDX] PX]LFDO UHODWLY´ GDF HVWH V IRORVLP WHUPLQRORJLD H[LVWHQW vQ FDUWHD VD
0RGXV QRYXV ÌQ FRQVHFLQ WHKQLFD H[HUV ULL LQWHUYDOHORU YD FRQVWLWXL SURFHGHXO
GH ED] GLQ FDUH YRU GHULYD FHOHODOWH SURFHGHH FDUH IRUPHD] XQLWDU PHWRGD
(GOXQG &HO PDL LPSRUWDQW OXFUX HVWH IDSWXO F GLQ SULPD OHF LH VH H[HUVHD] XQ
JUXS GH LQWHUYDOH IRUPDW GLQ 0 P S JUXS FDUH FRQVWLWXLH QXFOHXO SUHG ULL
FRQFHQWULFHDLQWHUYDOHORU8QDOWSURFHGHXQRYDWRUHVWHDFHODGHDRE LQHLQWHUYDOH
GLVRQDQWHVFRSXOVROIHJLHULLDWRQDOHGLQVXFFHVLXQLGHLQWHUYDOHFRQVRQDQWHúLGLQ
HQRUPL] UL 0 0 SS 0 HWF &RQVROLGDUHD úL H[WLQGHUHD (GOXQG R
UHDOL]HD] SULQ H[HUFL LL GH UHDF LH UDSLG GLQWUH YL]XDOPHQWDO úL LQWRQD LH
PHPRUDUH GLFWHX UHFXQRDúWHUHD HURULORU VROIHJLHUHD XQRU IUDJPHQWH GLQ FUHD LD
UHSUH]HQWDWLY DWRQDO DVHFROXOXL;;ÌQ0RGXVQRYXVDXWRUXOIDFHúLRFODVLILFDUH
D FDWHJRULLORU GH SHUVRDQH vQ UDSRUW FX FDSDFLWDWHD DFHVWRUD GH D UHGD FRUHFW
vQ O LPHD VXQHWHORU PX]LFDOH FDWHJRULL GH DX] PX]LFDO DEVROXW DFWLY DEVROXW
SDVLYUHODWLYúLÄI U DX]PX]LFDO´
,7HPH
5HDOL]D L OLQLL PHORGLFH GHVWLQDWH VROIHJLHULL vQ FDUH V XWLOL]D L VXFFHVLXQLOH
VXQHWHORULQGLFDWHvQFDSLWROHOH,,,9,,,GLQ0RGXVQRYXV

,,0LQLHVHX
3XQH L vQ GLVFX LH úLFRPSDUD LFDWHJRULLOHFDSDFLW LLPX]LFDOHGLQFODVLILF
ULOHOXL&KHYDLV&XUVXO0DUWHQRW&XUVXOúL(GOXQG&XUVXO

,,,&KHVWLRQDU
0HWRGDQRUYHJLDQXOXL/DUV(GOXQGSURSXQHVROX LLSHQWUX
DVROIHJLHUHDPHORGLORUPRGDOHúLWRQDOH
EVROIHJLHUHDOLQLLORUPHORGLFHDWRQDOH

*UXSXO GH VXQHWH UHFRPDQGDW GH (GOXQG FD QXFOHX SHQWUX R SURJUDP
FRQFHQWULF HVWHIRUPDWGLQ
D0PS
EP0
FS0P

ÌQ0RGXVQRYXVVROX LDGHDLQWRQDLQWHUYDOHOHGLVRQDQWHHVWH
DLQWRQDUHDvQVXFFHVLXQHDGRX VDXPDLPXOWHLQWHUYDOHFRQVRQDQWH
ELQWRQDUHDWUHSWDW DVXQHWHORUFHFRPSXQLQWHUYDOXOGLVRQDQWGHODFHOGLQ
H[WUHPDMRDV ODFHOGLQH[WUHPDvQDOW

5HSHUWRULXOGHPRQVWUDWLYIRORVLWvQ0RGXVQRYXVHVWH
DIRUPDWGLQH[HUFL LLPHORGLFHúLDUPRQLFHDWRQDOH
EIRUPDWGLQH[HUFL LLPHORGLFHúLDUPRQLFHDWRQDOHúLIUDJPHQWHGLQPX]LFD
UHSUH]HQWDWLY DWRQDO DVHFROXOXL;;
FQXPDLGLQIUDJPHQWHGLQPX]LFDUHSUH]HQWDWLY DWRQDO DVHFROXOXL;;

([SUHVLDÄSHUVRDQHOHI U DX]PX]LFDO´GXS RSLQLDOXL(GOXQGVXQW
DSHUVRDQHOHFDUHDXGHIHFWHDXGLWLYHVXU]LL
ESHUVRDQHOHFDUHQXUHSURGXFIUHFYHQ DMXVW DVXQHWHORUPX]LFDOH

&DSDFLWDWHD XQHL SHUVRDQH GH D UHSURGXFH FRUHFW vQ O LPHD VXQHWHORU
PX]LFDOH(GOXQGRQXPHúWHFDSDFLWDWHDGHDDYHDÄDX]PX]LFDO´
'XS (GOXQGH[LVW SDWUXFDWHJRULLGHSHUVRDQHFDUHSRVHG QLYHOHGLIHULWH
GH UHGDUH FRUHFW D IUHFYHQ HL VXQHWHORU PX]LFDOH FX DX] PX]LFDO DFWLY FX DX]
PX]LFDOSDVLYFXDX]PX]LFDOUHODWLYúLSHUVRDQHÄI U DX]PX]LFDO´

9,&Æ7(9$87,/,= 5,$/(&$/&8/$7258/8,
Ì1('8&$ ,$08=,&$/

&XUVXO

1R LXQLLQWURGXFWLYH8QLW LSHULIHULFH8WLOL]DUHDVRIWZDUHXOXL

3UHFL]DUHSDUWHGLQPDWHULDOXOFXUVXOXLGHID SDUDJUDIHOHúLYRFD
EXODUXO GH VSHFLDOLWDWH UHFRPDQG ULOH ELEOLRJUDILFH DGHFYDWH FXUVXOXL HVWH FRQFH
SXWGHOHFWRUXQLYGU'DQ5DFRYHDQX
&DOFXODWRUXODGHYHQLWvQXOWLPHOHGHFDGHRXQHDOW FRPSOH[ HILFLHQW úL
IOH[LELO úL GH DFHHD LQGLVSHQVDELO vQ GRPHQLLOH PX]LFDOH DFWXDOH $ULD VD GH
XWLOL]DUHHVWHH[WUHPGHvQWLQV GHODVLPSOHDSOLFD LL0,',ODHGLWDUHDGHSDUWLWXUL
GHODVLQWH]DVXQHWXOXLODSURFHVDUHDVXQHWXOXLvQVWXGLRXOYLUWXDOGHODFHUFHWDUHDúL
PRGHODUHD DFXVWLF OD LQWHOLJHQ D DUWLILFLDO vQ PX]LF 'HVLJXU F HGXFD LD PX]L
FDO RFXS XQORFH[WUHPGHLPSRUWDQWvQDFHDVW DULHGHXWLOL]DUH
ÌQ SULQFLSLX XQ FDOFXODWRU VH FRPSXQH GLQWUR XQLWDWH FHQWUDO úL XQLW L
SHULIHULFHDQVDPEOXFHSRDUW QXPHOHGHKDUGZDUH8QLW LOHSHULIHULFHDXUROXOGH
DÄWUDGXFH´GLQOLPEDMXOQDWXUDOvQFHODOFDOFXODWRUXOXLVDXLQYHUVDVLJXUkQGDVWIHO
LQWHUID DRP±FDOFXODWRU7RDWHDSOLFD LLOHúLSURJUDPHOHFDUHUXOHD] SHFDOFXODWRU
SRDUW QXPHOH GH VRIWZDUH %LQHvQ HOHV F vQ FD]XO XQXL GRPHQLX GH DSOLFD LH
SDUWLFXODUDWkWXQLW LOHSHULIHULFHFkWúLVRIWZDUHXOYRUILVSHFLDOL]DWHSHQWUXDFHO
GRPHQLX
0,',HVWHXQDGLQFHOHPDLVLPSOHúLPDLXWLOHLQWHUIH HGLQFDGUXODSOLFD LL
ORUPX]LFDOHDOHFDOFXODWRUXOXL(DSHUPLWHFRQHFWDUHDXQXLLQVWUXPHQWHOHFWURQLFOD
XQFDOFXODWRUSULQFRGLILFDUHDGLJLWDO DQRWHORUSURGXVHGHLQVWUXPHQWXOHOHFWURQLF
ÌQDFHVWIHOFHHDFHVHFkQW ODDFHOLQVWUXPHQWVHWUDQVPLWHFDGDWHFDOFXODWRUXOXL
GHH[HPSOXPRPHQWHOHúLGLQDPLFDDS V ULLFODSHORUVDXLQYHUVIOX[XOGHGDWHGH
ODFDOFXODWRUVHWUDQVIRUP vQFRPHQ]LSHQWUXLQVWUXPHQWFDUHÄFkQW ´FRPDQGDWGH
FDOFXODWRU7UHEXLHVXEOLQLDWIDSWXOF vQWUHLQVWUXPHQWXOHOHFWURQLFúLFDOFXODWRUQX
VHWUDQVPLWVXQHWHFLFRPHQ]L,QVWUXPHQWXOWUDQVPLWHFRPHQ]LFDOFXODWRUXOXLFDUH
vQ DFHVW IHO SRDWH PHPRUD SUHOXFUD VDX WLS UL DFHVWH QRWH VXE IRUPD X]XDO GH
QRWD LHSHSRUWDWLYÌQFD]XOLQYHUVFDOFXODWRUXOGRDUWULPLWHFRPHQ]LVXQHWHOHILLQG
SURGXVH GH F WUH LQVWUXPHQWXO HOHFWURQLF $WXQFL FkQG QX VH GLVSXQH GH 0,',
QRWHOHSRWILLQWURGXVHSHUkQGFXDMXWRUXOWDVWDWXULLFDOFXODWRUXOXLúLDPRXVHXOXL
GDUDFHVWSURFHGHXHVWHIRDUWHOHQWúLJUHRLúLQXDUHDYDQWDMXOLQWURGXFHULLQRWHORUvQ
WLPS UHDO SULQ FkQWDWXO SURSULX]LV OD FODYLDWXUD LQVWUXPHQWXOXL 'XS FH DX IRVW
LQWURGXVHQRWHOHvQFDOFXODWRUHOHSRWILSUHOXFUDWHvQPXOWLSOHIHOXULVHSRWFRUHFWD
vQ O LPLOH VDX GXUDWHOH XQRU QRWH VH SRDWH VFKLPED FKHLD DUPXUD VDX P VXUD VH
SRWWUDQVSXQHVDXLQYHUVDvQRJOLQG VDXSULQUHFXUHQ VHSRWDG XJDVDXVXSULPD
YRFL SUHFXP úL VHPQH GH DUWLFXOD LH GLQDPLF DJRJLF HWF ÌQ ILQDO QRXO HQXQ
PX]LFDO FX PRGLILF ULOH I FXWH SRDWH IL WLS ULW OD LPSULPDQW VDX DXGLDW OD LQVWUX
PHQWXOHOHFWURQLFFRPDQGDWWRWSULQ0,',GHFDOFXODWRU

,QWHUID D GH VXQHW ± R DOW XQLWDWH SHULIHULF ± HVWH LQFOXV GH RELFHL vQ
PDMRULWDWHDFDOFXODWRDUHORUX]XDOHGDUSHQWUXDSOLFD LLGHvQDOW ILGHOLWDWHFRQVWLWXLH
R XQLWDWH VHSDUDW H[WHUQ (D HVWH DOF WXLW vQ HVHQ GLQ FRQYHUWRDUH DQDORJ
GLJLWDOHúLGLJLWDODQDORJLFHFHWUDQVIRUP VHPQDOHOHSURYHQLWHGHODVXUVHGHVXQHW
PLFURIRQ&'JHQHUDWRDUHGHVHPQDOHWFvQSDFKHWHGHGDWHúLLQYHUVÌQDFHVWIHO
FDOFXODWRUXO SRDWH SUHOXD úL PHPRUD VXQHWH VXE IRUP GLJLWDO SURFHGHX QXPLW
DFKL]L LHGHVXQHWVDXSRDWHHOvQVXúLJHQHUDVDXUHSURGXFHVHPQDOHGLJLWDOHFDUH
VXQWWUDQVIRUPDWHGHF WUHLQWHUID DGHVXQHWvQVXQHWHFHSRWILDVFXOWDWHFXDMXWRUXO
XQRU F úWL VDX GLIX]RDUH &DOFXODWRUXO QX RSHUHD] GHFL GLUHFW FX VXQHWH FL FX
SDFKHWH GH GDWH GLJLWDOH FDUH UHSUH]LQW VXQHWHOH ,QWHUID D GH VXQHW WUDQVIRUP
VXQHWXOvQGDWHSULQSURFHGHXOGHHúDQWLRQDUH$FHVWHHúDQWLRDQHSRWILGH
GHEL LLDUUDWDGHHúDQWLRQDUHSRDWHILGHN+]N+]N+]VDX
N+] &X FkW HúDQWLRDQHOH VXQW PDL PDUL úL UDWD GH HúDQWLRQDUH PDL UDSLG FX DWkW
VXQHWXO YD DYHD R ILGHOLWDWH PDL vQDOW 3ULQ SUHOXFUDUHD DFHVWRU GDWH FX DMXWRUXO
FDOFXODWRUXOXLVHSRWDQDOL]DLQIOXHQ DúLPRGLILFDSDUDPHWULLúLSURSULHW LOHVXQH
WHORUvQWURP VXU DWkWGHPDUHvQFkWUH]XOWDWHOHRE LQXWHGHS úHVFFXPXOWSHFHOH
SURGXVH RGLQLRDU vQ ODERUDWRDUHOH HOHFWURDFXVWLFH VDX VWXGLRXULOH SHUIRUPDQWH
3ULQWUH FHOH PDL X]XDOH IRUPDWH GLJLWDOH GH VXQHW VH QXP U ZDY DLII PS HWF
3ULPHOHGRX VHIRORVHVFvQHGLWDUHDúLSURFHVDUHDVXQHWXOXLGHvQDOW ILGHOLWDWHvQ
WLPSFHDOWUHLOHDHVWHXWLOL]DWGHF WUHDPDWRULDYkQGDYDQWDMXORFXS ULLXQXLVSD LX
PLFGHPHPRULHvQWUXFkWHVWHXQIRUPDWFRPSULPDW
,QWHUID D GH VXQHW SRDWH IL IRORVLW úL vQ VHQV LQYHUV FDOFXODWRUXO IXUQL]HD]
GDWH FDUH VXQW WUDQVIRUPDWH vQ VXQHWH ÌQ DFHVW IHO VXQHWHOH SUHOXFUDWH VXE IRUP
GLJLWDO SRW IL DX]LWH FKLDU vQ WLPSXO SUHOXFU ULL ORU SHQWUX D SXWHD FRQWUROD úL
HYHQWXDO UHOXD ILHFDUH SDV DO SURFHV ULL VXQHWXOXL 'HFL ILHFDUH RSHUD LH HIHFWXDW
HVWH UHYHUVLELO ± XQ QHSUH XLW DYDQWDM ID GH VWXGLRXULOH RELúQXLWH &DOFXODWRUXO
SRDWHQXQXPDLSUHOXFUDFLúLJHQHUDVXQHWHWRWVXEIRUP GLJLWDO DYkQGvQDFHVW
FD]UROXOXQXLVLQWHWL]DWRUSHUIRUPDQWúLIOH[LELO
([LVW R PXOWLWXGLQH GH DOWH SHULIHULFH FDUH SRW IL FRQHFWDWH OD FDOFXODWRU vQ
IXQF LHGHVFRSXODSOLFD LHL
0RGXOHOHGHVXQHWVXQWDSDUDWHFDUHSUHOXFUHD] VDXJHQHUHD] VXQHWHILLQG
FRPDQGDWHGHFDOFXODWRU$FHVWHDSRWILGHODVLPSOHILOWUHúLJHQHUDWRDUHGHHIHFWH
YLEUDWR UHYHUEHUD LH GHOD\ HWF OD VLQWHWL]DWRDUH VDPSOHUH SURFHVRDUH GH VXQHW
SkQ ODJHQHUDWRDUHGHSHUFX LHULWPXULúLFKLDUDFRPSDQLDPHQW
$OWHSHULIHULFHSRWFRPDQGDHOHvQVHOHFDOFXODWRUXOFXPDUILFRQWUROOHUXOVDX
LQVWUXPHQWHOH0,',VHTXHQFHUXOHWF
ÌQIXQF LHGHDOHJHUHDDFHVWRUGLVSR]LWLYHGHPRGXOGHDOHFRQHFWDvQWUHHOHúL
FX FDOFXODWRUXO VH RE LQH R HQRUP YDULHWDWH GH FRQILJXUD LL úL DSOLFD LL
&RQH[LXQLOHSRWILI FXWHvQFDVFDG GHH[HPSOXLQVWUXPHQWHOHVDXFRQWUROOHUHOH
0,',vQUH HDVDXPDVWHUVODYH'LQWUHWRDWHGLVSR]LWLYHOHPHQ LRQDWHFDOFXODWRUXO
HVWHFHOPDLIOH[LELOHOSXWkQGSUHOXDDSURDSHWRDWHUROXULOHDFHVWRUGLVSR]LWLYHDWkW
vQLSRVWD]DGHPDVWHUFkWúLGHVODYH
$SOLFD LLOHFDUHYL]HD] VWULFWHGXFD LDPX]LFDO VXQWIRDUWHQXPHURDVHGDU
FKLDU úL FHOHODOWH SURJUDPH OHJDWH GH PX]LF VH GRYHGHVF XWLOH vQ SURFHVXO GH
vQY PkQWÌQSULQFLSLXHOHSRWILFODVLILFDWHGXS GLVFLSOLQHOHSHFDUHOHGHVHUYHVF

SURJUDPHSHQWUXvQY DUHDWHRULHLPX]LFDOHQRWD LHDX]LQWRQDUHPHPRUDUHHWF
DFkQWDWXOXLODXQLQVWUXPHQWSLDQFKLWDU HWFDUHFXQRDúWHULLLQVWUXPHQWHORUGLQ
RUFKHVWU WLPEUXvQWLQGHUHSULQFLSLLGHRUFKHVWUD LHHWFFDúLGHLVWRULDPX]LFLL
IRUPHHVWHWLF PX]LFDO HWF
2DOW FODVLILFDUHVDUSXWHDIDFHGXS PRGXOvQFDUHHOHYXOLQWHUDF LRQHD] FX
FDOFXODWRUXOSURJUDPHLQWHUDFWLYHvQFDUHHOHYXOLQWHUYLQHQHPLMORFLWvQDF LXQLOHúL
RSHUD LLOH I FXWH GH FDOFXODWRU úL SURJUDPH vQFKLVH vQ FDUH HOHYXO QX SRDWH
LQWHUYHQLDYkQGRDUHFXPXQUROGHUHFHSWRUSDVLY'LQSULPDFDWHJRULHIDFSDUWH
HGLWRDUHOHGHSDUWLWXULHGLWRDUHOHGHVXQHWúLDXGLRSURJUDPHOHGHWLSVHTXHQFHUHWF
(GLWRDUHOH GH SDUWLWXUL SHUPLW VFULHUHD FRUHFWDUHD DXGLHUHD úL WLS ULUHD
SDUWLWXULORUDúDFXPDPDU WDWVFULHUHDQRWHORUVHSRDWHHIHFWXDFHOPDLELQHGHOD
XQ LQVWUXPHQW VDX FRQWUROOHU 0,', ÌQ DFHODúL WLPS VH SRDWH LQWHUYHQL DVXSUD
WXWXURU SDUDPHWULORU QRWHORU GDU úL D DUWLFXOD LHL WHPSRXOXL GLQDPLFLL DJRJLFLL úL
FKLDUDDUDQMDPHQWXOXLPX]LFDOúLDRUFKHVWUD LHL$FHVWHSURJUDPHVXQWGHRVHELWGH
XWLOHGHODYkUVWHPLFLúLSkQ ODQLYHOXQLYHUVLWDU(OHYXOVDXVWXGHQWXOSRDWHDXGLD
LPHGLDWHIHFWXOSHFDUHvODXLQWHUYHQ LLOHVDOHDVXSUDGLIHUL LORUSDUDPHWULÌQDFHVW
IHO vQY DUHD QRWHORU YDORUL vQ O LPL ULWPXUL FD úL D DOWRU QR LXQL GH WHRULH
PX]LFDO VHIDFHSULQvQFHUF ULOHSURSULLDOHHOHYXOXLHOF S WkQGRELúQXLQ DGHDVH
FRQWURODVLQJXUSULQDX]
(GLWRDUHOH GH VXQHW GDX SRVLELOLWDWHD FUH ULL DUWLILFLDOH D XQRU WLPEUH VRQRUH
VLQWH] GH VXQHW SRUQLQG GH OD GLYHUVH IRUPH GH XQG FRPELQkQG VXQHWH GLQ
QDWXU RE LQXWHGHODXQVDPSOHU]JRPRWHHWFúLRSHUkQGFXILOWUHHIHFWHPRGX
OD LL HWF 9L]XDOL]DUHD SH HFUDQ GH F WUH HOHYL D IRUPHORU GH XQG úL D PRGXOXL vQ
FDUH VH FRPELQ úL PRGLILF DFHVWHD SHUPLW R DQDOL] GLUHFW D FRQVHFLQ HORU SUR
SULLORU DF LXQL $FHDVWD VH FRUHOHD] FX FRQWUROXO VRQRU SHUPDQHQW DO UH]XOWDWHORU
(GLWRDUHOHDXGLRUHDOL]HD] SURFHGHHVLPLODUHFHORUGLQVWXGLRXULOHGHVXQHWW LHUH
LQVHUDUH PRQWDM PL[DUH ILOWUDUH HWF GDU FX R SUHFL]LH ILGHOLWDWH úL UDSLGLWDWH FX
PXOWVXSHULRDUHFHORUGLQVWXGLRXUL
6HTXHQFHUXOSHUPLWHvQUHJLVWUDUHDWXWXURUHYHQLPHQWHORUGLQWLPSXOFkQWDWX
OXLODXQLQVWUXPHQWVDXFRQWUROOHU0,',PRPHQWHOHH[DFWHDOHDS V ULLúLUHYHQLULL
FODSHORUGLQDPLFDDS V ULLORUIRORVLUHDSHGDOHLYLEUDWRSUHVLXQHDFRORDQHLGHDHU
vQFD]XOIODXWXOXLVDXVD[RIRQXOXL0,',HWF$FHDVW VHFYHQ PX]LFDO SRDWHIL
DSRL UHGDW FD R vQUHJLVWUDUH RELúQXLW SHQWUX FD HOHYXO V úL DVFXOWH SURSULD
LQWHUSUHWDUH VDX SRW IL PRGLILFDWH GXUDWHOH vQ O LPLOH GLQDPLFD WHPSRXO HWF
FRQWUROkQGvQSHUPDQHQ FHHIHFWDXDFHVWHPRGLILF ULDVXSUDUH]XOWDWXOXLVRQRUÌQ
SOXVSULQDFHVWHLQWHUYHQ LLúLFRUHF LLHOHYXOSRDWHDMXQJHODFHHDFHFRQVLGHU DIL
R LQWHUSUHWDUH SHUIHFW VDX VH SRDWH DFRPSDQLD VLQJXU FX R VHFYHQ vQUHJLVWUDW
DQWHULRU$FHVWWLSGHSURJUDPVW ODED]DDSOLFD LLORUSHQWUXvQY DUHDFkQWDWXOXLOD
XQLQVWUXPHQWFDOFXODWRUXODYkQGUROXOGHDFRUHFWDJUHúHOLOHHOHYXOXL
3URJUDPHOH vQFKLVH VXQW vQ JHQHUDO GH WLSXO XQXL JKLG SUDFWLF FDUH H[SXQH
HOHYXOXL QR LXQL WHRUHWLFH LDU DSRL vO WHVWHD] SULQ FKHVWLRQDUH VDX PLFL OXFU UL
SUDFWLFH'HVLJXUF PRGXOvQFDUHVXQWH[SXVHQR LXQLOHHVWHXQXOPXOWLPHGLDILLQG
SUH]HQWHSHOkQJ WH[WúLLPDJLQLGLIHULWHVXQHWHULWPXULWLPEUHIUD]HVRQRUHVDX
FKLDUH[WUDVHGLQUHSHUWRULXOXQLYHUVDO8QHOHSURJUDPHVXQWGHWLSHQFLFORSHGLHFX
F XWDUHUDSLG GXS GLIHULWHFULWHULLFXYLQWHFKHLHQXPHWHPHHWFLDUFHOHFDUHVH

DGUHVHD] YkUVWHORUPDLPLFLFRQ LQMRFXULSULQFDUHQR LXQLOHYL]DWHVXQWPDLXúRU
GHDVLPLODWúLH[HUVDW

3HUVRQDOFRPSXWHUXOvQHGXFD LDPX]LFDO
&RPSXWHUXOSHUVRQDO3&HVWHXQPLMORFGLGDFWLFFHDGHYHQLWLQGLVSHQVDELO
SURFHVXOXL GH vQY PkQW DFWXDO SURFHV FDUH VH H[SULP SULQ WULDGD SUHGDUH
vQY DUHHYDOXDUH&RQFHSWXOHQXQ DWVHWUDGXFHvQSUDFWLFDSUHúFRODU SUHXQLYHUVL
WDU VDX XQLYHUVLWDU SULQ WUDQVIRUPDUHD FRPSXWHUXOXL vQ PLMORF GH GHPRQVWUD LH
GLUHFW D SUREOHPHORU H[SXVH GH HGXFDWRUvQY WRUSURIHVRU VDX PLMORF GH
FRPXQLFDUH VFULV D XQHL WHPHLQIRUPD LL OHF LL FXUVXUL SH VXSRUW FRPSXWHUL]DW
7UHEXLH V SUHFL] P F 3&XO SRDWH IL PLMORF GLGDFWLF vQ RULFDUH GLQ VHFYHQ HOH
OHF LHL FODVLFH VDX vQ RULFDUH GLQ WLSXULOH VDX YDULDQWHOH GH OHF LH vQ PRPHQWXO
FRPXQLF ULL GH FXQRúWLQ HGHSULQGHUL QRL vQ FRQVROLGDUHD OHF LHL SUHGDWH vQ
VLVWHPHWL]DUHDúLUHFDSLWXODUHDXQXLFDSLWROVDXDXQHLXQLW LGHvQY DUHILHF VH
DSHOHD] OD PHWRGH FX GHPHUVXUL GHGXFWLYH LQGXFWLYH VDX DUJXPHQW UL SULQ
DQDORJLHVDXFRPSDUD LH
0DLGHSDUWHGDF OX PvQGLVFX LHFRPSRQHQWDÄvQY DUH´vQ HOHDV FDVWXGLX
LQGLYLGXDO VDX SH JUXSH 3&XO SULQWUXQ SURJUDP OLQHDU 6NLQQHU VDX UDPLILFDW
&URZGHU VDX FRPELQDW 3UHVVH\ SRDWH V DMXWH OD UDWUDSDUHD ODFXQHORU VDX OD
FRUHFWDUHDGHSULQGHULORUJUHúLWHGHORJLF QHFHVDUHFXQRúWLQ HORUPX]LFDOH
ÌQY PkQWXO SURJUDPDW D IRVW R DSOLFD LH vQ WHUHQXO SHGDJRJLHL WHRULHL
RSHUD LRQDOLWDWHJHQHUkQGFDWHJRULDGHvQY PkQWRSHUD LRQDOLVW
,GHHDGHED] DvQY PkQWXOXLSURJUDPDWVHGHGXFHGLQWHRULDRSHUD LRQDOLVW
D IL]LFLDQXOXL DPHULFDQ %ULJPDQQ GXS FDUH R QR LXQH VDX R
GHSULQGHUH VH UHGXFH OD R VHULH GH RSHUD LL FDUH WUHEXLH HIHFWXDWH vQWUR DQXPH
RUGLQHDOJRULWP7UDQVODWvQGRPHQLXOvQY PkQWXOXLRSHUD LRQDOLVPXOvPSDUWHR
LQIRUPD LH vQ ÄSDúL PLFL´ FDUH SXúL vQWUR DQXPH VXFFHVLXQH úL UHSHWD L RUGRQD L
IRUPHD] vQWUHJXOXQHLQR LXQLVDXDXQHLGHSULQGHULSUDFWLFH
7HKQLFDSURJUDP ULLRUGRQ ULLSDúLORUPLFLLQIRUPD LLORUGLQGRPHQLXOXQXL
RELHFW GH vQY PkQW D SULPLW QXPHOH GH vQY PkQW SURJUDPDW úL HUD GHVWLQDW
VWXGLXOXL LQGLYLGXDO 6H FXQRVF SURJUDPHOH OLQHDUH GH WLS 6NLQQHU SURJUDPHOH
UDPLILFDWHGHWLS&URZGHUúLSURJUDPHOHFRPELQDWHGHWLS3UHVVH\YH]LvQ$QH[H
7LSXULOH GH SURJUDPDUH SHQWUX VWXGLXO LQGLYLGXDO úL $SOLFD LLOH SHQWUX WHRULD
PX]LFLL
'DU SHQWUX F vQ PRPHQWXO GH ID D HGXFD LD PX]LFDO DUH GUHSW RELHFWLY
SULRULWDU úL FRPSRQHQWD DWLWXGLQDO úL FUHDWLY D HOHYXOXLVWXGHQWXOXL 3&XO úL
VLQWHWL]DWRUXOLQWU vQFDWHJRULDPLMORDFHORUGLGDFWLFHDQJDMDWHvQPRGHODUHDXWLOL]D
WRULORU SULQ SURJUDPH VSHFLDOH SHQWUX VWLPXODUHD IDQWH]LHL FUHDWRDUH D HOHYLORUVWX
GHQ LORU
'LQWUH SURJUDPHOH FDUH VXQW LPSOHPHQWDWH vQ vQY PkQWXO URPkQHVF DPLQWLP
DLFL
± 6LQWHWL]DWRUXO -XQLR 5RODQG FH SRDWH IL XWLOLWDW vQ FUHDUHD VRQRULW LORU
PRQRGLFHúLSROLIRQLFHFRPSR]L LHLOXVWUD LHPX]LFDO
± 3ODWIRUPD GH H/HDUQLQJ $(/ FH RIHU VXSRUW SHQWUX SUHGDUHDvQY DUHD
HYDOXDUHDXQRUGLVFLSOLQHúLGRPHQLLDOHHGXFD LHLPX]LFDOH

&HOPDLGHVHVWHXWLOL]DW FKLDUvQSURFHVXOGHvQY PkQWGLQFDGUXO)DFXO
W LLGH0X]LF D8QLYHUVLW LL6SLUX+DUHWHVWHWHKQLFDGHHYDOXDUHFRPSXWHUL]DW
GHQXPLW WHKQLFD 0&4 SUHVFXUWDUH GH OD H[SUHVLD vQ OLPED HQJOH] 0XOWLSOH
&KRLV4XHVWLRQV vQWUHE ULFXDOHJHUHPXOWLSO
2SULQGXQH OD HQXPHUDUHD WLSXULORU GH vQWUHE UL SULQ FDUH VH SRDWH HYDOXD
VWDGLXO GH SUHJ WLUH D FXQRúWLQ HORU WHRUHWLFH úL FKLDU GHSULQGHUL SUDFWLFH OD XQHOH
GLVFLSOLQH FD DUPRQLH FRQWUDSXQFWIXJ RUFKHVWUD LH IRUPH PX]LFDOH DQDOL]D
VROIHJLLORU SXWHP V DILUP P F FHOH PDL HILFLHQWH WLSXUL GH SUREH 0&4 DX
XUP WRDUHOHFHULQ H
,)LHFDUHGLQLWHPLLHQXQ D LDXXQQXP UGHU VSXQVXULSURSXVHúLQRWDWH
DEFGH$OHJH LXQVLQJXUU VSXQVFRUHFW
,,)LHFDUHGLQLWHPLLHQXQ D LDXXQQXP UGHU VSXQVXULSURSXVHúLQRWDWH
DEFGH$OHJH LXQVLQJXUU VSXQVFRUHFWúLFRPSOHW
,,,)LHFDUHGLQLWHPLLHQXQ D LDXXQQXP UGHU VSXQVXULSURSXVHúLQRWDWH
DEFGH$OHJH LPDLPXOWHU VSXQVXULSRVLELOHPDUFkQGOLWHUHOH
FHFRUHVSXQGU VSXQVXULORUFRUHFWH
,93XQH LvQRUGLQHOLWHUHOHGHPDLMRVvQDúDIHOvQFkWV H[SULPHORJLFD
HYHQLPHQWHORUHWDODWH([HPSOXVXQWH[SXVHHYHQLPHQWHOHvQRUGLQHDDE
FGH/RJLFDFHVWHDSRWILEHDFG
93XQH LvQFRUHVSRQGHQ OLVWDOLWHUHORUGLQFRORDQDGLQVWkQJDFXFHDGLQ
GUHDSWDSHQWUXDHYLGHQ LDMXVWH HDHQXQ XOXL
$D
%E
&F
'G
5 VSXQVXOSRDWHIL$ G% E& D' F
9, )LHFDUH GLQ HQXQ XULOH GH PDL MRV HVWH IRUPDW GLQ IUD]HSHULRDGH FH
FRQ LQSURSR]L LLIUD]HOHJDWHSULQFRQMXQF LDGHRDUHFHQXPHURWDWH
$QDOL]D LúLFRGLILFD LSULQPDMXVFXOHSHFDUHWUHEXLHV OHSXQH L
vQVWkQJDFLIUHORU
$ 5HSUH]LQW VLWXD LD FkQG FHOH GRX SURSR]L LL VXQW DGHY UDWH úL VH DIO vQ
UHOD LHGHWLSFDX] HIHFW
%5HSUH]LQW VLWXD LDFkQGFHOHGRX SURSR]L LLVXQWDGHY UDWHGDUQXVHDIO
vQUHOD LLGHWLSFDX] HIHFW
&5HSUH]LQW VLWXD LDFkQGSULPDSURSR]L LHHVWHDGHY UDW úLDGRXDIDOV
'5HSUH]LQW VLWXD LDFkQGSULPDSURSR]L LHHVWHIDOV úLDGRXDDGHY UDW
(5HSUH]LQW VLWXD LDFkQGFHOHGRX SURSR]L LLVXQWIDOVH
5H]XPDW
&DOFXODWRUXOFRPSXWHUXOSHUVRQDO3&HVWHXQPLMORFGLGDFWLFIOH[LELOFXR
ODUJ DSOLFDELOLWDWH vQ GRPHQLXO PX]LFDO LQFOXVLY vQ FHO DO HGXFD LHL PX]LFDOH
8QLW LOH SHULIHULFH VSHFLDOL]DWH DVLJXU LQWHUID D RPFDOFXODWRU SHQWUX DSOLFD LLOH
PX]LFDOH0,',WUDGXFHQRWHOHFkQWDWHODXQLQVWUXPHQWVDXFRQWUROOHU0,',vQGDWH
SH FDUH FDOFXODWRUXO OH SRDWH XOWHULRU SUHOXFUD úL UHGD FD PX]LF VDX FD SDUWLWXU
VFULV ,QWHUID DGHVXQHWWUDQVIRUP VXQHWHOHvQGDWHHúDQWLRDQHúLLQYHUV'DWHOH
SRW IL SURFHVDWH vQ PXOWLSOH IHOXUL FRQWUROkQGXVH vQ SHUPDQHQ UH]XOWDWXO VRQRU
RE LQXW &DOFXODWRUXO SRDWH JHQHUD VXQHWH DUWLILFLDOH VLQWH] GH VXQHW VDX SRDWH

FRPDQGDGLYHUVHDOWHXQLW LSHULIHULFHPRGXOHGHVXQHWVLQWHWL]DWRDUHVDPSOHUH
SURFHVRDUH GH VXQHW JHQHUDWRDUH GH SHUFX LH ULWPXUL HWF $SOLFD LLOH FDUH YL]HD]
HGXFD LDPX]LFDO VXQWLQWHUDFWLYHHGLWRDUHGHSDUWLWXULHGLWRDUHGHVXQHWHGLWRDUH
DXGLRVHTXHQFHUHVDXvQFKLVHPXOWLPHGLDGHWLSJKLGSUDFWLFMRFXULHQFLFORSHGLL
HWF &DOFXODWRUXO HVWH R XQHDOW QX XQ VFRS vQ VLQH LDU SURIHVRUXO WUHEXLH V
vQGUXPH HOHYXO vQ GLDORJXO V X FX FDOFXODWRUXO ÌQ GLGDFWLF FRPSXWHUXO SRDWH IL
XWLOL]DWH vQ MRFXUL GLGDFWLFH VDX GLYHUVH VHFYHQ H DOH OHF LHL vQ GLYHUVH WLSXUL úL
YDULDQWHGHOHF LLFRPXQLFDUHGHFXQRúWLQ HFRQVROLGDUHDFXQRúWLQ HORUVLVWHPDWL
]DUHUHFDSLWXODUH úL HYDOXDUH FXQRúWLQ HORU SULQ GHPHUV LQGXFWLY GHGXFWLY DQDOR
JLHFRPSDUD LH7HKQLFDFHDPDLFXQRVFXW úLXWLOL]DW GHHYDOXDUHDFRPSXWHUL]DW
D FXQRúWLQ HORU HVWH WHKQLFD 0&4 SUREH FX XQXO VDX PDL PXOWH U VSXQVXUL
FRUHFWHSRVLELOHFRUHVSRQGHQ GHFRORDQHRUGRQDUHDORJLF DLWHPLORUúLDOHJHUHD
$GHY UDW)DOV

0,', 0XVLFDO ,QVWUXPHQW 'LJLWDO ,QWHUIDFH LQWHUID FDUH FRGLILF úL
WUDQVPLWH FDOFXODWRUXOXL HYHQLPHQWHOH OHJDWH GH FkQWDWXO OD XQ LQVWUXPHQW
PRPHQWHOH DS V ULL úL UHYHQLULL FODSHORU GLQDPLFD DS V ULL ORU IRORVLUHD SHGDOHL
YLEUDWR HWF ÌQ VHQV LQYHUV FDOFXODWRUXO WUDQVPLWH LQVWUXPHQWXOXL 0,', FRPHQ]L
SHQWUXDOIDFHV FkQWH
&RQWUROHU0,', RFODYLDWXU FKLWDU IODXWHWFFDUHQXSURGXFVXQHWHFL
SUHLDXDF LXQLOHLQWHUSUHWXOXLFXDMXWRUXOXQRUVHQ]RULWUDQVIRUPkQGXOHvQFRPHQ]L
0,',
$QDORJGLJLWDO XQVHPQDODQDORJLFSRDWHDYHDRULFDUHGLQYDORULOHLQWHUPH
GLDUH GLQWUH PD[LP úL PLQLP I U D DYHD GLVFRQWLQXLW L vQ WLPS FH XQ VHPQDO
GLJLWDOVDXQXPHULFHVWHGHVFULVSULQVXFFHVLXQLGHQXPHUHELQDUHOXDWHODDFHODúL
LQWHUYDOGHWLPS
7LPSUHDOUHDOWLPH XQFDOFXODWRUIXQF LRQHD] vQWLPSUHDOGDF UH]XOWD
WHOHSUHOXFU ULORUVHRE LQVLPXOWDQFXGHVI úXUDUHDDFHOXLSURFHV
6LQWHWL]DWRU V\QWKHVL]HU LQVWUXPHQW HOHFWURQLF SUHY ]XW GH RELFHL FX R
FODYLDWXU FDUHFUHHD] VXQHWHDUWLILFLDOHSULQVLQWH]DúLPRGXODUHDXQRUIRUPHGH
XQG IXQGDPHQWDOH
6DPSOHU DSDUDW FDUH vQUHJLVWUHD] VXE IRUP GLJLWDO HúDQWLRDQH VXQHWH
UHDOHGLQQDWXU FDUHDSRLSRWILSUHOXFUDWHFRPELQDWHúLUHGDWH
6HTXHQFHU DSDUDWFDUHvQUHJLVWUHD] VHFYHQ HvQIRUPDW0,',SURYHQLWHGH
OD XQ LQVWUXPHQW VDX FRQWUROOHU 0,', FDUH SRW IL DSRL PRGLILFDWH úL UHGDWH FX XQ
LQVWUXPHQW0,',
0DVWHUVODYH VW SkQVFODY PRG GH IXQF LRQDUH D GRX VDX PDL PXOWH
XQLW LLQWHUFRQHFWDWHvQFDUHXQDPDVWHUIXUQL]HD] FRPHQ]LSHFDUHFHDODOW VDX
FHOHODOWHVODYHOHH[HFXW
5HYHUEHUD LH SURFHV GH UHIOH[LH PXOWLSO D VXQHWXOXL vQ VSD LL PDUL FDWH
GUDOHV OLGHFRQFHUWDVHP Q WRUHFRXOXLFHSRDWHILUHDOL]DWúLHOHFWURQLF
'HOD\vQWkU]LHUH DSDUDWFDUHUHDOL]HD] RvQWkU]LHUHDVXQHWXOXLFHVW OD
ED]DUHDOL] ULLHIHFWHORUGHHFRXUHYHUEHUD LHHWF

&KHVWLRQDU
ÌQ VHFYHQ D GH OHF LH GHVWLQDW ÄSUHG ULL´ VH SRDWH XWLOL]D FDOFXODWRUXO FD
PLMORFGHH[SXQHUHFXGHPRQVWUD LLvQÄSDúL´PLFLDVXELHFWXOXLGHOHF LH
ÌQVHFYHQ DGHOHF LHGHVWLQDW ÄvQY ULLFRQVROLG ULL´PDWHULDOHOHSUH]HQ
WDWHSHPRQLWRUXOFDOFXODWRUXOXLSRWILGLIHUHQ LDWHvQFHHDFHSULYHúWHFRQ LQXWXOúL
WLPSXO DORFDW DWLQJHULL DFHVWRU RELHFWLYH úL vQ IXQF LH GH QLYHOXO GH SUHJ WLUH
LQGLYLGXDO DHOHYXOXL
(YDOXDUHD FRPSXWHUL]DW D FXQRúWLQ HORU WHRUHWLFH SRDWH IL UHDOL]DW SULQ
PDLPXOWHWLSXULGHFHULQ HGRFLPRORJLFHGLQWHKQLFD0&4
6LQWHWL]DWRUXO -XQLR 5RODQG SRDWH IL XWLOLWDW vQ FUHDUHD VRQRULW LORU
PRQRGLFHúLSROLIRQLFHFRPSR]L LHLOXVWUD LHPX]LFDO
3ODWIRUPD GH H/HDUQLQJ $(/ RIHU VXSRUW SHQWUX SUHGDUHDvQY DUHD
HYDOXDUHDXQRUGLVFLSOLQHúLGRPHQLLDOHHGXFD LHLPX]LFDOH
7HKQLFD GH HYDOXDUH 0&4 DSOLFDW SH XQ 3& SRDWH RSHUD QXPDL FX
SUREDGHDOHJHUHDXQXLU VSXQVFRUHFWGLQRIHUWDGHvQWUHE ULPXOWLSOHúLFXSURED
GHDOHJHUH$GHY UDW)DOV
%LEOLRJUDILH
& U L
$QGUHZ %URZQ &RPSXWHUV LQ 0XVLF (GXFDWLRQ $PSOLI\LQJ 0XVLFDOLW\
5RXWOHGJH
5RELQ9LQFHQW3&0XVLF±7KH(DV\*XLGH3&3XEOLVKLQJ
%UXFH)ULHV0DUW\)ULHV'LJLWDO$XGLR(VVHQWLDOV2¶5HLOO\
5$3HQIROG3UDFWLFDO0LGL+DQGERRN3&3XEOLVKLQJ
6WHSKHQ%HQQHWW0DNLQJ0XVLFZLWK\RXU&RPSXWHU3&3XEOLVKLQJ
*XQWKHU %DWHO 'LHWHU 6DOEHUW 6\QWKHVL]HUPXVLN XQG /LYH(OHNWURQLN
JHVFKLFKWOLFKH WHFKQRORJLVFKH NRPSRVLWRULVFKH XQG SDGDJRJLVFKH $VSHNWH GHU
HOHNWURQLVFKHQ0XVLN:ROIHQEXWWHO0RVHOHU
+HOHQH &KDUQDVVH ,QIRUPDWLTXH HW PXVLTXH VHVVLRQ PXVLFRORJLTXH GH
O
,QWHUQDWLRQDO FRPSXWHU PXVLF FRQIHUHQFH RUJDQLVHH SDU O
HTXLSH (5$772 >D@
3DULV,5&$0RFWREUH,YU\VXU6HLQH(OPHUDWWR
'DYLG&RSH&RPSXWHUVDQG0XVLFDO6W\OH0DGLVRQ:LV$5(GLWLRQV
3HULRGLFH
&RPSXWHU0XVLF-RXUQDO0,73UHVV
6RIWZDUH
(GLWRDUHGHSDUWLWXUL6LEHOLXV)LQDOH3ULQW0XVLF
(GLWRDUHGHVXQHWúLDXGLR6RXQG)RUJH&XEDVH:DY/DE$GREH$XGLWLRQ
6HTXHQFHU*DUDJH%DQG%DQG,Q$%R[
3URJUDPHGHvQY DUH
$X]úLWHRULHPX]LFDO $XUDOLD3UDFWLFD0XVLFD3HUIHFW3LWFK
7HRULHPX]LFDO 0LEDF0XVLF/HVVRQV0XVLF$FHOHF LLSHQWUXDQL
/HF LLGHSLDQ3LDQR6XLWH3UHPLHUH
/HF LLGHRUFKHVWUD LH2UFKHVWUD

Ì1/2&'(3267)$

&XUVXOLQWLWXODW6LVWHPHGHHGXFD LHPX]LFDO úLDSURSXVDúDFXPDPDU WDW
vQ Ä3UHID ´ V FHUFHWH]H úL V VLQWHWL]H]H SURFHGHHOH GH QRWRULHWDWH FH DX YL]DW
VHPLRJUDILD PX]LFDO úL WRWRGDW GHVFLIUDUHD VROIHJLHUHD SDUWLWXULORU PX]LFDOH vQ
GHFXUVXOXQHLDQXPLWHSHULRDGHGLQGLGDFWLFDPX]LFDO HXURSHDQ
3XQFWXOGHSOHFDUHODPDOHVDILVHFROHOH;;,GHRDUHFHGHDWXQFLVHSRDWH
YRUEL GH R JUXSDUH RPRJHQ GH SURFHGHH DFFHSWDWH VXFFHVLY vQ vQWUHDJD (XURS
DSRL úL vQ DOWH FRO XUL DOH OXPLL SURFHGHH FDUH DX DYXW R FRHUHQ úL DX SHUPLV
RUGRQDUHD IOX[XOXL GH VFULHUHFLWLUH PHORGLFRULWPLF D XQHL SDUWLWXUL PX]LFDOH
PRQRGLFH
3URFHGHHOHGXS FXPVDSXWXWUHPDUFDDXYL]DWDFFHVLELOLWDWHDGHDFHHDVDX
IRORVLWvQVFULVVLPEROXULJUDILFHVDXGHQXPLULIDPLOLDUHHOHYLORU
±OLQLLSDUDOHOHHWDMDWHSRUWDWLYXOFXOLQLL
± OLWHUH SHQWUX D UHSHUD SULQ OLWHUH ) & úL * UHJLVWUHOH JUDY PHGLX úL DFXW
YLLWRDUHOHFKHL)D'RúL6RO
±FLIUHDUDEHSHQWUXDLQGLFDRJDP PDMRU úL
SHQWUXDLQGLFDRJDP PLQRU OD5RXVVHDX*DOLQ&KHYp
±FLIUHURPDQH,,,,,,,999,9,,9,,,vQVROIHJLHUHD*pGDOJH
±GHQXPLUHDIRQHWLF $%&'()*ODWLQ
± GHQXPLUHD VLODELF 8W 5H 0L )D 6RO /D SHQWUX FHOH KH[DFRUGXUL
JXLGRQLFH*XLGRG¶$UH]]R
±GHQXPLUHDVLODELF JLEHOLDQ 'R5H0L)D6R/D7L2WWR*LEHOLXV
±VHPQHGHDOWHUD LHE
± QRWDUHD SULQ FRQVRDQH D vQ O LPLL VXQHWHORU ' 5 0 ) 6 / 7 *ORYH
&XUZHQ.RGDO\
±GHQXPLUHDSULQVLODEHDJDPHLFURPDWLFH%L5R7R0X*X6X3D/D'H
)H.L1L%L(LW]
± FLWLUHD FRQFRPLWHQW vQ GRX FKHL 6RO úL )D SULQ PHWRGD Ä)XUFD´
:LOOHPV
±QRWDUHDHFIRQHWLF DULWPXOXLSULQVHPQHGHDFFHQWHVHPQGHDFFHQWDVFX LW
»VHPQGHDFFHQWJUDY?úLGHDFFHQWFLUFXPIOH[!3ULPHOHGRX LQGLFkQGXQ
VXQHW FX GXUDWD VFXUW D XQHL VLODEH LQWRQDWH SX LQ DVFHQGHQW VDX GHVFHQGHQW
6HPQXO!LQGLFDXQVXQHWGHGRX RULPDLOXQJGHFkWVHPQHOH»úL?
±QRWDUHDS WUDW DSRLURPELF úLRYDO DYDORULORUGHGXUDW
± VFULHUHD SULQ VHJPHQWH GH GUHDSW OHJDWR D YDORULORU GH QRW FX SXQFWH
*ORYHU&XUZHQ0DUWHQRW.RGDO\
±GHQXPLUHDSULQVLODEHDULWPXOXLWDWDDWLWLWDIDWHIHVDXQRLUFURFKH
GRXEOHFURFKHHWF
± XWLOL]DUHD IRQRPLPLHL SHQWUX D LQGLFD VLPEROXULOH vQ O LPLL VXQHWHORU
&XUZHQ&KHYDLV.RGDO\

± XWLOL]DUHD GDFWLORULWPLHL SHQWUX D LQGLFD YDORUL VDX IRUPXOH ULWPLFH VLPSOH
&KHYDLV
0XWkQG LGHHD GH DFFHVLELOLWDWH vQ SODQXO DOHJHULL UHSHUWRULXOXL YRFDO DSRL
YRFDOLQVWUXPHQWDO D PHWRGHORU DGHFYDWH HWDSHL GH LQL LHUH GDU úL D VWLPXO ULL
FUHDWLYLW LLSXWHPV DPLQWLP
± VHOHF LRQDUHD UHSHUWRULXOXL SH FULWHULXO SRVLELOLW LORU GH LQWRQDUHD
FDQWLWDWLY VF ULSUHSHQWDWRQLFHROLJRFRUGLLSHQWDWRQLLFRUGLLKH[DFRUGLLWRQLLúL
KHSWDWRQLLPRGDOHúLWRQDOHGLDWRQLFHúLFURPDWLFH
± VHOHF LRQDUHD UHSHUWRULXOXL úL SH FULWHULXO FDOHQGDUXOXL DQXDO FXOWXUDO
UHOLJLRV
± XWLOL]DUHD MRFXOXL FD SULQFLSDO PHWRG úL IRUP GH RUJDQL]DUH D DFWLYLW LL
úFRODUH
± FRQYHUWLUHD YRUELULL PDWHUQH úL D PLúF ULORU ÄHOHPHQWDUH QDWXUDOH´ DOH
FRSLOXOXLvQPDWHULDOHGHED] vQHGXFD LDPX]LFDO .RGDO\2UII6X]XNL
±FRQYHUWLUHDVRQRULW LLDPELHQWDOHDHOHYXOXLvQUHVXUVHGHHGXFD LHPX]LFDO
0RQWHVVRUL0DUWHQRW2UII.RGDO\
± XWLOL]DUHD RELHFWHORU VRQRUH D LQVWUXPHQWHORU FX PDQXDOLWDWH XúRDU vQ
HGXFD LDPX]LFDO 2UII
± XWLOL]DUHD SRYHúWLORU úL D RULF URU WH[WH GLQ OLWHUDWXU FDUH VH SUHWHD] OD
GUDPDWL]DUHGLGDFWLF .DEDOHYVNL2UII6X]XNL
± XWLOL]DUHD DXGL LHL PX]LFDOH FRQWLQXH FD SURFHGHX GH PHPRUDUHD D
UHSHUWRULXOXLSHQWUXXQLQVWUXPHQW6X]XNL
±LQYHQWDUHDOLEHU DSRLFXSODQDXQRUPHORGLLULWPXULFRPELQD LLWLPEUDOH
FDSURFHGHHGHVWLPXODUHDIDQWH]LHLHOHYLORU2UII
7UHEXLH V PHQ LRQ P F vQ GLGDFWLFD URPkQHDVF D VHFROXOXL ;; VDX
vQUHJLVWUDWSURSXQHULGHLQRYDUHPDWHULDOL]DWHvQDSDUL LDXQRUPDQXDOHFXOHJHULGH
FkQWHFH FDLHWH FX PHWRGH GH LQL LHUH LQVWUXPHQWDO SURSXQHUL GH UHFRQVLGHUDUH D
VLVWHPXOXLGHvQY PkQWPX]LFDOGHVHPLRJUDILHPX]LFDO
ÌQ XQLYHUVLW LOH URPkQHúWL GLQ %XFXUHúWL &OXM ,DúL 7LPLúRDUD %UDúRY
&RQVWDQ D 3LWHúWL 2UDGHD vQ FDGUXO GLVFLSOLQHL 'LGDFWLFD HGXFD LHL PX]LFDOH DX
IRVW UHDOL]DWH LPSRUWDQWH FXUVXUL JKLGXUL SHQWUX SURIHVRUL PDWHULDOH VXSRUW FDUH
WUHEXLH V ILH FXQRVFXWH úL FDUH YRU IDFH RELHFWXO XQXL FXUV GLQ FLFOXO ,, GH VWXGLL
PDVWHUDOH
'DU SkQ DWXQFL WUHEXLH V DPLQWLP PDQXDOHOH GH LQL LHUH PX]LFDO DOH OXL
$OH[DQGUX 9RHYLGFD *HRUJH %UHD]XO &RQVWDQWLQ %U LORLX $QD 0RWRUD,RQHVFX
0HWRGHOHSHQWUXSLDQDOH0DULHL&HUQRYRGHDQX$OPD&RUQHD,RQHVFX$OH[DQGUX
'XPLWUHVFX 5 GXFDQX 0LUFHD &DPHOLD 3DYOHQFR GDU úL Ä&DUWHD FX P UJHOH´
SHQWUXLQL LHUHDYLRORQLVWLF D(OHQHL6FKLPLW]HU
ÌQ SODQXO LPSOHPHQW ULL PHWRGHORU HXURSHQH vQ 5RPkQLD DPLQWLP PHWRGD
PRQWHVVRULDQ D 0DLFLL 6PDUD PHWRGD GDOFUR]LDQ D 0DQ\HL %RWH] PHWRGD
&KHYDLVDSOLFDW vQWUXQH[SHULPHQWODQLYHOXO ULLGH$QD0RWRUD,RQHVFXPHWRGD
2UII DSOLFDW vQ 5RPkQLD GH F WUH $VWULG 1LHGHUPDLHU LDU XWLOL]DUHD IROFORUXOXL
PX]LFDO URPkQHVF vQ vQY PkQW SURFHGHX SURSXV GH /LJLD 7RPD=RLFDú
0HQ LRQ P R FRPELQD LH GLQWUH PHWRGHOH .RGDO\ úL 2UII DSOLFDW SHQWUX SLDQ vQ
5RPkQLDGHF WUH0DULD%RHUúLvQILLQ DUHDGXS DúFROLORU:DOGRUI

2LQHGLW PHWRG GHLQL LHUHvQFkQWDWXODUPRQLFúLSROLIRQLFDIRVWHODERUDW
GH/LYLX&RPHV
$X SURSXV PHWRGH GH VLPSOLILFDUH D VFULVXOXL PX]LFDO 1L +LQWHD FLWLUHD
SULQOLWHUHVLODEHI U SRUWDWLYFLWLUHDSULQFLIUH$OH[DQGUX5XVVLQ
5HIHULWRUODPHWRGD&RQVWDQWLQ%XJHDQXGHVROIHJLHUHSHQWUXFODVHOHDYDQVDWH
GLULMDW PX]LFRORJLH FRPSR]L LH DFHDVWD SURSXQHD VLODEH PX]LFDOH FX GHQXPLUH
RULJLQDO VLODEH FH LQGLF vQ O LPHD DEVROXW D VXQHWHORU úL IXQF LD GLDWRQLF VDX
FURPDWLF DVHPLWRQXULORU
7RW vQ DFHDVW VFXUW UHWURVSHFWLY WUHEXLH V PHQ LRQ P SURSXQHUHD FD
HGXFD LD PX]LFDO V VH VOXMHDVF GH LQVWUXPHQWH PX]LFDOH QRL ÄYLGHRIRQXO´
FODYLHW FX HFUDQ YLGHR FUHDW GH 0LKDL %DUEX úL ÄIDPLOLD YLRGHORU´ FRU]L
FRQFHSXWHGH,RQ'HOX
ÌQSHULRDGDVDXHODERUDWSDWUXDQWHSURLHFWHGHUHIRUPDUHDvQY
PkQWXOXLPX]LFDOvQFDGUXO/DERUDWRUXOXLGH&HUFHW UL3VLKRSHGDJRJLFHFRQGXVGH
SURIXQLYGU$OH[DQGUX7ULIX$QWHSURLHFWHOHDXIRVWURGXOXQHLDPSOHGRFXPHQ
W UL$XWRULLDFHVWXLLQHGLWGHPHUVDXIRVW(UQD$U UHDQX,RVLI&]LUH$QD0RWRUD
,RQHVFX*DEULHOD0XQWHDQX(GLWK:LVNL

ùL DFXP UHSXQHP vQWUHEDUHD GLQ 3UHID H[SOLFD LLOH GDWH vQ DFHVW FXUV
UHIHULWRDUHODSURFHGHHOHGHVHPLRJUDILHúLGHGHVFLIUDUHYRFDO VROIHJLHUHDXQHL
SDUWLWXULIRUPHD] VDXQXIRUPHD] 6LVWHPHGHHGXFD LHPX]LFDO "
'DF DWULEXLP WHUPHQXOXL GH VLVWHP FHO PDL JHQHUDO vQ HOHV DFHOD GH
ÄDQVDPEOXGHHOHPHQWHSULQFLSLLILQDOLWDWHXUP ULW UHJXOLPHWRGHPLMORDFHHWF
LQWHUGHSHQGHQWHFHIRUPHD] XQWRWRUJDQL]DWúLSXQHRUGLQHvQWHRULDGRPHQLXOXL
UHDOL]HD] FODVLILF ULúLIDFHV IXQF LRQH]HHILFLHQWSDUWHDDSOLFDWLY DGRPHQLXOXL´
YH]L 'LF LRQDU GH QHRORJLVPH (GLWXUD $FDGHPLD 565 S DWXQFL
WUHEXLHV OX PvQGLVFX LH LQWHOHSHFDUHúLOHDXSURSXVDXWRULLvQGRPHQLXOVFULHULL
úLVROIHJLHULLXQHLSDUWLWXULPX]LFDOH
ÌQY PkQWXO WUHEXLH V DLE XUP WRDUHOH FRPSRQHQWH SHQWUX D vQWUXQL
FDOLWDWHDGHVLVWHPILQDOLWDWHFRQ LQXWPHWRGHPLMORDFHRDQXPHFRQFHS LHDVXSUD
WUDVHXOXL vQY ULL GH FXQRúWLQ H úL GHSULQGHUL LQVWLWX LL GH SUHJ WLUH D FDGUHORU
GLGDFWLFH LQVWLWX LL GH SUHJ WLUH D HOHYLORU WHKQLFL GH HYDOXDUH D VWDGLXOXL GH
SUHJ WLUHDOHOHYLORU
6LVWHPXOFODVLFGHvQY PkQWPX]LFDODWXQFLFkQGúLDGHQXPLWRELHFWXOGH
VWXGLX VSHFLILF &kQW VDX 0X]LF DYHD FD RELHFWLY FDGUX SULQFLSDO ILH vQVXúLUHD
XQXLUHSHUWRULXGHFkQWHFHILHvQY DUHDVFULVFLWLWXOXLPX]LFDOXOWHULRUFXH[WLQGHUH
ODSUREOHPHGHFXOWXU PX]LFDO JHQHUDO
&HHD FH D LQRYDW *XLGR G¶$UH]]R HUDX HOHPHQWHOH FRPSRQHQWH DOH XQXL
VLVWHPQXPDLGDF vOUDSRUW PODRELHFWLYHOH6FKROHLFDQWRUXP
±ILQDOLWDWHvQVXúLUHDUHSHUWRULXOXLOLWXUJLFSULQPHWRGDVFULVFLWLWXOXL
±PHWRGDGHVROPL]D LHUHODWLY
±PLMORDFHSRUWDWLYXOFXOLQLLFKHLFLWLUHDFXVLODEHPX]LFDOHIRQRPLPLH
PkQDJXLGRQLF
±HYDOXDUHSULQDSUHFLHULúLSHGHSVH

ùL SH DFHHDúL OLQLH SRW IL DQDOL]DWH úL FHOHODOWH LQRYD LL vQ GRPHQLXO VFULV
FLWLWXOXL PX]LFDO FX REVHUYD LD F DFHVWHD VH VXSXQ VLVWHPXOXL JHQHUDO GH
vQY PkQWVFRODVWLFWUDGL LRQDOLVWvQFDUHPHPRUDUHDXQXLUHSHUWRULXúLFLWLUHDXQHL
SDUWLWXULU PkQSHUIRUPDQ HGRULWHGHRULFHLQVWLWX LHHXURSHDQ GHSURILO
ÌQ PRPHQWXO VFKLPE ULL ILQDOLW LL úL DFFHSW ULL SULQFLSLLORU úFROLL DFWLYH
SUHFXPPRGHODUHDSVLKLFXOXLHOHYXOXLSULQúLSHQWUXPX]LF SRUQLQGGHODVWDGLXO
LQL LDO GH GRWDUH PX]LFDO úL JHQHUDO D HOHYLORU GH]YROWDUHD LQWHUHVXOXL SHQWUX
PXQFD úFRODU IRUPDUHD SHUVRQDOLW LL ILHF UXL HOHY JULM VSRULW SHQWUX
GH]YROWDUHD FUHDWLYLW LL HOHYLORU DSUHFLHUHD GDF DFHVWH LQRYD LL VH FRQVWLWXLH vQ
VLVWHPH GH vQY PkQW GH VLQH VW W WRDUH WUHEXLH O UJLW úL FX DOWIHO GH FULWHULL
$FHVWHDVHUHIHU ODPRGXOvQFDUHHGXFD LDPX]LFDO QRXDGHQXPLUHDRELHFWXOXL
GH VWXGLX FH DUH FD RELHFW úL VXELHFW VXQHWXO PX]LFDO FRUHVSXQGH GRFWULQHORU
SHGDJRJLFH DOH VHFROXOXL ;; GLQDPLFLL VRFLHW LL LQIRUPDWL] ULL SURFHVXOXL GH
vQY PkQWHWF0HWRGHOHSURSXVHGH&KHYDLV0DUWHQRW2UII:LOOHPV'DOFUR]H
.RGDO\6X]XNLVHSRWQXPLúLVLVWHPHSHQWUXF vQWUXQHVFPDUHSDUWHGLQFHULQ HOH
DFHVWXLD GDU HOH ID GH VLVWHPXO JXLGRQLF DX IRVW FRQFHSXWH SHQWUX FHULQ HOH
ORFDOH QD LRQDOH DOH ILHF UHL UL )DSWXO F XQHOH SURFHGHH LQRYDWH GH &KHYDLV
0DUWHQRW 'DOFUR]H 2UII .RGDO\ 6X]XNL DX IRVW DGDSWDWH vQ GLYHUVH FRO XUL DOH
OXPLL vQW UHúWH UHJXOD PHWRGHOH IDF SDUWH GLQ VXEVLVWHPH DOH úFROLL DFWLYH D
VHFROXOXL;;
5 PkQGHVFKLVHSUREOHPHOHJDWHGHWHKQLFLOHGHHYDOXDUHDSUHGLFWLY úLILQDO
vQ HGXFD LD PX]LFDO IRUPDO SUHJ WLUHD VSHFLDOL]DW D FDGUHORU GLGDFWLFH SHQWUX
úFROLOH GH SHGDJRJLH FXUDWLY SHQWUX GLYHUVH SHULRDGH GH LQL LHUH GH]YROWDUH VDX
VSHFLDOL]DUHDSURIXQGDUH YRFDOLQVWUXPHQWDO D FRSLLORU PLFL D úFRODULORU GLQ
FODVHOH,;,,
/D &RQJUHVXO GH FRQVWLWXLUH D $VRFLD LHL (XURSHQH D ùFROLORU GH 0X]LF
($6GLQDSULOLHFRQFOX]LDDIRVWDFHHDF (XURSDGH LQHLPSRUWDQWHVROX LL
GH FRQWXUDUHD D XQXL VLVWHP GH HGXFD LH PX]LFDO FRHUHQW DGDSWDELO OD FRQGL LLOH
ILHF UHL UL GDF VH FXQRVF UHYDORULILF úL VH FRQMXJ LQRYD LLOH GH OD vQFHSXWXO
DQXOXLODFHOHGLQvQWUHDJDSHULRDG SkQ vQGHRDUHFH(XURSDDFWXDO
QXDUHRVWUDWHJLHXQLWDU FDUHV GHILQHDVF ILQDOLWDWHDXUP ULW GHvQY PkQW
SHWHUPHQPHGLXVDXOXQJ
$FHVWD HVWH úL PRWLYXO SULQFLSDO SHQWUX FDUH D IRVW VFULV DFHVW FXUV
FXQRDúWHUHD SULQFLSDOHORU VLVWHPH VDX VXEVLVWHPH DOH vQY PkQWXOXL PX]LFDO GLQ
XOWLPLLGHDQLSHQWUXDILUHFRQVLGHUDWHúLLQWURGXVHvQFLUFXLWXOvQY PkQWXOXL
SUHXQLYHUVLWDUURPkQHVF

$1(;(

&RQ LQXWXOSULPHORUPDQXDOHGHPX]LF GLQ5RPkQLD

1RW 6HREVHUY F SURJUDPDSHQWUXúFROLHUDLGHQWLF FXFHDGLQvQY PkQ
WXOVXSHULRUVROIHJLLvQWRDWHFKHLOHúLvQWRDWHWRQDOLW LOHFXGLH]LúLEHPROL

&RQ LQXWXOXQRUPDQXDOHGLQDQLLGLQ5RPkQLD

1RW 6H REVHUY F SURJUDPD SHQWUX úFROL HVWH PRGLILFDW ID GH SULPHOH
PDQXDOH DPELWXVXO FkQWHFHORU HVWHDGHFYDWGLDSD]RQXOXLYRFLORUGHFRSLLIRUPX
OHOHULWPLFHVXQWPDLVLPSOHVHGHVFKLGFDSLWROHQRLFHSULYHVFSUREOHPHGHFXOWXU
PX]LFDO

)LúHGHHYDOXDUHDFDOLW LLSURFHVXOXLGHvQY PkQWSDUFXUV

9 UXJ PV FRPSOHWD LvQQXPHSHUVRQDOILúDGHPDLMRVPDUFkQGRS LXQLOH
GYRDVWU SULQWUXQ Ä[´ vQ FDVHWHOH OLEHUH GLQ WDEHOHOH DVRFLDWH SHQWUX D vQWUHJL
vQ HOHVXOHQXQ XULORUGHODSXQFWHOH

),ù

(YDOXDUHD FXUVXOXL WHRUHWLF LQWHJUDO SHQWUX
DQXOODGDWDGH

&RQVLGHU FRQ LQXWXO FXUVXOXL OHJDW GH SURIHVLD GH PX]LFLDQ
LQWHUSUHWSHGDJRJ

SX LQ IRDUWH

&RQVLGHU F WHPDWLFD R DERUGDUH PRGHUQ DFWXDOL]DW vQ FHHD FH
SULYHúWHSDUWHDWHRUHWLF

DUH 1XDUH

&RQVLGHU F WHPDWLFD R DERUGDUH PRGHUQ DFWXDOL]DW vQ FHHD FH
SULYHúWHPLMORDFHOHGLGDFWLFH

QXDDYXW QXDDYXWODWRDWHWHPHOH DDYXWvQSHUPDQHQ

&RQVLGHUF vQWUHJXOFXUVDSHUPLVúLIDYRUL]DWDERUG UL

WHRUHWLFHQRL VWULFWSUDFWLFH WHRUHWLFHSUDFWLFHYHFKL LQWHUúL
úLQRL PXOWLGLVFLSOLQDUH

$úSUHIHUDFDvQSUH]HQWDUHDFXUVXULORUSULRULWDU V ILH

PHWRGDSUHOHJHULL PHWRGDGLDORJXOXL RFRPELQD LHGHPHWRGH
LQWHUDFWLY FODVLFHúLPRGHUQH

(VWLPH]F DFFHVLELOLWDWHDFXUVXOXLvQWRWDOLWDWHDOXLDIRVWGH

PDLSX LQGH

$SUHFLH]F RELHFWLYHOHFXUVXOXLDWkWFHOHJHQHUDOHFkWúLFHOHVSHFLDOHDX
IRVWDWLQVHvQSURSRU LHGH

&XUVXOvQvQWUHJLPHDIRVWH[SXVODXQQLYHODFDGHPLF

QHVDWLVI F WRU VDWLVI F WRU EXQ IRDUWH H[FHOHQW
EXQ

1XPHSUHQXPHDQXO
QXHVWHREOLJDWRULX


),ù

(YDOXDUHDWHPHLFXWLWOXOGLQFXUVXOGHSHQWUX
DQXOGLQGDWDGH

&RQVLGHUF WHPDFXUVXOXLOHJDW GHSUDFWLFDXQXLPX]LFLDQSHGDJRJ

QXHVWHGHORF HVWHSX LQ HVWHIRDUWH

&RQVLGHUF WHPDFXUVXOXLRRSWLF WHRUHWLF QRX DVXSUDFHORUH[SXVH

QXDDGXV DDGXV

&RQVLGHUF vQFXUVH[HPSOHPX]LFDOHúLPDWHULDOHGLGDFWLFHLFRQLFH

QXVDXDGXVVXILFLHQWH VDXDGXVVXILFLHQWH

&RQVLGHU F PHWRGRORJLD úL VWUDWHJLD DERUGDW D IDYRUL]DW ODWXUD D
FXUVXOXL

SUDFWLF WHRUHWLF LQWHUGLVFLSOLQDU

2SLQLDPHDHVWHF WHPDDFHVWXLFXUVVDUILSUHWDWXQHLDERUG ULPHWRGLFH
SULQ

SUHOHJHUH GLDORJLQWHUDFWLY FRPELQDUHDPDLPXOWRUSURFHGHH
GHH[SXQHUHúLDF LXQH

&RQVLGHUF H[SXQHUHDFXUVXOXLDIRVWDFFHVLELO vQSURSRU LHGH

PDLSX LQGH

(VWLPH]F RELHFWLYHOHFXUVXOXLDXIRVWDWLQVHvQSURSRU LHGH

&XUVXODIRVWSUHGDWODXQQLYHODFDGHPLF

EXQ VDWLVI F WRU QHVDWLVI F WRU IRDUWHEXQ H[FHOHQW

1XPHSUHQXPHDQXOQXHVWHREOLJDWRULX


),ù

(YDOXDUH D VHPLQDUXOXL GH SHQWUX DQXO OD GDWD
GH

&RQVLGHU F DERUGDUHD PHWRGLF D VHPLQDUXOXL RELHFWLYHORU
JHQHUDOHúLVSHFLDOHSHQWUXDOIDFHHILFLHQW

DFRUHVSXQV QXDFRUHVSXQV

&RQVLGHUF H[HPSOHOHPX]LFDOHúLPDWHULDOHOHGLGDFWLFHSHQWUXQLYHOXOGH
VWXGLLPDVWHULDOHDXIRVW

VXILFLHQWH QXPHURDVHúLGLYHUVH SUHDQXPHURDVH LQVXILFLHQWH

&RQVLGHUF WHPDDERUGDW VDUILSUHWDWODRDFWLYLWDWH

SHJUXSH IURQWDO LQGLYLGXDO FRPELQDWRULHIURQWDO SH
GLQDPLFHPLFL JUXSHLQGLYLGXDO

&RQVLGHUF LQVWUXPHQWHOHGHHYDOXDUHDDFWLYLW LLODVHPLQDUDUILWUHEXLW
V ILH

RUDOH QXPDLSUDFWLFH VFULVH RUDOHSUDFWLFHVFULVH

&RQVLGHU F V VH DFRUGH DWHQ LH SUREOHPHORU ULGLFDWH GH PDVWHUDQ]L
SUREOHPH FH SULYHVF VLWXD LL GH OD ORFXO ORU GH PXQF GHRDUHFH QX DFHVWHD VXQW
RELHFWLYHOHVWXGLLORUXQLYHUVLWDUH

QXWUHEXLH WUHEXLH

6HPLQDUXO úLD DWLQV RELHFWLYHOH WHRUHWLFH vQ SURSRU LH GH RELHFWLYH
SUDFWLFH vQ SURSRU LH GH RELHFWLYH LQWHUGLVFLSOLQDUH vQ SURSRU LH GH úL
RELHFWLYHDWLWXGLQDOHvQSURSRU LHGHY URJV HVWLPD LGYRDVWU SURFHQWDMXO



),ù

(YDOXDUHD OXFU ULL SUDFWLFH GH OD GLVFLSOLQD SHQWUX
DQXOODGDWDGH

&RQVLGHUF DERUGDUHDPHWRGLF DDFWLYLW LORUSUDFWLFHRELHFWLYHORU
RSHUD LRQDOHSHQWUXDOIDFHHILFLHQW

DFRUHVSXQV QXDFRUHVSXQV

&RQVLGHUF H[HPSOHOHPX]LFDOHúLPDWHULDOHOHGLGDFWLFHSHQWUXDFHVWWLSGH
DFWLYLWDWHDXIRVW

VXILFLHQWH QXPHURDVHúLGLYHUVH SUHDQXPHURDVH LQVXILFLHQWH

&RQVLGHUF WHPDDFWLYLW LLSUDFWLFHVDUILSUHWDWODRDFWLYLWDWH

SHJUXSHGLQDPLFH IURQWDO LQGLYLGXDO FRPELQDWRULHIURQWDO SHJUXSH
PLFL LQGLYLGXDO

&RQVLGHU F LQVWUXPHQWHOH GH HYDOXDUH D DFWLYLW LL VWXGHQ LORUPDVWHUDQ
]LORUDUILWUHEXLWV ILH

RUDOH QXPDLSUDFWLFH VFULVH RUDOHSUDFWLFHVFULVH

$FHDVW IRUP GH DFWLYLWDWH úLD DWLQV RELHFWLYHOH WHRUHWLFH vQ SURSRU LH
GHRELHFWLYHSUDFWLFHvQSURSRU LHGHRELHFWLYHLQWHUGLVFLSOLQDUHvQ
SURSRU LHGHúLRELHFWLYHDWLWXGLQDOHvQSURSRU LHGHY URJV HVWLPD L
GYRDVWU SURFHQWDMXO


7LSXULGHvQY DUHSURJUDPDW 6NLQQHU&URZGHU

*0XQWHDQX'HODGLGDFWLF ODHGXFD LDPX]LFDO
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWL

*0XQWHDQX'HODGLGDFWLF ODHGXFD LDPX]LFDO
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWL

([HPSOXGLQ*0XQWHDQX0HWRGLFDHGXFD LHLPX]LFDOHSDJ

([HPSOXGLQ*0XQWHDQX0HWRGLFDHGXFD LHLPX]LFDOHS

%,%/,2*5$),(

2EOLJDWRULH
*DEULHOD 0XQWHDQX 'H OD GLGDFWLF OD HGXFD LH PX]LFDO (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH
6XSOLPHQWDU
$OGHD*HRUJHWD0XQWHDQX*DEULHOD'LGDFWLFDHGXFD LHLPX]LFDOHSHQWUX
vQY PkQWXO SULPDU HGL LD D ,,D (GLWXUD 'LGDFWLF úL 3HGDJRJLF
%XFXUHúWL
%RLHU0DULD0DULQFD0DUJLND*UHWFKHQ ÌQGUXPDUPHWRGLFGHPX]LF
YRO,(GLWXUD6WXGLXP&OXM1DSRFD
&KHYDLV 0DXULFH $EHFHGDLUH PXVLFDO $OSKRQVH OHGXF UXH 6DLQW
+RQRUH
&KHYDLV0DXULFH$YDQWOHVROIpJH$OSKRQVHOHGXFUXH6DLQW+RQRUH

&VLUH,RVLI(GXFD LDPX]LFDO GLQSHUVSHFWLYDFUHDWLYLW LL8QLYHUVLWDWHD
GH0X]LF %XFXUHúWL
&RPDQ/DYLQLD9UHLV ILLSURIHVRUGHSLDQ"(GLWXUD810%
&RPDQ/DYLQLD3LDQLVWLFDPRGHUQ (GLWXUD810%
&HUQRYRGHDQX0DULD0LFDPHWRG GHSLDQ(GLWXUD0X]LFDO %XFXUHúWL

'HZH\-RKQ)XQGDPHQWHSHQWUXRúWLLQ DHGXFD LHL('3%XFXUHúWL

(GOXQG/DUVW0RGXVQRYXVWUDGXFHUHúLDGDSWDUHGH2YLGLX*LXOYH]DQúL
$UWKXU)XQN8QLYHUVLWDWHDGLQ7LPLúRDUD)DFXOWDWHDGH$UWH
*DVWRXp$PpGpH$UWDJUHJRULDQ (GLWXUD0X]LFDO %XFXUHúWL
*LXOHDQX9LFWRU7UDWDWGHWHRULDPX]LFLL(GLWXUD0X]LFDO %XFXUHúWL

+XL]LQJD-RKDQ+RPROXGHQV(GLWXUD+XPDQLWDV%XFXUHúWL
-LJ X0LKDL&RSLLLVXSUDGRWD L(GLWXUD6RFLHWDWHDùWLLQ 7HKQLF 6$

-XUF X(PLOLD-XUF X1LFRODH&XPYRUEHVFFRSLLLQRúWUL(GLWXUD'DFLD
&OXM
.DEDOHYVNL 'PLWUL %RULVLYLFL &HOH WUHL EDOHQH úL PXOWH DOWHOH (GLWXUD
/XPLQD&KLúLQ X
/XEDQ3OL]]D %RULV ,DPDQGHVFX ,RDQ %DUEX 'LPHQVLXQLOH SVLKRORJLFH
DOH0X]LFLL,QWURGXFHUHvQPX]LFRWHUDSLH(GLWXUD5RPFDUWHF[LP
/DQGVKHHUH GH *LOEHUW ,VWRULD XQLYHUVDO D SHGDJRJLHL H[SHULPHQWDOH
('3%XFXUHúWL

0XQWHDQX *DEULHOD -RFXO GLGDFWLF PX]LFDO (GLWXUD $FDGHPLHL GH
0X]LF %XFXUHúWL
0XQWHDQX *DEULHOD ([HUFL LL PX]LFDOH GH WLS OXGLF (GLWXUD )XQGD LHL
5RPkQLDGH0kLQH%XFXUHúWL
0XQWHDQX *DEULHOD 'LGDFWLFD HGXFD LHL PX]LFDOH (GLWXUD )XQGD LHL
5RPkQLDGH0kLQH%XFXUHúWL
3ODQFKDUG(PLOH3HGDJRJLDúFRODU FRQWHPSRUDQ ('3%XFXUHúWL
3DYOHQFR&DPHOLD &HDPDLPLF PHWRG (GLWXUD(XURPDUNHWLQJ65/
%XFXUHúWL
5vS &RQVWDQWLQ 7HRULD VXSHULRDU D PX]LFLL YRO , (GLWXUD 0HGLD
0XVLFD&OXM
5vS &RQVWDQWLQ 7HRULD VXSHULRDU D PX]LFLL YRO ,, (GLWXUD 0HGLD
0XVLFD&OXM
6vUEX0DULD&ULVWLQD&DUO2UII±YLD DúLRSHUD(GLWXUD$QLPD
6NLQQHU %XUUKXV )UHGHULF 5HYROX LD úWLLQ LILF D vQY PkQWXOXL ('3
%XFXUHúWL
6]HQWSDO0DULD-DWHNRV5LWPLND(GLWXUD.ULWHULRQ%XFXUHúWL
8UP 'HP$FXVWLFDúLPX]LFD(GLWXUD'LGDFWLF úL3HGDJRJLF
9DVLOH9DVLOH0HWRGLFDHGXFD LHLPX]LFDOH(GLWXUD0X]LFDO %XFXUHúWL

:HUQHU7KRPDV0XVLFD3RHWLFD2UII6FKXOZHUN3URGXNWLRQ+DUPRQLD
0XQGL$OOHPDJQH
:HUQHU 7KRPDV 'DV 2UII6FKXOZHUN DOV SDGDJRJLVFKHV 0RGHOO vQ
Ä(U]LHKXQJXQG:LUNOLFKNHLWÝRO,;0XQFKHQ

'LF LRQDUGHWHUPHQLSHGDJRJLFL&ULVWHD6RULQ('3
'LF LRQDU GH WHUPHQL PX]LFDOL (GLWXUD ùWLLQ LILF úL (QFLFORSHGLF
%XFXUHúWL
,GHL FRQWHPSRUDQH,QWHUGLVFLSOLQDULWDWHD úL úWLLQ HOH XPDQH 81(6&2
(GLWXUD3ROLWLF %XFXUHúWL
/XFU ULOHVLPSR]LRQXOXLÄ(GXFD LDPX]LFDO vQHWDSDSUHQRWD LHL´
9,&OXM
0DQXDOHOHDOWHUQDWLYHGHHGXFD LHPX]LFDO GLQSHULRDGD
3URJUDPHOHúFRODUHSHQWUXFODVHOH,;HGL LLOH

Sisteme de Educatie PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sisteme de Educatie PDF

Uploaded by

Copyright:

Available Formats

([WLQGHUHDVROPL]D LHLERFHGL]DUHDúLGHQXPLUHDVXQHWHORUGXS *LEHOLXV

You might also like

Sisteme de Educatie PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sisteme de Educatie PDF

Uploaded by

Copyright:

Available Formats

([WLQGHUHDVROPL]D LHLERFHGL]DUHDúLGHQXPLUHDVXQHWHORUGXS *LEHOLXV

You might also like

([WLQGHUHDVROPL]D LHLERFHGL]DUHDúLGHQXPLUHDVXQHWHORUGXS *LEHOLXV