You are on page 1of 226

4'8+56#

+5614+%à

6(5,(128Ă
7208/;9,,,15±
PDL±DXJXVW


680$5

6,67(08/&2081,67±*(50,1$ğ,(ù,',63$5,ğ,(

‚(8*(1'(1,=(6HUYLFLLOHGHLQIRUPDĠLLDPHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă
vQDQLL¶úL¶DLVHFROXOXL;;  
0,2$5$ $1721 0L]D XQHL GL]LGHQĠH 5HODĠLLOH URPkQRVRYLHWLFH úL FUL]D GLQ 2ULHQWXO
0LMORFLX,XQLH   
&(=$50ÆğĂ&RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO   

6&(1$387(5,,±5(*,(ù,&8/,6(

$'5,$16,/9$1 ,21(6&8 &HUHPRQLLOH vQFRURQăULL GLQ  úL UHVXVFLWDUHD WHPDWLFLL


LVWRULFHvQSODVWLFDQDĠLRQDOă   
0$5,$16752,$IHEUXDULHúLPDLRSDUDOHOăLVWRULFă  
29,',8 &5,67($ Ä&X DFHVW IHOLX GH SRPSă LDX GXV´ XQ ÄVSHFWDFRO´ SHQWUX XQ FD] GH
ÄKLFOHQLH´vQYHDFXODO;9,,OHD   
2$1$5,=(6&8&RQWURODUHDVOXMEDúLORUGRPQHúWLvQWUHIHUPLWDWHúLÄYRLHYHJKHDWă´6WXGLX
GHWHUPLQRORJLHLVWRULFă   

-2&8/$/,$1ğ(/25±7(;7ù,&217(;7

,/($1$&Ă=$1)URQWXODQWLRWRPDQúLQRXOHFKLOLEUXGHIRUĠHvQ%DOFDQLúLODOLQLD'XQăULL
± vQLVWRULRJUDILDURPkQăYHFKH  
9,5*,/&,2&Ì/7$13UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ   

0(1725,0$(ù75,ù,678'(1ğ,

%2*'$1323$0DHúWULúLSURIHVRULGHHGXFDĠLHIL]LFăvQ5RPkQLDLQWHUEHOLFă   


'$1,(/&,7,5,*Ă&RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH ,GHRORJLH
SURSDJDQGăúLDQWLVHPLWLVP   

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±


6856(ù,,17(535(7$5(

7h'ė6 6 .,1*$ &RQVFULSĠLLOH úL XUEDULLOH GLQ HSRFD 3ULQFLSDWXOXL WUDQVLOYăQHDQ &D]XO
ğLQXWXOXL6HFXLHVF   
ù(5%$1 0$5,1 8Q ILX GH GRJH OD FXUWHD ĠDUXOXL 6LPHRQ DO %XOJDULHL &D]XO OXL 3LHWUR
%DGRDUR   
5$'8ù7()$19(5*$77,9ODGğHSHúúLRUDúXO&kPSXOXQJ0XVFHO  

9,$ğ$ù7,,1ğ,),&Ă

6LPSR]LRQXO Ä7KLUG ,QWHUQDWLRQDO &RQJUHVV RQ ,VODPLF &LYLOLVDWLRQ LQ WKH %DONDQV´
%XFXUHúWL±QRLHPEULH 1DJ\3LHQDUX &RQIHULQĠDÄ5HYLVLWLQJ6RXWK(DVWHUQ
(XURSH &RPSDUDWLYH 6RFLDO +LVWRU\ RI WKH WK DQG WK &HQWXULHV´ %RFKXP
8QLYHUVLWDWHD 5XKU ,QVWLWXW IU VR]LDOH %HZHJXQJHQ ± LDQXDULH  $QFD
ùLQFDQ  &RORFYLXO ÄùWHIDQ FHO 0DUH ,]YRDUH úL LQWHUSUHWăUL´ ,DúL  PDUWLH 
2YLGLX&ULVWHD 0DVDURWXQGăÄ3HUVSHFWLYHDOHQRLLLVWRULRJUDILLLWDOLHQHúLURPkQH´
%XFXUHúWL  PDUWLH  5DOXFD 7RPL  &RQIHULQĠD Ä0RGHUQL]DUHD vQ 5RPkQLD vQ
VHFROHOH ;,;±;;´ &OXM ± PDL  5DOXFD 7RPL  6HVLXQHD DQXDOă GH
FRPXQLFăUL úWLLQĠLILFH D ,QVWLWXWXOXL GH ,VWRULH Ä1LFRODH ,RUJD´ ± LXQLH  1DJ\
3LHQDUX  3URJUDPXO Ä(XURSD FHQWUDOă ĠăULOH URPkQH úL VSDĠLXO SRQWLF´ /LVWD
FRPXQLFăULORUGLQRFWRPEULH±LXQLH  

127(ù,5(&(1=,,


$.iUSiWPHGHQFHQpSHLQHNHJ\WWpOpVHD±V]i]DGEDQ7DQXOPiQ\RNFRRUG(*5<
*È%25 )(,7/ ,679È1 1DSYLOiJ .LDGy %XGDSHVW   S 9LRUHO $FKLP 

5ă]ERLXO &ULPHLL  GH DQL GH OD vQFKHLHUH FRRUG $'5,$1±6,/9$1
,21(6&8(GLW,VWURV%UăLODS %RJGDQ3RSD 5(<1$/'$%$'/H
JUDQG PDUFKp /¶DSSURYLVLRQQHPHQW DOLPHQWDLUH GH 3DULV VRXV O¶$QFLHQ 5pJLPH
)D\DUG 3DULV   S 6LPLRQ &kOĠLD  686$1$ $1'($ 0HGLFXO GRPQHVF
%DUWRORPHR)HUUDWLúLHSRFDVD'RFXPHQWH(GLW6XSHUJUDI&OXM1DSRFD
S $QGUHL 3LSSLGL  $1721< %((925 %HUOLQ &ăGHUHD ±  (GLW 5$2
%XFXUHúWL   S 5DGX ùWHIDQ 9HUJDWWL  )(,167(,1 + &+$5/(6
7+20$6 0$5. 0DNLQJ +LVWRU\ &RXQW $ 3ULPHU LQ 4XDQWLWDWLYH 0HWKRGV IRU
+LVWRULDQV &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH   S ,ULQD *DYULOă 
0$-$3+,/,33,.URQVWDGW(GLW$OGXV%UDúRYS $OH[DQGUX&LRFvOWDQ 
*(5127 1866%b&+(5 &DLHWHOH &RURQD &RQWULEXĠLL OD LVWRULD %UDúRYXOXL
&DLHWXO  (GLW $OGXV %UDúRY   S $OH[DQGUX &LRFvOWDQ  (5,.$ ',$1(
5$33$3257 6KRSSLQJ IRU SOHDVXUH :RPHQLQ WKH 0DNLQJ RI /RQGRQ¶V :HVW (QG
3ULQFHWRQ8QLYHUVLW\3UHVV3ULQFHWRQ1HZ-HUVH\S 5DPRQD&DUDPHOHD  

,10(025,$0

‚7HUHVD)HUUR ,RDQ$XUHO3RS   





*+5614+%#.
4'8+'9
1(:6(5,(6

720(;9,,,1RV±
0D\±$XJXVW

&217(176

7+(&20081,676<67(0±*(50,1$7,21$1'(;7,1&7,21

‚(8*(1 '(1,=( 7KH $PHULFDQ ,QWHOOLJHQFH 6HUYLFHV RQ 'HYHORSPHQWV LQ WKH 6RYLHW
8QLRQLQWKH(LJKWLHVDQG1LQHWLHVRIWKH7ZHQWLHWK&HQWXU\   
0,2$5$ $1721 7KH 6WDNHV RI 'LVVLGHQFH 5RPDQLDQ6RYLHW 5HODWLRQV DQG WKH 0LGGOH
(DVW&ULVLV-XQH  
&(=$50ÆğĂ&RPPXQLVWVXQGHU6XUYHLOODQFHE\WKH3RZHU,QVWLWXWLRQV7KH<HDU   

7+(*$0(2)32:(5±',5(&7,21$1'%$&.67$*(

$'5,$1±6,/9$1 ,21(6&8 7KH  &RURQDWLRQ &HUHPRQLHV DQG WKH 5HYLYDO RI
+LVWRULFDO7KHPHVLQ1DWLRQDO3ODVWLF$UWV  
0$5,$16752,$)HEUXDU\DQG0D\$+LVWRULFDO3DUDOOHO   
29,',8&5,67($³:LWK6XFK3XPS7KH\:HUH(VFRUWHG´$³0RFN7ULXPSK´LQD&DVH
RI)HORQ\LQWKHWK&HQWXU\  
2$1$5,=(6&83ULQFHO\$XWKRULW\RYHUWKH$GPLQLVWUDWLYH3HUVRQQHO%HWZHHQ'HWHUPLQDWLRQ
DQG)DYRUV±³9RLH9HJKHDWă´$6WXG\LQ+LVWRULFDO9RFDEXODU\   

7+(*$0(2)$//,$1&(6±7(;7$1'&217(;7

,/($1$ &Ă=$1 7KH $QWL2WWRPDQ )URQW DQG WKH 1HZ %DODQFH RI 3RZHU LQ WKH %DONDQV
DQGRQWKH'DQXEH/LQH ± LQ2OG5RPDQLDQ+LVWRULRJUDSK\   
9,5*,/&,2&Ì/7$13UHPLVHVRIWKH2WWRPDQ*HQRHVH7UHDW\RI  

0(17256352)(66256$1'678'(176

%2*'$1323$&RDFKHVDQG6SRUWV7HDFKHUVLQ,QWHUZDU5RPDQLD  
'$1,(/ &,7,5,*Ă 7KH 6WXGHQWV¶ &RQJUHVV RI 7kUJX0XUHú ± $SULO   ,GHRORJ\
3URSDJDQGDDQG$QWL6HPLWLVP   

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



6285&(6$1',17(535(7$7,21

7h'ė66.,1*$&RQVFULSWLRQ/HGJHUVDQG8UEDULDIURPWKH7LPHRIWKH7UDQV\OYDQLDQ
3ULQFLSDOLW\7KH6]HNOHU&RXQW\  
ù(5%$1 0$5,1 $ 'RJH¶V 6RQ DW WKH &RXUW RI 7VDU 6\PHRQ RI %XOJDULD 7KH &DVH RI
3LHWUR%DGRDUR  
5$'8ù7()$19(5*$77,9ODGWKH,PSDOHUDQGWKH7RZQRI&kPSXOXQJ0XVFHO   

6&,(17,),&/,)(

6\PSRVLXP³7KLUG,QWHUQDWLRQDO&RQJUHVVRQ,VODPLF&LYLOLVDWLRQLQWKH%DONDQV´%XFKDUHVW
± 1RYHPEHU  1DJ\ 3LHQDUX  &RQIHUHQFH ³5HYLVLWLQJ 6RXWK (DVWHUQ (XURSH
&RPSDUDWLYH 6RFLDO +LVWRU\ RI WKH WK DQG WK &HQWXULHV´ %RFKXP 8QLYHUVLW\ RI
5XKU ,QVWLWXW IU VR]LDOH %HZHJXQJHQ ± -DQXDU\  $QFD ùLQFDQ  &ROORTX\
³6WHYHQ WKH *UHDW 6RXUFHV DQG ,QWHUSUHWDWLRQV´ ,DúL  0DUFK  2YLGLX &ULVWHD 
5RXQG7DEOH³1HZ'HYHORSPHQWVLQ,WDOLDQDQG5RPDQLDQ+LVWRULRJUDSK\´%XFKDUHVW
0DUFK 5DOXFD7RPL &RQIHUHQFHÄ7KH0RGHUQL]DWLRQRI5RPDQLDLQWKHWK
DQGWK&HQWXULHV´&OXM±0D\ 5DOXFD7RPL $QQXDO6HVVLRQRI6FLHQWLILF
&RPPXQLFDWLRQVDWWKH³1LFRODH,RUJD´+LVWRU\,QVWLWXWH±-XQH 1DJ\3LHQDUX 
³&HQWUDO (XURSH WKH 5RPDQLDQ 3ULQFLSDOLWLHV DQG WKH 3RQWLF 6SDFH´ 3URJUDP /LVW RI
3DSHUV2FWREHU±-XQH 

127(6$1'5(9,(:6


$.iUSiWPHGHQFHQpSHLQHNHJ\WWpOpVHD±V]i]DGEDQ7DQXOPiQ\RNFRRUGE\(*5<
*È%25 )(,7/ ,679È1 1DSYLOiJ .LDGy %XGDSHVW   SS 9LRUHO $FKLP 

5ă]ERLXO&ULPHLLGHDQLGHODvQFKHLHUH <HDUV6LQFHWKH(QGRIWKH&ULPHDQ
:DU FRRUGE\$'5,$16,/9$1,21(6&8(GLW,VWURV%UăLODSS %RJGDQ
3RSD 5(<1$/'$%$'/HJUDQGPDUFKp/¶DSSURYLVLRQQHPHQWDOLPHQWDLUHGH3DULV
VRXVO¶$QFLHQ5pJLPH)D\DUG3DULVSS 6LPLRQ&kOĠLD 686$1$$1'($
0HGLFXO GRPQHVF %DUWRORPHR )HUUDWL úL HSRFD VD 'RFXPHQWH 7KH 3ULQFHO\ &RXUW
3K\VLFLDQ%DUWRORPHR)HUUDWLDQG +LV(SRFK'RFXPHQWV (GLW6XSHUJUDI&OXM1DSRFD
SS $QGUHL3LSSLGL $1721<%((925%HUOLQ&ăGHUHD± %HUOLQ7KH
)DOO± (GLW5$2%XFXUHúWLSS 5DGXùWHIDQ9HUJDWWL )(,167(,1+
&+$5/(67+20$60$5.0DNLQJ+LVWRU\&RXQW$3ULPHULQ4XDQWLWDWLYH0HWKRGV
IRU +LVWRULDQV &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH   SS ,ULQD *DYULOă 
0$-$ 3+,/,33, .URQVWDGW (GLW $OGXV %UDúRY   SS $OH[DQGUX &LRFvOWDQ 
*(51271866%b&+(5&DLHWHOH&RURQD&RQWULEXĠLLODLVWRULD%UDúRYXOXL&DLHWXO
7KH &RURQD /HGJHUV &RQWULEXWLRQV WR WKH +LVWRU\ RI %UDúRY /HGJHU   (GLW $OGXV
%UDúRYSS $OH[DQGUX&LRFvOWDQ (5,.$',$1(5$33$32576KRSSLQJIRU
SOHDVXUH :RPHQ LQ WKH 0DNLQJ RI /RQGRQ¶V :HVW (QG 3ULQFHWRQ 8QLYHUVLW\ 3UHVV
3ULQFHWRQ1HZ-HUVH\SS 5DPRQD&DUDPHOHD  

,10(025,$0

‚7HUHVD)HUUR ,RDQ$XUHO3RS   


6,67(08/&2081,67±*(50,1$ğ,(
ù,',63$5,ğ,(

6(59,&,,/('(,1)250$ğ,,$0(5,&$1('(635(
6,78$ğ,$',181,81($629,(7,&Ă
Ì1$1,,¶ù,¶$,6(&2/8/8,;;

‚(8*(1'(1,=(

5ă]ERLXO 5HFH GHFODQúDW OD IRDUWH VFXUW WLPS GXSă vQFKHLHUHD FHOXL GHDO
GRLOHD 5ă]ERL 0RQGLDO D RSXV QX QXPDL GRXă VXSHUSXWHUL 6WDWHOH 8QLWH DOH
$PHULFLL úL 8QLXQHD 6RYLHWLFă FL GRXă VLVWHPH HFRQRPLFRVRFLDOH SROLWLFR
LGHRORJLFHúLFXOWXUDOHSHFDUHOHUHSUH]HQWDXDFHVWHD$IRVWXQFRQIOLFWDVHPăQăWRU
Uă]ERDLHORU UHOLJLRDVH GLQ VHFROHOH ;9, úL ;9,, FDUH GHúL QX VD WUDQVIRUPDW
vQWUXQ FRQIOLFW GHVFKLV D FXSULQV WRDWH VIHUHOH GH DFWLYLWDWH DOH XPDQLWăĠLL 'DFă
5ă]ERLXO 5HFH D vQVHPQDW OLSVD XQHL FRQIUXQWăUL GLUHFWH PLOLWDUH vQWUH VRYLHWLFL úL
DPHULFDQL QX HVWH PDL SXĠLQ DGHYăUDW Fă HO D UHSUH]HQWDW úL XQ úLU GH FRQIUXQWăUL
GLUHFWH GHRVHELW GH VkQJHURDVH FXP DU IL Uă]ERLXO GLQ &RUHHD Uă]ERDLHOH GLQ
,QGRFKLQD Uă]ERLXO GLQ $OJHULD Uă]ERDLHOH GLQWUH ,QGLD úL 3DNLVWDQ GLQ 2ULHQWXO
0LMORFLX GLQ $IULFD úL $PHULFD /DWLQă (YLGHQW vQVă Fă WRDWH DFHVWH FRQIOLFWH
VkQJHURDVHQXSXWHDXUH]ROYDFRQWUDGLFĠLLOHSULQFLSDOHSURYRFDWHGH5ă]ERLXO5HFH
0XOW PDL LPSRUWDQWH vQ FHHD FH SULYHúWH FRQIUXQWDUHD GLQWUH FHOH GRXă EORFXUL
VRYLHWLF úL DPHULFDQ DX IRVW Uă]ERLXO HFRQRPLF SUREDELO HOHPHQWXO HVHQĠLDO DO
5ă]ERLXOXL5HFHúLUă]ERLXOUHĠHOHORUGHVSLRQDMFDUHIăUăVăILHDWkWGHYL]LELOD
DYXW XQ URO HVHQĠLDO vQ DGRSWDUHD XQRU GHFL]LL FkW PDL FRUHFWH GH FăWUH FHOH GRXă
VXSHUSXWHUL 'LQ DFHVW SXQFW GH YHGHUH DP DYXW SRVLELOLWDWHD Vă FRQVXOWăP SH
LQWHUQHW vQ OXQD PDUWLH D DQXOXL  SDWUX UDSRDUWH HVWLPDWLYH DOH VHUYLFLLORU GH
LQIRUPDĠLHDPHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFăúLGHVSUHSHUVSHFWLYHOH
GH HYROXĠLH DOH DFHVWHLD KWWSZZZPWKRO\RNHHGXDFDGFROGZDUKWP  (YLGHQW
VXQW UDSRDUWH GH VLQWH]ă vQWRFPLWH GH $JHQĠLD &HQWUDOă GH ,QIRUPDĠLL &,$  SH
ED]D LQIRUPDĠLLORU FXOHVH GH WRDWH DJHQĠLLOH GH LQIRUPDĠLL DPHULFDQH DELOLWDWH vQ
DFHVWVHQV3ULPXOUDSRUWSHFDUHOYRPOXDvQGLVFXĠLHGDWHD]ăGLQOXQDVHSWHPEULH
 GH OD vQFHSXWXULOH PDQGDWXOXL OXL 0LKDLO *RUEDFLRY DQH[D ,  FD VHFUHWDU
JHQHUDODOSDUWLGXOXLFRPXQLVWúLUHSUH]LQWăRSULYLUHGHDQVDPEOXDVXSUDLQGXVWULHL
GHDUPDPHQWúLDVXSUDvQDUPăULORU8QLXQLL6RYLHWLFHvQXOWLPHOHGRXăGHFHQLL5DSRUWXO
DSUHFLD Fă vQ DFHVWH XOWLPH GRXă GHFHQLL 8QLXQHD 6RYLHWLFă VD vQDUPDW OD XQ QLYHO
QHHJDODWQLFăLHULvQOXPH3HVWHGHWDQFXULGHYHKLFXOHEOLQGDWHXúRDUH

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±

 (XJHQ'HQL]H 

GHUDFKHWHEDOLVWLFHVWUDWHJLFHGHDYLRDQHGHUDFKHWHVRODHU
úL  GH VXEPDULQH LQWUDVHUă vQ GRWDUHD IRUĠHORU DUPDWH vQFHSkQG FX  ÌQ
DFHODúL WLPS DPHULFDQLL FRQVLGHUDX Fă VRYLHWLFLL FRQVWUXLVHUă FHD PDL PDUH
LQGXVWULHGHDUPDPHQWGLQOXPHÌQJHQHUDOGHPDULvQWUHSULQGHULGHSURLHFWDUH
OXFUDX VLPXOWDQ OD GH]YROWDUHD D ± GH DUPH QRL $UPDPHQWXO VH DUăWD vQ
UDSRUWHUDDVDPEODWvQDSUR[LPDWLYGHFRPSOH[HLQGXVWULDOHPDMRUHUăVSkQGLWH
SHWRWWHULWRULXO3URLHFWDQĠLLúLSURGXFăWRULLGHDUPDPHQWSULPHDXVSULMLQXODPLLGH
RUJDQL]DĠLLLQGXVWULDOHúLDFDGHPLFH3RWULYLWUDSRUWXOXLHVWLPDWLYDO&,$SURGXFĠLD
GH DUPDPHQW VH FDUDFWHUL]D vQFă GLQ DQLL  SULQ   FRQGXFHUHD FHQWUDOL]DWă D
SDUWLGXOXL úL D RUJDQL]DĠLLORU JXYHUQDPHQWDOH FRQWLQXLWDWH úL VWDELOLWDWH D
SHUVRQDOXOXLúLDSURJUDPXOXL DXWRUL]DĠLDILQDOăGDWăGHFRQGXFHUHDSDUWLGXOXLvQ
SULYLQĠD SURJUDPHORU GH vQDUPDUH úL D IRQGXULORU QHFHVDUH   SURLHFWDUHD UHODWLY
VLPSOă úL FX ULVFXUL PLQLPH D DUPDPHQWXOXL IRORVLQGXVH PDL DOHV FRPSRQHQWH
VWDQGDUG úL WHKQRORJLL H[LVWHQWH úL YHULILFDWH   VLVWHPH GH SURGXFĠLH XúRDUH FDUH
SRW IL IDEULFDWH IăUă R ED]ă LQGXVWULDOăúL WHKQRORJLFă VRILVWLFDWă úL FDUH QHFHVLWă R
IRUĠăGH PXQFăVHPLFDOLILFDWăVDXFKLDUQHFDOLILFDWă SURGXFĠLDSHVFDUăODUJăD
DFHOXLDúLWLSGHDUPă GH]YROWDUHDDUPDPHQWXOXLSULQvPEXQăWăĠLULWUHSWDWHúLQX
SULQFUHDUHDGHVLVWHPHúLVXEVLVWHPHFRPSOHWQRL
'H]YROWDUHD HFRQRPLHL úL D WHKQRORJLHL SUHFXP úL DPHQLQĠăULOH H[WHUQH vL
GHWHUPLQă vQVă SH VRYLHWLFL VH DUăWD vQ UDSRUWXO &,$ Vă PRGLILFH DFHVWH VWUDWHJLL
ÌQFHWLQLUHD UDWHL GH FUHúWHUH D HFRQRPLHL vQ GHFHQLXO ¶ úL FRQVWUkQJHULOH GXUH vQ
SULYLQĠD GLVSRQLELOLWăĠLL UHVXUVHORU FKHLH LDX IăFXW SH OLGHULL VRYLHWLFL DUăWDX
DQDOL]HOH &,$ Vă SXQă DFFHQWXO PDL PXOW GHFkW vQ WUHFXW SH HILFLHQĠă ÌQ DFHODúL
WLPS GH]YROWDUHD DUPDPHQWXOXL vQ 9HVW úL SURJUDPHOH FHUFHWăULL úL GH]YROWăULL vQ
DFHVW GRPHQLX LDX IăFXW Vă FDXWH Vă GH]YROWH FDSDFLWăĠLOH úL SHUIRUPDQĠHOH
DUPDPHQWXOXL 'LQ DFHVW SXQFW GH YHGHUH DQDOLúWLL &,$ FRQVWDWDX LPSRUWDQWH
VFKLPEăULvQDFWLYLWDWHDFRPSOH[XOXLPLOLWDULQGXVWULDO
ÌQSULYLQĠDDORFăULLUHVXUVHORUDFHDVWDVHYDIDFHFXPXOWPDLPXOWăDWHQĠLHúL
HILFLHQĠă 1HYRLOH DUPDWHL UăPkQ R SULRULWDWH vQVă YRU IL FRQWUDEDODQVDWH GH
GH]YROWDUHD úL D DOWRU UDPXUL LQGXVWULDOH D VHUYLFLLORU úL D ED]HL WHKQRORJLFH vQ
DQVDPEOXÌQSULYLQĠDGH]YROWăULLDUPDPHQWHORUVHYDSXQHXQPDLPDUHDFFHQWSH
WHKQRORJLH DYDQVDWă úL SURLHFWH FRPSOH[H ÌQ SULYLQĠD SURGXFĠLHL YD VFăGHD
FDQWLWDWHD úL YD FUHúWH FDOLWDWHD DUPDPHQWXOXL VH YD FăXWD SUHOXQJLUHD GXUDWHL GH
VHUYLFLX D VLVWHPHORU PDL YHFKL ÌQ SULYLQĠD ED]HL LQGXVWULDOH DQDOLúWLL &,$
FRQVLGHUDX Fă VH YD SXQH DFFHQWXO PDL PXOW SH UHQRYDUHD úL PRGHUQL]DUHD
IDFLOLWăĠLORU H[LVWHQWH GHFkW SH FRQVWUXLUHD XQRU QRL vQWUHSULQGHUL (L DUăWDX Fă PDL
UDSLGGHFkWSURGXFĠLDGHDUPDPHQWVHYDGH]YROWDVXSRUWXOHLWHKQRORJLFPDLDOHV
vQ UDGLRHOHFWURQLFă WHOHFRPXQLFDĠLL PDWHULDOH VSHFLDOH VLVWHPH GH JKLGDUH ÌQ
SULYLQĠD DGPLQLVWUDĠLHL YRU DYHD ORF SXĠLQH VFKLPEăUL vQ GRPHQLXO SODQLILFăULL úL
PDQDJHPHQWXOXLGDUVHYDvQFXUDMDúLDLFLFDOLWDWHDvQGHWULPHQWXOFDQWLWăĠLL1XYD
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

IL PRGLILFDW vQVă VLVWHPXO FHQWUDO GH SODQLILFDUH SULQ DFRUGDUHD XQHL PDL PDUL
OLEHUWăĠLGHPDQHYUăPDQDJHULORUGHODQLYHOORFDOÌQDQVDPEOXFRPSOH[XOPLOLWDU
LQGXVWULDOYDFRQWLQXDVăGHĠLQăFHDPDLLPSRUWDQWăSDUWHGLQHFRQRPLDVRYLHWLFăÌQ
SULYLQĠD FăXWăULL GH DMXWRU GLQ DIDUă &,$ FRQVLGHUD Fă VRYLHWLFLL YRU LPSXOVLRQD
GDU YRU úL VXSRUWD FRVWXULOH FRQVWUXLULL ED]HL WHKQLFRúWLLQĠLILFH D DOLDĠLORU ORU
HVWHXURSHQLÌQFRQVHFLQĠăHLYRUFăXWDVăLPSRUWHPDLPXOWH HFKLSDPHQWHúLPDL
PXOWăWHKQRORJLHGHODDFHúWLD9RUvQFHUFDGHDVHPHQHDVăPăUHDVFăDFKL]LĠLLOHGH
WHKQRORJLH GLQ 9HVW $QDOLúWLL &,$ DUăWDX Fă vQ YLLWRUXO SUHYL]LELO VRYLHWLFLL YRU
GLVSXQHGHIRUĠHDUPDWHFXRPDLPDUHFDSDFLWDWHGHPRELOLWDWHGHVXSUDYLHĠXLUHúL
GHULSRVWă6RYLHWLFLLYRUDFFHOHUDPRGHUQL]DUHDúLvQWUHSăWUXQGHUHDGLQWUHVHFWRUXO
PLOLWDUúLFHOFLYLODOHFRQRPLHL'HúLED]DLQWHUQăGHFHUFHWDUHúLGH]YROWDUHVHYD
FRQIUXQWD FX PXOWH GLILFXOWăĠL XQHOH GLQWUH DFHVWHD YRU IL GHSăúLWH GDWRULWă
DJUHVLYLWăĠLL VSLRQDMXOXL WHKQRORJLF SUDFWLFDW GH .*% úL *58 DVWIHO vQFkW
FDSDFLWăĠLOHORUPLOLWDUHYRUUăPkQHFRPSHWLWLYHvQPXOWHGRPHQLL
ÌQ RULFH VLWXDĠLH FRQFKLGHDX DQDOLúWLL &,$ FRPSOH[XO PLOLWDULQGXVWULDO
VRYLHWLF YD UăPkQH R IRUĠă LPSRUWDQWă vQ DQLL ¶ 9D IL SULQFLSDOXO SURPRWRU DO
QRLORU WHKQRORJLL úL YD DEVRUEL R PDUH SDUWH GLQ UHVXUVHOH 8QLXQLL 6RYLHWLFH
&RQGXFăWRULLVăLYRUFRQWLQXDVăMRDFHXQUROLPSRUWDQWvQSROLWLFDVRYLHWLFăúLGH
SHUIRUPDQĠHOHVDOHYDGHSLQGHSXWHUHDVRYLHWLFăPDLPXOWGHFkWvQPRPHQWXODFWXDO
DGLFăVHSWHPEULH
'LQ DFHVW UDSRUW HVWLPDWLY UH]XOWă SH GH R SDUWH SUHRFXSDUHD SH FDUH
DGPLQLVWUDĠLD5HDJDQRPDQLIHVWDFRQVWDQWIDĠăGHFUHúWHUHDSXWHULLPLOLWDUHVRYLH
WLFH FDUH YD DWLQJH DSRJHXO vQ DQLL LPHGLDW XUPăWRUL úL PDL SXĠLQ SHUFHSĠLD XQRU
IHQRPHQHGHGLVROXĠLHFDUHvQFHSXVHUăVăVHPDQLIHVWHHVWHDGHYăUDWGHVWXOGHVODE
úL GH YDJ vQ FDGUXO SXWHULL VRYLHWLFH GH OD QLYHO FHQWUDO úL ORFDO ,QWHUHVDQW GH
VHPQDODW vQ DFHVW VHQV HVWH XQ UDSRUW HVWLPDWLY DOFăWXLW GH &,$ OD vQFHSXWXULOH
H[LVWHQĠHLDGPLQLVWUDĠLHL5HDJDQvQQRLHPEULHLQWLWXODW6RFLHWDWHDVRYLHWLFăvQ
DQLL3UREOHPHúLSHUVSHFWLYH DQH[D,, 7UHEXLHVăDYHPvQYHGHUHIDSWXOFă
DFHVWUDSRUWDIRVWDOFăWXLWSUREDELOLPHGLDWGXSă PRDUWHDOXL%UHMQHYúLFăHOVH
ED]DSHLQIRUPDĠLLFXOHVHvQXOWLPDSHULRDGăDYLHĠLLDFHVWXLDFDUHLQGLFDXvQPRG
HYLGHQW IHQRPHQH GH VWDJQDUH úL UHJUHV GDU WHQGLQĠHOH VHVL]DWH GH VSLRQDMXO
DPHULFDQDYHDXvQJHQHUDOFDUH]XOWDWDSUHFLHUHDFăLQGLIHUHQWGHHYROXĠLH8QLXQHD
6RYLHWLFăYDFRQWLQXDVăDLEăRFRQGXFHUHVWDELOăFKLDUGDFăVOăELWă
$QDOLúWLL &,$ DUăWDX Fă DWkW REVHUYDWRULL GLQ 9HVW FkW úL QXPHURúL RILFLDOL
VRYLHWLFLUHFXQRúWHDXIDSWXOFă8QLXQHD6RYLHWLFăVHYDFRQIUXQWDFXXQODUJVSHFWUX
GH SUREOHPH VRFLDOH HFRQRPLFH úL SROLWLFH LQFOXVLY FX R VWDUH VRFLDOă GH UăX
JHQHUDOL]DWăFXWHQVLXQLHWQLFHIUXVWUăULDOHFRQVXPDWRULORUúLQHPXOĠXPLULSROLWLFH
0ăVXUD vQ FDUH DFHVWH SUREOHPH LQWHUQH YRU DIHFWD UHJLPXO UăPkQHD WRWXúL vQ
FRQFHSĠLD DQDOLúWLORU &,$ R vQWUHEDUH OD FDUH SXWHDX IL GDWH PDL PXOWH UăVSXQVXUL
8QLL REVHUYDWRUL FRQVLGHUDX Fă UHJLPXO YD DYHD SXĠLQH SUREOHPH OHJDWH GH



 (XJHQ'HQL]H 

QHPXOĠXPLULOH SRSXODĠLHL GDU DOĠLL FUHGHDX Fă HúHFXULOH HFRQRPLFH YRU DJUDYD
SUREOHPHOH LQWHUQH úL vQ FHOH GLQ XUPă YRU HURGD FUHGLELOLWDWHD UHJLPXOXL PăULQG
DVWIHOSHWHUPHQOXQJSRVLELOLWDWHDvQGHSOLQLULLSHUVSHFWLYHORUXQRUVFKLPEăULSROLWLFH
IXQGDPHQWDOH ,QGLIHUHQW vQVă GH SURJQR]H &,$ FRQVLGHUD Fă DFHVWH SUREOHPH YRU
FRQVWLWXLRSURYRFDUHSHQWUXQRXDFRQGXFHUHVRYLHWLFăvQIUXQWHFX$QGURSRY
ÌQ FRQWLQXDUH UDSRUWXO HVWLPDWLY VH RSUHúWH DVXSUD D WUHL SUREOHPH HVHQĠLDOH
FDOLWDWHD YLHĠLL WHQVLXQLOH HWQLFH úL GHRVHELULOH GH SăUHUL SROLWLFH 'LQWUH DFHVWHD
QHPXOĠXPLUHD SRSXODUă GDWRUDWă GHFOLQXOXL FDOLWăĠLL YLHĠLL UHSUH]HQWD vQ FRQFHSĠLD
DQDOLúWLORU &,$ FHD PDL VHULRDVă úL LPHGLDWă SURYRFDUH SHQWUX %LURXO 3ROLWLF $úD
FXPLQGLFDXVXUVHOHGHSHWHUHQVRYLHWLFLLQXPDLFUHGFăVWDQGDUGXOORUGHYLDĠăYD
FRQWLQXD Vă VH vPERJăĠHDVFă ,QVDWLVIDFĠLD SRSXODUă úL FLQLVPXO SDU Vă ILH vQ
FUHúWHUH $FHVW OXFUX DYHD XQ LPSDFW QHJDWLY DVXSUD SURGXFWLYLWăĠLL HFRQRPLFH úL
SXWHDVXEPLQDWUHSWDWFUHGLELOLWDWHDUHJLPXOXL$FHVWHQHPXOĠXPLULDXFRQGXVGHMD
ODFkWHYDJUHYHúLGHPRQVWUDĠLLL]RODWHFDUHDXDWUDVvQVăLPHGLDWDWHQĠLDFRQGXFHULL
8QLXQLL 6RYLHWLFH $OWH PDQLIHVWăUL DOH QHPXOĠXPLULL ± FULPLQDOLWDWHD FRUXSĠLD úL
DOFRROLVPXO ILLQG FHOH PDL LPSRUWDQWH ± GHúL HUDX HYLGHQWH QX FRQVWLWXLDX R
SURYRFDUHGLUHFWăODDGUHVDUHJLPXOXL&XWRDWHDFHVWHDDVWIHOGHPDQLIHVWăULHUDX
GăXQăWRDUH vQ SULYLQĠD DWLQJHULL RELHFWLYHORU HFRQRPLFH D FOLPDWXOXL VRFLDO vQ
JHQHUDOúLGHYHQHDXúLPDLGăXQăWRDUHGDWRULWăUDWHLPLFLGHFUHúWHUHHFRQRPLFă
7HQVLXQLOH HWQLFH FRQVLGHUD &,$ vQUăGăFLQDWH vQ SUREOHPHOH FXOWXUDOH
GHPRJUDILFH HFRQRPLFH úL SROLWLFH FRQVWLWXLDX R DOWă YXOQHUDELOLWDWH PDMRUă D
UHJLPXOXL VRYLHWLF úL GHúL ODWHQWH DYHDX XQ SRWHQĠLDO H[SOR]LY IRDUWH PDUH ÌQ
SUH]HQW VH DUăWD vQ UDSRUW QX H[LVWDX PLúFăUL VHPQLILFDWLYH vQ DFHVW VHQV SULQWUH
QDĠLRQDOLWăĠLOH GLQ 8566 3ROLWLFD UHJLPXOXL FDUH RIHUHD PLQRULWăĠLORU QDĠLRQDOH R
DQXPLWăDXWRQRPLHOLQJYLVWLFăWHULWRULDOăFXOWXUDOăúLDGPLQLVWUDWLYăFDUHDULGLFDW
VWDQGDUGXO GH YLDĠă D OăUJLW ED]D HGXFDĠLRQDOă GDU vQ DFHODúL WLPS D IRORVLW
SHUPDQHQWIRUĠDSHQWUXDUHSULPDRULFHIRUPăGHQHPXOĠXPLUHIXVHVHvQFXQXQDWăGH
VXFFHVvQPDUHPăVXUă'HúLSRWHQĠLDOXOSHQWUXUHYROWHSROLWLFHúLYLROHQĠHVSRUDGLFH
vQUHSXEOLFLOHEDOWLFHUăPkQHDGHVWXOGHULGLFDWGDWRULWăQHPXOĠXPLULORUHFRQRPLFH
GHPRJUDILFHúLFXOWXUDOHLPSDFWXOOXLHUDPLFODVFDUD8QLXQLL6RYLHWLFHúLSXWHDIL
UHSULPDWFXXúXULQĠă7RWXúLRGDWăFXWUHFHUHDWLPSXOXLvQFkWHYDGHFHQLLSUREDELO
FRQVLGHUDX DQDOLúWLL &,$ SUREOHPH VLPLODUH SXWHDX DYHD FRQVHFLQĠH PXOW PDL
LPSRUWDQWHvQ$VLD&HQWUDOăPXVXOPDQăLPSXQkQGUHJLPXOXLRSROLWLFăPDLVXSOă
úLPDLHILFLHQWă
ÌQ VIkUúLW FRQVLGHUDX DQDOLúWLL &,$ QHPXOĠXPLULOH SROLWLFH UHOLJLRDVH úL
FXOWXUDOH H[SULPDWH PDL DOHV GH PLúFDUHD GL]LGHQWă VRYLHWLFă FRQVWLWXLDX SkQă vQ
DFHOPRPHQWRSURYRFDUHPDMRUăSHQWUXFRQWUROXOSROLWLFH[HUFLWDWGHUHJLPDVXSUD
VRFLHWăĠLL &X WRDWH DFHVWHD GL]LGHQĠLL VRYLHWLFL SURYRFDX vQJULMRUDUH GHRDUHFH
DFĠLXQLOHORUDYHDXXQLPSDFWLQWHUQDĠLRQDOúLGHUDQMDXUHJLPXODFHVWDWHPkQGXVH
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

Fă HL DU SXWHD Vă DUWLFXOH]H GLIHULWHOH IRUPH GH QHPXOĠXPLUL SRSXODUH vQWUR
QHPXOĠXPLUH JHQHUDOL]DWă $VWIHO VH H[SOLFDX GH DOWIHO PăVXULOH GXUH DSOLFDWH
vPSRWULYD GL]LGHQĠLORU &X WRDWH DFHVWHD PLúFDUHD GL]LGHQĠLORU GHSDUWH GH D GD
VHPQH GH GLVSDULĠLH DU SXWHD SH WHUPHQ OXQJ DUăWD UDSRUWXO &,$ Vă VH GH]YROWH
GDFăYDUHXúLVăFDSLWDOL]H]HQHPXOĠXPLUHDFUHVFkQGăFLQLVPXOúLDOLHQDUHDWRWPDL
SURQXQĠDWH DOH SRSXODĠLHL ÌQ FRQWLQXDUH vQ UDSRUW VH DUăWD Fă vQFHWLQLUHD EUXVFă D
FUHúWHULL HFRQRPLFH OD PLMORFXO DQLORU ¶ FRQVWLWXLH SULQFLSDOXO HOHPHQW FDUH DU
SXWHDVăOHJHODXQORFWRDWHDFHVWHSUREOHPHúLVăOHIDFăSRWHQĠLDOPDLSHULFXORDVH
SHQWUX UHJLP 'DFă DFHDVWă WHQGLQĠă QX VH LQYHUVHD]ă DOLHQDUHD úL FLQLVPXO
FUHVFkQGPDLDOHVvQUkQGXOWLQHULORUFULPLQDOLWDWHDFRUXSĠLDúLDOFRROLVPXOVHYRU
vQUăXWăĠL 5HJLPXO GHúL DUH SkUJKLLOH QHFHVDUH SHQWUX D DFĠLRQD DVXSUD HFRQRPLHL
FHQWUDOL]DWH vQ PRG DEVROXW QX YD UHXúL Vă UHIDFă vQVă FRQMXQFWXUD IDYRUDELOă GLQ
DQLL ¶ úL SULPD MXPăWDWH D DQLORU ¶ DWXQFL FkQG VD UHDOL]DW R VXEVWDQĠLDOă
vPEXQăWăĠLUH D VWDQGDUGXOXL GH YLDĠă ÌQ FLXGD DFHVWHL VLWXDĠLL UDSRUWXO DUăWD Fă
DSDUDWXO GH UHSUHVLXQH WUDGLĠLRQDOD SDVLYLWDWH D SRSXODĠLHL úL UHVSHFWXO HL IDĠă GH
DXWRULWăĠL YRU RIHUL DFHVWXLD SXWHUHD QHFHVDUă SHQWUX D ]ăJă]XL úL VXSULPD
QHPXOĠXPLULOHGHVFKLVH
5DSRUWXO&,$DUăWDFăWRWXúL%LURXO3ROLWLFYDWUHEXLVăDLEăvQYHGHUHDGRSWDUHD
XQRUGHFL]LLGLILFLOHFXSULYLUHODDORFDUHDUHVXUVHORUúLDQRLORUIRUPHGHPDQDJHPHQW
HFRQRPLFvQVFRSXOGHDUHGUHVDVLWXDĠLDHFRQRPLFă$QDOLúWLL&,$QXHUDXvQVăVLJXUL
FXPYDIDFHDFHVWOXFUXQRXDFRQGXFHUH(LFRQVLGHUDXFăDFHDVWDGHúLYRUEHDGHVSUH
UHIRUPHPDMRUHSUREDELODYHDVăVHEL]XLHvQFRQWLQXDUHvQSULQFLSDOSHDSDUDWXOGH
UHSUHVLXQH FăXWkQG Vă HYLWH XQ GHFOLQ JHQHUDOL]DW DO VWDQGDUGXOXL GH YLDĠă FDUH D
GHYHQLW ED]D UHDOă D OHJLWLPLWăĠLL VDOH $QDOLúWLL &,$ DSUHFLDX Fă SUREDELO QRXD
FRQGXFHUHVRYLHWLFăvPSUHXQăFX0LKDLO*RUEDFLRYYDDSHODODPHWRGHOHWUDGLĠLRQDOH
GHFRQWURO úL VXSULPDUH DQHPXOĠXPLULORUúLFRQIOLFWHORU$FHVWH DQDOL]HUHDOL]DWH GH
&,$DXVXIHULWPRGLILFăULGHVWXOGHLPSRUWDQWHGXSăYHQLUHDOXL0LKDLO*RUEDFLRYOD
SXWHUHúLPDLDOHVGXSăFHDFHVWDDGRYHGLWFăúWLHúLHVWHFDSDELOVăúLFRQVROLGH]H
SR]LĠLLOH vQ GHWULPHQWXO HOHPHQWHORU GLQ YHFKHD JDUGă EUHMQHYLVWă ÌQ DFHVW VHQV
VHPQLILFDWLYHVWHUDSRUWXOGHVLQWH]ăDOFăWXLWGH&,$ODIHEUXDULHUHIHULWRUOD
SURYRFăULOH LQWHUQH FăURUD DYHD Vă OH IDFă IDĠă *RUEDFLRY DQH[D ,,,  5DSRUWXO
vQFHSHDSULQDVFRDWHvQHYLGHQĠăUHDOL]ăULOHLQFRQWHVWDELOHDOHVHFUHWDUXOXLJHQHUDODO
3&86 $VWIHO VH DUăWD Fă HO D UHXúLW Vă FRQVROLGH]H SURSULD SXWHUH FX R YLWH]ă IăUă
SUHFHGHQW D SXV vQ PLúFDUH XQ SURJUDP DPELĠLRV GH UHYLWDOL]DUH HFRQRPLFă FDUH D
GDW GHMD FkWHYD UH]XOWDWH D PăULW VWDQGDUGHOH GH UHVSRQVDELOLWDWH DOH ELURFUDĠLHL úL D
vPEXQăWăĠLWLPDJLQHDFRQGXFHULLVRYLHWLFHvQĠDUăúLvQVWUăLQăWDWH'DUFHOHPDLPDUL
SURYRFăULSHQWUX*RUEDFLRYDUăWDUDSRUWXOVHDIODXvQYLLWRU6FKLPEăULOHSHFDUHHO
OHDvQWUHSULQVHUDXvQFRQFHSĠLDDQDOLúWLORU&,$LQVXILFLHQWHvQDWLQJHUHDVFRSXULORU
SH FDUH úL OH SURSXVHVH ÌQ DQLL LPHGLDW XUPăWRUL DUăWDX DFHúWLD HO YD DYHD GH DOHV



 (XJHQ'HQL]H 

vQWUH DEDQGRQDUHD DFHVWRU RELHFWLYH úL VFKLPEăUL FDUH DU IL SURYRFDW R HURGDUH D
SXWHULL VDOH úL D vPSLQJH PDL GHSDUWH FRQGXFHUHD VRYLHWLFă VSUH PăVXUL SROLWLFH
FRQWURYHUVDWH
ÌQFHHDFHSULYHDUHYLWDOL]DUHDHFRQRPLHLDFHDVWDHUDRSUREOHPăSULRULWDUăD
OXL*RUEDFLRYGHHDGHSLQ]kQGVHFXULWDWHDQDĠLRQDOăúLLQIOXHQĠDH[WHUQăD8QLXQLL
6RYLHWLFH&XWRDWHDFHVWHDUDSRUWXODUăWDFăPăVXULOHDGRSWDWHGHHOVHvQVFULXSHR
OLQLH WUDGLĠLRQDOă FXP DU IL vQWăULUHD GLVFLSOLQHL FRQVROLGDUHD RUJDQL]DWRULFă
SURPRYDUHDWLQHULORUUHRULHQWDUHDLQYHVWLĠLLORUHWFúLGHúLHOHSăUHDXLPSUHVLRQDQWH
úL VHPQLILFDWLYH GLQ SHUVSHFWLYă VRYLHWLFă QX DYHDX FXP Vă GXFă OD FUHúWHUHD
HFRQRPLFăúLODSURJUHVXOWHKQRORJLFGRULWHGH*RUEDFLRYvQDQLLXUPăWRULGHRDUHFH
QXDWDFDXVWUXFWXULOHDQFKLOR]DWHDOHHFRQRPLHL3HQWUXDFHDVWDVHDUăWDvQUDSRUWXO
&,$ HVWH QHYRLH GH UHIRUPH UDGLFDOHFRQRPLFH GDU ULVFDQWH GLQ SXQFW GH YHGHUH
SROLWLF6HDUăWDFă*RUEDFLRYHUDGHMDFRQIUXQWDWFXRSXWHUQLFăRSR]LĠLHGLQSDUWHD
DFHORUD FDUHúL YHGHDX VWDWXWXO VLQHFXULOH úL FKLDU ORFXULOH GH PXQFă DPHQLQĠDWH
$LFL OXSWD XUPHD]ă Vă VH GHD PDL DOHV vQ MXUXO SROLWLFLL GH FDGUH D OXL *RUEDFLRY
FDUHXUPăUHDvQORFXLUHDELURFUDĠLORUGLQJXYHUQúLSDUWLGFXHOHPHQWHPDLGLQDPLFH
úLPDLHILFLHQWH
ÌQ FHHD FH SULYHúWH FRQWUROXO ELURFUDĠLHL UDSRUWXO &,$ DUăWD Fă *RUEDFLRY
SHQWUX DúL SXWHD DSOLFD UHIRUPHOH YD IL REOLJDW Vă WUDQVIRUPH DFHDVWă FDWHJRULH
VRFLDOă UHQXPLWă SHQWUX DELOLWDWHD VD GH D UH]LVWD vQ IDĠD KRWăUkULORU FRQGXFHULL
vQWUXQ LQVWUXPHQW PDL UHFHSWLY úL PDL HILFLHQW GH VFKLPEDUH 'LQ FDX]D
UH]LVWHQĠHORU DFHVW RELHFWLY QX YD SXWHD IL UHDOL]DW GHFkW SULQ PăVXUL GH IRUĠă ÌQ
DFHODúLWLPSFRQWUROXODVXSUD%LURXOXL3ROLWLFVHDQXQĠDDILXQDGLQFHOHPDLPDUL
SURYRFăULODDGUHVDOLGHUXOXLVRYLHWLFLDUOLPLWDUHDFKHOWXLHOLORUSHQWUXvQDUPDUHVH
DQXQĠD GHRVHELW GH LPSRUWDQWă GHRDUHFH GH HD GHSLQGHD UHYLWDOL]DUHD HFRQRPLHL
SUHFXPúLUHODĠLLOHFX68$SUREDELOIRDUWHFRQWURYHUVDWHvQUkQGXOHOLWHLVRYLHWLFH
,QGLVFXWDELO vQVă Fă XQD GLQ SURYRFăULOH FHOH PDL LPSRUWDQWH FăUHLD WUHEXLD
VăLIDFăIDĠă*RUEDFLRYHUDFRQWUROXODVXSUDSUHVLXQLORUVRFLDOH*RUEDFLRYDIODVH
SUREDELOVHVXVĠLQHDvQUDSRUWXO&,$FăSRSXODĠLDVRYLHWLFăRELúQXLWăGHPXOWWLPS
FXXQVWDWSDWHUQDOLVWFDUHDVLJXUăVWDELOLWDWHDORFXULORUGHPXQFăúLQHFHVLWăĠLOHGH
ED]ă OD SUHĠXUL PLFL FRQVWLWXLH XQ REVWDFRO PDMRU SHQWUX WUDQVIRUPăULOH VRFLDO
HFRQRPLFHSHFDUHHOOHSUHFRQL]D5HJLPXOLDSUHVDWGHMDSHPXQFLWRULVăILHPDL
SURGXFWLYL GDU D UHIX]DW Vă DORFH UHVXUVH PDL PDUL SHQWUX FRQVXP 0XOĠL
UHIRUPDWRULVRYLHWLFLVHDUăWDvQUDSRUWFRQVLGHUăFăVFKLPEăULOHvQSROLWLFDVRFLDOă±
UHGXFHUHDVXEVLGLLORUSHQWUXQHFHVLWăĠLOHGHED]ăRVWUXFWXUă PDLSXĠLQHJDOLWDULVWă
FX R DWLWXGLQH PDL WROHUDQWă IDĠă GH VRPDM ± VXQW QHFHVDUH SHQWUX D vPEXQăWăĠL
SHUIRUPDQĠHOHHFRQRPLHL$QDOLúWLL&,$DSUHFLDXFăGHúLGLILFXOWăĠLOHVRFLDOHQXSDU
VăVHWUDQVIRUPHvQWURFUL]ăGHSURSRUĠLLvQXUPăWRULLFLQFLDQL*RUEDFLRYYDWUHEXL
Vă ĠLQă VLWXDĠLD VXE FRQWURO SHQWUX D DVLJXUD FUHúWHUHD SURGXFWLYLWăĠLL úL D SUHYHQL
FUHúWHUHDQHPXOĠXPLULORU
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

'LQSHUVSHFWLYăLVWRULFăSXWHPREVHUYDFXXúXULQĠăFăDFHDVWăDQDOL]ăD&,$
DFRUGDPXOWPDLPXOWWLPSOXL*RUEDFLRYGHFkWDYHDDFHVWDvQUHDOLWDWHúLFRQVLGHUD
Fă SRWHQĠLDOXO FRQGXFHULL VRYLHWLFH GH D FRQWUROD GLIHULWHOH WLSXUL GH FUL]ă HUD vQFă
GHVWXOGHPDUHFHHDFHYHQHDvQFRQWUDGLFĠLHFXUHDOLWăĠLOHGLQ8QLXQHD6RYLHWLFă
$LFL vQ  IDFWRULL GH FUL]ă VWUXFWXUDOă D VLVWHPXOXL vQFHSHDX Vă ILH YL]LELOL
DPHQLQĠkQG Vă GXFă OD R GLVROXĠLH UDSLGă D DFHVWXLD FHHD FH 6WDWHOH 8QLWH DOH
$PHULFLL úL 2FFLGHQWXO vQ JHQHUDO QX GRUHDX VDX QX HUDX SUHJăWLWH Vă DFFHSWH
3HQWUX 2FFLGHQW R VOăELUH UH]RQDELOă D SXWHULL VRYLHWLFH HUD VXILFLHQWă GDU R
GLVROXĠLHWRWDOăDDFHVWHLDHUDJUHXGHDFFHSWDW
$VWIHOUDSRUWXO&,$VHvQFKHLDDUăWkQGFăvQXUPăWRULLFLQFLDQL*RUEDFLRYYD
DYHD GH DOHV vQWUH MXPăWăĠLOH GH PăVXUă úL UHIRUPHOH UDGLFDOH 'XSă GHFL]LLOH
DGRSWDWHSkQăvQSUH]HQWUDSRUWXOFRQVLGHUDFăHOYDDOHJHFHDGHDGRXDFDOHúLvQ
RULFHFD]FRPSOH[LWDWHDSUREOHPHORUúLOLSVDDOWHUQDWLYHORUXúRDUHIăFHDXVăDSDUăR
LQFHUWLWXGLQH DVXSUD SROLWLFLL UHIRUPDWRDUH DWkW vQ FHHD FH SULYHúWH VRDUWD OXL
*RUEDFLRYFkWúLFHDD8QLXQLL6RYLHWLFH
8QUDSRUWDO&,$DVHPăQăWRUvQPXOWHSULYLQĠHFXFHODQWHULRU GDUPXOWPDL
GHWDOLDWúLUHSUH]HQWkQGRDQDOL]ăPDLWHPHLQLFăDVLWXDĠLHLGLQ8QLXQHD6RYLHWLFăD
IRVWSUH]HQWDWFRQGXFHULLDPHULFDQHúLVHUHIHUHDODSUREOHPHOHFXFDUH*RUEDFLRY
YD IL FRQIUXQWDW OD FRQGXFHUHD 8QLXQLL 6RYLHWLFH vQ DQLL ¶ DQH[D ,9  5DSRUWXO
SOHFD GH OD FRQVWDWDUHD Fă vQ  *RUEDFLRY úL %LURXO 3ROLWLF YRU IL REOLJDĠL Vă
UHYL]XLDVFăSODQXOFLQFLQDOvQFXUVúLVăVWDELOHDVFăSULQFLSDOHOHOLQLLGLUHFWRDUHDOH
SODQXOXLSH±
ÌQ FHHD FH SULYHúWH DMXVWDUHD SODQXOXL SH ± vQ UDSRUW VH DUăWD Fă
VRYLHWLFLL YRU WUHEXL Vă vQFXUDMH]H FUHúWHUHD HFRQRPLFă úL FUHúWHUHD LQYHVWLĠLLORU
$VWIHOHLVHYRUSXWHDYHGHDIRUĠDĠLVăDFFHSWHRFUHúWHUHDGDWRULHLH[WHUQHIDĠăGH
2FFLGHQWFXVFRSXOGHDILQDQĠDFUHúWHUHDLPSRUWXULORUÌQDFHODúLWLPSYRUWUHEXLVă
vQJKHĠH FKHOWXLHOLOH PLOLWDUH QX YRU SXWHD Vă UHVSHFWH SURPLVLXQLOH vQ FHHD FH
SULYHúWH FUHúWHUHD SURGXFĠLHL GH EXQXUL GH FRQVXP LDU PRWLYDUHD IRUĠHL GH PXQFă
SHQWUXFUHúWHUHDSURGXFWLYLWăĠLLPXQFLLQXVHYDSXWHDIDFHDúDFXPVDVWDELOLWÌQ
DFHVWFRQWH[WUDSRUWXODUăWDFăYRUWUHEXLFRQWLQXDWHúLDGkQFLWHUHIRUPHOHvQFHHD
FHSULYHúWHRUJDQL]DUHDúLPDQDJHPHQWXOHFRQRPLHL*RUEDFLRYYDFăXWDVăvPELQH
FUHúWHUHDLQLĠLDWLYHLGHMRVFXFRQWUROXOFHQWUDOL]DWDVXSUDHFRQRPLHL(OYDFăXWDVă
UHGXFă FRQWUROXO DVXSUD HFRQRPLHL H[HUFLWDW GH IDFWRULL ORFDOL GH SXWHUH úL Vă
UHGHILQHDVFă UHVSRQVDELOLWăĠLOH PLQLVWHUHORU úL RUJDQL]DĠLLORU GH SDUWLG ÌQ
FRQIRUPLWDWH FX GHFL]LLOH 3OHQDUHL &RPLWHWXOXL &HQWUDO GLQ  LXQLH  ID]D
XUPăWRDUH GH vPEXQăWăĠLUH D RUJDQL]ăULL úL PDQDJHPHQWXOXL YD vQVHPQD R XúRDUă
GLPLQXDUH D SXWHULL DXWRULWăĠLL HFRQRPLFH FHQWUDOH GH]YROWDUHD FRPHUĠXOXL LQWHUQ
UHIRUPDUHDVLVWHPXOXLGHSUHĠXULDLQVWLWXĠLLORUGHFUHGLWúLILQDQFLDUHLQWURGXFHUHD
XQXL VLVWHP DWUăJăWRU SHQWUX vQWUHSULQGHUL DVWIHO vQFkW DFHVWHD VăúL IRORVHDVFă
DXWRQRPLD WRW PDL PDUH SHQWUX D vQGHSOLQL RELHFWLYHOH VWDELOLWH GH SODQXO GH VWDW



 (XJHQ'HQL]H 

*RUEDFLRY YD SXWHD GH DVHPHQHD Vă OăUJHDVFă OLPLWHOH SURGXFĠLHL SULYDWH úL Vă
SHUPLWăRúLPDLPDUHGLIHUHQĠLHUHDYHQLWXULORU
ÌQ FHHD FH SULYHúWH UHVXUVHOH SHQWUX SHULRDGD ± UDSRUWXO DUăWD Fă
VRYLHWLFLLYRUDYHDGHDOHVvQWUHGLUHFĠLRQDUHDDFHVWRUDFăWUHSURGXFĠLDEXQXULORUGH
FRQVXPVDXPHQĠLQHUHDDFWXDOHLUDWHGHLQYHVWLĠLLvQGRPHQLLOHPLOLWDUH
&kWSULYHúWHDMXWRUXOH[WHUQUDSRUWXOVXEOLQLDIDSWXOFăSRWHQĠLDOXO0RVFRYHL
GHDDFKL]LĠLRQDEXQXULGLQ2FFLGHQWDVFă]XWGLQFDX]DUHGXFHULLSUHĠXULORUODSHWURO
úLODDOWHPDWHULLSULPHGDUúLGLQFDX]DYDORULLPDLVFă]XWHDGRODUXOXL
'HDVHPHQHDGLQ(XURSDGH(VWVRYLHWLFLLYRUDYHDSXĠLQGHFkúWLJDWGHRDUHFH
DFHDVWă UHJLXQH D IRVW EXOYHUVDWă GH SRYDUD PRGHUQL]ăULL IRUĠHORU 3DFWXOXL GH OD
9DUúRYLD6RYLHWLFLLYRUvQFHUFDGXSăWRDWHSUREDELOLWăĠLOHFRQVLGHUDUDSRUWXO&,$Vă
UHDOL]H]H vQWUHSULQGHUL PL[WH FX FRPSDQLL GLQ 9HVW GDU QX YRU UHXúL GHFkW vQWUR
PăVXUăPXOWPDLPLFăGHFkWRVSHUăGDWRULWăOLSVHLGHDFWLYLWDWHDSLHĠHLORULQWHUQH
ÌQ FHHD FH SULYHúWH REVWDFROHOH SRWHQĠLDOH UDSRUWXO &,$ DUăWD Fă DMXWRUXO SH
FDUH FRPSOH[XO PLOLWDULQGXVWULDO vO SRDWH RIHUL SHQWUX PRGHUQL]DUHD LQGXVWULHL
FLYLOHDUSXWHDVăVHHURGH]HGDFăOLGHULLPLOLWDULYRULQYRFDDPHQLQĠăULH[WHUQHFXP
DU IL HúHFXO QHJRFLHULORU PHQLWH Vă OLPLWH]H SURJUDPHOH GH DSăUDUH 1$72 úL
vQUăXWăĠLUHD UHODĠLLORU ELODWHUDOH VRYLHWRDPHULFDQH 2 UHOD[DUH D WHQVLXQLORU GLQ
HFRQRPLH DU SXWHD Vă DMXWH LQRYDĠLD úL Vă XúXUH]H WUDQ]LĠLD FăWUH QRL IRUPH
HFRQRPLFH 3kQă DFXP vQVă DUăWDX DQDOLúWLL &,$ *RUEDFLRY QX D IăFXW DOWFHYD
GHFkW Vă ULGLFH SUHVLXQHD DVXSUD PXQFLWRULORU PDQDJHULORU úL ELURFUDĠLORU 'H
DVHPHQHDPLQLVWHUHOHQXYRUDFFHSWDFXXúXULQĠăXQUROPDLPLFvQDGPLQLVWUDUHD
HFRQRPLHL(OHYRUvQFHUFDSUREDELOVăúLPHQĠLQăFRQWUROXODVXSUDvQWUHSULQGHULORU
SULQWUR QRXă UHĠHD GH UHJXOL úL FHULQĠH vQ WLPS FH OLGHULL FRQVHUYDWRUL YRU OXSWD
vPSRWULYDH[WLQGHULLDFWLYLWăĠLLHFRQRPLHLSULYDWH
$OHJHULOHSHQWUXIXQFĠLLOHGLQFDGUXOSDUWLGXOXLVWDWDUSXWHDVăDGXFăGLQQRX
vQ DFWXDOLWDWH VSHFWUXO IUDFĠLRQDOLVPXOXL FD R PDUH DPHQLQĠDUH SHQWUX FRQGXFHUHD
VWDWXOXL FDUDFWHUL]DWă GH  GH DQL SULQ FHQWUDOLVPXO GHPRFUDWLF ÌQ FRQWLQXDUH
UDSRUWXO DUăWD Fă GHFL]LLOH FRQGXFHULL VRYLHWLFH DU SXWHD IL XúXUDWH GH FUHúWHUHD
HFRQRPLFă GH DFRUGXUL SULYLQG FRQWUROXO DUPDPHQWHORU úL GH vPEXQăWăĠLUHD
UHODĠLLORU VRYLHWRDPHULFDQH 7RDWH DFHVWHD YRU GXFH OD VFăGHUHD LQIOXHQĠHL
FRPSOH[XOXL PLOLWDULQGXVWULDO VRYLHWLF úL vQ DFHODúL WLPS VXFFHVXO VRYLHWLF GLQ
DFHDVWăGLUHFĠLHYDPăULLQWHUHVXORFFLGHQWDOSHQWUXDFRUGDUHDGHFUHGLWH(XURSHLGH
(VW úL SHQWUX UHDOL]DUHD XQRU vQWUHSULQGHUL PL[WH vQ 8QLXQHD 6RYLHWLFă úL vQ ĠăULOH
VDWHOLWH ÌQ DFHODúL WLPS vQVă UDSRUWXO DUDWă Fă DVWIHO GH HYROXĠLL DU SXWHD vQFHWLQL
DSOLFDUHDUHIRUPHORUDFăURUXWLOLWDWHHVWHGDWăPDLDOHVGHQHFHVLWăĠLOHHFRQRPLFH
LDUDWXQFLFkQGHFRQRPLDPHUJHELQHQHYRLDGHUHIRUPăVFDGH
ÌQXOWLPDSDUWHUDSRUWXOVHRFXSDGHSDúLLXUPăWRULSHFDUHXUPDVăLvQWUHSULQGă
*RUEDFLRY úL GH HYHQWXDOHOH FRQVHFLQĠH DOH SROLWLFLL VDOH 6H DUăWD Fă DVXPkQGXúL
ULVFXUL PDUL SHQWUX YLLWRUXO VăX SROLWLF úL ILLQG KRWăUkW Vă DSOLFH UHIRUPHOH HQXQĠDWH
PDLVXVFXVSHUDQĠDGHDUHYLJRUDHFRQRPLDúLVRFLHWDWHDVRYLHWLFă*RUEDFLRYDYHD
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

PDUHQHYRLHGHQRLVXFFHVHSHDFHVWGUXP3HQWUXDFHDVWDHOYD vQFHUFDSUREDELOVă
UHDOL]H]H QLúWH vQĠHOHJHUL SULYLWRDUH OD GH]DUPDUH vQ DQLL GH ILQDO DL PDQGDWXOXL
DGPLQLVWUDĠLHL5HDJDQIăUăDPDLDúWHSWDLQVWDODUHDQRLLDGPLQLVWUDĠLL'HDVHPHQHD
DQDOLúWLL&,$FRQVLGHUDXFăHOYDFRQWLQXDVăDSOLFHUHIRUPHúLPDLUDGLFDOHúLQXYD
vQFHUFDVăVHvQWRDUFăVSUHWUHFXW3UREDELODUăWDXHLYDH[LVWDRPDLPDUHOLEHUWDWH
SROLWLFă *RUEDFLRY vQFHUFkQG SULQ DSHOXO OD RSLQLD SXEOLFă úL FKLDU OD DOHJHUL PDL
OLEHUHVăúLSXQăDGYHUVDULLvQWURSR]LĠLHGLQFHvQFHPDLGLILFLOăÌQDFHODúLWLPSvQ
HFRQRPLH PXQFLWRULL YRU DYHD GXSă WRDWH SUREDELOLWăĠLOH R PDL PDUH OLEHUWDWH vQ
DOHJHUHDOLGHULORUGHVLQGLFDWúLFKLDUDPDQDJHULORU
'DUULVFXULOHXQRUUHIRUPHPDLUDGLFDOHvQVRFLHWDWHúLHFRQRPLH HUDXGHVWXO
GH PDUL úL HOH VH UHIHUHDX OD HURGDUHD HFRQRPLHL OD FRQIX]LD QHPXOĠXPLULOH
PXQFLWRULORU FDUH SXWHDX Vă RIHUH SRWHQĠLDOLORU RSRQHQĠL DL OXL *RUEDFLRY R
SODWIRUPăGHVXVĠLQHUH3R]LĠLLOHOXL*RUEDFLRYSXWHDXILGHDVHPHQHDVXEPLQDWHGH
OLPLWDUHD FHQ]XULL úL SURPRYDUHD XQHL GHPRFUDĠLL OLPLWDWH 'DFă DFHVWH SURFHVH DU
DPHQLQĠD Vă LDVă GH VXE FRQWURO HVWH SUREDELO FD OLGHULL SDUWLGXOXL Vă UHYLQă OD
YHFKHDSROLWLFăúLVăOvQGHSăUWH]HFKLDUSH*RUEDFLRY
'LQ WRDWH DFHVWH UDSRDUWH VH REVHUYă Fă VHUYLFLOH GH LQIRUPDĠLH DPHULFDQH
ĠLQHDXVXERDWHQWăVXSUDYHJKHUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFăúLHUDXFRQúWLHQWH
GHIDSWXOFăVLVWHPXOVRFLDOHFRQRPLFúLSROLWLFVRYLHWLFHUDVXEPLQDWGHQXPHURúL
IDFWRUL GDU vQ DFHODúL WLPS GLQ DFHOHDúL UDSRDUWH HVWH DGHYăUDW Fă IUDJPHQWDUH úL
SXĠLQHFDQXPăUVHGHVSULQGHRDOWăFRQFOX]LHLPSRUWDQWăVHUYLFLLOHGHLQIRUPDĠLH
DPHULFDQHúLLPSOLFLWDGPLQLVWUDĠLDGHOD&DVD$OEăQXFRQVLGHUDXQLFLXQPRPHQW
vQDFHDVWăSHULRDGăFă8QLXQHD6RYLHWLFăúLLPSHULXOVăXVDUILSXWXWGHVWUăPDDU
IL SXWXW GLVSăUHD FRPSOHW GH SH KDUWă $PHULFDQLL FRQVLGHUDX Fă GLILFXOWăĠLOH
VRYLHWLFHVHSXWHDXUH]ROYDSHGRXăFăLILHSULQvQGXOFLUHDVLVWHPXOXLSULQUHIRUPH
FHHDFHDUILSHUPLV2FFLGHQWXOXLVăREĠLQăDYDQWDMHLPSRUWDQWHDVXSUDLQDPLFXOXL
GLQUăVăULWILHSULQFRQVROLGDUHDVLVWHPXOXLvQIRUPHOHH[LVWHQWHSULQvQWăULUHDDULSLL
FRQVHUYDWRDUH GLQ FRQGXFHUHD SDUWLGXOXL SULQ vQOăWXUDUHD OXL *RUEDFLRY úL D
FHORUODOĠL UHIRUPDWRUL GH OD SXWHUH &HHD FH VH SDUH Fă QX vQĠHOHJHDX SUHD ELQH
DQDOLúWLLVHUYLFLLORUGHLQIRUPDĠLHDPHULFDQHHUDIDSWXOFăIHQRPHQHOHGHFUL]ăGLQ
LPSHULXO VRYLHWLF DFFHQWXDWH úL DFFHOHUDWH GH HYROXĠLLOH SROLWLFH LQWHUQDĠLRQDOH QX
PDL SHUPLWHDX FRQGXFHULL GH OD .UHPOLQ Vă IDFă SDúL vQDSRL )XJD GH UHDOLWăĠL QX
SXWHD IL IăFXWă GHFkW vQDLQWH FX WRDWH FRQVHFLQĠHOH LPSXVH GH DFHVW OXFUX GLQWUH
FDUHFHDPDLLPSRUWDQWăHUDGHVWUăPDUHDLPSHULXOXLVRYLHWLFúLD8QLXQLL6RYLHWLFH
'HVWUăPDUHDVDSURGXVDFFHOHUDWvQFHSkQGFXSULPHOHOXQLDOHDQXOXLúL
VDvQFKHLDWODGHFHPEULHFkQG*RUEDFLRYDVHPQDWDFWXOGHGHVILLQĠDUHD
8566úLGHPLVLDVDGLQIXQFĠLDGHSUHúHGLQWHDOGHIXQFWXOXLVWDW$FHVWHHYROXĠLLDX
OXDWRDUHFXPSULQVXUSULQGHUHFDQFHODULLOH2FFLGHQWDOHFDUHQXDXJăVLWvQWRWGHDXQD
FHO PDL DGHFYDW UăVSXQV OD QRLOH SURYRFăUL 3UREOHPHOH VSDĠLXOXL H[VRYLHWLF
FRQWLQXă Vă IUăPkQWH úL DVWă]L UHODĠLLOH LQWHUQDĠLRQDOH úL QX úLDX JăVLW vQFă XQ
UăVSXQVDGHFYDWFRQVWLWXLQGXQFkPSGHFRQIUXQWDUHvQWUHPDULOHSXWHULGDUúLvQWUH



 (XJHQ'HQL]H 

GRULQĠD SRSRDUHORU GLQ DFHVW VSDĠLX GH D WUăL vQ VLVWHPH GHPRFUDWLFH úL WHQGLQĠHOH
PDQLIHVWDWH GH QXPHURúL OLGHUL ORFDOL GH D LPSXQH UHJLPXUL GLFWDWRULDOH úL FKLDU
WRWDOLWDUHHLDUăWkQGXVHGHPQLXUPDúLDLVLVWHPXOXLFUHDWGH/HQLQúL6WDOLQ

$1(;$,

7KH6RYLHW:HDSRQV,QGXVWU\
$Q2YHUYLHZ
6XPPDU\

2YHU WKH ODVW WZR GHFDGHV WKH 6RYLHW 8QLRQ KDV GHOLYHUHG ZHDSRQV WR LWV PLOLWDU\ DW D OHYHO
XQHTXDOHGDQ\ZKHUHLQWKHZRUOG2YHUWDQNVOLJKWDUPRUHGYHKLFOHVVWUDWHJLF
EDOOLVWLF PLVVLOHV  DLUFUDIW  VXUIDFHWRDLU PLVVLOHV DQG  VXEPDULQHV KDYH EHHQ
SURFXUHGVLQFH
,Q WKH SURFHVV WKH 6RYLHWV KDYH EXLOW WKH ODUJHVW ZHDSRQV LQGXVWU\ LQ WKH ZRUOG 5RXJKO\ 
PDMRU GHVLJQ EXUHDXV FRQWURO WKH GHYHORSPHQW RI  WR  ZHDSRQV DW DQ\ RQH WLPH :HDSRQV DUH
DVVHPEOHGLQDERXWPDMRUSURGXFWLRQFRPSOH[HVVFDWWHUHGWKURXJKRXWWKH6RYLHW8QLRQ'HVLJQHUV
DQGSURGXFHUVDUHVXSSRUWHGE\WKRXVDQGVRIRUJDQL]DWLRQVLQ6RYLHWDFDGHPLDDQGLQGXVWU\
6LQFHWKHVWKHHQWLUHFRPSOH[KDVEHHQRSHUDWHGLQDZD\WKDWH[SORLWVWKHSULRULW\JLYHQWR
GHIHQVH DQG WKH DGYDQWDJHV RI D FRPPDQG HFRQRP\ DQG PLQLPL]HV WKH LPSDFW RI 6RYLHW WHFKQLFDO
ZHDNQHVVHV6RYLHWZHDSRQVDFTXLVLWLRQKDVEHHQFKDUDFWHUL]HGE\
 &HQWUDOL]HGPDQDJHPHQWE\SDUW\DQGJRYHUQPHQWRUJDQL]DWLRQVGHPRQVWUDWLQJFRQWLQXLW\
DQGVWDELOLW\LQSHUVRQQHODQGSURJUDPV
 )LQDO OHDGHUVKLS DXWKRUL]DWLRQ RI ZHDSRQ SURJUDPV DQG WKHLU IXQGLQJ HDUO\ LQ WKH
DFTXLVLWLRQSURFHVV
 5HODWLYHO\ VLPSOH ORZULVN ZHDSRQ GHVLJQV HPSKDVL]LQJ VWDQGDUG FRPSRQHQWV DQG
H[LVWLQJWHFKQRORJLHV
 (DVLO\PDQXIDFWXUHGV\VWHPVZKLFKFDQEHIDEULFDWHGE\DWHFKQRORJLFDOO\XQVRSKLVWLFDWHG
LQGXVWULDOEDVHZLWKVHPLVNLOOHGRUXQVNLOOHGODERURSHUDWLQJJHQHUDOSXUSRVHFRQYHQWLRQDO
PDFKLQHWRROVDQGHTXLSPHQW
 /RQJSURGXFWLRQUXQV\LHOGLQJODUJHQXPEHUVRIZHDSRQV
 :HDSRQ DGYDQFHV WKDW HPSKDVL]H LQFUHPHQWDO XSJUDGHV LQVWHDG RI WKH GHYHORSPHQW RI
FRPSOHWHO\QHZV\VWHPVRUVXEV\VWHPV
'HYHORSPHQWVLQWKHHFRQRP\WHFKQRORJ\DQGWKHIRUHLJQWKUHDWDUHLQGXFLQJWKH6RYLHWVWR
PRGLI\ WKHVH VWUDWHJLHV 7KH VORZHU JURZWK RI WKH 6RYLHW HFRQRP\ LQ WKH SDVW GHFDGH DQG KDUVK
FRQVWUDLQWVRQWKHDYDLODELOLW\RINH\UHVRXUFHVKDYHOHGWKH6RYLHWOHDGHUVWRVWUHVVHIILFLHQF\PRUH
WKDQLQWKHSDVW$WWKHVDPHWLPHGUDPDWLFLPSURYHPHQWVLQ:HVWHUQZHDSRQVDQGDGYDQFHVLQWKHLU
RZQDQGIRUHLJQPLOLWDU\UHVHDUFKDQGGHYHORSPHQW 5 ' KDYHOHGWKHPWRVHHNJUHDWHUDGYDQFHVLQ
ZHDSRQ SHUIRUPDQFH DQG FDSDELOLWLHV &KDQJHV DUH XQGHU ZD\ LQ WKH 6RYLHW GHIHQVH LQGXVWULDO
HVWDEOLVKPHQWWKDWUHVSRQGWRWKHVHQHZFRQGLWLRQV
 ,Q UHVRXUFH DOORFDWLRQ 7KH 6RYLHWV DSSHDU WR EH HYDOXDWLQJ PRUH FDUHIXOO\ WKH SULRULW\
DFFRUGHG WKH GHIHQVH LQGXVWULHV 'HIHQVH ZLOO FRQWLQXH WR KDYH D KLJK SULRULW\ EXW WKH
LQFUHDVLQJFRVWVDQGFRPSOH[LWLHVRISURGXFLQJDGYDQFHGZHDSRQVDUHLQGXFLQJWKHPWR
VHHN PRUH FRVWHIIHFWLYH ZD\V WR PHHW PLOLWDU\ UHTXLUHPHQWV ,Q DGGLWLRQ ZULWLQJV DQG
VWDWHPHQWVLQGLFDWHWKH6RYLHWVUHFRJQL]HWKDWWKHLUORQJWHUPGHIHQVHQHHGVUHTXLUHPRUH
EDODQFHGGHYHORSPHQWLQ6RYLHWLQGXVWU\VHUYLFHVDQGWKHWHFKQRORJ\EDVH
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

 ,Q ZHDSRQ GHYHORSPHQW 7KH 6RYLHWV DUH VKLIWLQJ IURP ZHOO SURYHQ WR PRUH DGYDQFHG
WHFKQRORJLHV DQG IURP VLPSOH WR PRUH FRPSOH[ ZHDSRQ GHVLJQV 7KH\ ZLOO FRQWLQXH WR
UHO\ RQ WUDGLWLRQDO SURYHQ DSSURDFKHV WR GHYHORS PRVW RI WKHLUZHDSRQV %XWLQ VHYHUDO
DUHDV±VXFKDVVWUDWHJLFGHIHQVH±WKH\ZLOOILQGLWPRUHDQGPRUHGLIILFXOWWRPHHWQHZ
WKUHDWV E\ UHO\LQJ RQ WKRVH VWUDWHJLHV 'HYHORSPHQW F\FOHV IRU VRPH V\VWHPV PD\
OHQJWKHQDVDFRQVHTXHQFHSDUWLFXODUO\LQWKHWHVWSKDVH
 ,QSURGXFWLRQ7KH6RYLHWVDUHPDQXIDFWXULQJDGYDQFHGZHDSRQVLQVPDOOHUTXDQWLWLHVDQG
DW ORZHU UDWHV ,PSURYHG ZHDSRQ SHUIRUPDQFH DQG JUHDWHU PXOWLPLVVLRQ FDSDELOLWLHV
DORQJ ZLWK JUHDWHU SURGXFWLRQ SUREOHPV DQG WKH KLJKHU SURFXUHPHQW DQG PDLQWHQDQFH
FRVWVRIQHZZHDSRQVDUHHQFRXUDJLQJWKH6RYLHWVLQVRPHFDVHVWRUHGXFHWKHQXPEHUV
SURGXFHG7KHGDQJHURIREVROHVFHQFHIURPDPRUHUDSLGO\FKDQJLQJWKUHDWDQGPLOLWDU\
WHFKQRORJ\EDVHZLOOIXUWKHUHQFRXUDJHVKRUWHUSURGXFWLRQUXQV5HWURILWSURJUDPVZKLFK
HQKDQFH DQG SURORQJ WKH FRPEDW ZRUWKLQHVV RI ROGHU V\VWHPV DUH SUREDEO\ LQWHQGHG WR
SDUWO\FRPSHQVDWHIRUWKLV
 ,Q WKH LQGXVWULDO EDVH 7KH KLJKWHFKQRORJ\ VXSSRUW VHFWRU RI WKH ZHDSRQV LQGXVWU\ ±
UDGLRHOHFWURQLFV WHOHFRPPXQLFDWLRQV VSHFLDOW\ PDWHULDOV DQG DGYDQFHG SURGXFWLRQ
HTXLSPHQW ± ZLOO JHQHUDOO\ FRQWLQXH WR JURZ PRUH UDSLGO\ WKDQ ZHDSRQ DQG HTXLSPHQW
SURGXFHUV 7KURXJKRXW WKH GHIHQVH LQGXVWULHV WKH 6RYLHWV DUH XVLQJ LQFHQWLYHV DQG
LQYHVWPHQWSROLF\WRHQFRXUDJHWKHUHQRYDWLRQDQGPRGHUQL]DWLRQRIHVWDEOLVKHGIDFLOLWLHV
LQVWHDGRIQHZSODQWFRQVWUXFWLRQ
 ,QDGPLQLVWUDWLRQ6PDOOVFDOHFKDQJHVLQSODQQLQJDQGPDQDJHPHQWDUHEHLQJLPSOHPHQWHG
7KH 6RYLHWV DUH PRGLI\LQJ LQGXVWULDO RUJDQL]DWLRQ DQG UHYLVLQJ SODQ WDUJHWV SULFHV DQG
LQFHQWLYHV WR HQFRXUDJH LQQRYDWLRQ DQG TXDOLW\ RYHU TXDQWLW\ 7KH\ ZLOO QRW XQGHUPLQH
WKHFHQWUDOSODQQLQJV\VWHPE\SURYLGLQJPDQDJHUVZLWKUHDODXWRQRP\KRZHYHUDQGWKH
GHIHQVHLQGXVWULHVZLOOFRQWLQXHWREHWKHPRVWWKRURXJKO\VFUXWLQL]HGSDUWRIWKH6RYLHW
HFRQRP\
 ,QVHHNLQJKHOSIURPDEURDG7KH6RYLHWVDUHVWUHVVLQJDQGVXSSRUWLQJWKHEXLOGXSRIWKH
VFLHQWLILFWHFKQLFDO EDVH RI WKHLU (DVW (XURSHDQ DOOLHV DQG ZLOO VHHN PRUH LPSRUWV RI
WHFKQRORJ\ DQG HTXLSPHQW IURP WKHP 7KH\ ZLOO DOVR FRQWLQXH WR UHO\ KHDYLO\ RQ
DFTXLVLWLRQRI:HVWHUQWHFKQRORJ\
&KDQJHVLQWKH6RYLHWDUPHGIRUFHVLQWKHVZLOOGULYH±DQGEHGULYHQE\±FKDQJHVLQWKH
ZHDSRQV LQGXVWU\ $OWHUDWLRQV LQ GRFWULQH IRUFH VWUXFWXUH ORJLVWLF RUJDQL]DWLRQ PDLQWHQDQFH
UHTXLUHPHQWVDQGPDQSRZHUXWLOL]DWLRQDUHOLNHO\WRDFFRPSDQ\WKHHYROXWLRQLQWKHSURGXFWVRIWKH
GHIHQVHLQGXVWULHV,QVRPHFDVHVWKHORQJWHUPLPSDFWRILQFUHDVLQJO\VRSKLVWLFDWHGZHDSRQVPD\EH
DUHGXFWLRQLQWRWDOQXPEHUVPDLQWDLQHGLQDFWLYHLQYHQWRULHV2YHUDOOIRUFHHIIHFWLYHQHVVLVOLNHO\WR
LQFUHDVHQRQHWKHOHVVDVWKHPRELOLW\VXUYLYDELOLW\DQGOHWKDOLW\RIQHZZHDSRQVLPSURYH
&HUWDLQ DVSHFWV RI WKH ZHDSRQV LQGXVWU\ DUH XQLTXH LQ WKH 6RYLHW HFRQRP\ EXW PDQ\ RI LWV
SUREOHPVFRQIURQWWKHFLYLOLDQVHFWRUDVZHOO$OWKRXJKWKHGHIHQVHLQGXVWULDOPLQLVWULHVKDYHQHYHU
EHHQ FRPSOHWHO\ LQVXODWHG IURP FLYLOLDQ LQGXVWU\ ± DQ LQGLVSHQVDEOH VXSSOLHU RI PDWHULDOV
FRPSRQHQWVDQGVXEDVVHPEOLHV±WKHOLQHVEHWZHHQWKHWZRVHFWRUVKDYHEHFRPHLQFUHDVLQJO\EOXUUHG
DVZHDSRQVKDYHJURZQLQFRPSOH[LW\6LQFHWKHODVW\HDUVRIWKH%UH]KQHYHUDWKH6RYLHWVKDYHEHHQ
LPSOHPHQWLQJSROLFLHVWRVSHHGWKHPRGHUQL]DWLRQRIERWKWKHFLYLOLDQDQGGHIHQVHLQGXVWULHV
7KH 6RYLHW GHIHQVH LQGXVWULHV IDFH FRQVLGHUDEOH FKDOOHQJHV LQ WKHLU PLVVLRQ WR SURGXFH
VXIILFLHQW TXDQWLWLHV RI KLJKO\ DGYDQFHG ZHDSRQV IRU WKH IRUFHV RI WKH QH[W GHFDGH 1HYHUWKHOHVV
H[SDQVLRQ LQ KLJKWHFKQRORJ\ LQGXVWULHV DGYDQFHV LQ SUHFLVLRQ PDFKLQLQJ DQG RWKHU IDEULFDWLRQ
WHFKQRORJLHVDQGFRQWLQXHGDJJUHVVLYHH[SORLWDWLRQRI:HVWHUQWHFKQRORJ\ZLOODOORZWKH6RYLHWVWR
RYHUFRPH VRPH RI WKH GLIILFXOWLHV ZLWK ZKLFK WKHLU GRPHVWLF 5 ' EDVH LV FXUUHQWO\ VWUXJJOLQJ
0RUHRYHU WKH 6RYLHWV¶ VSHHG LQ LQWURGXFLQJ JHQHULF HTXLYDOHQWV RI :HVWHUQ WHFKQRORJLHV LQWR WKHLU



 (XJHQ'HQL]H 

RZQV\VWHPVDQGWKHLUDELOLW\WRVXUJHDKHDGDORQJDQDUURZIURQWRIPLOLWDU\WHFKQRORJLHVZLOOKHOS
WKHPUHPDLQFRPSHWLWLYHLQGHSOR\HGPLOLWDU\FDSDELOLWLHV
,QDQ\HYHQWWKH6RYLHWZHDSRQVLQGXVWU\ZLOOUHPDLQDSRWHQWIRUFHLQWKHV,WKDVEHHQD
YLWDO LQJUHGLHQW LQ 6RYLHW PLOLWDU\ SRZHU ZKLFK KDV EHHQ WKH SULPDU\ LQVWUXPHQW RI WKH 6RYLHW
OHDGHUVKLS LQ DFKLHYLQJ QDWLRQDO VHFXULW\ SROLWLFDO OHYHUDJH DQG SUHVWLJH WKURXJKRXW WKH ZRUOG7KH
ZHDSRQVLQGXVWU\ZLOOFRQWLQXHWREHDWWKHIRUHIURQWRI6RYLHWWHFKQRORJ\DQGLQGXVWULDOSURZHVVDQG
LWZLOODEVRUEDODUJHVKDUHRIWKHEHVW6RYLHWUHVRXUFHV,WVOHDGHUVZLOOFRQWLQXHWRZLHOGFRQVLGHUDEOH
LQIOXHQFH RQ 6RYLHW SROLF\ $QG ± EHFDXVH RI JURZLQJ HFRQRPLF FRQVWUDLQWV DQG WKH SRWHQWLDO RI
DGYDQFLQJPLOLWDU\WHFKQRORJ\±LWVSHUIRUPDQFHLVOLNHO\WREHDQHYHQJUHDWHUGHWHUPLQDQWRI6RYLHW
PLOLWDU\SRZHUWKDQLVWKHFDVHWRGD\

$1(;$,,

6RYLHW6RFLHW\LQWKHV
3UREOHPVDQG3URVSHFWV
.H\-XGJPHQWV,QIRUPDWLRQDYDLODEOHDVRI1RYHPEHUZDVXVHGLQWKLVUHSRUW

%RWK:HVWHUQREVHUYHUVDQG6RYLHWRIILFLDOVUHFRJQL]HWKDWWKH 6RYLHW8QLRQQRZIDFHVDZLGH
DUUD\RIVRFLDOHFRQRPLFDQGSROLWLFDOLOOVLQFOXGLQJDJHQHUDOVRFLDOPDODLVHHWKQLFWHQVLRQVFRQVXPHU
IUXVWUDWLRQV DQG SROLWLFDO GLVVHQW 3UHFLVHO\ KRZ WKHVH LQWHUQDO SUREOHPV ZLOO XOWLPDWHO\ FKDOOHQJH DQG
DIIHFWWKHUHJLPHKRZHYHULVRSHQWRGHEDWHDQGFRQVLGHUDEOHXQFHUWDLQW\6RPHREVHUYHUVEHOLHYHWKDW
WKHUHJLPHZLOOKDYHOLWWOHWURXEOHFRSLQJZLWKWKHQHJDWLYHPRRGDPRQJWKHSRSXODFH2WKHUVEHOLHYH
WKDW HFRQRPLF PLVPDQDJHPHQW ZLOO DJJUDYDWH LQWHUQDO SUREOHPV DQG XOWLPDWHO\ HURGH WKH UHJLPH¶V
FUHGLELOLW\LQFUHDVLQJWKHORQJWHUPSURVSHFWVIRUIXQGDPHQWDOSROLWLFDOFKDQJH
:KDWHYHU WKH XOWLPDWH SURJQRVLV WKHVH SUREOHPV ZLOO SRVH D FKDOOHQJH IRU WKH QHZ 6RYLHW
OHDGHUVKLS7KH3ROLWEXUR¶VDSSURDFKSUREDEO\ZLOOEHEDVHGRQLWVDVVHVVPHQWRIWKHWKUHDWSRVHGDQG
WKH GHJUHH WR ZKLFK WKHVH LVVXHV FDQ EH DGGUHVVHG E\ SROLF\ VKLIWV 7KUHH EURDG FDWHJRULHV RI
SUREOHPV ± WKH TXDOLW\ RI OLIH HWKQLF WHQVLRQV DQG GLVVHQW ± DUH VXUYH\HG LQ WKLV SDSHU 2I WKHVH
SRSXODUGLVFRQWHQWRYHUDSHUFHLYHGGHFOLQHLQWKHTXDOLW\RIOLIHUHSUHVHQWVLQRXUMXGJPHQWWKHPRVW
VHULRXVDQGLPPHGLDWHFKDOOHQJHIRUWKH3ROLWEXUR$FFRUGLQJWR«!VRXUFHVWKH6RYLHWSHRSOHDUH
QRORQJHUFRQILGHQWWKDWWKHLUVWDQGDUGRIOLYLQJZLOOFRQWLQXHWRLPSURYH3RSXODUGLVVDWLVIDFWLRQDQG
F\QLFLVPVHHPWREHJURZLQJ7KLVSRSXODUPRRGKDVDQHJDWLYHLPSDFWRQHFRQRPLFSURGXFWLYLW\DQG
FRXOGJUDGXDOO\XQGHUPLQHWKHUHJLPH¶VFUHGLELOLW\6XFKGLVFRQWHQWKDVDOUHDG\OHGWRVRPHLVRODWHG
VWULNHV DQG GHPRQVWUDWLRQV GHYHORSPHQWV WKDW LPPHGLDWHO\ JHW WKH OHDGHUVKLS¶V DWWHQWLRQ 2WKHU
PDQLIHVWDWLRQV RI GLVFRQWHQW ± FULPH FRUUXSWLRQ DQG DOFRKROLVP ± DUH HYLGHQW DV ZHOO EXW SRVH QR
GLUHFWFKDOOHQJHWRWKHUHJLPH 6XFKLOOVQRQHWKHOHVVKDYHD GHWULPHQWDOHIIHFWRQ6RYLHWHFRQRPLF
JRDOV DUH KDUPIXO WR WKH VRFLDO FOLPDWH LQ JHQHUDO DQG LQ WXUQ DUH PDGH ZRUVH E\ WKH VORZ UDWH RI
HFRQRPLFJURZWK
(WKQLFGLVFRQWHQW±URRWHGLQFXOWXUDOGHPRJUDSKLFDQGHFRQRPLFSUREOHPVDVZHOODVSROLWLFDO
VXSSUHVVLRQ ± UHPDLQV SULPDULO\ D ODWHQW EXW SRWHQWLDOO\ VHULRXV YXOQHUDELOLW\ &XUUHQWO\ WKHUH LV QR
ZLGHVSUHDGSROLWLFDOO\GLVUXSWLYHSURWHVWRUGLVVHQWDPRQJWKH6RYLHWQDWLRQDOLWLHV7KHUHJLPH¶VSROLFLHV±
JUDQWLQJWRQDWLRQDOPLQRULWLHVVRPHOLQJXLVWLFWHUULWRULDOFXOWXUDODQGDGPLQLVWUDWLYHDXWRQRP\UDLVLQJ
WKH VWDQGDUG RI OLYLQJ H[SDQGLQJ WKH HGXFDWLRQDO EDVH DQG XVLQJ RYHUZKHOPLQJ SROLFH SRZHU ZKHQ
QHHGHG ± KDYH EHHQ ODUJHO\ VXFFHVVIXO VR IDU $OWKRXJK WKH SRWHQWLDO IRU SROLWLFDO XQUHVW DQG VSRUDGLF
YLROHQFH LQ WKH %DOWLF UHSXEOLFV UHPDLQV KLJK EHFDXVH RI HFRQRPLF GHPRJUDSKLF DQG FXOWXUDO
JULHYDQFHV%DOWLFFRQFHUQVKDYHOLWWOHLPSDFWHOVHZKHUHLQWKH8665DQGFDQEHVXSSUHVVHGLIQHFHVVDU\
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

:LWKPRUHWLPH SHUKDSVGHFDGHV KRZHYHUVLPLODUSUREOHPVFRXOGEHFRPHPXFKPRUHFRQVHTXHQWLDO


LQ0XVOLP&HQWUDO$VLDUHTXLULQJWKHUHJLPHWRPDQDJHWKLVSUREOHPPRUHDGURLWO\
)LQDOO\WKHUDQJHRISROLWLFDOUHOLJLRXVDQGFXOWXUDOGLVFRQWHQWWKDWLVH[SUHVVHGLQWKH6RYLHW
GLVVLGHQW PRYHPHQW GRHV QRW DW SUHVHQW VHULRXVO\ FKDOOHQJH WKH UHJLPH¶V SROLWLFDO FRQWURO EXW WKH
UHJLPHGHDOVZLWKLWDVLILWGRHV6RYLHWGLVVLGHQWVFDXVHFRQFHUQEHFDXVHWKH\KDYHDQLQWHUQDWLRQDO
DXGLHQFHDQGWKHLUDFWLYLWLHVHPEDUUDVVWKHUHJLPH0RUHRYHUWKHOHDGHUVKLSUHPDLQVSV\FKRORJLFDOO\
LQVHFXUHDQGLVXQZLOOLQJWRDOORZDQ\KLQWRIFKDOOHQJHWRLWVDXWKRULW\DSSDUHQWO\EHFDXVHLWIHDUV
VXFK GLVVLGHQWV FRXOG DSSHDO WR D ZLGHU DXGLHQFH E\ DUWLFXODWLQJ PRUH ZLGHO\ KHOG GLVFRQWHQW RYHU
IRRGVKRUWDJHVDQGWKHOLNH)RUWKHVHUHDVRQVWKHUHJLPHSDUWLFXODUO\RIODWHKDVXVHGZLGHVSUHDG
DUUHVWVDQGLPSULVRQPHQWRIGLVVLGHQWOHDGHUVFRQILQHPHQWLQSV\FKLDWULFKRVSLWDOVDQGH[LOHWRFUXVK
WKHPRYHPHQW7KHPRYHPHQWKRZHYHULVQRWOLNHO\WRGLHDQGLQWKHORQJUXQFRXOGJURZLILWFDQ
FDSLWDOL]HRQLQFUHDVLQJGLVFRQWHQWF\QLFLVPDQGDOLHQDWLRQDPRQJWKHSRSXODFH
7KHVKDUSVORZGRZQLQHFRQRPLFJURZWKVLQFHWKHPLGVLVWKHXQGHUO\LQJSUREOHPWKDWWLHV
DOOWKHVHLVVXHVWRJHWKHUDQGPDNHVWKHPSRWHQWLDOO\PRUHWURXEOHVRPHIRUWKHUHJLPH8QOHVVWKLVWUHQG
LV UHYHUVHG LQFUHDVLQJ DOLHQDWLRQ DQG F\QLFLVP HVSHFLDOO\ DPRQJ \RXQJ SHRSOH DUH OLNHO\ DQG RWKHU
VRFLDO LOOV ± FULPH FRUUXSWLRQ DOFRKROLVP ± FRXOG JHW ZRUVH 7KH UHJLPH WR EH VXUH KDV LPSUHVVLYH
UHVRXUFHVIRUWU\LQJWRGHDOZLWKSDUWLFXODUHFRQRPLFSUREOHPV±HVSHFLDOO\LQLWVFHQWUDOL]HGFRQWURORYHU
SULRULWLHVDQGUHVRXUFHVEXWDUHWXUQWRWKHPRUHIDYRUDEOHHFRQRPLFFRQGLWLRQVRIWKHVDQGHDUO\
V ZKHQ WKHUH ZHUH VXEVWDQWLDO LPSURYHPHQWV LQ WKH VWDQGDUG RI OLYLQJ LV KLJKO\ XQOLNHO\ 7KH
SHUYDVLYHSROLFHSRZHUVDWWKH3ROLWEXUR¶VGLVSRVDOZKHQFRXSOHGZLWKWKH6RYLHWSRSXODFH¶VWUDGLWLRQDO
SDVVLYLW\WRZDUGGHSULYDWLRQDQGUHVSHFWIRUDXWKRULW\VKRXOGKRZHYHUFRQWLQXHWRSURYLGHWKHUHJLPH
ZLWKWKHQHFHVVDU\VWUHQJWKWRFRQWDLQDQGVXSSUHVVRSHQGLVVHQW
'LIILFXOW GHFLVLRQV UHJDUGLQJ UHVRXUFH DOORFDWLRQ DQG QHZ PDQDJHPHQW DSSURDFKHV
QHYHUWKHOHVVZLOOSUREDEO\EHQHHGHGWRGHDOZLWKWKH3ROLWEXUR¶VHFRQRPLFSUREOHPVDQGWRUHYHUVH
WKH PDODLVH WKDW KDV VHW LQ +RZ WKH QHZ OHDGHUVKLS ZLOO KDQGOH WKHVH LVVXHV RYHU WKH ORQJ UXQ LV
XQFHUWDLQ,WVSROLF\RSWLRQVUDQJHIURPXQGHUWDNLQJPDMRU³UHIRUPV´DQGUHDOORFDWLQJUHVRXUFHVDZD\
IURP GHIHQVH WR JUHDWHU UHOLDQFH RQ DGPLQLVWUDWLYH FRQWUROV DQG UHSUHVVLRQ 6RPH PL[ RI SROLFLHV
LQYROYLQJERWKGLUHFWLRQVPLJKWEHDWWHPSWHG1RVROXWLRQVLWLVOLNHO\WRDWWHPSWKRZHYHURIIHUDQ\
FHUWDLQFXUHIRULWVJURZWKSUREOHPDQGWKHPDODLVHUHODWHGWRLW7KLVVLWXDWLRQZLOOOLNHO\UHTXLUHWKH
OHDGHUVKLS WR IDOO EDFN HYHQ PRUH RQ WUDGLWLRQDO RUWKRGR[ PHWKRGV WR FRQWURO GLVVHQW DQG VXSSUHVV
FKDOOHQJHVWR LWV DXWKRULW\ ZKLOH FRQWLQXLQJ HIIRUWV WR DYRLG DQRYHUDOO GHFOLQH LQ D ³TXDOLW\ RIOLIH´
WKDWKDVEHFRPHWKHUHJLPH¶VUHDOEDVLVIRUOHJLWLPDF\

$1(;$,,,

025,'RF,'
81&/$66,),('
&21),'(17,$/

*RUEDFKHY¶V'RPHVWLF&KDOOHQJH7KH/RRPLQJ3UREOHPV 8 
.H\-XGJPHQWV
,QIRUPDWLRQDYDLODEOHDVRI)HEUXDU\ZDVXVHGLQWKLVUHSRUW

*HQHUDO6HFUHWDU\0LNKDLO*RUEDFKHYLVRIIWRDVWURQJVWDUW+HKDVFRQVROLGDWHGSRZHUZLWK
XQSUHFHGHQWHGVSHHGSXWLQSODFHDQDPELWLRXVSURJUDPIRUHFRQRPLFUHYLWDOL]DWLRQWKDWKDVDOUHDG\
DFKLHYHGVRPHUHVXOWVVHWKLJKHUVWDQGDUGVRIDFFRXQWDELOLW\IRUWKHEXUHDXFUDF\DQGLPSURYHGWKH
LPDJHRIWKH6RYLHWOHDGHUVKLSDWKRPHDQGDEURDG



 (XJHQ'HQL]H 

%XW *RUEDFKHY¶V JUHDWHVW FKDOOHQJH OLHV DKHDG +H KDV VWDNHG KLV OHDGHUVKLS RQ UDGLFDOO\
LPSURYLQJWKHIXQFWLRQLQJRIWKH6RYLHWV\VWHPZKLOHNHHSLQJXSZLWKWKH8QLWHG6WDWHVDEURDG7KH
FDXWLRXVFKDQJHVKHKDVVDQFWLRQHGVRIDUDUHLQRXUYLHZLQVXIILFLHQWWRDFKLHYHWKHVHJRDOV2YHU
WKHQH[WIHZ\HDUVKHLVOLNHO\WRIDFHWRXJKFKRLFHVEHWZHHQDFFHSWLQJUHVXOWVWKDWZLOOIDOOZHOOVKRUW
RIKLVJRDOV±DQGDUHVXOWDQWHURVLRQRIKLVSRZHU±RUSXVKLQJWKH6RYLHWOHDGHUVKLSWRZDUGIDUPRUH
GLIILFXOW±DQGSROLWLFDOO\FRQWURYHUVLDO±SROLF\PHDVXUHV
5HYLWDOL]LQJ WKH (FRQRP\ *RUEDFKHY KDV PDGH HFRQRPLF UHYLWDOL]DWLRQ KLV SULRULW\ LVVXH
DUJXLQJ WKDW 6RYLHW QDWLRQDO VHFXULW\ DQG LQIOXHQFH DEURDG DUH GHSHQGHQW RQ D VKDUS HFRQRPLF
LPSURYHPHQW 6R IDU GHVSLWH WKH XUJHQF\ RI KLV UKHWRULF KH KDV UHOLHG RQ WUDGLWLRQDO PHWKRGV ±
GLVFLSOLQHRUJDQL]DWLRQDOVWUHDPOLQLQJQHZSHRSOHUHIRFXVLQJLQYHVWPHQWWRPDFKLQHEXLOGLQJ±DQG
VRPHPRGHVWUHIRUPVWRDFKLHYHKLVJRDOV:KLOHWKHVHVWHSVDUHLPSURYLQJWKLQJVVRPHZKDW±DQG
IURP WKH 6RYLHWSHUVSHFWLYHDUHLPSUHVVLYH DQG VLJQLILFDQW ± WKH\ DSSHDU OLNHO\WR IDOO ZHOO VKRUWRI
DFKLHYLQJERWKWKHJURZWKDQGWHFKQRORJLFDOSURJUHVV*RUEDFKHYLVVHHNLQJRYHUWKHQH[WILYH\HDUV
7R DFKLHYH KLV JRDOV IRU LPSURYHG HFRQRPLF SHUIRUPDQFH KH ZLOO KDYH WR FRQVLGHU PRUH
SROLWLFDOO\ ULVN\ DQG HFRQRPLFDOO\ GLVUXSWLYH UHIRUPV 0RUHRYHU SURJUHVV RQ WKH HFRQRP\ LV
LQH[WULFDEO\ OLQNHG WR GHYHORSPHQWV RQ D KRVW RI RWKHU FRQWURYHUVLDO SROLWLFDO DQG VRFLDO LVVXHV
*RUEDFKHY LV DOUHDG\ IDFLQJ VWURQJ RSSRVLWLRQ IURP WKRVH ZKR VHH WKHLU MREV VWDWXV DQG VLQHFXUHV
WKUHDWHQHGE\KLVHIIRUWVWRWXUQWKH6RYLHWHFRQRP\DQGVRFLHW\DURXQG+LVFDGUHSROLF\±WRUHSODFH
JRYHUQPHQW DQG SDUW\ EXUHDXFUDWV WR LQFUHDVH HIILFLHQF\ LPDJLQDWLRQ DQG FRPPLWPHQW ± LV DW WKH
IRFDOSRLQWRIWKHVWUXJJOH
0DVWHULQJWKH%XUHDXFUDF\7RLPSOHPHQWVXFFHVVIXOO\HYHQWKHFKDQJHVKHKDVDQQRXQFHGVR
IDU *RUEDFKHY ZLOO KDYH WR WUDQVIRUP D EXUHDXFUDF\ UHQRZQHG IRU LWV DELOLW\ WR UHVLVW OHDGHUVKLS
GLUHFWLRQLQWRDPRUHUHVSRQVLYH DQGHIILFLHQWLQVWUXPHQWRIFKDQJH'HVSLWHKLVSROLWLFDOVXFFHVVWR
GDWHKHKDVRQO\EHJXQWRDFFRPSOLVKWKLVWDVN+LVZRUGVDQGGHHGVFOHDUO\VKRZGHWHUPLQDWLRQWR
WDPH WKH SDUW\ DQG VWDWH EXUHDXFUDFLHV EXW UHVLVWDQFH WR KLV LQLWLDWLYHV LV ILHUFH «! XQUHOHQWLQJ
SUHVVXUH WR JHW KLV DJHQGD LPSOHPHQWHG LV DOUHDG\ FUHDWLQJ D ODUJH SRRO RI GLVJUXQWOHG DSSDUDWFKLNL
LQWHQWRQEORFNLQJKLVSURJUDPDQGKHPD\ZHOOKDYHWRFRQVLGHUHYHQPRUHIRUFHIXOPHDVXUHV
0DQDJLQJWKH3ROLWEXUR)URP*RUEDFKHY¶VSHUVSHFWLYHWKHQHHGWRDGGUHVVWKHVHLQWHUUHODWHG
SUREOHPV ZLOO VHULRXVO\ FRPSOLFDWH KLV JUHDWHVW FKDOOHQJH ± PDLQWDLQLQJ D FRQVHQVXV ZLWKLQ WKH
3ROLWEXUR7KHLQGHSHQGHQWPLQGHGRIILFLDOVZKRPDNHXS*RUEDFKHY¶V3ROLWEXURDSSHDUWRDJUHHWKDW
WKHUH LV D QHHG IRU QHZ SROLF\ GLUHFWLRQV DQG SHUVRQQHO WRFDUU\ WKHP RXW EXWWKH\ DSSHDUWR GLIIHU
RYHUVSHFLILFDSSURDFKHV7KHFRQYHUJHQFHRIWKHLQVWLWXWLRQDOHFRQRPLFVRFLDODQGGHIHQVHLVVXHV
*RUEDFKHY PXVW IDFH ZLOO PDNH FRQVHQVXV GHFLVLRQPDNLQJ HYHQ WRXJKHU WR DFFRPSOLVK WKDQ LW KDV
EHHQVRIDU
/LPLWLQJWKH'HIHQVH%XUGHQ:LWKRXWUHVWULFWLQJWKHGHIHQVHEXUGHQ*RUEDFKHYZLOOILQGLW
LQFUHDVLQJO\ GLIILFXOWWR JHQHUDWH WKH VLJQLILFDQW LQFUHDVHLQ UHVRXUFHV KH QHHGV WR GHYRWH WR FLYLOLDQ
LQGXVWULDO LQYHVWPHQW SDUWLFXODUO\ PDFKLQH EXLOGLQJ 8QOHVV WKHUH LV D VKDUS XSWXUQ LQ HFRQRPLF
SHUIRUPDQFH±ZKLFKZHWKLQNLVXQOLNHO\±RUPDMRUUHGXFWLRQVLQGHIHQVHVSHQGLQJ±ZKLFKZRXOG
EH YHU\ FRQWURYHUVLDO ZLWKRXW D VLJQLILFDQW UHGXFWLRQ LQ WKH SHUFHLYHG WKUHDW ± E\ WKH HQG RI WKH
GHFDGH GHPDQGV IRU LQYHVWPHQW LQ WKH FLYLOLDQ VHFWRU ZLOO FRPH LQFUHDVLQJO\ LQWR FRQIOLFW ZLWK
GHPDQGVIRUPRUHLQYHVWPHQWLQWKHGHIHQVHLQGXVWULHV7KHSURVSHFWRIVXFKDFKRLFHKDVDOUHDG\OHG
*RUEDFKHYWRSXUVXHDEROGVWUDWHJ\IRUPDQDJLQJWKH86UHODWLRQVKLSWKDWSUREDEO\LVFRQWURYHUVLDO
ZLWKLQWKH6RYLHWHOLWHDQGFRXOGLQFRQMXQFWLRQZLWKHFRQRPLFFRQVLGHUDWLRQVHYHQWXDOO\OHDGKLPWR
FRQIURQWIXQGDPHQWDOREVWDFOHVLQKLELWLQJHFRQRPLFSURJUHVV
0DQDJLQJ6RFLHWDO3UHVVXUHV*RUEDFKHYPD\ILQGWKDWWKH6RYLHWSRSXODFHORQJDFFXVWRPHG
WRDSDWHUQDOLVWLFVWDWHWKDWSURYLGHVMREVHFXULW\DQGEDVLFQHFHVVLWLHVDWORZSULFHVLVDPDMRUREVWDFOH
WRDFKLHYLQJWKHVRFLDOHFRQRPLFWUDQVIRUPDWLRQKHZDQWV7KHUHJLPHKDVDOUHDG\SUHVVHGZRUNHUVWR
EHPRUHSURGXFWLYHZKLOHUHIXVLQJWRGHYRWHDJUHDWHUVKDUHRIUHVRXUFHVWRFRQVXPSWLRQLQRUGHUWR
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

SURYLGH LQFHQWLYHV 0DQ\ 6RYLHW UHIRUPHUV EHOLHYH IXUWKHU FKDQJHV LQ VRFLDO SROLF\ ± UHGXFHG
VXEVLGLHV IRU QHFHVVLWLHV D OHVV HJDOLWDULDQ ZDJH VWUXFWXUH DQG D PRUH WROHUDQW DWWLWXGH WRZDUG
XQHPSOR\PHQW ± ZLOO EH UHTXLUHG WR SURGXFH VXVWDLQHG LPSURYHPHQWV LQ HFRQRPLF SHUIRUPDQFH
$OWKRXJK VRFLHWDO SUREOHPV DUH XQOLNHO\ WR UHDFK FULVLV SURSRUWLRQV RYHU WKH QH[W ILYH \HDUV
*RUEDFKHYZLOOQHHGWRPDQDJHSRSXODUFRQFHUQVHIIHFWLYHO\WRLPSURYHPRUDOHDQGSURGXFWLYLW\DV
ZHOODVWRSUHYHQWLQFUHDVHGGLVFRQWHQW
7KH 6RYLHW OHDGHU KDV FRQVLGHUDEOH DGYDQWDJHV DQG DVVHWV IRU SXVKLQJ KLV DJHQGD
1HYHUWKHOHVV DV WKHVH SUREOHPV FRQYHUJH RYHU WKH QH[W ILYH \HDUV ZH EHOLHYH KH ZLOO IDFH DQ
LQFUHDVLQJO\FOHDUFKRLFHEHWZHHQVHWWOLQJIRUKDOIPHDVXUHVWKDWIDOOZHOOVKRUWRIKLVGHPDQGV DQG
SHUKDSVKLVQHHGVRUIRUFLQJWKH3ROLWEXURWRPDNHVRPHGLIILFXOWDQGGLYLVLYHGHFLVLRQV)DLOXUHWR
WDNH RQ WKLV FKDOOHQJH SUREDEO\ ZRXOG QRW FRVW KLP KLV MRE EXW ZRXOG RSHQ KLV DGPLQLVWUDWLRQ WR
FKDUJHV RI %UH]KQHYVW\OH LPPRELOLVP WKDW KH VHHPV GHWHUPLQHG WR SUHYHQW 7KH OHDGHUVKLS VW\OH
*RUEDFKHYKDVGHPRQVWUDWHGVRIDUDVZHOODVKLVUKHWRULFVXJJHVWVWKDWKHZLOOWXUQWRPRUHUDGLFDO
SROLF\DOWHUQDWLYHVUDWKHUWKDQDFFHSWWKDWIDWH+HZLOOILQGVRPHDGYLVHUVHDJHUWRSXVKIRUDKDUVKHU
QHR6WDOLQLVW SDWK DV ZHOO DV WKRVH DUJXLQJ IRU PRUH UDGLFDO SROLF\ RU V\VWHPLF UHIRUPV :H GR QRW
NQRZZKDWPL[RIWKHVHRSWLRQVKHPLJKWFKRRVHRUHYHQKRZKDUGKHZLOOSXVK%XWWKHFRPSOH[LWLHV
RI WKHLVVXHV DQG DEVHQFH RI HDV\ DOWHUQDWLYHV JXDUDQWHHWKDW WKH VWUXJJOH ZLOO EH SURWUDFWHGDQGWKH
RXWFRPHXQFHUWDLQERWKIRUKLPDQGWKH6RYLHW8QLRQ

$1(;$,9

*RUEDFKHY6WHHULQJWKH8665,QWRWKHV
.H\-XGJPHQWV,QIRUPDWLRQDYDLODEOHDVRI-XQHZDVXVHGLQWKLVUHSRUW

,Q WKH QH[W \HDU 6RYLHW OHDGHU 0LNKDLO *RUEDFKHY DQG KLV 3ROLWEXUR ZLOO KDYH WR DJUHH RQ
DGMXVWPHQWV WR WKH FXUUHQW ±  ILYH\HDU SODQWR FRSH ZLWK HPHUJLQJ VKRUWIDOOVDQG WR FRUUHFW
LPEDODQFHV 0HDQZKLOH WKH IXWXUH RI HFRQRPLF UHIRUP LV EHLQJ ZRUNHG RXWDQG WKH 6RYLHW OHDGHUV
ZLOOEHDWWHPSWLQJWRIRUPXODWHWKHLUUHVRXUFHDOORFDWLRQJXLGHOLQHVIRUWKH±SODQ7KH8665¶V
SODQQLQJ F\FOH FDOOV IRU WKHVH JXLGHOLQHV WR EH JLYHQ WR WKH HFRQRPLF SODQQHUV E\ DERXW PLG
7KLVZLOOEHDWRXJKFDOOEHFDXVHQRWDOOWKHUHWXUQVZLOOEHLQIURPPHDVXUHVDOUHDG\LPSOHPHQWHG

$GMXVWLQJWKH±3ODQ
7KHSUHVHQWILYH\HDUSODQKDVYLUWXDOO\QRVODFNWKDWZRXOGSHUPLWPRUHDWWHQWLRQWRRQHRIWKH
PDMRU VHFWRUV RI WKH HFRQRP\ ZLWKRXW VRPH LPSDFW RU RIIVHWWLQJ DGMXVWPHQWV LQ RWKHU DUHDV )RU
H[DPSOHWKHJURZWKLQRYHUDOOYROXPHRILQYHVWPHQWZKLOHKLJKHUWKDQLQWKHWZRSUHYLRXVILYH\HDU
SODQV VWLOO DSSHDUV ORZ LQ FRPSDULVRQ ZLWK WKH SURGXFWLRQ WDUJHWV 7DNHQ DW IDFH YDOXH WKH SODQ
LQGLFDWHVWKDWWKH6RYLHWVH[SHFWDVKDUSO\LQFUHDVLQJUDWLRRIRXWSXWSHUUXEOHRILQYHVWPHQW%XWLIWKH
HIILFLHQF\ JDLQV IURP WKH ³KXPDQ IDFWRU´ FDPSDLJQ GR QRW PDWHULDOL]H WKH OHDGHUVKLS ZLOO KDYH WR
GHFLGH ZKHWKHU WR SXVK IRU IDVWHU LQYHVWPHQW JURZWK LQ WKH SUHVHQW SODQ WR NHHS LWV LQGXVWULDO
PRGHUQL]DWLRQSURJUDPRQWUDFN6XFKDVWHSFRXOGIRUFHWKH8665WRFRQVLGHUSHUPLWWLQJDEXLOGXS
RIGHEWWRWKH:HVWWRILQDQFHPRUHLPSRUWV$QGVXVWDLQHGKLJKHUUDWHVRILQYHVWPHQWZRXOGQRWEH
IHDVLEOHLQRXUYLHZZLWKRXWKROGLQJPLOLWDU\SURFXUHPHQWUHODWLYHO\IODW
6LPLODUO\ DOORFDWLRQV WR WKH FRQVXPHU LQ WKH FXUUHQW ILYH\HDU SODQ SDUWLFXODUO\ JRDOV IRU
FRQVXPHUGXUDEOHVKDYHEHHQKHOGGRZQDJDLQVWDSURPLVHRIEHWWHUWKLQJVWRFRPHLQWKHVDV
WKHKRSHGIRUEHQHILWVRILQGXVWULDOPRGHUQL]DWLRQDUHUHDOL]HG7KHOHDGHUVKLSKRZHYHUZLOOKDYHWR
EH FDUHIXO WR DYRLG WKH NLQGV RI VKRUWDJHV WKDW LQ WKH SDVW KDYH KDG D GDPSHQLQJ HIIHFW RQ ODERU



 (XJHQ'HQL]H 

LQFHQWLYHV ± SDUWLFXODUO\ EHFDXVH VR PXFK RI WKH SUHVHQW SODQ DSSHDUV WR EDQN RQ LQFUHDVLQJ
SURGXFWLYLW\WKURXJKDPRWLYDWHGZRUNIRUFH

5HIRUPV
,QWKHFDVHRIUHIRUPVZKDWKDVEHHQDFFRPSOLVKHGVRIDUDPRXQWVWRDVHWRISDUWLDOPHDVXUHV
6RYLHWOHDGHUVZLOOQHHGWRFRQVLGHUDGMXVWPHQWVWRWKRVHPHDVXUHVDOUHDG\LPSOHPHQWHGDQGKRZWR
LPSOHPHQWWKHPRUHFRPSUHKHQVLYHFKDQJHVLQWKHRUJDQL]DWLRQDQGPDQDJHPHQWRIWKHHFRQRP\WKDW
*RUEDFKHYFDOOHGIRUDWWKH&HQWUDO&RPPLWWHHSOHQXPLQ-XQH,WZLOOEHSDUWLFXODUO\LPSRUWDQW
IRU WKH OHDGHUVKLS WR DYRLG WKH NLQG RI EDFNVOLGLQJ WKDW KDV EURXJKW SDVW UHIRUPV WR D VWDQGVWLOO
*RUEDFKHY KDV EHHQ VHDUFKLQJ IRU D IRUPXOD WKDW HQFRXUDJHV PRUH LQLWLDWLYH DW ORZHU OHYHOV ZKLOH
SHUPLWWLQJ FRQWURO WR EH PDLQWDLQHG IURP WKH FHQWHU 7KLV LV D GHOLFDWH EDODQFH DW EHVW HDUO\ LQ WKH
DQGUHIRUPVIRUH[DPSOHWKHPLQLVWULHVEHJDQWRUHDVVHUWWKHLUFRQWURORYHUHQWHUSULVHVE\
PXOWLSO\LQJWKHQXPEHURISODQWDUJHWVDQGOLPLWLQJWKHLUXVHRIGLVFUHWLRQDU\IXQGV$QGWKHQDWXUDO
LQFOLQDWLRQRIORFDOSDUW\RIILFLDOVZLOOEHWRH[HUFLVHWKHVDPHNLQGRISHWW\WXWHODJHRYHUHQWHUSULVHV
WKDW WKH\ KDYH LQ WKH SDVW 3UHYHQWLQJ WKLV ZLOO UHTXLUH D IXQGDPHQWDO UHVWDWHPHQW RI WKH
UHVSRQVLELOLWLHVRIPLQLVWULHVDQGSDUW\RUJDQL]DWLRQV
$FFRUGLQJWRJXLGHOLQHVDSSURYHGE\WKH&HQWUDO&RPPLWWHHRQ-XQHWKHQH[WSKDVH
LQ LPSURYLQJ RUJDQL]DWLRQ DQG PDQDJHPHQW ZLOO LQYROYH FXUELQJ WKH SRZHUV RI FHQWUDO HFRQRPLF
DXWKRULWLHVGHYHORSLQJJHQXLQHZKROHVDOHWUDGHUHIRUPLQJWKHSULFHV\VWHPDQGILQDQFLDODQGFUHGLW
LQVWLWXWLRQVDQGLQWURGXFLQJVWURQJHULQFHQWLYHVIRUHQWHUSULVHVWRXVHWKHLULQFUHDVHGLQGHSHQGHQFHLQ
ZD\VWKDWVDWLVI\WKHJXLGHOLQHVVHWRXWLQWKHVWDWHSODQ*RUEDFKHYFRXOGDOVRH[SDQGWKHSHUPLVVLEOH
ERXQGDULHVRISULYDWHSURGXFWLRQDQGDOORZJUHDWHUZDJHGLIIHUHQWLDWLRQ(YHQZLWKWKHEHVWOHDGHUVKLS
LQWHQWLRQV LPSURYLQJ ZRUNHU LQFHQWLYHV ZLOO GHSHQG PDLQO\ RQ ZKHWKHU ZRUNDEOH DUUDQJHPHQWV LQ
WKHVHDUHDVFDQEHGHYHORSHGDQGRQKRZWKHODERUIRUFHUHDFWVWRWKHP(ODVWLFZRUNUXOHVDQGQDUURZ
ZDJHGLIIHUHQWLDOVKDYHEHFRPHDQLPSRUWDQWSDUWRIWKH³VRFLDOFRQWUDFW´LQWKH6RYLHW8QLRQ

)RUPXODWLQJ5HVRXUFH*XLGHOLQHVIRU±
7KHOHDGHUVKLS¶VSHUFHSWLRQRISURJUHVVRQWKHLQGXVWULDOPRGHUQL]DWLRQSURJUDP±HVSHFLDOO\
LQWKHPDFKLQHEXLOGLQJVHFWRU±ZLOOEHDFULWLFDOIDFWRULQLWVRXWORRNRQWKHQH[WILYH\HDUSODQ,IE\
QH[W\HDUWKLVSURJUDPGRHVQRWDSSHDUWRSURPLVHJURZWKODUJHHQRXJKWRJLYHJHQHURXVLQFUHPHQWV
WR FRQVXPHUV DQG GHIHQVH DV ZHOO DV LQYHVWPHQW WKH OHDGHUVKLS ZLOO EH IRUFHG WR GHFLGH ZKHWKHU
FLYLOLDQ PDFKLQH EXLOGLQJ VKRXOG JHW PRUH IXQGLQJ LQ WKH  SODQ $QRWKHU IDFWRU WKDW FRXOG
FRQWULEXWH WR SUHVVXUHV IRU KLJKHU LQYHVWPHQW WKDQ RULJLQDOO\ HQYLVDJHG IRU  ZRXOG EH D
GZLQGOLQJRIWKHLPSHWXVWRJURZWKIURPWLJKWHQLQJODERUGLVFLSOLQHDQGZHHGLQJRXWSRRUPDQDJHUV
$QGDNH\XQNQRZQPD\EHZKHWKHUWKHFRQVWUXFWLRQDQGPDFKLQHEXLOGLQJEDVHZLOOEHDGHTXDWHLQ
VFDOH DQG TXDOLW\ WR VXSSRUW D ODUJH LQFUHDVH LQ LQYHVWPHQW ZLWKRXW D FXWEDFN LQ WKH GHIHQVH SODQ
VXEPLWWHGE\WKH*HQHUDO6WDII

)RUHLJQ+HOS
6R IDU *RUEDFKHY KDV KDG OLWWOH VXFFHVV LQ REWDLQLQJ KHOS IRU KLV HFRQRP\ IURP DEURDG ±
HLWKHU IURP (DVWHUQ (XURSH RU WKH :HVW 7KH 6RYLHWV KDYH KDG WURXEOH JHWWLQJ WKHLU (DVW (XURSHDQ
DOOLHV WR VKRXOGHU PRUH RI WKH EXUGHQ RI WKH 8665¶V UHVRXUFH GHYHORSPHQW DQG WKH :DUVDZ 3DFW¶V
IRUFHPRGHUQL]DWLRQV0HDQZKLOHDOWKRXJKWKHH[WHQWWRZKLFKWKHOHDGHUVKLSSODQQHGRQLQFUHDVLQJ
LPSRUWV IURP WKH :HVW GXULQJ WKH  SODQ SHULRG UHPDLQV DQ XQVHWWOHG TXHVWLRQ 0RVFRZ¶V
DELOLW\WREX\PRUH:HVWHUQPDFKLQHU\RUIDUPSURGXFWVKDVHURGHGEDGO\EHFDXVHRIWKHGHFOLQHLQ
ZRUOG HQHUJ\ SULFHV DQG WKH ORZHU YDOXH RI WKH GROODU $W WKLV MXQFWXUH WKH 6RYLHWV DSSHDU WR EH
FRXQWLQJKHDYLO\RQMRLQWYHQWXUHVZLWK:HVWHUQILUPV7KH\DUHFXUUHQWO\QHJRWLDWLQJZLWKDERXW
:HVWHUQFRPSDQLHVDOWKRXJKRQO\DIHZRIWKHVHQHJRWLDWLRQVDSSHDUWREHLQWKHLUILQDOVWDJHV
 6HUYLFLLOHGH,QIRUPDĠLL$PHULFDQHGHVSUHVLWXDĠLDGLQ8QLXQHD6RYLHWLFă 

7KH3RWHQWLDO3LWIDOOV«
$ZLGHUDQJHRIVSHFLDOLQWHUHVWVDQGVHQVLWLYLWLHVZLOOLPSLQJHRQ3ROLWEXURGHFLVLRQVRYHUWKH
QH[W IHZ \HDUV )LUVW RI DOO PLOLWDU\ VXSSRUW IRU WKH PRGHUQL]DWLRQ RI FLYLOLDQ LQGXVWU\ FRXOG HURGH
VXEVWDQWLDOO\LIWKHH[WHUQDOWKUHDWDVVHVVPHQWQRZEHLQJRIIHUHGE\PLOLWDU\OHDGHUVEHFRPHVVWDUNHU
EHFDXVHDUPVQHJRWLDWLRQVIDLOWRFRQVWUDLQ1$72GHIHQVHSURJUDPVDQGELODWHUDO866RYLHWUHODWLRQV
ZRUVHQ,QWKHUHIRUPDUHQD
x $UHOD[DWLRQLQWKHWDXWQHVVRIWKHHFRQRP\ZRXOGKHOSLQQRYDWLRQDQGHDVHDWUDQVLWLRQWR
QHZ HFRQRPLF DUUDQJHPHQWV EXW *RUEDFKHY VWDQGV LQ WKH ZD\ )URP KLV ILUVW GD\V LQ
SRZHUKHKDVVWHSSHGXSWKHSUHVVXUHRQZRUNHUVPDQDJHUVDQGEXUHDXFUDWV
x 0LQLVWULHVDUHQRWOLNHO\WRHDVLO\DFFHSWDOHVVHUUROHLQDGPLQLVWHULQJWKHHFRQRP\7KH\
SUREDEO\ZLOOWU\WRHQWUDSWKHLUHQWHUSULVHVLQDQHZZHERIUXOHVDQGUHTXLUHPHQWVZKLOH
LGHRORJLFDOFRQVHUYDWLYHVZLOOILJKWDQH[SDQVLRQRISULYDWHHFRQRPLFDFWLYLW\
x *HQXLQHHOHFWLRQVIRUSDUW\VWDWHRIILFHVZRXOGHYRNHWKHVSHFWHURIIDFWLRQDOLVPDQGEH
VHHQ DV D WKUHDW WR WKH WRSGRZQ GLUHFWLRQ RI WKH VRFLHW\ DQG WKH HFRQRP\ WKDW KDV
FKDUDFWHUL]HG³GHPRFUDWLFFHQWUDOLVP´IRU\HDUV

«$QG$+HOSIXO(QYLURQPHQW
7KH LQYHVWPHQWGHIHQVH GHFLVLRQV WR EH PDGH ZRXOG RI FRXUVH EH JHQHUDOO\ PXFK HDVLHU LI
HFRQRPLFJURZWKWXUQHGXSZDUGVXIILFLHQWO\WRHDVHWKHUHVRXUFHELQGDQGGLPLQLVKVRPHRIWKHIHDUV
RI WKH IHQFH VLWWHUV LQ *RUEDFKHY¶V 3ROLWEXUR $W WKH VDPH WLPH DUPV FRQWURO DJUHHPHQWV DQG
LPSURYHG866RYLHWUHODWLRQVWKDWUHGXFHGERWKWKHPRPHQWXPRI1$72PLOLWDU\SURJUDPVDQGWKH
LQIOXHQFHRIWKH6RYLHWPLOLWDU\LQGXVWULDOFRPSOH[ZRXOGJLYH *RUEDFKHYPRUHURRPWRPDQHXYHU
6RYLHWVXFFHVVLQWKHVHDUHDVZRXOGLQWXUQUDLVH:HVWHUQLQWHUHVWLQJUDQWLQJFUHGLWVWR(DVWHUQ(XURSH
DQGHVWDEOLVKLQJMRLQWYHQWXUHVLQERWKWKH8665DQG(DVWHUQ(XURSH
6RPHZKDWSDUDGR[LFDOO\KRZHYHUEHWWHUHFRQRPLFSHUIRUPDQFHDQGDIDYRUDEOHLQWHUQDWLRQDO
FOLPDWHZRXOGERWKVWUHQJWKHQDQGZHDNHQWKHFDVHIRUPRUHDPELWLRXVHFRQRPLFUHIRUP5HIRUPLV
HDVLHUWRLPSOHPHQWZKHQDQQXDO*13JURZWKLVKLJKEXWWKHXUJHQF\DWWDFKHGWRDUHIRUPSURJUDP
WHQGVWRIDGHZKHQWKHHFRQRP\LVGRLQJUHODWLYHO\ZHOO

*RUEDFKHY¶V1H[W6WHSV
$W FRQVLGHUDEOH ULVN WR KLV SROLWLFDO IXWXUH *RUEDFKHY LV JDPEOLQJ WKDW KLV SROLFLHV ZLOO
UHMXYHQDWHWKH8665¶VHFRQRP\DQGVRFLHW\7KHSUREOHPVKHLVHQFRXQWHULQJKDYHQRW\HWGHUDLOHG
KLVSURJUDPRUGLPLQLVKHGKLVGHWHUPLQDWLRQWRFKDQJHWKHV\VWHPUDGLFDOO\%XWHYHQKLVVXSSRUWHUV
DUHFRQFHUQHGWKDWKHZLOOQHHGWRZLQQHZYLFWRULHVEHIRUHORQJLIKHLVWRVXVWDLQWKHPRPHQWXPIRU
FKDQJHKHKDVJHQHUDWHG
7KXVZHEHOLHYHWKDW*RUEDFKHYFDQQRWZRUNRXWWKHQH[WVWHSVWRZDUGUHQHZDODWKLVOHLVXUH
'HYHORSPHQWVGXULQJWKHSDVW\HDUKDYHLQFUHDVHGWKHFKDQFHVWKDWKHZLOODFWEROGO\WRVXVWDLQWKH
PRPHQWXPRIKLVSURJUDP%HFDXVHKHVHHPVGHWHUPLQHGWRSURWHFWDPRGHUQL]DWLRQSURJUDPWKDWLV
DOUHDG\ XQGHUIXQGHG DQG EHFDXVH WKH PLOHVWRQHV IRU IDVKLRQLQJ WKH  HFRQRPLF SODQ DUH IDVW
DSSURDFKLQJ *RUEDFKHY LV OLNHO\ WR VHHN DUPV FRQWURO DJUHHPHQWV LQ WKH ILQDO \HDUV RI WKH 5HDJDQ
DGPLQLVWUDWLRQ UDWKHU WKDQ ZDLW IRU WKH QH[W HOHFWLRQ 0RUHRYHU WKH ZHDNQHVVHV RI WKH UHIRUP
PHDVXUHV XQGHUWDNHQ WKXV IDU DUH OLNHO\ WR EHFRPH FOHDUHU RYHU WKH QH[W IHZ \HDUV :H WKLQN
*RUEDFKHYLVOLNHO\WRPRYHIRUZDUGUDWKHUWKDQUHWUHDWDQGSXVKWKURXJKPRUHUDGLFDOUHIRUPVVRWKDW
WKH\ ZLOO EH LQ SODFH IRU WKH  SODQ SHULRG ,Q WKLV FRQWH[W *RUEDFKHY VHHV SXEOLFLW\ DQG
HOHFWLRQV DW ORZHU OHYHOV DV D ZD\ RI H[SRVLQJ DQG GLVFLSOLQLQJ WKRVH ZKR ZLOO QRW RU FDQQRW
LPSOHPHQWKLVSURJUDP,QWKHHFRQRP\ZRUNHUVSUREDEO\ZLOOKDYHDJUHDWHUVD\LQFKRRVLQJWUDGH
XQLRQRIILFLDOVIRUHPHQDQGHYHQPDQDJHUV



 (XJHQ'HQL]H 

7KH&RQVHTXHQFHVRI)DLOXUH
*RUEDFKHYKDVDOUHDG\DVNHGWKHPLOLWDU\DQGWKHSRSXODWLRQWR FXUEWKHLUDSSHWLWHVLQUHWXUQ
IRU PXFK ODWHU ,I KLV SURJUDPV GR QRW ZRUN RXW RWKHUOHDGHUV FRXOG DSSHDO WR WKHVH FRQVWLWXHQFLHV
7KHULVNVLQDPRUHUDGLFDOUHIRUPDQGDUHZULWHRIWKHVRFLDOFRQWUDFWDUHWKDWFRQIXVLRQHFRQRPLF
GLVUXSWLRQ DQG ZRUNHU GLVFRQWHQW ZLOO JLYH SRWHQWLDO RSSRQHQWV D SODWIRUP RQ ZKLFK WR VWDQG
*RUEDFKHY¶VSRVLWLRQFRXOGDOVREHXQGHUPLQHGE\WKHORRVHQLQJRIFHQVRUVKLSRYHUWKHZULWWHQDQG
VSRNHQZRUGDQGWKHSURPRWLRQRIOLPLWHGGHPRFUDF\,ILWVXVSHFWVWKDWWKLVSURFHVVLVJHWWLQJRXWRI
FRQWUROWKHSDUW\FRXOGZHOOH[HFXWHDQDEUXSWDERXWIDFHGLVFDUGLQJ*RUEDFKHYDORQJWKHZD\

7+($0(5,&$1,17(//,*(1&(6(59,&(621'(9(/230(176
,17+(629,(781,21,17+((,*+7,(6$1'1,1(7,(62)7+(
7:(17,(7+&(1785<

$EVWUDFW
$QDQDO\VLVLVPDGHRIIRXUUHSRUWVRIWKH&HQWUDO,QWHOOLJHQFH$JHQF\GDWLQJ
IURP WKH ODVW GHFDGHV RI WKH WZHQWLHWK FHQWXU\ RQ GHYHORSPHQWV LQ WKH 6RYLHW
8QLRQ (DFK UHSRUW SXEOLVKHG LQ WKH DSSHQGL[  VKRZV WKH DELOLW\ RI WKH &,$
DQDO\VWV WR PDNH DQ DFFXUDWH DVVHVVPHQW RI HFRQRPLF PLOLWDU\ HWKQLF SROLWLFDO
FXOWXUDODQGVRFLDOLVVXHVLQ8665EDVHGRQLQIRUPDWLRQFROOHFWHGE\WKHVSHFLDO
VHUYLFHV +RZHYHU WKH SRVVLELOLW\ IRU WKH 6RYLHW 8QLRQ DQG LWV HPSLUH WR EH
GLVVROYHGZDVQRWHQYLVDJHGE\WKH$GPLQLVWUDWLRQRIWKH:KLWH+RXVHDWWKHWLPH
0,=$81(,',=,'(1ğ(5(/$ğ,,/(520Æ12629,(7,&(
ù,&5,=$',125,(178/0,-/2&,8,81,(

0,2$5$$1721

$VXSUDSROLWLFLLH[WHUQHDUHJLPXOXL&HDXúHVFXGLQDGRXDSDUWHDDQLORU¶úL
vQ VSHFLDO DVXSUD UHODĠLLORU VDOH FX 0RVFRYD FHOH PDL PXOWH GLQWUH LQWHUSUHWăUL
SHQGXOHD]ăvQWUHLGHHDLQGHSHQGHQĠHLúLFHDDDXWRQRPLHL1XLQWHQĠLRQăPVăLQWUăP
SHWHULWRULXODFHVWHLGH]EDWHULGHúLWHPDSHFDUHRDQDOL]ăPUHSUH]LQWăXQXOGLQWUH
HSLVRDGHOHVHPQLILFDWLYHFDUHDXLQIOXHQĠDWFXUVXOSROLWLFLLH[WHUQHDUHJLPXOXLGHOD
%XFXUHúWL )ăUă vQGRLDOă Fă DFWHOH DFHVWHL SROLWLFL DX IRVW GHWHUPLQDWH GH R
FRQMXQFWXUă IDYRUL]DQWă FUL]D GH OD QLYHOXO OHDGHUVKLSXOXL VRYLHWLF GHVFKLGHUHD
FăWUH2FFLGHQWVFKLPEDUHDDWLWXGLQLL68$IDĠăGHĠăULOHGLQEORFXOFRPXQLVW vQVă
vQ DFHODúL WLPS QX SRDWH IL H[FOXVă úL SUH]HQĠD XQXL DQXPLW FDOFXO SROLWLF FDUH D
GHWHUPLQDWOXDUHDXQRUGHFL]LLGLIHULWHGHFHOHRUGRQDWHGH0RVFRYD
5DĠLXQLOH DFHVWXL FDOFXO VH UHJăVHVF vQ vQVăúL QDWXUD UHJLPXOXL /D PLMORFXO
DQLORU¶SDUWLGXOFRPXQLVWGLQ5RPkQLDGHSOLQFRQVROLGDWúLHOLEHUDWGHSUHVLXQHD
SUH]HQĠHLVRYLHWLFHSULQUHWUDJHUHDWUXSHORUvQSRUQLVHvQFăXWDUHDúLDILUPDUHD
SURSULHL LGHQWLWăĠL FDUH VH YRLD GLIHULWă GH FHD D 0RVFRYHL /HJLWLPDUHD DU IL IRVW
GHSOLQăDWXQFLFkQGVDUILREĠLQXWúLRUHFXQRDúWHUHLQWHUQDĠLRQDOăLDUUROXOMXFDWGH
68$vQDFHVWFRPSOLFDWMRFQXHUDGHORFQHJOLMDELO5D\PRQG*DUWKRIIFRQVHPQDvQ
PHPRULLOH VDOH Fă 68$ DX SURLHFWDW VWUDWHJLL GH LQIOXHQĠDUH D VWDWHORU FRPXQLVWH
FRQVLGHUDWH D IL PDL OLEHUDOH H[HPSOXO 3RORQLHL  VDX PDL LQGHSHQGHQWH FD]XO
5RPkQLHL ÌQVSULMLQXODFHVWHLDILUPDĠLLSRDWHILDPLQWLWăúLGHFODUDĠLDSUHúHGLQWHOXL
DPHULFDQ -RKQ ) .HQQHG\ FDUH VXVĠLQHD vQFă GLQ LXQLH  LGHHD IRORVLULL XQRU
ÄLQVWUXPHQWH PDL IOH[LELOH úL PDL UHDOLVWH SHQWUX (XURSD GH (VW´ FX VFRSXO GH D
UHGXFH GHSHQGHQĠD HFRQRPLFă úL LGHRORJLFă IDĠă GH 5XVLD 6RYLHWLFă ([LVWD
FRQYLQJHUHDFăLQIOXHQĠDUHDHFRQRPLFăDGHPRFUDĠLLORUSRSXODUHDUILGXVODVOăELUHD
FRQWUROXOXL8QLXQLL6RYLHWLFHDVXSUDDFHVWRUĠăUL68$HUDXLQWHUHVDWHGHGH]YROWDUHD


/iV]Oy%RUKL¶:H+XQJDULDQ&RPPXQLVWVDUH5HDOLVW¶-iQRV.iGiU¶V)RUHLJQ3ROLF\LQWKH
/LJKW RI +XQJDULDQ±86 5HODWLRQV ± vQ Ä&ROG :DU +LVWRU\´ YRO  -DQXDU\  QU 
S 9H]L GH DFHODúL DXWRU 5ROOEDFN /LEHUDWLRQ &RQWDLQPHQW RU ,QDFWLRQ" 86 3ROLF\ DQG (DVWHUQ
(XURSHLQWKHVvQÄ-RXUQDORI&ROG:DU6WXGLHV´YRO)DOOQUS±

5D\PRQG / *DUWKRII $ -RXUQH\ WKURXJK WKH &ROG :DU $ 0HPRLU RI &RQWDLQPHQW DQG
&RH[LVWHQFH :DVKLQJWRQ  S  0LRDUD $QWRQ 'LYHUVLWDWH vQ XQLWDWH 3HUFHSĠLL DPHULFDQH
DVXSUDEORFXOXLFRPXQLVWvQÄ$UKLYHOH7RWDOLWDULVPXOXL´QU±S±

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±

 0LRDUD$QWRQ 

UHODĠLLORU FX VWDWHOH DIODWH vQ VIHUD GH LQIOXHQĠă VRYLHWLFă GDU DFHDVWD SUHVXSXQHD
OXDUHD vQ FDOFXO D FHO SXĠLQ GRL IDFWRUL SR]LĠLD GRPLQDQWă D 0RVFRYHL vQ UHJLXQH úL
LPSUREDELOLWDWHDXQHLUăVWXUQăULDUHJLPXULORUFRPXQLVWH
ÌQ DFHHDúL SHULRDGă :LOOLDP 5 7\OHU DVLVWHQWXO VHFUHWDUXOXL GH 6WDW SHQWUX
SUREOHPHOH HXURSHQH VHPQDOD Fă GHVWDOLQL]DUHD DYXVHVH HIHFWH ÄQHVLJXUH´ DVXSUD
DQXPLWRU VWDWH FRPXQLVWH FDUH QX GRUHDX DEDQGRQDUHD PHWRGHORU VWDOLQLVWH GH
FRQGXFHUH FD]XO $OEDQLHL SUHFXP úL FHO URPkQHVF  ÌQ RSLQLD VD SROLWLFD OXL
+UXúFLRYODQLYHOGHEORFGXVHVHODFUHDUHDXQHLGLYHUVLWăĠLÄvQIRUPăúLLQVWLWXĠLL´
&KLDU GDFă WHURDUHD úL FRHUFLĠLD FRQWLQXDX Vă UăPkQă XQHOH GLQWUH SUREOHPHOH
QHUH]ROYDWHDOHGHVWDOLQL]ăULLVHSXWHDWUHFHSHVWHDFHVWHDVSHFWHQHJDWLYH68$QX
HUDXvPSLHGLFDWHVăDFĠLRQH]HGLQSXQFWGHYHGHUHHFRQRPLFÌQVăRELHFWLYHOHXQHL
DVWIHO GH SROLWLFL GHúL MXGLFLRDVH QX DX GDW UH]XOWDWH GLQ FDX]D PLMORDFHORU GH
LQWHUYHQĠLH OLPLWDWH DOH DPHULFDQLORU SUHFXP úL D VWUDWHJLLORU GH SROLWLFă H[WHUQă
IRUPXODWH GH DFHúWLD OD vQFHSXWXO DQLORU ¶ WRWDO VFKLPEDWH IDĠă GH FHOH GLQ
GHFHQLXODQWHULRU
$QXO  VD GHVFKLV FX XQ DFW FDUH D VLQJXODUL]DW 5RPkQLD vQ LQWHULRUXO
EORFXOXL FRPXQLVW vQFKHLHUHD UHODĠLLORU GLSORPDWLFH FX 5HSXEOLFD )HGHUDOă D
*HUPDQLHL  LDQXDULH  )ăUă vQGRLDOă Fă XQ DVHPHQHD JHVW DGXFHD 5RPkQLHL
FRPXQLVWH XQ LPSRUWDQW FDSLWDO GH LPDJLQH 3RWULYLW DQDOLúWLORU YHVWJHUPDQL
5RPkQLDHUD VLQJXUDĠDUăUăVăULWHDQăFDUHSURLHFWDVH RSROLWLFăH[WHUQăVHULRDVăúL
LQWHOLJHQWă3UREDELOFăDFHOHDúLUDĠLXQLVWăWHDXúLODED]DFDOLILFăULLOXL1&HDXúHVFX
vQ  GH FăWUH Ä7KH (FRQRPLVW´ GUHSW XQ ÄGH *DXOOH DO (VWXOXL (XURSHL´
5RPkQLD vQFHSHD Vă VH HOLEHUH]H WRW PDL PXOW GH SRVWXUD GH VLPSOX VDWHOLW DO
0RVFRYHLIDSWFHLQWUDvQVăvQFRQWUDGLFĠLHFXPRGXOGHDUDĠLRQDDOHOLWHLVRYLHWLFH
FDUH FRQWLQXD VăúL SURLHFWH]H SROLWLFD H[WHUQă vQ OLPLWHOH SDUDPHWULORU VWDOLQLúWL
1RLOHDVSLUDĠLLDOHUHJLPXOXLGHOD%XFXUHúWLQXSXWHDXILDFFHSWDWHFXXúXULQĠă'LQ
SHUVSHFWLYD0RVFRYHLÄWHQWDĠLDQDĠLRQDOLVWă´DURPkQLORUSXQHDvQSHULFROXQLWDWHD
EORFXOXLFRPXQLVW
,]EXFQLUHD FUL]HL GLQ 2ULHQWXO $SURSLDW D UHSUH]HQWDW R DGHYăUDWă SURYRFDUH
SHQWUX FRQGXFHUHD GH OD %XFXUHúWL &DUH DX IRVW vQVă UDĠLXQLOH UHIX]XOXL GHOHJDĠLHL
5RPkQLHL GH D VHPQD GHFODUDĠLD GH OD 0RVFRYD GLQ  LXQLH GRFXPHQW SULQ FDUH
,VUDHOXOHUDFRQVLGHUDWVWDWDJUHVRUúLvQYLUWXWHDFăUXLDVWDWHOHFRPXQLVWHLQFOXVLY
,XJRVODYLD DX DFFHSWDW vQ EORF UXSHUHD UHODĠLLORU GLSORPDWLFH FX DFHVWD" 0DL PXOW
GHFkW DWkW SULPXO PLQLVWUX ,RQ *K 0DXUHU vQWUXQ GLVFXUV SURQXQĠDW vQ FDGUXO


3RORQLD HUD FRQVLGHUDWă GXSOLFLWDUă &HKRVORYDFLD vQFUkQFHQDWă %XOJDULD LQWHUHVDQWă LDU
8566FRQYHQĠLRQDOă$OEDQLDúL8QJDULDHUDXFRQVLGHUDWHÄFDQWLWăĠLQHJOLMDELOH´9H]L&ODXGLX0LKDLO
)ORULDQ 3UHOLPLQDULLOH VWDELOLULL UHODĠLLORU GLSORPDWLFH vQWUH 5RPkQLD úL 5)* vQ YRO +HJHPRQLLOH
WUHFXWXOXL(YROXĠLLURPkQHúWLúLHXURSHQH3URIHVRUXOXL,RDQ&KLSHUODGHDQLFRRUG0LRDUD$QWRQ
)ORULQ$QJKHO&RVPLQ3RSD%XFXUHúWLS

7RQ\-XGW3RVWZDU$+LVWRU\RI(XURSHVLQFH/RQGRQS


 5HODĠLLOHURPkQRVRYLHWLFHúLFUL]DGLQ2ULHQWXO0LMORFLX,XQLH 

$GXQăULL*HQHUDOHD218DVXUSULQVGLSORPDĠLLOHPDULORUSXWHULFDUHvQUHJLVWUDXXQ
QRX JHVW VLQJXODU DO 5RPkQLHL FRPXQLVWH 3RW IL DYDQVDWH GRXă LSRWH]H SH GH R
SDUWH SULQWUXQ DVWIHO GH JHVW 5RPkQLD vúL VSRUHD FDSLWDOXO GH LPDJLQH úL SXWHD
VSHUDVăREĠLQăRVHULHGHDYDQWDMHvQSODQXOUHODĠLLORULQWHUQDĠLRQDOHILLQGDVRFLDWă
FX XQ VWDW FDUH DYHD R SROLWLFă H[WHUQă SURSULH úL FDUH vúL DVXPD UHVSRQVDELOLWDWHD
XQXLDVWIHOGHDFWLDUSHGHDOWăSDUWHvúLQRUPDOL]DUHODĠLLORUFX,VUDHOXOvQGRULQĠD
GHDúWHUJHDPLQWLUHDXQXLWUHFXWQXWRFPDLIDYRUDELOFRQGXFHULLSDUWLGXOXLFRPXQLVW
URPkQ &KLDU GDFă 5RPkQLD IXVHVH SULQWUH SULPHOH VWDWH FDUH UHFXQRVFXVH VWDWXO
,VUDHO úL vQFKHLDVH UHODĠLL GLSORPDWLFH FX DFHVWD SROLWLFD DQWLVHPLWă GHFODQúDWă GH
6WDOLQODVIkUúLWXODQLORU¶VDUHSHUFXWDWúLDVXSUD5RPkQLHLSHWHULWRULXOFăUHLD
H[LVWD XQD GLQWUH FHOH PDL LPSRUWDQWH FRPXQLWăĠL HYUHLHúWL GLQ HVWXO (XURSHL
5HIX]XOGHDSHUPLWHHPLJUDUHDSROLWLFDGLVFULPLQDWRULHDOLGHULORUSDUWLGXOXL PDL
DOHVGXSăGHYLHUHDGHGUHDSWDGLQ úLDXSXVDPSUHQWDDVXSUDUHODĠLLORUGLQWUH
5RPkQLD úL ,VUDHO 0RDUWHD OXL 6WDOLQ QX D GXV vQVă OD R UHOD[DUH D SROLWLFLL
SDUWLGXOXLIDĠăGHDFHDVWăPLQRULWDWHFLGLPSRWULYă(OLWDFRPXQLVWăDXWRKWRQăúLD
PHQĠLQXW UHIOH[HOH DQWLVHPLWH SkQă FăWUH VIkUúLWXO SHULRDGHL *KHRUJKLX'HM FkQG
RGDWă vQGHSOLQLWă URPkQL]DUHD UkQGXULORU SDUWLGXOXL DWLWXGLQHD IDĠă GH PLQRULWăĠL D
WLQV Vă VH HFKLOLEUH]H 3UREOHPDWLFD HPLJUăULL UHSUH]HQWD SULQ XUPDUH XQ VXELHFW
VHQVLELO DO UHODĠLLORU ELODWHUDOH SXQFWXO GH FUL]ă ILLQG DQXO  FkQG RILFLDOLL
LVUDHOLHQLDXLQWHUYHQLWSHOkQJă$9kúLQVNLSHQWUXDGHEORFD VLWXDĠLDHYUHLORUGLQ
5RPkQLD'HPHUVXOORUQXDvQUHJLVWUDWHIHFWHSR]LWLYH
3ULQGHFL]LDGHDQXUXSHUHODĠLLOHGLSORPDWLFHFRQGXFHUHDGHOD%XFXUHúWLvúL
vPEXQăWăĠHD UHODĠLLOH FX ,VUDHOXO úL REĠLQHD XQ FDSLWDO GH vQFUHGHUH FDUH DU IL
DYDQWDMDWR vQ SHUVSHFWLYD XQRU DFĠLXQL YLLWRDUH (YLGHQW QX SXWHP VSXQH Fă
5RPkQLD vúL ULVFD SR]LĠLD IDĠă GH 0RVFRYD QXPDL GLQ DFHVW PRWLY ÌQVă SRDWH
UHSUH]HQWDRIDĠHWăDPRWLYDĠLLORUDFHVWHLGHFL]LL
ÌQFHHDFHSULYHúWHSULPDGLPHQVLXQHDFHHDDH[HUFLĠLXOXLGHLPDJLQHUH]XOWDWHOH
DX IRVW PDL PXOW GHFkW PXOĠXPLWRDUH 3RWULYLW OXL 0LUFHD 0DOLĠD 68$ DQXQĠDX ÄQRL
JHVWXUL GH EXQăYRLQĠă´ IDĠă GH 5RPkQLD LQWHQĠLRQkQG Vă R IRORVHDVFă vQ QHJRFLHULOH
SHQWUXvQFKHLHUHDSăFLLvQ9LHWQDP0DLPXOWGHFkWDWkW(JLSWXOúL,VUDHOXODXXWLOL]DW
ÄFDQDOXO³ URPkQHVF SHQWUX DWHQXDUHD FUL]HL 0LQLVWUXO URPkQ GH ([WHUQH GLQ DFHD
SHULRDGă &RUQHOLX 0ăQHVFX FRQVLGHUD vQWUXQ LQWHUYLX UHODWLY UHFHQW Fă HIHFWHOH SH
WHUPHQOXQJPDLDOHVFHOHHFRQRPLFHDXIRVWEHQHILFHSHQWUX5RPkQLDFRPXQLVWăFDUH
UHXúLVHSULQDFHVWJHVWVăVHvQGHSăUWH]HWRWPDLPXOWGHVIHUDGHFRQWUROD&$(5XOXL


0LUFHD 0DOLĠD 7DEORXUL GLQ 5ă]ERLXO 5HFH 0HPRULL DOH XQXL GLSORPDW URPkQ %XFXUHúWL
SúLXUPYúL0LRDUDúL,RQ3RURMDQ2EVHVLHúLDGHYăU'LSORPDĠLURPkQLOD0RVFRYD
± %XFXUHúWLS±

0LRDUD$QWRQ0DMRULWDULúLPLQRULWDUL305úLSUREOHPDHYUHLDVFăvQÄ6WXGLLúL0DWHULDOH
GH,VWRULH&RQWHPSRUDQă´YRO9S±

&RQYRUELULQHWHUPLQDWH&RUQHOLX0ăQHVFXvQGLDORJFX/DYLQLD%HWHD,DúLS



 0LRDUD$QWRQ 

ÌQFă GH OD vQFHSXWXO FUL]HL GLQ LXQLH  GLQ 2ULHQWXO 0LMORFLX DPEDVDGRULL
VRYLHWLFLDXLQIRUPDWJXYHUQHOHVWDWHORUFRPXQLVWHDVXSUDHYROXĠLHLFRQIOLFWXOXL(UDúL
FD]XODPEDVDGRUXOXLVRYLHWLFOD%XFXUHúWL$9%DVRYFDUHODLXQLHGHFODUD
vQFDGUXOXQHLUHXQLXQLODVHGLXO0LQLVWHUXOXLGH([WHUQHURPkQFăJXYHUQXOVRYLHWLF
vúLH[SULPDGH]DFRUGXOIDĠăGHGHFODUDĠLDPLQLVWUXOXLGH([WHUQHLVUDHOLDQ$EED(EDQ
FDUHDDQXQĠDVHFăĠDUDVDQXPDLHUDGLVSXVăVăDúWHSWHRGHFL]LHDPDULORUSXWHULvQ
SUREOHPHOH 2ULHQWXOXL 0LMORFLX ÌQ RSLQLD PLQLVWUXOXL LVUDHOLDQ OLSVD GH DFĠLXQH
FRPSRUWDXQSHULFROQXPDLSXĠLQJUDYGHFkWDFĠLXQHD'HFODUDĠLDDIRVWFRQWHVWDWăGH
JXYHUQXOVRYLHWLFFDUHSULQYRFHDOXL$$*URPkNRDDYHUWL]DWFăÄUă]ERLXOYDDYHD
XUPăULQHIDVWHDVXSUDYLLWRUXOXLVWDWXOXLLVUHOLDQ´ÌQFXUVXOLQIRUPăULLDPEDVDGRUXO
VRYLHWLF D LQVLVWDW DVXSUD FRQGDPQăULL DJUHVLXQLL úL UHFXQRDúWHULL FD DJUHVRU D
,VUDHOXOXLDILUPkQGÄ>«@'DFă,VUDHOXOQXDUILDYXWvQVSDWHVSULMLQXO68$$QJOLHL
úL5)D*HUPDQLHLQXVDUILKRWăUkWVăGH]OăQĠXLHXQFRQIOLFWDUPDWDWkWGHULVFDQW´
ÌQDFHHDúL]LDPEDVDGRUXOURPkQOD0RVFRYD7HRGRU0DULQHVFXHUDFKHPDW
GH / %UHMQHY SHQWUX D GLVFXWD GRXă SUREOHPH H[WUHP GH LPSRUWDQWH DOH DJHQGHL
Uă]ERLXOXL UHFH FUL]D GLQ 2ULHQWXO 0LMORFLX úL Uă]ERLXO GLQ 9LHWQDP ÌQ FXUVXO
FRQYRUELULL %UHMQHY D ĠLQXW Vă SUHFL]H]H Fă vQ XUPD XQHL GLVFXĠLL WHOHIRQLFH FX
1LFRODH&HDXúHVFXDFHDVWDGLQXUPăDUILDILUPDWFăÄURPkQLLYRUvQWUHSULQGHPăVXUL
SHQWUXGH]DQJDMDUHDWUXSHORUFHORUGRXăSăUĠLDIODWHvQFRQIOLFW´FHHDFHvQVHPQDFă
%XFXUHúWLXO YD RSWD SHQWUX R SR]LĠLH VLQJXODUă úL QX FRPXQă FX FHD D EORFXOXL
FRPXQLVWÄ)LUHúWHFăHVWHWUHDEDILHFăUXLSDUWLGVăDFĠLRQH]H FXPFUHGHGHFXYLLQĠă
GDUDFHDVWăGHRVHELUHGHSăUHULQXWUHEXLHVăQHIDFăVăQHFHUWăPFăFUHH]HvQWUHQRL
R SR]LĠLH QHFODUă´ 3RWULYLW OLGHUXOXL VRYLHWLF vQ SUREOHPHOH GH SROLWLFă H[WHUQă
EORFXOFRPXQLVWDUILWUHEXLWVăSUH]LQWHRVLQJXUăRSLQLHÄ1RLDPIăFXWWRWXOSHQWUX
XQLWDWHSHQWUXFăHDHVWHVLQJXUDDUPăFDUHLSRDWHUHĠLQHSHDPHULFDQL´
2 QRXă GL]LGHQĠă D 5RPkQLHL PDL DOHV GXSă FHD GH OD .DUORY\ 9DU\ ±
DSULOLH FkQG%XFXUHúWLXOUHIX]DVHVăúLWULPLWăUHSUH]HQWDQĠLLDVWkUQLWQHGXPHULUHD


$UKLYHOH0LQLVWHUXOXL$IDFHULORU([WHUQH vQFRQWLQXDUH$0$( 3UREOHPD(8566
'LUHFĠLD,'RVDUHUHIHULWRUODQRWHOHGHFRQYRUELULDOHGLSORPDĠLORUDPEDVDGHL8566GLQ%XFXUHúWLOD
0$(LXQLH±GHFHPEULHI

,ELGHP

,ELGHPILOD

7HOHJUDPă 0RVFRYD GLQ  vQ $0$( 3UREOHPD  8566 'LUHFĠLD ,
9RO,'RVDUUHIHULWRUODUHODĠLLOHSROLWLFR±GLSORPDWLFHGLQWUH8566úL565RPkQLDvQFXUVXODQXOXL
I±

,ELGHPI

,ELGHPI

&RQYRFDUHD UHXQLXQLL VWDWHORU SDUWLFLSDQWH OD 7UDWDWXO GH OD 9DUúRYLD D IRVW LQWHUSUHWDWă OD
%XFXUHúWLFDXQPLMORFGHSUHVLXQHFROHFWLYăGHOHJDĠLDURPkQăXUPkQGVăILHFULWLFDWăSHQWUXGHFL]LD
GHDILvQFKHLDWUHODĠLLGLSORPDWLFHFX5)*9H]LSHQWUXPDLPXOWHLQIRUPDĠLL3DXO1LFXOHVFX0L]LO
'H OD &RPLQWHUQ OD FRPXQLVP QDĠLRQDO 'HVSUH FRQVIăWXLUHD SDUWLGHORU FRPXQLVWH úL PXQFLWRUHúWL
0RVFRYD%XFXUHúWLSúLXUP


 5HODĠLLOHURPkQRVRYLHWLFHúLFUL]DGLQ2ULHQWXO0LMORFLX,XQLH 

FHUFXULORU RILFLDOH VRYLHWLFH &H DQXPH VH DVFXQGHD vQ VSDWHOH JHVWXOXL URPkQLORU
PDL DOHV Fă R GHOHJDĠLH OD QLYHO vQDOW VH GHSODVDVH OD 0RVFRYD SHQWUX FRQVXOWăUL
IăFkQGLPSUREDELOăRLHúLUHGLQIURQWXOFRPXQ5RPkQLDQXQXPDLFăUHIX]DVHVă
VHPQH]H GHFODUDĠLD FRPXQă GDU HODERUDVH XQ DOW GRFXPHQW vQ FDUH HYLWD Vă
QXPHDVFă DJUHVRUXO úL QX SURPLWHD VSULMLQ ĠăULORU DUDEH SHQWUX D VH LQWHUYHQL
vPSRWULYD ,VUDHOXOXL 3RWULYLW RILFLDOLORU URPkQL GHFODUDĠLD GH OD 0RVFRYD QX
UHSUH]HQWDRHYDOXDUHFRUHFWăDHYHQLPHQWHORUvQFXUDMkQGDJUHVLXQHDVWDWHORUDUDEH
vPSRWULYD,VUDHOXOXLÄ5RPkQLDQXSRDWHVăúLSXQăVHPQăWXUDSHDFHDVWăGHFODUDĠLH
QXPDL GH GUDJXO XQLWăĠLL 8QLWDWH úL SULHWHQLH QX vQVHDPQă Vă IDFL FRQFHVLL XQHL
SR]LĠLLQHMXVWH´5HIX]XO5RPkQLHLHUDFXDWkWPDLJUHXGHH[SOLFDWGHYUHPHFH
SkQăúL,XJRVODYLDVHDOăWXUDVHSR]LĠLHLVRYLHWLFH3RWULYLWXQXLUDSRUWDODPEDVDGHL
URPkQHGHOD%HOJUDGDWLWXGLQHDOXL7LWRVHH[SOLFDGLQFHOSXĠLQGRXăFRQVLGHUHQWH
SH GH R SDUWH ,XJRVODYLDSULQ SROLWLFD VD GH QHDOLQLHUH GHYHQLVH R VSULMLQLWRDUH D
ĠăULORU DUDEH vQ VSHFLDO D SUHúHGLQWHOXL 1DVVHU  LDU SH GH DOWă SDUWH LQWHUHVHOH
UHJLRQDOHVRYLHWLFHDUILSXWXWEHQHILFLDGLQSHUVSHFWLYDXQHLQRLDSURSULHULVRYLHWR
LXJRVODYH $FHDVWă D GRXD GLPHQVLXQH HUD vQVă FRQWUDSURGXFWLYă SHQWUX LXJRVODYL
FDUHXOWHULRUúLDXQXDQĠDWSR]LĠLDIDĠăGHFUL]DGLQ2ULHQWXO0LMORFLX$PEDVDGRUXO
URPkQOD%HOJUDGDSUHFLDFăÄPHQĠLQHUHDUHODĠLLORUFXQRLFRQVWLWXLHúLRSROLWLFăD
FRQGXFHULLLXJRVODYHGHDPDQHYUDUHODĠLLOHVDOHFX8566´
%XOHWLQHOHFRQILGHQĠLDOH7$66DSUHFLDXFăDWLWXGLQHD5RPkQLHLHUDGLFWDWăGH
UDĠLXQLVWUDWHJLFH6HXUPăUHDvQSULPXOUkQGvPEXQăWăĠLUHDUHODĠLLORUFX,VUDHOXOGDU
úL FRQVWUXLUHD XQHL LPDJLQL PDL EXQH vQ UkQGXO VWDWHORU RFFLGHQWDOH 5ăPkQHD
WRWXúL vQWUHEDUHD FH DQXPH D GHWHUPLQDW UHJLPXO GH OD %XFXUHúWL Vă DFFHOHUH]H
ULWPXO GHVSULQGHULL GH 0RVFRYD" 7UHFHUHD GH OD ÄVRYLHWLVP´ OD ÄDQWLVRYLHWLVP´ D
GHPRQVWUDW FDUDFWHUXO VWULFW FRQMXQFWXUDO DO SULPHL GLPHQVLXQL úL D VFRV OD LYHDOă
QDĠLRQDOLVPXOHFKLSHLGHOD%XFXUHúWLÌQUDSRUWXODPEDVDGHL5RPkQLHLOD0RVFRYD
VHDUăWDFăSUHVDRFFLGHQWDOăFRPHQWDGRDUDWLWXGLQHDÄDQWLVRYLHWLFă´IăUăVăFDXWH
úL H[SOLFDĠLL 3RWULYLW UHSUH]HQWDĠLORU WHOHYL]LXQLL DPHULFDQH 1%& LQGLIHUHQW GDFă
SROLWLFD H[WHUQă D 5RPkQLHL DYHD VDX QX UHOHYDQĠă SHQWUX VWDWXO URPkQ LPSRUWDQW
HUD Fă vúL IăFXVH ORF SULQ DVWIHO GH JHVWXUL vQ FDGUXO HPLVLXQLORU GH úWLUL
6SHFXODĠLLOHSUHVHLDPHULFDQHIDĠăGHHYROXĠLDUDSRUWXULORUURPkQRVRYLHWLFHLQGLFDX
R FUHúWHUH D LQWHUHVXOXL 'HSDUWDPHQWXOXL GH 6WDW SHQWUX DFHDVWă ]RQă LDU
ÄDQWLVRYLHWLVPXO´ URPkQLORU UHSUH]HQWD XQ VXELHFW FH SXWHD IL VSHFXODW 3RWULYLW


7HOHJUDPă0RVFRYDGLQvQ$0$(3UREOHPD8566'LUHFĠLD,9RO,
'RVDUUHIHULWRUODUHODĠLLOHSROLWLFR±GLSORPDWLFHGLQWUH8566úL565RPkQLDvQFXUVXODQXOXLI

$0$( 3UREOHPD  % 8566 'LUHFĠLD , ,QIRUPăUL SULPLWH GH OD DPEDVDGD 56
5RPkQLD0RVFRYDLXOLH±GHFHPEULHI±

Ä1RWă UHIHULWRDUH OD XQHOH DSUHFLHUL GLQ VXUVH FRQILGHQĠLDOH vQ OHJăWXUă FX SUH]HQWDUHD
vQ8566DSROLWLFLLSDUWLGXOXLúLJXYHUQXOXLQRVWUX´vQ$0$(3UREOHPD8566'LUHFĠLD,
'RVDUH UHIHULWRU OD UHODĠLLOH SROLWLFR±GLSORPDWLFH GLQWUH 8566 úL 56 5RPkQLD vQ FXUVXO DQXOXL
I



 0LRDUD$QWRQ 

FRPHQWDULLORU FXOHVH GLQ PHGLLOH VWXGHQĠHúWL VRYLHWLFH DWLWXGLQHD ÄQHXWUDOLVWă´ D


5RPkQLHL VDU IL GDWRUDW IDSWXOXL Fă DFHDVWD ÄYRLD Vă IDFă RSLQLH VHSDUDWă úL Vă VH
GLVWLQJă´
/DLXQLH$*URPkNROHFRPXQLFDDPEDVDGRULORUĠăULORU7UDWDWXOXLGHOD
9DUúRYLDFRQYRFDĠLODVHGLXO0LQLVWHUXOXLGH([WHUQHVRYLHWLFFă8566YDIRORVL
ÄWRDWH PLMORDFHOH´ SHQWUX D IDFH SUHVLXQL DVXSUD ,VUDHOXOXL úL ÄRFURWLWRULORU OXL
LPSHULDOLúWL´ÄÌQDFHVWVHQVSHOLQLHGHVWDWWUHEXLHIăFXWHSUHVLXQLGLUHFWHDVXSUD
$QJOLHL68$úLDDOWRUDFDUHDXFRPSDVLXQHúLVSULMLQă,VUDHOXOGHDVHPHQHDVăVH
DFĠLRQH]HSHOLQLD218D&RQVLOLXOXLGH6HFXULWDWHSUHFXPúLSULQDOWHPLMORDFH´
'HFODUDĠLD VHPăQD PDL PXOW FX XQ DYHUWLVPHQW $ *URPkNR H[SULPkQGXúL
VSHUDQĠD Fă VRYLHWLFLL DU IL ÄIRDUWH PXOĠXPLĠL GDFă WRYDUăúLL URPkQL DU DGRSWD vQ
DFHDVWăSUREOHPăRSR]LĠLHIDYRUDELOă´
/D R OXQă GH OD GHFODQúDUHD FUL]HL GLSORPDĠLL VRYLHWLFL WUDQVPLWHDX Fă
DWLWXGLQHD5RPkQLHLHUDPDLPXOWGHIDĠDGăGHFkWGHFRQĠLQXWúLQXIăFXVHDOWFHYD
GHFkW Vă GHWHULRUH]H LPDJLQHD XQLWăĠLL EORFXOXL FRPXQLVW Ä3R]LĠLD VHSDUDWLVWă´ D
5RPkQLHLvQFHSXVHVăGHYLQăVXSăUăWRDUH8QXOGLQWUHPHPEULL%LURXOXL3ROLWLFDO
3&86'63ROLDQVNLDILUPDODDXJXVWFăÄSHQWUXDFHDVWăSR]LĠLHDYRDVWUă
PXOĠLvQ,VUDHOYăODXGăSHQWUXFăDWXQFLFkQGDSDUGLYHUJHQĠHvQWUHĠăULOHVRFLDOLVWH
FHUFXULOHLPSHULDOLVWHOHVHVL]HD]ăúLFDXWăVăEDJH]k]DQLH´ 0DLPXOWGHFkWDWkW
RILFLDOXO VRYLHWLF úLD H[SULPDW FRQYLQJHUHD Fă vQ VSDWHOH DWLWXGLQLL DúD]LV
SULQFLSLDOH D 5RPkQLHL VH DVFXQGHDX vQ UHDOLWDWH DWkW LQWHUHVH GH LPDJLQH FkW úL
HFRQRPLFH$VRFLHUHDFX5)*FXFDUH5RPkQLDvQFKHLDVHODvQFHSXWXODQXOXL
UHODĠLLGLSORPDWLFHUHIX]XOGHDSDUWLFLSDODFRQIHULQĠDGHOD.DUORY\9DU\SăUHDX
GXSăHO±VăvQGUHSWH%XFXUHúWLXOFăWUHRSHULFXORDVăGHYLHUH FDUHDUILFRPSOLFDW
DWkWUHODĠLLOHFX8QLXQHD6RYLHWLFăFkWúLSHFHOHGLQLQWHULRUXOEORFXOXL
)ăUă vQGRLDOă Fă JHVWXO JXYHUQXOXL URPkQ ULGLFDVH QXPHURDVH VHPQH GH
vQWUHEDUH 5DSRUWXO DQXDO DO DPEDVDGHL 565 OD 0RVFRYD DSUHFLD Fă OD QLYHOXO
DQXOXLUHODĠLLOHURPkQRVRYLHWLFHVHFDUDFWHUL]DXSULQWURVWDUHGHvQFRUGDUH
5HVSRQVDELOLWDWHDDSDUĠLQHDFRQGXFHULLVRYLHWLFHFDUHH[WLQVHVHGLYHUJHQĠHOHDVXSUD
UHODĠLLORU GLQWUH FHOH GRXă SăUĠL úL vQFHUFDVH Vă SăVWUH]H R DQXPLWă VWDUH GH
GHSHQGHQĠăLPSXQkQGDFFHSWDUHDXQRUVROXĠLLFXFDUHSDUWHDURPkQăQXSXWHDILGH
DFRUG 'LSORPDĠLL URPkQL GHQXQĠDX SROLWLFD GH GLFWDW úL VXERUGRQDUH D 0RVFRYHL


$0$( 3UREOHPD  % 8566 'LUHFĠLD , ,QIRUPăUL SULPLWH GH OD DPEDVDGD 56
5RPkQLD0RVFRYDDSULOLH±LXQLHI

7HOHJUDPă 0RVFRYD GLQ  6WULFW VHFUHW vQ $0$( 3UREOHPD  8566
'LUHFĠLD , 9RO , $±& 'RVDU UHIHULWRU OD UHODĠLLOH SROLWLFR±GLSORPDWLFH DOH 8566 FX DOWH VWDWH vQ
FXUVXODQXOXLI

,ELGHPI

,ELGHPI

7HOHJUDPă0RVFRYDGLQvQ,ELGHPI

$0$(3UREOHPD85665DSRUWXOJHQHUDODO$PEDVDGHL5RPkQLHLOD0RVFRYDúL
UăVSXQVXOODUDSRUWIHEUXDULH±PDLI


 5HODĠLLOHURPkQRVRYLHWLFHúLFUL]DGLQ2ULHQWXO0LMORFLX,XQLH 

$FWHOHJXYHUQXOXLGHOD%XFXUHúWLQXDXUăPDVQHVDQFĠLRQDWH3UHVLXQLOHDXIRVWDWkW
GH RUGLQ HFRQRPLF VFăGHUHD VFKLPEXULORU GLQ FDGUXO &$(5 SUHFXP úL
QHUHVSHFWDUHD XQRU DFRUGXUL DIODWH vQ GHUXODUH  FkW úL SROLWLF Ä>«@ 5HODĠLLOH
ELODWHUDOH DX DYXW vQ  XQ FDUDFWHU RVFLODWRULX SDUWHD VRYLHWLFă D UHFXUV OD
YHFKLOHSUDFWLFLúL PHWRGHGLQFDUHQDXOLSVLWvQFHUFăULGHSUHVLXQHHFRQRPLFăúL
SROLWLFă>«@$LHúLWFXWăULHvQHYLGHQĠăPDUHDGLVFUHSDQĠăFDUHFRQWLQXăVăH[LVWH
vQWUH YRUEHOH úL IDSWHOH FRQGXFHULL VRYLHWLFH vQWUH GHFODUDĠLLOH FRQGXFăWRULORU
VRYLHWLFL GH ILGHOLWDWH IDĠă GH SULQFLSLLOH UHVSHFWXOXL LQGHSHQGHQĠHL úL VXYHUDQLWăĠLL
HJDOLWăĠLLvQGUHSWXULúLDFĠLXQLOHSUDFWLFHSHFDUHDFHúWLDOHvQWUHSULQG´
$WkW 7UDWDWXO GH OD 9DUúRYLD FkW úL &$(5XO HUDX Yă]XWH FD LQVWUXPHQWH GH
VXERUGRQDUHúLFRQWURO0DLPXOWVHvQWUHYHGHDXVHPQHOHXQHLGHVWLQGHULVRYLHWR
DPHULFDQH FHHD FH DU IL GXV OD XQ LPSDV DO GLSORPDĠLHL VWDWHORU FRPXQLVWH Ä6D
DGkQFLWFDUDFWHUXOGXEOXDOSROLWLFLLFDUHSHGHRSDUWHXUPăUHúWHVăSODVH]H8566
vQIUXQWHDFRPXQLWăĠLLVRFLDOLVWHvQUROXOGHKHJHPRQDOPLúFăULLFRPXQLVWH>«@LDU
SH GH DOWă SDUWH XUPHD]ă FD XQ D[ SULQFLSDO OLQLD FRQWDFWXOXL úL vQĠHOHJHULL FX
SULQFLSDODIRUĠăDLPSHULDOLVPXOXL68$´
'LQ SHUVSHFWLYD GLSORPDĠLHL URPkQHúWL vQ FUL]D GLQ 2ULHQWXO 0LMORFLX
8QLXQHD 6RYLHWLFă vQUHJLVWUDVH XQ GXEOX HúHF DWkW PLOLWDU FkW úL SROLWLFR
GLSORPDWLF6LQJXUXODYDQWDMREĠLQXWGHVRYLHWLFLGLQFRORGHSUH]HQĠDORUvQVWDWHOH
DUDEHDIRVWFRQVROLGDUHDSR]LĠLHLIORWHLORUvQ0DUHD0HGLWHUDQă
/D VIkUúLWXO DQXOXL  JXYHUQXO GH OD %XFXUHúWL HUD vQ DúWHSWDUHD XQHL
FODULILFăULDUHODĠLLORUFX8QLXQHD6RYLHWLFă1XH[LVWDXvQVăLQGLFLLFDUHVăFRQGXFă
FăWUHRGHWHQVLRQDUH'LPSRWULYăVHDúWHSWDFDSUHVLXQLOHVăVHLQWHQVLILFHùLGHúL
5RPkQLD GREkQGLVH vQ FDGUXO UHODĠLLORU LQWHUQDĠLRQDOH XQ LPSRUWDQW FDSLWDO GH
LPDJLQHVHYHGHDL]RODWăúLQHVLJXUăvQLQWHULRUXOEORFXOXLFRPXQLVW0DUJLQDOL]DUHD
VDvQFLXGDXQRUDFWHGHSROLWLFăH[WHUQăLQGHSHQGHQWHDUDWă vQUHDOLWDWHIDSWXOFă
0RVFRYD GLVSXQHD GH VXILFLHQWH SkUJKLL SULQ FDUH vúL FRQWUROD VDWHOLĠLL &KLDU GDFă
HFKLSDGHOD%XFXUHúWLvúLFUHDVHGHMDXQUHIOH[vQDDILUPDSULQFLSLLOHXQHLSROLWLFL
LQGHSHQGHQWH úL VXYHUDQH vQ UHDOLWDWH HD HUD vQFă IRDUWH SXWHUQLF OHJDWă GH 8566
5DSRUWXO LQGLFă R DQXPLWă VWDUH GH DQ[LHWDWH vQ HYDOXDUHD UHODĠLLORU ELODWHUDOH
5HJLPXO GH OD %XFXUHúWL HVWH LQWHUHVDW DWkW GH SURSULD VD LPDJLQH FkW úL GH
PHQĠLQHUHD XQXL PRGXV YLYHQGL vQ UHODĠLLOH FX 0RVFRYD 'LQDPL]DUHD SROLWLFLL
H[WHUQHDIRVWUH]XOWDWXOXQXLDPELĠLRVSURJUDPGHGH]YROWDUHHFRQRPLFăGHVWLQDW
Vă DWHQXH]H GHSHQGHQĠD GH 8QLXQHD 6RYLHWLFă &RQWH[WXO D IDYRUL]DW DFHDVWă
GHVSULQGHUH úL D IHULW 5RPkQLD GH SRVLELOLWDWHD XQHL LQWHUYHQĠLL vQ IRUĠă FDUH DU IL
IRVWFRQWUDSURGXFWLYăúLDUILDOLPHQWDWFXUHQWHOHDQWLVRYLHWLFH


,ELGHPI

$0$(3UREOHPD85665DSRUWXOJHQHUDODO$PEDVDGHL5RPkQLHLOD0RVFRYDúL
UăVSXQVXOODUDSRUWIHEUXDULH±PDLI

7RQ\-XGWRSFLWS



 0LRDUD$QWRQ 

7+(67$.(62)',66,'(1&(520$1,$1629,(75(/$7,216
$1'7+(0,''/(($67&5,6,6-81(

$EVWUDFW
7KHRXWEUHDNRIWKHFULVLVLQWKH1HDU(DVWUHSUHVHQWHGDUHDOFKDOOHQJHIRUWKH
OHDGHUVKLS LQ %XFKDUHVW :KDW ZHUH WKH UHDVRQV IRU WKH UHIXVDO RI WKH 5RPDQLDQ
GHOHJDWLRQ WR VLJQ WKH 0RVFRZ GHFODUDWLRQ RI  -XQH LQ ZKLFK ,VUDHO ZDV
FRQVLGHUHG WR EH DQ DJJUHVVRU VWDWH ZKHQ WKH &RPPXQLVW VWDWHV LQFOXGLQJ
<XJRVODYLD DFFHSWHG HQ EORF WKH EUHDNLQJ RII RI GLSORPDWLF UHODWLRQV" 7ZR
K\SRWKHVHV FDQ EH DGYDQFHG IRU WKLV RQ RQH KDQG E\ VXFK D JHVWXUH 5RPDQLD
IXUWKHULPSURYHGLWVLPDJHDQGFRXOGKRSHWRREWDLQVRPHDGYDQWDJHVRQWKHOHYHO
RILQWHUQDWLRQDOUHODWLRQVEHLQJDVVRFLDWHGZLWKDVWDWHZKLFKKDGLWVRZQIRUHLJQ
SROLF\DQGFRXOGDVVXPHUHVSRQVLELOLW\IRUVXFKDQDFWZKLOHRQWKHRWKHUKDQGWKH
QRUPDOLVDWLRQ RI UHODWLRQV ZLWK ,VUDHO VHUYHG WR ZLSH DZD\ WKH PHPRU\ RI D SDVW
XQIDYRXUDEOH WR WKH OHDGHUV RI WKH 5RPDQLDQ &RPPXQLVW 3DUW\ 7KURXJK WKH
GHFLVLRQ QRW WR EUHDN RII GLSORPDWLF UHODWLRQV WKH %XFKDUHVW OHDGHUVKLS WKXV
QRUPDOLVHG UHODWLRQV ZLWK ,VUDHO DQG REWDLQHG D FDSLWDO RI WUXVW ZKLFK ZRXOG EH
DGYDQWDJHRXVLQWKHSHUVSHFWLYHRIIXWXUHDFWLRQV


&2081,ù7,Ì1$7(1ğ,$25*$1(/25387(5,,
$18/

&(=$50ÆğĂ

&RPXQLVPXOFKLDUGHODLPSXQHUHDVDFDGRFWULQăSROLWLFăVDIXQGDPHQWDWúL
SH LGHHD LQWHUQDĠLRQDOLVPXOXL DYHP vQ YHGHUH úL FXQRVFXWD OR]LQFă Ä3UROHWDUL GLQ
WRDWH ĠăULOH XQLĠLYă´  SULQFLSLX SRWULYLW FăUXLD LQWHUHVHOH QDĠLRQDOH WUHEXLHVF
QHFRQGLĠLRQDW VXERUGRQDWH XQXL ĠHO VXSUDQDĠLRQDO DSHOkQGXVH vQ DFHVW VHQV OD R
UHĠHWăLGHRORJLFăFDUHJHQHUDúLOHJLWLPDRUJDQL]DUHDOXPLLúLGRPLQDUHDHLSULQWUXQ
VLVWHP SROLWLF FRQFHSWXDOL]DW GH .DUO 0DU[ vQ FXQRVFXWD OXFUDUH Ä0DQLIHVWXO
3DUWLGXOXL&RPXQLVW´
6SUH VIkUúLWXO SULPXOXL Uă]ERL PRQGLDO vQ FRQGLĠLLOH vQ FDUH vQ OXPH VH
GHFODQúDVHRFUL]ăVRFLDOHFRQRPLFăGHSURSRUĠLLFHFRSOHúHDQXQXPDLVWDWHOHvQYLQVH
FLúLSHFHOHGLQWDEăUDvQYLQJăWRDUHDIRVWSRVLELOăRDFFHQWXDUHDUDGLFDOL]ăULLPLúFăULL
FRPXQLVWHFHGRUHDRQRXăRUGLQHVRFLDOăvQWRDWHĠăULOHRVFKLPEDUHDVWUXFWXULLVWDWDOH
H[LVWHQWHSULQLPSXQHUHDGLFWDWXULLSUROHWDULDWXOXLODSXWHUH
%ROúHYLFLLPL]kQGSHXQFOLPDWGHKDRVúLGHUHYROWHVRFLDOHFHVHvQWHĠHDXúL
VH H[WLQGHDX vQ PDMRULWDWHD ĠăULORU HXURSHQH úL OD FDUH FRQWULEXLDX GLQ SOLQ GXSă
UHXúLWDLQVXUHFĠLHLGHODRFWRPEULHPLQXĠLRVRUJDQL]DWăvQWUR5XVLHUXLQDWă
VRFLDOHFRQRPLF úL GHFLPDWă GHPRJUDILF vúL YRU FRQFHQWUD HIRUWXULOH úL VSUH
GHFODQúDUHDXQHLUHYROXĠLLPRQGLDOH
3RWULYLW YL]LXQLL FHORU GRL FRQGXFăWRUL EROúHYLFL /HQLQ úL 7URĠNL GH
ÄLQWHUQDĠLRQDOL]DUHDUHYROXĠLHL´PDSDPRQGXOWUHEXLDLQFHQGLDWSHQWUXFDSUHOXDUHD
SXWHULLGHFăWUHFRPXQLúWLVăVHIDFăvQWRDWHĠăULOHDVWIHOvQFkWOXPHDVăVHVFKLPEH
GLQWHPHOLLúLVăVHÄGHVFKLGă´RQRXăRUGLQHSRWULYLWÄWHQWDĠLHLDQXOXL]HUR´
3URLHFWHOH EROúHYLFLORU GH OD 3HWURJUDG HUDX DSURDSH SH SXQFWXO GH D VH
PDWHULDOL]DFkQG8QJDULDOXL%HOOD.XKQVDSURFODPDWODPDUWLH5HSXEOLFă
6RFLDOLVWă LDU *HUPDQLD vQIUkQWă úL DIODWă vQWUR VLWXDĠLH GH]DVWUXRDVă WUHFHD SH
OkQJă EROúHYL]DUH OD .LHO PDULQDULL VH UăVFRDOă %UHPHQXO vQ LDQXDULH ± IHEUXDULH
VHSURFODPă5HSXEOLFă6RYLHWLFă%DYDULDODIHOvQDSULOLH±PDLLDUvQ
%HUOLQLQVXUHFĠLDDUPDWăGHFODQúDWăGHGHWDúDPHQWHDUPDWHDOHH[WUHPHLVWkQJLHVWH
SHSXQFWXOGHDVHJHQHUDOL]D 


6WHOLDQ7ăQDVH&OLHQĠLLOXWDQWL9DUYDUD%XFXUHúWLS

0DUFHO'3RSD+RULD&0DWHL0LFăHQFLFORSHGLHGHLVWRULHXQLYHUVDOă%XFXUHúWLS

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 &H]DU0kĠă 

6LWXDWă SH XQ FXORDU FH GXFHD GLUHFW VSUH %DOFDQL 6WUkPWRUL úL FHQWUXO
(XURSHL 5RPkQLD HUD XQ REVWDFRO GHYHQLQG XQD GLQ SULPHOH ÄXUJHQĠH´ DOH
ÄUHYROXĠLHLPRQGLDOH´vQVăVWDELOLWDWHDVDVWDWDOăLDSHUPLVVăGHSăúHDVFăRVLWXDĠLH
IăUăLHúLUHFHSXWHDVăFRPSURPLWăúLDFWXO0DULL8QLUL'DWRULWăUă]ERLXOXLFLYLOFH
FXSULQVHVH IRVWXO LPSHULX ĠDULVW úL LQWHUYHQĠLLORU DUPDWH GLQ H[WHULRU YDOXO
UHYROXĠLRQDUFHVHUHYăUVDGLQVSUHUăVăULWDHúXDWvQWHQWDWLYDGHDEROúHYL]DDFHDVWă
]RQăD(XURSHLFRQGDPQkQG5XVLD6RYLHWLFăODL]RODUH
ÌQ WLPS FH 5RPkQLD VH FRQIUXQWD FX R VLWXDĠLH GLILFLOă DJUDYDWă GH Uă]ERLXO
FDUH vúL SXVHVH DPSUHQWD DVXSUă VWăULL VDOH HFRQRPLFH úL VRFLDOH ÄJHUPHQLL
GHVWUXFWLYL´ DJHQĠLL EROúHYLVPXOXL DFĠLRQDX vPSRWULYD RUGLQLL VWDWDOH úL D DFWXOXL
XQLULLFRQVILQĠLWOD'HFHPEULH
'LYHUVH JUXSăUL EDQGH úL FKLDU FRPDQGRXUL FXP D IRVW úL FHO FRQGXV GH
6LPLRQ *ULJRUHYLFL 5RúDO  JKLGDWH LGHRORJLF úL VWLPXODWH ILQDQFLDU úL ORJLVWLF GH
5XVLD 6RYLHWLFă HUDX IUHFYHQW WULPLVH GH OD HVW GH 1LVWUX FX ĠHOXO GH D SURYRFD
DQDUKLHGHDSURGXFHDVDVLQDWHGHDWXOEXUDVLWXDĠLDLQWHUQăSULQGH]RUGLQHJUHYHúL
GHPRQVWUDĠLLvQFkWDXWRULWăĠLOHVWDWXOXLVăVFDSHVLWXDĠLDGHVXEFRQWURO
ÌQWURDVHPHQHDDWPRVIHUăVDGHVIăúXUDWúL&RQJUHVXO3DUWLGXOXL6RFLDOLVWGLQ
± PDL  XQGH PDMRULWDWHD PHPEULORU GHOHJDĠL ÄFXFHULĠL´ GH LGHLOH
EROúHYLVPXOXL UXVHVF DX KRWăUkW DILOLHUHD OD ,QWHUQDĠLRQDOD D ,,,D &RPXQLVWă
GHYHQLQG 3DUWLGXO &RPXQLVW GLQ 5RPkQLD 'H IDSW DFHVWD HUD R VHFĠLH D
.RPLQWHUQXOXLSDUDYDQDO0RVFRYHLSHQWUXDúLH[WLQGHLQIOXHQĠDvQH[WHULRU
$XWRPDWDDILOLHUHD3DUWLGXOXL&RPXQLVWGLQ5RPkQLDOD.RPLQWHUQvQVHPQD
úL DGRSWDUHD KRWăUkULORU úL LQGLFDĠLLORU 0RVFRYHL vQ SURJUDPXO VăX DQXPH OXSWD GH
FODVăYL]kQGOLFKLGDUHDÄFODVHORUH[SORDWDWRDUH´GLVWUXJHUHDVWUXFWXULORUGHPRFUDWLFH
EXUJKH]RPRúLHUHúWL  SHQWUX D VH LQVWDOD GLFWDWXUD SUROHWDULDWXOXL úL QX vQ XOWLPXO
UkQGFRQVLGHUkQGXVHFăGHRDUHFH5RPkQLD0DUHHUDUH]XOWDWXOXQRUYDVWHÄDQH[ăUL
WHULWRULDOH´ FRPXQLúWLL URPkQL DYHDX PLVLXQHD Vă DGRSWH SULQFLSLXO OXSWHL SHQWUX
DXWRGHWHUPLQDUHDDFHVWRUWHULWRULLSkQăODGHVSăUĠLUHDORUGHVWDWXOURPkQ
3HQWUXDXWRULWăĠLOHURPkQHúWLDFHVWHRELHFWLYHDGRSWDWHvQSURJUDPXOXQXLSDUWLG
SROLWLF UHSUH]HQWDX XQ DWHQWDW OD VLJXUDQĠD VWDWXOXL OD LQWHJULWDWHD OXL WHULWRULDOă
DUJXPHQWSHQWUXFDUHSDUWLFLSDQĠLLFDUHDXYRWDWDILOLHUHDvQFDGUXO&RQJUHVXOXLDXIRVW
DUHVWDĠL $FHVW IDSW OD GHWHUPLQDW SH PLQLVWUXO GH LQWHUQH & $UJHWRLDQX Vă DVLJXUH
*XYHUQXO ÄFă SULQ DFHDVWă DFĠLXQH VD WHUPLQDW FX FRPXQLVPXO vQ 5RPkQLD´ úL Vă
ÄFRQYLQJă´$GXQDUHDGHSXWDĠLORUFăDUHXúLWFDÄSH/HQLQVăORPRUkPvQRXODQRL´


6WHOLDQ7ăQDVHRSFLWS

,VWRULD6HFROXOXL;;VXEUHGDFĠLD6HUJH%HUVWHLQúL3LHUUH0LOL]D%XFXUHúWLS

6WHOLDQ7ăQDVHRSFLWS

6WUXFWXULSROLWLFHvQ(XURSDFHQWUDOăúLGHVXGHVW ± YRO,,,FRRUG,RDQ6FXUWX
%XFXUHúWLS

,RDQ6FXUWX*K%X]DWX,VWRULD5RPkQLORUvQVHFROXO;; ± %XFXUHúWLS
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

0HQĠLQHUHD vQ SURJUDPXO 3DUWLGXOXL &RPXQLVW GLQ 5RPkQLD D DFHVWXL SXQFW DO
OXSWHLSHQWUXDXWRGHWHUPLQDUHDWHULWRULLORUXQLWHOD'HFHPEULHSkQăODGHVSăUĠLUHD
ORUGHVWDWXOURPkQDFRQVWLWXLWúLPRWLYXOSULQFLSDOSHQWUXFDUHSDUWLGXODIRVWVFRVvQ
DIDUDOHJLLSULQDSOLFDUHDSUHYHGHULORU/HJLL0kU]HVFX 'HFHPEULH 
$WkW vQ SHULRDGD GH OHJDOLWDWH FkW úL vQ QRXD VLWXDĠLH GH LOHJDOLWDWH GHUXODWă
SkQă OD  $XJXVW  3DUWLGXO &RPXQLVW D DFĠLRQDW VWăUXLWRU SHQWUX D IDFH
MRFXULOH 0RVFRYHL $XWRULWăĠLOH URPkQHúWL SULQ 'LUHFĠLD 3ROLĠLHL úL 6LJXUDQĠHL
6WDWXOXL SULQ -DQGDUPHULH úL 6HUYLFLXO VăX GH LQIRUPDĠLL úL FRQWUDLQIRUPDĠLL RUL
6HUYLFLXO 6SHFLDO GH ,QIRUPDĠLL úL DOWH RUJDQLVPH DX IRVW QHYRLWH SHUPDQHQW VăL
ĠLQăVXEVXSUDYHJKHUHSHFRPXQLúWLúLSHVLPSDWL]DQĠLLORULDUGHFkWHRULHUDFD]XO
vLDUHVWDXMXGHFDXúLvQWHPQLĠDX
0ăUWXULLvQDFHVWVHQVVXQWGRFXPHQWHOHVXEIRUPăGHQRWHEXOHWLQHVLQWH]H
LQIRUPDWLYHúLFRQWUDLQIRUPDWLYHHWFvQWRFPLWHGHDFHVWHVWUXFWXULúLDOWHRUJDQLVPH
DOH VWDWXOXL SHQWUX FDUH SUREOHPDWLFD FRPXQLVPXOXL úL FRPXQLúWLL FRQVWLWXLDX XQ
FDSLWROGLVWLQFWúLLPSRUWDQWvQFRQĠLQXWXOORU
$OăWXUDW SUH]HQWăP vQ SUHPLHUă LVWRULRJUDILFă XQ DVWIHO GH GRFXPHQW
LGHQWLILFDWvQGRVDUXOGLQDQXOGHODIRQGXO'LUHFĠLHL*HQHUDOHD3ROLĠLHL
'RFXPHQWXOHVWHGHIDSWROLVWăDFRPXQLúWLORUGHRVHELWGHSHULFXORúL]LúLÄGH
QLYHO$´FHFXSULQGHGHSHUVRDQHDYkQGUXEULFLFXQXPHOHúLSUHQXPHOHORU
FXSURIHVLLOHORUFXGDWDúLORFXOQDúWHULLúLXOWLPXOORUGRPLFLOLX
6HSRDWHRSLQDFăOLVWDSXEOLFDWăDFXPSHQWUXSULPDGDWăFXSULQGHQRPLQDO
XQ QXPăU VXILFLHQW GH PDUH GH FRPXQLúWL DSURSLDW GH FLIUD GH  GH PHPEUL
YHKLFXODWă vQ LVWRULRJUDILD URPkQHDVFă FRQILUPkQG LGHHD Fă 3&5 QX D IRVW XQ
SDUWLGGHPDVHFLRÄFRORDQăDFLQFHD´D0RVFRYHLvQ5RPkQLD
/LSVHVFQXPHOHPXOWRUFRPXQLúWLFXQRVFXĠLúLvQDFHDSHULRDGăFDUHDSRLVDX
FRQVDFUDW FD RDPHQL SROLWLFL FkQG DX OXDW SXWHUHD SUHFXP $QD 3DXNHU (PLO
%RGQăUDú0LURQ&RQVWDQWLQHVFX,RQ3RSHVFX3XĠXUL,RQ*KHRUJKH0DXUHU3HWUH
%RULOă&RQVWDQĠD&UăFLXQ,RQ9LQĠH*KL]HOD9DVV'XPLWUX&ROLX9DOWHU5RPDQ
*RJX5ăGXOHVFX$QGUHL1HDJX3HWUH&RQVWDQWLQHVFX,DúL$OH[DQGUX%kUOăGHDQX
&RQVWDQWLQ3kUYXOHVFXHWF
6HSDUHFăODPRPHQWXOvQWRFPLULLOLVWHLDFHúWLDQXHUDXvQĠDUăFLOD0RVFRYD
VDX vQ DOWH ORFDOLWăĠL VRYLHWLFH ILH Fă XQLL IXJLVHUă vQDLQWH VDX GXSă GHFODQúDUHD
RVWLOLWăĠLORUJHUPDQRURPkQRVRYLHWLFH FXPHVWHFD]XOOXL*RJX5ăGXOHVFXFDUHD
GH]HUWDW FD WHULVW LPHGLDW FH D vQFHSXW Uă]ERLXO FRQWUD VRYLHWLFLORU  RUL IXVHVHUă
VFKLPEDĠL±FXPHVWHFD]XO$QHL3DXNHU QăVFXWă+DQQDK5DELQVRKQ VFKLPEDWăOD
 PDUWLH  FX PRú ,RQ &RGUHDQX D MXFDW XQ URO PDUH OD XQLUHD %DVDUDELHL úL


9H]L &H]DU 0kĠă *RJX 5ăGXOHVFX ± XQ EDURQ DO FRPXQLVPXOXL" vQ Ä'RFXPHQW %XOHWLQXO
$UKLYHORU0LOLWDUH´DQ,,QU  S±

9H]L$GULDQ3DQGHD3DVVLRQDULDGLQ&RGăHúWLvQÄ'RFXPHQW%XOHWLQXO$UKLYHORU0LOLWDUH´
DQ,,,QU  S±

 &H]DU0kĠă 

%XFRYLQHL Fă]XW SUL]RQLHU vQ LXQLH   ± ILH Fă FHL FDUH OXSWDVHUă DOăWXUL GH
UHSXEOLFDQLYLD)UDQĠDDXIRVWUHFXSHUDĠLGHVRYLHWLFL
3H OkQJă R VXPHGHQLH GH QXPH QHFXQRVFXWH OD R SULPă YHGHUH OLVWD ±
SUHFL]ăP Fă QX HVWH DOFăWXLWă vQWUR RUGLQH DOIDEHWLFă ± FXSULQGH SH PDMRULWDWHD
FHORU FDUH DX IăFXW FDULHUă SROLWLFă GXSă DFWXO GH OD  $XJXVW  *KHRUJKH
*KHRUJKLX 'HM OD SR]LĠLD  1LFRODH &HDXúHVFX OD SR]LĠLD  9DVLOH /XFD FX
SUHQXPHOH GH /DV]OR  OD SR]LĠLD  7HRKDUL *HRUJHVFX OD SR]LĠLD  &KLYX
6WRLFDODSR]LĠLD,RVLI&KLúLQHYVFKL VXEQXPHOHGH5RLWPDQ ODSR]LĠLDúL
VRĠLD VD /LXED OD SR]LĠLD  /XFUHĠLX 3ăWUăúFDQX OD SR]LĠLD  vQ XQHOH
GRFXPHQWHDOH'*3DSDUHúLFXSUHQXPHOH/DXUHQĠLXFXPHVWH FD]XOGHIDĠă úL
VRĠLD VD (OHQD OD SR]LĠLD  $OH[DQGUX 'UăJKLFL OD SR]LĠLD  $OH[DQGUX
0RJKLRURú OD SR]LĠLD  9DVLOH 9kOFX OD SR]LĠLD  7LVPHQHQVFKL DOLDV
7LVPăQHDQXODSR]LĠLD)RULú,VWYDQ ùWHIDQ ODSR]LĠLD*ULJRUH3UHRWHDVD
ODSR]LĠLD$OH[DQGUX,OLHVFX WDWăOOXL,RQ,OLHVFX ODSR]LĠLD0RVFX&RKQ
DOLDV*KHRUJKH6WRLFDODSR]LĠLD$O&RQVWDQWLQHVFXODSR]LĠLD2OJD3LQWLOLH
VRĠLD OXL ,OLH 3LQWLOLH  OD SR]LĠLD  FKLDU úL SULQĠXO URúX 6FDUODW &DOLPDFKL OD
SR]LĠLD  0DL PXOWH SHUVRDQH DSDU WUHFXWH GH GRXă RUL GH H[HPSOX $O
&RQVWDQWLQHVFX S  úL  &RFDOă (UDFOLH S  úL  7HRKDUL *HRUJHVFX
SúL%kJX9DVLOHODSúL0HUHXĠă,RDQSúL ÌQDOWH
FD]XULHVWHJUHXGHHYDOXDWGDFăHVWHYRUEDGHVSUHDFHHDúLSHUVRDQăVDXQXFHHDFH
IDFH LPSRVLELOă R VWDWLVWLFă H[DFWă GH SLOGă &RVPLFL (IWLPLH S  úL 
'XPLWUHVFX9DVLOHSúL)HOL[,GDSúLHWF 
2 SULPă FRQVWDWDUH FH SRDWH IL GHVSULQVă GLQ DFHVW WDEHO QRPLQDO DO
FRPXQLúWLORU ÄSHULFXORúL´ OD QLYHOXO DQXOXL  HVWH FHO DO UDSRUWXOXL GLQWUH FHOH
GRXăVH[HXQGHEăUEDĠLLVXQWPDMRULWDULUHSUH]HQWkQGXQSURFHQWDMGHFFD
3H SURIHVLL FDUH QX VXQW VSHFLILFDWH SHQWUX DSURDSH  GH SHUVRDQH 
SUHGRPLQăPXQFLWRULLúLPLFLLPHVHULDúLUHSUH]HQWkQGGLQWRWDOXOFRPXQLúWLORU
FHDXWUHFXWăSURIHVLDvQGUHSWXOORU$FHúWLDVXQWXUPDĠLGHVWXGHQĠLúLLQWHOHFWXDOL
FFD   GH PLFL IXQFĠLRQDUL IXQFĠLRQDUL FRPHUFLDOL úL FRPHUFLDQĠL FFD  
UHVWXOUHSUH]HQWkQGSHUVRDQHFDVQLFH FFD XQUDELQXQIRVWSUHIHFWGH6RURFD
3HWUX+ULĠFX±SR]LĠLD úLXQSOXJDU
0HVHULLOH WUHFXWH vQ GUHSWXO PXQFLWRULORU úL PLFLORU PHVHULDúL VXQW GH OD
VHUYLWRULODSLFRORúLFKHOQHULGHODOXVWUXLWRUGHPRELOăODERLDQJLXúLOHQMHUHDVăGH
ODVDODKRUúLPH]HODUODFRDIRUPDVHX]ăúLGURJKLVWGHODSHULHUSDQWRIDUELMXWLHUúL
]HĠDU OD SD]QLF VXGRU PR]DLFDU úL OXFUăWRU GH PăQXúL GH OD OLQJXUăUHDVă OD
ULKWXLWRUHOHFWULFLDQPRQWHXUOăFăWXúILHUDUĠHVăWRUúLFL]PDU
'XSăORFXOQDúWHULL GHúLQXDIRVWWUHFXWvQGUHSWXOXQXLQXPăUGHSHUVRDQH 
FRPXQLúWLLSURYLQGLQWRDWHUHJLXQLOH5RPkQLHL$VWIHOGLQFHLFRPXQLúWLFăURUD
OL VDX FRPSOHWDW ORFXO úL GDWD QDúWHULL OD UXEULFD UHVSHFWLYă VXQW RULJLQDUL GLQ
2OWHQLDFFDGLQ7UDQVLOYDQLDSHVWHGLQ%DVDUDELDFFDGLQ0XQWHQLD
FFDGLQ0ROGRYDSHVWHGLQ%DQDWFFDGLQ'REURJHDFFDGLQ
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

%XFRYLQDFFDUHVWXOGHSHUVRDQH FFD SURYHQLQGGLQDOWHĠăUL $UPHQLD


8566%XOJDULD8QJDULD7XUFLD0DFHGRQLD3RORQLD*HUPDQLD 
7RW SH ED]D GDWHORU SUH]HQWH vQ WDEHO SUHFXP úL GXSă QXPHOH úL SUHQXPHOH
FHORU vQVFULúL VH SRDWH DSUR[LPD úL RULJLQHD HWQLFă D FHORU FH HUDX PHPEUL DL
3DUWLGXOXL &RPXQLVW GLQ 5RPkQLD 'LQWUH DFHúWLD FFD  HUDX URPkQL
FFD  HUDX HYUHL FFD  HUDX UXúL úL XFUDLQHQL FFD  HUDX PDJKLDUL FFD
HUDXEXOJDULFFDHUDXJHUPDQLUHVWXOILLQGSRORQH]LDUPHQLúLXQJUHF
3XEOLFkQGWDEHOXOGHPDLMRVúLSUH]HQWkQGRVXPDUăDQDOL]ăVWDWLVWLFăvQED]D
GDWHORUFXSULQVHGHDFHVWDDYHPFRQYLQJHUHDFăGRFXPHQWXOYDVWkUQLXQRDUHFDUH
LQWHUHV FHO SXĠLQ SHQWUX FHL FH DX vQ SUHRFXSăULOH ORU LQYHVWLJDUHD IHQRPHQXOXL
FRPXQLVPXOXLURPkQHVF

$1(;Ă

7$%(/120,1$/
FXFRPXQLúWLLFDWHJRULD$FăURUDQXOLVDVWDELOLWGRPLFLOLXO
1U 1XPHOHúLSUHQXPHOH 3URIHVLD 'DWDúLORFXOQDúWHULL 'RPLFLOLXO
FUW
 'XGăX'ùWHIDQ FURLWRU %ăOWDĠLGH-RV *HQHUDO0RúRLX
0HKHGLQĠL %XFXUHúWL1RL
 (QFHO0DXULFLX PHFDQLF =LOLú%LKRU 
 (VFKHQD]L=,ĠLF IXQFFRP &UDLRYD ğHSHú9RGă
 3ăWUDúFX0DOFD FDVQLFă ,VPDLO 'UXPXOOD7HL
 *KLWKDUĠ0DQHD ĠHVăWRDUH &KLúLQăX *O0RúRLX%XFXUHúWL1RL
 'UăJXOHVFX0DULD ĠHVăWRDUH 5DFRYLĠă0XVFHO 9DO%UDQLúWH
 *ROGEHUJHU$GDOEHUW FURLWRU =DOăX6ăODM 3LHWUHOH'RDPQHL
 7RUHN,RVHI IXQFRP %XFXUHúWL 3HULFOH*KLRUJKLX
 )DUORGDQVFKL,DFRE WLSRJUDI &HWDWHD$OEă 7HRGRU6SHUDQĠă
 'HUML0RLVH]LV0LúX WLSRJUDI  3RSD)DUFDú
 5RVHQIHOG(XJHQ FURLWRU &OXM 6I$SRVWROL
 $UDGL9LFWRU FURLWRU 3kQFRWD$UDG 
&HUFKLú7UDLDQ OăFăWXú $ULHú7XUGD 6RILD
 %XUăK&DKDQH IXQFĠ %kUODG 3&HUFHO
 3RSHVFX1LFRODH ILHUDU *RUM )ORUHDVFD
 3HUO]RHLJ/HRQ,RVLI FDUWRQDJLX %XF 'XGHúWL
 $UPHQFHDQX=DKDULD OăFăWXú 6RFROD0XUHú +RQ]LF
 )RHUVWHLQ6DELQ VWXGHQW 0ăUFXOHúWL 6I,RQ1RX
 (QFHO0DUWLQ WLQLFKLJLX ,ULVX%LKRU 2OWHQLĠD
 5XVFRY,RDQ  *DODĠL &DPSRGXFL
 (UVHF*KLXOD  &OXM 1LFRODH7HL
 6DYHOFLXF,RDQ IXQFĠ 7XOFHD 6WRLFD/XGHúWL
 &UăFLXQ3HWUH OăFăWXú *ăMHQL3UDKRYD 9kQăWRUL/XSHDVFD
 0DQROH30DQROH VWXGHQW %ăOăQHúWL5RPDQ *HQHUDO$YHUHVFX
 0DQROH2IHOLD  5HQL 9DVLOH/DVFăU

 &H]DU0kĠă 

 /D]DURYLFL,DQFX FURLWRU %XFXUHúWL 0ăFHODUL


 6RIUDLP6RILD VWXGHQWă $PHULFD 5RPXOXV
 /HLYDQ0DUFXV IXQF &kPSXOXQJ%XFRYLQD ,XOLXV%DQVFK
 %HUODQVFKL,RVHI ĠHVăWRU ùWHIăQHúWL/ăSXúQD 3DUvQJ
 5DGDVHYHW]NDLD(VWHUD IXQF 7LJKLQD 3U6LKOHDQX
 %LWDLùWHIDQ GXOJKHU %UDúRY ,DQFRYHVFX
 )UkQWD&RQVWDQWLQ PRQWHXU &kLQHQL$UJHú 9LWDQ
 )RGRUùWHIDQ WkPSODU &kPSXOXQJ0XUHú &ROHQWLQD
 )HRGRURYùWHIDQ IXQF 'XURVWRU&DOLDFUD &DURO'DYLOD
 6RIUDLQ5DOL  $PHULFD 5RPXOXV
 /HLERYLFL$LVLH FLVPDU ,DúL &9RGă
 %XJLQVFKL)UDQFLVFR SLFWRU *DOLĠLD3RORQLD =6ăYXOHVFX
 %ăOXĠă,RUGDQ WkPSODU +kUúRYD&RQVWDQĠD 7XJRPLU9RHYRG
 7ULIRUHVFX0DULQ IXQF %XF )HUHQWDUL
 6RQIHOG0RLVH IXQF %kUODG 9XOWXUL
 6PLORYLFL$YUDP IXQF %kUODG =2ODUX
 *ROGúWHLQ,ĠLF IXQF %kUODG 'XGHúWL
 $UQHOGL$URQ/D]ăU  5ăGăXĠL 6I,OLH
 =XFKHUPDQ,VUDHO SURIHVRU %kUODG %UH]RLDQX
 'ULFKHWHU(VWHUD  7LJKLQD %URVFăULHL
 %DUVFKLX,$URQ IXQF ,VPDLO ,QWU=DORPLW
 =XFKHUPDQ%HUQDUG IXQF %kUODG &ăOăUDúL
 ,RQ6WRLFD FKHOQăU *ăHúWL'kPERYLĠD 'LRQLVLH)RWLQR
 &RVPLFL(IWLPLH FKHOQăU ,VDFFHD7XOFHD 9LWDQ
 *KHUPDQ&DQHO,OLH SLFWRU %RWRúDQL 5DLRQ
 6OHSHQFLXF7HRGRU PHFDQLF &KLúLQăX $EUXG
 9HQĠH&OHLQ WkPSODU %RFúD&DUDú &UăVQDUX
 )LQFKHOúWHLQ)DLELú IXQF 5RPDQ 5HPXV
 &KLYX6WRLFD   0LWURSROLWX*ULJRUH
 7XGRU*KHRUJKH FRPHUFLDQW  3DUFX0DQROLX3DUFHOD
 $QWRQ,RQ ULFKWXLWRU )kQWkQD'RDPQHL I7HLX'RDPQHL
 3RQFHD&RQVWDQWLQ WXUQăWRU &RFX$UJHú )UDĠLORU
 )LQNHOúWHLQ0RLVH YRLDMRU %DFăX 8UDQXV
 $UQROG*XVWDY FRPHUFLDQW *HUPDQLD &DURO
 &LXKRGDULX,ORLX IXQF 3kUOLWD%ăOĠL &DKXO
 6ROGDQ$OH[DQGUX PHFDQLF 7RGLFHQL,DúL &D]ăUPHL
 *KLRUJKLX*KHRUJKH HOHFWULFLDQ  ±QQ  0DL
'HM±QQ  %kUODG
:HUWPDQ5DXO WDSLĠHU $OED 6/XGHVFX
 6XúWHU%OXPD OXFUăWRDUH 7HOHPHúWL2UKHL )LODQWURSLD
 =DOQLF&DURO FLVPDU 2UDGLD 6W0LKăLOHDQX
 5R]HPEHUJ$OH[ EOăQDU 6ăODM 6SăWDUXOXL
 6WHLQEULKHQ,ĠLF SLFWRU 7XOFHD 69RGă
 %UDXQ1LFRODH FURLWRU 6DWX0DUH *ULYLĠHL
 &RKQ0RVFX  'RURKRL %O0DULD
 /RUHQ]$OH[DQGUX HOHFWULFLDQ %XFXUHúWL %O*KLFD7HL
 6FKHVWHU(LJL YRSVLWRU =HOHQHúWL2GRUKHL 0%UDYX
 *UXPEHUJ/HL]HU  &KLúLQăX 
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

 &KLúLQRYVFL6LPD OLQJXUăUHDVă 7LJKLQD $XUHO9ODLFX


 6WDQFX$QWRQ FLVPDU 5RPDQDĠL ,WDOLDQă
 0XWXOHVFX,RDQ úRIHU &DOQLF*RUM &DURO'DYLOD
 )UHQWHU*KHRUJKH FLVPDU )ăXUHL%UăLOD %O&DURO
 =LJKHOEDXP6WUXO ĠHVăWRU &RIDQFD7LJKLQD )RLúRU
 0HVLQJHU,RVLI IXQF %XFXUHúWL 6XWDúXOXL
 *ULJRUH0DULQ OăFăWXú %XFXUHúWL 3HFLQHDJD
 ,DFRE6RORPRQ ĠHVăWRU ,DúL 2OWHQL
 &LRFOD0DUWHD 0DUWD±QQ  FRQGWHFK 2UKHL 2OLPSXOXL
 9RGRILDQ$QWRQ úRIHXU 8FUDLQD &1HJUL
 8PHQIHOG*XVWD VWXGHQWă 9UkQFHQL 5ăVSkQWLL
 :HLVPDQ&DURO ĠHVăWRU &HUQăXĠL $1U3DUF/XGRYLF
 6WHLQHU:ROII ĠHVăWRU %LVWULĠD 79RGă
 &RWWLJ*KHQHD PXQFLWRDUH &KLúLQăX /RJ7ăXWX
 6RORPRQ,DQFX ĠHVăWRU 'HM *ODVXOXL
 8PDQVFKL,ODLD ĠHVăWRU 7DUXWLQR 'HOHD9HFKH
 0LQLXF+DúFD VWXGHQW /ăSXúQD 5RPDQă
 &ăSăĠkQă,OLH FLVPDU 2ODUX$UJHú 3UHO0ăUĠLúRU
 5RWHPEHUJ$XUHO FRQWDELO %XFXUHúWL &9RGă
 6RPPHU/HRSROG IXQF &HUQăXĠL $OHLD9DVLOLX
 %OLW]VWHLQ$OH[ VWXGHQW 2GHVD 0RúLORU
 .DIHUVFKPLGW,DFRE FKHOQăU 6WRURMLQHĠ &H]DU%ROLDF
 6HQLXF9DVLOH FKHOQăU 6WRURMLQHĠ 1$QJKHO
 9XODYLFL$EUDP ĠHVăWRU &HW$OEă &X]D9RGă
 'XPLWUHVFX9DVLOH  %XFXUHúWL (YHUHVW
 6WRLDQRY%RULV SXEOLFLVW %XOJDULD 
 0DUFRYLFLùPLO WkPSODU ,DúL 
5RWVWHLQ0DQX VWXGHQW %ăOĠL 6I,RDQ1RX
7XGRU,RVLI ]LGDU 7UHL6FDXQH /W*KLQHVFX*K
7RWK$QWRQ FLVPDU 7UHL6FDXQH 
%UDXQúWHLQ'DYLG FURLWRU %LKRU $SRORGRU
/XFD/DV]OR 9DVLOH±QQ  OăFăWXú &ăWăOLQD &RFXOHVFX
0HQGHORYLFL$UWXU IXQF %XFXUHúWL ùWùWHIDQ
6WRLDQ7XGRUD ĠHVăWRDUH &LRFăQHúWL $O6ăYXOHVFX
*ULJRUH7XGRU FURLWRU ,OIRY +DJL0RVFX
/HLERYLFLùWUXO ĠHVăWRU &KLúLQăX $XURUD
&RYDFL'RPHQLFR FURLWRU 2GRUKHL /HPHQFHD
*HRUJHVFX7HRKDUL WLSRJUDI %XFXUHúWL &ODXGLDQ3RSHVFX
&HDXúHVFX1LFRODH FLVPDU 2OW %LEHVFX9RGă
0ROGRYHDQX*DYULO FURLWRU 7U0LFă )G%UDúRYHQL
0LWURIDQ1LFRODH WkPSODU $OED %DQDWXOXL
'UăJKLFL'RPRFRú ILHUDU 7U0LFă ùWLUEHL9RGă
%HUQDUG$QGUHL WkPSODU 7U0LFă 1)LOLSHVFX
,ULX&DPHQ6LPLRQ ĠHVăWRU +RWLQ $9ODLFX
%DQGHUVFKL,RVLI ĠHVăWRU %ăOĠL ')ORULFD
$QGUHQLF1LFRQRY FLVPDU 6XFHDYD $9ODLFX
6FKYRUW]NRSI-DQHWD PHGLF 6XFHDYD 'XGHúWL
%XPEHú$YUDP OXFUăWRU %ăOĠL =DPILU$QJKHO

 &H]DU0kĠă 

$YHUEXVFK5R]D FURLWRUHDVă &KLúQăX 


(WOLú)ULPD IDUPDFLVWă 7LJKLQD $OHD&RUQHOLD
*UXPEHUJ+DYD SURIHVRDUă 7LJKLQD 'LDQHL
ùPLORYLFL0DUFX ĠHVăWRU &DKXO 9LLORU
&UkPVFKL$GHOLD IXQF %ăOĠL 3ULQFLSDWHOH8QLWH
)ULHGHU(XJHQ WkPSODU &OXM 'RDPQHL
)LVFPDQ(VWHUD OXFUăWRDUH 2UKHL (SLVFRS5DGX
ùLKPRQWH*DYULO IXQF 6RURFD 6I,RQ1RX
9HLQúWHLQ1XKăP IXQF 2UKHL %3DUFXO=DPILUHVFX
6LFD/RUHQ] IXQF %XFXUHúWL (SLVFRS5DGX
ùPLORYLFL0RLVH GHQWLVW 5RPDQ $W3DQX
7RUSHU$EUDKDP FRQWDELO &HUQăXĠL 
+DLPRYLFL1DIWXOL DYRFDW %RWRúDQL 0ăFHODUL
9DORúLQ0RLVH FURLWRU 6RURFD 3UHO7ULQLWăĠL$OHD%1U
&RKQ5XEHQV IXQF %XFXUHúWL 3ODQWHORU
6LPHULF*DEULHO$UWXU   
)RQDUJL6DPRLO   ,VYRU
7RPDVFLXF,RDQ   
&DOLPDFKL6FDUODW   %O(OLVDEHWD
.OHLQ0LKDLO GHVHQDWRU $UDG 
(OL6FKQDS FRPHUĠ  &DOHD0RúLORU
5RVHQNUDIW)DQL   
'ăVFăOHVFX DYRFDW  
*UXQEHLQ   
3UHGD1LFRODH OXFUăWRU  3RSD,DQFX
%RLDQJLX6FKPHU FURLWRU 'RURKRL $QWRQ3DQ
+HUúFRYLFL6RORPRQ SHULHU 6WRURMLQHĠ 'XGHúWL
9LOQHU%HQLDPLQ UDELQ 3RORQLD &DURO
3kUFăODE,XOLD FDVQLFă %LKRU 69RHYRG
9DVWVFK$OH[ WLSRJUDI 2GRUKHL ,QW/LEHUWăĠL
&RPDQ1LFRODH FLVPDU 7U0LFă $UJHQWLQD
%XOKDF)LOLS IXQF 6RURFD 
6]LQXF$OH[ VWXGHQW 0DUDPXUHú 2UIHX
&KLWLú,RVLI VWXGHQW &HW$OEă 6I,RQ1RX
)LVFKHO6LPLRQ IUL]HU %RWRúDQL 'U%HN
0LKăLOă&KLULDF PHFDQLF  &kQFHD
0HWHF,RDQ PRQWHXU  
0DUFXúùWHIDQ YRSVLWRU 6ăODM &ăS6DYRSRO
1HXPDQ)UDQFLVF YRSVLWRU 8QJDULD 5RPXOXV
+HUW]$UQROG   %DWHULLORU
3RSRY1LFRODH FRPHUĠ &DOLDFUD 
7XJXOVFKL7K IXQF 2UKHL 
.DW]0DUFXV  6WRURMLQHĠ 9ăFăUHúWL
)HOLD+,GD IXQF ,DúL *O1LFROHDQX
0LKDLO6LPLRQ WLQLFKLJLX 1ăVăXG 0RúLORU
6WRLDQ7XGRUD ĠHVăWRDUH ,DORPLĠD 
/LPEăúHDQX*K ĠHVăWRDUH 7U0DUH 79ODGLPLUHVFX
0DULD0DULQFHD ĠHVăWRDUH %XFXUHúWL )U6WRLFD
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

7|UHN,RVLI ]XJUDY  3*KLRUJKLX


&RUFKLú7UDLDQ OăFăWXú  6RILD
6FKHLQ6RORPRQ FURLWRU %XFXUHúWL &$5RVHWL
3kUFăODEùWHIDQ VWUXQJDU 2UDGLD 69RHYRG
&RJDQ,VDF WLSRJUDI 2UKHL /LSVFDQL
/HFRYLF)UDQFLVF FURLWRU 8QJDULD 
0DKOHU&KHUú   
+DOWHQYDJQHU/D]ăU   
*LXUăVFX%HUQDUG PXQFLWRU  6OăQLFHDQX
*LXUFDQX$OH[ YRSVLWRU 56ăUDW &ULFRY
*URSHU/LQD VHUYLWRDUH 7J1HDPĠ 0RúLORU
7LGLXF'RUD  &HUQăXĠL 'U0DULQHVFX
,RUGăQHVFX3RPSLOLX PHFDQLF %XFXUHúWL %LVHULFHL
)LQNHOúWHLQ$QD   
0RVFRYLFL3DXO DYRFDW  6I$SRVWROL
,DFRERYLFL$QGUHL ]XJUDY 2GRUKHL 0RúLORU
)HQVWHU$SROR FRPHUĠ 5RPDQ )G%LEHVFX9RGă
+HUú,DQFX  ,DúL 
3HWURYHU,DFRE  &HUQăXĠL 
6ROR*ROG+DOHU   
9kUJă9DOHULX ĠHVăWRU  09LWHD]X
$QJKHO'UDJRPLU PXQFLWRU ,DORPLĠD 
0HUHXĠă,RDQ ĠHVăWRU 31HDPĠX )G0Rú$MXQ
%DUDQL,RDQ  77RURQWDO )G,,,6HEDVWLDQ
+HHU6RILD  'RURKRL 
5R]DOLD.DKDQH  &LXF 
.DKDQH%HUQDUG   
0DUHú.DKDQH PHGLF ,DúL $OED,XOLD
3DUWLQ YRSVLWRU  $O&RVWHVFX
3HUORYD DYRFDWă  
9DVKLQJHU,RVLI  %LKRU 
&UXFHUXùWHIDQ SDVQLF 9kOFHD )G,,0ăJXUHOH
/RYLQJHU'DYLG WH[WLOLVW &LXF 
0DWHL6RFRU  ,DúL 9LúLQL
,]L*ROGHPEHUJ IUL]HU %XFXUHúWL *ULYLĠHL
&LRQLV,OLH  'ROM *ULYLĠHL
1LFROHVFX*K FURLWRU ,DORPLĠD *ULYLĠHL
7RWK*K$OH[ VXGRU %LKRU (G*UDQG
1LVWRUHQFR*U   6W0DULQHVFX
9HVD',RDQ WkPSODU %LKRU 
3HWUH,VăFHDVFX  &RYXUOXL $9kUWRMDQX
$UQRYLFL,DFRE%HHU ĠHVăWRU  19RGă
/DSVFKHU0RLVH IUL]HU %ăOĠL 17UDLDQ
2ODUX*KHRUJKH LPSLHJDW  *O0DJKHUX
7DIODQ,RDQ   6HUJ0XúDW
6LYDFHQFR$QWRQ PXQFLWRU ,VPDLO &ăĠHOX
6FKOHL]HU=L]HO FURLWRUHDVă /ăSXúQD 0%UDYX
6ODYLF$QD FDVQLFă /XJRM &Uă]QDUX

 &H]DU0kĠă 

&RFDOD(UDFOH úRIHU *UHFLD +DJLXOXL


6DSRúQLF/HLE IUL]HU 2UKHL 0RUX]L9RHYRG
6DSLULQ3ROHD IXQF 2UKHL %XFXU
6OHSHQFLYRY PHFDQLF  3DUIXPXOXL
*URV]:LOKHOP VWXGHQW 6LELX 3ROLĠLHL
*URV]*KHRUJKH VWXGHQW +XQHGRDUD 3ROLĠLHL
*OXYDFRY$QGUHL IXQF&)5 $UDG *DUD)LODUHW
6DLFRYLFL'DYLG PHGLF &HUQăXĠL 
9DOFR%DULPERL ĠHVăWRU %ăOĠL $W,RQHVFX
0RLVH%DULPERL ĠHVăWRU %ăOĠL $W,RQHVFX
$QGUHL%' SDQWRIDU 60DUH 
/LEOLFK6DQGX PHGLF  &LQDFX
'RLFL(PHULF WkPSODU &LXF 
3DUWLQ$OH[DQGUX   $O&RVWHVFX
)ăOWLFHDQX*K OăFăWXú %DLD 
0DULQ$QJKHO1LF   7XGRVH%RJLX
9DOWHU,VDF OăFăWXú %XFXUHúWL *K3UDSRUJHVFX
1HFLOă&RQVWDQWLQ]LV SLFRO ,OIRY 'U)HOL[
*KHRUJKH
6RORPRQ6LPHRQ PHGLF %DFăX 5DKRYHL
+RUQLF$   
6LODJ\(XJHQ  8QJDULD 
%DODQVFKL6WDQLVODX   1)LOLSHVFX
$YUDP6FKRQ   'XGHúWL
&DURO.DW] IXQF /XJRM &UăVQDUX
0DUFXV&DSHOHV )XQF  +RWHO0DMHVWLF
/DQGDX0RVHV GRFWRUDQG %RWRúDQL 2OWHQL
/HRYL9LOKHOP   6I,RDQ1RX
5XIHO$FRWLQ IXQF %LKRU 0RúLORU
%DORV]$QWDO SDQWRIDU 2GRUKHL 7K6SHUDQĠă
*URVV/HRQ GHVHQDWRU 5RPDQ 9LWDQ
&OLP,RVLI ]LGDU  +DJL*KLĠă
/HYL0RLVH WLSRJUDI %ăOĠL %O&ROĠHL
(GRQ/D]ăU  7J0XUHú 
5RV]D.DKDQH  &LXF 
%DFDOX'DQ SLFWRU %XFXUHúWL :LOVRQ
$GROI.DW] DYRFDW %RWRúDQL 
9HJK(XJHQ FDULFDWXULVW 8QJDULD 
(]UD/HLERYLFL  ,DúL 
0RVFKHYLFL0LKDLO WLSRJUDI &KLúLQăX 
5DELQRYLFL&RJDQ6LPD IXQF &DKXO 
9LOKHOP/DYL PR]DLFDU $UDG &ULúXOXL
6DYD,RDQ IUL]HU %LKRU &9RGă
)HOHU6ROPDQ DYRFDW  
1HXPDQ)UDQFLVFR YRSVLWRU 7J0XUHú *ULYLĠHL
'DYLGRYLFL1XVHP VWXGHQW %DFăX $S5DGX
6RUHDQX0DULD PXQFLWRDUH %X]ăX 7K6SHUDQĠă
0LOLWDUX7HRGRU FURLWRU  9*KHUJKHO
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

6DPL%ăHWX  %RWRúDQL 


0LQFLF,RDQ  %LKRU %O(OLVDEHWD
$YUDPHVFX0DULQ YRSVLWRU 9ODúFD *O0RúRLX
+DVFLXF   
&ăOLQ   
)HUDUX0DULQ PXQFLWRU  
1HGHOFX PXQFLWRU  
0D\HU+&ODUD  3RORQLD 
ùWUXO.OHLQ FRPHUĠ &RYXUOXL )RLúRU
9LUDQL&DURO FURLWRU %LKRU /DWLQă
9LUDQL*KHRUJKH LQGXVWULDú %LKRU /DWLQă
6LP+DQWD%XFKOD FURLWRUHDVă %RWRúDQL %UkQGXúL
(UGHL9,RVLI VWUXQJDU %LKRU %UăWLDQX
*LMRUIDV9LFWRU JUDYRU 8QJDULD $UWHL
5RVHPEOXP,VDF VWUXQJDU 60DUH 6HEDVWLDQ
9RQERU/7HUH]D ĠHVăWRDUH 6HYHULQ 9ăFăUHúWL
&LVPDUWL1LFRODH GURJKLVW %LKRU 
%DORJK)UDQFLVF  &OXM $QWLP
0UD]30LKDLO vQFDGUDWRU 2UDGHD 9LUJLQLD
5DGQHI*KHRUJKH DMXVWRU 3XWQD 0LWU,RVLI
%XGLú+XúHU FLVPDU /ăSXúQD 09RHYRG
(QJHO*H]D úRIHXU %LKRU 9/DVFDU
,RQ,RQ PXQFLWRU 3ORHúWL *O(XVWDĠLX
/HUQHU,WD7XQD DYRFDWă +RWLQ 9LFWRULHL
/RE$QGUHL FURLWRU &OXM )G0XúDW
%HUQúWHLQ'DYLG FRPHUĠ %UăLOD )ăLQDUL
/DQGDX0RVHV/HLE PHGLF %RWRúDQL 2OWHQLĠD
&ULVWHD&RORGULJD ĠHVăWRDUH 6RURFD )1U3DUFXO%HULQGHL
+HWULF(GXDUG WDSLĠHU 7LPLú &UăVQDUX
/HUQHU0LQD PHGLF +RWLQ /HJLVODWRU
5XVPDQ*KLQHD IXQF 6RURFD %XVXLRF
5RVPDQ/XSX IXQF %RWRúDQL %XVXLRF
ùWUXO6LJHOEDXP ĠHVăWRU  7ULQLWăĠLL
,OLHVFX$OH[DQGUX PHFDQLF ,OIRY *K0DJKHUX
6DQGUX2YLGLX PHFDQLF $OED *RUXQXOXL
*XLQă11LFRODH YkQ]ăWRU 0HKHGLQĠL -1U9DWUD/XPLQRDVă
&RJDQ,VDF WLSRJUDI 2UKHL /LSVFDQL
9DVFKWHU*HUú PHGLF %ăOĠL *ULYLĠHL
'OXJDFL(YD IXQF 6RURFD 
%HFKEXFK0RLVH IDUPDFLVW )ăOFLX 
-DQ+DLWHO   
(PDQXHO9HLVPDQ   
,RVLI6FKPLGW   
5XGROI6FKPLGW   
(LVLJ6LJOH   
(PLO/XVWJRUGHL   
*KHRUJKH1LĠă0DWHL   /W3DXOHVFX
)LVFKHU5R]D )XQF 5ăGăXĠL 9DVHORU

 &H]DU0kĠă 

'MLJROD/HRQWH OXFUăWRU 6RURFD 


0LKDLORYLFLùWUXO VWXGHQW  
0D\HU(WW\   
=LVPDQ-DF   3RSD3HWUH
1HXPDQ(PDQRLO   3RSD3HWUH
0DUFHO%HUQúWHLQ   3RSD3HWUH
&RKQ(XJHQ   3RSD3HWUH
6SRGKHLP5HQp   3RSD3HWUH
-DQD&DQH0DULD   3RSD3HWUH
*ROGúWHLQ6HQWD   3RSD3HWUH
5XELQúWHLQ$OLFH   3RSD3HWUH
5XELúWHLQ0DUJDUHWD   3RSD3HWUH
6WLQKDUGW*HUWUXGD   3RSD3HWUH
6DPRLORY9DOHQWLQD   3RSD3HWUH
%URLWPDQ*KHUú FURLWRU 2UKHL 3RSD)DUFDú
+HV%HLGD GHQWLVW 6RURFD 7UDLDQ
&DOLQFD,DFRE  2UKHL &LUHúRDHL
(LVHPEHUJ6LPLRQ WLSRJUDI &KLúLQăX %3DUFXO5DKRYD
/HLERYLFL+HYD FURLWRUHDVă 7LJKLQD 0RúLORU
'HPHWHU/XGRYLF   
,úRYHDQX'XPLWUX FURLWRU ,DúL 
%kJX9DVLOH YRSVLWRU 'RURKRL &%XMRUHDQX
5DELQRYLFL$UPDQG IXQF  $O5XVVR
6LWLFRY,ODULRQ   
 $NHUPDQ)URLP FURLWRU  
0DQRLORY1LFRODH IXQF  
1D]DUHYLFL9LFWRU LQJLQHU  
'XPLWULDQ)HOHUPDQ DYRFDW  
%DELF VWXGHQW  
%HUFK,DQFKHU ]LDULVW  
%DUODP IXQF  
%LUPDQ DYRFDW  
6LPLRQ(PHULF URWDU 2UKHL 
1DGOHU0RLVH IXQF 9DVOXL 
9RJHO+HUúFX DYRFDW %RWRúDQL 7DFKH,RQHVFX
$URQRYLFL,RVLI ĠHVăWRU ,DúL 
$]ULO+HUPDQ FRQWDELO 3XWQD &RQFRUGLHL
*ROGEHUJHU$GDOE FURLWRU 6ăODM 3LHWUHOH'RDPQHL
5RVHQIHOG(OHQD PDVHR]ă 2UDGHD 5RPDQă
&ULVFRVFKL   3RSD7DWX
,XWFRYLFL0HUKDLP YRSVLWRU 2UKHL 
 1DXP5RWúWHLQ  %XFXUHúWL 
*UXPEHUJ,RVLI DYRFDW %DFăX 
%kJX9DVLOH YRSVLWRU 'RURKRL &%XMRUHVFX
5RVHPEOXP(QULF   3RSD3HWUH
5XEúHO0LKLO   3RSD3HWUH
&DUROùWHIDQ*ROGQDU   3RSD3HWUH
*ROGúWHLQ0DXULFLX   3RSD3HWUH
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

*ROIVODJHU)HOL[ IXQF &/XQJ 


+HUúFRYLFL+DLP YRLDMRU %DFăX 0ăPXODUL
*LRVDQX7UDLDQ IXQF8&% 3DúFDQL 5HJHOH)HUGLQDQG
*LRVDQX3HLVD VFULLWRDUH 5XVLD 5HJHOH)HUGLQDQG
0DUFX%HUFX FRDIRU 3XWQD &X]D9RGă
&ULVWHVFX*K FRPHUF 9kOFHD 0DUWLH
$YUDP0DULQ]LV$YUDPHVFX YRSVLWRU 9ODúFD &KLWLOD
.HUHV]WHV,XOLD   =RH*UDQG
.HUHV]WHV%HOD   =RH*UDQG
,OLHVFX,DQFX   
&KLúLQVFKLùWHIDQ   
&ULVWHD&RQVW FL]PDU ,OIRY 
%UXFăU,DQFX  %DFăX 
6DUDJD/DVFăU DYRFDW ,DúL 6I$SRVWROL
3XúFD IXQF&)5  
7HOHIXV FURLWRU  
0XQWHDQX(XJHQLX SURIHVRU  
ùOHDFKWPDQ PHGLF  
5DUHQFR,RDQ DYRFDW  
)HOL[,GD IXQF ,DúL *O1LFROHDQX
.DW] VWXGHQW  
0D[LP*KHRUJKH   
9DVLOH7,RDQ OXFUăWRU  
&RJDQ$EUDP FLVPDU &KLúLQăX 
$QJKHO,RDQ OXFUăWRU&)5 $UJHú 
&RQVWDQWLQHVFX$O WDSLĠHU %XFXUHúWL %LVHULFD$P]L
%HUQúWHLQ%XUăK FURLWRU  
6RORPRYLFL5DúHOD OXFUăWRDUH %DFăX 
/RJKLQHVFX9DVLOH IXQF 6RURFD &RO9OăGRLDQX
3HWUH+ULĠFX IRVW3UHIHFW  
GH6RURFD
*XĠX vQYăĠăWRU  
5XVX*KHRUJKH vQYăĠăWRU  
0DGRYLFL vQYăĠăWRU  
6LQGHUùWHIDQ SHGDJRJ  
6WDOHĠFKL9ODGLPLU DYRFDW  
0DULQ$OH[HL SURIHVRU  
/XSDúFX*KHRUJKH vQYăĠăWRU  
&ULWHF*KHRUJKH PDHVWUX  
PX]LFă
&XWXODE,RDQ vQYăĠăWRU  
,OLH,OLH OXFUăWRU 7HOHRUPDQ $QGUHLùDJXQD
7DQ]HUùWHIDQ OăFăWXú $UDG )ăW)UXPRV
7HU]LPDQ,]LGRU OăFăWXú  
6RSOHU/HRQ%HUFX FURLWRU 7HFXFL 5DGX9RGă
3DPSX0DUJDUHWD FDVQLFă %XFXUHúWL 3UHFXSHĠLL9HFKL
&ăOXJăUX9DVLOH FKHOQăU  9DWUD/XPLQRDVă
0DULQ3RSHVFX FKHOQăU  

 &H]DU0kĠă 

ùWHIDQRY%RULV QRWDU 6ăUăĠHQL2UKHL 9/XSX


3LQWLOLH2OJD FURLWRUHDVă ,DúL $UPLVWLĠLX
6WHUQKHUQ   
%DORJK1LFRODH PăFHODU ,QăX$UDG 1LDJDUD
)XFKV%HUHú  %RWRúDQL 
&KLQFXOHVFXùWHIDQ  /LSVFDQL+RWLQ 
$[HQWH*K,RDQ   
&HUQXúFD9DVLOH   
6WLHJHO,RDQ   
&ODSDXFK$YUDP FLVPDU  
&XQLWFKL0LKDL DYRFDW  
*HOVWHLQ   
0LOHYLFL%RULV   
+DWPDQ,VDF LQJLQHU &KLúLQăX 3RSD1DQ
6WDQFD&RQVWDQWLQ FDPLRQDJLX 2OW 3RORYUDJL
,DQFKHOHYLFL+DLP FRPHUĠ &KLOLD1RXă +RULD
'DYLG)UDQFLVF VWUXQJDU 'HUQD6XV ,*'XFD%ăQHDVD
9L]HO'DYLG%HUQDUG ĠHVăWRU %RUúD )RLúRU
+RURYLW]0DOL WULFRWDMH 6WRURMLQHĠ &DURO
5HLKPDQ3HUOD FURLWRU &HUQăXĠL 7UDLDQ
8ULHYLFL/HYLW ĠHVăWRU 6RURFD 'XGHúWL
5R]HPEHUJ,VDF WLSRJUDI 6WRURMLQHĠ $O9ODKXĠă
/XSHVFX9DOHQWLQ IXQF *HUPDQLD 3DUIXPXOXL
6WHLJPDQ(X]LH  5ăGăXĠL 9ăFăUHúWL
3kUYX0DQROH ]HĠDU %XFXUHúWL 6LUHW
1DJHO$UPLQ GHQWLVW %UDúRY 09RGă
5R]HQEOXK1LFRODH WLSRJUDI %UDúRY &RO3DSD]RJOX
.DW]5LKDUG IXQF 6WRURMLQHĠ 1RULORU
&ULVQHU%DUWRORPHX EOăQDU %LKRU &DPHOLHL
1HFKOHU)LVFKHU PHFDQLF 9'RUQL 09RGă
)ULHG(PDQRLO IXQF 0XUHú 1LFRSRO
1LFRODH'UăJDQ PH]HODU 'XURVWRU %UDúRYHQL
%XFK%LQGHU WULFRWH]ă =DVWRYD ,RQHVFX*LRQ
0RVFRYLFL/HRQ IXQF %DFăX )RLúRU
6FKZDUW]PDQ+DQD FDVQLFă &KLúLQăX &RO3RSD]RJOX
6FKRHIHO+DLD FURLWRUHDVă 7LJKLQD 9ăFăUHúWL
0DUFXV.DXIPDQ5HEHFD FDVQLFă *DODĠL 5RPDQă
*XYHQLYLFL5R]D FDVQLFă 6RURFD 'XGHúWL
5LQ]HO-DQHWD  &HUQăXĠL 69RGă
/|EHO6DOL FURLWRUHDVă &HUQăXĠL 9%UDQLúWH
5LXVLQVFKL6W WLSRJUDI %XFXUHúWL 93DUF5DKRYD
9DVLOHVFX0LKDLO IXQF %XFXUHúWL 0Rú$MXQ
&RE]HY$OH[HL VWUXQJDU ,VPDLO 3RORQă
&HUQRY6LPLRQ ]LGDU ,VPDLO %O'RPQLĠD
/HYQHU%UDQD VRUăFDULWDWH +RWLQ &%ăOFHVFX
0DUF,RQ úRIHU %0DUH 3XĠXFX$Să5HFH
6HJDO1DFKPDQ  +kUOăX 1HJRLX
9LQGHUPDQ6FKLHO IXQF +XúL /RJ7ăXWX
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

*KHRUJKH01LFRODH FLVPDU $UJHú 0DúLQD3kLQH


6HFKWHU5XELQ FKHOQăU 6WRURMLQHĠ 'XGHúWL
7XUEDWX,RQ HOHFWULFLDQ 9DVOXL &DPSRGXFL
6PXFKHU%DURFK WH[WLOLVW 6RURFD 9LLORU
5XKYDUJHO*KHUú IXQF +RWLQ $9ODLFX
*ROGQHU0RLVH WkPSODU &HW$OEă $JULFXOWRUL
$URQ/HRQ GHQWLVW %kUODG 9XOWXUL
0DUFRYLFL0LKDL OăFăWXú &OXM 6LUHQHORU
*DPEXUW5DúHOD SURIHVRDUă 7LJKLQD 9LFWRULHL
2UQHVWHLQ(UQD IDUPDFLVWă 3XWQD &DORPILUHVFX
7LPLULQJ0DOFD ĠHVăWRDUH %ăOĠL )ORULORU
3UHRWHDVD*ULJ VWXGHQW %XFXUHúWL &HUQHL
'HUHYLFL,IRULW PHGLF %ăOĠL 3U0LUFHD
6HFKWHU$GROI SURIHVRU &HUQăXĠL 5RPXOXV
6XVHU2úFD IXQF 6WRURMLQHĠ *O)ORUHVFX
%HUQúWHLQ6LPLRQ ĠHVăWRU %DFăX $GULDQ
5RPDú*KHRUJKH WLSRJUDI 6XFHDYD &HUHú
0DWHHVFX*KHRUJKH FLVPDU %XFXUHúWL 0LQHUYHL
6FKQHLGPDQ0LVLH FURLWRU 6RURFD 9ăFăUHúWL
=DOW]PDQ*ROGD  +RWLQ 69RGă
9HUODQHI*DQHI SOXJDU &DOLDFUD 
.DXIPDQ(PDQRLO OăFăWXú 6ăODM ,RQğăUDQX
0RJKLRURú$OH[ PHFDQLF %LKRU 
+HUEDF,DQRú FLVPDU 6ăODM 
6KRHQ(UQHVW WkPSODU %LKRU 
'UăJKLFL$OH[ OăFăWXú %X]ăX 6RURFD
&VD]DUùWHIDQ PHFDQLF %LKRU /LQLúWHL
&VD]DU$QD FDVQLFă 6ăODM /LQLúWHL
1DJ\ùWHIDQ VWUXQJDU %LKRU &%XQHD
+DGL/DGLVODX WLSRJUDI &OXM 
&DMHVFR9LOPD   
&ULQJ6DPXHO FRPHUĠ 7XUGD 5DKRYHL
&RKQ0LúFD FURLWRUHDVă %RWRúDQL 5RQGă
%XUDK,OHDQD FURLWRUHDVă ,DúL 0ăUăúHúWL
+HU](VWHUD FDVQLFă &KLúLQăX &D]ăUPHL
3DVFX1LFRODH VWXGHQW 9kOFHD %O(OLVDEHWD±
&RFDOă(UDFOH úRIHU 0DFHGRQLD +DJLXOXL
)Xú6DQGOHD FURLWRUHDVă 7LJKLQD 9LWDQ
*UXQEHUJ'DYLG VWXGHQW &9RGă 9ăFăUHúWL
6DOFDQL$QWRQ PHFDQLF 7LPLú $OHD7RQROD
'DLFL*KHUú WH[WLOLVW 2UKHL &RPSăQLFL
)UHQNHO+DVFDO IXQF 0DUDPXUHú %3DUF1HJURSRQWH
0HQGHOVFKQ6RORPRQ  7kUJRYLúWH &RO3DSD]RJOX
%RQJ]RVùWHIDQ ]LGDU %LKRU 6LOYHVWUX
1HPHWL(XJHQ IXQF 2UDGHD 6ILQĠLORU
*XWPDQ3DXO DGWRU %LKRU 6FKHLXGH-RV
&RYDFL5R]DOLH   %HOYHGHUH
0LKDL,PUH ERLDQJLX 6ăODM 'X]LORU

 &H]DU0kĠă 

*ROGEHUJHU1LF FLVPDU 6ăODM 7UDLDQ


0DUFLXF$QDWROLH OăFăWXú &HW$OEă %X]HúWL
%HUHú6X]DQD FDVQLFă 7U0LFă %O0ăUăúHúWL
9kOFHDQX*KHRUJKH FLVPDU 0HKHGLQĠL 6LQDLD
.DW]%RED ĠHVăWRDUH 6RURFD 0LFúXQHOH
6SULQ]LX3HLJD ĠHVăWRU 2UKHL &ăS3U'RQHVFX
6FKDSLUD5DúHOD FURLWRUHDVă 31HDPĠX 17UDLDQ
(OEHUW5R]DOLD FDVQLFă /ăSXúQD 3DUIXPXOXL
%UDXQúWHLQ6XOLP IXQF 5ăGăXĠL /DELULQW
&UHĠX1LFRODH VDODKRU $UJHú 0ăFHODUL
9DWPDQ8úHU VWXGHQW 6RURFD 
0RFDQX&RQVW FLVPDU 5RPDQ ,RUFHDQX
6SHFWRUPDQ6RQLD FURLWRUHDVă 2UKHL 9LOWXUL
$OH[3DUDVFKLY WkPSODU ,OIRY +DJL*KLĠă
$QGURQDFKH1LF WkPSODU 'kPERYLĠD %RULFDL
=XJUDYX0LKDL PHFDQLF ,DúL -XVWLĠLHL
%XMRU,RDQ WkPSODU 7kU0LFă 'XPLWUHVFX,,
=LOEHUPDQ1XKLP WkPSODU &KLúLQăX 7ăHUHL
3DODGLXF(8WFD FURLWRUHDVă 6RURFD )RLúRU
:HFKVOHUùWUXO IRWRJUDI 6RURFD 8GULFDQL
6LPLRQùWHIDQ FLVPDU &RQVWDQĠD 0%UDYX
3DODWQLF*ROGD FURLWRUHDVă 6RURFD )RLúRU
6XW]VEHUJHU0DJGDOHQD PXQFLWRU %LKRU 9%ăOHVFX
7RQFDQRJKL*KHUú ELMXWLHU &KLúLQăX &DURO
$WDODúRY1LFRODH FLVPDU %D]DUJLF &RPHWD
5HVFK0DUJDUHWD ULKWXLWRDUH 2UDGHD 6DQDWRULXOXL
3RWúWHLQ,UPD VWXGHQWă %XFRYLQD 0.RJăOQLFHDQX
6ZHLJHU=ORWD ĠHVăWRDUH %XKXúL %OăQDUL
.RIPDQ)HLJD  7LJKLQD 5RQGă
5R]HQIHOG,ORQD IXQF 2UDGLD 5RPDQă
&DPHQLĠFKL6DúD VWXGHQWă 6RURFD 09RGă
7ULOHU7RGLV EOăQDU +RWLQ 2UIHX
5RLWPDQ%HWL ĠHVăWRDUH 2UKHL )RLúRU
.DOQHU(OLDV ĠHVăWRDUH 5ăGăXĠL 3RSD1DQ
5DELQRYLFL0DQHD PXQFLWRDUH 7LJKLQD )LODUHW
6FKXWVEHUJHU2OJD ULKWXLWRDUH 2UDGHD )LVFXOXL
)ULHG'RUD FURLWRUHDVă 0&LXF 'HOHD9HFKH
5DVFKHO0DUFX PHFDQLF %UăLOD '$QJKHO
)ULHG(ODQFD GHQWLVWă 0&LXF 'HOHD9HFKH
0DVLV0RLVH LQJLQHU %ăOĠL 0RúLORU
0RODF(WLQLF WLSRJUDI &KLúLQăX %URVFăULHL
(UOLVFK*DYULOă OăFăWXú 7LPLúRDUD 9ăFăUHúWL
.DW]6LGL  60DUH 9ăFăUHúWL
*KHUSLQ$L]LF IXQF ,DúL (OHQD'RDPQD
'XPLWURI'XPLWUX WLQLFKLJLX &DYDUQD (G5ăVERHQL,,(U
%LUR'HQHú FRIHWDU 2GRUKHL 5DKRYHL
3HOL$USDG FLVPDU &LXF 1%ăOFHVFX
)LQFKHO)HLJD OXFUăWRDUH ,VPDLO 2LĠHORU
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

=HOJ]HU5XIOHD FURLWRUHDVă 6RURFD 2LĠHORU


.HVOHU,XOLXV ]XJUDY *DODĠL 5DKRYHL
2SUHQHD,RQ WLSRJUDI 6LELX &RPDUQLF
8QWHUIRUW0RVHV WkPSODU 5ăGăXĠL $OHD7ULQLWăĠL
0DUFX$URQ IXQFĠLRQDU %XFXUHúWL %O0DULD
5ăXĠ$OH[DQGUX FLVPDU %XFXUHúWL 3UHO)HUHQWDUL
&XSFLF*KHUú/HLE DYRFDW ,VPDLO %O0ăUăúHúWL
5DELQRYLFL1HúD OLQMHUHDVă 7LJKLQD )XQG%LEHVFX9RGă
&]HLOHU0DUWLQ FURLWRU %LKRU )UXQ]HL
*URVV,RVLI WLSRJUDI &OXM )RLúRU
6FKRU$QJKHO VWXGHQW %UăLOD /RJ1HVWRU
9HOVFKRU$EUDP PXQFLWRU &HW$OEă ,XOLD+DMGăX
/DúDF,DFRE IXQFĠLRQDU 2UKHL &ăOăUDúL
0LOVWHLQ*KHPLú IXQFĠLRQDU 2UKHL 6I1LF7HL
&ULVWHD1LFRODH WLQLFKLJLX %XFXUHúWL 6DOYDWRU
0HUHXĠă,RDQ ĠHVăWRU 1HDPĠ 
6XOPDQ(OL IXQFĠLRQDU 6RURFD 6I,RDQ1RX
'HPHWHU)UDQFLVFR FURLWRU 7UHL6FDXQH 6I*KHRUJKH1RX
&RPHQDF1LFRODH FLVPDU 7U0LFă %O5HJHOH$OH[DQGUX1U
)UHQG'HPRVWHQH VWXGHQW &HUQăXĠL 0RúLORU
3RV]LVDU6HPRLO FLVPDU %UDúRY 
3HWUH3RS SLFRO $UDG 9LRULFD
+HUW]$QGUHL FKHOQăU 6RPHú -XVWLĠLHL
%XUD,JQDW SLFRO 6RPHú %DWHULLORU
%DQFLF*ROGD ĠHVăWRDUH &KLúLQăX 0ăJXUHOH
,RQHVFXùWHIDQ FLVPDU 7XOFHD 7K6SHUDQĠă
)UHU$EUDKDP GHQWLVW 6XFHDYD /kQăULFL
*KLWPDQ6HJDOO ĠHVăWRU +RWLQ /RJ7ăXWX
$EUDKDP%HUQDUG IXQFĠLRQDU $OED &X]D9RGă
*UXPEHUJ(VWHUD FDVQLFă &KLúLQăX $OHD&RUQHOLD
&KLúLQHYVFKL/LXED OXFUăWRDUH 7LJKLQD (FKLQR[XOXL
+RO]LQJHU)UDQW] FLVPDU 7LPLú *ULYLĠHL
1LFXOHVFX&ULVWHD FLVPDU 3ORHúWL 30DLRU
/HRELV7DWLDQD FLVPDU 8FUDLQD 9/DVFăU
2]ùWHIDQ WkPSODU 8QJDULD ,DQFXOXL
%DGLú)UDQFLVF WkPSODU %LKRU 
3HWUHùWHIDQ ĠHVăWRU %XFXUHúWL 1HKRLDúL
9DOHúLQùWUXO DJSLDĠă %ăOĠL *HPHQL
%DGLQWH0HWVFK VWUXQJDU &KLúLQăX /RJ7ăXWX
*ROGúWHLQ6HLYD FDVQLFă 2UKHL 
6LJKHOHYD)HLJD ĠHVăWRDUH &HW$OEă $O0RUX]L9RHYRG
'DOHRU0DOFD GHQWLVWă 6RURFD 0HúWHU0DQROH
0DLHU0DUFX ĠHVăWRU %DFăX *O/HFD
0DWHL0LKDL úRIHXU &OXM %DVDUDE
/LSOLú+DLP FURLWRU 6RURFD 5ăVSkQWLLORU
1DJKLùWHIDQ WkPSODU &OXM ,RQ3ROL]X
&ULFXQHĠ6HLYD FURLWRUHDVă &KLúLQăX 0LQRWDXU
6FKHUN]HU/RW\  &HUQăXĠL $9ODLFX

 &H]DU0kĠă 

.LJHO(OLH WLSRJUDI &KLúLQăX 6SO8QLULL


*ROGúWHLQ,ĠLFùWUXO FRQWDELO ,DúL $XURUD
*UXQEHUJ,GD VWXGHQWă &KLúLQăX $OHD&RUQHOLD
$GOHUVEHUJ6DELQD WULFRWDM &HUQăXĠL 6IùWHIDQ
*ROGPDQ%HOD IDUPDFLVWă %ăOĠL 'ULVWRUXOXL
3RSHVFX(OL]D EURGHR]ă %XFXUHúWL 3OHYQL
*UXPDQ1XVHP OăFăWXú &KLúLQăX 3RHW&HUQD
0ăUFXúùWHIDQ YRSVLWRU 6RPHú 6SHUDQĠHL
5RWPDQ'DYLG LQJLQHU 3XWQD 6I9LQHUL
3RSHVFX&RQVW PHFDQLF 9DVOXL $OHD7RQROD
%DOWDFRY,RDQ  ,VPDLO 
6WRLFD*KHRUJKH FLVPDU ,OIRY 0XUJXOXL
$P]XLFă*KHRUJKH FLVPDU %XFXUHúWL 0XUJXOXL
ùDLRYLFL/HLE IXQFĠLRQDU %XFXUHúWL 0RUX]L9RHYRG
%HUFRYLFL,]LGRU IXQFĠLRQDU %XFXUHúWL )RLúRU
/L[DQGUX9DVLOH WXUQăWRU $UJHú *U3OHúRLDQX
5R]HPEHUJ,RODQGD FURLWRUHDVă 6ăODM 5DKRYHL
5R]HPEHUJ0DUJDUHWD FURLWRUHDVă 6ăODM 'U)HOL[
7|U|N,ULQD FURLWRUHDVă 8QJDULD %ăQFLL
)HVWR3HWUH IXQFĠLRQDU &DUDú %RHUHELVWD
'DUDGLFL'DQHú   
%RLúDQ1LFRODH WXUQăWRU ,DúL 
%LULQEHUJ)ULGD FURLWRUHDVă 6WRURMLQHĠ 9LWHMHVFX
'REUHVFXùWHIDQ IXQFĠLRQDU 5RPDQDĠL %X]HúWL
,DFRE$URQRYLFL ĠHVăWRU &DKXO 1HJUX9RGă
7DFKOHU,DFRE IXQFĠLRQDU 5ăGăXĠL 0kQWXOHDVD
6FKHQFKHU%HUO VWXGHQW +RWLQ 6SO8QLULL
&RQVWDQWLQHVFX$O WDSLĠHU %XFXUHúWL %9ăFăUHVFX
7RNHú0DULD FDVQLFă 60DUH 0'RPQXOXL
5HVFK$GDOEHUW FURLWRU  
.DXIPDQ,VUDHO YRLDMRU %UăLOD $JULFXOWRUL
.DXIPDQ6XULFD FDVQLFă 'ROM %O0DULD
6ăIXQDUX,VUDHO ĠHVăWRU 2UKHL 9ăFăUHúWL
+OLDĠFKL)ULHGD  &KLúLQăX 'XGHúWL
*ROGúWHLQ,RVLI  %ăOĠL %UDGXOXL
*ROGúWHLQ0DOL FURLWRUHDVă /ăSXúQD %UDGXOXL
)HOL[,GD IXQFĠLRQDUă ,DúL 9LLORU
'HUDQGLQHU6HLYD FURLWRUHDVă +RWLQ $XURUD
9DUWHEDQ,RQ+DYDJKLQ FLVPDU &RQVWDQWLQRSRO 0DúLQDGH3kLQH
$VWLODQ0DULD OXVWUXLWRDUH &OXM 9/XPLQRDVă
PRELOă
6FKQHLGHU0DULDQD PRDúH +RWLQ $3DUF=DPILUHVFX
7RPXOHVFX,RDQ FLVPDU 1HDPĠ /DERUDWRU
)HVWR:LOKHOP FURLWRU 6HYHULQ 6I$SRVWROL
$GOHU*KHUJKLQD OXFUăWRDUH %XGDSHVWD 5DKRYHL
PăQXúL
*XIV/HRQ EOăQDU 3RORQLD 0RúLORU
6HQJOLMHQ6X]DQD FKLPLVWă 6RPHú *K&KLĠX
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

%REkOFă3HWUH ]XJUDY %RWRúDQL (OL]D3RSHVFX


.RPLQJHU,VUDHO IXQFĠLRQDU %XFXUHúWL &ăUăPLGDUL
&UHLQGOHU-DQHWD  %XFRYLQD *K&KLĠX
.UDPHU0LúX  ,DúL )RLúRU
0LKDLORYLFL%XLXP  *DODĠL 9ăFăUHúWL
6FKRQ+DUL  +XQHGRDUD 9&LRFkUODQ
0RVFRYLFL,VUDHO VWXGHQW 9DVOXL $O9ODKXĠă
0OOHU0DUJDUHWD ULFKWXLW 8QJDULD $3DQ
0OOHU(XJHQ FURLWRU %LKRU $3DQ
0LUFHD*KHRUJKH vQFDVDWRU8&% 7U0DUH (OHQD&X]D
5RWK5HJLQD ĠHVăWRDUH 60DUH $OHD6XWHU
5RVPDQ(UQD IXQFĠLRQDUă 6RURFD %XVXLRFXOXL
6FKDSLUD0RUD IXQFĠLRQDUă &KLúLQăX &ăOăUDúL
6DMR(OLVDEHWD FDVQLFă 8QJDULD 5HJDOă
6DMR,RDQ IUL]HU %LKRU 5HJDOă
=HLOLXJ0DQHD OXFUăWRU 8QJKHQL,DúL 0LFúXQHOH
%XWHQFR$QD VHUYLWRDUH 5HQL 3DUFX5DKRYDVWU%
'UHVGQHU+HLQHULFK   *ULYLĠHL
0HQDKHP,DQFX]LV,DQFRYLFL  9DVOXL 9ăFăUHúWL
(GHOúWHLQ/HY\  %kUODG $OHD/HVVHO
&DULX,0DUJDUHWD  %XFXUHúWL 0LQRWDXU
0LKăLĠă*KHRUJKH   =RH*UDQG
,DQFX0$URQ   3U7ULQLWăĠL>L@
&DUDú$VULHO IXQFĠLRQDU ,DúL &RUQX&DSUHL
2UEDQ$OH[DQGUX ]LGDU 7LQFD%LKRU ,VSUDYQLFXOXL
7XGRU$OH[DQGUX OXFUăWRU %XFXUHúWL %DULHUHL
/HDQJă1LFRODH  %XFXUHúWL &X]D9RGă
,DFRERYLFL$QGUHL ]XJUDY 2UKHL 0RúLORU
%HUFRYLFL+RQĠD FURLWRUHDVă %DFăX *ULYLĠHL
$QJKHOLX$QD FDVQLFă  &3RSHVFX
*ULJRUHVFX1LF WDSLĠHU 3LWHúWL 
3RSHVFX&RQVW VXGRU 9DVOXL *U$OH[DQGUHVFX
'XPLWUHVFX0LKDL IXQFĠLRQDU $UJHú *U0DQROHVFX
'UDJRPLUHVFX0LKDL SURIHVRU %X]HX 
$YUDPHVFX'DYLG   &DORPILUHVFX
&LSV/HRQ   &DYDILL9HFKL
%LUQVWHLQ$OH[   5RDQGă
&HUQRY6LPLRQ   %'RPQLĠL
(SúWHLQ+DUL   &)5REHVFX
)OHDú,RQ6ILJHO   %OăQDUL
5HFKWPDQ3HUO3HSL   
.DW]5LFDUG   0RúLORU
$YăGDQHL6DXO FRQWDELO ,DúL 9LQWLOă
'XPLWURI*KHRUJKH   6XWHU
6LPLQRY(ODULH SLFWRU &DKXO $UK7HL
9HVQHU0LKDLO OXFUăWRU &HUQăXĠL 
'DYLGVRKQ-HQL FURLWRUHDVă  3OXW7XGRU,RQ
*KHUúLQ$L]LF IXQFĠLRQDUă  3&DUS

 &H]DU0kĠă 

5XVX',FKLP FLVPDU 7XOFHD 9RHYRG'DQ


.OHLQ,DQFX DYRFDW %kUODG 3%RUGHD
9HLQVWHLQ0RLVH   
/DXUHQĠLX /XFUHĠLX±QQ    0kQWXOHDVD
3ăWUăúFDQX
(OHQD3ăWUăúFDQX  &HUQăXĠL 
:HLVPDQ)DELDQ   
6HFXLDQX,RDQ OXFUăWRU  
&DQWDU9DVLOH OXFUăWRU  
3HWUDFKHùWHIDQ OXFUăWRU  
7HRGRUùWHIDQ WkPSODU 7J0XUHú 0DOWRSRO
.DW]%HQLDPLQ   
0LKDL6LPLRQ   
&KLULĠă9DVLOH OăFăWXú ,OIRY ,&ULVWDFKH
%HUFHDQX'XPLWUX PHFDQLF 'kPERYLĠD $JYLOD
'XPLWUHVFX&RQVW PHFDQLF %XFXUHúWL 9ODGğHSHú
1LVWRU0DULD  8566 %O'RPQLĠHL
%ODQFD+HU0DGULF FDVQLFă 5ăGăXĠL *$VVDQ
0DGULF7LWXV FLVPDU &HUQăXĠL 
0DQGULF9LFWRU FLVPDU %UăLOD 
0DO\,]LGRU  &HW$OEă )G&ăĠHOX
&úWHLQ%   
,DQFX,DQFX PHGLF  
+HUPDQ0D[ IXQFĠLRQDU *DODĠL 3URIHWXOXL
3RUFRLDúL0DUWLQ WăEăFDU %UDúRY 
%XFXUHVFX1LF VWUXQJDU %XFXUHúWL 
&ODSFD$USDG FURLWRU 7LPLúRDUD %OăQDUL
8UEDQMHQFR&KLULORYLFL PXQFLWRU &HWDWHD$OEă 3RSD1LF
*HRUJHVFX,RDQ   
&DWDQă,OLQFD   'XPE5RúLH
(WRERĠFKL9RYRúQHĠ EXFăWDU 3RORQLD 7K0D]DULF
7LOGD,OFLXF   
*HRUJHVFX7HRKDUL  %XFXUHúWL &ROHQWLQD
+DUDODPE0DULQHVFX   
5LFRú0RLVH   
7RGLKDL,0LKDL GXOJKHU  3OXW1HGHOFX,RDQ
&RQVWDQWLQ3&RQVW ĠHVăWRU 1HDPĠ 1%ăOFHVFX
1LFROHVFX$XULFă  ,DORPLĠD '5RúLH
$GDOEHUW&RUQKDQVHU PHGLF &OXM 
0LKDLORYLFL%HOD   
)HLFHI'XPLWUX   6WDQ7DEăUă
7KHR/XSX5RLWPDQ PDHVWUX 3XWQD /LUHL
JLPQDVWLFă
5RLWPDQ,RVLI  %ăOĠL 6SW0LOHVFX
=HLWPDQ2IHOLD   
6WDQFLXF0LKDLO  6WRURMLQHĠ /DERUDWRU
=XFKHUPDQ%HUQDUG   
9DVLOH7,RDQ  ,OIRY 
 &RPXQLúWLvQDWHQĠLDRUJDQHORUSXWHULLDQXO 

3UHRWHDVD*ULJRUH   


%HUHúWHDQX0LúX   
3RSHVFX0LKDLO  %XFXUHúWL &DURO'DYLOD
)LVFKHU$URQ0DUFX   9LWDQ
'XPLWUHVFX9DVLOH   6HUJHQW7XUWXULFă
3XWLQLFă&RQVW   
1LFXOHVFX&RQVWDFKH   
%XFXU1LFRODH PHWDOXUJLVW 7HFXFL 7ăHUHL
9kOFX9DVLOH FURLWRU &RQVWDQĠD 9O9RGă
$ODGDU,PUH WkPSODU %XFXUHúWL 'RQLFL
&LREDQX'XPLWUX WXUQăWRU 7XWRYD &RURDQHL
*UHFX$OH[DQGUX PHFDQLF 7J0XUHú 5XFăU
$UDGL/DGLVODX ĠHVăWRU 6LELX 3U/XGRYLF
5HLYQDPHU$OH[ ERLDQJLX 6LELX &DQG3RSHVFX
*KLORP0DULQ OăFăWXú %XFXUHúWL 7UDQGDILU
&LRUQHL,RDQ VWUXQJDU 6RURFD 5XFăU
6RDUH7UDLDQ  2OW 2OWXOXL
6ăQGXĠX3HWUH WkPSODU &KLúLQăX 5DKRYD
6FKLPGW,RKDQ PHFDQLF 7LPLúRDUD 3U6HS
*XLQă1LFRODH GURJKLVW  
*XLQă,RDQ FURLWRU 0HKHGLQĠL 6HSWHP
3ăWUDúFX*KHRUJKH WkPSODU 5RPDQ 'UXPXOOD7HL
0RWOLú1HWL   
7LVPHQHQVFKL/HRQ WLSRJUDI 6RURFD 9XOWXUL
ùDIUDQ,XOLX ĠHVăWRU 7LJKLQD 5RGLFD
:HLQVWRN/HOLD FURLWRUHDVă /ăSXúQD 
*KHUúRYLFL6LOD ĠHVăWRU ,VPDLO )U)ăJăUăúHDQX
%DKDPDU1LFRODH úRIHU &RYXUOXL )XQG$ULRQ
)UkQFX$OH[DQGUX FLVPDU 3UDKRYD 'QD*KLFD7HL
,DPSROVNL5HIXO  %ăOĠL 5HQL
9HOFLX'XPLWUX FURLWRU ,OIRY )G%UkQ]HVFX
$UGHOHDQX,HUHPLD WkPSODU 6DWX0DUH *ULYLĠD
&RURWFRY*KHRUJKH LQJLQHU 3RORQLD ùHUEDQ9RGă
.DW]$GROI DYRFDW %RWRúDQL 3U8QLWH
,YDQRY9DVLOH PHFDQLF ,VPDLO 0%UDYX
)RULú,úWYDQ ]LDULVW %UDúRY 0%DVDUDE
3HLVDFRYVFKL%XQHD FURLWRUHDVă &DKXO ğHSHú9RGă
%HUHD%DURF FRQWDELO )ăOFLX &DOLVWUDW
+DJLX&RQVWDQWLQ WkPSODU 'ROM ùH]ăWRDUHL
&LRERWDUXùORLP IXQFĠLRQDU 'RURKRL 3DODV
2SUHQHD,RQ   
%DFLX(OHQD   
&ULVWHD-DQD   
5RVLQJHU$GDOEHUW   
2VWDúFX7HRGRU  &DKXO 
&RVPLFL(IWLPLH   
0DQROH2IHOLD   
0DULHWD6LEHUGL   

 &H]DU0kĠă 

,RQHVFX1LFRODH FRPHUFLDQW 3ORHúWL 


3HWUH*1LFRODH   
1DKPDQ/HLE]LV%R[HXUXO  ,DúL 
5DúHOD5R]HQIHOG  2UKHL 'XPLWUHVFX,,,
&RORQDú/HQXĠD   
,VDF2FWDYLDQ]LV2YLGLX DJHQW3HUFHSĠLD 
D;DILVFDOă
)UăĠLOă,RDQ   
)UăĠLOă,RVLI   *ULYLĠHL

&20081,67681'(56859(,//$1&(%<7+(32:(5
,167,787,2167+(<($5

$EVWUDFW
7KH DXWKRU SUHVHQWV D QRPLQDO OLVW RI  ³OHYHO $ FRPPXQLVWV´ XQGHU
VXUYHLOODQFH E\ WKH *HQHUDO 'LUHFWLRQ RI WKH 3ROLFH LQ  WKURXJK D VL]HDEOH
LQWHOOLJHQFHDQGFRXQWHULQWHOOLJHQFHQHWZRUN±WKH6WDWH6HFXULW\7KHUHFRUGEHLQJD
FRPSLODWLRQRIVHYHUDOOLVWVWKHVDPHSHUVRQVDUHVRPHWLPHVPHQWLRQHGWZLFHZKLOHLQ
RWKHUFDVHVLWLVKDUGWRVD\ZKHWKHUERWKQDPHVIHUHUWRWKHVDPHSHUVRQRUQRWPDNLQJ
H[DFWVWDWLVWLFVLPSRVVLEOH3HUVRQDOLQIRUPDWLRQ SODFHDQGGDWHRIELUWKSURIHVVLRQRU
RFFXSDWLRQ DQG SODFH RI UHVLGHQFH  LV SURYLGHG IRU PRUH WKDQ  VXEMHFWV 7KH OLVW
LQFOXGHV D ODUJH PDMRULW\ RI ZRUNHUV RYHU   EXW DOVR VWXGHQWV DQG LQWHOOHFWXDOV
DSSUR[ SXEOLFVHUYDQWVDQGWUDGHUV DSSUR[ KRXVHZLYHV DSSUR[ D
UDEELDKLJKUDQNLQJVWDWHRIILFLDO DSUHIHFW DQGDSORZPDQ7KHGRFXPHQWFDQWKURZ
IXUWKHU OLJKW RQ GHEDWHV FRQFHUQLQJ WKH FRPSRVLWLRQ RI WKH &RPPXQLVW 3DUW\ RI
5RPDQLDEHIRUHDQGDIWHU$XJXVWWKHQXPEHURISHUVRQVSUHVHQWHGLQWKLVOLVW
EHLQJFORVHWRWKHILJXUHRIDSSUR[LPDWHO\RQHWKRXVDQGLQGLYLGXDOVJHQHUDOO\DFFHSWHG
LQKLVWRULRJUDSK\
6&(1$387(5,,±5(*,(ù,&8/,6(

&(5(021,,/(Ì1&2521Ă5,,',1ù,5(686&,7$5($
7(0$7,&,,,6725,&(Ì13/$67,&$1$ğ,21$/Ă

$'5,$16,/9$1,21(6&8

ÌQ DQXO  RGDWă FX SURFODPDUHD 5HJDWXOXL SH  PDUWLH D FUHVFXW
LQWHUHVXO SHQWUX LVWRULD WUHFXWă úL UHFHQWă (UD XQ PRPHQW LVWRULF vQVHPQDW SHQWUX
ĠDUăLDUOHJăWXUDFXPDULOHPRPHQWHGHJORULHGLQYHFKLPHVHFHUHDFXQHFHVLWDWHD
ILvPSOLQLWă
8QLLSODVWLFLHQLDXvQĠHOHVDFHVWOXFUXúLVDXUHRULHQWDWVSUHWHPDWLFDLVWRULFă
GXSă FH DSURDSH XQ GHFHQLX DFHDVWD QX PDL IXVHVH DERUGDWă GHFkW VSRUDGLF LDU
SXEOLFXOúLPDLDOHVFULWLFDRSULPLVHUăIăUăHQWX]LDVPGDFăQXFKLDUFXDGYHUVLWDWH
3HULRDGD GH JORULH D SLFWXULL LVWRULFH IXVHVH FHD GH GLQDLQWHD úL GH GXSă 8QLUHD
3ULQFLSDWHORU PRPHQW OD IHO GH LPSRUWDQW FD úL ULGLFDUHD 5RPkQLHL OD UDQJXO GH
5HJDW $WXQFL SULQ UHDOL]DUHD XQRU FRPSR]LĠLL FH DYHDX GUHSW ILJXUL FHQWUDOH SH
PDULLGRPQLWRULúLFRQGXFăWRULGHRúWL'UDJRú9RGăùWHIDQFHO0DUH9ODGğHSHú
úLPDLDOHV0LKDL9LWHD]XO±vQIăSWXLWRUXOSULPHLXQLULDFHORUWUHLĠăULURPkQH±
VH OHJLWLPD SULQ DUWă DFWXO SROLWLF DO 8QLULL úL VH FHUWLILFD LGHQWLWDWHD GH QHDP úL
OLPEă D SRSRUXOXL FH R vQIăSWXLVH ÌQ  VH OHJLWLPDX SUHURJDWLYHOH UHJDOH SULQ
UHIHULULODLVWRULDvQGHSăUWDWăVDXIRDUWHUHFHQWăDĠăULL
/DPDQLIHVWăULOHDUWLVWLFHDQXDOH6DYD+HQĠLDHYRFDVHDQWLFKLWDWHDOD([SRVLĠLXQHD
$UWLúWLORU vQ 9LDĠă GLQ  HO SUH]HQWDVH PDUHD VD SkQ]ă ,QWUDUHD OXL 7UDLDQ vQ
6DUPLVHJHWX]DLDUvQ7ULXPIXOOXL&H]DUDPEHOHOXFUăULFRQĠLQkQGWULPLWHUL
QHHFKLYRFHODJORULDLPSHULDOăúLODWUDGLĠLDDFHVWHLDvQFXOWXUDQDĠLRQDOă/DFHDGLQ
XUPă H[SR]LĠLH úL &RQVWDQWLQ /HFFD RIHULVH R ,QWUDUH WULXPIDOă D OXL 7UDLDQ vQ
6DUPLVHJHWX]D
&XP FRURDQD UHJDOă FHL HUD RIHULWă GRPQLWRUXOXL &DURO , HUD R FRQVHFLQĠă
ILUHDVFăDFXFHULULLLQGHSHQGHQĠHLSHFkPSXOGHOXSWăVXELHFWHOHLQVSLUDWHGHUă]ERLXO
GLQ  DX IRVW FRQVWDQW SUH]HQWH SH VLPH]D ([SRVLĠLXQLL $UWLúWLORU vQ 9LDĠă GLQ
 (SLVRGXO GLQ EăWăOLD GH OD *ULYLĠD GH -RKDQQ 1HSRPXN 6FK|QEHUJ LDU DQXO
XUPăWRU$WDFXOGHOD*ULYLĠDGH)ULHGULFK.DLVHU1LFRODH*ULJRUHVFXLQWUDVHGHPXOW
vQ FRQúWLLQĠD SXEOLFXOXL FD DXWRUXO QHFRQWHVWDW DO VFHQHORU GH Uă]ERL DWkW GDWRULWă
LPSXQăWRDUHORU VDOH SLFWXUL FkW úL D $OEXPXOXL 5HVERLXOXL ,QGHSHQGHQĠHL RUL D


*2SUHVFX1*ULJRUHVFXYRO,,%XFXUHúWLS±±

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±

 $GULDQ6LOYDQ,RQHVFX 

SODQúHORUGLVSDUDWHGLQDFHVWDFHIXVHVHUăIRWROLWRJUDILDWHOD3DULVúLDSRLGLIX]DWHvQ
WRDWăĠDUD
7RW vQ  H[SXVHVH úL .DUO 6WRUFN GXLRDVD OXL FRPSR]LĠLH FLRSOLWă vQ
PDUPXUă 3LHWDWHD URPkQă VDX 0DPD UăQLĠLORU vQ FDUH SULQFLSHVD (OLVDEHWD HUD
SUH]HQWDWăvQJULMLQGXQLQIDQWHULVWUăQLWvQOXSWă
&kĠLYD GLQWUH DUWLúWLL URPkQL GH SULPă PăULPH úLDX DGXV DSRUWXO OD
IHVWLYLWăĠLOH vQFRURQăULL XQLL H[HFXWkQG FKLDU SURLHFWHOH SHQWUX vQVHPQHOH UHJDOH
$VWIHO1LFRODH*ULJRUHVFXHVWHDXWRUXOVFKLĠHORUSHQWUXFRURDQDUHJLQHL(OLVDEHWD
FHDIRVWH[HFXWDWăvQDWHOLHUXOELMXWLHUXOXL5HVFKGLQ%XFXUHúWL
7KHRGRU$PDQFHOPDLLPSRUWDQWúLSUROLILFDXWRUGHFRPSR]LĠLLLQVSLUDWHGH
LVWRULH ± FDUH vQ XOWLPLL DQL QX VH PDL PDQLIHVWDVH vQ DFHVW GRPHQLX GLQ OLSVă GH
LQWHUHVSHQWUXWHPDWLFăúLVHRULHQWDVHVSUHQDWXULVWDWLFHFRPSR]LĠLLFkPSHQHúWLúL
GHJHQ±HVWHVROLFLWDWVăIDFăGHVHQHOHSHQWUXFRURDQDúLVFHSWUXOUHJHOXL&DURO,
7RWvQYHFKLPHVXQWFăXWDWHVXUVHOHGRFXPHQWDUH
3HDSULOLHSULPXOPLQLVWUX'LPLWULH%UăWLDQXSULQDGUHVD1UvO
vQVăUFLQHD]ă SH PLQLVWUXO &XOWHORU úL ,QVWUXFĠLXQLL 3XEOLFH 9$ 8UHFKLD Vă
SUH]LGH]HFRPLVLDIRUPDWăGLQ%3+DúGHX$OH[DQGUX2GREHVFX7KHRGRU$PDQ
úL *ULJRUH 7RFLOHVFX GHVHPQDWă Vă VWDELOHDVFă vQ úHGLQĠD GLQ  DSULOLH ÄIRUPD
&RURDQHLOXLùWHIDQ&HO0DUHúLDVFHSWUXOXLOXL0LKDL9LWHD]XO´'LQFKLDUDFHDVWă
IRUPXODUH VH SRDWH YHGHD Fă SHQWUX DFHVWH vQVHPQH VH GRUHD D IL DOHV XQ PRGHO
LVWRULF0DLPXOWvQDFHHDúL]LSULPXOPLQLVWUXvLSXQHODGLSR]LĠLHOXL9$8UHFKLD
GRFXPHQWDĠLD DIHUHQWă Ä$P RQRDUH GH D vQDLQWD 'RPQLHL 9RDVWUH úDSWH FRSLL GH
WDEORXUL GLQ 0X]HXO 1DĠLRQDO´ $FHDVWHD XUPDX Vă VOXMHDVFă GUHSW VXUVă GH
LQVSLUDĠLH SHQWUX FRPLVLD GH VSHFLDOLWDWH 'LQWUH FHL GHVHPQDĠL GRDU 8UHFKLD
+DúGHX úL $PDQ VHPQHD]ă SURFHVXO YHUEDO vQFKHLDW vQ XUPD GH]EDWHULORU úL FDUH
VWDELOHD Ä &RURDQD 5HJDOă D 5RPkQLHL Vă DLEă IRUPD FRURDQHL OXL 0LUFHD FHO
0DUH úL D OXL $OH[DQGUX FHO %XQ FDUL DPELL DX SXUWDW FRURDQD UHJDOă GXSă WLSXO
FHOHLURPkQREXOJDUHD$VVDQLORU'$PDQELQHYRLHúWHDVHvQVăUFLQDGHDVFKLĠD
IRUPDDFHOHLFRURDQHGXSăPRQXPHQWHOH>GRFXPHQWHOH@FHLVHSXQODGLVSR]LĠLXQH
 7RW ' $PDQ YD IDFH R VFKLĠă GH IRUPD VFHSWUXOXL UHJDO FRQGXFkQGXVH GXSă
PRGHOXULRFFLGHQWDOHUHSURGXVGH'U%|FVHNFXDGDRVXOvQVHPQHORUĠăULL´


9LUJLO &LRIOHF *ULJRUHVFX %XFXUHúWL  S  1 3ăWUDúFX 1 *ULJRUHVFX %XFXUHúWL
S3HWUH2SUHD8QDFWSDWULRWLFDOOXL1*ULJRUHVFX$OEXPXO5ă]ERLXOXL,QGHSHQGHQĠHLvQ
Ä5HYLVWD0X]HHORUúL0RQXPHQWHORU±0X]HH´QU$GULDQ±6LOYDQ,RQHVFX 3HQHOúLVDELH
%XFXUHúWLS±

1'3RSHVFX3URFODPDUHD5HJDWXOXL5RPkQLHL0DUWLH±0DLXvQÄ&DOHQGDUXO
5RPkQLHL/LEHUH´S

Ä5HVERLXO´1R$SULOLH

$UKLYHOH 1DĠLRQDOH ,VWRULFH &HQWUDOH vQ FRQWLQXDUH $1,&  IRQG 0LQLVWHUXO &XOWHORU úL
,QVWUXFĠLXQLL3XEOLFH 0&,3 GRVDUI

,ELGHPI

,ELGHPI
 &HUHPRQLLOHvQFRURQăULLGLQ 

'HúL JXYHUQXO VH SURQXQĠDVH vQ IDYRDUHD XQRU FRURDQH ÄIRDUWH VFXPSH úL
SRPSRDVH´ SHQWUX SULPLL VXYHUDQL DL 5RPkQLHL 5HJHOH &DURO VH RSXVHVH DFHVWHL
LGHL SURSXQkQG VREULHWDWH úL VLPSOLWDWH vQ DFHVW VHQV YHQLQG vQ vQWkPSLQDUHD
GRULQĠHORU WDWăOXL VăX SULQFLSHOH &DURO$QWRQ GH +RKHQ]ROOHUQ FDUH vQ VFULVRDUHD
GLQ  DSULOLH vQWRFPHD XQ PHPRULX DGPLUDELO DUJXPHQWDW SULYLQG FRURDQHOH úL
FHUHPRQLDvQFRURQăULLvQWURPRQDUKLHSURDVSăWăPRGHUQăúLIăUăWUDGLĠLH
6FKLĠD vQ WXú D OXL $PDQ SHQWUX FRURDQD úL VFHSWUXO UHJDO VH SăVWUHD]ă OD
0X]HXO 7KHRGRU $PDQ GLQ %XFXUHúWL 3ODQúD FX GLPHQVLXQLOH î FP HVWH
VWUăEăWXWăGLDJRQDOGLQGUHDSWDMRVvQVWkQJDVXVGHVFHSWUXOvQVWLOJRWLFFXPkQHUXO
OXQJGHVHFĠLXQHKH[DJRQDOăúLDYkQGSHRSDUWHDPăFLXOLHLDFYLOD0XQWHQLHLLDUSH
FHDODOWăERXUXO0ROGRYHLVXUPRQWDĠLGHFRURDQăúLDYkQGvQSDUWHDGHMRVGHOILQLL
'REURJHLWHULWRULXUHvQWRUVvQWUXSXOĠăULLGXSă5ă]ERLXOGH,QGHSHQGHQĠă'HWDOLXO
FXVWHPD PROGDYăHVWHSODVDWăvQGUHDSWDLDUvQVWkQJDMRVHVFKLĠDWăIRDUWHILQvQ
YkUIXOSHQLĠHLFRURDQDUHJDOă
&RURDQDDIRVWH[HFXWDWăvQDWHOLHUHOH$UVHQDOXOXL$UPDWHLGLQRĠHOXOXQXLWXQ
FDSWXUDW GH OD WXUFL vQ  &kQG SH  PDL  VXYHUDQXO VD vQWRUV vQ
&DSLWDOă GXSă GRXă ]LOH GH RGLKQă OD 6LQDLD D JăVLW FRURDQD vQ ELURXO VăX GH OD
3DODWXO &RWURFHQL Ä(D VH FRPSXQH GLQWUXQ FHUF DVXSUD FăUXLD VH ULGLFă RSW
HPLVIHUH FH VXVĠLQ JOREXO UHJDO FX ©&UXFHD 'XQăULLª IRUPD HL HVWH DFHHD D
FRURDQHORUUHJDOHPRGHUQHvQăXQWUXHVWHvPEUăFDWăFXFDWLIHDURúLHGHSHFDUHLHVH
IRDUWH ELQH vQ UHOLHI VWUăOXFLWRUXO RĠHO´ 1HRERVLWXO ORFRWHQHQWFRORQHO 'LPLWULH
3DSSDVRJOXDGHSWDOFXOWXUDOL]ăULLúLLQIRUPăULLSULQLPDJLQHFDúLDOGHPRFUDWL]ăULL
DUWHLSULQOLWRJUDILLLHIWLQHDFFHVLELOHRULFXLDHGLWDWRVWDPSăFXDFHDVWăFRURDQă
$PDQ D IăFXW SDUWH úL GLQ FRPLVLD FRQYRFDWă SHQWUX D KRWăUv IRUPD
GLPHQVLXQHD úL WH[WXO PHGDOLHL FRPHPRUDWLYH FH WUHEXLD Vă VH EDWă FX RFD]LD
VHUEăULORUvQFRURQăULLvQDGUHVDSULPXOXLPLQLVWUXHOHUDFHOGLQWkLPHQĠLRQDWXUPDW
GH%3+DúGHX&,6WăQFHVFX1LFRODH*ULJRUHVFX*ULJRUH7RFLOHVFXúLSUH]LGDWă
GH 9$ 8UHFKLD 'XSă GH]EDWHUL PRGHOXO HVWH WULPLV VSUH DSUREDUH SULPXOXL
PLQLVWUX 6H SDUH Fă RSĠLXQHD IXVHVH SHQWUX XQ WH[W RUL R GHYL]ă vQ ODWLQă FăFL
'LPLWULH%UăWLDQXRELHFWHD]ăvQDGUHVDFXFDUHvQDSRLDDFHOHSURLHFWHÄ1¶DUILFHYD
PDLELQHFDH[HUJDFDUHvQFRQJLXUăFLIUXOUHJHOXLVăILHvQURPkQHúWH"´
0HGDOLDXUPDVăILHIăFXWăFRQIRUPJUDGHORUGLQDXUDUJLQWúLEURQ]3HDYHUV
XUPD Vă DLEă FLIUXO UHJDO LDU SH UHYHUV LQVFULSĠLD Ä6HUEDUHD 3URFODPăULL 5HJDWXOXL
0DL/HJHDGLQ0DUWLH,RDQ%UăWLDQX0LQLVWUX3UHúHGLQWH´


0HPRULLOH5HJHOXL&DURO,DO5RPkQLHLGHXQPDUWRURFXODUYRO,9%XFXUHúWLS

$GULDQ6LOYDQ,RQHVFX7KHRGRU$PDQúL&RURDQD5RPkQLHLvQÄ5HYLVWD$UKLYHORU´
QUS±LGHP3RUWUHWHvQLVWRULDDUWHLURPkQHúWL1RUUHVXQGE\S

0HPRULLOH5HJHOXL&DURO,S

$GULDQ6LOYDQ,RQHVFX7KHRGRU$PDQúL&RURDQD5RPkQLHLRSFLW

$1,&IRQG0&,3GRVDUI

,ELGHPI

Ä5HVERLXO´1R$SULOLH

 $GULDQ6LOYDQ,RQHVFX 

7RW$PDQHVWHFHOFDUHIDFHSURLHFWXOSHQWUXRUGLQXOÄ&RURDQD5RPkQLHL´ÌQ
FkQGvQFHSXVHVăDLEăGLILFXOWăĠLILQDQFLDUHSLFWRUXOPHQĠLRQDDFHDVWăDFWLYLWDWH
EHQHYROăvQWURSHWLĠLHFăWUHPLQLVWHUvQFDUHVROLFLWDVăLILHPăULWVDODULXOÄ>«@DP
IRVW vQVăUFLQDW D IDFH GHVHQXO &RURDQHL GH RĠHO D 5RPkQLHL ± SUHFXP úL FX
GHFRUDĠLXQHDSXUWkQGDFHODúLQXPHúLQXDPSULPLWQLFLRUHFRPSHQVăSHQWUXDFHDVWD
>«@´ÌQPHPRULLOHVDOH$OH[DQGUX7]LJDUD6DPXUFDúPHQĠLRQDFăvQFkQG
vLSUH]HQWDVH 5HJHOXL&DURO, &DWDORJXO 0X]HXOXL$PDQFH DELD IXVHVHSXEOLFDWFX
RFD]LD GHVFKLGHULL FDVHLPX]HX D PDHVWUXOXL VXYHUDQXO vúL DPLQWHD FX SOăFHUH GH
DUWLVWXO FH GHVHQDVH QRXD GHFRUDĠLH $VWIHO GLUHFWRUXO ùFROLL GH %HOOH$UWH GLQ
%XFXUHúWLvúLDGXVHVHGLQSOLQFRQWULEXĠLDODHOHPHQWHOHGHED]ăDOHIDVWXOXLPRQDUKLF
&ROHJXOVăXGHFDWHGUăVFXOSWRUXO.DUO6WRUFNúLDDYXWúLHOUROXOvQVXFFHVXO
VHUEăULORU SHQWUX Fă IXVHVH GHVHPQDW GH FRPLWHWXO 6RFLHWăĠLORU *HUPDQH GLQ
%XFXUHúWL Vă VH RFXSH GH RUQDPHQWDUHD FDUXOXL DOHJRULF DO DFHVWRUD FH DYHD Vă
GHILOH]H DOăWXUL GH DOH FHORUODOWH FRUSRUDĠLL SH  0DL $X IRVW DOHVH HOHPHQWH
VLPEROLFH UHSUH]HQWDWLYH SHQWUX RFXSDĠLLOH úL SUHRFXSăULOH GLQ WLPSXO OLEHU DOH
FRPXQLWăĠLLJHUPDQHÄ'¶DVXSUDXQXLJUXSGHVWkQFLvQWU¶XQSDYLOLRQIUXPRVRUQDW
FX VWHJXULOH 5RPkQLHL *HUPDQLHL úL $XVWULHL VWD 5RPkQLD RIHULQG VFXW úL
RVSLWDOLWDWHDVRFLDĠLXQHORUJHUPDQHFHSHWUHFDFL*UXSDUHDDVRFLDĠLXQHORUDIRVWvQ
PRGXO XUPăWRU OD FDSXO FDUXOXL HUD VRFLHWDWHD GH JLPQDVWLFă UHSUH]HQWDWă SULQ
HPEOHPDHL3DUWHDGUHSWăDFDUXOXLHUDRFXSDWăGHFHOHGRXăDVRFLDĠLXQLGHPX]LFă
YRFDOă /LHGHUWDIHO úL (LQWUDFKW UHSUH]HQWkQG VLPEROLF FkQWXO SULQ GRXă ILJXUL
Uă]LPDWHGHROLUă3DUWHDVWkQJăDFDUXOXLHUDRFXSDWăGHFHOHGRXăDVRFLDĠLXQLGH
DMXWRU'HXWFKHU8QWHUVWW]XQJVYHUHLQúL$QNHUÌQPLMORFXOFDUXOXLSHXQSLHGHVWDO
vQDOW vQFRQMXUDW GH HPEOHPH FRPHUFLDOH VWD XQ FKLS UREXVW EăUEăWHVF FX PkQD
VWkQJăSHFLRFDQúLQLFRYDOăLDUvQGUHSWDĠLQkQGVWLQGDUGXODVRFLDĠLXQHLLQGXVWULDOH
úLFRPHUFLDOHEXFXUHVFHQH7yWHFRVWXPHOHHUDXvPSUXPXWDWHGLQHYXOPHGLX&DUXO
HUD WUDV GH  FDL IUXPRúL FX KDPXUL URúLL FRQGXúL GH  YL]LWLL vPEUăFDĠL WRW vQ
FRVWXPH GH HYXO PHGLX ÌQDLQWH PHUJHD GRL KHUDO]L FăOăUL vQ FXORUL DXVWULHFH úL
JHUPDQHúLGXSăHLXQSRUWGUDSHOFXVWLQGDUGXO5RPkQLHLWRWFăODUH'XSăDFHVWD
YHQLDWUHLFăOăUHĠLVXIOkQGvQIDQIDUHvQFRVWXPHWRWGLQHYXOPHGLX´
3HQWUXPDMRULWDWHDSHUVRQDMHORUVHFXQGDUH±SDMLKHUDO]LSXUWăWRULLGHGUDSHOH
VDXEDQLHUH±VHRSWDVHDILvPEUăFDWHFRVWXPHGLQHYXOPHGLXùLDFHDVWDQXQXPDL
OD JUXSXO VRFLHWăĠLORU JHUPDQH vQ D FăURU ĠDUă GH RULJLQH H[LVWD R ERJDWă WUDGLĠLH
PHGLHYDOăFLúLSHQWUXFHOHODOWHJUXSXUL6SUHSLOGăvQ*UXSXODO,,OHDDO$UWLúWLORU
GUDPDWLFL úL DO &RQVHUYDWRUXOXL GH PX]LFă GHILODX  FUDLQLFL FăOăUL  VFXWLHUL vQ
FRVWXPH LVWRULFH  SDML FX EDQLHUH  VFXWLHUL FH ĠLQHDX SDQJOLFLOH URúLL FX FLXFXUL


%LEOLRWHFD$FDGHPLHL5RPkQH vQFRQWLQXDUH%$5 0DQXVFULVH$UKLYD7KHRGRU$PDQ,
$FWH±DFW

$O7]LJDUD6DPXUFDú0HPRULL, ± %XFXUHúWLS

6HUEăULOH vQFRURQăUHL  0DLX &RUWHJLXO &DUHORU *UXSXO ;;,, vQ Ä5HVERLXO´ 1R 
0DLX
 &HUHPRQLLOHvQFRURQăULLGLQ 

DXULLDOHFDUXOXLúLFRSLLGHFDVăSODVDĠLODFROĠXULOHFDUXOXLVSUHDĠLQHJKLUODQGHOH
GH IORUL /XGRYLF ;,,, PDUHúDOXO SULQĠ GH 6RXELVH )UDQFLVF , úL 5X\ %ODV FăOăUL
DSRL SHUVRQDMH GLQ EDVPHOH URPkQHúWL =PHXO 3kUOHD 9RGă FăOăUL XUPDĠL SH MRV
GH VXLWD ORU0XUJLOă úL =RULOă DSRL DOĠL FăOăUHĠL vQ FRVWXPH LVWRULFH úL FX EDQLHUH
 ERLHUL vQ SRUWXO GLQ YHFKLPH FăOăUL úL  KDOHEDUGLHUL FX FDUH VH vQFKHLD DFHDVWă
SURFHVLXQH
)RDUWH LQVSLUDW úL ELQH RUJDQL]DW D IRVW FRUWHJLXO LVWRULF DO HOHYLORU GH OD
,QVWLWXWXO 8UHFKLD FDUH D GHVFKLV SDUDGD FDUHORU DOHJRULFH SH  PDL ÌQ HO HUDX
UHSUH]HQWDWH WRDWH SHUVRQDMHOH LPSRUWDQWH DOH JORULRVXOXL WUHFXW DO ĠăULL úL SULQ
DOHJRULL PRPHQWHOH GH FRWLWXUă DOH GHYHQLULL QRDVWUH FD QDĠLXQH 'HFHEDO 7UDLDQ
,RQLĠă$VDQ%RJGDQ'UDJRúúL5DGX1HJUX±GHVFăOHFăWRULLOHJHQGDULDL0ROGRYHL
úL 0XQWHQLHL ± 0LUFHD FHO %ăWUkQ úL $OH[DQGUX FHO %XQ ùWHIDQ FHO 0DUH 9DVLOH
/XSXúL0DWHL%DVDUDE1HJUX9RGă GHIDSW1HDJRH%DVDUDE úLILXOVăX7HRGRVLH
0LKDL 9LWHD]XO 'LPLWULH &DQWHPLU úL &RQVWDQWLQ %UkQFRYHDQX SHULRDGD IDQDULRWă
ILJXUDWăGHXQERLHUYHOLWFXLúOLFXQWXUFFXKDUDSQLFúLXQJUHFFXIDODQJDvQFDUH
VH SULQGHDX SLFLRDUHOH FHORU FRQGDPQDĠL D IL ELFLXLĠL 7XGRU 9ODGLPLUHVFX DQXO
 UHSUH]HQWDW GH R IHPHLH GUDSDWă 5ă]ERLXO &ULPHLL HYRFDW GH XQ IUDQFH] XQ
EULWDQLFúLXQLWDOLDQXUPDĠLGHVROGDĠLvQXQLIRUPHFRQWHPSRUDQHDFHOXLPRPHQWFH
SXUWDXODQĠXULUXSWHFDVLPERODOHPDQFLSăULLúLvQVIkUúLW5RPkQLD/LEHUăRWkQăUă
FH SXUWD R UHSOLFă D FRURDQHL UHJDOH &RVWXPHOH SURYHQHDX GH OD PX]HX úL GH OD
7HDWUXO1DĠLRQDO
$FHVWFRUWHJLXDIăFXWPDUHLPSUHVLHDVXSUDHQWX]LDúWLORUSULYLWRULFKLDUGDFă
XQLL QX LGHQWLILFDX GH OD vQFHSXW SHUVRQDMHOH úL ILH GLQ QDLYLWDWH ILH GLQ OLSVă GH
FXOWXUă vO OXDX SH 'HFHEDO GUHSW 7XGRU 9ODGLPLUHVFX RUL FKLDU GUHSW $UKDQJKHOXO
0LKDLO LDU SH 7UDLDQ GUHSW ,URG 6HOHFĠLD PRPHQWHORU LVWRULFH IXVHVH IăFXWă FX
PXOWăGLEăFLHPDLDOHVSHQWUXSHULRDGDPRGHUQăFkQG8QLUHD3ULQFLSDWHORUIXVHVH
GRDU VXJHUDWă GLSORPDWLF SULQ JUXSXO RILĠHULORU VWUăLQL LDU GRPQLD OXL $OH[DQGUX
,RDQ , IXVHVH H[FOXVă SHQWUX D QX UăQL VXVFHSWLELOLWDWHD VXYHUDQXOXL 7RWXúL vQ
GHILODUHDFHVHGHVIăúXUDVHFXR]LvQDLQWHSHPDLIXVHVHUăLQFOXúLDWkWYHWHUDQLL
GH OD  FkW úL PHPEULL 'LYDQXOXL DGKRF DOăWXUL GH UăQLĠLL GLQ 5ă]ERLXO GH
,QGHSHQGHQĠă
ÌQ GRULQĠD GH DúL UHSUH]HQWD FkW PDL ELQH VSHFLDOLWDWHD XQLL GLQWUH úHILL GH
FRUSRUDĠLL DX DWLQV ULGLFROXO úL FKLDU NLWVFKXO SULQ DOHJHUHD VLPEROXULORU PXOW SUHD
HORFYHQWH FDUH QX VH SRWULYHDX FRQWH[WXOXL $VWIHO FDUXO EăXWXULORU JD]RDVH HUD
DQXQĠDWGHREDQLHUăDOEDVWUăFXXQVLIRQSHHDSXUWDWăGHRJDUGăGHRQRDUHDLFăUHL


6HUEăULOHvQFRURQăUHL0DLX&RUWHJLXO&DUHORU*UXSXO,,,vQÄ5HVERLXO´1R
0DLX

6HUEDUHD vQFRURQăULL  0DLX &RUWHJLXO &DUHORU *UXSXO ,, vQ Ä5HVERLXO´ 1R 
0DLX

Ä5HVERLXO´1R0DLX

0HPRULLOH5HJHOXL&DURO,S

 $GULDQ6LOYDQ,RQHVFX 

PHPEULLODFăFLXODGHSOăLHúLDYHDXGUHSWFRFDUGă«XQFDSGHVLIRQWRWFDSHWHOH
GHVLIRQRUQDPHQWDXvQWUHJXOFDUSHFDUHVHDIOD=HLĠD+HEHOkQJăXQKDYX]GLQFDUH
ĠkúQHD DSD FDSWDWă GH GRXă RQGLQH vQ FXSHOH FX FDUH vúL SRWROHDX VHWHD ,DU FD
vQFXQXQDUH D DFHVWHL DOHJRULL VXL JHQHULV FDUH vPSOHWHD PLWRORJLD FX UHDOLWDWHD
SUR]DLFăvQIDĠDFDUXOXLVHDIODRFRORDQăvQDOWăIRUPDWăGLQ«VLIRDQH*URWHVFXO
HVWH DWLQV vQVă GH FHL FH DX DUDQMDW FDUXO VăSXQDULORU úL OXPkQăUDULORU $FHúWLD
IăFXVHUă SXEOLFă PXOW vQDLQWH GH FHUHPRQLD vQFRURQăULL GRULQĠD GH D PRGHOD vQ
VăSXQXQPRQXPHQWDOVXYHUDQXOXL/DSDUDGDGLQPDLPXOĠLPHDDSXWXWDSODXGD
DFHDVWăLQVROLWăúLHIHPHUăRSHUăGHDUWăÄ3HXQFDUVXVĠLQXWúLvPSRGRELWQXPDLFX
SRGRDEHGHVăSXQ>«@VHDIODvQSLFLRDUHvQPăULPHQDWXUDOăDYkQGPkQDVWkQJă
DúH]DWă SH VDELH LDU OD SLFLRDUH VHPLOXQD úL XQ IHV VWDWXD 0DMHVWăĠLL 6DOH 5HJHOH
IăFXWă FX WRWXO GLQ JOLFHULQă GH FXORDUH vQFKLVă LDU OHQWD úL HSROHWHOH GH FXORDUH
GHRVHELWă´
7RWODRUHSUH]HQWDUHVWDWXDUăDDSHODWúLLOXVWUDWRUXO+LSROLW1DSROHRQ+HQU\N
'HPELW]NLFDUHVHDILUPDVHvQWLPSXO5ă]ERLXOXLGH,QGHSHQGHQĠăSULQPDLPXOWH
FRPSR]LĠLLSDWULRWLFHúLDOHJRULFHWLSăULWHSHFHOHGRXăSDJLQLGLQPLMORFDOH]LDUXOXL
Ä5HVERLXO´ &X FkWHYD ]LOH vQDLQWHD VROHPQLWăĠLL vQFRURQăULL DFHVW SHULRGLF vúL
DQXQĠD FLWLWRULL GH DSDULĠLD VD vQ WLUDM VSRULW úL vQQRELODW GH R SODQúă ÄÌQ RQRDUHD
]LOHORU GH OD  úL  0DLX ]LDUXO QRVWUX DYkQG R  0$5( ,/8675$ğ,( 
UHSUH]HQWkQG  2 $/(*25,( $ Ì1&2521Ă5,,  GHVHPQDWă GH FXQRVFXWXO úL
H[FHOHQWXODUWLVWG'HPELQVN\ VLF YDDSDUHvQH[HPSODUH´
ÌQ QXPăUXO DSăUXW GXPLQLFă  PDL SH SDJLQLOH GLQ PLMORF HUD SXEOLFDWă
OXFUDUHD OXL 'HPELW]N\ FH UHSUH]HQWD SH FHL GRL VXYHUDQL FDP EL]DU vQ FKLS GH
EXVWXULDúH]DWHSHVRFOXULXQLWHODED]ăGHXQHFXVRQFXQRXDVWHPăD5RPkQLHLFH
VHVXSUDSXQHDSHVWHDQXOFLRSOLWSHHOHÌQGUHDSWDXUFDWăSHSULPDWUHDSWăD
IXQGDĠLHLHUDRIHPHLHWRJDWăFHVLPEROL]D5RPkQLD/LEHUăFXRFUHDQJăGHPăVOLQ
vQ PkQD GUHDSWă LDU vQ FHDODOWă FX R FRURDQă FH R ULGLFD GHDVXSUD FDSHWHORU
PRQDUKLORU 6SUH DFHVW JUXS FHQWUDO FRQYHUJHD SRSXODĠLD UHFXQRVFăWRDUH ĠăUDQL
ĠăUăQFLúLFRSLLGRDPQHúLGRPQLGHVRFLHWDWHRILĠHULúLVROGDĠLFXGUDSHOHvQWUXQ
HQWX]LDVPGHERUGDQWFHVXEOLQLDDSRWHR]D5HJDWXOXL
)DVWXRDVHOH FHUHPRQLL DOH vQFRURQăULL WUHEXLDX Vă ILH LPRUWDOL]DWH SHQWUX
SRVWHULWDWH9kUVWQLFXOSLFWRUúLIRWRJUDIDO&XUĠLL&DURO6]DWKPDULúLODDVRFLDWSH
PDL WkQăUXO $QGUHDV ' 5HLVHU SHQWUX D IRWRJUDILD PRPHQWHOH LPSRUWDQWH DOH
VROHPQLWăĠLL úL GHILODUHD FDUHORU DOHJRULFH 'LQ SăFDWH GLQ SXQFW GH YHGHUH
PHWHRURORJLF ]LOHOH DX IRVW QHIDYRUDELOH LDU IRWRJUDILLOH DX LHúLW SDOLGH úL GH VODEă
FDOLWDWH7RWXúLHUDDEVROXWHVHQĠLDOFDXQDVHPHQHDHYHQLPHQWHSRFDOVăILHSăVWUDW


Ä5HVERLXO´1R0DLX

6HUEDUHDvQFRURQăUHL6HFĠLXQHD9,*UXSXO;;;9,,vQÄ5HVERLXO´1R0DLX

$GULDQ6LOYDQ,RQHVFX3HQHOúLVDELHS±

Ä5HVERLXO´1R0DLX

,ELGHP1R0DLX
 &HUHPRQLLOHvQFRURQăULLGLQ 

SHQWUXYLLWRULPHvQWUHFRSHUĠLOHXQXLDOEXP'HDFHHD6]DWKPDULIRORVLQGFDED]ă
GH SRUQLUH QHUHXúLWHOH IRWRJUDILL H[HFXWă DFXDUHOH vQ VWLOXO VăX LQFRQIXQGDELO
PLQXĠLRV úL XQHRUL SXHULO FkQG HUD YRUED GH UHSUH]HQWDUHD PXOWRU SHUVRQDMH
RILFLDOHvQFRUVHWDWHvQĠLQXWDGHULJRDUHFXDOXULVREUHúLLPSRUWDQWHvQWLPSXOXQHL
FHUHPRQLLVROHPQHùLSHQWUXDOHIDFHFXQRVFXWHSXEOLFXOXLúLDOHGDRGLIX]DUH
FkWPDLODUJăOHOLWRJUDILD]ăÌQDFHVWVHQVvQWUHDUWLVWúLOLWRJUDIXOEXFXUHúWHDQ(OLD
*UDVVLDQ\VHvQFKHLHRFRQYHQĠLHSHGDWDGHQRLHPEULHSULQFDUH6]DWKPDUL
VHDQJDMHD]ăVăGHVHQH]HSHUVRQDOSHSLDWUăFRPSR]LĠLLOHFXGHILODUHDFDUHORUDWkW
DOEQHJUXFkWúLFRORUODSUHĠXOGHOHLQRLSHQWUXILHFDUHSODQúă/DILHFDUHúDVH
VăSWăPkQL WUHEXLD Vă SUHGHD FkWH  SLHWUH SUHJăWLWH SHQWUX WLSăULUH XUPkQG Vă VH
UHPLWă UHVWXO VXPHL GLQ FDUH SULPLVH XQ DFRQW 3HQWUX OHJDOL]DUHD DFHVWHL
FRQYHQĠLL DUWLVWXO DSHOHD]ă OD FRPLVDUXO GH SROLĠLH 9 &RQVWDQWLQ GH OD 6HFĠLXQHD
;,,, D &DSLWDOHL FDUH SH YHUVR DGHYHUHúWH Fă VHPQăWXUD DSDUĠLQH SHWHQWXOXL úL
úWDPSLOHD]ă VXE VHPQăWXUă SURSULH DFHVW DFW SH  QRLHPEULH  ÌQWUR OLVWă
DQH[ăDXWRUXOHQXPHUăFRPSR]LĠLLFDUHXUPDVăOHFURPROLWRJUDILH]H
Ä065HJHOH&DUROFXVXLWD
065HJLQD(OLVDEHWDFX$63ULQFLSHOH:LOKHOPvQWUăVXUă
&DUXOVLPEROLFDO©7HDWUXOXL1DĠ>LRQDO@ª
&DUXO©&RPHUĠXOXLª
&DUXO©$JULFXOWXUHLª
&DUXO©9kQăWRDUHDVăOEDWLFăª
&DUXO©&HDVRUQLFDUL±*LXYDHUJLLª
&DUXO©&RQVWUXFWRULORUª
&DUXO©&DUHWDúLORUª
&DUXO©%ăXWXULORU*D]RDVHª
&DUXO©&ăLORU)HUDWHª
&RUWHJLXO©6RF>LHWăĠHLGH@'DUHOD6HPQ%XFXUHúWLª´
3H  0DL  *UDVVLDQ\ vL DFKLWD DUWLVWXOXL VXPD GH  OHL SHQWUX
H[HFXWDUHDPDLPXOWRUOXFUăULSUHFXPúLSHQWUXUHSDUDUHDXQRUSLHWUHVWULFDWH ILHOD
WUDQVSRUWILHvQSURFHVXOWLSăULULL 
Ä7DEORXUL&RIHWDULúL%ăXWXULGHVHQX>SH@SLHWUHúLRULJLQ>DO@ 
9kQăWRDUHVăOEDWLFăúL'U>XPXO@GHILHURULJLQ>DO@DTXDU>HOă@ 
2ULJLQDOH*LXYDHUJLL$JULFXOWXUă5HJHOHFXVXLWD&RPHUĠXOúL
7HDWUXS>LDW@UăUHSDUDW 
5HSDUDUHDSLHWUHORU&RQFRUGLDúL%ăXWXULVSLUWRDVH 
 ´


%$50DQXVFULVH$UKLYD$UWLúWLORU3ODVWLFL&6]DWKPDUL,,$FWH±DFWXO

,ELGHPDFW

,ELGHPDFW

 $GULDQ6LOYDQ,RQHVFX 

8OWLPXODFWFDUHVDSăVWUDWHVWHRIDFWXUăGLQRFWRPEULHSULQFDUH
*UDVVLDQ\ DFKLWă VXPD GH  OHL SHQWUX GHVHQDUHD D GRXă VWDPSH FH DYHDX FD
VXELHFWFDUHOH6RFLHWăĠLORUJHUPDQHúLDO&URLWRULORUFL]PDULORUúLSăOăULHULORU
6WDPSHOHHUDXVFRDVHSHSLDĠăFDIDVFLFROHVHSDUDWHLPHGLDWFHHUDXJDWDXUPkQG
FD XOWHULRU Vă ILH OHJDWH vQ DOEXP ÌQ PDUWLH  SUHVD DQXQĠD DSDULĠLD SULPXOXL
IDVFLFROFDUHFXSULQGHDSODQúH8QDQPDLWkU]LXVHIăFHDUHFODPăODFHOGHDOWUHLOHD
FDLHWúLSXEOLFXOHUDvQGHPQDWVăVHDERQH]HSHQWUXXQWLUDMGHOX[FDUHFRVWDOHL
'H PDUL GLPHQVLXQL $OEXPXO &DUHORU 6LPEROLFH GH OD VHUEDUHD vQFRURQăULL
0DMHVWăĠLORU /RU 5HJHOH úL 5HJLQD 5RPkQLHL %XFXUHVFL ± 0DL  DYHD R
FRSHUWăIUXPRDVăúLDWUDFWLYăvQVWkQJDRILJXUăIHPLQLQăvQSLFLRDUHFXSODWRúăGHDXU
úLKODPLGăSHXPHULĠLQkQGvQWURPkQăRVDELHLDUvQFHDODOWăRSHULQăURúLHSHFDUHHUD
DúH]DWăFRURDQDUHJDOăvQGUHDSWDRĠăUăQFXĠăFXIXVXOúLXQFRSLODúEXFăODWVSULMLQLW
GHSRDODHLÌQWUHDJDFRPSR]LĠLHDFRSHUĠLLHUDvQFDGUDWăGHJKLUODQGHGHYHUGHDĠăúL
UDPXULGHPăVOLQSULQVHGHRFRUQLúăDXULHVXEFDUHVHDIODVWHPD5RPkQLHL
3ODQúHOH DYHDX FXORUL FDP WDUL úL ILJXUăUL GHVWXO GH FULVSDWH úL VWDWLFH DOH
SHUVRQDMHORUFDUHLQYDULDELOSULYHDXvQDIDUăFDSHQWUXDIL Yă]XWHúLUHFXQRVFXWH
'DU RULFkW GH VFă]XWă DU IL YDORDUHD ORU DUWLVWLFă DFHHD GH GRFXPHQW HVWH
LQFRQWHVWDELOă úL Gă PăVXUD JXVWXOXL LVWRULVW FDUH D VWăSkQLW FHUHPRQLD vQFRURQăULL
SULPXOXLUHJHDO5RPkQLHL

7+(&2521$7,21&(5(021,(6$1'7+(5(9,9$/
2)+,6725,&$/7+(0(6,11$7,21$/3/$67,&$576

$EVWUDFW
:LWK 5RPDQLD EHFRPLQJ D NLQJGRP WKH IDOWHULQJ LQWHUHVW RI 5RPDQLDQ
DUWLVWV LQ KLVWRULFDO WKHPHV ZDV UHYLYHG DQG WKH VXEMHFWV LQVSLUHG IURP WKH
KLVWRULFDOSDVWRIWKHFRXQWU\UHJDLQHGDSURPLQHQWSODFHDPRQJWKHLUSUHIHUHQFHV


,ELGHPDFW

Ä5RPkQXOX´ OXQL PDUĠL   0DUWLH  Ä$ DSăUXW GH FXUkQG vQ HGLWXUD GOXL
( *UDVVLDQ\ GLQ %XFXUHVFL DOEXPXO FDUHORU VLPEROLFH GH OD VHUEDUHD vQFRURQăUHL 0DLHVWăĠLLORU ORU
5HJHOH úL 5HJLQD 5RPkQLHL 3ULPXO FDHW FXSULQGH SDWUX FURPROLWRJUDILL UHSUHVHQWkQG VRFLHWDWHD
&RQFRUGLD URPkQă FRIHWDULL úL UHVWDXUDWRULL VRFLHWDWHD FRPHUFLDQĠLORU GH EHXWXUL VSLUWRVH úL
FRUSRUDĠLXQHDEUXWDULORU&HOHODOWHFDHWHYRUDSDUHODILHFDUHWUHLOXQL´

Ä5HVERLXO´ 1R  0DUWLH  Ä' HGLWRU (OLD *UDVVLDQ\ VWU ùHODUL 1R  D
WHUPLQDWDOWUHLHOHDFDHWDODOEXPXOXLFDUHORUVLPEROLFHGHODVHUEDUHDvQFRURQăUL>L@00//5HJHOH
úL 5HJLQD 5RPkQLHL $FHVW FDHW FRQĠLQH WDEORXUL UHSUH]HQWkQG DUWHOH JUDILFH FURLWRUL PRGLVWH
SăOăULHUL FLVPDUL úL SDQWRIDUL VRFLHWăĠL JHUPDQH 'LQ vQGHPQX PDL PXOWRU SHUVRDQH G *UDVVLDQ\ D
vQFHSXW D SULPL DERQDPHQWH SHQWUX D ,,D VHULH GH OX[ FRQĠLQkQG úDVH WDEORXUL UHSUH]HQWkQG
0DLHVWDWHD6D5HJHOH&DURO,FXPDUHDVXLWăPLOLWDUăvQWRUFkQGXVHGHODvQFRURQDUH0DLHVWDWHD
6D5HJLQD(OLVDYHWDFX00//3ULQFLSHOH/HRSROGSULQFLSHOHPRúWHQLWRUDO7URQXOXL5RPkQLHLHWF
vQERJDWXHFKLSDJLXUHJDODUDQMDWDGKRFSHQWUXDFHDVWăVHUEDUH&DUXDUWLúWLORUX 7HDWUX &DUX
FRPHUFLDQĠLORU  6RFLHWDWHD FRQVWUXFWRULORU úL  %ăWXULOH JD]RDVH 3UHĠXO DFHVWHL D ,,D VHULH HVWH
OHL/DDERQDUHVHYDGDXQDFRQWGHOHL´
 &HUHPRQLLOHvQFRURQăULLGLQ 

$W ([SRVLĠLXQHD $UWLúWLORU vQ 9LDĠă RI  ([KLELWLRQ RI /LYLQJ $UWLVWV RI
  6DYD +HQĠLD GLVSOD\HG D SDLQWLQJ HQWLWOHG ³,QWUDUHD OXL 7UDLDQ vQ
6DUPLVHJHWX]D´ 7UDMDQ (QWHULQJ 6DUPLVHJHWX]D  .DUO 6WRUFN H[KLELWHG D VFXOSWXUH
LQPDUEOH³3LHWDWHDURPkQD´ 5RPDQLDQ3LHWD RU³0DPDUăQLĠLORU´ 0RWKHURIWKH
:RXQGHG IHDWXULQJ3ULQFHVV(OLVDEHWDDVVLVWLQJDVROGLHUZRXQGHGLQWKHEDWWOHVRI
 DQRWKHU SDUWLFLSDQW ZDV WKH $XVWULDQ SDLQWHU -RKDQQ 1HSRPXN 6FKRQEHUJ
ZKRLQKLVFDSDFLW\DVZDUFRUUHVSRQGHQWZLWQHVVHGPRVWRIWKHEDWWOHVDIWHUWKHZDU
3ULQFH&DURO,FRPPLVVLRQHGKLPVHYHUDOEDWWOHFRPSRVLWLRQVRQHRIWKHPEHLQJWKH
SDLQWLQJHQWLWOHG³(SLVRGGLQEăWăOLDGHOD*ULYLĠD´ (SLVRGHLQWKH%DWWOHRI*ULYLĠD 
3DLQWHU 7KHRGRU $PDQ GLUHFWRU RI WKH 3LQDFRWHF DQG RI WKH 6FKRRO RI )LQH
$UWV LQ %XFKDUHVW ZDV LQYLWHG WR FRQFHLYH WKH VLJQV RI UR\DOW\ +H UHFHLYHG WKH
QHFHVVDU\GRFXPHQWDWLRQDQGPDGHVNHWFKHVIRUWKHVFHSWHUDQGWKHFURZQRIVWHHO
WREHZRUQE\&DURO,$QRWKHUSURPLQHQW5RPDQLDQSDLQWHU1LFRODH*ULJRUHVFX
PDGHVNHWFKHVIRUWKHJROGHQFURZQRI4XHHQ(OLVDEHWDZRUNHGLQWKHVKRSRIWKH
IDPRXVMHZHOOHU5HVFKLQ%XFKDUHVW
&DORXUIXOVWUHHWSDUDGHVZHUHRUJDQL]HGIRUWKHFRURQDWLRQFHUHPRQ\$UWLVWV
DOVRFRQWULEXWHGWRWKHGHFRUDWLRQRIWKHDOOHJRULFDOFDUWVRIWKHDUWLVDQFRUSRUDWLRQV
DQG WUDGHUV .DUO 6WRUFN GHVLJQHG WKH V\PEROV DQG RUQDPHQWV IRU WKH FDUW RI WKH
*HUPDQ6RFLHWLHV)RUWKHFDUWRIWKHVRDSPDNHUVDQGFDQGOHPDNHUVDIXOOOHQJWK
ZD[VWDWXHRI.LQJ&DURO,ZDVPRGHOOHG
,Q RUGHU WR HPERG\ KLVWRULFDO ILJXUHV WKH VWXGHQWV RI WKH 8UHFKLD ,QVWLWXWH
IROORZHG WKH SDVW FHQWXULHV¶ LFRQRJUDSK\ &RQVHTXHQWO\ WKH\ VKRZHG LQ WKH
SDUDGH7UDMDQ DQG 'HFHEDOXV IROORZHG E\ WKH IRXQGHUV RI WKH 5RPDQLDQ
3ULQFLSDOLWLHV DQG WKH JORULRXV SULQFHV ZKR VXFFHHGHG WKHP $QRWKHU SURPLQHQW
DUWLVW &DURO 6]DWKPDUL D SDLQWHU DQG UR\DO FRXUW SKRWRJUDSKHU WRRN D VHULHV RI
SKRWRJUDSKVRIWKHVHDOOHJRULFDOFDUWV'XHWRXQIDYRXUDEOHZHDWKHUZKLFKDIIHFWHG
WKH TXDOLW\ RI SLFWXUHV 6]DWKPDUL XVHG WKHP IRU GUDZLQJV DQG OLWKRJUDSKV
³$OEXPXO &DUHORU 6LPEROLFH GH OD VHUEDUHD vQFRURQăULL´ WKH $OEXP RI WKH
6\PEROLF &DUWV DW WKH &RURQDWLRQ &HUHPRQ\  ZDV WKH VXPSWXRXV SXEOLFDWLRQ
PDUNLQJWKLVHYHQWRIXWPRVWLPSRUWDQFHWR5RPDQLD












 $GULDQ6LOYDQ,RQHVFX 





)(%58$5,(ù,0$,23$5$/(/Ă,6725,&Ă

0$5,$16752,$

/D  IHEUXDULH  ORFRWHQHQWFRORQHOXO (XJqQH /DP\ úHIXO PLVLXQLL


PLOLWDUH IUDQFH]H vQ 5RPkQLD vL VFULD XUPăWRDUHOH úHIXOXL VăX LHUDUKLF PLQLVWUXO
$SăUăULLPDUHúDOXO(PLO5DQGRQÄ3ULQĠXO&X]DQXPDLGRPQHúWHvQ5RPkQLD(OD
IRVWUăVWXUQDWGHSHWURQODDOHDFHVWHLOXQLúLDVHPQDWXQDFWGHDEGLFDUH8Q
JXYHUQSURYL]RULXDIRVWLQVWDODW/DSURSXQHUHDDFHVWXLJXYHUQFHOHGRXă&DPHUH
$GXQDUHD'HSXWDĠLORUúL6HQDWXO UHXQLWHDXSURFODPDWvQXQDQLPLWDWHSHDOWHĠDVD
UHJDOăFRQWHOHGH)ODQGUDGRPQLWRUDO5RPkQLHLVXEQXPHOHGH)LOLS,7RDWHDFHVWH
HYHQLPHQWHVDXGHVIăúXUDWvQFkWHYDRUHIăUăQLFLFHDPDLPLFăYăUVDUHGHVkQJH
IăUă QLFL R GH]RUGLQH vQ FDSLWDOă úL vQ MXGHĠH « 3H GXUDWD vQWUHJLL GLPLQHĠL
QXPHURDVH FRUSRUDĠLL úL FOHUXO FX VWHDJXUL vQ IUXQWH VDX SUH]HQWDW OD ORFRWHQHQĠD
GRPQHDVFă LDU DSRL DX SDUFXUV RUDúXO VWULJkQG Ä7UăLDVFă FRQWHOH GH )ODQGUD´
2UGLQHDFHD PDLSHUIHFWă QXDvQFHWDW RFOLSăVăGRPQHDVFăQX VDVHPQDODW QLFL
FHOPDLPLFDFWGHYLROHQĠăILHFRQWUDSHUVRDQHORUILHFRQWUDSURSULHWăĠLL1LFLXQ
VWULJăWGHXUăVDXGHUă]EXQDUHQDUăVXQDWQLFLRSLFăWXUăGHVkQJHQXVDYăUVDW
0XOĠLPHD vPSkQ]HD VWUă]LOH GDU QX VD GHGDW GHFkW OD PDQLIHVWăUL GH EXFXULH
0DJD]LQHOH DX UăPDV GHVFKLVH 6DU IL SXWXW PDL GHJUDEă FUHGH Fă DVLúWL OD R
VăUEăWRDUHSXEOLFăGHFkWODRUHYROXĠLH´
ÌQ DFHHDúL ]L R PLVLYă FX XQ FRQĠLQXW UHODWLY VLPLODU HUD H[SHGLDWă GH GDWD
DFHDVWDGLQ,DúLGHXQDOWHPLVDUVWUăLQúLWRWFăWUHXQVXSHULRU5DSRUWXOvQFDX]ă
DSDUĠLQHD VHFUHWDUXOXL FRQVXODWXOXL UXV GLQ ,DúL 1LNRODL /HFHY úL HUD GHVWLQDW
úHIXOXL 'HSDUWDPHQWXOXL HXURSHDQ DO 0LQLVWHUXOXL UXV DO $IDFHULORU 6WUăLQH 3LRWU
1LFRODHYLFL6WUHPRXKRYúLGHVFULDVWDUHDGHVSLULWDSRSXODĠLHLGLQIRVWDFDSLWDOăD
0ROGRYHLvQDFHODúLFRQWH[WGHFDUHDPYRUELWPDLVXVÄ'HvQGDWăFHVDXSULPLW
SULPHOH WHOHJUDPH GLQ %XFXUHúWL FX úWLUHD FăGHULL OXL &X]D WRW RUDúXO D LQWUDW vQ
WXOEXUDUHLDUEXFXULDDIRVWJHQHUDOăPROGRYHQLLVHvPEUăĠLúDXSHVWUă]LFXHYUHLL
HYUHLLFXĠLJDQLLHWFÌQDFHDVWă]LFUHGQXDIRVWQLFLRSHUVRDQăQHPXOĠXPLWăGH
FHOHvQWkPSODWHSULQORYLWXUDVăYkUúLWăFXH[FHSĠLDFkWRUYDIXQFĠLRQDULFDUHDXMHIXLW
DEX]LYúLDXFKLQXLWSRSRUXO6HDUDvQWUHJXORUDúDIRVWLOXPLQDWvQVăvQSDUWLFXODUVH
GLVWLQJHDX SULQ ERJDĠLD OXPLQLORU FDVHORU ERLHULORU úL QHJXVWRULORU FKLDU úL VXSXúLL
VWUăLQL úLDX OXPLQDW ORFXLQĠHOH ÌQ ]LXD XUPăWRDUH GLV GH GLPLQHDĠă ERLHULL DX


&I9DOHULX6WDQ3ULQĠXO&X]DQXPDLGRPQHúWHvQ5RPkQLDvQÄ0DJD]LQLVWRULF´DQ;;;
QU  S±

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 0DULDQ6WURLD 

WULPLV OD ELVHULFL Vă VH IDFă VOXMEH GH PXOĠXPLUH OXL ']HX Fă LD VFăSDW GH &X]D
&OHUXO OHD vQGHSOLQLW FX EXFXULH DFHDVWă UXJăPLQWH HSLVFRSLL vQúLúL DX RILFLDW
DVHPHQHDWLSGHVOXMEH(YUHLLODUkQGXOORUVDXUXJDWOD6LQDJRJă/DFHDVXULOH
WRDWHWUXSHOHDIODWHvQJDUQL]RDQD,DúLDXSUHVWDWGHFODUDĠLHGHFUHGLQĠă&RQWHOXLGH
)ODQGUD´ Ä/D DX]XO DFHVWHL YHúWL ± FRQWLQXD VHPQDWDUXO ± vQ SURYLQFLH úL vQ WRDWH
FROĠXULOH 0ROGRYHL EXFXULD HVWH JHQHUDOă « ÌQ ILQH YUHDX Vă DGDXJ Fă DFHDVWă
DOHJHUH DQXPH D &RQWHOXL 3KLOLS! GH )ODQGUD QX SODFH SUHD PXOW PROGRYHQLORU
FDUH DU IL SUHIHUDW Vă DLEă XQ GRPQ SUDYRVODYQLF ÌQVă HL SUHVXSXQ Fă *XYHUQXO
SURYL]RULX D SURSXV FD KRVSRGDU GRPQ  XQ SULQFLSH EHOJLDQ GRDU SHQWUX D SXWHD
GHPRQVWUD(XURSHLFăDFĠLXQHDGHOD%XFXUHúWLHVWHFKLDUQDĠLRQDOăúLQXvQIăSWXLWă
VXELQIOXHQĠDYUHXQHLDGLQSXWHULOHJDUDQWH´
$P UHSURGXV FHOH GRXă IUDJPHQWH GH PDL VXV GLQ UDSRDUWHOH PHQĠLRQDWH
vQWUXFkWHOHPLVDXSăUXWH[WUHPGHVXJHVWLYHvQUHGDUHDVWăULLJHQHUDOHGHVSLULWD
RSLQLHLSXEOLFHGLQFHOHGRXăSULQFLSDOHRUDúHDOHĠăULL5HODWăULOHDPLQWLWHPDLVXV
H[SULPDX GHJUDGDUHD LUHYHUVLELOă D LPDJLQLL SXEOLFH D 'RPQLWRUXOXL 8QLULL
GHWHULRUDUHDVHPQLILFDWLYăDXULDúHLúLFYDVLWRWDOHLVDOHSRSXODULWăĠLFXFDUHDFHVWD
SRUQLVHODGUXPvQXUPăFXúDSWHDQL'LVSXQHPvQVăSHOkQJăFHOHDOHGLSORPDĠLORU
VWUăLQLúLGHPăUWXULLDXWRKWRQHFDUHvQWăUHVFúLHOHDFHDVWăSHUFHSĠLH6FULLQGOD
PDUWLH ODQLFLROXQăGHODHYHQLPHQW GLQ0LUFHúWLOXL$OHFX+XUPX]DFKLOD
&HUQăXĠL 9DVLOH $OHFVDQGUL SHUVRQDOLWDWH GHVWXO GH DSURSLDWă GH GRPQLWRU
FRQVHPQDFXHYLGHQWăGH]DPăJLUHFăÄ'RPQLDSULQFHSHOXL>&X]D±QQ@DMXQVHVH
vQWUDGHYăUSHGURMGLH«FăFLWRĠLGRUHDXFRERUkUHDOXLGHSHWURQ$LFL>vQ0ROGRYD±
QQ06@QLPHQLQXOPDLUHJUHWHD]ăSH&X]DQLFLFKLDUDPLFLLOXLGLQFRSLOăULH´
&HFRQGXVHVHRDUHODXQDVHPHQHDUH]XOWDWODFDSăWXOXQHLGRPQLLvQFHSXWHvQ
VXEFHOHPDLEXQHDXVSLFLL"
8QDGLQH[SOLFDĠLLOHFDUHVăQHHGLILFHFXPDIRVWSRVLELOVăVHDMXQJăODDFWXO
GHODIHEUXDULHUH]LGăGXSăSăUHUHDQRDVWUăvQvQVăúLVLWXDĠLDVSHFLDOăDFHOXL
FDUHWRFPDLIXVHVHvQOăWXUDWúLDQXPHDOXL&X]DvQVXúL&RQWHPSRUDQLLHFHOPDL
SRVLELOVăILYă]XWvQHOQXDWkWSHúHIXOGHVWDWFLPDLFXUkQGSHUVRDQDFăUHLDGLQ
DQXPLWH UDĠLXQL L VH vQFUHGLQĠDVH XQ PDQGDW PDQGDW FDUH vL GHOLPLWD QX QXPDL
VDUFLQLOH GDU vQ DFHODúL WLPS vQ IXQFĠLH GH UHDOL]DUHD DFHVWRUD vL FRQGLĠLRQD
PHQĠLQHUHDODFRQGXFHUHDĠăULL$úDVHH[SOLFăGHFHvQFăGHODvQFHSXWGRPQLDOXL
&X]D QD IRVW VRFRWLWă GHFkW FD XQ VWDJLX SURYL]RULX DVHPHQL XQHL HWDSH
LQWHUPHGLDUH QHFHVDUH SHQWUX D VH SXWHD DMXQJH IăUă D VH PDL VROLFLWD EXQăYRLQĠD
(XURSHL OD vQIăSWXLUHD GRULQĠHORU H[SULPDWH GH $GXQăULOH DGKRF úL UHvQQRLWH GH
$GXQDUHDHOHFWLYăD0ROGRYHLvQLDQXDULH


$UKLYD1DĠLRQDOă,VWRULFă&HQWUDOă0LFURILOPH85665ROD&RUHVSRQGHQĠD&RQVXODWXOXL
*HQHUDO DO 5XVLHL OD %XFXUHúWL úL D &RQVXODWXOXL GLQ ,DúL FX 0LQLVWHUXO $IDFHULORU 6WUăLQH 6NW
3HWHUVEXUJF±

9$OHFVDQGUL2SHUHYRO,;&RUHVSRQGHQĠă ± HG0DUWD$QLVFDUX%XFXUHúWL
S±
 IHEUXDULHúLPDL 

ÌQ DFHVW IHO SRWULYLW FRQFHSĠLLORU QXWULWH vQ HSRFă GH PDMRULWDWHD RDPHQLORU
SROLWLFL $OH[DQGUX ,RDQ &X]D WUHEXLD VăúL FRQFHQWUH]H WRDWH HIRUWXULOH DWkW vQ
YHGHUHDGHVăYkUúLULL8QLULLFkWúLvQGLUHFĠLDSUHJăWLULLWHUHQXOXLSHQWUXDGXFHUHDXQXL
SULQĠVWUăLQ$FHDVWăVWDUHGHOXFUXULH[SOLFăGHVLJXUQXPDLSDUĠLDODúDFXPFRUHFWD
VXEOLQLDW$OH[DQGUX/DSHGDWXIDSWXOFăÄSkQăODvQFHSXWXODQXOXLWRDWăĠDUDIX
vQ MXUXO 'RPQXOXL VSUH DO VXVĠLQHD úL DMXWD Vă GREkQGHDVFă XQLUHD GHSOLQă úL
GHILQLWLYăD3ULQFLSDWHORU2DGHYăUDWă8QLUHVDFUă(GUHSWFăSHXQHOHFKHVWLXQLFH
DYHDX Vă vPSDUWă GXSă DFHHD ĠDUD vQ GRXă WDEHUH RSXVH vQFHSXVHUă vQFă GH DWXQFL
GLVHQVLXQLOHEDFKLDUúLFRQIOLFWHOHvQWUH'RPQúLJXYHUQHvQWUHJXYHUQúL$GXQăUL
'DURULFXPHOHUăPDVHUăSHDOGRLOHDSODQ3HSULPXOSODQVWăWHDFKHVWLXQHDPDUHD
8QLULLFDUHFXDMXWRUXOWXWXURUSDWULRĠLORUVHUHDOL]ăODLDQXDULH´
2GDWăDFHVWRELHFWLYvQGHSOLQLWGLQPRPHQWXOvQFDUH&X]DDvQFHSXWVăWUHDFă
ODSURJUDPXOGHvQIăSWXLUHDUHIRUPHORUYL]kQGSURFHVXOGHPRGHUQL]DUHDVRFLHWăĠLL
URPkQHúWLvQWUHDFHVWDúLFHDPDLPDUHSDUWHDVSHFWUXOXLSROLWLFURPkQHVFVDFUHDW
RIDOLHWRWPDLSURQXQĠDWă([SUHVLDFRQFUHWăvQSODQSROLWLFDFUHăULLDFHHDFHDP
SXWHD QXPL XQ ÄIURQW FRPXQ GH OXSWă FRQWUD 'RPQXOXL´ D IRVW UHSUH]HQWDWă GH
ÄPRQVWUXRDVD FRDOLĠLH´ GXSă WHUPHQXO ODQVDW SULPD RDUă GH & %ROOLDF  $FHDVWă
YHULWDELOă DOLDQĠă FRQWUD QDWXULL D UHSUH]HQWDW DOăWXUDUHD XQRU IRUĠH SROLWLFH GH
GRFWULQH úL RULHQWăUL GLIHULWH FRQVHUYDWRUL OLEHUDOUDGLFDOL úL OLEHUDOLPRGHUDĠL 
DYkQGFDOLDQWÄLGHRORJLF´XQVLQJXURELHFWLYUăVWXUQDUHDOXL&X]DGHODSXWHUHúL
RGDWăDFHVWVFRSvQGHSOLQLWvQVFăXQDUHDvQORFXODFHVWXLDDXQXLSULQFLSHVWUăLQ
ÌQFHHDFHOSULYHúWHvQWRWWLPSXOGRPQLHLVDOH$O,RDQ&X]DVDDIODWvQWUR
VLWXDĠLHGLILFLOăILLQGSULQVvQWUHGRXăIRUĠHSROLWLFH QXSXWHPYRUELvQFăGHSDUWLGH
DFXP  DGYHUVH ÄURúLL´ FXP PDL HUDX GHQXPLĠL UDGLFDOLL úL FRQVHUYDWRULL VDX
ÄDOELL´  vQWUH FDUH D IRVW VLOLW Vă PDQHYUH]H (VWH VHPQLILFDWLYă vQ DFHVW VHQV FD
GRFXPHQW HGLILFDWRU VFULVRDUHD GLQ  D SULQFLSHOXL SRORQ :ODG\VODZ
&]DUWRU\VNL DGUHVDWăWDWăOXLVăX vQFDUHUHIHULQGXVHvQSDUWLFXODUODVLWXDĠLDOXL
&X]D vL VFULD XUPăWRDUHOH Ä'LQ ]LXD vQ FDUH D DMXQV OD SXWHUH SULQFLSHOH
$OH[DQGUX ,RDQ &X]D VH JăVL SULQV! vQWUH OLEHUDOL UDGLFDOL ± QQ 06  FDUH
SUHWLQGHDXVăOIDFăVăPHDUJăSUHDUHSHGHúLYHFKLLERLHULFDUHQXYRLDXVăOYDGă
PHUJkQG GHORF´ 3HQWUX D IDFH IDĠă VLWXDĠLHL vQ SULPLL VăL DQL GH GRPQLH &X]D D
SURPRYDW FXQRVFXWD VD SROLWLFă GH EDVFXOă 'H DVHPHQL vQFă GLQ DFHúWL DQL D
vQFHUFDW Vă GHD R ORYLWXUă GH VWDW SHQWUX D vQORFXL UHJLPXO FRQVWLWXĠLRQDO
SDUODPHQWDU LQVWLWXLW SULQ &RQYHQĠLD GH OD 3DULV FX XQ UHJLP DXWRULWDU 6FRSXO
DFHVWHLLQLĠLDWLYHQXHUDXQXOHJRLVWFLUHIOHFWDGRDUFRQYLQJHUHDVDLQWLPăFăQXPDL
vQDFHVWIHOSXWHDGXFHODvQGHSOLQLUHSURJUDPXOGHUHIRUPHSHFDUHvOSUHFRQL]D
/RYLWXUDGHVWDWIXVHVHLQLĠLDOSURLHFWDWăDDYHDORFvQDQXO ODvQFHSXW
VHDYXVHVHvQYHGHUHFKLDU]LXDGHLDQXDULHVY ,PSRVLELOLWDWHDOXL&X]DGHD


$O/DSHGDWX)HEUXDULHvQSHUVSHFWLYDLVWRULFăDWUHLVIHUWXULGHYHDFvQÄ$QDOHOH
$FDG5RPkQH0HPRULLOH6HFĠLXQLL,VWRULFH´WRP;;,,,±S

&RQVWDQWLQ&*LXUHVFX9LDĠDúLRSHUDOXL&X]D9RGă%XFXUHúWLS±

,RDQ+XGLĠă)UDQĠDúL&X]D9RGă/RYLWXUDGHVWDWSURLHFWDWăvQ%XFXUHúWLS±



 0DULDQ6WURLD 

SXQH vQ SUDFWLFă UHIRUPHOH IXQGDPHQWDOH QHFHVDUH PRGHUQL]ăULL VRFLHWăĠLL


URPkQHúWL GHWHUPLQDWă vQ SULQFLSDO GH RSR]LĠLD vQYHUúXQDWă OD DFHVW SURFHV D
FHUFXULORU FRQVHUYDWRDUH úL FKLDU D XQRUD GLQ OLEHUDOLL PRGHUDĠL OD IăFXW SH
GRPQLWRUVăvQFHUFHDSOLFDUHDDFHVWXLSURLHFWFKLDUvQDLQWHGHPDL
/D ILQHOH DQXOXL  vQVă ÄPRQVWUXRDVD FRDOLĠLH´ D LQWUDW vQWUR VWDUH GH
OHWDUJLHODWHQWăÌQDFHOPRPHQWSHGHRSDUWH$O,&X]DDDPkQDWGLQYDULLPRWLYH
OD  QRLHPEULH VY   GHFODQúDUHD SUHFRQL]DWHL ORYLWXUL GH VWDW LDU GRXă
VăSWăPkQL PDL WkU]LX &DPHUD D DSUREDW SURLHFWXO OHJLL VHFXODUL]ăULL DYHULORU
PăQăVWLUHúWL LQLĠLDWLYD OHJLVODWLYă D JXYHUQXOXL .RJăOQLFHDQX EHQHILFLLQG GH
FRQVHQVXOJHQHUDODOFODVHLSROLWLFHURPkQHúWL
&RQIOLFWXO GLQWUH ÄPRQVWUXRDVD FRDOLĠLH´ úL $O, &X]D YD UHL]EXFQL vQ
SULPăYDUD OXL  RGDWă FX SULOHMXO DGXFHULL vQ GLVFXĠLH D FHORU GRXă UHIRUPH
IXQGDPHQWDOH DJUDUă úL HOHFWRUDOă ÌQ DFHO PRPHQW DOLDQĠD PHQĠLRQDWă VH DIOD vQ
SUDJXOGL]ROYăULLvQWUXFkWILHFDUHGLQJUXSXULOHFRPSRQHQWHvúLUHOXDVHOLEHUWDWHDGH
DFĠLXQH &RQVHUYDWRULL VH RSXQHDX FX vQGkUMLUH FHORU GRXă UHIRUPH vQ WLPS FH
OLEHUDOLL UDGLFDOL DX YHQLW SULQ ,& %UăWLDQX FX XQ SURLHFW GH UHIRUPă DJUDUă
DVHPăQăWRUFXFHODOJXYHUQXOXLÌQĠHOHJHUHDGLQWUHFHOHGRXăIRUĠHSROLWLFHFRDOL]DWH
QXPHUJHDPDLGHSDUWHGHDSăUDUHDUHJLPXOXLFRQVWLWXĠLRQDOGLQFDUHFDX]ăDOLDQĠD
FRQVHUYDWRULORU FX OLEHUDOLL UDGLFDOL vQ FDGUXO ÄPRQVWUXRDVHL FRDOLĠLL´ D IRVW WRWXúL
SDUĠLDOăúLIUDJLOă
/RYLWXUD GH VWDW GH OD  PDL  GXSă FXP úWLP D SHUPLV OXL &X]D Vă
vQIăSWXLDVFăUHIRUPHOHIXQGDPHQWDOHúLVăvQFKHLHvQOLQLLPDULRUJDQL]DUHDVWDWXOXL
URPkQ SH ED]H PRGHUQH 'DU DúD FXP VD FRPHQWDW OD WLPSXO SRWULYLW vQ
LVWRULRJUDILD QRDVWUă ÄSULQ DFHDVWD SR]LĠLD 'RPQXOXL FRPSURPLVă IDĠă GH SDUWLGD
FRQVHUYDWRDUHDPDULORUSURSULHWDULSULQUHIRUPDUXUDOăDOXL 0.RJăOQLFHDQXVH
FRPSURPLVH úL IDĠă GH SDUWLGD SURJUHVLVWă UDGLFDOă &ăFL PHPEULL DFHVWHL SDUWLGH
vQGRFWULQDĠL GH LGHLOH OLEHUDOH úL GHPRFUDWLFH DOH $SXVXOXL QX SXWHDX FRQFHSH úL
DGPLWHYLDĠD6WDWXOXLURPkQGHFkWVXEXQUHJLPGHDGHYăUDWFRQVWLWXĠLRQDOLVPFkW
PDLVLQFHUúLRQHVWSUDFWLFDW'HDFHHDQRXO6WDWXWDOOXL&X]D9RGăvQVHPQDSHQWUX
GkQúLLGHVILLQĠDUHDYLHĠLLFRQVWLWXĠLRQDOHDĠăULLúLUHDGXFHUHDHLVXEUHJLPXOQHIDVWDO
DEVROXWLVPXOXLGHFDUHDELDVFăSDVH´
([SUHVLD FHD PDL SDOSDELOă D DFHVWHL QRL UHDFWLYăUL D Ä0RQVWUXRDVHL´ D IRVW
GLQDFHDVWăFDX]ăvQĠHOHJHUHDGLQLXQLHGLQWUHUHSUH]HQWDQĠLLGHPDUFăDLFHORU
WUHLFXUHQWHSROLWLFHDPLQWLWHFDUHvQSUHDPEXOXOÄ'HFODUDĠLHLFRPXQH´FDUHQLVD
SăVWUDWSkQăD]LVHDQJDMDXFDÄ«vQFD]GHYDFDQĠăD7URQXOXLVăVXVĠLQăSULQWRDWH
PLMORDFHOH DOHJHUHD XQXL SULQFLSH VWUăLQ GLQWUXQD GLQ IDPLOLLOH GRPQLWRDUH GLQ
2FFLGHQW VXEOQV06 úLVăVWăUXLPSkQăvOYRPGREkQGL´


,ELGHPS±

$O/DSHGDWXDUWFLWS

*ULJRUH&KLULĠă3UHOXGLLOHúLFDX]HOHGHWURQăULLOXL&X]D9RGăvQÄ5HYLVWDGHLVWRULH´WRP
QUS
 IHEUXDULHúLPDL 

(YHQLPHQWHOH FDUH DX XUPDW DFHVWXL PRPHQW VXEOLQLDW PDL VXV DX GRYHGLW
vQWUDGHYăUDFFHOHUDUHDvQFHUFăULORUGHWUHFHUHODRDFĠLXQHFRQFUHWă&RQVLGHUăPGH
DFHHD Fă FHHD FH 1LFRODH ,RUJD D GHQXPLW FX DWkWD SODVWLFLWDWH ÄR Uă]PHULĠă GH
SLDĠă´ úLDYHPDLFLvQYHGHUHHYHQLPHQWHOHSHWUHFXWHOD%XFXUHúWLSHDXJXVW
 DUHSUH]HQWDWSULPDWHQWDWLYăFRQFUHWăDFRDOLĠLHLGHDOGHEDUFDGHODSXWHUH
SH $OH[DQGUX ,RDQ &X]D 'XSă FXP VH úWLH DFHDVWă WHQWDWLYă D HúXDW QHILLQG
vQFXQXQDWăGHVXFFHV
3H GH R SDUWH HYHQLPHQWHOH GH OD %XFXUHúWL GLQ DXJXVW  VROGDWH FX
QXPHURúL PRUĠL úL UăQLĠL DX DYXW GXSă FXP VH úWLH XQ SXWHUQLF LPSDFW SH SODQ
HXURSHDQ&RQWH[WvQFDUHUHDFĠLDSXWHULORUJDUDQWHQDvQWkU]LDWVăDSDUă
3RDUWD2WRPDQă!5XVLDúL$XVWULDDXIRVWGHDFHHDSXWHULOHFDUHDXFăXWDW
VăVHIRORVHDVFăGHDFHDVWăPLúFDUHSHQWUXDGHPRQVWUDFăvQ5RPkQLDH[LVWăRVWDUH
GHDQDUKLHFăUHLDWUHEXLDQHvQWkU]LDWVăLVHSXQăFDSăWSULQWULPLWHUHDXQHLFRPLVLL
GHDQFKHWăVDXSULQWURLQWHUYHQĠLHGHDOWăQDWXUăILHHDúLVDXFKLDUPLOLWDUă
1HPXOĠXPLWHVDXDUăWDWQXQXPDLLPSHULLOHYHFLQHGDUúLJXYHUQHOHSXWHULORU
RFFLGHQWDOH $QJOLD úL FKLDU )UDQĠD 3HQWUX &X]D SHUVRQDO SLHUGHUHD VSULMLQXOXL
)UDQĠHL SXWHUH FX VHULRDVă SRQGHUH SH FRQWLQHQW úL FDUHO VXVĠLQXVH QHFRQGLĠLRQDW
SkQă DWXQFL D DYXW XQ HIHFW GHWHUPLQDQW &X WRW UăVSXQVXO GHPQ SH FDUH OD GDW
VFULVRULLYL]LUDOHGLQVHSWHPEULH&X]DvúLSLHUGXVHFUHGLWXOLQWHUQDĠLRQDO
úL FKLDU SH PDOXULOH 6HQHL vQOăWXUDUHD VD D vQFHSXW Vă ILH FRQVLGHUDWă GUHSW R
FKHVWLXQH LPSHULRV QHFHVDUă &D XUPDUH D DFHVWXL IDSW GH FDUH VH SDUH Fă HUD
FRQúWLHQWvQFăGLQWRDPQDOXLGRPQLWRUXODvQFHSXWWUDWDWLYHSHQWUXDUH]ROYD
SHFDOHGLSORPDWLFăSUREOHPDVXFFHVLXQLL3OHGHD]ăvQDFHVWVHQVVFULVRDUHDWULPLVă
OXL1DSROHRQDO,,,OHDODRFWRPEULHvQFDUHvúLDUăWDGLVSRQLELOLWDWHDGH
DúL vQFKHLD PDQGDWXO úL vQ FDUH FăXWD VăO FRQYLQJă SH VXYHUDQXO IUDQFH] GH
QHFHVLWDWHDDGXFHULLXQXLSULQĠVWUăLQ
3H GH DOWă SDUWH H[SHULHQĠD PLúFăULL GLQ  DXJXVW GH OD %XFXUHúWL
GHPRQVWUDVH RSR]DQĠLORU Fă GHWURQDUHD úL UăVWXUQDUHD OXL &X]D QX HUD SRVLELOă
SULQWUR PLúFDUH GH VWUDGă RULFkW GH ELQH RUJDQL]DWă DU IL IRVW HD (YHQLPHQWHOH
DUăWDVHUă ± úL DLFL H[SUHVLD vL DSDUĠLQH OXL 'LPLWULH %ROLQWLQHDQX FRQWHPSRUDQ FX
IDSWHOH úL OXFLG REVHUYDWRU DO HSLVRGXOXL ± Fă ÄSRSRUXO &DSLWDOHL QX HVWH GHGDW FX
DUPHOHúLQXSRDWHĠLQHFRQWUăXQHLDUPDWHUHJXODWH´'HDOWPLQWHULODQRL±FRQWLQXD
VFULLWRUXO±ÄUHYROXĠLLOHVDXIăFXWGHDUPDWăVDXFHOSXĠLQFkQGRSDUWHGLQDUPDWă
YLQHODLGHLOHUHYROXĠLRQDUHúLODVăDVHIDFH´
$LFLVHDIOăúLH[SOLFDĠLDHIRUWXULORUGHSXVHGHDGYHUVDULLOXL&X]DvQGLUHFĠLD
DWUDJHULL XQHL SăUĠL GLQ DUPDWă GH SDUWHD FRDOLĠLHL (L HUDX H[WUHP GH FRQúWLHQĠL GH
IDSWXOFăvQVXFFHVXOvQWUHSULQGHULLORUXQUROIRDUWHPDUHUHYHQHDUDSLGLWăĠLLDFĠLXQLL


' %ROLQWLQHDQX 'RPQLL UHJXODPHQWDUH úL KLVWRULD FHORU WUHL DQL GH OD  )HEUXDULH SkQă
DVWă]L%XFXUHúWLS±



 0DULDQ6WURLD 

úL DQLKLOăULL RULFăUHL vQFHUFăUL GH FRQWUDULSRVWă 2UL DFHVW OXFUX QXO SXWHDX IDFH
GHFkWPLOLWDULL5ROXODFHVWRUDvQGHWURQDUHDOXL&X]DHVWHD]LVXILFLHQWFXQRVFXW
3HQWUX D vQFKHLD DGăXJăP DLFL úL IDSWXO Fă OD GHFUHGLELOL]DUHD úL SLHUGHUHD
SRSXODULWăĠLLLQWHUQHDOXL&X]DDFRQWULEXLWvQWURPDUHPăVXUăúLLPSUHVLDGHWHVWDELOă
OăVDWăvQUkQGXOSRSXODĠLHLGHDFĠLXQHDQRFLYăúLDEX]LYăDFDPDULOHLFRQVWLWXLWHvQMXUXO
GRPQLWRUXOXL 7ULRXO GXU DO DFHVWXL JUXS GH SUHVLXQH FRPSXV GLQ 1LFRODH 'RFDQ
1LFRODH 3LVRĠFKL DJKLRWDQW DO GRPQLWRUXOXL úL IDLPRVXO vQ HSRFă &HVDU /LEUHFKW
GLUHFWRU DO SRúWHL úL WHOHJUDIXOXL  D WUDQVIRUPDW WUDILFXO GH LQIOXHQĠă FRUXSĠLD úL
DUDQMDPHQWHOHYHURDVHvQWURYHULWDELOăSROLWLFăGHVWDWDDGPLQLVWUDĠLHLJXYHUQDPHQWDOH
5H]XOWDWHOHILUHúWHQHIDVWHSHQWUX&X]DQDXvQWkU]LDWGHDFHHDVăDSDUă
2GDWă vQIăSWXLWă ± FX VXFFHV ± ORYLWXUD GH SDODW GLQ QRDSWHD GH ±±
 IHEUXDULH  FRDOLĠLHL RUJDQL]DWRDUH vL UHYHQHD vQ FKLS ORJLF VDUFLQD
vQIăSWXLULL RELHFWLYXOXL DGXFHULL OD SXWHUH D FHHD FH DP SXWHD QXPL FX XQ WHUPHQ
PRGHUQ D SULQĠXOXL HXURSHDQ 1X YRP LQWUD DLFL vQ FRQWLQXDUH vQ GLVFXWDUHD úL
HYLGHQĠLHUHDDYDQWDMHORUSHFDUHOHSUHVXSXQHDSHQWUXĠDUăXQDVHPHQHDWLSGHOLGHU
H[HFXWLYGHRDUHFHDFHVWHDVXQWELQHUHOLHIDWHvQLVWRULRJUDILDGHVSHFLDOLWDWH'RULP
GRDUVăDPLQWLPIDSWXOFăDFHDVWDQXUHSUH]HQWDRLQRYDĠLHSROLWLFăURPkQHDVFăFL
IXVHVHH[SHULPHQWDWăFXRDQXPHHILFLHQĠăúLGHDOWHQDĠLXQLHXURSHQH EHOJLHQLLOD
 JUHFLL OD  úL  PDL DSRL EXOJDULL OD  úL H[HPSOHOH DU SXWHD
FRQWLQXD 0RGHOXOFDDWDUHVHGRYHGLVHYLDELOúLGUHSWXUPDUHHUDILUHVFVăILIRVW
SUHOXDWúLGHHOLWDSROLWLFăURPkQHDVFă
'HDOWIHOFRQFHSWXOvQVLQHQXHUDXQOXFUXFRPSOHWQRXvQJkQGLUHDSROLWLFă
DXWRKWRQă 3HQWUX VHFROXO ;,; SULPD FHUHUH GH GRPQ DSXVHDQ R DYHP GDWDWă FX
SUREDELOLWDWH OD  8Q PDVLY JUXS GH ERLHUL GLQ ğDUD 5RPkQHDVFă UHIXJLDĠL OD
6LELX GLQ FDX]D LQYD]LHL SD]YDQJLLORU D FăXWDW Vă DYDQVH]H LSRWH]D DFFHGHULL OD
WURQXO PXQWHDQ D GXFHOXL GH 7RVFDQD $FHDVWă SRVLELOLWDWH SH FDUH JXYHUQDWRUXO
ORFDOEDURQXO0LFKDHOGH %UXFNHQWDORWUDQVPLWHvQUDSRUWXOVăXFăWUH FDQFHODUXO
LPSHULDO &ROORUHGR HUD DJUHDWă GH DULVWRFUDĠLD URPkQHDVFă vQWUXFkW HD YHGHD vQ
SUH]HQĠDDFHVWXLDvQVFDXQXOGRPQHVFGHOD%XFXUHúWLXQHOHPHQWGHVWDELOLWDWHúLXQ
IDFWRUGHSURJUHV
&kĠLYD DQL PDL WkU]LX vQUHJLVWUăP vQ 0ROGRYD R QRXă VROLFLWDUH GH GRPQ
DSXVHDQ vQ LQWHUHVDQWXO PHPRULX FăWUH 1DSROHRQ , DO OXL ùWHIDQ &ULúDQ.|URVL
 ÌQYL]LXQHDDXWRUXOXLYDULDQWDRSWLPDOăDUUHSUH]HQWDRXQFDQGLGDWLWDOLDQ


*ULJRUH &KLULĠă $UPDWD GHWURQDUHD OXL &X]D 9RGă úL &DURO GH +RKHQ]ROOHUQ vQ Ä5HYLVWD
LVWRULFă´WQU±S±

9H]LvQDFHVWVHQVFDLOXVWUDWLYSHQWUXVXVĠLQHUHDFHORUGHPDLVXVGRVDUHOH;,;úL;;;GLQ
IRQGXO&X]D9RGăGHOD6HFWRUXOGH0DQXVFULVHGLQ%LEOLRWHFD$FDGHPLHL5RPkQH

&I3DXO+HQU\/¶DEGLFDWLRQGXSULQFH&X]DHWO¶DYHQHPHQWGHODG\QDVWLHGH+RKHQ]ROOHUQ
DXWURQHGH5RXPDQLH3DULVS

(PLO9vUWRVX1DSROHRQ%RQDSDUWHúLGRULQĠHOHPROGRYHQLORUODvQÄ6WXGLL5HYLVWDGH
LVWRULH´WQUS±
 IHEUXDULHúLPDL 

VDXIUDQFH]SULQFLSHOHSURYHQLWGLQDFHVWHĠăULLVDUSăUHDDDYHDPDLPXOWăHILFLHQĠăvQ
DFWXO JXYHUQăULL GHRDUHFH DU FRQGXFH vQ VSLULWXO WUDGLĠLLORU ÄOXPLQDWH´ GLQ ĠăULOH
UHVSHFWLYH ÌQ  XQ PHPRULX XQLRQLVW PXQWHDQ FHUHD GHOHJDĠLLORU FDUH QHJRFLDX
WUDWDWXOGHOD$GULDQRSROXQGRPQGLQ*HUPDQLDGH1RUGÄIăUăvQVăDVHVXSXQHVDX
vQWUXSD PRQDUKLD DFHDVWD vQ DOWD´ OD  vQ WLPSXO OXFUăULORU GH UHGDFWDUH D
5HJXODPHQWHORU 2UJDQLFH ,RUGDFKH &DWDUJLX D SURSXV úL HO SULQĠ VWUăLQ SHQWUX
SULQFLSDWXOXQLILFDWGDUFXH[FOXGHUHDFDVHORUGRPQLWRDUHGLQ$XVWULDúL5XVLDFRQGLĠLH
FDUHDVXSăUDW5XVLDúLDIăFXWRVăVHRSXQăFKLDUúL8QLULLSURSXVHGH&DWDUJLX
ÌQSHULRDGDILQDOăDRFXSDĠLHLUXVHúWLFăWUHGLSORPDWXOIUDQFH]&K 'H
%RLVOH&RPWH DSUHFLD Fă XQ GH]LGHUDW XQDQLP vPSăUWăúLW GH FăWUH WRDWH FODVHOH
VRFLHWăĠLLURPkQHúWLHUD8QLUHDFHORUGRXăSULQFLSDWHúLJXYHUQDUHDDFHVWRUDGHFăWUH
XQSULQĠVWUăLQVXEJDUDQĠLDHXURSHDQă
'XSă  SUREOHPD GRPQXOXL DSXVHDQ FDGH SHQWUX GRXă GHFHQLL vQ
GHVXHWXGLQHSROLWRJUDILLHSRFLLPRGHUQHQXFRQFHSFDDWDUHFDYLFWRULDDWkWGHJUHX
FkúWLJDWăVăILHMHUWILWăvQIRORVXOXQXLSULQFLSHVWUăLQ
ÌQ VFKLPE GXSă Uă]ERLXO &ULPHLL FkQG SHUVSHFWLYD WUDQVIRUPăULL SUREOHPHL
URPkQHúWL vQWUR FKHVWLXQH GH LQWHUHV HXURSHDQ D GHYHQLW FHUWă LGHHD DGXFHULL OD
FRQGXFHUHD VWDWXOXL D GRPQXOXL VWUăLQ GH SURYHQLHQĠă SUHIHUDELO RFFLGHQWDOă D
vQFHSXW Vă RFXSH XQ ORF FHQWUDO vQ SURJUDPHOH YLLWRDUHL VWUXFWXUL D ĠăULL Ä3R]LĠLD
RILFLDOăDFHORUGRLGRPQLWRULUăPDúLvQVFDXQSkQăvQLXQLHDvQFXUDMDWGH
DFHHD H[SULPDUHD OLEHUă D DGHSĠLORU 8QLULL HOLEHUDWă DFXP úL GH IDQWH]LLOH ORU
UHYROXĠLRQDUH 1HSXWLQĠD SXQHULL vQ SUDFWLFă D SURJUDPXOXL UDGLFDO ± VXEOLQLD
9O*HRUJHVFX±LGHHDFăXQGRPQVWUăLQSRDWHLPSXQHúLDSăUD PDLELQHXQLUHD
RVWLOLWDWHD IDĠă GH XOWLPLL GRPQL SăPkQWHQL úL XQHOWLULOH ORU DX IăFXW FD SULQFLSLXO
GRPQXOXL VWUăLQ Vă ILH DGPLV FD XQXO GLQ HOHPHQWHOH GH ED]ă DOH YLLWRDUHL
UHRUJDQL]ăULDĠăULL´&DDWDUHQXWUHEXLHVăQHVXUSULQGăIDSWXOFăvQWUH±
DFHVWGH]LGHUDWDILJXUDWvQGHRSĠLXQLGLQWUHFDUHúLFHOHSUH]HQWHvQUH]ROXĠLLOH
'LYDQXULORU$GKRF  
'DFă XQ DQXPH OXFUX SRDWH IL LPSXWDELO HFKLSHL SROLWLFH FDUH D SUHJăWLW
GHEDUFDUHD OXL &X]D úL DGXFHUHD SULQFLSHOXL HXURSHDQ DSRL DFHOD HVWH R DQXPH
SULSHDOă RUJDQL]DWRULFă 'DWRULWă vPSUHMXUăULORU VSHFLILFH XQXL DVHPHQHD WLS GH
DFĠLXQHFRQVSLUDWRULLHUDXDWkWGHSUHRFXSDĠLGHUHXúLWDvQOăWXUăULLOXL&X]DvQFkWDX
VFăSDWGLQYHGHUHSUREOHPDREĠLQHULLDVHQWLPHQWXOXLYLLWRUXOXL FDQGLGDWÌQVWDGLXO
DFWXDO DO GRFXPHQWăULL FHO SXĠLQ GXSă úWLLQĠD QRDVWUă QX DYHP QLFLR GRYDGă
FRQFUHWăFăvQPLVLXQLOHORUvQ2FFLGHQW$3DQXúLXOWHULRU,&%UăWLDQXVăOIL
FRQWDFWDWILHFKLDUVXERIRUPăYRDODWăSH)LOLSGH)ODQGUD1LFLQXWUHEXLHVăQH


5RPkQLDvQUHODĠLLOHLQWHUQDĠLRQDOH±«,DúLS

1LFRODH&LDFKLU*K%HUFDQ'LSORPDĠLDHXURSHDQăvQHSRFDPRGHUQă%XFXUHúWLS

+XUPX]DNL'RFXPHQWH«;9,,S

9*HRUJHVFX,VWRULDLGHLORUSROLWLFHURPkQHúWL ± 0XQFKHQS

,ELGHP



 0DULDQ6WURLD 

VXUSULQGă WHPăWRU GH FRPSOLFDĠLLOH LQWHUQDĠLRQDOH FDUH DU IL SXWXW VXUYHQL UHJHOH
%HOJLHLODIHEUXDULHDGHFOLQDWRIHUWDSROLWLFăURPkQHDVFă6LWXDĠLDvQ
FRQWH[WXO DVWIHO FUHDW GHYHQLVH FULWLFă SHQWUX URPkQL H[LVWD SH GH R SDUWH
SHUVSHFWLYD XQHL LQWHUYHQĠLL RWRPDQH DOăWXUDWă FX DPHQLQĠDUHD GHVIDFHULL 8QLULL úL
QXvQXOWLPXOUkQGFRPELQDĠLLOHVHFUHWHDOHSROLWLFLLGHFXOLVHSUDFWLFDWăGH1DSROHRQ
DO ,,,OHD $ IRVW FD DWDUH PHULWXO DFHOXL JUXS UHVWUkQV DO HOLWHL SROLWLFH URPkQHúWL
FDUH FRQIUXQWDW FX FRQGLĠLLOH H[WHUQH SXĠLQ SURSLFH FX XQ WDEORX DO YLHĠLL LQWHUQH
FRQIX]DDFĠLRQDWFXHQHUJLHDELOLWDWHúLIăUăUăJD]UHXúLQGYHULWDELODSHUIRUPDQĠă
GH DO FRQWDFWD SH FDQGLGDW GH D REĠLQH VSULMLQXO H[WHUQ úL LQWHUQ SHQWUX HO úL DO
vQVFăXQD GXSă FHYD PDL PXOW GH R OXQă úL MXPăWDWH SH XUPăWRUXO FRQGXFăWRU DO
VWDWXOXL URPkQ SH SULQFLSHOH HXURSHDQ vQ SHUVRDQD OXL &DURO /XGRYLF GH
+RKHQ]ROOHUQ6LJPDULQJHQGHYHQLWXOWHULRU&DURO,
-XGHFDWHFXRXQLWDWHGHPăVXUăXQLFăDPEHOHHYHQLPHQWHDXFHYDvQFRPXQ
úLDQXPHFDUDFWHUXO QHFHVDUúLLQWHUFRQGLĠLRQDUHDUHFLSURFă&ăFLPDLQX
SXWHD H[LVWD QX VH SXWHD SURGXFH IăUă HYHQLPHQWHOH GH OD  IHEUXDULH ÌQ DFHODúL
WLPSDGXFHUHDOXL&DURO,ODFkUPDVWDWXOXLURPkQVHPQLILFăúLLQWHQĠLD±QXGLUHFW
H[SULPDWăGDUVXEvQĠHOHDVăSULQRSĠLXQHDSHQWUXSHUVRDQă±DPDWHULDOL]ăULLvQWUXQ
LQWHUYDO WHPSRUDO UH]RQDELO D FHOXL PDL LPSRUWDQW RELHFWLY DO SURJUDPXOXL SROLWLF
DVXPDW GH JHQHUDĠLD SDúRSWLVWă LQGHSHQGHQĠD 2ELHFWLY DVXSUD FăUXLD QX H[LVWD
QLFLXQ GH]DFRUG GH SULQFLSLX vQWUH SURWDJRQLúWL (O DYHD Vă ILH UHDOL]DW GXSă PDL
ELQHGHXQGHFHQLXvQWUXQFRQWH[WGHDVWăGDWăSURSLFHúLFXRVSHFXODUHLQWHOLJHQWă
DEDODQĠHLGHIRUĠHSHSODQLQWHUQDĠLRQDO
'HDFHHDODMXGHFDWDRELHFWLYăúLHFKLGLVWDQWăDLVWRULHLVHSRDWHDSUHFLDFXR
FXYHQLWă GHWDúDUH Fă ILHFDUH GLQ FHOH GRXă DFWH LVWRULFH PHQĠLRQDWH vúL DUH VHPQL
ILFDĠLD GDFă  IHEUXDULH D PDUFDW vQFKHLHUHD XQHL DQXPH HWDSH LVWRULFH DOH
FăUHLĠLQWHIXVHVHUăvQPDUHDORUPDMRULWDWHGHMDDWLQVH  PDLVHPQLILFD
LQWUDUHDvQXQDFDOLWDWLYQRXăFXXQRELHFWLYPXOWPDLvQDOWúLPDLFXUDMRVGDUúLFX
UHDOHúDQVHGHUHDOL]DUH

)(%58$5<$1'0$<$+,6725,&$/3$5$//(/

$EVWUDFW
7KH SUHVHQW SDSHU PDNHV DQ DQDO\VLV RI WKH IDFWRUV ZKLFK KDYH GHWHUPLQHG
WKHWZRPDMRUKLVWRULFDOHYHQWVWKDWRFFXUUHGLQWKHILUVWKDOIRIWKH\HDUWKH
RYHUWKURZRI3ULQFH$OH[DQGUX,RDQ&X]DDQGWKHDFFHVVLRQWRWKHWKURQHRI3ULQFH
&DURORI+RKHQ]ROHUQ


*ULJRUH &KLULĠă 2UJDQL]DUHD LQVWLWXĠLLORU PRGHUQH DOH VWDWXOXL URPkQ ± 
%XFXUHúWLS
 IHEUXDULHúLPDL 

7KHDXWKRULQVLVWVRQWKHSDUWLFXODUPDQGDWH$O,&X]DZDVLQYHVWHGZLWKE\
WKHQDWLRQWKHFRQWUDGLFWLRQEHWZHHQKLVSROLF\RIUHIRUPVDQGWKHKRVWLOHUHDFWLRQ
RI WKH ORFDO SROLWLFDO FODVV DQG WKH IDFWRUV OHDGLQJ WR ORVV RI FUHGLELOLW\ DQG RI
LQWHUQDWLRQDOVXSSRUWDWWKHHQGRIVHYHQ\HDUVRIUHLJQ
,QWKHVHFRQGFDVHWKHDXWKRUDGGUHVVHVWKHLQWHUQDWLRQDOEDFNJURXQGLQWKH
ILUVWKDOIRIWKH\HDUWKHKLVWRULFDODQGLGHRORJLFDODQWHFHGHQWVRIWKHFRQFHSW
RI D IRUHLJQ SULQFH PRUH H[DFWO\ RI D (XURSHDQ SULQFH WKH UHFHSWLRQ RI WKLV
FRQFHSW LQ 5RPDQLDQ VRFLHW\ 7KH VWXG\ DOVR VWUHVVHV WKH RXWVWDQGLQJ DELOLW\ RI
PDQHXYHULQJ RI WKH QDWLRQDO SROLWLFDO JURXS ZKR HQVXUHG WKH DFFHVV WR SRZHU
RI &DURO D SULQFH EHORQJLQJ WR D SUHVWLJLRXV *HUPDQ G\QDVW\ DQ DFW VHHQ DV D
ZHOOLQVSLUHGPHDVXUHRIWKHODVWUHVRUWLQWKHFRPSOH[SROLWLFDOFRQWH[WRIWKHWLPH
)LQDOO\ WKH DUWLFOH KLJKOLJKWV WKH KLVWRULFDO SDUWLFXODULWLHV RI WKHVH WZR
LQWHUGHSHQGHQW HSLVRGHV VHWWLQJ WKHP DJDLQVW WKH VRFLDO DQG SROLWLFDO LPSHUDWLYHV
RIWKHKLVWRULFDOFRQWH[WJRYHUQLQJHDFK






























 0DULDQ6WURLD 




Ä&8$&(67)(/,8'(3203Ă,$8'86´
81Ä63(&7$&2/´3(175881&$='(Ä+,&/(1,(´
Ì19($&8/$/;9,,/($

29,',8&5,67($

&URQLFLOHFDUHSRYHVWHVFGRPQLDOXL&RQVWDQWLQ%UkQFRYHDQXDPLQWHVFvQWUH
DOWHOH GH FRQIOLFWXO PRFQLW GLQWUH GRPQXO ğăULL 5RPkQHúWL úL RPRORJXO VăX GLQ
0ROGRYD &RQVWDQWLQ &DQWHPLU &HL GRL ULYDOL QX vQGUă]QHDX Vă IDFă DSHO OD DUPH
ÄSHQWUXGRXăSULFLQLXQDFăDúDRDVWHERJDWăQXDYHDDGRXDFăOHHUDIULFăGHWXUFL
VăVăVFRDOHXQXODVXSUDDOWXHDFDVăQXOHJăVHDVFăYUHRSULFLQăVăLPD]ăOHDVFă´
DVWIHOFăVDUHFXUVODXQUă]ERLDOLQWULJLORUDOLQIOXHQĠHL úLGDUXULORUFăWUH3RDUWă
'XSăRvQFHUFDUHQHL]EXWLWăDOXLYRGă%UkQFRYHDQXGHDREĠLQHPD]LOLUHDULYDOXOXL
VăXDIRVWUkQGXOOXL&RQVWDQWLQ&DQWHPLUVăLQWUHvQÄGDQĠX´ÄVăUăVSOăWHDVFă « 
SHQWUX FHDOH FHL IăFXVH´ 'UHSW XUPDUH GRPQXO 0ROGRYHL D FKHPDW OD VLQH SH
FkĠLYD ERLHUL SULEHJL vQ $UGHDO ± 6WDLFR %XFúDQX SDKDUQLFXO 3UHGD 0LOFRYHDQXO
3UHGD 3URURFHDQXO 5DGX +DĠDJKH úL ,DFúD FăSLWDQ ± úL LD WULPLV DSRL OD 6WDPEXO
ÄVRFRWLQGXVH Fă YD SXWHD HO PDL PXOW GHFkW %UkQFRYHDQXO´ 6SHUDQĠHOH LDX IRVW
VSXOEHUDWH vQVă GH FRQWUDPăVXULOH GRPQXOXL ğăULL 5RPkQHúWL LDU FURQLFDUXO 5DGX
3RSHVFXQRWDvQFRQFOX]LHFăSULEHJLLDXIRVWGXúLGHOD3RDUWăÄOHJDĠLvQILLDUăúLvQ
FăWXúL GH LDX DGXV OD %XFXUHúWL FX PDUH SRPSă 3H FDULL vQ FkWHYD UkQGXUL
MXGHFkQGXL SH 6WDLFR SDKDUQLFXO ODX VSkQ]XUDW vQ WkUJXO GH DIDUă úL SH
3URURFHDQXO OD 5XúLL GH 9HDGH LDU SUH FHL WUHL LDX WULPLV OD RFQă ùă]kQG FkWăYD
YUHDPHDFRORLDXVORER]LW´


$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLGHODRFWRPEULHSkQăODPDUWLH
vQ&URQLFDULPXQWHQLHG'DQ+RULD0D]LOX%XFXUHúWLS

3RWULYLWVDYXURDVHLREVHUYDĠLLDOXL,RQ1HFXOFHFDUHVXJHUHD]ăFăDFĠLXQLOHSROLWLFHDOHFHORU
GRLGRPQLVHSOLDXDVHPHQHDXQRUSDúLGHGDQVGXSăPLúFăULOHFHOXLODOW/HWRSLVHĠXOğăULL0ROGRYHLúL
2VDPăGHFXYLQWHHG*DEULHOùWUHPSHO%XFXUHúWLSÄ&DQWHPLUYRGăúL&XSăUHúWLLVDX
PDLDSXFDWúLGHDOWGDQĠXDVXSUDPXQWHQLORUúLPXQWHQLLDVXSUDORU´

5DGX 3RSHVFX &URQLFD OXL 1LFRODH 0DYURFRUGDW vQ &URQLFDUL PXQWHQL S  SHQWUX
FRQMXQFWXUD LQWHUQDĠLRQDOă Y 3DXO &HUQRYRGHDQX ÌQ YkOWRDUHD SULPHMGLLORU 3ROLWLFD H[WHUQă úL
GLSORPDĠLD SURPRYDWH GH &RQVWDQWLQ %UkQFRYHDQX ± %XFXUHúWL  S  3UHGD
0LOFRYHDQXOúL3UHGD3URURFHDQXDSDUSULQWUHVHPQDWDULLVFULVRULLGLQ±FRPHQWDWHGH$QGUHL
3LSSLGL7UDGLĠLDSROLWLFăEL]DQWLQăvQĠăULOHURPkQHvQVHFROHOH;9,±;9,,,%XFXUHúWLS

5DGX3RSHVFX&URQLFDOXL1LFRODH0DYURFRUGDWS±

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 2YLGLX&ULVWHD 

&URQLFDUXO QX SDUH Vă GHD SUHD PXOWă DWHQĠLH GHWDOLLORU QX DIOăP GH FH FHL
FLQFL DX SULPLW SHGHSVH GLIHULWH GH FH FRQGDPQDĠLL OD PRDUWH DX IRVW H[HFXWDĠL
VHSDUDWúLQLFLFHVHDVFXQGHvQVSDWHOHIRUPXOHLÄFXPDUHSRPSă´7HUPHQXOSRDWH
Vă GHULYH ILH GLQ JUHFHVFXO ʌȠȝʌȒ SURFHVLXQH  ILH GLQ ODWLQHVFXO SRPSD DH
SURFHVLXQHDODLFRUWHJLX DYkQGXQVHQVDSURSLDWúLvQOLPEDURPkQă3XWHPGHFL
SUHVXSXQHFăGHMXFDUHDFRPSORWXOXLVDEXFXUDWGHRSXQHUHvQVFHQăFăUHLDSXWHUHD
GRPQHDVFă LD DFRUGDW R DWHQĠLH DSDUWH $PăQXQWXO DU VXJHUD Fă DFHVW FD] GH
KLFOHQLH ± SUDFWLFă DOWPLQWHUL GHVWXO GH RELúQXLWă vQ LVWRULD ğăULL 5RPkQHúWL úL D
0ROGRYHL ± D IRVW IRORVLW GH &RQVWDQWLQ %UkQFRYHDQX GUHSW HOHPHQW DO XQXL
ÄGLVFXUV´DGUHVDWQXQXPDLHOLWHLSROLWLFHDğăULL5RPkQHúWLFLúLGHRSRWULYăVSUH
SXWHUHDVX]HUDQăúLVSUHULYDOXOGLQ0ROGRYDÌQĠDUDYHFLQă,RQ1HFXOFHQRWDFăSH
6WDLFRODXGXVvQIDĠDGRPQLWRUXOXLÄFXRODFăWăFkWXQúOLFGHPDUHODJUXPDG]LL
ùL ODX VFRV OD 'LYDQ vQDLQWH D WRD!Wă ĠDUD úDSRL ODX SXUWDW WRW WkUJXO FX OăFDWH
GHD JUXPDG]LL´ 1X úWLP FDUH DX IRVW VXUVHOH IRORVLWH GH FURQLFDUXO PROGRYHDQ
SHQWUX DFHVW HSLVRG GDU HOHPHQWHOH IXUQL]DWH ± ODFăWXO GH PăULPHD XQHL FăFLXOL
SOLPEDUHD YLQRYDĠLORU vQ ODQĠXUL SULQ WRW WkUJXO vQ IDĠD D ÄWRDWă ĠDUD´ ± VFKLĠHD]ă
LPDJLQHDXQXLVSHFWDFROPRQWDWvQVFRSXOULGLFXOL]ăULLDXWRULORUFRPSORWXOXL
3HGHDOWăSDUWHIHOXOvQFDUHFHLYLQRYDĠLGHvQFăOFDUHDRUGLQLLSROLWLFHDXIRVW
vQWkPSLQDĠL MXGHFDĠL úL FRQGDPQDĠL SDUH Vă IL IăFXW SDUWH GLQWUR VWUDWHJLH D
GRPQXOXL PHQLWă VăL UHDILUPH úL VăL FRQVROLGH]H DXWRULWDWHD úL Vă VXEOLQLH]H
ÄDVLPHWULDGLQWUHVXSXVXOFDUHDvQGUă]QLWVăvQFDOFHOHJHDúLVXYHUDQXODWRWSXWHUQLF
FDUH vúL DUDWă IRUĠD´ -XGHFDUHD úL SHGHSVLUHD FHORU FDUH DX XQHOWLW vPSRWULYD XQXL
GRPQOHJLWLPQXDUHQLPLFLHúLWGLQFRPXQ3UHWHQGHQĠLLFDUHHúXDXvQvQFHUFDUHD
GH D REĠLQH WURQXO VIkUúHDX ILH H[HFXWDĠL ILH SULQ D IL vQVHPQDĠL OD QDV &X WRWXO


*KHRUJKH/D]ăU+LFOHQLDFRPXQLFDUHVXVĠLQXWăOD&RQJUHVXOGH*HQHDORJLHúL+HUDOGLFă±
,DúL  vQ FXUV GH SXEOLFDUH  D FDOFXODW Fă GLQWUH FHOH  GH IDPLOLL ERLHUHúWL FDUH DX GHĠLQXW vQ
VHFROXODO;9,,OHDIXQFĠLLvQDGPLQLVWUDĠLDĠăULLXQSURFHQWvQVHPQDW±GHIDPLOLL  ±DXDYXW
XQXOVDXPDLPXOĠLPHPEULDFX]DĠLGHKLFOHQLH

,RQ1HFXOFH/HWRSLVHĠXOğăULL0ROGRYHLS

0LFKHO)RXFDXOW$VXSUDYHJKHDúLDSHGHSVL1DúWHUHDvQFKLVRULL%XFXUHúWLS

9DOHQWLQ $O *HRUJHVFX %L]DQĠXO úL LQVWLWXĠLLOH URPkQHúWL SkQă OD PLMORFXO VHFROXOXL DO
;9,,,OHD%XFXUHúWLS±$QGUHL3LSSLGL7UDGLĠLDSROLWLFăEL]DQWLQăS

(PLO'UDJQHY9LUJLO3kVODULXF 5KLQRFRSLDvQWUDGLĠLDEL]DQWLQăúLURPkQHDVFăPHGLHYDOăvQ
YRO,QKRQRUHP,RDQ&DSURúX6WXGLLGHLVWRULH,DúLS±3RWULYLWDXWRULORUDFHDVWăPăVXUăD
IRVW vQ ğăULOH 5RPkQH FD úL vQ %L]DQĠ R IRUPă SXQLWLYă PHQLWă Vă vQOăWXUH VLPEROLF úL QX IL]LF XQ
SUHWHQGHQW OD WURQ 0ăVXUD DU IL DSăUXW vQ SULPHOH GHFHQLL DOH VHFROXOXL DO ;9,OHD vQ FRQGLĠLLOH FUL]HL
SXWHULLGRPQHúWLúLDVLVWHPXOXLVXFFHVRUDOúLDUILGLVSăUXWvQVHFROXODO;9,,OHDFkQGQXPLULOHGHGRPQ
VHIDFGRDUGHFăWUH3RDUWă5ăPkQHGHVWDELOLWGDFăWRDWHFD]XULOHGHvQVHPQDUHODQDVDXIRVWSURYRFDWH
GH WHQWDWLYH HúXDWH GH D REĠLQH WURQXO Y GH H[ &URQLFD %ăOHQLORU vQ &URQLFDUL PXQWHQL S  FDUH
DPLQWHúWH Fă SRVWHOQLFXOXL 1HDJRH 6ăFXLDQXO ÄL VDX WăLDW QDVXO GHQ FH SULFLQă QRL QX úWLP´ 9H]L GH
DVHPHQHDREVHUYDĠLLOHOXL3KLOLSSH%XF5LWXHOSROLWLTXHHWLPDJLQDLUHSROLWLTXHDX+DXW0R\HQ$JHvQ
Ä5HYXH+LVWRULTXH´&&&9,S±FDUHFULWLFăSUHVXSR]LĠLLOHIXQFĠLRQDOLVWHSRWULYLW
FăURUDH[LVWăROHJăWXUăVWUkQVăvQWUHVFKLPEăULOHvQSUDFWLFDULWXDOăúLPRGLILFăULOHvQVWUXFWXUDVRFLDOă
úL SROLWLFă ÌQ DFHDVWă SHUVSHFWLYă DU IL GH Yă]XW GDFă UHQXQĠDUHD OD SUDFWLFD UKLQRFRSLHL D IRVW GRDU
UH]XOWDWXOLPSXQHULLGHFăWUH3RDUWăDGRPQLORUvQğăULOH5RPkQH
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

QHRELúQXLWă D IRVW vQ VFKLPE SULPLUHD FX ÄPDUH SRPSă´ UH]HUYDWă ERLHULORU GH
FăWUH&RQVWDQWLQ%UkQFRYHDQX7H[WXOOXL5DGX3RSHVFXSDUHVăVXJHUH]HFăDIRVW
YRUEDGHRXPLOLUHDKLFOHQLORUGHSDURGLHUHDXQHLLQWUăULWULXPIDOHSURFHGHXPHQLW
Vă DúH]H vQ FRQWUDVW SH VXYHUDQ úL SH X]XUSDWRU XOWLPXO GHYHQLW SULQ LQWHUPHGLXO
IDOVHLFHUHPRQLLRÄILJXUăVLPHWULFăúLUăVWXUQDWă´DGRPQXOXL
,VWRULD DQRQLPă D ğăULL 5RPkQHúWL SDUH Vă VSULMLQH DFHDVWă LSRWH]ă 3RWULYLW
DFHVWXLWH[WÄYL]LULXODXSRUXQFLWFDSLFKHKDLHORUUXPkQHúWLúLERHULORUFHHUDDFROR
úL FX XQ SRSă 1HFXOD GH OD 6LQRS GX SHVWH 0DUHD 1HDJUă FUHGLQFLRV GRPQXOXL
PXQWHQHVF GH OXDUă SH 6WDLFR úL FX DL OXL EăJDĠL vQ ILHDUă úL vQ FăWXúL úLL SXVHUă
vQWUXQFDUPRFăQHVFúLvQWUDFHOFHDVvLSRUQLUăGHLDGXVHUăvQĠDUăSHFDUHLLDX
GHVFăUFDWGLQFDUODFDVDLD]DJLXOXLvQ%XFXUHúWLúLDXSRUXQFLWWXWXURUVOXMLWRULORUúL
WRĠLRDPHQLLWkUJXOXLVăVăVWUkQJăVăLYD]ăFXPvLDGXFùLPXOWQRURGGHRDPHQL
VHVWUkQVHVHFkWWRDWHXOLĠHOHHUDvQSăQDWHGLQFăWURYHQLHDùLWULPLVHSHJkGHDFXXQ
FLRPDJPDUHvQPkQăGHYHQLHDvQQDLQWHDORUvQFKLSGHSRVWHOQLFPDUHFăDúDVă
DX]LHDSUHFXP6WDLFRYUHDVăILHGRPQvQğDUD5XPkQHDVFă
'UHSWDFHHDúL&RVWDQGLQYRGăvLIăFHDFLQVWHFDDFHHDGHLWULPLVHVHSHJkGHD
vQ ORF GH SRVWHOQLF PDUH FX WRHDJ GH EHOGLH úL SH DUPDúXO FHO PDUH vQQDLQWH
vQVHPQkQGúLVIkUúLWXOOXLvQFHFKLSYDVăILH0DLYHQLHDvQQDLQWHúLERHULLFDUHHUD
WULPLúLODğDULJUDGSHQWUXGkQúLLúLGHRSDUWHúLGHDOWDWRDWăVOXMLWRULPHDGLQFDVD
OXL(IHQGLSkQăvQGLYDQXOFHOPDUHUkQGXULUkQGXULvQVSăWăULHDFHDPDUHERHULLDO
GRLOHDvQVSăWăULDFHDPLFăGRPQXOFXERHULLFHLPDULWRĠLXúLOHWRDWHGHVFKLVH3H
GkQúLLvLGXFHDFăOăUDúLLGHğDULJUDGGHVXSĠLRDUăúLvQSLHGLFDĠLvQILHDUăúLPkLQLOHvQ
FăWXúL $úD OHJDĠL GH PkLQL úL GH SLFLRDUH úL FX DFHVW IHOLX GH SRPSă LDX GXV OD
&RVWDQGLQYRGăúLLDXvQJHQXQFKHDWÌQFHSX&RVWDQGLQYRGăVă]LFă1DúILJkQGLW
6WDLFR Vă Yă] XQD FD DFHDVWD ]ăX QDú IL JkQGLW vQ YLHDĠD PHD &HOD FH vQWUDWkWD
YUHPHSULQWUDWkWHDORFXULúLFXDWkWHDIHOLXULGHXPEOHWHDVWă]LVăWHYă]GLQQDLQWHD
PHD vQWUDFHVWD FKLS ]ăX QDú IL JkQGLW 6WDLFX UăVSXQVH *UHúLW VkQW 0ăULL WDOH
GRDPQH 'XPQH]HX PDX GDW vQ PkQD 0ăULL WDOH PLOD PăULHL WDOH vQFă HVWH PDL
PDUHGHFkWJUHúDODPHD=LVHGRPQXO3UHGLLGLQ3URRURFLúLFHORUODOĠLFDGHDFHVWHD
6ăPDL]LFăHLFHYDQLPLFăQDXPDL]LVIăUăGHFkWJUHúLĠLVkQWHPGRDPQHJUHúLĠLúL
FHYDILPLOD0ăULLWDOH=LVHGRPQXO$UPDúLDSăGXPQHDORUGHLGXvQSXúFăULH
XQGHúDXJăWLWFăQRLDYHPDOWăWUHDEăVăEHPDVWă]LùLLUăGLFDUăGHLGXVHUăvQ
SXúFăULH úL GRPQXO DX UăPDV FX ERHULL WRĠL GH DX úă]XW OD PDVă WRDWă ]LRD SkQă
QRDSWHDFXIHDOXULGHPX]LFHFXWXQXULSUHFXPHVWHRELFHLXOGRPQLORUSHQWUXFă
VăvQWkPSODVHvQWUDFHD]LúLQXQWă´


$PSUHOXDWH[SUHVLDOXL0LFKHO)RXFDXOW$VXSUDYHJKHDúLDSHGHSVLSÄÌQ]RQDFHDPDL
vQWXQHFDWăDFkPSXOXLSROLWLFVHFRQWXUHD]ăFRQGDPQDWXOFDILJXUăVLPHWULFăúLUăVWXUQDWăDUHJHOXL´

$QRQLPXO %UkQFRYHQHVF ,VWRULD ğăULL 5RPkQHúWL S ± 3HQWUX vQFHUFăULOH GH
DWULEXLUH D FURQLFLL YH]L $XURUD ,OLHú &RQVWDQWLQ %UkQFRYHDQX úL FURQLVWLFD HSRFLL VDOH vQ
YRO &RQVWDQWLQ %UkQFRYHDQX FRRUG 3DXO &HUQRYRGHDQX )ORULQ &RQVWDQWLQLX %XFXUHúWL 
SúLQRWD

 2YLGLX&ULVWHD 

$YHP GHD IDFH GHFL FX R FHUHPRQLH vQ WRDWă UHJXOD vQ FDUH GRPQXO HVWH vQ
DFHODúL WLPS UHJL]RU VFHQDULVW úL SHUVRQDM SULQFLSDO 7RDWH LQJUHGLHQWHOH QHFHVDUH
SHQWUX XQ VSHFWDFRO VXQW SUH]HQWH XQ ORF GH GHVIăúXUDUH SHUVRQDMH GRPQXO
KLFOHQLL IDOVXO SRVWHOQLFJkGHOH PDUHOH DUPDú ERLHULL ÄFDODUDúLL GH ğDULJUDG´ 
SXEOLF )DUVD HVWH VXJHUDWă GH SUHOXDUHD DWULEXWHORU PDUHOXL SRVWHOQLF GH FăWUH
FăOăXSHUVRQDMPDUJLQDOSULQH[FHOHQĠăGHRDUHFHSULQQDWXUDPHVHULHLVDOHvQFDOFă
WDEXXOYăUVăULLVkQJHOXL0DLPXOWGHFkWDWkWJkGHOHHUDvQFHOHPDLPXOWHVLWXDĠLL
XQĠLJDQFDWHJRULHGHILQLWăvQğăULOH5RPkQHSULQOLSVDGHSHUVRQDOLWDWHMXULGLFă
7UDYHVWLUHDvQKDLQHOHPDUHOXLSRVWHOQLFDIRVWGDWRUDWăSRWULYLWWH[WXOXLSUHWHQĠLLORU
OD WURQ DOH OXL 6WDLFR %XFúDQX 3RVWHOQLFXOFăOăX IDFH LQWUDUHD vQ VFHQă D IDOVXOXL
GRPQvQWLPSGHPDUHOHDUPDúvLDVLJXUăLHúLUHD$SDULĠLDGHPQLWDUXOXLvQVăUFLQDW
FX SULQGHUHD FHUFHWDUHD YLQRYDĠLORU úL H[HFXWDUHD SHGHSVHORU VXJHUHD]ă
GH]QRGăPkQWXO7H[WXOFURQLFLLHVWHGHDOWIHOIăUăHFKLYRFDSDULĠLDPDUHOXLDUPDú
ÄvQVHPQkQG úL VIkUúLWXO OXL vQ FH FKLS YD Vă ILH´ 'LQ IDUVă vQ DFWXO vQWkL
UHSUH]HQWDĠLDVHYDWUDQVIRUPDXOWHULRUvQWUDJHGLHGDUSkQăDWXQFLHVWHGXVăSkQă
ODFDSăWXPLOLUHDSUL]RQLHULORU
$VHPHQHDXQRUFDSWLYLGHUă]ERLFDUHIăFHDXSDUWHGLQFRUWHJLXOvQYLQJăWRUXOXL
ERLHULLYLQRYDĠLDXIRVWSXUWDĠLÄGHVXSĠLRDUă´vQODQĠXULVXERFKLLXQHLPXOĠLPLFDUH
XPSOXVH SkQă OD UHIX] VWUă]LOH SkQă vQ IDĠD GRPQLWRUXOXL ( JUHX GH VSXV GDFă
SUHFL]DUHDSRWULYLWFăUHLDHVFRUWDDDSDUĠLQXWÄFăOăUDúLORUGHğDULJUDG´FXDOWHFXYLQWH
FXULHULORUvQVăUFLQDĠLFXWUDQVPLWHUHDúWLULORUDDYXWVXESDQDFURQLFDUXOXLXQDQXPLW
WkOF6HSRDWHREVHUYDGRDUFăQLFLHVFRUWDGLQWLPSXOSDUDGHLQXDIRVWFRQVWLWXLWăGLQ
JăU]LDXWHQWLFHILLQGVXEVWLWXLWăFXROăFDULLGRPQHúWL


2DQDOL]ăDDFHVWHLSUREOHPHSHQWUXVSDĠLXOSRORQOD+DQQD=DUHPVND/LHX[G¶H[pFXWLRQj
&UDFRYLH DX[ ;,9±;9,H VLqFOHV vQ YRO /LHX[ GX SRXYRLU DX 0R\HQ $JH HW j O¶pSRTXH PRGHUQH
HG0LFKDO7\PRZVNL9DUVRYLHS±3HQWUXDOHJHUHDúLIXQFĠLDORFXOXLGHFHOHEUDUHvQ
ğăULOH5RPkQHY5DGX*3ăXQ6ăUEăWRDUHúLSURSDJDQGăvQğăULOH5RPkQH6WUDWHJLLOHJHVWXOXLúL
FXYkQWXOXL ± vQÄ6XG(VWXOúL&RQWH[WXO(XURSHDQ%XOHWLQ´,,,S

3HQWUXDWULEXĠLLOHPDUHOXLSRVWHOQLFY1LFRODH6WRLFHVFX6IDWXOGRPQHVFúLPDULLGUHJăWRUL
GLQğDUD5RPkQHDVFăúL0ROGRYDVH;,9±;9,%XFXUHúWLS±

-DFTXHV/H*RII0HVHULLOLFLWHúLPHVHULLLOLFLWHvQ2FFLGHQWXOPHGLHYDOvQ,GHP3HQWUXXQ
DOW (Y 0HGLX 9DORUL XPDQLVWH vQ FXOWXUD úL FLYLOL]DĠLD (YXOXL 0HGLX %XFXUHúWL  , S 
FI -HDQ 3DXO 5RX[ 5HJHOH 0LWXUL úL VLPEROXUL %XFXUHúWL  S  0LFKHO )RXFDXOW $
VXSUDYHJKHDúLDSHGHSVLS

9LRUHO $FKLP ğLJDQLL vQ LVWRULD 5RPkQLHL %XFXUHúWL  S  6LWXDĠLH VLPLODUă úL vQ
7UDQVLOYDQLDXQGHĠLJDQLLH[HUFLWăDGHVHRULPHVHULDGHFăOăX9PăUWXULDOXLùWHIDQ6]iQWyvQ&ăOăWRUL
VWUăLQL GHVSUH ğăULOH 5RPkQH YRO ,, HG 0DULD +ROEDQ 0DULD 0DWLOGD $OH[DQGUHVFX 'HUVFD
%XOJDUX 3DXO &HUQRYRGHDQX %XFXUHúWL  S  Ä&ăFL DFL VXQW IRORVLĠL GUHSW Jk]L ĠLJDQLL VDX
WXUFLLSULQúLvQWUXFkWHVWHOXFUXQHPDLSRPHQLWFDXQXQJXUVăILIăFXWYUHRGDWăSHFăOăXOFăFLDUYUHD
PDLELQHVăPRDUăGH]HFHRULGHFkWVăvPSOLQHDVFăRVOXMEăDWkWGHPkUúDYă´FIFXWH[WXOOXL*LRYDQ
$QGUHD*URPRLELGHPS

9DOHQWLQ $O *HRUJHVFX 3HWUH 6WULKDQ -XGHFDWD GRPQHDVFă vQ ğDUD 5RPkQHDVFă úL
0ROGRYD±3DUW,2UJDQL]DUHDMXGHFăWRUHDVFă ± %XFXUHúWLS±
FI1LFRODH6WRLFHVFX6IDWXOGRPQHVFúLPDULLGUHJăWRULS±
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

1HSXWHPvQWUHEDGDFăWRDWăDFHDVWăUHSUH]HQWDĠLHLQVROLWăDDYXWXQPRGHOODFDUH
VDUDSRUWDWúLSULQLQWHUPHGLXOFăUXLDDVXJHUDWWkOFXOSXQHULLvQVFHQăPHVDMXOSHFDUH
GRPQLDDvQFHUFDWVăvOWUDQVPLWă'HVLJXUSULPXOLPSXOVDUILDQDORJLDFXEDWMRFRULUHD
OXL,LVXVGHFăWUHVROGDĠLLURPDQLÄ,DURVWDúLLDXGXVSH,VXVvQFXUWHDGLFăvQSUHWRULXúL
DXDGXQDWWRDWăFRKRUWD/DXvPEUăFDWFXSXUSXUăDXvPSOHWLWRFXQXQăGHVSLQLúL,DX
SXVRSHFDS$SRLDXvQFHSXWVă/VDOXWHSOHFăFLXQHÌPSăUDWXO,XGHLORUùL/ORYHDX
vQFDSFXRWUHVWLHvOVFXLSDXvQJHQXQFKHDXúL,VHvQFKLQDX'XSăFHúLDXEăWXWDVWIHO
MRFGH(O/DXGH]EUăFDWGHKDLQDGHSXUSXUă/DXvPEUăFDWFXKDLQHOH/XLúL/DXGXV
DIDUă FD Vă/ UăVWLJQHDVFă´ 0DUFX ;9 ±  2 DVHPHQHD DSURSLHUH HVWH vQVă
GLILFLO GH SUREDW 6XE SDQD FURQLFDUXOXL QX H[LVWă QLFL FHD PDL YDJă DOX]LH OD WH[WXO
(YDQJKHOLLORUúLDUILJUHXGHSUHVXSXVFă%UkQFRYHDQXDUILDOHVSHQWUXFRQVSLUDWRULXQ
PRGHODWkWGHLOXVWUXÌQSOXVvQDIDUDvQWkPSLQăULLGHFăWUHXQIDOVSRVWHOQLF6WDLFR
%XFúDQX QX HVWH DVRFLDW vQ QLFLXQ IHO FX vQVHPQHOH SXWHULL &RURDQD PDQWLD GH
SXUSXUă VFHSWUXO PHQLWH Vă LD vQ UkV UHJDOLWDWHD OXL ,LVXV QX VXQW DPLQWLWH GH
FURQLFDUúLQXSDUVăILIRVWIRORVLWHvQWLPSXOFHUHPRQLHLGLQ
0XOWPDLSUREDELOăHVWHDQDORJLDvQWUHDFHDVWăSURFHVLXQHúLXQDVSHFWDOSHGHSVHL
DSOLFDWHSHQWUXFULPDGHOH]PDLHVWDWHvQ%L]DQĠ&HLFDUHVHIăFHDXYLQRYDĠLGHWHQWDWLYă
GHUăVWXUQDUHDvPSăUDWXOXLHUDXVXSXúLXQHLEDWMRFRULULvQSXEOLFILLQGOHJDĠLGHPkLQLúL
REOLJDĠLVăFăOăUHDVFăLQYHUVSHVSLQDUHDXQXLDVLQVDXDXQHLFăPLOHUkLRDVH$FHVW
ÄWULXPI EDWMRFRULWRU´ DU VXJHUD SHQWUX 0LFKDHO 0F &RUPLFN WHQGLQĠD GH D VFRDWH vQ
HYLGHQĠăSHGHSVHOHVLPEROLFHPDLGHJUDEăGHFkWSHFHOHUHDOH&HUHPRQLDDVXIHULW


1X WUHEXLH GHVLJXU SLHUGXW GLQ YHGHUH IDSWXO Fă QX VH SRDWH SXQH VHPQXO HJDOLWăĠLL vQWUH
LQWHQĠLLOHOXL&RQVWDQWLQ%UkQFRYHDQXPRGXOvQFDUHDFHVWHDDXIRVWWUDQVSXVHvQSUDFWLFăúLIHOXOvQ
FDUHFURQLFDUXODIL[DWvQVFULVvQWUHDJDFHUHPRQLH7RWRGDWăHVWHJUHXGHDSUHFLDWvQFHPăVXUăDFHVWH
LQWHQĠLL DX IRVW FRUHFW GHVFLIUDWH GH FăWUH PXOĠLPHD GH SULYLWRUL UHVSHFWLY GH FLWLWRULL WH[WXOXL
$QRQLPXOXL %UkQFRYHQHVF 3HQWUX R DQDOL]ă DPăQXQĠLWă vQWUH ULWXDO GHVIăúXUDUHD DFHVWXLD úL WH[WXO
VFULVYH]LLQFLWDQWDOXFUDUHDOXL3KLOLSSH%XF'DQJHUHX[ULWXHO'HO¶KLVWRLUHPpGLpYDOHDX[VFLHQFHV
VRFLDOHV3DULVS±

&I0DWHL;;9,,±FDUHDGDXJăWUHVWLDSXVăvQFKLSGHVFHSWUXvQPkQDGUHDSWăDOXL
,LVXV+ULVWRV

(VWHJUHXGHVSXVGDFăFHOHWUHLVLPEROXULDYHDXFRUHVSRQGHQWvQUkQGXOvQVHPQHORUSXWHULL
GRPQHúWLGLQğăULOH5RPkQH5DGX*3ăXQÌQFRURQDUHDvQğDUD5RPkQHDVFăúL0ROGRYDvQVHFROXO
DO;9,,,OHD3ULQFLSLLDWLWXGLQLVLPEROXULvQÄ5HYLVWD,VWRULFă´9SLGHQWLILFDXQORWWLS
FDUHDUFXSULQGHFRURDQDVFHSWUXOFUXFHDVSDGDúLWURQXO

(VWHFD]XOSDWULDUKXOXL$QDVWDVLXVFDUHDVSULMLQLWvQWLPSXOOXL&RQVWDQWLQDO9OHDUHYROWD
OXL$UWDYDVGGUHSWSHGHDSVăSDWULDUKXODIRVWELFLXLWúLSOLPEDWGHDQGRDVHOHDFăODUHSULQ+LSRGURP
Y 0LFKDHO 0F &RUPLFN 9LWWRULD (WHUQD 6RYUDQLWj WULRQIDOH QHOOD WDUGD DQWLFKLWj D %LVDQ]LR H
QHOO¶2FFLGHQWH$OWRPHGLHYDOH0LODQRSFIFXH[HPSOXOOXL7RPD6ODYXOSOLPEDWvQVăvQ
IDĠDWUXSHORU LELGHPS 

&D]XO OXL $QGURQLF , D FăUXL SHGHSVLUH H[WUHP GH FRPSOH[ă D LQFOXV úL XQ ÄWULXPI
EDWMRFRULWRU´ JHORLZGRX9-ULDPERX DQLPDOXO GH SRYDUă ILLQG FăPLOD Y 1LFHWDV &KRQLDWHV
*UDQGH]]DHFDWDVWURIHGL%LVDQ]LRYRO,,HG-DQ/RXLV9DQ'LHWHQH$QQD3RQWDQL)LUHQ]H
;,S

0LFKDHO 0F &RUPLFN 9LWWRULD (WHUQD S  $XWRUXO QX VXVĠLQH GHVLJXU Fă DFHVWHD GLQ
XUPăQXHUDXDSOLFDWH

 2YLGLX&ULVWHD 

GHDOXQJXOWLPSXOXLVFKLPEăULVHPQLILFDWLYH0XWDWăFkQGYDvQVHFROXODO,9OHDGLQ
VWUDGă vQ LQWHULRUXO KLSRGURPXOXL D UHYHQLW vQ VWUDGă GLQ VHFROXO DO 9,,,OHD
UHFRQILJXUkQGUROXOvPSăUDWXOXLvQGHVIăúXUDUHDSURFHVLXQLL
ÌQ FD]XO ğăULORU 5RPkQH H[SXQHUHD SXEOLFă D XQXL YLQRYDW D SăVWUDW IRQGXO
EL]DQWLQPRGLILFkQGvQVăIRUPD,RDQ%HOVLXVDPLQWHúWHGHÄKXVăUHOXO´SOLPEDWSULQ
WkUJGUHSWXUPDUHDWHQWDWLYHLHúXDWHGHDODVDVLQDSH'HVSRW(PLVDUXO+DEVEXUJLORU
UHODWHD]ăFăÄRVkQGLWODPRDUWHDIRVWGXVSULQWRWORFXOOHJDWUHSHWkQGIăUăvQFHWDUHSH
GUXP$PIRVWWUăGăWRUIDĠăGHGRPQXOYRLHYRGúLVXIăURSHGHDSVăGUHDSWăFHLFHDU
vQFHUFD DFHODúL OXFUX VăúL LD R UăVSODWă FD DFHDVWD´ 0DL DSURSLDWH vQ WLPS GH
H[HPSOXO GLQ  VXQW FD]XULOH OXL 6WURH /HXUGHDQXO úL DO OXL &RQVWDQWLQ ùWLUEHL
8OWLPXOH[HPSOXLQWUăvQVăvQWURFDWHJRULHDSDUWHvQWUXFkWERLHUXOVDIăFXWYLQRYDW
QXGHÄKLFOHQLH´IDĠăGHGRPQFLGHvQVXúLUHDXQHLSăUĠLGLQEDQLLFDUHXUPDXVăLQWUH
vQYLVWLHULHÌQSOXVSRUXQFDGDWăFăSLWDQXOXLGHGRUREDQĠLÄVăFDXĠLXQFDUVăOSXL
úLVăOGXFLOD0HKHGLQĠLSăQVDWHOHFDUHOHOHDXMăIXLWVăOHGHDEDQLLFDUHOHDXOXDW
úLDSRLVăODGXFLvQVăVăOEDJLúLvQIHDUă´QXDPDLDSXFDWVăILHSXVăvQDSOLFDUH
GDWRULWăLQWHUYHQĠLHLVRĠLHLFRQGDPQDWXOXLUXGăFXGRPQXO
0XOW PDL DVHPăQăWRDUH FX H[HPSOXO GLQ  HVWH VLWXDĠLD OXL 6WURH
/HXUGHDQXO -XGHFDW GH $QWRQLH YRGă SHQWUX YLQD GH D IL LQVWLJDW XFLGHUHD
SRVWHOQLFXOXL &RQVWDQWLQ &DQWDFX]LQR YRUQLFXO 6WURH D IRVW SXV ÄvQWUXQ FDU FX GRL
ERL QXPDL FX DQWHULXO úL FX QăGUDJLL úL DX SXV QLúWH SULYLĠL OD FDU úL LDX VSkQ]XUDW
UăYDúHOHDFHOHD DOHFXLYRUILIRVW'XPQH]HXúWLH úLDúDFXDFHDSRPSăODXWUHFXW
SHQWkUJúLODXGXVODPăQăVWLUHD6QHDJRYXOXLGDUQXODXRPRUkWFLIăUăYRHODX
FăOXJăULW´2FDUDSXUWăULLSULQWkUJVXPDUvPEUăFDWúLFXÄFRUSXULOHGHOLFWH´DWkUQDWH
GH JkW VH DSURSLH GH XPLOLUHD SXEOLFă VXIHULWă GH 6WDLFR %XFúDQX úL WRYDUăúLL VăL


9GLVFXĠLDWHUPHQXOXLOD0DULD+ROEDQ'HVSUHRVkQGLULODPRDUWHSULQÄJODVXOSRSRUXOXL´
VXE'HVSRWvQÄ6WXGLL5HYLVWăGH,VWRULH´;;,,SúLQRWD

&ăOăWRULVWUăLQL,,S±,QWHUHVDQWHVWHFă%HOVLXVQXVSXQHQLPLFGHVSUHPRGXOvQ
FDUH D IRVW H[HFXWDW ÄKXVăUHOXO´ ÌQ VFKLPE XQ DOW VSLRQ DO OXL $OH[DQGUX /ăSXúQHDQX D IRVW WUDV vQ
ĠHDSăGXSăFHODUkQGXOVăXÄúLDPăUWXULVLWFULPDvQSLDĠDPDUH´ LELGHPS &ISHQWUXFD]XO
IUDQFH]FRQVLGHUDĠLLOHOXL0LFKHO)RXFDXOW$VXSUDYHJKHDúLDSHGHSVLS

&D]XO D IăFXW RELHFWXO VWXGLXOXL VHPQDW GH 'DQLHO %DUEX ,HUWDUHD úL GUHSWDWHD VDX GHVSUH
HFRQRPLDVRFLDOăDGDUXOXLvQ,GHP2DUKHRORJLHFRQVWLWXĠLRQDOăURPkQHDVFă6WXGLLúLGRFXPHQWH
%XFXUHúWLS±

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLS

,HUWDUHD DFRUGDWă DUDWă Fă PLORVWHQLD GRPQXOXL SXWHD Vă úWHDUJă RULFH YLQRYăĠLH 3HQWUX
'DQLHO %DUEX ,HUWDUHD úL GUHSWDWHD S  Ä,HUWDUHD VH GRYHGHúWH D IL UHJXOD SROLWLFă IXQGDPHQWDOă
HVWH vQVăúL OHJăWXUD FRQVWLWXĠLRQDOă GLQWUH GRPQ úL ĠDUă´ GHRDUHFH FKLDU úL vQ FD]XO FHORU PDL JUDYH
IăUăGHOHJL QX VXQW SXVH vQ GLVFXĠLH SULQFLSLL ÄFL GRDU HFKLOLEUXO UDSRUWXULORU SHUVRQDOH GLQWUH ĠDUD
FRQVWLWXĠLRQDOăúLGRPQ´ LELGHP 

&URQLFD%ăOHQLORUvQ&URQLFDULPXQWHQLS±'LVFXĠLDHSLVRGXOXLMXGHFăULLOXL6WURH
OD*KHRUJKH/D]ăU)XQFĠLDGLYDQXOXLFDLQVWLWXĠLHDGPLQLVWUDWLYMXGHFăWRUHDVFăvQğDUD5RPkQHDVFă
úL FRPSRQHQĠD DFHVWXLD ±  vQ YRO +LVWRULD 0DQHW YROXP RPDJLDO 'HPpQ\ /DMRV HG
9LROHWD%DUEXúL7G|V6.LQJD%XFXUHúWL±&OXMS±

$QDORJLLFXFD]XOIUDQFH]OD0LFKHO)RXFDXOW$VXSUDYHJKHDúLDSHGHSVLS3ULQDFHVW
SURFHGHX YLQRYDWXO HVWH OHJDW GH FRUSXO GHOLFW GH FULPD SH FDUH D FRPLVR úL DWHVWă DVWIHO DGHYăUXO
DFX]DĠLLORUFHLDXIRVWDGXVH
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

3RWULYLW H[HJH]HL HSLVRGXOXL PRGXO H[HPSODU vQ FDUH 6WURH /HXUGHDQXO D IRVW
SHGHSVLWDXUPăULWSXQHUHDvQDQWLWH]ăDYLQRYDWXOXLúLDYLFWLPHLÌQMRVLUHDLHúLWăGLQ
FRPXQDXQXLPDUHGUHJăWRUDFRQVWLWXLWXQIHOGHUHSDUDĠLHPRUDOăSHQWUX&RQVWDQWLQ
&DQWDFX]LQRSURFHVFHDFXOPLQDWFXFăOXJăULUHDIRUĠDWăDYRUQLFXOXL6WURHWRFPDLvQ
ORFXOvQFDUH&RQVWDQWLQSRVWHOQLFXOIXVHVHXFLV±PăQăVWLUHD6QDJRY
([LVWă vQVă úL FkWHYD GLIHUHQĠH VHPQLILFDWLYH ÌQ FD]XO ERLHULORU KLFOHQL
SURFHVLXQHDDDYXWORFvQDLQWHGHMXGHFDUHDFD]XOXLúLGHSURQXQĠDUHDVHQWLQĠHL$FHVW
GHWDOLX VXJHUHD]ă R PL]ă DSDUWH SXVă vQ MRF GH FăWUH GRPQ FDUH D ĠLQXW Vă VHSDUH
XPLOLQĠDSXEOLFăGHH[HFXĠLDFRQGDPQDĠLORU3ULPDSDUWHSDUHVăVXJHUH]HFăWHQWDWLYD
GHWXOEXUDUHDOLQLúWLLĠăULLDIRVWXQDFWQHFXJHWDWRQHEXQLHFDUHvQXOWLPăLQVWDQĠă
WUHEXLDVăILHOXDWăvQUkVGHvQWUHDJDREúWH'DQLHO%DUEXDUHPDUFDWFăSHQWUXHSRFD
UHVSHFWLYă ÄVWDUHD GH RGLKQă D IRVW GRULQĠD IXQGDPHQWDOă D VRFLHWăĠLL URPkQHúWL
FULWHULXO GXSă FDUH DFHDVWD HUD vQFOLQDWă Vă HYDOXH]H UHXúLWD SROLWLFă D RULFăUHL
GRPQLL´ ÌQ DFHDVWă LQWHUSUHWDUH RULFH Uă]YUăWLUH ÄQX DU IL IăFXW GHFkW Vă WXOEXUH
OLQLúWHDĠăULLúLOLQLúWHDVRFLDOă´úLvQXOWLPăLQVWDQĠăDUILIRVWXQDFWGHQHEXQLHFDUH
WUHEXLD WUDWDW FX RFDUă (UD ÄQHEXQ WLFăORVXO úL IăU GH PLQWH´ VSXQH vQ DFHVW VHQV
$QRQLPXO&DQWDFX]LQHVFGHVSUHWHQWDWLYDOXL+UL]HDGLQ%RJGăQHLGHDREĠLQHWURQXO
ODVIkUúLWXOGRPQLHLOXL0DWHL%DVDUDE1HEXQDIRVWFkWHYDGHFHQLLPDLWkU]LXúL
3UHGD GLQ 3URRURFL FDUH VD SUH]HQWDW OD 3RDUWă vQ ĠLQXWă QHPĠHDVFă LDU WH[WXO
VXJHUHD]ă Fă 6WDLFR %XFúDQX D IRVW OD IHO GH QHEXQ Vă VH vQWRYăUăúHDVFă FX HO
&URQLFDUXOSXQHSHVHDPDGRPQXOXLFXYLQWHGLQFDUHUH]XOWăGLVFUHSDQĠDGLQWUHYkUVWD
úLH[SHULHQĠDERLHUXOXLúLJHVWXOGHDXQHOWL'HJHDEDDXPEODWYUHPHvQGHOXQJDWăSULQ
GLIHULWHORFXULvQ]DGDUDSXWXWVăYDGăúLVăDXGăWRWIHOXOGHOXFUXULGDFăDIRVWDWkW
GHQHVăEXLWvQFkWVăDMXQJăOHJDWvQPkLQLOHGRPQLWRUXOXLOHJLWLP$PELĠLLOHSROLWLFH
QHPăVXUDWHUHSURúDWHERLHUXOXLGLQ0HULúDQL ÄLQQăOĠkQGXVHúL HOFXILUHD´ SDUVă
ILH XQ HFRX DO VLQWDJPHL ÄGRPQ GLQ PLMORFXO PăUăFLQLORU´ IRUPXOă EDWMRFRULWRDUH
PHQLWăVăGHILQHDVFăFDUDFWHUXOJURWHVFDOWHQWDWLYHLGHGREkQGLUHDWURQXOXLÄ/LQLúWHD
ĠăULL´RGDWăWXOEXUDWăQXSRDWHDWUDJHvQFD]GHHúHFGHFkWRSUREULXO


*KHRUJKH/D]ăU)XQFĠLDGLYDQXOXLSIRDUWHVXPDUHSLVRGXOHDPLQWLWGH9DOHQWLQ$O
*HRUJHVFX %L]DQĠXO úL LQVWLWXĠLLOH URPkQHúWL S  FI &ULVWLQD &RGDUFHD 6RFLpWp HW SRXYRLU HQ
9DODFKLH ±  HQWUH OD FRXWXPH HW OD ORL %XFDUHVW  S  úL QRWD  YRUEHúWH GH
ÄPRDUWHDSROLWLFă´DERLHUXOXLREOLJDWVăVHFăOXJăUHDVFă

'DQLHO%DUEX,HUWDUHDúLGUHSWDWHDS

$QRQLPXO&DQWDFX]LQHVF,VWRULDğăULL5RPkQHúWLvQ&URQLFDULPXQWHQLS

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLSÄSRUWXOFHOQHPĠHVF FDVăQX]LF
QHEXQHVF FHOSXUWD3UHGDGH3URRURFL´

5DGX*UHFHDQX,VWRULDGRPQLHLOXL&RQVWDQWLQ%DVDUDE%UkQFRYHDQX9RLHYRGvQ&URQLFDUL
PXQWHQLS

$QRQLPXO &DQWDFX]LQHVF ,VWRULD ğăULL 5RPkQHúWL vQ &URQLFDUL PXQWHQL S  FD R
FRPSDUDĠLHYH]LIRUPXODÄUHJHDOSăOăULHLúLDOYkQWXOXL´SULQFDUHFURQLFDUXOFDWDODQ5DPRQ0XQWDQHU
/D VSHGL]LRQH GHL &DWDODQL LQ 2ULHQWH D FXUD GL &HVDUH *LDUGLQL 0LODQR  S   SHUVLIOD
SUHWHQĠLLOHOXL&DUROGH9DORLVGHDGHYHQLvPSăUDWODWLQGH&RQVWDQWLQRSRO5DGX*UHFHDQX,VWRULD
SĠLQHVăVXEOLQLH]HRULJLQHDXPLOăDOXL6WDLFR ÄDXIRVWRPGHMRV´ 

 2YLGLX&ULVWHD 

ÌQ FRQWUDVW D GRXD SDUWH D UH]ROYăULL FUL]HL MXGHFDWD úL SHGHDSVD SDUH Vă
LJQRUH FDUDFWHUXO GHPQ GH OXDW vQ UkV DO WHQWDWLYHL 2ULFkW GH ÄIăUă GH PLQWH´ VDX
GRYHGLWDILFRQVSLUDWRULLGRPQXOWUHEXLHVăMXGHFHúLVăUHVSHFWHSUDYLOD3HGHDSVD
FDSLWDOă SURPXOJDWă vQ SUH]HQĠD UHSUH]HQWDQWXOXL %LVHULFLL YLQH Vă vQWăUHDVFă UROXO
MXVWLĠLDUDOGRPQXOXLúLVăGHVFXUDMH]HRULFHDOWăWHQWDWLYăGHDFHODúLJHQ
2DOWăGLIHUHQĠăIDĠăGHFD]XOOXL6WURH/HXUGHDQXHVWHOHJDWăGHSRQGHUHDSH
FDUHH[SXQHUHDvQSXEOLFRDUHvQGLDORJXOGLQWUHSXWHUHúLRVkQGLW'DFăvQFD]XOOXL
6WURH XPLOLUHD vQ IDĠD PXOĠLPLL VH UHGXFH OD SOLPEDUHD SULQ WkUJ vQ  SDUDGD
FRQVSLUDWRULORUOHJDĠLvQODQĠXULFRQVWLWXLHGRDURSULPăHWDSăDVSHFWDFROXOXL(DVD
GHUXODW SH VWUă]LOH %XFXUHúWLXOXL SkQă vQ VSăWăULD FHD PLFă DFROR XQGH FX ÄXúLOH
WRDWHGHVFKLVH´DúWHSWDXGRPQXOúLERLHULLFHLPDUL&XYLQWHOHSDUVăVXJHUH]HFăvQ
FLXGD GLPLQXăULL QXPăUXOXL FHORU FDUH SXWHDX DVLVWD OD VFHQă FDUDFWHUXO SXEOLF DO
DFHVWHLDVDPHQĠLQXWFKLDUúLvQWUXQVSDĠLXUH]HUYDWGRDUHOLWHLSROLWLFHDĠăULL
8UPăWRUXO PRPHQW HVHQĠLDO SHQWUX vQWUHDJD UHSUH]HQWDĠLH HVWH FHO DO
FRQIUXQWăULLGLQWUHGRPQXOOHJLWLPúLX]XUSDWRU7ULXPIXOFHOXLGLQWkLHVWHXUPDUHD
MXGHFăĠLL OXL 'XPQH]HX FKLDU GDFă vQ XOWLPă LQVWDQĠă WXUFLL DX IRVW FHL FDUH DX
vQFOLQDW EDODQĠD vQ IDYRDUHD OXL &RQVWDQWLQ %UkQFRYHDQX 6XFFHVXO WUHEXLH GUHSW
XUPDUHH[KLEDWvQIDĠDvQWUHJLLĠăULQXQXPDLSHQWUXDGDSLOGăFHORUFDUHDUPDLIL
FXWH]DW Vă vQFHUFH REĠLQHUHD WURQXOXL GDU úL SHQWUX D VXEOLQLD vQ RFKLL WXWXURU
OHJăWXUD VSHFLDOă H[LVWHQWă vQWUH GRPQ úL GLYLQLWDWH (YHQLPHQWXO RUJDQL]DW vQ
 HVWH XQ GLVFXUV DO SXWHULL R IRUPă GH UHSUH]HQWDUH ÄR PDQLHUă SULQ FDUH
SULQFLSHOHVHSUH]LQWăVHH[SXQHVRFLHWăĠLL´
ÌQ DFHDVWă ORJLFă GLDORJXO GLQWUH YRGă %UkQFRYHDQX úL ERLHULL KLFOHQL DúD
FXPHVWHUHODWDWGHFURQLFDUYLQHVăFRQILUPHúLVăvQWăUHDVFăLQWHQĠLLOHSXWHULL7RĠL
FDSWLYLLVHGHFODUăSHUkQGYLQRYDĠLWRĠLVXQWFRQúWLHQĠLFăDXIRVWGDĠLGH'XPQH]HX
vQ PkLQLOH GRPQXOXL WRĠL VH vQFUHGLQĠHD]ă PLORVWHQLHL GRPQHúWL 'LQ QRX DP IL
WHQWDĠL Vă FăXWăP R VRUJLQWH EL]DQWLQă SHQWUX XQ DVWIHO GH GXHO YHUEDO vQ FDUH
SUL]RQLHULLQXIDFGHFkWVăUHVSHFWHUHJXOLOHLPSXVHGHvQYLQJăWRULÌQ%L]DQĠH[LVWD
RELFHLXOFDvQJHQXQFKHUHDUHEHOXOXLvQIDĠDvPSăUDWXOXLVăILH XUPDWăGHRFăOFDUH
ULWXDOă vQ SLFLRDUH D FHOXL vQYLQV DELD DSRL XUPkQG SURQXQĠDUHD VHQWLQĠHL úL
H[HFXĠLD8QH[HPSOXFHOHEUXGHFăOFDUHGDUGXSăXQDOWFHUHPRQLDOHVWHFHODOOXL
3HWUX 5DUHú GH FăWUH VXOWDQ 3RWULYLW FHOXL GHDO ;,9OHD GLQWUH FXYLQWHOH OXL
1HFXOFH5DUHúDIRVWvPEUăFDWÄFXFDIWDQVăILHLDUăúLGRPQXvQ0ROGRYD´QXPDL
GXSăFHVXOWDQXODWUHFXWvQWUHLUkQGXULFXFDOXOSHVWHHO


$PSUHOXDWDLFLGHILQLĠLDOXL$QGUHDV6XWHU+LVWRLUHVRFLDOHHWpYpQHPHQWVKLVWRULTXHV3RXU
XQH QRXYHOOH DSSURFKH vQ Ä$QQDOHV +LVWRLUH 6FLHQFHV 6RFLDOHV´   S  SHQWUX FDUH
HYHQLPHQWXOHVWHXQIDSWFXXQFDUDFWHUQHDúWHSWDWVDXH[WUDRUGLQDUvQUDSRUWFXRUL]RQWXOFRWLGLDQ

5DGX*3ăXQ6ăUEăWRDUHúLSURSDJDQGăS

9FD]XOOXL7RPD6ODYXODQDOL]DWGH0LFKDHO0F&RUPLFN9LWWRULD(WHUQDS±

,RQ 1HFXOFH /HWRSLVHĠXO ğăULL 0ROGRYHL S  Ä,DUă GXSă FH VDX GXV 3HWUXX!YRGă OD
3RDUWă DúHD YRUEăVFX RDPHQLL Fă DX JUăLW YL]LULXO vQSăUDWXOXL VăO LDUWH úL VăO SXLH LDU GRPQX vQ
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

&ăOFDUHDvQSLFLRDUHHVWHDPLQWLWăvQPRGDOX]LYGH$QRQLPXO%UkQFRYHQHVF
ÄODXRVkQGLW'XPQH]HXGHODXDGXVVXSWSLFLRDUHOHOXLFDSUHXQYUăMPDú´ vQVă
OLSVHúWH vQ GHUXODUHD FHUHPRQLHL GLQ  &X DFHDVWă RFD]LH D IRVW SăVWUDWă GRDU
DGXFHUHD vQ IDĠD VXYHUDQXOXL úL DSHOXO OD PLOD DFHVWXLD 'DFă vQ FD]XO EDVLOHLORU
VRDUWDYLQRYDĠLORUHUDGHFLVăSHORFvQFD]XOUHODWDW&RQVWDQWLQ%UkQFRYHDQXDOăVDW
VăVHSUHOXQJHDVFăVXVSDQVXO
'RPQXO D SXV FDSăW GLDORJXOXL úL SURFHVLXQLL GkQG SH PkQD DUPDúXOXL SH
YLQRYDĠLSHQWUXFăDFRQVLGHUDWFăvPSUHXQăFXERLHULLDUHOXFUXULPDLLPSRUWDQWH
GHIăFXW(VWHJUHXGHVSXVGDFăFXYLQWHOHÄFăQRLDYHPDOWăWUHDEăVăEHPDVWă]L´
VDXGDWRUDWÄSHQWUXFăVăvQWkPSODVHvQWUDFHD]LúLQXQWă´VDXSHQWUXFăGRPQXOD
YUXW Vă DGDXJH R QRWă vQ SOXV XPLOLQĠHL DPkQkQG MXGHFDUHD XQRU ÄVPLQWLĠL´
%UkQFRYHDQXSăUHDVăGHDGHvQĠHOHVFăSXWHUHDVDHVWHWHPHLQLFFRQVROLGDWăúLFăQX
SRDWHILSXVăODvQGRLDOăGHSHUVRQDMHGHFDOLEUXOFHORUFLQFLKLFOHQL2ULFXPIDSWXO
Fă vQ XOWLPă LQVWDQĠă GRPQXO D IRVW FHO FDUH D GHFLV PRPHQWXO vQ FDUH 6WDLFR
%XFúDQX úL WRYDUăúLL VăL DX IRVW vQWkPSLQDĠL ÄFX PDUH SRPSă´ DU IL XQ LQGLFLX vQ
IDYRDUHD FHOHL GHD GRXD YDULDQWH 7RW vQ DFHODúL VHQV DU SOHGD úL vQVHPQDUHD
FURQLFDUXOXL Fă 6WDLFR úL DL VăL DX IRVW GXúL ÄvQ WHPQLĠă GH GHVXSW XQGH OăFXHVF
WkOKDULL´ÌQFKLGHUHDODXQORFFXLQIUDFWRULLGHUkQGFRQVWLWXLDRPăVXUăvQSOXVGH
GHJUDGDUHvQGHILQLWLYFLQHULGLFDPkQDDVXSUDVXYHUDQXOXLVăXOHJLWLPULGLFDPkQD
vPSRWULYDOXL'XPQH]HX
-XGHFDUHD FHORU FLQFL D PDL DYXW vQVă GH DúWHSWDW Ä0XOWă YUHPH DX WUHFXW´
SUHFL]HD]ă FURQLFDUXO ÄSkQă D OH IDFH GLYDQXULOH´ $U IL GH Yă]XW GDFă DFHDVWă
DPkQDUH D ĠLQXW GH vQFHUFDUHD GRPQXOXL GH D GD GH UDPLILFDĠLLOH FRPSORWXOXL VDX
GDFă D DYXW vQ YHGHUH DOWH FRQVLGHUHQWH 3kQă D JăVL vQVă XQ UăVSXQV DFHVWHL
FKHVWLXQL PHULWă GLVFXWDWH DOWH FkWHYD HOHPHQWH GLQ SULPLUHD ÄFX PDUH SRPSă D
FHORU FLQFL´ ÌQ SULPXO UkQG FDUH D IRVW UROXO SXEOLFXOXL vQ DFHDVWă SXQHUH vQ
VFHQă"7H[WXOVXVĠLQHFăGRPQXODGDWGLVSR]LĠLLVOXMLWRULORUúLRDPHQLORUWkUJXOXL
VăVHDGXQHúLFăSRUXQFDDIRVWvQGHSOLQLWă
0LFKHO%pHDLQVLVWDWDVXSUDUROXOXLSXEOLFXOXLvQFD]XOH[HFXĠLLORUGLQ)UDQĠD
úL DVXSUD UHODĠLLORU FDUH VH VWDELOHVF vQWUH RVkQGLW úL SULYLWRUL ,VWRULFXO IUDQFH] D

0ROGRYD,DUvQSăUDWXODXUăVSXQVXFăLJLXUDWSkQăQXYDWUHFHFXFDOXOSUHVWHGkQVXOVăQXOODVă
'HFLYL]LULXODX]LVFăLSUHOHVQHDSOLQLPăULLDWDJLXUăPkQWXOùLODXVFRVODFkPSXúLODXFXOFDWOD
SăPkQWvQYăOLWvQWUXQKDUDULXúLODXVăULWvQSăUDWXOGHWULLRULFXFDOXO,DUDOĠLL]LFXFăDXúH]XWVXSW
XQSRGúLvQSăUDWXODXWUHFXWGHWULLRULSHSRG´

$QRQLPXO %UkQFRYHQHVF ,VWRULD ğăULL 5RPkQHúWL S  LQWHUHVDQW HVWH Fă R IRUPXOă
DVHPăQăWRDUH VH UHJăVHúWH vQ WH[WHOH OXL $[LQWH 8ULFDULXO úL *KHRUJKH 3DSDGRSRO UHIHULWRDUH OD
UkQGXLDOD GH vQFRURQDUH D GRPQLORU ÄÌQWăUHúWH EUDĠXO OXL úL VXSXQH SLFLRDUHORU OXL RULFH GXúPDQ úL
SRWULYQLF´Y5DGX*3ăXQÌQFRURQDUHDS

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLS

3HQWUXLPSRUWDQĠDSDUWLFLSăULLSXEOLFXOXLODVăUEăWRULOHGRPQHúWLY5DGX*3ăXQ6ăUEăWRDUHúL
SURSDJDQGăSSHQWUXVLWXDĠLDH[HFXĠLLORUúLDUROXOXLSXEOLFXOXLvQDFHVWHVSHFWDFROHSXQLWLYHY
0LFKHO)RXFDXOW$VXSUDYHJKHDúLDSHGHSVLSúL±

 2YLGLX&ULVWHD 

DYDQVDW FKLDU LSRWH]D XQHL VXEVWLWXLUL VDX D XQXL WUDQVIHU GH YLQRYăĠLH GLQVSUH
PXOĠLPH VSUH FRQGDPQDW SULQWUXQ SURFHV FDUH vPEUDFă DVSHFWH H[WUHP GH
FRPSOH[HÌQVSDĠLXOURPkQHVFYHULILFDUHDXQHLDVWIHOGHLSRWH]HDUDYHDQHYRLHGH
XQVXSRUWGRFXPHQWDUFDUHGHIRDUWHPXOWHRULOLSVHúWH
&KLDUúLDWXQFLFkQGVHIDFUHIHULULODUHDFĠLLOHVSHFWDWRULORUDFHVWHDLQVLVWăvQ
SULPXOUkQGSHDSUHFLHUHDMXVWHĠHLSHGHSVHL(VWHvQVăOHJLWLPVăQHvQWUHEăPGDFă
HVWHYRUEDGHRWUDQVSXQHUHILGHOăvQVFULVDVHQWLPHQWHORUPXOĠLPLLVDXSRDWHGHR
VWUDWHJLHDDXWRUXOXLWH[WXOXL'HH[HPSOX,RDQ%HOVLXVDPLQWHúWHFăSHGHSVLUHDGH
FăWUH'HVSRWDSUHWHQGHQWXOXLODWURQ$QGUHLFDQXDSURYRFDWvPSRWULYLUHDPXOĠLPLL
ÄQLFLFXFXYkQWXOQLFLFXIDSWD´(VWHvQVăPDLSUREDELOFăvQDFHVWIHO%HOVLXV
vQFHUFDVăOFRQYLQJăSH0D[LPLOLDQGH+DEVEXUJFăGRPQXO0ROGRYHLVHEXFXUD
GHVSULMLQXOSRSRUXOXLVăX7RWFDXQDUWLILFLXOLWHUDUSRDWHILLQWHUSUHWDWúLHSLORJXO
UHODWăULL OXL :ROIIJDQJ %HWKOHQ GHVSUH GHFDSLWDUHD XQRUD GLQWUH SDUWLFLSDQĠLL OD
FRQVSLUDĠLD vPSRWULYD SULQFLSHOXL 7UDQVLOYDQLHL 6LJLVPXQG %DWKRU\ vQ 
3RWULYLWWH[WXOXLRSORDLHYLROHQWăFDUHDVSăODWGHVkQJHWUXSXULOHH[HFXWDĠLORUDUIL
IăFXW PXOĠLPHD Vă DILUPH Fă DFHúWLD DX IRVW QHYLQRYDĠL úL Fă DX IRVW SH QHGUHSW
FRQGDPQDĠLODPRDUWH
([HPSOHOHVXVDPLQWLWHQXLOXVWUHD]ăH[LVWHQĠDXQHLUHODĠLLvQWUHFRQGDPQDWúL
SXEOLF GH WLSXO FHOHL DUJXPHQWDWH GH 0LFKHO %pH SHQWUX )UDQĠD 2 H[FHSĠLH DU
FRQVWLWXLGRXăFD]XULGHFRQGDPQDUHODPRDUWHSULQÄJODVXOSRSRUXOXL´DQDOL]DWHGH
0DULD +ROEDQ GDU DXWRDUHD VWXGLXOXL VH IHUHúWH SH EXQă GUHSWDWH Vă WUDJă
FRQFOX]LL WUDQúDQWH 0DL vQWkL SHQWUX Fă DU WUHEXL GHVFLIUDW FH vQĠHOHJH DXWRUXO
WH[WXOXL,RDQ%HOVLXVSULQSRSRUDSRLSHQWUXFăHVWHJUHXGHVSXVGDFăÄJODVXO
SRSRUXOXL´DIXQFĠLRQDWILHúLSHQWUXVFXUWWLPSFDLQVWDQĠăGHMXGHFDWăVDXGDFăD
IRVWGRDUXQDUWLILFLXSULQFDUH'HVSRWDvQFHUFDWVăVFDSHGHERLHULLRVWLOL


0LFKHO%pH/DVRFLHWpWUDGLWLRQHOOHHWODPRUWvQÄ/H;9,,HVLqFOH´QU±S

&ăOăWRULVWUăLQL,,S

,QWHUSUHWDUH VSULMLQLWă FKLDU GH FRQFOX]LD OXL %HOVLXV Ä'H DLFL VH SRDWH YHGHD DSOHFDUHD
SRSRUXOXL SHQWUX 'HVSRW úL IHOXO FXP FkUPXLHúWH úL FkW GH VWăUXLWRU vúL vQWăUHúWH SXWHUHD´ LELGHP
S±

:ROIIJDQJ %HWKOHQ +LVWRULD GH UHEXV 7UDQVLOYDQLFLV HG VHFXQGD ,,, &LELQLL 
S±ÄTXDPSULPXPDXWHPGHFROODWHVXQWPDJQD YHKHPHQVLPEULXPYLVGHFRHORGHFLGLW
FRUSRUDTXHGHFROODWRUXPDVDQJYLQHODYLWH[TXRVLJQRSOXULPLFRQMHFWDEDQWLOORVLQVRQWHVIXLVVH 
LPPHULWRPRUWHPVXELYLVVH´

0DULD +ROEDQ 'HVSUH RVkQGLUL OD PRDUWH SULQ ÄJODVXO SRSRUXOXL´ vQ Ä6WXGLL 5HYLVWă GH
,VWRULH´;;,,S±vQRSR]LĠLHFXDFHDVWăPDQLHUăGHDMXGHFDVHDIOăIRUPDVHFUHWă
DSURFHGXULLvQFD]XO)UDQĠHL3HQWUX0LFKHO)RXFDXOW$VXSUDYHJKHDúLDSHGHSVLSSULQDFHDVWă
PDQLHUă PRQDUKXO DU VXEOLQLD Fă GUHSWXO GH D SHGHSVL FRQVWLWXLH R SUHURJDWLYă UHJDOă SULQ H[FHOHQĠă
FDUHQXDUSXWHDILSUHOXDWăGHPXOĠLPH

,ELGHP S ± %HOVLXV DU IDFH R GLIHUHQĠLHUH vQWUH SRSRU úL PXOĠLPH 3RSRUXO DU IL
UHSUH]HQWDWGHORFXLWRULLWkUJXULORU0ROGRYHLvQWLPSSRSXODĠLDUXUDOăDUILFRQVWLWXLWPXOĠLPHD

,ELGHPS
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

5HYHQLQGODFHUHPRQLDGLQUROXOSXEOLFXOXLSDUHVăILIRVWvQOLSVăGHDOW
UHSHUGRDUXQXOSDVLY6LPSODGHILODUHSULQIDĠDPXOĠLPLLDGXQDWHGLQWkUJHUDXQDFWGH
vQMRVLUHXQJHVWSULQFDUHSXWHUHDvQFHUFDVăIL[H]HGUHSWSLOGăvQPHPRULDDVLVWHQĠHL
FHHDFHSăĠHDXFHLFDUHvQGUă]QHDXVăXQHOWHDVFă&KLDUúLvQDFHDVWăVLWXDĠLHDUWUHEXLVă
QHvQWUHEăPvQFHPăVXUăDFHVWPHVDMHUDUHĠLQXWGHFHLFăURUDOHHUDDGUHVDW"ÌQDFHDVWă
SULYLQĠăUăVSXQVXOSDUHVăILHPDLGHJUDEăFRQWUDULQWHQĠLLORUGRPQLHL1XPăUXOIRDUWH
PDUHGHFD]XULGHÄKLFOHQLH´GLQVHFROHOH;9,±;9,,DUDWăIDSWXOFăGHúLFHLFDUHVH
DQJDMDXvQWURDVHPHQHDDYHQWXUăvúLSXQHDXvQSHULFROYLDĠDúLDYHUHDH[LVWDXGHVWXL
GLVSXúLVăúLDVXPHDFHVWULVF1LFLvQSULYLQĠDDOWRUWLSXULGHSHGHSVHQXVDUFRQVWDWD
PDULGLIHUHQĠH*HRUJ5HLFKHUVWRUIIHUSUHFL]DSHQWUX0ROGRYDVHFROXOXLDO;9,OHDFă
ÄXQHRUL VH GDX SHGHSVH DVSUH FKLDU úL SHQWUX FHOH PDL PLFL DEDWHUL SHQWUX FD SULQ
DFHDVWDVăILHDGXVHODPDLPXOWăDVFXOWDUHVXIOHWHOHORUSOLQHGHvQGăUăWQLFLH2GRYDGă
DDFHVWXLOXFUXVHSRDWHYHGHDvQPXOĠLPHDGHRDPHQLRUELFăURUDOLVDXVFRVRFKLLVDX
FHL FăURUD OL VDX WăLDW PkLQLOH SHQWUX IDSWHOH VăYkUúLWH´ LDU ,RDQ %HOVLXV FRQILUPă
DFHVWHREVHUYDĠLLDILUPkQGÄWRDWăDFHDVWăĠDUăSRDWHILQXPLWă ĠDUDVFKLQJLXLĠLORUD
FHORU FKLRUkĠL úL RUELĠL D FLXQJLORU úL D PXWLODĠLORU´ FXYLQWH FH VXJHUHD]ă Fă
DVSULPHDSHGHSVHORUQXUHXúHDVăSXQăFDSăWIăUăGHOHJLORU
&RQFOX]LLVLPLODUHVHSRWWUDJHPăFDUSHQWUXXQHOHVLWXDĠLLúLSHQWUXUHJDWXO
)UDQĠHL $LFL DX IRVW SURPXOJDWH vQFHSkQG FX GRPQLD OXL +HQULF DO ,9OHD XQ
QXPăU GH HGLFWH vPSRWULYD GXHOXOXL $FHDVWă SUDFWLFă HUD DVRFLDWă FX R FULPă GH
OH]PDLHVWDWH LDU FHL FDUH VH IăFHDX YLQRYDĠL ULVFDX SHGHSVH IRDUWH DVSUH 'DU vQ
FLXGD XQRU H[HFXĠLL VDX D H[SXQHULL FHORU Fă]XĠL vQ GXHO vQ ORFXULOH UH]HUYDWH
FRQGDPQDĠLORUODPRDUWHPăVXULOHOXDWHQXSDUVăILGDWUH]XOWDWHOHDúWHSWDWH
ÌQWRUFkQGXQH OD SULPLUHD FX PDUH SRPSă D FHORU FLQFL ERLHUL GH FăWUH YRGă
%UkQFRYHDQX SXWHP WUDJH FRQFOX]LD Fă GHúL FDUDFWHUXO H[HPSODU DO SHGHSVHL QX
SRDWHILH[FOXVPL]DUHSUH]HQWDĠLHLRIHULWHSDUHVăILIRVWvQDOWăSDUWH(VWHVXJHVWLY
vQDFHVWVHQVFăGHúLvQFD]XULGHKLFOHQLHVHRELúQXLDILHH[HFXWDUHDYLQRYDĠLORUILH
vQVHPQDUHD ORU OD QDV &RQVWDQWLQ %UkQFRYHDQX D UHFXUV OD R vQMRVLUH SXEOLFă


&ăOăWRULVWUăLQLGHVSUHğăULOH5RPkQH,HG0DULD+ROEDQ%XFXUHúWLS

&ăOăWRULVWUăLQL,,S

1H SXWHP vQWUHED vQVă GDFă QX FXPYD %HOVLXV vQFHDUFă Vă FRQWUDSXQă SROLWLFD OXL 'HVSRW
FHOHLD SUHGHFHVRUXOXL VăX $OH[DQGUX /ăSXúQHDQX DúD FXP R VXJHUHD]ă SDVDMXO ÄÌQORFXO FHOHLPDL
FXPSOLWHQHGUHSWăĠLúLWLUDQLLDOXL$OH[DQGUXHOURVWHúWHMXGHFăĠLFXFHDPDLPDUHQHSăUWLQLUHúLSă]HúWH
GUHSWDWHDIDĠăGHWRWQHDPXOGHRDPHQL«´ &ăOăWRULVWUăLQL,,S 'DFăDFHDVWăLQWHUSUHWDUHH
FRUHFWă DWXQFL PXOĠLPHD FHORU VFKLQJLXLĠL DU IL GRDU R H[DJHUDUH PHQLWă Vă DUJXPHQWH]H FDUDFWHUXO
WLUDQLFDOGRPQLHLOXL/ăSXúQHDQX

2RUGRQDQĠăGLQUHFXQRúWHDvQSUHDPEXOXOVăXFăQLFLFOHPHQĠDQLFLSHGHSVHOHVHYHUH
QX DX UHXúLW Vă SXQă FDSăW IODJHOXOXL GXHOXOXL 9 SHQWUX DFHDVWăSUREOHPă VWXGLXO OXL 5LFKDUG +HUU
+RQRUYHUVXV$EVROXWLVP5LFKHOLHX¶V)LJKWDJDLQVW'XHOLQJÄ-RXUQDORI0RGHUQ+LVWRU\´
S±

(PLO 'UDJQHY 9LUJLO 3kVODULXF 5KLQRFRSLD S ± &ULVWLQD &RGDUFHD 6RFLpWp HW
SRXYRLUSFRQVLGHUăFăvQVHPQDUHDODQDVQXVHDSOLFDvQFD]XULOHGHKLFOHQLHGHRDUHFHHUDQHYRLH
GHRSHGHDSVăYLROHQWăPHQLWăVăSXQăvQHYLGHQĠăJUDYLWDWHDDFWXOXLGHWUăGDUH

 2YLGLX&ULVWHD 

PHQLWă Vă XFLGă ÄFRUSXO SROLWLF´ DO FHORU YLQRYDĠL %DWMRFXUD DSDUH DVWIHO GUHSW R
DUPă GH WHPXW SHQWUX GLVWUXJHUHD UHSXWDĠLHL XQXL DGYHUVDU SROLWLF Ä5LUH G¶XQ
PHPEUH GH OD FRXU SHXW rWUH PRUWHO´ DILUPD -DFTXHV /H *RII vQ OHJăWXUă FX
PLMORDFHOHUHJHOXL$QJOLHL+HQULFDO,,OHD3ODQWDJHQHWXOLDUREVHUYDĠLDvúLJăVHúWH
FRUHVSRQGHQWvQFXYLQWHOHÄFDVăQXOLVHvQWkPSOHRDVHPHQHDUXúLQHXQRUERLHULDL
0ROGRYHL´ DPLQWLWH GH 'LPLWULH &DQWHPLU vQ OHJăWXUă FX SHGHSVLUHD XQRU
XQHOWLWRULvPSRWULYDWDWăOXLVăX
ÌQSXQHUHDvQVFHQăGLQJHVWXULOHúLFXYLQWHOHSDUVăVHVXEVWLWXLHDUPHORU
FăFL DVHPHQHD DFHVWRUD vL DGXF SH FHL vQYLQúL OD SLFLRDUHOH XQVXOXL OXL 'XPQH]HX
&RQVWDQWLQYRGăSDUHDVWIHOVăXUPH]HLGHHDSRWULYLWFăUHLDÄPDLWDUHGHFkWFXYkQWXO
QHPLFD QX HDVWH &ă DGHYăUDW Fă SUH R PXOĠLPH GH QRURG SUH FDUHD QX R DUH SXWHD
QHQXPăUDWăVDELHVăRVXSXLHLDUăXQFXYkQWVLQJXURSOHDFăVXSWYRLDOXLRULVSUH
UăXRULVSUHELQHúLSUHLQHPD FHDSUHDEOkQGăRIDFHPDLVLUHDSăGHFkWWRDWHFHDOH
VăOEDWHFHLDUăSUHFHDVăOEDWHFăúLvPSLHWULWăRPDQJkLHúLRvPEOkQ]HúWH´*HVWXOúL
FXYkQWXOVXQWIRORVLWHGHGRPQLHSHQWUXDúLEDWMRFRULDGYHUVDULLúLSHQWUXDUHIDFHvQ
PRG VLPEROLF FRH]LXQHD ÄĠăULL´ SXVă vQ SHULFRO GH ERLHULL KLFOHQL 7XOEXUDUHD
ÄRGLKQHL´ 'DQLHO%DUEX DPHQLQĠDUHDVWDELOLWăĠLLSROLWLFHDĠăULLDDYXWQHYRLHGHXQ
UăVSXQVSHPăVXUăFDUHVăPDUFKH]HvQSODQVLPEROLFUHJăVLUHDVWăULLGHHFKLOLEUX,DU
DFHDVWă UHSOLFă D IRVW LOXVWUDWă SULQ VSHFWDFROXO FDUH D DYXW GUHSW PL]ă ULGLFXOL]DUHD
SkQăODPLQLPDOL]DUHDFHORUYLQRYDĠL&DSWLYLLVXQWWkUkĠLGHDOXQJXOXQHLSURFHVLXQL
FDUHVWUăEDWHSURJUHVLYPXOĠLPHDVOXMLWRULLGRPQHúWLERLHULLPDULSHQWUXDDMXQJHvQ
ILQDO vQ IDĠD WURQXOXL UkYQLW $LFL GRPQXO OHJLWLP vúL DUDWă VXUSULQGHUHD vQ IDĠD XQHL
DVHPHQHD IăUăGHOHJL úL REĠLQH SH UkQG GH OD YLQRYDĠL UHFXQRDúWHUHD IăUăGHOHJLL ÌQ
SOXV VROLFLWDUHD vQGXUăULL FRQVDFUă ÄPLQXVXO GH SXWHUH FHL FDUDFWHUL]HD]ă SH FHL
VXSXúLXQHLSHGHSVH´úLFRQVWLWXLHPRPHQWXOGHDSRJHXDOXPLOLULL'HODXPLOLQĠăOD
GHUL]RULXVDOWXOHVWHIăFXWSULQLQYLWDĠLDODEDQFKHWDGUHVDWăGHGRPQERLHULORUĠăULLúL
SULQvQFKLGHUHDFDSWLYLORUvQWHPQLĠDSHQWUXWkOKDUL
3HOkQJăDFHVWPHVDMDGUHVDWĠăULLFHUHPRQLDSXVăvQVFHQăDDYXWSUREDELOúL
R DOWă PL]ă )RDUWH SUREDELO EDWMRFRULUHD FHORU FLQFL ERLHUL VD UăVIUkQW vQ SODQ
VLPEROLFúLDVXSUDDOLDĠLORUORUPROGRYHQL3RWULYLWOXL1HFXOFHSHGHSVLUHDOXL6WDLFR
D FRLQFLV FX REĠLQHUHD WURQXOXL 0ROGRYHL SHQWUX JLQHUHOH OXL %UkQFRYHDQX


-DFTXHV /H *RII 8QH HQTXrWH VXU OH ULUH vQ Ä$QQDOHV +LVWRLUH 6FLHQFHV 6RFLDOHV´ /,,
S

'LPLWULH &DQWHPLU 9LWD &RQVWDQWLQL &DQWHP\ULL FRJQRPHQWR 6HQLV 0ROGDYLDH SULQFLSLV
HG'DQ6OXúDQVFKLúL,OLHú&kPSHDQX%XFXUHúWLS

$SXG 9LROHWD %DUEX /RFXUL DOH PHPRULHL SDQHJLULFHOH GHGLFDWH OXL &RQVWDQWLQ
%UkQFRYHDQXvQYRO,QKRQRUHP3DXO&HUQRYRGHDQXHG9LROHWD%DUEX%XFXUHúWLSFDUH
SXEOLFăúLFRPHQWHD]ăDFHVWIUDJPHQWGLQ3DQHJLULFXOVIkQWXOXLvPSăUDW&RQVWDQWLQSăVWUDWvQPVVOD
%LEOLRWHFD$FDGHPLHL

0LFKHO )RXFDXOW $ VXSUDYHJKHD úL D SHGHSVL S  FI 0LFKHO %pH /H VSHFWDFOH GH
O¶H[pFXWLRQ GDQV OD )UDQFH G¶$QFLHQ 5pJLPH vQ Ä$QQDOHV (6&´    S  SHQWUX FDUH
UHFXQRDúWHUHDYLQRYăĠLHLvQVHPQDSHQWUXFRQGDPQDWUHGREkQGLUHDRQRDUHL
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

&RQVWDQWLQ 'XFD LDU XPLOLUHD GH FăWUH GRPQXO ğăULL 5RPkQHúWL D FHORU SULQ
PLMORFLUHD FăURUD &DQWHPLU GRUHD Vă vO vQOăWXUH D IRVW XQ PRG SULQ FDUH D YUXW Vă
PDUFKH]HWULXPIXOvQUă]ERLXOPRFQLWFXGRPQXO0ROGRYHL(VWHVXJHVWLYFăGXSă
XUFDUHD SH WURQ D OXL &RQVWDQWLQ 'XFD IRúWLL SDUWL]DQL DL OXL &DQWHPLU DX IRVW
SULJRQLĠL LDU 1HFXOFH DGDXJă Fă 'XFD ÄÌú UvVă! FXP vL YLQL OD PLQWH´ GH IRúWLL
VIHWQLFLDLSUHGHFHVRUXOXLVăXÄ5kVXO´EDWMRFXUDRFDUDSDUVăILIRVWDUPHIRDUWH
HILFLHQWH vQ OXSWD SROLWLFă GLQWUH GLIHULWHOH IDFĠLXQL LDU FHUHPRQLD GLQ  DSDUH
GUHSWRSXQHUHvQVFHQăDvQIUkQJHULLGXúPDQLORUGLQLQWHULRUúLGLQDIDUă
$FHDVWăSXQHUHvQVFHQăFRQWLQXăvQIDSWvQSDUWHDDGRXDDSRYHVWLULLSHQWUX
Fă DúD FXP VD UHPDUFDW ÄMXGHFDWD HVWH PDL GHJUDEă R ÄFHUWDUH´ úL R H[SXQHUH
SXEOLFă D LQFXOSDWXOXL´ úL QX ÄXQ PRG GH D DIOD DGHYăUXO FX SULYLUH OD FXOSD RUL
LQRFHQĠD FXLYD´ 6H SRW FRQVWDWD WRWXúL FkWHYD PRGLILFăUL ÌQ SULPXO UkQG R
VFKLPEDUHGHUHJLVWUXIDUVHLVXEVWLWXLQGXVHÄPXVWUăULOH´úLÄMXGHFDWDvQIULFRúDWă´
$SRLRUHVWUkQJHUHVSDĠLDOăLPSRUWDQWăGHODXPLOLUHDvQSXEOLFDERLHULORUYLQRYDĠL
GHXQHOWLUHMXGHFDWDSUHVXSXQHRPXVWUDUH ÄVkQWFXYLQWHGHPLQXQHúLFXDQHYRHD
VăVFULHXQDFkWHXQD´ vQIDĠDFHORUWUHLGLYDQHUHXQLQGGRDUSHGRPQúLSHERLHUL
3URQXQĠDUHDVHQWLQĠHLYDIDFHvQVă WUHFHUHDGHODDFHVWFDGUXOLPLWDWODVSDĠLXOPDL
ODUJ DO WkUJXOXL GH OD DXGLHQĠD FRPSXVă GLQ PHPEULL GLYDQXOXL OD PXOĠLPHD GH
SULYLWRUL GLQ DIDUă &KLDU GDFă YLQRYDĠLL DX SULPLW SHGHSVH GLIHULWH SXEOLFXO
FRQVWLWXLHvQXOWLPXODFWDOFRQVSLUDĠLHLXQHOHPHQWLQGLVSHQVDELOvQRFKLLGRPQLHL
3RWULYLW$QRQLPXOXL%UkQFRYHQHVF0LOFRYHDQX5DGX+DĠDJKHúL,DFúDFăSLWDQDX
IRVWSOLPEDĠL SULQWkUJOHJDĠLvQODQĠXULvQDLQWHGHDILWULPLúLODRFQăvQWLPSFH
%XFúDQXúL3URURFHDQXDXIRVWDPkQGRLVSkQ]XUDĠLvQ]LGHWkUJOD%XFXUHúWLÄvQ
WkUJXOGHDIDUă´ÄvQPLMORFXWkUJXOXL´UHVSHFWLYOD5XúLLGH9HGH
-XGHFDWDHVWHIRORVLWăGHFURQLFDUSHQWUXDvQWăULLPDJLQHDVXYHUDQXOXLFDXQV
DO OXL 'XPQH]HX )DSWHORU EXQH DOH GRPQXOXL OL VD UăVSXQV FX ÄSLDWUă úL FX
YUăMPăúLH´PRWLYSHQWUXFDUH6WDLFRúLWRYDUăúLLVăLDXIRVWRVkQGLĠLGH'XPQH]HXúL
DGXúLVXESLFLRDUHOHGRPQXOXL7H[WXOSDUHVăIRORVHDVFăWRDWHPLMORDFHOHSHQWUXD
GRYHGL Fă VHQWLQĠD SURQXQĠDWă D IRVW XQD MXVWă &LWLUHD SUDYLOHL GH FăWUH YOăGLFD
7KHRGRVLH QX ODVă ORF QLFLXQXL GXELX FKLDU GDFă FX FkWHYD UkQGXUL PDL VXV VH
VXJHUD Fă YăUVDUHD GH VkQJH DU IL XQ SăFDW 2ULFXP FURQLFDUXO SUHFL]HD]ă Fă QX


,RQ1HFXOFH/HWRSLVHĠXOğăULL0ROGRYHLS

,ELGHPS

'DQLHO%DUEX,HUWDUHDúLGUHSWDWHDS

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLS

,ELGHPSÄ3H0LOFRYHDQXOSH,DúFDúLSH+DĠDJKLLDXvQILHUDWúLLDXGDWSHQWkUJúLL
DXGXVODRFQă´

=LXDGHWkUJHUDDOHDVăúLvQFD]XOH[HFXĠLLORUGLQ)UDQĠDY0LFKHO%pH/HVSHFWDFOHS

&I5DGX*UHFHDQX,VWRULDSÄSUH6WDLFRvQ%XFXUHúWLODWkUJXOGHDIDUăOD]LGHWkUJ
vQPLMORFXORERUXOXLODXVSkQ]XUDWXQGHQXSXĠLQQăURGHUD « $úLMGHUHDúLSH3UHGD3URURFHDQXOOD
5XúLLGH9HGHvQWkUJXODXVSkQ]XUDW«´

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLS

 2YLGLX&ULVWHD 

GRPQXO D GHFLV DSOLFDUHD SHGHSVHL FDSLWDOH FL FHO GHDO WUHLOHD GLYDQ ÄFH IăFXUă
ERHULL vQ YLVWLHULH´ 6HQWLQĠD SURQXQĠDWă ± Ä%RHULXO FDUH YD XPEOD vQSRWULYD
GRPQXOXLúLDĠăULLVăOVSkQ]XUHúLVăIDFăVSkQ]XUăWRULOHPDLQDOWHFXXQFRWGHFkW
DOH DOWRU RDPHQL SURúWL´ ± QX D IRVW vQVă LPHGLDW SXVă vQ DSOLFDUH 3kQă OD
VSkQ]XUăWRDUH6WDLFR%XFúDQXúL3UHGDGLQ3URRURFLDXXUPDWXQWUDVHXVLQXRV$X
IRVWPDLvQWkLDUXQFDĠLvQWHPQLĠăDSRLWULPLúLODPăQăVWLUHD 6QDJRYúLVXSXúLXQXL
LQWHURJDWRULX $ELD GXSă DSOLFDUHD EăWăLL OD WăOSL FDUH D GXV OD GHSLVWDUHD
UDPLILFDĠLLORUFRPSORWXOXLFDSLLXQHOWLULLDXIRVWvQVIkUúLWH[HFXWDĠL
2VRDUWăGLIHULWăDDYXWXQDOWYLQRYDWÄ'XPLWUDúFRSăKDUQLFXOGHOD&RUEL´
LPSOLFDW OD UkQGXO VăX vQ FRPSORWXO FHORU FLQFL ùL vQ FD]XO DFHVWXL ERLHU RFDUD D
MXFDW XQ URO LPSRUWDQW )LLQG DUHVWDW vQ XUPD DGXFHULL ERLHULORU KLFOHQL GH OD
6WDPEXODIRVWSXVVXEVXSUDYHJKHUHDOHIHJLLORUFD]DFLDSRLGXVUHSHWDWvQWHPQLĠă
OkQJă 6WDLFR &RQIUXQWDUHD FHORU GRL ERLHUL QX VFDSă XQHL QRWH LURQLFH DXWRUXO
SUHFL]kQG Fă SH DFHDVWă FDOH Ä'XPQH]HX OHDX vPSOLQLW SRKWD Vă Vă YD]ă´
$FHDVWăSXQHUHIDĠăvQIDĠăDIRVWIRORVLWăDWkWGUHSWSLOGăFkWúLSHQWUXEDWMRFRULUHD
FHORUYLQRYDĠLÄ$FHDVWDvQRFDUDORUúLvQEDWMRFXUDORURIăFHDGRPQXO´SUHFL]HD]ă
DXWRUXODQRQLPDGăXJkQGÄúLvQWUXvQYăĠăWXUDDOWRUERLHULFDVăQXPDLIDFăDOWXOFD
DFHVWHD FH DX IăFXW DFHúWL ERLHUL´ 8PLOLQĠD QX HVWH vQVă VLQJXUXO OXFUX SH FDUH
'XPLWUDúFXDWUHEXLWVăvOvQGXUH6SUHGHRVHELUHGHFHLFLQFLFDUHDXDYXWRFD]LDVă
FHDUă vQGXUDUH GRPQXOXL SDKDUQLFXO GH OD &RUEL VD Yă]XW OLSVLW GH XQ DVHPHQHD
SULYLOHJLX 9RGă %UkQFRYHDQX ÄQLFL FXP QDX YUXW Vă DGXFă SH 'XPLWUDúFR
SDKDUQLFXO vQQDLQWHD OXL OD GLYDQ Fă ]LFHD Fă QXPL WUHEXLH VăL Yă] REUD]XO´
5HSOLFD GRPQLWRUXOXL DúD FXP HVWH UHGDWă GH FURQLFDU SDUH Vă IDFă DOX]LH OD
ÄVFkUED´GRPQHDVFăWHUPHQFDUHSRWULYLWXQXLVWXGLXUHFHQWDUILHFKLYDOHQWFX
GL]JUDĠLDQXFXRSHGHDSVăDQXPH1HGHPQGHDVHSUH]HQWDvQIDĠDGRPQLWRUXOXL
ERLHUXODGDWGRYDGăSRWULYLWWH[WXOXLúLGHVOăELFLXQHGHFDUDFWHUWăJăGXLQGFăDUIL
OXDWSDUWHODFRPSORWÌQFHUFDUHDGHDFRQYLQJHSHPHPEULLGLYDQXOXLGHEXQHOHVDOH
LQWHQĠLLDIRVWvQRSLQLDFURQLFDUXOXLRRFDUăvQSOXVRGRYDGăVXSOLPHQWDUăDOLSVHL
GHFLQVWH6FX]DFăDUILOXDWOHJăWXUDFX6WDLFRGRDUSHQWUXDDIODDPăQXQWHúLDLGD
vQPkQDGRPQLWRUXOXLSHFRQVSLUDWRULÄQXHUDGHDVăFUHGH´9RUEHOHVDOHVSXVH
ÄvQ GHúăUW´ DU IL WUHEXLW SUDFWLF Vă vO FRQGXFă VSUH R VRDUWă VLPLODUă FX D FDSLORU


,ELGHP S  $QWHULRU WH[WXO PHQĠLRQD Fă Ä$O WUHLOHD GLYDQ ODX IăFXW VLQJXUL ERHULL IăUă
GRPQXOFXFHHDODOWăĠDUăvQYLVWLHULHMRV´

,ELGHP S ± DUDWă Fă ERLHUXO D IRVW LQFULPLQDW GH R VFULVRDUH WULPLVă OXL 6WDLFR GH
vQFHUFDUHDGHDDWUDJHvQFRQVSLUDĠLHXQFăSLWDQGHOHIHJLLúLGHGHFODUDĠLLOHVPXOVHOXL6WRLFD%XFúDQX
vQXUPDEăWăLLODWăOSL

,ELGHPS

,ELGHPS

,ELGHPS

2DQD 5L]HVFX 8Q WHUPHQ SXQLWLY GLQ SRUXQFLOH úL VHQWLQĠHOH GH MXGHFDWă GRPQHúWL
ÄVFkUED´vQÄ5HYLVWD,VWRULFă´;,±S±

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLS
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

FRPSORWXOXLÄFăGXSăSROLWLFHúWLOHSUDYLOHvLHUDYLQDGHPRDUWH´3DUDGR[DOvQVă
GXSăQXPDLXQDQGHGHWHQĠLHOD7LVPDQD'XPLWUDúFXYDILLHUWDWJUDĠLHLQWHUYHQĠLHL
SHOkQJă%UkQFRYHDQXDIUDWHOXLVăXEDQXO9LQWLOă(VWHLQWHUHVDQWFăvQVROLFLWDUHD
LHUWăULL DSDU LQYRFDWH QHEXQLD ÄEOHVWHPăFLXQHD´ FDUDFWHUXO EHFLVQLF DO OXL
'XPLWUDúFXFDUHODUILvQGHPQDWVăXQHOWHDVFăvPSRWULYDGRPQXOXLÌQFRQWUDVWvQVă
FX 6WDLFR %XFúDQX úL 3UHGD 3URURFHDQX ÄQHEXQLD´ SDKDUQLFXOXL GH OD &RUEL YD IL
DQXODWăGHFDUDFWHUXOYUHGQLFGHFLQVWHDOOXL9LQWLOăFDUHvQFKLSVXSOLPHQWDUúLD
IRUPXODWFHUHUHDFăWUHGRPQSHSDWXOGHPRDUWH
'H]QRGăPkQWXO DFHVWXL HSLVRG SDUH Vă FRQILUPH SXQFWXO GH YHGHUH SRWULYLW
FăUXLD FKLDU úL vQ FD]XULOH GH KLFOHQLH ÄLHUWDUHD VH GRYHGHúWH D IL UHJXOD
IXQGDPHQWDOă´ SHQWUX Fă vQ MRF QX VXQW SXVH SULQFLSLL FL GRDU UDSRUWXULOH
SHUVRQDOHGLQWUHGRPQúLERLHUL1HSXWHPvQWUHEDWRWXúLGHFH vQFD]XOOXL6WDLFR
%XFúDQXúL3UHGD3URURFHDQXODFHDVWăUHJXOăQXDIXQFĠLRQDWFXDWkWPDLPXOWFX
FkWUHIX]XOGRPQXOXLGHDOXDSDUWHODGLYDQXOFDUHDSURQXQĠDWVHQWLQĠDODPRDUWH
SDUHVăVXJHUH]HRRDUHFDUHH]LWDUHvQSURQXQĠDUHDDFHVWHLD8QUăVSXQVFKLDUGDFă
GRDUFXWLWOXGHLSRWH]ăSRDWHILFăXWDWvQSR]LĠLD3RUĠLLIDĠăGHFHOHvQWkPSODWH8Q
FRPSORWVLPLODUSXVODFDOHGHERLHULPROGRYHQLvPSRWULYDOXL&RQVWDQWLQ&DQWHPLU
VD vQFKHLDW FX WULPLWHUHD XQHOWLWRULORU OD ,DúL ÄvQ REHG]LL GH JUXPDG]LL´ 7RWXúL
SUHFL]HD]ă ,RQ 1HFXOFH GRPQXO LD vQWHPQLĠDW ÄúL QX LDX RPRUkW FDX SRUXQFLW
3RDUWDVăQXLRPRDUH´ÌQFD]XOğăULL5RPkQHúWLDPDYHDGHDIDFHFXRGHFL]LH
FRQWUDUă FDUH D IRVW SURYRFDWă SRDWH GH HURDUHD OXL 3UHGD 3URURFHDQXO GH D VH
SUH]HQWDOD&RQVWDQWLQRSROvQÄSRUWXOFHOQHPĠHVF FDVăQX]LFQHEXQHVF FHOSXUWD
3UHGDGH3URRURFLFăDYHDFKLFăQHPĠHDVFăQXPDLOHJDWăVXSWLúOLFúLFL]PHOHFHOH
QHPĠHúWL FX SLQWHQL OXQJL FH OH SXUWD´ 0RGD QHPĠHDVFă VD GRYHGLW D FkQWăUL
GHFLVLY vQ RFKLL PDUHOXL YL]LU FDUH D LQWHUSUHWDW JHVWXO GUHSW R GRYDGă D
DWDúDPHQWXOXL IDĠă GH +DEVEXUJL 2GDWă GHPDVFDWă DFHDVWă RSĠLXQH &RQVWDQWLQ
%UkQFRYHDQXQXDUPDLILDYXWPXOWHYDULDQWHGHOXDWvQFDOFXO vQSULYLQĠDFDSLORU
FRPSORWXOXLGHRDUHFHRLHUWDUHDDFHVWRUDDUILSXWXWVWkUQLVXVSLFLXQLOH3RUĠLL


,ELGHPS

,ELGHP S  LQWHUYHQĠLD XQHL SHUVRDQH DSURSLDWH GRPQXOXL D IXQFĠLRQDW vQ FD]XO OXL
'XPLWUDúFRFDúLvQFHODOOXL&RQVWDQWLQùWLUEHL2DQDORJLHLQWHUHVDQWăFXXQFD]IUDQFH]OD5LFKDUG
+HUU+RQRUYHUVXV$EVROXWLVP S±/XGRYLFDO;,,,OHDDUHIX]DWVăLJUDĠLH]HSHFRQĠLLGH
%RXWHYLOOHúLGHV&KDSHOOHVYLQRYDĠLGHDVHILGXHODWUHSHWDWúLGHDILvQFăOFDWLQWHUGLFĠLDUHJDOăGHD
SXQHSLFLRUXOvQ3DULVvQFLXGDLQWHUYHQĠLLORUXQRUSHUVRDQHIRDUWHLQIOXHQWHSULQWUHFDUHúLFDUGLQDOXO
GH5LFKHOLHX

'DQLHO%DUEX,HUWDUHDúLGUHSWDWHDS

,RQ1HFXOFH/HWRSLVHĠXOğăULL0ROGRYHLS

,ELGHPS

$QRQLPXO%UkQFRYHQHVF,VWRULDğăULL5RPkQHúWLS

2 FRPSDUDĠLH VH SRDWH IDFH FX WH[WXO OXL 'LPLWULH &DQWHPLU 9LWD &RQVWDQWLQL &DQWHP\ULL
SFDUHFLWHD]ăGHFL]LDPXIWLXOXLvQSULYLQĠDERLHULORUFDUHvQFHUFDVHUăUăVWXUQDUHDOXL&RQVWDQWLQ
&DQWHPLUÄ&HOFDUHVHUă]YUăWHúWHvPSRWULYDGRPQXOXLRUkQGXLW GHvPSăUDWVHUă]YUăWHúWHvPSRWULYD

 2YLGLX&ULVWHD 

2ULFXP PRWLYHOH GHFL]LHL GRPQXOXL LQWHUHVHD]ă SUHD SXĠLQ UkQGXULOH GH IDĠă
7H[WXO $QRQLPXOXL %UkQFRYHQHVF SDUH Vă VXJHUH]H Fă vQ UăIXLDOD GLQWUH GRPQ úL
ERLHULLKLFOHQLSDUWHDFHDPDLLPSRUWDQWăDFRQVWLWXLWRSULPLUHDÄFXPDUHSRPSă´
'HVFLIUDUHDHOHPHQWHORUFRPSRQHQWHDOHDFHVWHLFHUHPRQLLGHVOXúLUHDVWUDWHJLHLFDUH
DVWDWvQVSDWHOHSXQHULLvQVFHQăúLDIHOXOXLvQFDUHFRQWHPSRUDQLLDXvQĠHOHVPHVDMXO
SHFDUH&RQVWDQWLQ%UkQFRYHDQXDLQWHQĠLRQDWVăvOWUDQVPLWăUăPkQVXELHFWHGHVFKLVH
GLVFXĠLHL5kQGXULOHGH PDLVXV DXvQFHUFDW VăSURSXQăGRDURLQWHUSUHWDUH5ăPkQH
vQVăGHVWDELOLWvQFHPăVXUăDFHDVWăOHFWXUăHVWHXQDSHUWLQHQWă
,VWRULRJUDILDRFFLGHQWDOăDLQVLVWDWvQXOWLPLLDQLDVXSUDULVFXULORUSUHVXSXVH
GHIRORVLUHDGHFăWUHPHGLHYLúWLDFRQFHSWHORUúLPHWRGHORUDQWURSRORJLHLÌQUHSOLFă
OD OXFUăULOH úFROLL QHRFHUHPRQLDOLVWH DPHULFDQH $ODLQ %RXUHDX VD vQWUHEDW vQ FH
PăVXUăLQWUăULOHVDXIXQHUDOLLOHUHJDOHDXIRVWRWUDQVSXQHUHvQSUDFWLFăDXQHLWHRULL
PRQDUKLFHúLGDFăDFHVWHULWXDOXULDXIRVWPHQLWHVăFULVWDOL]H]HUDSRUWXULOHGLQWUR
VRFLHWDWH VăL DVLJXUH FRH]LXQHD $QDOL]kQG IXQHUDOLLOH OXL &DURO DO 9,,,OHD
LVWRULFXO IUDQFH] D DWUDV DWHQĠLD DVXSUD SHULFROHORU SUHVXSXVH GH R OHFWXUă
DQWURSRORJLFă 7H[WXO FDUH D VWDW OD ED]D RUJDQL]ăULL FHUHPRQLHL D IRVW UHGDFWDW GH
3LHUUH G¶8UIp XQ RP GH DUPH SUHD SXĠLQ IDPLOLDUL]DW FX VXEWLOLWăĠLOH WHRORJLFR
SROLWLFH ÌQ SOXV FKLDU GDFă VDU SUHVXSXQH Fă vQ HODERUDUHD HL DX IRVW IRORVLWH
WH[WHDQWHULRDUHRUGRQDQĠDOXL3LHUUHG¶8UIpDUSXWHDILFXJUHXSULYLWăGUHSWXQFRG
VWULFW vQ FDUH FRPSRQHQWHOH XQXL FHUHPRQLDO DX DYXW DVRFLDWH XQ VHW OLPLWDW FKLDU
XQLFGHVHPQLILFDĠLL&KLDUúLvQDFHDVWăLSRWH]ăQHSXWHPvQWUHEDFHURVWDUDYHDFD
GHVOXúLUHDFRUHFWăDPHVDMXOXLVăILHUHDOL]DWăGRDUGHXQFHUFUHVWUkQVGHLQLĠLDĠLvQ
YUHPH FH UHVWXO PXOĠLPLL DU UăPkQH vQ LJQRUDQĠă 3ULYLWH GUHSW FRGXUL VWULFW
UHJOHPHQWDWHFHUHPRQLLOHDUULVFDVăODVHODRSDUWHUHDOLWDWHDFRQIOLFWXDOăDOXSWHL
SHQWUXSXWHUH]YRQXULOHEkUIHOHLURQLLOHFDUHSRWILSUHVXSXVHGHXQULWXDO
/DUkQGXOVăX3KLOLSSH%XFDLQVLVWDWSHLQDGHFYDUHDPHWRGHORU DQWURSRORJLFH
vQDQDOL]DULWXDOXULORUPHGLHYDOH3HGHRSDUWHSHQWUXFăDFFHVXOODDFHVWHDGLQXUPă
HVWHPLMORFLWGHWH[WHSURGXVHvQWURFXOWXUăSROLWLFăGHWHUPLQDWăFHHDFHDUSUHVXSXQH
PDL vQWkL GHVOXúLUHD LQWHQĠLLORU DXWRULORU PHGLHYDOL úL D PDQLHUHL vQ FDUH úLDX VFULV
LVWRULLOH3HGHDOWăSDUWHSHQWUXFăPHWRGHOHúLFRQFHSWHOHGLQDQWURSRORJLHVXQWXQ
SURGXV DO PRGHUQLWăĠLL H[LVWkQG DVWIHO ULVFXO XQHL LQFRPSDWLELOLWăĠL FX RELHFWXO
VWXGLDW $FHDVWă LQFRPSDWLELOLWDWH DU IL FX DWkW PDL PDUH FX FkW DQWURSRORJLL DX

vPSăUDWXOXL LDU Uă]YUăWLULOH vPSRWULYD vPSăUDWXOXL VH SHGHSVHVF FX PRDUWHD DúDGDU DFHL PROGRYHQL
Uă]YUăWLĠL vPSRWULYD GRPQXOXL ORU WUHEXLH SHGHSVLĠL FX PRDUWHD´ 3ULQ XUPDUH LHUWDUHD XQRU ERLHUL
YLQRYDĠLGHXQHOWLUHSXWHDDWUDJHGHWHULRUDUHDUHODĠLLORUFX,PSHULXO2WRPDQ

$ODLQ%RXUHDX/HVLPSOHFRUSVGXURL/¶LPSRVVLEOHVDFUDOLWpGHVVRXYHUDLQVIUDQoDLV;9H±
;9,,,HVLqFOH3DULVS

,ELGHPS

$ODLQ%RXUHDX/HVLPSOHFRUSVGXURLS±±SHQWUXDOWHUH]HUYHH[SULPDWHvQ
OHJăWXUăFXÄPDULDMXO´GLQWUHLVWRULHúLDQWURSRORJLHY%HUQDUG6.RKQ7RZDUGDQ5DSSURFKHPHQW
$QWKURSRORJ\DQG+LVWRU\LQWKHÄ-RXUQDORI,QWHUGLVFLSOLQDU\+LVWRU\´;,,S±
 vQVSHFLDO± 
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

IRORVLW DFHVWH PHWRGH SHQWUX VRFLHWăĠL H[WUDHXURSHQH vQ WLPS FH LVWRULFLL OHDX
SUHOXDW SHQWUX D VWXGLD WUHFXWXO ÄEăWUkQXOXL FRQWLQHQW´ 3HQWUX 3KLOLSSH %XF
SUăSDVWLD GLQWUH FRQFHSĠLLOH RDPHQLORU PHGLHYDOL úL PRGHOHOH SURSXVH GH úWLLQĠHOH
VRFLDOHHVWHLOXVWUDWăGHFHHDFHFDOLILFăGUHSWÄPDXYDLVULWXHO´DOWIHOVSXVULWXDOXUL
UDWDWH VDX PDQLSXODWH GH FăWUH DFWRULL VRFLDOL $FHVWH ÄFHUHPRQLL LQYHUVDWH´ DU
DUăWDFăGHSDUWHGHDILXQIDFWRUGHXQLWDWHúLFRH]LXQHXQULWXDODUILFRQVWLWXLWR
VDELH FX GRXă WăLúXUL XQ ULVF DVXPDW SHQWUX Fă VDU IL SXWXW vQWRDUFH vPSRWULYD
FHOXLFHORUFDUHODODXLQLĠLDWDUILIRVWRDUPăH[WUHPGHSHULFXORDVăSHQWUXFăDU
ILSUHVXSXVULVFXOSHUWXUEăULLVDXPDQLSXOăULLGHFăWUHDGYHUVDU
8Q H[HPSOX GH DVWIHO GH UăVWăOPăFLUH vO FRQVWLWXLH GHVFULHUHD SDURGLFă D
vQPRUPkQWăULLSULQFLSHOXL7UDQVLOYDQLHL*DEULHO%HWKOHQ FD]LQWHUHVDQWGHRDUHFH
FRQILUPă RSLQLD OXL 3KLOLSSH %XF SRWULYLW FăUHLD HOHPHQWHOH FRPSRQHQWH DOH XQXL
FHUHPRQLDO QX VH SUHWHD]ă XQHL LQWHUSUHWăUL XQLYRFH ÌQ FD]XO PHQĠLRQDW
IUDQFLVFDQXO $QGUHD )UDQFLVFL D GDW R OHFWXUă SHUVRQDOă XQRU GHWDOLL FDUH vQ
YL]LXQHD FHORU FDUH DX RUJDQL]DW IXQHUDOLLOH SULQFLSHOXL 7UDQVLOYDQLHL DX DYXW FX
WRWXO DOWă VHPQLILFDĠLH 3ULQ XUPDUH GDFă SHQWUX XQ HYHQLPHQW DQXPH SXWHP
GLVSXQHvQHSRFăGHXQQXPăUYDULDELOGHLQWHUSUHWăULVHSRDWHQDúWHvQWUHEDUHDvQ
FHPăVXUăUHODWDUHDUHODWăULOHDMXQVHSkQăODQRLVXQWFHOHPDLÄFRUHFWH´FHOHFDUH
VHDSURSLHFHOPDLPXOWGHPL]DSXQHULLvQSUDFWLFăDFHUHPRQLHLUHVSHFWLYH'HDLFL
DUUH]XOWDSHFDOHGHFRQVHFLQĠăGLILFXOWDWHDGHDXWLOL]DVXUVHOHSHQWUXDSURSXQHR
UHFRQVWLWXLUHSHUWLQHQWăDULWXDOXULORUPHGLHYDOH
3UREOHPHOHVXVDPLQWLWHVXQWUHSHUDELOHúLvQFD]XOSULPLULLFHORUFLQFLERLHUL
KLFOHQL GH FăWUH YRGă %UkQFRYHDQX 6H SRDWH REVHUYD Fă $QRQLPXO %UkQFRYHQHVF
HVWH VLQJXUXO FDUH Gă R GHVFULHUH GHWDOLDWă D HYHQLPHQWXOXL vQ WLPS FH 5DGX
*UHFHDQXúL5DGX3RSHVFXRIHUăYHUVLXQLPXOWPDLUHGXVH([SOLFDĠLDVDUGDWRUDvQ
FD]XOFHOXLGLQWkLUHGDFWăULLGLQPHPRULHDSULPLORUDQLGHGRPQLHDLOXL&RQVWDQWLQ
%UkQFRYHDQXvQWLPSFHSHQWUXFHOGHDOGRLOHDRVWLOLWDWHDODDGUHVDGRPQXOXLDU
H[SOLFD OLSVD GH LQWHUHV SHQWUX FHUHPRQLD RUJDQL]DWă &DP DFHHDúL VLWXDĠLH VH
UHJăVHúWH úL vQ FD]XO FURQLFLORU GLQ 0ROGRYD 'LPLWULH &DQWHPLU vQ OXFUDUHD
FRQVDFUDWă YLHĠLL WDWăOXL VăX QX DPLQWHúWH QLPLF GHVSUH FRPSORWXO OXL 6WDLFR


3KLOLSSH %XF 'DQJHUHX[ ULWXHO S  3HQWUX FULWLFLOH OD DGUHVD LQWHUSUHWăULL ULWXDOXULORU
PHGLHYDOHYH]LGHDFHODúLDXWRU5LWXHOSROLWLTXHHWLPDJLQDLUHSROLWLTXHS±,GHP3ROLWLFDO
5LWXDO0HGLHYDODQG0RGHUQ,QWHUSUHWDWLRQvQYRO'LH$NWXDOLWlWGHV0LWWHODOWHUVHG+DQV:HUQHU
*RHW]  S ± ,GHP 5LWXDO DQG ,QWHUSUHWDWLRQ WKH (DUO\ 0HGLHYDO &DVH vQ Ä(DUO\
0HGLHYDO(XURSH´,;S±

&IREVHUYDĠLLOHOXL*HRIIUH\.R]LRO7KH'DQJHUVRI3ROHPLFV,V5LWXDO6WLOODQ,QWHUHVWLQJ
7RSLFRI+LVWRULFDO6WXG\"vQÄ(DUO\0HGLHYDO(XURSH´S±Ä&RPPXQLW\DQG
FRQVHQVXV DQG ULWXDOV DV UHSUHVHQWDWLRQ RI WKHP ZHUH UKHWRULFDO WURSHV 7KH\ ZHUH OLWHUDU\
FRQYHQWLRQVXVHGE\FOHULFDOSROHPLFLVWVWRVXSSRUWWKHLUSURWDJRQLVWVDQGWKHLUFODLPV´

7yWK ,VWYiQ *\|UJ\ 2 GHVFULHUH SDURGLFă D FRUWHJLXOXL IXQHUDU DO OXL *DEULHO %HWKOHQ
VFULVRDUHDGLQDIUDQFLVFDQXOXL$QGUHD)UDQFLVFL Ä5HYLVWD,VWRULFă´;,,,±S±

$XURUD,OLHú&RQVWDQWLQ%UkQFRYHDQXS

 2YLGLX&ULVWHD 

%XFúDQXLDU,RQ1HFXOFHSRPHQHúWHSHVFXUWWULPLWHUHDvQODQĠXULOD%XFXUHúWLD
FRQVSLUDWRULORU FkWHYD GLQWUH GHWDOLLOH RIHULWH UHIOHFWkQG EDWMRFXUD vQGXUDWă
GHERLHULLKLFOHQL7ăFHUHDVDXFDUDFWHUXOVXPDUDODFHVWRUPăUWXULLQXLQYDOLGHD]ăWH[WXO
$QRQLPXOXL %UkQFRYHQHVF &KLDU vPSLQJkQG OXFUXULOH OD H[WUHP úL SUHVXSXQkQG Fă
FHUHPRQLD GLQ  QX D DYXW ORF WH[WXO WRW DU UăPkQH LQWHUHVDQW SHQWUX DQDOL]D
FăLORUGHUH]ROYDUHDXQHLFUL]HSROLWLFHvQğDUD5RPkQHDVFăODVIkUúLWXOVHFROXOXLDO
;9,,OHDDúDFXPDIRVWLPDJLQDWăGHXQDXWRUFRQWHPSRUDQ&XPQXDYHPPRWLYH
Vă SUHVXSXQHP Fă QH DIOăP vQ IDĠD XQHL ILFĠLXQL UăPkQH Vă QH vQWUHEăP DVXSUD
URVWXULORU RUJDQL]ăULL DFHVWHL SULPLUL FX PDUH SRPSă D ERLHULORU KLFOHQL 5LVFXULOH
XQXL H[FHV GH LQWHUSUHWDUH VDX GXSă IRUPXOD OXL 8PEHUWR (FR DOH XQHL
VXSUDLQWHUSUHWăUL DU SXWHD DSăUHD vQ PăVXUD vQ FDUH DP DSOLFD ULJLG PRGHOH
vPSUXPXWDWH GLQ úWLLQĠHOH VRFLDOH XQXL GRFXPHQW FDUH DU GRUL Vă VSXQă FX WRWXO
DOWFHYDVDXvQVLWXDĠLDvQFDUHLQWHUSUHWDUHDXQHLSRUĠLXQLGH WH[WDUILLQYDOLGDWăGH
XQDOWIUDJPHQWDODFHOXLDúLWH[WÌQVăDWXQFLFkQGGRFXPHQWXOQHRIHUăVXILFLHQWH
HOHPHQWHvQVSULMLQXOXQHLLQWHUSUHWăULDFHDVWăLQWHUSUHWDUHHVWHOHJLWLPăvQPăVXUD
vQ FDUH SURSXQH R OHFWXUă SHUWLQHQWă úL FRHUHQWă D HYHQLPHQWXOXL OD FDUH VXUVD VH
UHIHUă 6XQW GH DFRUG FX UH]HUYHOH H[SULPDWH GH 3KLOLSSH %XF vQ SULYLQĠD
SUHVXSR]LĠLLORUIXQFĠLRQDOLVWHvQDQDOL]DXQRUULWXDOXULúLSRWDFFHSWDFăDUILJUHúLWVă
FăXWăPvQVSDWHOHILHFăUXLGHWDOLXGLQGHVIăúXUDUHDXQXLULWXDOFHUHPRQLDOXQvQĠHOHV
DVFXQV FH DúWHDSWă Vă ILH GHFULSWDW $U IL vQVă OD IHO GH JUHúLW Vă FUHGHP Fă
DVHPHQHDSUDFWLFLHUDXSHQWUXRDPHQLQLúWHIRUPHIăUăIRQGQLúWHDFĠLXQLJROLWHGH
FRQĠLQXWúLOLSVLWHGHVHQVGLQFDUHQLPHQLQXvQĠHOHJHDPDUHOXFUX7RWRGDWăGDFă
HVWHULVFDQWVăSULYLPULWXDOXULOHFHUHPRQLLOHGUHSWDJHQĠLVDXGUHSWUHSUH]HQWăULDOH
XQLWăĠLL FRQVHQVXOXL HVWH FHO SXĠLQ OD IHO GH ULVFDQW Vă OH LQWHUSUHWăP GUHSW VLPSOH
ILFĠLXQLFDUHDXFăSăWDWIRUPăúLVXEVWDQĠăGRDUVXESDQDXQRUFURQLFDULSUHRFXSDĠL
GH VOăYLUHD VWăSkQLORU ORU )RUĠkQG QRWD VH SRDWH VSXQH Fă DU IL GH QHLPDJLQDW R
LVWRULH D PRQDUKLHL PHGLHYDOH OLSVLWă GH ULWXDO GHRDUHFH DFHVWD HVWH R FRPSRQHQWă
LQGLVROXELOăDSXWHULLHVWHLQJUHGLHQWXOFDUHvLGăFRQVLVWHQĠăúLROHJLWLPHD]ă


'LPLWULH&DQWHPLU9LWD&RQVWDQWLQL&DQWHP\ULLSúLSQRWD

8PEHUWR (FR DW DOLL ,QWHUSUHWDWLRQ DQG 2YHULQWHUSUHWDWLRQ HG E\ 6WHIDQ &ROOLQL &DPEULGJH
8QLYHUVLW\3UHVVS±

9úLFRQVLGHUDĠLLOHOXL'RPLQLTXH%DUWKpOHP\ $QXORPLHúLSDFHDOXL'XPQH]HX)UDQĠD
FUHúWLQă úL IHXGDOă vQ DQLL ± ,DúL  S  SHQWUX FDUH FRQFHSWHOH úL PHWRGHOH
DQWURSRORJLHLVXQWÄHXULVWLFHGDFăQHDMXWăVăGHVFRSHULPvQVXUVHOXFUXULSHFDUHvQDLQWHQXOHYHGHDP
GDUSHULFXORDVHGDFăQHIDFVăYHGHPOXFUXULFDUHGHIDSWQXVHJăVHVFDFROR´

9H]L vQVă RELHFĠLLOH vQWHPHLDWH OD DGUHVD SXQFWHORU GH YHGHUH IRUPXODWH GH 3KLOLSSH %XF
H[SULPDWH GH *HRIIUH\ .R]LRO 7KH GDQJHUV RI SROHPLFV S ± vQ SULPXO UkQG IDSWXO GH D IL
H[DJHUDW úL JHQHUDOL]DW REVHUYDĠLLOH VDOH ÌQ IDSW QLFLXQXO GLQWUH FHL FULWLFDĠL GH 3KLOLSSH %XF QX D
SUDFWLFDWQDLYXOIXQFĠLRQDOLVPGHFDUHVXQWDFX]DĠL0DLPXOWGHFkWDWkWLVWRULFLLDGXúLvQGLVFXĠLHDX
XUPăULW FX DWHQĠLH GH]EDWHULOH WHRUHWLFH GLQ DQWURSRORJLH úL DX IRORVLW PHWRGHOH DFHVWHL GLVFLSOLQH FX
PD[LPăSUXGHQĠă

8PEHUWR(FR,QWHUSUHWDWLRQDQG2YHULQWHUSUHWDWLRQSGHILQHDDFHVWWLSGHLQWHUSUHWDUH
GUHSWSDUDQRLFă
 8QÄVSHFWDFRO´SHQWUXXQFD]GHÄKLFOHQLH´vQYHDFXODO;9,,OHD 

3XWHP Vă DFFHSWăP VDX Vă UHVSLQJHP PHWRGHOH DQWURSRORJLHL GDU WUHEXLH
WRWXúLUHFXQRVFXWFăPHGLHYLúWLLFDUHDXIăFXWDSHOODDFHVWHDDXUHXúLWVăLGHQWLILFH
QRLSUREOHPHVăSURSXQăLQWHUSUHWăULQRLSHQWUXSUREOHPHYHFKLVăRIHUHQRLFăL
GHLQYHVWLJDUHúLGHvQĠHOHJHUHDVRFLHWăĠLORUGLQWUHFXW
5HYHQLQG OD HYHQLPHQWXO GLQ  UHODWDW GH $QRQLPXO %UkQFRYHQHVF
GLVSXQHP GH VXILFLHQWH HOHPHQWH DOH WH[WXOXL FDUH Vă QH SHUPLWă Vă YRUELP GH XQ
VSHFWDFRO SXEOLF 3ULPLUHD FX PDUH SRPSă RUJDQL]DWă FRQVSLUDWRULORU GHWDOLLOH
IXUQL]DWH GH FURQLFDU vQ SULYLQĠD DFHVWXL HYHQLPHQW VSULMLQă LGHHD XQHL SXQHUL vQ
VFHQă RUJDQL]DWă GH GRPQLH 3ULPLUHD FX PDUH DODL D OXL 6WDLFR %XFúDQX úL D
WRYDUăúLORU VăL VXJHUHD]ă R SDURGLH GH WLSXO DFHORU ÄUHSUH]HQWDĠLL´ TXDVL OXGRV 
DPLQWLWHGHXQGRFXPHQWSRORQSHQWUXGRPQLDOXL3HWUX5DUHú$IRVWXQWULXPI
EDWMRFRULWRU SURFHGHX FX QXPHURDVH SUHFHGHQWH vQ LVWRULD %L]DQĠXOXL PHQLW Vă
VXSXQă RSUREULXOXL PXOĠLPLL SH FHL FDUH FXWH]DVHUă Vă XQHOWHDVFă vPSRWULYD
GRPQXOXL 7RDWH HOHPHQWHOH IXUQL]DWH GH WH[W VXJHUHD]ă LPSUHVLD XQXL VSHFWDFRO
PHQLW VăL VXSXQă SH YLQRYDĠL EDWMRFXULL úL Vă VXEOLQLH]H FDUDFWHUXO QHEXQHVF
ÄVPLQWHDOD´ WHQWDWLYHL ORU 3HQWUX D REĠLQH DFHVW HIHFW GHWDOLLOH ÄVFHQDULXOXL´ DX
WUHEXLW WUDGXVH vQWUXQ OLPEDM FkW PDL DFFHVLELO PXOĠLPLL GH SULYLWRUL SH FDUH YRGă
%UkQFRYHDQXVDvQJULMLWVăRVFRDWăvQVWUDGă'LQQRXWH[WXOODVăVăVHvQĠHOHDJăFă
QX D IRVW R FHUHPRQLH H[WUHP GH FRPSOLFDWă úL Fă PăFDU SHUVRQDMHOH SULQFLSDOH ±
JkGHOHSRVWHOQLFPDUHOHDUPDúGRPQXOYLQRYDĠLL±DXSXWXWILXúRUUHFXQRVFXWHGH
FăWUHSULYLWRUL$PSORDUHDVSHFWDFROXOXLúLGHWDOLLOHRIHULWHGHFURQLFDUODVăLPSUHVLD
FăGLQFRORGHPHVDMXOSHQWUXÄĠDUă´GRPQXODĠLQXWVăVHDGUHVH]HvQHJDOăPăVXUă
úLGXúPDQLORUGLQDIDUăvQSULPXOUkQGFHORUGLQ0ROGRYDFDUHVHDIODVHUăvQVSDWHOH
DFHVWXLFRPSORW2FDUDDWkWGHGHVSRPHQLWăGHVXUVHOHHSRFLLSDUHVăILMXFDWvQ
DFHVWFRQWH[WXQURODSDUWHúLQHSXWHPvQWUHEDFkWGHHILFLHQWăDIRVWDFHDVWăDUPă
vQOXSWDSROLWLFăGLQHSRFă2LVWRULHDDFHVWHLSUREOHPHUăPkQHDILVFULVă

³:,7+68&+38037+(<:(5((6&257('´$³02&.75,803+´
,1$&$6(2))(/21<,17+(WK&(1785<

$EVWUDFW
,Q&RQVWDQWLQ%UDQFRYDQWKHUXOHURI:DODFKLDWKZDUWHGDSORWRIVRPH
ER\DUGVLQVWLJDWHGE\KLV0ROGDYLDQHQHP\&RQVWDQWLQ&DQWHPLU7KHHYHQWZDV


3HQWUXPHGLHYLVWLFDURPkQHDVFăXQH[HPSOXSHFDUHvOYRLFLWD GHFkWHRULYRLDYHDRFD]LD
HVWH VWXGLXO VHPQDW GH 0DULD 0DJGDOHQD 6]pNHO\ ùWHIDQ 6 *RURYHL Ä6HPQH úL PLQXQL´ SHQWUX
ùWHIDQYRLHYRG1RWHGHPHQWDOLWDWHPHGLHYDOăvQÄ6WXGLLúL0DWHULDOHGH,VWRULH0HGLH´;9,
S±FDUHDSXVvQWUROXPLQăQRXăDFĠLXQLOHGRPQXOXL0ROGRYHLvQ

%HUQDUG6.RKQ7RZDUGDQ5DSSURFKHPHQWS±

9LFWRU (VNHQD]\ 8Q QRX L]YRU UHIHULWRU OD SULPD GRPQLH D OXL 3HWUX 5DUHú vQ Ä6WXGLL
5HYLVWă GH ,VWRULH´ ;;9,  S ± SXEOLFă XQ GRFXPHQW SRORQ vQ FDUH VXQW DPLQWLWH
VSHFWDFROH ÄTXDVL OXGRV´  RUJDQL]DWH GLQ SRUXQFD OXL 3HWUX 5DUHú vQ FDUH HUDX ULGLFXOL]DWH GLVSXWHOH
GLQWUHUHJHOH3RORQLHLúL'LHWă

 2YLGLX&ULVWHD 

XVHGE\WKHUXOLQJSULQFHWRRUJDQL]HD SXEOLFUHSUHVHQWDWLRQ±DPRFNWULXPSK±
PHDQWWRVWUHQJWKHQKLVSRZHUDQGWRKXPLOLDWHKLVSROLWLFDOHQHPLHV
7KHSUHVHQWSDSHUSURSRVHVDQLQWHUSUHWDWLRQRIWKHWH[WRIWKHRQO\FKURQLFOH
ZKLFKJLYHVDGHWDLOHGDFFRXQWRIWKHHYHQWWKHVRFDOOHG³$QRQLPXO%UDQFRYHQHVF´
7KLV LQWHUSUHWDWLRQ WULHV WR ILQG WKH SXUSRVH RI WKLV PRFN WULXPSK WR LGHQWLI\ WKH
³SDWWHUQ´RIWKHUHSUHVHQWDWLRQLIVXFKSDWWHUQH[LVWVWRSRLQWRXWWKHUROHSOD\HGE\
HDFKFKDUDFWHULQYROYHGDQGWRGHWHUPLQHWKHIHHGEDFNLHWKHUHDFWLRQRIWKHSXEOLF
&21752/$5($6/8-%$ù,/25'201(ù7,
Ì175()(50,7$7(ù,Ä92,(9(*+($7Ă´
678',8'(7(50,12/2*,(,6725,&Ă

2$1$5,=(6&8

2ULFH IRUPă GH H[HUFLWDUH D SXWHULL SUHVXSXQH R UHODĠLH IRUPDOL]DWă vQWUH


FHQWUXO GHFL]LRQDO úL H[HFXWDQĠL VFRSXO DFHVWHLD ILLQG DVLJXUDUHD vQ SHUPDQHQĠă D
FRQWUROXOXLGHFăWUHFHODIODWvQYkUIXOLHUDUKLHL8QSULQFLSLXPRGHUQGHRUJDQL]DUH
D VWDWXOXL GH GDWă UHFHQWă UHFODPă XQ FRPSRUWDPHQW RQHVW GLQ SDUWHD FHORU FDUH
JHVWLRQHD]ă DIDFHUL SXEOLFH 2 DQDOL]ă SH ED]ă GRFXPHQWDUă D PRGXOXL GH
IXQFĠLRQDUHDDFHVWXLWLSGHDFWLYLWDWHvQĠăULOHURPkQHDUDWăFăIHOXOvQFDUHSHWRDWă
SHULRDGD SUHPRGHUQă DX IRVW FROHFWDWH LPSR]LWHOH QD FRQGXV OD QLYHOXO SUDFWLFLL
GLUHFWH OD R VWULFWă GHOLPLWDUH vQWUH DIDFHULOH SULYDWH úL FHOH GLQ VIHUD LQWHUHVXOXL
SXEOLF3HDFHVWIXQGDOQHFODUGHJHVWLRQDUHDDFWLYLWăĠLLILQDQFLDUHGHVWUkQJHUHD
GăULORU XFLGHUHD PDULORU YLVWLHUL GLQ WLPSXO UHYROWHORU SRSXODUH GLQ ğDUD
5RPkQHDVFă FDSăWă VHPQLILFDĠLD VDFULILFăULL XQRU ĠDSL LVSăúLWRUL SOkQJHULOH
SRSXODĠLHL LGHQWLILFkQG vQ DFHúWLD VXUVD DEX]XULORU vQGXUDWH $ SULRUL FLQVWHD úL
EXQDvQGHSOLQLUHDVOXMEHLGHFăWUHRDPHQLLGRPQHúWLVXQWFRQWURODWHSHUPDQHQWGH
vQúLúL EHQHILFLDULL DFWXOXL GH JXYHUQăPkQW (VWH FXQRVFXW IDSWXO Fă SRUXQFLOH SULQ
FDUHGRPQXOğăULL5RPkQHúWLvúLDGXFHODRUGLQHVXERUGRQDĠLLIDF±vQQXPHURDVH
GRFXPHQWH ± UHIHULUH GLUHFWă OD SOkQJHULOH SRSXODĠLHL SULYLQG FRPSRUWDPHQWXO
DEX]LYDODFHVWRUD3ULQWUHDFĠLXQLOHFHOPDLGHVLQYRFDWHVHQXPăUăH[WRUFăULOHGH


/DXUHQW )HOOHU HG  &RQWU{OHU OHV DJHQWV GX SRXYRLU $FWHV GX &ROORTXH RUJDQLVp SDU
O¶eTXLSHG¶DFFXHLOÄ+LVWRLUH&RPSDUpHGHV3RXYRLUV´ ($ jO¶8QLYHUVLWpGH0DUQHOD9DOOpH
  PDL HW HU MXLQ  /LPRJHV  S  9H]L úL 3KLOLSSH &RQWDPLQH /H 0R\HQ $JH
RFFLGHQWDODWLOFRQQXGHV©VHUYLWHXUVGHO¶(WDW"ªvQ/HVVHUYLWHXUVGHO¶(WDWDX0R\HQ$JH$FWHVGX
;;,;HFRQJUqVGHOD6+0(63 3DX 3DULVS±

&D]XO PDUHOXL VWROQLF *KHRUJKH &DULGL XFLV GH VOXMLWRULL UăVFXODĠL vQ  9H]L úL 1LFRODH
6WRLFHVFX 'LFĠLRQDU DO PDULORU GUHJăWRUL GLQ ğDUD 5RPkQHDVFă úL 0ROGRYD 6HF ;,9±;9,
%XFXUHúWLS

'$1,& 'RF ,VW ;& RFW  0DUHOH EDQ VH UHIHUăOD IXULD GRPQXOXL SH FDUHD
WUHEXLWVăRVXSRUWHGLQFDX]DXQXLDQXPH(IWLPLHÄILFLRUGLFXUYă´FDUHDUILORYLWRSHVWDUHĠDXQHL
PăQăVWLULvQWLPSXOXQHLGLVSXWHSHQWUXVWăSkQLUHDXQHLPRúLLÌQGRFXPHQWPDUHOHEDQvODWHQĠLRQHD]ă
SH (IWLPLH Fă VWDUHĠD D IăFXW SOkQJHUH ±ÄDX VSXV OXL YRGă´ ± úL GRPQLWRUXO ÄDX YUXW Vă WULPLWă Vă WH
VSkQ]XUHGLDPDYXWúLHXVFkUEăGLFăWUăYRL´9H]LúL2DQD5L]HVFX8QWHUPHQSXQLWLYGLQVHQWLQĠHOH
úLSRUXQFLOHGRPQHúWLVFkUEDvQÄ5HYLVWDLVWRULFă´WRP9,,,QU±S±

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 2DQD5L]HVFX 

EDQL úL SURGXVH vQ WLPSXO FDPSDQLLORU GH FROHFWDUH D GăULORU ELUXOXL úL WULEXWXOXL
SHQWUX FDUH GRPQXO FHUH PăVXUL GH vQGUHSWDUH D OXFUXULORU XQHRUL VDQFĠLRQDUHD
FHORU YLQRYDĠL 6HQVLELOLWDWHD GRPQLHL OD DFHDVWă SUREOHPă vQFXUDMHD]ă GHODĠLXQHD
SkUD vQUHJLVWUkQGXVHFD]XULGHDFX]DĠLLvQSHQDO$FHVWHDVXQWFRQWUDFDUDWHGHFHL
SkUkĠL FX GHQXQĠXUL vPSRWULYD GHODWRULORU HYLGHQW SHQWUX D VFăSD GH SHGHDSVă
LQYRFkQGXVH SUHVXSXVH IDSWH GH HYD]LXQH ILVFDOă 3HQWUX FRQWURODUHD VOXMEDúLORU
GRPQHúWL SH OkQJă SRUXQFLOH VWULFWH DOH úHIXOXL LHUDUKLF FDUH QHFHVLWă R VWXGLHUH
DWHQWăDYRFDEXODUXOXLMXULGLFGRPQLDSXQHvQIXQFĠLXQHRUHĠHDGHUHVSRQVDELOLWăĠL
DOH DFWRULORU VRFLDOL ED]DWă PDL DOHV SULQ JDUDQĠLLOH IXUQL]DWH YHUWLFDO 5HJLVWUXO
WHPDWLFDODEX]XOXLFXSULQGHPDLPXOWHFXYLQWHSUHFXPÄDVXSUHDOă´VLOăVLOXLUH
ÄFHUWDUH´ ÄvPSUHVXUDUH IăUă GUHSWDWH´ FRWURSLUH YLFOHQLH VWUkPEăWDWH
ÄOHSăGDUH IăUă YRLH´ 9RP DQDOL]D FkWHYD GLQWUH DFHVWHD SHQWUX D OH JăVL
VHPQLILFDĠLDVHPDQWLFăúLLQVWLWXĠLRQDOă


'RFXPHQWD5RPDQLDH+LVWRULFD%ğDUD5RPkQHDVFă%XFXUHúWLYRO;;,9QU
 LXO  0DULFD GLQ $OEHúWL VFDSă SHQWUX PRPHQWGH SHGHDSVă SULQ FDORPQLHUHD OXL 6WDQFLXO
&HSDULXO 3HQWUX SUREOHPD GHODĠLXQLL YH]L H[FHOHQWXO VWXGLX DO OXL <DQQ 5LYLqUH (QFRXUDJHPHQW
FRQWU{OHOkFKDJHHWO\QFKDJHGHVDJHQWVGXILVFLPSpULDO ,HU±,9HVLqFOHDS-& vQ/DXUHQW)HOOHU
HG &RQWU{OHUOHVDJHQWVGXSRXYRLUS±

3HQWUXQHFHVLWDWHDVWXGLLORUVHPDQWLFHDVXSUDWHUPHQLORULVWRULFL$ODLQ*XHUUHDX/¶DYHQLUG¶XQ
SDVVpLQFHUWDLQ 4XHOOH KLVWRLUHGX0R\HQ$JHDX;;,H VLqFOH" 3DULV FDSLWROXOÄ/D VpPDQWLTXH
KLVWRULTXH´ WUDG vQ OLPED URPkQă   $GULDQD 6WRLFKLĠRLX,FKLP 6HPLRWLFD GLVFXUVXOXL MXULGLF
%XFXUHúWL  9H]L úL DQFKHWHOH QRDVWUH DVXSUD XQRU LQVWLWXĠLL URPkQHúWL FXUDPD FKH]ăúLD  FDUH
FXSULQG úL DQDOL]H GH YRFDEXODU &RQVWUXLUHD VWDWXOXL SULQ FRQWUROXO GDWRULLORU &KH]ăúLD úL UHODĠLLOH
FRQWUDFWXDOHvQğDUD5RPkQHDVFăvQVHFROHOH;9±;9,,3DUWHD,6HF;9±;9,vQÄ6WXGLLúLPDWHULDOHGH
LVWRULHPHGLH´YRO;,;S±&HVVLRERQRUXPúLLQWHUYHQĠLDVWDWXOXLvQUHJODUHDGDWRULLORU
SULYDWH&XUDPDúLOHSăGDUHDGDWRULLORUvQGLYDQvQğDUD5RPkQHDVFăvQVHFROXODO;9,,OHDvQÄ5HYLVWD
LVWRULFă´W;9QU±S±Ä1LPLFGHJOXPăVăQXYăSDUă´$XWRULWDWHDGRPQHDVFăúL
SHULFROXOGHUL]LXQLLvQÄ5HYLVWDLVWRULFă´W;9,QU±S±

'HWDOLL vQ VWXGLXO QRVWUX &RQVWUXLUHD VWDWXOXL SULQ FRQWUROXO GDWRULLORU 3HQWUX R DQDOL]ă
FRPSDUDWLYăYH]L.DWLD:HLGHQIHOG/HVRULJLQHVPpGLpYDOHVGXFRQWHQWLHX[DGPLQLVWUDWLI ;,9H±;9H
VLqFOHV 3DULVPDLDOHVFDSLWROXOÄ'HVPR\HQVG¶DFWLRQVFRQWU{OpV´

&DWDORJXO GRFXPHQWHORU ğăULL 5RPkQHúWL GLQ $UKLYHOH 6WDWXOXL vQ FRQWLQXDUH &DW ğ 5RP 
YRO,9 ± %XFXUHúWLQUPDLÄDXWăLDWFăUĠLOHúLKULVRDYHOH´úLHLÄDXIăFXW
FXP DX YUXW vQ VLOă FD QLúWH RDPHQL SXWHUQLFL´ QU   LDQ  ÄOHSăGkQGXOH EDQLL FX VLOD OD
FDVHOHORU´

,ELGHPQUPDUWÄVDXSkUkWvQPDUHOHGLYDQFăQXOHDGDWWRĠLEDQLLFLPDL
SXĠLQIăFkQGXOHVLOXLUH´

,ELGHP QU   LXO  ÄD vPSUHVXUDW DFHDVWă PRúLH vQ VLOă FăFL MXSkQHDVD 'DWFD D
UăPDVVăUDFăúLFXFRSLLPLFLQHDYkQGFLQHLFăXWDGHPRúLL´

,ELGHPQURFWÄWRĠLGUHJăWRULLDXDGHYHULWFăDXFRWURSLWVDWHOHIăUăGUHSWDWH´
QUGHFÄDXFRWURSLWFăOXJăULLvQVLOă´

,ELGHPQULDQÄDXYHQLWFXSkUăFXRFDUWHPLQFLQRDVăOXkQGVDWXOFXYLFOHQLH´

&DWğ5RPYRO9,,, ± %XFXUHúWLQULDQQU IHEU 
 QU   PDUW  QU   LXO  QU   PDL  QU   PDUW 
QUDSU

,ELGHPQULXOQULDQÄLDXWXUQDWDUYXQDvQDSRL´
 &RQWURODUHDVOXMEDúLORUGRPQHúWLvQWUHIHUPLWDWHúLÄYRLHYHJKHDWă´ 

ÌQYăOXLUHD 6XEVWDQWLYXO YDO DUH VHQVXUL PXOWLSOH GLQWUH FDUH FHOH PDL
LPSRUWDQWHVHUHIHUăODRLQWHUYHQĠLHQHJDWLYăvQFRQWUDYRLQĠHLFXLYDH[HUFLWDWăFHO
PDL DGHVHD GH XQ RP GRPQHVF vQVă HO HVWH DVRFLDW úL FX LGHHD GH PLQFLXQă
vQúHOăFLXQH ÄYă]kQG GRPQXO Fă XPEOă UXPkQXO FX PLQFLXQL úL SRDUWă GLYDQXO GH
YDO´LDOXDWERLLSHVHDPDGRPQLHLUăPkQkQGGHOHJHúLGHMXGHFDWă/DDXJXVW
 0DWHL %DVDUDE SRUXQFHúWH EăQLúRULORU GLQ MXGHĠXO ,OIRY Vă QX PDL SUDGH
UXPkQLLGLQVDWXO&KLVHOHĠXODOPăQăVWLULL6IkQWD7URLĠăFăFL LDVSXVHJXPHQXOFă
HLLQWUăvQVDWúLSUDGăúLIDFRELFHLXULFDUHQXDXIRVWQLFLRGDWăvQHOÄúLQXDXQLFL
WUHDEăúLQLFLvQYăĠăWXUăGHODGRPQVăOvQYăOXLDVFă´
3HQWUXvQWăULUHDGHFL]LLORUGRPQHúWLGRPQXOSUHFL]HD]ăFăDFHODFDUHÄYDPDL
vQYăOXL´ YD DYHD PDUH FHUWDUH FHUkQG FD VXSXúLL VăúL SOăWHDVFă GRDU GăULOH
FXYHQLWH'DFăFLQHYDVHYDÄLVSLWL´DOWIHO vLYDVXSăUD SHVWHFDUWHDGRPQHDVFă
ÄYD SOăWL FX FDSXO QX FX DOWD´ 0LWURSROLWXO vQVXúL HVWH FRQWUD FHORU FDUH ÄIDF
EkQWXLDOă´ ÄERJDĠL RDPHQL UăL úL PDUJKLRDOL´ FDUH ÄSXQ SULKăQL úL RFăUL XQRUD úL
DOWRUD´(LSRWILELUDULYLQăULFHULVDXRULFHIHOGHVOXJLGRPQHúWLÄFDUHFXFH
VOXMEă´ XPEOă vQ MXGHĠ úL FDUH VXQW WHQWDĠL VăúL GHSăúHDVFă VDUFLQLOH $FHúWLD VXQW
SDVLELOL Vă VXSRUWH GLQ SDUWHD GRPQLHL ÄPDUH FHUWDUH´ ÄPDUH FHUWDUH úL UHD
VFDQGHDOă´ ÄPDUH FHUWDUH úL UHD VFkUEă´ $PHQLQĠDUHD QX HVWH GRDU JHQHUDOă
YL]kQG vQWUHJXO FRUS GH VOXMEDúL GRPQHúWL FH DU vQFăOFD YUHR SRUXQFă GHD
GRPQXOXL GDU HVWH úL VXILFLHQW GH LPSUHFLVă FUHkQG XQ FkPS IRDUWH DPSOX GH
SRVLELOHUHDFĠLLUHSUHVLYHÄ&LQHLYDvQYăOXLPDLPDUHFHUWDUHGăDFHORPQXYDOXD
DOWXO´ 6DX Ä&LQH YD IDFH QHFD] VDX YDO FX QLPLF QX VH YD SOăWL QXPDL FX
FDSXO´ Ä&LQH vL YD vQYăOXL SHVWH DFHDVWă FDUWH D GRPQLHL PHOH YD DYHD PDUH
FHUWDUHúLUHDVFkUEă´ÄPDUHFHUWDUHúLSODWăFXUHDXUJLH´GHODGRPQÌQSULYLQĠD
UHJLVWUXOXL SHQDO ğDUD 5RPkQHDVFă XUPHD]ă WUDGLĠLD EL]DQWLQă FDUH vQ UDSRUW FX
SUHYHGHULOH URPDQH GLQ &RUSXV -XULV &LYLOLV vQUHJLVWUHD]ă R GLPLQXDUH D GXULWăĠLL
SHGHSVHORU &D úL OD %L]DQĠ SHGHDSVD GRPQHDVFă RELúQXLWă HVWH EăWDLD VDX


,ELGHPYRO,9QULXQ

,ELGHPQU

,ELGHPQUPDLQULXQQUVHSWQUPDUW

,ELGHPQUPDL

,ELGHPQUQRY

,ELGHPYRO9,,,QULDQ

,ELGHPQULXO

,ELGHPQUDXJ

,ELGHPQULXO

,ELGHPQUDXJ

,ELGHPQURFW

,ELGHPYRO,9QULXQ

,ELGHPQULXO

,ELGHPYRO9,,,QURFW

,ELGHPYRO9,,,QUVHSW

 2DQD5L]HVFX 

DPHQLQĠDUHDFXEăWDLD3HUSHWXDUHDVDQFĠLXQLORUDVSUHvQVXUVHOHMXULGLFHEL]DQWLQH
GDUúLURPkQHúWLVHGDWRUHD]ăUHVSHFWXOXLPDQLIHVWDWvQDPEHOHDULLFXOWXUDOHIDĠăGH
GUHSWXOLPSHULDOURPDQ
&XWRDWHDFHVWHDSRUXQFDGRPQHDVFăGHH[HFXĠLHFXSUHFL]DUHDÄPDLPXOWYDO
VăQDLEă´QXH[FOXGHRFODX]ăLPSRUWDQWăFDUHGăGUHSWXORULFăUHLSHUVRDQHFHVH
FRQVLGHUăQHGUHSWăĠLWăVăúLUHFODPHGUHSWXOvQIDĠDGRPQXOXLÄ&XLLVHYDSăUHDvQ
DOW FKLS FX VWUkPEX Vă YLQă Vă VWHD GH IDĠă´ 'RPQXO DVRFLD]ă GHFL]LD VD FX
DGPLQLVWUDUHD SUREHORU úL UHFXQRDúWH LPSOLFLW Fă vQ ED]D SUREHORU IXUQL]DWH QX D
SXWXWOXDGHFkWRKRWăUkUH SURYL]RULHOăVkQGGHVFKLVăFDOHDUHOXăULLSURFHVXOXLÌQ
DOĠL WHUPHQL SULFLQD SXWHD IL UHMXGHFDWă vQWUH DFHOHDúL SăUĠL vQWUXQ DOW SURFHV
$FHVWHL FRQVHFLQĠH SURFHVXDOH L VH DGDXJă R DOWD FDUH YL]HD]ă LQVWDELOLWDWHD XQXL
SULQFLSLX MXULGLF FODVLF SRWULYLW FăUXLD XQ OXFUX MXGHFDW WUHFH GUHSW DGHYăUDW ÄUHV
MXGLFDWD SUR YHULWDWH DFFLSLWXU´  3kQă OD DGPLQLVWUDUHD XQHL SUREH FRQWUDUH
GRPQXOHVWHFHOFDUHJDUDQWHD]ăFXDXWRULWDWHDVDSXQHUHDvQDSOLFDUHDGHFL]LHL'H
DLFLVXUYLQH FUHGHPúLFDUDFWHUXOIRDUWHSHUVRQDOL]DWDOLQWHUYHQĠLLORUGRPQHúWLvQ
VXVĠLQHUHD VHQWLQĠHORU GH MXGHFDWă ÌQ FD]XO vQ FDUH DU H[LVWD SUREH QRL LQGLFDĠLD
GRPQXOXLHVWHSUHFLVăúLLQYLWăFRQWHVWDWDUXOVăUHGHVFKLGăSURFHVXOÄVăYLQăFXHOH
ODGLYDQ´ÄVăWHvQWUHELFXGkQVXO´LDUGHQXYDDYHDÄGLUHVXUL´VăQXOPDLSRDUWH
ÄGHYDO´SHQWUXDQXPDLYHQLFXMDOEăODGRPQ

3XUWDUHDGLYDQXOXLGHYDOUHSUH]LQWăXQDOWFRQWH[WIRDUWHELQHLQGLYLGXDOL]DW
vQ GRFXPHQWH HPLVH GH FDQFHODULD GRPQHDVFă FDUH VDQFĠLRQHD]ă FRPSRUWDPHQWXO
OLSVLW GH UHVSHFW IDĠă GH DXWRULWDWHD GRPQHDVFă SULQ XWLOL]DUHD DEX]LYă D XQHL
LQVWLWXĠLLWUDGLĠLRQDOHMXUăPkQWXOSUREDWRUFXSDUWLFLSDUHDXQXLJUXSGHRDPHQL
FRQVWLWXLĠLvQÄOHJH´3ULQGLYHUVHPLMORDFHSURFHGXUDOHOHJHDĠăULLvLRIHUăGRPQXOXL
SRVLELOLWDWHDGHDLQWHUYHQLvQVWDELOLUHDSUREHORUXWLOL]DWHODSURFHV$FHVWHPăVXUL
VXQW YDULDWH PHUJkQG GH OD YHULILFDUHD SHUVRQDOă GH FăWUH GRPQ WUHFkQG SULQ
REĠLQHUHD PăUWXULHL VXE MXUăPkQW vQ IDĠD PLWURSROLWXOXL VDX D HSLVFRSLORU SkQă OD
vQUHJLVWUDUHD PăUWXULHL GLUHFWH IăFXWH vQ GLYDQ VDX DXGLHUHD PDUWRULORU ùL GDFă
GRPQXO RUGRQă DFHVWH PăVXUL GH LQVWUXFĠLH HVWH SHQWUX Fă HO QX GLVSXQH vQFă GH
HOHPHQWHVXILFLHQWHFDUHVăLSHUPLWăVăFRQFOX]LRQH]HÌQVăSRUXQFLQGPăVXULOHGH
DQFKHWăFXVDXGHERLHULHOSUHLDLQLĠLDWLYDvQSURFHVXOFăXWăULLDGHYăUXOXL
MXGLFLDU FDUH DOWPLQWHUL vQ SURFHVXO URPkQHVF WUDGLĠLRQDO RUDO úL GHUXODW SH ED]D


(YROXĠLD VH H[SOLFă OD %L]DQĠ SULQ LQIOXHQĠD QRPRFDQRDQHORU úL D SUDFWLFLL MXULGLFH 9H]L
(YDQJHORV .DUDEOLDV /D WRUWXUH MXGLFLDLUH HQ GURLW E\]DQWLQ vQ %HUQDUG 'XUDQG HG  /D 7RUWXUH
MXGLFLDLUH $SSURFKHV KLVWRULTXHV HW MXULGLTXHV DYHF OD FROODERUDWLRQ GH /HDK 2WLV&RXU &HQWUH
G¶KLVWRLUHMXGLFLDLUHpGLWHXU)DFXOWpGHVVFLHQFHVMXULGLTXHVSROLWLTXHVHWVRFLDOHV/LOOHS

&DWğ5RPYRO9,,,QULDQ

' 8OSLDQXV OLEUR SULPR DG OHJHP ,XOLDP HW 3DSLDP Ä,QJHQXXP DFFLSHUH GHEHPXV
HWLDPHXPGHTXRVHQWHQWLDODWDHVWTXDPYLVIXHULWOLEHUWLQXVTXLDUHVLXGLFDWDSURYHULWDWHDFFLSLWXU´
9H]LúL'

&DWğ5RPYRO9,,,QUDSU
 &RQWURODUHDVOXMEDúLORUGRPQHúWLvQWUHIHUPLWDWHúLÄYRLHYHJKHDWă´ 

SULQFLSLXOXL DFX]DWRU DU IL LQFXPEDW XQHLD GLQ SăUĠL &KLDU úL DWXQFL FkQG XQD úL
DFHHDúL SULFLQă UHYLQH vQ GH]EDWHUHD GLYDQXOXL GRPQXO QX OLPLWHD]ă DFFHVXO vQ
MXVWLĠLH 3kUD SXUWDWă vQ GRXă WUHL GLYDQXUL VXFFHVLYH HVWH XQ GUHSW SURFHVXDO
UHFXQRVFXW RULFăUXL VXSXV &HHD FH VWkUQHúWH UHDFĠLD SHUVRQDOă D GRPQXOXL HVWH
SURFHVRPDQLD SH FDUH vQ DEVHQĠD DXWRULWăĠLL OXFUXOXL MXGHFDW QX DUH FXP Vă R
OLPLWH]H GHFkW SULQ LQWHUYHQĠLD VD GLUHFWă $úD VH IDFH Fă GXSă DFRUGDUHD ÄOHJLL´
SULYLQGDQFKHWDUHDFXERLHULMXUăWRULÄvQGRXăWUHLGLYDQXUL´vQVLWXDĠLDvQFDUHÄQLFLD
GRXDRDUăQXDSXWXWMXUDúLDUăPDVGHOHJH´Yă]kQGGRPQXOFăSkUkúXOÄXPEOăIăUă
GH LVSUDYă SXUWkQG GLYDQXO GH YDO´ VHQWLQĠD HVWH GDWă vQ IDYRDUHD UHFODPDWXOXL
,QFDSDFLWDWHDGHDMXUDDQWUHQHD]ăRULFXPvQSUDFWLFDMXULGLFă URPkQHDVFăSLHUGHUHD
SURFHVXOXL vQVă XWLOL]DUHD vQ PRG UHSHWDW vQFHUFkQGXVH SăFăOLUHD MXGHFăWRUXOXL
XPEOkQG FX PLQFLXQL úL ÄSXUWkQG GLYDQXO GH YDOH´ LPSXQH VDQFĠLXQL GLUHFWH GLQ
SDUWHD GRPQLHL FX DMXWRUXO XQXL DSDUDW UHSUHVLY FRQGXV GH PDUHOH DUPDú 0DUHOXL
DUPDú úL IXQFĠLRQDULORU GLQ VXERUGLQH OH VXQW vQFUHGLQĠDWH vQ XOWLPă LQVWDQĠă LPHQVD
UHVSRQVDELOLWDWH D DXWRULWăĠLL GRPQHúWL D OXFUXOXL MXGHFDW D H[HFXĠLHL SRUXQFLORU
$FHVW DSDUDW FRHUFLWLY QX DU SXWHD OXFUD vQ DIDUD XQHL ED]H OHJDOH FăFL DúL IDFH
GUHSWDWH VLQJXU QX DU DQWUHQD GHFkW XQ YDO QHVIkUúLW GH YHQGHWH 'RDU GRPQXO ĠăULL
SRDWHIDFHMXVWLĠLHIRORVLQGvQPRGFRPSOHPHQWDUúLIRUĠăIDSWFHPDUFKHD]ăVHQVXO
VSHFLILF úL LQWLP DO LQWHUYHQĠLHL RULFăUXL SkUkú SH OkQJă DXWRULWDWHD MXGHFăWRUHDVFă
$FHVWDQXVROLFLWăXQXLMXGHFăWRUGRDUUHFXQRDúWHUHDOHJLWLPLWăĠLLSUHWHQĠLLORUVDOHGDU
VH DúWHDSWă FD DFHVWHD RGDWă UHFXQRVFXWH Vă SULPHDVFă WRW FRQFXUVXO XQXL DSDUDW
VSHFLDOL]DWSHQWUXFDGHFL]LLOHVăILHSXVHvQDSOLFDUH

6WUkQVRDUHD$XWRUL]DUHDXQHLLQWHUYHQĠLLDRDPHQLORUGRPQLHLYLQHWRWGHDXQD
GLQ SDUWHD GRPQXOXL vQVXúL SULQWUXQ RUGLQ SUHFLV DFRUGDW GH ILHFDUH GDWă GXSă
DQDOL]DUHD FD]XOXL FRQFUHW FHO PDL DGHVHD UHSUH]HQWDW GH FRQWUDFWH QHRQRUDWH
&D]XULOHFHOHPDLIUHFYHQWHGHLQWHUYHQĠLHDSDUDWXQFLFkQGGXSăFHSăJXEDúLLGLQ
GLYHUVH YkQ]ăUL VXQW SXUWDĠL FX PLQFLXQLOH QHSULPLQG QLFL EDQL QLFL RELHFWXO
FXPSăUDWGRPQXOGăYRLHFDSăJXEDúXOúLFkúWLJăWRUXOXQXLSURFHVÄVăODSXFHFX
VOXJDGRPQXOXLVăLSOăWHDVFăEDQLLFkWPDLFXUkQGúLIăUă]ăEDYă´(VHQĠLDOăvQ
DSUHFLHUHD RSRUWXQLWăĠLL XQHL LQWHUYHQĠLL vQ IRUĠă GH FăWUH GRPQLH vQ H[HFXWDUHD
FRQWUDFWHORUSULYDWHHVWHHYDOXDUHDJUDGXOXLGHRSRUWXQLWDWHúLGHOLEHUWDWHvQFDUHV
DXVWDELOLWDFRUGXULOH6XQWVDQFĠLRQDWHWRDWHYkQ]ăULOHIRUĠDWHÄDUXQFDUHDEDQLORUvQ


,ELGHPQULXO

,ELGHPQUDXJ

5REHUW-DFRE/LFWHXUVVHUJHQWVHWJHQGDUPHVSRXUXQHKLVWRLUHGHODPDLQIRUWHvQ&ODLUH
'RODQ HG  (QWUH MXVWLFH HW MXVWLFLDEOHV OHV DX[LOLDLUHV GH OD MXVWLFH GX 0R\HQ $JH DX ;;H VLqFOH
4XpEHFS

)UDQFLV9DQ/RRQ6WHSKDQH'HOUXH /¶KXLVVLHUGHMXVWLFHHWO¶H[pFXWLRQGHVMXJHPHQWVSDU
YRLHGHFRQWUDLQWH8QHUHFRQVWUXFWLRQHPSLULTXHGHODS\UDPLGHG¶H[pFXWLRQHQ)ODQGUHvQÄ'URLWHW
6RFLpWp´QRV±S±

&DWğ5RPYRO9,,,QUPDL

 2DQD5L]HVFX 

VLOă´VDXQHUHVSHFWDUHDGUHSWXOXLGHSUHHPĠLXQH([HFXWDUHDIRUĠDWăvPEUDFăIRUPH
LQIDPDWRULL DWXQFL FkQG SHQWUX SXQHUHD vQ DSOLFDUH VH IRORVHúWH vQGHSăUWDUHD
vPSULFLQDĠLORUFDUHDXSLHUGXWSURFHVXOÄGHJUXPD]´VDXÄGHJkW´ILLQGVFRúLFX
PDUHUXúLQHGLQGLYDQFDQLúWHRDPHQLÄUăLúLKLFOHQL´8QHRULVHSUHFL]HD]ăFăÄLDP
EăWXWGRPQLDPHDvQGLYDQ´DFĠLXQHFDUHvQWăUHúWHLPDJLQHDXQXLGRPQMXGHFăWRUúL
H[HFXWRU6XUVDRULFăUHLYLROHQĠHDXWRUL]DWHQXSRDWHILGHFkWGRPQXOĠăULLRULFHDOWă
DFĠLXQHILLQGDSUHFLDWăFDVLOQLFăúLVXSXVăHDvQVăúLPDLGHYUHPHVDXPDLWkU]LX
VDQFĠLXQLL GRPQHúWL ÌQ OXQJXO SURFHV DO JHQH]HL VWDWXOXL vQJUăGLUHD YLROHQĠHL
SULYDWHúLDDEX]XOXLSUHFXPúLFXFHULUHDÄPRQRSROXOXLYLROHQĠHL´VDXGRYHGLWR
RSHUDĠLXQHOHQWăvQFHWLQLWăGHFRQWH[WXOVSHFLILFILHFăUHLH[SHULHQĠHSROLWLFH'HúL
OHQW YRFDEXODUXO URPkQHVF DO H[HFXWăULL IRUĠDWH IDFH GRYDGD úL SHQWUX ğDUD
5RPkQHDVFăDXQXLSURFHVVLPLODU
'RPQXOĠăULLSRDWHILHOvQVXúLRELHFWGHOLWLJLXSHQWUXFRPSRUWDPHQWDEX]LY
FD] vQ FDUH MXGHFDWD QX SRDWH DYHD ORF GHFkW GXSă vQFHWDUHD GRPQLHL DFHVWXLD
3URFHVHOH SXUWDWH GH ĠăUDQL vQ WLPSXO OXL &RQVWDQWLQ ùHUEDQ vPSRWULYD UXPkQLULORU
IRUĠDWHVWDELOLWHGH0DWHL%DVDUDEWUăGHD]ăPRGXODXWRULWDUFXFDUHFHOGLQXUPăúLD
vQGHSOLQLWSROLWLFDLQWHUQăúLSURJUDPXOGHFWLWRULUL3HQWUXDGDXQH[HPSOXSHQWUX
UHDOL]DUHD GRPHQLXOXL PăQăVWLULL %UHEX 0DWHL %DVDUDE OHD VWULFDW VăWHQLORU GH
DFROR RFLQLOH ÄDUXQFkQGXL vQ SăGXUH´ VWULFkQGXOH FDVHOH FD VăL UXPkQHDVFă
([HPSOH FD DFHVWD GHYHQLVHUă QRWRULL vQFkW SRVLELOXO DEX] DO OXL 0DWHL %DVDUDE
SXWHD IL LQYRFDW vQ SURFHVHOH SHQWUX FRQWHVWDUHD VWDWXWXOXL GH UXPkQ $VWIHO vQWUH
UXPkQLL GH SH XQ GRPHQLX PăQăVWLUHVF úL FăOXJăULL FWLWRULHL GRPQHúWL XQ OLWLJLX
SXUWDWvQGLYDQSOHDFăGHODDFX]DĠLDGRYHGLWăDSRLFDIDOVă Fă0DWHL%DVDUDELD
UXPkQLWIăUăYRLDORUOHSăGkQGXOHEDQLL

9RLDYHJKHDWăÌQDFHVWFRQWH[WGRULPVăDWUDJHPDWHQĠLDDVXSUDVLWXDĠLHLvQ
FDUHGRPQXOğăULL5RPkQHúWLvúLPDQLIHVWăSăUWLQLUHDDIHFWkQGXVHDVWIHOPRGXOvQ
FDUHVHLPSXQúLVXQWUHVSHFWDWHUHJXOLOHvQVRFLHWDWHÄ9RLDYHJKHDWă´DGRPQXOXL
ğăULL5RPkQHúWLUHFRQILUPăLPSRUWDQĠDVSHFLDOăSHFDUHRDUHLPSOLFDUHDSHUVRQDOă


,ELGHPQUPDLÄVăDSXFHFXVWUkQVRDUHSHQWUXDSOăWLXJKLEDQLOXDĠLvQVLOă´

,ELGHPQUPDLÄúLLDGDWGHJUXPD]HJXPHQXOXL´

,ELGHPQULXQQU LDQÄDXPHUVUXPkQLLWRWFXPLQFLXQL´FD
QLúWHRDPHQLÄUăLúLSkUkWRUL´ÄGkQGXLGHJkWvQPkLQLOHOXL6WDPDWH´

$P GH]YROWDW DFHVW VXELHFW vQ %ăWDLD OD ÄFDSXO VFăULL´ LPDJLQHD SXEOLFă D GRPQLWRUXOXL
MXGHFăWRUvQÄ5HYLVWDLVWRULFă´W;9,,QU±S±

&ODXGH *DXYDUG 9LROHQFH OLFLWH HWYLROHQFH LOOLFLWH GDQV OH UR\DXPH GH )UDQFH j OD ILQ GX
0R\HQ $JH vQ Ä0HPRULD \ &LYLOL]DFLyQ´  QU  S ± 3DROR *URVVL /¶RUGLQH JLXULGLFR
PHGLHYDOH 5RPD±%DUL HG   1LFRODV 2IIHQVWDGW ,QWHUDFWLRQ HW UpJXODWLRQ GHV FRQIOLWV /HV
JHVWHV GH O¶DUELWUDJH HW GH OD FRQFLOLDWLRQ DX 0R\HQ $JH ;,,,H±;9H VLqFOHV  vQ &ODXGH *DXYDUG
5REHUW-DFRE/HVULWHVGHODMXVWLFH*HVWHVHWULWXHOVMXGLFLDLUHVDX0R\HQ$JH3DULVS±

&DWğ5RPYRO9,,,QULXQ

,ELGHPQULXQ
 &RQWURODUHDVOXMEDúLORUGRPQHúWLvQWUHIHUPLWDWHúLÄYRLHYHJKHDWă´ 

DDFHVWXLDvQIXQFĠLRQDUHDÄPRQWDMXOXLLQVWLWXĠLRQDO´URPkQHVFWUăGkQGXLvQDFHODúL
WLPSOLPLWHOH'LQDQDOL]DSXĠLQHORUGRFXPHQWHFDUHRPHQĠLRQHD]ăUHLHVHLQGXELWDELO
HIHFWXOFRURVLYDODFHVWXLFRPSRUWDPHQWFHVXEPLQHD]ăvQFUHGHUHDvQMXVWLĠLH
/DGHFHPEULHGRPQXO&RQVWDQWLQùHUEDQUHIDFHvQXUPDXQXLSURFHV
VWăSkQLUHDDVXSUDXQXLSăPkQWSHQWUXFDUHQXVHUHVSHFWDVHGUHSWXOGHSUHHPĠLXQH
6XQW PHQĠLRQDWH PDL PXOWH MXGHFăĠL VXFFHVLYH ÄvQ FkWHYD UkQGXUL´  SXUWDWH vQ
GLYDQXO GRPQXOXL SUHFHGHQW 0DWHL %DVDUDE FRQWUD XQXL ERLHU DQXPH 8GUHD
VOXJHU FDUH D FXPSăUDW vQ ÄVLOă´ IăUă Vă vQWUHEH ELUQLFLL úL URúLL FDUH HUDX ÄPDL
YROQLFL´DúDFXPRFHUHOHJHDĠăULL&RQWXUQDUHDOHJLLúLSLHUGHUHDXQXLSURFHVHVWH
PRWLYDWă vQ DFWXO OXL &RQVWDQWLQ ùHUEDQ vQ SDUWHD FDUH UHFDSLWXOHD]ă LVWRULD
SURFHVXOXL FD GDWRUkQGXVH QX QXPDL VLOQLFLHL OXL 8GUHD GDU úL IDSWXOXL Fă DFHVWD
HUD SURWHMDW vPSRWULYD RULFăUHL DFĠLXQL ÄDYkQG YRLH YHJKHDWă OD GRPQ´ $FHDVWă
VLQWDJPăIDFHSHUHFKHFDDQWRQLPFXÄUHDXDVFkUEă´úLUHIOHFWăXQGH]HFKLOLEUXGH
SXWHUHvQWUHMXVWLĠLDELOLSHFDUHGRPQXOĠăULLvQFDOLWDWHGHMXGHFăWRUVXSUHPvQORF
VăOUHJOH]HvOSHUSHWXHD]ă1XQXPDLFăSHUVRDQăVSROLDWăúLDEX]DWăQXvúLREĠLQH
GUHSWDWHDGDUHVWHúLLQWLPLGDWăUHQXQĠkQGODGHUXODUHDRULFăUXLSURFHVDWkWDYUHPH
FkWSHUVLVWăIDFWRUXOFDUHGH]HFKLOLEUHD]ăEDODQĠD/DIHOFDvQFD]XOSHUVRDQHORUFH
DX ÄVFkUEă´ GH OD GRPQLH úL VXQW vQ ÄGL]JUDĠLH´ GLQ SDUWHD GRPQLWRUXOXL FHOH FX
ÄYRLDYHJKHDWă´VXQWSULYLOHJLDWHSULQJUDGXOGHDSURSLHUHIDĠăGHGRPQ3HUVRDQD
FDUHVXSRUWăRGL]JUDĠLHHVWHLQWLPLGDWăHDILLQGSUDFWLFREOLJDWăVăVHDEĠLQăFKLDU
GHODDúLUHYHQGLFDGUHSWXULOHFHLVHFXYLQGXSăOHJHDúLRELFHLXOĠăULL
$úD VH vQWkPSOă FX FăOXJăULL GH OD PăQăVWLUHD &R]LD FDUH YUHPH GH úDVH
úDSWH DQL UHQXQĠă OD D PDL UHYHQGLFD VWăSkQLUHD DVXSUD XQRU EUDQLúWL GLQ KRWDUXO
)UăVLQHWXOXL ILLQG ÄQăSăVWXLĠL´ GH MXSkQHDVD ,YDQD ILLFD OXL 9kOVDQ ORJRIăW GLQ
9OăGLODYHULúRDUăFX'XPLWUX0kQFXOvQYUHPHDOXL0DWHL%DVDUDEÄFăFLDXDYXW
YRH úL SXWHUH Fă LDX IRVWX vQ FDVă´ &ăOXJăULL Yă]kQG Fă HVWH ÄMXSkQHDVă´
SXWHUQLFăÄVDXWHPXW´VăVFRDWăFăUĠLOHODGLYDQvQIDĠDOXL0DWHL%DVDUDEOăVkQGR
VăĠLQăEUDQLúWHD9HQLQGDGRXDRDUăODGLYDQvQWLPSXOOXL&RQVWDQWLQùHUEDQVH
MXGHFăFXFHOFDUHSUHOXDVHEUDQLúWHDLDUvQED]DQRLORUSUREHGRPQXODGHYHUHúWHFă
QXDDYXWMXSkQHDVD,YDQDÄQLFLRWUHDEăFXPRúLLOHúLEUDQLúWLOHPăQăVWLULLFLOHD
ĠLQXWvQVLOăIăUăGUHSWDWHFăFLDXIRVWRMXSkQHDVăSXWHUQLFă´
,QYHVWLJDĠLD QRDVWUă HVWH vQFă R GRYDGă D IDSWXOXL Fă SURFHVXO MXULGLF GLQ
HSRFăHUDGHSHQGHQWvQPDLPDUHPăVXUăGHXQVHWGHDWLWXGLQLDOHSDUWLFLSDQĠLORU
ILH HL MXGHFăWRUL PDUWRUL VDX vPSULFLQDĠL GHFkW GH QRUPHOH VFULVH VDX SUDFWLFLOH
FXWXPLDUH $UELWUDULXO GRPQHVF HVWH GRDU XQ DVSHFW DO DFHVWXL IHQRPHQ 5HOXDUHD
RULFăUXL SURFHV QX VH SRDWH IDFH vQ DFHVWH FD]XUL GHFkW DWXQFL FkQG VH VFKLPEă
MXGHFăWRUXODGLFăSULQVFKLPEDUHDvQVăúLDGRPQXOXLĠăULL


'$1,&0UHD6I$SRVWROL,,,9H]LúL&DWğ5RPYRO9,,,QU

'$1,&0UHD&R]LD;;,99H]LúL&DWğ5RPYRO9,,,QU

,ELGHP

 2DQD5L]HVFX 

”

)RUPHOH SH FDUH OH FDSăWă LQWHUYHQĠLD GRPQHDVFă vQ FRQWUROXO H[HUFLWăULL
SXWHULL VXQW LPSRUWDQWH vQWUXFkW DFHVWHD VXQW vQ PăVXUă Vă SHUVRQDOL]H]H UHODĠLLOH
LQVWLWXĠLRQDOH 'RFXPHQWHOH SXQ vQ HYLGHQĠă PăVXULOH OXDWH GH GRPQLH SHQWUX D
DVLJXUDSDFHDúLHFKLWDWHDVRFLDOă$GHVHDGRPQXOvQVXúLGHVFDOLILFăQHUHVSHFWDUHD
UHJXOLORU FD SH R IRUPă GH GH]RQRDUH DWXQFL FkQG VFULH Ä>ĠLDP SRUXQFLW@ Vă WH
YHJKLGHJkUOHOHPăQăVWLULLGDUWXREUD]QXPDLDYXVHúLFHWRWXPEOLvQYăOXLQG´
7RWRGDWă DFHOHDúL GRFXPHQWH QH DUDWă FXP DSHOXO GLUHFW OD GRPQ úL LQWHUYHQĠLD
DFHVWXLDvQLPSXQHUHDGHFL]LLORUDGPLQVWUDWLYHúLMXULGLFHDXFDUH]XOWDWvQFHWLQLUHD
SURFHVXOXL GH FRQVWLWXLUH D XQXL DSDUDW GH VWDW FRPSHWHQW úL UHVSRQVDELO
LQWHUYHQĠLLOH SHUVRQDOH ILLQG vQ PăVXUă Vă IDYRUL]H]H OHJăWXULOH GH FOLHQWHOLVP
VSHFLILFHGHDOWIHORULFăUHLIRUPDĠLXQLVWUXFWXUDWHGHSXWHUH

35,1&(/<$87+25,7<29(57+($'0,1,675$7,9(3(56211(/
%(7:((1'(7(50,1$7,21$1')$9256±³92,(9(*+($7Ă´
$678'<,1+,6725,&$/92&$%8/$5<

$EVWUDFW
7KHSUHVHQWDUWLFOHLQYHVWLJDWHVWKHPHDQLQJRIYDULRXVZRUGVDQGSKUDVHVZLWK
DKLJKLQFLGHQFHLQWKHYRFDEXODU\RIWKHSULQFHO\FRXUWRI:DOODFKLDGXULQJWKHWK
FHQWXU\7KH\DOOSRLQWWRGLIIHUHQWVDQFWLRQVEURDGO\XVHGDVSDUWRIWKHMXULGLFDODQG
DGPLQLVWUDWLYH SUDFWLFHV RI WKH WLPH 7KH VSHFLILF FRQWH[W LQ ZKLFK WKH HOHPHQWV RI
YRFDEXODU\LQTXHVWLRQILUVWHPHUJHGDQGDFTXLUHGWKHLUVSHFLILFPHDQLQJLVFDUHIXOO\
DQDO\]HG $ SDUWLFXODU DWWHQWLRQ LV SDLG WR WKH SKUDVH YRLH YHJKHDWă WKDW VHHPV WR
UHIHU WR WKH GLUHFW LQWHUYHQWLRQ RI WKH SULQFH LQ WKH MXULGLFDO SURFHVV 7KH VWXG\
IROORZVLQWKHIRRWVWHSVRIVHYHUDORWKHUDUWLFOHVSXEOLVKHGE\WKHDXWKRULQWKHSUHVHQW
MRXUQDODQGGHYRWHGWRWKHVDPHWRSLFRIWKHHYROXWLRQRIMXULGLFDOYRFDEXODU\LQWKH
5RPDQLDQVRFLHW\VWXGLHGLQLWVFORVHUHODWLRQVKLSZLWKWKHMXULGLFDOSURFHGXUHV,Q
DOO WKHVH SDSHUV D WDUJHW LV WR KLJKOLJKW WKH EHKDYLRU RI VRFLDO DFWRUV SODFHG LQ
YDULRXVSRVLWLRQVLQWKHQHWZRUNVRISRZHURIWKHWUDGLWLRQDOVRFLHW\



&DWğ5RPYRO,,,QU

*XQQHU/LQG*UDQGVHWSHWLWVDPLVFOLHQWpOLVPHHWpOLWHVGXSRXYRLUvQ:ROIJDQJ5HLQKDUG
HG /HVpOLWHVGXSRXYRLUHWODFRQVWUXFWLRQGHO¶(WDWHQ(XURSH3DULVS±
-2&8/$/,$1ğ(/25±7(;7ù,&217(;7

)52178/$17,2720$1ù,128/(&+,/,%58'()25ğ(
Ì1%$/&$1,ù,/$/,1,$'81Ă5,, ± 
Ì1,6725,2*5$),$520Æ1Ă9(&+(

,/($1$&Ă=$1

ÌQDLQWDUHDYLFWRULRDVăDDUPDWHORUKDEVEXUJLFHGXSăvQ(XURSDFHQWUDOă
úL PDL DOHV FXFHULUHD 7UDQVLOYDQLHL   DX VFKLPEDW EDODQĠD GH IRUĠH SROLWLFH
IăFkQG GLQ $XVWULD XQ QRX IDFWRU GH SXWHUH vQ 3HQLQVXOD %DOFDQLFă úL OD OLQLD
'XQăULL$FHDVWăH[SDQVLXQHVDSURGXVFRQFRPLWHQWFXLQWUDUHD KRWăUkWăD5XVLHL
SHDFHHDúLVFHQăSROLWLFăvQHSRFDOXL3HWUX,
%LQHvQĠHOHVFăURPkQLLQXDXGHVFRSHULWSHQWUXSULPDGDWăVOăELFLXQHDVWDWXOXL
RWRPDQ úL SRVLELOLWDWHD GH DL vQIUkQJH SH WXUFL (L vQúLúL IXVHVHUă DXWRULL XQRU
YLFWRULLvQGUă]QHĠHvQFKHLDWHFXDFĠLXQHDSOLQăGHFXUDMDOXL0LKDL9LWHD]XOFDUHvQ
FXDMXWRUXOSROLWLFúRYăLHOQLFDOOXL5XGROIDO,,OHDDUHXúLWVăvLvQYLQJăSH
WXUFLúLVăvQIăSWXLDVFăSULPDXQLUH
'XSă 9LHQD GXSă FXFHULUHD %XGHL úL D %HOJUDGXOXL úL PDL DOHV GXSă =HQWD
URPkQLL úLDX SXV SH EXQă GUHSWDWH vQWUHEDUHD GDFă QX D YHQLW YUHPHD Vă vúL
UHGREkQGHDVFăLQGHSHQGHQĠD/DUkQGXOORUDXVWULHFLLúLUXúLLLPSOLFDĠLvQSROLWLFD
GHÄHOLEHUDUH´D(XURSHLGHVXGHVWDXJăVLWvQ7UDQVLOYDQLDvQğDUD5RPkQHDVFăúL
vQ 0ROGRYD R RUJDQL]DUH VWDWDOă GH VLQH VWăWăWRDUH DXWRQRPă GH VLVWHPXO
DGPLQLVWUDĠLHL RWRPDQH SUH]HQW vQ IRVWHOH SURYLQFLL UHFHQW vQFRUSRUDWH ,PSHULXOXL
KDEVEXUJLF 'H DFHHD SUREOHPHOH FX FDUH QRLL ÄVWăSkQL´ DYHDX Vă VH FRQIUXQWH DX
IRVWGLIHULWHúLXQUROGHVHDPăvQDGDSWDUHDSODQXULORUSROLWLFHSHQWUXDFHVWHĠăULOD
MXFDW LPDJLQHD ÄFHOXLODOW´ GXSă XQ WHUPHQ vQYHWHUDW vQ VWXGLHUHD LVWRULHL
PHQWDOLWăĠLORU $FHDVWă LPDJLQH D YHKLFXODW FOLúHH REVHUYDĠLL SHUVRQDOH VDX D
VXUSULQV UHDOLWăĠL RELHFWLYH WRDWH ILLQG XQ IDFWRU FDUH D XúXUDW VDX D vQJUHXQDW
FRQWDFWHOH VSLULWXDOH (VWH GHFL LQWHUHVDQW GH Yă]XW FH JkQGHDX URPkQLL vQ HSRFă
GHVSUHDXVWULHFLUXúLVDXWXUFL/DIHOGHLQWHUHVDQWHVWHúLFHHDFHJkQGHDXDFHúWLD
GHVSUH URPkQL 'DFă L]YRDUHOH RWRPDQH VXQW PDL SXĠLQ DEXQGHQWH vQ FHHD FH
SULYHúWHUHODWăULGHFăOăWRULHúLREVHUYDĠLLSHUVRQDOHRILĠHULLDXVWULHFLúLDSRLFHLUXúL


9H]LúL$O'XĠX'DV%LOGGHUgVWHUUHLFKHUXQGGHU7UNHQLQGHU5XPlQLVFKHQ.XOWXUDP
(QGH GHV  -DKUKXQGHUWV vQ YRO 'DV 2VPDQLVFKH 5HLFK XQG (XURSD  ELV  .RQIOLNW
(QWVSDQQXQJXQG$XVWDXVFK FRO:LHQHU%HLWUlJH]XU*HVFKLFKWHGHU1HX]HLW%GID S

,ELGHP

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 ,OHDQD&ă]DQ 

DXOăVDWDPSOHREVHUYDĠLLELQHFXQRVFXWHGHMDGLQYROXPHOH&ăOăWRULVWUăLQLGHVSUH
ĠăULOHURPkQH(VWHIRDUWHLQWHUHVDQWGHDJăVLLQIRUPDĠLLGHDFHVWJHQúLvQOLWHUDWXUD
URPkQă YHFKH úL GH D REVHUYD vQ FH PăVXUă FHHD FH DSăUHD OD VXSUDIDĠă HUD R
vQWUHSăWUXQGHUH D MRFXOXL SROLWLF GLSORPDWLF úL DO DFĠLXQLORU PLOLWDUH VDX FRQVWLWXLD
GRDULPDJLQHDúLUHSUH]HQWăULOHPHQWDOHDOHHOLWHORUFXOWXUDOHGLQVSDĠLXOURPkQHVF
$FHVWH UHSUH]HQWăUL DX IRVW UHVSRQVDELOH GH DWLWXGLQLOH XOWHULRDUH SH FDUH OH
UHJăVLP vQ LVWRULRJUDILD URPkQă D VHFROXOXL DO ;9,,,OHD (OH LDX IăFXW SH XQLL
WHPăWRULSHDOĠLLvQFUH]ăWRULvQYLLWRUVDXSHDOĠLLVăvúLFRQVWUXLDVFăIDOVHVSHUDQĠH
VDX Vă LD GHFL]LL JUHúLWH ,PDJLQHD FXOWXUDOă SURLHFWDWă vQ DQLL LPHGLDW XUPăWRUL
DVHGLXOXL9LHQHLDVXSUDQRLLFRQMXQFWXULSROLWLFHDUDWăPRGXOvQFDUHDFHDVWDDVHUYLW
úLDSUHJăWLWGHPHUVXULOHGLSORPDWLFHGLQVHFROXOXUPăWRU
&URQLVWLFD URPkQă FRQVHPQHD]ă vQ JHQHUDO PDULOH SDJXEH SH FDUH WXUFLL úL
WăWDULLOHDXVXIHULWvQFXUVXODQXOXL9LFWRULDFUHúWLQăWăĠLLHVWHVDOXWDWăGHWRĠL
FX VDWLVIDFĠLH YăGLWă ÄDúD D YUXW %XQXO 'XPQH]HX FD FUHúWLQLL Fă GREkQGHDVFă
YLFWRULD´VFULH/HWRSLVHĠXO&DQWDFX]LQHVFSULPDOXFUDUHvQRUGLQHFURQRORJLFăvQ
FDUHDSDUGDWHOHFRQFUHWHDOHDVHGLXOXL9LHQHL
Ä,DU FkQG DX IRVW YăOHDWXO  >WRDPQD DQXOXL @ UăGLFDWXVDX VXOWDQ
0HKPHWvPSăUDWXOWXUFHVFFXWRDWăVLODOXLúLFXKDQXOFXWRĠLWăWDULLGHDXPHUV
DVXSUD vPSăUDWXOXL QHPĠHVF $WXQFH DX PHUV úL ùăUEDQ YRGă FX PXQWHQLL úL 'XFD
YRGă FX PROGRYHQLL úL $SDKL 0LKDL FX XQJXULL úL 7XFKHOL JURIXO GLQ ğDUD
8QJXUHDVFăGH6XVFXRúWLOHOXL DFHúWLDWRĠL PHUJkQGvQDMXWRUWXUFXOXL«ùLDúD
PHUJkQGHLDVXSUDQHDPĠXOXLPDUHVWULFăFLXQHúLSDJXEHDXIăFXWSkQFHDXVRVLWOD
FHWDWHD%HFLXOXL«'HFLIăFkQGHL>WăWDULL@DFHDVWăUăXWDWHPDUHFUHúWLQLORUSkQVDX
XPSOXW]LOHLDWăFăVRVLUăúLRúWLOHvPSăUDWXOXLQHPĠHVFvPSUHXQăFX6REHĠFKL
FUDLXOOHúHVFúLGHGHUăUă]ERLPDUHFXWXUFLLúXFXWăWDULL«ùLDXGDW'XPQH]HXGH
DIRVWL]EkQGDFUHúWLQLORU«,DUFkQGDXIRVWYăOHDWXO>@DXJXVWGQLFX
YUHUHDOXL'XPQH]HXOXDWDXQHPĠLLFHWDWHD%XGHLùLDWXQFLDX SHULWPDLPXOĠLGH
GHWXUFL«´
ÌQ FRQWLQXDUH VXQW XUPăULWH FX DFHHDúL VLPSDWLH SHQWUX WDEăUD FUHúWLQă
HYHQLPHQWHOHFHDXXUPDWFXFHULULL%XGHL&DPSDQLDGLQVHEXFXUăGHXQVSDĠLX
GHVWXOGHPDUHÄùLWUHFXUăRVHDPăGHRúWL>DXVWULHFH@GLQFRDFHGH'XQăUHGHDXOXDW
&DUDYDQ 6HEHúXO úL /XJRMXO úL 5XúDYD úL &ODGRYD 'H DFROR DX UăGLFDW R VHDPă GH
RúWLQHPĠHúWLILLQGXOHFDS9LWHUDQLHJHQHUDOHúXOGHDXWUHFXWvQğDUD5RPkQHDVFăúL
VDX WăEăUkW OD 7XUQXO 6HYHULQXOXL´ ùHUEDQ &DQWDFX]LQR WULPLWH VROL OD WUXSHOH
DXVWULHFHUXJkQGXOHVăVHUHWUDJăGLQğDUD5RPkQHDVFăSHQWUXDQXSURYRFDULSRVWD
RWRPDQăLDUWUXSHOHDXVWULHFHVHUHWUDJOD%UDúRYFDVăLHUQH]H±VSXQHFURQLFDUXO
Ä'HFL vQWRUFkQGXVH DFHúWL ERLDUL vQDSRL VSXVHUă OXL ùăUEDQ YRGă WRDWH FkWH
VXQW PDL VXV VFULVH ùL vQGDWă WULPLVH OD vPSăUDWXO WXUFHVF GHL VSXVH YHVWHD EXQă


,VWRULDğăULL5RPkQHúWL± /HWRSLVHĠXO&DQWDFX]LQHVF %XFXUHúWLS

,ELGHPS±$FHHDúLUHODWDUHFXSULYLUHODSDUWLFLSDUHDGRPQXOXLPROGDY'XFDYRGă
vQ&URQLFDDQRQLPăD0ROGRYHL±HG'DQ6LPRQHVFX%XFXUHúWLS
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

FXP DX WUHFXW QHPĠLL vQ $UGHDO « 'XSă DFHDVWD WHPkQGXVH ùHUEDQ 9RGă FD QX
FDUH FXPYDvQ]LOHOHOXLVăFD]ăĠDUDODYUHRQHYRLHVDXODYUHRURELHDXGHFăWUă
WXUFL DX GH FăWUH QHPĠL FL Vă OXSWD FX GkQúLL FX PXOWH PHúWHúXJXUL vQ WRW IHOLXO úL
IăFXVIDWFXWRĠLERLDULLDOHJkQGERLDULPDUL«LDXWULPLVVROLODvPSăUDWXOFUHúWLQ
/HRSROGGHODFHWDWHDFHDPDUHFHVHFKLDPă%HFLXOFXFăUĠLúLFXGDUXULVFXPSH
IăFkQGùHUEDQYRGăvQDLQWHDIHĠLLOXLPDUHUXJăFLXQHFDVăWLQ]ăSRUXQFDOXLDVXSUD
WXWXURU JKHQăUDOHúLORU FkĠL VXQW FDSHWH DVXSUD SXWHUQLFLORU RúWL DOH vPSăUăĠLHL VDOH
FkWHVXQWWULPLVHDVXSUDSăJkQLORUWXUFLFDGkQG'XPQH]HXL]EkQGăVăSă]HDVFăúL
DFHDVWăğDUă5RPkQHVFăFDVăRVFRDĠăGLQJXUDOXSLORUWXUFLúLDOHLORUWăWDUL«
$WXQFHúLĠDUDDFHDVWDVăILHvQFKLQDWăVXSWDVFXOWDUHDvPSăUăĠLHLVDOHFXPDXIRVW
úLPDLGHQDLQWHYUHPH´
(VWHGHUHPDUFDWDFHODúLWRQIDYRUDELOGHPHUVXULORU+DEVEXUJLORUFHGXUDXGH
FkWHYD VHFROH SH FDUH DXWRUXO FURQLFLL OH VXEOLQLD]ă FD ILLQG OHJLWLPH ÄVă ILH
vQFKLQDWH VXSW DVFXOWDUHD vPSăUăĠLHL FXP DX IRVW úL PDL GHQDLQWH YUHPH´ 
$WLWXGLQHD DFHDVWD SURKDEVEXUJLFă IăUă QLFLXQ HFKLYRF HVWH XQLFă vQ VHFROXO DO
;9,,OHDúLODvQFHSXWXOFHOXLGHDO;9,,,OHDGDUVXIHUăúLHDXQDPHQGDPHQWvQ
XOWLPHOHSDJLQLDOHFURQLFLLFkQGVHUHODWHD]ăGHVSUHSUH]HQĠDJHQHUDOXOXL+HLVOHU
vQğDUD5RPkQHDVFăvQLDUQDDQXOXL'HODEXFXULDYLFWRULHLGHOD1LúVHWUHFH
ODDPăUăFLXQHDSURYRFDWăGHFRPSRUWDPHQWXODJUHVLYGHFXFHULWRULDOFHORUFHHUDX
DúWHSWDĠLFDDOLDĠLúLÄHOLEHUDWRUL´
Ä,DU FăQG DX IRVW OD  ]LOH IăFXWDX Uă]ERL PDUH GH WXUFL úL QHPĠL OD DSD
1LúXOXL úL FX YUHUHD OXL 'XPQH]HX IRVWDX ELUXLQĠD QHPĠLORU LDU WXUFLL VDX vQWRUV
vQDSRLFXPDUHUXúLQH$WXQFHDXOXDWQHPĠLLFHWDWHDFHL]LF1LúXOúLLDUDWXQFHDX
PHUV QHPĠLL FăWUH 'XQăUH OD FHWDWHD 'LLXOXL GH VDX EăWXWX FX WXUFLL úL DX OXDW
FHWDWHD 'LLXOXL « VDX vQYkUWHMLW vQDSRL FX WRDWH RúWLOH OXL GH DX YHQLW SăQă OD
&ODGRYDVFULLQGFăUĠLOD&RQVWDQWLQYRGăGHIUăĠLHúLGHSULHWHúXJ&RQVWDQWLQYRGă
vQFă OHDX SULLPLW úL LDX WULPLV GH PXOĠHPLWă « $MXQJăQG OD 2OW « VRVLL YHVWH
FXPDXLQWUDWSULQĠLSXOFXRúWLOHOXLDLFHDvQĠDUă $WXQFH&RQVWDQGLQYRGăPXOWă
RELGă úL LQLPă UHD DYX SHQWUX vQúHOăFLXQHD FH LDX IăFXW QHPĠLL úL vQGDWă WULPLVH
QLúWHERLDULFXFăUĠLGHDXHúLWvQDLQWHDQHPĠLORUVFULLQGODDFHOSULQĠLSJKHQHUDOHúFX
PDUH UXJăFLXQH IăJăGXLQGXL GDU PDUH FD Vă IDFă ELQH Vă QX YLH SHQWUXDFHDVWă
ĠDUăFăLDVWHVăUDFăúLSUăGDWăGHWXUFLúLGHWăWDUL,DUHOQLPLFQDXEăJDWvQVHDPă
FLDXYHQLWSULQPLMORFXOĠăULLGHDXIăFXWPDUHSUDGăúLDXFăOFDWPăQăVWLULOHúLDX
VWULFDWELVHULFLOHSăQăDXVRVLWOD5XFăU$FRORVDXvQWkPSLQDWFXDOWJKHQHUDOHúFH
LDX ]LV $L]HU FX PXOWH RúWL QHPĠHúWL vPSUHXQă FX &RQVWDQWLQ DJD %ăOăFHDQXO
WUHFkQGSULQĠLSXOvQ$UGHDOLDU$L]HUFXDFHO%ăOăFHDQXDXWUHFXWvQĠDUă«


,ELGHPS±

/HWRSLVHĠXO&DQWDFX]LQHVFS

(VWHYRUEDGHSULQFLSHOH/XGRYLFGH%DGHQ

+HLVOHU



 ,OHDQD&ă]DQ 

'HFL $L]HUJKHQHUDOHúXOvQĠHOHJăQGGHDFHDVWDQXPDLGHFkWWULPLVHFDUWHOXL
&RQVWDQGLQ YRGă SRIWLQGXO Vă YLH OD VFDXQXúL 6ă ILH FX GăQúLL vQSUHXQă LDU
GHVSUHWXUFVăVHKDLQHDVFă«
$WXQFH DX YHQLW $L]HU OD 'UăJăQHúWL « DUăWă DFHO JKHQHUDOHúL PDUH OLXERY
FăWUă&RVWDQGLQYRGăUXJăQGXOFXWRDWăFUHGLQĠDFDVăOvQYHĠHFHYDIDFHùLDX
VSXVDGHYăUXOFăDFHDVWăYHQLUHDOXLRDXIăFXWSUHPLQFLXQLOHDFHOXL%ăOăFHDQX«
'HFLvQFă&RVWDQGLQYRGăLDXVSXVWRWDGHYăUXOFXPFăWăWDUăLYRUVăYLHvQ
ĠDUăODGăQúLL«,DU$L]HUvQĠHOHJăQGGHYHQLUHDWăWDUăLORU'HPDUHJURD]ăDXGDW
GRVXOIXJLQGSăQăOD7ăUJRYLúWHGHQDXPDLGHVFăOHFDW«´
&URQLFDUXOvQVăQXLQVLVWăDVXSUDSDJXEHORUSURYRFDWHGHSUH]HQĠDDUPDWHORU
LPSHULDOHúLGHUHSUHVLXQLOHSHFDUHDFHVWHDOHDXSURYRFDWGLQSDUWHDWXUFLORUPDL
PXOWFDXWăRH[SOLFDĠLHDFRPSRUWDPHQWXOXLJHQHUDOXOXL+HLVOHUúLDUXQFăWRDWăYLQD
DVXSUDDJăL%ăOăFHDQX*HQHUDOXO vQYL]LXQHDDXWRUXOXLVHDUDWăDSURDSHXPLOVH
PDQLIHVWă IDĠă GH %UkQFRYHDQX FX ÄPDUH OLXERY´ úL vO URDJă ÄFX WRDWă FUHGLQĠD FD
VăOvQYHĠHFHYDIDFH´DSRLGHWHDPDWăWDULORUÄGăGRVXO´FHHDFHQXDIRVWGHORF
OăXGDELOGDUDFRQILUPDWRSĠLXQHDOXL%UkQFRYHDQXGHDQXVHGHVSULQGHGLQUHODĠLD
GH YDVDOLWDWH IDĠă GH ,PSHULXO RWRPDQ (YHQLPHQWHOH VXQW SUH]HQWDWH GHFL vQWUR
IRUPă DWHQXDWă GHúL HOH SăVWUHD]ă FRUHFWLWXGLQHD FURQRORJLFă úL IDFWXDOă 1X HVWH
GLVWRUVLRQDWDGHYăUXOFLGRDUHGXOFRUDWvQDúDIHOvQFkWFDPSDQLDLPSHULDOăvQğDUD
5RPkQHDVFăVăILHSXVăvQWUROXPLQăDFFHSWDELOă
1X DFHODúL OXFUX VH vQWkPSOă FX FHD GH D GRXD FURQLFă GH IDPLOLH ,VWRULLOH
GRPQLORUğăULL5RPkQHúWLXQGHDFHOHDúLHYHQLPHQWHDXRFXWRWXODOWăSUH]HQWDUH
YăGLQGRDWLWXGLQHRVWLOă+DEVEXUJLORUFHJHQHUHD]ăLPDJLQHDXQRUDOLDĠLOLSVLĠLGH
RQRDUHFHVHWUDQVIRUPăSHVWHQRDSWHvQFXFHULWRULIăUăVFUXSXOH
$VHGLXO9LHQHLHVWHúLHOYă]XWDOWIHO6HLQVLVWăDVXSUDSUHVLXQLLFXPSOLWHSH
FDUHRH[HUFLWDXDUPDWHOHRWRPDQHúLWăWDUHFăURUDOLVHDOăWXUDVHUăGRPQLLURPkQL
úL(PHULF7|N|O\FXSURSULLOHORUHIHFWLYHúLDVXSUDSDJXEHORUSULFLQXLWHSRSXODĠLHL
FLYLOHGHFăWUHUDLGXULOHGHMDIDOHWăWDULORUÄ,DUSHWăWDUL LDXVORER]LWODSUDGăFkW
DXDMXQVFDOHGHWUHL]LOHPDLVXVGă%HFLúLPXOĠLPHGăRDPHQLDXWăLDWúLDXURELW
Fă HUD QHPĠLL QHvQYăĠDĠL GH D YHGHD URELL FL úăGHD WRĠL SHQ FDVHOH ORU SH FDUHOH
JăVLQGXL WăHDL URELvL FXPSOLW /HRSROG FKHVDULXO Yă]kQG DFHDVWă QHYRH PDUH FH
Fă]XVH Să ĠDUD OXL QHvQFUHGLQĠkQGXVH QXPDL vQ RúWLOH OXL DX WULPLV GăJUDE OD
6REHWVFKL FUDLXO OHúăVF úL OD WRĠL OHDúăL FX UXJăFLXQH Vă IDFă ELQH VăO DMXWH OD
DFHDVWăSULPHMGLHFHLDXYHQLW´
6HGLVWLQJHRQRWăFULWLFăSULYLQGPRGXOvQFDUHDXVWULHFLLVDXFRPSRUWDWFD
XQLL FH QX IXVHVHUă RELúQXLĠL Vă vQGXUH QLFLXQ IHO GH SUHMXGLFLX DGXV OLEHUWăĠLL
&UHGHPFăQXHVWHYRUEDGHVSUHRREVHUYDĠLHSR]LWLYăFLGHXQDFHLPSOLFăRGRMDQă
úL FKLDU R QRWă GH LQYLGLH SHQWUX FHL FDUH QX DYHDX GH IăFXW vQ SHUPDQHQĠă IDĠă


/HWRSLVHĠXO&DQWDFX]LQHVFS±

,VWRULLOHGRPQLORUğăULL5RPkQHúWLHG&RQVWDQWLQ*UHFHVFX%XFXUHúWLS
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

MDIXULORU úL VLOQLFLLORU WUXSHORU QHUHJXODWH RWRPDQH FDUH DFĠLRQDX DGHVHD QXPDL OD
EXQXO ORU SODF 1LFL ULSRVWD OXL /HRSROG QX HVWH SOLQă GH EUDYXUă (O VH URDJă GH
6RELHĠFKLVăvODMXWH7H[WXOFRQWLQXăOăXGkQGYLWHMLDUHJHOXL SRORQFDUHUăVSXQGH
IăUă ]ăEDYă VROLFLWăULL DGXFkQG  GH RDPHQL (VWH úL DLFL R FULWLFă YRDODWă
ÌPSăUDWXO QX VD vQFUH]XW vQ RúWLOH VDOH Fă DU SXWHD Vă DSHUH LPSHULXO vQ VFKLPE
UHJHOHSRORQDYHQLWvQJUDEăúLSOLQGHYLWHMLHDGDWSLHSWFXGXúPDQLLDOXQJkQGXL
GLQ IDĠD 9LHQHL 8UPHD]ă SUH]HQWDUHD HYHQLPHQWHORU GLQ DQLL XUPăWRUL IăUă D VH
IDFHQLFLXQIHOGHFRPHQWDULLDXWRUXOQXPDQLIHVWăQLFLRVDWLVIDFĠLHIDĠăGHYLFWRULLOH
DUPDWHORU LPSHULDOH FXP VH vQWkPSOă vQ FD]XO /HWRSLVHĠXOXL &DQWDFX]LQHVF 6H
VXEOLQLD]ăGRDUvQFkWHYDUkQGXULFăWXUFLLDXIRVWEăWXĠLGHFUHúWLQL
Ä1HPĠLLFUHúWLQLLDUEDWSăWXUFLOD2VWURJRQ>(V]WHUJRP@úLDXOXDWFHWDWHDD
GRXR ]L FX PDUH YăUVDUH GH VăQJH úL DX PDL OXDW úL 8LYDUXO ,DU vQWUX DFHVW DQ vQ
ğDUD8QJXUHDVFăGăVXVPXOWHFHWăĠLDXOXDWQHPĠLLGHODWXUFL6ROQRFXO$UDGXOúL
DOWHOHFHQXVDXQXPLWDLFHD´
3UHVLXQLOH H[HUFLWDWH DVXSUD ğăULL 5RPkQHúWL GH FăWUH $XVWULD SULQ UHOXDUHD
RIHQVLYHL vQ (XURSD &HQWUDOă GXSă  DSDU FX PDL PXOWă DFXUDWHĠH vQ ,VWRULLOH
GRPQLORUğăULL5RPkQHúWLGHFkWvQ/HWRSLVHĠXO&DQWDFX]LQHVFúLGHDFHHDH[SXQHUHD
DUHPDLPXOWăFRHUHQĠăúLFODULWDWH'XSăùHUEDQ&DQWDFX]LQRFDUHDIăFXWXQ
MRFGXEOXFKLDUvQWLPSXODVHGLXOXLLQIRUPkQGGHVSUHPLúFăULOHRWRPDQLORUDWULPLV
OD9LHQDRDPEDVDGăQXPHURDVăSHQWUXDvQFHSHWUDWDWLYHvQYHGHUHDXQHL DOLDQĠH
3kQăvQWUDWDWLYHOHQXDYDQVDVHUăSUHDPXOWSHQWUXFăùHUEDQ&DQWDFX]LQRD
DFĠLRQDW FX PXOW VSLULW GH SUXGHQĠă úL D QHJRFLDW FRQGLĠLLOH LQWUăULL vQ VIHUD GH
LQIOXHQĠă SROLWLFă KDEVEXUJLFă FD FHO PDL DELO GLSORPDW $úD VH IDFH Fă vQ OXQD
RFWRPEULHFkQGDPEDVDGDPXQWHDQăVRVHDOD9LHQDXQFRUHVSRQGHQWLWDOLDQ
QRWD Ä1X VH úWLH vQFă FH LQVWUXFĠLXQL DX GDU VH FUHGH Fă HOH WLQG Vă ]ăERYHDVFă
OXFUXULOH FXP VD IăFXW úL SkQă DFXP SHQWUX D VFăSD GH FRQWULEXĠLL UăPkQkQG WRW
OHJDĠLGH7XUFLúLGHEDUEDUL´
'DFă OD 9LHQD VH YRLD FD ğDUD 5RPkQHDVFă Vă ILH DVHPHQL 7UDQVLOYDQLHL
JOHLFK6LHEHQEUJHU vQVFKLPEGRPQXOPXQWHDQYRLDSURWHFĠLHQXQRLVWăSkQL(O
DVRFRWLWFHVXPăDUILIRVWGLVSXVVăSOăWHDVFăFDWULEXW FRQWULEXĠLLvQWH[WXOLWDOLDQ 
úLPDLDOHVDFHUXWFDvQDLQWHGHDGHSXQHMXUăPkQWvPSăUDWXOXLVăLVHWULPLWăRúWLvQ
DSăUDUHDĠăULLúLVăLVHULGLFHFHWăĠLOD'XQăUHvPSRWULYDUHSUHVLXQLORURWRPDQHFH
QXDYHDXVăvQWkU]LH7RFPDLGHWHDPDWXUFLORUDUHXúLWVăvOVFRDWăSH9HWHUDQLGLQ
ĠDUăúLvQVHSWHPEULHDSOăWLWOD]LXOWLPXOKDUDFLGDWRUDWVXOWDQXOXL$FHVWH
FODX]HJUHXGHSXVvQSUDFWLFăDXIăFXWFDWUDWDWXOVăQXILHUHGDFWDWSkQăODPRDUWHD
GRPQXOXL FDUH D VXUYHQLW PDL PXOW VDX PDL SXĠLQ SH QHDúWHSWDWH 'DFă 'LPLWLUH
&DQWHPLU vO DFX]ă SH IUDWHOH GRPQXOXL VWROQLFXO &RQVWDQWLQ &DQWDFX]LQR Fă OD


ÌQUHDOLWDWHDXIRVW

,VWRULLOHGRPQLORUğăULL5RPkQHúWLS

1,RUJD,QWURGXFHUHOD2SHUHOHOXL&RQVWDQWLQ&DQWDFX]LQR%XFXUHúWLS9,

,ELGHPS9,,



 ,OHDQD&ă]DQ 

RWUăYLWDFHHDúLELQHLQIRUPDWăGLSORPDĠLHLWDOLDQăPHQĠLRQDFăPRDUWDGRPQXOXLD
VXUYHQLWGXSăRÄOXQJăERDOă´
'HPHUVXULOH OD FXUWHD GH OD 9LHQD QX DX IRVW vQWUHUXSWH GH PRDUWHD GRPQXOXL
'RDPQD 0DULD &DQWDFX]LQR YăGXYD GRPQXOXL úL JLQHUHOH DFHVWHLD &RQVWDQWLQ
%ăOăFHDQXDXvQFHUFDWVăREĠLQăDMXWRULPSHULDOSHQWUXDOvQWURQDSHQHYkUVWQLFXOILXDO
OXLùHUEDQ&DQWDFX]LQR,RUGDFKHÌQĠDUăvQVăIXVHVHSUHIHUDW&RQVWDQWLQ%UkQFRYHDQX
QHSRWXOGRPQXOXLÌQDFHVWFRQWH[WDUHORFRFXSDUHDğDULL5RPkQHúWLGHJHQHUDOXO
+HLVOHUúLLQYD]LDWăWDULORUSRVLELOSURYRFDWăFDVăvLVSHULHSHLPSHULDOL
1HJRFLHULOH GXVH GH %ăOăFHDQX OD 9LHQD DX FX WRWXO DOWă LQWHUSUHWDUH vQ
,VWRULLOHGRPQLORUğăULL5RPkQHúWLGHFkWFHHDFHDPSUH]HQWDWDQWHULRUÄ$úDVDX
vQWkPSODWFăGXSăPRDUWHDOXLùăUEDQYRGăVDXUăGLFDWDFHVWHFDSHWH&RVWDQGLQ
YRGă GHVSUH WXUFL úL %ăOăFHDQX JLQHULOH OXL ùăUEDQ YRGă GHDVSUH QHPĠL úL
vQSRQFLDúLILLQGXQXODOWXLDDXFXUVPXOWHUHDOHúLVWLQJHUHSăPkQWXOXL«´1LFL
DFĠLXQHD OXL ùHUEDQ YRGăQX HVWH GHORF SULYLWă FD XQ DFW SR]LWLYFL FD R WUăGDUH D
VWăSkQLORUGHGUHSWDLğăULL5RPkQHúWLWXUFLLÄ«ùăUEDQYRGăYă]kQGFăQHDPĠLORU
OHPHUJHOXFUXvQQDLQWHúLGHELUXLHVFSHWXUFLOHLDXFHWăĠLOHúLĠăULOHDXVRFRWLWFX
DL OXL IUDĠL úL UXGH « Vă VH vQFKLQH FKHVDUXOXL « úL SH WXUFL vL DPăJHD FD XQ
YLFOHDQ FXFăUĠLOHOXLFăYDVăWULPLĠăVROLODQHDPĠLFăVăvQGHPQH]HúLVăVHURDJH
FDVăIDFăSDFHvQWUHvQSăUDĠL´
3UH]HQĠDJHQHUDOXOXL+HLVOHUOD%XFXUHúWLvQWLPSXOFDPSDQLHLGLQHVWH
SUH]HQWDWăFDXQPDUHGH]DVWUX3HOkQJăIDSWXOFă%UkQFRYHDQXDIRVWREOLJDWVăOH
SOăWHDVFăÄ]DKHUHDXD´GHGHSXQJLFXJDOEHQLvQWLPSFHGRPQXOVHUHWUăVHVH
GLQ FDSLWDOă DUPDWD LPSHULDOă VD GHGDW OD WRW IHOXO GH DEX]XUL Ä« FL LDWă Fă YLQ
QHPĠLLOD%XFXUHúWLÌQVăUăXWăĠLFHVDXIăFXWvQWUROXQăFHDXúH]XWOLPEDQXSRDWH
Vă VSXH EăWăL FD]QH OHJăWXUL HJXPHQLL úL XQLL ERLDUL OHJDĠL FX úWUHDQJXUL GH JkW
SHQWUXIăLQăúLRU]úLFDUQHúLDOWHOHFDDFHVWHDQHQXPăUDWH«'XSăDFHDVWDYă]kQG
&RVWDQGLQYRGăUăRWDWHDFHDXIăFXW+HL]OHUúL%ăOăFHDQXvQĠDUăFXRúWLOHQHPĠăúWL
úL YUkQG Vă UăVSOăWHDVFă FX UăX SHQWUX UăX VD XQLW FX 7LXFKLOL JURIXO FDUH DYHD
FkWăYDVHDPăGHRDVWHGHXQJXUL«úLDPkQGRLDFHúWLGRPQLDXFHUXWGHODvPSăUDWXO
WXUFHVFRúWLWXUFHúWLúLWăWăUăúWLVăPHDUJăvQ$UGHDOVăEDWăSăQHDPĠL«´
'LQFROR GH LQWULJLOH SROLWLFH DO FăURU HFRX VH IDF FHOH GRXă FURQLFL HVWH
QHvQGRLRV Fă GRPQLD OXL &RQVWDQWLQ %UkQFRYHDQX D IRVW R SHULRDGă GH vQIORULUH D
FXOWXULL vQ ğDUD 5RPkQHDVFă úL GRPQXO D XUPDW FDOHD GHVFKLVă GH IDPLOLD


'LPLWULH &DQWHPLU 6FXUWă SRYHVWLUH GHVSUH VWkUSLUHD IDPLOLLORU OXL %UkQFRYHDQX úL D
&DQWDFX]LQLORUHG3DXO&HUQRYRGHDQX%XFXUHúWLS

1,RUJDRSFLWS9,

& *LXUHVFX úL 1 'REUHVFX 'RFXPHQWH úL UHJHVWH SULYLWRDUH OD &RQVWDQWLQ %UkQFRYHDQX
%XFXUHúWLS

,VWRULLOHGRPQLORUğăULL5RPkQHúWLS

,ELGHPS

,ELGHPS
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

&DQWDFX]LQRFRPDQGkQG RFURQLFăIDYRUDELOăLQWHUHVHORUVDOH 1RXOGRPQDGRULW


vQVă R LVWRULH LQGHSHQGHQWă IDĠă GH /HWRSLVHĠXO &DQWDFX]LQHVF FDUH VăL MXVWLILFH
IDSWHOH úL Vă vL GHPDúWH GXúPDQLL FDUH VH YRU GHYHGL D SURYHQL FKLDU GLQ IDPLOLD
&DQWDFX]LQR 5HDOL]DUHD XQHL FURQLFL RILFLDOH GH FXUWH D FHUXW R SHUVRQDOLWDWH
FXOWXUDOă PDUFDQWă FX R IRUPDĠLH úL XQ VWLO FDUH Vă FRQYLQă OXL %UkQFRYHDQX
$OHJHUHDVDDFă]XWDVXSUDORJRIăWXOXL5DGX*UHFHDQX
)UDĠLL 5DGX úL ùHUEDQ *UHFHDQX VH GLVWLQVHVHUă FD VFULLWRUL WDOHQWDĠL vQFă GLQ
YUHPHD GRPQLHL OXL ùHUEDQ &DQWDFX]LQR 'LQ SRUXQFD DFHVWXLD úL VXE FRQWUROXO
VWROQLFXOXL &RQVWDQWLQ &DQWDFX]LQR FHL GRL DX WUDGXV %LEOLD vQ OLPED URPkQă vQ
 5DGX *UHFHDQX D PDL WUDGXV úL WLSăULW 0ăUJăULWDUHOH DWULEXLWH OXL ,RDQ
+ULVRVWRPXO0ăUWXULVLUHDRUWRGR[ăDOXL3HWUX0RYLOăSUHFXPúL0LQHHOH  
7RWHODDOFăWXLWYHUVXULOHÄODVWHPDĠăULL´FDUHSUHFHGWRDWHWLSăULWXULOHGLQYUHPHD
OXL &RQVWDQWLQ %UkQFRYHDQX ÌQ ILQH D WUDGXV GLQ OLPED JUHDFă vQ YHUVXUL
3RYHVWLUHDGHMDOHFDUHHYRFăPHPRULDSRVWHOQLFXOXL&RQVWDQWLQ&DQWDFX]LQRXFLV
vQODRUGLQXOGRPQXOXL*ULJRUH*KLFD
&URQLFDFLWDWăDUHWUHLSăUĠLúLHOHQHFRQGXFVSUHGDWDSUREDELOăODFDUHDIRVW
WHUPLQDWăOXFUDUHDFDUHSDUHVăILIRVWvQFKHLDWăFXFkWHYDOXQLvQDLQWHGHVIkUúLWXO
WUDJLFDOIDPLOLHL%UkQFRYHDQX
'HVIăúXUDUHD HYHQLPHQWHORU HVWH Yă]XWă GLQ SXQFWXO GH YHGHUH ÄRILFLDO´ DO
XQHLFURQLFLGHFXUWHÌQYDUDDQXOXLGRPQXOFRQWLQXăDFHHDúLSROLWLFăRVWLOă
+DEVEXUJLORU SDUWLFLSkQG OD FDPSDQLD RWRPDQă GLQ 7UDQVLOYDQLD vQ WLPSXO FăUHLD
UHSXUWHD]ăYLFWRULDDVXSUDDUPDWHLLPSHULDOHOD=ăUQHúWL DXJXVW &XWRDWH
DFHVWHD *UHFHDQX DUH R DWLWXGLQH UH]HUYDWă IDĠă GH +DEVEXUJL QX VH ODQVHD]ă vQ
LQYHFWLYH OD DGUHVD ORU FD vQ FD]XO OXL 7|N|O\ GHúL úL DFHúWLD DGXúL vQ ĠDUă GH
%ăOăFHDQXDXIRVWUăVSXQ]ăWRULGHPXOWHMDIXULGXSăFXPVHSRDWHDIODGLQDPEHOH
FURQLFL FLWDWH DQWHULRU 9LQRYDĠL VXQW JăVLĠL QXPDL %ăOăFHDQX úL +HLVOHU
ÄJKHQăUDULXOFXPDXOXDWHOSHPDLPDUHOHRúWLORUPXOWHVWULFăFLXQLúLOXFUXULIăUă
GH FDOH DX IăFXW RP WUXIDú úL ODFRP « úL IăUă VRFRWHDOă ILLQG « LDU RDVWHD
QHPĠHDVFă DMXQJHD ĠDUD GLQ PXQWH SkQă OD $UJHú FX SUDGD úL MDIXO ùL VSăUJHD
SLPQLĠHOH ERLDULORU GH PkQFD úL EHD úL UăVLSLLD úL VWULFD WRW GH]EUăFD RPXO XQGH
JăVHD úL DOWH UăXWăĠL IăFHD´ %ăOăFHDQX vQVă HVWH FHO PDL YLQRYDW SHQWUX Fă HO úL
FRPSOLFLLVăLÄvQGHPQDXSUHFDSHWHOHRúWLORUQHPĠHúWLVăYLHvQĠDUăVăIDFăPLLGH
UăXWăĠL FXP DX úL IăFXW « ÌQVă QX GLQ VLQJXUă YRLH úL VRFRWHDOă QHPĠLORU DFHOHD
YHQHD FL FXP PDL VXV VDX ]LV GLQ vQGHPQDUHD úL SRUQLUHD KLFOHQLORU úL
YkQ]ăWRULORUĠăUăLFăURUDFDSXO%ăOăFHDQX&RVWDQGLQúLFXDLOXLHUD VQ ´


9LUJLO &kQGHD 6HPQLILFDĠLD XQXL DFW GH FXOWXUă IHXGDOă vQ Ä6WXGLL 5HYLVWD GH ,VWRULH´
QUS±FRQVLGHUăFăDGHYăUDWXOWUDGXFăWRUDO%LEOLHLDIRVWGHIDSW1LFRODH0LOHVFX

5DGX ORJRIăWXO *UHFHDQX ,VWRULD 'RPQLHL OXL &RQVWDQWLQ %DVDUDE %UkQFRYHDQX 9RLHYRG
± HG$XURUD,OLHú%XFXUHúWL,QWURGXFHUHS

,VWRULD'RPQLHLOXL&RQVWDQWLQ%DVDUDE%UkQFRYHDQXS±

,ELGHPS±



 ,OHDQD&ă]DQ 

ÌQ DQXO  &RQVWDQWLQ %UkQFRYHDQX vQIUkQJH RSR]LĠLD ERLHULORU FDUH vL
DGXVHVHPXOWHQHFD]XULSULQSUH]HQĠDDUPDWHORULPSHULDOHIDĠă GHFDUHGRPQXOQX
YRLDVăVHDUDWHQLFLIăĠLúRVWLO VSHUkQGvQWURSRVLELOăDOLDQĠă QLFLSUHDSULHWHQRV
SHQWUXFăULVFDUHSUHVLXQHDGLQSDUWHRWRPDQLORU$úDDUHFXUVODVWUDWDJHPDLQYD]LHL
WăWăUHúWL SURYRFDWH vQ  úL DSRL D IRVW VLOLW Vă SDUWLFLSH OD FDPSDQLD GLQ
7UDQVLOYDQLDGLQ&XDFHVWSULOHM5DGX*UHFHDQXFULWLFăDVSUXFRPSRUWDPHQWXO
OXL(PHULF7|N|O\ÄLDUHLFDQLúWHKRĠLFHDXIRVWDXYHQLWSkQăODXQORFúLDSRLDX
IăFXWFDUHOHvQFăWURDXSXWXWQHDYkQGREUD]FDVăYLHODGRPQ FăúLúWLLDMDIXULOHúL
UăXWăĠLOHFHOHIăFXVHvQĠDUă&LDúDWRDWăJORDWDOXLúLVWUkQVRDUHDOXLSUHFXPDXIRVW
KRĠHDVFă úL WkOKăUHDVFă DúD úL VIkUúLWXO LDX YHQLW GHQSUHXQă FX VWăSkQ FX WRW VSUH
SHUL]DUHGHVăYkUúLW´
'LQGRPQXOVDVLPĠLWvQVăVLJXUSHSR]LĠLDVD3UREDELOFă DFHVWDHVWH
DQXO vQ FDUH 5DGX *UHFHDQX vQFHSH Vă VFULH FURQLFD (VWH FODU Fă SULPLL DQL DL
GRPQLHLOXL%UkQFRYHDQXLDUHGDWGLQPHPRULHÄFkWDĠLQHDPLQWHDPSXWXW´GDUFD
PDUWRUGLUHFWDOHYHQLPHQWHORUÄFDUHvQ]LOHOHQRDVWUHVDXvQWkPSODW´3ULPDSDUWHD
FURQLFLLVHRSUHúWHvQúLVHvQFKHLHFXQXPLUHDOXL%UkQFRYHDQXGRPQSHYLDĠă
&URQLFDDFRQWLQXDWFXHWDSD±FkQGDUHORFXQFRQIOLFWvQWUHGRPQ
úL &DQWDFX]LQL HD vQUHJLVWUHD]ă vQ DFHVW DQ R FUL]ă DFXWă FDUH GXFH OD UXSHUHD
UHODĠLLORU vQWUH UXGH GXSă FDUH D XUPDW UHVFULHUHD úL FRQWLQXDUHD QDUăULL IDSWHORU
vQWUXQWRQPXOWPDLYHKHPHQWODDGUHVD&DQWDFX]LQLORU
3UHRFXSDWă GH UHODWDUHD OXSWHORU LQWHUQH FURQLFD QX RIHUă R LPDJLQH GH
DQVDPEOXFRHUHQWăDVXSUD,PSHULXOXLKDEVEXUJLFYă]XWSULQSULVPDWHRULHLSROLWLFH
5HSUH]HQWăULOH VXQW IDFWXDOH úL FX UHIHULUH SUHFLVă OD XQ HYHQLPHQW VDX OD XQ
SHUVRQDM FDUH vQ FD]XO OXL +HLVOHU VD GRYHGLW D IL ODFRP úL IăUă PLQWH 3OHFDUHD
WUXSHORULPSHULDOHGLQĠDUăHVWHUHGDWăFXDOWHQXDQĠHGHFkWvQFURQLFLOHDQWHULRDUH
'HODPDUHDGUDJRVWHSHFDUHLRDUăWDJHQHUDOXODXVWULDFGRPQXOXLvQ/HWRSLVHĠXO
&DQWDFX]LQHVF vQWkOQLUHD GH OD 'UăJăúDQL VH WUDQVIRUPă vQ SDJLQLOH ,VWRULHL
'RPQLHL OXL &RQVWDQWLQ %DVDUDE %UkQFRYHDQX vQWUR DGHYăUDWă UHSUH]HQWDĠLH GH
DELOLWDWHSROLWLFăúLGLSORPDWLFăÄ'HFLIăFkQGXLGRPQXOFLQVWHPDUHúLFXGDUXULO
DXGăUXLWIăFkQGXODFHOHDWRDWHSHQWUXFăvQWRWFKLSXOGRPQXOPXQFHDúLVăQHYRLD
FD úL SUH QHPĠL IăUă SULPHMGLH GLQ ĠDUă VăL VFRDĠă úL SUH WXUFL úL SUH WăWDUL Vă vL
RSUHDVFăVăQXvQWUHvQĠDUăFDVăQXFDOFHúLHLúLGRDUVăRSUDGHúLVăUREHDVFă
DLFLvQWLFăORVXOSăPkQWFXSULFLQDQHPĠLORUPXOWăYUHPHúH]kQGGHYRUYHQL´
ÌQFHHDFHSULYHúWHOXSWHOHGDWHvQWUHDXVWULHFLúLRWRPDQLHOHVXQWUHGDWHIăUă
LPSOLFDUH FD HYHQLPHQWH H[WHUQH ğăULL 5RPkQHúWL FDUH SDUFă QX DU IL DIHFWDW FX
QLPLFSR]LĠLDDFHVWHLD(VWHDWLWXGLQHDGHH[SHFWDWLYăDXQXLFURQLFDURILFLDOFDUH
vQ FRQGLĠLLOH GDWH SUHIHUD Vă UăPkQă QHXWUX IDĠă GH HYHQLPHQWH /XSWHOH GH OD


,ELGHPS

(VWH DQXO vQ FDUH SRDWH QX vQWkPSOăWRU vQFHS Vă ILH WUDGXVH GLQ LWDOLDQă SXEOLFDĠLLOH FX
SUHYL]LXQLDVWURORJLFHúLKRURVFRS±IROHWLQRYHOL

,VWRULD'RPQLHLOXL&RQVWDQWLQ%DVDUDE%UkQFRYHDQXS
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

%HOJUDGGLQVXQWXQH[HPSOXGHÄMXUQDOGHUă]ERL´Ä1HPĠLLFXPDXSULQVXGH
YHVWH Fă PHUJX WXUFLL DX OăVDW 7LPLúRDUD úL VDX WUDV OD FkPSLH FD SHQWUX Vă VH
ORYHDVFă FX WXUFLL Fă QLFL OD GkQúLL QX HUD SURDVWă SXWHUH úL JăWLUH ILLQG GXFD GH
6D[RQLLDFDSPDLPDUHRúWLORU&DUHDIOkQGWXUFLLYUXWDXVăPDLIDFăvQúăOăFLXQHFă
GRDUDUDSXFDRIăUkPăGHL]EkQGăFDúLvQWUHFXWXODQùLDIOkQGGHRWDEăUăPDLPLFă
QHPĠHDVFăFHHUDOD7LWHOSUHDSD7LVHLSRUQLWXVDXDPHUJHDVXSUDDFHORUD«'HFL
FkQGDXIRVWODDYJXVWGQLVDXORYLWQHPĠLLFXWXUFLLúLVDXIăFXWUă]ERLvQIULFRúDW
IăFkQGXVHPDUHRPRUSUHFXPDXVSXVFHLFHDFRORvQUă]ERLDXIRVWFăúLSăUĠL
YRUILFă]XWGHWXUFLúLRSDUWHGHQHPĠL«&LvQQRSWkQGVDXFRQWHQLWUă]ERLXO«
,DUWXUFLLQLPLFQDXPDLVWăWXWFLVDXvQYkUWHMLWvQQDSRLùLDúDL]EkQGDQLFLD
XQRUDQLFLDDOWRUDDXIRVWFăGXSăvQWRDUFHUHDWXUFLORUQLFLQHPĠLLQLPLFQXVDX
PDLPLúFDW«´
8QLL DXWRUL VDOXWă vQVă YLFWRULLOH ÄvQWUHJLL (XURSH´ ± FXP VSXQH 'LPLWULH
&DQWHPLU±úLPDLDOHVUHFXFHULUHD%XGHLúLD6LJKHWXOXL$QDOL]kQGWH[WHOHvQVăVH
SRDWH YHGHD FkW GH SXĠLQ úWLDX FURQLFDULL URPkQL GHVSUH PRGXO vQ FDUH VDX
GHVIăúXUDWFRQFUHWRSHUDĠLXQLOHPLOLWDUHFXPDXGHFXUVGLQSXQFWGHYHGHUHWDFWLFúL
VWUDWHJLF PDULOH OXSWH vQFHSXWH RGDWă FX DVHGLXO 9LHQHL úL FRQWLQXDWH vQ DQLL
XUPăWRULSkQăODYLFWRULDGHOD=HQWD'HDFHHD&RQVWDQWLQ%UkQFRYHDQXLPHGLDW
GXSăDFHUXWOXL,HUHPLD&DFDYHODVăWUDGXFăvQOLPEDJUHDFăRFDUWHDXQXL
DXWRU LWDOLDQ UăPDV QHFXQRVFXW DVXSUD DVHGLXOXL 9LHQHL SH FDUH D SXVR OD
GLVSR]LĠLDGRPQXOXLùHUEDQ&DQWDFX]LQRÌQVFKLPE&RQVWDQWLQ&DQWDFX]LQRDIăFXW
RVFKLĠăGHVWXOGHH[DFWăDOXSWHLGHOD3HWURYDUDGLQ  SHFDUHDIăFXWRFDGRX
HPLVDUXOXLDPEDVDGRUXOXLHQJOH]OD3RDUWăORUGXO3DJHWúWLLQGLQWHUHVXODFHVWXLD
SHQWUXGHVIăúXUDUHDGHIRUĠHGHSHIURQWXOGLQ8QJDULD6FKLĠDvQFDX]ăDUDWăRPXOW
PDL EXQă LQIRUPDĠLH GHFkW FHD SH FDUH R SXWHP JăVL vQ WH[WXO FURQLFLORU GH OD
VIkUúLWXOVHFROXOXLDO;9,,OHDúLGLQSULPHOHGHFHQLLDOHFHOXLXUPăWRU
ÌQ WLPSXO FDPSDQLHL GLQ DQXO  WUXSHOH RWRPDQH SODVDWH VXE FRPDQGD
PDUHOXLYL]LU6UPHOL$OLSDúDDOLDWHFXWăWDULLFRQGXúLGHKDQXO6HOLP*KLUD\,DX
SRUQLWRIHQVLYDvPSRWULYD+DEVEXUJLORUvQ9RLHYRGLQDVkUEHDVFăDWDFkQGvQVSHFLDO
IRUWăUHĠHOH GH SH OLQLD 'XQăULL 3ULQWUH DFHVWHD VH QXPăUD úL 3HWURYDUDGLQXO XQGH
LPSHULDOLL DX OXDW LPHGLDW PăVXUL VXSOLPHQWDUH &RPDQGDQWXO WUXSHORU DXVWULHFH D
IRVW PDUHúDOXO FRQWH (QHD 6LOYLR &DSUDUD FDUH vQ FLXGD VIDWXULORU SULPLWH GH OD
DJKLRWDQĠLL VăL QX D ODQVDW XQ FRQWUDDWDF úL GH DFHHD VD SRPHQLW vQFHUFXLW OD
VHSWHPEULHGHFăWUHWUXSHOHRWRPDQH3R]LĠLDH[FHSĠLRQDOăDIRUWăUHĠHLDIODWă
SH XQ SLQWHQ FH vQDLQWD IRDUWH PXOW vQ 'XQăUH D SHUPLV JDUQL]RDQHL Vă SăVWUH]H
FRQWDFWXO FX PDOXO VWkQJ XQGH DX IRVW HYDFXDWH WRDWH WUXSHOH GH FDYDOHULH GLQ
FHWDWH&RQWDFWXOFXDFHVWHDDIRVWPHQĠLQXWSHSRGXULGHOHPQVXSUDYHJKHDWHGH


,ELGHPS

3DXO &HUQRYRGHDQX 8Q FURTXLV GX VLqJH GH OD IRUWUHVVH GH 3HWURYDUDGLQ  
DSDUWHQHQDQWDXVpQpFKDO&RQVWDQWLQ&DQWDFX]qQHvQÄ5HYXHGHVpWXGHVVXGHVWHXURSpHQQHV´
QUS±



 ,OHDQD&ă]DQ 

PLFL DPEDUFDĠLXQL úL GH WUXSHOH DX[LOLDUH GH KXVDUL úL GH KDLGXFL FRPDQGDĠL GH
JHQHUDOXO /XGZLJ YRQ +HUEHYLOOH ÌQ JDUQL]RDQă VH DIODX  GH LQIDQWHULúWL úL
XQPLFFRUSGHFDYDOHULHGHFLUFDGHRDPHQLFDUHDVLJXUDXúLVXSUDYHJKHUHD
SHULPHWUXOXLH[WHULRUDOFHWăĠLLXQGHVHDIODXQFkPSGHPLQHúLIXVHVHUăDPSODVDWH
EDWHULLGHDUWLOHULH(IHFWLYHOHLQDPLFHHUDXPXOWPDLPDULGHWXUFL
GHWăWDULGHWXQXUL$FHVWHD DXDWDFDWIRUWăUHDĠDSHWUHL IODQFXULvQWLPS FH R
IORWLOăIRUPDWăGLQJDOHUHDPEDUFDĠLXQLJUHOHGHIUHJDWHúLGHFDLFHD
vQFHUFDW Vă WDLH FRQWDFWXO vQWUH JDUQL]RDQD GLQ FHWDWH úL FDYDOHULD UăPDVă SH PDOXO
VWkQJÌQFHUFDUHDDHúXDWúLDVHGLXOVDSUHOXQJLWIRDUWHPXOWGHDFHHDPDUHOHYL]LUD
WUHFXWODRVWUDWHJLHPDLSXĠLQRELúQXLWă$vQFHSXWVăVDSHúDQĠXULvQMXUXOSURSULLORU
SR]LĠLLúLDWUHFXWvQGHIHQVLYă
/DVHSWHPEULHLPSHULDOLLDXSULPLWFDvQWăULULGHEUDQGHPEXUJKH]LúL
FRPDQGDQWXOWUXSHORUGLQ7UDQVLOYDQLDJHQHUDOXO)HGHULJR9HWHUDQLDSRUQLWúLHO
VSUH3HWURYDUDGLQFXGHVROGDĠL$VWIHODvQFHSXWFRQWUDDWDFXO6XEDGăSRVWXO
IRFXOXL DUWLOHULHL WUXSHOH DX LHúLW GLQ FHWDWH úL SULPD OLQLH D DVHGLDWRULORU D IRVW
GLVWUXVă/DDFHDVWăUHYHQLUHvQIRUĠăFDUHvLWUDQVIRUPDVHSHDXVWULHFLGLQDVHGLDĠL
vQDVHGLDWRULVDXDGăXJDWSORLOHWRUHQĠLDOHFDUHDXGXUDWPDLPXOWH]LOHvQúLUúLFDUH
DX LQXQGDW SR]LĠLLOH RWRPDQH úL DX IăFXW LPSRVLELOă DSURYL]LRQDUHD 0RUDOXO
WUXSHORUDIRVWGLVWUXVúLPDUHOHYL]LUDRUGRQDWUHWUDJHUHDVSUH%HOJUDG
'LQ FHOH SUH]HQWDWH UHLHVH Fă DFHDVWă FRQIUXQWDUH PLOLWDUă D IRVW XQD GLQWUH
FHOH PDL LPSRUWDQWH DOH FDPSDQLHL OD 'XQăUH úL QX HVWH GH PLUDUH Fă VWROQLFXO
&RQVWDQWLQ &DQWDFX]LQR D DUăWDW XQ LQWHUHV GHRVHELW SHQWUX GHVIăúXUDUHD OXSWHL
6FKLĠD DFHVWXL DVHGLX D IRVW ILH FRPDQGDWă ILH GHVHQDWă GH HO vQVXúL SH ED]D
H[SOLFDĠLLORUSULPLWHúLDXQRUvQVHPQăULOXDWHGHFLQHYDFDUH DIRVWODIDĠDORFXOXL
'HVHQXOIăFXWFXSHQLĠDúLvQFHUQHDOăDUHGLPHQVLXQHDGHîFPQXUHVSHFWă
QLFLRVFDUăúLQLFLQXLQGLFăFRRUGRQDWHOHJHRJUDILFH(VWHPDLPXOWRUHSUH]HQWDUH
GXSăÄQDWXUă´GHFkWXQDFRQYHQĠLRQDOă6XQWGHVHQDWHSODQXOGHSROLJRQQHUHJXODW
DOIRUWăUHĠHLFHOHWUHLEDVWLRDQHODWHUDOHúLFXUWHDLQWHULRDUă,HúLUHDDSDUHFăVHIăFHD
SH R SRDUWă VHFXQGDUă FăWUH FkPSLD GLQ MXU 6SUH 'XQăUH VH YăG  UkQGXUL GH
IRUWLILFDĠLLSULPDGHSăPkQWLDUFHDGHDGRXDGHSLDWUă3RDUWDFHQWUDOăVHDIODVSUH
'XQăUHúLHUDSURWHMDWăGHXQúDQĠGHDSăUDUHúLGHXQSRGPRELO6XQWILJXUDWHGH
DVHPHQHD úL FOăGLULOH GLQ LQWHULRUXO FHWăĠLL 6XQW DPSODVDWH HIHFWLYHOH PLOLWDUH DOH
DVHGLDWRULORUWXUFLúLWăWDULSUHFXPúLFDYDOHULDJHUPDQă vQWH[W FDUHVHDIODSH
PDOXO VWkQJ 3ODQXO IRDUWH GHWDOLDW DUDWă R EXQă FXQRDúWHUH D RSHUDĠLXQLORU LDU
SUH]HQĠDVFKLĠHLvQELEOLRWHFDVWROQLFXOXLHVWHRGRYDGăDLQWHUHVXOXLFXFDUHDFHVWD
XUPăUHDHYROXĠLDIURQWXOXLGXQăUHDQúLvQDLQWDUHDWUXSHORUKDEVEXUJLFH
'HDOWIHOGRPQLLURPkQLILHFăDXYUXWILHFăQXVDXWUH]LWSULQúLvQYkOWRDUHD
HYHQLPHQWHORUDúDFXPVDvQWkPSODWFXFDPSDQLDGLQğDUD5RPkQHDVFăDWUXSHORU


6%L]R]HUL/DVDFUD/HJDFRQWURODSRWHQ]D2WWRPDQDYRO,,0LODQS±

3&HUQRYRGHDQXRSFLWS

,ELGHPS±
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

LPSHULDOH vQ LDUQD DQXOXL  'RPQLL HUDX IDPLOLDUL]DĠL GH GRXă VHFROH FX
QHJRFLHULOH GH OD ÌQDOWD 3RDUWă LDU XQLL vQGHSOLQLVHUă vQ FXUVXO YLHĠLL IXQFĠLD GH
WkOPDFL $úD D IRVW FD]XO YLLWRUXOXL GRPQ $OH[DQGUX 0DYURFRUGDW FDUH D IRVW
SUH]HQWODQHJRFLHULOHGHOD&DUORZLW]$OĠLLFXP DXIRVWùHUEDQ &DQWDFX]LQR úL
*KHRUJKH'XFDSUHFXPúLSULQFLSHOH7UDQVLOYDQLHL0LKDLO$SDILDXIRVWVLOLĠLVă
XUPH]H DUPDWD RWRPDQă VSUH 9LHQD LDU SULPLL DX IRVW vQ PLMORFXO HYHQLPHQWHORU
DWkWSULQYHúWLOHSULPLWHGLQ)DQDUFkWúLSULQQHJRFLHULOHVHFUHWHGXVHFXDXVWULHFLL
$P VXEOLQLDW FXP WRDWH DFHVWH DFĠLXQL FRQFUHWH vúL JăVHVF HFRXUL GLIHULWH vQ
OLWHUDWXUDLVWRULFăURPkQHDVFă'HO&KLDURVHFUHWDUXOOXL&RQVWDQWLQ%UkQFRYHDQX
ODXGăvQWUXQvQWUHJFDSLWROQHJRFLHULOHOXLùHUEDQ&DQWDFX]LQRFXDXVWULHFLL$OĠLL
VXQW PDL UHĠLQXĠL PDL DOHV FkQG YRUEHVF GHVSUH vQFHUFDUHD OXL &DQWDFX]LQR GH D
DVLJXUD WURQXO ğăULL 5RPkQHúWL IDPLOLHL VDOH $VWIHO XQ SHUVRQDM QHFXQRVFXW GLQ
FDGUXOFDQFHODULHLGRPQHúWLPHQĠLRQHD]ăFXVDWLVIDFĠLHUăVSXQVXOQHJDWLYSHFDUHXQ
GHPQLWDU DXVWULDF OD GDW UHIHULWRU OD FHUHUHD GRPQXOXL ùWHIDQ &DQWDFX]LQR GH D
SULPL úL WURQXO 0ROGRYHL úL SH FHO DO 7UDQVLOYDQLHL 5HIX]XO HUD vQGUHSWăĠLW GLQ
SXQFWXOGHYHGHUHDODXWRUXOXLFLWDWSHQWUXFăDUILGXVODH[WLQGHUHDQHPăVXUDWăD
SXWHULL&DQWDFX]LQLORU
ÌQDLQWDUHDWUXSHORUDXVWULHFHDSDUHvQVWUkQVăOHJăWXUăFXQHJRFLHULOHDPLQWLWH
H[HPSOXO FHO PDL HORFYHQW UăPkQH FHO DO JHQHUDOXOXL 'RQDW +HLVOHU DGXV GH
&RQVWDQWLQ%ăOăFHDQX
3HGHDOWăSDUWHPXOĠLDXWRULVXQWFRQúWLHQĠLFăYLFWRULLOHDUPDWHORULPSHULDOHDX
SURYRFDW VOăELUHD SXWHULL RWRPDQH úL DX SURGXV R EUHúă vQ GRPLQDĠLD DFHVWRUD vQ
%DOFDQL 'H DFHHD %UkQFRYHDQX D PDQLIHVWDW IăĠLú R PDUH EXFXULH OD DIODUHD YHúWLL
YLFWRULHLGHOD=HQWD&XVFRSXOGHDvPEXQăWăĠLUHODĠLLOHFXDXVWULHFLLHODUăVFXPSăUDW
GHODWăWDULVDXWXUFLRILĠHULDXVWULHFLFXPDIRVWFD]XOFRPLVDUXOXLLPSHULDO.RQUDG
+XEHU9LFWRULDDXVWULHFLORUDIRVWVDOXWDWăFDRYLFWRULHDFUHúWLQăWăĠLL
Ä«,DXYHQLWDFHDVWăYHVWHYHVHOLWRDUHGHL]EkQGDFUHúWLQLORUúLGHVWLQJHUHD
SăJkQLORULDXGDWVDOYăOXL'XPQH]HXúLPDLFăLVILQĠLLVDOH«$WXQFHDDFROHDFkW
DXúH]XWúLFkĠLYDQHPĠLDGHODWXUFLGHODWăWDULDXUăVFXPSăUDWvQWUXFDULLDXIRVWúL
XQ,RDQ&RQUDG+XEHUvOFKHPDFHHUDFRPLVDUDORúWLLQHPĠHúWL«úLDOĠLRDPHQL
GHFLQVWHFăSLWDQLVDXUăVFXPSăUDW´
(VWH GH UHPDUFDW IDSWXO Fă WRW PDL GHV FRQFHSWXO PHGLHYDO GH FUHúWLQăWDWH
DFHDUHVSXEOLFDFULVWLDQDYLVDWăGHSDSDOLWDWHGLQVHFROXODO;,OHDHVWHvQORFXLWFX
QXPHOH GH (XURSD FD GHVHPQkQG SDUWHD FRQWLQHQWXOXL OLEHUă GH GRPLQDĠLD
RWRPDQă$FHDVWDDWHVWăRPRGHUQL]DUHDYL]LXQLLSROLWLFHvQLVWRULRJUDILDURPkQă
SHQWUX Fă XQ FRQFHSW UHOLJLRV FDUH JkQGHD RSR]LĠLD GLQWUH &UHúWLQLVP úL ,VODP vQ
WHUPHQL DEVROXĠL VH WUDQVIRUPă DFXP vQWUXQ FRQFHSW SROLWLF vQ FDUH UHOLJLD MRDFă


,GHP &RUUHVSRQGDQFH GLSORPDWLTXH G¶$OH[DQGUX 0DYURFRUGDW O¶([DSRULW ± vQ
Ä5HYXHGHVpWXGHVVXGHVWHXURSpHQQHV´QUS±

$O'XĠXRSFLWS

,VWRULD'RPQLHLOXL&RQVWDQWLQ%DVDUDE%UkQFRYHDQXS



 ,OHDQD&ă]DQ 

GRDUXQUROVHFXQGDUSHSULPXOSODQDIOkQGXVHDOWHFRQVLGHUHQWHGHRUGLQPLOLWDU
VWUDWHJLFDGPLQLVWUDWLYVDXIDFWRULLGHSXWHUHúLHFKLOLEUXOGHIRUĠHGLQWUHDFHúWLD
(YHQLPHQWHOHvQVăVXQWSUH]HQWDWHvQFURQLVWLFDURPkQăvQIXQFĠLHGHGRULQĠD
GRPQLORU úL D ERLHULORU GH DúL YHGHD ĠDUD HOLEHUDWă GH GRPLQDĠLD RWRPDQă 3HVWH WRW
DSDUHFODUIDSWXOFăSULQFLSDWHOHURPkQHGRUHDXRDOLDQĠăPLOLWDUăFX+DEVEXUJLLLDUQX
LQWUDUHDvQVIHUDGHGRPLQDĠLHSROLWLFăDDFHVWRUD$SDULĠLDDUPDWHLJHQHUDOXOXL9HWHUDQL
vQğDUD5RPkQHDVFăúLvQ7UDQVLOYDQLDPDUúXOVROGDĠLORUJHQHUDOXOXL$QWRQLR&DUDIID
vQ7UDQVLOYDQLDVDXFDPSDQLDJHQHUDOXOXL+HLVOHUvQğDUD5RPkQHDVFăDXLPSUHVLRQDW
QXQXPDLHOLWDFRQGXFăWRDUHFLúLSRSRUXOGHUkQG'HH[HPSOXUHWUDJHUHDJHQHUDOXOXL
9HWHUDQLGLQğDUD5RPkQHDVFăvQPRPHQWXOvQFDUHúLDXIăFXWDSDULĠLDFRQWLQJHQWHOH
GHWăWDULDDYXWXUPăULGH]DVWUXRDVHSHQWUXSRSXODĠLDFLYLOă 7ăWDULLDXSURILWDWGH
RFD]LHFDVăDUGăVDWHOHúLRUDúHOHÌQIXQFĠLHGHHYHQLPHQWHMXGHFDWDFURQLFDULORU
HVWH GLIHULWă SR]LWLYă VDX QHJDWLYă GH DFHHD DP DUăWDW GHMD HVWH JUHX GH YRUELW
GHVSUHFRQVWLWXLUHDXQHLLPDJLQLXQLWDUHD+DEVEXUJLORUvQRSHUDDFHVWRUD
5HYHQLQGOD'LPLWULH&DQWHPLUDFHVWDGHVFULHvQWHUPHQLRELHFWLYLvQIUkQJHUHD
WXUFLORUVXE]LGXULOH9LHQHLvQúLQRWHD]ăWRDWHDVSHFWHOHFDUHDXGXVODDFHDVWă
vQIUkQJHUHFDXUPDUHDWDFWLFLLJUHúLWHSHFDUHPDUHOHYL]LU.DUD0XVWDIDDJkQGLWR
5HWUDJHUHD D GHYHQLW R FDWDVWURIă SURYRFkQG SLHUGHUL LPHQVH DUPDWHL RWRPDQH
&kĠLYDDQLPDLWkU]LX&DQWHPLUDIRVWPDUWRURFXODUDOvQIUkQJHULLGHOD=HQWD  
úLGHVFULHúLGHDFHDVWăGDWăFXOX[GHDPăQXQWHvQIUkQJHUHDDUPDWHLRWRPDQH&HOH
GRXăHYHQLPHQWHODXvQWăULWSHFăUWXUDUXOURPkQvQFRQYLQJHUHDFă,PSHULXORWRPDQ
VHDIODvQWURSHULRDGăDFXWăGHGHFOLQ3UREDELOFăDFHVWHHYHQLPHQWHLDXLQVSLUDWúL
WLWOXOFăUĠLLFHDYHDVăvLDGXFăIDLPDGHLVWRULFHXURSHDQ
(YROXĠLDHYHQLPHQWHORUGLQHVWHXUPăULWăFXPXOWăSUHFL]LHÄÌPSăUDWXO
vQĠHOHVHVHWRWOXFUXOFăDGLFăWXUFLLFDXWăQXPDLSUHWH[WHGHUă]ERL'HFLWULPLVHSH
FRQWHOH $OEHUW &DSUDUD vQ FDOLWDWH GH DPEDVDGRU H[WUDRUGLQDU OD &RQVWDQWLQRSRO
vQVăUFLQkQGXO D QX FUXĠD QLFL SHUVXD]LXQHD QLFL GDUXULOH SHQWUX D UHXúL Vă IDFă
FD DUPLVWLĠLXO Fă FRQWLQXH úL Vă HYLWH XQ Uă]ERL SH FDUH /HRSROG QX VH VLPĠHD vQ
VWDUHVăvOGXFă´
'HVSUH PRGXO vQ FDUH VD GHVIăúXUDW FRQVLOLXO GH Uă]ERL vQ IDĠD %HOJUDGXOXL
&DQWHPLU Gă DPăQXQWH SH FDUH QXPDL XQ EXQ FXQRVFăWRU DO GRFXPHQWHORU RWRPDQH
SXWHD Vă OH úWLH (VWH YRUED GHVSUH RSLQLD GLYHUJHQWă D OXL 7|N|O\ IDĠă GH FHD D
PDUHOXLYL]LUSULQFDUHDGHVFXUDMDWDVHGLXO9LHQHLúLDSURSXVRFDPSDQLHGHFXFHULUH
D8QJDULHLGHYHVW2GDWăFXFHULWHSR]LĠLLOHDXVWULHFLORUGLQDFHDVWă]RQăHDDUILSXWXW
GHYHQLRED]ăGHDWDFHILFLHQWă SHQWUXDVHGLXO9LHQHLSHQWUXFă±VFULH&DQWHPLU±
QRXOÄUHJH´DO8QJDULHLDUILVSXVÄ&HOFDUHVHODQVHD]ăvQvQWUHSULQGHULPDULDFHODFD
VăSRDWăUHXúLDUHQHYRLHDEVROXWăGHWUHLOXFUXULEDQLRDPHQLúLPDLSUHVXVGHWRDWH
GH SUXGHQĠă FDUH HVWH FHD PDL LPSRUWDQWă vQ WRDWH DFĠLXQLOH « (X UHVSLQJ DVHGLXO


$O'XĠXRSFLWS

,ELGHPS

'&DQWHPLU,VWRULD,PSHULXOXLRWRPDQHG++RGRVLX%XFXUHúWLS
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

9LHQHLVDXPDLELQHHX]LFFăDVHGLXO9LHQHLHVWHFHOPDLPDUH QHDMXQVFHVHSRDWH
DGXFH ,PSHULXOXL RWRPDQ´ 0RWLYDĠLD HUD VLPSOă 9LHQD HUD SUHD GHSDUWH GH
DFWXDOHOH IURQWLHUH DOH VWDWXOXL RWRPDQ SRVLELOLWDWHD GH DSURYL]LRQDUH DU IL IRVW
PDUFDWă GH WUHFHUHD SHVWH WHULWRULX LQDPLF SULQ 8QJDULD YHVWLFă  DVHGLXO VH SXWHD
SUHOXQJLODLQILQLWúLQXvQFHOHGLQXUPăHUDSRVLELOFDvQWUHDJD(XURSăFDWROLFăVă
XLWHGHGLYHUJHQĠHúLVăVHXQHDVFăSHQWUXDDOXQJDDUPDWHOHRWRPDQHDIODWHFKLDUvQ
LQLPD FRQWLQHQWXOXL 'XSă FXP HVWH ELQH úWLXW DFHVW OXFUX VD úL vQWkPSODW )UDQĠD
GXúPDQXOFHOPDLFRQVHFYHQWDO,PSHULXOXLKDEVEXUJLFDWULPLVHIHFWLYHvQDSăUDUHD
9LHQHLLDULQWHUYHQĠLDUHJHOXLSRORQ-DQ6RELHVFNLDIRVWVDOXWDUăGXSăFXPRúWLDXúL
FURQLFDULL URPkQL 7RW &DQWHPLU HVWH FHO FDUH Gă R LQIRUPDĠLH PDL SXĠLQ IRORVLWă vQ
OLWHUDWXUDLVWRULFă(OSXQHDPELĠLDLUDĠLRQDOăDPDUHOXLYL]LU.DUD0XVWDIDGHDFXFHUL
9LHQDSHVHDPDXQXLYLVIDQWH]LVWGHDúLFRQVWLWXLvQLQLPD(XURSHLXQQRXLPSHULX
PXVXOPDQFDUHVăFRQFXUH]HúLVăFXFHUHDVFăvQFHOHGLQXUPă,PSHULXORWRPDQ
0RPHQWXO ILQDO DO vQIUkQJHULL VXE ]LGXULOH 9LHQHL HVWH UHGDW DVWIHO Ä.DUD
0XVWDID SDúD Yă]kQG Fă VROGDĠLL VăL IXJ vQ WRDWH SăUĠLOH úL Fă HVWH LPSRVLELO GH D
SRUQLGLQQRX DWDFXO VH vQWRDUFH VLQJXU vQ IRUWLILFDĠLL DLFL vQVă QX PDL HUD QLFL XQ
VXIOHWGHRPvQFRUWXULDWXQFLL]EXFQLvQODFUăPLúLúLSOkQVHVRDUWDIăUQRURF'XSă
DFHHDLDVLQJXUXOVWLQGDUGDOOXL0DKRPHGvQPkQăúLPHUJHIXJHGLQWRDWHSXWHULOH
SHQWUXDDMXQJHUHVWXODUPDWHLVDOHFDUHQXPDLODDGăSRVWXOvQWXQHULFXOXLDVFăSDW
GH VDELD GXúPDQXOXL´ 6H REVHUYă GLQ QRX WRQXO QHXWUX vQ FDUH VXQW UHGDWH
DPăQXQWHOH FDPSDQLHL ÌQ ,VWRULD ,PSHULXOXL RWRPDQ VH SăVWUHD]ă DFHODúL WRQ HJDO
SkQăODVIkUúLWXOPDULORUFDPSDQLLGLQVHFROXODO;9,,OHD1X VHSRDWHVSXQHvQVă
FăvQYăĠDWXOPROGDYQXHUDSăWLPDú(OUăPkQHQHXWUXGRDUvQSUREOHPDFRQIOLFWXOXL
KDEVEXUJRRWRPDQSRDWHSHQWUXFăQXvOHQWX]LDVPDYLFWRULDQLFLXQHLDGLQWUHFHOH
GRXă WDEHUH ÌQ FHHD FH SULYHúWH 0ROGRYD HO LD DWLWXGLQH GHVFKLV PDL DOHV FkQG
QDUHD]ă HSRFD GRPQLHL WDWăOXL VăX &RQVWDQWLQ &DQWHPLU (O FRQVLGHUă Fă ÄSRORQLL
LQJUDĠLDWDFDvQWkL0ROGRYD´FkQGvQVXúLGRPQXOLDLQIRUPDWFăDUPDWDVHDIOăSH
1LVWUX úL Fă GLQ DFHD SDUWH HL QX DX GH FH VH WHPH GH WXUFL VDX WăWDUL Ä3RORQLL DX
Yă]XWFă0ROGRYHQLLVHPHQĠLQSHSR]LĠLLSDúQLFHúLQXVHSUHJăWHVFVăVHDSHUHúL
WRWXúLvQGLVSUHĠIDĠăGHDGPRQHVWăULOHOXL&DQWHPLUDXQăYăOLWDVXSUDORUFDúLFkQG
DUILIRVWWXUFLVDXDOĠLGXúPDQLGHPRDUWHDLFUHúWLQLORU´
7RDWHHYHQLPHQWHOHFXFDUHDIRVWFRQWHPSRUDQLVWRULFXOúLFHOHODFDUHDIRVW
PDUWRURFXODUODXFRQYLQVSHEXQăGUHSWDWHFă,PSHULXORWRPDQDDMXQVvQHSRFD
GHGHFOLQLDUQRLLFRPSHWLWRULGLUHFĠLDLPRúWHQLULLRWRPDQHQXDYHDXJkQGXULEXQH
IDĠăGHURPkQL3UREDELOFăGHDFHHDDOHJHUHDVDVDvQGUHSWDWVSUHĠDUXO3HWUX,FDUH
VHDIODPXOWPDLGHSDUWHGH0ROGRYDúLDOHFăUXLLQWHUHVHVHD[DXvQDFHOPRPHQWSH
LHúLUHDOD0DUHD1HDJUăDFĠLXQHvQFDUH0ROGRYDSXWHDILXQDOLDWSUHĠLRV


,ELGHPS

,ELGHPS±

,ELGHPS±

,ELGHPS



 ,OHDQD&ă]DQ 

'HúL'LPLWULH&DQWHPLUDVFULV,QFUHPHQWDDWTXHGHFUHPHQWD$XODH2WKRPDQLFDH
ODvQFHSXWXOVHFROXOXLDO;9,,,OHDSăUHUHDVDSDUHDILFHDJHQHUDOvPSăUWăúLWăGH
FURQLFDULL URPkQL vQFă GLQ YHDFXO DO ;9,,OHD /D UkQGXO VăX LVWRULFXO D IRVW
LQIOXHQĠDWSXWHUQLFQXGRDUGHSURSULLOHREVHUYDĠLLFLúLGHMXGHFDWDSUHGHFHVRULORU
VăLGLQXOWLPHOHGHFHQLLDOHVHFROXOXLWUHFXW
)ăUăvQGRLDOăVHVXUSULQGHDGHVHRULRLPDJLQHQHIDYRUDELOă+DEVEXUJLORUPDL
DOHV FkQG VH SXQH vQ GLVFXĠLH VLVWHPXO RUJDQL]ăULL PLOLWDUH úL FHO DO ILVFDOLWăĠLL
DXVWULHFH FDUH DU IL SXWXW UHSUH]HQWD XQ SHULFRO SHQWUX VWDWHOH FDUH GRUHDX Vă vúL
XUPH]HSURSULLOHWUDGLĠLLvQDFHVWVHQVúLQXvQĠHOHJHDXHOLEHUDUHDFDSHRvQJOREDUH
vQ,PSHULXOKDEVEXUJLF'LYHUJHQĠDGHRSLQLLSULYLQGH[WLQGHUHD,PSHULXOXLDXVWULDF
OD'XQăUHDGH-RVDGXVODRGH]EDWHUHSXWHUQLFăúLODFXUWHDYLHQH]ă
'H H[HPSOX XQLL RDPHQL SROLWLFL FXP D IRVW .LQVN\ QX GRUHDX R QRXă
IURQWLHUă GH VWDW FX SURYLQFLLOH YHFLQH DOLDWH FL XQ FRUGRQ GH VLJXUDQĠă
0LOLWlUJUWHO  FDUH Vă DVLJXUH WHULWRULLOH XQJDUH UHFHQW UHFXFHULWH $FHDVWă
RULHQWDUH VD GDWRUDW OLSVHL GH FXQRúWLQĠH GHVSUH (XURSD GH VXGHVW XQGH &DVD GH
$XVWULD DYHD Vă vúL WULPLWă PXOW PDL WkU]LX UHSUH]HQWDQĠL GLSORPDWLFL (PLVDULL
DXVWULHFLGLQ7UDQVLOYDQLDVDXFRQVXOLLVWDELOLĠLOD,DúLVDX%XFXUHúWLFDUHDXGHVFKLV
UHSUH]HQWDQĠH GLSORPDWLFH SHUPDQHQWH DX IXUQL]DW GH OD IDĠD ORFXOXL LQIRUPDĠLL
SUHĠLRDVH SHQWUX RULHQWDUHD SROLWLFLL LPSHULDOH vQ VHFROXO DO ;9,,,OHD 'LQ DFHVW
PRPHQWWUDWDWHOHQHJRFLDWHOD9LHQDDYHDXVăILHKRWăUkWHúLGHDVSHFWHFRPHUFLDOH
úLILQDQFLDUH
3ULPXOFDUHDOXDWvQGLVFXĠLHúLDFHVWHDVSHFWHDIRVW/XLJL)HUGLQDQGR0DUVLOOL
3HQWUX HO DFHVWHD YHQHDX Vă FRPSOHWH]H 2UGLQHD SH FDUH DGPLQLVWUDĠLD DXVWULDFă R
DGXVHVHvQSURYLQFLLOHUHFHQWvQJOREDWH'DWHOHVLQWHWL]DWHGHDFHVWDQXDXDYXWGRDUR
UHOHYDQĠăJHRJUDILFă,QIRUPDĠLLOHVWUkQVHGHPLOLWDULvQWLPSXOFDPSDQLLORUVDXGRYHGLW
D IL IRDUWH XWLOH SHQWUX D GH]YROWD FRPHUĠXO LPSHULXOXL SH YUHPH GH SDFH 6XE
DPHQLQĠDUHDFRQFXUHQĠHLDQJORIUDQFH]HPDULLJHQHUDOLDLDUPDWHLDXVWULHFHúLDXXQLW
IRUĠHOHSHQWUXDFUHDúLXQVLVWHPHFRQRPLFYLDELOvQWHULWRULLOHQRXFXFHULWH(IRUWXULOH
ORUDXIRVWFRURERUDWHFXFHOHDOHHFRQRPLúWLORU%HFKHU+|UQLJNúL6FKU|GHUFDUH
VXQW WHRUHWLFLHQLL PHUFDQWLOLVPXOXL KDEVEXUJLF (L DX LPDJLQDW R FRPXQLWDWH
HFRQRPLFăDWHULWRULLORUSDWULPRQLDOH :LUWVFKDIWVJHPHLQVFKDIW 
3HQWUX SRSRDUHOH GLQ ]RQD GH FRQIOLFW D DSăUXW SUREOHPD UHODĠLLORU GLQWUH
PDULOH SXWHUL FDUH GRPLQDX DUHQD SROLWLFă úL VWDWHOH PLFL vQ FDUH FRQMXQFWXUD
LVWRULFăDGXVHVHODSXWHUHRJUXSDUHVDXDOWDÌQğDUD5RPkQHDVFăúL0ROGRYDH[LVWD
R FRH]LXQH vQWUH ERLHUL úL ĠăUDQL GDWă GH XQLWDWHD GH OLPEă GH FUHGLQĠă úL GH
FRQúWLLQĠă FH HUD PDUWRUD XQXL WUHFXW LVWRULF FRPXQ 'H DLFL R SROLWLFă UHWLFHQWă D
FHORUGRXăSULQFLSDWHvQIDĠDGRULQĠHLGHH[SDQVLXQHD,PSHULXOXLDXVWULDFPDVFDWă


9H]L úL &K : ,QJUDR +DEVEXUJ 6WDWHJ\ DQG *HRSROLWLFV GXULQJ WKH (LJKWHHQWK &HQWXU\ vQ
YRO(DVW(XURSHDQ6RFLHW\DQG:DULQWKH3UH5HYROXWLRQDU\(LJKWHHQWK&HQWXU\1HZ<RUNS

5DIIDHOD *KHUDUGL ,QWURGX]LRQH OD OXFUDUHD OXL /XLJL )HUGLQDQGR 0DUVLOL 5HOD]LRQL GHL
FRQILQLGHOOD&URD]LDHGHOOD7UDQVLOYDQLDDVXD0DHVWD&HVDUHD±IOIDS
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

SULQ WUDWDWLYH SXUWDWH FX PXOWă DELOLWDWH 2SR]LĠLD vQWkPSLQDWă GH DXVWULHFL vQ
7UDQVLOYDQLD QX D IRVW R vQFHUFDUH GH VXEPLQDUH D DFHOHL EXQH FkUPXLUL LO EXRQ
RUGLQH  FL PDL GHJUDEă R UHVSLQJHUH D XQRU QRL IRUPH GH JXYHUQDUH FDUH QX VH
SRWULYHDX UHDOLWăĠLORU ORFDOH ÌQ DFHVW VHQV JăVLP WRW OD 0DUVLOOL SULQFLSLLOH GH
RUJDQL]DUHDVWDWXOXLvQFRQGLĠLLOHXQHLH[SDQVLXQLUDSLGHVSUH(XURSDGHVXGHVW(O
DSXVDFFHQWXOSHRUJDQL]DUHDDGPLQLVWUDWLYăúLPLOLWDUăDVWDWXOXLFHHDFHGXFHOD
WHRULD VD GHVSUH ÄQRXO 6WDW DO SXWHULL´ SH FDUH VDYDQWXO ERORJQH] ODU IL GRULW vQ
XOWLPXO GHFHQLX DO VHFROXOXL DO ;9,,,OHD D IL ,PSHULXO KDEVEXUJLF 'H DLFL
FRQYLQJHUHD Fă GDWHOH JHRJUDILFH úL LVWRULFH VWDWLVWLFLOH GH WRW IHOXO VXQW PXOW PDL
IRORVLWRDUH vQ JXYHUQDUH úL DGPLQLVWUDĠLH GHFkW WHRULLOH SROLWLFH VRILVWLFDWH úL
vQGHOXQJ HODERUDWH vQ FDUH IUXPXVHĠHD GHPHUVXOXL ORJLF úL HUXGLĠLD QX RIHUă GHFkW
SUHDSXĠLQHVROXĠLLSUDFWLFHSUREOHPHORUFRQFUHWH
Ä%LQHIDFHULOH´QRLLDGPLQLVWUDĠLLQXDXIRVWSUHDELQHSULPLWHGHERLHULLURPkQL
FDUHDXFRQVWDWDWPDLDOHVFDUDFWHUXODEX]LYDODFHVWHLD'HDFHHDVWROQLFXO&RQVWDQWLQ
&DQWDFX]LQR VFULD WULPLVXOXL VăX OD 0RVFRYD Fă QX PDL VSHUă FXP R IăFXVH
RGLQLRDUăQLPLFGHODQHPĠL5HPDUFDvQYăĠDWXOXLHUDOHJDWăGHDGXFHUHDvQĠDUăGH
FăWUH %ăOăFHDQX D JHQHUDOXOXL +HLVOHU (O QX PDL SXQHD SUREOHPD GRDU vQ VSLULWXO
XQRU LQWHUHVH vQJXVWH GH SDUWLG FL PăUWXULVHD JULMD UHDOă JHQHUDWă GH WUDQVIRUPDUHD
ĠăULLvQWHDWUXGHUă]ERLFHHDFHQXDUILSXWXWDYHDGHFkWXUPăULQHIDVWHGLVWUXJHUL
SLHUGHUL GH YLHĠL RPHQHúWL úL SDJXEH PDWHULDOH &URQLFDUXO VH vQWUHDEă SH EXQă
GUHSWDWHFXPDUSXWHDVFăSDORFXLWRULLĠăULLGHIXULDGH]OăQĠXLWăDWUXSHORUWXUFHúWLúL
WăWDUHWULPLVHVăSHGHSVHDVFăDOLDQĠDFX+DEVEXUJLLvQFRQGLĠLLOHvQFDUHURPkQLLQX
DYHDXFHWăĠLVDXIRUWLILFDĠLLGHQLFLXQIHO,VWRULFXOURPkQGHúLvúLGRUHDFXDUGRDUHVă
vúL YDGă ĠDUD HOLEHUDWă GH GRPLQDĠLD RWRPDQă VH JkQGHD vQ SULPXO UkQG OD ELQHOH
SXEOLF'HDFHHDHUDLPSRUWDQWPRGXOvQFDUHVHSXUWDUă]ERLXOFDVă ILHDVLJXUDWă
YLFWRULD FDUH YHQHD Vă vQFRURQH]H vQWUHJXO HIRUW SROLWLF GH HOLEHUDUH 'LQ DFHDVWă
FDX]ă FRQWLQJHQWHGH URPkQLúL VORYDFL DXIRVW DOăWXULGH)UDQFLVF 5DNRF]LvQ OXSWD
vPSRWULYDWUXSHORUDXVWULHFHvQWLPSXOUă]ERLXOXLFXUXĠLORU
,PDJLQHD QHJDWLYă HVWH FRPSOHWDWă FX FHD D WLUDQLHL DXVWULHFH FDUH vúL DUH
RULJLQHDvQGXULWDWHDFXFDUHJHQHUDOXO$QWRQLR&DUDIIDVDFRPSRUWDWvQ7UDQVLOYDQLD
SUHFXP úL vQ DPLQWLULOH QHSOăFXWH OăVDWH GH LQWHUYHQĠLD JHQHUDOXOXL +HLVOHU VDX GH
SUH]HQĠD DUPDWHL JHQHUDOXOXL 9HWHUDQL vQ WLPSXO LHUQLL DQXOXL  vQ 2OWHQLD úL
7UDQVLOYDQLD'HDVHPHQHDFRPSRUWDPHQWXODXVWULHFLORUDIRVWGHVWXOGHQHSULHWHQRV
ODDGUHVDXQRUGHPQLWDULURPkQLFDUHGLQDFHVWPRWLYDPDUăWDWGHMDSHQWUXDVFăSD
GHWUXSHOHLPSHULDOHODVIkUúLWXOWUDWDWLYHORULDXFKHPDWSHWăWDUL
,QWHUYHQĠLDDUPDWHLvQğDUD5RPkQHDVFăQXDIăFXWGHFkWVăvLvQGHSăUWH]HSH
URPkQLGHLPSHULDOL$FHúWLDDXIRVWDúWHSWDĠLFDVăvQOăWXUHDPHQLQĠDUHDSHUPDQHQWă


,OHDQD&ă]DQ/XLJL)HUGLQDQGR0DUVLOLGLSORPDWPLOLWDUúLFDUWRJUDIvQVOXMEDvPSăUDWXOXL
/HRSROG,vQÄ5HYLVWDLVWRULFă´QU±S

$O'XĠXRSFLWS

&RQVWDQWLQ&DQWDFX]LQRRSFLWS



 ,OHDQD&ă]DQ 

DWUXSHORUQHUHJXODWHRWRPDQHúLUDLGXULOHWăWDULORUGDUVDXGRYHGLWDILQHSUHJăWLĠL
SHQWUXDúDFHYDúLÄDXGDWGRVXO´VSXQH5DGX3RSHVFXFDUHGHVFULHúLFXPVROGDĠLL
DXVWULHFL DX IXUDW vQ %XFXUHúWL PDL PXOWH RELHFWH GH FXOW $FHDVWă LPDJLQH
vQWXQHFDWă D DMXWRUXOXL RIHULW GH DXVWULHFL DSDUH úL vQ FURQLFD DQRQLPă GLQ YUHPHD
OXL%UkQFRYHDQX
&HOHPDLDFLGHSDVDMHDOHFURQLFDUXOXL5DGX3RSHVFXVXQWOHJDWHGHFHGDUHD
2OWHQLHLvQ+DEVEXUJLORUúLGHQHJRFLHULOHSHFDUHRSDUWHDERLHULPLLOHDGXV
SHQWUX RFXSDUHD vQWUHJLL ğăUL 5RPkQHúWL GH FăWUH DUPDWD LPSHULDOă ÄR VDPă GH
ERLDUL GLQWUX FDULL XQLL úWLLD úL GH YHQLUHD FăWDQHORU FDUH DX OXDW SH 1LFRODH YRGă
DFHLD WUHFkQG OD $UGHDO úL LQWUkQGXOH vQ FDSHWH IXPXUL úL JkQGXUL GHúDUWH ILLQG
FDSHWH 5DGXO *ROHVFXO *OLJRULH %ăOăFHDQX ùHUEDQ %XMRUHDQXO DX WUDV úL SH DOĠLL
ERLDULvQSDUWHDORU úLVDXIăFXWR FHWLúRDUă VQ úLDXvQFHSXWDVăVIăWXL VIDWXUL
YUHGQLFHGHUkV$GHFăFXPFăHLVăvQFKLQHĠDUDvPSăUDWXOXLQHPĠHVFúLVă«FHDUă
RDVWHQHPĠHDVFăVăFXSULQ]ăĠDUDúLVăRVWăSkQHDVFăFXDUPH«´
$OLDQĠDFX+DEVEXUJLLHVWHSHQWUXDXWRUXO,VWRULLORUGRPQLORUğăULL5RPkQHúWL
RWUăGDUHGLDEROLFăÄ'DUăGLDYROXOFHYDELQHOHFUHúWLQLORUúLRGLKQDORUDXvQWUDWvQ
LQLPD %DUEXOXL VHUGDULXO &RUQHD úL vQWUD %HQJHVFXOXL úL LDX vQGHPQDW GH VDX
ILFOHQLWGHFăWUHGRPQúLGHFăWUăĠDUăúLVDXXQLWFXFăWDQHOHFHHUDvQ$UGHDO«
&ăWDQHOH LDUă QX VH RGLKQLD úL WRW VXSăUD ĠDUD úL PXOWH UHDOH IăFHD SHVWH 2OW úL
GLQFRDFHGH2OW´
$WLWXGLQHD IăĠLú DQWLKDEVEXUJLFă HVWH R SHUPDQHQĠă PDL DOHV vQ SUH]HQWDUHD
IDSWHORUFHDXXUPDWDVHGLXOXL9LHQHLGLQ$FHDVWăDWLWXGLQHHVWHPDLXúRUGH
vQĠHOHVvQFRQWH[WXOXQXLvQWUHJHúDIRGDMPHQWDOvQFDUHMRDFă XQUROGHFLVLYPRGXO
vQ FDUH DXWRUXO úL JUXSDUHD VD VH UDSRUWHD]ă OD FRQWH[WXO SROLWLF DO HSRFLL $XWRUXO
LQGLFăQXPăUXOPLFDOFHORUFDUHDXUăVSXQVSODQXULORUERLHULORUDPLQWLĠL
3HQWUX5DGX3RSHVFXDWDúDPHQWXOIDĠăGHFDX]DRWRPDQăUăPkQHGHQHFOLQWLW
'DFă VXOWDQXO HUD FRQVLGHUDW ÄvPSăUDWXO QRVWUX´ HYLGHQW Fă DXVWULHFLL QX SXWHDX IL
GHFkW QLúWH GXúPDQL YLFOHQL )LHFDUH YLFWRULH D WXUFLORU HVWH VDOXWDWă FX EXFXULH
Ä«SHQWUXDFHDVWăELUXLQĠăFHDGDW'XPQH]HXvPSăUDWXOXLùLDLFLvQĠDUDQRDVWUăOD
GRPQXO QRVWUX 1LFRODH YRGă DX WULPLV XQ RP DO FDVHL PăULHL VDOH YH]LUXOXL LXELW
VQ FDVăIDFăYHVHOLH«´(VWHDWLWXGLQHDRPXOXLGHFDVăDOXQXLvQDOWGUHJăWRU
RWRPDQ SHQWUX Fă vQDOĠL GHPQLWDUL DX IRVW vQ FHOH GLQ XUPă GRPQLL IDQDULRĠL
LQFOXVLYFHLGLQIDPLOLD0DYURFRUGDWFDUHDIRVWFRPDQGLWDUDOXFUăULLvQWRFPLWHGH
5DGX3RSHVFX
,PDJLQHD$XVWULHLHVWHvQVăPDLH[DFWăDFRORXQGHHVWHSXVăvQDQWLWH]ăFXFHD
D,PSHULXOXLRWRPDQ&URQLFDULLGLQVHFROHOH;9±;9,LQVLVWăSHQHFHVLWDWHDOXSWHL
vPSRWULYD LPSHULXOXL QHFUHGLQFLRúLORU GDU UHFXQRVF VXSHULRULWDWHD IRUĠHL DFHVWXLD


$SXG$O'XĠXRSFLWS

5DGX3RSHVFXRSFLWS

,ELGHPS

,ELGHPS(VWHYRUEDGHVSUHRYLFWRULHvPSRWULYD3HUVLHLGLQDQXO
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

2SR]LĠLD SROLWLFă FDSăWă OD XPDQLúWLL URPkQL GLQ VHFROXO DO ;9,,OHD XQ FDUDFWHU
QDĠLRQDO 3H SULPXO ORF VH DIOă VSHUDQĠD UHQDúWHULL UHYHQLULL OD YLDĠă SROLWLFă  D
0ROGRYHL úL D ğăULL 5RPkQHúWL DúD FXP R YHGHDX 0LURQ &RVWLQ &RQVWDQWLQ
&DQWDFX]LQR úL 'LPLWULH &DQWHPLU 3HQWUX 0LURQ &RVWLQ QX VXSHULRULWDWHD
,PSHULXOXL RWRPDQ HVWH GH PHQĠLRQDW FL VOăELFLXQHD 0ROGRYHL &RQVWDQWLQ
&DQWDFX]LQR H[FODPă Ä&XP D SXWXW Vă GHFDGă XQ SRSRU FDUH VH WUDJH GH OD
5RPD"´ &HL WUHL FăUWXUDUL REVHUYă VOăELFLXQHD ,PSHULXOXL RWRPDQ GDU úL PRGXO
GHSORUDELOvQFDUHDFHVWDHUDFRQGXV±vQOLSVDXQHLFRH]LXQLúLDXQXLĠHOSROLWLFELQH
GHILQLW ± GH SHUVRDQH FDUH QX VH JkQGHDX GHFkW OD ELQHOH ORU $úD DSDU GHPQLWDULL
RWRPDQLvQVFULHULOHOXL0LURQ&RVWLQúLDúDvLGHVFULHúL'LPLWULH&DQWHPLUvQ,VWRULD
,PSHULXOXLRWRPDQFDúLvQ0RQDUFKLDUXPSK\VLFDH[DPLQDWLR
ÌQWRDWHVFULHULOHLVWRULFHGLQVHFROXODO;9,,OHDDPLQWLUHD5RPHLUHYLQHFDR
LGHH FăOăX]LWRDUH $FHDVWD D IRVW SXQFWXO FHQWUDO DO OXPLL FLYLOL]DWH úL URPkQLL
WUHEXLHVăUHQDVFăSRUQLQGGHODDFHDVWăPRúWHQLUH'UDJRVWHDGHSDWULHDIRVWFHD
FDUHLDDQLPDWSHDFHúWLLVWRULFLúLHLRUHJăVHVFODWRĠLFRQGXFăWRULLFDUHVDXDOLDW
FDX]HL ÄFUHúWLQH´3HQWUX0LURQ&RVWLQURPkQLLVDXDIODW PHUHX GHSDUWHDWDEHUHL
FUHúWLQHGDUDVWDVDIăFXWFXPXOWăEăJDUHGHVHDPăÄSHQWUXDQXGXFHĠDUDGHUkSă
vQORFGHDREĠLQHFHOHGRULWH´
-XGHFDUHD +DEVEXUJLORU SULQ SULVPD FRPSRUWDPHQWXOXL DUPDWHL D SHUVLVWDW
SkQă WkU]LX vQ VHFROXO DO ;9,,,OHD $ IRVW QHYRLH GH PXOWă SURSDJDQGă vQ UkQGXO
úWLXWRULORUGHFDUWHSULQFDOHQGDUHúL]LDUHSHQWUXFDVăILHFXQRVFXWHúLDVSHFWHOH
HFRQRPLFH úL FXOWXUDOH DOH ,PSHULXOXL $ELD OD vQFHSXWXO VHFROXOXL DO ;,;OHD vQ
FXOWXUDURPkQăUHSUH]HQWDQĠLLùFROLLDUGHOHQHFDUHVWXGLDVHUă OD9LHQDúLOD5RPD
DGXFvQIDĠDFLWLWRULORURDOWăLPDJLQHD9LHQHLGHFkWFHDDXQHLDUPDWHRSUHVLYHúLD
XQXLILVFvPSRYăUăWRU
/DVIkUúLWXOVHFROXOXLDO;9,,OHDvQVăvQYăĠDĠLLURPkQLVWXGLDXvQ,WDOLDúLvQ
3RORQLDúLSHQWUXHLFXOWXUDLWDOLDQăUHSUH]HQWDXQYkUIDOFXQRDúWHULL%UkQFRYHDQX
DDYXWVWUkQVHOHJăWXULFX9HQHĠLDúLDWULPLVEXUVLHULOD3DGRYDGHXQGHDúLDGXV
QXPHURDVH FăUĠL 3HQWUX DFHDVWă SHULRDGă QX HVWH GHFL GH PLUDUH Fă LPDJLQHD
$XVWULHLHVWHUHGXVăODHYHQLPHQWHOHPLOLWDUHúLODFRQIUXQWăULOHILVFDOHGDUQXDSDUH
QLPLFGHVSUHFLYLOL]DĠLDúLFXOWXUDXQXL,PSHULXFHDYHDVăILHGLQSXQFWGHYHGHUH
VSLULWXDOLQLPD(XURSHLSHQWUXPDLELQHGHXQVHFRO$FHDVWăQHFXQRDúWHUHSRDWHIL
úLHDUăVSXQ]ăWRDUHSHQWUXWHPHULOHvQFDUHVHDPHVWHFăWRWXúLVSHUDQĠHGHDMXWRUSH
FDUHURPkQLLOHDXVLPĠLWIDĠăGH+DEVEXUJL
'XSăFXPDPDUăWDWHYHQLPHQWHOHPLOLWDUHGLQWUHúLDXRFXSDWXQ
ORF FHQWUDO vQ VFULHULOH LVWRULFH URPkQHúWL GH OD VIkUúLWXO VHFROXOXL DO ;9,,OHD úL
vQFHSXWXOFHOXLGHDO;9,,,OHD$FHDVWDVHOHDJăúLGHVFKLPEDUHDHFKLOLEUXOXLGH
IRUĠHvQ(XURSDGHVXGHVWGDUúLGHSUHRFXSăULOHXPDQLúWLORUURPkQLUHIHULWRDUHOD


$O'XĠXRSFLWS

0LURQ&RVWLQ2SHUH/HWRSLVHĠXOğăULL0ROGRYHL%XFXUHúWLS±

$O'XĠXRSFLWS



 ,OHDQD&ă]DQ 

SXWHUH SDWULRWLVP LPSRUWDQĠD FXOWXULL REĠLQHUHD LQGHSHQGHQĠHL PRGHUQL]DUHD


VRFLHWăĠLL 8PDQLúWLL vQ FDX]ă DX IRVW úL RDPHQL SROLWLFL GH DFHHD LPDJLQHD
DXVWULHFLORU FD úL FHD D WXUFLORU VH OHDJă DWkW GH DVSHFWH VRFLDOH FkW úL GH FHOH
SROLWLFHúLWRWGHDFHHDFXOWXUDDXVWULDFăQXLQWUăvQVIHUDORUGHLQWHUHV/HJăWXULOH
FX FHOH GRXă LPSHULL DX IRVW MXGHFDWH HYDOXDWH úL UHHYDOXDWH vQ IXQFĠLH GH
SUHRFXSăULOH FăUWXUDULORU URPkQL GH D JăVL QRL VROXĠLL SROLWLFH úL QRL IRUPH GH
FXOWXUă FDUH Vă SXQă GH DFRUG LQWHUHVHOH GH VWDW FX QHYRLOH SURSULXOXL SRSRU
5HQDúWHUHDSROLWLFăYLVDWăDDYXWvQVăFDPRGHOLPDJLQHD(XURSHLGLQFDUHIăFHDX
SDUWHúLUHSUH]HQWăULOHGHVSUH$XVWULD

7+($17,27720$1)5217$1'7+(1(:%$/$1&(2)32:(5
,17+(%$/.$16$1'217+('$18%(/,1( ± ,12/'
520$1,$1+,6725,2*5$3+<

$EVWUDFW
7KH YLFWRULRXV DGYDQFH RI WKH +DEVEXUJ DUPLHV DIWHU  LQWR &HQWUDO
(XURSHDQGPRUHLPSRUWDQWO\WKHFRQTXHVWRI7UDQV\OYDQLDLQFKDQJHGWKH
EDODQFH RI SRZHU DQG WXUQHG $XVWULD LQWR D QHZ SRZHU IDFWRU LQ WKH %DONDQ
3HQLQVXODDQGRQWKH'DQXEHOLQH7KLVH[SDQVLRQRFFXUUHGDWDWLPHZKHQ5XVVLD
XQGHU3HWHU,ZDVDVVHUWLQJKHUVHOIILUPO\RQWKHVDPHSROLWLFDOVWDJH
7KH HYHQWV ZHUH HFKRHG LQ 5RPDQLDQ FKURQLFOHV DQG WKH PHQWDO
UHSUHVHQWDWLRQV LQVSLUHG WKH YDULRXV DWWLWXGHV WR EH DVVXPHG LQ HLJKWHHQWKFHQWXU\
5RPDQLDQKLVWRULRJUDSK\6RPHZHUHIHDUIXORWKHUVKDGJRRGIDLWKLQWKHIXWXUHDQG
RWKHUV DJDLQ QXUWXUHG IDOVH KRSHV RU PDGH ZURQJ GHFLVLRQV 7KH FXOWXUDO LPDJH
SURMHFWHGRQWKHQHZSROLWLFDOEDFNJURXQGDIWHUWKHVLHJHRI9LHQQDVKRZVWKHZD\LQ
ZKLFK WKLV LPDJH VHUYHG DQG SUHSDUHG WKH GLSORPDWLF DSSURDFKHV RI WKH IROORZLQJ
FHQWXU\,WH[SODLQVWKHPRGHUDWLRQRI/HWRSLVHĠXOFDQWDFX]LQHVFWKHFOHDUKRVWLOLW\RI
5DGX 3RSHVFX ZKRVH ZULWLQJV VHUYHG WKH LQWHUHVWV RI WKH 0DYURFRUGDW DIIHFWHG
GLUHFWO\ LQ  GXULQJ WKH FRQTXHVW RI 2OWHQLD E\ WKH $XVWULDQV DQG WKH
LQWHUPLWWHQWO\VREHUDQGDFLGWRQHRI5DGX*UHFHDQXLQKLVFRXUWFKURQLFOH
$ PRUH H[DFW LPDJH RI $XVWULD LV SDLQWHG LQ DQWLWKHVLV WR WKH 2WWRPDQ
(PSLUH+RZHYHUWKH+DEVEXUJVFRQWLQXHGWREHMXGJHGE\WKHGHHGVRIWKHLUDUP\
XQWLOODWHLQWKHHLJKWHHQWKFHQWXU\KHQFHWKHLPDJHFRXOGQRWEHSRVLWLYH,WWRRN
FRQVLGHUDEOHSURSDJDQGDHIIRUWVDPRQJWKHHGXFDWHGSHRSOHWKURXJKFDOHQGDUVDQG
MRXUQDOVLQRUGHUWRSRSXODUL]HWKHHFRQRPLFDQGFXOWXUDODVSHFWVRIWKH(PSLUH,W
LV RQO\ DW WKH EHJLQQLQJ RI WKH QLQHWHHQWK FHQWXU\ WKDW WKH 5RPDQLDQ SXEOLF ZDV


3HQWUXFRUHODĠLDGLQWUHSUHRFXSăULOHGHLVWRULHXQLYHUVDOăúLPRGHUQL]DUHDVRFLHWăĠLLURPkQHúWL
vQ YL]LXQHD XPDQLúWLORU D VH YHGHD úL $O 'XĠX 8PDQLúWLL URPkQL úL FXOWXUD HXURSHDQă %XFXUHúWL
SúLXUP
 )URQWXODQWLRWRPDQ ± vQLVWRULRJUDILDURPkQăYHFKH 

SUHVHQWHG E\WKH UHSUHVHQWDWLYHV RI ùFRDODDUGHOHDQă ZKR KDG VWXGLHG LQ 9LHQQD
DQGLQ5RPHZLWKDQLPDJHRI$XVWULDRWKHUWKDQWKDWRIDQRSSUHVVLYHDUP\DQGRI
H[DFWLQJWD[RIILFLDOV
7KHSURPLQHQFHRIWKHPLOLWDU\HYHQWVRI±LQWKH5RPDQLDQKLVWRU\
ZULWLQJVRIWKHODWHVHYHQWHHQWKDQGHDUO\HLJKWHHQWKFHQWXULHVZDVHTXDOO\GXHWR
WKHFKDQJHLQWKHEDODQFHRISRZHULQ6RXWK(DVW(XURSHDQGWRWKHLQWHUHVWRIWKH
5RPDQLDQ KXPDQLVWV LQ WRSLFV VXFK DV SRZHU SDWULRWLVP FXOWXUH LQGHSHQGHQFH
DQG PRGHUQL]DWLRQ RI VRFLHW\ 7KHVH KXPDQLVWV ZHUH DOVR SROLWLFLDQV +HQFH WKH
LPDJHRIWKH$XVWULDQVDQGRIWKH7XUNVZDVODUJHO\OLQNHGWRVRFLDODQGSROLWLFDO
DVSHFWVZKHUHDV$XVWULDQFXOWXUHUDWKHUIHOORXWRIWKHLUVFRSH7KHOLQNVWRWKHWZR
HPSLUHV ZHUH H[DPLQHG DVVHVVHG DQG UHDVVHVVHG E\ WKH 5RPDQLDQ VFKRODUV LQ DQ
DWWHPSW WR ILQG QHZ SROLWLFDO VROXWLRQV DQG IRUPV RI FXOWXUH OLDEOH WR SODFH VWDWH
LQWHUHVWVLQDJUHHPHQWZLWKWKHQHHGVRIWKH5RPDQLDQSHRSOH































 ,OHDQD&ă]DQ 





35(0,6(/(75$7$78/8,2720$12*(129(=',1

9,5*,/&,2&Ì/7$1

8Q HOHPHQW FDSLWDO vQ GRPQLD OXL 0XUDG , ±  FDUH SULYHúWH
QHPLMORFLWFKHVWLXQHD6WUkPWRULORUHVWHFRQVWLWXLWGHWUDWDWXOSHFDUHODvQFKHLDWFX
JHQRYH]LLvQDQXO9DORDUHDVDFDSLHVăGLSORPDWLFăúLFD GRFXPHQWLVWRULF±
HVWHXQXOGLQWUHFHOHPDLWLPSXULLDFWHLQFRQWHVWDELODXWHQWLFHSULYLWRDUHODUHODĠLLOH
VWDWXOXLRWRPDQFXRSXWHUHVWUăLQă±DIRVWGHPXOWăYUHPHUHFXQRVFXWăHGLWDWvQ
PDL PXOWH UkQGXUL HO ILJXUHD]ă vQ WRDWH OXFUăULOH VWXGLL VDX VLQWH]H FRQVDFUDWH
RWRPDQLORUúLVDXJHQRYH]LORUUHIHULWRDUHODSHULRDGDGLQMXUXODQXOXLDPLQWLW'DFă
DQDOL]DFRQĠLQXWXOXLVăXGHQDWXUăSUHSRQGHUHQWFRPHUFLDOăDDWLQVVHSDUHOLPLWH
QRQSOXVXOWUDvQVFKLPEVXEVWUDWXOVăXSROLWLFFDUHODJHQHUDWDDYXWGLQSXQFWGH
YHGHUHLVWRULRJUDILFRVRDUWăLQFRPSDUDELOPDLYLWUHJă'DWRULWăGDWăULLVDOHSUHFLVH
DQXPH  LXQLH  VSHFLDOLúWLL DX SODVDW QXPLWXO DFW vQWUH HYHQLPHQWH DSURSLDWH
FURQRORJLFúLVSDĠLDOOăVkQGLPSUHVLDFăHOVHDIOăúLRUJDQLFODORFXOOXLvQDFHVWH
FRQWH[WHFDXQHSLVRGQRUPDOILUHVFDOUHODĠLLORUFRPXQHLOLJXUHFXÌQDOWD3RDUWă
7RWDWkWGHOLPSHGHvQVLQHFkWúLvQUDSRUWFXFRQMXQFWXULOHH[WHUQHvQFDUHDIRVW
UHSDUWL]DW WUDWDWXO SăUHD Fă QX DUH QHYRLH GH QLFLXQ FRPHQWDULX SROLWLF SHQWUX D IL
GHSOLQvQĠHOHV1LPLFPDLJUHúLW
2SULYLUHPDLDWHQWăDUDWăSHGHRSDUWHFăDFRUGXOPHQĠLRQDWQXDUHOHJăWXUL
FDX]DOHFXIXQGDOXULOHLVWRULFHSHFDUHDIRVWSURLHFWDWLDUSHGHDOWDFăHOQXDIRVW
GHORF XQ PRPHQW RDUHFDUH GH UXWLQă vQWUR GHVIăúXUDUH OLQLDUă D UDSRUWXULORU
RWRPDQRJHQRYH]HFLXQSXQFWGHWXUQXUăGHSULPăvQVHPQăWDWHFDUHDSXVFDSăW
UXSWXULLYHFKLGHGRXăGHFHQLLGLQWUHFHOHGRXăSXWHUL
)LUXOFDX]DODOWUDWDWXOXLGLQGXFHGHIDSWGHSDUWHvQ VSHĠăODDFRUGXO
vQFKHLDWvQIHEUXDULHvQWUHHPLUXO2UKDQúLDPLUDOXOJHQRYH]3DJDQLQR'RULD±
DFW SH FDUH QHJRFLDWRULL GLQ  *HQWLOH GH *ULPDOGL úL *LDQRQH GH %RVFR QX
IăFHDX±SRWULYLWSURSULHLORUGHFODUDĠLL±GHFkWVăOUHvQQRLDVFăRGDWăFXFRQYHQĠLLOH
UHDOL]DWH FX 0XUDG IRDUWH SUREDELO OD vQFHSXWXO GRPQLHL DFHVWXLD 'HúL IăXULWă


6GH6DF\3LqFHVGLSORPDWLTXHVWLUpHVGHVDUFKLYHVGHOD5pSXEOLTXHGH*rQHVvQ1RWLFHVHW
H[WUDLWVGHVPDQXVFULWVGHOD%LEOLRWKqTXHGX5RL;,3DULVS±/7%HOJUDQR3ULPD
VHULHGLGRFXPHQWLULJXDUGDQWLODFRORQLDGL3HUDvQÄ$WWLGHOOD6RFLHWj/LJXUHGL6WRULD3DWULD´W
 S ± 1 ,RUJD 3ULYLOHJLXO OXL 0RKDPPHG DO ,,OHD SHQWUX 3HUD  LXQLH  
%XFXUHúWL  H[WUDV GLQ Ä$QDOHOH $FDGHPLHL 5RPkQH 0HP 6HFĠ ,VW´ VHULD ,, WRP ;;;9, 
S± .DWH )OHHW 7KH 7UHDW\ RI  EHWZHHQ 0XUƗG , DQG WKH *HQRHVH vQ Ä%XOOHWLQ RI WKH
6FKRRORI2ULHQWDODQG$IULFDQ6WXGLHV´S±

9H]LPDLMRVQRWD

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 9LUJLO&LRFvOWDQ 

vQWURvPSUHMXUDUHH[FHSĠLRQDOăDQXPHvQWRLXO5ă]ERLXOXL%RVIRUXOXLFkQGvQIHEUXDULH
IORWDJHQRYH]ăHUDGLVSHUVDWăúLVWUkPWRUDWăGHJDOHUHOH9HQHĠLHLDOH%L]DQĠXOXLúL
DOH $UDJRQXOXL DOLDQĠD GLQWUH SXWHUHD HPLQDPHQWH FRQWLQHQWDOă D WXUFLORU úL FHD
PDULWLPăDUHSXEOLFLLLWDOLHQHQXDDYXWGRDUXQFDUDFWHUOLPLWDWFRQMXQFWXUDOFLSULQ
DVDPEODUHD LQWHUHVHORU FRPSOHPHQWDUH DOH FHORU GRL SDUWHQHUL VD FUHDW R ED]ă
WUDLQLFă SHQWUX R FRRSHUDUH PXOWLODWHUDOă GH GXUDWă 3HQWUX D VDWLVIDFH SULRULWDWHD
DEVROXWă D HPLUDWXOXL RWRPDQ H[SDQVLXQHD vQ (XURSD 2UKDQ FD úL XUPDúLL VăL
WUHEXLDX Vă DVLJXUH VXSXúLORU 3RUĠLL R OHJăWXUă QHvQWUHUXSWă vQWUH FHOH GRXă
FRQWLQHQWH$FHDVWăFRQGLĠLHVLQHTXDQRQSHQWUXH[LVWHQĠDLPSHULXOXLELFRQWLQHQWDO
QXSXWHDILVDWLVIăFXWăSHWLPSGHUă]ERLGRDUFXIRUĠHSURSULLQLFLGXSăFHRWRPDQLL
DXOXDWvQVWăSkQLUHFDSXOGHSRGGHOD*DOOLSROLvQGHRDUHFHIORWLOHOHWXUFHúWL
FXWRDWHFăDXIRVWPHUHXVSRULWHSULQVWUăGDQLLOHVXOWDQLORUQXVDXSXWXWPăVXUDFX
FHOHRFFLGHQWDOHQLFLRGDWăvQVXWDGHDQLFDUHDSUHFHGDWFăGHUHD&RQVWDQWLQRSROXOXL
2U DGHYăUDĠLL VWăSkQL DL 6WUkPWRULORU HUDX GLQ  JHQRYH]LL FDUH GLVSXQHDX OD
3HUD OkQJă %RVIRU GH R ED]ă VWUDWHJLFă úL FRPHUFLDOă SURSULH LQH[SXJQDELOă XQGH
HUDDGăSRVWLWăIORWDFDSDELOăVăFRQWUROH]HDWkWOHJăWXUD0ăULL1HJUHSULQ0DUPDUD
FX0HGLWHUDQDFkWúLWUHFHUHDGHSHĠăUPXOPLFUDVLDWLFSHFHOHXURSHDQúLLQYHUV2
DOLDQĠăVLJXUăFXJHQRYH]LLUH]ROYDDFHDVWăSUREOHPăLQGLIHUHQWGDFăHUDSDFHVDX
Uă]ERL 'LQ SHUVSHFWLYD VWDWXOXL RWRPDQ JHQRYH]LL DYHDX vQFă R vQVXúLUH XQLFă
FRPSOHWDLQGLIHUHQĠăIDĠăGHH[SDQVLXQHD&DVHLOXL2VPDQvQ3HQLQVXOD%DOFDQLFă
XQGHvQVFKLPEFROL]LXQHDSXWHULLWXUFHúWLvQH[SDQVLXQHFXLQWHUHVHOH%L]DQĠXOXLúL
DOH9HQHĠLHLHUDLQHYLWDELOă
$FHDVWăIDWDOăFRQMXJDUHRWRPDQRJHQRYH]ăvQSODQVWUDWHJLFDIRVWGHODEXQ
vQFHSXWGXEODWăGHXQDHFRQRPLFă'HYHQLĠLSURWHFWRULúLEHQHILFLDULDLPDULORUUXWH
DOHFRPHUĠXOXLFDUHOHJDXGH%UXVDSLHĠHOHGLQ2ULHQWXO0LMORFLXúL$SURSLDWúLSH
FHOH GLQ ,UDQ úL GLQ $VLD &HQWUDOă VXYHUDQLL RWRPDQL DX IRVW YLWDO LQWHUHVDĠL Vă
DVLJXUH FRQWLQXLWDWHD SH DSă D DFHVWRU GUXPXUL %UXVD úL 3HUD VDX vQJHPăQDW
IXQFĠLRQDO JHQRYH]LL GHYHQLQG OD PLMORFXO VHFROXOXL ;,9 SULQFLSDOLL DJHQĠL
FRPHUFLDOL DL VWDWXOXL RWRPDQ vQ 0DUHD 1HDJUă úL vQ 0HGLWHUDQă (VWH GH OD VLQH
vQĠHOHVFăGDWHILLQGDYDQWDMHOHVWUDWHJLFHúLHFRQRPLFHLPHQVHJHQRYH]LLDXIRVWOD
IHOGHLQWHUHVDĠLFDúLSDUWHQHULLORUWXUFLvQSHUSHWXDUHDDOLDQĠHL'HODDFHVWFDGUX
JHRSROLWLFRELHFWLYFRQVWUkQJăWRUFDUHvLFRQGDPQDSHRWRPDQLúLSHJHQRYH]LVă
FRQOXFUH]HQXSăUHDXSRVLELOHGHURJăULúLGHFLQXHUDXGHDúWHSWDWSHUWXUEăULDOH
DFHVWHLUHODĠLLFDUHVHLPSXVHVHFDUHDOLWDWHDGRPLQDQWăOD6WUkPWRUL
ÌQWUDGHYăUDOLDQĠDDUăPDVvQYLJRDUHQXQXPDLSkQăvQXOWLPLLDQLDLYLHĠLL
OXL 2UKDQ P   FL úL OD vQFHSXWXO GRPQLHL OXL 0XUDG , GXSă FXP DWHVWă
PHQĠLRQDUHDvQDFWXOGLQDFRQYHQĠLLORUvQFKHLDWHFXDFHVWDGLQXUPă6HPQDO


9 &LRFvOWDQ %D]HOH DOLDQĠHL RWRPDQRJHQRYH]H GLQ  vQ YRO 0DUHD 1HDJUă 3XWHUL
PDULWLPH±SXWHULWHUHVWUH VHF;,,,±;9,,, HG2&ULVWHD%XFXUHúWLSúLXUP

,ELGHPS±

ÌQWUDWDWXOGLQDXIRVWFRQILUPDWHRPQLDSDFWDFRQYHQFLRQHVHWSURPLVVLRQHVIDFWDVHW
IDFWDWDPLQWHULSVXPPDJQLILFXPGRPLQXP0RUDWLEHLTXDPLQWHUUHFROOHQGDPPHPRULDPPDJQLILFL
GRPLQLGRPLQL2UFKDQLSDWULVVXL .)OHHW7UHDW\S 


 3UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ 

vQFUHGHULL úL DO IDYRUXULORU VXOWDQDOH *LRYDQQL 'HPHURGH EXUJHQVH 3H\UH D IRVW
DJHQW FRPHUFLDO DO OXL 0XUDG IXQFĠLH vQGHSOLQLWă PDL vQDLQWH SH OkQJă 2UKDQ GH
IUDWHOHVăX)LOLSSRSHQWUXFDUHJXYHUQXO*HQRYHLvúLGăGXVHvQFXYLLQĠDUHDIRUPDOă
vQ  'RL DQL PDL WkU]LX 6OHLPDQ ILXO OXL 2UKDQ FRPDQGDQWXO IRUĠHORU
RWRPDQHVWDĠLRQDWHvQ5XPHOLDLQFOXVLYDOFHWăĠLLSRUWXDUH*DOOLSROLGăGHDDVLJXUăUL
FăvQYLUWXWHDWUDWDWXOXLFXQHJXVWRULLOLJXULHVFDGUHOHVDOHQXYRUWXOEXUDvQQLFLXQ
FKLS QDYLJDĠLD YDVHORU JHQRYH]H SULQ 6WUkPWRUL $FHVWH PDQLIHVWăUL UHFLSURFH GH
SULHWHQLH ± FDUH OăVDX LPSUHVLD Fă WUDWDWXO GLQWUH ÌQDOWD 3RDUWă úL UHSXEOLFD OLJXUă
vQFKHLDWvQHUDGHQH]GUXQFLQDW±VDXGRYHGLWvQVăFXUkQGvQúHOăWRDUH
&HHD FH D DQWUHQDW GLVROXĠLD DOLDQĠHL RWRPDQRJHQRYH]H D IRVW FUXFLDGD
DQWLRWRPDQăODQVDWăGHSDSD8UEDQ9FDUHDPRGLILFDWFRQVLGHUDELOSHDULLYDVWH
GLQ 3HQLQVXOD %DOFDQLFă GLQ 0DUHD (JHH GLQ $GULDWLFă úL ILUHúWH OD 6WUkPWRUL
UDSRUWXULOHGHIRUĠHLQWHUVWDWDOH'HúLFKHPăULLODOXSWăvPSRWULYDPXVXOPDQLORUFDUH
QăYăOLVHUă vQ (XURSD LDX UăVSXQV GRDU UHJHOH 8QJDULHL /XGRYLF GH $QMRX úL
FRQWHOH $PHGHX 9, GH 6DYRLD HIHFWHOH vQWUHSULQGHULL ORU DX IRVW GLQWUH FHOH PDL
vQVHPQDWH DWkW vQ SODQXO FRQFUHW DO RSHUDĠLXQLORU PLOLWDUH FkW úL OD QLYHO SROLWLF
VXSHULRU3UHFRQL]DWDDFĠLXQHFRPELQDWăWHUHVWUăúLQDYDOăvQFDUHRDVWHDFRQGXVă
GHVXYHUDQXOXQJDUXUPDVăWUDYHUVH]H3HQLQVXOD%DOFDQLFăSHQWUXDIDFHMRQFĠLXQHD
vQ ]RQD 6WUkPWRULORU FX IORWD FUXFLDWă FD DSRL FX IRUĠH UHXQLWH Vă OLFKLGH]H
FRORQLLOH LQYDGDWRULORU WXUFL GLQ 7UDFLD QX D vQIăSWXLW RELHFWLYXO SULQFLSDO GDU D
vQUHJLVWUDWFkWHYDUHXúLWHLQFRQWHVWDELOH ÌQWLPS FH/XGRYLFGH$QMRXDRFXSDWvQ
SHQWUXVFXUWăYUHPH9LGLQXOSXQFWXOFHOPDLDYDQVDWDOH[SDQVLXQLLXQJXUHúWL
vQ %DOFDQL $PHGHX GH 6DYRLD D VPXOV RWRPDQLORU vQ SDUWHD RSXVă D SHQLQVXOHL
*DOOLSROL SH FDUH OD UHVWLWXLW EL]DQWLQLORU LDU SH ĠăUPXO YHVWLF DO 0ăULL 1HJUH D
FXFHULWFkWHYDSRUWXULEXOJăUHúWL

,ELGHP/7%HOJUDQR3ULPDVHULHS±0%DODUG/D5RPDQLHJpQRLVH ;,,H±GpEXW

H
GX;9 VLqFOH ,5RPHS

,UqQH%HOGLFHDQX6WHLQKHUU5HFKHUFKHVVXUOHVDFWHVGHVUqJQHVGHVVXOWDQV2VPDQ2UNKDQ
HW0XUDG,0QFKHQS0%DODUG5RPDQLH,S

070DQVRXUL5HFKHUFKHVVXUOHVUHODWLRQVHQWUH%\]DQFHHWO¶(J\SWH ± G¶DSUqV
OHVVRXUFHVDUDEHV7RXORXVHS

-HKDQ 6HUYLRQ *HVWH] HW &KURQLTXHV GH OD 0D\VRQ GH 6DYR\H , 7XULQ  S ±
±1,RUJD/DWLQVHW*UHFVG¶2ULHQWHWO¶pWDEOLVVHPHQWGHV7XUFVHQ(XURSH ± vQLGHP
eWXGHV E\]DQWLQHV ,, %XFDUHVW  S  1 ,RUJD *HVFKLFKWH GHV RVPDQLVFKHQ 5HLFKHV QDFK GHQ
4XHOOHQGDUJHVWHOOWYRO,%LV*RWKDS±,%HOGLFHDQX6WHLQKHUU5HFKHUFKHV
S±0%DODUG5RPDQLH,SúLXUP+,QDOFÕN*HOLEROXvQ(QF\FORSDHGLDRI,VODP,,
S+,QDOFLN7KH4XHVWLRQRIWKH&ORVLQJRIWKH%ODFN6HDXQGHUWKH2WWRPDQVvQÄ$UFKHLRQ3RQWRX´
WS±)7KLULHW9HQLVHHWO¶RFFXSDWLRQGH7pQpGRVDX;,9HVLqFOHvQÄ0pODQJHVGHO¶eFROH
)UDQoDLVHGH5RPH´Sù3DSDFRVWHD*rQHV9HQLVHHWODFURLVDGHGH9DUQDvQLGHP/D
PHU1RLUHFDUUHIRXUGHVJUDQGHVURXWHVLQWHUFRQWLQHQWDOHV±%XFXUHúWL SXEOLFDWLQLĠLDOvQ
Ä%DOFDQLFD 3RVQDQLHQVLD´ W   S ±  S± LGHP 'HVăYkUúLUHD HPDQFLSăULL SROLWLFH D
ğăULL5RPkQHúWLúLD0ROGRYHL ± vQLGHP(YXOPHGLXURPkQHVF5HDOLWăĠLSROLWLFHúLFXUHQWH
VSLULWXDOH %XFXUHúWL  S  SHQWUX SURLHFWH GH EORFDUH D 6WUkPWRULORU DQWHULRDUH DQXOXL  Y



 9LUJLO&LRFvOWDQ 

3LHUGHUHDXQLFXOXLFDSGHSRGvQ(XURSDDFRQVWLWXLWRORYLWXUăH[WUHPGHGXUă
SHQWUXELFRQWLQHQWDOXOVWDWDOWXUFLORURVPDQOkL6HSDUHFăvQGHFHQLXO±
YUHPHvQFDUH*DOOLSROLDDSDUĠLQXWGLQQRXEL]DQWLQLORU0XUDG,DSLHUGXWFRPSOHW
FRQWUROXOvQ7UDFLDúLFăWXUFLLGLQDFHDVWăUHJLXQHúLDXGXVH[LVWHQĠDúLDXDFĠLRQDW
VXE FRQGXFHUHD XQRU EHL ORFDOL SUHFXP (YUHQRV GHSOLQ LQGHSHQGHQĠL IDĠă GH
VXOWDQXOL]RODWvQ$QDWROLD3UH]HQĠDvQVăúLDWXUFLORUvQ(XURSDVDDIODWvQDFHVW
LQWHUYDOGHWLPSJUDYSULPHMGXLWă
&RQFRPLWHQWFXDFHDVWăSDJXEăGHRUGLQPLOLWDUVWUDWHJLFWXUFLLDXSLHUGXWúL
VSULMLQXOúLHOGHvQVHPQăWDWHFDSLWDOăSHQWUXDVLJXUDUHDWUHFHULLSHVWH6WUkPWRULvQ
FD]GHFRQIOLFWDUPDWDOJHQRYH]LORU&HHDFHDGHWHUPLQDW&RPXQDOLJXUăVăULúWH
DOLDQĠDFX&DVDOXL2VPDQDWkWGHSURILWDELOăvQWLPSGHUă]ERLGDUúLGHSDFHQXD
IRVW XQ VLPSOX FDSULFLX SROLWLF FL XQ FDOFXO ELQH FXPSăQLW PHQLW VăL VSRUHDVFă
SXWHUHDvQOXPH
&XWRDWHFăSULQSDFHDGLQFDUHDvQFKHLDW5ă]ERLXO%RVIRUXOXL*HQRYDD
vQUHJLVWUDWFkWHYDDYDQWDMHvQWUHDOWHOHLQWHUGLFWXOLPSXV9HQHĠLHLGHDIUHFYHQWDWLPS
GHFLQFLDQL7DQDUH]XOWDWXOGHDQVDPEOXDOvQIUXQWăULLFXYHúQLFDHLULYDOăvQFHSXWH
vQDFRQVWLWXLWRPDUHGH]DPăJLUHUHSXEOLFDvúLvQFRUGDVHIRUĠHOHúLvúLVHFăWXLVH
UHVXUVHOH SHQWUX FD IORWD FRQGXVă GH 3DJDQLQR 'RULD Vă OLFKLGH]H SULQWUR
9HUQLFKWXQJVVFKODFKWPLMORDFHOHQDYDOHDOH6HUHQLVVLPHLúLVăRHOLPLQHGHILQLWLYGLQ
FRPSHWLĠLH DúD FXP SURFHGDVH FX 3LVD GHJUDGDWă SHQWUX WRWGHDXQD OD FRQGLĠLD GH
SXWHUHORFDOăvQXUPDvQIUkQJHULLVXIHULWHOD0HORULDvQ2UODvQFKHLHUHDFHOXL
GH$O'RLOHD5ă]ERLDO6WUkPWRULORUFDSDFLWDWHDQDYDOăD9HQHĠLHLHUDLQWDFWă
)UXVWUDWăvQIRQGGXSăvQFKHLHUHDSăFLL vQ*HQRYDSkQGHDDúDGDUR
RFD]LH SHQWUX D WUDQúD ULYDOLWDWHD LVWRULFă FX 9HQHĠLD vQ IRORVXO HL &RQMXQFWXUD
IDYRUDELOă FDUH RIHUHD vQ VIkUúLW FRPXQHL OLJXUH PDUHD úDQVă GH DúL vQIăSWXL
Qă]XLQĠăVXSUHPăVDLYLWRGDWăFXGHFODQúDUHDRSHUDĠLXQLORUPLOLWDUHvQ(VWH
QHvQGRLHOQLFFă*HQRYDDGHFLVVăVHDQJUHQH]HvQFUXFLDGăFXĠHOXOXQLFGHDELUXL

2 +DOHFNL 8Q HPSHUHXU GH %\]DQFH j 5RPH 9LQJW DQV GH WUDYDLO SRXU O¶XQLRQ GHV pJOLVHV HW SRXU OD
GpIHQVHGHO¶(PSLUHG¶2ULHQW±:DUV]DZDS±

ÌQDFHVWVHQV,%HOGLFHDQX6WHLQKHUU5HFKHUFKHVS

+,QDOFÕN4XHVWLRQS±

ù3DSDFRVWHD'HODJXHUUHGH%RVSKRUHjODJXHUUHGH7pQpGRV5LYDOLWpVFRPPHUFLDOHVHW
DOLJQHPHQWVSROLWLTXHVGDQVOH6XG(VWGHO¶(XURSHGDQVODVHFRQGHPRLWLpGX;,9HVLqFOHvQLGHP/D
PHU 1RLUH FDUUHIRXU GHV JUDQGHV URXWHV LQWHUFRQWLQHQWDOHV ± SXEOLFDW LQLĠLDO vQ
YRO&RORQLVHUDX0R\HQÆJHHG0LFKHO%DODUG$ODLQ'XFHOOLHU3DULVS± S

'HFHSĠLDJHQRYH]LORUGLQPHWURSROăODUHYHQLUHDIORWHLDIRVWFRQVHPQDWăGH*LRUJLR6WHOODúL
GH 0DWWHR 9LOODQL YH]L 0 %DODUG ¬ SURSRV GH OD EDWDLOOH GX %RVSKRUH /¶H[SpGLWLRQ JpQRLVH GH
3DJDQLQR'RULDj&RQVWDQWLQRSOH ± vQÄ7UDYDX[HWPpPRLUHV´YROS

&RQVWDWDUHDOXL0DULQR6DQXGRUHIHULWRDUHODSDFHDYHQHWRJHQRYH]ăvQFKHLDWăOD0LODQRvQ
 HUD YDODELOă úL DFXP FHOH GRXă WDODVRFUDĠLL ULYDOH GHSRVLWLV DUPLV RGLD QXPTXDP GHSRVXHUH
0 6DQXGR 9LWH GH¶GXFKL GL 9HQH]LD vQ / 0XUDWRUL 5HUXP ,WDOLFDUXP 6FULSWRUHV ;;,, 0LODQR
 FRO YH]L ù 3DSDFRVWHD *rQHV 9HQLVH HW OD FURLVDGH GH 9DUQD vQ LGHP /D PHU 1RLUH
FDUUHIRXUGHVJUDQGHVURXWHVLQWHUFRQWLQHQWDOHV±S± 


 3UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ 

9HQHĠLD QLFLGHFXP SH DOLDĠLL VăL RWRPDQL $VHPHQHD SUHIHULQĠH QX SXWHDX IL
VDWLVIăFXWHvQVăvQLQWHULRUXOXQHLvQWUHSULQGHULFDUHIXVHVHSURLHFWDWăFXVFRSXOXQLF
SURFODPDW FD DWDUH GH DL FRPEDWH SH WXUFL 1HSXWkQGXVH GHURED GH OD VDUFLQLOH
FDUHvLUHYHQHDXJXYHUQXOJHQRYH]DvQFHUFDWVăVDOYH]HPăFDUDSDUHQĠHOHJDOHUHOH
VDOH FDUH DX IăFXW MRQFĠLXQHD FX FRUSXO H[SHGLĠLRQDU SRUQLW GLQ 9HQHĠLD VXE
FRPDQGD OXL $PHGHX GH 6DYRLD vQ GUHSWXO 0RGRQXOXL úL DX SDUWLFLSDW OD DVDOWXO
YLFWRULRVDVXSUDFHWăĠLL*DOOLSROLvQDXJXVWIXVHVHUăGHIDSWvQFKLULDWH&RQWHOXL
9HUGHQLFLGHFXPDUPDWHRILFLDOGHFRPXQă6WUDWDJHPDQXDDYXWHIHFWXOVFRQWDW
HD QX D LQGXV vQ HURDUH YLJLOHQĠD DXWRULWăĠLORU RWRPDQH GXSă FXP DYHDX Vă DUDWH
HYHQLPHQWHOHXOWHULRDUHJHQRYH]LLDXIRVWFRQVLGHUDĠLVSHUMXULúLWUDWDĠLFDWUăGăWRUL
1XHVWHH[FOXVFDIDFWRULLGHGHFL]LHSROLWLFăDLUHSXEOLFLLVăILDYXWvQYHGHUH
DFHDVWă HYHQWXDOLWDWH úL Vă IL DFFHSWDW GHOLEHUDW VDFULILFDUHD UHODĠLHL SULYLOHJLDWH FX
0XUDG vQWUXFkW DOLDQĠD FX /XGRYLF GH$QMRX SăUHDLQFRPSDUDELO PDL DWUDFWLYă FD
PLMORF GH DQLKLODUH D 9HQHĠLHL 6FKLPEDUHD SDUWHQHUXOXL FRQWLQHQWDO vQ  QX
SRDWHILvQĠHOHDVăGHFkWGLQSHUVSHFWLYDDFHVWHLSULRULWăĠLDEVROXWHDUHSXEOLFLLOLJXUH
)ăUă D LQWUD vQ DPăQXQWHOH FRRSHUăULL XQJDURJHQRYH]H vPSRWULYD 9HQHĠLHL HVWH
GHUHPDUFDWFăUHRULHQWDUHDSROLWLFLLH[WHUQHDUHSXEOLFLLOLJXUHvQDQXODPLQWLWDIRVW
RRSĠLXQHIHUPăFDUHDUăPDVDFWLYăDWkWDYUHPHFkWDOLDWXOGLQ3DQQRQLDDIRVWVDX
DSăUXWFDSDELOVăLVXVĠLQăLQWHUHVHOHDQWLYHQHĠLHQHDGLFăSkQăvQDQXOPRUĠLL
OXL/XGRYLFGH$QMRXGXSăFDUHDXUPDWFRODSVXOSXWHULLXQJXUHúWLúLGHVSULQGHUHD
*HQRYHLGLQFRPELQDĠLDFXXQSDUWHQHUGHYHQLWQHSXWLQFLRV
6FKLPEDUHDSDUWHQHULORURSHUDWăGHJHQRYH]LGHYRLHúLGHQHYRLHDIRVWGRDU
R FRPSRQHQWă vQ UHFRQILJXUDUHD GH DQVDPEOX D UDSRUWXULORU GH IRUĠH vQ 6XGHVWXO
(XURSHL úL vQ PăULOH vQFRQMXUăWRDUH FD XUPDUH D FUXFLDGHL GLQ  1RXD
FRQMXQFWXUăDIRVWPDUFDWăGHGRXăSURFHVHvQEXQăPăVXUăFRUHODWHvQWLPSFHvQ
0DUHD 1HDJUă GDU PDL DOHV vQ $GULDWLFă XQJXULL úL JHQRYH]L úLDX FRQMXJDW
HIRUWXULOH SHQWUX DL GLVORFD SH YHQHĠLHQL GLQ IXQFĠLD GH LQWHUPHGLDUL vQ FRPHUĠXO
OHYDQWLQDO8QJDULHLúLDOĠăULORUGHOLPEăJHUPDQăOD6WUkPWRULÌQDOWD3RDUWăVD
Yă]XW QHYRLWă VăL VXEVWLWXLH SH GHIHFWRULL OLJXUL FX VXSXúLL 6HUHQLVVLPHL FD
LQGLVSHQVDELOLSDUWHQHULPDULWLPL
6DSUHVXSXVSUREDELOSHEXQăGUHSWDWHFăLQLĠLDWLYDQHJRFLHULORUDDSDUĠLQXW
OXL 0XUDG , FDUH D vQFHUFDW VăL GHWDúH]H SH YHQHĠLHQL LQLĠLDWRUL DL XQHL OLJL


&URQLFDUXO H[SHGLĠLHL D UHĠLQXW IDSWXO Fă D &RURQ LOV WURXDUHQW ODUPHH TXL YHQRLW GH *HQHV
-6HUYLRQ*HVWH]S 

) 7KLULHW 5pJHVWHV GHV GpOLEpUDWLRQV GX 6pQDWGH 9HQLVHFRQFHUQDQW OD 5RPDQLH , 3DULV
SQU0%DODUG5RPDQLH,SÄ/RUVTX¶HQDR€W$PpGpH9,UHSUHQG
*DOOLSROL DX[ 7XUFV VRQ H[SpGLWLRQ FRPSUHQG TXHOTXHV JDOqUHV JpQRLVHV QROLVpHV SDU OH FRPWH GH
6DYRLHPDLVHQDXFXQFDVDUPpHVRIILFLHOOHPHQWSDUOD&RPXQH´

9H]LSHODUJù3DSDFRVWHD*XHUUHSDVVLP

,ELGHPS±

,ELGHPSDVVLP



 9LUJLO&LRFvOWDQ 

DQWLRWRPDQH vQ  GLQ WDEăUD FUXFLDĠLORU SULQ RIHUWH WHQWDQWH SULYLOHJLLOH
FRPHUFLDOH DFRUGDWH GH VXOWDQ FDUH DVLJXUDX H[SRUWXO FHUHDOHORU úL DODXQXOXL GLQ
WHULWRULLOH RWRPDQH vQ FRQGLĠLL DYDQWDMRDVH DX YHQLW vQWUDGHYăU vQ vQWkPSLQDUHD
LQWHUHVHORU RDPHQLORU GH DIDFHUL DL UHSXEOLFLL &kWHYD VHPQH LQFRQIXQGDELOH
GRYHGHVFFă9HQHĠLDHUDSUHJăWLWăvQVăGHDFXUVDYDQVXULORUVXYHUDQXOXLWXUF
$VWIHOGRJHOHDUăVSXQVFkWVHSRDWHGHUH]HUYDWODLQYLWDĠLDUHJHOXL8QJDULHLGHDL
VHDOăWXUDvQOXSWDvPSRWULYDRWRPDQLORULDUFkQGLVDFHUXWVăDVLJXUHSD]DFHWăĠLL
*DOOLSROL GXSă SOăQXLWD DOXQJDUH D JDUQL]RDQHL WXUFHúWL D UHIX]DW FDWHJRULF
$FHHDúLDWLWXGLQHGLVWDQWăIDĠăGHLQLĠLDWLYHOHDQWLRWRPDQHDOHOXL/XGRYLFGH$QMRX
VHUHJăVHúWHúLvQUHIX]XOGHDSDUWLFLSDODFRQJUHVXOODWLQLORUGLQ2ULHQWRUJDQL]DW
vQVXESDWURQDMXODFHOXLDúLPRQDUK
1X vQFDSH vQGRLDOă Fă D H[LVWDW vQFHSkQG FX DQXO  XQ LQWHUHV FRPXQ
SHQWUX UHDOL]DUHD XQXL QRX FXSOX GH IRUĠH OD 6WUkPWRUL RWRPDQRYHQHĠLDQ FD
VXEVWLWXWDODOLDQĠHLRWRPDQRJHQRYH]HFDUHWRFPDLVHGL]ROYDVH3HQWUXDvQIăSWXL
DFHVW GH]LGHUDW 9HQHĠLD DYHD vQVă DEVROXWă QHYRLH GH R ED]ă SURSULH DSWă Vă
QHXWUDOL]H]H úL Vă vQORFXLDVFă VWUDWHJLF úL FRPHUFLDO 3HUD JHQRYH]ă 3UHGHVWLQDW
JHRJUDILFVăvQGHSOLQHDVFăDFHDVWăIXQFĠLHDIRVW6NXWDUL hVNGDU SRUWXOQDWXUDOOD
%RVIRU DO %UXVHL FDSLWDOD SROLWLFă úL HFRQRPLFă D VWDWXOXL RWRPDQ 0XUDG D
WUDQVPLVVHQDWXOXLGRULQĠDGHDLYHGHDSHYHQHĠLHQLLQVWDODĠLDLFLFDVăGH]YROWHXQ
DQWUHSR]LW vQ VWDUH Vă FRQFXUH]H 3HUD ÌQ LQVWUXFĠLXQLOH GDWH vQ DSULOLH 
DPEDVDGRUXOXLYHQHĠLDQ*LDFRPR%UDJDGLQRJXYHUQXOYHQHĠLDQDUăVSXQVIDYRUDELO
LQYLWDĠLHL GDU D FHUXW VFXWLUH GH YDPă úL GUHSWXO GH D IRUWLILFD FRPSWRDUXO
3UHWHQĠLHH[RUELWDQWăvQQLFLXQFKLSQLFLXQVXYHUDQPXVXOPDQQXSXWHDDFFHSWDR
FHVLXQHWHULWRULDOăGLQ&DVD,VODPXOXL±SULQFLSLXFRQVWLWXĠLRQDOSHFDUHQLFL0XUDG,QX


'LQFDUHXUPDVăIDFăSDUWH*HQRYDúL%L]DQĠXO )7KLULHW8QDSURSRVWDGLOHJDDQWLWXUFD
WUD9HQH]LD*HQRYDH%LVDQ]LRQHO)LUHQ]H H[WUDVGLQÄ$UFKLYLR6WRULFR,WDOLDQR´W
SDVVLP 

* %UăWLDQX /HV 9pQLWLHQV GDQV OD PHU 1RLUH DX ;,9H VLqFOH /D SROLWLTXH GX VpQDW HQ
±HWODQRWLRQGHODWLQLWp%XFDUHVWS±

,ELGHPS

,ELGHP

5X\*RQ]DOHVGH&ODYLMR(PEDVV\WR7DPHUODQH±HG*X\/H6WUDQJH/RQGRQ
S+DQV6FKLOWEHUJHUV5HLVHEXFK1DFKGHU1UQEHUJHU+DQGVFKULIW HG9/DQJPDQWHO
7ELQJHQS+,QDOFÕN'4XDWDHUW HG $QHFRQRPLFDQGVRFLDOKLVWRU\RIWKH2WWRPDQ
(PSLUHYRO,±&DPEULGJH0DVVDFKXVVHWVS+,QDOFÕN%XUVDDQGWKH
&RPPHUFH RI WKH /HYDQW vQ LGHP 7KH 2WWRPDQ (PSLUH &RQTXHVW 2UJDQLVDWLRQ DQG (FRQRP\
/RQGRQS±1,RUJD*HVFKLFKWH,S

)7KLULHW5pJHVWHV,SQU)7KLULHW/D5RPDQLHYpQLWLHQQHDX0R\HQÆJH/H
GpYHORSSHPHQWHWO¶H[SORLWDWLRQGXGRPDLQHFRORQLDOYpQLWLHQ ;,,H;9HVLqFOHV 3DULVS
2 +DOHFNL (PSHUHXU S  * %UăWLDQX 9pQLWLHQV S ± $ )DEULV )URP $GULDQRSOH WR
&RQVWDQWLQRSOH 9HQHWLDQ2WWRPDQ 'LSORPDWLF 0LVVLRQV ± vQ Ä0HGLWHUUDQHDQ +LVWRULFDO
5HYLHZ´WS


 3UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ 

ODvQFăOFDWÌQFRQVHFLQĠăSHĠăUPXODVLDWLFQXDOXDWILLQĠăXQ6NXWDUL YHQHĠLDQ
FDSDELOVăvQIUXQWHHFRQRPLFúLPLOLWDU3HUDJHQRYH]ăGHSHVWH%RVIRU$FHVWSUDJ
RELHFWLY SHVWH FDUH QHJRFLDWRULL QX DX SXWXW WUHFH vQ  FXP QX DYHDX Vă
UHXúHDVFă QLFL PDL WkU]LX D OLPLWDW GUDVWLF SRVLELOLWDWHD FRQVROLGăULL DOLDQĠHL
RWRPDQRYHQHĠLHQH úL D vPSLHGLFDWR Vă DLEă YUHRGDWă FRQVLVWHQĠD PRGHOXOXL
RWRPDQRJHQRYH]SHFDUHvOvQORFXLVH
&RQGDPQDWă DúDGDU OD R DQXPLWă VXSHUILFLDOLWDWH UHODĠLD ÌQDOWHL 3RUĠL FX
9HQHĠLDDVXSUDYLHĠXLWWRWXúLYLFLVLWXGLQLORUvQXUPăWRDUHOHGRXăGHFHQLLYUHPHvQ
FDUHúLDPDQLIHVWDWvQFkWHYDUkQGXULYDOHQĠHOHDQWLJHQRYH]H
8QDQvQVHPQDWvQLVWRULDDJLWDWăD6WUkPWRULORUFDUHDDQWUHQDWUHJUXSăULUDSLGH
GH IRUĠH úL GHVIăúXUăUL WXPXOWRDVH GH HYHQLPHQWH D IRVW  (FKLOLEUXO SUHFDU
LQVWDODWGXSăvQUHJLXQHDIRVWUXSW±vQFăRGDWă±GHOXSWHOHGLQVkQXOIDPLOLHL
LPSHULDOHD%L]DQĠXOXL FDUH DX DWUDVFDGHRELFHLLQWHUYHQĠLL H[WHUQH ([FOXVGHOD
VXFFHVLXQHDODWURQvQ$QGURQLF,9VFăSDWGLQWHPQLĠăVDUHIXJLDWOD3HUDGH
XQGH OD FRQWDFWDW SH 0XUDG FDUH OD vQ]HVWUDW FX WUXSH 'XSă XQ DVHGLX GH FkWHYD
VăSWăPkQL HO D LQWUDW vQ &RQVWDQWLQRSRO vQ DXJXVW  LDU vQ RFWRPEULH D IRVW
vQFRURQDWvPSăUDWúLúLDvQFDUFHUDWWDWăOSH,RDQ9úLSHIUDWHOH0DQXHO
1RXO EDVLOHX VD DFKLWDW SURPSW GH GDWRULLOH FRQWUDFWDWH IDĠă GH VXVĠLQăWRULL
VăLRWRPDQLORUOHDUHWURFHGDW*DOOLSROLGXSă]HFHDQLGHFkQGFRQWHOH$PHGHXGH
6DYRLDUHDGXVHVHFHWDWHDvQSDWULPRQLXO%L]DQĠXOXLLDUJHQRYH]LORULQVXOD7HQHGRV
SURPLVăvQGHWDWăOVăXYHQHĠLHQLORUFDUHvQFHSXVHUăVăRIRUWLILFH
'DWăILLQGFDSLWDODvQVHPQăWDWHVWUDWHJLFăDLQVXOHLGHODLQWUDUHDvQ'DUGDQHOH
FD SXQFW GH FRQWURO DO 6WUkPWRULORU JHQRYH]LL QX VH SXWHDX UHVHPQD FX DFHDVWă
HYROXĠLHFDUHOHSHULFOLWDDFFHVXOvQ0DUHD1HDJUă8QPDUWRUDYL]DWDOHYHQLPHQWHORU
'HPHWULRV .\GRQHV D DQWLFLSDW FODUYă]ăWRU FRQIOLFWXO GLQWUH FHOH GRXă UHSXEOLFL
LWDOLHQH DPRUVDW SULQ GHFL]LD OXL $QGURQLF ,9 Ä*HQRYH]LL QX SRW VWD FX EUDĠHOH
vQFUXFLúDWHFkQGYăGFăLQDPLFLLORURFXSăLQVXODHLvúLvQFKLSXLHFXDGHYăUDWFăvQ
DFHVWHFRQGLĠLLYRUILH[FOXúLGHSHPDUHúLGHODEHQHILFLLOHFRPHUĠXOXLPDULWLPOXFUX
SHQWUXHLPDLUăXGHFkWDFHODGHDILL]JRQLĠLFXIRUĠDGLQSDWULDORU´
1HYRLD DFXWă GH D DYHD XQ SXQFW GH UHD]HP OD 6WUkPWRUL D vQGHPQDW
FRQGXFHUHD9HQHĠLHLVăUHLWHUH]HFHUHUHDDGUHVDWăOXL0XUDGGH DLFHGD6NXWDULvQ


+,QDOFÕN4XHVWLRQS

$)DEULV$GULDQRSOHSvQ

( :HUQHU 'LH *HEXUW HLQHU *UR‰PDFKW ± 'LH 2VPDQHQ ±  (LQ %HLWUDJ ]XU
*HQHVLVGHVWUNLVFKHQ)HXGDOLVPXV%HUOLQS

/7 %HOJUDQR 3ULPD VHULH S  ) '|OJHU 5HJHVWHQ GHU .DLVHUXUNXQGHQ GHV
2VWU|PLVFKHQ5HLFKHV9 ± 0QFKHQ±%HUOLQQU:+H\G+LVWRLUHGX
FRPPHUFH GX /HYDQW DX 0R\HQ ÆJH ,±,, /HLS]LJ  , S ± -: %DUNHU 0DQXHO ,,
3DODHRORJXV ±  $ 6WXG\ LQ /DWH %\]DQWLQH 6WDWHVPDQVKLS 1HZ %UXQVZLFN  S 
(:HUQHU*HEXUWS

'pPpWULXV&\GRQqV&RUUHVSRQGHQFHHG5-/RHQHUW],,&LWWjGHO9DWLFDQRS±
0%DODUG5RPDQLH,S



 9LUJLO&LRFvOWDQ 

DMXQXOFHOXLGH$O7UHLOHD5ă]ERLDO6WUkPWRULORUDúD]LVXO5ă]ERLGHOD&KLRJJLD
VDXGHOD7HQHGRV PDLH[DFWSHQWUX7HQHGRV ±WRWIăUăVXFFHV
8Q DQ PDL WkU]LX vQ  DPEHOH WDODVRFUDĠLL LWDOLHQH DX FRQFXUDW OD FXUWHD
VXOWDQDOă SHQWUX D REĠLQH VSULMLQ XQD vPSRWULYD FHOHLODOWH ÌQ DSULOLH FkQG DX vQFHSXW
RSHUDĠLXQLOHPLOLWDUHvQMXUXO7HQHGRVXOXL*HQRYDDWULPLVGRLDPEDVDGRULOD0XUDGFX
GDUXULvQYDORDUHGHGHIORULQLÌQDFHODúLDQDXVRVLWOD3RDUWăúLVROLL9HQHĠLHL
*LRYDQQL*UDGHQLJR3LHWUR&RUQHUúL'RQDWR7URQSHQWUXDvQFKHLDDOLDQĠăvPSRWULYD
JHQRYH]LORU 5H]XOWDWHOH FRQFUHWH DOH GHPHUVXULORU GLSORPDWLFH DOH FHORU GRL
FRPSHWLWRUL SHQWUX JUDĠLLOH VXOWDQXOXL QX VXQW VHVL]DELOH GRFXPHQWDU GDU LQLĠLDWLYHOH
XOWHULRDUHDOHOXL0XUDGLDXIDYRUL]DWFHUWGHúLSRDWHLQYROXQWDUSHYHQHĠLHQL
&RPSOLFLWDWHDWXUFRJHQRYH]ăvQVXVĠLQHUHDFDX]HLOXL$QGURQLF,9vQD
IRVW VWULFW FRQMXQFWXUDOă 0XUDG FăUXLD $QGURQLF vL FHGDVH *DOOLSROL D VSHUDW Vă
REĠLQăDYDQWDMHVXSOLPHQWDUHGDFăvOYDVSULMLQLvQFRQWLQXDUHSH,RDQ9%ăWUkQXO
vPSăUDWDVFăSDWvQLXQLHGLQvQFKLVRDUHúLVDUHIXJLDWODVXOWDQFDUHLDRIHULW
WUXSHvQVFKLPEXOVXSXQHULLPDUFDWăSULQSODWDXQXLWULEXWDQXDO/DLXOLH
,RDQ9úLILXOVăX0DQXHODXLQWUDWvQ&RQVWDQWLQRSROODXL]JRQLWSH$QGURQLF,9
FDUHDJăVLWDGăSRVWOD3HUDXQGHJHQRYH]LLODXDSăUDWFXvQGăUăWQLFLHFDXQLFDORU
VXUVă GH OHJLWLPDUH D SUHWHQĠLLORU GH VWăSkQLUH D LQVXOHL 7HQHGRV &RQVHFYHQW
FX vQGDWRULULOH GH VX]HUDQ úL FX FHOH GH VXYHUDQ DO VWDWXOXL RWRPDQ 0XUDG , D
VXSXV DúH]DUHD JHQRYH]ă OD XQ OXQJ DVHGLX FDUH VD SUHOXQJLW GLQ  SkQă vQ
'HVSUHVXUDUHDDIăFXWRvQ VHSWHPEULHHVFDGUDJHQRYH]ăFRQGXVăGH
1LFFROzGL0DUFR
,QGLIHUHQWGDFăVXOWDQXODDYXWVDXQXvQYHGHUHVăLVSULMLQHSHYHQHĠLHQLHVWH
HYLGHQW Fă vQFHUFXLUHD DWkW GH vQGHOXQJDWă D 3HUHL vQ WLPS GH Uă]ERL D DYXW
UHSHUFXVLXQLIDYRUDELOHDVXSUDFRQGLĠLHLGHEHOLJHUDQWăD6HUHQLVVLPHL
3DFHD GH OD 7RULQR GLQ  VROGDWă FX QHXWUDOL]DUHD 7HQHGRVXOXL SULQ
XUPDUH FX VFRDWHUHD GLQ MRF D PăUXOXL GLVFRUGLHL D IRVW FD úL SUHFHGHQWHOH PDULL
vQIUXQWăUL YHQHWRJHQRYH]H WRW XQ FRPSURPLV FDUH QX D UH]ROYDW FKHVWLXQLOH GH
FăSăWkL DOH ULYDOLWăĠLL FHORU GRXă UHSXEOLFL 'HúL YHQHĠLHQLL VDX UHVHPQDW Vă
UHFXQRDVFăDGYHUVDULORUODVIkUúLWXORVWLOLWăĠLORUDQXPLWHDYDQWDMHvQ$GULDWLFăúLSH
GXUDWă OLPLWDWă vQ 0DUHD 1HDJUă SR]LĠLD OD 6WUkPWRUL D JHQRYH]LORU D GHYHQLW


ÌQVăUFLQDĠLFXvQGHSOLQLUHDDFHVWHLPLVLXQLDXIRVWDPEDVDGRULL0DUFR*LXVWLQLDQLFDSLWDQR
JHQHUDOHGHOPDU3LHWUR&RUQHUúL0DULQR0HPPRSURYHGLWRUL $)DEULV$GULDQRSOHS 

0%DODUG5RPDQLH,S

$)DEULV$GULDQRSOHS

3 &KDUDQLV 7KH 6WULIH $PRQJ WKH 3DODHRORJL DQG WKH 2WWRPDQ 7XUNV ± vQ
Ä%\]DQWLRQ´W±S-:%DUNHU0DQXHO,,S0%DODUG5RPDQLH,S

0%DODUG5RPDQLH,S

,ELGHP

3DFHD GH OD 7RULQR VHPQDWă OD  DXJXVW  VXE DUELWUDMXO OXL $PHGHX 9, GH 6DYRLD D
REOLJDW9HQHĠLDVăFHGH]HLQVXOD7HQHGRVFRQWHOXLGH6DYRLDvQGHFXUVGHGRXăOXQLúLVăYHUVHSHORF
R FDXĠLXQH GH  GH IORULQL GH DXU *HQRYD SXWHD SUHWLQGH GHPRODUHD WXWXURU IRUWLILFDĠLLORU úL


 3UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ 

H[WUHP GH úXEUHGă /LSVLWă GH SULQFLSDOXO HL VSULMLQ FRQWLQHQWDO GLQ YUHPHD
Uă]ERLXOXL 8QJDULD DQJHYLQă SHQWUX FDUH VDFULILFDVH SULHWHQLD FX VXOWDQXO vQ
 3HUD SLORQXO GH ED]ă DO SXWHULL JHQRYH]H vQ 5RPDQLD VD DIODW vQ 
FRPSOHW L]RODWă vQFRQMXUDWă SH XVFDW GH LQDPLFL WXUFL úL JUHFL LDU SH PDUH GH
YHQHĠLHQLSRWHQĠLDORVWLOL
&RQVWUkQVăGHDFHDVWăVLWXDĠLHFULWLFă*HQRYDDODQVDWvQ±RDGHYăUDWă
RIHQVLYă GLSORPDWLFă vQ ]RQD 6WUkPWRULORU HD VD RIHULW Vă PHGLH]H vQWUH vPSăUDĠLL
EL]DQWLQLHWDSăSUHPHUJăWRDUHUHVWDELOLULLUHODĠLLORUQRUPDOHFXÌQDOWD3RDUWă
(PLVDULL WULPLúL OD &RQVWDQWLQRSRO 3LHWUR /HUFDUL *LXOLDQR GL &DVWUR úL
$QWRQLRGL*DYLDXRIHULWSURWHFĠLDFRPXQHLILHFăUXLSURWDJRQLVWvQSDUWH,RDQ9úL
$QGURQLF,9vQHYHQWXDOLWDWHDFăDUILDJUHVDWFXH[FHSĠLDLQWHUYHQĠLHLVX]HUDQXOXL
RWRPDQ 2IHUWD OD FRQYLQV SH vPSăUDWXO WLWXODU ,RDQ 9 Vă DFFHSWH XQ WUDWDW FX
JHQRYH]LLvQXUPDFăUXLDFRQWLQJHQWHOHEL]DQWLQHFDUHDVHGLDX3HUDDXIRVWUHWUDVH
vQ SULPăYDUD DQXOXL  IDSW FDUH D vQOHVQLW RSHUDĠLXQLOH GH GHVSUHVXUDUH SH
PDUH GLQ WRDPQă $FRUGXO GHVWLQDW Vă QHWH]HDVFă FDOHD VSUH R vQĠHOHJHUH FX
VXOWDQXOQXúLDDWLQVĠLQWD0XUDGDUăPDVQHFOLQWLWvQKRWăUkUHDGHDLVXVĠLQHSH
vPSăUDWXO,RDQ9úLSHYHQHĠLHQL
'LQPRWLYHQHFXQRVFXWHVHSDUHFăvQSHULRDGDXUPăWRDUHRVWLOLWDWHDVXYHUDQXOXL
WXUF IDĠă GH JHQRYH]L D VSRULW SULPXO VRO RWRPDQ FDUH D YL]LWDW 9HQHĠLD vQ  D
WUDQVPLV FRQGXFHULL UHSXEOLFLL FKHPDUHD OD OXSWă vPSRWULYD FRORQLúWLORU GLQ 3HUD
2ERVLWGHUă]ERLVHQDWXODGHFOLQDWGLSORPDWLFLQYLWDĠLDVXEFXYkQWFăRQRDUHDvOREOLJă
VăUHVSHFWHWUDWDWXOvQFKHLDWFXJXYHUQXO*HQRYHLOD7RULQRvQ
ÌQFă R vQFHUFDUH D UHSXEOLFLL OLJXUH GHD QRUPDOL]D UHODĠLLOH FX 3RDUWD D DYXW
ORFvQFkQGODvQVăUFLQDWSH(OLDQRGL&DPLOODSRGHVWjXO3HUHLVăWUDWH]HFX

HGLILFLLORUGLQLQVXOă9HQHĠLHLLVDLQWHU]LVVăIUHFYHQWH]HWLPSGHGRLDQL7DQD (5LFRWWL HG /LEHU
-XULXP 5HLSXEOLFH *HQXHQVLV ,, 7RULQR  FRO ± 0 %DODUG 5RPDQLH , S 
ù3DSDFRVWHD*XHUUHS± 

*HQRYH]LL DX WULPLV vQWUH  úL  PDL PXOWH VROLL FX FHUHUL GH DMXWRU DOLDWXOXL ORU
/XGRYLFGH$QMRX 0%DODUG5RPDQLH,Sù3DSDFRVWHD*XHUUHSúLXUP 

0%DODUG5RPDQLH,S

'pPpWULXV &\GRQqV &RUUHVSRQGHQFH ,, S ± *HRUJLL HW ,RKDQQHV 6WHOODH $QQDOHV
*HQXHQVHVHG*LRYDQQD3HWWL%DOEL%RORJQDS'DQLHOHGL&KLQD]]R&URQLFDGHOD*XHUUD
GD 9HQHFLDQL D =HQRYHVL HG 9 /D]]DULQL 0RQXPHQWL VWRULFL 'HSXWD]LRQH GL 6WRULD 3DWULD SHU OH
9HQH]LHQV;,9HQH]LDS-:%DUNHU0DQXHO,,S±0%DODUG5RPDQLH
, S  ) '|OJHU 5HJHVWHQ 9 QU  : +H\G +LVWRLUH , S ± ,, S  3 &KDUDQLV
6WULIHS*3LVWDULQR&KLRGHL*HQRYHVL6SROHWR Ä6WXGL0HGLHYDOL´W S

9H]LPDLVXVQRWD

)7KLULHW5pJHVWHV,SQU0%DODUG5RPDQLH,S

6HQDWXOIDFHUHIHULULODPDUWLHDGIDFWXPDX[LOLLIDYRULVHWXQLRQLVTXDPSHWLWQRELV
FRQWUD ,DQXHQVHV GH 3HUD >1 ,RUJD 9HQHĠLD LQ 0DUHD 1HDJUă ,, /HJăWXUL FX 7XUFLL úL FX
FUHúWLQLVPXOGLQ%DOFDQLGHODOXSWDGHOD&RVRYRODFHDGHOD1LFRSROH ± %XFXUHúWL
H[WUDVGLQ$$506,VHULD,,± S@

$)DEULV$GULDQRSOHS±



 9LUJLO&LRFvOWDQ 

RWRPDQLL1XH[LVWăQLFLXQLQGLFLXFăHDDUILDYXWPDLPXOWVXFFHVGHFkWWHQWDWLYHOH
SUHFHGHQWHGHVFKLPEDUHDVHQWLPHQWHORUVXOWDQXOXLIDĠăGHVXSXúLLFRPXQHL
1LPLF QX OăVD Vă VH vQWUHYDGă Fă OD FDSăWXO D GRXă]HFL GH DQL GH WHQVLXQL
PRFQLWH úL GH FRQIOLFWH GHVFKLVH vQGkUMLUHD SkQă DWXQFL QHvQGXSOHFDWă D VXOWDQXOXL
IDĠă GH FHWăĠHQLL UHSXEOLFLL OLJXUH YD FHGD EUXVF ORFXO XQHL DWLWXGLQL DPLFDOH SH
WHPHLXO FăUHLD D IRVW UHVWDXUDWă H[SUHVVLV YHUELV DOLDQĠD RWRPDQRJHQRYH]ă GLQ
YUHPHDOXL2UKDQúLGHODvQFHSXWXOGRPQLHLOXL0XUDG,7UDWDWXODIRVWVHPQDWOD
LXQLHvQVDWXO0DOODLQDGHOkQJă%UXVDGHvPSXWHUQLFLĠLLUHSXEOLFLL*HQWLOH
GH *ULPDOGL úL *LDQQRQH GH %RVFR PDUWRUL GLQ SDUWHD 3RUĠLL ILLQG +DVDQ SDúD úL
7LPXUWDúÄ6DUD]LQXO´ÄEDURQL´DLVXOWDQXOXL
(VWHGHSUHVXSXVFăRUHRULHQWDUHDWkWGHUDGLFDOăDXQHLDGLQWUHPDQLIHVWăULOH
H[WHUQH FHOH PDL GH VHDPă DOH VWDWXOXL RWRPDQ QX SRDWH IL SXVă vQ VHDPă XQHL
IOXFWXDĠLLGHXPRDUHDVXYHUDQXOXLWXUF(DDDYXWRFDX]ăRELHFWLYăSHPăVXUăSH
FDUH LVWRULFLL DX LJQRUDWR FX GHVăYkUúLUH 2 SULYLUH RULFkW GH VXSHUILFLDOă DVXSUD
GRPQLHL OXL 0XUDG , GH]YăOXLH IDSWXO Fă vQFHSkQG FX DQXO  SkQă OD VIkUúLWXO
YLHĠLLVDOHSHFkPSXOGHEăWDLHGHOD.RVRYR3ROMHvQLXQLH,PSHULXORWRPDQD
IRVW VXSXV OD FHOH PDL JUHOH vQFHUFăUL ,QVXUJHQĠHOH YDVDOLORU GLQ $QDWROLD úL GLQ
5XPHOLD DX FRQVWLWXLW vQ DFHVW LQWHUYDO GH WLPS SURYRFăUL GH LQWHQVLWDWH PD[LPă
FăURUD3RDUWDOHDIăFXWIDĠăODOLPLWăFXPDULGLILFXOWăĠL
(VWH GH VXEOLQLDW Fă SULPD UHEHOLXQH FDUH LD FRQVWUkQV SH RWRPDQL VăúL
PRELOL]H]H vQWUHDJD FDSDFLWDWH GH OXSWă D IRVW D JLQHUHOXL VăX $OL EHLXO GH
.DUDPDQFHOPDLSXWHUQLFDGYHUVDUDO&DVHLOXL2VPDQvQ$VLD0LFă%ăWăOLDGLQ
 GH OkQJă .RQLD VD GHVIăúXUDW FX VRUĠL VFKLPEăWRUL SkQă FkQG EHLOHUEHLXO
5XPHOLHL.DUD7LPXUWDúFRPDQGDQWvQDULSDVWkQJăDOXQLWăĠLORUGHYDVDOLFUHúWLQL
GLQ 3HQLQVXOD %DOFDQLFă vQ SULPXO UkQG VkUEL D LQWHUYHQLW GHFLVLY vQ FHQWUXO
vQFOHúWăULL 5HSXUWDWă FX PDUL SLHUGHUL ± GXSă FXP FRQVHPQHD]ă L]YRDUHOH ±
YLFWRULDDSHUPLVUHVWDXUDUHDSHWHUPHQOXQJDKHJHPRQLHLRWRPDQHvQ$QDWROLD
7UDQVIHUXODSURDSHLQWHJUDODOIRUĠHORUGHRFXSDĠLHWXUFHúWLGLQ%DOFDQLvQ$VLD
0LFăvQYHGHUHDOXSWHLFX.DUDPDQRJKOX±EHLOHUEHLXOXL7LPXUWDúLVDSRUXQFLWVă
YLQăFXWRDWHWUXSHOHGLVSRQLELOH±DIRVWSULOHMXOELQHYHQLWSHQWUXYDVDOLLHXURSHQL
DL3RUĠLLGHDVHUăVFXODúLHL6SLULWXOUHYROWHLDIRVWDĠkĠDWvQPRGVXSOLPHQWDUGH
SRYHVWLULOHSOLQHGHPkQLHDOHQRELOLORUVkUELUHYHQLĠLvQSDWULHGXSăPDUHDEăWăOLH
GH OkQJă .RQLD R SDUWH GLQWUH WRYDUăúLL ORU IXVHVHUă H[HFXWDĠL GLQ SRUXQFD


0%DODUG5RPDQLH,S

/7%HOJUDQR 3ULPD VHULH S ± 6 GH 6DF\ 3LqFHV S ± , %HOGLFHDQX
6WHLQKHUU5HFKHUFKHVS±0%DODUG5RPDQLH,S$QJDMDPHQWHOHUHFLSURFHDQWHULRDUH
DXIRVWUHvQQRLWH*HQRYH]LLSXWHDXIDFHFRPHUĠSUHWXWLQGHQLvQ,PSHULXORWRPDQSOăWLQGDFHOHDúLWD[H
FDúLJUHFLLúLYHQHĠLHQLL'ăULOHvQIDYRDUHDWXUFLORUYHQLĠLFXDIDFHULOD3HUDDXIRVWVFă]XWH

-:=LQNHLVHQ*HVFKLFKWHGHV2VPDQLVFKHQ5HLFKHVLQ(XURSD,+DPEXUJS±
 ø+ 8]XQoDUúÕOÕ 0HKPHG , vQ øVOkP $QVLFORSHGLVL YRO 9,, øVWDQEXO  S ±
(:HUQHU*HEXUWS

-:=LQNHLVHQ*HVFKLFKWH,S


 3UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ 

VXOWDQXOXL SHQWUX DFWH GH LQGLVFLSOLQă úL DEX]XUL FRPLVH vPSRWULYD SRSXODĠLHL
PXVXOPDQHGLQ$QDWROLD&RQGXFăWRUXO6HUELHLFQHD]XO/D]ăUVDHULMDWvQFDSDO
UHYROWHLFăUXLDLVDXDVRFLDWUHJHOH%RVQLHL7YkUWNRúLĠDUXOEXOJDUùLúPDQ'DWă
ILLQG SXĠLQăWDWHD WUXSHORU RWRPDQH UăPDVH vQ (XURSD LQVXUJHQĠLL úLDX SURFODPDW
IăUăGLILFXOWăĠLLQGHSHQGHQĠD
'HvQGDWăFHLDVRVLWúWLUHDGHVSUHDFHVWDGHYăUDWGH]DVWUX0XUDGDIODWvQFă
vQ$QDWROLDDWULPLVvQJUDEăGHFRPEDWDQĠLGLQWUHFDUHHUDXRVWDúLGH
HOLWăVăGHYDVWH]H%RVQLD$FHDVWăVWUDWHJLHDORYLWXULLODWHUDOHVDVROGDWFXXQHúHF
UăVXQăWRU GHSOkQV FD DWDUH GH ELQHLQIRUPDWXO FURQLFDU RWRPDQ 6D¶GHGGLQ
FRQGXFăWRUXO VkUELORU D VăULW vQ DMXWRUXO DOLDĠLORU ERVQLHFL úL D QLPLFLW DSURDSH vQ
vQWUHJLPH FRUSXO H[SHGLĠLRQDU WXUFHVF $FHDVWă YLFWRULH HVWH SUREDELO LGHQWLFă FX
ELUXLQĠDvQUHJLVWUDWăGHDQDOHOHVkUEHúWLOD3ORþQLNOkQJă1LúvQDQXOGHODIDFHUHD
OXPLLDGLFăDOHUHLQRDVWUH,QGLIHUHQWGDFăDFHVWHRSHUDĠLXQLPLOLWDUH
VH VXSUDSXQ VDX VXQW MX[WDSXVH HVWH VLJXU Fă vQ DQXO DPLQWLW WXUFLL DX UHFHSĠLRQDW
FHDPDLJUHDORYLWXUăGHODYHQLUHDORUvQ(XURSD
0XUDG úL VWDWXO VăX PDMRU DX UHDOL]DW FX VLJXUDQĠă FHO PDL WkU]LX DFXP
DPSORDUHD SULPHMGLHL FDUH DPHQLQĠD Vă DQLKLOH]H FRPSOHW SXWHUHD RWRPDQă vQ
%DOFDQL$IRVWGHFUHWDWă PRELOL]DUHDJHQHUDOăYDVDOLLúLJXYHUQDWRULLSURYLQFLLORU
GLQ$QDWROLDúL5XPHOLDILLQGFRQYRFDĠLVăVHDOăWXUHFXXQLWăĠLOHORURúWLLVXOWDQDOH
vQ FkPSLD GH OD <HQLúHKLU ÌQ FLXGD DFHVWXL HIRUW vQUHJLVWUDW GH VXUVHOH YUHPLL
DUPDWD PXVXOPDQă D IRVW vQ PRPHQWXO KRWăUkWRU GH OD .RVRYR 3ROMH PDL SXĠLQ
QXPHURDVăGHFkWFRDOLĠLDFUHúWLQă
)DSWXOFăÌQDOWD3RDUWăDUăVSXQVIDYRUDELOGXSăDQLGHUHIX]XULREVWLQDWHvQ
LXQLHvQFHUFăULORUJHQRYH]LORUGHDUHvQQRGDUHODĠLLOHSULHWHQHúWLGHRGLQLRDUă
QXSRDWHILH[SOLFDWGHFkWvQFRQWH[WXOSUHJăWLULLPDULLFDPSDQLLvPSRWULYDYDVDOLORU
HXURSHQLúLDQXPHFDHOHPHQWFRQVWLWXWLYDODFHVWRUSUHSDUDWLYH2ELHFWLYXODFHVWHL
LQLĠLDWLYHSROLWLFHDVXOWDQXOXLĠLQHGHGRPHQLXOHYLGHQĠHLDVLJXUDUHDSDVDMXOXLVLJXU
vQFRQGLĠLLGHUă]ERLDOWUXSHORURWRPDQHGHSHXQĠăUPSHFHOăODOWDO6WUkPWRULORU
'DFă QX SDUWLFLSDUHD DFWLYă D JHQRYH]LORU OD WUDQVERUGDUH DúD FXP DYHD Vă VH
vPSOLQHDVFăvQPăFDUQHXWUDOLWDWHDORUHUDvQFRQGLĠLLOHGDWHLQGLVSHQVDELOă
8Q LQGLFLX VXJHVWLY SHQWUX vQVHPQăWDWHD PLOLWDUă QHRELúQXLWă DORFDWă GH
FRQGXFHUHD VWDWXOXL RWRPDQ vQĠHOHJHULL FX JHQRYH]LL HVWH IXUQL]DW GH SUH]HQĠD OD
WUDWDWLYH D XQXLD GLQWUH FHL PDL DVFXOWDĠL VWUDWHJL GLQ DQWXUDMXO OXL 0XUDG
EHLOHUEHLXOXL 5XPHOLHL .DUD 7LPXUWDú QX D IRVW QXPDL SULQFLSDOXO DUWL]DQ
DO YLFWRULHL GH OD .RQLD vPSRWULYD .DUDPDQL]LORU úL XQXO GLQWUH FHL PDL GH VHDPă
JHQHUDOL DL FDPSDQLLORU GLQ ± vQ %DOFDQL FL úL SUHFHSWRUXO SULQĠXOXL


,ELGHPS

1,RUJD*HVFKLFKWH,S

-:=LQNHLVHQ*HVFKLFKWH,S

,ELGHP

,ELGHP



 9LUJLO&LRFvOWDQ 

%DLD]LG FDUH vO YD VIăWXL SH YLLWRUXO VXOWDQ vQ  Vă vQFHDSă DVHGLXO FDSLWDOHL
EL]DQWLQH
'RXăDXIRVWPRWLYHOHFDUHODXVLOLWSH0XUDGVăVFKLPEHvQDFHVWHYUHPXUL
JUHOH SDUWHQHULL DQXPH SH YHQHĠLHQL FX JHQRYH]LL $P DPLQWLW PDL vQDLQWH Fă
GDWRULWă ED]HL VWUDWHJLFH GLQ 3HUD úL D IORWHL VWDĠLRQDWH vQ SRUWXO HL FRORQLúWLL OLJXUL
VDXLPSXVFDDGHYăUDĠLVWăSkQLDL6WUkPWRULORU3UH]HQĠDORUSHUPDQHQWăOD%RVIRU
OHDFUHDWXQDYDQWDMLPHQVIDĠăGHULYDOLFDUHHUDXQHYRLĠLVăúLWULPLWăJDOHUHOHGH
OD PDUH GLVWDQĠă FX PDUH FKHOWXLDOă RUL GH FkWH RUL DX DYXW GH DSăUDW LQWHUHVH vQ
DFHDVWă ]RQă QHYUDOJLFă ,VWRULD SROLWLFLL 9HQHĠLHL OD 6WUkPWRUL FRLQFLGH vQ EXQă
PăVXUă FX WHQWDWLYHOH GH UHPHGLHUH D DFHVWXL KDQGLFDS QHLVWRYLWHOH úL ]DGDUQLFHOH
vQFHUFăULDOH6HUHQLVVLPHLGHDSULQGHSLFLRUOD7HQHGRVOD6NXWDULVDXOD*DOOLSROL
VWDXPăUWXULHvQDFHVWVHQV
$O GRLOHD GH]DYDQWDM DO 9HQHĠLHL vQ UDSRUW FX *HQRYD GLQ SHUVSHFWLYD
LQWHUHVHORU RWRPDQH D IRVW vQFă PDL FRQVLVWHQW GHRDUHFH HO VLWXD vQ FKLS RELHFWLY
5HSXEOLFD /DJXQHORU SH SR]LĠLL RSXVH IDĠă GH ÌQDOWD 3RDUWă (VWH YRUED GH
LQWHUIHUHQĠDDULLORUGHKHJHPRQLHDOHFHORUGRXăSXWHULvQ3HQLQVXOD%DOFDQLFăúLvQ
0DUHD(JHH3ULQFRPSDUDĠLHH[SDQVLXQHDRWRPDQăDOăVDWvQDFHDVWăYUHPHFRPXQD
OLJXUăFRPSOHWLQGLIHUHQWăFX H[FHSĠLDXQXLVLQJXUSXQFW&RQVWDQWLQRSROXODFăUXL
SRVLELOă FXFHULUH VWkUQHD vQVă FHD PDL PDUH vQJULMRUDUH vQWUXFkW DU IL DQWUHQDW
QHvQGRLHOQLFúLFăGHUHD3HUHL
3ULHWHQLD RILFLDOă RWRPDQRYHQHĠLDQă GLQ SHULRDGD ± D IRVW FRQVWDQW
VXEPLQDWă QX QXPDL GH DPLQWLUHD FLRFQLULORU GH OD PLMORFXO VHFROXOXL FL úL GH
VSHFWUXOUHYHQLULLORU1HvQFUHGHUHDDGHWHUPLQDW9HQHĠLDVăLDPăVXULSUHYHQWLYHGH
DSăUDUHHDVDVWUăGXLWSHGHRSDUWHVăHGLILFHFHOPDLWkU]LXvQFHSkQGFXDQXO
XQ FRUGRQ GH VLJXUDQĠă Ä6FKXW]JUWHO´  FX SXQFWH GH VSULMLQ vQ LQVXOH HJHHQH vQ
SRUWXULGLQ*UHFLDFHQWUDOăúLGLQ3HORSRQH]LDUSHGHDOWDVăVXVĠLQăSHVXEPkQăSH
WRĠLLQDPLFLLOXL0XUDG$FHVWHPDQLIHVWăULJHQHUDWHGHUH]HUYHPHQWDOHMXVWLILFDWH
GRYHGHVFFăSROLWLFDRWRPDQăD5HSXEOLFLL/DJXQHORUvQLQWHUYDOXOGHWLPSPHQĠLRQDW
D IRVW PDL GHJUDEă GXSOLFLWDUă GHFkW ÄLQFHUWă úL YHUVDWLOă´ 1X vQFDSH vQGRLDOă Fă
IDFWRULL GH FRQGXFHUH DL ,PSHULXOXL RWRPDQ DX vQĠHOHV MRFXO SROLWLF YHQHĠLDQ úL ODX


,ELGHPS1,RUJD*HVFKLFKWH,S,%HOGLFHQX±6WHLQKHUU5HFKHUFKHVS
.)OHHW7UHDW\S±

/XSWHOHLQWHVWLQHGLQ%L]DQĠDXIRVWDSUHFLDWHvQWUXQGRFXPHQWGLQPDUWLHFDH[WUHP
GH SHULFXORDVH vQWUXFkW RIHUHDX OXL 0XUDG SRVLELOLWDWHD VăL VXSXQă SH vPSăUDĠLL DIODĠL vQ FRQIOLFW HW
SHULFXOXPLPPLQHWQH&LYLWDV&RQVWDQWLQRSROLWDQDVXELXJHWXUGRPLQRSUHOLEDWL$PRUDWLWXUFKLTXRG
VL DFFLGHUHW DG PD[LPXP FHGHUHW &RPPXQLV ,DQXH GHWULPHQWXP HW GDPSQXP -: %DUNHU
0LVFHOODQHRXV *HQRHVH 'RFXPHQWV RQ WKH /HYDQWLQH :RUOG RI WKH /DWH )RXUWHHQWK DQG (DUO\
)LIWHHQWK&HQWXULHVvQÄ%\]DQWLQH6WXGLHV(WXGHVE\]DQWLQHV´W±S 

&kQG6HUHQLVVLPDVDDOLDWFXVkUELLOXLùWHIDQ'XúDQ *%UăWLDQX9pQLWLHQVS*1RYDN
/¶DOOHDQ]DYHQHWRVHUEDQHOVHF;,9vQÄ$UFKLYLRYHQHWRWULGHQWLQXP´WSúLXUP 

(:HUQHU*HEXUWS±

*%UăWLDQX9pQLWLHQVS


 3UHPLVHOHWUDWDWXOXLRWRPDQRJHQRYH]GLQ 

WROHUDW DWkWD WLPS FkW 3RDUWD D DYXW QHYRLH GH QHXWUDOLWDWHD ELQHYRLWRDUH D DFHVWHL
WDODVRFUDĠLL OD 6WUkPWRUL 'H vQGDWă FH IDYRUXULOH VXOWDQXOXL VDX vQGUHSWDW GLQ QRX
VSUHJHQRYH]L9HQHĠLDDIRVWGL]JUDĠLDWăFXUDILQDPHQWRULHQWDO
/DWUHLOXQLGXSăUHDFWXDOL]DUHDDOLDQĠHLRWRPDQRJHQRYH]HvQWURYUHPHFkQG
UHODĠLLOH OXL 0XUDG FX 6HUHQLVVLPD SăUHDX OD IHO GH EXQH FD vQ DQLL SUHFHGHQĠL
UDLGXULOH WXUFHúWL GLQ VHSWHPEULH  DX ORYLW *UHFLD úL SRVHVLXQL YHQHĠLHQH
SUHFXP 1HJURSRQWH &D úL FkQG DU IL IRVW YRUED GH R QHvQĠHOHJHUH vQWUH SULHWHQL
UHSXEOLFD D WULPLV LPHGLDW R DPEDVDGă VROHPQă FX GDUXUL VFXPSH OD VXOWDQ
FRQGXFăWRUXOHL'DQLHOH&RUQHUDYkQGPLVLXQHDVăLUHFXSHUH]HSHURELLIăFXĠLvQ
&RURQ úL 0RGRQ GH (YUHQRVEHL 6DX VSXV FXYLQWH DPDELOH FDGRXULOH DX IRVW
SULPLWHGDUVFODYLLQDXIRVWUHVWLWXLĠL8OWHULRUDIRVWH[SHGLDWVăOăPXUHDVFăúLDOWH
LQFLGHQWH SURGXVH vQWUH WLPS $OYLVH 'DQGROR GHRDUHFH HUD YDOGH GRPHVWLFXV HW
JUDWXVLSVLXV0RUDWL7RWIăUăVXFFHV8OWLPHOHLOX]LLDXIRVWULVLSLWHSHVWHFkWHYD
OXQL vQ DXJXVW  FkQG D VRVLW OD 9HQHĠLD úWLUHD Fă VWDUHD GH VSLULW D VXOWDQXOXL
IDĠăGHUHSXEOLFăHVWHIRDUWHGXúPăQRDVăúLFăVHSUHJăWHúWHVăLDFXDVDOWSR]LĠLLOHHL
SHXVFDWúLSHPDUH

35(0,6(62)7+(27720$1*(12(6(75($7<2)

$EVWUDFW
7KH 2WWRPDQ*HQRHVH WUHDW\ RI  FRQVLGHUHG RQH RI WKH HDUOLHVW
GLSORPDWLF GRFXPHQWV RI WKH 2WWRPDQ (PSLUH ZDV HGLWHG VHYHUDO WLPHV DQG
DQDO\]HGZLWKXWPRVWVFLHQWLILFFRPSHWHQFH+RZHYHUWKHSROLWLFDOFLUFXPVWDQFHV
DFFRPSDQ\LQJLWVVLJQDWXUHZHUHOLWWOHDGGUHVVHG
$Q H[DPLQDWLRQ RI 2WWRPDQ*HQRHVH UHODWLRQV LQ WKH VHFRQG KDOI RI WKH
IRXUWHHQWK FHQWXU\ OHDGV WR WKH FRQFOXVLRQ WKDW WKH WUHDW\ ZDV D ODQGPDUN LQ WKHLU
HYROXWLRQ DV LW PDUNHG WKH HQG RI DSSUR[LPDWHO\  \HDUV RI FROG UHODWLRQV DQG
WHQVLRQGXULQJZKLFKSHULRGWKHUHODWLRQVEHWZHHQWKH6XEOLPH 3RUWHDQG9HQLFH
XQGHUZHQW FRQVLGHUDEOH GHYHORSPHQW 7KH VXGGHQ UHDFWLYDWLRQ RI WKH DOOLDQFH
VHWWOHG LQ WKH WLPH RI (PLU 2UKDQ   ZDV PDGH E\ 6XOWDQ 0XUDG , LQ
DQWLFLSDWLRQWRWKHJUHDWFDPSDLJQDJDLQVWKLVUHEHOOLRXV%DONDQYDVVDOVHQGLQJLQ
WKH EDWWOH RI .RVRYR 3ROMH LQ  LW ZDV RQO\ WKH *HQRHVH RI 3HUD DV WKH WUXH
KROGHUVRIWKH6WUDLWVWKDWFRXOGHQVXUHWKHOLQNEHWZHHQWKHWZRFRQWLQHQWVDYLWDO
HOHPHQWWRWKH2WWRPDQVHVSHFLDOO\LQWLPHVRIZDU




(:HUQHU*HEXUWS

$)DEULV$GULDQRSOHS±

1,RUJD9HQHĠLD,,S



 9LUJLO&LRFvOWDQ 






0(1725,0$(ù75,ù,678'(1ğ,

0$(ù75,ù,352)(625,'(('8&$ğ,(),=,&Ă
Ì1520Æ1,$,17(5%(/,&Ă

%2*'$1323$

'HúLWUHFXWXOvQYăĠăPkQWXOXLVDQXPăUDWSULQWUHWHPHOHSUHIHUDWHDOHLVWRULFLORUúLSHGDJRJLORU
SUREOHPDFRUSXOXLGLGDFWLFDIRVWDERUGDWăUDU6FRSXODFHVWXLDUWLFROHVWHFDSRUQLQGGHODXQVWXGLX
GH FD] DVXSUD PDHúWULORU VDX SURIHVRULORU GH HGXFDĠLH IL]LFă Vă LGHQWLILFH FkWHYD SXQFWH GH LQWHUHV
SHQWUX R ELRJUDILH FROHFWLYă D FDGUHORU GLGDFWLFH 3ULQFLSDOHOHDVSHFWH SH FDUH OHYRL GLVFXWD PDLMRV
VXQW SUHJăWLUHD SURIHVLRQDOă VWDWXWXO vQ LQWHULRUXO EUHVOHL úL LGHQWLWDWHD GH JUXS D PDHúWULORU VDX
SURIHVRULORUGHHGXFDĠLHIL]LFă
([HUFLĠLLOHJLPQDVWLFHMRFXULOHúLvQPDLPLFăPăVXUăvQWUHFHULOHDWOHWLFHUHSUH]HQWDXXQPLMORFúL
QX XQ VFRS DO HGXFDĠLHL LQWHJUDOH 'H]YROWDUHD FRUSXOXL HUD VXERUGRQDWă WRWDO FHOHL D LQWHOHFWXOXL úL
PRUDOHL(GXFDĠLDIL]LFăHUDGHILQLWăGH&RQVWDQWLQ.LULĠHVFXFDÄDUWDGHDSăVWUDLQWHJULWDWHDSXWLQĠHORU
IL]LRORJLFHGHDOHGH]YROWDúLVSRUL´LDUGHJHQHUDOXO9LUJLO%ăGXOHVFXGUHSWÄRSHUDSR]LWLYăGHHQHUJLH
úL YLDĠă´ 0DMRULWDWHD WHRUHWLFLHQLORU DILUPD Fă HGXFDĠLD IL]LFă HUD DQWLWH]D VSRUWXOXL SURIHVLRQLVW
FRQVLGHUDW XQ VSHFWDFRO FX DFWRUL OLSVLĠL GH VFUXSXOH vQ FDUH YDORULOH PRUDOH DOH FXOWXULL IL]LFH HUDX
SHUYHUWLWHSULQH[KLELĠLRQLVP5ROXOHGXFDĠLHLIL]LFHHUDGHDUHGLUHFĠLRQDDWHQĠLDWLQHUHWXOXLGHODYLFLL
DFHVWHD ILLQG GHILQLWH FD FLQHPDWRJUDI EăXWXUă IXPDW ÄIDQWH]LL YROXSWRDVH´ 'DFă IDPLOLD WUHEXLD Vă
FRQWULEXLHSULQIRUPDUHDGHSULQGHULORULJLHQLFHúFRDODWUHEXLDvQFăGLQSULPHOHFODVHVăYHJKH]HFDWLQHULL
VăUHVSHFWHPDLDOHVYDORULOHPRUDOHWUDGXVHvQHGXFDĠLDIL]LFăSULQGH]DYXDUHDIRUĠHLIL]LFHúLDJUXSXULORU
vQFKLVHFXPDUILHFKLSHOHGHIRWEDO3HQWUXWLQHULHGXFDĠLDIL]LFăFROHFWLYăDUILWUHEXLWVăILHXQDGLQWUH
FHOHPDLEXQHIRUPXOHGHFUHúWHUHSHFDUHDUILSXWXWVăRDVLJXUHVRFLHWDWHD8QDOWĠHODWULEXLWHGXFDĠLHL
IL]LFH vQ SHULRDGD LQWHUEHOLFă D IRVW vQ]HVWUDUHD ELRORJLFă D SRSRDUHORU SHQWUX R YLLWRDUH OXSWă vQWUH
JHQHUDĠLLOH WLQHUH $FHDVWă FRQFHSĠLH PLOLWDQWă HUD VSHFLILFă PDL DOHV UHJLPXULORU GLFWDWRULDOH GDU QLFL
VWDWHOHGHPRFUDWLFHQXDXIRVWVWUăLQHGHFRQFHSĠLLHXJHQLFH
ÌQDLQWH GH  PDMRULWDWHD PDHúWULORU GH JLPQDVWLFă GLQ 9HFKLXO 5HJDW D IRVW IRUPDWă GXSă
GLUHFĠLLOHVWDELOLWHGH*KHRUJKH0RFHDQX ± 2ULJLQDUGLQVDWXO2UPDQ 6RPHú 0RFHDQXD
WUHFXW PXQĠLL vQ  GXSă VWXGLL GH JLPQDVWLFă XUPDWH OD 9LHQD (O D IRVW IRUPDW DúDGDU GXSă


0(OLDQGHOD*UXHD-RFXULOHúLJLPQDVWLFD6WXGLXFULWLF%XFXUHúWLS

&RQVWDQWLQ.LULĠHVFX6SRUWúLFXOWXUăvQ,GHPÌQVOXMEDXQHLFUHGLQĠH&DPSDQLL±ILJXUL±
PăUWXULVLUL%XFXUHúWLS

9,%ăGXOHVFX3URJUDPXOQRVWUXvQÄ%XOHWLQXO(GXFDĠLHL)L]LFH´DQ,QUDSULOLHS

,ELGHPSFI&3HWUH/D]ăU(GXFDĠLDIL]LFăúFRODUă%XFXUHúWLS

ùWHIDQ%kUVăQHVFX3HGDJRJLH&UDLRYDS

,ELGHPS±

&3HWUH/D]ăURSFLWS$XJXVWLQ/DWLú(GXFDĠLDIL]LFă3ULQFLSLL±PHWRGă±UH]XOWDWH
&XDSOLFDĠLXQLODHGXFDĠLDWLQHUHWXOXLURPkQ&HUQăXĠLS±

(PLO 9LFLX 9DORDUHD ELRORJLFă D VSRUWXOXL $VSHFWXO PRUIRORJLF úL YDORDUHD VSRUWLYă vQ
Ä0HGLFLQDVSRUWLYă´S

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 %RJGDQ3RSD 

VLVWHPXOJLPQDVWLFFUHDWGH)ULHGULFK/XGZLJ-DKQED]DWSHH[HUFLĠLLFROHFWLYHúLSURJUDPDWLFSXVVXE
VHPQXO UHJHQHUăULL YLJRULL IL]LFH D QDĠLXQLL 3kQă Vă vúL IRUPH]H SULPLL HOHYL FDSDELOL Vă vL FRQWLQXH
PXQFD *KHRUJKH 0RFHDQX D IRVW VLQJXUXO PDHVWUX GH JLPQDVWLFă GLQ 9HFKLXO 5HJDW $OWIHO
JLPQDVWLFD HUD SUHGDWă GH VXERILĠHUL VDX GH SRPSLHUL JUDGDĠL ÌQ FLXGD IDSWXOXL Fă D SXV SUDFWLF
IXQGDPHQWHOHHGXFDĠLHLIL]LFHvQúFRDODURPkQHDVFăvQFDOLWDWHGHPDHVWUXOD/LFHHOH0DWHL%DVDUDE
6I 6DYD ùFRDOD 1RUPDOă &DURO , úL ùFRDOD GH 2ILĠHUL GLQ  úL vQ FDGUXO 6RFLHWăĠLL 5RPkQH GH
$UPH*LPQDVWLFăúL'DUHOD6HPQúLDVWLPHLGHFDUHVDEXFXUDW±1LFRODH,RUJDvQJHQHUDOUH]HUYDW
YL]DYLGHFXOWXUDIL]LFăDVFULVODPRDUWHDDFHVWXLDUkQGXULSOLQHGHDSUHFLHUH$OH[DQGUX,ùRQĠXLD
GHGLFDWRSRH]LH±0RFHDQXDWUHFXWUHSHGHvQXLWDUH%XVWXOVăXDIODWODVHGLXOÄ7LUXOXL´SHFKHLXO
'kPERYLĠHLGLVSăUXVHGHMDvQFkQG*DOD*DODFWLRQvúLHYRFDIRVWXOSURIHVRU$VWă]LRVWUDGă
GLQ]RQD7HOHYL]LXQLL5RPkQHvLSRDUWăQXPHOH
&ăUĠLOH VFULVH GH 0RFHDQX SHQWUX SRSXODUL]DUHD úL H[SOLFDUHD H[HUFLĠLLORU JLPQDVWLFH DX IRVW
UHFHQ]DWH IDYRUDELO WUH]LQG LQWHUHVXO XQRU SHUVRQDOLWăĠL LPSRUWDQWH DOH VIkUúLWXOXL GH VHFRO ;,;
SUHFXP%RJGDQ3HWULFHLFX+DúGHX0RFHDQXDPLOLWDWDFWLYSHQWUXLQWURGXFHUHDHGXFDĠLHLIL]LFH vQ
úFROLOH GH IHWH DUJXPHQWXO VăX VXSUHP ILLQG PDL WkU]LX SUHOXDW GH WRĠL DGHSĠLL FXOWXULL IL]LFH SHQWUX
IHPHLRPDPăEROQDYăVDXVODEăQXSRDWHGDvQDSRLVRFLHWăĠLLGHFkWUHEXWXULPRUDOHúLIL]LFH
7RWOXL0RFHDQXLVHGDWRUHD]ăLQWURGXFHUHDGDQVXULORUQDĠLRQDOHFDSDUWHDRUHORUGHJLPQDVWLFă
IDSW GHYHQLW WUăVăWXUD GLVWLQFWă D vQYăĠăPkQWXOXL URPkQHVF -RFXULOH SRSXODUH DX UăPDV QHFOLQWLWH vQ
SURJUDPHOHúFRODUHGHúLGXSăVDUHQXQĠDWRILFLDOODVLVWHPXOJLPQDVWLFJHUPDQvQIDYRDUHDFHOXL
VXHGH]FRQFHSXWSHQWUXQHYRLOHLQGLYLGXOXLÌQVRĠLWGHFkĠLYDGLVFLSROL0RFHDQXDvQWUHSULQVFăOăWRULLOD
3DULV  5RPD  0DGULG  úL&DOFXWWD  SHQWUXDSUH]HQWDMRFXULOHURPkQHúWL(VWH
JUăLWRU SHQWUX FRQYLQJHULOH VDOH XUPăWRUXO IUDJPHQW FLWDW GH 'LPLWULH ,RQHVFX ÄGDQVXO QDĠLRQDO H
FDUDFWHUXO XQHL QDĠLXQL SULQ FDUH VH H[SOLFă SXWHUHD VD GH FXOWXUă FLYLOL]DĠLH úL vQDLQWDUH D DFHVWHLD úL
SHQWUXFăMRFXOPDLSXQHvQHYLGHQĠăDQXPLWHPDQLIHVWăULVXIOHWHúWLDOHXQXLSRSRU8QHOHMRFXULQDĠLRQDOH
VWUăLQH VXQW YLL SOăFXWH vQWUXFkWYD YDULDWH DOWHOH VXQW vQFHWH JUHRDLH VWkQJDFH úL XQLIRUPH 'DQVXO
QRVWUXvQVăHVWHSOăFXWYDULDWYRLRVDWUăJăWRUWUDGLĠLRQDOHURLF´
'XSă SULPXO Uă]ERL PRQGLDO JULMD SHQWUX FXOWXUD IL]LFă D IRVW Yă]XWă FD XQD GLQWUH FDX]HOH
YLFWRULHL$QWDQWHL3ULQWUHFHLFDUHvPSăUWăúHDXDFHDVWăYL]LXQHVHQXPăUDúL&RQVWDQWLQ$QJHOHVFX
GHQXPHOHFăUXLDVHOHDJăUHIRUPDUHDvQYăĠăPkQWXOXLURPkQHVF3UHVWDĠLDDUPDWHLURPkQHDUHGHVFKLV
SUREOHPDSUHJăWLULLFRUSRUDOHGHIHFWXRDVHDWkWSULQúFRDOăFkWúLSULQDUPDWăLDUFDX]DSULQFLSDOăHUD


',RQHVFX,VWRULFXOJLPQDVWLFHLúLHGXFDĠLHLIL]LFHODQRL%XFXUHúWLS

1LFRODH,RUJD*LPQDVWLFXO0RFHDQXvQ,GHP2DPHQLFDULDXIRVWYRO,*DODĠLS

ÄùLLDWăSHQWUXFHR/\Uă&HPXOWvQWDLQăWHVOăYHD'LQMRFXOWăXD]LVHLQVSLUăùLWH
VDOXWă FD SR VWHD´ $OH[DQGUX , ùRQĠX *KHRUJKH 0RFHDQX vQ Ä'LQ OXPHD VSRUWXULORU´ QU  
LDQXDULHS±

2QRULX &KHĠLDQX  GH DQL GHOD QDúWHUHD OXL *KHRUJKH 0RFHDQX SULPXO HGXFDWRU IL]LF
URPkQ&OXMS

*DOD*DODFWLRQ*DOHULDGDVFăOLORUPHL0DHVWUXOGHJLPQDVWLFăvQÄ8QLYHUVXO´DQ;/9,,,
QUPDUWLHS

9LUJLO/XGX6FULLWRULLURPkQLúLOXPHDVSRUWXOXL%XFXUHúWLS

*HRUJH0RFHDQX&DUWHGHJ\PQDVWLFăSHQWUXXVXOúFRDOHORUSULPDUHúLVHFXQGDUHGHIHWH
%XFXUHúWLS±

5RGLFD 0LULĠHDQX 9ODGLPLU 6LPLRQHVFX *KHRUJKH 0RFHDQX SULPXO SURIHVRU URPkQ GH
HGXFDĠLHIL]LFăvQÄ&XOWXUă)L]LFăúL6SRUW´DQ;,QUS

$SXG',RQHVFXRSFLWS

'U & $QJHOHVFX (GXFDĠLD IL]LFă úL úFRDOD vQ Ä%XOHWLQXO (GXFDĠLHL )L]LFH´ DQ , QU 
DSULOLHS


 0DHúWULúLSURIHVRULGHHGXFDĠLHIL]LFăvQ5RPkQLDLQWHUEHOLFă 

DEVHQĠD XQXL VLVWHP XQLWDU GH SUHJăWLUH VSHFLDOL]DWă D PDHúWULORU GH HGXFDĠLH IL]LFă &RQVLGHUDĠL
IRQGDWRUL DL HGXFDĠLHL IL]LFH úWLLQĠLILFH GLQ 5RPkQLD SURIHVRUXO GH PHGLFLQă ,RQ $WKDQDVLX úL
PDHVWUXO,RDQ%XFRYLQHDQXDXSURSXVDGRSWDUHDPRGHOXOXLVXHGH]UHVSHFWLYFUHDUHDXQHLLQVWLWXĠLLGH
vQYăĠăPkQWVXSHULRUvQFDUHJLPQDVWLFDVăILHFRPSOHWDWăFXvQVXúLUHDXQRUFXQRúWLQĠHGHDQDWRPLHúL
IL]LRORJLH VSHFLILFH UDPXULL vQ FDUH XUPDX Vă DFWLYH]H YLLWRULL PDHúWUL vQYăĠăPkQW RUJDQL]DĠLL
PXQFLWRUHúWLDUPDWăJLPQDVWLFDWHUDSHXWLFăVDXVSRUWLYă 
(GXFDĠLDIL]LFăDIăFXWRELHFWXOOHJLORUVSHFLDOHGLQúLSULQFDUHHUDSURFODPDWăFD
REOLJDĠLH D WLQHUHWXOXL vQDLQWH GH YkUVWD vQFRUSRUăULL 6WDWXO D vQILLQĠDW XQ RUJDQLVP VSHFLDO GH
FRRUGRQDUHDDFWLYLWăĠLLvQDFHVWGRPHQLX2ILFLXO1DĠLRQDODO(GXFDĠLHL)L]LFHFDUHDWUHFXWvQWLPSGH
VXE DXWRULWDWHD &DVHL &XOWXULL 3RSRUXOXL VXE FHD D 0LQLVWHUXOXL ,QVWUXFĠLXQLL úL DSRL D 0LQLVWHUXOXL
6ăQăWăĠLL úL 2FURWLULORU 6RFLDOH 3ULQFLSDOD vQVăUFLQDUH D 21() D IRVW RUJDQL]DUHD DFWLYLWăĠLORU
H[WUDúFRODUH GH FXOWXUă IL]LFă /D vQFHSXWXO DFWLYLWăĠLL VDOH 21() D vQFHUFDW Vă FRPSHQVH]H
GLIHUHQĠHOHGHSUHJăWLUHWHRUHWLFăSUDFWLFăúLSHGDJRJLFăSULQRUJDQL]DUHDXQRUFXUVXULVSHFLDOHSHQWUX
PDHúWULLGLQWRDWHWHULWRULLOH5RPkQLHL0DUL
,QVWLWXWXO 6XSHULRU GH (GXFDĠLH )L]LFă ,6()  D OXDW ILLQĠă vQ  VXE HJLGD 21()
,QVWLWXĠLDHUDFRPSXVăGLQGRXăVHFĠLLFLYLOăSHQWUXSUHJăWLUHDFDGUHORUGLGDFWLFHúLPLOLWDUăDLFăUHL
DEVROYHQĠL XUPDX Vă ILH DQJDMDĠL vQ DUPDWă ÌQ WLPS QXPHOH LQVWLWXĠLHL D IRVW VFKLPEDW vQ ,QVWLWXWXO
1DĠLRQDOGH(GXFDĠLH)L]LFăDSRLvQ$FDGHPLD1DĠLRQDOăGH(GXFDĠLH)L]LFă'LQOD,6()DX
IRVW DGPLVH úL VWXGHQWH 1XPăUXO DFHVWRUD D GHSăúLW UDSLG SH FHO DO VWXGHQĠLORU LQFOXVLY vQ FHHD FH
SULYHúWH SURFHQWXO GH DEVROYLUH 3ULPXO úL FHO PDL LQIOXHQW FRQGXFăWRU DO ,6() D IRVW JHQHUDOXO
9LUJLO%ăGXOHVFX&DúL(PLO3ăOăQJHDQXúL-XVWLQ0DULQHVFXHOVWXGLDVHSkQăvQOD,QVWLWXWXOGH
(GXFDĠLH )L]LFă GLQ 6WRFNKROP %ăGXOHVFX 3ăOăQJHDQX úL 0DULQHVFX DX IRVW vQDLQWH GH SULPXO
Uă]ERLPRQGLDOSURIHVRULDL/LFHXOXL0LOLWDUÄ1LFRODH)LOLSHVFX´GHOD0kQăVWLUHD'HDOX$OăWXULGH
DFHúWLRILĠHULOD,6()DXSUHGDWSHUVRQDOLWăĠLGHVHDPăDOHOXPLLúWLLQĠLILFHURPkQHúWLFD)UDQFLVF
5DLQHU2FWDY2QLFHVFX5DGX2OLQHVFX1DH,RQHVFX&RQVWDQWLQ.LULĠHVFX5DLQHUúL2QLFHVFXDX
RFXSDW úL IXQFĠLD GH GLUHFWRU DO VHFĠLHL FLYLOH &DWHGUHOH HUDX RUJDQL]DWH GXSă XUPăWRDUHD VWUXFWXUă
JLPQDVWLFD LVWRULD WHRULD úL RUJDQL]DUHD HGXFDĠLHL IL]LFH JLPQDVWLFD PHGLFDOă IL]LRORJLH DQDWRPLH
LJLHQăPHFDQLFDHGXFDĠLHLIL]LFHSVLKRORJLHúLSHGDJRJLHSUREOHPHGHFXOWXUăJHQHUDOă'DWILLQG
VFRSXO vQILLQĠăULL SUDFWLFD SHGDJRJLFă D IRVW FHO SXĠLQ WHRUHWLF XQXO GLQWUH SXQFWHOH IRUWH DOH
SURFHVXOXL HGXFDĠLRQDO 6WXGHQĠLL SULPXOXL DQ DVLVWDX OD GLVFXĠLL WHRUHWLFH 'LQ DQXO DO GRLOHD SXWHDX
FRQGXFHRUHGHVIăúXUDWHvQJUăGLQLĠH3UDFWLFDvQDQXODOWUHLOHDVHIăFHDFXHOHYLDLúFROLORUVHFXQGDUH
LDUDQXOSDWUXGHVFKLGHDSRVLELOLWDWHDOXFUXOXLFXVWXGHQĠLDL8QLYHUVLWăĠLLGLQ%XFXUHúWLúLFXPHPEULDL
GLIHULWHORURUJDQL]DĠLLSURIHVLRQDOHFXFDUDFWHUVSRUWLY


(QFLFORSHGLDHGXFDĠLHLIL]LFHúLVSRUWXOXLGLQ5RPkQLD,,3HUVRQDOLWăĠLGHUHIHULQĠă5HODĠLL
LQWHUQDĠLRQDOH&DUWHDGHDXU%XFXUHúWLSVY

,RQ$WKDQDVLX3UHIDĠăOD,RDQ%XFRYLQHDQX0DQXDOGHHGXFDĠLXQHIL]LFă6XHGH]ăvQVRĠLWGH
SULQFLSLLGHPHFDQLFăDQDWRPLHIL]LRORJLHKLJLHQăúLSHGDJRJLH%XFXUHúWLS±

&I(QFLFORSHGLDHGXFDĠLHLIL]LFHúLVSRUWXOXLGLQ5RPkQLDYRO,,,%XFXUHúWLS±

([SR]LĠLDGHPRQVWUDWLYăDHGXFDĠLHLIL]LFH,XQLH±,XOLH&DWDORJXORILFLDOS±

9DOHQWLQD5RúFD2ULJLQHDJLPQDVWLFHLVXHGH]HvQÄ%XOHWLQXO(GXFDĠLHL)L]LFH´DQ9,QU
VHSWHPEULHS

&I,DFRE0LKăLOă$FWLYLWDWHDSURIHVRUXOXL)UDQFLVF5DLQHUOD,1()vQÄ(GXFDĠLH)L]LFă
úL6SRUW´DQ;;,,,QUVHSWHPEULHS±

0LKDLO9HVD&XDFDGHPLFLDQXO2FWDY2QLFHVFXGHVSUHHGXFDĠLHIL]LFăúLVSRUWvQÄ(GXFDĠLH
)L]LFăúL6SRUW´DQ;;,9QUPDLS±

,6()=HFHDQLGHDFWLYLWDWH±%XFXUHúWLSDVVLP

,ELGHPS

 %RJGDQ3RSD 

ÌQWUH  úL  OD ,6() DX IRVW DGPLúL  GH VWXGHQWH úL  GH VWXGHQĠL 3ULPHOH
SURPRĠLL DOH VHFĠLHL FLYLOH DX WHUPLQDW vQ  3kQă vQ  DEVROYLVHUă FX WLWOXO GH OLFHQĠLDW vQ
HGXFDĠLH IL]LFă GRDU  GH SHUVRDQH  GH IHPHL úL  EăUEDĠL  'HúL OD DGPLWHUH OL VH FHUHD
FDQGLGDĠLORU Vă VH DQJDMH]H Fă YRU VHUYL FHO SXĠLQ ]HFH DQL vQ vQYăĠăPkQWXO VHFXQGDU vQ UHDOLWDWH
QXPăUXOFHORUFDUHLQWUDVHUăvQvQYăĠăPkQWDUăPDVVFă]XWvQFRPSDUDĠLHFXDúWHSWăULOHLQLĠLDWRULORUúL
FX QHYRLOH UHDOH DOH vQYăĠăPkQWXOXL URPkQHVF 'HúL YLDĠD VWXGHQĠLORU HUD R FRPELQDĠLH LGHDOă GH
VWXGLX GHORF IDFLO FX DQWUHQDPHQWH úL WDEHUH vQ PXQĠL VDX SH PDOXO PăULL FDSDFLWDWHD GH DWUDJHUH D
DEVROYHQĠLORUOLFHHORUFLYLOHSDUHVăILUăPDVVFă]XWă
$OWHRELHFWLYHPDMRUHDOH,6()DXIRVWSURSDJDQGDvQMXUXOLGHLLGHFXOWXUăIL]LFăúLFUHDUHD
XQHL ED]H ORJLVWLFH SURSULL ,6() D HGLWDW GLQ  Ä%XOHWLQXO (GXFDĠLHL )L]LFH´ SXEOLFDĠLH DOH
FăUHLGH]LGHUDWHDXIRVWVLQWHWL]DWHDVWIHOÄDUWLFROHOHFHVH YRUWULPLWHÄ%XOHWLQXOXL´WUHEXLHVăILHGH
DúD QDWXUă vQFkW Vă QX ĠLQWHDVFă QXPDL OD R GLVFXĠLXQH WHRUHWLFă DVXSUD GLIHULWHORU SUREOHPH GH
HGXFDĠLHIL]LFăFLPDLDOHVVăSURYRDFHRDFĠLXQHSUHFL]kQGDFHDVWăDFĠLXQHSULQSURSXQHULFRQFUHWHúL
GRFXPHQWDUH>«@3DUWHDLVWRULFăYDSULYLPDLvQWkLYLDĠDQRDVWUăQDĠLRQDOăGLQWUHFXWXOFăUHLDVHSRW
GHVSULQGHDQXPLWPDQLIHVWDĠLXQLDOHYLHĠLLIL]LFH´ÌQSULPLLXQVSUH]HFHDQLGHH[LVWHQĠăÄ%XOHWLQXO
(GXFDĠLHL )L]LFH´ WLWOXO D IRVW VFKLPEDW vQ  vQ Ä(GXFDĠLD )L]LFă %XOHWLQ 21()´ LDU SHQWUX
VFXUWăYUHPHDDSăUXWFDÄ%XOHWLQDO0DULL/HJLXQLD&HUFHWDúLORU5RPkQLHL´ DIRVWWLSăULWvQ
GH H[HPSODUH  ILLQG vPSăUĠLWH JUDWLV 'H DVHPHQHD 21() D SXEOLFDW EURúXUL úL FăUĠL GH
VSHFLDOLWDWH 'LQ WLUDMXO WRWDO GH  GH H[HPSODUH  DX IRVW YkQGXWH  ILLQG GLVWULEXLWH
JUDWXLW2DOWăPRGDOLWDWHGHDIDFHSURSDJDQGăFXOWXULLIL]LFHGHDDWUDJHVWXGHQĠLúLVSULMLQILQDQFLDU
DIRVWRUJDQL]DUHDXQRUGHPRQVWUDĠLLGHJLPQDVWLFăúLDWOHWLVPvQRUDúHDEVHQWHGHSHVFHQDVSRUWLYă
SUHFXP3LWHúWLúL7kUJRYLúWH
6WDGLRQXO 21() GLQ %XFXUHúWL D IRVW ULGLFDW WRW GDWRULWă VWUăGDQLLORU JHQHUDOXOXL 9LUJLO
%ăGXOHVFX 'LQ SXQFW GH YHGHUH DO ED]HL PDWHULDOH DFHDVWD D IRVW LQYHVWLĠLD HVHQĠLDOă vQGHOXQJ
SODQLILFDWă úL FX WHQDFLWDWH GXVă SkQă OD FDSăW 3H OkQJă DFHVW VWDGLRQ DVWă]L GLVSăUXW ,1() PDL
GLVSXQHD GH GRXă FHQWUH GH SUHJăWLUH OD 3UHGHDOSHQWUX VFKL úL VSRUWXUL GH LDUQăúL OD (IRULH SHQWUX
vQRWFDQRWDMJLPQDVWLFăWLUVDXDWOHWLVP7DEăUDGHLDUQăGHOD3UHGHDOH[LVWDGLQGDUDELDvQ
DXIRVWDPHQDMDWHORFXLQĠHOHJDWHODUHĠHOHOHGHFXUHQWHOHFWULFúLDSăFXUHQWăIDSWFHDSHUPLV
VHFĠLHLFLYLOHúLVWXGHQWHORUVăVHDOăWXUHHOHYLORUVHFĠLHLPLOLWDUHODPXOWDSUHFLDWHOHFXUVXULGHVFKL
/D(IRULHIXVHVHvQMJKHEDWăRWDEăUăGHFRUWXULGDUJHQHUDOXO%ăGXOHVFXLQWHQĠLRQDFRQVWUXLUHDXQXL
SDYLOLRQ FDUH Vă DGăSRVWHDVFă  GH SHUVRDQH ,QLĠLDWLYD VD YL]D QX GRDU FUHúWHUHD QXPăUXOXL GH
VWXGHQĠL úL FRQIRUWXO DFHVWRUD FL úL DWUDJHUHD WRW PDL PXOWRU SDUWLFXODUL LQWHUHVDĠL vQ FRQFHGLL DFWLYH


,ELGHPS±3HQWUXROLVWăDQXPHORUDEVROYHQĠLORUúLDVXELHFWHORUWH]HORUGHOLFHQĠăD
VHYHGHDS±

3DUWHDRILFLDOăvQÄ%XOHWLQXO(GXFDĠLHL)L]LFH´DQ,QUDSULOLHS

3HED]DFRQVXOWăULLUHJLVWUHORUPDWULFROH(PLO*KLEXúL,RDQ7RGDQ 6SRUWXOURPkQHVFGHD
OXQJXO YHDFXULORU %XFXUHúWL  S ±  DX DUăWDW Fă vQWUH  úL  DX IRVW  GH
DEVROYHQĠLvQPDMRULWDWHIHPHL

3DUWHDRILFLDOăS

([SR]LĠLDGHPRQVWUDWLYăDHGXFDĠLHLIL]LFHS

(GXFDĠLDIL]LFăDUHQHYRLHGHSURSDJDQGăvQÄ&XUHQWXO´DQ,;QUPDUWLHS

,6()=HFHDQLGHDFWLYLWDWH±S

,ELGHPS

ùHGLQĠD &RPLWHWXOXL 2ILFLXOXL GH (GXFDĠLH )L]LFă OD &RQVWDQĠD vQ Ä&XUHQWXO´ DQ ,9
QU   DXJXVW  S  9LUJLO %ăGXOHVFX PDL SURSXVHVH vQ DFHHDúL vQWkOQLUH DPHQDMDUHD GH
SROLJRDQHGHWLUvQvQWUHDJDĠDUăDXQHLSLVFLQHODLQVWLWXWXOGLQ%XFXUHúWLúLvQFRQMXUDUHDORFDOLWăĠLORU
FXúRVHOHSDYDWHSHQWUXDUHGXFHSUDIXO


 0DHúWULúLSURIHVRULGHHGXFDĠLHIL]LFăvQ5RPkQLDLQWHUEHOLFă 

ED]DWH SH H[HUFLĠLL IL]LFH 'LQ GDWHOH IăFXWH SXEOLFH GH 21() UHLHVH Fă vQWUH  úL  vQ
WDEHUHOHGHOD7HFKLUJKLROúL(IRULHIXVHVHUăJă]GXLĠLúLLQVWUXLĠLGHVWXGHQĠLVWXGHQWHPLOLWDULGH
GLIHULWH JUDGH úL FkĠLYD ÄHGXFDWRUL IL]LFL´ 7DEHUHOH GH OD PXQWH úL GH OD PDUH VH vQFKHLDX SULQ
FRQFXUVXUL úLH[DPHQH VSHFLDOHúL HYHQWXDOHUDX XUPDWH GH SXEOLFDUHD QXPHOXLFDQGLGDĠLORU VDXDOH
RDVSHĠLORUFLYLOLDLWDEHUHORUvQSDJLQLOHVSHFLDOHGHYLOHJLDWXUăDOHYUHXQXLFRWLGLDQFHQWUDOLPSRUWDQW
)RQGDUHD XQHL LQVWLWXĠLL GH vQYăĠăPkQW VXSHULRU GHGLFDWă vQ H[FOXVLYLWDWH IRUPăULL FDGUHORU
QHFHVDUHLQVWUXLULLHOHYLORUúLRVWDúLORUDvQVHPQDWXQVXFFHVGHQHWăJăGXLWGHFDUHFRQWHPSRUDQLLHUDX
FRQúWLHQĠL 6DX IăFXW DX]LWH úL YRFL FDUH DX DILUPDW FX GHPRQVWUDĠLL ELQH vQWHPHLDWH Fă QX HUD
VXILFLHQW3UREOHPDHVHQĠLDOăDvQYăĠăPkQWXOXLURPkQHVFvQSHULRDGDLQWHUEHOLFăDIRVWDUPRQL]DUHDD
SDWUXVLVWHPHGLIHULWHGHSUHGDUHvQYăĠDUHGLQWUHFDUHFHOPDLVODEHUDFRQVLGHUDWGHvQVXúLPLQLVWUXO
GHUHVRUWFHODO9HFKLXOXL5HJDW
/DLQWUDUHDvQvQYăĠăPkQWPDHVWUXOGHHGXFDĠLHIL]LFăVHORYHDGHRVHULHGHSUREOHPHODDFăURU
UH]ROYDUH SXWHD FRQWULEXL QXPDL SDUĠLDO $FHVWHD HUDX LJLHQD SUHFDUă VXEQXWULĠLD VXUPHQDMXO úFRODU
DQDOIDEHWLVPXO 'LILFXOWDWHD FHD PDL PDUH HUD RVWLOLWDWHD FHORUODOĠL SURIHVRUL D GLUHFWRULORU úL D
SăULQĠLORUIDĠăGHHGXFDĠLDIL]LFăUHIOH[DODFFHSWăULLGLILFLOHDFXOWXULLIL]LFHGHFăWUHRPDUHSDUWHD
VRFLHWăĠLL URPkQHúWL 1LFL HOHYLL QX HUDX vQWUX WRWXO vQFUHGLQĠDĠL GH XWLOLWDWHD PDWHULHL úL WUHEXLDX
FRQYLQúLFXPXOWWDFW
&RQIRUPUHFHQVăPkQWXOXLGLQQXPDLGLQWUHORFXLWRULL5RPkQLHLúWLDXFDUWHGDUGLQWUH
DFHúWLDFLUFDQXDYHDXGHFkWVWXGLLSULPDUH/DvQFHSXWXODQLORUSURFHQWXOGHIUHFYHQĠăúFRODUă
HUDGHFLIUăPRGHVWăvQFRPSDUDĠLHFXVWDWHOHYHFLQHXQGHDFHVWSURFHQWYDULDvQWUH 8566 
úL &HKRVORYDFLD 3ULYLQGFLIUHOHFRQVWDWDUHDOXL**$QWRQHVFXúL,RVLI,*DEUHDGLQHUD
DEVROXW vQGUHSWăĠLWă ± 5RPkQLD HUD R ĠDUă vQ FDUH GUHSWXO OD YRWXO XQLYHUVDO HUD H[HUFLWDW GH FHWăĠHQL
QHWUHFXĠLSULQúFRDOăGHEăLHĠLúLGHIHWHGLQPHGLXOXUEDQUHVSHFWLYGHEăLHĠLúLGH
IHWHGLQPHGLXOUXUDODXFRQVWLWXLWVXELHFĠLLXQHLFHUFHWăULFDUHDGH]YăOXLWFăGLQWUHHLDYHDXFHO
SXĠLQXQIUDWHPRUWGHPLFFRSLOWUăLDXvPSUHXQăFXIDPLOLDvQORFXLQĠHDFăURUVWDUHLJLHQLFăOăVD
PXOWGHGRULW$OWHDQFKHWHDXDUăWDWFăODQLYHOQDĠLRQDOVXEQXWULĠLDPDLULGLFDWăODFRSLLGHFkWODDGXOĠL


&I9)LURLX6SRUWLYLVXEFXSROD$FDGHPLHL%XFXUHúWLS

$SULOLDQD0HGLDQX21()OD7HNLUJKLRO±(IRULHvQÄ&XUHQWXO´DQ,,,QUDXJXVW
S

1LFRODH 'XĠHVFX (GXFDĠLD IL]LFă úL VSRUWXO vQ úFRDOă vQ Ä7ULEXQD ùFRDOHL´ DQ , QU 
GHFHPEULHS

* %DQX (GXFDĠLD IL]LFă vQ VHUYLFLXO SRSRUXOXL URPkQ vQ Ä5HYLVWD GH ,JLHQă 6RFLDOă´
DQ9,,,QUIHEUXDULHS

'U&$QJHOHVFX$FWLYLWDWHD0LQLVWHUXOXL,QVWUXFĠLXQHL±%XFXUHúWLS

30DQROHVFX3HQWUXRIăUkPăGHVSRUWvQÄ&XUHQWXO´DQ;QULDQXDULHS

$XWRULWăĠLOHúFRODUHúLVSRUWXOvQÄ*D]HWDVSRUWXULORU´DQ,,QUDSULOLHS

$XJXVWLQ /DWLú RS FLW S  ,RDQ &RMD 1HFHVLWDWHD XQRU RUJDQL]DĠLXQL úFRODUH GH
*LPQDVWLFă úL 6SRUW vQ vQYăĠăPkQWXO VHFXQGDU úL UHDOL]DUHD ORU vQ Ä%XOHWLQXO (GXFDĠLHL )L]LFH´
DQ 9,, QU ± LXOLH±DXJXVW  S  2FWDY ùXOXĠLX 5H]LVWHQĠD OD HIRUW vQ Ä5RPkQLD´ DQ ,
QURFWRPEULHS

0DULD %ODMLX (GXFDĠLD IL]LFă vQ ùFRDOD 1RUPDOă GH )HWH GLQ 6I *KHRUJKH vQ Ä%XOHWLQXO
(GXFDĠLHL)L]LFH´DQ9,,QUPDLS±

(QFLFORSHGLD5RPkQLHL,6WDWXO%XFXUHúWLS

** $QWRQHVFX ,, *DEUHD 2UJDQL]DUHD vQYăĠăPkQWXOXL %XFXUHúWL  S 
$O 0DQROHVFX 5RVWXO HGXFDĠLHL IL]LFH vQ vQGUXPDUHD HGXFDĠLHL FRSLLORU vQ Ä%XOHWLQXO (GXFDĠLHL
)L]LFH´DQ,,QULXOLHS

* %DQX &HUFHWăUL DVXSUD VWăULL VRFLDOH úL IL]LFH D FRSLLORU GH úFRDOă vQ 5RPkQLD vQ
Ä5HYLVWDGH,JLHQă6RFLDOă´DQ,QUDSULOLHS±

 %RJGDQ3RSD 

HUDPDLGHVvQWkOQLWăODRUDúHGHFkWODVDWH&RQFOX]LDHVWHVXUSULQ]ăWRDUHúLVHSRDWHGDWRUDIDSWXOXLFă
PDMRULWDWHD DQFKHWHORU DX IRVW vQWUHSULQVH vQ úFROL GLQ PHGLXO XUEDQ XQGH vQYăĠDX UHODWLY SXĠLQL HOHYL
SURYHQLĠLGHODĠDUăFXVLJXUDQĠăvQVăGLQIDPLOLLFDUHvúLSHUPLWHDXWULPLWHUHDFRSLLORUODúFROLEXQH
&KLDUvQDFHOHFD]XULvQFDUHVDXFRQVWDWDWVWăULGHIDSWPDLvPEXFXUăWRDUHDFHVWHDQXVFKLPEDXPXOW
GDWHOHJHQHUDOHDOHSUREOHPHL$VXSUDúFROLLFDLQVWLWXĠLHVHDUXQFDYLQDGHDQXDYHDFDSDFLWDWHDGHD
IDFH R HGXFDĠLH D DOLPHQWDĠLHL VăQăWRDVH 3URSXQHULOH GH vPEXQăWăĠLUH WLQGHDX VSUH FUHúWHUHD
LPSRUWDQĠHLDVLVWHQĠHLPHGLFDOHvQILHFDUHXQLWDWHGHvQYăĠăPkQWúLDDVLVWHQĠHLVRFLDOHvQJHQHUDOIăUăD
LQFOXGH úL VXJHVWLL SULYLQG RUHOH GH HGXFDĠLH IL]LFă 8Q DVSHFW LQWHUHVDQW HUD UHFRPDQGDUHD GH D VH
IRORVLHOHYLLSHQWUXSURSDJDQGDVDQLWDUăLQGLUHFWăvQUkQGXOIDPLOLLORU
6XUPHQDMXO úFRODU D IRVW DGHVHD QRPLQDOL]DW FD R SUREOHPă JUDYă D VLVWHPXOXL HGXFDĠLRQDO
LQWHUEHOLF%DULHUHOHLPSRVLELOHĠLQHDXGHPHQWDOLWăĠLGHWUDGLĠLDúFROLLURPkQHúWLFXPXOWHPDWHULLúL
GHWDOLL PLQXĠLRDVH FHUXWH OD H[DPHQHOH GH VIkUúLW GH DQ VDX GH EDFDODXUHDW vQFăUFkQG LQXWLO 
PHPRULD úLGHVFXUDMkQG JkQGLUHDSURSULHDDEVROYHQĠLORU 'LVFXĠLLOHDVXSUDUHIRUPăULLvQYăĠăPkQWXOXL
DX DWLQV FHO SXĠLQ vQ WUHDFăW SUREOHPD VSRUWXOXL SHQWUX HOHYL $WLWXGLQHD RDPHQLORU úFROLL FDUH DX
SURSXVVROXĠLLSHQWUXGHSăúLUHDSUREOHPHLVXUPHQDMXOXLúFRODUDYDULDWvQWUHQRPLQDOL]DUHDJLPQDVWLFLL
FDVXUVăGHRERVHDOăSHQWUXHOHYLLPSLHWkQGvQPRGHJDODVXSUDSUHJăWLULLLQWHOHFWXDOHúLFRUSRUDOH
úL QHFHVLWDWHD XQHL HGXFDĠLL IL]LFH UHDOH RULHQWDWă QX VSUH GH]YROWDUHD PXVFXODWXULL FL SH HGXFDUHD
IXQFĠLHLUHVSLUDWRULLDRUJDQLVPXOXLWRFPDLSHQWUXDFRQWUDFDUDHIHFWHOHGHOXQJăGXUDWăDOHRERVHOLL
WUXSXOXLúLPLQĠLL3ULQWUHYRFLOHÄDXWRUL]DWH´DOHSURIHVRULORUVDVWUHFXUDWWLPLGúLFHDDXQXLHOHYGH
OD/LFHXO3ULQFLSHOH&DUROGLQ%XFXUHúWL$UWLFROXOVăXGLQUHYLVWDOLFHXOXLHUDROXDUHGHSR]LĠLHFRQWUD
SURJUDPHORUvQFăUFDWHFHSXQHDXODvQFHUFDUHQXPDLPHPRULD3HQWUXWkQăUXOOLFHDQURVWXOúFROLLHUD
VăIXUQL]H]HXQEDJDMFRQIRUWDELOGHFXQRúWLQĠHJHQHUDOHúLGHSULQGHUHDGHDOHVSRULFHSXWHDILDSRL
H[HUVDWăWRWUHVWXOYLHĠLL
$QFKHWHOH úFRODUH DX DUăWDW Fă RUHOH GH HGXFDĠLH IL]LFă HUDX SUHIHUDWH GH PDMRULWDWHD HOHYLORU
8QDGLQWUHSULPHOHFHUFHWăULUHDOL]DWăvQDQXOúFRODU±DDUăWDWFăPRWLYDĠLDSUHGRPLQDQWăD
HOHYLORUHUDOLEHUWDWHDGHDVHMXFDÌQWUHEDĠLGHVSUHIRORDVHOHH[HUFLĠLLORUIL]LFHHLDXQXPLWVăQăWDWHD
YRLRúLDGH]YROWDUHDPXúFKLORU(OHYLLQHPXOĠXPLĠLLQYRFDXRERVHDODVDXUHIX]XOPDHúWULORUGHDLOăVD
vQ YRLD ORU 'HVLJXU FkĠLYD QX VDX VILLW Vă VH GHFODUH PDL LQWHUHVDĠL GH RUD GH HGXFDĠLH IL]LFă GH
H[FXUVLLOHúFRODUHVDXGHEUDGXOGH&UăFLXQGHFkWGHJUDPDWLFăVDXFDOLJUDILH


*K &RVWLQ 6WDUHD GH QXWULĠLH WDUHOH IL]LFH úL UHDFĠLXQLOH SDWRORJLFH OD HOHYLL GH OLFHX vQ
Ä5HYLVWD GH ,JLHQă 6RFLDOă´ DQ , QU  LXOLH  S  * %DQX &HUFHWăUL DVXSUD DOLPHQWDĠLHL
FRSLLORUGHúFRDOăvQ5RPkQLDvQÄ5HYLVWDGH,JLHQă6RFLDOă´DQ,QUQRLHPEULHS
*K$QGURQRYLFL6WDUHDGHQXWULĠLHDHOHYLORUGHúFRDOăSULPDUăGLQRUDúXO'HMvQÄ5HYLVWDGH,JLHQă
6RFLDOă´ DQ 9,, QU  IHEUXDULH  S  $QDWROH &UHVVLQ 6WDUHD IL]LFă úL VRFLDOă D HOHYLORU
ùFRDOHL&RPHUFLDOH5HJHOH&DURO,GLQ%XFXUHúWL6WXGLXVWDWLVWLFúLGHLJLHQăúFRODUăvQÄ5HYLVWDGH
,JLHQă6RFLDOă´DQ9,,QUPDUWLHS± VWXGLXHIHFWXDWSHGHHOHYLvQWUH±
 YH]LúLDUWLFROXOVLQWHWL]DWRUDOOXL$QDWROH&UHVVLQ 6WDUHDIL]LFăúLDOLPHQWDĠLDúFRODULORUGLQ
5RPkQLDvQÄ6RFLRORJLH5RPkQHDVFă´DQ,,QU±PDL±LXQLHS±

&I&$OH[DQGUHVFX'HUVFD6XUPHQDMXOLQWHOHFWXDOvQúFROLOHVHFXQGDUH&HUFHWăULIL]LRORJLFHúL
SVLKRORJLFHvQÄ5HYLVWDGH,JLHQă6RFLDOă´DQ,,,QULDQXDULHS±

 (OHQD *KHRUJKLX 6XUPHQDMXO vQ úFRDOă vQ ÄùFRDOD VHFXQGDUă´ &UDLRYD DQ , QU ±
PDUWLH±DSULOLHS

'XPLWUX 7KHRGRVLX 6XUPHQDMXO úFRODU vQ ÄùFRDOD úL YLDĠD´ DQ , QU  IHEUXDULH 
S ± FI ,RQ *KHRUJKLX (GXFDĠLD IL]LFă vQ 9 &RQGRLX ( ğLQWă , *KHRUJKLX 1 /XQJX
ÌQGUXPăULPHWRGLFH9RO,9&DOLJUDILH'HVHQ(GXFDĠLDIL]LFă0X]LFă%XFXUHúWLS

-RVFXVSRUWXO " «vQÄ/LFHXO´DQ,,QU±PDL±LXQLHS

5 3HWUH $QFKHWH SUHIHULQĠHOH HOHYLORU DVXSUD RELHFWHORU GH vQYăĠăPkQW vQ Ä5HYLVWD
*HQHUDOăDÌQYăĠăPkQWXOXL´DQ;,,,QUPDLS


 0DHúWULúLSURIHVRULGHHGXFDĠLHIL]LFăvQ5RPkQLDLQWHUEHOLFă 

&RQĠLQXWXORUHORUGHHGXFDĠLHIL]LFăĠLQHDGHFDSDFLWDWHDPDHVWUXOXLGHDúLDGDSWDPHWRGHOHOD
FHULQĠHOHSURJUDPHLúLvQDFHODúLWLPSODWUHEXLQĠHOHHOHYLORU&HHDFHVHFHUHDGHODFRQGXFăWRUXORUHL
GHHGXFDĠLHIL]LFăHUDVăLQWHUDFĠLRQH]HFXHOHYLLVăGXFăRGLVFUHWăDFĠLXQHGHFRQYLQJHUHVăQXVH
OLPLWH]H OD FRPHQ]L úL GHPRQVWUDĠLL &RQIRUP SURJUDPHL GLQ  RELHFWLYHOH FDUH DU IL WUHEXLW
DWLQVHHUDXVXSOHĠHDDWLWXGLQHD IUXPRDVăúLVăQăWRDVăDFRUSXOXLPăULUHDFDSDFLWăĠLLGHHIRUWIL]LFúL
LQWHOHFWXDO R VWDUH SHUPDQHQWă GH EXQă GLVSR]LĠLH 0DHVWUXO GH HGXFDĠLH IL]LFă WUHEXLD Vă FRQGXFă
OHFĠLDvQWUXQPRGGLQDPLFVăIDFăGHPRQVWUDĠLLSHUVRQDOHFXH[HUFLĠLLOHSURSXVHúLVăILHSUHJăWLWVă
DFRUGHSULPXODMXWRUvQFD]XOXQRUDFFLGHQWH&XYkQWXOGHRUGLQHDORUHLGHHGXFDĠLHIL]LFăWUHEXLDVă
ILHÄPLúFDUH´([HUFLĠLLOHJLPQDVWLFHWUHEXLDXXUPDWHGHDúDQXPLWHOHÄVSRUWXULDWHQXDWH´WHUPHQSULQ
FDUHVHvQĠHOHJHDXGLYHUVHUDPXULDOHDWOHWLVPXOXLúLGDQVXULQDĠLRQDOHĠHOXODFHVWRUDGLQXUPăILLQGGH
D VSRUL ÄPkQGULD QDĠLRQDOă´ D GH]YROWD ÄvQFUHGHUHD vQ VLQH D QDĠLXQLL´ úL D vQIUăĠL SH RUăúHDQ FX
VăWHDQXO 7RDWH DFHVWH H[LJHQĠH WUHEXLDX vQGHSOLQLWH vQVă vQ IXQFĠLH GH GRWăULOH úFROLL VDX GH VWDUHD
WHUHQXULORUVSRUWLYHGLQORFDOLWDWHDUHVSHFWLYă
/D VIkUúLWXO GHFHQLXOXL ± RELHFWLYHOH GLGDFWLFH FH WUHEXLDX DWLQVH vQ SUHGDUHD
HGXFDĠLHLIL]LFHvQúFROLOHVHFXQGDUHHUDXDUPRQLDWUXSXOXLvQIXQFĠLHGHYkUVWDHOHYLORUĠLQXWDIL]LFă
úLPRUDOăÄQRUPDOă´ WHUPHQDOHFăUXLVHQVXULWUHEXLDXGLQSăFDWHSHQWUXFHUFHWDUHDGHDVWă]LVăILH
vQĠHOHVHIăUăH[SOLFDĠLLRILFLDOHGHFăWUHPDHúWUL FRQWULEXĠLDODIRUPDUHDFDUDFWHUXOXLYLLWRUXOXLDGXOW
vPEXQăWăĠLUHD VWăULL VăQăWăĠLL SXEOLFH SULQ FRQWULEXĠLH FROHFWLYă FRLQWHUHVDUHD IDPLOLHL vQ PXQFD GH
FRUHFWDUH D GHIHFWHORU IL]LFH DOH DGROHVFHQĠLORU úL PDL DOHV LQFXOFDUHD H[HUFLĠLLORU JLPQDVWLFH FD
GHSULQGHUH D YLHĠLL FRWLGLHQH ÌQWUR SHULRDGă GH DVFHQVLXQH JHQHUDOL]DWă D QDĠLRQDOLVPXOXL
0LQLVWHUXO (GXFDĠLHL 1DĠLRQDOH FRQWLQXD Vă PHQĠLQă GDQVXULOH SRSXODUH URPkQHúWL vQ SURJUDPD
HGXFDĠLHLIL]LFHFDVSHFLILFQDĠLRQDOúLHWQLFXUPkQGOLQLDLQWURGXVăGH*KHRUJKH0RFHDQXvQDGRXD
MXPăWDWHDVHFROXOXLDO;,;OHD0DHúWULORUSURIHVRULORUOLVHUHFRPDQGDVăvúLĠLQăRUHOHDWHQĠLVăQX
vúLRULHQWH]HHOHYLLFăWUHRVLQJXUăGLVFLSOLQăVSRUWLYăúLVSUHDQWUHQDPHQWXOH[FHVLY(IHFWXOQHJDWLY
SRWHQĠLDO LGHQWLILFDW GH vQúLúL WHRUHWLFLHQLL HGXFDĠLHL IL]LFH HUD WHQGLQĠD RDUHFXP QRUPDOă D PXOWRUD
GLQWUHHOHYLGHDLPLWDVSRUWXOSURIHVLRQLVW
'LVFLSOLQHOHSUHGDWHvQúFROLOHGLQ5RPkQLDLQWHUEHOLFăVHvPSăUĠHDXvQPDWHULLIXQGDPHQWDOHúL
UHVSHFWLY DUWH úL GH[WHULWăĠL DFHVWHD GLQ XUPă vQJOREkQG HGXFDĠLD IL]LFă /HJHD vQYăĠăPkQWXOXL
VHFXQGDUGLQUHJOHPHQWDSR]LĠLDFHORUFDUHSUHGDXHGXFDĠLDIL]LFăSULQDVLPLODUHDPDHúWULORUFX
SURIHVRULL'LVWLQFĠLDQXVHUHIHUHDQXPDLODGHQXPLUHFLPDLDOHVODSUHVWLJLXúLJUDGXOGHVDODUL]DUH
(YLGHQWPDHúWULLGHHGXFDĠLHIL]LFăDXGH]DYXDWLQFOXGHUHDPDWHULHLORUvQUkQGXOGH[WHULWăĠLORU9LUJLO
%ăGXOHVFX D SXV vQWUH ÄGH[WHULWDWH´ úL ÄLQGLIHUHQĠă´ VHPQXO HJDOLWăĠLL LDU (UQHVW /DVFăU D LQVLVWDW
DVXSUDFRQFHSWXOXLGHFXOWXUăFRUSRUDOăFDWLWXODWXUăDXQHLúWLLQĠHYHULWDELOHPXOWGLIHULWăGHVLPSOD
JLPQDVWLFă $VXSUD H[LVWHQĠHL XQRU FXUHQWH GHIDYRUDELOH ÄGH[WHULWăĠLORU´ PDWHULL FDUH GăGHDX R
VLPSOăvQGUXPDUHSUDFWLFăRRULHQWDUHSHQWUXYLDĠDDGXOWăúLQXFXQRúWLQĠHOHWHRUHWLFHDWkWGHSUHĠXLWH 
vQ LQWHULRUXO FRUSXOXL GLGDFWLF RIHUă XQ LQGLFLX LPSRUWDQW R SROHPLFă GLQ WRDPQD DQXOXL  FkQG
0LQLVWHUXO,QVWUXFĠLXQLL3XEOLFHDGHFLVFDODFDOFXODUHDPHGLLORUDQXDOHVăILHLQFOXVHQRWHOHSULPLWHOD
GH[WHULWăĠL JLPQDVWLFăGHVHQPX]LFăOXFUXPDQXDOJRVSRGăULH 1RWDUHDHJDOăDDFHVWRUDDUILGXV


,RQ*KHRUJKLX(GXFDĠLDIL]LFăS,GHP5ROXOSHGDJRJLFDOSURIHVRUXOXLGHHGXFDĠLH
IL]LFăvQÄ%XOHWLQXO(GXFDĠLHL)L]LFH´DQ9,,QUDSULOLHS

0LQLVWHUXO ,QVWUXFĠLXQLL 3URJUDPHOH DQDOLWLFH DOH vQYăĠăPkQWXOXL VHFXQGDU OLFHH úL JLPQD]LL 
&ODVHOH,±,,%XFXUHúWLS±

,RQ*KHRUJKLX(GXFDĠLDIL]LFăS

,ELGHPS

/HJHSHQWUXvQYăĠăPkQWXOVHFXQGDU%XFXUHúWLDUW

9LUJLO,%ăGXOHVFX(GXFDĠLDIL]LFăvQvQYăĠăPkQWXOGHWRDWHJUDGHOHUROXOúLvQFDGUDUHDHL
vQYRO(GXFDĠLDIL]LFăvQvQYăĠăPkQWXOGHWRDWHJUDGHOHHG(UQHVW/DVFăU%XFXUHúWLS

(UQHVW/DVFăU(GXFDĠLDIL]LFăvQOLFHHúFROLFRPHUFLDOHúLSURIHVLRQDOHvQLELGHPS

 %RJGDQ3RSD 

GXSă XQHOH SăUHUL OD UăVWXUQDUHD VFăULL UHDOH D YDORULORU VWDELOLWH GH PDWHULLOH SURSULX]LVH úL OD
WUDQVIRUPăUL UDGLFDOH vQ OLVWHOH GH EXUVLHUL DL VWDWXOXL 6D UăVSXQV SULQ DILUPDUHD IDSWXOXL Fă
GH[WHULWăĠLOHQXvQFXUDMHD]ăOHQHDFLUHIOHFWăLQWHOLJHQĠDSUDFWLFăDFRSLLORUSUHJăWLĠLGHHOHPDLELQH
GHFkWSULQFăUĠLSHQWUXYLDĠDDGXOWăUHDOă
ÌQSULYLQĠDVWDWXWXOXLPDHúWULORUvQLQWHULRUXOFRUSXOXLGLGDFWLFGHúLQXDYHPvQFăODGLVSR]LĠLH
XQ VWXGLX VSHFLDO FDUH Vă RIHUH GHWDOLL SUHFLVH DVXSUD UHODĠLLORU ÄGLQ FDQFHODULH´ vQWUH SURIHVRULL
GLIHULWHORUPDWHULLJăVLPXQLQGLFLXvQWUXQDUWLFROGLQGHVSUHSUREOHPDVDODUL]ăULL'LQSXQFWXO
GH YHGHUH DO RUJDQXOXL RILFLDO DO $VRFLDĠLHL *HQHUDOH D 3URIHVRULORU 6HFXQGDUL GLQ 5RPkQLD
VDODUL]DUHD WUHEXLD Vă FRUHVSXQGă XUPăWRDUHL LHUDUKLL SURIHVRUL WLWXODUL GHILQLWLYL ± SOăWLĠL FRQIRUP
OHJLORU RUJDQLFH GH GLQDLQWH GH  SURIHVRUL WLWXODUL SURYL]RULL úL XOWLPD FDWHJRULH SURIHVRUL úL
PDHúWULÄDVLPLODĠL´ SHUVRDQHFDUHSUHGDVHUăvQWHULWRULLOHDOLSLWHvQDLQWHGH8QLUH 
&DWHJRULD PDHúWULORU SDUH GRDU OD SULPD YHGHUH XQLWDUă (D HUD vPSăUĠLWă DGPLQLVWUDWLY vQ
VXEGLYL]LXQL GXSă VWXGLL H[DPHQHOH GHSXVH úL YHFKLPHD vQ vQYăĠăPkQW 6DODULXO XQXL PDHVWUX
UHSUH]HQWDvQWUHúLGLQFHODOXQXLSURIHVRU([DPHQXOGHFDSDFLWDWHHUDREOLJDWRULXGLSORPD
GH EDFDODXUHDW VDX WLWOXO DFDGHPLF FRQVWLWXLDX VLQJXUD SRVLELOLWDWH úL JDUDQĠLH  D XQHL SOăĠL PDL
RQRUDELOH 1RUPD VăSWăPkQDOă D PDHúWULORU FXSULQGHD PDL PXOWH RUH GHFkW FHD D SURIHVRULORU
,QHJDOLWDWHD GH VDODUL]DUH úL VWDWXW GLQWUH PDHúWUL GH GH[WHULWăĠL úL SURIHVRUL DSăUXVH SULQ OHJHD
DUPRQL]ăULL VDODULLORU GLQ  DFW QRUPDWLY FH DIHFWD vQ PRG HJDO vQWUHJXO FRUS GLGDFWLF GLQ
5RPkQLD3XQFWHOHGHYHGHUHH[SULPDWHGHUHSUH]HQWDQĠLDLFRUSXOXLGLGDFWLFWLQGHDXVSUHFRQFOX]LD
FRQIRUP FăUHLD vPSăUĠLUHD vQWUH PDWHULL SUHGDWH GH SURIHVRUL úL GH[WHULWăĠL FRQWULEXLD OD FUHDUHD XQHL
LHUDUKLLFHSXWHDILLQYRFDWăSHUPDQHQWFDVXUVăDOLSVHLGHUHVSHFWvQFDGUXOEUHVOHLúLGHDVHPHQHDvQ
UHODĠLDFXHOHYLLúLSăULQĠLL
5ăVSXQVXUL FHUWH DVXSUD VWUXFWXULL úL ELRJUDILHL FRUSXOXL SURIHVRUDO GLQ SHULRDGD LQWHUEHOLFă VH
GHVSULQGGLQFHUFHWDUHDIRQGXULORUGHDUKLYăSURYHQLWHGHOD0LQLVWHUXO,QVWUXFĠLXQLL3XEOLFH 8Q GRVDU
VSHFLDOUHIHULWRUODDVLPLODUHDPDHúWULORUFXSURIHVRULLVHFXQGDULVHUHIHUăODSUHJăWLUHDDFHORUDFDUHQX
HUDXDEVROYHQĠLDL,1()VDXLQWUDVHUăvQvQYăĠăPkQWvQDLQWHGH3ULQWUHPDHúWULLGHHGXFDĠLHIL]LFă
VHDIODXQXPHURúLDEVROYHQĠLDLXQRULQVWLWXĠLLGHvQYăĠăPkQWGHJUDGGLIHULWIDSWFHDFRQILUPDWQHYRLD
VWULQJHQWă GH D SUHJăWL SURIHVRULL GXSă PRGHOXO FHORU GH OD ÄPDWHULLOH LQWHOHFWXDOH´ 3HQWUX D REĠLQH
HJDOLWDWHDGHVWDWXWúLVDODULXFXSURIHVRULL$VRFLDĠLD/LFHQĠLDĠLORUvQ(GXFDĠLD)L]LFăDSURSXVFDPDHúWULL
VăSUHGHDúLLJLHQDGDUQXPDLFDGUHOHIRUPDWHGH,1()DUILDYXWGHFkúWLJDWGDFă0LQLVWHUXODUILIRVW
GHDFRUG,QWHUHVDQWHVWHIDSWXOFăUHIHUDWXOSULQFDUHVDUăVSXQVQHJDWLYDIRVWvQWRFPLWvQFDOLWDWHGH
VHFUHWDUJHQHUDODO0LQLVWHUXOXL,QVWUXFĠLXQLLGH&RQVWDQWLQ.LULĠHVFXFDUHvQFăQXGHYHQLVHSURIHVRUOD
,1()0HPRULXOXQXLOLFHQĠLDWvQGUHSWREOLJDWGLQPRWLYHQHQXPLWHVăvúLFDXWHXQDOWPLMORFGHWUDL
SXQFWD H[DFW GLIHUHQĠHOH GH VWDWXW UHVLPĠLWH DFXW GH DEVROYHQĠLL XQLYHUVLWDUL SH GH R SDUWH vQ LQWHULRUXO
EUHVOHLSURIHVRULORUGHJLPQDVWLFăSHGHDOWăSDUWHvQUDSRUWFXFHLODOĠLSURIHVRULÄGDFăVWDWXOQXDDYXW


00LKăLOHDQX'H[WHULWăĠLDWRWSXWHUQLFH"vQÄ5HYLVWD*HQHUDOăDÌQYăĠăPkQWXOXL´DQ;,;
QU  VHSWHPEULH  S ± 0DULD +DODODL 6WXGLL úL GH[WHULWăĠL vQ Ä5HYLVWD *HQHUDOă D
ÌQYăĠăPkQWXOXL´DQ;,;QURFWRPEULHS±

,RQ 1LVLSHDQX 3URIHVRULL vQ IDĠD SUREOHPHL DUPRQL]ăULL VDODULLORU vQ Ä7ULEXQD ùFRDOHL´
DQ,QUGHFHPEULHS

&3HWUHVFX'UDJRH0DHúWULLvQÄ7ULEXQDùFRDOHL´DQ,,QU,,S

&I73ăXQHVFX8OPX3URIHVRUXOvQÄùFRDODVHFXQGDUă´&UDLRYDDQ,,QUPDUWLHS

 3LPHQ 5 &RQVWDQWLQHVFX 3URIHVRUL úL PDHúWUL vQ Ä7ULEXQD ùFRDOHL´ DQ ,,, QU 
LDQXDULHS

,/DVFăU3ULQFLSLLOHJHQHUDOHDOHHGXFDĠLHLIL]LFHFROHFWLYHvQÄ%XOHWLQXO(GXFDĠLHL)L]LFH´
DQ,,QU,,QUDSULOLHS

/LFHQĠLDĠLL vQ HGXFDĠLD IL]LFă úL VLWXDĠLD ORU vQ vQYăĠăPkQW vQ Ä%XOHWLQXO (GXFDĠLHL )L]LFH´
DQ9,,QUDSULOLHS±


 0DHúWULúLSURIHVRULGHHGXFDĠLHIL]LFăvQ5RPkQLDLQWHUEHOLFă 

SkQăDFXPRúFRDOăFXFDUDFWHUXQLYHUVLWDUGHJLPQDVWLFăQXHYLQDQRDVWUăvQVăQRLDYHPROLFHQĠăSH
OkQJăúFRDODGHVSHFLDOLWDWHGHFLOLFHQĠDVăHFKLYDOH]HFXRúFRDOăVSHFLDOăFXFDUDFWHUXQLYHUVLWDU±
&XPSXWHPILSXúLODDFHODúLQLYHOFXPDHúWULLFX±FODVHJLPQD]LDOH"´
2VFLODĠLLOHvQVWDWXWXOSHUVRQDOXOXLGLGDFWLF±GHODPDHúWULODSURIHVRULDSRLGLQQRXODPDHúWUL±
FRQILUPăH]LWăULOHGLQSROLWLFDHGXFDĠLRQDOăPDLYL]LELOHvQUHODĠLDFXSURYLQFLLOHQRXDOLSLWHÌQ
SHUVRQDOXO GLGDFWLF vQFDGUDW SHQWUX JLPQDVWLFă D IRVW DVLPLODW FDWHJRULHL PDHúWULORU GHúL GLSORPHOH
HOLEHUDWHODVIkUúLWXOFXUVXULORURUJDQL]DWHVSHFLDOSHOkQJă8QLYHUVLWDWHDGLQ&OXMvLFDOLILFDXSHDFHúWLD
FDSURIHVRUL3UREOHPDQXúLDJăVLWGHFkWFXJUHXUH]ROYDUHDPDLDOHVFăH[LVWDPHUHXSRVLELOLWDWHD
FRPSDUDĠLHL FX OHJLVODĠLD PDJKLDUă DQWHULRDUă 8QLULL FDUH QX SUHYHGHD GLVWLQFĠLL GH VDODUL]DUH vQWUH
SURIHVRULúLPDHúWULFDUHSUHGDXÄGH[WHULWăĠLOH´1HKRWăUkUHDOHJLVODWRULORUGLQ5RPkQLDORYHDSUREDELO
IăUăQLFLRXUPăGHLQWHQĠLHvQDFHLSURIHVRULÄFXUVLúWL´FDUHRSWDVHUăODvQFHSXWXODQLORUSHQWUX
UHQXQĠDUHDODPDWHULDSHFDUHRSUHGDXSHQWUXRGH[WHULWDWHFDUHOHDUILSHUPLVFRQWLQXDUHDDFWLYLWăĠLL
vQvQYăĠăPkQWvQ5RPkQLDXQLWă
0RGXULOH GH DXWRSUH]HQWDUH D PDHúWULORU FDUH VDX DGUHVDW 0LQLVWHUXOXL ,QVWUXFĠLXQLL 3XEOLFH
SHQWUXFODULILFDUHDVLWXDĠLHLSHUVRQDOHDXYDULDWvQWUHDOFăWXLUHDXQRUOLVWHFXDFWLYLWăĠLGHSXVHSHSODQ
ORFDOúLDUJXPHQWăULVHQWLPHQWDOLVWHQDĠLRQDOLVWHPRĠLRQDOH6WXGLLOHSHWHQĠLORUFRQVWDXGLQFXUVXUL
VSHFLDOHXUPDWHSHOkQJăGLYHUVHRUJDQL]DĠLLJLPQDVWLFHvQFHOPDLEXQFD]GLQGLSORPHDOHXQRUúFROL
VXSHULRDUHUHFXQRVFXWHGHHGXFDĠLHIL]LFă $FDGHPLDGH(GXFDĠLH)L]LFăGLQ3DULV,QVWLWXWXO1DĠLRQDO
GH(GXFDĠLH)L]LFăGLQ%XGDSHVWD 
,QIRUPDĠLL SXEOLFDWH GH &RQVWDQWLQ .LULĠHVFX vQ  DUDWă VWUXFWXUD EUHVOHL PDHúWULORU GH
HGXFDĠLHIL]LFăGLQ5RPkQLD([LVWDXGRDUGHPDHúWULWLWXODULSHQWUXGHFDWHGUHGHODOLFHHOHGH
EăLHĠL)XQFĠLRQDXQVLQJXUDEVROYHQWDO,6()DOăWXULGHGRFWRULVDXOLFHQĠLDĠL vQOLWHUHúWLLQĠH
GUHSW WHRORJLH VDX DEVROYHQĠL DL $FDGHPLHL &RPHUFLDOH   DEVROYHQĠL GH OLFHX FX VDX IăUă
EDFDODXUHDWSHUVRDQHFDUHQXWHUPLQDVHUăVWXGLLOHOLFHDOHGHDEVROYHQĠLDLúFROLORUQRUPDOHRUL
VHPLQDULLORUWHRORJLFHGHPDHúWULFDUHQXSXWXVHUăXUPDGHFkWJLPQD]LXOFDUHQXvOWHUPLQDVHUă
SUHFXP úL  SHUVRDQH FDUH QX SXWHDX FHUWLILFD GHFkW VWXGLL SULPDUH    GH FDWHGUH IXQFĠLRQDX FX
VXSOLQLWRULLDUQXDYHDXvQFDGUDWQLFLXQSURIHVRURUHOHILLQGĠLQXWHSULQVLVWHPXOFRPSOHWăULORUGH
QRUPăGLGDFWLFă.LULĠHVFXFRQILUPDDVWIHOIDSWXOFăGHúLELODQĠXODFWLYLWăĠLL21()vQSULPLLFLQFL


$UKLYHOH1DĠLRQDOH,VWRULFH&HQWUDOH vQFRQWLQXDUH$1,& )RQG0LQLVWHUXO,QVWUXFĠLXQLL
3XEOLFH'LUHFĠLDÌQYăĠăPkQWXOXL6HFXQGDUGRVDUI PHPRULXODGUHVDWGH''REUHDQX
VDX'REUHVFX " SURIHVRUOD,DúLOLFHQĠLDWvQGUHSW 

0HPRULXO PDHúWULORU FXUVLúWL DUGHOHQL 6DWX 0DUH  LDQXDULH  $1,& )RQG
0LQLVWHUXO,QVWUXFĠLXQLL3XEOLFH'LUHFĠLDÌQYăĠăPkQWXOXL6HFXQGDUGRVDUI

0HPRULXO SURIHVRULORU FXUVLúWL GLQ $UGHDO vPSăUĠLĠL OD GH[WHULWăĠL $1,& )RQG (PLO
+DĠLHJDQX±I±Y'RFXPHQWXODIRVWUHGDFWDWODGHFHPEULHOD7kUJX0XUHú

$1,& )RQG 0LQLVWHUXO ,QVWUXFĠLXQLL 3XEOLFH 'LUHFĠLD ÌQYăĠăPkQWXOXL 6HFXQGDU GRVDU
 I ± PHPRULXO GHSXV GH ùWHIDQ &RQVWDQWLQHVFX GLQ  PDHVWUX SURYL]RULX OD
&kPSXOXQJ 0XVFHO XQGH IRQGDVH úL FRQGXVHVH 6RFLHWDWHD GH *LPQDVWLFă Ä*KHRUJKH 0RFHDQX´
SDUWLFLSDQWOD6HUEăULOH6RNROGHOD/MXEOMDQDvQúL3UDJDvQ 

9H]LFD]XOOXL(OHIWHULH5RSDOăFDUHGXSăDEVROYLUHDDFODVHOLFHDOHvQSURIHVDVHWRDWă
YLDĠD FD PDHVWUX GH JLPQDVWLFă $IODW GH FLQFL DQL vQ %DVDUDELD GXSă DOĠL GRL DQL úL MXPăWDWH vQ
&DGULODWHUHOVXVĠLQHDFăvúLGHGLFDVHÄRULFHRUăOLEHUăSHQWUXSURSDJDQGDQDĠLRQDOă´OD%ăOĠL$1,&
)RQG0LQLVWHUXO,QVWUXFĠLXQLL3XEOLFH'LUHFĠLDÌQYăĠăPkQWXOXL6HFXQGDUGRVDUI

$1,& )RQG 0LQLVWHUXO ,QVWUXFĠLXQLL 3XEOLFH 'LUHFĠLD ÌQYăĠăPkQWXOXL 6HFXQGDU GRVDU
I±Y

&RQVWDQWLQ .LULĠHVFX RS FLW S ± 9H]L úL UHFHQ]LD IDYRUDELOă FDUH LQVLVWD DVXSUD
DFHVWXLDVSHFWDOXL3DXO,3DSDGRSRO'LQFkPSXOFăUĠLL&.LULĠHVFX(GXFDĠLDIL]LFăPDLRU5'LQXOHVFX
$UPDWDPRGHUQăvQÄ8QLYHUVXO´DQ;/,;QULXQLHS

 %RJGDQ3RSD 

DQLGHIXQFĠLRQDUHSDUHVăILIRVWSR]LWLYLQIOXHQĠDGLUHFWăH[HUFLWDWăSULQLQWHUPHGLXODEVROYHQĠLORUD
vQWkU]LDWVăSURGXFăHIHFWHOHUHYROXĠLRQDUHVFRQWDWH
1XVHSRDWHSXQHvQGLVFXĠLHEXQDFUHGLQĠăDvQWUHJXOXLFRUSSURIHVRUDOvQVăUFLQDWFXSUHGDUHD
HGXFDĠLHL IL]LFH GDU PDL DOHV vQDLQWH GH  L VDX DGXV DFX]H JUDYH vQ WHUPHQL SUHFXP
LQFRPSHWHQĠă úL GHOăVDUH &X WRDWH Fă OHJLVODĠLD SUHYHGHD REOLJDWLYLWDWHD HGXFDĠLHL IL]LFH úL D
H[HUFLĠLLORU PLOLWDUH vQ úFROL VWDWXO URPkQ QX LQWURGXVHVH GHFkW REOLJDWLYLWDWHD XQXL FRQFXUV SHQWUX
RFXSDUHD SRVWXULORU IăUă D FUHD QLFLR LQVWLWXĠLH UH]HUYDWă SUHJăWLULL FDQGLGDĠLORU SkQă GXSă SULPXO
Uă]ERLPRQGLDOÄ6WDUHDFRQIOLFWXDOă´vQWUHHGXFDĠLHIL]LFăúLVSRUWSURGXVHVHRUHDFĠLHGHUHVSLQJHUH
DFHOXLGLQXUPăWRFPDLvQUkQGXULOHFHORUGHODFDUHVHDúWHSWDDWUDJHUHDFRSLLORUFăWUHFXOWXUDIL]LFă
'H VODED SURSDJDUH D VSRUWXULORU GH GLQDLQWH GH Uă]ERLXO PRQGLDO HUDX DFX]DĠL vQ SULPD GHFDGă D
VHFROXOXL DO ;;OHD WRFPDL PDHúWULL GH JLPQDVWLFă 6LWXDĠLD VD PHQĠLQXW SkQă OD DSDULĠLD SULPHORU
SURPRĠLL DOH ,6() FUHVFXWH GHMD vQ VSLULWXO DFFHSWăULL VSRUWXOXL FD DX[LOLDU DO HGXFDĠLHL IL]LFH
3ULQFLSDODSUREOHPăDQRLLJHQHUDĠLLGHPDHúWULHUDGHDFXPVăJăVHDVFăPRGXULGHDFRPSHQVDSULQ
HGXFDĠLHIL]LFăVHQ]DĠLDJORULHLIDFLOHGREkQGLWăvQFRPSHWLĠLLVSRUWLYH'LPLWULH,RQHVFXLQVSHFWRU
úFRODU SHQWUX JLPQDVWLFă vQWUH ± úL ± DUăWă Fă LPSRVLELOLWDWHD OHJDOă GH D
VDQFĠLRQD DGPLQLVWUDWLY EORFD RULFH vQFHUFDUH GH D FRPEDWH OLSVD GH LPSOLFDUH úL SHUPLWHD
WUDQVIRUPDUHD GH]LQWHUHVXOXL PDHúWULORU vQ RELúQXLQĠă SHQWUX HOHYL &KLDU GXSă LQVWLWXLUHD XQRU
DVHPHQHD PHFDQLVPH IDSWXO Fă JHQHUDĠLL FX SUHJăWLUH GH VSHFLDOLWDWH UDGLFDO GLIHULWă FRQWLQXDX Vă
SURIHVH]H vQ SDUDOHO GXFHD OD SHUSHWXDUHD VLWXDĠLLORU vQ FDUH RUHOH HUDX ĠLQXWH GH VSHFLDOLúWL vQ
JLPQDVWLFă VXHGH]ă IRUPDĠLvQWUXQVSLULWGHDGYHUVLWDWHIDĠăGHVSRUW
,VWRULDvQYăĠăPkQWXOXLQXSRDWHILFRPSOHWăIăUăXQVWXGLXVHULRVDOFRUSXOXLGLGDFWLF$VSHFWHOH
FDUH WUHEXLH DYXWH vQ YHGHUHvQFHUFHWDUHDWUHFXWXOXL PHVHULHL GHSURIHVRU vQ 5RPkQLD VXQW IRUPDUHD
SURIHVLRQDOă DGDSWDUHD OD FRQGLĠLLOH UHDOH GLQ úFROL vQ FRQIRUPLWDWH FX H[LJHQĠHOH OHJLORU úL
SURJUDPHORUGHVWXGLXUROXOWHRUHWLFúLSR]LĠLDUHDOăDFDGUHORUGLGDFWLFHvQVRFLHWDWH&D]XOPDHúWULORU
GH HGXFDĠLH IL]LFă HVWH HGLILFDWRU SHQWUX UHDOL]ăULOH úL HúHFXULOH vQYăĠăPkQWXOXL URPkQHVF LQWHUEHOLF
'XSăFXPDPDUăWDWPDLVXVSUREOHPHOHFXFDUHVHFRQIUXQWDXDXGHSLQVvQIRDUWHPDUHPăVXUăGH
DFFHSWDUHDFXOWXULLIL]LFHGHFăWUHVRFLHWDWH'HDLFLúLVWDWXWXOSURIHVLRQDOLQFHUWFXFRQVHFLQĠHGLUHFWH
vQFHHDFHSULYHúWHVDODUL]DUHDúLUHODĠLLOHFXFROHJLLHOHYLLúLSăULQĠLL'HDVHPHQHDSULQVSHFLILFXOVăX
HGXFDĠLD IL]LFă VH ORYHD GH SOăJL VRFLDOH D FăURU UH]ROYDUH FHUHD HIRUWXUL GHRVHELWH úL XQ WLPS
vQGHOXQJDW ,JLHQD úL VXEQXWULĠLD vúL SXQHDX DPSUHQWD SH DFWLYLWDWHD PDHúWULORU GH HGXFDĠLH IL]LFă
,VWRULDSURIHVRULORUWUHEXLHSULYLWăGHFLFDSDUWHLQWHJUDQWăDFHUFHWăULLWUHFXWXOXLvQYăĠăPkQWXOXLúLvQ
UHODĠLHGLUHFWăFXFRQWH[WHOHVRFLDOHúLFXOWXUDOHLQWHUEHOLFH


0HPRULXSULYLWRUODRUJDQL]DUHD2ILFLXOXL1DĠLRQDOGH(GXFDĠLH )L]LFă 21() vQDLQWDW
'RPQXOXL0LQLVWUXGH)LQDQĠHODFHUHUHvQÄ%XOHWLQXO(GXFDĠLHL)L]LFH´DQ,,,QU±LXQLH±DXJXVW
S±

&3HWUH/D]ăURSFLWS

([SR]LĠLDGHPRQVWUDWLYăDHGXFDĠLHLIL]LFHS

'H FH QX VXQW ELQH FXQRVFXWH VSRUWXULOH vQ 5RPkQLD vQ Ä'LQ OXPHD VSRUWXULORU´ QU 
GHFHPEULHS

1HFHVLWDWHD XQHL YLHĠL VSRUWLYH UDĠLRQDOH SHQWUX DGROHVFHQĠL vQ Ä*D]HWD VSRUWXULORU´ DQ ,,
QUPDUWLHS

'LPLWULH ,RQHVFX ±  FRODERUDWRU DSURSLDW DO OXL 6SLUX +DUHW DEVROYLVH ùFRDOD
&HQWUDOă GH *LPQDVWLFă GLQ 5RPD SUHGDVH OD *DODĠL úL %XFXUHúWL úL IRQGDVH vQ  6RFLHWDWHD GH
*LPQDVWLFăÄÌQDLQWH´YH]L(QFLFORSHGLDHGXFDĠLHLIL]LFHúLVSRUWXOXLGLQ5RPkQLDYRO,,%XFXUHúWL
S±/XFLDQ3UHGHVFX(QFLFORSHGLD5RPkQLHLÄ&XJHWDUHD´%XFXUHúWLS

',RQHVFXRSFLWS

0LKDLO1*KHUPăQHVFX6SRUWXOúLúFRDODvQÄ*D]HWDVSRUWXULORU´DQ,QUVHSWHPEULH
S


 0DHúWULúLSURIHVRULGHHGXFDĠLHIL]LFăvQ5RPkQLDLQWHUEHOLFă 

&2$&+(6$1'6325767($&+(56,1,17(5:$5520$1,$

$EVWUDFW

7KH SUHVHQW SDSHU KLJKOLJKWV VHYHUDO SRLQWV RI LQWHUHVW IRU D KLVWRU\ RI WKH WHDFKLQJ VWDII LQ
5RPDQLD ,W LV D WRSLF RQO\ UHFHQWO\ DSSURDFKHG LQ 5RPDQLDQ KLVWRULRJUDSK\ %DVHG RQ D FDVH VWXG\
FRDFKHVDQGVSRUWVWHDFKHUVLQ,QWHUZDU5RPDQLD WKHDXWKRUGLVFXVVHVSURIHVVLRQDOWUDLQLQJSRVLWLRQ
JURXSLGHQWLW\DQGGLIILFXOWLHVFRQIURQWLQJFRDFKHVDQGVSRUWVWHDFKHUVLQWKHLUHYHU\GD\DFWLYLW\









































 %RJGDQ3RSD 















&21*5(68/678'(1ğ,/25'(/$7Æ5*8085(ù ±$35,/,( 
,'(2/2*,(3523$*$1'Ăù,$17,6(0,7,60

'$1,(/&,7,5,*Ă

ÌQDLQWHGHDDQDOL]DFkWHYDGLQWUHFHOHPDLLPSRUWDQWHUHDOL]ăULDOHLVWRULRJUDILHLURPkQHúWLúLQX
QXPDLWUHEXLHVăSUHFL]ăPFăQXDH[LVWDWRSUHRFXSDUHGHRVHELWăFRQVLVWHQWăGLQGLYHUVHSXQFWHGH
YHGHUH SHQWUX VWXGLXO DFHVWHL SUREOHPDWLFL FRQVLGHUDWă GH QRL YLWDOă SHQWUX vQĠHOHJHUHD HYROXĠLHL
0LúFăULL/HJLRQDUHvQDGRXDSDUWHDGHFHQLXOXLDOSDWUXOHDDO VHFROXOXL;;'HFHOHPDLPXOWHRUL
&RQJUHVXO 6WXGHQĠHVF GH OD 7kUJX0XUHú GLQ ± DSULOLH  HVWH WUDWDW vQ OXFUăUL FH SULYHVF
HYROXĠLD OHJLRQDULVPXOXL vQVă LVWRULFLL QX LDX DFRUGDW XQ VSDĠLX VSHFLDO vQ FDUH VXELHFWXO Vă ILH
DQDOL]DW VHSDUDW GH VLQH VWăWăWRU $FHHDúL DERUGDUH R UHJăVLP úL GLQ SDUWHD RDPHQLORU SROLWLFL VDX D
VLPSDWL]DQĠLORU0LúFăULLFRQWHPSRUDQLFXHYHQLPHQWHOHGLQ
&RQWULEXĠLL LQWHUHVDQWH SHQWUX GHPDQWHODUHD HYHQLPHQWHORU GH OD 7kUJX0XUHú UHJăVLP vQ
FDGUXO PHPRULLORU SDUWLFLSDQĠLORU OD FRQJUHV 8Q H[HPSOX HORFYHQW vQ DFHVW VHQV HVWH $OH[DQGUX
6HUDILP YLLWRU SULPDU GH 7XUQX6HYHULQ vQ WLPSXO Ä6WDWXOXL 1DĠLRQDO/HJLRQDU´ FDUH vQFHUFkQG
H[SOLFDUHDXQRUGHFL]LLOXDWHOD7kUJX0XUHúVXEOLQLDFăDFRORÄVDXIRUPDWQLúWHHFKLSHGHSHGHSVLUH
D OXL 6WHOHVFX 0DGJHDUX 0LKDODFKH 7LWXOHVFX (OHQD /XSHVFX«1X HUD YRUED GH H[HFXWDUHD ORU
FRQWLQXăIRVWXOSULPDUFLGHDSOLFDUHDXQRUFRUHFĠLLFRUSRUDOHOXFUXFDUHQXHUDFHYDQHRELúQXLWvQ
DFHD YUHPH´ 'LQ DFHODúL VSHFWUX DO OLGHULORU OHJLRQDUL XQ DOW SDUWLFLSDQW GH VHDPă ± ùWHIDQ
0LOFRYHDQX VFRWHD vQ HYLGHQĠă ODWXUD SROLWLFă D DFHVWXL HYHQLPHQW XQGH VDU IL YRWDW R PRĠLXQH OD
DGUHVDvQWUHJXOXLUHJLPÄGDFăVHvQFHDUFăRDSDWUDGL]ROYDUHúLLOHJDOL]DUHDPLúFăULLOHJLRQDUHQRL
FHL  GHVWXGHQĠLSDUWLFLSDQĠLQHWUDQVIRUPăPvQWRWDWkĠLDVXVĠLQăWRULDLHLúLGXúPDQLDL(OHQHL
/XSHVFXúLDLUHJHOXL&DURODO,,OHD´&RPDQGDQWXOOHJLRQDU,RQ%DQHDDFăUXLSăUHUHHVWHUHGDWăvQ
FDGUXOPHPRULLORUIUDWHOXLVăX'XPLWUX%DQHDUHFXQRDúWHIRUPDUHDHFKLSHORUÄDOH]LVHLPRUĠL´vQVă
GRDUvQVFRSXOGHDLDWHQĠLRQDSHFHLYL]DĠLÄGăPúLQRLúDKODUHJHFDVăQHDSăUăPUHJHOHQRVWUX´
2DQDOL]ăLQWHUHVDQWăUHIHULWRDUHODPLúFDUHDVWXGHQĠHDVFăGLQDQLL¶DYHPGHOD+RULD6LPDYLLWRUXO
OLGHUOHJLRQDUFDUHIăFkQGWULPLWHUHODHYHQLPHQWXOGHOD7kUJX0XUHúVXEOLQLDÄJXYHUQXOvúLGăGXVH
PDL vQWkL DSUREDUHD SHQWUX DFHVW &RQJUHV vQVă úLD VFKLPEDW DSRL SăUHUHD úL D KRWăUkW VăO
vPSLHGLFH0RGXOvQFDUHDSURFHGDWGRYHGHDRYRLQĠăGHOLEHUDWăGHSURYRFDUHGHLQFLGHQWH´
'LQFDGUXOHOLWHLSROLWLFHHVWHDEVROXWQHFHVDUVăDPLQWLPRSLQLLOHRSR]DQĠLORU0LúFăULLFXPDU
IL $UPDQG &ăOLQHVFX YLLWRU SULPPLQLVWUX vQ WLPSXO UHJLPXOXL GH DXWRULWDWH PRQDUKLFă DVDVLQDW GH
FăWUH JDUGLúWL 5HFXQRVFXW GUHSW ÄFHO PDL DSULJ DGYHUVDU´ DO OHJLRQDULORU GXSă FDUDFWHUL]DUHD GDWă
FKLDUGHDFHúWLDRPXOSROLWLFQRWDvQPHPRULLOHVDOHODDSULOLHFăÄOD7kUJX0XUHúDIRVWvQ
UHDOLWDWHXQ&RQJUHVDO*ăU]LLGH)LHU´XQGHÄVDXGHVHPQDWHFKLSHOHúLVDOXDWMXUăPkQWXOFHORUFH
YRUSHGHSVLÄFDQDOLLOH´DGLFăSHPLQH $& 0DGJHDUX*DYULOă0DULQHVFXúLDOĠLFkĠLYD´'XSăR


9H]L ZZZOXPHDPUR Ä/XPHD 0DJD]LQ´  QU  'LQX 0RUDUX ,VWRULH VFULVă LVWRULH
WUăLWă&RQYRUELUHFX$OH[DQGUX6HUDILP

%DQHD'XPLWUX$FX]DWPDUWRUDSăUăWRUvQSURFHVXOYLHĠLLPHOH6LELXS

+RULD6LPD,VWRULD0LúFăULL/HJLRQDUH7LPLúRDUDYH]LúL*DEULHO&RQVWDQWLQHVFXùDK
ODUHJH  vQÄ3XQFWHFDUGLQDOH´DQ;9QUPDUWLH

$UPDQG&ăOLQHVFXÌQVHPQăULSROLWLFH±%XFXUHúWLS

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 'DQLHO&LWLULJă 

]LGHODvQVHPQăULOHOXL$UPDQG&ăOLQHVFXvQFDUHvúLH[SULPDLQGLJQDUHDIDĠăGHHYHQLPHQWHOHGHOD
7kUJX0XUHú1LFRODH,RUJDGHDVHPHQHDDGYHUVDUUHFXQRVFXWDOOHJLRQDULORUDYHDVăFRQVHPQH]HvQ
PHPRULLOH VDOH R SULPă WHQWDWLYă GH DVDVLQDUH DVXSUD OXL ÄVHDUD VFULD PDUHOH LVWRULF XQ WkQăU
vQFHDUFă Vă SăWUXQGă OD PLQH>«@FD Vă Pă RPRDUH VSXQkQG Fă *DUGD GH )LHU PLD SXV FDSXO OD
SUHĠ´'LQSăFDWHFKLDUGDFăOHLQWXLPQXDPSXWXWGHSLVWDPăUWXULLVFULVHGHVSUHDFHVWHYHQLPHQW
DOHFHORUPDLLPSRUWDQĠLGRLRDPHQLSROLWLFLDLPRPHQWXOXL5HJHOH&DURODO,,OHDúLSULPXOPLQLVWUX
*KHRUJKH7ăWăUHVFX
ÌQ RUGLQH FURQRORJLFă GLQWUH LVWRULFLL GLQ DIDUD 5RPkQLHL SULPXO SH FDUH vO YRP DPLQWL HVWH
1LFKRODV 1DJ\ 7DODYHUD HYUHXXQJXU QăVFXW vQ 7UDQVLOYDQLD DO FăUXL YROXP GHúL QX H[FHOHD]ă SULQ
DQDOL]ăHVWHRFRQWULEXĠLHLQWHUHVDQWăDXWRUXOVWXGLLQGGLQSHUVSHFWLYăFRPSDUDWLYăIHQRPHQXOH[WUHPHL
GUHSWH GLQ 8QJDULD úL 5RPkQLD &X SULYLUH OD &RQJUHVXO GH OD 7kUJX0XUHú 7DODYHUD PHQĠLRQHD]ă Fă
VDX IRUPDW ÄQRL úL VLQLVWUH GHWDúDPHQWH HFKLSH DOH PRUĠLL SHQWUX Uă]EXQDUHD QDĠLXQLL úL DSăUDUHD
&ăSLWDQXOXLFDUHXUPDXVăLXFLGăSHDGYHUVDULLORU´/DvQFHSXWXODQLORU¶DIRVWWUDGXVăvQOLPED
URPkQăOXFUDUHDLVWRULFXOXLVSDQLRO)UDQFLVFR9HLJD VFULVăvQGHFHQLXODQWHULRU FLWLWRUXOXLRIHULQGXLVH
SRVLELOLWDWHDGHVFRSHULULLXQHLQRLYL]LXQLDVXSUDOHJLRQDULVPXOXLDXWRUXOIRORVLQGPDLDOHVL]YRDUHGLQ
DIDUD 5RPkQLHL 9HLJD LQVLVWă DVXSUD IDSWXOXL Fă ÄGUXPXO VSUH UXSWXUD ILQDOă vQWUH 3DODW UHJH  úL
0LúFDUHD/HJLRQDUăDIRVWGHVFKLVOD&RQJUHVXO6WXGHQĠHVFGHOD7kUJX0XUHúGLQDSULOLHXQGH
YLROHQĠDYHUEDOăDDWLQVFRWHIRDUWHvQDOWH´WRWDLFLFRQVWLWXLQGXVHDúD]LVHOHÄHFKLSHDOHPRUĠLL´FDUH
ÄHUDX JDWD Vă GH]OăQĠXLH Uă]EXQDUHD vPSRWULYD RULFXL DU vQFHUFD Vă DWDFH *DUGD GH )LHU´ $FHHDúL
GHFL]LHDvQILLQĠăULLXQRUJUXSXULFDUHVăLSHGHSVHDVFăSHÄWUăGăWRULúLFDQDOLL´RVFRDWHvQHYLGHQĠăúL
$UPLQ +HLQHQ DFHVWD IRORVLQG vQVă IRUPXOD GH ÄHFKLSH GH RQRDUH´ FDUH ÄDX REĠLQXW DQFRUDUHD
LQVWLWXĠLRQDOăFXRFD]LD&RQJUHVXOXL´ÌQFD]XOLVWRULFXOXLJHUPDQWUHEXLHVăPHQĠLRQăPIDSWXOFăvQ
OXFUDUHDVDSRDWHFHDPDLEXQăSkQăvQSUH]HQWGHVSUH0LúFDUHD/HJLRQDUăDWkWSULQGRFXPHQWDĠLHFkWúL
SULQ FDSDFLWDWHD GH WHRUHWL]DUH úL DQDOL]ă DXWRUXO VH RSUHúWH GHV úL DVXSUD HYHQLPHQWHORU GH OD 7kUJX
0XUHú úL D XUPăULORU DFHVWRUD $OH[DQGUD /DLJQHO/DYDVWLQH D DWUDV DWHQĠLD vQWUXQ YROXP vQGHOXQJ
GH]EăWXWvQPHGLLOHURPkQHúWLDVXSUDDSDUWHQHQĠHLODOHJLRQDULVPDWUHLVFULLWRULHPEOHPDWLFLQRPLQDOL]DĠL
vQWLWOXOFăUĠLL/DYDVWLQHVHRSUHúWHúLDVXSUDPDQLIHVWDĠLHLVWXGHQĠHúWLGLQRUDúXOGHSHPDOXO0XUHúXOXL
6HPDQWLFHVWHXWLOL]DWWHUPHQXOGHFRQJUHVÄOHJLRQDU´QXÄVWXGHQĠHVF´LDUFURQRORJLFHVWHVLWXDWFXXQ
DQ vQDLQWH GHFkW DYXVHVH ORF DGLFă vQ  QX vQ   $XWRDUHD IRORVHúWH R IRUPXOă FX UH]RQDQĠH
VXGDPHULFDQH ÄHVFDGURQV GH OD PRUW´ FkQG YRUEHúWH GHVSUH JUXSXULOH FDUH VDX IRUPDW SHQWUX
HOLPLQDUHDDGYHUVDULORUDFHVWHDILLQGSODVDWHvQ
,VWRULFLL URPkQL UHDOL]HD]ă úL HL GXSă FXP DP DPLQWLW PDL VXV R DQDOL]ă DPăQXQĠLWă D
IHQRPHQXOXLOHJLRQDUDFHVWVXELHFWEXFXUkQGXVHGHXQLQWHUHV GHRVHELWDWkWvQSHULRDGDFRPXQLVWă
FkW PDL DOHV GXSă  ÌQDLQWH GH  vQWUR OXFUDUH FX SXWHUQLFH UH]RQDQĠH SROLWL]DWH )ORUHD


1,RUJD0HPRULL6LQXFLGHUHDSDUWLGHORU ± YRO9,,%XFXUHúWLS

1LFKRODV 0 1DJ\ 7DODYHUD 7KH *UHHQ 6KLUWV DQG WKH 2WKHUV $ +LVWRU\ RI )DVFLVP LQ
+XQJDU\DQG5RPDQLD&DOLIRUQLD

,ELGHPS

)UDQFLVFR9HLJD,VWRULD*ăU]LLGH)LHU±0LVWLFDXOWUDQDĠLRQDOLVPXOXL%XFXUHúWL

,ELGHPS

$UPLQ +HLQHQ /HJLXQHD Ä$UKDQJKHOXOXL 0LKDLO´ 2 FRQWULEXĠLH OD SUREOHPD IDVFLVPXOXL
LQWHUQDĠLRQDOS

$OH[DQGUD /DLJQHO/DYDVWLQH &LRUDQ (OLDGH ,RQHVFR /¶RXEOL GX IDVFLVPH 3DULV 
&DUWHDDIRVWWUDGXVăúLvQOLPEDURPkQăDYkQGWLWOXO &LRUDQ(OLDGH,RQHVFR8LWDUHDIDVFLVPXOXL
%XFXUHúWL 

,ELGHP S  3HQWUX R DQDOL]ă FULWLFă DPăQXQĠLWă DVXSUD FăUĠLL OXL /DLJQHO/DYDVWLQH
Y0LUFHD,RUJXOHVFX3RUWUHWXODUWLVWXOXLFDGHOLQFYHQWSROLWLF ,9 vQÄ´DQXO;,,,QU  
LXQLH±LXQLH


 &RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH  

1HGHOFX PHQĠLRQHD]ă &RQJUHVXO GH OD 7kUJX0XUHú GUHSW ÄPDQLIHVWDĠLH KXOLJDQLFă IDVFLVWă
vQGUHSWDWă vPSRWULYD GHPRFUDĠLHL´ =LJX 2UQHD IDFH WULPLWHUH OD &RQJUHVXO GH OD 7kUJX0XUHú vQ
FRQWH[WXO GLYHUJHQĠHORU GLQ JXYHUQ VXEOLQLLQG IDSWXO Fă Ä,QFXOHĠ PLQLVWUXO GH ,QWHUQH úL SUHPLHUXO
7ăWăUHVFX VH DUăWDX WROHUDQĠL ED FKLDU vQFXUDMkQGR´ 0LúFDUHD /HJLRQDUă  'UDJRú =DPILUHVFX
HVWHFHOFDUHGLQDFHVWVSHFWUXVHRSUHúWHDVXSUDFHORUPDLGHWDOLDWHUHIHULULOD&RQJUHVXO6WXGHQĠHVF
GH OD 7kUJX0XUHú VXEOLQLLQG Fă DFHDVWă PDQLIHVWDĠLH D IRVW IRORVLWă ÄH[FOXVLY vQ VHUYLFLXO
SURSDJDQGLVWLFDO*ăU]LLGH)LHU´,RDQ6FXUWXFDUHSODVHD]ă&RQJUHVXOvQWUH±DSULOLHQHRIHUă
DPăQXQWHLQWHUHVDQWHvQOHJăWXUăFXUDSRUWXULOHGLQWUH*DUGDGH)LHUúLFHOHODOWHSDUWLGHSROLWLFHGDUúL
FX3DODWXOúL(OHQD/XSHVFXvQXUPDGHFL]LLORUGHOD7kUJX0XUHúÌQWURDERUGDUHGLQSHUVSHFWLYă
UHJLRQDOă 3XLX 'XPLWUX %RUGHLX UHOHYă IDSWXO Fă DFHVW FRQJUHV ÄD IRVW XQXO HPLQDPHQWH OHJLRQDU
GXSă vQOăWXUDUHD SUHDODELOă D SDUWLFLSDQĠLORU FDUH DYHDX DOWH VLPSDWLL SROLWLFH´ úL DPLQWHúWH úL GH
HFKLSHOHSHQWUXSHGHSVLUHDDGYHUVDULORUHOYRUELQGGRDUGHúDSWHDVHPHQHDJUXSXUL1XvQXOWLPXO
UkQGFRQVLGHUăPQHFHVDUVăDPLQWLPOXFUDUHDOXL$GULDQ*DEULHO/HSăGDWXvQFDUHDXWRUXOVXVĠLQHvQ
SUHPLHUă SHQWUX LVWRULRJUDILD DFHVWHL SUREOHPDWLFL Fă HFKLSHOH IRUPDWH OD 7kUJX0XUHú ÄQX DX
IXQFĠLRQDWQLFLRGDWă´DYkQGPDLFXUkQGXQÄHIHFWSURSDJDQGLVWLF´

&$'58/*(1(5$/32/,7,&

$OGRLOHDGHFHQLXDOSHULRDGHLLQWHUEHOLFHDUHSUH]HQWDWLQWHUYDOXOFUL]HLGHPRFUDĠLHLURPkQHúWL
3H IRQGXO UHYHQLULL OXL &DURO vQ ĠDUă LXQLH   úL DO UHFHVLXQLL HFRQRPLFH PRQGLDOH VD FUHDW XQ
FOLPDW SURSLFH IRUĠHORU RSR]DQWH GHPRFUDĠLHL SDUODPHQWDUH ÌQ DFHVWH FRQGLĠLL VD GHFODQúDW R
UHRUJDQL]DUH D IHQRPHQXOXL SROLWLF FRQFUHWL]DWă vQ GXSOLFLWDWH SROLWLFă IUDFĠLRQăUL DOH SDUWLGHORU
LVWRULFH úL DSDULĠLD XQRU QRL SDUWLGH FHHD FH D FUHDW R YL]LELOă LQVWDELOLWDWH EHQHILFLDUHOH GLUHFWH DOH
DFHVWHLDILLQGvQVXúLUHJHOHGDUúLIRUPDĠLXQLOHGHH[WUHPăGUHDSWă
ÌQDOWăRUGLQHGHLGHLSROLWLFDH[WHUQăD5RPkQLHLHUDLQIOXHQĠDWăGLUHFWGHHYROXĠLDUHJLPXOXL
IDVFLVWvQ,WDOLDúLDFHOXLQD]LVWvQ*HUPDQLDVWDWHFXRSROLWLFăYL]LELOUHYL]LRQLVWăDWLWXGLQHVXVĠLQXWă
úL GH FRQFLOLDWRULVPXO SURPRYDW GH 0DUHD %ULWDQLH úL )UDQĠD $FHVW IHQRPHQ VD FRQFUHWL]DW SULPD
GDWă vQ WLPSXO HYHQLPHQWHORU GLQ PDUWLH  SULQ RFXSDUHD ]RQHL UKHQDQH ÌQ DFHVW FRQWH[W
LQWHUQDĠLRQDOFHUFXULOHJXYHUQDPHQWDOHGHOD%XFXUHúWLPL]DXvQSULPXOUkQGSHVLVWHPXOGHDOLDQĠH
DQWLUHYL]LRQLVWFUHDWGXSăSULPXOUă]ERLSULQFLSDOXOSHULFROUHSUH]HQWkQGXO8QJDULD
$FXWL]DUHD SUREOHPHORU LQWHUQH GDU úL WHDPD URPkQLORU Fă YHFLQLL SUHJăWHVF XQ FRPSORW
vPSRWULYD ORU D VSRULW GLVSXWD HWQLFă GLQ FDGUXO 5RPkQLHL 0DUL QX GH SXĠLQH RUL DQWLVHPLWLVPXO
UHJăVLQGXVHSULQWUHGLIHULWHHOHPHQWHDOHVRFLHWăĠLLFDRH[SULPDUHDQDĠLRQDOLVPXOXLORU$FHVWWLSGH


)ORUHD 1HGHOFX 'H OD 5HVWDXUDĠLH OD 'LFWDWXUD UHJDOă &OXM1DSRFD  S  ÌQ
FRQWLQXDUH DXWRUXO VWXGLD]ă HIHFWHOH FRQJUHVXOXL DVXSUD YLHĠLL SROLWLFH URPkQHúWL IRORVLQG IRUPXOH
VSHFLILFHLVWRULRJUDILHLFRPXQLVWH6SUHH[HPSOXVHYRUEHúWHGHVSUHÄIRUPDĠLXQLSDUDPLOLWDUHIDVFLVWH´
IăFkQGUHIHULUHODHFKLSHOHIRUPDWHvQFDGUXOFRQJUHVXOXLSHQWUXSHGHSVLUHDDGYHUVDULORUSROLWLFL

=LJX2UQHD$QLLWUHL]HFL([WUHPDGUHDSWăURPkQHDVFă%XFXUHúWLS±

'UDJRú=DPILUHVFX/HJLXQHD$UKDQJKHOXOXL0LKDLOGHODPLWODUHDOLWDWH%XFXUHúWL
SúLXUP

,RDQ 6FXUWX *KHRUJKH %X]DWX ,VWRULD URPkQLORU vQ VHFROXO ;; ±  %XFXUHúWL
S ,RDQ 6FXUWX 'LQ YLDĠD SROLWLFă D 5RPkQLHL ±  6WXGLX FULWLF SULYLQG LVWRULD
3DUWLGXOXL1DĠLRQDOğăUăQHVF%XFXUHúWLS±DLFLGDWDUHDFRQJUHVXOXLHVWHFRUHFWă

3XLX'XPLWUX%RUGHLX0LúFDUHD/HJLRQDUăvQ'REURJHDvQWUH±&RQVWDQĠDS

$GULDQ*DEULHO/HSăGDWX0LúFDUHDOHJLRQDUăvQWUHPLWúLUHDOLWDWH&KLúLQăX

9H]L,ULQD/LYH]HDQX&XOWXUăúLQDĠLRQDOLVPvQ5RPkQLD0DUH±%XFXUHúWL
&DURO,DQFX(YUHLLGLQ5RPkQLD'HODHPDQFLSDUHODPDUJLQDOL]DUH±%XFXUHúWL

 'DQLHO&LWLULJă 

GLVFXUV SROLWLF úLD UHJăVLW UHSHGH VXVĠLQăWRUL SULQWUH VWXGHQĠLL URPkQL FDUH vQFă GLQ  WUHFXVHUă
SHVWH WUDGLĠLRQDOXO ÄQXPHUXV FODXVXV´ FHUkQG XQ ÄQXPHUXV QXOOXV´ QHFRQGLĠLRQDW 'H FH VWXGHQĠLL
URPkQL DX IRVW DWkW GH YXOQHUDELOL" 'H FH DORJHQLL vQ VSHFLDO HYUHLL DX IRVW FRQVLGHUDĠL SULQFLSDOLL
DGYHUVDULDLWLQHUHWXOXLURPkQ"5ăVSXQVXOHVWHXQXOIRDUWHFRPSOH[úLWUHEXLHFăXWDWDWkWvQGRPHQLXO
SROLWLFFkWúLHFRQRPLFVRFLDOúLUHOLJLRV/DVIkUúLWXO3ULPXOXL5ă]ERL0RQGLDOWLQHUHWXO5RPkQLHL
0DULHUDXQXOSOLQGHVSHUDQĠHvQSULPXOUkQGGDWRULWăQRLORUSRVLELOLWăĠLFUHDWHSULQH[WLQGHUHDVWDWXOXL
úL FUHúWHUHD QXPăUXOXL SRSXODĠLHL ÌQ DFHVWH FRQGLĠLL PDL DOHV SULQ SăUăVLUHD SRVWXULORU GH FăWUH
IXQFĠLRQDULLYHFKLORUUHJLPXULVDXFUHDWQRLORFXULGHPXQFăRGLSORPăXQLYHUVLWDUăILLQGJLUXOXQHL
VOXMEHJXYHUQDPHQWDOHLGHDOXORULFăUXLWkQăUGHODĠDUă$FHVWOXFUXQXHUDvQVăXúRUGHUHDOL]DWGXSă
FXPVXVĠLQH=YL<DYHW]HYUHXGLQ&HUQăXĠL ÄQXPăUXOGHORFXULvQFăPLQHOHVWXGHQĠHúWLHUDOLPLWDW
FKLULLOH HUDX PDUL LDU EXUVHOH JXYHUQDPHQWDOH SXĠLQH 6WXGHQĠLL HYUHL YHQHDX GLQ ]RQH XUEDQH
ORFXLDXDFDVăFXSăULQĠLLORUúLFKLDUGDFăQXHUDXERJDĠLSXWHDXWUHFHFDDWDUHvQFRPSDUDĠLHFX
VWXGHQĠLLURPkQL$VWIHORULFHSURSDJDQGăDQWLVHPLWăFăGHDSHXQWHUHQIHUWLO´
'H DFHVWH IUăPkQWăUL SROLWLFH úL HWQLFH vQFHUFD Vă SURILWH UHJHOH &DURO DO ,,OHD DGYHUVDU DO
SDUODPHQWDULVPXOXLúLSOXULSDUWLGLVPXOXLVXVĠLQăWRUDOXQXLVWDWFXSXWHUHDXWRULWDUăDIODWăvQPkLQLOH
VDOH *UDYHOH FRPSOLFDĠLL SH FDUH OHD SURYRFDW SULQ PHQĠLQHUHD vQ ĠDUă D SDUWHQHUHL VDOH ± (OHQD
/XSHVFXGHRULJLQHHYUHLDVFăDFX]DWăSULQWUHDOWHOHGHVXVĠLQHUHDFRPHUFLDQĠLORUDSDUĠLQăWRULDFHVWHL
PLQRULWăĠL±DXFRQWULEXLWODRUXSWXUăFXSDUWLGHOHWUDGLĠLRQDOH 31/31ğ GDUúLODRDVFHQVLXQH
LQHGLWă D 0LúFăULL /HJLRQDUH $FHDVWă VLWXDĠLH HUD H[FHOHQW GHVFULVă vQ vQVHPQăULOH VDOH GH FăWUH
*ULJRUH*DIHQFXvQRFWRPEULHÄ*XĠăHvQFăODSXWHUH±vúLvPSOLQHúWHOLQLúWLWDOWUHLOHDDQGH
FkUPXLUH 2SR]LĠLD VH OXSWă FX RSR]LĠLD SH GH R SDUWH SDUWLGHOH GH ÄGUHDSWD´ ± RSRUWXQLúWLL OXL
9DLGD GHPDJRJLL OXL *RJD IDQDWLFLL OXL &RGUHDQX ± GH DOWD SDUWLGHOH ILLQGFă VXQW PDL PXOWH ± FH
GăLQXLHVFVXEQXPHOHQDĠLRQDOĠăUăQHVF'UHDSWDVHvQWăUHúWHJRJLúWLLODVXSUDIDĠă*DUGDGH)LHUvQ
DGkQFLPHYDLGLúWLLvQMXUXOSXWHULL´

3523$*$1'Ă9(56869,2/(1ğĂ&21*5(68/Ì10(',$'(67Æ1*$
ù,'5($37$

/D  PDUWLH  SUHúHGLQWHOH 8QLXQLL 1DĠLRQDOH D 6WXGHQĠLORU &UHúWLQL 5RPkQL *KHRUJKH
)XUGXLIăFHDRFHUHUHFăWUHDXWRULWăĠLOHJXYHUQDPHQWDOHSHQWUXDSUREDUHDVXVĠLQHULLFRQJUHVXOXLDFHVWHL
RUJDQL]DĠLLOXkQGXúLDQJDMDPHQWXOFăPDQLIHVWDĠLDVHYDGHVIăúXUDvQFHDPDLEXQăRUGLQHúLFăQXVH
YRUSXUWDXQLIRUPHLQWHU]LVHGHOHJHDGHDSăUDUHDVWDWXOXL&RQJUHVXO±PDLDVLJXUDOLGHUXO8QLXQLL±
QX DU IL DYXW XQ FDUDFWHU SROLWLF úL VDU IL GHVIăúXUDW vQ FDGUXO LQWHUHVHORU úL SULQFLSLLORU GH YLDĠă DOH
VWXGHQĠLORU QHIăFkQG DSRORJLD DVDVLQDWXOXL SROLWLF QLFL vQ SULQFLSLX QLFL FD DWLWXGLQH 0LQLVWHUXO
,QVWUXFĠLXQLL 3XEOLFH D FRPXQLFDW FHOXL GH ,QWHUQH Fă DSUREă ĠLQHUHD FRQJUHVXOXL QXPDL SHQWUX
VWXGHQĠLLGLQ&HUQăXĠLúL%XFXUHúWLGHRDUHFHUHFWRULLGHOD&OXMúLGHOD,DúLDXUHVSLQVDFHDVWăFHUHUH
)O ùWHIăQHVFX*RDQJă UHFWRUXO 8QLYHUVLWăĠLL FOXMHQH UăVSXQGHD OD  PDUWLH Fă HUD IDYRUDELO
FRQJUHVXOXL QXPDL vQ FD]XO vQ FDUH DU IL IRVW RUJDQL]DW GH VRFLHWăĠLOH UHFXQRVFXWH GH 6HQDWHOH


$UPLQ+HLQHQRSFLWS

=YL <DYHW] $Q (\HZLWQHVV 1RWH 5HIOHFWLRQV RQ WKH 5RPDQLDQ ,URQ *XDUG vQ Ä-RXUQDO RI
&RQWHPSRUDU\+LVWRU\´QUS

*ULJRUH*DIHQFXÌQVHPQăULSROLWLFHS

6WHOLDQ 1HDJRH 9LDĠD XQLYHUVLWDUă FOXMHDQă LQWHUEHOLFă 7ULXPIXO UDĠLXQLL vPSRWULYD
YLROHQĠHL YRO,,&OXM1DSRFDS

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI'UDJRú=DPILUHVFX
RSFLWS

,ELGHPI±8QLYHUVXO´DQQUDSULOLH


 &RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH  

XQLYHUVLWDUHúL&RQVLOLXOLQWHUXQLYHUVLWDUĠLQkQGVăDWUDJăDWHQĠLDJXYHUQXOXLFăÄ8QLXQHD1DĠLRQDOăD
VWXGHQĠLORU FUHúWLQL URPkQL QX HVWH UHFXQRVFXWă GH QLFLXQD GLQ DXWRULWăĠLOH XQLYHUVLWDUH´ 8Q
UăVSXQV QHJDWLY DYHD Vă GHD úL UHFWRUXO 7UDLDQ %UDWX GH OD ,DúL FDUH SURWHVWD IDĠă GH ÄWROHUDUHD úL
vQFXUDMDUHDFDUDFWHUXOXLSROLWLFDOXQXLFRQJUHVVWXGHQĠHVF´7RWXúLFXR]LvQDLQWHGHGHVFKLGHUHD
RILFLDOă)OùWHIăQHVFX*RDQJăFRPXQLFD0LQLVWHUXOXL,QVWUXFĠLXQLL3XEOLFHFăDDSUREDWVRFLHWăĠLORU
VWXGHQĠHúWL DOH IDFXOWăĠLORU GH GUHSW úL PHGLFLQă SDUWLFLSDUHD OD HYHQLPHQWXO GH OD 7kUJX0XUHú ÌQ
FRQVHFLQĠăFRPSDQLD&)5XUPDVăSXQăODGLVSR]LĠLDVWXGHQĠLORUFFDGHELOHWHGHWUHQ 
SHQWUXVWXGHQĠLLEXFXUHúWHQLSHQWUXFHLFHUQăXĠHQLSOXVSHQWUXFHLGLQ&OXM 
ÌQvQFHUFDUHDGHDĠLQHODFXUHQWSRSXODĠLDFXDFĠLXQHDGHOD7kUJX0XUHúSXEOLFDĠLLOHFHQWUDOH
úLORFDOHYHGHDXGLIHULWDFHDVWăPDQLIHVWDĠLHvQIXQFĠLHGHRULHQWDUHDSROLWLFăFHOHGHGUHDSWDDSUHFLDX
GHPHUVXULOHIăFXWHGH8QLXQHD1DĠLRQDOăD6WXGHQĠLORUFUHúWLQLGLQ5RPkQLD 816&5 úLSUH]HQWDX
FRQJUHVXO FD SH XQ HYHQLPHQW GH R LPSRUWDQĠă GHRVHELWă vQ WLPS FH SUHVD GH VWkQJD VH DUăWD PDL
FLUFXPVSHFWă&RWLGLDQXOÄ8QLYHUVXO´DSUH]HQWDWWRWSURJUDPXOYLLWRUXOXLFRQJUHVSHQWUXFDvQ]LOHOH
FH DX XUPDW Vă UHGHD DSURDSH LQWHJUDO GH]EDWHULOH FH DX DYXW ORF QX GH SXĠLQH RUL DFHVW VXELHFW
RFXSkQGSULPDSDJLQă0DLPXOWGLUHFWRUXODFHVWHLSXEOLFDĠLL6WHOLDQ3RSHVFXDSULPLWúLRVFULVRDUH
GHPXOĠXPLUHGLQSDUWHDRUJDQL]DWRULORUSHQWUXVSULMLQXOúLvQFUHGHUHDGHFDUHDGDWGRYDGă3HGHDOWă
SDUWHÄ'LPLQHDĠD´FRWLGLDQUHFXQRVFXWSHQWUXVLPSDWLLOHVDOHGHVWkQJDWUăJHDXQVHPQDOGHDODUPă
GRYHGLW MXVWLILFDW vQ  PDUWLH  SRWULYLW FăUXLD OD 7kUJX0XUHú ÄQX HVWH YRUED GH XQ FRQJUHV
JHQHUDODOVWXGHQĠLORUFLQXPDLGHRIUDFĠLXQHVWXGHQĠHDVFăFHPLOLWHD]ăvQRUJDQL]DĠLLOHGHH[WUHPă
GUHDSWD´1LFLSUHVDORFDOăGHOLPEăURPkQăFDUHHUDGHVWXOGHVODEUHSUH]HQWDWăvQvQRUDúXO
JD]Gă QX UăPkQHD LQGLIHUHQWă IDĠă GH DGXQDUHD GLQ RUDúXO GH SH 0XUHú Ä*D]HWD 0XUHúXOXL´ vúL
PDQLIHVWDEXFXULDIDĠăGHÄFLQVWHDFHVHIDFHRUDúXOXL´úLvúLH[SULPDVSHUDQĠDFăÄFHWăĠHQLLRUDúXOXL
LQGLIHUHQWGHOLPEăúLUHOLJLHYRUSULPLFXWRDWăFXYLLQĠDúLRPHQLDSHRDVSHĠL´$FHDVWăDWLWXGLQHR
SXWHP H[SOLFD SULQ IDSWXO Fă JXYHUQXO VXVĠLQHD DFHVW FRQJUHV LDU VXUVD PDLVXV DPLQWLWă HUD
DGPLQLVWUDWăGHFăWUHSUHIHFWXUDMXGHĠXOXL3HGHDOWăSDUWHvQVăúLRUJDQXOORFDODO31ğÄ0XUHúXO´
IăFHD XQ DSHO FD WRĠL WkUJPXUHúHQLL VăL DúWHSWH SH VWXGHQĠL ÄFX WRDWă GUDJRVWHD IUăĠHDVFă úL
SăULQWHDVFă´ $UăWkQGXúL GHRVHELWD FRQVLGHUDĠLH IDĠă GH WLQHULL URPkQL RILFLRVXO ĠăUăQLVW ORFDO vúL
H[SULPD FUHGLQĠD Fă VWXGHQĠLL ÄYRU DGăXJD QXPHOXL GH URPkQ úL FUHúWLQ úL QRWD GH FHWăĠHDQ


6WHOLDQ1HDJRHRSFLWS

,ELGHP

ÌQ DFHVWH FRQGLĠLL FRWLGLHQHOH FHQWUDOH DQXQĠDX SHQWUX GDWD GH  DSULOLH  GHVFKLGHUHD
FRQJUHVXOXL GXSă XUPăWRUXO SURJUDP ± ]LXD vQWkL ± 7H 'HXP OD &DWHGUDOD GLQ 7kUJX0XUHú úHGLQĠă
IHVWLYă vQ 3DODWXO &XOWXUDO ± LPQXO UHJDO FXYkQWăULOH IHVWLYH GXSăDPLD]ă ± FLWLUHD UDSRDUWHORU 'LQ
GXUHULOHQHDPXOXL5RPkQLLGHSHVWHKRWDUH0DFHGR5RPkQLL7LPRFHQLL7UDQVQLVWUHQLL5RPkQLLGLQ
FDGUXO KRWDUHORU PRĠLL EăQăĠHQLL PDUDPXUHúHQLL VLWXDĠLD LQYDOL]LORU 6HDUD OD RUD  FRQIHULQĠă
IHVWLYDO±]LXDDGRXD±3UREOHPDMLGRYHDVFă&XUHQWHOHVRFLDOHGHVWUXFWLYH)UDQFPDVRQHULD%LVHULFD
úLWLQHUHWXOQDĠLRQDOLVW6WXGHQĠLPHDURPkQăúLSUREOHPHOHH[WHUQH6WXGHQĠLLGHSHVWHKRWDUHÌQúHGLQĠD
GH GXSăDPLD]ă HUDX SUHJăWLWH XUPăWRDUHOH WHPH 5RPkQLVPXO QRVWUX 6ROLGDULWDWHD VWXGHQĠLPLL
QDĠLRQDOLVWH&RQúWLLQĠDUHOLJLRDVăDWLQHUHWXOXLQDĠLRQDOLVW6WXGHQĠLPHDúLPLúFăULOHGHGUHDSWD6HDUD
&RQIHULQĠDGHVSUHXQLWDWHDQHDPXOXLÌQXOWLPD]LDGH]EDWHULORUHUDXSHRUGLQHDGH]LVXELHFWHGHVSUH
HFRQRPLD URPkQHDVFă SROLWLFD LQGXVWULDOă OD JUDQLĠD GH 9HVW VăQăWDWHD QHDPXOXL URPkQHVF VSRUWXO
VWXGHQĠHVF SUREOHPD PDWHULDOă D VWXGHQĠLORU SUREOHPD WUăGăULL ÌQ VHDUD ]LOHL GH  DSULOLH DYHD Vă
YRUEHDVFă(UQHVW%HUQHD'HVSUHRPHQLDURPkQHDVFă Ä8QLYHUVXO´DQQUDSULOLH 

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI±Ä8QLYHUVXO´
QUDSULOLH

Ä'LPLQHDĠD´DQQUPDUWLH

Ä*D]HWD0XUHúXOXL´7kUJX0XUHúDQ9,QUDSULOLH

 'DQLHO&LWLULJă 

H[HPSODU´SULQDFHVWHIRUPXOHFăXWkQGXVHRFkWPDLEXQăFRODERUDUHvQWUHORFDOQLFLFDUHHUDXvQ
PDMRULWDWH GH DOWă QDĠLRQDOLWDWH GHFkW FHD URPkQă úL SDUWLFLSDQĠL ,QWHQĠLD GH D GH]DPRUVD SRVLELOHOH
FRQIOLFWH HWQLFH PDL DOHV FX FDUDFWHU DQWLVHPLW R UHJăVLP úL vQ FD]XO FRWLGLHQHORU Ä'LPLQHDĠD´ úL
Ä$GHYăUXO´vQSDJLQLOHFăURUDVHVXEOLQLDFăPDVDGHSHVWHGRXăPLLGHVWXGHQĠLDIRVWFD]DWăDWkWOD
LQVWLWXĠLLOHVWDWXOXLFkWúLODFDVHSDUWLFXODUHPXOWHGLQWUHHOHDYkQGSURSULHWDULHYUHL
ÌQUHSOLFăvQSDUDOHOFXDFHDVWăPDQLIHVWDĠLHFHOXDRDPSORDUHGHRVHELWăDGYHUVDULLVWXGHQĠLORU
GLQ 816&5 SUHJăWHDX vQWkOQLUL VLPLODUH FHOHL GH OD 7kUJX0XUHú 'LVLGHQWXO OHJLRQDU 0LKDLO
6WHOHVFX RUJDQL]D OD %XFXUHúWL vQ ]LXD GH  DSULOLH R vQWkOQLUHFRQJUHV OD FDUH XUPDX Vă SDUWLFLSH
VWXGHQĠLL ÄFUXFLDĠL´ GXSă FXP HUDX QXPLĠL FHL FH IăFHDX SDUWH GLQ RUJDQL]DĠLD Ä&UXFLDGD
5RPkQLVPXOXL´ ÌQ DFHVW FRQWH[W ÄFUXFLDĠLL´ ODQVDX úL XQ PDQLIHVW SULQ FDUH ÄGHPDVFDX´ VFRSXULOH
&RQJUHVXOXLGHOD7kUJX0XUHú&=&RGUHDQXILLQGvQYLQXLWGHPDQLSXODUHDúLIRORVLUHDVWXGHQĠLPLL
FDPDVăGHPDQHYUăvQYHGHUHDUHDOL]ăULLLQWHUHVHORUVDOHSROLWLFH
6XE WLWOXO Ä-RV &RQJUHVXO /HJLRQDU 7UăLDVFă FRQJUHVXO XQLWăĠLL úL OXSWHL SURIHVLRQDOH
VWXGHQĠHúWL´)URQWXO6WXGHQĠHVF'HPRFUDWODQVDXQPDQLIHVWSULQFDUHSURWHVWDIDĠăGHÄEDWDOLRDQHOH
OHJLRQDUH DOH FLRFRLXOXL &DQWDFX]LQR´ vQWUXQLWH OD ÄFRQJUHVXO FăPăúLORU YHU]L GH OD 7kUJX0XUHú´
XQGHÄVWXGHQĠLLYRUSXWHDVWULJDOLEHUWUăLDVFă&ăSLWDQXO´úLÄ+HLO+LWOHU´ÌQDFHVWVHQV)URQWXO
6WXGHQĠHVF 'HPRFUDW vPSUHXQă FX WLQHUHWXO VRFLDOLVW RUJDQL]DX XQ FRQWUDFRQJUHV vQ $OHHD
3DWULDUKLHL QU  GLQ %XFXUHúWL vQ DFHHDúL SHULRDGă FX FHO GH OD 7kUJX0XUHú $FHHDúL PăVXUă DX
DGRSWDWRúLVWXGHQĠLLIRUXULORUGHPRFUDWHOLEHUDOHúLĠăUăQLVWHGLQ&OXMFDUHvQVHDUD]LOHLGHDSULOLH
VHvQWUXQHDXSHQWUXDFRQGDPQDÄFRQJUHVXOOHJLRQDUGLQ7kUJX0XUHú´GDUúLÄWROHUDQĠDJXYHUQXOXL´
IDĠăGHFRQJUHVXOFDUHLJQRUDSROLWLFDH[WHUQăD5RPkQLHL

'(6)Ăù85$5($&21*5(68/8,

ÌQFăGLQWLPSXOFăOăWRULHLVSUH7kUJX0XUHúVWXGHQĠLLDXvQFHSXWVăIDFăSUREOHPHDXWRULWăĠLORU
GHGkQGXVH OD DFWH FH FRQWUDYHQHDX OHJLL $VWIHO RSLQLD SXEOLFă HUD LQIRUPDWă Fă MRL  DSULOLH XQ
JUXS GH VWXGHQĠL FH VH GHSODVD GLQVSUH %XFXUHúWL VSUH RUDúXO vQ FDUH XUPD Vă DLEă ORF FRQJUHVXO
FRERUkQG vQ JDUD 6LQDLD D SURIDQDW SODFD LQVWDODWă SH ORFXO XQGH D IRVW H[HFXWDW ,*'XFD $FHVW
HYHQLPHQW DYHD Vă FUHH]H FRQIX]LH vQ FDGUXO 0LQLVWHUXOXL GH ,QWHUQH ELURXO GH SUHVă GkQG GRXă
FRPXQLFDWHvQSULPXOUHFXQRVFkQGXVHLQFLGHQWHOHGHOD6LQDLDLDUvQDOGRLOHDFDWDORJkQGXOHGRDU
VLPSOHÄ]YRQXUL´SODFDúLFUXFHDQHILLQGDWLQVHGXSăSăUHUHDUHSUH]HQWDQĠLORUDFHVWHLLQVWLWXĠLL'H
DOWIHO QLFL SROLĠLD GLQ 6LQDLD QXFRQVHPQHD]ă vQ UHIHUDWXOvQWRFPLW vQ XUPD HYHQLPHQWHORU GLQ JDUă
GHFkWVFDQGăULvQIDYRDUHDÄQLFDGRULORU´úLDOXL&RUQHOLX=HOHD&RGUHDQX
$GRXD]LvQDSULOLHXQWUHQVSHFLDOFHDYXVHVHGUHSWVWDĠLHGHSOHFDUH%XFXUHúWLL DWUHFXW
SULQ 6IkQWX*KHRUJKH 0LHUFXUHD &LXF 3HWUX 5DUHú ± XQGH VDX DWDúDW YDJRDQHOH FX VWXGHQĠLL GLQ
&KLúLQăX DMXQJHDvQFDSLWDODMXGHĠXOXL0XUHúFXSHVWHGHVWXGHQĠLFăURUDOLVDXDOăWXUDWvQ
DFHHDúL]LVWXGHQĠLLGLQFHOHODOWHRUDúHDOHĠăULLIRUPkQGXQJUXSGHSHVWHGHSHUVRDQHFHXUPD
VăILHFD]DWODLQWHUQDWHOHúFROLORUúLODSDUWLFXODUL'DWILLQGQXPăUXOPDUHDOSDUWLFLSDQĠLORUGDUúL


Ä0XUHúXO´7kUJX0XUHúDQ9,,QUDSULOLH

&I'UDJRú=DPILUHVFXRSFLWS

Ä$GHYăUXO´DQQUDSULOLHS

Ä'LPLQHDĠD´DQQUDSULOLH

Ä$GHYăUXO´DQQUDSULOLH

,ELGHP

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI±

Ä8QLYHUVXO´DQQUDSULOLH

ÌQUDSRDUWHOHSROLĠLHLGDUúLvQPăUWXULLOHXQRUPDUWRULVXQWFRQVHPQDĠLGHSDUWLFLSDQĠL
9H]L $1,& IRQG 0LQLVWHUXO -XVWLĠLHL 'LUHFĠLD MXGLFLDUă GRVDU  I  ,GHP IRQG
0LQLVWHUXOGH,QWHUQH'LYHUVHGRVDUQUI


 &RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH  

VHPQDOHOHSXEOLFDĠLLORUFRQWHPSRUDQHVDFUHDWRVWDUHWHQVLRQDWăSULQWUHORFXLWRULLRUDúXOXLPDLDOHV
vQLQWHULRUXOPLQRULWăĠLLHYUHLHúWL'LQDFHVWPRWLYDXWRULWăĠLOHvQIUXQWHFXSUHIHFWXO)UDQFLVF3RUXEVNL
DX OXDW PăVXUL VSRULWH GH VLJXUDQĠă úL DX FUHVFXW QXPăUXO IRUĠHORU GH RUGLQH $FHDVWă DWLWXGLQH VD
GRYHGLW D IL XQD EHQHILFă DYkQG vQ YHGHUH Fă GLQ SULPD VHDUă D FRQJUHVXOXL SROLĠLD GLQ RUDú VH
FRQIUXQWD FX XQ SRWHQĠLDO FRQIOLFW vQWUH WLQHULL FRQJUHVLúWL úL VWXGHQĠL VLPSDWL]DQĠL DL FRPXQLúWLORU
$FHúWLDGLQXUPăSXVHVHUăODFDOHXQDWHQWDWFXERPEHFHXUPDVăDLEăORFvQFOăGLUHDXQGHVHĠLQHD
FRQJUHVXOvQXOWLPD]LDPDQLIHVWDĠLHLÌQXUPDVHVL]ăULORUIăFXWHSROLĠLDDRUJDQL]DWRSHUFKH]LĠLHOD
GRPLFLOLXOFRPXQLVWXOXL$OH[DQGUX0LKDLOXQGHDGHVFRSHULWXQ UHYROYHUúLSDWUXERPEHvQFXUVGH
FRQIHFĠLRQDUH/DLQWHURJDWRULXWkQăUXOLQFULPLQDWDUHFXQRVFXWFăERPEHOHOHFRQIHFĠLRQDvQVFRSXO
PDLVXVDUăWDWSHQWUXFDXOWHULRUVăGHFODUHFăQXDYHDLQWHQĠLLVăIDFăX]GHHOHGHFkWvQFD]XOvQFDUH
VWXGHQĠLLDUILDWDFDWSRSXODĠLDHYUHLDVFăVDXPXQFLWRULLGLQORFDOLWDWH
2 SULPă vQWkOQLUH D SDUWLFLSDQĠLORU D DYXW ORF OD &DWHGUDOD RUWRGR[ă FX KUDPXO ÌQăOĠDUHD
'RPQXOXL FXQRVFXWăDVWă]LVXEGHQXPLUHDGH&DWHGUDOD0DUH GLQFHQWUXORUDúXOXLXQGHODRUD
VDX ELQHFXYkQWDW SDUWLFLSDQĠLL OD FRQJUHV SULQWUXQ 7H 'HXP RILFLDW GH úDVH SUHRĠL 3URWRSRSXO GH
7kUJX0XUHúYRUELQGvQQXPHOHFOHUXOXLRUWRGR[GLQRUDúVXEOLQLDFăÄSHQRL5RPkQLLGHDLFLQH
EXFXUă QHVSXV YHQLUHD GXPQHDYRDVWUă SH ORFXULOH QRDVWUH 3HQWUX Fă Yă]kQG vQ VIkUúLW úL SXWHUHD
QRDVWUă URPkQHDVFă VWUăLQLL Vă VH FXWUHPXUH ùL GXSă FXWUHPXU YLQH UHVSHFWXO ùL GXSă UHVSHFW
GUDJRVWHD ùL GXSă GUDJRVWH vPSăFDUHD´ 'H]EDWHULOH FHOXL GHDO ]HFHOHD FRQJUHV DO VWXGHQĠLORU
FUHúWLQLDXGHEXWDWvQ6DOD0DUHD3DODWXOXL&XOWXULLFXLQWRQDUHD,PQXOXLUHJDOúLFLWLUHDWHOHJUDPHLFH
VHH[SHGLDUHJHOXLFDUHFXQRúWLQĠăSHQWUXDMXWRUXORIHULW
3ULPXO YRUELWRU D IRVW *KHRUJKH )XUGXL SUHúHGLQWHOH 816&5 FDUH ÄFD XQ RPDJLX DGXV
$UGHDOXOXL´IăFHDDSHOODRFXQRVFXWăSHUVRQDOLWDWHOHJLRQDUăGLQ$UGHDOSURWRSRSXO,RQ0RĠDFHO
FH FX XQ DQ vQDLQWH IXVHVH QXPLW SUHúHGLQWH GH RQRDUH DO FRQJUHVXOXL DFHOHLDúL RUJDQL]DĠLL ĠLQXW OD
&UDLRYD)XUGXLDPDLVXEOLQLDWvQFXYkQWDUHDGHGHVFKLGHUHFăUHXQLXQHDÄQXHDXQXLSDUWLGSROLWLF
FXP VD FăXWDW Vă VH LQVLQXH]H FL H FRQJUHVXO SURSULX DO VWXGHQĠLPLL FDUH WUăLHúWH vQWUR YLDĠă
URPkQHDVFăúLHODQXQĠăvQFHSXWXOPDULORUOXSWH´IăFkQGvQDFHVWVHQVUHIHULUHODDGYHUVDULSUHFXP
ÄJXYHUQDUHD OLEHUDOă FDUH D FKLQXLW WLQHUHWXO QDĠLRQDOLVW´ ÄJXYHUQDUHD ĠăUăQHDVFă´ úL ÄSUHVD
MLGRYHDVFă´ ÌQ FDGUXO DFHOXLDúL GLVFXUV LQFLGHQWHOH GH SH GUXP DPLQWLWH HUDX FDWDORJDWH GUHSW
ÄDFWHQHvQVHPQDWH´3ULPDUXOOLEHUDODORUDúXOXL GU(PLO$'DQGHDvQUăVSXQVXOVăXPXOĠXPHD
SHQWUXRPDJLXODGXVRUDúXOXLSULQĠLQHUHDFRQJUHVXOXLDFRORúLOHXUDEXQYHQLWVWXGHQĠLORUÄFXWRDWă
FăOGXUD´ VXEOLQLLQG Fă ÄvQ WRDWH WLPSXULOH SUHRFXSăULOH WLQHUHWXOXL DX IRVW SUHYHVWLUH SHQWUX
GLUHFWLYD GH PkLQH´ LDU ÄVWXGHQĠLPHD WUHEXLH Vă ILH vQVXIOHĠLWă GH VHQWLPHQWH QDĠLRQDOLVWH úL Vă
FRODERUH]HFXFHLPDLEăWUkQLvQYkUVWăúLH[SHULHQĠă´&XYkQWXODIRVWOXDWDSRLGH&&*LXUHVFX
FDUH vQ FDOLWDWH GH WULPLV DO UHJHOXL úL GH SURIHVRU DO )DFXOWăĠLL GH /LWHUH GLQ %XFXUHúWL WUDQVPLWHD
VDOXWXO FăWUH FRQJUHVXO SH FDUH vO FRQVLGHUD ÄvQăOĠăWRU SULQ SULQFLSLLOH SH FDUH OH DUH vQVFULVH vQ
SURJUDPXO VăX úL H[HPSODU SULQ RUGLQHD GH FDUH D GDW GRYDGă´ 8QLYHUVLWDWHD GLQ &OXM HUD


Ä$GHYăUXO´DQDSULOLH

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

,ELGHP

Ä*ODVXO0XUHúXOXL´QUDSULOLH

$1,&IRQG0LQLVWHUXOGH,QWHUQH'LYHUVHGRVDUQUI

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

Ä8QLYHUVXO´DQQUDSULOLH

,ELGHP

,ELGHP

Ä*ODVXO0XUHúXOXL´DQ,,,QUDSULOLH

Ä8QLYHUVXO´DSULOLH

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

Ä8QLYHUVXO´  DSULOLH  Y úL Ä$GHYăUXO´ DQ  QU   DSULOLH  Ä*ODVXO
0XUHúXOXL´GLQDSULOLH

 'DQLHO&LWLULJă 

UHSUH]HQWDWă vQ FDGUXO FRUSXOXL SURIHVRUDO GH FăWUH 'DQ 5ăGXOHVFX FDUH vúL H[SULPD vQFUHGHUHD vQ
ÄPDUHDJHQHUDĠLH´GXSăFXPRQXPHDSHFHDDWLQHULORUGLQVDOăPXOWVXSHULRDUă±vQYL]LXQHDVD±
IDĠă GH JHQHUDĠLD GLQ FDUH IăFHD HO SDUWH 8Q GLVFXUV VXJHVWLY vQ FRQFRUGDQĠă FX FDUDFWHUXO
FRQJUHVXOXL D DYXW FăSLWDQXO ùLDQFX FDUH YRUELQG vQ QXPHOH PRĠLORU úLD H[SULPDW FUHGLQĠD Fă
ÄQXPDL SULQ HQHUJLL WLQHUH FDSDELOH D MHUWIL WRWXO SHQWUX ĠDUă QHDPXO URPkQHVF VH YD vQGUHSWD´ úL
VXEOLQLDFăÄQXPDLGXPQHDYRDVWUăFDGHPQLOHJLRQDULURPkQLYHĠLILvQVWDUHVăQHGXFHĠLODL]EkQGă
FXFDUWHDvQPkQăúLDUPDODSLFLRU´5DGX%XGLúWHDQXGLQSDUWHDÄDYRFDĠLORUFUHúWLQL´DWUDQVPLV
úLHOVDOXWXOFăWUHSDUWLFLSDQĠLGXSăFDUHFXYkQWXODIRVWOXDWGH6HUJLX)ORUHVFXvQQXPHOHSXEOLFDĠLHL
Ä5RPkQLD FUHúWLQă´ *KHRUJKH )XUGXL vQ FDOLWDWH GH JD]Gă LD VDOXWDW SH UHSUH]HQWDQĠLL WLQHUHWXOXL
QDĠLRQDOVRFLDOLVWGLQ*HUPDQLDÌQQXPHOHDFHVWRUDGU6FKHUHUPXOĠXPHDSHQWUXVHQWLPHQWHOHDUăWDWH
WLQHULORU JHUPDQL úL SHQWUX VSLULWXO SULHWHQHVF GH FDUH EHQHILFLDX vQ 5RPkQLD DVLJXUkQG DXGLWRULXO
FDUHVHvQFDGUDSHDFHHDúLOLQLHLGHRORJLFăGHVHQWLPHQWHUHFLSURFH3UHúHGLQWHOH816&5UHPDUFD
vQXUPDFXYkQWăULLOXL6FKHUHUFăWLQHUHWXOURPkQDGPLUDvQSRSRUXOJHUPDQSXULWDWHDGHFRQFHSĠLHúL
GH DFĠLXQH úL vúL H[SULPD FUHGLQĠD Fă ÄFX R YRLQĠă HJDOă FX FHD D OXL +LWOHU VH YD UHDOL]D úL vQ
5RPkQLDSHXQDOWSODQDOWăVWUXFWXUăSHQWUXQHFHVLWăĠLOHURPkQHúWL´ÌQQXPHOHVWXGHQĠLORUSRORQL
VHFUHWDUXO /HJDĠLHL SRORQH OD %XFXUHúWL YRUELQG vQ OLPED URPkQă DGUHVD VDOXWăUL FRQJUHVLúWLORU
IăFkQG XUăUL SHQWUX vQăOĠDUHD QHDPXOXL URPkQHVF VXE GRPQLD SXWHUQLFă D &RURDQHL URPkQHúWL (O
VXEOLQLD GHVWLQXO FRPXQ DO FHORU GRXă SRSRDUH FDUH DX vQYLQV QXPHURDVH JUHXWăĠL PHUJkQG VSUH
UHDOL]DUHDLGHDOXOXLÄ5RPkQLDSHQWUXURPkQLúL3RORQLDSHQWUXSRORQL´
'XSăXQHORJLXDGXVOXL+LWOHUGHFăWUH*KHRUJKH)XUGXLúLFRQGDPQDUHDFRPXQLVPXOXLSULQ
YRFHDUHSUH]HQWDQWXOXLSRORQ$OH[&DQWDFX]LQRGLUHFWRUXO'HSDUWDPHQWXOXL([WHUQHDO816&5
DFLWLWWH[WXOXQHLVFULVRULDGUHVDWăOXL0XVVROLQLFHDYHDPHQLUHDDILXQUăVSXQVODDSHOXOSUHPLHUXOXL
LWDOLDQ IăFXW SULQ Ä,O 3RSROR G¶,WDOLD´ vQ FDUH DUăWD Fă ÄWLQHUHWXO URPkQ HVWH DOăWXUL GH FHO LWDOLDQ
FRQúWLHQW Fă vPSRWULYD ORU VH SXQHD OD FDOH XQ FRPSORW PDVRQLF´ ÌQ DFHHDúL RUGLQH GH LGHL VD
DGPLV SULQ DFODPDĠLL Vă VH H[SHGLH]H WHOHJUDPH OXL &=&RGUHDQX $OH[DQGUX 9DLGD9RHYRG
0LWURSROLW 1LFRODH DO $UGHDOXOXL 0LWURSROLWXOXL 1LFRGLP DO 0ROGRYHL 6WHOLDQ 3RSHVFX GLUHFWRU DO
]LDUXOXL Ä8QLYHUVXO´  SURI 6LPLRQ 0HKHGLQĠL LDU *KHRUJKH )XUGXL D FLWLW WHOHJUDPHOH DGUHVDWH
FRQJUHVXOXL GHFăWUH 'UDJRú 3URWRSRSHVFX 2FWDYLDQ *RJD 6LPLRQ 0HKHGLQĠL 0LWURSROLWXO 1LFRODH
%ăODQJHQ&DQWDFX]LQR*UăQLFHUXO
ùHGLQĠDGHVHDUăDvQFHSXWODRUHOH FHDGHODSUkQ]GHEXWDVHODRUHOH úLDYHDvQSURJUDP
R VHULH GH FRPXQLFăUL GHVSUH DVSHFWHOH VRFLDOH úL SROLWLFH DOH URPkQLORU vQWUH FDUH QDĠLRQDOLVPXO úL
GLVSXWD FX FRPXQLWDWHD HYUHLDVFă UHSUH]HQWDX VXELHFWHOH SUHIHUDWH DOH SDUWLFLSDQĠLORU 'H]EDWHULOH
XUPDXVăVHD[H]HSHFLWLUHDUDSRDUWHORUDVXSUDVLWXDĠLHLURPkQLORUGHSHVWHKRWDUHúLDFHORUÄFDUHGXF
R YLDĠă GH SOkQV FKLDU vQăXQWUXO KRWDUHORU QRDVWUH´ 8QXO GLQWUH YRUELWRUL VWXGHQWXO 6LPD WUDWD
SUREOHPDURPkQLORUPDFHGRQHQLFDUHvQRSLQLDVDHUDXSHUVHFXWDĠLGHJXYHUQHOHGHOD$WHQD6RILDúL
%HOJUDG QHUHVSHFWkQGXOLVH GUHSWXULOH GHVILLQĠkQGXOH úFROLOH úL FRQGDPQkQGXL SHQWUX IDSWH
ÄLPDJLQDUH´ÌQXUPDDFHVWRUFRQVWDWăULFRQJUHVLúWLLDXDQDOL]DWVLWXDĠLDSUH]HQWDWăGHFROHJXOORUúL
DX DMXQV OD R FRQFOX]LH LQJHQLRDVă HL SURSXQHDX GLPLQXDUHD HOHPHQWXOXL VWUăLQ GLQ 5RPkQLD SULQ
FRORQL]DUHDFXURPkQLEDOFDQLFLÄvQORFXULOHvPSăQDWHGHHYUHL´ÌQXUPDSUH]HQWăULLIăFXWHGHFăWUH


Ä*ODVXO0XUHúXOXL´DSULOLHÄ8QLYHUVXO´DSULOLH

$1,& IRQG 0LQLVWHUXO -XVWLĠLHL 'LUHFĠLD MXGLFLDUă GRVDU  I  Ä8QLYHUVXO´
DSULOLH

Ä8QLYHUVXO´DSULOLH

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

Ä8QLYHUVXO´DSULOLH

,ELGHP

Ä8QLYHUVXO´DSULOLH

,ELGHP


 &RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH  

*KHRUJKH$WDQDVLXvQOHJăWXUăFXSUREOHPDURPkQLORUWLPRFHQLGHDVHPHQHDQHIDYRUDELOăvQRSLQLD
YRUELWRUXOXL , 0ăULH D YRUELW vQ OHJăWXUă FX VLWXDĠLD PRĠLORU $FHVW VXELHFW HUD FRQVLGHUDW GH FăWUH
SDUWLFLSDQĠL GUHSW XQXO GH LPSRUWDQĠă PDMRUă vQ SULPXO UkQG GDWRULWă LPHQVXOXL GHSR]LW VLPEROLVWLF
UHJăVLWvQORFDOLWăĠLOHúLORFXLWRULLGLQ0XQĠLL$SXVHQLFRQVLGHUDĠLURPkQLSXULFXUDĠLVXIOHWHúWHXUPDúL
DL OXL $YUDP ,DQFX ÌQ SULPD SDUWH D GLVFXUVXOXL VăX WkQăUXO , 0ăULH IăFHD R GH]EDWHUH OHJDWă GH
SUREOHPDVRFLDOăSURSXQkQGSULQWUHDOWHOHFRPSOHWDUHDúLQRUPDOL]DUHDUHĠHOHLGHFăLIHUDWHúLúRVHOH
UHVWUXFWXUDUHDLQGXVWULHLFDVQLFHSULQvQILLQĠDUHDGHPLFLIDEULFLGHSUHOXFUDUHDOHPQXOXLvQILLQĠDUHDGH
LQWHUQDWH úFRODUH úL VSLWDOH 6ROXĠLL DVHPăQăWRDUH D SURSXV úL SHQWUX ]RQD 0DUDPXUHúXOXL ÌQ DFHVW
XOWLP FD] vQVă WkQăUXO GH OD SUH]LGLX GHVFRSHUHD úL R SUREOHPă GH QDWXUă HWQLFă PXOW PDL JUDYă
HYUHLL FDUH vQ RSLQLD VD DMXQVHVHUă SULQ FRUXSĠLH úL IUDXGH Vă VXVWUDJă WRDWH GUHSWXULOH URPkQLORU
Fă]XĠL GLQ DFHDVWă FDX]ă vQ VWDUH GH VăUăFLH FUXQWă vQ WLPS FH GXSă GDWHOH SUH]HQWDWH GH VWXGHQWXO
PDLVXVDPLQWLWÄVăQăWDWHDGHDFRORHUDGDWăSHPkQDDFHORUDúLVWUăLQLILLQGvQ0DUDPXUHúGH
PHGLFLHYUHLURPkQLXQJXULúLXQUXWHDQ´$FHVWVXELHFWLQFLWDQWDYHDVăILHDPSOXGH]YROWDWúL
vQ ]LXD XUPăWRDUH VWXGHQWXO *DEULHO 1DVLX GH RULJLQH PDUDPXUHúHDQ DUăWkQG Fă GH OD  FkW DX
UHSUH]HQWDW URPkQLL vQ 0DUDPXUHú vQ  DX UăPDV GRDU  GH SURFHQWH GXSă  GHVLJXU úL
DFHDVWă VFăGHUH ILLQG Yă]XWă GUHSW XQ FRPSORW DVLVWDW GH DXWRULWăĠL FRQVLGHUDWH UHSUH]HQWDQWH DOH
HOHPHQWXOXLÄVWUăLQ´
$FHHDúLDERUGDUH[HQRIREăRUHJăVLPúLOD)LORQ/DXULFSUHúHGLQWHOHFHQWUXOXLVWXGHQĠHVFGLQ
&HUQăXĠLFDUHDSURYRFDWRGLVFXĠLHGHVSUHFXUHQWHOH ÄGHVWUXFWLYH´ÄDQWLQDĠLRQDOH´FDUHDUOXFUDOD
ÄvQăEXúLUHD VSLULWXOXL QDĠLRQDOLVW´ ILLQG QRPLQDOL]DWă vQ DFHDVWă FDWHJRULH IUDQFPDVRQHULD
3UHúHGLQWHOH VWXGHQĠLORU GLQ 6LELX %LFD VXEOLQLD Fă ÄIUDQFPDVRQHULD WLQGH OD QHJDUHD QHDPXOXL úL
FUHúWLQLVPXOXL vQĠHOHJkQG Fă SULQ GLVWUXJHUHD ORU Vă QXWUHDVFă GUXPXO HYUHLHVF VSUH VWăSkQLUHD
OXPLL´ 3H IRQGXO DJLWDĠLLORU úL GLVFXUVXULORU DQWLPDVRQLFH úL LPSOLFLW DQWLHYUHLHúWL SUHúHGLQWHOH
*KHRUJKH)XUGXLFHUHDQLFLPDLPXOWQLFLPDLSXĠLQGHFkWÄHOLPLQDUHDWXWXURUSURIHVRULORUPDVRQLGLQ
XQLYHUVLWăĠL´ úL LPSXQHD REOLJDWLYLWDWHD VWXGHQĠLORU GH DL GHPDVFD SH DFHúWLD 'HVSUH XQ LPSDFW
VRFLDODVHPăQăWRU FX FHO DO PDVRQHULHL D YRUELWúL VWXGHQWXO $UJKLURSRO SUHúHGLQWHOH FHQWUXOXL GH OD
&KLúLQăXGHDFHDVWăGDWăvQYLQXLWHILLQGVHFWHOHUHOLJLRDVHFDUHDUILvQWUHĠLQXWÄRLQWHQVăSURSDJDQGă
úLFDUHFRQVWLWXLVHXQPLMORFVSUHDQHGHVWUăPDúLDIDFHPDLSRVLELOăvQVWUăLQDUHDQRDVWUă´
'XSă FXP SXWHP REVHUYD GLQ FDGUXO GH]EDWHULORU UHLHVH Fă SULQFLSDOXO VXELHFW HUD OHJDW GH
PHQĠLQHUHD LGHQWLWăĠLL QDĠLRQDOH vQ IDĠD XQXL SHULFRO VXEYHUVLY SULQFLSDOD IRUĠă GH DFHVW JHQ ILLQG
SHUFHSXWăPLQRULWDWHDHYUHLDVFăÄIRUĠDLXGHRPDVRQLFă´GDFăHVăIRORVLPRIRUPXOăGHVX]LWDWăGH
FRQWHPSRUDQLLHYHQLPHQWXOXLGHFDUHYRUELP0DURWDDFHDVWDVDEXFXUDWGHXQVSDĠLXVSHFLDODORFDW
VWXGHQWXOXL,RQHO7XGRVLGLQ,DúLDFăUXLFRPXQLFDUHVHQXPHDÄ3UREOHPDMLGRYHDVFă´ÌQUDSRUWXO
VăXDFHVWDDUăWDFXPFăÄQHDPXOHYUHLHVFWLQGHVăLQIHFWH]HFXWRWXOVXIOHWXOQRVWUXGDFăQDPOXSWD
FX KRWăUkUH vPSRWULYD OXL´ LDU SHQWUX D SXWHD UH]ROYD DFHDVWă SUREOHPă WkQăUXO FHUHD GH]OHJDUHD
ÄSUREOHPHL URPkQLVPXOXL´ FDUH QHFHVLWD ÄURPkQL GH FDUDFWHU úL DEQHJDĠLH´ $FHHDúL WHRULH D
URPkQLVPXOXL D IRVW VXVĠLQXWă GH SUHúHGLQWHOH VWXGHQĠLORU IDUPDFLúWL GLQ %XFXUHúWL %XODYLW]NL FDUH


,ELGHP

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

Ä8QLYHUVXO´DSULOLH

$1,& IRQG 0LQLVWHUXO -XVWLĠLHL 'LUHFĠLD MXGLFLDUă GRVDU  I  Ä8QLYHUVXO´
DSULOLH

Ä8QLYHUVXO´DSULOLH

$1,& IRQG 0LQLVWHUXO -XVWLĠLHL 'LUHFĠLD MXGLFLDUă GRVDU  I  Ä8QLYHUVXO´
DSULOLH

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

Ä8QLYHUVXO´DSULOLH

 'DQLHO&LWLULJă 

YRUEHD GHVSUH DFDSDUDUHD SURIHVLXQLL GH IDUPDFLVW GH FăWUH HOHPHQWXO HYUHLHVF úL GHVSUH WUDQVIRUPDUHD
)DFXOWăĠLL GH )DUPDFLH GLQ %XFXUHúWL vQ ÄVLQDJRJă´ IDSW SHWUHFXW GHMD vQ YL]LXQHD VD &RQIRUP
VWDWLVWLFLORUSUH]HQWDWHGHHOGLQGHVWXGHQĠLIDUPDFLúWLPDLPXOWGHMXPăWDWHHUDXHYUHLFDUHDUIL
XUPDWÄVăLVWRDUFăEDQLLĠăUDQXOXLURPkQ´ÌQDFHVWHFRQGLĠLLGHHYLGHQWăQHPXOĠXPLUHGLVFXĠLDDYHD
Vă DWLQJă FRWH SDUR[LVWLFH 7XGRVL UHOXkQG R PDL YHFKH WH]ă D WLQHUHWXOXL XQLYHUVLWDU FDUH VROLFLWD
DSOLFDUHDSURJUDPXOXLQXPHUXVQXOOXVODIDFXOWDWHDGHIDUPDFLHODFDUHVHDGăXJDGHVILLQĠDUHDWUXVWXULORU
GHPHGLFDPHQWHvQFUHGLQĠDUHDVăQăWăĠLLvQPkLQLOHURPkQLORUGHVILLQĠDUHD&DVHL&HUFXDOH XQGHGLQ
PHGLFDPHQWHDUILIRVWPkQXLWHGHHYUHL úLvQILQHQDĠLRQDOL]DUHDIDUPDFLLORU&XDFHDVWăYLWULRODQWă
FXYkQWDUHDSUHFLDWăFXDSODX]HGHvQWUHDJDVDOăSULPDSDUWHDGH]EDWHULORUDOXDWVIkUúLW
ÌQ FDGUXO úHGLQĠHL GH GXSăDPLD]ă ,RQ 5RGHDQX SUHúHGLQWHOH )HGHUDĠLHL VWXGHQĠLORU WHRORJL
GH]YROWkQG UDSRUWXO Ä6WXGHQĠLL IDĠă GH PLúFDUHD GH GUHDSWD´ VXVĠLQHD Fă Ä3DUWLGXOXL 1DĠLRQDO
&UHúWLQúL)URQWXOXL5RPkQHVFOHOLSVHúWHVSLULWXORIHQVLYúLDFHODGHMHUWIăFDUHVLQJXUHSRWLPSULPD
WăULDXQHLPLúFăUL(OHQDXSRVLELOLWDWHDGHDFUHDRPXOQRXRPXOGHVDFULILFLX´&RQWLQXkQGXúL
GLVFXUVXOvQDFHODúLVHQVDODSRORJLHLSROLWLFLLGHGUHDSWD H[WUHPăGUHDSWD ,RQ5RGHDQXvLLQYLWDSH
VWXGHQĠL VăúL IDFă vQFDGUDUHD LQGLYLGXDOă vQ SDUWLGXO Ä7RWXO SHQWUX ğDUă´ GHRDUHFH 816&5 QX
SXWHDIDFHSDUWHGLQQLFLXQSDUWLGLGHHUHLWHUDWăúLGH*KHRUJKH)XUGXLFDUHVFRWHDvQHYLGHQĠăIDSWXO
FăÄVWXGHQĠLPHDQXVHDOăWXUăXQXLSDUWLGFLQXPDLVHUHJăVHúWHvQHO´
'HúL SăUHD Fă WRĠL VWXGHQĠLL GLQ VDOD 3DODWXOXL &XOWXULL HUDX VLPSDWL]DQĠL DL *ăU]LL GH )LHU vQ
DFHVW VHQV ILLQG VHOHFWDĠL FX ULJRDUH GH FăWUH 816&5 WRWXúL DX DSăUXW úL RSRQHQĠL 3H IRQGXO
FULWLFLORUDGXVHDOWRUSDUWLGHFKLDUúLFHORUFXGRFWULQăDVHPăQăWRDUHDOWHOHGHFkWÄ7RWXOSHQWUXğDUă´
D IRVW GHVFKLV XQ FRQIOLFW vQWUH UHSUH]HQWDQĠLL OHJLRQDULORU úL FHL DL JRJLúWLORU DFHúWLD GLQ XUPă ILLQG
VLOLĠLVăSăUăVHDVFăFăPLQXOGHSHOkQJă/LFHXO5HIRUPDW LURQL]DĠLúLFXRUJROLXOUăQLWDULSDJRJLVWăD
SOHFDWVSUH&OXMXQGHúLLQWHQĠLRQDVăRUJDQL]H]HXQFRQJUHVVSHFLDODFĠLXQHQHvQGHSOLQLWăDXWRULWăĠLOH
FOXMHQH RSXQkQGXVH DFHVWHL PDQLIHVWDĠLL  ÌQ XUPD QHvQĠHOHJHULORU FX R ]L vQDLQWH GH vQFKHLHUHD
FRQJUHVXOXLODDSULOLHÄFăPăúLOHDOEDVWUH´DXSăUăVLWRUDúXODFHVWHHYHQLPHQWHQHIăFkQGDOWFHYD
GHFkW Vă FRQILUPH FHHD FH PLMORDFHOH GH LQIRUPDUH DQXQĠDX GHPXOW 0LúFDUHD /HJLRQDUă HUD
VXVĠLQăWRDUHDPRUDOăD8QLXQLL1DĠLRQDOHD6WXGHQĠLORU&UHúWLQL
8OWLPD ]L D FRQJUHVXOXL 816&5 GH OD 7kUJX0XUHú D IRVW UH]HUYDWă XQRU GLVFXĠLL IăUă XQ
LQWHUHV SROLWLF GHRVHELW FXP DU IL SUREOHPD ]RRWHKQLFă VDX DFHHD D VSRUWXOXL vQ FDGUXO FRPSOH[HORU
VWXGHQĠHúWL'LQDFHVWPRWLYRSDUWHGLQWUHSDUWLFLSDQĠLSULQWUHFDUHJUXSXOGHOD7LPLúRDUDVDUHWUDV
vQDLQWH GH úHGLQĠD GH vQFKHLHUH 7RWXúL FKLDU úL vQ FDGUXO DFHVWRU GH]EDWHUL SUH]LGDWH GH ,RQ
&DUDWăQDVH VDUHGHVFKLV SUREOHPD LQJHULQĠHORUVWUăLQHvQHFRQRPLD URPkQHDVFă ÌQ DFHVW VHQV'DQ
0LOFRYHDQXvQWURFRPXQLFDUHGHVSUHLQGXVWULDQDĠLRQDOăODJUDQLĠDGH9HVWDUăWDFăDFHVWVHFWRUDUIL
IRVW GRPLQDW GH PLQRULWDUL FHHD FH UHSUH]HQWD XQ SHULFRO QDĠLRQDO ÄÌQ %DQDW FRQIRUP OXL
0LOFRYHDQXVWUăLQLLVXQWFRQVLGHUDĠLDXWRKWRQLLDUURPkQLLVXQWWUDWDĠLFDPLQRULWDUL6ROXĠLDHVWHFD
RULFHWLQHUHWVăILHEXQOHJLRQDUúLVăSRDUWHvQWRDWHFROĠXULOHĠăULLGXKXO/HJLRQDU6WDWXOGHPkLQH
WUHEXLH Vă DLEă DXWRULWDWH úL DFHVW VWDW QX HVWH DOWXO GHFkW VWDWXO YHUGH VWDWXO OHJLRQDU FRQGXV GH
&=&RGUHDQX´'XSăDFHDVWăFXYkQWDUH±PDQLIHVWSDUWLFLSDQĠLLVDXULGLFDWvQSLFLRDUHúLDXFkQWDW


$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

Ä8QLYHUVXO´DSULOLH

,ELGHP

$1,& IRQG 0LQLVWHUXO -XVWLĠLHL 'LUHFĠLD MXGLFLDUă GRVDU  I  Ä8QLYHUVXO´
DSULOLH

Ä8QLYHUVXO´DSULOLH

Ä'LPLQHDĠD´DQQUDSULOLH

Ä'LPLQHDĠD´DQQUDSULOLH

Ä'LPLQHDĠD´DSULOLH

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI


 &RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH  

LPQXOOHJLRQDU5HIHULWRUODLPSOLFDUHDHOHPHQWXOXLHYUHLHVFvQGRPHQLXOHFRQRPLFDFHHDúLSR]LĠLHD
VXVĠLQXWRúL(XJHQ3RSHVFXSUHúHGLQWHOHVWXGHQĠLORUGHOD$FDGHPLD&RPHUFLDOăGLQ%XFXUHúWLFDUH
RSLQD XWLOL]kQGGDWH SHFDUH SUHWLQGHD FăOH GHĠLQHFă GLQWUH IXUQL]RULL DUPDWHL  HUDXHYUHL vQ
WLPS FH vQ GRPHQLXO SHWUROLHU FDSLWDOXO HUD  VWUăLQ ELQHvQĠHOHV UHIHULUH FODUă OD HOHPHQWXO
HYUHLHVF 7RWÄVWUăLQLLGHQHDP´GXSăFXPVHH[SULPD(XJHQ3RSHVFXDUILH[SORDWDWúLSăGXULOHvQ
5RPkQLD0DUHGHRDUHFHÄMLGDQLLFXPSăUăSăPkQWSHSUHĠXULGHUXúLQH´79HUHúGLQ&OXMvQWUR
FXYkQWDUH VXVĠLQXWă GH RYDĠLL FHUHD YHKHPHQW DQXODUHD ÄPLúHOHVFXOXL DFW GLQ GHFHPEULH  úL
SXQHUHD vQ OHJDOLWDWH D 0LúFăULL *ăU]LL GH )LHU´ /D  VD vQFKHLDW SULPD SDUWH D GLVFXĠLLORU
SHQWUX FD OD SXĠLQ WLPS Vă vQFHDSă úHGLQĠD IHVWLYă VXE FRQGXFHUHD OXL *KHRUJKH )XUGXL $FHVWD D
RPDJLDW FkĠLYD ÄHURL QDĠLRQDOL XFLúL GLQ RUGLQXO JXYHUQXOXL OLEHUDO´ GXSă FDUH VD FkQWDW LPQXO
OHJLRQDULORUPRUĠLXUPDWGHFHODOQLFDGRULORU&XDFHDVWăRFD]LH3DXO&UDMDDFHUXWVăVHGHSXQăXQ
MXUăPkQWSHQWUXHOLEHUDUHDÄHURLORU´GHOD6LQDLDÌQDFHVWFRQWH[W)XUGXLDVXEOLQLDWFăXQDGLQWUH
FRQGLĠLLOH SHQWUX DXWRUL]DUHD FRQJUHVXOXL D IRVW DFHHD GH D QX VH IDFH DSRORJLD DVDVLQDWXOXL SROLWLF
$GUHVkQGXVH VăOLL úL UHSUH]HQWDQĠLORU SUHVHL SHQWUX FD DFHúWLD GLQ XUPă Vă FRPXQLFH 6LJXUDQĠHL
*KHRUJKH )XUGXL VXEOLQLD Fă ÄvQ DFHVW FRQJUHV QX VD IăFXW QLFL R DSRORJLH D DVDVLQDWXOXL FL VDX
RPDJLDW WUHL HURL FDUH DX VDOYDW YLLWRUXO XQXL QHDP´ ÌQWUR DWPRVIHUă GH VăUEăWRDUH GH]EDWHULOH
FHOXL GHDO ]HFHOHD FRQJUHV DO 816&5 HUDX GHFODUDWH vQFKLVH SHQWUX FD GXSăPDVD Vă DLEă ORF
FRQIHULQĠDVXVĠLQXWăGHFăWUHJHQHUDOXO&DQWDFX]LQR*UăQLFHUXO
$SRJHXOYLROHQĠHLYHUEDOHOD7kUJX0XUHúDIRVWDWLQVRGDWăFXYRWDUHDPRĠLXQLLVWXGHQĠHúWL
vQDSULOLHDFĠLXQHGHLPSRUWDQĠăGHFLVLYăSHQWUXHYROXĠLDUHODĠLLORU/HJLXQLLFXFHOHODOWHSDUWLGH1X
HUDYRUEDGHRGHFODUDĠLHFDUH VăVLQWHWL]H]HGH]EDWHULOHFRQJUHVXOXLFLGHXQDWDFLGHRORJLFvQFDUH
HUDUHLWHUDWUROXOGHFLVLYDOPLúFăULORUGHGUHDSWDvQYLDĠDXQLYHUVLWDUă6XEOLQLLQGXVHFăVWXGHQĠLPHD
URPkQăDFRQVWDWDWSHULFROHOHFHRDPHQLQĠDXGLQSXQFWGHYHGHUHHWQLFVHFHUHDXvQHVHQĠăPăVXUL
SHQWUX SURWHMDUHD HOHPHQWXOXL URPkQHVF vQ %XFRYLQD 0DUDPXUHú %DQDW úL ğDUD 0RĠLORU ULGLFDUHD
UHJLPXOXL H[FHSĠLRQDO DO VWăULL GH DVHGLX úL DO FHQ]XULL 3DUWLFLSDQĠLL VH GHFODUDX VROLGDUL FX
GHVHPQDWHOH GH]LGHUDWH PDWHULDOH úL SURIHVLRQDOH DOH QHDPXOXL úL vQ FRQVHFLQĠă FHUHDX URPkQL]DUHD
LQGXVWULHL úLFRPHUĠXOXL GHVILLQĠDUHD OHJLL FDUHKRWăUD OLPLWDUHDQXPăUXOXL VWXGHQĠLORU vQ XQLYHUVLWăĠL
DXWRQRPLD RUJDQL]DĠLLORU VWXGHQĠHúWL UHGXFHUHD WD[HORU XQLYHUVLWDUH úL HOLPLQDUHD FHORU GH H[DPHQ
DPHOLRUDUHDVWăULLPDWHULDOHSULQDFRUGDUHDGHEXUVHúLVXEYHQĠLL'HVLJXUDFHVWHFHUHULDOHPHPEULORU
816&5QXDUILDYXWQLFLXQHFRXGDFăvQFRQĠLQXWXOPRĠLXQLLYRWDWăvQXQDQLPLWDWHQXDUILIRVW
GRXă SUHYHGHUL FDUH DX UăVFROLW vQWUHDJD FODVă SROLWLFă URPkQHDVFă 3ULPD VH UHIHUHD OD VWXGHQĠLL
GRYHGLĠL D DYHD OHJăWXUL FX 3DUWLGXO /LEHUDO VDX 1DĠLRQDOğăUăQHVF úL VH FHUHD FD DFHúWLD Vă ILH
HOLPLQDĠL GLQ WRDWH VRFLHWăĠLOH VWXGHQĠHúWL DILúkQGXOLVH QXPHOH OD VHGLXO RUJDQL]DĠLLORU UHVSHFWLYH $
GRXDSUHYHGHUHvQHVHQĠăPDLLPSRUWDQWăúLFDUHDSURYRFDWSkQăODXUPăGH]EDWHULOHLVWRULRJUDILFH
úLSROLWLFHDPLQWLWHvQSULPDSDUWHIăFHDUHIHULULODSHGHSVLUHDÄFDQDOLLORU´úLÄWUăGăWRULORU´$FHúWL
WHUPHQLDXIRVWDFFHSWDĠLGHFRQJUHVLúWLvQXUPDSURSXQHULLOXL3DXO&UDMDGHVHPQkQGRDPHQLSROLWLFL
SUHFXP $UPDQG &ăOLQHVFX 9LUJLO 0DGJHDUX 0LKDLO 6WHOHVFX *DEULHO 0DULQHVFX GDU úL SH (OHQD
/XSHVFX0DLPXOW9LRUHO7ULIDGH]EăWHDDúD]LVDSUREOHPăDÄRFXOWHL´(OVXVĠLQHDFăÄHD (OHQD
/XSHVFX QQ  HVWH DFHHD FDUH YUHD Vă QH GHVSDUWă GH UHJHOH QRVWUX SUHJăWHúWH FLDQXUD


,ELGHP

Ä8QLYHUVXO´DQQUDSULOLH

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

,ELGHPI

,ELGHPI

,ELGHPI

,ELGHP I ± YH]L úL 0LQRULWăĠLOH QDĠLRQDOH GLQ 5RPkQLD ± 'RFXPHQWH
YRO,,,FRRUG,RDQ6FXUWX%XFXUHúWLS±

$1,&IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI

 'DQLHO&LWLULJă 

&ăSLWDQXOXL´ VHQWLQĠD ILLQG ÄPRDUWHD RFXOWHL VDX PRDUWHD QRDVWUă´ 7RW vQ XUPD SURSXQHULL OXL
3DXO &UDMD VDX FRQVWLWXLW HFKLSH SHQWUX ÄUHSDUDUHD RQRDUHL úL VSăODUHD UXúLQHL´ FXQRVFXWH GUHSW
ÄHFKLSHOHPRUĠLL´ILHFDUHGLQWUHDFHVWHDDYkQGFkWHXQúHIFDUHMXUDÄFXSUHĠXOVkQJHOXL´VăúLGXFă
ODvQGHSOLQLUHSODQXO$FHDVWăDWLWXGLQHúRFDRSLQLDSXEOLFăPDLDOHVFăSHQWUXSULPDGDWăvQWUXQWH[W
SROLWLFGHDVHPHQHDDPSORDUHVHVROLFLWDSUDFWLFOLQúDUHDXQRULPSRUWDQWHILJXULSROLWLFHúLSXEOLFH
GLQFRQGXFHUHDVWDWXOXLFHOHPDLPXOWHGLQLPHGLDWDDSURSLHUHDUHJHOXL

()(&7(/(&21*5(68/8,

ÌQDFHVWHFRQGLĠLLQXDIRVWGHFkWXQSDVSkQăODRQRWRULHWDWHPHGLDWLFăJUHXGHHJDODWSHQWUX
DFHDVWă SHULRDGă SXEOLFDĠLLOH URPkQHúWL DVLJXUkQG VSDĠLL vQWUHJL PDQLIHVWDĠLHL GH OD 7kUJX0XUHú vQ
XUPD FăUHLD VH FRQVLGHUD Fă ÄVD DUXQFDW DQDWHPD DVXSUD SDUWLGXOXL OLEHUDO´ 3UHVD GH VWkQJD D
UHDFĠLRQDWYHKHPHQWIDĠăGHWROHUDQĠDúLVXVĠLQHUHDDUăWDWHGHJXYHUQXO7ăWăUHVFXvQFD]XO&RQJUHVXOXL
816&5 GH OD 7kUJX0XUHú ÌQ DFHVW VHQV FRWLGLDQXO Ä$GHYăUXO´ WUăJHD XQ VHPQDO GH DODUPă vQ
XUPDGH]YăOXLULLFRQIRUPFăUHLDvQID]DFHDXUPDWHYHQLPHQWHORUGHOD6LQDLD0LQLVWHUXOGH,QWHUQH
DYUXWVăPXúDPDOL]H]HIDSWHOHGkQGvQDFHVWVHQVFRPXQLFDWXOSULQFDUHOHFDWDORJDGUHSWÄ]YRQXUL´
ÌQ FRQWH[WXO GDW DXWRULL DUWLFROXOXL VXEOLQLDX Fă ÄQX DP DGăXJDW QLFL XQ FRPHQWDULX IDĠă GH
FRPXQLFDWQQ 1XSHQWUXFăQDPYUXWVăVSXQHPQLPLFGDUSHQWUXFăQXQLVDvQJăGXLW´FLWLWRULL
ILLQG LQYLWDĠL VăúL DOHDJă VLQJXUL YDULDQWD SH FDUH R FUHGHDX FRUHFWă ÌQWUXQ LQWHUYLX DFRUGDW
DFHOXLDúL FRWLGLDQ GHSXWDWXO OLEHUDO 3ROL]X0LFúXQHúWL vúL H[SULPD LQGLJQDUHD IDĠă GH ÄDO GRLOHD
DVDVLQDWGHGDWDDFHDVWDPRUDOvPSRWULYDDFHOXLDFDUHDIRVW,*'XFD´IăFkQGUHIHULUHODFHLFDUH
DX SURIDQDW SODFD úL FUXFHD IRVWXOXL SULPPLQLVWUX 'LQ DFHOHDúL SULQFLSLL PRUDOH úL DWDúDPHQWH
VHQWLPHQWDOH*ULJRUH'XFDGHSXWDWOLEHUDOúLIUDWHDOGHIXQFWXOXLDDGUHVDWRVFULVRDUHOXL&RQVWDQWLQ
,&%UăWLDQXSUHúHGLQWHOHSDUWLGXOXLvQFDUHLDGXFHDODFXQRúWLQĠăFăQXPDLSRDWHUăPkQHPHPEUX
DO RUJDQL]DĠLHL MXGHĠHQH /ăSXúQD DO FăUHL SUHúHGLQWH HUD PLQLVWUXO GH ,QWHUQH ,RQ ,QFXOHĠ $FHHDúL
IRUPă GH SURWHVW D DOHVR úL *HRUJH )RWLQR DFHVWD UHQXQĠkQG OD GHPQLWDWHD GH YLFHSUHúHGLQWH DO
$GXQăULL'HSXWDĠLORUSUHFXPúLODDFHHDGHúHIDORUJDQL]DĠLHLOLEHUDOH&DOLDFUDGLQFDX]DLQWHUGLFĠLHL
vQ SULPă ID]ă0LQLVWHUXOXL GH,QWHUQH GH DúL SXEOLFD GHFODUDĠLLOH vQ OHJăWXUă FXDFHOHDúL IDSWH GH OD
6LQDLD 6ROLGDUL FX IUDWHOH OXL ,* 'XFD WLQHULL OLEHUDOL FRQGDPQDX vQ WHUPHQL YHKHPHQĠL GHFL]LLOH
0LQLVWHUXOXL GH ,QWHUQH GH D FHQ]XUD UHODWăULOH IDSWHORU GH OD 6LQDLD ÌQ DFHVW VHQV JUXSXO Ä3ăUHUL
OLEHUH´ GLQ FDGUXO DFHVWHL RUJDQL]DĠLL vO H[FOXGHD GLQ UkQGXULOH VDOH SH VHFUHWDUXO GH 6WDW (XJHQ
7LWHDQX FHO FH IXVHVH vQVăUFLQDW Vă VH RFXSH GH EXQD GHVIăúXUDUH D FRQJUHVXOXL ÌQ UHSOLFă IDĠăGH
DFĠLXQLOHSUHVHLGHVWkQJDVWXGHQĠLLDXHGLWDWXQDOEXPLQWLWXODWÄ'H]RUGLQLOH´GHOD7kUJX0XUHú


,ELGHPI

,ELGHP

(FKLSHOHvLDYHDXFDOLGHULSHXUPăWRULL$OH[&DQWDFX]LQRSHQWUXÄRFXOWă´*K,RUDúSHQWUX
*DEULHO 0DULQHVFX 3DXO &UDMD SHQWUX $UPDQG &ăOLQHVFX *KHRUJKH )XUGXL SHQWUX 0LKDLO 6WHOHVFX
1LFRODH&UXGXSHQWUX*KHRUJKH7ăVOăXDQXùWHIDQ*HRUJHVFXSHQWUX3OHúHD3DXO0ăUFXOHVFXSHQWUX
9LUJLO 0DGJHDUX $1,& IRQG 0LQLVWHUXO GH ,QWHUQH 'LYHUVH GRVDU ± I  ,GHP
IRQG0LQLVWHUXO-XVWLĠLHL'LUHFĠLDMXGLFLDUăGRVDUI±

Ä'LPLQHDĠD´DQQUDSULOLH

Ä$GHYăUXO´DQQUDSULOLH

,ELGHP

,ELGHP

Ä'LPLQHDĠD´DQQUDSULOLH

Ä$GHYăUXO´DQQUDSULOLH

$1,&IRQG0LQLVWHUXOGH,QWHUQH'LYHUVHGRVDUQUI±


 &RQJUHVXOVWXGHQĠLORUGHOD7kUJX0XUHú ±DSULOLH  

FHDYHDUROXOGHDFRQWUDFDUDÄ]YkUFROLULOHGHGH]QăGHMGHúLPXúFăWXULOHFXYHQLQDOHKLGUHLLXGDLFH´
úLDOHÄJXULORUFXEDOHDOHSUHVHLGLQ6ăULQGDU´3ULQIRWRJUDILLOHH[SXVHvQDOEXPXOPDLVXVDPLQWLW
VH XUPăUHD PHGLDWL]DUHD HYHQLPHQWXOXL DVWIHO vQFkW RSLQLD SXEOLFă Vă DLEă GRYDGD H[FHOHQWHL
RUJDQL]ăULDSDUWLFLSDQĠLORUFkWúLQXPăUXOPDUHDODFHVWRUDYHQLĠLGLQGLIHULWHSăUĠLDOHĠăULL
'XSăFHPLMORDFHOHGHLQIRUPDUHDXUHODWDWGHWDOLLOHMXUăPkQWXOXLVXVĠLQXWvQ6DOD0DUHD3DODWXOXL
&XOWXULLGLQ7kUJX0XUHúLDUVWUDWHJLDGHVXERUGRQDUHDOHJLRQDULORUDGDWJUHúDXIRVWDUHVWDĠLSULQFLSDOLL
OLGHUL±*KHRUJKH)XUGXL$OH[DQGUX&DQWDFX]LQR3DXO&UDMDùWHIDQ*HRUJHVFX1LFRODH&UXGX3DXO
0ăUFXOHVFX9LRUHO7ULID(PLO%XOEXF,RVLI%R]kQWDQ±SHQWUXFDDSRLVăILHGXúLODSHQLWHQFLDUXOGLQ
ORFDOLWDWHXUPkQGDILMXGHFDĠL2GDWăFXDSURSLHUHDSULPHLID]HDSURFHVXOXLDFĠLXQLOHOHJLRQDUHVDX
LQWHQVLILFDW SULQ UăVSkQGLUHD PDQLIHVWHORU FULWLFH OD DGUHVD 3DUWLGXOXL 1DĠLRQDO /LEHUDO úL FHUHUL GH
HOLEHUDUH D GHĠLQXĠLORU GH OD 7kUJX0XUHú $FHDVWă DWLWXGLQH D FRQWLQXDW úL IDĠă GH UHJHOH &DURO DO
,,OHD FDUH vQWUR XOWLPă vQFHUFDUH GH DúL DWUDJH GH SDUWHD VD VLPSDWL]DQĠLL 0LúFăULL /HJLRQDUH úLD
PDQLIHVWDWGRULQĠDGHDSXUWDRGLVFXĠLHH[SOLFDWLYăFXúHILLOHJLRQDUL
ÌQ]LXDSULPHLvQIăĠLúăULvQIDĠDLQVWDQĠHLGHVIăúXUDWăOD7kUJX0XUHúDVRVLWúL&RUQHOLX=HOHD
&RGUHDQX QX vQDLQWH GH D GD RUGLQXO FD vQ VHPQ GH VROLGDULWDWH FX LQFULPLQDĠLL Vă VH vQWUHUXSă
FXUVXULOHXQLYHUVLWDUHODWRDWHIDFXOWăĠLOHGLQĠDUăDSHOFHDDYXWHFRXOD%XFXUHúWL&OXMúL&KLúLQăX
ÌQFDSLWDOD$UGHDOXOXLVSUHH[HPSOXÄJUHYDVWXGHQĠHDVFă´vQFHSXWăSHPDLDYHDVăVXVFLWH
PDULvQJULMRUăULODQLYHOXOFRQGXFHULLXQLYHUVLWăĠLLPDLDOHVFkQGVDFRQVWDWDWFăQXHUDRPLúFDUHGH
UHYHQGLFăULFXFDUDFWHUVLQGLFDOFLFXVFRSXULPDLPXOWSROLWLFHLDUPHWRGHOHGHSHGHSVLUHDFHORUFH
QXSDUWLFLSDXHUDXEUXWDOH1RXDRUGLQHSURPRYDWăvQVkQXO0LúFăULLHUDVLQWHWL]DWăH[FHOHQWvQWUR
IUD]ăHQXQĠDWăGH=L]L&DQWDFX]LQR*UăQLFHUXOFXRFD]LDXQHLDGXQăULGHVIăúXUDWHOD%XFXUHúWLvQ
LXOLHvQFDUHVSXQHDFăÄvQOXSWDUHFHQWăSHFDUHDĠLGDWRDOăWXULGHVWXGHQĠLPHDOHJLRQDUăQX
PLDSOăFXWFăVDWHUPLQDWQXPDLFXDWkWHDEăWăL´$FHDVWăVWDUHGHVSLULWVDWUDQVIRUPDWUHSHGH
vQWUXQPRGGHYLDĠăSHQWUXDGYHUVDULL0LúFăULL/HJLRQDUHSULPLLYL]DĠLILLQGDGHSĠLLOXL6WHOHVFXFH
HUDX XUPăULĠL úL WRUWXUDĠL SH VWUDGă vQ WLPS FH OLGHUXOXL ORU L VH SUHJăWHD H[WHUPLQDUHD HYHQLPHQW
SHWUHFXW OD  LXOLH  (UD SULPD YLFWLPă GH SH ÄOLVWD QHDJUă´ GH OD 7kUJX0XUHú GRYDGă Fă
VWXGHQĠLLQXXLWDVHUăMXUăPLQWHOHIăFXWHÌQVXVĠLQHUHDEăQXLHOLORUFăvQVSDWHOHDFHVWXLDVDVLQDWVHDIODX
FRQGXFăWRULLVWXGHQĠLORUDYHQLWúLFLUFXODUD816&5SULQFDUHDQXQĠDVROLGDULWDWHDFXDFWXOFRPLV
DVXSUD OXL 6WHOHVFX *KHRUJKH )XUGXL VXVĠLQkQG Fă ÄvQ DFHVW FD] DX IRVW Uă]EXQDWH WRDWH WUăGăULOH
QHDPXOXL´ 'H DFHDVWă GDWă vQVă DXWRULWăĠLOH QX DX PDL IRVW GLVSXVH Vă WUHDFă FX YHGHUHD
DPHQLQĠăULOHFHVHGRYHGHDXDILFkWVHSRDWHGHSODX]LELOHLDUGLQWUHFHL]HFHSDUWLFLSDQĠLODFULPDGH
OD6SLWDOXO%UkQFRYHQHVFRSWDXSULPLWPXQFăVLOQLFăSHYLDĠăLDUGRLFkWH]HFHDQLGHvQFKLVRDUH
ÌQ SODQ SROLWLF FRQJUHVXO VWXGHQĠLORU FUHúWLQL D VFRV vQ HYLGHQĠă DWkW IULFĠLXQL vQWUH SDUWLGH
FRQFXUHQWHFkWúLYHFKLRUJROLLSHUVRQDOHvQFDGUXO3DODWXOXLúLJXYHUQXOXL1XGHSXĠLQHRULSkQăOD
DFHDVWă GDWă OHJLRQDULL vL FHUXVHUă UHJHOXL &DURO H[FOXGHUHD OXL 1LFRODH 7LWXOHVFX GLQ IXQFĠLLOH


,ELGHPI

Ä*ODVXO 0XUHúXOXL´ DQ ,,, QU   PDL  S  'UDJRú =DPILUHVFX RS FLW S 
3URFHVXODYHDVăGXUH]HDSURDSHXQDQSkQăODPDL9H]LvQDFHVWVHQV'RUD0H]GUHD1DH
,RQHVFX%LRJUDILDYRO,9%UăLODS

9H]LPDQLIHVWXOÄ&ROHJLGLQWRDWHXQLYHUVLWăĠLOH´VHPQDWGH*K)XUGXL$OH[&DQWDFX]LQR
,RQ $QWRQLX úL GH SUHúHGLQĠLL FHQWUHORU VWXGHQĠHúWL DOH 816&5 ± $1,& IRQG 0LQLVWHUXO GH
,QWHUQH'LYHUVHGRVDUQUIúL,ELGHPGRVDUQUI

$UPLQ+HLQHQRSFLWS±)ORUHD1HGHOFXRSFLWS

$1,&IRQG0LQLVWHUXOGH,QWHUQH'LYHUVHGRVDUQUI

6WHOLDQ1HDJRHRSFLWS±

'UDJRú=DPILUHVFXRSFLWS

,ELGHPS

,ELGHP

 'DQLHO&LWLULJă 

JXYHUQDPHQWDOH ÌQ FRQWH[WXO PDLVXV SUH]HQWDW UHJHOH D FRQVLGHUDW vQ DXJXVW  Fă YHQLVH
PRPHQWXOVăVHGHEDUDVH]HGHSUHVWLJLRVXOGLSORPDWILLQGFRQúWLHQWGHYDOXOGHVLPSDWLHSHFDUHvOYD
SURGXFH vQ UkQGXULOH H[WUHPHL GUHSWH 7RWXúL FKLDU úL GXSă DFHDVWă LPSRUWDQWă GHFL]LH FăUHLD L VH
DGăXJDH[FOXGHUHDOXL(XJHQ7LWHDQXJXYHUQXO7ăWăUHVFXDYHDvQFăRPLVLXQHIRDUWHJUHDILLQGSHGH
R SDUWH DFX]DW GH SURWHMDUHD PLQLúWULORU GH ,QWHUQH úL -XVWLĠLH ,RQ ,QFXOHĠ úL UHVSHFWLY 9DOHU 3RS
$FHúWLDHUDXDFX]DĠLGHFăWUHRSLQLDSXEOLFăGHLQFDSDFLWDWHDGHDRSULYLROHQĠHOH0LúFăULL/HJLRQDUH
GDUSHGHDOWăSDUWHHUDXRUHDOăDPHQLQĠDUHFDSULQH[FOXGHUHDORUGLQUkQGXULOHJXYHUQXOXLVăQXVH
vQWăUHDVFăUkQGXULOHGUHSWHLPRWLYHSHQWUXFDUHVDDMXQVODVROXĠLDGHFRPSURPLVvQXUPDFăUHLDFHL
GRLDXIRVWGHPLúL

7+(678'(176¶&21*5(662)7Æ5*8085(ù ±$35,/ 
,'(2/2*<3523$*$1'$$1'$17,6(0,7,60

$EVWUDFW

$PDMRUDFWRURQWKH5RPDQLDQSROLWLFDOVWDJHLQWKH,QWHUZDUSHULRGWKH/HJLRQDU\PRYHPHQW
HQMR\HGFRQVLGHUDEOHVXSSRUWIURPWKH\RXWKDVVHHQRQWKHRFFDVLRQRIWKHSURSDJDQGLVWLFHYHQWRI
± $SULO  WDNLQJ SODFH LQ 7kUJX0XUHú NQRZQ DV WKH &RQJUHVV RI WKH 1DWLRQDO 8QLRQ RI WKH
&KULVWLDQ6WXGHQWVRI5RPDQLD
,WV GHFODUHG REMHFWLYH ZDV WKH QHHG WR GHEDWH WKH GHVLGHUDWD RI VWXGHQWV DIILOLDWHG WR WKH
H[WUHPHULJKW PRYHPHQW DQG WKHLU GLVFRQWHQW ZLWK WKH FRQGLWLRQV SURYLGHG E\ WKH VWDWH ,Q IDFW WKH
FRQJUHVV ZDV D JHQXLQH GHPRQVWUDWLRQ RI OHJLRQDU\ SURSDJDQGD HQMR\LQJ PDWHULDO VXSSRUW IURP WKH
OLEHUDO JRYHUQPHQW DQG IURP .LQJ &DURO ,, $PRQJ WKH SHUVRQDOLWLHV SDUWLFLSDWLQJ LQ WKH RSHQLQJ
FHUHPRQ\ZHUH(PLO$'DQGHDWKHWRZQ¶VOLEHUDOPD\RU&&*LXUHVFXSURIHVVRUDWWKH3KLORORJ\
'HSDUWPHQW RI WKH 8QLYHUVLW\ RI %XFKDUHVW DQG GHOHJDWH RI WKH NLQJ RQ WKH RFFDVLRQ DQG
UHSUHVHQWDWLYHVRIWKH1DWLRQDO6RFLDOLVW<RXWKRI*HUPDQ\
'HVSLWH WKH IDFW WKDW WKH VSHHFKHV JLYHQ RQ WKH RFFDVLRQ SUDLVHG &RUQHOLX =HOHD&RGUHDQX¶V
PRYHPHQW WKH UHSUHVHQWDWLYHV RI WKH VWXGHQWV WKURXJK WKHLU SUHVLGHQW *KHRUJKH )XUGXL DQQRXQFHG
IURP WKH EHJLQQLQJ WKDW WKHLU PHHWLQJ ZDV QRW WKDW RI D SROLWLFDO SDUW\ DV D SDUW RI WKH SUHVV KDG
VXJJHVWHG EXW UDWKHU DQ HYHQW KHUDOGLQJ ³JUHDW VWUXJJOHV´ 7KLV DOOXGHG WR DGYHUVDULHV VXFK DV WKH
1DWLRQDO/LEHUDOJRYHUQPHQWWKH1DWLRQDO3HDVDQWV¶JRYHUQPHQWDQG³SUHVDMLGRYHDVFă´ WKHSUHVVLQ
WKH VHUYLFH RI WKH -HZV  $QWLJRYHUQPHQW DQG DQWL6HPLWH IRUPXODV DERXQGHG LQ PRVW RI WKH RWKHU
VSHHFKHVDVZHOO7KHFRQJUHVVLQ7kUJX0XUHúUHYHDOHGGLVDJUHHPHQWVDPRQJWKHFRPSHWLQJSDUWLHV
DQGSHUVRQDODPELWLRQVDWWKH3DODFHDQGZLWKLQWKH*RYHUQPHQW,WZDVQRWE\FRLQFLGHQFHWKDW&DURO
,,GLVFKDUJHG1LFRODH7LWXOHVFXIURPWKHRIILFHRIPLQLVWHURIIRUHLJQDIIDLUVVKRUWO\DIWHUWKHHYHQW,W
ZDVDGLVFKDUJHIURPWKH*RYHUQPHQWWKH/HJLRQDULHVKDGGHPDQGHGRQUHSHDWHGRFFDVLRQV


6856(ù,,17(535(7$5(

&216&5,3ğ,,/(ù,85%$5,,/(',1(32&$35,1&,3$78/8,
75$16,/9Ă1($1&$=8/ğ,1878/8,6(&8,(6&

7h'ė66.,1*$

3HQWUX 7UDQVLOYDQLD VHFROHORU ;9,±;9,, XUEDULLOH úL FRQVFULSĠLLOH FRQVWLWXLH R VXUVă ERJDWă GH
LQIRUPDĠLLSHQWUXUHFRQVWLWXLUHDYLHĠLLFRWLGLHQHSHQWUXFXQRDúWHUHDHFRQRPLHLHSRFLLUHVSHFWLYHSUHFXP
úLSHQWUXVWXGLHUHDLVWRULHLFXOWXULLDUKLWHFWXULLGDUúLDHWQRORJLHLúLDGHPRJUDILHL(OHRIHUăLQIRUPDĠLL
DPSOHGHVSUHPRúWHQLUHDPRúLLORUPăULPHDRJRDUHORUSăúXQLORUSăGXULORUúLFkPSLLORUVLWXDĠLDLD]XULORU
úLPRULORUvQXQHOHFD]XULGHVSUHVLWXDĠLDDWHOLHUHORUPLQHORUSUHFXPúLGHVSUHVOXJLOHúLLREDJLLGHSH
PRúLH 9DORDUHD ORU LQIRUPDWLYă FUHúWH RGDWă FX vQVHPQăULOH GHVSUH DGPLQLVWUDUHD SURSULHWăĠLORU FX
LQYHQWDUHOH RUGLQHOH DGPLQLVWUDWRUXOXL GH PRúLH VRFRWHOL EDODQĠH RFD]LRQDOH H[WUDFWXV  úL QRWH
PHPRULDOH FXGRFXPHQWHOHSULYLQGFRQYHQĠLXQLOH FRQYHQWLRQHV úLFXUHJLVWUHOHSHED]DFăURUDVHSRW
IRUPXODQHQXPăUDWHvQWUHEăUL±UăVSXQVXULGHVSUHYLDĠDIHXGDOăGHRGLQLRDUă
9DORDUHD VXUVHORU VFULVH SăVWUDWH vQ DUKLYHOH VWDWDOH ELVHULFHúWL úL vQ SXĠLQHOH DUKLYH IDPLOLDOH
HVWH LQGLVFXWDELOă ÌQ SULPXO UkQG SHQWUX Fă DFHVWHD QX VXQW QXPDL PHVDJHULL ILGHOL DL XQRU WLPSXUL
DSXVHFLúLHWDSHLPSRUWDQWHDOHLVWRULRJUDILHLVXQWLQGLFDWRULGHGLUHFĠLHúLOLPLWHSHQWUXWRĠLFHLFDUH
YRUVăFXQRDVFăLVWRULDSRSRDUHORUúLQDĠLXQLORUGLQVXUVHDXWHQWLFH(OHVXQWVFULVHvQOLPEDPDJKLDUă
QHILLQGGHORFXúRDUHGHFLWLWVDXWUDGXV'XSăSăUHUHDOXL'DYLG3URGDQÄ6XQWGLILFLOHPDLDOHVPXOWH
WH[WH PDJKLDUH vQ OLPED YHFKH FX RUWRJUDILD HL FRPSOLFDWă LQVWDELOă FX QXPHURDVHOH HL VHPQH
JUDILFH FX SXQFWXDĠLD HL´ ÌQ OHJăWXUă FX WUDGXFHUHD GRFXPHQWHORU VH PHQĠLRQD Ä$P UHQXQĠDW OD
WUDGXFHUHD WH[WHORU «  $VHPHQHD WH[WH DSRL VXQW JUHX GH WUDGXV XQHRUL LQWUDGXFWLELOH FKLDU
WUDGXFHUHDDOWHUkQGH[SUHVLLWHUPHQLVSHFLILFL0DLPXOWWUDGXFHULOHQXSRWPXOĠXPLSHFHUFHWăWRUXO
GHVSHFLDOLWDWHHOWUHEXLHVăOXFUH]HFXWH[WHRULJLQDOH´
$XWRULLDFHVWRUvQVHPQăULQLFLQXVDXJkQGLWODIDSWXOFăSHVWHVHFROHSHED]DFXYLQWHORUORU
YDvQYLDGLQQRXYLDĠDvQWUHSHUHĠLLFDVWHOHORUVDXFXULLORUúLILHFDUHFDPHUăEXFăWăULHILHFDUHPDVăFX
VHUWDU GXODS FLRSOLW WDYDQ SLFWDW YD DYHD LPSRUWDQĠă SHQWUX SRVWHULWDWH 9D IL VHPQLILFDWLY UHJLVWUXO
XQHOWHORU FDVQLFH SăVWUDWH vQ úXUL úRSURDQH DO DOLPHQWHORU SăVWUDWH vQ SLYQLĠH FăPăUL $FHVWH
GRFXPHQWHQHRIHUăGHFLRSRVLELOLWDWHH[FHOHQWăGHXUPăULUHD vQWkPSOăULORUFRWLGLHQHGLQYUHPXULOH
GHDOWăGDWă'HúLDXOXDWQDúWHUHFXVFRSXULHFRQRPLFHD]LHOHFRQVWLWXLHúLRVXUVăGHGDWHUHIHULWRDUH
ODLVWRULDFXOWXULLúLSXWHPFXQRDúWHvQWkPSOăULVSDĠLDOHúLWHPSRUDOH
'XSă SUHFHGHQWHOH GLQ D GRXD MXPăWDWH D VHFROXOXL DO ;,;OHD HYDOXDUHD ED]HL GH GDWH GLQ
XUEDULLúLFRQVFULSĠLLDOXDWXQDYkQWQRXvQLVWRULRJUDILDWUDQVLOYăQHDQăÌQSULPXOUkQGQHJkQGLPOD
VLQWH]HOH PDL PDUL úL VLVWHPDWLFH UHDOL]DWH GH -DNy =VLJPRQG 0DNNDL /iV]Oy 'DYLG 3URGDQ úL
% 1DJ\ 0DUJLW vQ FDUH SH OkQJă DQDOL]D FRQVFULSĠLLORU úL XUEDULLORU VXQW SXEOLFDWH úL WH[WH VDX
IUDJPHQWHGLQHSRFă$FHVWHDVHUHIHUăvQVăODFRQVFULSĠLLOHUHDOL]DWHSHWHULWRULLOHGLQDIDUDğLQXWXOXL


'DYLG 3URGDQ /LYLX 8UVXĠLX 0DULD 8UVXĠLX 8UEDULLOH ğăULL )ăJăUDúXOXL YRO ,±,,
%XFXUHúWLS9,

-DNy =VLJPRQG $ J\DOXL YiUWDUWRPiQ\ XUEiULXPDL .ROR]VYiU  0DNNDL /iV]Oy
, 5iNyF]L *\|UJ\ ELUWRNDLQDN JD]GDViJL LUDWDL ±  %XGDSHVW  0DNVD\ )HUHQF
8UEiULXPRN ;9,±;9,, V]i]DG %XGDSHVW  'DYLG 3URGDQ /LYLX 8UVXĠLX 0DULD 8UVXĠLX
RSFLW%1DJ\0DUJLW9iUDNNDVWpO\RNXGYDUKi]DNDKRJ\DUpJLHNOiWWiN%XNDUHVW,GHP
5HQHV]iQV]pVEDURNN(UGpO\EHQ%XNDUHVW

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 7GĘV6.LQJD 

6HFXLHVF FX H[FHSĠLD OXFUăULL OXL % 1DJ\ 0DUJLW vQ FDUH DSDU SXEOLFDWH SDUĠLDO XQHOH FRQVFULSĠLL
UHDOL]DWHvQDúH]ăULOHğLQXWXOXL6HFXLHVFÌQFRQWLQXDUHGRULPVăDWUDJHPDWHQĠLDDVXSUDLPSRUWDQĠHL
UHPHGLHULL DFHVWHL OLSVH SXQkQG vQ HYLGHQĠă ± GLQWUH XUEDULLOH úL FRQVFULSĠLLOH WUDQVLOYăQHQH ±
VHPQLILFDĠLDGRFXPHQWHORUUHDOL]DWHvQğLQXWXO6HFXLHVF
&RQVFULSĠLLOHGLQğLQXWXO6HFXLHVFDXRYDORDUHVSHFLDOăGHRDUHFHDFHVWHDDXIRVWUHDOL]DWHvQ
DFHDSDUWHD7UDQVLOYDQLHLvQFDUHUHODĠLLOHVRFLDOHúLFRQGLĠLLOHJHRJUDILFHQXDXIRVWIDYRUDELOHSHQWUX
IRUPDUHDSURSULHWăĠLORUIHXGDOHPDLPDULSUHFXPvQDOWHSăUĠLDOH7UDQVLOYDQLHL$VWIHOQXPDLvQFD]XUL
VSHFLDOH VDX UHDOL]DW FRQVWUXFĠLL PDL DPSOH FDUH FRQVWLWXLDX FHQWUXO YLHĠLL HFRQRPLFH 'H DFHHD vQ
6FDXQHOH6HFXLHúWLFXPRúLLQRELOHPRGHVWHQXDIRVWQHFHVDUăLQWURGXFHUHDUHDOL]ăULLVLVWHPDWL]DWHD
XUEDULLORUúLDFRQVFULSĠLLORUSULYLQGPRúLDSULYDWă

&RQVFULSĠLD LQYHQWDUXO  SXWHD IL VFULVă  GDWDWăvQWUXQXO GLQWUHFRPLWDWH VDX vQWUXQXO GLQWUH
VDWHOH VHFXLHúWL DIODWH OD PDUJLQHD KRWDUHORU ÌQ JHQHUDO FRQVFULSĠLLOH HUDX DOFăWXLWH OD FRPDQGD
PRúLHUXOXL QRELOXOXL VDX DULVWRFUDWXOXL vQ FD]XUL VSHFLDOH GH RELFHL vQ PRPHQWXO VFKLPEăULL
SURSULHWDUXOXL GH H[HPSOX vQ SHULRDGD SURFHVHORU GH VXFFHVLXQH SHQWUX GUHSWXO GH PRúLH vQ FD]XO
FRQILVFăULLPRúLLORUPDLH[DFWFkQGRPRúLHDDMXQVvQSURSULHWDWHDSULQFLSHOXLVFULHUHDFRQVFULSĠLHL
HUDGLVSXVăGHYLVWLHULH 
&RQVFULSĠLLOHFRPDQGDWHGHPRúLHUHUDXUHDOL]DWHGHDGPLQLVWUDWRUXOGHPRúLHVDXGHSURYL]RU
SURYLVRU  VDX vQ DQXPLWH FD]XUL GH VăPăGăX UDWLRQLVWD  'XFkQGXVH OD IDĠD ORFXOXL DFHVWD
SDUFXUJHDúLH[DPLQDPRúLDIRUPXODvQVFULVFHOHYă]XWHvQUHJLVWUkQGGDWHGHVSUHWRWDOLWDWHDPRúLHL
VDXSDUWHDUHVSHFWLYăDSURSULHWăĠLLPăULPHDPRúLHLPRGXOGH IRORVLUHDSăPkQWXOXLFDVWHOXOFXULD
VDXFHWDWHDvPSUHXQăFXDFDUHWXULOHVDOH3URYL]RUXOUHDOL]DPDLvQWkLFLRUQDDúDQXPLWDÄSULPDYLVWD´
DSRLSUHGDFOLHQWXOXLFRSLDvPEXQăWăĠLWăDDFHVWHLQRWHOHJDOL]kQGRVHPQDWúLúWDPSLODW
$úDQXPLWDÄFRQVFULSĠLHOHJDOă´IăFXWăODFRPDQGDYLVWLHULHL HUDvQWRFPLWăvQWRDWăUHJXODGH
FăWUH XQ RP WULPLV GLQ VHUYLFLX GH ÄSHUVRDQD GH OD &DPHUă´ 7RSRJUDIXO GHVFULD SR]LĠLD H[DFWă D
FOăGLULL UHVSHFWLYH vQ FDGUXO XQHL DúH]ăUL SH ED]D SXQFWHORU FDUGLQDOH GXSă FDUH LQGLFD H[DFW
YHFLQăWăĠLOH 8Q H[HPSOX GH DFHVW IHO HVWH FRQVFULSĠLD FDVWHOXOXL 0LFORúRDUD 7UHL 6FDXQH  IăFXWă OD
FRPDQGD FRQWHOXL .iOQRNL 6iPXHO GDWDWă OD  IHEUXDULH ±  PDUWLH  3XWHP FXQRDúWH
GHVFULHUHD FDVWHOXOXL SH ED]D UkQGXULORU VFULVH vQ VWLO EHOHWULVWLF Ä&RQDFXO VH DIOă vQ VFDXQXO
0LFORúRDUD vQ VDWXO QXPLW 0LFORúRDUD SH R SDUWH SH FkPSLD VDWXOXL DPLQWLW úL SH SDUWHD VXGLFă vQ
YHFLQăWDWHD/DFXOXLDSDUĠLQkQGVXVQXPLWXOXLFRQDFFăUXLFRQDFvLDSDUĠLQHvQSDUWHDDSXVHDQăSLFLRUXO
3RUĠLLFXSDUWHDGHSRUXPEDUIăUăSRDUWă´
6WUXFWXUD WH[WHORU FRQVFULSĠLLORU QX D VXIHULW PRGLILFăUL YUHPH GH VHFROH &RQVFULSĠLD FXULHL
QRELOH GLQ %HOLQ 7UHL 6FDXQH  D OXL .iOQRNL -y]VHI GLQ DQXO  D IRVW UHDOL]DWă SH ED]D XQRU
FULWHULL DVHPăQăWRDUH 'HVSUH LQGLFDUHD H[DFWă D YHFLQLORU VH SRW FLWL XUPăWRDUHOH Ä&XULD VH DIOă OD
FDSăWXOGHVXVDOVDWXOXLLQYLFLQXPMRVHVWH)DUNDV*\|UJ\VXVVHDIOăJUăGLQD0RKRV´ÌQFkQG
RDPHQLLvQVăUFLQDĠLGHFăWUHWDEODUHJDOăDXIăFXWFRQVFULSĠLDFDVWHOXOXL0LNyGLQ2OWHQLvQLQWURGXFHUH
DX HQXPHUDW YHFLQLL GXSă R WLSRORJLH VLPLODUă ÄVH DIOă DLFL OD 2OWHQL ORFXO FXULHL FRQWHOXL FXFRQDú
vQYHFLQDWSHRSDUWHFXGUXPXOFRPXQDOVDWXOXLSHGHDOWăSDUWHFXRSRUĠLXQHDUkXOXL2OWSUHFXPFX
SURSULHWăĠLOHVHUYLWRULORUPăULHLVDOH XUPHD]ăHQXPHUDUHDQXPHORUDWUHLVHUYLWRUL ´


%1DJ\0DUJLW9iUDNNDVWpO\RNXGYDUKi]DN

&RQWHOH .iOQRNL 6iPXHO JUyI ‚  SULP MXGH UHJDO DO 7UHL 6FDXQHORU WH]DXUDU
YLFHFDQFHODU DO &DQFHODULHL 7UDQVLOYDQLHL GLQ 9LHQD   &DVWHOXO GLQ VHF DO ;9,,OHD GH OD
0LFORúRDUDULGLFDWSHORFXOFRQDFXOXLGLQVHF;9,UHSUH]LQWăDWkWSULQIRUPDVDGHED]ăFkWúLSULQ
FDUDFWHUXOVăXGHIRUWLILFDĠLHFXEDVWLRDQHJXULGHWUDJHUH5HQDúWHUHDWkU]LHGLQ7UDQVLOYDQLD7GĘV6
.LQJD6]pNHO\IĘQHPHVLpOHWPyGD;9,,V]i]DGDONRQ\iQ%XNDUHVW±.ROR]VYiU

&RQVFULSĠLD vQ OLPED PDJKLDUă $UKLYHOH 6WDWXOXL 5RPkQ vQ FRQWLQXDUH $65  )LOLDOD
MXG&RYDVQD6I*KHRUJKH)RQGIDVF;;9,,)DP&VHUHL

&RQVFULSĠLD&XULHLIDP0LNyvQOLPEDPDJKLDUăOD$65)LOLDODMXG&RYDVQD6I*KHRUJKH
)RQG)DP0LNy


 &RQVFULSĠLLOHúLXUEDULLOHGLQHSRFD3ULQFLSDWXOXLWUDQVLOYăQHDQ 

'XSă GHVFULHUHD LQWUăULL GH RELFHL XUPHD]ă SUH]HQWDUHD ÄFXULHL QRELOH´ vQ RUGLQHD vQ FDUH
FRQVFULSWRUXO SDUFXUJHD vQFăSHULOH GH ORFXLW GLQ FDVă úL GHSHQGLQĠHOH DFHVWRUD EXFăWăULD FăPDUD
SLYQLĠDEUXWăULDHWFÌQDFHHDúLGHVFULHUHDFDVHLGLQ0LFORúRDUDDVXVFLWDWXOXL.iOQRNL6iPXHODIOăP
GLQ FRQVFULSĠLH Fă GXSă ÄFDVD GH FROĠ´ VXV OD GUHDSWD SRUĠLL DGLFă GXSă FDPHUă XUPHD]ă ÄSDODWXO´
DSRLÄEROWD´ FDPHUDEROWLWă GHXQGHFRQVFULSWRUXOWUHFkQGSULQÄFDVDGHOkQJă´ÄFDVDGHODFDSăW´
úLDMXQJkQGODEROWDFHDYHFKHúLDVăYkUúLWH[SHUWL]DúLDDMXQVGHDLFLvQFDVHOHFăPăULOHúLSLYQLĠHOH
QLYHOXOXLGHMRV
'HVFULHULOH FRQVHFXWLYH DOH vQFăSHULORU GH ORFXLW GLQ FRQVFULSĠLL FRQVWLWXLH GDWH LPSRUWDQWH
SHQWUXLVWRULDDUKLWHFWXULLSUHFXPúLSHQWUXLVWRULDFXOWXULLGHRDUHFHHOHSRWUHSUH]HQWDRVXUVăSHQWUX
UHFRQVWUXLUHDFOăGLULORUGLVWUXVHvQWUHWLPSÌQPDLPXOWHFD]XULFKLDUSHED]DDFHVWRUFRQVFULSĠLLVHSRW
FODULILFDPăULPHDQDWXUDúLGXUDWDOXFUăULORUHIHFWXDWHODXQHOHFDVWHOHVDXFXULL
ÌQFD]XULOHPDLQRURFRDVHVXQWHPvQSRVHVLDXQRUFRQVFULSĠLLDOFăWXLWHSHQWUXDFHHDúLFOăGLUHOD
GLVWDQĠăPLFăGHWLPSFHHDFHQHSHUPLWHVăFXQRDúWHPOXFUăULOHGHWUDQVIRUPDUHUHQRYDUHFKLDUvQ
SURFHVXO ORU ([HPSOXO XUPăWRU GHúL QX SURYLQH GLQ 6FDXQHOH 6HFXLHúWL DWUDJH vQVă DWHQĠLD DVXSUD
LPSRUWDQĠHL VWXGLHULL FRQVFULSĠLLORU VXFFHVLYH QX GHSDUWH GH 7kUJX 0XUHú OD *RUQHúWL SH PDOXO
0XUHúXOXLVHDIOăFDVWHOXOOXL7HOHNL0LKiO\GLQHSRFDSULQFLSDWHORUUHFRQVWUXLWvQWRWDOLWDWHvQVHFROXO
DO ;9,,,OHD vQ VWLO EDURF 5HFRQVWUXLULOH DX IRVW HIHFWXDWH vQ GRXă SHULRDGH VXFFHVLYH &kQG
FDQFHODUXO7HOHNL0LKiO\XQXOGLQWUHFHOHPDLLPSRUWDQWHSHUVRQDMHDOH7UDQVLOYDQLHLGLQDFHDYUHPH
DDMXQVvQSRVHVLDFOăGLULLvQDWUHEXLWVăRUHFRQVWUXLDVFăSDUĠLDOGLQFDX]DVWăULLGHWHULRUDWHvQ
FDUH VH DIOD $FHVW HSLVRG FXQRVFXW PDL vQDLQWH GRDU vQ OLQLL PDUL D SXWXW IL XUPăULW PDL vQ GHWDOLX
GXSăGHVFRSHULUHDLQYHQWDUHORUGLQDSRLGLQSULQFRPSDUDUHDORU$IOăPGHH[HPSOXFăvQ
FRQVFULSĠLD GLQ DQXO  HVWH PHQĠLRQDW ÄXQ EDVWLRQ GH OHPQ vQ IRUPă GH KH[DJRQ´ vQ SDUWHD VXG
HVWLFă D FHWăĠLL LDU SDWUX DQL PDL WkU]LX DSDUH vQ FRQVFULSĠLH DúD QXPLWXO Ä%DVWLRQ 5RúX´ 3H ED]D
GDWHORUUHVSHFWLYHSXWHPGHGXFHFăDFHDVWăSDUWHDFOăGLULLDIRVWFRQVWUXLWăGXSăOXFUăULOHILLQG
WHUPLQDWH GHMD vQ  &RQVFULSĠLLOH VXFFHVLYH VFRW OD LYHDOă úL DOWH VFKLPEăUL vQ VSHFLDO SH DULSD
HVWLFă D FOăGLULL'XSă FXP DUDWă H[HPSOXO GH PDL VXV GHVFULHULOH FRQVFULSĠLLORU VXQW GHVHRUL VXUVH
IRDUWH VLJXUH SH ED]D FăURUD VH SRW UHFRQVWUXL DSURDSH WRDWH FDVWHOHOH FXULLOH VDX FHWăĠLOH GLQ
7UDQVLOYDQLD $úD VD vQWkPSODW úL vQ FD]XO UHVWDXUăULL FDVWHOXOXL UHQDVFHQWLVW /i]iU GLQ /ă]DUHD
6FDXQXO&LXFXOXL*KHRUJKHQLORUúL&DúLQXOXL SHED]DXQHLFRQVFULSĠLLGLQVHFROXODO;9,,,OHD7RW
DVWIHODXIRVWGHDMXWRUOXFUăULORUGHUHVWDXUDUHGHVFULHULOHGLQDFDVWHOXOXLUHQDVFHQWLVW0LFORúRDUD
úLDFXULHLGLQ9DOHD&ULúXOXLDOXL.iOQRNL6iPXHO
ÌQ DFHVWH GRFXPHQWH FRQVFULSWRULL QDX GDW LPSRUWDQĠă GHQXPLULL ORFXLQĠHL FHQWUDOH VDX D
FOăGLULLSULQFLSDOHXQHOHFOăGLULDXIRVWGHQXPLWHGHPDLPXOWHRULFXQXPHGLIHULWHDOWHRULRÄFXULH
QRELOă´DIRVWLQWLWXODWăÄFHWDWH´ÄFDVWHO´VDXSXUúLVLPSOX ÄFRQDF´ÌLVFX]ăIDSWXOFăGLIHUHQĠLHUHD
FXULHL GH FDVWHO D DSăUXW vQ FRQVFULSĠLLOH WUDQVLOYăQHQH QXPDL OD PLMORFXO VHFROXOXL DO ;9,,OHD
3ULQFLSLLOHSHED]DFăURUDFOăGLULOHDUILSXWXWILDVLPLODWHXQXLWLSVDXDOWXLDQXDXIRVWvQFăFODUHÌQ
IRQGúLD]LHQHYRLHGHRDSUHFLHUHXQLFăvQHYDOXDUHDGHQXPLULORUGHRDUHFHvQIXQFĠLHGHFRQGLĠLLOH


&DVWHOXO GLQ *RUQHúWL MXG 0XUHú  FRQVWUXLW GH (UGpO\L ,VWYiQ ±  YLFHYRLHYRGXO
7UDQVLOYDQLHL ± HVWHDPLQWLWSHQWUXSULPDRDUăvQWUXQGRFXPHQWGLQVXEQXPHOHGH
Ä&DVWHOL *HUQ\H]HJK´ &OăGLUHD vPSUHXQă FX PRúLLOH FDUH vL DSDUĠLQ D UăPDV vQ SURSULHWDWHD IDPLOLHL
(UGpO\LDSURDSHGHDQLLDUvQSDUWHDDGRXDDVHFROXOXLDO;9,,OHDVFKLPEkQGXúLSURSULHWDULLD
DMXQV vQ SRVHVLD IDPLOLHL 7HOHNL /D MXPăWDWHD VHF DO ;9,,,OHD GHRDUHFH FDVWHOXO VD GHWHULRUDW
QHSRWXOOXL7HOHNL0LKiO\ODGHPRODWvQvQWUHJLPHúLvQORFXOOXLDvQăOĠDWFDVWHOXOEDURFGHDVWă]L%LUy
-y]VHI$JHUQ\HV]HJL7HOHNLNDVWpO\%XGDSHVW

7GĘV 6 .LQJD 7HOHNL 0LKiO\ JHUQ\HV]HJL pSLWNH]pVHL ±  vQ YRO 3pWHU .DWDOLQ
(POpNN|Q\Y%XGDSHVW

5HVWDXUDUHDFDVWHOXOXLGLQ0LFORúRDUDúLDFRQDFXOXLGLQ9DOHD&ULúXOXLDIRVWvQFHSXWăvQDQXO
FRQWLQXkQGúLvQSUH]HQW

 7GĘV6.LQJD 

ORFDOH VRFLDOH HFRQRPLFH FKLDU úL JHRJUDILFH IRUPD FOăGLULORU D vQUHJLVWUDW YDULDĠLL GHúL PHQLUHD
DFHVWRUDDIRVWVLPLODUă
'HVHRUL GHVFULHUHD FRQVFULSWRULORU D IRVW LQIOXHQĠDWă VWLPXODWLY GH FHOH Yă]XWH vQ vQFăSHUL
3XWHPFLWLvQFRQVFULSĠLD&XULHL6]pNHO\GLQ&LOLHQL 7UHL6FDXQHMXG&RYDVQD FăvQÄFDVDPDUHGH
SLDWUă´ D H[LVWDW R PDVă ÄDFRSHULWă FX FRUGRYDQ QRX´ 0DVD GLQ ÄFDVD GH SLDWUă LQWHULRDUă´ D IRVW
DFRSHULWăÄFXSLHOHURúLHQRXăGHFHUE´ÌQFRQWLQXDUHvQÄFDVDIHPHLORU´FHOHúDVHVFDXQHWDSLĠDWHFX
SLHOH URúLH DX vQFRQMXUDW R PDVă FX SLFLRDUH VWUXQMLWH úL DFRSHULWă FX PXúDPD QHDJUă &RQIRUP
UHJLVWUXOXL GLQ DQXO  vQ FDPHUD GRPQXOXL GLQ FRQDFXO 9DOHD &ULúXOXL VDX DIODW XUPăWRDUHOH
PRELOHRPDVăGLQVFkQGXUăFXSLFLRDUHWUHLIRWROLLXQEXIHWPLFFXGRXăDULSLGRXăFXLHUH$FHVWH
LQIRUPDĠLL DSDUHQW PLQRUH VXQW VHPQLILFDWLYH DVWă]L GHRDUHFH DPHQDMăULOH LQWHULRDUH DXWHQWLFH GLQ
7UDQVLOYDQLDVHFROXOXLDO;9,,OHDQXDXVXSUDYLHĠXLWvQWRWDOLWDWHQLFăLHULRLPDJLQHDDFHVWRUDSXWkQG
ILUHFRQVWLWXLWăvQSULPXOUkQGSHED]DDFHVWRUGHVFULHUL
'HVFULHUHDORFXLQĠHLDIRVWXUPDWăvQDFHVWHFRQVFULSĠLLGHGHVFULHUHDDFDUHWXULORU3DUFXUJkQG
EXFăWăULD FRQVWUXLWă OD SDUWHU VDX VHSDUDW FăPăULOH EUXWăULD JUDMGXULOH úRSURDQHOH DWHOLHUHOH
DSDUĠLQkQG XQHRUL JRVSRGăULHL SURYL]RUXO UHDOL]D GHVFULHUHD FX DFXUDWHĠH 3H ED]D DFHVWRU vQVHPQăUL
SXWHP Vă QH IRUPăP R LPDJLQH H[DFWă GHVSUH YDULHWDWHD úL FDQWLWDWHD SURGXVHORU vQPDJD]LQDWH vQ
FăPăULOHPRúLHLGHVSUHXWLODMHOHGHvQPDJD]LQDUHFKLDUúLGHVSUHXQHOWHOHGHSURGXFĠLH

$OFăWXLWHILHFDDQH[ăDFRQVFULSĠLLORUEXQXULORUPRELOHILHLQGHSHQGHQWXUEDULLOHVSHFLILFDX
PăULPHDPRúLHL RJRUXOSăúXQHDSăGXUHDKHOHúWHXO HQXPHUDXQXPHOHVHUYLWRULORUúLLREDJLORUDOH
FRSLLORU DFHVWRUD SUHFXP úL PăULPHD SăPkQWXOXL DSDUĠLQkQG JRVSRGăULLORU ORU DQLPDOHOH IHOXO úL
FDQWLWDWHD SURGXVHORU DJULFROH $FHVWH LQIRUPDĠLL DX IRVW FRPSOHWDWH vQ D GRXD SDUWH D VHFROXOXL DO
;9,,OHDFXOLVWDQXPHORULREDJLORUIXJDUL IXJLWLYXV úLYDJDERQ]L YDJXV $FHVWHXUEDULLVXQWDúDGDU
LPSRUWDQWH úL FD VXUVH GHPRJUDILFH GHRDUHFH FRQĠLQ ED]H GH GDWH SHUVRQDOH FRQVLGHUDELOH ÌQ FLXGD
IDSWXOXLFăDFHVWHFRQVFULSĠLLVXQWDSUR[LPDWLYHÄ'DWHOHFRQĠLQXWHVXQWUHSUH]HQWDWLYHGLQSXQFWXOGH
YHGHUHDOVWXGLLORUGHPRJUDILFHvQVFRSXOOXăULLGHPRVWUHUHSUH]HQWDWLYHúLSHQWUXFDOFXOHOHVWDWLVWLFH´
'LQOLVWHOHFDUHFRQĠLQQXPHOHYHQHWLFLORUúLIXJDULORUSXWHPGHGXFHDPSORDUHDPLJUDĠLLORULQWHULRDUH
úLH[WHULRDUHFKLDUúLWUDVHHOHJHRJUDILFH
6DX UHDOL]DW XUEDULL GH RELFHL vQ FD]XO VFKLPEăULL SURSULHWDUXOXL VDX DGPLQLVWUDWRUXOXL GH
PRúLHvQFD]XOSUHOXăULLPRúLHLVDXSURSULHWăĠLLvQFD]XOSURFHVHORUMXGLFLDUHSULYLQGPRúLDVDXFkQG
FRQVFULSĠLDH[LVWHQWăVDvQYHFKLWGLQDQXPLWHPRWLYH0DLSUHFLVÄVDXUHDOL]DWXUEDULLGDFăRSDUWHD
PRúLHL D DMXQV vQ SRVHVLD ILVFXOXL SULQFLDU SULQ PRúWHQLUH VDX FRQILVFDUH VDX GDFă DFHDVWD SULQWUR
GRQDĠLH FKLDU WHPSRUDU LQVFULSWLR  QX PDL HUD vQ SRVHVLD YLVWLHULHL´ $XWRUXO XUEDULLORU D IRVW GH
RELFHLDGPLQLVWUDWRUXOGHPRúLHFXDOWHFXYLQWHSURYL]RUXO SURYLVRU VDXVăPăGăXOGLQVHUYLFLXOVăX
VDXVFULEXOFăURUDOHDIRVWDWULEXLWăDGPLQLVWUDUHDvQWUHJLL JRVSRGăULL8UEDULLOHUHDOL]DWHSHPRúLLOH
WUDQVLOYăQHQHPLFLVDXPDULDXIRVWvQWRFPLWHDVHPăQăWRUFRQVFULSĠLLORUFDWLSGHGRFXPHQW3XĠLQHOH
XUEDULL UăPDVH GLQ HSRFD DQWHULRDUă SULQFLSDWXOXL DX IRVW VFULVH vQ OLPED ODWLQă DSRL GH OD vQFHSXWXO
VHFROXOXLDO;9,,OHDHOHFXSULQGHDXGRDURLQWURGXFHUHGHFkWHYDUkQGXULvQOLPEDODWLQăXUPDWăGHXQ
FXSULQVUHGDFWDWPDLPXOWvQOLPEDPDJKLDUă



3ULPDPHQĠLXQHDIDPLOLHL6]pNHO\GLQ&LOLHQ =HNHOGH.LOMLHQ GDWHD]ăGLQ&RQDFXO
PHGLHYDODIRVWUHFRQVWUXLWvQDQXO7GĘV6.LQJD$GDWRNDNLO\pQL6]pNHO\FVDOiGpVXGYDUKi]
W|UWpQHWpKH]vQYRO+LVWRULDPDQHW'HPpQ\/DMRV(POpNN|Q\Y%XFXUHúWL±&OXMS±

0HQĠLRQăPFăPRELOHOHvQYHOLWHFXSLHOHDXIRVWLQWURGXVHvQ7UDQVLOYDQLDGHKDEDQLDQDEDSWLúWL
DGXúLvQĠDUăGH3ULQFLSHOH%HWKOHQ*DERU7GĘV6.LQJD$GDWRNDNLO\pQL6]pNHO\FVDOiGS

2ERUQL 7HUp] $] (UGpO\L )HMHGHOHPVpJ |VV]HtUiVDLQDN GHPRJUiILDL IRUUiVpUWpNH vQ YRO
0DJ\DURUV]iJW|UWpQHWLGHPRJUiILiMD ± %XGDSHVWS±

,ELGHPS


 &RQVFULSĠLLOHúLXUEDULLOHGLQHSRFD3ULQFLSDWXOXLWUDQVLOYăQHDQ 

'HQXPLUHD XUEDULLORU QX HVWH XQLWDUă vQ HSRFD UHVSHFWLYă $XWRULL QXPHVF DFHVWH GRFXPHQWH
GHVHRULÄLQYHQWDULXP´vQFLXGDIDSWXOXLFăHOHXUPHD]ăSULQFRQĠLQXWXOORUSULQFLSLLOHXUEDULLORU1LFL
vQGHQXPLUHDFRQVFULSĠLLORUQXDXIRVWFRQVHFYHQĠL$VWIHOVDSXWXWvQWkPSODFDUHJLVWUXOVHFXLORUGLQ
6FDXQXO$ULHúREOLJDĠLODVHUYLFLXOPLOLWDUGLQDQXOVăILHQXPLWÄXUEDULD´GHúLGXSăFRQĠLQXWD
IRVWPDLGHJUDEăRÄFRQQXPHUDWLR´VDXXQÄUHJHVWUXP´
8UEDULLOH WUDQVLOYăQHQH DX DMXQV GH PXOW vQ FHQWUXO FHUFHWăULORU /XFUăULOH LVWRULRJUDILORU
úL VSHFLDOLúWLORU PHQĠLRQDĠL PDL VXV ± úL QX QXPDL ± VXQW GHVFKL]ăWRDUH GH GUXPXUL úL H[HPSOH GH
XUPDW ÌQ VWXGLLOH ORU DX UH]XPDW DFHOH GDWH IXQGDPHQWDOH FDUH VXQW QHFHVDUH SHQWUX HYDOXDUHD
LQIRUPDĠLLORUGLQXUEDULL
3HED]DHYDOXăULLOXL0DNNDL/iV]OyvQ7UDQVLOYDQLDúLvQ3DUWLXPDGHYHQLWXQRELFHLXWLOL]DUHDXQXL
WLSPDLDYDQVDWDOXUEDULLORUÄFDUHHVWHSUREDELOXUPDUHDLQWURGXFHULLXQLIRUPL]ăULLGLQWLPSXOGRPQLHLOXL
%HWKOHQ *iERU SH SURSULHWăĠLOH VWDWDOH 'DU vQ JHQHUDO GLQ XUEDULLOH WUDQVLOYăQHQH OLSVHúWH VSHFLILFDUHD
PăULPLL WHUHQXULORU GHRDUHFH VHUYLFLLOH LREDJLORU GLQ 7UDQVLOYDQLD QX VDX FRQIRUPDW vPSăUĠLULORU
SăPkQWXOXLÌQ8QJDULDDFHVWVLVWHPGHFRQVFULSĠLHVDUăVSkQGLWWUHSWDWSHPRúLDOXL5iNyF]L´
8UEDULLOHvQWRFPLWHGHVSUHSURSULHWăĠLOHSULYDWHGLQ7UDQVLOYDQLDVXQWFXQRVFXWHGHMDvQVHFROXO
DO ;9,OHD vQVă SH ED]D SXĠLQHORU VXUVH SXWHP WRWXúL FRQFOXGH Fă IRORVLUHD ORU vQ DGPLQLVWUDĠLD
PRúLLORU D GHYHQLW LPSRUWDQWă GRDU OD VIkUúLWXO VHFROXOXL ([SOLFDĠLD FRQVWă vQ IDSWXO Fă PRúLLOH
WUDQVLOYăQHQHPDULDOHHSRFLLVHFRPSXQGLQPDLPXOWHPRúLLULVLSLWHPLFLDVWIHOQXDIRVWQHYRLHGH
ĠLQHUHDvQHYLGHQĠăDDFHVWRUD$FHVWHDDXSXWXWVăILHDGPLQLVWUDWHúLGHFăWUHPRúLHUXOvQVXúLÌQWUXFkW
vQVăSURSULHWDUXODWUăLWSHPRúLDSULQFLSDOăDGPLQLVWUDUHDSăUĠLORUDIRVWVDUFLQDDGPLQLVWUDWRUXOXLGH
PRúLHVDXDVăPăGăXOXL
'HVSUHSURSULHWăĠLOHDJULFROHGLQ6FDXQHOH6HFXLHúWLGLQVHFROXODO;9,OHDDIOăPvQFHOHPDL
EXQHFD]XULGRDUGLQLQYHQWDUHVDXGRFXPHQWHGHSURFHVIUDJPHQWDUH8UEDULLOHUHJOHPHQWDUHGHVSUH
UDSRUWXULGHSURSULHWDWHDOHDFHVWHLUHJLXQLGHYLQFXQRVFXWHDELDGLQPLMORFXOVHFROXOXLDO;9,,OHD
8UEDULLOHDYHDXPHQLUHDGHDIL[DREOLJDĠLLOHVHUYLFLLOHLREDJLORUIDĠăGHPRúLHUSUHFXPúL±FD
R UHFRPSHQVă ± FRQFHVLLOH PRúLHUXOXL IDĠă GH LREDJL ÌQ HVHQĠă SXWHP FRQVLGHUD DFHVW GRFXPHQW XQ
ÄFRQWUDFW´ vQWUH FHOH GRXă SăUĠL vQ FDUH DX IRVW HQXPHUDWH IRORVLUHD SăPkQWXOXL PRGXO YLHĠLL UXUDOH
FRWLGLHQHGLIHULWHOHSOăĠLIăFXWHGRPQXOXLDVLJXUkQGDVWIHOSăUĠLOHvQFkWQLFLXQDVăQXSRDWăSUHWLQGH
PDLPXOWGHFkWVHUYLFLLOHVDXGăULOHFRQĠLQXWHvQFRQWUDFW$VWIHOXUEDULLOHDXGHYHQLWGLQFHvQFHPDL
VHPQLILFDWLYHFDXQGRFXPHQWGHFLVLYDOYLHĠLLGH]LFX]LDWkWSHQWUXPRúLHULFkWúLSHQWUXSRSXODĠLH
8UEDULLOHDXIRVWSULYLWHFXUHVSHFWFDGRFXPHQWHDXWHQWLFHFDUHVWDELOHVFFKLDUUDSRUWXULMXULGLFH
6SUHH[HPSOXvQ.RYDFVyF]\)DUNDVODVRPDWúLODUXJDWSHMXGHOHOXLGRPQHVFVăDFĠLRQH]HSH
ED]DXUEDULXOXLVăLDWD[HOHGHSHXUPDPRúLLORU±FDUHFRQVWDXGLQFkWHYDVDWH±SHED]DUHJXOLORUGLQ
XUEDULLSHFDUH±GXSăFXPVFULHHO±ÄODPGDWVXEVHPQXOPHX´ùLSHQWUX%HWKOHQ0LNOyV±FDUHD
DYXWPRúLLvQğLQXWXO6HFXLHVF±DIRVWLPSRUWDQWVăDLEăRHYLGHQĠăOHJDOăGHVSUHSURSULHWăĠLOHOXLÌQ
OHJăWXUăFXDVWDLDVFULVIXQFĠLRQDUXOXLOXLÄXQGHVHJăVHVFXUEDULLUHFHQWHGHVSUHDQXPLWHEXQXULúL
XQGHQXYRUILVăVHDGPLQLVWUH]HPRúLDvQWRDWăUHJXODSHED]DDFHVWRUD´
)RORVLUHD XUEDULLORU FXP DP PDL PHQĠLRQDW D GHYHQLW IUHFYHQWă GLQ PLMORFXO VHFROXOXL
DO ;9,,OHD IDSW GRYHGLW úL GH QXPăUXO UHODWLY PDUH DO GRFXPHQWHORU UăPDVH GLQ D GRXD MXPăWDWH D
VHFROXOXL 6H SDUH Fă DWXQFL IRORVLUHD VFULVXOXL vQ DGPLQLVWUDUHD PRúLLORU D GHYHQLW GLQ FH vQ FH PDL
GH]YROWDWă 'LQ DFHDVWă HSRFă SURYLQ FRQVFULSĠLD FLWDWă PDL VXV D OXL .iOQRNL D OXL $SRU ,VWYiQ
LQYHQWDUXOPRúLHLIDPLOLHL6]pNHO\GLQ&KLOLHQLDSRLFRQVFULSĠLLOHPRúLLORUGLQ%HOLQúL0LFORúRDUDDOH


8UEDULXP LQFO\WL VHGLV VLFXOLFDOLV $UDQ\DV FRQVFULSWXP WHPSRUH SULQFLSLV *HRUJ\L 5iNRF]L
DQQRvQYRO6]pNHO\2NOHYpOWiUHG'HPpQ\/DMRV.ROR]VYiUYRO9,S

0DNNDL/iV]OyRSFLWS

,QYHQWDUXO PRúLHL GLQ 9ăOHQL 0DJ\DUYDONR  MXG &OXM D IRVW vQWRFPLW vQ DQXO 
,QYHQWDUXO&OXM0ăQăúWXUGLQDIRVWvQWRFPLWGHLH]XLĠL$UKLYHOH6WDWXOXL0DJKLDU%XGDSHVWD
02/.ROR]VPRQRVWRUL.RQYHQWOYWIDVF8UEDULD-DNy=VLJPRQGRSFLWS;;;,,

 7GĘV6.LQJD 

OXL.iOQRNL-y]VHI  GLQ6XUFHDDOXL'yQiWK,VWYiQ  GLQ=DJRQDOXL-DQNy3HWHU  


GLQ &LFHX D OXL 7RUPD -iQRVQp 3HWNL $QQD   úL DOH DOWRU PRúLL GLQ GLIHULWH UHJLXQL 9ROXPXO
XUEDULLORU±FDúLvQFD]XOFRQVFULSĠLLORU±QXDIRVWOLPLWDWGDUDXWRULLXUEDULLORUDXDYXWRRFD]LHPDL
PRGHVWăGHGHVFULHUHFRORUDWăúLYDULDWăDFHORUYă]XWHGHFkWFHLDLFRQVFULSĠLLORU&HUFHWăWRUXOSRDWH
WRWXúL Vă VXUSULQGă SH ED]D DFHVWRU GDWH VWULFWH úL XVFDWH R LPDJLQH ERJDWă úL DQLPDWă D LVWRULHL
PRúLLORUGHRDUHFHGLQHYDOXDUHDLQIRUPDĠLLORUIUDJPHQWDUHSXWHPUHFRQVWUXLFDUDFWHULVWLFLOHPRúLLORU
WUDQVLOYăQHQHPDULúLPLMORFLL
ÌQIRDUWHPXOWHFD]XULXUEDULLOHRIHUăFLIUHRUGRQDWHGHMDvQFRORDQHDVWIHOvQWRFPLUHDWDEHOHORU
VWDWLVWLFHHIDFLOă(VWHQHFHVDUvQVăVăPHQĠLRQăPvQOHJăWXUăFXYDORDUHDFLIUHORUGLQFRQVFULSĠLLFă
GHúLUHIOHFWăFRQGLĠLLOHHSRFLLWRWXúLHYDOXDUHDYDORULORUORUSRDWHILED]DWăGRDUSHSULQFLSLXOFLIUHORU
PDULÌQVăvQFD]XOvQFDUHSHQWUXRDQXPLWăPRúLHVDXUHDOL]DWPDLPXOWHFRQVFULSĠLLODGLVWDQĠăVFXUWă
GH WLPS QX QXPDL Fă SXWHP HYDOXD VDX FRPSDUD FLIUHOH RIHULWH GH DFHVWHD FL SXWHP FXQRDúWH úL
SURFHVXOHYROXăULLHFRQRPLFHVDXSHULRDGDGHvQăOĠDUHúLGHGHFOLQDDFHVWHLD
'HRDUHFH XUEDULLOH DX DSăUXW FD R XUPDUH D UDSRUWXULORU GH SURSULHWDWH WUDQVLOYăQHQH WUHEXLH
DPLQWLWHvQFkWHYDUkQGXULFDUDFWHULVWLFLOHPRúLLORUORFDOH
&HOPDLPDUHPRúLHUWUDQVLOYăQHDQDIRVWSULQFLSHOHDFăUXLSURSULHWDWHDFRQVWDWGLQDYHUHDVD
GHIDPLOLHúLGLQFRPSOH[XOGHSURSULHWDWHQXPLWÄEXQILVFDO´&HWăĠLOHúLPRúLLOHILVFDOHDXDYXWXQ
VWDWXW SDUWLFXODU SULQWUH PRúLLOH WUDQVLOYăQHQH GHRDUHFH DFHVWHD DX IRVW VWăSkQLWH GH SULQFLSH LDU
YHQLWXULOH SURYHQLWH GH DLFL DX vPERJăĠLW YLVWLHULD DFHVWXLD 3ULQFLSHOH SXWHD GRQD ORFDOQLFLORU GLQ
DFHVWH PRúLL GXSă SODFXO OXL RUL GHILQLWLY GRQDWLR  RUL WHPSRUDU LQVFULSWLR  SHQWUX VHUYLFLLOH ORU
SURHPLQHQWHDGXVHSULQFLSHOXLVDXĠăULL
&HDPDLPDUHSDUWHDLQVFULSĠLLORUVDUHIHULWODSURSULHWăĠLOHDPDQHWDWHVDXLSRWHFLGHSHXUPD
FăURUDDSURILWDWGHDVHPHQHDWH]DXUXOSULQFLDU$PDQHWDUHDWHPSRUDUăDDFHVWRUSURSULHWăĠLDDYXWúL
DOWHDYDQWDMH3ULQDFHVWHLSRWHFLSULQFLSHOHvODYHDODPkQăSHLSRWHFDUDVWIHODFHVWDQXDSXWXWVăVH
VLPWăQLFLRGDWăvQVLJXUDQĠă$FHVWDGHVHPQDGHMDDVSHFWXOSROLWLFDOVLWXDĠLHL
'LQ SXQFWXO GH YHGHUH DO PăULPLLH[WLQGHULL SURSULHWăĠLOH SULQFLDUH DX IRVW XUPDWH GH
SURSULHWăĠLOHSULYDWHPDLPDULDOHPRúLHULORU$FHVWHPRúLLSULYDWHFXSULQG±DWkWGLQSXQFWGHYHGHUH
FDQWLWDWLYFkWúLFDOLWDWLY±WHUHQXULúLDúH]ăULPDLSXĠLQHGHFkWvQFD]XOSURSULHWăĠLORUSULQFLDUHVDXDO
SURSULHWăĠLORU LPHQVH DSDUĠLQkQG PRúLHULORU GLQ 8QJDULD &LWkQG IRUPXODUHD VXPDUă D OXL -DNy
=VLJPRQG ÄÌQ 7UDQVLOYDQLD QX VDX IRUPDW PRúLL PDUL DVHPăQăWRU DOWRU SăUĠL DOH ĠăULL QLFL SkQă OD
VIkUúLWXOHYXOXLPHGLX'HúLFkWHYDGLQDVWLLDXUHXúLWVăVWUkQJăWHULWRULLH[WLQVHúLVăOHWUDQVIRUPHvQ
ĠLQXWXULFHWăĠLH[WLQ]kQGXúLKRWDUHOHSULQSRSXODUHDVDWHORUGLQYăLúLGLQ]RQHPRQWDQHQHSRSXODWH
WRWXúLPăULPHDJHQHUDOăDPRúLLORUWUDQVLOYăQHQHDUăPDVFXPXOWVXEPHGLDFHORUODOWHUHJLXQLQLFL
QXDXIRVWDWkWGHXQLWDUHvQFkWVăILHFRPSDUDWHFXWRWGUHSWXOFXFRPLWDWHOHGLQ8QJDULD´,QYHQWDUXO
FDOLWDWLYúLFDQWLWDWLYDOSURSULHWăĠLORUIXQFLDUHvQğLQXWXO6HFXLHVFHúLPDLHYLGHQW(VWHELQHFXQRVFXW
FRQGLĠLLOHJHRJUDILFHQHIDYRUDELOHQXDXIRVWDYDQWDMRDVHSHQWUXIRUPDUHDPRúLLORUSHDULLH[WLQVH$LFL
SXWHPYRUELvQPDUHSDUWHGHVSUHXQLWăĠLGHSURSULHWDWHPDLPLFLúLvPSUăúWLDWHDFăURUUHFROWăHUDGH
DMXQVSHQWUXKUăQLUHDIDPLOLHLPRúLHUXOXLúLDVHUYLWRULORUGDUFDUHDMXQJHDvQIRDUWHPLFăPăVXUăSH
SLDĠăVDXvQFRPHUĠ
3HED]DGHVFULHULORUGLQXUEDULLGHVHRULGHĠLQHPLQIRUPDĠLLH[DFWHGHVSUHPRúLDUHVSHFWLYă'H
H[HPSOX GLQ FRQVFULSĠLD OXL .iOQRNL 6iPXHO SXWHP UH]XPD XUPăWRDUHOH GDWH GHVSUH SURSULHWDWHD
FRQWHOXLQXPDLSXĠLQGHGHLXJăUHGHRJRUDXIRVWFXOWLYDWHvQSHULRDGDUHVSHFWLYăGHFăWUHFFD


9H]L LQYHQWDUHOHFRQVFULSĠLLOH úL XUEDULLOH GLQ $UKLYHOH 6WDWXOXL5RPkQ )LOLDOD7J 0XUHú
&OXM1DSRFD6LELX6I*KHRUJKHúL$UKLYHOH6WDWXOXL0DJKLDU%XGDSHVWD

'RPLQDĠLD VXSUHPă D 3ULQFLSHOXL DVXSUD QRELOLPLL GLQ 7UDQVLOYDQLD D IRVW DVLJXUDWă WRFPDL
GLQDYHUHDSURSULHQXPLWăÄEXQILVFDO´

-DNy=VLJPRQGRSFLWS;;9,


 &RQVFULSĠLLOHúLXUEDULLOHGLQHSRFD3ULQFLSDWXOXLWUDQVLOYăQHDQ 

GHVHUYLWRULúLLREDJLFDUHVDXJUXSDWvQVDWHvQMXUXOFHQWUHORUDJULFROHPDLPDUL3URSULHWăĠLLOXL
6]pNHO\)HUHQFGLQ&KLOLHQLvLDSDUĠLQHDXQWHUHQDJULFROPXOWPDLPLFGHGHLXJăUHSHFDUHOXFUDX
PDLPXOWGHGHLREDJLFăVăWRULĠLÌQFRQWLQXDUHGRFXPHQWXOQXPLWÄLQYHQWDU´GHFăWUHFRQVFULSWRU
FRQĠLQH QXPăUXO LREDJLORU úL ĠLJDQLORU DQLPDOHORU SăPkQWXULORU GLQ VDWHOH 0LFORúRDUD %HOLQ &ăSHQL
%DUDROW $LWD 0HGLH $LWD 6HDFă úL 9DOHD =ăODQXOXL DSDUĠLQkQG SURSULHWăĠLL FRQWHOXL 0DL vQWkL DX IRVW
QRWDWH vQ FRORDQH QXPHOH LREDJLORU QRPLQD SHUVRQDUXP  DSRL DX XUPDW UkQGXULOH FRQĠLQkQG QXPHOH
EăLHĠLORUúLYkUVWDDFHVWRUD ILOLLFXPDHWDWH úLVHSDUDWúHSWHOXO HTXLERYHVYDFFDHMXYHQHVRYHVDSHV
SRUFL /DVIkUúLWDXIRVWHQXPHUDWHLQIRUPDĠLLUHIHULWRDUHODIXQFĠLLOHúLVIHUDGHDFWLYLWDWHDLREDJLORU FD
GH H[HPSOX FURLWRU GH FXUWH YL]LWLX SHVFDU EXFăWDU YăFDU  VDX VH PHQĠLRQD GDFă WUăLDX vPSUHXQă FX
SăULQĠLL$VWIHOGHH[HPSOXYL]LWLXOGHFXUWHGLQ0LFORúRDUD9DMGD)HUHQFDDYXWXQILXGHDQLúL
GHĠLQHDXQSRUFEXFăWDUXO'RPRNRV0LKiO\DDYXWXQILXGHWUHLDQLúLGHĠLQHDERLYDFLYLĠHOH
GHRLúLSRUFL'XSăSULQFLSLLVLPLODUHVDUHDOL]DWROLVWăVHSDUDWăGHVSUHLREDJLLĠLJDQLGLQFDUHDIOăP
FăOD%HOLQGHFRQDFXOFRQWHOXLDSDUĠLQHDXFLQFLIDPLOLLGHĠLJDQLvPSUHXQăFXFHLILLDLDFHVWRUD$FROR
XQGH D IRVW QHFHVDU DX IRVW VSHFLILFDWH vQ GRFXPHQWH IHUPHOH DEDQGRQDWH GHVHUWD  úL FDVHOH
DEDQGRQDWHDOHLREDJLORUIXJDUL IXJLWLYXV 2OiK.HUHV]WHVGHOD0LFORúRDUDDIXJLWvPSUHXQăFXFHL
SDWUX ILL DL VăL LDU vQ SHULRDGD VFULHULL FRQVFULSĠLHL WUăLD OD &ăSHQL vQ PRDUă ÌQ VIkUúLW vQ XUEDULL
SXWHPFLWLGHVFULHUHDH[DFWăGLQSXQFWGHYHGHUHJHRJUDILFDWHUHQXULORU VHVVLR RJRDUHORUSăúXQLORU
úL D DOWRU ORWXUL DOH LREDJLORU SUHFXP úL QXPHOH YHFLQLORU úL PăULPHD WHUHQXULORU vQ X] 3H ED]D
DFHVWRUDSXWHPDIODORFXOFDVHLLREDJXOXL&VtNL)HUHQFGLQ0LFORúRDUDFDUHHUDvQYHFLQDWăFXFHOHDOH
OXL 8UiN 0LNOyV úL 6WĘ 7DPiV 8QXO GLQWUH RJRDUHOH OXL GLQ KRWDUXO GLQ 0LFORúRDUD VD DIODW vQ
YHFLQăWDWHDSkUkXOXLÄ.HUHV]WHV3DWDND´úLDOXL%DUWKD0LKiO\WDWăOXQGHSULPăYDUDDSXWXWVHPăQD
QRXăEDQLĠHGHJUkX8QDGLQWUHIkQHĠHOHXQGHDSXWXWVWUkQJHGRXăFăUXĠHGHIkQVDvQWLQVvQWUHUkXO
2OW úL IkQDĠXO OXL 1DJ\ ,VWYiQÌQ OHJăWXUă FX FXULLOH VDX FHWăĠLOH GLQ 6FDXQHOH 6HFXLHúWL GHVFULVH vQ
XUEDULLúLWHUHQXULOHDJULFROHDSDUĠLQkQGDFHVWRUDHVWHGHPQGHDPLQWLWFăDFHVWHD QXVHGHRVHEHVFvQ
QLFLR SULYLQĠă GH PRúLLOH SULQFLDUH $WkW DPHQDMDUHD FkW úL DGPLQLVWUDUHD ORU DX IRVW VLPLODUH
$FHDVWăVLWXDĠLHQXDUHQLPLFGHRVHELWGHRDUHFHSULQFLSLLWUDQVLOYăQHQLDXSURYHQLWGLQIDPLOLLPRúLHUH
ORFDOH±FDGHH[HPSOX%HWKOHQ*iERU ± FDUHDFRSLOăULWvQFDVWHOXO/ă]DUHDGHOD/ă]DUHD
GLQGHSUHVLXQHD*KHRUJKHQL±HLFRQWLQXkQGDVWIHOPRGXOGHDGPLQLVWUDUHWUDGLĠLRQDO
ÌQFHSkQG GLQ VHFROXO DO ;9,,,OHD FRQVFULSĠLLOH úL XUEDULLOH UHDOL]DWH GHVSUH FHWăĠL FDVWHOH úL
FXULLOHWUDQVLOYăQHQHVDXvQPXOĠLWVHPQLILFDWLY3HED]DSUHOXFUăULLDFHVWRUDQHSXWHPIRUPDRLPD
JLQH PXOW PDL FODUă GHVSUH YLDĠD FRWLGLDQă D ORFXLWRULORU FRQDFHORU GLQ ğLQXWXO 6HFXLHVF VăUEăWRULOH
ORU QLYHOXO ORU GH WUDL GHVSUH VLVWHPXO SUHVWăULL GH VHUYLFLL VDX UHODĠLLOH vQWUH PRúLHU úL VHUYLWRU
8UEDULLOHúLFRQVFULSĠLLOHVROLFLWăvQVăRLQYHVWLJDĠLHYDVWăGLQSXQFWGHYHGHUHLVWRULFúLDUKLYLVWLFLDU
vQ ]LOHOH QRDVWUH FHUFHWăULOH LQWHUGLVFLSOLQDUH IDF LQGLVSHQVDELOă SXEOLFDUHD WRWDOă úL QX SDUĠLDOă D
WH[WHORUDFHVWRUFRQVFULSĠLL (YDOXDUHD ORU VLVWHPDWLFăLPSXQH RVDUFLQă JUHDFHUFHWăWRULORU GHRDUHFH
GRFXPHQWHOHVHJăVHVFvQDUKLYHvPSUăúWLDWHGHDPEHOHSăUĠLDOHJUDQLĠHL6WUkQJHUHDúLVLVWHPDWL]DUHD
GRFXPHQWHORU SH ED]D XQXL FRQFHSW XQLWDU VH ORYHúWH GH QHQXPăUDWH GLILFXOWăĠL 'HúL VDX IăFXW
vQFHUFăUL UHPDUFDELOH XQ H[HPSOX ILLQG FHOH WUHL YROXPH GH UHJLVWUH DOH XUEDULLORU úL FRQVFULSĠLLORU
DOHVHGLQWUHGRFXPHQWHOH$UKLYHL1DĠLRQDOH8QJDUHGLQSăFDWHúLDFHVWHDFXFkWHYDH[FHSĠLLVHUHIHUă



7GĘV6.LQJD9LDĠDFRWLGLDQăQRELODUăvQVHFXLPHVSUHVIkUúLWXOVHFROXOXLDO;9,,OHDvQ
YRO )DĠHWHOH ,VWRULHL ([LVWHQĠH LGHQWLWăĠL GLQDPLFL 2PDJLX $FDGHPLFLDQXOXL ùWHIDQ ùWHIăQHVFX
%XFXUHúWLS

7GĘV6.LQJD6]pNHO\IĘQHPHVLpOHWPyGS

,ELGHPS

,ELGHP

 7GĘV6.LQJD 

GRDUODFHWăĠLFDVWHOHVDXFXULLGHSHWHULWRULXO8QJDULHLGHD]L6LVWHPDWL]DUHDXQLWDUăDXUEDULLORUúL
FRQVFULSĠLLORU GLQ DUKLYHOH WUDQVLOYăQHQH PDL DUH vQFă GH DúWHSWDW QHH[LVWkQG SkQă vQ SUH]HQW QLFLXQ
GHPHUVLQLĠLDWGHRDUKLYăFLGRDUvQFHUFăULDOHXQRUDWHOLHUHLQGLYLGXDOHFDUHSRWVXSOLQLGRDUvQPLFă
PăVXUăLPHQVDOLSVăFXPHWRGHOHORUPRGHVWH

&216&5,37,21/('*(56$1'85%$5,$)5207+(7,0(2)7+(
75$16</9$1,$135,1&,3$/,7<7+(6=(./(5&2817<

$EVWUDFW

7KHSDSHUKLJKOLJKWVDSDUWLFXODUW\SHRIVRXUFHVSURYLGLQJULFKLQIRUPDWLRQRQORFDOHFRQRP\
WKH KLVWRU\ RI FXOWXUH DUFKLWHFWXUH HWKQRORJ\ DQG GHPRJUDSK\ LQ WKH 6]HNOHU &RXQW\ WKH XUEDULD
DQG WKH FRQVFULSWLRQ OHGJHUV 7KH PXOWLGLVFLSOLQDU\ DQDO\VLV RI WKHVH VRXUFHV GDWLQJ IURP WKH
VHYHQWHHQWKDQGHLJKWHHQWKFHQWXULHVFDQOHDGWRDYHUDFLRXVUHFRQVWUXFWLRQRIHYHU\GD\OLIH



9ROXPHOHVHDIOăvQ%LEOLRWHFD$UKLYHOH6WDWXOXL0DJKLDU


81),8'('2*(/$&857($ğ$58/8,6,0(21$/%8/*$5,(,
&$=8//8,3,(752%$'2$52

ù(5%$10$5,1

'LQ FkWH VH FXQRDúWH SH ED]D GRFXPHQWHORU DYXWH OD GLVSR]LĠLH SkQă vQ PRPHQWXO GH IDĠă
UHODĠLLOHEXOJDURYHQHĠLHQHvúLDXvQFHSXWXULOHvQVHFROXODO;,9OHDILLQGYRUEDGHOHJăWXULGHQDWXUă
FRPHUFLDOă0DLPXOWFKLDUGXSăFXP:+H\GQRWDvQXUPăFXSHVWHXQVHFROPDUHOHFRPHUĠLWDOLDQ
QHJOLMD %XOJDULD GHD OXQJXO VHFROXOXL DO ;,,,OHD &X WRDWH DFHVWHD OXFUDUHD GH IDĠă vúL SURSXQH Vă
DGXFăvQGLVFXĠLHXQHYHQLPHQWSHWUHFXWFXPXOWDQWHULRUPDLH[DFWvQSULPDMXPăWDWHDVHFROXOXLDO
;OHDGHDFHDVWăGDWăQXHVWHYRUEDGHUHODĠLLSHVFDUăODUJăvQWUHVSDĠLXOYHQHWúLFHOEXOJDUFLGHXQ
HSLVRGGHFRQMXQFWXUă3UDFWLFVXQWSXVHIDĠăvQIDĠăGRXăSHUVRQDMHGHUDQJvQDOWDQXPHĠDUXO6LPHRQ
DO %XOJDULHL ±  úL 3LHWUR %DGRDUR 3DUWHFLSD]LR  ILXO GRJHOXL 2UVR %DGRDUR ±  LDU
FRQWH[WXO HVWH FX WRWXO DOWXO OD DQWLSRGXO D FHHD FH VH SRDWH QXPL R UHODĠLH DPLDELOă &RQFUHW HVWH
YRUEDGHGHWHQĠLDvQ%XOJDULDDFRQVRUWXOXLGRJDOvQXUPDXQHLvQWkPSOăULQHIHULFLWH
(SLVRGXOVHvQFDGUHD]ăvQSUDFWLFDGHYHQLWăRELúQXLQĠăvQVHFROHOH9,,,±;SRWULYLWFăUHLDGRJLLvúL
WULPLWHDXILLL vQJHQHUDOSUREDELOLLXUPDúLvQGRJDW OD&RQVWDQWLQRSROúLDYkQGFDSUHFHGHQWPLVLXQHD
OXL *LXVWLQLDQR %DGRDUR 3DUWHFLSD]LR  WULPLV DO WDWăOXL VăX $JQHOOR vQ FDSLWDOD EL]DQWLQă &D]XO


&I GH H[HPSOX : +H\G +LVWRLUH GX FRPPHUFH GX /HYDQW DX PR\HQkJH HG )XUF\
5D\QDXG,$PVWHUGDP UHLPSULPDUHDQDVWDWLFăGXSăHGLĠLD/HLS]LJ± S

,ELGHPS

'HH[HPSOX*LRYDQQL*LDFRSR&DUROGRvQUHJLVWUHD]ăFD]XULOHGRJLORU$JQHOORúL*LXVWLQLDQR
3DUWHFLSD]LR WULPLĠkQGXO SH $JQHOOR FI *LRYDQQL *LDFRPR &DUROGR +LVWRULD GL 9HQHWLD 3DULV
%LEOLRWKqTXH QDWLRQDOH PVV ,WDOLHQ  FI $UKLYHOH 1DĠLRQDOH DOH 5RPkQLHL FROHFĠLD 0LFURILOPH
)UDQĠD UROD  >vQ FRQWLQXDUH &DUROGR @ I E Ä*OL (FFHOVL 'XFL PDQGRURQR PHVVHU $QJHOR
ORURFRQVRUWHDOO¶,PSHUDWRUHGL&RQVWDQWLQRSROL´8UNXQGHQ]XUlOWHUHQ+DQGHOVXQG6WDDWVJHVFKLFKWHGHU
5HSXEOLN 9HQHGLJ PLW EHVRQGHUHU %H]LHKXQJ DXI %\]DQ] XQG GLH /HYDQWH HG */ )U 7DIHO ± *0
7KRPDV, ± $PVWHUGDP>vQFRQWLQXDUH7DIHO±7KRPDV@GRF,9SGDWDWFX
UHIHULUHVWULFWăODFURQLFD([WHQVD 3LHWUR,,&DQGLDQR GRJH±WULPLĠkQGXOSHILXOVăX3LHWUR
YLLWRUGRJH±±FI&DUROGRIDÄ0DQGzVXRILJOLXRORD&RQVWDQWLQRSROLVHFRQGRLO
FRQVXHWRLOTXDOHGHTXHOOD,PSHULDO0DHVWjRWWHQHODGLJQLWjGL3URWKRVSDWDULRHWODFRQILUPDWLRQH
GLSULYLOHJLMHWGRSzFRQPROWLSUHWLRVLGRQLFKHJOLGLHGHO¶,PSHUDWRUHYHQQHDULSDWULDUH´7DIHO±
7KRPDVGRF,;SGDWDWFXUHIHULUHOD([WHQVD 7ULEXQR0HPR GRJH±FI&DUROGR
IEÄ1HO;,,,DQQRGHO'XFDWRVXRPDQGz0DXULWLRVXRILJOLXRORD%DVLOLRHW&RQVWDQWLQR
&RQVWDQWLQRSROLWDQL,PSHUDWRULSHUIDUVLDORURJUDWR>@´ 3LHWUR,,2UVHROR GRJH±FI
&DUROGR  I E Ä,O 'XFH ULFKLHVR GD %DVLOLR HW &RQVWDQWLQR ,PSHUDWRUL D &RQVWDQWLQRSROL
PDQGz VXR ILJOLXROR LO TXDO GD ORUR PROWR KRQRUDWR ULWRUQz DOOD 3DWULD FRQ QRQ SLFFLROL GRQL´
7DIHO±7KRPDV GRF ;9,, S ± GDWDW   WRW VXE 3LHWUR ,, 2UVHROR FI &DUROGR  I E
Ä'RSz GHVWLQz *LRDQQL FRQVRUWH HW 2WKR ILJOLXROL VXRL D %DVLOLR HW &RQVWDQWLQR ,PSHUDWRUL *UHFL
GDOOLTXDOLIXURQRDPRUHYROPHQWHHWFRQPROWRKRQRUHULFHYXWL$*LRYDQQL2UVHROR'XFHGLHGHURSHUPRJOLH
0DULDORURQHSRWHILJOLXRODGLORURVRUHOODHWGL/DUJQRSXORKXRPRQRELOHHWSUHJLDWRFRQGRWHFRQYHQLHQWH
HWGDO3DWULDUFKDQHOO¶,PSHULDO&DSHOODIXURQRIDWWHOHVSRQVDGLFHULPRQLHGRSzKHEEHURLQGRQR

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 ùHUEDQ0DULQ 

SDUWLFXODUDOOXL3LHWUR%DGRDURDGDXJăvQVăXQHOHGHWDOLLFDUHvOVFRWvQHYLGHQĠăWUDQVIRUPkQGRX]DQĠă
GLSORPDWLFăvQWURDYHQWXUăQHSOăFXWă$VWIHOGHúLUHXúHúWHVăDMXQJăODGHVWLQDĠLHvQFRQGLĠLLQRUPDOHúL
vQFRQIRUPLWDWHFXSUDFWLFDGHYHQLWăRELúQXLWăVăREĠLQăGHODvPSăUDWXOGHOD&RQVWDQWLQRSROFDGRXULOHúL
RQRUXULOH DIHUHQWH GUXPXO GH vQWRDUFHUH VH vQFKHLH QHIHULFLW 3LHWUR %DGRDUR HVWH FDSWXUDW GH XQ
FRQGXFăWRUVODYMHIXLWúLWULPLVvQFXVWRGLDĠDUXOXLEXOJDUGLQDFHDYUHPH6LPHRQ
9RP XUPăUL DúDGDU PRGDOLWDWHD vQ FDUH FURQLFLOH YHQHĠLHQH WkU]LL IDĠă GH DFHVW HSLVRG ODX
SUH]HQWDWvQIXQFĠLHGHFODVLILFăULOHFURQLVWLFLLYHQHĠLHQHSHFDUHOHDPSURSXVFXRFD]LDDOWRUVWXGLL
'LQWUHFURQLFLOHFHOHPDLYHFKLHSLVRGXOHVWHSUH]HQWvQFHSkQGFXVFULHUHDDWULEXLWăOXL*LRYDQQL
'LDFRQRDSDUĠLQkQGSULPLORUDQLDLVHFROXOXLDO;,OHD&URQLFDUXORIHUăXUPăWRDUHDGHVFULHUH

'LDFRQRS±
4XHPVXFFHVVLWDGKDQFUHJHQGDPGLJQLWDWHPGRPQXV8UVXVFRJQRPHQWR3DUWLFLDFXVTXLPR[XWGX[
HIIHFWXV HVW VXXP ILOLXP 3HWUXP QRPLQH &RQVWDQWLQRSROLP DG /HRQHP LPSHUDWRUHP GHVWLQDYLW TXHP
LPSHUDWRU FXP KRQRUH VXVFLSLHQV SURWRVSDWKDULXP IHFLW GLWDWXPTXH PD[LPLV GRQLV DG SURSULD UHGLUH
SHUPLVLWTXLGXP&KURDWRUXPILQHVUHGLHQVWUDQVLUHYHOOHWD0LFKDKHOH6FODYRUXPGXFHIUDXGHGHFHSWXV
RPQLEXVTXHERQLVSULYDWXVDWTXH9XOJDULFRUHJL6LPHRQLQRPLQHH[LOLLSHQDWUDQVPLVVXVHVWTXHPSDWHU
SHUGLWXP DFULWHU GROHQV PLQLPH DFTXLUHUH TXLYLW LQWHULP SHU VXXP LQWHUQXQFLXP 'RPLQLFXP YLGHOLFHW
0HWDPDXFHQVHPDUFKLGLDFRQHPTXLSRVWHDHSLVFRSXVHIIHFWXVHVWVXLVGRQLVUHGLPHUHW
ÌQVFKLPEFHOHODOWHFURQLFLWLPSXULLSUHFXPFHOHWUHLYHUVLXQLDOHFURQLFLL$OWLQDWH$9% GHOD
VIkUúLWXO VHFROXOXL DO ;,,OHD  0DUWLQR GD &DQDO VDX FHD DWULEXLWă OXL 0DUFR GLQ D GRXD MXPăWDWH D
VHFROXOXLDO;,,,OHD RPLWFXGHVăYkUúLUHDFHVWHSLVRG3ULQXUPDUHHVWHSRVLELOFDVFULHULOHXOWHULRDUH
SRUQLQG GH OD FURQLFLOH OXL $QGUHD 'DQGROR GH OD MXPăWDWHD VHFROXOXL DO ;,9OHD  VăúL IL H[WUDV
LQVSLUDĠLDGLUHFWGLQFURQLFDOXL'LDFRQR

&DWHJRULD  'DW ILLQG Fă vúLvQFHSH QDUDĠLXQHD FX SHULRDGD GRJHOXL 2UGHODIIR )DOLHU FURQLFD
DQRQLPăFXQRVFXWăVXEQXPHOHGH+'9GDWkQGGLQSULPDMXPăWDWHDVHFROXOXLDO;,,,OHDQXLQFOXGH
úLHSLVRGXOvQGLVFXĠLH&HOHODOWHWUHLFURQLFLFXSULQVHvQDFHDVWăFDWHJRULHRIHUăXUPăWRDUHOHYDULDQWH
GHGHVFULHUH

*LXVWLQLDQS± 0IE±D 0ID


8UVLXV %DGXDULR >@ '&&&&;- 2UVR%DGRHU>«@VRILRFODPDGR 2562 %DGRHU >@ VLDQGR
>@ 3LHUR SHU QRPHD ORLPSHUDGRU SURWRVSDWDULR GHOOR ,PSHUDGRU
+LF GX[ ILOLXP VXXP 3HWUXP GH *UHFLD HO GHVWLQD GDO TXDO GL5RPDQL>@FRVWXVRILR

GDOO¶,PSHUDWRULGXHFRURQHEHOOLVVLPH)LQLWHOHQR]]H*LRDQQLYROHYDFRQODFRQVRUWHULSDWULDUHPD
D SULHJKL GL %DVLOLR FRQYHQQH DVSHWWDUH LO ULWRUQR VXR GDOO¶HVSHGLWLRQH FKH DOO¶KRUD HUD SHU IDUH
FRQWUR %XOJDUL 7RUQDWR LQ &RQVWDQWLQRSROL GLHGH D *LRDQQL LO WLWROR GL 3DWULFLR HW FRQFHVVH DOOD
QHSRWH LO FRUSR GL 6DQWD %DUEDUDP FRVL GD OHL LQVWDQWHPHQWH SUHJDWR HW HJOL SRL FRQ OD PRJOLH HW
2WKR VXR IUDWHOOR ULWRUQz DOOD SDWULD RYH JLXQWL IXURQR JUDWDPHQWH YHGXWL GDO SDGUH HW SRSROR
9HQHWR HW SRFR GRSR OD PRJOLH SDUWXUL XQ ILJOLXROR FKH YROVH IXVVH QRPLQDWR %DVLOLR´ 7DIHO±
7KRPDV GRF ;9,,, S  GDWDW  FX UHIHULUH OD ([WHQVD úL GRF ;; S ± GDWDW  FX
UHIHULUH OD ([WHQVD  3HQWUX HSLVRGXO OHJDW GH *LXVWLQLDQR %DGRDUR YH]L ùHUEDQ 0DULQ *LXVWLQLDQR
3DUWHFLSD]LR DQG WKH 5HSUHVHQWDWLRQ RI WKH )LUVW 9HQHWLDQ (PEDVV\ WR &RQVWDQWLQRSOH LQ WKH
&KURQLFOHVRIWKH6HUHQLVVLPDvQÄ+LVWRULFDO<HDUERRN´YROS±

ù 0DULQ 9HQHWLDQ DQG QRQ9HQHWLDQ &UXVDGHUV LQ WKH )RXUWK &UXVDGH DFFRUGLQJ WR WKH
9HQHWLDQ &KURQLFOHV¶ 7UDGLWLRQ vQ Ä$QQXDULR ,VWLWXWR 5RPHQR GL &XOWXUD H 5LFHUFD 8PDQLVWLFD GL
9HQH]LD´YROS±5HVSHFWLYDFODVLILFDUHDIRVWUHOXDWăúLFXDOWHRFD]LL

&XPDMXVFXOHvQPDQXVFULV


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

&RQVWDQWLQRSROLP GHOHJDYLW TXL JUDQGH KRQRU HW GLJQLWDGH HO FODPDGR 3LHUR SHU QRPH DOR
FXP KRQRUH UHFHSWXV H[ LPSHULDOL FRQTXLVWD HW ULWRUQDQGR SHU ,PSHUDGRUGH*UHFLDHOGHVWLQD
FXOPLQH SURWKRVSDWDULXV HIIHFWXV WHUUDD9HQLHVLDIUDGHXHOPHQWUH GDO TXDO JUDQGH KRQRU HW
DOLLVYHUHFHSWLVPXQHULEXVUHSDWULDUH FXP LQJDQR GD 0LFKLHO %DQ GLJQLWDGH HO FRQTXLVWD HW
GLVSRVXLW HW LQ LWLQHUH GROOR HW RXHUGRVHGL6FODXMORIRSUHVR UHWRUQDQGRSHUWHUUDj9HQLHVLH
IUDXGH 0LFKDHOLV 6FODYRUXP GXFLV HGHOXMOLVXRLELQLH[SXOLDGRH IUDXGHXROPHQWH LQ LQJDQR GD
FLUFD ILQHV &KURDWRUXP GHWHPSWXV ROWUD GH OR SHU SDXUD GHO QRQ 0,&+,(/ EDQ RXHU GRVH GL
HW FDSWXV ERQLVTXH RPQLEXV VFDPSDUVL DSUHVR 6LPRQ 5H 6FODXM OR IR SUHVR H GH WXWWL OL
VSROLDWXVHVWDWTXHLX[WD6LPHRQHP YROJDULFKR >VLF@ HOOR D FRQILQ VXRL EHQL H[SXOLDGR H ROWUD GH
UHJHP %XOJDULFKL YHO %XOJDURUXP HO PDQGD HO TXDO DOOH ILQ  FRQ ]R SHU SDXUD FKHO QRQ VFDPSDVH
DG H[LOLXP GLFWXV 0LFKDHO PLVLW VDJD]LWDGHVFDPSDHj9HQLHVLD DSUHVR 6,021 5H 9ROJDUL
HXPGHP 3UR FXLXV UHGHPSWLRQH ULWRUQD>«@ >VLF@FKHHOORjFRQILQHOPDQGD
GX['RPLQLFXP0HWKDPDXFHVVHP HO TXDO DOOH ILQ FRQ VDJD]LWDGH
DUFKLGLDFRQXPUHSHQWHWUDQVPLVLW VFDPSDqD8HQLHVLDULWRUQDqGD
TXLLQQXPHUDELOLEXVGRQQLVH[KLELWLV WXWWM QREHOM q SRSXODU IR EHQ
GXFLVJHQLWXPUHFXSHUDYLWTXDPREUHP UH]HXGR
SRVWHD GLFWXV 'RPLQLFXV RUWDWLRQH
GXFLV HFFOHVLH VXH HSLVFRSXV IDFWXV
HVW

'DFă0úL0VXQWSUDFWLFLGHQWLFHvQFD]XOVFULHULLDWULEXLWHOXL3LHWUR*LXVWLQLDQVH
FRQVWDWăLQIOXHQĠDFURQLFLLOXQJLDGRJHOXL$QGUHD'DQGRORGLQFDWHJRULD

&DWHJRULD'DFăvQFD]XOFURQLFLLOXL3LHWUR'ROILQHYHQLPHQWXOHVWHSUH]HQWDWPDLGHJUDEăFD
R VLPSOă WUDGXFHUH vQ YXOJDUă DFURQLFLL GDQGROLHQH LVWRULD OXL /RUHQ]R GH 0RQDFL RIHUă R YHUVLXQH
SUHVFXUWDWăDDFHVWHLD$SURSLDWăDQWHULRUGHDFHDVWăFDWHJRULHFURQLFDDWULEXLWăOXL$QGUHD1DYDJHUR
SUH]LQWăvQPRGGLIHULWSDUWHDGHILQDODHSLVRGXOXLvQYUHPHFHFURQLFDVFXUWăDOXL$'DQGRORHVWHúL
PDLH[SHGLWLYă

([WHQVDS 0RQDFLVS 3'ROILQIE±D


>«@9,,,,FR;,,R 8UVXV 3DUWLFLSDWLR 6HFXQGXV &RUDQGRDQQL'&&&&;9
+LFSURQRPLQHGLFWXV3DXUHWD >@9,,,,&;,KLFPLVLW3HWUXP XHO
PR[ XW GX[ HIHFWXV HVW ILOLXP ILOLXP &RQVWDQWLQRSROLP TXL 9UVR3DUWLFLDFR>@
VXXP 3HWUXP &RQVWDQWLQRSROLP 3URWKRVSDWDULXV IDFWXV LQ UHGLWXP &RVWXL VXELWR FKH I IDWWR
GHVWLQDYLWTXLFXPKRQRUHVXVFHSWXV FDSLWXU D 6FODYLV 6SROLDWXV  'R[H PDQGz 3LHUR VXR ILROR
H[ LPSHULDOL PXQLILFHQFLD SRVLWXV LQ FXVWRGLD 6\PHRQLV DOO¶ ,PSHUDGRU GH &RQVWDQWLQRSROL
SURWKRVSDWDULXV IDFWXV DOLLVTXH 5HJLV %XOJDURUXP D SDWUH HO TXDOH UHFHXWR FXP KRQRUH
UHFHSWLVGRQLVUHSDWULDUHGLVSRVXLW PDJQDUHGLPLWXUSHFXQLD>@ IDFWR SURWRVSDWDULR H GLJQLWDGH
HW LQ LWLQHUH IUDXGH 0LFKDHOLV JUDQGLVVLPH GD TXHOOR DTXLVWD
6FODYRUXP GXFLV FLUFD ILQHV (W UHWRUQDQGR SHU WHUUD j
&KURDWRUXPFDSWXVHWERQLVRPQLEXV 9HQHWLD QHO XLD]R Iz SUH[R
VSROLDWXV HVW DWTXH PLVVXV LQ SHUIUDXGHGD0LFKLHO%DQQR
FXVWRGLD6LPHRQLVUHJLV%XOJDURUXP z 'R[H GH 6FODXRQL LQILQH GH
SURFXLXVUHGHPSFLRQHGX[JHQLWRU &URXDWLD HW VSRJOLDWR GH WXWWL L
PLVLW'RPLQLFXPDUFKLGLDFRQXP EHQL HW SRVWR VRWWR JXDUGLD GL


&XPDMXVFXOHvQPDQXVFULV

&XPDMXVFXOHvQPDQXVFULV

9H]LLQIUD

 ùHUEDQ0DULQ 

PHWKDPDXFHQVHP TXL PD[LPLV 6LPRQH 5q GH %XOJDUL 3HU OD


H[LELWLVGRQLVGXFLVILOLXPUHFXSHUDYLW UHGHPSWLRQ GHO TXDOH HO 'RVH
HW SURSWHUHD VXDVLRQH GXFLV VXH VXRJHQLWRUHPDQGz'RPHQLFR
HFFOHVLH HSLVFRSXV SRVWHD IDFWXV DUFKLGLDFRQR 0RWKDPDXFHQVH
HVW HOTXDOHGDWRJUDQGLVVLPLGRQL
UHFRXUz HO ILJOLRO GHO 'R[H H
O¶,PSHUR j SHUVXDVLRQH GHO
'R[HHIDFWR9HVFRXRGHOODVXD
JLH[LDDOWULGLFRQRFKHFDXWDPHQWH
GD TXHOOR IX]L HW XHQQH j
9HQLH[LD

1DYDJHURFRO
2UVR%DGRHUHOHWWR'RJHGHO
,Q WHPSR GL TXHVWR 'RJH LO &RQVLJOLR PDQGz VXR ILJOLXROR 0HVVHU 3LHWUR $PEDVFLDGRUH
DOO¶,PSHUDGRUH GL &RVWDQWLQRSROL GDO TXDOH RWWHQQH OD FRQIHUPD]LRQH GL WXWWL L SULYLOHJL GDWWL SHU
DYDQWL(ULWRUQDQGRGD&RVWDQWLQSROLGHWWR0HVVHU3LHWURIXSUHVRGDJOLVFKLDYLGDXQ0LFKHOH%RQ
HIXPDQGDWRDO5H6LPRQHLQ8QJKHULD,OTXDOHVWHWWHLQSULJLRQHPROWLPHVLHDOOHILQHHEEHPRGR
GLVFDPSDUHGLSULJLRQHHVFDPSzHYHQQHD9HQH]LD

%UHYLVS
8UVLXV%DGXDULRGX[>«@
+LF ILOLXP VXXV 3HWUXP QRPLQH DG *UHFRUXP LPSHUDWRUHP WUDQVPLVLW D TXR SURWKRVSDWDUL
GLJQLWDWHP DGHSWXV IXLW FXP YHUR DG SURSULD UHGGLUHW IUDXGH D 0LFKDHOH 6FODYRUXP GXFH FDSWXV
H[VWLWLW HW VSROLDWXV VXLV ERQLV DSXG 9XOJDULFXP UHJHP 6LPLRQHP QRPLQH LQ H[LOLXP PLVVXV IXLW
>«@

&DWHJRULD  'LQ FDGUXO DFHVWHL FDWHJRULL OXFUDUHD OXL )ODYLR %LRQGR UHIHULWRDUH OD 9HQHĠLD
RPLWH HYHQLPHQWXO ÌQ JHQHUDO FRGLFHOH 0  VH DEDWH UDUHRUL GH OD LVWRULD OXL 0DUFDQWRQLR
6DEHOOLFR FX RFD]LD HSLVRGXOXL DYXW vQ YHGHUH YDULDĠLLOH VH UHPDUFă vQ SULQFLSDO vQ SULYLQĠD
GH]QRGăPkQWXOXL

0IE 6DEHOOLFRS
2UVR %DGRHU IX HOHWWR 'RVH GHO DQQR  >@ 8UVXV %DGRDULXV >@  >@ ,V 3HWUXP ILOLXP
PDQGR 3LHWUR VXR ILROR j &RVWDQWLQRSROL GDOR DG*UDHFLDH,PSHUDWRUHP%\]DQWLXPPLVLWDTXR
LPSHUDWRUHHWDQFRUOXLIXIDWWRGDOGHWWRLPSHUDWRU 3URWRVSDWDULXV IDFWXV PXOWLV HVW PXQHULEXV
3URWRVSDWDULR HW WRUQDQGR HO GHWWR VXR ILROR j RUQDWXVVHGTXXPMXYHQLV9HQHWLDVUHGLUHWDTXRGDP
9HQHWLD FRQ PROWL SUHVHQWL DXWL GDO GHWWR 0LFKDHOH 5HJXOR LQ 'DOPDWLD LQWHUFHSWXV RPQL
LQSHUDWRU HVVHQGR LQ 'DOPDWLD SUHVR GD XQR FXOWXPXQHULEXVTXHH[XWXVLQ0\VLDPUHOHJDWXP
0LFKHOH5HJXORHWVSUHFLDWRHWFRQILQDWRLQ0LVLD HVWXQGHFODPGHLQFHSVSURIHFWXV9HQHWLDVYHQLW
GL GRQGH HO GHWWR 3LHWUR RFXOWDPHQWH VFDPSR HW 8UVXV FXP &ORGLHQVLEXV FRHSLW GH ILQLXP
XHQHj9HQHWLDHWVLDSSUHVHQWRDO3DGUH UHFRJQLWLRQHDJHUH>«@

&DWHJRULD  ,QLĠLDO FDWHJRULD FXSULQGHD úL FURQLFD OXL $QWRQLR 0RURVLQL vQVă ILOHOH DFHVWHLD
UHIHULWRDUH OD SHULRDGD VHFROXOXL DO ;OHD QX VDX FRQVHUYDW &HOH GRXă FURQLFL UăPDVH vQ GLVFXĠLH
DWULEXLWHOXL(QULFR'DQGROR 0 UHVSHFWLYOXL3LHWUR'ROILQ 0 XUPHD]ăvQJHQHUHDFHODúL
WLSGHGHVIăúXUDUHDQDUDĠLXQLL


3DVDMHOHFXDOGLQHVXQWHYLGHQĠLDWHvQPDQXVFULV


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

('DQGRORIE±D SVHXGR'ROILQID±E
&RUUDQGR '&&&&;9 2UVR %DGRHU >@ PDQGR &RUUDQGRDQQL9,,,-ƒ;9
SULPRVzILRFODPDGRPHVHU3LHURjOR,PSHUDWRU 2UVREDGRHU>@&RVWXLXQRVXRILRORFKLDPDGR
GH *UH]LD LO TXDO KRQRULIL]DQWLH H GLJQLWDGH PLVHU3LHURDO,PSHUDGRUGHJUDWLD>VLF@PDQGRHO
JUDQGHGDTXHOORDTXLVWjHULWRUQDQGRD9HQLH[LD TXDOH KRQRULILFDPHQWH  GLJQLWDGH JUDQGLVVLPD GD
SHU WHUUD GD 0LFKLHO %DQ GH OD 6FODXRQLD HW LQ TXHOOR DFTXLVWD  UHWRUQDQGR  SHU SHU WHUUD D
EDQGRFRQFRQLQJDQQRIzSUHVRHWPDQGDGRDO 8HQHVLD GD 0LFKHO %DGRHU >VLF@ GR[H IR SUHVR
5q GH %XOJDULD HW Oj VWHWWH DOJXQ WHPSR HO TXDO IUDXGXOHQWHPHQWHHOTXDOHLHUDVLJQRULQ6FKLDXRQLD
5q QRPHXD 6LPRQ  'D SXz FDXWDPHQWH GD UREDQGRFXPWXWWDODVRDFRPSDJQLDIRPDQGDGR
TXHOORIRU]LHWXHQQHj9HQLH[LD>@ ILQDOHUHGH8QJDULD ODVWHWHSHUDOJXQWHPSR
HO TXDO UH QRPH KDXHD 6LPRQ GDSXR GD TXHOOR
FDXWDPHQWHIX]L XHQHD8HQHVLD>@

&DWHJRULDÌQLQWHULRUXODFHVWHLFDWHJRULLVHFRQVWDWăIDSWXOFăVFULHUHDDWULEXLWăOXL$QWRQLR
'RQDWRFDXWăVăVLQWHWL]H]HPRGDOLWDWHDGHGHVFULHUH

'RQjID 9HQLHUDIE
2UVR%DGRHU>«@KDXHXDXQILRSHUQRPH3LHURLO &RPHIXHOHWWRGRVH0HVHU2UVR%DGRHUHWXQR
TXDOIRPDQGDSHULPEDFDWRU>VLF@jO¶,PSHUDWRU VXRILJOLRULWRUQDQGRGD&RQVWDQWLQRSROLIXSUHVR
j &RVWDQWLQRSROL GD PHVHU 0LFKLHO %RQGR[H >@  &RVWXL KDXHXD XQ ILJOLRO SHU QRPH
IUDQGROHQWHPHQWH >VLF@ IR SUHVR LO TXDO 0LFKLHO FKLDPDWR 3LHUR 4XHVWR IX PDQGDWR SHU
HUD 6LJQRU GL 6FKLXRQLD HW FRQ WXWWD OD PD]HQWH LPEDVFLDWRU DOO¶,PSHUDGRU GH &RQVWDQWLQRSROL ,O
IR PDQGD j 6LPRQ 5H G¶2QJDULD HW XHWH >"  TXDO3LHURIXULFHSXWWRGLJQLVVLPDPHQWHHWGLJQLWDGH
VWHWH"@PROWRWHPSR>«@ JUDQGLVVLPLGDTXHOORDFTXLVWRWRUQDQGRSHUWHUUD
D9HQHWLDGD0LFKHO%RQ'RVHIUDXGROHQWHPHQWH IX
SUHVRLOTXDO0LFKHOHUDVLJQRULQ6FKLDXRQLDHW
FRQ WXWWD OD VXD FRPSDJQLD IX PDQGDWR D 6LPRQ
5HGH2QJDULDHWOLVWHWHSHUFHUWRWHPSR'DSRL
FDXWDPHQWH GD TXHOOR IXJu HW YHQH D 8HQHWLD
>@

&DWHJRULD&HOHSDWUXFRGLFHDYXWHvQYHGHUHVXQWDSUR[LPDWLYLGHQWLFH

0IE 0IEFRO &DEDOOLQRID 0IE±D


2562%$'2(5IR >&@RVWXL KDXHD YQR 2UVR %DGRHU >@  2UVR%DGRHU>«@
OR;ƒGR[H>@ ILRORFKLDPDWR3LHUROR &RVWX\ KDXHD XQR ILRO &RVWXL KDXHD XQ
&RVWXM DXH XQR ILROR TXDOPDQGRSHUDPEDVDGRU HO TXDO OX\ OR PDQGR ILJOLXROR FKLDPDWR 3LHUR
FKLDPDWWR 3LHUR OXM HO LQ *UHWLD OR TXDO GH SHU LPEDVVDGRU DOR HO TXDO OXL PDQGz SHU
PDQGR SHU DPEDVDGRU JUDQGHKRQRUIRH[DOWDGR ,PSHUDGRU GHOD *UHWLD DPEDVFLDGRUDOOR,PSHUDWRU
DORLPSHUDGRUGH*UHFLD HWKRQRUDWR'DSRVVDOXL DO TXDO IR EHQ XLVWR H GH *UHFLD GDO TXDOH GH
GDOR TXDO FRQ JUDQGH XHJQLGR SHU WHUUD IX KRQRUDGR ( SR\ DQ JUDQGH KRQRUH OXL I
KRQRUIRPROWRH[DOWDGR SUHVRSHUDOFXQLVFKLDXL GDQGRSHUWHUUDOX\IXR PROWRH[DOWDWRHWKRQRUDWR
HWKRQRUDWRHGDSRVDOXM (W PDQGROR DOL FRQILQL SUHVRGDVFKLDXLDOJXQL HWGDSRLOXLYHQLYDSHU
XHQH SHUWWHUD HW HO IR ,Q %ROJDULD (W GHOOXL H PDQGDQGR D FRQILQM WHUUD HW I SUHVR SHU
SUH[RSHUDOJXQMVFLDXM VFDQSR HW ULWRUQR D LQ %XOJDULD H GHOL OX\ DOFXQL VFKLDXL  HW


5HSHWDUHvQWH[W

&XPDMXVFXOHvQPDQXVFULV

 ùHUEDQ0DULQ 

HW PDQGROR DOL FRQILQM 8HQLH[LD>@ VFDPSR H ULWRUQR D PDQGROR DOOL FRQILQL LQ
LQ %ROJDULD H GHOD OXL 8LQHVLD GD VXR SDUL %XOJDULD HW GD Oj OXL
VFDPSD H UHWRUQD D >@ VFDPSz>«@
9HQLH[LD>@

&DWHJRULD  'LQWUH FHOH GRXă FURQLFL DOH FDWHJRULHL FHD D OXL *LRYDQQL *LDFRSR &DUROGR
HVWH PDL DSURSLDWă GH FURQLFD GDQGROLDQă vQ YUHPH FH FHD D OXL 0DULQR 6DQXGR XUPHD]ă R FDOH
RULJLQDOă

&DUROGRI
2UVRƒ%DGRHU  SHUJUDGLILFDUVLLO*UHFR,PSHUDWRUHVXELWRIDWWR'XFHPDQGzD&RVWDQWLQRSROL
PHVHU 3LHWUR VXR ILJOLROR LO TXDOH I RQRUHXROPHQWH ULFHXXWR H GDOOD ,PSHULDOH PXQLILFHQ]D IDWWR
3URWRVSDWWDULRHVXR&RQVLJOLHUH6SHGLWRGDTXHOOD&LWWjHWKDXHWLSUHWLRVLGRQLXHQQHDULSDWULDUHPD
SHU FDPLQR DOOL FRQILQL GL &URXDWLD I IDWWR SULJJLRQH H WROWROL FLz FKH KDXHXD H SRL LQ FXVWRGLD
PDQGDWR DO 5H GL %XOJDULD O¶,QFOLWR 'XFH VXR 3DGUH UHGLPHUOR GDOOH ORUR PDQL PDQGz 'RPHQLFR
$UFKLGLDFRQRGL0DODPRFRLOTXDOHFRQPROWLGRQLHSUXGHQWLPRGLFKHWHQQHRWWHQQHGLTXHOOROD
OLEHUDWLRQHODTXDOHIWDQWRJUDWDDO3DGUH>@

6DQXGRFRO
'&&&&;,
2UVR3DUWLFLDFLRFLRq%DGRHUR'RJH;
>@4XHVWR'RJHPDQGzVXRILJOLXROR3LHURD&RVWDQWLQRSROL HEEHGDOO¶,PSHUDGRUHODGLJQLWjGH
3URWRVSDWDULR(ULWRUQDQGRD9HQH]LDSHULQJDQQRGL0LFKHOH3ULQFLSHGHOOD6FKLDYRQLDIXSUHVRH
WROWRJOLWXWWRTXHOORFK¶qSRUWDYD(LOPDQGzLQFXVWRGLDGL6LPHRQH5qGL%XOJDUL3HUUHGHQ]LRQHGHO
TXDOH LO 'RJH PDQGz 'RPHQLFR $UFLGLDFRQR GL 0DODPRFFR LO TXDOH FRQ PROWL GRQL ULFXSHUz LO
ILJOLXRORGHO'RJHSUHGHWWRHGRSRDSHUVXDVLRQHGHO'RJHLOGHWWR$UFLGLDFRQRIXIDWWR9HVFRYRGL
0DODPRFFRSHUODOLEHUD]LRQHGHOILJOLXROR>@

&DWHJRULD  &HOH WUHL FRGLFH 0  FURQLFD %DUED úL 0   DOH FDWHJRULHL RPLW FX
GHVăYkUúLUHHYHQLPHQWXO

&DWHJRULD&RGLFHOH0VHGHVSULQGHGHUHVWXOFDWHJRULHLDSURSLLQGXVHPDLGHJUDEăGH
FURQLFLOHGLQFDWHJRULLOHúLÌQVFKLPEFURQLFLOH0 DWULEXLWăSDWULDUKXOXL*LRYDQQL7LHSROR 
4XHULQL,9 FXQRVFXWăFDDSDUĠLQkQGOXL$JRVWLQR$JRVWLQL úL0RIHUăDFHODúLWLSGHGHVFULHUH

0IE
 0HVHU +RUVR %DGRHU >@  &RVWXL KDXHXDQR ILRO FKLDPDGR 3LHUR TXHVWR IR PDQGDGR SHU
LPEDVDGRU DOR LPSHUDGRU GH &KRVWDQWLQRSROL HO TXDO GHWR 3LHUR GDOR LPSHUDGRU IR UHFHXXGR
GHJQLPDPHQWH RWWHJQLU PHOL >"@JUDQGLVLPL GD TXHOD DTXLVWD WRUQDGR SHU WHUD D8HQLH[LD GD 0LFKHO
%RQ GR[H IUDXGROHQWHPHQWH IR SUH[R HO TXDO 0LFKHO JHUD VLJQRU LQ 6FKLDXRQLD H FKRQ WXWWD OD VXD
FKRPSDJQLDIRPDQGDGRD6LPRQUHGH+RQJDULDHODVWHWHDOJXQWHPSRGDSXRFDXWDPHQWHGDTXHOR
IXJLHXHQHD8HQLH[LD>@

7LHSRORIE $JRVWLQLID±E 0I±
$QQR'RPLQL $112'RPLQL 0HVHU 2UVR 3DUWLFLSDWLR >@ '
>@ >@ &&&&& ± VLF ± ;,, >@ (W
0HVHU 2UVR 3DUWLFLSDWLR RXHU 0HVHU 2UVR 3DUWLFLSDWLR RXHU RFFRUUHQGR ELVRJQR PDQGDUH DOO¶


&XPDMXVFXOHvQPDQXVFULV


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

%DGRHU>@LOTXDO'RVHKDXHD %DGRHU R >@ VIRU]DQGRVH ,PSHUDWRUH j &RVWDQWLQRSROL SHU


XQ ILRO FKH QRPHXD 0HVHU LPLWDU LO VXR SUHFHVVHU LO TXDO FRQVHUXDUVL LQ EHQHXROHQ]D
3LHUR (W RFFRUUHQGR ELVRJQR 'RVHKDXHDXQRILROFKHQRPHXD PDQGz GHWWR VXR ILRO 0HVHU
PDQGDU DOO¶,PSHUDGRU GH PHVHU 3LHUR (W RFFRUUHQGR 3LHUR OR TXDO ,PSHUDWRUH OR
&RQVWDQWLQRSROLSHUFRQVHUXDUVL ELVRJQRPDQGDUDOO¶,PSHUDGRUGH XLVWHHWDFFHWWzPROWRXRORQWLHUD
LQ EHQHXROHQWLD PDQGz GLWWR &RQVWDQWLQRSROL SHU FRQVHUXDUVL HW KRQRUROR HW OR IHFH
VXR ILRO 0HVHU 3LHUR LO TXDOH LQ EHQHXROHQWLD PDQGz GLWWR 3URWRVWDWDULR >VLF@ HW GRQROL
,PSHUDGRU OR XLGGH HW DFFHWWz VXR ILRO PHVHU 3LHUR LO TXDOH GH LQILQLWL EHOOL SUHVHQWL HW
YROHQWLHUDHWKRQRUORHWIHFHOR ,PSHUDGRU OR XLGGH HW DFFHWWz IHFHOL DPSOL SULXLOHJLM QHOOD
SURWRVSDWDULR HW GRQROL LQILQLWL XROHQWLHUD HW KRQRUROOR HW TXDO OHJDWLRQH OXL VWHWWH PROWL
HWEHOOLSUHVHQWLHWIHFHOLDPSOL IHFHOR 3URWRVSDWDULR >SH PDUJLQHD PHVL WRUQDGR GHWWR 0HVHU
SULXLOHJLM WH[WXOXL ,O ILJOLXROR GHO 'RVH 3LHURj9HQLH]LDGDXQR0LFKLHO
1HOOD TXDO OHJDWLRQ OXL VWHWWH FRPH$PEDVDGRUDOO¶,PSHUDGRU 5HJROD &DSR GH 6FKLDXRQL I
PROWL PHVL WRUQDQGR GLWWR GL &RQVWDQWLQRSROL@ HW GRQROL SUHVR H WROVHOLWXWWLOL SUHVHQWL
0HVHU 3LHUR j 9HQHWLD GD XQR LQILQLWL HW EHOOL SUHVHQWL HW FKH OL KDXHXD GRQDWL GHWWR
0LFKLHO &DSXOR >"@ &DSR GL IHFHOL DPSOL SULXLOHJLM 1HOOD ,PSHUDWRUH HW HWLDP WXWWH OH
6FKLDXRQL I SUHVR HW WROWROL TXDOH OHJDWLRQ OXL VWHWWH PROWL VXH UREEH HW DSSUHVR OR IHFH
WXWWL OL SUHVHQWL FKH JOL JDXHD PHVL 7RUQDQGR GLFWR PHVHU SUHVRQ HW GRSSRL WHJQXGR LQ
GRQDWR GLWWR ,PSHUDGRU HW 3LHUR j 9HQHWLD GD XQR 0LFKLHO SUHVRQ FHUWR WHPSR GHWWR
HWLDP WXWWH OH VXH UREEH HW 5HJXOR &DSR GL 6FKLDXRQL I 0LFKLHO OR UHOHJz LQ %XOJDULD
DSSUHVVR OR IHFH SUHVRQ HW SUHVR HW WROWROL WXWWL OL SUHVHQWL GRXH HO VWHWWH PROWL DQQL $OOD
GDSRL WHQXWR LQ SUHVRQ FHUWR FKH JOL KDXHXD GRQDWR GLFWR ILQHOXLKHEEHPRGRGHIX]LUHW
WHPSR GLWWR 0LFKLHO OR UHOHJz ,PSHUDGRUHWHWLDPWXWWHOHVXH WRUQzj9HQLHVLD>«@
LQ %XOJDULD GRXH HO VWHWWH PROWL UREEHHWDSSUHVVRORIHFHSUHVRQ
DQQL DOOD ILQH OXL KHEEH PRGR HW GDSRL WHQXWR LQ SUHVRQ FHUWR
GH IX]LU HW WRUQz j 9HQHWLD HW WHPSRGLWWR0LFKLHOOR UHOHJz LQ
]RQWR I DFFHWWDGR GDO GLWWR %XOJDULD GRXH HO VWHWWH PROWL
'R[HVXRSDGUH>@ DQQL DOOD ILQH OXL KHEEH PRGR
GH IX]LU HW WRUQz D 9HQHWLD HW
]RQWR I DFFHWWDGR GDO GLWWR
'RVH VXR SDGUH HW GD WXWWR LO
SRSXOR JUDWLRVDPHQWH SHU KDXHUVL
EHQ SRUWDWR HW SDWLHQWHPHQWH
WROHUDGRODFDSWLXLWjVXD

'LQWUHVFULHULOHDSURSLDWHDFHVWHLFDWHJRULLVHFRQVWDWăDEVHQĠDHSLVRGXOXLvQ0úL0ÌQ
VFKLPEHOVHSRDWHGHSLVWDvQVFXUWDSUH]HQWDUHLVWRULFăDOXL)UDQFHVFR6DQVRYLQRúLvQFRGLFHOH0

6DQVRYLQRS 0IE
25623$57,&,3$7,2,,'2*(;9,, >«@ O¶DFFLGHQWH GL 3LHUR VXR ILJOLROR LO TXDOH
$112 ULWRUQDQGRGL&RVWDQWLQRSROLIWUDWWHQXWRHIDWWR
>@+HEEHYQILJOLXRORFKLDPDWD3LHWURLOTXDOH SULJLRQH GD XQ 6LJQRUH GHOOD 6FKLDXRQLD H
DQGDWRj&RVWDQWLQRSROLIXFUHDWRGDOO¶,PSHUDWRUH PDQGDWRDO5qGH%XOJDULULFXSHUDQGRODOLEHUWj
3URWKRVSDWDULR 0D QHO WRUQDUH j GLHWUR IX IDWWR FRQXQDIRUWXQDWDIXJDzSXUHVHFRQGRDOWULFRQ
SULJLRQH GD 0LFKHOH 6LJQRUH GHJOL 6FKLDXRQL VX O¶RUR FKH I ULPHVVR GDO SDGUH SHU LO GL OXL
FRQILQL GHOOD &URDWLD (W VSRJOLDWR GHO WXWWR ULVFDWWR>«@
SHUFLRFKH HJOL WRUQDXD D FDVD FRQ ULFFKL GRQL
ULFHXXWL GDOOD &RUWH IX PDQGDWR LQ JXDUGLD D


&XPDMXVFXOHvQPDQXVFULV

 ùHUEDQ0DULQ 

6LPRQH 5q GH %XOJDUL 0j LO 'RJH PDQGDWR


'RPHQLFR $UFLGLDFRQR GL 0DODPRFFR FRQ
GRQDWLXLG¶LPSRUWDQ]DORULVFDWWzGDQHPLFL>@

&DWHJRULD(YHQLPHQWXOHVWHDEVHQWvQFRGLFHOH0FXSUHFL]DUHDFăSUH]HQWkQGSHULRDGD
vQFDUH3LHWUR%DGRDURvQVXúLYDRFXSDIXQFĠLDGRJDOă ± IDFHRWULPLWHUHODHSLVRGXOQRVWUX
GHúLvORPLVHVHODPRPHQWXOSRWULYLW

0ID
3LHUR%DGRHU>@4XHVWR'R[HIRILRG¶2UVR'R[HORTXDOIRSUHVRGHOL6FKLDXLWRUQDQGRGD
&RQVWDQWLQRSROLD9HQHWLD>@

'LQWUHFHOHODOWHFRGLFH DSDUĠLQkQG DFHVWHL FDWHJRULL VH vQUHJLVWUHD]ă XQ WLS GH UHODWDUH VLPLODU
vQWUH$EELRVL&XUDWRúL0

&XUDWRID $EELRVLID 0IE
>@ 2UVR %DGRHU >@ FRVWXL 2UVR %DGRHU >@  &RVWXL 2UVR %DGRHU >@  &RVWXL
KDXHXQIUDGHOOR>VLF@FKLDPDGR KDXH XQR IUDGHOOR FKLDPDGR KDXH YQR VXR IUDGHOOR >VLF@
3LHURHPDQGDWRDOORLPSHUDGRU 3LHURHPDQGDGRDOOR,PSHUDGRU FKLDPDGR 3LHUR H PDQGDWR DOR
GH *UHWLD GDO TXDO UHFHXH GH *UHFLD GHO TXDO UHFHXH LPSHUDGRU GH *UHWLD GDO TXDO
JUDQGHQLVVLPR KRQRU H GLJQLWD JUDQGLVVLPR KRQRU H GLJQLWj H UHFHXH JUDQGLVVLPR KRQRU 
HWRUQDQGRSHUWHUUDD9HQHWLDLO WRUQDQGRSHUWHUUDj9HQLHVLDHO GLJQLWD H WRUQDQGR SHU WHUUD D
IR SUHVR GDOOL 6FKLDXM H IR SUHVR GD L 6FKLDXL H 9HQHWLDHOIRSUHVRGDL6FKLDXV
VXDOLJDGR H OXL UHWLJQXGR HO VXDOLVDGR H OXL UHWHJQXGR HO >VLF@HVXDOLVDGRHOXMUHWHJQXWR
PDQGR DO FRQILQ GHO 5H GH PDQGz DO FRQILQ GHO 5H GH HO PDQGR DO FRQILQ GHO UH GH
2QJDULD VRWWR LO GRPLQLR GH YQ 2QJDULDVRWWRHOGRPLQLRGHXQ 9QJDULD VRWR HO GRPLQLR GH XQ
6LPRQ >@ LO GLWWR VXR IUDGHOOR 6LPRQ HW KDXHQGR GRJDGR HO 6\PRQ  KDXHQGR GRJDGR HO
>VLF@VFDPSRGHOOHPDQGHTXHO GLWWR 'RVH HO GLWWR VR ILRO GLFWR GR[H HO GLFWR VXD ILRO
6LPRQ H YHQH VDOXR D 9HQHWLD VFDPSz GHOOH PDQ GH TXHO 5H >VLF@VFDPSRGDOHPDQGHTXHO
>@ GH %XOJDUL H XHQH VDOXR j UH GH %XOJDUL  YHQH VDOXR D
9HQHWLD>@ 9HQHWLD

ÌQUHVWVXQWRIHULWHXUPăWRDUHOHYHUVLXQL

0ID±E 0IFRO 0IE
2UVR %DGRHU >@  >@  HO 2UVR%DGRHU>«@(OTXDO 2UVR%DGRHU>@HWTXHVWR
GLWWR 'RVH KDXH XQR VXR ILR GR[LH KDXH XQ ILR SHU QRPH GRVH KDXHXD XQ ILJOLXROR HO
FKLDPDGR3LHURHOTXDOIzPDQGDGR FKLDPDGR 3LHUR HO TXDO IR TXDOKDXHXDQRPH3LHURTXDOIR
DOO¶LPSHUDWRU GH *UHWLD GDO TXDO PDQGDGR KDOR LQSHUDGRU GH PDQGDGRDO,PSHUDGRUGH*UHFLD
LPSHUDWRU UHFHXH SUHVLR HW *UH]LD GDO TXDO LQSHUDGRU OR GDO TXDO OXM JUDQ KRQRU
KRQRU DVVDL HW HWLDP GLR UH]HXH SULH[LR HW KRQRU DVDL FRQTXLVWzDFHWLDPGLJQLWDGHHW
GLJQLWDGH DVVDL HW ULWWRUQDQGR >«@ 5H GRQJDULD SULPR >"@ WRUQDQGR SHU WHUUD D 9HQHWLD
OXL SHU WHUUD j 9HQHWLD FRQ QRPHQDGR 6LPRQ 5H SHU YQR IUDXGHXROPHQWH GD 0LFKLHO %RQ
LQJDQQR IUDXGROHQWHPHQWH HW FRQ VSD]LR GH WHPSR VFKDPSR H FDSRGHOM6FKLDXMIXSUHVVRHWGH
WUDGLPHQWR HO I SUHVR GD¶ XQR ULWRUQRKR>VLF@9HQLH[LD WXWWM OM VXRL EHQM IR VSRJOLDGR HW
FKH KDXHD QRPH $OEDQ FDXR GH DSSUHVVROXMHOPDQGzDFRQILQDO
6FKLDXL HW Iz VSRJOLDWR HW WROWR UH 6LPRQ UH GH %ROJDUL HO TXDO
WXWWL OL VXRL EHQL HW DSUHVVR GH 3LHURDOODILQHVFDPSzHWUHWRUQz
FLz HO GHWWR $OEDQ OR PDQGz j D9HQHWLD>@


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

FRQILQ GHO 5H GH %ROJDULD HO


TXDOKDXHDQRPH6LPRQHOTXDO
3LHUR HVVHQGR LQ %ROJDULD SHU
XQRVSDFLRGHWHPSRHOVFDPSz
HWULWRUQzj9HQHWLD>@

0IDFRO±EFRO 0ID
&KDSLWROL 0HQWLRQGHGHFLPRQRQR'RVH
2UVVR%DGRHUGR[H>@YLLLMFLLLM&KRVWXVRILMMR 2UVR %DGRHUR >«@ YLLLMR [[LLM HW KDXHXD XQR
SHUQRPHFKODPDGR3LHURDOORLQSHUDGRUGH*UHoL ILJOLXROR FKLDPDWR 3HWUR HO TXDOH IX PDQGDWR
D HOOR VL ODQGD >"@ GD OD TXDO JUDQGH KRQRU HOOR DOOR LPSHUDWRU GH *UHWLD GDO TXDOH UHFHXHWH
FKRQTXLVWDHWHoHQGLRGHQLWDGH(WUHWRUQDQGRSHU SUHFLR HW KRQRU DVVDM HW HWLDP GLJQLWDGH HW
WHUDD8HQH[LDDIUDGROOHQWHPHQWHHWFKRQLQJDQR ULWRUQDQGR SHU WHUUD D 9HQHWLD IUDXGXOHQWHPHQWH
GD 0LFKLHO %DQ KRXHU GR[H GD OL 6FKLDXL OR IR FRQWUDGLPHQWRGDXQRFKLDPDWR%DUM>VLF@FDSR
SUH[RHWGHWXWLOLVXREHQLGHVSRLDGRHWDSSUHVVR GH 6FKLDXM IX SUHVR HW VSRJOLDWR GD WXWWM OL VXRL
TXHOOR HOOR OR PDQGDDFKRQILQDSSURXR OR UH GH EHQM DSSUHVVR FLz %DUM OR PDQGR D FRQILQ DO UH
%XOJDULD OR TXDO QRPHXD 6LPRQ OR TXDO DOOH GH%ROJDUMLOTXDOHQRPLQDXDVL6LPRQH(OTXDO
SHUILQVFKDPSDHUHWRUQDD8HQH[LD>@ 3LHWUR HVVHQGR LQ %XOJDULD LQ SRFFR WHPSR
VFDPSz LQ 9HQHWLD HW KDXHQGR KRQRU HW EHQ
UHFHXXWRGD9HQHWLDQM>«@

&DWHJRULD  &RGLFHOH 0  VH H[FOXGH FX RFD]LD DQDOL]ăULL DYHQWXULL OXL 3LHWUR %DGRDUR
SHQWUX VLPSOXO PRWLY Fă vúL vQFHSH QDUDĠLXQHD RGDWă FX GRJHOH 6HEDVWLDQR =LDQL ±  ùL vQ
LQWHULRUXODFHVWHLFDWHJRULLFDúLvQFHDSUHFHGHQWăVHvQUHJLVWUHD]ăXQFD] DQXPH0 FDUHQX
SUH]LQWăHSLVRGXODQDOL]DWIăFkQGvQVFKLPEWULPLWHUHODHOvQPRPHQWXOSUH]HQWăULLGRJDWXOXLVăXÌQ
UHVWDYHPGHDIDFHFXXUPăWRDUHOHPRGDOLWăĠLGHGHVFULHUH

0ID
3LHUR%DGRHU>«@>«@HOTXDO3LHURIRSUHVRGD6FKLDXMWRUQDQGRGD&RQVWDQWLQRSROL>«@
9HUVLXQLOHFHORUODOWHFRGLFHSUH]LQWăHSLVRGXOvQWHUPHQLLXUPăWRUL
0ID 0I± 0ID
(VR %DGRHU IX OR GHFLPR 'RVH 2UVR EDGRHU >@  (O GLWR &RVWXL KDXHXD >@ XQ VXR
LQ 5LXD DOWD H IX QHO DQR GLO 'RVH HEEH  XQ VXR ILOLRO FKH IUDWHOOR FKLDPDWR 3LHUR OR
QRVWUR 6LJQRU G FFFF [[YLM DYHD QRPH 3LHUR PDQGz SHU TXDOHOXLPDQGzSHUDPEDVFLDWRUH
&RVWXL KDXHD XQR ILRO FKLDPDGR DPEDVDGRU DOO¶,PSHUDGRU GH DOO¶,PSHUDWRUH GL *UHFLD GDO TXDO
3LHUR /RTXDO OXL PDQGR SHU JUD]LD >VLF@ HW TXHOOR L IHFFH ,PSHUDGRU JUDQGH KRQRUH HW
DPEDVDGRU DOR ,PSHUDGRU GL JUDQGHRQRUUHWRUQDQGRTXHOOR GLJQLWDGH OXL V¶DFTXLVWz HW Iz
*UHWLDGDORTXDOPROWRKRQRUOXL SHUODYLDGHWHUUDD9HQH]LDHO HVVDOWDGR HW ULWRUQDGR j 9HQHWLD
KDXH H IX PROWR H[DOWDGR HW IR SUHVR D WUDGLPHQWR HW SHU IUDXGROHQWHPHQWHHWFRQLQJDQQR
KRQRUDGR(WXHJQXGROXLSHUWHUUD LQJDQQR GD -DFRPR 0LFKLHO G¶XQRFKHVLFKLDPDXD0LFKLHO
D9HQLH[LDIUDXGROHQWHPHQWHHWFRQ %RQ &DYR GH 6FKLDYL IR]HQGROH %RQ HO TXDO HUD FDSR GHOOL
LQJDQR GD 0LFKLHO %RQ GHOL >"@ WXWWR TXHOOR FKH O¶DYHD H 6FKLDXLHWISUHVRHWUREEDGR
6FKLDXL HOOR IR SUHVR ( GH WXWWL VSRJOLDWRORGH¶VXRLSDQQL>VDX WXWWL OL VXRL EHQL H GDSRL OR
OLEHQLHOORIXVSRLDGRHWUREDGR UX"@HORIHFFHYROWDUVWUDGDH PDQGz j FRQILQL DOOH 5H GL
(WDSUHVVRTXHOORORIRPDQGDGR OR PDQGz SHU RVWD[R HW D %XOJDULD ORTXDO 5q KDXHD


7ăLDWvQPDQXVFULVúLQHvQORFXLW

 ùHUEDQ0DULQ 

D FRQILQ D OR 5H GH %ROJDULD OR FRQILQ DO 5H GH %XOJDULD FKH QRPH6LPRQHHWVWDQGRORGHWWR
TXDO QRPHD 6\PRQ (W DOH ILQ VH FKLDPDYD 6LPRQ 6WDQGR 3LHUR ILRO GHO GLWWR 'R[H j
HOORVFDPSDHULWRUQDD9HQLH[LD TXHO3LHURLQTXHOOXRJRDFHUWR FRQILQL Oj LQ %XOJDULD WDQWR OXL
WHPSR HO VFDPSD H HO YLHQ D IHFH FKH OR LQWRUQR j 9HQHWLD
9HQHWLD UH]HXGR FRQ JUDQGH VDQRHWVDOXR
RQRUVXRSDUH>@

(UL]]RIE 0I[E 0IE
25623$57,7,$==,2   2UVR EDGRHU >@  &RVWXL (O;ƒGR[HLQ8HQLH[LDHOTXDO
>«@ &RVWXL KDXH XQR ILRO SHU KDXH XQR VXR ILXRO FKH KDXH LQILQHUHIXGRHOGRJDGRHVLIH
QRPHFKLDPDGR3LHURHOTXDOIR QRPH 3LHUR OR TXDO OR PDQGR XHVWLPRQHJRLQ6DQ)HOL[H
PDQGDGRGDOSDGUHDOO,PSHUDWRU SHU LPEDVDGRU DOLPSHUDGRU GH 2UVR%DGRHUGR[HLQ9HQLH[LD
GH&RQVWDQWLQRSROLDOTXDOLIH[H *UHFLD H IR JUDQGHPHQWH KR >«@ 4XHVWR GR[H KDXHXD XQR
JUDQGH KRQRU OR SHU FRQTXLVWj QRUDGR H WRUQDQGR SHU WHUD D ILRORSHUQRPH3LHURHOTXDOIR
LQULGL]LRQ>"@GHRJQLGLJQLWDGHH 9HQLHVLDHOIRSUH[RGDXQRFKH PDQGDWR SHU HO GLWR VXR SDGUH
IX IDWWR 3URWKRVSDWDULR FRQ JUDQ VHFKLDPDXD0LFKLHO%RQFDXR SHU DPED[DGRU DOR ,PSHUDGRU
JORULD(WRUQDQGRj9HQLH[LDSHU GH6FKLDXLHIRUREDGRHGDSRL GH *UHWLD GDO TXDO HO IR PROWR
WHUUD IUDXGROHQWHPHQWH H FRQ OD PDQGR D FRQILQ LQ OD EHQ D]HWDGR HW IH]HOL GH EHOOL
LQJDQQRGDXQ0LFKLHO%RQFDXR %XOJDULDOXLVFDPSRHWDQWRHO KRQRULHWFRUWHVLH(ULWRUQDQGR
GHL6FKLDXLIRSUH[RHGHWXWWLL IH[HFKHOXHQHD9HQHVLD>@ LQ GULHGR SHU WHUUD HO IR
VXR EHQL GHVSRLDGR H DSSUHVVR DUVDOWDGR D GL WUDGLPHQWR GD
TXHOORHORIRPDQGDGRjFRQILQj 0LFKLHO SULQFLSH GHOL 6FKLDXL
SUXRXROR5HGH%XOJDULDQRPH HO TXDO VL OR SUHVH H UREROR H
QDGR 6LPRQ OR TXDOH DOOH ILQ PDQGROR D FRQILQ D FDVWHOOR
VFDPSj H UHWRUQj j 9HQLH[LD 9XOJDULFKR LQ OH QRP GH 5H
6RQRDOJXQHFURQLFKHFKHGL[HQR 6LPRQ (O TXDO 3LHUR DOH ILQH
HOGLWWR3LHURHVVHUVWDVFRVVRGD SXUVFDSRODHULWRUQRD9HQLH[LD
VXRSDGUHVRW>"@RUR VDQRHVDOXR>«@

0ID 0IE 0DID
'HFLPR3ULQFLSHGH9HQHWLDQL 2UVHR %DGRHU >«@ 3LHUR LO 2UVR %DGRHU >«@  &RVWXL
2UVR %DGRHU >@  LO TXDO TXDOOXLLOPDQGzSHUDPEDVDWRU KDXH XQ ILJOLROR FKH KDXHXD
PDQGz VXR ILJOROR DPEDVDWRU GH*UH]]LGDTXDOLIJUDQGHPHQWH QRPH 3LHUR OR TXDO OXL OR
DOO¶,PSHUDWRU GH *UHFL LO TXDO KRQRUDWR HW WRUQDWR SHU WHUUD D PDQGRSHULPEDVDGRUGH*UH]L
XROHQGR WRUQDU GHO UHJLPHQWR 9HQHWLD I SUHVR GD XQ FKH VL GDOOL TXDOH HO IR JUDQGDPHQWH
KHEEH PROWL GRQL GD HVVR FKLDPDXD0LFKLHO%RQFDSRGH KRQRUDWRHWWRUQDQGRSHUWHUUDD
,PSHUDWRU GH *UHFL HW FRVL 6FKLDXL HW I ODGUR JUDQGR HW 9HQH]LDHOIRSUHVRGDXQRFKH
XHQHQGR FRQWUD 9HQHWLDQL I GDSRL OXL OR PDQGz LQ OD VL FKLDPDXD 0LFKLHO %RQ FDSR
DVVDOWDWRGD0LFKLHO3ULQFLSHGH %XOJDULDGDOTXDOOXLVFDPSRHW GH6FKLRQLD>VLF@HWIRUREDGRU
6FKLDXL LO TXDO OR SUHVH HW OL WDQWR IHVH FRQ LO VXR LQJHJQR JUDQGH (W GD SR OXL OR PDQGR
WROVH LO WXWWR q PDQGROOR j FKHXHQHj9HQHWLD>«@ « LQ OD %XOJDULD GDO TXDO OXL
FRQILQLjFDVWHO8XOJDULFRDO5H VFDPSR>«@
6LPRQH LO TXDO 3LHWUR DOOD ILQH
SXU IXJJL q ULWRUQz LQ 9HQHWLD
>@


&XPDMXVFXOHvQPDQXVFULV

/DFXQăvQPDQXVFULV


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

'LQWUHFURQLFLOHDSURSLDWHDQWHULRUDFHVWHLFDWHJRULLFHOHDWULEXLWHOXL'DQLHOH%DUEDURúL*LURODPR
6DYLQDFDúLDúDQXPLWD9HQLHUDGLQFXSULQVXOFRGLFHOXL0RIHUăXUPăWRDUHOHYHUVLXQL

%DUEDURID±E 6DYLQDID
2UVR 3DWULFLDFR GHWWR %DGRHU >@  >@ 2562 3$57,&,3$7,2 >@  4XHVWR 'RVH
PDQGR 3LHUR %DGRHU VXR ILRO $PEDVVDGRU D KDXHDXQILROQRPLQDGR3LHURORTXDOHOORPDQGR
&RVWDQWLQRSROL LO TXDO I DFFDUH]]DGR HW DOOR,PSHUDGRUGH&RVWDQWLQRSROLSHUDOFXQHFRVH
DSSUHVVHQWDGR GD TXHOO¶,PSHUDGRU FKH RWWHQQH LPSRUWDQWHSHUHOFRPXQGDOTXDOO¶KDXqGHPROWL
GDOXLODFRQIHUPDWLRQGHWXWWLLSULXLOHJLMDQWLJKL GRQL HW IX HOHWWR VXR SURWRVSDWWDULR H RWWHQH OD
GH 9HQHWLDQL KDXXWL GDL DOWUL ,PSHUDGRUL HW FRQILUPDWLRQ GH WXWWL OL SULXLOHJLM DQWLFKL H GH
RWWHQQH DQFR¶O WLWROR GH 3URWRVSDWDULR WRUQDGR UHWRUQR HO IX SUHVR GD 0LFKLHO %DQ SULQFLSH GH
SRLTXHVWR3LHURGD&RVWDQWLQRSROLD9HQHWLDI 6FKLDXRQL GDO TXDO HO IX VSRJOLDGR H WROWROL HO
QHOXLD]RSUHVRHWVSRJLDGRGD0LFKLHO%DQFLRH WXWWRGRSRIXPDQGDGRDOOLFRQILQLGH6LPRQ5H
3UHQFLSH GH 6FKLDXRQL HW WROWRJKH RJQL FRVD¶O GH%XOJDULHGRSRFHUWRWHPSRVFDPSRHWRUQzj
PDQGRLOGHWWR%DQDGRQDUSHUVFKLDXRD6LPRQ 9HQHWLD>@
5HGH%XOJDULGRXHVWDQGRDOFXQWHPSRDOILQVH
QHIXVuHWWRUQzD9HQHWLD>@

9HQLHUDIE
&RPPHIXHOOHWWRGRVHPLVHU2UVVR%DGXHURWWHQHLOGRJDGR(WYQRVXRILROORULWRUQDQGRGD
&RQVWDQWLQRSROLIXSUHVR
>@  &RVWXL KDXHXD XQ ILJOLROOR SHU QRPH FKLDPDWR 3LHUR HO TXDO IX PDQGDWR SHU LPEDVVDWRU
DOO¶LPSHUDWRUH GH &RQVWDQWLQRSROL HO TXDO 3LHUR IX UHFHSXWR GLJQLVVLPDPHQWH HW GLJQLWDGH JUDQGLV
VLPHGD¶TXHOORDFTXLVWzWRUQDQGRSHUWHUUDj8HQHWLDGD¶0LFKHO%RQGRVHIUDXGROHQWHPHQWHIXSUHVR
HO TXDO 0LFKHO HUD 6LJQRU LQ 6FKLDXRQLD HW FRQ WXWWD OD VXD FRPSDQLD IX PDQGDWR j 6LPRQ 5H GH
2QJDULDHWOLVWHWHSHUFHUWRWHPSRGDSSRLFDXWDPHQWHGDTXHOORIXJLWRHWYHQHj8HQHWLD>@

'LQWUH FRGLFHOH FDUH QX DX FRQVWLWXLW DQWHULRU RELHFWXO FODVLILFăULORU QRDVWUH SH PRWLY Fă QX
FRQĠLQHYHQLPHQWHOH&UXFLDGHLDSDWUD HYHQLPHQWFHDVWDWODED]DDFHORUJUXSăUL FRQVWDWăPSUH]HQĠD
HSLVRGXOXLvQFDX]ăvQFRGLFHOH0

0ID
2UVR %DGRHU >@  &RVWXL DXHXD XQR ILROR HO TXDO OXL OR PDQGR SHU LQEDVDGRU DOR LQSHUDGRU GL
*UH]LHOTXDOIREHQXLVWRHWWRQRUDGRHSRLPDQGRORSHUWHUDOXLIXSUH[RGDL6FKLDXLHPDQGRORDL
FRQILQLGHL%XOJDULHGHOLOXLVFKDPSRHWRUQRD8HQ>H@FLD>VLF@>@

ÌQSULYLQĠDGDWăULLHYHQLPHQWXOXLvQGLVFXĠLHRSULPăFRQVWDWDUHHVWHDFHHDFăYHUVLXQLOHGHPDL
VXV RIHUă DQL GLQWUH FHL PDL GLIHULĠL GDWDUHD GH DOWIHO QHUHSUH]HQWkQG SXQFWXO IRUWH DO FURQLVWLFLL
YHQHĠLHQH ÌQVă vQ WRDWH FD]XULOH HSLVRGXO HVWH SODVDW vQ YUHPHD GRJHOXL 2UVR %DGRDUR &RPDVkQG
GDWHOH GH GRPQLH D GRXă SHUVRQDMHFDUH vQ PRGVLJXU VXQW SUH]HQWH vQDFHVW HSLVRG vQ VSHĠă GRJHOH
9HQHĠLHL úL ĠDUXO EXOJDU UH]XOWă Fă HYHQLPHQWXO VDU IL SHWUHFXW vQWUH DQLL  úL  'H DVHPHQHD
SHULRDGD GH GHWHQĠLH QX VH SRDWH VWDELOL FX H[DFWLWDWH GLQ SXĠLQHOH LQIRUPDĠLL IXUQL]DWH GH FURQLFLOH
YHQHĠLHQHQXVHSRDWHH[WUDJHGHFkWFăDVWDWÄPXOWHOXQLvQvQFKLVRDUH´FăDSHWUHFXWDFRORÄFkWYD
WLPS´ ÄR DQXPLWă YUHPH´ ÄPXOW WLPS´ ÄR SHULRDGă GH WLPS´ VDX ÄvQ SXĠLQă YUHPH´ vQ


&XPDMXVFXOHvQPDQXVFULV

1DYDJHUR

&DWHJRULD ('DQGRORSVHXGR'ROILQ 0%DUEDUR6DYLQD

9HQLHUD09HQLHUD

'RQj

00

0

 ùHUEDQ0DULQ 

SDUDOHO DOWH YHUVLXQL IRORVHVF R H[SUHVLH vQFă úL PDL YDJă ÄDOOH ILQ´ ÄvQ FHOH GLQ XUPă´ 'H
DVHPHQHDFDWHJRULDGHFURQLFLVHSDUăGRXăSHULRDGHGHSUL]RQLHUDWXQDvQFXVWRGLDOXL0LKDLO FDUH
DU IL GXUDW ÄXQ DQXPLW WLPS´  LDU FHDODOWă vQ %XOJDULD FDUH VDU IL H[WLQV SH GXUDWD D ÄPXOĠL DQL´ 
$QWHULRUVHMXUXOOD&RQVWDQWLQRSRODUILGXUDWÄPXOWHOXQL>GH]LOH@´
,QH[DFWLWăĠLOH GH QDWXUă FURQRORJLFă VH H[WLQG vQ IRDUWH SXĠLQH FD]XUL úL DVXSUD SHUVRDQHL OXL
3LHWUR%DGRDURFDUHGLQILXDOGRJHOXL2UVRGHYLQHIUDWHDODFHVWXLDGHWDOLXFDUHVHvQUHJLVWUHD]ăDWkW
vQFURQLFDDWULEXLWăOXL&DPLOOR$EELRVLúLvQFRGLFHOH0 XQGHvQILQDOSHUVRQDMXODSDUHWRWXúLFD
ILX FkWúLvQFURQLFDOXL$QWRQLR XQGHUHODĠLDIUDWHUQăVHPHQĠLQHSkQăvQILQDO VDXvQ0 XQGH
WHUPHQXOGHÄIUDWH´DSDUHFDúWHUVvQPDQXVFULVLDUvQFHOHGLQXUPăVHRSWHD]ăSHQWUXXQUDSRUWILOLDO 
/DvQWUHEDUHDFLQHHUDvPSăUDWXOGHOD&RQVWDQWLQRSROvQDFHDYUHPHGRDUFURQLFDOXL*LRYDQQL
'LDFRQRIDFHRWULPLWHUHH[SOLFLWăDQXPHOD/HRQvQVăFRUHOkQGFXGDWDUHDUH]XOWDWăPDLVXV ±
 VHFRQVWDWăFăVLQJXUXOvPSăUDWEL]DQWLQFXDFHVWQXPHvQVSHĠă/HRQ9,ÄÌQĠHOHSWXO´vúLvQFKHLD
GRPQLDFKLDUODUHGXFkQGXVHDVWIHOSRVLELOLWDWHDFDHOVăILIRVWvQPLH]XOHYHQLPHQWXOXLúLOăVkQG
GHVFKLVă LSRWH]D DGXFHULL vQ GLVFXĠLH D vPSăUDĠLORU ± GH DVHPHQHD GLQ GLQDVWLD PDFHGRQHDQă ±
$OH[DQGUX ±  &RQVWDQWLQ 9,, 3RUILURJHQHWXO ±  úL 5RPDQ , /HNDSHQRV
± ÌQRULFHFD]WLWXODWXUDEDVLOHXOXLRVFLOHD]ăvQWUHXUPăWRDUHOHYDULDQWHÄvPSăUDWXO/HRQ´
ÄvPSăUDWXOGH&RQVWDQWLQRSRO´ÄvPSăUDWXO*UHFLHL´ÄvPSăUDWXOJUHFLORU´ÄvPSăUDWXOJUHF´VDX
SXU úL VLPSOX ÄvPSăUDWXO´ vQ JHQHUDO FD XUPDUH D VXEVWLWXLULL H[SUHVLHL Ä,PSHUDGRU GH
&RQVWDQWLQRSROL´FXFHDGHÄ,PSHUDGRUj&RQVWDQWLQRSROL´ (URULGHFRSLVWDXIăFXWFDÄ,PSHUDGRU
GH *UH]LD*UHFLD´ Vă GHYLQă Ä,PSHUDGRU GH JUDWLD´ VDX FD 3LHWUR %DGRDUR vQVXúL Vă ILJXUH]H FD
ÄDPEDVDGRUDOJUHFLORU´vQDFHVWGLQXUPăFD]GHWXUQkQGXVHDVWIHOvQWUHJXOvQĠHOHVDOQDUDĠLXQLLÌQ
XQHOH VLWXDĠLL VH DPLQWHúWH GRDU Fă VD GHSODVDW OD &RQVWDQWLQRSRO VDX vQ *UHFLD DGăXJkQGXVH
HYHQWXDOH[SUHVLLGHJHQXOÄvQăOĠLPHDLPSHULDOă´VDXÄJHQHUR]LWDWHDLPSHULDOă´
0RWLYXO GHSODVăULL OXL 3LHWUR %DGRDUR OD &RQVWDQWLQRSRO QX HVWH vQ JHQHUDO HQXQĠDW vQ PRG
H[SOLFLW&D]XULOHFDUHDPLQWHVFFXFODULWDWHFăHVWHYRUEDGHXQIHOGHFDSWDWLREHQHYROHQWLDHVHUHGXF
ODFURQLFLOHFDWHJRULHLvQYUHPHFHFURQLFD6DYLQDHVWHFHYDPDLPLVWHULRDVăvQH[SOLFDĠLLÄSHQWUX
XQHOHOXFUXULLPSRUWDQWHSHQWUX&RPXQă´0DLPXOWHVXQWVLWXDĠLLOHvQFDUHVHYRUEHúWHGHSR]LĠLDGH
DPEDVDGRUDWULPLVXOXLYHQHĠLDQ(VWHGHUHPDUFDWúLFD]XOVLQJXODUDOFURQLFLLDWULEXLWHOXL $QGUHD


00000(UL]]R00%DUEDUR

&IFDWHJRULD 7LHSROR$JRVWLQL0 

'LDFRQR

3 'ROILQ 1DYDJHUR 9HQLHUD  0  FDWHJRULD  7LHSROR $JRVWLQL 0   (UL]]R
6DYLQD9HQLHUD

0  0  6DEHOOLFR ( 'DQGROR 0  0  0  0  $EELRVL
&XUDWR0000000

%UHYLV000

&DUROGR

0'RQj6DQXGR06DQVRYLQR%DUEDUR

3VHXGR'ROILQ0

00D

*LXVWLQLDQ([WHQVD0RQDFLV

0

*LXVWLQLDQ

([WHQVD

7LHSROR$JRVWLQL0

1DYDJHURFDWHJRULD 'RQj±GLQWURHURDUH3%DGRDURDSDUHvQDFHVWFD]FDÄLPEDFDWRU´
9HQLHUD RFURQLFăGLQFDWHJRULD 0 00XQHOHVFULHULGLQFDWHJRULDVDX


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

1DYDJHURXQGHVHVSHFLILFăIDSWXOFă3LHWURDIRVWWULPLVOD&RQVWDQWLQRSROGHFăWUH&RQVLOLXLDUQX
GHFăWUHWDWăOVăXGRJHOH
&URQLFLOHVXQWFYDVLXQDQLPHvQDPHQĠLRQDRQRUXULOHúLFDGRXULOHSULPLWHGHODvPSăUDWXOGHOD
&RQVWDQWLQRSROvQVăQXWRDWHDPLQWHVFGHREĠLQHUHDWLWOXOXLGHSURWRVSDWDULRVLDUQXPăUXOFHORUFDUH
DGXFvQGLVFXĠLHFKHVWLXQHDFRQILUPăULLYHFKLORUSULYLOHJLLHVWHvQFăúLPDLUHGXV6HFRQILUPăvQFăR
GDWă DSHWHQĠD FURQLFDULORU YHQHĠLHQL SHQWUX HOHPHQWHOH FH ĠLQ GH RQRUXUL úL WLWXODWXUL vQ GHWULPHQWXO
FHORUGLQFDGUXODYDQWDMHORUFRPHUFLDOH
&RQWH[WXOFDSWXUăULLILXOXLGRJHOXLVHvQFDGUHD]ăvQVWDUHDGHSHUPDQHQWăLQVHFXULWDWHGLQ]RQă
vQFRQGLĠLLOHvQFDUHFRQIUXQWăULOHYHQHĠLHQLORUFXSLUDĠLLVODYL QDUHQWDQL HUDXODRUGLQHD]LOHLVLWXDĠLH
FDUHQXVHYDDPHOLRUDGHFkWvQXUPDFDPSDQLHLGLQDQXODOXL3LHWUR,,2UVHRORFDUHYDVXSXQH
FRDVWDGDOPDWăLQFOX]kQGRvQ &RPPRQZHDOWKXOYHQHĠLDQ1XSXWHPúWLXQGHDDYXWORFLQFLGHQWXO
FDSWXUăULLOXL3LHWUR%DGRDURHVWHSRVLELOFDDFHVWDFRQWUDURELFHLXOXLVăILXUPDWFDOHDSHXVFDW SHU
WHUUD  SHQWUX UHYHQLUHD vQ SDWULH GXSă FXP QX SXĠLQH GLQWUH FURQLFL ĠLQ Vă SUHFL]H]H IDSW FDUH VD
GRYHGLW FD SXWkQG GHYHQL IDWDO SHQWUX HO vQVă DWkWD YUHPH FkW FURQLFLOH QX RIHUă QLFLXQ DPăQXQW
JHRJUDILF FRQFUHW QX SXWHP HPLWH GHFkW VLPSOH LSRWH]H GLQ DFHVW SXQFW GH YHGHUH 6XQW SXĠLQH
VFULHULOHFDUHORFDOL]HD]ăWRWXúLLQFLGHQWXOILHÄODJUDQLĠD&URDĠLHL´ILHÄvQ'DOPDĠLD´
ÌQ SULYLQĠD DXWRUXOXL LQIUDFĠLXQLL DFHVWD ILJXUHD]ă vQ DSURDSH WRDWH VLWXDĠLLOH VXE QXPHOH GH
0LKDLOGRDUvQSXĠLQHFD]XULHOILLQGRPLVvQVSDWHOHSUHFL]ăULLFăILXOGRJHOXLDUILIRVWFDSWXUDWGH
VODYLVDXÄGHXQVHQLRUDO6FODYRQLHL´vQFD]XOFURQLFLLOXL&DUROGRILLQGYRUEDH[FOXVLYGHOXDUHD
VD FD SUL]RQLHU IăUă DOWH DPăQXQWH 7LWXODWXUD FRQGXFăWRUXOXL VODY HVWH vQ JHQHUDO FHD GH ÄEDQ´
ÄVHQLRU´ ÄFDS´ VDX FKLDU ÄSULQFLSH´ DO 6FODYRQLHL VDX DO VODYLORU FURQLFLOH HODERUDWH vQ ODWLQă
SUHIHUkQG ILUHúWH WHUPHQXO GH ÄGXFH´ IDSW FDUH IDFH FD XQHRUL Vă VH UHFXUJă OD IRUPXOD ÄEDQ VDX
GXFH DO VODYLORU´ VDX ÄEDQ DGLFă SULQFLSH DO VFODYRQLORU´ $FHVWH GLQ XUPă FRPELQDĠLL GXEODWH
HYHQWXDOGHQHFXQRDúWHUHDGHFăWUHDOĠLFURQLFDULDWLWXODWXULLVODYHGHEDQDXFRQGXVODYDULDQWHFHYD
PDL DODPELFDWH DVWIHO DFHVW GLQ XUPă WLWOX VH WUDQVIRUPă vQ XQHOH VLWXDĠLL vQ QXPH GH IDPLOLH LDU

DSURSLDWH DFHVWHLD 0  0  0  0  0  0  0  0 D %DUEDUR
9HQLHUD 

$PLQWLWvQ'LDFRQR*LXVWLQLDQFDWHJRULD ([WHQVD0RQDFLV3'ROILQ %UHYLVFDWHJRULD
 6DEHOOLFR0 FDWHJRULD &DUROGR±FXDGăXJLUHDVXSOLPHQWDUăÄúLFRQVLOLHUDOVăX>QQDO
vPSăUDWXOXL@´6DQXGR FDWHJRULD 7LHSROR$JRVWLQL06DQVRYLQR (UL]]R%DUEDUR6DYLQD

1DYDJHURFDWHJRULD 7LHSROR$JRVWLQL0 %DUEDUR6DYLQD

003'ROILQFDWHJRULD ('DQGRORSVHXGR'ROILQ 9HQLHUDFDWHJRULD
 0  0  &DEDOOLQR 0   0 0 FDWHJRULD  0 $EELRVL &XUDWR 0
000 FDWHJRULD 00(UL]]R0000D
9HQLHUD 

'LDFRQR*LXVWLQLDQ([WHQVD3'ROILQ&DUROGR6DQVRYLQR

&DWHJRULD 06DEHOOLFR 

0RQDFLV FDWHJRULD  0  0  &DEDOOLQR 0   0  R SDUWH GLQ FURQLFLOH
FDWHJRULHL 0$EELRVL&XUDWR0 0

0

('DQGROR%DUEDUR

3VHXGR'ROILQFDWHJRULD 'RQj9HQLHUD 06DQVRYLQR9HQLHUD

&DWHJRULD 7LHSROR$JRVWLQL0 00000(UL]]R0
00D

6DQXGR006DYLQD

'LDFRQR*LXVWLQLDQ([WHQVD%UHYLV

003'ROILQ0

%DUEDUR

 ùHUEDQ0DULQ 

FURQLFDULLIDPLOLDUL]DĠLFXIDPLOLDSDWULFLDQă%RQVHODVăDQWUHQDĠLvQFDSFDQDDFHVWXLMRFGHFXYLQWH
DVWIHOvQFkWvQWkOQLPÄ0LFKHOH%RQ>GXFH@´VDXvQVLWXDĠLLGHH[FHSĠLHFKLDUÄ0LFKHO%DGRHUGXFH´ 
VDXÄ*LDFRPR0LFKLHO%RQ´SULQFRQWDPLQDUHFXDOWHGRXăIDPLOLLSDWULFLHQHYHQHĠLHQH GLQWUHFDUH
XQDFHDD%DGRDULORUHUDFKLDUFHDDGRJHOXLDFHOHLSHULRDGH 6HDMXQJHúLODLQYHQĠLLGHQXPHGH
IDPLOLHSUHFXPÄ0LFKLHO%RQGR[H%RQGRVH´vQXUPăFRQWRSLULLFHORUGRXăGHQXPLUL'HDVHPHQHD
WLWXODWXUDGHEDQDFRQGXVúLODDOWHYHUVLXQLODIHOGHIDQWH]LVWHSUHFXPQXPHOHGHÄ$OEDQ´VDXGH
Ä%DUM´ DFRUGDW ÄLQIUDFWRUXOXL´ 2 IRUPXOă LQWHUPHGLDUă R RIHUă FURQLFD 6DYLQD FDUH QRWHD]ă
Ä0LFKLHO%DQSULQFLSHDOVFODYRQLORU´2YHUVLXQHDFăUHLVRUJLQWHPăUWXULVLPFăQXRSXWHPGHVFLIUD
R UHSUH]LQWă FHD GH Ä0LKDLO 5HJXOR´ GHYHQLW vQWUXQD GLQ VLWXDĠLL SULQ FRQWDPLQDUH FX IXQFĠLD GH
ÄFDS´DOVODYLORUÄ0LKDLO&DSXOR´'HDVHPHQHDvQGRXăFD]XULVHDGDXJăRWULVWăIDLPăDDFHVWXL
SHUVRQDMFHDGHÄPDUHWkOKDUKRĠ´
$FHVW0LKDLOWULPLWHSUHĠLRDVDSUDGăOXL6LPHRQGHXQGHVHSRDWHGHGXFHLSRWH]ăFăODYUHPHD
UHVSHFWLYă HVWH SRVLELO FD DFHO 0LKDLO Vă IL IRVW VXE GRPLQDĠLD ĠDUXOXL EXOJDU 1XPHOH VXYHUDQXOXL
EXOJDUDSDUHFHOPDLDGHVHDPHQĠLRQDWH[SOLFLWvQFURQLVWLFDYHQHĠLDQăVXQWUHODWLYSXĠLQHDFHOHFD]XUL
vQ FDUH QXPHOH VăX HVWH RPLV ILH PHQĠLRQkQGXVH WRWXúL Fă HVWH YRUED GH XQ UHJH ILH DUăWkQGXVH
GRDU Fă DFĠLXQHD VH SHWUHFH vQ %XOJDULD vQ UHVW QXPHOH OXL 6LPHRQ HVWH PHUHX SUH]HQW DOăWXUL GH
WLWXODWXUD VD UHJDOă ÌQ OHJăWXUă FX ORFDOL]DUHD UăPkQH vQFă LQH[SOLFDELOă VLQWDJPD ÄDOL FRQILQL  OD
KRWDUH´ SUH]HQWă vQ PDL PXOWH FURQLFL SHQWUX D GHVHPQD ORFXO XQGH VDU IL GHVIăúXUDW SUHGDUHD
FDSWXULL GH FăWUH 0LKDLO FăWUH 6LPHRQ 6XEVWLWXLUHD WHUPHQLORU Ä%XOJDULD´ úL ÄEXOJDUL´ FX FHOH GH
Ä8QJDULD´úLÄXQJXUL´QXWUHEXLHVăVXUSULQGăvQFRQGLĠLLOHvQFDUHUHDOLWăĠLOHSROLWLFHvQFRQMXUăWRDUH
IăFHDX FD DXWRULL YHQHĠLHQL Vă ILH PXOW PDL IDPLOLDUL]DĠL FX UHJDOLWDWHD PDJKLDUă SULQ SULVPD
UHSHWDWHORUGLVSXWHYHQHWRPDJKLDUHvQSULYLQĠDMXULVGLFĠLHLDVXSUDFRDVWHLGDOPDWHGHFkWFXXQIDFWRU
FHYD PDL H[RWLF SUHFXP VSDĠLXO EXOJDU (VWH GH QRWDW úL XWLOL]DUHD GHQXPLULL GH Ä0\VLD´ SHQWUX
Ä%XOJDULD´FDRHYHQWXDOăWHQWăXPDQLVWăvQVăODIHOGHSRVLELOHVWHFDDFHDVWăRSĠLXQHVăVHGDWRUH]H
XQHL QHvQĠHOHJHUL D H[SUHVLHL ÄPLVVXV IXLW´ vQWkOQLWă GH H[HPSOX vQ FURQLFD VFXUWă D OXL $QGUHD
'DQGRORGXSăFXPúLMRFXOGHFXYLQWHÄUHJHEXOJDU´±³UHJHYXOJDU´SUREDELOLQFRQúWLHQWHVWHSUH]HQW
vQXQHOHGLQWUHFURQLFLODXQPRPHQWGDWVHYRUEHúWHFKLDUGHXQÄFDVWHOYXOJDU´


1DYDJHUR9HQLHUD0000(UL]]R000D

3VHXGR'ROILQ

0

'RQj9HQLHUD

0

0

&DWHJRULD 06DEHOOLFR $JRVWLQL0

7LHSROR

00D

&DUROGR0

&DWHJRULD 00&DEDOOLQR0 FDWHJRULD 7LHSROR$JRVWLQL0 0
000D

00FDWHJRULD 00&DEDOOLQR0 0FHDPDLPDUH
SDUWHDFURQLFLORUGLQFDWHJRULLOH 0$EELRVL&XUDWR0000 úL 0
00(UL]]R000 6DYLQD

1DYDJHUR SVHXGR'ROILQ FDWHJRULD  'RQj 9HQLHUD   0  XQHOH FURQLFL GLQ
FDWHJRULD 0$EELRVL&XUDWR0 9HQLHUD

&DWHJRULD 06DEHOOLFR 

'LDFRQR*LXVWLQLDQ0%UHYLV

00


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

ÌQ OHJăWXUă FX GH]QRGăPkQWXO HYHQLPHQWXOXL FURQLFD OXL *LRYDQQL 'LDFRQR LQIRUPHD]ă GHVSUH
WULPLWHUHD DUKLGLDFRQXOXL 'RPHQLFR GH 0DODPRFFR RFD]LH FX FDUH vQ XUPD VXFFHVXOXL PLVLXQLL FD
XUPDUHDFDGRXULORURIHULWHFOHULFXOYHQHĠLDQREĠLQHWLWOXOGHHSLVFRS$FHDVWăYHUVLXQHDIRVWSUHOXDWăGH
XQHOHFURQLFL PDLFRQFUHWFURQLFLOHFDUHDXDYXWRRDUHFDUHÄRILFLDOL]DUH´ 'DFăDUILDFFHSWDWăLSRWH]D
GHSODVăULLHSLVFRSXOXLGH0DODPRFFRODFXUWHDOXL6LPHRQDUILGHVLJXUGHH[FOXVRFăOăWRULHDVDvQ
YHGHUHDvQWkOQLULLúLQHJRFLHULORUFX6LPHRQvQ]RQD0ăULL1HJUHvQVHFROXODO;OHDPDLSODX]LELOăHVWH
H[SOLFDĠLDXQHLVWăSkQLULDĠDUXOXLEXOJDUDVXSUDXQRUSRUWXULGLQ]RQD$GULDWLFăXQGHVăVHILúLGHVIăúXUDW
QHJRFLHULOHúLvQILQDOUHVWLWXLUHDRVWDWLFXOXLVDXSDUFXUJHUHDÄSHUWHUUD´DGLVWDQĠHL
ÌQVăDFHDVWăVROXĠLHYL]kQGLPSOLFDUHDOXL'RPHQLFRvQHOLEHUDUHDSUL]RQLHUXOXLQXSDUHVăIL
VDWLVIăFXWGHFkWXQQXPăUUHGXVGHFURQLFDULPDMRULWDWHDGLQWUHHLDYDQVkQGRDOWăYHUVLXQHPDUFDWă
GHHYDGDUHDOXL3LHWUR%DGRDURSULQIRUĠHSURSULL
6XQW úL FD]XUL XQGH VXQW PHQĠLRQDWH DPEHOH SRVLELOLWăĠL GXSă FXP FURQLFD VFXUWă D OXL
$'DQGRORQXPDLPHQĠLRQHD]ăDEVROXWQLPLFGHVSUHYUHRHOLEHUDUH
(SLVRGXOQXSDUHVăILVWkUQLWDWHQĠLDFHUFHWăULLPRGHUQHGHFkWvQWURPăVXUăPDLGHJUDEăUHGXVă
úL RULFXP WDQJHQĠLDOă 6SUH H[HPSOX -- 1RUZLFK vO LJQRUă FX GHVăYkUúLUH LDU vQ DOWH VLWXDĠLL
9 /D]]DULQL * 5DYHJQDQL VDX ' 1LFRO DPLQWHVF GRDU SULPD SDUWH D HYHQLPHQWXOXL DQXPH FHD D
SUH]HQĠHLOXL3LHWUR%DGRDUROD&RQVWDQWLQRSRODFHDVWăÄVHOHFĠLRQDUH´HVWHWRWXúLMXVWLILFDWăvQFD]XO
SULPHORUGRXăVWXGLLGDWILLQGLQWHQĠLDORUGHFODUDWăGHDDQDOL]DGRDUFKHVWLXQLOHOHJDWHGHWLWXODWXUD
GRJDOă(SLVRGXOILJXUHD]ăvQVFKLPELQWHJUDOvQVWXGLLSUHFXPFHOHDSDUĠLQkQGOXL65RPDQLQ$'D
0RVWR,Y'XMþHY&O5HQGLQD FDUHSUHLDSHDORFXULFXYkQWFXFXYkQWGLQVWXGLXOOXL'D0RVWR 
* 2UWDOOL )LUHúWH FHUFHWDUHD PRGHUQă D SURSXV GHúL vQ PRG H[SHGLWLY XQHOH LSRWH]H DIODWH vQ
FRQH[LXQHFXHYHQLPHQWXOvQGLVFXĠLH
$VWIHO vQ SULYLQĠD SHUVRDQHL LPSHULDOH GH OD &RQVWDQWLQRSRO 5RPDQLQ DUH vQ YHGHUH SH
&RQVWDQWLQ úL $OH[DQGUX IDSW FH FRQWUDYLQH PăUWXULHL OXL 'LDFRQR XQGH GXSă FXP DP Yă]XW DU IL
YRUEDGH/HRQ'DFăDOĠLFHUFHWăWRULQXVHLPSOLFăvQFKHVWLXQHDLGHQWLILFăULLGLQSUH]HQWDUHDIDFWXDOă
DOXL'XMþHYSUHOXDWăvQOLQLLPDULGH2UWDOOLVHVWDELOHúWHFăHVWHYRUEDGHHYHQLPHQWHSHWUHFXWHGXSă
PRDUWHD OXL /HRQ 9, PDUWLH   úL vQ FRQGLĠLLOH UHOXăULL RIHQVLYHL ĠDUXOXL EXOJDU DMXQV vQ  VXE
]LGXULOH&RQVWDQWLQRSROXOXL
'H DVHPHQHD 6 5RPDQLQ LQWURGXFH LSRWH]D RULJLQDOă SRWULYLW FăUHLD WLWOXO GH SURWRVSDWDULRV
HVWHFRQVLGHUDWFDILLQGGHVWLQDWOXL2UVRvQVăDFHDVWăRSĠLXQHQXDIRVWvPEUăĠLúDWăGHFHLODOĠLVDYDQĠL
FDUHSHED]DDXWRULWăĠLLVXUVHORUYHQHWH vQSULQFLSDO'LDFRQRúL'DQGROR vOUHĠLQSH3LHWURvQVXúLFD
EHQHILFLDUDOWLWXODWXULL


*LXVWLQLDQ([WHQVD&DUROGR6DQXGR6DQVRYLQRFXPHQĠLXQHDFăvQFD]XULOHOXL&DUROGR
úL6DQVRYLQRQXPDLHVWHDPLQWLWăREĠLQHUHDWLWOXOXLHSLVFRSDOGHFăWUH'RPHQLFR

3'ROILQ(UL]]R0

-RKQ-XOLXV1RUZLFK$+LVWRU\RI9HQLFH/RQGUD>SULPDHGLĠLH±@

9LWWRULR/D]]DULQL,WLWROLGHLGRJLGL9HQH]LDÄ1XRYR$UFKLYLR9HQHWR´VHULHQRXă
QU  S ±   *LRUJLR 5DYHJQDQL 'LJQLWj EL]DQWLQH GHL GRJL GL 9HQH]LD vQ 6WXGL YHQHWL
RIIHUWLD*DHWDQR&R]]L9LFHQ]DS±  'RQDOG01LFRO9HQH]LDH%LVDQ]LR0LODQR
>HGLĠLDRULJLQDOă%\]DQWLXPDQG9HQLFH&DPEULGJH@S

6 5RPDQLQ 6WRULD GRFXPHQWDWD GL 9HQH]LD YRO , 9HQH]LD  S  $QGUHD 'D
0RVWR , GRJL GL 9HQH]LD QHOOD YLWD SXEOLFD H SULYDWD 0LODQR >@ S ± ,YDQ 'XMþHY
5DSSRUWL IUD 9HQH]LD H OD %XOJDULD QHO PHGLRHYR vQ YRO 9HQH]LD H LO /HYDQWH ILQR DO VHFROR ;9
HG$JRVWLQR3HUWXVLYRO,6WRULD±'LULWWR±(FRQRPLD)ORUHQĠDS±  &ODXGLR
5HQGLQD'RJLL9HQHĠLHL,VWRULHúLVHFUHWH%XFXUHúWL>HGLĠLDRULJLQDOă,'RJL6WRULDHVHJUHWL
5RPD @ S  *KHUDUGR 2UWDOOL ,O GXFDWR H OD ©FLYLWDV 5LYRDOWLª WUD FDUROLQJL EL]DQWLQL H
VDVVRQLvQ6WRULDGL9HQH]LDYRO,2ULJLQL±(WjGXFDOHHG/HOOLD&UDFFR5XJJLQL±0DVVLPLOLDQR
3DYDQ±*LRUJLR&UDFFR±*KHUDUGR2UWDOOL5RPDS±  

 ùHUEDQ0DULQ 

ÌQSULYLQĠDORFDOL]ăULLFDSWXUăULLOXL3LHWUR5RPDQLQvOSODVHD]ăvQSăUĠLOHGDOPDWHvQYUHPHFH
'D0RVWR5HQGLQDúL2UWDOOLYRUEHVFGH&URDĠLDILHGLUHFWILHSULQSULVPDSR]LĠLHLOXL0LKDLOGHEDQ
GXFHDODFHOHLSURYLQFLL3HQWUXLGHQWLILFDUHDDXWRUXOXLUăSLULL(VWHU3DVWRUHOORvQHGLĠLDVDDFURQLFLL
OXQJL GDQGROLHQH WULPLWH OD DXWRULWDWHD OXL -RDQQHV /XFLXV FDUH RSWHD]ă SHQWUX 0LURVODY ILXO OXL
&UHVLPLUVDXDOOXL0XFLPLUXFLVGHEDQXO3ULEXQMvQ5HIHULQĠDOXL/XFLXVFRQGXFHOD&RQVWDQWLQ
3RUILURJHQHWXOÌQVăPDLUDĠLRQDOăDUILRDOWăWULPLWHUHODRSHUDvPSăUDWXOXLFURQLFDUXQGHHVWHYRUED
FKLDUGHXQ0LKDLOÄDUFKZQ´DO=DKXPOMHLIDSWHYLGHQĠLDWPDLvQWkLGH*0RQWLFRORvQHGLĠLDVDD
FURQLFLLOXL*LRYDQQL'LDFRQR65RPDQLQSDUHVăvPSDFHFHOHGRXăYHUVLXQLQXPLQGXOSHDXWRUXO
ÄRSHUDĠLXQLL´ GH FDSWXUDUH FD Ä0LURVODY VDX 0LKDLO EDQ DO FURDĠLORU´ ÌQ VWXGLLOH PDL UHFHQWH vQVă
LSRWH]D Ä0LURVODY´ HVWH DEDQGRQDWă DVWIHO vQFkW DYHP GH D IDFH FX 0LKDLO FRQIRUP 'D 0RVWR
'XMþHY5HQGLQD2UWDOOL FHHDFHHVWHvQFRQIRUPLWDWHúLFXVXUVHOHYHQHĠLHQHWkU]LL
ÌQ YUHPH FH 5HQGLQD YHGH ÄR UăSLUH vQ WRDWă UHJXOă´ 2UWDOOL SURSXQH R LQWHUSUHWDUH GLIHULWă
VSHFLILFkQG Fă IDSWXO QX HVWH R SRYHVWH D XQRU EULJDQ]L GH VWUDGă FL SH ED]D DQDOL]HL OXL 'XMþHY XQ
IUDJPHQW ELQH SUHFL]DW vQWUXQ FRQIOLFW PXOW PDL ODUJ DQXPH FHO GLQWUH EL]DQWLQL úL EXOJDUL DUăWkQG
FRQWH[WXOJHQHUDOSRWULYLWFăUXLD0LKDLOSULQFLSHGH=DKXPOMD +XP VHDIODvQFRQFXUHQĠăFXSULQFLSHOH
3HWUX DO 6HUELHL ±  FDUH DFĠLRQD vQ IDYRDUHD %L]DQĠXOXL úL FD XUPDUH HUD DOLDW QDWXUDO DO OXL
6LPHRQ $QWHULRU 5RPDQLQ PHQĠLRQDVH Fă 6LPHRQ DU IL DYXW SUREDELO PRWLYH GH LQLPLFLĠLH IDĠă GH
YHQHĠLHQLIăUăvQVăDRIHULPDLPXOWHGHWDOLL'HúLQXDYHPGDWHSHQWUXDVWDELOLFXFHUWLWXGLQHGDFăILXO
GRJHOXLDUILDMXQVFKLDUODFXUWHDGHOD3UHVODY,YDQ'XMþHYvQFOLQăFăWUHDFHDVWăYDULDQWă
ÌQ SULYLQĠD WULPLWHULORU OD L]YRDUH 5RPDQLQ SUHIHUD Vă DFRUGH FUHGLW OXL /XFLXV ÌQ VFKLPE
2UWDOOLIDFHUHIHULUHODFURQLFDOXL*LRYDQQL'LDFRQRvQVăúLSHQWUXILJXUDOXL0LKDLOOD&RQVWDQWLQ
3RUILURJHQHWXO /D UkQGXO ORU /D]]DULQL úL 5DYHJQDQL IDF WULPLWHUH DWkW OD 'LDFRQR FkW úL OD
'DQGRORLDU'XMþHYH[FOXVLYOD'LDFRQRPăUJLQLQGXVHDVWIHOFXWRĠLLODFURQLVWLFDYHQHĠLDQăvQ
YUHPHFH'D0RVWRVDX5HQGLQDQXRIHUăQLFLXQDPăQXQWOHJDWGH VXUVHOHXWLOL]DWHÌQDQVDPEOXVH
FRQVWDWă Fă FHL FDUH DX VFULV WRWXúL GHVSUH DFHVW HYHQLPHQW PHUJ QHDEăWXĠL SH YHUVLXQHD SURSXVă GH
'LDFRQR úL ÄRILFLDOL]DWă´ GH 'DQGROR LDU WULPLWHULOH DWXQFL FkQG VH IDF vO YL]HD]ă vQ SULQFLSDO SH
*LRYDQQL 'LDFRQR &D XUPDUH YHUVLXQHD PDMRULWăĠLL FURQLFLORU SRWULYLW FăUHLD 3LHWUR %DGRDUR DU IL
UHXúLW Vă HYDGH]H IăUă Vă PDL IL IRVW QHYRLH GH PHGLHUHD OXL 'RPHQLFR GH 0DODPRFFR QX D SXWXW
SăWUXQGH vQ FULWLFD PRGHUQă 2 H[SOLFDĠLH DU IL SH OkQJă DXWRULWDWHD GH QHFRQWHVWDW D FURQLFLORU FDUH
PHQĠLRQHD]ă LQWHUYHQĠLD GLSORPDWLFă D HSLVFRSXOXL úL IDSWXO Fă UHVWXO FURQLFLORU QX VD EXFXUDW GH
OXPLQDWLSDUXOXLúLvQFRQVHFLQĠăDFHVWHDDXIRVWPXOWPDLSXĠLQDFFHVLELOHFHUFHWăWRULORUPRGHUQL
'HVSUH3LHWUR%DGRDURVHúWLHFăYDDMXQJHGRJHvQVăFXRGRPQLHVFXUWă ± OLSVLWăGH
HYHQLPHQWHGHRVHELWH
ÌQ ILQDO UHLWHUăP IDSWXO Fă VFULHULOH YHQHĠLHQH DYXWH vQ YHGHUH VXQW WkU]LL IDĠă GH HYHQLPHQW
SULPDVFULHUHGHQDWXUăLVWRULFăSURGXVăOD9HQHĠLDFHDDOXL*LRYDQQL'LDFRQRILLQGFRQFHSXWăDELD
vQSULPLLDQLDLVHFROXOXLDO;,OHDDúDGDUODGLVWDQĠăGHDSURDSHGRXăVHFROHÌQVăQXYHGHPGHFHDU
WUHEXL Vă QX OH DFRUGăP DWHQĠLH FX DWkW PDL PXOW FX FkW HVWH YRUED GH XQ LQFLGHQW QHSOăFXW úL FD


-RDQQHV/XFLXV'HUHJQR'DOPDWLDHHW&URDWLDH$PVWHUGDPSDSXG(3DVWRUHOOR
vQ([WHQVDSQRWă

&RQVWDQWLQH 3RUSK\URJHQLWXV 'H DGPLQLVWUDQGR LPSHULR HG *\ 0RUDYFVLN WUDG 5-+
-HQNLQV%XGDSHVWDFDS

*0RQWLFRORvQ'LDFRQRSQRWD

,'XMþHYRSFLWSURSXQHFDVROXĠLHSH0LKDLO9LãHYLü ±FLUFD SULQFLSHGH=DKOXPLD

65RPDQLQRSFLWSQRWD

*2UWDOOLRSFLWSQRWD

,ELGHPSQRWD

9/D]]DULQLRSFLWSQRWD*5DYHJQDQLRSFLWSQRWD

,'XMþHYRSFLWS±QRWD


 8QILXGHGRJHODFXUWHDĠDUXOXL6LPHRQDO%XOJDULHL 

XUPDUHOLSVLWGHRULFHYHOHLWDWHGUHSWSHQWUXFDUHFURQLFDULLYHQHĠLHQLQXDYHDXGHFHVăUHFXUJăODR
LQYHQĠLH&DXUPDUHvQFOLQăPVăFUHGHPvQYHULGLFLWDWHDH[LVWHQĠHLVDOHFKLDUúLvQOLSVDGHPăUWXULL
FRQWHPSRUDQH

$'2*(¶6621$77+(&28572)76$56<0(212)%8/*$5,$
7+(&$6(2)3,(752%$'2$52

$EVWUDFW

7KHSDSHULVWREHSXWLQWRFRQQHFWLRQZLWKVHYHUDORWKHULQYHVWLJDWLRQVRIWKHDXWKRUGHDOLQJ
ZLWK WKH PDQQHU LQ ZKLFK YDULRXV HYHQWV RI WKH 9HQHWLDQ KLVWRU\ ZHUH UHSUHVHQWHG LQ WKH ODWHU
9HQHWLDQFKURQLFOHV,WLQGHHGUHOLHVXSRQWKHFODVVLILFDWLRQLQWRFDWHJRULHVRIWKLVµUDZPDWHULDO¶
SURSRVHGRQDQRWKHURFFDVLRQ
+HQFHIRUWKLWKDVLPDJHVDVSXUSRVHDQGQRWWKHHYHQWXDOKLVWRU\
7KLVWLPHWKHHYHQWWDNHQLQWRFRQVLGHUDWLRQLVDQLQFLGHQWWKDWFRXOGQRWEHLGHQWLILHGLQWKH
FRQWHPSRUDU\VRXUFHVWKDWLVWKHPLVVLRQRI3LHWUR%DGRDUR2UVR%DGRDUR¶VVRQWR&RQVWDQWLQRSOH
8QIRUWXQDWHO\ IRU KLP GXULQJ KLV UHWXUQ WR 9HQLFH KH ZDV FDSWXUHG E\ D FHUWDLQ 0LFKDHO D 6ODY
FDSWDLQDQGWKHQGHOLYHUHGWR6\PHRQRI%XOJDULDDVDSULVRQHU6LQFHWKHHYHQWKDGQRWKLQJWRGR
ZLWKDJORULRXVKDSSHQLQJWKHDXWKRURIWKLVDUWLFOHUHJDUGVLWDVEHLQJDUHDORQHDQGFRQQHFWVLWZLWK
WKHSUHYLRXVFODVVLILFDWLRQRIWKH9HQHWLDQFKURQLFOHV




























 ùHUEDQ0DULQ 





9/$'ğ(3(ùù,25$ù8/&Æ038/81*086&(/

5$'8ù7()$19(5*$77,

9ODG ğHSHú YRGă FHO PDL FXQRVFXW GRPQ URPkQ vQ vQWUHDJD OXPH GH FăWUH WRĠL RDPHQLL GH
FXOWXUăPHGLHúLDvQFHSXWDGRXDúLSULQFLSDODOXLGRPQLH ± vQWUHGDWHOHGHDSULOLHúL
 DXJXVW  )DF DFHDVWă DILUPDĠLH GHRDUHFH OD  DSULOLH  VD HPLV XOWLPXO KULVRY GRPQHVF
VHPQDWGHSUHGHFHVRUXOOXL9ODGğHSHú9ODGLVODYDO,,OHD ± 3HOHVSHGHDWRPEDOăDúH]DWă
GHIUDĠLL&UDLRYHúWLSHPRUPkQWXOOXL9ODGLVODYDO,,OHDGLQ LQFLQWD0ăQăVWLULL'HDOXVDVFULVFăD
PXULWODDXJXVWvQRUDúXO7kUJúRU'DFăQXDPDLVHPQDWDOWHDFWHGXSăGDWDGHDSULOLH
 vQ PRG FHUW 9ODGLVODY DO ,,OHD QX PDL HUD VLJXU SH SR]LĠLD VD ERLHULL úL JUăPăWLFLL QXO PDL
GRUHDXúLQXOPDLVOXMHDX/DVFXUWWLPSGXSăDFHHDODGDWDGHLXOLH,DQFXGH+XQHGRDUD
DIODWOD%HOJUDGXQGHDSăUDFHWDWHDvPSRWULYDDWDFXOXLGXQăUHDQRWHUHVWUXFRPDQGDWGH0HKPHWDO,,OHD
HO)DWvK ± OHDVFULVVFDXQHORUVăVHúWLFăDvQFUHGLQĠDWDSăUDUHDORUOXLÄ9ODGYRLHYRGXO´
FDUHIăFXVHÄSHFkQGHUDvQDIDUDĠăULLVDOH´PXOWHSURPLVLXQLOXL,RDQILXOXLVăX/DGLVODXGH+XQ\DGL
úLUHJHOXL8QJDULHL6HVROLFLWDDFHVWDMXWRUGHRDUHFHúLYRLHYRGXO7UDQVLOYDQLHLvODMXWDVHSH9ODGVă


$UWLFROXO GH IDĠă D IRVW SUH]HQWDW vQ IRUPă UH]XPDWă vQ FDGUXO 6HVLXQLL GH &RPXQLFăUL
ùWLLQĠLILFH D 0X]HXOXL &kPSXOXQJ 0XVFHO  VHSWHPEULH   ÌO vQFKLQ UHJUHWDWXOXL PHX SULHWHQ
FHUFHWăWRUXO3DXO&HUQRYRGHDQXPHPEUXGHRQRDUHDO$FDGHPLHL5RPkQH

ùWHIDQ $QGUHHVFX 9ODG ğHSHú 'UDFXOD  ÌQWUH OHJHQGă úL DGHYăU LVWRULF HG , %XFXUHúWL
 SDVVLP 1LFRODH 6WRLFHVFX 9ODG ğHSHú %XFXUHúWL  S  úL XUP 5ùW 9HUJDWWL
&LREDQX  3H XUPHOH OXL 9ODG ğHSHú %XFXUHúWL  SDVVLP 5DGX ùWHIDQ 9HUJDWWL 9ODG ğHSHú
'UDFXOD9LDĠDúLIDSWHOHGRPQXOXLURPkQúLHFRXOORUvQWLPS%XFXUHúWLSDVVLP vQFRQWLQXDUH
9ODGğHSHú'UDFXOD 55)ORUHVFX570F1DOO\'UDFXOD3ULQFHRI0DQ\)DFHV+LV/LIHDQG+LV
7LPHV/LWWOH%URZQ &RSDVVLP(OL]DEHWK0LOOHU'UDFXOD6HQVH 1RQVHQVH'HVHUW,VODQG
%RRNV/LPLWHGSDVVLP

'RFXPHQWXODIRVWUHGDFWDWvQUHúHGLQĠDGRPQHDVFăDğăULL5RPkQHúWL7kUJRYLúWHÌPSUHXQă
FXGRPQXOHUDXERLHULL'UDJRPLU8GULúWH6WDQFLXOYRUQLFORJRIăWXO0LKDL6WDQDOOXL1HJUH&RLFDDO
OXL 8WPHú &D]DQ DO OXL 6DKDF &D]DQ &UHĠXO 'LPLWUX úL 6WRLDQ VSăWDUL 3DKXOHD YLVWLHU SDKDUQLFXO
%DOHD VWROQLFXO &kUVWHD FRPLVXO 0DQHD VWUDWRUQLFXO 5DGX '5+ % ğDUD 5RPkQHDVFă YRO ,
%XFXUHúWLS±GRF 

3LDWUD WRPEDOăD IRVW DúH]DWă SH PRUPkQWXO OXL 9ODGLVODY DO ,,OHD WkU]LX OD FLUFD  GH DQL
GXSă GHFHVXO GRPQXOXL HD D IRVW DúH]DWă vQ ELVHULFD 0ăQăVWLULL 'HDOX GH IUDĠLL %DUEX EDQ úL 3kUYX
YRUQLF GLQ IDPLOLD &UDLRYHVFX UHSUH]HQWkQG XQ RPDJLX SRVWXP SHQWUX 9ODGLVODY DO ,,OHD FDUH vO
ULGLFDVHSH1HDJRHGHOD&UDLRYDWDWăOORUODUDQJXOGHYODVWHOLQ ùWHIDQùWHIăQHVFX %ăQLDvQğDUD
5RPkQHDVFă%XFXUHúWLS 

(SLVWRODVHPQDODWăGH,RQ%RJGDQ9ODGğHSHúúLQDUDĠLXQLOHJHUPDQHúLUXVHúWLDVXSUDOXL
6WXGLX FULWLF %XFXUHúWL  S  SXEOLFDUHD HSLVWROHL VFULVă vQ OLPED ODWLQă OD .DUO *XVWDY
*QGLVFK 8UNXQGHQEXFK ]XU *HVFKLFKWH GHU 'HXWVFKHQ LQ 6LHEHQEUJHQ YRO 9 ± 
%XFXUHúWLQUS vQFRQWLQXDUH8UNXQGHQEXFK 

'5+%,S±'5+',S

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 5DGXùWHIDQ9HUJDWWL 

RFXSHWURQXOGHOD7kUJRYLúWH,VDDGUHVDWOXLğHSHúYRGăFăFLSUREDELODIODVHFăDFHVWDSUHOXDVH
FRQWUROXO DVXSUD FHOHL PDL PDUL SăUĠL D WHULWRULXOXL 9DODKLHL (VWH R LSRWH]ă FDUH LD GHWHUPLQDW SH
FHUFHWăWRULVăvQFDGUH]HRFXSDUHDMLOĠXOXLGRPQHVFGHFăWUH9ODGğHSHúvQWUHDSULOLHúLLXOLH
&XWRDWHDFHVWHD9ODGLVODY,,úLRSDUWHGLQWUHERLHULLĠăULLvQWUHFDUHVHvQVFULDXúL&UDLRYHúWLL
DXJăVLWVXILFLHQWHUHVXUVHSHQWUXDVWUkQJHRRDVWHúLDVHvPSRWULYLYHQLULLQRXOXLGRPQÌQIUXQWDUHD
FHORU GRXă RúWLUL D DYXW ORF SUREDELO vQ RUDúXO 7kUJúRU XQGH VH JăVHD R FXUWH GRPQHDVFă D OXL
9ODGLVODYDO,,OHD)LLQGELUXLWRU9ODGğHSHúLDWăLDWFDSXODGYHUVDUXOXLVăXIRDUWHSRVLELOvQFHQWUXO
DúH]ăULLÌQDPLQWLUHDDFHVWXLIDSWSURGXVGXSăWUDGLĠLHODDXJXVWERLHULL&UDLRYHúWLDXSXV
OHVSHGHDWRPEDOăSHPRUPkQWXOGRPQXOXLFDUHLDMXWDVHVăVHULGLFH
'XSă DFHDVWă DFĠLXQH úL SULQ FWLWRULUHD %LVHULFLL 6I 1LFRODH GLQ 7kUJúRU ğHSHú D SUHOXDW
GHILQLWLY WURQXO úL FRQWUROXO vQWUHJLL 9DODKLL /D  VHSWHPEULH  9ODG ğHSHú PăUWXULVHúWH vQWUR
HSLVWROă±vQĠHOHJHUH FX EUDúRYHQLL GHVSUH UHXúLWD OXL ÄGREkQGLUHD GRPQLHL DFHVWHL ĠăUL URPkQHúWL´
&XYLQWHOH OXL GH DWXQFL DX H[SULPDW vQWUR IRUPă ODSLGDUă EXFXULD RPXOXL FDUH D UHXúLW VăúL
vQFXQXQH]HFXVXFFHVOXSWDXQRUDQLOXQJLGHWUXGăúLGHSUHJăWLUH
'HDWXQFLvQDLQWHğHSHúDWUHFXWODvQIăSWXLUHDXQRUDFWHFDUHDXIăFXWSDUWHGLQDQVDPEOXOSROLWLF
FH LD DVLJXUDW QHPXULUHD ÌQ SULPXO UkQG VD vQJULMLW Vă DLEă OLQLúWH OD JUDQLĠă (UD DEVROXW QHFHVDU $
VWDELOLW EXQH UDSRUWXUL FX VXOWDQXO 0HKPHW DO ,,OHD HO )DWvK FXFHULWRUXO &RQVWDQWLQRSROXOXL DOăWXUL GH
FDUH 9ODG ğHSHú SHWUHFXVH FkĠLYD DQL vQ DGROHVFHQĠă OD (GLUQH úL OD (JULJ|] $SRL SULQ LQWHUPHGLXO
UHSUH]HQWDQĠLORUIDPLOLHLIRVWXOXLYRLHYRG,DQFXGH+XQHGRDUD vQVSHFLDOSULQILXODFHVWXLD/DGLVODXD
VWDELOLWEXQHUDSRUWXULFXUHJHOH8QJDULHL/DGLVODXDO9OHD3RVWXPXO ± 
$YkQGOLQLúWHODKRWDUH9ODGğHSHúDSXWXWWUHFHODUHIRUPDSHQWUXvQWăULUHDLQVWLWXĠLHLGRPQLHL
LPSOLFLWDGRPQXOXLvQLQWHULRUXO9DODKLHL(OúLDIRUPXODW vQWURPDQLHUăFODUăSURJUDPXOSROLWLF
H[SXVODVHSWHPEULHvQWURVFULVRDUHvQOLPEDODWLQăFăWUHEUDúRYHQLÄ«úLVăYăJkQGLĠLFă
DWXQFLFkQGXQRPRULGRPQHVWHSXWHUQLFúLWDUHDWXQFLSRDWHIDFHSDFHDFXPYUHDGDUFkQGHVWHIăUă
SXWHUHXQXOPDLWDUHYDYHQLDVXSUDOXLúLYDIDFHFXHOFHYDYRL´
3RUQLQGGHODDFHVWHFXYLQWHFDUHH[SULPDXFUH]XOVăXSROLWLF9ODGYRGăDWUHFXWODDFĠLXQH$
FUHDW LQVWLWXĠLD DUPDúXOXL úL D vQWăULW YHFKHD LQVWLWXĠLH D YLWHMLORU LD VXSXV SH ERLHULL UHEHOL úL
DQDUKLFLvQIUXQWHFX$OEXFHO0DUHúL&UDLRYHúWLLúLDIRUPDWRRúWLUHSHUPDQHQWăDFRPEăWXWSULQ
SHGHSVHDVSUHOHQHDIXUWXOQHFLQVWHD


5ùW9HUJDWWL9ODGğHSHú'UDFXODS±

ùW $QGUHHVFX RS FLW S ± & 5H]DFKHYLFL &URQRORJLD FULWLFă D GRPQLORU GLQ ğDUD
5RPkQHDVFăúL0ROGRYDD±,VHFROHOH;,9±;9,%XFXUHúWLS±

$VWă]LORFDOLWDWHUXUDOăFDUHSăVWUHD]ăQXPHOHDúH]ăULLXUEDQHPHGLHYDOH

$VHYHGHDQRWD

&&*LXUHVFX 2 ELVHULFă D OXL 9ODG ğHSHú OD 7kUJúRU vQ Ä%XOHWLQXO &RPLVLHL
0RQXPHQWHORU ,VWRULFH´ DQ ;9,,  S ± 3DYHO &KLKDLD 'LQ FHWăĠLOH GH VFDXQ DOH ğăULL
5RPkQHúWL%XFXUHúWLS±

'5+',S±

3ULPDORFDOLWDWH(GLUQHHVWHIRVWXORUDúEL]DQWLQ$GULDQRSROLDUFHDGHDGRXDIRVWXORUDú
1\PSKDwRQ

.DUO *XVWDY *QGLVFK 8UNXQGHQEXFK QU  S ± R WUDGXFHUH D VFULVRULL úL OD
1,RUJD6FULVRULGHERLHUL±6FULVRULGHGRPQLHG,,,9ăOHQLLGH0XQWHS±

5ùW9HUJDWWL,QVWLWXĠLDDUPDúXOXLvQğDUD5RPkQHDVFăvQVHFROXODO;9OHDvQÄ+ULVRYXO´
%XOHWLQDO)DFXOWăĠLLGH$UKLYLVWLFă9,±9,,S±

5ùW 9HUJDWWL 9ODG ğHSHú 'UDFXOD S  úL XUP ,QVWLWXĠLL IHXGDOH GLQ ĠăULOH URPkQH
'LFĠLRQDUFRRUG2YLG6DFKHODULH1LFRODH6WRLFHVFX%XFXUHúWLS

ùW$QGUHHVFXRSFLWS±5ùW9HUJDWWL9ODGğHSHú'UDFXODSúLXUP


 9ODGğHSHúúLRUDúXO&kPSXOXQJ0XVFHO 

'RPQXOGkQGGRYDGăGHRFRQFHSĠLHPRGHUQăDFăXWDWúLDUHXúLWVăREĠLQăEDQLLQHFHVDULGHOD
RUăúHQL SHQWUX UHIRUPHOH SUHFRQL]DWH (O úLD GDW VHDPD Fă DFHúWLD UHSUH]HQWDX R FDWHJRULH VRFLDOă
DFWLYăFUHDWRDUHPXOWPDLSURGXFWLYăFDERLHULPHD&DDWDUHVDDGUHVDWLPHGLDWORFXLWRULORURUDúHORU
FDUH LDX GDW EDQLL QHFHVDUL &XP HUDX RDPHQL SUDFWLFL RUăúHQLL GLQ 9DODKLD QX DX IăFXWR vQ PRG
JUDWXLW 'LQWUR VFULVRDUH ± DQJDMDPHQW FăWUH EUDúRYHQL GDWDWă  QRLHPEULH  VH SRDWH DIOD FH
GăGXVH ğHSHúYRGă RUăúHQLORU YDODKL vQ WLPSXO FHOHL GH D GRXD GRPQLL D VD Ä«GH DFXP vQDLQWH
VFDOD FH D IRVW Vă QX PDL ILH QLFăLHUL vQ ĠDUD GRPQLHL PHOH FL Vă ILH VORERG úL YROQLF RULFH RP Vă
FXPSHUHúLVăYkQGăúLVăIDFăQHJRĠIăUăVFDOă´
3ULQWHUPHQXOGHVFDOăIRORVLWGHVvQ(YXO0HGLXGRPQXOYRLDVăDUDWHFăOLPLWDOLEHUWDWHDGH
GHSODVDUHDQHJXVWRULORUVWUăLQLvQFD]XOGHIDĠăVDúLYHQLĠLGLQFHOHGRXăRUDúHWUDQVLOYăQHQH%UDúRYúL
6LELX 1HJXVWRULL DORJHQL HUDX REOLJDĠL VăúL GHVIDFă PăUIXULOH vQ WkUJXULOH URPkQHúWL ± &kPSXOXQJ
7kUJRYLúWH 7kUJúRU %UăLOD $FROR QHJXVWRULL ORFDOL URPkQL DYHDX GUHSW GH SUHHPĠLXQH OD
FXPSăUDUHD PăUIXULORU VWUăLQLORU ÌQ FRQVHFLQĠă QHJXVWRULL VDúL QX PDL SXWHDX IDFH FRPHUĠ FX
DPăQXQWXOQLFLFX3HQLQVXOD%DOFDQLFă$FHDVWăPăVXUăSURWHFĠLRQLVWăSHQWUXDXWRKWRQLGLPLQXDPXOW
YHQLWXULOHúLSRVLELOLWDWHDVWUăLQLORUGHDGRPLQDSăPkQWXOúLORFXLWRULL9DODKLHL
'RPQXODvQFHUFDWVăQXSURYRDFHPkQLDSDWULFLDWXOXLGLQ6LELXúL%UDúRY6SUHSLOGăFkQGQX
VDXJăVLWFXPSăUăWRULSHQWUXRĠHOXODGXVGLQ7UDQVLOYDQLDGRPQXODFXPSăUDWSOăWLQGSHORFWRDWă
FDQWLWDWHD&XWRDWHFăQXDXUăPDVPăUWXULLVFULVHORJLFDLVWRULFăPăvQGHDPQăVăDYDQVH]LSRWH]D
GHOXFUXFăGRPQXODIRORVLWPHWDOXOFXPSăUDWvQDWHOLHUHORFDOHURPkQHúWLSHQWUXIăXULUHDGHDUPH
(VWHXQDOWDVSHFWSR]LWLYDODFĠLXQLORUOXLğHSHúvQFXUDMDUHDPHVHULDúLORUORFDOL
&kQG DX FRQVWDWDW Fă QX SRW REĠLQH VXFFHV SH FăL OHJDOH PHPEULL SDWULFLDWHORU VăVHúWL GLQ
%UDúRYúL6LELXDXWULPLVWLQHULQHJXVWRULvQ9DODKLDSHQWUXD vQFHUFDVăYkQGăSHDVFXQVPăUIXULFX
DPăQXQWXO ğHSHú YRGă D DIODW UHSHGH FH IăFHDX DFHúWLD vQ ĠDUD VD LD SULQV LD MXGHFDW úL LD
FRQGDPQDWODWUDJHUHvQĠHDSă
$ SURFHGDW FRQIRUP SULQFLSLLORU MXVWLĠLHL IHXGDOH 'LQ ILHFDUH SHGHDSVă D IăFXW XQ VSHFWDFRO
WHULILDQWSHQWUXSULYLWRUL7RĠLDFHLDFDUHDVLVWDXODRDVHPHQHDSHGHDSVăúLRSRYHVWHDXPDLGHSDUWHvL
IăFHDXSHDVFXOWăWRULVăQXvQGUă]QHDVFăVăVHJkQGHDVFăODRUHSHWDUHDIDSWHLùWLDXFHLDúWHSWDGLQ
SDUWHDOXL9ODGYRGăDFăUXLSRUHFOăGHğHSHúGHYHQLVHUHQXPH
3DWULFLHQLLGLQ6LELXDXUHDFĠLRQDWYLROHQWFkQG9ODGğHSHúDOXDWERJDWHOHYăPLGHOD5XFăUúL
'UDJRVODYHOH GLQ PkLQLOH QHJXVWRULORU VDúL 3HWHUPDQQ úL 3HWHU *HUHE $FHúWLD DX UHDFĠLRQDW ,DX
ORYLW HFRQRPLF SH RUăúHQLL GLQ &kPSXOXQJ 0XVFHO úL SH VăWHQLL GLQ 5XFăU úL 'UDJRVODYHOH $WXQFL
ğHSHúDOXDWLPHGLDWDSăUDUHDFkPSXOXQJHQLORUúLUXFăUHQLORUÌQLDUQDDQLORU±DvQWUHSULQVR
H[SHGLĠLHGHSHGHSVLUHDORFXLWRULORUGHSH9DOHD+kUWLEDFLXOXLXQGHVHJăVHDXGRPHQLLOHOXL3HWHU


5ùW9HUJDWWL9ODGğHSHú'UDFXODSúLXUP

7HUPHQXO LQGLFă SHQWUX RUDúHOH PHGLHYDOH GUHSWXO GH WkUJ GUHSWXO GH HWDSă GUHSWXO GH
GHSR]LWDUHúLGUHSWXOGHYDPă.**QGLVFK&XSULYLUHODUHODĠLLOHOXL9ODGğHSHúFX7UDQVLOYDQLD
vQDQLL±vQÄ6WXGLL´W;9,QUS± vQFRQWLQXDUH5HODĠLLOH 

,RQ%RJGDQ5HODĠLLOHğăULL5RPkQHúWLFX%UDúRYXOúLFXğDUD8QJXUHDVFă%XFXUHúWL
S±

&,.DUDGMD,QFXQDEXOHOHSRYHVWLQGGHVSUHFUX]LPLOHOXL9ODGğHSHúvQYROÌQFKLQDUHOXL
1LFRODH,RUJD&OXMS

,ELGHP

3DYHO%LQGHU,WLQHUDUXOWUDQVLOYăQHDQDOOXL9ODGğHSHúvQÄ5HYLVWDGH,VWRULH´W
QUS±

5DGX0DQROHVFX&RPHUĠXOğăULL5RPkQHúWLúL0ROGRYHLFX%UDúRYXO VHFROHOH;,9±;9, YRO
,%XFXUHúWLS±5HJUHWDWXOSURIHVRUDFRQVLGHUDWFDğHSHúYRGăDvQWUHSULQVH[SHGLĠLDGHSH
9DOHD +kUWLEDFLXOXL vQ SULPHOH OXQL DOH DQXOXL  GH FkQG GDWHD]ă úL PăVXULOH SURWHFĠLRQLVWH DOH
GRPQXOXL UăPkQ OD GDWDUHD FDUH SODVHD]ă HYHQLPHQWHOH vQ LDUQD ± ED]kQGXPă SH
GRFXPHQWHOHVăVHúWL$VHYHGHDúLSXQFWXOGHYHGHUHH[SULPDWGH.**QGLVFK5HODĠLLOHS±



 5DGXùWHIDQ9HUJDWWL 

*HUHE$úDGDUHVWHGHUHĠLQXWFăğHSHúODSHGHSVLWGLUHFWSH FHOFDUHLvQFăOFDVHĠDUD6LELHQLLVDX
VROLGDUL]DWFX3HWHU*HUHEGLQFDX]DOH]ăULLXQRULQWHUHVHHFRQRPLFHLPHGLDWHúLYRFLLVkQJHOXLQXD
XQXLDWDFGLUHFWvPSRWULYDORU,PHGLDWVDREĠLQXWOLQLúWHSHQWUXFkPSXOXQJHQLúLSHQWUXVăWHQLLGHSH
FXORDUXO5XFăU±%UDQ vQJHQHUDOvQOHJăWXULFRPSOH[HGHREúWH 
'LQVFULVRDUHDGDWDWăQRLHPEULHUH]XOWăFăRUăúHQLLGLQ&kPSXOXQJ7kUJRYLúWH7kUJúRU
EHQHILFLDVHUă GH MXV HPSRULL MXV VWDSXODH úL MXV GHSRVLWDULXP $FHVWH GUHSWXUL OHDX DGXV PDUL
EHQHILFLL PDWHULDOH GHFL úL R vPERJăĠLUH vQWUXQ WLPS VFXUW %XQăVWDUHD GLQ RUDúXO &kPSXOXQJ
0XVFHO VD HYLGHQĠLDW LPHGLDW GXSă D GRXD GRPQLH D OXL ğHSHú $P IRVW REOLJDW Vă IDF SLHWUHOH Vă
YRUEHDVFăGHRDUHFHQXH[LVWăDFWHVFULVHHOHILLQGGLVWUXVHVDXSLHUGXWH/RFXLWRULLGLQFRPXQLWDWHD
URPkQHDVFăDXDYXWSRVLELOLWDWHDFDDSUR[LPDWLYvQGHFHQLXODOúDSWHOHDDOFHOXLGHDO;9OHDYHDFVă
ULGLFH%LVHULFD6I*KHRUJKH2ODUL
,QLĠLDOVDRSLQDWFăDFHDVWăELVHULFăDUILIRVWGHFRQIHVLXQHFDWROLFă5H]XOWDWHOHVăSăWXULORU
DUKHRORJLFH HIHFWXDWH GH )ODPLQLX 0vUĠX vQ GHFHQLXO DO úDSWHOHD DO VHFROXOXL WUHFXW DX GHPRQVWUDW
SHUHPSWRULX Fă GH OD vQFHSXW ELVHULFD 6I *KHRUJKH 2ODUL D IRVW GH PLFL GLPHQVLXQL DWkW FkW HUDX
QHFHVDUHSHQWUXGHVHUYLUHDFRPXQLWăĠLLXUEDQHPHúWHúXJăUHúWLUHVSHFWLYH(VWHIRDUWHSUREDELOFDvQ
SULPDHLID]ăGHH[LVWHQĠăDFHDVWăPLFăELVHULFăVăQXILIRVWGHVWLQDWăúLSHQWUXVOXMEHOHIXQHUDUHGLQ
FLPLWLUXO PHúWHULORU RODUL 5H]XOWDWHOH FHUFHWăULORU DUKHRORJLFH SDU Vă LQGLFH Fă QHFURSROD RODULORU
FkPSXOXQJHQLVHDIODXQGHYDODPDUJLQHDRUDúXOXL
&kQGYD vQ VHFROXO DO ;9,OHD VDX OD vQFHSXWXO VHFROXOXL DO ;9,,OHD ELVHULFD 6I *KHRUJKH
2ODUL D GHFă]XW 6D LPSXV FD HD Vă ILH UHSDUDWă úL PăULWă $FHVWH RSHUDĠLL VDX HIHFWXDW vQ WLPSXO
GRPQLHLOXL0DWHL%DVDUDE3DXOGH$OHSvQDQXOFkQGDYL]LWDWRUDúXO&kPSXOXQJDQRWDWÄ'H
VăUEăWRDUHD6I*KHRUJKHDDYXWORFRSURFHVLXQHOD&kPSXOXQJSRWULYLWGDWLQHLùLGRPQXOQRVWUX
SDWULDUK VD GXV FX HL OD R YHFKH ELVHULFă vQFKLQDWă 6IkQWXOXL *KHRUJKH GH OD PDUJLQHD RUDúXOXL
XQGHOHDVILQĠLWDJKHD]PDúLDSRLVDXvQWRUVFXWRĠLLODOLWXUJKLH´5H]XOWăGLQFXYLQWHOHVFULVHGH
GLDFRQXOVLULDQFăELVHULFDHUDYHFKHúLFDXUPDUHDIRVWQXPDLUHIăFXWăvQWLPSXOGRPQLHLOXL0DWHL
%DVDUDE ± $QDOL]DDWHQWăDFRQVWUXFĠLHLDGHPRQVWUDWFăvQWLPSXOUHIDFHULLDXIRVWIRORVLWH
PDWHULDOHDGXVHGHODPăQăVWLUHDFDWROLFăDÄ&ORDúWHUXOXL´DIODWăvQFXUVGHGHPRODUH6LPLOLWXGLQLOH
GLQWUHELVHULFD6I*KHRUJKH2ODULGLQ&kPSXOXQJ0XVFHOúLELVHULFD&UHĠXOHVFXGLQ7kUJRYLúWHDXGXV
OD LSRWH]D vQăOĠăULL DPEHORU FRQVWUXFĠLL vQ MXUXO DQXOXL  FX WRDWH Fă FHD GLQWkL IXVHVH GRDU
UHIăFXWăvQDFHDSHULRDGă


ùWHIDQ 7UkPEDFLX ,VWRULFXO REúWLL &kPSXOXQJHQLORU 0XVFHOHQL vQ (YXO 0HGLX úL SULPD
MXPăWDWH D VHF ;,; %XFXUHúWL  SDVVLP LGHP &RQWULEXĠLL OD VWXGLXO REúWLORU GH PRúQHQL GLQ
ğDUD5RPkQHDVFăVHF;,9±;,;%XFXUHúWLSDVVLP

5DGX0DQROHVFXRSFLWS±

3DYHO&KLKDLDRSFLWSúLXUP

0$ =DJRULW] ÌQUkXULUL JRWLFH vQ DUKLWHFWXUD URPkQHDVFă vQ %&0, ,;  S 
DFHHDúL RSLQLH R vPSăUWăúLVH úL 1 *KLFD%XGHúWL (YROXĠLD DUKLWHFWXULL vQ 0XQWHQLD úL 2OWHQLD ,,,
9HDFXO DO ;9,,OHD vQ %&0, ;;9  S  3DYHO &KLKDLD 0RQXPHQWV JRWLTXHV GDQV OHV
DQFLHQQHVUpVLGHQFHVGH9DODFKLHvQÄ5HYXHURXPDLQHG¶KLVWRLUHGHO¶DUW´WRP,,S±

'RULQ 3RSHVFX 6ăSăWXULOH DUKHRORJLFH GLQ 5HSXEOLFD 6RFLDOLVWă 5RPkQLD vQ Ä6WXGLL úL
&HUFHWăULGH,VWRULH9HFKH´WRPQUSFXXQUDSRUWDOVăSăWXULORUDUKHRORJLFHGHOD
ELVHULFD6I*KHRUJKHFRQGXVHGH)DOPLQLX0vUĠX

&ăOăWRULVWUăLQLGHVSUHĠăULOHURPkQHYRO9,3DUWHD,3DXOGH$OHSHG00$OH[DQGUHVFX
'HUVFD%XOJDUX%XFXUHúWLS

3DYHO&KLKDLD'LQFHWăĠLOHGHVFDXQDOHğăULL5RPkQHúWL%XFXUHúWLSvQDFHDVWă
OXFUDUHFHUFHWăWRUXOúLDVFKLPEDWWRWDOSXQFWXOGHYHGHUHVXVĠLQkQGFăDELQLWLRELVHULFD6I*KHRUJKH
2ODULDIRVWGHFRQIHVLXQHRUWRGR[ă3XQFWXOGHYHGHUHFăELVHULFDDIRVWGHODvQFHSXWGHFRQIHVLXQH
RUWRGR[ăúLOD&U0RLVHVFX$UKLWHFWXUDvQWLPSXOGRPQLHLOXL0DWHL%DVDUDEYRO,%XFXUHúWL


 9ODGğHSHúúLRUDúXO&kPSXOXQJ0XVFHO 

&RPXQLWDWHDORFXLWRULORUGHRULJLQHJHUPDQă±VDúL±DDYXWúLHDGHSURILWDWGHSHXUPDPăVXULORU
OXLğHSHúùLHDVDvPERJăĠLWvQDQLLFHOHLGHDGRXDGRPQLLDOXL9ODGYRGă'RYDGDFHDPDLFODUăHVWH
UHSDUDUHD%LVHULFLL&DWROLFHFXKUDPXO6I,DFREQXPLWăvQOLPEDMORFDOÄD%ăUăĠLHL´$FHDVWăGHQXPLUH±
SRUHFOăGHVLJXUDIRVWGDWăGHURPkQLvQDFHVWFD]FDúLvQDOWHOHVLPLODUHSRUQLQGGHODUDVDFăOXJăULORU
GRPLQLFDQLFDUHHUDEUă]GDWă EDUDWă FXGXQJL&RQFRPLWHQWVDúLLDXDYXWSRVLELOLWDWHDVăUHSDUHúLVă
UHIDFăWRWDOELVHULFDPăQăVWLULLFXKUDPXO6I(OLVDEHWDQXPLWăGHORFDOQLFLÄ&ORDúWHU´5HIDFHUHDHLVD
SHWUHFXWvQDFHODúLWLPSFXvQăOĠDUHDELVHULFLLRUWRGR[H6I*KHRUJKH2ODUL
7RWRGDWă ELVHULFD PăQăVWLULL FDWROLFH D IRVW WUDQVIHUDWă GH OD 2UGLQXO 'RPLQLFDQ OD 2UGLQXO
)UDQFLVFDQ $PEHOH RUGLQH DSDUĠLQHDX FăOXJăULORU ÄPHQGLFDQWL´ $FHúWLD FX FRQFXUVXO úL VXE
vQGUXPDUHDSRQWLIXOXL,QRFHQĠLX,,, ± DXvQORFXLWLGHDOXOGHVLKăVWULHFXÄYLWWDDWWLYD´FX
SUHGLFDvQRUDúHFXPLVLXQHDvQPLMORFXOPXOĠLPLLSăFăWRDVHWHQWDWăGHYLFLL
%XQăVWDUHDFkPSXOXQJHQLORUúLDORFXLWRULORUGLQFRPXQHOHGHSHFXORDUXO5XFăU±%UDQDGXUDW
WRWWLPSXOFHOHLGHDGRXDGRPQLLDOXL9ODGğHSHú
8OWLPXODQDOGRPQLHLVDOHúLPDLDOHVvQFHWDUHDGRPQLHLVXQWOHJDWHWRWGH]RQDPXVFHOHORU
'XSă OXSWH FX DUPDWD FRPDQGDWă GH 0HKPHW DO ,,OHD HO )DWvK PDL ± LXOLH   ğHSHú VD Yă]XW
FRQWHVWDWúLvQFROĠLWGHRVHULHGHERLHULÄKLFOHQL´VXVĠLQăWRULDLIUDWHOXLVăXPH]LQ5DGXVXSUDQXPLW
úLÄFHO)UXPRV´
ğHSHú vQ WRDPQD DQXOXL  vQWUH vQFHSXWXO OXQLL RFWRPEULH úL OXQLL QRLHPEULH D SHWUHFXW
FLUFD FLQFL VăSWăPkQL vQ SUHDMPD SDWULFLDWHORU GLQ 6LELX úL GLQ %UDúRY 7RWRGDWă HO HUD úL vQ
DSURSLHUHDUHJHOXL0DWHL&RUYLQDIODWOD%UDúRYGHODPLMORFXOOXQLLVHSWHPEULH$FRORUHJHOH
FDUHQXGăGXVHFXUVFHUHULL9HQHĠLHLGHDSDUWLFLSDODÄFUXFLDGD´DQWLRWRPDQăGHúLSULPLVHEDQLGHOD
HD VD OăVDW LQIOXHQĠDW GH LQWULJLOH SDURKXOXL VDV -RKDQQ 5HXGHO GH OD %LVHULFD %DUWRORPHX GLQ
PDUJLQHDRUDúXOXLORYLWăGHğHSHúvQWUXQDGLQUD]LLOHVDOH6DUSăUHDFăvQDFHOH]LOHOD%UDúRY
SDVWRUXO 5HXGHO D DOFăWXLW úL WH[WHOH GHQLJUDWRDUH OD DGUHVD GRPQXOXL HURX URPkQ (OH DX IRORVLW FD
ED]ăSHQWUXLQFXQDEXOHOHFDUHODXSUH]HQWDWvQFXORULDWkWGHQHJUHSHğHSHú7H[WHOHORUXUPăUHDX
VăMXVWLILFHSULPLUHDEDQLORUGHODSDSDOLWDWHúLGHODYHQHĠLHQLGHFăWUH0DWHL&RUYLQFDUHQXLIRORVLVH
SHQWUXFUXFLDGDDQWLRWRPDQăFLSHQWUXQHYRLPDLPXOWVDXPDLSXĠLQSHUVRQDOH
6H SDUH GXSă UDSRDUWHOH YHQHĠLDQXOXL 3LHWUR GH 7KRPDVLLV Fă SXĠLQ vQDLQWH GH  QRLHPEULH
OD%UDúRYVDDOFăWXLWSODQXODUHVWăULLOXLğHSHú(ODIRVWSXVvQSUDFWLFăFXFkWHYD]LOHvQDLQWH
GHQRLHPEULH


3DYHO&KLKDLDRSFLWS

/*pQLFRW/H;,,,HVLqFOHHXURSpHQ3DULVSDVVLP

$PIRORVLWDFHVWHWHUPHQGHRDUHFHERLHULLVDXULGLFDWvPSRWULYDGRPQXOXLOHJLWLPFDUHHUD
DWXQFLWRWğHSHú

&*ULJRUH&RQGXUDWX0LFKDHO%HKHLPV*HGLFKWEHUGHQ:RLZRGHQ:ODG,,'UDNXO%XFXUHúWL
S±

,ELGHPDUILXUPDWVăvQFHDSăOXSWDvQYDUDDQXOXL

ùWHIDQ $QGUHHVFX ùWLUL GLYHUVH úL LQWHUSUHWăUL IHOXULWH  $VXSUD ÄFDPSDQLHL´ OXL 0DWLDV
&RUYLQ GLQ  vQ Ä$QXDUXO ,QVWLWXWXOXL GH ,VWRULH úL $UKHRORJLH $' ;HQRSRO´ ;;,9 
S±

5DGX&RQVWDQWLQHVFX&RGLFHOH$OWHQEHUJHU%XFXUHúWLS±

ù3DSDFRVWHD&XSULYLUHODJHQH]DúLUăVSkQGLUHDSRYHVWLULORUVFULVHGHVSUHIDSWHOHOXL9ODG
ğHSHúvQÄ5HYLVWDGH,VWRULH´;,,,S±ùW$QGUHHVFX(QPDUJHGHVUDSSRUWVGH9ODG
ğHSHúDYHFOD+RQJULHvQÄ5HYXHURXPDLQHG¶KLVWRLUH´;9,QUS±5ùW9HUJDWWL
9ODGğHSHú'UDFXODSúLXUP

5ùW9HUJDWWL9ODGğHSHú'UDFXODSúLXUP

&5H]DFKHYLFLRSFLWS16WRLFHVFXRSFLW%XFXUHúWLS



 5DGXùWHIDQ9HUJDWWL 

/RFXO XQGH D IRVW DUHVWDW 9ODG YRGă ğHSHú D IRVW LQGLFDW GH 0LFKDHO %HKHLP vQSRHPXO VăX
.XQJVWHLQVDX.|QLJVWHLQ$UHVWDUHDDIRVWHIHFWXDWăGHPHUFHQDUXOKXVLW-DQ-LãNUDGLQ%UDQG\VOD
UkQGXOVăXXQQHGUHSWăĠLWDOVRUĠLL$H[HFXWDWFXJUHXRUGLQXODUHVWDUHDDYkQGORFGXSăRVFXUWăOXSWă
vQ FDUH ğHSHú D IRVW FRSOHúLW GH QXPăUXO PHUFHQDULORU 3ODQXO GH DUHVWDUH ĠLQXW VHFUHW D IRVW SXV vQ
DSOLFDUHIXOJHUăWRUÌQFD]XOvQFDUHVDUILDIODWGHVSUHLQWHQĠLLOHOXL0DWHL&RUYLQFkPSXOXQJHQLLúL
SOăLHúLLGLQVDWHOHGHSHFXORDUXO5XFăU±%UDQGHVLJXUDUILYHQLWVăODSHUHSHğHSHú(LúWLDXFkWGH
PXOWvLGDWRUDXGRPQXOXLúLFDDWDUHODUILVXVĠLQXWvQFD]GHQHYRLHFăFLKDLQDUHFXQRúWLQĠHLQXDIRVW
QLFLRGDWăSUHDJUHDSHQWUXURPkQL
,PDJLQHDOXL9ODGğHSHúYRGăDUăPDVvQPLQWHDúLvQVXIOHWXOSRSRUXOXLVăXGLQ9DODKLDvQWUR
IRUPă WRWDO GHRVHELWă GH FHD D OXL 'UDFXOD R FUHDĠLH WkU]LH D DXWRUXOXL IDQWH]LVW %UDP 6WRNHU
5RPkQLL ODX DSUHFLDW úL SUH]HQWDW vQ WRDWH FD]XULOH vQ OHJHQGHOH WUDQVPLVH GLQ JXUă vQ JXUă
FRQVHPQDWHvQVFULVILHvQSHULRDGDLPHGLDWXUPăWRDUHGRPQLHLOXLğHSHúvQLQFXQDEXOHILHvQFXOHJHUL
WkU]LLDOHOHJHQGHORU
5HIHULWRUODUHODĠLDFXRUăúHQLLSHFDUHRGLVFXWDFXPvQVHPQDWHVWHFăDWXQFLFkQGVDSăVWUDW
DPLQWLUHD SHGHSVLULL ORFXLWRULORU GLQ UHúHGLQĠD ĠăULL 7kUJRYLúWH VD FRQVHPQDW Fă DFHDVWD D IRVW R
DFĠLXQH GUHDSWă (O D WUHFXW OD MXGHFDUHD úL FRQGDPQDUHD vQ ]LXD GH 3DúWL  DSULOLH  D
WkUJRYLúWHQLORU GLQ SDUWLGD 'UăFXOHúWLORU UHXQLĠL OD ELVHULFă SHQWUX VOXMED SDVFDOă 'RPQXO OHD
DSOLFDWRFUXQWăSHGHDSVăLDDUHVWDWLDGXVSHMRVSkQăODSRDOHOHPXQWHOXLSHFDUHVHDIODXUXLQHOH
&HWăĠLL3RLHQDULúLLDVLOLWVRUHIDFăúLVRPăUHDVFăÄSHQWUXRYLQăPDUHFHDXIRVWIăFXWXQXLIUDWHDO
9ODGXOXLYRGă´


& *ULJRUH &RQGXUDWX RS FLW S ±  0LKDLO 'DQ &HKL VORYDFL úL URPkQL vQ
YHDFXULOH;,,,±;9,6LELXS±5D\PRQG70F1DOO\ùWHIDQ$QGUHHVFX9ODGğHSHúúL
3LDWUD &UDLXOXL vQ Ä0DJD]LQ LVWRULF´ ;;,,  QU  S ± ± DFHúWLD GLQ XUPă DX SUH]HQWDW
ORFDOL]DUHDGUHSWRULJLQDOăvQUHDOLWDWHSUREOHPDIXVHVHGHMDOăPXULWăGH0LKDLO3'DQ&HUFHWăWRUXO
&5H]DFKHYLFL RSFLWS DHPLVLSRWH]DFă9ODGğHSHúDIRVWDUHVWDWvQIDĠD&HWăĠLLGHOkQJă
3LDWUD&UDLXOXLGHRDUHFHDFHDVWDVDUILDIODWSHÄSăPkQWFUăLHVF´'RPQLDVDSUHVXSXQHFăvQFD]XOvQ
FDUH GRPQXO URPkQ DU IL IRVW DUHVWDW GLQ RUGLQXO UHJHOXL 0DWHL &RUYLQ DU IL WUHEXLW Vă ILH SUHGDW
SDWULFLDWXOXL VăVHVF GLQ %UDúRY FăFL DFHOD DYHD MXV JODGLL 2SLQLD PHD HVWH GHRVHELWă &UHG Fă GLQ
PRWLYHvQFăQHGHILQLWH0DWHL&RUYLQQXDRUGRQDWDUHVWDUHDOXL9ODGğHSHúvQRUDúXO%UDúRYXQGHD
VRVLW vQDLQWHD GRPQXOXL URPkQ &HL GRL PRQDUKL DX SHWUHFXW SHVWH R OXQă vPSUHXQă DúD FXP DUDWă
0LFKDHO%HKHLPÌQ6LELXğHSHúDVWDWIRDUWHSXĠLQGRXăWUHL]LOHSHQWUXRGLKQă6DUSXWHDFDUHJHOH
8QJDULHLVăQXILRUGRQDWDUHVWDUHDOXLğHSHúvQ%UDúRYGHRDUHFHDFHVWDGXSă%HKHLPYHQLVHvQVRĠLW
GHRLPSRUWDQWăJDUGăSHUVRQDOă'HIDFWRSUREDELO0DWHL&RUYLQQXDGRULWVăSURYRDFHROXSWăvQ
RUDú &ăSLWDQXO UHJDO GH PHUFHQDUL -DQ -LVNUD D SURILWDW GH SH XUPD XQXL PRPHQW GH QHDWHQĠLH DO
JăU]LLOXLğHSHúúLODDUHVWDWSHGRPQXOURPkQvQDSURSLHUHD3LHWUHL&UDLXOXL3UREOHPDvQDFHVWVHQV
DIRVWGHPXOWUH]ROYDWăGH0LKDLO3'DQúLFDDWDUHPăUDOLH]SXQFWXOXLVăXGHYHGHUH

0LKDLO3'DQRSFLWORFFLW

%UDP6WRNHU'UDFXOD9HUYLHUVSDVVLPDPIRORVLWDFHDVWăHGLĠLHGHRDUHFHDUHXQWH[W
PDLFRPSOHWGHFkWDFHHDvQOLPEDHQJOH]ă

'DWDUHD VD IăFXW SHQWUX DFHVW DQ GHRDUHFH D IRVW VLQJXUXO GLQ D GRXD GRPQLH D OXL ğHSHú
FkQG YRLHYRGXO VD DIODW GH VăUEăWRDUHD SDVFDOă vQ UHúHGLQĠD GRPQHDVFă GH OD 7kUJRYLúWH FI 0DULD
9HUJDWWL &LREDQX 1LFRODH0RLVHVFX5DGXùWHIDQ9HUJDWWL &LREDQX &HWDWHD3RLHQDUL%XFXUHúWL
S

%LVHULFD OD FDUH VH UHXQHDX 'ăQHúWLL HVWH LSRWHWLF FHD FX KUDPXO 6I 9LQHUL VLWXDWă vQ
DSURSLHUHD&XUĠLL'RPQHúWL

,VWRULD ğăULL 5XPkQHúWL GH FkQG DX GHVFăOHFDW SUDYRVODYQLFLL FUHúWLQL /HWRSLVHĠXO
&DQWDFX]LQHVF vQ&URQLFDULPXQWHQLHG0*UHJRULDQYRO,%XFXUHúWLSFDPDFHHDúLIRUPXOă
úLOD5DGX3RSHVFX,VWRULLOHGRPQLORUğăULL5RPkQHúWLHG&RQVW*UHFHVFX%XFXUHúWLS


 9ODGğHSHúúLRUDúXO&kPSXOXQJ0XVFHO 

(YLGHQWFURQLFDULLDXFRQVHPQDWDPLQWLUHDXFLGHULLIUDWHOXLPDLPDUHDOOXLğHSHúSULQFLSHOH
0LUFHD vQ GHFHPEULH  FkQG 7kUJRYLúWH D IRVW RFXSDW GH FDYDOHULD YRLHYRGXOXL 7UDQVLOYDQLHL
,DQFXGH+XQHGRDUDVXVĠLQXWGHRUăúHQLLGLQSDUWLGD'ăQHúWLORU
([HPSOXOSHGHSVLULLDFHVWRURUăúHQLFDUHDXvQGUă]QLWVăULGLFHPkQDvPSRWULYDXQXLPHPEUX
DOIDPLOLHLGRPQLWRDUHDIRVWUHSHGHFXQRVFXWvQWUHWRĠLURPkQLLúLFKLDUPDLGHSDUWH(UDRSHGHDSVă
GUHDSWă (D LD IăFXW SH ORFXLWRULL FHORUODOWH RUDúH GLQ 9DODKLD Vă QX vQFHUFH Vă ÄJUHúHDVFă´ IDĠă GH
ğHSHúFăFLDOWIHOvLDúWHSWDDFHHDúLVRDUWă
&HLGLQMXUXORUDúXOXL&kPSXOXQJ0XVFHOGLQVDWHOHDIODWHRDUHFXPvQUDSRUWGHGHSHQGHQĠăFX
IRVWDFDSLWDOăGRPQHDVFăDXFRQVHPQDWDPLQWLUHDFDUDFWHUXOXLGUHSWGHMXVWLĠLDUDOGRPQXOXL$FHDVWă
LPDJLQH D IRVW DPLQWLWă vQ VFULV OD vQFHSXWXO VHFROXOXL DO ;9,OHD GH 0 %RFLJQROL úL GH $QWRQLR
9HUDQFVLFVvQYHDFXODO;9,,,OHDGHVHFUHWDUXOIUDQFH]DOOXL*ULJRUH,,,*KLFD-HDQ/RXLV&DUUD
SUHFXPúLvQGHPLWURSROLWXO1HRILW$FHOHDúLOHJHQGHvQIRUPHSXĠLQGLIHULWHDXIRVWSăVWUDWHvQ
 vQ VDWHOH %HULQGHúWL&RUEHQL $UJHú  úL %ăEXHúWL $UJHú  /D vQFHSXWXO VHFROXOXL WUHFXW DO
;;OHD DFHOHDúL FRPXQLWăĠL UXUDOH vQFKLVH GLQ ]RQD PXVFHOHORU GLQ LPHGLDWD DSURSLHUH D RUDúXOXL
&kPSXOXQJ 0XVFHO DX FRQVHPQDW DPLQWLUHD SOLQă GH UHFXQRúWLQĠă IDĠă GH ğHSHú YRGă úL IDSWHOH OXL
EXQH$VWIHOGXSăWUDGLĠLHVDWXO9OăGDLDDUDYHDQXPHOHSUHOXDWGHODYRLHYRGSHQWUXDQXLVHúWHUJH
DPLQWLUHD$FHHDúLPHPRULHFROHFWLYăPXVFHOHDQăDUHĠLQXWFăvQPDUJLQHDVDWXOXL%HOHĠLGLQDFHD
]RQă GLQ SRUXQFD OXL ğHSHú DU IL IRVW ULGLFDWă R ÄFDVă GH MXGHFDWă´ 'H RELFHL FRQGDPQăULOH
SURQXQĠDWHVHvQFKHLDXFXSHGHDSVDFDSLWDOăH[HFXWDWăSULQWUDJHUHvQĠHDSă
&HUFHWăWRDUHD*HRUJHWD(QHDUHXúLWvQXUPDXQRULQYHVWLJDĠLL GHWHUHQVăFXOHDJăDFXPPDL
ELQH GH WUHL GHFHQLL ± ± ± FLUFD  GH OHJHQGH FDUH FLUFXODX RUDO vQ VDWXO $UHI &HD PDL
vQVHPQDWăDIRVWOHJHQGDFHORUúDSWHIUDĠLILHUDULGLQQHDPXO'REULQ'HVSUHHLVHVSXQHFăODXDMXWDW
SHGRPQSUREDELOvQVăIXJăGLQFDOHDWXUFLORU'RPQXODIODWvQ&HWDWHD3RLHQDULDIRVWDQXQĠDW
GH LPLQHQĠD SHULFROXOXL )UDĠLL ILHUDUL 'REULQ DX SRWFRYLW FDOXO GRPQXOXL úL DL JăU]LORU VDOH SXQkQG
SRWFRDYHOHLQYHUV$VWIHOXUPăULWRULLDXIRVWvQúHODĠLDVXSUD GLUHFĠLHLGHPHUV'RPQXODSXWXWVăVH
VDOYH]H 'UHSW UHFXQRúWLQĠă OHD GDW IUDĠLORU ILHUDUL 'REULQ ĠLQXWXO SH FDUH VH vQWLQGH VDWXO $UHI
/HJHQGDDVHPăQăWRDUHFXFHDD9UkQFLRDLHLGDWkQGGLQDFHHDúLHSRFăIăFkQGDSHOWRWODIDWLGLFDFLIUă
VDUSXWHDVăDLEăPDLPXOWGHFkWXQPLH]GHDGHYăUGDFăVHĠLQHVHDPDGHGDWDODFDUHDDSăUXW
$UHIXOvQGRFXPHQWH
$OWă OHJHQGă FDUH FLUFXOă vQWUH ĠăUDQLL YkUVWQLFL GLQ $UHI LPSOLFLW úL vQWUH EăWUkQLL GLQ 6FKHLL
&kPSXOXQJXOXLHVWHFHDDGRDPQHLOXL9ODGğHSHúÌQHDHVWHYRUEDSUREDELOGHVSUHSULPDÄVRĠLH´


&ăOăWRULVWUăLQLGHVSUHĠăULOHURPkQHYRO,HG0+ROEDQ%XFXUHúWLS

,GHPS±

-/&DUUD+LVWRLUHGHOD0ROGDYLHHWGHOD9DODFKLH-DVV\SDXWRUXODFRUGăvQ
WH[WXO VăX PXOW PDL PXOWă LPSRUWDQĠă OXL 9ODG ğHSHú GHFkW OXL ùWHIDQ FHO 0DUH GHVSUH &DUUD Y
90LKRUGHD&RQWULEXĠLLODELRJUDILDOXL-HDQ/RXLV&DUUDvQÄ5HYLVWD,VWRULFă´S±

3DXO&HUQRYRGHDQX0LKDLO&DUDWDúX1LFRODH6WRLFHVFX-XUQDOXOFăOăWRULLORUFDQRQLFHDOH
PLWURSROLWXOXL 8QJURYODKLHL 1HRILW , &UHWDQXO vQ Ä%LVHULFD 2UWRGR[ă 5RPkQă´   QU ±
S±

%LEOLRWHFD$FDGHPLHL5RPkQHPVURPI

,ELGHPI

&5ăGXOHVFX&RGLQ/HJHQGHWUDGLĠLLúLDPLQWLULLVWRULFHDGXQDWHGLQ2OWHQLDúLGLQ0XVFHO
%XFXUHúWLS±

,ELGHP

*HRUJHWD (QH 5RPDQLDQ )RONORUH DERXW 9ODG ğHSHú vQ Ä5HYXH GHV pWXGHV VXGHVW
HXURSpHQQHV´;,9QUS

09HUJDWWL &LREDQX 10RLVHVFX5ùW9HUJDWWL &LREDQX RSFLWS

*(QHRSFLWS



 5DGXùWHIDQ9HUJDWWL 

QHOHJLWLPăDOXL9ODGğHSHúPDPDOXL0LKQHDFHO5ăX'HVSUHHDOHJHQGDPXVFHOHDQăVSXQHFă
ODU IL WUăGDW SH GRPQ vQĠHOHJkQGXVH FX WXUFLL $WXQFL HD DU IL IRVW VLOLWă GH ğHSHú Vă VH VLQXFLGă
DUXQFkQGXVHGHSHFUHQHOXULOH&HWăĠLL3RLHQDULvQDSHOHUkXOXLFDUHFXUJHODSRDOHOHGHDOXOXLXQGHVH
vQDOĠăIRUWLILFDĠLD,PDJLQDĠLDVăWHQLORUDIăFXWVăVHDILUPH FăSLHWUHOHvQURúLWHGHSLULWDGHILHUGHSH
YDOHDUkXOXLDUILSăWDWHGHVkQJHOHGRDPQHL$OWăYDULDQWăDDFHOHLDúLOHJHQGHHVWHDFHHDFăğHSHúDU
ILWăLDWFDSXOGRDPQHLKLFOHQHSXQkQGFDSăWXQHLOHJăWXULSHULFXORDVHSHQWUXHO
3HQWUX FkPSXOXQJHQL úL PDL DOHV SHQWUX FRPXQLWăĠLOH UXUDOH FX YLDĠă VSLULWXDOă WUDGLĠLRQDOă
vQFKLVă WUDQVPLVă GH OD R JHQHUDĠLH OD DOWD HVWH PHULWRULH SăVWUDUHD DFHVWHL LPDJLQL IUXPRDVH D
GRPQXOXLURPkQ&XWRDWHFă5D\PRQG70F1DOO\DFXQRVFXWDFHDVWăVLWXDĠLHSULQFHUFHWăULvQ]RQD
PXVFHOHDQăúLvQ$UHIQXVDSXWXWDEĠLQHFDvPSUHXQăFX5DGX)ORUHVFXVăQXSURSDJHLPDJLQHDOXL
9ODG ğHSHú 'UDFXOD YDPSLUXO FHHD FH QX DUH QLFLR OHJăWXUă FX SHUVRQDMXO UHDO LVWRULF /RU úL QX
QXPDLORUFLúLWXWXURUFHORUFDUHDXUăVSkQGLWQRQVHQVXULFXSULYLUHODYRLHYRGXOURPkQúLODĠDUDOXL
OHD UăVSXQV IXQGDPHQWDW SXQFWXDO SRDWH vQWUR IRUPă RDUHFXP GXUă FHUFHWăWRDUHD úL SURIHVRDUD
FDQDGLDQă (OL]DEHWK 0LOOHU 'LQ SDJLQLOH HL VH GHVSULQGH FKLSXO OXPLQRV DO XQXL GRPQ LXELWRU GH
ĠDUăFDUHDULGLFDWRUDúHOHvQWUHFDUHúL&kPSXOXQJ0XVFHO

9/$'7+(,03$/(5$1'7+(72:12)&Æ038/81*086&(/

$EVWUDFW

9ODGWKH,PSDOHUWKHIDPRXV5RPDQLDQUXOHUNQRZQDOORYHUWKHZRUOGDV'UDFXODUHLJQHGIRU
DVHFRQGWLPHEHWZHHQ±SHULRGGXULQJZKLFKKHWULHGWRFDUU\RXWKLVSROLF\RIGHYHORSLQJ
:DOODFKLD5RPDQLDQWRZQVVXFKDV&DPSXOXQJ7DUJRYLVWH7DUJVRU%UDLODZHUHJUDQWHGSULYLOHJHV
VXFK DV MXV VWDSXODH MXV HPSRULL DQG MXV GHSRVLWDULXP $FFRUGLQJO\ 5RPDQLDQ PHUFKDQWV KDG WKH
DGYDQWDJH RI EHLQJ WKH ILUVW WR EX\ WKH PHUFKDQGLVH EURXJKW LQWR :DOODFKLD E\ WKH *HUPDQ WUDGHUV
IURP6LELXDQG%UDVRY8QGHUVXFKSURWHFWLYHVWHSVRQO\WKH5RPDQLDQPHUFKDQWVFRXOGEHHQJDJHG
LQWKHUHWDLOFRPPHUFHDQGWKHVHOOLQJRIJRRGVLQWKH%DONDQVDVZHOO
$ SURRI RI WKH SURVSHULW\ RI WKH WRZQVSHRSOH RI &DPSXOXQJ 0XVFHO ZDV WKH QHZO\ EXLOW
RUWKRGR[FKXUFKRI6DLQW*HRUJH,QLWVWXUQWKH*HUPDQFRPPXQLW\RI&DPSXOXQJ0XVFHOZDVDEOH
WRKDYHLWVWZRFDWKROLFFKXUFKHV6W-DFREDQG6W(OLVDEHWKUHSDLUHG
7KHVHDUHSURRIVWKDWWKHVPDOOWRZQRI&DPSXOXQJ0XVFHOKDGEHFRPHDSURVSHURXVRQH
,QWKHODVW\HDURIKLVUHLJQ9ODGWKH,PSDOHUZDVDUUHVWHGDW3LDWUD&UDLXOXL)RUWUHVV
QHDUE\&DPSXOXQJ0XVFHODQGWKHWRZQVSHRSOHFRXOGQRWKHOSKLP DVWKH\GLGQRWNQRZDERXWWKH
VHFUHWSODQWKHNLQJ0DWHL&RUYLQKDGRIDUUHVWLQJKLP


3UREOHPDRULJLQLLDFHVWHLWLQHUHHVWHYLXGLVFXWDWă8QLLLVWRULFLRFRQVLGHUăILLFDOXL'UăFHD
DUPDúXO 'DQ3OHúLD*HQHDORJLD%DVDUDELORU%XFXUHúWL $OĠLLRFRQVLGHUăVRĠLHDOXL'UăFHD
DUPDúXO &5H]DFKHYLFL'UDFHDDUPDúXOGLQ0ăQHúWLVRĠXOPDPHLOXL0LKQHDFHO5ăXILXOQHOHJLWLP
DO OXL 9ODG ğHSHú úL PRúWHQLUHD OăVDWă GH HO 0LKQHúWLORU vQ Ä$UJHVLV´ ;,9  S ± FX
ELEOLRJUDILDDIHUHQWăGLVFXĠLHL 

09HUJDWWL &LREDQX 10RLVHVFX5ùW9HUJDWWL &LREDQX RSFLWSRDOWăYDULDQWă
vQUHJLVWUDWă GH QRL GLQ SRYHúWLOH ĠăUDQLORU HVWH DFHHD Fă GRDPQD VDU IL VLQXFLV SHQWUX D QX DMXQJH
URDEăDWXUFLORU LELGHP ÌQWUHVăWHQLOHJHQGHOHDVXSUDGRDPQHLOXL9ODGğHSHúFLUFXOăVXEQXPHOHGH
Ä/XQFD)ORDUHL´úLÄ'RDPQDOXL9ODGğHSHú´

,ELGHP

5)ORUHVFX570F1DOO\ RSFLWSDVVLPFLWH]DFHDVWăOXFUDUHGHRDUHFHHDVLQWHWL]HD]ă
WRDWHVFULHULOHDQWHULRDUHDOHFHORUGRLDXWRULDVXSUDVXELHFWXOXL

(OL]DEHWK0LOOHURSFLWSDVVLP


9,$ğ$ù7,,1ğ,),&Ă

6,032=,218/Ä7+,5',17(51$7,21$/&21*5(6621,6/$0,&
&,9,/,6$7,21,17+(%$/.$16´
%XFXUHúWL±QRLHPEULH

/D  QRLHPEULH  vQ $XOD 0DJQD D $FDGHPLHL 5RPkQH VD GHUXODW FHUHPRQLD GH
GHVFKLGHUH D OXFUăULORU FHOXL GH DO ,,,OHD &RQJUHV ,QWHUQDĠLRQDO Ä&LYLOL]DĠLD ,VODPLFă vQ %DOFDQL´
3DUWLFLSDQĠLL OD &RQJUHV DX DXGLDW DORFXĠLXQLOH VXVĠLQXWH GH 0LKDL 0D[LP FRSUHúHGLQWH DO
&RQJUHVXOXL +DOLW (UHQ FRSUHúHGLQWH DO &RQJUHVXOXL úL ,RQHO +DLGXF SUHúHGLQWHOH $FDGHPLHL
5RPkQH VDOHFWXUDW PHVDMXOWULPLV GH +( (NPHOHGGLQ ,KVDQR÷OX VHFUHWDU JHQHUDO DO 2UJDQL]DĠLHL
&RQIHULQĠD,VODPLFă 2,& 
$UHQD VLPSR]LRQXOXL D VWUkQV ODRODOWă PDL PXOW GH  GH VSHFLDOLúWL LVWRULFL OLQJYLúWL
HWQRJUDIL IROFORULúWL DUKLWHFĠL DUKLYLúWL QXPLVPDĠL PX]HRJUDIL DUKHRORJL HWF  SURYHQLQG GLQ SHVWH
 ĠăUL LQFOXVLY-DSRQLD úL $XVWUDOLD &RQJUHVXOFRQFHSXW SH LGHHD GH SURPRYDUH D GLDORJXOXL vQWUH
FXOWXULOH úL FLYLOL]DĠLLOH FDUH DX DYXW WDQJHQĠH FX OXPHD LVODPLFă SULQ RUJDQL]DUH úL DSRUWXO
SDUWLFLSDQĠLORUDFRQVWLWXLWXQPRGHOGHvQWUXQLUHúWLLQĠLILFăPXOWLGLVFLSOLQDUă/DED]DDFHVWXLVXFFHVD
VWDW XQ WULSRG GH SHUVRQDOLWăĠL GH PDUFă +DOLW (UHQ GLUHFWRU JHQHUDO 2,& úL DO &HQWUXOXL
,QWHUQDĠLRQDOGH,VWRULH&XOWXUăúL$UWă,VODPLFă ,5&,&$ 0LKDL0D[LPGLUHFWRUDO&HQWUXOXLGH
6WXGLL7XUFLFHúLDO,QVWLWXWXOXL&XOWXUDO5RPkQÄ'LPLWULH&DQWHPLU´GLQ,VWDQEXOúL+((NPHOHGGLQ
,KVDQR÷OXVHFUHWDUJHQHUDO2,&DOHFăURUFRQWULEXĠLLvQSDUWHúLvPSUHXQăWUHEXLHVFHORJLDWH
&RQJUHVXODGHEXWDWvQSOHQFXGRXăFRQIHULQĠHVXVĠLQXWHGH.HPDO+.DUSDW7KHSRSXODWLRQ
SURIHVLRQDO DQG UHOLJLRXV VWUXFWXUH RI WKH WRZQ RI 6DUL 6DOWXN %DEDGD÷ DQG LWV YLFLQLWLHV 0DFKLHO
.LHO$WWKH&XWWLQJ(GJHRIWKH2OG,VODPLF:RUOG±'DEDUVNR3ROMH ± 7KHULVHDQGIDOO
RI,VODPDQG,VODPLF&XOWXUHLQD+HUFHJRYLQDQ'DOPDWLDQDQG0RQWHQHJULQERUGHUDUHD
ÌQ SULPD ]L OXFUăULOH VDX GHVIăúXUDW SH úDVH PRGXOH úHGLQĠD  PRGHUDWă GH +DOLW (UHQ DX
SUH]HQWDWFRPXQLFăUL$KPHW<DUDPÕú7KHFKDULWDEOHZRUNVEXLOWE\WKH$\DQRI9LGLQ3D]YDQGR÷OX
2VPDQ $÷D 0XVWDID %DOFÕ<NVHO g]JHQ 2WWRPDQ ZULWWHQ FXOWXUDO DQG DUFKLYDO KHULWDJH LQ
$OEDQLD SULYDWH DQG RIILFLDO GRFXPHQWV ,UIDQ 0RULQD &ORFN WRZHUV DQG LQVFULSWLRQV LQ .RVRYD
GDWLQJIURPWKH2WWRPDQSHULRGúHGLQĠDPRGHUDWRU0LKDL0D[LPDXVXVĠLQXWFRPXQLFăUL<XVXI
+DODoR÷OX 7KH VHWWOHPHQW RI $UDEV LQ 'REUXFD LQ PLGQLQHWHHQWK FHQWXU\ 1DJ\ 3LHQDUX (DUO\
2WWRPDQ +HULWDJH LQ WKH 5RPDQLDQ 3ULQFLSDOLWLHV (VPD $UÕFDQ $Q HVVD\ RQ WKH FRPSDULVRQ RI
9DNIL\H5HFRUGVZLWKWKHZRUNVLQ.RVRYRGDWLQJIURPWKH2WWRPDQSHULRG+gUFQ%DUÕúWD%LUG
KRXVHVLQ6RXWK(DVWHUQ(XURSHGXULQJWKH2WWRPDQ(PSLUH (GLUQH.ÕUNODUHOL7HNLUGDJ úHGLQĠD
PRGHUDWă GH 0DFKLHO .LHO DX FRQIHUHQĠLDW )HWL 0HKGLX 7KH ROGHVW 2WWRPDQ,VODPLF DUFKLWHFWXUDO
PRQXPHQWV LQ WKH UHJLRQ RI .HUoRYD *ULJRU %R\NRY %DONDQ FLW\ RU 2WWRPDQ FLW\" $ VWXG\ RQ WKH
PRGHOV RI XUEDQ GHYHORSPHQW LQ 2WWRPDQ 8SSHU 7KUDFH WK±WK & 2WLOLD &UDLRYHDQX 7KH
2WWRPDQOHJDF\RQWKH'DQXEH$GD.DOHGXULQJWKH5RPDQLDQSHULRGúHGLQĠDPRGHUDWăGH.HPDO
+ .DUSDW DX VXVĠLQXW FRPXQLFăUL $OL $UVODQ 7KH UROH RI 5RPDQLDQ LQ WKH RUJDQL]DWLRQ RI WKH
:DOODFKLDQVDVDUHOLJLRXVFRPPXQLW\0XDOOD8\GX<FHO7KHUROHRIWKH2WWRPDQVLQWKHVRFLR
FXOWXUDO FKDQJHV RI WKH 7XUNLVK FODQV 3HFKHQHJ 8] .XPDQ  LQ WKH %DONDQV $\OD (IH 7KH
VHWWOHPHQW RI HPLJUDQWV LQ WKH SURYLQFH RI 6LOLVWUH 'XULQJ WKH 7DQ]LPDW SHULRG 0HKPHW $\NDo
+XPDQ HFRQRPLF DQG FXOWXUDO VWUXFWXUH RI (OEDVDQ LQ WKH ;9,,WK FHQWXU\ LQ WKH OLJKW RI
FRXUWUHFRUGVúHGLQĠDPRGHUDWăGH<XVXI6DULQD\DXFRPXQLFDW.kPLOdRODN±1XPDQ(OLERO$Q

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 9LDĠDúWLLQĠLILFă 

H[SHULHQFHRIFRH[LVWHQFHLQWKH%DONDQV7KHFDVHRI5XVoXN ± )DKDPHGGLQ%DúDU7KHUROH


RI 2WWRPDQ $NLQFL IDPLOLHV LQ %DONDQ KLVWRU\ gQGHU %D\LU ,PSRUWDQFH RI 2WWRPDQ $UFKLYHV IRU
UHVHDUFKHVUHODWHGWR5RPDQLDQKLVWRU\$JRS*DUDEHGLDQ±5XPLDQD.RPVDORYD0LOOHWV\VWHPLQWKH
%DONDQV DQG WKH FXOWXUDO XQLW\ úHGLQĠD  PRGHUDWă GH 1DJ\ 3LHQDUX DX SUH]HQWDW FRQIHULQĠH $PLU
3DãLü2WWRPDQDUFKLWHFWXUDOKHULWDJHLQWKH%DONDQVSDVWDQGIXWXUH%OHQW%LOPH]0XVOLP$OEDQLDQ
QDWLRQDOLVWLQWHOOHFWXDOVLQ DQHUDRIFRQIOLFWLQJ DQGLQWHUFHSWLQJFROOHFWLYHLGHQWLWLHV ± DQG
WKHLU,VODPLFLPSULQWRQLQGHSHQGHQW$OEDQLDXQWLOWKHSUHVHQWGD\$WDXOODK%RJGDQ.RSDQVNL0XVOLPV
RI/HKLVWDQOHJDF\RIWKH2WWRPDQ.LSFKDN3ROLVK/LWKXDQLDQ UHODWLRQVKLS ± &(±
$+ 'RLQD$IWHQH)HZHFRQRPLFFRQVLGHUDWLRQVRQWKH2WWRPDQFRLQVGLVFRYHUHGLQ%UDLOD
$GRXD]LQRLHPEULHFRQJUHVXODFRQWLQXDWFXXUPăWRDUHOHvQWUXQLULúHGLQĠDPRGHUDWăGH
gQGHU%D\LUFXFRPXQLFăULVXVĠLQXWHGH$U]X7HU]L6RFLRHFRQRPLFVWUXFWXUHRIWKHFLW\RI0DoLQLQ
PLGQLQHWHHQWK FHQWXU\ $\WHQ $UGHO 2WWRPDQ EXUHDXFUDWV RI 5RPDQLDQ RULJLQ LQ WKH QLQHWHHQWK
FHQWXU\ 2WWRPDQ EXUHDXFUDF\ DFFRUGLQJ WR WKH 6LFLOOL $KYDO 'HIWHUV + <ÕOGÕUÕP $÷DQR÷OX /DWH
2WWRPDQDGPLQLVWUDWLRQLQ$GDNDOHDQGWKHDLGH[WHQGHGWRWKHSHRSOHLQKDELWDQWVRI$GDNDOH+DWLFH
$NÕQ+DWLFH dHWLQ 7KH UROH RI WKH 2WWRPDQ PLOOHW V\VWHP LQ WKH IRUPDWLRQ RI HWQLF LGHQWLWLHV LQ WKH
%DONDQV úHGLQĠD  PRGHUDWă GH +DNNÕ $FXQ FX SDUWLFLSDUHD (QWHOD 0XFR /DQG RZQHUVKLS LQ WKH
2WWRPDQ (PSLUH DFFRUGLQJ WR WKH /DQG 5HJLVWU\ 'HIWHUV ORFDWHG DW WKH *HQHUDO 'LUHFWRUDWH RI
$UFKLYHVLQ$OEDQLD0HVXW$\GÕQHU6RPHDVSHFWVRIWKHUHODWLRQVEHWZHHQWKH2WWRPDQV±:DOODFKLD
DQG0ROGDYLDDFFRUGLQJWRWKH$KNDP'HIWHULGDWLQJIURPWKHVHFRQGKDOIRIWKHHLJKWHHQWKFHQWXU\
+DWLFH2UXo7DKULUGHIWHUVRIWKHVDQFDNRI%RVQLD2VPDQ7XWDO:KHUHWKHPHPRULHVRIIRUW\\HDUV
DUH WUDQVIRUPHG WKH FRIIHH KRXVHV úHGLQĠD  PRGHUDWă GH &RUQHO /XQJX FX LQWHUYHQĠLLOH $QHWD
7DQHYVND $ 7RPE LQ WKH $ODGMD 0RVTXH DV SDUW RI WKH 2WWRPDQ DUFKLWHFWXUDO KHULWDJH LQ WKH
5HSXEOLFRI0DFHGRQLD 6NRSMH (XJHQ1LFRODH$QXPLVPDWLFFXULRVLW\FRSSHUFRLQVPLQWHGXQGHU
%D\H]LG,ZLWKFRXQWHUPDUNV'HDQ6DNHO$JDLQRQWKHµFKURQLFOHRIWKH7XUNLVKVXOWDQV¶1LFXOLQD
'LQX 2WWRPDQ GHFRUDWLYH WLOHV GLVFRYHULHV LQ DUFKDHRORJLFDO GLJJLQJV IURP %UDLOD úHGLQĠD 
PRGHUDWăGH&H]PL(UDVODQFXFRQIHULQĠHOHSUH]HQWDWHGH+0XVWDID(UDYFÕ7KHWHNNHVDQG]DYL\HV
LQ 6DUDMHYR +DVDQ 6HYLO 7KH FHUHPRQ\ KHOG RQ WKH WK RI 0XKDUUHP DPRQJ WKH 5LIDLV LQ WKH
%DONDQV+U0DKPXW<FHU6D
GL\\HDQG6D
GLGHUYLFKORGJHVLQWKH%DONDQV7D[KLGLQ%\W\TL7KH
+D\DWL\H EUDQFK RI +DOYHWL UHOLJLRXV RUGHU DQG +D\DWL GHUYLVK ORGJHV LQ 0DFHGRQLD úHGLQĠD 
PRGHUDWă GH $JRS *DUDEHGLDQFX FRPXQLFăUL SUH]HQWDWH GH ,EUDKLP 0DUDú 7KH WUDFHV RI 2WWRPDQ
P\VWLFLVP LQ WKH %DONDQV 1LQHWHHQWK FHQWXU\  6H\\LG 0XKDPPHG 1XU
O$UDEv $EGUUDKLP E $OL
)HGDL3UL]UHQLDQG+DFL+XOXVL0DNVXG3LULúWLQHYL0XVWDIDg]HU7KHZRUNVFRQVWUXFWHGE\0XVWDID
$÷D LQ $WKHQV *UHHFH 0 &HPDO g]WUN 7KH UHOLJLRXV RUGHU RI 5DPD]DQLOLN LQ WKH %DONDQV
DFFRUGLQJ WR DUFKLYDO GRFXPHQWV 6KDKULDU 6KRMDHH3RXU 3HUVLDQ HOHPHQWV LQ WKH 2WWRPDQ
&LYLOLVDWLRQLQ6RXWK(DVWHUQ(XURSHúHGLQĠDPRGHUDWăGH'DQXWD&KPLHORZVNDFXFRPXQLFăULOH
VXĠLQXWH GH (OL]DEHWD .RQHVND &RQWHPSRUDU\ FRQGLWLRQV DQG WKH WUDQVIRUPDWLRQV RI WKH UHOLJLRXV
JURXSVVXUYLYDOVRIWKH2WWRPDQWUDGLWLRQLQ0DFHGRQLD6DGLN0HKPHWLÄ6KHUK5DKDWLDO.XOXE´
RI 3LU 0XKDPPHG (IHQGL IURP 3ULVKWLQD D XQLTXH ZRUNPDQXVFULSW LQ .RVRYD $UFKLYHV 6ORERGDQ
,OLF7KH7HNNHRI6LODKGDU0XVWDID3DVKD WK&HQWXU\ ,WVSDVWSUHVHQWDQGLWVUROHLQVRFLDODQG
LQWHOOHFWXDOOLIHRIWKH2WWRPDQ6DUDMHYR$OL$NEDU=LDHH6XILVPLQ$OEDQLDúHGLQĠDPRGHUDWăGH
$PLU 3DãLüFXFRPXQLFăULOH SUH]HQWDWH GH +DNNÕ $FXQ 7KH EDWKKRXVH RI ùHPVHGGLQ$KPHW%H\ LQ
.RVRYD3UL]UHQ +DOLW dDO 'RRU NQREVKDQGOHV RI 3UL]UHQ ,VPDLO $OWÕQ|] *\SVLHV LQ WKH %DONDQV
GXULQJ WKH 2WWRPDQ SHULRG +LODO .D]DQ &DOOLJUDSKHUV IURP 5XPHOLD DQG %DONDQ FRXQWULHV LQ WKH
2WWRPDQ DUW RI FDOOLJUDSK\ úHGLQĠD  PRGHUDWă GH %OHQW %LOPH] FX FRPXQLFăUL SUH]HQWDWH GH
0HKPHW 7XQoHO )RUPDWLRQ RI WKH ED]DDU LQ %DONDQ FLWLHV GXULQJ WKH 2WWRPDQ SHULRG 0HKPHW
7WQF1RUWK:HVWERUGHURIWKH2WWRPDQVDQHZVRXUFHRQWKH2WWRPDQPRQXPHQWVLQ+XQJDU\
DQG6ORYDNLD-DFRE7ROOLXVIURP+ROODQG0HKPHW=HNL,EUDKLPJLO7KHPRVTXHVZLWKWKHHDUOLHVW
GDWHLQ'REUXFDLQWKH%DONDQV'HUYLú%H\0RVTXHúHGLQĠDPRGHUDWăGH+DWLFD&DU'UQGDDX
SUH]HQWDWFRPXQLFăUL0HULWD'ROOPD8UEDQ'HYHORSPHQWLQ$OEDQLDGXULQJWKH2WWRPDQSHULRGDQG
 9LDĠDúWLLQĠLILFă 

LWV SUHVHQW GD\ OHJDF\ 0HVXW ,GUL] 2WWRPDQ 0DQDVWLU YHUVXV FRQWHPSRUDU\ 0DFHGRQLDQ %LWROD D
KLVWRULFDOVXUYH\0DUL\D.LSURYVND*D]LVDQG'HUYLVKHV7KH0LKDOR÷XOODUL)DPLO\JD]LZDUULRUV
DQG SDWURQV RI GHUYLVK KRVSLFHV %OHGDU 0\IWDUL $OEDQLDQ FXOWXUH LQ 2WWRPDQ SHULRG úHGLQĠD 
PRGHUDWă GH =RUDQ 3DYORY DX VXVĠLQXW FRPXQLFăUL +DOLO ,EUDKLP <DNDU 7XUFRORJLFDO VWXGLHV LQ
3RODQGDQGWKHVWXGLHVRQ2WWRPDQKHULWDJHLQWKHOLJKWRI7XUFRORJLFDOUHVHDUFKLQ.UDNRZ,EUDKLP
.HOD÷D $KPHW %LOLQJXDO HGXFDWLRQ LQ 7XUNLVK PLQRULW\ VFKRROV LQ :HVWHUQ 7KUDFH 2UOLQ 6DEHY $
UHDGLQJSURYLQFLDOVRFLHW\ERRNORYHUVDPRQJWKH0XVOLPSRSXODWLRQRI5XVoXN ± úHGLQĠD
PRGHUDWăGH*OIHWWLQdHOLNDXFRQIHUHQĠLDW0XKDPPHG$UXoL2WWRPDQXOHPDLQWKHODWHSHULRG
LQ 0DFHGRQLD g]FDQ 0HUW 7KH FRPPHUFLDO VFKRRO RI 5RPDQLD LQ 6DORQLFD GXULQJ WKH 2WWRPDQ
SHULRG0XVWDID*OHU(GXFDWLRQDODQGFRQVWUXFWLRQDFWLYLWLHVRI+DWLS]DGH<DK\D3DúDLQ5XPHOLD
<XVXI.oNGD÷&ODVVLFDOHGXFDWLRQDOLQVWLWXWLRQVRI2WWRPDQHUDLQ(OEDVDQLúHGLQĠDPRGHUDWă
GH0HVXW,GUL]DXVXVĠLQXWFRQIHULQĠH$XUHO9kOFX7KHSHQHWUDWLRQRI2WWRPDQFRLQVLQWR5RPDQLDQ
SULQFLSDOLWLHV LQ WKH VHYHQWHHQWK DQG HLJKWHHQWK FHQWXULHV 6DEDKHWD *DþDQLQ /LEUDULHV DV WKH
2WWRPDQLVODPLFOHJDF\LQ%RVQLDDQG+HU]HJRYLQD/LOLDQD%RVFDQ5RPDQLDQ7XUNLVKUHODWLRQVLQ
LQWHUZDUSHULRG+DWLFD&DU'UQGD(GXFDWLRQLQVWLWXWLRQLQ0RVWDUGXULQJWKHWKFHQWXU\
$ WUHLD ]L  QRLHPEULH FRQJUHVXO D FRQWLQXDW FX úHGLQĠD  PRGHUDWă GH $WDXOODK %RJGDQ
.RSDQVNL FX FRPXQLFăUL VXVĠLQXWH GH 2VPDQ .|NVDO 2WWRPDQ KHULWDJH LQ D PLOLWDU\ FDPS LQ WKH
%DONDQV<XNR6DLWR7KHHIIHFWRI5XPHOLDQ5DLOZD\VLQWHUPVRIHQYLURQPHQWDOKLVWRU\<RUGDQND
%LELQD.DOLQD 3HHYD 7UDFLQJ WKH 2WWRPDQ FXOWXUDO KHULWDJH LQWKH UHJLRQ RI 6PRO\DQ $]L] 1D]PL
ùDNLU7RPEVWRQHVDVSDUWRIWKH2WWRPDQOHJDF\LQWKH%DONDQVHSLWDSKLFH[DPSOHVIURPWKH(DVWHUQ
5KRGRSH0RXQWDLQVúHGLQĠDPRGHUDWăGH+gUFQ%DUÕúWDDXFRQIHUHQĠLDW6LEHO&H\ODQ9RONDQ
0DUWWLQ7KHIRUWUHVVRI%HOJUDGHDQGWKHWUDFHVRI7XUNVLQ%HOJUDGH6OH\PDQ.Õ]ÕOWRSUDN0HKPHG
$OL3DúD
V.OOL\HLQ.DYDODLQWKHOLJKWRIKLVYDNIL\H1XUGDQùDIDN2WWRPDQOHJDF\LQ*UHHFHWKH
TXHVWLRQ RI 7XUNLVK SURSHUW\ LQ WKH QLQHWHHQWK FHQWXU\ úHGLQĠD  PRGHUDWă GH )HWL 0HKGLX DX
FRPXQLFDW 5DPDGDQ 6KNRGUD 7KH 0RVTXHV RI WKH ILIWHHQWK DQG WKH VL[WHHQWK FHQWXU\ LQ 3ULVKWLQD
+LVWRULFDO&XOWXUDODQG$UFKLWHFWRQLF9DOXHV3HWHU0HQW]HO7KH2WWRPDQOHJDF\LQWKH5DLOURDGVRI
6RXWKHDVWHUQ(XURSH$NLWVX0D\X]XPL,QIOXHQFHRI5XPHOLD
\kQVRQ5RPDQLDQ+LVWRU\WKHFDVH
RI3D]YDQGRJOX2VPDQ$÷DDWWKHHQGRIWKHHLJKWHHQWKFHQWXU\=RUDQ3DYORY7KH2WWRPDQPRVTXH
LQ 0DFHGRQLD IURP WKH HQG RI WKH IRXUWHHQWK XQWLO WKH HQG RI WKH QLQHWHHQWK FHQWXU\  úHGLQĠD 
PRGHUDWăGH'HDQ6DNHODXSUH]HQWDWFRPXQLFăUL)DWPD$\KDQ7XUNLVKIDVKLRQLQ(XURSH'DQXWD
&KPLHORZVND7UDFHVRI2WWRPDQFLYLOLVDWLRQLQ3RORQLDQFXOWXUH+DVDQ'HPLUR÷OX7KHDSSURDFKRI
<ÕOGÕ] QHZVSDSHU .D]DQ  WR WKH SHRSOH LQ WKH %DONDQV IROORZLQJ WKH HYHQWV LQ WKH %DONDQV ±
  úHGLQĠD  PRGHUDWă GH <XVXI .oNGD÷ FX LQWHUYHQĠLLOH /HYHQW .D\DSLQDU 7KH 2WWRPDQ
HYNDI ± LQ.DULWHQD0HUDO%D\UDN )HUOLEDú 0HU\HP.DoDQ(UGR÷DQ2WWRPDQYDNLIVLQ
5XVoXN 6HPD $úWXQDQ 7KH SURIHVVLRQDO GLVWULEXWLRQ LQ WKH FLW\ FHQWHU RI 9DUQD LQ WKH QLQHWHHQWK
FHQWXU\úHGLQĠDPRGHUDWăGH(XJHQ1LFRODHFXFRQIHULQĠHOHSUH]HQWDWHGH1XUL7LQD]7KH%DONDQRU
(DVW(XURSHDQ0XVOLPVLQWKH$JHRI*OREDOLVDWLRQ6TXHH]HG%HWZHHQWKH(XURSHDQGWKH0XVOLP:RUOG
)ORUHQWLQD1LĠX2WWRPDQ+HULWDJHLQ5RPDQLDQSULQFLSDOLWLHVMHZHOVDQGFRVWXPHLQWKHWK±WK
FHQWXULHV5DPL]D6PDMLo+LVWRULFDOIDFWVDQGQDWLRQDOWUDGLWLRQ9DOHQWLQR'LPLWURYVNL7UDGLWLRQDO
7XUNLVKDUFKLWHFWXUHDQGXUEDQLVPLQ0DFHGRQLDDQGWKHLUFRQWULEXWLRQWRWKHZLGHUFXOWXUDOFRQWH[W
RIWKH%DONDQVúHGLQĠDPRGHUDWăGH,UIDQ0RULQDFXFRPXQLFăULVXVĠLQXWHGH0HKPHW,QEDúÕ7KH
FDPSDLJQZD\LQWKHZDUVRI2WWRPDQ3RODQGDQGWKHVWUDWHJLFLPSRUWDQFHRIWKHULYHU'DQXEH WK
F  <FHO <L÷LW 2WWRPDQ XUEDQ KHULWDJH LQ (XURSH WKH FDVH RI WKH VRFLRHFRQRPLF VWUXFWXUH RI
3UL]UHQ $OL $NVX 7KH RIILFH RI WKH 0IW DV SDUW RI WKH 2WWRPDQ KHULWDJH DPRQJ WKH 7XUNV RI
5RPDQLD 1HYDO .RQXN 2WWRPDQ FORFN WRZHUV LQ %XOJDULD úHGLQĠD  PRGHUDWă GH <RUGDQND
%LELQD DX VXVĠLQXW FRPXQLFăUL 2\D 'D÷ODU 7KH DVVLVWDQFH RI WKH 5RPDQLDQ 6DOLEL $KPHU 5HG
&URVV  6RFLHW\ WR WKH 7XUNV DQG LWV MRLQW ZRUN ZLWK +LODOL $KPHU 5HG &UHVFHQW  VRFLHW\ GXULQJ WKH
%DONDQZDUV&H]PL(UDVODQ7KHVRFLDODQGFXOWXUDODWWLWXGHRIWKH2WWRPDQ6WDWHLQWKHIRUPDWLRQRI
WKH%DONDQQDWLRQVWDWHV+DOLO%DO%RRNVMRXUQDOVDQGQHZVSDSHUVSULQWHGLQWKHSULQWLQJKRXVHRIWKH

 9LDĠDúWLLQĠLILFă 

'DQXEH SURYLQFH DV SDUW RI WKH 2WWRPDQ KHULWDJH úHGLQĠD  PRGHUDWă GH 6ORERGDQ ,OLF DX VXVĠLQXW
FRQIHULQĠH *LUD\ 6D\QXU %R]NXUW 7XUNLVK SUHVHQFH LQ 5RPDQLDQ WKH SDVW XS WR WRGD\ 6XPL\R
2NXPXUD7KHZKLWHJURXQG&KLQWDPDQLUXJVLQ7UDQV\OYDQLD0XVWDID%LOJH$KPHG'MHZGHW3DVKD
DQGKLVPLVVLRQWR5XPHOL0DULXV'LDFRQHVFX2UDGHDEH\OLNDQGLWVFRQTXHVWE\WKH+DEVEXUJ(PSLUH
VRPHFRQVLGHUDWLRQVRQWKHPDQXVFULSWRI+HQULF&KULVWRSKRU6FKZHJOHUWKHWUDQVODWRURIWKH$XVWULDQ
DUP\ LQ  úHGLQĠD  PRGHUDWă GH 0XKDPPHG $UXoL DX FRPXQLFDW *OIHWWLQ dHOLN 3RSXODWLRQ
PRYHPHQWV GXULQJ WKH SHULRG RI ± DV D IDFWRU LQIOXHQFLQJ WKH UHODWLRQV DPRQJ WKH %DONDQ
VWDWHV1HULPDQ(UVR\+DFÕVDOLKR÷OX7KHFLW\RI)LOLEH 3ORYGLY IURPWKHQLQHWHHQWKFHQWXU\XQWLO WKH
SUHVHQW GD\ SRSXODWLRQ DQG VRFLDO VWUXFWXUH 0HVXW (UúDQ 7KH LPPLJUDQWV IURP &DXFDVLD LQ WKH
%DONDQV úHGLQĠD  PRGHUDWRU +DOLO %DO FX FRPXQLFăUL VXVĠLQXWH GH 9HKEL %DúHU 7XUNLVK FXOWXUDO
PHPRU\ LQ WKH %DONDQV LURQLF DFFRXQWV RI WKH PLJUDWLRQ WR $QDWROLD .HPDO <DNXW 7KH SDLQIXO
2WWRPDQ OHJDF\ RI SRSXODWLRQ 7XUNLVK LPPLJUDQWV IURP 5RPDQLDQ )URP WKH 2WWRPDQ XQWLO WKH
5HSXEOLFDQ SHULRG 0HKPHW +DFÕVDOLKR÷OX 7KH HIIHFWV RI ZDU DQG PLJUDWLRQ RQ WKH VHWWOHPHQWV LQ
%XOJDULD úHGLQĠD  PRGHUDWă GH 3HWHU 0HQW]HO DX VXVĠLQXW FRPXQLFăUL 'UDJLFD =LYNRYD 2WWRPDQ
FRLQVSDUWRISHRSOHV¶MHZHOU\$KPHG=LOG]LF7KHUHODWLRQEHWZHHQPDWHULDODQGVSLULWXDOKHULWDJHRI
2WWRPDQ SHULRG %RVQLD VRPH UHPDUNV 6LOYDQD 5DFKLHUX %HWZHHQ WKH VXOWDQ DQG WKH NLQJ 0XVOLP
&RPPXQLW\LQ'REUXGMDDQ2WWRPDQOHJDF\IRUWKH5RPDQLDQ6WDWH*OoLQ7XQDOL.Ro$WKHQVLQWKH
HLJKWHHQWKFHQWXU\DVUHIOHFWHGLQWKH$KNDP'HIWHUV
&RQJUHVXOVDvQFKHLDWvQ]LXDGHQRLHPEULHSULQWURFRQVIăWXLUHFDUHVDGHVIăúXUDWvQ$XOD
0DJQDD$FDGHPLHL5RPkQH$XVXVĠLQXWDORFXĠLXQL0LKDL0D[LP+DOLW(UHQ0DFKLHO.LHOúLDOĠL
SDUWLFLSDQĠLFDUHúLDXPDQLIHVWDWJUDWLWXGLQHDIDĠăGHH[FHOHQWDRUJDQL]DUH3URIHVRUXO0LKDL0D[LPD
IRVWDOHVGHvQWUXQLUHFDSUHúHGLQWHGHRQRDUHDOÄ$VRFLDĠLHL,QWHUQDĠLRQDOHSHQWUX6WXGLHUHD&LYLOL]DĠLHL
,VODPLFHGLQ%DOFDQL´
3DUWLFLSDQĠLL OD &RQJUHV DX OXDW SDUWH OD GHVFKLGHUHD RILFLDOă OD $UKLYHOH 1DĠLRQDOH ,VWRULFH
&HQWUDOHDH[SR]LĠLHLGHGRFXPHQWHRWRPDQHODGLQHXORUJDQL]DWGH0LQLVWHUXO$IDFHULORU([WHUQHúL
OD UHFHSĠLD RIHULWă OD $PEDVDGD 7XUFLHL SULQ JHQHUR]LWDWHD FRQVWDQWă úL SURIXQGă D 'RPQXOXL
$PEDVDGRU $KPHW 5LIDW gNoQ ,QYLWDĠLL SH FRQW SURSULX DX YL]LWDW PX]HH úL PRVFKHHD GLQ
%XFXUHúWL SUHFXP úL YHVWLJLL úL PRQXPHQWH DOH DUWHL úL FXOWXULL RWRPDQH FRQVHUYDWH OD 7XOFHD
%DEDGDJ&RQVWDQĠDúL*LXUJLX
6XFFHVXOvQWUXQLULLLQWHUQDĠLRQDOHVD GDWRUDWFRPSHWHQĠHLFRPXQLFDWRULORU GHSHVFHQDGHVFKLVă D
&RQJUHVXOXLGDUVDED]DWúLSHDSRUWXOFRODERUDWRULORUGLQFXOLVHDOFăURUHIRUWQHSUHFXSHĠLWvOHORJLHP
$LFLWUHEXLHVăOHPHQĠLRQăPSHGRDPQHOH*OHU'R÷DQ 7XUFLD 6LOYDQD5DFKLHUX$QGUHHD3DYOXúHQFR
$QJHOD 7RDGHU 6LPLQD 6WDQ úL QX vQ XOWLPXO UkQG WUHEXLH DPLQWLĠL GRPQLL 0DULXV 'UDúRYHDQ &RVWLQ
=DPILU*DEULHO*KLQHD0DWHL*KHERLDQX&LSULDQ3OăLDúXúLFROHJXOQRVWUX%RJGDQ3RSD

1DJ\3LHQDUX

&21)(5,1ğ$Ä5(9,6,7,1*6287+($67(51(8523(
&203$5$7,9(62&,$/+,6725<2)7+(WK$1'WK&(1785,(6´
%RFKXP8QLYHUVLWDWHD5XKU,QVWLWXWIUVR]LDOH%HZHJXQJHQ±LDQXDULH

'LQ FH vQ FH PDL PXOW FRQIHULQĠHOH VSHFLDOLúWLORU DOH FHUFHWăWRULORU GLQ VSDĠLXO DFDGHPLF VH
GHVIăúRDUă vQ VWUXFWXUL UHVWUkQVH FDUH GHVFXUDMHD]ă SDUWLFLSDUHD QHVSHFLDOLúWLORU LDU UH]XOWDWHOH VH
UHIOHFWăXOWHULRUvQSURLHFWHPDLODUJLUHĠHOHGHFHUFHWDUHVDXSXEOLFDĠLLVSHFLDOL]DWH3HQWUXDVHHYLWDúL
 9LDĠDúWLLQĠLILFă 

PDLPXOWvQGHSăUWDUHDGHVXELHFWSDUWLFLSDQĠLORUOLVHRIHUăSRVLELOLWDWHDGHDFLWLOXFUăULOHFRQIHULQĠHL
vQDLQWHFDDFHVWHDVăILHSUH]HQWDWH$VWIHOWLPSXOGHGLFDWVXVĠLQHULLVHUHGXFHPăULQGVSDĠLXODFRUGDW
GLVFXĠLLORUFDUHVHGLYHUVLILFăúLVHQXDQĠHD]ă7LPSXOHVWHPDLELQHIRORVLWVXQWIăFXWHFKLDUHFRQRPLL
vQEXJHWXORUJDQL]DWRULORU
/DFRQIHULQĠD,QVWLWXWXOXLSHQWUXVWXGLXOPLúFăULORUVRFLDOHGHSHOkQJă8QLYHUVLWDWHDGLQ5XKU
DP DYXW SRVLELOLWDWHD GH D REVHUYD GHVIăúXUDUHD XQHL YHULWDELOH RUJDQL]ăUL JHUPDQH ÌQ PkQD XQHL
VLQJXUHSHUVRDQH6DELQH5XWDUFHUFHWăWRUDO,QVWLWXWXOXLFRQIHULQĠDFDUHDIRVWJkQGLWăvQWUHLSăUĠL
SRDWH IL XQ H[HPSOX $QXQĠDWă FX XQ DQ vQDLQWH D DGXQDW FHUFHWăWRUL HXURSHQL VSHFLDOL]DĠL vQ LVWRULD
VRFLDOăDVXGHVWXOXLHXURSHDQGLQWURSHUVSHFWLYăFRPSDUDWă3DUWLFLSDQĠLLDXIRVWVHOHFWDĠLDVWIHOvQFkW
VăVHVXSUDSXQăFXWHPHOHPDULDOHFRQIHULQĠHLGHMDVWUXFWXUDWHGHFRPLWHWXOGHRUJDQL]DUHJHRJUDILL
VLPEROLFH DGDSWDUH SURWHVW UH]LVWHQĠă Uă]ERL úL VRFLHWDWH IDVFLVP QHJRFLHUHD LGHQWLWăĠLL HWQLFH úL
UHOLJLRDVH ÌQ VSDWHOH DFHVWRU GHFL]LL D VWDW XQ SURLHFW LQWHOHFWXDO VWUXFWXUDW vQ MXUXO FRQFHSWXOXL GH
LGHQWLWDWHILHHDXQDUHJLRQDOăHWQLFăUHOLJLRDVăFkúWLJDWăvQSDUDOHODFXFHOăODOWIRUPDWăSăVWUDWăVDX
LPSXVă0HWRGDGHFHUFHWDUHFRPSDUDĠLD$FHVWHDDXIRVWFHULQĠHOHRUJDQL]DWRULORUSHQWUXFHLLQYLWDĠL
OD FRQIHULQĠă ÌQWUHDJD FRQFHSĠLH D FRQIHULQĠHL D IRVW WULPLVă LQYLWDĠLORU úL DILúDWă SH VLWXO LQVWLWXWXOXL
vQWUR SDJLQă GHGLFDWă FRQIHULQĠHL ZZZUXKUXQLERFKXPGHLJDLVELVEDXSWIUDPHIRUVFKXQJ
7DJXQJ6((XURSH,QWURBHQJOLVKSGI SXVăODGLVSR]LĠLDFHORULQWHUHVDĠLGHVXELHFW
6D REVHUYDW vQ WLPSXO FRQIHULQĠHL R VLWXDUH SDUDOHOă D LQYLWDĠLORU &HUFHWăWRULL ÄVXGHVW´
HXURSHQLIDĠăvQIDĠăFXFHLYHVWHXURSHQL vQVSHFLDOJHUPDQL VSHFLDOL]DĠLvQVWXGLXO(XURSHLGH6XG
(VW $FHDVWă VLWXDUH D DYXW FkWHYD PRWLYDĠLL úL FRQVHFLQĠH 0RWLYDĠLD SULQFLSDOă D IRVW DFHHD GH
RUJDQL]DUH6SHFLDOLúWLLJHUPDQLPXOĠLGLQWUHHLLQYLWDĠLFDPRGHUDWRULDLGLVFXĠLLORUDXRFXSDWDFHVWH
SR]LĠLLSHQWUXDDVLJXUDXQHFKLOLEUXvQWUHWHRULHúLDSOLFDĠLLOHSUDFWLFHODQLYHOXOFHUFHWăULLDSOLFDWHFDUH
VHSUHVXSXQHDFăYDILVFRDVăvQHYLGHQĠăvQVSHFLDOGHFăWUHFHUFHWăWRULLVXGHVWHXURSHQL&RQVHFLQĠD
DFHVWXL PRGHO GH RUJDQL]DUH LPSXV D IRVW UHODWLY VXSăUăWRDUH PDQLIHVWkQGXVH SH WRW SDUFXUVXO
FRQIHULQĠHL VXE IRUPD XQXL ÄHIRUW FLYLOL]DWRU´ DSURDSH HGXFDĠLRQDO DO VSHFLDOLúWLORU JHUPDQL 'HVWXL
GLQWUH FHUFHWăWRULL VXGHVW HXURSHQL VDX VLPĠLW FHO SXĠLQ MHQDĠL GH DFHDVWă GLVWDQĠă GH DFHVW
ÄRULHQWDOLVP´FXPPXOĠLGLQWUHFHLSUH]HQĠLQXVDXVILLWVăvOQXPHDVFă'LDQD0LVKNRYD9DQJHOLV
.HFKULRWLV$XJXVWD'LPRX+DNDQ(UGHPVDX%RMDQ$OHNVRYFDVăQXPLPFkĠLYDGLQWUHSDUWLFLSDQĠLL
VXGHVWHXURSHQLVXQWVXILFLHQWGHELQHDQFRUDĠLvQVWXGLLOHEDOFDQLFHSHQWUXDFRQWULEXLVHPQLILFDWLYvQ
GHILQLUHDFkPSXOXLLVWRULRJUDILFVXGHVWHXURSHDQ
'HD OXQJXO FRQIHULQĠHL VDX VWUXFWXUDW FkWHYD FRQFHSWH FDUH DX vQJăGXLW R FRPSDUDĠLH
LQWHJUDUH D(XURSHLGH6XG(VWvQLVWRULDHXURSHDQăVLPLODULWăĠLWHPSRUDOHFDUHDXSHUPLVDERUGDUHD
FRPSDUDWLYă D UHJLPXULORU IDVFLVWH HXURSHQH DILQLWăĠL VDX GLIHUHQĠH FRQFHSWH FD RFFLGHQWDOLVP
RULHQWDOLVP UHOLJLH úL QDĠLXQH YLROHQĠă 3ULPD SDUWH D FRQIHULQĠHL D IRVW GHILQLWă FD XQ H[HUFLĠLX ÄvQ
FXPSăUăWXUL´ VKRSRORJ\  FHUFHWDUH SULPDUă SH HVWXO HXURSHDQ FX FRQFHSWH úL WHRULH GH]YROWDWă SH
FD]XO YHVWHXURSHDQ VDX FXP D IRVW GHVFULVă GH XQXO GLQ SDUWLFLSDQĠL ÄHXURSHQL]DUHD LVWRULRJUDILHL
EDOFDQLFH´ ÌQ DFHDVWă FDWHJRULH SRW IL LQWHJUDWH FRQWULEXĠLLOH 'LDQHL 0LVKNRYD +HONH 6WDGWODQG úL
+ROP6XQGKDXVVHQÌQGLVFXĠLLOHDYXWHVDDFFHQWXDWFRQVWDQWQHYRLDFDLGHLOHFRQFHSWHOHúLGLVFXUVXO
VăILHFRQHFWDWHFXDFWRULLúLVWUXFWXULOHFDUHOHSURGXFúLSULQFDUHVHIRUPHD]ăúLSULPHVFVHPQLILFDĠLH
3DUWHDDGRXDDDGXVvQGLVFXĠLHPRGXOFXPDILOLHULOHHWQLFHVDXQDĠLRQDOHFXPGLIHULWHQLYHOXUL
GH LGHQWLWDWH DX LQWHUDFĠLRQDW DX IX]LRQDW VDX DX GHYLDW XQD GH OD FHDODOWă &H ÄEXWRDQH´ -RKQ
%UHXLOO\ DXIRVWDSăVDWHSHQWUXFDvQWUXQDQXPLWFRQWH[WVRFLDOVăVHIRUPH]HLGHQWLWăĠLUHDOH&XP
GHYLQ LGHQWLWăĠLOH HWQLFH LGHQWLWăĠL QDĠLRQDOH" &XP VH WUDQVIRUPă ĠăUDQLL vQ IUDQFH]L URPkQL JUHFL
WXUFL FD Vă FLWăP WLWOXO FăUĠLL OXL (XJHQ :HEHU" &XP VH IDFH WUDQVIRUPDUHDWUHFHUHD GH OD R
QDĠLRQDOLWDWHODDOWDúLGHFH"&DUHHVWHUROXOVWDWXOXLvQDVWIHOGHWUDQVIRUPăUL"&RQWULEXĠLLODDFHDVWă
SDUWHDXYHQLWGLQSDUWHDOXL%RMDQ$OHNVRY6HoLO'HUHQ+DNDQ(UGHPúL$QFDùLQFDQ
8OWLPDSDUWHDFRQIHULQĠHLDIRVWGHGLFDWăPHPRULHLQHJRFLHULLHLDJHQĠLORUFDUHROHJLWLPHD]ă
&XP VH FRQVWUXLHúWH PHPRULD" &XP VXQW FUHDWH VLPEROXULOH úL FXP VXQW LQYHVWLWH DFHVWHD FX
vQĠHOHVXUL"&XPVHLQYHQWHD]ăUHLQYHQWHD]ăWUDGLĠLDúLFXPVXQWDSUHFLDWHvQĠHOHVHSUDFWLFDWHGHFăWUH

 9LDĠDúWLLQĠLILFă 

SRSXODĠLH DFHVWH WUDGLĠLL úL VLPEROXUL" &RQFHSWH FD PHPRULH FROHFWLYă FXOWXUD PHPRULHL VXQW GRDU
FkWHYD GLQ SUREOHPHOH DSăUXWH vQ GLVFXĠLLOH FDUH DX XUPDW XQRU SUH]HQWăUL GHVSUH 0RVWDU úL %RVQLD
+HUĠHJRYLQD 9DQQL '¶$OHVVLR  (ULF *REHWWL  PX]LFD IRON .RQVWDQWLQRV .RUQHWLV  DSURSULHUHDOXL
&KLULOúL0HWRGLXvQVSDĠLXOHVWHXURSHDQFDHURLQDĠLRQDOL 6WHIDQ5RKGHZDOG 
3DUWHDILQDOăDRUJDQL]ăULLFRQIHULQĠHLVHUHIHUăODSURGXVXOGLUHFWDODFHVWHLDXQYROXPFROHFWLY
DOFăWXLWGLQWURVHOHFĠLHDOXFUăULORUSUH]HQWDWH0XQFDODDFHVWYROXPUHYLQHRUJDQL]DWRULORUFDUHYRUIL
QHYRLĠLVăXQLILFHGLYHUVHOHLQWHUSUHWăULvQWURIRUPXOăFRHUHQWăFDUHQXGRDUVăRJOLQGHDVFăLGHHDLQLĠLDOă
DSURLHFWXOXLFLVăúLUH]LVWHvQVSDĠLXOLVWRULRJUDILF'LQQRXDGPLUDELODRUJDQL]DUHJHUPDQăDSXWXWIL
REVHUYDWă/DPDLSXĠLQGHROXQăGHODFRQIHULQĠăDXIRVWWULPLVHLQYLWDĠLLFHORUVHOHFWDĠLSHQWUXSXEOLFDUH
LQYLWDĠLLFDUHFXSULQGHDXXQSURLHFWDOYROXPXOXLSXVvQGLVFXĠLHúLVXSXVRULFăURUPRGLILFăULúLVXJHVWLL
YHQLWH GLQ SDUWHD FRODERUDWRULORU vQ SURLHFW 7HUPHQXO GH SUHGDUH D DUWLFROHORU HVWH VXILFLHQW GH UHOD[DW
SHQWUX D GD SRVLELOLWDWHD FD DFHúWLD Vă VH SOLH]H FX FHUFHWDUHD SH VWUXFWXUD úL LGHHD YROXPXOXL &HO PDL
SUREDELORDGRXDvQWkOQLUHPDLUHVWUkQVăGHDFHDVWăGDWăYDILQLVDSURLHFWXOHGLWRULDO

$QFDùLQFDQ

&2/2&9,8/Äù7()$1&(/0$5(,=92$5(ù,,17(535(7Ă5,´
,DúLPDUWLH

3URJUDPXOGHFHUFHWăULSULYLQG,GHRORJLDPHGLHYDOăDSXWHULLDRUJDQL]DWvQ]LXDGHPDUWLH
FRORFYLXOÄùWHIDQFHO0DUH,]YRDUHúLLQWHUSUHWăUL´5HXQLXQHDúWLLQĠLILFăDUHXQLWRSWFRPXQLFăUL
JUXSDWHvQGRXăVHFĠLXQL3ULPDSDUWHFRQVDFUDWăL]YRDUHORUDIRVWGHVFKLVăGHSăULQWHOHDUKLPDQGULW
0HOFKLVHGHF 9HOQLF VWDUHĠXO PăQăVWLULL 3XWQD &RPXQLFDUHD LQWLWXODWă 8Q RGRU UHJăVLW FXQXQD
PRDúWHORU6IkQWXOXL6LPLRQGHOD0XQWHOH0LQXQDWDDYXWDWkWPHULWXOGHDDWUDJHDWHQĠLDDVXSUDXQXL
RELHFWGLQHSRFDOXLùWHIDQFHO0DUHFRQVLGHUDWPXOWăYUHPHSLHUGXWFkWúLSHDFHODGHDSURSXQHXQ
GLVFXUVvQFDUHLVWRULDXQHLUHOLFYHFHDDGHYRĠLXQLLúLFRQWH[WXOLVWRULFDODSDULĠLHLFDSXOXL6IkQWXOXL
6LPLRQ6WkOSQLFXOVDXvPSOHWLWvQPRGUHPDUFDELO
&RPXQLFDUHD GQHL 0DULD 0DJGDOHQD 6]pNHO\ ± 7DLQD PRUPkQWXOXL GH OD 0LUăXĠL 8Q LQGLFLX
VSUHGH]OHJDUH±DSURSXVRLSRWH]ăúLRPHWRGăGHOXFUX6SUHGHRVHELUHGHYkQăWRULLGHVHQ]DĠLRQDOFDUH
vQ JRDQă GXSă FHOHEULWDWH SURSXQ LSRWH]H IDQWH]LVWH FRPXQLFDUHD D SRUQLW GH OD XQ L]YRU LQVROLW
YHúPkQWXOSHUVRQDMXOXLvQJURSDWvQPRUPkQWXO0GHOD0LUăXĠL$QDOL]DHIHFWXDWăúLDQDORJLLOHSURSXVH
FXDOWHĠHVăWXULGLQHSRFă vQSULPXOUkQGXQDFRSHUăPkQWGHODPăQăVWLUHD3XWQD DXGXVODFRQFOX]LDFă
SHUVRQDMXODIRVWGDFăQXXQXOGLQWUHGRPQLL0ROGRYHLGLQVHFROXODO;9,OHD WHUPLQXVDQWHTXHPILLQG
DQXO   FHO SXĠLQ XQXO GLQWUH PHPEULL IDPLOLHL GRPQLWRDUH &X PD[LPă SUXGHQĠă D IRVW SURSXVă
LGHQWLILFDUHDFXùWHIDQ/ăFXVWăGDUDFHDVWăLSRWH]ăDUHQHYRLHGHDUJXPHQWHVXSOLPHQWDUH
'O3HWURQHO=DKDULXFDDGXVvQGLVFXĠLH8QGRFXPHQWQHFXQRVFXWGHODùWHIDQFHO0DUH(VWH
YRUEDGHvQWăULUHDXQXLXULFGHFXPSăUDUHDOXQXLRDUHFDUH,YDQGRFXPHQWHPLVOD9DVOXLvQGDWDGH
PDUWLH,]YRUXOFRPSOHWHD]ăFXQRúWLQĠHOHSHFDUHOHGHĠLQHPGLQDOWHGRFXPHQWHúLVFRDWHOD
OXPLQă SHUVRQDMH GHVSUH FDUH QX PDL DYHP DOWH LQIRUPDĠLL GLQ HSRFă (VWH FD]XO OXL ,YDQ D FăUXL
LGHQWLILFDUHHVWHvQPRPHQWXODFWXDOLPSRVLELOă SRDWHRVOXJăGRPQHDVFăSRWULYLWGOXL=DKDULXF SH
FDUHGRFXPHQWXOvODUDWăFXPSăUkQGVDWXO6ăFXLDQLGLQĠLQXWXO1HDPĠ
ÌQ FRQWUDVW FX DFHVW GHPHUV FDUH D SXV vQ YDORDUH XQ GRFXPHQW LQHGLW FRPXQLFDUHD FDUH D
vQFKHLDWSULPDSDUWHDFRORFYLXOXL±,QIRUPDĠLHSURSDJDQGăPLVWLILFDUHVFULVRDUHDGLQLDQXDULH±
D LOXVWUDW FRQYLQJăWRU LGHHD Fă VH PDL SRW VSXQH vQFă OXFUXUL FDUH QX VDX VSXV GHVSUH L]YRDUH
FXQRVFXWH GH PXOWă YUHPH 3URYRFDUHD ODQVDWă GH GO ùWHIDQ 6 *RURYHL D SRUQLW GH OD ELQH
 9LDĠDúWLLQĠLILFă 

FXQRVFXWXO EXOHWLQ GH YLFWRULH SăVWUDW vQ SDWUX YDULDQWH ± GRXă OD 0LODQR XQD OD 9HQHĠLD XQD vQ
*HUPDQLD±úLGHODFRQVWDWDUHDFăQXH[LVWăvQFăRHGLĠLHFULWLFăFRQVDFUDWăDFHVWXLGRFXPHQW$FHVW
GHPHUV DU IL FX DWkW PDL QHFHVDU FX FkW GLIHUHQĠHOH H[LVWHQWH vQ IRUPXOD GH DGUHVDUH DU SXWHD VXJHUD
LGHHD Fă QH DIOăP vQ IDĠD XQRU WH[WH FDUH DU SURYHQL GLQ GRXă VFULVRUL GLIHULWH $QDOL]D FULWLFă D
vQOăWXUDW vQVă R DVWIHO GH LSRWH]ă DUăWkQG Fă GLIHUHQĠHOH GH FRQĠLQXW VXQW GDWRUDWH LQWHUHVHORU
SURSDJDQGLVWLFHDOHGLIHULWHORUFHQWUHGHSXWHUHLPSOLFDWHvQOXSWDDQWLRWRPDQă
3DUWHDDGRXDFRQVDFUDWăLQWHUSUHWăULORUDvQFHSXWFXRSXQHUHvQSDUDOHODGXFHOXL%XUJXQGLHL)LOLS
FHO%XQFXùWHIDQFHO0DUH&RPXQLFDUHDDSRUQLWGHODRVXJHVWLHIăFXWăFXDQLvQXUPăGH*HRUJHV'XE\
úLDvQFHUFDWVăSXQăvQOXPLQăFkWHYDGLQWUHFRLQFLGHQĠHOHFDUHOHDSURSLHSHFHOHGRXăSHUVRQDOLWăĠL
&HUFHWDUHDGOXL%RJGDQ3HWUX0DOHRQDDYXWGUHSWVXELHFW9HQLWXULOHHFOH]LDVWLFHvQ0ROGRYD
OXLùWHIDQFHO0DUH&RPXQLFDUHDDDGXVvQGLVFXĠLHXQGRPHQLXvQFăLQVXILFLHQWFXQRVFXWGO0DOHRQ
DUăWkQGFăvQRSR]LĠLHFXSULPDMXPăWDWHDVHFROXOXLDO;9OHDvQWLPSXOGRPQLHLOXLùWHIDQFHO0DUH
VH LDX PăVXUL IHUPH FDUH DX SXV OD GLVSR]LĠLD %LVHULFLL VXUVH VLJXUH GH YHQLW WRW GLQ DFHHDúL HSRFă
GDWkQG úL SULPHOH SULYLOHJLL ILVFDOH SHQWUX 5RPDQ úL SHQWUX 5ăGăXĠL &DUDFWHUXO GRFXPHQWHORU QX QH
SHUPLWH Vă QH IDFHP R LPDJLQH JOREDOă DVXSUD YHQLWXULORU HFOH]LDVWLFH DQXPLWH FKHVWLXQL GH H[
REOLJDĠLLOHPăQăVWLULORUIDĠăGHSDURKLL UăPkQkQGvQFăQHOăPXULWH
&RPXQLFDUHDGOXL/LYLX3LODWÄ&RQYHUWLUHD´OXL3HWUX$URQúLvQFHSXWXOGRPQLHLOXLùWHIDQFHO
0DUH SRUQHúWH GH OD R SUREOHPă FDUH SăUHD FODVDWă GH FRQWULEXĠLLOH PDL YHFKL DOH OXL & $XQHU úL
)UDQFLVF3DOO'O'DQ,RDQ0XUHúDQDUHDGXVvQGLVFXĠLHFRQYHUWLUHDOXL3HWUX$URQúLSRUQLQGGHOD
DFHVW HSLVRG D SURSXV R DOWă OHFWXUă SHQWUX GHVIăúXUDUHD HYHQLPHQWHORU SROLWLFH GLQ 0ROGRYD OD
vQFHSXWXO GRPQLHL OXL ùWHIDQ FHO 0DUH ÌQ UHSOLFă GO 3LODW D DUăWDW Fă VXUVHOH LQYRFDWH vQ VSULMLQXO
DFHVWHLWH]HQXUH]LVWăXQHLDQDOL]HFULWLFHúLFăRGDWăGLVSăUXWHSLVRGXOWUHFHULLODFDWROLFLVPUHVWXO
VFHQDULXOXLVHSUăEXúHúWHÄFDXQFDVWHOGHFăUĠLGHMRF´
&RORFYLXOVDvQFKHLDWFXLQWHUYHQĠLDOXLùWHIDQ6*RURYHLFRQVDFUDWăDPLQWLULLOXLùWHIDQFHO
0DUH OD &RORPHHD &RPXQLFDUHD D IRVW FRQVWUXLWă vQ MXUXO XQXL PRQXPHQW ULGLFDW vQ  GH FăWUH
FRPXQLWDWHDSRORQăGLQ*DOLĠLDSHORFXOvQFDUHGRPQXO0ROGRYHLDGHSXVRPDJLXOYDVDOLFGLQ
0RQXPHQWXODVHPăQăWRUXQXLREHOLVFDIRVWGLVWUXVGHVRYLHWLFLvQDQLLDLVHF;;DVWIHOvQFkWR
VXPăGHvQWUHEăULUăPkQIăUăUăVSXQV'HH[HPSOXFHOHOHJDWHGHWH[WXOLQVFULSĠLHL$FHVWDVHSăVWUHD]ă
GRDU SULQWUR OXFUDUH GH HUXGLĠLHúL SULQWUR UHSURGXFHUH IRWRJUDILFă SDUĠLDOă vQWUH FHOH GRXă YHUVLXQL
H[LVWkQGGLIHUHQĠH
&RORFYLXOGHVIăúXUDWvQ&DVD&DWDUJLD8QLYHUVLWăĠLLÄ$OH[DQGUX,RDQ&X]D´GLQ,DúLDFRQVWLWXLW
vQIDSWFRQWLQXDUHDXQXLSURLHFWvQFKLQDWGRPQLHLOXLùWHIDQFHO0DUHúLFDUHVDFRQFUHWL]DWGHMDvQWUXQ
QXPăU GH UHXQLXQL úWLLQĠLILFH úL SXEOLFDUHD XQHL VHULL GH YROXPH 1X QH UăPkQH GHFkW Vă VSHUăP Fă
DVHPHQHD LQLĠLDWLYH YRU FRQWLQXD FX WRW DWkWD VXFFHV úL Fă YRU VHUYL GUHSW PRGHO úL DOWRUD &RQVWLWXLUHD
XQRU QXFOHH GH FHUFHWDUH SH SUREOHPH ELQH SUHFL]DWH DU UHSUH]HQWD XQ SULP SDV SHQWUX UHGUHVDUHD
GRPHQLXOXLLVWRULRJUDILHLFDUHvQFLXGDXQRUUH]XOWDWHQRWDELOHFRQWLQXăVăWUDYHUVH]HGHúHUWXO

2YLGLX&ULVWHD

0$6$52781'ĂÄ3(563(&7,9($/(12,,
,6725,2*5$),,,7$/,(1(ù,520Æ1(´
%XFXUHúWLPDUWLH

'LQLQLĠLDWLYD,QVWLWXWXOXL,WDOLDQGH&XOWXUăGLQ%XFXUHúWLVDGHVIăúXUDWvQ]LXDGHPDUWLHR
PDVăURWXQGăFDUHúLDGRULWVăGH]EDWăQRLOHGLUHFĠLLGHFHUFHWDUHGLQLVWRULRJUDILDLWDOLDQăúLFHDURPkQă

 9LDĠDúWLLQĠLILFă 

,QWURGXFHUHD D IRVW IăFXWă GH 0DVVLPR 9LJOLRQH FXQRVFXW SURIHVRU GH LVWRULH PRGHUQă OD
8QLYHUVLWDWHD (XURSHDQă GLQ 5RPD FHUFHWăWRU OD ,QVWLWXWXO GH ,VWRULH D (XURSHL 0HGLWHUDQHHQH GLQ
FDGUXO &RQVLOLXOXL 1DĠLRQDO GH &HUFHWDUH FRODERUDWRU DO PDL PXOWRU UHYLVWH úWLLQĠLILFH úL FXOWXUDOH
FRQVXOWDQWLVWRULFDOXQRULQVWLWXĠLLSUHVWLJLRDVH'LQWUHOXFUăULOHVDOHDPLQWLP/LEHUD&KLHVDLQOLEHUR
6WDWR",O5LVRUJLPHQWRHLFDWWROLFLXQRVFRQWURHSRFDOH&LWWD1XRYD5RPD/¶,GHQWLWjIHULWD
$UHV 0LODQR  7RWRGDWă HVWH FRDXWRU vPSUHXQă FX 5REHUWR GH 0DWWHL (QULFR 1LVWUL úL 5REL
3RQ]DDOXQXLPDQXDOSHQWUXúFROLOHPHGLL$OOHUDGLFLGHLGRPDQL$JHGL0LODQR
7HPD GH]EăWXWă GH LVWRULFXO LWDOLDQ D DYXW FD WLWOX ([HPSOH DOH XQHL QRL LVWRULRJUDILL
5LVRUJLPHQWR 6XELHFW FRQWURYHUVDW DO LVWRULRJUDILHL LWDOLHQH HSRFD ULVRUJLPHQWDOă PDL SUHFLV
PRGDOLWDWHDGHFRQVWLWXLUHDVWDWXOXLXQLWDULWDOLDQDLVFDWvQFăGLQXOWLPXOVIHUWGHYHDFDOVHFROXOXLDO
;,;OHD GH]EDWHUL DSULQVH 'H OD FULWLFD vQWUHSULQVă GH PD]]LQLHQL UHSXEOLFDQL QHPXOĠXPLĠL úL
GH]LOX]LRQDĠLFăVWDWXOVDIRUPDWvQMXUXOGLQDVWLHLGH6DYRLDODOXFUDUHDOXL$OIUHGR2ULDQL±/DORWWD
SROLWLFD LQ ,WDOLD DSăUXWă vQ  ± OD FHOHEUXO GXHO LGHRORJLF GLQWUH %HQHGHWWR &URFH úL $QWRQLR
*UDPVFL GLQ SHULRDGD LQWHUEHOLFă úL SkQă DVWă]L VXELHFWXO D SDVLRQDW QXPHURúL RDPHQL GH FXOWXUă úL
SROLWLFLHQLLWDOLHQL0DVVLPR9LJOLRQHDSXQFWDWvQH[SXQHUHDVDGLUHFĠLLOHQRLGHFHUFHWDUHDSHULRDGHL
ULVRUJLPHQWDOHGHVSUHFDUHDXVFULV(UQHVWR*DOOLGHOOD/RJJLD(PLOLR*HQWLOHHWF$XIRVWSUH]HQWDWH
FkWHYD PRPHQWH DOH LVWRULHL LWDOLHQH RFXOWDWH vQ FRQFHSĠLD YRUELWRUXOXL GH FăWUH LVWRULRJUDILD
ÄRILFLDOă´ UăVFRDOHOH DQWLQDSROHRQLHQH GLQ SHULRDGD ± SHUFHSĠLD DVXSUD SHUVRQDOLWăĠLL OXL
*LXVHSSH *DULEDOGL ± VD LQVLVWDW DVXSUD SHULRDGHL SUHSDúRSWLVWH SXĠLQ FXQRVFXWă GH ELRJUDIL 8Q
VXELHFW PXOW GH]EăWXW GH LVWRULRJUDILD DFWXDOă LWDOLDQă HVWH ÄSUREOHPD PHULGLRQDOă´ ÌQ FRQFHSĠLD OXL
0DVVLPR9LJOLRQHvQFHUFDUHD3LHPRQWXOXLGHDúLLPSXQHOHJLVODĠLDDGPLQLVWUDĠLDDVXSUDSURYLQFLLORU
VXGLFHDGHFODQúDWXQDGHYăUDWUă]ERLFLYLOFDUHDIăFXWPLLGHYLFWLPH,QFLWDQWDH[SXQHUHDVXVFLWDW
PDL PXOWH vQWUHEăUL úL LQWHUYHQĠLL GLQ SDUWHD SDUWLFLSDQĠLORU PRGHUDWRU ILLQG GLUHFWRUXO ,QVWLWXWXOXL
,WDOLDQ GU $OEHUWR &DVWDOGLQL ,VWRULFLL URPkQL SUH]HQĠLOD PDQLIHVWDUH ± GU,RQ&vUMD 8QLYHUVLWDWHD
%DEHú%RO\DL&OXM1DSRFD 5DIDHO'RULDQ&KHODUX )DFXOWDWHDGH$UKLYLVWLFăD$FDGHPLHLGH3ROLĠLH
Ä$O,&X]D´  GU )ORULQD &LXUH 0X]HXO ğăULL &ULúXULORU GLQ 2UDGHD8QLYHUVLWDWHD GLQ 2UDGHD  GU
2YLGLX &ULVWHD 'LUHFWRU DGMXQFW ,QVWLWXWXO GH ,VWRULH Ä1LFRODH ,RUJD´ %XFXUHúWL  GU 5XGROI 'LQX
8QLYHUVLWDWHD %XFXUHúWL  GU &ULVWLDQ /XFD 8QLYHUVLWDWHD Ä'XQăUHD GH -RV´ GLQ *DODĠL ± XQXO GLQWUH
LQLĠLDWRULL DFHVWHL vQWkOQLUL  GU ùHUEDQ 0DULQ $UKLYHOH 6WDWXOXL %XFXUHúWL  GU )ORULQ 0OOHU
8QLYHUVLWDWHD %XFXUHúWL  GU 6RULQ ùLSRú 8QLYHUVLWDWHD GLQ 2UDGHD  GU 5DOXFD 7RPL ,QVWLWXWXO GH
,VWRULHÄ1LFRODH,RUJD´%XFXUHúWL 'UDJRú8QJXUHDQX ,QVWLWXWXOGH0HPRULH&XOWXUDOă%XFXUHúWL ±DX
SXVvQWUHEăULUHIHULWRDUHODSHULRGL]DUHD5LVRUJLPHQWRXOXLODFRQFHSWXOGHUHYROXĠLHIRORVLWGHLVWRULFXO
LWDOLDQvQVFULHULOHVDOHODHYHQWXDOHOHSDUDOHOLVPHGLQWUHULVRUJLPHQWRXOLWDOLDQúLFHOURPkQHWF
ÌQWkOQLUHD OHD GDW SULOHMXO LVWRULFLORU URPkQL Vă LD FRQWDFW FX XOWLPHOH OXFUăUL DOH FROHJLORU
LWDOLHQLVFULHULFHQXSRWILvQFăOHFWXUDWHvQELEOLRWHFLOHGLQĠDUă

5DOXFD7RPL

&21)(5,1ğ$Ä02'(51,=$5($Ì1520Æ1,$Ì16(&2/(/(;,;±;;´
&OXM±PDL

2UJDQL]DWăGH$FDGHPLD5RPkQă±&HQWUXOGH6WXGLL7UDQVLOYDQH±úLGHFăWUH8QLYHUVLWDWHD
Ä%DEHú%RO\DL´ ± )DFXOWDWHD GH ,VWRULH úL )LORVRILH vPSUHXQă FX &HQWUXO GH 6WXGLHUH D 3RSXODĠLHL
FRQIHULQĠDÄ0RGHUQL]DUHDvQ5RPkQLDvQVHFROHOH;,;±;;´VDGHVIăúXUDWOD&OXMvQ]LOHOHGH±
PDL  /D GHVFKLGHUHD RILFLDOă DX IRVW SUH]HQĠL DFDG ,RQHO +DLGXF SUHúHGLQWHOH $FDGHPLHL
 9LDĠDúWLLQĠLILFă 

5RPkQHSURIHVRUXQLYHUVLWDUGU1LFRODH%RFúDQUHFWRUXO8QLYHUVLWăĠLLÄ%DEHú%RO\DL´úLVHFUHWDUXO
úWLLQĠLILF DO &HQWUXOXL GH 6WXGLL 7UDQVLOYDQH SURIHVRU XQLYHUVLWDU GU 7UDLDQ 5RWDULX GLUHFWRUXO
FHQWUXOXL GH 6WXGLHUH D 3RSXODĠLHL FRQIHUHQĠLDU XQLYHUVLWDU GU ,RDQ %RORYDQ GLUHFWRUXO LQWHULPDU DO
&HQWUXOXL GH 6WXGLL 7UDQVLOYDQH ÌQ SULPD ]L DX VXVĠLQXW FRPXQLFăUL /LYLX 0DLRU $QGUHL 0DUJD úL
7RDGHU 1LFRDUă 'DFă SULPD FRPXQLFDUH D VXEOLQLDW UROXO DVRFLDĠLLORU FXOWXUDOH HFRQRPLFH DOH
URPkQLORUGLQ$UGHDOvQFRQVWUXLUHDXQXLSURLHFWLGHQWLWDUFDUHVăOHLQGLYLGXDOL]H]HIDĠăGHFHOHODOWH
QDĠLRQDOLWăĠL DOH GXEOHL PRQDUKLL úL FDUH Vă FRQWULEXLH OD DSURSLHUHD GHFDODMXOXL GLQWUH VRFLHWăĠLOH
RFFLGHQWDOHúLFHOHSHULIHULFHVXEOLQLLQGWRWRGDWăvQFHUFDUHDGHDDQWUHQDvQDFHVWHIRUWúLOXPHDUXUDOă
FHOHODOWHGRXăDXFUHLRQDWvQDQDOL]HGHVLQWH]ăILHH[LVWHQĠDDWUHLPRGHOHGHVRFLHWDWHFDUHVHVXFFHG
úL VH VXSUDSXQ SH R GXUDWă OXQJă ± 7RDGHU 1LFRDUă ± ILH VROXĠLL WHRUHWLFH FH vQFHDUFă Vă H[SOLFH
WUHFHUHDGHODVRFLDOLVPXOUăVăULWHDQODVRFLHWDWHDGHVFKLVă±$QGUHL0DUJD
$GRXD]LDGHEXWDWFXOXFUăULvQSOHQGHGLFDWH5ăVFRDOHLGLQvQSHUVSHFWLYăLVWRULRJUDILFă
'DFă'DPLDQ+XUH]HDQXDUHDOL]DWRDQDOL]ăDFDX]HORUUăVFRDOHORUĠăUăQHúWLGHGXSăUHIRUPDUXUDOăGLQ
úLDvQFHUFDWVăOHH[SOLFHSULQSULVPDWUăVăWXULORUSDUWLFXODUHDOHPRGHUQL]ăULLVRFLHWăĠLLURPkQHúWL
GHODVIkUúLWXOVHFROXOXLDO;,;OHDúLvQFHSXWXOVHFROXOXLDO;;OHD$OLQ&LXSDOăDvQWUHSULQVRULJXURDVă
úLFULWLFăWUHFHUHvQUHYLVWăDLVWRULRJUDILHLGHGLFDWăUăVFRDOHL&ăWăOLQ7XUOLXFDDQDOL]DWGLVWLQFĠLDGLQWUH
PRGHUQL]DUHúLRFFLGHQWDOL]DUHGRXăSURFHVHFDUHDXPDUFDWGH]YROWDUHDVRFLHWăĠLLURPkQHúWLvQFHDGHD
GRXD MXPăWDWH D VHFROXOXL DO ;,;OHD $OH[DQGUX 3RUĠHDQX D SUH]HQWDW UăVFRDOD GLQ  vQ FRQWH[W
HXURSHDQLDU6LOYDQD5DFKLHUXDDGXVGRFXPHQWHLQHGLWHGLQDUKLYHOHRWRPDQHFDUHOXPLQHD]ăSR]LĠLD
IRVWHL SXWHUL VX]HUDQH IDĠă GH HYHQLPHQWHOH GLQ VSDĠLXO URPkQHVF vQ DQXO  $X XUPDW FRPXQLFăUL
GHGLFDWHSURFHVXOXLGHPRGHUQL]DUHvQVRFLHWDWHDURPkQHDVFăvQVHFROXODO;,;OHDúLSULPHOHGHFHQLLDOH
VHFROXOXL;;,RVLI0DULDQ%DORJDSUH]HQWDWUHIRUPHOHDJUDUHGLQVSDĠLXOWUDQVLOYDQúLHIHFWHOHDFHVWRUD
DVXSUD PRGHUQL]ăULL VRFLHWăĠLL VWDWRUQLFLUHD XQRU QRL WLSXUL GH UHODĠLL VXE UDSRUW MXULGLF úL PDWHULDO
RULHQWDUHDSURGXFĠLHLVSUHSLDĠăVFKLPEăULGHPHQWDOLWDWHvQOXPHDUXUDOăHWF3URLHFWXOOLEHUDOGHUHIRUPă
DJUDUă GLQ DQLL ± úL UHIOHFWDUHD VD vQ UDSRDUWHOH GLSORPDWLFH DXVWURXQJDUH úL LWDOLHQH DX
FRQVWLWXLW RELHFWXO XQHL FRPXQLFăUL IăFXWH GH 6RULQ 5DGX LDU 1DGLD 0DQHD D SUH]HQWDW XQ DVSHFW PDL
SXĠLQ FXQRVFXW OHJăWXUD GLQWUH SROLWLFD %ăQFLL 1DĠLRQDOH D 5RPkQLHL úL FUHGLWXO DJULFRO vQ DQLL ±
 VXEOLQLLQG HIRUWXULOH GH VDOYDUH D DJULFXOWXULL URPkQHúWL úL PăVXULOH OXDWH GH %15 vQ DFHVW VHQV
9DOHULD 6RURúWLQHDQX D SUH]HQWDW FH]XUD FH H[LVWD vQ VDWXO URPkQHVF GLQ $UGHDO vQ SULPHOH GHFHQLL DOH
VHFROXOXLDO;;OHDvQWUHWHQGLQĠDGHPHQĠLQHUHDUHDOLWăĠLLDUKDLFHúLÄFXWXPD´QRXOXLDFFHQWXkQGUROXO
MXFDWGHSUHRWvQYăĠăWRUIXQFĠLRQDUvQPRGHUQL]DUHDVSDĠLXOXLUXUDO,OHDQD&ă]DQDHIHFWXDWRVDYXURDVă
LQFXUVLXQHvQ VFULHULOHGHFăOăWRULHGHODvQFHSXWXOVHFROXOXL DO ;,;OHDFHHYRFDXvPSOHWLUHDRULJLQDOă
vQWUHPRGHUQLWDWHúLWUDGLĠLHvQVRFLHWDWHDURPkQHDVFăLDU5XGROI'LQXDvQFHUFDWVăWUDVH]HDFFHQWHOHGH
PRGHUQL]DUHvQWkOQLWHvQVWUXFWXULOHúLPHFDQLVPHOHGHGHFL]LHDOHSROLWLFLLH[WHUQHURPkQHúWLvQVHFROXODO
;,;OHD9HQHUD$FKLPDSUH]HQWDWHWDSHOHSULPHLUHIRUPHVRFLDOHGLQSULQFLSDWHOHURPkQH±GH]URELUHD
ĠLJDQLORU ± úL D VLQWHWL]DW FRQVHFLQĠHOH DFHVWHLD DVXSUD PRGHUQL]ăULL LQVWLWXĠLRQDOH úL VRFLDOH vQ SHULRDGD
IRUPăULLVWDWXOXLQDĠLRQDOURPkQ3ROLWLFDHFRQRPLFăDJXYHUQHORU5RPkQLHLúLDSOLFDELOLWDWHDHLvQOXPHD
UHDOă DX UHSUH]HQWDW WHPD FRPXQLFăULL 'DQLHOHL %Xúă FDUH D vQFHUFDW Vă VXUSULQGă UDSRUWXO GLQWUH
SULQFLSLLOHWHRUHWLFHúLQHFHVLWăĠLOHSUDFWLFHvQSHULRDGD±LDU&RQVWDQWLQ$UGHOHDQXDUHXúLWvQWUR
GRFXPHQWDWă UHODWDUH Vă SUH]LQWH FRQWH[WXO FDUH D SHUPLV PRGHUQL]DUHD LQIUDVWUXFWXULL GH WUDQVSRUW GLQ
UHJLXQHD JXULORU 'XQăULL 3DWUX FRPXQLFăUL DX IRVW GHGLFDWH XQRU VHJPHQWH PDL SXĠLQ H[SORUDWH DOH
VRFLHWăĠLL URPkQHúWL DIODWă vQ SOLQ SURFHV GH PRGHUQL]DUH 'XPLWUX /ăFăWXúX D SUH]HQWDW HWDSHOH
RUJDQL]ăULLVLVWHPXOXLSHQLWHQFLDU$GULDQ6LOYDQ,RQHVFXDGHGLFDWRLQWHUHVDQWăH[SXQHUHPRGHUQL]ăULL
DUWHORUSODVWLFHúLH[SR]LĠLLORUSXEOLFHGLQĠăULOHURPkQHvQVHFROXODO;,;OHD%RJGDQ3RSDDUHDOL]DWR
LQFLWDQWă LQFXUVLXQH vQ SULPLL DQL vQ FDUH FXOWXUD IL]LFă VH LPSXQH vQ YHFKLXO UHJDW FD XQ HOHPHQW DO
PRGHUQL]ăULLLDU9DOHQWLQ9DVLOHDSUH]HQWDWORFXLQĠDURPkQLORUvQWUHWUDGLĠLHúLPRGHUQLWDWH
2VHFĠLXQHDSDUWHDIRVWGHGLFDWă&XOWXULLSROLWLFHúLSROLWLFLORUFXOWXUDOHvQFDUH9LFWRU5L]HVFX
D SXV vQ GLVFXĠLH úL DOWH PRGHOH LGHRORJLFH FDUH FRPSOHWHD]ă SDOHWD LQWHUSUHWăULORU OLEHUDOH FH
DFFHQWXHD]ăIăUăDQXDQĠDUROXOOXLùWHIDQ=HOHWLQúL(XJHQ/RYLQHVFXvQGHWHUPLQDUHDOLEHUDOLVPXOXL

 9LDĠDúWLLQĠLILFă 

URPkQHVF (FDWHULQD /XQJ D VXUSULQV HYROXĠLD UDSRUWXULORU GLQWUH LVWRULRJUDILD URPkQHDVFă úL
SDUDGLJPHOHLVWRULRJUDILHLRFFLGHQWDOHvQVSHFLDOFHOHGHRULJLQHIUDQFH]ăVXEOLQLLQGUROXOÄQRLLLVWRULL
FXOWXUDOH´FXUHQW FHvúL IDFH VLPĠLWă SUH]HQĠD úL vQ VSDĠLXO LVWRULRJUDILF URPkQHVF $QD 0DULD 6WDQ D
SUH]HQWDWHIRUWXULOH DXWRULWăĠLORU URPkQHúWL GH D UDFRUGDvQYăĠăPkQWXO GLQ 5RPkQLD 0DUH OD FLUFXLWXO
úWLLQĠLILFHXURSHDQ
ÌQFRPXQLFDUHD'HODĠăUDQODFHWăĠHDQUHYROXĠLDFDH[SHULPHQWPRGHUQL]DWRUvQOXPHDUXUDOă
FD]XO SULQFLSDWXOXL ğăULL 5RPkQHúWL OD   1LFRODH 0LKDL D vQFHUFDW Vă FRQWXUH]H GLQWUR QRXă
SHUVSHFWLYăPRGXOFXPVDXDUPRQL]DWFXPVDXSHUFHSXWDFWRUXOSROLWLF±OLGHUXOUHYROXĠLRQDUúLFHO
VRFLDO ± ĠăUăQLPHD 5HYROXĠLD SULPHD R OHJLWLPLWDWH WUDQVFHQGHQWDOă SULQ JHVWXUL ULWXDOH FH ĠLQ GH
SUDFWLFL FUHúWLQH ± VILQĠLUHD VWHDJXOXL QDĠLRQDO UXJăFLXQHD FROHFWLYă GH OD vQFHSXWXO DGXQăULORU
SRSXODUH SUHGLFLOH PRUDOL]DWRDUH vQ OLPEDM UHOLJLRV FKLDU DUGHUHD 5HJXODPHQWXOXL RUJDQLF úL
DQDWHPL]DUHDVD&KLDUPDLPXOWSUHRĠLLXUPDXDILLPSOLFDĠLvQGHVIăúXUDUHDYRWXOXLSHQWUX$GXQDUHD
FRQVWLWXDQWă $FHVW WUDQVIHU GH VDFUDOLWDWH GLQVSUH ELVHULFă VSUH UHYROXĠLH SRDWH IL RDUH FRQVLGHUDW
PRPHQWXOGHvQFHSXWFHOSXĠLQODQLYHOXOSUDFWLFLLSROLWLFHvQFDUHÄQDĠLRQDOLVPXOGHYLQHROLWXUJKLH
VHFXODUL]DQWăDPRGHUQLWăĠLL´vQVSDĠLXOURPkQHVF"
2DUHGUXPXOVRFLHWăĠLLURPkQHúWLVSUHPRGHUQLWDWHLQFOXGHDVDXH[FOXGHDRUWRGR[LVPXO"&HORF
DYHD %LVHULFD 2UWRGR[ă 5RPkQă vQ FDGUXO VWDWXOXL vQ FRQGLĠLLOH vQ FDUH VHFXODUL]DUHD DYHULORU
FRQILVFDUHDFXOWXULLGHFăWUHODLFLÄLPRELOLVPXO´FOHUXOXLDX IăFXWFDUROXODFHVWHLDVăVFDGăvQYLDĠD
LQWHOHFWXDOă D 5RPkQLHL vQ D GRXD MXPăWDWH D VHFROXOXL DO ;,;OHD" 7UDQVIRUPDUHD DFHVWHLD vQWUXQ
GHSDUWDPHQWDOVWDWXOXLFRQWURODWVWULFWGHSDUODPHQWHUDRÄQHFHVLWDWHLVWRULFă´VDXHUDYRUEDGHXQ
VSLULWDQWLFOHULFDO",DWăQXPDLFkWHYDGLQvQWUHEăULOHODFDUH UăVSXQGH*HRUJH(QDFKHvQFRPXQLFDUHD
VD5HOLJLHúLPRGHUQLWDWHvQYHFKLXOUHJDWGH]EDWHULSULYLQGUROXOVRFLDOSROLWLFúLQDĠLRQDODO%LVHULFLL
2UWRGR[H 5RPkQH vQ D GRXD MXPăWDWH D VHFROXOXL DO ;,;OHD úL vQFHSXWXO YHDFXOXL DO ;;OHD ÌQ
FRPXQLFDUHDLQWLWXODWă3URFHVXOGHPRGHUQL]DUHUXUDOăvQFHUFHWăULEăQăĠHQH&DUPHQ$OEHUWQHDMXWă
VăSHUFHSHPUHDOLWDWHDVRFLDOăDVDWXOXLURPkQHVFGLQSHULRDGDLQWHUEHOLFăVăvQĠHOHJHPFXPYDORULOH
WUDGLĠLRQDOHDXUH]LVWDWVDXDXIRVWDOWHUDWHGHLQIOXHQĠHOHYHQLWHGLQVSDĠLLOHPRGHUQLWăĠLL±XQXOGLQWUH
DFHVWHDILLQGRUDúXO
ÌQ FDGUXO VHFĠLXQLL LQWLWXODWă $VSHFWH DOH PRGHUQL]ăULL vQ SHULRDGD LQWHUEHOLFă )ORULQ 0OOHU
úLDSURSXVvQFRPXQLFDUHDVDVăVXEOLQLH]HH[LVWHQĠDXQRUJUXSXULFXOWXUDOHUHODWLYPDUJLQDOHvQFDGUXO
FRPXQLVPXOXLúLIDVFLVPXOXLURPkQHVFFDUHDXSURSXVVFKLPEăULUDGLFDOHODQLYHOXOFRQFHSWHORUúLDO
SUDFWLFLL SROLWLFH &ULVWLQD 5RPDQ D DQDOL]DW HYROXĠLD SDUWLGHORU SROLWLFH vQ SHULRDGD ± LDU
&RQVWDQWLQ 0LKDL D VXUSULQV UDSRUWXO GLQWUH DXWRULWDWHD HFOH]LDVWLFă úL FHD LQWHOHFWXDOă GLQ 5RPkQLD
LQWHUEHOLFă 2 VHFĠLXQH FX WHPH LQFLWDQWH D IRVW úL FHD GHGLFDWă 0RGHUQL]ăULL úL HGXFDĠLHL &ULVWLQD
*XGLQ D VXUSULQV DVSHFWH DOH vQYăĠăPkQWXOXL URPkQHVF HOHPHQWDU vQ SHULRDGD ± 'DQLHOD
0kU]D SH ED]D XQHL ULJXURDVH DQDOL]H D GRFXPHQWHORU GH DUKLYă SULYLWRDUH OD FDGUHOH GLGDFWLFH GLQ
DUKLGLHFH]D GH $OED ,XOLD úL )ăJăUDú D DUăWDW XQ VHJPHQW GLQ SURFHVXO GH FRQVWLWXLUH D FDWHJRULHL
SURIHVLRQDOH D vQYăĠăWRULORU 5RGLFD ,DQRú D SUH]HQWDW PRGHUQLWDWHD GLVFXUVXOXL GLGDFWLF GLQ
7UDQVLOYDQLD úL FRUHODUHD DFHVWXLD FX FHO HXURSHDQ LDU 0LUHOD $OEXOHVFX D UHGDW FRQFHSĠLD OXL 6SLUX
+DUHWDVXSUDLPSDFWXOXLH[HUFLWDWGHvQYăĠăPkQWvQOXPHDUXUDOă
7UHLFRPXQLFăULúLDXSURSXVVăDQDOL]H]H7UDQVLOYDQLDvQWUHWUDGLĠLHúLPRGHUQLWDWH3iO-XGLW
úL/yUiQG/0iGO\DXSUH]HQWDWDVSHFWHDOHPRGHUQL]ăULLDGPLQLVWUDWLYHODPLMORFXOVHFROXOXLDO;,;OHD
LDU9ODG3RSRYLFLúLDDOHVGUHSWWHPăDQDOL]DGLVFXUVXOXLSROLWLFDOURPkQLORUGLQPRQDUKLDGXDOLVWă
'RXăVHFĠLXQLDXIRVWGHGLFDWHSUREOHPHORUGHGHPRJUDILH(YROXĠLLGHPRJUDILFHUHJLRQDOHúLORFDOHúL
'HPRJUDILHúLPRGHUQL]DUHvQHSRFLOHPRGHUQăúLFRQWHPSRUDQă'DFăvQSULPDSDUWHDIRVWDQDOL]DW
LPSDFWXO PRGHUQL]ăULL DVXSUD ORFDOLWăĠLORU 'UăJXú ùDUROWD 6ROFDQ  1ăVăXG 2DQD 5DPRQD ,ORYDQ 
&OXM 9HUHVV(QLNĘ LDU)ODYLXV6RORPRQDIăFXWRVLQWH]ăDVXSUDXUEDQL]ăULLvQ(XURSDGH6XG(VWOD
VIkUúLWXO VHFROXOXL DO ;,;OHD úL vQFHSXWXO VHFROXOXL ;; vQ D GRXD VHFĠLXQH DX IRVW VXUSULQVH
FRQGLĠLRQăULOH SROLWLFH DVXSUD GH]YROWăULL VWDWLVWLFLL GHPRJUDILFH vQ 5RPkQLD 9LRUHO $FKLP  HúHFXO
PRGHUQL]ăULL vQ HSRFD FRPXQLVWă /LYLXV 0DULXV %HMHQDUX  FRPSRUWDPHQWXO GHPRJUDILF vQ ]RQD
 9LDĠDúWLLQĠLILFă 

$UDGXOXL vQ SULPHOH GHFHQLL DOH VHFROXOXL ;; &RUQHOLX 3ăGXUHDQ  LQWURGXFHUHD FăVăWRULHL FLYLOH úL
PRGHUQL]DUHD VRFLHWăĠLL WUDQVLOYăQHQH OD VIkUúLWXO VHFROXOXL DO ;,;OHD 2 DOWă VHFĠLXQH D IRVW GHGLFDWă
SUREOHPHORU PRGHUQL]ăULL vQ WLPSXO UHJLPXOXL FRPXQLVW 6ROXĠLLOH JăVLWH GH UHJLPXO FRPXQLVW OD
PRGHUQL]DUHDDJULFXOWXULLDHQHUJHWLFLLDDUPDWHLúLUHODĠLLOHURPkQRFKLQH]HvQSHULRDGD±DX
IRVWSUH]HQWDWHFULWLFúLULJXURVGH$GULDQùLPRQ$OLQD0DULDQD,OLQFD3HWUH2SULúúL,RODQGDğLJKLOLX
8OWLPD]LDFRQIHULQĠHLDIRVWvQFKLQDWă&XOWXULLSROLWLFHúLHXURSHLVPXOXLvQ5RPkQLDvQVHFROXO
;; úL 5RPkQLHL SRVWFRPXQLVWH ÌQ SULPD VHFĠLXQH GRXă FRPXQLFăUL DX IRVW GHGLFDWH IHGHUDOLVPXOXL
HXURSHDQ úL LPSOLFăULL URPkQLORU vQ FRQWXUDUHD DFHVWHL LGHL ± *LRUGDQR $OWDUR]]L $QGUHD &DUWHQ\ ± úL
UROXOXL HPLJUDQĠLORU URPkQL vQ FRQVWUXFĠLD HXURSHDQă ± 0LKDHOD 7RDGHU 0LKDHOD *UDQFHD D SUH]HQWDW
GH]EDWHUHDGLQWUHHXURSHQLúWLúLDXWRKWRQLúWLúLVROXĠLLOHPRGHUQL]ăULLVSDĠLXOXLURPkQHVF8OWLPDVHFĠLXQH
D IRVW GHGLFDWă LVWRULHL UHFHQWH ILLQG FRQWXUDWH DVSHFWH OHJDWH GH DSDULĠLD VRFLHWăĠLL FLYLOH URPkQHúWL ±
0DULXV8JOHD±PLJUDĠLDIRUĠHLGHPXQFă±9HURQLFD/DMRV±LDU)ORULQ)HúQLFDvQFHUFDWVăVLQWHWL]H]H
FDUHVXQWIDFWRULLFHLPDLLPSRUWDQĠLFDUHH[SOLFăGLYL]LXQLOHSDUWL]DQHGLQSROLWLFDURPkQHDVFă
ÌQ FRQFOX]LH SXWHP UHPDUFD UHXúLWD FRQIHULQĠHL FDUH D vQFHUFDW Vă UăVSXQGă GLQWUR QRXă
SHUVSHFWLYă OD GLYHUVH SUREOHPH DOH PRGHUQL]ăULL URPkQHúWL 2UJDQL]DUHD GHRVHELWă úL QRXWDWHD
UHSUH]HQWDWă GH H[LVWHQĠD FRPHQWDWRULORU FDUH DX GDW LPSXOV GLVFXĠLLORU GLQ ILHFDUH VHFĠLXQH DX IRVW
DSUHFLDWHGHSDUWLFLSDQĠL

5DOXFD7RPL

6(6,81($$18$/Ă'(&2081,&Ă5,ù7,,1ğ,),&($,167,7878/8,
'(,6725,(Ä1,&2/$(,25*$´
±LXQLH

ÌQ ]LOHOH GH ± LXQLH  VDGHVIăúXUDW VHVLXQHDDQXDOă GHFRPXQLFăUL úWLLQĠLILFH D ,QVWLWX
WXOXLGH,VWRULHÄ1LFRODH,RUJD´6SUHGHRVHELUHGHDQLLSUHFHGHQĠLVHVLXQHDGLQDDYXWFDWHPă
SULQFLSDOă,VWRULRJUDILDVHFROXOXL;;,±VXUVHPHWRGHúLLQWHUSUHWăUL&XYkQWXOGHGHVFKLGHUHDIRVW
URVWLWGH2YLGLX&ULVWHDGLUHFWRUXODGMXQFWDO,QVWLWXWXOXLGH,VWRULHÄ1LFRODH,RUJD´$ORFXĠLXQHDVDD
SXV vQ HYLGHQĠă QRLOH GLUHFĠLL vQ LVWRULRJUDILD FRQWHPSRUDQă úL QHFHVLWDWHD SURPRYăULL LQYHVWLJDĠLLORU
SOXULGLVFLSOLQDUH
7HPD SULPHL ]LOH 6XUVHOH 0HGLHYDOH ± 1RL DERUGăUL úL LQWHUSUHWăUL D LQFOXV FRQIHULQĠHOH
VXVĠLQXWHvQFDGUXODGRXăúHGLQĠH3ULPDúHGLQĠăPRGHUDWRUùWHIDQ$QGUHHVFXDFXSULQVXUPăWRDUHOH
FRQIHULQĠH 9LUJLO &LRFvOWDQ (WQLH úL DQWURSRQLPLH %DVDUDE ÄÌQWHPHLHWRUXO´ ± URPkQ VDX FXPDQ"
$OH[DQGUX&LRFvOWDQ&DWROLFLVPXOvQğDUD5RPkQHDVFăvQUHODWăULHGLWHúLLQHGLWHDOHDUKLHSLVFRSXOXL
GH6RILD3HWUX%RJGDQ%DNãLü  ÌQDGRXDúHGLQĠăPRGHUDWRU2YLGLX&ULVWHDVDX
SUH]HQWDWFRPXQLFăULOH(FDWHULQD/XQJ,VWRULDFXOWXUDOăRQRXăSDUDGLJPăLVWRULRJUDILFă"ùHUEDQ
0DULQ,QYHVWLJDUHDVXUVHORUVHFXQGDUHXQGHPHUVLQXWLO"&D]XOFURQLVWLFLLYHQHĠLHQH,OHDQD&ă]DQ
5HFLWLQGXLSHFURQLFDULLVWRULDHXURSHDQăvQOLWHUDWXUDURPkQăYHFKH
$GRXD]LVHVLXQHDDFRQWLQXDWFXWHPD,VWRULDPRGHUQă±QRLDERUGăULDOHVXUVHORUÌQSULPD
SDUWH D DFHVWHL VHFĠLXQL PRGHUDWRU ,OHDQD &ă]DQ DX SUH]HQWDW FRPXQLFăUL $OH[DQGUX 0DPLQD
6XELHFWLYLVPXO vQ LVWRULRJUDILH FRQĠLQXW PDQLIHVWăUL OLPLWDUH 'DQLHOD %Xúă &ăOăWRULL VWUăLQL vQ
VHFROXO DO ;,;OHD ± VXUVH SHQWUX LVWRULD URPkQLORU" $GULDQ 6LOYDQ ,RQHVFX )RWRJUDILH úL
LVWRULRJUDILHÌQDGRXDSDUWHPRGHUDWRU'DQLHOD%XúăDXVXVĠLQXWFRPXQLFăUL%RJGDQ3RSD6XUVH
SHQWUXRLVWRULHVRFLDOăDFXOWXULLIL]LFH,ULQD*DYULOă2GLVFLSOLQăDVHFROXOXL;;,±LVWRULDDVLVWDWă
GHFDOFXODWRU

 9LDĠDúWLLQĠLILFă 

ÌQ SDUDOHO VSHFLDOLúWLL vQLVWRULHFRQWHPSRUDQă VDX vQWUXQLW vQ GRXă úHGLQĠH GHOXFUX SHQWUX D
GH]EDWH WHPD 3DUDGLJPH DOH LVWRULHL FRQWHPSRUDQH vQ VHFROXO ;;, ÌQ SULPXO PRGXO PRGHUDWRU
9LRUHO$FKLPDXFRPXQLFDW9DVLOH&ULVWHD,VWRULRJUDILDGHVSUHFXOWXUDURPkQăSRVWEHOLFă6XUVHúL
WHPH0LRDUD$QWRQ0HPRULDOLVWLFDFDVXUVă±FRPXQLVPXOvQWUHQHJDUHúLDFFHSWDUH&RVPLQ3RSD
3HQWUX R LVWRULH FRPSDUDWă D FRPXQLVPXOXL ÌQ DO GRLOHD PRGXO PRGHUDWRU 0LRDUD $QWRQ DX
SUH]HQWDWFRPXQLFăUL5DGX7XGRUDQFHD3ULYLUHFULWLFăDVXSUDLVWRULRJUDILHLRILFLDOHFRUHHQHGHVSUH
Ä0DUHOHUă]ERL´ ± $OLQD,OLQFD8WLOL]DUHDPHWRGHORUGHLVWRULHHFRQRPLFăvQVWXGLHUHD
UHJLPXOXLFRPXQLVW/LYLX%HMLQDUX&RQGDPQDUHDFRPXQLVPXOXLvQ5RPkQLDGHD]L±VSOHQGRDUHDúL
PL]HULDXQHLLGHL5DOXFD6SLULGRQ$GHYăUXOGHVSUHJUHYDPLQHULORUGLQ9DOHD-LXOXL DXJXVW úL
RSR]LĠLDIDĠăGHUHJLPXO1LFRODH&HDúHVFX

1DJ\3LHQDUX

352*5$08/Ä(8523$&(175$/ĂğĂ5,/(520Æ1(ù,63$ğ,8/
3217,&´/,67$&2081,&Ă5,/25',12&720%5,(±,81,(

, /XQL  RFWRPEULH   1DJ\ 3LHQDUX &RPHUĠXO vQ 0DUHD 1HDJUă LQWHUGLFĠLL úL
FRQWUDEDQGă vQ D GRXD MXPăWDWH D VHFROXOXL DO ;9,OHD  $GULDQ 7HUWHFHO 5HODĠLLOH UXVR
RWRPDQRFULPHHQHvQDQXOXQGRFXPHQWRWRPDQ
,, /XQLQRLHPEULHùHUEDQ3DSDFRVWHD3ROLWLFDH[WHUQăDOXLùWHIDQFHO0DUHRSĠLXQHD
SRORQă  2YLGLX &ULVWHD Ä6XFFHVL GHO +XQJKHULD GHO ´ %ăWăOLD SHQWUX 7UDQVLOYDQLD
vQWURVXUVăFRQWHPSRUDQăLQHGLWă
,,, 0LHUFXULQRLHPEULH0DULD9RLFD3XúFDúX%LVHULFLOHPăQăVWLULL9RURQHĠ9LUJLO
&LRFvOWDQ3UHPLVHOHDFRUGXOXLRWRPDQRJHQRYH]GLQ
,9 0LHUFXUL  GHFHPEULH   ùWHIDQ $QGUHHVFX 8Q WLWOX EL]DQWLQ QHRELúQXLW ÄGHVSRW DO
0ăULL1HJUH´/DQVDUHDYROXPXO0DUHD1HDJUă3XWHULPDULWLPH±3XWHULWHUHVWUH
9 0DUĠL  IHEUXDULH   ùWHIDQ 6 *RURYHL &URQRORJLL FRQWURYHUVDWH vQ GRPQLD OXL ùWHIDQ
FHO 0DUH /LYLX 3LODW Ä5HVSXEOLFD &KULVWLDQD´ úL 0ROGRYD ±  /DQVDUHD
YROXPHORUFRQVDFUDWHGRPQLHLOXL,HUHPLD0RYLOăúLDUHYLVWHLÄ$QDOHOH3XWQHL´
9, /XQLIHEUXDULH3HWUH*XUDQ'HODÄ'RQDWLR&RQVWDQWLQL´ODÄ$7UHLD5RPă´JHQH]D
XQHLLGHLSROLWLFH9LRUHO$FKLP%DQDWXOGH6HYHULQ±VWDWXWXOSROLWLFvQVHF;,,,±;,9
9,, /XQL  DSULOH  7DWLDQD &RMRFDUX )HQRPHQXO SULEHJLHL ERLHULORU PROGRYHQL vQ 3RORQLD
VHFROHOHDO;9,OHD±DO;9,,OHD 
9,,, 9LQHULPDL6HUJLX,RVLSHVFX&RQWULEXĠLLFDUWRJUDILFHvQOHJăWXUăFX3RQWXO6WkQJvQ
VHFROXODO;,9OHD
,; 9LQHULPDLùWHIDQ$QGUHHVFX0DUHD1HDJUăvQOXSWDSHQWUXVXFFHVLXQHDODWURQXO
RWRPDQGLQDQLL±
; 0LHUFXULLXQLH2YLGLX&ULVWHD(YROXĠLLvQ0HGLWHUDQDODvQFHSXWXOVHFROXOXLDO;9,OHD
SHUFHSĠLLYHQHĠLHQH
;, 0LHUFXULLXOLH1DJ\3LHQDUX2WRPDQLLúL0DUHD1HDJUă3RUWXO&HWDWHD$OEă
127(ù,5(&(1=,,


$.iUSiWPHGHQFHQpSHLQHNHJ\WWpOpVHD±V]i]DGEDQ7DQXOPiQ\RNFRRUG
(*5<*È%25)(,7/,679È11DSYLOiJ.LDGy%XGDSHVWS

9ROXPXO FRRUGRQDW GH *iERU (JU\ úL ,VWYiQ )HLWO LVWRULFL OD ,QVWLWXWXO GH ,VWRULH 3ROLWLFă GLQ
%XGDSHVWDUHXQHúWHGHDUWLFROHFDUHVHRFXSă GHLVWRULDHWQLFă D8QJDULHLúLDWHULWRULLORUĠLQkQGGH
FRURDQD 6IkQWXOXL ùWHIDQ vQ VHFROHOH ;9,,,;; $SURDSH WRDWH VXQW VWXGLL FDUH SULYHVF R DQXPLWă
PLQRULWDWHRULXQFD]ORFDOVDXUHJLRQDO3UREOHPDWLFDFHORUGHVWXGLLHVWHGHRVHELWGHYDVWăSURFHVHOH
GH DVLPLODUH úL GH]DVLPLODUH SH FDUH OHDX FXQRVFXW DQXPLWH JUXSXUL GH SRSXODĠLH VLWXDĠLD úFROLORU
PLQRULWDUH FRQYLHĠXLUHD XQJXULORU FX GLIHULWH PLQRULWăĠL UROXO HFRQRPLF DO HYUHLORU FKHVWLXQHD
PLQRULWăĠLORUvQSROLWLFDJXYHUQHORUPDJKLDUHGLQSHULRDGDGXDOLVPXOXLDXVWURXQJDUVWUDWHJLLOHSROLWLFHúL
HOHFWRUDOH DOH PLQRULWăĠLORU vQ SHULRDGD DPLQWLWă RUJDQL]DĠLLOH SROLWLFH DOH PLQRULWăĠLL PDJKLDUH vQ
&HKRVORYDFLD ,XJRVODYLD úL 5RPkQLD GXSă SULPXO úL DSRL FHO GHDO GRLOHD Uă]ERL PRQGLDO SROLWLFD
QDĠLRQDOăvQ8QJDULDGXSăúD$UWLFROHOHFXXQFDUDFWHUPDLJHQHUDOVXQWSXĠLQH6HPQDOăPDLFLXQ
VWXGLX FDUH SULYHúWH UHODĠLLOH HWQLFH GLQ $XVWUR8QJDULD úL LPSOLFDĠLLOH ORU LQWHUQDĠLRQDOH vQ FRQWH[WXO
WHQGLQĠHORUSDQVODYLVWHúLSDQJHUPDQLVWHFDUHVHPDQLIHVWDXDWXQFL $QGUiV-Ry$XV]WULD0DJ\DURUV]iJ
HWQLNDLYLV]RQ\DLpVD]HXUySDLQDJ\KDWDOPLSROLWLNDDV]i]DGNH]GHWpQS± 
6WXGLLOHGLQDFHVWYROXPVXQWvQJHQHUDOFRQVWUXLWHSHRGRFXPHQWDĠLHWHPHLQLFăGHDUKLYăVDX
GH DOWă QDWXUă úL RIHUă R SHUVSHFWLYă LQWHUHVDQWă DVXSUD SUREOHPHL PLQRULWDUH vQ 8QJDULD LVWRULFă
9ROXPXORIHUăRLPDJLQHILGHOăDGLUHFĠLLORUGHFHUFHWDUHúLDQLYHOXOXLLVWRULRJUDILHLPDJKLDUHDFWXDOH
vQFHSULYHúWHPLQRULWăĠLOHúLFKHVWLXQHDPLQRULWDUăvQLVWRULDPRGHUQăúLFRQWHPSRUDQăD8QJDULHL&HL
PDLPXOĠLGLQWUHDXWRULVXQWLVWRULFLDILUPDĠLGXSă&KLDUGDFăQXWRĠLGHSăúHVFFXQRVFXWHOHFOLúHH
DOHLVWRULRJUDILHLPDJKLDUHFXSULYLUHODSHULRDGDGXDOLVWăHLYLQFXDERUGăULQRLúLFXRSHUVSHFWLYă
HXURSHDQă vQ VHQVXO XQHL PDL PLFL GHSHQGHQĠH D GLVFXUVXOXL ORU úWLLQĠLILF GH LQWHUHVHOH SROLWLFH DOH
PRPHQWXOXLDFWXDO
6HPQDOH]DLFLWLWOXULOHFDUHSULYHVFGLUHFWLVWRULD5RPkQLHLDUWLFROHFDUHPLVHSDUGHPQHGHD
ILFXQRVFXWHGHLVWRULFLLQRúWUL
8QDUWLFROVHDGDXJăERJDWHLOLWHUDWXULLVWRULFHFXSULYLUHODUăVFRDODURPkQLORUDUGHOHQLFRQGXVă
GH +RUHD &ORúFD úL &ULúDQ /iV]Oy 3HWUHV $] HV +RUHDIpOH IHONHOpV HUGpO\L HPOpNLUDWRN
WNUpEHQ S ±  (ODQDOL]HD]ă FkWHYD WH[WH PHPRULDOLVWLFH LQWHUHVDQWH GDWRUDWH XQRU QRELOL úL
IXQFĠLRQDULFRPLWDOLPDUWRULDLUăVFRDOHLLREDJLORUURPkQL
8QDUWLFROELQHIăFXWVHRFXSăGHVWUDWHJLDHOHFWRUDOăD3DUWLGXOXL1DĠLRQDO5RPkQvQSHULRDGD
DFWLYLVPXOXL ÈNRV 6]HQGUHL -HO|OWHN NHUOHWHN YiODV]WiVRN $ 5RPiQ 1HP]HWL 3iUW V]HUHSOpVH D
NpSYLVHOĘYiODV]WiVRNRQ  S± $LFLHVWHDQDOL]DWPRGXOvQFDUHDOHJăWRULL
URPkQL GLQ 8QJDULD SHULRDGHL GXDOLVWH vQ QXPăU GH FFD  vQ 7UDQVLOYDQLD úL FFD  vQ
3DUWLXP úL %DQDW ± GHFL vQ WRWDO FFD  ± DX YRWDW OD DOHJHULOH SDUODPHQWDUH GLQ   úL
 ÌQ  GLQ FHL FFD  GH DOHJăWRUL URPkQL GRDU  FFD   DX YRWDW FDQGLGDWXO
315 vQ  FFD    LDU vQ  FFD    ÌQ FRQVHFLQĠă 315 D WULPLV vQ
SDUODPHQW  GHSXWDĠL vQ   GHSXWDĠL vQ  úL  GHSXWDĠL vQ  1XPăUXO GHSXWDĠLORU GH
RULJLQHURPkQăDIRVWvQVăPDLPDUHvQWUXFkWSHOLVWHOHSDUWLGHORUPDJKLDUHVDXDIODWúLURPkQLFDUH
DXLQWUDWvQSDUODPHQW$FHúWLDDXIRVWvQQXPăUGHvQvQúLvQ
8Q DUWLFRO VH RFXSă GH VWUDWHJLLOH HOHFWRUDOH DOH RUJDQL]DĠLLORU PLQRULWăĠLL PDJKLDUH GLQ
5RPkQLD vQ SHULRDGD LQWHUEHOLFă ,ERO\D %HNH $ URPiQLDL PDJ\DU NLVHEEVpJ V]HUYH]HWHLQHN
YiODV]WiVLSROLWLNDLVWUiWHJLiLDNpWYLOiJKiERU~N|]|WWS± 

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 1RWHúLUHFHQ]LL 

8Q VWXGLX LQWHUHVDQWDWkWFD LQIRUPDĠLHFkW úLFD DQDOL]ăHVWH FHODOOXL *iERU(JU\ Ä(UGpO\


JD]GDViJLPHJKyGtWiVD´±D]HUGpO\LV]iV]RNM|YĘNpSHDV]i]DGHOHMpQ S± (OVHUHIHUă
QXQXPDLODFKHVWLXQHDÄFXFHULULLHFRQRPLFHD7UDQVLOYDQLHL´SHFDUHRYL]DXOLGHULLVDúLORUvQHSRFD
GXDOLVPXOXL FL úL OD SUHRFXSăULOH OHJDWH GH PRGLILFDUHD UDSRUWXULORU HWQRGHPRJUDILFH úL HWQR
WHULWRULDOHvQ7UDQVLOYDQLD*(JU\DUDWăREVHVLDSHFDUHRDYHDXOLGHULLVDúLFăYLLWRUXOQDĠLHLORUHVWH
DPHQLQĠDWGHURPkQLLFDUHGHĠLQHDXPDMRULWDWHDvQVDWHOHGHSHIRVWXO3ăPkQW&UăLHVFúLFăvQDFHVWH
FRQGLĠLL H[LVWă SHULFROXO GLVSDULĠLHL VDúLORU FD HQWLWDWH SROLWLFă $úD DX DSăUXW OD vQFHSXWXO VHFROXOXL
;; úL vQ DQLL SULPXOXL Uă]ERL PRQGLDO SODQXULOH FDUH YL]DX UHVWDXUDUHD PDMRULWăĠLL VăVHúWL vQ DFHVW
WHULWRULX6HXUPăUHDvQWăULUHDFRPXQLWăĠLORUUXUDOHVăVHúWLSULQPLMORDFHHFRQRPLFHGDUúLH[WLQGHUHD
WHULWRULXOXLORFXLWGHVDúLvQGHWULPHQWXOURPkQLORU$XIRVWDGHYăUDWHSURLHFWHGHFRORQL]DUHHODERUDWH
FDUHSURSXQHDXPRGDOLWăĠLYDULDWHGHUHDOL]DUHDDFHVWXLRELHFWLY8QSODQHODERUDWvQSURSXQHD
vQILLQĠDUHDXQXLúLUGHFRORQLLFDUHVăOHJHSăUĠLOHGHVXGúLFHOHGHQRUGDOHIRVWXOXL3ăPkQW&UăLHVF
FUHDUHDGHFRORQLLSHYDOHD2OWXOXLFDUHSULQ)ăJăUDúVăIDFăOHJăWXUDvQWUH$OWODQG ]RQD6LELXOXL úL
ğDUD%kUVHL&RORQLúWLLJHUPDQLXUPDXVăYLQăGLQVWUăLQăWHÌQ*XVWDY%HGHXVDSXEOLFDWXQSODQGH
FRORQL]DUHvQFDUHQXPDLHUDYRUEDGHFUHDUHDGHQRLDúH]ăULVăVHúWLFLGHVDOYDUHDFHORUH[LVWHQWHDVWIHO
vQFkWHOHVăQXGHYLQăURPkQHúWL6HSURSXQHDXQIHOGHVFKLPEGHSRSXODĠLH7UHEXLDVWLPXODWăSOHFDUHD
URPkQLORUGLQVDWHOHPDMRULWDUVăVHúWL3HQWUXILHFDUHLXJăUGHĠLQXWHLXUPDXVăSULPHDVFăGRXăLXJăUH
$FHVW SăPkQW WUHEXLD FXPSăUDW vQ SUHDODELO GH LQVWLWXĠLLOH VăVHúWL ÌQ IHOXO DFHVWD VDU IL UHVWDXUDW
PDMRULWăĠLOH VăVHúWL vQ XQHOH VDWH $FHVWH SODQXUL úL SUHRFXSăUL DOH VDúLORU QX DX IRVW IăUă FRQVHFLQĠH vQ
SODQSROLWLFHOHDXIDYRUL]DWDOLDQĠDOLGHULORUVDúLFXSROLWLFLHQLLPDJKLDUL&UHGHPFăLVWRULDUDSRUWXULORU
URPkQRVăVHúWL GH PDUH LQWHUHV SHQWUX LVWRULFLL QRúWUL WUHEXLH Vă vQFRUSRUH]H úL VXELHFWXO SODQXULORU
HWQLFHúLGHDOWăQDWXUăHODERUDWHGHHOLWDVăVHDVFăvQMXUXODQXOXL
8Q XOWLP VWXGLX VH RFXSă GH FHDQJăLL GLQ 0ROGRYD vQ SROLWLFD JXYHUQHORU GH OD%XGDSHVWDOD
FXPSăQD VHFROHORU ;,; úL ;; $WWLOD 6HUHV 0ROGYDL FViQJyN pV HUGpO\L URPiQRN D PDJ\DU
NRUPiQ\RNSROLWLNiMiEDQDV]i]DGIRUGXOyMiQ ± S± 3RSXODĠLDFDWROLFăGLQ
0ROGRYDHVWHRWHPăFDUHvQXOWLPLLDQLVHEXFXUăGHPDUHDWHQĠLHGLQSDUWHDLQWHOHFWXDOLWăĠLLLQFOXVLYD
LVWRULFLORUGHOD%XGDSHVWD3UH]HQĠDDFHVWHLSRSXODĠLLGLQFDUHRSDUWH PLFă YRUEHDOLPEDPDJKLDUă
D IRVW OXDWă vQ FDOFXO GH SROLWLFLHQLL GH OD %XGDSHVWD vQ UHODĠLD ORU FX JXYHUQXO 5RPkQLHL 'XSă
0HPRUDQGXPXO URPkQLORU WUDQVLOYăQHQL JXYHUQXO GH OD %XGDSHVWD D DFĠLRQDW SHQWUX VSULMLQLUHD
FHDQJăLORU PDL DOHV SH OLQLH UHOLJLRDVă úL D FăXWDW Fă FUHH]H R DQXPLWă SDUDOHOă vQWUH VLWXDĠLD
FHDQJăLORUGLQ5RPkQLDúLFHDDURPkQLORUGLQ7UDQVLOYDQLD

9LRUHO$FKLP


5ă]ERLXO&ULPHLLGHDQLGHODvQFKHLHUHFRRUG$'5,$16,/9$1,21(6&8
(GLW,VWURV%UăLODS

(YHQLPHQW GHRVHELW GH LQIOXHQW DVXSUD LVWRULHL URPkQHúWL 5ă]ERLXO &ULPHLL D IRVW PDL SXĠLQ
VWXGLDW GH LVWRULRJUDILD URPkQHDVFă 9ROXPXO FRRUGRQDW GH $GULDQ6LOYDQ ,RQHVFX HVWH URGXO XQHL
FRQIHULQĠH LQWHUQDĠLRQDOH RUJDQL]DWH FX SULOHMXO DQLYHUVăULL D  GH DQL GH OD vQFKHLHUHD DFHVWXL
FRQIOLFW 2 PDUH SDUWH GLQWUH VWXGLLOH UHXQLWH FX DFHVW SULOHM D PDL DSăUXW vQ GLYHUVH DOWH SXEOLFDĠLL
SHULRGLFH VDX vQ YROXPH ÌQ FLXGD DFHVWXL IDSW UHDOL]DUHD XQXL YROXP XQLWDU HVWH VDOXWDUă GHRDUHFH
UHSUH]LQWăRSUHPLHUăvQSHLVDMXOLVWRULRJUDILFURPkQHVF6HUHPDUFăGHODEXQvQFHSXWGRXăDVSHFWH
UHDOL]DUHDXQHLFURQRORJLLDHYHQLPHQWHORUFXQRVFXWHVXEQXPHOHGHDQVDPEOXÄ5ă]ERLXO&ULPHLL´úL
PDLDOHVLOXVWUDĠLDERJDWăúLGHEXQăFDOLWDWHFDUHvQVRĠHúWHPDMRULWDWHDWH[WHORUFRQWULEXLQGGHFLVLYOD
vQĠHOHJHUHDPDLEXQăDPXOWRUDGLQWUHHOH
 1RWHúLUHFHQ]LL 

9ROXPXOVHGHVFKLGHFXXQVWXGLXDOUHJUHWDWXOXL3DXO&HUQRYRGHDQXDVXSUDYL]LWHLGXFHOXLGH
1HPRXUV vQ ğDUD 5RPkQHDVFă VHSWHPEULH   HSLVRG FRQVLGHUDW GH DXWRUXO vQVXúL FD ILLQG
VHPQLILFDWLY PDL DOHV SHQWUX LQWHUHVXO VXVFLWDW GH 3ULQFLSDWH vQ (XURSD DSXVHDQă vQ XUPD SULPHORU
RSHUDĠLXQLPLOLWDUH3DXO&HUQRYRGHDQXDSXEOLFDWFDDQH[ăúLFHOHGRXăGHSHúHGLSORPDWLFHHQJOH]HúWL
FDUHUHSUH]LQWăL]YRDUHOHFHOHPDLvQVHPQDWHSHQWUXDFHVWHYHQLPHQW/XFLD7DIWăúL*HRUJHWD)LOLWWLDX
IRORVLWGHDVHPHQHDFDVXUVHSULQFLSDOHUDSRDUWHOHFRQVXODUHIUDQFH]HúLUHVSHFWLYFRUHVSRQGHQĠDGH
IDPLOLHDOXL3DQDLRW0RUX]L$PEHOHWH[WHFRQWULEXLHODVWXGLHUHDRSHUDĠLXQLORUPLOLWDUHSHGHRSDUWH
GLQ SHUVSHFWLYD SROLWLFă RILFLDOă LDU SH GH DOWă SDUWH GLQ SXQFWXO GH YHGHUH DO SDUWLFLSDQĠLORU GLUHFĠL
5DOXFD 7RPL D DGXV GRXă FRQWULEXĠLL ODDFHVW YROXP ÌQWUXQ SULP VWXGLX DXWRDUHD IDFH R WUHFHUH vQ
UHYLVWă D DWLWXGLQLL IRúWLORU UHYROXĠLRQDUL GH OD  IDĠă GH VLWXDĠLD FUHDWă GH DFHVW FRQIOLFW SROLWLF
PDMRU 8Q FLWDW GLQ 'LPLWULH %UăWLDQX ÄIDFH WUHEXLQĠă Vă GăP VHPQH GH YLDĠă vQ WRDWH RFD]LLOH´ 
VLQWHWL]HD]ăH[FHOHQWDWLWXGLQHDDFHVWHLSăUĠLDRSLQLHLSXEOLFHHXURSHQH&HOGHDOGRLOHDWH[WVHUHIHUă
ODELRJUDILDOXL'LPLWULH.UHW]XOHVFXXQXOGLQWUHYROXQWDULLURPkQLSOHFDĠLSHIURQW&D]XOVăXHVWHFX
DWkWPDLLQWHUHVDQWFXFkWDFHVWDDOXSWDWGHSDUWHDDUPDWHLRWRPDQH'DQLHOD%XúăúL0DULDQ6WURLDDX
SURSXVGRXăVWXGLLDVXSUDLPSDFWXOXL5ă]ERLXOXL&ULPHLLDVXSUDUHODĠLLORUGLQWUHPDULOHSXWHULúLORFXO
3ULQFLSDWHORU vQ DFHVW MRF SROLWLFRGLSORPDWLF 3UREOHPD LQWHUQDĠLRQDOL]ăULL 'XQăULL SHQWUX D FăUHL
VROXĠLRQDUH D DSăUXW XQ PRPHQW IDYRUDELO FKLDU GDFă DYHD SUHD SXĠLQă OHJăWXUă FX RSHUDĠLXQLOH
PLOLWDUHSURSULX]LVH úLUHODĠLLOHURPkQRUXVHvQGHFHQLXO±VXQWWHPHOHDERUGDWHGHFHLGRL
DXWRUL 5ăPkQkQG vQ VIHUD DVSHFWHORU SROLWLFH Vă QRWăP úL FRQWULEXĠLD OXL 0LKDL 6RULQ 5ăGXOHVFX OD
FODULILFDUHD XQRU GDWH SULYLQG JHQHDORJLD SHUVRQDOLWDWHD úL IDSWHOH GLSORPDWXOXL IUDQFH] (XJHQH
3RXMDGH 6LQJXUXO VWXGLX GH LVWRULH PLOLWDUă SURSULX]LVă HVWH FHO DO OXL +RULD 9ODGLPLU ùHUEăQHVFX
$FHVWDDUHDOL]DWXQWDEORXDOXQLWăĠLORUPLOLWDUHURPkQHúWLLPSOLFDWHvQHYHQLPHQWHOHGLQ±
2QRWăFULWLFăvúLDWUDJHWH[WXOOXL,DQ56WRQHFDUHDSURSXVRYL]LXQHLQWHUHVDQWăDVXSUD5ă]ERLXOXL
&ULPHLLvQVăIăUăWULPLWHULELEOLRJUDILFHILLQGvQSOXVPXOWSUHDSHUVRQDOă5ăVSXQVXOODXQHOHGLQWUH
vQWUHEăULOHULGLFDWHSXWHDILJăVLWFKLDUvQPDWHULDOHLQFOXVHvQDFHVWYROXP
8Q ORF DSDUWH vQ HFRQRPLD YROXPXOXL vO GHĠLQ FHUFHWăULOH DVXSUD UHSUH]HQWăULORU DUWLVWLFH
MXUQDOLVWLFHúLIRWRJUDILFHDOHHYHQLPHQWHORUGLQSHULRDGD±HSRFDQDúWHULLMXUQDOLVPXOXLGH
Uă]ERL$VWIHO*HRUJH7URKDQLDGHVFULVLPDJLQLDOHHYHQLPHQWHORUPLOLWDUHGHVIăúXUDWHvQSUHDMPDSH
DWXQFL QRXOXL RUDú 2OWHQLĠD LDU *DEULHO %DGHD3ăXQ D UHDOL]DW FkWHYD FRQVLGHUDĠLL DVXSUD OXFUăULORU
XQXLSLFWRU,VLGRUH3LOVFDUHQXDDMXQVSkQăvQ&ULPHHD'DYLG0XUSK\úL$QWRQ+RO]HUVDXRSULW
GHDVHPHQHDDVXSUDXQRUDVSHFWHFLUFXPVFULVHDFHVWHLWHPH3ULPXODDQDOL]DWFRQWULEXĠLDLQIOXHQWXOXL
:+5XVVHOOODGH]YROWDUHDMXUQDOLVWLFLLSULQH[WUDRUGLQDUHOH VDOHFRUHVSRQGHQĠHGHUă]ERL&HOGHDO
GRLOHD VD RSULW DVXSUD H[SHGLĠLHL IRWRJUDILFH D OXL /XGZLJ $QJHUHU H[WUDRUGLQDUă VXUVă LPDJLVWLFă
SHQWUXLVWRULDURPkQHDVFăDVHFROXOXLDO;,;OHD(GLWRUXOYROXPXOXL$GULDQ6LOYDQ,RQHVFXDLQFOXV
WUHLVWXGLLvQDFHVWYROXP3ULPDFRQWULEXĠLHHVWHXQPDWHULDOGHQVGHVSUHÄSRUWUHWHOHOXL2PHU3DúD´
GHVSUHFLUFXODĠLDLPDJLQLORUvQDLQWHGHJHQHUDOL]DUHDIRWRJUDILHL8QDOWWH[WVHUHIHUăODFRUHVSRQGHQĠD
GHIDPLOLHDFXQRVFXWXOXLJHQHUDOHQJOH]&KDUOHV*HRUJH*RUGRQDFăUXLFDULHUăvQGHOXQJDWăDvQFHSXW
FX R PLVLXQH vQ 0ROGRYD Ä6]DWPDUL ZDU SKRWRJUDSKHU´ HVWH R vQFHUFDUH GH D DWUDJH DWHQĠLD DVXSUD
IDSWXOXLFăDFHVWXLDúLQXOXL5RJHU)HQWRQLVHFXYLQODXULLGHSULPIRWRJUDIGHUă]ERLGLQOXPH
'LYHUVLWDWHD WHPHORU DERUGDWH GHPRQVWUHD]ă vQFă R GDWă IDSWXO Fă Uă]ERLXO HVWH XQ PHFDQLVP
FRPSOH[ vQ IXQFĠLRQDUHD FăUXLD RSHUDĠLXQLOH PLOLWDUH SURSULX]LVH UHSUH]LQWă QXPDL R SDUWH XQHRUL
GRDU FHD PDL YL]LELOă  D XQXLvQWUHJ )ăUă D IL JUXSDWH SH SUREOHPH úL QLFL IRDUWH RPRJHQH FDOLWDWLY
FRQWULEXĠLLOHDFRSHUăRSDOHWăODUJăGHSUHRFXSăULúLIDFGLQDFHVWYROXPRUHXúLWăLVWRULRJUDILFă

%RJGDQ3RSD



 1RWHúLUHFHQ]LL 

5(<1$/'$%$' /HJUDQGPDUFKp/¶DSSURYLVLRQQHPHQWDOLPHQWDLUHGH3DULV
VRXVO¶$QFLHQ5pJLPH)D\DUG3DULVS

3kLQHD HVWH SULQFLSDOD KUDQă D SDUL]LHQLORU VHFROHORU ± LDU H[FHOHQWHOH FăUĠL úL DUWLFROH
SXEOLFDWHvQXOWLPLLWUHL]HFLGHDQLGH6WHYHQ/DXUHQW.DSODQDXDGXVODOXPLQăPXOWLSOHOHIDĠHWHDOH
DFHVWHL SUREOHPH GH OD SROLWLFă OD WHKQRORJLH GH OD LPDJLQDĠLD SRSXODUă OD GLVFXUVXO HFRQRPLúWLORU
LOXPLQLúWLGHODLQWHUYHQĠLDDúWHSWDWăLQYRFDWăDVILQĠLORU ODXQLYHUVXOIDVFLQDQWúLDQLPDWGDUGXUDO
PRULLVDXDOQHJRĠXOXLFXFHUHDOH'DUSkLQHDSDUWHDWUXSXOXLOXL+ULVWRVED]ăDDOLPHQWDĠLHLFDSDELOă
VăDJLWHDWkWSăWXULOHVăUDFHFkWúLSHFHOHGLQYkUIXOLHUDUKLHL YH]LDIDFHUHDSkLQLL5HJLQHL VLPERODO
SR]LĠLHL VRFLDOH D FHOXL FDUH R FRQVXPă SULQ FDOLWDWHD HL QX vQ XOWLPXO UkQG RELHFW SULYLOHJLDW DO
UHJOHPHQWăULORUVWDWXOXLQXHVWHQLFLSHGHSDUWHVLQJXUXODOLPHQWSHFDUHOFRQVXPăSDUL]LHQLL6WXGLLOH
OXL.DSODQPDJLVWUDOVFULVHSULQvQVăúLPRQXPHQWDOLWDWHDúLVWUăOXFLUHDORUQXDXIăFXWGHFkWVăSDUă
PDL DGkQFă XPEUD FDUH VH vQWLQGHD SHVWH WRW FH QX HVWH SkLQH FHUHDOH VDX IăLQă SRDWH FX H[FHSĠLD
SDUĠLDOăDYLQXOXL 6ăULVLSHDVFăDFHDVWăXPEUăVăUHFRQVWLWXLHFRPSRQHQWHOHDFWRULLúLIXQFĠLRQDUHD
DFHVWXL XULDú PHFDQLVP FDUH HVWH DSURYL]LRQDUHD 3DULVXOXL vQ VHFROHOH ± HVWH H[DFW FHHD FH vúL
SURSXQH5H\QDOG$EDGvQOXFUDUHDVD UH]XOWDWDOXQHLWH]HGHGRFWRUDW 
2 SULPă REVHUYDĠLH VH LPSXQH SkLQHD D IRVW OăVDWă GHRSDUWH FD úL FHUHDOHOH úL IăLQD  GH
DVHPHQHDYLQXOFDUWHDILLQGGHGLFDWăFHORUODOWHDOLPHQWHÄUXGHORUVăUDFH´LVWRULRJUDILFYRUELQGFHORU
GHVSUHFDUHFXQRúWLQĠHOHQRDVWUHHUDXUHGXVHIUDJPHQWDUHFKLDULQH[DFWH
/XFUDUHD GHEXWHD]ă FX XQ FDSLWRO PRGHVW LQWLWXODW Ä([SXQHUH $SURYL]LRQDUHD DOLPHQWDUă D
3DULVXOXL vQ FRQWH[WXO VHFROHORU ±´ ÌQ IDSW HVWH R DQDOL]ă D DGPLQLVWUDĠLHL vQVăUFLQDWH FX
VXSUDYHJKHUHD DOLPHQWăULL FDSLWDOHL DWkW FD RUJDQL]DUH FkW úL FD IXQFĠLRQDUH D FRQIOLFWHORU úL
FRQFXUHQĠHORU GLQWUH GLYHUVH FRUSXUL ± vQ VSHFLDO GLQWUH ORFRWHQHQWXO GH SROLĠLH úHIXO SROLĠLHL úL
UHSUH]HQWDQWXOUHJHOXL úL3DUODPHQW6XQWDQDOL]DWHFRQVWUkQJHULOHJHRJUDILFHGDUúLLGHLOHSROLWLFHúL
HFRQRPLFH vPSăUWăúLWH GH IXQFĠLRQDULL HSRFLL )RDUWH LQWHUHVDQWă HVWH SDUWHD GHGLFDWă LQVWUXPHQWHORU
VWDWLVWLFHGHFDUHGLVSXQDFHúWLRDPHQLSHQWUXDvQĠHOHJHRUHDOLWDWHSULQHVHQĠăPRELOăFHDDVWRFXULORU
GLQ FDSLWDOă D DOLPHQWHORU GH SH GUXP D FDSDFLWăĠLL GH OLYUDUH úL SH WHUPHQ PDL OXQJ D FHOHL GH
SURGXFĠLHDSURYLQFLLORU
6WUXFWXUD FăUĠLL HVWH FRQGLĠLRQDWă GH VWUXFWXUD DSURYL]LRQăULL 3DULVXOXL vQ HSRFă XQGH XQHOH
DOLPHQWH VXQW FRPSOHW VHSDUDWH GH DOWHOH QX QXPDL FD SURGXFĠLH FL úL FD WUDQVSRUW SUHOXFUDUH úL
YkQ]DUH3ULPDGLQWUHÄUXGHOHVăUDFH´DOHSkLQLLHVWHPDLFXUkQGGHVWLQDWăFHORUvQVWăULĠLFDUQHDVDX
PDLELQH]LVFăUQXULOHFăURUDOHHVWHGHGLFDWăSULPDSDUWH±DSURDSHGHSDJLQL±DOXFUăULL3HúWHOH
EHQHILFLD]ăGHRWUDWDUHVHSDUDWăMXVWLILFDWăQXQXPDLGHRSR]LĠLD vQOXPHDFDWROLFă GLQWUHFDUQH GH
GXOFH  úL SHúWH GH SRVW  FL úL GH IDSWXO Fă UHĠHDXD GH FRPHUFLDOL]DUH D OXL HVWH GLVWLQFWă FRPSOHW
VHSDUDWăGHFHDDFHORUODOWHFăUQXULúLVXSXVăDOWRULPSHUDWLYHOLPLWăULúLFRQVWUkQJHUL7UDWDUHDWXWXURU
FHORUODOWHDOLPHQWHvPSUHXQăvQDWUHLDSDUWHDOXFUăULLSRDWHSăUHDVXUSULQ]ăWRDUHGDUHDHVWHLPSXVă
GH UHDOLWăĠLOH HSRFLL DFHLDúL QHJXVWRUL DFHOHDúL WLSXUL úL FDQDOH GH GLVWULEXĠLH DGXF vQ FDSLWDOă PDL
PXOWHPăUIXULGLIHULWHRXăOHVHFRPELQăFXEUkQ]DIUXFWHOHFXXQWXO7RWGHDFHHDSăVăULOHGHFXUWHúL
YkQDWXO VH UHJăVHVF DLFL 2UGLQHD LQWXLWLYă DSDUHQW ORJLFă D WUDWăULL WXWXURU WLSXULORU GH FDUQH OD
FăUQXULDODFWDWHORUvQJUXSHWFGHFLRUGLQHDIDPLOLDUăQRXăDFDWHJRULLORUGHDOLPHQWHHVWHvQORFXLWă
FX FHD UHDOă FX FHD FX DGHYăUDW LPSRUWDQWă QX QXPDL SHQWUX RPXO HSRFLL GDU úL SHQWUX VXELHFWXO
OXFUăULL DFLUFXLWHORUGHDSURYL]LRQDUHÌQIRQGOXFUDUHDQXHVWHXQGLFĠLRQDUGHDOLPHQWHFLRDQDOL]ăD
PHFDQLVPHORUDSURYL]LRQăULLúLHILUHVFFDHDVăILHVWUXFWXUDWăvQIXQFĠLHGHDFHDVWăSUREOHPă
)LHFDUH FLUFXLW GH DSURYL]LRQDUH HVWH VWXGLDW VHSDUDW vQ GHWDOLX 3URGXFĠLD HVWH SULPD WUDWDWă
UHJLXQLOHSURGXFăWRDUHWHKQLFLOHGHSURGXFĠLHFLUFXODĠLDSURGXVHORUvQDLQWHGHDOXDGLUHFĠLD3DULVXOXL
&D]XO FăUQLL GH ERX GHúL SRDWH FHO PDL FRPSOH[ HVWH UHYHODWRU SHQWUX PLQXĠLD úL SURIXQ]LPHD
DQFKHWHLUHDOL]DWH5H\QDOG$EDGUHFRQVWLWXLHWUDLHFWRULDDFHVWHLDSRUQLQGGHODVWDUHDHLYLHDYLWHORU
GHWUDFĠLXQH úLPRGLILFDUHDFRPSRUWDPHQWXOXLĠăUăQHVFvQUHJLXQLOHFDUHYkQGERLSHQWUXvQJUăúDWVXE
 1RWHúLUHFHQ]LL 

SUHVLXQHD SLHĠHL ERLL GH SOXJ VXQW YkQGXĠL VHQVLELO PDL GHYUHPH GH YkUVWD OD FDUH QX PDL VXQW
SURGXFWLYLúLDQXPHODHWDWHDODFDUHVHSRDWHREĠLQHFHOPDLEXQSUHĠSHHL±SHQWUXFăDFXPVXQWFHO
PDLEXQLSHQWUXvQJUăúDW 'LQDFHVWHSURYLQFLLFHUHDOLHUHHLSOHDFăVSUH1RUPDQGLDvQVSHFLDOGDUúL
VSUHDOWH]RQHXQGHYRUILvQJUăúDĠLPDLPXOWHOXQLvQDLQWHGHDILWULPLúLVSUH3DULV([LVWăGRXăWHKQLFL
PDMRUHvQJUăúDWXO vQFkPS úLFHO vQ VWDXO ILHFDUH FX SURSULLOH FRQVWUkQJHUL WHKQRORJLFHFX SURSULLOH
WHULWRULLúLFXSURSULLOHFDOHQGDUH0HULWXOOXL5H\QDOG$EDGHVWHGHDSXQHvQOXPLQăUHODĠLDFRPSOH[ă
FDUHVHFUHHD]ăvQWUHWRDWHDFHVWHHOHPHQWHVXEHIHFWXOFDWDOL]DWRUDOQHVăĠLRDVHLFHUHULSDUL]LHQH
1HJXVWRULL EHQHILFLD]ă GH R DWHQĠLH DSDUWH WLSRORJLL DQDOL]ă VRFLDOă úL IDPLOLDOă VWUDWHJLL
PDULWDOHúLRULJLQHJHRJUDILFăQLPLFGLQFHDUSXWHDDMXWDODFRQWXUDUHDLPDJLQLLDFHVWXLJUXSQXHVWH
OăVDW GHRSDUWH 8QHOH GLQ PLWXULOH GDWkQG vQFă GLQ VHFROXO DO OHD VXQW LQYDOLGDWH GH UH]XOWDWH GH
H[HPSOXQHJXVWRULLGHYLWHVHGRYHGHVFDILFXPXOWPDLSXĠLQDYXĠLGHFkWvLYHGHLPDJLQDUXOSRSXODU
7HKQLFLOH GH FRPHUĠ DX SDUWH GH R WUDWDUH VHSDUDWă LQFOX]kQG DLFL JHVWLRQDUHD VSLQRDVHL
SUREOHPH D WUDQVSRUWXOXL vQDLQWH GH ORFRPRWLYă úL YDSRUXO FX DEXUL 6ă OXăP FD H[HPSOX SHúWHOH
PDULWLP SURDVSăW QHJXVWRULL VXQW REOLJDĠL Vă VWUăEDWă FHL SHVWH  GH NP FH VHSDUă SRUWXULOH GH OD
0DUHD0kQHFLLGHFDSLWDOăFRQWUDFURQRPHWUX±RULFHvQWkU]LHUHYDIDFHFDSHULVDELODORUPDUIăVăVH
VWULFH'UXPXULOHUHOHLPSXQDWHODMHGHFDLúLFKLDUPDLPXOĠLSUHFXPúLFăUXĠHDOFăURUIXQGHVWHGLQ
IUkQJKLLQXGLQOHPQSHQWUXDDWHQXDúRFXULOH'HDVHPHQHDPDUIDLPHGLDWGHVFăUFDWăSHĠăUPHVWH
ÄFRQGLĠLRQDWă´ VXIHUă R PLQLPă FXUăĠDUH úL HVWH DúH]DWă FX JULMă vQ FRúXUL FX IkQ SHQWUX D VXSRUWD
WUDQVSRUWXO 2UDUXO KDOHORU GLQ 3DULV FDUH YkQG QXPDL GLPLQHDĠD  LPSXQH FD vQFăUFăWXULOH Vă SOHFH
SkQă OD R DQXPLWă RUă DOWIHO QX PDL SULQG SLDĠD GLQ ]LXD XUPăWRDUH úL PDUID YD VWD vQFă  GH RUH
QHYkQGXWă FX ULVFXO GH D VH GHSUHFLD 3UREOHPD WD[HORU WHKQLFLOH GH YkQ]DUH RUJDQL]DUHD SLHĠHL
PRQRSROXULOHPLFLLUHYkQ]ăWRULFRQWURDOHOHGLIHULWHOHWLSXULGHFOLHQĠLLQFOXVLYHYD]LXQHDúLWUDILFXO
LOHJDO VXQW VXELHFWH SH FDUH FDUWHD OH WUDWHD]ă H[KDXVWLY SHQWUX ILHFDUH WLS GH DSURYL]LRQDUH 'H R
DWHQĠLH VSHFLDOă DUH SDUWH ODWXUD ILQDQFLDUă D DSURYL]LRQăULL 3DULVXOXL vQ FD]XO ERLORU úL RLORU XQGH
VXPHOHLPSOLFDWHVXQWFRQVLGHUDELOHSUREOHPDHVWHWUDWDWăvQWUXQFDSLWROVHSDUDW
)LHFDUHFDSLWROEHQHILFLD]ăGHRVFXUWăFRQFOX]LH FLUFDRSDJLQă FDUHSXQFWHD]ăHOHPHQWHOHHVHQĠLDOH
([LVWăúLLQHJDOLWăĠLXQHOHDOLPHQWH±vQVSHFLDOFHOHPDLPăUXQWHGLQSDUWHDDWUHLD±VDXXQLL
SHúWL VXQW PDL VXPDU WUDWDĠL úL PDL DOHV GXSă PDJLVWUDOD H[SXQHUH D FRPHUĠXOXL FX FDUQH DL XQHRUL
VHQ]DĠLD Fă DL YUHD Vă DIOL PDL PXOWH (VWH vQVă QHFHVDU Vă ĠLQHP FRQW Fă WUHEXLD UHVSHFWDWă R
SURSRUĠLRQDOLWDWHvQWUHSRQGHUHDGLYHUVHORUDOLPHQWHvQDSURYL]LRQDUHD3DULVXOXLúLSRQGHUHDDFHORUDúL
vQOXFUDUH'HDVHPHQHDSULQFLSDOHOHDOLPHQWH±úLvQVSHFLDO FDUQHDúLSHúWHOH±ILLQGFRQVLGHUDWHvQ
HSRFă LPSRUWDQWH DX EHQHILFLDW GH DWHQĠLD IDFWRUXOXL SROLWLF úL DGPLQLVWUDWLY FRQFUHWL]DWă vQ
UHJOHPHQWăULVFULVRULUDSRDUWHVWDWLVWLFLFKLDUSHVFXUWVXUVHOHVXQWPXOWPDLDEXQGHQWHSHQWUXHOH
SHUPLĠkQGUHFRQVWLWXLULPXOWPDLGHWDOLDWH
&DUWHDQXHVWHQLFLSHGHSDUWHROXFUDUHGHVFULSWLYăXQÄPDUHWDEORX´vQVWLOSLFWXUDOLDUPHULWXO
DXWRUXOXLGHDILUH]LVWDWXQHLDVHPHQHDWHQWDĠLLHVWHPDUHvQWUXFkWVXELHFWXOVHSUHWHD]ăGHPLQXQHR
FHUHFKLDU(VWHXQVWXGLXDQDOLWLFGHVWLQDWDGH]YăOXLPHFDQLVPHúLIXQFĠLLPRGXOvQFDUHGLYHUVHOH
FRPSRQHQWHDOHDFHVWHLXULDúHPDúLQăULLLQWHUDFĠLRQHD]ăúLVHFRQGLĠLRQHD]ăXQHOHSHDOWHOH
)ăUă D IL R OXFUDUH GH FOLRPHWULH VXQW PăVXUDWH FRQVXPXO GH DOLPHQWH HIRUWXO ILQDQFLDU
LPSOLFDWGXUDWDWUDQVSRUWXOXLSRQGHUHDDYHULLFHORUFHPkQXLHVFDFHVWFRPHUĠ3HVWHWRWXQGHVXUVHOHR
SHUPLW FLIUHOH YLQ Vă RIHUH R GLPHQVLXQH FDQWLWDWLYă HVHQĠLDOă vQĠHOHJHULL DFHVWXL IHQRPHQ FDUH vQ
XOWLPăHVHQĠăVHUHGXFHODDDGXFHvQFDSLWDOăPXQĠLLGHDOLPHQWHQHFHVDULFHORUGHJXULDOH
PRQVWUXOXL SDUL]LDQ *UDILFH WDEHOH KăUĠL WUDQVIRUPă DFHVWH FLIUH vQ UHSUH]HQWăUL YL]XDOH XúXUkQG
vQVXúLUHDLQIRUPDĠLHLúLvPEOkQ]LQGDULGLWDWHDLQHUHQWăFLIUHORU$FHVWHLQIRUPDĠLLVXQWVXSOLPHQWDWHGH
FHOHGRXăDQH[HvQVSHFLDODGRXDvQFDUHHVWHHVWLPDWăYDORDUHDSHWLSXULGHDOLPHQWHúLSH]RQHGH
SURYHQLHQĠăDDOLPHQWHORUFRQVXPDWHGHSDUL]LHQL
/DILQDOFDSLWROXOGHFRQFOX]LLRIHUăGLVWDQĠDQHFHVDUăFLWLWRUXOXLIXUDWGHVXWHOHGHSDJLQLGH
GHWDOLL SHQWUX D UHFăSăWD R SHUVSHFWLYă JHQHUDOă DVXSUD VXELHFWXOXL GDU úL SHQWUX D SXQH vQ GLVFXĠLH
DVSHFWH QRL &HO PDL LPSRUWDQW GLQWUH HOH HVWH UROXO MXFDW GH DSURYL]LRQDUHD 3DULVXOXL FD PRWRU DO
HFRQRPLHL IUDQFH]H 3UDFWLF vQWUHDJD )UDQĠă HVWH SULQVă vQ DFHDVWă UHĠHD FKLDU GDFă QX FX DFHHDúL



 1RWHúLUHFHQ]LL 

LQWHQVLWDWH DOLPHQWDUHDDFHVWXLRUDúFRQWULEXLQGODFUHDUHDXQHLSLHĠHQDĠLRQDOH0DLLPSRUWDQWHGHFkW
DULD JHRJUDILFă VXQW YROXPXO HQRUP GH DFWLYLWDWH HFRQRPLFă SH FDUHO JHQHUHD]ă DSURYL]LRQDUHD
FDSLWDOHL YHQLWXULOH SH FDUH OH UHGLVWULEXLH FăWUH SURYLQFLL úL QX vQ XOWLPXO UkQG VSHFLDOL]DUHD
HFRQRPLFă SH FDUH R LPSXQH GLYHUVHORU UHJLXQL ÌQ PRG FHUW VXQW IDFWRUL FDUH DX vPSLQV VRFLHWDWHD
FăWUHQRXOWLSGHHFRQRPLHDOVHFROXOXLDOOHD
&XSULQVXO HVWH vQ WUDGLĠLH IUDQFH]ă OD VIkUúLWXO OXFUăULL úL GDFă DFHVW OXFUX SRDWH IL XúRU WUHFXW FX
YHGHUHDQXODIHOVHSRDWHIDFHFXQRWHOHFHDUILWUHEXLWVăILHODVXEVROXOSDJLQLLÄ([LODUHD´FHORUQXPDL
SXĠLQ GH  GH QRWH OD VIkUúLWXO FăUĠLL PDL DOHV vQ FRQGLĠLLOH vQ FDUH DFHVWHD QX FRQĠLQ QXPDL WULPLWHUL
ELEOLRJUDILFHFLDGHVHDúLFRPHQWDULLvQJUHXQHD]ăPXOWOHFWXUDVXSXQkQGFLWLWRUXOODRFRPSOLFDĠLHLQXWLOă
5H\QDOG$EDGHVWHFRQIHUHQĠLDUOD8QLYHUVLWDWHD3DULV±6RUERQDúLDXWRUDOPDLPXOWRUDUWLFROH
SHSUREOHPHGHDSURYL]LRQDUHvQ)UDQĠDVHFROHORU±LDUPDLUHFHQWDOXQHLFăUĠLGHVSUHSLVFLFXOWXUD
IUDQFH]ăODVIkUúLWXO9HFKLXOXL5HJLPúLvQFHSXWXO5HYROXĠLHL /D&RQMXUDWLRQFRQWUHOHVFDUSHV±(QTXrWH
VXUOHVRULJLQHVGXGpFUHWGHGHVVqFKHPHQWGHVpWDQJVGXIULPDLUHDQ,,3DULV)D\DUG 

6LPLRQ&kOĠLD

686$1$$1'($0HGLFXOGRPQHVF%DUWRORPHR)HUUDWLúLHSRFDVD'RFXPHQWH
(GLW6XSHUJUDI&OXM1DSRFDS

'HDWkWHDRULIDFHPFăUĠLORUDSăUXWHOD&OXMQHGUHSWDWHDGHDOHFLWLFXvQWkU]LHUHILLQGFăFLUFXOă
vQ 9HFKLXO 5HJDW PDL SXĠLQ GHFkW vQDLQWH GH  6HPQDODUHD DFHVWXL YROXP HUD R GDWRULH úL
vQVHPQăULOHFDUHXUPHD]ăQRvPSOLQHVFGHFkWvQSDUWH
3HUVRQDMXOvQMXUXOFăUXLDVDDGXQDWXQPăQXQFKLGHGRFXPHQWHHUDFXQRVFXWPDLGHPXOWSULQ
UDSRUWXOSXEOLFDWGH1,RUJDDFXPXQVHFROFXSULYLUHODvPSUHMXUăULOHPD]LOLULLOXL%UkQFRYHDQXSULQ
DFWHOHGHVSUHORFXLQĠDVDGLQ%XFXUHúWLHGLWDWHvQGHSăULQWHOH1HJXOHVFX%DWLúWHvQFRODERUDUH
FX UHJUHWDWXO GRFWRU 9ăWăPDQX GDU úL SULQWUXQ DUWLFRO DO OXL 5HPXV 1LFXOHVFX FDUHL UHFXQRVFXVH
FKLDUSRUWUHWXO&HHDFHDGXFHQRXGQD$QGHDYUHRGHSLHVHLQHGLWHHVWHXQERJDWPDWHULDOGLQ
DUKLYHDUGHOHQHDOHIDPLOLLORUGLQQRELOLPHDPDJKLDUăFXFDUH)HUUDWLVDvQUXGLWSULQFăVăWRULH
$FHDFăVăWRULHDDYXWORFOD%UDúRYvQ)HUUDWLFDUHHUDDWXQFLPHGLFXOOXL%UkQFRYHDQXD
OXDW GH VRĠLH SH FRQWHVD $JQHV .DOQRNL 'HVSUH OHJăWXULOH GH UXGHQLH FX DOĠL PDJQDĠL DL 8QJDULHL GH
RULJLQHLWDOLDQă0DPXFDGHOOD7RUUHDPVSXVúLHXFkWHFHYD +RPPHVHWLGpHVGX6XG(VWHXURSpHQj
O¶DXEHGHO¶kJHPRGHUQH%XFDUHVW±3DULVS± DFHVWHDOLDQĠHPDWULPRQLDOHHUDXSURILWDELOH
úLSULQUHODĠLDFXDPEDVDGDLPSHULDOăGHOD&RQVWDQWLQRSRO)DYRDUHDGHFDUHVHEXFXUD)HUUDWLODFXUWHD
ğăULL 5RPkQHúWL VH YHGH GLQ IDSWXO Fă DWkW GRPQXO FkW úL VWROQLFXO &RQVWDQWLQ &DQWDFX]LQR DX VWăUXLW
SHQWUXQXPLUHDXQXLXQFKLDOVăXFDYLFDUDSRVWROLFvQ%XOJDULD SULPDGLQWUHDFHVWHVFULVRULFXFDUHVH
GHVFKLGH YROXPXO GH IDĠă IXVHVH XLWDWă vQ SDJLQLOH PRQRJUDILHL OXL ,RDQ $UGHOHDQX GLQ  ,VWRULD
GLHFHVHLJUHFRFDWROLFHD2UDGLHL0DULHDHVWHWUDQVFULVăDLFLFXJUHúHOLFDUHQXVHJăVHDXSUREDELOvQ
RULJLQDOXOLWDOLDQ $OWăLQWHUYHQĠLHvQDFHODúLVFRSVFULVăGH)HUUDWLSHUVRQDOvQIXVHVHGHVFRSHULWă
GH * &ăOLQHVFX SH YUHPHD VWXGLLORU VDOH OD 5RPD úL FXSULQGH REVHUYDĠLL LQWHUHVDQWH GHVSUH OLPED
URPkQă ÄXQ PLVFXJOLR GHOOD OLQJXD LWDOLDQD H ODWLQD´  úL GHVSUH FXOWXUD JUHDFă D ERLHULORU PXQWHQL
/HJăWXULOHIDPLOLLORU.DOQRNLúL)HUUDWLFXSURSDJDQGDFDWROLFăUHLHVúLGLQGRFXPHQWHOHLQHGLWHIRORVLWH
GH7HUHVD)HUUR,0LVVLRQDULFDWWROLFLLQ0ROGDYLD&OXM1DSRFDS±
2LQYLWDĠLHODQXQWDOXL)HUUDWLHVWHVHPQDWăGH*KHRUJKH&DQWDFX]LQRILXOOXLùHUEDQDIODWvQ
UHIXJLXOD%UDúRY QXÄ&RURQD´S úLWULPLVăOD6LELXXQFKLXOXLPLUHVHL*\RUJ\/D]DU$FRORHVWH
GHUHĠLQXWSHQWUXEXQHOHUDSRUWXULGLQWUHEHL]DGHDúL&RQVWDQWLQ%UkQFRYHDQXIRUPXODFHUHPRQLRDVă
GDULQFRUHFWăvQODWLQHúWHÄDYXQFXORQRVWURHWSDWURQRJUDWLRVLVVLPR´GRPQXOILLQGXLOXL&DQWDFX]LQR
YăU ILXOPăWXúLL6WDQFD QXÄXQFKL´
 1RWHúLUHFHQ]LL 

/D)HUUDWLYDUHFXUJHvQEDURQXO3HWHU$SRUFDUHLGHYHQLVHvQWUHWLPSFXPQDWSHQWUXD
REĠLQHFXVSULMLQXOGRFWRUXOXLUHVWLWXLUHDVXPHLGHGHIORULQLFXFDUHLHUDGDWRUQHJXVWRUXO6DYD
6WUDWL3RO\W]LDQRV SHFDUHQXPHOHODUDWăRULJLQDUGLQ(SLUGLQWURORFDOLWDWHGHXQGHVHWUăJHDXQX
PDLSXĠLQGHWUHLVSUH]HFHFRPHUFLDQĠLVWDELOLĠLvQğDUD5RPkQHDVFăODvQFHSXWXOYHDFXOXLDO;9,,,OHD 
,QGLFDĠLLvQDFHDVWăSULYLQĠăVHSRWVSLFXLvQOXFUDUHD$ULDGQHL&DPDULDQR&LRUDQ/¶(SLUHHWOHVSD\V
URXPDLQV-DQQLQDS'RFXPHQWHGHLQWHUHVHFRQRPLFPDLVXQWvQFXOHJHUHDDFHDVWDGH
SLOGăLQYHQWDUXORELHFWHORUSUHĠLRDVHSHFDUHvQODPRDUWHDPDPHLORUúLOHDXvPSăUĠLW$JQHV
)HUUDWLIUDWHOHHL$GDP.DOQRNLúLVXURULOHORU&XXQDGLQHOH%DUEDUDPăULWDWă$SRU$JQHVSXUWDR
FRUHVSRQGHQĠă PLúFăWRDUH SULQ GHWDOLLOH GH YLDĠă FRWLGLDQă JRVSRGăULH EROLOH FRSLLORU H[SUHVLD
VHQWLPHQWHORUGHDIHFĠLXQH 'HDVHPHQHDQHJRĠXOGLQWUH&RQVWDQWLQRSROúLĠăULOHURPkQHHVWHDPLQWLW
SULQGHVHOHUHIHULULODPăWăVXULúLELMXWHULLDGXVHGLQVXGXO'XQăULL
'HOD%DUWRORPHR)HUUDWLDWUHFXWGLQ7UDQVLOYDQLDvQ0ROGRYDXQGHDPXULWGXSă
/DFXUWHDGRPQHDVFăGHOD,DúLDOHFăUHLÄPLQXQDWHúLIUXPRDVHFOăGLUL´VXQWGHVFULVHFXDGPLUDĠLH
0LKDL9RGă5DFRYLĠăLDOXDWVXESURWHFĠLDVDSHGRFWRUúLSHVRĠLDOXLÄ0DUHOHLQFHQGLX´GHFDUHH
YRUED vQ DFHHDúL VFULVRDUH GLQ  HVWH GHVLJXU DFHOD GLQ  FkQG XQ GHWDúDPHQW DXVWURORUHQ D
FăXWDWVăOLDSUL]RQLHUSHGRPQXO0ROGRYHLFHHDFHVDIăFXWOD%XFXUHúWLFX1LFRODH0DYURFRUGDW
5HFRQVWUXLUHD SDODWXOXL QX VH WHUPLQDVH vQFă GXSă úDSWH DQL GDU UH]XOWDWXO DFHVWXL HIRUW PHULWD
DSUHFLHULPăJXOLWRDUHÄSRDWHVăILHvQRULFHĠDUăODRULFHPDUHSULQFLSHúLDORULFăUXLUHJH´$YHPDLFL
GRXăVFULVRULODWLQHúWLGHODÄ$QQD3ULQFLSLVVD0ROGDYLDH´IHPHLHGHVSUHLQWHOLJHQĠDúLFXOWXUDFăUHLD
H[LVWăPăUWXULLFRQWHPSRUDQH&DQWHPLUvQVXúLIXVHVHLPSUHVLRQDWGHIUXPXVHĠHDHL$OWHVFULVRULDOH
HL VXE WLWOXO *ăWHDOD GH QXQWă D XQHL HOHJDQWH vQ VHFROXO ;9,,, DX IRVW SXEOLFDWH GH 'HPRVWKHQH
5XVVR vQ Ä&RQYRUELUL OLWHUDUH´   S ± 7H[WHOH SH FDUH OH FLWLP DLFL VXQW SOLQH GH
DPăQXQWHHYRFDWRDUHGHODGXOFHDĠDGHFKLWUH ÄFRQVHUYDFHGURUXP´ QDUDP]HOHGH3RUWXJDOLD DGLFă
SULPHOHSRUWRFDOH úLVHPLQĠHOHGHIORULFDUHYHQHDXGLQ$UGHDOSkQăODGDQWHOHOHFXPSăUDWHOD9LHQD
3UHRFXSDUHDSHQWUXPRGăHSUH]HQWăúLFkQG$JQHV)HUUDWLvQFHUHDXQÄFRQFL´SHPăVXUăvQ
ORFXOSHUXFLLSHFDUHRSULPLVHGLQVWUăLQăWDWH
$GUHVDÄ0PHOD%DURQHVVHQHF&RPWHVVH.DOQRNL´GHGRXăRULWUHEXLHvQGUHSWDWăÄQpH´QăVFXWă
)UDQFH]D DULVWRFUDĠLORU PDJKLDUL DYHD HFRXUL GLQ LWDOLDQă /D S  HVWH PHQĠLRQDW XQ ÄSăULQWH FăOXJăU
*DUGJ\DQ´QXHXQQXPHSURSULXFLWLWOXOGHÄJDUGLDQ´SXUWDWGHVXSHULRUXOXQRUDQXPLWHPăQăVWLUL
,QWHUHVXOFăUĠLLvQWUHFHFXPXOWSUHFL]ăULOHELRJUDILFHúLJHQHDORJLFHSHFDUHOHDGXFHFXSULYLUH
OD %DUWRORPHR )HUUDWL GHúL FHL FDUH LDP vQWkOQLW QXPHOH úL vQ DOWH L]YRDUH vL VXQWHP UHFXQRVFăWRUL
HGLWRDUHL&kúWLJXOSULQFLSDOvOUHSUH]LQWăLQIRUPDĠLLOHSHFDUHDXWRULLVFULVRULORUOHRIHUăGHVSUHYLDĠD
ORULQWLPăDWkWvQDVSHFWHOHHLPDWHULDOHFkWúLvQPăUWXULVLUHDVHQWLPHQWHORUFDUHLDSURSLDXvQWUHHL

$QGUHL3LSSLGL

$1721<%((925%HUOLQ&ăGHUHD±(GLW5$2%XFXUHúWLS

$QWRQ\ %HHYRU IDFH SDUWH GLQ DFHHDúL IDPLOLH FD úL &RUQHOLXV 5\DQ GHYHQLW FHOHEUX SULQ
VFULHUHDDGRXăFăUĠLÄ=LXDFHDPDLOXQJă´úLÄ8QSRGSUHDvQGHSăUWDW´
(OHY DO FHOHEUXOXL -RKQ .HHJDQ $QWRQ\ %HHYRU DXWRUXO Ä&ăGHULL %HUOLQXOXL´ úL HO ]LDULVW úL
VFULLWRU vQGUăJRVWLW GH LVWRULH DXWRU DO PDL PXOWRU FăUĠL GLQWUH FDUH XQHOH SUHPLDWH D IRORVLW R


3UHPLXO 5XQFLPDQ SHQWUX &UHWH 7KH %DWWOH DQG WKH 5HVLVWDQFH /RQGRQ  3UHPLXO
6DPXHO -RKQVRQ 3UHPLXO :ROIVRQ +LVWRU\ 3UHPLXO +DZWKRUQGHQ SHQWUX /LWHUDWXUă SHQWUX
6WDOLQJUDG HG , 9LNLQJ /RQGRQ  WUDGXVă vQ OLPED URPkQă úL SXEOLFDWă OD %XFXUHúWL vQ DQXO
  3UHPLXO /RQJPDQ ± +LVWRU\ 7RGD\ 7UXVWHHV¶ $ZDUG SHQWUX %HUOLQ 7KH 'RZQIDOO 
/RQGRQ WUDGXVăvQOLPEDURPkQăVXEWLWOXO%HUOLQ&ăGHUHD±%XFXUHúWL 



 1RWHúLUHFHQ]LL 

ELEOLRJUDILHDPSOăH[WUHPGHVHULRDVăSHQWUXDIXQGDPHQWDFHOHDILUPDWH,PSUHVLRQDQWHVWHFăHOD
IăFXW LQYHVWLJDĠLL SHUVRQDOH vQ DUKLYHOH PLOLWDUH úL FLYLOH GLQ 5XVLD úL *HUPDQLD FX DMXWRUXO XQRU
FHUFHWăWRULUHSXWDĠLFăURUDOHPXOĠXPHúWHvQSUHIDĠă
7H[WXOFăUĠLLXUPăUHúWHSUDFWLFXOWLPHOH]LOHDOH*HUPDQLHLQD]LVWHDGLFăOXQLOHLDQXDULH±PDL
(VWHH[FHOHQWVXUSULQVăGLVSHUDUHDSRSRUXOXLJHUPDQvQIUkQWXPLOLWGH]RULHQWDWFăFLFUH]XVHvQ
FXYLQWHOH OXL +LWOHU *HUPDQLL VH VLPĠHDX DWXQFL vQúHODĠL SHQWUX Fă QD]LúWLL OH SURPLVHVHUă R YLFWRULH
WRWDOă,DUvQORFGHDFHDVWDWRWXOVHWUDQVIRUPDVHvQWURvQIUkQJHUHLQGLVFXWDELOă
0DL PXOW FD RULFkQG WRW DWXQFL D LHúLW OD OXPLQă LQFDSDFLWDWHD GH FRPDQGă úL FRQGXFHUH D
ÄJDXOHLWHU´LORUQD]LúWL([HPSOLILFDUHDSULQFD]XOOXL+LPPOHUHVWHFRQYLQJăWRDUHSHQWUXFLWLWRU
ÌQ IUXQWHD VLVWHPXOXL QD]LVW D FRQWLQXDW Vă VH VLWXH]H LQFRQúWLHQW GHFUHSLW IL]LF FD XUPDUH D
DWHQWDWXOXL GLQ Ä%kUORJXO OXSLORU´ $GROI +LWOHU $QWRQ\ %HHYRU HYLGHQĠLD]ă FXP DFHO FRQGXFăWRU D
DMXQVODXQDVHPHQHDJUDGGHDQRUPDOLWDWHvQFkWDSUHIHUDWVăúLVDFULILFHSDWULDúLSRSRUXOvQORFVă
DEDQGRQH]HSXWHUHD$SOHFDWSUHDWkU]LXGLQIUXQWHDVWDWXOXLVLQXFLJkQGXVH$IRVWFHDPDLSURDVWăúL
GHVWUXFWLYă VROXĠLH (D ULGLFă SHQWUX OHFWRU R vQWUHEDUH D DYXW +LWOHU UHDOH FDOLWăĠL GH FRQGXFăWRU"
3HUVRQDOFUHGFăHVWHQRUPDOFDFLQHYDVăVHvQGRLDVFăGHXQRPSROLWLFFDUHQXúWLHVăSLDUGă
8Q PHULW VSHFLDO DO DXWRUXOXL FRQVWă vQ úWLLQĠD GH D UHGD DWPRVIHUD vQ FDUH VDX GHVIăúXUDW
DFĠLXQLOHGHvQDLQWDUHD$UPDWHL5RúLLFăWUH%HUOLQ'UXPXOHLDIRVWSUHVăUDWFXMDIXULFULPHYLROXUL
DFWH LQXPDQH 6ROGDĠLL VRYLHWLFL DX DSăUXW vQWUR OXPLQă QHDúWHSWDWă vQ IDĠD SRSRUXOXL JHUPDQ (UDX
PXUGDULQHUDúLFXXQLIRUPHOHUXSWHúLSHWLFLWHGDUFXSULYLULOHvQFăUFDWHGHXUăGRUQLFLVăIDFăUăX$
%HHYRUDVFKLĠDWDQWLWHWLFLPDJLQHDFHORUFDUHDWDFDX%HUOLQXOGLQVSUHYHVWDUPDWHOHDQJORDPHULFDQH
úLDOLDĠLLORU&DDVSHFWHUDXPXOWPDLFLYLOL]DĠL
(VWHXQPRGGHSUH]HQWDUHFDUHSRDWHILUHSURúDWDXWRUXOXL$LFLDUSXWHDILDFX]DWGHRDUHFDUH
OLSVăGHRELHFWLYLWDWH(VWHúWLXWGLQGRFXPHQWHFăQLFLWUXSHOHDPHULFDQRHQJOH]HQXVDXSXUWDWFX
PHQDMDPHQWH IDĠă GH SRSXODĠLD JHUPDQă 'HFL GLQ DFHVW SXQFW GH YHGHUH DO FRPSRUWDPHQWXOXL QX
SRDWHILIăFXWăRGHRVHELUHvQWUHHOHúLDUPDWHOHVRYLHWLFH
2SR]LĠLDJHUPDQLORUvQIDĠD$UPDWHL5RúLLFkQGVDSXWXWDIRVWH[HPSOLILFDWăúLGHPRQVWUDWă
SULQFD]XULFRQFOXGHQWHUHDOHFDDFHODDOMXQNHUXOXL-HVFR)UHLKHUUYRQ3XWWNDPHUWDWăOXQXLPDUFDQW
SROLWLFLDQJHUPDQGHDVWă]L(VWHRDOWăFDUHQĠăDFăUĠLLGHDQXILDUăWDWFăJHUPDQLLQXDXDFFHSWDW
SDVLYWRDWHORYLWXULOHDUPDWHLLQYDGDWRDUH$XUHDFĠLRQDWLQGLYLGXDOHILFDFHvQQXPHURDVHRFD]LL
6XIHULQĠD SURYRFDWă SRSRUXOXL JHUPDQ úL RDUHFXP (XURSHL GH FHD PDL PDUH EăWăOLH HVWH
DUăWDWă VXJHVWLY GH WLWOXO SHQXOWLPXOXL FDSLWRO Ä9DH 9LFWLV´ &UHG Fă DXWRUXO QX SXWHD JăVL XQ ILQDO
PDLJUăLWRUFDFHOVXUSULQVvQXOWLPXOFDSLWROÄ2PXOSHFDODOE´ÌQHOVHLOXVWUHD]ăvQSXĠLQHFXYLQWH
OLSVDGHUHFXQRúWLQĠăDRDPHQLORUSROLWLFLIDĠăGHPLOLWDULLFDUHOHDXDGXVYLFWRULD9LDĠDPDUHúDOXOXL
-XNRYODFDUHVHUHIHUă%HHYRUHVWHXQH[HPSOXFRQFOXGHQW
3HQWUX RULFH RP GH FXOWXUă FDUWHD GHVSUH FăGHUHD %HUOLQXOXL DGXFH LQIRUPDĠLL VFULVH QRL
VSULMLQLWHGHKăUĠLúLGHIRWRJUDILLGHVFKLGHRUL]RQWXOFXQRDúWHULLúLvQGHDPQăODPHGLWDĠLH

5DGXùWHIDQ9HUJDWWL

)(,167(,1+&+$5/(67+20$60$5. 0DNLQJ+LVWRU\&RXQW$3ULPHU
LQ4XDQWLWDWLYH0HWKRGVIRU+LVWRULDQV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH
S

/XFUDUHD SH FDUH R SUH]HQWăP vQ UkQGXULOH GH IDĠă HVWH VFULVă GH XQ UHSXWDW SURIHVRU GH OD
2[IRUG &KDUOHV )HLQVWHLQ úL GH FăWUH XQ ELQHFXQRVFXW SURIHVRU GH OD 8QLYHUVLWDWHD GLQ 9LUJLQLD
7KRPDV0DUN7H[WXOHVWHH[WUHPGHFODUFXGHILQLĠLLSUHFLVIRUPXODWHúLQXFRPSRUWăGHPRQVWUDĠLL
PDWHPDWLFH FHHD FH vQOHVQHúWH vQĠHOHJHUHD OXL GH FăWUH LVWRULFL %LEOLRJUDILD HVWH ERJDWă vQ OXFUăUL
 1RWHúLUHFHQ]LL 

WHRUHWLFH D FăURU SDUFXUJHUH SRDWH IL XWLOă FHORU GRUQLFL Vă DSURIXQGH]H QRĠLXQLOH SUH]HQWDWH VFRSXO
SULQFLSDODOOXFUăULLILLQGDFHODDOSUH]HQWăULLLQWXLWLYHIăUăDvQFăUFDWH[WXOFXGHPRQVWUDĠLLúLHFXDĠLL
FDUHQXDUIDFHQLPLFDOWFHYDGHFkWVăOGHVFXUDMH]HSHLVWRULF
&HLGRLDXWRULSOHDFăGHODLGHHDFăLVWRULFXOSUH]HQWXOXLGLVSXQHGHXQFDOFXODWRUúLGHSDFKHWH
VSHFLDOL]DWHGHDQDOL]ăVWDWLVWLFăFXPDUIL636667$7$VDX6$6DWUăJkQGWRWXúLGLQFDSXOORFXOXL
DWHQĠLD Fă FHUFHWDUHD FDQWLWDWLYă QX WUHEXLH Vă VH VSULMLQH H[FOXVLY SH PDúLQă LQGLFDWRULL VWDWLVWLFL
WUHEXLQGDILVXVĠLQXĠLGHLQWHUSUHWăULED]DWHSHLQIRUPDĠLDH[WUDVăGLQGRFXPHQWHOHHGLWHúLGHDUKLYă
WUHFXWHSULQILOWUXOH[SHULHQĠHLFHUFHWăWRUXOXL
$OFăWXLWă GLQ SDWUX SăUĠL vQVXPkQG FLUFD  SDJLQL ILHFDUH OXFUDUHD PDL DUH FDOLWDWHD GH DO
vQ]HVWUD SH LVWRULF H[DFW FX FHHD FH WUHEXLH Vă úWLH SHQWUX R FHUFHWDUH FDQWLWDWLYă ULJXURDVă ÌQ DFHVW
VHQV GHRVHELW GH XWLOă HVWH úL FHD GHD FLQFHD SDUWH D FăUĠLL FDUH SUH]LQWă SDWUX VWXGLL GH FD] GLQ
LVWRULRJUDILD HQJOH]ă úL DPHULFDQă PHQLWH Vă LOXVWUH]H PRGXO vQ FDUH R PHWRGă VWDWLVWLFă VDX DOWD VH
XWLOL]HD]ăvQIXQFĠLHGHVLWXDĠLDLVWRULFăGHDQDOL]DW
3ULPD SDUWH D OXFUăULL HVWH FRQVDFUDWă DQDOL]HL VWDWLVWLFH HOHPHQWDUH DXWRULL SRUQLQG GH OD
GHILQLUHDWHUPHQLORUGHED]ăGLQVWDWLVWLFăFXPDUILFHLGHSRSXODĠLHHúDQWLRQWLSGHYDULDELOăLQGLFH
WUHQGIOXFWXDĠLHHWFÌQFRQWLQXDUHVXQWH[SOLFDWHPHWRGHOHVWDWLVWLFLLGHVFULSWLYHDFFHQWXOSXQkQGXVH
SH UHSUH]HQWăULOH JUDILFH X]XDOH SH PăVXULOH WHQGLQĠHL FHQWUDOH DOH GLVSHUVLHL GDWHORU SH UHSDUWLĠLD
GDWHORU LQVLVWkQGXVH DVXSUD FXUEHL QRUPDOH 8UPăWRUXO FDSLWRO HVWH D[DW SH DQDOL]D FRUHODĠLLORU
UHFRPDQGkQGXVHFDSXQFWGHSOHFDUHRUHSUH]HQWDUHJUDILFăDGDWHORUWRFPDLSHQWUXDVHHYLWDHURULOH
FH SRW Vă DSDUă DWXQFL FkQG FHUFHWăWRUXO VH ED]HD]ă GRDU SH FHHD FH UH]XOWă GLQ DQDOL]D DXWRPDWă D
LQIRUPDĠLHL6XFFLQWúLFODUHVWHH[SOLFDWăLQWHUSUHWDUHDFRHILFLHQĠLORUGHFRUHODĠLHSHQWUXFDDSRLVăVH
WUHDFă OD UHJUHVLD OLQLDUă VLPSOă OD FDOFXOXO GUHSWHL GH UHJUHVLH úL OD PăVXUD FDOLWăĠLL DMXVWăULL SULQ
FRHILFLHQWXOGHGHWHUPLQDUH(VWHGHDVHPHQHDH[DPLQDWăúLUHODĠLDGLQWUHFRHILFLHQWXOGHFRUHODĠLHúL
FHOGHUHJUHVLH
3DUWHDDGRXDDOXFUăULLDERUGHD]ăSUREOHPDWLFDHúDQWLRQăULLúLDLQIHUHQĠHLVWDWLVWLFHIăUăDVH
LQWUD vQ IXQGDPHQWHOH PDWHPDWLFH &LWLWRUXO YD IL ELQH LQIRUPDW DVXSUD GLVWULEXĠLLORU = úL W DVXSUD
LQWHUYDOHORU GH vQFUHGHUH SHQWUX PHGLD XQXL HúDQWLRQ D FRHILFLHQĠLORU GH FRUHODĠLH VDX GH UHJUHVLH
8UPăWRDUHD HWDSă HVWH WHVWDUHD LSRWH]HORU úL FHL FLQFL SDúL VXQW FODU SUHFL]DĠL vQ SULPXO UkQG VH
VSHFLILFă LSRWH]D vQ WHUPHQL DGHFYDĠL WHVWăULL VH DOHJH DSRL QLYHOXO GH SUREDELOLWDWH FDUH YD GHFLGH
DFFHSWDUHD VDX UHVSLQJHUHD LSRWH]HL DSRL R VWDWLVWLFă DGHFYDWă úL GLVWULEXĠLD VD 5ăPkQH FD DFHDVWă
VWDWLVWLFăVăILHFDOFXODWăúLDSRLFRPSDUDWăFXYDORDUHDWHRUHWLFăSHQWUXDVHOXDRGHFL]LHÌQILQHVH
LQWHUSUHWHD]ăUH]XOWDWHOH$XWRULLH[SOLFăFHOHGRXăWLSXULGHHURULFDUHSRWVăDSDUăvQDFHVWSURFHVúL
DQXPHHURDUHDGHWLSXO,FDUHFRQVWăvQUHVSLQJHUHDXQHLLSRWH]HDGHYăUDWHúLHURDUHDGHWLSXO,,FDUH
FRQVWăvQHúHFXOGHDUHVSLQJHRLSRWH]ăIDOVă2UHPDUFăLPSRUWDQWăHVWHDFHHDFăQXvQWRWGHDXQDXQ
UH]XOWDWVHPQLILFDWLYGLQSXQFWGHYHGHUHVWDWLVWLFHVWHVHPQLILFDWLYúLGLQSXQFWGHYHGHUHLVWRULF
7HVWHOHQHSDUDPHWULFHDSOLFDWHGDWHORUFDOLWDWLYHFXPDUILFDWHJRULLOHVRFLRSURIHVLRQDOHGLIHUăGH
FHOH FDUH WHVWHD]ă LSRWH]D úL DXWRULL VH UHIHUă OD WHVWHOH :DOG±:ROIRZLW] 0DQQ±:KLWQH\ .ROPRJRURY
6PLUQRYH[HPSOHOHDYkQGPHQLUHDGHDVXJHUDFULWHULLOHSHED]DFăURUDVHDOHJHXQWHVWVDXDOWXO
3DUWHD D WUHLD HVWH FRQVDFUDWă UHJUHVLHL OLQLDUH PXOWLSOH XWLOL]DWă GLQ FH vQ FH PDL IUHFYHQW vQ
LVWRULDHFRQRPLFăvQLVWRULDSROLWLFăVRFLDOăVDXFXOWXUDOăÌQORFXOXQHLVLQJXUHYDULDELOHH[SOLFDWLYH
VXQWLQWURGXVHGRXăYDULDELOHILHFăHOHVXQWVDXQXLQGHSHQGHQWH3HQWUXPăVXUDUHDLPSDFWXOXLUHODWLY
DOILHFăUHLYDULDELOHHVWHQHFHVDUVăVHFDOFXOH]HFRHILFLHQWXOȕVWDQGDUGL]DW
$XWRULL VXEOLQLD]ă Fă vQ PRGHODUHD VWDWLVWLFă LQWXLĠLD FHUFHWăWRUXOXL FRQWHD]ă PDL PXOW GHFkW
PHWRGDVWDWLVWLFăvQVLQH'HPXOWHRULQXH[LVWăXQUăVSXQVFRUHFWXQLFSHQWUXSUREOHPDWLFDWUHFXWXOXL
úLFRQWURYHUVDGLQWUHLVWRULFLYLVDYLVGHXQHYHQLPHQWVDXDOWXOQXSRDWHILVROXĠLRQDWăGHPHWRGHOH
VWDWLVWLFHRULFkWGHVRILVWLFDWHDUILHOH
3DUWHD D SDWUD D OXFUăULL DSURIXQGHD]ă DQDOL]D UHJUHVLHL SULQ VWXGLHUHD PRGHOHORU QHOLQLDUH
8QHOH GLQWUH DFHVWH PRGHOH SRW IL HVWLPDWH SULQPHWRGD FHORU PDL PLFL SăWUDWH)HLQVWHLQ úL 7KRPDV
UHYLQúLDVXSUDDMXVWăULLVHULLORUWHPSRUDOHVXELHFWGHMDDERUGDWvQWUXQXOGLQSULPHOHFDSLWROH



 1RWHúLUHFHQ]LL 

&D UHDOă QRXWDWH vQWUXQ PDQXDO GH VWDWLVWLFă SHQWUX LVWRULFL HVWH H[SOLFDUHD PRGHOHORU GH
UHJUHVLHORJLWúLSURELWED]DWHSHRGLVWULEXĠLHORJLVWLFăUHVSHFWLYQRUPDOă
%LQH VWUXFWXUDWă FODUă vQ H[SXQHUH DFRSHULQG WRDWH PHWRGHOH VWDWLVWLFH FX DGHYăUDW QHFHVDUH
vQWURFHUFHWDUHVWDWLVWLFăDHYHQLPHQWHORULVWRULFHDFFHQWXkQGúLH[SOLFkQGDYDQWDMXOFHUFHWăULLDVLVWDWH
GHFDOFXODWRUOXFUDUHDSHFDUHDPSUH]HQWDWRvQUkQGXULOHGHPDLVXVHVWHXQLQVWUXPHQWFHQXWUHEXLH
VăOLSVHDVFăGLQELEOLRWHFDFHOXLFHYUHDVăGHDRGLPHQVLXQHúWLLQĠLILFăFHUFHWăULLVDOH

,ULQD*DYULOă

0$-$3+,/,33,.URQVWDGW(GLW$OGXV%UDúRYS

9ROXPXO FDUH UHXQHúWH VWXGLLOH 0DMHL 3KLOLSSL HVWH GH IDSW D GRXD HGLĠLH D OXFUăULL VDOH
.URQVWDGW +LVWRULVFKH %HWUDFKWXQJHQ EHU HLQH 6WDGW LQ 6LHEHQEUJHQ $XIVlW]H XQG 9RUWUlJH
DSăUXWăvQÌQFRQGLĠLLOHHSXL]ăULLUDSLGHDSULPHLHGLĠLLúLDLQWHUHVXOXLSXEOLFXOXLSHQWUXLVWRULD
%UDúRYXOXL HGLWXUD $OGXV D GHFLV UHHGLWDUHD FăUĠLL /XFUDUHD HVWH SUHFHGDWă GH HYRFDUHD YLHĠLL úL
DFWLYLWăĠLLúWLLQĠLILFHDDXWRDUHL gPDUWLH (YRFDUHDHVWHVHPQDWăGH*HUQRW1XVVElFKHU
&DUWHD UHXQHúWH QX PDL SXĠLQ GH  GH DUWLFROH DOH 0DMHL 3KLOLSSL UHIHULWRDUH OD LVWRULD
%UDúRYXOXLúLD7UDQVLOYDQLHLDSăUXWHGHDOXQJXOWLPSXOXLvQGLYHUVHSXEOLFDĠLL
$UWLFROHOHDERUGHD]ăSUREOHPHYDULDWHGLQLVWRULDRUDúXOXLGHODSRDOHOH7kPSHL$PLQWLPDLFL
FkWHYD GLQWUH HOH 8Q VWXGLX HVWH GHGLFDW HYROXĠLHL DUKLWHFWRQLFH D RUDúXOXL XQ DOWXO vL SUH]LQWă SH
SLHWUDULL SLFWRULL úL VFXOSWRULL EUDúRYHQL GLQWUH PLMORFXO VHFROXOXL ;9 úL SULPD MXPăWDWH D VHFROXOXL
XUPăWRU %LVHULFD 1HDJUă PRQXPHQW HPEOHPDWLF DO RUDúXOXL EHQHILFLD]ă GH GRXă DUWLFROH SULPXO
SUH]LQWăLVWRULDGHGHDQLDHGLILFLXOXLLDUFHOGHDOGRLOHDFURQLFDPXUDOăGLQELVHULFă
8QDUWLFROFUHLRQHD]ăSRUWUHWHUHSUH]HQWDWLYHDOHHOLWHLEUDúRYHQHMX]LQHJXVWRULPHúWHúXJDUL
úLFOHULFL VHFROHOH;,9;9, 
'RXă FRQWULEXĠLL DOH DXWRDUHL SUH]LQWă VXEXUELLOH %UDúRYXOXL PHGLHYDO úL ĠLJDQLL GLQ XUEH vQ
DFHHDúLHSRFă3UH]HQĠDvPSăUDWXOXL6LJLVPXQGvQ%UDúRYúLLQFXUVLXQLOHRWRPDQHvQ7UDQVLOYDQLDIDF
RELHFWXODOWRUGRXăFRQWULEXĠLLDOH0DMHL3KLOLSSL
2DOWăFHUFHWDUHHYLGHQĠLD]ăSHUVRQDOLWDWHDOXL-RKDQQHV+RQWHUXVvQLVWRULD7UDQVLOYDQLHL
&kWHYD DUWLFROH VXQW GHGLFDWH VHFROXOXL ;9,, 6XQW GLVFXWDWH DLFL LPSDFWXO Uă]ERDLHORU úL
HSLGHPLLORU DVXSUD VDúLORU DUGHOHQL DVSHFWH GLQ ELRJUDILD MXGHOXL EUDúRYHDQ 0LFKDHO :HL‰ UHODĠLLOH
VDúLORUFXSULQFLSHOH*DEULHO%HWKOHQúLXUPăULOHPDUHOXLLQFHQGLXGLQ
'LQWUH DUWLFROHOH DXWRDUHL UHIHULWRDUH OD VHFROHOH XUPăWRDUH VXQW GH DPLQWLW vQWUH DOWHOH FHOH
SULYLWRDUH OD SăUHUHD GHVSUH VDúL D OXL *HRUJH %DULĠLX úL 1LFRODH ,RUJD LPSDFWXO Uă]ERLXOXL YDPDO
DVXSUDPHúWHúXJXOXLVăVHVFúLSR]LĠLDVDúLORUIDĠăGH8QLUHD7UDQVLOYDQLHLFX5RPkQLD
'DWă ILLQG YDORDUHD GHRVHELWă D VWXGLLORU GRDPQHL 0DMD 3KLOLSSL SHQWUX FXQRDúWHUHD LVWRULHL
%UDúRYXOXLúLD7UDQVLOYDQLHLLQLĠLDWLYDUHHGLWăULLDFHVWXLYROXPPHULWăVăILHSHGHSOLQVDOXWDWă

$OH[DQGUX&LRFvOWDQ

*(5127 1866%b&+(5 &DLHWHOH &RURQD &RQWULEXĠLL OD LVWRULD %UDúRYXOXL


&DLHWXO(GLW$OGXV%UDúRYS

/XFUDUHD UHSXWDWXOXL DUKLYLVW *HUQRW 1XVVElFKHU UHXQHúWH WUHL VWXGLL DOH VDOH FDUH VH UHIHUă OD
LVWRULDRUDúXOXL%UDúRY
 1RWHúLUHFHQ]LL 

8QSULPVWXGLXvQIăĠLúHD]ăvQGDWHLVWRULFXO%LVHULFLL1HJUHvQWUHDQLL±$IOăPvQWUH
DOWHOHúLLQIRUPDĠLLGHVSUHFXWUHPXUHOHFDUHDXDIHFWDWPRQXPHQWXOúLRUDúXO
$O GRLOHD VWXGLX HVWH FRQVDFUDW PDUHOXL LQFHQGLX DO RUDúXOXL GLQ  DSULOLH  $XWRUXO
GLVFXWăDLFLFRQWH[WXOvQFDUHVDSURGXVLQFHQGLXODWLWXGLQHDRUăúHQLORUIDĠăGHRFXSDĠLDKDEVEXUJLFă
LPSOLFDUHD WUXSHORU DXVWULHFH vQ LQFHQGLHUHD %LVHULFLL 1HJUH úL XUPăULOH FDWDVWURIDOH *HUQRW
1XVVElFKHUFRQVLGHUăSHGUHSWFXYkQWFăPDUHOHLQFHQGLXDIRVWÄFHDPDLPDUHFDWDVWURIăXUEDQLVWLFă
GLQLVWRULD%UDúRYXOXL´
8OWLPXO VWXGLX DUH FD RELHFW RUJD vQ YLDĠD ELVHULFHDVFă D RUDúXOXL GH OD SRDOHOH 7kPSHL GHD
OXQJXOWLPSXOXL

$OH[DQGUX&LRFvOWDQ

(5,.$ ',$1( 5$33$3257 6KRSSLQJ IRU SOHDVXUH :RPHQ LQ WKH 0DNLQJ RI
/RQGRQ¶V :HVW (QG 3ULQFHWRQ 8QLYHUVLW\ 3UHVV 3ULQFHWRQ 1HZ -HUVH\
S

$ GHYHQLW DSURDSH SURYHUELDOă GHD OXQJXO WLPSXOXL SOăFHUHD IHPHLORU GH D KRLQăUL SULQ
PDJD]LQHúLGHDFXPSăUD'LQFRORGHLURQLLOHSHFDUHOHVWkUQHúWHRDVWIHOGHSOăFHUHSRDWHFRQVWLWXL
VXELHFWXO XQHL VROLGH DQDOL]H LVWRULFH (VWH FHHD FH UHDOL]HD]ă (ULND 'LDQH 5DSSDSRUW SURIHVRDUă OD
)ORULGD ,QWHUQDWLRQDO 8QLYHUVLW\ vQ OXFUDUHD 6KRSSLQJ IRU 3OHDVXUH :RPHQ LQ WKH 0DNLQJ RI
/RQGRQ¶V:HVW(QG
/RQGUDVIkUúLWXOXLGHVHFRO;,;PDJD]LQHOHGLQFDUWLHUXO:HVW(QGIHPHLGLQFODVDGHPLMORF
UHSUH]LQWă FRRUGRQDWHOHFHQWUDOHDOH FăUĠLL $XWRDUHD VXUSULQGH PRGXO vQ FDUH SOăFHUHD GH D FXPSăUD
GHWHUPLQăPXWDĠLLVHPQLILFDWLYHDWkWvQSODQPHQWDOFkWúLHFRQRPLFFRQVWLWXLQGRSRVLELOLWDWHSHQWUX
IHPHLGHDSăWUXQGHúLPRGLILFDVIHUDSXEOLFă
0HQĠLRQăP Fă R WUDGXFHUH D FXYkQWXOXL VKRSSLQJ vQ VHQVXO FODVLF GH FXPSăUDUH GH PăUIXUL DU
OLPLWDSHUFHSHUHDVXELHFWXOXLGHDFHHDDPRSWDWSHQWUXWHUPHQXOvQOLPEDHQJOH]ă6KRSSLQJvPEUDFăvQ
DFHVW VHQV XQ vQĠHOHV PDL ODUJ GHFkW VLPSOD DFĠLXQH GH D FXPSăUD XQ SURGXV ( R DFWLYLWDWH VWULFW
IHPLQLQă VHPQLILFă R ]L vQ RUDú vQ DIDUD FăPLQXOXL SOLPEDUH SULQ PDJD]LQH DOHJHUHD PăUIXULORU
SUREDWXO DUWLFROHORU FRQYHUVDĠLH FX GLYHUVH SHUVRDQH IUHFYHQWDUHD UHVWDXUDQWHORU 7HUPHQXO SUHVXSXQH
PDLDOHVRVWDUHFRQIHULWăGHSDUWLFXODULWDWHDORFXOXLRELHFWXOFRQVXPDWGREkQGLQGRYDORDUHVHFXQGDUă
'LQFRORGHUROXOFODVLFSHFDUHOvQGHSOLQHVFPDJD]LQHOHGLQ:HVW(QGVXQWUHVSRQVDELOHGHR
VHULH GH VFKLPEăUL VRFLDOH /RFXUL SOăFXWH úL VLJXUH HOH RIHUă IHPHLORU DFFHV OD YLDĠD SXEOLFă D
RUDúXOXLFRQWULEXLQGODVRFLDOL]DUHDúLHPDQFLSDUHDDFHVWRUDvQWURSHULRDGăvQFDUHUHVSHFWDELOLWDWHD
úLSR]LĠLDVRFLDOăDXQHLIDPLOLLFHUFDVRĠLLOHúLILLFHOHVăUăPkQăGHSDUWHGHSLDĠăGHVSDĠLXOSXEOLF
6WUXFWXUDWă vQ úDVH FDSLWROH FDUWHD HVWH FRQFHSXWă FD R H[SHGLĠLH D XQRU IHPHL SULQWUH
SULQFLSDOHOHDWUDFĠLLDOH:HVW(QGXOXLVROGDWăFXFUHDUHDXQXLQRXLGHDOGHIHPLQLWDWHDGDUúLDXQHL
FXOWXULXUEDQH)LHFDUHFDSLWROLQYHVWLJKHD]ăDVSHFWHDOHDFHVWHLH[SHGLĠLLIDFWRULLFDUHDXvQFXUDMDWVDX
GHVFXUDMDWLPSOLFDUHDIHPHLORUvQVIHUDSXEOLFăILLQGVXSXúLXQHLDQDOL]HPLQXĠLRDVH
/XFUDUHDGHEXWHD]ăFXGHVFULHUHDSULPXOXLGHSDUWPHQWVWRUH±:KLWHO\¶VGHVFKLVvQFHVH
YDEXFXUDUDSLGGHVXFFHVLPHQVvQUkQGXOIHPHLORUGHYHQLQGVLPERODO/RQGUHLPRGHUQH'DUQHJXVWRULL
GHPRGăYHFKHGRULQGVăFRQWUROH]HSLDĠDFHUROLPLWDUHDQXPăUXOXLGHPDJD]LQHDFX]kQG:KLWHO\¶VFă
vQFXUDMHD]ă FRPSRUWDPHQWXO LPRUDO DO IHPHLORU $FX]HOH VXQW VXVĠLQXWH GH SROLWLFLHQL PDJLVWUDĠL
MXUQDOLúWLYkQ]ăWRULFHHWLFKHWHD]ăPDJD]LQXOJHQHUDOGUHSWÄORFXULDOHWHQWDĠLHL´XQORFDPHQLQĠăWRUFH
VHGXFH IHPHLOH 9LROHQĠD UHDFĠLHL VH H[SOLFă SULQ SăWUXQGHUHD IHPHLORU vQ VIHUD SXEOLFă vQWUR SHULRDGă
FkQGVLQJXUHOHDFĠLXQLSXEOLFHHUDXOLPLWDWHODDFWHGHFDULWDWHúLSHWUHFHUL



 1RWHúLUHFHQ]LL 

1RXDvQGHOHWQLFLUHDIHPHLORUDGkQFHúWHWHQVLXQLOHvQWUHFUHGLWRULúLFOLHQĠLGDUúLvQWUHVRĠLúL
VRĠLL'DWRULLOHFRQWUDFWDWHGHVRĠLLvQPDJD]LQHVXQWSOăWLWHGHVRĠLGDUGLQFRORGHDFHVWDVSHFWHOHQDVF
FRQIOLFWH vQ VkQXO IDPLOLHL GXFkQG FKLDU OD UXLQD VRĠLORU &X DFHDVWă RFD]LH HVWH GH]EăWXW úL SXV VXE
VHPQXO vQWUHEăULL vQĠHOHVXO WHUPHQLORU GH IDPLOLH SURSULHWDWH úL FRQVXP 3RVLELOLWDWHD IHPHLL GH D
FXPSăUD HVWH FRQGLĠLRQDWă GH FRQVWUkQJHUL OHJDOH GHULYDWH GLQ DYHUHD SH FDUH DFHDVWD R SULPHúWH OD
FăVăWRULH GLQ VXPD SULPLWă GH OD VRĠ úL GLQ GUHSWXO GH GDWRULH 3HQWUX Fă IHPHLOH QX GHĠLQ GUHSWXUL
MXULGLFH úL QX VXQW SULYLWH FD SHUVRDQH MXULGLFH RULFH GDWRULH FRQWUDFWDWă GH VRĠLH HVWH SOăWLWă GH VRĠ
'HVLJXUQXOLSVHVFFD]XULvQFDUHVRĠLLUHIX]ăVăSOăWHDVFăGDWRULLOHVRĠLLORUXWLOL]kQGDFHHDúLWDFWLFă
$XWRQRPLDHFRQRPLFăDVRĠLLORUQXH[LVWăLDUSUHYHGHULOHOHJLVODWLYHVXQWYDJLvQDFHDVWăSULYLQĠăÌQVă
QXPăUXOWRWPDLFUHVFXWGHPDJD]LQHFUHHD]ăRSRUWXQLWDWHDSHQWUXPXOWHVRĠLLGHDFHUHGUHSWDVXSUD
EDQLORU VRĠXOXL DVXSUD SURSULHWăĠLL FKLDU úL FkQG DFHDVWă SUHYHGHUH QX HUD FRQVILQĠLWă OHJDO
&RPHUFLDQĠLL FH XWLOL]HD]ă VLVWHPXO FUHGLWHORU UHDFĠLRQHD]ă OD UkQGXO ORU ÌQJULMRUDĠL GH DWLWXGLQHD
VRĠLORUDFHúWLDvúLUHVWUkQJQXPăUXOFOLHQWHORUQXPDLODSHUVRDQHGHPQHGHvQFUHGHUHVSUHGHRVHELUH
GHFROHJLLORUFHXWLOL]HD]ăSODWDvQQXPHUDUúLFDUHvQFHDUFăVăúLH[WLQGăFOLHQWHOD
&OXEXULOH VXQW VLPEROXUL DOH LQGHSHQGHQĠHL úL HPDQFLSăULL IHPHLORU =HFL GH PLL VH vQVFULX vQ
DFHVWHFOXEXULPDMRULWDWHDDPSODVDWHvQFDUWLHUHOHFXPDJD]LQHGLQ:HVW(QG&OXEXULOHLQVWLWXĠLLSULYDWH
FH vQGHSOLQHDX GLYHUVH IXQFĠLL VXQW PDL vQWkL GH WRDWH ORFXUL FRQIRUWDELOH UHOD[DQWH úL VLJXUH XQGH VH
SXWHDFLWL]LDUXOVFULHVFULVRULMXFDEULGJHOXDSUkQ]XO/RFGHVRFLDOL]DUHFOXEXULOHSRWJă]GXLIHPHLOHúL
SHVWH QRDSWH 8Q ORF VSHFLDO SHQWUX FD IHPHLOH VăúL VDWLVIDFă ÄGRULQĠHOH IL]LFH HFRQRPLFH VRFLDOH úL
SROLWLFH´GDUPDLDOHVXQSXQFWGHDFFHVvQVIHUDSXEOLFă1ăVFXWHGLQHIRUWXULOHIHPLQLVWHORUGHDRIHUL
LQVWLWXĠLLSRWULYLWHSHQWUXIHPHLOHGLQFODVDGHPLMORFFHFăOăWRUHVFSULQRUDúDFHVWHFOXEXULúLPDJD]LQH
YRUFUHDRFXOWXUăXUEDQăúLXQQRXLGHDOGHIHPLQLWDWH$WUDJRSUREULXOSXEOLFDOEăUEDĠLORUWHPăWRULFă
DVHPHQHDDFWLYLWăĠLGLQSDUWHDIHPHLORUDUILvQVHPQDWQHJOLMDUHDFăPLQXOXL
7LPSXOWRWPDLPDUHSHWUHFXWvQRUDúvQDIDUDFăPLQXOXLDDIHFWDWRELFHLXULOH]LOQLFHDVFKLPEDW
RUD PHVHORU GDU IRDPHD úL QHFHVLWăĠLOH GHYLQ SUREOHPH SXEOLFH FăURUD WUHEXLH Vă OL VH DORFH VSDĠLL
FRUHVSXQ]ăWRDUHvQVIHUDSXEOLFă1HFHVLWDWHDWRDOHWHORUSXEOLFHSHQWUXIHPHLDVWkUQLWDGHYăUDWHGLVSXWH
vQUkQGXOIHPLQLVWHORUSROLWLFLHQLORULJLHQLúWLORU&RQúWLHQWL]DUHDSURJUHVXOXLUDSLG WHKQRORJLFúLPHQWDO 
SHFDUHOWUDYHUVDVRFLHWDWHDHQJOH]ăXUEDQL]DUHDDFFHOHUDWăSUHFXPúLWLPSXOWRWPDLvQGHOXQJDWSHWUHFXW
vQ RUDú GH IHPHL LPSXQHDX WUDQVIRUPăUL vQ QDWXUD RUDúXOXL ÌQ FHOH GLQ XUPă UDSRDUWHOH PHGLFDOH
FHUWLILFkQG Fă EăUEDĠLL úL IHPHLOH DX DFHOHDúL QHFHVLWăĠL WRDOHWHOH SHQWUX IHPHL VXQW DFFHSWDWH vQ
PHWURSROă 'HVLJQXO úL DUKLWHFWXUD DFHVWRUD FRQVILQĠHD GLIHUHQĠHOH VRFLDOH DOH IHPHLORU FHOH ERJDWH
EHQHILFLDXvQVFKLPEXOXQHLWD[HGHvQFăSHULLQGLYLGXDOHGLQFHUDPLFăDOEăvQWLPSFHIHPHLOHVăUDFH
VFXWLWHGHWD[HXWLOL]DXWRDOHWHOHFRPXQHGHFRUDWHFXFăUăPLGăVPăOĠXLWăGHFXORDUHvQFKLVă
2ERJDWăRIHUWăGH]LDUHUHYLVWHJKLGXULGHVWLQDWăQRLORUFRQVXPDWRDUHYHKLFXOHD]ăQRXOLGHDO
GHIHPLQLWDWHvQFXUDMkQGFRQVXPHULVPXO3UHVDHVWHGXEODWăGHROLWHUDWXUăXUEDQăSURGXVăGHIHPHLOH
GLQ FODVD GH PLMORF OLWHUDWXUă FH vPEUDFă IRUPH GLYHUVH URPDQH DUWLFROH GH ]LDU DQFKHWH VRFLDOH
MXUQDOH6XELHFWHOHOLWHUDWXULLXUEDQHDFRSHUăGRPHQLLGLQWUHFHOHPDLYDULDWHúLPDLQHDúWHSWDWHGHOD
FXPSăUăWXULSkQăODHGXFDĠLHSROLWLFăLGHQWLWDWH
5HFODPHOH VWLPXOHD]ă FRQVXPHULVPXO DQXQĠă SURPRĠLL UăVSkQGHVF LPDJLQL H[SULPkQG
SOăFHUHDGHDFXPSăUD
7HDWUXO VSHFWDFROHOH PX]LFDOXULOH GLQFROR GH ODWXUD FXOWXUDOă GHYLQ ORFXUL XQGH SRW IL
XUPăULWHXOWLPHOHQRXWăĠLvQPDWHULHGHPRGăGDUQXOLSVHúWHQLFLUHYHUVXOPHGDOLHLFRQVXPHULVPXO
FRQVWLWXLHGHVHRULVXELHFWXOVDWLUHORU
&D úL 7LPHV 6TXDUH :HVW (QG SRDWH IL GHVFULV FD R DWUDFĠLH R ]RQă D SOăFHULORU GDU úL XQ
FDOLILFDWLY SUHVXSXQH XQ DQXPLW FRPSRUWDPHQW XUEDQ ÄXQ HFVWDV\ RI IUHHGRP´ FHHD FH IDFH FD vQ
HSRFă ÄILHFDUH IHPHLH UHVSHFWDWă úL OD PRGă WUHEXLD Vă VH EXFXUH GH SOăFHULOH GLQ :HVW (QG´ $OWIHO
VSXVFRQVXPHULVPXOQXVHOLPLWHD]ăGRDUODPăUIXULFLHVWHDQWLFLSDWGHFRQVXPXOGHSOăFHULXUEDQH
SULYHOLúWLVXQHWHEXQXUL
 1RWHúLUHFHQ]LL 

&HUFHWDUHD GH IDSW WH]D GH GRFWRUDW D DXWRDUHL DUH OD ED]ă XQ ERJDW úL VDYXURV PDWHULDO
GRFXPHQWDU DUKLYH MXUQDOH SHULRGLFH ILLQG FRPSOHWDWă FX R UHPDUFDELOă ELEOLRJUDILH %LQH
VWUXFWXUDWă úL DWHQW FRQVWUXLWăFDUWHD VH DGUHVHD]ă GHRSRWULYă VSHFLDOLúWLORU úL SXEOLFXOXL GRULWRU GH D
FXQRDúWHLVWRULDFRQVXPHULVPXOXL SUHFXP úL GH]YROWDUHD XUEDQă úL FXOWXUDOăD /RQGUHL(ULND 'LDQH
5DSSDSRUWQXVHOLPLWHD]ăGRDUODRLVWRULHVRFLDOăúLFXOWXUDOăDFDUWLHUXOXL:HVW(QGFLUHDOL]HD]ăR
ILQă úL SURIXQGă DQDOL]ă D SURFHVHORU VRFLRHFRQRPLFH D WUDQVIRUPăULORU XUEDQH úL GH PHQWDOLWDWH
SUHFXPúLDUHODĠLLORUGHJHQGLQDGRXDMXPăWDWHDVHFROXOXLDOOHD

5DPRQD&DUDPHOHD



 1RWHúLUHFHQ]LL 


,10(025,$0

‚7(5(6$)(552
± 

6D VWLQV GHSDUWH OD &DWDQLD vQWUR PDUJLQH D ODWLQLWăĠLL 7HUHVD )HUUR XQD SURIHVVRUHVVD
VSHFLDOHFXPvLVSXQHDXFXDIHFĠLXQHVWXGHQĠLLVăLúLRGDWăFXHDVDvQFKLVvQPDUHSDUWHXQXQLYHUV
GHHUXGLĠLHFXQRDúWHUHFXOWXUăúLFăOGXUăXPDQăGHRVHELWă
7HUHVD)HUURHUDGHFLUFDDQLSURIHVRDUăGHOLPEDúLOLWHUDWXUDURPkQăOD)DFXOWDWHDGH/LPEL
úL/LWHUDWXUL6WUăLQHD8QLYHUVLWăĠLLGLQ8GLQHGXSăRVFXUWăFDULHUăGLGDFWLFăúLGHFHUFHWDUHSHWUHFXWă
OD8QLYHUVLWDWHDGLQ&DWDQLD
'HDOWPLQWHULvQ6LFLOLDQDWDOăúLDIăFXWúLVWXGLLOHXQLYHUVLWDUHWRWOD&DWDQLDXQGHúLDOXDW
OLFHQĠD ILORORJLFă úL OLQJYLVWLFă vQ ÄOLWHUH FODVLFH´   úL DSRL GRFWRUDWXO   $ XUPDW R
VSHFLDOL]DUH vQ ILORORJLH PRGHUQă OD 8QLYHUVLWDWHD GLQ %RORJQD DSRL XQ VWDJLX GH SHUIHFĠLRQDUH OD
&HQWUXOGH/LQJYLVWLFă5RPDQLFăGLQ6WUDVERXUJúLDSRLDOWHQXPHURDVHSHULRDGHGHGRFXPHQWDUHPDL
DOHV vQ 5RPkQLD 7HUHVD )HUUR IăFHD SDUWH GLQ QXPHURDVH VRFLHWăĠL DFDGHPLFH GH VSHFLDOLWDWH HUD
PHPEUX GH RQRDUH DO ,QVWLWXWXOXL GH /LQJYLVWLFă GLQ %XFXUHúWL úL PHPEUX IRQGDWRU DO $VRFLDĠLHL
,WDOLHQHD5RPkQLúWLORU $,5 ÌOSRPHQHDDGHVHDFXUHVSHFWúLUHFXQRúWLQĠăSHPDHVWUXOHLvQWUXVWXGLL
URPkQHúWLSURIHVRUXO*LXVHSSH3LFFLOOR
6D RFXSDW FX SDVLXQH úL FRPSHWHQĠă GH LVWRULD OLPELL URPkQH vQ GXEOD UHODĠLH D DFHVWHLD FX
OXPHD URPDQLFă QHRODWLQă  úL FX OXPHD VXGGXQăUHDQă EDOFDQLFă  6D LQWHUHVDW GH YHFKLOH L]YRDUH
URPkQHúWL GH WH[WHOH WLPSXULL vQ OLPED URPkQă DúD FXP HUDX HOH LOXVWUDWH vQ DPELDQĠD PLVLRQDULORU
FDWROLFLYHQLĠLPDLDOHVvQ0ROGRYD$SXEOLFDW]HFLGHFăUĠLVWXGLLúLDUWLFROHFXSUHFăGHUHvQOLPELOH
LWDOLDQă úL URPkQă OD HGLWXUL GH SUHVWLJLX ÌQWUH FăUĠLOH VDOH PDL UHFHQWH PHQĠLRQăP DLFL 5RPDQLD H
5RPjQLD /LQJXD H FXOWXUD URPHQD GL IURQWH DOO¶2FFLGHQWH D FXUD GL 7HUHVD )HUUR )RUXP 8GLQH
  SDJLQL  GHGLFDWă PHPRULHL OXL (XJHQ &RúHULX DSRL /DWLQR URPHQR H URPDQ]R 6WXGL
OLQJYLVWLFL 'DFLD &OXM   SDJLQL  úL , PLVVLRQDUL FDWWROLFL LQ 0ROGDYLD 6WXGL VWRULFL H
OLQJYLVWLFL &OXVLXP&OXMSDJLQL 
&XQRVFăWRULL DX UHPDUFDW GH ILHFDUH GDWă SURIXQ]LPHD DERUGăULL SULFHSHUHD ILORORJLFă úL
FRPSHWHQĠDLVWRULFăGREkQGLWHSHSDUFXUVXOPXOWRUDQLGHFHUFHWăULGXSăVHULRDVHúLvQGHOXQJLOHFWXUL
vQOHVQLWHGHFXQRDúWHUHDGLUHFWăDÄOLWHUHORU´FODVLFHúLPRGHUQH$VFULVGHH[HPSOXGHVSUHVRFLHWDWHD
URPkQHDVFăGLQ0ROGRYDVHFROXOXLDO;9,,OHDSULQSULVPDWH[WHORUPLVLRQDULORUFDWROLFLvQPDUHDORU
SDUWH LWDOLHQL FX R UDUă RELHFWLYLWDWH VSXOEHUkQG PLWXUL GHVSUH R SUHWLQVă LQWROHUDQĠă FDUHD SXWXW IL
LQYRFDWăGRDUSULQGLVWRUVLRQDUHDUHDOLWăĠLLvQDFRUGFXJULODVHFROHORUPDLUHFHQWH1XLVHSRDWHFHUH
OXPLL PROGRYHQHúWL GH OD  ± VSXQHD vQĠHOHSW úL LQGLUHFW FHUFHWăWRDUHD ± Vă DSOLFH SULQFLSLL DOH
GHPRFUDĠLHLDFWXDOHFkQGQLFLRĠDUăGHDWXQFLQXOHDSOLFD$PDLGHPRQVWUDWPHUJkQGSHXUPHOHOXL
1LFRODH ,RUJD &DUOR 7DJOLDYLQL *HRUJH &ăOLQHVFX *LXVHSSH 3LFFLOOR úL )UDQFLVF 3DOO Fă OLPED
SULQFLSDOăGHFRPXQLFDUHúLGHvQĠHOHJHUHvQWUHFDWROLFLLGLQ0ROGRYDHUDURPkQD
$ UHFRQVWLWXLW R OXPH úL DYHD SODQXUL GH QRL UHVWLWXLUL GHPRQVWUkQG GHRSRWULYă úWLLQĠă úL
FRQúWLLQĠăUDĠLXQHúLVHQWLPHQWPLJDOăúLFăOGXUăvQSUH]HQWDUHDDFHVWHLOXPLURPkQHúWL
7HUHVD)HUURWUăLDSHQWUXúLSULQFXOWXUDúLOLPEDURPkQHDVFă)ăUăYUHROHJăWXUăGHUXGHQLHFXURPkQLL
SURIHVRDUDFDWDQLH]ăDYHDRDILQLWDWHVSHFLDOăGHWLSVSLULWXDOFXUHDOLWăĠLOHQRDVWUH(UDOHJDWăGHURPkQLúLGH

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



 ,QPHPRULDP 

5RPkQLD SULQ QHQXPăUDWH úL QHYă]XWH ILUH YHQLWH GH GHSDUWH GLQ ODWLQLWDWHD FRPXQă GLQ DWUDFĠLD
H[WUHPHORUDUHJLXQLORUGHPDUJLQHGLQWLQHUHĠHDSHWUHFXWăvQSDUWHDOăWXULGHURPkQLGLQvQĠHOHJHUHD
SURIXQGăDSUREOHPHORUORU
$ SDUWLFLSDW OD ]HFL GH FRORFYLL FRQIHULQĠH PHVH URWXQGH vQ 5RPkQLD GXSă FăGHUHD
FRPXQLVPXOXL D DQLPDW FX SUH]HQĠD HL RSWLPLVWă úL UREXVWă SURJUDPHOH GH VFKLPEXUL 7HPSXV úL
6RFUDWHVFXXQLYHUVLWăĠLOHGLQ%XFXUHúWL&OXM2UDGHD7LPLúRDUD,DúLHWF3HQWUXURPkQLLGLQ8GLQH
úL GLQ &DWDQLD DYHD PHUHX XúLOH úL LQLPD GHVFKLVH )XVHVH DOHDVă GUHSW SUHúHGLQWă D $VRFLDĠLHL
&XOWXUDOH ,WDOR5RPkQH $OED,XOLD 1RUG (VW SHQWUX vQILLQĠDUHD FăUHLD GHSXVHVH DWkWD SDVLXQH ÌQ
FDGUXO DFHVWHL DVRFLDĠLL vQ FRODERUDUH FX 8QLYHUVLWDWHD GLQ 8GLQH FX SDURKLLOH URPkQHúWL úL FX
,QVWLWXWXO 5RPkQ GH &XOWXUă úL &HUFHWDUH 8PDQLVWLFă GLQ 9HQHĠLD RUJDQL]D DQ GH DQ ÄÌQWkOQLULOH GH
SULPăYDUă úL GH WRDPQă´ DOH FXOWXULL URPkQHúWL OD 8GLQH ÌQ FDGUXO DFHVWRUD VH GHUXODX FRQIHULQĠH
PHVH URWXQGH SUH]HQWăUL GH FăUĠL UHFLWDOXUL PX]LFDOH H[SR]LĠLL FX SHUVRQDOLWăĠL GLQ 5RPkQLD úL GLQ
,WDOLDGDUúLFXWLQHULSHFDOHGHDILUPDUH
3HQWUX WRDWH DFHVWHD GDU PDL DOHV SHQWUX VSHFLDOLWDWHD HL GHVăYkUúLWă vQ VWXGLL URPkQHúWL
8QLYHUVLWDWHDGLQ7LPLúRDUDLDFRQIHULWSUHVWLJLRVXOWLWOXOGHGRFWRUKRQRULVFDXVD
$X SUHĠXLWR SHVWH PăVXUă VWXGHQĠLL HL XGLQH]L FDUH YHQHDX VR DVFXOWH vQ QXPăU PDUH 3ULQ
7HUHVD)HUURURPkQDDMXQVHVHOD8QLYHUVLWDWHDGLQ8GLQHvQWUHÄPDULOHOLPEL´FXORFXOHLILUHVFvQWUH
OLPELOHURPDQLFHFXVXQHWXOHLVSHFLILFúLFDOG0XQFDVDVWăUXLWRDUHúLSDVLRQDWăFXWLQHULLGăGHDGH
PXOW WLPS UH]XOWDWH UHPDUFDELOH VWXGHQĠLL 7HUHVHL )HUUR YRUEHDX URPkQHúWH VFULDX vQ OLPED OXL
(PLQHVFXIăFHDXOXFUăULGHOLFHQĠăGHPDVWHUDWúLGHGRFWRUDWOHJDWHGH5RPkQLD
9RFHDHLDUăVXQDWPHUHXFDOGúLFDOPGLQ$XOD0DJQDD8QLYHUVLWăĠLLGLQ&OXMSkQăvQVăOLOH
GHFRQIHULQĠHDOH$FDGHPLHL5RPkQHGHOD2UDGHDOD,DúLúLGHOD7LPLúRDUDOD$OED,XOLDDXSUHĠXLWR
úL UHVSHFWDWR LPSRUWDQWH SHUVRQDOLWăĠL DOH FXOWXULL QRDVWUH FRQWHPSRUDQH DX VWLPDWR VWXGHQĠLL HL
LWDOLHQLúLURPkQLúLFXWRDWHDFHVWHDVDGXVGLVFUHWVăVHRGLKQHDVFăSXĠLQ
6ăLILHĠăUkQDXúRDUăúLDPLQWLUHDQHúWHDUVă

,RDQ$XUHO3RS


Ä5(9,67$ ,6725,&Ă´ SXEOLFă vQ SULPD SDUWH VWXGLL QRWH úL FRPXQLFăUL
RULJLQDOH GH QLYHO úWLLQĠLILF VXSHULRU vQ GRPHQLXO LVWRULHL YHFKL PHGLL PRGHUQH úL
FRQWHPSRUDQH D 5RPkQLHL úL XQLYHUVDOH ÌQ SDUWHD D GRXD D UHYLVWHL GH LQIRUPDUH
úWLLQĠLILFă VXPDUXO HVWH FRPSOHWDW FX UXEULFLOH 6XUVH LQHGLWH 3UREOHPH DOH
LVWRULRJUDILHL FRQWHPSRUDQH 2SLQLL 9LDĠD úWLLQĠLILFă 5HFHQ]LL 1RWH %XOHWLQ
ELEOLRJUDILF 5HYLVWD UHYLVWHORU vQ FDUH VH SXEOLFă PDWHULDOH SULYLWRDUH OD PDQLIHVWăUL
úWLLQĠLILFHGLQĠDUăúLVWUăLQăWDWHúLVXQWSUH]HQWDWHFHOHPDLUHFHQWHOXFUăULúLUHYLVWHGH
VSHFLDOLWDWHDSăUXWHvQĠDUăúLSHVWHKRWDUH

127Ă&Ă75($8725,

$XWRULL VXQW UXJDĠL Vă WULPLWă VWXGLLOH QRWHOH úL FRPXQLFăULOH SUHFXP úL
PDWHULDOHOH FH VH vQFDGUHD]ă vQ FHOHODOWH UXEULFL FXOHVH SH FRPSXWHU vQ SURJUDPXO
:25'IRU:,1'2:6VDXvQWUXQXOFRPSDWLELO1RWHOHGLQWH[WYRUILQXPHURWDWHvQ
FRQWLQXDUH7H[WXOLPSULPDWYDILvQVRĠLWGHGLVFKHWDDIHUHQWă,OXVWUDĠLLOHYRUILSODVDWH
OD VIkUúLWXO WH[WXOXL 5H]XPDWHOH YRU IL WUDGXVH vQ OLPEL GH FLUFXODĠLH LQWHUQDĠLRQDOă
5HVSRQVDELOLWDWHD SHQWUX FRQĠLQXWXO PDWHULDOHORU UHYLQH vQ H[FOXVLYLWDWH DXWRULORU
&RUHVSRQGHQĠDSULYLQGPDQXVFULVHOHúLVFKLPEXOGHSXEOLFDĠLLVHYDWULPLWHSHDGUHVD
UHGDFĠLHL %GXO $YLDWRULORU QU  6HFWRU   ± %XFXUHúWL 7HO 
HPDLOUHYLVWDLVWRULFD#KRWPDLOFRPUHYLVWDLVWRULFD#\DKRRFRP

5(9,67(38%/,&$7(
Ì1(',785$$&$'(0,(,520Æ1(

 5(9,67$,6725,&Ă
 5(98(5280$,1('¶+,672,5(
 5(98('(6e78'(668'(67(8523e(11(6
'$&,$±5(98('¶$5&+e2/2*,((7'¶+,672,5($1&,(11(
 1289(//(6e5,(
 678',,ù,&(5&(7Ă5,'(,6725,(9(&+(ù,$5+(2/2*,(
 0$7(5,$/(ù,&(5&(7Ă5,$5+(2/2*,&(
 $5+(2/2*,$02/'29(,
 $5+,9(/(2/7(1,(,
 (3+(0(5,61$32&(16,6
 $5675$166,/9$1,$(
 $18$58/,167,7878/8,'(,6725,(Ä*%$5,ğ´',1&/8-1$32&$
± 6(5,(6+,6725,&$
± 6(5,(6+80$1,67,&$
 $18$58/,167,7878/8,'(,6725,(Ä$';(1232/´,$ù,
678',,ù,&(5&(7Ă5,'(,6725,$$57(,
± 6(5,$$57Ă3/$67,&Ă





*+5614+%#.
4'8+'9
1(:6(5,(6

720(;9,,,1RV±
0D\±$XJXVW

&217(176

7+(&20081,676<67(0±*(50,1$7,21$1'(;7,1&7,21

‚(8*(1 '(1,=( 7KH $PHULFDQ ,QWHOOLJHQFH 6HUYLFHV RQ 'HYHORSPHQWV LQ WKH 6RYLHW
8QLRQLQWKH(LJKWLHVDQG1LQHWLHVRIWKH7ZHQWLHWK&HQWXU\   
0,2$5$ $1721 7KH 6WDNHV RI 'LVVLGHQFH 5RPDQLDQ6RYLHW 5HODWLRQV DQG WKH 0LGGOH
(DVW&ULVLV-XQH  
&(=$50ÆğĂ&RPPXQLVWVXQGHU6XUYHLOODQFHE\WKH3RZHU,QVWLWXWLRQV7KH<HDU   

7+(*$0(2)32:(5±',5(&7,21$1'%$&.67$*(

$'5,$1±6,/9$1 ,21(6&8 7KH  &RURQDWLRQ &HUHPRQLHV DQG WKH 5HYLYDO RI
+LVWRULFDO7KHPHVLQ1DWLRQDO3ODVWLF$UWV  
0$5,$16752,$)HEUXDU\DQG0D\$+LVWRULFDO3DUDOOHO   
29,',8&5,67($³:LWK6XFK3XPS7KH\:HUH(VFRUWHG´$³0RFN7ULXPSK´LQD&DVH
RI)HORQ\LQWKHWK&HQWXU\  
2$1$5,=(6&83ULQFHO\$XWKRULW\RYHUWKH$GPLQLVWUDWLYH3HUVRQQHO%HWZHHQ'HWHUPLQDWLRQ
DQG)DYRUV±³9RLH9HJKHDWă´$6WXG\LQ+LVWRULFDO9RFDEXODU\   

7+(*$0(2)$//,$1&(6±7(;7$1'&217(;7

,/($1$ &Ă=$1 7KH $QWL2WWRPDQ )URQW DQG WKH 1HZ %DODQFH RI 3RZHU LQ WKH %DONDQV
DQGRQWKH'DQXEH/LQH ± LQ2OG5RPDQLDQ+LVWRULRJUDSK\   
9,5*,/&,2&Ì/7$13UHPLVHVRIWKH2WWRPDQ*HQRHVH7UHDW\RI  

0(17256352)(66256$1'678'(176

%2*'$1323$&RDFKHVDQG6SRUWV7HDFKHUVLQ,QWHUZDU5RPDQLD  
'$1,(/ &,7,5,*Ă 7KH 6WXGHQWV¶ &RQJUHVV RI 7kUJX0XUHú ± $SULO   ,GHRORJ\
3URSDJDQGDDQG$QWL6HPLWLVP   

Ä5HYLVWDLVWRULFă´WRP;9,,,QU±S±



6285&(6$1',17(535(7$7,21

7h'ė66.,1*$&RQVFULSWLRQ/HGJHUVDQG8UEDULDIURPWKH7LPHRIWKH7UDQV\OYDQLDQ
3ULQFLSDOLW\7KH6]HNOHU&RXQW\  
ù(5%$1 0$5,1 $ 'RJH¶V 6RQ DW WKH &RXUW RI 7VDU 6\PHRQ RI %XOJDULD 7KH &DVH RI
3LHWUR%DGRDUR  
5$'8ù7()$19(5*$77,9ODGWKH,PSDOHUDQGWKH7RZQRI&kPSXOXQJ0XVFHO   

6&,(17,),&/,)(

6\PSRVLXP³7KLUG,QWHUQDWLRQDO&RQJUHVVRQ,VODPLF&LYLOLVDWLRQLQWKH%DONDQV´%XFKDUHVW
± 1RYHPEHU  1DJ\ 3LHQDUX  &RQIHUHQFH ³5HYLVLWLQJ 6RXWK (DVWHUQ (XURSH
&RPSDUDWLYH 6RFLDO +LVWRU\ RI WKH WK DQG WK &HQWXULHV´ %RFKXP 8QLYHUVLW\ RI
5XKU ,QVWLWXW IU VR]LDOH %HZHJXQJHQ ± -DQXDU\  $QFD ùLQFDQ  &ROORTX\
³6WHYHQ WKH *UHDW 6RXUFHV DQG ,QWHUSUHWDWLRQV´ ,DúL  0DUFK  2YLGLX &ULVWHD 
5RXQG7DEOH³1HZ'HYHORSPHQWVLQ,WDOLDQDQG5RPDQLDQ+LVWRULRJUDSK\´%XFKDUHVW
0DUFK 5DOXFD7RPL &RQIHUHQFHÄ7KH0RGHUQL]DWLRQRI5RPDQLDLQWKHWK
DQGWK&HQWXULHV´&OXM±0D\ 5DOXFD7RPL $QQXDO6HVVLRQRI6FLHQWLILF
&RPPXQLFDWLRQVDWWKH³1LFRODH,RUJD´+LVWRU\,QVWLWXWH±-XQH 1DJ\3LHQDUX 
³&HQWUDO (XURSH WKH 5RPDQLDQ 3ULQFLSDOLWLHV DQG WKH 3RQWLF 6SDFH´ 3URJUDP /LVW RI
3DSHUV2FWREHU±-XQH 

127(6$1'5(9,(:6


$.iUSiWPHGHQFHQpSHLQHNHJ\WWpOpVHD±V]i]DGEDQ7DQXOPiQ\RNFRRUGE\(*5<
*È%25 )(,7/ ,679È1 1DSYLOiJ .LDGy %XGDSHVW   SS 9LRUHO $FKLP 

5ă]ERLXO&ULPHLLGHDQLGHODvQFKHLHUH <HDUV6LQFHWKH(QGRIWKH&ULPHDQ
:DU FRRUGE\$'5,$16,/9$1,21(6&8(GLW,VWURV%UăLODSS %RJGDQ
3RSD 5(<1$/'$%$'/HJUDQGPDUFKp/¶DSSURYLVLRQQHPHQWDOLPHQWDLUHGH3DULV
VRXVO¶$QFLHQ5pJLPH)D\DUG3DULVSS 6LPLRQ&kOĠLD 686$1$$1'($
0HGLFXO GRPQHVF %DUWRORPHR )HUUDWL úL HSRFD VD 'RFXPHQWH 7KH 3ULQFHO\ &RXUW
3K\VLFLDQ%DUWRORPHR)HUUDWLDQG +LV(SRFK'RFXPHQWV (GLW6XSHUJUDI&OXM1DSRFD
SS $QGUHL3LSSLGL $1721<%((925%HUOLQ&ăGHUHD± %HUOLQ7KH
)DOO± (GLW5$2%XFXUHúWLSS 5DGXùWHIDQ9HUJDWWL )(,167(,1+
&+$5/(67+20$60$5.0DNLQJ+LVWRU\&RXQW$3ULPHULQ4XDQWLWDWLYH0HWKRGV
IRU +LVWRULDQV &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH   SS ,ULQD *DYULOă 
0$-$ 3+,/,33, .URQVWDGW (GLW $OGXV %UDúRY   SS $OH[DQGUX &LRFvOWDQ 
*(51271866%b&+(5&DLHWHOH&RURQD&RQWULEXĠLLODLVWRULD%UDúRYXOXL&DLHWXO
7KH &RURQD /HGJHUV &RQWULEXWLRQV WR WKH +LVWRU\ RI %UDúRY /HGJHU   (GLW $OGXV
%UDúRYSS $OH[DQGUX&LRFvOWDQ (5,.$',$1(5$33$32576KRSSLQJIRU
SOHDVXUH :RPHQ LQ WKH 0DNLQJ RI /RQGRQ¶V :HVW (QG 3ULQFHWRQ 8QLYHUVLW\ 3UHVV
3ULQFHWRQ1HZ-HUVH\SS 5DPRQD&DUDPHOHD  

,10(025,$0

‚7HUHVD)HUUR ,RDQ$XUHO3RS   

You might also like