You are on page 1of 44

&$3,72/8/

7,3$58/2&&,'(17$/

$SDUL LDWLSDUXOXL

,GHHD VFULHULL DUWLILFLDOH LD vQVXIOH LW GHRSRWULY SH VDYDQ L úL SH DUWLúWL UHXúLWD HUD
FRQGL LRQDW GH DVHPQDUHD SHUIHFW vQWUH YHFKHD úL QRXD VFULHUH VHPQHOH FX VXSUDID  LQHJDO
WUHEXLDXVúLJVHDVF IRUPDLGHDOWUHEXLDV ILHFUHDWXQWLSvQDúDIHOvQFkWVHPQHOHSXVHFDSOD
FDSV DOFWXLDVF FXYLQWHUkQGXULSDJLQL'HSOLQDLGHQWLWDWHDXQXLVHPQFXWRDWHFHOHODOWHVHPQH
DVHPQWRDUH OXL WUHEXLD V FRQVWLWXLH VXSHULRULWDWHD KRWUkWRDUH D VFULHULL DUWLILFLDOH D VFULHULL FX
WLSXUL D WLSRJUDILHL DVXSUD VFULHULL GH PkQ 3UREOHPD FDUH XUPD D IL UH]ROYDW HUD FUHDUHD XQHL
XQHOWH R úWDPSLO GH H[HPSOX SHQWUX ILHFDUH OLWHU SHQWUX ILHFDUH VHPQ DSRL DVDPEODUHD DFHVWRU
úWDPSLOH SHQWUX FRQVWUXLUHD SDJLQLL úWDPSLOD HUD FXQRVFXW vQF GLQ DQWLFKLWDWH ILLQG IRORVLW GH
FWUH EDELORQLHQL FKLQH]L JUHFL URPDQL úL vQ HYXO
PHGLX SHQWUX EDWHUHD GH PRQHGH úL FD VLJLOLL 
&KHVWLXQHD D vQFHSXW V ILH UH]ROYDW PDL vQWkL GH
FWUH PDWHPDWLFLHQL vQ YHGHUHD UHDOL]ULL XQHL
LPDJLQL SURSRU LRQDWH D VHPQHORU DYkQGXVH vQ
YHGHUHF VHPQHOHDYHDXRPULPHGLIHULW úLDSRL
GH FWUH ELMXWLHUL 3UDFWLF DFHVWH vQFHUFUL DX
EHQHILFLDWGHSHUIHF LRQDUHDPHFDQLFLLPHWDOXUJLHL
úLFKLPLHLODWRDWHDFHVWHDDFRQWULEXLWúLIRORVLUHD
KkUWLHL &HO FDUH D UHXúLW SHQWUX SULPD GDW V
vPELQHDFHVWHHOHPHQWHDIRVW *XWHQEHUJ

*XWHQEHUJLPDJLQHGHHSRF
9LD DúLDFWLYLWDWHDOXL*XWHQEHUJ

-RKDQQHV *HQVIOHLVFK *XWHQEHUJ6RUJHORFK   FHO FUXLD L VH DWULEXLH


LQYHQWDUHDWLSDUXOXLFXOLWHUHPRELOHVDQVFXWOD0DLQ] *HUPDQLD FDILXDOOXL)ULHOH*HQVIOHLVFK
úLDO(OVHL*XWHQEHUJ(UDFHOGHDO GRLOHDILXDOQRELOHLúLERJDWHLIDPLOLLGHRUIHYULHULDLFUHLPHPEUL
DMXQVHVHU ODGHPQLW LvQDOWHÌQF GHWkQU*XWHQEHUJDSOHFDWOD6WUDVERXUJ GXS XQHOHVXUVHWULPLV
GHSULQ LV vQYH HPHVHULDGHELMXWLHUGXS DOWHOH FDUHIXJLDWvPSUHXQ FXXQFKLXOVX XQGHGHYLQH
PHPEUXDOFRUSRUD LHLRUIHYULHULORUÌQSDUDOHODVWXGLDWWHRORJLDILORVRILDúLDOFKLPLD3RVHVRUDOXQHL
DYHULFRQVLGHUDELOHWkQUXO-RKDQQHVQXHUDFRQVWUkQVV PXQFHDVF SHQWUXDúLFkúWLJDWUDLXO]LOQLFGH
DFHHD DUH SRVLELOLWDWHD V FXWUHLHUH *HUPDQLD ,WDOLD (OYH LD úL 2ODQGD FXQRVFkQG RDPHQL FHOHEUL úL
SHUIHF LRQkQGXúLPHúWHúXJXOÌQWUHúLIDFHSDUWHGLQWURDVRFLD LHFDUHDúDFXPVHPHQ LRQD
vQWUXQSURFHVVHRFXSDFXIDEULFDUHDGHLPDJLQLFHXUPDXV ILHIRORVLWHODSHOHULQDMXOGHOD$DFKHQ
&XDFHDVW RFD]LHVHIDFHUHIHULUHODXQQRXPHúWHúXJOHJDWGHSURGXFHUHDXQRUSLHVHVHSDUDELOHúLD
XQXL PHFDQLVP FX GRX úXUXEXUL IU VIkUúLW FHO PDL SUREDELO PLVWHULRDVD LQGXVWULH D FHORU WUHL
DVRFLD LHUDRWHQWDWLY GHLPSULPDUH*XWHQEHUJVDvQWRUVvQRUDúXOQDWDOSUREDELOGXS 2EVHGDW
GH WHKQLFD OLWHUHL *XWHQEHUJ  vPSUXPXW vQ  GH OD EDQFKHUXO -RKDQQHV )XVW  IORULQL VXP
FRQVLGHUDELO SHQWUX YUHPHD UHVSHFWLY 'XS GRL DQL DFHODúL EDQFKHUFRQVLPWH VL PDL vPSUXPXWH
vQF GHIORULQLSHQWUXDIRORVLDFHúWLEDQLODFRQIHF LRQDUHDXWLODMXOXLVXvQYHGHUHDWLSULULLGH
FU L GDU úL FX FRQGL LD XQHL DVRFLHUL ÌQ QRLHPEULH  )XVW vO FKHDP SH *XWHQEHUJ vQ ID D
WULEXQDOXOXLFHUkQGXL UDPEXUVDUHDVXPHLvPSUXPXWDWHSOXVGREkQ]LOHGHFODUDWLQVROYDELOHVWHVLOLWV
LDV GLQDVRFLD LHV DEDQGRQH]HOXFUXO GXS WRDWHDSDUHQ HOHDSURDSHWHUPLQDW úLV UHWUDJ RPDUH
SDUWHGLQPDWHULDO)XVWVHDVRFLD] LPHGLDWFXIRVWXODMXWRUDOOXL *XWHQEHUJ3HWHU6FK|IIHUFDUHvLYD
GHYHQLúLJLQHUH&kWHYDOXQLGXS GHFODQúDUHDDFHVWRURVWLOLW LGDUvQDLQWHGHGDW PHQ LRQDW GH
XQUXEULFDWRUYDDSUHDIDLPRDVD%,%/,(&8'(5Æ1'85,'XS RSHULRDG vQFDUHLQYHQWDWRUXO
GHYHQLVH XQ RP UXLQDW SULQWUR FRQMXQFWXU IDYRUDELO vQ  L VH DFRUG QXPHURDVH SULYLOHJLL
PDWHULDOH úL RQRULILFH 'XS DQXO  DQXO PRU LL OXL *XWHQEHUJ SULHWHQXO VX GRFWRUXO +XPHU\ vO
vQúWLLQ HD] SH DUKLHSLVFRS F vQ SRVHVLD VD VH
JVHúWH XQ QXPU GH IRUPH OLWHUH LQVWUXPHQWH
XWLODMH úL DOWH LQVWUXPHQWH QHFHVDUH SHQWUX
LPSULPDUHFHHDFHDUGRYHGLH[LVWHQ DXQXLDWHOLHU
SURSULX RUJDQL]DW GXS UXSWXUD FX )XVW &D úL vQ
DOWH FD]XUL FHOHEUH YLD D úL DFWLYLWDWHD OXL
*XWHQEHUJ FXSULQGH QXPHURDVH VSD LL DOEH úL
LQFHUWLWXGLQL SULQFLSDOXO VX PHULWHVWH DFHODF D
IRVWGHVFKL]WRUXOXQHLQRLHUHGLQLVWRULDRPHQLULL

Ä:HOWJHULFKW´ -XGHFDWDGH$SRL XQDGLQSULPHOH


vQFHUFULFXQRVFWHDOHOXL*XWHQEHUJ
&RQWURYHUVHOHvQFHSXWXOXLWLSDUXOXLFXOLWHUHPRELOH

1HJXUDFDUHSOXWHúWHvQF SHVWHvQFHSXWXULOHDFHVWHLQRLvQGHOHWQLFLULúLVSLULWXOQD LRQDOLVWDO


DOWRUD DX DYXW FD UH]XOWDW FRQWHVWDUHD vQWkLHW LL JHUPDQXOXL $XWRULL RODQGH]L UHYHQGLF SULRULWDWHD
FRPSDWULRWXOXL ORU /DXUHQV -DQV]RRQ &RVWHU   GLQ +DDUOHP 3RWULYLW XQHL OHJHQGH
SXV vQFLUFXOD LHODvQWLPSXOXQHLSOLPEULSULQSGXUH&RVWHUDFLRSOLWOLWHUHGLQVFRDU GH
FRSDFDOFWXLQGGLQHOHXQIHOGHMRFGLGDFWLFSHQWUXLQVWUXLUHDQHSR LORU&XDMXWRUXODFHVWRUOLWHUH
GHOHPQúLDXQHLFHUQHOLPDLYkVFRDVHDLPSULPDWDSRLWH[WXOFDUHvQVR HDLPDJLQLOH[LORJUDILDWHGLQ
6SLHJHORQ]HUEHKRXGHQLV HGL LDRODQGH] DOXL6SHFXOXPVDOXWLV SUHFXPúLDOWHFU LWDEHODUH0DL
WkU]LX VH SDUH F DU IL WXUQDW úL OLWHUH GH SOXPE ÌQ QRDSWHD GH &UFLXQ D DQXOXL  XQ XFHQLF
-RKDQQ GLQ 0DLQ] D GLVSUXW FX vQWUHJ VWRFXO GH OLWHUH &RQIX]LD VSRUHúWH SULQ PHQ LRQDUHD XQXL
FRPSOLFHODIXUW)DXVW DOX]LHOD)XVWDVRFLDWXOOXL*XWHQEHUJ 
'LQWUH SURWRWLSRJUDIL PDL VXQW GH DPLQWLW -HDQ %ULWR
GLQ %UXJHV %HOJLD  ELMXWLHUXO SUDJKH] 3URNRS :DOGYRJHO
FDUH SULQWUXQ FRQWUDFW GLQ  VH REOLJDVH V LQL LH]H QLúWH
FHW HQL GLQ $YLJQRQ vQ DUWD VFULVXOXL DUWLILFLDO IUDQFH]XO
1LFRODV /HQVRQ -RKDQQ 0HQWHOLQ GLQ 6WUDVERXUJ DO FUXL
VHUYLWRU QHFUHGLQFLRV  -RKDQQ *HQVIOHLVFK   LD VXVWUDV
VHFUHWXO vQúLDIXJLWOD0DLQ]XQGHFXDMXWRUXOXQXLRP
ERJDW *XWHQEHUJ D LQVWDODW R WLSRJUDILH LWDOLDQXO 3DQILOR
&DVWDOGL GLQ RUúHOXO )HOWUH GHSRVHGDW vQ  GH URGXO
LQYHQ LHLVDOHGHXQDQXPH)DXVWRÌQWURFURQLF LPSULPDW OD 7HDVFXOOXL*XWHQEHUJ

0DLQ]vQ-RKDQQ6FK|IIHUDILUPDF 3HWHU6FK|IIHUWDWOVXúL-RKDQQ)XVWEXQLFXOVXVXQW
DGHYUD LL LQYHQWDWRUL DL WLSDUXOXL ,QGLIHUHQW FDUH DU IL DGHYUXO VDX DGHYUXULOH FD GDW RILFLDO D
DSDUL LHL WLSDUXOXL HVWH FRQVLGHUDW DQXO  QX HVWH FRQVLGHUDW JUHúLW QLFL DILUPD LD F SH ED]D
GRYH]LORUIXUQL]DWHGHDQWLFKLWDWH &KLQD&RUHHD úLHYXOPHGLXWLSDUXOHVWHRRSHU FROHFWLY'H
D OXQJXO VHFROHORU WLSDUXO D H[LVWDW FD XQ FRURODU VLQH TXD QRQ DO GH]YROWULL VRFLHW LL DYkQG
LSRVWD]HGLYHUVHGDUDFHHDúLHVHQ WHKQRORJLF HPEULRQDU 'DQ'XPLWUHVFXSUHID DOD(OLVDEHWK
*HFN *XWHQEHUJ úL DUWD WLSDUXOXL %XFXUHúWL   *UDYDUHD LPSULPDUHD úL FKLDU LGHHD OLWHUHORU
PRELOHDXIRVWFRQFHSXWHFXPXOWvQDLQWHDOXL*XWHQEHUJ6LQWHWL]kQGH[SHULHQ DSUHGHFHVRULORUHOD
SHUIHF LRQDWVLVWHPXOGHIDEULFDUHDOLWHUHORUPHWDOLFHPRELOHSUHVDGHWLSDUúLFRPSR]L LDFHUQHOLL
DúH]kQG DVWIHO WLSRJUDILD SH ED]H SUDFWLFH  úL úWLLQ LILFH 7RW FHHD FH DX UHDOL]DW vQDLQWDúLL úL
FRQWHPSRUDQLLOXL*XWHQEHUJQXFRQVWLWXLHGHFkWIXQGDPHQWXOSHFDUHHODvQO DWFXDWkWDPLHVWULH
XQHGLILFLXGXUDELO*XWHQEHUJDIRVWJHQLDOSHQWUXF úLDGXVGHPHUVXOSkQ ODFDSW
3ULPHOHWLSULWXULFXOLWHUHPRELOHDWULEXLWHOXL*XWHQEHUJ

3ULPHOHOXFUULUHDOL]DWHvQDFHDVW QRX WHKQLFXQIUDJPHQWSURYHQLWGLQWURFRDO GHKkUWLH


UHFWRYHUVR GLQ &DUWHD VLELOHORU R FXOHJHUH GH SRH]LL JHUPDQH GLQ VHFROXO DO ;,9OHD HVWH
FRQVLGHUDW GUHSW FHD PDL YHFKH LPSULPDUH FWUH   FRQVWLWXLQG SLHVD FHD PDL YDORURDV D
0X]HXOXL WLSDUXOXL GLQ 0DLQ] GLQ 'RQDW R JUDPDWLF HOHPHQWDU IRDUWH UVSkQGLW D OXL $HOLXV
'RQDWXVDXDSUXWQXPDLSX LQGHHGL LLGLIHULWHLPSULPDWHFXDFHOHDúLOLWHUHUXGLPHQWDUHFDúL
IUDJPHQWXOSUHFHGHQW0DMRULWDWHDDFHVWRUHGL LLPDLH[LVW vQF VXEIRUP GHIUDJPHQWHGLQWUHFDUH
GRX IRL VH JVHVF DVW]L OD %LEOLRWHFD 1D LRQDO D )UDQ HL $FHOHDúL FDUDFWHUH FX GHVHQXO PDL
RUGRQDW DX IRORVLW OD LPSULPDUHD XQXL IUDJPHQW GLQ &DOHQGDUXO DVWURQRPLF SHQWUX  2GDW FX
,QGXOJHQ HOH&DOHQGDUXOWXUFúL%XODFRQWUDWXUFLORULPSULPHULDVHSXQHSHQWUXSULPDGDW vQVOXMED
DFWLYLW LL SROLWLFH úL UHOLJLRDVH GRYHGLQGXúL GLVSRQLELOLWDWHD GH SURSDJDQG SHQWUX  úL SULQ
PXO LPH $FHVWH LPSULPUL VH VLWXHD] vQWUH  SHULRDGD DVRFLHULL *XWHQEHUJ)XVW
FRQVWLWXLQGSULPHOHOXFUULGHDWHOLHUGLQLVWRULDWLSDUXOXL&HDPDLYHFKH,QGXOJHQ HVWHGDWDW 
RFWRPEULH  $FHVWH VFULVRUL,QGXOJHQ  H[LVW vQ FkWH  YDULDQWH FX  úL  GH UkQGXUL %XOD
SDSDO vPSRWULYD WXUFLORU GLQ LXQLH  WH[W GH OLPE JHUPDQ LQVSLUDW GLQ DFWXDOLWDWHD LPHGLDW
DPLQWHúWH GH PRPHQWXOFGHULL&RQVWDQWLQRSROHOXL PRPHQW FUXFLDO GLQLVWRULDRPHQLULLGHVIúXUDW
vQ DQXO   úL GHVSUH SULPHMGLLOH FH DPHQLQ DX FUHúWLQWDWHD 'HRDUHFH FU LOH LPSULPDWH GH
*XWHQEHUJQXSRDUW PHQ LXQHDGHWLSRJUDIúLvQPDMRULWDWHDORUQLFLDFHHDGHGDW úLORF VHDGDXJ
úLIDSWXOF XQHOHDXGLVSUXWLDUDOWHOHDXDMXQVSkQ ODQRLVXEIRUP GHIUDJPHQWH SDWHUQLWDWHDORU
FRQWLQX V ILH SXV OD vQGRLDO GH XQLL FHUFHWWRUL ELQHvQ HOHV HVWH YRUED GH DFHOH UHDOL]UL
DQWHULRDUH%LEOLHLGHOD0DLQ]
0DUHD VD OXFUDUH PRQXPHQWDOD RSHU GHQXPLW %LEOLD FX  GH UkQGXUL VDX %LEOLD GH OD
0DLQ]VHSDUHF DIRVWHODERUDW vQWUHDQLLúL$VWIHOVHLPSXQHGHILQLWLYVXSHULRULWDWHD
WH[WXOXL LPSULPDW DVXSUD PDQXVFULVXOXL GDU WRWRGDW úL SURSULXO VX GH]DVWUX PDWHULDO GDWH ILLQG
FRVWXULOHULGLFDWHDOHDFHVWHLLQL LDWLYHvQFRPSDUD LHFXPDQXVFULVXO6HSDUHF DFHDVW %LEOLHDIRVW
WUDV vQ  GH H[HPSODUH $VW]L VXQW LQYHQWDULDWH  GH H[HPSODUH DOH DFHVWXL YHQHUDELO
PRQXPHQW GLQWUH FDUH  VH JVHVF vQ FROHF LL SDUWLFXODUH  VXQW WLSULWH SH SHUJDPHQW 
H[HPSODUHSHKkUWLHúLQXPDLH[HPSODUHSHSHUJDPHQWVXQWFRPSOHWHÌQDQXOXQH[HPSODU
FRPSOHW SH SHUJDPHQW DWLQJHDVXPD GH   DVW]L SUREDELO SUH XO GH OLFLWD LH DU IL vQ]HFLW
$FHDVW %LEOLHHVWHRLPLWD LHPDLPXOWGHFkWSHUIHFW DPDQXVFULVXOXLUHVSHFWkQGXLWRDWHUHJXOLOH
FHUQHDOD IRORVLW HUD GH IRDUWH EXQ FDOLWDWH LDU WLUDMXO IRDUWH vQJULMLW ,QWHUHVDQW HVWH F XQHOH GLQ
RUQDPHQWHDXIRVWUHDOL]DWHPDQXDO$FHDVW SULP HGL LHD%LEOLHLDIRVWXUPDW GHRDGRXDQXPLW
%LEOLD FX  GH UkQGXUL vQ GRX VDXWUHLYROXPHDSUXW SUREDELOvQWUHúLWLSULW FX
FDUDFWHUHOHPDLSX LQSHUIHFWHGDUUHYL]XLWHDOH'RQDWHORU*XWHQEHUJDUILvQFHUFDWVúLUHIDF FX
DFHDVW RFD]LHVLWXD LDPDWHULDO8QLLHUXGL LGDXFDORFGHDSDUL LHRUDúXOJHUPDQ%DPEHUJLDUFD
UHDOL]DWRUSH$OEUHFKW3ILVWHUWLSRJUDIGLQDFHVWRUDú
8OWLPDOXFUDUHLPSRUWDQWDQWHULRDU DQXOXLFDUH
SRDWH IL DWULEXLW OXL *XWHQEHUJ HVWH &DWROLFRQXO $FHVW LQ
IROLRGHGHSDJLQLUHSURGXFHLQWHJUDO(QFLFORSHGLDODWLQ D
OXL %DOEXV GH -DQXD   IRDUWH UVSkQGLW vQ HSRF 3ULQ
SXQHUHD vQ SDJLQ SH FkWH GRX FRORDQH D FkWH  GH UkQGXUL
FX  GH VHPQH SH UkQG OXFUDUHD UHSUH]LQW XQ SURJUHV
LPSRUWDQW ID  GH %LEOLH FFL vQ  DFHODúL QXPU GH SDJLQL
FDUWHD FRQ LQH XQ WH[W DSURDSH GH GRX RUL PDL PDUH FX XQ
WRWDO GH DSUR[LPDWLY  PLOLRDQH GH VHPQH 3HQWUX SULPD GDW
DYHPGHDIDFHFXROXFUDUHWLSRJUDILF FDUHVHPUWXULVHúWHFD
DWDUH /D VIkUúLWXO YROXPXOXL VH JVHúWH XQ FRORIRQ DQXQ kQG

)LO GLQÄ%LEOLDFXGHUkQGXUL´ FX RDUHFDUH VROHPQLWDWH QRXWDWHD SURFHGHXOXL úL ORFXO XQGH
DOXL*XWHQEHUJ DFHVWD D IRVW SXV OD SXQFW (VWH SX LQ SUREDELO F vQ WLPSXO
YLH LL OXL *XWHQEHUJ RULFH DOW WLSRJUDI FXQRVFkQGXO V IL vQGU]QLW D YRUEL FX DWkWD PkQGULH &X
DMXWRUXO &HOXL GH 6XV FDUH G JODV FHORU PX L úL GHVHRUL GH]YOXLH FHORU XPLOL FHHD FH DVFXQGH
vQ HOHS LORUDFHDVW H[FHOHQW FDUWH&DWROLFRQDIRVWWLSULW úLVIkUúLW vQDQXOOD0DLQ]QRELO
RUDúDOQD LXQLLJHUPDQHSHFDUHPLODFHUHDVF DJVLWGHFXYLLQ V RDOHDJ úLV RSUHIHUHDOWRU
SRSRDUH DOH OXPLL IU DMXWRUXO WUHVWLHL FDODPXOXL VDX SHQL HL FL SULQ PLQXQDWD FRQFRUGDQ 
SURSRU LHúLPVXU DSRDQVRDQHORU SDWURQDUXP úLDIRUPHORU«
ÌQWUH  úL  YRU PDL DSUHD OXFUUL GDU GH PDL PLF DQYHUJXU DSRL QLPLF $GDP
*HOWKXV R UXG D OXL *XWHQEHUJ D FRPSXV vQ  XQ HSLWDI OLWHUDU vQ FDUH VSXQH )HULFLWXOXL
LQYHQWDWRU DO DUWHL WLSRJUDILFH 3UHD6IkQWXOXL %XQXOXL &HOXLGH 6XV$FHVW HSLWDIHVWHGHGLFDWGH
FWUH$GDP*HOWKXVPHPRULHLQHSLHULWRDUHDOXL-RKDQQHV*HQVIOHLVFKLQYHQWDWRUXODUWHLGHDWLSUL
FDUH H ELQHFXYkQWDW GH WRDWH QD LLOH úL OLPELOH 5PúL HOH VDOH SPkQWHúWL RGLKQHVF vQ ELVHULFD
6IkQWXO)UDQFLVFGLQ0DLQ]

 &kWHYDGDWHWHKQLFH
3ULQGHILQL LHSULPLLWLSRJUDILQXDYHDXDOW DPEL LHGHFkWDFHHDGHDGDRUHSOLF PDLLHIWLQ
PDQXVFULVHORU3HQWUXF FLWLWRULLFOLHQWHODORUGRUHDX FU LDVHPQWRDUHFHORUFXFDUHHUDXvQY D L
SURJUHVHOHvQDFHVWGRPHQLXDXIRVWGHVWXOGHOHQWH7RWODFHULQ HOHSLH HLVHSURGXFHDFHHDFHSOFHD
PDLPXOWSXEOLFXOXLXQSULPSURJUHVDIRVWvQUHJLVWUDWRGDW FXWLSULUHDvQOLPEDYXOJDUFHHDFHD
FRQGXVODGH]YROWDUHDOLWHUDWXULORUQD LRQDOH
9DULHWDWHDOLWHUHORUHUDIRDUWHPDUHSHQWUXF ILHFDUHWLSRJUDIHUDvQDFHODúLWLPSúLJUDYRUGH
SRDQVRDQH SRDQVRQ  SLHV GH R HO GH IRUP SDUDOHOLSLSHGLF
D ± IORDUHD E ± OLQLD
F ± JURVLPHD G ± VLJQDWXUD
FDUH VH VXE LD] OD XQXO GLQ FDSHWH vQ IRUP GH WUXQFKL GH
H ± FDQDOXO I ± SLFLRUXO
SLUDPLGSXUWkQGSHVXSUDID DDFHVWXLDJUDYDWvQUHOLHIGHVHQXO
J ± vQO LPHD K ± FRUSXO
L± VSLQDUHD XQHLOLWHUHVDXDXQXLVHPQWLSRJUDILF(WDSHOHFRQIHF LRQULLXQXL
SRDQVRQ HUDX XUPWRDUHOH GXS WUDQVSXQHUHD GHVHQXOXL VH
H[HFXWD JUDYDUHD PDQXDO RE LQkQGXVH QHJDWLYXO OLWHUHL VDX
PDWUL D SHQWUX PDúLQLOH GH WXUQDW OLWHUH úL WXUQWRU GH OLWHUH
3HQWUX VHFROXO DO ;9OHD YRU IL LQYHQWDULDWH SHVWH  GH
FDUDFWHUHJRWLFH$FHDVW GLYHUVLWDWHDvQFHSXWXOXLVHYDDWHQXDvQ
PVXUDvQFDUHFDUWHDYDGHYHQLRPDUI FXRGLIX]DUHGLQFHvQFH
PDL ODUJ IFkQG ORF XQHL RDUHFDUH QRUPDOL]UL 3H OkQJ FHOH
6FKHPDOLWHUHLGHPHWDO HQXQ DWHGHMDODvQFHSXWXULWLSRJUDIXOHUDúLSURSULXOVXHGLWRUúL
OLEUDU vQ IXQF LH GH FHULQ HOH SLH HL HO DOHJHD WLSXO GH FDUWH FDUH
XUPDV ILHWLSULW
LQkQG VHDPD GH IDSWXO F SHQWUX D IRUPD XQ WLSRJUDI
vQGHPkQDWLFFKLDUODPLMORFXOVHFROXOXLWUHFXWHUDXQHFHVDULVDX
DQLúLFKLDUPDLPXOWUDSLGLWDWHDFXFDUHVDUVSkQGLWLPSULPHULDHVWHVXUSULQ]WRDUH$FHDVWDFX
DWkW PDL PXOW FX FkW SURWRWLSRJUDIXO HUD QHYRLW V FRQVXPH IRDUWH PXOW WLPS úL EDQL FX
FRQIHF LRQDUHDSURSULXOXLXWLODMDIDFHUHDSXWkQGV IDOLPHQWH]HIRDUWHGHPXOWHRULHUDQHYRLWVúL
SUVHDVF DWHOLHUXOúLV SHUHJULQH]HSULQ(XURSDvQVSHUDQ DXQHLVRDUWHPDLEXQH
/D vQFHSXWXULOH  VDOH LPSULPHULD HUD FRQVLGHUDW R PHVHULH OLEHU VLQJXUHOH UHJOHPHQWUL
HUDX OHJDWH QXPDL GH OHJLOH VWULFWH DOH SLH HL )LHFDUH OXFUD DúD
FXP FUHGHD GH FXYLLQ  0DL WkU]LX DSDUH GHOLPLWDUHDWLSRJUDI
HGLWRUOLEUDU DFHVWDGLQXUP GLQSXQFWGHYHGHUHRUJDQL]DWRULF
úLILQDQFLDUvúLYDDVXPDULVFXULOHSULQFLSDOHDOHPHVHULHL
$SURDSH SHVWH WRW vQ (XURSD SULPLL WLSRJUDIL
SURWRWLSRJUDILL DX IRVW GH RULJLQH JHUPDQ /D vQFHSXWXULOH HL
DFHDVW QRX WHKQLF VH JVHD H[FOXVLY vQ PkQD ORU SHQWUX F
0DLQ]XOOLVHSUHDSUHDVWUkPWLDUPLUDMXOERJ LHLHUDGHSDUWH
HL DX vQFHSXW V VH UVSkQGHDVF XUPkQG PDULOH GUXPXUL
FRPHUFLDOH DOH WLPSXOXL vQ FXWDUHD XQXL PLMORF GH H[LVWHQ 
+DUWDGUXPXULORUXUPDWHGHHLDUDW F DFHúWLDSUHIHUDXPDULOH
FHQWUH HFRQRPLFH FX R UH HD FRPHUFLDO ELQH RUJDQL]DW FX R $WHOLHUXOXQXLWXUQWRUGHOLWHUH
FOLHQWHO LQWHUHVDW úL VWDELO GHFL FHHD FH OH SXWHD JDUDQWD ;LORJUDYXU VHFDO;9,OHD
SURVSHULWDWHD (WDSHOH LQWHUPHGLDUH RUDúH GH PDL PLF LPSRUWDQ  VDX DúH]UL PQVWLUHúWL DX
FXQRVFXW PDL UDU LQVWDODUHD XQHL WLSRJUDILL SHUPDQHQWH *UDQL HOH OLQJYLVWLFH SUDFWLF QX H[LVWDX
SHQWUXF PDUHDPDMRULWDWHDFU LORUHUDXWLSULWHvQOLPEDODWLQ'DF LQWHUYHQHDROXFUDUHvQOLPED
SRSXODU XQ OXFUWRU ORFDO HUD vQY DW GHJUDE V FLWHDVF FRUHFWXULOH $úH]DUHD WLSDUQL HORU D IRVW
VSULMLQLW úLFKLDUvQFXUDMDW GHDXWRULW LOHORFDOHSkQ ODXUP HUDRFKHVWLXQHGHPkQGULHORFDO V
SRVH]LXQDVHPHQHDDúH]PkQWÌQWURVLQJXU JHQHUD LHvQWUHDJD(XURSDFDWROLF YDILvQ]HVWUDW FX
WLSDUQL H   0DLQ]   6WUDVERXUJ %DPEHUJ   6XELDFR,WDOLD   .|OQ
 %DVHO $XJVEXUJúL3O]HQ&HKLD9HQH LD 3DULV1UQEHUJ8WUHFKW
 0LODQR 1HDSROH úL )ORUHQ D   /\RQ 9DOHQFLD %XGD   &UDFRYLD úL %UXJHV  
/EHFNúL:URFODZ :HVWPLQVWHU7RXORXVHúL5RVWRFN *HQHYDúL3DOHUPR
/RQGUD /HLS]LJ6WRFNKROP6XHGLD
'HPDUFD LD GLQWUH OXPHD FDWROLF úL FHD RUWRGR[ VH YD REVHUYD vQ vQWkU]LHUHD FX FDUH  YRU
DSUHD WLSRJUDILLOH vQ PDULOH FHQWUHRUWRGR[H%HOJUDG   úL 0RVFRYD 6SUHFLQVWHDORU
GRPQLWRULLPXQWHQLYRUVSULMLQLDFHDVW QRELO DUWSULPDWLSRJUDILHGLQVSD LXOURPkQHVFDSUkQGOD
7kUJRYLúWHvQDQXOGHFLvQDLQWHDFHORUPHQ LRQDWHDQWHULRU

3ULPHOHDWHOLHUHWLSRJUDILFH

&KLDU GLQ WLPSXO YLH LL OXL *XWHQEHUJ IXQF LRQHD] XQ RDUHFDUH QXPU GH DWHOLHUH DWkW OD
0DLQ] FkW úL vQ DOWH SU L 6HFUHWXO HVWH GHVLJXU GLYXOJDW FX UHSH]LFLXQH GH FWUH FHL GHVWXO GH
QXPHURúLFDUHDX FRODERUDWODSULPHOHLPSULPUL QXPDLSHQWUXWLSULUHD%LEOLHLvQGHUkQGXULDX
IRVWQHFHVDUHSUHVHFXFkWHOXFUWRULILHFDUH ,VWRULD LDFRQVHPQDWSHSULPLLPHúWHUL+HLQULFK
.HIHU%HFKWROIIGLQ+DQDXúL-RKDQQ1HXPHLVWHU&XWLPSXODWHOLHUHOHVHvQPXO HVFúLDFWLYLWDWHDORU
VHGLYHUVLILF5HXúLWDQXHVWHvQPRGREOLJDWRULXUHFRPSHQVDSHQWUXFHLFLQVWL LDúDFSHQWUXFDXQ
DWHOLHU V IXQF LRQH]H RSWLP DYHD QHYRLH GH PLMORDFH SHFXQLDUH VROLGH úL WHKQLFLHQL IRDUWH
FRPSHWHQ L XQ DVHPHQHD H[HPSOX vO IXUQL]HD] DVRFLHUHD )XVW6FK|IIHU GLQ 0DLQ] vQ  GLQ
DFHVW DWHOLHU D LHúLW D GRXD FDSRGRSHU D WLSDUXOXL 3VDOWLUHD GH OD 0DLQ] 3VDOWHULXP
0RJXQWLQXP  2 QRX vQGU]QHDO DFHDVW LPSULPDUH D IRVW WUDV vQ  FXORUL QHJUX SHQWUX WH[W
URúX úL DOEDVWUX SHQWUX OHWULQH LQL LDOH  úL QXPDL URúX SHQWUX vQFHSXWXULOH GH FDSLWRO 3HQWUX SULPD
GDW PXQFD GHVHQDWRUXOXL D GHYHQLW LQXWLO ILLQG SULPD OXFUDUH UHDOL]DW vQ vQWUHJLPH SULQ
LQWHUPHGLXOWLSDUXOXL ÌQWUHJXOWLUDMDODFHVWHLFU LGHOX[DIRVWUHDOL]DWSHSHUJDPHQW3HQWUXSULPD
GDW FX WUHLDQL vQDLQWH GH &DWROLFRQ FDUWHD SRDUW LQGLFD LD RULJLQLL ÌQFRORIRQXOVXVXQWQXPL L
FHLFDUHDXUVSXQVGHOXFUDUHGDWDWHUPLQULLHLúLWHKQLFDUHDOL]ULL$FHDVW SVDOWLUHHVWHvQWRFPLW
PXO XPLW PHúWHúXJXOXLGHDWLSULúLDPRGHODOLWHUHIU QLFLRDOW VFULHUHFXSDQDúLGHVYkUúLW
vQWUX VODYD &HOXL GH 6XV FX JULM úL PLJDO GH -RKDQQ )XVW FHW HDQ DO 0DLHQ]HL úL GH 3HWHU
6FK|IIHU GLQ *HUQVKHLP vQ  vQ DMXQXO DGRUPLULL 0DLFLL 'RPQXOXL GHFL  DXJXVW  &DUWHD
FRQ LQH úL SULPD JUHúHDO GH WLSDU FKLDU vQ FRORIRQ XQGH VSDOPRUXP ILJXUHD] vQ ORF GH
SVDOPRUXP $X XUPDW DSRL IRDUWH PXOWH WLWOXUL SULQWUH FDUH SULPD FDUWH GHVSUH SODQWH úL SULPD
FDUWHFXFDUDFWHUPHGLFDO'HDVHPHQHD6FK|IIHUHVWHFUHDWRUXOHPEOHPHLWLSRJUDILFHSULQFDUHVH
SRDWH UHFXQRDúWH OD SULPD YHGHUH RULJLQHD FU LL SULP úL IRDUWH HILFDFH IRUP GH SXEOLFLWDWH
(PEOHPD VD FHD PDL FXQRVFXW GLQWUH WRDWH UHSUH]LQW GRX VFXWXUL DJ DWH GH R UDPXU GH R
VLPSOLWDWHvQWUXWRWXOWLSRJUDILF8OWLPDSXEOLFD LHVHPQDW GH6FK|IIHUHVWHGDWDW ILXOVXvL
FRQWLQX DFWLYLWDWHDSkQ OD6FK|IIHUILXOSURHPLQHQWDORUDúXOXLvQILLQ HD] SULPXODWHOLHUGH
JUDYXU *ULMD VD SHQWUX LOXVWUD LH PHUJH DWkW GH GHSDUWH vQFkW vQ OXFUDUHD /LEHU LPSHUDWRUXP
URPDQRUXP GLQJUDYXULOHVXQWFRSLDWHGXS PRQHGHDQWLFHvQORFXOSRUWUHWHORULPDJLQDUHFH
HUDXIRORVLWHSkQ DWXQFL HILJLLOHGHSHPRQHGHVXQWúLRFRQVHFLQ D5HQDúWHULL -RKDQQ6FK|IIHU
FRQVLOLHUPXQLFLSDORPSXWHUQLFDDWULEXLWIDPLOLHLVDOHLQYHQWDUHDWLSDUXOXLFXOLWHUHPRELOHGHúLFX
Fk LYDDQLPDLvQDLQWHvQWURGHGLFD LHDGUHVDW vPSUDWXOXL0D[LPLOLDQDILUPDVHF *XWHQEHUJHUD
GHVFRSHULWRUXO LDU IDPLOLD VD vO SHUIHF LRQDVH ÌQWUHSULQGHUHD HVWH FRQWLQXDW GH ILXO VX ILUH GH
DYHQWXULHU FDUH YD UHDOL]D LOXVWUD LL IUXPRDVH úL YD vQFHUFD V WLSUHDVF QRWH PX]LFDOH GLQ FDX]D
FRQGL LLORU WHKQLFH UXGLPHQWDUH HOH QX YRU IL UHDOL]DWH GHFkW VHFROH PDL WkU]LX  ÌQ  YD GHYHQL
WLSRJUDILDRILFLDO DXQLYHUVLW LLÌúLYDFRQWLQXDDFWLYLWDWHDGDUIDLPDHLYDGHYHQLORFDO
-RKDQQ0HQWHOLQ  GHVFKLGHvQXQDWHOLHUOD6WUDVERXUJSULPDLPSULPHULHDIODW vQDOW
SDUWH GHFkW OD 0DLQ] FU LOH VDOH QX VH GLVWLQJ SULQ DVSHFW HVWHWLF vQ VFKLPE DFHVW WLSRJUDI IRVW
ELMXWLHU FDUH VH SDUH F OD FXQRVFXW SH *XWHQEHUJ D GDW GRYDG GH XQ DVFX LW VLP SUDFWLF
DGUHVkQGXVH FX SUHFGHUH XQHL FOLHQWHOH SRSXODUH ORYLWXUD GH PDHVWUX D IRVW GDW SULQ WLSULUHD
SULPHL %LEOLL vQ OLPED JHUPDQ GHúL WUDGXFHUHD HUD GH PXOWH RUL JUHúLW DWUJkQG PkQLD FOHUXOXL
FDUWHDDvQUHJLVWUDWXQPDUHVXFFHVGHSXEOLFSUHJWLQG5HIRUPD
$OEUHFKW3ILVWHU  DOXFUDWGHODODvQRUDúXO%DPEHUJSUREDELOFXYHFKLOHOLWHUHDOH
OXL *XWHQEHUJ IRORVLWH OD WLSULUHD %LEOLHL FX  GH UkQGXUL FX WRDW FDULHUD VD VFXUW úL WHKQLFD
PHGLRFU DWLSDUXOXLVXDUHPHULWXOGHDILUHDOL]DWvQSULPDFDUWHLOXVWUDWWLSULW FXOLWHUH
PRELOH FHOHEUD FXOHJHUH GH IDEXOH JHUPDQH (GHOVWHLQ
1HVWHPDW  VFULV SH OD  SUREDELO F OXFUDUHD D IRVW
UHDOL]DW vQGRLWLPSLJUDYXULOHvQOHPQILLQGWUDVHVHSDUDW
LOXVWUD LL H[WUHP GH VXJHVWLYH FRORUDWH FX PkQD vPSRGREHVF
DFHDVW FDUWH 7H[WXO XQ VLQJXU WRW IU VSD LL DOEH VH DIO
GHGHVXEWXO JUDYXULORU ÌQ SDUWHD VWkQJ D ILHFUHLD GLQWUH
0DUFDWLSRJUDILF DOXL)XVWúL
6FK|IIHUVHFDO;9OHD DFHVWHDILJXUHD] SRUWUHWXODXWRUXOXLFXGHJHWXOvQGUHSWDWVSUH
VFHQDUHSUH]HQWDW3ILVWHUDUHDOL]DWvQWRWDOWLWOXULDVW]LUDULVLPH
.RQUDG 6ZH\QKHLP úL $UQROG 3DQQDUW]  vQ  WUHF $OSLL úL LQVWDOHD] vQ DSURSLHUHD
5RPHL OD PQVWLUHD GLQ 6XELDFR SULPXO DWHOLHU GLQ DIDUD JUDQL HORU ,PSHULXOXL *HUPDQ HO YD
IXQF LRQD DLFL SkQ OD  GXS FDUH FHL GRL YRU SOHFD VSUH5RPD LQWD LQL LDO D FOWRULHL ORU
FHORU GRL OL VH GDWRUHD] FUHDUHD WLSXOXL GH OLWHU URPDQ 3ULQWUH FHOH  GH WLSDUQL H GLQ 5RPD
LGHQWLILFDWHSkQ ODVHJVHDXvQPkLQLOHWLSRJUDILORUJHUPDQL
.|OQúL%DVHO VXQWXOWLPHOHRUDúHFDUHYRUYHGHDSULPHOHWLSDUQL HIXQF LRQkQGvQWLPSXOYLH LL
OXL *XWHQEHUJ OD  .|OQ  XQGH H[LVWD FHD PDL SXWHUQLF IDFXOWDWH GH WHRORJLH GLQ *HUPDQLD
SURGXF LDYDILWHRORJLF LDUOD%DVHOODvQFHSXWSURGXF LDHVWHvQFHDWGH]YROWkQGXVHPDLDOHVGXS
FkQGDFHVWRUDúYDGHYHQLXQLPSRUWDQWFHQWUXDOXPDQLVPXOXLJHUPDQIDYRUL]DWGHDúH]DUHD
VDODWUHFHUHDGLQWUH,WDOLDúL)UDQ D
7LUDMHOH 'XS XQHOHHVWLPULSULPHOHFU LWLSULWHDYHDXXQWLUDMHVWLPDWODRPHGLHGH
 GH H[HPSODUH SHQWUX FD OD vQFHSXWXO VHFROXOXL XUPWRU V DWLQJ PLD $FHVW UDQGDPHQW
GHWHUPLQ GHDOWIHOPLQLPXOGHOLWHUHQHFHVDUEXQXOXLPHUVDOXQHLSUHVHúLGXEOXOQHFHVDUXQHLIRL
vQ HOHJkQGXVHF RIRUP VHJVHúWHODWUDVvQWLPSFHXUPWRDUHDHVWHODFXOHV
3UHVD WLSRJUDILF 'HQXPLW úL WHDVF SHQWUX F vQ IRUPD HL DUKDLF VHPQD FX XQ WHDVF GH
VWUXJXUL D IRVW IRORVLW SULPD GDW GH *XWHQEHUJ úL PHQ LQXW FX XQHOH vPEXQW LUL SkQ OD
vQFHSXWXOVHFROXOXLDO;,;OHD0HFDQLVPXOGHSUHVDUHHUDIL[DWGHRJULQG&XDMXWRUXOXQXLPkQHU
VHDF LRQDXQD[YHUWLFDOWHUPLQDWFXRVXSUDID SODQQXPLW SODWLQ VDXWLJKHO VXEFDUHVHDIOD
IRUPDSXV SHXQFUXFLRU'XS XQJHUHDIRUPHLFXFHUQHDO úLDFRSHULUHDHLFXRFRDO GHKkUWLHVH
PDQHYUD PkQHUXO SkQ FH WLJKHOXOSUHVD KkUWLD SH IRUP SHQWUXDVHLPSULPD3HQWUXF SUHVLXQHD
H[HUFLWDW HUDXQHRULSUHDVODEWLSRJUDIXOWUJHDIRDLDGHKkUWLHvQGRLWLPSLDYDQVkQGVXFFHVLY
FkWHRMXPWDWHGHKkUWLHúLFRPSR]L LHVXESODWLQ8QJHUHDFXFHUQHDO DFRPSR]L LHLVHIFHDFX
DMXWRUXODGRX VXOXULGHSLHOHXPSOXWHFXSUGHFDO0DLvQWkLIUHFDWHSHFXORDUHGXS DFHHDXQXO
GH FHOODOW SHQWUX HJDOL]DUH VXOXULOH HUDX vQ VIkUúLW WUDVH SH FRPSR]L LH SHQWUX XQJHUH 3HQWUX D
RE LQH R GHVFUFDUH FRPSOHW D FHUQHOLL SH KkUWLH DFHDVWD HUD XPH]LW vQ SUHDODELO SHQWUX D VH
IUJH]L $VWIHO KkUWLD FH IXVHVH OD vQFHSXW DGHVHD DVSU DGHUD DFXP PXOW PDL ELQH SH vQWUHDJD
VXSUDID  LPSULPDWÌQYHFKHDWLSRJUDILHSULQDSVDUHDLQHJDO VHH[SOLF UHOLHIXOGHSHVXSUDID D
SDJLQLL
ÌQWUXQ DWHOLHU WLSRJUDILF VH PDL DIODX GXODSXUL VSHFLDOH SHQWUX SVWUDUHD OLWHUHORU VRUWDWH
SUHFXPúLDOWHVFXOHFDEROXULSHQWUXFHUQHDOWDPSRDQHHWF
,QFXQDEXO

&XYkQWXOLQGLF RULFHFDUWHLPSULPDW vQDLQWHGH3DúWLGXS FDOHQGDUXOJUHJRULDQ$FHDVW


GHQXPLUH LQGLF SHULRDGD GH vQFHSXW D LPSULPHULHL LQ  FXQDEXOD  VFXWHFH OHDJQ  ÌQ FHHD FH
SULYHúWHDOHJHUHDGDWHLGHDFHDVWDSDUHQHIHULFLW GXS XQHOHSUHULFDUHFRQVLGHU F SHULRDGD
FHDPDLIHUWLO DWLSDUXOXLHVWHWLDW vQGRXGHRDUHFHVSUHvQWUHDJD(XURS YDILVXSXV
XQHL SHULRDGH GH UHJUHV LDU LPSULPHULD YD LQWUD vQWUR
HSRF GH DFWLYLWDWH GLULMDW úL VXSUDYHJKHDW 'DU PDL
PXOW GHFkW IXQF LD VD OLPLWDWLY vQ WLPS FXYkQWXO
LQFXQDEXO D FSWDW R VHPQLILFD LH DIHFWLY vQVXúL
FXYkQWXO G JUHXWDWH FU LL FDUH XQHRUL QX HVWH DWkW GH
YDORURDV FKLDU GDF HVWH GDWDW vQDLQWH GH  /D
SURQXQ DUHD DFHVWXL FXYkQW SULYLUHDVSHFLDOLVWXOXL VDXD
LXELWRUXOXL GH FU L WUHVDUH LQVWDQWDQHX $SUR[LPDWLY
GH WLWOXULDSUXWHvQDLQWHGHVXQWFRQVHUYDWH
úL LQYHQWDULDWH HVWLPkQGXVH F DU UHSUH]HQWD GRDU 
GLQ SURGXF LD WRWDO ÌQ DUD QRDVWU LQFXQDEXOH VH
SVWUHD] OD ELEOLRWHFLGLQ %XFXUHúWL 6LELX$OED ,XOLD
)LO GHLQFXQDEXO3DULV 7kUJX0XUHú&OXM1DSRFDHWF

&DUDFWHULVWLFLOHXQXLLQFXQDEXO

ƒ LGHQWLWDWHDQDWRPLF úLDUKLWHFWXUDO FXPDQXVFULVXO


ƒ SULPHORU LQFXQDEXOH OH OLSVHúWH IRDLD GH WLWOX vQFHSXWXO VH IDFH FX IRUPXOHOH VSHFLILFH
PDQXVFULVXOXLLQFLSLWH[SOLFLW
ƒ FHOHPDLYHFKLUHSURGXFSUHVFXUWULOHOLJDWXULOHúLRUQDPHQWHOHPDQXVFULVXOXL
ƒ OLWHUHOHVXQWLQHJDOHFDJURVLPHúLLPSHUIHFWFRQWXUDWH
ƒ RJOLQGDSDJLQLLFRQ LQHVXSUDIH HDOEHSHQWUXDILFRPSOHWDWHFXLQL LDOHWLWOXULúLGHFRUXUL
ƒ WLWOXULOHXUPDXV ILHFDOLJUDILDWHSHED]DUHJLVWUXOXL RHQXPHUDUHDFXYLQWHORUFXFDUHvQFHSHD
SULPD IRDLH SODVDW GH WLSRJUDI OD VIkUúLWXO OXFUULL ([LVW LQFXQDEXOH FDUH VDX SVWUDW SkQ
DVW]L FX ORFXULJRDOH SH SDJLQL GHRDUHFHSRVHVRULLQX OHDX PDLGDWUXEULFDWRULORU SHQWUXD OH
FRPSOHWD
ƒ ILOHOHVXQWFRQIHF LRQDWHGLQWUXQVXSRUWLQHJDOFDJURVLPHVHPQF SHQWUXDFHHDúLFDUWHDXIRVW
IRORVLWHFDQWLW LGLIHULWHGHKkUWLH
ƒ XQHOH LQFXQDEXOH SUH]LQW vQ HSWXUL SH PDUJLQHD IRLORU SURYHQLWH GH OD úWLIWXULOH FDUH IL[DX
FRDODODWLSULUH
ƒ PXOWHHUDXSXVHvQYkQ]DUHVXEIRUP GHFROLFXPSUWRUXOXUPkQGV OHOHJHGXS JXVWXOVX
ƒ vQ DIDUD LQFXQDEXOHORU WLSULWH FX OLWHUH PRELOH VXQW GH PHQ LRQDW LQFXQDEXOHOH WDEHODUH VDX
[LORJUDILFH LPSULPDWH FX FOLúHH JUDYDWH SH OHPQ 'RQDWHOH %LEOLD SDXSHUXP 6SHFXOXP
KXPDQDHVDOYDWLRQLVHWF

6WXGLXOúWLLQ LILFDODFHVWRUSURGXF LLLQFLSLHQWHDvQFHSXWODPLMORFXOVHFROXOXLDO;9,,OHDÌQ


-RKDQQHV6DQEHUWXVDvQWRFPLWROLVW FURQRORJLF DLQFXQDEXOHORUDIODWHOD%LEOLRWHFDGH6WDW
GLQ1UQEHUJÌQ3KLOLSSH/DEEHDGHVFULVLQFXQDEXOHOH%LEOLRWHFLL5HJDOHGLQ3DULVÌQ
OD LQL LDWLYD ELEOLRORJXOXL JHUPDQ .RQUDG +lEOHU D OXDW ILLQ  R FRPLVLH GH UHGDFWDUH D XQXL
UHSHUWRULX JHQHUDO DO SULPHORU WLSULWXUL LQWLWXODW *HVDPWNDWDORJ GHU :LHJHQGUXFNH *.:  DO
FUXLSULPYROXPDDSUXWvQDQXO

5HJOHPHQWULOHPHúWHúXJXOXLWLSDUXOXL

'XS RVFXUW SHULRDG GHJORULHFkQGPHúWHúXJXOIDEULFULLFU LLHUDOLEHULDW F VHLYHVF


WUHL PRWLYH SULQFLSDOH SULQ FDUH DFHúWL DUWLúWL VXQW QHYRL L V UHYLQ OD R H[LVWHQ  QRUPDO XQHRUL
SUHDOLQLúWLWSXV VXEVFXWXODXWRULW LL

UHJXODPHQWHOHFRUSRUDWLYHvPSRWULYDGLILFXOW LORUVRFLDOHúLHFRQRPLFH
FHQ]XUDvPSRWULYDULVFXOXLOXSWHLGHLGHL
SULYLOHJLLOHvPSRWULYDFRQFXUHQ HL

 3ULQQDWXUDOXFUXULORUULVFXOGLQGRPHQLXOWLSDUXOXLHVWHGHPXOWHRULPDLPDUHGHFkWDORULFUHL
DOWH LQGXVWULL GDWRULW VWUkQVHL vPELQUL D FHORU GRX DVSHFWH DOH FU LL PDUI úL SURGXV
LQWHOHFWXDO5DUHVWHFD]XOvQFDUHDFHVWHGRX FDOLW LVXQWvQDFRUGÌQDLQWHGHDGHYHQLRDIDFHUH
UHQWDELO FDUWHD IRDUWH EXQ ]DFH DGHVHD DOWXUL GH FHD IRDUWH SURDVW DFHDVWD GLQ XUP
DúWHSWkQG PXOW úL ELQH VXFFHVXO  $VWIHO IRQGXO XQXL OLEUDU VWRFXO VX GH FU L YDORURDVH
YkQ]kQGXVHvQWURSHULRDG PDLvQGHOXQJDW HVWHFRQVLGHUDWFDXQOXFUXFDUHWUHEXLHV WUHDF vQ
PRGILUHVFGLQWDW vQILX3URWHMDUHDVDDIRVWVLVWHPDWLFUHvQWULW SULQIRUPDUHDGHFRUSRUD LL
 &HQ]XUDDIRVWLQL LDOGHQDWXU UHOLJLRDVDSRLvQFDGUXODFHOHDúLUHOLJLLDLQWHUYHQLWOXSWDGLQWUH
FDWROLFLVPUHIRUP úLSROLWLFGHFLLQWHU]LFHUHDSWUXQGHULLXQRULGHLFRQVLGHUDWHQHVQWRDVHúL
SHULFXORDVH SHQWUX VWDWXO UHVSHFWLY 'HMD vQ VHFROXO DO ;9,OHD vQFHS V DSDU LQGH[XUL
FXSULQ]kQG OXFUUL LQWHU]LVH GH DLFL H[SUHVLD D IL SXV OD LQGH[  &U LOH SURKLELWH WUHEXLDX
HOLPLQDWHGLQWRDWHELEOLRWHFLOHúLGLVWUXVHLDUFLWLUHDORUHUDLQWHU]LV8QDGLQWUHFHOHPDLPDUL
HSXUUL D FU LL D DYXW ORF vQ SHULRDGD VWDOLQLVW LQFOXVLY OD QRL vQ DU OLVWD FU LORU SURKLELWH
FXSULQ]kQG PLL GH WLWOXUL ÌQ SODQXO DVSHFWXOXL FU LL FHQ]XUD D PDL DYXW XQ HIHFW úL DQXPH
PXWLODUHDDFHVWRUDSULQWLHUHDFDSLWROHORUFRQVLGHUDWHREVFHQHSVWUkQGXVHQXPDLPDUJLQLOHFD
ODXQHOHYROXPHWUDQVIRUPDWHvQFXWLL1XPHOHWLSRJUDIXOXLGLVSDUHXQHRULGLQWLWOXGDUSHUVLVW
ODVIkUúLWXOOXFUULL6HPDLvQWkPSO FDúLQXPHOHDXWRUXOXLV GLVSDU GLQWLWOXGDUVLUPkQ
SRUWUHWXOvQIURQWLVSLFLX&DRLURQLHDVRU LLDFHVWRUFU LOLVDULGLFDWFRWDYDORULF
 3ULYLOHJLXO HVWH XQ GUHSW  H[FOXVLY SH FDUH UHJHOH VDX QRELOXO  GHFL DXWRULWDWHD WHULWRULDO vO
DFRUG XQXLSDUWLFXODU(OHUDDFRUGDWSHQWUXRDQXPLW SHULRDG SXWkQGILUHvQQRLWWHQGLQ DHUD
GH D GHYHQL SHUPDQHQW 2ULFH LPLWDWRU VH H[SXQHD XUPULULL MXGLFLDUH ÌQ VHFROXO DO ;9,,,OHD
SULYLOHJLXODMXQVHVHXQDGHYUDWWLWOXGHSURSULHWDWHQHJRFLDELOODEXUV3ULYLOHJLXOSXWHDODIHO
GHELQHV ILHDFRUGDWWH[WXOXLXQXLDXWRUvQYLD FkWúLXQXLWH[WDQWLF$XWRULLQXDYHDXQLFLXQ
GUHSW HL FHGDX PDQXVFULVHOH ORU RGDW SHQWUX WRWGHDXQD 1R LXQHD GH GUHSW GH DXWRU VDX GH
SURSULHWDWHLQWHOHFWXDO QXH[LVWDvQIRUPDVDDFWXDO3ULPHOHOHJLIHUULDOHGUHSWXOXLGHDXWRUV
DX IFXW vQ )UDQ D vQ DQXO  úL vQ *HUPDQLD vQ  &HD GLQWkL FRQYHQ LH LQWHUQD LRQDO
SHQWUXSURWHMDUHDGUHSWXOXLGHDXWRUVDvQFKHLDWvQOD%HUQDvQ(OYH LD(UDREOLJDWRULXFDR
WLSRJUDILH V IXQF LRQH]H SH ED]D DFRUGULL XQXL SULYLOHJLX DFHVW IDSW HUD VXEOLQLDW vQ WRDWH
SURGXF LLOHWLSRJUDILFHSULQIRUPXODFRQVDFUDW &XPSULYLOHJLLV«3ULYLOHJLXOHUDvQGUHSWDWúL
vPSRWULYDDFHHDFHDPQXPLDVW]LFRQFXUHQ QHORLDOúLvQFHUFDUHGHIDOV(VWHFXQRVFXWGH
SLOG FD]XO OXL $OGXV 0DQXWLQXV FDUH RE LQXVH GH OD 6HQDWXO YHQH LDQ GUHSWXO GH DúL SXEOLFD
HGL LLOH vQ H[FOXVLYLWDWH FHHD FH QX D VWkQMHQLW SH WLSRJUDILL GLQ /\RQ V OH LPLWH (SLORJXO
GLDFXOXL/RULQ]OD7HWUDHYDQJKHOXOVODYRQ%OJUDGDYHUWL]HD]«úLFXSXWHUHDPDUHOXL
YRLHYRG%DWU&ULVWRYvQWLPSGHGHDQLQLPHQHDV QXvQGU]QHDVF DRWLSULGLQQRX

$UWLPSULPHULHVRFLHWDWH

&DUWHD FD RULFH RELHFW LHúLW GLQ PkQD RPXOXL DUH XQ DVSHFW IRUPDO HVWHWLF &DOLW LOH VDOH
HVWHWLFH QX VXQW OHJDWHREOLJDWRULXGHUROXOVRFLDODOFU LLQLFLGHFDOLW LOHHLLQWHOHFWXDOH2FDUWH
IRDUWHLPSRUWDQW SRDWHV VHSUH]LQWHvQWUXQPRGPDLPXOWGHFkWPRGHVWVHvQWkPSOGLPSRWULY
FDPXOWHFU LIU vQVHPQWDWHV ILHFRQIHF LRQDWHFXRGHRVHELW JULM&DUWHDHVWHXQSURGXVVRFLDO
úLH[SULP PHGLDWHQGLQ HORUXQHLHSRFL6HvQWkPSO XQHRULFDOXFUULGHvQDOW LQXWV GRPLQH
V GHD WRQXO úL V FOX]HDVF SURGXF LD FXUHQW ÌQ JHQHUDO vQ ]RULL XQHL QRL HSRFL FkWH R
SHUVRQDOLWDWHSXWHUQLF DUHXúLWV LPSXQ QRLVROX LL&DUWHDGHYLQHSURGXVXOFRODERUULLXQHLODUJL
FDWHJRULL GH RDPHQL DXWRU  HGLWRU  DUWLVW  WLSRJUDI  OLEUDU &KLDU GH OD DSDUL LD SULPHORU FU L
WLSULWH WHKQLFLHQLLDXDSHODWODDUWLúWL$YDQWDMXOHVWHUHFLSURFWLSRJUDIXOYDILvQVWDUHV VDWLVIDF
JXVWXO ]LOHL LDU DUWLVWXO YD GHVFRSHUL SULQ DFHDVW WHKQLF DWkW R QRX H[SULPDUH SODVWLF FkW úL XQ
LQFRPSDUDELO PLMORF GH GLIX]DUH 7LSRJUDIXO YD WUDQVIHUD UHSHGH DUWLVWXOXL VSHFLDOL]DW FUHDUHD
LOXVWUD LLORU D RUQDPHQWHORU D OLWHUHORU FkW úL D OHJWXULL GH FDUH DUDUHRUL VD vQJULMLW UPkQkQG
SHQWUXPXOW YUHPHvQFVWSkQXOFU LLDUKLWHFWXOHL

&HOHPDLUHXúLWHFUHD LLVXQWFHOHGLQVHFROXODO;9,OHDOHJDWHGH5HQDúWHUHúLVHvPSDUWvQ
GRX PDULFDWHJRULL

 /XFUULOH FDUH EHQHILFLD] GH DSRUWXO XQRU PDULDUWLúWL XPDQLúWLL DUWLúWL SROLYDOHQ L DX IRVW FHL
FDUH DX FRQWULEXLW OD vPEXQW LUHD HVWHWLFLL FU LL )UDQFH]LL &ODXGH *DUDPRQW  
5REHUW *UDQMRQ úL *XLOODXPH /H %p DX UHDOL]DW F R FDUWH WUHEXLH V ILH VFULV FX FDUDFWHUH
IUXPRDVHIDFLOHFLWLWXOXLúLV FRQ LQ úLDOWHGHFRUXULvQDIDUDFHORURELúQXLWHDO LLFD'UHUDX
vPEXQW LWLPDJLQHDÌQVIkUúLWORUOLVHSRDWHDGXJDRDOW FDWHJRULHDFHHDDDUWLúWLORUVDYDQ L
FDUHDXVFRVODOXPLQ OXFUULIXQGDPHQWDOHGHúWLLQ HOHQDWXULLúLPHGLFLQHLFRQVLGHUDXF R
GHVFULHUHYHUEDO QXDUHHIHFWIU RLPDJLQHFkWPDLH[DFW
 /XFUULOH VSHFLDOL]DWH DGUHVDWH DUWLúWLORU  FDP GH SH OD  HYDQWDLXO DFHVWRU FU L GH DUW
WHRUHWLFH úL SUDFWLFH OD vQGHPkQD SURIHVLRQLúWLORU úL D DPDWRULORU VH GHVFKLGH GLQ FH vQ FH PDL
PXOW&U LGHDUKLWHFWXUFU LGHSLFWXUFU LFXPRGHOHúLRUQDPHQWHSHQWUXWRDWHPHVHULLOH
DUWLVWLFH FU L GH FDOLJUDILH FU L WHKQLFH GH GRFXPHQWDUH FU L GHVSUH PHGDOLL úL DQWLFKLW L
VXLWH GH JUDYXUL GXS PDHúWUL VH YRU UVSkQGL FD XQ YDO FUHVFkQG JVLQGXúL H[SOLFD LD vQ
FXULR]LWDWHDJHQHUDOvQQHYRLDGHDvQY DúLvQVHWHDGHLQIRUPDUH$FHVWHFU LIFHDXSDUWH
GLQ HFKLSDPHQWXO DWHOLHUHORU úL DX IRVW IRORVLWH SkQ OD WRFLUH 'LVSUH XLWH GH ELEOLRILOL úL GH
DPDWRULLOXPLQD LHOHDXGHYHQLWUDUHFDPXOWHFU LGHvQY WXU úLOXFUX(OHDXUHSUH]HQWDW
FHHDFHQRLDVW]LQXPLPLQVWUXPHQWHGHOXFUX

3URGXF LDWLSRJUDILF HXURSHDQ vQWUHVHFROHOH;9,;9,,

*(50$1,$ LPSRUWDQ DHLUH]LG vQIDSWXOF JHUPDQLLDXIRVWSULPLLWLSRJUDILDLOXPLLúL


F WRWGDWRULW ORUDFHVWPHúWHúXJVDUVSkQGLWFXUDSLGLWDWH&HOHPDLLPSRUWDQWHFHQWUHWLSRJUDILFH
GLQ*HUPDQLD GXS FHOHGHMDHQXQ DWH DXIRVW
 $XJVEXUJ  XQXO GLQWUH FHOH PDL LPSRUWDQWH RUDúH DOH (XURSHL VHGLXO XQRU EDQFKHUL
LQWHUQD LRQDOL FD )XJJHU úL :HOVHU vQ ID D ORU úL UHJLL VH vQFKLQDX  GLQ VLPSOXO IDSW F VH
vPSUXPXWDX GH OD HL XQHRUL FUHGLWXO SXWHD IL QHUDPEXUVDELO  DLFL D SUHGRPLQDW FDUWHD LOXVWUDW
VFULV vQ OLPED SRSXODU 3UDFWLF RUDúXO FXOWLYD vQ DFHO PRPHQWXQ vQIORULWRU DUWL]DQDW DOFWXLWGLQ
JUDYXULúLFU LGHMRF&HDPDLYHVWLW FUHD LHDDFHVWHLúFROLHVWHUHSUH]HQWDW GHRFUHD LHGHPDUH
OX[ LPSULPDW SH SHUJDPHQW úL OLPLWDW OD XQ WLUDM GH  H[HPSODUH HD VH QXPHD &DUWHD GH
UXJFLXQL úL HUD GHVWLQDW ÌPSUDWXOXL *HUPDQLHL vPSRGRELW FX  JUDYXUL FDUWHD HVWH
LQGLVFXWDELO XQD GLQWUH FHOH PDL UHXúLWH FUHD LL DOH LPSULPHULHL JHUPDQH GLQ SULPD MXPWDWH D
VHFROXOXLDO;9,OHD$FHDVW vQIORULUHYDGHFDGHRGDW FX5HIRUPDFDUHvPSDUWH*HUPDQLDvQGRX
WDEHUHúLFDUHvQGUHDSW FOLHQWHODFWUHVFULHULOHOXWHUDQHWLSULWHvQDOWHSU L
1UQEHUJvQDFHVWRUDúFHOPDLLPSRUWDQWSHQWUXvQFHSXWXULOHLPSULPHULHLJHUPDQHVHIDFHVLP LW
vQPRGGHRVHELWLQWHUGHSHQGHQ DPDUHOXLFRPHU FXHGLWDUHD2UDúFRPHUFLDOúLLQGXVWULDO1UQEHUJ
HVWHRDGHYUDW SODF WXUQDQW GLQWUH,WDOLDúLYDVWHOHGHEXúHXULGLQQRUGXOúLHVWXO(XURSHLÌQDQXO
 HVWH LQVWDODW DLFL SULPD WLSRJUDILH D OXL -RKDQQ 6HQVHQVFKPLGW XQ JHUPDQ RULJLQDU GLQ
%RHPLD 'DU FHD PDL FHOHEU YD GHYHQL LPSULPHULD .REHUJHU IRQGDW GH ELMXWLHUXO $QWRQ
.REHUJHU(DDGHYHQLWSULPDvQWUHSULQGHUHFXUVSkQGLUHLQWHUQD LRQDODYkQGGHSR]LWHOD9HQH LD
0LODQR 3DULV /\RQ /LVDERQD $QYHUV /EHFN &UDFRYLD /YRY úL %XGD ÌQ  vQ DFHVW DWHOLHU
IXQF LRQDX  GH SUHVH DFRPSDQLDWH GH SHVWH  GH WLSRJUDIL FRUHFWRUL PLQLDWXULúWL úL OHJWRUL
ÌQWUH DQLL  úL  FDVD D HGLWDW SHVWH  GH OXFUUL LGHQWLILFDWH DVW]L PDMRULWDWHD vQ WLUDMH
PDULXQHRULLOXVWUDWHÌQJHQHUDOHUDYRUEDGHVSUHELEOLLVFULHULDOHSULQ LORUELVHULFLLHQFLFORSHGLL
úL VXPPH PHGLHYDOH FROHF LL GH SUHGLFL JUDPDWLFL FU L GH GUHSW FLYLO úL FDQRQLF OLWHUDWXU
VFRODVWLFvQVFKLPE IRDUWHSX LQHFU LvQOLPEDJHUPDQ úLPDLSX LQFODVLFL&DUWHDFXFHOPDL
PDUHIRUPDWvQHSRF DIRVWWRWRGDW úLFHOPDLPDUHVXFFHVHXURSHDQDODFHVWHLRILFLQHHVWHYRUED
GH FHOHEUD Ä/LEHU &KURQLFDUXP´ DSDU LQkQG PHGLFXOXL úL WRWRGDW FRQVLOLHUXOXL PXQLFLSDO
XPDQLVWXO +DUWPDQQ 6FKHGHO $FHDVW OXFUDUH PRQXPHQWDO D WLSDUXOXL JHUPDQ FX GLPHQVLXQL GH
[ FP HUD R LVWRULH D OXPLL GH OD vQFHSXWXUL úL SkQ OD  HD D FXQRVFXW GRX HGL LL XQD
ODWLQ úL DOWD JHUPDQ DSUXW  OXQL PDL WkU]LX úL GDWDW  GHFHPEULH 'LQ SXQFW GH YHGHUH DO
FRQ LQXWXOXL HUD R FRPSLOD LH D XQHL FURQLFL PDL YHFKL QRXWDWHD R FRQVWLWXLD FHOH  LOXVWUD LL
UHSUH]HQWkQGSRUWUHWHOHDGHFHOHEULW LVILQ LSDSL vPSUD LUHJLHWFLPDJLQLDOHXQRU ULúL
RUDúH VFHQH GH OXSW ÌQ FLXGD XQRU UHSUH]HQWUL IDQWH]LVWH DSDUúL UHJLXQL PDL vQGHSUWDWH SULQWUH
HOH9DODKLDSULPDUHSUH]HQWDUHDXQHL ULURPkQH'LQSXQFWGHYHGHUHYDORULFXQH[HPSODUHVWH
HVWLPDWDVW]LODVXPDGHHXUR$FHVWYROXPVHQXPU SULQWUHFHOHPDLYDORURDVHLQFXQDEXOH
SVWUDWH +DUWPDQQ 6FKHGHO    DXWRUXO PHULW R PHQ LXQH VSHFLDO SHQWUX IHOXO vQ FDUH úLD
FRQVWLWXLWELEOLRWHFDSHUVRQDOHVWHFROHF LDWLSLF DXQXLLQWHOHFWXDOGLQDFHDHSRFLQWHOLJHQWFXR
VROLG FXOWXU XPDQLVW HO D OVDW vQ QXPHURDVH OXFUUL GRFXPHQWD LL ERJDWH PUWXULL DXWRJUDIH
SULYLQG FRQ LQXWXO VDX DFKL]L LD FU LORU GRYDG F XUPD FX FRQúWLLQFLR]LWDWH PD[LPD SH FDUH R
VFULVHVH PDL vQDLQWH vQWUXQ YROXP GH VWXGLL PHGLFDOH FROOLJLWH IUDJPHQWD QH SHUHDQW DGXQD L
IUDJPHQWHOHFDV QXSLDU ÌQWUDGHYUXQHOHIUDJPHQWHGLQFROHF LDVD DMXQV OD%LEOLRWHFDGH
6WDWGLQ0QFKHQ FXSULQGDVW]LSLHVHXQLFHVDXIRDUWHUDUHvQVSHFLDOGLQVIHUD JUDYXULLvQOHPQ
3HRFURQLF DVD[RQLORU6FKHGHOQRWHD] F DSULPLWYROXPXOGHODXQRDUHFDUHDEDWH6HEDOGXVRP
GH UkQG GLQ *UHIIHQEHUJ úL F LD GUXLW vQ VFKLPE R IUXPRDV úL PDUH FXWLH GH ERPERDQH FX
DQDVRQ(ODH[SULPDWúLXQSURIXQGDGHYU
vQVHQWLQ DOFRPLDGHDFROHFWDQXGLVSDUH
RGDW FXFROHF LRQDUXO
 .|OQ GRJPDWLVPXO SUDFWLFDW GH
XQLYHUVLWDWHD GH DLFL GHWHUPLQ R
XQLODWHULWDWH vQGUHSWDW VSUH WLSULUHD GH
%LEOLLLOXVWUDWH
 /EHFNHVWHSHQWUXVHFROHOH;9úL;9,
RUDúXO FHO PDL LPSRUWDQW GLQ QRUGXO
*HUPDQLHL DWkW vQ FHHD FH SULYHúWH
WLSRJUDILD FkW úL HGLWDUHD )LLQG VHGLXO /LJLL
+DQVHDWLFH WLSRJUDILL RUDúXOXL DX OD
GLVSR]L LD ORU R UH HD vQWLQV GH UHOD LL
FRPHUFLDOHFHDFRSHU vQWUHJQRUGXO(XURSHL Ä/LEHU&KURQLFDUXP´
SULPDLPDJLQHIDQWH]LVW D9DODKLHL
3URGXF LD ORUHUDvQGUHSWDW VSUHVDWLVIDFHUHD
JXVWXOXLFODVHLPLMORFLLvQGHVWXODW
 6WUDVERXUJRFXS SkQ OD5HIRUP XQORFDOHVSULQWUHFHQWUHOHGHSURGXFHUHDFU LORUGLQDULD
OLPELL JHUPDQH 7LSRJUDILL PLMORFLWRUL vQWUH%XUJXQGLD*HUPDQLD 0HULGLRQDO úL ,WDOLD vúL vQFKLQ
DFWLYLWDWHD GLIX]ULL WH[WHORU SRSXODUH XPDQLVWH úL FODVLFH DIOkQGXVH vQ VHFROXO DO ;9,OHD vQ
SULPHOH UkQGXULDOH 5HIRUPHL 6SUHVIkUúLWXOVHFROXOXLFDUWHDJHUPDQ LOXVWUDW GHYLQHVSHFLDOLWDWHD
HGLWRULORUDFHVWXLRUDúSRHPHHSLFHVDXHURLFHFU LSRSXODUHPHGLHYDOHHWF
 %DVHO IXVHVH SkQ vQ  RUDú LPSHULDO GXS FDUH D DGHUDW OD &RQIHGHUD LD +HOYHWLF
ÌQFHSXWXULOH LPSULPHULHL GHVWXO GH OHQWHVH SODVHD] FWUH DGRXD MXPWDWH D VHFROXOXL DO ;9OHD
SHQWUXDFHDVW SHULRDG VHUHPDUF HGLWDUHDFHOHEUHLOXFUULÄ&RUDELDQHEXQLORU´FDUHVDEXFXUDW
GHXQVXFFHVUVXQWRUSRHPHúLWRWDWkWHDLOXVWUD LLWUHFvQUHYLVW DYDUL LDDU DJXOHJRLVPXO
GHVIUkQDUHD PDQLD H[DJHUDW SHQWUX FU L VLF  OLSVD GH FUHGLQ  HWF &DUWHD D DSUXW XOWHULRU vQ
QXPHURDVHYHUVLXQLIUDQFH]HHQJOH]HHWFÌQVXúLDXWRUXOFHOHEUHLOXFUUL6HEDVWLDQ%UDQWULGLFDvQ
VOYL WLSRJUDILD UHFRPDQGkQG FDUWHD WXWXURU $OWGDW EXQXO H[FOXVLY DO ERJDWXOXL SURSULHWDWHD
UHJHOXL DVW]L FDUWHD HVWH vQ WRDWH ERUGHLHOH 6 PXO XPLP &HOXL GH 6XV IU DO XLWD SH WLSRJUDI
FFLHOHVWHDFHODFDUHDGHVFKLVQRXDFDOH1HFXQRVFXW GHvQ HOHS LLJUHFLGHURPDQLLOXFL]LHDD
IRVW GH]YOXLW VSLULWXOXL JHUPDQLF %DVHOXO D GHYHQLW vQ SULPHOH GHFHQLL DOH VHFROXOXL DO ;9,OHD
FDSLWDOD XPDQLVPXOXL FUHúWLQ PDLDOHVGXS FH(UDVPXVGLQ5RWWHUGDPúLDVWDELOLWDFRORFDUWLHUXO
VX JHQHUDO 7LQHULGLQ vQWUHDJD(XURS DX YHQLW DLFL V vQYH H PHúWHúXJXO OLWHUHORU7LSRJUDILLOHúL
HGLWXULOH GLQ %DVHO HUDX WRW DWkW GH YHVWLWH 6XQW GHPQH GH DPLQWLW WLSRJUDILD FRQGXV GH -RKDQQ
)UREHQDFUXLFUHD LHPDMRU DIRVW1RXO7HVWDPHQWvQWUDGXFHUHDOXL(UDVPXVHPEOHPDVDúDUSHOH
úLSRUXPEL DHVWHODIHOGHFHOHEU FD DQFRUDDOGLQ VDXPVOLQXOOXL(VWLHQQHWRWDWkWGHYHVWLW HUD
WLSRJUDILD3HWULIDPLOLD3HWULVHDOWXU 5HIRUPHLúLWLSUHúWHGLQWH[WHOHOXL/XWKHU7RWODHLD
DSUXW úL FHOHEUD &RVPRJUDILH 'HVFULHUH D 3PkQWXOXL  D OXL 6HEDVWLDQ 0QVWHU OXFUDUHD IRDUWH
SRSXODU D EHQHILFLDW GH  GH HGL LL vQ  OLPEL GH LPSRUWDQWH LQIRUPD LL EHQHILFLD] úL VSD LXO
URPkQHVF 7RW OD %DVHO VDX WLSULW FX WRDW RSR]L LD DXWRULW LORU 7DOPXGXO   úL R
WUDGXFHUH ODWLQ D &RUDQXOXL FRQVLOLXO RUDúXOXL FRQILVF IRLOH úL vO vQWHPQL HD] SH WLSRJUDI 'RDU
LQWHUYHQ LD OXL /XWKHU vL vPEOkQ]HúWH SH VHYHULL HGLOL FDUH YRU ULGLFD LQWHUGLF LD OD DUJXPHQWHOH
UHIRUPDWRUXOXL3HQWUXFLQVWLUHDOXL+ULVWRVSHQWUXELQHOHFUHúWLQLORUSHQWUXUXOWXUFLORUSHQWUXDO
QHFMLSH'LDYRO$FHVW&RUDQDDSUXWvQFXSUHIH HVFULVHGH/XWKHUúL0HODQFKWRQFRULIHLL
5HIRUPHLJHUPDQHHUDXDFWHGHPDUHFXUDMSHQWUXYUHPHDUHVSHFWLY
 :LWWHQEHUJRGDW FX5HIRUPDSRQGHUHDSULQFLSDO DLPSULPHULHL ULORUGHOLPE JHUPDQ VH
PXW vQ QRUG 2UDúXO :LWWHQEHUJ YD IL SULPXO H[HPSOX DO XQHL ODUJL úL DGkQFL PLúFUL SRSXODUH
VSULMLQLW DPSOLILFDW úL vQ FHOH GLQ XUP vQEXúLW GH R FDQWLWDWH HQRUP GH FU L 0HULWXO
LQFRQWHVWDELO DO DFHVWXL FXUHQW vO UHSUH]LQW WLSULUHD GH FU L vQ OLPELOH QD LRQDOH úL vQY PkQWXO
QD LRQDO FDUH DYHD QHYRLH GH PDQXDOH /XWKHU GUXLHúWH JHUPDQLORU XQLWDWHD OLPELL OLPED VFULV
FRPXQ SULQ WUDGXFHUHD %LEOLHL 0XO XPLW LPHQVHL SRSXODULW L D OLPELL OXL /XWKHU GLDOHFWXO
*HUPDQLHL FHQWUDOH ED] D WUDGXFHULL VDOH YD GHYHQL PLMORFXO VFULV GH FRPXQLFDUH DO vQWUHJLL
*HUPDQLL 3ULPD HGL LH D %LEOLHL vQ OLPED JHUPDQ D DSUXW vQ  %LEOLD GDV LVW GLH JDQW]H
+HLOLJH 6FKULIW 'HXWVFK  GH SDJLQL  LOXVWUD LL vQ WH[W $VW]L VXQW LQYHQWDULDWH  GH
H[HPSODUHGLQDFHDVW SULP HGL LH%LEOLDDDYXWXQVXFFHVGHOLEUULHHQRUPILLQGWLSULW RILFLDO
VDXFODQGHVWLQúLvQDOWHRUDúHDOH*HUPDQLHL3HQWUXVHFROXODO;9,OHDVHHVWLPHD] XQWLUDMWRWDOGH
SHVWH  PLOLRDQH GH H[HPSODUH 7RW vQ DFHDVW SHULRDG IRLOH YRODQWH PDQLIHVWHOH úL DSHOXULOH VH
WLSUHVFvQPLLGHH[HPSODUHGHYHQLQGRPLQ GHDXUSHQWUXWLSRJUDIL
 )UDQNIXUW RUDú LPSHULDO GDU úL ILQDQFLDU GHRSRWULY 7LSRJUDILL VH RFXS SUHGLOHFW FX FDUWHD
LOXVWUDWvQWRUFkQGVSDWHOHGLVSXWHORUWHRORJLFHFHDPDLYHVWLW FDUWHWLSULW DLFLDSDUHvQDQXO
DSDU LQHOXL-RVW$PPDQúLHVWHSkQ DVW]LXQL]YRUQHVHFDWSHQWUXLVWRULDPHVHULLORUSULQWUHHOH
PXQFDWRSLWRUXOXLDGHVHQDWRUXOXLDJUDYRUXOXLDSDSHWDUXOXLDWLSRJUDIXOXLDVFULLWRUXOXLSXEOLFD
OHJWRUXOXL7LWOXOHLFRPSOHWHUD(\JHQWOLFKH%HVFKUHLEXQJDOOHU6WlQGH 3DQRSOLDVDXGHVFULHUHD
WXWXURUPHúWHúXJDULORU &U LGHFRVWXPHPLOLWDUHúLFLYLOHVXQWFRQFHSXWHvQDFHODúLVSLULW7KpRGRU
GH %U\JUDYRU vQ DUDP úLD SUVLW RUDúXO QDWDO/LqJHúL VD VWDELOLW vQ DQXO  OD )UDQNIXUW FD
QHJXVWRUGHVWDPSHÌPSUHXQ FXILLLVL-RKDQQ7KpRGRUúL-RKDQQ ,VUDHODFUHDWXQPDUHQXPU
GH VXLWH úL GH FU L FX VWDPSH FDUH FRQFXUDX IRDUWH VHULRV FU LOH LOXVWUDWH FX JUDYXUL vQ OHPQ
/XFUDUHD ORU FHD PDL GH VHDP HVWH FRQVWLWXLW GLQ  GH IDVFLFXOH DOH &ROOHFWLRQHV
SHUHJULQDWLRQXP LQ ,QGLDP RULHQWDOHP HW ,QGLDP RFFLGHQWDOHP DSUXWH GLQ  SkQ vQ 
ÌQFHSH DFXP HSRFD PDULORU RSXULGH FOWRULL GH JHRJUDILH GH GHVFULHUH úL LQYHQWDULHUHDJOREXOXL
SPkQWHVF ÌQUXGLW FRQIRUP XQXL RELFHL QHVFULV  FX &DVD GH %U\ VH UHPDUF ILUPD GH HGLWXU
0HULDQDFUHLRSHU PDLGHVHDP DIRVW7KHDWUXP(XURSHDQXPRLVWRULHHXURSHDQ LOXVWUDW
DSUXW vQWUHvQGHYROXPHRDOW OXFUDUHIXQGDPHQWDO DIRVW7RSRJUDSKLHV DSUXW
vQWUHHDFRQ LQHJUDYXULvQDUDP FXGHYHGHULGHRUDúHúLGHKU LÌQDIDU
GHSDUWHDGHGLFDW $OVDFLHLDOHFUHLJUDYXULDXIRVWUHDOL]DWHFKLDUGH0HULDQUHVWXODIRVWH[HFXWDW
vQ DWHOLHUXO DQH[ DO FDVHL GH HGLWDUH LPSRUWDQ D SODQúHORU UHSUH]HQWkQG UHOHYHXUL IFXWH GXS
QDWXU HVWH FRQVLGHUDELO FD VXUV GRFXPHQWDU 6H FRQVWDW vQFHSkQG FX VHFROXO DO ;9,OHD R
GLYL]DUH D PXQFLL WLSRJUDIXOXL JUDYRUXOXL úL HGLWRUXOXL FDUH SH SDUFXUV VH YD DPSOLILFD 'DU
DGHYUDWDLPSRUWDQ DRUDúXOXL)UDQNIXUWUH]LG vQWkUJXOVXDQXDOGHFU LGHVIúXUDWúLvQ]LOHOH
QRDVWUH FDUH vL DGXQD vQ ILHFDUH DQ SH SULQFLSDOLL HGLWRUL WLSRJUDIL OLEUDUL úL WXUQWRUL GH OLWHUH DL
(XURSHL /LPED ODWLQ vQ VSHFLDO SHQWUX VXELHFWHOH VDYDQWH YD UPkQH PXOW YUHPH vQF PLMORFXO
SULQFLSDO GH H[SULPDUH úL GLQ DFHVW PRWLY FDUWHD ODWLQ D UPDV SLYRWXO DFHVWXL JHQ GH PDQLIHVWUL
LQWHUQD LRQDOH /LVWHOH ELDQXDOH DOH QRXW LORU GH SH SLD D FU LL FDUH DX DSUXW vQ PRG UHJXODW OD
)UDQNIXUW GLQ  VXE WLWOXO GH &DWDORJXV XQLYHUVDOLV VXQW SULPHOH ELEOLRJUDILL FRPSOHWH úL
WRWRGDW L]YRDUH SUH LRDVH SHQWUX FHUFHWDUH ÌQ FXUVXO VHFROXOXL DO ;9,,OHD GLQ FDX]D FHQ]XULL
FDWROLFH úL D FRQIOLFWHORU JHQHUDWH GH 5]ERLXO GH  GH DQL   FLIUD GH DIDFHUL vQ DFHVW
GRPHQLX VFDGH FHHD FH FRQGXFH OD GLPLQXDUHD LPSRUWDQ HL DFHVWXL WkUJ IFkQG ORF WkUJXOXL GH OD
/HLS]LJRUDúPDLOLEHUDO

,7$/,$ vQFHSXWXULOH WLSRJUDILHL vQ ,WDOLD HVWH IFXW GH JHUPDQL DIOD L vQ FXWDUHD XQRU
GHEXúHXUL VWDELOH ,WDOLD IUkPL DW GLQ SXQFW GH YHGHUH VWDWDO  UHSUH]HQWD R PDUH DWUDF LH ILLQG
ERJDWSURVSHU úLOLWHUDW5RPDHUDFHQWUXOFUHúWLQW LLLDU9HQH LD FHQWUXOFRPHU XOXLPRQGLDO
ÌQ SOXV VXGXO vQVRULW H[HUFLWD R SXWHUQLF DWUDF LH VHQWLPHQWDO DVXSUD QRUGLFLORU ùL SHVWH WRDWH
,WDOLD HUD XQ VSD LXDO5HQDúWHULLDOVFKLPEXOXLGHLGHLGDUúLDOORYLWXULORUGHFX LW'HODYHQLUHD
SULPLORU WLSRJUDIL WLSDUQL HOH VH UVSkQGHVF UDSLG vQ  QXPUXO ORU VH ULGLF UDSLG OD  FX R
PDUHSURGXFWLYLWDWH&RQFHQWUDUHDvQWUHSULQGHULORUSXWHUQLFHOD5RPD9HQH LD0LODQRVDX)ORUHQ D
HVWH UHPDUFDELO FHHD FH QX H[FOXGH SURVSHULWDWHD XQRU DWHOLHUH GH PDL PLF LPSRUWDQ  úL QLFL
H[LVWHQ DXQHLVDOEHGHWLSRJUDILLDPEXODQWHHIHPHUHDWkWGHFDUDFWHULVWLFHSULPXOXLVHFRODODFHVWXL
PHúWHúXJDIODWvQFXWDUHDXQXLHFKLOLEUX
 5RPD YD GHYHQL UDSLG FX WRDWH GLILFXOW LOH LQHUHQWH vQFHSXWXOXL XQXO GLQWUH FHOH PDL PDUL
FHQWUHLWDOLHQHDOHWLSRJUDILHLvQWRW XQJHUPDQ8OULFK+DQHGLWHD] SULPDFDUWHLOXVWUDW GH
SH WHULWRULXO ,WDOLHL 0HGLWDWLRQHV GH YLWD &KULVWL VFULV GH SURWHJXLWRUXO VX FDUGLQDOXO
7RUTXHPDGD YLLWRUXO PDUH LFKL]LWRU DO 6SDQLHL (XFKDULDV6LOEHURULJLQDUGLQ :U]EXUJSH OkQJ
HGL LL FODVLFH WLSUHúWH EURúXUL úL IRL L]YRUkWH GLQ DFWXDOLWDWH SXWkQG IL FRQVLGHUDWH SULPHOH ]LDUH
$VWIHO HO IDFH FXQRVFXW FRQGDPQDUHD OXL 6DYRQDUROD UHIRUPDWRUXO IORUHQWLQ SXEOLF
&RQFOX]LLOH«OXL3LFFRGHOOD0LUDQGRODFRQVLGHUDWHHUHWLFHLQIRUPHD] SHFHW HQLL5RPHLGHVSUH
HYHQLPHQWHOH SROLWLFH GLQ 6SDQLD úL GLQ DOWH SU L úL UVSkQGHúWH IDLPRDVD VFULVRDUH D OXL &ULVWRIRU
&ROXPE'HLQVXOLVLQPDUHLQGLFRUXSHULQYHQWLV ,DFRER0D]]RFKLGLQ%HUJDPRIRORVHúWHSULPXO
vQSDJLQLOHGHWLWOXFXFKHQDUDUKLWHFWXUDOWRWHOYDSXEOLFDvQ(SLJUDPPDWD DQWLTXDH
RUELV5RPDHFHDPDLYHFKHFROHF LHGHLQVFULS LLODSLGDUH
 9HQH LD YD GHYHQL vQ VFXUW WLPS FDSLWDOD PRQGLDO D FU LL WLSULWH DWkW SULQ QRXWDWHD
FRQ LQXWXOXLúLSUH]HQWULLFkWúLSULQFDQWLWDWHDúLUVSkQGLUHDFU LORUSURGXVHÌQF vQDLQWHGH
vQDFHVWRUDúvúLGHVIúXUDXDFWLYLWDWHDGHWLSRJUDILFDUHHGLWDVHU SkQ ODGDWDPHQ LRQDW 
GH WLWOXUL LQFXQDEXOH FD úL OD 5RPD FHL GLQWkL WLSRJUDIL HUDX GH RULJLQH JHUPDQ OXFUX RDUHFXP
FXULRVDYkQGXVHvQYHGHUHF LWDOLHQLLHUDXDUWLúWLúLPHúWHULQHvQWUHFX LvQWLPSFHJHUPDQLLDYHDX
XQ VWLOPDLJUHRL HLVHYRULQVSLUDGLQVWLOXOLWDOLDQúLYRUJVLDLFLRUH HDFRPHUFLDO FRQVWLWXLW
SUHJWLW SHQWUX D OH UVSkQGL SURGXVHOH /D  VHSWHPEULH  -RKDQQ GLQ 6SLUD RE LQH  GH OD
6HQLRULH XQ SULYLOHJLX FDUH vL JDUDQWHD] PRQRSROXO SH  DQL SHQWUX H[HUFLWDUHD SURIHVLXQLL VDOH
IUDWHOHVDXvLFRQWLQX DFWLYLWDWHDSXEOLFkQGvQSULPD%LEOLHvQOLPEDLWDOLDQÌQMXUXODFHOHLDúL
GDWH VH VWDELOHúWH XQ FRQFXUHQW SULPHMGLRV FHO PDL FRPSHWHQW WLSRJUDI DO DFHVWHL HSRFL 1LFRODV
-HQVRQYHQLWGLQ6RPPHYRLUHGHOkQJ 7UR\HV(OSXEOLF vQ(SLVWRODHDG%UXWXP GH&LFHUR
-HQVRQHVWHDFHODFDUHG FDUDFWHUXOXLURPDQIRUPDVDGHILQLWLYDFHHDGLQFDUHúLDVW]LGHULY vQF
QHQXPUDWHOH YDULDQWH FXQRVFXWH GH DFHVW DOIDEHW FHO PDL IRORVLW vQ WLSRJUDILD PRQGLDO 3RYHVWHD
SOLQ GHvQWkPSOULQHDúWHSWDWHDDFHVWXLSLRQLHUDOWLSRJUDILHLQXQHHVWHFXQRVFXW GHFkWGLQUHODWUL
PDL WkU]LL ED]DWH SH GRFXPHQWH GLQ VHFROXO DO ;9,OHD 'LQ HOH UHLHVH F -HQVRQ FD JUDYRU GH
PRQHGHúLPHGDOLLDUILIRVWWULPLVvQOD0DLQ]SHQWUXDOPXULvQIDYRDUHDUHJHOXL&DURODO9,,
OHD  PLVWHUXO PXOWLSOLFULL VFULHULORU 2ULFDUH DU IL IRVW DGHYUXO DVXSUD WHQWDWLYHL GH VSLRQDM
LQGXVWULDO -HQVRQ D SUHIHUDW V VH VWDELOHDVF OD 9HQH LD XQGH DOWXUL GH DO L JHUPDQL D IRQGDW
SXWHUQLFDILUP1LFRODXV-HQVRQVRFLLTXHFXvQWLQVHOHJWXULGHDIDFHULúLUHSUH]HQWDQ HOD5RPD
3HUXJLD1HDSROH-HQVRQWUHFHDGUHSWXQXOGLQFHLPDLERJD LYHQH LHQLÌQQRELODWGHSDSD6L[WXVDO
9,OHDHODPXULWOD5RPDXQGHVHGXVHVHFDLQYLWDWDOSDSHLÌQWUHúLGLQWLSDUQL HOHVDOH
DXLHúLWSHVWHGHWLWOXULvQGHRVHELFODVLFLODWLQLOXFUULWHRORJLFHúLMXULGLFH(UKDUG5DWGROWGLQ
$XJVEXUJDvPERJ LWLPSULPHULDYHQH LDQ FXFkWHYDLQYHQ LLGHED] SULQFDUHFDUWHDYDILVFXWLW
GHvPSRGRELULOHFXPkQD3ULQWUHFHOHGHOXFUULLHúLWHGLQWHDVFXULOHVDOHvQWUHúLGDWD
vQWRDUFHULLVDOHOD$XJVEXUJVHUHPDUF OXFUULGHDVWURQRPLHúLGHPDWHPDWLFL
HGL LD SULQFHSV GLQ (OHPHQWH GH (XFOLG FX ILJXUL JHRPHWULFH SH PDUJLQL úL XQ FDOHQGDU LWDOLDQ úL
JHUPDQDODVWURQRPXOXL5HJLRPRQWDQXV,PSULPHULDLWDOLDQ DWLQJHFXOPHDUHSXWD LHLPRQGLDOHSULQ
IDPLOLD OXL $OGXV
0DQXWLQXV úL FHO PDL (PEOHPDHGLWRULDO DOXL$OGXV
PDUH YROXP GH DIDFHUL 0DQXWLXV

SULQ IDPLOLD *LXQWD


$WHOLHUXO OXL $OGXV DSDUH
SH XQ WHUHQ IHUWLO HO VH
GH]YROW FD R DIDFHUH GH
IDPLOLHSRUQLQGSHILOLHUD
-HQVRQ$QGUHD7RUH]]DQL
VRFUXO OXL $OGXV 
HPEOHPD VD  FUXFHD vQWUHLW GHDVXSUD XQXL JORE SPkQWHVF 
HUD FXQRVFXW GH WRDW OXPHD ÌQWUH  úL  IDPLOLD OXL
$OGXV úLD IRORVLW WHDVFXULOH SHQWUX PXOWLSOLFDUHD  PRúWHQLULL FODVLFH JUHFHDVF úL ODWLQ  DOH FUHL
HGL LL GHYLQ XQ H[HPSOX SHQWUX FRQIUD L SULQ ILGHOLWDWH úL VHULR]LWDWH (GLWkQGXL SH FODVLFL $OGXV
0DQXWLR 0DQXWLQXV5RPDQXV YDGDRQRX IRUP FU LLSULQIRORVLUHDIRUPDWHORULQ TXDUWRLQ
RFWDYRLQ FU LGHEX]XQDUFROHF LLGHDXWRULOHJWXULXúRDUHOLWHUHQRLWLSRJUDILHVREUWLUDMH
PDUL SUH XUL PLFL /D vQFHSXW FU LOH VDOH QX SRDUW vQF QXPHURWDUHD SDJLQLORU GDU SHQWUX DO
vQGUXPD SH FLWLWRU VDX SH OHJWRU SDJLQLOH HUDX SUHY]XWH FX FXVWRGH úL VLJQDWXUL
&8672'(/(SULPXO FXYkQW GLQWUR SDJLQ IU VR  FDUH DSDUH vQ MRVXO SDJLQLL SUHFHGHQWH
6,*1$785$ $ , $ ,, HWF % , % ,, HWF LQGLF OHJWRUXOXL IHOXO vQ FDUH D IRVW vQGRLW FRDOD úL
IHOXOvQFDUHXUPHD] FDLHWHOHFLIUHOHURPDQHFRUHVSXQGSULPHLMXPW LDFDLHWXOXL FHOGHDOGRLOHD
FDXUPDUHDvQGRLULLXUPHD] GHODVLQH&XVWRGHOHDIRVWDEDQGRQDWODVIkUúLWXOVHFROXOXLDO;9,,,
OHD 3XEOLFD LLOHWLSDUQL HORUDOGLQHSRDUW FHOHEUDHPEOHP DDQFRUHLFXGHOILQXOFXGHYL]D)HVWLQD
OHQWH JUEHúWHWHvQFHWILLDJLOFDGHOILQXOúLSXWHUQLFFDDQFRUD (DDIRVWSURSXV GHFWUH(UDVPXV
GLQ 5RWWHUGDP ILLQG LQVSLUDW GXS R PRQHG DQWLF URPDQ GLQ WLPSXO vPSUDWXOXL
7LEHULX7LSRJUDILD DOGLQ YD IDFH úFRDO úL SULQ OLWHUDIRORVLW DOGLQD FXUVLY GHYHQLW XQ VXFFHV
PRQGLDOGH]DYDQWDMXOFRQVW vQQXPHURDVHOHLPLWD LLXQHOHGHSURDVW FDOLWDWH([DVSHUDW$OGXVLD
SR]L LHvPSRWULYDLPLWDWRULORUvQWUXQSDPIOHWvQFU LOHORUIU FRORIRQúLIU PDUF HLIRORVHVFR
KkUWLH PHGLRFU FDUH PLURDVHXUkW OLWHUHOHORU VXQWOLSVLWHGHHOHJDQ  FRQFKLGHDHO(UDUHYROWD
VWUGXLQ HLvQID DLPSRVWXULLGHIDFWXU LHIWLQ3HOkQJ FODVLFLOXFUDUHDGHUHIHULQ HVWH9LVXOOXL
3ROLILOVFULV GHFOXJUXOGRPLQLFDQ)UDQFHVFR&RORQQDúLSXEOLFDW vQ GHFLXQLQFXQDEXO 
$XWRUXO FHORU  GH LOXVWUD LL DUPRQLRV vPSOHWLWH FX WH[WXO HVWH DQRQLP QRXWDWHD HVWH GDW GH
DFURVWLKXO LQL LDOHORU FHORU  GH FDSLWROH UH]XOWkQG IUD]D 3ROLDP IUDWHU )UDQFLVFXV &ROXPQD
SHUDPDYLW )UDWHOH )UDQFHVFR &ROXPQD D DGRUDW SH 3ROLD  SHUVRQDMXO HVWH GH IDSW R DOHJRULH D
LXELULLGHIUXPRVWLSLF 5HQDúWHULL $FHDVW OXFUDUHUHSUH]LQW FDSRGRSHUDFU LLLOXVWUDWHGLQWLPSXO
5HQDúWHULL'XS PRDUWHDOXL$OGXVVXUYHQLW vQLPSULPHULDHVWHFRQGXV RYUHPHGHVRFUXO
VXDSRLGHILXOVXúLGHQHSR LGDUIU VXFFHVILQDQFLDUÌQYDILOLFKLGDW GHILQLWLY)DPLOLD
*LXQWD vQWHPHLD] XQ LPSHULX DO FU LL IU R FDOLWDWH DUWLVWLF GHRVHELW &HD PDL IUXPRDV
SXEOLFD LHHVWH%LEOLDLOXVWUDW  WUDGXV vQLWDOLDQ GH1LFFROR0DOOHUPL(PEOHPDWLSRJUDILF
DGLQDVWLHL*LXQWD FULQXOGH)ORUHQ D HUDWRWDWkWGHFXQRVFXW FDúLDQFRUDGHúLQXDYHDSUHVWLJLXO
DFHVWHLD*DEULHOH*LROLWRGLQ)HUUDUDHVWHXOWLPXOGLQWUHPDULLHGLWRULYHQH LHQLvQWUHHOD
WLSULWúLHGLWDWGHWLWOXULUHSUH]HQWkQGHGL LLDOHFODVLFLORUGDUúLDOHFRQWHPSRUDQLORU3HWUDUFD
%RFFDFLR 'HFDPHURQXO  7DVVR $ULRVWR 2UODQGR IXULRVR  FWUH  DUH ORF R FRWLWXU EUXVF
*LROLWR HUD DPHQLQ DW GH PkQLD ,QFKL]L LHL &RQWUDUHIRUPD VH SRUQLVH 3HQWUX D SXWHD VXSUDYLH XL
WUHEXLDV GHDSUREHFRQYLQJWRDUHGUHSWFUHGLQFLRúLORU'HVXEWHDVFXULOHVDOHvQOD9HQH LD
YD DSUHD SHQWUX SULPD GDW DFHO ,QGH[ OLEURUXP SURKLELWRUXP 7LSDUXO YHQH LDQ LQWU OD PLMORFXO
VHFROXOXLDO;9,OHDvQGHFOLQ FDX]HOHDFHVWXLDUH]LG vQFUL]DUHOLJLRDVHFRQRPLF úLFRQFXUHQ D
WRWPDLDFHUE UHVLP LW vQ(XURSD
 0LODQRvQDFHVWRUDúERJDWúLSXWHUQLFDFWLYLWDWHDWLSRJUDILF GHEXWHD] vQSkQ VSUH
VXQWvQUHJLVWUDWHGHDWHOLHUHWLSRJUDILFH0LODQR UPkQHFHOHEUXSHQWUXLPSULPULOHJUHFHúWL
 9HURQD vQ  *LRYDQQL GLQ 9HURQD WLSUHúWH SULPD FDUWH PLOLWDU LOXVWUDW FX  GH
[LORJUDYXUL UHSUH]HQWkQG DUPH úL PDúLQL GH OXSW vQ FRQGL LLOH U]ERLXOXL SHUPDQHQW SXUWDW vQWUH
UHSXEOLFLOHLWDOLHQHVDXvQWUHDFHVWHDúLLQDPLFLGLQH[WHULRUFDUWHDYDFXQRDúWHvQVHFROXODO;9,OHD
QXPHURDVHUHHGLWUL
 %UHVFLD vQ  DSDUH SULPXO 'DQWH LOXVWUDW FX JUDYXUL vQ OHPQ vQ IRUPDW PDUH SH vQ HOHVXO
WXWXURU
 %RORJQDFHQWUXXQLYHUVLWDUYHVWLWVHVSHFLDOL]HD] SHHGLWDUHDGHPDQXDOH
 )HUUDUD G OXPLL vQ  'H FODULV PXOLHULEXV XQD GLQWUH FHOH PDLIUXPRDVH FU L FDUH VDX
WLSULW YUHRGDW vPSRGRELW FX SRUWUHWH UHDOH &DWHULQD 6IRU]D (OHRQRUD G
(VWH  úL  SHUVRQDMH
IHPLQLQHDQRQLPH 
 )ORUHQ D FHQWUX DUWLVWLF úL LQWHOHFWXDO YHVWLW WLSDUXO HVWH QHYRLW GH OD vQFHSXW V vQIUXQWH
GLVSUH XOIDPLOLHL0HGLFL&XWRDWHDFHVWHDDUWDWLSDUXOXLLDDYkQWLPSXQkQGXVHJUDYXUDvQPHWDO
&HD PDL YDORURDV úL PDL UDU FDUWH HVWH XQ 'DQWH DSUXW vQ  GHVHQHOH LOXVWUD LLORUvL DSDU LQ
SUREDELOOXL%RWLFHOOL)ORUHQ DRFXS XQORFPDLPXOWGHFkWRQRUDELOvQSULYLQ DWLSULWXULORUJUHFHúWL
(GL LDSULQFHSVDOXL+RPHULHVHGLQWHDVFULOHOXL%DUWRORPHRGLQ)UDQFHVFRGHO/LEULvQ&WUH
VIkUúLWXOVHFROXOXLPHPEULLIDPLOLHL*LXQWDGHYLQFHLPDLLPSRUWDQ LHGLWRULúLWLSRJUDILGLQRUDú
 1HDSROH FDSLWDOD 5HJDWXOXL $UDJRQXOXL GLQ 6SDQLD HVWH VLQJXUXO RUDú GLQ VXGXO ,WDOLHL FDUH D
DYXW R WLSRJUDILH LPSRUWDQW $X IRVW GHVFRSHULWH  GH vQWUHSULQGHUL GLQDLQWH GH 
3DUWLFXODULWDWHDDUWHLWLSDUXOXLSUDFWLFDW vQDFHVWRUDúHVWHGDW GHLQIOXHQ DVSDQLRO3URWRWLSRJUDIXO
QDSROLWDQDIRVWXQJHUPDQ6L[W5LHVVLQJHUFDUHYHQLWGHOD5RPDDLQVWDODWDLFLSULPDWLSDUQL vQ
DQXO3UREDELOF DFHVWOXFUXVDvQWkPSODWSHQWUXF LWDOLHQLLFDDUWLúWLGHVYkUúL LVDXFRQYLQV
PDLJUHXF úLWLSDUXOSRDWHILDUW&HDPDLLPSRUWDQW OXFUDUHDOXL5LHVVLQJHUHVWH(VRSGLQ
FX R PHQ LXQH LPSRUWDQW WLSRJUDILL HUDX GHVHPQD L DQRQLP FD *HUPDQL ILGHOLVVLPL FHOH  GH
JUDYXULvQOHPQHUDXRUQDWHFXPRWLYHKLVSDQRPDXUHÌQWLSRJUDILDSWUXQGHúLvQ6LFLOLDWRW
SULQLQWHUPHGLXOXQXLJHUPDQ+HLQULFK$OGLQJ

7LSRJUDILD LWDOLDQ vQFHSH V GHFDG vQ VHFROXO DO ;9,OHDGDWRULW FDX]HORU HQXQ DWH YH]L
9HQH LD OVkQGORFXODOWRUFHQWUHHXURSHQH

)5$1$ DUH R VLWXD LH VSHFLILF GDWRULW IUkPL ULL VWDWDOH D OXSWHORU LQWHUQH úL D
5]ERLXOXL GH  GH DQL ([LVWHQ D D QXPHURDVH IRU H SRWULYQLFH vPSLHGLF LQVWDODUHD XQRU
vQWUHSULQGHUL GXUDELOH FDUH DU IL WUHEXLW V GHSúHDVF FDGUXO ORFDO VDX FDUH DU IL FXQRVFXW R
SURVSHULWDWHPDLPXOWGHFkWWHPSRUDUFDGHSLOG OD5RXHQ&DHQVDX7RXORXVH$FHDVW VWDUHGH
OXFUXUL QX VH YD VFKLPED GHFkW vQ WLPSXULOH PRGHUQH FkQG PLMORDFHOH GH FRPXQLFDUH UDSLG YRU
PLFúRUDVSD LXOHFRQRPLF3ULPHOHWLSRJUDILLGLQVSD LXOIUDQFH]VXQWvQILLQ DWHGHPHúWHULRULJLQDUL
GLQ2ODQGD)ODQGUDVXGXO*HUPDQLHLúLQRUGXO,WDOLHLLDW RUGLQHDDSDUL LHLORU 3DULV
/\RQ 7RXORXVH$QJHUVúLSUREDELO$OEL &KDEOLVúL9LHQQH 3RLWLHUV
&DHQ &KkUWUHVúL0HW] 7UR\HV &KDPEpU\%UHKDQ /RXGpDF5HQQHV
7UpJXLHU 6DOLQV   $EEHYLOOH   5RXHQ %HVDQoRQ /DQWHQDF   (PEUXQ  
*UHQREOH'{OH2UOpDQV  *RXSLOOLqUHV$QJRXOrPH'LMRQ1DUERQQH &OXQ\
1DQWHV &KkORQV 7RXUV 0DoRQ   /LPRJHV  3URYLQV   $YLJQRQ  
3pULJXHX[   3HUSLJQDQ 9DOHQFLHQQHV 'LQ DFHDVW HQXPHUDUH UHLHVH R UVSkQGLUH WHULWRULDO
PDLHFKLOLEUDW GHFkW DFHHD D ,WDOLHL $VHPQWRDUH,WDOLHLHVWHYHQLUHDSULPXOXLYDOGHPHúWHULGLQ
*HUPDQLD GDWRULW IDSWXOXL F HL HUDX PDULL VSHFLDOLúWL vQ WXUQDUHD OLWHUHORU SULPLL WLSRJUDIL HUDX
LGHQWLILFD LFXOXFUWRULLvQPHWDO)RU DGHPXQF GHYLQHDXWRKWRQ vQPRPHQWXOvQFDUH)UDQ DIDFH
HIRUWXULSHQWUXDúLUHGUHVDVLWXD LDHFRQRPLFJUDYFRPSURPLV GXS SXVWLLWRUXO5]ERLGHGH
DQL     0HWDOXUJLD LQGXVWULD VWRIHORU D PWVXULORU VXQW SXWHUQLF vQFXUDMDWH GH FWUH
UHJDOLWDWHFDUHvQFHSHV VHLPSXQ FDHOHPHQWFHQWUDOL]DWRU$QVDPEOXODFHVWRUPVXULYDSHUPLWH
ULL V DMXQJ GLQ XUP QLYHOXO YHFLQLORU VL PDL SURVSHUL ,WDOLD úL *HUPDQLD OXFUX vQISWXLW OD
vQFHSXWXOGRPQLHLOXL)UDQFLVF,   
 3DULV FHQWUX FXOWXUDO FX R XQLYHUVLWDWH YHVWLW 6RUERQD  UHFWRUXO XQLYHUVLW LL DGXFH vQ 
WUHLWLSRJUDILJHUPDQL8OULFK*HULQJGLQ.RQVWDQ]0LFKDHO)ULEXUJHUGLQ&ROPDUPDHVWUXvQDUWH
DO8QLYHUVLW LLGLQ%DVHOúL0DUWLQ.UDQ]GLQ6WHLQSULPXODWHOLHUHVWHLQVWDODWvQORFXLQ DUHFWRUXOXL
úL HO JHUPDQ GH RULJLQH  GH VXE WHDVFXULOH VDOH LHV  GH OXFUUL 3ULPD WLSULWXU 6FULVRULOH OXL
*DVSDULQR GLQ %HUJDPR VH vQFKHLH FX XQ RPDJLX 3DULV UHJDO KUQLWRU DO PX]HORU DúD FXP
VRDUHOHUVSkQGHúWHOXPLQDWXUVSkQGHúWLúWLLQ DvQOXPH$FHDVW VLQWDJP HVWHYDODELO úLDVW]L
vQ GHILQLUHD 3DULVXOXL  FD RUDú OXPLQ 'XS WUHL DQL FHL WUHL JHUPDQL SUVHVF 6RUERQD úL vúL
GHVFKLGXQQRXDWHOLHUFXvQVHPQXO6ROHLOG
RUDGUHVkQGXVHGHDFHDVW GDW XQXLSXEOLFPDLODUJ
'RL GLQWUH IRúWLL ORU DVRFLD L IODPDQGXO 3LHUUH .DLVHU úL JHUPDQXO +DQV 6WROO vúL GHVFKLG úL HL XQ
DWHOLHU vQ YHFLQWDWH 8OL D 6DLQW  -DFTXHV YD UPkQH PXOW YUHPH FXQRVFXW VXE GHQXPLUHD GH
XOL DWLSRJUDILORU6ROHLOG
RUYDVFRDWHSULPDFDUWHODPDLHVWHYRUEDGHVSUHXQPDQXDO
DGUHVDW SUHR LORU vQ  WRW OD HL DSDUH R 9XOJDWD SULPD %LEOLH WLSULW vQ )UDQ D &RQFXUHQ D
DIODW GRX FDVH PDL MRV VFRDWH DFHODúL WLS GH FU L vúL vQFHWHD] DFWLYLWDWHD vQ  $FHDVW
DFWLYLWDWH HIHPHU VH YD vQFKHLD vQ FXUkQG ILLQG XUPDW GH DWHOLHUH VWDELOH úL GH FDVH GH HGLWXU
FXQRVFXWHÌQ  GHEXWHD] SULPD HGLWXU VHULRDV DYkQG FDHPEOHP GRX OHEHGHRGDW FXHD
DSDUúLSULPHOHGRX FU LSDUL]LHQHLOXVWUDWH&DUDFWHULVWLFDDFHVWHLHGLWXULHVWHWLSULUHDDOWHUQDWLY
GHFU LUHOLJLRDVHúLODLFHSUHFXPúLIRORVLUHDJUDYXULLvQPHWDO$QWRLQH9pUDUGDIRVWSULPXOHGLWRU
SDUL]LDQYHULWDELOvQWUHúLVXEILUPDVDDSDUFLUFDGHYROXPHvQEXQ SDUWHFU LGH
UXJFLXQH $OWXUL GH DFHVWH FU L HGLWRUXO VFRDWH XQ PDUH QXPU GH WLWOXUL FX VXELHFWH SURIDQH vQ
OLPEDSRSXODUDGHVHDLOXVWUDWH&RQWHPSRUDQFX9pUDUGHVWHúLHGLWRUXO0DUQHIDFUXLDFWLYLWDWH
vQFHSH GLQ DQXO  úL FRQWLQX SkQ vQ VHFROXO XUPWRU QXPHOH OXLD UPDVOHJDWGH XQD GLQWUH
FHOHPDLVHPQLILFDWLYHúLPDLVIkúLHWRDUHOXFUULGHODVIkUúLWXO(YXOXL0HGLXÄ'DQVXOPDFDEUX´
DOHFUXLIRLLOXVWUDWHFXJUDYXULSHvQWUHDJDSDJLQ DXIRVWWLSULWHGH*X\0DUFKDQWvQ
DFHDVW WHP VHYDUHSHWDSkQ ODREVHVLHvQWRWFXUVXOVHFROXOXLDO;9,OHD 
 /\RQ FHQWUX ILQDQFLDU LQWHUQD LRQDO FX XQ QHJR vQIORULWRU vQGUHSWDW VSUH ,WDOLD *HUPDQLD úL
6SDQLDGHYLQHUDSLGSULQFHOHGHDWHOLHUHWLSRJUDILFHDOWUHLOHDRUDúGLQOXPHFXDFHDVW DFWLYLWDWH
GXS 9HQH LD úL 3DULV 6SUH GHRVHELUH GH RUDúXO OXPLQ LPSULPHULD GHSDUWH GH PDJLVWUD LL úL
SUHR LL SDUL]LHQL VH GH]YROW OLEHU/\RQXO YD IL DFHOD FDUH YD DYHD SULPLL WLSRJUDILXPDQLúWL DFHOD
FDUHvOYDODQVDSH5DEHODLVúL0DURWRGDW FX%HUQDUG6DORPRQFDUWHDIUDQFH] YDSULPLIRUPDVD
FHD PDL RULJLQDO DFHHD D 5HQDúWHULL GH OD )RQWDLQHEOHDX ÌQ  DSDUH &RPSHQGLXP EUHYH GH
/RWDULRSULPDHGL LHO\RQH] FXQRVFXWDVW]LUDULVLPDQXOPDUFKHD] DSDUL LDSULPHLFU L
IUDQFH]H LOXVWUDWH WLSULW vQ )UDQ D LQWLWXODW 2JOLQGD PkQWXLULL RPHQHúWL ÌQFHSXWXO
LQWHUQD LRQDOL]ULLDFHVWXLPHúWHúXJHVWHLOXVWUDWFXDFHDVW RFD]LHFOLúHHOH[LORJUDILFHPDLIXVHVHU
DQWHULRU IRORVLWH OD .|OQ vQ  úL OD %DVHO vQ  &HO PDL LPSRUWDQW WLSRJUDI DO RUDúXOXL HVWH
-RKDQQ7UHFKVHODOFUXLDWHOLHUDIRVWDFWLYvQWUHúL$EVROYHQWDO8QLYHUVLW LLGLQ(UIXUW
HO D OXDW vQ FVWRULH SH YGXYD FRPSDWULRWXOXL VX WLSRJUDIXO 3KLOLSSL D FUXL vQWUHSULQGHUH R
FRQWLQX 7UHFKVHO RE LQH SULPXO SULYLOHJLX UHJDO 'DU FDUWHD FDUH DYHD V DGXF IDLPD DFHVWXL
WLSRJUDIHVWHDOVX7HUHQWLQGLQUHHGLWDWvQ)UDQ DGHGHRULvQXUPWRULLGHDQL
,PSULPHULD vQ UHVWXO )UDQ HL XUPHD] OHJHD JHQHUDO D UVSkQGLULL VDOH HD VH vQWLQGH úL VH
IL[HD] vQ ORFXULOH FDUH RIHU SHUVSHFWLYH HFRQRPLFH GH PXOWH RUL vQ FHQWUHOH GH PDL PLF
LPSRUWDQ  DXDSUXWOXFUULYDORURDVHLQL LDWLYDXQXLHQWX]LDVWHUDFkWHRGDW VXILFLHQW([HPSOXO
FHO PDL EXQ vQ DFHDVW SULYLQ  vO FRQVWLWXLH LPSULPHULD GH OD %UHKDQ  /RXGpDF GLQ %UHWDQLD (D
SUHILJXUHD] WLSDUQL HOHSDUWLFXODUHGLQVHFROHOHDO;9,,OHDúLDO;9,,,OHD
8QGRPHQLXLQWHUHVDQWvOFRQVWLWXLHSODFKHWHOHJRWLFHGLQVHFROHOHDO;9OHDúLDO;9,OHD
2SXVFXOHGHSkQ ODIRLGHIRUPDWPLFFkWHRGDW VLPSOHIRLYRODQWHVHDGUHVDXXQHLFOLHQWHOH
PRGHVWH 5HGDFWDWH  vQ OLPED IUDQFH] WLSULWH FX OLWHUH JRWLFH GH RELFHL IRDUWH X]DWH RUQDWH FX
JUDYXULIUXVWHHOHvQGHSOLQHDXUROXOVXSOLPHQWHORUSRSXODUHDOHPDULORUFRWLGLHQHVDXUHYLVWHLOXVWUDWH
GLQ]LOHOHQRDVWUHÌQWUXQRDUHFDUHIHOOHVXQWFKLDUVXSHULRDUHILLQGFRPSOHWOLSVLWHGHSUHWHQ LLHOH
UHSUH]HQWkQG H[SUHVLD XQHL DGHYUDWH QHYRL SRSXODUH GH LQIRUPD LH GH VIDWXUL SHQWUX YLD  úL
DFWLYLWDWHRQHYRLHGHHYDGDUHSRHWLF GHIDFWXU LHIWLQ0DLvQWRWGHDXQDIU PHQ LXQHDORFXOXLVDX
D GDWHL QXPUXO DFHVWRU SODFKHWH WUHEXLH V IL IRVW FRQVLGHUDELO DWkW OD 3DULV FkW úL vQ SURYLQFLH
LQkQGXVHFRQWGHH[HPSODUHOHSVWUDWH
ÌQVHFROXODO;9,OHDDVLVWPODRVFKLPEDUHVXELQIOXHQ DWLSRJUDIXOXLXPDQLVWFDUHvQORF
GHDVDWLVIDFHSXEOLFXOHOvOFUHHD]vQORFGHDVHFRQIRUPDLGHLORUPRúWHQLWHHOSURSDJ DOWHOHQRL
SHQWUXHOvQVXúLVLQRQLPHFXDGHYUXOvQORFV ILHRPGHDIDFHULHOHUDXQDSRVWROúLvQFHOHGLQXUP
FDúLDFHVWDYDVXIHULPDUWLULXODFHDVW QRX SHUVSHFWLY VLWXHD] )UDQ DvQIUXQWHD(XURSHL
-RVVH %RGH -RGRFXV %RGLXV $VFHQVLXV  RULJLQDU GLQ vPSUHMXULPLOH RUDúXOXL *DQG HVWH
SULPXOPDUHWLSRJUDIHUXGLWGLQ3DULVÌQWUH WLSUHúWHSHVWHGHWLWOXULUHSUH]HQWkQG
FODVLFLLODWLQLvQWRWDOLWDWHFURUDOLVHDGDXJ LPSRUWDQWHWH[WHFRQWHPSRUDQHSULQWUHFDUHSULPHOH
VFULVRUL DOH OXL (UDVPXV (PEOHPD VD HVWH FHOHEU ÌQ HD VH SRDWH YHGHD R SUHV WLSRJUDILF FX
LQVFULS LD 3UDHOXP $VFHQVLDUXP )LLFD VD VH YD FVWRUL FX 5REHUW (VWLHQQH GXS PRDUWHD OXL
%RGLXVvQDWHOLHUXOIRQGDWGHHOYDIX]LRQDFXFHODOIDPLOLHL(VWLHQQH
)DPLOLD (VWLHQQH HVWH R DGHYUDW GLQDVWLH GH WLSRJUDIL VDYDQ L FDUH YD MXFD WLPS GH XQ
VHFRO úL MXPWDWH XQ URO GH YD] vQ DFWLYLWDWHD HGLWRULDO GLQ (XURSD +HQUL (VWLHQQH+HQULFXV
6WHSKDQXVIRQGDWRUXOIDPLOLHLVDVWDELOLWOD3DULVSHODVIkUúLWXOVHFROXOXLDO;9OHDXQGHDWLSULW
vPSUHXQ FX+LJPDQ'XS PRDUWHDDFHVWXLD  VHFVWRUHúWHFXYGXYDOXLÌQFHSkQG FXDQXO
VHPQHD] VLQJXUFHOHGHWLWOXULLHúLWHGLQWLSDUQL DOXL&RPHQWDULLOHSVDOPLORUúL(SLVWROHOH
6IkQWXOXL 3DYHO   vQWUHFXWH GRDU GH 4XLQFXSOH[ SVDOWHULXP   WLSULWH vQ GRX FXORUL vL
DVLJXU WLSRJUDIXOXLúLVDYDQWXOXLXPDQLVWRUHSXWD LHPRQGLDO'HYL]DVD6RDUWDSRDWHV ORYHDVF
ERJ LLOHGDUQXSRDWHYWPDVXIOHWXODIRVWRQRUDW SULQFRQGXLWDGHVFHQGHQ LORUVLFUHGLQFLRúL
FRQYLQJHULORU FKLDU vQ GHWULPHQWXO SURSULLORU LQWHUHVH /D PRDUWHD VD VXUYHQLW vQ  +HQUL
(VWLHQQH ODV vQ XUP R vQWUHSULQGHUH SURVSHU YGXYD VD VH FVWRUHúWH SHQWUX D WUHLD RDU FX
6LPRQGH&ROLQHVFRQGXFkQGvQWUHSULQGHUHDvQWLPSXOPLQRUDWXOXLILXOXLOXL(VWLHQQH
&ROLQHVHVWHSULPXOFDUHDIRORVLWOD3DULVOLWHUHOHLWDOLFH
vQFU LOHLQ RFWDYRWLSULWHvQPDQLHU DOGLQ)LLQGHOvQVXúL
JUDYRU SUREDELO F úLD FUHDW IUXPRDVHOH VDOH OHWULQH 3ODQXO
VX GH HGLWDUH D IRVW HFOHFWLF SH SODQ UHOLJLRV SRDWH IU V
YUHD D IFXW XQ SDV LPSRUWDQW VSUH 5HIRUP WLSULQG FX XQ
LPHQV VXFFHV vQ IRUPDW PLF úL vQ OLPED IUDQFH] (YDQJKHOLD
(SLVWROHOH )DSWHOH $SRVWROLORU 3VDOPLL QXFOHHOH YLLWRDUHORU
ELVHULFLUHIRUPDWH&RQGXFHUHDILUPHLYDILSUHOXDW GH5REHUW
, FHO GHDO ,,OHD ILX DO OXL +HQUL (VWLHQQH LQL LDW vQ WDLQHOH
PHúWHúXJXOXL GH WDWO VX YLWUHJ (PEOHPD VD  PVOLQXO  YD
GHYHQL FHOHEU 3ULPHOH VDOH WUHL OXFUUL VXQW IXQGDPHQWDOH
(PEOHPDWLSRJUDILF DOXL5REHUW 7KHVDXUXV OLQJXDH ODWLQDH     FHO PDL VHULRV
(VWLHQQH
GLF LRQDU ODWLQ XUPDW GH DOWH GRX ODWLQ  IUDQFH]   úL
IUDQFH]  ODWLQ   úL SH ED]D H[SHULHQ HL DFXPXODWH GH DOWH GLF LRQDUH SRUWDELOH SHQWUX X]XO
úFRODULORUvLDVLJXU RVROLG UHSXWD LHGHILORORJúLOH[LFRJUDI/DUkQGXOORUQXPHURDVHOHHGL LLDOH
9HFKLXOXLúL1RXOXL7HVWDPHQWvOFRQVDFU GUHSWSULQFLSDOXOWLSRJUDIGHELEOLLGLQ)UDQ D3UHRFXSDW
vQHJDO PVXU GHVRDUWDvQY PkQWXOXLSULPDUYDWLSULQXPHURDVHPDQXDOHFRPSXQkQGHOvQVXúL
R JUDPDWLF IUDQFH] &D úL OD $OGXV FX  GH DQL vQDLQWH VDX vQ WLPSXO DFWLYLW LL EXQLFXOXL VX
%RGLXV vQMXUXOVXVHJUXSHD] PLQ LOHFHOHPDLOXPLQDWHDOH)UDQ HL$WPRVIHUDGLQFDVDOXLHUD
DWkW GH HOHYDW vQFkW GXS PUWXULD PDL WkU]LH D XQXL QHSRW úL VOXJLOH vQY DVHU OLPED ODWLQ
$FWLYLWDWHDVDGHYHQLVHDWkWGHLPSRUWDQWvQFkWVHDMXQVHVHV VHEXFXUHGHvQDOW SURWHF LHUHJDO
ILLQGQXPLWWLSRJUDIXOQRVWUXGHOLWHUHHEUDLFHJUHFHúWLúLODWLQHÌQWLPSXOFDULHUHLVDOHGHGH
DQL5REHUW(VWLHQQHDWLSULWDWkWOD3DULVFkWúLOD*HQHYDvQMXUGHGHOXFUULXQHOH FRQ LQkQG
XQ LPSRUWDQW DSRUW SHUVRQDO ,VWRULFXO GH 7KRQ vQ +LVWRULD PHL WHPSRULV DSUXW vQ  VFULD
GHVSUHPDUHOHWLSRJUDI PRUWvQDFHODúLDQOD*HQHYDvQFUHGLQ FDOYLQ F HGL LLOHVDOHSHUIHFWH
UHSUH]LQW SHQWUX HO GUHSWXO OD UHFXQRúWLQ  QX QXPDL D )UDQ HL GDU úL D OXPLL vQWUHJL WLWOXUL PDL
VROLGHGHFkWFHOHPDLVWUOXFLWHFXFHULULDOHFHORUPDLIDLPRúLFRQGXFWRULGHRúWL«
&U LOH IDPLOLHL (VWLHQQH SDU DúL IL JVLW FX 5REHUW IRUPXOD ORU GHILQLWLY 7LSULWXULOH
GHVFHQGHQ LORUYRUSVWUDGHDVHPHQHDPDUFDIDPLOLHLH[SULPDW SULQVREULHWDWHHOHJDQ HFKLOLEUX
FKHQDUHWLSDUFODUúLVWUkQVIU DSLHUGHQLPLFGLQVXSUDID DXWLO DXQHLKkUWLLGHEXQ FDOLWDWH6XQW
LQVWUXPHQWHGHOXFUXGHVYkUúLWHvQFDUHIXQF LRQDOXOúLIUXPRVXOIRUPHD] XQWRW'HVWLQXODFHVWHLPDUL
IDPLOLL YD FXQRDúWH vQ FRQWLQXDUH ILUHVF VXLúXUL úL FRERUkúXUL GLQWUH XUPDúL XQLL FRQWLQX DUWD
WLSDUXOXLvQWLPSFHDO LLDMXQJVDYDQ LUHFXQRVFX L&DVDvúLvQFHWHD] DFWLYLWDWHDvQ
)DPLOLD7UHFKVHOJORULDVDVHVLWXHD] vQGRPHQLXODUWHORUSODVWLFHHDD HGLWDWvQGRX
OXFUULLPSHFDELOHDSDU LQkQGOXL+DQV+ROEHLQGLQ%DVHOFDSRGRSHUHDOHFU LLLOXVWUDWH
6HEDVWLDQ*U\SKH *UHLIIH RULJLQDUGLQRUDúXOLPSHULDOJHUPDQ5HXWOLQJHQGXS XQVWDJLX
HIHFWXDWOD9HQH LDVHVWDELOHúWHOD/\RQGHYHQLQGXQXOGLQWUHFHLPDLDFWLYLWLSRJUDILXPDQLúWLGLQ
SULPD MXPWDWH D VHFROXOXL DO ;9,OHD HPEOHPD VD UHSUH]HQWD XQ JULIRQ 3ULQ FRQ LQXWXO FU LORU
SXEOLFDWH YD IL XQ GHPQ XUPDú OXL $OGXV (VWLHQQH úL )UREHQ (OYH LD  'DU FHHD FH vO YD
LQGLYLGXDOL]D úL vL YD GD VDYRDUH YD IL VWUkQVD VD SULHWHQLH FX 5DEHODLV SURDVSW YHQLW GH OD
0RQWSHOOLHU XQGH SUHGDVH PHGLFLQD ÌQ MXUXO OXL  DSUHD OD /\RQ SULPD FDUWH GLQ 3DQWDJUXHO
DYkQG WLWOXO Ä3DQWDJUXHO XLPLWRDUHOH IDSWH úL YLWHMLL DOH SUHD UHQXPLWXOXL 3DQWDJUXHO UHJH DO
'LSVRLORUIHFLRUXOXULDúXOXL*DUJDQWXDWLFOXLW RGLQLRDU GHPHúWHUXO$OFRIULERV1DVLHU´ $FHVW
PLF LQ  TXDUWR QHGDWDW FX  GH IRL QHQXPHURWDWH «VD YkQGXW  DúD FXP vQVXúL DXWRUXO
PUWXULVHD  vQ GRX OXQL  PDL PXOW GHFkW WRDWH ELEOLLOH vQ QRX DQL7LPS GH  GH DQL FURQLFLOH
SDQWDJUXHOLFHVHYRUvPERJ LGHúLDXWRUXOORUDWUHEXLWQXRGDW V vQGXUHRSURELXODXWRULW LORUÌQ
5DEHODLVXQXOGLQVWkOSLLOLWHUDWXULLIUDQFH]HWUHFHDODFHOHYHúQLFHXOWLPHOHVDOHFXYLQWHILLQG
9RL GHYHQL SRDWH FLQHYD WUDJH L FRUWLQD FRPHGLD VD MXFDW /D WUHL DQL vO XUPD úL EXQXO VX
SULHWHQWLSRJUDIXO*UHLII&OpPHQW0DURWvLFRPSXQHDXUPWRUXOHSLWDI
7UDGXFHUH
Ä/DJUDQG
JULIIHTXLWRXWJULIIH *KHDUDFHDPDUHFDUH]JkULHRGDW
$JULIIpOHFRUSVGH*U\SKH $]JkULDWúLWUXSXOOXL*U\SKH
2XLOHFRUSGH*U\SKHPDLV 'DFKLDUúLWUXSXOOXL*U\SKH
1RQVRQORVQRQMDPDLV 'DUUHQXPHOHVXQLFLRGDW

6HUHPDUFDvQFHDPDLSXU WUDGL LHIUDQFH]MRFXOGHFXYLQWHJKHDU  JULIRQ


)DPLOLDGH7RXUQHVDVLJXUDFRQWLQXLWDWHDWUDGL LHLO\RQH]HvQWHPHLHWRUXOHL-HDQGH7RXUQHV
úLD IFXW XFHQLFLD OD *U\SKH &X HPEOHPD VD GRL úHUSL vQOQ XL L DSDU FHOH PDL IUXPRDVH FU L GLQ
DFHVWRUDúUHXúLWHDWkWSULQFODULWDWHDFDUDFWHUHORUDSXQHULLvQSDJLQFkWúLSULQFRUHFWLWXGLQHDWH[WHORU
úLIUXPXVH HDLOXVWUD LLORU*LQHUHOHVX%HUQDUG6DORPRQVXSUDQXPLW%HUQDUGFHO0LFYDDGRSWDvQ
)UDQ DQRXOVWLOQXPLWPDQLHULVWOHJDWGHFHUFHWULOHSODVWLFH'LQFDX]DSHUVHFX LLORUUHOLJLRDVHFDVD
GHHGLWXU VHPXW OD*HQHYDvQSURVSHUkQGDLFLWLPSGHGRX VHFROH
3HQWUX VHFROXO DO ;9,,OHD FD R QRXWDWH WUHEXLH PHQ LRQDW vQILLQ DUHD vQ )UDQ D D SULPHL
LPSULPHULLUHJDOHGHVWDWvQDQXO6SUHJORULD)UDQ HLúLVSUHFLQVWLUHDOLWHUHORU
$FHDVW LPSULPHULH VXEYHQ LRQDW D DYXW DYDQWDMXO GH D IL WLSULW FU L IU UDQGDPHQW (D
VHUYHD ILUHúWH úL SHQWUX DSDUL LD XQRU OXFUUL GH SURSDJDQG DUVHQDOXO OLWHUHORU HUD LPHQV SHVWH
GHSRDQVRDQHSHUPLWHDXFRPSXQHUHDGHWH[WHvQWRDWHOLPELOHYHFKLVDXPRGHUQH&HOPDL
PDUHúLPDLERJDWWH]DXUWLSRJUDILFDOOXPLLDIRVWWUDQVIRUPDWvQFHSkQGFXvQPX]HX$VWIHOV
DGRYHGLWvQF RGDW F WLSRJUDILDDIRVWXQXOGLQIDFWRULLGHFLVLYLvQIL[DUHDGLDOHFWHORUORFDOHFDUH
YRUGHYHQL PXO XPLW UVSkQGLULLFU LLOLPELOHQD LRQDOHVFULVH
63$1,$ ù, 32578*$/,$ vQFHSXWXULOH WLSRJUDILHL LEHULFH VXQW REVFXUH XQLL ELEOLRJUDIL
FLWHD] R LPSULPDUH EDUFHORQH] GLQ  R LQGXOJHQ  D OXL 5RGULJR %RUJLD vúL UHYHQGLF DFHHDúL
FLQVWH&HOHGRX GRFXPHQWHQXFRQ LQQLFLGDWDWLSULULLQLFLQXPHOHWLSRJUDIXOXLFHDPDLYHFKHFDUWH
GDWDW DIRVWUHDOL]DW OD9DOHQFLDvQ 2EUHVHWUREHVGHODKRUVGHOD6DFUDWLVVLPD9HUJH0DULD
(VWH SRVLELO FD WLSDUXO V IL SWUXQV vQ 6SDQLD SH FDOHD 0ULL 0HGLWHUDQH 6SUH GHRVHELUH GH DOWH
LQXWXUL LPSULPHULD SUDFWLFDW vQ 3HQLQVXOD ,EHULF SUH]LQW FkWHYD SDUWLFXODULW L SRUQLQG GH OD
FRQGL LLOHLVWRULFHvQFDUHDXHYROXDWDFHVWH UL5]ERLQLF úLYLROHQW6SDQLDLHVHFXJUHXGLQOXSWHOH
SHQWUXUHFXFHULULOHFUHúWLQHWHUPLQDWHWkU]LXRGDW FXUHFXFHULUHD*UDQDGHL*kQGLUHDúLDUWDFUHúWLQ
VXQW SXWHUQLF LQIOXHQ DWH  GH HOHPHQWH PXVXOPDQH PDXUH  &DUDFWHULVWLFH SHQWUX WLSRJUDILD LEHULF
VXQW IUXPRDVHOH SDJLQL GH WLWOX RFXSDWH vQ vQWUHJLPH GH HOHPHQWHOH FRQWUDVWDQWH UHSUH]HQWkQG
EOD]RDQH RULHQWDOH VXQW HOHPHQWHOH RUQDPHQWDOH FKHQDUH IORUL LQVSLUDWH GLQ FDOLJUDILD DUDE 0DL
PXOW GHFkW RULXQGH LPSULPHULD SHQLQVXOHL GHSLQGH GH EXQXO SODF GH SURWHF LD DXWRULW LORU
HFOH]LDVWLFH ÌQ WRW FXUVXO LVWRULHL VDOH SHULRDGHOH GH SURVSHULWDWH VDX GH GHFOLQ VXQW GHWHUPLQDWH GH
DWLWXGLQLOHIDYRUDELOHVDXRVWLOHDOHELVHULFLLFDWROLFHVWUkQVOHJDW GHVWDWÌQFHSkQGFX,QFKL]L LD
GHYLQHRLQVWLWX LHWHPXWSHUPDQHQWFDUHQXGLVSDUHGHFkWvQHLLVHGDWRUHD]PXOWHGLQWUH
GLVWUXJHULOH GH FU L 2 DOW SDUWLFXODULWDWH HVWH  IRORVLUHD SkQ vQ VHFROXO DO ;9,OHD D FDUDFWHUHORU
JRWLFH DFHVW OXFUX ILLQG SXV vQ OHJWXU FX vQFHSXWXULOH JHUPDQLFH  DOH LPSULPHULHL úL DQXPH FX
SXWHUQLFD &RPSDQLH GHOD5DYHQVEXUJDFUHLILOLDO VHJVHDOD9DOHQFLDSULPXOWH[W HODERUDWGH
WUHL JHUPDQL HVWH GDWDW  vQ WRWDO DFHúWLD DX WLSULW  OXFUUL ÌQ SULPHOH GHFHQLL LPSULPHULD VD
GH]YROWDWGHVWXO GH OHQW UPkQkQGSHPkLQLOHJHUPDQLORU&WUHvQFHSHV VHULGLFH%DUFHORQD
FDUH GHYLQH UDSLG XQXO GLQWUH FHOH PDL LPSRUWDQWH FHQWUH DOH 3HQLQVXOHL ,EHULFH SH OkQJ HOHPHQWXO
JHUPDQ VH YD LPSXQH úL FHO DXWRKWRQ ÌQWUH FHQWUHOH vQ IRUPDUH PHULW D IL PHQ LRQDW úL 6HYLOOD
SURGXF LLOH HL UHPDUFkQGXVH SULQWUXQ GHFRU VSHFLILF DOFWXLW GLQ EHQ]L QHJUH FX GHVHQH DOEH FX
DUDEHVFXUL
,PSULPHULD LEHULF vQFHSH V SURVSHUH FX DGHYUDW vQ VHFROXO DO ;9,,OHD DFHVW DYkQW VH
GDWRUHD] OXL )UDQFLVFR ;LPHQHV DUKLHSLVFRS GH 7ROHGR úL YLLWRU FDUGLQDO HO HVWH SURPRWRUXO
FXUHQWXOXLFXQRVFXWVXEQXPHOHGH&RQWUDUHIRUP&DUWHDFDUHFRQVDFU JORULDFDUGLQDOXOXLúLDOXL
$UQDR*XLOOHQGLQ%URFDUWLSRJUDIGHRULJLQHIUDQFH]DGXVGH;LPHQHVHVWHR%LEOLHSROLJORWvQ
 YROXPH LQ  IROLR SULPD GH DFHVW JHQ FXQRVFXW VXE GHQXPLUHD GH 3RO\JORWWD FRPSOXWHQVLV
&RPSOXWXPHUDQXPHOHODWLQDORUDúXOXL$OFDOi 
&kQG vQ  0DGULGXO GHYLQH FDSLWDOD 6SDQLHL WLSRJUDILL VH vQWkOQHVF DFROR FX WRDWH F
RUDúXOVHSODVHD] vQDFHVWGRPHQLXSHSULPXOORFFDOLWDWHDúLFDQWLWDWHDFXQRVFRVFGHUHGLQFDX]D
U]ERDLHORU úL D FHQ]XULL UHOLJLRDVH &DUWHD ILLQG LPSRUWDQW VH DGDSWHD] HFRQRPLHL GH FRQVXP
SHQWUXF DXUXOVSDQLROSURYHQLWGLQFRORQLLOHDPHULFDQHVHVFXUJHFWUHULOHGH-RVúLVSUH$QJOLD
vQDFHVWVHQVR]LFDO SRSXODU VSXQHD6SDQLDPQkQF /XPHD1RXGDUULOHGH-RVVXQWDFHOHD
FDUHVHvQJUDú
7RWXúL6SDQLHLVHFROXOXLDO;9,OHDvLUHYLQHPHULWXOFRQVWLWXLULLXQRUELEOLRWHFLLPSRUWDQWH
&ROHF LDFDUGLQDOXOXL;LPHQHVDMXQJHOD8QLYHUVLWDWHDGLQ$OFDOiÌQDLQWHDOXLFDUGLQDOXO0HQGR]D
  vúL IRUPDVH R ELEOLRWHF vQVHPQDW SH FDUH R ODV 8QLYHUVLW LL GLQ 9DOODGROLG )HUQDQGR
&RORQ  ILXOPDUHOXLH[SORUDWRU&ULVWRIRU&ROXPEDGXQ RELEOLRWHF DOFWXLW GLQ
GH OXFUUL GH JHRJUDILH FRVPRJUDILH úL úWLLQ HOH QDWXULL SH FDUH R GRQHD] FDWHGUDOHL GLQ 6HYLOOD
3URVWvQJULMLWDFHVWIRQGVHUHGXFHDVW]LODGHYROXPH%LEOLRWHFDGHOD(VFXULDOvQWHPHLDW
GH)LOLSDO,,OHDUPkQHFHDPDLLPSRUWDQW,PSRUWDQWHPDQXVFULVHDUDEHúLJUHFHúWLLDXDVLJXUDWR
IDLP PRQGLDOMXPWDWHGLQHDDF]XWSUDG IOFULORUvQ
&D SULPH SXWHUL PDULWLPH úL FRORQLDOH 6SDQLD úL 3RUWXJDOLD VH UHPDUF SULQ WLSULUHD XQXL
PDUH QXPU GH FU L GH QDYLJD LH FDUH DX FXQRVFXW QXPHURDVH UHHGLWUL SHQWUX SULPD GDW DSDUH
GHVFULHUHDEXVROHLvQWUDWDWXO$UWHGH1DYHJDUDOOXL3HGURGH0HGLQDDSUXWvQOD&RUGRED
32578*$/,$ EHQHILFLLQG GH XQ UHJLP PDL WROHUDQW WLSDUXO HVWH LQWURGXV DLFL GH FWUH
HYUHLFHDPDLYHFKHWLSULWXU HVWHvQHEUDLFVHLQWLWXOHD] 3HQWD6HXKúLDDSUXWOD)DURvQ
'LQVHYRUVWDELOLOD/LVDERQDúLSULPLLGRLWLSRJUDILJHUPDQL

$1*/,$ HVWH VLQJXUD DU GLQ 2FFLGHQW DO FUHL SULP WLSRJUDI YD IL XQ DXWRKWRQ úL WRW
VLQJXUDDOHFUHLFU LYRUDYHDWH[WXOvQOLPEDSRSXODU3ULQDFHDVWDvQF GHODRULJLQHLPSULPHULD
HQJOH] LDXQFDUDFWHUDEVROXWRULJLQDO
,QWURGXFHUHD WLSDUXOXL vQ DFHDVW DU VH GDWRUHúWH OXL :LOOLDP &D[WRQ QHJXVWRU ERJDW
RULJLQDUGLQ/RQGUDÌQWLQHUH HHIHFWXHD] PLVLXQLLPSRUWDQWHvQ)ODQGUDúL%XUJXQGLDIDVFLQDWGH
FDUWHvLGHSULQGHWDLQHOHOD.|OQÌQVHVWDELOHúWHGHILQLWLYOD:HVWPLQVWHUOkQJ /RQGUDXQGH
GHVFKLGHSULPXODWHOLHUHQJOH]FXHPEOHPD5HG3DWH /DVWkOSXOURúX EXFXUkQGXVHGHSURWHF LD
D WUHL VXYHUDQL &D[WRQ QX D H[FHODW FD WLSRJUDIvQ VFKLPE D IRVW XQ JHQLX FRPHUFLDO úWLLQG H[DFW
FHHD FH VH FHUHD SH SLD  3ULQWUH FHOH  GH WLWOXUL VFRDVH GH SUHVHOH VDOH vQWUH FDUH YUHR 
UHSUH]LQW WUDGXFHUL SURSULL vQ  WLSUHúWH SULPD OXFUDUH XQ URPDQ FDYDOHUHVF XUPDW GH
HQFLFORSHGLLSRSXODUHFU LGHPRUDO HWF&DSRGRSHUDVDHVWHHGL LDSULQFHSVDOXL&DQWHUEXU\7DOHV
3RYHVWLULOHGLQ&DQWHUEXU\ D OXL&KDXFHUPDUHOHúLSULPXOSRHWGHOLPE HQJOH] DOHYXOXLPHGLX
$FHDVW SXEOLFD LH D DYXW XQ VXFFHVGXUDELOGHRDUHFHSULPDHGL LHGLQDIRVWXUPDW ODVFXUW
WLPSGHDOWHOH
&D[WRQ D FUHDW XQ FDUDFWHU JRWLF RULJLQDO %ODFN OHWWHU OLWHUD QHDJU  YDULDQW D OLWHUHORU
JRWLFH GLQ ULOH GH -RV FDUDFWHUH FH YRU UPkQH vQ IRORVLQ  PXOW YUHPH vQ $QJOLD WRW HO HVWH
FUHDWRUXO FHOHL GLQWkLIRLGHSXEOLFLWDWHSHQWUXDWHOLHUXOVXFDUHFRQ LQHDUXJPLQWHDGHDQXUXSH
DILúXO'XS PRDUWHDOXL&D[WRQ LPSULPHULDVDHVWHSUHOXDW GHDVRFLDWXOVXRULJLQDUGLQ$OVDFLD
SURGXF LDYDILvQGUHSWDW DSURDSHH[FOXVLYVSUHPDQXDOHOHúFRODUHÌQDQXO:\QN\QvúLPXW
vQWUHSULQGHUHD OD /RQGUD XQGH PDL IXQF LRQDX vQF GRX VLQJXUHOH GLQ $QJOLD  WRW vQ DFHDVW
SHULRDG -RKQ7DWHvQILLQ HD] SULPDPRDU GHKkUWLHGLQ$QJOLD
3HQWUX F +HQULF DO 9,,,OHD LQL LDWRUXO SURWHVWDQWLVPXOXL HQJOH] FXQRVFXW VXE QXPHOH GH
DQJOLFDQLVP  VD RSXV LQL LDO WUDGXFHULL %LEOLHL vQ HQJOH] SULPD %LEOLH vQ DFHDVW OLPE D IRVW
WLSULW SH FRQWLQHQW  OD .|OQ 0DLQ] úL $QYHUV 7UDGXFWRUXO 7\QGDOH VXVSHFWDW WRFPDL GH
SURWHVWDQWLVPDIRVWH[HFXWDWvQDQXOGLQRUGLQXODFHOXLDúLQEGLRVVXYHUDQXQDQPDLWkU]LX
HOvQVXúLVHDSURSLDGHSURWHVWDQWLVP*UHDW%LEOH 0DUHD%LEOLH HVWHWLSULW SHQWUXSULPDGDW vQ
$QJOLDvQ
'HúLvQF GLQWLSRJUDILLDXIRVWVFXWL LvQPRGH[SUHVGHUHVWULF LLOHFDUHOLPLWDXPXQFD
VWULQLORU vQ $QJOLD WLSRJUDILD HQJOH] FRQFHQWUDW OD /RQGUD ELQH VXSUDYHJKHDW GH VWDW VH YD
EORFDvQUHJXODPHQWHSkQ FWUHVIkUúLWXOVHFROXOXLDO;9,,OHD
'RX H[FHS LL VXQW QRWDELOH HVWH YRUED GHVSUH WLSDUQL HOH XQLYHUVLWDUH  GH OD 2[IRUG úL
&DPEULGJH FX vQFHSXWXUL vQ VHFROXO DO ;9OHD úL FX SURGXF LH VWDWRUQLF vQ YHDFXO XUPWRU 7RW
DFXP$QJOLDFXOW LPSRUW FU LOHVDYDQWHDSUXWHSHFRQWLQHQWFXWRDWHRSUHOLúWLOHRILFLDOH

%2(0,$HVWHSULPD DU GHOLPE VODY FDUHFXQRDúWHLPSULPHULDGDWRULW QLYHOXOXLHLGH


GH]YROWDUH DSURSLDW PHGLXOXL JHUPDQ úL PLúFULL KXVLWH FX DVSLUD LL UHOLJLRDVH QD LRQDOH úL VRFLDOH
'HODvQFHSXWVXQWWLSULWHFU LvQOLPEDFHKSULPDOXFUDUHLQWLWXODW 7URMDQVND.URQLND QXPHOH
WLSRJUDIXOXLHVWHQHFXQRVFXW DSDUHvQOD3O]H FXGRLDQLvQDLQWHD3DULVXOXL 
3UDJD VXSUDQXPLW RUDúXO GH DXU DGSRVWLQG SULPD XQLYHUVLWDWH GLQ VSD LXO FHQWUDO HXURSHDQ
  VH SDUH F D FXQRVFXW LPSULPHULD DELD GXS  ÌQ DFHVW DQ úLDX vQFHSXW DFWLYLWDWHD WUHL
DWHOLHUHDQRQLPHFDUHDXWLSULWGLQFHOHGHWLWOXULFHKHDSUXWHvQDLQWHGHÌQYHGH
OXPLQD WLSDUXOXL FHOHEUD %LEOLH GH OD 3UDJD FHD GLQWkL %LEOLH vQ OLPED FHK &X WRDW DFWLYLWDWHD
FUHVFkQG DSUHVHORUGLQ%RHPLDQXPHURDVHFU LFHKHDXIRVWWLSULWHOD1UQEHUJúLvQDOWHSU L
LPSRUWXOORUFUHúWHvQWRWFXUVXOVHFROXOXLDO;9,OHD(UDILUHVFvQFRQGL LLOHvQFDUHDFHDVW DU HUD
FRQVLGHUDW XQDGLQSHUOHOH,PSHULXOXL*HUPDQ

32/21,$ PDL PXOW GHFkW %RHPLD SULPHúWH vQ VHFROXO DO ;9OHD LQIOXHQ D FXOWXULL
JHUPDQH 6SUH GHRVHELUH GH %RHPLD DLFL FODVD PLMORFLH HUD DSURDSH LQH[LVWHQW FHOHODOWH FODVH
QRELOLPHD  úL UQLPHD QX DYHDX vQFOLQD LH  VSUH FXOWXU &HQWUXO LQWHOHFWXDO DO 3RORQLHL HUD
&UDFRYLD UHúHGLQ  UHJDO úL YHFKL FHQWUX XQLYHUVLWDU LPSRUWDQW SHQWUX F DGXQD vQWUXQ DPHVWHF
FRVPRSROLW VWXGHQ L GH WRDWH QD LRQDOLW LOH (XURSHL &HQWUDOH úL GH (VW LQFOXVLY GLQ VSD LXO
URPkQHVF  3ULPXO WLSRJUDI FXQRVFXW .DVSDU 6WUDXEH GLQ 'UHVGD SXEOLF vQ  ([SODQWDWLR LQ
3VDOWHUUXPDOXL7RUTXHPDGDXUPDW GHRFDUWHGHGLFDW RSHUHL6IkQWXOXL$XJXVWLQ/XL6WUDXEHLVH
DOWXU vQ FXUkQGDO LWLSRJUDILJHUPDQLSULQWUHFDUH-DQ+DOOHUFRQVLGHUDWFHOPDLGHVHDP WLSRJUDI
DO VHFROXOXL DO ;9,OHD 2P GH DIDFHUL vQ VWLO PDUH HO RE LQH vQ  XQ SULYLOHJLX SHQWUX WRDW
vQWLQGHUHDUHJDWXOXLLQWHU]LFkQGRULFXLGUHSWXOGHDLPSRUWDúL YLQGHFU LOHFDUHILJXUDXvQFDWDORJXO
OXLGHHGLWRU+DOOHUDGDXJ vQWUHSULQGHULLVDOHRPRDU GHKkUWLH SULPDGHSHWHULWRULXO3RORQLHL úL
XQDWHOLHUGHOHJWRULH(OLQXQG SLD DFXFU LOLWXUJLFHúLPDQXDOHúFRODUH
)LROVDX9H\ORULJLQDUGLQ)UDQFRQLDVHLPSXQHDWHQ LHLGHRDUHFHvQFRODERUDUHFXJUDYRUXO
GH SRDQVRDQH 5XGROI %RUVGRUI FUXLD vL FHUH VXE SUHVWDUH GH MXUPkQW V SVWUH]H VHFUHWXO
UHDOL]HD] SULPXODOIDEHWFKLULOLF &XDFHVWHFDUDFWHUHHODLPSULPDWvQvQWUXQPDUHLQ IROLR
+\PQRORJLXPXO OXL ,RDQ 'DPDVFKLQXO $OWH SDWUXLPSULPUL GH FU L OLWXUJLFH RUWRGR[H GRYHGHVF
VHULR]LWDWHD DFHVWHL vQFHUFUL vQGUHSWDWH VSUH UVULW ,]EkQGD VD HVWH DWHVWDW SULQ H[LVWHQ D XQRU
H[HPSODUH SVWUDWH vQ ELEOLRWHFLOH UXVHúWL $FHDVW GHVFRSHULUH VH SDUH F D IRVW KRWUkWRDUH SHQWUX
SWUXQGHUHDWLSDUXOXLvQ8FUDLQDúL5XVLD/XFUXODGHYHQLWSRVLELOúLSULQIDSWXOF DLFLDXOXFUDWUXúL
úL XFUDLQHQL 3ULPD %LEOLH vQ VODYRQ FX FDUDFWHUH FKLULOLFH HVWH WLSULW OD 3UDJD vQWUH  úL
GHFWUHXQVWXGHQWGLQ&UDFRYLDGHRULJLQHXFUDLQHDQ
7RW OD &UDFRYLD DSDUH vQ  SULPD FDUWH vQ OLPED SRORQH] *UGLQD VXIOHWXOXL WLSULW vQ
DWHOLHUXOJHUPDQXOXL)ORULDQ8QJOHUÌQFHSkQGGLQ0DUNXV6FKDUIHQEHUJHUGHYLQHILJXUDFHQWUDO
DLPSULPHULHLSRORQH]H3ULPXOPDHVWUXWLSRJUDIGHRULJLQHSRORQH]0DFLH]:LU]ELHWDDFWLYHD] WRW
OD &UDFRYLD vQFHSkQG FX  'XS DYkQWXO 5HQDúWHULL LPSULPHULD SRORQH] VH DIO vQWUR VFGHUH
YL]LELO FDUH YD GXUD SkQ FWUHPLMORFXO VHFROXOXL DO ;9,,,OHDHD YD FXQRDúWH R QRX SHULRDG GH
vQIORULUHDELDVXEGRPQLDOXL6WDQLVODZ3RQLDWRZVN\   XOWLPXOUHJHDO3RORQLHL

81*$5,$ QX YD FXQRDúWH LPSULPHULD GHFkW SULQ VWUkQVD OHJWXU FX 5HIRUPD ÌQ 
$QGUHDV+HVVWLSUHúWHOD%XGD&KURQLFD+XQJDURUXPúLRHGL LHDOXL9DVLOHFHO0DUH0LFDSLD 
XQJDU D IRVW DSURYL]LRQDW GLQ VWULQWDWH PHúWHULL PDJKLDUL DX LPSULPDW FX SUHFGHUH vQ DIDUD
JUDQL HORUSkQ FkQGvQVHFROXODO;9,,,OHDLPSULPHULDFXQRDúWHRRDUHFDUHvQIORULUH3ULPHOHFU L
vQOLPEDPDJKLDU DXIRVWWLSULWHvQOD6iUYiUGHFWUH6]\OYHVWHU-DQRV HVWHYRUEDGHVSUHXQ
PDQXDOODWLQXQJDUúL1RXO7HVWDPHQW 8QDOWFHQWUXDIRVWFHOGHOD7\UQDX D]L7UQDYDvQ&HKLD 
XQGHvQFDGUXOFROHJLXOXLLH]XLWDIXQF LRQDWRWLSRJUDILHFDUHRE LQkQGXQSULYLOHJLXDSXWXWV VH
GHVIúRDUHIU YUHRFRQFXUHQ VHULRDV

5,/('(-26VXEDFHDVW GHQXPLUHVXQWFXQRVFXWH%HOJLDúL2ODQGDDFHVWWHULWRULXGHQV
SRSXODW FX RDPHQL KDUQLFL úL vQWUHSULQ]WRUL D FXQRVFXW vQF GH WLPSXULX R GH]YROWDUH HFRQRPLF
GHRVHELW,VWRULFXOIORUHQWLQ*XLFFLDUGLQLQXúLSRDWHDVFXQGHHQWX]LDVPXOODYL]LWDUHDDFHVWRU LQXWXUL
$SURDSH WR L FKLDU úL UDQLL úWLX V FLWHDVF úL V VFULH FHL PDL PXO L FXQRVF FKLDU HOHPHQWH GH
JUDPDWLF « (L DX WDOHQW úL R vQGHPkQDUH GHRVHELW SHQWUX LQYHQ LL DELOL OD WRW IHOXO GH PDúLQL
FRQYHQDELOH úL LQJHQLRDVH SHQWUXD XúXUDúL vQGHSOLQL WRW FHHD FH DX GH IFXW$YkQWXO WLSRJUDILHLúL
IDEULFULLKkUWLHLHVWHVWUkQVOHJDWGHWDOHQWXOLQJHQLR]LWDWHDúLSHUVHYHUHQ DDFHVWHLSRSXOD LL
3kQ OD5HIRUPGHVWLQHOH%HOJLHLúL2ODQGHLVXQWVWUkQVOHJDWHHOHUHSUH]HQWDXSUDFWLFXQ
FRQJORPHUDWGHVWWXOH HúLRUDúHOLEHUHVDXWUHFkQGGHODRVX]HUDQLWDWHODDOWD SDUWHDGHVXG 8Q
PDUH QXPU GH LPSULPUL WDEHODUH DUJXPHQWHD] vQ IDYRDUHD UVSkQGLULL LPDJLQLL DYkQG R WHQW
SUDFWLFLPHGLDW3UREDELOF úLDLFLWUDGL LDLPSULPULL HVWXULORUúLDVSXVFXYkQWXOÌQFHSkQGFX
 LPSULPHULD PRGHUQ VH LQVWDOHD] UDSLG vQ WRDWH RUDúHOH PDL LPSRUWDQWH   /RXYDLQ
  %UXJHV   'HOIW   $QYHUV   $PVWHUGDP HWF  ÌQ VHFROXO DO ;9OHD RUDúXO
'HYHQWHUGH LQHSULPXOORFFXGHLQFXQDEXOHÌQVHLQVWDOHD] OD$QYHUV*HUKDUGXVGH/HHX
FDUHSXEOLF GHXQXOVLQJXUSHVWHGHFU LSULQWUHFDUHOXFUULLOXVWUDWHGHREXQ FDOLWDWHGDUúLFU L
vQ OLPED HQJOH] 6H REVHUY F H[LVWD R SLD  LQWHUPHGLDU vQWUH*HUPDQLD )UDQ D úL $QJOLDÌQV FHD
PDL LPSRUWDQW vQWUHSULQGHUH GH HGLWDUH VH YD GH]YROWD OD $QYHUV SRUW DFWLY  vQ FRPHU XO KLVSDQR 
DPHULFDQ QXPDL vQWUH  úL  RUDúXO SRVHGD MXPWDWH GLQ WLSDUQL HOH ULORU GH -RV :LOOHP
9RUVWHUPDQ     D FUXL SURGXF LH VHUYHúWH PDL DOHV WHRORJLD G OD LYHDO PDUHD VD %LEOLH
IODPDQGODvQQRELODUHDFUHLDDXFRQWULEXLWFHLPDLPDULLOXVWUDWRULDLWLPSXOXL0LFKHO+LOOHQ 
 vúLFRQVDFU vQDFHODúLWLPSDFWLYLWDWHDWUDQVSXQHULLJkQGLULLXPDQLVWHvQOLWHUDWLSDUXOXL'LQ
HOLQWURGXFHvQGHFRUXOFU LORUVDOHFKHQDUHOHúLLQL LDOHOHvQVWLOLWDOLDQúLFDUDFWHUHOHURPDQH
&KULVWRSK3ODQWLQYDHFOLSVDvQDGRXDMXPWDWHDVHFROXOXLDO;9,OHDSHWR LFRQIUD LLVL
DWkW SULQ FDOLWDWHD úL RULJLQDOLWDWHD OXFUULORU VDOH FkW úL SULQ YROXPXO úL vQWLQGHUHD DIDFHULORU VDOH
1VFXW vQ vPSUHMXULPLOH RUDúXOXL 7RXUV   3ODQWLQ úLD IFXW VWXGLLOH OD 3DULV LDU XFHQLFLD FD
OHJWRU GH FU L OD &DHQ 'LQ FDX]D VDWXUD LHL SURGXF LHL IUDQFH]H VH vQGUHDSW VSUH $QYHUV XQGH
GHVFKLGHXQDWHOLHUGHFDUWRQDMH  vQVSHUDQ DF VHYDvPERJ LÌQOXFUXIRDUWHLPSRUWDQW
FkúWLJ FHW HQLDRUDúXOXL$QYHUVGHYHQLQGPHPEUXDO&RUSRUD LHL6DLQW /XFvQFDOLWDWHGHWLSRJUDI
ÌQSXQHvQIXQF LXQHSULPDSUHVvQYDDYHDGHSUHVHPDLPXOWHGHFkWDXDYXWYUHRGDW
IDPLOLLOH$OGXVVDX(VWLHQQH/LVWDSXEOLFD LLORU OXL3ODQWLQHVWHLPSUHVLRQDQWDWkWSULQGLYHUVLWDWHFkW
úL SULQ QXPUXO WLWOXULORU   &U LOH GH ULWXDO úL GH SURSDJDQG UHOLJLRDV VWWHDX DOWXUL GH
WUDGXFHUL GLQ DXWRUL JUHFL ODWLQL úL IUDQFH]L úL GH OXFUUL úWLLQ LILFH GH WRW IHOXO 3ODQWLQ QX D DYXW
WHPHLQLFDFXOWXU XPDQLVW DXQXL(VWLHQQHQLFLWDOHQWXODFHVWXLDFDVFULLWRU(ODúWLXWvQVFKLPEV VH
vQFRQMRDUHGHFRODERUDWRULúLVIWXLWRULVDYDQ LúLDUWLúWLFRPSHWHQ LGHYHQLQGDVWIHOXQXOGLQWUHSULPLL
HGLWRUL PRGHUQL (PEOHPD VD WLSRJUDILF XQ FRPSDV úL GHYL]D /DERUH HW FRQVWDQWLD PXQF úL
VWDWRUQLFLH  UHG FX SULVRVLQ  PHULWHOH DFHVWXL RP GLQ 7RXUV GHYHQLW IODPDQG ÌQJULMLUHD WHKQLF úL
HVWHWLF SHFDUHRG WLSULWXULORUVDOHDFUHDWúFRDO(ODIRVWSULPXOFDUHDIRORVLWVLVWHPDWLFSURFHGHXO
JUDYXULLvQDGkQFLPHvQSDJLQLOHGHWLWOXúLDGHVHDvQLOXVWUDUHDFU LORUVDOHLQDXJXUkQGGHIDSWFDUWHD
EDURF ÌQ VSHFLDO WLWOXULOH FX DUKLWHFWXUD ORU FX SHUVRQDMHOH úL RELHFWHOH VLPEROLFH SRUWUHWHOH VDOH
SODVDWH vQ IURQWLVSLFLX YRU IL PRGHOHOH HGL LLORU IHVWLYH GLQ VHFROXO DO ;9,,OHD 3XULúWLL vL UHSURúDX
SUVLUHDJUDYXULLvQOHPQ'DUJUDYXUDvQPHWDOHUDVLQJXUDvQVWDUHV VDWLVIDF FXILGHOLWDWHJXVWXOGLQ
FHvQFHPDLvQGUHSWDWFWUHH[DFWLWDWH&XWDUHDXQXLVWLOFODUúL HOHJDQWODGHWHUPLQDWVLXWLOL]H]HSH
FHL PDL EXQL JUDYRUL úL WXUQWRUL GH OLWHUH vQWUH FDUH IUDQFH]LL *DUDPRQG *UDQMRQ  úL /H %p GH LQ
vQWkLHWDWH $OHJHUHD OLWHUHORU VDOH RUQDWH QX DUH SHUHFKH DOIDEHWHOH ERWDQLFH FRPSXVH GLQ FULQL
VWkQMHQHL SDQVHOX H JDURDIH FORSR HL  WUVWXULOH GH SHQHO OLWHUHOH vPSRGRELWH OLWHUHOH vQIORUDWH
GHVHQDWHGXS YHFKLOHPDQXVFULVHGHYLQRFXOPHDDUWHLWLSDUXOXL
%LEOLD SROLJORW vQ  YROXPH LQ  IROLR úL vQ  OLPEL HEUDLF JUHDF ODWLQ FDOGHHDQ úL
VLULDQ  H[HFXWDW vQWUH   úL  FX VFRSXO vQORFXLULL %LEOLHL GH OD $OFDOD FDUH QX VH PDL
JVHD HUD VO DGXF SH WLSRJUDI OD IDOLPHQW úL vQ EUD HOH ,QFKL]L LHL SkQ OD XUP JUHXW LOH ILLQG
GHSúLWH 3ODQWLQ DMXQJH GDWRULW DFHVWHL OXFUUL XQ SHUVRQDM LPSRUWDQW vQFUFDW GH RQRUXUL úL
SULYLOHJLL &HO  PDL LPSRUWDQW SULYLOHJLX SHQWUX HO úL XUPDúLL VL D IRVW DFHOD FDUH vL DVLJXUD
H[FOXVLYLWDWHDLPSULPULLúLYkQ]ULLWXWXURUFU LORUGHULWXDOGLQSRVHVLXQLOHVSDQLROHGHSHVWHPUL
vQ6SDQLDúLULOH GH-RV7XOEXUULOHVRFLDOHúLUHOLJLRDVHvúLSXQDPSUHQWDúLDVXSUDOXL3ODQWLQQX
YD PDLVFRDWH WLWOXULDWkW GH LQWHUHVDQWHvQ VFKLPE ILUPD VDVSULMLQLW GHDXWRULW LYDDVLJXUDvQF
WLPS GH GRX VHFROH WLSULUHD FU LORU GH ULWXDO úL D SXEOLFD LLORU RILFLDOH ,PSULPHULD UPDV SH
PkLQLOHGHVFHQGHQ LORUHVWHYkQGXW vQRUDúXOXL$QYHUV'HDWXQFLDUKLYHOHYHFKLXOPDWHULDO
GHVHQHOHúLFROHF LLOHVDOHGHFU LDOFWXLHVFXQPX]HXUHSUH]HQWkQGXQDGLQFHOHPDLERJDWHVXUVH
GHLQIRUPD LHúLPUWXULDHPR LRQDQW DXQHLDGLQFHOHPDLDJLWDWHúLPDLIHUWLOHSHULRDGHGLQLVWRULD
WLSDUXOXL ÌQWLSRJUDILDúLHGLWXUD3ODQWLQDXIRVWWLSULWHXQHOHGLQFHOHPDLIUXPRDVHKU LSVWUDWH
SkQ DVW]L YH]LFDSLWROXO+DUWD SURGXVDOWLSDUXOXL 

2/$1'$ SHQWUX D vQ HOHJH DFHDVW SHULRDG HVWH QHFHVDU R VFXUW WUHFHUH vQ UHYLVW GLQ
SXQFWGHYHGHUHLVWRULFSkQ ODXQPRPHQWGDWDúDFXPVDPDLVXEOLQLDWWHULWRULXOGHQXPLWJHQHULF
ULOHGH-RVHUDDOFWXLWGLQWURVHULHGHVWWXOH HúLRUDúHORFXLWHGH RSRSXOD LHFDWROLF
&HOHPDLLPSRUWDQWHHUDX)ODQGUD%UDEDQW+DLQDXW$UWRLVLDUGLQWUHRUDúH/LqJH%UXJHV
*DQGHWF8QHOHGLQWUHDFHVWHDFRQIRUPRELFHLXOXLHSRFLLSXWHDXWUHFHGLQGLIHULWHPRWLYH FVWRULL
DOLDQ HYkQ]ULWHVWDPHQWHU]ERDLH VXERVX]HUDQLWDWHVDXDOWD&XWLPSXOSURYLQFLLOHVXGLFHYRU
DMXQJHVXEVX]HUDQLWDWHDKDEVEXUJLORUFDUHvQWUHWLPSDMXQVHVHU úLVWSkQLL6SDQLHLÌQXUPDXQRU
UVFRDOH DQWLVSDQLROH WHULWRULLOH VXGLFH YRU UPkQH OD DFHDVWD SRSXOD LD UPkQkQG SUHSRQGHUHQW
FDWROLFGLQHOHVHYDIRUPDvQDQXO%HOJLDGHDVW]L 3URYLQFLLOHQRUGLFHSURWHVWDQWHvúLGHFODU
LQGHSHQGHQ DID GH6SDQLDvQGHYHQLQG2ODQGD$FHDVW DU YDFXQRDúWHvQFHSkQGFXVHFROXO
DO;9,,OHDRGH]YROWDUHHFRQRPLF IU SUHFHGHQWGHYHQLQGGDWRULW SRVHVLXQLORUVDOHGHSHVWHPUL
XQD GLQWUH FHO PDL PDUL SXWHUL FRORQLDOH 2ODQGD DMXQVHVH V GH LQ  GLQ WHULWRULLOH GLQ HPLVIHUD
VXGLFFHHDFHUDSRUWDWODXQWHULWRULXGH.PðHUDFXDGHYUDWLPSUHVLRQDQW$FHVWDYkQWVD
UHIOHFWDWGLQSOLQúLvQGRPHQLXOSURGXF LHLWLSRJUDILFHFDUHH[FHOHD] vQUHDOL]DUHDGHFU LGDUúLGH
DWODVHJHRJUDILFHúLLVWRULFHVDXGHKU LVHSDUDWH YH]LFDSLWROXO+DUWD SURGXVDOWLSDUXOXL 
2LVWRULHDWLSDUXOXLúLDWLSULWXULORU

7LSRJUDILHGLQVHFROXODO;9,,OHD
2ODQGD VH GHRVHEHúWH QHW GH FHOHODOWH VWDWH HXURSHQH vQFRYRLDWH GH PUH LD  PRQDUKLORU
LQXWH vQ IUkX GH ELVHULFD DWRWSXWHUQLF SULQ OLEHUWDWHD FRQúWLLQ HL OLEHU FRQVLP LWH PDULL
SHUVHFXWD L HYUHLL GLQ 6SDQLD SURWHVWDQ LL GLQ )UDQ D VRFLQLHQLL GLQ 3RORQLD VH YRU DGXQD DLFL
SXQkQGXPUXOSULQFHHDFHDYHDXPDLEXQILUHúWHDOWXULGHRODQGH]LODSURJUHVXOúLSURVSHULWDWHD
DFHVWHL UL $PVWHUGDPXO OXkQG ORFXO $QYHUVXOXL YD GHYHQL PHWURSROD OXPLL vQWUHJL 2ODQGD vQ
YL]LXQHD XQXL FRQWHPSRUDQ GGHD 2 SDWULH D OLEHUHL JkQGLUL SHUVHFXWDWH vQ vQWUHDJD (XURS úL
HGLWRULSHQWUXWRDWHFU LOHGHúWLLQ úLSROHPLF
3ULQFDOLWDWHDHLFDUWHDRODQGH] DGH LQXWSkQ vQVHFROXODO;9,,,OHDvQWkLHWDWHvQ(XURSD
vQVRFRWHOLOHFRPHUFLDOH GLQWUHOLEUDULLRODQGH]LúLJHUPDQLRFDUWHRODQGH] DYHDHFKLYDOHQWXOD 
FU LJHUPDQHGDWRULW FRUHFWLWXGLQLLWLSDUXOXLvQJULMLWúLFDOLW LLKkUWLHL
'LQDVWLD (OVHYLHU D VWDW vQ IUXQWHD DFWLYLW LL HGLWRULDOH
HXURSHQH WLPS GH DSURDSH XQ VHFRO )RQGDWRUXO ILUPHL /RGHZLMN
0DUF WLSRJUDILF (O]pYLU (OVHYLHUQVFXWOD/RXYDLQDvQFHSXWSULQDILOHJWRUGHFU LOD
$QYHUV'LQFDX]DSHUVHFX LLORUUHOLJLRDVHDSUVLW)ODQGUDFDúL
DO L FDOYLQLúWL úL VD VWDELOLW FD OLEUDU OD /H\GD 3UREDELO F OD
vQFHSXW DIDFHULOH VDOH QX DX SURVSHUDW GHRDUHFH vQ  HO D
DFFHSWDWXQSRVWGHDSURGDO8QLYHUVLW LL3ULPDVDSXEOLFD LHR
HGL LH (XWURSLXV vL DSDUH vQ  'XS  WLWOXULOH VH VXFFHG
UDSLGVXEHPEOHPDVDUHSUH]HQWkQGVWHPD3URYLQFLLORU8QLWHXQ
YXOWXUFXXQPQXQFKLGHVJH LvQJKHDUHVLPEROL]kQGFHOH
SURYLQFLL úL GHYL]D &RQFRUGLD SDUYDH UHV FUHVFXQW 'H OD FHOH
PUXQWH OD FHOH PDUL  SULQ vQ HOHJHUH  $GUHVD HGLWRUXOXL DSXG
(OVHYLULDV VDX H[ RIILFLQD (OVHYLULRUXP YD GHYHQL FXUkQG
FXQRVFXW vQ vQWUHDJD (XURSD FXOWLYDW ,QWHUHVDQW HVWH úL

(GL LH(O]pYLU PRGDOLWDWHD SULQ FDUH LOXVWUXO IRQGDWRU úLD SURFXUDW FDSLWDOXO
QHFHVDUHGLWULLFU LORUVDOHHODDFKL]L LRQDWELEOLRWHFLvQWUHJLSH
FDUHOHDYkQGXWDSRLODOLFLWD LLSXEOLFHSULPHOHGHDFHVWJHQGLQ
OXPH 6DYDQWXO HUD GXEODW GH FHHD FH DP VSXQH D]L XQ H[FHOHQW
PDQDJHU
&XvQFHSHUHGLQ/RGHZLMNVHVWDELOHúWHFXILXOVX-RVW
OD 8WUHFKW GHYHQLQG OLEUDUL $O L GRL ILL DYHD  vQ WRWDO 0DWWK\V úL %RQDYHQWXUD FRQWLQX DIDFHUHD OD
/H\GD ,VDDF  ILXO OXL 0DWWKL\V GDWRULW XQHL FVWRULL DYDQWDMRDVH UHXúHúWH VúL FXPSHUH XWLODMXO
QHFHVDUvQFXPSU RPDUHJDP GHFDUDFWHUHRULHQWDOHUPDVHGXS PRDUWHDVDYDQWXOXLRULHQWDOLVW
7KRPDVYDQ(USHFDUHDYXVHVHRSUHV SHUVRQDO3URPRYDWWLSRJUDIDO8QLYHUVLW LLGLQ/H\GD,VDDF
úLD LQVWDODW SUHVHOH vQWUR GHSHQGLQ  D XQLYHUVLW LL XQGH DX IXQF LRQDW FRQGXVH GH XUPDúL SkQ vQ
 6XE GLUHF LD OXL $EUDKDP FHOODOW ILX D OXL 0DWWKL\V úL D XQFKLXOXL  VX %RQDYHQWXUD ILUPD
(OVHYLHU UHDOL]HD] FHD PDL vQVHPQDW SURGXF LH DYkQG UHOD LL GH DIDFHUL vQWLQVH vQ vQWUHDJD (XURS
$EUDKDPVHRFXS GHSDUWHDWHKQLFvQWLPSFHXQFKLXOVXDVLJXUDGLUHF LDFRPHUFLDO
&WUHVIkUúLWXO VHFROXOXL OD /H\GD IDPLOLD9DQGHU$D vQFHSHV LDORFXO(OVHYLHULORU(DVH
LPSXQHSULQHGLWDUHDDWUHLOXFUULIXQGDPHQWDOH2SHUDRPQLDDOXL(UDVPXVDSUXW vQWUH
vQ YROXPHGLQSkQ vQúLFHOHGHYROXPHLQ IROLRERJDWvPSRGRELWHDOHOXFUULL
Ä7KHVDXUXV DQWLTXLWDWXP HW KLVWRULDUXP ,WDOLDH PDUL OLJXVWLFR HW $OSLEXV YLFLQDH´  vQ  GH
YROXPH LQIROLR ERJDW vPSRGRELWH   úL *DOHULD SOFXW D OXPLL FHOH  GH WRPXUL
WRWDOL]kQG  GH JUDYXUL UHDOL]DWH SH vQWUHDJD SDJLQ UHSUH]HQWDX RUDúH FDVWHOH DQWLFKLW L  úL
VFHQHGLQWRDWH ULOHOXPLL
3DUDOHO vQFHSkQG FXVHULGLF OD+DDUOHPRQRX FDV GHHGLWXU(QVFKHGpFDUHVH
QXPU úLDVW]LSULQWUHFHOHPDLYHVWLWHvQWUHSULQGHULGHDFHVWJHQ 3HOkQJ SURGXF LLOHGHRVHELWH
DFHDVW QRX GLQDVWLHVDUHPDUFDWúLSULQDFKL]L LRQDUHDGHPDWHULDOWLSRJUDILFIRORVLWvQWUHVHFROHOH
;9 ;9,,,VXUV SUH LRDV GHGRFXPHQWDUHvQWRWFXUVXOVHFROXOXLDO;9,,,OHDIDPLOLD(QVFKHGpD
VWUkQVXQLPSUHVLRQDQWQXPUGHLQFXQDEXOH
7UHSWDW 2ODQGD vúL YD SLHUGH VXSUHPD LD QX QXPDL DFHHD D PULORU ORFXO ILLQGXL OXDW GH
HQJOH]L GDUúLFHDGLQGRPHQLXOWLSRJUDILHLVHSRDWHVSXQHF GLQOLSV GHLGHLFDUHWUHFDFXPSH
DOWHPHOHDJXUL $QJOLD)UDQ DúL*HUPDQLD 
'XS HQXPHUDUHDSULQFLSDOHORULPSULPHULLRODQGH]HGHYLQHQHFHVDU RHVWLPDUHFDOLWDWLY úL
FDQWLWDWLY D(OVHYLHUHORUGHQXPLUHDVXEFDUHVXQWFXQRVFXWHúLDGPLUDWHDVW]LDFHVWHFUHD LLDOH
SDWULPRQLXOXLXQLYHUVDO
$OWXULGHLQ IROLRúLLQ TXDUWR XULOHFRPXQHIRUPDWXOFHOPDLRELúQXLWDO(OVHYLHUHORU
HVWHLQ LDUXQHOHVHULLvQúLPDLPLFXOúLIRDUWHQHRELúQXLWXOLQ /XPHDVDYDQWFDUHDUHGH
RELFHL YHGHUHD VF]XW D SURWHVWDW XQHRUL vPSRWULYD FDUDFWHUHORU IRDUWH PLFL FX WRDWH DFHVWHD
DYDQWDMHOH vQWUH FDUH SUH XO PRGHUDW KkUWLD EXQ LPSULPDUHD úL FDUDFWHUHOH FXUDWH DX SUHYDODW
DVXSUDLQFRQYHQLHQWHORUDPLQWLWHùLFUL]DGHKkUWLHLQWHUYHQLW GLQFDX]DLPSRUWXULORUDOLSVHLGH
PDWHULH SULP D U]ERDLHORU úL GHFL D VFXPSLULL DFHVWHLD úLD VSXV FXYkQWXO vQ FHHD FH SULYHúWH
IRUPDWXO$FHVWHFU LYROXPLQRDVHFRVWDXIRDUWHSX LQRSHUDOXL9LUJLOLXWLSULW OD/H\GDvQ
vQWUXQYROXPvQVXPkQGQXPDLSX LQGHGHSDJLQLQXFRVWDODDSDUL LHGHFkWIORULQ
ÌQ  ILUPD (OVHYLHU D vQFHSXW V HGLWH]H VHULD FODVLFLORU ODWLQL +RUD LX 2YLGLX DSRL
&H]DU 3OLQLX 7HUHQ LX úL vQ VIkUúLW 9LUJLOLX )UXPXVH HD LPSULPULL FX FDUDFWHUH QRL FODULWDWHD
WLSDUXOXL JXVWXO vQ DOHJHUHD RUQDPHQWHORU ILQH HD úL UH]LVWHQ D KkUWLHL SXULWDWHD úL FRUHFWLWXGLQHD
WH[WHORUWRDWHDFHVWHDODXQORFIDFGLQ&H]DU XOGLQXQDGLQSRGRDEHOHFHOHPDLGHLQYLGLDW
GLQUDIWXULOHXQXLELEOLRILO PUWXULVHDXQFRQWHPSRUDQ
$QDOL]DFDWDORJXOXLFHORUGHWLWOXULHGLWDWHGHGLIHULWHOHUDPXULHOVHYLHULHQHHFKLYDOHD]
FXDQDOL]D LVWRULHLOLWHUDUHúLúWLLQ LILFHDVHFROXOXLDO;9,,OHD
ÌQ  DSDUH Ä0DUH OLEHUXP´ D OXL *URWLXV OXFUDUH FDUH SXQH ED]HOH GUHSWXOXL
LQWHUQD LRQDO DO OLEHUW LL PULORU )LORORJLH PHGLFLQ PDWHPDWLF  KHEUDLFD GLF LRQDUH 
FRQVWLWXLH PUWXULD VHULR]LW LL SUHRFXSULORU ORU &ROHF LD 0LFLOH UHSXEOLFL PHULW R PHQ LXQH
VSHFLDO$FHVWHPLFURPRQRJUDILLLQ vQFDUHILHFDUHGLQWUHFHOHGHWLWOXULHVWHFRQVDFUDWXQXL
VWDW PRGHUQ LDU GLQWUH FHOH DQWLFH FHORU  LXGDLF JUHF úL URPDQ VXQW DGHYUDWH HQFLFORSHGLL GH
JHRJUDILH SROLWLF )LHFDUH YROXP DUH XQ IURQWLVSLFLX FDUH UHSUH]LQW VLPEROLF SULQWUR HPEOHP
FDUDFWHULVWLFLOH ULL GHVFULVH SHQWUX URPDQL  OXSRDLFD SHQWUX &KLQD  0DUHOH ]LG HWF 3HQWUX
DFHDVW VHULH DX IRVW FUHDWH RUQDPHQWH VSHFLDOH /D DOHJHUHD DXWRULORU GLUHFWRUXO &RPSDQLHL
2ODQGH]HD,QGLLORUGH(VWDDYXWXQFXYkQWKRWUkWRUVFULLQGHOvQVXúLWLWOXUL8OWLPXOYROXPGLQ
DFHDVW VHULHDSUXWvQDYHDGUHSWVXELHFW-DSRQLD
3ULQ IRUPDW WLUDM VHULL úL DFFHVLELOLWDWH (OVHYLHUHOH VH vQVFULX vQ OXPHD PRGHUQ FvQG
FDUWHDvQFHSHV GHYLQ XQHOHPHQWELQHGHWHUPLQDW

/80($ 128 VXE DFHDVW GHQXPLUH SODVWLF DSDUH FRQWLQHQWXO QRUG  úL VXG DPHULFDQ
SULPD WLSDUQL  DSDUH vQ 0H[LF vQ  GDU SULPXO WLSRJUDI YD IL XQ VSDQLRO SH QXPHOH VX -XDQ
3DEOR/XFUULOH OXLVH D[HD] SH DEHFHGDUHúLFDWHKLVPHÌQ3DEORWLSUHúWHODRUGLQXOYLFH
UHJHOXL 0HQGR]D SULPD FROHF LH GH OHJL DPHULFDQH &DSRGRSHUD VD HVWH XQ PDQXDO  vQ IRORVXO
ELVHULFLLFXSULQ]kQGFDUDULWDWHSDUWLWXULFXQRWHPX]LFDOH1XPUXOWLSRJUDILLORUGLQ0H[LFvQFHSH
V VSRUHDVF DMXQJkQG vQ FXUVXO VHFROXOXL DO ;9,OHD OD XQ QXPU GH  FX  WLSULWXUL GLQWUH
FDUHREXQ SDUWHvQOLPELOHLQGLJHQH

$0(5,&$ '( 68' D DYXW vQ  SULPXO VX WLSRJUDIOD /LPD $FHVWD SH QXPHOH VX
$QWRQLR 5LFDUGR RULJLQDUGLQ 7RULQR ,WDOLD D HGLWDWR 'RFWULQD FKULVWLDQD vQ OLPEDVSDQLRO úL vQ
GRX GLDOHFWHLQGLHQHGLQFDUHQXVHPDLJVHVFDVW]LGHFkWGRX H[HPSODUHÌQFXUVXOVHFROXOXLDO
;9,,,OHD LH]XL LL VH LPSXQ FD WLSRJUDIL HL UHXúHVF V IRUPH]H  OXFUWRUL DXWRKWRQL ,]JRQLUHD
LH]XL LORUGHFWUHDXWRULW LOHVSDQLROHvQDVWYLOLWH[SDQVLXQHDLPSULPHULHLúLXQPDUHQXPU
GH DWHOLHUH H[LVWHQWH DX IRVW GHVILLQ DWH 'HDELD OD vQFHSXWXO VHFROXOXL DO ;,;OHD  RGDW FX
PLúFDUHDGHLQGHSHQGHQ DFRORQLLORUVSDQLROHLPSULPHULDVXG DPHULFDQ VHYDUHIDFH

ÌQ$0(5,&$'(125' LPSULPHULDDSUXWvQGHFLFXXQVHFROPDLWkU]LXGHFkWFHD
PH[LFDQ 3UHGLFDWRUXO -RVHSK*ORYHUDDGXVFXVLQHWUHL WLSRJUDILLúLRSUHV GHOD&DPEULGJHHO
vQV PXULQGSHGUXPYGXYDVDvPSUHXQ FXDO LvQWUHSULQ]WRULDXLQVWDODWWLSDUQL DOD&DPEULGJH
0DVVDFKXVHWWV 'LQSULPDFDUWHFXQRVFXW VXEQXPHOHGH%D\SVDOPERRN VHPDLSVWUHD] DVW]L
H[HPSODUH1XPUXOWRWDOGHWLSRJUDILLvQFRORQLLOHHQJOH]HHUDvQVHFROXODO;9,,,OHDGHÌQ
FRORQLúWLLGHRULJLQHJHUPDQ GLQ*HUPDQWRZQ vQDSURSLHUHGH3KLODGHOSKLD PXO LGLQHL
WLSRJUDIL DQXQ  DSDUL LD SULPHL FU L vQ vQWUHJLPH DPHULFDQ DOH FUHL OLWHUH KkUWLH úL FHUQHOXUL
IXVHVHU SURGXVHSHSPkQWDPHULFDQ8QWLSRJUDIGLQ%RVWRQ%DUWKRORPHZ*UHHQDLQVWDODWSULPD
WLSDUQL  GLQ &DQDGD OD +DOLID[ vQ  (O D IRVW XUPDW GH WLSRJUDIXO IUDQFH] )OHXU\ 0HVSOHW
RULJLQDU GLQ /\RQ úL XUPULW GH DXWRULW LOH SDUL]LHQH FD XUPDUH D LGHLORU VDOH UHSXEOLFDQH úL
DQWLFOHULFDOH (O VD UHIXJLDW PDL LQWkL OD /RQGUD XQGH %HQMDPLQ )UDQNOLQ OD FRQYLQV V SOHFH OD
3KLODGHOSKLD'HDFRORHODDMXQVvQOD0RQWUHDORUDúSHFDUHUVFXOD LLYRLDXVOLQFRUSRUH]H
6WDWHORU 8QLWH (QJOH]LL ODX DUXQFDW vQ WHPQL  ÌQ WLPSXO FDULHUHL VDOH DYHQWXURDVH GH SH SPkQW
DPHULFDQDWLSULWYUHRGHOXFUULvQOLPELOHODWLQIUDQFH]HQJOH] úLDLQGLHQLORULURFKH]L$
IRVWIRQGDWRUXO*D]HWHLOLWHUDUHGLQ0RQWUHDO  FDUHH[LVW úLDVW]LVXEWLWOXOGH0RQWUHDO
*D]HWWH &DQDGD D IRVW LQL LDO FRORQLH IUDQFH] vQ  WUDWDWXO GH SDFH GH OD 3DULV FRQILUP
WUHFHUHD DFHVWXL WHULWRULX vQ SRVHVLXQH EULWDQLF vQ WRDPQD DQXOXL  UHYROX LRQDULL DPHULFDQL
RFXS 0RQWUHDOXOOXQLPDLWkU]LXDUPDWDDPHULFDQ HVWHREOLJDW V SUVHDVF &DQDGD 
&HOPDLEXQHGLWRUDPHULFDQHVWH%HQMDPLQ)UDQNOLQ   DFHVWRPGHVWDWVDYDQW
ILODQWURS VFULLWRU VLPEROL]HD] FDOLW LOH XQXL SRSRU ULGLFDW GLQWUH VUPDQLL úL SHUVHFXWD LL vQWUHJLL
(XURSHGHYHQLQGRQD LXQHFDUHSXQHPDLSUHVXVGHRULFHXQQRXSURWRWLSXPDQVHOIPDGHPDQ XO
DFHODSRUQLWGHODQLPLFúLDMXQVSULQPXQFFUHDWLYLWDWHúLLQL LDWLY XQRPLPSRUWDQW)UDQNOLQILXO
XQXLHPLJUDQWIDEULFDQWGHVSXQúLDvQFHSXWODDQLXFHQLFLDGHWLSRJUDI/DGHDQLvQHO
DFXPSUDWvPSUHXQ FX+XJK0HUHGLWK3HQQV\OYDQLD*D]HWWHFDUHYDUPkQHvQSURSULHWDWHDVD
H[FOXVLY XQDQPDLWkU]LX3KLODGHOSKLDvLGDWRUHD] DFHVWXLRPSULPDELEOLRWHF GHvPSUXPXWXQ
VSLWDO PXQLFLSDO R VRFLHWDWH ILORVRILF úL $FDGHPLD SHQWUX WLQHUHW GHYHQLW PDL WkU]LX
XQLYHUVLWDWH
,QYHQWDWRUXO SDUDWU]QHWXOXL D SXEOLFDW XQ PDUH QXPU GH VFULHUL SROLWLFH úL PRUDOH
DXWRELRJUDILDVDSUHFXPúLXQPDUHQXPU GHWUDGXFHULÌQDIRVWQXPLWDPEDVDGRUDO68$OD
3DULVFRQWULEXLQGODFRQVROLGDUHDLQGHSHQGHQ HLWkQUXOXLVWDW7UDWDWLYHOHGHSDFHGLQúL
VXQW vQFKHLDWH FX SDUWLFLSDUHD VD DFWLY 3H OkQJ WRDWH DFHVWHD )UDQNOLQ vúL JVHúWH UHVXUVHOH
QHFHVDUH XQHL ERJDWH úL XWLOH DFWLYLW L SH SODQ WLSRJUDILF DVWIHO vQWUH  úL  UHGDFWHD] úL
WLSUHúWHvQDWHOLHUXOVXRVHULHGHDOPDQDKXULSHQWUXVUDFLDOFURUWLUDMVHULGLFDODSHVWH
GHH[HPSODUH3RRU5LFKDUG
V$OPDQDFKDYHDXXQFRQ LQXWD[DWSHSUHFHSWHGHHGXFD LHSRSXODU
VIDWXUL SUDFWLFH SHQWUX FDV úL FkPS VIDWXUL PHGLFDOH úL YHWHULQDUH SRYHVWLUL PRUDOH HWF $FHVWH
PLMORDFH HILFLHQWH GH HGXFD LH VSHFLILFH LOXPLQLVPXOXL VDX EXFXUDW GH XQ VXFFHV LPHQV
GHWHUPLQkQGWUDGXFHUHDDFHVWRUSXEOLFD LLDPHULFDQHvQOLPEL(XURSDHUDHQWX]LDVPDWODXGHOH
OD DGUHVD DFHVWXL RP GH R PRGHVWLH SURYHUELDO QX PDL FRQWHQHDX $FWLYLWDWHD WLSRJUDILF HVWH
FRQWLQXDW úLvQSHULRDGDGHGLSORPD LHGLQ)UDQ D)UDQNOLQDDYXWSURSULDVDWLSDUQL OD3DVV\vQ
FDGUXOFUHLDDXDSUXW&HOHEDJDWHOHGHGLFDWHPRúWHQLWRUXOXLWURQXOXL)UDQ HLDVW]LGHRIRDUWH
PDUHUDULWDWH'LQLPSULPHULDGHOD3KLODGHOSKLDDIXQF LRQDWúLVDGH]YROWDWVXEGHQXPLUHD
GH)UDQNOLQ +DOO
7LSDUXOQRUGDPHULFDQDGDSWDWFRQGL LLORUVSHFLILFHDOHDFHVWHL ULDHYROXDWSHFRRUGRQDWH
SUDFWLFH

7LSRJUDILDúLSURGXF LLOHHLvQVHFROXODO;9,,,OHD

$FHVWVHFROSRDWHILUH]XPDWODU]ERDLHUHYROX LLúLLOXPLQLVPÌQ(XURSDDUHORFROXSW
QHFXUPDW SHQWUX vQWkLHWDWH SROLWLF VH UHPDUF WHQGLQ HOH H[SDQVLRQLVWH DOH $XVWULHL úL 5XVLHL vQ
WLPSFHDOWH ULFD3UXVLDúL)UDQ DSXQED]HOHVWDWHORUFHQWUDOL]DWHÌQDGRXDMXPWDWHDVHFROXOXL
VHvQUHJLVWUHD] WUHLPDULUHYROX LLFDUHYRUVFKLPEDID DOXPLLúLRYRUvPSLQJHvQHSRFDPRGHUQ
HVWH YRUED GH UHYROX LD DPHULFDQ GH FHD IUDQFH] LDU vQDLQWHD DFHVWHLD GH UHYROX LD GLQ
7UDQVLOYDQLD FRQGXV GH +RUHD &ORúFD úL &ULúDQ 0LúFDUHD FDUH YD SUHJWL DFHVWH UHYROX LL YD IL
LOXPLQLVPXO
'LQ SXQFW GH YHGHUH WHKQLFPLMORDFHOH GH PXOWLSOLFDUH DVFULVXOXL FXQRVF SX LQHVFKLPEUL
WHKQLFH ID  GH VHFROXO DO ;9OHD ,PSULPHULD HUD FRQVLGHUDW R PHVHULH FDUH QX PDL SXWHD DGXFH
QLPLFQRXGHFLSODIRQDW/XFUWRULLHLYRUWUHEXLV IDF HIRUWXULPDULSHQWUXDDMXQJHODSUH XLUHD
GHDOWGDW
7RWXúL SHQWUX DFHVW VHFRO DWkW GH IUPkQWDW YRU H[LVWD WUHL PDUL vQQRLWRUL DL WLSRJUDILHL
HXURSHQH%DVNHUYLOOH'LGRWúL%RGRQL
)DPLOLD 'LGRW )UDQoRLV 'LGRW     ILX GH
PFHODUDIRVWSULPLWFDOLEUDUvQLDUFDWLSRJUDIvQ
WHUPLQkQGXúL UDSLGD VD DVFHQVLXQH VRFLDO FD VLQGLF DO
FRPXQLW LL OLEUDULORU GLQ 3DULV )LLL VL )UDQoRLV  $PEURLVH
  úL3LHUUH )UDQoRLV   DXIRVWPDULL
QRYDWRUL DL WHKQLFLL úL HVWHWLFLL FU LL (L DX SUHJWLW SULQ
OXFUULOHORUúLSULQFHOHDOHFRODERUDWRULORUORUPDUHOHDYkQWSH
FDUHDYHDVOFXQRDVF LPSULPHULDOLEHUvQVHFROXOXUPWRU
7LPS GH JHQHUD LL GHVFHQGHQ LL ORU DX MXFDW XQ URO GH SULP 
SODQvQDFWLYLWDWHDIUDQFH] GHHGLWDUH
3UHV GHWLSULWVHFDO;9,,,OHD

$VWIHOWUDGL LDSURIHVLRQDO HVWHvPERJ LW SULQWURVHULHGHLQYHQ LLúLLQL LDWLYH


ƒ  UHYL]XLUHDúLVWDQGDUGL]DUHDVLVWHPXOXLGHPVXULWLSRJUDILFH
ƒ  SUH]HQWDUHDSUHVHLFXRDSVDUHSUHFHGkQGLQYHQ LDOXL$QQLVRQFXDQL
ƒ   HVWH SXV OD SXQFW VDWLQDMXO KkUWLHL GXS LPSULPDUH SURFHGHX FDUH VXSULP ]JUXQ XO
KkUWLHL úL R IDFH QHWHG úL VWUOXFLWRDUH DSDUL LD SULPHORU FU L LPSULPDWH SH KkUWLH YHOLQ
QHYUJDW
ƒ GXS OLQLDWXULOHúLJDUQLWXULOHGLQOHPQVXQWvQORFXLWHFXXQPDWHULDOPDLDGHFYDWWRSLWvQ
SOXPE
ƒ   IUDWHOH OXL 'LGRW SXQH OD SXQFW XQD GLQWUH FHOH PDLPDUL LQYHQ LL GLQ GRPHQLXOKkUWLHL
PDúLQDFRQWLQX YH]LFDSLWROXOKkUWLH 

*LDQEDWWLVWD %RGRQL     VXSUDQXPLW GH FWUH FRPSDWULR LL VL DUWLVWR GHOOD
VHPPSOLFLWD D IRVW XQXO GLQ PDULL SURPRWRUL DL JXVWXOXL WLSRJUDILF  GH OD VIkUúLWXO VHFROXOXL DO
;9,,,OHD *ULMD VD SULQFLSDO YD IL UHJXODULWDWHD OLWHUHL úL GH DLFL D SDJLQLL SULQWUXQ SURFHGHX GH
WXUQDUHFRUHVSXQ]WRDUH(OYDDFFHQWXDJURVLPLOHúLVXE LULPLOHILQH HDUHFWLOLQLHDSLFLRUXOXLOLWHUHL
URWXQMLPHDFLUFXODU DFXUEHORU'LQSXQFWGHYHGHUHWHKQLFFDUDFWHUHOHVDOHVXQWLPSHFDELOH(OYD
PLOLWD SHQWUX HOLPLQDUHD RULFUHL SRGRDEH  GLQ WLWOX &DUDFWHUXO FUHDW GH %RGRQL SVWUHD] XQ ORF
GXUDELOvQWXUQWRULDGHOLWHU LQWHUQD LRQDOILLQGIRORVLWHúLDVW]L'HúLHUDXIRDUWHHOHJDQWHHGL LLOH
%RGRQLFRQ LQHDXPXOWHJUHúHOLGHDFHHDHUDXFXWDWHGHELEOLRILOLGDUQHJOLMDWHGHHUXGL L
-RKQ%DVNHUYLOOH   VDQVFXWvQ:RUFKHVWHUVKLUHGLQSULQ LVUDFLDIRVWPDL
vQWkL ODFKHX DSRL SURIHVRU GH FDOLJUDILH OD %LUPLQJKDP RUDúvQ FDUH vúLYD GHVFKLGH XQ FRPHU FX
YRSVHOH $ELD OD  GH DQL UHXúHúWH VúL GHVFKLG SULPXO DWHOLHU SHQWUX FDUH úLD FRQVWUXLW VLQJXU
vQWUHJXO HFKLSDPHQW IRUPH FXORUL úL WHDVFXUL (O IRORVHúWH SHQWUX JUDYDUHD SRDQVRDQHORU GXS
SURSULLOHVDOHGHVHQHSHFHLPDLEXQLOXFUWRULGLQWLPSXOVX(VWHWLFDOLWHUHORUVDOHVHvQGHSUWHD]
GHOLEHUDWGHODWUDGL LH&DUDFWHUHOHVXQWJHRPHWUL]DWHHOHDFFHQWXHD] JURVLPLOHúLVXE LULPLOHIU
V GXQH]H VXSOH HL ORUVXQW IRDUWHUHJXODWHúLDQVDPEOXOORUIRUPHD] SDJLQLFODUHúLOL]LELOH'DU
%DVNHUYLOOHQXHVWHPDLSX LQLPSRUWDQWFDPDHVWUXWLSRJUDI(OH[HFXW PDLWRDWHWLUDMHOHSHKkUWLD
YHOLQ D OXL -DPHV :KDWPDQ KkUWLH QHWHG QHYUJDW GH R FDOLWDWH IRDUWH EXQ ÌQ IDEULFDUHD
FHUQHOLLGHXQQHJUXIUXPRVVWUOXFLWRUHOVHSUHYDOHD] GHH[SHULHQ HOHVDOHFDQHJXVWRUGHFXORUL
ÌQGHSUWkQG RULFH RUQDPHQW %DVNHUYLOOH vúL FRQVWUXLHúWH SDJLQLOH QXPDL GLQ PDWHULDOXO VX
WLSRJUDILFÌQHGLWHD] SULPDVDFDUWHIDLPRDVDHGL LHD%XFROLFHORUDOHOXL9LUJLOLXSHFDUH
%HQMDPLQ)UDQNOLQVSHFLDOLVWvQPDWHULHDGHVHPQDWRGUHSWFHDPDLELQHFDUWHWLSULW GLQOXPH(O
WLSUHúWHvQMXUGHGHFU LPDLWRDWHOLSVLWHGHRULFHRUQDPHQWFDUHDVW]LSRDWHV SDU XQOXFUX
RELúQXLWGDUFDUHODWLPSXOUHVSHFWLYHUDXQDFWGHFXUDMGHRDUHFHFDOLWDWHDXQHLFU LHUDMXGHFDW vQ
IXQF LHGHIHOXOvQFDUHHUDvPSRGRELW
%DVNHUYLOOH DWHX FRQYLQV D IRVW vQPRUPkQWDW GXS SURSULD OXL GRULQ  VXE R SLUDPLG
ULGLFDW vQJUGLQDVD'XS PXOWHSHULSH LL DMXQVHvQ)UDQ DHWF PDWHULDOHOHVDOHWLSRJUDILFHDXIRVW
GRQDWHvQ8QLYHUVLW LLGLQ&DPEULGJH
'XS XQLUHD $QJOLHL FX 6FR LD vQ  vQ DFHDVW DU D vQFHSXW V VH WLSUHDVF SH VFDU
ODUJ GLQWUXQ VSLULW DSURDSH DJUHVLY LPSULPHULD HQJOH] HUD LJQRUDW vQ PRG GHOLEHUDW /D WRDWH
DFHVWHDVHDGDXJ OLSVDGHPDWHULDOHWLSRJUDILFH$FHVWHDGLQXUPGXEODWHGHPHúWHULSULFHSX LDX
FRQGXVVSUHRDOW LQYHQ LHVWHUHRWLSLD(DFRQVWDvQHIHFWXDUHDXQXLPXODMGHJKLSVGXS RSDJLQ
FRPSXV FXOLWHUHPRELOHvQHOVHWXUQDSOXPEDFHDVW PDWUL HOLEHUDPDWHULDOXOWLSRJUDILFSHQWUXR
QRX FRPSXQHUH IU V VH X]H]H SHUPL kQG WLUDMH DSURDSH QHOLPLWDWH ,QYHQ LD DSDU LQH WRW XQXL
ELMXWLHU:LOOLDP*HG  ÌQDDSUXWUHDOL]DWSULQDFHVWSURFHGHX5]ERLXOOXL&DWLOLQD
GH6DOXVWLXVFXLQVFULS LD/D(GLQEXUJK:LOOLDPRUIHYUXDH[HFXWDWQXFXFDUDFWHUHPRELOHFXP
VHRELúQXLHúWHSHVWHWRWFLFXSODQúHVDXFXSOFLWXUQDWH3URFHGHXODIRVWXLWDWQHJOLMDWGHDQL
PDL WkU]LX )LUPLQ 'LGRW D ODQVDW HGL LLOH VDOH VWHUHRWLSH $FHVW SURFHGHX VH DSOLF OD WLUDMHOH PDUL
SHQWUXDQXX]DOLWHUHOHUHLPSULPULDOHDFHOHDúLHGL LLHWF
6FR LHQLL VDX PDL UHPDUFDW SULQ HGLWDUHD XQRU HGL LL vQJULMLWH GLQ FODVLFLL ODWLQL úL JUHFL vQ
YHUVLXQLRULJLQDOHFXWUDGXFHUHDSHFRQWUD SDJLQJDUDQ LDúLWRWRGDW IDLPDDFHVWRUHGL LLFRQVW
vQ OLSVD JUHúHOLORU ÌQ DFHVW VFRS vQ DIDU GH FHOH  FRUHFWXUL REOLJDWRULL HL DX H[SXV úSDOWXULOH
SXEOLFXOXLSURPL kQGUHFRPSHQVHDFHORUDFDUHDUJVLRJUHúHDO(GL LD+RUD LXDIRVWVXSUDQXPLW
WKHLPPDFXODWHúLWRWXúLDXIRVWGHVFRSHULWHJUHúHOLGHWLSDU&DUWHDXWLO QRvQORFXLHúWHSHFHD
LOXVWUDW GH R FDOLWDWH H[FHS LRQDO UH]HUYDW GLQ FH vQ FH PDL PXOW FXOHJHULORU GRFXPHQWDUH QX
OLSVHúWH QLFL OLWHUDWXUD LOXVWUDW 'RQ 4XLMRWH úL )DEXOHOH OXL /D )RQWDLQH HD HUD GHVWLQDW
FXQRVFWRULORUúL ELEOLRILOLORU
7RW FD QRXWDWH vQ *HUPDQLD GH DFHDVW GDW vQ VIHUD FRQ LQXWXOXL DSDUH OLWHUDWXUD SHQWUX
FRSLLGHVLJXUSHvQ HOHVXODFHVWRUD
$F LXQHDFHDPDLLPSRUWDQWFHDPDLWHPHUDU DVHFROXOXLDO;9,,,OHDHVWHUHSUH]HQWDW GH
'LF LRQDUXO UD LRQDO DO úWLLQ HORU DUWHORU úL PHVHULLORU UHIHULQ  LQGLVSHQVDELO D PLúFULL
LOXPLQLVWHFDUHYDSXQHRSHFHWHDWkWGHDGkQF DVXSUDJkQGLULLúLDF LXQLLSHFDUHHQFLFORSHGLúWLL
DXFRQFHSXWRSHQWUXSRVWHULWDWHFDILLQGFRQGXV QXPDLGHUD LXQH
'LQúLSkQ vQGHFLWLPSGHGHDQL'LGHURWDPXQFLWúLVDU]ERLWIU RGLKQ
SHQWUXRRSHU FDUHDIRVWSHDWkWGHGHVYkUúLWSHDWkWGHDPDU6XQWUQLWGHPRDUWH DVWULJDW
FWUH HGLWRULL VL FDUH vO WUGDVHU 3HULSH LLOH DFHVWHL DF LXQL SHULFXORDVH DWkW OD SURSULX FkW úL OD
ILJXUDW VH vPSOHWHVFFXvQVúLWLPSXOFkQGDIRVWFUHDWvQFkWRvQWUHDJ VRFLHWDWHFXHODQXULOHVDOH
FHOH PDL JHQHURDVH FX PDQHYUHOH FHOH PDL MRVQLFH FX H]LWULOH VDOH FX SDUWHD VD ULGLFRO FX
FRWLWXULOHVDOHVHYDJVLYUkQG QHYUkQGDQJDMDW vQSURPRYDUHDXQHLFDX]HFDUHYDGXFHODSURSULD
HLSLHLUH
&LQH HUD 'LGHURW"  'HQLV 'LGHURW ILXO XQXL PHúWHúXJDU vQVWULW GLQ /DQJUHV úLD GHVYkUúLW
VWXGLLOH OD úFRDOD DFHVWXL RUDú VWXGLLOH XPDQLVWH SUHGDWH GH LH]XL L QXO SXWHDX VDWLVIDFH SH
DGROHVFHQWXO FXULRV GH DFHHD SkQ OD  GH DQL 'LGHURW YD IL XQ DXWRGLGDFW SURGLJLRV FDUH YD
DVLPLODFXQRúWLQ HGLQWUHFHOHPDLYDULDWHGLQILORVRILHUHOLJLHúWLLQ HDUWHOLWHUDWXU7RWDOLWDWHDORU
YDIRUPDvQFHWXOFXvQFHWXOXQVLVWHPFRHUHQWvQFDUHSHQWUXHOWRWXOVHVXV LQHÌQWUHWLPSSHQWUXD
VHSXWHDVXV LQHILQDQFLDUVDYDQWXODWUDGXVIRDUWHPXOWHOXFUULúWLLQ LILFHGLQOLPEDHQJOH]3RWULYLW
VSLULWXOXLHSRFLLGHDDGXQDFXQRúWLQ HOHGHWRDWHIHOXULOHvQYROXP'LGHURWHVWHFXSULQVDOWXULGHR
PDUHHFKLS ODUHGDFWDUHDXQHLHQFLFORSHGLL/DLXOLHDSDUHSULPXOYROXPDODFHVWHLDDYkQG
 SDJLQL SH GRX FRORDQH GH WH[W vQ  GH UkQGXUL QXPDL SHQWUX OLWHUD $ $SDUL LD VD HVWH
vQWkPSLQDW FXDSUREULHQWX]LDVWHGDUúLFXSURWHVWHYLROHQWHFXSULQ]kQGSUDFWLFvQWUHDJD)UDQ úL
FKLDU (XURSD &XUWHD UHJDO D )UDQ HL úL WRDWH &DPHUHOH UHXQLWH KRWUVF UHYL]XLUHD YROXPHORU
DSUXWHGHFWUHRFRPLVLH6HGRUHDDVWIHOFDDFHDVW OXFUDUHV QXPDLFRQWLQXHùLWRWXúLvQFLXGD
XQRU JUHXW L GH WRW IHOXO 'LGHURW úL HFKLSD VD PDL WHUPLQ vQF  YROXPH SkQ OD  vQ ILQDO
HQFLFORSHGLDYDDSUHDvQGHYROXPH $FHVWHPLLGHSODQúHFRQVWLWXLHRSDQRUDP FRPSOHW DWRW
FH VH SRDWH H[SOLFD YL]XDO &ODULWDWHD ORU LQFRPSDUDELO SUHFL]LD VWLOXOXL úL H[HFX LHL FRQVWLWXLH
GRYDGDF RPXQF FROHFWLY SRDWHV GHDXQUH]XOWDWPXO XPLWRUDWXQFLFkQGRYRLQ KRWUkW úLR
YL]LXQHOLPSHGHVHLPSXQWXWXURU,PSRUWDQ D(QFLFORSHGLHLFRQVW vQIDSWXOF GLQHDVHGHVSULQGH
PDUHD LGHH D úWLLQ HL UD LRQDOH úL H[SHULPHQWDOH XQD VLQJXU SULQ PHWRG úL IHO GH D JkQGL ùL vQ
DFHDVW SHUVSHFWLY FRQFOX]LD LVWRULFXOXL /XFLHQ /HIqYUH  HVWH GLQWUH FHOH PDL SHUWLQHQWH
2HQFLFORSHGLHHVWHWUHEXLHV ILH PDQLIHVWXOXQHLFLYLOL]D LL
(QFLFORSHGLD VH VLWXHD] DVWIHO SULQWUH JHUPHQLL FDUH FUHHD] FDGUXO VHFROXOXL DO ;,;OHD
GRPLQDW GH GRX FRRUGRQDWH LQWURGXFHUHD PDúLQLORU úL OXSWD SRSRDUHORU SHQWUXOLEHUWDWH VRFLDO úL
QD LRQDO(OHYRULQIOXHQ DúLGH DFHDVW GDW WLSDUXO

7LSDUXO vQVHFROXODO;,;OHD

7LUDMHOH PDUL DX GHYHQLW R UHDOLWDWH vQ VHFROXO DO ;,;OHD GDWRULW LQYHQWULL PDúLQLORU GH
LPSULPDW GH WXUQDW úL GH FXOHV OLWHUH VWHUHRWLSLHL úL WLSDUXOXL DSURDSH VLPXOWDQ SH DPEHOH IH H DOH
FROLL ÌQ IHOXO DFHVWD WLSDUXO D WUDQVIRUPDW FDUWHD vQ SULQFLSDOXO PLMORF GH LQIRUPDUH úL LQVWUXLUH
XQLYHUVDO
6HFROXO DO ;,;OHD WUDQVIRUP FDUWHD vQWUXQ PLMORF GH DILUPDUH D FRQúWLLQ HL QD LRQDOH SH
vQWUHJ JOREXO VH YRU vPEXQW L PDQXDOHOH úFRODUH FHHD FH YD FRQGXFH OD GH]YROWDUHD
vQY PkQWXOXLOLWHUDWXUDúLLVWRULDQD LRQDO YRUSULPLXQQRXLPEROGPDULOHFXFHULULúWLLQ LILFHDOH
RPHQLULL YRU SXWHD IL DGXVH UDSLG OD FXQRúWLQ D SXEOLFXOXL 3UHVD YD FXQRDúWH XQ DYkQW IU
SUHFHGHQW GHYHQLQG PDL DOHV vQ WHULWRULL DIODWH VXE VWSkQLUH VWULQ R DUP UHGXWDELO 7RWRGDW
SUHVD UPkQH SkQ OD DSDUL LD UDGLRXOXL úL WHOHYL]LXQLL  XQLFD VXUV GH LQIRUPDUH D SXEOLFXOXL ODUJ
$VLVWPGHDVHPHQHDODRHJDOL]DUHDWLSDUXOXLvQDSURDSHWRDWHVSD LLOHOXPLLLQFOXVLYvQ]RQHOH
FRQVLGHUDWHDOEH
3URJUHVXOWHKQLFDOWLSRJUDILHL

 3UHVDWLSRJUDILFvQFHSHFXDGHYUDWV VHSHUIHF LRQH]HODVIkUúLWXOVHFROXOXLDO;9,,,OHDvQ


 )UDQoRLVH $PEURLVH 'LGRW     D SUH]HQWDW SUHVD FX R VLQJXU DSVDUH vQ FDUH
LPSULPDUHDVHIFHDGRDUFXRPLúFDUHvQORFXOPDLPXOWRUSUHVLXQLVXFFHVLYHODVIkUúLWXOVHFROXOXL
DO ;9,,,OHD HQJOH]XO &KDUOHV 6WDQKRSH D FRQVWUXLW SULPD SUHV PHWDOLF XQ DOW HQJOH] -RKQ
5XWKZHQ vQ  úL DPHULFDQXO *HRUJ &O\PHU vQ  DX SXV vQ IXQF LXQH SUHVH SHUIHF LRQDWH
WRDWHvQV DF LRQDWHPDQXDOVDXFXSLFLRUXOÌQWUHúLJHUPDQXO)ULHGULFK.|QLJILQDQ DW
GH )ULHIULFK %DXHU D LQYHQWDWR PDúLQ GH WLSULW PHFDQLF SODQR FLOLQGULF SXV vQPLúFDUHFX
DMXWRUXODEXUXOXL3ULPDPDúLQ GHDFHVWIHODIRVWPRQWDW vQWLSRJUDILDOXL-RKQ:DOWHUHGLWRUXO
]LDUXOXL 7KH 7LPHV ÌQ  JHUPDQXO $OR\V 6HQHIHOGHU D GHVFRSHULW SURFHGHXO OLWRJUDILHL úL D
FRQVWUXLW SULPD SUHV GH WLSDU SODQ &HD GLQWkL SUHV GH WLSDU WLJKHO HVWH FUHD LD DPHULFDQXOXL
'DQLHO7UHDGYHOOúLGDWHD] GLQDQXOÌQDXDSUXWSULPHOHPDúLQLGHWLSULWSHDPEHOH
IH HDOHFROLLGHKkUWLH$PHULFDQXO5LFKDUG+RHDLPDJLQDWvQRSUHV GHWLSDUSUHFXUVRDUHD
URWDWLYHLGHPDLWkU]LX$FHODúL+RHDLQYHQWDWvQRSUHV URWDWLY SHQWUXLPSULPDUHD]LDUHORU
DOFWXLW GLQ  PDúLQL VLPSOH GH JHQXO FHORU SURLHFWDWH vQ  (QJOH]XO -RKQ :DOWHU D SXV OD
SXQFW R PDúLQ GH WLSULW FX FOLúHX FLOLQGULF úL DOLPHQWDUH FX KkUWLH vQ ERELQ ÌQ  IUDQFH]XO
+LSSRO\WH0DULQRQLDLQYHQWDWURWDWLYDFDUHvLúLSRDUW QXPHOHSHQWUXLPSULPULGHPDUHWLUDM
 0DúLQDGHFXOHVSDVXOvQDLQWHVHIDFHFXDGHYUDWFkQGSURFHGHXOFXOHJHULLPDQXDOHHVWHvQORFXLW
FXFHOPHFDQLFFXQRVFXWVXEGLIHULWHGHQXPLULLQWHUWLSOLQRJUDIOLQRWLSHWFÌQDQXOFDQDGLHQLL
-RKQ5RJHUVúL)UHG%ULJKWDXFRQVWUXLWPDúLQDGHFXOHVPHFDQLFWLSRJUDIXOSUHY]XW FXSRDQVRDQH
GH OLWHUH DúH]DWH XQHOH OkQJ DOWHOH FX FDUH VH UHDOL]DX UkQGXUL FRPSOHWH 3ULPD PDúLQ GH FXOHV
IRWRJUDILF XKHUWLS SURLHFWDW vQ  SRDUW QXPHOH LQYHQWDWRUXOXL HL (GPXQG 8KHU ÌQ 
IUDQFH]LL%DIRXU%ODQFKDUGúL5D\PRQGDXRE LQXWEUHYHWXOSHQWUXPDúLQDGHFXOHVHOHFWURQLFSHFDUH
DXSXVRvQIXQF LXQHvQ0DúLQDGHFXOHVvQGHSOLQHúWHXUPWRDUHOHRSHUD LXQLFXOHJHvPSOLQHúWH
UkQGXULOH úL vPSDUWH PDWHULDOXO FXOHV ÌQ JHQHUDO VH GLVWLQJ GRX WLSXUL GH PDúLQL GH FXOHV D 
PRQRWLSXOPDúLQDGHFXOHVúLWXUQDWOLWHUHODFDUHRSHUD LXQHDFXOHVXOXLVHH[HFXW VHSDUDWGHDFHHDD
WXUQULL E  PDúLQD GH FXOHV úL WXUQDW UkQGXUL FDUH H[HFXW DPEHOH RSHUD LXQL FRQVWkQG vQ IRUPDUHD
XQXLUkQGGHPDWUL HvPSOLQLUHDUkQGXOXLFXDMXWRUXOXQXLGLVSR]LWLYGHVSD LHUHWXUQDUHDUkQGXOXLvQ
DOLDM GH SOXPE DMXVWDUHD úL UHFWLILFDUHD UkQGXOXL VWUkQJHUHD UkQGXULORU WXUQDWH SH XQ FDGUX úL
vPSU LUHDPDWUL HORUSHQWUXDILUHIRORVLWHODFXOHJHUHDXUPWRDUH0RGHOHOHXQRUDVHPHQHDPDúLQLGH
FXOHV VXQW FXQRVFXWH VXE GHQXPLUL FD LQWHUWLS OLQRJUDI OLQRWLS HFKLSDPHQWXO GH FXOHJHUH DO
OLQRWLSXOXL VH FRPSXQH GLQWUR FODYLDWXU WDVWHU  SUHY]XW FX OLWHUH úL VHPQH FDUH WULPLWH PDWUL HOH
SVWUDWH OD PDJD]LH OD GLVSR]LWLYXO GH WXUQDUH DOFWXLW GLQWUXQ UH]HUYRU FUHX]HW  SHQWUX WRSLUHD
DOLDMXOXLPDWUL HúLIRUPHGHWXUQDUH&HOHPDLPRGHUQHPDúLQLGHFXOHVHIHFWXHD] RSHUD LLOHQHFHVDUH
HOHFWURQLF IRORVLQG XQ FDOFXODWRU SHQWUXvQUHJLVWUDUHDSH EDQG PDJQHWLF D FRPHQ]LORU GH WXUQDUH D
OLWHUHORUúLvPSOLQLUHDUkQGXULORUÌQ2WWPHU0HUJHQWKDOHU   FHDVRUQLFDUGHRULJLQH
JHUPDQVWDELOLWvQ6WDWHOH8QLWHDFRQVWUXLWSULPXOOLQRWLSSHFDUHODSXVvQIXQF LXQHGRLDQLPDL
WkU]LXSHQWUX]LDUXO1HZ<RUN7ULEXQH
 0DúLQD GH IRWRFRSLDW DQVDPEOXO GH GLVSR]LWLYH SULQ LQWHUPHGLXO FURUD XQ GLDSR]LWLY VDX XQ
FOLúHX HVWH FRSLDW SH R SODF PHWDOLF VHQVLELOL]DW SHQWUX RE LQHUHD XQHL IRUPH GH WLSDU SODQ
vQGHRVHELRIVHWSURFHGHXOHVWHIRORVLWúLODUHDOL]DUHDKU LORUúLDDWODVHORU
 0DúLQD GH WLDW KkUWLH GLVSR]LWLY SUHY]XW FX IRDUIHFH úL JKLORWLQ IRORVLW SHQWUX  WLHUHD
FROLORU GH LPSULPDW URWXQMLUHD EORFXULORU GH FDUWH HWF $ IRVW LQYHQWDW vQ  GH IUDQFH]XO
*XLOODXPH0DVVLJQRW   ILLQGFXQRVFXW úLVXEGHQXPLUHDGH0$66,&27
 0DúLQD GH WXUQDW DQVDPEOX GH GLVSR]LWLYH FX DMXWRUXO FURUD VH WRDUQ OLWHUH GH GLIHULWH
FRUSXULúLFDUDFWHUHSUHFXPúLPDWHULDOHGHDOELWXU GLQDOLDMWLSRJUDILF
 0DúLQDGHVFULVLQYHQWDW FWUHDQXOXúXUHD] PXQFDFHOXLFDUHVFULHSHQWUXF VHSXWHDX
H[HFXWD FkWHYD FySLL VLPXOWDQFX RULJLQDOXO SULQ LQWHUFDODUH GH KkUWLH FRSLDWLY LQGLJR $ IRVW úL
PDLHVWHIRORVLW LQGLYLGXDOVDXvQHODERUDUHDOXFUULORUGHVHFUHWDULDW/RFXOPDúLQLLFODVLFHDIRVW
OXDWvQ]LOHOHQRDVWUHGHFHOHHOHFWURQLFHúLGHFDOFXODWRU
 0DúLQDGHWLSULWGHULYDW GLQWHDVFúLSUHVH[HFXW XUPWRDUHOHRSHUD LXQLSULQFLSDOHXQJH
IRUPD FX FHUQHDO SUHVHD] VXSRUWXO SH IRUP DVWIHO vQFkW V VH SURGXF GHFDOFXO FHUQHOLL GH SH
VXSUDID D DFWLY D IRUPHL SH VXSUDID D VXSRUWXOXL DVLJXU ULGLFDUHD úL VFRDWHUHD GLQ PDúLQ D FROLL
LPSULPDWH3RWULYLWWHKQLFLORUGHLPSULPDUHVHGLVWLQJ

ƒ 0DúLQD GH WLSDU DGkQF FX FOLúHH JUDYDWH vQ DGkQFLPH &HOH DFWXDOH VXQW URWDWLYH DGLF DWkW
VXSRUWXO SODWIRUPFkWúLFRUSXOGHSUHVLXQHVXQWFLOLQGULFH&LOLQGUXOGHSUHVLXQHDSDV KkUWLDSH
FLOLQGUXO  SODWIRUP VFXIXQGDW vQ UH]HUYRUXO GH FHUQHDO úL vQ IHOXODFHVWDFHUQHDODGLQSRU LXQLOH
JUDYDWHHVWHWUDQVIHUDW SHFRDO
ƒ 0DúLQDGHWLSDUvQDOWFXIRUPHvQFDUHHOHPHQWHOHDFWLYHLPSULPDELOHGHSúHVFvQvQO LPHSH
FHOHQHLQSULPDELOH
ƒ 0DúLQD GH WLSDU SODQ VDX OLWRJUDILF OD D FUHL IRUP HOHPHQWHOH LPSULPDELOH úL FHOH
QHLQSULPDELOHVXQWSUDFWLFvQDFHODúLSODQÌQWLPSXOLPSULPULLIRUPDVHDFRSHU VXFFHVLYFXDS úL
FHUQHDO &HUQHDOD DGHU QXPDL OD HOHPHQWHOH LPSULPDELOH vQ WLPS FH HOHPHQWHOH QHLQSULPDELOH
UH LQkQGDSDUHVSLQJFHUQHDOD
ƒ 0DúLQDGHWLSDURIVHWHFKLSDPHQWGHWLSDUOLWRJUDILFLQGLUHFWDGLF LPDJLQHDGHSHIRUP HVWH
WUDQVSXV SHSkQ] FDXFLXFDW úLDSRLHVWHWUDQVSXV SHKkUWLH

'XS SULQFLSLXOGHFRQVWUXF LHVHGHRVHEHVF


ƒ 0DúLQDGHWLSDUSODQR FLOLQGULF ODFDUHIXQGDPHQWXOSRUW IRUP VHGHSODVHD] DOWHUQDWLYVXE
FLOLQGUXO GH SUHVLXQH &kQG IXQGDPHQWXO VH PLúF vQWUXQ VHQV FLOLQGUXO SUHVHD] FRDOD GH KkUWLH
SULQURVWRJROLUHLDUODvQDSRLHUHFRQWDFWXOIXQGDPHQWXOXLFXFLOLQGUXOHVWHvQWUHUXSW
ƒ 0DúLQDGHWLSDUURWDWLYUHDOL]HD] LPSULPDUHDvQWUHGRLFLOLQGUL FLOLQGUXOGHSRUW IRUP úLFHO
GH SUHVLXQH  FDUH VH URWHVF vQ VHQV FRQWUDU 3H XQXO VH PRQWHD] IRUPD GH WLSDU LDU SH FHOODOW
DúWHUQXWXOHODVWLF
ƒ 0DúLQDGHWLSDUYHUWLFDOQXPLW úLWLJKHOVLVWHPGHWLSDUvQDOWFXVXSUDIH HOHIRUPHLúLSOFLL
GH SUHVLXQH SODQH ,PSULPDUHD DUH ORF FkQG IXQGDPHQWHOH SODWIRUP úL GH SUHVLXQH RFXS SR]L LL
YHUWLFDOH

7LSDUXOvQVHFROXO;;

6HFROXO ;; FRQVLGHUDW GH FkWYD YUHPH GUHSW  VHFROXO WUHFXW VXSUDQXPLW úL VHFROXO
YLWH]HLDDGXVVFKLPEULIXQGDPHQWDOHvQLVWRULDRPHQLULL%kQWXLWGHGRX FRQIODJUD LLPRQGLDOH
FXHIHFWHFDWDVWURIDOHGHDOWHUQDQ DGLQWUHGHPRFUD LHúLGLFWDWXUGHU]ERLXOUHFHFDUHDvPSU LW
RPHQLUHD vQ GRX WDEHUH GHOLPLWDW GH FHOHEUD VLQWDJP FRUWLQD GH ILHU HQXQ DW SULPD GDW GH
&KXUFKLOOGHOXSWDSHQWUXDFDSDUDUHDVIHUHORUGHLQIOXHQ VHSRDWHOXGDFXQXPHURDVHLQYHQ LLÌQ
FHHD FH SULYHúWH WLSDUXO HO D IRVW LQWHJUDW vQ FHHD FH QXPLP DVW]L PLMORDFHOH GH FRPXQLFDUH vQ
PDV 0$66  0(',$ WHUPHQ JHQHULF GHVHPQkQG WRWDOLWDWHD PLMORDFHORU FDUH GLVSXQ GH
FDSDFLWDWHDGHDWUDQVPLWHLQIRUPD LLXQXLSXEOLFRULFkWGHPDUHFDUWHDSUHVDUDGLRXOWHOHYL]LXQHD
FLQHPDWRJUDIXODILúXOGLVFXOEDQGDGHPDJQHWRIRQHWF
'DF SkQ OD vQFHSXWXO DQLORU
 WLSDUXO D IRVW SHUIHF LRQDW SULQ PHFDQL]DUH LDW F GXS
DFHVW SUDJ DX vQFHSXW V VH DILUPH PLMORDFHOH HOHFWURQLFH úL vQ VSHFLDO FDOFXODWRUXO FX HOHPHQWHOH
VDOHDGLDFHQWHGHUHSURGXFHUHDWH[WXOXLúLDLPDJLQLL$XvQFHSXWV DSDU FU LELEOLRWHFLúLOLEUULL
HOHFWURQLFHSHVXSRUWPDJQHWLF2PHQLUHDVHDIO DVW]LvQID DDFHOHLDúLGLOHPHGHDFXPGH
DQL &H YD DGXFH YLLWRUXO FLQH YD vQYLQJH" 2DUH KkUWLD FD VXSRUW YD GHYHQL R DPLQWLUH DLGRPD
SHUJDPHQWXOXLVDXDDOWRUPDWHULDOH"
(VWHJUHXGHGDWXQUVSXQVDFXPGLQSHUVSHFWLYDELEOLRILOXOXLùLGLQDFHVWSXQFWGHYHGHUH
WUHEXLH VO FLWP SH $OEHUW)ORFRQ 2DOW LVWRULHDFU LLXUPHD] VúLWUDVH]HFDOHDXQHRUL
GUDPDWLF
 ÌQFHFRQWH[WLVWRULFDDSUXWVFULHUHDDUWLILFLDO"
 3ULQFHVDFDUDFWHUL]DWYLD DúLDFWLYLWDWHDOXL-RKDQQHV*HQVIOHLVFK*XWHQEHUJ   "
 &LQHvQDIDU GH*XWHQEHUJvúLPDLUHYHQGLF vQWkLHWDWHDGHVFRSHULULLWLSDUXOXL"
 (QXPHUD LSULPHOHWLSULWXULODUHDOL]DUHD FURUDDUILSDUWLFLSDW*XWHQEHUJ
 ÌQFHDQDDSUXWSULPDOXFUDUHWLSULW vQFXORUL"
 3UHFL]D LUROXOSHFDUHODXDYXWWLSRJUDILLJHUPDQLvQUVSkQGLUHDQRLLDUWHvQ(XURSD
 'D LGHILQL LDLQFXQDEXOXOXLúLHQXPDUD LSULQFLSDOHOHVDOHFDUDFWHULVWLFL
 &H vQVHDPQ SHQWUX WLSDUXO JHUPDQ úL FH HXURSHDQ /LEHU &KURQLFDUXP &URQLFD GH OD
1UQEHUJ "
 &LQHDSXVED]HOHWLSDUXOXLLWDOLDQ"
 &UHLGLQDVWLLGHWLSRJUDILvLGDWRUHD] LPSULPHULDYHQH LDQ IDLPDPRQGLDO"
 /D FH FDV GH HGLWXU D IRVW WLSULW FHOHEUD VHULH 3DQWDJUXHO VFULV GH QX PDL SX LQ FHOHEUXO
5DEHODODLV"
 3ULQFHVHGHRVHEHúWHLPSULPHULDVSDQLRO GHFHDHXURSHDQ vQJHQHUDO"
 ÌQFDUHFHQWUXFXOWXUDOFHQWUDOHXURSHDQDDSUXWSULPDFDUWHWLSULW FXFUDFWHUHFKLULOLFH"
 &DUH VXQW FDX]HOH  FDUH DX GHWHUPLQDW R vQIORULUH IU SUHFHGHQW D WLSDUXOXL RODQGH]" 'D L
H[HPSOXOXQHLFHOHEUHIDPLOLLRODQGH]HFDUHDUHYROX LRQDWDUWDFU LL
 3UHFL]D LORFXODSDUL LHLSULPHLWLSRJUDILLGLQ/XPHD1RX
 'H FH D IRVW FRQVLGHUDW %HQMDPLQ )UDQNOLQ SURWRWLSXO VHOIPDGHPDQXOXL" &DUHVXQW FHOH PDL
GHVHDP UHDOL]ULWLSRJUDILFHDOHVDOH"
 &HDUHSUH]HQWDW'LF LRQDUXOUD LRQDODOúWLLQ HORUDUWHORUúLPHVHULLORUSHQWUX(XURSDVHFROXOXLDO
;9,,,OHD"
 &DUHVXQWúLvQFHSHULRDG DXDSUXWSULQFLSDOHOHLQYHQ LLFDUHDXUHYROX LRQDWWLSDUXOPRQGLDO"

You might also like