Sfantul Nectarie, Sfantul Iubirii

,RVLI'$JDSLWRV
6IvQWXO1HFWDULH
6IvQWXOLXELULL
PLQXQLQHFXQRVFXWH
,RVLI'$JDSLWRV 6IkQWXO1HFWDULHVIkQWXOLXELULL
352/2*
'H PXOWH RUL GH IRDUWH PXOWH RUL vQ 6IvQWD

(YDQJKHOLH HVWH VFULV F 'RPQXO ,LVXV LD YLQGHFDW SH
EROQDYL QXPDL FX XQ FXYvQW DO 6X $ YLQGHFDW SH PXO L
EROQDYLDGXLSHSDWXULOHSHFDUH]FHDXGHUXGHOHORUSvQ
DFROR XQGH DX]HDX F VH DIOD (O vQ VDWH L vQ RUHOH vQ
ORFXUL SXEOLFH vQ SLH H VDX vQ SXVWLH 3H WR L vL YLQGHFD
/XFUDYHGH LvQVL,XELUHD$WRWvQ HOHSWXOL$WRWSXWHUQLFXO
'XPQH]HX,DURDPHQLLVHEXFXUDXLVHPLQXQDXLVOYHDX
QXPHOH6X
'RPQXO D IJGXLW V GUXLDVF DFHVW KDU
QHvPSX LQDWDOLXELULLLDOYLQGHFULLEROLORUDFHORUDFDUHYRU
FUHGHLQ(O
6IvQWXO1HFWDULHDDYXWGHPLFFRSLOPDUHFUHGLQ vQ
'XPQH]HX GXS FXP YH L YHGHD GLQ SULPHOH SDJLQL
&UHGLQ vQ 'XPQH]HX L GUDJRVWH SHQWUX VHPHQLL VL 'H
DFHHDDIRVWGUXLWGH&HOGH6XVFXSXWHUHDGHDYLQGHFDvQ
WRWFHDVXOWRWIHOXOGHEROL0XOWHIRDUWHPXOWHVvQWPLQXQLOH
OXL1RLvQDFHDVW PLF EURXULFYRPSUH]HQWDGRDUFvWHYD
FDUHVDXvQWvPSODWXQRURDPHQLFXQRVFX LGHQRL(OHYRUIL
VFULVHvQFXYLQWHSX LQHGHLILHFDUHGLQWUHHOHDUILSXWXWV
GHYLQRvQWUHDJ FDUWH
/H VFULHP SHQWUX DL PXO XPL 6IvQWXOXL 1HFWDULH L
SHQWUXFDLDO LRDPHQLV DIOHGHVSUHOXFUXULOHPLQXQDWHDOH
OXL 'XPQH]HX FH VH SHWUHF vQ ]LOHOH QRDVWUH ,LVXV +ULVWRV
LHUL L DVW]L L vQ YHDFXO YHDFXOXL 0LQXQDW HVWH 'RPQXO
vQWUX VILQ LL 6L 3HQWUX FD RDPHQLL V FHDU DMXWRU vQ
JUHXW L vQ QHYRL L vQ EROL L V YDG vQF R GDW F
'XPQH]HXLVILQ LL6LVvQWDOWXULGHQRL
,'$
',19,$$6)178/8,
6FULVRDUHDPLFXOXL$QDVWDVLV
'RPQXO 7HPLVWRFOH YLQGHD WDEORXUL UDPH L
PUXQ LXUL vQ SUYOLRDUD OXL GLQ &RQVWDQWLQRSRO L LXEHD
PXOW IDPLOLD L VH FKLQXLD VL YvQG QLPLFXULOH FD V
SRDW VWXUD FHOH FLQFL JXUL IOPvQGH 'HVFKLGHD SUYOLD
GLVGHGLPLQHD vL IFHD VHPQXO FUXFLL SULYLQG VSUH
ELVHULFD 6IvQWD 6RILD DWvUQD UDPHOH vQ FXLH SH SHUH LL GLQ
DIDU OvQJ XD PDJD]LQDXOXL WHUJHD SUDIXO FDUH VH DH]D
GLQ JURV SH SLFWXUL SUYOLRDUD VH JVHD SH R VWUGX
VWUvPW QHSLHWUXLW L DD vL DWHSWD FOLHQ LL 'RPQXO
7HPLVWRFOH HUD XQ RP EXQ GLQWUH FHL FDUH VLPW GXUHUHD
FHOXLODOW &vQG LQWUD YUHXQ FROUHO V LDRERPERDQRPXO
JvQGHD vQ VLQHD OXL 6UFX XO HVWH JDOEHQ FD FHDUD &LQH
WLH FH PQvQF &XQRWHD ELQH ID D VUFLHL GXS FXP
FXQRWHDLVXIOHWXORPXOXLFXEXQHOHLFXUHOHOHVDOH
'LQWUHWR LFRSLODLLGHSULQYHFLQLFHOPDLPXOW LQHD
OD XQ ELH HO EOvQG L FXYLLQFLRV SH QXPH $QDVWDVLV FDUH
WULDVLQJXUVLQJXUHOvQWURFPUX SHVWHGUXPGHFDVDOXL
%LHWXOGHHOFXQRDSWHDvQFDSSOHFDLFXQRDSWHDvQFDSVH
vQWRUFHD 'XS ID DL WUDV L GXS KDLQX HOH L JKHWX HOH
UXSWH XRU SXWHDL V YH]L F GHDELD GDF DYHD FH V
PQvQFH

QWUR GLPLQHD GH LDUQ GRPQXO 7HPLVWRFOH VH

vQGUHSWD VSUH SUYOLRDU (UD IULJ L ]ORDW L PHUJHD
VWUvQJvQGXL SH HO SDOWRQXO FvQG GHRGDW vO YHGH SH PLFXO
$QDVWDVLVDSURSLLQGXVHSHWURWXDUXOFHOODOW
8QGHWHGXFL$QDVWDVLV"$LDOWGUXPDVW]L"1XWH
GXFLODOXFUX"0LELH HOXOHRV UFHWL1XHWLvPEUFDW
JURV
0GXFODSRW VGXFQLWHVFULVRUL
'PLOH PLH WRW WUHF HX DFXP SH OD SRW +DL
IXJLvQDSRLODOXFUXFRV UFHWLDIDU
9 PXO XPHVF PXOW GRPQXOH VSXVH PLFX XO
GvUGvLQGGHIULJ
&HL YHQL GRPQXOXL 7HPLVWRFOH F VH XLW SHQWUX
FLQHVXQWVFULVRULOH8QDHUDSHQWUXXQQHJXVWRUDOWDSHQWUX
R IDEULF GH WXWXQ D WUHLD HUD &75( '2018/
126758 ,,686 +5,6726 1 &(5 6H RSUL ORFXOXL L
vQFHSXV ]vPEHDVF
6UDFXOELH HO,DVYGFHFHUH
'HVFKLVHVFULVRDUHDLFLWL
+ULVWRDVHDOPHX
+DLQHOHPLVDXUXSWSDQWRILLPLVDXVWULFDWLPLH
IULJ'LQFHPLG VWSvQXOQXPLDMXQJHQLFLGHPvQFDUH1
DP UHXLW V WULPLW DSURDSH QLPLF PDPHL PHOH FDUH HVWH
VUDF &H P IDF DFXP" &XP LHV HX GLQ LDUQ 'RDPQH"
$MXWP0 vQFKLQLH
5REXO7X$QDVWDVLV
&RPRDU VFXPS VSXVH GRPQXO 7HPLVWRFOH L
SOHF VSUH FDV 3UHJWL XQ SDFKHW FX KDLQH FOGXURDVH GH
LDUQ IODQHOX H XQ SDOWRQ SDQWRIL RVHWH GHDOH FRSLLORU
OXL LVHGXVHDSRLODSRW
3HVWH GRX ]LOH vO L Y]X vPEUFDW vQ KDLQHOH
FOGXURDVHLYHQHDXQXPDLELQH2FKLLFRSLOXOXLVWUOXFHDX

GHEXFXULH%DOXDVHSHFKLSLRUD]GHOXPLQ WDLQLFFFL
FLQHSRDWHWLFvWHQXLDXVSXVVHDUDODUXJFLXQH'RPQXO
LPLFX XO6XURE
'RPQXO 7HPLVWRFOH VD EXFXUDW PXOW Y]vQGXO
IHULFLW SH ELH HO 1X DYHD vQV FXP VL WUHDF DWXQFL SULQ
JvQG F $QDVWDVLV YD DMXQJH FvQGYD 6IvQWXO 1HFWDULH
IFWRUXOGHPLQXQL'HXQGHV ILSXWXWEQXL
&7(9$',10,181,/(6)178/8,
1(&7$5,(
0DPDFXFHLSDWUXFRSLL
6DWXO'LJKHOLRWLFDVHDIO ODRRUGHPHUVGH0DUHD
(JHH (VWH PDL GHJUDE XQ FWXQ FX GRX]HFL GRX]HFL L
FLQFLGHFDVH UQHWLvPSUWLDWH
QWUXQD GLQ DFHVWH FDVH ORFXLD *KHRUJKLD
$SRVWRORSRXORV FX EUEDWXO HL .RVWDV L FX FHL SDWUX
FRSLODL DL ORU )LLQG R EXQ JRVSRGLQ VH VFXOD GLVGH
GLPLQHD FDVSXQ FDVDvQRUGLQHLWUH]HDDSRLFRSLODLL
L vL vQJULMHD 'XS DFHHD vQJHQXQFKHD vQ ID D LFRDQHORU L
DH]DDOWXULGHHDSH 2OJDSH(YDQJKHOL DLSHELH HOLDU
SHFHDPDLPLFR LQHDvQEUD HLDVWIHOvLIFHDXFXWR LL
UXJFLXQHD GH GLPLQHD 'XS FH VH UXJDX PDPD vL OXD
FRSLODLL DSURDSH GH HD vL SULYHD vQ RFKL FX GUDJRVWH L
UHYUVDvQVXIOH HOHOHORUIUDJHGHFUHGLQ DLGUDJRVWHDSHQWUX
7DWO &HUHVF L SHQWUX VILQ LL /XL &HOHL PDL PLFL vL YRUEHD
vQWUR OLPE SH FDUH QXPDL PDPHOH WLX V R JULDVF /XD
DSRL FX GHJHWHOH HLEOvQGHPvQDJUVX DIHWL HLLRvQY D
VLIDF FUXFH
$D V VWUvQJL GHJH HOHOHSSXLFDPHD QWvLGXFL
PvQD OD IUXQWH DSRL MRV SH EXUWLF VXV OD GUHDSWD L OD
VWvQJD$DEUDYRIHWL DPHD
/H GGHD DSRL FRSLLORU V PQvQFH vL VUXWD L VH
GXFHDVLDMXWHEUEDWXOFDUHPXQFHDGHFXQRDSWHODFvPS
/DDPLD]VHvQWRUFHDDFDV VLYDG FRSLLLVLSXQGLQ

QRX V PQvQFH L DSRL LDUL VH GXFHD OD FvPS SvQ FH
FRERUD VRDUHOH L vQFHSHD V VH vQWXQHFH 6HDUD vQWRUFvQGX
VHWUHFHDSHODELVHULFX DVDWXOXLXQGHDSULQGHDFDQGHOHOHL
VHUXJDDGXFvQGPXO XPLUHOXL'XPQH]HX
*KHRUJKLD HUD R IHPHLH VUDF vQV DOWXUL GH
IDPLOLDHLHDHUDIHULFLW6ODY 'RPQXOXLSHQWUXWRDWH

2 ERDO FUXQWFDUHYHQLSHQHDWHSWDWHvLIFXvQV
IHULFLUHD PLL IUvPH L DSUX FD GLQ VHQLQ R WXPRDUH LDU
GXUHULOHvLUSLU LXOWLPXOVWURSGHOLQLWH
6D GXV OD GRFWRU vQ (JKLR $FHVWD vQV vQ HOHJvQG
FvW GH JUDY HUD ERDOD LD VSXV V PHDUJ OD $WHQD OD
GRFWRULLFHLPDUL,QLPDELHWHLIHPHLVDIUvQW&RSLODLORUOH
VSXVHF VHGXFHFXQLWHWUHEXULOD$WHQDLOXGLQQRXLvL
DH] vQ ID D LFRDQHORU &HOHL PDL PLFL vL VSXVH VL IDF
VHPQXOVIvQWDO&UXFLLLDUSHFHLPDLPDULvLvQGHPQ V VH
URDJHILHFDUHDDFXPIXVHVHvQY DWLVUXW DSRLSHUvQGL
SOHF FXRFKLLvQODFULPLVSUH6SLWDOXO%RPERODGLQ$WHQD
$FROR LDX IFXW WRW IHOXO GH DQDOL]H 'RFWRUXO GLQ
(JKLRQXVHvQHODVH$IFXWRSHUD LHGXSRSHUD LH$IRVW
WULPLV DSRL OD XQ DOW VSLWDO Q FHOH GLQ XUP PHGLFLL ODX
FKHPDWSHEUEDWXO*KHRUJKLHLLSHXQYUGHDOHLFDUHVH
vQJULMHDLHOGHEROQDY LOHDXVSXVFODU
$UHRIRUP H[WUHPGHJUDYGHFDQFHU/XD LRV
PRDU DFDV
L DVWIHO ELDWD *KHRUJKLD VH vQWRDUVH OD FVX D HL
=FHD DFXP vQ SDW SH MXPWDWH PRDUW 1XL WUHEXLD QLFL
PvQFDUHQLFLQLPLF'DUSHFKLSXOHLvQJOEHQLWvQF VHPDL
vQWUH]UHD R UD] GH QGHMGH &RSLODLL vL VWWHDX WRW WLPSXO
SULQSUHDMPLDUHDOHUHSHWDPHUHXFXYRFHVWLQV

IUXQWH
+DLVQHUXJP$DSSXLFDPHDGXPvQX DOD
L FRSLODLL vQJHQXQFKHDX vQ MXUXO HL vL vQGUHSWDX

RFKLRULLVSUHLFRDQHLVHUXJDX
'RDPQH,LVXVHIELQHSHPDPDQRDVWU
'DU HD VH VLP HD GLQ FH vQ FH PDL UX 7UXSXO L VH
XPSOXGHXPIOWXULLGLQ]LvQ]LJvWXOLVHvQFKLGHD$ELD
GDF LVHPDLDX]HDYRFHD
5XJFLXQH FRSLODLL PHL UXJFLXQH DELD UHXHD
V PDL URVWHDVF GDU UD]D GH QGHMGH QX L VH VWLQJHD GH SH
FKLS

(UD R VHDU GH QRLHPEULH 9vQWXO LQWUD vQ RGDLD EROQDYHL

IFvQGV WUHPXUHIOFUXLDFDQGHOHLJDWDV VHVWLQJ ODIHO
FDLYLD DHL
5XJFLXQHPDLURVWLRGDW VWLQVDELDGDF VH
DX]LGXS FDUHDGRUPL
&RSLLL vQV QX vQFHWDX V VH URDJH DSOHFD L DVXSUD WUXSXOXL
PDPHLORU
' 'RDPQH V QX PRDU PLFX D &HR V VH
DOHDJGHQRL"0LFX
1X SHVWH PXOW WLPS *KHRUJKLD GHVFKLVH RFKLL 'H
DFHDVWGDW HUDXGRLRFKLYHVHOLLSOLQLGHYLD
/DPY]XWURVWLHDIUQLFLRSLHGLF vQYRFHFD
DWXQFL FvQG HUD VQWRDV /DP Y]XW SH 6IvQWXO 1HFWDULH
FDUHPLDVSXVF PDPIFXWELQH
L HX ODP Y]XW PDP SH 6IvQWXO GLQ LFRDQ
VSXVH(YJKHQLD
.RVWDV.RVWDVVWULJ IHPHLDFWUHEUEDWXOHL0
DPIFXWELQH

%D PLHPL SDUH F QX WHDL IFXW GHORF ELQH vL
UVSXQVHHOGLQSDWXOXQGHVHRGLKQHD
0DPIFXWELQH.RVWDV0LHIRDPH
$FHVWDVHVFXO DQHYRLHGLQSDWLvLSULYLFXPLUDUH
QHYDVWD1XPDLDYHDSHID QLFLXUPGHXPIOWXURFKLLvL
VWUOXFHDXLYRUEHDFXXXULQ
)HPHLDVHULGLF DWXQFLGLQSDWVSXQvQG
0DP IFXW ELQH 6OYLW V ILH QXPHOH 7X
'RDPQH
$ GRXD ]L GH GLPLQHD *KHRUJKLD IFXRSOLPEDUH
GH R RU PHUJvQG SvQ OD (JKLR XQGH HUD GRFWRUXO HL
$FHVWDGHFXPRY]XUPDVHXOXLWGHPLUDUH1XLSXWHD
FUHGHRFKLORU
7HDL IFXW ELQH *KHRUJKLH 0HUJL DFDV
VQWRDV

$XWUHFXWWUHLDQLGLQDFHD]LPDUH'HDWXQFLLSvQ
DVW]L *KHRUJKLD $SRVWRORSRXORV WULHWH L vPSU HWH vQ
FDVD HL vQFRQMXUDW GH FRSOLODL L vQ ILHFDUH VHDU DSULQGH
FDQGHOHOHELVHULFX HLGLQVWXFLFvQW 'RPQXOXL LPQXUL GH
VODY
1RWH]GLQQRXDGUHVDHL3RDWHDUHQHYRLHYUHXQFLWLWRUGHHD
*KHRUJKLD
$SRVWRORSRXORV 'LJKHOLRWLFD(JLRX*UHFLD

0LFX D6RILFD
6RILFD HUD R IHWL GUJOD %UXQH LF FX RFKLL
QHJULFXGRX FRUGHOL HDOEHvQSULFXXQ]vPEHWFDOGHUD
EXFXULDFHDPDUHDPDPHLHL0HUHXRULGLFDVXVSHEUD HvL
DSURSLDEX]HOHGHFKLSXO HLGUJODLvLOVDSHREUMRUXQ
VUXWGXOFHPDWHUQ
6RILFD PHD URVWHD PDPDGLQDGvQFXO VXIOHWXOXL HL
LvLVWUvQJHDFRSLOXOvQEUD H
QWUXQD GLQ ]LOH PDPDREVHUYXQVHPQURXSHREUMRUXO
FDWLIHODWDO6RILFLDFRORXQGHvLOVDHDVUXWULOH6HXLW
ELQHLFHUFHW FXGHJHWHOH
1RILQLPLFVSXVH
$ GRXD ]L vQV ]L VHPQXO FUHVFXVH %LDWD IHPHLH VH
QHOLQLWL
&HV ILHRDUH"
3DWD URLH VH IFXW vQ FvWHYD ]LOH R FUHVFWXU GHVWXO
GH PDUH GH FDUQH *vQGXUL QHJUH FD QLWH HUSL YHQLQRL
FXSULQVHU VXIOHWXO PDPHL L OX IHWL D L R GXVH SH OD
GRFWRUL $FHWLD LDX VSXV IHO L IHO GH OXFUXUL Q VIvULW D
DMXQVFXFRSLOXOODRGRFWRUL SHGLDWUXFDUHHUDFRQIHUHQ LDU
XQLYHUVLWDU$FHDVWDOX IHWL DLRH[DPLQ FXPXOW DWHQ LH
LGUDJRVWH
7UHEXLHV IDFHPRPLFRSHUD LHVSXVHGRFWRUL D
WUHEXLHVRGHVFKLGHP$OWIHOYRUDSUHDFRPSOLFD LL

'DU IHPHLD QLFL QX YUX V DXG GH DVHPHQHD OXFUX

6 UPvQ IHWL DHLFXXQVHPQSHID SHQWUXWRDWYLD D"L
OX FRSLOXOLSOHF'DUUXOQXGLVSUHD$DFGLQQRXD
WUHEXLWVRGXF ODGRFWRU
'RDPQ 'HVSLQD WUHEXLH V IDFHP LQWHUYHQ LD
FKLDUDVW]L$FXP'DFQXvQVHDUDDVWDRV VHGHVFKLG
Y UHSHWLHXQRVSRUWQLFLRYLQ
0DPD IHWHL vQFHSX V SOvQJ GDU QX OX QLFL R
KRWUvUH ,L OX FRSLOXO vQ EUD H L SOHF DFDV %UEDWXO HL
HUD SOHFDW DD F R FKHP OD GvQVD SH VRUD HL (YDQWKLD
SHQWUX F SDUF VLP HD QHYRLD VL vPSDUW QHFD]XO FX
FLQHYD $FHDVWD YHQL L VH DPUv PXOW FvQG DIO YHVWHD $X
VWDWLDX YRUELW GHVSUH FRSLOSvQQRDSWHDWvU]LX9HQLDSRL
RUD V VH FXOFH 'DU R LGHH FD R OXPLQ WUHFX SULQ JvQGXO
(YDQWKLHLLDGXVHDPLQWHF OVDVHPDLGHPXOWODLFRDQHOH
VXURULL VDOH R VWLFOX FX XOHL GH OD 6IvQWXO 1HFWDULH GLQ
(JKLQD6HGXVHGHFLLOXXOHLXOGXS FDUHFHOHGRX VXURUL
VDX UXJDW GLQ WRDW LQLPD $SRL (YDQWKLD IFX FX XOHLXO
VILQ LWVHPQXO6ILQWHL&UXFLSHREUMRUXO6RILFL
6ILQWH 1HFWDULH I R PLQXQH L FX DFHDVW FRSLO
QHYLQRYDWURVWLHDFXWRDW ILLQ DHL
$SRLFHOHGRX VXURULDXDH]DWFRSLOXOvQWUHHOHLV
DXFXOFDW6 ILIRVWPLH]XOQRS LLFvQGDPvQGRX VDXWUH]LW
GLQWURGDW VSHULDWH)HWL DGGHDGLQPvLQLLGLQSLFLRDUHL
VWULJD
9DYDPHDDGLFEXEDPHD
6R IL GHVFKLV DD FXP D VSXV GRFWRUL D VWULJDU
DPvQGRX vQWUXQJODVLRV DLE FRPSOLFD LL
$SULQVHU vQ JUDE OXPLQD L FHUFHWDU vQJULMRUDWH REUD]XO
IHWL HL'DUQLFLXQDQLFLFHDODOWQXDPDLY]XWFUHVFWXUD
GH FDUQH 6DX XLWDW SH FHOODOW REUD] QLPLF $X VULW FD

DUVH $X GXV FRSLOXO OvQJ OXPLQ 1LFL XUP GH URHD
2EUMRUXOPLFX HLHUDGHOLFDWLIU FXVXUFDLvQDLQWH
0DUHHWL'RDPQHURVWLU PDPDLPWXDPLFX HL
FXYRFHWUHPXUvQG
&vQG VH OXPLQ GH ]LX DX GXV IHWL D OD GRFWRUL
$FHDVWD R Y]X R H[DPLQ FX GHJHWHOH GXS FDUH vL IFX
VPHULW VHPQXOFUXFLL
(VWHRPLQXQH
LDIRVWFXDGHYUDWRPLQXQHL]YRUvWGLQLXELUHDGH
RDPHQLD6IvQWXOXL1HFWDULH
6RILFD WUHPLQ DFXP VFRDOD SULPDU L HVWH R IHWL
GUJOD L ELQHFXYvQWDW 0HUJH GHV SH OD PWXD HL FDUH
VW SH VWUDGD /HURX QU WHOHIRQ $FHDVWD R LDvQ
EUD H L R VUXW SH REUMRU FX PXOW GUDJRVWH GDU L FX
VPHUHQLH9HGH LGRDUDFHODHVWHORFXOPLQXQLL

3ULQWHOH(XVWD LH
3ULQWHOH (XVWD LH DYHD vQ MXU GH RSW]HFL L FLQFL GH
DQL (UD DFXP SHQVLRQDU GDU IXVHVH L SUHRW L vQY WRU OD
XQORF6HDUDVOXMHDYHFHUQLDvQELVHULFX DFXKUDPXO6IvQWXO
(XVWD LHSHFDUHRULGLFDVHvQVWXFXOOXL+DUDNRSL.LPLVGLQ
(YLD 5XJFLXQHDPHDYRLvQO D FWUH 'RPQXOJOVXLD
SUHRWXOGXFvQGRPvQSHSLHSWGHDVXSUDHSLWUDKLOXOXLLFX
FHDODOW WPvLQG 6IvQWD 0DV VILQWHOH LFRDQH DOH 'RPQXOXL
+ULVWRV DOH 0DLFLL 6DOH L DOH VILQ LORU ]XJUYL L GH MXU
vPSUHMXU6HRSUHDLVHvQFKLQDvQID DILHFUHLLFRDQHOXvQG
SHQWUX R FOLS SH FKLS R H[SUHVLH GLIHULW GXS VIvQWXO SH
FDUHvOSULYHD$LIL]LVF VSXQHDFHYDODILHFDUHLF ILHFDUH
vLVSXQHDFvWHFHYD$FXPvOYHGHDLVWvQGFDXQRVWDvQID D
vPSUDWXOXL +ULVWRV DFXP DYHD XQDHUUXJWRU FDGH FRSLO
vQ ID D 0DLFLL 'RPQXOXL 0DL DSRL OXD vQ SULYLUH FHYD FH
DGXFHD D JHOR]LH QHYLQRYDW vQ ID D PDUHOXL VLKDVWUX DO
SXVWLHL 6IvQWXO ,RDQ 3URGURPXO LDU OvQJ HO SULYHD FX
EOvQGH H L UXJWRU SDUF FWUH $UKDQJKHOXO 'RPQXOXL
'XS DFHHD UvQG SH UvQG WUHFHD SULQ ID D ILHFUXL VIvQW D
ILHFUXL SULHWHQ DO OXL 'XPQH]HX L FKLSXO L VH OXPLQD GH
UD]HGHQGHMGH0DLDSRLVHRSUHDvQID DXQHLLFRDQHFDUHO
EXFXUD DWvWGHPXOWFDSUH]HQ DXQXLSULHWHQGUDJ$LIL]LV
FGGHDEXQ VHDUDVIvQWXOXLGLQLFRDQ LF DWHSWDV LVH
UVSXQG DWHSWD V DXG GLQ QRX YRFHD FXQRVFXW EOvQG
OLQLWLW LFXYLLQFLRDV%XQ VHDUDSULQWH(XVWD LHLFX

DGHYUDW vO FXQRVFXVH SH VIvQWXO GLQ LFRDQ /D Y]XW L D

IRVWVXEDUKLHULDOXLvQ+DONLGDSHYUHPHDFvQGHUDWvQUL
DVW]L SULQWHOH (XVWD LH SDUF PDL DXGH FXYLQWHOH ELQH
PHWHXJLWH DOH 6IvQWXOXL L DVW]L SDUF YHGH DLHYHD RFKLL
OXL PDUL DOEDWUL L IUXPRL FX SULYLUH vQJHUHDVF $FHVW
VIvQWHUD6IvQWXO1HFWDULH
3ULQWHOH(XVWD LHLQWUDDSRLGLQQRXvQDOWDULURVWHD
SRPHOQLFH FXDWvWHDLDWvWHDVXIOHWH FDUH vLHUDX FDLFRSLLL
OXL 9H]L ELQH GRDU IXVHVH L vQY WRU L SUHRW ,QY DVH
FDUWH L GVFOLVH FX SRYH H PLL GH VXIOHWH PLL L PLL
ERWH]DVH PLUXLVH PUWXULVLVH vPSUWLVH FXQXQDVH
EODJRVORYLVH L PDL HUDX DSRL L FRSLLL OXL ELH LL L IHWHOH
GLQ $WHQD L GH DLXUHD L FRSLLL FRSLLORU OXL JHQHUD LL GH
JHQHUD LLLPDLHUDXLVXIOHWHOHFXQRVFX LORULSULHWHQLORU
DGRUPL LDOWXULGHVXIOHWXOSUHRWHVHLVDOH
,DUFvQGLQWUDLQDOWDUEXQXOOHYLWXLWDGHHO6HJVHD
SDUF L SH SPvQW L vQ FHU vQWUH ELVHULFD OXSWWRUH L FHD
WULXPIWRDUH &vQG SHD SH SRGHDXD DOWDUXOXL FvQG VH DIOD
SDUF IU WUXSSULQWUHvQJHUL
3ULQWHOH (XVWD LH WHUPLQD PHUHX VOXMED QRDSWHD
WvU]LX L IFHD SHQWUX R XOWLP GDW VHPQXO FUXFLL GLQ XD
EROWLW D ELVHULFX HL VWvQG FX ID D VSUH DOWDU L GXS FHL
SXUWDvQFRGDWSULYLUHDSHVWHLFRDQHOHFXFKLSXULVILQWHL
LXELWH LHHD vQ FXUWH VXE EROWD FHUXOXL vQ PLUHVPHOH
PXQWHOXL6OYLWHV ILHOXFUXULOHPvLQLORUWDOH'RDPQHvO
PDL DX]HDL URVWLQG L SRUQHD DSRL VSUH FKLOLX D OXL XQGH
YLH XLDVLQJXUFDXQDGHYUDWVFKLPQLFSRVWLWRU'RDUYGXYD
ILXOXL VX PDL WUHFHD SH OD HO L VH vQJULMHD GH SX LQHOH OXL
QHYRL

QWURGLPLQHD SULQWHOH(XVWD LHWRFPDLWHUPLQDVH

XWUHQLDL LHLvQFXUWHV VHEXFXUHGHOXPLQDLGHFOGXUD
SOFXW DVRDUHOXL6XIOHWXOvLHUDSOLQGHSDFHLGHEXFXULH
6SULQWHQ VH vQGUHSW VSUH FKLOLH V JXVWH FHYD 'DU GLQWUR
GDW RYLDOXQHF LF]X6LP L vQSLFLRURGXUHUHFUXQW
QFHUF V VHPLWHV VHULGLFHGDUGXUHUHDvLVWUSXQJHDFD
XQ FX LW FDUQHD L RDVHOH SvQ OD PGXYD ORU 'RDPQH
$WRWSXWHUQLF VWULJ QFHUF GLQ QRX V VH PLWH GDU
GXUHUHD vO VJHW $D F IX QHYRLW V UPvQ ORFXOXL
'XUHUHDvQV HUDPDUHLDFXPvOVJHWDLFvQGQXVHPLFD
%WUvQXO vL vQWRDUVH SULYLUHD VSUH ELVHULFX D 6IvQWXOXL
(XVWD LH FXWvQG VSUH LFRDQH FKLDU GDF XD OFDXOXL HUD
vQFKLV FFL GXKXO vQ ]ERUXO OXL QX VH vPSLHGLF GH FHOH
Y]XWHLLDULVHRSULSHQWUXRFOLS GHDVWGDWQXPDL
FX VXIOHWXO vQ ID D ILHFUXL FKLS VIvQW GLQ ELVHULF L vQ
GXUHUHDOXLOHFHUHDDMXWRU
%XQ ]LXD SULQWH (XVWUD LH vL SUX DL VSXQH
6IvQWXO1HFWDULH
%XQ ]LXD 6IvQWXO PHX GUDJ 0 GRDUH 7DUH P
PDLGRDUH$MXWP6ILQWHWPGXLWRU
%LHWXOSUHRWDUPDVMRVODSPvQWvQGXUHULLYDLHWH
SvQ FHDDSUXWYGXYDILXOXLVX
&HD LS LWSULQWHULGLFDWLY
0GRDUHQXSRWV P PLF
)HPHLDFHUXvQGDW DMXWRULDXYHQLWLODXULGLFDWSH
EXQXO VOXMLWRU DO OXL 'XPQH]HX L ODX GXV L ODX DH]DW vQ
SDW 'XS WRDWH DVWHD VD VLP LW RDUHFXP PDL ELQH GDU
GXUHULOHQXvQFHWDX
$D WUHFX ]LXD 9HQL DSRL VHDUD 3ULQWHOH (XVWD LH
VXIHUHDvQFRQWLQXDUHGDU FXVXIOHWXOVHvQWRDUVHGLQQRXvQ
PLFD OXL ELVHULFX XQGH vQO vQ JvQGFvQWUL ELVHULFHWLL
WPvLHVILQWHOHLFRDQHLOHSULYLLDULVFKLPEvQGXLSHUvQG

H[SUHVLDIH HLLLDW FGLQQRXDMXQVHFKLDUGDFQXPDLFX

JvQGXOvQID DVIvQWXOXLSHFDUHOFXQRVFXVHvQ+DONLGDLvQ
RFKLL VXIHULQGXOXL SDUF VH YHGHDX FD vQWUR RJOLQG RFKLL
PDULIUXPRLLDOEDWULDL6IvQWXOXL
0GRDUH6ILQWH1HFWDULH$MXWP
$ GRXD ]L GLVGHGLPLQHD VRVL ELDWXO SULQWHOXL
GLQ$WHQDvPSUHXQ FXXQGRFWRU VSHFLDOLVW)XVHVHDQXQ DW
SULQ WHOHIRQ GHVSUH FHOH vQWvPSODWH GH YGXYD IUDWHOXL VX
$X LQWUDW FX WR LL vQ FKLOLD SUHRWXOXL )LXO SULYL FKLSXO L
PvLQLOH ELQHFXYvQWDWH DOH WDWOXL VX FDUH VH YHGHDX GH VXE
DWHUQXW3LFLRDUHOHvLHUDXDFRSHULWHGHFXYHUWXU6HDSOHF
vLOX LLVUXW PvQDGUHDSW
%XQ]LXDWDW9GRDUH"9DPDGXVGRFWRUXO
%XQ]LXD FRSLOXO PHX &H PDL IDFH L FX WR LL"
6XQWH L ELQH" 1HYDVWD WD FRSLLL VXURULOH WDOH" (X P URJ
SHQWUXYRLWR L
6WD LPDLvQWvLVYYDGGRFWRUXOSLFLRUXO
6OYDG
$UHRIUDFWXUJUDY FXOX[D LH7UHEXLHWUDQVSRUWDW
GHXUJHQ OD$WHQDSHQWUXWUDWDPHQWVSXVHGRFWRUXO
3UHJWL LYWDWRVY LDXFXPDLQD
/DVP DLFLFRSLOH&XPV PHUJHXvQRUD"2V
UPvQ OvQJ ELVHULFX D PHD OvQJ VILQ LL PHL L HL RU V P
DMXWH
$ LQVLVWDW ILXO FvW D LQVLVWDW OD UXJDW GDU QX OD FOLQWLW GLQ
ORF
6SXQH VXURULL WDOH VDPL WULPLW XQ SLF GH XOHL GLQ
FDQGHOHOH 6IvQWXOXL 1HFWDULH ,DU WX PHUJL FX ELQH $L
ELQHFXYvQWDUHDPHD
$SOHFDWRPXOSX LQWXOEXUDW
0 LHUWD LGRPQXOHGRFWRUGDUQXHFXSXWLQ VO
FRQYLQJ

2 V VXIHUH PXOW L DSRL YHGH LL YvUVWD OXL

vQDLQWDW
7UHFX ]LXD YHQL DSRL VHDUD LDU EWUvQXO WRW vQ SDW
SHWUHFHDLFKLDUGDF WUXSXOvL]FHDFXJvQGXOLQWU LDUL
vQ ELVHULFX L vQF R GDW VH RSUL vQ ID D 6IvQWXOXL FX
SULYLUHvQJHUHDVFGHDVWGDW vQV FXPDLPXOWFXUDM9H]L
ELQHGRDUVHFXQRWHDX
6ILQWH1HFWDULHWHURJGLQVXIOHWIPELQHVSXVH
FXWRDW ILLQ DOXL
6YULDSRLvQJvQGYHFHUQLDGXS WRWWLSLFXOLLDW
FLIXDGXVLXOHLXOVILQ LWSHFDUHOFHUXVH,OWULPLVHVHvQ
DFHHDL ]L ILLFD OXL GLQ $WHQD /X VWLFOX D FX PvLQLOH OXL
SUHR HWLRGXVHFXHYODYLHODEX]HLRVUXWLGHVFRSHUL
DSRL SLFLRUXO OXSX LQYDWGLQSDFKH HOXOSH FDUHvODYHD
GH OD QHYDVWD ILXOXL VX L YUV SX LQ XOHL SH HD$SRL VH
DSOHF LIFXSHSLFLRUXOEROQDYVHPQXO)FWRDUHLGH9LD
&UXFLD'RPQXOXLLQWRQvQG
3HVWHDXDFHDQRX LVWUOXFLWRDUHD2UWRGR[LHL
3HFHOFHHVWHDO%LVHULFLLQRX]LGGHDSUDUH
&XEXFXULHvQLQLPLV vOOXGP
&FLVOYLWILLQGGHOXFUDUHD'XKXOXL
,]YRUWHWPGXLULLKDUERJDW
3HQWUXDFHHDvLVWULJPEXFXUWH3ULQWH1HFWDULH
6UXWGLQQRXVWLFOX DRGGXIHPHLLGXS FDUHvL

SULPLPRGHVWDFLQ8QVRPQGXOFHvLvQFKLVHSOHRDSHOHLR
OLQLWHVIvQW LVHDWHUQXSHFKLS$DGRUPLWLVDRGLKQLWFD
XQSUXQF
6H WUH]L DELD GLPLQHD WvU]LX 3ULPXO JvQG vL ]EXU
VSUH ELVHULFX L vQFHSX V LQWRQH]H vQFHW FvQWULOH GH
XWUHQLHLGGXDSRLDWHUQXWXOODRSDUWHVHVFXOVHVSO
LvLSLHSWQSUXOLEDUEDLSXVHDSRLUDVDLFDPLODIFD

L SLDIDUXPEORYUHPHSULQ FXUWHGXS FDUHGHVFKLVH

XD ELVHULFX HL L LQWU vQXQWUX &DQGHOHOH FH OXPLQDX
VILQWHOH LFRDQH DUGHDX FX IOFULXLH GXOFH L OLQLWLW
3ULQWHOH (XVWD LH VD RSULW SHQWUX R YUHPH FD XQ DGHYUDW
RVWDvQID DPSUDWXOXL,LVXVDSRLD]vPELWPXO XPLWvQID D
3UHDVILQWHL)HFLRDUH3ULYLUHDLVDURWLWDSRL]ERYLQGDVXSUD
FKLSXULORUGHvQJHULLGHVILQ LvQWUHFDUHY]XRFKLLIUXPRL
DL6IvQWXOXL1HFWDULH
L PXO XPHVF PXOW VIvQWXO PHX LXELW VSXVH L VH
vQFOLQ VPHULW,QWU DSRLvQ6IvQWXO$OWDUVUXW 6IvQWD0DV
WURQXOSPvQWHVFDO'RPQXOXL LvQFHSXVYLEUH]HFXR
YRFHFHDYHDWRDWHWRQXULOHLQLPLLOXL
%LQHFXYvQWDW HVWH 'XPQH]HXO QRVWUX DFXP L
SXUXUHDL vQYHFLLYHFLORU

LDVW]LODFHLGHDQLDLVL3ULQWHOH(XVWD LH$QWRQLRX
vQF PDLVOXMHWHOLWXUJKLDvQELVHULFX D6IvQWXOXL(XVWD LHL
ILH FD V VOXMHDVF vQ YHDF L vQ FHU vPSUHXQ FX VILQ LL OXL
LXEL L

QWDEU
/D R PLH GH PHWUL DOWLWXGLQH SH XQ SODWRX DO
PXQWHOXL 3DUQDVRV vQFRQMXUDW GH EUD]L WLQHUL L YLJXURL L
DXvQWLQVFRUWXULOHPDLELQHGHRVXWGHFRSLLGLQFODVHOHPDL
PDULGHJLPQD]LX8UPDXVSHWUHDFGRX]HFLGH]LOHDFROR
VXV vQWUH FHU L SPvQW FX GRULQ D GH DL UHIDFH VQWDWHD
WUXSXOXLDVXIOHWXOXLLDJvQGXOXL&RPDQGDQWXOWDEHUHLXQ
WvQU UREXVW L HGXFDW DEVROYHQW DO )DFXOW LL 3DQWLRV
VHFXQGXO VX XQ DGROHVFHQW ELQH IFXW FXYLLQFLRV L
VFOLSLWRU DEVROYHQW DO )DFXOW LL GH 7HRORJLH D8QLYHUVLW LL
$WHQLHQH DOWXUL GH WRYDULL ORU GH HFKLS VWXGHQ L OD
GLIHULWHIDFXOW L HUDXWRFPDLFHHDFHWUHEXLDSHQWUXFDWRWXO
V PHDUJELQH
QF GLQ SULPD ]L FRSLLL VDX vPSU LW SH JUXSH DX
ULGLFDWFRUWXULOHLDXIFXWWRWFHHUDQHFHVDUSHQWUXYLH XLUHD
vQ WDEU /D YHQLUHD VHULL RERVL L GDU EXFXURL VH DGXQDU
FX WR LL SHQWUX UXJFLXQH GLQDLQWHD ID D 6WSvQXOXL 9LH LL
vQO vQGLPQXULGHVODYSHFDUHYvQWXOOHOXDLOHGXFHDVSUH
FHUXQLQGXOSDUF FXSPvPWXO
$ GRXD ]LGHGLPLQHD DvQFHSXSURJUDPXOWUH]LUH
JLPQDVWLF VWXGLX KDJLRJUDILF EXWXUL FDOGH URERWHOL MRF
FvQWHF(UDXXQVWXSYHVHOLELQHRUJDQL]DWFH]XP]LDWRDW
]LXD

&vQWHFHOH L YHVHOLD DX IXU vQV UHWH]DWH GH R

vQWvPSODUHFHVHSHWUHFXvQWURGXSDPLD]

3LFLRUXO PHX $K SLFLRUXO PHX vQFHSX V VWULJH

XQXOGLQWUHFRSLL
-RFXO VH RSUL EUXVF &RSLLL DOHUJDU SvQ OD HO
$MXQVHU GH vQGDW DFROR L HIXO WDEHUHL vPSUHXQ FX
VHFXQGXOVX&]XWODSPvQWFRSLOXOVWULJD
3LFLRUXO PHX L DUWD PHUHX SDUWHD GH MRV D
SLFLRUXOXLOvQJJOH]Q
QWUHWLPSVHDGXQDU FXWR LLvQMXUXOFRSLOXOXLF]XW
3LFLRUXO VH WRW XPIOD /DX ULGLFDW FX DWHQ LH L ODX GXV OD
SXQFWXO VDQLWDU 'DU GXUHUHD QX VH RSUHD L FRSLOXO VWULJD
vQWUXQD 6WULJWHOH L VH DX]HDX SvQ OD VDOD GH PHVH XQGH
FRSLLLPvQFDXIU V VFRDWRYRUE&RPDQGDQWXOWDEHUHLL
VHFXQGXOVXGLVFXWDXvQRDSW
LQLFLPFDUQXDYHPPDLQDDVW]L6OFRERUvP
SvQ vQ RUD SH WDUJ HVWH IRDUWH JUHX 6 FRERUvP QRL V
DGXFHPXQPHGLFLDULQXHXRUODRUDDVWD
3RDWHRV VHOLQLWHDVF PDLWvU]LX
&LQD VH VIvUL LDU FRSLLL VH vQGUHSWDU WFX L VSUH
FRUWXULFDV VHSUHJWHDVFGHFXOFDUH'DUEROQDYXOVXIHUHD
vQFRQWLQXDUHLVWULJWHOHVDOHXPSOHDXOLQLWHDQRS LL
%LHWXO GH HO DWvW GH PXOW VXIHU &H V IDFHP"
7UHEXLHV IDFHPFHYD
6HFXQGXOXLvLYHQLDWXQFLRLGHH
&RPDQGDQWHHXDPvQFRUWRVWLFOX FXXOHLGHOD
FDQGHOD6IvQWXOXL1HFWDULH0GXFVRDGXF
6DGXVFDXQIXOJHULVDvQWRUVFDXQvQJHU LQvQG
FXVPHUHQHLVWLFOX DvQPvQ$XSRUQLWIU DOWYRUE VSUH
SXQFWXOVDQLWDU&RSLOXOVH]EWHDvQSDWFDILDUDvQFRO LW L
SOvQJHDGHGXUHUHHIXOOXLGHJUXS LDO LGRLFROHJLVWWHDX
OvQJ HO
+DLGH LVQHUXJPVSXVHFRPDQGDQWXO

$X vQJHQXQFKLDW FX WR LL vQ MXUXO SDWXOXL UXJvQG GLQ

DGvQFXOVXIOHWXOWXLSHPSUDWXO6ODYHLV OHWULPLW DMXWRUXO
6X0DLDSRLVHFXQGXOVHULGLF LGGXODRSDUWHFXDWHQ LH
FHDUDIXOFHDFRSHUHDSLFLRDUHOHVXIHULQGXOXL
$KSLFLRUXOPHX LS FRSLOXO
L DYHD GUHSWDWH V VWULJH FFL SLFLRUXO vL HUD XPIODW
DSURDSHGLIRUP LvQYLQH LW6HFXQGXOSXVHSX LQXOHLSHR
EXFDWGHYDWVHDSOHF FXVPHUHQLHLIFXFXSHSLFLRUXO
XPIODWVHPQXOGWWRDUHLGHYLD &UXFLD'RPQXOXL
2 'RDPQH &HD IRVW DVWD" QGDW FH XOHLXO DWLQVH
SLFLRUXOEROQDYFXVHPQXO6ILQWHL&UXFLFKLSXOFRSLOXOXLVH
OXPLQ
6DRSULWGXUHUHDVSXVHPLQXQDW
&HLODO L LDX ULGLFDW RFKLL VSUH FHU L DX LHLW vQ
WFHUH&ORSRWXOEWHDFKHPvQGODUXJFLXQHDGHVHDU
2 VXW GH FRSLL VWWHDX DFXP GLQDLQWHD OXL ,LVXV FHO
UVWLJQLW vQO vQG vQ OLQLWHD VHULL FX R VLQJXU LQLP L XQ
VLQJXUVXIOHWLPQXULGHVODY LGHPXO XPLUHSHFDUHYvQWXO
vQPLUHVPDWOHGXFHDSvQ ODWURQXOOXL'XPQH]HX$SRLXQXO
FWHXQXOFRSLLLDXvQFHSXWV VHUHWUDJQWUXQWvU]LXGRDU
GRXXPEUHGRLVOXMLWRULDLOXL'XPQH]HX]ERYHDXvQF OD
OXPLQD OXQLL vQ ID D OHPQXOXL 6ILQWHL &UXFL (UDX
FRPDQGDQWXOWDEHUHLLVHFXQGXOVX7vU]LXvQQRDSWHGXS
FH LDX WHUPLQDW UXJFLXQHD VDX vQWRUV SOLQL GH HPR LH OD
FRUWXULOH ORU $X WUHFXW PDL vQWvL SH OD FRUWXO XQGH VH JVHD
SXQFWXOVDQLWDUODXGHVFKLVLDXOXPLQDWFXODQWHUQDFKLSXO
FRSLOXOXL'RUPHDOLQLWLWFXXQ]vPEHWFDUHSDUF vLMXFDSH
FKLS2OLQLWHVIvQWGRPQHDvQvQWUHDJDWDEU
QFHOHGLQXUP FHLGRLDXDMXQVODFRUWXULOHORU
+ULVWRV'XPQH]HXV ILHFXQRL
LDXVWUvQVPvLQLOHLDSRLDXDGRUPLW

'LVGHGLPLQHD FORSRWXOvQFHSXVEDWYHVHOGvQG
vQ WDEU WRQXO YLH LL $X VULW FX WR LL GLQ SDW VSULQWHQL FD
QLWHFHUEL$OWXULGHHLVH DIODLFRSLOXOFHIXVHVHEROQDY
3LFLRUXO VX VH JVHD DFXP vQ VWDUH QRUPDO 1LFL XUP GH
GXUHUHVDXGHUDQ
3H7LQH7HOXGPSH7LQH7HELQHFXYvQWPLH
LPXO XPLP'RDPQHLQWRQDXDFXPFRSLLLvQSDUDFOLVXO
LPSURYL]DWDOWDEHUHLLDUIH HOHORUYHVHOHVWUOXFHDXvQUD]HOH
VRDUHOXLGHGLPLQHD
BBBBBBBBBBBBBBB
$GUHVD VHFXQGXOXL .RQVWUDQWLQRV &KULVWLGLV 3HQWHOLV
$WHQD

0LFDFURLWRUHDV
.LNL 7VDNDODNLV VH SUHJWHD V GHYLQ FURLWRUHDV
6UDF GDU KDUQLF VH FKLQXLDV vQYH HPHVHULHFDV DLE
GLQ FH WUL 'H DOWIHO HUD L R IDW FXPLQWH LL YHGHD GH
OXFUXOHL6HJvQGHDFSHVWHSX LQWLPSRV WHUPLQHFRDOD
LRV DMXQJRFURLWRUHDVEXQFXVWLOHOHJDQWLFXYRUE
GXOFHLDVWIHORV DLE PXOWVHOXFUX*vQGLQGDDSOHFDGH
DFDV FX]vPEHWXOSHEX]HLWRWDVWIHOVHvQWRUFHD
1X SHVWH PXOW WLPS QR V PDL WUHEXLDVF V PDL
PXQFHWLDWvWVSXQHDHDWDWOXLHLLWXPDPFHPvQGUR
V ILL2V DLFURLWRUHDV vQFDV

'DU vQWUR ]L PHUJvQG .LNL OD EFDQ V IDF

FXPSUWXUL VH ORYL GLQ QHDWHQ LH OD SLFLRU FX R EXFDW GH
ILHU GLQWUXQ FKHSHQJ )LHUXO vL UXSVH FDUQHD L vL VSDUVH
YHQHOH SURYRFvQG KHPRUDJLH $ IRVW vQJULMLW GXS FXP VH
RELQXLHWH vQDVWIHOGH FD]XUL IU V ILHGXV ODVSLWDOLDU
HDLDY]XWvQFRQWLQXDUHGHPXQFDHL'XSRYUHPHUDQD
VDvQFKLVLWRDWSRYHVWHDDIRVWXLWDW FXGHVYvULUH
'DU PLFUREXO D UPDV vQ HD 1X SHVWH PXOW WLPS SLFLRUXO D
vQFHSXWV VHXPIOHLV VHWRWXPIOH'HMDQXPDLSXWHDV
SHDVF$YHDWHPSHUDWXU vQMXUGHGHJUDGH)ULVRDQH
$L HLVHQHOLQLWLU$XGXVRvQJUDE OD3ROLFOLQLFD$WHQHL
XQGHDIRVWFRQVXOWDW LPHGLDWGHPHGLF
8QGHORFXL L"vQWUHE DFHVWDvQIXULDW
Q3HULVWHULUVSXQVHUSULQLLIU V vQ HOHDJ

IDWD
7UHEXLH LPHGLDW V WLHP SLFLRUXO FD V VDOYP
1X QX VSXVH HD vQ DPH HDOD IHEUHL &XP R V

OXFUH]IUSLFLRU"&XPRV WULHVF"
'RFWRUXO D YRUELW FX SULQ LL vQWUH SDWUX RFKL /HD
VSXV DODUPDW F IDWD R V VH SUSGHDVF IRDUWH UHSHGH
$FHWLD vQGXUHUD L DX DFFHSWDW VL ILH WLDW SLFLRUXO &H V
IDFRDPHQLL&KLDUGHDUUPvQHFXXQ VLQJXUSLFLRU'RDU
QR V ODVH VD PRDU XQ FRSLO GH SDLVSUH]HFH DQL 2 V
PXQFHDVF L HD FvW R SXWHD L FKLDU GH QDU PDL PXQFL
GHORF6HSXWHD V RYLH"
'DU.LNLQXVHOVDQLFLGHFXPFRQYLQV
0DLELQHPRUVSXQHDHDvQFKLQXULOHIHEUHL
L DVWIHO WUHFXU RUH vQ LU )HEUD vL DUGHD RFKLL L
JvQGXULOH0LQWHDGHMDLVHWXOEXUDVH1XPDLvQ HOHJHDFHVH
vQWvPSODvQMXUXOHL
1HQRURFLUHDDIRVWDIODWGHvQGDWGHFWUHSULHWHQHOH
HL7RDWHVDXDPUvWIRDUWHWDUH LHUDXPXOWH'HMDSDUF
OHVXQDXvQXUHFKLFORSRWHOHvQGROLDWH
0RDUH.LNL%LDWDIDWLHUDDWvWGHEXQ
$X DOHUJDW OD VR LD UHVSHFWDWXOXL SULQWH $QJKHORV
1LVLRWLVFDUHHUDSUHRWSDURKODELVHULFD,]YRUXO7PGXLULL
GLQ$WHQDDOWGDW VHFUHWDUDO6IvQWXOXL1HFWDULH
'RDPQ 3DQDJRXODPRDUH.LNL
6ILQWH 'RDPQH ( vQ IORDUHD WLQHUH LL 6ILQWH
1HFWDULHDMXWQHH[FODP LVHvQGUHSW VSUHLFRDQH/XR
VWLFOX FXXOHLGHODFDQGHOD6IvQWXOXLLRGGXXQHLDGLQWUH
IHWH
0DPvQYUHGQLFLWVYGPXOWHPLQXQLDOH6IvQWXOXL
1HFWDULH6QHUXJP3ULQWHOXLPLORVWLYVRYLQGHFHLSH
.LNL'XPQH]HXHVWHDWRWSXWHUQLF

)HWHOH OXDU FX HYODYLH VWLFOX D L VH GXVHU VSUH FOLQLF

.LNLDUGHD
.LNL LDP DGXV XOHL GH OD 6IvQWXO 1HFWDULH
IFWRUXO GH PLQXQL +DL .LNL V IDFHP VHPQXO FUXFLL SH
SLFLRU&XWR LLRVQHUXJP2V WHIDFLELQH
2 IL DX]LW QR IL DX]LW R IL vQ HOHV" 7RWXL D
vQWLQV PvQD D OXDW VWLFOX D L D YUVDWR SHVWH FHDUDI L D
F]XWGLQQRXvQDJRQLH

$ GRXD ]L GXSDPLD] SURIHVRDUD GH UHOLJLH D OXL

.LNL VHvQGUHSWDSLQGFXJUHX VSUHSROLFOLQLF 8QQRU GH
JvQGXULQHJUHvLvQWXQHFDPLQWHDOLXEHDSH'XPQH]HXGH
DVWD VH LIFXVHSURIHVRDUGHUHOLJLH'DU HUD LHDRP LDU
SLDWUDJUHDDPRU LLvLVWULYHDFUHGLQ D&LQHDUPDLSXWHDV
ULGLFHLV DUXQFHGHSDUWHDFHDVWSLDWU"
&X LQLP JUHD L FX RFKLL WXOEXUD L GH ODFULPL VH
DSURSLH GH FOLQLF $MXQVH vQ ID D FOGLUL FH DVFXQGHD DWvWD
GXUHUH 8QGHYD vQXQWUX VH JVHD L .LNL &HO PDL VLJXU F
QX PDL WULHWH $D SUHY]XVH GRFWRUXO 1X OHD DVFXQV
QLPLF (UD FODU FD OXPLQD ]LOHL L ODFULPLOH vL DFRSHUHDX
RFKLL 7XOEXUDW FXP HUD ]UL vQGUHSWvQGXVH VSUH HD WUHL
IHWH , VH SUXU FXQRVFXWH GXS VWDWXU vPEUFPLQWH L
GXS PHUV 1XPDL GH QX VDU vQGUHSWD VSUH HD 'H VDU
GXFHPDLvQWvLODFHOHODOWHV OHVSXQQHQRURFLUHD1XPDLGH
LDUVFKLPEDGUXPXO
'DU FHOH WUHL IHWH VH DSURSLDX L VH vQGUHSWDX GLUHFW
VSUHHD
2'RDPQHFXPRV VWHDV OHDVFXOWH
)HWHOHVHDSURSLDXGLQFHvQFHPDLPXOWGDUPHUVXO
ORU L VH SUHD YHVHO L YLRL &LXGDW L WHUVH ODFULPLOH 6H

PDL GH]PHWLFL )HWHOH VH DSURSLDU L PDL PXOW 'DU FHL

Y]XU RFKLL" (UD RDUH DGHYUDW"&HOHWUHLIHWH HUDX HOHYHOH
VDOHLYHQHDXYLRDLHLYHVHOHLDUFHDGLQPLMORFHUDV ILH
DGHYUDW 'RDPQH" 6H PDL SHWUHF L DVW]L PLQXQL FD vQ
YUHPXULOHDSRVWROLFH"&HDGLQPLMORFHUD.LNL
&LQH DU SXWHD V GHVFULH VFHQD FH D XUPDW" (OHYDL
SURIHVRDUDDXDOHUJDWXQDVSUHFHDODOWVDXvPEU LDWLDD
DX PHUV WRW GUXPXO SOvQJvQG (UDX DDGDU DGHYUDWH L
WULWRDUH OHF LLOH FROLL GH 5HOLJLH 7ULHWH 'XPQH]HX 6H
DIOSULQWUHQRL

.LNL WULHWH L HVWH VQWRDV L GH DQL PXO L HVWH R

FURLWRUHDV EXQ SRDWHYUH LFXPYDGUDJHOHPHOHFLWLWRDUH
VY FRDVHRURFKLH"LGDFYUHRGDW VHvQWvPSO V VFDG
GLQ FUHGLQ SUHFXP RGLQLRDU 3HWUX DWXQFL R LD SX LQ
GXUHUHDGHSLFLRULLVSXQHDGX LDPLQWH'HODPRDUWHWHD
VFRV'XPQH]HX)UXQWHDVXVLWRWvQDLQWH

(URXLVIvQW
3ULQWHOH 'LRQLVLH HUD SRWULYLW GH vQO LPH EOvQG
QHWXOEXUDW L FX RFKLL FDO]L )XVHVH HJXPHQ OD 0QVWLUHD
.DOORQLHL vQ YUHPXULOH DFHOHD FvQG DUPDWHOH GXPDQH DX
XPSOXW *UHFLD &v LYD VROGD L DOLD L DX FHUXW UHIXJLX vQ
PQVWLUHD OXL /HD GHVFKLV L LD VDOYDW GH OD PRDUWH 'DU
FLQHYDODGHQXQ DWLDVWIHOHODIRVWFHOFDUHDDYXWVRDUWD
FDUHLDUILDWHSWDWSHVROGD L/DXEWXWODXVFKLQJLXLWGDU
QDXVFRVQLFLXQFXYvQWGHODHOGHVSUHIXJDUL/DXOHJDWL
ODX WULPLV vQ ODJUXO GH FRQFHQWUDUH GLQ 6DORQLF $FROR VH
DIODXvQWHPQL D LPLLGHGH LQX L(UDXVRFRWL LDQLPDOHLQX
RDPHQL QYOPVHDO 0L]HULH )RDPH &KLQXUL $PHQLQ
UL 'H]QGHMGH 7HDP &X DFHVWH UHOH WUHEXLD V VH OXSWH
HJXPHQXO FD PRQDK FH HUD FD RP GUXLW OXL 'XPQH]HXL
LXELULL GH DSURDSHOH 6H DSXF V PXQFHDVF VLVWHPDWLF L
IU PXOWH YRUEH 5HXL PDL vQWvL V GRPROHDVF IRDPHD
RDPHQLORU 'H OD FHQWUXO FUHWLQ DO %LVHULFLL 6IvQWD 6RILD
vQFHSXU V ILHWULPLVHVSUHODJUXO3DYORV0HODVFUXFLRDUH
vQFUFDWH FXDOLPHQWH,DUSULQWHOH'LRQLVLHOXDLvPSU HD
SvLQLURWXQGHLDOLPHQWHvQWULQGDVWIHOWUXSXULOHGH LQX LORU
'DU VH vQJULMHD GHRSRWULY L GH VXIOHWHOH ORU SULQ LXELUH L
SXUWDUHGHJULMSULQQHVIvULWHQHYRLQ HLSULQMHUWIH3X LQ
FvWHSX LQDFvWLJDWVXIOHWHOHWXWXURUQDFHOORFDOFKLQXOXL
GH LQX LL vO VLP HDX FD SH XQ DGHYUDW SULQWH WULPLV GH
'XPQH]HX SULQWUH HL LDU GXUHUHD VXIOHWHDVF OL VH DOLQD
QXPDLYD]LQGXODFROR
'DUGXPDQLLSUHJWHDXVLWULPLWSHGH LQX LLPDL
DGvQFvQLDGQFHSXU VLvQJKHVXLDVF vQPDLQLFDSHQLWH
RL

HIXOODJUXOXLvOFKHPSHSULQWHOH'LRQLVLHvQELURXOVX
6SXQHLF HOLEHUvL]LVHSULQWUXQWUDGXFWRU'DF
YUHDSRDWHSOHFDFKLDUDVW]LDFXP
6SXQH LY URJUVSXQVHDFHVWDLPHGLDWLIUQLFL
RH]LWDUHFDQXSRWV ODVRDPHQLLVLQJXUL2V PHUJFXHL
$WXQFLXUF vQPDLQVSXVHPLUDWRIL HUXO
QJKHVXLW vQ PDLQL VDX vQ YDJRDQH GH YLWH EXQXO
SVWRU D UPDV vQ PLMORFXO WXUPHL VDOH ILLQG GXV SvQ vQ
*HUPDQLD (UD IOPvQG vQVHWDW QHGRUPLW FFL QHP LL vL
LQXVHU vQ FRQGL LL XPLOLWRDUH SHQWUX ILLQ D XPDQ &H D
VXIHULWDFRORvPSUHXQ FXFHLODO LGH LQX LDGHVFULVHOvQVXL
vQ MXUQDOXO VX SH FDUH OD SXEOLFDW VXE IRUP GH FDUWH FX
WLWOXO 0$57,5, 0$57<5(6 1X VH YRU SUH]HQWD DLFL
DFHVWHIDSWH
'DU VD SUEXLW *HUPDQLD L VDX vQWRUV
VXSUDYLH XLWRULL $MXQVH L SULQWHOH 'LRQLVLH OD $WHQD 'DU
RP SUHRW HUD VDX DUWDUH" 8Q VFKHOHW FX QLVFDLYD SLHOH
DFRSHULWGHXQYHPvQWYHFKL(UDRDGHYUDW IDQWRP
6D GXV SH OD FXQRVFX LL VL $FHWLD vL SXUWDU GH
JULMvOKUQLUvLGGXU VEHDGDUQXLUHYHQHD/DXGXV
ODGRFWRU$IRVWLQWHUQDWvQVSLWDOXQGHLVDXIFXWDQDOL]H
(UDIU OHDF$YHDFLUR]SHOvQJ PXOWHDOWHEROL$F]XW
GLQODFvQSX 2FKLLDGvQFL LvQRUELWHLVHPLFRUDXSH]LFH
WUHFHDQFHOHGLQXUP VDXWXOEXUDWGHWRW3ULYHDXQXPDL
vQMRVQWUR]LVHDSURSLHGHHORVRU PHGLFDO
3ULQWH DP HX R SODQW SH FDUH GDF R OXD L Y
IDFH LELQH'DUVQXDIOHGRFWRULLFPLSLHUGVOXMED
&OXJUXO VWWHD OD vQGRLDO 5HVSHFWD WLLQ D 'DU
GRFWRULLVXQWLHLRDPHQLFDUHvQYD vLGDXVLOLQ DLRVFRW
ODFDSWGDUVHPDLLvQHDOLRDUHQXVXQWDWvWHDH[HPSOH
FDUH V vQWUHDVF DFHVW DGHYU" 1X GGHDX SvQ PDL LHUL

PHGLFDPHQWH FDUH HUDX FRQVLGHUDWH PLUDFXORDVH L FDUH

DVW]LVXQWLQWHU]LVH"
6WWHDODvQGRLDORPXO&HV IDF"6RLDVQXR
LD"2VOIDFELQHVDXRVDOGXF PDLUHSHGHODPRDUWH"
6ILQWH 1HFWDULH SULHWHQH DO VXIHULQ]LORU FH V P
IDF"6RLDXVDXQX"
$ UHSHWDWUXJFLXQHDGHPDLPXOWHRULLVSUHVHDU
FXP SULYHD VSUH KRO SULQ XD GHVFKLV vO Y]X SH 6IvQWXO
1HFWDULHIFvQGXLVHPQGLQFDS
'DGDLDR
3ULQWHOH 'LRQLVLH D OXDW DVWIHO SODQWD VXURULL
PHGLFDOH FX R vQFUHGHUH QH]GUXQFLQDW 3HVWH SX LQH ]LOHv L
UHYHQL vQ ILUH , VH IFX IRDPH 0vQF LDU DSRL VH VFXO GLQ
SDWLPHUVH
0LQXQHDGHYUDWVSXVHU PHGLFLL
LDDDOXDWELOHWXOGHLHLUHGLQVSLWDOLDSOHFDWVOYLQGSH
'XPQH]HX L GLQ DFHD ]L OD LXELW L OD FLQVWLW SH 6IvQWXO
1HFWDULHSvQ ODPRDUWHvQFGHDQLvQFKHLD L
(URXO DFHVWRU vQWPSOUL HVWH 6IvQWXO 0LWURSROLW GLQ
7ULNNL L 6WDJRQ 'LRQLVLH FDUH VD GXV VSUH vQWvOQLUH FX
6IvQWXO1HFWDULHvQWLPSXO GLQXUP USXVGHRDOWERDO
ILHFDUHRPHVWHRGDW WULPLVSHOXPHDFHDODOWGHRERDO
'DU QR V vQWvU]LH SUHVLPW HX V WULPLWRDPHQLORU
SHFDUHDWvWLDLXELWDMXWRUXOOXL'XPQH]HXSULQUXJFXLQLOH
VDOHQHvQFHWDWH2VXW FLQFL]HFLGHPLLGHRDPHQLDXIRVWOD
vQPRUPvQWDUHD OXL 7UHL]HFL GH PLWURSROL L VXWHGHSUHR LL
vQVXL 3DWULDUKXO $ IRVW R vQPRUPvQWDUH QHPDLY]XW vQ
LVWRULD*UHFLHL
$FHDVW vQWvPSODUH QHD IRVW RIHULW GH FWUH 3UHDIHULFLWXO

,HURQLP
$UKLHSLVFRSDO$WHQHLLDOvQWUHJLL(ODGH

0HWHUXORODU
'H WUHL DQL vQFKHLD L GRPQXO =DQQLV VXIHUHD GH
ULQLFKLXO VWvQJ 'RFWRUL PHGLFDPHQWH UD]H FRQWURDOH SHVWH
FRQWURDOH2SLHWULFLF FvWOLQWHDvOWRWFKLQXLD6DWUDWDWFX
PHGLFDPHQWHLFXIHOXULWHOHDFXULEEHWLVDFKLQXLWFvWVD
FKLQXLWLFXPXOW UEGDUHLOXSWvQFHOHGLQXUPSLDWUD
VDGL]ROYDWLDURPXOVDOLQLWLWSHQWUXXQWLPS
'DUvQWURQRDSWHGLQQRXvOWUH]LRGXUHUHSXWHUQLF
'HDVWGDW vOGXUHDULQLFKLXOGUHSW6D]YvUFROLWvQSDWSvQ
GLPLQHD LPXFDEX]HOHGHGXUHUHLLYHQHDVSOvQJ
GLWDPDLEUEDWXOGHUXOFX LWXOXLSHFDUHOVLP HDvQILSWvQ
SDUWHDGUHDSW3HQWUXFGXUHUHDQXvQFHWDLPHGLDWFXPVD
IFXW ]LX DL OXL ODX GXV OD FOLQLFD 6RWLULRV FH VH JVHD SH
VWUDGD 0DUQL vQ $WHQD ,DX IFXW R UDGLRJUDILH L DX
GHVFRSHULW F DYHD OD ULQLFKLXO GUHSW R SLDWU GH PULPHD
IDVROHL(UDvQWUR]LGHOXQL
$DMXQVODQRLSUHDWvU]LXQXVHPDLYLQGHF2V
OGRDU WDUH$DFRVDLIDFHPRPLFRSHUD LHV VFRDWHP
SLDWUD VSXVH PHGLFXO FKLUXUJ GRPQXO .DILDWVDV VR LHL
EROQDYXOXLGRDPQD+DULFOHHD
2 PLF RSHUD LH" 'HVSUH FH PLF RSHUD LH
YRUEHWHGRFWRUXO"0DLGHJUDE ]LLRSHUD LHvQWRDW UHJXOD
'RDPQD +DULFOHHD L ILLFD HL 0DULD DX LQWUDW OD
JULML $L IL ]LV F GHMD YHGHDX ELVWXULXO VSLQWHFvQG SvQWHFHOH
EROQDYXOXLLSDUF OHLOXDFXDPH HDOLDSRLFXPRV
PHDUJRSHUD LD"LGDFRUV VHLYHDVF FRPSOLFD LL"LFvW

WLPS R V WUHDF SvQ FvQG R V vQFHDS RPXO GLQ QRX V

PXQFHDVF"
'RDPQHDMXWQH
,DUvQJvQGXOORUVHLYLOLPSHGHXQSODQ
0DP R V OXP XOHLXO 6IvQWXOXL 1HFWDULH GH OD
GRPQXO7KHRGRULGLVLRVYUVPVWLFOX DvQFHDLXOGHSLU
7XRV PHUJLODFOLQLF V LOGDLVOEHDLHXRV PHUJOD
OXFUXGDUDPvQGRXRVQHUXJPWRDW ]LXD&XUXJFLXQH
VWUXLWRDUHLQHvQWUHUXSW
$VWIHO VDX vQ HOHV L SOHF ILHFDUH OD WUHEXULOH VDOH
$FHVWHD VDX SHWUHFXW PDU L OD R ]L GXS LQWHUQDUH )HPHLD
VH GXVH DSRL L vL GGX VR XOXL VX FHDLXO GH SLU FX XOHLXO
6IvQWXOXLvQHO
)LFUXFHGHWUHLRULFXXOHLXOSHVWHULQLFKLPDP
LDVSXVSULQWHOHIRQ0DULDLUPvQHFXPDPYRUELW
L 0DULD OXFUD OD FHQWUDOD WHOHIRQLF L VH UXJD vQ
SDX]HOHGHFvWHYDVHFXQGHSHFDUHOHDYHD/DSUvQ]VHDH]
V VH RGLKQHDVF vQ IRWROLXO GLQ ELURX DYvQG PHUHX
UXJFLXQHDSHEX]H/DXQPRPHQWGDWLVHSUXF DIXUDWR
VRPQXO'HRGDWRPvQRDWLQVHSHXPUXOVWvQJLRYRFH
SULQWHDVF LFXYLLQFLRDVGHEUEDWvLVSXVH1X LIJULML
FRSLODPHDWDWOWXVHYDIDFHELQHvQFXUvQG0DULDVULFD
DUVGLQIRWROLX1LFLXQEUEDWQXVHDIODvQELURX(UDGRDU
RFROHJGHDHLFDUHOXFUDODSDQRX
=LOHOH GH PDU L L PLHUFXUL WUHFXU FX UXJFLXQHD
vQGRLW DPDPHL LDILLFHL VDOH-RLGLPLQHD EROQDYXOXL L
VH IFX UDGLRJUDILH LDU VHDUD GRFWRUXO R FKHP SH GRDPQD
+DULFOHHDLvLVSXVH
&LXGDW SLDWUD QXL QLFLHUL 0 PLU 6 DYH L
EXQWDWHDV
'RDPQH 6ILQWH VSXVH GRDPQD +DULFOHHD
HPR LRQDW Q GRX ]LOH VD GXV SLDWUD SH FDUH QXPDL R

PLF RSHUD LH DU IL VFRVR 'XPQH]HX D IFXW PLQXQHD

SULQ6IvQWXO1HFWDULH
$ GRXD ]L GRPQXO =DQQLV VD vQWRUV DFDV L GH
DWXQFL DX WUHFXW GHMD SDWUX DQL OXFUHD] QRUPDO L IU
QLFLRVXSUDUH
2PDP LRILLF DXGHVFKLV&HUXOLDXSULPLWPLOD
/XLQFRIDPLOLHVOYHWHVIvQWXO1XPHDOOXL'XPQH]HX
9UH LDGUHVD"
'RDPQD+DULFOHHD=.DORJLURX
$JLRX$WKDQDVLRX $PDURXVLRQ
$WHQD*UHFLD

6XEWLXOFX LWXOXL
&KLDU GLQ SULPXO PRPHQW vQ FDUH D VLP LW JUHXWDWHD
POGL HL FH FUHWHD vQ HD GRDPQD 9ODKDNLV vQFHSX VL
YRUEHDVF $YHD V ILH SHQWUX SULPD RDU PDP DGLF R
DGHYUDW vPSUWHDV DOXPLL
%LQHFXYvQWDUHD PHD FRSLODXO PHX 'D YLL
YOVWUDXOPHX"QFHWvQFHWLFXJULMFFLHWLvQF PLFL
SOSvQG6YH]LFH LSUHJWHVFLHXKLQX HGHSXISWX
GLQOHPQGHPUSWXUHOHGLQFHDPDLEXQ OvQFHUIHOHGH
PWDVH$DIUXPRVV WHDH]DDPvQX HOHDDSLFLRUXHOH
XLWHLQVXFXOXLWHVWRPFHOXO &UHG FD LHIRDPH9LQR
OD PLQH vQ EUD H $D PLFX XO PHX LD OSWLRU GH OD
PPLFD 6LP HD FXWRDW ILLQ DHLGHVIWDUHDGHDSXUWDvQ
WUXSXOHLvQFRYLD
/XQLODUvQGODYHJKHDWvQFVX DOXLGHFDUQH/XQL
OD UvQG LD YRUELW ,D FvQWDW PLL GH FvQWHFH'HQHQXPUDWH
RULVDMXFDWFXHOLFXFvWLVHDSURSLDVRURFXOFXDWvWPDL
PDUH vL HUD EXFXULD QWUDWvW vQFvW vL VWUOXFHD FKLSXO O
PvQJvLDGXLRVSHGHDVXSUDURFKLHLLSULYHDLDULLDUPLFX D
OXL]HVWUH$ FXPSUDW FHO PDLIUXPRV SWX GLQSLD LOD
DH]DWOvQJSDWXOHL/DDUDQMDWIUXPRVIUXPRVLRULXQGH
VDUILDIODWPDPDvQFDVDUILDX]LWSOvQVHWXORGRUXOXLVX
&HIHULFLUH

,QWU vQOXQDDQRXD$MXQVHODPLMORFXOHL'HDFXP
VH DSURSLD OXQD D ]HFHD $X GXVR OD FOLQLF SHQWUX F VH

vPSOLQLVHVRURFXO7HUPHQXOGHMDWUHFXVHGDUQXGGHDQLFL
XQVHPQGHQDWHUH6XIOHWXOLVHvQQHJXU'RFWRULLHUDXGLQ
FH vQ FH PDL QHOLQLWL L 'DU FH VLP L PDPRXO FX PvLQLOH
VDOH SULFHSXWH" &RSLOXO HUD DH]DW LQYHUV FX SLFLRUXHOH
vQDLQWH QVSLPvQWWRU 'GX GLVSR]L LH V VH SUHJWHDVF
VDODGHRSHUD LH
2 VL IDFHP DVW VHDU FH]DULDQ L DSRL YRP
YHGHDFHVHPDLvQWvPSOVSXVHDFHVWD
9HVWHD DMXQVH SvQ OD IDPLOLD GRPQXOXL 1LVLRWLV FDUH HUD
IXQF LRQDUDOILOLDOHLFHQWUDOHD%QFLL*UHFLHL2PHYODYLRV
DFHVWD vO LXEHD PXOW SH 6IvQWXO 1HFWDULH vQWUDWvW vQFvW vO
SULYHDFDSHXQPHPEUXDOIDPLOLHLVDOH1XGHSX LQHRULHO
LDLOXLLDXVLP LWDMXWRUXO
'RDPQD 9ODKDNLV DUH QHFD]XUL vL VSXVH GRPQXO
1LVLRWLVVR LHLOXL$XVRWDLH%LDWDGHHDLDIFXWDWvWGH
PXOWELQH
'RDPQH6ILQWHDXH[FODPDWVR LDLILXOVX
'RPQXO1LVLRWLVOXRLFRQL D6IvQWXOXL1HFWDULHRSXVHFX
HYODYLH vQ EX]XQDU L VH vQGUHSW VSUH FOLQLFD XQGH VH DIOD
GRDPQD9DKDNLV2JVLIRDUWHVXSUDW%LDWDIHPHLHDIODVH
FHVHvQWvPSODvQWUXSXOHLLGHMDSDUFYHGHDDLHYHDFX LWXO
GHDVXSUD HL 7UHPXUD GH IULF vQFKLSXLQGXL ELVWXULXO
LQWUvQGXLvQFDUQHLWLQGRSvQ vQPUXQWDLHLGDFRV
DMXQJ SvQ OD WUXSXRUXO IUDJHG DO FRSLOXOXL L R VO
UQHDVF"2'RDPQHFHQHQRURFLUH6XIOHWXOvLDUGHDvQ
FKLQXULDVHPHQHDFXFHOHDOHLDGXOXLvQV vQWUXSQXVLP HD
QLFLRGXUHUHGHQDWHUH
$D R JVL GRPQXO 1LVLRWLV FvQG LQWU vQ VDORQXO HL
6H DSURSLH GH HD R VDOXWGXS FDUHVFRDVH FXHYODYLH GLQ
EX]XQDULFRDQD6IvQWXOXL1HFWDULHSHFDUHROXDVHGHDFDV
LRDH]SHQRSWLHU

0GRDUHVWULJ IHPHLDGHvQGDW FHLFRDQDDWLQVH

QRSWLHUD0GRDUH
'RPQXO 1LVLRWLV UPDVH FD WUVQLW Q HOHVHVH L
IFXFUXFHGXS FDUHVHUHWUDVHGLQVDORQ
6ILQWH 1HFWDULH vQJvQ QXPDL WUHPXUvQG GH
HPR LH
,PHGLDW DX GXVR SH IHPHLH vQ VDOD GH RSHUD LH
%LVWXULHOH OXFHDX DPHQLQ WRDUH OvQJ HD GDU QX D IRVW
QHYRLHGHHOH3HVWHSX LQYUHPHFRSLOXOVHQWHDQRUPDO
8LWHLFSRUXOXLWHLLIUXQWHDPLFX QVXFXOREUMRULL
JWX XOSLHSWLRUXOEXUWLFDLSLFLRUXHOH8LWHELH HOXO'H
vQGDW UVXQ vQXUHFKLOHPDPHLSOvQVHWXOFRSLODXOXLHLFDUH
L VH SUX FD XQ LPQ GH VODYD FvQWDW GH PLL GH vQJHUL 6ODYD
LH$WRWSXWHUQLFH'RDPQH
'RFWRUXO D XUPULW PXW GH XLPLUH PLQXQHD FH VH
SHWUHFXVH3OLQGHHPR LHLHLDSRLGLQVDODGHRSHUD LH
1XP vQHDOSHPLQHPvLQLOHGRPQXOH1LVLRWLV
VSXVH DFHVWD 'H PLL GH RUL DP vQWvOQLW DVHPHQHD FD]XUL
&RSLODXOHUDDH]DWLQYHUV&HYDVDSHWUHFXWDLFLvQFOLQLFD
PHD
+DLGH LFXPLQHvLUVSXQVHGRPQXO1LVLRWLV
6H GXVHU DPvQGRL vQ VDORQXO SURDVSHWHL PDPH 3H
QRSWLHUDHLVHDIODLFRDQD6IvQWXOXLFDUHDWvWGHPXOWLXEHWH
RDPHQLLvQFvWUvXGHPLQXQLL]YRUWHGLQPLODOXLFHDPDUH
$PvQGRL DX SULYLW vQGHOXQJ LFRDQD IU V VFRDW R YRUE
&HSXWHDXRDUHV PDLVSXQ"
6OYLWV ILH'RPQXOvQWUXVILQ LL6L

3ROL LVWXO
'RPQXO $OHNRV /LKQRV HUD SROL LVW %LQHYRLWRU L
VHUYLDELOGDULFXXQDHUVHULRVGGHDvQILHFDUHGLPLQHD
GLVSR]L LLIRU HORUFHVHDIODXvQVXERUGLQHDVD(UDREXFXULH
VODX]LYRUELQG$YHDRYRFHIUXPRDV LFULVWDOLQ
QWUR ]L vQV SDUF VH VLP L R VFKLPEDUH vQ YRFHD
OXL &HYD FD R PLF VWUvQVRDUH SDUF vO vPSLHGLFD V
YRUEHDVF3H]LFHWUHFHDJvWXOLVHvQFKLGHDLDUYRFHDLVH
DX]HDGLQFHvQFHPDLVWLQV%LHWXORPVHQHOLQLWL'HMDHUD
FHYD VHULRV 6H GXVH OD GRFWRU LDU DFHVWD vO H[DPLQ LO
WULPLVHGHXUJHQ OD6SLWDOXO&UXFLL5RLLGLQ$WHQD FHYD
JUDY WUHEXLH VL IL JVLW GRFWRUXO FHYD FDUH GHSHD
PLMORDFHOHVDOH&vQGDDMXQVODVSLWDOGRFWRUXO,DQRYLFLLD
GHVFRSHULWRWXPRDUHODJvW
'RPQXOH/LKQRVWUHEXLHVDYDRSHUPV VFRDWHP
WXPRDUHD
2SHUD LHGHFDQFHUODJvW7RDW IDPLOLDVDWXOEXUDW
9DL'RDPQHRSHUD LHGHFDQFHUODJvW6HVWUvQVHU FXWR LL
DFDV L vQFHSXU V VH URDJH OXL 'XPQH]HX GH OD FDUH GH
PXOWHRULSULPLVHU DMXWRUGXS FDUHDXKRWUvWV PHDUJ OD
XQFKLUXUJIDLPRVFDUHWDLHFDQFHUXOFXFX LWXO6IvQWXOXL'XK
OD 6IvQWXO 1HFWDULH 3RUQU VSUH 3LUHX GH XQGH DX OXDW
YDSRUXO FH PHUJHD OD (JKLQD Q GRX RUH DX DMXQV OD
PQVWLUH 6DX GXV L VDX vQFKLQDW OD PRDWHOH 6IvQWXOXL
FDUH vLSULYHDEOvQGGLQLFRDQGXS FDUH DXPHUV OD6IvQWD
/LWXUJKLH 6DX UXJDW FX WR LL FX HYODYLH SHQWUX FD 6IvQWXO
1HFWDULHVGUXLDVF VQWDWH'XS VOXMEVHDSURSLDU V
VUXWHVIvQWDUDFO,DXGHVFKLVSRUWL DLvQDFHOPRPHQWGH

ODVILQWHOHPRDWHDLHLWFDRERDUHILQ6DXFXWUHPXUDWGH
HPR LH
0LQXQHDXVWULJDWFHLGHID
(UD R PLQXQH 6IvQWXO 1HFWDULH HUD SULQWUH HL 6DX
DSURSLDW L DX VUXWDW VIvQWDUDFO FXEX]HWUHPXUvQGH$SRL
DXSOHFDWSOLQLGHHPR LH2OLQLWHVIvQW LGXOFHOHLQXQGDVH
VXIOHWXOLWUXSXOOHvQIUXPXVH DVHFKLSXOLOHIFXVHPHUVXO
VSULQWHQ$XLHLWGLQPQVWLUHLDXSOHFDWVSUHSRUW7RDWH
vQMXULvQXQWUXOORUHUDXIUXPRDVH2DGHYUDW vQFKLSXLUH
D5DLXOXL $X LQWUDWDSRL vQYDSRU FDUHFDROHEG DOE FH
VWUSXQJHDDSHOHDOEDVWUHLDGXVvQDSRLOD3LUHX
LFDQFHUXO"8QGHLFDQFHUXO"1LFLXUPGHHO$ELD
OD3LUHXHPR LDOHDVORER]LWOLPELOH
%LQHFXYvQWDWV ILH'RPQXOvQWUXVILQ LL/XLDVSXV
DWXQFL SROL LVWXO FX YRFH IUXPRDV FXUDW FULVWDOLQ FD L
PDLvQDLQWH7XPRDUHDGLVSUXVH&vQGvQV DQXPHVDXFXP
QXPDL'XPQH]HXWLH
QWRDW FRDODGH2IL HULXQGHV WRWILIRVWDOLQLD L
VXE FHUXO OLEHU WUHLFLQFL VXWH VH EUED L FD EUD]LL UVXQD
DFXPGLQQRXYRFHDSXWHUQLF LLPSXQWRDUHDSROL LVWXOXL
FDRYRFHGHDUKDQJKHO
$WHQ LXQH 3ULYLUHD FWUH UVULW 'HVFRSHUL LY
FDSHWHOH
9UH LVODVFXOWD LYRUELQGLGXPQHDYRDVWULXEL LL
PHLFLWLWRUL"/RFXLHWHSHVWUDGD(JKLQLV.LSVHOL$WHQD
1XPUXOVXGHWHOHIRQHVWH

QF XQDGLQPLQXQLOHIU GHQXPU

'LQ ILUHD PHD VvQW XQ RP SDQLF PHUHX PXO XPLW
YHVHOLELQHGLVSXV0HUHXYGSDUWHDEXQ DOXFUXULORU&X
DOWHFXYLQWHVvQWXQRPIHULFLWQVRLQGLVSR]L LHSXWHUQLF
R OLSV GH FKHI SHQWUX RULFH QHFD]XO L WXOEXUDUHD P
WUDQVIRUPDVHU GH OD R YUHPH vQ DOW RP 'HYHQLVHP FLXGDW
QX PDL DYHDP ORF QLFLHUL L QLPLF QXPL PDL SOFHD 0
FXOFDPLP WUH]HDPWXOEXUDWHXFDUHRGXFHDPPDLvQDLQWH
FDvQVvQXOOXL$YUDP1LFLFRSLLLPHLSHFDUHvLDGRUQXP
PDLPXO XPHDXQVSLPvQWWRUOXFUX
Q DFHVW LDG P JVHDP FX PDL ELQH GH FLQFL DQL vQ
XUP ,PL OVDVHP EDOW L ELURXO L PXQFD L WRW 0
vQWXQHFDVHP OD VXIOHW 6RPQXO QX VH PDL SULQGHD GH PLQH
'RFWRULLQXP DMXWDXFXQLPLF
QWUR GXSDPLD] UXO DMXQVH OD FXOPH (UDP
IRDUWHWXOEXUDWLP ]YvUFROHDPvQSDW
&HRV VHDOHDJGHPLQH'RDPQH" DPVWULJDW$LPLO
L DWXQFL vPL YHQL R LGHH $P VULW vQ SLFLRDUH DP GHVFKLV
GXODSXODPOXDWVWLFOX DFXPLUGHOD6IvQWXO1HFWDULHLP
DPUXJDWGLQWRDWHSXWHULOHPHOHSOvQJvQGFDXQFRSLO
$LPLOGHPLQH6ILQWH1HFWDULHDLPLOGHPLQH
QWUXQ LPSXOV DSURDSH QHILUHVF PLDP GHVIFXW
QDVWXULLGHODEOX]DGHSLMDPDPLDPGH]JROLWSLHSWXOFDUH
SDUF HUD]GURELWGHRSLDWULPLDPIFXWVHPQXOFUXFLLFX
PLUXO GH VXV SvQ MRV L GH OD GUHDSWD OD VWvQJD L DWXQFL
LXEL LLPHLDWXQFLSLDWUDDGLVSUXWIUXUP$PWUDVDGvQF
DHUvQSLHSWVLP LQGRXXUDUHQHPDLY]XW$PIFXWFUXFH
LDGRXDLDWUHLDRDU$FHHDLVWDUHGHELQH0DPOLQLWLW

FRPSOHW $L IL ]LV F PDU IL DWLQV R DGLHUH GXOFH L VWURSL
UFRULWRULGHDS PLDXOXDWJUHXWDWHDGLQVXIOHW
L PXO XPHVF 'RDPQH DP VSXV GLQ DGvQFXO
VXIOHWXOXL PHX L PXO XPHVF 6ILQWH 1HFWDULH 'PL DFXP
L XQ SLF GH VRPQ L PDP vQWLQV vQ SDW /D UGFLQHOH
ILUHORUGHSUVLP HDPDFXPRPvQ VIvQW FXPP PvQJvLD
EOvQGLHUDPVLQJXUvQFDPHU
L PXO XPHVF PXOW IRDUWH PXOW 6ILQWH DP VSXV
ULGLFvQG FDSXO L ]vPELQG GXS FDUH DP DGRUPLW 0D
FXSULQV VRPQXO L DP YLVDW F HUDP vQWUR ELVHULF vQ
VUEWRDUH L DFROR HUD PXOW OXPH HYODYLRDV 0DP WUH]LW
PXO XPLWLPDPXLWDWODFHDV'RUPLVHPGRXRUHvQWUHJL
QFXQSLF6ILQWHODPUXJDW
(UDP vQVHWDW GH VRPQ L GH OLQLWH ,PHGLDW DP
DGRUPLWGLQQRX&vQGPDPWUH]LWHUDDSURDSHVHDU0DP
VFXODW PDP vPEUFDW L PDP vQGUHSWDW VSUH ELURX &H
IUXPRDVHPLVHSUHDXDFXPWRDWHvQFDOHDPHDLQPDLQ
vQSLD vQELURXSHVWHWRW(UDPXQDOWRPXQFXWRWXODOW
RP$YHDPGLQQRXVXIOHWXOLFKHIXOXQXLFRSLOLDDVvQW
SvQ DVW]LFLQVWHLvQFKLQFLXQHOXL'XPQH]HXL6IvQWXOXL
1HFWDULH
0HUHX vL PXO XPHVF 6IvQWXOXL 1HFWDULH SH FDUH vO
LXEHVFLvOFLQVWHVFLPHUHXYRUEHVFGHVSUHHO'LQDFHDVW
GUDJRVWHSHFDUHLRSRUWDPVFULVDFHDVW FU XOLHPLFGDU
SOLQGHDGHYULGHGDWHH[DFWHGHLYROXPHvQWUHJLVHSRW
VFULH GHVSUHPLQXQLOHDFHVWXLVIvQW0DPVWUGXLWDVWIHOV
GUXLHVFIUD LORUPHLRSLFWXUFDXQFULQELQHPLURVLWRUGLQ
JUGLQLOHELQHFXYvQWDWHDOH5DLXOXLGRDURSLFWXU DKDUXOXL
GXPQH]HLHVF R UD] GH OXPLQ VIvQW L ELQHIFWRDUH GLQ
VRDUHOH6ILQWHL6ODYH

$1(;$
9,1'(&$5($0,181$7 $ 818,
3$5$/,=$767$9526.$/.$1',6
,VWRULD FH XUPHD] QX HVWH R QXYHO VFULV ELQH SH
FDUHDQVFRFLWRIDQWH]LDXQXLYLVWRUQLFLRSRYHVWHSHQWUX
FRSLL PLFL L QLFL R FUHD LH DUWLILFLDO FDUH VHUYHWH YUHXQ
VFRSGLQDLQWHVWDELOLW(VWHDGHYUDWLVWRULDPHDSHUVRQDO
LVWRULD YLH LL PHOH D XQHL YLH LFDUHvQGHFXUVXOHLDWUHFXW
SULQPXOWHVWDGLLGHVXIHULQ SULQPXOWHOXSWHL]EXFLXPXUL
VXIOHWHWLSvQ FvQGDDMXQVVJVHDVF DGHYUDWXOHLVHQVL
DGHYUDWD HL GH]YROWDUH FDUH DX FRQGXVR DSURDSH GH
'XPQH]HX
5]ERLXOGLQPDJVLWWvQUvQYvUVWGH
GHDQLLODPVHUYLWvQDYLD LDGHU]ERLQDSULOLHvQ
WLPSXOPLVLXQLLRVFKLMGHREX]ORYLQGXP ODFHDIPLD
UXSW PGXYD FRORDQHL YHUWHEUDOH L PLD SURYRFDW R
KHPRUDJLHDYvQGFDUH]XOWDWRXRDUSDUDOL]LHDPHPEUHORU
LQIHULRDUHDGLFSDUDSOHJLH
$ YHQLW GXS DFHHD RFXSD LD JHUPDQ L GHRDUHFH
VWDUHDPHDvQFHSXVHV VHDPHOLRUH]HvQFHWvQFHWDPSOHFDW
vQ2ULHQWXO0LMORFLXFDRIL HU$FRORDPDYXWQHQRURFLUHDV
P ORYHVF GLQ QRX OD FHDI FHHD FH D DGXV vQUXW LUHD
VLWXD LHPHOH
'XS FHVDVIvULWDOGRLOHDU]ERLPRQGLDOSDWULDP
D WULPLV vQ DSULOLH vQ $PHULFD QGDW FH DP DMXQV

DFROR DP VROLFLWDW R LQWHUYHQ LH FKLUXUJLFDO OD FRORDQD

YHUWHEUDO 'DU GLQ VDORQXO GH RSHUD LH DP LHLW PDL UX
GHFvW FXP LQWUDVHP 'LDJQRVWLFXO D IRVW WHWUDSOHJLH
VSDVPDWLF FHHD FHvQVHPQD F DWvW PvLQLOH FvWLSLFLRDUHOH
XUPDXVSDUDOL]H]HFRPSOHW
$PUPDVvQ$PHULFDSvQ vQFvQGDPUHYHQLW
vQ*UHFLD$LFLDPDYXWFvWHYDVLPSWRPHGHDPHOLRUDUHGDU
IU UH]XOWDWH FRQFUHWH Q VQWDWHD PHD VD DJUDYDW
GLQQRXLDPSOHFDWSHQWUXDDGRXDRDU vQ6WDWHOH8QLWHDOH
$PHULFLL GH XQGH PDP vQWRUV vQ FX WHWUDSOHJLH
FRPSOHWDDFXPDPDPLQWLWPDLVXV
'LQSvQ vQFvQGPDPYLQGHFDWDPVWDW
OD $H]PvQWXO 1D LRQDO GH 5HFXSHUDUH D ,QYDOL]LORU vQ
FDUWLHUXO 3DODLR 3VLKLFR ILLQG GHMD SDUDOL]DW FRPSOHW 'H
DVHPHQHDvQDPYL]LWDWGLQQRX$PHULFDSHQWUXFvWHYD
OXQL LDU vQ PD LQYLWDW GRFWRUXO 5DVN SHQWUX D P
H[DPLQDLDFRQVWDWDFXH[DFWLWDWHFHVHvQWvPSODVHDGLF vQ
FHFKLSPYLQGHFDVHP
0LHIRDUWHJUHXV LVWRULVHVFvQFvWHYDUvQGXULHYHQLPHQWHOH
FHVDXSHWUHFXWvQDWv LDDQLUHIHULWRUODHYROX LDVWULLPHOH
LODWXOEXUDUHDVXIOHWHDVF FDUHPDvQVR LWvQWR LDFHWLDQL
PL HVWH JUHX V GHVFULX vQ RUGLQH FURQRORJLF PXO LPHD
VLP PLQWHORU SH FDUH OHDP vQFHUFDW VSHUDQ H FDUH YHQHDX
V P LDSHDULSLOHORUGLDIDQHLGH]QGHMGLOHFDUHvQWXQHFDX
WRWXO vQ MXUXO PHX $VHPHQHD YDOXULORU PULL FDUH YLQ FX
SXWHUHLQHULGLF VXVSHVSXPDORUDSRLQHVFXIXQG DGvQF
MRV WRW DVWIHO P FRSOHHDX GLIHULWHOH VLP PLQWH SXUWvQGX
P vQFRDFH LQFROR DSRL OVvQGXP DGvQF VFXIXQGDW vQ
GH]QGHMGH
1XHVWHSRVLELOVGHVFULXFKLQXOSHFDUHvOVXIHUHDP
FvQG R PXVF PL VH DH]D SH IUXQWH L QX SXWHDP IDFH QLFL
FHD PDL PLF PLFDUH SHQWUX D R DOXQJD VDX FvQG

WUDQVSLUD LD PL VH URVWRJROHD DWvWGHVXSUWRU SHID L P

DIODPvQQHSXWLQ DGHDPLULGLFDPvQDSHQWUXDRWHUJH'H
DFHHD QX VFULX SXU L VLPSOX LVWRULD YLH LL PHOH FL P
PUWXULVHVF GH]YOXLQG DVWIHO GLIHULWHOH FXWH DOH VXIOHWXOXL
PHXvQWRFPDLFXPYHQHDXYDOXULOHYLH LLLPEWHDXFDV
ILHSUH]HQWDWHWRDWHUQLOHSHFDUHGXUHUHDOHDOXFUDWDVXSUD
OXLLPDLPXOWGHFvWDWvWSHQWUXDIDFHHYLGHQW VFKLPEDUHD
DFHVWRU UQL vQ ELQHFXYvQWDUH SDFH L EXFXULH SULQ OXFUDUHD
'XPQH]HLHVFXOXL+DU
Q YUHPHD DFHHD GXS RSHUD LH DP FXQRVFXW XQ
PDUH RP GH WLLQ XPDQLVW SH GRFWRUXO +RZDUG 5DVN
SURIHVRU OD 8QLYHUVLWDWHD GLQ 1HZ <RUN OD FDWHGUD GH
0HGLFLQ)L]LF GH UHFXSHUDUH D LQYDOL]LORU FDUH Y]vQGX
PGHFHS LRQDWSHXQWRQUXJWRUPLD]LV7HURJ6WDYURV
URDJWH OXL 'XPQH]HX 5RDJWH QHvQFHWDW )R WH URJ
SHQWUXPLQHFKLDUGDF WXQXFUH]LvQ(O
$P SOHFDW WXOEXUDW JvQGLQGXP vQ VLQHD PHD &H
LURQLH (X DP YHQLW vQ $PHULFD SHQWUX D P YLQGHFD LDU
PHGLFXO DPHULFDQ P WULPLWH OD '801(=(8 6HDUD vQ
SDWXOPHXPJvQGHDPL]LFHDP'DUGHFHLQVLVW DWvWGH
PXOWDFHVWRPV PHUJV/JVHVFSH'XPQH]HX"&LQH/D
Y]XWSH'XPQH]HX"&XPYRLSXWHDLQWUDvQOHJWXU FX(O"
2DUH H XRU DFHVW OXFUX" L vQFHS VPL FHUFHWH] L VPL
H[DPLQH]JvQGLUHD&LQHHVWH'XPQH]HX"LRUHvQLUvPL
FKLQXLDPPLQWHDFXDVWIHOGHvQWUHEULDWHSWvQGXQUVSXQV
FDUH ILUHWH QD YHQLW &HDVXUL vQWUHJL P FKLQXLDP FX
DFHVWH JvQGXUL L vQGRLHOL vQFvW OD VIvULW DP VXIHULW R
]SFHDORLQHU LHvQJvQGLUH
QGDW FH PLQWHD PHD vQFHSHD V FHUFHWH]H L V
UHIOHFWH]HDVXSUDDFHVWHLWHPHGHRGDW VHRSUHDLDWHSWD
&H DWHSWD" 1X SXWHDP V vQ HOHJ L vQ WLPSXO XQHLD GLQ
DFHVWH RSULUL R YRFH SXWHUQLF D L]EXFQLW GLQOXQWUXO PHX

'RDPQH'XPQH]HXOPHXYUHDXV P DSURSLLGH7LQHGDU
QX WLX FXP $P VSXVR DWvW GH WDUH vQFvW vQWUHDJD PHD
ILLQ D WUHVOWDW L WRDW SXWHUHD PL VD FRQFHQWUDW vQ DFHVW
FXYvQW95($8$FHVW95($8HVWHXQFXYvQWPLFGDU
FXRVHPQLILFD LHIRDUWHPDUH)HOXOvQFDUHvOYRPSURQXQ D
DUHYDORDUHFOGX FDOGVDXILHUELQWH"
7UHEXLHVQHvQFUHGLQ PvQWUHDJDQRDVWUYRLQ vQ
PvLQLOH $WRWSXWHUQLFXOXL 'XPQH]HX L DWXQFL (O YD DF LRQD
FD 'XPQH]HX vQ FKLS GHVYvULW L QH YD GUXL SDFHD 6D
FDUHQHYDFXSULQGHvQWUHDJDQRDVWU ILLQ $FHDVWDDYHDPV
RvQ HOHJPXOWPDLWvU]LX
&vQG PDP vQWRUV GLQ $PHULFD PDP LQWHUQDW OD
$H]PvQWXOGH5HFXSHUDUHD,QYDOL]LORUvQFDUWLHUXO3DODLR
3VLKLFR
3ULQWUH DOWHOH P FKLQXLD vQF vQWUHEDUHD &XP O
YRL JVL SH 'XPQH]HX" QFHSXVHP GHMD V FUHG F DFHVW
95($8SHFDUH,ODPDGUHVDW=LGLWRUXOXLvPLYDDGXFH
UH]XOWDWXO PXOW UvYQLW L SvQ OD XUP O YRL vQWLOQL SH
'XPQH]HX L vQWUDGHYU DP Y]XW F 'RPQXO GUHSW
UVSXQV OD UXJFLXQHD PHD D IFXW PXO L SDL VSUH PLQH
SFWRVXOLQHYUHGQLFXO
7UHFXVHU VXILFLHQWH ]LOH GH FvQG YHQLVHP GLQ
$PHULFDFvQGvQWURGLPLQHD vQ]LXDGHPDLvL
IFXDSDUL LDOD$H]PvQWXQSUHRWEWUvQFXEDUEDDOEXQ
WULPLV DO OXL 'XPQH]HX L vO DXG F vQWUHDE 'UDJLL PHL
FLQHDYHQLWvQDFHDVWSHULRDGGLQVWULQWDWH"'XS FHL
DXDUWDWSDWXOPHXVHDSURSLHGHPLQHLP vQWUHE)LXO
PHX WX DL YHQLW GLQ VWULQWDWH" 'D SULQWH vL UVSXQG
,DUHOvPLvQWLQGHPvQD'DUPvLQLOHPHOHvLVSXQHXVvQW
SDUDOL]DWH 1X SRW V OH ULGLF L SLFLRDUHOH" P vQWUHE
L SLFLRDUHOH VvQW OD IHO vL ]LF 3UHDPULW ILH QXPHOH OXL
'XPQH]HX ]LFH (X vO SULYHDP FX FXULR]LWDWH $ vQFHSXW

DWXQFLV P vQWUHEHFXPDPIRVWUQLWGHXQGHVvQWLDOWHOH
&UH]vQG F P vQWUHDE GLQ VLPSO FXULR]LWDWH L vQWUXFvW
YRLDP V vQFHWH]H DFHVW LQWHURJDWRULX vL ]LF 3ULQWH SH
FLQH FXWD L" 6SXQH LPL FD V Y SRW DMXWD 1X FDXW SH
QLPHQL DOWFLQHYD ILXOH 3HQWUX WLQH DP YHQLW 3HQWUX
PLQH"'DUSULQWHvL]LFGDF D LYHQLWSHQWUXPLQHOXD L
ORFSHVFDXQLVSXQH LPLFHGRUL L
QWUDGHYUDOXDWORFLPLD]LV)LXOHV ILLIHULFLW
F WH DIOL vQ DFHVW ORF /DP SULYLW FX PLUDUH L LDP
UVSXQV &XP V ILX IHULFLW SULQWH FvW YUHPH VvQW
LQYDOLG"'DILXOHvQV DFXPHWLDSURDSHGH'XPQH]HX
$LIRVWGHSDUWHGH(OGDUILLvQFUHGLQ DWF (OWHLXEHWHL
LD DPLQWH V QX FvUWHWL QLFLRGDW vPSRWULYD /XL SHQWUX F
QXWLLFH LDUH]HUYDWSvQ ODVIvULWXOYLH LLWDOHQWRWGHDXQD
V L vQGUHS L QGHMGHD FWUH (O (K FXYLQWH SULQWHWL GH
PvQJvLHUH vPL ]LFHDP vQ VLQHD PHD 'DU DX IRVW FXYLQWH
SURIHWLFHFDUHVDXDGHYHULWGXSDQL
&vQGVDULGLFDWVSOHFHODPvQWUHEDW'DUSULQWH
QXPL VSXL FLQH HWL" 'D UVSXQVH P QXPHVF )LORWHL
=HUYDNRV L VvQW VWDUH XO 0QVWLULL /RJRYDUGDV GLQ 3DURV
LFLQHWHDWULPLVODPLQH"vOvQWUHE$]vPELW FXPRGHVWLH
LFX]vPEHWXOSHEX]HvPLVSXVH'HRULFHYHLDYHDQHYRLH
ILXOPHXVFULHPLLHXWHYRLDMXWD0DELQHFXYvQWDWPD
VDOXWDWLVDvQWRUVVSOHFH2XOWLP vQWUHEDUHSULQWHvL
VWULJ (VWHJUHXV VHDSURSLHFLQHYDGH'XPQH]HX"$K
ILXO PHX SH FvW L VH SDUH GH JUHX SH DWvW H GH XRU (
VXILFLHQW VR GRUHWL V FUH]L L V WH URJL SHQWUX DVWD
0UWXULVLUHD L 6IvQWD PSUWDQLH VvQW SULPD WUHDSW 6vQW
JUHOH DFHVWHD ILXO PHX" 'DF VvQW QXPDL DFHVWHD HVWH
IRDUWHXRUvLUVSXQG,DPPXO XPLWLDSOHFDW
/D FvWHYD OXQL GXS PUWXULVLUHD PHD VLQFHU ODP
UXJDW SH SULQWHOH )LORWHL V PHUJHP vPSUHXQ OD 6IvQWXO

1HFWDULHVQHUXJPDFHVWDvQWULQGXP vQVXIHULQ DPHD

1HDP GXV OD (JKLQD L vQWUXFvW DP XUFDW OD ELVHULFD
6IvQWXOXLDURVWLW3DUDFOLVXOSHFDUHODPDVFXOWDWFXDGvQF
HPR LH L SLRHQLH &UHGHDP F P DIOX vQ FHU L F
'XPQH]HXVHDSURULHGHPLQHLDUDFHVWDPDIFXWV VLPWR
XXUDUH FD FHYD FDUH D SOHFDW L FDUH SvQ DWXQFL vPL
vQJUHXQDVHVXIOHWXO 'XS FHVDWUHPLQDW3DUDFOLVXODIOvQGX
P vQF vQ ELVHULF VD DSURSLDW GH PLQH R GRDPQ L PD
vQWUHEDW &LQH HUD FHOODOW SUHRW GLQ ELVHULF FDUH D IFXW
SDUDFOLVXO"&LQHDOWXOSULQWHOH)LORWHLDIRVWvLUVSXQG
1X GHVSUH SULQWHOH )LORWHL Y vQWUHE FL GHVSUH FHOODOW
vPLVSXVHLDULLvQWUXFvWHXVXV LQHDPF DPY]XWGRDU
SHSULQWHOH)LORWHLLDUGRDPQDDFHHDLQVLVWDF DOXDWSDUWH
OD 3DUDFOLV L DOW SUHRW ODP vQWUHEDW SH SULQWHOH )LORWHL
GDFvQWUDGHYUDPDLIRVWLXQDOWSUHRW,DUHODGUHVvQGX
VH IHPHLL R vQWUHE /DL Y]XW" 6LJXU F ODP Y]XW
SULQWH &H IFHD" FRQWLQX SULQWHOH %LQHFXYvQWD
UVSXQVH DFHDVWD 6IvQWXO 1HFWDULH D IRVW ILXO PHX
$VFXOWvQGDFHVWHDFXXLPLUHvOvQWUHELHXODUvQGXOPHXSH
SULQWHOH )LORWHL 6ILQ LD YRDVWU OD L Y]XW SULQWH"
6LJXUF ODPY]XWvPLUVSXQVHLPLDYRUELWGHVSUH
WLQH2QRX WXOEXUDUHvQVXIOHWXOPHXRQRX ]JXGXLUH
6XIOHWXOPLVDXPSOXWGHRIHULFLUHGHRVHELWGHREXFXULH
WDLQLFSHFDUHQXSRWVRH[SOLFvQFXYLQWH
&vQGPDPvQWRUVOD$H]PvQWQXP PDLSUHRFXSD
LQYDOLGLWDWHDPHDFLPLQXQHD2PXOGHFHOHPDLPXOWHRUL
FHUHUHVWDELOLUHDVQW LLWUXSHWLvQWLPSFH'XPQH]HXFD
$WRWWLXWRUvLGUXLHWHPvQWXLUHDVXIOHWXOXLFDUHHVWHLQILQLW
PDL SUH LRDV GHFvW VQWDWHD WUXSXOXL &D V DMXQJHP OD
vQVQWRLUHD WUXSHDVF HVWH QHFHVDU FD PDL vQWvL PLQXQHD
V VH vQWvPSOH vQOXQWUXO QRVWUX $GLF PDL vQWvL WUHEXLH V

QHOHSGPGHRPXOFHOYHFKLLVQHvPEUFPvQRPXOFHO
QRX
'LQ ]LXD DFHHDDP vQFHSXWV P VLPWFDLFHLODO L
RDPHQL FDUH VvQW VQWRL WUXSHWH 6LP HDP F vQOXQWUXO
PHXVHDIORPDUHSXWHUHQV FvQGDPUHYHQLWODVDQDWRULX
$H]PvQW L DP Y]XW GLQ QRX SH DFHL LQYDOL]L GLVSHUD L
SHFKLSXOFURUDVHSXWHDFLWLVHQWLPHQWXOSUVLULLLXLWULL
FXP vL WvUDX QHIHULFLUHD XQXO OvQJ FHOODOW PD FXSULQV R
PvKQLUHLQLPDJLQDELO
$K &vW D PDL YUHD FD L DFHWL VHPHQL DL PHL
vQGXUHUD L V vQFHUFH DFHD HPR LH L WXOEXUDUH SH FDUH DP
VLP LWRHXDFRORvQ(JKLQDvQELVHULFD6IvQWXOXL1HFWDULH
'XS DFHHD YL]LWHOH PHOH OD 6IvQWXO 1HFWDULH OD
(JKLQDDXIRVWPDLGHVH&vQGFXSULQWHOH)LORWHLFvQGFX
UXGHOH PHOH 'HYHQLVH GHMD R QHFHVLWDWH YLWDO V YL]LWH]
PQVWLUHD L V P URJ 6IvQWXOXL 'H ILHFDUH GDW FvQG vO
YL]LWDPvLFHUHDPV PLMORFHDVF OD'RPQXOVPLGUXLDVF
QX VQWDWHD vQWUHDJ FL GRDU R PvQ FD V SRW DOXQJD
PXWHOHL vQ DULLGHSHIUXQWHFDUHP WRUWXUDXDWvWGHPXOW
LWUHEXLDVLUDEG'XS DFHHDFvQGUHYHQHDPODVDQDWRULX
P VLP HDP IRDUWH vQWULW VXIOHWHWH QV vQ WLPS FH
VQWDWHD PHD VXIOHWHDVF R GXFHD WRW PDL ELQH FHD
WUXSHDVF PLVHWRWvQUXW HD
QDPVXIHULWRWURPERIOHELW$PIFXWRPLF
RSHUD LH OD FOFvLXO SLFLRUXOXL GUHSW L DP VWDW XQ WLPS vQ
JKLSV $WXQFL D YHQLW XQ WHOHIRQ GH OD SULQWHOH GXKRYQLF
vQWUHEvQGXPGDFYRLDPV PHUJHPvPSUHXQ OD(JKLQDV
QHUXJP6IvQWXOXL&XWRDWHF P DIODPvQDFHDVW VLWXD LH
QDPSUHJHWDWRFOLS V PHUJvPSUHXQ FXHOFDV P URJ
&UHGLQ D vQ SXWHUHD UXJFLXQLL SULQVHVH GHMD UGFLQL
vQOXQWUXO ILLQ HL PHOH L QLPLF QX P SXWHD vPSLHGLFD V
H[SORDWH]ILHFDUHSULOHM

$P PHUVvPSUHXQ FXSULQWHOH)LORWHLFXSULQWHOH

/HRQWLHFXPDPDFXIUDWHOHPHXLFXFHLGRLPLOLWDULFDUH
P DMXWDX(UDVUEWRDUHD6ILQ LORU3ULQ L
'XS FH QHDP vPSUWLW FX WR LL vQ WLPSXO 6ILQWHL
/LWXUJKLL GHRGDW PLD YHQLW R GRULQ SXWHUQLF V P
vQFKLQODPRDWHOH6IvQWXOXLLDPUXJDWSHSULQWHOH)LORWHL
V FHDU VWDUH HL V VSULMLQH VILQWHOH PRDWH SH SLFLRDUHOH
PHOH SDUDOL]DWH &HUHDP DFHVW OXFUX SHQWUX F QLFLRGDW QX
PDP SXWXW ULGLFD GH MRV FD V P vQFKLQ OD PRDWHOH
6IvQWXOXL GLQ FDX]D XQHL IUDFWXUL vQ WUXSXO PHX
LQIOH[LELOLWDWH
$WXQFL PDX DMXWDW ELH LL L PLDP vQO DW PvLQLOH
GHDVXSUD PRDWHORU 0DP ]JXGXLW 7UHPXUDP WRW $P
VLP LW F vPEU LDP 6IvQWXO vQWUHJ LDU QX R EXF LF GH
PRDWHLGHRGDWDXLHLWGLQOXQWUXOPHXDFHVWHFXYLQWH
VSRQWDQH 6ILQWH QDP YHQLW V L FHU QLPLF DVW]L FL DP
YHQLWV PRIHUSHPLQHvQVXPLvQWUHJOXL+ULVWRV7XWLL
FH WUHEXLH VPL GDL 'DF QX WUHEXLH VPL GDL QLPLF
vQYUHGQLFHWHP VGHYLQXQRVWDDOOXL+ULVWRVvQFvWV ILX
XQ PRWLY FD QXPHOH /XL V ILH SUHDPULW vQ RULFH ORF PD
DIOD GUHSW VDX LQYDOLG L DUDWPL 6ILQWH F DVFXO L
UXJFLXQHD PHDFDV P vQWUHVFvQVXIHULQ DPHD
$FHDVWDDIRVWWRDW UXJFLXQHD$PSOHFDWPXO XPLW
LIRDUWHOLQLWLW2SDFHLPHQV PLDXPSOXWVXIOHWXO(UDP
VLJXUGHMDF PLQXQHDYDYHQLSRWV VSXQF DPDWHSWDWR
$P DWHSWDW vQ ILHFDUH FOLS R PvQ QHY]XW FDUH V P
ULGLFH L GXS ]LOH GH OD XOWLPD PHD vQFKLQDUH OD
(JKLQDSHFvQGPSUHJWHDPFDvQILHFDUHGLPLQHD FDV
vPLIDFH[HUFL LLOHPHOHRELQXLWHGHRGDW DPVLP LWF FHYD
VDGHVSULQVLQOXQWUXOPHXFDLFXPHUDPOHJDWLIXVHVHP
HOLEHUDWGHOHJWXULLQXQXPDLDVWDGDUDPVLP LWQHYRLD
V P ULGLF HX VLQJXU $P VWULJDW DWXQFL SH ELH L SH

LQILUPLHUXO'LPLWULH6KRUWVDQLWLVLRIHUXO,RDQ+DW]DNLVL
OHDPVSXV%LH LDMXWD LP V vQFHUFV P ULGLFVLQJXU
IU SURWH]H Q ILHFDUH GLPLQHD vPL SXQHDX SURWH]H
PHFDQLFHVSHFLDOHFDVPLvQWUHDVFSLFLRDUHOH
'DUYHLFGHDvPLVSXQELH LL1XOHUVSXQG
0 YRL ULGLFD VLQJXU 9UHDX GRDU V P DMXWD L SX LQ
(]LWDXGDUSHQWUXFYHGHDXF LQVLVWPDXULGLFDW
L20,181(9GF VWDXGUHSWLJHQXQFKLL
PHLQXVHPDLvQGRDLHFDDOWGDW9UHDXGXS DFHHDVPL
GHVFKLG SLFLRDUHOH FD V XPEOX vQV FUHGH LP XLWDVHP
FXPSHWHRPXO&HLGHID PSULYHDXXOXL LLPLVSXQ
VPLGXFPDLvQWvLXQSLFLRUvQID DSRLSHFHOODOWQFHUF
L YG F PHUJH &X QLFL XQ FKLS QX SRW V Y WUDQVSXQ vQ
SRVWXUD PHD SVLKRORJLF GLQ DFHO PRPHQWL V Y WUDQVPLW
]EXFLXPXO PHX VDX V Y H[SOLF GRULQ DLSXWHUHD FDUH P
vPSLQJHDXVPLPLFSLFLRDUHOHRGDW FXSULPLLSDLIU V
P WHPFYRLFGHDLPLOHYRLIUvQJH
'DUFLQHSRDWHVGHVFULHEXFXULDPHDDWXQFLFvQGDP
Y]XWF PDPULGLFDWLDPLSLWIU DMXWRU"$FHDVWDY
ODVSHGXPQHDYRDVWU VYLRLPDJLQD L
&HOGLQWvLJvQGFDUHPLDYHQLWvQ PLQWHvQFOLSDDFHHD
D IRVW VPL vQGUHSW SULPLL PHL SDL VSUH ELVHULFX D
$H]PvQWXOXL L VL GHGLF 0XOWPLORVWLYXOXL QRVWUX
'XPQH]HX vQ VHPQ GH UHFXQRWLQ 1X DYHDP QLPLF
DOWFHYD FD V, RIHU Q FRQWLQXDUH DP FKHPDW SH PHGLFLL
$H]PvQWXOXL'LPLWULH0RXURXOLVL,RDQ.RQVWDQGDNLVSH
VXURULOH LQILUPLHUH L SH FHL GH OD VHF LD GH IL]LRWHUDSLH
&KUtVWRV &KULVWRSRXORV 'LPLWULH 7VLQJDQRV *KHRUJKH
$QDJQRVWDNLV 3DQDJLRWLV %DNRXURV HWF L OHDP SXV
vQWUHEDUHD&UHGH LF HVWHSRVRELOVXPEOXFvQGYD" WLXF
DP SDUDOL]LH FRPSOHW DWURILHUHD PXFKLORU L PDL PXOWH

DIHF LXQL 'DU vQ SRILGD WXWXURU DFHVWRUD D YUHD VPL

VSXQH LGDFYRLSXWHDV P ULGLFYUHRGDW
/X FXYvQWXO GRFWRUXO 0RXURXOLV RUWRSHGLVW LPL
VSXVH 1RL WLP F HWL LQYDOLG WUXSHWH QX L LQWHOHFWXDO
3ULQXUPDUHvQWUXFvWvLFXQRWLVLWXD LDSHQWUXFHQHvQWUHEL"
1X GRPQXOH .DONDQGLV QX YHL SXWHD PHUJH $WXQFL vL
vQWUHE L SH FHLODO L 'XPQHDYRDVWU GRPQXOH
.RVWDQGDNLV" 'LQ QHIHULFLUH QX 'YV GRPQLORU GH OD
IL]LRWHUDSLH GRDPQHORU L GRPQLORU" 7R L DX UVSXQV vQ
VHQVQHJDWLYQV HXGRPQLORUY VSXQVLQFHUFSRWV P
ULGLFV VWDXGUHSWLVXPEOX8QXOGLQWUHHLP vQWUHE
3H FH WH EL]XL GH VSXL WRDWH DFHVWHD" 3H 'XPQH]HX L
QXPDL SH (O OH UVSXQG P EL]XL SH GUDJRVWHD OXL
'XPQH]HX 7H YHLULGLFDDFXP"DPIRVWGLQQRXvQWUHEDW
3HQWUXGXPQHDYRDVWU PYRLULGLFDPvLQH'RUHVFVGHGLF
SULPLLPHLSDLOXL'XPQH]HX&XDFHVWHFXYLQWHDPSOHFDW
$PVSXVELH LORUVQXVSXQQLPQXLQLPLF
'XS SUvQ]DPFKHPDWSHWR LEROQDYLLvQELVHULF V
YDG PLQXQHDLDFROROHDPFRPXQLFDWF DYHQLWWLPSXOV
XPEOX L F WUHEXLH V DLE FUHGLQ ILHUELQWH L vQFUHGHUH
WRWDO vQ 'XPQH]HX LDU vQWUR ]L DQXPH PDL GHYUHPH VDX
PDLWvU]LXYDYHQLLUvQGXOORUGHRDUHFH'XPQH]HXQXHVWH
DVHPHQHD RDPHQLORU V IDF GLVFULPLQDUH 1X VvQW HX FHO
PDL EXQ GLQWUH GXPQHDYRDVWU DP FRQWLQXDW GDU
MXGHF LOHOXL'XPQH]HXVvQWQHFHUFHWDWH
3ULQWUH FHL GH ID VRVHWH OD XQ PRPHQW GDW
SULQWHOH 7KLVHXV SDURKXO $H]PvQWXOXL L QH vQWUHDE
&H VH vQWvPSO ILLORU FH DWHSWD L" 3ULQWH vL VSXQ D
VRVLW FHDVXO V XPEOX 6ODY 'RPQXOXL vPL VSXVH HO
$VW]L HVWH DMXQXO SUD]QLFXOXL 6ILQ LORU GRFWRUL IU GH
DUJLQ L&XDWvWPDLELQHvLUVSXQG$SRLvPLG LVUXW
LFRDQD 6ILQ LORU GRFWRUL IU GH DUJLQ L 0 DSXF GH EUD H

P ULGLF L vQFHS V XPEOXGUHSW SULQELVHULFX FvQWvQG FX

ODFULPL vQ RFKL &LQH HVWH '801(=(8 PDUH FD
'XPQH]HXO QRVWUX" &H FOLS D IRVW DFHDVWD 7R L
LQYDOL]LLDXvQFHSXWVSOvQJ LV VWULJHFXSXWHUHLQRL
'RDPQH YUHP V XPEOP DVWIHO DMXWQH $ IRVW FHYD
FXWUHPXUWRU FDUH QX SRDWH IL GHVFULV &X FvW SXWHUH
VXIOHWHDVFWR LvPSUHXQSOvQJvQGDPIFXWSDUDFOLVLDP
SUHDPULWSH'RPQXOFHUXOXLLDOSPvQWXOXL
'XS FXPYGD LVHDPDGXS DFHHDFHLFDUHPDX
Y]XWDXUPDVIUJODVLDFXPFHLFDUHVWDXvQFGHSDUWH
GH 'XPQH]HX EL]XLQGXVH GRDU SH RSLQLLOH ORU WLLQ LILFH
FvQG P YG FXP XPEOX FXP PLF PvLQLOH FXP FRQGXF
PDLQDLFXPIDFFDQRWDMWR LDFHWLDUPvQXOXL LULGLFvQG
GLQXPHUL
$ YUHD V Y DGXF OD FXQRWLQ IDFWRULL FDUH PDX
DMXWDW V P ULGLF FUHGLQ D PHD vQ 'XPQH]HX WRYDUXO
SOLQ GH DIHF LXQH DORPXOXLGXUHUHD LXELUHDOXFUWRDUHSULQ
IDSWH L UXJFLXQLOH GXKRYQLFXOXL PHX SULQWHOH )LORWHL L
DOHPDPHLPHOH
0DUHHVWHVODYD7D'RDPQHFQHWULPL LGXUHUHDL
VXIHULQ D SHQWUX D QH FOX]L SH GUXPXO FHO EXQ &H PDUH
ELQHIDFHUHPLDDGXVGXUHUHDvQWR LDFHWLDQLFvWDPDYXWR
WRYDU'DFQXDYHDPDFHDVWGXUHUHQX PDILvQWRUVOD
'XPQH]HX2PXOFHOYHFKLvPLFRSOHLVHVXIOHWXOFXWRWFH
DYHDP vQ PLQH 'DU $WRWEXQXO 'XPQH]HX FX LXELUHD 6D
QHPUJLQLW DWULPLVDFHDVW PDUHVXIHULQ FDUHPDDMXWDW
VJVHVFDGHYUDWXOVHQVDOYLH LLVHQVSHFDUHvQXLWDVHPFX
GHVYvULUH,DW PDUHDVHPQLILFD LHDGXUHULL)HULFL LFHLFH
R VXSRUW FX UEGDUH FFL YRU DIOD /80,1$ FDUH HVWH
+5,6726
+ULVWRV VH DIO WRWGHDXQD DSURDSH GH QRL OvQJ QRL
JDWDVQHDMXWH(VWHVXILFLHQWV/FKHPP

1XPDL+ULVWRVHVWH/XPLQDOXPLL$GHYUXOL9LD D
'RPQXO QH DYHUWL]HD] Q OXPH QHFD]XUL YH L DYHD GDU
vQGU]QL L(XDPELUXLWOXPHD
1HFD]XO GH WRW IHOXO ERDOD VUFLD PDUJLQDOL]DUHD
VHQVLELOL]HD] LQLPD vQGHPQvQGR VSUH UXJFLXQH 1H
FRQGXF VSUH SRFLQ L VSUH PUWXULVLUHD SFDWHORU SXQ OD
vQFHUFDUH UEGDUHD L GUDJRVWHD LO DMXW SH RP V
SURJUHVH]HGLQSXQFWGHYHGHUHPRUDOLGXKRYQLFHVF

0DL WvU]LX SH GDWD GH GHFHPEULH SULQWHOH

)LORWHL VFULD SULQWUH DOWHOH L FHOH FH XUPHD] 0LQXQHD
YLQGHFULL DEVROXWH D GRPQXOXL 6WDYURV .DONDQGLV VH
GDWRUHD] GHVLJXU 6IvQWXOXL 1HFWDULH 7DXPDWXUJXO GDU L
FUHGLQ HLEROQDYXOXL'DF DFHVWDQXFUHGHDLQXVHvQI LD
FX FUHGLQ OD 7DLQD 0UWXULVLULL QX VDU IL YLQGHFDW
VXIOHWHWH L LDUL GDF QX VH SUH]HQWD FX FUHGLQ OD
VILQWHOH PRDWH DOH 6IvQWXOXL FHUvQG WPGXLUH QX VDU IL
YLQGHFDW FL DU IL UPDV L SH PDL GHSDUWH SDUDOL]DW DU IL
PXULWQHYLQGHFDWLQXVDUILPvQWXLWFFLIU FUHGLQ HVWH
QXQHSXWLQ V VHPvQWXLDVF FLQHYDVSXQHPDUHOH$SRVWRO
3DYHO
$FHDVW PLQXQHDXOXLWSHWR LFHLFDUHLOWLDXvQDLQWH
SDUDOL]DW LDU DFXP vO YHGHDX VQWRV $ XOXLW SH PXO L FDUH
DX]LVHUGHVSUHHDFKLDULSHPHGLFLFDUHFRQVLGHUDXERDOD
LQFXUDELO QHFXQRVFvQG L QHFUH]vQG F FHOH FH VvQW FX
QHSXWLQ OD RDPHQL VvQW FX SXWLQ OD 'XPQH]HX L F
XQGH YUHD 'XPQH]HX VH ELUXLHWH UvQGXLDOD ILULL 0LQXQDW
HVWH'XPQH]HXvQWUX6ILQ LL6LLvQWUX6ILQ LLGHSHSPvQW
VDSUHDPULW'RPQXO

0LQXQLOH XUPHD] FUHGLQ HL &vQG 'RPQXO QRVWUX ,LVXV

+ULVWRVDWULPLVSHXFHQLFLLVLvQOXPHOHD]LV0HUJH LvQ
WRDW OXPHDLSURSRYGXL L(YDQJKHOLDODWRDW ISWXUD&HO
FH YD FUHGH L VH YD ERWH]D VH YD PvQWXL LDU FHO FH QX YD
FUHGH VH YD RVvQGL ,DU FHORU FH YRU FUHGH DFHVWH VHPQH OH
YRU XUPD vQ QXPHOH PHX GHPRQL YRU L]JRQL vQ OLPEL QRL
YRU JUL HUSL YRU OXD vQ PvQ L FKLDU FHYD GWWRU GH
PRDUWHGHYRUEHDQXLYDYWPDSHVWHFHLEROQDYLvLYRU
SXQHPvLQLOHLVHYRUIDFHVQWRL0DUFX
6 DVFXOWH FHL SX LQ FUHGLQFLRL L V SUVHDVF
SX LQD ORU FUHGLQ FHL QHFUHGLQFLRL VL SUVHDVF
QHFUHGLQ D LDU FHL QHHYODYLRL OLSVD GH HYODYLH 6 DVFXOWH
PHGLFLL L V DIOH F EROLOH GDF QX OH SRDWH YLQGHFD
PHGLFLQD WLLQ D FXQRDWHUHD vQ HOHSFLXQHD VDX WHKQLFD OH
YLQGHF FUHGLQ D ILHUELQWH L GHVYvULW vQ 'XPQH]HX 6
DVFXOWHLV FUHDG F FHOHFHODRDPHQLVvQWFXQHSXWLQ
OD'XPQH]HXVvQWFXSXWLQ LXQGHYRLHWH'XPQH]HXVH
ELUXLHUvQGXLDODILULL
&DSULQWHGXKRYQLFFRQVLGHUF HVWHGHGDWRULDPHD
FD DD FXP ODP vQGUXPDW SH FHO EROQDY GH SDUDOL]LH L
FDUH PD DVFXOWDW FX VXSXQHUH VD SRFLW VD PUWXULVLW D
FUH]XW L VD YLQGHFDW VXIOHWHWH L WUXSHWH WRW DVWIHO L SH
YRL FD ILL DL PHL GXKRYQLFHWL Y URJ Y LPSORU L Y
DYHUWL]H] V Y JUEL L D Y JVL XQ GXKRYQLF L V Y
PUWXULVL LSFDWHOHFX]GURELUHGHLQLPFXVPHUHQLHLFX
FXFHUQLFLH
3RFL LY L FUHGH L vQ DGHYUDWXO 'XPQH]HX OXvQG
H[HPSOXOFHOXLEROQDYGHSDUDOL]LHLY LQIRUPH]FQXPDL
SULQ FUHGLQ SRFLQ L PUWXULVLUHD SFDWHORU Y YH L
PvQWXLLYYH LvQYUHGQLFLGHPSU LD&HUXULORU
&v L VvQWH L FUHGLQFLRL L OLSVL L GH HYODYLH ILH F
VvQWH L LQWHOHFWXDOL DYRFD L GRFWRUL RIL HUL VDX SROLWLFLHQL

vQJULML LY V FUHGH LvQDLQWHGHDYHQLPRDUWHDFFLYDYHQL

FHDVXOFvQGQXYH LPDLDYHDvQFLQHQGMGXLLIDFH LURDGH
YUHGQLFHGHSRFLQ FvWWLPSHVWH]LXvQDLQWHVY DMXQJ
VIvULWXO FFL GDF Y YD JVL PRDUWHD vQ QHFUHGLQ H
DGHYUDWFYH LFUHGHDWXQFLLYYH LSRFLGDUYDILSUHD
WvU]LXvQWUXFvWvQLDGQXH[LVWSRFLQ
&DVYXXUH]FDOHDVSUHSRFLQ VSUHFUHGLQ L
PvQWXLUH Y vQGHPQ SH WR L V Y SURFXUD L 128/
7(67$0(176QXYSDU UXVGD LFv LYDOHLGHRDUHFH
GDFYH LFXPSUDXQ1RX7HVWDPHQWLvOYH LFLWLUXJvQGX
Y LYH LFUHGHvQFHHD FHVFULH L OHYH LSXQHvQDSOLFDUH
DGLF OH YH L VYvUL DWXQFL FX VLJXUDQ YH L FvWLJD
5$,8/ *vQGL LY F SXWH L FXPSUD 5DLXO FX Fv LYD OHL L
Y YH L PvQWXL VXIOHWHOH FDUH YDORUHD] PDL PXOW GHFvW
vQWUHDJD OXPH 9H L FvWLJD PSU LD &HUXULORU GH FDUH
QGMGXLPVQHvQYUHGQLFLPFXWR LLFXKDUXOFXvQGXUULOH
L FX LXELUHD GH RDPHQL D 'RPQXOXL L 'XPQH]HXOXL L
0vQWXLWRUXOXL QRVWUX ,LVXV +ULVWRV SHQWUX UXJFLXQLOH
3UHDFXUDWHL0DLFLL6DOHGH'XPQH]HX1VFWRDUHLSXUXUHD
)HFLRDUHL 0DULD DOH FLQVWLWXOXL QDLQWHPHUJWRUXOXL L
%RWH]WRUXOXL ,RDQ DOH VILQ LORU VOYL LORU L vQWUX WRW
OXGD LORU$SRVWROLDOHVILQ LORUPUL LORULEXQLORUELUXLWRUL
PXFHQLFL PUWXULVLWRUL L LHUDUKL DOH 6IvQWXOXL SULQWHOXL
QRVWUX1HFWDULHLDOHWXWXURUVILQ LORU$0,1
3ULQWHOH)LORWHL=HUYDNRV

(SLORJ
QVFULLQGXVHSHOLVWDFHORUPLOXL LGH'RPQXOGHVSUH
FDUH 6IvQWD 6FULSWXU L 6IvQWD 7UDGL LH QH GDX VXILFLHQWH
PUWXULL GRPQXO 6WDYURV .DONDQGLV DFWXDOPHQWH WULWRU vQ
RUDXO $WHQD *UHFLD D GHYHQLW XQ ]HORV DSRVWRO DO ]LOHORU
QRDVWUH PUWXULVLQGFXWRDWSXWHUHD FXYvQWXOXL VXELQHOH
SHFDUHLODIFXW'XPQH]HXDLGRPDWXWXURUFHORUWPGXL L
GH 0vQWXLWRUXO QRVWUX ,LVXV +ULVWRV FDUH QHGvQG DVFXOWDUH
SRUXQFLL 6DOH GH D QX VSXQH QLPLF 0DUFX PDL
YvUWRV DX SRYHVWLW FHOH vQWvPSODWH 6FRV SULQ PLOD OXL
'XPQH]HXGLQEH]QDQHFUHGLQ HLDvQ HOHVFQX VHFXYLQHD
SXQH VXE REURF OXPLQD GREvQGLW FL GLPSRWULY FvW PDL
GHVOXLW L PDL FX WULH V PUWXULVHDVF WXWXURU KDUXO
FRERUvW DVXSUL FH OD YLQGHFDW GH ERDOD VD JUDY FDUH
GXS WLLQ D RPHQHDVF HUD FRQVLGHUDW LQFXUDELO
0LQXQHD VYvULW FX GRPQXO 6WDYURV .DONDQGLV SULQ
PLMORFLUHD6IvQWXOXL1HFWDULHGLQ(JKLQDQHvQFUHGLQ HD]SH
WR LF 0XOWPLORVWLYXOQRVWUX 'XPQH]HXSXUXUHD FHUFHWHD]
LPLOXLHWHSHFHLFH/FDXW FXFUHGLQ
)LHFDFLWLUHDDFHVWHLLVWRULVLULPLQXQDWHV VSRUHDVF
FUHGLQ D QGHMGHD L LXELUHD QRDVWU SHQWUX 'XPQH]HX L
SHQWUXRDPHQL$PLQ

$1(;$
$&$7,678/
6IvQWXOXL1HFWDULH7DXPDWXUJXO
12,(0%5,(
&RQGDFXO
3H VWHDXD FHD QRX L VWUOXFLWRDUH D 2UWRGR[LHL SH FHO FH

HVWHDO%LVHULFLLQRX]LGGHDSUDUHFXEXFXULHvQLQLPLV vO
OXGDP &FL VOYLW ILLQG GH OXFUDUHD 'XKXOXL L]YRUWH
WPGXLUL L KDU ERJDW 3HQWUX DFHHD vL VWULJP %XFXUWH
3ULQWH1HFWDULH

,FRVXO
QOXPHDLWULWDUKLHUHXOHDOXL+ULVWRV1HFWDULHGDUGXFvQG
YLD QHSULKQLW DL IRVW RP SXUWWRU DO EXFXULLORU FHORU
FHUHWLFDXQXOFDUHWHDLDUWDWGUHSWFXYLRVGH'XPQH]HX
LQVSLUDW L vQ WRDWH GUXLW 3HQWUX DFHDVWD L GH OD QRL DX]L
XQHOHFDDFHVWHD
%XFXUWHFHOSULQFDUHVHvQDO FHLFUHGLQFLRL
%XFXUWHFHOSULQFDUHVvQWULVLSL LFHLGXPQRL
%XFXUWHYDVDXULWDOvQ HOHSFLXQLL
%XFXUWHFHOSULQFDUHVHvQYLQJHUXWDWHDOXPLL
%XFXUWHORFDDOVILQ HQLHLLDOOXFUULLFHUHWL
%XFXUWHFDUWHGXPQH]HLDVF DQRLLFHWD LvQJHUHWL
%XFXUWHFHOFDUHSHGHSOLQVIvQWWHDLDUWDW
%XFXUWHFHOFDUHGHFHOHPDWHULDOHWHDLOHSGDW
%XFXUWHDFUHGLQ HLUVSODW VWUOXFLWRDUH
%XFXUWHPLMORFLWRUDOKDUXOXLFXFHUQLFLWDUH
%XFXUWHFHOSULQFDUH%LVHULFDVHVOYHWH
%XFXUWHFHOSULQFDUHLQVXOD(JKLQDVHYHVHOHWH
%XFXUWH3ULQWH1HFWDULH
&RQGDFXODOOHD
Q HOHSFLXQHDYvQG&XYLRDVHvQFGLQWLQHUH H LDLOXPLQDW
VXIOHWXO FX UD]D FHD GXPQH]HLDVF L DL XUPDW VWUOXFLULL
SRUXQFLORUFHORUVILQWH'HDFHHDvQYLUWX LvQDLQWvQGGHPLF
FRSLODLFvQWDWOXL+ULVWRV$OLOXLD

,FRVXODOOHD
0HUJvQG vQ RUDXO 6IvQWXOXL &RQVWDQWLQ WHDL DUWDW

vQGUXPWRU FX IULF GH 'XPQH]HX L KUQLQGXWH GLQ
vQ HOHSFLXQHDFHDGXPQH]HLDVFSHFHOHVILQWHOHDLFHUFHWDW
L OHDL DSUDW 'H DFHHD FHL SH FDUH FX FXYvQWXO WX LDL
XPSOXWGHEXFXULHVIvQW v LVWULJ DVW]LXQHOHFDDFHVWHD
%XFXUWHYL DYHQLFLHL
%XFXUWHQHFWDUDODPEUR]LHL
%XFXUWH F GH 0vQWXLWRUXO QHDL IRVW WULPLV YLQGHFWRU
OXPLQDW
%XFXUWHF 3ULQ LORUFHORUGLQYHFKLPHDLXUPDW
%XFXUWHSLDWUDFHDQRX D]LGLULLFXJHWWRDUH
%XFXUWHFXQXQQRXvPSOHWLW D%LVHULFLLGUHSWPULWRDUH
%XFXUWHFHOFHWHDLDUWDWFDXQWUDQGDILUSURDVSWvQIORULW
%XFXUWHFHOFHGHOD'XPQH]HXDLIRVWGUXLW
%XFXUWHVWHDXDFHDQRX DFUHGLQ HLSRSRUXOXL
%XFXUWHFHOFHVWUOXFHWLvQVODYD&UHDWRUXOXL
%XFXUWHEXQXOHFKLYHUQLVLWRUDOSRUXQFLORUFHUHWL
%XFXUWHFKLSDOVOYLWHORUYLUWX LvQJHUHWL
&RQGDFXODOOHD
6OYLWD vQ HOHSFLXQH DL FXWDWR L LDL GRULWR GLQ WLQHUH LOH

WDOH L SH +ULVWRV ODL UXJDW FX ODFULPL ILHUELQ L FD V WH
vPSRGREHDVF FXvQDOWDHLIUXPXVH H'HDFHHD1HFWDULHFX
FUHGLQ LSOHFFLXQHVWULJLFWUH'RPQXO$OLOXLD

,FRVXODOOHD
6XIOHWXO WX VD EXFXUDW FD PDL GHPXOW DO PDULORU 3DULQ L
9DVLOH L *ULJRULH FFL WHDL GXV OD $WHQD V GREvQGHWL
vQY WXUD FHD IRORVLWRDUH 3HQWUX DFHHD FX EXFXULH v L
FvQWPLQRLXQHOHFDDFHVWHD
%XFXUWHILXDOOXPLQLLFHOHLFHUHWL
%XFXUWHYOVWDUDOHYODYLHLFHOHLvQJHUHWL
%XFXUWHFHOFHDLIXJLWGHDPJLULOHOXPHWL
%XFXUWHF FHOHVSUHvQGXPQH]HLUHQDLvQFHWDWVGRUHWL
%XFXUWH PLQWH SXUWWRDUH GH 'XPQH]HX SOLQ GH
vQ HOHVXULGLYLQH
%XFXUWHFUEXQHDOGXPQH]HLHVFXOXL'XKIRFXODSULQVDO
FXJHWULLFUHWLQH
%XFXUWHFHOFHYLD IDUGHSDW DLWULW
%XFXUWHFHOFHvQHOFLXQHDOXL9HOLDUDL]GURELW
%XFXUWH FHO FH DL GHVFKLV XD VXIOHWXOXL VSUH LXELUHD OXL
+ULVWRV
%XFXUWHFHOvQFDUHDvQIORULWVYvULUHDELQHOXLOXPLQRV
%XFXUWHFHOFDUHHWLVSULMLQWDUHDOFHORUFUHGLQFLRL
%XFXUWHVJHDWDGHPXOWSOvQVDOFHORUGXPQRL
&RQGDFXODOOHD
$YvQGvQWLQHUvYQD GXPQH]HLDVF D&XYLRLORU3ULQ LIU

vQFHWDUH LDLGRULWYLD DFHDvQJHUHDVF'HDFHHDDLLQWUDWFX
EXFXULHvQ+LRVvQFHUHVFXOFLQPRQDKDOLSHYUPDXOODL
OVDWSJXELWFvQWvQGQHvQFHWDW$OLOXLD

,FRVXODOOHD
6WULJDWDLFWUH$UKLHUHXO&HOGLQWUXvQO LPHGLQWRDW LQLPD

WD LDU (O D DX]LW UXJFLXQHD WD 'H DFHHDGHJUDE DOLQLWLW
DSHOHPULLLIXUWXQDDSRWROLW9]vQGDFHVWHDFHLFDUHSULQ
UXJFLXQLOH WDOH DX IRVW VDOYD L v L FvQW FX PXO XPLUH XQHOH
FDDFHVWHD
%XFXUWH FHO FH GH OD 'XPQH]HX QHDL IRVW WULPLV
YLQGHFWRU
%XFXUWHL]YRUQHVHFDWDOPLQXQLORU
%XFXUWHDO%LVHULFLLDVWUXFHOQRXSUHDOXPLQDW
%XFXUWHF vQUvQGXO7XWXURU6ILQ LORUDLLQWUDW
%XFXUWHYDVQHSUH XLWDOGDUXULORUFHUHWL
%XFXUWHJUGLQ vQIORULW DIHULFLWHORUYLUWX LvQJHUHWL
%XFXUWHFHOFHIXUWXQDPULLROLQLWHWL
%XFXUWHF VWULJWXOKXOLWRULORUvOSRWROHWL
%XFXUWHQRXOHDOHVDOOXL+ULVWRV
%XFXUWHDOYLUWX LORUJUGLQDUFXYLRV
%XFXUWHLXELWRUXOHGHYLD DGXKRYQLFHDVF
%XFXUWHFHOFHDLIRVWUVSOWLWFXEXFXULDFHUHDVF
&RQGDFXODOOHD
/DIHOFD6ILQ LLGHGHPXOWvQDFHVWHYUHPXULGHSHXUP WH

DL DUWDW ,HUDUK 6IvQW L YUHGQLF GH FLQVWLUH &FL YLD D LDL
SHWUHFXWvQDFHODLFKLSFXHLLDLVYvULWPLQXQLL]EYLQGX
LGLQQHFD]XULSHFHLFDUHVWULJ$OLOXLD

,FRVXODOOHD
Q DUD (JLSWXOXL FDSVWRUDO3HQWDSROLVXOXLWHDLDUWDWFX

DGHYUDW $UKLHUHX vQWHOHSW DOHV L OXPLQDW GH 'XPQH]HX
DOHUJvQGVSUHvQY WXUDOXL+ULVWRVSUHFXPRGLQLRDU 3DYHO
'HDFHHDLFHLFUHGLQFLRLFXQRVFvQGYLUWX LOHWDOHFXJODV
GHEXFXULHVWULJXQHOHFDDFHVWHD
%XFXUWHDFHW LLPULUH
%XFXUWHDHYODYLHLILUH
%XFXUWHFHODVHPHQHD&XYLRLORUSXVWLHL
%XFXUWHSRGRDEDFHDQRX DSUHR LHL
%XFXUWHYDVDOEOvQGH LLLWH]DXUXOLXELULL
%XFXUWHGWWRUXOSFLLLL]YRUvWRUXOPLOHL
%XFXUWHF %LVHULFLLWHDLDUWDWVWUOXFLWRU
%XFXUWHF FHORUFXYLRLWHDU LvQGUXPWRU
%XFXUWHFKLSDOWULULLFHOHLQHSULKQLWH
%XFXUWHFDQGHO DGXPQH]HLULLSULPLWH
%XFXUWHF $UKLHUHXGHVYvULWFHORUvQDOWHVOXMHWL
%XFXUWHFXYvQWWRUQHvQWUHFXWDOFHORUGXPQH]HLHWL
&RQGDFXODOOHD
9]XWDX FUHWLQLL GLQ WRDW %LVHULFD (JLSWXOXL F HWL XQ

DGHYUDW SVWRU DO (YDQJKHOLHL 3HQWUX DFHHD PXO LPLOH
FUHGLQFLRLORUFHDVFXOWDXFXYvQWXOvQY WXULLWDOHJvQGHDXF
DX GREvQGLW XQ QRX 6IvQW 3ULQWH FH FX SXWHUH vQYD L
vPSUHXQ FXWLQHQXvQFHWDXV VWULJH'RPQXOXL$OLOXLD

,FRVXODOOHD
0DLDSRL&XYLRDVHDLVWUOXFLWLvQSPvQWHOHQDVHPHQHD
XQXL QRX $SRVWRO OXPLQvQG LQLPLOH FUHGLQFLRLORU FX IRFXO
VILQWHORU vQY WXUL L FX UD]HOH YLH LL WDOH 3HQWUX DFHDVWD
ILLQG L QRL OXPLQD L GH VWUOXFLUHD WD v L VWULJP XQHOH FD
DFHVWHD
%XFXUWHOXPLQWRUDO%LVHULFLL'RPQXOXL
%XFXUWHWUvPEL DFHDWDUHDDGHYUXOXL
%XFXUWHFHOFHDLDYXWUvYQD$SRVWROLORU
%XFXUWHL]YRUXOKDUXOXLLDOYLQGHFULORU
%XFXUWHUHWRUvQGXPQH]HLWDOFXYLQWHORUYLH LL
%XFXUWH F SOLQH GH KDU VvQW RPLOLLOH WDOH vQ HOHSWXOH DO
FHW LL
%XFXUWHFHOFHFXU LVXIOHWHOHGHURELDSDWLPLORU
%XFXUWHFSRWROHWLSRUQLULOHLQLPLORU
%XFXUWHPDUHvQY WRUDOFUHGLQFLRLORU
%XFXUWHDVFHWWDUHOXL+ULVWRVXUPWRU
%XFXUWHF PXOWHLVSLWHDLvQGXUDW
%XFXUWHF VXIOHWHOHVSUH+ULVWRVOHDLvQGUHSWDW
&RQGDFXODOOHD
0DUH vQWUH ,HUDUKL L vQ HOHSW vQWUH vQY WRUL GDU L VPHULW

DVFHWDOOXL+ULVWRVQDLvQFHWDWDIL&XYLRDVH3HQWUXDFHHD
DL IRVW FKHPDW V ILL SULQWH GXKRYQLFHVF DO FHORU FH VH
SUHJWHDX SHQWUX VOXMLUHD SUHR HDVF &X HL vPSUHXQ WH
VOYLPLVWULJP$OLOXLD

,FRVXODOOHD
&LL GXPQH]HLHWL L QRUXOXL GXKRYQLFHVF DL XUPDW FHOD FH

HVWL QHFWDU DO GUHSW LL L IUXFW GH YLD VIvQW LDU SH QRL OD
YUHPHGHVWUvPWRDUHQHvQFHWDWQHDLL]EYLW3HQWUXDFHDVWD
VXIOHWHOHQRDVWUHVHEXFXU FvQGv LFvQW LHXQHOHFDDFHVWHD
%XFXUWHFUDUHDEXFXULHL
%XFXUWHDGLHUHDYHQLFLHL
%XFXUWHFHOFHL]YRUWLDSHOHKDUXOXL
%XFXUWHFHOFHDLSHFHWOXLWJXUDEDODXUXOXL
%XFXUWHSULPYDUDVILQ HQLHLFHDOXQJLLDUQDGLQJvQG
%XFXUWHVWUOXFLUHFHOXPLQH]LvQWXQHULFXOFHODGvQF
%XFXUWHFHOFHvQFXUFLJvQGXULOHFHORUSFWRL
%XFXUWHFHOFHEXFXULLQLPDFHORUFUHGLQFLRL
%XFXUWHVSULMLQDOGUHSWPULWRULORU
%XFXUWHQLPLFLWRUXOHUH]LLORU
%XFXUWHFGHUHDGHILPWRULORU
%XFXUWHYLQGHFWRUXOEROQDYLORU
&RQGDFXODOOHD
'LQPLODWDFHDPDUH3ULQWHL]YRUVFPLQXQLQHPDLY]XWH
FDUHULGLFSHFHLFHVHDIO vQGXUHUH'HDFHHDIU vQFHWDUH
VRVHWH OD 6IvQWD WD 0QVWLUH PXO LPH GH OXPH FHUvQG
YLQGHFDUH L L]EYLUH GLQ EROL L FvQWvQGX L QHQFHWDW
$OLOXLD

,FRVXODOOHD
QLQVXOD(JKLQD6ILQWH0QVWLUHDWDHVWHOLPDQL]EYLWRU
$LFL VXIOHWHOH PRQDKLLORU OHDL FRQGXV GXKRYQLFHWH VSUH
PvQWXLUH L OHDL vQGUHSWDW VSUH +ULVWRV FX vQ HOHSFLXQH
3HQWUXDFHVWHDQHvQFHWDWVHYRUUXJDFWUHWLQH]LFvQG
%XFXUWHDPLQ LLVIvQW OXFUDUH
%XFXUWHRFHDQGHUEGDUH
%XFXUWHFKLSYLXDOVPHUHQLHL
%XFXUWHWH]DXUVIvQWDOFXU LHL
%XFXUWHFDQGHO DSXULW LLLFKLYRWDOQHSWLPLULL
%XFXUWHORFDDOYLUWX LORULVDQFWXDUDOFXPSWULL
%XFXUWHF VSUH'XPQH]HXFRQGXFL0QVWLUHDWD
%XFXUWHF WRDWSXWHUHDLUvYQD LDLSXVSHQWUXHD
%XFXUWHDO(JKLQHLVWUOXFLWYHJKHWRU
%XFXUWHFGHJUDEFUHGLQFLRLORUOHGDLDMXWRU
%XFXUWHFSHPXO LGLQSHULFROHLDLVDOYDW
%XFXUWH F SH DPJLWRUXO vQ SUSDVWLD FHD DGvQF ODL
DUXQFDW
&RQGDFXODOOHD
6ILQWHOH WDOH 0RDWH VvQW SOLQH GH KDU VIvQW L GH PLURV GH
EXQ PLUHDVP GXKRYQLFHDVF 0LUXO FH L]YRUWH GLQ HOH
ELQHvQPLUHVPHD] QX GRDU 6IvQWD WD 0QVWLUH FL L
vQWUHDJD LQVXO D (JKLQHL VILQ LQGXL SH DFHLD FDUH QX
vQFHWHD] DVWULJDFWUHWLQH$OLOXLD

,FRVXODOOHD
,]YRUvWRDUH GH KDU L GH ERJDWH GDUXUL FHUHWL VvQW 6ILQWHOH

WDOH0RDWH3ULQHOHPXO LPHGHEROQDYLVvQWYLQGHFDWLLFHL
VOEQRJL VvQW vQGUHSWD L 'H DFHHD L QRL vPSUHXQ FX
GvQLLVWULJPXQHOHFDDFHVWHD
%XFXUWHVFOGWRDUHDYLQGHFULORU
%XFXUWHGH]OHJDUHDVXIHULQ HORU
%XFXUWHFHOFHGHJUDE DOHUJLvQDMXWRU
%XFXUWHF vQYLVVDXvQFKLSWDLQLFWHDU LWXWXURU
%XFXUWHIvQWvQ FHSULQWHDVF LXELUHL]YRUWL
%XFXUWHOLPDQDOEXFXULHL VXIOHWHWL
%XFXUWHFGHvQJUR]LWRUXOFDQFHUSHPXO LDLYLQGHFDW
%XFXUWHFGHPRQLORUUDQGHPXOWSOvQVDLGDW
%XFXUWH FHO FH YDQLWDWHD vQ HOHSFLXQLL OXPHWL DL
vQJHQXQFKLDW
%XFXUWHF vQFKLSPLQXQDWSHFUHGLQFLRLLDLDMXWDW
%XFXUWHSRGRDEGHPXOWSUH D,HUDUKLORU
%XFXUWHFHOFHOXPLQH]LPLQWHDQHWLXWRULORU
&RQGDFXODOOHD
7R L FUHGLQFLRLL FDUH VDX vQGXOFLW GLQ KUDQD ELQHIDFHULORU

WDOH WH QXPHVF DMXWRU L DFRSHULWRU &FL GLQWUH FHL FH WHDX
FKHPDWFXFUHGLQ QLFLXQXOQXDUPDVQHPvQJvLDWGHKDUXO
WDX'HDFHHDWR LFXEXFXULHFvQW$OLOXLD

,FRVXODOOHD
9HVWHD PLQXQLORU WDOH SXUWWRUXOH GH 'XPQH]HX VD

UVSvQGLWSUHWXWLQGHQL,DUWXLSHFHLGHGHSDUWHGHJUDE LDL
DMXWDW LGLQSHULFROHVDXGLQQHFD]XULLDLVDOYDW'HDFHHD
FWUHWLQHDOHDUJ ]LFvQG
%XFXUWHF 0DUHDLIRVWQXPLWvQWUH3ULQ L
%XFXUWHF ORFGHFLQVWHDLvQWUH6ILQ L
%XFXUWHF ODIHOFXFHLGHGHPXOWHVWLOXGDW
%XFXUWHF vQWUH6ILQ LL3ULQ LDLIRVWvQFXQXQDW
%XFXUWHWULXPIDOFUHGLQ HLL]LGGHDSUDUHFUHWLQLORU
%XFXUWHL]YRUDOKDUXOXLUXLQDUHDQHFUHGLQFLRLORU
%XFXUWHFHOFHQHGHVFRSHULVODYDDGHYUXOXL
%XFXUWHFHOFHSHFHWOXLHWLJXUDSFWRVXOXL
%XFXUWHEXFXULDLSXWHUHDFUHGLQFLRLORU
%XFXUWHVSULMLQXOLvQWULUHDVXIOHWHORU
%XFXUWHFHOSULQFDUH+ULVWRVVHVOYHWH
%XFXUWHFHOSULQFDUHGLDYROXOVHVWvUSHWH
&RQGDFXODOOHD
1RL FHL L]EYL L VXE DFRSHUPvQWXO WX 3ULQWH v L vQO P

LPQXUL QHQXPUDWH GH PXO XPLUH &FL GHJUDE DL YHQLW vQ
WRDWH QHFD]XULOH QRDVWUH V QH DOXQJL WULVWH HD'H DFHHD FX
DMXWRUXOWXOVOYLPSH+ULVWRVVWULJvQG$OLOXLD

,FRVXODOOHD
&XIOFULOHPLQXQLORUWDOHDLDUV]HOXOGHPRQLORULDLYHQLW
FXRVvUGLHvQDMXWRUXOFUHGLQFLRLORU'HVXIHULQ HJUHOHILLQG
HLFXSULQLOHDLVWLQVGXUHUHDORULLDLYLQGHFDWGHPXOWLPH
GHEROL3HQWUXDFHHDFXHYODYLHURVWHVFXQHOHFDDFHVWHD
%XFXUWHYLQGHFWRUXOEROQDYLORU
%XFXUWHVSDLPDGHPRQLORU
%XFXUWHFSHFHLFKLQXL LGHIULJXULLDLYLQGHFDW
%XFXUWHFSHVOEQRJLLDLvQGUHSWDW
%XFXUWHFHOFHDLvQPXO LWDSDIvQWvQLLVHFDWH
%XFXUWH F DL ELQHFXYvQWDW (JKLQD FX UXJFLXQL
QHvQFHWDWH
%XFXUWHFSULQWLQHPLODOXL'XPQH]HXVHDUDW
%XFXUWHFHOFHVHFHWDDLRSULWLDLGDWSORDLHERJDW
%XFXUWHL]YRUXOKDUXOXLQHVHFDW
%XFXUWHVWHDFDUHSHWR LLDLOXPLQDW
%XFXUWHFHOFHDO0QVWLULLLVFXVLWGXKRYQLFWHDLDUWDW
%XFXUWHFGHODPRQDKLLLPQXULDX]LQHvQFHWDW
&RQGDFXODOOHD
3ULQ 6ILQWHOH WDOH 0RDWH 3ULQWH VH UHYDUV FX ERJD LH
KDUXO 0vQJvLHWRUXOXL FDUH DVHPHQHD XQXL L]YRU QHVHFDW
DGDS VXIOHWHOHFKLQXLWHLYLQGHFEROLOHWUXSHWLDOHFHORUFH
VWULJQHvQFHWDWFWUH'RPQXO$OLOXLD
,FRVXODOOHD

3ULYHWH GLQWUX vQO LPH L vQVSUH QRL SFWRLL FvQG
vPSUHXQ FX &HWHOH QJHUHWL FvQ L LPQXO 7UHLPLL &HOHL
QWUHLW6ILQWHLFXPLORVWLYLUHDWDFHDPDUHQXvQFHWDVQH
DMX L SH QRL FDUH FX FUHGLQ VWULJP FWUH WLQH XQHOH FD
DFHVWHD
%XFXUWHILXDO6LOLYULHL
%XFXUWHVODYD%LVHULFLL
%XFXUWHPvQGULD(JKLQHL
%XFXUWHS]LWRUXO(ODGHL
%XFXUWHFKLSLPRGHOGHFXFHUQLF,HUDUK
%XFXUWHSDY] LVFSDUHSHQWUXRULFHPRQDK
%XFXUWH/XFHDIUXOFHOQRXDO%LVHULFLL
%XFXUWHGDUXOSULQFDUHVHvQWUHVFFXFHUQLFLL
%XFXUWHFHOSULQFDUHSDWLPLOHVHFXU HVF
%XFXUWHFSULQWLQHSH'XPQH]HXOVOYHVF
%XFXUWHDSUWRUQHRERVLWDOFUHGLQFLRLORU
%XFXUWHJUDEQLFPLMORFLWRUFWUH&UHDWRU
&RQGDFXODOOHD
2 3UHDEXQXOH 3ULQWH OXPLQWRUXO 2UWRGRFLORU ,HUDUKXOH

DO OXL +ULVWRV 1HFWDULH 6WvQG vQ ID D 7URQXOXL OXL
'XPQH]HX URDJWH QHvQFHWDW SHQWUX LHUWDUHD SFDWHORU
QRDVWUH L SHQWUX vQWRDUFHUHD QRDVWU VSUH vQILHUHD KDUXOXL
&FLQHvQFHWDWFWUH0vQWXLWRUXOVWULJP$OLOXLD
$FHVW FRQGDF VH URVWHWH GH WUHL RUL $SRL VH ]LFH LDUL
,FRVXO Q OXPH DL WULW DUKLHUHXOH D OXL +ULVWRV L
&RQGDFXO 3HVWHDXDFHDQRX LVWUOXFLWRDUHLVHIDFH
RWSXVWXO

6IkQWXO1HFWDULH VIkQWXOLXELULL
GH
,RVLI'$JDSLWRV
)2/26,7, 7(;78/ '2$5 '$&$ $9(7, &(57,78

',1($ &$ (67( &21)250 &8 25,*,1$/8/
520$1(6& 3(1758 $&($67$ 352&85$7,9$
/8&5$5($ '2$5 '( /$ 3(562$1( '( ,1&5(
'(5( &$5( $8 9(5,),&$7 ,17(*5,7$7($
7(;78/8,6$8'(6&$5&$7,2'(3(6,7(8/
KWWSZZZDQJHOILUHFRPEOXHVFDUWL
5XJDWLYDSHQWUXFHLFHDXWUXGLWODUHDOL]DUHD
DFHVWHLYHUVLXQLGLJLWDOH

$32/2*(7,&80

Sfantul Nectarie, Sfantul Iubirii

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Sfantul Nectarie, Sfantul Iubirii

Încărcat de

Drepturi de autor:

Formate disponibile

,RVLI'$JDSLWRV

'H PXOWH RUL GH IRDUWH PXOWH RUL vQ 6IvQWD

QWUR GLPLQHD GH LDUQ GRPQXO 7HPLVWRFOH VH

L FRSLODLL vQJHQXQFKHDX vQ MXUXO HL vL vQGUHSWDX

(UD R VHDU GH QRLHPEULH 9vQWXO LQWUD vQ RGDLD EROQDYHL

'DU IHPHLD QLFL QX YUX V DXG GH DVHPHQHD OXFUX

DGHYUDW vO FXQRVFXVH SH VIvQWXO GLQ LFRDQ /D Y]XW L D

QWURGLPLQHD SULQWHOH(XVWD LHWRFPDLWHUPLQDVH

H[SUHVLDIH HLLLDW FGLQQRXDMXQVHFKLDUGDFQXPDLFX

2 V VXIHUH PXOW L DSRL YHGH LL YvUVWD OXL

6UXWGLQQRXVWLFOX DRGGXIHPHLLGXS FDUHvL

L SLDIDUXPEORYUHPHSULQ FXUWHGXS FDUHGHVFKLVH

&vQWHFHOH L YHVHOLD DX IXU vQV UHWH]DWH GH R

3LFLRUXO PHX $K SLFLRUXO PHX vQFHSX V VWULJH

$X vQJHQXQFKLDW FX WR LL vQ MXUXO SDWXOXL UXJvQG GLQ

'DU vQWUR ]L PHUJvQG .LNL OD EFDQ V IDF

7UHEXLH LPHGLDW V WLHP SLFLRUXO FD V VDOYP

1X QX VSXVH HD vQ DPH HDOD IHEUHL &XP R V

)HWHOH OXDU FX HYODYLH VWLFOX D L VH GXVHU VSUH FOLQLF

$ GRXD ]L GXSDPLD] SURIHVRDUD GH UHOLJLH D OXL

PDL GH]PHWLFL )HWHOH VH DSURSLDU L PDL PXOW 'DU FHL

.LNL WULHWH L HVWH VQWRDV L GH DQL PXO L HVWH R

PHGLFDPHQWH FDUH HUDX FRQVLGHUDWH PLUDFXORDVH L FDUH

$FHDVW vQWvPSODUH QHD IRVW RIHULW GH FWUH 3UHDIHULFLWXO

WLPS R V WUHDF SvQ FvQG R V vQFHDS RPXO GLQ QRX V

PLF RSHUD LH DU IL VFRVR 'XPQH]HX D IFXW PLQXQHD

0GRDUHVWULJ IHPHLDGHvQGDW FHLFRDQDDWLQVH

QF XQDGLQPLQXQLOHIU GHQXPU

DFROR DP VROLFLWDW R LQWHUYHQ LH FKLUXUJLFDO OD FRORDQD

WUDQVSLUD LD PL VH URVWRJROHD DWvWGHVXSUWRU SHID L P

1HFWDULHVQHUXJPDFHVWDvQWULQGXP vQVXIHULQ DPHD

$P PHUVvPSUHXQ FXSULQWHOH)LORWHLFXSULQWHOH

DIHF LXQL 'DU vQ SRILGD WXWXURU DFHVWRUD D YUHD VPL

P ULGLF L vQFHS V XPEOXGUHSW SULQELVHULFX FvQWvQG FX

0DL WvU]LX SH GDWD GH  GHFHPEULH  SULQWHOH

0LQXQLOH XUPHD] FUHGLQ HL &vQG 'RPQXO QRVWUX ,LVXV

vQJULML LY V FUHGH LvQDLQWHGHDYHQLPRDUWHDFFLYDYHQL

3H VWHDXD FHD QRX L VWUOXFLWRDUH D 2UWRGR[LHL SH FHO FH

0HUJvQG vQ RUDXO 6IvQWXOXL &RQVWDQWLQ WHDL DUWDW

6OYLWD vQ HOHSFLXQH DL FXWDWR L LDL GRULWR GLQ WLQHUH LOH

$YvQGvQWLQHUvYQD GXPQH]HLDVF D&XYLRLORU3ULQ LIU

6WULJDWDLFWUH$UKLHUHXO&HOGLQWUXvQO LPHGLQWRDW LQLPD

/DIHOFD6ILQ LLGHGHPXOWvQDFHVWHYUHPXULGHSHXUP WH

Q DUD (JLSWXOXL FDSVWRUDO3HQWDSROLVXOXLWHDLDUWDWFX

9]XWDX FUHWLQLL GLQ WRDW %LVHULFD (JLSWXOXL F HWL XQ

0DUH vQWUH ,HUDUKL L vQ HOHSW vQWUH vQY WRUL GDU L VPHULW

&LL GXPQH]HLHWL L QRUXOXL GXKRYQLFHVF DL XUPDW FHOD FH

,]YRUvWRDUH GH KDU L GH ERJDWH GDUXUL FHUHWL VvQW 6ILQWHOH

7R L FUHGLQFLRLL FDUH VDX vQGXOFLW GLQ KUDQD ELQHIDFHULORU

9HVWHD PLQXQLORU WDOH SXUWWRUXOH GH 'XPQH]HX VD

1RL FHL L]EYL L VXE DFRSHUPvQWXO WX 3ULQWH v L vQO P

2 3UHDEXQXOH 3ULQWH OXPLQWRUXO 2UWRGRFLORU ,HUDUKXOH

)2/26,7, 7(;78/ '2$5 '$&$ $9(7, &(57,78

S-ar putea să vă placă și

,RVLI'$JDSLWRV

'H PXOWH RUL GH IRDUWH PXOWH RUL vQ 6IvQWD

QWUR GLPLQHD GH LDUQ GRPQXO 7HPLVWRFOH VH

L FRSLODLL vQJHQXQFKHDX vQ MXUXO HL vL vQGUHSWDX

(UD R VHDU GH QRLHPEULH 9vQWXO LQWUD vQ RGDLD EROQDYHL

'DU IHPHLD QLFL QX YUX V DXG GH DVHPHQHD OXFUX

DGHYUDW vO FXQRVFXVH SH VIvQWXO GLQ LFRDQ /D Y]XW L D

QWURGLPLQHD SULQWHOH(XVWD LHWRFPDLWHUPLQDVH

H[SUHVLDIH HLLLDW FGLQQRXDMXQVHFKLDUGDFQXPDLFX

2 V VXIHUH PXOW L DSRL YHGH LL YvUVWD OXL

6UXWGLQQRXVWLFOX DRGGXIHPHLLGXS FDUHvL

L SLDIDUXPEORYUHPHSULQ FXUWHGXS FDUHGHVFKLVH

3LFLRUXO PHX $K SLFLRUXO PHX vQFHSX V VWULJH

'DU vQWUR ]L PHUJvQG .LNL OD EFDQ V IDF

1X QX VSXVH HD vQ DPH HDOD IHEUHL &XP R V

)HWHOH OXDU FX HYODYLH VWLFOX D L VH GXVHU VSUH FOLQLF

$ GRXD ]L GXSDPLD] SURIHVRDUD GH UHOLJLH D OXL

PDL GH]PHWLFL )HWHOH VH DSURSLDU L PDL PXOW 'DU FHL

$FHDVW vQWvPSODUH QHD IRVW RIHULW GH FWUH 3UHDIHULFLWXO

PLF RSHUD LH DU IL VFRVR 'XPQH]HX D IFXW PLQXQHD

DFROR DP VROLFLWDW R LQWHUYHQ LH FKLUXUJLFDO OD FRORDQD

1HFWDULHVQHUXJPDFHVWDvQWULQGXP vQVXIHULQ DPHD

$P PHUVvPSUHXQ FXSULQWHOH)LORWHLFXSULQWHOH

DIHF LXQL 'DU vQ SRILGD WXWXURU DFHVWRUD D YUHD VPL

P ULGLF L vQFHS V XPEOXGUHSW SULQELVHULFX FvQWvQG FX

0DL WvU]LX SH GDWD GH GHFHPEULH SULQWHOH

0LQXQLOH XUPHD] FUHGLQ HL &vQG 'RPQXO QRVWUX ,LVXV

vQJULML LY V FUHGH LvQDLQWHGHDYHQLPRDUWHDFFLYDYHQL

3H VWHDXD FHD QRX L VWUOXFLWRDUH D 2UWRGR[LHL SH FHO FH

0HUJvQG vQ RUDXO 6IvQWXOXL &RQVWDQWLQ WHDL DUWDW

6OYLWD vQ HOHSFLXQH DL FXWDWR L LDL GRULWR GLQ WLQHUH LOH

$YvQGvQWLQHUvYQD GXPQH]HLDVF D&XYLRLORU3ULQ LIU

6WULJDWDLFWUH$UKLHUHXO&HOGLQWUXvQO LPHGLQWRDW LQLPD

/DIHOFD6ILQ LLGHGHPXOWvQDFHVWHYUHPXULGHSHXUP WH

Q DUD (JLSWXOXL FDSVWRUDO3HQWDSROLVXOXLWHDLDUWDWFX

9]XWDX FUHWLQLL GLQ WRDW %LVHULFD (JLSWXOXL F HWL XQ

0DUH vQWUH ,HUDUKL L vQ HOHSW vQWUH vQY WRUL GDU L VPHULW

&LL GXPQH]HLHWL L QRUXOXL GXKRYQLFHVF DL XUPDW FHOD FH

7R L FUHGLQFLRLL FDUH VDX vQGXOFLW GLQ KUDQD ELQHIDFHULORU

9HVWHD PLQXQLORU WDOH SXUWWRUXOH GH 'XPQH]HX VD

1RL FHL L]EYL L VXE DFRSHUPvQWXO WX 3ULQWH v L vQO P

2 3UHDEXQXOH 3ULQWH OXPLQWRUXO 2UWRGRFLORU ,HUDUKXOH

)2/26,7, 7(;78/ '2$5 '$&$ $9(7, &(57,78