$QGUp0DXURLV


,VWRULD$QJOLHL

+LVWRLUHG
$QJOHWHUUH

YRO



&$57($$&,1&($
75,80)8/3$5/$0(178/8,











,
,$&2%,678$57,352%/(0$5(/,*,2$6

, 5HJLL GLQDVWLHL 7XGRU IXVHVHU QLWH ]HL QD&LRQDOL &D V OH ILH SH SODF
VXSXLL ORU FOHUXO FKLDU L HSLVFRSLL LDX VFKLPEDW GH PDL PXOWH RUL UHOLJLD /D
XQ FXYkQW GHDO ORU VHQLRULL L PLQLWULL vL SXQHDX IU vPSRWULYLUH FDSHWHOH SH
EXWXF 3DUODPHQWXO vQWkPSLQD GRULQ&HOH ORU XQHRUL FX XPLOH FULWLFL DOWHRUL
PRUPLQG GDU QX OH UHVSLQJHD QLFLRGDW $P DUWDW FDUH DX IRVW UHVRUWXULOH
DFHVWHL XLPLWRDUH SXWHUL GXS R OXQJ SHULRDG GH DQDUKLH VXSXLL VLP&HDX R
DSULJQHYRLHGHDXWRULWDWH+HQULFDO9+OHDL(OLVDEHWDDYHDXJHQLXOUHJDOLW&LL
LXQWDFWFDUHOHDSHUPLVVSUHYDGvQFHDPDLPDUHSDUWHDFD]XULORUUHDF&LLOH
RSLQLHL SXEOLFH 1XPDL FRQVLP&PkQWXO DFHVWHLD D IFXW SRVLELO SDUDGR[DOD
YLJRDUH D XQHL PRQDUKLL QHvQDUPDWH 'DF EHHIHDWHULL SDODWXOXL SXWHDX
DVLJXUD SD]D XQHL FRUELL vQ FDUH YUHXQ QRELO U]YUWLW VDX YUHXQ PLQLVWUX
vQGHSUWDWGHODSXWHUHHUDFRQGXVOD7XUQDFHDVWDVHGDWRUDIDSWXOXLFXFHQLFLL
GLQ/RQGUDQXvQFHUFDXVOHVPXOJSUL]RQLHUXO1LFLVXYHUDQXOQLFL

&RQVLOLXO SULYDW QDU IL SXWXW FRQVWUkQJH OD VXSXQHUH R SRSXOD&LH GH FLQFL
PLOLRDQHGHVXIOHWHRELQXLWGHVHFROHVSVWUH]HDUPHvQFDVLDQWUHQDWvQ
PkQXLUHD DUFXOXL L D VELHL 'H OD XUFDUHD SH WURQ D OXL +HQULF DO 9,,OHD IRU&D
GLQDVWLHL 7XGRU QX D IRVW R IRU& PLOLWDU FL XQD SVLKRORJLF L VHQWLPHQWDO
$FHVWVXFFHVGHGXUDWFkWLVXSXQHUHDYROXQWDUDSRSRUXOXLHQJOH]DYHDXV
GHDQDWHUHvQPLQWHDVXFFHVRULORU(OLVDEHWHLXQRUSHULFXORDVHLOX]LL


,,Q]LXDPRU&LLUHJLQHLPDUWLHRPDUHQHOLQLWHFXSULQVHVH&DUD
6WU]LOH /RQGUHL HUDX VWUEWXWH GH SDWUXOH 0DULQDUL SURWHVWDQ&L SUVLVHU
SRUWXULOHSHQWUXDRSULvQFD]XOFkQGVDUILSURGXVRLQYD]LHSDSLVWYHQLWGLQ
)ODQGUD QGDW FH VH DIO F ,DFRE DO 9OOHD FDOYLQLVWXO XUPD V GHVFLQG GLQ
UHJDWXOVXVFR&LDQSHQWUXDGHYHQL,DFRE,DO$QJOLHLLDXQLFHOHGRXFRURDQH
VH UHVWDELOL FDOPXO &OWRULD QRXOXL UHJH vQFHSkQG GH OD IURQWLHU L SkQ OD
/RQGUD D IRVW XQ QHvQWUHUXSW WULXPI Q WRDWH VDWHOH VXQDX FORSRWHOH vQ RUDH R
PXO&LPH HQWX]LDVW vO DWHSWD SH VXYHUDQ vQ SLD&D FHQWUDO vQ FDVWHOH ,DFRE ,
RELQXLWFXVUFLDVFR&LDQVHPLQXQDGHVSOHQGRDUHDVHUEULORU8QJHVWDOVX
QXIXSHSODFXOSRSRUXOXLLSURGXVHQHOLQLWH,DFRELJQRUkQGOLEHUW&LOHHQJOH]H
SRUXQFL V ILH VSkQ]XUDW IU MXGHFDW XQ KR& SULQV GH HVFRUW SH GUXP 'DU
vQDLQWHGHDvQWkOQLYUHRUH]LVWHQ&HOSXWHDVHSXL]H]HYDVWXOIRQGGHvQFUHGHUH
SHFDUHLOOVDVHUPRWHQLUHSUHGHFHVRULLVL


,,,(UDXQEUEDWGHWUHL]HFLLDSWHGHDQL'HVWXOGHULGLFROFDvQI&LDUHL


0kQFWRULGHFDUQHGHYLWvQOLPEDHQJOH]SRUHFODJDUGLHQLORUGHOD7XUQXO/RQGUHL

 'HQXPLUHD GH 0DUHD %ULWDQLH GHVHPQkQG XQLUHD $QJOLHL D 6FR&LHL L D %ULL *DOLORU D IRVW
IRORVLW SHQWUX vQWkLDRDU vQ PRGRILFLDO vQ  GDUXQLLVFULLWRUL R IRORVLVHU FXPXOW vQDLQWHD
DFHVWHLGDWHQD




PDQLHUHOLSVLWGHRULFHGLVWLQF&LHYRUEHDPXOWGDUJUHRLLOLPEDLVHvPSOHWLFHD
vQ JXU 0RGXO VX ULGLFRO GH D YRUEL PDVFD VXEVWDQ&D FHORU VSXVH FDUH QX HUD
QLFLRGDWOLSVLWGHVDYRDUH6DVSXVFHQJOH]LLSURFODPkQGXOSH,DFRE6WXDUW
XUPDXO(OLVDEHWHL7XGRUDXXUFDWSHWURQXQFDUDFWHUIHPLQLQvQORFXOXQXLFD
UDFWHUPDVFXOLQQWUDGHYUSHWUHFkQGXLFRSLOULDvQPLMORFXODVDVLQDWHORULDO
FRPSORWXULORU,DFRE6WXDUWUPVHVHFXJURD]DGHRDPHQLvQDUPD&L%HDWLSDFLILFL
HUDGHYL]DVD3XUWDKDLQHYWXLWHSHQWUXDVHIHULGHORYLWXULGHSXPQDOLFkQG
YHGHD R VDELH VH vPEROQYHD 'HVWXO GH FXOWLYDW HUD vQV PDL FXUkQG XQ
LQWHOHFWXDOGHFkWXQRPLQWHOLJHQW$GROHVFHQWSUHFRFHVFULVHVHYHUVXULWUDWDWHGH
WHRORJLH L GRX FU&L GH GRFWULQ SROLWLF %DVLOLNRQ 'RURQ L 7UXH /DZ RI )UHH
0RQDUFKLHV vQ FDUH GHPRQVWUD F UHJLL VXQW GHVWLQD&L GH 'XPQH]HX V
JXYHUQH]H LDU VXSXLL V DVFXOWH GH HL 5HJHOH HUD DDGDU GHDVXSUD OHJLL GDU
WUHEXLDVLVHVXSXQLHOFDVILHXQH[HPSOXSHQWUXFHLODO&LvQDIDUGRDUGH
FD]XULH[FHS&LRQDOHSHFDUHHUDVLQJXUvQPVXUVOHDSUHFLH]H


,9 'RFWULQ RUJROLRDV FDUH VH GRYHGLVH XWLO vQ 6FR&LD SHQWUX D &LQH OD
UHVSHFWXQFOHUDURJDQWLUHGXWDELO,DFRE,YHQHDvQ$QJOLDSULPHMGLRVGHFRQYLQV
GH VXSHULRULWDWHD OXL L vQFKLSXLD vQ PRG VLQFHU F HVWH XQ WHRORJ JHQLDO PHQLW
VLGXFSHHQJOH]LLUWFL&LSHGUXPXODGHYUXOXL1XWLDDSURDSHQLPLFGHVSUH
FDUDFWHUXOQRLORUVLVXSXLLQLFLQXFXWDVLvQ&HOHDJ&XPYHQLvQFHSXV
SHURUH]HvQDGXQULOHORUVVSXPHJHVVHEkOEkLHDPX]kQGXLDXGLWRULLIU
VL GHD VHDPD FX DFFHQWXO VX VFR&LDQ (O VH DWHSWD V ILH vQO&DW SkQ OD
FHUXULFXODXGHSHQWUXHORFYHQ&DLHUXGL&LDVD'DUDYHDGHDIDFHFXXQSRSRU
FDUHQXHUDGLVSXVVDVFXOWHFXUHVSHFWXQPRUDOLVWVWULQ


9 'HL D IRVW FUHVFXW vQ UHOLJLD FDOYLQ QRXO UHJH D IFXW FDV EXQ FX
ELVHULFD DQJOLFDQ (O VXIHULVH vQ 6FR&LD GLQ FDX]D OLEHUW&LL GHPRFUDWLFH D
SUHVELWHULHQLORUQXOVXSUDIDSWXOFDJVLWvQ$QJOLDRELVHULFFHUHFXQRWHDR
LHUDUKLH vQ YkUIXO FUHLD VH DIOD UHJHOH (OLVDEHWD LPSXVHVH VXSXLORU VL XQ
FRQIRUPLVPODIHOGHULJXURVFDRGLQLRDUELVHULFDURPDQ7R&LWUHEXLDXVIDFR
PUWXULH GH FUHGLQ& FX SULYLUH OD FHOH WUHL]HFL L QRX GH DUWLFROH FOHUXO QX
SXWHDIRORVLGHFkW&DUWHDGHUXJFLXQLRILFLDOFRPLVLLOHHFOH]LDVWLFHVHGRYHGHDX
WRWDWkWGHVHYHUHFDRGLQLRDUWULEXQDOHOHURPDQHvQRFKLLDGHYUDWXOXLDQJOLFDQ
5HIRUPD QD vQVHPQDW R UXSWXU FX WUHFXWXO L ELVHULFD OXL UPkQHD SHQWUX
GkQVXO FDWROLF DGLF XQLYHUVDO 3URWHVWDQWXO PLMORFLX  VFULH ODG\
+XWFKLQVRQ  UHQXQ&DVH OD SDSLVP SHQWUX F QX PDL HUD OD PRG GDU vQ
DGkQFXOLQLPLLVDOHvQFOLQDGHSDUWHDDFHDVWD'RFWULQDDQJOLFDQFDUHHUDDFHHD
D VWDWXOXL VH YHGHD DWDFDW SH DPEHOH IODQFXUL L GH FDWROLFLL URPDQL L GH
SXULWDQL


9, Q SDUWHD D GRXD D GRPQLHL (OLVDEHWHL FDWROLFLL URPDQL VXIHULVHU GLQ
SULFLQD SULJRDQHL SH FDUH U]ERLXO FX 6SDQLD L FRQVSLUD&LLOH LH]XL&LORU DX vQV
SULWR1XDYHDXDFFHVODQLFLRIXQF&LHORFDOVDXQD&LRQDOQXDYHDXYRLHVVH
vQGHSUWH]HGHSPkQWXOORUIUXQSHUPLVVHPQDWGHMXGHFWRUXOGHSDFH(UDX
VXSXLODDPHQ]LIRDUWHJUHOHFDUHvQUHDOLWDWHQXHUDXSHUFHSXWHGDFQXDVLVWDX


'DUXOVXYHUDQXOXLvQOLPEDJUHDFL$GHYUDWDOHJHDPRQDUKLLORUOLEHUHvQOLPEDHQJOH]D



/XF\ $SVOH\  VR&LD RPXOXL SROLWLH DQWLUHJDOLVW -RKQ +XWFKLQVRQ  IHPHLH
LQWHOLJHQWLFXOWFDUHDOVDWYDORURDVHPHPRULLXQHOHVXEIRUPDELRJUDILHLVR&XOXLHL



OD VOXMED UHOLJLRDV DQJOLFDQ 8Q SUHRW FDUH FHOHEUD OLWXUJKLD L FHL FDUHO
DGSRVWHDX SXWHDX IL FRQGDPQD&L OD PRDUWHD JURD]QLF D WUGWRULORU GDU DPH
QLQ&DUHD HUD UDUHRUL SXV vQ SUDFWLF L vQ PXOWH FDVWHOH VH PDL JVHD SULQ
SRGXULFkWHXQFDSHODQFDWROLF/DvQFHSXWXOGRPQLHLOXL,DFRE,DGHS&LLELVHULFLL
URPDQHQXPDLDOFWXLDXGHFkWDGRX]HFHDSDUWHDSRSXOD&LHL8UFDUHDSHWURQD
ILXOXL0DULHL6WXDUWOHLQVSLUPDULVSHUDQ&H6HWLDFvQWUH&LQXVHFRUHVSRQGHQ&
FXSDSDLFHUDSDUWL]DQXOWROHUDQ&HLQWUDGHYUHOVHRIHULVVXSULPHDPHQ
]LOHSHQWUXGHOLFWHUHOLJLRDVHGDUSXVHGRXFRQGL&LLFDWROLFLLVGHFODUHORLDOLWDWH
ID& GH UHJH L QX ID& GH SDS V UHQXQ&H D IDFH SUR]HOL&L &RQGL&LLOH QX HUDX
FRPSDWLELOH FX R FUHGLQ& VLQFHU L FXUkQG GHFHS&LD FDWROLFLORU GHYHQL DWkW GH
PDUHvQFkWPXO&LGLQWUHHLvQFHSXUVFRPSORWH]HvPSRWULYDUHJHOXL


9,, 'LQWUH DFHVWH FRPSORWXUL FHO PDL SHULFXORV D IRVW FHOHEUXO FRPSORW DO
SUDIXOXLGHSXF6FRSXOHUDVXFLGvQDFHODLWLPSSHUHJHSHORU]LL
SHPHPEULL&DPHUHL&RPXQHORUFDUHVDUILDIODWDFRORDUXQFkQGvQDHU&DPHUD
/RU]LORUvQFOLSDFkQGVHYRUILDGXQDWWR&L3URWHVWDQ&LLILLQGOLSVL&LDVWIHOGHHILL
ORU R UVFRDO FDWROLF DU IL DYXW DQV GH UHXLW &LQkQG VHDPD GH LQHU&LD
PDVHORU 3ULQ FDOLWDWHD YLQRYD&LORU L SULQ PHWRGHOH IRORVLWH FRPSORWXO QH
DPLQWHWH GH WHURULWLL UXL GH OD VIkULWXO VHFROXOXL DO ;O;OHD &RQMXUD&LL HUDX
JHQWLORPL &HO PDL FHOHEUX GLQWUH HL *X\ )DZNHV PLOLWDQW FDWROLF vQY&DVH vQ
WLPSXO FDPSDQLHL GLQ )ODQGUD PHWHXJXO GH D VSD WUDQHH L WXQHOXUL *X\
)DZNHV L SULHWHQLL VL vQFHSXU SULQ D vQFKLULD R SLYQL& vQ ID&D SDUODPHQWXOXL
GDU FXUkQG GHVFRSHULU GLQ vQWkPSODUH R vQFSHUH VLWXDW H[DFW VXE &DPHUD
/RU]LORUFHHDFHLVFXWHDSHHLVPDLVDSHRJDOHULH'XSFHvQFKLULDUvQFSHUHD
DFHHD DGXVHU R PXO&LPH GH EXWRLDH FX SUDI GH SXF SH FDUH OH DFRSHULU FX
YUHDVFXUL L DWHQWDWXO DU IL UHXLW FX VLJXUDQ& GDF FRQVSLUDWRULL QDU IL VRFRWLW
QHFHVDU V DYHUWL]H]H SH Fk&LYD GLQWUH SDUWL]DQLL ORU SHQWUX D RUJDQL]D UVFRDOD
FDUH XUPD V DLE ORF GXS H[SOR]LH 8QXO GLQ FHL FURUD OL VD vQFUHGLQ&DW
VHFUHWXO VH JkQGL F HUD GH D VD GDWRULH V LQIRUPH]H VWSkQLUHD *X\ )DZNHV
UPDVH VLQJXU SOLQ GH FXUDM FD V DSULQG ILWLOXO OD PRPHQWXO VWDELOLW HO IX
DUHVWDW OD  QRLHPEULH  L H[HFXWDW 2 GDW FX HO SLHULU L FRPSOLFLL VL
SUHFXPLVWDUH&XOLH]XL&LORUHQJOH]L*DUQHWFDUHIXDFX]DWFDGDWLGHHDFULPHL
6H SDUH F DFX]D&LD QX HUD vQWHPHLDW +HQU\ *DUQHW QX SFWXLVH GHFkW SULQ
WFHUH GDU LQGLJQDUHD VWkUQLW GH GHVFRSHULUHD XQXL DWHQWDW DWkW GH JUDY L FDUH
HUD FkW SH DFL V UHXHDVF vL IFX SH WR&L FDWROLFLL PDL VXVSHF&L FD RULFkQG 1X
QXPDL F DX IRVW GHF]X&L GLQ GUHSWXULOH ORU FLYLFH GDU DX L IRVW GHFODUD&L
QHGHPQL V H[HUFLWH SURIHVLXQLOH GH DYRFDW L PHGLF L FKLDU V JLUH]H EXQXULOH
FRSLLORU ORU PLQRUL &RPSORWXO SUDIXOXL GH SXF D DWUDV GXS VLQH SHQWUX R
YUHPH vQGHOXQJDW SUEXLUHD FDWROLFLVPXOXL vQ $QJOLD Q PLQWHD RDPHQLORU
SDSLVPXO VH DVRFLD FX VXPEUHOH LPDJLQL DOH FRPSORWXOXL FRQWUD VLJXUDQ&HL
VWDWXOXL WLPS GH XQ VHFRO RULFH RP SROLWLF RULFH VXYHUDQ VXVSHFWDW F DUH YUHR
OHJWXUFX5RPDHUDFRQGDPQDWGHRSLQLDSXEOLF


9,,, 'DF ELVHULFD DQJOLFDQ WUHEXLVH SH XQXO GLQ IODQFXULOH VDOH V VH
DSHUHGHFDWROLFLSHFHOODOWDYHDGHvQGXUDWDVDOWXOSXULWDQLORU3XULWDQLVPXOHUD
PDL SX&LQ R GRFWULQ L PDL FXUkQG R VWDUH GH VSLULW D DFHORUD FDUH YRLDX V
SXULILFH ELVHULFD QX QXPDL GH RULFH FRQWDFW FX 5RPD FL L GH RELFHLXULOH
URPDQHQGDWGXSYHQLUHDOXL,DFRE,SDVWRULLSXULWDQLLDXSUH]HQWDWRSHWL&LH
(L FHUHDX GUHSWXO SHQWUX ILHFDUH RP DO ELVHULFLL GH D KRWUv HO vQVXL GDF V




SRDUWHXQVWLKDUDOEVXSULPDUHDVHPQXOXLFUXFLLODERWH]XULDvQFOLQULLFDSXOXL
FkQG VH SURQXQ&D QXPHOH OXL,LVXV D JHQXIOH[LXQLL vQ ID&D DOWDUXOXL D YHULJKHWHL
OD FHOHEUDUHD FVWRULHL L vQ VIkULW VWULFWD UHVSHFWDUH D GXPLQLFLL $O&LL PDL
UDGLFDOL GRUHDX GHVILLQ&DUHD HSLVFRSLORU L FUHDUHD XQHL ELVHULFL SUHVELWHULHQH
GXSPRGHOXOELVHULFLLVFR&LHQH8QDOWUHLOHDJUXSHUDFRPSXVGLQLQGHSHQGHQ&L
FDUHFHUHDXGUHSWXOSHQWUXILHFDUHRPVLDOHDJVLQJXUGRJPHOH7R&LDYHDXFD
WUVWXU FRPXQ R SURIXQG DYHUVLXQH SHQWUX YHVHOLH R GUDJRVWH SDVLRQDW
SHQWUX OLEHUW&LOH FLYLFH JXVWXO YLH&LL VLPSOH L DO XQXL FXOW IU VWUOXFLUH 3X
ULWDQLL DYHDX RURDUH GH SRH]LD LWDOLHQL]DW L VHQ]XDO D 5HQDWHULL HOLVDEHWDQH
(UD GH YLQ VkQJHOH VD[RQ" &OLPDWXO" 9HVHOLD PHGLWHUDQHDQ HUD SHQWUX HL XQ
PRWLYGHPLUDUHLGHVFDQGDO1XFQDUILIRVWVHQVLELOLODRDQXPLWSRH]LHGDU
SUHIHUDX SRH]LD (FOH]LDVWXOXL L D SVDOPLORU FHOHL D OXL 6SHQVHU L D OXL
6KDNHVSHDUH 'GHDX FRSLLORU ORU QXPH GH SDWULDUKL VDX GH U]ERLQLFL HEUHL vL
]LFHDXXQXODOWXLDIUDWHFXWDUHVDXVRUFXWDUHLFUHGHDXDILQRXOSRSRUDOOXL
'XPQH]HX vQVUFLQDW VL H[WHUPLQH SH DPDOHFL&LL GH OD FXUWH &LWLUHD
SHUPDQHQW D %LEOLHL vL IFHD V WULDVF vQWUXQ YLV FROHFWLY L VXPEUX DGHVHD
QRELO (L FRQGDPQDX WHDWUXO DYHDX RURDUH GH SFDW PDL DOHV GH FHO WUXSHVF VH
vPEUFDX FX R PRGHVWLH YRLW GHPRGDW L VH UGHDX SH FDS FD VL DUDWH
GLVSUH&XO ID& GH FXUWH]DQLL FX SHUXFLOH EXFODWH 3H VFXUW HUDX WULWL RQHWL
LQVXSRUWDELOLLGkUML


,; /D vQFHSXWXO GRPQLHL OXL ,DFRE SXULWDQLL IFHDX SDUWH GLQ ELVHULFD
QD&LRQDO L VSHUDX VL LPSXQ GRFWULQD ORU 6D RUJDQL]DW R FRQIHULQ& OD
+DPSWRQ&RXUWVXESUHHGLQ&LDUHJHOXLSHQWUXDH[DPLQDSHWL&LDORU,DFRE,OX
SDUWH FX SOFHUH OD DFHDVW GLVFX&LH WHRORJLF SkQ vQ FOLSD FkQG DX IRVW
SURQXQ&DWHFXYLQWHOHSUHVELWHULDQLVLQRG(OHWUH]HDXSHQLELOHDPLQWLULvQPLQWHD
OXL'DFGRUL&LRELVHULFSUHVELWHULDQVSXVHHOHDVHSRWULYHWHWRWDWkWGH
ELQHFXPRQDUKLDFD'XPQH]HXFXGLDYROXO2ULFH-DFN:LOOVDX7RPYDSXWHD
V FULWLFH DFWHOH PHOH -DFN YD VSXQH $D WUHEXLH V ILH L :LOO YD UVSXQGH
1XDUWUHEXLVDILHvQIHOXOVWDLOXkQGXLSOULDFDVULGLFHHGLQ&D&LS
6H WLH FXP DX WUDWDWR SH ELDWD GRDPQ PDPD PHD L SH PLQH vQVXPL vQ
WLPSXOPLQRULW&LLQFKHLGHFLIUHSLVFRSLQLFLUHJH'DFDVWDLWRWFHDUHGH
VSXVSDUWLGDYRDVWUDPVRVLOHVFVVHFRQIRUPH]HVDXDPVRDOXQJGLQ&DU
3ULQ GLVFXUVXO DFHVWD HO D WUDQVIRUPDW FHDUWD UHOLJLRDV vQWUR FHDUW SROLWLF
3XULWDQLL vQY&DVHU GLQ %LEOLH F FHL FUHGLQFLRL WUHEXLH V PLOLWH]H SHQWUX
FUHGLQ&D ORU L F GDWRULD ILHFUXL RP FDUH FXQRDWH DGHYUXO HVWH GH DO IDFH V
vQYLQJ L SHQWUX F vL FRQVWUkQJHD VR IDF R YRU vQFHUFD SkQ L vPSRWULYD
YRLQ&HLUHJHOXLQHODWUHEXLWVSRUXQFHDVFH[SXO]DUHDGLQELVHULFDWUHL
VXWHGHSDVWRULSXULWDQLFDUHUHIX]DXVUHVSHFWHULWXDOXODQJOLFDQ


; QFHSkQG GLQ DFHVW PRPHQW WUHEXLH V VH GLVWLQJ vQ FOHUXO HQJOH] WUHL
JUXSULRJUXSDUHDvQDOWHLELVHULFLFHDPDLSX&LQvQGHSUWDWGHELVHULFDURPDQ
L FDUH DFFHSW ULWXDOXO LPSXV GH GLQDVWLD 7XGRULORU R JUXSDUH SUHVELWHULDQ
QHFRQIRUPLVW FDUH UPkQH vQ VkQXO ELVHULFLL GDU GRUHWH VR UHIRUPH]H L R
JUXSDUH LQGHSHQGHQW VDX FRQJUHJD&LRQDOLVW FDUH FRQGDPQ vQ DFHODL WLPS
HSLVFRSDWXODQJOLFDQLVLQRGXOSUHVELWHULDQ,QGHSHQGHQ&LLUHIX]DXVUHFXQRDVF
R ELVHULF GH VWDW ILH GH WLS HQJOH] ILH GH WLS VFR&LDQ %LVHULFD HUD SHQWUX HL XQ
JUXSGHFUHWLQLXQL&LQXPDLGLQSURSULDORUYRLQ&8QLLGLQWUHHLGLQUHVSHFWID&


3RSRUDPLQWLWvQ9HFKLXOWHVWDPHQWGXPDQDOHYUHLORU



GHOLEHUWDWHDLQGLYLGXDOPHUJHDXSkQODVXSULPDUHDERWH]XOXLFRSLLORUSHQWUX
DQXPDLERWH]DGHFkWDGXO&LvQVWDUHVFUHDGDFHWLDHUDXEDSWLWLL


;, ( LPSRUWDQW V VH vQ&HOHDJ F SHQWUX SURWHVWDQ&LL LQGHSHQGHQ&L QX PDL
H[LVWDDWXQFLQLFLRVSHUDQ&VPDLSUDFWLFHvQOLQLWHFUHGLQ&DORUGDFUPkQHDX
vQ$QJOLD0XO&LDOHVHUH[LOXOLvQHPLJUDUvQ2ODQGDGDULDFRORHUH]LD
GLQ MXUXO ORU vL QHOLQLWL SH FHL PDL H[LJHQ&L Q  Fk&LYD VH vQWRDUVHU GLQ
2ODQGD L YHQLU OD 6RXWKDPSWRQ SHQWUX D VH vPEDUFD GH vQGDW SH 0D\IORZHU
FDUHWUHEXLDVLWUDQVSRUWHvQ$PHULFD3ULPLLSHOHULQLDXIRVWvQQXPUGHRVXW
GRL6HJkQGHDXVVHVWDELOHDVFSHODIURQWLHUDGHQRUGDWHULWRULXOXL&RPSDQLHL
9LUJLQLDYkQWXULOHLFXUHQWHOHPDULQHvLVLOLUVGHEDUFHPDLODQRUGvQUHJLXQHD
FDUH VH QXPHWH DVW]L 1RXD$QJOLH Q DQLL FDUH DX XUPDW L FDUH DX IRVW SX&LQ
IDYRUDELOLSHQWUXSXULWDQLvQ$QJOLDPLLGHHPLJUDQ&LDXYHQLWGXSHLLvQQRXD
ORU&DURDPHQLLDFHWLDFDUHDXSUHIHUDWH[LOXOvQORFXOHUH]LHLDXvQWHPHLDWGXS
FXPHUDGHDWHSWDWRWHRFUD&LH




,,
35,0(/(&21)/,&7(',175(5(*(,3$5/$0(17



, QWUH FXUWHD OXL ,DFRE , L SDUODPHQWXO VX QX H[LVWD QLFL R WUVWXU
FRPXQ&XUWHDIULYROGHVIUkQDWFROFLDGHVFDQGDOXULSULQWUHFDUHDGXOWHUHOH
HUDX FHOH PDL PUXQWH 5HJHOH RP VODE L WDQGUX QX VH SXWHD OLSVL GH IDYRUL&L
DOHLPDLFXUkQGGXSIDUPHFXOREUD]XOXLGHFkWGXSFDOLW&LOHORUGHRDPHQLGH
VWDW7UDWDFXHLWUHEXULOHFHOHPDLVHULRDVHQXODPDVD&RQVLOLXOXLFLODVIkULWXO
XQXL VXSHX VDX DO XQHL SDUWLGH GH YkQWRDUH /D vQFHSXWXO GRPQLHL VDOH DYX
vQ&HOHSFLXQHD VO SVWUH]H SH OkQJ HO SH 5REHUW &HFLO SH FDUHO IFX FRQWH GH
6DOLVEXU\ L Fk&LYD GLQWUH FHL PDL EXQL VIHWQLFL DL (OLVDEHWHL GDU vQFHW vQFHW
SXWHUHDWUHFXvQPkLQLOHIDYRULWXOXL5REHUW&DUUFDUHGHYHQLFRQWHGH6RPHUVHW
DSRL LD *HRUJH 9LOOLHUV ELDW GH GRX]HFL L GRL GH DQL vQFkQWWRU VUDF GH
IDPLOLHEXQDOHVvQWUXQPRGIRDUWHFLQLFGHFWUHDUKLHSLVFRSXOGH&DQWHUEXU\
LDOLD&LLVLFDVLDORFXOOXL6RPHUVHW9LOOLHUVDWUDVHLPHGLDWSULYLULOHOXL,DFRE
3DKDUQLF JHQWLORP DO &DPHUHL FDYDOHU DO 2UGLQXOXL -DUHWLHUHL EDURQ YLFRQWH
PDUFKL] ORUGPDUH DPLUDO DSUWRUXO FHORU &LQFL 3RUWXUL GXFH GH %XFNLQJKDP
PLQLVWUXIDYRULWDOOXL,DFRE,DSRLDOILXOXLVX&DURO,QLFLRGDWQXVDY]XW
VSXQH&ODUHQGRQXQEUEDWFDUHVIDFDWkWGHUHSHGHFDULHUQLFLVVHULGLFH
DVWIHO SULQ VLPSOD VD IUXPXVH&H OD FHOH PDL vQDOWH IXQF&LXQL vQ VWDW &R
UHVSRQGHQ&DGLQWUH%XFNLQJKDPL,DFRE,DUDWXLPLWRDUHDIDPLOLDULWDWHFXFDUH
VXSXVXO vO WUDWHD] SH VXYHUDQ ( XRU GH LPDJLQDW JURD]D SH FDUH WUHEXLH VR IL
LQVSLUDW DFHDVW FXUWH YHVHO L SXWUHG JUDYLORU FDYDOHUL FDUH FD L SH YUHPHD
(OLVDEHWHLUHSUH]HQWDXDWXQFLvQSDUODPHQWSH\HRPHQLLSHRUHQLLGLQ$QJOLD
$FHWLGHSXWD&LGHSURYLQFLHQXIXVHVHUFRUXS&LGHYLD&D/RQGUHL(LHUDXVSXQH
7UHYHO\DQ XUPDLL QHQXPUDWHORU JHQHUD&LL FDUH DX GXV R YLD& VQWRDV OD
&DUFDUHDXFXQRVFXWFXOWXUDHOLVDEHWDQLDXIRVWLQVSLUD&LGHUHOLJLDSXULWDQ
$VXSUDORUFXUWHDQXDYHDQLFLRLQIOXHQ&(LQXUkYQHDXSRVWXULWLDXFUHJHOH
QDUH DOW IRU& DUPDW GHFkW FHWHOH DQWUHQDWH VDX PLOL&LLOH FRPLWDWHORU FDUH


*HRUJH07UHYHO\DQLVWRULFHQJOH]GHRULHQWDUHOLEHUDO





vPSUWHDX SUHULOH SDUODPHQWXOXL ,QVHQVLELOL OD IDYRUXUL L QHWHPWRUL HL

IRORVHDXFXPkQGULHSULYLOHJLXOGHDEODPDDGPLQLVWUD&LDUHJDOLGXSRHGLQ&
vQ FDUH VSXVHVHU vQ WRDW OLEHUWDWHD FHHD FH JkQGHDX GHVSUH GXFH L FKLDU
GHVSUH UHJH VH vQWRUFHDX DFDV SH MRV IU IULF GH OD :HVWPLQVWHU vQ &LW\
SHQWUX F VH VLP&HDX DSUD&L vPSRWULYD U]EXQULORU FXU&LL GH PXWD GDU DFWLYD
FRPSOLFLWDWHDRUHQLORULDXFHQLFLORUGLQ/RQGUD


,,8QXLSDUODPHQWDWkWGHFRQWLHQWGHGDWRULLOHLGHIRU&DVD,DFRE,YRLDvQ
PRGQDLY VLLPSXQLGHLOH VDOHFXSULYLUHODGUHSWXOGLYLQLHUHGLWDUDOUHJLORU
7HRULHQRXvQ$QJOLDvQFDUHRULGHFkWHRULRFHUHDVDOYDUHDSDWULHLDOHJHUHDGH
FWUH&RQVLOLXDSRLGHFWUHSDUODPHQWWUHFHDSHVWHSULQFLSLXOHUHGLW&LL,DFRE,
VSLULW ORJLF YRLD V IDF GLQ PRQDUKLH XQ VLVWHP FRHUHQW vQ DFHDVW
ELQHFXYkQWDW &DU D LQFRHUHQ&HL HUD XQ PLMORF VLJXU GH D IDFH PRQDUKLD
LPSRSXODU 'DF L VDU GD FUH]DUH UHJHOXL WHRORJ QX QXPDL F XQ UHJH XQV L
vQFRURQDWGHYHQHDXQSHUVRQDMVDFUXGDUWR&LYLLWRULLUHJLILLQGDOHLGLQDLQWHL
FRQVDFUD&L GH 'XPQH]HX SDUODPHQWXO QX PDL DYHD DOWFHYD GH IFXW GHFkW V
vQUHJLVWUH]H KRWUkULOH GLYLQH 5HJHOH HUD UVSXQ]WRU ID& GH 'XPQH]HX GDU QX
ID& GH VXSXLL VL (O QX HUD VXSXV OHJLL SHQWUX F OHJHD HUD HO 5H[ HVW /H[
$FHDVW GRFWULQ SH FDUH ,DFRE , R RSXVHVH RGLQLRDU FX VXFFHV SUHWHQ&LLORU
ELVHULFLLVFR&LHQHMLJQL&DPHUD&RPXQHORU


,,,&DPHUD&RPXQHORURSXVHVLVWHPXOXLDEVWUDFWDOUHJHOXLWUDGL&LDHQJOH]
(D QX SUHWLQGHD vQF V H[HUFLWH FRQWUROXO DVXSUD DFWHORU SXWHULL H[HFXWLYH Q
DIDUGHFD]XULOHGHWUGDUHPLQLWULLQXIXVHVHUQLFLRGDWUVSXQ]WRULvQID&D
SDUODPHQWXOXL DFWHOH ORU GH DGPLQLVWUD&LH QX GHSLQGHDX GH SDUODPHQW 'DU
SULQFLSLLOHJHQHUDOHGXSFDUHYDILJXYHUQDWQD&LXQHDDGLFOHJLOHQXWUHEXLDX
VILHHQXQ&DWHGHFkWGH&RURDQvQ3DUODPHQWXOVXDFHVWHOHJLILLQGREOLJDWRULL
SHQWUX UHJHOH vQVXL SHQWUX PLQLWULL VL L SHQWUX &RQVLOLXO VX %LQkQG VHDPD
QXPDL GH FRQVLGHUD&LL GH GUHSW WHRUHWLF FHOH GRX WH]H DWkW DFHHD D PRQDUKLFL
DEVROXWHFkWLDFHHDDPRQDUKLHLOLPLWDWHSXWHDXILVXV&LQXWH3DUODPHQWXOFDL
FRURDQD FRQVWLWXLD R UHSUH]HQWDQ& D VXYHUDQLW&LL SRSXODUH L VXE GLQDVWLD
7XGRULORUPRQDUKXOH[SULPDVHDGHVHDPDLELQHSUHULOHSRSRUXOXLGHFkW&DPHUD
&RPXQHORUQSUDFWLFvQVHUDQHFHVDUFDDFHVWFRQIOLFWVILHUH]ROYDW8QUHJLP
SROLWLFQXHVWHYLDELOGHFkWGDFOVkQGIRU&HORUUHDOHDOH&ULLSRVLELOLWDWHDGHDVH
H[SULPD FRQVDFU vQ DFHODL WLPS R SXWHUH VXSUHP vQ VWDW FDUH V SRDW OD
PRPHQWXO GHFLVLY V DLE XOWLPXO FXYkQW 6XYHUDQLWDWHD  YD VSXQH PDL WkU]LX
+REEHVQXSRDWHILGLYL]DW


,9&kUPXLUHDUHVSHFWOLEHUWDWHDFHW&HQLORUvQPVXUDvQFDUHDUHQHYRLHGH
FRQVLP&PkQWXO ORU SHQWUX SHUFHSHUHD YHQLWXULORU VDOH 5HJHOH )UDQ&HL D GHYHQLW
XQ VXYHUDQ DEVROXW SHQWUX F D SXWXW VWDWRUQLFL XQ ELU SHUSHWXX (OLVDEHWD
IXVHVH FX DWkW PDL SXWHUQLF FX FkW UHXLVH V ILH PDL HFRQRDP L FX FkW
UHDOL]DVH PDL PXOWH UHVXUVH H[FHS&LRQDOH GDWRUDWH LVSUYLORU OXL 'UDNH L MHIXLULL
FRPRULORUVSDQLROH,DFRE,FDUHvQWUH&LQHRFXUWHSUHDVWUOXFLWLLFRSOHHWHFX
GDUXUL SH IDYRUL&LL VL QX SRDWH IL GHFkW XQ VXYHUDQ FKHOWXLWRU GHFL YXOQHUDELO
7R&LUHJLLVSXQHXQFRQWHPSRUDQDUXQFEDQLLSHIHUHDVWUvQ]LXDvQFRURQULL
ORU DFHVWD H SULPXO FDUHL DUXQF vQ ILHFDUH ]L *XVWXO VX FX WRWXO IHPLQLQ


7KRPDV+REEHVFHOHEUXILOR]RIPDWHULDOLVW



SHQWUX ELMXWHULL vO FRVW XQHRUL SkQ OD WUHL]HFL L DSWH GH PLL GH OLYUH SH DQ vQ
WLPS FH QX FRQVDFU GHFkW GRX]HFL L DSWH GH PLL GH OLYUH SHQWUX DUPDW Q
 vL WUHEXLH R VXW FLQFL]HFL L FLQFL GH PLL GH OLYUH SHQWUX FKHOWXLHOLOH FDVHL
(OLVDEHWDvQVHPXO&XPLVHFXGRX]HFLLDSWHGHPLL&KLDUGDFDUILIRVW
HFRQRPFUHWHUHDSUH&XULORUDUILIRVWVXILFLHQWFDVOSXQvQvQFXUFWXU8Q
GLQHXDO&DPHUHLvQVWHODWHFRVWYLVWLHULDSHQWUXDFHODLQXPUGHRDVSH&LGRX
OLYUHvQGRX]HFLGHOLYUHvQODFRE,FKHOWXLHWHHYLWkQGRULFHU]ERL
DVH VXWH GH PLL GH OLYUH SH DQ LDU YHQLWXO VX QX VH ULGLF GHFkW OD FLUFD SDWUX
VXWHFLQFL]HFLGHPLLGHOLYUHGLQFDUHRVXWSURYLQGLQ7XQQDJH DQG3RXQGDJH
GUHSWXULIL[HDVXSUDOkQLLLDSLHLORUSHFDUHSDUODPHQWXOLDOXDWRELFHLXOGHDOH
YRWD SHQWUX vQWUH&LQHUHD UHJHOXL &XP V FRPSOHWH]L DFHVW YHQLW" 5HJHOH vQFHDUF
H[SHGLHQWH VROLFLW GDUXUL YROXQWDUH FRQVWUkQJH SH SURSULHWDULL FDUH UHIX] V
LQWUH vQ FDWHJRULD FDYDOHULORU GLQ FDX]D REOLJD&LLORU SH FDUH OH LQFXPE VL
YHUVH R VXP PDUH SHQWUX D IL VFXWL&L YLQGH SXQL YLQGH OHPQHOH GLQ SGXULOH
VWDWXOXL Q VIkULW SURSXQH SDUODPHQWXOXL WKH *UHDW &RPSDFW 0DUHOH &RQWUDFW
SRWULYLWFUXLDUHJHOHDUUHQXQ&DODWRDWHYHFKLOHVDOHSULYLOHJLLIHXGDOHvQVFKLPEXO
YRWULL SH YLD& D GRX VXWH GH PLL GH OLYUH 3DUODPHQWXO UHIX] FRPSURPLVXO
UHJHOHvOGL]ROY7LPSGH]HFHDQLGLQSkQvQSDUODPHQWXOQXYDPDL
ILFRQYRFDWvQDIDUGHFkWHYDVSWPkQLvQ&RURDQDYDSXWHDWULIUHO"
6ROX&LDSUREOHPHLVXYHUDQLW&LLGHSLQGHGHUVSXQVXOODDFHDVWvQWUHEDUH


9&DVWULDVFIUEDQLXQUHJHWUHEXLHVWULDVFvQSDFH$FHDVWDHUD
L GRULQ&D FHD PDL ILHUELQWH D SDQLFXOXL ODFRE , Q  D vQFKHLDW SDFH FX
6SDQLD R SDFH IU JORULH GDU L IU XPLOLQ& 6SDQLD UHFXQRWHD HQJOH]LORU
vQWUHDJD OLEHUWDWH GH QDYLJD&LH SH PULOH HXURSHQH HQJOH]LL QX UHQXQ&DX OD
OLEHUWDWHD RFHDQHORU 1LPLF QX HUD UH]ROYDW QLPLF QX HUD FRPSURPLV &kQG
ORUGXO &HFLO PXUL vQ  R GDW FX HO GLVSUX GLQ &RQVLOLXO UHJDO L SUXGHQ&D
HOLVDEHWDQ 1LPHQL QX PDL SUHD V FRQFHDS F HUD SRVLELO SURPRYDUHD XQHL
SROLWLFL GH PLMORF FDUH V QX ILH QLFL VILGDUH GDU QLFL VXSXQHUH ID& GH 6SDQLD
7LPSGHFk&LYDDQLSDUWLGXODQWLVSDQLROFUH]XFELUXLH$IRVWHOLEHUDWGLQ7XUQXO
/RQGUHL XQXO GLQ YHWHUDQLL U]ERDLHORU HOLVDEHWDQH VLU :DOWHU 5DOHLJK SH FDUH
,DFRE , vO vQFKLVHVH SHQWUX XQ LPDJLQDU FRPSORW 'XS WUHLVSUH]HFH DQL GH
FDSWLYLWDWH 5DOHLJK FDUH GRULVH GLQWRWGHDXQD SHQWUX &DUD VD XQ LPSHULX WUHFX
GHRGDW GLQ vQFKLVRDUH SH SXQWHD XQHL QDYH L GLQ RUGLQXO UHJHOXL VH vQGUHSW
VSUH *X\DQD GH XQGH WUHEXLD V DGXF DD FXP IFXVH RGLQLRDU 'UDNH QLWH
FRPRULIDEXORDVH'DU5DOHLJKSURVWHFKLSDWOLSVLWGHVSULMLQVHULRVIXvQYLQVGH
VSDQLROL DSRL GXS FH DELD WUVHVH R JXU GH DHU PDULQ vQ SLHSW SH GUXPXO
GLQWUH WHPQL& L PRDUWH IX GHFDSLWDW GH UHJH SHQWUX D OLQLWL 6SDQLD *HRUJH
9LOOLHUVGXFHGH%XFNLQJKDPFDUHXUPDVHOXL6RPHUVHWvQJUD&LLOHUHJHOXLVHOV
VHGXV OD UkQGXO VX GH DPEDVDGRULL (VFXULDOXOXL 3ULQ&XO +HQULF PXUL L QRXO
PRWHQLWRUDOWURQXOXL&DUROSUHDXQSURWHVWDQWPDLSX&LQIHUP


9, /XSWHOH UHOLJLRDVH GH SH FRQWLQHQW WUH]HDX SH DWXQFL OD SXULWDQLL HQJOH]L
YLROHQWHOHSDVLXQLSHFDUHOHVXVFLWWRWGHDXQDvQWUR&DUDIDFHULOHH[WHUQHDWXQFL


QVHFROXODO;9,,OHDFDYDOHULvQVHPQDFDWHJRULDSRVHVRULORUGHPRLLYDVDOLGLUHF&LDL

VXYHUDQXOXL
$FHDVWDSUHFLHUHvQJGXLWRDUHDVXSUDSFLLGLQQXHVWHXQDQLP&RQWHPSRUDQLLFDL
PXO&LLVWRULFLDXMXGHFDWRFDRDEDQGRQDUHDLQWHUHVHORUFRPHUFLDOHIXQGDPHQWDOHDOH$QJOLHL




FkQGSDUWLGHOHvLvQFKLSXLHFGHVFRSHUvQDFHVWHDLPDJLQHDOXSWHORUORULQWHUQH
QDvQFHSXWvQ(XURSDFHQWUDOPDUHOHU]ERLGHQXPLWPDLWkU]LXU]ERLXO
GHWUHL]HFLGHDQLSULQFDUHFDVDGH$XVWULDVSULMLQLWGH6SDQLDVHVWUGXLDV
UHVWDELOHDVF XQLWDWHD LPSHULXOXL L KHJHPRQLD ELVHULFLL URPDQH +XVL&LL GLQ
%RHPLDDVXSUL&LVHSXVHVHUVXEDVFXOWDUHDWkQUXOXLHOHFWRUSDODWLQFDUHVH
FVWRULVH FX IHUPHFWRDUHD ILLF D OXL ,DFRE , SULQ&HVD (OLVDEHWD $WDFDW vQ FHOH
GRXUHJDWHDOHVDOHGHSULQ&LLFDWROLFLHOHFWRUXOFHUXDMXWRUVRFUXOXLVX2SLQLD
SXEOLFHQJOH]vOVXV&LQHDLUHFODPDVROGD&LSHQWUX3DODWLQDW&kWSULYHWHSXUL
WDQLLHLDUILH]LWDWVDQJDMH]H$QJOLDvQWURFDPSDQLHvQ%RHPLD&DUFDUHOLVH
SUHD FDP RULHQWDO GHSUWDW QHFXQRVFXW 'DU HUDX JDWD V DSHUH 5LQXO
3HQWUXDFHDVWDDUILWUHEXLWPDLvQWkLVvPSLHGLFHSHVSDQLROLVGHEDUFHvQ%ULOH
GH-RVGHFLVSRVHGHRIORWWRWDWkWGHSXWHUQLFFXPIXVHVHRGLQLRDUFHDDOXL
'UDNH2U,DFRE,QHJOLMDVHVLSUHJWHDVFIRU&H)USDUODPHQWIUEDQLHUD
OLSVLWLGHQDYH2GUDJRVWHSUHDQDLYSHQWUXSDFHODGXVFXVDXIUYRLDOXL
V IDF MRFXO SULQ&LORU PDL SX&LQ SDQLFL 3HQWUX D SUHJWL XQ U]ERL vPSRWULYD
6SDQLHLVDXPDLFXUkQGSHQWUXDGDLPSUHVLDVSDQLROLORUFOSUHJWHWH,DFRE,
WUHEXLvQVIkULWvQVFRQYRDFHSDUODPHQWXO


9,,QWUHXQSDUODPHQWFDUHWLDFLFRQYRFDWFXSUHUHGHUXLXQUHJH
FDUH QX FUHGHD vQ GUHSWXULOH SDUODPHQWXOXL FRQIOLFWHOH HUDX LQHYLWDELOH
3DUODPHQWXO VXERUGRQ YRWDUHD VXEVLGLLORU UHSDUULL SUHMXGLFLLORU 6H FRPLVHVHU
QHQXPUDWH DEX]XUL YkQ]UL GH PRQRSROXUL FRPHUFLDOH L GH IXQF&LL SXEOLFH
PLWXLUHD MXGHFWRULORU &DQFHODUXO %DFRQ XQ EUEDW H[WUHP GH FDSDELO GDU
ILUHVODEIFXW&DSLVSLWRUVHUHFXQRVFXYLQRYDWGHFRUXS&LHIXFRQGDPQDWOD
VHFKHVWUDUHDWXWXURUEXQXULORUVDOHLGL]JUD&LDW(UDSULPXOLPSHDFKPHQWDOXQXL
PDUH RP GH VWDW GH OD  SkQ DWXQFL L R GRYDG FODU D LQGHSHQGHQ&HL
&DPHUHL &RPXQHORU (D YRLD V LQWHUYLQ L vQ DIDFHULOH H[WHUQH )RDUWH
SURWHVWDQW &DPHUD GRUHD GLQ SDVLXQH UHOLJLRDV U]ERL FX 6SDQLD L R
FDPSDQLH vQ 3DODWLQDW 5HJHOH QX YRLVH GHFkW V DPHQLQ&H 6SDQLD LDU IL IRVW
JURD] VL SXQ DPHQLQ&DUHD vQ SUDFWLF PSUHXQ FX IDYRULWXO VX
%XFNLQJKDPSUHJWHDXQQRXSURLHFWGHFVWRULHVSDQLROGHDVWGDWSHQWUX
ILXO VX &DURO L VSHUD F XQXO GLQ DUWLFROHOH FRQWUDFWXOXL YD IL UHVWLWXLUHD
3DODWLQDWXOXL JLQHUHOXL VX 3DUODPHQWXO H[SULPkQGXL JURD]D ID& GH DFHDVW
SROLWLFGHFRPSURPLVUHJHOHvLDGXVHODFXQRWLQ&FvQDOWHOHDIDFHULGHVWDWQX
VXQW GH UHVRUWXO VX /D FDUH SDUODPHQWXO vL UHSOLF OLEHUW&LOH LPXQLW&LOH L
SULYLOHJLLOH SDUODPHQWXOXL VXQW R YHFKH L LQGLVFXWDELO PRWHQLUH D VXSXLORU
HQJOH]LLWUHEXULOHJUHOHLXUJHQWHUHIHULWRDUHODUHJHVWDWDSUDUHDUHJDWXOXLL
D ELVHULFLL $QJOLHL FRQVWLWXLH VXELHFWH FHL UHYLQ L XUPHD] D IL SXVH vQ GLVFX&LD
OXL 3UHWHQ&LLOH DFHVWHD vO FRQWUDULDU DWkW GH PXOW SH UHJH vQFkW UXSVH GLQ
UHJLVWUXO GH GHOLEHUUL IRDLD SH FDUH HUD FRQVHPQDW WH[WXO DFHVWD DOXQJ
SDUODPHQWXOLSRUXQFLDUHVWDUHDDDSWHGLQWUHPHPEULVLSULQWUHFDUHL-RKQ
3\P XQXO GLQ DXWRULL IRLL UXSWH L XQXO GLQWUH DFHLD FDUH FkWLJDVHU FHD PDL
PDUH DXWRULWDWH vQ &DPHU 'XS FDUH WULPLVH SH &DURO L SH %XFNLQJKDP vQ
6SDQLDVRFXFHUHDVFSHLQIDQWIHEUXDULH


9,,, 1X H[LVW OHFWXU PDL XOXLWRDUH GHFkW VFULVRULOH FRPXQH DGUHVDWH GH
&DURO L %XFNLQJKDP OXL ,DFRE , vQ WLPSXO FOWRULHL ORU 6H SRDWH REVHUYD

)UHGHULFDO9OHDSULQFLSHHOHFWRUDO3DODWLQDWXOXL5HQDQ
(VWHYRUEDGH)UDQFLV%DFRQFHOHEUXOILOR]RI



FDUDFWHUXOSHUVRQDOLSXHULODORULFUHLSROLWLFLGHIDYRULW&HLGRLELH&LURPDQ&LRL
SOHFDVHU GHJKL]D&L ,L VFULDX UHJHOXL 'HDU 'DG DQG *RVVLS  L VHPQDX
<RXU EDE\ DQG \RXU GRJ&DURO ILLQG FRSLODXO L %XFNLQJKDP FkLQHOH ODFRE,
FRUHVSRQGD FX SDSD FUXLD vL SURPLWHD GDF 6IkQWXO6FDXQ DXWRUL]D FVWRULD
VSDQLRO IU DL LPSXQH FRQGL&LL UHOLJLRDVH SUHD DVSUH VL WUDWH]H SH FDWROLFLL
HQJOH]LFXPRGHUD&LH3URPLVLXQHGHPQGHODXGGDUSHFDUHQXHUDvQSXWHUHD
OXLVR&LQ3DSDUVSXQVHFHUkQGFDDWXQFLFkQGVHYRUQDWHFRSLLGLQDFHDVW
FVWRULHVOLVHGHDGRLFLFDWROLFH'DUPLVLXQHDHQJOH]vLH[DVSHUDSHVSDQLROL
SULQ RUJROLXO L PDQLHUHOH VDOH 6LU (GPXQG 9HUQH\ FDUHO vQVR&HD SH SULQ& vQ
6SDQLD SOPXL XQ SUHRW VSDQLRO L UHJHOH 6SDQLHL LQYLW FX WRDW DVSULPHD SH
%XFNLQJKDP V WULPLW vQDSRL vQ $QJOLD vQWUHDJD VD VXLW SURWHVWDQW 1HJRFLHUL
GXVHSHWRQXODFHVWDQXVHSXWHDXWHUPLQDGHFkWSULQWUXQHHFODFREVXIHUHDF
HVWHGHVSU&LWGHIDYRULWXOVXLFWULHWHRYLD&WULVWGHYGXYQRFWRPEULH
 UHFKHP SH FRSLODXO L SH FkLQHOH VX /RFXLWRULL /RQGUHL IXU DWkW GH
vQFkQWD&L GH DFHDVW UXSWXU L GH DO YHGHD SH SULQ&XO ORU vQWRUFkQGXVH vQF
FHOLEDWDULvQFSURWHVWDQWvQFkWvLIFXUOXL&DUROLPHQWRUXOXLVXRSULPLUH
HQWX]LDVW $FODPD&LLOH ORU DX IRVW VXILFLHQWH FD VO DUXQFH SH %XFNLQJKDP 
PLQWH XXUDWLF L SOLQ GH YDQLWDWH  vQ WDEUD DQWLVSDQLRO 'HRGDW IDYRULWXO
GHWHVWDWGHYHQLFRQGXFWRUXOSRSXODUEXQVVWHDvQIUXQWHDXQXLU]ERLGRULWGH
HQJOH]L3DUODPHQWXOvQVXLGHFODUFQLFLRGDWXQEUEDWQXDELQHPHULWDWDWkW
GH OD UHJH L SDWULD VD ,DFRE FX WRDW GUDJRVWHD OXL GH SDFH WUHEXL V FHGH]H
QFHSkQGGLQDFHDVWSHULRDGLSkQODPRDUWHDOXL,DFREEDFKLDULvQ
SULPLLDQLGHGRPQLHDLOXL&DURO%XFNLQJKDPDDYXWSXWHUHDXQXLUHJHIUV
DLELSUXGHQ&DOXL




,,,
%8&.,1*+$0,&$52/,

,&LQHSULYHWHDWHQWvQSRUWUHWHOHOXL9DQ'\FNWULVWXOLIUXPRVXOFKLSDO
OXL&DURO,VHPLUPDLSX&LQGHQHQRURFLULOHFDUHDXGDWSHVWHGkQVXO([LVWvQ
WUVWXULOHVDOHQREOH&HFLQVWHWLPLGLWDWHGDULXQIHOGHVXPEUvQFS&kQDUH
5HJHOH&DUROHUDXQEUEDWFDVWLSLRV5RHDFkQGDX]HDXQFXYkQWQHODORFXOOXL
L UPkQHD WFXW FkQG QXL SOFHD YUHR DWLWXGLQH /LSVLW GH LPDJLQD&LH QX
SUHYHGHDQLFLRGDWUHDF&LLOHVXSXLORUVL&kQGUHDF&LLOHDFHVWHDvLHUDXRVWLOHVH
VLP&HD VXUSULQV L R YLROHQ& RDUE  YLROHQ&D WLPL]LORU  vO FXSULQGHD $YHD
VLQFHUDGRULQ&GHDIDFHOXFUXULOHFXPWUHEXLHGDUVHIL[DVHODXQVLVWHPGHLGHL
SH FDUH QLFL GLVFX&LLOH QLFL H[SHULHQ&D QX ODX SXWXW PRGLILFD YUHRGDW $ PXULW
UHSHWkQGDILUPD&LLOHSHFDUHOHIFXVHWRDWYLD&D$IRVWRQHQRURFLUHSHQWUXHOF
vQFHSXWXULOH GRPQLHL VDOH VDX DVRFLDW vQ PLQWHD SRSRUXOXL FX SHUVRDQD OXL
%XFNLQJKDP D FUXL YDQLWDWH L IULYROLWDWH LULWDX SH FHL PDL EXQL HQJOH]L ILLQG
FRPSDUDWHFXDFHOHFH&XULQHVQWRDVHFDUHULGLFkQGXVHGHDVXSUDSPkQWXOXL
DVFXQGVRDUHOHLFkQGUVDUHLFkQGDSXQH&XWRDWGHRVHELUHDGHILUHGLQWUHHL
LSRDWHFKLDUGLQFDX]DDFHDVWD&DUROvOLXEHDFXQDLYLWDWHSHDFHVW6WHHQLH
FXHOvLSHWUHFXVHWLQHUH&HDLDFHVWDDGXFHDvQYLD&DOXLRDQLPD&LHLRIDQWH]LH


'UDJXOQRVWUXWWLFLQDHQJOIDP

3RUHFODIHFWXRDVGDWGH,DFRE,OXL%XFNLQJKDPLPSOLFkQGRDOX]LHODRILJXUHYDQJKHOLF

6IWHIDQSURWRPDUWLUXOGHVSUHFDUHvQ)DSWHOHDSRVWROLORU9,VHVSXQHFDYHDID&D
OXPLQRDVSUHFXPFKLSXOXQXLvQJHU



GHFDUHQDUILIRVWFDSDELOHOvQVXL


,, %XFNLQJKDP IX DFHOD FDUH GXS SURLHFWXO FVWRULHL VSDQLROH VXJHU L
QHJRFLH SHQWUX UHJHOH VX R FVWRULH IUDQFH] FX +HQULHWD0DULD ILLFD FHD PDL
WkQU D OXL +HQULF DO ,9OHD 0DUH HURDUH GH D DGXFH vQWUR &DU FDUH QX VH
OLQLWLVH vQF GXS FRPSORWXO SUDIXOXL GH SXF R UHJLQ FDWROLF XUPDW GH R
VXLW VWULQ 6D REVHUYDW F R UHJLQ IUDQFH] QD DGXV QLFLRGDW R PDUH
IHULFLUH $QJOLHL VFULDX SURWHVWDQ&LL &DURO D DYXW GHVLJXU JULM V GHFODUH F
YLLWRDUHDUHJLQQXYDDYHDOLEHUWDWHUHOLJLRDVGHFkWSHQWUXHDLVOXMLWRULLHLLF
QLPLFQXVHYDVFKLPEDvQVLWXD&LDUHFX]DQ&LORUHQJOH]LGDUSULQWUXQSDUDJUDI
VHFUHW GLQ FRQYHQ&LD GH FVWRULH UHJHOH VH DQJDMDVH VL SURWHMH]H SH FDWROLFL
vQFHSXWXULOH DFHVWHL YLH&L FRQMXJDOH IXU QHQRURFLWH 0LFD UHJLQ GH FLQFLVSUH]HFH
DQL OXD SDUWH VXLWHL VDOH vPSRWULYD HQJOH]LORU 6H GXFHD V VH URDJH OD SLFLRDUHOH
VSkQ]XUWRULORU GLQ 7\EXUQ SHQWUX PDUWLULL FDWROLFL &DURO VFULD OXL %XFNLQJKDP
FWUHEXLDVILHvQOWXUD&LGHXUJHQ&OHVPRQVLHXUVSHQWUXDVXVWUDJHSHVR&LD
VDGHVXELQIOXHQ&HSHULFXORDVHFXUkQGHORUGRQVILHUHWULPLLvQ&DUDORUSULQ
EXQ vQYRLDO GDF HUD SRVLELO FX IRU&D GDF HUD QHFHVDU 'XS DFHDVW FUL]
PHQDMXOUHJDOHUDGHVWLQDWVGHYLQXQXOGLQWUHFHOHPDLWDQGUHLPDLXQLWHGLQ
LVWRULHGDUvQFHSXWXULOHVDOHQHQRURFLWHvQGHSUWDVHUXQDGHDOWDFHOHGRXFXU&L
D$QJOLHLLD)UDQ&HLvQGHSUWDUHSULPHMGLRDVSHQWUX%XFNLQJKDPFDUHYRLVHV
VHDVLJXUHGHDOLDQ&DFX)UDQ&DvPSRWULYD6SDQLHL


,,, 3ROLWLFD H[WHUQ D OXL %XFNLQJKDP FDUH QX HUD QLFL GLSORPDW QLFL
JHQHUDOIXSHFkWGHLQFRHUHQWSHDWkWGHLPSUXGHQWQPRPHQWXOvQYUMELULLFX
6SDQLD VH FRPSOFXVH FkWYD WLPS vQ UROXO GH FDPSLRQ DO QD&LXQLORU SURWHVWDQWH
FHHD FHL DWUDVH GLQ SDUWHD /RQGUHL YLL DFODPD&LL 'DU SHQWUX D MXFD UHDOPHQWH
UROXO DFHVWD vQ (XURSD HUD QHYRLH GH R DUPDW SXWHUQLF 2U $QJOLD HUD R &DU
PLF L QX YRLD V ILH R QD&LXQH PLOLWDU ([SHGL&LLOH SH FDUH OHD vQFHUFDW
%XFNLQJKDPvQ2ODQGDLOD&DGL[VDXWHUPLQDWWRDWHGLQOLSVGHRUJDQL]DUHvQ
PRG GH]DVWUXRV 2 SROLWLF GH DOLDQ& FX )UDQ&D FDWROLF QDU IL IRVW GH
QHFRQFHSXW SHQWUX F XUD ID& GH FDVD GH $XVWULD SXWHD VO GHWHUPLQH SH
5LFKHOLHXVLFDXWHDOLD&LSkQLvQWDEUDUHIRUPD&LORU'DUVLVHSURPLWOXL
5LFKHOLHX FXP D DYXW vQGU]QHDOD VR IDF %XFNLQJKDP VSULMLQXO PDULQDULORU
SURWHVWDQ&LHQJOH]LvPSRWULYDUHEHOLORUKXJKHQR&LGHOD/D5RFKHOOHHUDRQHEXQLH
&kQGDvQ&HOHVvQVIkULWFQXYDUHXLVvQQRDGHRDOLDQ&VWUkQVvQWUH&DURO,
L/XGRYLFDO;,,,OHD%XFNLQJKDPVHU]EXQvPSRWULYDDFHVWXLDGLQXUPGHL
FXWRWXOQHYLQRYDWGHGRULQ&HOHHQJOH]LORUIFkQGvQPRGSXEOLFFXUWHVR&LHLVDOH
$QQDGH$XVWULD$SRLDVLJXUkQGXLRVWLOLWDWHDDPEHORUPDULSXWHULRFFLGHQWDOH
6SDQLD L )UDQ&D L ILLQG OLSVLW GH EDQL SHQWUX D VXV&LQH R DVWIHO GH OXSW VD
Y]XWFRQVWUkQVVVHDGUHVH]HSDUODPHQWXOXL


,9 3DUODPHQWHOH OXL &DURO , VXQW PDL LQGHSHQGHQWH GHFkW FHOH FDUH OHDX
SUHFHGDW 2DPHQLL GLQ FDUH VH FRPSXQ DSURDSH WR&L VTXLUHLFXOWLYD&L L UHOLJLRL
FXQRVF L YHQHUHD] OHJHD FRPXQ 3ULQWUH HL VH DIO XQ PDUH MXULVW VLU (GZDUG
&RNH IRVW MXGHFWRU FDUDFWHU YLROHQW GDU FDUH D WLXW V DSHUH FX VXFFHV
vPSRWULYD OXL ,DFRE , SULQFLSLXO VXSHULRULW&LL OHJLL DVXSUD UHJHOXL $FHWL
SDUODPHQWDUL UHVSHFW IRUPHOH WUDGL&LRQDOH HL vQJHQXQFKHD] UHVSHFWXRV vQ ID&D
VXYHUDQXOXLGDUvQ&HOHJFDvQXOWLPLQVWDQ&VvQYLQJYRLQ&DSDUODPHQWXOXL




2 QRX WHRULH DFHHD D UHVSRQVDELOLW&LL PLQLVWHULDOH vQFHSH V VH FRQWXUH]H vQ
PLQWHD ORU 5HJHOH QX SRDWH V JUHHDVF GDF VH vQDO VLQJXUXO YLQRYDW HVWH
PLQLVWUXOFDUHDUILWUHEXLWVOOPXUHDVFLXQDVHPHQHDPLQLVWUXFKLDUGDF
UHJHOHODDSUREDWPHULWLPSHDFKPHQWXOUH]HUYDWRGLQLRDUWUGWRULORU&HOPDL
PDUH SDUODPHQWDU GH SH DWXQFL 6LU -RKQ (OLRW VXV&LQX DFHDVW WH] FX RFD]LD
QHEXQHVFXOXLDWDFDOOXL%XFNLQJKDPvPSRWULYDRUDXOXL/D5RFKHOOH0\/RUGV
GHFODU HO FHUkQG vQ QXPHOH &DPHUHL &RPXQHORU SXQHUHD VXE DFX]DUH D
PLQLVWUXOXLvQID&D&DPHUHL/RU]LORUYRLVSXQHFGDFvQVL0DLHVWDWHDVDD
FRQVLP&LW VDX D RUGRQDW DWDFXO DFHVWD FHHD FH QX SRW FUHGH GXFHOH QDU IL FX
QLPLFH[RQHUDWLIDSWXOQDUFRQVWLWXLPFDURDWHQXDUHDFULPHLVDOHFFLDUIL
IRVWGHGDWRULDOXLVVHRSXQSULQUXJPLQ&LLVLQWHUYLQSHOkQJ0DLHVWDWHD
VDFDVOIDFVLGHDVHDPDGHSHULFROXOLGHXUPULOHQHSOFXWHFDUHDUSXWHD
UH]XOWD GLQWUR DWDUH LQWHQ&LH &DURO , FDUH DGPLUDVH FXUWHD )UDQ&HL L DFHHD D
6SDQLHLLFUHGHDFDLWDWOVXvQGUHSWXOGLYLQQXDGPLWHDDFHDVWGRFWULQL
UHYHQGLFD UHVSRQVDELOLWDWHD VD GH VXYHUDQ 1X YRL vQJGXL &DPHUHL V SXQ vQ
GLVFX&LHSHVOXMLWRULLPHLLPDLSX&LQSHDFHODFDUHvPLHVWHDWkWGHDSURSLDW'DU
FXP V VH IDF DVFXOWDW" 'XS FH vO WULPLVH SH (OLRW OD vQFKLVRDUH vQ XUPD
LQWHUYHQ&LHLHQHUJLFHDSDUODPHQWXOXLDUHVWDWXOIXSXVvQOLEHUWDWH3XWHDUHJHOHV
JXYHUQH]H IU SDUODPHQW SULPLQG GDUXUL YROXQWDUH VDX IFkQG XQ vPSUXPXW
IRU&DW" 3ULQ DVHPHQHD H[SHGLHQWH QX VH PDL UHDOL]DX GHFkW VODEH YHQLWXUL vQWUR
YUHPH FkQG FKHOWXLHOLOH HUDX vQ FUHWHUH 'XS XPLOLWRDUH vQIUkQJHUL vQ U]ERLXO
vPSRWULYD )UDQ&HL L vQ VSHFLDO DFHHD GLQ LQVXOD 5H IX QHDSUDW QHFHVDU FRQ
YRFDUHDGLQQRXD&DPHUHL&RPXQHORU


9 3DUODPHQWXO GLQ  DOHV vQWUR DWPRVIHU vQYUMELW OX KRWUkUHD GH
DLUHDPLQWLUHJHOXLFDHUDGDWRUVUHVSHFWHOHJLOHUHJDWXOXL3DUODPHQWXOvQWRFPL
FHOHEUD3HWL&LHD'UHSWXULORUUHGDFWDWvQPDUHSDUWHGHVLU(GZDUG&RNHLFDUH
HUDRDGRXDDILUPDUHPDLOLPSHGHDFHHDFHVHFUHGHDFVXQWSULQFLSLLOH0DUHL
&DUWH2ULJLQDOLWDWHD3HWL&LHL'UHSWXULORUFRQVWvQIDSWXOFHDvQFHDUFVVWDEL
OHDVF R OLPLW SUHFLV vQWUH SXWHUHD UHJDO L SXWHUHD OHJLL 5HJHOH H]LW WLPS
vQGHOXQJDW ,L HUD JURD] GH LGHLOH VXV&LQXWH vQ DFHVW GRFXPHQW GDU LO SUH]HQWD
FKLDU &DPHUD /RU]LORU vPSUHXQ FX &DPHUD &RPXQHORU 6IkUL SULQ D UVSXQGH
DD FXP YRLD SDUODPHQWXO )DFVH GUHSWDWH GXS FXP H GRULQ&D L SHWL&LD
GHYHQL XQD GLQ OHJLOH IXQGDPHQWDOH DOH UHJDWXOXL (D UHVWUkQJHD H[WUHP GH PXOW
SUHURJDWLYHOH UHJHOXL Q VSHFLDO QXL PDL vQJGXLD vQ IDSW GDF QX vQ GUHSW V
vQWUH&LQ R DUPDW SHUPDQHQW SHQWUX F vL UHIX]D PLMORDFHOH GH FD]DUH L GH
PHQ&LQHUHDGLVFLSOLQHL




9,3DUODPHQWXOGDFDYHDGUHSWDWHDWXQFLFkQGFHUHDUHVSHFWDUHDOHJLORUVH
GRYHGHDHOvQVXLOLSVLWGHUD&LXQHvQDIDFHULOHH[WHUQHOLFHUHDUHJHOXLVLVSULMLQH
SH SURWHVWDQ&LL GLQ 3DODWLQDW GDU vL UHIX]D VXEVLGLLOH QHFHVDUH *HQWLORPLL GH OD
&DU L MXULWLL FDUH DOFWXLDX &DPHUD &RPXQHORU QX FXQRWHDX (XURSD L QX
vQ&HOHJHDXQLPLFGLQXUFDUHDSUH&XULORU/LSVL&LGHH[SHULHQ&DDIDFHULORUHLGGHDX
ORFODXQFRQIOLFWLQHYLWDELOFXPRQDUKXO$UILGHFLQHGUHSWVVHDWULEXLHUXSWXUD
QXPDLUHJHOXLLLQWUDQVLJHQ&HLVDOH0DFDXOD\DVSXVGHVSUH&DURO,FLQIDWXDW
GHPDLHVWDWHDVDFUHGHDFRQRDUHDvOREOLJVLSVWUH]HWRQXOGHWLUDQFKLDUL
DWXQFLFkQGFHUHDDMXWRUSDUODPHQWXOXL&LQHFHUFHWHD]WH[WHOHRULJLQDOHYHGHF




UHJHOHQXOXDVHDWXQFLXQWRQGHWLUDQLFSDUODPHQWXOvLUHIX]DVHDMXWRUXOVX
'XS FH FHGDVH vQ SULYLQ&D 3HWL&LHL &DURO , HUD vQGUHSW&LW V VSHUH F LPSR]LWXO
7XQQDJH DQG 3RXQGDJH vL YD IL DFRUGDW FD L SUHGHFHVRULORU VL 1D IRVW DD
0RDUWHDOXL%XFNLQJKDPDVDVLQDWGHXQORFRWHQHQW)HOWRQvQDXJXVWQX
DGXVH QLFL R GHVWLQGHUH 5HJHOH GH OD IHUHVWUHOH SDODWXOXL VX Y]X YHVHOLD
PXO&LPLLGLQ/RQGUDLEUED&LLEkQGvQVQWDWHDXFLJDXOXL'XFHOHDWUHEXLWV
ILH vQPRUPkQWDW vQ VHFUHW SHQWUX D HYLWD FD WUXSXO OXL V ILH EDWMRFRULW GH
PXO&LPH&DUROHUDSUHDGHPQFDVLVHSRDWFLWLVHQWLPHQWHOHSHID&GDUHOQD
XLWDWQLFLRGDWDFHDVWGHPRQVWUD&LHGHXU/DVHVLXQHDXUPWRDUHFRQIOLFWXOFX
SDUODPHQWXOUHvQFHSX'HDVWGDWDYXvQPDUHPVXUXQFDUDFWHUUHOLJLRV


9,,3XULWDQLLLULWXDOLWLLFRQWLQXDXVLGLVSXWHGRPLQD&LDDVXSUDELVHULFLL
$QJOLHL &DURO IDYRUL]D FOHUXO vQDOW FHO PDL SX&LQ vQVWULQDW GH ULWXULOH URPDQH
GHRDUHFHHUDVXELQIOXHQ&DVR&LHLVDOHLGHDVHPHQHDSHQWUXIDSWXOFDFHVWFOHU
DFFHSWD L FKLDU VROLFLWD LQWHUYHQ&LD UHJHOXL vQ DIDFHULOH HFOH]LDVWLFH 2 PDUH
GH]RUGLQH GRPQHD vQ PLQ&LOH SUHR&LORU 8Q SDVWRU FDOYLQLVW DH]D PDVD GH
vPSUWDQLHvQPLMORFXOFRUXOXLYHQHDDSRLXQVDFUDPHQWDOLVWFDUHRGXFHDOD
ORFXO XQGH IXVHVH vQDLQWH 8QXO ]YkUOLVH VWLKDUXO DOE XQ DOWXO vO SXUWD /DXG
HSLVFRSXO/RQGUHLDSRLDUKLHSLVFRSGH&DQWHUEXU\vLOXRELFHLXOGHDOFRQVXOWD
SH UHJH vQ WRDWH SULYLQ&HOH FKLDU L DVXSUD SHGHSVHORU GH DSOLFDW SFWRLORU (O
vQWRFPL SHQWUX UHJH R OLVW D SUHR&LORU QRWLQG vQ GUHSWXO ILHFUXL QXPH OLWHUD 2
VDX 3 RUWRGR[ VDX SXULWDQ W GLQ DFHD FOLS QXPDL FHL QRWD&L FX 2 RE&LQHDX
PDULOH IXQF&LL ELVHULFHWL 2U PDMRULWDWHD SRSRUXOXL L D SDUODPHQWXOXL HUD
FDOYLQLVW /DXG L FXUWHD DFFHSWDX GRFWULQD HSLVFRSXOXL RODQGH] $UPLQLXV L
FUHGHDX vQ OLEHUXO DUELWUX /RQGUD L SDUODPHQWXO FUHGHDX vQ SUHGHVWLQD&LH
QY&FHLL FDOYLQLWL L FXUWHQLL DUPLQLDQLWL VH vQMXUDX vQ SOLQ VWUDG &DX]D
OLEHUXOXL DUELWUX VFULH 7UHYHO\DQ VH FRQIXQGD FX DFHHD D JXYHUQULL GHVSRWLFH
DFHHDDSUHGHVWLQD&LHLFXDSUDUHDSULYLOHJLLORUSDUODPHQWXOXL&LQHQXYUHDVILH
JXYHUQDWGHFkWGHOHJLVSXQHDXQGHSXWDWHVRFRWLWSXULWDQDFHOFHUHIX]V
IDF WRW FHHD FH DL YUHD VO VLOHWL V IDF HVWH XQ SXULWDQ 7HRORJLD SROLWLFD L
ILVFDOLWDWHD HUDX DPHVWHFDWH vQ PRG LQH[WULFDELO 3HQWUX FD UHJHOH V QX DLE
SXWHUHD GH D LPSXQH SRSRUXOXL VX DOWDUXO LD UVULW VWLKDUXO DOE L
VDFUDPHQWHOH WUHEXLD V L VH UHIX]H DFHO 7XQQDJH DQG 3RXQGDJHvQ OLSVD FURUD
GHSLQGHDGHXQSDUODPHQWSXULWDQ


9,,, 'H DLFL FLXGDWHOH L FHOHEUHOH WUHL UH]ROX&LL SH FDUH OHD YRWDW
SDUODPHQWXOvQ(OHGHFUHWDXFRULFLQHYDvQFHUFDVLQWURGXFvQ$QJOLD
SDSLVPXOVDXDUPLQLDQLVPXOYDILFRQVLGHUDWLQDPLFSXEOLFRULFLQHYDvQGHPQD
VVHSHUFHDSLPSR]LWHQHDFRUGDWHGHSDUODPHQWYDILFRQVLGHUDWLQDPLFSXEOLF
 RULFH QHJX&WRU VDX RULFH DOW SHUVRDQ FDUH YD SOWL DVWIHO GH LPSR]LWH
QHYRWDWH GH SDUODPHQW YD IL FRQVLGHUDW WUGWRU L LQDPLF SXEOLF 6SHDNHUXO
vQVSLPkQWDWGHFDUDFWHUXODFHVWRUUH]ROX&LLGHFODUFDSULPLWRUGLQGHODUHJH
VULGLFHHGLQ&DvQDLQWHGHYRWDUHDORU'RLPHPEULDLSDUODPHQWXOXLDSXFkQGXO


QDUKLWHFWXUDELVHULFLORURFFLGHQWDOHFRUXOHVWHSDUWHDGLQVSUHUVULWGHIRUPDSUR[LPDWLY

VHPLFLUFXODU
Q UHDOLWDWH FHOH WUHL UH]ROX&LL DX DYXW XQ FDUDFWHU SROLWLF ELQH GHILQLW XUPULQG V SUHYLQ
GL]ROYDUHDSDUODPHQWXOXLGHFWUHUHJHLVLSURYRDFHDFHVWXLDFkWPDLPDULJUHXW&LvQFD]XOvQ
FDUHDUILIFXWR





ILHFDUH GH XQ EUD& vO &LQXU QHPLFDW SH VSHDNHU vQ IRWROLXO OXL 3H 'XPQH]HXO
QRVWUXvLVSXVHUHLYH&LUPkQHDLFLDWkWDWLPSFkWYDGRUL&DPHUD8QDOWXO
vQFXLHXDLYkUvFKHLDvQEX]XQDU&kQGXQXLHUEWXODXvQQXPHOHUHJHOXL
QLPHQL QX GHVFKLVH 0R&LXQHD IX DGRSWDW $ IRVW R VFHQ UHYROX&LRQDU &DURO
UVSXQVH SULQWUXQ DFW UHYROX&LRQDU DUHVWkQG OD WHUPLQDUHD VHVLXQLL L vQ
SRILGD 3HWL&LHL 'UHSWXULORU SH QRX PHPEUL DL &DPHUHL &RPXQHORU &HO PDL
LOXVWUX GLQWUH HL (OLRW PXUL vQ 7XUQ WUHL DQL PDL WkU]LX &D WR&L PDUWLULL DFHVW
PDUH SDUODPHQWDU D IFXW GLQ FDX]D SXULWDQ R FDX] VIkQW &DURO HUD KRWUkW
DFXP V VH OLSVHDVF GH SDUODPHQW 'LQDVWLD 7XGRULORU QX IFXVH OD IHO WLPS
vQGHOXQJDW" 5PkQHD HWHUQD vQWUHEDUH 5HJHOH vL YD SXWHD SURFXUD EDQL" 'H
DFHDVWvQWUHEDUHGHSLQGHvQXOWLPDQDOL]VWDELOLWDWHDRULFUHLJXYHUQUL



,9
5(*(/()53$5/$0(17

,,DWOSH&DURO,VLQJXUvQ:KLWHKDOOFXWkQUDVDUHJLQIUDQFH]SHFDUH
DFHVW WLPLG R LXEHWH DFXP FX R GUDJRVWH VHQ]XDO L WDQGU L FDUH FDSW
DVXSUD OXL R LQIOXHQ& PXOW PDL PDUH GHFkW SH YUHPHD FkQG WULD %XFNLQJKDP
/LSVLW GH FRQWDFWXO FX RSLQLD SXEOLF SH FDUH L ODU IL SXWXW DVLJXUD FRQYRFDUHD
DQXDO D SDUODPHQWXOXL SH FLQH VH YD VSULMLQL vQ JXYHUQDUHD OXL" $ JVLW GRL
RDPHQLFDUHLvPSUWHVFJXVWXOSHQWUXDXWRULWDWHLFDUHFUHGFDLGkQVXOF
IRORVLUHD IHUP D SUHURJDWLYHORU UHJDOH SRDWH DGXFH IHULFLUHD SRSRUXOXL XQXO HVWH
/DXG FDUH DUKLHSLVFRS GLQ  FRQGXFH WUHEXULOH HFOH]LDVWLFH OD FDUH DGDXJ
DSRL SH FHOH ILQDQFLDUH FHOODOW HVWH XQ IRVW PHPEUX DO SHULFXORVXOXL 3DUODPHQW
GLQ7KRPDV:HQWZRUWKSHFDUHUHJHOHvOYDIDFHvQFRQWHGH6WUDIIRUG


,,1DH[LVWDWRPPDLFDORPQLDWGHFkW6WUDIIRUG3HQWUXFDIRVWSULHWHQFX
SDUODPHQWDULLUHEHOLFX3\PFX-RKQ(OLRWFX+DPSGHQDFHWLDFRQVLGHUFDR
WUGDUH UDOLHUHD OXL OD FDX]D UHJDO 1DP V vQFHWH] GH D Y XUPUL DWkWD WLPS
FkWYH&LDYHDFDSXOSHXPHULLDGHFODUDW3\P&XYLQWHFUXGHLGDFQHJkQGLP
ODFHDXUPDWSURIHWLFH'DUvQFHFRQVWWUGDUHD"'HODvQFHSXWXOFDULHUHLVDOH
:HQWZRUWK LD DILUPDW LGHLOH 3ULQFLSLXO PHX HVWH V QX OXSW vPSRWULYD
SUHURJDWLYHORUUHJDOHvQDIDUDSDUODPHQWXOXL(OFRQVLGHUDvQFUHGHUHDSRSRUXOXLL
DXWRULWDWHDUHJDOFDGRXHOHPHQWHLQGLVSHQVDELOHDOHRULFUHLSROLWLFLVQWRDVH
UHJHOH ILLQG FKHLD GH EROW GH FDUH QLPHQL QX VH SRDWH DWLQJH IU D ]GUXQFLQD
HGLILFLXO&DUROLDGDWLPHGLDWVHDPDGHSUSDVWLDFDUHGHVSU&HDSHRSR]DQ&LLGH
SURIHVLH GH DFHVW EUEDW GH VWDW :HQWZRUWK  UHPDUFDVH HO  H XQ JHQWLORP
FLQVWLW &kQG vO DYX vQ VOXMED VD vL vQFUHGLQ&D PLVLXQLOH FHOH PDL GLILFLOH vO IFX
SUHHGLQWHOH &RQVLOLXOXL 1RUGXOXL DSRL vL GGX VDUFLQD GH D SDFLILFD ,UODQGD
'DF ODU IL IRORVLW GH vQGDW vQ $QJOLD SRDWH F 6WUDIIRUG DU IL DOFWXLW R DUPDW


'HIDSWXQDFWDEX]LYGHVSRWLFLDUQXXQXOUHYROX&LRQDU

&RQVLOLXO1RUGXOXLFUHDWSHYUHPHDOXL,DFRE,HUDXQGHSDUWDPHQWvQVUFLQDW
FXUHOD&LLOHGLQWUH$QJOLDL&ULOHGLQQRUGXO(XURSHLLQFOXVLY)UDQ&D([LVWDLXQ
&RQVLOLXDO6XGXOXLRFXSkQGXVHGHUHOD&LLOHFX6SDQLD)ODQGUDL,WDOLD$PEHOH
DX IXQF&LRQDW SkQ OD  FkQG GLQ &RQVLOLXO 1RUGXOXL VD FRQVWLWXLW
'HSDUWDPHQWXO ([WHUQHORU )RUHLJQ 2IILFH LDU GLQ &RQVLOLXO 6XGXOXL FHO DO ,Q
WHUQHORU+RPH2IILFH




SHUPDQHQWvQOLSVDFUHLDHUDLPSRVLELOVVHPHQ&LQSUHURJDWLYHOHFRURDQHLL
SRDWHFGHVWLQHOH$QJOLHLDUILVHPQDWPDLPXOWFXDFHOHDDOH)UDQ&HLOXL/XGRYLF
DO ;O9OHD 'DU &DURO vPSUWHD GRFWULQD OXL 6WUDIIRUG IU V DLE IRU&D OXL GH
FDUDFWHU QLFL JHQLXO VX GH RUJDQL]DUH &kQG VD KRWUkW vQ VIkULW VO SODVH]H
vQUDQJXOvQWkLSDUWLGDHUDGHMDSLHUGXWSHQWUXDPkQGRL


,,, /DXG FD L 6WUDIIRUG HUD XQ RP DVSUX GDU GH EXQFUHGLQ& $FHVW
DUKLHSLVFRS DXWRULWDU SUHD SX&LQ IFXW SHQWUX DL JXYHUQD SH HQJOH]L FRQVLGHUD
F vQ FDGUXO ELVHULFLL IHUPLWDWHD GRFWULQHL YDORUHD] PDL PXOW GHFkW OLEHUWDWHD
RSLQLHL (O GRUHD V LPSXQ SULQ IRU& R SHUIHFW XQLIRUPLWDWH D FUHGLQ&HL L D
FHUHPRQLDOXOXL'DFSXWHDFRQVWUkQJHUHQXQ&DGHDPDLFRQYLQJH7RDWYLD&D
VD D XUPDW DFHDVW OLQLH ULJLG GH FRQGXLW QF OD 2[IRUG ILLQG vL LQGLJQDVH SH
WHRORJLL FDOYLQL VSXQkQGXOH F SUHVELWHULHQLL VXQW WRW DWkW GH SHULFXORL FD L
SDSLWLL 'HRDUHFH VH vQFOLQD vQ ID&D DOWDUXOXL L DSOHFD FDSXO GH FkWH RUL VH
SURQXQ&D QXPHOH OXL ,LVXV +ULVWRV vQ WLPSXO VOXMEHL SDSD vQFXUDMDW GH DFHVWH
VLPSWRPHOLQLWLWRDUHvLRIHULSOULDGHFDUGLQDO5VSXQVXOPHXHVWHQXDWkWD
WLPSFkW5RPDYDILFHHDFHHVWHULSRVW/DXG'LVFLSRODOOXL$ULVWRWHOHOHUDGH
SUHUH F RELQXLQ&D HVWH D GRXD QDWXU L VRFRWHD F XQLIRUPLWDWHD
FHUHPRQLDOXOXL GXFH QHJUHLW OD XQLWDWHD FUHGLQ&HL 6H VWUGXLD V OH LPSXQ SH
DPkQGRX 1HILLQG XQ RP FUXG QX IRORVHD DUGHUHD SH UXJ L QLFL WRUWXUD GDU
H[HUFLWDDVXSUDELVHULFLLRWLUDQLHDGPLQLVWUDWLY


,9 6SULMLQLQGXVH SH FXU&LOH HFOH]LDVWLFH L vQ VSHFLDO SH FXUWHD vQDOWHL
FRPLVLXQL HSXUD XQLYHUVLW&LOH L FOHUXO 6XSUDYHJKHD SUHGLFLOH SUHD SURWHV
WDQWH L LPSXQHD VFXUWDUHD ORU ,QWHU]LFHD FRPXQLW&LORU QHPXO&XPLWH V DGXF
OHFWRUL SHQWUX D vQORFXL SUHGLFLOH DQJOLFDQH QFKLGHD FDSHOHOH SDUWLFXODUH DOH
SXULWDQLORU L OH LQWHU]LFHD DGXQULOH ORU HYODYLRDVH ,DFRE , SXEOLFDVH vQ  R
&DUWHDVSRUWXULORUSULQFDUHvLvQGHPQDVXSXLLvQGLVSUH&XOVDEDWXOXLSXULWDQ
VLFRQWLQXHMRFXULOHGHGXPLQLF$GXVHVHvQIDYRDUHDDFHVWHLWH]HPRWLYHH[FH
OHQWHRVWULFWH&HSUHDPDUHULVFVvQGHSUWH]HVSLULWHOHGHUHOLJLHVSRUWXULOHVXQW
XWLOH SHQWUX VQWDWHD FRUSXOXL L FRQVWLWXLH R SUHJWLUH D EUED&LORU vQ YHGHUHD
U]ERLXOXL$FHDVWGHFODUD&LHvLvQJUR]LVHSHSXULWDQLFDUHUHIX]DVHUVRFLWHDVF
vQ ELVHULFLOH ORU ,DFRE QX VWUXLVH /DXG YRLD VL FRQVWUkQJ $GHYUD&LL
SURWHVWDQ&L Y]XU FX WULVWH&H F JUD&LH LQIOXHQ&HL UHJLQHL FDWROLFLL VH EXFXUDX
DFXP GH RDUHFDUH WROHUDQ& SH FkQG HL vQLL HUDX SHUVHFXWD&L 3H FRQWLQHQW
U]ERDLHOH GXFHDX OD YLFWRULD SXWHULORU FDWROLFH 0XO&L SXULWDQL GHVSHUD&L VH
KRWUkU DWXQFL V VH H[SDWULH]H V VH GXF V WULDVF vQ $PHULFD GHSDUWH GH
/DXGLGH5RPD0DLPXOWGHGRX]HFLGHPLLGLQWUHHLVHDOWXUDUSHOHULQLORUGH
SH 0D\IORZHU L IRUPDU QXFOHXO 1RLL$QJOLL XQGH LQWURGXVHU LQVWLWX&LLOH FHOH
PDLFDUDFWHULVWLFHDOH$QJOLHLGLQDFHDYUHPH)UULJRULOHOXL/DXGHSUREDELOF
FLYLOL]D&LD $PHULFLL GH 1RUG QDU IL IRVW QLFLRGDW R FLYLOL]D&LH DQJORVD[RQ 'DU
DFHDVWvQGHSUWDWFRQVHFLQ&DSULJRDQHORUHUD LPSUHYL]LELODWXQFLLvQPLLOH
GH FPLQH HQJOH]H vQ FDUH IDPLOLLOH SXULWDQH VH VWUGXLDX SULQ FLWLUHD ]LOQLF D
%LEOLHLVLPHQ&LQFUHGLQ&DWUHD]UHVHQWLPHQWXOHUDYLXLVSDLPD]LOQLF


9 &H LPSR]LWH SXWHD V SHUFHDS PRQDUKXO GDF UHVSHFWD IRUPHOH OHJDOH"

7ULEXQDOH[FHS&LRQDOvQVUFLQDWFXXUPULUHDLMXGHFDUHDGHOLFWHORUUHOLJLRDVH




7XQQDJH DQG 3RXQGDJH" 5DQGDPHQWXO DFHVWXL LPSR]LW GHSLQGHD GH YROXPXO

WUDQ]DF&LLORU FRPHUFLDOH L WLPS GH DVH OXQL FRPHUFLDQ&LL GLQ /RQGUD SHQWUX D
SURWHVWDvPSRWULYDDUHVWULLDUELWUDUHDOXLVLU-RKQ(OLRWVHDE&LQXUVYkQGL
VFXPSHUH1HJXVWRULFDUHUHIX]DXVIDFQHJR&"(UDXQVHPQDOLPSRUWDQWGDU
FDUH QX IX vQ&HOHV $MXWDW GH MXULWLL VL FDUH JVLU QLWH GUHSWXUL DUKDLFH vQ
KULVRDYH YHFKL UHJHOH UHVWDELOL XQHOH WD[H F]XWH vQ GHVXHWXGLQH GDUXUL
9ROXQWDUHREOLJD&LDSHQWUXFHLFDUHFXVHFROHvQXUPVHVWDELOLVHUvQSGXULOH
UHJDOHVUVFXPSHUHWHUHQXULOHGHODUHJHYkQ]DUHDGHWLWOXULGHQREOH&HVHUYLFLXO
GH FDYDOHULH REOLJDWRULX WD[H SHQWUX vQWUH&LQHUHD PLOL&LHL FRDW DQG FRQGXFW
PRQH\ WD[ DVXSUD WUVXULORU GH SLD& KDFNQH\ FRDFKHV R LQRYD&LH D YUHPLL
YkQ]DUHDGHPRQRSROXULFXUWHQLORUFHHDFHvPERJ&HDvQDFHODLWLPSLYLVWHULDL
SHFRQFHVLRQDULvQGDXQDSRSRUXOXL&DURODYXSUHWHQ&LDVREOLJHSHVXSXLLVL
V IRORVHDVF XQ DQXPLW VSXQ SURVW IDEULFDW GH R FRUSRUD&LH GH PRQRSROLWL
6SXQXODFHVWDFDUHWLDOHQMHULDLOHSURYRFDVSOWRUHVHORUDUVXULSHPkQLIX
ERWH]DW SRSLVK VRDSVSXQ SDSDO *RVSRGLQHOH GLQ /RQGUD VH JkQGHDX F UQLOH
SHFDUHOHSURGXFHDHUDXVLPEROLFHLFIRORVLUHDOXLDUGHDLVXIOHWHOH


9, ,QWUH SHUHFKHD UHJDO  vQFKLV vQ :KLWHKDOO vQ PLMORFXO XQRU IUXPRDVH
SLFWXUL RODQGH]H L LWDOLHQH FXPSUDWH OD SRUXQFD UHJHOXL SH FRQWLQHQW L
vQFRQMXUDWGHFXUWHQLFXSUOXQJLEXFODWFXJXOHUHGHGDQWHOSOULLGHIHWUX
FXERUXULODUJLvPSRGRELWHFXFkWHRSDQLQHJXVWRULLGLQ/RQGUDFXXFHQLFLL
ORUWXQLVFXUWFXJUDYHOHORUQHYHVWHSXULWDQHvQURFKLLFHQXLLVHULGLFDDWXQFL
XQ ]LG GH SUHMXGHF&L GH UDQFKLXQH L GH WFHUL 2SLQLD SXEOLF RVWLO QX PDL
DYHDQLFLRVXSDS1XPDLH[LVWDSDUODPHQWSULQXUPDUHQLFLGLVFXUVXULSXEOLFH
VFULHULOHHUDXFHQ]XUDWHSUHGLFLOHVFUPQDWHGH/DXGvQWUXQLULOHLQWHU]LVH'DU
FXWRDWQHSRSXODULWDWHDDWkWRUPVXULPXOWYUHPHQXVDSURGXVQLFLRUHYROW
VHULRDV $FHVWXL SRSRU DWkW GH SUHRFXSDW GH OHJDOLWDWH L RELQXLW vQ VHFROXO
GLQDVWLHL 7XGRU VO UHVSHFWH SH VXYHUDQ FD SH XQ SHUVRQDM VIkQW R UVFRDO
vPSRWULYDUHJHOXLLVHPDLSUHDvQFXQDFWPRQVWUXRV


9,,3ULQWUHYHFKLOHLPSR]LWHSHFDUHOHUHvQYLDVHURDPHQLLUHJHOXLHUDLDFHOD
QXPLW VKLS PRQH\ LPSR]LWXO QDYDO ([LVWDVH GLQWRWGHDXQD RELFHLXO FD RUDHOH
PDULWLPH V ILH VROLFLWDWH V SDUWLFLSH OD DSUDUHD FRDVWHORU IXUQL]kQG QDYH
vPSUHXQFXHFKLSDMHOHORU&DURO,H[WLQVHVHDFHDVWREOLJD&LHOD&DUDvQWUHDJL
FHUX QX YDVH FL EDQL SHQWUX FRQVWUXLUHD ORU &HUHUHD QX HUD DEVXUG 'H SH
YUHPHDOXL,DFRE,GLQFDX]DOLSVHLXQHLIORWHHILFLHQWHPDULQDFRPHUFLDOHQJOH]
HUD OD FKHUHPXO SLUD&LORU 3LUD&LL GLQ %DUEDULD vQGU]QHDX V YLQ SkQ L vQ
DSHOH HQJOH]H FD V DWDFH QDYHOH L V USHDVF VFODYL GH SH FRDVWHOH ,UODQGHL
&kQG6WUDIIRUGVDGXVvQ,UODQGDVLSUHLDFRPDQGDHIHFWHOHOXLSHUVRQDOHLDX
IRVW MHIXLWH GH XQ SLUDW 2 VFULVRDUH D OXL &DURO FWUH RUDXO VX /RQGUD GHVFULH
MDIXULOH WXUFLORU L DOH DOWRU SLUD&L FDUH USHVF FX IRU&D YDVHOH EXQXULOH L
PUIXULOHVXSXLORUQRWULLFHUHRUDXOXL/RQGUDVLIXUQL]H]HXQYDVGHU]ERL
GHQRXVXWHGHWRQHDOWHSDWUXGHFkWHFLQFLVXWHGHWRQHLXQXOGHWUHLVXWHGH
WRQH WRDWH FX DUWLOHULH SUDI GH SXF L HFKLSDMH 'DU FD XQ LPSR]LW V ILH
DFFHSWDWGHHQJOH]LQXHUDGHDMXQVVILHXWLOPDLWUHEXLDVILHYRWDWLGH XQ
SDUODPHQW $D VSXQHD &DUWD OLEHUW&LORU HQJOH]H DFHDVWD D IRVW WH]D SH FDUH DX
VXV&LQXWR Fk&LYD FHW&HQL GLQWUH FDUH FHO PDL LOXVWUX HVWH -RKQ +DPSGHQ


6XEDFHVWQXPHHUDXGHVLJQDWHPDLDOHVvQVHFROHOH;9,;9,,UHJLXQLOHGHFRDVWDOH

0DURFXOXLL$OJHULHLGHDVW]L



6KHULIIXO GLQ FRPLWDWXO VX LD SUHWLQV GUHSW VKLS PRQH\ SHQWUX XQXO GLQWUH
GRPHQLLOHVDOHWUHL]HFLLXQXGHLOLQJLLDVHSHQFHLSHQWUXXQDOWXOGRX]HFL
GH LOLQJL  +DPSGHQ D UHIX]DW SLD&D QX GLQ SULFLQD VXPHL DYHD R DYHUH
PDUHFLGLQSULQFLSLX'RX]HFLGHLOLQJLODUILUXLQDWSH+DPSGHQ"1XGDUL
SODWDXQHLMXPW&LGLQDFHDVWVXPvQFRQGL&LLOHvQFDUHHUDFHUXWDUILIFXW
GLQ HO XQ VFODY 6D OVDW WkUkW vQ ID&D WXWXURU LQVWDQ&HORU L GDF vQ FHOH GLQ
XUP D IRVW FRQGDPQDW GH &XUWHD HLFKLHUXOXL SULQ DSWH YRWXUL FRQWUD FLQFL
RSLQLD SXEOLF vQV OD DFKLWDW (QJOH]LL vQFHSHDX V GHVFRSHUH F vQVL UHV
SHFWDUHDOHJLORUSRDWHGXFHVXIOHWHOHPDULODUHEHOLXQH


9,,,&XWRDWVHYHULWDWHDFHQ]XULLFLUFXODXSDPIOHWHvPSRWULYDFXU&LL:LOOLDP
3U\QQH SDPIOHWDU SXULWDQ vQWUHSULQVHVH UHIRUPDUHD PRUDYXULORU GLQ YUHPHD OXL
6FULVHVHvPSRWULYDSUXOXLOXQJDOFXUWHQLORUFRQWUDUOHJLORUOXL+ULVWRVQ
DSXEOLFDWXQSDPIOHWFXSULYLUHODWHDWUX'LQQHIHULFLUHSHQWUXHOUHJLQDvQVL
vPSUHXQ FX GRDPQHOH HL GH RQRDUH WRFPDL UHSHWDX R SDVWRUDO &DPHUD
QVWHODW VRFRWLQG F SDPIOHWXO HUD XQ DWDF vPSRWULYD UHJLQHL vO FRQGDPQ SH
3U\QQH OD R DPHQG GH FLQFL PLL GH OLYUH L OD WLHUHD XUHFKLORU $ IRVW SXV OD
VWkOSXO LQIDPLHL L FOXO LD WLDW XUHFKLOH $FHDVW FUXG SHGHDSV
QHvPSLHGLFkQGXO V VFULH GH DVW GDW vPSRWULYD OXL /DXG vQ  IX SXV GLQ
QRXODVWkOSXOLQIDPLHLvQDFHODLWLPSFXXQSDVWRUSURWHVWDQWLXQGRFWRULVD
PDL WLDW L FH LD UPDV GLQ XUHFKL L L VDX LPSULPDW SH REUD] FX ILHUXO URX
GRX OLWHUH 6 / 6HGLWLRXV /LEHOOHU3XEOLFXO GLQ /RQGUD D SULYLW FX vQGUHSW&LW
RURDUH WUDWDPHQWXO EDUEDU DSOLFDW FHORU WUHL JHQWOHPHQL Q FOLSD FkQG FOXO VD
DSURSLDW GH HL XQ LPHQV VWULJW GH IXULH VD ULGLFDW GLQ PXO&LPH &UHWHD PkQLD
SRSRUXOXL HQJOH] IHQRPHQ JUDY vQWUXQ VWDW vQ FDUH VLQJXUD IRU& D VXYHUDQXOXL
FRQVWDvQGUDJRVWHDSRSRUXOXLID&GHHO


,; 6XSUHPD QHEXQLH D IRVW SUHWHQ&LD GH D OH LPSXQH VFR&LHQLORU DWkW GH
vQGkUML&L vQ DL DSUD ELVHULFD ORU SUHVELWHULDQ .LUN UXJFLXQLOH L ULWXDOXO
DQJOLFDQ &DURO UHJHOH $QJOLHL L DO 6FR&LHL FXQRWHD L PDL SX&LQ 6FR&LD GHFkW
$QJOLD'HLUHJHOH,DFREWDWOVXQXPLVHvQ6FR&LDHSLVFRSLELVHULFDUPVHVH
GH HVHQ& SUHVELWHULDQ &kQG /DXG vL GGX VHDPD VH VFDQGDOL]D %LVHULFD
6FR&LHL QX HVWH UHIRUPDW HD HVWH GHIRUPDW 'DU FkQG vQ XUPD RUGLQXOXL VX
HSLVFRSLL LQWURGXVHU vQ 6FR&LD QRXO ULWXDO FUHGLQFLRLL QXL OVDU VL WHUPLQH
VOXMED 1RELOLL RUHQLL L &UDQLL VFR&LHQL VHPQDU XQHRUL vQ FLUFXPVWDQ&H
URPDQWLFH SH PRUPLQWH vQ ELVHULFL XQ SDFW VDX &RYHQDQW VROHQQHO SULQ FDUH
IJGXLDX V UUQkQ FUHGLQFLRL ELVHULFLL ORU &DURO VH SRUQL V ]GUREHDVF
DFHDVWOLJUHOLJLRDVFXDUPHOH'DUHSHULFXORVVUHFXUJLLDGUDJRQDGHFkQGQX
DLGUDJRQL&UHLDUPDWHDUILSXWXWVLvQFUHGLQ&H]HUHJHOHFDX]DVD"&HWHORU
DQWUHQDWH DOH PLOL&LHL" 'DU HOH QX HUDX DQWUHQDWH *HQWLORPLORU GH OD &DU" (UDX
GHSDUWHGHDILGHDFRUGFXHO&kQGUHJHOHRSXVHSHFHLFk&LYDRVWDLSHFDUHLD
SXWXWVWUkQJHH[FHOHQWHLDUPDWHVFR&LHQHGRX]HFLGHPLLGHRDPHQLGLQWUHFDUH
PXO&L VHUYLVHU SH FRQWLQHQW vQ DUPDWD SULQ&LORU SURWHVWDQ&L SH FDUH R FRPDQGD
XQORFRWHQHQWDOOXL*XVWDY$GROIWUXSHOHFHORUGRXWDEHUHSDFWL]DU'DFDFHVW
SULP U]ERL DO HSLVFRSLORU QX VD WHUPLQDW SULQWUXQ GH]DVWUX IDSWXO VH
GDWRUHD]QXPDLQHJRFLHULORUFDUHDXSXVFDSWvQDLQWULLDUPDWHLVFR&LHQH



 $OX]LH OD GUDJRQDGHOH OXL /XGRYLF DO ;O9OHD SHUVHFX&LL vPSRWULYD SURWHVWDQ&LORU GLQ )UDQ&D

GXSUHYRFDUHDvQHGLFWXOXLGHWROHUDQ&UHOLJLRDVGHOD1DQWHV




;5HJHOXLvLUPkQHDRVLQJXUVSHUDQ&6WUDIIRUG$FHVWDHUDVLQJXUXORP
SXWHUQLFDOUHJLPXOXLQ,UODQGDHODSOLFDVHGHYL]D7KRURXJKSkQODFDSW,
VD UHSURDW GXULWDWHD GDU GRPROLVH &DUD vQWUXQLVH R IDQWRP GH SDUODPHQW
RE&LQXVH WUXSH EDQL ,D SXWXW FKLDU WULPLWH UHJHOXL GRX]HFL GH PLL GH OLYUH
SHQWUX U]ERLXO VX GLQ 6FR&LD &kQG &DURO vL FHUX VIDWXO HO vL SURSXVH V
SURFHGH]H vQWUR PDQLHU IRUWH 7UHEXLD FRQYRFDW SDUODPHQWXO WUHEXLD V VH
RE&LQ VXEVLGLL GH]YOXLQG PDLQD&LLOH SXVH OD FDOH GH VFR&LHQL vPSUHXQ FX
5LFKHOLHXDSRLWUHEXLDGXVU]ERLXOSkQODFDSW6WUDIIRUGvQVXLVHUHSH]LvQ
,UODQGDvQURODRSWPLLGHRDPHQLLVHvQWRDUVHEROQDYGDUKRWUkW3DUODPHQWXO
FRQYRFDW GH &DURO  SULPXO GXS GRLVSUH]HFH DQL QX XLWDVH QLPLF GLQ
UDQFKLXQLOH GH RGLQLRDU 'HSDUWH GH D DFRUGD VSULMLQXO VX vQ IDYRDUHD XQXL
U]ERL &DPHUD &RPXQHORU FHUX UHSDUDUHD SUHMXGLFLLORU FH L VDX DGXV 3\P
UHDPLQWL WRDWH JUHHOLOH OXL &DURO L SDUODPHQWDULL QHJRFLDU FX VFR&LHQLL 'XS R
VHVLXQH GH QXPDL RSWVSUH]HFH ]LOH DFHVW 3DUODPHQW VFXUW DSULOLHPDL 
WUHEXL V ILH GL]ROYDW 6WUDIIRUG IX GH SUHUH F UHJHOH VD SXV vQWUR DVHPHQHD
VLWXD&LH vQFkW GDF PDL SXWHD IL VDOYDW FHHD FH HUD vQGRLHOQLF OXFUXO HUD SRVLELO
QXPDL SULQWUXQ GHVSRWLVP QHPLORV QHVXSXV RELQXLWHORU UHJXOL GH
JXYHUQPkQW3OkQJH&LPVFULDHO XQXLDGLQWUHSULHWHQLLVL FFLQLFLRGDW
YUHXQRPQDIRVWFKHPDWVVHRFXSHGHQLWHWUHEXULDWkWGHGHVSHUDWH$UPDWD
DUH PDUL QHYRL L QXL FX QLPLF DSURYL]LRQDW &DYDOHULD QRDVWU H OLSVLW GH
FXUDM%DUDGHOD%HUZLFNOD<RUNHVWHvQSXWHUHDVFR&LHQLORUSUHWXWLQGHQLQXPDL
VSDLP GLVSDUL&LD JHQHUDO D GUDJRVWHL ID& GH UHJH QWUXQ FXYkQW P OXSW
VLQJXUFXDWkWHDQHFD]XULIUQLFLXQDMXWRU)LHFD'RPQXOvQPULQLPLDVDV
PVDOYH]HGHODFHDPDLPDUHQHQRURFLUHDYLH&LLPHOH



9
3$5/$0(178/&(//81*


, )U EDQL IU VROGD&L FUHGLQFLRL vQYLQV GH VFR&LHQL FDUH RFXSDX
FRPLWDWHOHGLQQRUGLFHUHDXSHQWUXDOHHYDFXDQXQXPDLOLEHUWDWHDUHOLJLRDV
SHFDUHQLPHQLQXHUDvQVWDUHVOHRUHIX]HGDULRLQGHPQL]D&LH&DUROWUHEXL
VVHvQFOLQHvQID&DYRLQ&HLFHORUPDLIHUPLGLQWUHVXSXLLVL/RU]LLvOLQYLWDXV
FRQYRDFHXQQRXSDUODPHQWRSHWL&LHSXUWkQG]HFHPLLGHVHPQWXULDGXQDWHGH
3\PLRFHUHDGHDVHPHQHDUHJHOHFHG1LFLRGDWDOHJHULOHQXVWkUQLVHUSDWLPL
DWkWGHYLL3\PFDXQDGHYUDWHIGHSDUWLGIXQF&LHQRXFXWUHLHUDVDWHOH&LQHD
PLWLQJXUL vQ RUDH IRUPD FRPLWHWH ORFDOH +DPSGHQ GHYHQLW XQXO GLQWUH FHL PDL
UHVSHFWD&LRDPHQLDLUHJDWXOXLvOVSULMLQHDSH3\PFXWRDWvQDOWDVDDXWRULWDWH&H
YRLDX DFHWL RDPHQL" 6 VH DOHDJ DGHYUD&L SXULWDQL JDWD V OXSWH vPSRWULYD
DEVROXWLVPXOXL $O GRLOHD SDUODPHQW GLQ  QX PDL HVWH XQ SDUODPHQW
UHIRUPLVW H XQ SDUODPHQW UHYROX&LRQDU 'DU DFHDVW DGXQDUH UHYROX&LRQDU QX
HVWH GHPDJRJLF 'HSXWD&LL 3DUODPHQWXOXL FHO OXQJ VXQW JHQWLORPL SURSULHWDUL
RDPHQLVHULRLUHOLJLRLFXOWLYD&LFDUHGRUHVFVUHYLQFkWPDLFXUkQGSRVLELOOD
GRPHQLLOHORUIDPLOLDOH$VHPHQHDRDPHQLQXDXJXVWXOU]PHUL&HLLQXFKHDP
GHFkW FX UHJUHW PXO&LPHD vQ DMXWRUXO ORU 'HSDUWH GH D IL RVWLOL LQVWLWX&LHL
PRQDUKLFHHLQLFLQXFRQFHSDOWDGHRFDPGDW'DUDXGHUH]ROYDWFX&DUROGRX
FRQIOLFWHXQXOSROLWLFLXQDOWXOUHOLJLRVFRQIOLFWHFDUHRWUYHVFYLD&D$QJOLHLGHOD
XUFDUHDSHWURQDGLQDVWLHL6WXDUW






,, 0DL PXOW GHFkW GH UHJH OXL 3\P L SDUODPHQWDULORU OH HUD WHDP GH
6WUDIIRUGWLDXFvQWUHHLL6WUDIIRUGOXSWDHSHYLD&LSHPRDUWH6DX3\PYD
SXQH SH 6WUDIIRUG FX FDSXO SH EXWXF VDX 6WUDIIRUG YD SRUXQFL V ILH VSkQ]XUDW
3\P8QDGLQWUHSULPHOHDF&LXQLDOHQRXOXL3DUODPHQWDIRVWSXQHUHDVXEDFX]DUH
D OXL 6WUDIIRUG SHQWUX vQDOW WUGDUH SULQ LPSHDFKPHQW vQ ID&D &DPHUHL /RU]LORU
6WUDIIRUG WLD vQF GH FkWHYD VSWPkQL F GDF VH YD SUH]HQWD vQ ID&D
SDUODPHQWXOXL HUD SLHUGXW L R VSXVH OXL &DURO DFHVWD vL UVSXQVH F vQ
FDOLWDWHDOXLGHUHJHDO$QJOLHLSXWHDVORFURWHDVFvPSRWULYDRULFUXLSHULFROL
F SDUODPHQWXO QX VH YD DWLQJH GH XQ ILU GH SU GH SH FDSXO OXL 6WUDIIRUG VH
SUH]HQW GHFL OD &DPHUD /RU]LORU FKLDU vQ FOLSD vQ FDUH 3\P vQ IUXQWHD XQHL
GHOHJD&LLD&DPHUHL&RPXQHORUYHQLVHVFHDUDUHVWDUHDOXL6WUDIIRUGLQWUDVHFX
FDSXOVXVWUHEXLVvQJHQXQFKH]HODEDUFDVDVFXOWHDFX]DUHDLLHLGHDFROR
SUL]RQLHU -XGHFLQG GUHSW SXWHD IL VDOYDW $FHVW LPSHDFKPHQW QDYHD QLFL R
YDORDUHOHJDO&XPVODFX]LvQPRGVHULRVGHvQDOWWUGDUHGHFULPvPSRWULYD
UHJHOXL SH FHO PDL ILGHO VOXMED DO UHJHOXL" 'DU X]DQ&HOH FRQVWLWX&LRQDOH QX
RIHUHDXSDUODPHQWXOXLQLFLXQDOWPLMORFGHDVHGHEDUDVDGHXQPLQLVWUXVXV&LQXW
GH VXYHUDQ 6D vQFHUFDW FRPSURPLWHUHD OXL 6WUDIIRUG FLWLQG GLQ FXYkQWULOH OXL
&LQXWH OD &RQVLOLXO SULYDW VH VSXQHD F DU IL VXJHUDW LGHHD GH D IRORVL R DUPDW
LUODQGH] SHQWUX D FRWURSL $QJOLD 1D SXWXW IL DGXV GHFkW XQ VLQJXU PDUWRU VLU
+HQU\9DQHLDFHODIRDUWHGXELRV3\PLSULHWHQLLVLvLGGXUVHDPDSOLQLGH
IXULH F QX VH YD JVL vQ &DPHUD /RU]LORU R PDMRULWDWH FDUH VO FRQGDPQH SH
6WUDIIRUGDFHVWDGHLVXEPLQDWGHERDOVDDSUDWvQIUXPRVXOVXVWLOVFXUWL
WLRVFDUHLHUDSURSULX6IkULWXOSOHGRDULHLvLPLFSHWR&LFHLFDUHODVFXOWDVHU
LDFXPP\ORUGVFXWRDWXPLOLQ&DLOLQLWHDVXIOHWHDVFPVXSXQFXPLQWHD
OLPSHGH L vQ PRG OLEHU MXGHF&LL YRDVWUH ILH F DFHDVW MXVW MXGHFDW YD DGXFH
GXS VLQH YLD&D ILH F YD DGXFH PRDUWHD PHD 7H 'HXP ODXGDPXV WH 'RPLQXP
FRQILWHPXU



,,,$FX]DWRULLvQJULMRUD&LUHFXUVHUODSURFHGXUDPDLVLPSOLPDLEUXWDOD
XQXL ELOO RI DWWDLQGHUYRWDW GH SDUODPHQW L VDQF&LRQDW GH FRURDQ 3ULQ DFHDVW
SURFHGXUDFX]DWXOSLHUGHDWRDWHJDUDQ&LLOHSHFDUHOHSUH]HQWDRFXUWHGHMXVWL&LH
'DF VH LDX vQ FRQVLGHUD&LH QXPDL SUREHOH OHJDOH FRPSRUWDUHD OXL 3\P L D
SULHWHQLORUVLQXSRDWHILMXVWLILFDW/DXDVDVLQDWSH6WUDIIRUGFXRDUHFDUHIRUPH
MXGLFLDUH 7UHEXLH DGXJDW VSUH GH]YLQRY&LUHD ORU F GDF 6WUDIIRUG DU IL WULW L
LDU IL UHFkWLJDW OLEHUWDWHD QDU IL H]LWDW QLFL HO VL GLVWUXJ PHUJkQG SkQ OD
FDSW 3RDWH F DU IL IRVW PDL ELQH SHQWUX 3\P L SULHWHQLL VL V IL PUWXULVLW
FLQVWLW F vQFHSXVH XQ U]ERL FLYLO L V UHQXQ&H OD LSRFUL]LD OHJDOLW&LL /RUGXO
'LJE\ vQWUXQ GLVFXUV FDUH vL IDFH FLQVWH D GHFODUDW F HO QX SRDWH YRWD ELOOXO
'XPQH]HX V P S]HDVF V FRQGDPQ XQ RP OD PRDUWH GXS R OHJH IFXW D
SRVWHULRUL WLX GRPQXOH VSHDNHU F SDUODPHQWXO H vQYHVWLW FX SXWHUH MXGH
FWRUHDVF L FX SXWHUH OHJLVODWLY 8QD VWDELOHWH FHHD FH HVWH OHJDOPHQWH MXVW
FHDODOW FHHD FH FRQYLQH SROLWLFHWH VSUH ELQHOH FRPXQLW&LL 'DU DFHVWH GRX
SXWHULQXWUHEXLHFRQIXQGDWHLQDYHPGUHSWXOVDFRSHULPXQDFWGHSUXGHQ&
SROLWLFSULQWURSDUDGJRDOGHMXVWL&LHOHJDO6HSRDWHDSUHFLDYLROHQ&DODFDUH
DXDMXQVSDWLPHOHGDFVH&LQHVHDPDGHIDSWXOFDFHVWDGPLUDELOGLVFXUVDIRVW
DUVGHFOXLUHJHOHDIRVWUXJDWVQXPDLFRQIHUHQLFLRRQRDUHORUGXOXL'LJE\
LVQXOPDLIRORVHDVFvQQLFLXQIHO/HJHDGHDWWDLQGHUDIRVWYRWDWvQ&DPHUD




&RPXQHORU FX  YRWXUL SHQWUX L  FRQWUD QXPHOH DFHORUD FDUH DX YRWDW
FRQWUDDXIRVWDILDWHvQRUDFDILLQGVWUDIIRUGLHQLLLQDPLFLDLSDWULHLORUGHL
UHJXODPHQWXO LQWHU]LFHD V VH SXEOLFH QXPHOH RSR]DQ&LORU 3UYOLLOH RUDXOXL DX
IRVW vQFKLVH 0DLWULL L XFHQLFLL YHQLU OD :HVWPLQVWHU VL DPHQLQ&H SH
VWUDIIRUGLHQL 6XE SUHVLXQHD SRSXOD&LHL FKLDU L ORU]LL DX YRWDW PRDUWHD FX
GRX]HFLLDVHGHYRWXULFRQWUDQRXVSUH]HFH


,95HJHOH&DUROFDUHLMXUDVHOXL6WUDIIRUGFSDUODPHQWXOQXVHYDDWLQJHGH
XQ ILU GH SU GH SH FDSXO OXL YD VDQF&LRQD OHJHD" (SLVFRSLL FXSULQL GH SDQLFD
JHQHUDOYHQLUVLVSXQOXL&DUROFWUHEXLHVDLEFDUHJHGRXFRQWLLQ&H
XQD SXEOLF L DOWD SULYDW 0XO&LPLOH GLQ /RQGUD VH DGXQDU vQ MXUXO
:KLWHKDOOXOXL L GHYHQLU DWkW GH DPHQLQ&WRDUH vQFkW FXUWHQLL FDWROLFL VH
VSRYHGLULDUFHLPDLFXUDMRLFSLWDQLVHSUHJWHDXVPRDUDSUkQGVFULOHL
FXORDUHOHYHFKLXOXLFDVWHO'XPLQLFDYDFDUPXOFUHVFXLPDLPXOWSHODRUDQRX
VHDUD UHJHOH VHPQ 'DF QLPLF DOWFHYD GHFkW YLD&D OXL QX SRDWH VDWLVIDFH
SRSRUXO PHX WUHEXLH V VSXQ )LDW -XVWL&LD 6WUDIIRUG GHL VXUSULQV F D IRVW
SUVLW GH UHJH DYX QREOH&HD VL VFULH FL G EXFXURV YLD&D SHQWUX HO 'DU VH
VSXQHFDPXUPXUDW1XYEL]XL&LSHSULQ&LQLFLSHILLLRDPHQLORUFFLODHLQX
YH&LJVLVDOYDUHD&kQGWUHFXSHGUXPXOVXSOLFLXOXLEWUkQXODUKLHSLVFRS/DXG
HO vQVXL SUL]RQLHU VH DSURSLH GH IHUHDVWU VL ELQHFXYLQWH]H SULHWHQXO FDUH D
PXULW FX XQ FXUDM DWkW GH VLPSOX vQFkW XFHQLFLL GLQ /RQGUD DX SVWUDW R WFHUH
UHVSHFWXRDV $VWIHO D GLVSUXW XQ RP PDUH D FUXL FULP D IRVW F D GRULW FD
PRQDUKLD V ILH DVLVWDW L QX GRPLQDW GH SDUODPHQW QFHSkQG GH OD DFHVW
SURFHV VH SRDWH VSXQH F vQ $QJOLD UHJHOH D vQFHWDW V PDL vQWUXFKLSH]H VWDWXO
GHRDUHFHGLQFDX]DORLDOLVPXOXLVXID&GHVXYHUDQ6WUDIIRUGDIRVWFRQVLGHUDW
XQWUGWRUGH&DU


9&RQGDPQkQGXOSH6WUDIIRUGSDUODPHQWXOvQOWXUDVHVLQJXUXORPFDSDELO
V WUDQVIRUPH PRQDUKLD HQJOH] vQWUR IRU& GH JXYHUQDUH DXWRULWDU DVH
PQWRDUH DFHORUD SH FDUH 6SDQLD L )UDQ&D OHDX GDW GUHSW PRGHO (XURSHL
3HQWUXDIDFHLPSRVLELOSHQWUXWRWGHDXQDWULXPIXODEVROXWLVPXOXLWUHEXLDDFXP
VVHLQWHU]LFUHJHOXLGHDJXYHUQDIUSDUODPHQWDDFXPIFXVHPXOWYUHPH
SULQWHOHVXLHOvQVXL3DUWHDVODEDDGXQULORUDOHVHvQFD]XOFkQGLQWUvQ
FRQIOLFW FX SXWHUHD H[HFXWLY SHUPDQHQW HVWH F DFHDVWD SRDWH V OH UHYRFH
6LQJXUXOORUPLMORFGHDSUDUHHVWHVLPSXQSXWHULLH[HFXWLYHPRGDOLW&LLGDWH
IL[HGHFRQYRFDUH3\PLSULHWHQLLVLvOFRQVWUkQVHUSHUHJHVDSUREHXQDFW
DVLJXUkQGFRQYRFDUHDUHJXODWDSDUODPHQWXOXLFHOSX&LQRGDWODWUHLDQLGDF
vQ FHO GHDO WUHLOHD DQ UHJHOH VH PDL DE&LQHD FRQYRFDUHD VH SXWHD IDFH IU D VH
UHFXUJH OD HO QLFL XQ SDUODPHQW QX YD SXWHD IL GL]ROYDW vQDLQWH GH D IL WULW
FLQFL]HFLGH]LOHQLFLSURURJDWPDLPXOWGHFkWWUHLDQLXQDFWUHWUJkQGUHJHOXL
GUHSWXO GH D SHUFHSH LPSR]LWH IU YRWXO SDUODPHQWXOXL 1LFL WXQQDJH DQG
SRXQGDJH QLFL VKLS PRQH\ vQ JHQHUDO QLFL XQ IHO GH LPSR]LW QHFRQVLP&LW 
SXWHULOH UHJHOXL vQ &RQVLOLXO VX HUDX PXOW PLFRUDWH L FXU&LOH SULYLOHJLDWH
&DPHUDvQVWHODW&RQVLOLXOQRUGXOXLHWFFHGDXORFXOFXU&LORUGHGUHSWFRPXQQ
VSHFLDO HUDX VXSULPDWH FXU&LOH HFOH]LDVWLFH DOH vQDOWHL &RPLVLL GH FDUH VH IRORVLVH
/DXGvPSRWULYDSXULWDQLORU/HJHDGHYHQHDPDLWDUHGHFkWUHJHOH



-XGHFDWSUHDLQGXOJHQWvQWUHL6WUDIIRUGDFRQFOXFUDWODVXSULPDUHDGHIDSWD

SDUODPHQWXOXL




9, 3UREOHPD UHOLJLRDV HUD PDL FRPSOH[ GHFkW SUREOHPD SROLWLF $VXSUD
XQXL VLQJXU SXQFW FHD PDL PDUH SDUWH D SDUODPHQWDULORU HUDX GH DFRUG ILLQG
SURWHVWDQ&L VH WHPHDX GH SDSLVP 'DU PXO&L vL XUDX SH HSLVFRSLL OXL /DXG FDUH
vQFHUFDVHU VL UHDGXF SH HQJOH]L OD ULWXDOLVP DO&LL HUDX OHJD&L GH YHFKLOH
LHUDUKLL 3ULPLL YRLDX VL VPXOJ ELVHULFLL HSLVFRSDWXO FX UGFLQL L UDPXUL
FHLODO&L SDUWL]DQL DL HSLVFRSLORU VDX HSLVFRSDOLHQLL DYHDX DYDQWDMXO F HUDX PDL
XQL&L GHFkW DGYHUVDULL ORU 3ULQWUH DGYHUVDULL HSLVFRSLORU VH GLVWLQJHDX HUDVWLHQLL
GLVFLSROLL WHRORJXOXL JHUPDQ 7KRPDV (UDVW  FDUH vQ SUREOHPHOH
OXPHWL VXERUGRQDX ELVHULFD ID& GH VWDW LL vQORFXLDX SH HSLVFRSL FX FRPLVDUL
ODLFLSUHVELWHULHQLLSDUWL]DQLLXQHLGHPRFUD&LLUHOLJLRDVHvQIHOXOFHOHLVFR&LHQHVDX
JHQHYH]H FX SUHVELWHUL L VLQRGXUL vQ VIkULW VHFWDULHQLL FRQJUHJD&LRQDOLWL VDX
LQGHSHQGHQ&L VXV&LQkQG F 'XPQH]HX LQVSLU ILHFDUH JUXS GH FUHGLQFLRL
GHYHQHDXDVWIHOFXWRDWH[WUHPDORUvQJXVWLPHGHVSLULWSUHFXUVRULLLQFRQWLHQ&L
DLOLEHUW&LLFRQWLLQ&HL


9,, Q FRPLWDWH FHL PDL QXPHURL HUDX FUHGLQFLRLL ELVHULFLL DQJOLFDQH
HSLVFRSDOH OD /RQGUD SUHVELWHULHQLL DYHDX VSULMLQXO VROGD&LORU VFR&LHQL FDUH GXS
YLFWRULH VDX VWDELOLW vQ FDSLWDO L SH FDUH SDUODPHQWXO QX VH JUEHD VL
vQGHSUWH]H FFL HUDX DOLD&LL VL vPSRWULYD UHJHOXL LQGHSHQGHQ&LL HUDX GH SUHUH
FHSLVFRSDOLVPXOLSUHVELWHULDQLVPXOQXHUDXGHFkWGRXIRUPHDOHWLUDQLHL1H
SXWHPLPDJLQDGLVFX&LLOHUHOLJLRDVHLSROLWLFHFDUHQXvQFHWDXGHGLPLQHD&SkQ
VHDUD vQ PLMORFXO DFHVWXL RUD SDVLRQDW GH WHRORJLH 3DUODPHQWDULL YRUEHDX WRDW
]LXD L GH PXOWH RUL L QRDSWHD OD OXPLQD OXPLQULORU 3\P +DPSGHQ L +\GH
SXWHDX IL Y]X&L SOLPEkQGXVH vQ MXUXO FLPLWLUXOXL :HVWPLQVWHU VDX
VWUkQJkQGXVHFXWR&LLODRODOWvQWLPSXOFLQHLSHQWUXDGH]EDWHLPSRUWDQWHOHORU
SUREOHPH /D XQ VHPQDO QHJXVWRULL L XFHQLFLL vQFKLGHDX SUYOLLOH L DOHUJDX OD
:HVWPLQVWHU VDX :KLWHKDOO 1LFL R IRU& DUPDW QX SXWHD RSUL DFHDVW PXO&LPH
'LPSRWULY HD HUD DFHHD FDUH DSUD SDUODPHQWXO &kW GHVSUH UHJH HO SVWUD vQ
SUHDMPD VD Fk&LYD RIL&HUL FX SU OXQJ EXFODW FSLWDQL vQ VHPLVROGD OXL FURUD
XFHQLFLL OH VSXQHDX vQ GHUkGHUH FDYDOHUL SH FkQG UHJLQD Y]kQGXL SULQ
IHUHDVWU SH SXULWDQLL FX FDSHWHOH ORU UDVH vQWUHED FLQH VXQW DFHVWH FDSHWH
URWXQGHQXPHFDUHOHDUPDV


9,,, $SURDSH WR&L LVWRULFLL ODX FRQGDPQDW SH &DURO , SHQWUX FRQGXLWD OXL vQ
WLPSXO 3DUODPHQWXOXL FHO OXQJ 'DU FXP SXWHD QHIHULFLWXO VL LPDJLQH]H
FRPSURPLVXO FDUH DYHD V GHD QDWHUH vQ VHFROXO XUPWRU PRQDUKLHL
FRQVWLWX&LRQDOH"&DURO,QXYHGHDQLFLRFDOHGHLHLUHGLQDFHDVWGLOHPVDXV
UHVWDELOHDVF SULQ IRU& DXWRULWDWHD VD VDX V GHYLQ R XPEU GH UHJH 5]ERLXO
FLYLOHUDIDWDOSHQWUXFQLFLXQPLQLVWHUUHVSRQVDELOQXVHLQWHUSXQHDvQWUHUHJH
LSDUODPHQWLDVWIHOFHOHGRXSXWHULVHFLRFQHDX,GHHDFRPLQRULWDWHDUSXWHD
vQ FD] GH QHvQ&HOHJHUH V VH vQFOLQH vQ ID&D PDMRULW&LL L VvQJGXLH DFHVWHLD V
JXYHUQH]HQXQXPDLFQXHUDDGPLVGDUQXHUDGHFRQFHSXW'HYUHPHFH&DUD
VHDIODvQWURVLWXD&LHGHSURIXQGGHVELQDUHQXH[LVWDDOWVROX&LHGHFkIFU]ERLXO
FLYLO 'H DOWPLQWHUL OHJHD PDMRULW&LL QDU IL SHUPLV V VH UH]ROYH FKHVWLXQHD
HVHQ&LDODDFHORUWLPSXULFDUHHUDFKHVWLXQHDUHOLJLRDV6HSRWIDFHWUDQ]DF&LLFX
LQWHUHVHOHQXFXFRQWLLQ&HOH






,;7UHEXLHVVHUHFXQRDVFWRWXLFUHJHOHDDJUDYDWWXOEXUULOHIFkQGXQ
MRF GXEOX &DURO FRQILUPD FX GRFLOLWDWH OHJLOH YRWDWH GH SDUODPHQW LDU vQ VHFUHW
FRQVSLUD vPSRWULYD OHJLORU L D SDUODPHQWXOXL (O VH FRQVLGHUD vQV vQ VWDUH GH
U]ERLvQFDUHWRWXOHVWHSHUPLVLPHUVHSkQDFRORvQFkWFHUXVFR&LHQLORUFDUH
UPVHVHU FHL PDL EXQL VROGD&L GH SH LQVXO  VSULMLQXO ORU vPSRWULYD HQJOH]LORU
6FR&LHQLL vL SURPLVHU DMXWRUXO GDF DFFHSWD SHQWUX $QJOLD &RYHQDQWXO
SUHVELWHULDO (SLVFRSDOLDQ FRQYLQV HO QX SXWHD V IDF DFHDVWD L WUHEXL V
UHQXQ&HODDOLDQ&DORU2FOLSFUH]XFvQWUH]UHWHVFSDUHD3DUODPHQWDULLGHL
XQL&LvPSRWULYDOXLHUDXFUXQWvQYUMEL&LSHFKHVWLXQLUHOLJLRDVHXQLLYRLQGVGHV
ILLQ&H]H FX WRWXO ULWXDOXO L V VFKLPEH SkQ L 3UD\HU %RRN DO&LL ILLQG RVWLOL
HSLVFRSLORUGDUOHJD&LGHIUXPRDVHOHUXJFLXQLDQJOLFDQH*UD&LHDFHVWHLvQYUMELUL
VH UHFRQVWLWXL R SDUWLG PRQDUKLF L DQJOLFDQ FRQGXV GH RDPHQL FD +\GH SH
FDUHUHJHOHLLDUILSXWXWIDFHFRQVLOLHUL0XVWUDUHDFHD0DUHDGUHVDWOXL&DURO
QDIRVWYRWDWGHFkWFXRPDMRULWDWHGHXQVSUH]HFHYRWXUL3UHVWLJLXOUHJHOXL3\P
VFGHDRVWkQJFLHDUHJHOXL&DUROLOUHGGX


; /D  LDQXDULH  SURFXURUXO JHQHUDO DO UHJHOXL FHUX SH QHDWHSWDWH
&DPHUHL/RU]LORUXQLPSHDFKPHQWSHQWUXvQDOWWUGDUHvPSRWULYDDFLQFLPHPEUL
GLQ&DPHUD&RPXQHORUSULQWUHFDUH3\PL+DPSGHQ'HPHUVLOHJDOGUHSWXOGH
LPSHDFKPHQW DSDU&LQkQG QXPDL &DPHUHL &RPXQHORU /RU]LL VH DUWDU RYLWRUL
5HJHOH VH GXVH HO vQVXL vQ &DPHUD &RPXQHORU SHQWUX DaL DUHVWD SH FHL FLQFL
PHPEUL$FHWLDIXVHVHUSUHYHQL&LLRUDXOVHvQVUFLQDVHVLDVFXQG$YXORF
R VFHQ SHQLELO 5HJHOH LQWUDVH XUPDW GH FDYDOHUL L VH DH]DVH SH ORFXO
VSHDNHUXOXL 0HPEULL &DPHUHL VWWHDX vQ SLFLRDUH GHVFRSHUL&L 'LQWUR RFKLUH
UHJHOHY]XFSVUHOHOHDX]EXUDW3OHFvQPLMORFXOXQHLPXO&LPLRVWLOHFDUHOD
WUHFHUHDOXLVWULJD3ULYLOHJLXO
)XU FRQYRFDWH PLOL&LLOH RUHQHWL DOH /RQGUHL FDUH vL DVXPDU SURWHF&LD
SDUODPHQWXOXL2FLRFQLUHvQWUHFHOHGRXIRU&HGHYHQHDLQHYLWDELO5HJHOHVRFRWL
FLPDLvQ&HOHSWVSUVHDVF/RQGUD




9,
35,08/5=%2,&,9,/


, 9HQLVH WLPSXO FD ILHFDUH HQJOH] V RSWH]H SHQWUX XQD GLQ WDEHUH 2U FHD
PDLPDUHSDUWHGLQWUHHLQDUILGRULWVRSWH]H$FHDVWUHYROX&LHQXHUDFDDFHOH
YDOXUL DGkQF UVFROLWRDUH FDUH ULGLF PDVHOH (D DGXFHD PDL FXUkQG YUDME vQ
VkQXOFODVHORUGHFkWOHULGLFDXQDvPSRWULYDDOWHLDWUHL]HFLGHSDLULUPVHVHU
OD :HVWPLQVWHU RSW]HFL vO XUPDVHU SH UHJH GRX]HFL UPkQHDX QHXWUL &D L
SDLULL VTXLUHLL L \HRPHQLL HUDX vPSU&L&L L HL vQWUH FHOH GRX DUPDWH /RQGUD
RUD UHEHO L SURWHVWDQW VH DUWD IDYRUDELO SDUODPHQWXOXL GDU RUDHOHVHGLL DOH
GLRFH]HORU HUDX vQ IDYRDUHD HSLVFRSLORU ORU GHFL vQ IDYRDUHD UHJHOXL &kW GHVSUH
&UDQL PXO&L GLQWUH HL UPkQHDX LQGLIHUHQ&L 3X&LQ OH SDV VXE FH JXYHUQDUH
WULHVF QXPDL V SRDW DUD L PHUJH OD SLD& Q XQHOH FRPLWDWH SXULWDQLL L


$ILUPD&LD QX HVWH vQWUX WRWXO H[DFW LDU DUJXPHQWHOH FDUH XULQHD] GRYHGHVF IDSWXO F
GHQXPLUHD XQRU FDWHJRULL VRFLDOH QX PDL DFRSHUHD R UHDOLWDWH FRQFUHW F vQ LQWHULRUXO DFHVWRU
FDWHJRULLVHSURGXVHVHRGLIHUHQ&LHUHED]DWSHLQWHUHVHSROLWLFHLVRFLDOHDGYHUVH




DQJOLFDQLL UHJDOLWLL L SDUODPHQWDULL VHPQDX SDFWH GH QHXWUDOLWDWH 0DL WkU]LX

FkQGRYLWRULLYRUFRQVWDWDFFHOHGRXWDEHUHvL&LQGHUXSHQHXWULYRUOXDL
HLvQVLOSR]L&LHSHQWUXXQDVDXDOWDGLQSU&L8QHRULXQVLQJXUVTXLUHKRWUkW
DQWUHQHD] SH WR&L JHQWLORPLL GLQ YHFLQWDWHD VD $UHQGDLL vL XUPDX SH VHQLRULL
ORU 3HWUHFUH&LL &LQHDX FX UHJHOH SHQWUX F SXULWDQLL UHSUH]HQWDX DXVWHULWDWHD
RDPHQLL DSDU&LQkQG GLIHULWHORU VHFWH HUDX vQ IDYRDUHD SDUODPHQWXOXL SHQWUX F
VSHUDX vQ PRG JUHLW F OH YD DVLJXUD OLEHUWDWHD UHOLJLRDV 6H SRDWH VSXQH F
1RUGXOFDWROLFL9HVWXOHUDXPDLFXUkQGDOWXULGHUHJH6XGXOL(VWXODOWXULGH
SDUODPHQW GDU IURQWLHUHOH DFHVWHD QX DX IRVW QLFLRGDW ELQH GHOLPLWDWH 1LFL XQ
PRPHQWWDEHUHOHvQOXSWQDXGHSLWDSDWUX]HFHDSDUWHGLQSRSXOD&LD&ULLLvQ
EWOLLOHFHOHPDLLPSRUWDQWHGLQWLPSXOU]ERLXOXLFLYLODXIRVWFHOPXOWGRX]HFL
GHPLLGHFRPEDWDQ&LGHILHFDUHSDUWH


,, $U SXWHD VWkUQL PLUDUHD F R &DU FDUH vQ DOWH vPSUHMXUUL IXVHVH
IUPkQWDWGHSDWLPLDWkWGHSXWHUQLFHVHDUWDDSURDSHDSDWLFvQDFHDVWHSRF
UHYROX&LRQDU'DUvQGRFWULQHOHLLQWHQ&LLOHFHORUGRXSDUWLGHHUDXFRQIX]H
1LPHQL GLQ WDEUD SDUODPHQWDU QX GRUHD OD vQFHSXWXO U]ERLXOXL VO GRERDUH
SH &DURO 6WXDUW 1LPHQL QXL LPDJLQD F DU IL SRVLELO V VH OLSVHDVF GH HO
3DUODPHQWXO YRLD QXPDL V VH DVLJXUH GH SHUVRDQD UHJHOXL L VO GHVSDUW GH
VIHWQLFLL VL UL (VVH[ JHQHUDO DO DUPDWHORU SDUODPHQWDUH UHFRPDQGD WUXSHORU
VDOH V ILH SUXGHQWH FFL VSXQHD HO XQ UHJH vQYLQV UPkQH WRW UHJH GDU QRL
GDF YRP IL vQYLQL QX YRP IL GHFkW QLWH U]YUWL&L L QLWH WUGWRUL ,GHHD
GHVSUHFDUDFWHUXOVDFUXDOUHJDOLW&LLSHFDUHVHFROHGHDUkQGXOGHUHVSHFWID&GH
HD R vQWLSULVHU vQ PLQ&LOH RDPHQLORU UPkQHD LQWDFW &kQG OD vQFHSXWXO U]
ERLXOXLUHJHOHULGLFVWLQGDUGXOVXDSURDSHGH1RWWLQJKDPDFHDVWFHUHPRQLH
VLPEROLF D PLFDW LQLPLOH PXOWRUD FDUH vQ VLQHD ORU GGHDX GUHSWDWH
SDUODPHQWXOXL


,,, L WRWXL VFHQD HXDVH 3ORXD &DURO SHGDQW L PDQLDF DD FXP HUDX
WR&L GLQ IDPLOLD 6WXDUW vO FRUHFWD PHUHX SH FUDLQLFXO FDUH FLWHD SURFODPD&LD
9kQWXOSUYOLVHVWLQGDUGXOvQQRURL2ULFXPvQVHUDGUDSHOXOUHJHOXL9]kQGX
OPXO&LVHJkQGHDXFDVLU(GPXQG9HUQH\FRULFkWDUILHLGHSDUWHD%LEOLHLLD
SDULDPHQWXOXLQXSXWHDXSUVLODQHQRURFLUHXQVXYHUDQGHODFDUHPkQFDVHU
SkLQH L DVWIHO PXO&L DSUDU GLQ ORLDOLVP R FDX] FDUH QX OL VH SUHD MXVW
'LQWUHFHLQHXWULXQLLHUDXGHDFRUGFXLGHLOHSROLWLFHDOHSDUODPHQWDULORUGDUQX
YRLDX V VH DWLQJ QLPHQL GH FDUWHD ORU GH UXJFLXQL DO&LL DGYHUVDUL DL ELVHULFLL
DQJOLFDQH &LQHDX FX UHJHOH $WkWD FRQIX]LH QX SXWHD GD QDWHUH QLFL XQXL IHO GH
HQWX]LDVPQUHDOLWDWHHUDYRUEDvQDFHDVW&DUERJDWLUHODWLYIHULFLWQX
DWkW GH R DGHYUDW UHYROX&LH FDUH H WRWGHDXQD SURYRFDW GH PDUL WXOEXUUL
HFRQRPLFH FL GH FHHD FH VDU FKHPD DVW]L R OXSW vQWUH SDUWLGH Q OLSVD XQXL
PHFDQLVPFRQVWLWX&LRQDOGH]EDWHUHDSDUODPHQWDUOXIRUPDXQHLEWOLLFRUSOD
FRUS 9RU WUHEXL V YLQ FDODPLW&LOH XQXL U]ERL FLYLO SHQWUX D GD QDWHUH
WROHUDQ&HLSROLWLFHDDFXPvQDOWH&ULHURULOHSHUVHFX&LLORUYRULPSXQHWROHUDQ&D
UHOLJLRDV


,9 ,DX SDUWH DFWLY OD U]ERL  vQ DPEHOH WDEHUH  FHL PDL EXQL RDPHQL DL
QD&LXQLL$VWIHOFOXSWDYDILGHVWXOGHXPDQ%WOLLOHYRUILVkQJHURDVHSHQWUX
FVROGD&LLVXQWYLWHMLGDUSUL]RQLHULLvQDIDUGHLUODQGH]LLSUHR&LLFDWROLFLYRUIL




ELQH WUDWD&L )LHFDUH GLQ FHOH GRX WDEHUH VH ODXG F HVWH R DUPDW FUHWLQ
QDLQWH GH LQWUDUHD vQ OXSW ILHFDUH FRPDQGDQW RUGRQ V VH IDF R VOXME UH
OLJLRDVLRSDUWHLFHDODOWvLUHSURHD]DGYHUVDUXOXLSFDWHOHVDOHQDUPDWD
QRDVWU  VSXQH XQ UHJDOLVW  VH FRPLW GRDU SFDWH RPHQHWL QH SODFH YLQXO QH
SODF IHPHLOH SH FLQG YRL DYH&L SFDWH GLDYROHWL VSLULWXO RUJROLRV L U]YUWLUHD
'DF YLWHMLD L FUHGLQ&D OXSWWRULORU HUDX IU PDUJLQL vQ VFKLPE WLLQ&D ORU
PLOLWDU HUD FHO SX&LQ OD vQFHSXW PHGLRFU QGHOXQJD SHULRDG GH SDFH GH VXE
GRPQLDGLQDVWLHL7XGRUDIFXWVILHXLWDWDUWDU]ERLXOXL8QLLHILGHDUPDW
FD QHSRWXO OXL &DURO 5XSHUW ILXO HOHFWRUXOXL SDODWLQ PDUH FDYDOHU GDU SURVW
WDFWLFLDQ DX DYXW VDUFLQL GH FRPDQG SH FRQWLQHQW $O&LL FD XQ RDUHFDUH 2OLYHU
&URPZHOOGLQDUPDWDSXULWDQDXFLWLWGRDUOXFUULGHVWUDWHJLH&HLPDLPXO&LVH
DUXQFvQOXSWODQRURF6HUYLFLLOHGHLQIRUPDUHPHUJDWkWGHSURVWvQFkWDUPDWHOH
DELD GH UHXHVF V VH vQWkOQHDVF /D vQFHSXW &DURO DYHD XQ SODQ DFHOD GH D
vQFRQMXUD/RQGUDSDUODPHQWXOQDUHQLFLXQXOvQDIDUGRDUGHDOSULQGHSHUHJH
YLX


9 L vQ DFHVW U]ERL FDYDOHULD VH GRYHGL D IL DUPD GHFLVLY HD FRQVWLWXLD
DSUR[LPDWLY GRX WUHLPL GLQ QXPUXO RWHQLORU 3HGHVWULPHD HUD IRUPDW GLQ
VXOL&DL L PXFKHWDUL DFHWLD GLQ XUP IRDUWH YXOQHUDELOL OD DWDFXO FDYDOHULHL SH
IODQFXULSHQWUXFQHILLQGvQFLQYHQWDWHQLFLEDLRQHWHOHQLFLSXWLOHFXUHSHWL&LH
GXS FHL WUJHDX VDOYHOH UPkQHDX SXU L VLPSOX GH]DUPD&L 7DFWLFD PXFKH
WDULORUFRQVWDvQDVHSXQHODDGSRVWvQWUXQFDUHXIRUPDWGHVXOL&DLSHQWUXDL
SXWHD UHvQFUFD DUPHOH GDU QHDYkQG WRWGHDXQD WLPSXO WUHEXLQFLRV SHQWUX
DFHDVWDDMXQJHDXVIkUWHFD&LGHVELL5XSHUWFHOGLQWkLRUJDQL]WHPHLQLFHDUMH
GH FDYDOHULWL FX VELLOH vQ PkLQL 'DU 5XSHUW SUHD vQGU]QH& QHJOLMD UHVWXO
DUPDWHL DUMHOH HUDX YLFWRULRDVH GDU EWOLLOH SLHUGXWH Q WRW WLPSXO FDPSDQLHL
SDUODPHQWXO VSULMLQLW GH QHJXVWRULL GLQ /RQGUD DYHD DYDQWDMXO F vQFDVD XRU
LPSR]LWHOH (UD L VWSkQ SH PDUH PDULQDULL SURWHVWDQ&L UPVHVHU FX XUD
vPSRWULYD6SDQLHLvPSRWULYDDEVROXWLVPXOXLLDFDYDOHULORUHLvQOHVQLUUHEHOLORU
V PHQ&LQ OHJWXUD FX FRQWLQHQWXO FHHD FH D VDOYDW FRPHU&XO ORQGRQH] L
vQFDVULOHYPLORU


9, QFHSXWXO U]ERLXOXL VD DUWDW IDYRUDELO UHJHOXL FDUH vQ XUPD XQHL
EWOLL LQGHFLVH OD (GJHKLOO D SXWXW FRQFHQWUD WUHL DUPDWH vPSRWULYD /RQGUHL
%LQXW vQ DK VD UHSOLDW VSUH 2[IRUG GLQ FDUH LD IFXW FDSLWDOD L DOH FUXL
FROHJLLJRWLFHVDXXPSOXWGHGRDPQHIUXPRDVHLFDYDOHULFXSOHWHOXQJL,QWULJLOH
DPRURDVH GLQ WDEUD UHJDO VH DPHVWHFDX FX LQWULJLOH GLQWUH SDUWLGH L FD R
UHDF&LH vPSRWULYD DXVWHULW&LL SXULWDQH HUD OD PDUH FLQVWH FXUWRD]LD 'DF DU IL
DYXWEDQLLGDFDUILGXVRSROLWLFPDLVLQFHU&DURODUILSXWXWvQYLQJH'DUHO
vQFHUFDVQHJRFLH]HvQDFHODLWLPSLFXVFR&LHQLLLFX)UDQ&DSULQLQWHUPHGLXO
UHJLQHL FDUH D WUHEXLW GXS R QDWHUH GXUHURDV V SOHFH SH FRQWLQHQW L FX
SDUODPHQWXO 2IHUWHOH VDOH FRQWUDGLFWRULL VIkULU SULQ D FRQYLQJH GH UHDXD VD
FUHGLQ& SH WR&L DFHL FURUD OL VH DGUHVDX 7RWXL H[LVWHQ&D XQRU PDUL GLVFRUGLL
vQWUHDGYHUVDULvLXXUDPDQHYUHOH3DUODPHQWXOvQFHUFDDDFXPIFXVHLUHJHOH
V RE&LQ VSULMLQXO VFR&LHQLORU GDU DFHWLD FRQVLP&HDX QXPDL FX FRQGL&LD FD
$QJOLD V GHYLQ SUHVELWHULDQ &DURO QX SXWXVH DFFHSWD SHQWUX F HUD DQJOLFDQ
FRQYLQV SDUODPHQWXO RYLD L HO SHQWUX F FHL PDL EXQL VROGD&L DL VL HUDX
LQGHSHQGHQ&L L FHUHDX OLEHUWDWHD FXOWHORU 7RWXL SDUODPHQWXO FD VL DVLJXUH
YLFWRULDVIkULSULQDVHPQDvQ&RYHQDQWXODFFHSWkQGULVFXOGHDYHGHDR




DUPDW SUHVELWHULDQ LQVWDODW OkQJ ]LGXULOH /RQGUHL Q FH SULYHWH FKHVWLXQHD

UHOLJLRDV IFXVH FkWHYD UH]HUYH 6H DQJDMD V UHIRUPH]H ELVHULFD $QJOLHL GXS
SLOGDFHORUPDLEXQHELVHULFLUHIRUPDWHFHHDFHHUDRSURPLVLXQHGHGHPRFUD&LH
SUHVELWHULDQ GDU L GXS FXYkQWXO 'RPQXOXL FHHD FH SHUPLWHD OD ULJRDUH
DXWRUL]DUHDVHFWHORU$OLDQ&DFXVFR&LHQLLLDDGXVSDUODPHQWXOXLvQYLFWRULD
GH OD 0DUVWRQ 0RRU OkQJ <RUN 3\P PXULVH vQDLQWH GH EWOLH L IXVHVH
vQPRUPkQWDWODDED&LDGHOD:HVWUQLQVWHU


9,, &HO PDL EXQ VROGDW GH OD 0DUVWRQ 0RRU D IRVW XQ RP QRX 2OLYHU
&URPZHOOPLFVTXLUHGLQ+XQWLQJGRQYUXOOXL+DPSGHQLFDLHOSXULWDQGLQ
DGROHVFHQ&'DUGDFFUHGLQ&DUHOLJLRDVDOXL&URPZHOOHUDWRWDWkWGHSURIXQG
FD DFHHD D OXL +DPSGHQ HUD vQV PDL SX&LQ VHQLQ 0HODQFROLF SUDG
FRPDUXULORUREXQSDUWHDYLH&LLOXLVHVFXUJHDvQVWULGHFRPXQLXQHPLVWLF
6H OVD vQ YRLD HPR&LLORU PDL PXOW GHFkW XQ HQJOH] RELQXLW LL YHGHDL GHVHRUL
ODFULPL vQ RFKL &kQG HUD YRUED VL DSHUH FUHGLQ&D &URPZHOO SXWHD V ILH GXU
GDU HUD GH R EOkQGH&H QHPUJLQLW ID& GH DFHL ELH&L FUHWLQL FDUH QX FHUHDX
DOWFHYD GHFkW V WULDVF vQ GHSOLQ FXU&HQLH VXIOHWHDVF 'H PXOWH RUL vQ
SUHDMPDXQHLPDULEWOLLVDXDXQHLLPSRUWDQWHKRWUkULDIRVWY]XWIXJLQGGH
RDPHQL vQFKL]kQGXVH XQGHYD FX %LEOLD vQ PkQ L UXJkQGXVH YUHPH
vQGHOXQJDW /LPEDMXO VILQWHL FU&L GHYHQLVH VWLOXO OXL ILUHVF $ WULW vQ &DUD
IHULJLORUSULQ &LQXWXUL POWLQRDVH DSURDSH WRWDD GH SXVWLL FD LDFHOD LQ FDUH
VD IRUPDW 0DKRPHW PSUWHD PRQRWHLVPXO VLPSOLWDWHD GRFWULQHL L YRLQ&D
LPSODFDELO D SURIHWXOXL PXVXOPDQ 'HSXWDW vQ SDUODPHQWXO GLQ DQXO  L
SXULWDQSDVLRQDWODvQFHSXWXOU]ERLXOXLFLYLODUHFUXWDWSULQWUHYHFLQLLVLRPLF
WUXS GH FOUH&L 2WHDQ UHDOLVW UHFXQRVFXVH VXSHULRULWDWHD FDYDOHULHL UHJDOH L
QHFHVLWDWHDvQFD]XOFkQGDUPDWDSDUODPHQWXOXLYRLDVLDVvQYLQJWRDUHGHDR
UHFUXWDGLQWUHVROGD&LLGHYRWD&LFDX]HLLQXGLQWUHPHUFHQDULVDXLQLQHSVWRUL
8Q QXPU PLF GH RDPHQL FLQVWL&L YDORUHD] PDL PXOW GHFkW R PXO&LPH JkQGHD
HO 9RLD XQ EDWDOLRQ VDFUX R WUXS GH RF DQDORJ FX FHL WUHL VXWH DL OXL
*KHGHRQ


9,,,3HQWUXVXIOHWXOFKLQXLWDOOXL2OLYHU&URPZHOODQLLGHU]ERLDXIRVWDQL
GHVWXOGHIHULFL&LQDF&LXQHLDDIODWSDFHDVSLULWXOXL2EVHGDWGHLGHHDGHDFUHD
R DUPDW PRGHO D UHFUXWDW SDLVSUH]HFH HVFDGURDQH vQ WRODO R PLH L R VXW GH
RDPHQL GXS SRIWD LQLPLL VDOH RDPHQL VWUkQV XQL&L LQWUH HL SULQWUR GLVFLSOLQ
FRPXQk R FRPSDQLH VHQVLELO FD XQ LQVWUXPHQW GH PX]LF OD GRULQ&HOH
FRPDQGDQWXOXL HL &URPZHOO QX OH FHUHD V ILH SUHVELWHULHQL L QLFL PFDU
SXULWDQL 6WDWXO FkQG vL DOHJH VOXMEDLL QX VH SUHRFXS GH SUHULOH ORU 'DF
VXQW KRWUk&L VO VOXMHDVF vQ PRG GHYRWDW H GH DMXQV VSXQHD HO /D DOHJHUHD
RIL&HULORUVLQX&LQHDVHDPDGHRULJLQHDORUPLSODFHPDLPXOWXQFSLWDQSURVW
vPEUFDWGDUFDUHWLHSHQWUXFHVHOXSWGHFkWFHHDFHYRLQXPL&LXQJHQWLORPL
FDUH QXL EXQ GH QLPLF DOWFHYD
 7XWXURU OH LPSXQHD FHD PDL VWULFW GLVFLSOLQ
QXQXPDLSHFkPSXOGHEWDLHFLLvQWLPSXORGLKQHLQGHWDDPHQWXOFRDVWHORU
GH ILHU ,URQVLGHV DOH OXL &URPZHOO QX VH MXFDX FU&L QLFL QX VH EHD $VWIHO F
SRSXOD&LDVDWHORUvLSULYHDFXPVRVHVFIUVVHWHDPGHHL&URPZHOOVHGHVIWD
SULYLQGDFHDVWWUXSGLVFLSOLQDW$PRFRPSDQLHvQFkQWWRDUHORYHO\VFULDHO
 GDF D&L FXQRDWHR D&L UHVSHFWDR 2DPHQLL OXL &URPZHOO MRDF vQ DUPDWHOH

$OX]LHELEOLF




SDUODPHQWXOXLUROXOSDUWLGXOXLvQUHJLPXULOHDXWRULWDUHDOHWLPSXOXLQRVWUX


,; &X FkW U]ERLXO GXUD PDL PXOW FX DWkW &DUD VXIHUHD PDL FUkQFHQ L
GHYHQHDPDLQHUEGWRDUH&XFkWHYD]LOHvQDLQWHGHPRDUWH3\PRGLQLRDUDWkW
GH SRSXODU D IRVW KXLGXLW GH IHPHLOH GLQ /RQGUD ([HFXWDUHD OXL /DXG DVDVLQDW
FXIRUPHOHJDOHFDL6WUDIIRUGODL]RODWLPDLPXOWSH&DUROGHSDUODPHQW'DF
QX XUPD R YLFWRULH UDSLG PLOL&LLOH GLQ /RQGUD DU IL VIkULW SULQ D DOXQJD GLQ
:HVWPLQVWHUSHWR&LFHLSHFDUHvLSURWHMDVHUDWkWDYUHPH'DUSHQWUXDRE&LQHR
YLFWRULHSURPSWSDUODPHQWXODYHDQHYRLHGHRDUPDWFDUHVILHvQvQWUHJLPHGH
YDORDUHD FRDVWHORU GH ILHU DOH OXL &URPZHOO &URPZHOO D DYXW FXUDMXO V VSXQ
SDUODPHQWDULORU IU vQFRQMXU F DUPDWD ORU QX YD IL YLFWRULRDV GHFkW vQ ]LXD
FkQGYRUUHQXQ&DVPDLFRPDQGHHLvQLLWUXSHOH(UDQHYRLHGHVROGD&LLQXGH
SROLWLFLHQL0VXUDFHUXWGH&URPZHOOIXYRWDWVXEGHQXPLUHDGH6HLI'HQ\LQJ
2UGLQDQFH/HJHDGHUHQXQ&DUHYROXQWDULIXFUHDWRDUPDWGXSQRXOPRGHO
VXE FRPDQGD OXL VLU 7KRPDV )DLUID[ 3H WLPS GH SDFH )DLUID[ IXVHVH XQ RVWD
OLQLWLW L EkOEkLW GDU DSULJ vQ OXSW L UHVSHFWDW GH WR&L SHQWUX ORLDOLWDWHD VD 'H
DFL vQDLQWH SODWD WUXSHORU DYHD V ILH UHJXODW DUPDPHQWXO RPRJHQ L XQLIRUPD
VWDFRMLH REOLJDWRULH &URPZHOO GHL ORYLW OHJDOPHQWH GH SURSULD VD RUGRQDQ& D
IRVWDXWRUL]DWSULQWURGLVSR]L&LHVSHFLDOVUPkQORFRWHQHQWXOOXL)DLUID[


;1RXOPRGHOUHSXUWDDVXSUDWUXSHORUUHJDOHYLFWRULDGHFLVLYGHOD1DVHE\
vQFDUH&URPZHOOY]XPkQDOXL'XPQH]HXQDQXOXUPWRU)DLUID[SRUQL
vPSRWULYD 2[IRUGXOXL L &DURO WUHEXL V IXJ (UD VIkULWXO UH]LVWHQ&HL UHJDOH Q
]DGDU UHJLQD vL VFULVH V FXPSHUH DOLDQ&D VFR&LDQ FX SUH&XO DEDQGRQULL
DQJOLFDQLVPXOXL HO QX VH SXWHD GHFLGH 6XQW GH GRX RUL PkKQLW SHQWUX IDSWXO
GHDILvQGH]DFRUGFXWLQHGDUVSHUFQDLVPLRLHLvQQXPHGHUXFkQGYHL
vQ&HOHJH ELQH OXFUXULOH FFL WH DVLJXU F QX IDF PDUH GLIHUHQ& vQWUH VXSXQHUHD
ID&GHRJXYHUQDUHSUHVELWHULDQLVXSXQHUHDID&GHELVHULFD5RPHL&kQGOD
DSULOLHDSUVLW2[IRUGXOSULPXOVXJkQGDIRVWVVHGXFOD/RQGUD
1XPLOLSVHWHVSHUDQ&DFYRLSXWHDDWUDJHGHSDUWHDPHDILHSHSUHVELWHULHQLILH
SHLQGHSHQGHQ&LLDVWIHOVVFDSGHXQLLVDXGHDO&LLLVILXGLQQRXUHDOPHQWH
UHJH6FULVRDUHDH[SULPSHGHDQWUHJXOFDUDFWHUXOOXL&DURODPHVWHFXOVXGH
HURLVP L QDLY GXSOLFLWDWH &HL SVD OXL GDFL vQHOD vQ DFHODL WLPS L SH
SUHVELWHULHQLLSHLQGHSHQGHQ&L"LGLVSUH&XLDGHRSRWULYLSHXQLL LSHDO&LLQ
XOWLPDFOLSVDUVJkQGLWLVDGHFLVVVHSUHGHDvQPkLQLOHVFR&LHQLORU




9,,
$50$7$03275,9$3$5/$0(178/8,



 7HQWD&LDGHDDUXQFDRVJHDWODDGUHVDUHJLPXULORUWRWDOLWDUHH[LVWHQWHvQ*HUPDQLDL,WDOLD
OD GDWD UHGDFWULL DFHVWHL OXFUUL vO IDFH SH 0DXURLV V DOXQHFH VSUH R FRPSDUD&LH QHGUHDSW
GHRDUHFH JUXSXO LQGHSHQGHQ&LORU &URPZHOO L QXFOHXO GH DUPDW UHYROX&LRQDU RUJDQL]DW GH HO
UHSUH]HQWDXRIRU&FHH[SULPDLVHUYHDFDX]DSURJUHVXOXLHFRQRPLFVRFLDOLSROLWLFDOSRSRUXOXL
HQJOH]HUDXH[SUHVLLDOHYRLQ&HLLDVSLUD&LLORUPDLPXOWVDXPDLSX&LQFRQWLHQWHDOHPDMRULW&LL
SRSRUXOXL





, &GHUHD 2[IRUGXOXL L IXJD OXL &DURO DGXVHU YLFWRULD SDUODPHQWXOXL 'DU
YLFWRULD PLOLWDU vQWUXQ U]ERL FLYLO H GHSDUWH GH D UH]ROYD WRDWH SUREOHPHOH
vQIUkQJHUHD UHJHOXL IFHD LPSRVLELO GHVSRWLVPXO VXYHUDQXOXL L QX vQJGXLD
GHVSRWLVPXO SDUODPHQWXOXL %DUD UPkQHD UHJDOLVW (D GRUHD vQWRDUFHUHD
YUHPXULORU FkQG VDWHOH QX HUDX LQYDGDWH GH VROGD&L UHOLJLD FXPSOLW D RDPHQLORU
OXL &URPZHOO QXL HUD SH SODF 'HL vQIUkQ&L PXO&L GLQWUH SDUWL]DQLL OXL &DURO
DWHSWDXFXvQFUHGHUHPRPHQWXOvQFDUH$QJOLDvLYDUHJVLEXQHOHRELFHLXULGH
DOWGDW YHVHOLD GH DOWGDW L ILUHD EXQ GH DOWGDW 7RWXL FKLDU vQ RFKLL
FDYDOHULORULDFHORUQHXWULDUPDWDGXSPRGHOXOQRXUHSUH]HQWDRUGLQHD'DF
GXSFHDLHLWYLFWRULRDVDUILDUWDWRDUHFDUHPRGHUD&LHDUILIRVWvQWkPSLQDW
FXXQDVHQWLPHQWDSURDSHXQDQLP'LQQHIHULFLUHHDDWHSWDFDWULXPIXOVDGXF
RHUQRX$UPDWDHUDIRUPDWvQPDMRULWDWHGLQLQGHSHQGHQ&LLVHFWDULRDPHQL
SDVLRQD&L LQVSLUD&L ILHFDUH ILLQG XQ SUHGLFDWRU L XQ SURIHW WR&L GHPRFUD&L FDUH
GXS FH LDX GDW SHVWH FDS SH FDYDOHULL UHJDOLVWL vQ OXSWH QX PDL UHVSHFWDX
LHUDUKLD ED]DW SH QDWHUH Q RFKLL RIL&HULORU OXL &URPZHOO ORU]LL HQJOH]L HUDX
FRORQHLL OXL :LOOLDP &XFHULWRUXO EDURQLL  PDLRULL VL LDU FDYDOHULL  FSLWDQLL
DFHVWXLD L FH HUD SDUODPHQWXO IU DUPDW" &H DXWRULWDWH DYHD HO FD V SRDW
LPSXQH R QRX ELVHULF VROGD&LORU vQYLQJWRUL FDUH FHUHDX OLEHUWDWHD FUHGLQ&HL L
FDUH QX HUDX GLVSXL V DFFHSWH QLFL SUHVELWHULDQLVPXO :HVWPLQVWHUXOXL L QLFL
DQJOLFDQLVPXO:KLWHKDOOXOXL"


,, QFRO&LW vQWUH XQ SRSRU FRQVHUYDWRU L R DUPDW UDGLFDO SDUODPHQWXO QX
vQ&HOHJHDQLFLSRSRUXOQLFLDUPDWD&DRULFHDGXQDUHFDUHUPkQHSUHDPXOWWLPS
OD SXWHUH WLQGHD V GHYLQ R DXWRFUD&LH FROHFWLY Q RUJROLXO VX QHEXQHVF
SDUODPHQWXOVHFUHGHDGHVWXOGHSXWHUQLFFDVSULJRQHDVFvQDFHODLWLPSLSH
DQJOLFDQLLSHLQGHSHQGHQ&L3HJHQWLORPLLFDYDOHULvLD&k&DvQPRGVWkQJDFLvPSR
WULYD QRLL ELVHULFL SUHVELWHULHQH DPHQLQ&kQGXL vQ EXQXULOH ORU LDU SH VROGD&LL
FDSHWH URWXQGH DPHQLQ&kQGXL vQ VROGD ORU Q OLSVD OXL 3\P L D OXL +DPSGHQ
SDUODPHQWXOFHOOXQJvLSLHUGXVHRFDOLWDWHIUGHFDUHQLPHQLQXSRDWHJXYHUQD
LFDUHVHQXPHWHVLP&XOSRVLELOXOXL$vQFHUFDWPDLvQWkLVWUDWH]HFXUHJHOHSH
FDUH VFR&LHQLL RERVL&L GH FHDUWD GLQWUH HQJOH]L vO SUHGDVHU SDUODPHQWXOXL ,D
IFXW OXL &DURO SUL]RQLHUXO VX QRXVSUH]HFH SURSXQHUL GUHSW FRQGL&LL GH SDFH
WUHEXLD V DFFHSWH &RYHQDQWXO V GHVILLQ&H]H HSLVFRSDWXO V FHGH]H
SDUODPHQWXOXLSHWLPSGHGRX]HFLGHDQLDXWRULWDWHDVXSUHPDVXSUDDUPDWHLL
DPDULQHLVvQJGXLHSDUODPHQWXOXLVQXPHDVFSHPDULLGHPQLWDULDLVWDWXOXL
L V FRQVLPW OD SURVFULHUHD XQXL PDUH QXPU GH UHJDOLVWL &DURO QX VH FUHGHD
REOLJDW V MRDFH FX FDU&LOH SH ID& FX QLWH UHEHOL (, QLFL QX UHIX] QLFL QX
DFFHSWLFRQWLQXVQHJRFLH]HFX)UDQ&DFX6FR&LDFXSUH]ELWHULHQLLvPSRWULYD
LQGHSHQGHQ&LORUFXLQGHSHQGHQ&LLvPSRWULYDSUHVELWHULHQLORU


,,, 3DUODPHQWXO FD V IL SXWXW vQFKHLD XQ WUDWDW YDODELO DU IL WUHEXLW V
GLVSXQ GH SXWHUHD UHDO 2U SXWHUHD QR DYHD GHFkW DUPDWD 7UHL]HFL GH PLL GH
RDPHQLVXERUGLQHOHOXL)DLUID[L&URPZHOOVHvQWUHEDXFXQHOLQLWHFHVRDUWvL
DWHDSW 'RULQ&D SDUODPHQWXOXL HUD D GH DL OVD FkW PDL UHSHGH OD YDWU
SVWUkQG QXPDL WUXSHOH QHFHVDUH SHQWUX VHUYLFLLOH GH JDUQL]RDQ L SHQWUX R
FDPSDQLH vQ ,UODQGD SH FDUHGH]RUGLQHOH GLQ DFHD&DU R IFHDX GLQ FH vQ FHPDL
QHFHVDUEVLSVWUH]HSHRIL&HULLSUHVELWHULHQLLVLHOLEHUH]HSHLQGHSHQGHQ&L
FDUHL SUHDX VXVSHF&L F V QX SOWHDVF UHVWDQ&HOH GH VROG &URPZHOO
SDUODPHQWDULVROGDWvQDFHODLWLPSGDUPDLPXOWVROGDWGHFkWSDUODPHQWDUHUD




IRDUWH QHOLQLWLW GH XUD SH FDUH R YHGHD FUHVFkQG OD :HVWPLQVWHU vPSRWULYD
DUPDWHL(OQXvQ&HOHJHDFXPSDUODPHQWXOSRDWHUHIX]DvQYLQJWRULORUGUHSWXOGHD
IL FUHWLQL vQ IHOXO vQ FDUH vQ&HOHJHD ILHFDUH FkQG HL OXSWDVHU WRFPDL vQ VFRSXO
RE&LQHULL DFHVWXL GUHSW 7XOEXUDW VIkLDW VXIOHWHWH QHIHULFLW vL OXDVH GUHSW
FRQILGHQ&L GRL EUED&L PDL WLQHUL SH 9DQH L SH SURSULXO VX JLQHUH ,UHWRQ
UHYROWD&L DPkQGRL FD L GkQVXO GH LQJUDWLWXGLQHD SDUODPHQWDULORU SUHVELWHULHQL
7RWXL LGHHD GH D ULGLFD DUPDWD vPSRWULYD SDUODPHQWXOXL QXL WUHFXVH QLFLRGDW
SkQ DWXQFL SULQ FDS OXL &URPZHOO FDUH DYHD R VLQFHU UHSXOVLH ID& GH U]ERLXO
FLYLOLGHRULFHGLFWDWXUPLOLWDU


,9 Q YUHPHD DFHHD QHPXO&XPLUHD DUPDWHL FUHWHD vQ UHJLPHQWH VH IRUPDX
FRPLWHWHGHVROGD&L3DUODPHQWXOWULPLVHSDWUXGLQWUHPHPEULLVLSULQWUHFDUHSH
&URPZHOO L SH ,UHWRQ SHQWUX D WUDWD FX QHPXO&XPL&LL 3RDWH F &URPZHOO DU IL
UHXLW V UHVWDELOHDVF RUGLQHD GDF vQ WLPSXO QHJRFLHULORU QDU IL DIODW F
SDUODPHQWDULL VH IFHDX QXPDL F DVFXOW SOkQJHULOH DUPDWHL SUHJWLQGXVH VR
DWDFH3DUODPHQWXOvLvQDUPDSHORFXLWRULvQILLQ&DOD/RQGUDPLOL&LLSUHVELWHULHQHvL
FKHPD vQ DMXWRU SH VFR&LHQL L SURSXQHD UHJHOXL VL UHGHD WURQXO GDF DFFHSW
SUHVELWHULDQLVPXOSHRSHULRDGGHWUHLDQL6ROGD&LLOXDUKRWUkUHDVQXLODVH
SDUODPHQWXOXLDWXXOGHDODYHDSHUHJHvQPLQ6WHJDUXO-R\FHSOHFFXFOUH&LL
VLOD+ROPE\XQGHVHDIODUHJHOHLOUXJSH&DUROVOXUPH]H5HJHOHvLFHUXV
YDGRUGLQXOGHDUHVWDUH-R\FHvLDUWSHFOUH&LLGLQVSDWHOHVX(XQRUGLQ
IRDUWHIUXPRVVSXVHUHJHOHLDWkWGHELQHVFULVFXPQDPPDLY]XWvQYLD&D
PHD R FRPSDQLH GH JHQWOHPHQL IUXPRL L FRUHF&L 5HJHOH FDUH SUHD IRDUWH
IHULFLW SOHF vPSUHXQ FX -R\FH OD 1HZPDUNHW 9]kQG F GXPDQLL vL GLVSXW
SHUVRDQD OXL FUH]X F D VRVLW PRPHQWXO UHYDQHL &kQG SDUODPHQWXO SURSXVH
DUPDWHL VR ODVH OD YDWU SOWLQGXL VROGD SH RSW ]LOH FHHD FH HUD R EDWMRFXU
&URPZHOO VH KRWUv V SUVHDVF /RQGUD L V VH DOWXUH VROGD&LORU (UD JDWD
DFXP V VH VHUYHDVF GH DUPDW SHQWUX D GHMXFD LQWULJLOH SDUODPHQWDULORU
&RPSRUWDUHD OXL HUD FRQWUDU LGHLORU SH FDUH OH H[SULPDVH DGHVHD GDU XQHRUL
FRQVWLWXLH XQ DFW GH vQ&HOHSFLXQH GLQ SDUWHD XQXL RP DO RUGLQLL V VH SXQ vQ
IUXQWHDXQHLPLFULSHFDUHRVRFRWHWHSHULFXORDV0DLELQHVRFRQGXFLGHFkW
VLWHVXSXL)UvQGRLDO&URPZHOOVHWHPHDPDLSX&LQGHUHDF&LLOHXQHLDUPDWH
GLVFLSOLQDWHLFRPDQGDWHGHHOGHFkWGHFRQYXOVLLOHXQHLUHYROWHDQDUKLFH


96XEFRPDQGDOXL&URPZHOOGRX]HFLGHPLLGHRDPHQLVHvQGUHSWDUVSUH
RUD GRX]HFL GH PLL GH RDPHQL FDUH vQDLQWH GH D VH SXQH vQ PLFDUH VH
UXJDVHU vQGHOXQJ 'RPQXOXL GRX]HFL GH PLL GH RDPHQL FDUH HUDX GH DFRUG FX
RIL&HULL ORU FD V FHDU GUHSWDWH 2 VFULVRDUH UHGDFWDW GH &URPZHOO IX DGUHVDW
ORUGXOXLSULPDU DO /RQGUHL FDUH DU IL SXWXW RSXQH UH]LVWHQ& &URPZHOO FHUHD vQ
DFHD VFULVRDUH OLEHUWDWHD SHQWUX VROGD&LL VL GH DL SUDFWLFD ILHFDUH UHOLJLD OXL
6FULVRDUHDFLWLWvQ&DPHUD&RPXQHORUIXDVFXOWDWFXWHDPLUHVSHFW8UPR
GHFODUD&LH D DUPDWHL UHGDFWDW GH ,UHWRQ 0DQLIHVWXO VSXQHD F SRSRUXO HVWH
L]YRUXO RULFUHL SXWHUL F R ROLJDUKLH DOHDV SRDWH GHYHQL WRW DWkW GH SHULFXORDV
FD L XQ PRQDUK WLUDQLF GDF SUHWLQGH V ILH DEVROXWLVW L F SHQWUX DFHVWH
PRWLYHDUPDWDFHUHDFDSDUODPHQWXOVILHFXU&DWGHXQVSUH]HFHPHPEULSHFDUH
VROGD&LLvLVRFRWHDXLQGH]LUDELOL3DUODPHQWXOUHIX]DUPDWDVHDSURSLHGH/RQGUD
FkQGIXGHVWXOGHDSURDSHFHLXQVSUH]HFHPHPEULIXJLU$JLWDWRULLPLOLWDULYRLDX
V vQGUHSWH DUPDWD VSUH :HVWPLQVWHU GDU &URPZHOO SUHIHU V QHJRFLH]H 9RP
HYLWDDVWIHOJUDYDRELHF&LHVSXQHDHOFDPRE&LQXWDVHQWLPHQWXOSDUODPHQWXOXL




SULQ IRU& 3DUODPHQWXO DXWRUL] DUPDWD V LQWUH vQ /RQGUD L )DLUID[ IX QXPLW
FRQHWDELOXO 7XUQXOXL 'XS FkWHYD ]LOH FHDUWD GLQWUH SDUODPHQWDUL L VROGD&L
GHYHQL PDL DVFX&LW FD QLFLRGDW 2DPHQLL DFHWLD QDX V SOHFH QLFLRGDW GDF
DUPDWDQDUHVLVFRDWGHXUHFKLVSXVH&URPZHOO


9,&URPZHOODYHDVSLULWXOOHQWYLJXURVLVLPSOXvQWLQHUH&HDVDDYXVHVHXQ
FXOWSHQWUXSDUODPHQWGDUvLSLHUGXVHvQFUHGHUHDvQDFHDVWLQVWLWX&LHvQFHUFV
FDG OD vQYRLDO FX UHJHOH /D XUPD XUPHL &DURO QX SUHD F FHUH L HO FD L
DUPDWD WROHUDQ& SHQWUX WR&L FUHWLQLL" 1X DU DMXQJH RDUH SHQWUX DO IDFH
LQRIHQVLYGHDFXPvQDLQWHVLVHOLPLWH]HSXWHUHD"&URPZHOOL,UHWRQUHGDFWDU
SURSXQHUL vQ DFHVW VFRS SURSXQHUL FDUH GDF DU IL IRVW DFFHSWDWH GH UHJH DU IL
LQVWDODW vQ $QJOLD PRQDUKLD FRQVWLWX&LRQDO 'DU &DURO LJQRUkQG FX WRWXO
UHDOLW&LOHQXVHDUWDGLVSXVVWUDWH]H1DYHDQLFLUHPXFULQLFLvQJULMRUDUH
L LQVWDODVH FXUWHD OD +DPSWRQ &RXUW XQGH SULPHD FX DGPLUDELOD VD GHPQLWDWH
SH HILL DUPDWHL SH VR&LLOH L ILLFHOH ORU )JGXLQGXL OXL &URPZHOO 2UGLQXO
-DUHWLHUHLLUH]HUYkQGXLGDFVDUILLYLWSULOHMXORIXQLHGHFkQHSFRQWLQXDV
VH FUHDG LQGLVSHQVDELO L V XQHOWHDVF FX WRDWH SDUWLGHOH -RFXO DFHVWD GHD
HFKLOLEULVWLFDHUDSHULFXORVvLGHVFXUDMDSHSULHWHQLLUHJHOXLQDUPDWVHIRUPDR
SDUWLG QRX DFHHD D OHYHOOHULORU $&k&D&L GH XQ SDPIOHWDU SXULWDQ -RKQ
/LOEXUQH OHYHOOHULL VDX QLYHODWRULL UVSkQGHDX R GRFWULQ UHSXEOLFDQ 6LQJXUD
SXWHUHILUHDVFYHQHDGHODSRSRUPRQDUKLDL&DPHUD/RU]LORUHUDXH[FUHVFHQ&H
LQXWLOH JXYHUQDUHD WUHEXLD V FRQVWHD GLQWUR VLQJXU &DPHU DOHDV SULQ YRW
XQLYHUVDOWRWXODPHVWHFDWFXQHQXPUDWHFLWDWHELEOLFH


9,, %XQ YRUELWRU YLROHQW FUHGXO U]EXQWRU /LOEXUQH HUD GLQWUH DFHL
RDPHQLFDUHWLXVVHIDFDVFXOWD&LGHPDVHLSHFDUHOHGXFODGH]DVWUX(O
VHORYHDvQSHUVRDQDOXL)DL[ID[LDOXL&URPZHOOGHQLWHHILFDSDELOLVDSHUH
FX IRU&D R SR]L&LH GH PLMORF L UH]RQDELO 'UHSWXULOH QDWXUDOH DOH RPXOXL
DEVWUDF&LLOH DFHVWHD QX SXWHDX LPSUHVLRQD LQWHOLJHQ&D VLPSO L YLJXURDV D OXL
&URUQZHOO &D V SRDW FUHGH L vQ&HOHJH HO DYHD QHYRLH V DLE vQ ID&D RFKLORU R
LQVWLWX&LH UHDO DD VH H[SOLF VWUGDQLD VD GH D WUDWD FX UHJHOH 'DU &DURO DYHD
VOGHVFXUDMH]HLSH&URPZHOODDFXPLDDGXVODGHVSHUDUHSHWR&LFHLFDUHvL
VSULMLQLVHU FDX]D /D  QRLHPEULH  GLVSUX GLQ +DPSLRQ &RXUW 6ROGD&LL
FDUH HUDX GH JDUG vL JVLU PDQWLD SH FXORDU L QLWH VFULVRUL SH PDV UHJHOH
IXJLVHvQWURDPEDUFD&LXQHSH7DPLVD3X&LQPDLWkU]LXVDDIODWFVHRSULVHSH
LQVXOD :LJKW )XJD DFHDVWD WUH]L QHvQFUHGHUHD QLYHODWRULORU vQ &URPZHOO /D 
QRLHPEULHDYXUORFFkWHYDU]PHUL&HvQVkQXOUHJLPHQWHORULDUXQLLRVWDLLQWUDU
vQIURQWFXSDPIOHWXOOXL/LOEXUQH$FRUGXOSRSRUXOXLvQILSWvQSOULL&URPZHOO
vLWUDVHVDELDVHUHSH]LODUHEHOLLSRUXQFLXQRURDPHQLVLJXULGHDLVLVLDUHV
WH]H7R&LFHLODO&LQXPDLvQGU]QLUQLFLVVHPLWH7UHLGLQWUHUHEHOLIXUWULPLL
vQID&D&XU&LLPDU&LDOHXQXOGLQWUHHLDVXSUDFUXLDF]XUVRU&LLIXvPSXFDWOD
RUGLQXOOXL&URPZHOO5HEHOLXQHDIXVHVHvQYLQV

'HODWROHYHODHJDOL]DDQLYHODvQOLPEDHQJOH]

*HQHUDOL]DUHJUDWXLW1XRULFHRPFDUHWLHDVHIDFHDVFXOWDWGHPDVHOHGXFHODGH]DVWUX,DU
GHVSUH /LOEXUQH FKLDU GDF QD UHXLW V LPSXQ SURJUDPXO VX L DO SDUWLGHL OHYHOOHUH QX VH
SRDWHVSXQHFDGXVODGH]DVWUXPDVHOHSRSRUXOXLHQJOH]0RGXOQFDUHVDVWDWRUQLFLWvQ$QJOLD
UHJLPXOSRVWUHYROX&LRQDUDvQVHPQDWHYLGHQWRUHDOL]DUHOLPLWDWDDVSLUD&LLORUPDVHORUGDUQXXQ
GH]DVWUXSHQWUXHOH






9,,,&DUROIXJLVHGHWHPQLFLHULLOXLSHQWUXDGDSHVWHXQDOWXO&UH]XVHFOD
FDVWHOXO &DULVEURRNH YD JVL XQ UHIXJLX L GGX SHVWH R vQFKLVRDUH 0DL GXFHD
FRUHVSRQGHQ& FX UHJHOH )UDQ&HL FX VFR&LHQLL GDU QX FX &URPZHOO FDUHL
SLHUGXVHvQFUHGHUHDvQHO2VFULVRDUHFWUHUHJLQFDUHDIRVWLQWHUFHSWDWUHYHOD
F UHJHOH &DURO vQFHUFD GLQ QRX V DGXF R DUPDW VFR&LDQ vQ $QJOLD Q ID&D
SHULFROXOXL XQHL LQVXUHF&LL UHJDOLVWH VSULMLQLW GH VFR&LHQL SDUODPHQWXO L DUPDWD
VHDOLDUQDFHVWDOGRLOHDU]ERLFLYLO&URPZHOOUHSXUWRYLFWRULHUDSLG
L FRPSOHW L vQ DFHVW WULXPI DO VX HO Y]X PkQD 'RPQXOXL 'DF 'XPQH]HX
VDIRORVLWGHDUPDWDOXL&URPZHOOSHQWUXDORYLvQWUXSHOHUHJHOXLQXHUDRDUHXQ
VHPQF(ODDOHVDUPDWDLSH&URPZHOOFDVGRERDUHRSXWHUHRGLQLRDUVDFU"
7RWXL SDUODPHQWXO HOLEHUDW GH RULFH WHDP GXS YLFWRULH QHJRFLD FX &DURO
VRFRWLQGXO GH DFL vQDLQWH LQRIHQVLY 5HJHOH DFFHSW FHD PDL PDUH SDUWH GLQ FRQ
GL&LLOHSUHVELWHULHQLORUIHUPKRWUkWVQXOHUHVSHFWH


,; 6LWXD&LD LQGHSHQGHQ&LORU L D DUPDWHL GHYHQHD SHULFXORDV *URVXO
QD&LXQLL QX DWHSWD GHFkW XQ VHPQ GH VOELFLXQH SHQWUX D VH vQWRDUFH vPSRWULYD
ORU /RQGUD L]YRUXO SULQFLSDO DO YHQLWXULORU VWDWXOXL L SDUODPHQWXO VLQJXUD
SXWHUHOHJDOOHHUDXRVWLOHQLYHODWRULORUQXOHWUHFXVHIXULD0XO&LRIL&HULSXULWDQL
vQFHSHDXVVSXQFQXHUDSRVLELORSDFHYHULWDELODWkWDWLPSFLW&DURO6WXDUW
DFHVW RP FUXG QX YD IL vQOWXUDW 'DU )DLUID[ UPkQHD ORLDOLVW L &URPZHOO
vQVXLRYLDVHUXJDSOkQJHD&DUHHUDYRLD'RPQXOXL"&DUHHUDGDWRULDOXL"&H
V VH IDF FX UHJHOH" 6O DGXF OD /RQGUD FD vQYLQJWRU" 1X LDU IL FUX&DW
DGYHUVDULL6O&LQSUL]RQLHUvQLQVXOD:LJKW"1DUILvQFHWDWV&HVHLQWULJL6O
H[HFXWH"$UILVSURYRDFHSRDWHRLQYD]LHDIUDQFH]LORULDVFR&LHQLORU2ULFHDUIL
IRVWWUHEXLDVDF&LRQH]HVDXVSLDU$UPDWDSRUQLvPSRWULYDSDUODPHQWXOXL/D
 GHFHPEULH  FRORQHOXO 3ULGH L PXFKHWDULL VL VH SRVWDU OD LQWUDUHD vQ
SDUODPHQW FX R OLVW vQ PkQ L DUHVWDU SH VXVSHF&L $FHVWD H VXVSHFW QX
SRDWH V LQWUH WULPL&kQG SDWUX]HFL GLQWUH FHL PDL SHULFXORL vQWUR WDYHUQ
GHQXPLW,QIHUQXOLQXOVDUOD:HVWPLQVWHUGHFkWFLQFL]HFLGHRDPHQLGHDL
ORU'HDFLvQDLQWHHUDVLJXUFDFHDVWUPL&GHSDUODPHQWYDYRWDWRWFHLYRU
FHUH HILL DUPDWHL 0DL UPkQHD UHJHOH &URPZHOO YHGHD OLPSHGH F GDFO
VDFULILFSH&DURO6WXDUWPRDUWHDOXLYDFUHDRSUSDVWLHvQWUHDUPDWLQD&LXQH
'HDOWPLQWHULSULQ&XOGH:DOHVDIODWvQ)UDQ&DHUDJDWDVVHGHFODUHSUHWHQGHQW
OHJLWLP OD WURQ DVWIHO F PRDUWHD OXL &DURO , QLFL QX LDU IL GHVFXUDMDW PFDU SH
UHJDOLWL7RWXL&URPZHOOHUDVLJXUFDWkWDWLPSFkWYDWULDFHVWSURYRFDWRUGH
]k]DQLLQXYDILSRVLELOSDFHDvQ,VUDHO


; &URPZHOO OX R KRWUkUH VXELW SH FDUH R DWULEXL FD vQWRWGHDXQD XQHL
LQVSLUD&LL GLYLQH /D  LDQXDULH  VH GHVFKLVH SURFHVXO UHJHOXL $FX]DUHD
VSXQHD &DURO 6WXDUW UHJH DO $QJOLHL SULPLQG R SXWHUH OLPLWDW DFHHD GH D
JXYHUQDvQED]DLFRQIRUPOHJLORUUHJDWXOXLLQXDOWPLQWUHOHDvQPRGPLHOHVF
L FX UHDYRLQ& D GHFODUDW U]ERL SDUODPHQWXOXL L FD SURYRFDWRU DO DFHVWXL
U]ERLVDIFXWYLQRYDWGHWRDWHWUGULOHRPRUXULOHLMDIXULOHFRPLVHvQWLPSXO
]LVXOXL U]ERL (UD R LQFXOSDUH IU YDORDUH OHJDO $ YUHD V WLX  D vQWUHEDW
&DURO GH FH DQXPH DXWRULWDWH YUHDX V VSXQ OHJDO DP IRVW DGXV DLFL" ([LVW
PXOWH DXWRULW&L LOHJDOH vQFHSkQG FX ERUIDLL L WHUPLQkQG FX WkOKDULL GH GUXPXO


$OX]LHELEOLFvQWUHJOLPEDMXOSROLWLFDOSXULWDQLORUDEXQGvQDVHPHQHDPDQLHUGHH[SULPDUH



PDUH &kQG YRL WL FDUH HVWH DXWRULWDWHD YRDVWU OHJDO DWXQFL Y YRL UVSXQGH
$PLQWL&LYFVXQWUHJHOHYRVWUXUHJHOHYRVWUXOHJDO*kQGL&LYODSFDWHOHFDUH
VDX VWUkQV DVXSUD FDSHWHORU YRDVWUH L OD MXGHFDWD 'RPQXOXL DVXSUD &ULL
DFHVWHLD*kQGL&LYELQHYVSXQ*kQGL&LYODFHYVSXQvQDLQWHGHDWUHFHGH
ODXQSFDWODXQSFDWLPDLPDUH1LPLFPDLHQJOH]HVFGHFkWDFHDVWPDQLHU
GHDUHSHWDvQPRGVWUXLWRUFXYkQWXOOHJDO0XOWYUHPHGXSPRDUWHDOXL&DURO
WRWLGHHDGHOHJDOLWDWHvOYDDGXFHSHILXOVXSHWURQ1DPOXDWQLFLRGDWDUPHOH
PDLDGXJHOvPSRWULYDSRSRUXOXLFLSHQWUXOHJH&RQGDPQDWODPRDUWHLD
VFULV SULQ&XOXL GH :DOHV R VFULVRDUH SOLQ GH QREOH&H vQ FDUHO VIWXLD V ILH PDL
FXUkQGEXQGHFkWPDUHLVVHGRYHGHDVFVWDWRUQLFLFUHGLQFLRVvQPDWHULHGH
UHOLJLH &FL DP REVHUYDW  VSXQHD HO vQWUR OLPE H[FHOHQW  F GHPRQXO
U]YUWLULL VH VFKLPE EXFXURV vQWUXQ vQJHU DO UHIRUPHL 3kQ L SH HDIRG FX
FkWHYDPLQXWHvQDLQWHGHPRDUWHDUHSHWDWFXRDGPLUDELOFODULWDWHLGHLOHSROLWLFH
SHQWUXFDUHSLHUHD&kWGHVSUHSRSRUVSXQHDHOGRUHVFOLEHUWDWHDVDWRWDWkW
FkW RULFDUH DOWXO GDU WUHEXLH V Y GHFODU F OLEHUWDWHD FRQVW vQ D DYHD XQ
JXYHUQPkQWOHJLPXO&XPLWFURUDYLD&DSRSRUXOXLLEXQXULOHVDOHVSRDWIL
QXPLWH DOH VDOH (D QX vQVHDPQ FD SRSRUXO V H[HUFLWH HO vQVXL JXYHUQDUHD
$FHDVWD QXL DSDU&LQH vQWUX QLPLF 8Q VXSXV L XQ VXYHUDQ VXQW ILLQ&H vQ PRG
HYLGHQWGLIHULWH$FHVWDDIRVWvQIRQGWRWSURFHVXO6HQWLQ&DSUHDDOFRQWUD]LFH
SHUHJH'DUvQVHFROXOXUPWRU%ROLQJEURNHDYHDVUHLDWH]DOXL&DURO6WXDUW




9,,,
&520:(///$387(5(


, &URPZHOO UPL&D GH SDUODPHQW L DUPDWD UPDVHU vQ IUXQWHD XQHL
$QJOLL RVWLOH L LQGLJQDWH SH FDUH WUHEXLDX WRWXL VR JXYHUQH]H Q DFHDVW &DU
OHJDOLVWQXPDLH[LVWDQLFLRSXWHUHOHJDO-XGHFkQGXOSH&DURO,SDUODPHQWXO
DILUPDVH &RPXQHOH $QJOLHL DGXQDWH vQ SDUODPHQW DOHVH GH SRSRU L
UHSUH]HQWkQGXOFRQVWLWXLHIRU&DVXSUHPLWRWFHKRWUVFHOHDUHSXWHUHGHOHJH
FKLDULIUFRQVLP&PkQWXOORU]LORULDOUHJHOXL'DUDFHDVWILF&LXQHQXvQHOD
SHQLPHQLQFHPVXUUPL&HOHXQXLSDUODPHQWYHFKLGHQRXDQLDOHVHQX
GH SRSRU FL GH VROGD&L UHSUH]HQWDX QD&LXQHD" 2DPHQLL DFHWLD VH DIODX OD
:HVWPLQVWHUSHQWUXFLDPHQ&LQXWDUPDWDSRSRUXOXUDDUPDWDLDUDUPDWDGLV
SUH&XLD SDUODPHQWXO 1LPLF PDL WULVW GHFkW VSHFWDFROXO XQHL &UL FDUH VXSRUW GH
WHDP XQ JXYHUQ GHWHVWDW ,QGHSHQGHQ&LL L &URPZHOO UHSHWDX IU vQFHWDUH F
IXVHVHU DOHL GH 'RPQXO VD VSXV F QLFL XQ DOW PRG GH DOHJHUH QX OHDU IL
SHUPLVVUHSUH]LQWH$QJOLD


,,QPDUWLHUPL&DGHSDUODPHQWDEROL&DPHUD/RU]LORULIXQF&LDUHJHOXL
FDLQXWLOHDSVWRDUHLSHULFXORDVHSHQWUXOLEHUWDWHDSRSRUXOXL$QJOLDWUHEXLD
VILHvQYLLWRUXQ&RPPRQZHDOWKRUHSXEOLF'DUSHQWUXFDDFHVWFXYkQWVDLE
RDUHFDUHVHQVDUILWUHEXLWVVHIDFDOHJHULLLQGHSHQGHQ&LLQXOHSXWHDXIDFH
5HJDOLWLL L SUHVELWHULHQLL VDU IL XQLW FD VL DOXQJH &RQGDPQD&L V PHQ&LQ R
GLFWDWXU PLOLWDU FX WRWXO FRQWUDU SULQFLSLLORU ORU UHSXEOLFDQLL DFHWLD VH
MXVWLILFDXLQYRFkQG%LEOLD)LLFDOXL)DUDRQJVLQGOHDJQXOOXL0RLVHSRUXQFLV
ILHFXWDWPDPDSHQWUXDFUHWHFRSLOXO1RXDUHSXEOLFWUHEXLDHGLILFDWSkQ




YD DMXQJH OD YkUVWD DGXOW GH DFHL FDUH DX DGXVR SH OXPH (UDX GH DOWIHO vQ
VWDUHVVHIDFGDFQXLXEL&LFHOSX&LQDVFXOWD&L&URPZHOODOFWXLXQ&RQVLOLX
GH VWDW vQ FDUH LQWUDU Fk&LYD VTXLUHV DYRFD&L RWHQL L FDUH DGPLQLVWUD vQWUXQ
PRG HILFDFH ILQDQ&HOH DUPDWD L PDULQD $PEDVDGRUXO OXL 0D]DULQ GHL RVWLO
DFHVWRUUHJLFL]LUHFXQRWHDvQVFULVRULOHRILFLDOHFRPSHWHQ&DORU6XQWHFRQRPLvQ
DIDFHULOHORUSDUWLFXODUHLGDUQLFLvQFHSULYHWHGHYRWDPHQWXOORUID&GHDIDFHULOH
SXEOLFH SHQWUX FDUH ILHFDUH PXQFHWH SH EUkQFL SDUF DU IL YRUED GH SURSULLOH
VDOHLQWHUHVH,DUvQILLQ&DOXL&URPZHOOvQVXLFRH[LVWDDPHVWHFIRDUWHHQJOH]XQ
UHDOLVPSUXGHQWvPSUHXQFXSDWLPLOHFHOHPDLYLROHQWH


,,, 2 GLFWDWXU PLOLWDU QX HVWH SRVLELO GHFkW GDF GLFWDWRUXO DUH FHO SX&LQ
VSULMLQXO DUPDWHL 2U DUPDWD FDUH FUH]XVH F IDFH R UHYROX&LH GHPRFUDWLF VH
VXSUDVH UHSHGH Y]kQG F DGXVHVH OD SXWHUH R ROLJDUKLH &RQGXFWRULL VL
DOFWXLVHU R FRQVWLWX&LH UHSXEOLFDQ 7KH $JUHHPHQW RI WKH 3HRSOH DOHJHUL OD
ILHFDUH GRL DQL VXIUDJLX DSURDSH XQLYHUVDO OLEHUWDWHD FRQWLLQ&HL 5PL&D GH
SDUODPHQW SULPLVH GRFXPHQWXO FX WRDW FXUWRD]LD GDWRUDW XQRU FHW&HQL ELQH
vQDUPD&LLDSRLQLFLQXOOXvQVHDP&XUkQGRVWLOLWDWHDID&GHJXYHUQGHYHQL
DSURDSH XQDQLP 5HJDOLWLL VH VLP&HDX vQF QHSXWLQFLRL GDU VSHUDX vQWUR
JUDEQLF UHYDQ 3UHVELWHULHQLL FRQVLGHUDX SDUODPHQWXO HUHWLF Q IUXQWHD
QLYHODWRULORUGHPDJRJXO/LOEXUQHYHQLFXOQHPXO&XPLWSRUQLVVHU]ERLDVFFX
QRXDFkUPXLUH&kQG-RKQ/LOEXUQHPXULFLQHYDvLFRPSXVHXQHSLWDIvQFDUHVH
VSXQHD F GDF SH OXPHD FHDODOW -RKQ vO YD vQWkOQL SH /LOEXUQH FHOH GRX
MXPW&L VH YRU OXD OD FHDUW 'DU DFHVW SDPIOHWDU LQVXSRUWDELO SOFHD PDVHORU
FDUH vO QXPHDX FLQVWLWXO OLEHUXO -RKQ 2ULFH UHYROX&LH DGXFH OD VXSUDID& GRX
WLSXULGHRDPHQLFHLFDUHVXQWFRQGXFWRULGLQQDWHUHLFHLFDUHVXQWUHEHOLGLQ
QDWHUH &URPZHOO DSDU&LQHD SULPHL FDWHJRULL /LOEXUQH FHOHL GHD GRXD 2U
JXYHUQDUHD HVWH R PHVHULH FDUHL DUH H[LJHQ&HOH HL FRQVWDQWH QRLL VWSkQL
MXVWLILFDFHVWHH[LJHQ&HSULQSULQFLSLLRULJLQDOHGDUOLVHVXSXQFDLFHLGLQDLQWHD
ORU&URPZHOOvQWRFPDLFDRGLQLRDU&DURO,SRUXQFLVILHDUHVWDW-RKQ/LOEXUQH
$FHVWD UHIX] V VH GHVFRSHUH vQ ID&D &RQVLOLXOXL GH VWDW FDUH VSXQHD HO  QX
DYHD PDL PXOW DXWRULWDWH OHJDO GHFkW HO vQVXL 1LFL XQ MXULX QX YRL VO
FRQGDPQH/RQGUDHUDDFXPWRWDWkWGHRVWLO5XPSXOXLFDRGLQLRDUUHJHOXL
&kQG JXYHUQXO 5HSXEOLFLL SRUXQFL H[HFXWDUHD XQXL U]YUWLW vQ ID&D FDWHGUDOHL
6IkQWXO3DXOWR&LRUHQLLGLQ/RQGUDDUERUDUSDQJOLFDYHUGHDQLYHODWRULORU


,9&URPZHOOQXSXWHDILGHFkWIRDUWHvQJULMRUDWGHDFHDVWDJLWD&LHHJDOLWDU
(OFUHGHDvQQHFHVLWDWHDXQHLDULVWRFUD&LLSHFDUHGHDOWIHORGHILQHDPDLPXOWSULQ
FUHGLQ& GHFkW SULQ RULJLQH $YHD JURD] GH RULFH GH]RUGLQH 7UHEXLH VL
GLVWUXJH&LSHRDPHQLLDFHWLDVDXYYRUGLVWUXJHHLUHSHWDHOvQ&RQVLOLXOGHVWDW
'DU FRQWLLQ&D vO FKLQXLD SH YUHPHD OXL 3\P L D OXL +DPSGHQ HO vQVXL vL SX
VHVHvQFUHGHUHDvQOHJHLvQSDUODPHQWSXWHDSUHDELQHDFXPVLPSXQGRPQLD
VELHLLVLVSXQVSUHDVHOLQLWLFHUDVDELD'RPQXOXL&XWRDWHDFHVWHDQX
UHXHD V VH FRQYLQJ 3HQWUX QHOLQLWHD VD VXIOHWHDVF VLQJXUXO OHDF D IRVW
vQWRWGHDXQD DF&LXQHD Q EWOLH VH WUH]HDX EXQXO VX VLP& L YLUWX&LOH SUDFWLFH
2U SULOHMXULOH GH D DF&LRQD QX OLSVHDX 'H Fk&LYD DQL ,UODQGD HUD FRQGXV GH XQ
SDUWLG FDWROLF SURWHVWDQ&LL HQJOH]L IXVHVHU PDVDFUD&L &URPZHOO SRUQL vQWUDFROR
vQ IUXQWHD XQHL DUPDWH GXS PRGHOXO QRX FX XQ DODL DSURDSH UHJHVF 1LPLFL

5PL&FRDGvQOLPEDHQJOH]UPL&GHSDUODPHQW




IRU&HOHORFDOHLU]EXQPDVDFUXOSULQWUXQDOWPDVDFUXRWHDQDOOXL,HKRYDHO
DSOLF vQ WRDW ULJRDUHD ORU PHWRGHOH GH U]ERL GHVFULVH vQ %LEOLH Q ,UODQGD SH
SPkQWXULOH GLQ HVW vL LQVWDO SH VROGD&LL VL SURWHVWDQ&L L GHVFRSHULQG vQ HO
LQVWLQFWXOLQYDGDWRULORUDQWLFLvLvPSLQVHSHLUODQGH]LvQFRPLWDWXO&RQQDXJKWvQ
YHVW$WXQFLvQFHSXOXQJXOPDUWLUDMDO,UODQGHLvQFSXWSHPkQDXQRUSURSULHWDUL
VWULQL FDUH QLFL QX ORFXLDX DFROR <HRPHQLL FRORQL]D&L GH &URPZHOO QDX SULQV
QLFLRGDWUGFLQLDFROR8QLLDXDUHQGDWIHUPHOHORUXQRULUODQGH]LLVDXvQWRUV
vQ $QJOLD DO&LL VDX FVWRULW FX LUODQGH]H L DX GHYHQLW LUODQGH]L 2 FRQVHFLQ&
JUDY D DFHVWXL U]ERL D IRVW F DULVWRFUD&LD LUODQGH] ILLQG QLPLFLW LD IRVW
VXEVWLWXLW R WHRFUD&LH 3URWHVWDQWXO &URPZHOO D SUHGDW ,UODQGD FOHULFDOLVPXOXL
FDWROLF


96FR&LDSUHDPDLSHULFXORDV([HFXWDUHDOXL&DURO6WXDUWUHJHVFR&LDQD
GXV OD UHvPSFDUHD  vQ XUD ORU FRQWLQX ID& GH UHJLFL]L  D ELVHULFLL .LUN
SUHVELWHULHQH L D QRELOLPLL VFR&LHQH 3ULQ&XO GH :DOHV D IRVW SURFODPDW UHJH OD
QRXVSUH]HFH DQL VXE QXPHOH GH &DURO DO ,,OHD L D VHPQDW &RYHQDQWXO
'HYHQLVH SUREDELO R LQYD]LH D $QJOLHL GH FWUH R DUPDW UHJDOLVW &URPZHOO
SURSXVHXQU]ERLSUHYHQWLY/RLDOXO)DLUID[UHIX]VVHDPHVWHFH$UILRYLRODUH
D OLJLL VROHPQH IRUPDW RGLQLRDU  D VSXV HO  ([FHOHQ&D YRDVWU  UVSXQVH
&URPZHOOYDWUHEXLvQFXUkQGVDOHDJvQWUHXQU]ERLSHPHOHDJXULOHDOWHL&UL
L XQ U]ERL vQ SDWULD QRDVWU )DLUID[ VH UHWUDVH &URPZHOO GHYHQL
FRPDQGDQWHI ([SHULHQ&D FHORU ]HFH DQL GH U]ERL IFXVH GLQ DFHVW PUXQW
VTXLUH XQ PDUH JHQHUDO &XQRWHD SX&LQH WHRULL DVXSUD DUWHL U]ERLXOXL GDU HUD
XQ RUJDQL]DWRU PLQXQDW XQ HI DGPLUDELO L vQ EWOLH XQ WDFWLFLDQ FDUH WLD
VL SVWUH]H PLQWHD OLPSHGH L V LD vQ FOLSD IDYRUDELO KRWUkUHD GH D ULVFD
WRWXO6DIRORVLWGHXQMRFvQGU]QH&vPSRWULYDVFR&LHQLORU/VkQGXLVSWUXQG
SH WHULWRULXO HQJOH] VH SODV vQWUH HL L 6FR&LD LL ]GUREL OD :RUFHVWHU vQ 
7kQUXOUHJH&DURODO,,OHDFDUHVHEWXVHYLWHMHWHWUHEXLVIXJ(RGRYDGGH
ORLDOLVP GLQ SDUWHD SRSXOD&LHL HQJOH]H IDSWXO F DFHVW DGROHVFHQW FDUH YRLD V VH
VDOYH]HSULQIXJDJVLWSUHWXWLQGHQLvQ&DUFUHGLQFLRLFDUHVORFURWHDVFVO
DVFXQG L vQ VIkULW VO WULPLW WHDIU L VQWRV SH FRQWLQHQW &D L ,UODQGD
6FR&LD SUHD VXSXV GDU IRVWXO VX SDUODPHQW DYHD V UHQDVF vQ WLPSXO 5HV
WDXUD&LHL 8QLXQHD 0DULL %ULWDQLL HUD DFXP FRPSOHW L WLPS GH FkWHYD
VSWPkQL GDWRULW YLFWRULHL &URPZHOO D GHYHQLW SRSXODU 3DUODPHQWXO vL GGX R
GRWD&LHUHJHDVFLSDODWXO+DPSWRQ&RXUW&kQG/RQGUDFDUHFXGRXOXQLPDL
vQDLQWH vO KXLGXLVH vO SULPL FX VDOYH GH PXVFKHWH L VWULJWH GH EXFXULH L FkQG
ORFRWHQHQ&LLVLvLDUWDULPHQVDPXO&LPHDGXQDWHOUVSXQVHFYDYHQLLPDL
PXOWOXPHVOYDGVSkQ]XUDW


9,8QUVSXQVVXPEUXGHRDUHFHFXWRDWHYLFWRULLOHVDOH&URPZHOOUPkQH
SRVRPRULW(OYHGHHOWLHFDFHDVW&DUSHFDUHDUGRULVRYDGJXYHUQDWGH
VILQ&L HVWH H[SORDWDW GH SURILWRUL F DFHDVW DUPDW GH FLQFL]HFL GH PLL GH
RDPHQL LQXWLO GXS vQIUkQJHUHD GXPDQLORU GLQ DIDU GXFH &DUD GH UkS F
vQFKLVRULOHVXQWSOLQHGHGDWRUQLFLLGUXPXULOHvQ&HVDWHGHFHUHWRULQ&HOHJHFD
VRVLW PRPHQWXO V VH WUHDF GH OD OHJHD PLOLWDU OD OHJHD FLYLO GH OD IRU& OD
MXVWL&LH 'DU SULQ FH PLMORDFH" &X WRDW PHGLWD&LD L UXJFLXQLOH VDOH QX YHGH
OHDFXO &HL GH IFXW" $OHJHUL" 'DU WLH SUHD ELQH F GDF DU vQJGXL WXWXURU
FHW&HQLORUVYRWH]HvQPRGOLEHUDFHWLDDUUHFKHPDGLQDVWLD6WXDUW(DGHYUDW
F OXL (GPRQG &DODP\ FDUH vL VSXVHVH F GLQ ]HFH HQJOH]L QRX vL VXQW RVWLOL vL




UVSXQVH 'DU GDFL GH]DUPH] SH FHL QRX L SXQ R VDELH vQ PkQD FHOXL GHDO
]HFHOHD"$UWUHEXLVILHPFDUGHDFRUGFXDO]HFHOHDGDU&URPZHOOVDVWXUDW
GH LQWROHUDQ&D SDUWL]DQLORU VL L vQFHSH V YLVH]H YDJ OD R $QJOLH SURWHVWDQW
XQLW L LPSHULDO &H DOW VROX&LH H[LVW" 6 GHD GUXPXO DUPDWHL" $UPDWD VDU
UHYROWD6UHVWDELOHDVFPRQDUKLD",VHvQWkPSOVVHJkQGHDVFLODDVWDL
GDFXQRPDUOXDDVXSULVDUFLQDGHDGHYHQLUHJH"QRULFHFD]HQHFHVDUV
GL]ROYHUPL&DGHSDUODPHQWGHFDUHDUPDWDHGH]JXVWDW/DDSULOLH
ORUGXOJHQHUDO&URPZHOOLQWUvQSDUODPHQWLVHDD]SHXQDGLQEQFL$VFXOW
vLSLHUGHUEGDUHDDSRLVHULGLF+DLGHKDLQHDPVWXUDWGHWRDWHDVWHD$P
V SXQ FDSW SOYUJHOLORU YRDVWUH 6SXQH&L F VXQWH&L XQ SDUODPHQW QX
VXQWH&L 8QLL GLQ YRL VXQW EH&LYDQL DO&LL FXUYDUL &XP SXWH&L IL XQ SDUODPHQW
SULQ JUD&LD OXL 'XPQH]HX" 3OHFD&L Y VSXQ L ULGLFkQG VFHSWUXO HPEOHPD
VDFU D SXWHULL SDUODPHQWXOXL vQWUHE &H V IDFHP FX IOHDFXO VWD" /XD&LO
'XS FHL GGX DIDU SH WR&L SRUXQFL V VH vQFXLH XLOH 8Q VROGDW OX FKHLOH L
VFHSWUXO3DUODPHQWXOFHOOXQJGLVSUXVHXXUHOFDXQYLVVSXQHXQPDUWRU


9,,6FHSWUXOGXSFRURDQSDUODPHQWXOGXSVXYHUDQQXPDLUPkQHDvQ
DFHDVW&DUQLFLRXUPDvQGHOXQJDWXOXLWUHFXWGHOLEHUWDWH'DUvQFRGDW
FH IRUP GH JXYHUQPkQW V DGRSWH" 5HSXEOLFD VSXQHDX XQLL PRQDUKLD
UVSXQGHDXDO&LL&URPZHOOIUDVWDSHJkQGXULVHRSULODVILQ&L1HkQGU]QLQG
V UHFXUJ OD DOHJHUL FHUX ELVHULFLORU LQGHSHQGHQWH V JVHDVF QLWH RDPHQL
vQ&HOHS&L L FRQVWLWXL DVWIHO XQ SDUODPHQW GH R VXW FLQFL]HFL GH PHPEUL FDUH IX
GHQXPLW 3DUODPHQWXO OXL %DUHERQHV QXPH DSDU&LQkQG XQXL RDUHFDUH 3UDLVHJRG
%DUHERQHV QHJXVWRU GH SLHOH GLQ )OHHW 6WUHHW FDUH HUD XQXO GLQWUH PHPEULL VL
6LU+DUU\9DQHUHIX]DVHVIDFSDUWHGLQDFHDVWDGXQDUHVSXQkQGFSUHIHUV
DWHSWH SDUDGLVXO FD V ILH vPSUHXQ FX VILQ&LL &URPZHOO VH GH]JXVW UHSHGH GH
RDPHQLLDFHLDSHFDUHHOvQVXLvLVFRVHVHGLQREVFXULWDWHLIUvQGRLDOFLDUIL
FRQFHGLDWLSHHLGDFQXVDUILGL]ROYDWVLQJXUL


9,,, 2 QRX FRQVWLWX&LH IX SUHJWLW GH HILL DUPDWHL $FHVW ,QVWUXPHQW GH
JXYHUQDUHHVWHUHPDUFDELOSULQvQGU]QHDODLGHLORUDWkWGHQRLvQFkWQLFLQXVDX
SXWXW DSOLFD DWXQFL 0DL FXUkQG GHFkW $QJOLD PRGHUQ GRFXPHQWXO SUHILJXUD
6WDWHOH8QLWH GH DVW]L $XWRULWDWHD VXSUHP WUHEXLD V DSDU&LQ XQXL
ORUGSURWHFWRUXQXLFRQVLOLXLXQXLSDUODPHQWFRPSOHWDWFXUkQGFXR&DPHUD
/RU]LORU2ULFHPVXUYRWDWGHSDUODPHQWGHYHQHDOHJDOFKLDUGXSXQYHWRDO
3URWHFWRUXOXLFXFRQGL&LDVQXILHFRQWUDUOHJLORUIXQGDPHQWDOHDOHUHSXEOLFLLQ
VHFROXO DO ;;OHD SDUODPHQWXO EULWDQLF YD IL FHO SX&LQ vQ WHRULH DWRWSXWHUQLF OD
QHYRLH YD SXWHD V PRGLILFH SULQWUXQ YRW FRQVWLWX&LD UHJDWXOXL 3DUODPHQWXO
3URWHFWRUXOXL HUD GLPSRWULY  DD FXP H &RQJUHVXO DPHULFDQ  VXSXV
FRQVWLWX&LHL 3HQWUX SULPD RDU $QJOLD 6FR&LD L ,UODQGD HUDX JXYHUQDWH GH
DFHOHDLOHJL0DJLVWUD&LHQJOH]LMXGHFDXvQ6FR&LDRDUPDWHQJOH]VXEFRPDQGD
OXL 0RQN PHQ&LQHD DFROR RUGLQHD SDUODPHQWXO GLQ :HVWPLQVWHU OHJLIHUD SHQWUX
6FR&LD ,UODQGD HUD L HD UHSUH]HQWDW vQ SDUODPHQWXO FRPXQ L FRORQLWLL
DQJORVD[RQLH[SURSULDXSRSXOD&LDLQGLJHQGHDFROR'DUDFHDVWXQLUHLPSXV

 $ILUPD&LD DXWRUXOXL QX &LQH VHDPD F WUHFXWXO GH OLEHUWDWH OD FDUH HO VH UHIHU FXSULQGHD LQ
VIHUDVDRPLQRULWDWHVRFLDOUHVWUkQVSHFkQGPVXULOHOXL&URPZHOOFKLDUDSDUHQWGLFWDWRULDOH
HUDXWUDQ]LWRULLLFRQVROLGDXXQUHJLPFDUHFXWRDWHLPSHUIHF&LXQLOHVDOHDYHDVLQFOXGvQVIHUD
GUHSWXULORUSROLWLFHFRQVWLWX&LRQDOHRSDUWHPDLPDUHDSRSRUXOXLHQJOH]




SULQ IRU& UPkQHD SUHFDU L vQFHSkQG GH OD 5HVWDXUD&LH YHFKLOH SDUODPHQWH
DYHDXVUHDSDULvQ6FR&LDLvQ,UODQGD&HDPDLPDUHSDUWHDPVXULORUYRWDWH
DWXQFL DX IRVW HIHPHUH ILLQG SUHPDWXUH GDU PXOWH GLQWUH HOH vQY&PkQWXO
JUDWXLWVHUYLFLXOSRWDOSXEOLFOLEHUWDWHDSUHVHLGUHSWXOGHYRWDOIHPHLORULYRWXO
VHFUHW EDQFD QD&LRQDO DYHDX V UHDSDU L V WULXPIH GXS R OXQJ HFOLSV 2
DFWLYLWDWH UHIRUPDWRDUH DJLWD SOSkQGXO SDUODPHQW DO 3URWHFWRUXOXL DD FXP
IULJXULOHDJLWXQFRUSEROQDY


,; ,QWUH &URPZHOO L &DPHUD &RPXQHORU VH LYLU FRQIOLFWH WRW DWkW GH JUDYH
FD vQWUH &DURO L SDUODPHQWXO VX GDU 3URWHFWRUXO DYHD FHHD FH LD OLSVLW
WRWGHDXQD OXL &DURO R DUPDW SXWHUQLF 1XPDL DVXSUD XQXL VLQJXU SXQFW
SDUODPHQWXO L 3URWHFWRUXO HUDX GH DFRUG L XQXO L FHOODOW YRLDX V ILH RUGLQH
2ULFH UHEHO LQWHOLJHQW FDUH YLQH OD SXWHUH GHYLQH RP GH JXYHUQPkQW &URPZHOO
HUD RP GH JXYHUQPkQW GLQ LQVWLQFW %DUD D VXIHULW GHVWXO VSXQHD HO DFXP
WUHEXLH V L VH SDQVH]H UQLOH L V VH UHIDF $QJOLD WUDGL&LRQDO $FHDVWD HUD L
SUHUHD SDUODPHQWDULORU 'DU HL VXV&LQHDX F SHQWUX R DVWIHO GH UHIDFHUH WUHEXLD
PDL vQWkL V QX L VH LPSXQ SDUODPHQWXOXL R FRQVWLWX&LH GH FWUH XQ HI PLOLWDU
&URPZHOOQXHUDvQVGHDFRUGVOHvQJGXLHGLVFXWDUHDWUVWXULORUHVHQ&LDOHDOH
,QVWUXPHQWXOXL GH JXYHUQDUH vQWRFPLW GH DUPDW 3DUODPHQWDULL FHUHDX FRQWUROXO
DVXSUDDUPDWHL&URPZHOOHUDGHSUHUHFDSXQHDUPDWDvQVOXMEDIDF&LXQLORUDU
ILvQVHPQDWUHvQYLHUHDU]ERLXOXLFLYLOQVIkULW&URPZHOOYRLDRDUHFDUHWROHUDQ&
UHOLJLRDV SULQ  DXWRUL]D vQ PRG WDFLW vQWRDUFHUHD HYUHLORU H[SXO]D&L SH YUH
PHD OXL (GXDUG , SDUODPHQWXO FRPEWHD vQ DFHODL WLPS WROHUDQ&D UHOLJLRDV L
GHVSRWLVPXO PLOLWDU L vQYLQVH VDELD $QJOLD IX vPSU&WL vQ PDL PXOWH ]RQH
PLOLWDUH SXV ILHFDUH VXE DXWRULWDWHD XQXL JHQHUDOPDLRU 'LVFLSOLQD DXVWHU D
SXULWDQLORU IX LPSXV SURJUHVLY vQWUHJLL &UL 'HRDUHFH WHDWUHOH GLQ /RQGUD
IXVHVHU vQFKLVH DFWRULL DPEXODQ&L DX IRVW WULPLL OD vQFKLVRDUH VH LQWHU]LVHU
MRFXULOH OD &DU VH vQFKLVHU FDIHQHOHOH $QJOLD OXL 6KDNHVSHDUH GHYHQL YLUWXRDV
SULQFRQVWUkQJHUHLUHJUHWDSHMXGHFWRUXOGHSDFHFDYDOHUFDUHFHOSX&LQIXVHVH
MRYLDO 5HJLPXO DFHVWD D LQVSLUDW &ULL SHQWUX PXOW YUHPH JURD]D GH DUPDWD
SHUPDQHQW


;$QJOLDQXLXEHDDUPDWDGDUDUPDWDGHXVFDWLIORWDLPSXVHVHUvQDIDU
UHVSHFWID&GH$QJOLD9UHPHvQGHOXQJDWGXPDQXOSULQFLSDODIRVW2ODQGD&HOH
GRX &UL vL GLVSXWDX FRPHU&XO L WUDQVSRUWXO QDYDO 3ULQ $FWXO GH QDYLJD&LH GLQ
 &URPZHOO LQWHU]LVH DOWRU YDVH GHFkW FHORU HQJOH]H V LPSRUWH PUIXUL vQ
$QJOLD 2ODQGH]LL UHIX]DU V VDOXWH SDYLOLRQXO HQJOH] vQ DSHOH HQJOH]H 8UP XQ
FRQIOLFWvQFDUHGRLPDULDPLUDOLRODQGH]XO7URPSLHQJOH]XO%ODNHVHDIODUID&
vQID&)ORWHOHFRPEDWDQWHHUDXHJDOHGDUFRPHU&XO2ODQGHLHUDPDLYXOQHUDELOL
HD VXIHUL PDL PXOW GHFkW ULYDOD VD 'XS SDFHD FX 2ODQGD VHPQDW vQ 
SULQFLSDOXOGXPDQGLQDIDUDOOXL&URPZHOOIX6SDQLDPSRWULYDHLVDDOLDWFX
)UDQ&D FDUH GHL SXWHUH FDWROLF IFHD SH SODQ H[WHUQ SROLWLF SURWHVWDQW GLQ
XUID&GHFDVDGH$XVWULD&URPZHOOvLOX6SDQLHL-DPDLFDLSODQWkQGDFROR
FRORQLHQJOH]LvQILLQ&DRFRORQLHSURVSHU(OFHOGLQWkLDDYXWLGHHDGHDWULPLWH
LPHQ&LQHRIORWHQJOH]vQ0HGLWHUDQDLFDVLDVLJXUHIORWHLOLEHUDWUHFHUHGH
D IRUWLILFD *LEUDOWDUXO 3XWHUHD VD PDULWLP L PHGLWHUDQHDQ LD vQJGXLW OXL
&URPZHOO V LQWHUYLQ FX HILFDFLWDWH vQ WUHEXULOH FRQWLQHQWDOH HO SURWHJXL SH


$IRVWvQVQXPDLRLGHHGHRDUHFH$QJOLDQDLQWUDWvQVWSkQLUHD*LEUDOWDUXOXLGHFkWOD

vQFHSXWXOVHFROXOXLDO;9,,OHD



SURWHVWDQ&LL YDOGHQ]L vPSRWULYD GXFHOXL GH 6DYRLD ERPEDUG 7XQLVXO L SXWX

FHUHLQGHPQL]D&LLGHOD7RVFDQDLGHODSDSD0D]DULQFXWDVVHDOLH]HFXHOL
FRDVWHOH GH ILHU ,URQVLGHV RFXSDU 'XQNHUTXH 'DU U]ERDLHOH DFHVWHD FRVWDX
VFXPSLFXWRDWHVXFFHVHOHUHSXUWDWHSHPDUHLSHXVFDWSROLWLFDH[WHUQDOXL
&URPZHOOQXHUDSRSXODU


;,6WSkQDWUHLUHJDWHWHPXWvQWRDW(XURSD3URWHFWRUXOQXPDLDYHDFD
GXPDQLGDUGXPDQLQHvPSFD&LGHFkWSHIRWLLVLSULHWHQL$MXQVODSXWHUH
JUD&LHXQHLDUPDWHUHSXEOLFDQHIDQDWLFHLQLYHODWRDUHDUILYUXWVVHVHUYHDVF
GH HD SHQWUX D UHVWDELOL YHFKHD LHUDUKLH HQJOH] 'DU R JVL UHEHO 'DF
SDUODPHQWXOYRLDVOIDFUHJHDO$QJOLHLVROGD&LLVLvODPHQLQ&DXFXGXPQLD
ORU'DFILLQGSULQ&GHIDSW&LQHDRDGHYUDWFXUWHSXULWDQLLPXUPXUDXFHUDX
RFXUWHDSFDWHORULDYDQLW&LLFXDWkWPDLRULELOFXFkWVHLQYRFDPHUHXQX
PHOH'RPQXOXLDFROR&kQGvQ&URPZHOOPXULWkQUvQFDYHDFLQFL]HFLL
QRXGHDQLGHWULVWH&HLGHIULJXULWRWRGDWvQWUHJHGLILFLXOFOGLWvQJUDESULQ
FDUH vQFHUFDVH V vQORFXLDVF $QJOLD WUDGL&LRQDO VH FOWLQ vQGDW $SURDSH GH
DL GD VIkULWXO IX DX]LW PXUPXUkQG 2SHUD PHD H vPSOLQLW 'DU HD QDYHD
VLVXSUDYLH&XLDVF


;,, &URPZHOO GHVHPQDVH FD XUPD SH ILXO VX 5LFKDUG XQ RP OLSVLW GH
UXWDWH GDU L GH KDU FDUH VH Y]X vQ QHSXWLQ& GH D UH]ROYD FRQIOLFWXO ODWHQW
GLQWUHDUPDWLSXWHUHDFLYLOLQFDSDELOVSRWROHDVFUHVHQWLPHQWHOHPDLJUDYH
vQF GLQWUH HILL GH DUPDW ULYDOL 8UP XQ DQ L MXPWDWH GH DQDUKLH 5LFKDUG
GLVSUXGHSHVFHQLFXUkQGQXUPDVHUvQDUHQGHFkWGRLJHQHUDOL/DPEHUW
UHSXEOLFDQ L 0RQN UHJDOLVW vQ DVFXQV 0RQN YHQL OD /RQGUD L SRHWXO 0LOWRQ
vQWUHDO&LLvLSURSXVHFDSHQWUXVDOYDUHDUHSXEOLFLLVUHvQILLQ&H]H3DUODPHQWXOFHO
OXQJ 'DU HUD VXILFLHQW V&L DUXQFL SULYLULOH SULQ RUD FD V&L GDL VHDPD GH
VHQWLPHQWHOH HQJOH]LORU Q IRFXULOH GH EXFXULH RUHQLL L XFHQLFLL DUXQFDX
UPL&H VLPEROLFH 'HFkW XQ U]ERL FLYLO VDX R GLFWDWXU PLOLWDU JURVXO
SRSXOD&LHLGRUHDRUHVWDXUD&LH0RQNRPHQHUJLFLUH]RQDELODF&LRQDFXRvQFHWL
QHDO SOLQ GH vQ&HOHSFLXQH QWRDUFHUHD UHJHOXL GRULW WRWRGDW GH FDYDOHUL L
SUHVELWHULHQL DGLF GH R PDUH SDUWH D &ULL HUD JUHX GH SUHJWLW OHJDOPHQWH
GHRDUHFHQXPDLSDUODPHQWXOSXWHDVOUHFKHPHSHUHJHLQXPDLUHJHOHSXWHDV
FRQYRDFH SDUODPHQWXO 0RQN JUXS vQ MXUXO OXL DWk&LD ORU]L Fk&L SXWX UHXQL L
LQYLW SH HOHFWRUL V DOHDJ R &DPHU D &RPXQHORU 0DL WkU]LX UHJHOH FRQILUP
DFHDVW FRQYRFDUH L MXULWLL PHQ&LQXU ILF&LXQHD F PRQDUKLD QX LD vQFHWDW
QLFLRGDWH[LVWHQ&D'HIDSWUHJHOHIXVHVHUHSXVSHWURQGHRDGXQDUHFRQYRFDW
vQ PRG QHUHJXODW GDU FXP HUD YRUED GH XQ UHJH OHJLWLP GHVHPQDW SH ED]D
GUHSWXOXL GH VXFFHVLXQH KRWUkUHD HUD LQDWDFDELO 5HVWDXUD&LD VH IFX IU
U]ERL FLYLO SHQWUX F 0RQN DYX SUHYHGHUHD V JDUDQWH]H WUXSHORU SODWD VROGHL
6ROGD&LLFXQRWHDXVHQWLPHQWHOHSRSXOD&LHLHLQXPDLHUDXGHDFRUGFXRIL&HULLORU
HUDX IHULFL&L V VH WHUPLQH RGDW 1X WUHFXVHU QLFL GRL DQL GH OD PRDUWHD OXL
&URPZHOOLWRWFHHDFHFUHDVHVHIFXVHSUDILSXOEHUHFDLHOvQVXL






5PL&DYHFKLLVHFWHHUHWLFHGLQHYXOPHGLD9H]LQRWD
$OX]LHODUPL&DUXPSGHSDUODPHQW




,;
()(&7(/('85$%,/($/(385,7$1,608/8,


, 9LD&D VSLULWXDO D $QJOLHL SH YUHPHD VILQ&LORU FRQVWLWXLH XQXO GLQ
IHQRPHQHOHFHOHPDLVXUSULQ]WRDUHDOHLVWRULHL8QvQWUHJSRSRURFFLGHQWDODDYXW
DWXQFL GUHSW XQLF OHFWXU GUHSW FRQVWLWX&LH L FUHGLQ& SRYHVWLUL L SRHPH
RULHQWDOH YHFKL GH FkWHYD PLL GH DQL Q RFKLL DFHVWXL SRSRU OHJDOLVW WUHEXLD
WRWGHDXQDVILHUHVSHFWDWOLWHUDOHJLLLSHQWUXF%LEOLDHUDOHJHDOXL'XPQH]HX
ILHFDUH XUPD V GXF R YLD& vQ VWULFW FRQIRUPLWDWH FX OLWHUD %LEOLHL 'HRDUHFH
LVUDHOL&LL vL PDVDFUDVHU SH DPDOHFL&L &URPZHOO QX H]LW VL PDVDFUH]H SH
LUODQGH]L 'HRDUHFH HL ODSLGDVHU Fk&LYD FXOSDELOL VD DX]LW VWULJkQGXVH vQ
&DPHUD &RPXQHORU 6O ODSLGP 'HRDUHFH SVDOPLL VXQW SRHPH U]ERLQLFH
SXULWDQLL HUDX WRWGHDXQD JDWD VL FRPEDW FX DUPD vQ PkQ SH GXPDQLL OXL
,HKRYD 'HRDUHFH %LEOLD JORULILFD SRSRUXO OXL ,VUDHO VRFRWLQGXO PDL SUHVXV GHFkW
WRDWH FHOHODOWH HQJOH]LL FRQYLQL F HUDX QRXO SRSRU DO OXL ,VUDHO VLP&LU
FUHVFkQGXOHRUJROLXOSHFDUHU]ERLXOGHRVXWGHDQLvOQVFXVHvQVXIOHWXOORU
0LOWRQ GH SLOG HUD GH SUHUH F GDF 'XPQH]HX DU DYHD GH vQGHSOLQLW YUHR
PLVLXQH JUHD SH SPkQW DU IDFH DSHO OD HQJOH]LL VL ( XQ VHQWLPHQW FDUH VH YD
UHJVLvQVHFROXODO;O;OHDOD&XU]RQLOD&HFLO5KRGHV


,, 'XS 9HFKLXO WHVWDPHQW SXULWDQLL FLWHVF FHO PDL EXFXURV (SLVWROHOH
VIkQWXOXL 3DYHO L FU&LOH OXL &DOYLQ 'XPQH]HXO ORU QX HVWH 'XPQH]HXO
HYDQJKHOLHLPRUWSHQWUXWR&LRDPHQLLFL'XPQH]HXOvQVSLPkQWWRULJHORVFDUH
QXLPkQWXLHWHGHFkWSHDOHLLVL3XULWDQXOFDUHXUPUHWHFXVSDLPFHHDFH
VHvQWkPSOvQVXIOHWXOVXvQFHUFkQGVUHFXQRDVFVHPQHOHKDUXOXLQXSRDWHIL
GHFkW RVWLO SOFHULORU &XP V WULHWL vQ YHVHOLH FXP V WH EXFXUL GH IDUPHFXO
SULPYHULLFXPVVXSRU&LWHDWUHOHLVSHFWDFROHOHFkQGVLP&LJKLDUHOHGLDYROXOXL
SH WLQH FkQG WHDX L DWLQV IOFULOH LDGXOXL" &URPZHOO D OXSWDW WRDW YLD&D VD
vPSRWULYD GHPRQXOXL 6H DSOHDF vQ ID&D OXL 'XPQH]HX SkQ vQ SUDIXO &UkQLL
$WHDSW GH OD LQVSLUD&LD GLYLQ V DIOH WRW FHL HVWH GDW V IDF vQ YLD& $ IRVW
VXSUDQXPLW XQ RP vPEWDW GH 'XPQH]HX 'DU DFHDVW GRFWULQ FDUH vQWXQHF
YLD&DvLIDFHIRDUWHSXWHUQLFLSHFHLFDUHRSURIHVHD]6DFULILFDUHDYROXQWDUDWRW
FHHD FH RPXO 5HQDWHULL QXPLVH SOFHUH VDX IHULFLUH IXUHWH ILLQ&H JUDYH L
FXUDMRDVH $X R IULF DWkW GH PDUH GH SFDW vQFkW VH VWUGXLH V ILH VROGD&L
GLVFLSOLQD&L FRPHUFLDQ&L FLQVWL&L PXQFLWRUL VkUJXLQFLRL ([LJHQ&L ID& GH DO&LL
VXQW WRW DWkW GH H[LJHQ&L L ID& GH HL vQLL &kQG PDL WkU]LX YHWHUDQLL OXL
&URPZHOO DX IRVW GHPRELOL]D&L QLFL XQXO GLQWUH HL QX VD OVDW DGHPHQLW QLFL GH
YDJDERQ]L QLFL GH EDQGL&L 5HJDOLWLL vQLL DX PUWXULVLW F vQ WRDWH UDPXULOH
SURIHVLXQLORU FLQVWLWH DFHWLD SURVSHUDX PDL PXOW GHFkW DO&L RDPHQL F QLFL XQXO
GLQWUHHLQDIRVWDFX]DWGHYUHRSXQJLHVDXKR&LHLFGDFXQEUXWDUXQ]LGDU
VDXXQFUX&DVHIFHDUHPDUFDWSULQFXPSWDUHDVDXPXQFDVDDSURDSHVLJXU
HUDXQXOGLQIRWLLVROGD&LDLOXL2OLYHU


,,,8QHOHVHFWHPHUJHDXvQLQWHUSUHWDUHD%LEOLHLPDLGHSDUWHGHFkW&URPZHOO

 *HRUJH 1DWKDQLHO ORUG &XU]RQ  L &HFLO 5KRGHV   RDPHQL SROLWLFL
UHSUH]HQWDQ&LDLLPSHULDOLVPXOXLEULWDQLF




LRDPHQLLOXL3DUWLGDFHOHLGHD&LQFHD0RQDUKLLFUHGHDvQUHYHQLUHDOXL+ULVWRV
L vQ DSURSLHUHD 0LOHQQLXPXLXL &DSLWROXO DO DSWHOHD GLQ 'DQLHO FDSLWROXO
DSRFDOLSWLFHUDHYDQJKHOLDORULSHQWUXFXQXOGLQYHUVHWHOHVDOHDQXQ&DGRPQLD
VILQ&LORU HL SUHWLQGHDX FD $QJOLD V ILH JXYHUQDW GH XQ VDQKHGULQ $QDEDSWLWLL
UHERWH]DXSHEUED&LLIHPHLODDSXVXOVRDUHOXLvQDSDUkXULORUQYUHPHDDFHHD
*HRUJH )R[ vQILLQ&D 6RFLHWDWHD SULHWHQLORU SULHWHQL FDUH FSWDU FXUkQG SRUHFOD
GHTXDNHUVWUHPXUWRULLGHRDUHFHH[WD]XOFUHGLQ&HLORUVHPDQLIHVWDvQDQXPLWH
UHXQLXQLSULQWUHPXUWXULDOHFRUSXOXLQRFKLLTXDNHULORUUHOLJLDQXWUHEXLDV
ILH GHFkW R H[SHULHQ& VSLULWXDO LQWHULRDU (L VRFRWHDX GH SULVRV KLURWRQLVLUHD
SUHR&LORU VDX FRQVWUXLUHD GH ELVHULFL &RQWUDU SXULWDQLORU SULHWHQLL HUDX GH
SUHUH F ILHFDUH RP SRDWH UHSXUWD vQ YLD&D VD R YLFWRULH FRPSOHW DVXSUD SFD
WXOXL (L GRYHGHDX PDL PXOW EXQWDWH L PDL PXOW VHQLQWDWH GHFkW FHD PDL
PDUHSDUWHGLQWUHFHOHODOWHVHFWH'DUUHIX]XOGHDSUHVWDMXUPkQWXOUHIX]XOGHD
OXDSDUWHODU]ERDLHFKLDUMXVWHLUHIX]XOGHDUHFXQRDWHDXWRULWDWHDIXQF&LLORU
HFOH]LDVWLFHIFHDXGLQHLIUYRLDORUQLWHUHEHOL


,9 Q WLPSXO GRPQLHL SXULWDQLORU YLD&D vQ PVXUD vQ FDUH R SXWHDX
UHJOHPHQWDIXGHVWXOGHWULVW,QWHU]LFHDXSOFHULOHIDYRULWHDOHHQJOH]LORUWHDWUXO
FXUVHOHGHFDLOXSWHOHGHFRFRL7ULSRXULOHLERUGHOXULOHIXULQWHU]LVH'XPLQLFD
FLUFXODX SDWUXOH SH VWUDG SHQWUX D VXSUDYHJKHD vQFKLGHUHD FkUFLXPLORU )LHFDUH
WUHEXLD VL SHWUHDF ]LXD GH GXPLQLF vQ IDPLOLH FLWLQG VFULSWXUD L FkQWkQG
SVDOPLQDFHDVW]LvQRUDXO/RQGUDQXVHDX]HDGHFkWPXUPXUXOUXJFLXQLORU
L DO FkQWULORU YHQLQG GLQ ELVHULFL Q  SDUODPHQWXO LQWHU]LVH FD vQ ]LXD GH
VDEDW V VH YkQG PHULQGH V VH FOWRUHDVF V VH WUDQVSRUWH SRYHUL V VH
DGPLW WUDJHUHD FORSRWHORU WLUXO WkUJXULOH EXIHWHOH FX UFRULWRDUH GDQVXULOH
MRFXULOH VXE SHGHDSVD XQHL DPHQ]L GH FLQFL LOLQJL SHQWUX ILHFDUH SHUVRDQ PDL
PDUHGHSDLVSUH]HFHDQL3HQWUXFRSLLLFDUHFRPLWHDXDVHPHQHDIDSWHLQIDPDQWH
SOWHDX SULQ&LL VDX WXWRULL 6OXMEHOH UHOLJLRDVH HUDX OLSVLWH GH WRW FH SXWHD V
UHDPLQWHDVF SRPSD L IUXPXVH&HD FHUHPRQLLORU FDWROLFH VDX FKLDU DQJOLFDQH
(YHO\QvQMXUQDOXOVXSRYHVWHWHFvQDIRVWDUHVWDWvQ]LXDGHFUFLXQ
vQWUR FDSHO SHQWUX F D UHVSHFWDW VXSHUVWL&LD SULYLQG QDWHUHD 'RPQXOXL
&UHGLQFLRLL HUDX DWkW GH vQIULFRD&L V QX SDU SDSLWL vQFkW SLHUGXVHU RULFH
PRGHUD&LHLEXQDFXYLLQ&&LWHVFLVHURDJIUPHWRGPDLVSXQH(YHO\Q
IU UHVSHFW L IU HYODYLH $P Y]XW R vQWUHDJ FRQJUHJD&LH VWkQG FX SOULD SH
FDSvQWLPSXOFLWLULLSVDOPLORUQXQHOHWHPSOHQXVHFLWHVFGHORFVFULSWXULOHFLVH
IDFQLWHUXJFLXQLVHUEHGHGXSFDUHXUPHD]RSUHGLFQHvQ&HOHDVQLFLGHFHL
FH DVFXOW QLFL GH FHL FDUH R &LQ GDU FDUH HVWH H[WUDRUGLQDU GH OXQJ 0XOWH
ELVHULFLVXQWSOLQHDFXPGHEQFLvPSUHMPXLWHSHFDUHSDUWLFLSDQ&LLVWDXL]ROD&LvQ
JUXSH GH WUHL VDX SDWUX LQL $FHDVW EDQF vPSUHMPXLW YD UPkQH XQXO GLQ
VHPQHOHLQGLYLGXDOLVPXOXLSXULWDQXQXOGLQWUHVXELHFWHOHGHGH]EDWHULvQWUH%LVH
ULFDGHVXVL%LVHULFDGHMRV


9 &X WRW GLVSUH&XO OXL SHQWUX IUXPRV SXULWDQLVPXO D SURGXV GRL PDUL

+LOLDVPXOGRFWULQUHOLJLRDVVHFWDUFDUHSURSRYGXLDLGHHDDSURSLDWHLUHYHQLULDLXL+ULVWRV
SULQWUHRDPHQLLDLQVWDXUULLXQHLGRPQLLSPkQWHQHDDFHVWXLDSHWLPSGHRPLHGHDQL

-RKQ(YHO\QVFULLWRURPSROLWLFLJUDYRU-XUQDOXOVXSXEOLFDWSHQWUXvQWkLD
GDWvQFXSULQGHSHULRDGDGLQWUHLDQXOPRU&LLDXWRUXOXL




VFULLWRUL FDUH GH DOWIHO DX VFULV RSHUHOH ORU HVHQ&LDOH GXS FGHUHD &RPPRQ
ZHDOWKXOXL3ULPXOHVWH0LOWRQSRHWGHOLFDWvQWLQHUH&HVXFFHVRUXO
LPHGLDW DO PDULORU HOLVDEHWDQL FDUH D UHQXQ&DW OD SRH]LD SJkQ vQ WLPSXO
FRQIOLFWHORU SROLWLFH L VD DUXQFDW vQ DSHOH vQJKH&DWH DOH SUR]HL HO D IRVW
VHFUHWDUXOODWLQDO&RQVLOLXOXLGHVWDWLXQXOGLQWUHFUHGLQFLRLLSDUWL]DQLDLOXL
&URPZHOO GXS 5HVWDXUD&LH RUELQG D GLFWDW GRX PDUL SRHPH HSLFH 3DUDGLVXO
SLHUGXW L 3DUDGLVXO UHJVLW DSRL R GUDP 6DPVRQ $JRQLVWHV DXWRELRJUDILH
VSLULWXDO vQ FDUH HURXO vQYLQV L RUE FD L 0LOWRQ VH WkQJXLH SULQWUH ILOLVWLQLL
WULXPIWRUL 0LOWRQ HVWH vQWUR HSRF GHYHQLW FODVLF XOWLPXO VXSUDYLH&XLWRU DO
5HQDWHULL (O HVWH VLQJXUXO vQ FDUH VDX vPELQDW IDUPHFXO SJkQ FX VXEOLPD
VROHPQLWDWHDSXULWDQLVPXOXL$OGRLOHDHVWH%XQ\DQDXWRUXODFHOHL
&OWRULLDSHOHULQXOXLSXEOLFDWvQWRWDWkWGHFHOHEUODHQJOH]LFD,OLDGDOD
JUHFL SRYHVWLUH VLPEROLF FDUH VFDS GH DULGLWDWH GDWRULW QDLYLW&LL VDOH $FHVW
FOGUDU DPEXODQW FKLQXLW FkQG GH YL]LXQL LQIHUQDOH FkQG GH YL]LXQL FHUHWL D
DYXWLGHHDVLPSOGDUJHQLDOGHDvQORFXL]XJUYLUHDDEVWUDFWDHYROX&LHLXQXL
VXIOHW GH FUHWLQ SH FDOHD PkQWXLULL SULQWUR GHVFULHUH D XQHL FOWRULL UHDOH
&UHWLQXO SHUVRQDMXO FHQWUDO DO FU&LL L FDUH IU vQGRLDO QXL DOWFLQHYD GHFkW
%XQ\DQ vQVXL FDXW GUXPXO VSUH FHWDWHD HWHUQ Q FHOH GLQ XUP L vQ SRILGD
GXPDQLORU VL DMXQJH OD ORFXO UkYQLW 1DWXUDOH&HD SRYHVWLULL L D GLDORJXOXL
WUDQVSXQHUHD HYHQLPHQWHORU VSLULWXDOH vQ GUDPH FRQFUHWH vQJGXLH FLWLWRULORU
VLPSOL L VLQFHUL V vQ&HOHDJ PDL ELQH GHFkW GLQ DOWH FU&L SLRDVH HVHQ&D YLH&LL
UHOLJLRDVH


9, 6D vQWkPSODW FX WLUDQLD SXULWDQ FHHD FH VH vQWkPSO FX WRDWH FHOHODOWH
WLUDQLL FDUH DX SUHWHQ&LD V VFKLPEH PRUDYXULOH 2 PLQRULWDWH VH VXSXQH GLQ
FRQYLQJHUH PDMRULWDWHD GLQ WHDP VXSXQHUHD DFHVWHLD GLQ XUP ILLQG PDL PXOW
DSDUHQWGHFkWUHDO(GHVWXOVVHFLWHDVFVFULVRULOHOXL'RURWK\2VERUQHFWUH
VLU :LOOLDP 7HPSOH SHQWUX D YHGHD FXP EUED&LL L IHPHLOH GH SH QXPHURDVH
GRPHQLLDXvQFHUFDWVGXFGLVFUHWRYLD&RPHQHDVFOLQLWLWLvQ&HOHDSWvQ
DIDUDWLPSXOXLORU5HJDOLWLLFHLPDLKRWUk&LFXWRDWRURDUHDORUGHUHEHOLGXS
FHDXUWFLWRYUHPHSHFRQWLQHQWVDXVWUGXLWVVHvQWRDUFODHLDFDVLV
VHVWDELOHDVFDFROR&KLDULSUHWHQGHQWXOvLvQFXUDMD(UDPDLDYDQWDMRVSHQWUX
HOVDLESDUWL]DQLLODID&DORFXOXL(YHO\QSRYHVWHWHFXPVDKRWUkWVLUHGHV
FKLG GRPHQLXO SHQWUX F QX DYHD GHFkW R VODE VSHUDQ& vQWUR VFKLPEDUH
IDYRUDELO WRWXO ILLQG DFXP vQ PkLQLOH UHEHOLORU &kW WLPS D WULW &URPZHOO
5HVWDXUD&LDGHLDWkWGHDSURDSHQDIRVWSUHY]XWQLFLFKLDUGHPLQ&LOHFHOHPDL
vQ&HOHSWH


9,,'XS5HVWDXUD&LHVSLULWXOSXULWDQDYHDVILHSULJRQLWODUkQGXOVX'DU
HUD GHVWLQDW V VXSUDYLH&XLDVF 'LVLGHQWXO RPXO FDUH QXL GH DFRUG V VH
FRQIRUPH]H FDUH SUHWLQGH SHQWUX FRQWLLQ&D VD GUHSWXO GH D MXGHFD WRDWH
FD]XULOH FDUH VD RELQXLW V IDF SDUWH GLQWUR PLQRULWDWH V VH FRPSODF vQ
DFHDVWVLWXD&LHLFDUHGXSFHLDIFXWDOHJHUHDvLUPkQHFUHGLQFLRVFKLDUFX
ULVFXO IHULFLULL VDX DO YLH&LL VDOH YD UPkQH XQXO GLQWUH FHOH PDL UHPDUFDELOH L
VWDWRUQLFHWLSXULHQJOH]HWL)LHFVHYDFRQVDFUDSUREOHPHORUUHOLJLRDVHILHFVH

 :LOOLDP 7HPSOH   RP SROLWLF GLSORPDW L VFULLWRU DFWLY PDL DOHV vQ HSRFD
5HVWDXUD&LHL 6R&LD VD 'RURWK\ 2VERUQH  IHPHLH LQWHOLJHQW L FXOW D OVDW R
YDORURDVLLQWHUHVDQWFRUHVSRQGHQ&




YD FRQVDFUD SUREOHPHORU SROLWLFH RULFDUH DU IL RELHFWXO SDVLXQLL VDOH HO YD IL
SXWHUQLF vQFS&kQDW LQFRUXSWLELO 9D GXFH OXSWD vPSRWULYD VFODYLHL vPSRWULYD
SURVWLWX&LHL vPSRWULYD U]ERLXOXL L YD PHQ&LQH SkQ vQ ]LOHOH QRDVWUH WULVWH&HD
GXPLQLFLLHQJOH]H&DUDFWHUXOXLHQJOH]vLYDGDWRUDFkWHYDGLQWUVWXULOHVDOHFHOH
PDL IUXPRDVH L FkWHYD GLQ FHOH FDUH YRU VWkUQL XUD vPSRWULYD OXL 6HULR]LWDWHD
ILGHOLWDWHD LQWHJULWDWHD PRUDO ILJXUHD] vQWUH DWULEXWHOH VDOH GDU XQHRUL L
GXSOLFLWDWHDFFLQDWXUDXPDQHPDLFRPSOH[GHFkWYRLDXFDOYLQLWLL$GHYUXO
QXHVWHFXQLLvODXvQVXIOHWSH'XPQH]HXLDO&LLSH6DWDQDFLFvQILHFDUHGLQ
QRLVHGROXSWvQWUH'XPQH]HXL6DWDQD1HDFFHSWkQGLQHYLWDELOHOHORUJkQGXUL
UHOH SXULWDQLL VH YRU VIRU&D V OH LQWHUSUHWH]H SULQ SLRDVH GLVFXUVXUL (L YRU
LPSXQH R PDVF PRUDO LQWHUHVHORU ORU SHUVRQDOH L FKLDU QD&LRQDOH Q SULYLQ&D
DFHDVWDFDLvQPXOWHDOWHSULYLQ&HXQPDUHQXPUGHHQJOH]LHUDXVRUWL&LVL
SVWUH]H IHOXO GH JkQGLUH SXULWDQ L WUHL VHFROH PDL WkU]LX 'LVUDHOL YD WUHEXL V
UHFXQRDVF F QLPHQL QDU SXWHD JXYHUQD $QJOLD vPSRWULYD FRQWLLQ&HL
QHFRQIRUPLVWH




;
5(67$85$%,$


, $FHVW QRX VXYHUDQ SH FDUH $QJOLD vO DWHSWD FD SH XQ VDOYDWRU GXS FH
YUHPH vQGHOXQJDW vO SURVFULVHVH QX DYHD QLPLF GLQ SHUVRQDMXO VHUDILF LPDJLQDW
GH ]HORLL VOXMEDL DL WDWOXL VX UHJHOH PDUWLU &X EX]HOH JURDVH L VHQ]XDOH
QDVXOYLJXURVRFKLLEDWMRFRULWRULHOUHDPLQWHDPDLFXUkQGSHEXQLFXOVX+HQULF
DO ,9OHD GHFkW REUD]XO QRELO L VXPEUX DO WDWOXL VX 'H OD EHDUQH] PRWHQLVH
YHVHOLD VSLULWXO JXVWXO SHQWUX IHPHL QGHOXQJDWXO VX H[LO QXO DFULVH FL vL
GGXVH H[SHULHQ&D VUFLHL L KRWUkUHD IHUP GH D QX VH PDL vPEDUFD SHQWUX
FOWRULL 'H DFHHD VD IHULW vQ SRILGD LQVLVWHQ&HL PDPHL L D VXURULL VDOH
+HQULHWD DPkQGRX FDWROLFH V VH FRQYHUWHDVF )XVHVH DWUDV GH FDWROLFLVP
SRDWH L FRQYLQV GDU vL DPLQWLVH GH SDVLXQHD SXULWDQLORU L QX YRLVH VL
FRPSURPLW WURQXO 3HQWUX DO IHUL GH SHULFROHOH GH OD FXUWHD SDSLVW GLQ
6DLQW*HUPDLQFUHGLQFLRVXOVXVIHWQLF+\GHvOFRQGXVHVHvQ2ODQGDODVRUVD
0DULDVR&LDOXL:LOKHOPGH2UDQLD$FRORLXELVHRWkQUUHIXJLDWGLQ%DUD*DOL
ORU /XF\ :DOWHUV L DYXVHVH GH OD HD XQ EDVWDUG SH FDUHO IFX GXFH GH
0RQPRXWK7UDLXOXQXLSULQ&H[LODWHJUHX&DUROvPSUXPXWDVHEDQLGHODFXUWHD
)UDQ&HL GH OD FXUWHD 6SDQLHL 9LD&D OXL SUHFDU IFXVH GLQ HO XQ EUEDW PDL
FXUkQG IHUPHFWRU GHFkW PDLHVWRV PDL FXUkQG DELO GHFkW VFUXSXORV (UD IHUP
GHFLVGDFYLD&DvLYDVXUkGHYUHRGDWVVHEXFXUHGHHDGLQSOLQ&HHDFHVD
Y]XWGHVWXOGHELQHFkQGDGHYHQLWUHJHLFkQGPLQLWULLVLFXWkQGXOFDVL
YRUEHDVFGHWUHEXULOHVWDWXOXLvOJVHDXMXFkQGXVHFXFkLQLLVDXPkQJkLQGXL
DPDQWHOH &kQG D GHEDUFDW OD  PDL  SH SODMD GH OD 'RYHU SULPDUXO LD
RIHULWR%LEOLH&DURODUVSXQVFLWRFPDLFHHDFHLGRUHDPDLPXOWSHOXPH
6XFFHVRUXOOXL&URPZHOODYHDVLP&XOXPRUXOXLGDUVSLULWXOLUHYHUHQ&LRV


,, /RQGUD vL IFX R SULPLUH FOGXURDV RVHOHOH HUDX SUHVUDWH FX IORUL SH
VWU]L DWkUQDX SUHWXWLQGHQL WDSLVHULL FORSRWHOH VXQDX YLQXO FXUJHD vQ XUFLRDUH




(UDP SH &DOHD WUDQGXOXL  VFULH (YHO\Q  SULYHDP OD WRDWH DFHVWHD LO
ELQHFXYkQWDP SH 'XPQH]HX L WRWXO VD IFXW IU D VH YUVD R SLFWXU GH
VkQJH L GH FWUH DFHHDL DUPDW D FUHL UHEHOLXQH vO DOXQJDVH &DURO DO ,OOHD
vQWRUFkQGXVH]kPELQGFWUHFLQHYDGLQVXLWDVDvLVSXVHDIRVWGHVLJXUSURSULD
OXLJUHHDOFDOLSVLWDWkWDYUHPHFFLQXvQWkOQHDSHQLPHQLFDUHVQXILGRULW
vQWRDUFHUHD VD 1HVWDWRUQLFLD SRSRUXOXL HVWH VXUSULQ]WRDUH 7RDW FRPSRUWDUHD
OXL&DURODUILWUHEXLVLVFDQGDOL]H]HSHVXSXLLVL2GDWFXEDJDMHOHDGXFHDL
RIUXPRDVDPDQWSH%DUEDUD9LOOLHUVFDUHDYHDVGHYLQODG\&DVWOHPDLQHFX
FDUHLDSHWUHFXWvQPRGFLQLFSULPDVDQRDSWHOD:KLWHKDOO

&XUkQGIXvQFRQMXUDWGHXQDGHYUDWKDUHPLPRUDYXULOHFXUWHQLORULPLWDU
SH DOH UHJHOXL 'DU GXS UHVWULF&LLOH SXULWDQH SX&LQ H[WUDYDJDQ& QX GLVSOFHD
'HVIUkXO GHYHQL ORLDOLVP VHULR]LWDWHD GHYHQL UHEHOLXQH 5HJHOH VH GHSULQVHVH vQ
WLQHUH&HD VD UWFLWRDUH FX KRLQUHDOD L OLSVD GH UVSXQGHUH (O OV WRDW
SXWHUHD UHDO VIHWQLFXOXL VX GLQ H[LO (GXDUG +\GH SH FDUHO IFXVH ORUG
&ODUHQGRQQFHSXWXULOHDFHVWHLJXYHUQULQDXIRVWOLSVLWHGHDELOLWDWH8QDFWGH
LQGHPQL]D&LHLXLWDUHOLQLWLSHFHLFDUHOXDVHUSDUWHODUHEHOLXQH$XIRVWH[H
FXWD&L QXPDL UHJLFL]LL vQWUXQ PFHO GH]JXVWWRU 7UXSXULOH OXL &URPZHOO L vQF
DOHFkWRUYDIXUGH]JURSDWHVSkQ]XUDWHDSRLvQJURSDWHODSLFLRUXOVSkQ]XUWRULL
&D OD RULFH UHVWDXUD&LH SULHWHQLL GH ]LOH JUHOH VH VRFRWLU SURVW WUDWD&L /HJHD
DPQLVWLHL vL GHFHS&LRQDVH ,QGHPQL]D&LL SHQWUX GXPDQLL UHJHOXL XLWDUH SHQWUX
SULHWHQLLVLVSXQHDXHLFXDPUFLXQH$FHDVWSROLWLFPRGHUDWFDUHVXSU
SHFk&LYDFDYDOHULH[WUHPLWLvLFkWLJUHSHGHGHSDUWHDPRQDUKLHLSHVTXLUHLLGLQ
SDUWLGD OXL &URPZHOO 5HVWDXUD&LD SXWHD VL vQJGXLH FGHUHD XQRU FDSHWH FX
FRQGL&LD V UHVSHFWH DYHULOH GREkQGLWH &ODUHQGRQ DYX LQWHOLJHQ&D V SOWHDVF
VROGDWUXSHORUUHSXEOLFDQHSkQODXOWLPXOSHQQ\)DSWFDUHLDSHUPLVVODVHOD
YDWUDFHDVWUHGXWDELODUPDWIUVDLEORFQLFLXQFRQIOLFW&LQFL]HFLGHPLL
GH YHWHUDQL DL OXL &URPZHOO VH vPSUWLDU SH WRW vQWLQVXO $QJOLHL VSUH RQRDUHD
ORUVDFRQVWDWDWFQLFLXQXOQDIRVWY]XWFHUkQGGHSRPDQLQLPHQLGLQWUHHL
QXDIFXWYUHXQUX3XULWDQLVPXODYHDLSU&LOHVDOHEXQH


,,,&DVQXPDLILHVLOLWVVHvPEDUFHSHQWUXFOWRULL&DUROHUDGHFLVV
JXYHUQH]H vQ PRG OHJDO 0DUH DGPLUDWRU DO OXL /XGRYLF DO ;O9OHD GRULQ&D OXL
VHFUHWHUDVvQWUHDVFSHFkWSRVLELOSUHURJDWLYHOHVDOHLVSUHJWHDVFSH
FkW SRVLELO HPDQFLSDUHD FDWROLFLORU GDU WRWXO IU D DMXQJH OD YUHXQ FRQIOLFW Q
 FRQYRF SDUODPHQWXO Q &RQYHQ&LD FDUHO UHFKHPDVH SUHVELWHULHQLL L
FDYDOHULL vL vPSU&LVHU ORFXULOH 'H DVWGDW &DUD D DGXV XQ SDUODPHQW PDL
UHJDOLVW GHFkW UHJHOH L PDL DQJOLFDQ GHFkW HSLVFRSLL IRDUWH GHYRWDW LQWHUHVHORU
SURSULHW&LL IXQFLDUH L ELVHULFLL VWDWRUQLFLWH $OHLL HUDX vQ FHD PDL PDUH SDUWH
WLQHUL$PVLSVWUH]VSXVHUHJHOHSkQFHYRUFSWDEDUELvQWUDGHYU
D SVWUDW SDUODPHQWXO DFHVWD WLPS GH RSWVSUH]HFH DQL GDU DWkW GH SXWHUQLF HUD
DFXPODHQJOH]LQHYRLDLQVWLQFWLYGHOLEHUWDWHvQFkWFKLDULDFHDVW&DPHUIU
SHUHFKHVHDUWKRWUkWVQXGHDUHJHOXLQLFLDUPDWSHUPDQHQWQLFLUHVXUVH
VXILFLHQWHSHQWUXFDVVHSRDWOLSVLGHSDUODPHQWQLFLWULEXQDOHGHSUHURJDWLY
5HJHOH SH GH DOW SDUWH vL DPLQWHD GH FHOH vQWkPSODWH WDWOXL VX L VH IHUL V
WUHDFSHVWHDFHVWHOLPLWH1LFLRIUkQFRQVWLWX&LRQDOQXLIXVHVHLPSXVQLFLXQ
FDELQHWUHVSRQVDELOQXVHLQWHUSXQHDvQWUHPRQDUKL&DPHU'DU&DURODWLXW
vQWRWGHDXQD VL GHPLW OD WLPS PLQLWULL FkQG GHYHQHDX LPSRSXODUL DD vQFkW
SDUODPHQWXO HUD VWSkQ GH IDSW GDF QX GH GUHSW $PEDVDGRUXO )UDQ&HL VSXQHD


8QDGLQSULQFLSDOHOHFLGHDFFHVDOH/RQGUHLSDUDOHOFX7DPLVD



FUHJLPXODFHVWDQXHUDPRQDUKLFLVHPLUDDX]LQGXLSHOXQWUDLLGHSH7DPLVD
GLVFXWkQG SROLWLF FX PLORU]LL Q VHFROXO XUPWRU 0RQWHVTXLHX vL YD DUWD
VXUSUL]DGHDYHGHDXQ]LGDUFLWLQGXQ]LDUSHDFRSHUL(GXFD&LDSROLWLFDDFHV
WXLSRSRUDvQFHSXWPXOWPDLGHYUHPHGHFkWHGXFD&LDQD&LXQLORUGHSHFRQWLQHQW


,9'DFSXULWDQLLVDXDWHSWDWODWROHUDQ&UHOLJLRDVGLQSDUWHDUHJHOXLDX
IRVWGHFHS&LRQD&L3DUODPHQWXOL&ODUHQGRQVHDUWDUIRDUWHVHYHULID&GHDFWHOH
LQGHSHQGHQWHLFKLDUID&GHSUHVELWHULHQL3DWUXOHJLDOFWXLDX&RGXO&ODUHQGRQ
LLPSXQHDXXQFRQIRUPLVPULJXURV3ULPDREOLJDSHWR&LSULPDULLLIXQF&LRQDULL
PXQLFLSDOL V UHQXQ&H OD &RYHQDQWXO SUHVELWHULDQ L V SULPHDVF VDFUDPHQWHOH
DQJOLFDQHDGRXDREOLJDSHWR&LSDVWRULLSURWHVWDQ&LVFHDUKLURWRQLVLUHDGHFWUH
XQHSLVFRSVVHVHUYHDVFGHFDUWHDGHUXJFLXQLLVDFFHSWHOLWXUJKLDHQJOH]
DWUHLDLQWHU]LFHDRULFHVOXMEUHOLJLRDVQHDQJOLFDQODFDUHDUSDUWLFLSDPDLPXOW
GHSDWUXFUHGLQFLRLDSDWUDREOLJDSUHR&LLQHFRQIRUPLWLVVHUHWUDJODFHOSX&LQ
FLQFLPLOHGHSDURKLDXQGHDXSUHGLFDW$FHVWHOHJLDYXUHIHFWHSURIXQGHDVXSUD
YLH&LL $QJOLHL (OH GHVYkULU DGHUDUHD VTXLUHLORU OD DQJOLFDQLVP FFL
LPSRVLELOLWDWHD SHQWUX XQ GLVLGHQW GH D RFXSD XQ SRVW SROLWLF VDX FLYLF vL
FRQVWUkQJHD OD VXSXQHUH SH WR&L FDUH DYHDX DPEL&LL VDX LQWHUHVH $OLDQ&D vQ
ILHFDUHVDWGLQWUHVTXLUHLSDUVRQGLQWUHELVHULFLGRPHQLXGDWHD]GLQYUHPHD
DFHHD'DUPXO&LGLQWUHDFHWLDGHUHQ&LvLSVWUDUVXIOHWHOHGHGLVLGHQ&LLHLYRUIL
DFHLD FDUH PDL WkU]LX vPSUHXQ FX VFHSWLFLL L FX UD&LRQDOLWLL YRU VXV&LQH vQ
SROLWLFSDUWLGXOZKLJ&RGXO&ODUHQGRQIFXDSURDSHLPSRVLELOSUHVELWHULDQLVPXO
vQ $QJOLD VHFWHOH PDL SX&LQ RUJDQL]DWH VXSUDYLH&XLU ,]ROkQG R FDWHJRULH GH
RDPHQLFURUDOHUHIX]DGUHSWXULOHSROLWLFHFRGXODFHVWDVIkULSULQDPRGHODWLSXOU
DWkW GH LPSRUWDQW vQ LVWRULD $QJOLHL DO GLVVHUDWHUXOXL FDUH D DFFHSWDW SHQWUX D
UPkQHILGHOLGHLORUVDOHGHDLQWUDvQFRQIOLFWFXSXWHUHDLFDUHQXVHYDWHPHvQ
QLFL R vPSUHMXUDUH V vQIUXQWH RSLQLD SXEOLF 9RP UHJVL SH DFHVW GLVLGHQW VXE
GLYHUVH vQI&LUL vQ VHFROHOH XUPWRDUH L LQIOXHQ&D VD YD IL PDUH GHRDUHFH
FXUDMXOVXLQWHOHFWXDOYDILIUPDUJLQL


9 &ODUHQGRQ VH X] UHSHGH OD SXWHUH QWUH FXUWHQL WLQHUL L FLQLFL HUD XQ
EWUkQ VOXMED SRPSRV JXWRV L PRUDOL]DWRU )UXPRDVHOH SULHWHQH DOH UHJHOXL vL
EWHDX MRF GH HO GXFHOH GH %XFNLQJKDP  vO LPLWD vQ FHUF UHVWUkQV SH FDQFHODU
&DURO LQJUDW UkGHD L HO 1X UQDL WUHEXLD SHQWUX D VH GHVFRWRURVL GH DFHDVW
UPL& GLQ YHFKHD JHQHUD&LH GHFkW XQ SUHWH[W (YHQLPHQWHOH DGXVHU SUHWH[WH
FX JKLRWXUD D )UDWHOH UHJHOXL ,DFRE PRWHQLWRUXO WURQXOXL VH vQGUJRVWLVH vQ
WLPSXOH[LOXOXLGHIDWDOXL&ODUHQGRQ$QQD+\GH6HFVWRULFXHDPDLvQWkLvQ
VHFUHW DSRL vQ PRG SXEOLF 'LQ DFHDVW FVWRULH DYHDX V VH QDVF GRX
VXYHUDQHHQJOH]H0DULDFDUHVHPULWFX:LOKHOPDO,,,OHDGH2UDQLDLUHJLQD
$QQD&kQGDYXVHVHORFFVWRULDQXIXVHVHSHSODFXORSLQLHLSXEOLFHLVWkUQLVH
VSLULWHOHvPSRWULYDOXL&ODUHQGRQFDUHWRWXLVHIFHDFVHRSXQHE&ODUHQGRQ
D IRVW UVSXQ]WRU GH FVWRULD OXL &DURO DO ,,OHD FX R SULQ&HV GH %UDJDQ]D R
SRUWXJKH] FDWROLF L FDUH vQ DIDU GH DFHDVWD VH GRYHGL FXUkQG VWHULO 2
FVWRULHSRUWXJKH]QXHUDRFULPWRWDDGHJUDYFDRFVWRULHVSDQLROGDU
QXHUDJUHXVVHVSXQLVDVSXVFKLDUvPSRWULYDRULFUHLDSDUHQ&HGHDGHYU
F &ODUHQGRQ DOHVHVH R UHJLQ VWHULO SHQWUX D DVLJXUD WURQXO QHSR&LORU VL F
&ODUHQGRQ D YkQGXW )UDQ&HL 'XQNHUTXH SHQWUX FLQFL VXWH GH PLL GH SLVWROL L D
IRVWDFX]DWFDSULPLWXQFRPLVLRQGvQRUDXO/RQGUDvQFDUHPLXQDX


)LXOFXQRVFXWXOXLPLQLVWUXGLQWLPSXOOXL,DFRE,L&DURO,



FLQFL SkQ OD DVH VXWH GH PLL GH ORFXLWRUL SH VWU]LOH vQJXVWH L PXUGDUH D IRVW
SXVWLLWvQWUROXQGHLXQLHSX&LQPDLFOGXURDVGHRHSLGHPLHGHFLXPWRWDWkW
GH vQJUR]LWRDUH FD FLXPD QHDJU DSWH]HFL GH PLL GH FDGDYUH WUHEXLU V ILH
DUXQFDWH vQ JURDSD FRPXQ H FkWHYD OXQL PDL WkU]LX XQ LPHQV LQFHQGLX D
GLVWUXVGRXWUHLPLGLQ/RQGUD'LQWURGDWELVHULFLHGLILFLLSXEOLFHPLLGHFDVH
IXU FXSULQVH GHD YDOPD GH IOFUL 1LPHQL QHSXWkQG VWYLOL IRFXO 6DPXHO
3HS\V L YHFLQLL VL IXU VLOL&L V VDSH JURSL vQ JUGLQLOH ORU FD V EDJH vQ HOH
YLQXO L EUkQ]D GH SDUPH]DQ ,QFHQGLXO QX IX RSULW GHFkW DUXQFkQGXVH vQ DHU
VWU]L vQWUHJL 0XO&LPHD FDUH YUHD FD PDULOH HYHQLPHQWH V DLE FDX]H PDUL L
PLVWHULRDVHSHGHDVXSUDLDDFX]DWSHSDSLWLSHIUDQFH]LLSH&ODUHQGRQIQ
VIkULWvQRIORWRODQGH]DXUFDW7DPLVDLDDMXQVSkQOD&KDWKDPFDV
GHD IRF QDYHORU HQJOH]H 'H FkQG FX FLXPD L LQFHQGLXO SDQLFD JDWD V
L]EXFQHDVF vQ RULFH PRPHQW OX GLQ QRX SURSRU&LL 0XO&LPLOH FDSULFLRDVH DOH
/RQGUHL vQFHUFDX GHDFXP UHJUHWH GXS YUHPHD YLWHD]XOXL 2OLYHU FkQG FRDVWHOH
HUDXvQVLJXUDQ&LH[LVWDRDUPDWSXWHUQLFQ]DGDUWUDWDWXOGHOD%UHGDFDUH
SXVH FDSW U]ERLXOXL RODQGH] vL GGX $QJOLHL 1HZ <RUNXO L WRDW FRDVWD FDUH
XQHD 9LUJLQLD FX 1RXD $QJOLH 3RSRUXO HQJOH] VH FUH]X WUGDW L &ODUHQGRQ IX
H[LODWFDGXPDQSXEOLF


9, 1D IRVW vQORFXLW GH XQ VLQJXU PLQLVWUX FL GH XQ JUXS GH FRQILGHQ&L SH
FDUH DGYHUVDULL ODX GHQXPLW &DEDOD R FXULRDV FRLQFLGHQ& IFHD GLQ LQL&LDOHOH
PHPEULORU JUXSXOXL &OLIIRUG $UOLQJWRQ %XFNLQJKDP $VKOH\ /DXGHUGDOH
OLWHUHOH FXYkQWXOXL FDEDO 1X HUD XQ FDELQHW vQ VHQVXO PRGHUQ DO FXYkQWXOXL
UHJHOH UVSXQGHD VLQJXU GH SXWHUHD H[HFXWLY L GH DOWIHO FHL FLQFL EUED&L QLFL
QXIFHDXDFHHDLSROLWLF&OLIIRUGL$UOLQJWRQHUDXFDWROLFLFHLODO&LWUHLVFHSWLFL
&HOPDLUHPDUFDELOGDULFHOPDLXUkWGLQWUHWR&LHUD$VKOH\FDUHGHYHQLFXUkQG
FRQWHGH6KDIWHVEXU\LSHFDUH'U\GHQvQWURFHOHEUVDWLUvOYDGHVFULHVXE
QXPHOH GH $FKLWRSKHO VIHWQLFXO UHJHOXL 'DYLG &X VSULMLQXO FDEDOHL UHJHOH QX
QXPDLFDGRPQLWGDUDLJXYHUQDWQDSDUHQ&FRQWLQXV]EXUGHIUQLFLR
JULM FX DPDQWHOH L FkLQLL VL vQ IDSW XUPUHD FX R WDLQLF WHQDFLWDWH XQ SODQ
PDUHVLSURFXUHEDQLLVROGD&LJUD&LHDOLDQ&HLFX/XGRYLFDO;O9OHDDSRLFX
VSULMLQXODFHVWHLIRU&HVWULQHVUHVWDELOHDVFFDWROLFLVPXO


9,,$GPLUD&LDOXL&DUROSHQWUX)UDQ&DLJXYHUQDUHDHLHUDVLQFHU$FRORVH
DIODFHHDFHDUILYUXWHOVILHGDUQXvQGU]QHDXQPRQDUKDEVROXWHOvQ&HOHJHD
F QXPDL DFRUGXO GLQWUH VXYHUDQ L ELVHULFD URPDQ IFXVH SRVLELO DFHDVW
DWRWSXWHUQLFLHGRUHDVUHDOL]H]HXQDVWIHOGHDFRUGLVOLPLWHSHYUXOVX2
QRX DPDQW IUDQFH] /RXLVH GH .HURXDOOH FDUHL DVFXQGHD LUHWHQLD VXE XQ
]kPEHW FRSLOUHVF vO vQWUHD vQ SUHULOH VDOH &X WRDWH F SDUODPHQWXO GRUHD
DOLDQ&DFX6XHGLDL2ODQGDSXWHULSURWHVWDQWHvPSRWULYD)UDQ&HLFDUHGHYHQLVH
GH OD FGHUHD 6SDQLHL VWDWXO FHO PDL SXWHUQLF GH SH FRQWLQHQW vQ  SULQ
LQWHUPHGLXO VXURULL VDOH +HQULHWD &DURO VHPQ XQ WUDWDW VHFUHW FX /XGRYLF DO
;O9OHD GHQXPLW 7UDWDWXO 'RDPQHL L vQ  vQFKHLH R DOLDQ& FX IUDQFH]LL
vPSRWULYD 2ODQGHL 3DUODPHQWXO EULWDQLF UHIX] V YRWH]H VXEVLGLL SHQWUX DFHVW
U]ERL LPSRSXODU L RODQGH]LL VH DSUDU FX VXFFHV Q  &DURO WUHEXL IU

0HPRULDOLVWLLVWRULFDXWRUDOXQXL-XUQDOvQFDUHGHVFULDYLD&DGLQ/RQGUDvQWUH
L

-RKQ'U\GHQFHOHEUXSRHWGLQYUHPHD5HVWDXUD&LHL



YRLDOXLVWUDWH]H FXRODQGH]LLLvQQHSRDWDVD0DULDILLFDOXL,DFRELD

$QQHL+\GHVHPULWFX:LOKHOPDO,,,OHDGH2UDQLD7UDWDWXO'RDPQHLXOWLPD
LQL&LDWLYSHUVRQDODOXL&DUROvQGRPHQLXOSROLWLFLLH[WHUQHIXXQHHF


9,,, (O PDL VSHUD VL vPSOLQHDVF JUDQGLRVXO VX SURLHFW SH SODQ UHOLJLRV
/D vQFHSXWXO GRPQLHL vQFHUFDVH V LPSXQ SDUODPHQWXOXL R 'HFODUD&LH GH
LQGXOJHQ& FUHGHD F VH YD DFFHSWD HPDQFLSDUHD FDWROLFLORU SURILWkQG GH DFHHD D
GLVLGHQ&LORU'DUFKLDUGLVLGHQ&LLSURWHVWDQ&LvQDLQWHGHWRDWHVHRSXVHUPVXULL
L SDUODPHQWXO R UHVSLQVH 0DL WkU]LX &DURO vQFHUF VR LPSXQ vQ SRILGD
SDUODPHQWXOXL vQ YLUWXWHD SUHURJDWLYHORU VDOH GDU vL DOHVHVH SURVW PRPHQWXO
FLXPD L LQFHQGLXO D&k&DVHU XUD vPSRWULYD SDSDOLW&LL FDUH VH vPELQD FX WHDPD
ID& GH )UDQ&D (UD LDUL XQD GLQ DFHOH HSRFL vQ FDUH SROLWLFD H[WHUQ HUD
GHWHUPLQDW GH SROLWLFD LQWHUQ 2GLQLRDU 6SDQLD UHSUH]HQWDVH vQ RFKLL
SURWHVWDQ&LORUVSLULWXOGHSULJRDQDFXP)UDQ&DSHUVRQLILFDDEVROXWLVPXOLOLSVD
GHOLEHUW&LSHQWUXVXSXL&OWRULLFRPSDUDXRGDWPDLPXOWERJ&LDIHUPLHULORU
HQJOH]LFXPL]HULD&UDQLORUIUDQFH]L3DSLVPLVDER&LGHOHPQDPHVWHFXODFHVWD
GHWHVWDW REVHGD VSLULWHOH 3DUODPHQWXO VH DUW IHUP L UHIX] V UHFXQRDVF
UHJHOXLGUHSWXOGHDUHJOHPHQWDDVHPHQHDFKHVWLXQLSULQRUGRQDQ&H&DURORYL
vLDPLQWLGHUHEHOLXQHGHSHUHJULQULOHVDOHLFHG'HDOWIHORSDUWHGLQ&DEDO
OXDVH DWLWXGLQH vPSRWULYD OXL LL LPSXVH DFHO 7HVW $FW UVSXQV QD&LRQDO L
SURWHVWDQWvPSRWULYDDOLDQ&HLFX)UDQ&DLD'HFODUD&LHLGHLQGXOJHQ&$FHDVWOHJH
H[FOXGHD GLQ RULFH IXQF&LH SXEOLF SH FHL FDUH QX MXUDX FUHGLQ& VXSUHPD&LHL
UHJHOXL L FRPXQLXQLL DQJOLFDQH 3DLULL FDWROLFL WUHEXLU V SUVHDVF &DPHUD
/RU]LORU QVXL IUDWHOH UHJHOXL VH Y]X FRQVWUkQV VL PUWXULVHDVF FUH]XO VX
FDWROLF5HJHOHLWROHUDQ&DIXVHVHUvQYLQL


,;'HRDUHFH&DURODFFHSWDvQIUkQJHUHDVDFXFXPSWDUHVDSXWXWFUHGHXQ
WLPS F OLQLWHD DYHD V ILH UHVWDELOLW 'DU FKLDU L vQ&HOHS&LL VXQW OD FKHUHPXO
HYHQLPHQWHORUQXUPDXQHLPLQFLXQLLDXQHLDIDFHULPLVWHULRDVHvQFkWHYD]LOH
WRWXO VH VFKLPE 7LWXV 2DWHV HUD IRVW SDVWRU SURWHVWDQW FRQYHUWLW OD FDWROLFLVP
PDL PXOW GLQ LQWHUHV GHFkW GLQ FRQYLQJHUH FDUDFWHU MRVQLF GHPQ GH GLVSUH& L
FDUHLDWUVHVHXUSUHWXWLQGHQLSHXQGHWUHFXVH'XSFHDWULWRYUHPHSULQWUH
LH]XL&LLHQJOH]LGLQ6DLQW2PHUDIRVWH[SXO]DWGHHLIUQLFLXQEDQVDvQWRUVvQ
$QJOLD L vQ  VFRUQL XQ GHQXQ& vQ FDUHL DFX]D SH LH]XL&L F DX SXV OD FDOH
XQFRPSORWXUPULQGLQFHQGLHUHD/RQGUHLDVDVLQDUHDUHJHOXLvQWURQDUHDIUDWHOXL
VX,DFREFXFHULUHD$QJOLHLFXDMXWRUXORODQGH]LORULDOIUDQFH]LORULUHVWDELOLUHD
FDWROLFLVPXOXL (O DGUHV XQ H[HPSODU GXS DFHVW UDSRUW UHJHOXL L XQ DO GRLOHD
H[HPSODU XQXL FHOHEUX MXGHFWRU GH SDFH VLU (GPXQG %HUU\ *RGIUH\ 3HQWUX FD
VLSRDWLPDJLQDFLQHYDH[WUDRUGLQDUDUXPRDUHSURGXVDWXQFLDUWUHEXLVL
DPLQWHDVFVWDUHDGHQHUYR]LWDWHD/RQGUHLFRPSORWXOSUDIXOXLGHSXFFLXPD
L LQFHQGLXO WHURDUHD vQQHEXQLWRDUH SH FDUH R LQVSLUDX LH]XL&LL L SDSLVPXO 6H
IFXRSHUFKH]L&LHODVHFUHWDUXOGXFHOXLGH<RUNYLLWRUXO,DFREDO,,OHDHDVFRDVH
OD LYHDO R FRUHVSRQGHQ& IRDUWH FRPSURPL&WRDUH FX SULQWHOH /D &KDLVH
FRQIHVRUXO OXL /XGRYLF DO ;O9OHD 'HQXQ&DUHD FDORPQLRDV GGX OD LYHDO R
XQHOWLUHDGHYUDWQFOLSDDFHHDDYXORFRDGRXDORYLWXUGHWHDWUX*RGIUH\IX
JVLWDVDVLQDWSHXQGUXPGLQvPSUHMXULPLOH/RQGUHL&LQHODXFLV"$UPDVXQ
PLVWHULWRDWOXPHDQXPDLYHGHDSUHWXWLQGHQLGHFkWLH]XL&LvQDUPD&L&KLDUL

$FWXOGHPUWXULVLUHDFUHGLQ&HL




IHPHLOH QX PDL LHHDX GLQ FDV GHFkW vQDUPDWH FX XQ SXPQDO 5HJHOH FDUH QX
GGHDFUH]DUHFRPSORWXOXL&LQHDUILDWkWGHQHEXQVPDVDVLQH]HvLVSXVHHO
IUDWHOXL  FkQG PRDUWHD PHD WHDU DGXFH SH WLQH vQ ORFXO PHX" IX VLOLW V
VLPXOH]H F VH WHPH L V GXEOH]H JDUGD OD :KLWHKDOO Q ]DGDU FkWHYD VSLULWH
UH]RQDELOHLQYRFDUMRVQLFLDSHUVRQDODOXL7LWXV2DWHVDEVXUGLWDWHDXQHLFULPH
IU RELHFW GHRDUHFH *RGIUH\ QX DYXVHVH DVXSUD OXL GHFkW R FRSLH GXS XQ
GRFXPHQW FDUHL SURGXVHVH HIHFWXO VX GHSOLQ FXUkQG FKLDU L DFHWLD H[SXL
XQXL DGHYUDW DQWDM GLQ SDUWHD RSLQLHL SXEOLFH VH Y]XU FRQVWUkQL V DILUPH
vQFUHGHUHDORUvQ2DWHVVXEDPHQLQ&DUHDGHDILFRQVLGHUD&LSDSLWL6HGH]OQ&XL
RWHURDUHQHPDLSRPHQLW


; 'XS 5HVWDXUD&LH VH IRUPDU vQ &DU FkWHYD QXFOHH GH SDUWLGH (OH VDX
QVFXWGLQSDWLPLOHLVFDWHvQYUHPHDU]ERLXOXLFLYLO(QJOH]LLFSWDVHURELFHLXO
GH D VH LQWHUHVD GH WUHEXULOH SXEOLFH QLPLF QXL PDL SXWHD OHFXL 8QLL HUDX
SUHFXPRGLQLRDUFDYDOHULLSULHWHQLDLUHJHOXLDGYHUVDULLORUvLERWH]DUWRU\VDX
EULJDQ]L LUODQGH]L SHQWUX D LQVLQXD F QX HUDX GHFkW SDSLWL GHJKL]D&L HL vL
vQVXLUQXPHOHLOSXUWDXFXPkQGULH7RU\LODUkQGXOORUvLERWH]DUZKLJLSH
GXPDQLL UHJHOXL ZKLJ ILLQG R DEUHYLHUH D FXYkQWXOXL ZKLJDPRUHV JUXSXUL GH
&UDQLSXULWDQLGLQYHVWXO6FR&LHL:KLJLLHUDXUHEHOLSULPXO ZKLJDIRVWGLDYROXO
DO GRLOHD 6KDIWHVEXU\ GDU DFHDVW UHEHOLXQH UPkQHD DULVWRFUDWLF 7RU\L HUDX
OHJD&LGHSURSULHWDWHDIXQFLDULGHELVHULFDDQJOLFDQ:KLJLLGHGLVLGHQ&LLGH
QHJXVWRULLGLQ/RQGUD&kQGvQSHQWUXSULPDRDUGXSDSWHVSUH]HFHDQL
UHJHOHFRQYRFSHDOHJWRULQRLOHSDUWLGHGGXUDFHVWHLDOHJHULDVSHFWXOSHFDUHO
DX DVW]L DVHPHQHD FRQVXOWUL SRSXODUH FX PLWLQJXUL FRUWHJLL GLVFXUVXUL
YLROHQWH$FHVWHPHWRGHHUDX]JRPRWRDVHGDUSULQIDSWXOFGGHDXYLH&LLSROLWLFH
FDUDFWHUXO XQXL MRF VSHFWDFXORV GH vQWUHFHUH DVLJXUDX IU vQGRLDO XQ VXFFHV
GXUDELO JXYHUQULL SDUODPHQWDUH 1HDP MXFDW  VSXQH +DOLID[  DUXQFkQGXQH
XQXODOWXLDHSLWHWHGHZKLJLWRU\DDFXPFRSLLLvLDUXQFEXOJULGH]SDG


;, /D DOHJHULOH GLQ  ELUXLU ZKLJLL OXkQGXL GUHSW SODWIRUP FX R
SURIXQG UHDFUHGLQ& PLQFLXQLOH OXL 2DWHV 'XS DFHVW VXFFHV HL IFXU SULPD
H[SHULHQ& D XQHL JXYHUQUL FRQVWLWX&LRQDOH 8Q &RQVLOLX SULYDW FRPSXV GLQ
WUHL]HFL GH PHPEUL WUHEXLD V VHUYHDVF GH LQWHUPHGLDU vQWUH UHJH L SDUODPHQW
$FHVW FRQVLOLX HUD FRQGXV GH 6KDIWHVEXU\ VLU :LOOLDP 7HPSOH ORU]LL 5XVVHO L
+DOLID[$FWXOVXFHOPDLFXQRVFXWDIRVWFHOHEUDOHJH+DEHDVFRUSXVGH
DFL vQDLQWH RULFH HQJOH] DUHVWDW vQ DIDU GH WUGWRUL SXWHD V VH SOkQJ XQXL
MXGHFWRU FDUH WUHEXLD V GHD RUGLQ SD]QLFLORU SUL]RQLHUXOXL VO DGXF vQ ID&D
WULEXQDOXOXLvQFHOPXOWGRX]HFLGH]LOH3D]QLFXOFDUHDUILUHIX]DWVDUILH[SXV
OD R DPHQG HQRUP MXGHFWRUXO OD IHO $FHDVW OHJH vQJUHXLD PXOW DUHVWULOH
DUELWUDUH 1LFL R PVXU QX VXEOLQLD] PDL OLPSHGH IURQWLHUD FDUH VHSDU R JX
YHUQDUHGHVSRWLFGHXQUHJLPGHOLEHUWDWH


;,, 6XFFHVXO SDUWLGXOXL ZKLJ VD GDWRUDW IULFLL GH FDWROLFLVP 2U FDX]D
FDWROLFLVPXOXL HUD OHJDW GH DFHHD D GXFHOXL GH <RUN :KLJLL SDUWL]DQL DL P
VXULORU UDGLFDOH VRFRWHDX F IUDWHOH UHJHOXL WUHEXLD vQGHSUWDW GH OD WURQ WRU\L
OHJLWLPLWL HUDX GH SUHUH F HUD GHVWXO V L VH vQJUGHDVF SXWHUHD 'DF DU IL
vQGHSUWDW FLQH DYHD VO vQORFXLDVF" Q SULYLQ&D DVWD ZKLJLL HUDX HL vQLL
vPSU&L&L8QLLvOVXV&LQHDXSHSULQ&XOGH2UDQLDVR&XOSULQ&HVHL0DULDLJLQHUHOH




GXFHOXL GH <RUN DO&LL HUDX GH SDUWHD GXFHOXL GH 0RQPRXWK ILXO QHOHJLWLP DO OXL
&DURO DO ,,OHD 5HJHOH vO VXV&LQHD SH IUDWHOH VX vPSRWULYD EDVWDUGXOXL )RDUWH
FXUkQGSRSRUXOFXVXUSULQ]WRDUHDPRELOLWDWHDPXO&LPLORUHQJOH]HVHSOLFWLVLGH
WHURDUHDZKLJLXLWGH7LWXV2DWHVQ&DUROFDUHQXPDLDYHDQHYRLHGH
&DPHUD &RPXQHORU SHQWUX D RE&LQH VXEVLGLL ILLQGF OH SULPHD GH OD /XGRYLF DO
;O9OHD SXWX V GL]ROYH IU D SURYRFD SUHD PXOW DJLWD&LH SXEOLF XOWLPXO SDU
ODPHQW GLQ SHULRDGD GRPQLHL VDOH vQWUXQLW OD 2[IRUG SHQWUX DO vQGHSUWD GH
PXO&LPHDGLQ/RQGUD%LUXLVHUWRU\L


;,,, (QJOH]LL QX vQY&DVHU vQF MRFXO SDUODPHQWDU DOH FUXL UHJXOL
DFFHSWDWHGHWR&LvQJGXLHDGYHUVDULORUSROLWLFLVYLQDOWHUQDWLYODSXWHUHIUFD
SULPXOHIHFWDOYLFWRULHLVILHPDVDFUDUHDFHORUvQYLQL7ULXPIXOSDUWLGXOXLWRU\L
DOUHJHOXLIXXUPDWGHRSULJRDQvPSRWULYDSDUWLGXOXLZKLJ6KDIWHVEXU\XUPULW
SHQWUXUHEHOLXQHGHLDFKLWDWGHMXULXWUHEXLVIXJvQ2ODQGDXQGHDLPXULW
&HLODO&LPDULZKLJL(VVH[5XVVHO6LGQH\SLHLUvQvQFKLVRDUHVDXSHHDIRG8Q
DGHYUDW GHOLU GH GHYRWDPHQW PLVWLF ID& GH UHJDOLWDWH vL FXSULQVHVH SH HQJOH]L
7RU\LSUHGLFDXGRFWULQDQRQUH]LVWHQ&HLID&GHUHJHFDUHvLRFURWHDvQDFHODLWLPS
vPSRWULYD XQHL vQWRDUFHUL RIHQVLYH D ZKLJLORU L vPSRWULYD LQGHSHQGHQ&HL
FDOYLQLWLORU)LOPHUSXEOLF3DWULDUFKDVDvQFDUHDUWDFUHJHOHILLQGVXFFHVRUXO
SDWULDUKLORU L SULQWHOH VXSXLORU VL RULFH UVFRDO vPSRWULYD OXL FRQVWLWXLD XQ
SDULFLGQDFHDVWUHYUVDUHGHVHUYLOLVPWRDWHLGHLOHSUHFRQFHSXWHID&GH,DFRE
IXU GDWH XLWULL Q XOWLPLL VL DQL &DURO D WULW QHSHGHSVLW L IU UXLQH GLQ
VXEVLGLLOH OXL /XGRYLF DO ;O9OHD L D WROHUDW vQ GLVSUH&XO LQWHUHVHORU $QJOLHL FD
)UDQ&D V VH H[WLQG vQ )ODQGUD L SH 5LQ $VWIHO UHJHOH DFHVWD FDUH WUGDVH FX
DWkWD JUD&LH $QJOLD GRX UHOLJLL SH VR&LD L WRDWH DPDQWHOH VDOH SXWX VL
PHQ&LQ SkQ OD PRDUWH YROXSWRVXO L SHULFXORVXO VX HFKLOLEUX 'XS FH YRL
PXULLQDPVPDLILXSULQWUHYRLVSXQHDHOQXWLXFHYDIDFHIUDWHOHPHX
0LHWDUHWHDPFGXSFHYDDMXQJHUHJHYDILREOLJDWLDULVSHUHJULQH]HL
WRWXL YRL DYHD JULM VL ODV UHJDWHOH PHOH vQ RUGLQH 3H SDWXO VX GH PRDUWH
SHQWUXSULPDRDUFHUXVVHFKHPHXQSUHRWFDWROLFLSULPLXOWLPDPLUXLUH



;,
,$&2%$/,,/($,5(92/8%,$',1


,&DURODO,,OHDvLOVDPRWHQLUHIUDWHOXLVXRSXWHUHGHVSRWLFLDSURDSH
QHFRQWHVWDW %LVHULFD VWDWRUQLFLW SURSRYGXLD GUHSWXO GLYLQ L QRQUH]LVWHQ&D
ID&GHWLUDQ8QSDUODPHQWWRU\HUDGLVSXVVLDFRUGHUHJHOXLLPSR]LWHSHYLD&
&DURO vQFHSXVH V UHFUXWH]H SH WFXWH R DUPDW SHUPDQHQW GH ]HFH PLL GH
RDPHQLHIHFWLYSHFDUH,DFREDYHDVOGXEOH]HOXFUXFXWRWXOQHRELQXLWSHQWUX
XQ VXYHUDQ HQJOH] %DUD vO OVD V IDF FH YRLD L GXS FkW VH SUHD HD QX PDL
GRUHD DOWFHYD GHFkW OLQLWH &KLDU L FDWROLFLVPXO QRXOXL UHJH QX ULGLFD YUHR
RSR]L&LHYLROHQW$QJOLFDQLLLGLVLGHQ&LLHUDXGHDFRUGFDHOVLSUDFWLFHUHOLJLD
QXPDL V QX vQFHUFH FRQYHUWLUHD QD&LXQLL 'DF DU IL IRVW XQ RP DO FRP
SURPLVXULORUFDIUDWHOHVXDUILSXWXWGRPQLvQSDFH'DU,DFREDO,,OHDHUDXQ
RPvQFS&kQDWHQHUJLFORLDOLQXSUHDLQWHOLJHQW&RPSDUkQGXLSHFHLGRLIUD&L
VHVSXQHD5HJHOH&DURODUSXWHDvQ&HOHJHOXFUXULOHGDFDUYUHDGXFHOH,DFRE
DU YUHD V OH vQ&HOHDJ GDF DU SXWHD $YX QDLYLWDWHD V FUHDG F ELVHULFD




$QJOLHL SURSRYGXLQG QRQUH]LVWHQ&D QX YD RSXQH UH]LVWHQ& FKLDU GDF VDU
DSXFDVRGLVWUXJLSHHD'DUvQ]LXDvQFDUHGRFWULQDvQFHWVPDLFRLQFLGFX
LQWHUHVHOHHLELVHULFDDQJOLFDQDYHDVLGHVFRSHUHVOELFLXQLOH5HJHOHFUH]X GH
DVHPHQHD F vPSRWULYD DQJOLFDQLORU VDU SXWHD VSULMLQL SH GLVLGHQ&L SHQWUX F OH
IJGXLDWROHUDQ&DWkWORUFkWLFDWROLFLORUGDUHUDSHYUHPHDUHYRFULL(GLFWXOXL
GHOD1DQWHVFkQGKXJKHQR&LLIUDQFH]LVHUHIXJLDXvQ$QJOLD5HODWULOHORU
QXFRQVWLWXLDXXQH[HPSOXvQFXUDMDWRUSHQWUXSURWHVWDQ&LLHQJOH]L


,, 6D SXWXW YHGHD vQGDW F UHSUHVDOLLOH YRU IL FUXQWH VXE QRXO UHJLP
5VFRDOHOH FRQGXVH vQ 6FR&LD GH GXFHOH GH $UJ\OO vQ $QJOLD GH 0RQPRXWK IXU
XRU UHSULPDWH L HILL ORU XFLL 6XWH GH &UDQL QHYLQRYD&L FDUH vO XUPDVHU SH
0RQPRXWK DYXU DFHHDL VRDUW -HIIUH\V HIXO -XVWL&LHL IFX XQ WXUQHX
VkQJHURV6HVSkQ]XUDvQGUHDSWDLvQVWkQJDVHELFLXLDVHvQ&HVDXvQFKLVRULOH
3UHD F VH vQWRUVHVH YUHPHD 0DULHL 7XGRU 'LQ SRUXQFD UHJHOXL VH LQVWDO vQ
DSURSLHUHD/RQGUHLRWDEUPLOLWDUDVWIHOF,DFREVHFUHGHDODDGSRVWGHRULFH
U]PHUL& L YLROD OHJLOH IU QLFL XQ VFUXSXO 1HSXWkQG RE&LQH GLQ SDUWHD
SDUODPHQWXOXLDEURJDUHD7HVW$FWXOXLvLGLVSHQVSHFDWROLFLGHUHVSHFWDUHDOXL
QXPDL vQ YLUWXWHD SUHURJDWLYHORU VDOH L SXWX vPSkQ]L DVWIHO FX RIL&HUL L
IXQF&LRQDUL FDWROLFL SRVWXULOH FLYLOH L PLOLWDUH vQ ELVHULFD DQJOLFDQ vL IDYRUL]D SH
SUHOD&LLFULSWRFDWROLFLQFHUFDVIDFSUR]HOL&LvQUkQGXULOHQRELOLPLL'XFHOXLGH
1RUIRON FDUH GXFkQG vQ ID& VSDGD VWDWXOXL VH RSUL OD XD FDSHOHL UHJHOH vL
VSXVH 7DWO GXPQHDYRDVWU DU IL PHUV PDL GHSDUWH 'XFHOH vL UVSXQVH 7DWO
GXPQHDYRDVWU FDUH vQVHPQD PDL PXOW GHFkW DO PHX QX DU IL PHUV DWkW GH
GHSDUWH 7kQUXO GXFH GH 6RPHUVHW SULPLQG RUGLQ VO LQWURGXF SH QXQ&LXO
SDSDO OD UHJH VSXVH $P IRVW vQFUHGLQ&DW F QX SRW vPSOLQL SRUXQFD PDLHVW&LL
YRDVWUH IU D vQIUkQJH OHJHD  1X WL&L F HX VXQW GHDVXSUD OHJLL"  vO vQWUHE
,DFREUVWLW3RDWHPDLHVWDWHDYRDVWUGDUHXQXUVSXQVHGXFHOH6SLULWXOGH
UH]LVWHQ& VH PDQLIHVWD PDL FXUkQG SULQWUH SDLUL GHFkW SULQWUH PHPEULL &DPHUHL
&RPXQHORU &KLDU L PDULOH IDPLOLL FDWROLFH FXQRVFkQG FDUDFWHUXO &ULL L
SUHY]kQG SULPHMGLRDVHOH UHDF&LL FDUH DYHDX V XUPH]H UHIX]DX V DFFHSWH
vQDOWHOHPLVLXQLSHFDUHLOHRIHUHDUHJHOH3DSD,QQRFHQ&LXDO;OOHDGGHDVIDWXUL
GHPRGHUD&LH'DUUHJHOHHQWX]LDVWLRUEvLFRQWLQXDGUXPXOVXvQGU]QH&VSUH
SUSDVWLH


,,, 3HQWUX D JXYHUQD HUD QHYRLH GH VSULMLQXO FODVHORU PLMORFLL (OH QX PDL
QXPUDX vQ UkQGXULOH ORU FDWROLFL ,DFRE FUH]X F LL YD UDOLD SULQWUR 'HFODUD&LH
GH ,QGXOJHQ& H[WLQV L DVXSUD GLVLGHQ&LORU (UD YHFKHD QHFOLQWLWD LOX]LH F VDU
SXWHD RE&LQH WULXPIXO FDWROLFLVPXOXL SURILWkQG GH FRQIOLFWHOH GLQWUH SURWHVWDQ&L
3RUXQFL FOHUXOXL DQJOLFDQ V FLWHDVF OD DPYRQ GLQ DFHDVW GHFODUD&LH QWUHDJD
ELVHULF UHIX] DSWH HSLVFRSL SULQWUH FDUH L DUKLHSLVFRSXO GH &DQWHUEXU\
DGUHVDUUHJHOXLRSHWL&LH(OvLWULPLVHOD7XUQ3HFRUDELDFDUHLWUDQVSRUWDDFROR
RVWDLL vQJHQXQFKHDX L FHUHDX HSLVFRSLORU V OH GHD ELQHFXYkQWDUHD 'XS FH
MXULXO vL DFKLW vQWUHDJD /RQGU IX LOXPLQDW L OD ILHFDUH IHUHDVWU VH Y]X XQ
FDQGHODEUX FX DSWH EUD&H GLQWUH FDUH XQXO PDL OXQJ SHQWUX P\ORUGXO GH
&DQWHUEXU\/D2[IRUGUHJHOHYRLVLPSXQFDSUHHGLQWHDOFROHJLXOXL0DJGDOHQ
XQ FDWROLF )LLQG UHIX]DW GH IHOORZV GGX DIDU GRX]HFL L FLQFL GLQWUH HL
&RQIOLFWXO GLQWUH GLQDVWLD 6WXDUW L SRSRU UHQWHD GDU vQWUR OXPH HPDQFLSDW

0HPEULDLFROHJLXOXL




vQFDUHUHEHOLXQHDvPSRWULYDUHJHOXLFXWRDWHWUDWDWHOHGRJPDWLFHQXPDLDSUHD
FD R DF&LXQH QHPDLDX]LW L PRQVWUXRDV 7RWXL SRSRUXO HQJOH] vL SVWU
UEGDUHD DWkWD WLPS FkW UHJHOH QX DYX XQ PRWHQLWRU GH VH[ PDVFXOLQ
0RWHQLWRDUHD WURQXOXL HUD SULQ&HVD 0DULD R EXQ SURWHVWDQW PULWDW FX
:LOKHOPGH2UDQLD/XPHDHUDGHSUHUHFDFHDVWSHUHFKHYDUHVWDELOLvQWUR]L
RUGLQHD vQ UHJDW 'DU FkQG vQ  D GRXD VR&LH D UHJHOXL FDWROLFD 0DULD GH
0RGHQD QVFX XQ IHFLRU SH ,DFRE HQJOH]LL IXU FXSULQL GH GHVSHUDUH 6H
UVSkQGL ]YRQXO F ELDWXO HUD QXPDL SUH]XPDW F OD QDWHUH QDX IRVW GH ID&
PDUWRULOHJDOLLFWRWXOQXHUDGHFkWXQQRXFRPSORWDO,H]XL&LORU5HJHOHSUHD
JDWDVWULPLWRDUPDWLUODQGH]LFDWROLFvPSRWULYD$QJOLHL3HWRDWHVWU]LOHVH
FkQWD/LOOLEXOOHURUHIUHQFDUHDYHDVGHYLQFHOHEUXLVDOXQJHXQUHJHGLQ
UHJDWXOVX0XOWPDLPXOWGHFkWvQUHYROX&LDILHUEHDvQWRDWHLQLPLOH


,9$QJDMDWvQWUROXSWGHVSHUDWFX)UDQ&DOXL/XGRYLFDO;O9OHD:LOKHOP
GH2UDQLDJLQHUHOHUHJHOXLVHJkQGHDFGDF$QJOLDQXYDUPkQHSURWHVWDQW
VDWHUPLQDWFXOLEHUW&LOHGLQ(XURSD1LFLHOQLFLVR&LDOXLQXLIFHDXVFUXSXOH
GLQ D VH PDQLIHVWD vPSRWULYD WDWOXL L VRFUXOXL ORU &LQHDX OHJWXU GLUHFW FX
SDUWLGHOHHQJOH]HLQXDWHSWDXGHFkWRLQYLWD&LHSUHFLVFDVLQWUHvQDF&LXQHQ
]LXDDFKLWULLFHORUDSWHHSLVFRSLLXQLHDFHDVWLQYLWD&LHIXVHPQDWvQ
RUDXO LOXPLQDW DO /RQGUHL GH Fk&LYD SDLUL 'DQE\ vQ&HOHSWXO L IHUPHFWRUXO
+DOLID[FDUHvLULVFDUYLD&DLSHFDUHvLVXV&LQHDXQXPHURLRIL&HULSULQWUHFDUH
ORUGXO &KXUFKLOO /XGRYLF DO ;,9OHD WRFPDL LQYDGDVH 3DODWLQDWXO GkQG DVWIHO
2ODQGHL FkWHYD VSWPkQL GH UJD] :LOKHOP GHEDUFkQG OD 7RUED\  QRLHPEULH
SRUQLvQPDUDVXSUD/RQGUHL,DFREDYHDDUPDWGDUQXHUDVLJXUGHHD
&XSULQVGHSDQLFIFXFRQFHVLL(UDSUHDWkU]LXQWRDWHFRPLWDWHOHVHDGXQDX
PLOL&LLOH &XYkQWXO GH RUGLQH HUD 8Q SDUODPHQW OLEHU L R UHOLJLH SURWHVWDQW
0DULLVHQLRULVHGHFODUDUSHQWUX:LOKHOP3XWHUQLFHLQWHUHVHHUDXRVWLOHOXL,DFRE
ELVHULFDLXQLYHUVLWDWHDVHSXWHDXDWHSWDODRULFHGLQSDUWHDDFHVWXLUHJHFDWROLF
$QDFHDGHDGRXDILLFDUHJHOXLVHDOWXUUHEHOLORU(OVHVLP&LSUVLWGHWR&L
'DF VDU IL OXSWDW VLWXD&LD OXL :LOKHOP DU IL GHYHQLW SRDWH GLILFLO FFL SRSRUXO
HQJOH] QDYHD GH ORF SRIW V vQFHDS LDU XQ U]ERL FLYLO $D vQFkW vQ ORF V
vQFHUFH FDSWXUDUHD OXL ,DFRE DO ,,OHD DGYHUVDULL VL VH vQJULMLU VL FUHH]H
SRVLELOLWDWHDGHDIXJL(ORIRORVLLSOHFvQ)UDQ&DDUXQFkQGvQ7DPLVDPDUHOH
VLJLOLXDO$QJOLHLvQVSHUDQ&DFYDvPSLHGLFDDVWIHOPHUVXODIDFHULORUGHVWDW'DU
XQVLJLOLXQXLJUHXGHvQORFXLWEDQLFLFKLDUXQUHJH


91XHUDXRUVVHDVLJXUHvQPRGOHJDOWUDQVPLWHUHDSXWHULL3DUWLGXOZKLJ
VXV&LQHDFPRQDUKLDILLQGXQFRQWUDFWvQWUHSRSRULVXYHUDQSRSRUXOVDXDOHLL
VL DYHDX GUHSWXO VO vQGHSUWH]H SH ,DFRE DO ,,OHD L SH ILLL VL SHQWUX F QX
LQVSLUDX QLFL R vQFUHGHUH L VO DGXF OD SXWHUH SH :LOKHOP SULQ DOHJHUL OLEHUH
(SLVFRSLL WRU\ FUHGLQFLRL GRFWULQHL GUHSWXOXL GLYLQ QX SXWHDX IL GH DFRUG FX
DFHDVWPHWRGLSURSXQHDXRUHJHQ&8QFRPSURPLVOHJDOSUH]HQWDWGH'DQE\
FRQVLGHUDFUHJHOHSULQIXJDVDDDEGLFDWLSURFODPDSH0DULDFDPRWHQLWRDUH
D WURQXOXL 3ODQXO DFHVWD VH ORYL GH YRLQ&D QRLL SHUHFKL UHJDOH 0DULD QX YRLD V

0DLH[DFW/LOOL%RUOHUR%XOOHQ DODUHIUHQRQRPDWRSHLFGHFLLQWUDGXFWLELODOXQXLFkQWHF
DWULEXLWORUGXOXL7KRPDV:KDUWRQFRPSXVSHQWUXDLEDWHMRFGHQRXOYLFHUHJHDO,UODQGHLQXPLW
GH,DFREDO,,OHDvQ$GHYHQLWFXUkQGIRDUWHSRSXODUXQYHULWDELOVHPQDOGHUHFXQRDWHUHDL
GXPDQLORUOXL,DFREDO,OOHD




GRPQHDVF IU VR&XO HL QLFL DFHVWD V GHYLQ SULQ& FRQVRUW Q VIkULW R
FRQYHQ&LH vL UHFXQRVFX SH DPkQGRL L XUP GRPQLD OXL :LOKHOP L D 0DULHL
IHEUXDULH'XSDFHVWFRPSURPLVQXPDLSXWHDILYRUEDGHGUHSWXOGLYLQDO
UHJLORU $QJOLHL 'DU JUD&LH FRPSURPLVXOXL DFHDVW UHYROX&LH FRQVHUYDWRDUH VD
IFXW IU U]ERL FLYLO IU SUHVFULS&LL IU H[HFX&LL (QJOH]LL vQY&DX vQFHW vQFHW
DUWDGLILFLOGHDWULvQVRFLHWDWH




;,,
025$985,,,'(,$/(5(67$85$%,(,
&21&/8=,,


, )LUHD RPHQHDVF H QHYRLW V RVFLOH]H vQ MXUXO XQRU VHQWLPHQWH GHVWXO GH
VWDWRUQLFH&RQVWUkQJHUHDSHFDUHSXULWDQLLRLPSXVHVHUSDVLXQLORUWUHEXLDVILH
XUPDWGHRGHVWLQGHUH6HvQ&HOHJHGHFHFDYDOHULLSHUVHFXWD&LWLPSGHGRX]HFL
GH DQL DX UHVLP&LW R ILUHDVF UHSXOVLH ID& GH PRUDYXULOH L LGHLOH GLQ SULFLQD
FURUD DX DYXW DWkWD GH VXIHULW L GH FH vQ UHDF&LD ORU DX GHSLW PVXUD /D
FXUWHDOXL&DURODO,,OHDXUDID&GHLSRFUL]LHDPHUVSkQODGLVSUH&XOGHFHQ&HL
3HQWUXFVHWHUPLQDVHFXIH&HOHDFHOHDvQWXQHFDWHLFXPRGDSUXOXLVFXUWFDUH
VHvQVWSkQLVHUOD:HVWPLQVWHU:KLWHKDOOYRLDVLVDYXUH]HUHYDQDQSDODWXO
DFHVWDGHVFKLVSHQWUXWRDWOXPHDRULFLQHSXWHDILPDUWRUXOGHVIUkXOXLUHJDOQ
ILHFH VHDU RWHQLL GLQ JDUG vO YHGHDX SH UHJH VWUEWkQG JUGLQLOH SHQWUX D VH
GXFH OD DPDQWD OXL DWRWSXWHUQLFD L LPSXGLFD ODG\ &DVWOHPDLQH 6XSXLL vL
LPLWDXVWSkQXO)HPHLvPEUFDWHvQKDLQHEUEWHWLJUXSXULFDUHVHDGXQDXFD
VGDQVH]HvQSLHOHDJRDOFRPSRUWDUHDFLQLFSHFDUHLRvQJGXLDXXQLLID&GH
FDPHULVWH WRDWH DFHVWHD YGHDX WUVWXULOH RELQXLWH DOH SHULRDGHORU GH GH]P&
FDUH XUPHD] DSURDSH vQWRWGHDXQD GXS PDULOH UVWXUQUL VRFLDOH $QJOLD
5HVWDXUD&LHL VH DVHPQD FX )UDQ&D 'LUHFWRUDWXOXL L FX (XURSD GLQ 2XYHUW OD
1XLW 0HPRULLOH FDYDOHUXOXL GH *UDPRQW RIHU R LPDJLQH D DFHORU YUHPXUL GDU
FX VLJXUDQ& F UHDOLWDWHD D IRVW FX PXOW PDL EUXWDO GHFkW D GHVFULVR
+DPLOWRQ (QJOH]XO 5RFKHVWHU LQI&LHD] OXPHD GH DWXQFL L HSRFD DFHHD
PDL ELQH GHFkW IUDQFH]XO *UDPRQW 3ULHWHQ LQWLP FX UHJHOH SH FDUHO DPX]DX
YRUEHOHOXLREVFHQHPHUJkQGFXOLSVDOXLGHUHVSHFWSkQDFRORvQFkWvLIXUDFkWH
XQ VUXW IDYRULWHL VXYHUDQXOXL DWkW GH GHVWUEODW vQFkW vQFKLULD R WDYHUQ
vPSUHXQFXGXFHOHGH%XFNLQJKDPSHQWUXDFRUXSHIHPHLOHFHOHPDLUHVSHFWDELOH
GLQ vPSUHMXULPL HO HVWH XQ IHO GH LPDJLQH GHJUDGDW D PDULORU HOLVDEHWDQL
9LROHQ&D HVWH DFHHDL GDU OXFUXULOH DVXSUD FURUD VH H[HUFLW VXQW PXOW PDL
PHGLRFUH



'HVFKLVQRDSWHDURPDQGHVFULLWRUXOIUDQFH]FRQWHPSRUDQ3DXO0RUDQG


$QWRLQH FRQWH GH +DPLOWRQ   VFULLWRU RULJLQDU GLQWUR IDPLOLH DULVWRFUDWLF
VFR&LDQRLUODQGH] 5HJDOLVW D WULW vQ )UDQ&D R PDUH SDUWH D YLH&LL L D VFULV vQ OLPED IUDQFH]
vQFkW ILJXUHD] SULQWUH UHSUH]HQWDQ&LL OLWHUDWXULL IUDQFH]H 0HPRULLOH FDYDOHUXOXL GH *UDPRQW FHOH
EUX RP GH OXPH DO HSRFLL FXPQDW FX +DPLOWRQ VXQW vQ UHDOLWDWH RSHUD FHOXL GLQ XUP L
FRQVLGHUDWHGUHSWXQDGLQOXFUULOHPHPRULDOLVWLFHGHYDORDUHGHRVHELWFDIUHVFGHPRUDYXULXQLL
PHUJkQGSkQODDOHFRPSDUDFXVFULVRULOHGQHLGH6HYLJQHFX&DUDFWHUHOHOXL/D%UX\HUHVDX
FXPHPRULLOHOXL6DLQW6LPRQ
-RKQ:LOPRW5RFKHVWHUSRHWVDWLULFIRDUWHOLEHUWLQDWkWvQVFULHULFkWLvQYLD&D
VDSULYDW





,,7LQHULLFDYDOHULGLQQXDXSULPLWFDSULQ&LLORUVHULRDVDHGXFD&LHSH
FDUH OHR SXWHD GD ILLORU VL R IDPLOLH GH VTXLUHL ERJDW L IHULFLW Q WLPS FH
SULQ&LL ORU HUDX SOHFD&L OD U]ERL HL WULDX DOWXUL GH JUDMGXUL DX FXQRVFXW
VUFLD L H[LOXO DX UWFLW SULQ FDUWLHUHOH PUJLQDH GLQ 3DULV L $PVWHUGDP
%H&LD HUD OD PRG SULQWUH HL (RFKHVWHU VH ODXG F FLQFL DQL GHD UkQGXO D IRVW
EHDW8QIXQF&LRQDUH[FHOHQWFXPH3HS\VSRYHVWHWHFXPXO&XPLUHGHVLQHGHVSUH
EH&LLOH L DYHQWXULOH OXL DPRURDVH /D /RQGUD VH vQPXO&HVF WDYHUQHOH L ORFDOXULOH
UX IDPDWH &DIHDXD L FHDLXO LQWURGXVH GH FXUkQG vQ $QJOLD VXQW SUHWH[WH
SHQWUXGHVFKLGHUHDXQRUFRIIHHKRXVHVXQGHVHEHDPDLPXOWUDFKLXGHFkWFDIHD
Q DFHVWH FRIIHH KRXVHVL vQ ORFDOXULOH FRQFXUHQWH DOH KRXVHV VH DXG FXYLQWH
LQVWLJDWRDUHLFLUFXODQHFGRWHVFDQGDORDVHFXSULYLUHOD0\/DG\&DVWOHPDLQH
6SHFWDFROHOHEUXWDOHOXSWHOHGHFRFRLDOHWDXULORUFXFkLQLLQXUHXHVFVVDWXUH
GH VkQJH SH VSHFWDWRULL RELQXL&L V VH vQJKHVXLH OD H[HFX&LD UHJLFL]LORU 7HDWUXO
UHIOHFW FLQLVPXO DFHORU YUHPXUL /XL 3HS\V vL PDL SODFH vQF )XUWXQD GDU
FRQVLGHU 9LVXO XQHL QRS&L GH YDU FHD PDL ULGLFRO SLHV SH FDUH D Y]XWR vQ
YLD&DOXL$XWRULLODPRGVXQWvQFHHDFHSULYHWHGUDPD%HDXPRQWL)OHFKWHU
LDU vQ SULYLQ&D FRPHGLHL &RQJUHYH :\FKHUOH\ RDUH UHLDX VXELHFWHOH OXL 0ROLqUH
^0L]DQWURSXO7DUWXIIHGDUvQWURPDQLHUGHVWXOGHFUXGLEUXWDOQGU]QHDOD
FRPHGLLORUGLUVWLPSXO5HVWDXUD&LHLYDVWkUQLXLPLUHvQVHFROXODO;O;OHD7DLQHVH
YDvQWUHEDFXGH]JXVWFXPOHDSXWXWWROHUDYUHRGDWSXEOLFXO6HFROXODO;;OHD
PDLDPRUDOYDUHPDUFDGLQQRXYLRLFLXQHDQRVWLPDGDORULvQ/RQGUDYD
DSODXGD )HPHLD GH OD &DU D OXL :\FKHUOH\ FDUH vQ  DU IL IRVW JVLW
LQWROHUDELOGHVFDQGDORDV$FHVWHDVXQWRVFLOD&LLOHSXGRULLGDU7DLQHDUHGUHSWDWH
DWXQFL FkQG FRQVLGHU FRPLFXO OXL :\FKHUOH\ PDL SX&LQ VQWRV GHFkW DO OXL
0ROLqUH Q VXIOHWXO DFHVWRU HQJOH]L GH]OQ&XL&L GH SH YUHPHD 5HVWDXUD&LHL
VXSUDYLH&XLHWHSHXQGHYDSXULWDQXOLFXRYLROHQ&GHVWXOGHVXPEUVFULLWRULL
GHFRPHGLHVHvQYHUXQHD]VORFKH]H


,,, 'DF vQ VHFROXO DO ;9,OHD R PDUH LQIOXHQ& GLQ DIDU D IRVW H[HUFLWDW
DVXSUD $QJOLHL GH ,WDOLD vQ VHFROXO DO ;9,,OHD HD YD IL vQORFXLW GH )UDQ&D 0XO&L
SRH&L GLQ UkQGXULOH FDYDOHULORU DX WULW vQ )UDQ&D vQ WLPSXO H[LOXOXL ORU HL LDX
FXQRVFXW L DGPLUDW SH %RLOHDX 0ROLqUH %RVVXHW 6DX WUDGXV DWXQFL vQ OLPED
HQJOH]SRHPHLURPDQHIUDQFH]H&KLDUL&DURODO,,OHDHUDIUDQFH]QXQXPDL
GXSPDPGDULSULQRELFHLXULOHSULQDPLQWLULOHVDOH'HOD/XGRYLFDO;,9OHD
SULPHDEDQLRDPDQWLSLOGH2ULFHHQJOH]GHSHYUHPHD5HVWDXUD&LHLYRUEHDR
OLPE vPSHVWUL&DW FX FXYLQWH IUDQFH]H 6DU SUHD F HUD vQF XQ IHO GH D
UHDF&LRQDvPSRWULYDSXULWDQLORU$WXQFLVDXLQWURGXVvQOLPEDHQJOH]RVHULHGH
FXYLQWH FDUH VHPQLILF GLIHULWH QXDQ&H DOH EDWMRFXULL WR EXIOHVTXH WR GUROO WR
ULGLFXOH VXEVWDQWLYHOH WUDYHVW\ EDGLQDJH 3RHPXOXL UHOLJLRV vL XUPHD] VDWLUD
8QXO GLQWUH PDULOH VXFFHVH DOH WLPSXOXL D IRVW +XGLEUDVGH %XWOHU GLQ FDUH VD
IFXWXQ'RQ4XLMRWHDOSXULWDQLVPXOXLGDUFDUHGXFHFXJkQGXOPDLFXUkQGOD
6FDUURQ GHFkW OD &HUYDQWHV 'U\GHQ vQ VWUOXFLWHOH VDOH VDWLUH DPHVWHF DOX]LLOH
ELEOLFHFXIRUPDIUDQFH]L]XJUYHWHVXEQXPHOHGH$EVDORQL$FKLWRSKHOSH
QHIHULFLWXO 0RQPRXWK L SH SHUILGXO 6KDIWHVEXU\ $OWXUL GH VDWLU vQIORUHWH L

%HUULLvQOLPEDHQJOH]

3LHVHGH6KDNHVSVDUH




PDGULJDOXO 1HQXPUD&L SRH&L FDYDOHUL FRPSXQ FkQWHFH GH GUDJRVWH DGHVHD

IHUPHFWRDUH/LWHUDWXUDWLPSXOXLHVWHROLWHUDWXUDULVWRFUDWLF0LVWLFLVPXOXQXL
0LOWRQ VDX DO XQXL %XQ\DQ QX HVWH IFXW SHQWUX FXUWHD GH DWXQFL HD WLH SUHD
ELQH FH PRUDYXUL LDU LPSXQH PLVWLFLVPXO $QJOLD RILFLDO GLQ SUHDMPD DQXOXL
VHYUHDJUD&LRDVVSULQWHQDJHULXELWRDUHGHVXEWLOHGLVFX&LL


,9'HVFDUWHVHVWHILOR]RIXOODPRGQFHSHGRPQLD5D&LXQLLRGLYLQLWDWHDWkW
GH SX&LQ EULWDQLF Q VHFROXO DO ;9,,OHD WLLQ&D HVWH  L SRDWH IL  FDUWH]LDQ
SHQWUX F WUDWHD] GHVSUH PDWHPDWLFL DVWURQRPLH RSWLF 'LVFLSOLQHOH DFHVWHD
GDXQDWHUHvQ$QJOLDXQXLRPGHJHQLX1HZWRQFDUHGHVFRSHULQGXQHOHOHJLDOH
PHFDQLFLL FRQILUP GUHSWXULOH 5D&LXQLL 5HJHOH vQVXL L DO GRLOHD GXFH GH
%XFNLQJKDPVXQWRDPHQLGHWLLQ&QVHDFRUG6RFLHW&LL5HJDOHRFDUW
SHQWUX vPEXQW&LUHD FXQRDWHULL 1DWXULL $FROR VH DGXQ WR&L FHL LQWHUHVD&L GH
FHUFHWUL WLLQ&LILFH GH OD UHJH SkQ OD XOWLPXO RUHDQ FXOWLYDW 6H IDF H[SXQHUL
DOH XQRU UHPDUFDELOH OXFUUL +DOOH\ YRUEHWH DFROR GH FRPHWD FDUHL SRDUW
QXPHOH 1HZWRQ GHVSUH OXPLQ 5R\ GHVSUH FODVLILFDUHD ERWDQLF %R\OH GHVSUH
SURSDJDUHD VXQHWXOXL 3ULQFLSLLOH FHUFHWULL WLLQ&LILFH IRUPXODWH PDL vQDLQWH GH
%DFRQ vQ 1RYXP 2UJDQXP DX GDW DVHPHQHD UH]XOWDWH vQFkW RDPHQLL DX SULQV
vQFUHGHUHvQVSLULWXOXPDQQFUHGHUHFDUHDYHDVVWLPXOH]HvQVHFROXODO;9,,,OHD
FXWDUHD XQRU VROX&LL UD&LRQDOH vQ SROLWLF vQ PRUDO vQ HFRQRPLH 7RWXL
UD&LRQDOLVPXOHQJOH]vQDLQWHGH/RFNHHVWHIRDUWHGLIHULWGHFHOGLQ)UDQ&D0DUHOH
JkQGLWRUGHSHYUHPHD5HVWDXUD&LHLGLQ$QJOLD+REEHVFRQFHSHVRFLHWDWHDXPDQ
FD XQ VLVWHP SXU PHFDQLF SXV vQ PLFDUH GH SRIWHOH L GRULQ&HOH QRDVWUH
(JRLVPXO vQ RFKLL OXL HVWH VLQJXUXO UHVRUW DO OHJLL PRUDOH GDU YLD&D vQ VRFLHWDWH
GXFH OD OXSWD GLQWUH HJRLVPH L SULQ DFHDVW OXSW VWDUHD QDWXUDO FDUH HVWH
VWDUHDGHU]ERLVHWUDQVIRUPvQWUXQDFRUGOHJDO)LOR]RILDSROLWLFDOXL+REEHV
HILOR]RILDFUHLDvLSXWHDGDQDWHUHRSHULRDGGHU]ERDLHFLYLOHFDDFHHDDOFUHL
PDUWRUDIRVWILOR]RIXO'HRDUHFHRDPHQLLVHXUVFLVXQWLQFDSDELOLVWULDVFvQ
SDFHVLQJXUXOOHDFvPSRWULYDDQDUKLHLHVWHRPkQIRUWH/HYLDWKDQDOOXL+REEHV
QXHVWHDOWFHYDGHFkWVWDWXOWRWDOLWDUDOGLFWDWRULORUPRGHUQLGDUGLFWDWRUXO
OXLHVWHPRQDUKXO


9 3kQ L ELVHULFD GHYLQH DWXQFL UD&LRQDOLVW &UHGLQ&D SWLPD
KDOXFLQDQW D XQXL &URPZHOO UVSXQGHD OD YUHPHD HL QHYRLORU XQRU DQXPL&L
HQJOH]L D FURU VHPLQ&LH QX VD VWLQV GDU PDMRULWDWHD ORU GRUHVF DFXP R UHOLJLH
PDLSX&LQYLROHQW0DUHOHJkQGLWRUFUHWLQDO5HVWDXUD&LHL%DUURZHVWHSURIHVRU
GH PDWHPDWLFL 7HRORJLD OXL HVWH WLLQ&LILF PRUDOD OXL XWLOLWDU (O GHPRQVWUHD]
FHDYDQWDMHHYLGHQWHDXRDPHQLLFDUHLDVLJXUFXSUH&XOXQRUVDFULILFLLGHVWXOGH
PRGHVWH R UVSODW YHQLF 7LOORWVRQ DWkW GH DGPLUDW vQFkW XQ HGLWRU vL G
YGXYHLVDOHGRXPLLFLQFLVXWHGHOLYUHFDGUHSWXULGHDXWRUSHQWUXSUHGLFLOHVDOH
LQHGLWH SUHGLF GHVSUH Q&HOHSFLXQHD GH D IL UHOLJLRV L GRYHGHWH DFHDVW
vQ&HOHSFLXQHSULQDUJXPHQWHSUDFWLFHGLVSXVHFDRGHPRQVWUD&LHJHRPHWULF)U
YHUYIULPDJLQD&LHIUQLFLXQDGLQFDOLW&LOHGHVWLOFDUHGDXYDORDUHHVWHWLF
XQXL %RVVXHW XQXL %RXUGDORXH XQXL 0DVVLOORQ GDU XQ HGLILFLX ELQH FRQVWUXLW
ELQHvQFKHJDW


9, $FHDVW UHOLJLH EOkQG L UH]RQDELO DUH R PDUH LQIOXHQ& DVXSUD


-HDQ%DSWLVWH0DVVLOORQFHOHEUXSUHGLFDWRUIUDQFH]



HQJOH]LORU 1LPLF PDL IDOV GHFkW V QH LPDJLQP GkQG FUH]DUH FRPHGLLORU L
PHPRULLORUGHFXUWHFSHYUHPHD5HVWDXUD&LHL&DUDvQWUHDJVDGHGDWGHVIUkXOXL
L FLQLVPXOXL $VHPHQHD PRUDYXUL VXQW WRWGHDXQD DOH XQHL PLQRULW&L DOH XQRU
WUkQGDYLFDUHLIRORVHVFSXWHULOHSHQWUXLXELULDUWLILFLDOHGHRDUHFHQXOHSRWIRORVL
SHQWUX QHFHVLW&L UHDOH 3H GRPHQLLOH GH OD &DU vQ VSDWHOH GXJKHQHORU OD IHUPH
YLD&D GH IDPLOLH D UPDV FHD IRVW vQWRWGHDXQD &RUHVSRQGHQ&HOH SDUWLFXODUH VFRW
OD LYHDO FVQLFLL H[FHOHQWH ED]DWH SH R WDQGUH& JUDY 3HS\V vQ SOLPEULOH VDOH
vQWkOQHWH OD SRU&LOH /RQGUHL XQ FLREDQ EWUkQ FLWLQG GLQ %LEOLH ELH&HOXOXL VX
%LEOLRWHFLOHVXQWSOLQHGHFU&LGHWHRORJLHLvQWLPSXOGRPQLHLOXL&DURODO,,OHD
SUHGLFLOHVHYkQGPDLELQHGHFkWSRHPHOH


9,,5HYROX&LDHQJOH]GLQQXVHDPQGHORFFXUHYROX&LDIUDQFH]GLQ
QUHYROX&LDIUDQFH]VHGROXSWvQWUHFODVH%XUJKH]LLL&UDQLLVHUHYROW
vPSRWULYDUHJHOXLLDQRELOLPLL1LPLFGLQWRDWHDVWHDvQ$QJOLDQDSDUHQ&FHOH
GRX PDUL FRQIOLFWH GLQ WLPSXO UHYROX&LHL HQJOH]H DX FRQVWDW GLQWUXQ FRQIOLFW
UHOLJLRVLXQXOSROLWLF&LQHYDGRPLQD"5HJHOHVDXSDUODPHQWXO"&LQHYDPRGHOD
VXIOHWHOH" %LVHULFD URPDQ ELVHULFD DQJOLFDQ VDX ELVHULFD LQGHSHQGHQW" /D
DFHVWHGRXFRQIOLFWHWUHEXLHDGXJDWXQDOWUHLOHDPDLSX&LQPUWXULVLWFDUHHVWH
XQFRQIOLFWILVFDO&LQHYDSOWLFKHOWXLHOLOHVWDWXOXL"%RJD&LLSULQLPSR]LWHGLUHFWH
VDX PDVHOH SULQ LPSR]LWH LQGLUHFWH" &DURO , D IRVW YD VSXQH 'LVUDHOL RPXO
LPSR]LWXOXL GLUHFW 5HYROX&LD HVWH IU vQGRLDO R L]EkQG D SDUODPHQWXOXL GH
DVHPHQHDLDFODVHORUSRVHGDQWH7LPSGHFk&LYDDQLSHYUHPHDQLYHODWRULORUVD
SXWXW FUHGH F VH YD QDWH R RSR]L&LH HJDOLWDU L SXULWDQ 'DU HIHFWXO DFHVWRU
WHPHULDIRVWFPDULLVHQLRULSDUWL]DQLDLSDUODPHQWXOXLLPDULLVHQLRULSULHWHQLDL
UHJHOXL VDX DSURSLDW XQLL GH DO&LL 'HL FHL GLQWkL DX LQWUDW vQ SDUWLGXO ZKLJ L
FHLODO&LvQSDUWLGXOWRU\DH[LVWDWvQWUHHLXQDFRUGWDFLWSHQWUXDvQGHSUWDGHOD
SXWHUH SH WR&L FHL FX FRQFHS&LL SULPHMGLRDVH 3XULWDQLVPXO FDUH QX UHFXQRDWH
DOWDXWRULWDWHGHFkWDFHHDDFRQWLLQ&HLYDIL&LQXWGHSDUWHGHYLD&DSROLWLF

9,,, $YHQWXUD 6WXDU&LORU D vQVHPQDW DWkW R YLFWRULH D SDUODPHQWXOXL DVXSUD
FRURDQHL FkW L L]EkQGD GUHSWXOXL FRPXQ 'XS 6WXDU&L QX VD PDL WLXW GH
GUHSWXODGPLQLVWUDWLYLGHFXU&LOHSUHURJDWLYHORUOHJHDGHYLQHDFHHDLSHQWUXWR&L
OD IHO GH DVSU ID& GH VWDW L ID& GH LQGLYL]L +DEHDV FRUSXV VIkUHWH SULQ D
vQFKLGH UD&LXQLL GH VWDW RULFH SRUWL& GH LQWUDUH vQ GRPHQLXO MXVWL&LHL Q )UDQ&D
DGXQULOH UHYROX&LRQDUH GH OD ILQHOH VHFROXOXL DO ;9,,,OHD L PDL WkU]LX $GXQDUHD
1D&LRQDOGLQVHYRUVWUGXLGXSFHYRUILUVWXUQDWRPRQDUKLHLXQLP
SHULXVFUHH]HGLQQRXXQVWDWSXWHUQLF'LPSRWULYUHYROX&LDHQJOH]GLQ
QDUH DOW &HO GHFkW V OLPLWH]H SXWHUHD VWDWXOXL vQ IDYRDUHD GUHSWXULORU VXSXLORU
VL3DUODPHQWXOFKHPkQGXLSH:LOKHOPL0DULDOHLPSXQHFRQGL&LL3HQWUXF
$QJOLDILLQGIHULWGHDUPDWHOHVWULQHGDWRULWFHQWXULLVDOHOLFKLGHLGHGH]RUGLQL
LQWHUQH GDWRULW OHJDOLVPXOXL FHW&HQLORU QX H SUHRFXSDW QLFL GH DSUDUHD IURQ
WLHUHORUvPSRWULYDXQHLLQYD]LLQLFLGHDSUDUHDSURYLQFLLORUvPSRWULYDDQDUKLHLFL
GHDSUDUHDOLEHUW&LLDSURVSHULW&LLLDUHOLJLHLVXSXLORUVLvPSRWULYDDWDFXULORU
XQHLJXYHUQULDUELWUDUH


,;%XUNHQXPHWHHYHQLPHQWXOGLQRIHULFLWLJORULRDVUHYROX&LH

 (GPXQG %XUNH   FHOHEUX VFULLWRU L RP SROLWLF ZKLJ DGYHUVDU DO UHYROX&LHL
IUDQFH]H




L H vQWUDGHYU R IHULFLUH SHQWUX $QJOLD F D SXWXW HIHFWXD FHD PDL PDUH
VFKLPEDUHGLQLVWRULDVDLSDVXOGHODGHVSRWLVPODPRQDUKLHFRQVWLWX&LRQDOIU
FD vQWUH HQJOH]LL FHORU GRX WDEHUH V VH IL VSDW XQ DQ& GH QHWUHFXW 'DF
&URPZHOODUILUPDVODSXWHUHLDUILvQWHPHLDWRGLQDVWLHHSUREDELOFSHQWUX
PXOW YUHPH $QJOLD DU IL IRVW GLYL]DW DD FXP DYHD V ILH )UDQ&D GXS 
MHIXL&L GHVFHQGHQ&LL FDYDOHULORU QDU IL LHUWDW OHVQH GHVFHQGHQ&LORU FDSHWHORU
URWXQGH vQIUkQJHUHD VXIHULW 2 UHVWDXUD&LH vQJGXLWRDUH SH YUHPHD OXL &DURO DO
,,OHD DSRL vQ PRPHQWXO FkQG D IXJLW ,DFRE DO ,OOHD DFRUGXO GLQWUH FHOH GRX
SU&L SHQWUX DSUDUHD UHOLJLHL SURWHVWDQWH L vQ VIkULW vQFHSkQG GLQ 
UDOLHUHD XOWLPLORU OHJLWLPLWL SULQ VWLQJHUHD UHJLORU OHJLWLPL H[SOLF UHODWLYD
PRGHUD&LH D OXSWHORU SROLWLFH GLQ VHFROXO DO ;9,,,OHD L DO ;O;OHD 3H FkQG vQ
)UDQ&D SH YUHPHD 7HURDUHL vQWUH DOEDWUL L DOEL VDX FXP VH YD VSXQH PDL
WkU]LXvQWUHVWkQJDLGUHDSWDDL]EXFQLWRYHQGHWWDFDUHQDIRVWXLWDWQLFLSkQ
D]L vQ $QJOLD GH GXS  SDVLXQLOH SROLWLFH GHL YLL QDX DWLQV QLFLRGDW
DUGRDUHDVHQWLPHQWHORUUHOLJLRDVH


































 8OWLPXO GHVFHQGHQW DO OXL vDFRE DO ,,OHD 6WXDUW QXPLW +HQU\ %HQHGLFW FDUGLQDO GH <RUN D
PXULWvQ





&$57($$$6($

021$5+,(,2/,*$5+,(

















,
'201,$2/$1'(=8/8,

, 2ODQGH]XO SOSkQG FX SU GH FXORDUH vQFKLV FX RFKLL FHQXLL L
SWUXQ]WRULFDUHGHYHQLvQUHJHOH$QJOLHLQXHUDXQVWULQFFLSULQVkQJH
HUD QHSRWXO OXL &DURO , LDU SULQ FVWRULH VR&XO ILLFHL OXL ,DFRE DO ,,OHD 'DU
HQJOH]LORU ILH F HUDX ZKLJ ILH F HUDX WRU\ OH SUX VWULQ SULQ FDUDFWHUXO SULQ
JXVWXULOHLSULQLGHLOHVDOHQWURYUHPHGHYHVHOLHLGHVIUkXvOJVHDXGDFQX
SXUFHOSX&LQJUDYLOLSVLWGHYRLRLHvQWURYUHPHvQFDUHVHDSUHFLDORFYDFLWDWHD
HOHJDQW HO D IRVW FD L FHO PDL PDUH GLQWUH VWUPRLL VL XQ WDFLWXUQ Q
YHFKLOHFHUWXULDOHHQJOH]LORUFXSULYLUHODVXSUHPD&LDSDUODPHQWXOXLVDXDELVHULFLL
VWDWRUQLFLWH HO QX VH DPHVWHFD GHFkW FX R LQGXOJHQ& WUXID DSURDSH GLVSUH
&XLWRDUH$PHQLQ&DWvQ%ULOHGH-RVGHFWUHIRU&DPHUHXFUHVFkQGDOXL/XGRYLF
DO ;O9OHD HO YD UPkQH XQ RP DO FRQWLQHQWXOXL DO FUXL RELHFWLY SULQFLSDO YD IL
PHQ&LQHUHD EDODQ&HL SXWHULL vQ (XURSD 3ULQ DFHDVWD VH H[SOLF SDUDGR[XO F
VXYHUDQXO FDUH FUHGHD FHO PDL SX&LQ vQ SDUODPHQW L FDUH vQ &DUD VD GH RULJLQH
LHLVH ELUXLWRU ID& GH GHPRFUD&LH GHYLQH vQ $QJOLD XQXO GLQWUH IRQGDWRULL PR
QDUKLHLSDUODPHQWDUH3UHRFXSDWVIDFID&XQRUSULPHMGLLPDLJUDYHHODFFHSWD
L IRORVHD LQVWUXPHQWXO GH JXYHUQDUH FH L VH RIHUHD $ vQFHUFDW V DSHUH FHHD FH
PDL UPkQHD GLQ SXWHUHD SHUVRQDO GDU GXS PRDUWHD VD WRDWH SDUWLGHOH
UHFXQRVFXUFSXWHUHDUHDODSDU&LQHDUHJHOXLQXPDLvPSUHXQFXSDUODPHQWXO
VX 5HYROX&LD GLQ  GRYHGLVH F $QJOLD VH vPSRWULYHD V GHYLQ R PRQDUKLH
DEVROXWLDUDFHHDGLQFVHvPSRWULYHDVGHYLQUHSXEOLF,LUPkQHDV
GHVFRSHUHPLMORDFHOHGHDILvQDFHODLWLPSLUHSXEOLFLPRQDUKLH


,, 8UFkQGXVH SH WURQ :LOKHOP L 0DULD UDWLILFDU 'HFODUD&LD 'UHSWXULORU
FDUH GHYHQL DFHO %LOO RI 5LJKWV GLQ  7H[WXO DFHVWD vQWRFPLW vQ VSLULW IRDUWH
HQJOH]HVFQXHQXQ&DSULQFLSLLDEVWUDFWH(QXPHUDDFWHOHDUELWUDUHDOHOXL,DFREL
OH GHFODUD LOHJDOH DILUPD F UHJHOH QX SRDWH DGXFH VXE QLFL XQ SUHWH[W YUHR
DWLQJHUHOHJLORUIXQGDPHQWDOHDOHUHJDWXOXLvQVIkULWSHQWUXDDVLJXUDUHVSHFWXO
DFHVWRUOHJLUHDPLQWHDFQLFLXQLPSR]LWQXSXWHDILYRWDWGHFkWDQXDOLFVROGD
DUPDWHL QX YD IL QLFLRGDW DVLJXUDW GHFkW SHQWUX XQ DQ 0XWLQ\ $FW vQWRFPLW
GXS UHEHOLXQHD GH OD ,SVZLFK VLQJXUXO GRFXPHQW FDUH vQJGXLD V VH DSOLFH
VROGD&LORU XQ FRG GH MXVWL&LH PLOLWDU WUHEXLD L HO V ILH YRWDW vQ ILHFDUH DQ Q
VIkULW vQ  VH KRWUv FD SDUODPHQWXO V ILH FRQYRFDW FHO SX&LQ R GDW OD WUHL
DQLLFQLFLXQSDUODPHQWQXYDSXWHDGXUDPDLPXOWGHWUHLDQL2vQGHOXQJDW
H[SHULHQ&vLFRQYLQVHVHSHHQJOH]LFOLEHUW&LOHORUHVHQ&LDOHGHSLQGHDXGHDFHVWH
PVXUL VLPSOH L PHFDQLVPXO SUDFWLF DO OLEHUW&LL vL LQWHUHVD PDL PXOW GHFkW
HORJLXOHLWHRUHWLF'XSFHUHJHOHDFFHSWDVH'HFODUD&LD'UHSWXULORUSX&LQHPRWLYH
GH FRQIOLFW PDL VXE]LVWDX vQWUH HO L SDUODPHQW 1X VH JVLVH vQF R PHWRG SULQ
FDUH V VH DVLJXUH OHJWXUD GLQWUH SXWHUHD H[HFXWLY L FHD OHJLVODWLY 1LPHQL
QXL LPDJLQD F XQLWDWHD JXYHUQULL DU SXWHD IL UHDOL]DW SULQ DOFWXLUHD XQXL
JUXS RPRJHQ GH FRQVLOLHUL DL UHJHOXL FDELQHWXO FDUH RFXSkQG FHOH PDL vQDOWH
SRVWXUL vQ VWDW L DSDU&LQkQG PDMRULW&LL GLQ &DPHUD &RPXQHORU DU XUPD VRDUWD
DFHVWHL PDMRULW&L 'H FkWH RUL :LOKHOP VXE LQIOXHQ&D LQJHQLRVXOXL

 :LOKHOP GH 2UDQLD   FRQGXFWRU DO OXSWHL SHQWUX LQGHSHQGHQ&D 2ODQGHL HUD
VXSUDQXPLWODFLWXUQXO

$FWXOFXSULYLUHODUHEHOLXQHvQOLPEDHQJOH]D



6XQGHUODQG vQFHUF V IRUPH]H XQ DVHPHQHD JUXS GH PLQLWUL SDUODPHQWXO
vQVSLPkQWDW YRUEHD GH MXQWD GH FDEDO L DPHQLQ&D FX YHFKHD VD DUP
LPSHDFKPHQWXO 'DU LPSHDFKPHQWXO QX DVLJXUD QLFL XQ FRQWURO HILFLHQW DVXSUD
SXWHULLH[HFXWLYHQJGXLDGRDUSHGHSVLUHDXQRUPLQLWULGXSXQHHFGDUQX
SUHYHQLUHDXQHLLPSUXGHQ&H'HVHFROH$QJOLDVHvQYkUWHDvQMXUXOUHVSRQVDELOLW&LL
PLQLVWHULDOHIUVJVHDVFRVROX&LHODDFHDVWGLILFLOSUREOHP


,,,'DF:LOKHOPDO,,,OHDSVWUHD]FHOSX&LQvQGUHSWSXWHUHDH[HFXWLYHO
H GHSDUWH GH D DYHD SUHVWLJLXO SHUVRQDO SH FDUH &DURO , L OD PHQ&LQXW SkQ OD
HDIRG 8Q SDUWLG LDFRELW GHVWXO GH QXPHURV vL UPkQH FUHGLQFLRV OXL ,DFRE DO
,,OHD 2ULFH PDUH VHQLRU FUXLD :LOKHOP vL UHIX] YUHR IDYRDUH LQWU LPHGLDW vQ
FRUHVSRQGHQ& VHFUHW FX FXUWHD UHIXJLDW OD 6DLQW*HUPDLQ &k&LYD HSLVFRSL L
SDWUXVXWHGHSUHR&LILGHOLGRFWULQHLGUHSWXOXLGLYLQUHIX]VSUHVWH]HMXUPkQW
6XQWDFHLQRQMXURUVFDUHWUHEXLHVLSUVHDVFSRVWXULOHLSHFDUH:LOKHOPvL
vQORFXLHWH FX HSLVFRSL WROHUDQ&L FD %XUQHW L 7LOORWVRQ 'DF DU IL SXWXW
:LOKHOPOHDUILLPSXVHQJOH]LORUQHXWUDOLWDWHDUHOLJLRDVQID&DRSR]L&LHLSHFDUH
RVWkUQHWHDFHDVWLGHHSUHDQRXWUHEXLHVFDGODvQYRLDO8QHGLFWGLQ
FX SULYLUH OD WROHUDQ& DGXFH R UHODWLY OLEHUWDWH D FXOWHORU GDU FDWROLFLL L
GLVLGHQ&LL UPkQ H[FOXL GLQ IXQF&LLOH RILFLDOH &k&LYD QRQFRQIRUPLWL SHQWUX D
IDFHSDUWHGLQPXQLFLSDOLW&LDFFHSWVDGHUHODELVHULFDVWDWRUQLFLW(FHHDFH
VHQXPHWHFRQIRUPLVPXORFD]LRQDOFDUHVWkUQHWHIXULDWRU\ORUvPSRWULYDDFHV
WHLFRPHGLLQHOHJLXLWH


,9 *UDQL&HOH GLQWUH SDUWLGH GHYLQ PDL SUHFLVH 3DUWLGXO WRU\ HVWH DO
SURSULHWDULORU GH SPkQW ODQGHG PHQ DO VTXLUHLORU LDFREL&L L DO DGHS&LORU ELVH
ULFLLDQJOLFDQH3DUWLGXOZKLJVHFRPSXQHGLQWUHLHOHPHQWHIDPLOLLOHDULVWRFUDWLFH
GH WUDGL&LH DQWLLDFRELW &DYHQGLVK 5XVVHOO 3HOKDP QHJXVWRUL GLQ /RQGUD
QDEDEL FRORQLDOL QRL ILQDQFLDUL PRQH\HG PHQ FDUH vQ YUHPHD DFHHD VH
vPERJ&HDX UHSHGH L vL FXPSUDX ORFXUL vQ SDUODPHQW L vQ VIkULW GLVLGHQ&LL
FDUH QDX DOW OHJWXU FX SULPHOH GRX JUXSH GHFkW WHDPD FRPXQ GH GLQDVWLD
6WXDUW L GH LQWROHUDQ&D UHOLJLRDV Q HSRFD OXL ,DFRE DO ,,OHD SDUWLGXO WRU\ VD
Y]XW OD GHVSHUDUH REOLJDW V DOHDJ vQWUH ELVHULFD DQJOLFDQ L UHJH SHQWUX D
VFSDGH5RPDDVSULMLQLW+DJD8QLLUHJUHWLYLVHD]ODRUHVWDXUD&LHLPSRVLELO
'LPSRWULYVXEGRPQLDOXL:LOKHOPSDUWLGXOZKLJSULQWURFLXGDWUVWXUQDUHD
OXFUXULORUDGHYHQLWFHOPDLFUHGLQFLRVVXV&LQWRUDOPRQDUKXOXL(OVSULMLQIU
UH]HUYSH:LOKHOPGH2UDQLDvQU]ERDLHOHVDOHvPSRWULYD)UDQ&HLDSHQWUXFOH
vQWUHSULQGHFDHIDOSULQ&LORUSURWHVWDQ&LESHQWUXFOXSWDvPSRWULYDOXL/XGRYLF
DO;O9OHDvQVHDPQLOXSWDvPSRWULYDSUHWHQGHQWXOXL6WXDUWGHODFDUHSDUWLGXO
ZKLJ VH SRDWH DWHSWD OD RULFH F SHQWUX F SULHWHQLL ORU GLQ /RQGUD FXQRVF vQ
WLPSXODFHVWXLU]ERLLGLQFDX]DOXLRLQFUHGLELOSURVSHULWDWH


9'LQDQXOH[LVWDOD$PVWHUGDPREDQFUHQXPLWODFDUHRULFHPDUH
FRPHUFLDQWGLQ(XURSDvLDYHDFRQWXOOXLDVWIHOFODULJRDUHLGDFVHVXSXQHD
XQHLSURFHGXULFRPSOLFDWHSXWHDSOWLSULQWUDQVIHUFDSULQWUREDQFPRGHUQ
$QJOLDUPVHVHODEQFLOHSDUWLFXODUHLODQHQXPUD&LLVL]DUDILGLQHYXOPHGLX
$XUDULL JROGVPLWKV IFHDX FRPHU& FX DXU GGHDX vPSUXPXWXUL UHJHOXL SDUWL


5REHUWFRQWHGH6XQGHUODQGSROLWLFLDQDELOLLQWULJDQWFDUHvQDWUHFXW

GLQWDEUDVWXDU&LORUvQDFHHDDOXL:LOKHOPGH2UDQLD



FXODULORU L SULPHDX vQ GHSR]LW PHWDOH SUH&LRDVH vQ VFKLPEXO FURUD HOLEHUDX
UHFLSLVH JROGVPLWKV QRWHV FDUH FRQVWLWXLW SULPHOH ELOHWH GH EDQF 9LVWLHULD
vQVLVHvPSUXPXWDGHODDXUDUL3HYUHPHDU]ERDLHORUvPSRWULYDOXL/XGRYLFDO
;O9OHD LPSR]LWHOH L vPSUXPXWXULOH GHYHQLVHU LQVXILFLHQWH SHQWUX D IDFH ID&
FKHOWXLHOLORU $WXQFL SDUWLGXO ZKLJ LQYHQW GDWRULD SXEOLF %DQFD $QJOLHL L
VSHFXOD&LD DVXSUD WLWOXULORU )LQDQ&H RODQGH]H VSXQHDX FX GLVSUH& FHL GLQ
SDUWLGXO WRU\ FDUH GHWHVWDX DFHVWH QRL PHWRGH SROLWLFHWH SHQWUX F DMXWDX
SDUWLGXO ZKLJ V VH PHQ&LQ OD SXWHUH HFRQRPLFHWH SHQWUX F XXULQ&D vQ
FRQWUDFWDUHD vPSUXPXWXULORU IFHD V FUHDVF GDWRULLOH VWDWXOXL PRUDOPHQWH
SHQWUX F PUHDX SXWHUHD RDPHQLORU FX EDQL vQ GDXQD JHQWLORPLORU UXUDOL
FRORDQDYHUWHEUDOD&ULL


9,%DQFD$QJOLHLQXDIRVWFUHDWGHFkWSHQWUXDGDSRVLELOLWDWHOXL:LOKHOP
VLFRQWLQXHU]ERDLHOH8QDQXPLWQXPUGHFDSLWDOLWLDGXQDURVXPGHXQ
PLOLRQGRXVXWHGHPLLGHOLYUHFDUHDIRVWvQvQWUHJLPHvPSUXPXWDWVWDWXOXLFX
R GREkQG GH R VXW GH PLL GH OLYUH SH DQ %DQFD IRQGDW SHQWUX DFHDVW
RSHUD&LXQH RUJDQL] vQ DFHODL WLPS FD L %DQFD GLQ $PVWHUGDP GHVFKLGHUHD
XQRU FUHGLWH SHQWUX SDUWLFXODUL %DQFD QX DYHD UH]HUYH GHRDUHFH FDSLWDOXO HL
IXVHVH vPSUXPXWDW JXYHUQXOXL GDU L VH DFRUG SULYLOHJLXO GH D HPLWH ELOHWH GH
KkUWLHSHQWUXRVXPHJDOFXFDSLWDOXOHL%LOHWHOHDFHVWHDHUDXUDPEXUVDELOHvQ
DXU%DQFDUHXLVRQRUH]HUDPEXUVULOHJUD&LHEHQHILFLLORULGREkQ]LLGHRVXW
GHPLLGHOLYUHSHFDUHRSULPHDDQXDOGHODJXYHUQ
/D vQFHSXW ELOHWHOH DFHVWHD VWkUQLU R PDUH QHvQFUHGHUH $SRL SXEOLFXO IX
IHULFLW F QX PDL WUHEXLD V vPSUXPXWH GH OD DXUDUL FDUH SUHWLQGHDX GREkQ]L
IRDUWHPDULPSUXPXWXODFRUGDWVWDWXOXLvQDIRVWvQFHSXWXOGDWRULHLSXEOLFH
1DWLRQDO'HEW(ODDYXWFDXUPDUHFRQVROLGDUHDOHJWXULORUOXL:LOKHOPDO,,,OHD
FXOXPHDGHDIDFHULGLQ&LW\LFXSDUWLGXOZKLJ'DFYUHRGDW/XGRYLFDO;O9OHD
L SUHWHQGHQWXO DU IL LHLW ELUXLWRUL HUD VLJXU F vPSUXPXWXULOH QX DYHDX V PDL
ILH UDPEXUVDWH $VWIHO %DQFD $QJOLHL D FRQVWLWXLW SHQWUX FDVD GH 2UDQLD FHHD FH
MHIXLUHDPQVWLULORUDIRVWSHQWUXFDVD7XGRU(DDvPELQDWSDVLXQLOHSROLWLFHFX
LQWHUHVHOH HFRQRPLFH )RQGDUHD EQFLL RELQXLQ&D PDULORU DIDFHUL OHJWXULOH
VWUkQVH FX $PVWHUGDPXO DX FRQWULEXLW V IDF GLQ /RQGUD FHQWUXO ILQDQFLDU L
FRPHUFLDO DO OXPLL &X R SRSXOD&LH GH SDWUX RUL PDL PLF GHFkW )UDQ&D $QJOLD
DYHD V GHYLQ PDL ERJDW GHFkW DFHDVWD )LQDQ&D RODQGH] DIO FXUkQG FL
IRUPDVHXQULYDOSULPHMGLRV


9,, :LOKHOP FDUH QX HUD JHQHUDO L GHVSUH FDUH 0DVVLOORQ VSXQHD F HUD
PDLIHULFLWVD&k&HU]ERDLHOHGHFkWVOXSWHLPDLGHWHPXWvQWDLQDFDELQHWHORU
GHFkWvQIUXQWHDDUPDWHORUDSXUWDWU]ERDLHWRDWYLD&DOXL&DUHJHDO$QJOLHLD
WUHEXLW V VH DSHUH vPSRWULYD UHJHOXL GHWURQDW ,DFRE DO ,,OHD FDUH VXV&LQXW GH
IORWDIUDQFH]DvQFHUFDWRGHEDUFDUHvQ,UODQGDLDRE&LQXWVSULMLQXOFDWROLFLORULU
ODQGH]L &X R DUPDW FDWROLF ,DFRE D vQFHUFDW V RFXSH FRPLWDWHOH SURWHVWDQWH
GLQ8OVWHULLDWUDWDWvQPRGFUXGSHORFXLWRULQ:LOKHOPvQFDSXOXQHL
DUPDWHDQJORRODQGH]HDUHSXUWDWYLFWRULDGHOD%R\QHLODDOXQJDWSH,DFREGLQ
UHJDW'XSFHDFXFHULW,UODQGD:LOKHOPDUILYUXWVLDFRUGHRDUHFDUHOLEHUWDWH
GDUGRULQ&DVDGHDILWROHUDQWVDL]ELWGHVHQWLPHQWHYHFKLLDSULJH/HJLIRDUWH
DVSUH IXU vQWRFPLWH vPSRWULYD UHOLJLHL L FKLDU vPSRWULYD FRPHU&XOXL LUODQGH]
0DQXIDFWXULHULLLFUHVFWRULLGHYLWHHQJOH]LVHWHPHDXGHFRQFXUHQ&DLUODQGH]LORU
)DSWXO F FLUH]LOH LUODQGH]H FRQFXUDX FLUH]LOH HQJOH]H QX D IRVW XQ REVWDFRO




QHJOLMDELOvQFDOHDvPSFULLFHORUGRXLQVXOHQ6FR&LD1RUGXOGLQFUHGLQ&ID&
GH IDPLOLD VFR&LDQ 6WXDUW VH GHFODUDVH SDUWL]DQ DO UHJHOXL ,DFRE 6XGXO GLPSR
WULY DFFHSWDVH UHYROX&LD vQ  $ELD VXE GRPQLD XUPWRDUH vQ  VD
GHFUHWDW DFWXO FDUH XQHD SDUODPHQWXO HQJOH] L SDUODPHQWXO VFR&LDQ $ELD DWXQFL
6FR&LD D FSWDW GUHSWXO V IDF QHJR& FX FRORQLLOH EULWDQLFH L D UHXLW GH
PLQXQH *ODVJRZ D GHYHQLW ULYDOXO /RQGUHL &O\GH WRW DWkW GH DFWLY FD 7DPLVD L
VFR&LHQLLSULQ&LDL&LW\XOXL


9,,, Q RFKLL OXL :LOKHOP DO ,,,OHD QXPDL SUREOHPHOH FRQWLQHQWXOXL HUDX
SUREOHPHLPSRUWDQWH(OLVDEHWDDYXVHVHGHVXIHULWvQWRWWLPSXOGRPQLHLVDOHGLQ
SULFLQDYHFLQW&LLVSDQLROLORUVWSkQLSHVWH)ODQGUD(DvLVXV&LQXVHSHRODQGH]L
vPSRWULYD 6SDQLHL L DFHWLD vQ VHFROXO XUPWRU VOELVHU SRUWXO $QYHUV vQ
IDYRDUHD$PVWHUGDPXOXLLD5RWWHUGDPXOXL'DU6SDQLDQXPDLHUDODvQFHSXWXO
VHFROXOXL DO ;9,,,OHD SXWHUQLFD PRQDUKLH FDUH GRPLQDVH RGLQLRDU (XURSD
,QYLQFLELOD HL SHGHVWULPH VH UHGXVHVH DWkW GH PXOW vQFkW PDL UPVHVH GRDU FX
FkWHYDPLLGHRDPHQL0DULQDDMXQVHVHODD]HFHDSDUWHGLQFkWHUDSHYUHPHDOXL
)LOLS DO ,,OHD DUVHQDOHOH vL HUDX GLVWUXVH YLVWLHULD JRDO /XSWD VD vQGHOXQJDW
vPSRWULYD PDXULORU SUHOXQJLVH FDUDFWHUXO HL IHXGDO QLFL R FODV PLMORFLH QX VD
IRUPDW SH WHULWRULXO HL vQ PLMORFXO XQRU VWDWH YLJXURDVH HD UPkQHD XQ VWDW vQ
ID]D DGROHVFHQ&HL SROLWLFH 'XS FH SXWHUHD VSDQLRO IXVHVH DQLKLODW VH LYLVH R
DOW SXWHUH DFHHD D )UDQ&HL PXOW PDL SHULFXORDV SHQWUX 2ODQGD L $QJOLD
SHQWUXFvQFD]XO)UDQ&HLvQWUHJURVXOIRU&HORUQD&LRQDOHL%ULOHGH-RVQXPDL
H[LVWDFDvQFD]XO6SDQLHLXQPDUHVWDWWDPSRQ2U/XGRYLFDO;O9OHDGRUHDFD
IURQWLHUD)UDQ&HLOLQLD5LQXOXLEDULHUQDWXUDOLVLJXU1HJXVWRULLRODQGH]LL
HQJOH]LVRFRWHDXFGDF$QYHUVvQFSHDSHPLQD)UDQ&HLGH&LQWRDUHGHDOWIHOD
WXWXURU UHVXUVHORU FRQWLQHQWXOXL PHUJHDX FX VLJXUDQ& VSUH UXLQ :LOKHOP HUD
KRWUkW V VH RSXQ (O XUP DDGDU SROLWLFD WUDGL&LRQDO D $QJOLHL DSUDUHD
)ODQGUHLVXSUHPD&LDSHPDUHLIRUPDUHDXQHLOLJLvPSRWULYDFHOHLPDLPDULSXWHUL
GH SH FRQWLQHQW /D vQFHSXW H[FHOHQWD IORW IUDQFH] FRPDQGDW GH 7RXUYLOOH
ELUXL IORWD HQJOH] L FHD RODQGH] FRPELQDWH 'DU HUD R VDUFLQ JUHD SHQWUX
)UDQ&D V &LQ SLHSW vQ DFHLDL WLPS vQ 0HGLWHUDQD L SH RFHDQ SH PDUH L SH
FRQWLQHQW1XPDLHUD&ROEHUWFDVHFKLSH]HPDULQDIUDQFH]0DULQDULLIUDQFH]L
VIkULUSULQDILvQIUkQ&LvQUDGDSRUWXOXL/D+RXJXHL/XGRYLFDO;O9OHDGRULV
QHJRFLH]H(ODUWRPRGHUD&LHGLQFHOHPDLvQ&HOHSWHOD&RQJUHVXOGHOD5\VZLFN
$FFHSWVUHQXQ&HOD%ULOHGH-RVLVUHFXQRDVFvQ$QJOLDFDVDGH2UDQLD
6RFRWHDFLPDLELQHDDGHFkWVvQJGXLH6SDQLHLUHFRQVWLWXLUHDLPSHULXOXLOXL
&DURO 4XLQWXO FX VSULMLQXO $QJOLHL Q FHO SULYHWH :LOKHOP DO ,,,OHD UHXLVH V
UHVWDELOHDVF XQ HFKLOLEUX FRQWLQHQWDO vQWUH LPSHULX L )UDQ&D 6H SUHD GXS
5\VZLFNFSDFHDHXURSHDQIXVHVHDVLJXUDW


,;'HVWLQXOVHvQVUFLQVRWXOEXUHLvQ&HOHSFLXQHDRDPHQLORUIXELUXLWGH
MRFXOQHIDVWDOHYHQLPHQWHORU6LQJXUDSUREOHPSULPHMGLRDVFDUHPDLUPVHVH
HUD DFHHD D VXFFHVLXQLL OD WURQXO 6SDQLHL 5HJHOH 6SDQLHL QHYROQLFXO &DURO DO
,,OHDDYHDVPRDUFXUkQGIUPRWHQLWRU&LQHvLYDXUPDODWURQ"8Q
ILX DO vPSUDWXOXL XQ SULQ& IUDQFH] VDX HOHFWRUXO GH %DYDULD" &DVD LPSHULDO vQ
6SDQLDL,WDOLDvQVHPQDRGDWPDLPXOWvQFHUFXLUHD)UDQ&HL/XGRYLFDO;O9OHD
GRULWRU GH SDFH SURSXVH V VH ODVH 6SDQLD HOHFWRUXOXL GH %DYDULD HO
PXO&XPLQGXVH SHQWUX GHOILQ FX 1HDSROH FHOH GRX 6LFLOLL 7RVFDQD L
*XLSX]FRD LDU $XVWULHL V L VH FHGH]H 0LODQXO 6ROX&LH UH]RQDELO GDU PRDUWHD




QX LVFOLVH L HD WUDWDWXO (OHFWRUXO GH %DYDULD XQ FRSLO GH FLQFL DQL PXUL
GHOILQXO L DUKLGXFHOH UPkQHDX VLQJXULL vQ FRPSHWL&LH FRPSURPLVXO GHYHQHD
FDGXF1RLWUDWDWLYHvQFHSXUvQWUH/XGRYLFDO;O9OHDL:LOKHOPDO,,,OHD&HLGRL
VXYHUDQL HUDX JDWD V GH]PHPEUH]H 6SDQLD SHQWUX D PHQ&LQH SDFHD 0LQLWULL
VSDQLROLVHvPSRWULYLULFRQVLGHUkQGF6SDQLHLVOELWHFHOPDLSUH&LRVVSULMLQvO
SXWHDGD)UDQ&DFDILLQGFHDPDLDSURSLDWRE&LQXUGLQSDUWHDUHJHOXLvQDMXQXO
PRU&LL VDOH XQ WHVWDPHQW FDUH GHVHPQD FD VXFFHVRUL SH GXFHOH GH $QMRX VDX SH
GXFHOH GH %HUU\ 'DF DFHWLD UHIX]DX XUPD V YLQ OD UkQG SULQ&XO DXVWULDF
$FHDVWD vQVHPQD IRU&DUHD PkLQLL OXL /XGRYLF DO ;O9OHD 1X PDL SXWHD UHIX]D
UHJDWXO 6SDQLHL SHQWUX QHSR&LL VL IU D UHVWDXUD HO vQVXL LPSHULXO OXL &DURO
4XLQWXO (O DFFHSW SULPHMGLRDVD RQRDUH WULPLVH SH )LOLS DO 9OHD vQ 6SDQLD L
LQWURGXVH vQ IRUWLILFD&LLOH GH OD IURQWLHU JDUQL]RDQH IUDQFH]H DOWXUL GH
JDUQL]RDQHOHRODQGH]H)XULDOXL:LOKHOPDO,,,OHDIXPDUH6HFUH]XSFOLW
L LQWU vQ WUDWDWLYH FX vPSUDWXO /XGRYLF DO ;O9OHD FD UHSUHVDOLL L FRQWUDU
SUHYHGHULORUSFLLGHOD5\VZLFNUHFXQRVFXSHH[LODWXO,DFREDO,,,OHDFDUHJHDO
$QJOLHL


;0RDUWHDvODMXQVHSH:LOKHOPDO,,,OHDWRFPDLvQPRPHQWXOFkQGSUHJWHD
vPSUHXQ FX LPSHULXO L 3UXVLD XQ QRX SODQ GH FDPSDQLH vPSRWULYD )UDQ&HL
 6R&LD OXL 0DULD PXULVH vQ  D GRXD ILLF D OXL ,DFRE DO ,,OHD $QD
GHYHQLVH PRWHQLWRDUHD WURQXOXL $QD vL SLHUGXVH WR&L FRSLLL OD R YkUVW IUDJHG
XOWLPXOVXSUDYLH&XLWRUPXULvQLHUDSUREDELOFQXYDPDLDYHDDO&LL$VW
IHO vQ XOWLPXO DQ DO GRPQLHL OXL :LOKHOP XQ DFW IRDUWH LPSRUWDQW $FW RI
6HWWOHPHQWUHJOHPHQWDVHRUGLQHDVXFFHVLXQLLODWURQ7R&LPRWHQLWRULLPDVFXOLQL
GHUHOLJLHFDWROLFIXVHVHUH[FOXLLVHKRWUkVHFGXS$QDFRURDQDYDUHYHQL
HOHFWRDUHL6RILDGH+DQRYUDQHSRDWDOXL,DFRE,LGHVFHQGHQ&LORUVLFXFRQGL&LD
VILHSURWHVWDQ&L$FWXODFHVWDPDLUHJOHPHQWHD]LDVW]LRUGLQHDVXFFHVLXQLLOD
WURQXO$QJOLHL



,,
(32&$5(*,1(,$1$


,5HJLQD$QDQXDDYXWQLFLRGDWDFHLDLSULHWHQLSHFDUHLDDYXWFXPQDWXO
HL:LOKHOPDO,,,OHD$FHVWDvLVXV&LQXVHSHZKLJLSHQWUXFHUDXVWULQLGHRULFH
LDFRELWLVP SHQWUX F VSULMLQHDX SROLWLFD VD HXURSHDQ L SHQWUX F VH GRYHGHDX
PDL WROHUDQ&L vQ FKHVWLXQLOH UHOLJLRDVH GHFkW DGYHUVDULL ORU $QD D IRVW LQVXODU
DQJOLFDQULJXURDVLIDQDWLFWRU\7UHFHDGUHSWSURDVWVFULVRULOHHLRDUDWPDL
FXUkQGvQFS&kQDW6DVFULVGHVSUHHDFLDSURSXVvQYLD&WUHLRELHFWLYHV
ILH UHJLQ V IDYRUL]H]H DULSD GUHDSW D ELVHULFLL L V GHD VR&XOXL HL SULQ&XO
*HRUJHGH'DQHPDUFDGHVSUHFDUH&DURODO,,OHDVSXQHD/DPvQFHUFDWFkQGD
IRVWEHDWLODPvQFHUFDWFkQGDIRVWWUHD]GDUQXLQLPLFGHIFXWFXHOIXQF&LL
SHFDUHHUDLQFDSDELOVOHvQGHSOLQHDVF/DDFHVWHWUHLRELHFWLYHWUHEXLHDGXJDW
XQDOSDWUXOHDVSODFIDYRULWHORUVDOHQWLPSXOYLH&LLVDOHDDYXWSHQWUXGRX
IHPHLRSULHWHQLHFDUHVHPQDPDLPXOWDGUDJRVWH2ELHFWXOSULPHLGLQWUHDFHVWH

 ,DFRE(GXDUG 6WXDUW   ILXO OXL ,DFRE DO ,,OHD SUHWHQGHQW OD WURQXO $QJOLHL GXS
PRDUWHDWDWOXLVX




SDVLXQL D IRVW 6DUDK -HQQLQJV FDUH SULQ FVWRULH GHYHQL ODG\ &KXUFKLOO DSRL
GXFHVGH0DUOERURXJK7HLPSORUQXPLPDLVSXQH$OWH&D9RDVWUvLVFULDHD
6DUHL L SHQWUX D vQOWXUD DWLWXGLQHD UHVSHFWXRDV HD DGRSW vQ DFHDVW FRUHV
SRQGHQ& QXPHOH GH 0UV 0RUOH\ 6DUDK &KXUFKLOO GHYHQLQG 0UV )UHHPDQ
1LPLFQXSRDWHH[SULPDVFXPS0UV)UHHPDQSDVLXQHDSHFDUH RDPSHQWUX
GXPQHDWD 'DU 0UV )UHHPDQ GHL DFFHSWD SORDLD GH ELQHIDFHUL SH FDUH R
UVSkQGHD DVXSUD HL L DVXSUD EUEDWXOXL VX PRUELGD DIHF&LXQH D UHJLQHL R
MXGHFD SH $QD FX VHYHULWDWH Q GLVFX&LLOH RELQXLWH  VSXQHD HD  YRUEHOH HL QX
HUDXQLFLVWUOXFLWHQLFLVSLULWXDOHFkQGVHGLVFXWDXFKHVWLXQLLPSRUWDQWHYRUEHD
WRWGHDXQDODUHSH]HDOLVH&LQHDvQWUXQPRGVXSUWRUGHFHHDFHDIRVWVIWXLW
V VSXQ IU D GD QLFL FHO PDL PLF VHPQ GH LQWHOLJHQ& QLFL GH MXGHFDW Q
WLPSXO XOWLPHL WUHLPL D YLH&LL UHJLQHL 6DUDK 0DUOERURXJK D IRVW vQORFXLW FX
$ELJDLO +LOO FDUH GHYHQL 0UV 0DVKDP DSRL ODG\ 0DVKDP L GLVWUXVH VLWXD&LD
VR&LORU0DUOERURXJK


,, &DULHUD OXL -RKQ &KXUFKLOO GXS  GXFH GH 0DUOERURXJK RIHU XQ
FLXGDW DPHVWHF GH DPRUDOLWDWH GLEFLH L JHQLX )LXO XQXL VTXLUH :LQVWRQ
&KXUFKLOO GHEXWD FD SDM DO GXFHOXL GH <RUN PXO&XPLW SURWHF&LHL VXURULL VDOH
$UDEHOOD FDUH HUD DPDQWD OXL ,DFRE DO ,,OHD (O vQVXL GHYHQL DPDQWXO GRDPQHL
&DVWOHPDPHGXFHVGH&OHYHODQGLDFFHSWGHODHDXQGDUGHFLQFLPLLGHOLYUH
%DQLL DFHWLD GREkQGL&L vQ PRG QHFLQVWLW IXU vQV SODVD&L vQ PRG RQRUDELO
WkQUXO&KXUFKLOOvLFHGORUGXOXL+DOLID[vQVFKLPEXOXQHLDQXLW&LGHFLQFLVXWH
GH OLYUH L DFHVWD IX vQFHSXWXO XQHL LPHQVH DYHUL 6D vQWkPSODW FD DFHVW EXQ
DPDQW DFHVW FDSLWDOLVW SUXGHQW V ILH L XQ PDUH RWHDQ 3H YUHPHD OXL ,DFRE DO
,,OHD &KXUFKLOO VD ULGLFDW SH FHOH PDL vQDOWH WUHSWH DOH LHUDUKLHL PLOLWDUH Q
WLPSXO UHYROX&LHL GLQ  FD PDMRULWDWHD EUED&LORU SROLWLFL GLQ DFHD HSRF
GLILFLO D GXV R SROLWLF GXSOLFLWDU VXV&LQkQGXO SH :LOKHOP L DVLJXUkQGXL
GLQ SUHFDX&LH L SR]L&LLOH OD 6DLQW*HUPDLQ 8UFDUHD SH WURQ D UHJLQHL $QD FDUH
GLQGUDJRVWHSHQWUXVR&LHvOSURWHMDSHVR&IFXGLQWUvQVXORPXOFHOPDLSXWHUQLF
DO UHJDWXOXL L QRURFXO DFHVWD vQWHPHLDW SH IDYRDUH LO PHQ&LQX SULQ PHULWH
0DUOERURXJK HUD QX QXPDL XQ H[FHOHQW JHQHUDO DWHQW OD GHWDOLL SOLQ GH JULM
SHQWUXVQWDWHDRWHQLORUGDULEUEDWXOSROLWLFFHOPDLvQ&HOHSWLFHOPDLSX&LQ
VXELHFWLY7RU\SULQQDWHUHLRELQXLQ&DFFHSWVFRODERUH]HFXZKLJLLSHQWUX
F DFHWLD GHRDUHFH vO VSULMLQLVHU SH :LOKHOP DO ,,,OHD vO VXV&LQHDX DFXP
vPSRWULYDOXL/XGRYLFDO;,9OHD&HLGRLRDPHQLPDULGHSHYUHPHDGRPQLHL$QHL
0DUOERURXJK L *RGROSKLQ VDX FXP OL VH VSXQHD JHQHUDOXO L YLVWLHUQLFXO DX
IRVW WHKQLFLHQL FDUH VDX SODVDW GHDVXSUD SDUWLGHORU WLSXO GH RDPHQL
LQGLVSHQVDELOL vQ YUHPXUL JUHOH GDU SH FDUH GXS FH D WUHFXW SHULFROXO SDWLPLOH
GHSDUWLGVIkUHVFSULQDLGRERUk


,,,3ULPXOSDUODPHQWDO$QHLIXFRPSXVGLQWRU\H[WUHPLWL$SRLJHQHUDOXOL
YLVWLHUQLFXO VH Y]XU vPSLQL VSUH ZKLJL GLQ QHFHVLW&L GH SROLWLF H[WHUQ (L
vQFHUFDU V JXYHUQH]H FX FDELQHWH GH FRQFHQWUDUH vQVHPQD V VH DPHVWHFH
XQWGHOHPQXO FX R&HWXO &RQWURYHUVHOH SROLWLFH L UHOLJLRDVH GHYHQLU SH FkW GH
YLROHQWH SH DWkW GH VWUOXFLWH /LEHUWDWHD SUHVHL GH GDW IRDUWH UHFHQW vQJGXLD
VVHSXEOLFHSDPIOHWHUHGDFWDWHGHFHLPDLPDULVFULLWRULQYUHPHDDFHHD6WHHOH
L $GGLVRQ ZKLJL DX FUHDW 7DWOHU L 6SHFWDWRU 6ZLIW SULHWHQ DO WRU\LORU L DO

(VWHRVFSDUHWUHEXLHVSXVvQXOWLPDWUHLPHDGRPQLHLUHJLQHL




%LVHULFLL GH VXV VFULVH 3RYHVWHD XQXL SRORERF SH FkQG 'DQLHO 'HIRH H[SULPD
SUHULOH PRGHUD&LORU $FHVWH REX]H GH KkUWLH vQFUFDWH FX SUR] H[SOR]LY
GXFHDX U]ERLXO GLQWUH SDUWLGH vQ PHGLL vQ FDUH QX DMXQVHVH SkQ DWXQFL
3DVLXQLOH VH vQGkUMLU $PHVWHFXO XQWGHOHPQXOXL L DO R&HWXOXL DO ZKLJLVPXOXL L
DOWRU\VPXOXLSHFDUHOSXWXVHULPSXQH&DURODO,,OHD,DFREDO,,OHDL:LOKHOP
DO,,,OHDSUXVFDQGDORV%DUDPHUJHDGHODVLQHVSUHDFHDDOWHUQDUHDSDUWLGHORU
FDUHIDFHGLQU]ERLXOFLYLORERDOFURQLFLGHVHRULEHQLJQ


,9 5]ERLXO GH VXFFHVLXQH OD WURQXO 6SDQLHL GXU SkQ vQ  2ELHFWLYXO
HQJOH]LORU UPDVH DFHODL D V PHQ&LQ EDODQ&D SXWHULL vQ (XURSD E V vP
SLHGLFH SH /XGRYLF DO ;O9OHD V FRDOL]H]H IRU&HOH 6SDQLHL L DOH )UDQ&HL F VO
FRQVWUkQJ OD HYDFXDUHD 0DQGUHL L D GHOWHL 5LQXOXL )UDQ&D DYHD DYDQWDMXO F
RFXSDVH GH OD vQFHSXWXO U]ERLXOXL WHULWRULLOH vQ OLWLJLX GDU HUD HSXL]DW GH
FLQFL]HFLGHDQLGHOXSWHLPDLDOHVQXHUDVWSkQDPULORU*HQHUDOLLDOLD&LORU
0DUOERURXJK L SULQ&XO (XJHQ SURILWkQG GH IDSWXO F DUPDWHOH OXL /XGRYLF DO
;O9OHDVHDYHQWXUDVHUGLQFRORGHOLQLLOHIRUWLILFDWHDOHOXL9DXEDQVHVWUGXLU
VSUH PDUHD JURD] D PLOLWDULORU RUWRGRFL V VXEVWLWXLH U]ERLXOXL GH DVHGLX
U]ERLXOGHPLFDUH3XFDFXFUHPHQHLEDLRQHWDLQYHQWDWGH9DXEDQvQ
vQORFXLVHUSHQWUXSHGHVWULPHDFHORUGRXDUPDWHVXOL&DLPXVFKHWD3LHUGHULOH
vQDPEHOHWDEHUHIXUJURD]QLFH0DUOERURXJKvL]GURELSHEDYDUH]LLSHIUDQFH]L
OD%OHQKHLPDSRLUHFXFHUL)ODQGUDOD5DPLOOLHV'DUZKLJLLFDUHDX
WLXW V FkWLJH U]ERLXO QDX WLXW V IDF SDFH (QJOH]LL DU IL SXWXW RE&LQH vQ
 XQ WUDWDW FDUH LDU IL VFXWLW GH RULFH WHPHUL vQ )ODQGUD (L YRLU vQV PDL
PXOW DYkQG SUHWHQ&LD V LPSXQ OXL /XGRYLF DO ;O9OHD FD HO vQVXL VO DOXQJH
SHQHSRWXOVXGLQ6SDQLD$FHDVWLQVXOWvLDSURSLHSHIUDQFH]LGHUHJHOHORU2
IUXPRDV VFULVRDUH D OXL /XGRYLF DO ;O9OHD FWUH SRSRUXO VX UHGGX DFHVWXLD
FXUDMXO%WOLDGHOD0DOSODTXHWIXGHSDUWHGHDILWRWDWkWGHIHULFLWSHQWUXDOLD&L
FDFHDSUHFHGHQWvQYLQJWRULLSLHUGXUDFRORPDLPXOWGHRWUHLPHGLQHIHFWLYHOH
ORU L PDUHDOXO GH 9LOODUV VH UHWUDVH vQWUR RUGLQH DWkW GH SHUIHFW vQFkW RULFH
XUPULUHGHYHQLLPSRVLELO


9 5HDF&LD WRU\ORU DYX PDL PXOWH FDX]H VSLULWHOH HUDX SOLFWLVLWH GH U]ERL
6ZLIWSXEOLFXQSDPIOHW&RPSRUWDUHDDOLD&LORU'XS]HFHDQLGHU]ERLWULXPIDO
SDUH VXUSULQ]WRU V QL VH VSXQ FL LPSRVLELO GH RE&LQXW R SDFH IDYRUDELO L
FULWLFD SH FHL FDUH YRLDX V LPSXQ )UDQ&HL FRQGL&LL GH SDFH SUHD DVSUH 'XS
EWOLDGHOD5DPLOOLHVIUDQFH]LLHUDXDWkWGHGHVFXUDMD&LGHSLHUGHULOHVXIHULWHL
DWkWGHQHUEGWRULVIDFSDFHvQFkWUHJHOHORUHUDKRWUkWVVHPQH]HRULFHIHO
GH FRQGL&LL UH]RQDELOH 'DU FkQG VXSXLL VL IXU LQIRUPD&L GH FHUHULOH QRDVWUH
H[RUELWDQWHGHYHQLUDWkWGH]HORLVDSHUHRQRDUHDUHJHOXLvQFkWF]XUFXWR&LL
GHDFRUGVLGHDVSULMLQXOQHFHVDUSHQWUXDFRQWLQXDU]ERLXOFXRULFHSUH&PDL
FXUkQGGHFkWVVHVXSXQ8QHYHQLPHQWQHSUHY]XWvQWULGRULQ&DHQJOH]LORUGH
D WUDWD FX )UDQ&D 'XS PRDUWHD QHDWHSWDW D vPSUDWXOXL $XVWULHL H[LVWD
SHULFROXO vQ FD]XO FkQG )LOLS DO 9OHD DU IL DEGLFDW FD DUKLGXFHOH V SRDUWH VL
FRURDQD 6SDQLHL L SH DFHHD D $XVWULHL &HHD FH vQVHPQD UXSHUHD HFKLOLEUXOXL
SXWHULLWUHFHUHD)ODQGUHLvQVWSkQLUHD6SDQLHLDGLFWRWFHHDFHSURYRFDVSDLPD
$QJOLHLGHXQVHFROvQFRDFH$SOLFkQGMRFXOGHDEDODQ&DFDUHXUPDVGHYLQPH

 (XJHQ GH 6DYRLD   FHOHEUX JHQHUDO GH RULJLQH IUDQFH] vQ VHUYLFLXO ,PSHULXOXL
KDEVEXUJLF




WRGD IDYRULW D SROLWLFLL VDOH H[WHUQH HD vL SUVL DOLD&LL FDUH IXU EWX&L GH
IUDQFH]LOD'HQDLQ


9,7UDWDWXOVHPQDWOD8WUHFKWvQDYHDVILHDVSUXDWDFDWGHZKLJLGDU
QX HUD XQ WUDWDW UX PSUDWXO SLHUGHD RULFH VSHUDQ& GH UHFRQVWLWXLUH D
LPSHULXOXL OXL &DURO 4XLQWXO /XGRYLF DO ;O9OHD DFHHD GH D UHXQL FHOH GRX
FRURDQH$QJOLDRE&LQHDvQ0HGLWHUDQDGRXED]HLPSRUWDQWH*LEUDOWDUXOLSRUWXO
0DKRQGLQLQVXOD0LQRUFDLPUHDLPSHULXOFX7HUUD1RYDL*ROIXO+XGVRQSH
FDUH L OH FHGD )UDQ&D Q VIkULW QHSXWkQG VPXOJH 6SDQLHL DFHO LPHQV WHULWRULX
FRORQLDO SH FDUH GH DWkWD YUHPH vO UkYQHDX QHJXVWRULL HQJOH]L HD RE&LQHD DFROR R
VHULHGHSULYLOHJLL'HDLFLvQDLQWH$QJOLDYDDYHDGUHSWXOVLQWURGXFvQ$PHULFD
GH6XGXQDQXPLWQXPUGHVFODYLQDIDUGHDVWDHDYDSXWHDWULPLWHDFRORvQ
ILHFDUHDQRQDYvQFUFDWFXSURGXVHOHVDOHFHHDFHSULQDEX]LvQHOWRULHVH
YD WUDQVIRUPD vQWUR IORW vQWUHDJ Q VIkULW SULQ WUDWDWXO GH OD 8WUHFKW )UDQ&D
VH DQJDMD V QX PDL GHD D]LO SUHWHQGHQ&LORU HQJOH]L ,DFRE DO ,,,OHD L ILXO VX
&DURO(GXDUG 'H OD DFHVW WUDWDW GDWHD] SR]L&LD SUHSRQGHUHQW D $QJOLHL vQ
(XURSD L VOELVH WR&L ULYDOLL HXURSHQL 'REkQGLVH FKLDU L vPSRWULYD 2ODQGHL
DOXS SH XUPHOH DFHVWHL QDYH VXSUHPD&LD SH PDUH FHO SX&LQ WHPSRUDU
$FHDVW &DU PLF GHYHQHD DUELWUXO OXPLL 3DFHD GH OD 8WUHFKW SH FDUH ZKLJLL R
VRFRWHDX SUHD IDYRUDELO )UDQ&HL HUD R SDFH WLSLF HQJOH] GHVWXO GH VXSO FD V
QX GXF SH DGYHUVDU OD GHVSHUDUH GHVWXO GH DVSU FD V vPERJ&HDVF $QJOLD L
V GH]YROWH FRPHU&XO HL /XGRYLF DO ;O9OHD VH GRYHGLVH vQ DFHDVW vQWRDUFHUH D
QRURFXOXL XQ SROLWLFLDQ PRGHVW L SUXGHQW 6DFULILFkQG OD WLPS FXFHULULOH SH FDUH
QXOHSXWHDDSUDODVFHOSX&LQIURQWLHUHOH)UDQ&HLPDLVLJXUHGHFkWOHJVLVH


9,, 3HQWUX D RE&LQH YRWDUHD WUDWDWXOXL GH OD 8WUHFKW GH FWUH &DPHUD
/RU]LORU DOFWXLW vQ PDMRULWDWH GLQ ZKLJL UHJLQD WUHEXL V GHD R DGHYUDW
ORYLWXU GH VWDW L V FUHH]H GRLVSUH]HFH SDLUL WRU\ SUHFHGHQW LOXVWUX vQ LVWRULD
FRQVWLWX&LRQDO D $QJOLHL $WkW GH YLROHQWH HUDX SDVLXQLOH SROLWLFH vQFkW
0DUOERURXJKYLFWRULRVXOJHQHUDODIRVWKXLGXLWSHVWU]LOH/RQGUHL$UHVWD&LOSH
KR&VHVWULJDFFLHUDDFX]DWFDUILvQFDVDWFRPLVLRDQHGHODIXUQL]RULLDUPDWHL
)X QHYRLW V VH UHIXJLH]H SH FRQWLQHQW 5HDF&LXQHD VH PDQLIHVWD SUHWXWLQGHQL
0HPEUL OLEHUFXJHWWRUL DL SDUWLGXOXL WRU\ VH IFHDX FDPSLRQLL ELVHULFLL
VWDWRUQLFLWH L DPHQLQ&DX FX SULJRDQD SH QRQFRQIRUPLWL 2[IRUG SUHD PRGHUDW
GXS JXVWXO SDUWLGXOXL VX HUD GRPLQDW GH %ROLQJEURNH $FHVWD SUHJWHD R OHJH
HOHFWRUDOFDUHGXSSUHUHDOXLDUILSHUPLVLQVWDODUHDSDUWLGXOXLWRU\ODSXWHUH
SHQWUX YHQLFLH 'DU HO OXSWD vPSRWULYD XQXL DGYHUVDU PXOW PDL SXWHUQLF GHFkW
SDUWLGXOZKLJLDQXPHWLPSXO5HJLQD$QDHUDEWUkQLVHSXWHDSUHYHGHDF
QXYDPDLWULPXOW3UXGHQ&DLPSXQHDVLVHIDFFXUWHYLLWRUXOXLUHJH*HRUJH
GH+DQRYUDQXHUDXQOXFUXXRUSHQWUXPLQLWULLUHJLQHL$QD5H]XOWDWXODIRVW
F QXPDL ZKLJLL LDX IFXW FXUWH &XUkQG GHYHQL HYLGHQW F GDF PRDUH UHJLQD
YRU YHQL OD SXWHUH ZKLJLL &H SXWHDX IDFH PLQLWULL" 6 VH vQ&HOHDJ FX
SUHWHQGHQWXO ,DFRE DO ,,,OHD" 1LFLRGDW VTXLUHLL WRU\ QDU IL VXV&LQXW XQ UHJH
FDWROLF (UD R VLWXD&LH IRDUWH IDOV DFHHD D XQRU PLQLWUL OHJLWLPLWL FDUH WLX F
UHJHOHOHJLWLPHVWHLQDFFHSWDELO6IkULWXOYHQLFXRUHSH]LFLXQHGUDPDWLF5HJLQD
GXSRGLVFX&LHFX2[IRUGvQFDUHHDvLFHUXVHVLUHPLWEDVWRQXODOELQVHPQXO
SXWHULL DYX XQ DWDF GH DSRSOH[LH Q WLPS FH HD vL GGHD VXIOHWXO DYX ORF R
vQIUXQWDUH vQWUH FHOH GRX SDUWLGH 0DUOERURXJK FDUH VH DIOD OD $PLHQV UHFUXWD
VROGD&L SHQWUX DSUDUHD FDX]HL SURWHVWDQWH %ROLQJEURNH FDUH H[HUFLWD SXWHUHD




IUVILIRVWvQYHVWLWvQPRGRILFLDOSUHJWHDXQJXYHUQOHJLWLPLVWVXV&LQkQGF
QXL WUHEXLDX GHFkW DVH VSWPkQL FD V ILH JDWD 6 ILH JDWD SHQWUX FH" 6O
SURFODPH UHJH SH ,DFRE DO ,,,OHD" 1X VD PDL SXWXW DIOD FFL %ROLQJEURNH QD
LQWUDWQLFLRGDWvQ%DUDIJGXLQ&HL+DUOH\DIRVWDOXQJDWPDU&LUHJLQDDPXULW
GXPLQLFVFULD6ZLIWFHOXPHHOXPHDvQFDUHWULPLFXPVHMRDFVRDUWDFX
QRL


9,,,'LQ+DQRYUDVRVLXQVXYHUDQFLXGDW%ROLQJEURNHSHFDUHQRXOUHJHQLFL
QX YRL VO SULPHDVF VD H[LODW GLQ SUXGHQ& vQ )UDQ&D 'H DFL vQDLQWH YD WUL
UHWUDV FkQG OD &KDQWHORXS DSURDSH GH $PERLVH FkQG vQ $QJOLD XQGH FXUkQG
VXFFHVRULLVkLFRQVLGHUkQGXOSUHDSX&LQSHULFXORVvLYRUvQJGXLVVHvQWRDUF
PSLHGLFDW V PDL LQWUH vQ &RQVLOLL HO vL IFX FXQRVFXW GRFWULQD SULQ VFULHULOH
VDOHSROLWLFHGLQWUHFDUHXQD5HJHOHSDWULRWDUPDVFHOHEUvQWUXFkWDLQVSLUDW
DF&LXQLOHOXL*HRUJHDO,,,OHDLGRFWULQDOXL'LVUDHOL%ROLQJEURNHDSUDvQVFULHULOH
VDOH XQ WRU\VP UHvQQRLW 6H VWUGXLD V HOLEHUH]H SDUWLGXO VX GH LGHL vQYHFKLWH
GUHSWXOGLYLQQRQUH]LVWHQ&GDUVXV&LQHDFJXYHUQDUHDXQXLUHJHSXWHUQLFFDUH
VHVSULMLQSHPDVHOHSRSXODUHSRDWHILPDLIDYRUDELODFHVWRUDGHFkWJXYHUQDUHD
XQHL ROLJDUKLL SDUODPHQWDUH &H DX DGXV SRSRUXOXL HQJOH] PDULL ZKLJL" 2
JXYHUQDUH YHQH&LDQ ILQDQ&H RODQGH]H L RVWLOLWDWHD )UDQ&HL DYHD V UVSXQG
PDL WkU]LX vQ PRG GHVWXO GH QHGUHSW 'LVUDHOL (UD DSURDSH L WH]D OXL
%ROLQJEURNH 0DL PXOW GHFkW SULQ VFULHULOH VDOH GHFRQFHUWDQWH %ROLQJEURNH VD
UHPDUFDW SULQ IDSWXO F D MXFDW vQ VHFROXO DO ;9,,,OHD UROXO GH DJHQW GH OHJWXU
VSLULWXDO vQWUH )UDQ&D L $QJOLD /D %ROLQJEURNH OD vQWkOQLW 9ROWDLUH SH 3RSH SH
6ZLIWODGkQVXODIFXWFXQRWLQ&WkQUXOIUDQFH]FXLQVWLWX&LLOHFURUDYLFWRULLOH
OXL0DUOERURXJKOHGGXVHUXQDWkWGHPDUHSUHVWLJLXvQ(XURSD



,,,
(32&$/8,:$/32/(


, 0HGLRFULWDWHD vQVL D SULPLORU UHJL KDQRYULHQL OH FRQIHU LPSRUWDQ&D ORU
LVWRULF )LLQGF HD GHVYkUHWH WUDQVIRUPDUHD PRQDUKLHL EULWDQLFH vQWUR PR
QDUKLH SDUODPHQWDU 3H FDSXO DFHVWRU UHJL VWULQL FRURDQD QX YD PDL VWkUQL
YUHPH GH PDL ELQH GH XQ VHFRO DGkQFD SLHWDWH D VXSXLORU $ PDL YRUEL GH DFL
vQDLQWH GH GUHSWXO GLYLQ DU IL IRVW ULGLFRO *HRUJH , HUD GHVLJXU VWUQHSRWXO OXL
,DFRE , GDU vQ FOLSD XUFULL VDOH SH WURQ VH DIODX QXPHURL DO&L SULQ&L FDUH DU IL
DYXW PDL PXOWH GUHSWXUL GHFkW HO OD WURQXO $QJOLHL GDF $FWXO GH 6XFFHVLXQH
QDU IL GDW SDUODPHQWXOXL SRVLELOLWDWHD V DOHDJ GLQWUH PHPEULL IDPLOLHL UHJDOH
'DFGRPQHDHOIDSWXOVHGDWRUDFRQVLP&PkQWXOXLOLEHUDOQD&LXQLL2ULJLQHDVD
HQJOH] QX OVDVH QLFL R XUP vQ VXIOHWXO DFHVWXL JHUPDQ 'DF DU IL WUHEXLW V
DOHDJ vQWUH 5HJDWXO $QJOLHL L (OHFWRUDWXO +DQRYUHL DU IL SUHIHUDW SH DFHVWD GLQ
XUP (O vL LXEHD PLFD VD FDSLWDO GLQ +DQRYUD PLFXO VX 9HUVDLOOHV FDUH VH
QXPHD +HUUHQKDXVHQ PLFD VD DUPDW 7RWXL R WUDJHGLH FRQMXJDO VDU IL
FXYHQLW VL vQWXQHFH DPLQWLULOH GLQ +DQRYUD L UHSXGLDVH VR&LD SH
6RILD'RURWHHD SHQWUX DGXOWHUXO FRPLV FX VXHGH]XO .RHQLJVPDUN FDUH IXVHVH

5REHUW+DUOH\FRQWHGH2[IRUGRPSROLWLFWRU\
$FWRI6HWWOHPHQWYH]L&DUWHDD9,DFDS,;




VXJUXPDW GXS FkW VH VSXQHD L vQJURSDW VXE R GXXPHD GLQ FDVWHO 'XS
DFHDVW GUDP SULQ&HVD GHYHQL SUL]RQLHU GH VWDW *HRUJH , VH FRQVRODVH FX
DPDQWH FDUH FRPSOHWDX VSLULWXO ORU JUHRL FX XQ IDUPHF IL]LF UREXVW 2ULFH IHPHLH
HUDEXQQXPDLVVHvQYRLDVFLVILHJUDV
$VWIHO vQFkW FHOH FH GRUHDX VL SODF VH XPIODX FkW SXWHDX PDL ELQH
3RSXOD&LD GLQ +DQRYUD OH VXSRUWDVH SHQWUX F QX DWLQJHDX SUHD PXOW YLVWLHULD
&kQG KDUHPXO QRXOXL UHJH VRVL vQ $QJOLD VWkUQL PDL PXOW KD] GHFkW LQGLJQDUH
8QDGLQIHPHLHUDVODEDOWDHQRUP)XUSRUHFOLWHSUMLQDLHOHIDQWXOQRFKLL
VXLWHL JHUPDQH D OXL *HRUJH , $QJOLD QX HUD GHFkW &DUD vQ FDUH DYHDL V WH
vPERJ&HWL'HXQDGLQIDYRULWHOHOXL:DOSROHVSXQHDFSHQWUXXQLOLQJvQSOXV
DU IL YkQGXW L RQRDUHD UHJHOXL 1LPHQL GLQ VXLWD OXL QX WLD HQJOH]D L VLQJXUD
OLPE FXQRVFXW L GH FXUWH L GH JXYHUQ HUD ODWLQD 0HQWLULV LPSXGHQWLVVLPH
VHDX]HDVWULJkQGXVHSHFXORDUHOHSDODWXOXL$USXWHDVXUSULQGHFQD&LXQHDLD
GDWFRQVLP&PkQWXOODDFHDVWIDUV:KLJLLDXIFXWSRVLELODFHVWPLUDFROSHQWUX
FDYHDXQHYRLHGHKDQRYULDQ)UHOQDUILDYXWGHFkWXQUHJDWIUUHJHIU
HLHOQDUILIRVWGHFkWXQUHJHIUUHJDW*HRUJH,YHQLVHvQED]DXQHLFRQYHQ&LL
GHVWXOGHDEVXUGHGDUGHDFFHSWDUHDDFHVWHLFRQYHQ&LLGHSLQGHDSDFHDLQWHUQ


,,QPRPHQWXOXUFULLVDOHSHWURQUHJHOH*HRUJHHUDWUHFXWGHFLQFL]HFLGH
DQL (O QXL PDL SXWHD LHL GLQ RELFHLXUL LDU LGHLOH VDOH HUDX UXWLQDUH 3HQWUX
RULFHWUHEXULvQDIDUGHFHOHJHUPDQHVHEL]XLDSHPLQLWULLHQJOH]L$ELDFXQRWHD
FRQVWLWX&LDLOHJLOHQRXOXLVXUHJDW&XPSHGHDVXSUDQXFXQRWHDQLFLOLPED
HQJOH] vQ VFXUW YUHPH vQFHW V PDL SDUWLFLSH OD HGLQ&HOH &RQVLOLXOXL GH
FDELQHW 'LQ DFHDVW vPSUHMXUDUH IRUWXLW DYHD V VH QDVF R IRUP GH
JXYHUQPkQW GHVWLQDW XQHL H[LVWHQ&H vQGHOXQJDWH XQ FDELQHW UVSXQ]WRU vQ
ID&D&DPHUHL&RPXQHORUQDLQWHDOXL*HRUJH,LGHHDUHVSRQVDELOLW&LLPLQLVWHULDOH
QX SXWXVH SULQGH YLD& GHRDUHFH UHJHOH SDUWLFLSkQG OD GH]EDWHUL GHFL]LLOH
&RQVLOLXOXL HUDX SUHVXSXVH D IL WRWRGDW L DOH VDOH 'H DOWPLQWHUHD GHVHRUL
PLQLWULL HUDX DOHL GH UHJH GLQ DPEHOH SDUWLGH FHHD FH IFHD LPSRVLELO R
UHVSRQVDELOLWDWH FROHFWLY 2 GDW FX KDQRYULHQLL vQFHSH R OXQJ SHULRDG GH
JXYHUQDUH H[HUFLWDW H[FOXVLY GH ZKLJL /D vQVFXQDUHD FDVHL GH +DQRYUD ZKLJLL
DXUHGXVODQHSXWLQ&SDUWLGXOWRU\H[LOkQGXOSH%ROLQJEURNHSHQWUXFkWHYDOXQL
LWULPL&kQGXOSH2[IRUGOD7XUQXQGHDVWDWGRLDQL$SRLvLFRQVROLGDUSR]L&LD
vQ &DPHUD &RPXQHORU PDQHYUkQG FX WkUJXULOH SXWUHGH L FRUXSkQG SH DOHJ
WRUL 6LJXUL GH DLFL vQDLQWH GH VSULMLQXO &DPHUHL &RPXQHORU SUHOXQJLU GXUDWD
PDQGDWXOXL SDUODPHQWDU GH OD WUHL OD DSWH DQL OHJH PRGLILFDW vQ  FkQG
GXUDWDPDQGDWXOXLDIRVWUHGXVODFLQFLDQL


,,,&kWGHVSUHFDELQHWJUXSGHPLQLWULVROLGDUUHVSRQVDELOvQID&D&DPHUHL
&RPXQHORU YD IL FD WRDWH LQVWLWX&LLOH EULWDQLFH QX XQ FRQFHSW DSULRUL FL RSHUD
WLPSXOXLDKD]DUGXOXLDFRPSURPLVXOXLLDEXQXOXLVLP&&DELQHWXOQXLGHFkW
XQJUXSGHFRQVLOLHULSDUWLFXODULLPLQLWULLQLFLQXDXDOWWLWOXRILFLDO1LPHQLQX
VH JkQGHWH OD FUHDUHD XQXL SRVW GH SULPPLQLVWUX SDUODPHQWXOXL vL HVWH JURD]
L GH FXYkQW L GH LGHH GDU UHJHOH QHFXQRVFkQG OLPEH L QHPDLSXWkQG SUH]LGD

0LQ&LFXQHUXLQDUHvQOLPEDODWLQ
7kUJXULOHVDXEXUJXULOHSXWUHGHHUDXQXPLWHvQDLQWHGHUHIRUPDHOHFWRUDOGLQORFDOLW&LOH
FDUHDYHDXGUHSWXOGHDWULPLWHXQGHSXWDWvQSDUODPHQWGHLQXPUXODOHJWRULORUGLQFXSULQVXO
ORUHUDIRDUWHPLFDVWIHOFYRWXULOHDFHVWRUDSXWHDXILXRUFXPSUDWH




&RQVLOLXOHIRDUWHQHFHVDUFDXQXOGLQWUHPLQLWULVOvQORFXLDVF6DvQWkPSODW
FD DFHVW PLQLVWUX :DOSROH V ILH XQ PDHVWUX LQ DUWD JXYHUQULL &ROHJLL VL VH
RELQXLU VL UHFXQRDVF DXWRULWDWHD (O vQVXL DGPLWH F GH&LQH DFHDVW
DXWRULWDWH vQ ED]D DFRUGXOXL FX PDMRULWDWHD &DPHUHL &RPXQHORU L VH UHWUDJH
FRQWUDUWXWXURUSUHFHGHQWHORUFkQGSLHUGHvQFUHGHUHDQXDUHJHOXLFLD&DPHUHL
5HWUDJHUHDDFHDVWDFRQVWLWXLHvQRFKLLUHJHOXLRvQFOFDUHDSUHURJDWLYHORUFRURDQHL
LFHLODO&LPLQLWULQXVHUHWUDJLHLRGDWFX:DOSROH0XOWYUHPHvQFUHJHOHYD
SXWHD PHQ&LQH vQ &RQVLOLX PLQLWUL FDUH QX IDF SDUWH GLQ HFKLSD SULPXOXL
PLQLVWUX$ELDRGDWFX3LWWMXQLRURILFLXOGHSULPPLQLVWUXYDvQFHSHVVHPHQH
FXFHHDFHHVWHDVW]LLYDWUHEXLVVHDWHSWHSkQvQVHFROXODO;;OHDSHQWUX
FDWLWOXOLLQVWLWX&LDVILHRILFLDOUHFXQRVFXWH


,9 QFHSXWXO HUHL ZDOSROLHQH QX FRLQFLGH H[DFW FX DFHHD D GRPQLHL 8Q
SULPPLQLVWUX ZKLJ 6WDQKRSH7RZQVKHQG UHSULP FX VXFFHV R UVFRDO D
SDUWL]DQLORU OXL ,DFRE GLQ  GDU JXYHUQXO DFHVWD FRPLWH HURUL FDUH vQ VFXUW
YUHPH LDGXF SLHLUHD D 3HQWUX D DVLJXUD VWDELOLWDWHD ZKLJLORU DWkW vQ &DPHUD
/RU]LORUFkWLvQ&DPHUD&RPXQHORUSURSXQHVVHOLPLWH]HGUHSWXOUHJHOXLGHD
QXPL QRL SDLUL PVXUD HUD SULPHMGLRDV FFL LDU IL IFXW SH ORU]L FRPSOHW
LQGHSHQGHQ&L GH FRURDQ L GH &DU DU IL IFXW SRVLELO DFFHVXO OD UDQJXO GH SDLU
QXPDL SULQ LQWHUPHGLXO XQXL FRFLXJ L DU IL SUHJWLW WHUHQXO SHQWUX FRQIOLFWH
IU LHLUH vQWUH FHOH GRX FDPHUH :DOSROH FRPEWX DFHDVW PVXU L UHXL V
RE&LQ UHVSLQJHUHD HL E Q  L]EXFQL XQ PDUH VFDQGDO ILQDQFLDU 6RXWK 6HD
%XEEOHGLVFUHGLWRvQWUHDJJHQHUD&LHGHRDPHQLGHVWDW2FRPSDQLHDPULORUGH
6XG SULPLVH vQ  PRQRSROXO FRPHU&XOXL EULWDQLF FX $PHULFD GH 6XG $SRL
FRQGXFWRULLHLRIHULVHUVLDvQVDUFLQDORUvQWUHDJDGDWRULHGHVWDWvQVFKLPEXO
XQRUDQXPLWHFRQFHVLLLDQXLW&LQFHSXWHDFRQVWDEHQHILFLXOORU"PSUXPXWDX
FX GREkQ]L PDL PLFL GHFkW VWDWXO L VH JkQGHDX V GHD FUHGLWRULORU DFHVWXLD vQ
VFKLPEXO WLWOXULORU ORU GH FUHDQ& DF&LXQL DOH VRFLHW&LL OD FXUVXO ]LOHL 2U GH OD
ODvQFHSXWXODQXOXLDF&LXQLOHVHXUFDVHUvQLXOLHSkQOD$FHDVW
IHEUDVSHFXOD&LHLDQDORJDFHOHLDFDUHSXVHVHVWSkQLUHSH)UDQ&DVLVWHPXOOXL
/DZvQDFHHDLHSRFVHVIkULWRWDWkWGHUHSHGHSHFkWVHSURSDJDVHQDXJXVW
DF&LXQLOHDXVF]XWOD0LLGHHQJOH]LVDXUXLQDW$QFKHWDDGRYHGLWFXQLL
PLQLWULSULQWUHFDUHLFDQFHODUXOILQDQ&HORUIXVHVHUFXPSUD&L:DOSROHvQVXL
VSHFXODVH FX VXFFHV L YkQGXVH DF&LXQLOH VDOH OD SUH&XO PD[LP GDU SULQ
GLVFXUVXULOH VDOH YHVWLVH SULPHMGLD $D FXP VD vQWkPSODW PDL WkU]LX L vQ
)UDQ&D vQ XUPD VFDQGDOXOXL 3DQDPD XQLL WLQHUL VH Y]XU GHRGDW DMXQL OD
SXWHUH vQ XUPD IDOLPHQWXOXL L LPSUXGHQ&HL FHORU PDL YkUVWQLFL $FHVWD D IRVW L
FD]XO OXL :DOSROH GXS 6RXWK 6HD %XEEOH $ IRVW OXGDW vQ&HOHSFLXQHD
FXYkQWULORU VDOH L LQYLGLDW FRPSRUWDUHD VD L DVWIHO D GHYHQLW SULPORUG DO
YLVWLHULHLLFDQFHODUDOILQDQ&HORU9DSXUWDDFHVWHWLWOXULWLPSGHGRX]HFLLXQX
GHDQLGDUGHIDSWYDH[HUFLWDIXQF&LDGHSULPPLQLVWUX


96LU5REHUW:DOSROHDIRVWXQXOGLQWUHFHLPDLPDULPLQLWULHQJOH]LGHLvL
HUDX VWULQH WRDWH DWULEXWHOH PUH&LHL )LX DO XQXL VTXLUH GLQ 1RUIRON DYHD
JXVWXULOH L PDQLHUHOH XQXL SURSULHWDU GH OD &DU &kQG SULPHD VFULVRUL OH
GHVFKLGHD PDL vQWkL SH DFHOHD YHQLWH GH OD SGXUDUXO VX L DSRL SH FHOH DOH
FROHJLORU 'HWHVWD PX]LFD L SOFHD FXUWRD]LD vL SOFHDX PHVHOH vQVXIOH&LWH L
SXWHD V VXV&LQ R FRQYHUVD&LH GH SDWUX RUH FX UHJHOH *HRUJH vQWUR ODWLQHDVF
DSUR[LPDWLY&LQLFQXVHWHPHDGHQLPLFPDLPXOWFDGHGLVFXUVXULOHvQO&WRDUH




L UkGHD GH DGYHUVDUL FkQG VH OXGDX FX SDWULRWLVPXO ORU 'HWHVWD GRFWULQHOH
FDPSDQLLOHLVHIHUHDGHWR&LDFHLFDUHDUILYUXWVLGLFWH]HFRQGXLWDGXSFU&LOH
GH LVWRULH $GPLQLVWUD WUHEXULOH GH VWDW DD FXP XQ EXQ QHJXVWRU L OH
DGPLQLVWUHD]]LGH]LSHDOHVDOH/XFUDvQWUXQPRGDWkWGHDELOFSUHDDQX
IDFH QLPLF GHL GH IDSW HO IFHD WRWXO 0DUHOH VX SULQFLSLX HUD TXLHWD QRQ
PRYHUH DGLF V ILH OVD&L vQ SDFH FkLQLL FDUH GRUP 1X FUHGHD vQ ILGHOLWDWHD
SDUWL]DQLORU 6IWXLHVF SH WLQHULL PHL FROHJL V QX VSXQ QLFLRGDW WRWGHDXQD ,
VD UHSURDW F D VSXV RGDW )LHFDUH RP DUH XQ SUH& GDU HO VSXVHVH )LHFDUH
GLQ DFHWL RDPHQL DUH XQ SUH& YRUELQG GH QLWH DGYHUVDUL GHVSUH FDUH DILUPD&LD
HUDDGHYUDW*XYHUQDSULQFRUXS&LHVSXQH0DFDXOD\GHRDUHFHvQHSRFDOXL
HUDLPSRVLELOVJXYHUQH]LDOWIHO


9, :DOSROH QX D SURSXV QD&LXQLL VDOH QLFL XQ SODQ QLFL XQ SURJUDP GDU
EXQXOVXVLP&DWLQJHDJHQLDOLWDWHDQWLPSXOFHORUGRX]HFLGHDQLFkWDVWDWOD
SXWHUHVLVWHPXOVDXSROLWLFDIRVWVLPSOXHUDGHSUHUHFXQVWDWVODEWUHEXLHV
VHIHUHDVFGHDYHQWXULLFSHQWUXDFRQVROLGDRGLQDVWLHIUSUHVWLJLXGDWRULD
VDHUDVFkWLJHWLPS&XWGHFLVPHQ&LQSDFHDSULQvQ&HOHJHUHFX)UDQ&DV
UHGXF LPSR]LWHOH V HYLWH XQLUHD ELVHULFLL $QJOLHL FX SDUWL]DQLL OXL ,DFRE L vQ
VIkULW VL RSUHDVF SH WRU\ GH D DMXQJH OD SXWHUH %HOXULOH DFHVWHD HUDX SRDWH
OLSVLWH GH PUH&LH GDU UHDOL]kQGXOH HO RIHUL &ULL VDOH Fk&LYD DQL GH SURVSHULWDWH
IUVHDPQ*UD&LHOXLOXSWHOHGLQWUHSDUWLGHLDXSLHUGXWFDUDFWHUXOVOEDWLFSH
FDUHODYXVHVHUDWkWDYUHPH&kQGvQFHOHGLQXUPYDFGHDGHODSXWHUHHOVH
YD OVD vQYLQV GH RDPHQL FURUD LDU IL IRVW XRU V OH WDLH FDSHWHOH 'HRDUHFH
SULYHDSROLWLFDFXVFHSWLFLVPLVSH&DXPDQFXUHVSHFWFkWWLPSDDYXWSXWHUHD
vQPkQDIFXWFkWPDLSX&LQUXFXSXWLQ&GDUOLSVDOXLGHHQWX]LDVPQDIRVW
SHSODFXOFHORUFXLQLPDWkQULSOLQGHDUGRDUH


9,, 3DFLILVPXO OXL :DOSROH vQ SROLWLFD LQWHUQD&LRQDO D IRVW VHUYLW GH
vPSUHMXUUL 7UDWDWXO GH OD 8WUHFKW QX SURYRFDVH DVHPHQHD UQL vQ DPRUXO SUR
SULX FDUH V FHDU UHYDQH ]DGDUQLFH L FUXGH (SRFD U]ERDLHORU UHOLJLRDVH
WUHFXVHLHSRFDU]ERDLHORUQD&LRQDOHQXYHQLVHvQF9UHPHGHGRX]HFLLFLQFL
GH DQL GH WHDPD 6SDQLHL SH FDUH FLXGDWXO $OEHURQL R UHvQYLDVH PLQLWULL
IUDQFH]L'XERLVL)OHXU\DXFXWDWDOLDQ&DFX$QJOLD&RDOL]DWH)UDQ&DL$QJOLD
DX IRVW DSURDSH WRWGHDXQD vQ WRW FXUVXO LVWRULHL LQYLQFLELOH (OH DX PHQ&LQXW
DWXQFLRSDFHUHODWLY3ULQFLSLXOQRQLQWHUYHQ&LHLSHFRQWLQHQWQXSXWHDILDSOLFDW
IU UH]HUYH GH :DOSROH DL FUXL VXYHUDQL DYHDX LQWHUHVH KDQRYULHQH vQ (XURSD
LDUDOHJWRULLLQWHUHVHFRPHUFLDOHvQFRORQLLOHVSDQLROH3ROLWLFDPHDYDVSXQHHO
FDXQRPSUXGHQWHVWHVQXPODVvQFWXDWGHQLFLXQDQJDMDPHQWDWkWDWLPS
FkWQHYRPSXWHDSHUPLWH


9,,,QYDUDDQXOXL*HRUJH,PXULGHRDSRSOH[LH6DUILSXWXWFUHGHF
:DOSROHYDFGHDvQGL]JUD&LH3ULQ&XOGH:DOHVQXVHvQ&HOHVHVHQLFLRGDWFXWDWO
VXGHYHQLQG*HRUJHDO,,OHDSUHDSUREDELOFYDGRULVLVFKLPEHSHPLQLWUL
'DU vQ VFXUW YUHPH FXUWHQLL DYXU VXUSUL]D GH DO YHGHD SH VLU 5REHUW

 *LXOLR $OEHURQL   FDUGLQDO GH RULJLQH LWDOLDQ GHYHQLW SULQFLSDOXO PLQLVWUX DO
UHJHOXL6SDQLHLvQWUHL7H[WXORULJLQDOHSRVLELOVFXSULQGRJUHHDO$OEHURQLQD
IRVWXQSHUVRQDMFLXGDWpWUDQJHFLDIRVWXQVWULQpWUDQJHUODFXUWHD6SDQLHL




EXFXUkQGXVHODFXUWHGHRFRQVLGHUD&LHPDLPDUHFDRULFkQGLQRXOUHJHQXHUD
WRWXL XRU GH DWUDV $YDU PHVFKLQ PHWRGLF SkQ OD PDQLH DWHSWD vQ ILHFH
VHDUFXFHDVXOvQPkQFOLSDFkQGVVHGXFODDPDQWDVDSHQWUXFYRLDV
ILH OD GkQVD OD RUD QRX SUHFLV 'RYHGLVH vQ YLD& RDUHFDUH FXUDM IL]LF GDU HUD 
VSXQHD:DOSROHFHOPDLPDUHSROWURQSROLWLFFDUHDSXUWDWYUHRGDWRFRURDQSH
FDS'LQIHULFLUHSHQWUXPLQLVWUXLSHQWUX&DU*HRUJHDO,,OHDVHOVDFRQGXV
GH UHJLQD &DUROLQD IHPHLH LQWHOLJHQW FXOWLYDW VWRLF L PDL DOHV UEGWRDUH
$VFXOWDIUVRERVHDVFDSWHRSWRUHSH]LWRUHQWXOGHFXYLQWHDOELHWXOXLUHJH
FDUHYRUEHDFXHPID]GHVSUHU]ERLVDXGHVSUHJHQHDORJLH6LQJXUDFRPSHQVD&LH
SH FDUH R DYHD UHJLQD vQ VFKLPEXO DFHVWHL QHVIkULWH SOLFWLVHOL HUD F HD JXYHUQD
&DUDLFSXWHDVOVXV&LQSHVFXPSXOHLVLU5REHUW0XO&XPLWDFHVWXLVSULMLQ
:DOSROH VH PHQ&LQX OD SXWHUH 6LQJXUD PDUH IXUWXQ GLQ WLPSXO PLQLVWHULDWXOXL
VX D IRVW H[WUDRUGLQDUD UHYROW D RSLQLHL SXEOLFH vPSRWULYD OHJLL LPSR]LWXOXL
LQGLUHFW(UDYRUEDSXULVLPSOXGHXQGUHSWGHYDPLQWHUQDVXSUDFRPHU&XOXL
GH WXWXQ L YLQ %DUD VH VXSU DWkW GH WDUH GH SDUF :DOSROH DU IL YUXW V
DEROHDVF 0DUHD &DUW /RQGUD XUOD 1X YUHP VFODYLH QX YUHP LPSR]LWH
LQGLUHFWHQXYUHPVDER&LGHOHPQ6DER&LLDFHWLDGHOHPQvLREVHGDXSHHQJOH]L
vQF GH SH YUHPHD OXL VLU -RKQ )RUWHVFXH :DOSROH FDUH DYHD GH R PLH GH RUL
GUHSWDWHVRFRWLFWUHDEDQXPHULWYUVDUHGHVkQJH+UPODLDDVWDQXYD&LQH
SUHD PXOW VSXVH HO 6D DILUPDW GHVSUH JXYHUQDUHD ZKLJLORU F HUD R ROLJDUKLH
WHPSHUDW GH UVFRDOH Q UHDOLWDWH vQV DMXQJHD L QXPDL DPHQLQ&DUHD FX
UVFRDOD Q VHDUD FkQG :DOSROH D FHGDW /RQGUD D IRVW LOXPLQDW FD GH
VUEWRDUH'DUPLQLVWUXODUPDVODSXWHUH


,; 'XS GRX]HFL GH DQL GH GHVWLQGHUH PDUHOH SDFLILVW VIkUL SULQ D IL
FRQVWUkQV OD U]ERL RYLQLVPXO FRPHUFLDO FUHWHD 6XE SDY]D WUDWDWXOXL FDUHL
GGXVH $QJOLHL GUHSWXO GH D LQWURGXFH VFODYL vQ FRORQLLOH VSDQLROH L GH D WULPLWH
DFRORRQDYvQILHFDUHDQIXVHVHRUJDQL]DWRvQWUHDJFRQWUDEDQG8QLFDQDY
HUD vQVR&LW GH R IORWLO FDUH GXS ILHFDUH HVFDO VXE SUHWH[WXO DSURYL]LRQULL FX
DOLPHQWH VH XPSOHD GH PUIXUL QRL 6HUYLFLLOH VSDQLROH GH FRDVW IXULRDVH
SHUFKH]L&LRQDX WRDWH QDYHOH HQJOH]H 2SR]L&LD VH VHUYHD GH DFHVWH DWURFLW&L
SHQWUX D DWDFD LQHU&LD OXL :DOSROH L FHHD FH QXPHD HD IXULD QHJRFLHULORU 8Q
RDUHFDUH FSLWDQ -HQNLQV D YHQLW OD EDUD &DPHUHL &RPXQHORU V UHODWH]H FXP
EULFXOVX5HEHFFDDIRVWFRQWURODWGHVSDQLROLFXPLDXWLDWRXUHFKHLFXP
LDvQFUHGLQ&DWVXIOHWXOOXL'XPQH]HXLFDX]DVDSDWULHL3HQWUXDSXQHFDSW
DFHVWRU WXOEXUUL :DOSROH vQFKHLH FX VSDQLROLL R FRQYHQ&LH HFKLWDELO (D IX
vQILHUDWGHXQWkQUSDUODPHQWDU:LOOLDP3LWWFDGH]RQRUDQW$GHYUXOHUDF
DGYHUVDULLPLQLVWUXOXLGRUHDXU]ERLFX6SDQLDQXIUJkQGXODVFXQVGHDLUSL
DFHVWHLD FRORQLLOH 9D IL U]ERLXO YRVWUX  OHD VSXV :DOSROH vQ  FkQG D
WUHEXLWVODFFHSWHLGLQSDUWHDPHDVYILHGHELQH


; $FHVW U]ERL SHQWUX XUHFKHD OXL -HQNLQV D IRVW DD FXP D SUHY]XW
:DOSROH XQ U]ERL JUHX 2SR]L&LD FDUHO FHUXVH UHIX]D JXYHUQXOXL PLMORDFHOH
QHFHVDUHSHQWUXDOFkWLJD6LU5REHUWYUHDVDLERDUPDWQXYUHDU]ERLL
QX SRDWH DYHD SDFH 0LQLVWUXO EROQDY GH OLWLD] HSXL]DW vQYLQV vQ &DPHUD
&RPXQHORUvQXUPDVSULMLQXOXLDFRUGDWDGYHUVDULORUVLGHFWUHGHSXWD&LLVFR&LHQL
LGHFHLGLQ&RUQZDOOvLGGXvQVIkULWGHPLVLDLWUHFXvQ&DPHUD/RU]LORUFX
WLWOXOGHORUG2UIRUG3OHFDUHDVDGGXORFXQHLFLXGDWHPDQLIHVWD&LLvPSRWULYDRIL
FLXOXL GH SULPPLQLVWUX 7UHL]HFL L XQX GH SDLUL IRUPXODU XQ SURWHVW vQ FDUH




DUWDX F DFHVW WLWOX QHILLQG SUHY]XW GH OHJLOH HQJOH]H QX HUD FRPSDWLELO FX
FRQVWLWX&LD &ULL 3LWW DYHD V UHFXQRDVF PDL WkU]LX F IXVHVH QHGUHSW ID& GH
:DOSROHLDYHDVOODXGHSHDFHVWvQ&HOHSWLH[FHOHQWPLQLVWUX'DUvQ&HOHSWXO
LH[FHOHQWXOPLQLVWUXvLWHUPLQDVHRSHUD*UD&LHXQHLOXQJLSHULRDGHGHFDOPHO
DDMXWDWGLQDVWLDVSULQGUGFLQLLDGXVODvPERJ&LUHD&ULL$FHDVWERJ&LH
vQVL FHUHD RDPHQL QRL $QJOLD DYLG GH FXFHULUL UkYQHD OD XQ LPSHULX (D QX
PDL GRUHD DFXP SDFHD EXQXOVLP& QLFL PFDU IHULFLUHD FL WLUL GHVSUH YLFWRULL
OLVWDRUDHORUFXFHULWHVXFFHVHLDYHQWXUL9UHPHDOXL:DOSROHWUHFXVH


;, 2 GDW FX :DOSROH VH HFOLSVDU GRX GLQ LGHLOH VDOH IDYRULWH FDELQHWXO
RPRJHQLDOLDQ&DFX)UDQ&D0LQLWULLZKLJFDUHDXXUPDWOXL:DOSROH&DUWHUHW
FHL GRL 3HOKDP OXDU vQ FDELQHWXO ORU Fk&LYD WRU\ SHQWUX D WHUPLQD FX DFHVWH
QHIHULFLWH GHRVHELUL GH SDUWLG 6H UHGHVFKLGHD DVWIHO R GH]EDWHUH FDUH QLFL SHVWH
GRX VXWH GH DQL QX YD IL OXDW vQF VIkULW FX SULYLUH OD VWDWXO WRWDOLWDU L VWDWXO
SDUODPHQWDU&DUWHUHWEUEDWGHRUHDOYDORDUHLVWULQGHRULFHMRVQLFLHQXVH
SXWXPHQ&LQH'LVSUH&XLQGFRUXS&LDSUDFWLFDWGH:DOSROHHOOVVVHvQ&HOHDJ
FO LQWHUHVD QXPDL SROLWLFD vQ VWLO PDUH L QX YRLD VL SLDUG WLPSXO
RFXSkQGXVH GH SRVWXUL L GH EHQHILFLL &HL FDUH YRLDX SRVWXUL L EHQHILFLL VH
DGUHVDUXQRURDPHQLFDUHDYHDXPDLPXOWWLPS&RQWUDUPD[LPHORUOXL:DOSROH
&DUWHUHW VH DQJDM vQ WUHEXULOH FRQWLQHQWDOH PSUDWXO &DURO DO 9OOHD vL OVDVH
PRWHQLUH ILLFHL VDOH 0DULD7HUH]D SULQ 3UDJPDWLFD VDQF&LXQH WRDWH VWDWHOH VDOH
(XURSDFHQWUDO%HOJLD,WDOLD2DVHPHQHDVXFFHVLXQHDYHDVWUH]HDVFLQYLGLL
/D PRDUWHD OXL &DURO )UHGHULF DO ,,OHD DO 3UXVLHL SUHWLQVH 6LOH]LD &DUH HUDX
GUHSWXULOH OXL" 7UXSH PHUHX vPSURVSWDWH YLVWLHULH SOLQ GH DXU L XQ VXIOHW
DYLG $QJOLD OHJDW IU YRLD HL SULQ GLQDVWLD VD GH LQWHUHVHOH +DQRYUHL OX
SR]L&LH vPSRWULYD 3UXVLHL L vQ IDYRDUHD $XVWULHL )UDQ&D RVWLO $XVWULHL SULQ
WUDGL&LHVHDUXQFLHDvQDFHDVWvQFLHUDUH&XUkQGvQWRFPDLFDvQGXHOXULOHGH
DOWGDW VHFXQ]LL VIkULU SULQ D VH EDWH Q PDL  L]EXFQL U]ERLXO vQWUH
)UDQ&DL$QJOLDvQLXQLHWkQUXOSUHWHQGHQW&DURO(GXDUGQHSRWXOOXL,DFREDO
,,OHDVRVLWGLQ)UDQ&DGHEDUFvQ6FR&LD


;,, 5HJVL DFROR R GDW PDL PXOW XLPLWRDUHD ILGHOLWDWH D KLJKODQGHULORU
ID&GHIDPLOLDVDLRGDWPDLPXOWVHYGLFVFR&LHQLLVXQWFHLPDLEXQLVROGD&L
DL LQVXOHL &X DVH PLL GH RDPHQL &DURO(GXDUG SXWX LQWUD vQ $QJOLD L vQDLQWD
SkQOD'HUE\'DFDUILIRVWDMXWDWGHRUVFRDOHQJOH]DUILSXWXWVUHDGXF
SH WURQ vQ SHUVRDQD VD GLQDVWLD 6WXDUW FHHD FH DU IL IRVW SXQFWXO GH SOHFDUH DO
XQRU PDUL WXOEXUUL 'DU OXFUXULOH GRYHGLU XOXLWRDUHD LQGLIHUHQ& D SRSXOD&LHL
HQJOH]HID&GHDFHVWGLIHUHQGGLQDVWLF&kWHYDPLLGHPXQWHQLIXVHVHUGHDMXQV
SHQWUXDLQYDGD$QJOLDRPLFDUPDWUHFKHPDWGHSHFRQWLQHQWIXGHDMXQVV
VDOYH]H /RQGUD L &DURO(GXDUG EWX vQ UHWUDJHUH Q )ODQGUD U]ERLXO OX R
vQWRUVWXUIDYRUDELOSHQWUX)UDQ&D6FSkQGGHDPHQLQ&DUHDDXVWULDFvQXUPD
YLFWRULHL OXL )UHGHULF DO 3UXVLHL PDUHDOXO GH 6D[D RE&LQX OD )RQWHQR\ R YLFWRULH
VWUOXFLWDVXSUD$QJOLHLRYLFWRULHDDUWLOHULWLORU'DF$QJOLDQDUILIRVW
VWSkQDPULLGDFFRUVDULLHLQDUILUXLQDWFRPHU&XOIUDQFH]LGDFSURWHVWDQ&LL
QX ODU IL DOXQJDW SH &DURO(GXDUG /XGRYLF DO ;9OHD DU IL SXWXW QXWUL PDUL
VSHUDQ&H'DUvQDSULOLH&DURO(GXDUGvQYLQVOD&XOORGHQIXJLvQ)UDQ&DL
PXQWHQLL IXU DGXL vQ VIkULW OD VXSXQHUH QX IU EUXWDOLWDWH &XULQG

/RFXLWRULGLQ+LJKODQGVSU&LOHPXQWRDVHGHQRUGDOH6FR&LHL




UHJLPHQWHOH UHFUXWDWH vQ +LJKODQGV %ODFN :DWFK*RUGRQ +LJKODQGHUV DYHDX V

ILHSULQWUHFHOHPDLYLWH]HLORLDOHGLQUHJDW


;,,, 'LQ  SkQ vQ  $QJOLD L )UDQ&D IXU vQ VWDUH GH U]ERL QX
QXPDLvQ(XURSDFLLvQ&DQDGDL,QGLD6WSkQLDL&DQDGHLIUDQFH]LLGRUHDXV
RFXSHYLOH2KLRL0LVVLVVLSSLFHHDFHDUILGHVSU&LWGHKLQWHUODQGXOORUFRORQLLOH
GHSHFRDVWQ,QGLDFHOHGRXFRPSDQLLULYDOHvQWUH&LQHDXPLFLDUPDWHSHFDUHOH
SXQHDXvQVHUYLFLXOSULQ&LORULQGLJHQLRULGHFkWHRULvQWUH]UHDXYUHRDQVGHDL
PUL WHULWRULXO $LFL VH FLRFQLU GRL RDPHQL PDUL IUDQFH]XO 'XSOHL[ L HQJOH]XO
&OLYH'XSOHL[LHLvQYLQJWRUODvQFHSXWLOXvQVWSkQLUHRUDXOHQJOH]0DGUDV
&kQG VD vQFKHLDW WUDWDWXO GH OD $L[OD&KDSHOOH  WUHEXL VO UHVWLWXLH 'DU
SDFHDQDvPSLHGLFDWFRPSDQLLOHULYDOHVFRQWLQXHOXSWDVXESUHWH[WXOVSULMLQLULL
VXYHUDQLORUORFDOL&OLYHFXWRDWH[WUHPDVDWLQHUH&HLQXPUXOPLFDOVROGD&LORU
VL RE&LQX VWUOXFLWH YLFWRULL DVXSUD VXYHUDQLORU LQGLJHQL 3ULQ DSUDUHD VD OD
$UFRW  L PDL WkU]LX SULQ EWOLD GH OD 3ODVVH\  HO SXVH ED]HOH XQXL
LPSHULX HQJOH] vQ ,QGLD $YHUHD VD SHUVRQDO L WHULWRULXO &RPSDQLHL ,QGLLORU
RULHQWDOH FUHVFXU vQ PRG XOXLWRU (QJOH]LL GHVFRSHULU vQ ,QGLD FRPRUL FRP
SDUDELOH FX DFHOHD SH FDUH OHDX DGXV RGLQLRDU VSDQLROLL GLQ $PHULFD GH 6XG
3ULQ&LLLQGLHQLFDVFkWLJHEXQYRLQ&DFXFHULWRULORUvLXPSOXUGHDXULSLHWUH
SUH&LRDVH $YHULOH FkWLJDWH vQ ,QGLD YRU MXFD GH DFL vQDLQWH XQ URO FDSLWDO vQ
DOHJHULOHHQJOH]H


;,93DFHDGHOD$L[OD&KDSHOOHQXVDWLVIFXSHQLPHQL$DFXPVH
vQWkPSODGHPXOWYUHPHGHILHFDUHGDWFkQGVHWHUPLQDXQU]ERLvQWUH)UDQ&D
L$QJOLDILHFDUHGLQWUHFHLGRLDGYHUVDULWUHEXLDVUHVWLWXLHFHDFXFHULWSHQWUX
F FHOODOW GH&LQHDJDMXUL SUH&LRDVH 3HQWUX D RE&LQH UHWUDJHUHD WUXSHORU IUDQFH]H
FDUH SXVHVHU VWSkQLUH SH )ODQGUD JXYHUQXO HQJOH] WUHEXL V HYDFXH]H LQVXOD
&DS%UHWRQ FDUH GRPLQD &DQDGD Q ,QGLD L &DQDGD FRQIOLFWHOH IUDQFRHQJOH]H
QXVDXvQFKHLDW1LFLXQDGLQWUHPDULOHSXWHULHXURSHQHQXDFFHSWDKDUWDOXPLL
DDFXPHUD7RDWHYHFKLOHVLVWHPHGHDOLDQ&HUDXSHGXF)UDQ&DL$XVWULDVH
vQWUHEDX GDF GXPQLD ORU WUDGL&LRQDO HUD vQWUDGHYU MXVWLILFDW SULQ UHDOH
RSR]L&LL GH LQWHUHVH VDX GDF GLPSRWULY SURJUHVHOH UHDOL]DWH GH 3UXVLD QX
FRQVWLWXLDX SHQWUX DPkQGRX XQ SHULFRO FRPXQ L GH WHPXW )UDQ&D L $QJOLD
vQFHSHDXVvQ&HOHDJFQXYRUFXQRDWHRSDFHGXUDELODWkWDWLPSFkWQXYDIL
UHJOHPHQWDWvQWUHHOHSUREOHPDVXSUHPD&LHLSHPDUHLDFRORQLLORU



,9
67$5($025$985,/25



, 1LFLRGDW $QJOLD QX DYXVHVH vQ (XURSD XQ SUHVWLJLX PDL YDVW 6XFFHVXO
DUPDWHORU VDOH SUXGHQ&D UHYROX&LHL VDOH LQVSLUDX FHORUODOWH SRSRDUH R GRULQ&
UHVSHFWXRDV GH DL VWXGLD LGHLOH L LQVWLWX&LLOH )LOR]RIXO ZKLJLORU -RKQ /RFNH
DYHD V GHYLQ PDHVWUXO WXWXURU ILOR]RILORU HXURSHQL 6FRSXO VX HUD V RSXQ
GUHSWXOXL GLYLQ DO GLQDVWLHL 6WXDUW FHHD FH HO QXPHD GUHSWXO QDWXUDO 3H FkQG
+REEHVVRFRWHWHRPXOvQVWDUHDOXLQDWXUDOGUHSWREUXWSHULFXORDVLGHGXFH




GLQFDUDFWHUXOUXDOVSHFLHLQHFHVLWDWHDXQXLVWDWSXWHUQLFVDX/HYLDWKDQ/RFNH
DUDW F L vQ VWDUHD OXL QDWXUDO RPXO ILLQ& UD&LRQDO UHVSHFW QLWH OHJL FDUH
VXQW OHJLOH PRUDOHL 3HQWUX +REEHV FRQWUDFWXO GLQWUH VXYHUDQ L VXSXLL VL OH
HVWH LPSXV DFHVWRUD GH vQVL VOELFLXQHD ORU vQ RFKLL OXL /RFNH H XQ FRQWUDFW
IFXWvQPRGOLEHUGHQLWHRDPHQLOLEHULFDUHDXGUHSWXOVLLPSXQFRQGL&LLOH
8QWHRORJDUSXWHDVSXQHF+REEHVFUHGHvQSFDWXORULJLQDULF/RFNHQHDJ
DFHDVWGRFWULQ'LQRSWLPLVPXORILFLDODOOXL/RFNHDYHDVLDQDWHUH&RQWUDFWXO
VRFLDODOOXL5RXVVHDX'HFODUD&LDGUHSWXULORURPXOXLLFHW&HDQXOXLL'HFODUD&LD
GH LQGHSHQGHQ& DPHULFDQ 6SLULWXO UD&LRQDOLVW DQWLLVWRULF DO VHFROXOXL DO
;9,,,OHDHGDWRUDWvQPDUHSDUWHHVHXULORULWUDWDWHORUOXL-RKQ/RFNH


,,6DUSXWHDLVFDvQWUHEDUHDFXPVHIDFHFRUHQLL&UDQLHQJOH]LSHFDUH
ILOR]RILD OD PRG vL vQY&D F VDX QVFXW OLEHUL DX DFFHSWDW DWkW GH XRU
DXWRULWDWHDXQHLDULVWRFUD&LLDJUDUHFDUHQXSRVHGDFDRGLQLRDUFDYDOHULLIHXGDOL
RIRU&PLOLWDU0DLvQWkLHQJOH]XOGPDLPXOWLPSRUWDQ&UHDOLW&LORUFRQFUHWH
GHFkW GUHSWXULORU DEVWUDFWH /RFNH D DYXW R LQIOXHQ& PDL SURIXQG vQ )UDQ&D
GHFkW vQ $QJOLD SHQWUX F LGHLOH VH EXFXU GH PDL PXOW FRQVLGHUD&LH L DX PDL
PXOW SXWHUH vQ )UDQ&D $SRL HQJOH]LL GH SH YUHPHD OXL /RFNH QX DYHDX PRWLYH
JUDYH GH QHPXO&XPLUH (L YHGHDX F LQVWLWX&LLOH ORFDOH FX WRDWH QHGUHSW&LOH
LQHYLWDELOH HUDX HILFLHQWH L VXSRUWDELOH -XGHFWRUXO GH SDFH PDL WRWGHDXQD
VTXLUHXOGRPHQLXOXLORFDOGGHDPDLPXOWPOGLHUHOHJLORUYRWDWHGHSDUODPHQW
HUDLVLOLWVIDFDVWDFXPDUILSXWXWVOHDSOLFHIUFRQVLP&PkQWXOSDURKLL
ORU DWXQFL FkQG VLQJXUD VD SROL&LH HUD H[HUFLWDW GH DFHL FRQVWDEOHV GLQ VDW"
6OELFLXQHD VD SUHD R JDUDQ&LH D UHODWLYHL VDOH HFKLW&L 1X vQFDSH vQGRLDO F
OHJLOH SHQDOH HUDX GH R DVSULPH DUKDLF IU URVW L FUXG %UDFRQLHULL L
YDJDERQ]LLHUDXWUDWD&LFDQLWHFULPLQDOLSULPHMGLRL'DUSURSULHWDULLORFXLDXSH
SPkQWXULOH ORU L UHVSHFWDX SH IHUPLHUXO FLQVWLW &RPSHWHQW vQ DJULFXOWXU
VTXLUHXO HQJOH] PXQFHD SH GRPHQLXO VX SULQWUH YFDULL L SVWRULL VL 6SRUWXO
WUH]HDXQLQWHUHVWRWDWkWGHYLXODRPXOGLQSRSRUFDLSULQWUHORU]L'XFHOHMXFD
FULFNHW FX JUGLQDUXO VX /HJWXULOH SHUVRQDOH vQORFXLDX OHJWXULOH
DGPLQLVWUDWLYH$QJOLDVHFROXOXLDO;9,,,OHDQXLQXPDLRDULVWRFUD&LHWHPSHUDW
GHUVFRDOHHDHLRROLJDUKLHWHPSHUDWGHIDPLOLDULWDWH


,,, 1HJXVWRULL L EXUJKH]LL DWkW GH GHVXPLOL&L SH FRQWLQHQW vL SVWUHD] vQ
$QJOLDWRDWPkQGULDORU1RELOLLLRDPHQLLGHUkQGVHRFXSGHDFHOHDLDIDFHUL
VHvQFKHLHFVWRULLvQWUHIDPLOLLOHORU$PPDLVHPQDODWDFHDVWUHYROX&LHFHDPDL
GLILFLOGLQWRDWHLFDUHvQ$QJOLDGDWHD]GHFkWHYDVHFROH5PkQHXQPDUWRUDO
HLFDUHHVWHOLPEDMXO'HFkWHYDVHFROHVFULH7RFTXHYLOOHFXYkQWXOJHQWLORP
LD VFKLPEDW vQ vQWUHJLPH VHQVXO vQ $QJOLD L FXYkQWXO RP GH UkQGQLFL QX PDL
H[LVW$UILIRVWLPSRVLELOVVHWUDGXFOLWHUDOPHQWHvQHQJOH]YHUVXODFHVWDGLQ
7DUWXOIHSHFDUH0ROLqUHODVFULVvQLDDFXPvOYH]LHXQEXQJHQWLORP
&LQH YUHD V IDF L R DOW DSOLFDUH D WLLQ&HL OLQJYLVWLFH OD WLLQ&D LVWRULHL V
XUPUHDVF GHD OXQJXO WLPSXOXL L DO VSD&LXOXL GHVWLQXO DFHVWXL FXYkQW
JHQWOHPHQDO FUXL SULQWH HVWH FXYkQWXO IUDQFH] JHQWLOKRPPH6H YD YHGHD FXP
vQ $QJOLD VHPQLILFD&LD OXL VH OUJHWH SH PVXU FH GLVWDQ&D GLQWUH FDWHJRULLOH
VRFLDOHVHPLFRUHD]QILHFDUHVHFROFXYkQWXOVHDSOLFXQRURDPHQLDIOD&LGLQFH
vQFHPDLMRVSHVFDUDVRFLDOQ)UDQ&DJHQWLOKRPPHDUPDVWRWWLPSXOVWUkQV

$OH[LVGH7RFTXHYLOOHGLSORPDWLSXEOLFLVWIUDQFH]




OHJDWGHVHQVXOVXSULPLWLY$IRVWSVWUDWLQWDFWFXYkQWXOFDUHHUDIRORVLWSHQWUX
DGHVHPQDSHPHPEULLFDVWHLSHQWUXFDIRVWSVWUDWFDVWDvQVLVHSDUDWGH
UHVWXOVRFLHW&LLFXPIXVHVHGLQWRWGHDXQD


,93HUVRDQDVTXLUHXOXLvPEUFDWvQKDLQHFXQDVWXULGHDUJLQWFXSHUXF
FXHFKLSDMXOVXGHYkQWRDUHFXEDQFDUH]HUYDWvQELVHULFvQFDUHGRUPLWHD]
WRDWH DFHVWHD FKLDU vQ RFKLL &UDQLORU IDF SDUWH QHFHVDU GLQ GHFRUXO YLH&LL $ELD
GXS UHYROX&LD LQGXVWULDO PDVHOH WUDQVSODQWDWH vQ DOW PHGLX YRU vQFHWD V
DGPLW XQ SDUODPHQW FRPSXV GLQ VTXLUHL FD XQ IHQRPHQ QDWXUDO /D vQFHSXWXO
VHFROXOXLVHYRUPXO&XPLVJVHDVFRDQXPLWLGHQWLWDWHGHPRUDYXULvQWUHFHO
FHORFXLHWHSHXQGRPHQLXLFHOFHORFXLHWHvQWURFRFLRDE6TXLUHXODFHVWDH
XQ &UDQ vQMXU FD &UDQLL OD QHYRLH EHD vPSUHXQ FX HL vQ ]LXD DOHJHULORU
DFHWLD vL LQVXOW ILXO DUXQF vQ HO FX QRURL DSRL vO DFODP /XSWHOH HOHFWRUDOH
VXQWXQVSRUWQD&LRQDOWRWDDGHSRSXODUEDvQFLPDLSRSXODUGHFkWFXUVHOH
GH FDL 2PXO GH OD &DU GH SH YUHPHD DFHHD QXL SUHD QHQRURFLW ( ELQH KUQLW
GXFHDFHHDLYLD&FDVWUPRLLVLLGHIDSWQLFLQXFXQRDWHDOWDVDWXOUPkQH
XQLYHUVXO VX &KLDU L vQ RUDH XFHQLFXOH FRQVLGHUDW GH QXPHURL QHJXVWRUL L
PHWHXJDULFDXQPHPEUXDOIDPLOLHL3RSRUXOGHMRVVFULHXQFOWRUHOYH&LDQ
 QX DUH QHYRLH vQ $QJOLD GH R GHVFULHUH GHRVHELW vQ FHD PDL PDUH SDUWH D
FD]XULORU PL VH SDUH F VH FRQIXQG FX vQWUHDJD QD&LXQH $UH DSURDSH DFHOHDL
EXFXULLFDLQRELOLLQHJXVWRULLLFOHUXODFHOHDLYLUWX&LLFKLDUDFHOHDLYLFLLQ
D GRXD MXPWDWH D VHFROXOXL HFKLOLEUXO DFHVWD H GLVWUXV SULQ GH]YROWDUHD
PDLQLVPXOXLLSULQHPLJUDUHDVSUHRUDH


9 6WDELOLW&LL IRUPHORU VRFLDOH vL FRUHVSXQGH vQ VHFROXO DO ;9,,,OHD
VWDELOLWDWHDIRUPHORUOLWHUDUH&ODVLFLVPXOHVWHvQYUHPHDDFHHDRELVHULFDLFUHL
VILQ&LSULQ&LVXQW+RUD&LXL%RLOHDX0DUHOHSRHWDOWLPSXOXL3RSHFRPSXQHXQ
SRHP vQ JHQXO SRHPXOXL 6WUDQD SH FDUHO LQWLWXOHD] 'XQFLDGD HSLVWROH L
VDWLUHvQWURIRUPWUDGL&LRQDOLGHDOWIHODGPLUDELO6HVLPWHFHREVHGDWGH
%RLOHDX 0DL RULJLQDOL SULQ XUPDUH PDL HQJOH]L 6ZLIW L 'DQLHO 'HIRH GDX GRX
GLQ FHOHPDL GHVYkULWH SRYHVWLUL vQ SUR] SH FDUH OHD SURGXV OLWHUDWXUD WXWXURU
WLPSXULORU&OWRULLOHOXL*XOLYHUL5RELQVRQ&UXVRH
Q SDJLQLOH UHYLVWHORU 7DWOHU L 6SHFWDWRU 6WHHOH L $GGLVRQ LPSXQ HVHXOXL
HQJOH] IRUPD SH FDUH R YD SVWUD PXOW YUHPH $UWD QX HVWH PDL SX&LQ FODVLF
GHFkWOLWHUDWXUD*UD&LDVLPSOLWDWHDOLQLHLVXQWFDUDFWHUHOHHVHQ&LDOHDOHFHUDPLFHL
OXL :HGJZRRG DOH PRELOHORU &KLSSHQGDOH L 6KHUDWRQ DOH FDVHORU vQ VWLOXO
$GDP 0DUL SLFWRUL HQJOH]L *DLQVERURXJK 5RPQH\ 5H\QROGV FRQWLQX vQ
IDPLOLLOH DULVWRFUDWLFH FD OD IDPLOLD 6SHQFHU JDOHULLOH GH SRUWUHWH vQFHSXWH GH
+ROEHLQ L 9DQ '\FN +DHQGHO YHQLQG vQ  GLQ +DQRYUD XQGH HUD
.DSHOOPHLVWHUGHYLQHvQ$QJOLDFRPSR]LWRUGHRUDWRULLELEOLFHSHQWUXFDFHVWDHUD
WLSXOGHRSHUHODPRGDWXQFLLvQLVHFkQWOD'XEOLQRUDWRULXO0HVVLDQ
DQXO SUHFHGHQW  *DUULFN GHEXWDVH vQ 5LFKDUG DO ,,,OHD DO OXL 6KDNHVSHDUH
DILXOGHVFULLQGXOIUDOQXPLXQJHQWOHPHQFDUHQDDSUXWvQFSHVFHQ

/H/XWULQSRHPHURLFRPLFDOOXL%RLOHDX
5HYLVWHVDWLULFHHGLWDWHGH5LFKDUG6WHHOHL-RVHSK$GGLVRQSULQ
FDUHDFHWLDDXSXVED]HOHMXUQDOLVWLFLLOLWHUDUH
 1XPLW DVWIHO GXS IUD&LL 5REHUW  L -DPHV $GDP  DUKLWHF&L FDUH DX
GH]YROWDWvQ$QJOLDXQVWLOGHIDFWXUQHRFODVLF




$FHVWPDUHDFWRUHUDLXQRUDPDUHSULPXOGLQOXPHYDVSXQH-RKQVRQ
SULQ VWUOXFLWD OXL FRQYHUVD&LH Q DFHVW QRX VHFRO DO OXL $XJXVWXV SLFWRUL
PX]LFLHQL DFWRUL VFULLWRUL RDPHQL SROLWLFL IRUPHD] R DGHYUDW VRFLHWDWH FDUH
vQILHFDUH]LVHvQWkOQHWHvQ&RIIHH+RXVHVvQORFDOXULvQFDUHVHEHDFDFDRLvQ
FOXEXUL $WXQFL LDX QDWHUH FHOH PDL FHOHEUH FOXEXUL .LW.DW %HDIVWHDFN &OXE
2FWREHU &OXE $GGLVRQ OH GHVFULH FX R IHUPHFWRDUH JUDYLWDWH vQ 6FULVRDUHD
QXPUXO,;GLQ6SHFWDWRU


9, 6SLULWXO GH FRQYHUVD&LH VH IRUPHD] vQ FDIHQHOH L FOXEXUL FDUH MRDF vQ
$QJOLDUROXOSHFDUHODXDYXWvQ)UDQ&DVDORDQHOHGDUJXVWXOORUHVWHPDLSULPLWLY
'DF HSRFD DUH R ODWXU *DLQVERURXJK5H\QROGV DUH vQV L R ODWXU +RJDUWK
3OFHULOHFHOHPDLRELQXLWHDOHHQJOH]LORUVSXQHFOWRUXOQRVWUXHOYH&LDQVDX
FHO SX&LQ DOH ORFXLWRULORU GLQ /RQGUD FRQVWDX GLQ YLQ IHPHL MRFXUL GH QRURF
vQWUXQFXYkQWGHVIUkXO(LQXFDXWILQH&HDvQRULFHFD]QXvQFHSULYHWHYLQXO
L IHPHLOH SH FDUH OH SODFH V OH FRQVXPH vPSUHXQ GDU QX FX SUHD PDUH
UDILQDPHQW L IU V VH GLVWUH]H SUHD PXOW VDU VSXQH F QX EHDX GHFkW FD V
EHD(LYRUFDLFXUWH]DQHOHORUVEHDLVHvQGkUMHVFGDFYUHXQDVHRSXQH'H
OD WUDWDWXO 0HWKXHQ FODVHOH DYXWH DEX]HD] GH YLQXO GH 3RUWR %ROLQJEURNH
&DUWHUHW :DOSROH VXQW PDUL EXWRUL GH R VWLFO GH GRX GH WUHL FFL DVWIHO VH
FODVLILFDXDWXQFLRDPHQLLGHVWDW8QPLQLVWUXQXVHUXLQHD]VVHSUH]LQWHEHDW
vQID&DUHJLQHLXQVTXLUHVVHvPEHWHvQID&DILLFHLVDOH3RSRUXOEHDJLQvQ
VHGLVWLOHD]GRXPLOLRDQHGHJDOORQLLDUvQFLQFLPLOLRDQH


9,,2GDWFXEH&LDVHUVSkQGHWHLYLROHQ&DFXDWkWPDLSULPHMGLRDVFX
FkWQXH[LVWSROL&LHLDUDUPDWDDIRVWUHGXVvQXUPDWUDWDWXOXLGHOD8WUHFKWOD
RSWPLLGHRDPHQLSHQWUXvQWUHDJD0DUH%ULWDQLH3HVWU]LOH/RQGUHLREDQGGH
WLQHUL VFDQGDODJLL GH VRL 0RKRFNVLL PROHVWHD] SH WUHFWRUL 3H GUXPXUL FDUH
VXQWDGHYUDWHPODWLQLKR&LFOULGHYDOL]HD]SHFOWRUL&DPSULQQXVH
YRUEHD OD /RQGUD GHFkW GH -DFN 6KHSSDUG XQ IHO GH $O &DSRQH DO VHFROXOXL DO
;9,,,OHD $FHVW WkOKDU GH GUXPXO PDUH HUD SRSXODU QXL DWDFD GHFkW SH FHL
ERJD&LOHOXDEDQLLFXPDQLHUHGHJHQWLORPDSRLvLFKHOWXLDFXJHQHUR]LWDWH&kQG
EDQGLWXO D WUDYHUVDW SHQWUX XOWLPD RDU VWU]LOH /RQGUHL IFkQG GUXPXO GH OD
vQFKLVRDUHD1HZJDWHODVSkQ]XUWRDUHDGLQFDUWLHUXO7\EXPVDIRUPDWXQIHOGH
FRUWHJLX WULXPIDO 9LD&D DFHVWXL KR& LD LQVSLUDW SRHWXOXL -RKQ *D\ R SDVWRUDO
FRPLF SDURGLH D RSHUHL LWDOLHQH D FUHL DF&LXQH VDU IL SHWUHFXW vQ vQFKLVRDUHD
1HZJDWH GHVFULV VSUH XLPLUHD SXEOLFXOXL GUHSW XQ ORF XQGH SXFULDLL HUDX
WUDWD&LGHWHPQLFHULFDQLWHPDULVHQLRULFXFRQGL&LDVDLEEDQL3LHVDOXL*D\
%HJJDU
V 2SHUD VWkUQL IXURUL 9LRDLH VSULQWHQ FLQLF EUXWDO 2SHUD GH WUHL
SDUDOH HVWH FD L 1XQWD OXL )LJDUR XQD GLQ DFHOH OXFUUL FDUHL GDWRUHD] FHOH
EULWDWHDDWkWUHXLWHLVDOHHVWHWLFHFkWLLPSRUWDQ&HLVDOHLVWRULFH(D]XJUYHWHR
VRFLHWDWH LPRUDO FDUH QXL SRDWH VWSkQL SH EDQGL&L L FDUH GLQ FDX]D XQHL

 6DPXHO -RKQVRQ   UHSXWDW L IRDUWH LQIOXHQW VFULLWRU FX XQ YDVW L PXOWLODWHUDO
FkPSGHDFWLYLWDWH
 7UDWDW DQJORSRUWXJKH] GLQ  DVLJXUkQG $QJOLHL LPSRUWDQWH DYDQWDMH FRPHUFLDOH 1XPLW
DVWIHOGXSGLSORPDWXOFDUHODQHJRFLDW
0VXUDQJORVD[RQGHFDSDFLWDWHJDOORQ O
2SHUDFHUHWRUXOXLvQOLPEDURPkQWLWOXOHLLDODOWRUOXFUULOLWHUDUHVDXPX]LFDOHSHFDUHOHD
LQVSLUDW D IRVW FRQVDFUDW vQ IRUPD 2SHUD GH WUHL SDUDOH vQ OLPED IUDQFH]  /
2SpUD GH 4XDWUH
6RXV




UPL&HGHVOEWLFLHvLDGPLU


9,,, 8Q DOW PDUH YLFLX DO WLPSXOXL vO FRQVWLWXLH MRFXULOH GH QRURF Q WRDWH
FOXEXULOH FD L vQ FHUFXULOH GH IHPHL VH MXFD QWUR VLQJXU QRDSWH R IHPHLH vL
SLHUGH ELMXWHULLOH L SURSULHW&LOH :KLVWXO FDUH SkQ DWXQFL IXVHVH PDL DOHV XQ
MRF DO SDVWRULORU SURWHVWDQ&L DMXQJH OD PRG (UDX L SURIHVRUL FDUHO SUHGDX R
JXLQHHSHQWUXROHF&LH&HLFDUHQXMXFDXFU&LIFHDXVSHFXO3RIWDGHFkWLJ
HUD DWkW GH PDUH vQFkW HVFURFLL QX GXFHDX OLSV GH YLFWLPH )LQDQFLDUL YHURL
vQILQ&DX VRFLHW&L FX VFRSXUL GLQ FHOH PDL DEVXUGH 8QXO GLQWUH DFHWLD PHUVH
SkQDFRORvQFkWSUHWLQVHGRXJXLQHHGHFDSSHQWUXRRSHUD&LHDOFUHLVHFUHWQX
O SXWHD GLYXOJD GHFkW GXS VXEVFULS&LH QWUR VLQJXU ]L VWUkQVH GRX VXWH GH
JXLQHH VXP FX FDUH IXJL (UD XQ FOLPDW SULHOQLF SHQWUX H[WUDYDJDQWHOH DIDFHULL
6RXWK6HD%XEEOH


,; %XWXUD MRFXO LQWULJLOH DPRURDVH HUDX SULFLQD XQRU FHUWXUL FDUH DGHVHD
VH WHUPLQDX SULQ GXHOXUL 2DPHQLL VH EWHDX SUHWXWLQGHQL vQ VOLOH GH EDO vQ
&RIIHH +RXVHVSkQ L SH FXORDUHOH WHDWUHORU 2ELFHLXO GH D XFLGH XQ RP SHQWUX
XQ FXYkQW D GLVSUXW DELD SH OD VIkULWXO VHFROXOXL Q  WLFORVXO ORUG
%\URQ DYHD VO PDL XFLG vQWUR OXSW GLQ FHOH PDL QHEXQHWL SH XQFKLXO
0DULHL &KDZRUWK 7RWXL GLQ  GXHOXO WLQGHD V GLVSDU JUD&LH XQXL EUEDW
FDUH D H[HUFLWDW DVXSUD PRUDYXULORU HQJOH]H FHD PDL FLXGDW LQIOXHQ& 5LFKDUG
1DVKFXQRVFXWPDLPXOWVXEQXPHOHGH)UXPRVXO1DVKQ1DVKIXVHVH
QXPLWPDHVWUXGHFHUHPRQLLOD%DWKvQFGHSHYUHPHDURPDQLORURUDXODFHVWD
EDOQHDUDYHDRPDUHUHSXWD&LHGDUFHLYHQL&LODELVHSOLFWLVHDXDPDUQLF1DVKvL
SXVH vQ JkQG V WUH]HDVF RUDXO OD YLD& QYHVWLW GH HO vQVX&L FX R DXWRULWDWH
QHOLPLWDW HO LPSXVH FHOH PDL VWULFWH GDU L FHOH PDL vQ&HOHSWH UHJXOL (O D IRVW
SULPXOFDUHLDRELQXLWSHHQJOH]LLGLQGLIHULWHSDWXULVRFLDOHVVHDPHVWHFHXQLL
FX DO&LL vQ WLPSXO VH]RQXOXL GH EL GH DVHPHQHD HO D LQWHU]LV SRUWXO VSDGHL OD
%DWK 2ELFHLXO DFHVWD PDL vQWkL SURSULX ORFDOLW&LL %DWK VH JHQHUDOL] DSRL
VXSULPkQGXVHFHOSX&LQGXHOXULOHLQFLGHQWDOH1DVKLPSXVHEUED&LORUVSRDUWH
FLRUDSL GH PWDVH L SDQWRIL GHFROWD&L $ IRVW FHO GLQWkL  VSXQH 2OLYHU
*ROGVPLWKFDUHDGDWRDQXPLWGH]LQYROWXUvQSXUWULLDVWDXQXLSRSRUSH
FDUHVWULQLLDYHDXRELFHLXOVOEODPH]HSHQWUXUH]HUYDLWLPLGLWDWHDVD&HLGLQ
JHQWU\GXVHUSkQOD/RQGUDGH]LQYROWXUDGREkQGLWOD%DWKDVWIHOFSX&LQFkWH
SX&LQ vQWUHJXO UHJDW GHYHQL PDL UDILQDW JUD&LH OHF&LLORU )UXPRVXOXL 1DVK $U
SXWHD IL OXDW vQ GHUkGHUH PDHVWUXO GH FHUHPRQLL FX SOULH DOE L FDOHDF
OX[RDV FX DVH FDL GDU GHL FHUHPRQLD VH GHRVHEHWH PXOW GH SROLWH&H QLFL R
QD&LXQH QX D GHYHQLW SROLWLFRDV IU V IL IRVWPDL vQWkLFHUHPRQLRDV Q DFHOH
SLVFLQH GLQ %DWK vQ FDUH EUED&LL L IHPHLOH  OVkQGXL EDWLVWD EXFKHWXO VDX
WDEDFKHUD V SOXWHDVF vQ ID&D ORU SH R WYL& GH OHPQ  vL DOXQJDX IOLUWkQG
SOLFWLVHDOD XQXL VH]RQ GH EL WRQXO JURVLHU DO FRPHGLLORU OXL :\FKHUOH\ VD
WUDQVIRUPvQWRQXOVSLULWXDOLIULYRODOSHUVRQDMHORUOXL6KHULGDQ

 0RQHG GH DXU YDORUkQG  GH LOLQJL QXPLW DVWIHO GHRDUHFH LQL&LDO VXE 5HVWDXUD&LH D IRVW
EWXW GLQ DXU SURYHQLW GLQ *XLQHHD 'LQ  D IRVW vQORFXLW FX DOW HPLVLXQH GH DFHHDL
YDORDUHQRPLQDODOHFUHLPRQHGHHUDXQXPLWHVRYHUHLJQ
8QFKLDOFXQRVFXWXOXLSRHWDFRPSUXWSHQWUXDFHDVWIDSWvQID&D&DPHUHL/RU]LORUvQWUXQ
SURFHVFDUHDVWkUQLWYLOY0DU\&KDZRUWKDIRVWLXELWGHSRHWXO%\URQvQDGROHVFHQ&LFkQWDW
vQWUXQXLGLQSRHPHOHVDOH7KH'UHDP9LVXO
6FULLWRUFXQRVFXWPDLDOHVSULQURPDQXO9LFDUXOGLQ:DNHILHOG






; 2DPHQLL GLQ vQWUHDJD (XURS vQ DFHD SULP MXPWDWH D VHFROXOXL DO
;9,,,OHD DX PXOWH WUVWXUL FRPXQH )ULYROLWDWHD VHQ]XDOLWDWHD VFHSWLFLVPXO
WRDWH FDUDFWHUHOH VRFLHW&LORU SUHD IHULFLWH VH vQWkOQHVF OD /RQGUD FD L OD 3DULV
0RQWHVTXLHX QRWHD] vQ  1X H[LVW UHOLJLH vQ $QJOLD &LQHYD VSXQkQG vQ
&DPHUD &RPXQHORU &UHG DFHVW OXFUX FXP FUHG vQ 'XPQH]HX WRDW OXPHD D
vQFHSXWVUkG'DYLG+XPHILOR]RIODPRGvQFHOHGRXFDSLWDOHHVWHXQVSLULW
WLSLF DO VHFROXOXL VX SULQ XUD ID& GH HQWX]LDVP FHD PDL PDUH UHSXOVLH
SURGXFkQGXL HQWX]LDVPXO UHOLJLRV (O QX SXWHD vQ&HOHJH GH FH FRQYLQJHULOH
UHOLJLRDVHSRWILSULFLQDXQXLDQWDJRQLVPGXSFXPQDUILSXWXWvQ&HOHJHSHQLWH
RDPHQLFDUHDUILUHIX]DWVVHvQFUXFLH]HFXDO&LLSHGUXPXOPDUH
&RQWHPSRUDQXO VX 9ROWDLUH DYHD V UHFXQRDVF OD VIkULWXO YLH&LL F RPXO
QX SRDWH WUL IU HQWX]LDVP L F WUHEXLH V WUHDF PHUHX GH OD FRQYXOVLLOH
QHOLQLWLL OD OHWDUJLD SOLFWLVHOLL Q $QJOLD FD L vQ )UDQ&D SOLFWLVHDOD L QHYRLD GH
HQWX]LDVP DYHDX V DGXF GXS R MXPWDWH GH VHFRO GH VFHSWLFLVP L HJRLVP R
UHYROX&LH VHQWLPHQWDO /D GUHSW YRUELQG VFHSWLFLVPXO vQVXL IXVHVH GHVHRUL
PDVFDXQXLQRXPLVWLFLVP(RKLPHUVFULH%HUQDUG)D\VQHLPDJLQP
VHFROXO DO ;9,,,OHD GRPLQDW GH R ORJLF LPSODFDELO VWSkQ SH LQLPL L
LPDJLQD&LH FD WRDWH FHOHODOWH HSRFL L DFHDVWD D IRVW PkQDW GH YLVXUL L GH
SDVLXQL FDUH DX PRGHODW IRUPD LQWHOLJHQ&HL L LDX LPSXV UHJXOL $D FXP
GRFWULQDOXL/RFNHvQDSDUHQ&IRDUWHORJLFLUD&LRQDOOHDvQJGXLWZKLJLORUV
&LQvQIUkXOUD&LXQLLvQIRFDWHOHORUSDWLPLSROLWLFHWRWDVWIHOGXSvQILLQ&DUHD0DULL
/RML GLQ /RQGUD  IUDQFPDVRQHULD GH]YROWkQGXVH FX UHSH]LFLXQH vQ WRDW
$QJOLD RIHU XQ DGSRVW VSLULWXDO GHLWLORU FDUH LDX SVWUDW QHYRLD XQXL ULWXDO
L D XQXL PLVWLFLVP 'DU IUDQFPDVRQHULD HQJOH] UPkQH DULVWRFUDWLF L
EXUJKH] QHYRLOH VHQWLPHQWDOH DOH SRSRUXOXL YRU IL PDL ELQH VDWLVIFXWH GH
PLVLXQLOHOXL:HVOH\GXSFXPVHYDYHGHDODWLPSXOVX



9
(32&$/8,3,77


, 3URVW FD SDFHD VH VSXQHD vQ )UDQ&D GXS vQFKHLHUHD WUDWDWXOXL GH OD
$L[OD&KDSHOOH L vQWUDGHYU DFHDVW SDFH QX D UHJOHPHQWDW QLPLF Q FRORQLL
U]ERLXOFRQWLQXD&XPVDUILSXWXWRSXQHJXYHUQHOH"3HYUHPHUHDHUDQHYRLHGH
GRXOXQLSHQWUXDDMXQJHOD1HZ<RUNGHDVHOXQLSHQWUXDDMXQJHOD&DOFXWWD
2UGLQHOHGLQ/RQGUDVDX3DULVDMXQJHDXGXSFHEWOLLOHIXVHVHUFkWLJDWHVDX
SLHUGXWH vQ ,QGLD 3RQGLFKpU\ ULYDOL]D FX 0DGUDV &KDQGHUQDJRU FX &DOFXWWD Q
$PHULFD JXYHUQDWRULL IUDQFH]L V VWUGXLDX V OHJH /RXLVLDQD GH &DQDGD 0LVVL
VVLSSLGH6IkQWXO/DXUHQ&LXWUHFkQGSULQVSDWHOHFRORQLLORUEULWDQLFHFDUHVDUIL
WUH]LWDVWIHOIUKLQWHUODQGLvQFHUFXLWHvQWUH$OHJDQLLRFHDQQSOLQSDFHVD
DQJDMDW R OXSW vQ YDOHD 2KLR L IUDQFH]LL DOXQJkQGXL SH FRORQLWL LDX
FRQVWUXLWDFRORIRUWXO'XTXHVQH


,VWRULFLSXEOLFLVWIUDQFH]DXWRUDOXQHLWH]HGHGRFWRUDWLQWLWXODW/
(VSULWUpYROXWLRQQDLUHHQ
)UDQFHHWDX[(WDWV8QLVjODILQGX;9,OOHVLqFOH6SLULWXOUHYROX&LRQDUvQ)UDQ&DL6WDWHOH8QLWHOD
VIkULWXOVHFROXOXLDO;9,,,OHDDSUXWvQODFDUHSUREDELOVHUHIHU$QGUp0DXURLV





,,QSRILGDDFHVWRUYLFWRULLSR]L&LDIUDQFH]LORUvQ&DQDGDHUDGHSDUWHGHDIL
VLJXU &RORQLLOH HQJOH]H  GXS YHQLUHD OXL &DURO DO ,OOHD FDUH GREkQGLVH
&DUROLQHOH L VWDWXO 1HZ <RUN XOWLPXO ILLQG FHGDW GH 2ODQGD SULQ WUDWDWXO GH OD
%UHGD  IRUPDX GHD OXQJXO FRDVWHL XQ EORF RPRJHQ L ELQH SRSXODW (OH DYHDX
FLUFDGHORFXLWRULSHFkQGQXPUXOFRORQLWLORUIUDQFH]LvQ&DQDGDQX
GHSHD FLIUD GH   $QJOLD &DU vQ FDUH QHJXVWRULL HUDX SXWHUQLFL &LQHD
SWLPD OD FRORQLLOH VDOH L HUD JDWD FD V OH SVWUH]H V IDF VDFULILFLL OD FDUH
)UDQ&D QDU IL FRQVLP&LW Q VFKLPE DQJORVD[RQLL GLQ $PHULFD HUDX PDL GLYL]D&L
GHFkW IUDQFH]LL $FHVWH VWDWH SRSXODWH GH GLVLGHQ&L FDUDFWHUH GLILFLOH L VXSXL
SUHD SX&LQ ORLDOL HUDX LQYLGLRDVH XQHOH SH DOWHOH L QX SUHDX vQ VWDUH V VH
XQHDVF SHQWUX R DF&LXQH FRPXQ vQ WLPS FH FRORQLLOH IUDQFH]H ELQH
DGPLQLVWUDWH GH FUHGLQFLRLL VROGD&L DL UHJHOXL SXWHDX VL DOFWXLDVF SODQXUL
PDULLVOHH[HFXWH


,,,1XQXPDLFvQGLVSUH&XOWUDWDWHORUFRORQLWLLFHORUGRX&ULVHEWHDX
vQRULFHFRO&DOJOREXOXLGDUHVFDGUHOHHQJOH]HFRQWURODXLDWDFDXSHPDUHQDYHOH
IUDQFH]H'HRDUHFHGRLEXQLPLQLWULDLPDULQHL5RXKLHUL0DFKDXOWUHIFXVHU
IORWD)UDQ&HLDPLUDOLWDWHDQHOLQLWLWSRUQLIUSUHDODELOGHFODUD&LHGHU]ERLV
YkQH]H EDVWLPHQWHOH IUDQFH]H /XGRYLF DO ;9OHD RP SDQLF VH PXO&XPHD V
WULPLWQRWHPHWRGFDUHGHDSWHPLLGHDQLvQFRDFHGHFkQGH[LVWRDPHQLFDUH
UkYQHVFODEXQXODOWXLDDvQFkQWDWLLDvQFXUDMDWSHDJUHVRULQUHDOLWDWHGHOD
XUFDUHD SH WURQ D OXL :LOKHOP DO ,,,OHD UHvQFHSXVH XQ U]ERL GH R VXW GH DQL
0L]DQXPDLHUDLPSHULXODQJHYLQLPSHULXODQJORIUDQFH]FLLPSHULXOPRQGLDO(O
DYHD V DSDU&LQ DFHOXLD GLQWUH DGYHUVDUL FDUH YD GHYHQL VWSkQXO PULORU 2U
SHQWUX DL FRQVDFUD WRDWH IRU&HOH vQ YHGHUHD UHFRQVWUXF&LHL PDULQHL )UDQ&D DU IL
DYXW QHYRLH GH SDFH SH FRQWLQHQW GLPSRWULY $QJOLHL vL DMXQJHD V JVHDVF
GXSWUDGL&LDVDXQVROGDWSHFRQWLQHQW=HFHH[SHULHQ&HGRYHGLVHUFYLFWRULLOH
QDYDOHLFRORQLDOHHUDX]DGDUQLFHGDF)UDQ&DSXWHDRFXSD)ODQGUDFFLDWXQFL
WUHEXLDX vQ PRPHQWXO QHJRFLHULORU UHVWLWXLWH FRORQLLOH SHQWUX D VH RE&LQH
HYDFXDUHD $QYHUVXOXL 5PkQHD V ILH FXWDW VROGDWXO 3kQ vQ  $QJOLD
FRSOHLVH $XVWULD FX VXEVLGLLOH HL )UHGHULF DO ,,OHD FHUHD PDL SX&LQL EDQL GHFkW
0DULD7HUH]DLHUDXQVWUDWHJPDLEXQ$QJOLDLDSHUPXWDWDOLDQ&HOHQDFHODL
WLPSLvQSDUWHGLQSULFLQDDFHVWHLVFKLPEUL)UDQ&DLOHUVWXUQSHDOHVDOH
7UDGL&LRQDOD ULYDOLWDWH GLQWUH %RXUERQL L +DEVEXUJL VSUH PDUHD QHOLQLWH D
PDVHORU IUDQFH]H VH WUDQVIRUP vQ DOLDQ& 'H OD DOLDQ&D FX $XVWULD GDWHD] vQ
)UDQ&D GLYRU&XO GLQWUH PRQDUKLH L QD&LXQH $FHDVW UHJUXSDUH QX VFKLPE GH
DOWIHO QLPLF GLQ SULQFLSLLOH SROLWLFLL EULWDQLFH IRUPDUHD XQHL FRDOL&LL FRQWLQHQWDOH
vQ]HVWUDUHD HL FX EDQL L WUXSH L SXUWDUHD U]ERLXOXL SHQWUX FRORQLL 'DU vQ
FXUVXODFHVWHLOXSWHFX)UDQ&DDYHDVVHLYHDVFXQRPGHVWDWHQJOH]FDUHQXYD
YHGHDvQU]ERLXOHXURSHDQGHFkWRGLYHUVLXQHLYDFRQVDFUDIRU&HOHSULQFLSDOHDOH
&ULLU]ERLXOXLFRORQLDO


,9 :LOOLDP 3LWW VD QVFXW vQ  %XQLFXO VX IXVHVH JXYHUQDWRU OD
0DGUDV L FX DYHUHD GREkQGLW vQ ,QGLD FXPSUDVH WkUJXUL SULQWUH FDUH
IDLPRVXO2OG6DUXPFLUFXPVFULS&LHIUDOHJWRUL1HSRWXOVWHJDUGHFDYDOHULHD
LQWUDW vQ &DPHUD &RPXQHORU FD GHSXWDW GH 2OG 6DUXP vQ  L vQ VFXUW
YUHPH vL XLPL SH PHPEULL SDUODPHQWXOXL SULQ HORFYHQ&D OXL WHDWUDO LURQLF L
SDVLRQDW 6WUOXFLUHD GLQ RFKLL DFHVWXL WkQU QDVXO VX PDUH L DPHQLQ&WRU vL




vQJUR]HDX SH RSR]DQ&L 3XWHDX VL GHWHVWH JUDQGLORFYHQ&D WUHEXLDX VL

UHFXQRDVF DXWRULWDWHD $U WUHEXL vPEOkQ]LW VWHJDUXO DFHVWD vQILRUWRU VSXVHVH
:DOSROH'DUPHWRGHOHRELQXLWHDOHOXL:DOSROHQXDYHDXQLFLXQHIHFWDVXSUDOXL
:LOOLDP 3LWW FDUH HUD LQFRUXSWLELO 2 SUREOHP GRPLQD vQ PLQWHD DFHVWXLD WRDWH
FHOHODOWH IRUPDUHD XQXL LPSHULX HQJOH] GLQFROR GH RFHDQH +DQRYUD 3UXVLD
$XVWULDMRFXULOHDFHVWHDFRQWLQHQWDOHDYHDXSUHDSX&LQLPSRUWDQ&LQWULQVHFvQ
RFKLLOXL3LWW3LRQLXWLOLSHQWUXDVDOYDSLHVHOHLPSRUWDQWH,QGLDL$PHULFD1LPLF
PDL PXOW QGHRVHEL XQ IDSW L VH SUHD LQDFFHSWDELO F 6SDQLD D SXV PkQD SH
FRPHU&XO $PHULFLL GH 6XG $WkWD WLPS FkW 6SDQLD WROHUDVH FRQWUDEDQGD HQJOH]
UXO PDL SUHD VXSRUWDELO 'DU FkQG YRLU V DSOLFH vQ PRG ULJXURV WUDWDWHOH
QHJXVWRULLHQJOH]LVHLQGLJQDULPROLFLXQHDOXL:DOSROHDWUDVHFGHUHDOXLGHOD
SXWHUH 3LWW OX SR]L&LH vPSRWULYD OXL &kQG H YRUED GH FRPHU&  OHD VSXV HO
FRPSDWULR&LORU VL  DFHDVWDL XOWLPD YRDVWU OLQLH GH DSUDUH XOWLPD YRDVWU
WUDQHH SH FDUH WUHEXLH RUL VR DSUD&L RUL V SLHUL&L /LPEDMXO DFHVWD SOFHD
/RQGUHL :DOSROH UVWXUQDW GH 3LWW vL VIWXL LPHGLDW SH VXFFHVRULL VL +HQU\
3HOKDP L GXFHOH GH 1HZFDVWOH IUDWHOH DFHVWXLD V IDF ORF L DFHVWXL WkQU vQ
FRPELQD&LLOH ORU 7RDW OXPHD  OH VSXVH HO  vL vQFKLSXLH F 3LWW H FDSDELO FL
JUR]DYQFHUFD&LOLGRYHGL&LFkWHSDUDOHIDFH3LWWRE&LQXDWXQFLSULPXOVXSRVW
LPSRUWDQWDFHODGHFDVLHUJHQHUDODODUPDWHL&LQVWHDOXLIXVXUSULQ]WRDUH3kQ
DWXQFLFDVLHULLPkQXLQGWRWDQXOVXPHLPSRUWDQWHvQFDVDXGREkQ]LOHvQSURILWXO
ORU SHUVRQDO 3LWW YUV DFHVWH GREkQ]L OD VWDW (O UHIX] FRPLVLRDQHOH SH FDUH OH
SULPLVHU SUHGHFHVRULL VL DVXSUD vPSUXPXWXULORU 7LPS GH Fk&LYD DQL VD SXWXW
FUHGH F YD UPkQH vQ DFHVW SRVW VXEDOWHUQ 5HJHOH *HRUJH DO ,,OHD vO GHWHVWD
SHQWUX F WkQUXO PLQLVWUX RVWLO ID& GH DQJDMDPHQWHOH FRQWLQHQWDOH VH RSXQHD
RULFUHL SROLWLFL KDQRYULHQH GH DOWIHO DFFHVH GH JXW DFXW vO UH&LQHDX OD %DWK L
GXUHULOH vO vPSLHGLFDX V XPEOH &KHPDUHD OD SXWHUH D OXL 3LWW GHYHQL SRVLELO L
QHFHVDUDELDGXSFH$QJOLDFXQRVFXRVHULHGHPDULHHFXUL


9 3HOKDP FD L :DOSROH GRUHD SDFHD )UDWHOH VX L PLQLVWUX DO DIDFHULORU
H[WHUQH 1HZFDVWOH SULQ&XO FRUXSWRULORU SDUODPHQWDUL L FHO PDL QHSULFHSXW
JHRJUDIDIRVWDWkWGHVXUSULQVFkQGDGHVFRSHULWFvQUHDOLWDWH&DS%UHWRQHVWHR
LQVXO vQFkW VD UHSH]LW VO LQIRUPH]H L SH UHJH WULPLWHD EXWRDLH FX EHUH L
FRPSOLPHQWHOH VDOH GRDPQHL GH 3RPSDGRXU 'DU SLUDWHULLOH PDULQDULORU HQJOH]L
GH]PLQ&HDX DWHQ&LLOH PLQLVWUXOXL 8Q DFRUG FX )UDQ&D DU IL IFXW QHFHVDUH
UHSDUD&LLVFX]HQD&LXQHDQDUILvQJGXLWRQLFLRGDW3LWWGHVFULDJUR]YLLOHXQHL
LQYD]LL IUDQFH]H OD /RQGUD L FULWLFD OLSVD GH HQHUJLH D JXYHUQXOXL VWD QXL
JXYHUQ  DILUPD HO  8QXO DUXQF SRYDUD vQ VSDWHOH FHOXLODOW 8QXO VSXQH 1X
VXQW JHQHUDO 9LVWLHUQLFXO PXUPXU 1X VXQW DPLUDO $PLUDOLWDWHD UVSXQGH
1XVXQWPLQLVWUX8QXOGRLWUHLSDWUXFLQFLORU]LVHDGXQODRODOWQXVHSRW
SXQHGHDFRUG$KVSXQHLQHYRPUHYHGHDVkPEW1XUVSXQGHXQXOQX
YRLILvQRUDvQ]LXDDFHHD'LQvPELQDUHDDFHVWRUIRU&HGHRVHELWHIURGRFWULQ
FRPXQUH]XOWDWXOHVWHQXO


9, Q IHOXO DFHVWD vL EWHD MRF 3LWW L vQWUDGHYU vQ PDL  FkQG D
L]EXFQLW U]ERLXO DFHVWD D vQFHSXW VXE DXVSLFLL SURDVWH SHQWUX $QJOLD 0LQRUFD
ED]D QDYDO GLQ 0HGLWHUDQD D IRVW FXFHULW GH PDUHDOXO 5LFKHOLHX $PLUDOXO
%\QJ &DS LVSLWRU XUPD V ILH PDL WkU]LX vPSXFDW SH QHGUHSW SHQWUX F QD
IFXW WRW FHD IRVW RPHQHWH SRVLELO FD V VDOYH]H LQVXOD Q ,QGLD D F]XW
&DOFXWWDQ(XURSD)UDQ&D$XVWULD5XVLDL6XHGLDVDXDOLDWvPSRWULYD3UXVLHL




LDXVLOLWSHDQJORKDQRYULHQLVFDSLWXOH]HOD&ORVWHUVHYHQQ$PHULFDLQGLJHQLL
LQGLHQL VDX DOLDW FX IUDQFH]LL 'H WRDWH DFHVWH GH]DVWUH 3LWW vL DFX]D SH ZKLJL
1HZFDVWOHFXVLJXUDQ&FWLDVFXPSHUHWkUJXULGDUQXSULQFRUXS&LHSXWHDX
ILvQYLQLIUDQFH]LL3RSRUXOvOYRLDSH3LWWLDFHVWDHUDJDWDVSUHLDSXWHUHDWLX
FSRWVDOYD&DUDDFHDVWDLFQLPHQLDOWXOQDUSXWHDVRIDFVSXQHDHOLPDL
VSXQHD&kQGYH]LXQFRSLOFRQGXFkQGVSUHSUSDVWLHRFDEULROHWvQFDUHVHDIO
XQ UHJH EWUkQ L IDPLOLD DFHVWXLD HWL GDWRU V SXL PkQD SH K&XUL 7LPS GH
FkWHYDVSWPkQLFRSLOXOFRQWHVWGUHSWXOVDOYDWRUXOXLGHDOXDK&XULOH'DUvQ
FHOHGLQXUP3LWWDYXPkQOLEHU


9,, QWUR SHULRDG FULWLF RULFH QD&LXQH HYRF XQ PLW QD&LRQDO L LPDJLQHD
WUDGL&LRQDODXQXLVDOYDWRU&OHPHQFHDXvQvLOLQLWLSHIUDQFH]LSHQWUXF
DF&LRQDLYRUEHDFDPDULLLDFRELQL:LOOLDP3LWWDUPDVPRGHOXORPXOXLGHVWDW
GH FDUH $QJOLD GRUHWH V ILH JXYHUQDW vQ WLPS GH U]ERL $ ULGLFD PRUDOXO
QD&LXQLL D IRORVL IU SUHFXSH&LUH RDPHQL L EDQL SHQWUX D DWLQJH &LQWD D SXQH
FDSWSHWRDWGXUDWDU]ERLXOXLH[WHUQRULFUHLULYDOLW&LvQWUHSDUWLGHDFHDVWDD
IRVWPHWRGDOXL,DU&LQWDHUDPHQ&LQHUHDLPULUHDLPSHULXOXLSULQVXSUHPD&LDSH
PDUH7LPSGHSDWUXDQLDYkQGRSLQLDSXEOLFGHSDUWHDVD3LWWSXWXVFRQGXF
U]ERLXO FD XQ GHVSRW GDU QLPHQL QD SOHFDW YUHRGDW GH OD HO IU V VH VLPW
PDLYLWHD]2UGLQHOHVDOHHUDXOLPSH]LDOHJHUHDRDPHQLORUH[FHOHQWYRLQ&DVDGH
QHvQIUkQW (O QX RYL V ULVLSHDVF WRDWH ERJ&LLOH $QJOLHL QXPDL V vQYLQJ
7UHEXLHVVWUkQJHPJUPH]LSHVWHJUPH]LGHPLOLRDQHQRE&LQXSULQYRW
]HFH PLOLRDQH GH OLYUH vQ   GRXVSUH]HFH PLOLRDQH vQ   FLQFLVSUH]HFH
PLOLRDQH(OvQVXIOH&HDvQDFHODLWLPS&DPHUD&RPXQHORUSHVROGD&LLFDUHFUDX
WXQXULOHvQYkUIXOFROLQHORUGHOD4XpEHFSHPDULQDULLFDUHLULVFDXQDYHOHOLQJ
VWkQFLOH GLQ %UHWDQLD 3UHD F OH WUDQVPLWH WXWXURU SURSULD VD LPSHWXR]LWDWH L
YRLQ&DVDGHDvQYLQJH


9,,, 3LWW LQL&LH vQ DFHODL WLPS EORFDUHD SRUWXULORU IUDQFH]H GLVWUXJHUHD
LPSHULXOXL FRORQLDO DO )UDQ&HL L VDOYDUHD 3UXVLHL &X WRW HURLVPXO OXL 0RQWFDOP
:ROIH OX 4XpEHFXO L FX WRDW IUXPRDVD UH]LVWHQ& D OXL /DOO\7ROOHQGDO &OLYH
UHSXUWRYLFWRULHvQ,QGLD)RUWXO'XTXHVQHOXDWGHUHJLPHQWHOHKLJKODQGHULORU
L DOH FRORQLWLORU DPHULFDQL SULPL GHQXPLUHD GH 3LWW L GHYHQL OHDJQXO
3LWWVEXUJXOXL3HFRQWLQHQW3LWWVXV&LQX3UXVLDL)UHGHULFUHSDUSULQYLFWRULDGH
OD 5RVVEDFK vQIUkQJHUHD DQJORKDQRYULHQLORU Q  +RUDFH :DOSROH SXWHD
VFULHFWUHEXLDvQILHFDUHGLPLQHD&ODEUHDNIDVWVvQWUHEHFDUHDXIRVWYLFWRULLOH
GLQ DMXQ 0LQLVWUXO IUDQFH] &KRLVHXO DYX vQ&HOHSFLXQHD GH D UHFXQRDWH F vQ
U]ERLXODFHVWDSULQFLSDOXODGYHUVDUQXHUDSHFRQWLQHQWQFKHLQGFX6SDQLDXQ
3DFW GH IDPLOLH SUHJWL R GHEDUFDUH vQ $QJOLD GDU SHQWUX D UHXL vQ DFHDVW
RSHUD&LHvLWUHEXLDFDLRGLQLRDUGXFHOXLGH3DUPDVILHVWSkQSH&DQDOXO
0kQHFLLFHOSX&LQFkWHYDRUHRUIORWDIUDQFH]IXvQYLQVLGXS]LXDGRPQXOXL

 6FULLWRU L PHPRULDOLVW UHPDUFDELO SULQ FXOWXU L UDILQDPHQW  ILX DO RPXOXL
SROLWLF5REHUW:DOSROH
 3DFW IUDQFRVSDQLRO GHDOLDQ& vQFKHLDW ODDXJXVW L QXPLWDVWIHO GLQ FDX]D vQUXGLULL
DSURSLDWHDGLQDVWLLORUFHORUGRX&UL
 $OHVVDQGUR )DUQHVH GXFH GH 3DUPD   WDOHQWDW JHQHUDO JXYHUQDWRU VSDQLRO DO
%ULORU GH -RV FDUH D DYXW PLVLXQHD V GHEDUFH vQ $QJOLD VXE SURWHF&LD ,QYLQFLELOHL $UPDGD





GH&RQIODQVLQVXOHOHEUHWRQHvQVHLIXURFXSDWHGHHQJOH]L&KRLVHXOvQ&HOHVH
FQXPDLHUDDOWFHYDGHIFXWGHFkWVQHJRFLH]H


,;'DF 3LWW DU IL UPDV OD SXWHUH DU IL LPSXV )UDQ&HL R SDFH IRDUWH DVSU
1LFL XQ DOW WUDWDW GH OD 8WUHFKW QX YD PDL SWD LVWRULD QRDVWU VSXQHD HO 'DU
*HRUJHDO,,OHDPXULvQLIXvQORFXLWSULQ&XOGH:DOHV)UHGHULFPXULVHvQ
GHQHSRWXOVX*HRUJHDO,,,OHDXQWkQUGHGRX]HFLLGRLGHDQL*HRUJH
DO ,,,OHD RVWLO DYHQWXULORU H[WHUQH SHQWUX F YRLD V LQVWDXUH]H R QRX SROLWLF
LQWHUQ L V UHVWDELOHDVF SXWHUHD SHUVRQDO D UHJHOXL GRUL GH FXP VH XUF SH
WURQVVHWHUPLQHU]ERLXOHOVXSRUWDJUHXRPQLSRWHQ&DOXL3LWW$FHVWDHUDJDWD
vQ  V GHFODUH U]ERL 6SDQLHL FDUH WRFPDL vQFKHLDVH FX )UDQ&D XQ WUDWDW GH
DVLVWHQ&PXWXDOVXV&LQHDFWUHEXLHVVHWHUPLQHRGDWFXFDVDGH%RXUERQ
L F 6SDQLD HUD XQ DGYHUVDU LQRIHQVLY GHRDUHFH UHVXUVHOH vL YHQHDX GLQ FRORQLL
GH FDUH YD IL VHSDUDW FX DMXWRUXO IORWHL HQJOH]H $FHDVW DWLWXGLQH vQGU]QHD&
GDU QHFHVDU YD vQY&D PLQWH QX QXPDL 6SDQLD FL vQWUHDJD (XURS
GHPRQVWUkQG FH vQIXPXUDUH SULPHMGLRDV HVWH V SUHWLQ]L D GLFWD FRQGL&LL 0DULL
%ULWDQLL&XRVXWFLQFL]HFLGHYDVHGHOLQLHFkQGvQWRDWOXPHDQXH[LVWDQLFLR
DOW PDUH IORW 3LWW VH VLP&HD vQ VWDUH V UHFODPH PRQRSROXO FRORQLLORU 'DU
&RQVLOLXOWUHPXUDUHJHOHQXOVXV&LQHDSH3LWWL&DUDvQFHSXVUHIOHFWH]HODIDSWXO
FDFDSDUkQGSUHDPXOWHWHULWRULL$QJOLDDUVWkUQLFXUkQGvPSRWULYDHLRFRDOL&LH
DFRQWLQHQWXOXL&ROHJLLOXL3LWWUHIX]DUVVSULMLQHQRLOHVDOHSODQXULU]ERLQLFH
&kQGDPHQLQ&FXGHPLVLDXQXOGLQWUHHLUVSXQVHFQXYDILQLFLRVXSUDUH
GDFJHQWOHPDQXOLDUSUVLFFLDOWPLQWUHOHDDUWUHEXLVOSUVHDVFHL


;QRFWRPEULH3LWWvLGGXGHPLVLD5HJHOHvOvQORFXLFXORUGXO%XWHXQXO
GLQIDYRUL&LLVLLGXSFkWVH]YRQHDIRVWXODPDQWDOSULQ&HVHLGH:DOHV3DFHD
GH OD 3DULV VHPQDW vQ  GGHD $QJOLHL &DQDGD 6DLQW9LQFHQW 'RPLQLFD
7REDJR L 6HQHJDO )UDQ&D VH REOLJD V HYDFXH]H +DQRYUD 3UXVLD L FRQGL&LH
SHQLELO V GHPLOLWDUL]H]H 'XQNHUTXH $QJOLD vL UHVWLWXLD %HOOH,VOH *XDGHOXSD
0DUWLQLFD 0DULD*DODQWD 6DQWD/XFLD FRPSWXDUHOH FRPHUFLDOH IUDQFH]H GLQ
,QGLD6DLQW3LHUUHL0LTXHORQLLUHGDGUHSWXOODSHVFXLWvQ7HUUD1RYD6SDQLHL
FDUH FHGD HQJOH]LORU )ORULGD )UDQ&D vL GGHD vQ FRPSHQVD&LH /RXLVLDQD 5HJHOH
3UXVLHL QHPDLILLQG XWLO VH Y]X DEDQGRQDW 3DFH JUHD SHQWUX )UDQ&D PDL EXQ
WRWXLGHFkWDUILGRULWR3LWWFDUHDUILYUXWVSVWUH]HWRDWHFRORQLLOHIUDQFH]HL
VSDQLROH (O YHQL vQ SDUODPHQW V SURWHVWH]H vPSRWULYD WHUPHQLORU WUDWDWXOXL
VHPQDW GH VXFFHVRUXO VX 6XV&LQXW GH VHUYLWRUL VSULMLQLW vQ FkUMH FX SLFLRDUHOH
vQYHOLWHvQIODQHOLFXPQXLJURDVHSHPkLQLYRUELWUHLRUHvQLUFXWRDWHF
VXIHUHDFXPSOLWFHUkQGSHQWUX&DUDVDPRQRSROXOFRPHU&XOXLPRQGLDOSUHGLFkQG
XUD vPSRWULYD FDVHL GH %RXUERQ SUHYHVWLQG PUH&LD DSURSLDW D FDVHL GH
%UDQGHQEXUJ$IRVWRVFHQWUDJLFLJUDQGLRDVGDUGLVFXUVXOIX]DGDUQLFFFL
WUDWDWXOIXUDWLILFDW$FXPDH[FODPDWSULQ&HVDGH:DOHVILXOPHXHVWHUHJHOH
$QJOLHL


;,&D]XOOXL3LWWSDUHDILXQXOGLQDFHOHDvQFDUHIHUPLWDWHDXQXLVLQJXURP
D VFKLPEDW PHUVXO LVWRULHL &H VDU IL vQWkPSODW IU HO" 8Q LVWRULF HQJOH] LO

+XEHUWGH%ULHQQHFRQWHGH&RQIODQVDPLUDOIUDQFH]FDUHDVXIHULWvQXQ
GH]DVWUXQDYDOvQID&DIORWHLHQJOH]HOD4XLYHURQSHFRDVWD%UHWDQLHL




LPDJLQHD] SH 'XSOHL[ FRQVROLGkQG vQ ,QGLD LPSHULXO )UDQ&HL SH 0RQWFDOP
H[WLQ]kQG FRQWUROXO DFHVWHLD SkQ vQ YDOHD 0LVVLVVLSSL )UDQ&D GHYHQLQG
SDWULDPDP D 6WDWHORU 8QLWH Q  HYHQLPHQWHOH DFHVWHD SUHDX SRVLELOH vQ
 GHYHQLVHU GH QHFRQFHSXW 3LWW WUDYHUVDVH vQWUH WLPS VFHQD LVWRULHL 'DU
RSHUDRDPHQLORUPDULQXHVWHGXUDELOGHFkWvQPVXUDvQFDUHHLDX&LQXWVHDPD
GHPDULOHFXUHQWH2U3LWWDYXVHVHGUHSWDWHVRFRWLQGF$QJOLDDYHDvQVHFROXODO
;9,,,OHDPDLPXOWHDQVHGHFkWRULFDUHDOW&DUVRE&LQVXSUHPD&LDSHPDUH
D SHQWUX F SXWHUH LQVXODU L VFXWLW SULQ EDULHUHOH VDOH OLFKLGH GH D vQWUH&LQH
DUPDWH HD SXWHD V FKHOWXLDVF SHQWUX PDULQD VD PDL PXOW GHFkW SXWHULOH
FRQWLQHQWDOHESHQWUXFIRUPDGHJXYHUQPkQWSHFDUHLDGDWRvLvQJGXLDV
SHUFHDS GH LD FODVHOH ERJDWH L LQIOXHQWH LPSR]LWHOH FHOH PDL JUHOH 3H FkQG
SDUODPHQWXO HQJOH] YRWD IU V PXUPXUH VXEVLGLLOH FHUXWH GH 3LWW SDUODPHQWHOH
IUDQFH]H SDUODPHQWH QHDOHVH UHIX]DX V ULGLFH LPXQLWDWHD ILVFDO D FODVHORU
SULYLOHJLDWH F vQ VIkULW QHJXVWRULL GLQ /RQGUD FDUH WLDX FH YDORDUH PDUH DX
SHQWUXHL,QGLDLFRORQLLOHVXV&LQHDXFXEDQLLORUFXYRWXULOHORUFXDGPLUD&LDORU
SDVLRQDW SH :ROIHL &OLYH SH FkQG LQWHUHVHOH FRPHUFLDOH DYHDX SUHD SX&LQ SUH&
vQ RFKLL QRELOLPLL FRQWLQHQWDOH $FHVWH FDX]H JHQHUDOH FDUH DU IL SURGXV PDL
GHYUHPHVDXPDLWkU]LXHIHFWHOHORUDVLJXUDUYLFWRULLOHOXL3LWW(XURSDFXQRVFXVH
R SHULRDG GH GRPLQD&LH VSDQLRO DSRL R SHULRDG GH GRPLQD&LH IUDQFH] &X
U]ERLXO GH DSWH DQL vQFHSH R SHULRDG GH GRPLQD&LH HQJOH] 'DU vPEWD&L GH
YLFWRULLOH ORU HQJOH]LL GHYHQLU DWXQFL PDL RUJROLRL GHFkW RULFkQG 1X VH WHPHDX
VL vQVWULQH]H vQ DFHODL WLPS L )UDQ&D L 6SDQLD L $XVWULD )UDQ&D MHIXLW
UPkQHD WRWXL R PDUH SXWHUH 3RDWH F vQWUR ]L YD YRL VL LD UHYDQD ID& GH
DFHLSHFDUH&KRLVHXOvLQXPHDWLUDQLLPULORU




9,
*89(51$5($3(5621$/$/8,*(25*($/,,,/($
3,(5'(5($&2/21,,/25$0(5,&$1(


,%RUQDQGHGXFDWHGLQWKLVFRXQWU\,JORU\LQWKHQDPHRI%ULWDLQ'HOD
DFHVWH FXYLQWH L GH OD DFHDVW vPSUHMXUDUH SH *HRUJH DO ,,,OHD vO DWHSWD R
SRSXODULWDWH SH FDUH QDX FXQRVFXWR QLFLRGDW VWUPRLL VL 3UHIHUDVH V VFULH
%ULWDLQvQORFGH(QJODQGSHQWUXDQXVXSUDSHSULHWHQLLVLVFR&LHQLGDUGHIDSW
HUD HQJOH] FD vQI&LDUH FD PDQLHUH FD OLPEDM L FDUDFWHU +DQRYUD QX PDL HUD
SHQWUX HO GHFkW R DPLQWLUH GH IDPLOLH 6H SRYHVWHWH F QX UHXHD V JVHDVF
(OHFWRUDWXO SH KDUW 7RWXL GHL SULPLL GRL *HRUJH UHJL VWULQL L JURWHWL DX
DYXW GRPQLL XRDUH DO WUHLOHD LQILQLW PDL GHPQ GH VWLP DYHD V LQWUH GH PDL
PXOWH RUL vQ FRQIOLFW FX SRSRUXO VX (GXFDW GH SULQWHOH VX )UHGHULF DSRL GH
PDPD VD SULQ&HVD GH :DOHV vQ GLVSUH&XO ID& GH QHYROQLFXO VX EXQLF IXVHVH
KUQLWFXGRFWULQHOHH[SXVHGH%ROLQJEURNH5HJHOHSDWULRWWUHEXLHVGRPQHDVF
L V JXYHUQH]H 'H FH DU DVFXOWD HO GH RUGLQHOH XQXL FDELQHW GH FkWHYD PDUL
IDPLOLLGHXQSDUODPHQWFDUHQXUHSUH]LQW&DUD"'LQFRQWUHOWUHEXLHVGHYLQ
FDPSLRQXO VXSXLORU VL vPSRWULYD ROLJDUKLLORU 2FKLL XQXL vQWUHJ SRSRU VXQW

Q)UDQ&DYHFKLXOXLUHJLPSDUODPHQWHVHQXPHDXFXU&LOHVXSHULRDUHGHMXVWL&LHSHFDUHUHJHOH
OHFRQVXOWDIUDILREOLJDWvQDQXPLWHFKHVWLXQLGHVWDWPDLDOHVILQDQFLDUH
1VFXWLFUHVFXWvQDFHDVW&DUVXQWPkQGUXGHQXPHOHGHEULWDQvQOLPEDHQJOH]




vQGUHSWD&LVSUHHOSOLQLGHDGPLUD&LHLGHGUDJRVWH


,,$FHDVWGRFWULQLQFLWkQGXOSHUHJHVLQVWDXUH]HRSXWHUHSHUVRQDOvO
H[SXQHDODJUDYHFRQIOLFWHFXSDUODPHQWXOVX'DU*HRUJHDO,,,OHDVHJkQGHDF
GDF ZKLJLL GRPLQDVHU &DPHUD &RPXQHORU FXPSUkQG FLUFXPVFULS&LL L YRWXUL
DUSXWHDLHOVIDFMRFXODFHVWDWRWDDGHELQHFDLGkQLL6HVWUGXLDDGDU
VvQILLQ&H]HvQ&DUXQSDUWLG3ULHWHQLLUHJHOXLLVSHUDVILHDMXWDWGHQRXD
VWDUHGHVSLULWDWRU\ORU6TXLUHLLSURYLQFLDOLLFOHUJ\PHQLLDQJOLFDQLUHQXQ&DVHU
vQ FHOH GLQ XUP  GXS UVXQWRUXO HHF DO OXL &DURO(GXDUG  OD LDFRELWLVPXO
ORU'HFkWVPDLFHGH]HORFXODDFXPIFHDXGHODvQFRDFHGLQILGHOLWDWH
ID& GH R GRFWULQ SHULPDW  XQXL SXPQ GH PDUL VHQLRUL ZKLJL VSULMLQL&L SH
RDPHQL DL EDQXOXL WRU\L GRUHDX V GHYLQ GH DLFL vQDLQWH XQ SDUWLG GH
JXYHUQPkQW PSRWULYD ZKLJLORU GH]ELQD&L vQ XUPD XQXL SUHD OXQJ PRQRSRO DO
SXWHULL UHJHOH VDU IL SXWXW VSULMLQL vQ PRG XWLO SH DFHDVW QRX IRUP D
WRU\VPXOXL 'DU FDUDFWHUXO VX H[FOXGHD RULFH VRU&L GH L]EkQG 2P FLQVWLW VR&
EXQDXVWHUFDVWIHUPLHUXO*HRUJHHUDYDQLWRVU]EXQWRU&HHDFHQXXLWQX
LHUWVSXQHDHOLDYHDRPHPRULHSUHDEXQ'LQPRPHQWXOXUFULLVDOHSHWURQ
U]ERLXO FDUH PUHD SUHVWLJLXO OXL 3LWW vL GLVSOFX $QJOLD DYHD XQ UHJH SDWULRW
GDUFDUHVHQXPHD:LOOLDPLQX*HRUJH$WkWGHWDUHvOXUD*HRUJHSH:LOOLDP
vQFkW DU IL DFFHSWDW vQIUkQJHUHD H[WHUQ GDF LDU IL GDW SULOHMXO XQHL YLFWRULL
LQWHUQH&KLDUvQSULPXOVXGLVFXUVDUILYUXWVYRUEHDVFGHVSUHDFHVWU]ERL
VkQJHURVLFRVWLVLWRULDIRVWQHYRLHGHWRDWDXWRULWDWHDOXL3LWWSHQWUXDOIDFH
VDFFHSWHIRUPXODMXVWLFRVWLVLWRU


,,, +RWUkW VL DOHDJ VLQJXU PLQLWULL *HRUJH DO ,,,OHD DYX SUHWHQ&LD V
LPSXQDFHVWHL&ULQHEXQHGXS3LWWSHORUGXO%XWHRPLQWHJUXFLQVWLWGDUSUHD
SX&LQ IFXW SHQWUX D JXYHUQD GHVSUH FDUH VH ]YRQHD F DU IL IRVW DPDQWXO
SULQ&HVHL YGXYH GH :DOHV +XLGXLW GH PXO&LPLOH GLQ /RQGUD GH GRX RUL
LQGLJQDWH GH D YHGHD LGROXO ORU SXV VXE DXWRULWDWHD DOWXLD DFHVW DOWXO ILLQG
VFR&LDQ%XWHVHGH]JXVWUHSHGHQIRFXULDSULQVHvQVHPQGHEXFXULHFHW&HQLL
/RQGUHL DUXQFDX WDUWDQH ERQHWH vQ VIkULW WRDWH VLPEROXULOH 6FR&LHL 0LQLVWUXO
vQVSLPkQWDWvLGGXGHPLVLD*UHQYLOOHFDUHOvQORFXLQXIXPDLELQHWUDWDWGH
SXEOLF&kQGVHSOkQVHGHQHFHVLWDWHDvPSUXPXWXULORULPSXVHGHU]ERLLvQWUHE
&DPHUD XQGH DU SXWHD JVL EDQL WHULELOXO 3LWW LPLWkQG JODVXO SOkQJFLRV DO OXL
*UHQYLOOH PXUPXU UHIUHQXO XQXL FkQWHF OD PRG 'UJX&XOH SVWRU VSXQHPL
XQGH *UHQYLOOH SXUW WRDW YLD&D SRUHFOD GH 'UJX&XO SVWRU 8Q PHPEUX DO
&DPHUHL&RPXQHORU:LONHVVWUOXFLWLVSLULWXDOSDPIOHWDUFULWLFkQGvQQXPUXO
GLQ1RUWK%ULWDLQGLVFXUVXOWURQXOXLGLQIXDUHVWDWODFHUHUHDUHJHOXLvQ
YLUWXWHDXQXLPDQGDWvQDOEODQVDWvPSRWULYDRULFUHLSHUVRDQHUVSXQ]WRDUHGH
DFHDVW SXEOLFD&LH $UHVWDUHD VH IFXVH vQ GLVSUH&XO SULYLOHJLLORU SDUODPHQWDUH
&XU&LOHGHMXVWL&LHvLGGXUFkWLJGHFDX]OXL:LONHVFDUHIXWRWXLH[SXO]DWvQ
DQXO XUPWRU GH &DPHUD &RPXQHORU L VH UHIXJLH vQ )UDQ&D L FRQGDPQ SH
VHFUHWDUXOGHVWDW SHQWUXDUHVWDUHDUELWUDUOD RSWVXWHGHOLYUHGDXQHLQWHUHVH
/RQGUD IX LOXPLQDW VUEWRUHWH SH WRDWH FDVHOH VWUOXFHD FLIUD  'XS
GLQDVWLD6WXDUW*HRUJHDO,,,OHDvLGGXLHOVHDPDGHQHFHVLWDWHDILHLSHQWUX
FHOPDLSDWULRWGLQWUHUHJLGHDUHVSHFWDOLEHUW&LOHWUDGL&LRQDOHDOHHQJOH]LORU


,9 (YHQLPHQWH PXOW PDL JUDYH DYHDX V L]EXFQHDVF vQ FRORQLL GLQ SULFLQD




DSUULL OLEHUW&LORU Q $PHULFD FHOH WUHLVSUH]HFH SODQWD&LL IRUPDX DFXP XQ

SRSRU GH WUHL PLOLRDQH GH ORFXLWRUL XQ SRSRU SURVSHU GRUQLF GH LQGHSHQGHQ& L
FDUH SX&LQ FkWH SX&LQ LD FRQVWUkQV SH JXYHUQDWRULL UHJDOL V ODVH SXWHUHD UHDO
DGXQULORU ORFDOH Q DFHDVW OXSW SHULSH&LLOH DX IRVW FDP DFHOHDL FD vQ $QJOLD
$GXQULOH DX vQYLQV ILLQGF HOH &LQHDX ELHULOH SXQJLL 'DU FRORQLLOH IXU VLOLWH V
VH DSHUH vQ WLPSXO U]ERLXOXL GH DSWH DQL vPSRWULYD &DQDGHL IUDQFH]H 7UXSHOH
QHFHVDUH vQ U]ERLXO DFHVWD DX IRVW IXUQL]DWH GH PHWURSRO L WRW HD D VXSRUWDW
FKHOWXLHOLOH GH FDPSDQLH 'XS U]ERL D IRVW QHYRLH V VH PHQ&LQ vQ $PHULFD R
IRU&SHUPDQHQWGH]HFHPLLGHRDPHQLFDUHVIDFID&XQHLSRVLELOHUHYROWHD
FDQDGLHQLORU IUDQFH]L *UHQYLOOH SURSXVH FD R WUHLPH GLQ VXPD QHFHVDU SHQWUX
vQWUH&LQHUHD DFHVWHL DUPDWH V ILH SHUFHSXW vQ FRORQLL VXE IRUPD WD[HORU GH
WLPEUX 0VXUD QX HUD PRQVWUXRV GH QHGUHDSW GDU DPHULFDQLL FD WR&L
FRQWULEXDELOLLGHWHVWDXLPSR]LWHOHLJVLUVSULMLQvQDFHDVWFKHVWLXQHSkQLvQ
PHWURSRO 1LFL R WD[ IU UHSUH]HQWDUH IXVHVH vQFHSkQG GLQ HYXO PHGLX XQD
GLQ PD[LPHOH SROLWLFH SHUPDQHQWH DOH $QJOLHL 2U vQ SDUODPHQWXO GLQ
:HVWPLQVWHU FRORQLLOH QX HUDX UHSUH]HQWDWH ( DGHYUDW F FHD PDL PDUH SDUWH
GLQ PDULOH RUDH HQJOH]H QX DYHDX QLFL HOH GHSXWD&L GDU FHO SX&LQ WRDWH
LQWHUHVHOH HQJOH]H JVHDX DFROR XQ SXUWWRU GH FXYkQW FHHD FH QX HUD FD]XO
SHQWUXLQWHUHVHOHFRORQLDOHGHFkWSHRFDOHPXOWSUHDRFROLW


9 'H DOWPLQWHUL vQ IDYRDUHD SXQFWXOXL GH YHGHUH FRORQLDO H[LVWDX L DOWH
DUJXPHQWH &RORQLLOH FRQWULEXLVHU OD SURVSHULWDWHD FRPHU&XOXL HQJOH] HOH
IXVHVHU H[SORDWDWH GXS SULQFLSLLOH PHUFDQWLOLVPXOXL DGLF vQ LQWHUHVXO
QD&LXQLLPDPH'RFWULQDPHUFDQWLOLVWFHUHDGHODILHFDUHFRORQLHVSULPHDVF
L V H[SHGLH]H PUIXULOH SH YDVHOH FRQVWUXLWH vQ $QJOLD VDX vQ FRORQLL $FWXO GH
1DYLJD&LH  FRPHU&XO FRORQLDO V WUHDF SULQ SRUWXULOH HQJOH]H FKLDU GDF
PUIXULOH FRORQLWLORU VDU IL SXWXW SODVD OD SUH&XUL PDL EXQH vQ )UDQ&D L vQ
2ODQGD  V ILH LQWHU]LV FRQVWUXLUHD vQ FRORQLL D XQRU X]LQH FDUH DU SXWHD
FRQFXUD FHOH GLQ $QJOLD 3LWW vQVXL GHFODUDVH F GDF $PHULFD DU IDEULFD XQ
VLQJXU ILU GH OkQ R VLQJXU SRWFRDY DU vQ&HVDR FX VROGD&L /D WD[HOH GLUHFWH
YRWDWH GH $GXQUL WUHEXLD V VH DGDXJH DDGDU SHQWUX D FDOFXOD FRQWULEX&LD
UHDODFRORQLLORUODYHQLWXULOHUHJDWXOXLSURILWXULOHLQGXVWULDLORULFRPHUFLDQ&LORU
HQJOH]LLPSR]DELOLLHL


9, 6LVWHPXO PHUFDQWLOLVW SXWHD OD ULJRDUH V ILH VXSRUWDW GH FRORQLLOH GLQ
VXGDFHVWHDFXOWLYDXWXWXQLDOWHSURGXVHSHFDUH$QJOLDWUHEXLDVOHFXPSHUH
HOH RE&LQHDX DVWIHO DXU FDUH OH vQJGXLD V GREkQGHDVF OD UkQGXO ORU SURGXVHOH
PDQXIDFWXUDWH SH FDUH OH WULPLWHD PHWURSROD 5HJLPXO DFHVWD HUD GLPSRWULY
LQVXSRUWDELOSHQWUXFRORQLLOHGLQQRUGDOHFURUSURGXVHQXHUDXFRPSOLPHQWDUH
FLULYDOL]DXFXFHOHGLQ$QJOLD$LFLHFDX]DLPHGLDWDU]ERLXOXLGHLQGHSHQGHQ&
DPHULFDQ (QJOH]LL VRFRWLVHU SkQ DWXQFL FRORQLLOH FD XQ SODVDPHQW LPHGLDW
UHPXQHUDWRULX 1LFL XQXO GLQWUH HL QX FRQFHSXVH LGHHD XQXL LPSHULX 2U
FXFHULUHD&DQDGHLQXSXWHDVUHQWH]H3LWWGREkQGLVHWHULWRULXODFHVWDFXWRDW
vPSRWULYLUHD XQRU VSLULWH PHVFKLQH FDUH vQ YLUWXWHD LGHLL GH FRPHU& YkQG WRW FH
SRWSkQLRQRDUHDDGHYUXOLFRQWLLQ&D0HUFDQWLOLWLLLQFDSDELOLVDFFHSWH
EDQLFLPFDUVLLPDJLQH]HRFRORQLHFDUHGHSDUWHGHDILRVXUVGHYHQLWXUL
VGHYLQSHQWUX$QJOLDSULFLQDXQRUFKHOWXLHOLJVLUFXFDOHVVLOHDVFYHFKLOH
FRORQLL V VXV&LQ FKHOWXLHOLOH QRXOXL LPSHULX 1X PDL SX&LQ HJRLVWH GHFkW
PHWURSROD DFHVWHD YRLDX V SDUWLFLSH OD DYDQWDMHOH LPSHULXOXL GDU QX OD




FKHOWXLHOLOH VDOH 8Q LPSR]LW DVXSUD PHODVHL vL vQGkUML SH GLVWLODWRULL DPHULFDQL
FDUH YLQGHDX URPXO ORU LQGLHQLORU $SRL 6WDUQS $FW VWDWRUQLFLQG XQ GUHSW GH
WLPEUXvQGUHSWVSUHFDVLHULLOHILVFXOXLSX&LQXODXUSHFDUHOSRVHGDXFRORQLLOHL
IFXLPSRVLELOFRPHU&XOORU


9,,/DvQFHSXWXOOXLLQWHUYHQL3LWW'XSUHWUDJHUHDVDVHLQVWDODVHOD
%DWK ILLQG DWkW GH FKLQXLW GH JXW vQFkW QX PDL HUD EXQ GH QLPLF 'HL QX PDL
SXWHD PHUJH IU FkUMH QLFL V &LQ IXUFXOL&D OD PDV QLFL V VFULH FLWH& YHQL vQ
PRPHQWXO GLVFXUVXOXL WURQXOXL V UHFRPDQGH VXSULPDUHD WD[HL 'XS SUHUHD
VD$QJOLDQXDYHDQLFLXQGUHSWVSUHWLQGWD[HFRORQLLORU1LVHVSXQHFFHHD
FH IDFH $PHULFD H R UHEHOLXQH  GHFODU HO  Y UVSXQG F P EXFXU
vPSRWULYLUHD $PHULFLL QWUR DVHPHQHD OXSW P WHP PDL FXUkQG GH YLFWRULH
GHFkW GH vQIUkQJHUH $PHULFD GDF DU FGHD vQ OXSW DU FGHD FD 6DPVRQ VDU
DSXFD GH FRORDQHOH WHPSOXOXL L DU GUkPD R GDW FX HOH L FRQVWLWX&LD
$PHULFDQLLQXDXDF&LRQDWWRWGHDXQDFXSUXGHQ&GDUQHGUHSWDWHDFHOLVDIFXW
LDvPSLQVODQHEXQLHLYH&LSHGHSVLRDUHSHQWUXQHEXQLDDLFUHLDXWRULVXQWH&L
YRL" $FWXO IX DQXODW L *HRUJH DO ,,,OHD WUHEXL vPSRWULYD YRLQ&HL VDOH V RIHUH
JXYHUQXOOXL3LWW&kQGLQILUPXODFHVWDVHSUH]HQWUHJHOXLHUDGLQQRXRPXOFHO
PDLSXWHUQLFLLGROXOUHJDWXOXL'DURJUHHDOXQJHVWXQFXYkQWVXQWGHDMXQV
SHQWUX D SLHUGH IDYRDUHD SRSRUXOXL 3LWW SH MXPWDWH QHEXQ GLQ FDX]D GXUHULORU
IL]LFHSUVL&DPHUD&RPXQHORULOXWLWOXOGHFRQWHGH&KDWKDP&kQGVHDIODVH
FDFFHSWPLQLVWHULDWXOPXO&LPHDVHSUHJWLVHVLOXPLQH]HVUEWRUHWH/RQGUD
FkQGVHUVSkQGLYHVWHDFWUHFHvQ&DPHUD/RU]LORUVHUHQXQ&ODLOXPLQD&LH(UD
DEVXUG V VH VSXQ F 3LWW D WUGDW $ WUHFH GLQ &DPHUD &RPXQHORU vQ &DPHUD
VXSHULRDUQXHUDRFULPGDUSHQWUXPDUHOH&RPPRQHUHUDRJUHHDO3RDWHF
&KDWKDP DU IL SXWXW vQYLQJH RSR]L&LD L VL UHFXFHUHDVF SRSXODULWDWHD GDF
QDUILIRVWVOHLWGHSXWHULGDUERDODvODGXVHvQWURDVHPHQHDVWDUHQHUYRDVvQFkW
GHYHQL LQDFFHVLELO Q ]DGDU vL WULPLVH UHJHOH HPLVDUL HL GGXU SHVWH XQ QHEXQ
FDUH QX IFHD DOWFHYD GHFkW V DPHQLQ&H FX FkUMD 8Q UHJH vQFS&kQDW XQ
FDELQHW GHFDSLWDW XQ SUHPLHU SDUDOL]DW LDW FH D IRVW WLPS GH FkWHYD OXQL
JXYHUQDUHD$QJOLHL


9,,,/RUGXO1RUWKFDUHDDFFHSWDWvQvQFDOLWDWHGHSULPPLQLVWUXV
DFRSHUH JXYHUQDUHD SHUVRQDO D OXL *HRUJH DO ,,,OHD DYHD FLQLVPXO OXL :DOSROH
IU V DLE QLFL vQ&HOHSFLXQHD L QLFL YLJRDUHD VD Q DIDFHUHD FRORQLLORU UHJHOH
FHG GH IDSW L VXSULP OHJHD WLPEUXOXL GDU PHQ&LQX SHQWUX D VDOYD SULQFLSLXO
FkWHYD GUHSWXUL IRDUWH UHGXVH DVXSUD XQRU DUWLFROH VHFXQGDUH FD VWLFOD L FHDLXO
$FHDVWD vQVHPQD V QXL FXQRWL SH FRORQLWL 0XO&L GLQWUH HL SVWUDVHU VSLULWXO
YLROHQWGHGLVLGHQ&DOVWUPRLORUORUWRFPDLSULQFLSLXOQXOSXWHDXDGPLWHQ
VIkULW FX PDMRULWDWH GH XQ YRW FDELQHWXO 1RUWK KRWUv V QX PHQ&LQ GHFkW R
VLQJXU WD[ DFHHD DVXSUD FHDLXOXL 3HQWUX R ELDW VXP GH DLVSUH]HFH PLL GH
OLUH $QJOLD SLHUGX XQ LPSHULX QWUXFkW DPHULFDQLL UHIX]DVHU V FXPSHUH FHDL
GDF WUHEXLD WD[DW &RPSDQLD ,QGLLORU 2ULHQWDOH FDUH DYHD VWRFXUL LPHQVH SULPL
RUGLQ V WULPLW R QDY vQFUFDW FX FHDL OD %RVWRQ $IDFHUHD VDU PDL IL SXWXW
DUDQMD GDF YkQ]DUHD FHDLXOXL DU IL IRVW vQFUHGLQ&DW QHJXVWRULORU RELQXL&L GDU
FRPSDQLD YRL VO YkQG GLUHFW FRQVXPDWRULORU (D vL MLJQL DVWIHO SH FRPHUFLDQ&L
GXS FXP vL VWkUQL SH RDPHQLL OLEHUL 3UHYHQL&L GH SULHWHQLL ORU GLQ /RQGUD
SURWHVWDQ&LLDPHULFDQLGHJKL]D&LvQLQGLHQLGGXUQYDOSHQDYLDUXQFDUvQ
PDUHO]LOHGHFHDL$FWXODFHVWDGHUHEHOLXQHDWUDVHGXSVLQHUHSUHVDOLLLWHDPD




GHDOHYHGHDH[WLQ]kQGXVHvPSLQVHFRORQLLOHVVHXQHDVFvQYHGHUHDUH]LVWHQ&HL
8QDVWIHOGHFRQIOLFWQXSXWHDGXFHGHFkWODU]ERLLSHVWHXQDQLMXPWDWHGH
OD DIDFHUHD GLQ %RVWRQ vQFHSXU RVWLOLW&LOH 8Q &RYHQDQW VROHPQ vL FRDOL] SH
FRORQLWL DD FXP VH XQLVHU RGLQLRDU SUHVELWHULHQLL VFR&LHQL 'H DOWIHO HUDX
GHSDUWH GH D IL XQDQLPL 'LQ DSWH VXWH GH PLL GH EUED&L GH YkUVW PLOLWDU
QXPDL D RSWD SDUWH VH vQURO vQ DUPDW Q QLFL R EWOLH :DVKLQJWRQ QX D DYXW
VXEFRPDQGDVDPDLPXOWGHGRX]HFLGHPLLGHRDPHQL$ULVWRFUD&LDGLQ9LUJLQLD
RDPHQLL GH UkQG L FODVHOH PLMORFLL VH GHFODUDU SHQWUX UH]LVWHQ& GDU IHUPLHULL
ERJD&LLFHLPDLSRQGHUD&LOLEHULSURIHVLRQLWLUPDVHUORLDOLWL


,; 7R&L H[SHU&LL HUDX GH SUHUH F vQ VFXUW WLPS FRORQLWLL YRU IL vQYLQL
1DYHDX QLFL XQ RUD IRUWLILFDW QLFL XQ UHJLPHQW GLVFLSOLQDW QLFL XQ YDV GH
U]ERL QDYHDX FUHGLWH 1LFL GLQ SXQFW GH YHGHUH ILQDQFLDU QLFL GLQ SXQFW GH
YHGHUH PLOLWDU QX HUDX SUHJWL&L FD V VXV&LQ XQ U]ERL vPSRWULYD $QJOLHL L vQ
DIDU GH DFHDVWD GDF HD vQFHWD VL PDL RFURWHDVF DYHDX V ILH H[SXL XQRU
DWDFXUL GLQ SDUWHD WXWXURU SXWHULORU PDULWLPH GLQ OXPH $PHULFDQLL  VSXQHDX
H[SHU&LLVXQWXQSRSRUVODEFDUHWUHEXLHVILHRFURWLWWLPSGHvQFYUHRFkWHYD
VHFROHGHRSXWHUHQDYDO3RDWHFvQSRILGDJHQLXOXLOXL:DVKLQJWRQDUILIRVW
vQWUDGHYUEWX&LGDF)UDQ&DIHULFLWGHSULOHMXOFDUHLVHRIHUHDGHDVHU]EXQD
vPSRWULYD WUDWDWXOXL GLQ  L VWLPXODW GH HQWX]LDVPXO SXEOLF QX LDU IL
VXV&LQXW3HQWUXPRQDUKLDIUDQFH]LQWHUYHQ&LDDFHDVWDDIRVWXQDFWQHVEXLWD
GHVYkULW UXLQD HL ILQDQFLDU OHD RIHULW WXWXURU IUDQFH]LORU LPDJLQHD XQHL
UHSXEOLFL YLFWRULRDVH L LD vQY&DW OLPEDMXO GHPRFUDWLF Q $QJOLD LQWHUYHQ&LD
)UDQ&HLDWUDQVIRUPDWQDWXUDFRQIOLFWXOXL3LWWSHPRDUWHVLP&LWUH]LQGXVHvQHO
XUD vPSRWULYD FDVHL GH %RXUERQ L YHQL vQ SDUODPHQW V SURQXQ&H FHO PDL
GUDPDWLF GLVFXUV GLQ LVWRULH 7RWXO D IRVW ]DGDUQLF )ORWD IUDQFH] UHIFXW GH
&KRLVHXO GRPLQD PDUHD %DLOLYXO GH 6XIIUHQ DPLUDOLL GH *UDVVH GH /D
0RWWH3LFTXHW G
(VWDLQJ DX UHSXUWDW YLFWRULH GXS YLFWRULH 6XFFHVXO PLOLWDU DO
DPHULFDQLORUDIRVWGHWHUPLQDWGHROXSWQDYDOOXSWDGHOD&KHVDSHDNH


; &kQG ORUGXO 1RUWK D DIODW GH FDSLWXODUHD GH OD <RUNWRZQ D JHQHUDOXOXL
HQJOH] &RUQZDOOLV L D vQWUHJLL VDOH DUPDWH VD FOWLQDW FD XQ RP ORYLW GH XQ
JORQWH 2 'XPQH]HXOH  URVWL HO  WRWXO VD VIkULW 2SLQLD SXEOLF HQJOH]
GH]DPJLWGRUHDVVHUHFXQRDVFLQGHSHQGHQ&DFRORQLLORU3DUODPHQWXOvQVXL
GHLDOFWXLWGLQSURWHMD&LLUHJHOXLvOSUVLQ-RKQ'XQQLQJDRE&LQXW
PDMRULWDWHDvQ&DPHUD&RPXQHORUvQIDYRDUHDXQHLPR&LXQLvQFDUHVHGHFODUDF
LQIOXHQ&D FRURDQHL D FUHVFXW PDL FUHWH vQF L DU WUHEXL PLFRUDW 7HQWDWLYD
SXWHULLSHUVRQDOHDOXL*HRUJHDO,O,OHDVHWHUPLQDFXXQGH]DVWUX,UODQGDJDWDL
HD V VH UHYROWH D WUHEXLW FDOPDW DFRUGkQGXVH SDUODPHQWXOXL GLQ 'XEOLQ R
FRPSOHW LQGHSHQGHQ& OHJLVODWLY 3DUODPHQW GH DOWIHO FLXGDW DOFWXLW GLQ FDUH
FDWROLFLLIXVHVHUH[FOXLLDL]HFLGHORFXULHUDXRFXSDWHGHWUHLIDPLOLLQ$QJOLD
FKLDULPDULOHRUDHSURWHVWDXvPSRWULYDVLVWHPXOXLDUKDLFGHDURQGDUHDEXUJX
ULORU FDUH OH OLSVHD GH UHSUH]HQWDQ&L (HFXO GLQ $PHULFD VOEL JXYHUQXO /D
vQFHSXWXOOXLQRLHPEULHORUGXO1RUWKQXPDLDYHDGHFkWRPDMRULWDWHGHXQ
YRWQWUHEXLVLGHDGHPLVLDFXWRDWHFUHJHOHHUDGHSDUWHGHDGRULV

 -RKQ 'XQQLQJ EDURQ GH $VKEXUWRQ   FHOHEUX DYRFDW DO YUHPLL PHPEUX DO
SDUODPHQWXOXLRUDWRUHORFYHQWDOSDUWLGXOXLZKLJ
9H]LQRWD




UHQXQ&HODHO5HJHOHVHY]XVLOLWVDSHOH]HODGXPDQLLVLZKLJLLDLFURUHIL
HUDX 5RFNLQJKDP %XUNH 6KHOEXUQH L WkQUXO ILX DO ORUGXOXL +ROODQG
&KDUOHV-DPHV)R[$GPLUDELOvQ]HVWUDWPDUHRUDWRULPDUHRPGHOLWHUHSULHWHQ
IHUPHFWRULJHQHURV)R[DGXJDODDFHVWHFDOLW&LXQHOHGHIHFWHLYLFLLFDUHODX
vPSLHGLFDWVJXYHUQH]HYUHRGDWvQ$QJOLD7DWOVXXQFLQLFIFXVHGLQHOFX
EXQWLLQ&XQMXFWRULXQOLEHUWLQFHHDFHODGHWHUPLQDWSHYLUWXRVXO*HRUJH
DO ,O,OHD VO &LQ OD GLVWDQ& 9LROHQ&D ]HOXOXL VX vQ IDYRDUHD LQVXUJHQ&LORU
DPHULFDQLVDXLUODQGH]LPHUJHDSkQODDGRULvQIUkQJHUHDSDWULHLVDOH7RWGHDXQD
SOLQ GH GDWRULL WRWGHDXQD ERJDW vQ SULHWHQL WUHFkQG GH OD PDVD GH MRF GH OD
%URRNV OD 7HRFULW VDX OD 9LUJLOLX HUD XQ EUEDW DGRUDW GDU QX VWLPDW (O L
6KHOEXUQHDXQHJRFLDWSDFHDSULQFDUHVDSXVFDSWDFHVWXLU]ERLQHQRURFLW


;, %ULOH HXURSHQH 6SDQLD 2ODQGD L FKLDU 5XVLD VDX GHFODUDW vPSRWULYD
$QJOLHL GDU DFHDVWD D JVLW vQ 5RGQH\ XQ PDUH DPLUDO L FX WRW DVHGLXO
IUDQFRVSDQLRO D SXWXW V VDOYH]H *LEUDOWDUXO 3DFHD GH OD 9HUVDLOOHV  D
FRQVWLWXLW FX WRDWH DFHVWHD R IUXPRDV UHYDQ SHQWUX )UDQ&D DVXSUD WUDWDWXOXL
GH OD 3DULV LDU SHQWUX $QJOLD D IRVW R SDFH XPLOLWRDUH (D UHFXQRWHD
LQGHSHQGHQ&DFRORQLLORUDPHULFDQHUHVWLWXLD6SDQLHL0LQRUFD)UDQ&HL6DLQW3LHUUH
L0LTXHORQ6DQWD/XFLD7REDJR*RUHHDL6HQHJDOXO6RDUHOHJORULHLHQJOH]HD
DSXVVSXQHDWkQUXOILXDOOXL&KDWKDP:LOOLDP3LWWLPXO&LRDPHQLGHVHDP
GH DWXQFL HUDX GH SUHUH F VD WHUPLQDW FX $QJOLD Q LQWHULRU $QJOLD SUHD vQ
GHVFRPSXQHUH VLVWHPXO SDUODPHQWDU GHYHQLVH WLUDQLF FRUXSW QHSXWLQFLRV
JXYHUQDUHDSHUVRQDOGXVHVHODGH]DVWUX1LPHQLQXLSXWHDvQFKLSXLDWXQFLF
$QJOLDYDLHLYLFWRULRDVvQ


;,,&RQVHFLQ&HOHLPHGLDWHDOHU]ERLXOXLFX$PHULFDDXIRVWJUDYHD$QJOLD
SULQVH R XU SURIXQG vPSRWULYD PRQDUKLHL IUDQFH]H LL GRUHD SLHLUHD EDQLL
HQJOH]LORUYRUMXFDXQPDUHUROvQSUHJWLUHDUHYROX&LHLIUDQFH]HE&HOHGRXPDUL
GHPRFUD&LL DQJORVD[RQH VH Y]XU GHVSU&LWH L SHQWUX R YUHPH RVWLOH 0XO&L
LVWRULFL VXQW GH SUHUH F D IRVW R vQWkPSODUH IHULFLW GHRDUHFH QLFL R PLQWH
RPHQHDVFQDUILIRVWFDSDELOVFRQGXFRDVHPHQHDSRSXOD&LHLODRDVWIHOGH
GLVWDQ& ( DGHYUDW GDU VH SRDWH FRQFHSH L FD 6WDWHOH 8QLWH V IDF SDUWH
GLQWUXQ&RPPRQZHDOWKEULWDQLFLVH[HUFLWHDFRORRLQIOXHQ&SUHSRQGHUHQW2
DWDUH VROX&LH DU IL IRVW SRDWH PDL IDYRUDELO SHQWUX SDFHD YHFKLXOXL FRQWLQHQW" F
'HRDUHFH FRPHU&XO $QJOLHL FX 6WDWHOH 8QLWH GHSDUWH GH D VH PLFRUD VH PUL D
GRXD]LGXS7UDWDWXOGHOD9HUVDLOOHVQXPHURLFRPHUFLDQ&LHQJOH]LvQFHSXUV
VH vQWUHEH GDF SRVHVLXQHD XQXL LPSHULX FRORQLDO HUD vQWUDGHYU GH GRULW G Q
VIkULWSLHUGHUHD$PHULFLLIFXGLQ,QGLDFDUHIXVHVHDSUDWFXFXUDMvQWLPSXO
U]ERLXOXL GH FWUH :DUUHQ +DVWLQJV FHQWUXO YLWDO DO FRPHU&XOXL HQJOH] L XQXO
GLQWUHFHOHPDLLPSRUWDQWHHOHPHQWHDOHSROLWLFLLH[WHUQHD&ULL


;,,, ( SUREDELO F vQIUkQJHULOH VXIHULWH GH HQJOH]L vQ $PHULFD DX VDOYDW
PRQDUKLDFRQVWLWX&LRQDOGLQ$QJOLD'DFUHJHOHL&DPHUDVDLQFRPSDUDELODU
ILUHSXUWDWRYLFWRULHVDUILPHQ&LQXWJXYHUQDUHDSHUVRQDOLDFHDVWDDUILGXV
FD vQ )UDQ&D OD XQ FRQIOLFW UHYROX&LRQDU 'DU HHFXO PLOLWDU D JUELW FGHUHD
ORUGXOXL 1RUWK LDU GXS HO $QJOLD QX YD PDL DYHD JXYHUQH FDUH V UVSXQG
QXPDLvQ ID&DUHJHOXL&DELQHWHOHVHYRUQDWHLYRUFGHDGLQYRLQ&DPDMRULW&LL
&DPHUHL&RPXQHORU2FRPELQD&LH)R[1RUWKDOLDQ&LPRUDODGXUDWVFXUWYUH




PH7kQUXO3LWWDOGRLOHDILXDOOXL&KDWKDPFDUHVHDUWDVHODGRX]HFLLXQX
GH DQL QX QXPDL FD R DFKLH FDUH QX VDUH GHSDUWH GH WUXQFKL FL WUXQFKLXO
vQVXL DYHD V UHGHD JXYHUQULL SDUODPHQWDUH SUHVWLJLXO SLHUGXW (GXFDW GLQ
FRSLOULHGHWDWOVXHOvLIFXLQWUDUHDvQ&DPHUD&RPXQHORUvQWUXQPRGDWkW
GH VWUOXFLW F D L vQFHSXW V VH YRUEHDVF vQ OHJWXU FX HO GH FHOH PDL vQDOWH
IXQF&LL Q FRQWUDVW FX )R[ HO DSUHD FX WRDW WLQHUH&HD VD GH R GHPQLWDWH L R
SUXGHQ&PLQXQDWH'HODPDUHOH&KDWKDP3LWWPRWHQLVHRFLQVWHLUHSURDELOL
RDXWRULWDWHLUH]LVWLELO'HLLVHRIHUHDXWRWIHOXOGHVLQHFXUHHOWLXVUPkQ
VUDF&kQGFXWRDWvPSRWULYLUHDZKLJLORUUHJHOHvOIFXSH3LWWDWXQFLvQYkUVW
GHGRX]HFLLSDWUXGHDQLSULPPLQLVWUXSUHVWLJLXOHIXOXLGHJXYHUQvQWXQHF
vQ VFXUW YUHPH SUHVWLJLXO VXYHUDQXOXL 3LWW DYHD V JXYHUQH]H $QJOLD IU
vQWUHUXSHUH PDL ELQH GH GRX]HFL GH DQL L V DGXF vQ YLD&D SROLWLF R QRX L
SUH&LRDVFDOLWDWHSXULWDWHD


;,9'HQDUILVWUXLWDPLQWLUHDOXL&KDWKDPDUILIRVWSRDWHGHQHFRQFHSXW
DFHDVW SUHOXDUH D SXWHULL GH FWUH XQ DGROHVFHQW 'DU YLUWX&LOH SHUVRQDOH DOH OXL
3LWWDUILIRVWGHDMXQVVRMXVWLILFH/DGRX]HFLLSDWUXGHDQLDYHDvQ&HOHSFLXQHD
XQXLRPPDWXU(ODIFXWGLQWRU\XQDGHYUDWSDUWLGLQGHSHQGHQWGHFRURDQ
DYkQG IRQGXULOH VDOH HOHFWRUDOH WkUJXULOH L SURJUDPXO VX 3DFH HFRQRPLL
UHIRUPH (O D UHGDW IXQF&LHL GH SULPPLQLVWUX IRU&D L SUHVWLJLXO FX FDUH R
vQ]HVWUDVH :DOSROH 6D VWUGXLW V WDLH ZKLJLORU VSULMLQXO DFRUGDW GH PRQH\HG
PHQ$FRPEWXWFRUXS&LDDDGMXGHFDWvPSUXPXWXULOHFHORUPDLSXWHUQLFLOLFLWDQ&L
L D VWYLOLW FUHWHUHD GDWRULHL SXEOLFH SULQ vQILLQ&DUHD XQHL FDVH GH DPRUWL]DUH
%XJHWHOH OXL VXQW L DVW]L FLWDWH FD PRGHOH GH LQJHQLR]LWDWH 5HIRUPD VLVWHPXOXL
HOHFWRUDOLDUHXLWPDLSX&LQ&DPHUD&RPXQHORUHUDHYLGHQWQXPDLUHSUH]HQWD
&DUD3LWWDSURSXVRUHIRUPPRGHUDW(ODYRLWVUHSDUWL]H]HDSWH]HFLLGRX
GH ORFXUL /RQGUHL L FRPLWDWHORU FHORU PDL PDUL DFHVWH ORFXUL ILLQG RE&LQXWH SULQ
GHVILLQ&DUHDWkUJXULORUIUDOHJWRUL'DUXQDVWIHOGHSURLHFWOH]DSUHDPXOWHLQ
WHUHVHDIRVWUHVSLQV3LWWJXYHUQDVHSkQDWXQFLIUPDMRULWDWH/DDOHJHULOHGLQ
 vL vQYLQVH vQ SDUWH PXO&XPLW DXUXOXL PDJQD&LORU DQJORLQGLHQL SH )R[ L
SULHWHQLL VL FDUH DX F]XW FX ]HFLOH L DX IRVW VXSUDQXPL&L vQ DPLQWLUHD &U&LL
0DUWLULORUOXL)R[PDUWLULLOXL)R[$GYHUVDULLOXL3LWWDXFUH]XWFLSLHUGXWDWXQFL
FkQG UHJHOH *HRUJH DO ,,,OHD D vQFHSXW V GHD VHPQH HYLGHQWH GH QHEXQLH &kQG
VXYHUDQXO D DMXQV V LD FRSDFLL GLQ SDUF GUHSW UHJHOH 3UXVLHL D WUHEXLW V VH
QXPHDVF XQ UHJHQW 3ULQ&XO GH :DOHV vO SUHIHUD SH )R[ OXL 3LWW 'LQ IHULFLUH
SHQWUX DFHVWD GLQ XUP QHEXQLD UHJHOXL HUD FLFOLF L VXYHUDQXO vQFHSXVH VL
UHYLQ FkQG VD SURGXV HYHQLPHQWXO GHVSUH FDUH VD VSXV F D IRVW FHO PDL
LPSRUWDQWGLQLVWRULD$QJOLHLVHFROXOXLDO;9,,,OHDFGHUHD%DVWLOLHL




9,,
5(92/8%,$6,,03(5,8/


, 2ULFkW GH vQ&HOHS&L DU IL RDPHQLL GH VWDW VXQW PDL FXULQG WkUk&L GH
HYHQLPHQWH GHFkW OH FRQGXF HL 3LWW FDUH DYHD V GHYLQ FD L SULQWHOH VX XQ
PDUH PLQLVWUX GH U]ERL QX GRUHD QLPLF PDL PXOW GHFkW SDFHD ([FHOHQW
ILQDQFLDUVHSUHRFXSDPDLPXOWGHEXJHWHGHFkWGHDUPDWQWRDWSHULRDGDGH




vQFHSXW D PLQLVWHULDWXOXL VX $QJOLD D FXQRVFXW R HSRF GH SURVSHULWDWH

FRPHUFLDO'LQSkQvQH[SRUWXOHQJOH]VDULGLFDWGHOD]HFHPLOLRDQH
ODRSWVSUH]HFHPLOLRDQHGHOLUHQREOLJD&LLOHSXEOLFHFXGREkQGGHHUDX
OD FRWD  vQ  OD SHVWH  Q DFHHDL SHULRDG 3LWW vQFHUFD V LPSXQ
SULHWHQLORUVLWRU\RSROLWLFJHQHURDV'DFQDUILGHSLQVGHFkWGHHOFDWROLFLLL
QRQFRQIRUPLWLL DU IL IRVW VFXWL&L GH FODX]HOH vQYHFKLWH GLQ 7HVW $FW (O D RE&LQXW
FkWHYD PVXUL SDU&LDOH vQ IDYRDUHD ORU GDU VD ORYLW FkQG D YUXW V PHDUJ PDL
GHSDUWHGHRSR]L&LDHSLVFRSLORUDQJOLFDQL&kQGvQDIFXWXQLUHD,UODQGHL
LD0DULL%ULWDQLLIXULQG5HJDWXO8QLWDO0DULL%ULWDQLLLDO,UODQGHLDUILYUXW
VSURFODPHLDFRORHPDQFLSDUHDFDWROLFLORULVLDXWRUL]HVILHUHSUH]HQWD&LvQ
SDUODPHQWXOGLQ:HVWPLQVWHUGLQQHIHULFLUHQXDSXWXWFRQYLQJHQLFLSHVXYHUDQ
QLFL SDUWLGXO VX L R PLQRULWDWH SURWHVWDQW D FRQWLQXDW vQ GLVSUH&XO RULFUHL
MXVWL&LLLDORULFUHLSUXGHQ&HVUHSUH]LQWH,UODQGD'DURUHDF&LHDQWLLDFRELQD
FUHDWDWXQFLvQSDUODPHQWXOHQJOH]RVWDUHGHVSLULWRVWLOWXWXURUUHIRUPHORU


,,5HYROX&LDIUDQFH]ODvQFHSXWXULOHHLDIRVWJUHXGHvQ&HOHVSHQWUXHQJOH]L
(L QX VDX DWHSWDW OD DVHPHQHD YLROHQ& GHRDUHFH QLFL QDWXUD QLFL FDX]HOH
UHYROX&LHLQXOHHUDXFXQRVFXWHQ$QJOLDvQWUHDULVWRFUD&LDIXQFLDULDUHQGDL
SH GH R SDUWH vQWUH FXUWH L QHJXVWRULL GLQ &LW\ SH GH DOWD QX VH QVFXVH DFHD
XUSXWHUQLFSHFDUHRSURYRDFH[LVWHQ&DFDVWHORUvQFKLVH,QHJDOLWDWHDHUDPDUH
GDUWDOHQWHOHDYHDXFDOHDGHVFKLVvQID&DORULOHJLOHHUDXDSOLFDELOHWXWXURU'LQ
 SkQ vQ  HQJOH]LL vL vQFKLSXLU GH EXQ FUHGLQ& F IUDQFH]LL YRU
DGRSWD IU JUDYH WXOEXUUL LQVWLWX&LLOH DQDORJH FHORU GLQ 0DUHD %ULWDQLH &kQG
DIO GH FGHUHD %DVWLOLHL )R[ GHFODU ,DW HYHQLPHQWXO FHO PDL LPSRUWDQW GLQ
LVWRULD OXPLL L FHO PDL IHULFLW L FD GkQVXO JkQGHDX PXO&L ILOR]RIL VDYDQ&L L
VFULLWRUL &KLDU L 3LWW D UHIX]DW OD vQFHSXW V LD SR]L&LH vPSRWULYD UHYROX&LHL DD
FXPIFHDXVXYHUDQLLGHSHFRQWLQHQW'LQFRQWUDHSRVLELOFDLIDYRUL]DWRQ
SUHUHDOXLFDLDvQWUHJLL$QJOLLWRU\DIRVWFRSXWHUHULYDODYHDVILH
VOELW GLQ FDX]D GLVHQVLXQLORU LQWHUQH L F YD LHL UHJHQHUDW GLQ DFHDVW
IXUWXQ %XUNH JkQGHD L VFULD F SHQWUX PXOW YUHPH IRU&HOH U]ERLQLFH DOH
)UDQ&HLYRUILDQLKLODWH0DLHUDXFkWHYDOXQLSkQOD9DOP\Fk&LYDDQLSkQOD
%RQDSDUWHQ3LWWUHGXFHDIORWDHQJOH]ODGRXPLLGHPDULQDULLVSXQHD
&X VLJXUDQ& F QLFLRGDW vQ LVWRULD DFHVWHL &UL QD H[LVWDW R HSRF vQ FDUH
VLWXD&LD (XURSHL V vQJGXLH PDL PXOW VSHUDQ&D vQWUR SDFH GH FLQFLVSUH]HFH DQL
FDvQFOLSDGHID&3URIH&LLOHVXQWSULPHMGLRDVHSHQWUXSURIH&L


,,, ([HFXWDUHD OXL /XGRYLF DO ;9,OHD L RFXSDUHD %HOJLHL DX WUDQVIRUPDW
DFHDVWEXQYRLQ&RSWLPLVWvQWURRVWLOLWDWHGHFODUDW2GDWFXWHURDUHDWRDWH
VLPSDWLLOHFODVHORUJXYHUQDQWHGLQ$QJOLDVHvQGUHSWDUVSUHPRQDUKLDUVWXUQDW
L SXWHULOH HXURSHQH FDUH DWDFDX UHYROX&LD 1X UPkQ IDYRUDELOL )UDQ&HL
UHYROX&LRQDUH GHFkW UHSXEOLFDQLL UDGLFDOL FD 3DLQH L XQ PLF QXFOHX GH ZKLJL
UHIRUPLWL JUXSD&L vQ MXUXO OXL )R[ 6KHULGDQ L *UH\ QVXL %XUNH D UHVLP&LW
DWXQFL ID& GH UHYROX&LH XQ VHQWLPHQW GH XU FDUH SUHD XQHRUL D VH WUDQVIRUPD
vQWURLGHHIL[$WLWXGLQHDFODVHORUGLULJXLWRDUHVDUPDLSXWHDH[SOLFDSULQJURD]
L WHDP 'DU DWLWXGLQHD SRSRUXOXL H GHD GUHSWXO VXUSULQ]WRDUH 'H FH RDUH
PXQFLWRULL L &UDQLL HQJOH]L VDX OVDW DWkW GH JUHX FRQWDPLQD&L GH LGHLOH

 /RFDOLWDWH GLQ UVULWXO )UDQ&HL XQGH OD  VHSWHPEULH  IRU&HOH UHYROX&LRQDUH DX UHVSLQV
LQYD]LDDUPDWHLDXVWURSUXVLHQH




UHYROX&LRQDUH"


,9 1X vQ IHULFLUHD SRSRUXOXL HQJOH] IHULFLUH FDUH OD VIkULWXO VHFROXOXL DO
;9,,,OHD IXVHVH FRPSURPLV SULQWUR UHYROX&LH DJULFRO L LQGXVWULDO WUHEXLH
FXWDWH[SOLFD&LDDFHVWXLIHQRPHQFLSULQWUHXUPWRDUHOHFDX]HD&XPVDPDL
DUWDW vQ $QJOLD R DQXPLW LGHQWLWDWH GH PRUDYXUL DSURSLD SH VHQLRUL GH &UDQL
6HQLRUXOIUDQFH]vLSVWUDVHSULYLOHJLLOHDWXQFLFkQGvLSLHUGXVHIXQF&LLOH(OQX
PDL FRQGXFHD  VSXQH 7RFTXHYLOOH  GDU SUH]HQ&D VD vQ SDURKLH vPSLHGLFD V VH
VWDELOHDVF vQ ORFXO DGPLQLVWUD&LHL VDOH R EXQ DGPLQLVWUDUH SDURKLDO %UDQXO
HQJOH] HUD SRDWH WRW DD GH VUDF FD L &UDQXO IUDQFH] GDU FX VLJXUDQ& VH
FUHGHDPDLOLEHUE)UDQ&DILLQGGXPDQXOHUHGLWDURULFHLGHHFDUHSRUQHDGHOD
HD SUHD VXVSHFW RULFH LQYHFWLY vPSRWULYD HL JVHD R UH]RQDQ& vQ LQLPLOH
HQJOH]LORU F 1DWXUD SULQFLSLLORU GH OD  HUD FRQWUDU VSLULWXOXL HQJOH] Q
DGXQULOH IUDQFH]H RDPHQL DL OHJLL L RDPHQL GH OLWHUH UHGDFWDVHU GHFODUD&LL
DEVWUDFWH HQXPHUDVHU GUHSWXULOH RPXOXL SDUDIUD]DVHU &RQWUDFWXO VRFLDO 1X
LQWUX vQ DFHVWH GLVWLQF&LL PHWDIL]LFH  VSXQHD %XUNH  8UVF SkQ L FXYLQWHOH
FDUHOHGHVHPQHD]LDOWGDW1LFLRSUREOHPPRUDOQXSRDWHILRSUREOHP
DEVWUDFW G 5HYROX&LD IUDQFH] GLVWUXJHD HGLILFLXO FRQVWUXLW vQ FXUVXO VHFROHORU
GH FWUH PRQDUKLH L YRLD V ULGLFH XQ DOW HGLILFLX IRORVLQG QXPDL PDWHULDOHOH
IXUQL]DWH GH UD&LXQH 2U JkQGLUHD HQJOH]XOXL D IRVW L UPkQH HVHQ&LDOPHQWH
LVWRULF%XUNHUHSHWDVXEPLLGHIRUPHFRPXOQXSRDWHWULGLQPLFXOFDSLWDODO
UD&LXQLLVDOHLFLQGLYLGXOWUHEXLHVFHDURDUHFDUHFUHGLWGHvQ&HOHSFLXQHEQFLL
IRQGDWHvQFXUVXOYUHPXULORUGHQHQXPUDWHOHJHQHUD&LLGHRDPHQLHQVIkULW
RUHYROX&LHUHOLJLRDVUHYROX&LDPHWRGLVWYHQHDVGHDRQRXKUDQVSLULWHORUvQ
$QJOLD5HYROX&LDIUDQFH]HUDGHLVWDQWLFUHWLQDFHDVWWUVWXURFRQGDPQD
vQRFKLLFODVHORUPLMORFLLLSRSXODUHFURUDOHHUDIULFVLSLDUGUHOLJLDDD
FXPYLROHQ&DHLRFRQGDPQDvQRFKLLDULVWRFUD&LORUFURUDOHHUDIULFVLSLDUG
YLD&D


9 QFHSkQG GLQ  SDUWLGXO ZKLJ GHVSU&LW vQ GRX vQFHW V PDL
FRQWH]HLVHIRUPRFRDOL&LHQD&LRQDOvQMXUXOOXL3LWWSHQWUXDOXSWDvPSRWULYD
FRQWDJLXQLL LGHLORU UHYROX&LRQDUH L vPSRWULYD VSLULWXOXL FXFHULWRU DO UHYROX&LHL
IUDQFH]H /D /RQGUD DJHQWXO IUDQFH] &KDXYHOLQ FRPSORWD vPSUHXQ FX FHL
QHPXO&XPL&LvLD&k&DSHLUODQGH]LvQFHUFDVGH]RUJDQL]H]HDUPDWDLVHVWUGXLD
V SUHJWHDVF R UHYROX&LH HQJOH] 5HDF&LD D IRVW SXWHUQLF 6DX UHVWUkQV SULQ
OHJHGUHSWXULOHVWULQLORU+DEHDVFRUSXVDIRVWVXVSHQGDWSXEOLFDUHDSDPIOHWHORU
DVSUXSHGHSVLWQILHFDUHVDWVHIRUPDXDVRFLD&LLORLDOLVWH7RWXLHQJOH]LLQDUIL
GHFODUDW FXP DX IFXW PRQDUKLL FRQWLQHQWDOL XQ U]ERL GH SULQFLSLX UHYROX&LHL
IUDQFH]HGDFDFHDVWDQDUILIRVWDJUHVLY$WkWDWLPSFkWOXFUXODSUXWSRVLELO
3LWWvLDILUPGRULQ&DGHDUPkQHVSHFWDWRULGHDVHEXFXUDGHQHXWUDOLWDWH$
GDWGRYDGGHRPDUHUEGDUHQHIFkQGXQFD]GHU]ERLGLQFGHUHD$QYHUVXOXL
&kQG &RQYHQ&LD LD DVLJXUDW SH GHOHJD&LL UHYROX&LRQDUL HQJOH]L F VH DSURSLH ]LXD
FkQG)UDQ&DYDSXWHDGDDMXWRUXQHL$GXQULQD&LRQDOHD$QJOLHL3LWWDWROHUDWL
DFHDVW SURYRFDUH 'DU FkQG )UDQ&D D KRWUkW V GHVFKLG QDYLJD&LD SH 6FKHOGH
UkXO$QYHUVXOXLLVUXLQH]HDVWIHOSRUWXULOHRODQGH]HDWUHEXLWVDF&LRQH]H8Q
WUDWDW VROHPQ GGHD DVLJXUUL 2ODQGHL vPSRWULYD XQHL DVHPHQHD DPHQLQ&UL 3LWW
vQVXL vO FRQILUPDVH vQ PRG VROHPQ vQ  LDU JXYHUQXO IUDQFH] vQ 

'HIDSWWUDWDWXOVDvQFKHLDWvQOXQDPDLQ3LWWQLFLQXHUDODSXWHUH




&RQYHQ&LD QD&LRQDO IUDQFH] QX QHJD H[LVWHQ&D WUDWDWXOXL GDU VXV&LQHD F
QHFHVLW&LOH ILUHWL VXQW PDL WDUL GHFkW FRQWUDFWHOH 5]ERLXO FX )UDQ&D GHYHQHD
LQHYLWDELO3LWWVHPkQJkLDFXLGHHDFGLQPRWLYHILQDQFLDUHRDVWIHOGHFDPSDQLH
YDILGHVFXUWGXUDW'DUU]ERLXODYHDV&LQGRX]HFLGHDQL


9, 1DWXUD DFHVWXL U]ERL HVWH GHVWXO GH VLPSO /D vQFHSXW $QJOLD
XUPkQGXL SROLWLFD WUDGL&LRQDO LD DSUDUHD DOLD&LORU RODQGH]L 6H RSXQH FD
$QYHUVXO L %HOJLD V UPkQ vQ PkLQLOH XQHL PDUL SXWHUL HXURSHQH &XFHUHWH
FRORQLLQRLLOHDSUSHFHOHYHFKLQGHRVHELVXV&LQHRFDPSDQLHJUHDvQ$QWLOH
XQGH SLHUGH SDWUX]HFL GH PLL GH RDPHQL PDL PXOW GLQ SULFLQD EROLORU GHFkW vQ
OXSWHOH SURSULX]LVH FDPSDQLH FDUH VH MXVWLILF QXPDL SULQ LPSRUWDQ&D DFRUGDW
DWXQFLSODQWD&LLORUGHWUHVWLHGH]DKUSXWHUQLFVXUVGHERJ&LH$SRLvQFHSkQG
GLQ PRPHQWXO vQ FDUH 1DSROHRQ GRPLQ VFHQD RELHFWLYXO $QJOLHL QX PDL HVWH
YLFWRULD DVXSUD FXWUHL VDX FXWUHL &UL FL vQIUkQJHUHD FXFHULWRUXOXL FDUH
DPHQLQ&VGLVWUXJvQ(XURSDHFKLOLEUXOSXWHULL3HQWUXDWUHLDRDUvQLVWRULH
HD FRPEDWH FHD PDL PDUH SXWHUH GH SH FRQWLQHQW OXSWD vPSRWULYD OXL 1DSROHRQ
GHYLQH XUPDUHD ILUHDVF D OXSWHORU vPSRWULYD OXL )LOLS DO,,OHD L D OXL /XGRYLF DO
;O9OHD


9,,0HWRGHOHGHU]ERLDOH$QJOLHLQXVHVFKLPEPDLPXOWGHFkWRELHFWLYHOH
VDOHQDLQWHGHWRDWHHDXUPUHWHVXSUHPD&LDSHPDUHLRRE&LQHSHQWUXFDUH
RPDULQSXWHUQLFLXQFRUSGHH[FHOHQ&LDPLUDOL+RRG-DUYLV1HOVRQFDUHDX
GREkQGLW FX WR&LL vQ U]ERLXO FX $PHULFD H[SHULHQ&D OXSWHORU QDYDOH &RQWUDU
FHORU FH VH vQWkPSO vQ DUPDWD EULWDQLF vQ PDULQ FRPSHWHQ&D L QX RULJLQHD
VRFLDOGGUHSWXOODFRPDQGDVXSUHP&ROOLQJZRRGHVWHILXOXQXLQHJXVWRUGLQ
1HZFDVWOH 1HOVRQ DO XQXL SDVWRU GH &DU )ORWD HQJOH] DYHD R VXSHULRULWDWH
FDSLWDO DVXSUD FHORUODOWH PDULQH DOH FRQWLQHQWXOXL .HPSHUIHOGW R GRWDVH UHFHQW
FXDFHDFDUWHGHVHPQDOHJUD&LHFUHLDGHYHQHDvQVIkULWSRVLELOFDXQDPLUDO
VFRQGXFYDVHOHVDOHFKLDUvQWLPSXOOXSWHORU6XSUHPD&LDDVXSUDPULORUDYHD
V vQJGXLH $QJOLHL V UHVSLQJ RULFH LQYD]LH VL WUDQVSRUWH WUXSHOH RULXQGH
JVHWHFLXWLOLvQVIkULWVvPSLHGLFHRULFHQDYGHDSURYL]LRQDUHVDMXQJ
vQSRUWXULOHLQDPLFH


9,,,QDFHODLWLPSvQFDUHUHFXUJHODIORW$QJOLDUHFXUJHLODRDOWDUP
IDYRULW VXEYHQ&LLOH DFRUGDWH XQRU FRDOL&LL FRQWLQHQWDOH 0HWRGD SDUH SHQLELO L
%RQDSDUWH D YRUELW FX GLVSUH& GH DXUXO OXL 3LWW 'DU $QJOLD QX DYHD GHFkW ]HFH
PLOLRDQH GH ORFXLWRUL SH FkQG )UDQ&D DYHD GRX]HFL L DSWH GH PLOLRDQH 0DL
SX&LQERJDWvQRDPHQLDYHDQHYRLHGHPDULQDULFKLDUPDLPXOWGHFkWGHVROGD&L
HUDGHVWXOGHILUHVFFDSHQWUXU]ERLXOSHFRQWLQHQWVvQFHUFHDJVLPHUFHQDUL
(D DMXW VWDWHOH FRDOL]DWH vQ GRX IHOXUL SULQ GDUXUL GLUHFWH L vPSUXPXWXUL
DXWRUL]DWH Q UHDOLWDWH FHOH GRX PHWRGH HUDX LGHQWLFH FFL QLFLRGDW QDX IRVW
DFKLWDWH QLFL GREkQ]LOH QLFL FDSLWDOXO GDWRULLORU GH U]ERL Q WRWDO VXEYHQ&LLOH
DFRUGDWH GH 3LWW (XURSHL VDX XUFDW GLQ  SkQ vQ  OD ]HFH PLOLRDQH GH
OLUH 'DWRULD SXEOLF D $QJOLHL D FUHVFXW GLQ  SkQ vQ  FX WUHL VXWH
WUHL]HFL L SDWUX GH PLOLRDQH GLQ FDUH YLVWLHULD QX D vQFDVDW GHFkW GRX VXWH GH
PLOLRDQH FFL REOLJD&LLOH SXEOLFH FX GREkQG GH  QX PDL FRWDX vQ  GHFkW
 GLQ YDORDUHD ORU 3LWW D WULSODW WRDWH LPSR]LWHOH D IFXW DSHO OD R FRQWULEX&LH
YROXQWDULvQVIkULWDIL[DWXQLPSR]LWDVXSUDYHQLWXULORUSHRED]H[WUHPGH




ODUJ DO FUXL FXDQWXP VH ULGLFD OD FLUFD  Q YHGHUHD DFHVWXL U]ERL &DUD D
WUHEXLWGLQQRXVVHvQFRUGH]HGLQUVSXWHULLQXPDLLPHQVHOHVDOHERJ&LLLDX
vQJGXLW V PHQ&LQ XQ HIRUW FDUH D SXVR vQ XQHOH PRPHQWH ID& vQ ID& FX
vQWUHJXOFRQWLQHQW


,; QFHSXWXO U]ERLXOXL D IRVW QHIHULFLW SHQWUX $QJOLD 5HYROX&LD FUHDVH XQ
QRXLSXWHUQLFWLSGHDUPDW6LVWHPXOIUDQFH]GHUHFUXWDUHDGXQDVSHFLPHQHOH
PLMORFLL GLQ WRDWH FODVHOH SH FkQG DUPDWD QRDVWU HUD FRPSXV GLQ GURMGLD
VRFLHW&LLDVSXVPDLWkU]LX:HOOLQJWRQ3HPDUHVSDQLROLLLDSRLRODQGH]LLVDX
DOWXUDWIUDQFH]LORU$QJOLDVHYHGHDH[FOXVGLQ0HGLWHUDQDFHHDFHRSULYDGHR
PDUHSDUWHGLQPLMORDFHOHVDOHGHSUHVLXQHDVXSUDSXWHULORUFRQWLQHQWDOH$&k&D&L
GH LGHLOH GH HJDOLWDWH SUHGLFDWH vQ (XURSD PDULQDULL GLQ IORWD HQJOH] VDX
UVFXODW )XVHVHU WRWGHDXQD SURVW SOWL&L SURVW KUQL&L SURVW WUDWD&L Q 
FkWHYDHFKLSDMHLDXDOXQJDWSHRIL&HULLDXDUERUDWGUDSHOXOURX(UDPRPHQWXO
vQ FDUH GXS SDWUX DQL GH U]ERL FRQWLQHQWXO IFHD SDFH FX )UDQ&D $QJOLD HUD
L]RODW,UODQGDvQSOLQUHYROWIORWDU]YUWLW'DFDFHDVWLQVXUHF&LHDUILIRVW
FXQRVFXWGHGXPDQL$QJOLDDUILIRVWSLHUGXW3LWWLQVXOWDWSHVWU]LOH/RQGUHL
DWUHEXLWVLDVLJXUHRSD]'DUVLWXD&LDDIRVWUHVWDELOLWJUD&LHXQXLDPHVWHF
GHVWXO GH HQJOH]HVF GH DVSULPH L LQGXOJHQ& 5]YUWL&LL VH WUDQVIRUPDU vQ
vQYLQJWRUL %WOLD GH OD &DSXO 6mR 9LFHQWH  LL VFS SH 3LWW GH IORWD
VSDQLRO FHD GH OD &DPSHUGRZQ GH IORWD RODQGH] 9D SXWHD HO RDUH V
UHFXFHUHDVF 0HGLWHUDQD" 'H FkQG SLHUGXVH 0LQRUFD $QJOLD QX PDL DYHD QLFL R
ED] vQ PDUHD DFHDVWD GH XQGH LPSRUWDQ&D SH FDUH R DYHD SHQWUX HD SRUWXO
7RXORQSHFDUHOFDSWXUGDUFDUHIXUHOXDWGHIUDQFH]L%RQDSDUWHvQGUXPVSUH
(JLSWFXFHULLQVXOD0DOWDFHDPDLEXQGLQWUHED]HOHQDYDOHDOHDFHORUWLPSXUL
LVHFUH]XDVLJXUDWFYDSXWHDUHIDFHvQ2ULHQWLPSHULXOOXL$OH[DQGUX'DUQLFL
R FXFHULUH GLQFROR GH PUL QX SRDWH IL SVWUDW GH R SXWHUH FDUH LD SLHUGXW
VXSUHPD&LDQDYDO)ORWDOXL%RQDSDUWHILLQGGLVWUXVGH1HOVRQvQUDGDSRUWXOXL
$EXNLU$QJOLDDFSWDWvQXUPDDFHVWHLEWOLL0DOWDL2ULHQWXO6SULMLQLQGXVH
SH0DOWDLSHDOLD&LLVLGLQ1HDSROH1HOVRQDSXWXWH[HUFLWDRSUHVLXQHDVXSUD
$XVWULHL DOH FUHL SRVHVLXQL LWDOLHQH OH DPHQLQ&D 2 GDW PDL PXOW VWSkQLUHD
0HGLWHUDQHLDYHDVLvQJGXLH$QJOLHLVIRUPH]HRFRDOL&LHFRQWLQHQWDO


; 'DF $QJOLD HUD vQYLQJWRDUH SH PDUH %RQDSDUWH UPkQHD LQYLQFLELO SH
XVFDWQFGLQVHJkQGHDVLQWHU]LFSHUILGXOXL$OELRQDFFHVXOODSLH&HOH
FRQWLQHQWDOH6HvQMJKHEROLJGHQHXWUDOLWDWHDUPDWvQWUHSXWHULOHVFDQGLQDYH
3UXVLD L 5XVLD SHQWUX D SURWHVWD vPSRWULYD GUHSWXOXL GH SHUFKH]L&LH SH FDUHO
SUHWLQGHDX HQJOH]LL 3HQWUX D GH]DJUHJD DFHDVW OLJ FDUH SXWHD OLSVL 0DUHD
%ULWDQLH GH PDWHULL SULPH LQGLVSHQVDELOH IORWHL VDOH FKHUHVWHD SkQ] IUkQJKLL
1HOVRQ D DWDFDW IORWD GDQH] /LJD QRUGXOXL VD SUEXLW SURLHFWXO EORFDGHL D
GHYHQLW KLPHULF 3ULPXO &RQVXO L SULPXO PLQLVWUX vL FXQRWHDX DFXP OLPLWHOH
IRU&HORU ORU UHVSHFWLYH 3DFHD VH LPSXQHD (D HUD vQJUHXLDW GH SR]L&LD FULWLF L
GRFWULQDU D $QJOLHL ID& GH VLVWHPXO IUDQFH] 1XPDL )R[ vL GGHD VHDPD GH
PUH&LDOXL%RQDSDUWHQRFKLLWRU\ORUHOQXHUDGHFkWXQEDQGLWFRUVLFDQGHVSUH
FDUH FLUFXODX FHOH PDL DEVXUGH OHJHQGH *UHQYLLOH vL VFULD SH XQ WRQ LQVROHQW OXL
7DOOH\UDQG F JXYHUQXO PDLHVW&LL VDOH QX SXWHD DYHD vQFUHGHUH vQ DVLJXUULOH GH
SDFHDOHSULPXOXLFRQVXO3ROLWLFSX&LQUH]RQDELOGDF%RQDSDUWHQXHUDVLQFHU
vQGRULQ&DVDGHSDFHVLQJXUXOPLMORFGHDGRYHGLQHVLQFHULWDWHDVDHUDDFFHSWDUHD
SFLLQ3LWWQHSXWkQGRE&LQHDFRUGXOUHJHOXLSHQWUXDGPLWHUHDFDWROLFLORU




LUODQGH]L vQ SDUODPHQW D SUVLW SXWHUHD $GGLQJWRQ FDUH LD XUPDW 3LWW H ID&
GH $GGLQJWRQ FXP H /RQGUD ID& GH 3DGGLQJWRQ VH FkQWD SH DWXQFL D GXV
WUDWDWLYH L D VHPQDW SDFHD GH OD $PLHQV  (UD R JUDY vQIUkQJHUH
GLSORPDWLFD$QJOLHL(DSVWUFkWHYDFXFHULULPDLvQGHSUWDWHFD&H\ORQXOGDU
)UDQ&DUPkQHDvQSRVHVLDPDOXOXLVWkQJDO5LQXOXLLD%HOJLHLVLWXD&LHSHFDUH
$QJOLD R VXSRUWD FX DWkW PDL SX&LQ FX FkW %RQDSDUWH vQFHSX V FDXWH LPHGLDW
PLMORDFHOH GH D WUDQVIRUPD SRUWXO $QYHUV vQWUR ED] QDYDO L PLOLWDU Q
0HGLWHUDQD $QJOLD UHQXQ&D OD 0LQRUFD L IJGXLD V UHVWLWXLH &DYDOHULORU
0DOWD FHHD FH DU IL OLSVLWR GLQ QRX GH RULFH ED] QDYDO (D D WUHEXLW V GXF
WUDWDWLYH FX RULFH SUH& FFL DYHD QHYRLH GH XQ UJD] RULFkW GH VFXUW 'DU SH
FkQGvQRFKLLOXL%RQDSDUWHSDFHDGHOD$PLHQVHUDRSDFHILQDOvQRFKLLOXL3LWW
HDQXHUDGHFkWXQDUPLVWL&LX'REkQGLUHDGHFWUH)UDQ&DD/RXLVLDQHLH[SHGL&LD
GLQ6DQ'RPLQJRDOLDQ&DFX2ODQGDDXVIkULWSULQDLVXSUDSHHQJOH]L


;, 'H IDSW QLPHQL QD UHVSHFWDW WUDWDWXO GH OD $PLHQV $QJOLD D SVWUDW
0DOWD %RQDSDUWH GHL SURPLVHVH F YD UHVSHFWD VWWX TXRXO HXURSHDQ GHYHQLW
HIXO 5HSXEOLFLL ,WDOLD DQH[ 3LHPRQWXO LPSXVH SURWHFWRUDWXO VX (OYH&LHL L
SUH]LG OD WUDQVIRUPDUHD *HUPDQLHL 0RQLWRUXO D SXEOLFDW XQ UDSRUW DPHQLQ&WRU
FXSULYLUHODRPLVLXQHFRPHUFLDODFRORQHOXOXL6pEDVWLDQLvQ2ULHQW(QJOH]LLDX
DIODWDVWIHOFSULPXOFRQVXOQXUHQXQ&DQLFLOD(JLSWQLFLOD,QGLDKRWUkUHDORU
GH D SVWUD 0DOWD vQ GLVSUH&XO WUDWDWHORU D GHYHQLW L PDL IHUP 'XS XQ
XOWLPDWXP DO OXL $GGLQJWRQ vQ  RVWLOLW&LOH IXU UHOXDWH 'H DVW GDW
%RQDSDUWHYLVkQGVORYHDVFGLUHFWvQ$QJOLDDDGXQDWOD%RXORJQHRDUPDWGH
GHEDUFDUHGHGRXVXWHGHPLLGHRDPHQLLDHFKLSDWRIORWLOGHQDYHFXIXQGXO
SODWSHQWUXDLWUDQVSRUWDDUPDWDGLQFRORGH&DQDOXO0kQHFLL3HQWUXDUHXLLDU
ILWUHEXLWFDRGLQLRDUGXFHOXLGH3DUPDLPDLUHFHQWOXL&KRLVHXORHVFDGU
FDUHVRFURWHDVFWLPSGHFHOSX&LQFkWHYDRUHWUDQVERUGDUHDWUXSHORU2UIORWHOH
IUDQFH] L VSDQLRO HUDX EORFDWH vQ SRUWXULOH 7RXORQ 5RFKHIRUW %UHVW &DGL[ GH
FWUH 1HOVRQ &RUQZDOOLV L &ROOLQJZRRG 3kQ vQ YDUD DQXOXL  HOH UPDVHU
DFROR QHSXWLQFLRDVH LQFDSDELOH V DVFXOWH GH RUGLQHOH GH FRQFHQWUDUH SH FDUH OH
GGHD vPSUDWXO 'HYHQLVH vPSUDW vQ PDUWLH  Q RFWRPEULH GXS FH
1DSROHRQ UHQXQ&DVH OD SURLHFWHOH VDOH GH LQYDGDUH D $QJOLHL L vO IRU&D SH
DXVWULDFXO 0DFN V FDSLWXOH]H OD 8OP vQIUkQJHUHD QDYDO IUDQFRVSDQLRO GH OD
7UDIDOJDU XOWLPD PDUH EWOLH D FRUELLORU FX SkQ]H vQ FXUVXO FUHLD D SLHULW
1HOVRQ D GDW $QJOLHL SHQWUX XQ VHFRO VWSkQLUHD QHFRQWHVWDW DVXSUD PULORU
)ORWD GDQH] D IRVW FDSWXUDW vQ  OD &RSHQKDJD vQ WLPS GH SDFH GH FWUH
HQJOH]LFDUHDXQLPLFLWDVWIHOXOWLPHOHIRU&HPDULWLPHGLQ(XURSD


;,, 'XS 7UDIDOJDU L vQ WRW GHFXUVXO VHFROXOXL DO ;O;OHD LGHHD GH D DWDFD
IORWD HQJOH] YD DSUHD DEVXUG WXWXURU HILORU GH VWDW L FKLDU L OXL 1DSROHRQ
'DUGDFVXSUHPD&LDQDYDODPHWURSROHLHVWHRFRQGL&LHQHFHVDUGHVWDELOLWDWHD
LPSHULLORUFRORQLDOHDFHDVWVXSHULRULWDWHQXDMXQJHSHQWUXDUH]ROYDSUREOHPHOH
FRQWLQHQWDOH /D 7UDIDOJDU 1DSROHRQ LD SLHUGXW FRORQLLOH L RULFH VSHUDQ& GH D

2UGLQXOFDYDOHULORULRDQL&LVDXRVSLWDOLHULVHUHWUVHVHSHUkQGGLQID&DWXUFLORUVHOJLXFL]LDSRL
D FHORU RWRPDQL vQ LQVXOD &LSUX DSRL 5KRGRV  L vQ FHOH GLQ XUP SH OD  vQ
LQVXOD0DOWDGHXQGHLQXPHOHGHRUGLQXO&DYDOHULORUGH0DOWD
 6FSDUH LQH[SOLFDELO SHQWUX XQ DXWRU IUDQFH] 1DSROHRQ VD SURFODPDW vPSUDW SULQWUXQ
VHQDWXVFRQVXOWGLQPDLXUPDWGHXQSOHELVFLWDOFUXLUH]XOWDWIDYRUDELODIRVWDQXQ&DW
RILFLDOODQRLHPEULHXUPkQGFHOHEUXODFWDOvQFRURQULLODGHFHPEULH



SXQHPkQDSHGUXPXOVSUH,QGLDHOYDUPkQHWRWXLVWSkQXO(XURSHLQ]DGDU
3LWW FDUH UHYHQLVH OD SXWHUH YD SXQH SH SLFLRDUH R FRDOL&LH GXS DOWD $ GRXD ]L
GXS$XVWHUOLW]DWUHEXLWVLUHFXQRDVFQHSXWLQ&D$WXQFLDVSXVHODUWkQGR
KDUWD(XURSHL6WUkQJH&LKDUWDDVWDQXYDPDLILEXQWLPSGH]HFHDQLGHD]L
vQDLQWHQPXULGHVXUPHQDMLDPUFLXQHPXUPXUkQG2&DUDPHDvQ
FHVWDUHvPLODV&DUD


;,,, Q GXHOXO GLQWUH 3LWW L 1DSROHRQ 3LWW vQYLQVHVH SH PDUH vPSUDWXO SH
XVFDW6WSkQSH$XVWULDL3UXVLDDOLDWFX5XVLD1DSROHRQDYHDVvQFHUFHDFXP
V DWLQJ vQ PRG LQGLUHFW SXWHUHD QDYDO L FRPHUFLDO D $QJOLHL LQWHU]LFkQG
YDVHORU HQJOH]H DFFHVXO vQ SRUWXULOH FRQWLQHQWDOH 'HFUHWXOXL GLQ %HUOLQ FDUH
SURFODPD EORFDGD FRQWLQHQWDO $QJOLD LD UHSOLFDW SULQ 2UGLQHOH vQ &RQVLOLX L D
RSULW RULFH FRPHU& PDULWLP FDUH QX WUHFHD SULQ SURSULLOH VDOH SRUWXUL FKLDU L
FRPHU&XO 6WDWHORU 8QLWH 0VXULOH DFHVWHD DX IRVW GH R SDUWH L GH DOWD SULFLQD
XQRUPDULVXIHULQ&H(OHDXGXVODXQU]ERLvQWUH$QJOLDL6WDWHOH8QLWH
(XURSD QX VH SXWHD OLSVL GH SURGXVHOH HQJOH]HWL L FRORQLDOH FRQWUDEDQGD VH
GHVIXUDSHVFDUXQLYHUVDOLSURILWXULOHHUDXDWkWGHPDULvQFkWFHOHPDLDVSUH
SHGHSVH QDX SXWXW VR VWYLOHDVF PSUDWXO vQVXL D WUHEXLW V LPSRUWH SULQ
IUDXG PDQWDOH PLOLWDUH GHVWLQDWH 0DULL $UPDWH ,QGXVWULLOH FRQWLQHQWDOH FD GH
SLOGFHDGHEXPEDFFDUHDYHDXQHYRLHGHPDWHULLSULPHDGXVHGLQDOWH&ULVDX
Y]XWUXLQDWHvQIRORVXOFRQFXUHQ&HLHQJOH]HQVFKLPE$QJOLDVXIHUHDGHRFUL]
LQGXVWULDOLFRPHUFLDO(XURSDOLSVLWGHSURGXVHFXFDUHVHRELQXLVHWXWXQ
]DKU vQFHDUF V OH FXOWLYH HD vQVL =DKUXO GLQ VIHFO D vQORFXLW SH FHO GLQ
SODQWD&LLOH $QWLOHORU DGXFkQG LPHQVH SDJXEH FRORQLLORU EULWDQLFH Q 
$QJOLDDIRVWEkQWXLWGHXQRPDMGHSURSRU&LLJUDYHLDXDYXWORFUVFRDOHFDUH
DPHQLQ&DX V LD SURSRU&LL 'DF &DUXO QDU IL UXSW vQ  VLVWHPXO FRQWLQHQWDO
SRDWHF$QJOLHLLDUILDMXQVFX&LWXOODRV


;,9'DUEORFDGDFRQWLQHQWDODDGXVGXSHDFGHUHDOXL1DSROHRQSHQWUX
F OD FRQVWUkQV SH vPSUDW FDUH YRLD SDFH V FRQWLQXH U]ERLXO QFHUFkQG V
DWUDJ 6SDQLD OD UHDOL]DUHD SODQXULORU VDOH D JVLW R &DU GH OXSWWRUL GH JXHULO
Q FDUH R PDUH DUPDW PXUHD GH IRDPH L R PLF DUPDW VH OVD EWXW Q
3RUWXJDOLD &DU XWLO $QJOLHL FD SXQFW GH GHEDUFDUH vQ (XURSD VRVLU WUXSH
HQJOH]H VXE FRPDQGD OXL :HOOHVOH\ GXS  ORUG :HOOLQJWRQ VLOLQGXL SH
IUDQFH]L V VH FRQFHQWUH]H FHHD FH vQWUR DVHPHQHD &DU WUHEXLD V GXF OD
SLHLUHD RULFUXL FXFHULWRU 'H ILHFDUH GDW FkQG 6RXOW L 6XFKHW VH YHGHDX
REOLJD&L SHQWUX D UH]LVWD OXL :HOOLQJWRQ V SUVHDVF R SURYLQFLH VSDQLRO
DFHDVWD VH UVFXOD 0DUHDOLL vPSUDWXOXL DX UHXLW VO vPSLQJ SH :HOOLQJWRQ
GLQFROR GH OLQLD GH DSUDUH GH OD 7RUUHV 9HGUDV 'DU HO D WLXW V IRORVHDVF
vPSUHMXUULOHLSULQWURUHPDUFDELOXWLOL]DUHDDUPHORUGHIRFSULQFUHDUHDXQXL
YDVWFkPSGHWUDJHUHUH]LVWYLFWRULRVSHDFHDOLQLH7DFWLFDOXL:HOOLQJWRQFRQVWD
vQWUR GHIHQVLY DFWLY *URVXO WUXSHORU RFXSD R SR]L&LH DFRSHULW QXPDL
WUJWRULL vQ DYDQSRVWXUL VWWHDX vQ DWHSWDUHD FRORDQHORU LQDPLFH 6LU -RKQ
0RRUH LQVWUXLVH SH FkPSXO GH OD 6KRUQFOLIIH XQHOH UHJLPHQWH HQJOH]H vQ WDFWLFD
OXSWHORUGHOLQLHDFHVWHWUXSHDXvQYLQVOD'XVDFROD6DODPDQFDLPDLWkU]LXOD
:DWHUORR Q  6SDQLD HUD SLHUGXW SHQWUX 1DSROHRQ Q DFHODL WLPS IXVHVH

,QH[DFWWLWOXOGHORUG:HOOLQJWRQLVDFRQIHULWvQ
*HQHUDOLDLOXL1DSROHRQ




QHYRLWVDWDFH5XVLDFDUHUHIX]DLHDVPHQ&LQEORFDGDLDXSLHULWDFRORFHL
PDLEXQLVROGD&LDLVL&XDMXWRUXOVXEYHQ&LLORUHQJOH]H5XVLD3UXVLDL$XVWULD
GXS EWOLD GH OD /HLS]LJ RFWRPEULH  vO UHVSLQVHU SkQ vQ )UDQ&D XQGH
vPSUDWXO vQ SRILGD XLPLWRDUHORU VXFFHVH DOH FDPSDQLHL GH SH VROXO IUDQFH] VD
Y]XW SkQ OD VIkULW FRQVWUkQV V DEGLFH  Q WLPS FH DOLD&LL GLVFXWDX OD
&RQJUHVXOGHOD9LHQDVRDUWD)UDQ&HL1DSROHRQFDUHIXVHVHGRDUH[LODWSHLQVXOD
(OED VH vQWRDUVH vL DOXQJ IU OXSW SH %RXUERQL L SRUQL XQ PDU DVXSUD
%UX[HOOHVXOXL :HOOLQJWRQ FX R PLF DUPDW DQJORJHUPDQ vO vQYLQVH OD
:DWHUORR


;9 %WOLD GH OD :DWHUORR UHSUH]HQWD vQIUkQJHUHD UHYROX&LHL vQDUPDWH 'HL
1DSROHRQVHFVWRULVHFXRDUKLGXFHVQXIXVHVHQLFLRGDWFRQVLGHUDWGHEXQLL
VL IUD&L vPSUD&LL L UHJLL GHFkW XQ SHULFXORV DYHQWXULHU 6FRSXO VXYHUDQLORU
5XVLHL $XVWULHL L 3UXVLHL OD &RQJUHVXO GH OD 9LHQD D IRVW V vQFRQMRDUH FX R
EDULHUGHVWDWHWDPSRQQD&LXQHDFDUHOHSURGXVHVHDWkWHDWHPHUL(LIRQGDUXQ
UHJDW DO %ULORU GH -RV 2ODQGD%HOJLD FDUH GXU SkQ vQ  vQFUHGLQ&DU
3UXVLHL SD]D PDOXOXL VWkQJ DO 5LQXOXL SD]D IURQWLHUHL $OSLORU UHYHQL UHJDWXOXL
3LHPRQWXOXL L DO 6DUGLQLHL LDU D ,WDOLHL GH QRUG $XVWULHL 7DOOH\UDQG FDUH VH
VWUGXLDVOLPLWH]HVDFULILFLLOH)UDQ&HLDJVLWXQVSULMLQGHVWXOGHQHDWHSWDWvQ
SHUVRDQDSOHQLSRWHQ&LDUXOXLHQJOH]&DVWOHUHDJK$QJOLDRGDWPDLPXOWSHQWUX
D PHQ&LQH HFKLOLEUXO SXWHULL OXD SDUWH vQYLQVXOXL GXS YLFWRULD XQHL FRDOL&LL SH
FDUH HD R DQLPDVH (D QX YRLD FD )UDQ&D V ILH SUHD VODE QLFL 5XVLD SUHD
SXWHUQLF HD QX HUD FD SXWHULOH FHQWUDOH vQWUR SDQLF SURYRFDW GH VSLULWXO GH
FRQVHUYDUHRE&LQXVHFHYRLD0DOWD&DSXO%XQHL6SHUDQ&H&H\ORQXOLPDLDOHV
vO GRERUkVH SH RPXO FDUH LD UH]LVWDW L FDUH D vQFHUFDW V RE&LQ KHJHPRQLD
DVXSUD(XURSHLHUDVDWLVIFXW7RWXLQXODWUDWDWFXJHQHUR]LWDWHSH1DSROHRQ
FDUH GXS D GRXD DEGLFDUH YHQLVH V VH DH]H OD YDWUD FHOXL PDL QRELO GLQWUH
LQDPLFLL VL L OD OVDW SkQ OD PRDUWH SH LQVXOD 6IkQWD (OHQD vQWUR VWDUH GH
VUFLH GHPQ GH PLO $FHDVW FRPSRUWDUH OLSVLW GH QREOH&H D SURYRFDW
SURWHVWHOHDQXPHURLHQJOH]LSULQWUHFDUHL%\URQ


;9,/LEHUDWGHWHPHULOHVDOHJXYHUQXOHQJOH]VDUILGH]LQWHUHVDWEXFXURVGH
FRQWLQHQW 'DU QD SXWXW 6H IRUPDVH R DVRFLD&LH D QD&LXQLORU YLFWRULRDVH SHQWUX
PHQ&LQHUHD SFLL GH OD 9LHQD L D SULQFLSLXOXL OHJLWLPLW&LL $QJOLD VH Y]X VLOLW
vPSRWULYD GRULQ&HL VDOH V IDF SDUWH GLQ DFHDVW 6IkQW $OLDQ& 'DU QX GXS
PXOW YUHPH LQWU vQ FRQIOLFW FX SDUWHQHULL VL Q FH SULYHWH RSHUD &RQJUHVXOXL
GH OD 9LHQD GHL D GXUDW PDL PXOW GHFkW RELQXLHVF V GXUH]H DVHPHQHD HGLILFLL
GLSORPDWLFH HUD GHVWLQDW V VH GHVWUDPH vQ FXUVXO VHFROXOXL DO ;O;OHD
1HJRFLDWRULL GH OD 9LHQD DX &LQXW VHDPD GH GRX LGHL FDUH OH SUHDX HVHQ&LDOH
OHJLWLPLWDWHD L HFKLOLEUXO HXURSHDQ 1HJOLMDVHU VHQWLPHQWHOH QD&LRQDOH D FURU
IRU& FUHVFkQG DYHD GXS SDWUX]HFL GH DQL V DUXQFH vQ DHU vQWUHJ HDIRGDMXO
FOGLWGHHL











9,,,
5(92/8%,$$*5,&2/,,1'8675,$/


, Q VHFROXO DO ;O9OHD FLXPD QHDJU UHGXFkQG vQ PRG EUXVF SRSXOD&LD
$QJOLHL FX R WUHLPH IDYRUL]DVH VH SDUH HPDQFLSDUHD &UDQLORU L GLYL]DUHD
H[SORDWULORU DJULFROH vQ D GRXD MXPWDWH D VHFROXOXL DO ;9,,,OHD R VXELW
FUHWHUHDSRSXOD&LHLDDGXVFXVLQHGLPSRWULYRUHFUXGHVFHQ&DSURSULHW&LORU
vPSUHMPXLWH 3ULQ  QXPUXO ORFXLWRULORU $QJOLHL IXVHVH HYDOXDW OD FLQFL
PLOLRDQH L MXPWDWH SkQ vQ  DFHDVW FLIU D FUHVFXW IRDUWH vQFHW DSRL
GHRGDW QXPDL vQ WLPSXO GRPQLHL OXL *HRUJH DO ,,,OHD VD GXEODW DWLQJkQG vQ
 FLIUD GH SDLVSUH]HFH PLOLRDQH &DX]HOH PULULL SRSXOD&LHL DX IRVW PXOWLSOH
'H]YROWDUHD UDSLG D LQGXVWULHL DVLJXUkQG L IRORVLUHD FRSLLORU L GLQ QHIHULFLUH
FKLDULDFHORUPDLPLFLGLQWUHHLDvQFXUDMDWIDPLOLLOHVUDFHVVHvQPXO&HDVF
LDU PXWDUHD OXFUWRULORU GH OD &DU OD RUD LD vQJKHVXLW vQ FDVH SUHD PLFL VX
SUDSRSXODWHvQFDUHVHQWLPHQWHOHWUDGL&LRQDOHGHSXGRDUHLUH&LQHUHDXVOELWQ
WLPS FH VH PUHD QXPUXO QDWHULORU SURJUHVHOH PHGLFLQLL PLFRUDX SH FHO DO
GHFHVHORU 6H WHUPLQDVH FX vQWLQVHOH HSLGHPLL FDUH VHFHUDX GLQWUR ORYLWXU R
WUHLPHGLQORFXLWRULL/RQGUHLFRSLLLLPDPHOHHUDXPDLELQHvQJULML&LvQPRPHQWXO
QDWHULLvQFHDPDLPDUHSDUWHDRUDHORUVDXGHVFKLVVSLWDOH3HQWUXRSRSXOD&LH
PDL PDUH HUD QHYRLH L GH PDL PXOW KUDQ 'H XQGH QHFHVLWDWHD H[WLQGHULL
VXSUDIH&HORUFXOWLYDWHLDYHQLWXULORUVLJXUHSHQWUXSURSULHWDULLGHSPkQW


,,'HSURVSHULWDWHDDJULFXOWXULLDYHDXVSURILWHQXPDLPDULLODQGORU]L2ULFH
JXYHUQDUHIDYRUL]HD]DQXPLWHLQWHUHVHHFRQRPLFH'LQDVWLD7XGRUvLVXV&LQXVHSH
QHJXVWRUL &DURO DO ,,OHD DVLJXUDVH SUHSRQGHUHQ&D JHQWLORPLORU GH OD &DU FURUD
OHGDWRUDvQWRDUFHUHDVD3DUODPHQWHOHGLQVHFROXODO;9,,,OHDDXIRVWDOFWXLWHGLQ
PDULVHQLRULLVTXLUHLLOHJLOHSHFDUHOHDXYRWDWQXSUHDHUDXIDYRUDELOHSRSX
OD&LHL VWHWL $UHQGDLL FX FRQWUDFWH GH OXQJ GXUDW VH Y]XU vQORFXL&L FX PLFL
DUHQGDLODFDUHVHSXWHDUHQXQ&DRULFkQGGkQGXOLVHXQSUHDYL] GHDVHOXQL
7RDWH UHGHYHQ&HOH IXQFLDUH IXU PDMRUDWH 3HQWUX D GHYHQL PDJLVWUDW SHQWUX D
FSWDXQJUDGvQPLOL&LDFRPLWDWXOXLSHQWUXDRE&LQHGUHSWXOGHDYkQDWUHEXLD
V ILL PDL ERJDW GHFkW vQDLQWH 9HFKLORU LQVWLWX&LL SRSXODUH DOH SDURKLHL OL VH
VXEVWLWXLULQVWLWX&LLDOHFRPLWDWXOXLFXFDUDFWHUDULVWRFUDWLFQWLPSXOUHYROX&LHL
IUDQFH]HMXGHFWRULLGHSDFHGHYHQLUPDLVHYHULQVIkULWPDULLSURSULHWDULIXU
LVSLWL&LVVHVHUYHDVFGHSXWHUHDORUSROLWLFLDGPLQLVWUDWLYSHQWUXDLURWXQML
GRPHQLLOH L DX UHXLW FX DWkW PDL XRU FX FkW LQWHUHVHOH ORU SHUVRQDOH SUHDX D
FRLQFLGHFXLQWHUHVXOQD&LRQDO


,,, &kPSXULOH FRPXQH vQF IRDUWH QXPHURDVH vQ  FRQVWLWXLDX
vQWUDGHYU R PHWRG GH H[SORDWDUH IRDUWH SULPLWLY 8Q DJULFXOWRU QHJOLMHQW FDUH
QXGLVWUXJHDEXUXLHQLOHIFHDLQXWLOPXQFDFHORUODO&L%UDQXOvLSHWUHFHDWRDW
YUHPHDDOHUJkQGGHODRSDUFHOODDOWD)RORVLUHDvQJUPLQWHORULDPDUQHLHUD
vQJUHXLDWGHIDSWXOFGH&LQWRULLSDUFHOHORUQXDYHDXEDQLFDVFXPSHUHDFHVWH
SURGXVH QRL 7RWXL vQ 2ODQGD vQ )UDQ&D VH QWHD R DJULFXOWXU WLLQ&LILF SH
FDUH RDPHQL FD -HWKUR 7XOO L ORUGXO 7RZQVKHQG R UVSkQGHDX vQ $QJOLD /RUGXO
7RZQVKHQG SUVLQG YLD&D SROLWLF GHYHQL XQ VDYDQW vQ DJULFXOWXU Q ORF V
ODVH OD ILHFDUH DO WUHLOHD DQ RJRDUHOH vQ SkUORDJ D DOWHUQDW UGFLQLOH SLYRWDQWH
QDS VIHFO FX FHUHDOH L IvQH&H DUWLILFLDOH VSDUFHW WULIRL SUHJWLQGXL DVWIHO




UH]HUYH SHQWUX KUDQD DQLPDOHORU vQ WLPSXO LHUQLL %UDQLL GGHDX GLQ XPHUL 8Q
JHQWLORP vL SRDWH vQJGXL V VHPHQH WULIRL 'DU QRL FX FHR V SOWLP DUHQGD"
%UDQLL vQV VH vQHODX L PHWRGD FHD PDL SURGXFWLY DYHD V ELUXLH &RNH GLQ
1RUIRON DJULFXOWRU LOXVWUX DO FUXL GRPHQLX PRGHO DWUJHD FOWRUL GLQ vQWUHDJD
(XURS UHXHD SULQWUR SUXGHQW IRORVLUH D vQJUPLQWHORU V FXOWLYH JUkX SH
WHUHQXULSkQDWXQFLVWHULOH%DNHZHOODPHOLRUDUDVHOHGHYLWHFDSUHRL3UHY]kQG
F QHYRLD GH FDUQH DYHD V FUHDVF R GDW FX PULUHD SRSXOD&LHL FXWD V
SURGXF  vQ ORFXO DQLPDOHORU FX SLFLRDUH OXQJL FDUH IXVHVHU IRORVLWRDUH SH
YUHPHD FkQG $QJOLD QX HUD GHFkW PODWLQL KkUWRDSH L VSLQL  UDVH ERJDWH vQ
FDUQH QWUR HSRF DYLG GH WLLQ& L GH OXFUXUL QRL H[SHULHQ&HOH DFHVWHD
DPX]DX &XOWLYDUHD SPkQWXOXL L FUHWHUHD DQLPDOHORU D IRVW OD PRG GHD
OXQJXOvQWUHJXOXLVHFRODO;9,,,OHDPERJ&L&LLvLSODVDXEDQLLvQWHUHQXUL0HGLFL
SDVWRUL RDPHQL DL OHJLL FXP DYHDX RDUHFDUH UJD] VH IFHDX IHUPLHUL 7ULEXO
IHUPLHULORUVSXQH<RXQJHIRUPDWDFXPGLQWRDWHFODVHOHGHODGXFHSkQOD
XFHQLF


,9/DvQFHSXWXOVHFROXOXLDO;9,,,OHDSPkQWXULOHFRPXQHSPkQWXULOHvQ
SDUDJLQEUJDQHOHDFRSHUHDXvQFLPHQVHVXSUDIH&H6XEGRPQLDOXL*HRUJHDO
,,,OHD PDULL SURSULHWDUL VH VWUGXLU VL FRQYLQJ SH GH&LQWRULL SPkQWXULORU
ORU VL vPSUHMPXLDVF FkPSXULOH (L vQLL GREkQGLU vQ FXUVXO RSHUD&LHL QX
QXPDL SPkQWXUL DUDWH FL L R SDUWH GLQ FRPPRQV $FHDVWD VH IFX SULQ DFWH
SDUWLFXODUH DOH SDUODPHQWXOXL Q WLPSXO GRPQLHL OXL *HRUJH DO ,,,OHD  GH
DVHPHQHD DFWH IXU WUHFXWH SULQ SDUODPHQW L FLUFD SDWUX PLOLRDQH GH DFUL
GHYHQLU GLVSRQLELOL SHQWUX QRLOH PHWRGH GH FXOWXU (UD VXILFLHQW SHQWUX D
RE&LQHFDSDUODPHQWXOVYRWH]HXQDVWIHOGHDFWFDFHUHUHDVILIRVWVXV&LQXWGH
WUHL SWULPL GLQ QXPUXO SURSULHWDULORU XQHL SDURKLL 'DU FHOH WUHL SWULPL HUDX
VRFRWLWH vQ VXSUDIH&H L QX FD QXPU GH SHUVRDQH vQ DD IHO vQFkW vQ PXOWH
SDURKLL VTXLUHXO FRQVWLWXLH HO VLQJXU PDMRULWDWHD 3HQWUX PDL PXOW GHFHQ& VH
PDLDOWXUDXFk&LYDPDULSURSULHWDULVHGHSXQHDRFHUHUHvQSDUODPHQWL&UDQLL
DIODX F SPkQWXULOH ORU FRPXQDOH IXVHVHU VXSULPDWH IU V IL IRVW PFDU
vQWUHED&L PSUHMPXLULOH HQFORVXUHV vQJGXLU DOFWXLUHD XQRU PDUL IHUPH SULQ
JUXSDUHDSPkQWXULORUDGRSWDUHDGHPHWRGHWLLQ&LILFHLRSURGXF&LHLQILQLWPDL
PDUH $QJOLD GHYHQL XQXO GLQ JUkQDUHOH (XURSHL 'DU &UDQLL VUDFL VXIHULU
DPDUQLF GLQ FDX]D DFHVWHL VSROLHUL 'LVSDUL&LD SPkQWXULORU FRPXQH vL OLSVHD GH
FRO&XOGHSXQHFDUHOHvQJGXLVHV&LQRYDFLGHFRO&XOGHSGXUHvQFDUH
SRUFLLORUJVHDXJKLQGLGHXQGHOXDXOHPQHSHQWUXEXFWULHLvQFO]LW(LvL
SLHUGXU FXUDMXO vQFHWDU V PDL PXQFHDVF FX WUDJHUH GH LQLP VH OVDU vQ
YRLD WUkQGYLHL D EH&LHL VDX PLJUDU VSUH RUDHOH GLQ QRUG XQGH QRLOH LQGXVWULL
FXWDX PkQ GH OXFUX $WXQFL IX DEURJDW H[FHOHQWD OHJH D (OLVDEHWHL FDUH
LQWHU]LFHDVVHFRQVWUXLDVFYUHRFVX&OD&DUIUVLVHODVHFHOSX&LQSDWUX
DFUL GH JUGLQ $FHDVW DEURJDUH D vQJGXLW GH]YROWDUHD VOXPVXULORU DFHOH
FDUWLHUH GH FRFLRDEH FDUH DYHDX V GH]RQRUH]H SkQ vQ VHFROXO DO ;;OHD PDULOH
RUDHHQJOH]H


9 Q DOWH YUHPXUL \HRPDQXO VDU IL RSXV L VDU IL DJ&DW GH SPkQWXO OXL
'DUvQDIDUGHRUDHvODWUJHDXLFRORQLLOHQWUHL$QJOLDRE&LQXVH
FHD PDL PDUH SDUWH GLQ WHULWRULXO FRORQLDO IUDQFH] &DQDGD SX&LQ SRSXODW L
FRORQLLOH DPHULFDQH IRDUWH SURVSHUH RIHUHDX XQ D]LO IHUPLHULORU FXUDMRL &HL

$UWKXU<RXQJUHQXPLWDJURQRPHQJOH]



UPDL LQWUDU vQ VOXMED ODQGORU]LORU &REEHWW D REVHUYDW F vQ  SH WRW
vQWLQVXO $QJOLHL VH PDL JVHD QXPDL FkWH R VLQJXU IHUP DFROR XQGH vQDLQWH
IXVHVHU WUHL Q  HO QRWHD] F vQWUXQ VDW RDUHFDUH GLQ SDLVSUH]HFH IHUPH
QX PDL UPVHVH GHFkW XQD &XYkQWXO \HRPDQ WLQGH V GLVSDU Q VHFROXO DO
;9OHDFXYkQWXODFHVWDGHVHPQDVHLSHSURSULHWDUXOLQGHSHQGHQWLSHIHUPLHUXO
FDUHLDFXDUHQGSPkQWXOvQVHFROXODO;9,,,OHDGLPSRWULYFXYkQWXOIHUPLHUL
GHVHPQHD] L SH XQLL L SH DO&LL vQWUHDJD FODV ILLQG FDUDFWHUL]DW SULQ
GHSHQGHQ&DVDID&GHJHQWU\'HSHQGHQ&FDUHPDLWkU]LXGHYLQHLPLWD&LH0DUHOH
IHUPLHU GLQ  QX PDL HVWH SULPXO GLQWUH PXQFLWRULL VL FL XQ ERJWD FDUH
YUHD V GXF WUDLXO XQXL JHQWOHPDQL V VH GXF OD YkQWRDUH FX JRQDFL &kQG
IHUPLHULL GHYLQ JHQWOHPHQL PXQFLWRULL ORU GHYLQ VFODYL VFULH &REEHWW Q WLPSXO
U]ERDLHORUQDSROHRQLHQHSUH&XULOHULGLFDWHDOHSURGXVHORUDJULFROHPDLvQJGXLDX
PLFLORU IHUPLHUL FDUHL SXWXVHU VDOYD LQGHSHQGHQ&D V WULDVF :DWHUORR OHD
GDW ORYLWXUD GH JUD&LH L D GXV OD GLVSDUL&LD DSURDSH FRPSOHW D FODVHL PLMORFLL
UXUDOHFDUHFRQVWLWXLVHDWkWDYUHPHIRU&DPLOLWDULPRUDOD$QJOLHL


9, &kW GHVSUH PXQFLWRUXO DJULFRO OD vQFHSXWXO VHFROXOXL DO ;O;OHD WULD vQ
PL]HULH 6DODULLOH FUHVFXVHU PDL vQFHW GHFkW SUH&XULOH 2GLQLRDU ILHFDUH VDW L
DSURDSH ILHFDUH FDV SXWHD WUL vQ FLUFXLW vQFKLV 2 GDW FX GH]YROWDUHD PDULL
LQGXVWULL PHWHXJDULL VDWHORU GLVSUXU &XUkQG VH YRU YHGHD IHUPLHUL FDUH YRU
UHIX]D QX QXPDL V GHD GDU V L YkQG JUkX VDODULD&LORU ORU DJULFROL 'LYRU&XO
GLQWUH SURGXF&LH L SURGXFWRUL YD FUHD R HFRQRPLH DEVWUDFW FX WRWXO
QHFXQRVFXW vQ HYXO PHGLX L FDUH YD IDYRUL]D DSDUL&LD FHOHL PDL vQJUR]LWRDUH V
UFLL&HLPDLEXQLPDJLVWUD&LDXvQFHUFDWVUHPHGLH]HDFHDVWVLWXD&LHDSOLFkQG
FXPDLPXOWJHQHUR]LWDWHOHJHDVUDFLORUGDUEXQHOHORULQWHQ&LLDXDYXWXUPUL
vQIULFRWRDUHQXQJUXSGHMXGHFWRULGHSDFHvQWUXQL&LOD6SHHQKDPODQG
DXGHFLVVIL[H]HRVXPFDUHVILHFRQVLGHUDWFDXQPLQLPXPQHFHVDUSHQWUX
WUDLXOXQHLIDPLOLL$FHDVWVXPWUHEXLDVILHHFKLYDOHQWXODGRX]HFLLDVHGH
OLYUH GH SkLQH SH VSWPkQ SHQWUX ILHFDUH EUEDW DGXOW SOXV FkWH WUHLVSUH]HFH
OLYUH SHQWUX IHPHLH L SHQWUX ILHFDUH FRSLO 'DF VDODULXO FDSXOXL GH IDPLOLH QX
DWLQJHD DFHVW PLQLPXP WUHEXLD V ILH FRPSOHWDW SULQWUR DORFD&LH IXUQL]DW GH
ILHFDUH SDURKLH VXE IRUPD XQXL LPSR]LW SHQWUX VUDFL UDWHV &RQVHFLQ&HOH
LPHGLDWHDOHDFHVWRUPVXULDXIRVWYUHGQLFHGHSOkQVSURSULHWDULLLDUHQGDLLDX
JVLW PXQFLWRUL JDWD V OH OXFUH]H SHQWUX QLWH VDODULL LQILPH WLLQG F VDODULLOH
HUDX FRPSOHWDWH GH FRPXQ PLFLL IHUPLHUL FDUH QX OXFUDX GHFkW FX PHPEULL
IDPLOLHLDXIRVWUXLQD&LGHFRQFXUHQ&DDFHVWRUOXFUWRULQHYRLDLSHFDUHWUHEXLDX
VLvQWUH&LQFKLDUHLvQFDOLWDWHDORUGHFRQWULEXDELOL6LVWHPXO6SHHQKDPODQGD
DYXW FD XUPDUH WUDQVIRUPDUHD SRSXOD&LHL UXUDOH D &ULL  YHVHOD $QJOLH GH
RGLQLRDUvQWURPDVGHQHQRURFL&LKUQL&LGDUSURVWKUQL&LGLQPLODSXEOLF


9,,2GDWFXPDUHDDJULFXOWXUVDGH]YROWDWLPDUHDLQGXVWULH5HYROX&LD
LQGXVWULDO QD IRVW FD R UHYROX&LH SROLWLF XQ LU GH HYHQLPHQWH FDUH VH
FRQFHQWUHD] vQWUXQ WLPS GHVWXO GH VFXUW FL R WUDQVIRUPDUH  PDL vQWkL OHQW
DSRLvQWUHLPDLUDSLGDHFRQRPLHL'LVSDUL&LDVLVWHPXOXLJKLOGHORU
DvQFHSXW FXGH]YROWDUHDFDSLWDOLVPXOXLDGLFH[SORDWDUHDGHFWUHXQDQWUHSUH
QRU D PXQFLL FROHFWLYH $FHDVW WHQGLQ& VSUH vQWUHSULQGHUHD PDUH D IRVW
DFFHOHUDW vQ VHFROXO DO ;9,,,OHD SULQ FUHWHUHD QXPUXOXL GH FRQVXPDWRUL vQ
$QJOLDSULQGHVFKLGHUHDGHSLH&HQRLvQGHRVHELDSLH&HORUFRORQLLORUDPHULFDQHL

:LOOLDP&REEHWWSXEOLFLVWLRPSROLWLFUDGLFDO



SULQ LQYHQ&LLOH PHFDQLFH Q LQGXVWULD WH[WLO VXYHLFD ]EXUWRDUH LQYHQWDW vQ

PULSURGXF&LDGH&HVWXULLQHYRLDGHILUH3kQDWXQFLOkQDIXVHVHWRDUV
ODGRPLFLOLXGHQHYDVWDLILLFHOH&HVWRUXOXL'HDFHHDvQHQJOH]IDWDEWUkQVH
QXPHWHVSLQVWHUWRUFWRDUH3HQWUXDVDWLVIDFHQHYRLOHPDLPDULDOH&HVWRULORU
+DUJUHDYHV $UNZULJKW &URPSWRQ UHXLU V SXQ vQ PLFDUH FRQFRPLWHQW ]HFH
IXVXUL L DSRL R VXW SH FDUH OH VXSUDYHJKHD XQ VLQJXU PXQFLWRU DYkQG FkWHYD
DMXWRDUHSHQWUXOHJDUHDILUHORULDVWIHOILODWXUDUHDOL]DRSURGXFWLYLWDWHPXOWPDL
PDUHGHFkW&HVWRULD,QYHQWDUHDU]ERDLHORUPHFDQLFHGH&HVXWUVSXQGHDWRFPDL
DFHVWHL QRL QHFHVLW&L $SRL PDLQD FX DEXUL D vQORFXLW IRU&D RDPHQLORU VDX D
UkXULORULPLQHOHGHFUEXQLDXGHYHQLWSULQFLSDODERJ&LHD&ULL)UDQ&DFDUHvQ
DFHDVWOXSWSHQWUXFXFHULUHDSLH&HORUSXWHDVILHRULYDOIHULFLWD$QJOLHLVD
Y]XWWUDVvQDSRLvQPRPHQWXOFHOPDLFULWLFDGHYPLOHVDOHLQWHUQHEGHOLSVD
GH FUEXQH vQ  )UDQ&D QX SURGXFHD GHFkW FLQFL PLOLRDQH GH WRQH ID& GH
WUHL]HFLLFLQFLGHPLOLRDQHSURGXVHvQ$QJOLDFDSRLGHU]ERDLHOHQDSROHRQLHQH
L GH EORFDGD FDUH D OLSVLWR GH EXPEDF 1RXD LQGXVWULH GH EXPEDF D GHYHQLW R
LQGXVWULH SXU HQJOH]HDVF Q  $QJOLD FRQVXPD SDWUX PLOLRDQH GH OLYUH GH
EXPEDFvQWUHLVXWHGHPLOLRDQHQORFXLUHDvQPHWDOXUJLHDFUEXQHOXLGH
OHPQ FX KXLOD D DYXW GUHSW FRQVHFLQ& PXWDUHD PDULORU X]LQH GLQ VXG SDWULD
SGXULORUvQQRUGSDWULDPLQHORU


9,,,0DUHDDJULFXOWXULPDUHDLQGXVWULHLPSXQHDXDPHOLRUDUHDPLMORDFHORU
GHWUDQVSRUWQVHFROXODO;9,,,OHDvQWUREXQSDUWHD&ULLQXVHSXWHDFLUFXOD
vQF GHFkW FODUH 6WDUHD SURDVW D GUXPXULORU VH GDWRUD IDSWXOXL F ILHFDUH
SDURKLH UPVHVH FD vQ HYXO PHGLX UVSXQ]WRDUH SHQWUX FLOH VDOH GH DFFHV
$XWRQRPLDORFDOXWLODOWGDWSULYD$QJOLDGHRUH&HDGHGUXPXULUH&HDFXFDUH
)UDQ&D GH SLOG HUD vQ]HVWUDW GHRDUHFH IXVHVH FRQFHSXW L UHDOL]DW GH R
DGPLQLVWUD&LH FHQWUDO QFHSkQG GLQ  VLVWHPXO GUXPXULORU FX WD[H GH
WUHFHUH WXUQSLNH URDGV FRQFHVLRQDWH XQRU WUXVWXUL FDUH SHQWUX DL UHFXSHUD
FKHOWXLHOLOH DYHDX GUHSWXO FXP VH IDFH DVW]L OD LQWUDUHD SH DQXPLWH DXWRVWU]L
VL VXSXQ OD SODW SH FOWRUL D GDW WRWXL GHVWXO GH EXQH UH]XOWDWH 'DU DELD
GLQ  DUWD GH D FRQVWUXL GUXPXUL D IFXW UHDOH SURJUHVH 0DF$GDP LQJLQHU
VFR&LDQ D DYXW LGHHD V DFRSHUH GUXPXULOH FX XQ vQYHOL SURWHFWRU LPSHUPHDELO
9LWH]D GLOLJHQ&HORU L D SRWDOLRDQHORU FRDFKHV PXO&XPLW OXL D WUHFXW GH OD
SDWUX PLOH SH RU OD DSWH DSRL OD ]HFH 9LWH]HOH DFHVWHD RERVHDX FDLL FDUH HUDX
IRDUWH PXOW IRORVL&L DWXQFL +DQXUL SOFXWH FX ILUPH SLFWDWH VH ULGLFDU GHD
OXQJXO GUXPXULORU Q  DQXO DSRJHXOXL SRWDOLRDQHORU HUDX IRORVL&L R VXW
FLQFL]HFLGHPLLGHFDLSHWUDVHHFHvQVXPDXWUHLPLLGHPLOH'HDWXQFLvQVDX
vQFHSXWVVHGH]YROWHFLOHIHUDWHLSRWDOLRDQHOHDXLQWUDWSHSDQWDGHFOLQXOXL
'HDVHPHQHDODVIkULWXOVHFROXOXLDO;9,,,OHDQRUGXO&ULLLFRPLWDWHOHFHQWUDOH
DX IRVW vPSkQ]LWH GH FDQDOH GHVWLQDWH WUDQVSRUWXOXL FUEXQHOXL 7RW DWXQFL VDX
GH]YROWDWLLQVWLWX&LLOHDX[LOLDUHDOHFRPHU&XOXLEQFLOHLVRFLHW&LOHGHDVLJXUDUH
Q FDIHQHDXD FRIIHH KRXVH OXL (GZDUG /OR\G Fk&LYD LQL vL OXDVHU RELFHLXO
vQFHSkQG GH SULQ  V VH DGXQH L V RIHUH DUPDWRULORU DVLJXUUL FRQWUD
ULVFXULORU SH PDUH ,QVWLWX&LD DFHDVWD DYHD V GHYLQ FHD PDL PDUH VRFLHWDWH GH
DVLJXUUL GLQ OXPH GDU vQ YLUWXWHD RELQXLWXOXL FRQVHUYDWRULVP HQJOH]HVF D
FRQWLQXDWSkQQXGHPXOWVSRDUWHGHQXPLUHDGH/OR\G
V&RIIHH+RXVH


 7HUPHQ PRGHUQL]DW DSOLFDW GH DXWRU XQRU DVRFLD&LL FDUH FKLDU GDF GH PDUL SURSRU&LL QX VH
DSURSLHGHUROXOLGLPHQVLXQLOHWUXVWXULORUvQDFFHS&LXQHDUHDOFRQWHPSRUDQDFXYkQWXOXL





,; 5HYROX&LD LQGXVWULDO SUHJWHD L IFHD QHFHVDU R UHYROX&LH SROLWLF
6DWHOH GLVSUHDX RUDHOH VH PUHDX /LYHUSRRO FDUH GH OD FHL   GH ORFXLWRUL
GLQDMXQVHVHODvQDYHDVDWLQJFLIUDGHvQL
vQ0DQFKHVWHUGHODvQDDMXQVODvQOD
vQODvQLODvQ+DUWDSROLWLFD&ULL
QX PDL FRLQFLGHD FX KDUWD VD GHPRJUDILF 1RUGXO RGLQLRDU SX&LQ SRSXODW
LDFRELWLFDWROLFHUDvQ&HVDWDFXPGHPLQHULL&HVWRULUDGLFDOL'H]YROWDUHDPDULL
LQGXVWULL D GDW QDWHUH OD GRX FODVH QRL D PDQXIDFWXULHULORU ERJD&L D FURU
DYHUHSURSRU&LRQDOFXH[WLQGHUHDQRLORUSLH&HGHYHQLVHHJDOFXDFHHDDPDULORU
VHQLRULUXUDOLLFDUHDYHDXVUHYHQGLFHSDUWHDORUGHLQIOXHQ&LDFHHDDPXQ
FLWRULORU GLQ RUDH FX WRWXO GHRVHEL&L GH IRWLL PHWHXJDUL GH OD &DU PDL
DFFHVLELOL DJLWDWRULORU GHRDUHFH HUDX JUXSD&L PDL PXO&L OD XQ ORF L FDUH
FRQWLHQ&LGHIRU&DORUHUDXJDWDVUHYHQGLFHSXWHUHDSROLWLFQWUHDFHVWHGRX
QD&LXQLHFRQRPLDSROLWLFODPRGWUDVDVHRIURQWLHUGHQHWUHFXW


;2ULFH PDUHVFKLPEDUHVRFLDOvLJVHWHWHRUHWLFLHQLLHLFDUHLPDJLQHD]
FDX]H SHUPDQHQWH SHQWUX D H[SOLFD HIHFWH WUHFWRDUH 7HRUHWLFLDQXO UHYROX&LHL
LQGXVWULDOH GLQ $QJOLD D IRVW $GDP 6PLWK ,QVSLUkQGXVH GLQ IL]LRFUD&LL IUDQFH]L
DFHVWSURIHVRUGLQ*ODVJRZDVFULV%RJ&LDQD&LXQLORUFDUWHFDUHDGHYHQLWWLPSGH
PDL ELQH GH XQ VHFRO %LEOLD HFRQRPLWLORU (O SUHGLFD DFHO ODLVVHU IDLUH OLEHUD
FRQFXUHQ&vQFUHGHUHDvQPLFULOHVSRQWDQHDOHHFRQRPLHLQRFKLLOXL6PLWKL
DGLVFLSROLORUVLXQ'XPQH]HXELQHIFWRUDUHJODWDVWIHOXQLYHUVXOvQFkWOLEHUXO
MRFDOOHJLORUQDWXUDOHDVLJXUFHDPDLPDUHIHULFLUHSHQWUXFHOPDLPDUHQXPUGH
RDPHQL ( SRVLELO FD OLEHUWDWHD V ILH FDX]D XQRU VXIHULQ&H WHPSRUDUH GDU
HFKLOLEUXO VH YD UHVWDELOL vQ PRG DXWRPDW $FHDVW WHRULH DYHD V OLQLWHDVF
VFUXSXOHOHFHORUERJD&LIFkQGGLQPL]HULHLRPDMUHPHGLLILUHWLLGLYLQH(DQX
VHDPQQLFLFXGRFWULQDHYXOXLPHGLXDWkWGHVWULPWFRUSRUDWLVWQLFLFXDFHHD
DVHFROXOXLDO;9,,OHDFDUHDYHDXQFDUDFWHUPHUFDQWLOLVW0HUFDQWLOLWLLFUHGHDX
F SURVSHULWDWHD XQXL VWDW VH PVRDU SULQ EDODQ&D SR]LWLY D FRPHU&XOXL VX
H[WHULRU6WDWXOvQVLVWHPXOPHUFDQWLOLVWWUHEXLD VLQWHUYLQQHvQFHWDWSHQWUX D
IDYRUL]D EDODQ&D FRPHUFLDO DFHVWHL GRFWULQH vL GDWRUHD] $QJOLD SLHUGHUHD
FRORQLLORU DPHULFDQH Q VHFROXO DO ;O;OHD PHUFDQWLOLVPXO HVWH GLVFUHGLWDW
WULXPI OLEHUDOLVPXO HFRQRPLF GHRDUHFH FRQYLQH XQHL SHULRDGH GH H[SDQVLXQH
RIHULQGRSLD&ILHFUXLSURGXFWRUQRX(OYDGHYHQLSULPHMGLRVvQGDWFHSLH&HOH
EUD&HORU GH PXQF VDX DFHOHD DOH SURGXF&LHL YRU IL VDWXUDWH $WXQFL OLEHUD
FRQFXUHQ& YD GD QDWHUH XQRU UDFLOH HYLGHQWH L VH YD YHGHD FXP vQFHSH vQ
$QJOLD FD vQ WRW UHVWXO OXPLL RFFLGHQWDOH XQ UHIOX[ SURWHF&LRQLVW HWDWLVW L
DXWDUKLFFDUHLDUILPLUDWSHVWHPVXUSH4XHVQD\L$GDP6PLWK



,;
5(92/8%,$6(17,0(17$/


, 6SLULWXO VHFROXOXL DO ;9,,,OHD FRQVWD vQ RUGLQH L XQLWDWH HUD GHVYkULW
HUD VLPSOX /LWHUDWXUD L DUWD VD FRQVWLWXLH OLPEDMXO XQHL VRFLHW&L GH EUED&L L
IHPHLFDUHVHPLFDXvQXQWUXOXQXLVLQJXUVLVWHPGHLGHLFDUHVHvQ&HOHJHDXXQLL
SHDO&LLLFDUHQXHUDXFKLQXL&LGHQLFLRSUREOHPDQJRDVDQWVDXWXOEXUWRDUH




&ODVLFLL DOFWXLDX IUDQFPDVRQHULD ORU 6D Y]XW OD WLPSXO VX F DFHDVW
GHVFULHUH GHVWXO GH DFFHSWDW vQ JHQHUDO QX GH]YOXLH GHFkW VXSHUILFLDO LGHLOH L
PRUDYXULOH1XSDUHYHURVLPLOFDVSLULWHOHXPDQHVQXILIRVWWXOEXUDWHGHQLFLR
SUREOHP DQJRDVDQW 'HL *LEERQ L -RKQVRQ VXQW DGHYUDWH VSLULWH DOH
VHFROXOXLDO;9,,,OHDSDVLXQLOHORUSURIXQGHVXQWIRDUWHYLROHQWHHVWHDGHYUDWF
HLVHVWUGXLHVMXVWLILFHDFHVWHSDVLXQLSULQH[SOLFD&LLUD&LRQDOHLVGHDLGHLORU
ORU R IRUP FODVLF 'DU HFKLOLEUXO LQWHOHFWXDO SH FDUH FHL PDL vQ&HOHS&L GLQWUH
DULVWRFUD&LLEXUJKH]LvOFXWDXDWXQFLvQWRFPDLFDVFULLWRULLQXSXWHDVDWLVIDFH
FODVHOHPXOWPDLQXPHURDVHFURUDUHYROX&LDDJULFROLLQGXVWULDOOHGLVWUXVHVH
HFKLOLEUXO HFRQRPLF L FDUH DYHDX QHYRLH GH R FUHGLQ& UHOLJLRDV VDX SROLWLF
SHQWUXDVHVXVWUDJHLQVXSRUWDELOHLUHDOLW&L


,, %LVHULFD DQJOLFDQ HUD HD vQVL SUHD UD&LRQDOLVW SHQWUX D VDWLVIDFH
VXIOHWHOH vQIRFDWH L VXIHULQGH 7HRORJLL DQJOLFDQL DL VHFROXOXL DO ;9,,,OHD VH
VWUGXLDXvQDLQWHGHWRDWHVGHPRQVWUH]HFQXH[LVWQLFLXQPRWLYGHFRQIOLFW
vQWUHUHOLJLHLUD&LXQH3URYLGHQ&DDYUXWFDPRUDODOXL+ULVWRVVILHLFDOHDFHD
PDL VLJXU GH PkQWXLUH OXPHDVF :LOOLDP 3DOH\  DWkW GH LXELW GH
SULQWHOHOXL6KHOOH\LGHDWkWHDVSLULWHDYLGHGHFHUWLWXGLQLOLQLWLWRDUHLVLPSOH
HVWHWLSXODFHORUILOR]RILRSWLPLWLFDUHGHPRQVWUHD]H[LVWHQ&DOXL'XPQH]HXDD
FXPDUGHPRQVWUDRULFHWHRUHPGHJHRPHWULH%LVHULFDDQJOLFDQGHYHQLVHDWXQFL
R ELVHULF GH FODV (SLVFRSLL DSDU&LQHDX DSURDSH WR&L IDPLOLLORU DULVWRFUDWLFH
ZKLJVDXWRU\GXSSDUWLGXOFDUHVHDIODODSXWHUH&OHUXOVXEDOWHUQHUDDOHVFkQG
GH UHJH FkQG GH VTXLUHXO ORFDO 'LQ XQVSUH]HFH PLL GH SDURKLL FLQFL PLL DSWH
VXWH HUDX OD GLVSR]L&LD SDWURQLORU )LUHWH F DFHWLD SURSXQHDX RDPHQL GLQ
PHGLXO ORU VRFLDO L DGHVHD GLQ IDPLOLD ORU ILL QHSR&L YHUL 3DVWRULL DQJOLFDQL QX
DYHDX QHYRLH V WUHDF SULQWUXQ VHPLQDU VSUH D IL KLURWRQLVL&L &HD PDL XPLO
GLSORPGLQ2[IRUGVDX&DPEULGJHDMXQJHD&XOWXUDORUGDFDYHDXYUHXQDHUD
PDLPXOWFODVLFGHFkWFUHWLQ(UDXJHQWOHPHQLFXJXVWXULOHLGHIHFWHOHFDGH
DOWIHOLFXYLUWX&LOHFODVHLORU1LPHQLQXHUDVXUSULQVGDFvQWkOQHDXQSDVWRU
YkQWRUSDVLRQDW'HVHRULHUDMXGHFWRUGHSDFHLVHDIODSHEDQFDPDJLVWUD&LORU
DOWXULGHXQFKLXOLYHULLVL$VWIHODUPDWXUDUHOLJLRDVD&ULLVXEOLQLDLGXEOD
DUPDWXU SROLWLF Q XQD FD L vQ FHDODOW FODVD PRLHULORU IRUPD SULQFLSDOXO
HOHPHQW %LVHULFD $QJOLHL VH JVHD DVWIHO DVRFLDW FX SXWHUHD ORFDO D FODVHORU
VWSkQLWRDUHGDUSLHUGHDRULFHFRQWDFWFXFODVHOHSRSXODUH0XO&LUHFWRULERJD&L
QXVHDIODXODUHHGLQ&DORUHUDXSOXUDOLVWDGLFWLWXODULDLPDLPXOWRUYHQLWXUL
HFOH]LDVWLFHLvQORFXL&LSUHWXWLQGHQLGHYLFDULVUDFLQGLQXQVSUH]HFHPLL
GHWLWXODULDVHPLLQXHUDXUH]LGHQ&L&KLDULYLFDUXOVHVWUGXLDVGXFXQWUDL
GHJHQWOHPHQLVLQWUHvQJUD&LLOHVTXLUHXOXLFDVODOHDJvQWUR]LWLWXODU


,,, 'DF UHOLJLD EOkQG L UD&LRQDO D DQJOLFDQLORU GLQ VHFROXO DO ;9,,,OHD
FRQYHQHDGHPLQXQHSU&LLFHOHLPDLIHULFLWHDQD&LXQLLHDQXDGXFHDQLFLRKUDQ
VSLULWXDOPXQFLWRULORUL&UDQLORUvQFUL&LLIUPkQWD&LGHVUFLDORU5HYROX&LD
DJULFRO L UHYROX&LD LQGXVWULDO FUHDX XQ VHQWLPHQW GH QHGUHSWDWH L GH
QHVLJXUDQ& 8QRU VXIOHWH UQLWH L QHIHULFLWH DUJXPHQWHOH UD&LRQDOH FX SULYLUH OD
H[LVWHQ&D XQXL 'XPQH]HX DEVWUDFW QX OH SXWHDX DMXQJH 6HFWHOH GLVLGHQWH L
QRQFRQIRUPLVWH PDL HJDOLWDUH FXFHULVHU RGLQLRDU PDVHOH 'DU OD vQFHSXWXO
VHFROXOXL DO ;9,,,OHD FHOH WUHL YHFKL GHQXPLUL SUHVELWHULHQL LQGHSHQGHQ&L
SDSLWLQXPDLVSXQHDXSUHDPXOW3ULJRDQDD&k&FUHGLQ&DWROHUDQ&DRDGRDUPH

7LWXODULDLXQRUIXQF&LLHFOH]LDVWLFH



'HL PDL H[LVWDX OHJL vPSRWULYD GLVLGHQ&LORU HOH QX PDL HUDX DSOLFDWH
&RQIRUPLVPRFD]LRQDOHUDWRWFHOLVHFHUHDSHQWUXDOHvQJGXLVIDFSDUWHGLQ
FRUSRUD&LL L PXQLFLSDOLW&L 'RJPD FDOYLQLVW D SUHGHVWLQD&LHL UHOLJLH
vQVSLPkQWWRDUHFDUHLPDUFDVHDWkWGHSURIXQGSHVFR&LHQLVHDWHQXDVHvQ&DUD
DFHDVWD D FRPSURPLVXULORU 0DL H[LVWDX IU vQGRLDO FDOYLQLWL FRQYLQL vQ
$QJOLD GDU DFHWLD ILLQG VLJXUL F HL HUDX DOHLL QX IFHDX QLFL XQ IHO GH
SUR]HOLWLVP


,93RVLELOXOHVWHDSURDSHGHQHFHVDU'HRDUHFHH[LVWDXQXPHURDVHVXIOHWH
vQ UkQGXULOH FODVHORU PLMORFLL L VUDFH FDUH DYHDX QHYRLH GH R UHOLJLH PDL
vQIOFUDWLGHRDUHFHGLVLGHQ&LLLDQJOLFDQLLVHGRYHGLVHUODIHOGHQHSXWLQFLRL
FDVVDWLVIDFDFHDVWQHYRLHWUHEXLDVVHJVHDVFXQRPFDUHVGHDPDVHORU
SRSXODUHRDVWIHOGHUHOLJLH$FHVWRPDIRVW-RKQ:HVOH\/DvQFHSXWXOYLH&LLVDOH
IXVHVHOD2[IRUGXQDQJOLFDQWROHUDQWFDUHFRQVLGHUDFUHGLQ&DXQFRQVLP&PkQW
UD&LRQDO'DUDFHDVWGRFWULQQXOVDWLVIFHDSHGHSOLQ5D&LXQHDvQFHWHD]RDUH
YUHRGDW V UD&LRQH]H"  VH vQWUHED HO  &XP SR&L IL VLJXU F DL JVLW vQ VIkULW
DGHYUXO L PkQWXLUHD" 2DUH QDP SXWHD VLP&L KDUXO" 3HQWUX DO GREkQGL QX
WUHEXLH VO FXWP FX PDL PXOW DUGRDUH" Q  2[IRUGXO D Y]XW FX VXU
SULQGHUHFk&LYDWLQHULvQILLQ&kQGXQ+RO\&OXE&OXEDOVILQ&HQLHLDLFUXLPHPEUL
SRVWHDXVHUXJDXvLYL]LWDXSHVUDFLSUHGLFDXvQSOLQVWUDGLvLPUWXULVHDX
XQXO DOWXLD SFDWHOH /XPHD LD EWXW MRF GH :HVOH\ L GH SULHWHQLL VL FDUH DX
IRVW ERWH]D&L PHWRGLWL 3RUHFOD DFHDVWD DYHD V GHYLQ GHQXPLUHD XQHL ELVHULFL
FDUH QXPU DVW]L PLOLRDQH GH FUHGLQFLRL Q ]DGDU SULQWHOH OXL :HVOH\ UHFWRU
DQJOLFDQODUXJDWSHILXOVXVUHQXQ&HODQHEXQLLOHOXLLVILHXUPDXOVXOD
SDURKLH-RKQ:HVOH\VHVLP&HDFKHPDWSHQWUXRPLVLXQHPDLvQDOWDFHHDGHD
FRQYHUWLODFUHWLQLVPROXPHFXSULQVGHPROHHDO


97LPSGHFk&LYDDQLDDYXWRYLD&DJLWDW0DLvQWkLDSOHFDWFXIUDWHOHVX
vQ FRORQLLOH DPHULFDQH $VFXOWkQGXL SRYHVWLULOH GHVSUH QHQRURFLULOH SULQ FDUH D
WUHFXW VH SRDWH JKLFL F D IRVW XQ WHPSHUDPHQW YLROHQW L VHQ]XDO $UGRDUHD SH
FDUH-RKQ:HVOH\RSXQHDvQFRQYHUWLUHDXQRUIHPHLWLQHUHLGUJX&H&LQHDGHFHO
PDLVLQFHU]HOUHOLJLRVGDULGHGRULQ&LIL]LFHGHFDUHSRDWHQLFLHOQXLGGHD
VHDP &UHWLQLORU GLQ FRORQLL QX OH SOFHD DFHDVW UHOLJLH DJUHVLY SUHGLFLOH
DFHVWHDSHUVRQDOHLDSULJH5HVSLQVGHHL:HVOH\WUHEXLVVHvQWRDUFvQ$QJOLD
QF QXL JVLVH FDOHD $P IRVW vQ $PHULFD FD VL FRQYHUWHVF SH LQGLHQL GDU
FLQH P YD FRQYHUWL SH PLQH" 3H YDV LQWU SHQWUX SULPD RDU vQ FRQWDFW FX
PHPEULL XQHL VHFWH JHUPDQH IUD&LL PRUDYL L FUH]X F D JVLW OD HL FHHD FH
FXWD $ SOHFDW vQ *HUPDQLD V YL]LWH]H FRPXQLW&LOH PRUDYH GDU D VRFRWLW
FUHGLQ&D ORU SUHD VHQLQ 6XIOHWXO OXL :HVOH\ DYHD QHYRLH GH FHYD PDL vQIRFDW
QWUR]LPDLvQWUXQIHOGHUHYHOD&LHvQWUHY]XDGHYUDWDFUHGLQ&FDUH
HVWHROHJWXUYLHLQXRRSHUD&LHDUD&LXQLL$WXQFLLDGDWVHDPDFDGHYUDWD
VDPLVLXQHHUDGHDLDGXFHSHRDPHQLvQVWDUHDGHWUDQVLGHFRPXQLXQHWRWDO
FX'XPQH]HX(ODvQFHUFDWPDLvQWkLVSUHGLFHvQELVHULFGDUYLROHQ&DVDQXOH
SOFX HSLVFRSLORU FDUHO DOXQJDU GH OD DPYRDQHOH FRQVDFUDWH 8QXO GLQWUH
SULHWHQLLVL:KLWHILHOGODDGXVOD%ULVWROLDFRORSHQWUXSULPDRDUDSUHGLFDW
vQDHUOLEHUvQID&DXQXLDXGLWRULXSRSXODULDDYXWXQH[WUDRUGLQDUVXFFHV

 6HFW UHOLJLRDV IRUPDW vQ %RHPLD SH OD PLMORFXO VHFROXOXL DO ;9OHD FRQWLQXkQG WUDGL&LLOH
KXVLWLVPXOXLUDGLFDOFXUHQWXOWDERULWGDUvQWUXQVSLULWDFFHQWXDWPLVWLFLSDFLILVW






9,$WXQFLDvQFHSXWSHQWUXHORYLD&GHDGHYUDWSUHGLFDWRU&HLGRLSULHWHQL
:HVOH\ L :KLWHILHOG YRUEHDX RDPHQLORU SH FkPS vQ KDPEDUH vQ PDKDODOHOH
PXQFLWRUHWL-RKQ:HVOH\VLQJXUD&LQXWSDWUX]HFLGHPLLGHSUHGLFLLDSDUFXUV
GRX VXWH FLQFL]HFL GH PLL GH PLOH /D vQFHSXW D IRVW XQHRUL SURVW SULPLW GH
PXO&LPHD RVWLO GDU IRDUWH FXUkQG VD UVSkQGLW ]YRQXO GHVSUH XLPLWRDUHOH FRQ
YHUWLUL SH FDUH OH IFHD ,QIOXHQ&D VD IL]LF HUD VXUSULQ]WRDUH %UED&L L IHPHL
WUHPXUDX OHLQDX DSRL VH WUH]HDX SWUXQL GH VIkQWXO GXK &kW GHVSUH :HVOH\
FOWRULQG SH RULFH YUHPH GRUPLQG SH DSXFDWH GXFkQG R YLD& FDUH SH RULFLQH
DOWXO ODU IL XFLV vL SXWHD vQ VIkULW VWSkQL XQ WHPSHUDPHQW PDL PXOW GHFkW
RPHQHVF&XPvLFRQFHSHDHOPLVLXQHD"$UILYUXWVUPkQvQFDGUXOELVHULFLL
DQJOLFDQH L VL LQMHFWH]H PDL PXOW YLJRDUH 6H FUHGHD XQ DQJOLFDQ SHUIHFW GDU
FDUHLvQGHSOLQHDGDWRULDFHYDPDLELQHGHFkWFHLODO&L'DUHSLVFRSLLUH]RQDELOLL
DULVWRFUD&L GLQ  QX SXWHDX V YDG GHFkW FX GLVSUH& L SOLFWLVHDO DFHOH
PLWLQJXUL vQ DHU OLEHU L DFHOH PXO&LPL QHUYRDVH 1X QXPDL F LDX vQFKLV OXL
:HVOH\ XLOH ELVHULFLORU GDU DX UHIX]DW VL DVXPH SUHGLFLOH OXL L VL
KLURWRQLVHDVF SH SUHGLFDWRULL VL $ELD VSUH VIkULWXO YLH&LL :HVOH\ SLHU]kQGXL
VSHUDQ&D V VH PDL vPSDFH FX ELVHULFD VWDWRUQLFLW VD UHVHPQDW V
KLURWRQLVHDVF HO vQVXL SH SUHR&L L SULQ DFHDVWD D IRQGDW IU YRLD OXL VHFWD
GLVLGHQWDPHWRGLWLORUZHVOH\HQLFDUHvQQXPUDGRXVXWHWUHL]HFLGHPLL
GHPHPEUL


9,,,QIOXHQ&DPHWRGLVPXOXLDVXSUDDWLWXGLQLLUHOLJLRDVHDSRSRUXOXLHQJOH]D
IRVWLPHQV3HQWUXPLLGHVXIOHWHLSHQWUXFHLFDUHDYHDXFHDPDLDFXWQHYRLH
UHOLJLD D UHFSWDW YLD& &D L SULPLL SXULWDQL FHL GLQWkL ZHVOH\HQL FRQGDPQDX
ILOR]RILD LQGXOJHQW L YROXSWRDV D HSRFLL ORU (L DX FRQWULEXLW OD PHQ&LQHUHD
WUDGL&LHLGXPLQLFLLHQJOH]H3HQWUXDOXSWDvPSRWULYDXQHLFRQFXUHQ&HVHQWLPHQWDOH
FDUHL vQVSLPkQWD HL DX vQWkU]LDW HPDQFLSDUHD FDWROLFLORU Q ELVHULFD DQJOLFDQ
vQVL DFHDVW PLFDUH HYDQJKHOLF D LQYDGDW WRDW %LVHULFD GH MRV 3DVWRULL
DQJOLFDQL HYDQJKHOLFL FD L SUHGLFDWRULL OXL :HVOH\ DX SRUQLW vQ SRSRU 6HFWHOH
GLVLGHQWHvQIULFRDWHGHSURJUHVHOHZHVOH\HQLORUDXUHQXQ&DWODSLRDVDORUDQDUKLH
LVDXJUXSDWvQELVHULFL7RDWHUHOLJLLOHDXGHYHQLWPDLHPR&LRQDOH'HRDUHFHFUH
WLQLVPXO DEVRUEHD SULQ DFHDVW WUH]LUH IRU&HOH YLL DOH FHORU VUPDQL DFHWLD DX
IRVW PDL SX&LQ LVSLWL&L GHFkW SOHEHD GH SH FRQWLQHQW GH GRFWULQHOH UHYROX&LRQDUH
6UFLD L LQHJDOLWDWHD DX IRVW SULYLWH vQ $QJOLD FHO SX&LQ R YUHPH FD QLWH SOJL
WULPLVH GH 'XPQH]HX FDUH DGXFHDX vQ VFKLPE IHULFLUHD LQWHULRDU L PkQWXLUHD
/D VIkULWXO VHFROXOXL DO ;9,,,OHD DULVWRFUD&LD L PDUHD EXUJKH]LH HQJOH] DX
SXWXWILFLQLFHLPRUDOHLDGHVHDDWHHFODVHOHSRSXODUHUHVSHFWDX%LEOLD


9,,, 5HYROX&LD VHQWLPHQWDO QD IRVW QXPDL UHOLJLRDV Q $QJOLD FD L vQ
)UDQ&D VHFROXO DO ;9,,,OHD D vQFHSXW SULQ FXOWXO XQHL FLYLOL]D&LL UDILQDWH GDU
DUWLILFLDOH DSRL D GHVFRSHULW FRPSOH[LWDWHD RPXOXL SXWHUHD VHQWLPHQWXOXL L D
GRULW vQWRDUFHUHD OD QDWXU 3H FkQG )LHOGLQJ D SULYLW RDPHQLL GH SH SR]L&LD XQXL
PDUH URPDQFLHU FODVLF 5LFKDUGVRQ FD L 5RXVVHDX D ]XJUYLW QHOLQLWLOH L
SDVLXQLOHORULDGHVFRSHULWSULQWUHFHLGLQWkLIDUPHFXOHFKLYRFDOXQXLDPHVWHFGH
PRUDOLWDWH L VHQ]XDOLWDWH *ROGVPLWK DSRL 6WHUQH DX LQWURGXV PRGD XQHL VHQ
VLELOLW&LPROFRPHOLQLWLWHXQWUHPRORFRQWLQXXXQXPDQLWDULVPQRX6FRWWD
SHUPLVFLWLWRULORUVLHYDGDUHDvQWUHFXW'XSSRH]LDPRQGHQDXUPDWRSRH]LH




LQWLP L PLVWLF &RZSHU :RUGVZRUWK %ODNH &ROHULGJH DX SUHJWLW L DX YHVWLW
URPDQWLVPXO (L VXQW GHMD URPDQWLFL FFL QX DX H[LVWDW IURQWLHUH SUHFLVH vQWUH
FHOHGRXvQI&LULDOHVHFROXOXLLDUGRFWRUXO-RKQVRQHUDvQFWkQUvQDQXO vQ
FDUH 5LFKDUGVRQ D SXEOLFDW 3DPHOD &kQG D L]EXFQLW UHYROX&LD IUDQFH] GDF HD
LD VXUSULQV SH XQLL ILOR]RIL SROLWLFL FD %XUNH LD HPR&LRQDW vQV SH Fk&LYD GLQWUH
FHLPDLPDULSRH&LHQJOH]L6KHOOH\DOXDWDSUDUHDSULQFLSLLORUHL%\URQDIOkQGGH
YLFWRULD OXL :HOOLQJWRQ OD :DWHUORR D VFULV :HOO , DP GDPQHG VRUU\ IRU LW Q
DPEHOH&ULWLQHUHWXODIRVWvQFHUFDWGHGRULQ&DXQHLUHvQQRLUL7LQHUHWXOIUDQFH]D
WUDQVIRUPDWRVRFLHWDWHSULQDF&LXQLOHVDOHL(XURSDSULQU]ERDLHOHVDOH$FHDVW
WUDQVIRUPDUH UHDO OD VFXWLW GH HYD]LXQHD OLWHUDU 7LQHUHWXO HQJOH] GLPSRWULY
VDVLP&LWRSULPDWvQWURVRFLHWDWHDOFUHLFDGUXGHYHQLVHPDLULJLGGHIULFDLDFR
ELQLVPXOXL (O D HYDGDW vQ LPDJLQD&LH ED D HYDGDW FKLDU GHD ELQHOHD ,WDOLD
SULPLQGXL SH PDULL UHEHOL DL URPDQWLVPXOXL HQJOH] *. &KHVWHUWRQ D UHPDUFDW
F DFHVW VIkULW DO VHFROXOXL DO ;9,,,OHD FDUH vQ )UDQ&D UHYROX&LRQDU D SURGXV
SLFWXUD DWkW GH FODVLF D OXL %RLOO\ L 'DYLG D IRVW vQ $QJOLD HSRFD YL]LXQLORU
URPDQWLFHDOHOXL%ODNHF.HDWVL&ROHULGJHODUILVXUSULQVGHVLJXUSH'DQWRQL
F GDF &RPLWHWXO 6DOYULL 3XEOLFH QX ODU IL H[HFXWDW SH 6KHOOH\ FD DULVWRFUDW
ODU IL vQFKLV FD QHEXQ 1LFL R HSRF QD vQJGXLW V VH REVHUYH PDL ELQH
FDUDFWHUXOFRPSOLPHQWDUDORULFUHLDFWLYLW&LDUWLVWLFH8QDGLQFHOHGRX&ULD
IFXWRUHYROX&LHSROLWLFFHDODOWRUHYROX&LHHVWHWLF6FULLWRULLHQJOH]LvOSOkQJSH
SUL]RQLHUGDUQXVLPWQLFLRGRULQ&VGUkPH%DVWLOLD


,; 'LIHULWHOH UHYROX&LL GLQ VHFROXO DO ;9,,,OHD  LQGXVWULDO SROLWLF
VHQWLPHQWDO  vL JVHVF RJOLQGLUHD vQ OLPEDM QWUH  L  DX DSUXW QH
UHODWHD] /RJDQ 3HDUVHOO 6PLWK FXYLQWHOH EDQNUXSWF\ EDQFUXW EDQNLQJ EXOOV
DQGEHDUVVSHFXODQWGHEXUVDVXSUDDF&LXQLORUvQXUFDUHLVSHFXODQWGHEXUV
DVXSUD DF&LXQLORU vQ VFGHUH GXS  FRQVROV FRQVROLGDWH ILQDQFH ERQXV
FDSLWDOLVW &XYkQWXO PLQLVWHU GDWHD] GH SH YUHPHD UHJLQHL $QD EXGJHW GH SH
WLPSXO OXL *HRUJH DO ,,OHD 5HYROX&LHL IUDQFH]H $QJOLD vL GDWRUHD] FXYLQWHOH
DULVWRFUDWGHPRFUDWUR\DOLVP WHUURULVPFRQVULSWLRQJXLOORWLQH6H]RQXOORQGRQH]
FOXEPDJD]LQSUHVVXQWFXYLQWHGLQVHFROXODO;9,,,OHD,QWHUHVWLQJLQWHUHVDQW
DSDUH SHQWUX SULPD RDU vQ vQ&HOHVXO OXL DFWXDO vQ &OWRULD VHQWLPHQWDO D OXL
6WHUQH  L DSURDSH vQ DFHODL WLPS VH QDWH FXYkQWXO ERULQJ SOLFWLFRV
9RFDEXODUXODUDWFRPXODGHYHQLWDWXQFLPDLFRQWLHQWGHSURSULLOHVDOHHPR&LL
L DFHDVW REVHUYD&LH VH DSOLF FXYkQWXOXL VHQWLPHQWDO vQVXL FDUH VD QVFXW vQ
$QJOLD vQ PLMORFXO VHFROXOXL DO ;9,,,OHD :HVOH\ vQ WLPSXO XQHLD GLQWUH
SHUHJULQULOH OXL FD SUHGLFDWRU FLWLVH &OWRULD VHQWLPHQWDO L VH vQWUHEDVH
6HQWLPHQWDO"&HLDVWD"1XLSHHQJOH]HWH$UILSXWXWVVSXQWRWDDGHELQH
FRQWLQHQWDO &FL HUD JUHX DWXQFL V VH SUHYDG F L FXYkQWXO L DWLWXGLQHD
DFHDVW VWDUH VXIOHWHDVF FDUH IDFH GLQ WULVWH&H XQ OX[ L GLQ VLPSDWLH XQ VFRS
PDLFXUkQGGHFkWXQPLMORFYRUGHYHQLDWkWGHSURIXQGHQJOH]H








(LELQHVXQWDOGUDFXOXLGHVXSUDWSHQWUXDVWDvQOLPEDHQJOH]




&21&/8=,,


,([LVWQXPHURDVHWUVWXULDVHPQWRDUHvQWUHVHFROXODO;9,,,OHDHQJOH]
LVHFROXODO;9,,,OHDIUDQFH]QDPEHOH&ULOLEHUWLQDMXOLFLQLVPXOVHDPHVWHF
FXVHQWLPHQWDOLVPXO'DUWHPSHUDPHQWHOHFHORUGRXSRSRDUHPRGHODWHGHFOLPDW
L GH LVWRULH UPkQ SURIXQG GHRVHELWH ( JUHX VL LPDJLQH]H FLQHYD vQ )UDQ&D
DQXOXLXQGRFWRU-RKQVRQPDUHUHDF&LRQDUWRU\FDUHLSURFODPSDVLXQHD
OXL SHQWUX LHUDUKLL XUD VD ID& GH OLEHUWDWH QR&LXQH EXQ GRDU V DPJHDVF
SRSRUXO L FDUH WRWXL HVWH SULHWHQXO OXL %XUNH FRPHVHDQXO OXL :LONHV
DGPLUDWRUXO OXL )R[ 3URWHVWDQWXO SXULWDQ VSHFLH UDU vQ )UDQ&D L FDUH QX
H[HUFLW QLFL XQ IHO GH LQIOXHQ& UPkQH vQ VWUXFWXUD $QJOLHL XQXO GLQWUH
HOHPHQWHOHFHOHPDLLPSRUWDQWH5HOLJLDOXLFRORUHD]UHOLJLDWXWXURUFODVHORUFKLDU
L D DFHORUD FDUH vQ DOWH &UL HUDX SH DWXQFL FHOH PDL SX&LQ UHOLJLRDVH 6 VH
FRPSDUH YLD&D XQHL $GULHQQH /HFRXYUHXU VDX DFHHD D XQHL 6RSKLH $UQRXOG FX
DFHHD D XQHL 0UV 6LGGRQV DFWUL& HPR&LRQDQW YLUWXRDV UHVSHFWDW L
WRWGHDXQDSX&LQVROHPQ'DFvQHSRFDOXL&DURODO,,OHDLvQEH&LD5HVWDXUD&LHL
VDSXWXWFUHGHF$QJOLDDIRVWFRQYHUWLWODFLQLVPSHYUHPHDUHJHQWXOXLFX
WRDWH vQGU]QHOLOH FkWRUYD GDQG\V $QJOLD HYDQJKHOLF LD UHOXDW vQWUHDJD VD
VXSUHPD&LH ( FLXGDW V REVHUYL vQ VXIOHWXO OXL %\URQ SH PRDUWH WULXPIXO
VLPEROLF DO XQXL FDOYLQLVP HUHGLWDU FDUH LD vQILSW DGkQF UGFLQLOH DVXSUD
FLQLVPXOXLVXGHHVHQ&SXULQWHOHFWXDO


,, &HOH PDL LPSRUWDQWH WUHL IHQRPHQH GLQ SHULRDGD  VXQW D
WUHFHUHDGHODRJXYHUQDUHPRQDUKLFvQFDUHSDUODPHQWXOQXDYHDGHFkWXQURO
OHJLVODWLYODRJXYHUQDUHROLJDUKLFvQFDUHSDUODPHQWXOHVWHFRQWUDUSUHULORUOXL
0RQWHVTXLHX L L]YRUXO SXWHULL H[HFXWLYH 7UHFHUHD VH IDFH JUD&LH LQYHQWULL VDX
PDL FXUkQG D DSDUL&LHL VSRQWDQH D FDELQHWXOXL UVSXQ]WRU vQ ID&D &DPHUHORU
LQYHQ&LHFDUHIDFHSRVLELODOWHUQDQ&DSDQLFDSDUWLGHORUEU]ERLXOFX)UDQ&D
FDUHDUHGUHSWSULPRELHFWLYVvPSLHGLFHIRUPDUHDSHFRQWLQHQWDXQHLKHJHPRQLL
GH WHPXW SHQWUX $QJOLD  ILH GLQ SDUWHD OXL /XGRYLF DO ;O9OHD ILH GLQ SDUWHD OXL
1DSROHRQ  L FD DO GRLOHD RELHFWLY V DVLJXUH $QJOLHL VXSUHPD&LD SH PDUH vQ
VIkULW FD R FRQVHFLQ& LQGLUHFW DELD GRULW IRUPDUHD XQXL QRX LPSHULX
FRORQLDO F UHYROX&LD DJULFRO L LQGXVWULDO FDUH DWkW SULQ IDSWXO F D UXLQDW SH
PLFLL SURSULHWDUL FkW L SULQ IDSWXO F D PDVDW vQ RUDH XQ SUROHWDULDW D IFXW
LQHYLWDELO R UHYROX&LH SROLWLF 2ULFUHL IRUPH HFRQRPLFH vL FRUHVSXQGH XQ
UHJLP (FRQRPLD SDVWRUDO FRPSRUW R JXYHUQDUH IDPLOLDO VDX WULEDO HFR
QRPLD DJULFRO SULPLWLY SUHVXSXQH XQ RDUHFDUH PRG GH IHXGDOLVP SHQWUX F
DJULFXOWRULL ILLQG UVSkQGL&L DX QHYRLH V ILH DSUD&L HSRFD QHJXVWRULORU HVWH
DFHHDDSOXWRFUD&LHLHSRFDLQGXVWULHLYDILFHOSX&LQvQVHFROXODL;O;OHDDFHHDD
GHPRFUD&LHL


,,, Q VHFROXO DO ;9,,,OHD SXWHUHD DSDU&LQXVH vQ $QJOLD XQHL FODVH PL[WH
IRUPDW GLQ DULVWRFUD&LH SURYHQLW GLQ IHXGDOLWDWHD GHIXQFW L GLQ SOXWRFUD&LH

5HJHQWDIRVWQXPLWvQ$QJOLDYLLWRUXOUHJH*HRUJHDO,9OHDGHRDUHFHDGH&LQXW
DFHDVW IXQF&LH vQWUH DQLL  L  FkQG WDWO VX *HRUJH DO ,,,OHD D IRVW LQFDSDELO V
H[HUFLWHDWULEX&LLOHUHJDOHGLQSULFLQDYkUVWHLLDXQHLDYDQVDWHPDODGLLQHUYRDVH

3URIHVRUXO3ROODUGQD




DELDQVFXW$FHDVWFODVXQLFGLYL]kQGXVHDGDWQDWHUHODGRXSDUWLGHQ
GLQGHPHPEULDL&DPHUHL&RPXQHORUHUDXQXPL&LGHDFHDVWD$P
DUWDW F UHJLPXO IXVHVH DFFHSWDW SHQWUX F DFHL FDUHO UHSUH]HQWDX SVWUDX
FRQWDFWFX&UDQLLSHQWUXFLQVWLWX&LLOHORFDOHDWHQXDVHUvQWURRDUHFDUHPVXU
QHGUHSW&LOH L vQ VIkULW SHQWUX F DFHVW JUXS GH SULYLOHJLD&L HUD DFFHVLELO
WDOHQWXOXLVDXFHOSX&LQVXFFHVXOXL6LVWHPXODYHDDYDQWDMXOFGHWHUPLQDFODVHOH
GLULJXLWRDUH V DFFHSWH DXWRULWDWHD SDUODPHQWXOXL 'DF vQ VHFROXO DO ;O;OHD
SDUODPHQWXOGHYHQLWPDLGHPRFUDWLFQXVHYDLRYLQLFLRGDWGHYUHRSUHMXGHFDW
DHOLWHLHQJOH]HvQGHIDYRDUHDOXLDFHDVWDVHGDWRUHWHIDSWXOXLFHOLWDFSWDVH
RELQXLQ&D vQF vQ VHFROXO DO ;9,,,OHD V, FRQVLGHUH GUHSW FDVD HL $FHDVWD HVWH
XQD GLQ FDX]HOH SRDWH FHD PDL LPSRUWDQW D VXFFHVXOXL UHSXUWDW vQ $QJOLD GH
SDUODPHQWDULVP FDUH vQ DOW SDUWH D HXDW FRPSOHW GLQ OLSVD XQRU DVWIHO GH
UGFLQL 'DU DFHVW PRQRSRO DULVWRFUDWLF D vQFHWDW V PDL ILH YLDELO DWXQFL FkQG
UHYROX&LDLQGXVWULDOPDVkQGSHPXQFLWRULvQRUDHDFRPSULPDWvQYROXPHPLFL
IRU&HLPHQVHFDUHDXWUHEXLWVJVHDVFYUHRVXSDSGHVFKLVvQOLSVDFUHLDDU
ILIFXWVVDUUHJLPXOvQDHU6TXLUHLL&DPHUHLQXPDLGXFQLFLDFHODLWUDLQX
PDLDXQLFLDFHODLPRGGHJkQGLUHFDPXQFLWRULLGLQ%LUPLQJKDPVDXGLQ/HHGV
&H SRDWH IL R SDURKLH vQ RFKLL XQXL ORFXLWRU DO VOXPVXULORU" 3RSXOD&LD $QJOLHL
GXEOkQGXVH vQ DL]HFL GH DQL WLQHUHWXO RDUH vQ  SRSXOD PDULOH RUDH QD
FXQRVFXW QLFLRGDW YLD&D UXUDO FDUH D GDW QDWHUH FRQVWLWX&LHL &ULL L FDUH R
H[SOLF(ILUHVFFDWLQHUHWXODFHVWDVILHFXSULQVGHQHOLQLWHGHLUDVFLELOLWDWHL
VSUHWLQGUHIRUPH


,91HOLQLWHLLUDVFLELOLWDWHFXDWkWPDLYLLFXFkWWHPHULOHWUH]LWHGHUHYROX&LD
IUDQFH]DXIFXWDULVWRFUD&LDHQJOH]PDLSX&LQVXSOLPDLSX&LQvQFOLQDWVSUH
FRPSURPLVXUL &RQWDJLRDV DJUHVLY UHYROX&LD D WUH]LW vQ $QJOLD UHVHQWLPHQWH
GXUDELOH5]ERDLHOHSHFDUHOHDSURYRFDWDXWXOEXUDWGH]YROWDUHDQRUPDOD&ULL
2UDHOHHQJOH]HVDXPULWvQWUXQPRPHQWvQFDUHJXYHUQXOSUHRFXSDWGHU]ERL
QX D SXWXW LPSXQH DUKLWHF&LORU UHJXOLOH GH LJLHQ FDUH DU IL IRVW LQGLVSHQVDELOH
2ULFH SHULRDG GH WUDQVIRUPUL L GH LQYHQ&LL DWUDJH PDL vQWkL GXS VLQH PDUL
QHQRURFLULGDUPL]HULDFHORUVUDFLFDUHDIRVWDWXQFLLQVXSRUWDELODUILSXWXWvQ
PDUHPVXUVILHHYLWDWPDLDOHVOD&DU$VWIHOFDXH[LVWDWYLLQHPXO&XPLUL
0RQDUKLD vQVL vL SLHUGXVH RULFH SUHVWLJLX $ GRXD ]L GXS YLFWRULD GLQ 
UHJHQWXO D IRVW KXLGXLW SH VWU]LOH /RQGUHL /RLDOLVPXO QD&LRQDO D VSULMLQLW PXOW
YUHPH SDUWLGXO WRU\ vPSRWULYD FSFXQXOXL FRUVLFDQ SDFHD YD GD IUkX OLEHU
FRQWLLQ&HORU L QHPXO&XPLULOH DFXPXODWH WLPS GH GRX]HFL L FLQFL GH DQL YRU
&kQLVXEIRUPDXQRULQVXUHF&LL


9*XYHUQXOQXDYHDIRU&DQHFHVDUSHQWUXDSXWHDVUH]LVWHXQHLSUHVLXQL
SRSXODUH(DGHYUDWFGLVSXQHDGHFHDPDLPDUHIORWGLQOXPHGDUFXIORWDQX
VHSRDWHPHQ&LQHRUGLQHDLQWHUQ'XSU]ERLDUPDWDYDWUHEXLSDU&LDOOVDWOD
YDWU LDU SDUWHD PHQ&LQXW VXE DUPH YD IL GHD GUHSWXO LQFDSDELO V FXSULQG
WRDW &DUD <HRPDQU\ QX PDL UVSXQGH OD DSHO FRQVWDEOHV YROXQWDUL UHIX] V
SUHVWH]H MXUPkQW PDJLVWUD&LL VXQW GH]DUPD&L 6H YD YHGHD F $QJOLD YD VFSD
WRWXLGHFLRFQLULOHVkQJHURDVHLIUURVWDOHXQHLUHYROX&LLLDOHXQHLUHDF&LL7UHL
IRU&H vL YRU DVLJXUD DFHDVW LPXQLWDWH SXWHUHD RSLQLHL FDUH SULQ SUHV MXULL
DVRFLD&LL YD LPSXQH XQXL SDUODPHQW ROLJDUKLF UHIRUPHOH QHFHVDUH H[LVWHQ&D vQ
SDUWLGXOZKLJJUD&LHLQIOXHQ&HLGXUDELOHDOXL&KDUOHV-DPHV)R[DXQRUHOHPHQWH
OLEHUDOH GHVWXO GH PkQGUH GH SULYLOHJLLOH QDWHULL SHQWUX D FHGD FX ODUJKH&H




SULYLOHJLLOH SROLWLFH GHVWXO GH QRELOH SHQWUX D IL SRSXODUH vQ VIkULW FXUHQWXO
HYDQJKHOLF FDUH D vPEOkQ]LW PRUDYXULOH L D DEWXW SDWLPLOH ,QGHSHQGHQ&D
MXGHFWRULORU WUXIDXO OLEHUDOLVP DO ZKLJLORU L PLORVWHQLD FUHWLQ YRU vQJGXL
&ULLVWUHDFIUU]ERLFLYLOSULQSHULRDGDFHDPDLGLILFLODLVWRULHLVDOH





&$57($$$37($

'(/$$5,672&5$%,(/$'(02&5$%,(






,
',),&8/7%,/(3267%(/,&(

,(ILUHVFFDXQU]ERLvQGHOXQJDWFKLDUYLFWRULRVVILHXUPDWGXSVFXUWD
GHVWLQGHUHSHFDUHRGWULXPIXOGH]LOHGHQHPXO&XPLUHLGHGH]RUGLQH3RSRUXO
FDUHDDFFHSWDWVIDFPDULVDFULILFLLDDWHSWDWGHODYLFWRULHPDULELQHIDFHUL2U
SDFHDDDGXVFXVLQHRGDWFXUXSHUHDHFKLOLEUXOXLDUWLILFLDOFDUHVDVWDELOLWvQ
WLPSXOU]ERLXOXLRFUL]HFRQRPLFFDUHVDWUDQVIRUPDWUHSHGHvQWURFUL]SR
OLWLF 'LQ  SkQ vQ  $QJOLD D FXQRVFXW FLQFL DQL JUHL QGDW GXS
vQFKHLHUHD SFLL VF]XU WRDWH SUH&XULOH *UkXO FDUH DMXQVHVH SkQ OD R VXW
GRX]HFL GH LOLQJL TXDUWHUXO VF]X VXE DL]HFL GH LOLQJL $FHDVW VFGHUH vL
UXLQD SH IHUPLHULL FDUH vQFKLSXLQGXL F SUH&XULOH PDUL GLQ WLPSXO U]ERLXOXL
VXQWYHQLFHVHPQDVHUFRQWUDFWHGHDUHQGvPSRYUWRDUH6TXLUHLLLIHUPLHULL
FHUHDX UHGXFHUHD LPSR]LWHORU &DQFHODUXO 9DQVLWWDUW WUHEXL V UHQXQ&H OD
LPSXQHULOH SH YHQLW L V UHFXUJ OD vPSUXPXWXUL &kQG R UHFROW VODE SURYRF
XUFDUHD VXELW D JUkXOXL OD R VXW WUHL SURWHVWDU PXQFLWRULL 0DQXIDFWXULHULL
DFX]DUJXYHUQXOFSULQSROLWLFDVFXPSLULLSkLQLLvLFRQVWUkQJHVXUFHVDODULLOH
6H WHUPLQDVH FX SURVSHULWDWHD  DWkW D IDEULFLORU FkW L D GRPHQLLORU 1X PDL
H[LVWDX FRPHQ]L PLOLWDUH 6D FUH]XW F &ULOH FRQWLQHQWDOH DU SXWHD DEVRUEL
SURGXF&LDQRLORUPDLQLGDUFRQWLQHQWXOVOHLWGHU]ERLUHIX]DPUIXULOHHQJOH]H
'RXVXWHFLQFL]HFLGHPLLGHVROGD&LGHPRELOL]D&LFXWDX]DGDUQLFGHOXFUX&XP
VHvQWkPSOWRWGHDXQDvQSHULRDGHOHGHPXOWLSOHLUDSLGHLQYHQ&LLPDLQDvOSULYD
SHRPGHPXQF%HVWRULLPDQXDOLGHVSHUD&LGLVWUXJHDXU]ERDLHOHPHFDQLFHL
GH PXOWH RUL GGHDX IRF IDEULFLORU 6UFLD L RPDMXO DWLQVHVHU DVHPHQHD
SURSRU&LL vQFkW LPSR]LWXO SHQWUX VUDFL VH XUF GH OD FLQFL PLOLRDQH OD QRX
PLOLRDQHGHOLUH$FHVWHDHUDXRDUHELQHIDFHULOHSFLLDWkWGHPXOWGRULW"


,,6HSUHDFLQWHUHVHOHIDEULFLLLDFHOHDDOHGRPHQLXOXLHUDXFRQWUDGLFWRULL
GDUDWXQFLFkQGDJLWD&LDSRSXODUGHYHQLYLROHQWFkQGGXSFHDXIRVWGLVWUXVH
&HVWRULLOH DX vQFHSXW V ILH LQFHQGLDWH PRULOH VSDLPD vL vPSF SH
PDQXIDFWXULHUL FX SURSULHWDULL DJULFROL /XFUWRULL LQGXVWULDOL L DJULFROL QHILLQG
DOHJWRUL VH IFXU DJLWDWRUL 1LFL XQXO GLQ FHL FDUH OH DSUDX LQWHUHVHOH QDYHD

TXDUWHUPVXUGHFDSDFLWDWHDQJORVD[RQ OLWUL



DQVD V LQWUH vQ SDUODPHQW Q FRPLWDWH YRWDX QXPDL IHUPLHULL GH&LQWRUL GH
SPkQW FX XQ YHQLW GH SDWUX]HFL GH LOLQJL vQ FH SULYHWH WkUJXULOH OLVWD QX PDL
IXVHVH vPSURVSWDW GLQ HSRFD GLQDVWLHL 7XGRU DVWIHO F RUDH PDUL D FURU
GH]YROWDUH HUD GH GDW UHFHQW UPkQHDX IU GHSXWD&L /LSVLW GH UHSUH]HQWDQ&L
DOHLSHFLQHVHSXWHDVSULMLQLSRSXOD&LDRUDHORU"3HVXYHUDQ"'LQEWUkQXO
UHJH*HRUJHDO,,,OHDHUDRUELQHEXQ(DGHYUDWFGHPHQ&DIFkQGGLQHOFHO
PDL FRQVWLWX&LRQDO GLQWUH PRQDUKL vL DVLJXUDVH vQ VIkULW R SRSXODULWDWH IU
UH]HUY 'DU WURQXO GH IDSW HUD RFXSDW GH ILXO VX UHJHQWXO YLLWRUXO *HRUJH DO
,9OHDID&GHFDUHHQJOH]LLQXDYHDXQLFLXQUHVSHFW1XHUDRPUXLQLFLSURVW
vL SURWHMD SH DUWLWL R DSUHFLD SH PLVV $XVWHQ vL VXV&LQHD SH %\URQ L 6FRWW vL
IFXVHGLQ6KHULGDQFHOPDLEXQSULHWHQSR]DSHQWUX/DZUHQFHLLDWULPLVGRX
VXWH GH OLYUH OXL %HHWKRYHQ /D SRUXQFD OXL VDFRQVWUXLW 5HJHQW 6WUHHW HO DGDW
LQGLFD&LL SHQWUX 5HJHQW 3DUN SHQWUX UHFRQVWUXLUHD %XFNLQJKDP 3DODFHXOXL L
SHQWUX UHVWDXUDUHD FDVWHOXOXL :LQGVRU 'HVYkULWHOH VDOH PDQLHUH DX IFXW GLQ
HOGDFQXSULPXOJHQWLORPDO(XURSHLFHOSX&LQSULPXOGLQWUHGDQG\'DUHUD
HJRLVWPHVFKLQLYLD&DOXLGHVIUkQDWvQWURSHULRDGGHSUXGHQWYLUWXWHvOIFX
QHSRSXODU/XkQGGHVR&LHvQPRGVHFUHWSHFDWROLFD0DULD)LW]KHUEHUWvQDLQWHGH
D VH FVWRUL RILFLDO FX &DUROLQD GH %UXQVZLFN GH FDUH GH DOWIHO D GLYRU&DW GXS
XQDQHOvQHODvQDFHODLWLPSGRXQHYHVWHQHSXWkQGXVHDE&LQHGHODOLEHUWLQDM
QLFL DWXQFL FkQG HUD ELJDP Q OLSVD XQXL VXYHUDQ FDUH V MRDFH UROXO GH
LQWHUPHGLDUSRSRUXOSXWHDVDLEvQFUHGHUHvQPLQLWUL"&DELQHWXOODSXWHUHHUD
DOFWXLWGLQWRU\RVWLOLRULFUHLUHIRUPHLGHVSUHFDUHVDUILSXWXWVSXQHFDGHV
SUH 0HWWHUQLFK F GDF DU IL IRVW GH ID& OD IDFHUHD OXPLL LDU IL FHUXW OXL
'XPQH]HXVODVHKDRVXODDFXPH6HSXWHDvQFUHGHSRSRUXOvQRSR]L&LH"0DULL
VHQLRUL ZKLJ QX vQFKHLDVHU vQF DOLDQ& FX UHIRUPLWLL 5PkQHD LQVXUHF&LD FHO
PDL YHFKL L LQGLVFXWDELO GUHSW DO HQJOH]LORU DUP FX DWkW PDL UHGXWDELO FX FkW
$QJOLDQXDYHDQLFLXQIHOGHSROL&LHLDUUDSLGDGH]YROWDUHDRUDHORUQXvQJGXLVH
DXWRULW&LORU ORFDOH V GREkQGHDVF H[SHULHQ&D FRPSRUWULL ID& GH PDUHD
PXO&LPH /RUGXO /LYHUSRRO SULPPLQLVWUX LD UVSXQV RGDW OXL &KDWHDXEULDQG
FDUHL YRUEHD GH VROLGLWDWHD LQVWLWX&LLORU HQJOH]H 8QGH PDL H VROLGLWDWHD GH FkQG
H[LVWPDULOHRUDH"2LQVXUHF&LHVHULRDVOD/RQGUDLWRWXOHSLHUGXW


,,,3RSRUXOHUDLQVWLJDWODLQVXUHF&LHGHPDLPXOWHJUXSXULUDGLFDOH8QLLFD
+HQU\+XQWvOSRY&XLDXVFHDUVXIUDJLXOXQLYHUVDODO&LLFDVLU)UDQFLV%XUGHWW
L PDLRUXO &DUWZULJKW vO VIWXLDX V FHDU GUHSW GH YRW SHQWUX RULFH HQJOH] FDUH
SOWHWH LPSR]LW GLUHFW &REEHWW ILX GH \HRPDQ GHYHQLW UDGLFDO GXS FH Y]X
FRQGL&LLOH PL]HUDELOH vQ FDUH WULHVF &UDQLL HQJOH]L vQ XUPD vPSUHMPXLULORU
SXEOLF XQ PLF ]LDU UHIRUPLVW 3ROLWLFDO 5HJLVWHU UHGDFWDW GH HO vQWUR DGPLUDELO
OLPE$QJOLDVHvPSkQ]HDGH+DPSGHQ&OXEXULLLPLWkQGPHWRGDFDUHLUHXLVH
DWkW GH ELQH OXL :HVOH\ QHQXPUD&L SUHGLFDWRUL SROLWLFL FXWUHLHUDX &DUD 0LWLQ
JXULOH ORU YLROHQ&D PXQFLWRULORU FDUH GLVWUXJHDX PDLQLOH vQFHUFULOH GH UVFRDOH
&UQHWL vQVSLPkQWDX JXYHUQXO $PLQWLULOH GLQ WLPSXO UHYROX&LHL IUDQFH]H
UPkQHDX PHUHX YLL L DPHQLQ&WRDUH &kQG FODVHOH SRVHGDQWH Y]XU OD
PLWLQJXUL SH +HQU\ +XQW SUHFHGDW GH GRL RDPHQL GLQWUH FDUH XQXO SXUWD SH XQ
YkUIGHVXOL&EHUHWDIULJLDQLDUFHOODOWGUDSHOXOWULFRORUYHUGHDOEDVWUXLURX
DO YLLWRDUHL UHSXEOLFL EULWDQLFH vQFHSXU V WUHPXUH )ULFD H vQWRWGHDXQD
QHPLORDVPXQFLWRULLL&UDQLLUHYROWD&LIXUVSkQ]XUD&L







,9 &XP V VH PHQ&LQ RUGLQHD vQ RUDH" Q PXOWH FRPLWDWH MXGHFWRULL GH
SDFHIFXUDSHOODVROGD&L6HUHSDUWL]DUFRPLWDWHORUFOUH&LGHSD]'HPXOWH
RULDFXUVVkQJH&HOPDLJUDYGLQWUHDFHVWHPDVDFUHDDYXWORFOD0DQFKHVWHUvQ
DQXO  FkQG VROGD&LL DX WUDV vQ PXO&LPH RPRUkQG XQVSUH]HFH SHUVRDQH L
UQLQG QXPHURDVH DOWHOH 'HRDUHFH OXFUXULOH VDX SHWUHFXW vQ SLD&D 6DLQW3HWHU
RSR]L&LD D VSXV F GDF GXFHOH GH :HOOLQJWRQ D UHSXUWDW R YLFWRULH OD :DWHUORR
ORUGXO6LGPRXWKDUHSXUWDWRYLFWRULHOD3HWHUORRL]LFDODDUPDV'XSDFHVWH
WXOEXUUL VH KRWUv SULQ IDLPRDVHOH DVH $FWH DOH ORUGXOXL 6LGPRXWK V VH
LQWHU]LF RULFH vQWUXQLUH VDX DGXQDUH DYkQG GUHSW VFRS H[HUFL&LL FX FDUDFWHU
PLOLWDU V VH GHD MXGHFWRULORU GH SDFH GUHSWXO GH D FRQILVFD DUPHOH SHULFXORDVH
SHQWUXVLJXUDQ&DSXEOLFLGHDDUHVWDSHGH&LQWRULLORUvQVFRSXOGHDUHVWUkQJH
GUHSWXO GH vQWUXQLUH L OLEHUWDWHD SUHVHL 2 FRQVSLUD&LH SHQWUX DVDVLQDUHD
PLQLWULORU FRQVSLUD&LD GLQ &DWR 6WUHHW vQFXUDMDW GH DJHQ&L SURYRFDWRUL VIkUL
SULQD]SFLVSLULWHOHGLQDPEHOHWDEHUH&HLERJD&LGRUHDXRJXYHUQDUHPLOLWDU
LFRQWDXSHGXFHOHGH:HOOLQJWRQFHLVUDFLSUHJWHDXvQPRGGHVFKLVUHYROX&LD
/DFLQFLDQLGXSYLFWRULH$QJOLDSUHDvQSUHDMPDU]ERLXOXLFLYLO


9 $QJOLDD IRVW VDOYDW GH GRX IDSWH LPSUHYL]LELOH XQ VFDQGDO L XQ DYkQW
HFRQRPLF$YkQWXOHFRQRPLFVDSURGXVFXPVHvQWkPSOvQWRWGHDXQDvQFOLSDvQ
FDUHHFRQRPLWLLDMXQVHVHUODGHVSHUDUHLSURSXQHDXVROX&LLOHFHOHPDLUDGLFDOH
vQWUH FDUH L LQIOD&LD 6FDQGDOXO D L]EXFQLW FkQG EWUkQXO UHJH *HRUJH DO ,,,OHD D
PXULW L FkQG LD XUPDW UHJHQWXO VXE QXPHOH GH *HRUJH DO ,9OHD 6R&LD OXL
&DUROLQDGH%UXQVZLFNFDUHGXFHDGHPXOWYUHPHRYLD&SUHDSX&LQPRUDOSH
FRQWLQHQW VH KRWUv EUXVF GLQ YDQLWDWH L GLQ XU ID& GH VR&XO HL V FHDU D IL
vQFRURQDW RGDW FX HO /HJDOPHQWH HUD vQ GUHSW VR IDF GDU PRUDOPHQWH
&DUROLQDQDYHDQLPLFUHJHVF5HJHOHvQVYXOQHUDELOLHOVDUILGRYHGLWSUXGHQW
GDF HYLWD RULFH GH]EDWHUH GH RUGLQ PRUDO 2U UHJHOH YUkQG VR vQGHSUWH]H SH
&DUROLQD VH DUW DWkW GH vQFS&kQDW L DWkW GH VWkQJDFL vQFkW PLQLWULL VH
vQWUHEDXDGHVHDGDFQDPRWHQLWFXPYDGHODSULQWHOHVXRGDWFXWURQXOL
QHEXQLD OXL 0HUVH SkQ DFROR vQFkW SXVH OD FDOH XQ SURFHV GH GLYRU& vQ ID&D
&DPHUHL /RU]LORU XQGH VH SRUQL V YRUEHDVF GH GHVIUkXO UHJLQHL &DPHULVWH
LWDOLHQH L VSLRQL RULHQWDOL YHQLU V LVWRULVHDVF IHO GH IHO GH SRYHWL F UHJLQD
&DUROLQDDIRVWDPDQWDFXULHUXOXLHLFDIRVWY]XWLHLQGGLPLQHD&DFXSHUQD
VXE EUD& GLQ RGDLD DFHVWXL FXULHU SH FDUH OD IFXW PDUH PDHVWUX DO 2UGLQXOXL
&DUROLQD QWUHDJD /RQGU VDYXUkQG REVFHQLW&LOH XLW GH UHIRUPD HOHFWRUDO
3RSRUXOOXDVHSDUWHDUHJLQHLLRDFODPDFkQGWUHFHDSHVWUDG0UWXULLOHGHSXVH
vPSRWULYD HL QLFL QXL LPSUHVLRQDU SH HQJOH]L GHRDUHFH SURYHQHDX GH OD QLWH
VWULQL $FHDVW H[FHVLY DGPLUD&LH ID& GH UHJLQ IX GH DOWIHO GH VFXUW GXUDW
FFLHDPXULvQVSUHPDUHDXXUDUHDVR&XOXLHL


9, 7RWXL GDWRULW DFHVWHL GLYHUVLXQL VSLULWHOH VH FDOPDVHU SX&LQ 7RU\
LQWUDQVLJHQ&L SULPLVHU vQ UkQGXULOH ORU R VHULH GH WLQHUL FDUH GRUHDX V vQWRDUF
SDUWLGXO OD WUDGL&LD UHIRUPDWRDUH D OXL 3LWW 3ULQWUH DFHWL QRL YHQL&L VH UHPDUFDX
vQGHRVHEL 5REHUW 3HHO +XVNLQVRQ L &DQQLQJ 3HHO ILXO XQXL PDQXIDFWXULHU GLQ
/DQFDVKLUH XQXO GLQ FHL DSWH ERJWDL PDL PDUL DL $QJOLHL IXVHVH HGXFDW
SUHFXPRGLQLRDU:LOOLDP3LWWFDVGHYLQSULPPLQLVWUX/DFLQFLDQLWDWOVX
vOFRFR&DSHRPDVLOSXQHDVUHSHWHGLVFXUVXULODGRX]HFLLXQXGHDQLRE&L
QXVHXQORFvQ&DPHUD&RPXQHORUODGRX]HFLLWUHLGHDQLGHYHQLVHVHFUHWDUGH
VWDW 5HVSHFWDELO L UHVSHFWDW VHUYHD GH DUELWUX vQWUH FHL FX YHGHUL vQDLQWDWH GLQ




SDUWLGFXPHUD&DQQLQJLUHWURJUD]LFXPHUDGXFHOHGH:HOOLQJWRQ&DPLQLVWUX
GHLQWHUQH3HHODGXVRDFWLYLWDWHFXWRWXOGHRVHELWVDUHPDUFDWvQVSHFLDOSULQ
IDSWXO F D GHVILLQ&DW SHGHDSVD FX PRDUWHD SHQWUX QXPHURDVH FULPH L GHOLFWH
FDUHQXPHULWDXRVDQF&LXQHDWkWGHDVSU,QFUHGLELODVHYHULWDWHDOHJLORUFDUHL
JVHD R RDUHFDUH VFX] SH YUHPHD FkQG R JXYHUQDUH VODE VH SXWHD DWHSWD OD
RULFHGHSHXUPDDQDUKLHLGHYHQHDLQXWLOLVFDQGDORDVvQWURSHULRDGGHPDL
EXQ DGPLQLVWUDUH D &ULL L FX PRUDYXUL PDL EOkQGH &RSLLL PDL DOHV IXVHVHU
SkQ DWXQFL WUDWD&L GH MXVWL&LH FX R FUX]LPH SH FkW GH UHYROWWRDUH SH DWkW GH
LQXWLO 3HHO DGXVH UHIRUPH L vQ GRPHQLXO DFHVWD Q DFHODL WLPS +XVNLQVRQ vL
VSULMLQHD SH PDQXIDFWXULHUL VXSULPkQG WD[HOH SURWHF&LRQLVWH DVXSUD PDWHULLORU
SULPHDOkQHLLDPWVLLDUILVXSULPDWEXFXURVLWD[HOHDVXSUDJULXOXLGDUVD
ORYLW GH JHQWLORPLL GH OD &DU DWkW GH QXPHURL vQ SDUWLGXO VX FDUH RSXQHDX
UH]LVWHQ& Q VIkULW &DQQLQJ OXkQG FRQGXFHUHD )RUHLJQ 2IILFHXOXL GXS
VLQXFLGHUHD OXL &DVWOHUHDJK SURPRY R SROLWLF OLEHUDO vQWUXQ JXYHUQ WRU\
&XYkQWXO OLEHUDO HUD QRX IXVHVH SXV vQ FLUFXOD&LH GH UHYROX&LD VSDQLRO vQ
WLPSXO FUHLD SDUWL]DQLL PRQDUKLHL DEVROXWH SULPLVHU SRUHFOD GH VHUYLOL LDU
DGYHUVDULL ORU GH OLEHUDOL 1X IU RDUHFDUH WHDP LDX vQFUHGLQ&DW WRU\ DFHDVW
vQDOWIXQF&LHOXL&DQQLQJWDOHQWOLSVLWGHPRUDOLWDWHDYHQWXULHUSROLWLFFDUHLD
WUGDWGHPXOWHRULLLDEWXWMRFGHHLGDUHUDXQRPGHJHQLXFHHDFHOLSVHD
FHOPDLPXOWSDUWLGXOXL


9,, 6LWXD&LD OXL &DVWOHUHDJK GXS FGHUHD OXL 1DSROHRQ IXVHVH GLILFLO
6XYHUDQLLGHSHFRQWLQHQWQHOLQLWL&LGHSUH]HQ&DvQDWkWHD&ULHXURSHQHDXQXL
WLQHUHW UHEHO IRUPDW GLQ ORFRWHQHQ&L vQ VHPLVROG VWXGHQ&L GLVFLSROL GHDL OXL
%\URQLFRQVSLUDWRULURPDQWLFLVHFRQVWLWXLVHUvQWUR6IkQW$OLDQ&SHQWUXD
vPSLHGLFD R vQWRDUFHUH RIHQVLY D UHYROX&LHL IUDQFH]H &X WRDWH F $QJOLD IFHD
SDUWH GLQ JUXSXO vQYLQJWRULORU LQWHUHVHOH VDOH HUDX GLIHULWH WHPHULOH VDOH PDL
SX&LQDFXWH$WUHEXLWVVHDQJDMH]HFDUHVUHLDvPSUHXQFX$XVWULD3UXVLD
L 5XVLD  RVWLOLW&LOH vPSRWULYD )UDQ&HL GDF DFHDVWD DU UHVWDXUD XQ %RQDSDUWH
VDXDUFRPLWHRDJUHVLXQHvPSRWULYDYHFLQLORUVL'DU&DVWOHUHDJKQXYRLDVVH
WUDQVIRUPHvQWUXQMDQGDUPDOFRQWUDUHYROX&LHLHXURSHQH$vQFHUFDWVVHRSXQ
WHQGLQ&HORU GHVSRWLFH DOH DOLD&LORU VL QD UHXLW vQWRWGHDXQD &DQQLQJ vQVXL
DWXQFL FkQG )UDQ&D D SULPLW GLQ SDUWHD 6ILQWHL $OLDQ&H PLVLXQHD GH D vQEXL
UHYROX&LDVSDQLROQXVDSXWXWRSXQHQHDYkQGDUPDWDQHFHVDUSHQWUXRQRX
H[SHGL&LHvQSHQLQVXO&DVWOHUHDJKFDEXQHXURSHDQFUHGHDvQUHVSRQVDELOLWDWHD
FROHFWLY &DQQLQJ YRLD V DLE PkQ OLEHU 'DU FRQVHFLQ&HOH UHSXWD&LHL ORU DX
IRVW F SXEOLFXO D XLWDW vQ FHO SULYHWH SH &DVWOHUHDJK FDUH WUHFHD GUHSW
UHDF&LRQDU DF&LXQLOH VDOH OLEHUDOH LDU vQ FD]XO OXL &DQQLQJ FDUH WUHFHD GUHSW
OLEHUDO QX VD PDL &LQXW VHDP GH FRQFHVLLOH IFXWH FRQVHUYDWRULORU 2U GDF
&DQQLQJ GHWHVWD 6IkQWD $OLDQ& QR IFHD DWkW GLQ SULFLQD FDUDFWHUXOXL HL
UHDF&LRQDUFLSHQWUXFQXHUDEULWDQLFQORFGH$OLDQ&FLWL&L$QJOLDVFULDHO
LYH&LDYHDFKHLDSROLWLFLLPHOH


9,,,'DFGLQOLSVGHDUPDWQXSXWXVHRFURWLUHYROX&LDGHOD0DGULGvL
OX UHYDQD DWXQFL FkQG FRORQLLOH VSDQLROH GLQ $PHULFD GH 6XG VH GHFODUDU
LQGHSHQGHQWH 7LQHUHOH UHSXEOLFL DPHULFDQH vL GDWRUDU VDOYDUHD ORU DWkW IORWHL
EULWDQLFH FkW L VSULMLQXOXL PRUDO DO SUHHGLQWHOXL 0RQURH $FHDVW DF&LXQH LD
DWUDV OXL &DQQLQJ R LPHQV SRSXODULWDWH (UD XQXO GLQ DFHOH FD]XUL IHULFLWH FkQG
LQWHUHVHOHFRPHUFLDOHDOH&LW\XOXLDXFRLQFLVFXVLPSDWLLOHSRSRUXOXLHQJOH]QF




GHSHYUHPHDOXL'UDNHLD(OLVDEHWHLQHJXVWRULLGLQ/RQGUDDYXVHVHUGHVXIHULW
Y]kQG F OL VH LQWHU]LFH DFFHVXO OD XQD GLQ FHOH PDL IUXPRDVH SLH&H GLQ OXPH
3URILWkQGGHU]ERLXOGLQSHQLQVXOLGHEORFDGvQFHSXVHUVSWUXQGDFROR
0LQLVWUXOFDUHGHVFKLGHDSLH&HOHDSUkQGOLEHUW&LOHVDWLVIFHDvQDFHODLWLPSSH
GRFWULQDULL ZKLJ L SH EXPEFDULL GLQ /DQFDVKLUH 1XPDL EWUkQLL WRU\ FD
:HOOLQJWRQFDUHVHWHPHDXLGHGHPDJRJLDH[WHUQLGHFHDLQWHUQvOUHSUREDX
&kQGvQ&DQQLQJvQSRILGDIXULHL6ILQWHL$OLDQ&HUHFXQRVFXSHUHEHOLLJUHFL
DWDFD&L GH HJLSWHQL L GH WXUFL DFHVW PLQLVWUX WRU\ GHYHQL PDUHOH IDYRULW DO
OLEHUDOLORU GLQ WRDWH &ULOH &kQG GXS GHPLVLD OXL /LYHUSRRO ORYLW GH DSRSOH[LH
IRUP JXYHUQXO FUXLD :HOOLQJWRQ L 3HHO vL UHIX]DU FRQFXUVXO IX VXV&LQXW GH
ZKLJL vPSUHXQ FX Fk&LYD SULHWHQL SHUVRQDOL GHDL OXL 'DU YHQLW OD SXWHUH vQ
IHEUXDULH&DQQLQJDFUXLVQWDWHOVDPXOWGHGRULWPXULvQDXJXVWvQ
XUPDXQHLFUL]HGHGH]LQWHULHIUDLILGRYHGLWvQWUHDJDOXLFDSDFLWDWH


,; 0RDUWHD OXL &DQQLQJ GGX QDWHUH XQHL VLWXD&LL FRQIX]H 'LQ  GH
FkWH RUL XQ VXYHUDQ HQJOH] VH DIOD vQWUR vQFXUFWXU VH JkQGHD OD GXFH QYLQ
JWRUXOGHOD:DWHUORRVHEXFXUDGHXQUHVSHFWIUPDUJLQLGLQSDUWHDSDUWLGXOXL
WRU\LDURSR]L&LDGXSFHVHWHPXVHRYUHPHvQGHOXQJDWF:HOOLQJWRQYDYRLV
LQVWDXUH]H R GLFWDWXU PLOLWDU VIkULVH SULQ D UHFXQRDWH F GXFHOH FD L
PDMRULWDWHD PDULORU RWHQL DYHD JURD] GH U]ERL FLYLO LDU vQ SDUODPHQW VH
SUH]HQWD FD XQ DGYHUVDU RQHVW VWkQJDFL L SUHD SX&LQ SHULFXORV 'XFHOH FD L
EWUkQXO UHJH VH WHPHD GH WRDWH UHIRUPHOH OD PRG HPDQFLSDUHD FDWROLFLORU
H[WLQGHUHDVXIUDJLXOXLOLEHUXOVFKLPE,GHDOXOVXHUDGHDQXVFKLPEDQLFLRGDW
QLPLF 'DU FDPSDQLLOH VDOH SROLWLFH DX FRQVWDW QXPDL GLQ UHWUDJHUL 'HRDUHFH vQ
ORFVDFFHSWHOXSWDSUHIHUDVFHGH]HVSLULWXOOLEHUDOJVLvQSHUVRDQDOXLLIU
YRLD OXL FHO PDL EXQ DOLDW Q WLPSXO JXYHUQULL VDOH DPLUDOXO &RGULQJWRQ
DSOLFkQGYHFKLOHLQVWUXF&LXQLDOHOXL&DQQLQJIUDFHUHQRLRUGLQHGLVWUXVHOD
1DYDULQIORWDWXUFSHFkQGGXFHOHvQDFHVWFRQIOLFWHUDIDYRUDELOWXUFLORULWRW
GXFHOHDFFHSWGHLvQPDUHVLOVXSULPDUHDDFHORU7HVWDQG&RUSRUDWLRQV$FWV
LLVFXWLSHGLVLGHQ&LVVHvPSUWHDVFGXSULWXODQJOLFDQvQDLQWHGHDOXDvQ
SULPLUHXQSRVWPXQLFLSDOVDXYUHRIXQF&LHGHVWDWQVIkULWWRWHOGXSFHDvQ
FHSXW FX HPDQFLSDUHD GLVLGHQ&LORU VD WUH]LW ID& vQ ID& FX SUREOHPD L PDL
JUDYDHPDQFLSULLFDWROLFLORU


; 'UHSWXO FDWROLFLORU GH D YRWD L D IL DOHL vQ SDUODPHQW IXVHVH SURPLV
LUODQGH]LORUvQPRPHQWXOvQWRFPLULL$FWXOXLGHXQLUHD,UODQGHLFX0DUHD%ULWDQLH
1XPDLRSR]L&LDOXL*HRUJHDO,,,OHDFDUHLIFXVHGLQDFHDVWDRSUREOHP
GH FRQWLLQ& vPSLHGLFDVH vPSOLQLUHD IJGXLQ&HL &DWROLFLL LUODQGH]L DX IRQGDW
DWXQFL R OLJ DX VWUkQV IRQGXUL L DX DOHV XQ HI HORFYHQW SH 2
&RQQHOO (UD
QHvQGRLRV F DYHDX GHSOLQ GUHSWDWH Q $QJOLD vQWUHJ WLQHUHWXO GLQ FHOH GRX
SDUWLGH RERVLW GH DFHVWH FHUWXUL FDUH L VH SUHDX SHULPDWH HUD L HO IDYRUDELO
HPDQFLSULL 7RWXL FDWROLFLL DYHDX SULQWUH PHPEULL FDELQHWXOXL DGYHUVDUL
KRWUk&LGLQWUHFDUHFHLPDLSXWHUQLFHUD3HHODOHVXO8QLYHUVLW&LLIRDUWHDQJOLFDQH
GLQ 2[IRUG ,UODQGD WUL WLPS GH Fk&LYD DQL vQWUR DWPRVIHU GH U]ERL FLYLO
DVRFLD&LD FDWROLF L VTXLUHLL SURWHVWDQ&L GLQ QRUGHVW HUDX JDWD V VH vQFDLHUH
2
&RQQHOO vQ SRILGD OHJLL UHXL V VH IDF DOHV PHPEUX DO SDUODPHQWXOXL L
VKHULIXO QX vQGU]QL VO SURFODPH DOHV QLFL SH HO QLFL SH DGYHUVDUXO VX
:HOOLQJWRQ VRFRWL F VLWXD&LD HUD SULPHMGLRDV (O SHUVRQDO QX HUD RVWLO
FDWROLFLORU U]ERLXO FLYLO L VH SUHD L PDL SX&LQ GH GRULW GHFkW VFKLPEDUHD vO




VIWXL SH UHJH V FHGH]H L UHXL QX IU JUHXWDWH VO FRQYLQJ 3HHO vL RIHUL
GHPLVLD Q VIkULW SUHVWLJLXO GXFHOXL vQOWXU WRDWH vPSRWULYLULOH GLQ SURSULD VD
WDEU L vQF R GDW EWX vQ UHWUDJHUH vQ PRG YLFWRULRV $FWXO GH HPDQFLSDUH IX
YRWDW vQ  'XS FkWHYD DPkQUL 2
&RQQHOO SXWX LQWUD vQ :HVWPLQVWHU vQ
&DPHUD /RU]LORU GXFHOH GH 1RUIRON L FHLODO&L SDLUL FDWROLFL vL UHOXDUk ORFXULOH
'LQWUHWRDWHLQHJDOLW&LOHUHOLJLRDVHQXPDLUPVHVHvQ$QJOLDGHFkWDFHHDFDUHvL
SULYHD SH HYUHL 3ULPD OHJH FDUH VH UHIHUL OD HL IX SUH]HQWDW SDUODPHQWXOXL vQ
 HL RE&LQXU GUHSWXUL LQWHJUDOH GH FHW&HQL EULWDQLFL vQ  3ULPXO SDLU
HYUHXQHFRQYHUWLWODFDWROLFLVPDIRVWORUGXO5RWVFKLOG'XSHPDQFLSDUHD
FDWROLFLORUGXFHOHIXEOHVWHPDWGHSULHWHQLLOXGDWGHDGYHUVDUL,DWVFULD7KH
(GLQEXUJK5HYLHZXQEUEDWPDLPDUHGHFkW&H]DU1DGLVWUXVvQWLPSGHSDFH
&DUDSHFDUHDVDOYDWRvQWLPSXOU]ERLXOXL



,,
5()250$(/(&725$/',1


,5HJHOH*HRUJHDO,9OHDPXULvQLXQLHSULPXOJHQWLORPDO(XURSHLQX
OV UHJUHWH vQ VXIOHWXO SRSRUXOXL VX 'XFHOH FDUH RUJDQL]D IXQHUDOLLOH JVL OD
JkWXO VXYHUDQXOXL XQ PHGDOLRQ FX SRUWUHWXO vQ PLQLDWXU DO GRDPQHL )LW]KHUEHUW
L OX PVXUL FD UHJHOH V ILH vQPRUPkQWDW vPSUHXQ FX SRUWUHWXO *HRUJH DO
,9OHD IX vQORFXLW GH IUDWHOH VX GXFHOH GH &ODUHQFH FDUH GRPQL VXE QXPHOH GH
:LOKHOPDO,9OHD(UDXQEWUkQGHVWXOGHSRSXODUGHVWXOGHULGLFROFDUHIFXVH
RYUHPHvQGHOXQJDWVHUYLFLXODPDULQDFKLWkQGXVHvQPRGGHVWXOGHRQRUDELO
$QXOIXSHQWUX(XURSDXQDQUHYROX&LRQDUQ)UDQ&DGXSIDLPRDVHOH]LOH
GLQ LXOLH /XGRYLF)LOLS UHJHOH IUDQFH]LORU vO vQORFXL SH &DURO DO ;OHD UHJHOH
)UDQ&HL3HQWUXDSURWHVWDvPSRWULYDXQLULLFX2ODQGDFDUHLIXVHVHLPSXVSULQ
WUDWDWHOH GLQ  %HOJLD VH UVFXO (D DU IL GRULW VDX XQLUHD WRWDO FX )UDQ&D
VDXFHOSX&LQXQUHJHIUDQFH]SHGXFHOHGH1HPRXUV'DU$QJOLDHUDGHFLVV
QX PDL ODVH QLFLRGDW V VH LQVWDOH]H LDU vQ )ODQGUD R PDUH SXWHUH HXURSHDQ
3HQWUX D HYLWD U]ERLXO /XGRYLF)LOLS DFFHSW FD QRXO UHJDW V ILH DWULEXLW GH
PDULOHSXWHULOXL/HRSROGGH&REXUJJLQHUHOHOXL*HRUJHDO,9OHDDSRLDOOXL/X
GRYLF)LOLSFDUHIXXQUHJHvQ&HOHSWLDFWLY


,,QFHSkQGGLQDJLWD&LDUHYROX&LRQDUVHUVSkQGLvQ6SDQLD,WDOLDL
FKLDU vQ $QJOLD XQGH L]EXFQL vQ FRPLWDWHOH GH VXG R QRX UVFRDO D &UDQLORU
0XQFLWRULLDJULFROLSUHWLQGHDXXQVDODULXGHPLQLPXPSDLVSUH]HFHLOLQJLFHHDFH
HUDvQGUHSW&LWGDUvOFHUHDXFRQVWLWXL&LvQFHWHFHHDFHvLIFHDMXVWL&LDELOLFRQIRUP
OHJLL DVXSUD UVFRDOHORU 5LRW $FW &HWHOH GLVWUXJHDX EDWR]HOH MHIXLDX GH FkWHYD
OLYUH SH XQLL VDX DO&LL GLQWUH SURSULHWDULL SH FDUHL XUDX FHUHDX SDVWRULORU V
UHQXQ&HODRSDUWHGLQGLMPDORUGHPRODXIDLPRDVHOHZRUNKRXVHVGDUQXIFHDX
QLPQXLQLFLXQUX'XSFHDXIRVWvQYLQLWUHLDXIRVWH[HFXWD&LLSDWUXVXWH
GHSRUWD&L GLQWUH DFHWLD GLQ XUP PXO&L DX PXULW GH GHVSHUDUH 5HSUHVDOLLOH DX
IRVWPXOWPDLQHPLORDVHGHFkWLQVXUHF&LDGDUDFHDVWDGRYHGHDVOELFLXQHDUHDOD
JXYHUQULL ROLJDUKLFH (UD FODU FKLDU L SHQWUX VSLULWHOH FHOH PDL PRGHUDWH F R
UHIRUPHOHFWRUDOGHYHQLVHLQHYLWDELO






,,, *XYHUQXO :HOOLQJWRQ3HHO ILLQG UVWXUQDW XQXO GLQWUH YHFKLL HIL ZKLJ
ORUGXO *UH\ DFFHSW VL SUVHDVF UHIXJLXO GH OD &DU XQGH vL FUHWHD FHL
FLQFLVSUH]HFH FRSLL DL VL L DOFWXL XQ JXYHUQ GH FRDOL&LH IRUPDW GLQ ZKLJL L
SULHWHQLDLOXL&DQQLQJ*XYHUQXODFHVWDIFXDOHJHUL:KLJLLILGHOLWUDGL&LHLORUGH
IDPLOLHKRWUkUVVHDOLH]HFXUDGLFDOLLUHIRUPLWLLFXEXUJKH]LLQHFRQIRUPLWL
FHHD FH OH GGHD FDUDFWHUXO XQXL SDUWLG SRSXODU &kQG XQ YDOHW GLQ +ROODQG
+RXVH GHVFKLVH R X L DQXQ& 0U 0DFDXOD\ VHFROXO DL ;O;OHD VSXQH
&KHVWHUWRQIFXRFRWLWXUGHFLVLYQWDEUDRSXVGXFHOHQHPXO&XPLQGXL
SULQPRGHUD&LDVDSHDGHYUD&LLWRU\QXIXVXV&LQXWFXWRDWYLJRDUHDGHSDUWLGXO
VX (UD LXELW SHQWUX GHIHFWHOH VDOH GDU L VH MXGHFDX FX DVSULPH YLUWX&LOH &X
WRD
H WkUJXULOH SXWUHGH WRU\ SLHUGXU PDMRULWDWHD Q FRPLWDWH XQGH DOHJHULOH
HUDXPDLOLEHUHDL]HFLGHGHSXWD&LGLQRSW]HFLLGRLHUDXZKLJL'HFLQFL]HFLGH
DQLWRU\JXYHUQDX&DUD$IRVWXQPDUHHYHQLPHQWSROLWLFLPRQGHQFRQVWLWXLUHD
XQHL QRL HFKLSH L FUHWHUHD LQIOXHQ&HL H[HUFLWDWH GH 'HYRQVKLUH L +ROODQG
+RXVH :KLJLL PDL SX&LQ FODUY]WRUL FUH]XU F VD vQWRUV YUHPHD IHULFLW D
VHFROXOXL DO ;9,,,OHD L D JXYHUQULL YHQH&LHQH Q SULPD ORU IRUPD&LH
PLQLVWHULDOGLQSDLVSUH]HFHPLQLWUL]HFHHUDXSDLULLQXPDLSDWUXFRPPRQHUV
'DFPDULLZKLJLVHKRWUkVHUVVHUDOLH]HUHYROX&LHLSUHDXFHOSX&LQGHFLLV
IDF DFHDVW UHYROX&LH vQ IDPLOLH 'DU FODVHOH PLMORFLL DD FXP D UHPDUFDW
7UHYHO\DQ GRUHDX R UHIRUP DWkW SHQWUX D FDOPD VSLULWXO UHYROX&LRQDU FkW L
SHQWUX D DSUD SURSULLOH ORU GUHSWXUL vPSRWULYD XQHL DULVWRFUD&LL vQ FDUH QX PDL
DYHDX vQFUHGHUH 1XPDL UHYROX&LD IUDQFH] U]ERDLHOH QDSROHRQLHQH L
FRQVHFLQ&HOHORUDXvQWkU]LDWDFHDVWUHIRUPFXRJHQHUD&LH


,9/RUGXO*UH\IFXFXQRVFXWGHvQGDWFSULPXORELHFWLYDODGPLQLVWUD&LHL
VDOHYDILUHIRUPDHOHFWRUDO&HUDLQGLVSHQVDELOSUHDHYLGHQWGDUHUDVLJXUF
SURLHFWXO VH YD ORYL GH R YLROHQW RSR]L&LH 3RVHVRULL WkUJXULORU SXWUHGH
DPHQLQ&D&LVLSLDUGORFXULOHvQSDUODPHQWHUDXKRWUk&LVVHDSHUHLWLDXF
YRUILVXV&LQX&LGH&DPHUD/RU]LORUQVFKLPEHUDXvQIDYRDUHDUHIRUPHLEXUJKH]LL
GLQ PDULOH RUDH QHJXVWRULL EDQFKHULL UHQWLHULL FDUH VRFRWHDX DEVXUG L
XPLOLWRDUH SULYDUHD ORU GH GUHSWXO GH YRW DWXQFL FkQG vQ DQXPLWH WkUJXUL UXUDOH
RULFH SURSULHWDU DO XQHL FVX&H HUD FHW&HDQ L FkQG vQ DOWHOH YRWDX SkQ L
SLHWUHOH 0LFDUHD SHQWUX UHIRUP IX vQFHSkQG GLQ  L SkQ LQ  R
PLFDUHDFODVHORUPLMORFLLFDUHGRUHDXVRE&LQYLFWRULDSULQPHWRGHOHJDOH8Q
SULPSURLHFWSUH]HQWDWGHORUGXO-RKQ5XVVHOOIXYRWDWLQ&DPHUD&RPXQHORUFX
RPDMRULWDWHGHDELDXQYRW1XHUDGHVWXOSHQWUXDLPSXQHORU]LORURPVXUDWkW
GH LPSRUWDQW /RUGXO *UH\ FX DFRUGXO UHJHOXL KRWUv V GL]ROYH &DPHUD L V
IDFQRLDOHJHUL

5HHGLQ&DIDPLOLHLDULVWRFUDWLFHFXDFHODLQXPHGHYHQLWvQSULPHOHGHFHQLLDOHVHFROXOXLDO
;O;OHDXQUHQXPLWVDORQOLWHUDUDUWLVWLFLSROLWLFGHFRORULWZKLJ6KHULGDQ0DFDXOD\'LFNHQV
DXIUHFYHQWDWDFHVWFHUF
*LOEHUW.HLWK&KHVWHUWRQIHFXQGLLQIOXHQWMXUQDOLVWURPDQFLHULVWRULFLFULWLF
OLWHUDU
'HYRQVKLUH+RXVHVDORQOLWHUDULDUWLVWLFZKLJHPXODOFHOXLGHOD+ROODQG+RXVHYH]LQRWD
5HHGLQ&DIDPLOLHL&DYHQGLVKGXFLGH'HYRQVKLUHLDGDWRUDWQRWRULHWDWHDPDLDOHVFHORU
GRX VR&LL DOH OXL :LOOLDP &DYHQGLVK DO FLQFLOHD GXFH GH 'HYRQVKLUH  $PEHOH
*HRUJLDQD 6SHQFHU L (OL]DEHWK )RVWHU DX FXOWLYDW SH DUWLWL *DLQVERURXJK L VFULLWRUL
LPSULPkQGLXQDQXPLWVWLOPDLOLEHUPDLQDWXUDOPDQLHUHORUGLQvQDOWDVRFLHWDWH
 ([SUHVLH GHVLJQkQG HSRFD GH DEVROXW GRPLQD&LH SROLWLF D ZKLJLORU vQ VHFROXO DO ;9,,,OHD
:DOSROH 3LWWVHQLRU L FDUDFWHUXO HL ROLJDUKLF DVHPQDW QX IU RDUHFDUH UXWDWH FX UHJLPXO
SDWULFLDWXOXLQHJXVWRUHVFGLQ9HQH&LDvQHYXOPHGLX






95HYHQLFXRPDMRULWDWHZKLJGHRVXWWUHL]HFLLDVHGHYRWXUL%DUDFUH]X
FUHIRUPDHUDVLJXULVHEXFXUQWRDWHFODVHOHSRSXOD&LHLVHDWHSWDXPLQXQL
GHODOHJHDHOHFWRUDOD%XUJKH]LLVSHUDXVGHDvQIHOXODFHVWDQLWHVDWLVIDF&LLSOD
WRQLFH PDVHORU SRSXODUH D FURU DJLWD&LH YLROHQW GLQ XOWLPLL FLQFLVSUH]HFH DQL vL
vQVSLPkQWD $VXSUD DPSORULL UHIRUPHL PXQFLWRULL L PDQXIDFWXULHULL QX DU IL
F]XW GHVLJXU GH DFRUG DVXSUD QHFHVLW&LL HL WRDW OXPHD VH vQ&HOHJHD XRU (
JUHXVVWUkQJLRDPHQLvQYHGHUHDXQHLDF&LXQLFRQVWUXFWLYHHGHVWXLGHOHVQHVL
FRDOL]H]L vPSRWULYD XQHL PLQRULW&L 3URSULHWDULL WkUJXULORU SXWUHGH DSWH]HFL GH
IDPLOLLMXFDUODvQFHSXWXOVHFROXOXLDO;O;OHDUROXOFDUHODvQFHSXWXOVHFROXOXL
DO ;;OHD DYHD V ILH DWULEXLW PDULORU LQGXVWULDL L EDQFKHULORU LQWHUQD&LRQDOL
7RDWHWLQHUHOHIHWHVFULD6LGQH\6PLWKWLXFvQGDWFHVHYDYRWDOHJHDvL
YRUJVLXQEUEDW(OHYLLFUHGFVHYRUDEROLYHUVXULOHODWLQHLFSUMLWXUHOHOHVH
YRULHIWLQL&DSRUDOXOLVHUJHQWXOVXQWVLJXULFOLVHYDGXEODVROGD3RH&LLVODEL
VHDWHDSWVOLVHFLWHDVFYHUVXULOHLSURWLLGHHLYRUILGH]DPJL&LDDFXP
VXQWGHDOWPLQWHUHDWRWGHDXQD


9, 7RU\ VH JkQGLVHU F ZKLJLL RDPHQL GLQ FODVD ORU YRU SUH]HQWD QLWH
SURLHFWH GH UHIRUP LQRIHQVLYH )XU XOXL&L L LQGLJQD&L FkQG OXDU FXQRWLQ& GH
WH[WXO ORUGXOXL -RKQ 5XVVHOO Q PRG GHOLEHUDW ZKLJLL DOWGDW DWkW GH
H[FOXVLYLWL IFHDX MRFXO FODVHORU PLMORFLL 7kUJXULOH SXWUHGH FX PDL SX&LQ GH
GRXPLLGHORFXLWRULIXUVXSULPDWHRUDHOHGHODGRXODSDWUXPLLGHORFXLWRUL
SLHUGHDX XQ UHSUH]HQWDQW GLQ GRL FHOH R VXW SDWUX]HFL L SDWUX GH ORFXUL
GLVSRQLELOHHUDXvPSU&LWHvQWUHRUDHOHFHOHPDLLPSRUWDQWH/RQGUDFkWLJD]HFH
ORFXUL RUDHOH /LYHUSRRO 0DQFKHVWHU %LUPLQJKDP 1HZFDVWOH RE&LQHDX ILHFDUH
FkWH GRL GHSXWD&L 5HSDUWL]DUHD ORFXULORU IDYRUL]D vQ JHQHUDO 1RUGXO LQGXVWULDO vQ
GDXQD 6XGXOXL DJULFRO (UD HYLGHQW F R DVWIHO GH UHSUH]HQWDUH YD DWUDJH vQWUR
EXQ]LDEURJDUHDWD[HORUSURWHF&LRQLVWHDVXSUDJULXOXLQRUDHFSWGUHSWGH
YRWRULFHORFDWDUDOXQHLFDVHDFUHLYDORDUHORFDWLYDQXDOHUDGHFHOSX&LQ]HFH
OLYUHvQFRPLWDWHVHDFRUGGUHSWGHYRWIHUPLHULORUDFURUDUHQGDQXDOVHXUFD
OD FHO SX&LQ ]HFH OLYUH SUHFXP L GH&LQWRULORU IU DUHQG DO FURU SPkQW
FURGXFHD DQXDO FHO SX&LQ FLQFL]HFL GH OLYUH Q IRQG OHJHD FUHD XQ FRUS HOHFWRUDO
IRUPDWGLQPLFLLEXUJKH]LDLRUDHORULIHUPLHULLGHOD&DU0XQFLWRULLGLQX]LQH
FDLPXQFLWRULLDJULFROLUPkQHDXIUUHSUH]HQWDQ&L:KLJLLUHIX]DVHUVDGPLW
YRWXO VHFUHW SHQWUX F VFUXWLQXO SXEOLF PHQ&LQHD OD &DU DXWRULWDWHD SROLWLF D
VTXLUHXOXLDVXSUDIHUPLHULORU


9,,/RU]LLDUILIRVWGLVSXLVWROHUH]HRUHIRUPPRGHUDWDFHDVWUHYROX&LH
HOHFWRUDO vL H[DVSHUD Q RFWRPEULH  HL UHVSLQVHU SURLHFWXO $SRL vQ ID&D
DJLWD&LHL GLQ &DU FkQG DSURDSH SUHWXWLQGHQL VH DX]HDX VWULJWHOH /HJHD /HJHD
vQWUHDJ 1LPLF GHFkW OHJHD YRWDU R SDUWH GLQ DFHDVW OHJH GDU QX OHJHD
vQWUHDJ DUWLFROHOH FDUH GHVILLQ&DX WkUJXULOH SXWUHGH IXU VXSULPDWH /RUGXO
*UH\ SXV vQ PLQRULWDWH vQ &DPHUD /RU]LORU vL GGX GHPLVLD QGDW FH GXFHOH
FDUHUPVHVHFXWRDWHGHFHS&LLOHSURYRFDWHXOWLPDVSHUDQ&DWRU\ORUvQFHUFV
IRUPH]H XQ JXYHUQ &DUD vQWUHDJ VH UVFXO Q ELVHULFL VH WUJHDX FORSRWHOH FD

 6LGQH\ 6PLWK   SXEOLFLVW DSURSLDW FHUFXOXL GH OD +ROODQG +RXVH IRQGDWRU DO
SHULRGLFXOXL7KH(GLQEXUJK5HYLHZ
YH]LFDUWHDD9,,DFDS,;




SHQWUXDODUPvQX]LQHvQFHWOXFUXO/D%ULVWROSULPULDIXLQFHQGLDWLSDODWXO
HSLVFRSDOGHYDVWDW/RUGXO6WDQOH\FHOPDLVWUOXFLWGLQWUHWLQHULLZKLJLVULSHR
PDVLVWULJ'DFORU]LLRSXQUH]LVWHQ&PDLHVWDWHDVDSRDWHSXQHFRURDQHGH
SDLUSHFDSHWHOHXQHLFRPSDQLLvQWUHJLGLQJDUGDVD=LGXULOHVHDFRSHULUFXDILH
FDUH LQYLWDX SH HQJOH]L VL UHWUDJ EDQLL GH OD EDQF 3HQWUX D SXQH VWDYLO
GXFHOXL UHOXD&LY DXUXO %DQFD $QJOLHL HUD VLQJXUD LQVWLWX&LH PDL UHVSHFWDW
GHFkWGXFHOH,QVXUHF&LDGHSXQWRULORURELUXLSHDFHHDDVHQLRULORU'XFHOHGXS
RELFHLXOVXHYLWU]ERLXOFLYLO&kQGGXSVIDWXOVX:LOKHOPDO,9OHDFDUHVH
LYHGHDSHGUXPXOH[LOXOXLSRDWHFKLDUSHHDIRGDSHOGLQQRXODORUGXO*UH\
DFHVWD QX FRQVLP&L V SUHLD SXWHUHD GHFkW GDF UHJHOH vL IFHD R SURPLVLXQH vQ
VFULVFYDFUHDvQFD]GHQHFHVLWDWHDWk&LDSDLULFk&LYRUILQHFHVDULSHQWUXDYRWD
UHIRUPD$PHQLQ&DUHDDFHDVWDIXGHDMXQV:HOOLQJWRQLSULHWHQLLVLVHDE&LQXU
VDSDUODHGLQ&HOHSDUODPHQWDUHLvQWUR&DPHUPDLPXOWGHMXPWDWHJRDO
ELOOXO IX vQ VIkULW DGPLV FX R VXW DVH YRWXUL SHQWUX L GRX]HFL L DSWH
FRQWUDLXQLH/DGUHSWYRUELQGQRXDOHJHHUDGHSDUWHGHDILFHHDFHVH
QXPHWH DVW]L R PVXU GHPRFUDWLF 1HkQGRLRV F SULQ DFRUGDUHD FkWRUYD
GHSXWD&LFHQWUHORULQGXVWULDOHHDGLPLQXDSX&LQLQIOXHQ&DDULVWRFUD&LHLUXUDOH'DU
LQWURGXFHD vQ FRUSXO HOHFWRUDO XQ PDUH QXPU GH IHUPLHUL FDUH GHSLQGHDX GH
DFHDVWDULVWRFUD&LH:KLJLLvLVHUYLVHULQWHUHVHOHGHSDUWLGIUDSXQHvQPDUH
SULPHMGLHLQWHUHVHOHORUGHFODV


9,,,5HIRUPDHOHFWRUDODWkWGHGRULWGHPDVHLGHFDUHVHWHPXVHUDWkW
GH PXOW FODVHOH GLULJXLWRDUH QX SURGXVH QLFL PLUDFROHOH DWHSWDWH GH SDUWL]DQL
QLFLGH]DVWUHOHSUHYHVWLWHGHDGYHUVDUL%WOLDILLQGFkWLJDWDJLWD&LDvQFHW1RXO
FRUS HOHFWRUDO VH DUW UH]RQDELO L VSUH PDUHD GH]DPJLUH D UDGLFDOLORU FKLDU
FRQVHUYDWRU)DPLOLLOHWUDGL&LRQDOHUPVHVHUODSXWHUH&kQGSX&LQPDLWkU]LXR
QRX FDPSDQLH DFHHD D FDUWLWLORU  vQFHUF SULQ JLJDQWLFH SHWL&LL
SULQ PLWLQJXUL L SULQ FRUWHJLL V UHvQVXIOH&HDVF HQWX]LDVPXO vQ IDYRDUHD XQXL
SURJUDP PDL UHYROX&LRQDU VXIUDJLX XQLYHUVDO YRW VHFUHW FLUFXPVFULS&LL HJDOH
SDUODPHQWDQXDOLQGHPQL]D&LLSHQWUXPHPEULLSDUODPHQWXOXLFDPSDQLDUHSXUW
FkWHYD VXFFHVH SH OkQJ FODVD PXQFLWRDUH FDUH SkQ vQ  UPVHVH GH
QHvPSFDW L UHJUHWDVH HHFXO UHYROX&LHL GDU FODVHOH PLMORFLL OXDU SR]L&LH
vPSRWULYD FDUWLWLORU &kQG DFHWLD UHFXUVHU OD R UVFRDO FkQG OD 1HZSRUW R
PXO&LPHvQDUPDWFXFRDVHvQFHUFDVHVSXQVWSkQLUHSHSULPULHLWUHEXLV
ILHvPSUWLDWGHVROGD&LPDVDQRLORUDOHJWRULVHDUWFUHGLQFLRDVJXYHUQXOXL
'LQIHULFLUHWUXSHOHIXUFRPDQGDWHvQUHJLXQHDFHDPDLSULPHMGLRDVDFHHDGLQ
QRUGGHXQH[FHOHQWJHQHUDOVLU&KDUOHV1DSLHUFDUHWLDVvPELQHIHUPLWDWHDFX
RPHQLD0XO&XPLWOXLIXHYLWDWXQPDVDFUXDSURDSHLQHYLWDELO&kQGPDLWkU]LX
vQFDUWLWLLDPHQLQ&DUVLPLWHQRXDUHYROX&LHIUDQFH]GLQIHEUXDULHGRX
VXWH GH PLL GH FHW&HQL DSDU&LQkQG FODVHORU PLMORFLL VH DQJDMDU FD FRQVWDEOHV
YROXQWDULLPHQ&LQXURUGLQHD(QJOH]LLGLQVHFROXODO;O;OHDHUDXPDLOHJDOLWL
FD QLFLRGDW L WRW DWkW GH FDSDELOL FD L VWUPRLL ORU GH D VH RUJDQL]D vQ PRG
VSRQWDQ9RUELQGFXORUGXO6WDQKRSHGHVSUHUHYROWDGLQ1HZSRUWGXFHOHDOFUXL
EXQVLP&DWLQJHDXQHRULFDLOD:DOSROHJHQLDOLWDWHDVSXVH(XQOXFUXGHFDUH
WUHEXLHV&LDPLQWHWLPHUHXvQ&DUDDVWDLDVXSUDFUXLDQXVDUSXWHDLQVLVWD
vQGHDMXQVFkQGSRSRUXOWLHFQXDUHGUHSWDWHLFPHUJHvPSRWULYDOHJLLGHYLQH
WHULELO GH vQIULFRDW L IXJH $VWD QXL DGHYUDW SHQWUX )UDQ&D $OWIHO FXP D&L
SXWHD H[SOLFD IDSWXO F OD 1HZSRUW WUHL]HFL GH RDPHQL DX SXV SH IXJ DO&L ]HFH
PLL"






,;7UHEXLDWRWXLFDZKLJLLLQRLLORUSDUWL]DQLLQGXVWULDLLVYLQFXXQHOH
UHIRUPHvQID&DSRSRUXOXLFDUHDWHSWDDWkWGHPXOWGHODHL&HDPDLLPSRUWDQW
GDULFHDPDLLPSHUIHFWUHIRUPDIRVWDFHHDUHIHULWRDUHODOHJHDVUDFLORU6D
Y]XWODYUHPHDVDFvQHSRFDHOLVDEHWDQVHIFXVHRGLVWLQF&LHSULQDFWHOHGLQ
 L   vQWUH RPDMXO YROXQWDU DO YDJDERQ]LORU LQFRULJLELOL L DFHOD DO
QHQRURFL&LORU FDUH GLQ PRWLYH LQGHSHQGHQWH GH YRLQ&D ORU FD PL]HULH EWUkQH&H
QHEXQLHERDOVHYHGHDXLQFDSDELOLVLFkWLJHH[LVWHQ&DDSRLFXPvQVHFROXO
DO;9,,,OHDSULQVLVWHPXODEVXUGGLQ6SHHQKDPODQGVHKRWUkVHFRPSOHWDUHD
VDODULLORU GXS XQ EDUHP IL[ FHHD FH D GXV OD UH]XOWDWXO XRU GH SUHY]XW
WUDQVIRUPDUHDvQVUDFLDSURDSHDWXWXURUPXQFLWRULORUDJULFROLUXLQDUHDIHUPHORU
PLFL L ULGLFDUHD FXDQWXPXOXL FRQWULEX&LLORU ORFDOH UDWHV 3H YUHPHD 5HIRUP
%LOOXOXLVLWXD&LDVUDFLORUvQRUDHFDLOD&DUHUDFXPSOLW'LVUDHOLL'LFNHQV
DX ]XJUYLW vQ URPDQHOH ORU DFHVWH GRX QD&LXQL FHD D ERJD&LORU L FHD D V
UDFLORU FDUH WULDX FRW OD FRW LJQRUkQGXVH XQD SH DOWD &VX&HOH PXQFLWRULORU
DJULFROLHUDXDGHVHDDGHYUDWHFRFLRDEHvQMXUXOFURUDDOHUJDXFRSLLvQ]GUHQ&H
/RFDWDULLGLQDFHVWHFVX&HDELDvLGXFHDXH[LVWHQ&DGLQVDODULLOHORULQVXILFLHQWH
GLQEUDFRQDMLGLQPLORVWHQLL)HULFL&LL\HRPHQFDUHIXVHVHURVXWDL]HFLGHPLL
vQGLVSUXVHUDSURDSHFXWR&LL*XYHUQXOORUGXOXL*UH\QXPLRFRPLVLXQH
GHDQFKHW(OvQFUHGLQ&FRQGXFHUHDHLOXL1DVVDX6HQLRULOXL(GZLQ&KDGZLFN
DPkQGRL DYkQG vQ DFHDVW SUREOHP LGHL DSULRUL SH FkW GH IHUPH SH DWkW GH
FRQWHVWDELOH


;1DVVDX6HQLRUHUDGHSUHUHFFHOPDLEXQPLMORFGHDVXSULPDVUFLD
HUD GH D QX DMXWD QLFLRGDW SH VUDFL QWUDGHYU  VSXQHD HO FX R FUX]LPH
LQFRQWLHQWLVHQLQGDFVUDFLLWLXFDXGHDOHVvQWUHDPXQFLLDPXULGH
IRDPH HL PXQFHVF 'DF WLQHULL WLX F QX YRU DYHD QLFL XQ DMXWRU OD EWUkQH&H
IDF HFRQRPLL 'DF EWUkQLL WLX F YRU DYHD QHYRLH GH FRSLLL ORU VH VLOHVF V VH
IDF LXEL&L GH HL 'HFL QLFL XQ IHO GH DMXWRU GHFkW DFHORUD FDUH vQWUDGHYU QX DX
QLFL IDPLOLH QLFL PLMORDFH GH H[LVWHQ& 1LFL R DORFD&LH SDU&LDO 7RWXO VDX QLPLF
3HQWUXSHUVRDQHOHFDUHDYHDXYkUVWDVDXFDSDFLWDWHDGHDPXQFLVHFUHD&DVDGH
PXQF:RUNKRXVHLSHQWUXFDDFHDVW:RUNKRXVHVQXGHYLQXQD]LOUkYQLW
HUDLPSRUWDQWDGXJD1DVVDX6HQLRUFDYLD&DGHDFRORVILHPDLSX&LQGHLQYL
GLDWFDYLD&DFHORUPDLQHQRURFL&LGLQWUHPXQFLWRULLLQGHSHQGHQ&L'DFVHLDXvQ
FRQVLGHUD&LHFRQGL&LLOHGHYLD&DOHPXQFLWRULORUFHORUPDLQHQRURFL&LGHDWXQFLHUD
DSURDSH LPSRVLELO V VH FUHH]H XQ JHQ GH WUDL L PDL SX&LQ GH GRULW 7RWXL
SURJUDPXO DFHVWD FUXG D IRVW DSOLFDW L :RUNKRXVH D GHYHQLW R %DVWLOLH D
VUDFLORUXUkWLGHWHPXWHVXILFLHQWVVHFLWHDVF2OLYHU7ZLVWL6DWXOGH
&UDEEHLRULFLQHVHYDSXWHDFRQYLQJHQSDWUX]HFLLRSWGHPLLGHFRSLL
vQYkUVWGHPDLSX&LQGHDLVSUH]HFHDQLWULDXvQ:RUNKRXVHGHIRDUWHPXOWHRUL
DOWXULGHDGXO&LGHVRLXOFHOPDLSX&LQUHFRPDQGDELOLFKLDUSHMXPWDWHQHEXQL
'XSFHVDYRWDW3RRU/DZ $PHQGPHQW$FW QXPUXOVUDFLORUvQVFULL
OD SDURKLL VH PLFRU vQ PRG XOXLWRU 6XPHOH FKHOWXLWH VF]XU GH OD DSWH

 6LVWHP GH VDODUL]DUH DGRSWDW vQ  PDL vQWkL vQ %HUNVKLUH L JHQHUDOL]DW DSRL vQ VXGXO L
FHQWUXO $QJOLHL QX vQV vQ QRUG GXS FXP QLFL vQ 6FR&LD &RQVWD vQ FRPSOHWDUHD VDODULLORU
DJULFROH PLFL GLQ IRQGXULOH SHQWUX VUDFL 5H]XOWDWXO D IRVW F ORQGRQH]LL L DUHQGDLL DX SXWXW
UHGXFHLPDLPXOWVDODULLOHGLIHUHQ&DILLQGDFRSHULWGHFRQWULEXDELOL
5RPDQGH&KDUOHV'LFNHQV
*HRUJH&UDEEHVFULLWRUFXQRVFXWPDLDOHVFDSRHWHSLF
$FWXOSHQWUXvQGUHSWDUHDOHJLLVUDFLORUvQOLPEDHQJOH]




PLOLRDQHGHOLYUHvQODSDWUXPLOLRDQHFLQFLVXWHGHPLLvQ&RPLVDULL

HUDX PkQGUL GH RSHUD ORU GDU QLPLF QX MXVWLILFD DFHDVW PkQGULH 5H]XOWDWXO VH
GDWRUD JURD]HL SH FDUH R LQVSLUDX DFHOH :RUNKRXVH SUHFXP L GH]YROWULL LQGXV
WULHL L GH DOWIHO UH]XOWDWXO HUD RDUH XQ SURJUHV vQ VLQH" 2ULFXP DU IL IRVW
VXIHULQ&HOHLPSXVHQHYLQRYD&LORUvQQXPHOHXQRUSULQFLSLLGHHFRQRPLHVQWRDV
HUDXGHQHLHUWDW7UHEXLHFLWDW'LFNHQV&UHGFQLFLRGDWQXDH[LVWDWvQ$QJOLD
vQFHSkQGGLQHSRFDGLQDVWLHL6WXDUWROHJHDGPLQLVWUDWLYFXXQFDUDFWHUDWkWGH
LQIDPROHJHDWkWGHI&LFOFDWvQSLFLRDUHROHJHDFUHLDSOLFDUHVILIRVWDWkW
GHSX&LQVXSUDYHJKHDW


;, 'LQWUH FHOHODOWH UHIRUPH DOH ZKLJLORU WUHEXLH UH&LQXWH D 2 OHJH DVXSUD
FRUSRUD&LLORU PXQLFLSDOH FDUH D vQORFXLW YHFKLXO VLVWHP SULQ PXQLFLSDOLW&L PDL
GHPRFUDWLFHDOHVHGHWR&LFHLFDUHSOWHDXWD[HORFDOH7H[WXODFHVWDQXVHDSOLFD
GHFkWRUDHORULDUVDWHOHUPDVHUVXEDXWRULWDWHDDGPLQLVWUDWLYDMXGHFWRULORU
GH SDFH SkQ FH R DOW OHJH GLQ  LQVWLWXL FRQVLOLLOH FRPLWDWHORU 3X&LQ FkWH
SX&LQFRUSRUD&LLOHPXQLFLSDOHDMXWDWHGHVWDWOXDUvQDGPLQLVWUDUHPLMORDFHOHGH
WUDQVSRUW FROLOH GLVWULEX&LD OXPLQLL D DSHL E $EROLUHD VFODYDMXOXL vQ FRORQLL
,VWRULDDFHVWHLUHIRUPHvQFHSHvQGDWODFDUHRVHQWLQ&DORUGXOXL0DQVILHOG
GHFODU F GUHSWXO FRPXQ HQJOH] QX UHFXQRDWH FRQGL&LD GH VFODY HOLEHUkQG
GLQWUXQ FRQGHL FLQFLVSUH]HFH PLL GH QHJUL SH FDUH VWSkQLL ORU vL LPSRUWDVHU vQ
,QVXOHOH%ULWDQLFH0XOWPDLJUHXGHRE&LQXWIXGHVILLQ&DUHDFRPHU&XOXLFXVFODYL
FRPHU&FDUHvPERJ&LVHSRUWXULOH%ULVWROL/LYHUSRROLIUGHFDUHvQVXL1HOVRQ
VXV&LQHD F PDULQD FRPHUFLDO HQJOH] QDU SXWHD VXSUDYLH&XL 6SUH RQRDUHD
SDUODPHQWXOXL HQJOH] HSLVFRSXO :LOEHUIRUFH L &KDUOHV -DPHV )R[ vQ SRILGD
SUHVLXQLLXQRUD DOH FURU LQWHUHVH HUDX vQ MRF VXV&LQX&L GH SXWHUQLFD PLFDUH GH
RSLQLH SXEOLF D TXDNHULORU L D PHWRGLWLORU L DMXWD&L GH DOWPLQWUHOHD L GH 3LWW
DX SXWXW RE&LQH LQWHU]LFHUHD DFHVWXL FRPHU&  L DFHDVWD vQ  vQ WRLXO
U]ERDLHORUQDSROHRQLHQH5PkQHDXVFODYLLGLQFRORQLLOHEULWDQLFHLvQSULYLQ&D
DFHDVWD SODQWDWRULL GLQ $QWLOH :HVW ,QGLDQ ,QWHUHVW DX FRQWLQXDW OXSWD FX R
vQYHUXQDUH GHVSHUDW FRQVDFUkQG LPHQVHOH ORU D YHUL FXPSUULL GH WkUJXUL
SXWUHGH $QWLVFODYDJLVPXO GHYHQL DVWIHO R FKHVWLXQH SROLWLF GHRDUHFH HUD OHJDW
GH UHIRUPD HOHFWRUDO L R FKHVWLXQH UHOLJLRDV FFL SODQWDWRULL SHUVHFXWDX SH
PLVLRQDUL FDUHL vQY&DX SH QHJUL F UDVHOH VXQW HJDOH vQ ID&D OXL +ULVWRV
6XV&LQXWvQDFHODLWLPSGHOLEHUDOLLGHQHFRQIRUPLWLUHIRUPDDIRVWvQVIkULW
YRWDWvQLSULPLWGHELVHULFLOHGLVLGHQWHFDRPDUHYLFWRULH2LQGHPQL]D&LH
GHGRX]HFLGHPLOLRDQHGHOLUHIXDFRUGDWSODQWDWRULORUGDUSURGXF&LDGH]DKU
VF]X FX R WUHLPH DFHHD GH FDIHD FX R MXPWDWH L LQVXOHOH IXU UXLQDWH SHQWUX
PXOWYUHPH


;,,/RUGXO*UH\vLGGXGHPLVLDvQvQSDUWHGLQSULFLQF2
&RQQHOO
LJUXSXOOXLGHGHSXWD&LLUODQGH]LSUHDvLIFHDXYLD&DDPDUGDUPDLDOHVSHQWUX
F vQWUH ZKLJLL PRGHUD&L L UDGLFDOLL QRQFRQIRUPLWL FDUH IFXVHU FRDOL&LD
YLFWRULRDVGLQDOLDQ&DQXPDLSXWHDGXUD'XSXQVFXUWLQWHULPDWDOOXL
3HHOIXvQORFXLWGHORUGXO0HOERXUQH:LOOLDP/DPEORUG0HOERXUQHHUDXQZKLJ
GH FRDO YHFKH %UEDWXO SUHD FHOHEUHL &DUROLQD /DPE DFHHD D OXL %\URQ HUD
vQUXGLW SULQ DOLDQ& FX IDPLOLD 'HYRQVKLUH 2P DO VHFROXOXL DO ;9,,,OHD VFHSWLF

:LOOLDP:LOEHUIRUFHRPSROLWLFILODQWURSFXPDULPHULWHvQFRPEDWHUHD
VFODYDMXOXLQDIRVWQLFLRGDWHSLVFRSFXPDILUPDXWRUXOFLQXPDLDGHSWIHUYHQWDOXQHLVHFWH
HYDQJKHOLFH



VSLULWXDOHODGPLQLVWUDIU]DUYvQPDQLHUDOXL:DOSROHR&DUUVFROLWvQFGH
DJLWD&LDGLQMXUXOUHIRUPHL5HIRUP%LOO'DUHQWX]LDVPXOFDUHLXQSURVWVIHWQLF
HVWH GLQ QHIHULFLUH XQ EXQ SDUWL]DQ 'DF 0HOERXUQH FD FHD PDL PDUH SDUWH
GLQWUH VFHSWLFL QX D IFXW SUHD PXOW UX HO LD VOELW vQV SDUWLGXO $OHJWRULL
HQJOH]L vQFHWDU VXE JXYHUQDUHD OXL 0HOERXUQH VL PDL FRQVLGHUH SH ZKLJL QLWH
RDPHQLDYDQVD&L0DUHOHHYHQLPHQWGLQWLPSXOJXYHUQULLVDOHDIRVWPRDUWHDUH
JHOXL:LOKHOPLXUFDUHDSHWURQDWLQHUHLUHJLQH9LFWRULDFDUHDYHDVGRPQHDVF
GLQSkQvQ$IRVWELQHSULPLWGHHQJOH]LSHFDUHvLVDOYDGHXQFKLXO
HL &XPEHUODQG H[WUHP GH LPSRSXODUXO IUDWH DO UHJHOXL 'RPQLD HL DYHD V IDF
GLQ ORLDOLVP YUHPH GH R MXPWDWH GH VHFRO R GDWRULH FDYDOHUHDVF 8UFDUHD SH
WURQDXQHLUHJLQHDYXLXQDOWHIHFWIHULFLW5HJDWXO+DQRYUHLQXHUDWUDQVPLVLELO
SH OLQLH IHPLQLQ L vO PRWHQL &XPEHUODQG GHEDUDVkQG DVWIHO &DUD GH XQ SULQ&
GHWHVWDW L GH R SHULFXORDV VLPELR] FDUH FRPSURPLWHD $QJOLD vQ DIDFHULOH
FRQWLQHQWDOH'XSFHRUXSVHVHFXLQWHUQD&LRQDODVSLULWXDO$QJOLDRUXSHDLFX
LQWHUQD&LRQDOD GLQDVWLF Q VFXUW YUHPH WkQUD UHJLQ GRYHGL R YRLQ& WHQDFH
FDUHPHUJHDSkQODvQFS&kQDUH/DvQFHSXW0HOERXUQHVSHUDFRYDFRQYHUWL
ODIULYROLWDWHGDUvQGDWFHVHFVWRULFXYUXOHL$OEHUWGH6D[D&REXUJvQY&
GHODDFHVWDPHVHULDGHVXYHUDQLUHVSHFWXOID&GHYLUWX&LOHGHIDPLOLHFDUHYRU
VDOYD PDL WkU]LX PRQDUKLD HQJOH] QWUXQ UHJDW vQ FDUH WUHEXLDX DSUDWH LQVWL
WX&LLOH vPSRWULYD LGHLORU UHSXEOLFDQH L DGDSWDWH OD JXVWXO EXUJKH]LHL LQGXVWULDOH
UHJLL GLQ GLQDVWLD 6WXDUW PRQDUKL DEVROXWLWL VDX UHJLL GLQ +DQRYUD SULQ&L
GHF]X&L QDU IL SXWXW SVWUD FRURDQD Q $QJOLD FD L vQ %HOJLD JUD&LH IDPLOLHL
&REXUJ PRQDUKLD IX GLQ QRX UHVSHFWDW 2 GDW FX UHJLQD 9LFWRULD HQJOH]LL vL
OXDU RELFHLXO GH D FRQVLGHUD YLD&D GH IDPLOLH D VXYHUDQXOXL FD R SDUWH GLQ YLD&D
IDPLOLDOLSHUVRQDODVXSXLORU,QIOXHQ&DULJLGLW&LLPRUDOHDSULQ&XOXL$OEHUWL
DVHYHULW&LLFXU&LLDVXSUDPRUDYXULORUHQJOH]HIXWRWDWkWGHSURIXQGGDUVLPDL
UVSkQGLWGHFkWRGLQLRDULQIOXHQ&DOXL:HVOH\




,,,
75,80)8//,%(58/8,6&+,0%


, :KLJLL IJGXLVHU SRSRUXOXL F UHIRUPD HOHFWRUDO YD SXQH FDSW WXWXURU
QHDMXQVXULORU 3RSRUXO vL VLOLVH SH ORU]L V DFFHSWH DFHDVW UHIRUP GDU
QHDMXQVXULOH HUDX PDL LQVXSRUWDELOH FD RULFkQG 3RSRUXO PRUPLD QHPXO&XPLW
:KLJLL RYLDX 3HQWUX D OH USL VLPSDWLLOH QRXOXL FRUS HOHFWRUDO WRU\ QX HUDX
OLSVL&L QLFL GH DUPH QLFL GH HIL 'XFHOH SUHIHULQG GH DFL vQDLQWH SRSXODULWDWHD vQ
ORFXOSXWHULLFRQGXFHUHDSDUWLGXOXLWUHFXvQPkLQLOHOXL5REHUW3HHOFDUHQXVH
PDL LQWLWXOD WRU\ FL FRQVHUYDWRU FXYkQW PDL SRWULYLW SHQWUX D DGHPHQL FODVHOH
PLMORFLL6LU5REHUWHOvQVXLPDLDSURSLDWGHX]LQLSUYOLHGHFkWGHGRPHQLXO
UXUDO L GH FROLE WUHEXLD V ILH SH SODFXO DFHVWRU FODVH $OWXUL GH 3HHO L
FkWHRGDWvPSRWULYDOXLPLFXOJUXSDO7LQHUHL$QJOLLDLFUXLSXUWWRULGHFXYkQW
HUDX %HQMDPLQ 'LVUDHOL RUDWRU JHQLDO ILXO XQXL VFULLWRU HYUHX GDU FRQYHUWLW OD
DQJOLFDQLVP GLQ FRSLOULH L ORUGXO -RKQ 0DQQHUV ILXO GXFHOXL GH 5XWODQG 
UHSUH]HQWDXQFRQVHUYDWRULVP]LVSRSXODU'LVUDHOLLSDUWL]DQLLOXLUHOXDXWH]HOH
OXL %ROLQJEURNH FX SULYLUH OD FRQVWLWX&LD WUDGL&LRQDO D $QJOLHL (L vQILHUDX R
GRFWULQ FDUH vQ ORF V PHQ&LQ R LHUDUKLH ILUHDVF D FODVHORU FRPSRUWkQG
GUHSWXUL L GDWRULL OVD OHJLORU PHFDQLFH DOH HFRQRPLHL JULMD GH D UHJOHPHQWD




UDSRUWXULOH GLQWUH PXQFLWRUL L SDWURQL (L VXV&LQHDX F VDOYDUHD DU FRQVWD vQ
UHvQWRDUFHUHD OD R VRFLHWDWH FRQVWUXLW vQ IHOXO DFHOHLD GLQ HYXO PHGLX FkQG
ILHFDUHGHODVHQLRUOD&UDQvLFXQRWHDORFXOOXLLODFFHSWD'XS'LVUDHOLL
SDUWL]DQLLVLUROXOSDUWLGXOXLFRQVHUYDWRUHUDVSVWUH]HFHHDFHUPkQHDYLDELO
GLQWUHFXWLVSUHJWHDVFvQDFHODLWLPSSULQWURSROLWLFJHQHURDVYLLWRUXO


,,7kQUD$QJOLHvODPX]DSH-RKQ%XOO&OLFDDFHDVWDGHWLQHULJHQWLORPL
FX MLOHWF DOE FDUH DYHDX SUHWHQ&LD VL FRQYHUWHDVF SH PXQFLWRUL OD LGHLOH
IHXGDOHSUHDFRPLF3ROLWLFLHQLLGHSURIHVLHQXLDFRUGDXQLFLXQFUHGLW3HQWUX
HL LGHLOH OXL %HQWKDP 0DOWKXV 5LFDUGR &REGHQ -DPHV 0LOO HUDX OLWHU GH
HYDQJKHOLH 7R&L RDPHQLL VHULRL VDX DSURDSH WR&L HUDX GH SUHUH FD L VHFWD
XWLOLWDULVWFVRFLHW&LOHXPDQHFDXWFHDPDLPDUHIHULFLUHSHQWUXFHOPDLPDUH
QXPUGHRDPHQLLFQRSRWJVLGHFkWOVkQGVDF&LRQH]HLQWHUHVXOSHUVRQDO
DO ILHFUXLD /XSWD GLQWUH LQWHUHVH QX DGXFH MXVWL&LD SHUIHFW FL SH FHD PDL
SHUIHFW vQ OLPLWHOH SRVLELOXOXL 7UHEXLD GHFL HYLWDW RULFH LQWHUYHQ&LH D VWDWXOXL
&HD PDL XRDU UHVWULF&LH LPSXV FRQFXUHQ&HL SUHD R HUH]LH 3UH&XULOH WUHEXLDX
IL[DWH DXWRPDW SULQ OHJHD FHUHULL L D RIHUWHL SURILWXULOH vQWUHSULQ]WRULORU L
VDODULLOHPXQFLWRULORUDYHDXVDMXQJvQPRGDXWRPDWJUD&LHFRQFXUHQ&HLODXQ
QLYHO FRQYHQDELO 6DODULLOH VH XUF  VSXQHD &REGHQ  FkQG GRL SDWURQL DOHDUJ
GXS DFHODL PXQFLWRU L VFDG FkQG GRL PXQFLWRUL DOHDUJ GXS DFHODL SDWURQ
3UROHWDULL QX SXWHDX DYHD QLFL R LQIOXHQ& DVXSUD VDODULLORU GHFkW SULQ UHGXFHUHD
YROXQWDUDSRSXOD&LHL&HHDFHHUDDGHYUDWGHVSUHLQGLYL]LHUDDGHYUDWLGHVSUH
VWDW5HJXODFDUHFRQVLVWvQDFXPSUDFkWPDLLHIWLQLDYLQGHFkWPDLVFXPS
UHJXOSHFDUHRDSOLFILHFDUHFRPHUFLDQWvQFRPHU&XOVXSDUWLFXODUHVWHLFHD
PDLEXQUHJXOSHQWUXFRPHU&XOXQHLQD&LXQLvQWUHJL2ULFHEDULHUYDPDOYLROD
OHJHDFHUHULLLDRIHUWHL2DPHQLGHEXQFUHGLQ&FD5LFKDUG&REGHQLQGXVWULD
L RP GH VWDW SURIHW DO FROLL GLQ 0DQFKHVWHU vQFHUFDX V FRQYLQJ SRSRUXO
HQJOH] F VUFLD OXL VH GDWRUD WD[HORU SURWHF&LRQLVWH L vQ VSHFLDO WD[HORU DVXSUD
JUkQHORU


,,, &DPSDQLD vPSRWULYD SURWHF&LRQLVPXOXL D IRVW XQD GLQWUH SULPHOH
FDPSDQLL GLQ $QJOLD SXUWDW SULQ PLMORDFH GH SURSDJDQG SUHV FDPSDQLH GH
GLVFXUVXUL FDUH DYHDX V WUDQVIRUPH YLD&D SROLWLF GLQ VHFROXO DO ;O;OHD /D
vQWUXQLULOH SXEOLFH RUDWRULL DSDU&LQkQG $VRFLD&LHL FRQWUD OHJLORU SULYLWRDUH OD
JUkQHDUWDXWUHLSkLQLRDUHURWXQGHGHGLIHULWHPULPLFDUHFRVWDXDFHODLSUH&
vQWUHL&UL)UDQ&D$QJOLDL5XVLD$QJOLDHUD&DUDvQFDUHSkLQLRDUDHUDFHDPDL
PLF SULQ XUPDUH SRSRUXO HQJOH] HUD vQHODW $FHVWH GHPRQVWUD&LL DYHDX XQ
GHRVHELWVXFFHVODXQLLLQGXVWULDLFXPHUDXFHLGLQ0DQFKHVWHUFDUHLPSRUWDX
L EXPEDF L JUkX Q VFKLPE vL vQVSLPkQWDX SH FHL LQWHUHVD&L vQ DJULFXOWXU
'DF VXSULPD&L WD[HOH DVXSUD JUkQHORU YH&L DVDVLQD DJULFXOWXUD HQJOH]
VSXQHDX IHUPLHULL L VTXLUHLL 3X&LQ QH LPSRUW SH QRL  UVSXQGHD FRDOD GLQ
0DQFKHVWHU  'DF DOWH &UL DX SRVLELOLWDWHD GH D SURGXFH JUkX PDL LHIWLQ GHFkW
QRL V OXFUH]H SPkQWXO SHQWUX QRL LDU QRL YRP WRDUFH L YRP &HVH SHQWUX HOH
QWUHJXO FRPHU& WUHEXLH V FRQVWLWXLH XQ FLFOX XQLWDU 1X SXWHP YLQGH GDF QX
FXPSUP$vQFKLGHJUDQL&HOHQRDVWUHLPSRUWXOXLDUvQVHPQDVIkULWXOH[SRUWXOXL
QRVWUX

3RUHFOGDWSRSRUXOXLHQJOH]
FRDODHFRQRPLFFHSURIHVDGRFWULQDOLEHUDOLVPXOXLWRWDOQXPLWXOWHULRUFODVLF
$QWL&RUQ/DZ/HDJXH





,93DUWLGXOFRQVHUYDWRUDOFWXLWPDLDOHVGLQJHQWLORPLGHOD&DUQXSXWHD
IL GHFkW RVWLO OLEHUXOXL VFKLPE L SULHOQLF PHQ&LQHULL WD[HORU DVXSUD JUkQHORU
7RWXL HIXO SDUWLGXOXL VLU 5REHUW 3HHO DUWD R SULPHMGLRDV VLPSDWLH GRFWULQHL
DGYHUVDULORU VL (UD XQ RP GH EXQFUHGLQ& GH XQ PDUH FXUDM LQWHOHFWXDO
DGPLUDELOILQDQFLDULDGPLQLVWUDWRUGDUDXWRULWDULIUXQFRQWDFWPDLDSURSLDW
FX&DPHUDQDWDFWDULIXOLUHGXVHQXPUXODUWLFROHORUODFDUHVHSOWHDX
WD[HGHODRPLHGRXVXWHODDSWHVXWHFLQFL]HFL3HQWUXDFRPSHQVDSLHUGHULOH
VXIHULWHGHEXJHWGLQDFHDVWSULFLQvQILLQ&XQLPSR]LWGHDSWHSHQQ\ODROLU
DVXSUD YHQLWXULORU PDL PDUL GH R VXW FLQFL]HFL GH OLUH Q  UHGXVH WDULIXO
YDPDOODSDWUXVXWHFLQFL]HFLGHDUWLFROH6HvQGUHSWDVWIHOFXSDLPDULVSUHOLEH
UXOVFKLPE(IHFWHOHDFHVWRUUHGXFHULVXFFHVLYHIXUVXUSULQ]WRDUH1XQXPDLF
YHQLWXULOHVWDWXOXLQXVDXPLFRUDWFLGDWRULWFUHWHULLYROXPXOXLFRPHU&XOXLL
EHQHILFLLORU LPSR]DELOH VDX PULW $FHVWH UH]XOWDWH vO vQFXUDMDU SH 3HHO 7RWXL
QX vQGU]QHD V VH DWLQJ GH DJULFXOWXU FLWDGHOD SDUWLGXOXL VX 0DL DOHV F
'LVUDHOL JOXPLVH SH VRFRWHDOD SUHPLHUXOXL FX SULYLUH OD FRQYHUWLUHD VD OD OLEHUXO
VFKLPE3UHDRQRUDELOXOJHQWOHPDQVSXVHVHHOLDVXUSULQVSHZKLJLvQEDLHL
OHD OXDW vPEUFPLQWHD ,D OVDW V VH EXFXUH SH GHSOLQ GH SR]L&LD ORU OLEHUDO
LDUHOvQVXLHVWHXQULJLGFRQVHUYDWRUvPEUFDWvQKDLQHOHORU&DPHUDDUkVLD
DSODXGDWQLvQ,UODQGDDDYXWXQDGXSDOWDGRXUHFROWHSURDVWHGH
FDUWRIL L 3HHO D vQFHSXW GH vQGDW V IRORVHDVF FXYkQWXO IRDPHWH FFL
MXPWDWH GLQ LQVXOD DFHDVWD VXSUDSRSXODW QX WULD GHFkW GLQ FDUWRIL $QJOLD
GXFHD OLSV GH JUkX DVWIHO F QX SXWHD YHQL vQ DMXWRUXO ,UODQGHL 'HFL QX H[LVW
DOWVROX&LHVSXQHDHOGHFkWVVHVXSULPHWD[HOHDVXSUDJUkQHORULVVHDXWRUL
]H]HvQVIkULWOLEHUDLQWUDUHDRULFURUDOLPHQWHvQ0DUHD%ULWDQLH


9 9LROHQ&D DFHDVWD SDQLFD DFHDVWD VXUSULQVHU /RUGXO 6WDQOH\ FHO PDL
LQIOXHQW PHPEUX DO FDELQHWXOXL GXS 3HHO PUWXULVHD F QXO vQ&HOHJHD SH HIXO
VXFQXVHYDSXWHDWLQLPLFVLJXUFXSULYLUHODUHFROWvQDLQWHGHGRXOXQLF
LPSRUWXO GH JUkQH GLQ VWULQWDWH QX LDU SXWHD KUQL SH LUODQGH]L FDUH QDYHDX
QLFL XQ SHQQ\ GH FKHOWXLW F 3HHO YRUEHD GH DOWIHO GH PHQ&LQHUHD XQRU WD[H
PRGHUDWH WLPS GH WUHL DQL L F SHVWH WUHL DQL IRDPHWHD YD IL GHSDUWH 'DU
KRWUkUHD OXL 3HHO HUD PDL PXOW VHQWLPHQWDO GHFkW UD&LRQDO &HHD FH WRU\
QXPHDX WUGDUH QX HUD vQ RFKLL VL GHFkW R SLRDV FRQYHUWLUH 5HJLQD L SULQ&XO
$OEHUWDPkQGRLSDUWL]DQLDLOLEHUXOXLVFKLPEvLVSXQHDXPHUHXFHUDVDOYDWRUXO
&ULL Q LQWHULRUXO SURSULXOXL VX SDUWLG VH IRUP XQ JUXS GH FRQVHUYDWRUL
SURWHF&LRQLWL FDUH HUD vPSRWULYD OXL DWDFXO ILLQG VXV&LQXW GH GRL EUED&L IRDUWH
GLIHUL&LXQXOGHDOWXO*HRUJH%HQWLQFNL%HQMDPLQ'LVUDHOL1LPHQLQXLDUILvQ
FKLSXLWFDFHVWWkQUHYUHXFXQRVFXWQXPDLFDXQRUDWRUVDUFDVWLFLVWUOXFLW
DUSXWHDGHYHQLHIXOJHQWLORPLORUGHOD&DULVOUVWRDUQHSHDWRWSXWHUQLFXOVLU
5REHUW 7RWXL DD VD vQWkPSODW QWUR VHULH GH VFkQWHLHWRDUH ILOLSLFH SUHVUDWH
GHILJXULGHVWLO'LVUDHOLGHQXQ&WUGDUHDSULPXOXLPLQLVWUX$EROLUHDWD[HORU
DVXSUD JUkQHORU D IRVW YRWDW SHQWUX F RSR]L&LD ZKLJ L SDUWL]DQLL OLEHUXOXL
VFKLPEVDXUDOLDWvQYHGHUHDDFHVWXLVFUXWLQFXSULHWHQLLOXL3HHOGDUvQDFHHDL
VHDU3HHODIRVWUVWXUQDWGHRFRDOL&LHGHSDUWL]DQLDLOLEHUXOXLVFKLPELQJUD&LL
GHSURWHF&LRQLWLU]EXQWRUL


/DPLMORFHUDLRUDQFKLXQSHUVRQDOGLQSDUWHDOXL'LVUDHOLFDUHVSHUDVHVGHYLQPLQLVWUX
RQRDUHSHFDUH3HHOLRUHIX]DVHQHW




9,$FHDVWVFL]LXQHDYHDV&LQSDUWLGXOFRQVHUYDWRUGHSDUWHGHSXWHUHWLPS
GH GRX]HFL GH DQL vQ DIDU GH VFXUWH SHULRDGH LQWHUPHGLDUH 1LFLRGDW SULHWHQLL
OXL3HHOQXDYHDXVVHPDLvPSDFHFXDFHLFDUHOUVWXUQDVHUSHHIXOORUGHOD
SXWHUH,DU3HHOvQWUHWLPSPXULvQWUXQDFFLGHQWGHFOULH3ULQFLSDOLLVL
SDUWL]DQLLvQVSHFLDOFHOPDLUHPDUFDELOGLQWUHHL:LOOLDP*ODGVWRQHVDXDVRFLDW
FX ZKLJLL L FX OLEHUDOLL HILL FRQVHUYDWRULORU YRU IL GH DLFL vQDLQWH ORUGXO 6WDQOH\
PDLWkU]LXORUG'HUE\PDUHVHQLRULQWHOLJHQWFXOWLYDWIUDPEL&LLL'LVUDHOL
FDUH FX WRW JHQLXO VX D WUHEXLW V DWHSWH PXOW YUHPH FD V VH LPSXQ FD
OHDGHUDO SDUWLGXOXL GDU D VIkULW SULQ DL LQVSLUD R vQGUHSW&LW vQFUHGHUH &D V
JXYHUQH]H &DUD ORUGXO -RKQ 5XVVHOO DSRL ORUGXO $EHUGHHQ L ORUGXO 3DOPHUVWRQ
SUH]LGDU FRDOL&LL GH ZKLJL L GH SDUWL]DQL DL OXL 3HHO 'H DOWPLQWUHOHD FX R
VXUSULQ]WRDUHUDSLGLWDWHOLEHUXOVFKLPELSURWHF&LRQLVPXLvQFHWDVHUVPDLILH
RELHFW GH FRQWURYHUV SROLWLF 6XSULPDUHD WD[HORU DVXSUD JUkQHORU QX UXLQDVH
DJULFXOWXUD DD FXP SUH]LVHVH 'LVUDHOL L SDUWL]DQLL VL 9UHPH vQGHOXQJDW vQF
$QJOLD QX LPSRUW GHFkW XQ VIHUW GLQ JUkXO SH FDUHO FRQVXPD &X WRDWH FUL]HOH
LQHYLWDELOH SHULRDGD  D IRVW R SHULRDG GH UHPDUFDELO SURVSHULWDWH D
&ULL GDWRUDW FUHWHULL SRSXOD&LHL GH]YROWULL FLORU IHUDWH vQ]HVWUULL LPSHULXOXL
FX PDWHULDO LQGXVWULDO )HUPLHULL FD L UHVWXO QD&LXQLL DYXU GH SURILWDW GH SH
XUPD DFHVWHL VLWXD&LL L QX VH PDL SOkQVHU 3URWHF&LRQLVPXL QX QXPDL F D
PXULW GDU D DMXQV vQ LQIHUQ VSXQHD 'LVUDHOL 6XFFHVRULL VL SROLWLFL DYHDX V
GHVFRSHUHFWUHVIkULWXOYHDFXOXLFGHIDSWQXVHDIODGHFkWvQSXUJDWRULX7RWXL
*ODGVWRQH GHYHQLW PDUHOH ILQDQFLDU DO ZKLJLORU D WUDQVIRUPDW VLVWHPXO ILVFDO DO
&ULLSULQWURVHULHGHEXJHWHFRQVLGHUDWHUHPDUFDELOHSHQWUXFDXFRLQFLVFXDQLL
GHDEXQGHQ&6XSULPkQGDSURDSHWRDWHWD[HOHYDPDOHHOQXDPDLOVDWvQ
GHFkW SDWUX]HFL L RSW GH DUWLFROH vQ WDULI  GLQ R PLH GRX VXWH $ VLPSOLILFDW
LPSR]LWHOHLQDSVWUDWGHFkWLPSR]LWXODVXSUDYHQLWXOXLDVXSUDGUHSWXULORUGH
PRWHQLUH LPSR]LWXO IXQFLDU L WD[HOH DVXSUD EXWXULORU FHDL FDIHD DOFRRO 'LQ
 SkQ vQ  LPSR]LWHOH DX VF]XW GH OD GRX OLYUH QRX LOLQJL L WUHL
SHQQ\SHFDSGHORFXLWRUODROLYURSWVSUH]HFHLOLQJLLFLQFLSHQQ\LMXPWDWH


9,, 3RVW KRF HUJR SURSWHU KRF $GRSWDUHD OLEHUXOXL VFKLPE D FRLQFLV FX
vPERJ&LUHD &ULL OLEHUWDWHD HFRQRPLF D GHYHQLW vQ $QJOLD OLWHU GH HYDQJKHOLH
7RWXL GH]YROWDUHD UDSLG D LQGXVWULHL D GDW QDWHUH OD PDUL DEX]XUL 1LPHQL QX
VH SXWHD DWHSWD GH OD &DPHUD &RPXQHORU  FDUH QX HUD vQF GHFkW XQ FOXE GH
JHQWOHPHQIDUPHUVSUHRFXSDWVOXSWHvPSRWULYDOXL1DSROHRQFDHDVLPSXQ
X]LQHORULRUDHORUvQSHULRDGDGH]YROWULLORUQLWHUHJXOLVQWRDVHLULJXURDVH
'DU UH]XOWDWXO D IRVW QHGHPQ GH R &DU ERJDW L OLEHU )RDPHWHD LUODQGH]
DUXQFDVH QXPDL vQ SRUWXO /LYHUSRRO PDL PXOWGH R VXW GH PLL GH vQIRPHWD&LD
FURU SUH]HQ& D PULW L PDL PXOW PL]HULD VOXPVXULORU (QJOHV YL]LWkQG
0DQFKHVWHUXOvQDJVLWWUHLVXWHFLQFL]HFLGHPLLGHPXQFLWRULvQJKHVXL&LvQ
PDJKHUQL&H XPHGH L PXUGDUH UHVSLUkQG XQ DHU FDUH IFHD LPSUHVLD FL XQ
DPHVWHF GH DS L FUEXQH Q PLQH IHPHL SH MXPWDWH JRDOH HUDX IRORVLWH FD
DGHYUDWH DQLPDOH GH WUDF&LXQH FRSLLL vL SHWUHFHDX WRDW YLD&D vQ vQWXQHFLPHD
JDOHULLORUFDVGHVFKLGLVvQFKLGRXGHYHQWLOD&LHQLQGXVWULDGDQWHOULHL
VH IRORVHDX FRSLODL GH SDWUX DQL $GHYUXO HVWH F DFHVWH FDODPLW&L QX HUDX
JHQHUDOHLVFULLWRULLYUHPLLDX]XJUYLWSRDWHFXRDUHFDUHSUHGLOHF&LHFD]XULOHFHOH
PDL vQJUR]LWRDUH GDU H[DJHUULOH ORU DX IRVW QHFHVDUH SHQWUX D WUH]L RSLQLD

'XSDFHDVWDGHFLGLQFDX]DDFHDVWDvQOLPEDODWLQ([SUHVLHFDUHYUHDVSUHYLQvPSRWULYD
VWDELOLULLXQRUOHJWXULFDX]DOHVXSHUILFLDOIRQGDWH



SXEOLF


9,,, &X WRDWH SUHMXGHF&LOH OXL ODLVVH]IDLUH SDUODPHQWXO VIkUL SULQ D
LQWHUYHQL8Q)DFWRU\$FWGLQUHJOHPHQWPXQFDFRSLLORUVXEQRXDQLFDUH
OD vQFHSXWXO VHFROXOXL PXQFHDX SkQ OD FLQFLVSUH]HFH L DLVSUH]HFH RUH SH ]L vQ
X]LQHOH GH EXPEDF 8Q DFW GLQ  OLPLW PXQFD OXFUWRULORU VXE RSWVSUH]HFH
DQL L vQILLQ& SULPHOH SDWUX SRVWXUL GH LQVSHFWRUL DL X]LQHORU Q  PXQFD
IHPHLORU IX OLPLWDW OD ]HFH RUH FHHD FH D DWUDV FXUkQG L R OLPLWDUH DQDORJ
SHQWUX EUED&L &HOHEUD VSWPkQ HQJOH] D IRVW DGRSWDW vQ LQGXVWULD WH[WLO
vQ DQXO  HD DYHD V WUDQVIRUPH YLD&D PXQFLWRUXOXL HQJOH] vQJGXLQGXL V
VH LQWHUHVH]H L GH VSRUWXUL VkPEWD GXSDPLD] &DPSDQLD SHQWUX UHGXFHUHD
RUHORU GH PXQF D IRVW FRQGXV GH ORUGXO $VKOH\ PDL WkU]LX ORUG 6KDIWHVEXU\
FDUH D LPSXV GH DVHPHQHD DGRSWDUHD vQ  GXS SXEOLFDUHD XQXL UDSRUW D
FUXL OHFWXU D SURYRFDW SXEOLFXOXL XQ DPHVWHF GH GH]JXVW L UXLQH D XQHL OHJL
FDUHLQWHU]LFHDIRORVLUHDvQPXQFLOHGLQPLQHDIHPHLORULDFRSLLORUVXE]HFHDQL
$VKOH\FDUHDWULWGLQSkQvQHUDXQWRU\FUHWLQFDUHLDFRQVDFUDW
YLD&D vPEXQW&LULL WUDLXOXL VUDFLORU $ IRVW XQXO GLQWUH IRQGDWRULL DFHOHL <RXQJ
0HQ
V &KULVWLDQ $VVRFLDWLRQ $FHVWH OHJL PDL XPDQH SURVSHULWDWHD JHQHUDO OD
FDUH FRQWULEXLDX DOWXUL GH DWUDF&LD FDSHOHORU vL VPXOVHU GLQ  SH PXO&L
OXFUWRUL HQJOH]L GLQ PLFDUHD SURSULX]LV UHYROX&LRQDU Q DFHDVW &DU VDX
Y]XWQVFkQGXVHVRFLHW&LOHFRRSHUDWLVWHLXQLXQLOHPXQFLWRUHWLUHIRUPDWRDUH
7UDGHXQLRQXUL H[LVWDX vQF GLQ VHFROXO DO ;9,,,OHD GDU QX HUDX OHJDOH (OH DX
IRVW UHFXQRVFXWH GH OHJH vQ  8QD GLQWUH FHOH PDL UHPDUFDELOH D IRVW
$PDOJDPDWHG 6RFLHW\ RI (QJLQHHUV IRQGDW vQ  L FDUH vQ  DYHD
WUHL]HFLGHPLLGHPHPEULHUDvQDFHODLWLPSXQVLQGLFDWLRVRFLHWDWHGHDMXWRU
PXWXDO 3ULPXO HL OHDGHU D IRVW :LOOLDP $OOHQ SURWRWLSXO VLQGLFDOLVWXOXL HQJOH]
UHIRUPLVWGLQHSRFDYLFWRULDQ


,;$SOLFDUHDQRLORUOHJLFXSULYLUHODX]LQHPLQHKLJLHQvQILLQ&DUHDGHFWUH
3HHOvQDXQHLSROL&LLFUHDUQHFHVLWDWHDGH]YROWULLXQHLELURFUD&LLFHQWUDOH
FDUH OLSVLVH SkQ DWXQFL vQ $QJOLD &DU GH LQVWLWX&LL ORFDOH Q  +RPH 2IILFH
0LQLVWHUXOGHLQWHUQHQXIRORVHDGHFkWRSWVSUH]HFHIXQF&LRQDUL2GDWFXSRWD
FLOH IHUDWH LQVSHF&LD PXQFLL QXPUXO IXQF&LRQDULORU VD ULGLFDW vQ  OD
DLVSUH]HFH PLL 3UREOHPD UHFUXWULL IXQF&LRQDULORU HVWH vQWUR GHPRFUD&LH XQD
GLQWUHFHOHPDLJUHXGHUH]ROYDW'DFSRVWXULOHVXQWSXVHODGLVSR]L&LDRDPHQLORU
SROLWLFL SHQWUX D UHFRPSHQVD SH SDUWL]DQLL ORU QLFL XQ JXYHUQ QX SRDWH SVWUD
DVXSUD IXQF&LRQDULORU VL R DXWRULWDWH GXUDELO Q $PHULFD VLVWHPXO SU]LORU
FDUH WXOEXU GXS ILHFDUH DOHJHUH DGPLQLVWUD&LD &ULL vQ )UDQ&D DEX]XO GH
UHFRPDQGUL SROLWLFH VXQW H[HPSOH GH JUHHOL SULPHMGLRDVH QILLQ&DUHD XQXL
H[FHOHQW &LYLO 6HUYLFH D IRVW XQXO GLQ WHPHLXULOH VXFFHVHORU $QJOLHL vQ VHFROXO DO
;O;OHD Q SULPD MXPWDWH D VHFROXOXL UHJLPXO UHFRPDQGD&LLORU IFHD UDYDJLL

 $VRFLD&LD FUHWLQ R WLQHULORU vQ OLPED HQJOH] FXQRVFXW SkQ DVW]L VXE LQL&LDOHOH <0&$
DFWLYHD] SHQWUX XQHOH VFRSXUL ILODQWURSLFH L SHGDJRJLFH GDU SURIHVkQG F LGHRORJLH
FUHWLQPRUDOL]DWRDUHLDQWLUHYROX&LRQDU
$VRFLD&LDXQLWDPHFDQLFLORUvQOLPEDHQJOH]
7KHVSRLOVV\VWHPSXVvQSUDFWLFGHSHODFRQVWDvQQXPLUHDDGHUHQ&LORUSDUWLGXOXLDIODW
ODSXWHUHvQWRDWHSRVWXULOHDGPLQLVWUDWLYH&LQkQGVHDPDGHVHUYLFLLOHDGXVHSDUWLGXOXLLDSURDSH
GH ORF GH FDSDFLWDWHD SHUVRQDO L FDOLILFDUHD vQ vQGHSOLQLUHD IXQF&LHL QFHSkQG FX DQXO 
VLVWHPXO D vQFHSXW D IL OLPLWDW SULQ OHJL FDUH SUHYG VHOHF&LRQDUHD XQXL SHUVRQDO DGPLQLVWUDWLY
FDOLILFDWYHULILFDWSULQH[DPHQHLLQDPRYLELOSHPRWLYHSROLWLFH



%WUkQLLZKLJLFRQVLGHUDXFOLHQWHODFDXQXOGLQDWULEXWHOHSXWHULLFkQGVDGHFLV
F QXPDL GXS XQ H[DPHQ LPSDU&LDO VH YD SXWHD LQWUD vQ &LYLO 6HUYLFH DFHDVW
LGHH QRX vL VXUSULQVH FX DWkW PDL PXOW FX FkW GLSORPHOH L PDQGDULQLVPXO
HUDX GHSDUWH GH D MXFD vQ YLD&D HQJOH]LORU DFHODL URO FD vQ YLD&D IUDQFH]LORU
7UHEXLU V UHFXQRDVF IRDUWH FXUkQG F UH]XOWDWHOH HUDX EXQH $FHWL FLYLO
VHUYDQWV VH GRYHGLU VOXMEDL FUHGLQFLRL DL RULFUXL JXYHUQ HQJOH] RULFDUH DU IL
IRVW QXDQ&D VD SROLWLF L &LQkQGXVH FX VFUXSXOR]LWDWH GHSDUWH GH OXSWHOH
SDUWL]DQHDVLJXUDUFRQWLQXLWDWHDWUDGL&LLORUQD&LRQDOH




,9
32/,7,&$(;7(51$/8,3$/0(56721


, $P Y]XW F $QJOLD D IFXW WRWGHDXQD QXPDL vQ VLO R SROLWLF JHQ
0HWWHUQLFKLFRSLQLDSXEOLFODDSUREDWSH&DQQLQJFkQGDvPELQDWDSUDUHD
QD&LXQLORU RSULPDWH FX LQWHUHVHOH EULWDQLFH 'XS &DQQLQJ PDUHOH PLQLVWUX DO
DIDFHULORUH[WHUQHDIRVWYUHPHGHGRX]HFLGHDQLORUGXO3DOPHUVWRQ$FHVWDQX
HUD XQ ZKLJ GDU VXV&LQXVH UHIRUPD HOHFWRUDO GLQ FDUH SULFLQ VH vQYUMELVH FX
SDUWLGXOWRU\3DOPHUVWRQDGXFHDvQSUREOHPHOHGHSROLWLFH[WHUQDELOLWDWHEXQ
GLVSR]L&LH R LGHH IRDUWH SUHFLV D REOLJD&LLORU $QJOLHL ID& GH FHOHODOWH &UL L R
WHQDFLWDWH SHQWUX FDUH FRPSDWULR&LL VL vO vQGUJHDX 'LQ  QLFL R SULPHMGLH
UHDOQXPDLDPHQLQ&D0DUHD%ULWDQLH1XH[LVWDSXWHUHFDUHVDLESUHWHQ&LDGH
DOXSWDFX$QJOLDSHPDUHLDUSHXVFDWPDLHUDXFkWHYDSXQFWHQHYUDOJLFHXQGH
WUDGL&LDLSUXGHQ&DRVLOHDXVVWHDGHYHJKH$QJOLDGRUHDR%HOJLHLQGHSHQGHQW
UHXLVH VR vQISWXLDVF HUD KRWUkW VR DSHUH 1X YRLD XQ SULQ& IUDQFH] SH
WURQXO6SDQLHLLGDF3DOPHUVWRQQXDSXWXWVvPSLHGLFHFVWRULDGXFHOXLGH
0RQWSHQVLHUFXRVSDQLROFGHUHDOXL/XGRYLF)LOLSvOHOLEHUGHRULFHWHDPvQ
SULYLQ&DDFHDVWDQVIkULWRSLQLDSXEOLFHQJOH]vQ&HOHJHDVVXV&LQSRSRDUHOH
FDUH OXSWDX SHQWUX OLEHUWDWH 3DOPHUVWRQ OX GHFL SDUWHD XQJXULORU D LWDOLHQLORU
LLVSULMLQLSHVLFLOLHQLvPSRWULYDUHJHOXL1HDSROHOXLFDLSHSLHPRQWH]LvPSRWULYD
$XVWULHL vQ GLVFX&LLOH LQWHUQD&LRQDOH DUJXPHQWXO RELQXLW DO ORUGXOXL 3DOPHUVWRQ
HUDDPHQLQ&DUHDFXIORWDEULWDQLF(OH[DVSHUDDVWIHOFXUWHDSHFDUHRvQYUMEHD
FXFHOHODOWHFXU&LQHOLQLWHDVSLULWHOHSDQLFHFDUHVHWHPHDXFDDFHVWEOXIVQX
GXF vQWUR ]L OD U]ERL GDU vO vQFkQWD SH HQJOH]XO PLMORFLX FDUH YHGHD SDYLOLRQXO
HQJOH] UHVSHFWDW IU OXSW L DVFXOWD FX GHVIWDUH GLVFXUVXULOH ORUGXOXL
3DOPHUVWRQ FX WHPD &LYLV URPDQXV VXP LPDJLQkQGXL FX EXQFUHGLQ& F
HVWHDSUWRUXOGUHSW&LLFkQGORUGXO3DOPHUVWRQWULPLWHDXQXOWLPDWXP*UHFLHL
SHQWUXSURWHMDUHDXQXLRDUHFDUH'RQ3DFLILFRFDUHQLFLQXHUDPFDUHQJOH]L


([SUHVLHFDUHGHVLJQHD]FRUSXOIXQF&LRQDULORUGHSURIHVLHHFKLYDOHQWLFXELURFUD&LH
$QWRLQH0DULH3KLOLSSH/RXLVG
2UOpDQVGXFHGH0RQWSHQVLHUDOFLQFLOHDILXDO
UHJHOXL )UDQ&HL /XGRYLF)LOLS  VD FVWRULW vQ  FX LQIDQWD 0DULD/XL]D
)HUQDQGDVRUDUHJLQHL6SDQLHL,VDEHODD,,D
6XQWFHW&HDQURPDQvQOLPEDODWLQ
 'DYLG 3DFLILFR   QHJXVWRU GLQ *LEUDOWDU FDUH vQ  D IRUPXODW QLWH SUHWHQ&LL
ID& GH JXYHUQXO JUHF SH FDUH $QJOLD OHD VXV&LQXW SULQWUR GHPRQVWUD&LH QDYDO GkQG QDWHUH
XQHLWHQVLXQLGLSORPDWLFHFX)UDQ&DL5XVLD$WDFDWvQSDUODPHQWSHQWUXDFHVWDFW3DOPHUVWRQD
UVSXQV SULQWUXQ GLVFXUV IDLPRV vQ FDUH D GH]YROWDW LGHHD F XQ VXSXV EULWDQLF DUH GUHSWXO
RULXQGHLvQRULFHvPSUHMXUDUHODSURWHF&LDIRU&HLEULWDQLFHQDFHVWFRQWH[WDIFXWHOSDUDOHODFX
,PSHULXOURPDQLDPHQ&LRQDWH[SUHVLD&LYLVURPDQXVVXPYH]LQRWDSUHFHGHQW




XQDOWXOWLPDWXP&KLQHLSHQWUXDSUDUHDRQRDUHLQHJXVWRULORUGLQWUHFDUHFHLPDL
PXO&L HUDX WUDILFDQ&L GH RSLXP &kQG vQ  3DOPHUVWRQ vL SHUPLVH  IU D
FRQVXOWD SH UHJLQ QLFL FDELQHWXO  V DSUREH ORYLWXUD GH VWDW D OXL 1DSROHRQ DO
,,,OHD ORUGXO -RKQ 5XVVHOO vL UHWUDVH SRUWRIROLXO 'DU LQFLGHQWXO vO IFX L PDL
SRSXODUSH3DOPHUVWRQDVWIHOFSX&LQPDLWkU]LXGHYHQLHOvQVXLSULPPLQLVWUX



,,&HUWHVWHFSROLWLFDDXWRULWDUDOXL3DOPHUVWRQQDDWUDV$QJOLDvQQLFLXQ
U]ERL L F SROLWLFD RYLWRDUH D ORUGXOXL $EHUGHHQ D IFXW SRVLELO U]ERLXO GLQ
&ULPHHD )DLPRDVD FKHVWLXQH D 2ULHQWXOXL HUD vQDLQWH GH WRDWH R FKHVWLXQH D
7XUFLHL0XO&LRDPHQLGHVWDWHXURSHQLGHSHODPLMORFXOVHFROXOXLDO;O;OHDHUDX
GH SUHUH F ,PSHULXO RWRPDQ GLQ (XURSD QX SXWHD VXSUDYLH&XL PXOW YUHPH
'XFHP vQ VSLQDUH XQ RP EROQDY  VSXQHD &DUXO DPEDVDGRUXOXL $QJOLHL  QX
WUHEXLHVOOVPVVXFRPEHvQDLQWHGHDGHFLGHFXSULYLUHODVXFFHVLXQH,GHHD
SH FDUH LR IFHD &DUXO GHVSUH vPSU&LUHD PRWHQLULL HUD XUPWRDUHD HO YD OXD
SURYLQFLLOH GXQUHQH L YD RIHUL SURWHF&LD VD VWDWHORU EDOFDQLFH LQGHSHQGHQWH
$QJOLHL vL YD RIHUL (JLSWXO L &UHWD 'DF YRP UHXL $QJOLD L FX PLQH V QH
vQ&HOHJHP vQ DFHDVW SUREOHP SX&LQ QH SDV FH YRU JkQGL L YRU IDFH DO&LL
GHFODU HO 'DU $QJOLD GRUHD PDL FXUkQG vQVQWRLUHD FHOXL EROQDY GHFkW
PRWHQLUHD OXL L HD YHGHD FX QHOLQLWH FUHWHUHD SXWHULL 5XVLHL SXWHUH DVLDWLF
UHGXWDELO SHQWUX ,QGLD SXWHUH DXWRFUDWLF RVWLO QD&LXQLORU OLEHUDOH 3H GH DOW
SDUWH)UDQ&DDYHDQHvQFHWDWHFHUWXULFX&DUXOUHIHULWRUOD/RFXULOHVILQWHFFLILH
FDUHGLQFHOHGRX&ULSUHWLQGHDVOHDLEVXESURWHF&LDHL)XUWXQDVHGH]OQ&XL
DWXQFLFkQG&DUXOFHUXVXOWDQXOXLVLvQFUHGLQ&H]HOXLSURWHF&LDWXWXURUFUHWLQLORU
GLQ/HYDQW$PEDVDGRUXO$QJOLHLOD&RQVWDQWLQRSRO6WUDWIRUG&DQQLQJVHDOWXU
)UDQ&HLSHQWUXDvQFXUDMDSHVXOWDQVRSXQUH]LVWHQ&3ROLWLFDH[WHUQD$QJOLHL
GHYHQLVH XQ FLXGDW LPEURJOLR 3ULPXO PLQLVWUX ORUGXO $EHUGHHQ YRLD SDFH
)RUHLJQ 2IILFHXO YRLD SDFH DPEDVDGRUXO GLQ &RQVWDQWLQRSRO YRLD U]ERL RSLQLD
SXEOLF LQGLJQDW GH DURJDQ&D &DUXOXL YRLD R YLFWRULH GLSORPDWLF 3HQWUX SULPD
RDU R FDPSDQLH VHQWLPHQWDO LPSXQHD )RUHLJQ 2IILFHXOXL V DGRSWH R DQXPLW
DWLWXGLQH (UD XQD GLQ FRQVHFLQ&HOH LQHYLWDELOH DOH OUJLULL VXIUDJLXOXL L DOH
OLEHUW&LLSUHVHL/DPDUWLH)UDQ&DL$QJOLDGHFODUDUU]ERL5XVLHLFDUH
LQYDGDVH SURYLQFLLOH WXUFHWL 1DYHOH IUDQFH]H L HQJOH]H LQWUDU vQ %RVIRU L
FRQVWUkQVHUIORWDUXVHDVFVVHUHIXJLH]HOD6HYDVWRSRO


,,, 2SLQLD SXEOLF RE&LQXVH U]ERLXO SH FDUHO GRULVH $YHD GUHSWDWH"
1HkQGRLRVFQXVHSXWHDvQJGXL&DUXOXLVFLRSkU&HDVFGXSEXQXOVXSODF
,PSHULXO RWRPDQ GDU SRDWH F DU IL IRVW SRVLELO vQOWXUDUHD U]ERLXOXL SULQWUR
GLSORPD&LHPDLDELO6XFFHVSDUDGR[DOWULXPIXOOLEHUDOLVPXOXLVHQWLPHQWDOIFHD
GLQ$QJOLDDOLDWDXQXLGHVSRW1DSROHRQDO,,,OHDFDVVXV&LQXQDOWGHVSRWSH
VXOWDQ &DPSDQLLOH HQJOH]H vQFHSXVHU PDL WRWGHDXQD SULQ UHPDUFDELOH H[KLEL&LL
GHOLSVGHSUHYHGHUHGLQWUHWRDWHU]ERLXOGLQ&ULPHHDDIRVWFHDPDLVWUOXFLW
6HUYLFLXO GH DSURYL]LRQDUH L VHUYLFLXO PHGLFDO VH GRYHGLU DWkW GH LQIHULRDUH VDU
FLQLORU ORU vQFkW vQ U]ERLXO DFHVWD vQ FDUH QX VDX IRORVLW GHFkW HIHFWLYH PLFL DX
PXULW GRX]HFL L FLQFL GH PLL GH HQJOH]L vQ WLPS FH &DUD D FKHOWXLW vQ ]DGDU
DSWH]HFLGHPLOLRDQHGHOLUH1RXDSXWHUHDSUHVHLVWkUQLFXIRORVRSLQLDSXEOLF
8Q PDUH JD]HWDU :LOOLDP 5XVVHO GH OD ]LDUXO 7LPHV XUPUHD RSHUD&LLOH vQ
FDOLWDWHD OXL GH FRUHVSRQGHQW GH U]ERL L &LQHD SXEOLFXO OD FXUHQW FX VXIHULQ&HOH
vQGXUDWH GH VROGD&L /RUGXO $EHUGHHQ UHSUREDW GH WRDWH SDUWLGHOH WUHEXL V




SUVHDVFSXWHUHDLIXvQORFXLWGHORUGXO3DOPHUVWRQFDUHDYXQRURFXOVLQWUH
vQVFHQvQFOLSDvQFDUHvPSUHMXUULOHHUDXvQVIkULWIDYRUDELOHDOLD&LORU'XSXQ
OXQJDVHGLXIXFXFHULW6HYDVWRSROXO1DSROHRQVHvPSFvQGDWFXUXLLHO
GRUHD SDFH VSUH D SXWHD XUPUL DOWH SODQXUL JUDQGLRDVH vQ VSHFLDO XQLILFDUHD
,WDOLHL /RUGXO 3DOPHUVWRQ DU IL YUXW VL vQIUkQJ SH UXL L VL DOXQJH GH OD
&UPXULOH 0ULL 1HJUH 'DF LDU IL LPSXV SXQFWXO VX GH YHGHUH U]ERLXO DU IL
SXWXW GXUD WRW DWkWD WLPS FkW FHO GLQ 3HORSRQH] VDX FkW U]ERLXO GH WUHL]HFL GH
DQL L DVWD SHQWUX XQ RELHFWLY vQGHSUWDW L GHVWXO GH HFKLYRF 'DU RSLQLD
SXEOLFIRDUWHVFKLPEWRDUHRYLDLvQFHSXVHVVHvQWUHEHGDFQXFXPYDD
PL]DWSHXQFDOSURVW


,9QIXVHPQDWWUDWDWXOGHOD3DULVFUXLDFHLQHPXO&XPL&LvLVSXQHDX
FDSLWXODUHD GH OD 3DULV $P vQFKHLDW R SDFH GDU QX SDFHD GHFODUD ORUGXO
&ODUHQGRQ 6H KRWUkVH V VH PHQ&LQ LQWHJULWDWHD ,PSHULXOXL RWRPDQ L L VH
LQWHU]LFHD5XVLHLGUHSWXOGHDvQWUH&LQHRIORWvQ0DUHD1HDJU6XOWDQXOIJGXL
UHIRUPHPDLPXOWEXQYRLQ&ID&GHVXSXLLFUHWLQLLRvQWUHDJJHQHUD&LHGH
HQJOH]LFUH]XFDIFXWGLQRPXOEROQDYXQRPPDLEXQ9UHPHDGH]LOX]LHLVH
DSURSLD HHFXO DPEL&LLORU HXURSHQH DOH &DUXOXL DYX HIHFWXO GH DO DUXQFD DVXSUD
$VLHLFHHDFHQXHUDOLSVLWGHSULPHMGLLSHQWUX,QGLDFkWGHVSUHVXOWDQFRQIOLFWHOH
VDOH FX SURYLQFLLOH EDOFDQLFH DYHDX V WXOEXUH (XURSD YUHPH GH PDL ELQH GH R
MXPWDWHGHVHFRO


9+RWUkUHDFHDPDLLPSRUWDQWD&RQJUHVXOXLGHOD3DULVDIRVWDGRSWDUHD
XQRU QRL UHJXOL LQWHUQD&LRQDOH FX SULYLUH OD OLEHUWDWHD PULORU vQ WLPS GH U]ERL
6DXDGRSWDWSDWUXSULQFLSLLHVHQ&LDOH3LUDWHULDHVWHLUPkQHDEROLW3DYLOLRQXO
DSU PDUID FX H[FHS&LD FRQWUDEDQGHL GH U]ERL 0UIXULOH QHXWUH WUDQVSRUWDWH
VXESDYLOLRQGXPDQQXSRWILFRQILVFDWH%ORFDGDFDVILHREOLJDWRULHWUHEXLHV
ILH HIHFWLY $FHVWH JDUDQ&LL DFRUGDWH FRPHU&XOXL QHXWUX vQ WLPS GH U]ERL
FRQ&LQHDX JHUPHQLL XQRU JUDYH LQFLGHQWH L FKLDU DOH XQRU U]ERDLH YLLWRDUH 2
FRQVHFLQ& QHDWHSWDW L vQGHSUWDW D U]ERLXOXL GLQ &ULPHHD D IRVW VXIUDJLXO
IHPHLORUGLQ$QJOLDQPRPHQWXOFkQGVHUYLFLXOVDQLWDUIXQF&LRQDDWkWGHSURVWvQ
5XVLDVLQJXUDILLQ&FDUHVHGRYHGLVHFDSDELOVOUHRUJDQL]H]HIXVHVHRIHPHLH
)ORUHQFH1LJKWLQJDOHFHHDFHDGXVHODPRGLGHLFXWRWXOQRLSULYLWRDUHODHGXFD
&LDIHPHLORUORFXOORUvQVRFLHWDWHLSUHJWLvQPRGLQGLUHFWPLFDUHDVXIUDJHWHORU


9, Q WLPSXO U]ERLXOXL GLQ &ULPHHD 1DSROHRQ DO ,,,OHD LQVLVWDVH PXOW FD
6DUGLQLD V ILH DXWRUL]DW V VH DOWXUH DOLD&LORUPSUDWXO URPDQWLF DGHUDVH OD
SULQFLSLXOQD&LRQDOLW&LORU'RUHDVLDMXWHSHLWDOLHQLVVHHOLEHUH]HGH$XVWULDL
VIDFGLQFDVDGH6DYRLDFDUHGRPQHDLvQ6DUGLQLDLvQ3LHPRQWVWkOSXOQRLL
,WDOLL3DOPHUVWRQLRSLQLDSXEOLFHQJOH]HUDXIDYRUDELOHDFHVWHLLGHLFXUWHDQX
DYHD vQFUHGHUH vQ vPSUDW ( XQ FRQVSLUDWRU VSXQHD vQWUXQD SULQ&XO $OEHUW
FXYkQWXO DFHVWD FRQVWLWXLH FKHLD WXWXURU DF&LXQLORU VDOH Q  1DSROHRQ DO
,,,OHD SRUQL FDPSDQLD VD vQ,WDOLD 'DF YRLD VR HOLEHUH]H GRUHD vQDFHODL WLPS
VR PHQ&LQ GLYL]DW FD VL IDF VLP&LW DFROR SURSULD VD SXWHUH L PDL DOHV
vQ&HOHJHDVVDOYH]HDXWRULWDWHDWHPSRUDODSDSHL3DOPHUVWRQLPLQLVWUXOVXGH
DIDFHULH[WHUQH5XVVHOOIRU&DUPkQDOXL1DSROHRQDO,,,OHDGGXUVSULMLQXOORU

0LQLVWUXOGHH[WHUQHDO$QJOLHLvQWUHL




H[SHGL&LHLVLFLOLHQHDOXL*DULEDOGLLIFXUSRVLELOUHDOL]DUHDFRPSOHWDXQLW&LL
LWDOLHQH 2ELHFWLYXO DFHVWHL SROLWLFL HUD V ILH SH SODFXO RSLQLHL SXEOLFH OLEHUDOH L
SURWHVWDQWH VL DVLJXUH SULHWHQLD L UHFXQRWLQ&D ,WDOLHL QRL V QX vQJGXLH
)UDQ&HLVFkWLJHSUHDPXOWDXWRULWDWHvQSHQLQVXO$QH[DUHDOD)UDQ&DD1LVHL
LD6DYRLHLvQXUPDXQXLSOHELVFLWvODODUPDVHSH3DOPHUVWRQ$VWIHOvQFkWvLIFX
SOFHUHVOvQYLQJSH1DSROHRQFXDUPHOHIXULWHFKLDUGHDFHVWD


9,, Q  FkQG vQ $PHULFD VWDWHOH GLQ 6XG DQXQ&DU LQWHQ&LD ORUGH D VH
VHSDUD GH FHOH GLQ 1RUG SUHULOH HQJOH]LORU IXU vPSU&LWH FX SULYLUH OD DFHDVW
GLVSXW &k&LYD UDGLFDOL L ELVHULFLOH GLVLGHQWH VH DVRFLDU OD FDPSDQLD
DQWLVFODYDJLVWSHFDUHRGXFHD1RUGXOvQDOWDVRFLHWDWHOXPHDEXQGLQ/RQGUD
PUXQWDFOLFDULVWRFUDWLFFDUHGLULMDSROLWLFDHQJOH]IXUGLQWRDWLQLPDDOWXUL
GH 6XG $FROR vQWUDGHYU PDQLHUHOH HUDX PDL DOHVH DFFHQWXO PDL UDILQDW GH
DFRORYHQHDLEXPEDFXOGHFDUH$QJOLDDYHDRQHYRLHDWkWGHPDUH&kQG/LQFROQ
GHFODUFVFRSXOU]ERLXOXLHUDQXGHDDEROLVFODYDMXOFLGHDPHQ&LQHXQLWDWHD
&ULL VHQWLPHQWDOLVPXO EULWDQLF vQFHW V PDL LQWUH vQ FRQIOLFW FX SUHMXGHF&LOH
DWkW GH IDYRUDELOH 6XGXOXL 'HRDUHFH VWDWHOH GLQ 6XG QX FHUHDX GHFkW OLEHUWDWH
DFHDVWD QX WUHEXLD V OH ILH DFRUGDW FRQIRUP SULQFLSLXOXL QD&LRQDOLW&LORU" Q
 GHRDUHFH /DQFDVKLUH VXIHUHD GH R DGHYUDW IRDPH GH EXPEDF
JXYHUQXO 3DOPHUVWRQ HUD SH SXQFWXO GH D UHFXQRDWH 6XGXO FD XQ VWDW
LQGHSHQGHQW 1XPDL YLFWRULLOH GHFLVLYH GLQ 1RUG GLQ vPSLHGLFDU DFHVW DFW
GHPHQ&LDO 'DU DWLWXGLQHD SUHVHL HQJOH]H vQFHSXVH PDL GH PXOW VL LULWH SH
QRUGLWL $FHDVW LULWDUH HUD V SURYRDFH XQ U]ERL DWXQFL FkQG vQ PRG IRDUWH
LPSUXGHQW JXYHUQXO HQJOH] DXWRUL] FRQVWUXLUHD vQ $QJOLD D XQRU DD]LVH YDVH
GHVWLQDWH FRPHU&XOXL YDVH GH U]ERL FDPXIODWH FD $ODEDPD IXU SXVH vQ
VHUYLFLXOFRQIHGHUD&LLORULSURYRFDUPXOWHQHDMXQVXULFRPHU&XOXLFHORUGLQ1RUG
'XS YLFWRULD DFHVWXLD GLQ XUP $QJOLD SHQWUX D UHFkWLJD DPLFL&LD DPHULFDQ
WUHEXL V SOWHDVF R VXP LPSRUWDQW FX WLWOXO GH UHSDUD&LL SHQWUX HQRUPHOH
SDJXEHSULFLQXLWHGH$ODEDPD(SLVRGXODvQYHQLQDWSHQWUXPXOWYUHPHUHOD&LLOH
GLQWUHFHOHGRX&ULGHDOWIHOvQFXUVXOXUPWRULORUFLQFL]HFLGHDQL$PHULFDGH
1RUGDSULPLWRDEXQGHQWHPLJUD&LHVODYODWLQLUODQGH]LDvQFHWDWGHDILR
FRPXQLWDWH DQJORVD[RQ SHQWUX D GHYHQL FUHX]HWXO SRSRDUHORU FHHD FH D L
UPDVSkQODU]ERLXOGLQ


9,,,(XGDXXQH[HPSOXSHFDUHSUREDELOvQIRDUWHSX&LQWLPS3UXVLDYDIL
IHULFLW VO LPLWH VSXVHVH &DYRXU OD FXUWHD GLQ %HUOLQ FDUH QX SURWHVW
3HULFROXO SROLWLFLL QD&LRQDOLW&LORU HUD F SHUPLWHD V VH UHSXQ vQ GLVFX&LH KDUWD
(XURSHLvQILHFHFOLSLFWUH]HDVLPSDWLLGHRUGLQVHQWLPHQWDOFDUHVHH[SULPDX
FX PDL PXOW YHKHPHQ& GHFkW HILFDFLWDWH 3RORQH]LL DVXSUL&L GH UXL VH
UVFXODVHU vQ  2SLQLD SXEOLF HQJOH] vL VXV&LQHD FX FOGXU 1DSROHRQ DO
,,,OHDIDYRUDELOSULQFLSLXOXLQD&LRQDOLW&LORUYHQLvQVSULMLQXO$QJOLHLFDUHWULPLVH
&DUXOXL R QRW SHUHPSWRULH %DUXO UVSXQVH SH XQ WRQ VDUFDVWLF L WUXID 7RDW
OXPHD VH DWHSWD OD U]ERL &kQG JXYHUQXO HQJOH] PUWXULVL F R HURDUH
PRPHQWDQODIFXWVLDKRWUkULQHFKLE]XLWHvQWLPSXOXOWLPHORUWUHLSDWUXOXQL
LFQLFLRGDWQXDDYXWLQWHQ&LDVPHDUJPDLGHSDUWHGHXQVFKLPEGHQRWH
1DSROHRQ VH Y]X SXV vQ XQD GLQ FHOH PDL IDOVH SR]L&LL 5H]XOWDWHOH FHOH PDL

/DFDUHWUHEXLHVVHDGDXJHSUHVLXQHDXQRUPDULSU&LGLQRSLQLDSXEOLFHQJOH]vQSULPXO
UkQGDFODVHLPXQFLWRDUH




FDWHJRULFHDOHDFHVWHLDJLWD&LLDXIRVWFDPLQLVWUXOUXV*RUFHDNRYUVSXQ]WRU
SHQWUX UHSULPDUHD EUXWDO D UVFXOD&LORU L FDUH vQDLQWH GH LQWHUYHQ&LD OXL -RKQ
5XVVHOOIXVHVHFULWLFDWGHHIXOVXLXUPDVILHVFKLPEDWDGHYHQLWGHRGDWFHO
PDLSXWHUQLFLFHOPDLSRSXODURPGHVWDWGLQ&DUDVDESLH&HOHGLQ9DURYLDDX
IRVWDFRSHULWHFXPRUPDQHGHPRU&LLUQL&L$FHVWHDDXIRVWHIHFWHOHXQHLSROLWLFL
FDUHQXHUDQLFLFDUQHQLFLSHWHVSXQHD'LVUDHOL


,; &kWHYD OXQL PDL WkU]LX SUXVDFLL L DXVWULHFLL DPHQLQ&DU V LQYDGH]H
'DQHPDUFDLVLUSHDVFWRWvQYLUWXWHDSULQFLSLXOXLQD&LRQDOLW&LORUGXFDWHOH
6FKOHVZLJ L +ROVWHLQ /RUGXO 3DOPHUVWRQ GHFODU vQ SDUODPHQW F GDF
LQGHSHQGHQ&D'DQHPDUFLLDUILDPHQLQ&DWDJUHVRULLDUYHGHDFQXDYHDXVVH
PVRDUHQXPDLFX'DQHPDUFD'DQH]LLFLWLQGGLVFXUVXODFHVWDVHVLP&LUIRDUWH
vQFXUDMD&L L OXDU FHD PDL IHUP DWLWXGLQH 3DOPHUVWRQ FHUX VSULMLQXO DUPDWHL
IUDQFH]H GDU vPSUDWXO FDUH IXVHVH DEDQGRQDW GH $QJOLD vQ SUREOHPD SRORQH]
vLSLHUGXVHvQFUHGHUHDQWLPSFH)UDQ&DL$QJOLDFkQWDXvQFRQWUDWLPSDUPDWD
SUXVDFLQWUvQ'DQHPDUFD'DQH]LLVHvQGUHSWDUSOLQLGHVLJXUDQ&VSUHORUGXO
3DOPHUVWRQQXVSXVHVHF3UXVLDQXDYHDVVHPVRDUHQXPDLFX'DQHPDUFD"
'DU RSLQLD SXEOLF GHVFRSHUHD vQ FHDVXO DO XQVSUH]HFHOHD FH SHULFROH SUH]HQWD
LQWHUYHQ&LD &DELQHWXO VH vQWUXQL L VH SURQXQ& vPSRWULYD U]ERLXOXL &H V
UVSXQGGDQH]LORU"/LVHIFXFXQRVFXWFORUGXO3DOPHUVWRQYRUELVHvQDLQWHGH
D FRQVXOWD FDELQHWXO L SULQ XUPDUH QX DQJDMDVH RSLQLD DFHVWXLD Q 
6FKOHVZLJ L +ROVWHLQ IXU DQH[DWH OD 3UXVLD 2 QRX SXWHUH H[LJHQW L
YLJXURDVFUHWHDvQ(XURSDLDVSLUDvQPRGVHFUHWODKHJHPRQLH(DDYHDVILH
DMXWDW GH H]LWULOH SROLWLFLL EULWDQLFH FDUH PRWHQLQG vQ DFHODL WLPS
LPSHULDOLVPXO GRPLQDWRU DO OXL 3LWW OLEHUDOLVPXO DJUHVLY DO OXL &DQQLQJ VDX
3DOPHUVWRQLSDFLILVPXOFROLLGHOD0DQFKHVWHUDRVFLODWvQPRGSULPHMGLRVWLPS
GHRMXPWDWHGHVHFROvQWUHDWLWXGLQLFRQWUDGLFWRULL




9
$1*/,$9,&725,$1


,QQLFLRSHULRDGDLVWRULHLRPHQLULLGHVFRSHULULOHWLLQ&LILFHQXDXVFKLPEDW
DWkWGHUHSHGHPRUDYXULOHLGHLOHLFKLDUSHLVDMHOHFDvQDFHVWvQFHSXWDOVHFROXOXL
DO;O;OHD0HWRGDWLLQ&LILFDFHHDDOXL)UDQFLV%DFRQSURGXVHVHGHRGDWQLWH
HIHFWHSHFDUHHQJOH]LLGHSHYUHPHDOXL%DFRQOHDUILFRQVLGHUDWPLUDFROH2PXO
SUHDVILGHYHQLWVWSkQXOQDWXULL$EXUXOvQORFXLDvQDFHODLWLPSIRU&DEUD&HORU
DFHHD D DQLPDOHORU L D YkQWXOXL Q  R QDY FX DEXUL XUF IOXYLXO &O\GH vQ
XQYDVFXDEXULWUDYHUV$WODQWLFXOvQIXODQVDW$JDPHPQRQSULPXO
YDSRU GH U]ERL FX HOLFH L FXLUDV Q  6WHSKHQVRQ FRQVWUXLD SULPD VD
ORFRPRWLYvQGXFHOHLQDXJXUFDOHDIHUDWGHOD0DQFKHVWHUOD/LYHUSRRO
vQ'LVUDHOLFOWRULGHOD/RQGUDOD0DLGHQKHDGFXRYLWH]GHWUHL]HFLLDVH
GH PLOH SH RU vQFHUFkQG R VXUSULQ]WRDUH VHQ]D&LH vQ  SULQ&XO $OEHUW
PHUJkQG GH OD :LQGVRU OD /RQGUD FX WUHQXO OD WHUPLQDUHD FOWRULHL VH DGUHV
FRQGXFWRUXOXL9URJGRPQXOHGDWDYLLWRDUHVQXPDLPHUJHPDWkWGHUHSHGH
$PSORDUHD JULORU FDUWLHUHOH FDUH VH QWHDX vQ MXUXO ORU XOXLDX L VSLULWHOH FHOH

(VWHYRUEDGHGXFHOHGH:HOOLQJWRQ



PDL vQGU]QH&H 6H vQILLQ&DU VRFLHW&L GH H[SORDWDUH D LQYHQ&LHL HQJOH]L GH WRDWH
SURIHVLXQLOH IRWL RIL&HUL QHJXVWRUL vQY&WRUL GHYHQHDX DGPLQLVWUDWRUL DL
FRPSDQLLORU GH FL IHUDWH vQ  vQFHSX XQ ERRP DF&LXQLOH L VDODULLOH XUFDX
YHUWLJLQRVQ3XQFKDSUXRORFRPRWLY6SHFXODFDUHL]GUREHDSHDGRUDWRULL
HL L HD LD VWULYLW vQWUDGHYU FFL vQ  DQVDPEOXO DF&LXQLORU FLORU IHUDWH
VXIHULRVFGHUHQXPDLSX&LQYHUWLJLQRDVGHDSWH]HFLLRSWGHPLOLRDQHGHOLUH
6SHFXOD&LD DVXSUD WLWOXULORU FDUH vQ VHFROXO DO ;9,,,OHD QX IXVHVH GHFkW R ERDO
WUHFWRDUH GHYHQL R PHVHULH vQ PXOWH vQWUHSULQGHUL PDUL VRFLHWDWHD DQRQLP
LQYHQWDW RGLQLRDU SHQWUX FRPSDQLLOH FRORQLDOH vQORFXLD SH SDWURQXO XQLF L
UVSXQ]WRU


,, &DP vQ DFHHDL HSRF VFULVRDUHD IUDQFDW QXPDL FX XQ SHQQ\ GHVFKLVH
QRLORUFODVHSRIWDGHDVFULH=LDUHOHPDLSX&LQVFXPSHSHQWUXFWD[DGHWLPEUX
IXVHVHVF]XWGHZKLJLGHODFLQFLODXQSHQQ\Y]XUWLUDMXOPULQGXVH7LPHV
H[LVWD GLQ  0RUQLQJ 3RVW GLQ  'DLO\ 1HZV IX IRQGDW GH 'LFNHQV vQ
QFHSkQGGLQWHOHJUDIXOVFXUWDGLVWDQ&HOHGLQWUHRUDHLFRQWLQHQWH
3ODQHWD VH JKHPXL SkQ OD GLPHQVLXQLOH XQXL VWDELOLPHQW GH FRPHU& HQJOH]
3LDQMHQ SLWLW vQ LQVXOD VD vQ FHQWUXO FRPHU&XOXL PRQGLDO $QJOLD DUXQF R
LPHQV UH&HD GH FDEOXUL vQ MXUXO SPkQWXOXL 3HQWUX F WULD vQ SDFH SHQWUX F
DYHD FHD PDL PDUH IORW L PLQHOH GH FUEXQL FHOH PDL DFFHVLELOH SHQWUX F
EXUJKH]LDHLSURVSHULOLEHUWLDVWUDJIRORDVHGLQQRLOHLQYHQ&LL$QJOLDVH
vPERJ&HD PDL UHSHGH GHFkW RULFH DOW &DU Q  vQ SOLQ FUL] HFRQRPLF
PDUHOH LVWRULF 0DFDXOD\ LQWRQD XQ LPQ WULXPIDO L DQXQ&D F vQ  WRW SH
DFHOHDL LQVXOH R SRSXOD&LH GXEO VH YD EXFXUD GH R ERJ&LH GXEO 6H WLH F
SURIH&LDVDFDUHSUXVHvQGU]QHD&DWXQFLDIRVWFXPXOWGHSLWGHUHDOLWDWH


,,, (SRFD YLFWRULDQ GLQ $QJOLD FD L vQ )UDQ&D GRPQLD OXL /XGRYLF)LOLS D
DSDU&LQXW FODVHORU PLMORFLL PERJ&LWH vQ XUPD GHVFRSHULULORU WLLQ&LILFH L D
DSOLFD&LLORU ORU HOH DU IL SXWXW FXFHUL DWXQFL SXWHUHD JUD&LH IRU&HL EDQXOXL GDF
ZKLJLL QX OHDU IL SUHGDW IU OXSW FLWDGHOD DULVWRFUDWLF &DSRGRSHUD SROLWLFLL
HQJOH]H GLQ VHFROXO DO ;O;OHD  VFULH eOLH +DOpY\  HVWH SHUSHWXDUHD WUDGL&LHL
SDUODPHQWDULVPXOXL DULVWRFUDWLF 'DU FX FH FRQGL&LH VH RSHUHD] DFHVW WXU GH
IRU&" &X FRQGL&LD GH D DGDSWD IU vQFHWDUH DFHDVW SROLWLF QHYRLORU XQHL
VRFLHW&L FDUH VH LQGXVWULDOL]HD] L VH GHPRFUDWL]HD] $OLDQ&D GLQWUH ZKLJL L
EXUJKH]LH YD DYHD HIHFWH SURIXQGH L GXUDELOH DVXSUD PRUDYXULORU GLQ $QJOLD
0XO&L PDUL EXUJKH]L FDUH DOFWXLDX QRXD ROLJDUKLH LQGXVWULDO SURYHQHDX GLQ
IDPLOLLQHFRQIRUPLVWH&KLDULDFHLDGLQWUHHLFDUHSLHUGXVHUFUHGLQ&DSXULWDQLORU
PDL SVWUDX DXVWHULWDWHD ORU L FRLQFLGHQ&D GLQWUH ULJRDUHD PRUDO L UHXLWD vQ
DIDFHUL QX HUD FHYD vQWkPSOWRU $ GXFH R YLD& VHULRDV D VH DE&LQH GH OD
EXWXU L MRFXUL GH QRURF D QX XLWD GH ]LXD VDEDWXOXL D UHGXFH SOFHULOH
VLP&XULORUODPkQJkLHUHDXQHLVLQJXUHIHPHLDFHHDOXDWGHVR&LHvQFRQIRUPLWDWH
FX OHJHD VXQW YLUWX&L FDUHL JVHVF UVSODWD QX QXPDL vQ FHUXUL 8QHRUL UHOLJLD
IXVHVH FKLDU SULFLQD GLUHFW L VHFUHWXO VXFFHVHORU OXPHWL GDF 7KRPDV &RRN D
IRQGDW FHD PDL FHOHEU GLQWUH DJHQ&LLOH GH YRLDM VH GDWRUHD] IDSWXOXL F ILLQG
PLVLRQDU EDSWLVW vQFHSXVH SULQ D RUJDQL]D H[FXUVLL SHQWUX PLWLQJXULOH GH

&XQRVFXWVSWPkQDOVDWLULFORQGRQH]IRQGDWQ
 6FULLWRU SROLWLF IUDQFH]   DXWRU DO XQHL ,VWRULL D SRSRUXOXL HQJOH] vQ VHFROXO DO
;O;OHDDSUXWvQWUHL




WHPSHUHQ& L FROLOH GH GXPLQLF GDF )U\ L &DGEXU\ TXDNHUL DX SXV ED]HOH
FHORUPDLSURVSHUHLYLUWXRDVHIDEULFLGHFLRFRODWHSHQWUXFvQOXSWDvPSRWULYD
DOFRROXOXL SUHGLFDWRULL DX JVLW vQ FHDFD GH FDFDR DOLDWD ORU FHD PDL HILFDFH'H
GUDJXODVRFLD&LORUORUSROLWLFLZKLJLLvLVDFULILFDUDWXQFLFLQLVPXOLFHOSX&LQvQ
DSDUHQ& SOFHULOH $ULVWRFUD&LD  VFULH vQ  %DJHKRW WULHWH FX IULFD vQ
VkQGLQFDX]DFODVHORUPLMORFLLDEFDQLORULDRULFURUQHJXVWRULQRFR
UHVSRQGHQ& FD DFHHD GLQWUH %\URQ L ODG\ 0HOERXUQH GHYHQLVH DSURDSH GH
QHFRQFHSXW 2 GDW FX UHIRUPD HOHFWRUDO L OLEHUXO VFKLPE ZKLJLL WUHFXVHU vQ
SURJUDPXOORUvQVLOGHVLJXULYLUWXWHD


,9 &VWRULQGXVH FX YLUWXRVXO L SXGLFXO $OEHUW UHJLQD vQVL VH
VFKLPEDVH &XUWHD HL GHYHQLVH JUDY L IDPLOLDO %OHVWHPDWD DVWD GH PRUDOLWDWH
DUH V SUSGHDVF WRWXO VSXQHD ERPEQLQG ORUGXO 0HOERXUQH 'DU ORUGXO
0HOERXUQHDSDU&LQHDXQHLHSRFLGLVSUXWHL*ODGVWRQHHYODYLRVLSURVSHUJUDY
L IDPLOLDO UHSUH]HQWD PXOW PDL ELQH UHJLPXO 6DX VFULV DWXQFL URPDQH L SLHVH
GHWHDWUXSHQWUXRWkQUUHJLQYLUWXRDVPDPGHIDPLOLH1LPLFQXWUHEXLHV
vPEXMRUH]H GH UXLQH REUDMLL XQHL WLQHUH SHUVRDQH 3XQFK HUD OXGDW F SXWHD IL
FLWLWGHFRSLLLLVR&LLOHQRDVWUH1XQXPDLYLFLXOFLLFULPDDXIRVWSURVFULVHGLQ
RULFHOLWHUDWXUvQDIDUGHFD]XOFkQGHUDXvQYOXLWHvQVHQWLPHQWDOLVPLXPRU
0RQDUKLDDULVWRFUD&LDLOLWHUDWXUDvQ&HOHVHVHUFvQDFHDVWOXPHQRXH[FHVHOH
GHOLEHUWLQDMVDXGHVLQFHULWDWHDUILSXVvQSHULFROSULYLOHJLLOHORU3HQWUXDLPSXQH
PDVHORU R UHVSHFWDELOLWDWH OLQLWLWRDUH FODVHOH GLULJXLWRDUH DFFHSWDU  GDF QX
WRWGHDXQDUHDOLWDWHDFDUHDUILIRVWXQHRULLQXPDQFHOSX&LQFRQYHQLHQ&HOHL
DSDUHQ&HOH 'H DOWPLQWHUHD DFHVWH DSDUHQ&H GHYHQLU SHQWUX PXO&L vQ VFXUW
YUHPHDGHYUDWHRELFHLXUL&LQHFLWHWH7DWLILLGH(GPXQG*RVVHFRQVWDWF
VWDUHDGHVSLULWDXQRUYLFWRULHQLQDIRVWGHSDUWHGHDFHHDDVILQ&LORUOXL&URPZHOO
PELQDUHDJUDYLW&LLDUH]HUYHLLDIRU&HLSURSULHDFHOHLHSRFLVHPDQLIHVWDFXP
vQ UHGLQJRWD QHDJU L FUDYDWD EUED&LORU FD L vQ URFKLLOH GH PWDVH QHDJU L
ERQHWHOHOHJHQGDUHDOHUHJLQHL9LFWRULD


9 'DF vQ DFHDVW DOLDQ& ZKLJLL VDFULILFDVHU OLEHUWDWHD PRUDYXULORU
EXUJKH]LL DEDQGRQDVHU UDGLFDOLVPXO JkQGLULL %XUJKH]LD YLFWRULDQ SUDFWLF XQ
VQRELVP FDUH HVWH HVHQ&LDOPHQWH FRQVHUYDWRU HD DFFHSW FDGUXO VRFLHW&LL
DULVWRFUDWLFH HD R UHVSHFW FX DWkW PDL PXOW FX FkW R JVHWH PDL DFFHVLELO
)LHFUXL LQV GLQ FODVHOH PLMORFLL vL SODFH V DLE GHD IDFH FX SHUVRDQH FDUH DX
WLWOXUL QRELOLDUH L GDF VSXQH F QX &LQH GH ORF OD DD FHYD QX WUHEXLH V ILH
FUH]XW9UHPHvQGHOXQJDWVHUYLOLVPXOQRLORUDOHJWRULDDQXODWHIHFWHOHUHIRUPHL
HOHFWRUDOH )HXGDOLVPXO  VFULH &REGHQ  vL UHLD vQ ILHFH ]L L GLQ FH vQ FH PDL
PXOW ORFXO vQ YLD&D SROLWLF SUHFXP L vQ YLD&D VRFLDO %DJHKRW DQDOL]HD]
FLXGDWD GHIHUHQ& D QD&LXQLL HQJOH]H 2ULFkW GH FXULRV DU SUHD  VSXQH HO 
H[LVW QD&LXQL vQ FDUH PDMRULWDWHD LJQRUDQW GRUHWH V ILH JXYHUQDW GH
PLQRULWDWHDFRPSHWHQW(DDEGLFvQIDYRDUHDHOLWHLVDOH$QJOLDHVWHWLSXODFHVWRU
QD&LXQLGHIHUHQWHLvQWUDGHYUSHODVHSUHDFSRSRUXODFFHSWVODVH
FODVHORU PLMORFLL SULYLOHJLXO YRWXOXL L F DFHVWH FODVH SULPHVF FX EXFXULH V OH
UHSUH]LQWH DULVWRFUD&L GH SURIHVLH 6DU ]LFH F EXUJKH]LL VH FRQVLGHUDX DWXQFL

 :DOWHU %DJHKRW   HFRQRPLVW HQJOH] UHGDFWRU GLQ  OD SHULRGLFXO 7KH
(FRQRPLVWDXWRUDOXQRUOXFUULGHPDUHHFRXSULQWUHFDUH7KH(QJOLVK&RQVWLWXWLRQL
/RPEDUG6WUHHWXOWLPDRFXSkQGXVHGHYLD&DILQDQFLDUORQGRQH]




SULYLWRUL FURUD OH IFHD SOFHUH V YDG QLWH DFWRUL H[FHOHQ&L MXFkQG VSHFWDFROXO
XQHLYLH&LIDVWXRDVHSHRVFHQDGPLUDELO$VWIHOPDULOHIDPLOLLHQJOH]HSVWUHD]
SHQWUXPXOWYUHPHvQFIUDvQWkOQLYUHRRVWLOLWDWHYHKHPHQWIUXPRDVHOHORU
SDUFXUL PRGXO GH YLD& UHJHVF ORFXLQ&HOH ORU FRQVWUXLWH GH ,QLJR -RQHV -RKQ
9DQEUXJK VDX &KULVWRSKHU :UHQ /D &KDWVZRUWK vQ FDVD GXFHOXL GH
'HYRQVKLUH OD %HOYRLU vQ FDVD GXFHOXL GH 5XWODQG OD :REXUQ vQ FDVD GXFHOXL
GH :HOOLQJWRQ VH &LQ DGHYUDWH FXU&L Q LXQLH  D GRXD ]L GXS UHIRUP
'LVUDHOLVFULVHVH5HJLPXOGXFLORUFDUHSUHDHWHUQVDSUEXLW'LVUDHOLDYHD
VUHFXQRDVFGXSVFXUWYUHPHFGXFLLvQPRUPkQWD&LGHHOHUDXvQFWHIHUL
LHOvQVXLYDFXWDVVHUDOLH]HFXHL


9, 6XSUDYLH&XLUHD XQHL IDEXORDVH ERJ&LL WROHUDW GH WR&L H FX DWkW PDL
VXUSULQ]WRDUHFXFkWFRQGL&LDVUDFLORUDSDUHDWXQFLPDLMDOQLF)UXPRDVHLUDVH
HQJOH]H GLQ VHFROXO DO ;9,,OHD FDUH WULVH OD &DU ELQH KUQLW YLJXURDV L
YHVHO LD XUPDW WLSXO SUROHWDUXOXL SDOLG GLQ RUDH Q FDUWLHUHOH SRSXODUH DOH
PDULORURUDHPRUWDOLWDWHDVHPHQ&LQHODXQQLYHOvQVSLPkQWWRU/D/RQGUDvQ
(DVW(QGFDUWLHUVUDFPRUWDOLWDWHDHVWHGHGRXRULPDLPDUHGHFkWvQ:HVW(QG
FDUWLHU ERJDW /D %DWK GXUDWD QRUPDO D YLH&LL XQXL JHQWOHPDQ HVWH FLQFL]HFL L
FLQFL GH DQL D XQXL PXQFLWRU GRX]HFL L FLQFL GH DQL 6D GHVFULV  PL]HULD L
PXUGULDvQFDUHWULDXDWXQFLPLLGHIDPLOLLDSSRWDELOSOLQGHPDWHULLIHFDOH
FXU&L LQIHFWH vQ FDUH QX SXWHD FUHWH QLFL LDUE SLYQL&H vQ FDUH GRUPHDX
]HFHGRXVSUH]HFHSHUVRDQHLFDUHHUDXLQXQGDWHGHDSFORFLW'HVLJXU$QJOLD
UXUDO QX PXULVH GHD ELQHOHD Q  UDSRUWXO GLQWUH SRSXOD&LD XUEDQ L FHD
UXUDOHVWHGHODLDELDvQDQXOSRSXOD&LDRUDHORUYDILGHGRXRULPDL
PDUHGHFkWDFHHDGHOD&DU'DUSRSXOD&LDUXUDOvQVLQXLUHJVLVHHFKLOLEUXO
0XQFLWRUXODJULFROYDILGHDLFLvQDLQWHPDLIHULFLWFkQGYDOXFUDSHPDULOHGRPHQLL
XQGH GXFLL FRQVWUXLHVF FVX&H VROLGH GHFkW SH PLFLOH H[SORDWUL SDUWLFXODUH
FDUHvQDIDUGHXQHOHSHULRDGHGHFUHWHUHDSUH&XULORUDELDGHLDVLJXUWUDLXO
Q FH SULYHWH PXQFLWRUL GH OD RUDH FRQGL&LLOH ORU VH vPEXQW&HVF vQFHW GHD
OXQJXO GRPQLHL UHJLQHL 9LFWRULD 'O &ODSKDP D DUWDW F PRPHQWXO FHO PDL
JUHX D IRVW vQFHSXWXO VHFROXOXL 3kQ OD 3HHO KUDQD SRSXOD&LHL IXVHVH VFXPS
/LEHUXO VFKLPE IFX V VFDG FRVWXO YLH&LL L OD vQFHSXWXO GHFDGHL  VDODULLOH
vQFHSXU V VH XUFH 6DODULLOH GLQ  GHSHVF FX  SkQ OD  SH FHOH GLQ
 SUH&XULOH VH XUFDVHU L HOH FRQFRPLWHQW GDU SkLQHD GH SLOG QX FRVWD
GHFkW FX  PDL PXOW 3XWHUHD GH FXPSUDUH D PXQFLWRULORU FUHVFXVH GHFL Q
DFHODL WLPS FDVHOH GH HFRQRPLL VRFLHW&LOH FRRSHUDWLVWH vL DMXWDX V VXSRUWH PDL
XRU SHULRDGHOH GH FUL] 'H DOWPLQWUHOHD H XQ IDSW FHUW F vQFHSkQG GLQ 
PXQFLWRULLUHQXQ&DVHUODDF&LXQLGLUHFWHLFvQWRFPDLFDEXUJKH]LLPXQFLWRULL
HQJOH]L vQFHSXVHU V VSHUH SH YUHPHD FkQG 5HQDQ VFULD 9LLWRUXO WLLQ&HL F
PDLQLOHLGHVFRSHULULOHWLLQ&LILFHYRUDGXFHRQRXHSRFGHDXU


9,, $VWIHO WR&L YLFWRULHQLL ERJD&L L VUDFL DMXQJHDX V FUHDG vQ SURJUHV
WLLQ&D OH LQVSLUD XQ UHVSHFW UHOLJLRV (YXO PHGLX QX Y]XVH vQ XQLYHUV GHFkW
HIHFWXO YRLQ&HL OLEHUH D OXL 'XPQH]HX VHFROXO DO ;9,,,OHD vQFHUFDVH V vPSDFH
VLVWHPXOOHJLORUQDWXULLFXRFUHGLQ&UD&LRQDOvQVHFROXODO;O;OHDPXO&LVDYDQ&L
FUH]XUFDXGHVFRSHULWROXPHSHGHDvQWUHJXOPHFDQLF3ULQFLSLLOHGHJHRORJLH

0DULDUKLWHF&LHQJOH]LGLQVHFROXODO;9,,OHDLvQFHSXWXOVHFROXOXLDO;9,,,OHD
*0<RXQJ(DUO\9LFWRULDQ(QJODQGQD
-RKQ+DUROG&ODSKDPLVWRULFDOHFRQRPLHLHQJOH]H



DOXL/\HOOL2ULJLQHDVSHFLLORUDOXL'DUZLQ]GUXQFLQDUWHRULLOHELEOLFHLGGXU
RDPHQLORUGLQDFHDHSRFLOX]LDFDXGHVFRSHULWOHJLSULYLWRDUHODHYROX&LDILLQ&HORU
YLL WRW DWkW GH SUHFLVH FD DFHOHD UHIHULWRDUH OD OXPHD PDWHULDO )LOR]RILD vQVL
GHYHQL PDWHULDOLVW +HUEHUW 6SHQFHU VSLULW VLPSOX FDUH QX YHGHD UHDOLWDWHD
OXFUXULORUWRWDWkWGHXQLYHUVDOFDL$XJXVWH&RPWHGDUWRWDWkWGHUXGLPHQWDU
SHFkWHUD&RPWHGHJHQLDOLvQ]HVWUDW FXXQWDOHQWH[WUDRUGLQDUGH DFRQVWUXL
LGHL JHQHUDOH vQ MXUXO XQRU IDSWH SX&LQ LPSRUWDQWH FXFHUL QX QXPDL SXEOLFXO
HQJOH] GDU L FLWLWRUXO PLMORFLX GLQ OXPHD vQWUHDJ SULQWUR ILOR]RILH D HYROX&LHL
DSOLFDW OD WRDWH WLLQ&HOH LQFOXVLY PRUDOD L SROLWLFD (SRFD DFHHD GH
XQLYHUVDOLWDWH GH FUHGLQ& vQ SURJUHVXO WLLQ&LILF L PDWHULDO GH SDFLILVP L GH
LQGXVWULDOL]DUHJVLXQVLPEROSHUIHFWvQ([SR]L&LDGLQRUJDQL]DWGHSULQ&XO
$OEHUW FX R VHULR]LWDWH L R SHUIHF&LXQH FX WRWXO JHUPDQH 0UH&LD &U\VWDO
3ODFHXOXL HQWX]LDVPXO PXO&LPLORU DWPRVIHUD GH UHFRQFLOLHUH QD&LRQDO GXS
UVFRDOHOH SHQWUX UHIRUP L FDUWLVP IFXU R SURIXQG LPSUHVLH DVXSUD
HQJOH]LORU GLQWUH FDUH PXO&L FD V YLQ OD /RQGUD OXDU SHQWUX SULPD RDU FX
DFHDVWRFD]LHWUHQXO


9,,, (UD LQHYLWDELO V VH SURGXF UHDF&LL vPSRWULYD PDWHULDOLVPXOXL WLLQ&LILF
L VRFLDO (SRFD D DYXW DDGDU YDOXULOH VDOH URPDQWLFH FDUH DX IRVW FkQG
UHOLJLRDVH FkQG OLWHUDUH Q GRPHQLXO UHOLJLHL QX QXPDL F D FRQWLQXDW PLFDUHD
PHWRGLVWGDUFOHUXODQJOLFDQDLQL&LDWSOLQGHGHYRWDPHQWHYDQJKHOL]DUHDQRLORU
RUDHLQGXVWULDOH0LFDUHDGHOD2[IRUGFDUHDvQFHSXWSULQDvQFHUFDWV
GHDUHOLJLHLDQJOLFDQHSUHVWLJLXOLVWRULFLSRHWLFDOFDWROLFLVPXOXL&HOPDLFHOHEUX
GLQWUH DGHS&LL VL 1HZPDQ VIkUL SULQ D VH FRQYHUWL OD FDWROLFLVP L VSUH ILQHOH
YLH&LL VDOH GHYHQL FDUGLQDO &DUO\OH FRQGXVH DWDFXO SURWHVWDQW vPSRWULYD
XWLOLWDULVPXOXL L GRYHGL F QX 0DQFKHVWHUXO GHYHQHD PDL ERJDW DD FXP VH
FUHGHD SH DWXQFL FL QXPDL Fk&LYD RDPHQL L GLQWUH FHL PDL SX&LQ VLPSDWLFL GLQ
0DQFKHVWHU 5XVNLQ vQGUHSW OXSWD VD vPSRWULYD XUk&HQLHL LQGXVWULDOLVPXOXL
L GGX QDWHUH SUHUDIDHOL&LORU GLQWUH FDUH XQLL IRQGDU DOWXUL GH :LOOLDP
0RUULV XQ VRFLDOLVP HVWHWLF Q VIkULW 'LFNHQV GGX HO VLQJXU FHO PDL
IRUPLGDELODVDOWLIFXPDLPXOWGHFkWWR&LILODQWURSLLGHSURIHVLHFDVLvQYH&HSH
HQJOH]LL GLQ YUHPHD VD DGHYUDWD JHQHUR]LWDWH FDUH VW SH ED]H LPDJLQDWLYH 'DU
'LFNHQV vQVXL D WUHEXLW SHQWUX D vQOHVQL DFFHSWDUHD UHDOLVPXOXL VX VO
DWHQXH]HSULQXPRULVHQWLPHQWDOLVPLVGHDWUDJLFHORUVDOHSRYHVWLULHSLORJXUL
IHULFLWH&FLvQWUDVWDFRQVWDFRPSURPLVXOYLFWRULDQ



9,
',65$(/,,*/$'6721(


, 5HIRUPD GLQ  VDWLVIFXVH PLFD EXUJKH]LH HD QX GGXVH PDVHORU
SRSXODUH QLFL XQ PLMORF GH D VH H[SULPD 9LROHQWHOH FDPSDQLL DOH FDUWLWLORU

7KRPDV&DUO\OHILOR]RILGHDOLVWHQJOH]
-RKQ5XVNLQHVWHWLFLDQHQJOH]DGHVIXUDWLRDFWLYLWDWHSXEOLFLVWLFSHWHPH
VRFLDOHFXLGHLQDLYILODQWURSLFH
:LOOLDP0RUULVSRHWLSLFWRUSUHUDIDHOLWGHSULQDDGHUDWODVRFLDOLVPXQ
VRFLDOLVPLQWHOHFWXDOIUOHJWXUFXPDVHOHPXQFLWRDUHHQJOH]H




DUWDVHU F SULPHMGLD SH FDUH R LPSOLFD R DVWIHO GH VLWXD&LH UPkQHD JUDY (
DGHYUDW F IUPkQWDUHD FDUWLVW IXVHVH vQHFDW GH YDOXO GH SURVSHULWDWH FH VH
LYLVHSULQFHLvQ&HOHS&LQXXLWDXvQVFDJLWD&LDSXWHDUHQDWHRULFkQGLF
DUILGHGRULWGHFLVH[LVWHRVXSDS7RWXLQRLLVWSkQLOHJDOLDL&ULLFDUHGH
DOWIHO PHQ&LQXVHU OD SXWHUH SH YHFKLL VWSkQL DL DFHVWHLD QX UHVLP&HDX QLFL XQ
IHO GH GRULQ& GH D PDL OUJL GUHSWXULOH HOHFWRUDOH GDU RDPHQLL GH VWDW FHL PDL
FODUY]WRULGLQFHOHGRXSDUWLGH*ODGVWRQHODOLEHUDOL'LVUDHOLODFRQVHUYDWRUL
HUDXGHSUHUHFDFHVWDHUDVLQJXUXOUHPHGLX)LHFDUHGLQWUHHLGRUHDRQRDUHDL
EHQHILFLLOH SROLWLFH DOH XQHL QRL UHIRUPH 3XQFK SXEOLFD vQ  XQ GHVHQ
UHSUH]HQWkQG XQ OHX DGRUPLW SH FDUH SROLWLFLHQLL VH VWUGXLDX VO WUH]HDVF
vPSXQJkQGXOFXEDUHGHILHUvQURLW3HILHFDUHEDUHUDVFULVFXYkQWXO5HIRUP
'DU FH UHIRUPH" &kQG XQ JXYHUQ WRU\ SURSXQHD V VH GHD GUHSW GH YRW WXWXURU
DFHORUD FDUH SOWHDX R FKLULH PDL PDUH GH ]HFH OLYUH RSR]L&LD ZKLJ &LSD FL R
UXLQH L F OLPLWD MXVW D GUHSWXULORU RPXOXL HUD GH RSW OLYUH &kQG XQ
SDUODPHQW ZKLJ SURSXQHD DSWH OLYUH 'HUE\ SULQ JXUD SURIHWXOXL VX 'LVUDHOL
DILUPDFDFHDVWDvQVHPQDVVHDUXQFH$QJOLDvQEUD&HOHSULPHMGLLORUGHPDJRJLHL
3UREOHPDUHDOHUDGHDWLFDUHGLQWUHFHOHGRXPDULSDUWLGHYDFkWLJDIDYRDUHD
QRLORU DOHJWRUL 'DU *ODGVWRQH YRUEHD FX LQGLJQDUH GH FHL FDUH FHUFHWDX
VWDWLVWLFLOH HOHFWRUDOH OD PRGXO DFHVWD L FkQWUHDX IRU&HOH SRSXODUH DD FXP DL
FkQWULIRU&DXQHLDUPDWHGHLQYDGDWRUL3HUVRDQHOHGHVSUHFDUHVHIDFDVHPHQHD
REVHUYD&LLVXQWIUD&LLQRWULFUHWLQLFDLQRLFDUQHLVkQJHGLQFDUQHDLVkQJHOH
QRVWUX /D FDUH XQ WRU\ vO vQWUHE GH FH FDUQHD L VkQJHOH QRVWUX VDU RSUL OD R
FKLULHGHDSWHOLYUH


,, 9UHR WUHL]HFL GH ZKLJL RVWLOL RULFUXL SDV vQDLQWH SH GUXPXO GHPRFUD&LHL
UHIX]DU V YRWH]H vQ  UHIRUPHOH OXL *ODGVWRQH (L IXU ERWH]D&L DGXOODPL&L
GHRDUHFHUHJHOH'DYLGUHWUJkQGXVHvQFDYHUQHOHGHOD$GXOODPWR&LGDWRUQLFLLL
WR&LQHPXO&XPL&LLVDXVWUkQVvQMXUXOOXL'HUE\L'LVUDHOLFXVSULMLQXOSDVLY
DO DGXOODPL&LORU vL UVWXUQDU SH 5XVVHO L *ODGVWRQH L JVLQGXVH OD SXWHUH vQ
PLQRULWDWH SRUQLU V IDF GLQ SDUWLGXO FRQVHUYDWRU XQ SDUWLG PRGHUQ QX FX
WRWXORVWLORULFUHLVFKLPEULFDYHFKLXOSDUWLGWRU\FLDWDDWGHYHFKLOHLQVWLWX&LL
HQJOH]HPRQDUKLH&DPHUD/RU]LORUELVHULFDDQJOLFDQLFDSDELOvQDFHODLWLPS
V OH PRGLILFH GDF vPSUHMXUUL QRL R FHUHDX (IRUWXULOH OXL 'LVUDHOL SHQWUX DL
HGXFD SDUWLGXO UHXLU L SDUWLGXO FRQVHUYDWRU vL GDWRU R D GRXD L OXQJ
WLQHUH&H 5HDPLQWLQGXL DULVWRFUD&LHL F UROXO HL WUDGL&LRQDO QX HUD GH D vQIUkQD
SRSRUXO FL GH DO FRQGXFH HO vQJGXL IDPLOLLORU FDUH JXYHUQDVHU DWkW GH PXOW
YUHPH $QJOLD V FRQWLQXH D MXFD XQ URO vQWUR VRFLHWDWH WUDQVIRUPDW &HGkQG
OLEHUDOLORUvQXQHOHFKHVWLXQLGHDPQXQWHOUHXLFDRQRXUHIRUPHOHFWRUDOV
ILHYRWDWGH&DPHUD&RPXQHORUvQ'UHSWXOGHYRWGHSLQGHDFDLvQ
GHSURSULHWDWHDLPRELOLDUVDXGHFXDQWXPXOFKLULHLGDUOLPLWHOHHUDXPDLMRDVH
PDL DOHV vQ WkUJXUL L UH]XOWDWXO UHIRUPHL D IRVW F VD PDL DGXJDW FRUSXOXL
HOHFWRUDOvQFXQPLOLRQGHYRWDQ&LDSURDSHWR&LPXQFLWRULGHODRUDH&DUHYDIL
DWLWXGLQHD SROLWLF D QRLORU DOHJWRUL" (UD GH QHSUHY]XW L 'HUE\ vQVXL HUD GH
DFRUG F QRXD OHJH YD IL XQ VDOW vQ QHFXQRVFXW 'DU HUD PkQGUX F OH OXDVH
ZKLJLORUXQDGLQWHPHOHORUIDYRULWHLFDL'LVUDHOLDYHDvQFUHGHUHvQEXQXOVLP&
DO PXQFLWRULORU HQJOH]L &RQVHUYDWRULL QX DX DYXW GH FH V UHJUHWH PDL WkU]LX
JHVWXO DFHVWD GDU SULPHOH DOHJHUL GXS UHIRUP  DX FRQVWLWXLW XQ VXFFHV
OLEHUDO

'LQ9HFKLXOWHVWDPHQW&DUWHD,DOXL6DPXLOFDS






,,,3X&LQWLPSGXSYRWDUHDUHIRUPHL'HUE\vPEROQYLQGXVHFHGORFXOGH
OHDGHU DO SDUWLGXOXL FRQVHUYDWRU OXL 'LVUDHOL &DP vQ DFHODL WLPS *ODGVWRQH
GHYHQLHIXOQHFRQWHVWDWDOSDUWLGXOXLOLEHUDOLFHLGRLEUED&LGHVWDWFDUHGHOD
FGHUHD OXL 3HHO IXVHVHU WRWGHDXQD vQ RSR]L&LH XQXO ID& GH FHOODOW LQWUDU
vQWUXQFRQIOLFWGLUHFW/XSWDGLQWUH'LVUDHOLL*ODGVWRQHvQDIDUDLQWHUHVXOXLVX
XPDQ DUH R YDORDUH H[HPSODU SHQWUX F LOXVWUHD] LPSRUWDQ&D SHQWUX UHXLWD
UHJLPXOXLSDUODPHQWDUDXQXLDQXPLWSUHVWLJLXGUDPDWLF'DFUVFRDODUHDOD
FHW&HQLORUXQHL&ULWUHEXLHvQORFXLWSULQUHYROX&LLvQLQFLQWD&DPHUHLVHLPSXQH
vQV FD EWOLLOH RUDWRULFH V ILH OD UkQGXO ORU QLWH VSHFWDFROH vQO&WRDUH *UD&LH
WDOHQWHORU  IRDUWH GLIHULWH GDU DPkQGRX UHPDUFDELOH  DOH OXL *ODGVWRQH L
'LVUDHOL OXSWHOH SDUODPHQWDUH GH OD :HVWPLQVWHU IXU WLPS GH GRX]HFL GH DQL
OXSWHvQWUHJLJDQ&L6HFLRFQHDXGRXILOR]RILLLGRXSR]L&LLVSLULWXDOH'HRSDUWH
JUDYLWDWHDVHULR]LWDWHDYLUWXWHDFRQWLHQWGHFHDODOWVWUOXFLUHDVSLULWXOLVXE
DSDUHQ&DXQHLVXSHUILFLDOHIULYROLW&LRFUHGLQ&QXPDLSX&LQYLHGHFkWDFHHDDOXL
*ODGVWRQH $FHVWD GLQ XUP FUHGHD vQ JXYHUQDUHD GH FWUH SRSRU YRLD V
SULPHDVFGHODSRSRULQVSLUD&LLOHVDOHLVHGHFODUDJDWDSHQWUXRULFHUHIRUPHDU
GRULSRSRUXOFKLDUGDFVDUDWLQJHGHFHOHPDLYHFKLWUDGL&LLDOH$QJOLHL'LVUDHOL
FUHGHDvQJXYHUQDUHDSHQWUXSRSRUvQQHFHVLWDWHDGHDPHQ&LQHRVDWXUD&ULLLQX
DGPLWHD UHIRUPH GHFkW vQ PVXUD vQ FDUH HOH UHVSHFWDX DQXPLWH LQVWLWX&LL
HVHQ&LDOH OHJDWH GH WUVWXULOH SHUPDQHQWH DOH QDWXULL XPDQH $FHVWH GRX
DWLWXGLQL VXQW ELQH VLPEROL]DWH vQ LPDJLQHD OXL *ODGVWRQH FDUH GRERDU HO vQVXL
FRSDFLOD +DZDUGHQLvQFHD DOXL'LVUDHOLFDUH QXODVOD+XJKHQGHQVVH
GRERDUHQLFLXQFRSDF



,9*ODGVWRQHDIRVWSULPPLQLVWUXGLQSkQvQ'LVUDHOLGLQ
SkQ vQ  L GLQ QRX *ODGVWRQH GLQ  SkQ vQ  Q WLPSXO DFHVWRU
RSWVSUH]HFH DQL VDX SURGXV PDUL VFKLPEUL SH FRQWLQHQW 1LFL 'LVUDHOL QLFL
*ODGVWRQHQXWLXVHUVYDGFHFKLOLEUXOSXWHULLDYHDVILHGLVWUXVvQ(XURSD
GH R IRU& QRX 3UXVLD 3DOPHUVWRQ WROHUDVH V VH DQH[H]H 6FKOHVZLJ+RGVWHLQ
'LVUDHOL L *ODGVWRQH DVLVWDVHU IU V UHDF&LRQH]H OD U]ERLXO DXVWURSUXVDF
DSRL OD U]ERLXO IUDQFRJHUPDQ FDUH FRQVDFUDU KHJHPRQLD 3UXVLHL L GXVHU OD
IRUPDUHDLPSHULXOXLJHUPDQ5XVLDODUkQGXOHLGHQXQ&WUDWDWXOGHOD3DULVFX
FDUHVHvQFKHLDVHU]ERLXOGLQ&ULPHHDLvLUHFRQVWLWXLIORWDGLQ0DUHD1HDJU
L DLFL *ODGVWRQH VH DUDW vQJGXLWRU 'DU FRQFHVLLOH FRQVWLWXLH XQ PDUH SHULFRO
HOHGHVFKLGSRIWDLPUHVFvQGU]QHDODDFHORUDFURUDOLVDXIFXW$QJOLDSUHD
DPRU&LWLFHOHPDLVODEH&ULVHJkQGHDXFGHDLFLvQDLQWHSXWHDXVVkFkLHOHXO
EULWDQLFIUDILSHGHSVLWH&XYUHPHDvQVRSLQLDSXEOLFvQFHSXVVHPkQLHGLQ
FDX]D DFHVWHL VOELFLXQL QWUR SLHV GH WHDWUX *ODGVWRQH DSUHD SULPLQG R
DPEDVDG FKLQH] FDUHL SUHWLQGHD 6FR&LD 3ULPXO PLQLVWUX UHIOHFWD L JVHD WUHL
UVSXQVXUL SRVLELOH V FHGH]H LPHGLDW 6FR&LD V DWHSWH SX&LQ L V VIkUHDVF
SULQDRFHGDVDXVGHFLGQXPLUHDXQXLDUELWUX3XEOLFXOJVHDVDWLUDGHVWXOGH
vQGUHSW&LW




+DZDUGHQ+XJKHQGHQQXPHOHUHHGLQ&HORUSULYDWHDOHFHORUGRLRDPHQLGHVWDW




93ROLWLFDH[WHUQDOXL'LVUDHOLDIRVWPDLvQGU]QHD&PDLSLWRUHDVFGDU
vQ DFHODL WLPS PDL SULPHMGLRDV GHFkW D OXL *ODGVWRQH Q WLPS FH DFHVWD GLQ
XUPYRLDSDFHFXRULFHFKLSQXOLQWHUHVDLPSHULXOLGRUHDFD&DUDOXLVDLE
PDL FXUkQG XQ SUHVWLJLX PRUDO GHFkW XQ SUHVWLJLX LPSHULDO DWUJkQGXL OXL L
SDUWL]DQLORU VL SRUHFOD GH /LWWOH (QJODQGHUV SDUWL]DQL DL XQHL $QJOLL PLFL
'LVUDHOLLSULHWHQLLVLVHSURFODPDXLPSHULDOLWLQLPDJLQD&LDURPDQWLFDOXL
'LVUDHOLUHQWHDLGHHDGHLPSHULXLGHHPXOWVOELWGXSPRDUWHDOXL&KDWKDP
L SLHUGHUHD FRORQLLORU DPHULFDQH (O vL SURSXQHD $QJOLHL vQDLQWHD OXL
&KDPEHUODLQ vQDLQWHD OXL 5KRGHV vQDLQWHD OXL .LSOLQJ R FRQFHS&LH GHD GUHSWXO
URPDQGHVSUHUROXOLGDWRULLOHVDOHvQOXPHPSRWULYDGRULQ&HLPDMRULW&LLSDUWL
GXOXL VX FDUH DYHD RURDUH GH VFKLPEUL RULFDUH DU IL IRVW QDWXUD ORU vL GGX
UHJLQHL FDUH vO DWHSWD FX vQIULJXUDUH WLWOXO GH vPSUWHDV D ,QGLHL Q 
FXPSUvQVHFUHWGHODNKHGLYDF&LXQLDOH&DQDOXOXLGH6XH]SHQWUX
VXPD GH SDWUX PLOLRDQH GH OLYUH 0DMRULWDWHD DF&LXQLORU R GH&LQHD )UDQ&D GDU
$QJOLDDFKL]L&LRQDVHRSDUWHGLQDFHDVWvQWUHSULQGHUHGHRGHRVHELWLPSRUWDQ&
SHQWUXHDGHRDUHFHFDQDOXOHUDGUXPXOFHOPDLVFXUWVSUH,QGLDLVSUH&KLQDQ
DFHODL DQ 'LVUDHOL EWUkQ L RERVLW WUHFX vQ &DPHUD /RU]LORU VXE QXPHOH GH
ORUG %HDFRQVILHOG (XURSD HUD vQ FRQWLQXDUH QHOLQLWLW GLQ SULFLQD FRQIOLFWXOXL
GLQWUH7XUFLDLSURYLQFLLOHVDOHFUHWLQHSHFDUHOHDSUD5XVLDFXVFRSXOGHDOH
DQH[D 1X H[LVWD QLPLF SH OXPH GH FDUH 'LVUDHOL V VH WHDP PDL PXOW FD GH
SUH]HQ&D UXLORU vQ 0HGLWHUDQD 3ULPD D[LRP D SROLWLFLL EULWDQLFH HUD GXS
GkQVXO PHQ&LQHUHD XQXL GUXP GH OLEHU DFFHV VSUH ,QGLD 2U SH XVFDW QX H[LVWD
DOW GUXP SRVLELO GHFkW SULQ 7XUFLD &DU DPLF LDU GUXPXO SH PDUH XUPD V
WUHDFSULQ&DQDOXOGH6XH]FDUHSXWHDGHYHQLIRDUWHYXOQHUDELOvQFD]XOvQFDUH
SURYLQFLLOHWXUFHWLGLQ$VLDVDUILJVLWvQPkLQLOHXQHLQD&LXQLRVWLOH(OOXGHFL
DSUDUHD7XUFLHL'DUvQWUXFkWWXUFLLFRPLVHVHUDWURFLW&LvQ%XOJDULD*ODGVWRQH
VWkUQLvPSRWULYDORURSLQLDSXEOLFHQJOH]vQFXUVXOXQHLFDPSDQLLGHGLVFXUVXUL
SH FDUH 'LVUDHOL OH FRQVLGHUD ULGLFROH GDU FDUH LPSUHVLRQDU SRSXOD&LD UHOLJLRDV
SULQIHUYRDUHDORU0LFDUHDOXDVHPHQHDSURSRU&LLvQFkW%HDFRQVILHOGUHQXQ&V
LQWHUYLQ


9, &XUkQG 5XVLD SXWX VL LPSXQ 7XUFLHL WUDWDWXO GH OD 6DQ 6WHIDQR
7XUFLDHXURSHDQGLVSUHDDSURDSHFRPSOHWDPHQWHLR%XOJDULHPDUHvLvQOHVQHD
5XVLHL DFFHVXO OD 0HGLWHUDQD /RUGXO %HDFRQVILHOG VRFRWL WUDWDWXO DFHVWD
LQDFFHSWDELOSHQWUX$QJOLDLLWULPLVH5XVLHLXQXOWLPDWXP$FHDVWDHSXL]DWvQ
XUPDU]ERLXOXLvQVSLPkQWDWGHDGXFHUHDWUXSHORUGLQ,QGLDLGHVRVLUHDIORWHL
EULWDQLFH OD &RQVWDQWLQRSRO VH vQFOLQ 1HJRFLHULOH FRQGXVH vQ VWLOXO OXL
3DOPHUVWRQ SXQkQG IORWD vQDLQWH L YHQLQG FX GLSORPD&LD vQ XUPD HL IXU SH
SODFXORUJROLXOXLEULWDQLF&RQJUHVXOGHOD%HUOLQUHYL]XLWUDWDWXOGHOD6DQ
6WHIDQR%XOJDULDIXWLDWvQGRX%RVQLDSURPLV$XVWULHL$QJOLDRE&LQXLQVXOD
&LSUX 7UDWDWXO GH OD %HUOLQ SUHD V UHSUH]LQWH XQ VXFFHV GHSOLQ SHQWUX ORUGXO
%HDFRQVILHOGFDUHSULPLGUHSWUHFRPSHQV2UGLQXO-DUHWLHUHL'HIDSW&LSUXOQD
SUH]HQWDWQLFLRGDWYUHRXWLOLWDWHSHQWUX$QJOLD7XUFLDFRQWLQXDVPDOWUDWH]HSH
VXSXLLFUHWLQLFDUHLDXIRVWUHVWLWXL&LLGLQSULFLQD%RVQLHLDYHDVL]EXFQHDVF
U]ERLXOGLQQRVWLOLWDWHD5XVLHLDLFUHLPLQLWULVHvQWRUVHVHUGHOD
%HUOLQ IRDUWH PkQLRL vPSRWULYD $QJOLHL SUHFLSLW FRQIOLFWHOH SH IURQWLHUD ,QGLHL
&kQG XUP XQ U]ERL vQ $IULFD GH VXG vPSRWULYD ]XOXLORU SXEOLFXO IX SXV SH

7LWOXOSXUWDWGHVXYHUDQLL(JLSWXOXLGHIDSWYLFHUHJLvQQXPHOHVXOWDQXOXLRWRPDQvQWUH
L&XYkQWXOHGHRULJLQHSHUVDQLvQVHDPQVWSkQLWRU




JkQGXUL GDF SROLWLFD SDFLILVW D OXL *ODGVWRQH HUD OLSVLW GH JORULH SROLWLFD
LPSHULDOLVW D OXL 'LVUDHOL QX HUD OLSVLW GH SULPHMGLL Q  *ODGVWRQH
vQWUHSULQVHGLQQRXXQPDUHWXUQHXRUDWRULFvQ6FR&LDLRE&LQXXQLPHQVVXFFHV
(OVSXQHDDOHJWRULORUVLFQXHUDYRUEDGHDDSUREDFXWDUHVDXFXWDUHPVXU
SROLWLFFLGHDDOHJHvQWUHGRXPRUDOH'HFLQFLDQLGH]LOHQXOLVHYRUEHDGHFkW
GHLQWHUHVHOHLPSHULXOXLEULWDQLFGHIURQWLHUHWLLQ&LILFHGHQRL*LEUDOWDUHLFDUH
HUD UH]XOWDWXO" 5XVLD PULW L RVWLO (XURSD WXOEXUDW ,QGLD vQ U]ERL LDU vQ
$IULFD R PDUH GH VkQJH 'H FH" 3HQWUX F SH OXPHD DVWD PDL H[LVW L DOWFHYD
GHFkWQHFHVLW&LOHSROLWLFHVSXQHD*ODGVWRQHH[LVWQHFHVLW&LPRUDOH*kQGL&LY
F YLD&D SOLQ GH VPHUHQLH GLQ VDWHOH $IJDQLVWDQXOXL vQ PLMORFXO ]SH]LORU LHUQLL
HVWH WRW DWkW GH LQYLRODELO vQ RFKLL $WRWSXWHUQLFXOXL FD L YLD&D GLQ RUDHOH
YRDVWUH )UXPRVXO REUD] GH SDVUH GH SUDG RFKLL SWUXQ]WRUL L SXWHUQLFL
JODVXO D FUXL SHUPDQHQW YLJRDUH SUHD XQ PLUDFRO vQO&WRDUHD OXL GRFWULQ
UHOLJLRDV XPSOHDX LQLPLOH VWHQLORU VFR&LHQL RDPHQL HYODYLRL GH DGPLUD&LH L
DSURDSH GH WHDP OL VH SUHD F DXG FXYLQWH GLYLQH L FRQWHPSO XQ SURIHW /D
DOHJHULOHGLQ'LVUDHOLLSDUWLGXOVXIXUvQIUkQ&L


9,,(PXOWPDLXRUVSUHGLFLSDFHDGHFkWVRPHQ&LL*ODGVWRQHHUDVLQFHU
vQRURDUHDVDID&GHYLROHQ&GDUDYHDVILHVLOLWVRIRORVHDVFLDVWDFXDWkW
PDL PXOW FX FkW VOELFLXQHD VD LQL&LDO PUHD SUHWXWLQGHQL SHULFROHOH L
WXOEXUULOH 3ULPHOH QHFD]XUL YHQLU GLQ $IULFD GH VXG $FROR GH FkQG HQJOH]LL
DQH[DVHUvQWLPSXOU]ERDLHORUQDSROHRQLHQH&RORQLD&DSXOXLFRORQLHRODQGH]
VH LYLVHU FRQIOLFWH vQWUH IHUPLHULL RODQGH]L L FRORQLWLL HQJOH]L Q  HQJOH]LL
DQH[DVHUUHSXEOLFDRODQGH]7UDQVYDDOvQEXULLVHUVFXODULvQYLQVHUOD
0DMXED+LOOPLFDDUPDWHQJOH]GHRFXSD&LH*ODGVWRQHDFFHSWIDSWXOvQGHSOLQLW
L UHGGX EXULORU LQGHSHQGHQ&D Q ,UODQGD VH GH]YROWD vQ VHFUHW XQ SDUWLG
UHSXEOLFDQUHEHOLDQWLHQJOH]2SW]HFLGHGHSXWD&LFRQGXLGHPLVWHULRVXOLVWU
OXFLWRUXO 3DUQHOO SDUWL]DQL DL DXWRQRPLHL +RPH 5XOH DGLF DL VHSDUDWLVPXOXL
LUODQGH] vL IFHDX ]LOH JUHOH JXYHUQXOXL vQ &DPHUD &RPXQHORU ,DU vQ ,UODQGD
DF&LXQHD SDUODPHQWDU HUD VSULMLQLW GH R DF&LXQH GLUHFW FDUH PHUJHD SkQ OD
RPXFLGHUL %UDQLL UHIX]DX V SOWHDVF DUHQGD Q ]DGDU *ODGVWRQH vQFHUF VL
VSULMLQHSULQWUXQ/DQG$FWOHJHDJUDUFDUHvQVUFLQDXQHOHWULEXQDOHVSHFLDOHFX
UHYL]XLUHDFRQWUDFWHORUGHDUHQGvQ]DGDUvOHOLEHUSH3DUQHOOLSHSULHWHQLLVL
DUHVWD&L SHQWUX LQVWLJDUH OD UVFRDO 'XS FkWHYD ]LOH DWHQWDWHOH vQFHSXU GLQ
QRX2SLQLDSXEOLFHQJOH]LQGLJQDWVLOLJXYHUQXOVSURSXQROHJHGHUHSUH
VLXQHFDUHGGXRDUHFDUHUH]XOWDWH


9,,,'XS7UDQVYDDOL,UODQGD(JLSWXO3URDVWDDGPLQLVWUD&LHDNKHGLYXOXLD
GHWHUPLQDW )UDQ&D L $QJOLD V DVLJXUH vPSUHXQ FRQWUROXO ILQDQ&HORU L
DGPLQLVWUDUHD GDWRULHL HJLSWHQH 1LWH HXURSHQL ILLQG PDVDFUD&L OD $OH[DQGULD
JXYHUQXOIUDQFH]PDLPXOWGLQWLPLGLWDWHGHFkWGLQvQ&HOHSFLXQHLDUHWUDVIORWD
*ODGVWRQH DU IL UHFKHPDW L HO EXFXURV IORWD HQJOH] GDU SUHVD L SXEOLFXO QXL
vQJGXLU $UPDWD HQJOH] LQWU vQ &DLUR $FHDVW FXFHULUH vQWUHSULQV vQWUXQ
PRPHQWGHQHDWHQ&LHvLUHGGXOXL*ODGVWRQHFDUHDUHSUREDWRSRSXODULWDWHDvQ
GUHSWRFXSDUHD(JLSWXOXLDYHDXQFDUDFWHUWHPSRUDULHUD&LQXWVXEREVHUYD&LH
FXJHOR]LHGH)UDQ&DQIDSWVLU(YHO\Q%DULQJPDLWkU]LXORUG&URPHUvQFHSXGH
vQGDWVXEVXYHUDQLWDWHDQRPLQDODNKHGLYXOXLVDGPLQLVWUH]H&DUD2DUPDW
GH RFXSD&LH HQJOH] UPVHVH SURYL]RULX vQ (JLSW &kQG vQ 6XGDQXO HJLSWHDQ




XQ PXVXOPDQ IDQDWLF VH SURFODP PDKGL vL DGXQ SH GHUYLL L DOXQJ SH
VROGD&LL HJLSWHQL JHQHUDOXO HQJOH] +LFNV WULPLV DFROR IX FRPSOHW ]GURELW
*ODGVWRQH KRWUv FD 6XGDQXO V ILH HYDFXDW L vQVUFLQ GLQ LPSUXGHQ& FX
DFHDVWRSHUD&LHSHJHQHUDOXO*RUGRQSHUVRQDMFDUHLIFXVHRODUJUHSXWD&LHvQ
WLPSXO U]ERDLHORU GLQ &KLQD L FDUH vQ IHOXO VX HUD WRW DWkW GH IDQDWLF FD L
PDKGLXOQORFVHYDFXH]H6XGDQXOHOVHEDULFDGOD.KDUWXPLFHUXvQWULUL
GDUvQ]DGDU&kQG*ODGVWRQHVHGHFLVHVLOHWULPLWHUDSUHDWkU]LX0DKGLXOvO
PDVDFUDVH SH JHQHUDO L FHL XQVSUH]HFH PLL GH RDPHQL GLQ JDUQL]RDQ *RUGRQ
DYHDWRDWHYLUWX&LOHQHFHVDUHFDVGHYLQXQHURXQD&LRQDOWHQDFLWDWHDVDSOFHD
LPSHULDOLWLORU SDVLXQHD OXL SHQWUX %LEOLH SOFHD SURWHVWDQ&LORU L IDQWH]LD VD
SOFHD vQWUHJXOXL SRSRU HQJOH] 0RDUWHD OXL D SURYRFDW FGHUHD JXYHUQXOXL 'DU
DELD vQ  XFLGHUHD OXL D IRVW U]EXQDW GH FWUH H[SHGL&LD FRQGXV GH
.LWFKHQHU


,;QLQWHULRU*ODGVWRQHFXUPFkWHYDQHGUHSW&LUHOLJLRDVHVHSDUGHVWDW
ELVHULFD DQJOLFDQ GLQ ,UODQGD SH FDUH FDWROLFLL LUODQGH]L QDYHDX QLFL XQ PRWLY
VR vQWUH&LQ RUGRQ V VH GHVFKLG SHQWUX QHFRQIRUPLWL FDUH vQF GLQ 
DYHDX DFFHVXO OLEHU OD QRXD 8QLYHUVLWDWH GLQ /RQGUD SRU&LOH XQLYHUVLW&LORU GLQ
2[IRUGL&DPEULGJH3ULQ(GXFDWLRQ$FWGLQOHJHD)RUVWHU$QJOLDFSW
vQVIkULWHPEULRQXOXQXLVLVWHPQD&LRQDOGHFROL3ULQ&XO$OEHUWIXVHVHVXUSULQV
GH QXPUXO PDUH GH DQDOIDEH&L HQJOH]L PXOW PDL PDUH GHFkW QXPUXO GH
DQDOIDEH&L JHUPDQL VDX IUDQFH]L /D 0DQFKHVWHU GLQ R VXW GH SHUVRDQH FDUH VH
FVWRUHDXSDWUX]HFLLFLQFLLVFOHDXvQUHJLVWUXFXGHJHWXOQHWLLQGVVFULHvQ
GLQEUED&LLGLQIHPHLHUDXDQDOIDEH&LvQUHVSHFWLYL
 5HJLQD 9LFWRULD vQJGXLWRDUH VRFRWHD F QX HUD QHFHVDU V VH LPLWH
FRQWLQHQWXOvQDFHDVWSULYLQ&&ODVHOHQRELOLDUHLPLMORFLLvLWULPLWHDXFRSLLLOD
FROLOH SXEOLFH 3XEOLF 6FKRROV YUHPH vQGHOXQJDW QDX H[LVWDW SHQWUX SRSRU
GHFkWFROLVXV&LQXWHGHELVHULFL/HJHD)RUVWHUvQILLQ&DvQVIkULWODVDWHXQGHQX
H[LVWDX FROL OLEHUH R FRDO GH VWDW FDUH HUD FUHWLQ IU D IL FRQIHVLRQDO Q
 vQY&PkQWXO GHYHQL REOLJDWRULX vQ $QJOLD LDU LQ  GHYHQL JUDWXLW
7UHEXLH QRWDW F $QJOLD XQGH WLLQ&HOH HUDX PDL SX&LQ VWXGLDWH vQ FROL GHFkW vQ
RULFDUH &DU GLQ OXPH D GDW QDWHUH FkWRUYD GLQWUH FHL PDL PDUL VDYDQ&L DL
VHFROXOXL DO ;O;OHD 'DUZLQ +X[OH\ ORUGXO .HOYLQ &OHUN 0D[ZHOO /LVWHU
7KRPVRQ2DUHSURJUDPHOHFRODUHPDLSX&LQvQFUFDWHVILSVWUDWSURVSH&LPHD
JHQLLORU"


; Q  'LVUDHOL GGXVH GUHSW GH YRW PXQFLWRULORU GLQ RUDH vQ 
*ODGVWRQHvODFRUGPXQFLWRULORUDJULFROL2OHJHFXSULYLUHODVFUXWLQXOVHFUHWLR
DOWDUHIHULWRDUHODFRUXS&LHvQDOHJHULSXVHFDSWSOXWRFUD&LHLQFHSkQGGLQ
GLQ DSWHPLOLRDQHGH EUED&L DGXO&L YRWHD] FLQFL PLOLRDQH 1X PDLVXQW H[FOXL
GHFkW FHL FH ORFXLHVF vQ FDVD VWSkQXOXL ORU VHUYLWRULL L FHL FH ORFXLHVF vQ FDVD
SULQWHDVF WLQHULL FDUH WULHVF vQ IDPLOLH SUHFXP L WRDWH IHPHLOH &KLDU L
DGPLQLVWUD&LD ORFDO IX vQFUHGLQ&DW DWXQFL XQRU FRUSXUL DOHVH L MXGHFWRULL GH
SDFHvLSLHUGXUSXWHUHDDGPLQLVWUDWLYSHFDUHRGH&LQHDXGHSHYUHPHDGLQDV
WLHL 7XGRU $QJOLD WUHFXVH vQWUR MXPWDWH GH VHFRO IU ]JXGXLUL SURIXQGH GH OD
ROLJDUKLHODGHPRFUD&LH'DUvQDFHODLWLPSLQGHSHQGHQ&D&DPHUHL&RPXQHORUIX
IRDUWH VOELW Q YHFKLXO VLVWHP DULVWRFUDWLF XQ PDUH VHQLRU vQ WkUJXO VX VDX

&XYkQWDUDEvQVHPQkQGFHOGUHSWFOX]LWSURIHW




DFHOD FUXLD vL GUXLVH WkUJXO VH VLP&HD LQYXOQHUDELO YRWXO OXL vQ SDUODPHQW HUD
OLEHU SHQWUX F SULPXO PLQLVWUX QX DYHD DVXSUD OXL QLFL R LQIOXHQ& GHFkW GRDU
SULQFRUXS&LHODFDUHUH]LVWDXGHSXWD&LLRQHWLVDXSUHDERJD&LQVLVWHPXOGHPR
FUDWLFWRDWHORFXULOHGHYHQLULQVWDELOHGHSXWDWXOQHILLQGQLFLRGDWVLJXUFYDIL
UHDOHVGHFWUHXQFRUSHOHFWRUDOYDVWLFDSULFLRVDPHQLQ&DUHDSULPXOXLPLQLVWUX
FX GL]ROYDUHD SDUODPHQWXOXL GHYHQL XQ PLMORF GH DL VLOL SH FHL RYLWRUL V VH
GHFLG 2 DVRFLD&LH OLEHUDO IRQGDW GH -RVHSK &KDPEHUODLQ OD %LUPLQJKDP
FRQVWLWXL XQ H[HPSOX GH FHHD FH D IRVW QXPLW LPkWkQGXL SH DPHULFDQL XQ
FDXFXV 3DUWLGHOH GHYHQLU SXWHUQLFH RUJDQL]D&LL FDUH SURSXQHDX SH FDQGLGD&L
DGXQDXIRQGXULHOHFWRUDOHRE&LQXWHDGHVHDvQXUPDYkQ]ULLGHWLWOXULGHQREOH&
L LPSXQHDX VXYHUDQXOXL V QXPHDVF SH HIXO ORU vQ SRVWXO GH SULPPLQLVWUX
'LQFHvQFHPDLPXOWvQDIDUGHDFFLGHQWHLPSUHYL]LELOHJUDYHJUHHOLSHUVRQDOH
VDXVFL]LXQHDXQXLSDUWLGSUHPLHUXOGXSUHXLWDvQDOHJHULHUDDSURDSHVLJXU
F YD SVWUD SXWHUHD SH WRDW GXUDWD SDUODPHQWXOXL $VWIHO FD R FRQVHFLQ&
QHSUHY]XW D UHIRUPHORU HOHFWRUDOH SXWHUHD H[HFXWLY LHHD vQWULW L VLVWHPXO
HQJOH] VH DSURSLD GH VLVWHPXO DPHULFDQ HOLEHUDW vQV GH SHULFROXO SH FDUHO
SUH]LQW vQ $PHULFD VXSUDSXQHUHD DOHJHULORU SUH]LGHQ&LDOH L D DOHJHULORU SHQWUX
&RQJUHV


;, &HOH GRX PDUL SDUWLGH WUDGL&LRQDOH SUHDX DWXQFL HWHUQH L FLQHYD FDUH
DUILSUH]LVvQFvQWUREXQ]LSXWHUHDYDILSUHOXDWGHXQSDUWLGDOPXQFLL
DUILSUXWH[WUHPGHvQGU]QH&6RFLDOLVPXOHQJOH]GHOD7KRPDV0RUHOD:LOOLDP
0RUULVDIRVWXWRSLFLLQHILFDFH8QHYUHXJHUPDQ.DUO0DU[FDUHGHODUHYROX&LD
GLQWULDOD/RQGUDSXEOLFDVHvQ&DSLWDOXO&RUDQXOVRFLDOLVPXOXLDD
FXP %RJ&LD QD&LXQLORU IXVHVH %LEOLD OLEHUDOLVPXOXL HO FRQVWDWD HIHFWHOH FX WRWXO
QHSUHY]XWH SHQWUX $GDP 6PLWK DOH OLEHUHL FRQFXUHQ&H HO DQXQ&D F DD FXP
EXUJKH]LDDvQYLQVIHXGDOLVPXOSUROHWDULDWXOYDH[SURSULDvQWUR]LEXUJKH]LD'DU
OXSWDGHFODVFRQWDSHSUHDSX&LQLOXSWWRULvQ$QJOLDSURVSHU$WUHEXLWVYLQ
FUL]D HFRQRPLF OXQJ L GXUHURDV FDUH D XUPDW GXS  FD V VH QDVF R
IHGHUD&LH VRFLDOGHPRFUDW vQILLQ&DW GH EXUJKH]XO +\QGPDQ L FKLDU L DWXQFL
DFHDVWD D MXFDW vQ YLD&D PXQFLWRULORU HQJOH]L XQ URO LQILQLW PDL PLF GHFkW
WUDGHXQLRQLWLLSUDFWLFL6RFLDOLVPXODOXDWWRWGHDXQDvQ$QJOLDIRUPHRULJLQDOH$
IRVW UHIRUPDWRU L SDWHUQDOLVW FX 5REHUW 2ZHQ HVWHWLF FX 5XVNLQ L FX
SUHUDIDHOL&LL LQWHOHFWXDO SDUDGR[DO L WHUJLYHUVDQW FX 6RFLHWDWHD IDELDQ
SDUODPHQWDU HYDQJKHOLVW FX 5DPVD\ 0DFGRQDOG *UD&LH DFHVWHL GLQ XUP
FDUDFWHULVWLFL DYHD V DWUDJ PDL WkU]LX DOWXUL GH PXQFLWRUL R EXQ SDUWH D
PLFLL EXUJKH]LL QHFRQIRUPLVWH $D SUHFXP %HQWKDP L 0LOO LPSUHJQDVHU FX
GRFWULQD ORU SH LQWHOHFWXDOLL YLFWRULHQL L IFXVHU V WULXPIH OLEHUDOLVPXO
LQGLYLGXDOLVW IDELHQLL L vQ VSHFLDO %HUQDUG 6KDZ L VR&LL :HEE DX GDW GUHSW GH
FHW&HQLH FROHFWLYLVPXOXL vQ VSLULWXO LQWHOHFWXDOLORU GH SH YUHPHD OXL (GXDUG
&ROHFWLYLVPXO IDELDQ VH GHRVHEHD GH VRFLDOLVPXO FRQWLQHQWDO SULQ GRX WUVWXUL
PDL FXUkQG GHFkW FDSLWDOXO LQGXVWULDO DWDFD UHQWD IXQFLDU L PDUHD SURSULHWDWH
DJULFROLPDLFXUkQGGHFkWVSURSRYGXLDVFRJXYHUQDUHGLUHFWSULQDOHJHUL
SRSXODUH UPkQHD FUHGLQFLRV SULQFLSLLORU JXYHUQULL UHSUH]HQWDWLYH ,GHLOH
IDELHQLORU DYHDX V LQVSLUH vQ VFXUW YUHPH SROLWLFD ILQDQFLDU L VRFLDO D XQRU
OLEHUDOLDYDQVD&LFXPDIRVW/OR\G*HRUJH



&RPLWHWHOHFWRUDOvQOLPEDHQJOH]
5HJHOH(GXDUGDO9,,OHD




9,,
,03(5,8/16(&2/8/$/;,;/($


,'XSSLHUGHUHDFRORQLLORUDPHULFDQHQHJDUHDYDORULLHFRQRPLFHDFRORQLLORU
GHYHQLvQ$QJOLDRDWLWXGLQHGHVWXOGHRELQXLW3HGHDOWSDUWH:HVOH\WUH]LVH
vQ VXIOHWHOH UHOLJLRDVH VFUXSXOH ID& GH UDVHOH LQGLJHQH PDL DOHV FkQG HOH VH
FRQYHUWHDX OD FUHWLQLVP ,QGLIHUHQ&D L VFUXSXOHOH H[SOLF VXUSULQ]WRDUHD
JHQHUR]LWDWHFXFDUH$QJOLDDUHWURFHGDWGHGRXRULQL)UDQ&HLL
2ODQGHL FRORQLLOH SH FDUH VXSUHPD&LD SH PDUH vL vQJGXLVH V OH FXFHUHDVF
)UDQ&HLLDvQDSRLDW$QWLOHOHIUDQFH]HLQVXOD%RXUERQGUHSWXOGHSHVFXLWOD7HUUD
1RYD L GLIHULWH DOWH SRVHVLXQL 2ODQGHL vL UHVWLWXL ODYD &XUDoDR L 6XULQDP
7RWXL vQ DQXPLWH SXQFWH XQ LQVWLQFW REVFXU LD RSULW SH QHJRFLDWRUL
vQGHPQkQGXLVSVWUH]HPFDURVDWXUDLPSHULXOXL,QGLDL&DQDGDDXUPDV
FHOH GRX HOHPHQWH GH ED] &DSXO %XQHL 6SHUDQ&H FXFHULW GH OD RODQGH]L vQ
IXVHVHSVWUDWFDRVWD&LHXWLOSHGUXPXOVSUH,QGLD*LEUDOWDUXO0DOWDL
,QVXOHOH,RQLFHGRPLQDX0HGLWHUDQDQ3DFLILFVHvQILLQ&DVHRFRORQLHGHGHSRUWD&L
SH SPkQWXO $XVWUDOLHL vQ  Q IHOXO DFHVWD VH VFKL&D VFKHOHWXO YLLWRUXOXL
,PSHULX EULWDQLF GDU QLPHQL QXL vQFKLSXLD F WRDWH DFHVWH WHULWRULL vPSUWLDWH
YRU SXWHD vQWUR ]L IRUPD XQ &RPPRQZHDOWK VDX R IHGHUD&LH GH VWDWH DXWRQRPH
UHXQLWHSULQWUROHJWXUOLEHUFRQVLP&LW


,, 3HQWUX FD QRXO LPSHULX V QX vPSUWHDVF PDL FXUkQG VDX PDL WkU]LX
VRDUWD FRORQLLORU DPHULFDQH HUD DEVROXW QHFHVDU V RE&LQ R IRUP RDUHFDUH GH
DXWRQRPLHFHOSX&LQDFRORXQGHVDXVWDELOLWFRPXQLW&LvQWLQVHGHUDVDOE$P
Y]XW VWXGLLQG LVWRULD $QJOLHL FXP VD QVFXW L D FUHVFXW GUDJRVWHD
DQJORVD[RQLORU SHQWUX OLEHUW&LOH ORU ( XQ VHQWLPHQW SH FDUH DYHDX VO GXF
SUHWXWLQGHQL FX HL &RORQLVWXO HQJOH] FDUH GH FHOH PDL PXOWH RUL QX SUVHD
PHWURSROD GHFkW FD V VFDSH GH FRQVWUkQJHUHD UHOLJLRDV L VRFLDO QX HUD RPXO
FDUHVDFFHSWHSLHUGHUHDSULQH[LODGUHSWXOXLGHSDUWLFLSDUHODJXYHUQDUHD&ULL
XQGHDYHDVWULDVFQFRORQLLFDLvQPHWURSROHUDQHFHVDUVILHUHVSHFWDWH
FHOH GRX PDUL SULQFLSLL FDUH GXS FXP VSXQH +$/ )LVKHU VXQW SROLL UDVHL
DQJORVD[RQHGLQWUHFDUHSULPXOHVWHFRULFHJXYHUQDUHWUHEXLHVVHED]H]HSH
FRQVLP&PkQWXO FHORU JXYHUQD&L DO GRLOHD F UROXO RPXOXL GH VWDW HVWH V HYLWH
UHYROX&LD FX DMXWRUXO UHIRUPHORU 'DU FXP V VH IDF GLQ FRORQLL VWDWH OLEHUH
PHQ&LQkQGvQDFHODLWLPSXQLWDWHDLPSHULXOXL"$UILIRVWFRQWUDUJHQLXOXLUDVHLFD
DFHDVWSUREOHPVILHUH]ROYDWSULQYLFWRULDXQXLUD&LRQDPHQWDEVWUDFWDVXSUD
XQXLDOWUD&LRQDPHQW8QDFFLGHQWIHULFLWGGXQDWHUHSULPXOXLGRPLQLRQUHXLWD
vQFXUDMLPLWD&LLOHDVWIHOIXFUHDW&RPPRQZHDOWKXOEULWDQLF$FFLGHQWXOIHULFLWIX
SUH]HQ&DvQWURSURYLQFLHD&DQDGHLDXQHLSRSXOD&LLIUDQFH]HFDUHGXS
DOHJHDR$GXQDUHOHJLVODWLYDSURDSHvQvQWUHJLPHIUDQFH]FDOLPELVLP&LUHSH
FkQG SXWHUHD H[HFXWLY DSDU&LQHD XQXL JXYHUQDWRU HQJOH] vQFRQMXUDW GH XQ
&RQVLOLX FRPSXV GLQ IXQF&LRQDUL HQJOH]L Q FD] GH QHvQ&HOHJHUH GDWH ILLQG
vPSUHMXUULOH QHvQ&HOHJHULOH HUDX LQHYLWDELOH UHQWHD GLQFROR GH RFHDQ YHFKLXO
FRQIOLFW GLQWUH PRQDUK L SDUODPHQW FRQIOLFWXO FDUH GXVHVH vQ $QJOLD OD FGHUHD
GLQDVWLHL6WXDUW

QIDSWSULPDFRORQLHGHGHSRUWD&LvQ$XVWUDOLDVDvQILLQ&DWvQ
+HUEHUW$OEHUW/DXUHQV)LVKHULVWRULFSURIHVRUOD2[IRUG






,,, Q  L]EXFQL vQ &DQDGD IUDQFH] R UHEHOLXQH FDUH VH H[WLQVH L vQ
SURYLQFLLOH HQJOH]H 5HSULPDUHD HL VD IFXW XRU GDU QXPDL XQ JXYHUQ vQF
S&kQDW VDX RUE DU IL SXWXW V QX &LQ VHDPD GH DFHOH VHPQH GH QHPXO&XPLUH
:KLJLLDYXULQWHOLJHQ&DVWULPLWvQ&DQDGDXQRPGHVWDWFDUHQXVHWHPHDGH
H[SHULHQ&H /RUG 'XUKDP DYHD LQLPD JHQHURDV L XQ FDUDFWHU GHWHVWDELO R
FRPELQD&LH GHVWXO GH UHXLW SHQWUX XQ HI 'XS R HGHUH GH FkWHYD OXQL VH
vQWRDUVH FX XQ UHPDUFDELO UDSRUW DVXSUD VLWXD&LHL GLQ &DQDGD $MXQJHD OD
FRQFOX]LD F HUD QHFHVDU V VH LQVWDXUH]H vQ DPEHOH SURYLQFLL  IFkQGXVH
WRWRGDW VIRU&UL SHQWUX R XQLUH PDL VWUkQV vQWUH HOH  R RDUHFDUH IRUP GH
UHSUH]HQWDUH PLQLVWHULDO 1X YUHDX V P DWLQJ GH QLFL XQD GLQ SUHURJDWLYHOH
FRURDQHL GDU FRURDQD WUHEXLH V VH VXSXQ FRQVHFLQ&HORU QHFHVDUH DOH LQVWL
WX&LLORUUHSUH]HQWDWLYHLHDWUHEXLHVJXYHUQH]HSULQLQWHUPHGLXODFHORUDvQFDUH
FRUSXO UHSUH]HQWDWLY DUH vQFUHGHUH ,GHHD DFHDVWD SUX UHYROX&LRQDU PXOWRUD
GLQWUH FRQWHPSRUDQLL OXL 'XUKDP $YHDX LPSUHVLD F DVWD vQVHPQD UXSHUHD
WXWXURUOHJWXULORUGLQWUHFRORQLHLPHWURSROLFHVDUvQWkPSODGDFVDULYLXQ
FRQIOLFW vQWUH UHSUH]HQWDQWXO UHJHOXL L JXYHUQXO ORFDO" 5LVFXO IX DFFHSWDW 1RXO
JXYHUQDWRUJHQHUDOORUGXO(OJLQDOFWXLFXFXUDMXQFRQVLOLXGHPLQLWULFRPSXV
GLQ FDQDGLHQL UHIRUPLWL FDUH DYHDX DWXQFL PDMRULWDWHD vQ &DU L GLQWUH FDUH
Fk&LYDOXDVHUFKLDUSDUWHODUHEHOLXQH([SHULHQ&DUHXLQFUHGHUHDGGXQDWHUH
GHYRWDPHQWXOXL QFHSkQG GLQ DFHVW PRPHQW IX DGPLV SULQFLSLXO
VHOIJRYHUQPHQWXOXL Q GUHSW QX VH VFKLPED QLPLF FFL WUHEXLDX UHVSHFWDWH
IRUPHOH *XYHUQXO HQJOH] vL SVWUD SULYLOHJLXO GH DL QXPL SH PLQLWUL Q IDSW
QXLDOHJHDGHFkWSHDFHLRDUHDYHDXvQFUHGHUHD&DPHUHORUFDQDGLHQH$VWIHOFHD
PDL PDUH UHYROX&LH FRORQLDO IX vQISWXLW IU WH[WH L IU ]DUY (UD R VROX&LH
IRDUWHEULWDQLF


,9 'LIHULWHOH VWDWH FDUH FRPSXQHDX $XVWUDOLD L 1RXD =HHODQG SULPLU L
HOH vQWUH  L  GUHSWXO GH DL DFRUGD FRQVWLWX&LL OLEHUDOH 3UREOHPD HUD
vQVFRPSOH[vQ&ULOHvQFDUHWULDXFRWODFRWXQPLFQXPUGHFRORQLWLDOELL
QXPHURL LQGLJHQL Q DVHPHQHD FD]XUL D GD PLQRULW&LL DOEH WRDWH GUHSWXULOH GH
FRQWURO DU IL IRVW SHULFXORV FFL HD DU IL SXWXW DEX]D GH SXWHUHD VD SHQWUX D
RSULPD SH LQGLJHQL Q $IULFD GH VXG SUH]HQ&D D GRX UDVH HXURSHQH D SXV R
SUREOHPLPDLGLILFLO6DY]XWODWLPSXOVXFDWXQFLFkQG$QJOLDDRFXSDW
&RORQLD&DSXOXLFRORQLWLLSHFDUHLDJVLWDFRORHUDXIHUPLHULRODQGH]LFDFHWL
&UDQL VDX EXUL HPLJUDVHU PDL vQWkL vQ 1DWDO DSRL vQ UHSXEOLFLOH 2UDQJH L
7UDQVYDDOIRQGDWHGHHLFvQRUHYROWDEXULORUQLPLFLVHIRU&HOHHQJOH]HOD
0DMXED L vQ VIkULW F *ODGVWRQH UHQXQ&DVH DWXQFL OD 7UDQVYDDO &RORQL]DUHD
HQJOH]vQ$IULFDGHVXGIXWRWXLFRQWLQXDWGHRFRPSDQLHSDUWLFXODUDOFUHL
VXIOHWHUD&HFLO5KRGHVXQ&OLYHDODFHVWXLFRQWLQHQW&kQGPDLWkU]LXDXIRVW
GHVFRSHULWH vQ 7UDQVYDDO PLQH GH DXUL GH GLDPDQW XQYDO GH HPLJUDQ&L HQJOH]L
QYOLvQUHSXEOLFLOHRODQGH]HXQGHOHDIRVWDFRUGDWGUHSWXOGHDGREkQGLFRQFH
VLXQLGDUOLVHUHIX]DUGUHSWXULOHFLYLOHQXQHQJOH]SULHWHQFX5KRGHVL
PDQHYUDWGHFWUHHOGRFWRUXO-DPHVRQvQWUHSULQVHvQSOLQSHULRDGGHSDFHXQ
UDLG DUPDW vQ 7UDQVYDDO QYLQV L IFXW SUL]RQLHU vQ VFXUW YUHPH -DPHVRQ
FRPSURPLVHvQvQ PRGJUDYSULQDYHQWXUDVDJXYHUQXOEULWDQLFSHFDUHEXULLvO
EQXLDXFDvQFXUDMDWUDLGXO

$OX]LHODFXFHULWRUXO,QGLHL5REHUW&OLYH






9 Q WRW WLPSXO FHOHL GHD GRXD MXPW&L D VHFROXOXL DO ;O;OHD $IULFD
FRQWLQHQW LQYHQWDW GH SURYLGHQ& SHQWUX D VkFkL )RUHLJQ2IILFHXO IX FLRSkU&LW
GH SXWHULOH HXURSHQH 'LQ  SkQ vQ  /LYLQJVWRQH H[SORU UHJLXQHD
ODFXOXL 7DQJDQLFD DSRL 6WDQOH\ WUDYHUV vQWUHJXO FRQWLQHQW QGDW FH QRLOH
WHULWRULL IXU DFFHVLELOH *HUPDQLD %HOJLD L )UDQ&D PDL WLU]LX ,WDOLD L OH
GLVSXWDU $QJOLD RILFLDO UPDVH PXOW YUHPH vQ DIDUD MRFXOXL DIULFDQ 1RLOH
FRORQLL HQJOH]H GLQ 1LJHULD 5KRGHVLD .HQ\D 8JDQGD IXU vQILLQ&DWH GH PDULOH
FRPSDQLLQXQXPDLGHDFHHDDOXL&HFLO5KRGHV%ULWLVK6RXWK$IULFD&RPSDQ\FL
L GH DFHHD D 1LJHUXOXL SUHFXP L GH FRPSDQLD (DVW $IULFD $FHDVW FLXGDW
vQWRDUFHUH OD VLVWHPXO FRPSDQLLORU SULYLOHJLDWH FKDUWHUHG SRDWH IL H[SOLFDW SULQ
DYDQWDMHOH SH FDUH OH DYHD JXYHUQXO LPSHULDO OVkQGXL SH FDSLWDOLWLL
vQWUHSULQ]WRUL V IDF FKHOWXLHOLOH GH LQYHVWLJDUH L DOH SULPHL LQVWDOUL 'DF
LQL&LDWLYD GGHD JUH HUD SUVLW GDF UHXHD JXYHUQXO LPSHULDO VH VXEVWLWXLD
FRPSDQLHL $VWIHO SX&LQ FkWH SX&LQ VD IRUPDW vQ $IULFD XQ LPSHULX DWkW GH YDVW
vQFkW vL vQJGXL OXL 5KRGHV V FRQFHDS SURLHFWXO XQHL FL IHUDWH FDUH V PHDUJ
GH OD &DSHWRZQ OD &DLUR IU D SUVL WHULWRULXO EULWDQLF /LQLD HUD vQWUHWLDW
QXPDL GH HVWXO DIULFDQ JHUPDQ SH FDUH $QJOLD DYHD VO GREkQGHDVF vQ XUPD
U]ERLXOXLGLQ


9, Q ,QGLD GXS FH IXVHVH GHVWUPDW LPSHULXO PRQJROLORU FRPSDQLD
SULYLOHJLDW(DVW,QGLD&RPSDQ\FRQWLQXDVHDSURDSHIUYRLDHLFXFHULUHD&ULL
(DDGXVHVHXQFRUSGHIXQF&LRQDULFDUHOXSWDXGLQUVSXWHULvPSRWULYDIRDPHWHLL
D DQDUKLHL 5HIRUPDWRULL GLQ  YRLVHU V DSOLFH L DLFL SULQFLSLLOH ORU L vQ
,QGLDQ &KDUWHU $FW GLQ  VH GHFODUD F RULFH VXSXV DO PDLHVW&LL VDOH SRDWH
RFXSD RULFH IXQF&LH LQGLIHUHQW GH UDV ORF GH QDWHUH VDX FXORDUHD SLHOLL (UD R
WH]vQGU]QHD&GDUJUHXGHDSOLFDWDWXQFLQL]EXFQLRYLROHQWUHEHOLXQH
PLOLWDU D WUXSHORU LQGLJHQH FURUD FRPSDQLD OH vQFUHGLQ&DVH FD RGLQLRDU
,PSHULXO URPDQ VHFXULWDWHD &ULL 5HSULPDUHD ORU IX EUXWDO L DYX XQ HIHFW
GHSOLQ*XYHUQXOEULWDQLFOXHOvQVXLvQPkQDGPLQLVWUDUHD,QGLHLJDUQL]RDQD
HXURSHDQ IX ULGLFDW OD DSWH]HFL L FLQFL GH PLL GH RDPHQL 'XS QRL FDPSDQLL
vPSRWULYD PDKUD&LORU D VLNKLORU D JXUNKDLORU L vQ VIkULW D ELUPDQLORU
SHQLQVXODIXFXFHULWvQvQWUHJLPH


9,,.LSOLQJDIFXWHORJLXO,QGLDQ&LYLO6HUYLFHXOXLDO&LVFULLWRULGLPSRWULY
DX UHSURDW PHPEULORU VL RUJROLXO GH UDV L OLSVD GH FRQWDFW FX LQGLJHQLL )DSW
FHUW HVWH F vQ ,QGLD R &DU GH WUHL VXWH FLQFL]HFL GH PLOLRDQH GH ORFXLWRUL GXS
UHEHOLXQH L DSRL GXS FkWHYD LQHYLWDELOH UVFRDOH OLQLWHD D IRVW PHQ&LQXW GH
DSWH]HFL L FLQFL GH PLL GH VROGD&L HXURSHQL L R VXW FLQFL]HFL GH PLL GH VROGD&L
LQGLJHQLIDSWFHUWHVWHFQXPUXODGPLQLVWUDWRULORUHQJOH]LQDGHSLWFLQFLPLL
LFVXSUDID&DSPkQWXULORUGHV&HOHQLWHLULJDWHLDVDQDWHGHHLDIRVWLPHQVH
GHDVHPHQHDXQIDSWFHUWFVXEGRPLQD&LDHQJOH]SRSXOD&LD,QGLHLDFUHVFXWFX
GRXVXWHWUHL]HFLGHPLOLRDQHGHORFXLWRULLvQVIkULWFHQJOH]DDIRVWVLQJXUD
OLPE FRPXQ D QHQXPUDWHORU SRSRDUH DOH ,QGLHL L OLPED FDUH VH IRORVHD OD

 0LFDUHD GLQ  QD IRVW QXPDL R UHEHOLXQH PLOLWDU HD D IRVW FHD PDL PDUH UVFRDO
QD&LRQDODSRSRUXOXLLQGLDQ
&XH[FHS&LDFDPSDQLHLFRQWUD%LUPDQLHLFHOHODOWHVDXGHVIXUDWvQDLQWHGH




FRQJUHVHOHSDQLQGLHQH2LPHQVSWXUGHLQGLHQLLQVWUXL&LvQVSLULWHXURSHDQDX
SXWXW RFXSD QXPHURDVH SRVWXUL DGPLQLVWUDWLYH (UD ILUHVF FD ,QGLD OD UkQGXO
VXVLGRUHDVFvQFHOHGLQXUPXQVHOIJRYHUQPHQWDDFXPDIRVWDFRUGDW
GRPLQLRDQHORU ED FKLDU R LQGHSHQGHQ& WRWDO 'H OD U]ERLXO UXVRMDSRQH]
2ULHQWXO QD PDL VXSRUWDW GHFkW vQ VLO GRPLQD&LD 2FFLGHQWXOXL 6DX SURGXV
PLFUL QD&LRQDOH GHVWXO GH SURVW SULYLWH GH DGPLQLVWUD&LD DQJORLQGLDQ GDU
WROHUDWHGHJXYHUQXOLPSHULDOFDUHDLFLFDLvQDOWHSU&LDXUPULWFRPSURPLVXO
vQFHW vQFHW DXWRULWDWHD JXYHUQDPHQWDO D IRVW WUDQVIHUDW KLQGXLORU Q 
LQVWUXF&LXQHD SXEOLF L FHD PDL PDUH SDUWH GLQ VHUYLFLLOH LQWHUQH DX WUHFXW vQ
VDUFLQDFDELQHWHORUSURYLQFLDOHLQGLHQHUVSXQ]WRDUHvQID&DXQRU&DPHUHDOHVH
QXPDLDUPDWDLSROL&LDDXUPDVvQPkLQLOHIXQF&LRQDULORUEULWDQLFL


9,,, 7UDJHGLD RULFUHL DGPLQLVWUD&LL FRORQLDOH HVWH F GDF UHXHWH SUHD
ELQH HD VOEHWH FD R FRQVHFLQ& D VXFFHVXOXL vQVXL OHJWXULOH VDOH FX PHWUR
SROD Q (JLSW FD L vQ ,QGLD DVDQDUHD ILQDQ&HORU GH]YROWDUHD LQVWUXF&LXQLL D
ERJ&LHL D RUGLQHD DYHDX PDL GHYUHPH VDX PDL WkU]LX V LQVSLUH SRSXOD&LLORU
LQGLJHQH R PDL PDUH QHYRLH GH LQGHSHQGHQ& 7RWXL QX SUHD LPSRVLELO GH
FRQFHSXW FD QLWH SRSRDUH OLEHUH V ILH XQLWH SULQWUXQ DQJDMDPHQW FRPXQ GH
DSUDUH PXWXDO SULQ WDULIH SUHIHUHQ&LDOH SULQ UHOD&LL GH OLPE L FXOWXU 1RXO
FDUDFWHU DO LPSHULXOXL DYHD V ILH vQ VHFROXO DO ;;OHD XQD GLQ SUREOHPHOH
SRVWEHOLFH Q VHFROXO DO ;O;OHD WUHEXLD PDL vQWkL FD DFHVW LPSHULX VL FDSHWH
IRUPD GHILQLWLY L DSRL V RE&LQ UHFXQRDWHUHD GH FWUH QD&LXQLOH ULYDOH 'XEOD
VDUFLQ FHUHD XQ JXYHUQ FDUH V FUHDG vQ LPSHULX DFHDVWD D FRQVWLWXLW DQVD
FRQVHUYDWRULORU




9,,,
'(&/,18//,%(5$/,608/8,


,5HJLQD9LFWRULDvODSUHFLDSH*ODGVWRQHGDUvOFRQVLGHUDSULPHMGLRVFDRP
GH VWDW (O D VOELW  VSXQHD UHJLQD  DXWRULWDWHD DFHVWHL &UL vQ OXPH 2U
9LFWRULD DYHD R FLXGDW IDFXOWDWH GH D SULYL PDL WRDWH SUREOHPHOH vQWRFPDL FD
SRSRDUHOH VDOH 'XS XFLGHUHD OXL *RUGRQ PXO&L DOHJWRUL vQFHWDVHU V PDL
FUHDGvQ*ODGVWRQHFXWRDWSURGLJLRDVDOXLHORFLQ&/DDOHJHULOHGLQGXS
XQVFXUWLQWHUPHGLXWRU\RE&LQXRPLFPDMRULWDWHGDUQXPDLGDWRULWVSULMLQXOXL
LUODQGH]LORU &D R FRQVHFLQ& SDUDGR[DO D MRFXOXL SDUODPHQWDU VWULQLL DFHWLD
GHYHQHDXDUELWULvQ$QJOLD&XUkQGVHUVSkQGL]YRQXOF*ODGVWRQHvLDVLJXUDVH
VSULMLQXO ORU vQ VFKLPEXO SURPLVLXQLL GH D OH DFRUGD DXWRQRPLD +RPH 5XOH(UD
DGHYUDWvQDSULOLHSULPXOPLQLVWUXGHSXVHvQSDUODPHQWXQSURLHFWvQFDUH
VH SUHYHGHD FD ,UODQGD V GHYLQ DXWRQRP L V VH vQILLQ&H]H OD 'XEOLQ XQ
SDUODPHQW LUODQGH] &DPHUHL XQLFH GDU FRPSXV GLQ GRX FDWHJRULL GH PHPEUL
XQLLDOHLGHWkUJXULLFRPLWDWHDO&LLLQDPRYLELOLXUPDXVLILHvQFUHGLQ&DWHWRDWH
DIDFHULOHLQWHUQHDOH,UODQGHLJXYHUQXOLPSHULDOSVWUkQGQXPDLFRQWUROXODVXSUD
DUPDWHLDVXSUDYPLORULDSROLWLFLLH[WHUQH,UODQGDDYHDVSOWHDVFLPSHULXOXL

 Q UHDOLWDWH LQWUDUHD LQGLHQLORU vQ DGPLQLVWUD&LH VD IFXW IRDUWH OHQW L FHO SX&LQ SkQ GXS
QXVHSRDWHYRUELGHRLPHQVSWXUGHLQGLHQLEHQHILFLLQGGHDVHPHQHDGUHSW




R FRQWULEX&LH DQXDO UHSUH]HQWkQG SDUWHD VD GLQ FKHOWXLHOLOH FRPXQH -RVHSK

&KDPEHUODLQ ORUGXO +DUWLQJWRQ L QXPHURL FRQGXFWRUL DL SDUWLGXOXL OLEHUDO
SURWHVWDU HL DU IL DFFHSWDW OD ULJRDUH R VROX&LH IHGHUDOLVW GDU QX DGPLWHDX R
VROX&LH VHSDUDWLVW 7UHFXWXO OXL 3DUQHOO L DO SULHWHQLORU VL QX MXVWLILFD
vQFUHGHUHD OXL *ODGVWRQH VSXQHDX HL &XUkQG DFHWL XQLRQLWL VDX FDPSLRQL DL
XQLULL FX ,UODQGD SUVLU SDUWLGXO OLEHUDO L IU D VH DOWXUD vQF SDUWLGXOXL
FRQVHUYDWRUVHDQJDMDUVOVSULMLQHvPSRWULYDOXL*ODGVWRQH$FHVWDIFXDSHOOD
DOHJWRUL GDU UVSXQVXO &ULL IX RVWLO 6H DOHVHU SDWUX VXWH GH XQLRQLWL GLQWUH
FDUH WUHL VXWH RSWVSUH]HFH HUDX FRQVHUYDWRUL 3DUWL]DQLL OXL *ODGVWRQH IXVHVHU
vQYLQLLSXWHUHDWUHFXvQPkLQLOHORUGXOXL6DOLVEXU\HIXOFRDOL&LHLXQLRQLVWH


,, 5REHUW &HFLO PDUFKL] GH 6DOLVEXU\ SULYHD DIDFHULOH XPDQH FX R
vQ&HOHSFLXQHUHFHLSURIXQG3HYUHPHDFkQGIXVHVHPLQLVWUXOOXL'LVUDHOLFRQ
GDPQDVHFXDFHHDLWULHDWkWYLVULOHURPDQWLFHDOHHIXOXLVXFkWLLGHDOLVPXO
OXL *ODGVWRQH $YHD RURDUH GH DUJXPHQWHOH GH vQDOW PRUDOLWDWH SH FDUH FHD PDL
PDUH SDUWH D RDPHQLORU SROLWLFL OH DGXF vQ VSULMLQXO LQWHUHVHORU ORU (O FRQVLGHUD
VRFLHW&LOH XPDQH FD QLWH RUJDQLVPH IUDJLOH GH FDUH WUHEXLH V WH DWLQJL FkW PDL
SX&LQ SRVLELO &kQG GXS GRX]HFL GH DQL SUVL SXWHUHD QX UH]ROYDVH QLFL
SUREOHPHOHVRFLDOHQLFLFKHVWLXQHD,UODQGHLGDUOHvPSLHGLFDVHVGHDQDWHUHOD
GH]RUGLQL vQ WRDW DFHDVW SHULRDG Q SROLWLFD H[WHUQ FD L vQ FHD LQWHUQ D
FXWDWVVHIHUHDVFGHVHQWLPHQWHLVJkQGHDVFvQPRGFKLPLF1XYRLDV
DLE SHQWUX QD&LXQLOH VWULQH QLFL VLPSDWLH QLFL DQWLSDWLH 6ROLWDU vQ YLD&D
SDUWLFXODU HO DFFHSWD SHQWUX &DUD VD R VSOHQGLG L]RODUH $FHDVW DWLWXGLQH D
IRVWSRVLELOLFKLDUUH]RQDELOvQWLPSXOFkQGORUGXO6DOLVEXU\DIRVWODSXWHUH
DGLF SkQ vQ  'XS HO DYHD V YLQ XQ WLPS vQ FDUH $QJOLD DPHQLQ&DW
WUHEXLDVJVHDVFFDSHYUHPHDOXL3LWWXQVROGDWSHFRQWLQHQW


,,, QGHOXQJDWD JXYHUQDUH D ORUGXOXL 6DOLVEXU\ QD IRVW vQWUHUXSW GHFkW R
VFXUWSHULRDG/DDOHJHULOHGLQPDMRULWDWHD&DPHUHLVHDOFWXLGLQQRXGLQ
OLEHUDOL JODGVWRQLHQL L GLQ LUODQGH]L DXWRQRPLWL KRPH UXOHUV *ODGVWRQH
QHvPEOkQ]LW OD RSW]HFL L WUHL GH DQL VLOL GLQ QRX &DPHUD &RPXQHORU V YRWH]H
DXWRQRPLD 'DU ORU]LL UHVSLQVHU OHJHD FDUH HUD SUHD SX&LQ SRSXODU FD V VH
DQJDMH]H SH DFHDVW WHP R OXSW SH YLD& L SH PRDUWH FX vQDOWD &DPHU
5HWUDJHUHD OXL *ODGVWRQH OV SDUWLGXO OLEHUDO IU HI 6LU :LOOLDP +DUFRXUW L
ORUGXO5RVHEHU\FDUHDUILSXWXWRULFDUHGLQWUHHLVLDFRQGXFHUHDSDUWLGXOXLQX
VHvQ&HOHJHDXGHVWXOGHELQHFDVSRDWFRODERUDQSUH]HQ&DXQRUDGYHUVDULDWkW
GH vQYUMEL&L UROXO FRQVHUYDWRULORU GHYHQHD XRU 'H DVW GDW OLEHUDOLL XQLRQLWL
+DUWLQJWRQ PDL WkU]LX GXFH GH 'HYRQVKLUH -RVHSK &KDPEHUODLQ L SULHWHQLL ORU
DFFHSWDU V LQWUH vQ JXYHUQ DOWXUL GH 6DOLVEXU\ L QHSRWXO VX $UWKXU %DOIRXU
(UD R YUHPH GH FRQIOLFWH vQWUH SXWHULOH LPSHULDOLVWH GH JHOR]LL L GH LQWULJL Q
$PHULFD R FLRFQLUH OD IURQWLHUD GLQWUH 9HQH]XHOD L *X\DQD EULWDQLF vO VLOL SH
SUHHGLQWHOH 6WDWHORU 8QLWH V DPLQWHDVF GH GRFWULQD 0RQURH L VDU IL DMXQV OD
U]ERL GDF 6DOLVEXU\ QX DU IL DFFHSWDW XQ DUELWUDM Q $IULFD H[SHGL&LL IUDQFH]H
XUFkQG SH YLOH 1LJHUXOXL L DOH &RQJRXOXL DQH[DX LPHQVH WHULWRULL FDUH
GHVSU&HDXFRORQLLOHHQJOH]HGHKLQWHUODQGXULOHORU)UDQ&DQXDYHDDWXQFLQLFLXQ
PRWLYFDVUHQXQ&HOD(JLSW6SHUDVLQWUHDFRORSULQ1LOXOGHVXVLRPLVLXQH
VXE RUGLQHOH FRPDQGDQWXOXL 0DUFKDQG VH vQGUHSWD VSUH 6XGDQ $QJOLD SH GH
DOW SDUWH QX UHQXQ&DVH OD 0DURF L XQ DYHQWXULHU VFR&LDQ FDLGXO 0DF/HDQ
vQFXUDMD FXUWHD VXOWDQXOXL V RSXQ UH]LVWHQ& LQIOXHQ&HL IUDQFH]H )URQWLHUD




VLDPH] 0DGDJDVFDU 7HUUD 1RYD HUDX DOWH SULFLQL GH GLVFRUGLH vQWUH FHOH GRX
&UL


,9$FHDVWQHPXO&XPLUHODWHQWVHWUDQVIRUPvQWUXQFRQIOLFWDVFX&LWDWXQFL
FkQGJHQHUDOXO.LWFKHQHUGXSFHODvQYLQVSHPDKGLU]EXQkQGXOSH*RUGRQ
L RFXSkQG 6XGDQXO vQWkOQL PLVLXQHD 0DUFKDQG SH 1LOXO GH VXV OD )DFKRGD
7LPSGHFkWHYD]LOHU]ERLXOSUXLQHYLWDELO/D/RQGUD]LDUHOHFRQVHUYDWRDUHHUDX
FXSULQVH GH XQ SHULFXORV DFFHV GH IHEU PLOLWDU ]LDUHOH OLEHUDOH YRUEHDX SH XQ
WRQJUDYGHGDWRULDPRUDOFDUHLQFXPEDHQJOH]LORUGHDUHFXFHUL6XGDQXOSHQWUX
HJLSWHQL$PEHOHSU&LPRELOL]DUIORWHOH$QJOLDGHSODVDvQJUDEYDVHOHVDOHFDUH
VH JVHDX vPSUWLDWH vQ PRG SHULFXORV IORWD VD GLQ 0HGLWHUDQD ILLQG SDUWH OD
0DOWDSDUWHvQ*LEUDOWDUSXWkQGILRULFkQGWLDWvQGRXGHIORWDIUDQFH]GHOD
7RXORQ PSUDWXO *HUPDQLHL QXWUHD VSHUDQ&D F YD L]EXFQL XQ U]ERL 'DU
'HOFDVVp FUH]X FL PDL vQ&HOHSW V FHGH]H L V SUHJWHDVF DVWIHO R vPSFDUH
GXUDELOvQWUHFHOHGRX&ULQFXUVXODQLORUFDUHXUPDUDFHVWXLHSLVRG$QJOLD
DIRVWIRDUWHQHSRSXODUvQ)UDQ&D


9 /D GUHSW YRUELQG HD HUD DWXQFL QHSRSXODU vQ vRDW OXPHD FFL WUHFHD
SULQWUXQD GLQ DFHOH SHULRDGH GH RUJROLX L HXIRULH FDUH VXQW WRW DWkW GH
SULPHMGRDVHSHQWUXSRSRDUHFDLSHQWUXLQGLYL]L'RFWULQDLPSHULDOLVWSUHGLFDW
SH OD  GH 'LVUDHOL XQRU FRQVHUYDWRUL GHVWXO GH UHEHOL GHYHQHD R UHOLJLH
QD&LRQDO 'XS FXP H[SR]L&LD GH OD &U\VWDO 3DODFH PDUFDVH vQ  DSRJHXO
SURVSHULW&LL LQGXVWULDOH D HQJOH]LORU -XELOHXO GH 'LDPDQW GLQ  PDUF
DSRJHXOJORULHLORULPSHULDOH5HJLQDLORUGXO6DOLVEXU\F]XVHUGHDFRUGVIDF
GLQDFHDVWVUEWRDUHRFHUHPRQLHLQWHUQDLPSHULXOXL1LFLXQVXYHUDQVWULQ
FLQXPDLSULQ&LRDPHQLGHVWDWLVROGD&LYHQL&LGHSHWRDWHWHULWRULLOHHQJOH]H'H
Fk&LYD DQL XQ SRHW GH JHQLX 5XG\DUG .LSOLQJ GGHD R IRUP GH QHXLWDW
VHQWLPHQWHORUDWkWRUHQJOH]LFDUHPSUWLD&LSHSODQHWVHVWUGXLDXVPHQ&LQ
VXEWRDWHFHUXULOHVROLGHOHFDOLW&LDOHFDUDFWHUXOXLEULWDQLFDDFXPvOIRUPDXGH
OD$UQROGvQFRDFHFROLOHSXEOLFH3XEOLF6FKRROV$FHVWXLSRSRUPRUDO.LSOLQJ
vL GGHD PRWLYH PRUDOH FD VL LXEHDVF JORULD FXFHULUHD GHYHQHD vQ RFKLL VL R
GDWRULH LPSHULXO GHYHQHD SRYDUD RPXOXL DOE 8Q DOW RP GH JHQLX PLQLVWUXO
FRORQLLORU -RVHSK &KDPEHUODLQ UDGLFDO WUDQVIRUPDW vQ DOLDW DO FRQVHUYDWRULORU
VXV&LQHD F DU WUHEXL V VH FRPEDW PL]HULD L RPDMXO SULQ GH]YROWDUHD
FRPHU&XOXL FX LPSHULXO QFHUFD SULQ WRDWH PLMORDFHOH V GHD GRPLQLRDQHORU
FRORQLLORU L
PHWURSROHL VHQWLPHQWXO DFHOHL XQLW&L SH FDUH R FkQWD .LSOLQJ 2
VFULVRDUHIUDQFDWFXXQSHQQ\SXWHDVDMXQJQXQXPDLvQ5HJDWXO8QLWGDUL
vQORFXULOHFHOHPDLvQGHSUWDWHDOHLPSHULXOXL'RPLQLRDQHOHIXUvQFXUDMDWHVL
IDFFXQRVFXWHSURGXVHOHOD/RQGUD&KDPEHUODLQDIRVWFHOGLQWkLFDUHDvQ&HOHV
F vQ FD] GH U]ERL &DQDGD L $XVWUDOLD SXWHDX FRODERUD OD DSUDUHD LPSHULXOXL
LGHHFDUHFLQFL]HFLGHDQLPDLGHYUHPHDUILSUXWRDEHUD&LHLFDUHFLQFLVSUH]HFH
DQLPDLWkU]LXGHYHQLRUHDOLWDWH


9,.LSOLQJ vQ WLPSXO MXELOHXOXL SXEOLFDVH vQ 7LPHV XQ SRHP GH R JUDYLWDWH
DPHQLQ&WRDUH FDUH SURGXVH VXUSULQGHUH Q PLMORFXO IHVWLQXOXL VFULVH SH SHUHWH


7KpRSKLOH'HOFDVVpPLQLVWUXGHH[WHUQHDO)UDQ&HLvQWUHL
 $XWRUXO DUH SUREDELO vQ YHGHUH SH 0DWWKHZ $UQROG  SRHW FULWLF OLWHUDU L
LQVSHFWRUJHQHUDOFRODUvQWUHL



XQ FkQWHF ELEOLF 'XPQH]HX DO $UPDWHORU ILL FX QRL FD V QX XLWP
$YHUWLVPHQW SURIHWLF Q PDL SX&LQ GH WUHL DQL GXS JORULRDVD SURFHVLXQH D
MXELOHXOXL vQ YkUIXO FRQWLQHQWXOXL DIULFDQ GRX PLFL UHSXEOLFL GH &UDQL
7UDQVYDDO L 2UDQJH &LQHDX vQ DK FHO PDL SXWHUQLF LPSHULX GLQ OXPH 6SUH
PDUHDVXUSULQGHUHD$QJOLHLLD(XURSHLDFHVWU]ERLLQHJDO&LQXPDLELQHGHXQ
DQ (O HYLGHQ&LH VOELFLXQHD DUPDWHL EULWDQLFH SURDVWD RUJDQL]DUH D :DU
2IILFHXOXLSUHFXPLLQLPLFL&LLOHSHFDUHOHWUH]LVH$QJOLDvQOXPHDvQWUHDJSULQ
SROLWLFDVDGHHJRLVPLPSHULDO6LOLQGXLSHFHLPDLvQ&HOHS&LEUED&LDL$QJOLHLV
UHIOHFWH]HDVXSUDDFHVWHLVLWXD&LLLVLFDXWHXQUHPHGLXU]ERLXOGLQ7UDQVYDDO
D DYXW R SXWHUQLF LQIOXHQ& DVXSUD SROLWLFLL HXURSHQH GH OD vQFHSXWXO VHFROXOXL
XUPWRU(DvLGH]JXVWSHQWUXREXQEXFDWGHYUHPHSHHQJOH]LGHGLSORPD&LD
DXWRULWDU D FUHL PRG R LQWURGXVHVHU &DQQLQJ L 3DOPHUVWRQ L SH FDUH QX R
PDL SXWHDX MXVWLILFD UDSRUWXULOH UHDOH DOH IRU&HORU H[LVWHQWH &kQG vQ VIkULW
YLFWRULLOH OXL 5REHUWV L .LWFKHQHU vQJGXLU V VH VHPQH]H R SDFH YLFWRULRDV FX
EXULLSDFHDIXGHVWXOGHPRGHUDW&HOHGRXUHSXEOLFLIXUDQH[DWHGDU$QJOLD
DFRUG IHUPLHULORU vQYLQL R JHQHURDV LQGHPQL]D&LH FDUH OH SHUPLVH VL
UHFRQVWUXLDVF IHUPHOH L VL UHSXQ OD SXQFW RJRDUHOH &kQG JHQHUDOLL EXUL
GXSFkWHYDOXQLYHQLUOD/RQGUDIXUSULPL&LFXXQHQWX]LDVPFDUHLVXUSULQVH
QDPEHOHUHSXEOLFLSULPLUGUHSWXOGHDLDOFWXLJXYHUQHSDUODPHQWDUHL
vQOXILLQ&8QLXQHD6XG$IULFDQFRPSXVGLQ&RORQLD&DSXOXL2UDQJH
L7UDQVYDDO1LPLFQXIDFHPDLPXOWRQRDUHSROLWLFLLHQJOH]HGHFkWORLDOLVPXOFX
FDUH UHSXEOLFLOH VXGDIULFDQH DX SDUWLFLSDW OD DSUDUHD LPSHULXOXL vQ WLPSXO
PDUHOXL U]ERL *HQHUDOXO %RWKD L JHQHUDOXO 6PXWV YHWHUDQL DL U]ERDLHORU
vPSRWULYD $QJOLHL VH QXPUDU vQWUH  L  SULQWUH FRQVLOLHULL VL FHL PDL
DVFXOWD&LLSULQWUHFHLPDLGHPQLGHDILDVFXOWD&L


9,,5HJLQD9LFWRULDQDY]XWVIkULWXOU]ERLXOXL(DPXULVHvQGXSR
GRPQLH GH DL]HFL L WUHL GH DQL FHD PDL IHULFLW SRDWH GLQ LVWRULD $QJOLHL FHD vQ
FXUVXOFUHLD&DUDDFFHSWDVHIUU]ERLFLYLOIUVXIHULQ&HJUDYHRUHYROX&LHPXOW
PDL SURIXQG GHFkW DFHHD GLQ  vQ WLPS FH UHJDWXO GHYHQHD QX QXPDL FX
QXPHOHGDULvQIDSWXQLPSHULX(DDYXVHVHFDVXSXLSH'LFNHQV7KDFNHUD\
*HRUJH (OLRW VXURULOH %URQWH 0DFDXOD\ &DUO\OH 1HZPDQ 7HQQ\VRQ 5XVNLQ
:LOOLDP0RUULV5RVVHWWL%URZQLQJ7KRPDV+DUG\LVSUHVIkULWXOGRPQLHLSH
0HUHGLWK 6ZLQEXUQH 2VFDU :LOGH 6WHYHQVRQ .LSOLQJ GDU OLWHUDWXUD QR
LQWHUHVDVH GHFkW L SX&LQ GH WRW SH YUHPHD FkQG WULD VFXPSXO HL $OEHUW
&XULR]LWDWHD L PUH&LD HL VDX PDQLIHVWDW vQ DOWH GRPHQLL (D UHVWDELOLVH L
vQO&DVH GHPQLWDWHD UHJDO FRPSURPLV GH XOWLPLL KDQRYULHQL *UD&LH HL
PRQDUKLDFRQVWLWX&LRQDOGHYHQLVHRIRUPGHJXYHUQDUHDFFHSWDWvQFHUFDWGH
GRULW Q DIDU GH SHULRDGD DWkW GH vQGHSUWDW D DGROHVFHQ&HL VDOH D DYXW
WRWGHDXQDvQ&HOHSFLXQHDVFHGH]HDWXQFLFkQGVHJVHDvQGH]DFRUGFXPLQLWULL
VL GDU vL UH&LQXVH L FHUXVH WUHL GUHSWXUL HVHQ&LDOH GUHSWXO GH D IL FRQVXOWDW
GUHSWXOGHDvQFXUDMDLGUHSWXOGHDDYHUWL]D(UDGHVWXOSHQWUXXQVXYHUDQPDL
DOHV GXS R OXQJ GRPQLH FD V SRDW H[HUFLWD R LQIOXHQ& PRGHUDWRDUH DVXSUD
XQRU PLQLWUL UHVSHFWXRL /D vQFHSXWXO GRPQLHL L GLQ QRX SH OD   FkQG
UHJLQD GHYHQLW YGXY SURIHVLRQDO SUXVH D VH GH]LQWHUHVD GH UHJDW  VH
ULGLFDVHU YDOXUL GH UHSXEOLFDQLVP vQ FOLSD PRU&LL UHJLQHL GUDJRVWHD HQJOH]LORU
SHQWUX PRQDUKLH HUD WRW DWkW GH PDUH SRDWH PDL PDUH vQF GHFkW SH YUHPHD
(OLVDEHWHL )LXO L QHSRWXO 9LFWRULHL DYHDX SULQ vQ&HOHJHUHD PHVHULHL GH UHJH V
vQFO]HDVFLVvQUGFLQH]HDFHVWVHQWLPHQW






9,,,9LFWRULDQLVPXOPXULVHvQDLQWHD9LFWRULHLQMXUXOSULQ&XOXLGH:DOHVVH
IRUPDVHRVRFLHWDWHQRXDQWLYLFWRULDQSULQUHDF&LHPDLOLEHUvQPRUDYXULLvQ
GLVFX&LL PDL DFFHVLELO GHFkW FXUWHD QRLORU RDPHQL DL EDQXOXL PRQH\HG PHQ
DPHULFDQL L HYUHL 1LFL FODVHOH PLMORFLL QX VH PDL DJ&DX FX DWkWD SDVLXQH GH
FRPSURPLVXOYLFWRULDQ0RGDFRQGDPQDSHPDULLSRH&LLURPDQFLHULDLHSRFLLYLF
WRULHQH 3H YUHPHD FkQG 0DUFHO 3URXVW DGROHVFHQW R DGPLUD SH *HRUJH (OLRW
$QJOLDvOFLWHDSH2VFDU:LOGH&DLvQ)UDQ&DURPDQWLVPXOXLWLLQ&LILFLUHOLJLHL
SURJUHVXOXL OHDX XUPDW vQGRLHOLOH L GHVFXUDMDUHD 6HPL]HLL YLFWRULDQLVPXOXL
6SHQFHULFKLDU'DUZLQvLY]XUDOWDUHOHGUkPDWH6DPXHO%XWOHUvLEWHDMRF
vQDFHODLWLPSvQ(UHZKRQLGHHYROX&LRQLVPLGHFUHWLQLVP8QLLFXWDXUHIX
JLXvQHVWHWLVPXOGHFDGHQWDO<HOORZ%RRNXOXL$O&LLPDLYLJXURLQXFULWLFDX
GHFkW FD V UHFRQVWUXLDVF 6H ULGLFD UHSHGH R QRX JHQHUD&LH GH VFULLWRUL FDUH
SULQ%HUQDUG6KDZ+*:HOOV$UQROG%HQQHWW-RKQ*DOVZRUWK\DYHDVvQYH&H
EXUJKH]LD HQJOH] FDUH VXQW QRLOH YDORUL PRUDOH 'DLO\ 0DLO ]LDU GH MXPWDWH GH
SHQQ\ IRQGDW GH +DUPVZRUWK PDL WkU]LX ORUG 1RUWKFOLIIH vQ  VH UVSkQGL
LPHGLDW vQ PDVHOH ODUJL SRSXODUH /RFXO VSRUWXULORU vQ YLD& L vQ SUHRFXSULOH
HQJOH]LORUVHPUHD9LFWRULHQLLGLQMXFDVHUFURFKHWWUVHVHUFXDUFXOFHL
GLQMXFDXWHQLVJROIFULFKHWXOIRWEDOXOFXUVHOHYkQWRDUHDHUDXGLVWUDF&LL
SHUPDQHQWH6IkULWXOGRPQLHLIXPDUHDHSRFDELFLFOHWHL6HQWHDDXWRPRELOXO
L:HOOVYHVWHDXQXLSXEOLFLQFUHGXOFvQWUREXQ]LDXWRPRELOXOYDDOXQJDFDLL
GH SH GUXPXUL 2SW DQL GXS PRDUWHD 9LFWRULHL vQ  %OpULRW DYHD V
WUDYHUVH]H &DQDOXO 0kQHFLL SH XQ DSDUDW GH ]EXUDW 'XS MXELOHXO GLQ 
FRQVWUXFWRULLXQHLFLXGDWHPDLQLFLQHPDWRJUDIXOSXWXUDUWDUHJLQHLSURSULDVD
LPDJLQH vQ PHUV 1LFL R FOLS vQ WRW WLPSXO DFHVWHL vQGHOXQJDWH GRPQLL
LQJHQLR]LWDWHD VDYDQ&LORU L D LQYHQWDWRULORU QXL vQFHWLQLVH DYkQWXO )HEUD GH
JHQLDOLWDWH FDUH FXSULQVHVH XPDQLWDWHD vQFHSkQG GLQ  vL SVWUD FDUDFWHUXO
DFXWSUHDJUHXGHFUH]XWFDvQWUREXQ]LHDVQXSURGXFXQDFFLGHQWJUDY




,;
3$&($$50$7


,1RXOUHJHDYHDvQPRPHQWXOXUFULLVDOHSHWURQDSURDSHDL]HFLGHDQL&D
SULQ&GH:DOHVPDPDVDvO&LQXVHGHSDUWHGHWUHEXULOHVWDWXOXL2SLQLDSXEOLFL
PDLDOHVVXSXLLVLQHFRQIRUPLWLMXGHFDFXDVSULPHYLD&DOXLFDUHSkQDWXQFL
SUXVH D IL vQFKLQDW QXPDL SOFHULORU 'DU (GXDUG DO 9,,OHD DYHD EXQVLP&
ERQRPLH L WDFW &OWRULVH PXOW L FXQRWHD ELQH (XURSD RDPHQLL GH VWDW GLQ
WRDWH &ULOH SUHFXP L OLPLWHOH SXWHULL $QJOLHL Q WLPS FH OD 3DULV DYHD QXPHURL
SULHWHQL L FKLDU SULQWUH RDPHQLL GH VWDW UHSXEOLFDQL QHSRWXO VX :LOKHOP DO
,,OHDvPSUDWDO*HUPDQLHLvQFHSkQGGLQQXWUHDID&GHHORDGHYUDWXU
Q RFKLL vPSUDWXOXL FDUH HUD FDSULFLRV VXVFHSWLELO URPDQWLF SULQ&XO GH :DOHV
UHSUH]HQWD SURWRWLSXO HQJOH]XOXL FDOP L VLJXU GH VLQH FDUHO GHVFXPSQHD LO
LULWDQXUPDXQRURIHQVHSXEOLFHLSDUWLFXODUHXQFKLXOVIkULSULQDUHVLP&LLHO
R YGLW UHSXOVLH ID& GH QHSRWXO VX $QWLSDWLD GLQWUH FHL GRL EUED&L DYHD V
MRDFHXQUROVHFXQGDUGDUHIHFWLYvQHYROX&LDSROLWLFLLHXURSHQHvQWUHDQLLL

5HYLVWLOXVWUDW$DSUXWWULPHVWULDOvQWUHL




 QGHRVHEL GRULQ&D vPSUDWXOXL GH DL XOXL SH HQJOH]L L GH DL EDWH SH
SURSULXO ORU WHUHQ JUEL FRQVWUXLUHD XQHL PDUL IORWH JHUPDQH FDUH DYHD V
QHOLQLWHDVFvQFXUkQG$QJOLD


,, 5]ERLXO GLQ 7UDQVYDDO GRYHGLVH FHORU PDL FODUY]WRUL GLQWUH HQJOH]L F
VSOHQGLGD L]RODUH GXS FH FRQVWLWXLVH R IRU& GHYHQHD XQ SHULFRO L]RODUHD ILLQG
PXOWPDLYGLWGHFkWVSOHQGRDUHDQWLQGHUHDLPSHULXOXLHUDDWkWGHYDVWvQFkW
vQ RULFH FOLS $QJOLD VH SXWHD YHGHD FRQVWUkQV V IRORVHDVF R PDUH SDUWH D
IRU&HORU VDOH vQ YUHR UHJLXQH GHSUWDW GH SH JORE 'DF XQXO GLQWUH LQDPLFLL SH
FDUHLLIFXVHUvQ(XURSDSULQDURJDQ&DORUXQ3DOPHUVWRQVDXXQ5RVHEHU\DU
DOHJHXQDVWIHOGHPRPHQWSHQWUXDRORYLvQ,QGLDvQ(JLSWVDXFKLDUODHDDFDV
FLQH DU DSUDR" 'RX SXWHUL DSUHDX FD DOLDWH SRVLELOH *HUPDQLD L )UDQ&D
&KDPEHUODLQ XQXO GLQ SULPLL FDUH DX vQ&HOHV SULPHMGLLOH DFHVWHL VLWXD&LL RYLD
vQWUHFHOHGRX&UL(OIFXVHDYDQVXUL*HUPDQLHLGDUDFHVWHDIXVHVHUUHVSLQVH
'XSvQORFXLUHDORUGXOXL6DOLVEXU\SULQQHSRWXOVX%DOIRXUOD'RZQLQJ6WUHHWL
SULQ ORUGXO /DQVGRZQH OD )RUHLJQ 2IILFH R vPSFDUH FX )UDQ&D GHYHQL PDL
OHVQLFLRDV &X DWkW PDL PXOW FX FkW RDPHQLL GH VWDW GLQ FHOH GRX &UL
vQVSLPkQWD&LGHSXWHUHDJHUPDQGRUHDXRDSURSLHUH'XSRFOWRULHvQ
D UHJHOXL (GXDUG OD 3DULV FOWRULH FDUH D VFKLPEDW DPELDQ&D VHQWLPHQWDO D
QHJRFLHULORU WUDWDWLYHOH vQFHSXU 7UVWXUD ORU HVHQ&LDO D IRVW UHQXQ&DUHD
)UDQ&HL OD RULFH SUHWHQ&LH DVXSUD (JLSWXOXL vQ VFKLPEXO UHFXQRDWHULL GH FWUH
$QJOLD D LQWHUHVHORU )UDQ&HL vQ 0DURF YHFLQXO $OJHULHL $FRUGXO VHPQDW vQ 
SXQFWXOGHSOHFDUHDOXQHL$QWDQWHFRUGLDOHVHUHPDUFDSULQDFHHDFVDWLVIFHD
vQPRGHJDODPEHOHSU&L)XVHVHUUHJOHPHQWDWHWRDWHYHFKLOHOLWLJLLFXSULYLUHOD
7HUUD1RYD$IULFD$VLD&HOHGRXJXYHUQHvLSURPLWHDXXQXODOWXLDVSULMLQXOORU
GLSORPDWLFID&GHWHU&LvQYHGHUHDH[HFXWULLDFHVWHLFRQYHQ&LL$VWIHOVHWHUPLQD
vQ PRG IHULFLW OXQJD ULYDOLWDWH FDUH GH OD FXFHULUHD QRUPDQG GHVSU&LVH FHOH
GRX &UL ,QWHUHVH GLQDVWLFH LQWHUHVH UHOLJLRDVH LQWHUHVH LPSHULDOH WRWXO OH
VLWXDVH SH SR]L&LL RSXVH $FXP FHUWXULOH VH WHUPLQDVHU ILHFDUH GLQWUH FHOH GRX
SXWHULDYHDGHDLFLvQDLQWHXQLPSHULXELQHDGDSWDWILULLVDOHLIRU&HORUVDOH1LFL
XQDGLQHOHQXPDLUkYQHDODWHULWRULLOHFHOHLODOWH3UHDIRDUWHSUREDELOFDDFHVWH
GRX QD&LXQL VDWXUDWH V DMXQJ FXUkQG VL DFRUGH VSULMLQ UHFLSURF vPSRWULYD
SXWHULORUPDLSX&LQELQHvQ]HVWUDWH


,,,*XYHUQXOJHUPDQYHGHDFXQHOLQLWHDSURSLHUHDGLQWUH)UDQ&DL$QJOLDL
SULYHDFXPkQLHDFRUGXOUHIHULWRUOD0DURF&DUvQFDUHDYHDXQHOHLQWHUHVH'DU
DWHSWD R RFD]LH IDYRUDELO SHQWUX D SURWHVWD 2FD]LD LR RIHUL vQ  U]ERLXO
UXVRMDSRQH] 5XVLD FX WRDWH H]LWULOH &DUXOXL VH DSURSLDVH GH YUHR ]HFH DQL GH
)UDQ&D 'XS vQIUkQJHUHD VD vQFHWDVH FHO SX&LQ SHQWUX R YUHPH V PDL FRQWH]H
FD SXWHUH PLOLWDU )UDQ&D GXS DIDFHUHD 'UH\IXV SUHD SUHD vQYUMELW GH
FHUWXUL LQWHUQH FD V PDL SRDW VXV&LQH YUHR OXSW vQ DIDU $QJOLD R YD VSULMLQL
RDUH GDF *HUPDQLD YD OXD R SR]L&LH IHUP" *XYHUQXO JHUPDQ FUHGHD F QX
9HQLVHFOLSDIDYRUDELOSHQWUXDVHGHEDUDVDGHDFHO'HOFDVVHSHFDUH*HUPDQLDvO
FRQVLGHUD IXULWRUXO XQHL FRDOL&LL vQGUHSWDW vPSRWULYD HL 2 GHEDUFDUH D
vPSUDWXOXL*HUPDQLHLOD7DQJHUDSRLXQXOWLPDWXPDELDGHJKL]DWGGXUORFOD
WHPHUL GH U]ERL /RUGXO /DQVGRZQH vL RIHUL OXL 'HOFDVVH QX R DOLDQ& FL R
VWUkQJHUH D OHJWXULORU FDUH XQHDX FHOH GRX &UL 5RXYLHU SUHHGLQWHOH
&RQVLOLXOXLIUDQFH]vQIULFRDWGHDPHQLQ&ULOH*HUPDQLHLSUHIHUVFDSLWXOH]H
'HOFDVVpIXVDFULILFDW7LPSGHFkWHYDVSWPkQLRDPHQLLGHVWDWEULWDQLFLVH




vQWUHEDUGDFSROLWLFD$QWDQWHLFRUGLDOHIXVHVHRSROLWLFvQ&HOHDSWPDLLXQLH



,9 'DU $QJOLD vQFHSH V VH DSURSLH GH FHDVXO DO GRLVSUH]HFHOHD *XYHUQXO
FRQVHUYDWRU SULQ SROLWLFD VD FX SULYLUH OD vQY&PkQW vL QHPXO&XPLVH DOLD&LL
UDGLFDOLL XQLRQLWL FROLOH  UHOLJLRDVH GDU QX FRQIHVLRQDOH  vQILLQ&DWH SH ED]D
OHJLL )RUVWHU GLQ  VDWLVIFXVHU SH QHFRQIRUPLWL GDU GHVHUYLVHU SH
DQJOLFDQL L SH FDWROLFL &DELQHWXO XQLRQLVW FRPSXV vQ PDMRULWDWH GLQ DQJOLFDQL
GHFLVH FD WRDWH FROLOH OLEHUH VDX QX V SULPHDVF VXEYHQ&LL GH OD VWDW
vQVWULQkQGXLDVWIHOSHDOHJWRULLQHFRQIRUPLWLDOHJWRULLOXL&KDPEHUODLQLDL
SULHWHQLORU VL 6LP&LQG F VH GH]OQ&XLH R IXUWXQ -RVHSK &KDPEHUODLQ VH
VWUGXLVRvQEXHODQVkQGRLGHHQRXLGHHDWDULIHORUSUHIHUHQ&LDOHFDUHDUXQL
PDL VWUkQV FRPHU&XO PHWURSROHL FX DO FRORQLLORU 6XQWH&L XQ SRSRU LPSHULDO 
VSXVHHOHQJOH]LORUOVD&LVLQWUHvQPRGOLEHUSURGXVHOHLPSHULXOXLLVXSXQH&L
OD WD[H PUIXULOH YHQLWH GLQ DOWH &UL 'DU D SURWHJXL JUkXO FDQDGLDQ RLOH
DXVWUDOLHQH EXPEDFXO GLQ ,QGLD vQVHPQD D UHGHVFKLGH vQWUHDJD FRQWURYHUV UH
IHULWRDUH OD OLEHUXO VFKLPE 2U UHOLJLD DL FUHL SURIH&L IXVHVHU &REGHQ L %ULJKW
LDUVLU5REHUW3HHOPDUWLUXOvLSVWUDVHvQPRGFLXGDWYLWDOLWDWHD$QJOLDVHPULVH
LSURVSHUDVHvQWUXQUHJLPDOOLEHUXOXLVFKLPEHDGDWRUDDFHVWXLUHJLPXQVHFRO
GH IHULFLUH R DOLPHQWD&LH DEXQGHQW L YDULDW SLH&H SHQWUX SURGXVHOH
PDQXIDFWXULORUVDOH(DvLSVWUDFUHGLQ&DvQDFHVWUHJLPQ]DGDU&KDPEHUODLQ
GHPRQVWUD HURDUHD OXL &REGHQ &REGHQ OHD VSXV HQJOH]LORU GLQ YUHPHD OXL F
VFRSXO VX HUD V IDF GLQ $QJOLD DWHOLHUXO OXPLL LDU GLQ UHVWXO XQLYHUVXOXL
JUkQDUXO $QJOLHL 'DU UHVWXO OXPLL QX FRQFHSHD vQ IHOXO DFHVWD VRDUWD HL L LD
UVSXQV OLEHUXOXL VFKLPE HQJOH] SULQWUXQ SURWHF&LRQLVP DFWLY *HUPDQLD L
6WDWHOH8QLWHDXFRQVWUXLWX]LQHFDUHDXOXSWDWFXVXFFHVvPSRWULYDFHORUHQJOH]H
Q PXOWH LQGXVWULL $QJOLD HUD EWXW 'DF QX YRLD V SLDUG vQ DFHODL WLPS L
GRPLQLRDQHOHVDOHLLQGXVWULLOHVDOHWUHEXLDVUHDF&LRQH]H$FHVWHGRFWULQHLDX
VXUSULQVIUVLFRQYLQJSHSDUWL]DQLLOLEHUXOXLVFKLPEGLQFDELQHW$SHOXOOD
VHQWLPHQWXO LPSHULDO vL HPR&LRQDVH SUHD SX&LQ SH DOHJWRUL L FKLDU OH GLVSOFHD
SHQWUXFHQWX]LDVPXOXLGLQSULPHOH]LOHDOHU]ERLXOXLEXULORUvLXUPDVHDWXQFL
FkQGDFHVWDVDSUHOXQJLWXQIHOGHSDFLILVPLGHDQWLLPSHULDOLVP7R&LSDUWL]DQLL
OLEHUXOXLVFKLPEGLQFDELQHWvLSUH]HQWDUOXL%DOIRXUGHPLVLDORU8QLRQLVPXOVH
GHVWUPDVH9HQLVHFHDVXODOGRLVSUH]HFHOHD


9 3DUWLGXO OLEHUDO DYX RDUHFDUH JUHXW&L vQ IRUPDUHD XQXL JXYHUQ 3HQWUX D
HYLWDFHUWXULOHYHFKLLOHDGHULIXUvQGHSUWD&LLSULPPLQLVWUXIXQXPLWVLU+HQU\
&DPSEHOO%DQQHUPDQGHODFDUHQXVHDWHSWDPDUHOXFUXGDUFDUHVHFRPSRUW
DGPLUDELO (O PXUL vQ  LL VXFFHG 0U $VTXLWK PDUH SDUODPHQWDU GH R
LQGLVFXWDELO QREOH&H GH FDUDFWHU )RUHLJQ 2IILFHXO vL UHYHQL OXL VLU (GZDUG *UH\
GHVFHQGHQWGLQYHFKHDLFHOHEUDIDPLOLHZKLJ3DUVLIDOvQFXUFDWvQWURSDUWLGGH
SRNHUDFHVWPDUHVHQLRULGLOLFLORLDODYHDVFRQGXFGHVWLQHOH$QJOLHLVSUHFHD
PDL JUDY FUL] GLQ LVWRULD VD 3ULQWUR LURQLH D VRDUWHL SDFLILVWXO FDELQHW OLEHUDO
DGYHUVDU DO LPSHULDOLVPXOXL L DO FKHOWXLHOLORU PLOLWDUH PRWHQHD vQWRFPDL FD
*ODGVWRQH vQ  R VLWXD&LH FDUHO REOLJD V DGRSWH R SR]L&LH IHUP *UH\ DELD
LQVWDODW OD )RUHLJQ 2IILFH WUHEXL V VH RFXSH GH FRQIHULQ&D GH OD $OJHVLUDV
FRQYRFDWSHQWUXDUHJOHPHQWDVRDUWD0DURFXOXLLVDXWRUL]H]HFRQYRUELULvQWUH
VWDWHOHPDMRUH DOH )UDQ&HL $QJOLHL L %HOJLHL &RQIHULQ&D VH WHUPLQ IU QLFL R




FDWDVWURIvQWUXFkWGRPQXOYRQ%ORZFHGvQID&DDWLWXGLQLLIHUPHD$QJOLHLL
D RVWLOLW&LL vQWUHJLL (XURSH 'DU GLQ  SkQ vQ  VWULOH GH DOHUW VH
VXFFHGDU XQD GXS DOWD )ORWD JHUPDQ FUHWHD DWkW GH UDSLG vQFkW VH SXWHD
SUHYHGHD PRPHQWXO FkQG YD HJDOD DSRL YD GHSL IORWD HQJOH] (FKLOLEUXO
SXWHULL vQ (XURSD VH UXSVHVH 2ULFkW GH SDFLILF DU IL IRVW JXYHUQXO OLEHUDO HO VH
FRQVLGHUD UHVSRQVDELO SHQWUX VHFXULWDWHD &ULL L WLD F $QJOLD OLSVLW GH
VXSUHPD&LD SH PDUH DU IL R &DU SLHUGXW 'XS ]DGDUQLFH HIRUWXUL SHQWUX D VH
DMXQJH OD XQ DFRUG QDYDO FX vPSUDWXO L FX DPLUDOXO 7LUSLW] FDELQHWXO OX
PVXUL GH DSUDUH 8Q DFRUG FX 5XVLD FDUH FRPSOHWD SH DFHOD vQFKHLDW vQ 
FX )UDQ&D JUXS FHOH WUHL SXWHUL vQ 7ULSOD $OLDQ& *HUPDQLD SUHWLQVH F HVWH
vQFHUFXLW L IU vQGRLDO F R L FUHGHD /RUGXO +DOGDQH WLWXODU OD :DU 2IILFH
UHRUJDQL]DUPDWDvQILLQ&RDUPDWWHULWRULDOLDOFWXLXQVWDWPDMRU/DDPLUD
OLWDWH DPLUDOXO )LVKHU VXV&LQXW GH :LQVWRQ &KXUFKLOO VH VWUGXL V UHJUXSH]H
IORWHOH SUHD vPSUWLDWH L V FRQVWLWXLH vQ 0DUHD 1RUGXOXL R SXWHUQLF PDV GH
PDQHYU3ROL&LDvQ0HGLWHUDQIXOVDWvQFHDPDLEXQSDUWHvQJULMD)UDQ&HL


9,&XUVDvQDUPULORUvQJKL&LUHVXUVHOHSHFDUHSDUWLGXOOLEHUDOvLSURSXVHVH
VOHFRQVDFUHUHIRUPHORUVRFLDOH(DQHPXO&XPLLGHFHS&LRQSHDOHJWRUL'DF
SDUWLGXO VDU IL SRUQLW V IDF QRL DOHJHUL IU FD vQ SUHDODELO V VH IL UHDELOLWDW
SULQWURSURSDJDQGvQVkQXOSRSRUXOXLDUILPHUVODGH]DVWUX/OR\G*HRUJHXQ
WkQUUDGLFDOGLQ%DUD*DOLORUDJUHVLYLVHGXFWRUGHYHQLWPLQLVWUXDOILQDQ&HORU
JVL R WHP SRWULYLW SHQWUX DFHDVW SURSDJDQG VXVFLWDUHD RVWLOLW&LL ID& GH
ORU]L3UHVWLJLXODFHVWRUDIXVHVHDWLQVGHFkQGRULFHHQJOH]WLDFXQHOHWLWOXULGH
SDLU VH YkQGXVHU vQ SURILWXO IRQGXULORU HOHFWRUDOH 3DUWLGXO OLEHUDO DYHD ID& GH
vQDOWD &DPHU XQ UHVHQWLPHQW GHVWXO GH vQGUHSW&LW GHRDUHFH PVXULOH VDOH
SUHIHUDWH VHSDUD&LD ELVHULFLL vQ %DUD *DOLORU GH]YROWDUHD FROLORU QHFRQIRUPLVWH
+RPH 5XOH IXVHVHU vPSLHGLFDWH GH HD 'DU vQWUR &DU DWkW GH ILGHO WUDGL&LLORU
SHQWUX DL vQYLQJH SH SDLUL HL WUHEXLDX SXL vQ PRG LQGLVFXWDELO vQWUR VLWXD&LH
SURDVW GH H[HPSOX V ILH SXL vQ VLWXD&LD vPSRWULYD RULFUXL SUHFHGHQW GH D
UHVSLQJH EXJHWXO /OR\G *HRUJH SURSXVH XQ DQVDPEOX GH LPSR]LWH QRL L GH OHJL
VRFLDOH SH FDUHO LQWLWXO EXJHWXO SRSRUXOXL vPL WUHEXLH EDQL  VSXQHD HO 
SHQWUX D SOWL QRLOH FXLUDVDWH SHQWUX FKHOWXLHOL PLOLWDUH SHQWUX SHQVLLOH
EWUkQLORU L YRL FHUH FHORU ERJD&L (O vL vQVXL vQGHRVHEL LGHLOH IDELHQLORU L
LQVWLWXL QRL LPSR]LWH DVXSUD PDULORU SURSULHW&L UXUDOH L DVXSUD DFXPXOULORU GH
EXQXUL QHFkWLJDWH SULQ PXQF Q  ORU]LL DD FXP GRUHD /OR\G *HRUJH
UHVSLQVHU EXJHWXO L SDUODPHQWXO IX GL]ROYDW &DPSDQLD HOHFWRUDO DUW FkW GH
FRQVHUYDWRDUHUPVHVH$QJOLDOXL(GXDUG0DVDDOHJWRULORUWUHEXLDVRSWH]HvQ
WUH R DGXQDUH DULVWRFUDWLF L XQ EXJHW GHPDJRJLF 5H]XOWDWXO IX VXUSULQ]WRU
/LEHUDOLLSLHUGXUXQPDUHQXPUGHORFXUL$VTXLWKDYHDvQ&DPHUD&RPXQHORUR
VLWXD&LHDVHPQWRDUHFXDFHHDSHFDUHRDYXVHVHRGLQLRDU*ODGVWRQH1XSXWHD
V RE&LQ YRWDUHD EXJHWXOXL IU VSULMLQXO LUODQGH]LORU L WUHEXL V FXPSHUH
VSULMLQXO ORU SULQWUR SURPLVLXQH GH DXWRQRPLH +RPH 5XOH'DU FD SURPLVLXQHD
V DLE RDUHFDUH YDORDUH WUHEXLD DEROLW YHWRXO ORU]LORU GHRDUHFH HUD VLJXU F R
&DPHU GH SDLUL QX YD YRWD QLFLRGDW GH]PHPEUDUHD LPSHULXOXL L DVWIHO SUR
EOHPDEXJHWXOXLWUHFXSHDOGRLOHDSODQLDUOLPLWDUHDGUHSWXOXLGHYHWRSHSULPXO
&XPVILHGHWHUPLQD&LORU]LLVYRWH]HSURSULDORUGHFGHUHGLQGUHSWXUL"1XHUD
SRVLELOGHFkWSULQPHWRGDIRORVLWvQLvQLDQXPHDPHQLQ&DUHDFXR
QRXSURPR&LHGHSDLUL'DUFKLDULDFHDVWDPHQLQ&DUHDYHDQHYRLHGHVSULMLQXO
UHJHOXLHUDVLJXUFHOQXOYDDFRUGDGHFkWGXSQRLDOHJHUL

%HUQKDUGYRQ%ORZFDQFHODUDO*HUPDQLHLvQWUHL





9,,/RU]LLSUXGHQ&LYRWDUEXJHWXOOXL/OR\G*HRUJH0RDUWHDOXL(GXDUGDO
9,,OHD  vQWUHUXSVH OXSWD GLQWUH SDUWLGH GDU SUHD DSULJ HUD YLROHQ&D
VHQWLPHQWHORU SHQWUX FD FHDUWD V VH IL PUJLQLW OD DWkW 1RLOH DOHJHUL GkQG
DFHOHDL UH]XOWDWH FD FHOH SUHFHGHQWH DGLF R PDMRULWDWH OLEHUDORLUODQGH] QRXO
UHJH *HRUJH DO 9OHD FRQVWUkQVH &DPHUD /RU]LORU VXE DPHQLQ&DUHD FUHULL XQHL
QRL SURPR&LL GH SDLUL V YRWH]H HD vQVL OLPLWDUHD SXWHULORU VDOH QFHSkQG GLQ
RULFHPVXUILQDQFLDUYRWDWGH&DPHUD&RPXQHORUGHYHQHDOHJHGXSR
OXQ FKLDU GDF ORU]LL UHIX]DX VR YRWH]H Q FH SULYHWH FHOHODOWH OHJL &DPHUD
/RU]LORU SVWUD XQ GUHSW GH YHWR VXVSHQVLY GDU GXS YRWXO IDYRUDELO DO &DPHUHL
&RPXQHORU GDW vQ WUHL VHVLXQL VXFFHVLYH &DPHUD 3DLULORU WUHEXLD V VH vQFOLQH
$FHVWHPVXULGHDOWIHOQXDXOLSVLW&DPHUD/RU]LORUGHRULFHSUHVWLJLX(DFRQ
WLQX V MRDFH XQ URO PRGHUDWRU L GH]EDWHULOH HL DX DGHVHD PDL PXOW YDORDUH
LQWHOHFWXDOLRUDWRULFGHFkWDOH&DPHUHL&RPXQHORU


9,,, $FHDVW OHJH GUHDSW D IRVW YRWDW vQWUR DWPRVIHU GH XU /XSWHOH
SROLWLFH GLQ $QJOLD OXDU vQWUH  L  XQ FDUDFWHU DWkW GH YLROHQW FXP QX
DYXVHVHUGHPXOWvQDFHDVW&DU/OR\G*HRUJHvQYUMELVHFODVHOHvQWUHHOHEDL
ELVHULFLOH Q PLQH OD FLOH IHUDWH SXWHUQLFH FRUSRUD&LL PXQFLWRUHWL VH ULGLFDX
vPSRWULYDDXWRFUDWLFHORUFRUSRUD&LLSDWURQDOHQSHULRDGDDFHDVWDVDXGH]OQ&XLW
QXPHURDVH JUHYH 3URJUHVHOH WLLQ&HL DX GXV OD vQPXO&LUHD EXQXULORU GH FRQVXP
&ODVD PXQFLWRDUH vL UHFODPD SDUWHD HL 2 QRX DMXVWDUH vQWUH GUHSWXULOH
SDWURQXOXL L DFHOHD DOH VDODULD&LORU VH SXWHD IDFH IU WXOEXUUL" 'DF UHJLPXO
SDUODPHQWDU WUHEXLD V PDL GXUH]H HUD QHFHVDU FD WUDGHXQLRQXULOH V ILH L HOH
UHSUH]HQWDWH vQ SDUODPHQW 3DUWLGXO OLEHUDO DYX vQ&HOHSFLXQHD V SUHJWHDVF
DFHDVWWUDQ]L&LHSULQWURvQWUHDJVHULHGHOHJLGLQWUHFDUHFHDPDLLPSRUWDQWD
IRVW DFHHD FDUH DFRUGkQG GHSXWD&LORU R UHPXQHUD&LH IFHD &DPHUD VL SLDUG
FDUDFWHUXO HL GH FOXE DULVWRFUDWLF 3DUWLGXO ODEXULVW FDUH vQ  QX DYHD GHFkW
GRL GHSXWD&L QXPUD vQ  FLQFL]HFL GH UHSUH]HQWDQ&L $OWXUL GH SDUWLGXO
OLEHUDO D YRWDW FkWHYD OHJL GH DVLJXUDUH vQ IDYRDUHD PXQFLWRULORU 7RWXL IHPHLOH
FDUH GRUHDX V RE&LQ GUHSWXO GH YRW VXIUDJHWHOH H[DVSHUDWH GH DWLWXGLQHD
JXYHUQXOXL L D &DPHUHL &RPXQHORU ID& GH HOH UHQXQ&DU OD PHWRGHOH OHJDOH L
vQFHUFDUPDLPXOWVLVSHULHSHEUED&LSULQYH[D&LXQLGHFkWVLFRQYLQJSULQ
DUJXPHQWH /HJHD +RPH 5XOH YRWDW vQ  VH L]EL vQ ,UODQGD GH UH]LVWHQ&D
SWLPDDSURWHVWDQ&LORUGLQ8OVWHU$FHWLDGHFODUDUFQXYRUDFFHSWDVVH
GHVSDUW GH $QJOLD L F OD QHYRLH VH YRU DSUD FX IRU&D HIXO ORU VLU (GZDUG
&DUVRQLSULHWHQLLVLDOFWXLUXQJXYHUQSURYL]RULXLvLRUJDQL]DURDUPDW
GXSPDQLIHVWULOHRIL&HULORUGLQWDEUDGHOD&XUUDJKHUDGHWHPXWFRSDUWHGLQ
DUPDWD UHJXODW EULWDQLF DU SXWHD UHIX]D V PHDUJ vPSRWULYD 8OVWHUXOXL
5HQXQ&kQGODRELQXLWDSUXGHQ&DSDUWLGXOXLVXOHDGHUXOXQLRQLVW%RQDU/DZ
vO VXV&LQX SH &DUVRQ $VTXLWK SHQWUX D HYLWD XQ U]ERL FLYLO SURSXVH V GHD
8OVWHUXOXLXQUJD]GHDVHDQL1XYUHPRVHQWLQ&GHPRDUWHFXRVXVSHQGDUH
GHDVHDQLUVSXQVH&DUVRQQSHULFROXOGHYHQLLPLQHQW/HJHDXUPDV
ILHDSOLFDW/LSVHDQXPDLDVHQWLPHQWXOFRURDQHL6HIFHDXPDULHIRUWXULSHQWUX
DOGHWHUPLQDSH*HRUJHDO9OHDVQXLGHDDVHQWLPHQWXOLVFHDUGL]ROYDUHD
SDUODPHQWXOXL /D  LXOLH  UHJHOH vQVXL GHVFKLVH R FRQIHULQ& D UH

1XPHOHYHFKLDOFHOHLPDLVHSWHQWULRQDOHSURYLQFLLD,UODQGHLD]L,UODQGDGH1RUGFDUHFRQWLQX
DILXQLWFX$QJOLD




SUH]HQWDQ&LORUJXYHUQXOXLRSR]L&LHL,UODQGHLL8OVWHUXOXLQDOHOXQLLDFHDVW
FRQIHULQ& QHvQWUH]ULQG QLFL R VSHUDQ& GH vQ&HOHJHUH OX VIkULW Q DFHHDL ]L
$XVWULDWULPLVHXQXOWLPDWXP6HUELHL


,;Q(XURSDFDLvQ$QJOLDGXSRSHULRDGGHUHODWLYOLQLWHDXUPDWR
HSRF DJLWDW WXOEXUH DIODW VXE LPSXOVXO XQHL ILOR]RILL D YLROHQ&HL
&RQVHUYDWRULVPXOXL VWDWLF DO 6ILQWHL $OLDQ&H LGHDOLVPXOXL LQHILFDFH DO
UHYROX&LRQDULORUGLQOLVHVXEVWLWXLDDFXPSROLWLFDUHDOLVWDOXL&DYRXUDOXL
%LVPDUFNLSXWHUQLFDOXSWGHFODVSHFDUHRSUH]LVHVHU.DUO0DU[L*HRUJHV
6RUHO &X WRDWH F OLEHUDOLVPXO HUD OD SXWHUH vQ $QJOLD GRFWULQD VD LGHDOLVW
UHIRUPLVW UD&LRQDO L PRUDO HUD SUHWXWLQGHQL &LQXW vQ DK GH VXIUDJHWH
H[DVSHUDWHGHJUHYLWLQHUEGWRULGHLUODQGH]LUHYROWD&LGHRIL&HULUHEHOLQDFHVW
PRPHQWXQXOGLQFHOHPDLvQJUR]LWRDUHU]ERDLHvQWUHUXSVHSHWLPSGHSDWUXDQL
GXUHURDVHOH L LQFRQWLHQWHOH FD]QH vQ FDUH EWUkQD QD&LXQH GGHD QDWHUH XQHL
$QJOLLQRL




;
0$5(/(5=%2,


,/DPLMORFXOVHFROXOXLDO;O;OHDLSkQSULQXQU]ERLSHYLD&LSH
PRDUWH vQWUH *HUPDQLD L $QJOLD DU IL SUXW GH QHFRQFHSXW $FHVWH GRX &UL
FDUHL DPLQWHDX FX SOFHUH GH RULJLQHD L UHOLJLD ORU FRPXQ QX DYHDX LQWHUHVH
RSXVHGLQDVWLLOHORUHUDXXQLWHSULQFHOHPDLVWUkQVHOHJWXULGHIDPLOLH5LYDOD
5XVLHL vQ $VLD D )UDQ&HL vQ $IULFD $QJOLD QX vQWkOQHD vQ GUXPXO VX QLFLHUL vQ
OXPH YUHR SLHGLF GLQ SDUWHD *HUPDQLHL /D vQFHSXWXO VHFROXOXL DO ;;OHD
VLWXD&LDVHVFKLPE6HLYLVHXQQRXVXYHUDQGXS)LOLSDO,,OHDGXS/XGRYLF
DO;O9OHDGXS1DSROHRQFDUHDVSLUDODKHJHPRQLDSHFRQWLQHQWLGRUHDVL
IXUHDVF R IORW FDSDELO V vQIUXQWH IORWD HQJOH] R GDW PDL PXOW SROLWLFD
HFKLOLEUXOXL SXWHULL SUHD D FHUH $QJOLHL V VH RSXQ XQRU DVWIHO GH SUHWHQ&LL
Q&HOHJHUHD FX )UDQ&D DSRL FX 5XVLD D GHYHQLW vQFHSkQG GLQ  R UHDF&LH
GHIHQVLYSURYRFDWGHDPHQLQ&ULOHDPLUDOXOXL7LUSLW]7UHEXLHVSXQHPPkQD
SHWULGHQWXOOXL1HSWXQVSXQHDvPSUDWXO*HUPDQLHL&HHDFHvLSXVHSHJkQGXUL
SHGH&LQWRULLGHDWXQFLDLWULGHQWXOXL


,, 'DU GDF SDUWLGXO FRQVHUYDWRU DPLUDOLWDWHD L Fk&LYD OLEHUDOL GH JHQLX FD
:LQVWRQ&KXUFKLOOSUHVLP&HDXWUDGL&LRQDOXOSHULFROJXYHUQXO$QJOLHLHUDSHDWXQFL
SURIXQG SDFLILVW $VWIHO F QX L VD IFXW QLFL )UDQ&HL QLFL 5XVLHL QLFL XQ IHO GH
SURPLVLXQH IRUPDO SkQ vQ DXJXVW  2SLQLD SXEOLF VWSkQ VXYHUDQ D
KRWUkULORU EULWDQLFH QDU IL WROHUDW XQ U]ERL DO FUXL PRWLY XQLF DU IL IRVW
QHFHVLWDWHD GH D SVWUD VXSUHPD&LD SH PDUH &DX]D LPHGLDW D U]ERLXOXL GLQ
 XQ XOWLPDWXP DXVWULDF DGUHVDW 6HUELHL vQ XUPD DVDVLQULL DUKLGXFHOXL
PRWHQLWRU QXL SXWHD HPR&LRQD SH DOHJWRULL HQJOH]L $ WUHEXLW FD JHUPDQLL V
LQWUH vQ %HOJLD vQ SRILGD WUDWDWHORU GH QHXWUDOLWDWH SHQWUX D GHFODQD DFHO YDO
VHQWLPHQWDO FDUH XPIOkQG YDOXO GH UHDOLVP D ULGLFDW DSURDSH vQWUHDJD $QJOLH vQ
SLFLRDUH 'H DOWPLQWHUHD FKLDU GDF *HUPDQLD DU IL UHVSHFWDW QHXWUDOLWDWHD




%HOJLHL $QJOLD WRW VDU IL Y]XW VLOLW V LQWUH vQ U]ERL GDU FHYD PDL WkU]LX &X
WRDWH F QXL OXDVH QLFL XQ DQJDMDPHQW GLUHFW ID& GH )UDQ&D PXO&L EUED&L GH
VWDW HQJOH]L HUDX GH SUHUH F QLFL RQRDUHD QLFL VHFXULWDWHD SURSULHL ORU &UL QX
vQJGXLDXVODVHFD)UDQ&DVILH]GURELW&XDWkWPDLSX&LQSXWHDXWROHUDFHHD
FH QLFLRGDW :LOKHOP GH 2UDQLD VDX 3LWW QDU IL SHUPLV SUH]HQ&D *HUPDQLHL OD
$QYHUV L OD &DODLV $VTXLWK SULPXO PLQLVWUX L *UH\ PLQLVWUXO DIDFHULORU
H[WHUQH HUDX KRWUk&L VL GHD GHPLVLD vQ FD]XO vQ FDUH $QJOLD DU IL UPDV
QHXWU 9LRODUHD GH FWUH *HUPDQLD D IURQWLHUHL EHOJLHQH OD  DXJXVW GHWHUPLQ
WULPLWHUHDXQXLXOWLPDWXPOD%HUOLQ


,,, 'HL VH UHJVHVF vQ PDUHOH U]ERL DQXPLWH FDUDFWHULVWLFL DOH U]ERDLHORU
FRQWLQHQWDOHVXV&LQXWHGH$QJOLDvQWUHFXWSROL&LDPULORUFRDOL&LHFRQWLQHQWDO
VXEVLGLL SHQWUX DOLD&L L OD vQFHSXW WULPLWHUHD XQXL PLF FRUS H[SHGL&LRQDU vQ
)ODQGUDVXQWvQVLWUVWXULQRLD3HQWUXSULPDRDUIRU&HOHPRELOL]DWHHUDX
DWkWGHQXPHURDVHLSHULFROXODWkWGHJUDYvQFkW$QJOLDvQVLvPSRWULYDWXWXURU
WUDGL&LLORU VDOH WUHEXL V UHFXUJ OD UHFUXWDUH 0DVD FHW&HQLORU EULWDQLFL SkQ
DWXQFL DGSRVWLW vQ VSDWHOH VROGD&LORU GH SURIHVLH VXSRUW JUHX FDODPLW&LOH
U]ERLXOXL E 3HQWUX SULPD RDU GHDVHPHQHD VXEPDULQXO HUD V YLQ GH KDF
UH]LVWHQ&HL HQJOH]H )ORWD DVLJXUDVH IU JUHXWDWH WUDQVSRUWXO FRUSXOXL H[SHGL
&LRQDUGDUQXPUXOLUD]DGHDF&LXQHDVXEPDULQHORUJHUPDQHFUHWHDXGLQFHvQ
FHPDLPXOWQH[LVWDXvQOXPHDSURDSHRSWPLLGHYDVHFRPHUFLDOHGHFXUV
OXQJ GLQWUH FDUH SDWUX PLL HUDX HQJOH]H 'LQ  SkQ vQ  *HUPDQLD
VFXIXQG FLQFL PLL 'LQ GRX]HFL GH PLOLRDQH GH WRQH RSW PLOLRDQH DMXQVHU SH
IXQGXO RFHDQXOXL /D vQFHSXW DQWLHUHOH GH FRQVWUXF&LH vQORFXLU GHVWXO GH XRU
SLHUGHULOH vQFHSkQG GLQ  ULWPXO WRUSLOULORU VH DFFHOHU L GHSL ULWPXO
vQORFXLULORU'DFQXVDUILJVLWXQUHPHGLXDOLD&LLDUILIRVWODSPkQWFDPSULQ
OXQDDXJXVWGLQOLSVGHWUDQVSRUWXUL


,9 $FHDVW VLWXD&LH FXQRVFXW GH JHUPDQL LD GHWHUPLQDW V WRUSLOH]H
YDVHOHFKLDUQHXWUHFXULVFXOGHDVLOL6WDWHOH8QLWHVVHDOWXUHDOLD&LORUFHHDFH
VD L vQWkPSODW vQ  5]ERLXO VXEPDULQ D IRVW DQLKLODW SULQ RUJDQL]DUH GH
FRQYRDLHDSUDWHGHWRUSLORDUHSULQIRORVLUHDQDYHORUGHU]ERLFDPXIODWHvQYDVH
FRPHUFLDOH vQ VFRSXO GLVWUXJHULL VXEPDULQHORU SULQ EORFDUHD SRUWXULORU EHOJLHQH
FDUH VHUYHDX GH ED]H JHUPDQLORU Q  DPHQLQ&DUHD VXEPDULQHORU IXVHVH DWkW
GH ELQH vQOWXUDW vQFkW WUDQVSRUWXO D SDWUX]HFL L GRX GH GLYL]LL DOH 6WDWHORU
8QLWHVDVROGDWFXRSLHUGHUHWRWDOGHGRXVXWHGHRDPHQL&XWRDWHFVLQJXUD
PDUH EWOLH QDYDO GLQ WLPSXO U]ERLXOXL DFHHD GLQ DSHOH ,XWODQGHL D UPDV
LQGHFLV VH SRDWH VSXQH F $QJOLD LD SVWUDW VXSUHPD&LD SH PDUH vQ WLPSXO
U]ERLXOXL GLQ  GHRDUHFH IORWD JHUPDQ vQ DIDU GH FkWHYD UHPDUFDELOH
LVSUYL DOH XQRU YDVH L]RODWH QD SXWXW SUVL SRUWXULOH )U IORWD EULWDQLF
DSURYL]LRQDUHDDOLD&LORUDUILIRVWLPSRVLELO


9 3ULPXO RELHFWLY IL[DW GH JXYHUQXO HQJOH] FRUSXOXL VX H[SHGL&LRQDU D IRVW
DSUDUHDSRUWXULORUGHOD&DQDOXO0kQHFLLL0DUHD1RUGXOXL'DURELHFWLYXOQXD
SXWXW IL DWLQV GHFkW vQ PRG LPSHUIHFW GHRDUHFH JHUPDQLL DX FXFHULW $QYHUV
2VWHQGH L =HHEUXJJH SULQ EWOLD GH OD <SUHV vQV &DODLV L %RXORJQH DX IRVW
VDOYDWH&kQGIURQWXORFFLGHQWDODIRVWvQvQWUHJLPHEU]GDWGHOLQLLOHFRQWLQXHDOH
WUDQHHORU GH OD PDUH SkQ OD IURQWLHUD HOYH&LDQ PXOWH VSLULWH MXGLFLRDVH DWkW




GLQ$QJOLDFkWLGLQ)UDQ&DLQWHUYHQLUFXVIDWXULOHORUGHDVHRFROLDFHDVWOLQLH
HIRUWXO PLOLWDU XUPkQG D VH vQGUHSWD vQ DOW SDUWH 8QLL VXJHUDX 6DORQLFXO L R
YLJXURDV FDPSDQLH vQ %DOFDQL FDUH DU UDOLD OD FDX]D DOLD&LORU XQHOH SRSRDUH
RYLHOQLFH SUHFXP JUHFLL EXOJDULL L WXUFLL DO&LL SURSXQHDX R GHEDUFDUH vQ
'DUGDQHOH SHQWUX D IRU&D WUHFHUHD SULQ VWUkPWRUL L D DSURYL]LRQD 5XVLD )X
DFFHSWDW LGHHD DFHVWRUD GLQ XUP GDU FX WRDWH HIRUWXULOH HURLFH L LPHQVHOH
SLHUGHULGHQDYHLRDPHQLSHQLQVXOD*DOOLSROLQXSXWXILFXFHULW3XWHULOHDOLDWH
WUHEXLU V UHYLQ OD WDFWLFD VkQJHURDV D DWDFXOXL IURQWDO vPSRWULYD SR]L&LLORU
IRUWLILFDWH3HQWUXDYHQLvQDMXWRUXODUPDWHLIUDQFH]HDWDFDWOD9HUGXQDUPDWD
HQJOH]GGXFRVWLVLWRDUHDEWOLHGHSH6RPPH3kQvQLXQLHUH]XOWDWXOSH
IURQWXO RFFLGHQWDO HUD vQGRLHOQLF 7DQFXULOH VDX FDUHOH GH DVDOW FDUH IRORVLWH vQ
PDVDUILSXWXWSHUPLWHVVHRE&LQRUXSHUHDIURQWXOXLJHUPDQIXUvQFHUFDWH
SUHD GHYUHPH L vQWUXQ QXPU SUHD PLF 7DQFXULOH DX IRVW LQYHQ&LD FHD PDL
RULJLQDO D U]ERLXOXL L ULSRVWD HILFDFH D WUXSHORU GH RF ID& GH SURJUHVXO
SURLHFWLOHORU HOH VXQW SHQWUX LQIDQWHULD PRGHUQ FHHD FH IXVHVH DUPXUD SHQWUX
U]ERLXO GLQ HYXO PHGLX 8Q DOW DVSHFW DO U]ERLXOXL GLQ  D IRVW UROXO
FYDGUXSOX SH FDUH OD DYXW DYLD&LD UHFXQRDWHUH ERPEDUGDPHQW YkQWRDUH
OXSWGLUHFWvPSRWULYDLQIDQWHULHL


9, )HUPLWDWHD WXWXURU SRSRDUHORU GLQ LPSHULXO EULWDQLF D IRVW GH
QH]GUXQFLQDW$QJDMDPHQWHOHYROXQWDUHLDSRLUHFUXWDUHDDXGDWRSWPLOLRDQHGH
RDPHQL 7RDWH GRPLQLRDQHOH L ,QGLD vQVL YHQLU vQ DMXWRUXO PHWURSROHL 1XPDL
,UODQGDGH6XGFDUHODvQFHSXWXOU]ERLXOXLSUXVHWRWXLLPSUHVLRQDWGHVRDUWD
%HOJLHL FDWROLFH D IRVW YLFWLPD FHO SX&LQ vQ SDUWH D SURSDJDQGHL JHUPDQH 2
UVFRDO OD 'XEOLQ D WUHEXLW V ILH UHSULPDW FX PDUL SLHUGHUL GH DPEHOH SU&L
3DUWLGXO UHEHOLORU VDX 6LQQ)HLQ GHYHQL PDL WkU]LX SDUWLG GH JXYHUQPkQW vQ
,UODQGD&RVWXOU]ERLXOXLGLQSkQvQDWLQVHDSURDSHQRXPLOLDUGH
GH OLUH SOXV GRX PLOLDUGH vPSUXPXWDWH DOLD&LORU vQ WLPS FH U]ERDLHOH
QDSROHRQLHQHQDXFRVWDWvQGRX]HFLLGRLGHDQLGHFkWRSWVXWHWUHL]HFLLXQX
GH PLOLRDQH GH OLUH 'LQ DFHVWH QRX PLOLDUGH SDWUX DX IRVW IXUQL]DWH GH
LPSR]LWHOH SHUFHSXWH vQ WLPSXO U]ERLXOXL ,QFRPHWD[ VD ULGLFDW OD DVH LOLQJL
SHQWUXROLUXQLPSR]LWVXSOLPHQWDUDVXSUDYHQLWXULORUPDULSXWHDDWLQJHVLQJXU
DVHLOLQJL&XUkQGDOLPHQWHOHWUHEXLUVILHUD&LRQDOL]DWH*XYHUQXOSURFHGFX
PDUH JULM SHQWUX D LPSXQH UHVWULF&LLOH vQ HJDO PVXU L FHORU VUDFL L FHORU
ERJD&L 6DUFLQLOH GH U]ERL DX IRVW UHSDUWL]DWH PXOW PDL MXVW GHFkW SH YUHPHD OXL
3LWWLOLEHUW&LOHSXEOLFHSHFkWSRVLELODXIRVWUHVSHFWDWH8QSRSRUXQLWVXV&LQX
DFHVWU]ERLSkQODYLFWRULHQXSHQWUXFLVDUILLPSXVGHFWUHFRQGXFWRULFL
SHQWUXFFHW&HQLLVLvOFRQVLGHUDXXQU]ERLGUHSW


9,, /D vQFHSXW DUPDWD VH SOkQJHD SH EXQ GUHSWDWH GH OLSV GH PXQL&LL
5]ERLXO HUD vQDLQWH GH WRDWH XQ U]ERL GH DUWLOHULH L QLFL XQXO GLQWUH SRSRDUHOH
EHOLJHUDQWH vQ DIDU SRDWH GH *HUPDQLD QX HUD SUHJWLW QWUH )UHQFK
FRPDQGDQWXO FRUSXOXL H[SHGL&LRQDU L .LWFKHQHU PLQLVWUXO GH U]ERL UHOD&LLOH
GHYHQLU GLILFLOH 8Q FDELQHW GH FRDOL&LH DWULEXL 0LQLVWHUXO 0XQL&LLORU OXL /OR\G
*HRUJHFDUHFXRFD]LDXQHLQRLUHPDQLHULIXQXPLWSULPPLQLVWUX&RQGXFHUHD
U]ERLXOXLIXvQFUHGLQ&DWXQXLFDELQHWGHU]ERLFRPSXVGLQFLQFLPHPEULXQIHO
GH'LUHFWRUDWH[HFXWLYSHFDUHOSUH]LGD/OR\G*HRUJH)XGHDVHPHQHDFRQYRFDW
XQ FDELQHW GH U]ERL LPSHULDO DOFWXLW GLQ SULPPLQLWULL GRPLQLRDQHORU L
,QGLHL$FHVWHLQVWLWX&LLGHU]ERLGLVSUXURGDWFXUHVWDELOLUHDSFLL






9,,, )RU&D *HUPDQLHL L FXUDMXO DUPDWHORU VDOH DSDU vQ PRG FODU GDF VH
REVHUY F vQ  GXS SDWUX DQL GH U]ERL vPSRWULYD XQHL FRDOL&LL HXURSHQH
*HUPDQLD HUD GHSDUWH GH D IL vQYLQV 3RDWH F QLFL QDU IL IRVW GDF QX
LQWHUYHQHDX 6WDWHOH 8QLWH 3ULQWUXQ DWDF vQGUHSWDW vPSRWULYD SXQFWXOXL GH VX
GXUDODUPDWHORUIUDQFH]HFXFHOHHQJOH]HFRPDQGDPHQWXOXLJHUPDQQXLDOLSVLW
PXOWvQPDUWLHSHQWUXDVHSDUDDFHVWHDUPDWHXQDGHDOWDLDLvPSLQJHSH
HQJOH]L VSUH PDUH /D  PDUWLH  OD 'RXOOHQV PDUHDOXO )RFK IX QXPLW
FRPDQGDQW VXSUHP DO DUPDWHORU DOLDWH $WDFXULOH JHUPDQH FRQWLQXDX V ILH
UHGXWDELOH GDU VRVLUHD UDSLG D GLYL]LLORU DPHULFDQH DYHD V SHUPLW UHGUHVDUHD
DOLD&LORULIRUPDUHDXQRULPSRUWDQWHUH]HUYH(HFXODWDFXOXLJHUPDQGLQLXOLH
GLQ&KDPSDJQHDWDFGHMXFDWSULQWURPDQHYUFRQFHSXWGH3pWDLQH[HFXWDWGH
*RXUDXG L LQVSLUDW GH IHOXO FXP D SURFHGDW :HOOLQJWRQ OD 7RUUHV 9HGUDV L
FRQWUDDWDFXOOXL0DQJLQOD9LOOHUV&RWWHUrWVLXOLHPDUFKHD]PRPHQWXO
vQ FDUH VSHUDQ&D D WUHFXW GLQWUR WDEU vQ FHDODOW /D  DXJXVW vQFHSX
FRQWUDRIHQVLYD EULWDQLF SRUQLW GH HQJOH]L FDQDGLHQL L DXVWUDOLHQL QWUH
DFHDVW GDW L  QRLHPEULH GDWD DUPLVWL&LXOXL FDUH SXVH FDSW U]ERLXOXL
PDUXO DOLD&LORU IX FRQWLQXX L YLFWRULLOH ORU QHvQWUHUXSWH QIUkQJHUHD DSRL
UHYROX&LDJHUPDQvOVLOLUSHvPSUDWXO:LOKHOPVVHUHIXJLH]HHOVHDGSRVWLvQ
2ODQGD0DULQDULLGLQIORWDJHUPDQSULPLQGRUGLQVSUHVIkULWXOOXLRFWRPEULHV
vQFHUFH RLHLUH GLVSHUDW vQ ODUJ VH UVFXODU 'HFkW VSUHGHD YDVHOH ORU HQJOH
]LORU RIL&HULL JHUPDQL OH VFXIXQGDU OD 6FDSD )ORZ (QJOH]LL VFSDU GH XQ
FRPDU R IORW ULYDO vQ (XURSD 3HQWUX $QJOLD DFHVWD HUD RELHFWLYXO SULQFLSDO DO
U]ERLXOXL (D DWLQVHVH L DOWHOH %HOJLD L FRDVWD 0ULL 1RUGXOXL VFSDVHU GH
RULFH DPHQLQ&DUH 0HVRSRWDPLD 3DOHVWLQD FRORQLLOH JHUPDQH GLQ $IULFD IXVHVHU
FXFHULWHGHDUPDWHOHVDOHVDXDOHDOLD&LORUVXEGLIHULWHIRUPHDFHVWHWHULWRULLDYHDX
VILHGHDWXQFLvQFRORvQFRUSRUDWHvQLPSHULXVDXVJUDYLWH]HvQMXUXOOXL


,;(UDILUHVFFDRYLFWRULHDWkWGHFRPSOHWGXSXQU]ERLDWkWGHJUHXV
IL IRVW VHPQDOXO XQHL RUJLL GH RYLQLVP $OHJHULOH FDUH DYXU ORF vQ $QJOLD GXS
DUPLVWL&LX VH WHUPLQDU SULQWUR &DPHU NDNL DOHDV SH ED]D XQXL SURJUDP
YLQGLFDWLY &DELQHWXO EULWDQLF DGXJkQG OD UHSDUD&LLOH GDXQHORU SULFLQXLWH L
FRQWUDYDORDUHD SHQVLLORU GH U]ERL D ULGLFDW GHVSJXELULOH FHUXWH *HUPDQLHL OD
QLWHFLIUHDEVXUGH)XGHDOWIHOSULPXOFDELQHWFDUHSURPLVHSDUODPHQWXOXLVX
SHGHSVLUHD YLQRYD&LORU GH U]ERL 3HQWUX D GHWHUPLQD SRSRDUHOH V vQGXUH
VXIHULQ&HOH vQJUR]LWRDUH L SLHUGHULOH LQXPDQH WR&L HILL GH JXYHUQ DX WUHEXLW V
D&k&HVSLULWHOHSkQODQHEXQLHQXOHDIRVWvQVXRUVOHOLQLWHDVF3DFHDGH
OD 9HUVDLOOHV D IRVW DDGDU R SDFH QHUHXLW )UDQ&HL FUHLD /OR\G *HRUJH vL
UHIX]DVH IURQWLHUD 5LQXOXL L VH SURSXVH vQ VFKLPE XQ WUDWDW GH DOLDQ& FDUH QD
IRVW QLFLRGDW UDWLILFDW ,WDOLD ID& GH FDUH VDX OXDW DQJDMDPHQWH SUHFLVH vQ
PRPHQWXO LQWUULL HL vQ U]ERL IX WUDWDW GH DPHULFDQL L GH HQJOH]L FX R
UHDYRLQ& YHFLQ FX RVWLOLWDWHD Q VIkULW *HUPDQLD IX DGXV OD GHVSHUDUH

 7UDWDWXO GH OD 9HUVDLOOHV L FHOHODOWH WUDWDWH GH OD VIkULWXO SULPXOXL U]ERL PRQGLDO VXQW
FULWLFDELOHvQPXOWHSXQHWH,JQRUDUHDYRLWLFRPSOHWDSULPXOXLVWDWVRFLDOLVW5XVLDVRYLHWLF
 UHSDUD&LLOH GH U]ERL VWDELOLWH OD VXPH DVWURQRPLFH QHUHDOLVWH L UHvPSU&LUHD FRORQLLORU vQWUH
vQYLQJWRULVXQWFkWHYDH[HPSOHFRQFUHWH'HLXQHOHFHUFXULEXUJKH]HRFFLGHQWDOHDXYRUELWLPDL
YRUEHVF GH EDOFDQL]DUHD (XURSHL LVWRULD LD VSXV GHILQLWLY FXYkQWXO VWDWHOH QD&LRQDOH XQLWDUH
LQGHSHQGHQWHVXYHUDQHVXQWRUHDOLWDWHYLDELOLQPVXUDvQFDUHDXWRULLWUDWDWHORUGLQ
 DX IDYRUL]DW FRQVWLWXLUHD VDX GHVYkULUHD FRQVWUXLULL ORU HL QX SRW IL FRQGDPQD&L SHQWUX
DFHDVWD



SULQWUXQWUDWDWSUHDEOkQGvQSDUWHDOXLGXULSUHDGXUvQSDUWHDOXLEOkQG
1XHUDDFHDSD[EULWDQQLFDFXFDUHVHWHUPLQDVHUDOWHU]ERDLH




;,
3(5,2$'$',175(&(/('285=%2$,(


, 5]ERLXO GLQ  D ]JXGXLW PXOW PDL DGkQF SODQHWD GHFkW
U]ERDLHOHQDSROHRQLHQH6WDWHPLOHQDUHDXGLVSUXWQRLVWDWHDXIRVWFUHDWH7UD
WDWHOH GLQ  QHJOLMDVHU IRU&HOH QD&LRQDOH FHO GLQ  D WUH]LW QD&LRQDOLVPH
GHVSUHFDUHVDUILSXWXWFUHGHFVDXVWLQV5DVHLOLPELDXLHLWGLQPRUPLQWHOH
VHFROHORUQWLPSFH5XVLDGHYHQHDXQVWDWFRPXQLVWVDXY]XWQVFkQGXVHvQ
,WDOLD L vQ *HUPDQLD GLFWDWXUL L VWDWH WRWDOLWDUH FDUH DX vQORFXLW UHJLPXULOH
SDUODPHQWDUH 7RDWH DFHVWH WUDQVIRUPUL DX DYXW DVXSUD $QJOLHL R LQIOXHQ& PDL
PLF GHFkW VDU IL SXWXW FUHGH 1D&LXQH FX XQ FDUDFWHU SUHD RULJLQDO SHQWUX D IL
VHQVLELO OD vQUkXULUL GLQ DIDU HD D JVLW SHQWUX SUREOHPHOH HSRFLL VROX&LL
DGDSWDELOH QDWXULL VDOH L WRWXL $QJOLD QX D IRVW VFXWLW QLFL HD GH VFKLPEUL
SROLWLFHLHFRQRPLFHLPSRUWDQWH


,, Q SROLWLFD LQWHUQ FHD PDL UHPDUFDELO GLQWUH VFKLPEUL D FRQVWLWXLWR
OHJHDHOHFWRUDOFDUHDFRQVDFUDWXQLYHUVDOLWDWHDUHDODYRWXOXL$SUREDWvQSOLQ
U]ERLLVLPEROL]kQGXQLWDWHDQD&LRQDO5HSUHVHQWDWLRQRIWKH3HRSOH$FWD
GDWGUHSWGHYRWWXWXURUEUED&LORUSUHFXPLIHPHLORUGHODYkUVWDGHWUHL]HFLGH
DQLvQVXV$FHDVWOHJHDFUHDWRSWPLOLRDQHGHDOHJWRULQRLGLQFDUHDVHPLOL
RDQHIHPHL(DDIRVWFRPSOHWDWvQSULQWUXQWH[WFDUHDHPDQFLSDWIHPHLOH
ODDFHHDLYkUVWFXEUED&LL&HHDFHVXIUDJHWHOHQXSXWXVHURE&LQHSULQYLROHQ&
D IRVW FXFHULW vQ WLPSXO U]ERLXOXL SULQ GHYRWDPHQWXO L PXQFD IHPHLORU HQJOH]H
8Q DO GRLOHD IDSW SROLWLF LPSRUWDQW HVWH GLVSDUL&LD DSURDSH WRWDO D SDUWLGXOXL
OLEHUDO FDUH VXE QXPHOH GH SDUWLG ZKLJ DYHD R YHFKLPH GH WUHL VHFROH
)HQRPHQXO DFHVWD DUH FHO SX&LQ WUHL FDX]H D VFUXWLQXO FX XQ VLQJXU WXU QX
SHUPLWHSDUWLGHORUGHRSR]L&LHVVHGLYLG8QVFUXWLQFXGRXWXUXULVDXPDL
GHJUDE UHSUH]HQWDUHD SURSRU&LRQDO DU IL SXWXW VDOYD SDUWLGXO OLEHUDO 'DU XQ
DVWIHO GH UHJLP HOHFWRUDO vQ WHRULH PDL HFKLWDELO DU IL DGXV OD SXWHUH JXYHUQH
VODEHSHFDUH$QJOLDQXOHDJUHHD]ESDUWLGXOODEXULVWFXWRDWHFODRULJLQHD
IRVW XQ SDUWLG VRFLDOLVW L PXQFLWRUHVF QX HVWH XQ SDUWLG UHYROX&LRQDU 0XO&L
LQWHOHFWXDOLOLEHUDOLLDXJVLWORFXOORUDFRORFvQ$QJOLDPDULOHSUREOHPHSROLWLFH
ILLQG UH]ROYDWH VDX DSURDSH UH]ROYDWH vQ FKLS VDWLVIFWRU SHQWUX WR&L FHOH PDL
LPSRUWDQWH SUREOHPH GHYLQ SUREOHPHOH PXQFLL DOH RPDMXOXL DOH UHSDUWL&LHL
EXQXULORU 3DUWLGXO ODEXULVW VSULMLQLW GH WUDGHXQLRQXUL UHSUH]HQWD PDL ELQH
GHFkW SDUWLGXO OLEHUDO SUHULOH PDVHORU PXQFLWRUHWL FX SULYLUH OD DVHPHQHD VX
ELHFWH


,,, Q WLPSXO DQLORU FDUH DX XUPDW U]ERLXOXL vQ $QJOLD HFRQRPLD D
GHWHUPLQDWSROLWLFD&DLU]ERDLHOHQDSROHRQLHQHU]ERLXOGLQDIRVWXUPDW

 $XWRUXO YUHD V VSXQ F VFUXWLQXO FX XQ VLQJXU WXU QX SHUPLWH FRPELQD&LLOH FDUWHOXULOH
HOHFWRUDOHvQFKHLDWHSHSODQORFDO



GH R JUDY GHSUHVLXQH LQGXVWULDO &DX]HOH WXOEXUULORU DX IRVW DFHOHDL FD vQ
GHPRELOL]DUHDVXELWDXQXLPDUHQXPUGHRDPHQLFDUHQXLPDLJVHDX
ORFXO vQWUR HFRQRPLH WUDQVIRUPDW GH]YROWDUHD SURGLJLRDV D PDLQLVPXOXL
GDWRULW QHFHVLW&LORU GH U]ERL EXJHWXO XPIODW GH HQRUPLWDWHD GDWRULLORU
FRQWUDFWDWHvQWLPSXOFDPSDQLHL&UL]DGLQFXWRDWHFQDGDWORFOD
YLROHQ&H QLFL OD UVFRDOH D IRVW PDL SURIXQG L PDL SHULFXORDV GHFkW FHD GLQ
 2 EXFDW GH YUHPH Fk&LYD EXQL REVHUYDWRUL VH vQWUHEDX GDF QX
FXPYD$QJOLDHUDFRQGDPQDW$YDQVXOSHFDUHOOXDVHvQVHFROXODO;O;OHDID&
GH ULYDOLL VL IXVHVH SLHUGXW ,QGXVWULD VD QX DWkW GH ELQH HFKLSDW FD DFHHD D
*HUPDQLHL L D 6WDWHORU 8QLWH HUD vQ DIDU GH DFHDVWD SDUDOL]DW GLQ SULFLQD
VDODULLORUPDLULGLFDWHGHFkWDFHOHDGHSHFRQWLQHQWLGHFDUHWUDGHXQLRQXULOHQX
vQJGXLDXVVHDWLQJFLQHYD&RPHU&XOVXH[WHULRUVXIHUHDGLQFDX]DVUFLULL
OXPLL L D GLVSDUL&LHL FRQVXPDWRULORU IORWD FRPHUFLDO HUD OVDW IU QLFL R
vQWUHEXLQ&DUH3HQWUXDLSVWUDUROXOVXGHEDQFKHUDOOXPLLHDvQFHDUFSkQ
vQ  V PHQ&LQ YDORDUHDDXU D OLUHL VWHUOLQH L DFHDVW SROLWLF PRQHWDU
FDUH vQ WHRULH VH SXWHD VXV&LQH GDU FDUH vQ SUDFWLF VH GRYHGL QHIDVW IFX V
FUHDVFLPDLPXOWRPDMXO


,93UREOHPDRPDMXOXLHQJOH]HUDFRPSOH[1XPUXORDPHQLORURFXSD&LvQ
$QJOLD GXS U]ERL vQ UHDOLWDWH D FUHVFXW QX VD PLFRUDW Q  PXQFHDX 
  GH EUED&L L    GH IHPHL Q     GH EUED&L L 
IHPHL'DUQXPUXOWRWDODOFHW&HQLORUvQFXWDUHGHOXFUXHUDPDLPDUH
L PDL DOHV VH SURGXVHVH R GHSODVDUH D PkLQLL GH OXFUX 0LQHOH FLOH IHUDWH
LQGXVWULD WH[WLO IRORVHDX PDL SX&LQL PXQFLWRUL FRPHU&XO UDPXULOH GH DJUHPHQW
VSRUWXUL KRWHOXUL HWF WUDQVSRUWXULOH UXWLHUH IRORVHDX GLPSRWULY XQ QXPU PDL
PDUH /D DFHVWH VFKLPEUL OHJDWH GH QDWXUD LQGXVWULLORU FRUHVSXQG FXULRDVH
PLJUD&LXQL Q WLPSXO UHYROX&LHL LQGXVWULDOH FHQWUXO GH JUHXWDWH DO $QJOLHL VH
GHSODVDVH GH OD VXG OD QRUG DVW]L WUDQVSRUWXO HQHUJLHL HOHFWULFH PRWRDUHOH
DF&LRQDWHFXEHQ]LQDWUDJSRSXOD&LDVSUHVXGLvQVSHFLDOvQUHJLXQHD/RQGUHL
)RORVLUHD DFHVWRU QRL IRU&H H[SOLF RPDMXO JUDY DO PLQHULORU GDWRULW L PULULL
SURGXF&LHLvQDOWH&ULPDLELQHXWLODWHvQVSHFLDOvQ3RORQLDQRvQFHUFDUH
GH D VFGHD VDODULLOH PLQHULORU SURYRDF R JUHY JHQHUDO =LDUHOH vQFHWkQG V
DSDUJXYHUQXOSXEOLFRPLFIRDLHRILFLDO%ULWLVK*D]HWWHLvLDQH[vQPRG
WHPSRUDU%ULWLVK%URDGFDVWLQJ&RUSRUDWLRQVLQJXUDFRPSDQLHDXWRUL]DWvQ$QJOLD
VIDFHPLVLXQLGHUDGLR6WSkQSHRSLQLDSXEOLFVSULMLQLWGHPDMRULWDWHD&ULL
VXV&LQXW GH QXPHURL YROXQWDUL FDUH FRODERUDX FX SROL&LD L DVLJXUDX
DSURYL]LRQDUHDPDULORURUDHJXYHUQXOFRQVHUYDWRUDvQYLQVJUHYD


9&kQGQXPUXORPHULORUGHSLXQPLOLRQLMXPWDWHDVLJXUDUHDFRQWUD
RPDMXOXLQHPDLSXWkQGIDFHID&WUHEXLVILHvQORFXLWSULQWURVXEYHQ&LHGROH
VLVWHP UXLQWRU SHQWUX EXJHW 8Q JXYHUQ ODEXULVW SUH]LGDW GH 5DPVD\
0DFGRQDOG YHQLQG OD SXWHUH vQ  QX UHXL PDL PXOW GHFkW JXYHUQXO FRQ
VHUYDWRU V vQYLQJ RPDMXO L FUL]D Q 6WDWHOH 8QLWH vQ (XURSD FDSLWDOLWLL
SLHUGHDX RULFH vQFUHGHUH vQ YLLWRUXO $QJOLHL $XUXO HYDGD GLQ &DU Q WLPSXO FHOHL
GHD GRXD MXPW&L D OXQLL LXOLH  WUHL]HFL L FLQFL GH PLOLRDQH GH OLUH VH
VFXUVHU DVWIHO GLQ /RQGUD Q ULWPXO DFHVWD EDQFUXWD QX HUD GHSDUWH 5DPVD\
0DFGRQDOGVHJkQGLFXQFDELQHWQD&LRQDODULQVSLUDPDLPXOWvQFUHGHUH)UD
ILSXVvQPLQRULWDWHGHSDUODPHQWFDUHGHDOWIHOHUDvQYDFDQ&HOvLRIHUUHJHOXL
GHPLVLD )X vQVUFLQDW V IRUPH]H FX FRQFXUVXO FRQVHUYDWRULORU XQ FDELQHW GH




FRDOL&LHSHFDUHvOSUH]LGWRWHOvQGDWODFDUH6WDQOH\%DOGZLQOHDGHUXO
FRQVHUYDWRULORUvLXUPODSXWHUH


9, 5HGUHVDUHD UDSLG D HFRQRPLHL EULWDQLFH vQ SHULRDGD  vL
VXUSULQVH L SH FHL PDL RSWLPLWL 3H GH R SDUWH  L vQWUR ODUJ PVXU  HD VH
GDWRUD VkQJHOXL UHFH DO QD&LXQLL SH GH DOWD HQHUJLFXOXL PLQLVWUX DO ILQDQ&HORU
1HYLOOH &KDPEHUODLQ 0HWRGHOH IRORVLWH DX IRVW GHVWXO GH VLPSOH D $QJOLD D
UHQXQ&DWVPHQ&LQYDORDUHDDXUDOLUHL&XUVXOHLDVF]XWvQ)UDQ&DGHODOD
 GH IUDQFL ,QVXODULWDWHD PXQFLWRULORU L D IXQF&LRQDULORU EULWDQLFL D IFXW FD
DFHDVW VFGHUH V QX ILH XUPDW GH R FUHWHUH LPSRUWDQW D VDODULLORU 3UH&XULOH
HQJOH]H DX VF]XW PDL PXOW GHFkW DFHOHD DOH EORFXOXLDXU IDYRUL]kQG H[SRUWXO
%ULOH VFDQGLQDYH $PHULFD GH 6XG L vQWUR DQXPLW PVXU $PHULFD GH 1RUG
XUPkQG IOXFWXD&LLOH OLUHL VH FRQVWLWXL R ]RQ D OLUHL vQ LQWHULRUXO FUHLD SLD&D
/RQGUHLSXWHDVLFRQWLQXHUROXOVXGHFHQWUXEDQFDUE/LEHUXOVFKLPEDIRVW
DEDQGRQDW/DFRQIHULQ&DGHOD2WWDZDRDPHQLLGHVWDWEULWDQLFLLQYLWDVHU
GRPLQLRDQHOH V vQFKHLH FX PHWURSROD DFRUGXUL HFRQRPLFH 'DU GRPLQLRDQHOH VH
DUWDU SX&LQ HQWX]LDVPDWH L HHFXO DFHVWD vL vQFXUDM SH PLQLWULL HQJOH]L V
FDXWH UH]ROYDUHD SUREOHPHORU ORU PDL FXUkQG vQWUR UHRUJDQL]DUH LQWHUQ 7DULIH
SURWHF&LRQLVWH vQJGXLU LQGXVWULDLORU  vQ GDXQD )UDQ&HL L D *HUPDQLHL  V
UHFXFHUHDVFSLD&DHQJOH]:DOWHU(OOLRWIFXXQPDUHHIRUWSHQWUXDUHDQLPD
DJULFXOWXUD L FUHWHUHD YLWHORU F Q VIkULW EXJHWXO D IRVW HFKLOLEUDW JUD&LH
HFRQRPLLORU DFFHSWDWH FX FXUDM L D XQRU QRL LPSR]LWH 2 SROLWLF GH FUHGLWH
LHIWLQH SHUPLVH LQGXVWULHL GH FRQVWUXF&LL V FXQRDVF R PDUH SURVSHULWDWH 'RX
PLOLRDQH GH FDVH QRL IXU FOGLWH vQWUH  L  7RDWH DFHVWH PVXUL DX
SURGXVUH]XOWDWHIHULFLWH'HLRPDMXOHUDvQFGHSDUWHGHDILvQYLQVDvQFHSXWV
GHVFUHDVF


9,, ( FD]XO RDUH V VH FRQVHPQH]H VIkULWXO OLEHUXOXL VFKLPE vQ $QJOLD
PRDUWHD$QJOLHLLQGLYLGXDOLVWHLLPSHULDOH"(FD]XOVVHDGPLWFVDQVFXWR
QRX$QJOLHDXWDUKLFLSURWHF&LRQLVW"$GHYUXOHPXOWPDLVLPSOXQVHFROXO
DO ;O;OHD GLIHUHQ&D GH QLYHO vQWUH FLYLOL]D&LD HXURSHDQ L UHVWXO OXPLL FUHDVH XQ
ODUJFXUHQWGHVFKLPEXULFDUHDVLJXUDVHvQDFHODLWLPSELUXLQ&DXQXLFRQWLQHQW
LDXQHLGRFWULQH)RU&DDFHVWXLFXUHQWQXSXWHDGHFkWVVHPLFRUH]HU]ERLXO
DDFFHOHUDWVFKLPEDUHDVLVWHPXOXLQWkOQLQGGHRGDWXQWDLIXQHFRQRPLF$QJOLD
D VWUkQV YHOHOH QWUR HSRF GH GH]RUGLQH PRQGLDO HD JVL FL DYDQWDMRV V
UHXQHDVFSURGXF&LDLFRQVXPD&LDvQWUXQJUXSPLFXRUGHFRQWURODW(YRUED
GHXQFRPSURPLVLQXGHRFRQYHUWLUH


9,,, 7RW XQ FRPSURPLV D SHUPLV HQJOH]LORU VL VDOYH]H LPSHULXO D FUXL
GH]PHPEUDUHHUDDQXQ&DWGHPXO&LHXURSHQLSULQ'RPLQLRDQHOH&DQDGD
$XVWUDOLD 1RXD =HHODQG $IULFD GH 6XG  GGXVHU vQ WLPSXO U]ERLXOXL IU
SUHFXSH&LUH RDPHQL L EDQL FD V DMXWH PHWURSROD 'DU vQ&HOHJHDX VR IDF vQ
FDOLWDWH GH VWDWH LQGHSHQGHQWH &kQG IX FUHDW 6RFLHWDWHD 1D&LXQLORU FHUXU V
DLE UHSUH]HQWDQ&L GHRVHEL&L GH FHL DL $QJOLHL $O GRLOHD VWDWXW GH OD :HVWPLQVWHU
VWLSXODFSDUODPHQWXOEULWDQLFQXYDPDLDYHDGUHSWXOVOHJLIHUH]HSHQWUX
GRPLQLRDQHFGUHSWXOGHSDFHVDXGHU]ERLFDLDFHODGHDvQFKHLDWUDWDWHvQ
FHHD FH OH SULYHWH YD DSDU&LQH GRPLQLRDQHORU L vQ VIkULW SULPPLQLWULL

2PSROLWLFFRQVHUYDWRUvQWUHLDGH&LQXWLIXQF&LLJXYHUQDPHQWDOH



GRPLQLRDQHORU GHSLQGHDX GLUHFW GH VXYHUDQ 'H DFL vQDLQWH UHJHOH HVWH VLQJXUD
OHJWXU RILFLDO GLQWUH $QJOLD L QD&LXQLOH FDUH IRUPHD] &RPPRQZHDOWKXO
3ULQWUXQWUDWDWGLQVHKRWUkVHFDL,UODQGDVILHGRPLQLRQ6HFUHDVHXQ
VWDW OLEHU DO ,UODQGHL GH 6XG SURYLQFLLOH 8OVWHUXOXL UPkQkQG DD FXP GRUHDX
HQJOH]H'LQSkQvQ,UODQGDVXESUHHGLQ&LDGOXL&RVJUDYHDFFHSW
DFHDVWVLWXD&LHGDUvQGH9DOHUDFDUHOvQORFXLSH&RVJUDYHUXSVHFRPSOHW
WRDWH OHJWXULOH FX $QJOLD 'LQ DFHO PRPHQW ,UODQGD QX PDL UHFXQRDWH QLFL
OHJWXUD PRQDUKLF QX WULPLWH UHSUH]HQWDQ&L OD FHUHPRQLLOH EULWDQLFH L VH
FRPSRUWFDXQVWDWLQGHSHQGHQW


,;7UHFHUHDGHODYLD&DUXUDOODYLD&DXUEDQIXVHVHODvQFHSXWXOVHFROXOXLDO
;O;OHD FDX]D XQRU PDUL VXIHULQ&H OD vQFHSXWXO VHFROXOXL DO ;;OHD GH]YROWDUHD
WUDQVSRUWXULORU UXWLHUH L DFHHD D GLVWUDF&LLORU SRSXODUH D DGXV GLPSRWULY R
UHQDWHUH D YLH&LL UXUDOH 3H ODUJL DXWRVWU]L FLUFXODX vQ WRDW $QJOLD DXWRFDUH
PDLQL PRWRFLFOHWH DOH FURU YDOXUL DFRSHULQG UDUHOH DXWRPRELOH GH OX[ HUDX
VHPQXOXQHLUDSLGHQLYHOULDFODVHORU3HPDOXOPULORUDOUkXULORUDOSLVFLQHORU
VH ULGLFD R QRX 0HUU\ (QJODQG SHQWUX FDUH JUDPRIRQXO L UDGLRXO vQORFXLVHU
YLROD G
DPRUH L FODYHFLQXO /LEHUWDWHD PRUDYXULORU OH vQJGXLD WLQHULORU L
WLQHUHORU V JXVWH vPSUHXQ DFHVWH SOFHUL 6DYDQ&LL URPDQFLHULL GUDPDWXUJLL
HPDQFLSDVHU GH UHWLFHQ&HOH YLFWRULHQH R PDUH SDUWH GLQ WLQHUHWXO HQJOH] 7HDWUXO
GLQ/RQGUDDIRVWvQWUHFHOHGRXU]ERDLHWRWDWkWGHvQGU]QH&FDSHYUHPHDOXL
&RQJUHYH VDX D OXL :\FKHUOH\ 6H SXWHD REVHUYD FRQFRPLWHQW OD URPDQFLHUL FD
/DZUHQFH L $OGRXV +X[OH\ VLQFHULWDWHD HSRFLL SULPLORU UHJL KDQRYULHQL
VXSUDYLH&XLUHD SXULWDQLVPXOXL L WUDQVIRUPDUHD UDGLFDOLVPXOXL UHOLJLRV vQWUXQ
UDGLFDOLVP SROLWLF SDFLILVW L VH[XDO 1X WUHEXLH XLWDW GH DOWIHO vQ LQWHUSUHWDUHD
DFHVWRU DXWRUL F RSHUHOH ORU QX HUDX FLWLWH GHFkW GH R PLQRULWDWH L F vQ vQWUHJ
LPSHULXOPLULDGHGHEUED&LLIHPHLUPkQHDXFUHGLQFLRLGLVFLSOLQHORUUHOLJLRDVH
LPRUDOHDOHVHFROXOXLSUHFHGHQW


;&XUHQWXOGHRSLQLLFDUHDGXVSHQHDWHSWDWHODDEGLFDUHDUHJHOXL(GXDUG
DO9,,,OHDGHFHPEULHDIFXWHYLGHQWSHQWUXWRDWOXPHDH[LVWHQ&DLIRU&D
DFHVWHL $QJOLL WUDGL&LRQDOH 3ULQWHOH VX *HRUJH DO 9OHD L PDPD VD UHJLQD
0DULD vQWULVHU L PDL PXOW SULQ VLPSOLWDWHD L GHPQLWDWHD YLH&LL ORU SUHVWLJLXO
PRQDUKLHL -XELOHXO UHJHOXL *HRUJH L GXS FkWHYD OXQL IXQHUDOLLOH VDOH
vQJGXLVHU SRSRDUHORU GLQ LPSHULX VL PDQLIHVWH ORLDOLVPXO (GXDUG DO
9,,,OHDvQVXLIXVHVHvQFRQMXUDWODvQFHSXWXOGRPQLHLVDOHGHRVLPSDWLHDSURDSH
XQDQLP$QJOLDSUHDIHULFLWFDJVLWXQVXYHUDQPRGHUQLGHYLD&FDUHvQ
]LXD XUFULL SH WURQ D YHQLW FX DYLRQXO OD /RQGUD L FDUH YL]LWD vQ HJDO PVXU
FDVWHOHOH SDLULORU L FDVHOH RPHULORU 'DU 7LPHV DYHD VL DSOLFH OXL (GXDUG DO
9,,,OHDvQDLQWHGHDILWUHFXWPFDUXQDQFXYLQWHOHOXL7DFLW2PQLXUDFRQVHQVX
FDSD[,PSHULLQLVLLPSHUDVVHW


;, 'RPQLD QX GXUDVH QLFL ]HFH OXQL FkQG FHW&HQLL HQJOH]L L FHL GLQ

,QVWUXPHQWPX]LFDOFXFRDUGHDSUXWvQVHFROXODO;9,,OHDLUVSkQGLWvQVHFROXODO;9,,,OHD
DYkQGXQWLPEUXGXOFHSRWULYLWSHQWUXH[HFXWDUHDSLHVHORUOLULFH
 'XS SUHUHD WXWXURU YUHGQLF GH GRPQLH GDF QDU IL GRPQLW vQ OLPED ODWLQ 7DFLWXV
+LVWRULDH,FXYLQWHOHLVWRULFXOXLURPDQVHUHIHUODvPSUDWXO*DOEDDQXOHQ




GRPLQLRDQHDIODUGLQ]YRQXULSHUVLVWHQWHSUHFXPLGLQ]LDUHOHDPHULFDQHF
UHJHOHVHSUHJWHDVLDGHVR&LHRDPHULFDQ0UV6LPSVRQFDUHHUDSHSXQFWXO
GH D RE&LQH DO GRLOHD GLYRU& DO HL 'H SUHWXWLQGHQL VRVHDX OD SULPXO PLQLVWUX
6WDQOH\ %DOGZLQ PHVDMH GH DYHUWL]DUH L GH QHOLQLWH DFHVWD vL FHUX UHJHOXL R
DXGLHQ& L vL H[SXVH SULPHMGLLOH XQHL DVWIHO GH KRWUkUL 1LPHQL QX LDU IL
FRQWHVWDWVXYHUDQXOXLGUHSWXOGHDOXDGHVR&LHDDFXPDXIFXWDWk&LDVWUPRL
DLVLRVWULQGDURPDUHSDUWHDVXSXLORUUHIX]DXVUHFXQRDVFRFVWRULH
FX R IHPHLH GH GRX RUL GLYRU&DW 5HJHOH vQVXL FRQWLHQW GH DFHVWH GLILFXOW&L
VXJHURFVWRULHPRUJDQDWLF1LFLROHJHHQJOH]QXSHUPLWHDVVHUHFXUJOD
XQDVWIHOGHH[SHGLHQWLQLFLJXYHUQXOEULWDQLFQLFLJXYHUQHOHGRPLQLRDQHORUQDU
ILFRQVLP&LWVSURSXQYRWDUHDXQHLOHJLQRLvQDFHDVWSULYLQ&7R&LDSUHFLDXF
R DVWIHO GH FVWRULH DU WLUEL vQ PRG JUDY DXWRULWDWHD FRURDQHL 6DU IL IRUPDW
IDF&LXQL GH QHvPSFDW 5HJHOH GHSDUWH GH D UPkQH DUELWUXO XQDQLP DFFHSWDW L
OHJWXUD FX VWDWHOH LPSHULXOXL SXWHD GHYHQL GLPSRWULY R SULFLQ GH vQYUMELUH
LVFDQGDO


;,,/DvQFHSXWXOOXQLLGHFHPEULHGH]EDWHUHDGHYHQLSXEOLFLWLPSGH
GRX]LOHRSLQLDORQGRQH]RVFLO=LDUHOHSRSXODUHDFX]DXJXYHUQXOELVHULFLOHL
DULVWRFUD&LD F DSUDX FX LSRFUL]LH R PRUDO vQYHFKLW PDQLIHVWDQ&LL VWULJDX SH
VWUDG9UHPSHUHJHOHQRVWUX'DUFKLDUOD/RQGUDPXO&LPLOHDFHVWHDHUDXSX&LQ
QXPHURDVH L PDVHOH PDL WFXWH GLQ SURYLQFLH DFHOHD GLQ %DUD *DOLORU GLQ
6FR&LDGLQGRPLQLRDQHvLvQWLLQ&DUFXUkQGSHUHSUH]HQWDQ&LLORUFvPSUWHDX
SUHUHD FDELQHWXOXL EULWDQLF 0DMRULWDWHD FHW&HQLORU GLQ UHJDW L GLQ LPSHULX
FHUHDX FD UHJHOH V DOHDJ vQWUH FRURDQ L FVWRULH 3DUODPHQWXO FDUH vQ WRW
WLPSXO FUL]HL D GRYHGLW R GLVFLSOLQ YROXQWDU GHPQ GH WRDW ODXGD D DSUREDW
IU UH]HUYH IHUPLWDWHD SULPXOXL PLQLVWUX (GXDUG DO 9,,,OHD vQVXL GRUHD V
DEGLFH6XQWJDWDVSOHFvLVSXVHVHOXL%DOGZLQ1LFLRFOLSHOQXVSULMLQLSHFHL
FDUH DU IL YUXW V WUDQVIRUPH DFHDVW GUDP VHQWLPHQWDO vQWUR LQWULJ SROLWLF
&KLDU vQ ]LXD FkQG GXS DEGLFDUH  GHFHPEULH  vL XUP OD WURQ IUDWHOH
VXVXEQXPHOHGH*HRUJHDO9OOHDHODGUHVGLQ:LQGVRUIRWLORUOXLVXSXLXQ
PHVDM vQ FDUH OH H[SOLFD KRWUkUHD OXDW L vL DILUPD vQ WHUPHQL PLFWRUL
ORLDOLVPXO ID& GH QRXO VXYHUDQ *RG VDYH WKH .LQJ DOWKRXJK , EH QRW KH
VFULVHVH6KDNHVSHDUHvQ5LFKDUGDO,,OHD


;,,,2GUDPDWkWGHFLXGDWFXP$QJOLDQXPDLFXQRVFXVHSkQDWXQFLD
GRYHGLW F UROXO PRQDUKLHL UPkQH GHVWXO GH LPSRUWDQW SHQWUX FD SRSRUXO VL
FHDU IDPLOLHL UHJDOH YLUWX&L H[HPSODUH F LQVWLWX&LLOH SDUODPHQWDUH vL SVWUHD]
FDSDFLWDWHD ORU GH D DVLJXUD FHOH PDL PDUL VFKLPEUL vQ VSLULW GH RUGLQH
vQ&HOHSFLXQHLGHPQLWDWHLvQVIkULWFQD&LXQHDPDPLGRPLQLFDQHOHSRWvQ
FD]XUL JUDYH V VH SXQ GH DFRUG  UHSHGH L GLVFUHW  vQ YHGHUHD XQHL DF&LXQL
FRPXQH $D FXP XQ EROQDY vQVQWRLW VH VLPWH XQHRUL PDL YLJXURV FD vQDLQWH
GHERDOLPSHULXOEULWDQLFDLHLWGLQDFHDVWFUL]PDLvQFUH]WRUvQOHJLOHVDOHL
vQ HO vQVXL &RSDFXO D IRVW YLROHQW ]JXGXLW GH IXUWXQ VD Y]XW DVWIHO L PDL
ELQHFkWGHWDULvLVXQWUGFLQLOH



'XPQH]HXVODSHUHSHUHJHGHLQXVXQWHXDFHOD vQOLPEDHQJOH]5LFKDUGDO,,OHDDFWXODO
,9OHDVFHQD,




;,9 QWUH FHOH GRX U]ERDLH WUDGL&LLOH $QJOLHL FDUH LDX VHUYLW DWkW GH ELQH
vQ SROLWLFD LQWHUQ DX GHVHUYLWR vQ SROLWLFD H[WHUQ DWXQFL FkQG D vQFHUFDW V
DSOLFH PHWRGH YHFKL OD R VLWXD&LH QRX ,GHHD FDUH R REVHGD HUD PHQ&LQHUHD
HFKLOLEUXOXL SXWHULL vQ (XURSD 'H DFHHD OD IHO FXP vQ  VXV&LQXVH )UDQ&D
vPSRWULYD DOLD&LORU vQ  VD WHPXW F *HUPDQLD D LHLW SUHD VOELW L FkQG
)UDQ&DFHUXFD6RFLHWDWHD1D&LXQLORUVILHSUHJWLWVDSOLFHODQHYRLHFXIRU&D
KRWUkULOH VDOH PLQLWULL HQJOH]L vL RSXVHU LGHHD FRQVWUkQJHULL PRUDOD
&RQVWUkQJHUHD PRUDO QX SXWHD DYHD YUHXQ HIHFW vQWUR YUHPH FkQG PDUL &UL
HXURSHQH FD ,WDOLD DSRL *HUPDQLD VH OVDX GRPLQDWH GH GLFWDWRUL $GROI +LWOHU
%HQLWR0XVVROLQLSRUQL&LvQYLUWXWHDGRFWULQHLORUVX]H]HGHYLROHQ&3RSRUXO
HQJOH] D vQ&HOHV OXFUXO DFHVWD FKLDU vQDLQWHD JXYHUQXOXL VX 3X&LQ FkWH SX&LQ
SURSDJDQGD IFXW vQ WRDW &DUD GH 8QLXQHD SHQWUX 6RFLHWDWHD 1D&LXQLORU
VSULMLQLWGHELVHULFLFUHRPLVWLFD*HQHYHL&kQGvQ,WDOLDFXFHUL(WL
RSLD XQ YDO GH VLPSDWLH VXV&LQX EUXVFD UHDF&LH LPSHULDO L SHQWUX SULPD RDU
GLQ  0DUHD %ULWDQLH SURSXVH V VH DSOLFH VDQF&LXQLOH SUHY]XWH GH SDFW
$QJOLDL)UDQ&DPHUJHDXvQFRQWUDWLPS6DQF&LXQLOHLQVXILFLHQWHIXUOLSVLWHGH
HIHFW,WDOLDVHWUH]LDUXQFDWvQWDEUD*HUPDQLHL$[D5RPD%HUOLQLFDELQHWXO
OXL1HYLOOH&KDPEHUODLQFDUHvLXUPvQOXL%DOGZLQvQFHUFVGXFRSROL
WLFGHvPSFLXLUH


;9 3ROLWLFD DFHDVWD QX SXWHD UHXL FX DYHQWXULHUL FDUH QX UHVSHFWDX GHFkW
IRU&D QFXUDMDW GH XQ WUDWDW QDYDO SH FDUHO SURSXVHVH L DVXSUD FUXLD 0DUHD
%ULWDQLHF]XVHGHDFRUGSUHFXPLGHIDSWXOF)UDQ&DL$QJOLDvLvQJGXLVHUV
UHPLOLWDUL]H]H vQ  PDOXO VWkQJ DO 5LQXOXL +LWOHU vQWUHSULQVH R VHULH GH
FXFHULUL GH U]ERL $VWIHO vQ PDUWLH  IX DQH[DW $XVWULD $SRL YHQL UkQGXO
&HKRVORYDFLHL 'O &KDPEHUODLQ L SULHWHQLL VL FUHGHDX F GDF VH YD GD
VDWLVIDF&LH *HUPDQLHL vQ DQXPLWH SXQFWH HD YD IL GLVSXV DSRL V FRRSHUH]H OD
PHQ&LQHUHDRUGLQLLHXURSHQH/DFRQIHULQ&DGHOD0QFKHQGLQVHSWHPEULH
0DUHD %ULWDQLH L )UDQ&D DEDQGRQDU &HKRVORYDFLD 9 DGXF SDFHD L RQRDUHD
VSXVH&KDPEHUODLQFkQGVHvQWRDUVHOD/RQGUD(UDXFXYLQWHOHOXL'LVUDHOLGXS
&RQJUHVXO GH OD %HUOLQ :LQVWRQ &KXUFKLOO UVSXQVH $QJOLD L )UDQ&D DYHDX GH
DOHVvQWUHSDFHLGH]RQRDUH(OHDXDOHVGH]RQRDUHDLYRUDYHDU]ERL&KXUFKLOO
DYHDGUHSWDWHGHRDUHFH+LWOHUY]kQGOD0QFKHQFHVODEHHUDXGHPRFUD&LLOHQX
VHPDLWHPXGHDFXPvQFRORGHQLPLF'HLVHDQJDMDVHVUHVSHFWHFHHDFH PDL
UPkQHDGLQ&HKRVORYDFLDvQPDUWLHVHKRWUvvQGLVSUH&XODQJDMDPHQWHORU
OXDWHID&GH&KDPEHUODLQVLQYDGH]HWRDW&DUD


;9,+LWOHUQXSUHY]XVHVFKLPEDUHDSHFDUHXQDVWIHOGHVSHUMXUvOYDDGXFH
vQDWLWXGLQHDOXL&KDPEHUODLQQWURFOLSRPXOGHVWDWFDUHFXWDVHDWkWGHPXOW
SULHWHQLD *HUPDQLHL GHYHQL DGYHUVDUXO HL 'HRDUHFH WRWXO OVD V VH SUHYDG F
YLFWLPDFHDPDLDSURSLDWYDIL3RORQLDHOLQIRUPJXYHUQXOSRORQH]FvQFD]XOvQ
FDUH YD IL DWDFDW JXYHUQXO PDMHVW&LL VDOH vL YD GD JXYHUQXOXL SRORQH] vQWUHDJD
DVLVWHQ& FDUHL YD VWD vQ SXWLQ& L DWXQFL XQ QRX U]ERL HXURSHDQ GHYHQL
LQHYLWDELO2GDWPDLPXOW$QJOLDVHDIODvQID&DXQHLSXWHULKRWUkWHVGRPLQH
(XURSDLSRDWHOXPHDRGDWPDLPXOWHDVHGHFLVHVHVVHRSXQRGDWPDL
PXOW DYHD VROGD&L SH FRQWLQHQW )UDQ&D L 3RORQLD 3RDWH DU IL SXWXW V DWUDJ vQ
MRFXO VX L 5XVLD GDU QHJRFLHULOH DX HXDW L 5XVLD VHPQ XQ SDFW GH
QHDJUHVLXQHFX*HUPDQLD$OGRLOHDU]ERLPRQGLDOvQFHSHDVXEDXVSLFLLSURDVWH
3RORQLD IX LQYDGDW L OD  VHSWHPEULH GO &KDPEHUODLQ DQXQ& vQ &DPHUD




&RPXQHORULQWUDUHDvQU]ERLD&ULLVDOH6SHUVWULHVFGHVWXOVSXVHHOFDV
PDL DSXF ]LXD vQ FDUH YD IL GLVWUXV KLWOHULVPXO L YD IL UHVWDELOLW OLEHUWDWHD vQ
(XURSD+LWOHULVPXODYHDVILHGLVWUXVLOLEHUWDWHDUHVWDELOLWGDUGXSPRDUWHD
OXL &KDPEHUODLQ :LQVWRQ &KXUFKLOO RP GH JHQLX L LPDJLQD&LH IFXW V JX
YHUQH]HSHYUHPHGHIXUWXQQHvPEOkQ]LWLSLWRUHVFYDGHYHQLPDUHOHSUHPLHUDO
U]ERLXOXLLHOYDILDFHODFDUHYDFRQGXFH&DUDVDODYLFWRULH




;,,
$/'2,/($5=%2,021',$/


,0DLPXOWGHFkWU]ERDLHOHQDSROHRQLHQHPXOWPDLPXOWGHFkWU]ERLXOGLQ
 DO GRLOHD U]ERL PRQGLDO D IRVW SHQWUX $QJOLD R FKHVWLXQH GH YLD& L GH
PRDUWH QFHSkQG GH OD FXFHULUHD QRUPDQG $QJOLD DSUDW GH IORWD VD GH
DUPDWDVDGHERJ&LDLGHDOLD&LLVLVHVLP&HDvQVLJXUDQ&FKLDULDWXQFLFkQG
VHDIODvQWRLXOEWOLLORU9LFWRULLOHLOHFkWLJDSHFRQWLQHQWVDXSHFLQHWLHFDUH
RFHDQvQGHSUWDW'XSSURJUHVXODYLD&LHLDQLKLODVHvQEXQSDUWHEHQHILFLLOH
LQVXODULW&LL Q FXUVXO U]ERLXOXL GLQ  /RQGUD DYHD V DSDU FD R
&LQW IRDUWH YXOQHUDELO /XPHD DYHD V YDG FHHD FH QDU IL FUH]XW SRVLELO R
VHULRDV DPHQLQ&DUH GH LQYD]LH D $QJOLHL GH FWUH *HUPDQLD GUXPXULOH
0HGLWHUDQHL WLDWH GH $[ vQ WLPS FH DOLDQ&D -DSRQLHL FX GLFWDWRULL SXQHD vQ
SHULFRO ,QGLD 6LQJDSRUH L FKLDU $XVWUDOLD 3kQ OD XUP JUD&LH DQWLFHORU YLUWX&L
GHWHQDFLWDWHGHFDOPLGHFXUDMJUD&LHGHDVHPHQHDVSULMLQXOXL6WDWHORU8QLWH
DO5XVLHLLDOPLFULORUGHUH]LVWHQ&GLQ(XURSD0DUHD%ULWDQLHYDLHLRQRUDELO
GLQ DFHOH JXUL GH LQIHUQ PkQGU GH IRU&D VD PRUDO GH XQLWDWHD VD GH
ILGHOLWDWHD GRPLQLRDQHORU GDU QHOLQLWLW vQ SULYLQ&D YLLWRUXOXL L WLLQG F GH DFL
vQDLQWHGLSORPD&LDVDWUDGL&LRQDOYDWUHEXLVFKLPEDWvQPRGUDGLFDO


,,/DvQFHSXWXOU]ERLXOXLDYHDFDDOLD&L3RORQLDL)UDQ&DGDUQXOHSXWHDGD
XQVSULMLQVXILFLHQWQLFLSHXVFDWQLFLvQDHU2OXQJSHULRDGGHSDFLILVPVOELVH
SRWHQ&LDOXO VX GH U]ERL Q DSULOLH  HD QX SXVHVH vQF vQ VWDUH GH OXSW
GHFkW ]HFH GLYL]LL $ WUHEXLW V YLQ &KXUFKLOO OD SXWHUH SHQWUX D GD SURGXF&LHL
LPSXOVXOSXWHUQLFGHFDUHDYHDQHYRLH,QVXILFLHQWVXV&LQXWLQVXILFLHQWHFKLSDW
3RORQLDQXSXWXVHUH]LVWDGHFkWROXQ)UDQ&DFRQWkQGSHOLQLD0DJLQRWSUHJWL
XQU]ERLGHIHQVLYGDUOLQLDQXDFRSHUHDIURQWLHUDGHQRUGLDFHDVWDIXWUHFXWvQ
PDL  GH FWUH GLYL]LLOH EOLQGDWH DOH OXL +LWOHU FDUH D YLRODW QHXWUDOLWDWHD
2ODQGHLLD%HOJLHL$UPDWHOHIUDQFREULWDQLFHVHY]XUWLDWHGHED]HOHORUSULQ
FXUVD VSUH PDUH D FDUHORU GH DVDOW JHUPDQH Q FkWHYD ]LOH GH]RUJDQL]DUHD SUR
GXV GH /XIWZDIIH VWSkQD DHUXOXL GH WDQFXULOH FH DWDFDX VWDWHOHPDMRUH
vQDLQWkQG SkQ vQ VSDWHOH IURQWXOXL GH PLOLRDQHOH GH UHIXJLD&L FDUH vQFXUFDX
FLUFXOD&LD SH GUXPXUL GHYHQL DWkW GH PDUH vQFkW RULFH FRQWUDDWDF L FKLDU RULFH
PDQHYUHUDXLPSRVLELOH


,,, $WXQFL R IORW GH DSURDSH R PLH GH YDVH GH WRDWH FDWHJRULLOH L WRDWH
PULPLOHFUXFLWRDUHSDFKHERWXULLDFKWXULEUFLDOXSHVRVLGLQ$QJOLDOD

$UPDDHULDQQXPHOHRILFLDODODYLD&LHLJHUPDQHvQWLPSXOFHOXLGHDOGRLOHDU]ERLPRQGLDO



'XQNHUTXHQRDSWHDVXERSORDLHGHERPEHFDVFXOHDJUPL&HOHDUPDWHORU
DOLDWH )XU vPEDUFD&L DSURDSH SDWUX VXWH GH PLL GH RDPHQL VXE SURWHF&LD
HURLFHORUGLYL]LLIUDQFH]HFDUHVHVDFULILFDUSHQWUXDDSUDRUDXOGHLQDPLFLD
DYLD&LHL GH YkQWRDUH EULWDQLFH FDUH GH OD ED]HOH VDOH GLQ $QJOLD SURWHMD
'XQNHUTXHXO$VWIHO$QJOLDvLUHFXSHURDPHQLLGDUQXLHFKLSDPHQWXOFDUHD
WUHEXLW V ILH DEDQGRQDW $WXQFL FkQG )UDQ&D DOH FUHL DUPDWH IXVHVHU
FRPSOHWDPHQWH GH]RUJDQL]DWH VHPQ XQ DUPLVWL&LX 0DUHD %ULWDQLH VH WUH]L
VLQJXUFXDUPHvQYHFKLWHvQID&DXQHLDPHQLQ&ULFXLQYD]LD(DVHSXVHFXUDMRV
SH OXFUX vQILLQ& R QRX DUPDW FRQVWUXL WUDQHH L LQVWDOD&LL PLOLWDUH SH WRDWH
SODMHOHLIDOH]HOHVDOHLSUHJWL]LGXULGHIOFULDOLPHQWDWHGHRLPHQVUH&HDGH
&HYLFXEHQ]LQ1LFLXQPRPHQWHDQXIXDWLQVGHPRUEXOGLVSHUULL$QJOLDQX
IXVHVH QLFLRGDW EWXW L QX YRLD V FUHDG F DU SXWHD IL YUHRGDW 9HQLU vQ
$QJOLD JXYHUQHOH vQ H[LO GLQ 1RUYHJLD GLQ %HOJLD GLQ 3RORQLD GLQ &HKRVORYDFLD
YHQLVH L JHQHUDOXO GH *DXOOH vPSUHXQ FX YROXQWDULL VL GLQ )UDQ&D 6DYDQ&LL
HQJOH]L IFHDX PLQXQL L VHFRQGDX SULQ LQYHQ&LLOH ORU PDULQD L DYLD&LD OXSWD
vPSRWULYD PLQHORU PDJQHWLFH UDGDUXO &KXUFKLOO FDUH VH GRYHGL DWXQFL XQ
PLQLVWUX GH WDOLD OXL 3LWW DQLP HIRUWXULOH WXWXURU %WOLD )UDQ&HL VD WHUPLQDW
FUHGFEWOLD0DULL%ULWDQLLHVWHSHFDOHVvQFHDS'HDFHDVWEWOLHGHSLQGH
VDOYDUHDFLYLOL]D&LHLFUHWLQH6QHvQWULPLQLPLOHFDVQHvQGHSOLQLPGDWRULDL
VQHFRPSRUWPDVWIHOvQFkWGDF,PSHULXOEULWDQLFLFRPXQLWDWHDVDGHQD&LXQL
YRUPDLGLQXLPLLGHDQLRDPHQLLDFHORUYUHPXULYLLWRDUHVSRDWVSXQH$IRVW
FHDPDLPUHD&FOLSGLQLVWRULDORU


,9LLDWFvQWUDGHYU$QJOLDDFXQRVFXWDWXQFLFOLSDHLFHDPDLPUHD&
GDULFHDPDLSULPHMGLRDV$WDFXODYHQLWSHFDOHDDHUXOXL*RHULQJFDUHFUHGHD
F DUH L DYHD HIHFWLY R ]GURELWRDUH VXSHULRULWDWH DHULDQ YRLD V IUkQJ SULQ
ERPEDUGDPHQWHPDVLYHDSUDUHDLFXUDMXOHQJOH]LORUDVWIHOFDLQYD]LDVGHYLQ
XRDU 3ULPD PDUH EWOLH DHULDQ GLQ LVWRULH D GXUDW GH OD VIkULWXO OXL DXJXVW
SkQ vQ QRLHPEULH  3LOR&LL GLQ DYLD&LD HQJOH]  5R\DO $LU )RUFH  HUDX GH
SDWUXRULPDLSX&LQQXPHURLGHFkWFHLGLQ/XIWZDIIHGDUHURLVPXOLGLEFLDORU
DXSULFLQXLWDYLD&LHLQD]LVWHDVWIHOGHSLHUGHULvQFkWvQFHOHGLQXUPDUHQXQ&DWOD
LQL&LDWLYD VD 1LFLFkQG vQ LVWRULH DWk&LD RDPHQL QDX GDWRUDW DWkW GH PXOW DWkWRU
GH SX&LQL VSXVH &KXUFKLOO 5]ERLXOIXOJHU %OLW]NULHJ GLVWUXVHVH FDUWLHUH
vQWUHJLGLQ/RQGUDLQFHQGLDVHGRFXULOHUVHVHGHSHVXSUDID&DSPkQWXOXLRUDH
vQWUHJL FXP D IRVW &RYHQWU\ GDU DSULQVHVH vQ LQLPLOH EULWDQLFH L vQ vQWUHDJD
OXPH XQ DVHPHQHD IRF vQFkW DYHD V DUG FX R IODFU YLH L GUHDSW SkQ vQ
]LXDvQFDUHXOWLPHOHYHVWLJLLDOHWLUDQLHLQD]LVWHGLQWRDW(XURSDYRUILSUHIFXWH
vQFHQX


9 'DU SkQ V DMXQJ DFROR $QJOLD D WUDYHUVDW R OXQJ L GXUHURDV
SHULRDG GH vQIUkQJHUL (D QX D UHXLW V vPSLQJ ,XJRVODYLD L *UHFLD OD
UH]LVWHQ&vPSRWULYD*HUPDQLHLGHFkWSHQWUXDYHGHDDFHVWH&ULUHSHGHvQYLQVHL
RFXSDWHQ0HGLWHUDQDFDLSHRFHDQHVXEPDULQHOHvLSULFLQXLUSLHUGHULQHPDL
SRPHQLWHSHFDUHFRQVWUXF&LDGHQRLYDVHHUDGHSDUWHGHDOHFRPSHQVD*HUPDQLL
FXFHULU &UHWD SH FDOHD XQHL LQYD]LL DHULHQH  SULPD GLQ LVWRULH  FHHD FH SXWHD
LQVSLUD WHPHUL PDUL SHQWUX (JLSW Q GHHUW vQWUH 7ULSROLWDQLD L $OH[DQGULD
GLYL]LLOH LWDOLHQH IXVHVHU vQWULWH GH $IULND .RUSV DO PDUHDOXOXL 5RPPHO L
WUXSHOH EULWDQLFH GLQ 7REUXN VH DIODX vQFHUFXLWH 'DU PDULL DYHQWXULHUL VH
HSXL]HD]WRWGHDXQDILLQGFQXWLXVVHRSUHDVFODWLPSQORFVH[SORDWH]H




FX WRDWH IRU&HOH VDOH YLFWRULD DIULFDQ +LWOHU FRPLVH vQ LXQLH  QHEXQLD IU
VHDPQ GH D DWDFD 5XVLD 'LQ DFHD ]L U]ERLXO HUD FkWLJDW GH &KXUFKLOO FFL HO
DYHDSHGHDOWSDUWHVSULMLQXOIUUH]HUYHDOOXL5RRVHYHOWFDUHIHUPKRWUkWV
LQWUHvQU]ERLGDUVQRIDFGHFkWvQ]LXDFkQG$PHULFDYDILJDWDVOXUPH]H
GGHD SkQ DWXQFL $QJOLHL DMXWRUXO PDWHULDO FHO PDL HILFDFH VXE IRUP GH
vPSUXPXWvQFKLULHUHDGLFIUFD$QJOLDVDLEGHYUVDWGHYL]HPSUXPXWXO
vQFKLULHUH UHHFKLS vQ SDUWH $UPDWD D RSWD GHYHQLW XOWHULRU FHD PDL JORULRDV
DUPDW EULWDQLF GLQ HD IFHDX SDUWH HURLL IUDQFH]L GH OD %LU+DNHLP L FUHLD
QRLOH VDOH WDQFXUL L XQ QRX HI 0RQWJRPHU\ vL DGXVHU vQ VIkULW vQ 
YLFWRULDGHOD(O$ODPHLQFDUHVDOY(JLSWXO


9,/DVIkULWXODQXOXL6WDWHOH8QLWHLQWUDUvQU]ERLvQXUPDDWDFXOXL
GDW GH MDSRQH]L OD 3HDUO +DUERU QFHSXWXO U]ERLXOXL GLQ 3DFLILF IX QHIHULFLW
SHQWUX 6WDWHOH 8QLWH FDUH SLHUGXU )LOLSLQHOH SHQWUX $QJOLD FDUH SLHUGX
6LQJDSRUH L %LUPDQLD SHQWUX 2ODQGD FDUH SLHUGX ,DYD L 6XPDWUD L SHQWUX
$XVWUDOLD FDUH Y]X DUPDWD MDSRQH] OD SRU&LOH VDOH 'DU IRU&D GH SURGXF&LH D
$PHULFLLHUDDWkWGHPDUHvQFkWRULFHREVHUYDWRUELQHLQIRUPDWSXWHDVSUHYDG
FGXSGRLVDXWUHLDQLQLFL-DSRQLDQLFL*HUPDQLDQXYRUILvQVWDUHVUH]LVWH
DUPDWHORUDOLDWHFDUHYRUDYHDDWXQFLVXSUHPD&LDWRWDOvQDHULSHPDUHQFHHD
FH SULYHWH (XURSD XQ DWDF IURQWDO vQ  SUHD LPSRVLELO 2 GHEDUFDUH
HIHFWXDW OD 'LHSSH FX XQ PDUH FXUDM GH FWUH FDQDGLHQL UHYHODVH IRU&D
GLVSR]LWLYHORU GH DSUDUH DOH JHUPDQLORU 3ODQXO VWDELOLW GH FRPXQ DFRUG vQWUH
$QJOLD L $PHULFD SUHYHGHD V VH LD GUHSW SODWIRUP GH SOHFDUH $IULFD GH QRUG
IUDQFH] $UPDWHOH DOLDWH GHEDUFDU DFROR OD  QRLHPEULH  &XUkQG DUPDWD
IUDQFH] GLQ $IULFD vQF QXPHURDV OL VH DOWXU L vPSUHXQ HOH ]GURELU
DUPDWHOH JHUPDQH GLQ 7XQLVLD OD FDUH VH DOWXUDVH 5RPPHO IXJULW GH
0RQWJRPHU\ L SULQV vQWUH GRX IRFXUL &DSLWXODUHD WRWDO D IRU&HORU JHUPDQH L
LWDOLHQH GLQ $IULFD GH QRUG D IRVW SULPD PDUH YLFWRULH D DOLD&LORU 1X HUD vQF
VSXVH&KXUFKLOOvQFHSXWXOVIkULWXOXLGDUHUDVIkULWXOvQFHSXWXOXL


9,,9HQLVHWLPSXOVVHUHFXFHUHDVF(XURSDXQGHvQWRDWH&ULOHRFXSDWH
PLFULOH GH UH]LVWHQ& vL DWHSWDX SH DOLD&L 1HFHVLWDWHD GH D DVLJXUD DFRSHULUHD
DHULDQ D GHEDUFULORU LPSXQHD VDOWXUL GLQ SODWIRUP vQ SODWIRUP 'LQ 7XQLVLD
(LVHQKRZHU FRPDQGDQW VXSUHP WUHFX vQ 6LFLOLD GLQ 6LFLOLD vQ ,WDOLD 7UHEXLD
FRQWLQXDWHIRUWXOvQDFHDVWGLUHF&LHIFkQGXVHGLQ0HGLWHUDQDFHQWUXORIHQVLYHL"
(UDSUHUHDOXL:LQVWRQ&KXUFKLOO'DURSLQLDOXL5RRVHYHOWLDOXL6WDOLQELUXLL
VHKRWUvFDSULQFLSDOXODWDFvPSRWULYDIRUWUH&HL(XURSDVDLEFDED],QVXOHOH
%ULWDQLFH L V ILH vQGUHSWDW VSUH FRDVWD QRUPDQG SULPHOH RELHFWLYH ILLQG
&KHUERXUJ L SHQLQVXOD &RWHQWLQ $FHDVW RSHUD&LH SUHJWLW FX LQILQLW JULM
FRQVWUXF&LHGHSRUWXULDUWLILFLDOHSLSHOLQHVXE&DQDOXO0kQHFLLIXvQFHUFDWOD
LXQLH  L UHXL vQ PRG UDSLG 'DU ULSRVWD JHUPDQ IX XQ QRX %OLW]NULHJ
vPSRWULYD $QJOLHL L vQ VSHFLDO vPSRWULYD /RQGUHL 'H DVW GDW SURLHFWLOHOH
ODQVDWHGHSHFRDVWDHXURSHDQHUDXSXUWDWHGHUDFKHWHIUSLOR&L$FHDVWDUP
QRX 9 9 SHQWUX 9HUJHOWXQJ  U]EXQDUH IXVHVH VWXGLDW GH PXOW YUHPH GH
JHUPDQL L 5R\DO $LU )RUFH DUXQFDVH PLL GH WRQH GH H[SOR]LYH SH UDPSHOH GH
ODQVDUH7RWXLSDJXEHOHIXUHQRUPHLWRWDWkWGHJUDYHFDDFHOHDSULFLQXLWHvQ
XUPD DWDFXOXL GLQ  0DL PXOW GH XQ PLOLRQ GH FDVH IXU GLVWUXVH VDX
GHWHULRUDWHGHERPEHOH]EXUWRDUH9RUDFKHWVWUDWRVIHULFDYkQGRYLWH]PDL
PDUHGHFkWVXQHWXOGHMXFVLVWHPXOGHDSUDUHRUJDQL]DWvPSRWULYDOXL93DUH




VLJXUFGDFJHUPDQLLDUILIRVWvQPVXUVvQFHDSDFHDVWRIHQVLYGHFLVLY
PDLGHYUHPHHDDUILVWLQJKHULWIRDUWHPXOWSUHJWLULOHSHQWUXLQYD]LH


9,,, 'DU UHXLWD LQYD]LHL vL OLSVL IRDUWH FXUkQG GH UDPSHOH ORU GH ODQVDUH
$UPDWHOH EULWDQLFH XUFDU GHD OXQJXO FRDVWHL VSUH %HOJLD vQ WLPS FH DUPDWHOH
DPHULFDQHVHvQGUHSWDXVSUHHVWLGLYL]LD/HFOHUFLQWUDvQ3DULV/DDXJXVWR
QRX GHEDUFDUH IX HIHFWXDW vQ VXGXO )UDQ&HL L SURJUHV IU D vQWkPSLQD
JUHXW&L VSUH QRUG Q VHSWHPEULH WRWXO HUD JDWD SHQWUX DWDFDUHD OLQLHL 6LHJIULHG
GDUXQDWDFIURQWDODUILSXWXWILXFLJWRUQDLQWHGHDOSRUQL(LVHQKRZHUvQFHUF
VvQYOXLDVFSULQ2ODQGDH[WUHPLWDWHDQRUGLFDOLQLHLODQVkQGDVXSUDHLSULQ
VXUSUL]FkWHYDGLYL]LLDHURSXUWDWH$FHDVWPDQHYUHXLU]ERLXOPDLGXUR
LDUQ vQWUHDJ GDU DYLD&LD EULWDQLF L DPHULFDQ IFHDX SUDI LQGXVWULD JHUPDQ
LQXPDLH[LVWDQLFLRvQGRLDOvQFHSULYHWHUH]XOWDWXOQVIkULWDUPDWDYHQLW
GLQYHVWVHvQWkOQLFXDUPDWDUXV+LWOHUVHVLQXFLVHLODPDLLQDPLFXO
VHPQFDSLWXODUHDQHFRQGL&LRQDW&KXUFKLOODSUXvQWUXQEDOFRQGLQ/RQGUDL
IX DFODPDW HO HYRF YUHPHD FkQG OXPLQLOH HUDX VWLQVH FkQG FGHDX ERPEHOH L
FkQG QLFL XQ RP QLFL XQ EUEDW QLFL R IHPHLH QLFL XQ FRSLO QX YRUEHD GH
vQFHWDUHD OXSWHL $FXP $QJOLD GXS DQL vQGHOXQJD&L VFSDVH GLQ JXULOH
LQIHUQXOXLLGLQJKHDUHOHPRU&LL0DLUPkQHDGHvQYLQV-DSRQLDGDULDFHDVW
YLFWRULHHUDSHFDOHDFHDEXQ




;,,,
&21&/8=,,


, ,VWRULD $QJOLHL HVWH LVWRULD XQHLD GLQWUH FHOH PDL UHPDUFDELOH ELUXLQ&H DOH
VSH&HLXPDQ&kWHYDWULEXULVD[RQHLGDQH]HUWFLWHSHRLQVXOGLQPDUJLQHD
(XURSHL DPHVWHFDWH FX Fk&LYD VXSUDYLH&XLWRUL FHO&L L URPDQL RUJDQL]DWH GH
DYHQWXULHULQRUPDQ]LDXGHYHQLWvQFkWHYDVHFROHVWSkQHSHRWUHLPHGLQSODQHW
(LQWHUHVDQWGHDIODWVHFUHWXOXQXLGHVWLQWRWDWkWGHXLPLWRUFDRGLQLRDUDFHOD
DO5RPHL


,, $PHVWHFXO UDVHORU HUD ELQH GR]DW FOLPDWXO VQWRV SPkQWXO IHUWLO
$GXQULORFDOHLQWURGXVHUODVDWHJXVWXOSHQWUXGLVFX&LLOHSXEOLFHLSHQWUXWUDQ
]DF&LL'DUDFHVWHRELFHLXULDUILF]XWIUvQGRLDOvQGHVXHWXGLQHDDFXPVD
vQWkPSODW vQ DOWH &UL GDF QX DU IL LQWHUYHQLW FXFHULUHD QRUPDQG *UD&LH
DXWRULW&LL &XFHULWRUXOXL L D XUPDLORU VL QRUPDQ]L L DQJHYLQL HQJOH]LL DX
FXQRVFXWvQDLQWHDRULFUXLSRSRUGLQHYXOPHGLXELQHIDFHULOHXQHLEXQHMXVWL&LLL
DXvQY&DWVUHVSHFWHOHJLOH$SUD&LID&GHYHFLQLLORUFRQWLQHQWDOLGHDSDPULL
L HOLEHUD&L PXO&XPLW HL GH RULFH WHPHUL FDUH DX SDUDOL]DW vQ )UDQ&D DWk&LD
RDPHQLGHVWDWHLDXSXWXWIUDvQWkPSLQDPDULSULPHMGLLVLRUJDQL]H]HSH
vQGHOHWHLQVWLWX&LLRULJLQDOH8QLUGHvQWkPSOULIHULFLWHOHvQOHVQLVGHVFRSHUHSH
vQFHWXOFRQGL&LLOHVLPSOHFDUHVOHDVLJXUHWRWRGDWVHFXULWDWHDLOLEHUWDWHD


,,,'HSHYUHPHDUHJDWHORUVD[RQHUHJLLHQJOH]LJXYHUQDVHUvQFRODERUDUHFX




XQ &RQVLOLX L VH VWUGXLVHU V RE&LQ SHQWUX DFWHOH ORU DSUREDUHD FHORU PDL
SXWHUQLFL EUED&L DL &ULL $FHDVW PHWRG D IRVW vPEU&LDW GH XUPDLL ORU L
$QJOLD QD FXQRVFXW QLFLRGDW PRQDUKLD DEVROXW &kQG IRU&HOH UHDOH VDX
GHSODVDWVXYHUDQLDELOLDXFRQVXOWDWWRDWHVWULOHGLQUHJDWLLOHDXUDOLDW&HL
PDL EXQL GLQWUH FOHULFL DX IRVW PLQLWULL ORU EDURQLL DSRL VTXLUHLL DX GHYHQLW
IXQF&LRQDULL ORU RUHQLL ORU VDX JUXSDW vQ FRPXQH GHYRWDWH 3H PVXU FH VH
DSURSLDX GH PDWXULWDWHD SROLWLF UkQG SH UkQG VHQLRULL FDYDOHULL PLFLL
SURSULHWDUL QHJXVWRULL PHVHULDLL IHUPLHULL DX IRVW FKHPD&L V SDUWLFLSH OD
UHVSRQVDELOLW&LOH SXWHULL SkQ FH vQ VIkULW SDUWLGXO PXQFLWRUHVF VDX ODEXULVW
GHYHQL SDUWLGXO GH JXYHUQPkQW DO PDLHVW&LL VDOH 7UDQVIRUPkQG DVWIHO WRDWH
JUXSHOHVXFFHVLYHGHQHPXO&XPL&LYLUWXDOLvQFRODERUDWRULUHDOLJXYHUQHOHHQJOH]H
DXSXWXWDFRUGDSRSRUXOXLOLEHUW&LFXDWkWPDLODUJLFXFkWVHVLP&HDXPDLSX&LQ
DPHQLQ&DWH


,9 'RX YLUWX&L SUH&LRDVH vQWUH WRDWH FRQWLQXLWDWHD L VXSOH&HD DX DVLJXUDW
$QJOLHLRHYROX&LHOLQLWLW(PDLELQHVSXQHDORUGXO%DOIRXUVIDFLXQOXFUX
DEVXUGGDUFDUHVDIFXWvQWRWGHDXQDGHFkWVIDFLXQOXFUXFDUHQXVDIFXW
QLFLRGDW
$QJOLD HVWH L DFXP DD FXP D IRVW WRWGHDXQD JXYHUQDW GH SUHFHGHQWH
'XS ]HFH VHFROH DULVWRFUD&LD IXQFLDU VH PHQ&LQH FD R PDJLVWUDWXU EHQHYRO
0RQDUKLD SDUODPHQWXO XQLYHUVLW&LOH DX UPDV FUHGLQFLRDVH WUDGL&LLORU L
RELFHLXULORU GLQ HYXO PHGLX /HJLOH SGXULL HGLFWDWH GH &XFHULWRU SURWHJXLHVF L
D]LFXHFRXULOHORUGLQFHvQFHPDLUDUHSHXOWLPLLYkQWRULFXJRQDFL'DUSXWHUHD
GH DGDSWDUH D SRSRUXOXL HQJOH] HVWH HJDO FX FRQVHUYDWRULVPXO VX QWRWGHDXQD
LQVWLWX&LD YHFKH UHFXQRDWH DFFHSW L DVLPLOHD] IRU&HOH QRL $VWIHO F vQ $QJOLD
QDIRVWQLFLRGDWRDGHYUDWUHYROX&LH6FXUWHOHUVFRDOHFDUHLMDORQHD]LVWRULD
QDXIRVWGHFkWQLWHYOXUHOHSHVXSUDID&DXQXLRFHDQLJORULRDVDUHYROX&LHGLQ
QDIRVWGHFkWXQVFKLPEGHVHPQWXUL


9 2DPHQLL GH VWDW DL $QJOLHL DX IRORVLW HIHFWHOH KD]DUGXOXL DD FXP PDULL
DUWLWLUH&LQRH[SUHVLHVDXRWUVWXUIHULFLW
$P DUWDW PDL vQDLQWH FXP DSURSLHUHD GLQWUH FDYDOHUL L RUHQL DSRL
DE&LQHUHD YROXQWDU D FOHUXOXL DX GXV OD IRUPDUHD XQXL SDUODPHQW FRPSXV GLQ
GRX &DPHUH GLVWLQFWH &XUkQG GXS DFHHD UHJLL vQ SULYLQ&D UHVXUVHORU ORU
ILQDQFLDUH GHSLQVHU GH EXQYRLQ&D DFHVWXL SDUODPHQW vQ WLPS FH VXYHUDQLL
)UDQ&HL L DL 6SDQLHL SXWHDX SHUFHSH SULQ IRU& LPSR]LWH QHFRQVLP&LWH L vQ
VFXUWYUHPHHQJOH]LLvQ&HOHVHUFOLEHUW&LOHORUHUDXOHJDWHGHPHQ&LQHUHDDGRX
UHJXOL LPSHUDWLYH QLFL LPSR]LWH SHUSHWXH QLFL DUPDW UHJDO SUHD SXWHUQLF
$VXSUD DFHVWRU GRX SXQFWH DX LQWUDW vQ FRQIOLFW FX GLQDVWLD 6WXDU&LORU L DX
ELUXLW 3DUODPHQWXO LHLQG vQYLQJWRU PDL UPkQHD V VH JVHDVF PLMORFXO GH D
DWULEXL DFHVWHL DGXQUL OHJLVODWLYH L R SXWHUH H[HFXWLY L DWXQFL R QRX
vQWkPSODUHXUFDUHDSHWURQDGLQDVWLHLKDQRYULHQHDIFXWSRVLELOFUHDUHDXQXL
FDELQHWUVSXQ]WRUvQID&D&DPHUHORUQVIkULWSUXGHQ&DDULVWRFUD&LHLHQJOH]HL
vQ&HOHSFLXQHD SROLWLF D HILORU VL vQJGXLU V VH WUDQVIRUPH IU UHYROX&LH XQ
FOXEGHSURSULHWDULUXUDOLvQWURDGXQDUHQD&LRQDO$VWIHOVDFRQWXUDWvQPRGOHQW

 1X vQ VHQVXO vQ FDUH DFHVW UHJLP VD GH]YROWDW GH SLOG vQ )UDQ&D WRWXL UHJLL GLQ GLQDVWLD
7XGRU  L FHL GLQ GLQDVWLD 6WXDUW GH GLQDLQWH GH UHYROX&LH  VXQW
FRQVLGHUD&LPRQDUKLDEVROX&L




RPHWRGGHJXYHUQDUHFDUHQXHVWHDDFXPDFUH]XWDGHVHD(XURSDXQVLVWHP
DEVWUDFWYDODELORULLXQGHFLXQDQVDPEOXGHUH&HWHFDUHvQDFHDVW&DULGLQ
DQXPLWHPRWLYHLVWRULFHDXUHXLW


9, ,QVXODULWDWHD GLVWDQ&D L SRDWH FOLPDWXO DX GXV OD R UXSWXU UHOLJLRDV
FX 5RPD L DFHDVW UXSWXU OD UkQGXO HL D IRVW FDX]D LQL&LDO D IRUPULL XQXL
,PSHULXEULWDQLFQGHOXQJDWHOXSWHUHOLJLRDVHDXFUHDWvQ0DUHD%ULWDQLHXQWLS
GH SURWHVWDQW GLVLGHQW FXUDMRV L vQFS&kQDW FDUH vQ ORF GH D VH VXSXQH D
HPLJUDW L D SRSXODW &UL vQGHSUWDWH FX DQJORVD[RQL 6XSUHPD&LD SH PDUH SH
FDUH$QJOLDDFXFHULWRvQPRGVXFFHVLYvQOXSWFX6SDQLD)UDQ&D2ODQGDLvQ
VIkULWFX*HUPDQLDLSHFDUHDFkWLJDWRGHRDUHFHDSXWXWJUD&LHSR]L&LHLVDOH
JHRJUDILFH V FRQVDFUH IORWHL FHD PDL PDUH SDUWH D UHVXUVHORU VDOH D DVLJXUDW
VXSUDYLH&XLUHD DFHVWXL LPSHULX 6DU IL SXWXW FUHGH F YD GLVSUHD GDF QX vQ
XUPDXQRUFXFHULULVWULQHFHOSX&LQvQXUPDXQHLH[SOR]LLLQWHUQHGDUSLHUGHUHD
FRORQLLORU DPHULFDQH vQY&DVH JXYHUQXO GLQ /RQGUD V DGRSWH PRGHVWLD 'XS FH
LQYHQWDVH SDUODPHQWXO L FDELQHWXO $QJOLD GHVFRSHUL GLQ vQWkPSODUH LR DSOLF
FX EXQXO VX VLP& FRQFHS&LD GHVSUH R IHGHUD&LH LPSHULDO GH VWDWH OLEHUH Q
LPSHULX FD L vQ $QJOLD JXYHUQXO EULWDQLF QX GRUHWH DOW L]YRU DO DXWRULW&LL VDOH
GHFkWFRQVLP&PkQWXOFHORUJXYHUQD&L


9,, 5HXLWD FRPSURPLVXULORU HQJOH]H YD IL HD RDUH GXUDELO" 5VSXQVXO OD
DFHDVW vQWUHEDUH QX LQWU vQ VDUFLQD LVWRULFXOXL FDUH FRQVW vQ GHVFULHUHD
WUHFXWXOXL L QX vQ SUH]LFHUHD YLLWRUXOXL 'DU HO SRDWH REVHUYD F RSR]L&LD GLQWUH
FODVHLSDUWLGHPRUWDOvQDOWH&ULHVWHPDLSX&LQSULPHMGLRDVvQ$QJOLDSHQWUX
FRELFHLXOGHDVHvQFOLQDvQPRGGLVFLSOLQDWvQID&DKRWUkULLPDMRULW&LLHVWHWRW
DWkWGHVWUYHFKLFDLFXU&LOHGHMXGHFDWDOHUHJLORUQRUPDQ]LLWRWRGDWSHQWUX
F VXE VXSHUILFLDOHOH FRQIOLFWH GH RSLQLL H[LVW R XQLWDWH IXQGDPHQWDO D &ULL
FDUH SDUH GH QH]GUXQFLQDW &ODVHOH VXQW GHVSU&LWH DLFL QX GH DPLQWLUL L QLFL GH
SDWLPL FL GH LQWHUHVH DVXSUD FURUD VH SRDWH XRU WUDQ]DF&LRQD ,QWHOLJHQ&D L
HORFYHQ&DFDUHvQYUMEHVFDWkWGHSXWHUQLFDOWHSRSRDUHDXPDLSX&LQLQIOXHQ&
DVXSUD HQJOH]LORU GHFkW vQ&HOHSFLXQHD LQVWLQFWLY L WUDGL&LRQDO 5HVSHFWXO
WUHFXWXOXL HVWH OD HL JHQHUDOL]DW L LVWRULD HVWH SUH]HQW vQ PLL GH RELFHLXUL )RU&D
SRSRUXOXL HQJOH] VW DWkW vQ IORWHOH VDOH QDYDOH L DHULHQH FkW L vQ FDUDFWHUXO
GLVFLSOLQDW ELQHYRLWRU vQFUH]WRU L WHQDFH SH FDUH ODX PRGHODW ]HFH VHFROH GH
IHULFLUH


 5XSWXUD UHOLJLRDV FX 5RPD D IRVW R FDX] VHFXQGDU D IRUPULL ,PSHULXOXL EULWDQLF FDX]D
LQL&LDODIRVWGH]YROWDUHDHFRQRPLFGLQVHFROXODO;9,OHDFDUHDGXVODH[SDQVLXQHDFRPHUFLDO
LODVXSUHPD&LDPDULWLPD$QJOLHL