La causa dei popoli 2 (prima serie)

Page 1

la causa dei popoli anno 1

numero 2

luglio-settembre 2001

AUTODETERMINAZIONE E DECOLONIZZAZIONE La questione indigena nel Pacifico


OD FDXVD GHL SRSROL SUREOHPL GHOOH PLQRUDQ]H GHL SRSROL LQGLJHQL H GHOOH QD]LRQL VHQ]D VWDWR

QXPHUR

DQQR , OXJOLR VHWWHPEUH

'LUHWWRUH $OHVVDQGUR 0LFKHOXFFL 5HGD]LRQH *XVWDYR %XUDWWL 5REHUWD 0DUFKL 5LFFDUGR 0LFKHOXFFL )UDQFHVFR 3DOHUPR 9LD 7ULHVWH )LUHQ]H WHO ( PDLO SRSROL PLQDFFLDWL#LQHV RUJ ZZZ SRSROL PLQDFFLDWL LW

( ' , 7 2 5 , $ /(

)UDWHOOL GHL PDUL ORQWDQL

=RKO Gp ,VKWDU $OHVVDQGUR 0LFKHOXFFL

,17(59(17,

,O SDQRUDPD SROLWLFR GHOO·2FHDQLD 8OOD +DVDJHU )LQQ .XGVN

6XSSOHPHQWR DG $$0 7HUUD 1XRYD 'LUHWWRUH UHVSRQVDELOH 0LPPR 7ULQJDOH 5HJ 7ULE GL )LUHQ]H Q GHO

,O PRYLPHQWR LQGLJHQR GHO 3DFLILFR QHO FRQWHVWR UHJLRQDOH .HNXQL %ODLVGHOO

0LFURQHVLD

&RPLWDWR V R VFLHQWLILFR

,O JLRUQR FKH EULOODURQR GXH VROL 'DUOHQH .HMX -RKQVRQ

6 -DPHV $QD\D ,QGLDQ /DZ 5HVRXUFH &HQWHU $XUHOL $UJH Pt &,(0(1 /DXUHQW $XEHUW $UFKLYHV LQWHUQDWLRQDOHV GH PXVLTXH SRSXODLUH -RVp %DUUHLUR 1DWLYH $PHULFDV &ODXV %LHJHUW 1XFOHDU )UHH )XWXUH $ZDUG 0LUNR %RJDWDM (XUR SHDQ (WKQLF %URDGFDVWLQJ $VVRFLDWLRQ %RMDQ %UH]LJDU (XUR SHDQ %XUHDX IRU /HVVHU 8VHG /DQJXDJHV :DUG &KXUFKLOO 8QLYHUVLW\ RI &RORUDGR :DONHU &RQQRU 0LGGOHEXU\ &ROOHJH 86$ 'DQLHOH &RQYHUVL 8QLYHUVLW\ RI /LQFROQVKLUH 'DYLG &URZH &81< 0DEURXN )HUNDO 7DPD]JKD 6XVDQQH )XU QLVV &156 -DFTXHV )XVLQD 8QLYHUVLWj GL &RUVLFD (GZDUG *ROGVPLWK 7KH (FRORJLVW %DUEDUD *ORZF]HZVNL &156 7HG 5REHUW *XUU &HQWHU IRU ,QWHUQDWLRQDO 'HYHORSPHQW DQG &RQIOLFW 0DQDJH PHQW =RKO Gp ,VKWDU 3DFLILF &RQQHFWLRQV 0DNHUH +DUDZLUD 8QLYHUVLW\ RI $XFNODQG 'HEUD +DUU\ ,Q GLJHQRXV 3HRSOHV &RXQFLO RQ %LRFRORQLDOLVP 8UVXOD +HPHWHN ,QLWLDWLYH 0LQGHUKHLWHQ /DQFH +HQVRQ &ROOHJH RI WKH 5HG :LQGV $VDID -DODWD 8QLYHUVLW\ RI 7HQQHVVHH 5HQp .XSSp 8QLYHUVLWlW :LHQ &ROLQ 0DFNHUUDV *ULIILWK 8QLYHUVLW\ $X VWUDOLD /XLVD 0DIIL 7HUUDOLQJXD 'DYLG 0D\EXU\ /HZLV +DUYDUG 8QLYHUVLW\ 3DWULFN 0F&XOO\ ,QWHUQDWLRQDO 5LYHUV 1HWZRUN 0DWWKHZ 0F'DQLHO $NKD +HULWDJH )RXQGDWLRQ $QWRQLR 0HOLV 8QLYHUVLWj GL 6LHQD )DGLOD 0HPLVHYLF *HVHOOVFKDIW I U EHGURKWH 9|ONHU *DUWK 1HWWKHLP 8QLYHUVLW\ RI 1HZ 6RXWK :DOHV .HQGDO 1H]DQ ,QVWLWXW NXUGH 1LFKRODV 2VWOHU )RXQGDWLRQ IRU (QGDQJHUHG /DQJXDJHV $QQD 3DLQL 8 QLYHUVLWj GL 9HURQD <YR 3HHWHUV 5HVHDUFK *URXS RQ )HGHUDO LVP LQ $IULFD 6XOHLPDQ 0XVD 5DKKDO 1XED 6XUYLYDO 1RU EHUW 5RXODQG 8QLYHUVLWq G·$L[ 0DUVHLOOH ,,, 0DVVLPR 6TXLO ODFFLRWWL 8QLYHUVLWj GL 6LHQD 3DUVKXUDP 7DPDQJ 1HSDO )HGHUDWLRQ RI 1DWLRQDOLWLHV &ROLQ 7DW] $XVWUDOLDQ ,QVWLWXWH IRU +RORFDXVW DQG *HQRFLGH 6WXGLHV 9LFWRULD 7DXOL &RUSX] 7HEWHEED )RXQGDWLRQ 1HG 7KRPDV 0HUFDWRU 0LOLODQL 7UDVN .D /DKXL +DZDL·L /LQGD 7XKLZDL 6PLWK 8QLYHUVLW\ RI $XFN ODQG )HUQDQG GH 9DUHQQHV 0XUGRFK 8QLYHUVLW\ 0LFKDHO YDQ :DOW YDQ 3UDDJ ,QWHUQDWLRQDO &RPPLWWHH RI /DZ\HUV IRU 7LEHW -RVHSK <DFRXE 8QLYHUVLWp FDWKROLTXH GH /\RQ

*XDP FRORQLD SHU VHPSUH" &KDLODQJ 3DODFLRV

0HODQHVLD

'LPHQWLFDWL PD QRQ YLQWL LO FDOYDULR GL 3DSXD 2FFLGHQWDOH -RKQ 2WWR 2QGDZDPH

,O SUREOHPD GL %RXJDLQYLOOH 0DUWLQ 0LULRUL

,O IXWXUR GHOOD 1XRYD &DOHGRQLD

/H GRQQH PDRUL FRQWUR OD JOREDOL]]D]LRQH

$QQD 3DLQL

3ROLQHVLD

0DNHUH +DUDZLUD

/H 1D]LRQL 8QLWH GDYDQWL DOOD TXHVWLRQH KDZDLLDQD 0LOLODQL 7UDVN

, SROLQHVLDQL GHOO·$PHULFD ODWLQD *UDQW 0F&DOO

7H $R 0DRKL YHUVR O·LQGLSHQGHQ]D 2VFDU 7HPDUX

$XVWUDOLD

4XDUDQWDPLOD DQQL GL VRJQL GXH VHFROL GL LQFXEL $OHVVDQGUR 0LFKHOXFFL

,O SUREOHPD GHOOD ULFRQFLOLD]LRQH *DUWK 1HWWKHLP

&XOWXUD H VRFLHWj

/H OLQJXH PLQDFFLDWH GHO 3DFLILFR 2VDPX 6DNL\DPD

,O PLWR FRORQLDOH GHJOL LQGLJHQL IHOLFL 9LOVRQL +HUHQLNR

8Q RFHDQR GL VXRQL OH PXVLFKH LQGLJHQH GHO 3DFLILFR $OHVVDQGUR 0LFKHOXFFL

0DWHULDOL VXL SRSROL LQGLJHQL GHO 3DFLILFR

'2&80(17,

'LFKLDUD]LRQH VXO GLULWWR GHOOH FRORQLH DOO·LQGLSHQGHQ]D

/2 6 2 6&$))$/( %LEOLRWHFD

,Q FRSHUWLQD 7DPH ,WL DWWLYLVWD PDRUL IRWR *HRUJH 6WHLQPHW]

, 1 , = , $ 7, 9 (

/D UHGD]LRQH ULQJUD]LD OD 3URYLQFLD GL )LUHQ]H SHU LO VXR VRVWHJQR HFRQRPLFR OH GLWWH ([HWLFD )ORUHQFH RQ OLQH H 0HWDPRUIRVL SHU OD ORUR SUH]LRVD FRQVXOHQ]D WHFQLFD 66WH)RWR)R)RWR GL FRSHUWLQD6WH66 )XXXXXX)RW

& $ /(1 /( 1 ' $ 5 , 2 2 ,, 1 7 (5 1 $ = , 2 1 $ /(


)UDWHOOL GHL PDUL ORQWDQL

(© SDVVDWR RUPDL TXDVL PH]]R VHFROR GDO DQQR LQ FXL O©218 DSSURYz OD 5LVROX]LRQH PHJOLR QRWD FRPH 'LFKLDUD]LRQH VXO GLULWWR GHOOH FRORQLH DOO©LQGLSHQGHQ]D 1RQ VL WUDWWDYD GL XQD QRYLWj OD VWHVVD &DUWD FRVWLWXWLYD GHOOH 1D]LRQL 8QLWH ULVDOHQWH DO DYHYD JLj ULFRQRVFLXWR LO GLULWWR DOO©DXWRGHWHUPLQD]LRQH GHL SRSROL FRORQL] ]DWL 1RQRVWDQWH TXHVWR PH]]R VHFROR GRSR PROWL DVSHWWDQR DQFRUD XQD YHUD GHFRORQL]]D]LRQH 1HO PRQGR LQIDW WL HVLVWRQR DQFRUD XQD WUHQWLQD GL FRORQLH VHQ]D FRQVLGHUDUH FKH O©$IULFD q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©DQQHVVLRQH GL 3DSXD 2FFLGHQWDOH DOO©,QGRQHVLD 7UDJHGLH FKH LO PRQGR KD GLPHQWLFDWR PD FKH L SRSROL LQWHUHVVDWL FRQWLQXDQR D YLYHUH RJQL JLRUQR ,Q (XURSD SHU RFFXOWDUH LO IDOOLPHQWR GHOOD GHFRORQL]]D]LRQH VL q DEROLWR O LPEDUD]]DQWH WHUPLQH ¦FRORQLD§ SHU VRVWLWXLUOR FRQ HVSUHVVLRQL SXGLFKH TXDOL ¦WHUULWRULR VSHFLDOH§ R ¦WHUULWRULR G ROWUHPDUH§ *UD]LH D TXHVWR DUWLILFLR YHUEDOH RJJL YL YLDPR QHOO LOOXVLRQH FKH OH FRORQLH QRQ HVLVWDQR SL PHQWUH q FKLDUR FKH OD YLWWRULD SL VRWWLOH H UDIILQDWD GHO FROR QLDOLVPR q SURSULR TXHOOD GL FRQWLQXDUH D HVLVWHUH VRWWR PHQWLWH VSRJOLH (VLVWH SRL XQ LQWHUR FRQWLQHQWH FKH ILQRUD q VWDWR WRFFDWR LQ PDQLHUD PLQLPD GDOOD GHFRORQL]]D]LRQH H FKH SHU PRWLYL JHRSROLWLFL q VWDWR FRVWUHWWR D FRQVHUYDUH XQR VWUHWWR OHJDPH FRQ OH H[ SRWHQ]H FRORQLDOL FLRq )UDQFLD H 6WDWL 8QLWL 4XHVWR FRQWLQHQWH q O©2FHDQLD SXUWURSSR FRVu WUDVFXUDWR GDL JLRUQDOL HXURSHL FKH SHU PROWL q GLYHQWDWR TXDVL XQ DOWUR SLDQHWD $QFKH RJJL QRQRVWDQWH VL SDUOL PROWR GL LQWHUGLSHQGHQ]D LO FRQWLQHQWH SL ORQWDQR GDOO©(XURSD UL PDQH RJJHWWR GL XQ GLVLQWHUHVVH FKH FRQRVFH UDULVVLPH HFFH]LRQL /D GLVFULPLQD]LRQH FRVWDQWH DOOD TXDOH VRQR VRW WRSRVWL L SRSROL GHO 3DFLILFR YLHQH FRQIHUPDWD GDO WRWDOH GLVLQWHUHVVH SHU OH ORUR FRQGL]LRQL GL VDOXWH FRPSURPHVVH LQ PRGR JUDYLVVLPR GD GHFHQQL GL HVSHULPHQWL QXFOHDUL FKH KDQQR SRUWDWR GLVIXQ]LRQL H PDODWWLH GL YDULR WLSR 1H JOL XOWLPL DQQL JLXVWDPHQWH VL q SDUODWR SL YROWH GHOOD VLQGURPH GHO *ROIR H GHOO©XUDQLR LPSRYHULWR FKH OD 1$72 KD XWLOL]]DWR QHOOD JXHUUD GHO .RVVRYR /D VWDPSD KD GHGLFDWR DPSLR VSD]LR D TXHVWL FDVL PD KD VHPSUH PDQWHQXWR XQ VLOHQ]LR WRPEDOH VXOOH PLJOLDLD GL XRPLQL H GRQQH FRQWDPLQDWL GDJOL HVSHULPHQWL QXFOHDUL EULWDQQLFL IUDQFHVL D PHULFDQL 3HU JLXQWD QRQ HUDQR QHDQFKH VROGDWL PD VROWDQWR SHUVRQH FKH YLYHYDQR OD ORUR YLWD TXRWLGLDQD SDFLIL FKH H LQHUPL $QFKH TXHVWR q UD]]LVPR 0XWDWLV PXWDQGLV q OD VWHVVD ORJLFD VHOHWWLYD FKH LQYRFD XQ ULVDUFLPHQWR SHU L SULJLRQLHUL FKH GXUDQWH O©XOWLPD JXHUUD IXURQR FRVWUHWWL D ODYRUDUH SHU OH RIILFLQH GHO 7HU]R 5HLFK PD GLPHQWLFD L PLOLRQL GL VFKLDYL DIULFDQL FKH IX URQR GHSRUWDWL SHU TXDWWUR VHFROL 6HPEUD TXDVL FKH LO PHULWR GL DYHU §LQYHQWDWR§ L GLULWWL XPDQL FRPSRUWL OD IDFROWj GL GHFLGHUH D FKL DSSOLFDUOL H D FKL QR SHU GL SL FRQ XQD ORJLFD FKH SULYLOHJLD JOL LQWHUHVVL RFFLGHQWDOL FLRq DPHUL FDQL / (XURSD FKH RJJL VL SUHVHQWD DO PRQGR FRQ XQ YROWR XQLWDULR O (XURSD GL 0DDVWULFKW H GHOO HXUR q OR VWHVVR FRQWLQHQWH FKH QRQ LQWHQGH FKLXGHUH LO FDSLWROR FRORQLDOH /R ULSURYD LO IDWWR FKH EHQ VHL SDHVL DGHUHQWL DOO 8( 'D QLPDUFD )UDQFLD *UDQ %UHWDJQD 2ODQGD 3RUWRJDOOR H 6SDJQD KDQQR DQFRUD GHL SRVVHGLPHQWL VSDUVL LQ YDUL FRQWL QHQWL (G q DSSXQWR QHOO 2FHDQR 3DFLILFR FKH VL WURYD JUDQ SDUWH GL TXHVWH FRORQLH 4XHVWR QXPHUR VSHFLDOH YXROH HVVHUH TXLQGL XQ VLQFHUR JHVWR GL VROLGDULHWj YHUVR L QRVWUL IUDWHOOL GHL PDUL ORQWDQL XWLOL]]DWL FRPH FDYLH XPDQH R FRPXQTXH SULYDWL GHL GLULWWL SL HOHPHQWDUL PD QRQRVWDQWH TXHVWR GLPHQWLFDWL GD TXDVL WXWWL FRPSUHVL FRORUR FKH RJJL VL PRELOLWDQR SHU LO &KLDSDV R SHU L .XUGL 3HU QRL RFFXSDUVL GHL SRSROL LQ GLJHQL GHO 3DFLILFR QRQ KD QLHQWH FKH YHGHUH FRQ LO JXVWR GHOO©LQVROLWR R GHOO©HVRWLFR OR IDFFLDPR SHUFKp VLDPR FRQYLQWL FKH LO ORUR IXWXUR FL ULJXDUGL FRPH VH YLYHVVHUR D SRFKL FKLORPHWUL GDOOH QRVWUH FDVH 3HU QRL LQ DOWUH SD UROH OD GLVWDQ]D FKH FL VHSDUD HVLVWH VROR VXOOD FDUWD

=RKO Gp ,VKWDU $OHVVDQGUR 0LFKHOXFFL


,O SDQRUDPD SROLWLFR GHOO©2FHDQLD 8OOD +DVDJHU )LQQ .XGVN

/©2FHDQLD q DO WHPSR VWHVVR LO FRQWLQHQWH SL SLFFROR H TXHOOR FKH UDFFRJOLH OD SL DOWD SHUFHQWXDOH GL SRSROL H SDH VL FRORQL]]DWL LQ XQ PRGR R QHOO©DOWUR (© LO FDVR SHU HVHPSLR GHL SRSROL FKH YLYRQR QHL SDHVL LVFULWWL QHOOD OLVWD GHL WHUULWRUL QRQ LQGLSHQGHQWL 8QLWHG 1DWLRQV /LVW RI 1RQ 6HOI *RYHUQLQJ 7HUULWRULHV )UD TXHVWL ULHQWUDQR L SRSROL LQGL JHQL GL 7RNHODX DSSDUWHQHQWH DOOD 1XRYD =HODQGD FRQ FLUFD DELWDQWL *XDP DSSDUWHQHQWH DJOL 6WDWL 8QLWL FRQ DELWDQWL H XQD SRSROD]LRQH LQGLJHQD RUPDL ULGRWWD LQ PLQRUDQ]D SHU OD FRQWLQXD LPPLJUD]LRQH DVLD WLFD 6DPRD DPHULFDQH DQFKH TXHVWH WHUULWRULR VWDWXQLWHQVH GRYH JOL LQGLJHQL FRVWLWXLVFRQR O© GHOOD SRSROD ]LRQH 3LWFDLUQ FRORQLD EULWDQQLFD DELWDWD GDL PHWLFFL DQJORSROLQHVLDQL FKH GLVFHQGRQR GDL IDPRVL DPPXWLQDWL GHO %RXQW\ 1XRYD &DOHGRQLD WHUULWRULR IUDQFHVH G©ROWUHPDUH GRYH JOL LQGLJHQL NDQDN FRVWLWXLVFRQR VROWDQWR LO GHOOD SRSROD]LRQH /D 1XRYD &DOHGRQLD q XQD GHOOH SRFKH FRORQLH FKH VLDQR ULXVFLWH D RWWHQHUH OD UHLVFUL]LRQH QHOOD OLVWD GHL WHUULWRUL QRQ LQGLSHQGHQWL 1RQ q VWDWD XQD ORWWD IDFLOH 8Q DLXWR GHFLVLYR q YHQXWR GDO )RUXP GHO 6XG 3DFLILFR H VRSUDWWXWWR GDO 0HODQHVLDQ 6SHDUKHDG *URXS 06* XQ RUJDQLVPR UHJLRQDOH FKH ULXQLVFH 9DQXDWX 3DSXD 1XRYD *XLQHD H OH LVROH 6DORPRQH /D 1XRYD &DOHGRQLD SUHVHQWD QRWHYROL DIILQLWj JHRJUDILFKH H FXOWXUDOL FRQ TXHVWL SDHVL QRQ XOWL PL L ULFFKL GHSRVLWL PLQHUDUL VRSUDWXWWR GL QLFNHO FKH VRQR DO WHPSR VWHVVR XQ PRWLYR GHOOD VXD VLWXD]LRQH FROR QLDOH H OD VSHUDQ]D GL XQD IXWXUD LQGLSHQGHQ]D SROLWLFD HG HFRQRPLFD &L VRQR SRL DOWUL SDHVL FKH VHFRQGR PROWL VWXGLRVL VRQR VWDWL GHILQLWLYDPHQWH LQFRUSRUDWL GD DOWUL VWDWL H TXLQGL QRQ SRVVRQR UHFODPDUH LO GLULWWR GL DXWRGHWHUPLQD]LRQH (© LO FDVR GHOOH +DZDL©L RJJL SDUWH GHJOL 6WDWL 8QLWL FRQ X QD SRSROD]LRQH LQGLJHQD FKH FRVWLWXLVFH LO GHJOL DELWDQWL OH 0DULDQQH VHWWHQWULRQDOL WHUULWRULR HVWHUQR GHJOL 6WDWL 8QLWL GRYH JOL LQGLJHQL FKDPRUUR FRVWLWXLVFRQR LO GHL DELWDQWL 0LGZD\ :DNH -RKQVWRQ .DOD PD H DOWUH LVROH WXWWH DPPLQLVWUDWH GDO 'LSDUWLPHQWR GHJOL ,QWHUQL DPHULFDQR /D 3ROLQHVLD IUDQFHVH VL FRPSRQH GL YDUL DUFLSHODJKL ¤ 7DKLWL 0DUFKHVL *DPELHU 7XDPRWX H ,VROH $XVWUDOL ¤ HG q DELWDWD GD SRSROL GLYHUVL 7XWWH TXHVWH LVROH FRPH OH YLFLQH :DOOLV H )XWXQD VRQR FRQVLGHUDWH SDUWH LQWHJUDQWH GHO WHUULWRULR IUDQFHVH H GHOO©8QLRQH (XURSHD ,O GHL DELWDQWL q FRVWLWXLWR GD PDRKL GXH WHU]L GHL TXDOL VL FRQFHQWUDQR VX 7DKLWL 5DSDQXL PHJOLR QRWD FRPH ,VROD GL 3DVTXD q VRWWR O©DPPLQLVWUD]LRQH FLOHQD , DELWDQWL VRQR TXDVL WXWWL LQ GLJHQL PD L ORUR GLULWWL VRQR UHJRODWL GDOOH OHJJL FRQFHSLWH SHU L 0DSXFKH FKH VRQR GHO WXWWR LQDGHJXDWH DOOH QH FHVVLWj GL XQ SRSROR LVRODQR GHO 3DFLILFR 1RUIRON DSSDUWLHQH DOO©$XVWUDOLD 3DSXD 2FFLGHQWDOH IX LQYDVD QHJOL DQQL 6HVVDQWD H WUDVIRUPDWD LQ XQD SURYLQFLD LQGRQHVLDQD RJJL KD DELWDQWL PD SHU HIIHWWR GHOOD SROLWLFD GL WUDVPLJUD]LRQH DWWXDWD GD *LDNDUWD JOL LQGLJHQL VRQR DSSHQD LO GHOOD SRSROD]LRQH /©$XVWUDOLD H OD 1XRYD =HODQGD XQ WHPSR FRORQLH EULWDQQLFKH RJJL VRQR SDHVL LQGLSHQGHQWL PHPEUL GHO O©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©218 PHQWUH OH &RRN H 1LXH QRQ VRQR FRQVLGHUDWH DEEDVWDQ]D LQGLSHQGHQWL SHU SRWHUYL DGHULUH 1HOOH &RRN YLYRQR LQGLJHQL PDRUL PD TXHOOL FKH DELWDQR LQ 1XRYD =HODQGD VRQR SL QXPHURVL 1LXH q DELWDWD GD SHUVRQH PHQWUH JOL HPLJUDWL FKH YLYRQR LQ 1XRYD =HODQGD VRQR LO WULSOR /D SRSROD]LRQH GHOOD )60 HUD FRPSRVWD ILQR D SRFR WHPSR ID GL PLFURQHVLDQL PD QHJOL XOWLPL DQQL DOWUL JUXSSL HWQLFL KDQQR VFHOWR GL VWDELOLUVL QHOO©DUFLSHODJR SHU PRWLYL GL ODYRUR /H 0DUVKDOO KDQQR XQD SRSROD]LRQH GL SHUVRQH TXD VL WXWWL LQGLJHQL *UDQ SDUWH GHOOH H[ FRORQLH EULWDQQLFKH VRQR VWDWL LQGLSHQGHQWL H DOFXQL DGHULVFRQR DOO©218 7RQJD LQGLSHQ GHQWH GDO DELWDQWL H HPLJUDWL )LJL LQGLSHQGHQWL GDO JRYHUQDWH GD XQD PLQRUDQ]D LQ GLJHQD FKH UDJJLXQJH LO GHL DELWDQWL 7XYDOX LQGLSHQGHQWH GDO DELWDQWL LVROH 6DORPRQH LQGLSHQGHQWL GDO DELWDQWL GLYLVL LQ FLUFD JUXSSL HWQLFL H .LULEDWL UHSXEEOLFD GDO D ELWDQWL TXDVL WXWWL LQGLJHQL


/©DUFLSHODJR GHOOH 9DQXDWX q VWDWR XQ SRVVHGLPHQWR FRQGLYLVR GD )UDQFLD H *UDQ %UHWDJQD ILQR DOO©LQGLSHQGHQ ]D ,O VXR JRYHUQR VL EDVD VX XQ VLVWHPD VRFLDOH WUDGL]LRQDOH H OH HVSHULHQ]H GHOO©LVROD UDSSUHVHQWDQR XQ PRGHOOR SUH]LRVR SHU L SRSROL LQGLJHQL FKH FHUFDQR GL GDUVL XQD VWUXWWXUD VWDWDOH LQ XQ PRQGR GRPLQDWR GDOOH PXO WLQD]LRQDOL H GD YHFFKL VWDWL QD]LRQDOL VHPSUH SURQWL D GDUH LO ORUR ¦DLXWR§ , DELWDQWL GHOO©DUFLSHODJR VRQR GLYLVL LQ ROWUH JUXSSL HWQLFL

&RORQLH H W H H WHUULWRUL L DDVV VVR RFLDWL G L GHO O 3 3 D F L I LF R

&RORQLH HIIHWWLYH

$XVWUDOL OLDD 1RUIRON )UDQFLD 1XRYD &DOHGRQLD 3ROLQHVLD IUDQFHVH :DOOLV H )XWXQD *UDQ Q % %UHWDJQD 3LWFDLUQ 1XRYD = D =HODQGD 7RNHODX 6WDWL 8 L 8QLWL %DNHU *XDP +RZODQG -DUYLV -RKQVWRQ .DODPD .LQJPDQ 5HHI 0DULDQQH VHWWHQWULRQDOL 0LGZD\ 3DOP\UD 3HDOH 6DPRD DPHULFDQH :DNH :LONHV $OWUL SRVVHGLPHQWL WXWWL WUDQQH 5DSDQXL ULYHQGLFDQR O·LQGLSHQGHQ]D

&LOH LOH 5DSDQXL ,VROD GL 3DVTXD ,QGRQHVLD 0ROXFFKH 3DSXD 2FFLGHQWDOH ,ULDQ -D\D 3DSXD 1XRYD * D *XLQHD %RXJDLQYLOOH 6WDWL 8 L 8QLWL +DZDL·L 7HUULWRUL DVVRFLDWL

1XRYD = D =HODQGD &RRN 1LXH D 6WDWL 8 L 8QLWL ,VROH 0DUVKDOO 6WDWL )HGHUDWL GL 0LFURQHVLD L

, SDHVL FKH VL WURYDQR VXOOD OLVWD GHO &RPLWDWR SHU OD 'HFRORQL]]D]LRQH GHOO·218 VRQR *XDP OD 1XRYD &DOH GRQLD 3LWFDLUQ OH 6DPRD $PHULFDQH H 7RNHODX 3LWFDLUQ OH 6DPRD $PHULFDQH H 7RNHODX FRPXQTXH QRQ UH FODPDQR O·LQGLSHQGHQ]D , SDHVL FKH FHUFDQR GL HVVHUH ULDPPHVVL LQ TXHVWD OLVWD VRQR %RXJDLQYLOOH OH +D ZDL·L 3DSXD 2FFLGHQWDOH H OD 3ROLQHVLD IUDQFHVH &RPH VL YHGH WXWWL TXHVWL SDHVL IDQQR SDUWH GHOO·2FHDQLD /D GLVWLQ]LRQH IUD FRORQLH H SRVVHGLPHQWL QRQ VRWWLQWHQGH XQD GLIIHUHQ]D VRVWDQ]LDOH PD GHULYD XQLFDPHQWH GDO IDWWR FKH OD FRQGL]LRQH FRORQLDOH GHL VHFRQGL QRQ JRGH GL ULFRQRVFLPHQWR LQWHUQD]LRQDOH

*LRYDQQD 0DUFRQL

1DXUX H 3DSXD 1XRYD *XLQHD H[ FRORQLH DXVWUDOLDQH KDQQR UDJJLXQWR O©LQGLSHQGHQ]D ULVSHWWLYDPHQWH QHO H QHO , GHO VXROR GL 1DXUX FRPXQTXH q GLVWUXWWR GDOO©DWWLYLWj GHOOH PLQLHUH GL IRVIDWR FKH KDQQR DUULF FKLWR OH FDVVH DXVWUDOLDQH 3DSXD 1XRYD *XLQHD FRPSUHQGH OD SDUWH RULHQWDOH GHOOD 1XRYD *XLQHD H YDUL DUFLSHOD JKL FLUFRVWDQWL 1HOOR VWDWR YLYRQR ROWUH SRSROL FKH SDUODQR FHQWLQDLD GL OLQJXH 3DSXD 1XRYD *XLQHD H OH 6DOR PRQH KDQQR FRQVHUYDWR LQ SDUWH LO VLVWHPD FRQVXHWXGLQDULR GHL GLULWWL WHUULWRULDOL 8Q VLQJRODUH FDVR GL QHRFRORQLDOLVPR q TXHOOR FKH RSSRQH 3DSXD 1XRYD *XLQHD DOO©LVROD GL %RXJDLQYLOOH ULFFD GL PLQHUDOL DSSDUWHQHQWH JHRJUDILFDPHQWH H FXOWXUDOPHQWH DOOH ,VROH 6DORPRQH SXU HVVHQGR DPPLQLVWUDWLYDPHQWH OHJDWD D 3DSXD 1XRYD *XLQHD 1H q QDWD XQD JXHUUD OXQJD H VDQJXLQRVD LO SL DVSUR FRQIOLWWR FKH LO 3DFLILFR DEELD FRQRVFLXWR QHO VHFRQGR GRSRJXHUUD /H 6DPRD 2FFLGHQWDOL JLj FRORQLD QHR]HODQGHVH VRQR GLYHQWDWH LQGLSHQGHQWL QHO SULPR VWDWR GHO 3DFLILFR QDWR QHOO©HUD GHOOD GHFRORQL]]D]LRQH 1HO KDQQR FDPELDWR LO SURSULR QRPH LQ 6DPRD VROOHYDQGR OH UHD]LRQL RVWLOL GHOOH 6DPRD $PHULFDQH , 6DPRDQL KDQQR UHDOL]]DWR XQ WLSR GL JRYHUQR FKH UDSSUHVHQWD XQD VLQWHVL GL HOH PHQWL PRGHUQL H WUDGL]LRQDOL , FDSL PDWDL VRQR JOL XQLFL FKH SRVVRQR YRWDUH H LQROWUH DPPLQLVWUDQR OD WHUUD SHU FRQWR GHOOH IDPLJOLH DOODUJDWH FXL DSSDUWHQJRQR FKH KDQQR GLULWWL GL SURSULHWj FROOHWWLYL VXOOD WHUUD VWHVVD 0D FRO SDVVDUH GHJOL DQQL LO QXPHUR GHL PDWDL q FUHVFLXWR D GLVPLVXUD H RJJL OD SURSULHWj VXOOD WHUUD YLHQH ULFRQRVFLXWD DQ FKH DOOH IDPLJOLH PRQRQXFOHDUL , 6DPRDQL VRWWROLQHDQR DQFRUD O©LPSRUWDQ]D GL YLYHUH VHFRQGR ID©D 6DPRD OD YLD WUDGL]LRQDOH VDPRDQD %HODX PHJOLR QRWD FRPH 3DODX QGW O©XOWLPR GHL WHUULWRUL PLFURQHVLDQL VRWWR DPPLQLVWUD]LRQH ILGXFLDULD DPHUL FDQD DG DEEDQGRQDUH TXHVWR VWDWXV q LO SL JLRYDQH PHPEUR GHOO©218 6XOO©LVROD YLYRQR EHODXDQL YL YRQR D *XDP H DOWURYH /©LVROD q LPSRUWDQWH SHUFKp QHO KD DSSURYDWR OD SULPD &RVWLWX]LRQH DQWLQXFOHDUH GHO


PRQGR 1HOO©LVROD YLJH XQ VLVWHPD PDWULDUFDOH H OH GRQQH KDQQR VYROWR XQ UXROR FHQWUDOH QHOOD FUHD]LRQH H QHOOD GLIHVD GHOOD FRVWLWX]LRQH FKH q VWDWD GXUDPHQWH FRQWUDVWDWD GDJOL 6WDWL 8QLWL ,QIDWWL L VXRL ULJRURVL SULQFLSL DQWLQX FOHDUL KDQQR LPSHGLWR D :DVKLQJWRQ GL VHUYLUVL GL %HODX FRPH DOWHUQDWLYD D 2NLQDZD QHO FDVR FKH DYHVVH GRYXWR FKLXGHUH OH VXH EDVL QHOO©LVROD JLDSSRQHVH GRYH SHULRGLFDPHQWH VL ULQIRFROD OD ULEHOOLRQH FRQWUR OD SUHVHQ]D DPHUL FDQD $OOD ILQH GRSR YDULH FRQWURYHUVLH SROLWLFKH H OHJDOL OD &RVWLWX]LRQH q VWDWD PRGLILFDWD LQ PRGR GD SHUPHW WHUH D :DVKLQJWRQ GL WHQHUH DOFXQH DWWUH]]DWXUH QXFOHDUL VX %HODX ,QROWUH OD &RVWLWX]LRQH JDUDQWLVFH DJOL 6WDWL 8 QLWL LO GLULWWR GL GLVSRUUH GHOOH WHUUH H TXHOOR GL YLHWDUH OD SUHVHQ]D GL WHU]H SDUWL SHU ¦PRWLYL VWUDWHJLFL§ SHU DQQL

%LEOLRJUDILD

5 $OGULFK H - &RQQHOO 7KH /DVW &RORQLHV &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH 5 &URFRPEH H $ $OL )RUHLJQ )RUFHV LQ 3DFLILF 3ROLWLFV ,QVWLWXWH IRU 3DFLILF 6WXGLHV 6XYD % 'XQIRUG H 5 5LGJHO 3DFLILF 1HLJKERXUV 7KH ,VODQGV RI 0LFURQHVLD 0HODQHVLD DQG 3RO\QHVLD %HVV 3UHVV +RQROXOX 3 +HPSHQVWDOO H 1 5XWKHUIRUG 3URWHVW DQG 'LVVHQW LQ WKH &RORQLDO 3DFLILF ,QVWLWXWH RI 3DFLILF 6WXGLHV 8QLYHUVLW\ RI WKH 6RXWK 3DFLILF 6XYD % 9 /DO H . )RUWXQH D FXUD GL 7KH 3DFLILF ,VODQGV $Q (QF\FORSHGLD +DZDL·L 8QLYHUVLW\ 3UHVV +RQROXOX % 9 /DO H +DQN 1HOVRQ D FXUD GL /LQHV DFURVV WKH 6HD &RORQLDO ,QKHULWDQFH LQ WKH 3RVW &RORQLDO 3DFLILF 3DFLILF +LVWRU\ $VVRFLDWLRQ %ULVEDQH ' / 2OLYHU 1DWLYH &XOWXUHV RI WKH 3DFLILF ,VODQGV 8QLYHUVLW\ RI +DZDL·L 3UHVV +RQROXOX ´/H 3DFLILTXH LQVXODLUH 1DWLRQV DLGHV HVSDFHVµ QXPHUR PRQRJUDILFR GL 5HYXH 7LHUV 0RQGH ;;;9,,, MDQYLHU PDUV ' 6WDQOH\ 6RXWK 3DFLILF +DQGERRN 0RRQ 3XEOLFDWLRQV &KLFR &DOLIRUQLD

9LGHRJUDILD

3DFLILFD $ &XOWXUDO 9R\DJH -XQLSHU )LOPV 6\GQH\ &' 520

$IULFD·V , V ,QGLJHQRXV 3 V 3HRSOHV

)LUVW W 3 3HRSOHV R RU

U 0DUJLQDOL] OL]HG G 0 0LQRULWLHV " ,O & &HQWUH H R RI $ I $IULFDQ 6 Q 6WXGLHV GHOO 8QLYHUVLWj GL (GLPEXUJR KD SXEEOLFDWR XQ LPSRUWDQWH YROXPH GHGLFDWR DL SRSROL LQGLJHQL GHO FRQWLQHQWH DIULFDQR ,O OLEUR FXUDWR GD $ODQ %DU QDUG H -XVWLQ .HQULFN FRQWLHQH VDJJL GL DIULFDQLVWL SUHVWLJLRVL IUD L TXDOL 6LGVHO 6DX JHVWDG +HQU\ & %UHGHNDPS H 6WHYHQ 5RELQV ,O OLEUR FRVWD VWHUOLQH H SXz HVVHUH ULFKLHVWR DO VHJXHQWH LQGLUL]]R

&HQWUH H R RI $ I $IULFDQ 6 Q 6WXGLHV * *HRUJH H 6 6TXDUH (GLQEXUJK K ( (+ / /' 8 8QLWHG G . .LQJGRP WHO ID[ [ ( PDLO $ $IULFDQ 6WXGLHV#HG DF XN


,O PRYLPHQWR LQGLJHQR GHO 3DFLILFR QHO FRQWHVWR UHJLRQDOH .HNXQL %ODLVGHOO

2JJL DOO©LQL]LR GHO YHQWXQHVLPR VHFROR L GLULWWL GHL SRSROL LQGLJHQL GHO 3DFLILFR VRQR LQ SHULFROR /H VXSHUSRWHQ ]H OH PXOWLQD]LRQDOL H JOL VWHVVL JRYHUQL GHO 3DFLILFR FRVWLWXLVFRQR XQD PLQDFFLD SROLWLFD HFRQRPLFD QXFOHDUH DPELHQWDOH PLOLWDUH /D GLVFXVVLRQH VXOOD 'LFKLDUD]LRQH 8QLYHUVDOH GHL 'LULWWL GHL 3RSROL ,QGLJHQL FRQWLQXD IUD PLOOH GLIILFROWj *OL 6WDWL 8QLWL H DOWUL SDHVL PLQDFFLDQR GL VLOXUDUH LO &RPLWDWR GHOO 218 VXOOD 'HFRORQL]]D]LRQH /H ORWWH FKH L SRSROL GHO 3DFLILFR FRQGXFRQR SHU OLEHUDUVL GDO FRORQLDOLVPR H SHU GLIHQGHUH OD SURSULD LGHQWLWj FXO WXUDOH VHJQDQR LO SDVVR 3HU UHDJLUH D WXWWR TXHVWR QHO q VWDWD FRVWLWXLWD OD 3DFLILF ,VODQGV $VVRFLDWLRQ RI 1RQ *RYHUQPHQW 2UJDQ L]DWLRQV 3,$1*2 FKH YXROH SURPXRYHUH JOL LQWHUHVVL VRFLDOL H FXOWXUDOL GHL SRSROL LQGLJHQL GHO 3DFLILFR D OLYHOOR UHJLRQDOH H LQWHUQD]LRQDOH /H SULRULWj GHO QXRYR RUJDQLVPR LQGLYLGXDWH DOOD VHFRQGD ULXQLRQH WHQXWDVL D 0RRRUHD 3ROLQHVLD IUDQFHVH VRQR TXDWWUR VYLOXSSR VRFLDOH HG HFRQRPLFR GLULWWL GHL SRSROL DXWRFWRQL WXWHOD DPELHQWDOH H VYLOXSSR GHOOH 21* 1HO VHWWHPEUH LO 3,$1*2 VL q XQLWR DOO LPSRUWDQWH 1XFOHDU )UHH DQG ,QGHSHQGHQW 3D FLILF LQ RFFDVLRQH GHO WHU]R IRUXP SDUDOOHOR GHOOH 21* SURSULR PHQWUH L SDHVL DGHUHQWL DO )RUXP GHO 6XG 3DFLILFR HUDQR ULXQLWL D 5DURWRQJD QHO ORUR FRQYHJQR DQQXDOH $ TXHOOD ULXQLRQH LO 3,$1*2 KD FRVWLWXLWR XQ JUXSSR GL ODYRUR VXL GLULWWL GHL SRSROL LQGLJHQL GRYH RJJL VRQR UDSSUHVHQWDWL $RWHDURD 1XRYD =HODQGD $XVWUDOLD +DZDL L 5DSDQXL ,VROD GL 3DVTXD H 7H $R 0DRKL 3ROLQHVLD IUDQ FHVH 4XHVWR JUXSSR GL ODYRUR FRRUGLQD O D]LRQH GHOOH DVVRFLD]LRQL DGHUHQWL DO 3,$1*2 H FROODERUD FRQ DOWUH 21* GHO 3DFLILFR SHU ¤ SURPXRYHUH L GLULWWL GHL SRSROL LQGLJHQL LQ SDUWLFRODUH TXHOOL GHO 3DFLILFR DWWUDYHUVR XQ RSHUD G LQIRUPD]LRQH H GL VHQVLELOL]]D]LRQH ¤ VWDELOLUH L FULWHUL SHU OD GLIHVD GHL SRSROL LQGLJHQL GHO 3DFLILFR WHQHQGR FRQWR GHOOD QRVWUD VWRULD H GHOOD QRVWUD FXOWXUD TXLQGL VHQ]D VRJJLDFHUH DOOD ORJLFD JLXULGLFD RFFLGHQWDOH FKH q DOOD EDVH GHOOD ER]]D GL 'LFKLDUD]LRQH GHL 'LULWWL GHL 3RSROL ,QGLJHQL DWWXDOPHQWH LQ GLVFXVVLRQH DOO 218 ¤ VHJQDODUH L FDVL GL YLROD]LRQH GHL GLULWWL LQGLJHQL D OLYHOOR UHJLRQDOH H LQWHUQD]LRQDOH $WWXDOPHQWH LO JUXSSR GL ODYRUR GHO 3,$1*2 q LPSHJQDWR D ¤ VRVWHQHUH L SRSROL LQGLJHQL GHOOD UHJLRQH .DQDN 0DRKL 0DRUL +DZDLLDQL 3DSXD DERULJHQL DXVWUDOLDQL DEL WDQWL GL %RXJDLQYLOOH FKH VL EDWWRQR FRQWUR LO FRORQLDOLVPR H SHU O DXWRGHWHUPLQD]LRQH ¤ UHGLJHUH OD ER]]D GL XQD &DUWD GHL 'LULWWL ,QGLJHQL GHO 3DFLILFR FKH WHQJD FRQWR GHOOD QRVWUD LGHQWLWj FXOWXUDOH H VSLULWXDOH

2ULJLQL GHO PRYLPHQWR LQGLJHQR GHO 3DFLILFR )X QHOO LPPHGLDWR GRSRJXHUUD FKH L SRSROL LQGLJHQL GHO 3DFLILFR GHWWHUR YLWD D XQ FRRUGLQDPHQWR UHJLRQDOH 1HO O 218 ULFRQREEH LO GLULWWR DOO DXWRGHWHUPLQD]LRQH GHL SRSROL FRORQL]]DWL FDSLWROR ;, DUWLFROR GHOOD &DUWD FRVWLWXWLYD GHOOH 1D]LRQL 8QLWH $O WHPSR VWHVVR SUHSDUz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q VYLOXSSDWR LQ ULVSRVWD DO FRORQLDOLVPR RFFLGHQWDOH FKH q SUR VSHUDWR LQGLVWXUEDWR SHU ROWUH PH]]R VHFROR LQ SLHQR FRQWUDVWR FRQ OD GHFRORQL]]D]LRQH FKH HUD VWDWD SURPHVVD GDO O 218 $OO LQL]LR VL WUDWWDYD GL XQ PRYLPHQWR GHEROH SRFR RUJDQL]]DWR H FRPSOHWDPHQWH WUDVFXUDWR GDL PH]]L G©LQIRUPD]LRQH 1RQ VROR PD LQ TXHJOL DQQL WHUPLQL FRPH ¦LQGLJHQR§ H ¦GLULWWL LQGLJHQL§ QRQ HUDQR DQFRUD HQWUDWL QHOO©XVR FRPXQH 1HO LQ ULVSRVWD DL FRQWLQXL HVSHULPHQWL QXFOHDUL FKH YHYLYDQR UHDOL]]DWL GDOOD )UDQFLD H GD JOL 6WDWL 8QLW YHQQH RUJDQL]]DWD D 6XYD LVROH )LJL OD SULPD FRQIHUHQ]D SHU XQ 3DFLILFR GHQXFOHDUL]]DWR SURPRV VD GD XQD UHWH GL PRYLPHQWL DQWLQXFOHDUL DWWLYL QHOOD UHJLRQH )X SURSULR D TXHVW XOWLPD FRQIHUHQ]D FKH YHQQH DS SURYDWD OD &DUWD FRVWLWXWLYD GL XQ QXRYR RUJDQLVPR UHJLRQDOH LO 1XFOHDU )UHH DQG ,QGHSHQGHQW 3DFLILF 1),3 FKH GLFKLDUDYD WHVWXDOPHQWH


¦1RL SRSROL GHO 3DFLILFR SHU WURSSR WHPSR VLDPR VWDWL RSSUHVVL GDOOH SRWHQ]H VWUDQLHUH ,O FRORQLDOLVPR RFFL GHQWDOH KD LQYDVR OH QRVWUH UHJLRQL LQGLIHVH VL q LPSDGURQLWR GHOOH QRVWUH WHUUH H KD ULGRWWR LQ VFKLDYLW OD QRVWUD JHQWH 4XHVWR GRPLQLR q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§ /D FRQIHUHQ]D GHO VWDELOu FKH O RELHWWLYR GHOOD GHQXFOHDUL]]D]LRQH H TXHOOR GHOO LQGLSHQGHQ]D HUDQR LQVHSD UDELOL )XURQR SUHVH LQL]LDWLYH FRQFUHWH FRQWUR LO *LDSSRQH FKH VWDYD DFFXPXODQGR JUDQGL TXDQWLWj GL VFRULH WRVVL FKH QHO 3DFLILFR FRQWUR JOL HVSHULPHQWL QXFOHDUL IUDQFHVL H DPHULFDQL DO WHPSR VWHVVR LO 1),3 VL VFKLHUz SHU O LQ GLSHQGHQ]D GHOOD 3ROLQHVLD IUDQFHVH H GHOOD 1XRYD &DOHGRQLD DQFKH TXHVWD FRORQLD IUDQFHVH 1HOOR VWHVVR DQQR D *LQHYUD O©218 GLIIRQGHYD LO UDSSRUWR 0DUWLQH] &RER VHFRQGR LO TXDOH OD GLVFULPLQD]LRQH GHL SRSROL LQGLJHQL HUD LO ULVXOWDWR GHOOD PDQFDWD DXWRGHWHUPLQD]LRQH H OH 1D]LRQL 8QLWH GRYHYDQR JDUDQWLUH FRQFUHWDPHQWH L GLULWWL WHUUL WRULDOL FXOWXUDOL H SROLWLFL GHL SRSROL DXWRFWRQL 8Q DQQR SULPD QHO HUD VWDWR FUHDWR DOO 218 LO *UXSSR GL /D YRUR VXL 'LULWWL GHL 3RSROL ,QGLJHQL 81:*,3 FKH LQ DQQL DYUHEEH HODERUDWR OD ER]]D GHOOD 'LFKLDUD]LRQH VXL 'LULWWL GHL 3RSROL ,QGLJHQL DSSURYDWD QHOO©DJRVWR , GLULWWL GHL SRSROL LQGLJHQL GHO 3DFLILFR UHJLVWUDURQR DOWUL SURJUHVVL IUD LO H LO TXDQGR YHQQHUR GHFR ORQL]]DWL SDHVL GHOOD UHJLRQH ,QGRQHVLD 6DPRD RFFLGHQWDOL &RRN 1DXUX )LJL 7RQJD 1LXH 3DSXD 1XRYD *XLQHD 6DORPRQH 7XYDOX .LULEDWL 0DUVKDOO )HGHUD]LRQH GHJOL 6WDWL GHOOD 0LFURQHVLD 9DQXDWX %HODX 3DODX &RPPRQZHDOWK GHOOH 0DULDQQH VHWWHQWULRQDOL ,QROWUH q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p 5DPRV +RUWD H &DUORV )LOLSH ;LPHQHV %HOR / XOWLPR LQFRQWUR FKH KD ULXQLWR L SRSROL DXWRFWRQL GHO 3DFLILFR q VWDWR O©RWWRYR PHHWLQJ FKH KD DYXWR OXRJR DG $UXH 7DKLWL GDO DO VHWWHPEUH ,Q TXHOO©RFFDVLRQH LO 1),3 KD ODQFLDWR XQ DSSHOOR DOO©218 DIILQFKq %RXJDLQYLOOH OH +DZDL©L 3DSXD 2FFLGHQWDOH OD 3ROLQHVLD IUDQFHVH H 5DSD 1XL YHQLVVHUR UHLQVHULWH QHOO©HOHQFR GHL SDHVL GD GHFRORQL]]DUH $O WHPSR VWHVVR L GHOHJDWL KDQQR GHQXQFLDWR OH FRQVHJXHQ]H QHJDWLYH GHO PRGHOOR OLEHULVWD H KDQQR HVRUWDWR L JRYHUQL GHO 3DFLILFR D HODERUDUH DOWHUQDWLYH HFRQRPLFKH ULVSRQGHQWL DOOH HIIHWWLYH HVLJHQ]H GHOOD UHJLRQH

,O IXWXUR ,O KD VHJQDWR LO FHQWHQDULR GHOO HVSDQVLRQH FRORQLDOH VWDWXQLWHQVH QHO 3DFLILFR H QHL &DUDLEL 1HO :D VKLQJWRQ VL LPSDGURQu GHOOH )LOLSSLQH GL *XDP GL :DNH H GL 6DPRD H QHOOR VWHVVR DQQR DQQHWWq O DUFLSHODJR KD ZDLLDQR 1HL &DUDLEL LQYDVH &XED H 3RUWR 5LFR FRO 7UDWWDWR GL 3DULJL VDQFu LO SURSULR GRPLQLR VX TXHVWH LVROH H VXOOH )LOLSSLQH 2JJL XQ VHFROR GRSR WXWWR TXHVWR QRQ GHYH HVVHUH GLPHQWLFDWR 'REELDPR ULFRUGDUH DO PRQGR FKH O HVSDQVLRQH FRORQLDOH q VWUHWWDPHQWH OHJDWD DOOD 6HFRQGD *XHUUD 0RQGLDOH H DO FRORQLDOLVPR QXFOHDUH FKH DQFRU RJJL PLQDFFLD LO 3DFLILFR /D JOREDOL]]D]LRQH QRQ q SURPRVVD VROWDQWR GDL SDHVL GHOO (XURSD RFFLGHQWDOH H GHO 1RUGDPHULFD PD DQFKH GD XQ QXPHUR FUHVFHQWH GL SDHVL DVLDWLFL 4XHVWR QHRFRORQLDOLVPR PLQDFFLD L GL LQGLJHQL VXSHUVWLWL SHUFKq OL GHUXED GHOOH ULVRUVH QDWXUDOL SHU JDUDQWLUH O HJHPRQLD GHOOH FRPSDJQLH WUDQVQD]LRQDOL 1RL SRSROL LQGLJHQL GHO 3DFLILFR ORWWLDPR FRQWUR O DYLGLWj LQVD]LDELOH GHO FDSLWDOLVPR H GHO PDWHULDOLVPR SHUFKq YRJOLDPR VRSUDYYLYHUH H ULDSSURSULDUFL GHOOD QRVWUD LGHQWLWj FXOWXUDOH %LEOLRJUDILD

( $EEDWL 'LULWWL XPDQL H SRSROL LQGLJHQL ,O VLVWHPD GHOOH WXWHOH LQWHUQD]LRQDOL ,O FDVR GHOOH LVROH GHOO·2FHDQLD WHVL GL ODXUHD /8,66 )DFROWj GL 6FLHQ]H 3ROLWLFKH &DWWHGUD GL 'LULWWL GHOO 8RPR DQQR DFFDGHPLFR ´'DYLG JHJHQ *ROLDWK 'LH 9|ONHU GHV 3D]LILN ]ZLVFKHQ 6HOEVWEHVWLPPXQJ XQG 1XNOHDUNRORQLDOLVPXVµ QXPHUR PRQR JUDILFR GL 3RJURP Q 0HODQHVLDQ 3RO\QHVLDQ DQG 0LFURQHVLDQ 'RFXPHQWV ZZZ FZLV RUJ PHOSDF KWPO 7KH 3HRSOHV &KDUWHU IRU D 1XFOHDU )UHH DQG ,QGHSHQGHQW 3DFLILF ZZZ FZLV RUJ ):'3 PHOSDF KWPO ' 5RELH %ORRG RQ WKHLU %DQQHU 1DWLRQDOLVW 6WUXJJOHV LQ WKH 6RXWK 3DFLILF =HG %RRNV /RQGRQ 5 + 6PLWK 7KH 1XFOHDU )UHH DQG ,QGHSHQGHQW 3DFLILF 0RYHPHQW DIWHU 0RUXURD , % 7DXULV /RQGRQ


,O JLRUQR FKH EULOODURQR GXH VROL 'DUOHQH .HMX -RKQVRQ

,O VHJQz OD QRVWUD YLWD LQ PRGR LQGHOHELOH )X LQIDWWL LQ TXHOO©DQQR FKH DUULYz D %LNLQL XQ IXQ]LRQDULR GHO JR YHUQR VWDWXQLWHQVH $QGz D SDUODUH FRQ -XGD LO FDSR GHOOD FRPXQLWj H JOL GLVVH WHVWXDOPHQWH ¦6WLDPR IDFHQGR GH JOL HVSHULPHQWL QXFOHDUL SHU LO EHQH GHOO©XPDQLWj SHU SRWHUH JDUDQWLUH DO PRQGR XQ IXWXUR VHQ]D JXHUUH§ $OORUD QHOOH LVROH 0DUVKDOO HUDQR SRFKH OH SHUVRQH FKH FDSLYDQR O©LQJOHVH -XGD QRQ FRPSUHVH EHQH LO VLJQLILFDWR GL TXHOOR FKH JOL HUD VWDWR GHWWR PD IX FROSLWR GDOOD SDUROD XPDQLWj (UD XQD SDUROD FKH DYHYD LPSDUDWR GDOOD %LEELD &RVu JXDUGz LO IXQ]LRQDULR DPHULFDQR H JOL GLVVH 6H TXHVWR YLHQH IDWWR QHO QRPH GL 'LR GLUz DOOD PLD JHQWH FKH GRE ELDPR SDUWLUH§ &RPXQTXH LO GHVWLQR GL %LNLQL HUD JLj VWDWR GHFLVR RYXQTXH F©HUDQR VROGDWL FKH DQGDYDQR H YHQL YDQR PHQWUH OD ODJXQD HUD SLHQD GL DHUHL H GL QDYL (UDQR JLj SURQWL , %LNLQLDQL QRQ SRWHURQR IDUH DOWUR FKH OD VFLDUH O©DWROOR VHQ]D VDSHUH VH DYUHEEHUR PDL SRWXWR WRUQDUFL $ -XGD HUD VWDWR GHWWR FKH JOL 6WDWL 8QLWL DYHYDQR ELVRJQR GHOO©DWROOR SHU XQ EUHYH SHULRGR /XL SHQVz FKH TXH VWR VLJQLILFDVVH XQD VHWWLPDQD DO PDVVLPR XQ PHVH QRQ VDSHYD FKH OD UHDOWj HUD EHQ GLYHUVD &RVu VL WUDVIHULURQR VX 5RQJHULN 1HOOH QRVWUH LVROH VL YLYH GL TXHOOR FKH VL WURYD QHO PDUH H VXOOD WHUUD PD VX 5RQJHULN QRQ F©HUD QLHQ WH *OL DPHULFDQL SRUWDURQR JOL LQGLJHQL VXOO©LVROD H VH QH DQGDURQR 8Q DQQR GRSR PDQGDURQR XQ XIILFLDOH PHGLFR SHU FRQWUROODUH OH ORUR FRQGL]LRQL GL VDOXWH OD JHQWH VWDYD PRUHQGR GL IDPH ,PPDJLQDWH FKH TXDOFXQR YL SRUWL YLD GDOOD YRVWUD FDVD YL VFDULFKL VX XQ©LVROD H VL IDFFLD YLYR XQ DQQR GRSR SHU YHGHUH FRPH VWDWH *OL LQGLJHQL GL %LNLQL VRQR VWDWL WUDVIHULWL WUH YROWH FRQ WUDXPL SVLFRORJLFL JUDYLVVLPL $QFKH DOWUL SRSROL GHOO©DUHD FRPH JOL LQGLJHQL GL (QHZHWDN KDQQR YLVVXWR OD VWHVVD WUDJHGLD 1HO JOL 6WDWL 8QLWL IHFHUR HVSORGHUH VX %LNLQL XQD VHFRQGD ERPED DWRPLFD YROWH SL SRWHQWH GL TXHO OD FKH HUD VWDWD ODQFLDWD VX +LURVKLPD QHO 4XHOOD YROWD QHVVXQR FL DYYHUWu FRVu OD SLRJJLD UDGLRDWWLYD FL FROVH GL VRUSUHVD , EDPELQL FL JLRFDYDQR PD VPLVHUR TXDQGR OD SLRJJLD FDGGH VXOOD ORUR SHOOH H FRPLQFLz D EUXFLDUOD /D JHQWH IXJJLYD WHUURUL]]DWD JULGDYD YRPLWDYD )X XQ©HVSHULHQ]D WHUULELOH /D SRSROD]LRQH GL 5RQJHODS H GL 8WL ULN YHQQH HYDFXDWD VROWDQWR WUH JLRUQL GRSR O©HVSORVLRQH ¦6EULJDWHYL§ GLFHYDQR L VROGDWL DPHULFDQL FKH HUDQR YH QXWL D SUHQGHUFL ¦*HWWDWHYL LQ PDUH H UDJJLXQJHWH OD QDYH LQ IUHWWD GREELDPR SDUWLUH§ 1RQ F©HUD WHPSR SHU GHFL GHUH PD VROR SHU VFDSSDUH 1RQ F©HUD QHVVXQD VFLDOXSSD FKH SRUWDVVH OD JHQWH DOOD QDYH QHSSXUH SHU L EDPELQL H SHU JOL DQ]LDQL 4XDQGR OD JHQWH UDJJLXQVH OD QDYH RJQL IDPLJOLD ULFHYHWWH XQD FRSHUWD 8QD VROD DQFKH VH DYHYDQR GLHFL R GRGLFL ILJOL /H UDGLD]LRQL FRQWDPLQDURQR DQFKH DPHULFDQL FKH HUDQR ULPDVWL VX 5RQJHULN SHU RVVHUYDUH O©HVSHULPHQWR H O©HTXLSDJJLR GL XQ SHVFKHUHFFLR JLDSSRQHVH FKH VL WURYDYD QHL SDUDJJL 6LDPR ULPDVWL LQ FRQWDWWR FRQ XQR GHJOL XR PLQL FKH DVVLVWHURQR DOO©HVSORVLRQH *OL 6WDWL 8QLWL FL KD GHWWR VDSHYDQR FKH LO YHQWR VRIILDYD LQ GLUH]LRQH GL DOWUH LVROH 5RQJHODS H 8WLULN QGW H FKH TXHVWR DYUHEEH FRLQYROWR DQFKH ORUR PD GHFLVHUR GL SURFHGHUH FRPXQTXH 1RQ OR IHFHUR SHU VEDJOLR 1HJOL DQQL 4XDUDQWD TXDQGR VL HUD WUDWWDWR GL VSHULPHQWDUH ERPEH GL SRWHQ]D OLPLWDWD JOL LQGLJHQL HUDQR VWDWL WUDVIHULWL PHQWUH DO PRPHQWR GL XVDUH TXHOOD SL SRWHQWH QRQ IXURQR PLQLPDPHQWH DYYHU WLWL (© SHU TXHVWR FKH VLDPR FHUWL GL HVVHUH VWDWL XVDWL FRPH FDYLH /©LQFUHPHQWR GHOOH PDODWWLH IX VSDYHQWRVR 7XWWRUD VLDPR DIIOLWWL GDO FDQFUR FKH FROSLVFH VRSUDWWXWWR OH GRQQH H L EDPELQL /H SULPH OR FRQWUDJJRQR DO VHQR H DL JHQLWDOL PHQWUH L EDPELQL QDVFRQR GHIRUPL 1H KR YLVWR XQR GL 5RQJHODS XQ QHRQDWR FRQ L SLHGLQL FKH VHPEUDYDQR GXH EDVWRQL 8Q DOWUR HUD VHQ]D PDQL $OWUL DQFRUD KDQQR XQD FUHVFLWD ULWDUGDWD $WWXDOPHQWH DEELDPR LO SUREOHPD GL TXHOOL FKH FKLDPLDPR EDPELQL PHGXVD 6RQR SURSULR OH PHGXVH QRQ KDQQR EUDFFLD Qp JDPEH VRQR VHQ]D RFFKL H VHQ]D WHVWD 'L XPDQR QRQ KDQQR QLHQWH PD VRQR QDWL FRPH JOL DOWUL VXOOD VHGLD JHVWDWRULD 6DQWR FLHOR VRQR OH FRVH SL RUULELOL FKH VL SRVVDQR LPPDJLQDUH $OFXQL KDQ QR L FDSHOOL UHVSLUDQR PD RYYLDPHQWH YLYRQR VROR SRFKH RUH 4XDQGR PXRLRQR YHQJRQR VXELWR SRUWDWL YLD SHU OD VHSROWXUD VL SUHIHULVFH FKH OH PDPPH QRQ OL YHGDQR SHUFKp SRWUHEEHUR LPSD]]LUH GDO GRORUH 2JJL PROWH GRQQH YLYRQR QHO WHUURUH GL SDUWRULUH EDPELQL FRPH TXHVWL 5HFHQWHPHQWH PL VRQR VWDWL DVSRUWDWL GXH WXPRUL KR SDXUD GL UHVWDUH LQFLQWD SHUFKp SHQVR FKH SRWUHL SDUWRULUH XQ EDPELQR GHIRUPH 2JJL QRQ QH QD VFRQR VROWDQWR VXOOH LVROH FRQWDPLQDWH PD LQ WXWWH OH 0DUVKDOO +R SDUODWR FRQ WDQWH GRQQH FKH YLYRQR QHOOH LVROH VHWWHQWULRQDOL GHOO©DUFLSHODJR TXHVWD q OD ORUR VWRULD /D FRQWDPLQD]LRQH QRQ KD FROSLWR VROWDQWR OH SHUVRQH PD DQFKH O©DPELHQWH 3HQVR DOO©DOEHUR GHO SDQH FKH VRPL


'DUOHQH . H .HMX -RKQV KQVRQ

JOLD DOOD SDWDWD SULPD DYHYD XQ EHO FRORUH YHUGH PHQWUH RJ JL q VELDGLWR 6HPEUD GHIRUPH SURSULR FRPH L QRVWUL EDP ELQL 0ROWL GHL IUXWWL FKH FUHVFRQR VXOOH QRVWUH LVROH QRQ VR QR SL FRPPHVWLELOL 2ULJLQDULD GL (EH\H LVROH 0DUVKDOO 'DUOHQH .HMX $QFKH O©DWROOR GL (QHZHWDN FKH VL WURYD D RYHVW GL %L VL HUD IDWWD FRQRVFHUH LQ WXWWR LO PRQGR SHU LO VXR NLQL IX WHDWUR GL HVSHULPHQWL QXFOHDUL ,Q WXWWR QH IXURQR LPSHJQR LQIDWLFDELOH D IDYRUH GHL SRSROL PLFURQH UHDOL]]DWL 1HOO©DWROOR F©q XQD SLFFROD LVROD 5XQLW 1HV VLDQL FROSLWL GDOOH FRQVHJXHQ]H GHJOL HVSHULPHQWL VXQR SRWUj SL DELWDUFL 'RSR JOL HVSHULPHQWL JOL 6WDWL 8QL QXFOHDUL DPHULFDQL /H VWHVVH FRQVHJXHQ]H SHU FXL WL FHUFDURQR GL ULVDQDUH (QHZHWDN 5DFFROVHUR WXWWH OH VFR q PRUWD GL FDQFUR DO VHQR QHO D VROL DQQL ULH QXFOHDUL FKH VL WURYDYDQR VXOOH LVROH PHULGLRQDOL ¤ OH DO (UD VWDWD XQD GHOOH SULPH PLFURQHVLDQH D ODXUHDUVL WUH HUDQR WURSSR FRQWDPLQDWH ¤ H OH VRWWHUUDURQR LQ XQ FUD LQ PHGLFLQD $YHYD SDUWHFLSDWR D LQQXPHUHYROL L WHUH VX 5XQLW TXLQGL ULFRSULURQR WXWWR FRQ XQD FRODWD GL FH QL]LDWLYH ORFDOL H LQWHUQD]LRQDOL &RQ DOWUH GRQQH PHQWR GHO 3DFLILFR DYHYD SDUWHFLSDWR DO WRXU HXURSHR RU 2JJL JOL VFLHQ]LDWL GLFRQR FKH LO FUDWHUH FRPLQFLD D VSUL JDQL]]DWR GDO 1XFOHDU )UHH DQG ,QGHSHQGHQW 3DFLILF JLRQDUH GHOOH UDGLD]LRQL PD VHFRQGR ORUR VL WUDWWD GL XQ /·DUWLFROR GL TXHVWH SDJLQH q LO WHVWR GHO SUREOHPD WUDVFXUDELOH SHUFKp OD ODJXQD q JLj UDGLRDWWLYD O·LQWHUYHQWR FKH SURQXQFLz LQ TXHOO·RFFDVLRQH /©DELWDWR GLVWD VROR WUH R TXDWWUR PLJOLD 1HO DYHYD IRQGDWR O·DVVRFLD]LRQH <RXWK WR /H LVROH VHWWHQWULRQDOL D GLHFL PLJOLD GD Ou VRQR DQ <RXWK LQ +HDOWK FKH LQWHQGH PLJOLRUDUH OH FRQGL FK©HVVH LQDELWDELOL 3HU TXDOFKH WHPSR OD JHQWH KD FRQWL ]LRQL GL VDOXWH GHL JLRYDQL PLFURQHVLDQL DIIHWWL GD QXDWR DG DQGDUFL SHU FHUFDUH TXDOFRVD GD PDQJLDUH H VROR R DOFRROLVPR PDOQXWUL]LRQH H DOWUH PDODWWLH VSHVVR UD FL GLFRQR FKH VL WUDWWD GL FRVH QRQ FRPPHVWLELOL $O WHP GHULYDWH GDJOL HVSHULPHQWL QXFOHDUL SR VWHVVR SHUz L YLYHUL IRUQLWL GDJOL DPHULFDQL DUULYDQR WDUGL 1HO DYHYD VSRVDWR *LII -RKQ VRQ XQ JLRUQDOL H LQ TXDQWLWj LQVXIILFLHQWH VWD DPHULFDQR FKH RJ JL GLULJH LO VHWWLPDQDOH 0DU 'L FRQVHJXHQ]D OD JHQWH q FRVWUHWWD D FHUFDUH LO FLER VXO VKDOO ,VODQGV -RXUQDO H FROODERUD FRQ O·DVVRFLD]LRQH OH LVROH LQDELWDELOL &RPH VH WXWWR TXHVWR QRQ EDVWDVVH JOL IRQGDWD GDOOD PRJOLH DPHULFDQL GHFLVHUR GL XWLOL]]DUH O©DWROOR GL .ZDMDOHLQ FRPH *LRYDQQD 0DUFRQL EDVH PLVVLOLVWLFD $QFRUD XQD YROWD OD QRVWUD JHQWH IX WUDVIH IHULWD IRU]DWDPHQWH 'XH WHU]L GHOOD ODJXQD GL .ZDMDOHLQ FKH q OD SL JUDQGH GHO PRQGR YHQQHUR RFFXSDWH GDOOH DW WUH]]DWXUH PLVVLOLVWLFKH TXLQGL OD SRSROD]LRQH GRYHWWH VSRVWDUVL VX (EH\H 6X TXHVWD LVROD PLQXVFROD ¤ JUDQGH DS SHQD PT ¤ YLYRQR RJJL FLUFD SHUVRQH /D JHQWH SXz SHVFDUH VROR TXDQGR QRQ YHQJRQR IDWWL GHJOL H VSHULPHQWL FRVu q FRVWUHWWD D YLYHUH GL SDQH ULVR H FLEL FRQVHUYDWL 4XHVWR VSLHJD SHUFKp VL VRIIUH GL PDOQXWUL]LRQH H L EDPELQL QRQ VRQR VDQL 2OWUH D TXHVWR YHQLDPR GLVFULPLQDWL WDQWR SHU IDUH XQ HVHPSLR SHU DQGDUH VX .ZDMDOHLQ DEELDPR ELVRJQR GL XQ ODVFLDSDVVDUH 6RQR L PLOLWDUL FKH GHFLGRQR VH SRVVLDPR DQGDUH DOOH QRVWUH LVROH 6X (EH\H F©q XQ RVSHGDOH VH SURSULR OR YRJOLDPR FKLDPDUH FRVu &L ODYRUDQR LQ SRFKL H OH DWWUH]]DWXUH VRQR VFDGHQWL $ FLQTXH FKLORPHWUL GL GL VWDQ]D GHQWUR OD EDVH F©q XQ EHOOLVVLPR RVSHGDOH SHU JOL DPHULFDQL 1RL QRQ SRVVLDPR DQGDUFL SHUFKp DEELDPR OD SHOOH VFXUD *OL 6WDWL 8QLWL KDQQR VROWDQWR DIILWWDWR JOL VSD]L FKH RFFXSDQR PD YL LPPDJLQDWH FRVD VXFFHGHUHEEH VH QH GLYHQWDVVHUR L SDGURQL" (© SHU TXHVWR FKH QHO OD JHQWH GL .ZDMDOHLQ KD GHFLVR GL IDUH TXDOFRVD +D UDJ JLXQWR DOFXQH LVROH H FL q ULPDVWD TXDWWUR PHVL (UDQR XQ PLJOLDLR GL SHUVRQH YROHYDQR GLUH DJOL DPHULFDQL ¦1RQ SRWHWH WUDWWDUFL FRPH FLWWDGLQL GL VHULH % SHUFKp TXHVWD q OD QRVWUD WHUUD§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©HVVHUH RSHUDWR OR PDQGDQR D *XDP R QHJOL 6WDWL 8QLWL 1RQ IRUQLVFRQR DOFXQ GHWWDJOLR VXOOH RSHUD]LRQL QHFHVVDULH WL GLFRQR VROR FKH GHYL DQGDUH LQ RVSHGDOH ,O FRQWDWWR FRQ OD FLYLOWj DPHULFDQD q VFLRFFDQWH VFHQVRUL OXFL XQ PRQGR VFRQR VFLXWR H RVWLOH $ ULFHYHUOL FL VRQR VROWDQWR JOL XRPLQL GHO 'LSDUWLPHQWR GHOO©(QHUJLD PD QRQ SDUODQR OD QRVWUD OLQ JXD H QRQ F©q QHVVXQ WUDGXWWRUH 7L GLFRQR FKH QRQ GHYL WHOHIRQDUH D QHVVXQR H FKH GHFL SDUODUH VROR FRQ ORUR , UH IHUWL PHGLFL QRQ YHQJRQR FRQVHUYDWL 1HVVXQR FDSLVFH FRVD JOL VWDQQR IDFHQGR GHYL VROR IDUWL WRJOLHUH OD WLURLGH H SRL WRUQDUWHQH D FDVD 4XHOOR FKH FKLHGLDPR q XQD VHULH GL HVDPL UDGLRORJLFL UHDOL]]DWL GD PHGLFL LQGLSHQGHQWL 1RQ YRJOLDPR DYHUH SL QLHQWH D FKH IDUH FRO JRYHUQR DPHULFDQR *OL DELWDQWL GL 5RQJHODS QRQ VL VRQR OLPLWDWL D GLUOR FRQ O©DLXWR GL *UHHQSHDFH FKH OL KD LPEDUFDWL VXO 5DLQERZ :DUULRU KDQQR DEEDQGRQDWR OD ORUR LVROD , DELWDQWL VL VRQR WUDVIHULWL VX 0HMDWR XQD SLFFROD LVROD QHOO©DWROOR GL .ZDMDOHLQ *OL DPHULFDQL KDQQR UHDJLWR FHUFDQGR GL GLIIDPDUOL PD LQWDQWR TXHVWL DYHYDQR GLPRVWUDWR FKH ULILXWDYD


YDQR GL VRFFRPEHUH DOOD IROOLD QXFOHDUH H FKH YROHYDQR FRVWUXLUH XQ IXWXUR GLYHUVR SHU L SURSUL ILJOL SHUFKp VDSH YDQR FKH O©LVROD HUD FRQWDPLQDWD 1RQ HUD VWDWD XQD GHFLVLRQH IDFLOH 6LDPR SRFKH SHUVRQH FKH DELWDQR VX SLFFROH LVROH PD DEELDPR IDWWR GL WXWWR SHU IHUPDUH TXHVWD IROOLD QXFOHDUH H DOOD ILQH FL VLDPR ULXVFLWL &RPXQTXH OD QRVWUD EDWWDJOLD FRQWLQXD H VROR FRO YRVWUR DLXWR SRWUHPR JDUDQWLUH XQ IX WXUR DL QRVWUL ILJOL H DOOH JHQHUD]LRQL FKH YHUUDQQR

/D W D WUDJHGLD G D GL 5 L 5RQJHODS

,O ƒ PDU]R JOL 6WDWL 8QLWL IHFHUR HVSORGHUH VXOO·DWROOR GL %LNLQL OD ERPED DWRPLFD GHQRPLQDWD %UDYR YROWH SL SRWHQWH GL TXHOOD FKH HUD VWDWD ODQFLDWR VX +LURVKLPD &LUFD .P D HVW FRPSOHWDPHQWH HVSRVWR DOOD SLRJJLD UDGLRDWWLYD VL WURYDYD XQ DWROOR DELWDWR GD SHUVRQH 5RQJHODS 4XDQGR DUULYz OD SLRJJLD D WRPLFD JOL DELWDQWL FUHGHWWHUR FKH QHYLFDVVH H L EDPELQL FRPLQFLDURQR D JLRFDUH FRQ TXHOOD SROYHUH ELDQFD 'XH JLRUQL SL WDUGL OD SRSROD]LRQH YHQQH HYDFXDWD SHUFKp O·HIIHWWR GHOOH UDGLD]LRQL HUD GLYHQWDWR LQWROOH UDELOH OD UDGLRDWWLYLWj DVVRUELWD HUD VWDWD YROWH VXSHULRUH DOOD GRVH WROOHUDELOH LQ XQ DQQR , IXQ]LRQDUL DPH ULFDQL VDSHYDQR FKH L YHQWL SURYHQLHQWL GD RYHVW DYUHEEHUR WUDVSRUWDWR OD SLRJJLD UDGLRDWWLYD VX 5RQJHODS H SURSULR SHU TXHVWR DYHYDQR DOORQWDQDWR GDOOD UHJLRQH WXWWL L ORUR FRQQD]LRQDOL PD QRQ JOL DELWDQWL GHOO·DWROOR 1HO LO JRYHUQR DPHULFDQR FRPXQLFz DJOL DELWDQWL GL 5RQJHODS FKH O·LVROD QRQ HUD SL FRQWDPLQDWD H FKH TXLQGL SRWHYDQR WRUQDUFL 0D QHJOL DQQL VXFFHVVLYL OD JHQWH FRQWLQXz DG DFFXVDUH OH FRQVHJXHQ]H GHOOH UDGLD ]LRQL FUHVFLWD ULWDUGDWD GLVIXQ]LRQL WLURLGHH FDQFUR *OL HVDPL XULQDUL UHDOL]]DWL QHO PLVHUR LQ HYLGHQ]D X QD FRQFHQWUD]LRQH GL SOXWRQLR YROWH VXSHULRUH D TXHOOD ULVFRQWUDWD QHJOL DELWDQWL GL %LNLQL PD L ULVXOWDWL IXUR QR WHQXWL VHJUHWL SHU DQQL 1HO FRPXQTXH XQ UDSSRUWR GHO JRYHUQR VWDWXQLWHQVH GLPRVWUz FKH 5RQ JHODS HUD FRQWDPLQDWD FRPH %LNLQL 1HL WUH DQQL VXFFHVVLYL LO VHQDWRUH -HWRQ $QMDLQ UDSSUHVHQWDQWH GL 5RQJHODS QHO SDUODPHQWR GHOOH LVROH 0DU VKDOO FHUFz LQYDQR GL RWWHQHUH FKH LO VXR SRSROR YHQLVVH HYDFXDWR SHU SRWHU YLYHUH LQ XQ DPELHQWH VDQR $O WHPSR VWHVVR VL DGRSHUz SHUFKp O·LVROD IRVVH VRWWRSRVWD DOO·HVDPH GL XQD FRPPLVVLRQH VFLHQWLILFD LQGLSHQGHQWH *LXQWL RUPDL DO OLPLWH GHOOD VRSSRUWD]LRQH QHO JOL DELWDQWL GHFLVHUR GL DEEDQGRQDUH OD ORUR WHUUD &RQ O·DLXWR GL *UHHQSHDFH UDJJLXQVHUR O·DWROOR GL 0HMDWR D .P GD 5RQJHODS GRYH SHUz LO FLER HUD VFDUVR H PDQFDYD OD SXU PLQLPD VWUXW WXUD VDQLWDULD , IXQ]LRQDUL DPHULFDQL VL DFFDQLURQR FRQWUR $QMDLQ H FHUFDURQR GL GLIIDPDUOR SHU DYHU SURPRVVR O·HYDFXD]LRQH 0D OXL YROHYD FKH LO SUREOHPD UHVWDVVH DOO·RUGLQH GHO JLRUQR :DVKLQJWRQ LQYHVWLYD PLOLRQL GL GROODUL SHU ERQLILFDUH %LNLQL HG (QHZHWDN PHQWUH DYHYD FRPSOHWDPHQWH GL PHQWLFDWR OD WUDJHGLD GL 5RQJHODS 1HO VL ULSHWq LQ SDUWH LO FRSLRQH GHO DJOL LQGLJHQL IX GHWWR FKH O·LVROD HUD DELWDELOH PD VROR SHU JOL D GXOWL FKH FRPXQTXH QRQ QRQ DYUHEEHUR GRYXWR YLYHUH QHOOD SDUWH VHWWHQWULRQDOH 0D VWDYROWD QRQ VL ILGDUR QR $QMDLQ FRQWLQXz D IDU SUHVVLRQH VXO &RQJUHVVR DIILQFKq O·DWROOR IRVVH HVDPLQDWR GD XQD FRPPLVVLRQH LQ GLSHQGHQWH 5LXVFu D FRLQYROJHUH GLYHUVL VFLHQ]LDWL VWUDQLHUL H DG HYLWDUH FKH LO SUREOHPD IRVVH DUFKLYLDWR QXR YDPHQWH 1HO OH VXH ULFHUFKH ULYHODURQR FKH JOL 6WDWL 8QLWL YLRODQGR LO SDWWR GL DVVRFLD]LRQH FRQ OH LVROH 0DUVKDOO FRQVHUYDYDQR VX 5RQJHODS GHOOH DWWUH]]DWXUH DWRPLFKH GD XVDUH QHO FDVR FKH O·8566 GHFLGHVVH GL QRQ ULVSHWWDUH LO 7UDWWDWR GL 1RQ 3UROLIHUD]LRQH 1XFOHDUH ,O JRYHUQR VWDWXQLWHQVH VL WURYz TXLQGL FRVWUHWWR DG DFFHWWDUH O·LQFKLHVWD LQGLSHQGHQWH SHU OD TXDOH $QMDLQ DYHYD ORWWDWR PROWL DQQL /·LPSHJQR GL $QMDLQ JOL YDOVH GHL ULFRQRVFLPHQWL SUHVWLJLRVL QHO IX SUHPLDWR FRQ LO 5LJKW /LYHOLKRRG $ZDUG PHQWUH GXH DQQL GRSR ULFHYHWWH LO *ROGPDQ 3UL]H ,O VHQDWRUH GL 5RQJHODS q PRUWR GL FDQFUR QHO VHQ]D SRWHU YHGHUH OD VXD JHQWH FKH IDFHYD ULWRUQR LQ SDWULD ,Q RJQL FDVR DYHYD FRVWUHWWR JOL 6WDWL 8QLWL D UL VSHWWDUH XQ GRYHUH D OXQJR WUDVFXUDWR UHVWLWXHQGR DO SLFFROR SRSROR PLFURQHVLDQR TXHOOD GLJQLWj FKH LO WHUUR UH DWRPLFR JOL DYHYD UXEDWR ,O VHWWHPEUH JOL 6WDWL 8QLWL KDQQR LVWLWXLWR XQ IRQGR GL PLOLRQL GL GROODUL PLOLDUGL GL OLUH SHU UL VDQDUH O·DWROOR H SHU IDUYL WRUQDUH JOL LQGLJHQL ,O SUREOHPD SL JUDYH ULPDQH OD FRQWDPLQD]LRQH LO VXROR q LP SUHJQDWR GL FHVLR FKH YLHQH DVVRUELWR GDOOH SLDQWH H TXLQGL GDOO·XRPR FKH VH QH QXWUH 7RUQDQGR D %LNLQL OD SHUVRQD FKH SL VL q LPSHJQDWD SHU DVVLVWHUH OD SRSROD]LRQH ORFDOH q VWDWR -DFN 1LHGHQ WKDO XQ DPHULFDQR FKH QHO GHFLVH GL VWDELOLUVL VXOO·DWROOR SHU DVVLVWHUH OD SRSROD]LRQH ORFDOH ,Q TXHVWL DQQL 1LHGHQWKDO KD VYROWR XQ UXROR GHWHUPLQDQWH QHOOD FRPSOHVVD YHUWHQ]D UHODWLYD DL ULVDUFLPHQWL FKH JOL 6WDWL 8QLWL GHYRQR SDJDUH DJOL HUHGL GHOOH YLWWLPH )UD O·DOWUR q ULXVFLWR D RWWHQHUH FKH :DVKLQJWRQ SDJDVVH D RJQL DELWDQWH GHOO·DWROOR XQR VWLSHQGLR GL GROODUL DOO·DQQR PHQWUH SHU LO IXWXUR LQWHQGH VYLOXSSDUH OH SR WHQ]LDOLWj WXULVWLFKH GL %LNLQL

$OHVVDQGUR 0LFKHOXFFL


%LEOLRJUDILD

$$ 99 2PRPR 0HOHQ 3DFLILF :RPHQ IURP WKH 1RQ 6HOI *RYHUQLQJ 7HUULWRULHV DQG &RORQLHV RI WKH 3DFLILF %HMLQJ $XJXVW &RUVR &KULVWFKXUFK % &XUWVLQJHU HG ( .ULVWRI ´/D ULYLQFLWD GL 5RQJHODS GRSR OD ERPEDµ 1DWLRQDO *HRJUDSKLF , DSULOH SS - 'LEEOLQ 'D\ RI 7ZR 6XQV 86 1XFOHDU 7HVWLQJ DQG WKH 3DFLILF ,VODQGHUV /RQGRQ 9LUDJR ( *DUEH 0LNURQHVLHQ 0LVVEUDXFKW ,QVHOQ LP 3D]LILN 3D]LILN ,QIRUPDWLRQVVWHOOH 1HXHQGHWWHOVDX 3 +D\HV / =DUVN\ : %HOOR $PHULFDQ /DNH 1XFOHDU 3HULO LQ WKH 3DFLILF 3HQJXLQ +DUPRQGVZRUWK = Gp ,VKWDU D FXUD GL 'DXJKWHUV RI WKH 3DFLILF 6SLQLIH[ 3UHVV 0HOERXUQH = Gp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·DUHD 0DFUR HGL]LRQL 6DUVLQD )RUOu - :HLVJDOO 2SHUDWLRQ &URVVURDGV 1DYDO ,QVWLWXWH 3UHVV $QQDSROLV 0DU\ODQG :RPHQ :RUNLQJ IRU D 1XFOHDU )UHH DQG ,QGHSHQGHQW 3DFLILF D FXUD GL 3DFLILF :RPHQ 6SHDN :K\ +DYHQ·W <RX .QRZQ" *UHHQOLQH 2[IRUG

,QGLUL]]L

%LNLQL $WROO ZZZ ELNLQLDWROO FRP 1XFOHDU &ODLPV 7ULEXQDO 5HSXEOLF RI WKH 0DUVKDOO ,VODQGV 32 %R[ 0DMXUR 0DUVKDOO ,VODQGV ID[ QFWPDM#QWDPDU FRP 5RQJHODS 5HVHWWOHPHQW 3URMHFW ZZZ MRKQFDVVHOO FRP URQJHODS <RXWK WR <RXWK LQ +HDOWK 32 %R[ 0DMXUR 0DUVKDOO ,VODQGV ID[ ZZZ UPLHPEDVV\XV RUJ \W\LK KWPO


*XDP FRORQLD SHU VHPSUH" &KDLODQJ 3DODFLRV

/D 0LFURQHVLD IX FRORQL]]DWD GDJOL VSDJQROL QHO TXLQGLFHVLPR VHFROR ,QVLHPH DL VROGDWL DUULYDURQR DQFKH L PLV VLRQDUL (UDQR GXH EUDFFL GL XQD VWHVVD WHQDJOLD FKH FHUFDYD GL VWULWRODUFL VEDUFDURQR VX *XDP H VXFFHVVLYDPHQWH RFFXSDURQR O©LQWHUD 0LFURQHVLD , PLVVLRQDUL HUDQR YHQXWL SHU FULVWLDQL]]DUH L QRVWUL DQWHQDWL FKH TXDQGR OL YLGHUR IXJJLURQR VSDYHQWDWL SHUFKp QRQ DYHYDQR PDL YLVWR XQ ELDQFR , SUHWL EHQHGLFHYDQR L VROGDWL PHQWUH TXHVWL PDVVD FUDYDQR JOL XRPLQL H YLROHQWDYDQR OH GRQQH 4XDQGR DUULYDURQR JOL VSDJQROL *XDP HUD DELWDWD GD SHUVRQH ,Q SRFKL DQQL IXPPR ULGRWWL D SHUFKp FRORUR FKH ULILXWDYDQR GL DEEUDFFLDUH LO FULVWLDQHVLPR YHQLYDQR XFFLVL /D GRPLQD]LRQH VSDJQROD GXUz SX GL XQ VHFROR HUDQR YHQXWL SHU IDUH XQ EXRQ ODYRUR H O©KDQQR IDWWR WDQWR q YHUR FKH RJJL VX *XDP L FDWWROLFL VRQR LO GHOOD SRSROD]LRQH 3RL DUULYDURQR L 7HGHVFKL &RPH JOL 6SDJQROL DQFKH ORUR HUDQR VSLQWL GD PRWLYL HFRQRPLFL $QFRUD XQD YROWD OD VWHVVD WUDJHGLD XRPLQL PDVVDFUDWL GRQQH YLROHQWDWH DQFRUD XQD YROWD L PLVVLRQDUL FRQ O©XQLFD GLIIHUHQ]D FKH TXHVWL YROHYDQR FRQYHUWLUFL DO SURWHVWDQWHVLPR 4XHVWR VFDWHQz GHOOH ULYDOLWj LQWHUQH IUD JOL LQGLJHQL FDWWROLFL GD X QD SDUWH SURWHVWDQWL GDOO©DOWUD 9D VHPSUH D ILQLUH FRVu OD FRORQL]]D]LRQH FUHD GLYLVLRQH /©RFFXSD]LRQH WHGHVFD FRPXQTXH QRQ GXUz PROWR 6XFFHVVLYDPHQWH IX OD YROWD GHL *LDSSRQHVL /HQWL PD LPSODFDELOL FRPH XQD SLRYUD $QFKH ORUR YROHYDQR FRQ YHUWLUFL LQ TXHVWR FDVR DO EXGGKLVPR $ ORUR SLDFHYDQR OH QRVWUH LVROH WDQWR q YHUR FKH FL ULPDVHUR D OXQJR 6L LPSDGURQLURQR GHOOD QRVWUD WHUUD SHU FRVWUXLUFL GHOOH SLDQWDJLRQL GL ]XFFKHUR H DQDQDV $QFKH ORUR ULGXVVHUR LQ VFKLDYLW L QRVWUL DQWHQDWL OL SDJDYDQR FLQTXH FHQWHVLPL DO JLRUQR 3RL DUULYz OD 6HFRQGD *XHUUD 0RQGLDOH 1RL PLFURQHVLDQL QH IXPPR OH SULPH YLWWLPH $QFRUD XQD YROWD OD QR VWUD SRVL]LRQH JHRJUDILFD FL FRQGDQQz 'RSR DYHUOL GHUXEDWL GHOOD ORUR FXOWXUD H GHOOD ORUR WHUUD L JLDSSRQHVL FR VWULQVHUR JOL LQGLJHQL GL *XDP D ULIXJLDUVL VXL PRQWL 'LVVHUR ORUR GL VFDYDUH GHL ULIXJL VRWWHUUDQHL GRYH QDVFRQGHUVL LQ FDVR GL JXHUUD 6HPEUDYD FKH TXHVWR DFFRUJLPHQWR FL DYUHEEH VDOYDWR PD QRQ IX FRVu /D JXHUUD FRPLQFLz XQD GRPHQLFD PDWWLQD /D JHQWH VL WURYDYD IXRUL GDL ULIXJL SHUFKp HUD DQGDWD D WURYDUH JOL DPLFL H L SDUHQWL $OO©LP SURYYLVR FRPLQFLDURQR D SLRYHUH ERPEH GDO FLHOR H GDO PDUH /D JHQWH QRQ SRWHQGR UDJJLXQJHUH LO SURSULR ULIX JLR FHUFz GL VDOYDUVL VWLSDQGRVL LQ TXHOOL SL YLFLQL 6H QH VWDYDQR Ou DO EXLR DO FDOGR VHQ]D YLYHUL FRQ OH ERPEH FKH FDGHYDQR RYXQTXH , PRUWL IXURQR WDQWL 0RULURQR DQFKH GHL EDPELQL FKH OH PDPPH QRQ SRWHYDQR SL DOODWWD UH LQ VHJXLWR DOOR VKRFN 6SHVVR DEELDPR VHQWLWR GLUH GDOOH SHUVRQH GHOOD JHQHUD]LRQH SUHFHGHQWH ¦6LDPR FRQWHQWL FKH JOL DPHULFDQL DE ELDQR YLQWR OD JXHUUD FL KDQQR VDOYDWR GDO FRPXQLVPR§ /D UHDOWj q EHQ GLYHUVD &RQ JOL DPHULFDQL DEELDPR ULYLV VXWR SHU OD TXDUWD YROWD OD VWHVVD WUDJHGLD &RPH L PLVVLRQDUL GHL VHFROL VFRUVL GLFHYDQR ¦6LDPR TXL SHU FULVWLD QL]]DUYL SHU LQVHJQDUYL FRV©q O©DPRUH SHU JDUDQWLUYL OD SDFH§ ,O ULVXOWDWR q FKH RJJL QRL DEELDPR OD %LEELD PHQ WUH L PLVVLRQDUL H L ORUR JRYHUQL ELDQFKL KDQQR OD QRVWUD WHUUD 5LFRUGR FKH DQFKH GRSR OD JXHUUD L PLHL JHQLWRUL GLFHYDQR ¦4XDQWR FL KDQQR IDWWR VRIIULUH L JLDSSRQHVL H JOL D PHULFDQL§ 0LR SDGUH OD FXL FDVD GL SLHWUD HUD VWDWD VYHQWUDWD GDOOH ERPEH QRQ FDSu SHUFKp L VROGDWL DPHULFDQL DU ULYDURQR FRQ L EXOOGR]HU H GLVWUXVVHUR WXWWH OH DELWD]LRQL WXWWH OH VWUDGH /R IHFHUR SHUFKp RGLDYDQR L JLDSSRQHVL H QRQ YROHYDQR FKH UHVWDVVHUR WUDFFH GHOOD ORUR SUHVHQ]D 3HU DOFXQL DQQL *XDP ULPDVH LVRODWD GDO UHVWR GHO PRQGR 1HVVXQR SRWHYD HQWUDUH R XVFLUH D PHQR FKH QRQ DS SDUWHQHVVH DOOD &,$ R DOO©HVHUFLWR DPHULFDQR 7XWWR TXHVWR SHUFKp JOL 6WDWL 8QLWL VWDYDQR SUHSDUDQGR O©DWWDFFR DOOD &LQD SHU FXL OH QRVWUH LVROH HUDQR SLHQH GL FLQHVL DQWLFRPXQLVWL ORUR DOOHDWL ,O UXPRUH GHL ERPEDUGDPHQWL VL VHQ WLYD RYXQTXH /D PLD FDVD FRPLQFLz D WUHPDUH 5LFRUGR VROR FKH L PLHL JHQLWRUL PL GLVVHUR ¦3UHJD DIILQFKq QRQ FL VLDQR SL JXHUUH§ H LR ULVSRVL ¦&RVD YXRO GLUH§" $OORUD PLD PDGUH PL VWULQVH OD PDQR H GLVVH ¦)LJOLD PLD IRUVH LR QRQ YHGUz OD SURVVLPD JXHUUD PD VDUj XQD JXHUUD WHUULELOH FKH QRQ WL GDUj VFDPSR§ $YHYR DSSHQD R DQ QL /D JXDUGDYR H QRQ FDSLYR 3RL PLD PDGUH PRUu 1RQ HUD XQD GRQQD LVWUXLWD PD OD WHUULELOH HVSHULHQ]D GHOOD 6H FRQGD *XHUUD 0RQGLDOH OH DYHYD IDWWR FDSLUH WXWWR ¦1RQ WL GDUj VFDPSR§ 4XHVWH SDUROH QRQ OH GLPHQWLFKHUz PDL 'RSR OD JXHUUD FL GLVVHUR FKH JOL 6WDWL 8QLWL FL DYHYDQR VDOYDWR 6RWWR LO PDQGDWR GHOOH 1D]LRQL 8QLWH DYUHEEHUR ULVDQDWR OD VLWXD]LRQH HFRQRPLFD H VRFLDOH GHOOD QRVWUD LVROD /H ERPEH FKH JOL DPHULFDQL IHFHUR HVSORGHUH LQ 0LFURQHVLD ¦SHU LO EHQH GHOO©XPDQLWj§ HUDQR PROWR SL SRWHQWL GL TXHOOH FKH DYHYDQR ODQFLDWR VX +LURVKLPD H 1D JDVDNL *OL DHUHL FKH OH WUDVSRUWDYDQR HUDQR SDUWLWL GDOOD QRVWUD LVROD 7LQLDQ 3RL JOL DPHULFDQL WRUQDURQR SHU


LPSRVVHVVDUVL GHOO©LQWHUD LVROD OD SL ULFFD GHOO©DUFLSHODJR 7LQLDQ IRUQLYD JHQHUL DOLPHQWDUL D *XDP 6DLSDQ 5RWD %HODX 0D JOL LQGLJHQL RSSRVHUR UHVLVWHQ]D H JOL 6WDWL 8QLWL ULXVFLURQR D SUHQGHUH VROWDQWR GXH WHU]L GHOO©LVROD FKH YROHYDQR WUDVIRUPDUH LQ XQD JUDQGH EDVH PLOLWDUH 1RL FUHGHYDPR DJOL 6WDWL 8QLWL SHQVDYDPR FKH FL DYUHEEHUR VDOYDWR GDOOD JXHUUD 0D L IDWWL FRQWDQR SL GHOOH SDUROH WXWWR FLz FKH IDFHYDQR DYHYD FRPH VFRSR OD QRVWUD GLVWUX]LRQH &RVu QHO L QRVWUL FDSL FRPLQFLDURQR D SHQVDUH FKH VH VL IRVVHUR XQLWL OH QRVWUH LVROH DYUHEEHUR SRWXWR HVVHUH LQGLSHQGHQWL H VFDPSDUH DOOD IROOLD QXFOHDUH &RVu IX DGRWWDWD OD QXRYD OLQHD XQLWj H LQGLSHQGHQ]D 0D D GLIIHUHQ]D GL TXHOOR FKH DFFDGHYD D %HODX GRYH HVLVWH YDQR DQFRUD L FDSL WUDGL]LRQDOL QRL HUDYDPR VWDWL FULVWLDQL]]DWL D WDO SXQWR FKH L QRVWUL FDSL HUDQR VWDWL FRPSOHWD PHQWH ULPSLD]]DWL GDL ELDQFKL 8QD QRWWH SHUz JOL 6WDWL 8QLWL VFRSULURQR FKH LO QRVWUR RFHDQR FRQWHQHYD PDJQHVLR H XQ©DOJD FKH SRWHYD VID PDUH XQ LQWHUR SDHVH &RVu SHQVDURQR GL LPSDGURQLUVHQH ,Q UHDOWj YROHYDQR FKH QRQ GLYHQWDVVLPR LQGLSHQGHQWL )X FRVu FKH LO QRVWUR DUFLSHODJR GLYHQQH LO &RPPRQZHDOWK GHOOH 0DUDLDQQH VHWWHQWULRQDOL &L DYHYDQR FRPSUDWR FRQ XQD PDQFLDWD GL GROODUL 7XWWR O©DUFLSHODJR WUDQQH *XDP FKH JOL 6WDWL 8QLWL DYHYDQR JLj SUHVR QHO (© WULVWH SHQVDUH FKH RJJL OD JHQWH GL *XDP QRQ SDUOD SL OD SURSULD OLQJXD *OL DELWDQWL GHOOH 0DULDQQH VHWWHQWULRQDOL H TXHOOL GL *XDP DSSDUWHJRQR DOOR VWHVVR SRSROR 2JJL L SULPL VRQR PROWR DPHULFDQL]]DWL PHQWUH L VHFRQGL YLYR QR VX XQR GHL SL JUDQGL DUVHQDOL QXFOHDUL GHO SLDQHWD 6LDPR VWDWL GLYLVL *OL 6WDWL 8QLWL KDQQR GLYLVR OD 0LFURQHVLD LQ YDULH SDUWL JOL 6WDWL )HGHUDWL GHOOD 0LFURQHVLD %HODX OD UHSXEEOLFD GHOOH 0DUVKDOOž 'LYLGH HW LPSHUDž

8Q V Q VHFROR G R GL F L FRORQLDOLVPR D R DPHULFDQR

,O KD VHJQDWR LO FLQTXDQWHQDULR GHOOD 'LFKLDUD]LRQH 8QLYHUVDOH GHL 'LULWWL 8PDQL H LO FHQWHQDULR GHOO DQQHVVLRQH GHOOH +DZDL L $ TXHVWH q QHFHVVDULR DJJLXQJHUH XQ DOWUD ULFRUUHQ]D FKH QRQRVWDQWH OD VXD LPSRUWDQ]D q SDVVDWD GHO WXWWR LQRVVHUYDWD LO FHQWHVLPR DQQLYHUVDULR GHOO LQL]LR GHOO HVSDQVLRQLVPR FROR QLDOH VWDWXQLWHQVH $OOD ILQH GHO LQIDWWL OH WUHGLFL FRORQLH FKH DYHYDQR ORWWDWR SHU DIIUDQFDUVL GDO GRPL QLR EULWDQQLFR VL ULWURYDURQR D FDSR GL XQ QXRYR LPSHUR FRORQLDOH 1RQ HUD DQFRUD SDUDJRQDELOH D TXHOOL HX URSHL PD LQ RJQL FDVR HUD JLj XQ LPSHUR LQ SLHQD UHJROD /H FRORQLH LQ TXHVWLRQH HUDQR *XDP OH )LOLSSLQH 3RUWR 5LFR H OH +DZDL L WUDQQH TXHVW XOWLPD WXWWH H[ FRORQLH VSDJQROH 1HO VL DJJLXQVHUR OD SDUWH R ULHQWDOH GHOOH LVROH 6DPRD H OH LVROH 9HU JLQL 1HOOD 6HFRQGD *XHUUD 0RQGLDOH :DVKLQJWRQ ULXVFu D LPSDGUR QLUVL GHOO LQWHUD 0LFURQHVLD FKH LQ SUHFHGHQ]D HUD VWDWD FRORQLD JLDSSRQHVH H SULPD DQFRUD WHGHVFD )X FRVu FKH JOL 6WDWL 8QLWL IRQGDWL IDFHQGR DSSHOOR D LGHDOL GL JLXVWL]LD H GL IUDWHOODQ]D GRYHWWHUR FRQFLOLDUH JOL LGHDOL GHOOD GHPRFUD]LD UDSSUHVHQWDWLYD FRQ LO QXRYR UXROR FRORQLDOH /D IHGHUD]LRQH QRUGDPHULFDQD YHQLYD D SUHQ GHUH LO SRVWR GHOOH SRWHQ]H HXURSHH FKH VWDYDQR SHUGHQGR TXDVL WXWWL L SURSUL WHUULWRUL G ROWUHPDUH 2JJL DOO·LQL]LR GHO YHQWXQHVLPR VHFROR OD EDQGLHUD D VWHOOH H VWULVFH VYHQWROD DQFRUD VX FLQTXH SDHVL VWUDQLHUL *XDP 0DULDQQH 6HWWHQWULRQDOL 3RUWR 5LFR 6DPRD $PHULFDQH H LVROH 9HUJLQL *OL DELWDQWL GL TXHVWL SDHVL VRQR FLWWDGLQL VWDWXQLWHQVL PD OD ORUR q XQD FLWWDGLQDQ]D GL VHULH % 6XOOH 9HUJLQL SHU HVHPSLR QRQ VL SXz YRWDUH SHU GHFLGHUH FKL VLHGHUj DOOD &DVD %LDQFD /H DOWUH FRORQLH SRVVRQR HOHJJHUH L SURSUL UDSSUHVHQWDQWL DOOD &DPHUD GHL 'HSXWDWL GRYH SHUz QRQ KDQQR GLULWWR GL YRWR

$OHVVDQGUR 0LFKHOXFFL

2JJL PDU]R QGW LO *LDSSRQH YXROH VHSSHOOLUH OH SURSULH VFRULH QXFOHDUL QHOOD )RVVD GHOOH 0DULDQQH 4XH VWR SURSRVLWR KD UDIIRU]DWR OD QRVWUD XQLWj 0HQWUH PROWL GL QRL XVDQR DQFRUD OH FDQGHOH H SUHQGRQR O©DFTXD GDL SR]]L LQ *LDSSRQH H QHJOL 6WDWL 8QLWL OD JHQWH VL JRGH WXWWL L YDQWDJJL GHOO©HQHUJLD QXFOHDUH 'RSR DYHUFL ERP EDUGDWR RUD WRUQDQR GD QRL SHU VHSSHOOLUH OH ORUR VFRULH QXFOHDUL /RUR L ULFFKL JLDSSRQHVL H DPHULFDQL FKH KDQQR IDWWR OH ORUR JXHUUH TXL 'RYHWH DLXWDUFL ,O JRYHUQR EULWDQQLFR VRVWLHQH LO *LDSSRQH FKH YXROH VHSSHOOLUH OH SURSULH VFRULH QXFOHDUL YLFLQR DOOH QRVWUH LVROH 6R FKH YRL SRWHWH FDSLUPL DQFKH YRL DYHWH OH YRVWUH VFRULH QXFOHDUL 9HGR FKH TXL YLYHWH LQ PRGR DJLDWR QRL WXWWR TXHVWR QRQ O©DEELDPR TXLQGL YL FKLHGLDPR GL DLXWDUFL DIILQFKq OH QRVWUH LVROH QRQ GLYHQWLQR XQD SDWWXPLHUD QXFOHDUH /H QRVWUH XQLFKH ULVRUVH VRQR OD WHUUD H O©RFHDQR /D QRVWUD UHOLJLRVLWj q IDWWD GL DFTXD GL SLHWUH GL QDWXUD q TXH VWR FKH FL WLHQH LQ YLWD 6LDPR SHUVRQH VHPSOLFL FKH VL RFFXSDQR GHOOH SURSULH IDPLJOLH H GHOOD SURSULD WHUUD $LXWLD PR L SRYHUL H JOL DQ]LDQL 1RQ DEELDPR FDVH GL ULSRVR SHU L QRVWUL YHFFKL FKH VRQR OD QRVWUD PHPRULD VWRULFD HQ FLFORSHGLH YLYHQWL /D QRVWUD q XQD FXOWXUD RUDOH FKH VL WUDPDQGD GD XQD JHQHUD]LRQH DOO©DOWUD 6LDPR JOL DELWDQWL GHOO©RFHDQR H ORWWLDPR SHU OD VRSUDYYLYHQ]D /©RFHDQR q LO QRVWUR VSLULWR 0D RJJL OH VXH DF TXH FL VWDQQR XFFLGHQGR OHQWDPHQWH SHUFKp VRQR VWDWH DYYHOHQDWH GDOOH ERPEH , PLHL JHQLWRUL VRQR PRUWL GL FDQ FUR SHU OH FRQVHJXHQ]H GHJOL HVSHULPHQWL GHO +R YLVWR PRULUH OD PLD ]LD VWUD]LDWD DOOR VWHVVR PRGR 0L FKLH


GHYR FRVD DYHVVH PHQWUH TXDWWUR GRWWRUL OD VWXGLDYDQR GDYDQWL DL PLHL RFFKL 1RQ SRWHYDQR GLUPL TXHOOR FKH OH VWDYD DFFDGHQGR (FFR FRPH FL KDQQR WUDWWDWR JOL DPHULFDQL 2JJL VLDPR SL IRUWL H VLDPR YHQXWL TXL SHU GLUYL FKH TXHVWD IROOLD QXFOHDUH QRQ WUDYROJHUj VROWDQWR LO 3DFLILFR $LXWDWHFL D IHUPDUOD SHUFKp DOWULPHQWL WUDYROJHUj DQFKH YRL

/D F D FXOWXUD D FFKDPRUUR

*OL VWXGL DUFKHRORJLFL H OLQJXLVWLFL GLPRVWUDQR OD VWUHWWD DIILQLWj IUD JOL LQGLJHQL GHOOH 0DULDQQH L &KDPRUUR H L SRSROL GHOO·DUHD ILOLSSLQR LQGRQHVLDQD /D FXOWXUD LQGLJHQD VL q FRQVHUYDWD JUD]LH DO UXROR GHWHUPLQDQWH GHO OH GRQQH JOL VSDJQROL FHUFDURQR GL GLVWUXJJHUH OD VRFLHWj FKDPRUUR XFFLGHQGR JOL XRPLQL PD QRQ VDSHYDQR FKH VL WUDWWDYD GL XQD VRFLHWj PDWULOLQHDUH /D WHUUD H L VXRL SURGRWWL VRQR FRQVLGHUDWL SURSULHWj FRPXQH 8QR GHL FDUGLQL GHOOD FXOWXUD FKDPRUUR q LO FRQ FHWWR GL LQDID·PDROHN LQWHUGLSHQGHQ]D VH FRQGR LO TXDOH OD VRFLHWj QRQ VL EDVD VXOO·LQGLYLGXR PD VXO FODQ 2 JQXQR GL TXHVWL SXU FRVWLWXHQGR XQD VWUXWWXUD GLVWLQWD q OHJD WR DJOL DOWUL FODQ GD UDSSRUWL GL SDUHQWHOD GL OD YRUR GL DPLFL]LD 4XHVWD VWUXWWXUD VRFLDOH q DQFRUD YLYD QRQRVWDQWH WUH VHFROL GL FROR QLDOLVPR DEELDQR FHUFDWR GL VUDGLFDUOD 'DO q DWWLYD O·2UJDQL]DWLRQ RI 3HRSOH IRU ,QGLJHQRXV 5LJKWV 23,5 FKH VL EDWWH DIILQFKq TXHVWD FXOWXUD SRV VD FRQWLQXDUH D YLYHUH H VYLOXSSDUVL OLEHUDPHQWH $OWUL SXQWL FHQWUDOL GHO VXR SURJUDPPD VRQR O·DXWRGHWHUPL QD]LRQH H L ULVDUFLPHQWL SHU OH YLWWLPH GHOO·XOWLPD JXHUUD PRQGLDOH $ TXHVWR VFRSR O·23,5 VYROJH XQ·LQWHQVD DWWLYLWj D OLYHOOR ORFDOH H LQWHUQD]LRQDOH 1HO LQVLHPH DG DOWUH DVVR FLD]LRQL ORFDOL KD GDWR YLWD DOOD &RORQ L]HG &KDPRUUR &RDOLWLRQ FKH FKLHGH OD UHVWLWX]LRQH GHOOH WHUUH FRQI LVFDWH GDJOL 6WDWL 8QLWL SHU VFRSL PLOLWDUL

*LRYDQQD 0DUFRQL

%LEOLRJUDILD

( *DUEH 0LNURQHVLHQ 0LVVEUDXFKWH ,QVHOQ LP 3D]LILN 3D]LILN ,QIRUPDWLRQVVWHOOH 1HXHQGHWWHOVDX 5 5RJHUV 'HVWLQ\·V /DQGIDOO $ +LVWRU\ RI *XDP 8QLYHUVLW\ RI +DZDL·L 3UHVV +RQROXOX 3 6DQFKH] *XDKDQ *XDP 7KH +LVWRU\ RI 2XU ,VODQG 6DQFKH] 3XEOLVKLQJ +RXVH $JDQD *XDP / 7RUUHV 6RXGHU 'DXJKWHUV RI WKH ,VODQGV &RQWHPSRUDU\ :RPHQ 2UJDQL]HUV RQ *XDP 8QLYHUVLW\ 3UHVV RI $PHULFD /DQWKDP 0DU\ODQG + 3 :LOOHQV H ' & 6LHPHU 1DWLRQDO 6HFXULW\ DQG 6HOI 'HWHUPLQDWLRQ 8QLWHG 6WDWHV 3ROLF\ LQ 0LFURQHVLD 3UDH JHU 3XEOLVKHUV 1HZ <RUN

,QGLUL]]L

7KH 0LFURQHVLD &HQWUH ZZZ PLFURQHVLD FHQWUH FRP 2UJDQL]DWLRQ RI 3HRSOH IRU ,QGLJHQRXV 5LJKWV :HVW 0DULQH 'ULYH +DJDWQD *XDP ID[ RSLUJXDP#\DKRR FRP

(QGDQJHUHG 3HRSOHV RI WKH :RUOG

/D FROODQD ( (QGDQJHUHG 3 G 3HRSOHV R V RI W I WKH H : :RUOG FRRUGLQDWD GD %DUEDUD 5RVH -RKQVWRQ SHU OD *UHHQZRRG 3UHVV q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


'LPHQWLFDWL PD QRQ YLQWL LO FDOYDULR GL 3DSXD RFFLGHQWDOH -RKQ 2WWR 2QGDZDPH

/D SURYLQFLD LQGRQHVLDQD QRWD FRO QRPH GL ,ULDQ -D\D q OD SDUWH RFFLGHQWDOH GHOOD 1XRYD *XLQHD OD SL JUDQGH L VROD GHO SLDQHWD GRSR O©$XVWUDOLD H OD *URHQODQGLD /D SDUWH RULHQWDOH q FRVWLWXLWD GD 3DSXD 1XRYD *XLQHD LQGL SHQGHQWH GDO 3DSXD RFFLGHQWDOH q SRSRODWD GD XQD JUDQGH YDULHWj GL SRSROL LQ WRWDOH FLUFD GL SHU VRQH FKH SDUODQR OLQJXH GLYHUVH 4XHVWL SRSROL VRQR WXWWL GL FHSSR PHODQHVLDQR H VRQR TXLQGL HWQLFDPHQWH DI ILQL D TXHOOL FKH DELWDQR 3DSXD 1XRYD *XLQHD OH LVROH 6DORPRQH 9DQXDWX OH )LJL OD 1XRYD &DOHGRQLD H OR 6WUHWWR GL 7RUUHV FKH VHSDUD 3DSXD 1XRYD *XLQHD GDOO©$XVWUDOLD 1RQ KDQQR LQYHFH QHVVXQD DIILQLWj HWQRFXOWXUDOH FRQ L SRSROL GHOO©,QGRQHVLD FKH VRQR DVLDWLFL 2JJL DOO©DOED GHO WHU]R PLOOHQQLR VHPEUD FKH *LDNDUWD FRPLQFL D SHUGHUH LO FRQWUROOR GL DOFXQH UHJLRQL GHOO©DU FLSHODJR EDVWL SHQVDUH DL UHFHQWL PRWL GHOOH 0ROXFFKH H GL $FHK ,QROWUH OD JUDYH FULVL HFRQRPLFD RFFXSD LO JR YHUQR VX DOWUL IURQWL H TXLQGL OLPLWD OD VXD SRVVLELOLWj GL WHQHUH WHVWD DL PRWL VHFHVVLRQLVWL 3HU TXDQGR ULJXDUGD LQ SDUWLFRODUH JOL LQGLJHQL GL 3DSXD 2FFLGHQWDOH LO UHIHUHQGXP FKH QHOO©DJRVWR KD VHJQDWR OD YLWWRULD GHL VHSD UDWLVWL WLPRUHVL q VWDWR FRPH XQ UDJJLR GL VROH ,Q DOWUH SDUROH KD LQQHVFDWR OD VSHUDQ]D FKH DOO©LQGLSHQGHQ]D GL 7L PRU (VW SRVVD VHJXLUH TXHOOD GL 3DSXD 2FFLGHQWDOH

,O SDVVDWR FRORQLDOH /H HVSHULHQ]H FRORQLDOL GL 3DSXD RFFLGHQWDOH ULVDOJRQR DO VHWWLPR VHFROR DOORUFKq L PHUFDQWL DUDEL H FLQHVL FRPLQ FLDURQR D GLVSXWDUVL LO FRQWUROOR GHOOH 0ROXFFKH H GHOOD 1XRYD *XLQHD LVROH ULFFKH GL ULVRUVH QDWXUDOL , PHUFDQWL IDFHYDQR VSHVVR XVR GL VFKLDYL FKH DFTXLVWDYDQR LQ ,QGRQHVLD VFDPELDQGROL FRQ YHVWLWL PHWDOOL H SURGRWWL LQ FHUD PLFD /D WUDWWD GHJOL VFKLDYL FKH WRFFDYD DQFKH 3DSXD RFFLGHQWDOH FRQWLQXz TXDVL FHUWDPHQWH ILQR DO DQQR LQ FXL O©DPPLQLVWUD]LRQH FRORQLDOH RODQGHVH GHFLVH GL SURLELUOD 0D 3DSXD KD FRQRVFLXWR DQFKH XQ©DOWUD FRORQL]]D]LRQH FKH HEEH LQL]LR QHO TXLQGLFHVLPR VHFROR TXDQGR OR VSDJQROR <QLJR 2UWL] GH 5HWHV UDJJLXQVH LO ILXPH 0DPEUDQR IX OXL FKH GHWWH DOO LVROD LO QRPH GL 1XRYD *XLQHD ,O VXR DUULYR DSUu OD VWUDGD DG DOWUL FRPPHUFLDQWL HXURSHL RODQGHVL SRUWRJKHVL EULWDQQLFL /D SDUWH RFFLGHQWDOH GHO O LVROD SHUz GLYHQQH SDUWH GHOOH ,QGLH 2ULHQWDOL RODQGHVL VRODPHQWH QHO GLFLDVVHWWHVLPR VHFROR H YHQQH XIILFLDOPHQ WH DQQHVVD QHO TXDQGR O©,QGRQHVLD HUD JLj FRORQLD RODQGHVH GD ROWUH GXH VHFROL 'XUDQWH L DQQL GL GRPLQLR RODQGHVH OD SROLWLFD GHOOD SRWHQ]D HXURSHD VL FRQFHQWUz VXOOD WUDWWD GHJOL VFKLDYL H VXOOR VIUXWWDPHQWR GHOOH ULVRUVH H OD WUDWWD GHJOL VFKLDYL )X VROR QHO FKH O©2ODQGD SHU SUHYHQLUH HYHQWXDOL FULWLFKH GD SDUWH GHJOL DOWUL SDHVL GHWWHUR DYYLR DO SURFHVVR GL GHFRORQL]]D]LRQH 1HO HEEH LQL]LR XQ SUR JUDPPD GHFHQQDOH SHU 3DSXD /©RELHWWLYR FRPXQTXH QRQ HUD TXHOOR GL SRUWDUH O©LVROD YHUVR O©LQGLSHQGHQ]D PD GL IDUQH XQ WHUULWRULR DXWRQRPR FKH FRQVHUYDVVH VWUHWWL OHJDPL FRQ O©2ODQGD 1DFTXHUR FRVu OD EDQGLHUD O©LQQR QD]LR QDOH OD FRVWLWX]LRQH LO SDUODPHQWR H XQ FHQWUR GL IRUPD]LRQH SURIHVVLRQDOH SHU OD SRSROD]LRQH LQGLJHQD

6RWWR LO WDOORQH GL *LDNDUWD /©RELHWWLYR GHOO©LQGLSHQGHQ]D IX RVWDFRODWR GDOO©HVSDQVLRQLVPR JLDSSRQHVH FKH JOL LQGLSHQGHQWLVWL LQGRQHVLDQL GH FLVHUR GL DSSRJJLDUH SHUFKp SHQVDYDQR FKH IRUQLVVH O©RFFDVLRQH LGHDOH SHU VWDFFDUVL GDOO©2ODQGD 'L FRQVHJXHQ]D JOL LQGRQHVLDQL VL VFKLHUDURQR GDOOD SDUWH GHO *LDSSRQH H GHFLVHUR GL FRPEDWWHUH OH WUXSSH DOOHDWH LQ QRPH GHOOD IUD WHOODQ]D DVLDWLFD ,O DJRVWR TXDQGR O©,QGRQHVLD SURFODPz O©LQGLSHQGHQ]D IX QRPLQDWR SUHVLGHQWH 6XNDUQR ,QIOXHQ]DWR GDOO©HVSDQVLRQLVPR JLDSSRQHVH LO QXRYR OHDGHU ODQFLz VXELWR XQD FDPSDJQD SHU XQLILFDUH O©LQWHUR DUFL SHODJR LQGRPDOHVH LQ XQD *UDQGH ,QGRQHVLD H SHU IRQGHUH L YDUL SRSROL LQ XQR VROR $OOD ILQH GHJOL DQQL &LQTXDQWD 6XNDUQR DYHYD WUDVIRUPDWR O©,QGRQHVLD LQ XQD QXRYD SRWHQ]D HVSDQVLRQLVWD 1HO VHJXu O©DQQHVVLRQH GL 3DSXD 2FFLGHQWDOH TXLQGL LO WHQDWLYR GL DQQHWWHUH OD 0DOHVLD H QHO LO QXRYR SUHVLGHQWH 6XKDUWR RUGLQz O©LQ YDVLRQH GL 7LPRU (VW 3HU UHDOL]]DUH LO VXR VRJQR LPSHULDOLVWD 6XNDUQR ODQFLz OD WUDQVPLJUDVL XQD SROLWLFD GL WUDVPLJUD]LRQH FRDWWD FKH VWLPRODYD JOL LQGRPDOHVL D SRSRODUH OH LVROH SL UHPRWH GHOO©DUFLSHODJR $O WHPSR VWHVVR TXHVWR DYHYD O©RELHW WLYR GL HYLWDUH OD VRYUDSSRSROD]LRQH GL FHUWH LVROH FRPH *LDYD H %DOL ,Q VHJXLWR DOOD WUDQVPLJUDVL PLJOLDLD GL LQ GRQHVLDQL VL VWDELOLURQR VX 3DSXD 2FFLGHQWDOH *OL LQGLJHQL SURWHVWDURQR SHU O©LQFOXVLRQH GHOOD ORUR LVROD QHOOR VWDWR LQGRQHVLDQR 'XUH FULWLFKH YHQQHUR DQFKH GD DOFXQL DPELHQWL JRYHUQDWLYL 6XNDUQR VRVWHQHYD FKH WXWWL L WHUULWRUL XQ WHPSR FRORQL]]DWL GDOO©2ODQGD GRYHYDQR UHVWDUH XQLWL H TXLQGL HVVHUH JRYHUQDWL GD *LDNDUWD


6XFFHVVLYDPHQWH 3DSXD 2FFLGHQWDOH SDVVz VRWWR O©DXWRULWj GHOO©218 VHFRQGR XQ DFFRUGR GL DPPLQLVWUD]LRQH WHPSRUDQHD FKH YHQLYD XWLOL]]DWR SHU OD SULPD YROWD 4XHVWR VWDWXV GXUz GDO QRYHPEUH DO PDJJLR /D VXSHUYLVLRQH HUD FRPSHWHQ]D GL XQ GLSORPDWLFR LUDQLDQR -DODO $EGRKDQG PHQWUH L PLOLWDUL YHQLYDQR GDO 3DNLVWDQ LO IDWWR FKH WXWWR LO SHUVRQDOH FRLQYROWR QHOO©RSHUD]LRQH YHQLVVH GD SDHVL LVODPLFL DLXWz O©,QGRQHVLD D VWDELOLUH LO SUR SULR FRQWUROOR DPPLQLVWUDWLYR VX 3DSXD 2FFLGHQWDOH ,O SHUVRQDOH ORFDOH FRQ OD VFXVD FKH HUD FRQVLGHUDWR SLJUR H LQFDSDFH IX LQWHUDPHQWH VRVWLWXLWR GD IXQ]LRQDUL LQGRQHVLDQL *LDNDUWD VL LPSDGURQu GL WXWWH OH SURSULHWj FKH HUD QR VWDWH ODVFLDWH GDJOL 2ODQGHVL H 3DSXD 2FFLGHQWDOH IX ULEDWWH]]DWD ,ULDQ %DUDW FKH VLJQLILFD ¦OD SDUWH RFFLGHQWDOH GHOOD UHSXEEOLFD LQGRQHVLDQD§ 8WLOL]]DQGR OH OHJJL DQWLVRYYHUVLYH HPDQDWH QHO WXWWL L SDUWLWL IXURQR PHVVL DO EDQGR $ PHWj GHJOL DQQL 6HVVDQWD LO FRORQLDOLVPR LQGRQHVLDQR DYHYD FRPSOHWDPHQWH VRVWLWXLWR TXHOOR RODQGHVH

/D D S SRVL]LRQH D H DPHULFDQD V D VXO O S SUREOHPD G D GL 3 L 3DSXD

6XD (FFHOOHQ]D 'U - ( GH 4XD\ 3ULPR 0LQLVWUR GHL 3DHVL %DVVL

*HQWLOH 3ULPR 0LQLVWUR GXUDQWH OH XOWLPH VHWWLPDQH KR VHJXLWR FRQ YLYR LQWHUHVVH OH GLIILFROWj FKH LO 6XR JRYHUQR VWD LQFRQWUDQGR QHO ULVROYHUH LQ PRGR HTXR OD FRQWURYHUVLD FRQ O·,QGRQHVLD D SURSRVLWR GHOOD 1XRYD *XLQHD RODQGHVH 3DSXD 2F FLGHQWDOH QGW 3URSULR SHU TXHVWR VRQR VWDWR SURIRQGDPHQWH WXUEDWR GDOO·LQWHUUX]LRQH GHL FROORTXL ULVHUYDWL IUD L YRVWUL UDSSUHVHQWDQWL H TXHOOL LQGRQHVLDQL &RPXQTXH VRQR FRQYLQWR FKH OD TXHVWLRQH SRVVD DQFRUD WUR YDUH XQD VROX]LRQH SDFLILFD D SDWWR FKH OH GXH SDUWL ULSUHQGDQR L QHJR]LDWL FRQ VSLULWR FRVWUXWWLYR ,O JRYHUQR RODQGHVH KD GLPRVWUDWR GL VDSHU WUDWWDUH LO SUREOHPD FRQ JUDQGH SHUL]LD GLSORPDWLFD SULPD DWWUD YHUVR O·218 SRL TXDQGR TXHVWD VWUDGD q GLYHQWDWD LPSUDWLFDELOH DWWUDYHUVR QHJR]LDWL ULVHUYDWL FRQ O·,QGR QHVLD 6R EHQH FKH LO 6XR JRYHUQR KD LO GLIILFLOH FRPSLWR GL SURWHJJHUH L FLWWDGLQL RODQGHVL FKH YLYRQR LQ 1XR YD *XLQHD H TXLQGL FDSLVFR FKH KD ULWHQXWR QHFHVVDULR UDIIRU]DUH OH SURSULH VWUXWWXUH GLIHQVLYH QHOOD UHJLRQH $O WHPSR VWHVVR SHUz TXHVWR ULVFKLD GL LQQHVFDUH GHOOH WHQVLRQL FKH SRWUHEEHUR HVVHUH LO SUHOXGLR GL XQD JXHUUD YHUD H SURSULD /H FRQVHJXHQ]H QHJDWLYH GL XQ WDOH FRQIOLWWR VDUHEEHUR GHO WXWWR VSURSRU]LRQDWH DOOD SRVWD LQ JLRFR 6DUHEEH XQD JXHUUD GDOOD TXDOH Qp O·2ODQGD Qp O·2FFLGHQWH XVFLUHEEHUR YLQFLWRUL 4XDOXQTXH IRVVH LO ULVXOWDWR OD SRVL]LRQH GHO PRQGR OLEHUR LQ $VLD QH ULVXOWHUHEEH JUDYHPHQWH LQGHEROLWD 6ROR L FRPX QLVWL QH WUDUUHEEHUR YDQWDJJLR *OL HOHPHQWL PRGHUDWL SUHVHQWL QHOO·HVHUFLWR LQGRQHVLDQR H QHO JRYHUQR GL *LD NDUWD SHUGHUHEEHUR YHORFHPHQWH LO SRWHUH ODVFLDQGR LO FDPSR DL FRPXQLVWL 6H LQ WDOH FRQWHVWR O·,QGRQHVLD GR YHVVH GLYHQWDUH FRPXQLVWD OH IRU]H GHPRFUDWLFKH GHOOD UHJLRQH VDUHEEHUR HVSRVWH D JUDYL SHULFROL H FRPH VD SHWH VL WUDWWD GL SDHVL GRYH JOL 6WDWL 8QLWL VRQR LPSHJQDWL LQ PRGR FRQVLVWHQWH /·2ODQGD VH DEELDPR FDSLWR EHQH LQWHQGH ULWLUDUVL GDOOD 1XRYD *XLQHD RFFLGHQWDOH H ODVFLD FKH LO FRQWUROOR GL TXHVWD UHJLRQH SDVVL DOO·,Q GRQHVLD ,O YRVWUR JRYHUQR FRPXQTXH KD SURPHVVR DL UHVSRQVDELOL SROLWLFL GL 3DSXD 2FFLGHQWDOH GL LPSHJQDUVL DIILQ FKq TXHVWL SRVVDQR GHFLGHUH GHO SURSULR IXWXUR *OL LQGRQHVLDQL GDO FDQWR ORUR FL KDQQR IDWWR VDSHUH FKH SUH IHULVFRQR FKH O·DPPLQLVWUD]LRQH GL 3DSXD RFFLGHQWDOH YHQJD WUDVIHULWD D ORUR GLUHWWDPHQWH H VL LPSHJQDQR D JDUDQWLUH DJOL DELWDQWL GHOO·LVROD LO GLULWWR GL HVSULPHUH OD ORUR YRORQWj SROLWLFD LQ XQ VHFRQGR WHPSR 4XLQGL QRQ VL WUDWWD GL SRVL]LRQL VRVWDQ]LDOPHQWH GLYHUVH SHU FXL XQD VROX]LRQH VL WURYHUj ,O VLJQRU (OOVZRUWK %XQN HU FKH VL q DVVXQWR LO FRPSLWR GL PHGLDWRUH QHL FROORTXL VHJUHWL IUD O·2ODQGD H O·,QGRQHVLD KD HODERUDWR XQD SURSRVWD FKH SHUPHWWHUHEEH DOO·2ODQGD GL WUDVIHULUH LO FRQWUROOR GHOO·LVROD D XQ·DPPLQLVWUDWRUH GHOOH 1D]LRQL 8QLWH /·218 D VXD YROWD OR WUDVIHULUHEEH DOO·,QGRQHVLD HQWUR XQ FHUWR SHULRGR 4XHVWL DFFRUGL FRPSUHQGRQR XQD FODXVROD FKH JDUDQWLUHEEH DO SRSROR GL 3DSXD 2FFLGHQWDOH GL HVHUFLWDUH HQWUR XQ FHUWR SHULRGR LO GLULWWR GL DX WRGHWHUPLQD]LRQH *OL 6WDWL 8QLWL VRQR SURQWL DG DVVLVWHUH O·218 TXDQGR GRYUj JDUDQWLUH LO FRQFUHWR HVHUFL ]LR GL TXHVWR GLULWWR ,Q WDOL FLUFRVWDQ]H H DOOD OXFH GHOOD QRVWUD UHVSRQVDELOLWj YHUVR LO PRQGR OLEHUR FRQVL JOLR FDOGDPHQWH DO JRYHUQR RODQGHVH GL DFFHWWDUH LO SLDQR SURSRVWR GD %XQNHU 1DWXUDOPHQWH VWLDPR IDFHQGR SUHVVLRQL VXO JRYHUQR LQGRQHVLDQR DIILQFKq IDFFLD DOWUHWWDQWR +R VFULWWR TXHVWD OHWWHUD PRVVR GDOOR VSLULWR GL IUDQFKH]]D H GL ILGXFLD FKH ULWHQJR FRQVRQR DOOH UHOD]LRQL HVL VWHQWL IUD L QRVWUL GXH SDHVL (· QRVWUR FRPXQH LQWHUHVVH IDUH GL WXWWR DIILQFKq TXHVWD GRORURVD TXHVWLRQH SRVVD HVVHUH ULVROWD LQ PRGR SDFLILFR 6LQFHUDPHQWH 6XR -RKQ ) .HQQHG\


,O DJRVWR VHQ]D FKH IRVVH FRLQYROWR QHVVXQ SDSXDQR VL VYROVHUR D 1HZ <RUN GHL FROORTXL VRWWR OD VX SHUYLVLRQH GHOO©218 SHU GHILQLUH LO WUDVIHULPHQWR GHL SRWHUL GDOO©2ODQGD DOO©,QGRQHVLD 8QD VLWXD]LRQH VLPLOH D TXHOOD FKH LQWHUHVVz QHJOL VWHVVL DQQL LO &RUQR G©$IULFD TXDQGR OH 1D]LRQL 8QLWH SHUPLVHUR DOO©(WLRSLD GL LPSDGUR QLUVL GHOO©(ULWUHD (YLGHQWHPHQWH HQWUDPEL L FDVL FRVWLWXLVFRQR XQ©DSHUWD YLROD]LRQH GHOOD 5LVROX]LRQH FKH SURLELVFH TXDOXQTXH WUDVIHULPHQWR GHO SRWHUH SROLWLFR FKH QRQ VLD GLUHWWR DO SRSROR LQGLJHQR FRORQL]]DWR $JOL DEL WDQWL GL 3DSXD 2FFLGHQWDOH TXLQGL IX QHJDWR O©HVHUFL]LR GHO GLULWWR DOO©DXWRGHWHUPLQD]LRQH 'LHWUR DOOH IRUWL SUHV VLRQL HVHUFLWDWH GD .HQQHG\ JOL 2ODQGHVL IXURQR FRVWUHWWL D WUDVIHULUH LO SURSULR SRWHUH VX 3DSXD 2FFLGHQWDOH DO O©,QGRQHVLD /©DFFRUGR YHQQH SRL OHJLWWLPDWR GD XQ UHIHUHQGXP FKH VL WHQQH QHO LO FRVLGHWWR $FW RI )UHH &KRLFH $WWR GL OLEHUD VFHOWD FKH JOL LQGLJHQL ULEDWWH]]DURQR JLXVWDPHQWH $FW RI 1R &KRLFH $WWR VHQ]D VFHOWD ,Q RFFDVLRQH GHO UHIHUHQGXP QHVVXQD UHJROD IX ULVSHWWDWD VX GL SHUVRQH VROR YHQQHUR SRUWDWH D YRWD UH WHUURUL]]DWH GDL VROGDWL LQGRQHVLDQL FKH VL SUHSDUDYDQR D SUHQGHU SRVVHVVR GHOO©LVROD 8Q IXQ]LRQDULR GHOO©218 FHUFz GL SURWHVWDUH FRQWUR WXWWR TXHVWR PD QRQ IX DVFROWDWR O©218 SXU VDSHQGR FRPH VL HUD VYROWR LO UHIHUHQGXP QH VDQFu OD YDOLGLWj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j FRPSLXWH GD *LDNDUWD KDQQR GHFLVR GL LJQRUDUOH SHU QRQ FRPSURPHWWHUH L SURSUL UDSSRUWL FRPPHUFLDOL R PLOLWDUL FRQ O©,QGRQHVLD /©$XVWUDOLD H JOL 6WDWL 8QLWL SHU HVHPSLR KDQQR VHPSUH VDSXWR TXHOOR FKH VXFFHGHYD VX 3DSXD 2FFLHQWDOH PD KDQQR SUHIHULWR WDFHUH 5HFHQWHPHQWH LO JRYHUQR KD DYDQ]DWR OD SURSRVWD GL GLYLGHUH 3DSXD RFFLGHQWDOH LQ WUH SDUWL 4XHVWD QRYLWj QRQ KD VROWDQWR ILQDOLWj DPPLQLVWUDWLYH PD VHUYH VRSUDWWXWWR D LQGHEROLUH OD UHVLVWHQ]D LQGLJHQD H D IDFLOLWDUH XQ XOWH ULRUH DIIOXVVR GL LQGRQHVLDQL VRSUDWWXWWR JLDYDQHVL VXOO©LVROD /©DUULYR GL QXRYL DELWDQWL GHWHUPLQD XQD VHULH GL SUREOHPL VRFLDOL HG HFRQRPLFL VRSUDWWXWWR TXDQGR SUHQGRQR LO FRQWUROOR GHOOH VWUXWWXUH DPPLQLVWUDWLYH H GHWHUPL QDQR PXWDPHQWL GHPRJUDILFL FKH LQFLGRQR VXOOH ULVRUVH ILQDQ]LDULH H QDWXUDOL ,O ULVXOWDWR q FKH JOL LQGLJHQL GL 3D SXD VL WURYDQR D HVVHUH PDUJLQDOL]]DWL LQ SDWULD /D UHVSRQVDELOLWj GL TXHVWD VLWXD]LRQH QRQ VSHWWD VROWDQWR DO JR YHUQR LQGRQHVLDQR PD DQFKH DOOH PXOWLQD]LRQDOL VWUDQLHUH VRSUDWWXWWR DXVWUDOLDQH H VWDWXQLWHQVL FKH VRQR LQWH UHVVDWH D VIUXWWDUH OH ULVRUVH QDWXUDOL GHOO©LVROD 8QD GL TXHVWH q O©DPHULFDQD )UHHSRUW 0F0RUDQ FKH JHVWLVFH OD PL QLHUD GL )UHHSRUW QHOOD UHJLRQH PRQWDJQRVD GHO VXG ,Q YDULH RFFDVLRQL TXHVWD H DOWUH FRPSDJQLH KDQQR VRVWHQXWR LO FRORQLDOLVPR GL *LDNDUWD H O©RSSUHVVLRQH GHOOD SRSROD]LRQH LQGLJHQD

/D ORWWD SHU O©LQGLSHQGHQ]D 1RQRVWDQWH WXWWL TXHVWL RVWDFROL OD UHVLVWHQ]D QRQ VL q PDL DUUHVD *XLGDWD GDOO©230 2UJDQLVDVL 3DSXD 0HUGHND LQ LQJOHVH )UHH 3DSXD 0RYHPHQW TXHVWD UHVLVWHQ]D KD DVVXQWR YDULH IRUPH GDJOL VFRQWUL PLOLWDUL DOOH LQL]LDWLYH SDFLILFKH 1HOO©RWWREUH SHU HVHPSLR ROWUH SHUVRQH KDQQR PDQLIHVWDWR GDYDQWL DO SDOD]]R JRYHUQDWLYR GL 3RUW 1XPED\ -D\DSXUD FDSROXRJR GL 3DSXD 2FFLGHQWDOH QGW , GLPRVWUDQWL FKLHGHYDQR DOOH DXWRULWj GL DFFDQWR QDUH O©LGHD GL XQD QXRYD GLYLVLRQH DPPLQLVWUDWLYD LQ WUH SURYLQFH $O WHPSR VWHVVR YROHYDQR FKH IRVVHUR HPDQDWH GHOOH OHJJL FKH OLPLWDVVHUR O©LQJUHVVR DJOL LPPLJUDWL LOOHJDOL SURYHQLHQWL GD DOWUH SDUWL GHOO©,QGRQHVLD ULILXWDYDQR O©DXWRQRPLD SURSRVWD GD *LDNDUWD H LQQHJJLDYDQR DOO©LQGLSHQGHQ]D FKLHGHYDQR D *LDNDUWD GL LQGDJDUH VXOOH DWUR FLWj FRPPHVVH GDOOH PLOL]LH ILORJRYHUQDWLYH D 7LPRU (VW DG $FHK H QHOOH 0ROXFFKH *UD]LH DO UHIHUHQGXP FKH VL q VYROWR D 7LPRU (VW QHOO©DJRVWR LO PRQGR KD SRWXWR ILQDOPHQWH FRQRVFHUH OD EUXWDOLWj GL *LDNDUWD &RQ XQ VLPLOH SUHFHGHQWH OD FRPXQLWj LQWHUQD]LRQDOH QRQ SRWUj UHVWDUH LQHUWH H SHUPHWWHUH FKH D 3DSXD 2FFLGHQWDOH WRFFKL OD VWHVVD VRUWH 8Q UXROR SDUWLFRODUPHQWH LPSRUWDQWH VSHWWHUj DL SDHVL GHO 3DFLILFR FKH GRYUDQQR VRVWHQHUH OD FDXVD GL 3DSXD 2FFLGHQWDOH QHOOH YDULH VHGL LQWHUQD]LRQDOL $QFKH VH SUHVL VLQJRODU PHQWH L SDHVL GHO 6RXWK 3DFLILF )RUXP VRQR SLFFROL TXHVWL KDQQR FRPXQTXH XQ FHUWR SHVR SUHVVR O©218 1RL VSHULDPR FKH XQ JLRUQR FRQ O©DLXWR GL TXHVWL H DOWUL SDHVL OD EDQGLHUD GL 3DSXD 2FFLGHQWDOH VYHQWROL LQ VLHPH D TXHOOH GHL PHPEUL GHO 6RXWK 3DFLILF )RUXP &KLHGLDPR VROR FKH FL YHQJD GDWD OD SRVVLELOLWj GL GHWHUPL QDUH LO QRVWUR IXWXUR $QFKH VH LO PRQGR FL KD GLPHQWLFDWR TXHVWR QRQ VLJQLILFD FKH VLDPR VWDWL VFRQILWWL $OOD ILQH OD YLWWRULD VDUj QRVWUD /D VWHOOD GHO PDWWLQR ,O ƒ GLFHPEUH PLJOLDLD GL SHUVRQH SURYHQLHQWL GD RJQL SDUWH GHOO©LVROD VL VRQR ULXQLWH SHU YHGHUH OD EDQGLHUD QD]LRQDOH GHWWD 0RUQLQJ 6WDU SHUFKp UDIILJXUD DSSXQWR OD VWHOOD GHO PDWWLQR QGW FKH WRUQDYD D VYHQWRODUH GRSR WDQWL DQQL /D FHULPRQLD KD FRLQFLVR FRQ LO WUHQWRWWHVLPR DQQLYHUVDULR GHOOD GLFKLDUD]LRQH G©LQGLSHQGHQ]D FKH IX VXELWR VRIIRFDWD GDO©LQYDVLRQH LQGRQHVLDQD H GDO UHIHUHQGXP GHO /D EDQGLHUD HUD VWDWD LQQDO]DWD SHU OD SULPD YROWD LO ƒ GLFHPEUH TXDQGR OD SDUWH RFFLGHQWDOH GHOOD 1XRYD *XLQHD HUD DQFRUD XQD FRORQLD RODQGHVH ,Q VHJXLWR DOO©DQQHVVLRQH OD EDQGLHUD YHQQH SURLELWD (UD XQ VLPEROR GL TXHOO©LGHQWLWj PHODQHVLDQD FKH *LDNDUWD YROHYD FDQFHOODUH &RQ OD FDGXWD GL 6XKDUWR VHJXLWD GDO UHIHUHQGXP WLPR


UHVH H GDL PRWL LQ YDULH UHJLRQL DQFKH 3DSXD KD ULFRPLQFLDWR D VSHUDUH QHOOD OLEHUWj 2JJL OD JHQWH QRQ KD SL SDXUD GL UHFODPDUH O©LQGLSHQGHQ]D WDQWR q YHUR FKH QHO SDHVH FL VRQR VWDWH GLYHUVH PDQLIHVWD]LRQL

/©DSSHOOR GHOOH 21* 1HO QRYHPEUH O©,QVWLWXWH IRU +XPDQ 5LJKWV 6WXG\ DQG $GYRFDF\ ,+567$' GL -D\DSXUD KD GLIIXVR XQ DS SHOOR FKH HVRUWDYD OD SRSROD]LRQH D PDQLIHVWDUH LQ PRGR SDFLILFR VRWWROLQHDQGR FKH O©DXWRGHWHUPLQD]LRQH YLHQH UHFODPDWD SHU WUH PRWLYL EHQ SUHFLVL ¤ OD FRPXQLWj LQWHUQD]LRQDOH SULYLOHJLDQGR L SURSUL LQWHUHVVL SROLWLFL HG HFRQRPLFL KD FDOSHVWDWR LO GLULWWR GL 3DSXD 2FFLGHQWDOH DOO©DXWRGHWHUPLQD]LRQDOH ¤ OD VLVWHPDWLFD QHJD]LRQH GHL GLULWWL XPDQL OD GLVWUX]LRQH DPELHQWDOH H OR VIUXWWDPHQWR GHOOH ULVRUVH QDWXUDOL SHU ROWUH DQQL ¤ OD FULVL G©LGHQWLWj GHJOL LQGLJHQL PHODQHVLDQL LQ VHJXLWR DOOD SROLWLFD JHQRFLGD GL *LDNDUWD ,O GRFXPHQWR GHOO©,+567$' SURVHJXH HOHQFDQGR L SUREOHPL FKH LO PRYLPHQWR QD]LRQDOLVWD GRYUj ULVROYHUH ¤ LO GLYDULR VRFLRHFRQRPLFR IUD LQGLJHQL H DOORFWRQL LQQHVFDWR GDOOD SROLWLFD JRYHUQDWLYD ULVFKLD GL VFDWHQDWH FRQ IOLWWL HWQLFL R UHOLJLRVL ¤ DOOD PRELOLWD]LRQH SROLWLFD GHJOL XOWLPL DQQL QRQ KD IDWWR ULVFRQWUR XQD FUHVFLWD RUJDQL]]DWLYD H VWUDWHJLFD 'L FRQVHJXHQ]D LO PRYLPHQWR LQGLSHQGHQWLVWD q VXVFHWWLELOH GL VWUXPHQWDOL]]D]LRQL GD SDUWH GL IRU]H HVWHUQH ¤ LO PRYLPHQWR QRQ KD XQD VWUXWWXUD EHQ GHILQLWD Qp FDSL LQ FXL ULFRQRVFHUVL 0ROWL VL GHILQLVFRQR SRUWDYRFH GHO SRSROR VHQ]D FKH QHHVVXQR OL DEELD PDL LQYHVWLWL GL TXHVWD FDULFD 0ROWL KDQQR ULODVFLDWR SURFODPL YHOOHLWDUL H FRQ WUDVWDQWL JOL XQL FRQ JOL DOWUL DIIHUPDQGR GL DYHUH LO VRVWHJQR GHOO©218 R GL FHUWL VWDWL (SSXUH WXWWL VDQQR FKH O©LQ WHUYHQWR GHOOH 1D]LRQL 8QLWH q JXLGDWR GD SUREOHPL FRQQHVVL DOOD VRYUDQLWj VWDWDOH H GDJOL LQWHUHVVL GHL SDHVL FKH SRVVRQR HVHUFLWDUH LO GLULWWR GL YHWR $QFKH OD FKLHVD ORFDOH H OH 21* KDQQR HVRUWDWR L PRYLPHQWL SROLWLFL D PDQLIHVWDUH LQ PRGR QRQ YLROHQWR WH PHQGR FKH O©HVHUFLWR SRWHVVH DSSURILWWDUH GHL GLVRUGLQL SHU VFDWHQDUH XQ©RQGDWD UHSUHVVLYD H PDJDUL DQFKH SHU GH VWDELOL]]DUH LO JRYHUQR GL :DKLG 6HPEUD FKH DOFXQL JXHUULJOLHUL GHOO©230 DEELDQR DWWDFFDWR DG $UVR H LQ DOWUH ]R QH GL FRQILQH VHEEHQH L FDSL GHOO©RUJDQL]]D]LRQH VHSDUDWLVWD OL DYHVVHUR HVRUWDWL D PDQLIHVWDUH SDFLILFDPHQWH /D PDQLIHVWD]LRQH GL 7LPLND 1HJOL VWHVVL JLRUQL PLJOLDLD GL SHUVRQH VL VRQR ULXQLWH SUHVVR OD FKLHVD FDWWROLFD GL 7LPLND H KDQQR LVVDWR OD EDQ GLHUD 7LPLND VL WURYD YLFLQR D XQD PLQLHUD GL UDPH H GL RUR FKH YLHQH JHVWLWD GD XQD FRQVRFLDWD GHOOD )UHHSRUW 0F0RUDQ 1RQRVWDQWH LO JRYHUQR DYHVVH LQWLPDWR DL PDQLIHVWDQWL GL DPPDLQDUH OD EDQGLHUD YDULH DVVRFLD]LRQL FXO WXUDOL SURYHQLHQWL GD WXWWD O©LVROD KDQQR SLDQWDWR GHOOH WHQGH H KDQQR WDSSH]]DWR OH PXUD GHOOD FKLHVD FRQ EDQGLHUH H VWULVFLRQL LQQHJJLDQWL DOO©LQGLSHQGHQ]D 7KH\V (OXD\ FKH HUD VWDWR HOHWWR PHPEUR GHOO©,ULDQ -D\D 7ULEDO &RXQFLO GDO JRYHUQR 6XKDUWR KD HVRUWDWR OD JHQWH D LVVDUH OD EDQGLHUD QD]LRQDOH LQ RFFDVLRQH GHO ƒ GLFHPEUH 6XFFHVVLYDPHQWH KD LQFRQWUDWR OH DXWRULWj LQGR QHVLDQH H KD FRQFOXVR XQ DFFRUGR VHFRQGR LO TXDOH OD EDQGLHUD FRQ OD VWHOOD GHO PDWWLQR SXz HVVHUH LVVDWD OD PDWWL QD GHO ƒ GLFHPEUH D SDWWR FKH YHQJD DPPDLQDWD DO FDODUH GHOOD QRWWH $ 7LPLND LO QRVWUR YHVVLOOR KD FRQWLQXDWR D VYHQWRODUH ILQR DO ƒ GLFHPEUH TXDQGR VRQR DUULYDWH OH WUXSSH LQGRQHVLDQH +DQQR DSHUWR LO IXRFR VXL GL PRVWUDQWL H SHUVRQH VRQR ULPDVWH IHULWH /©HVHUFLWR KD FLUFRQGDWR OD FKLHVD SUHVVR OD TXDOH L PDQLIHVWDQWL HUDQR ULXQLWL GD WUH VHWWLPDQH +D FHUFDWR GL GLVSHUGHUH OD IROOD H GL DPPDLQDUH OD EDQGLHUD , VROGDWL KDQQR DUUHVWDWR L FD SL GHOOD SURWHVWD ,Q XQ SULPR WHPSR OH DXWRULWj LQGRQHVLDQH KDQQR QHJDWR FKH L PLOLWDUL DYHVVHUR VSDUDWR SRL KDQ QR GHWWR FKH OD IROOD DYHYD FRPLQFLDWR D FRUUHUH DOO©LPSD]]DWD TXDQGR L VROGDWL DYHYDQR VSDUDWR GHL FROSL LQ DULD ,O JLRUQR GRSR L IDWWL GL 7LPLND DOFXQH FHQWLQDLD GL SHUVRQH VL VRQR ULXQLWH VXO OXRJR GHOO©DFFDGXWR $ 1DELUH QHO QRUGRYHVW GHO SDHVH PDQLIHVWDQWL DUPDWL GL DUFR H IUHFFH KDQQR FRQWLQXDWR D LVVDUH OD EDQGLHUD DQFKH GRSR LO ƒ GLFHPEUH FRQWUDYYHQHQHQGR DOO©DFFRUGR FKH HUD VWDWR FRQFOXVR FRQ OH DXWRULWj LQGRQHVLDQH

*LDNDUWD QRQ FHGHUj IDFLOPHQWH 1HJOL XOWLPL DQQL O©DWWLYLVPR q FUHVFLXWR LQ PRGR QRWHYROH PD *LDNDUWD IDUj GL WXWWR SHU FRQVHUYDUH LO FRQWUROOR GL 3DSXD 2FFLGHQWDOH LO SHWUROLR O©RUR H OH DOWUH ULFFKH]]H QDWXUDOL VRQR PRWLYL SL FKH VXIILFLHQWL 1HO LO JR YHUQR KD QRPLQDWR XQ QXRYR UHVSRQVDELOH PLOLWDUH SHU OD UHJLRQH GL 7ULNRUD FKH FRPSUHQGH DQFKH 3DSXD ,O SRU WDYRFH GHOO©HVHUFLWR 6XGMDUDW KD GHWWR FKH O©HVHUFLWR WROOHUHUj O©XVR GHOOD EDQGLHUD VH TXHVWR VDUj PDQWHQXWR ¦HQWUR OLPLWL GHPRFUDWLFL§ PD FKH VDUj VSLHWDWR VH VL WRUQHUj D SDUODUH GL DXWRGHWHUPLQD]LRQH /D VROLGDULHWj LQWHUQD]LRQDOH ,QILQH QRQ ELVRJQD GLPHQWLFDUH FKH OD FDXVD GL 3DSXD 2FFLGHQWDOH KD WURYDWR XQ EXRQ QXPHUR GL VRVWHQLWRUL DQFKH LQ (XURSD LQ $XVWUDOLD H QHJOL 6WDWL 8QLWL $OOD FRQIHUHQ]D LQWHUQD]LRQDOH FKH VL q VYROWD D 'HQHNDPS 2ODQGD GDO DO RWWREUH KDQQR SDUWHFLSDWR OH SULQFLSDOL DVVRFLD]LRQL GL VROLGDULHWj 1HO FRUVR GHOO©LQFRQWUR q VWDWD HOD


ERUDWD XQD VWUDWHJLD FKH GRYUHEEH GDUH DO SUREOHPD TXHO ULOLHYR LQWHUQD]LRQDOH FKH ILQRUD QRQ KD DYXWR ,O GRFXPHQWR FKH YLHQH DSSURYDWR DO WHUPLQH GHOOD FRQIHUHQ]D GL 'HQHNDPS FKLHGH DOOH 1D]LRQL 8QLWH GL ULHVD PLQDUH OR VYROJLPHQWR GHO SOHELVFLWR LOOHJLWWLPR VYROWRVL QHO H ID DSSHOOR DOOD FRPXQLWj LQWHUQD]LRQDOH DI ILQFKq IDYRULVFD XQ YHUR SURFHVVR GL GHFRORQL]]D]LRQH SHU 3DSXD RFFLGHQWDOH $O WHPSR VWHVVR YLHQH ODQFLDWD XQD FDPSDJQD LQWHUQD]LRQDOH L FXL SULPL HIIHWWL VDUDQQR YDOXWDWL QHO FRUVR GHOOD SURVVLPD FRQIHUHQ]D FKH VL VYROJHUj D 1HXHQGHWWHOVDX *HUPDQLD GDO DO RWWREUH

2N 7 N 7HGL G GHYDVWD]L D]LRQH D H DPELHQWDOH LQ 3 Q 3DSXD D 1 1XRYD * D *XLQHD

'D FLUFD TXLQGLFL DQQL 3DSXD 1XRYD *XLQHD LQGLSHQGHQWH GDO GRSR HVVHU VWDWD FRORQLD DXVWUDOLDQD H SULPD DQFRUD RODQGHVH q LO WHDWUR GL XQD WUDJHGLD DPELHQWDOH PROWR VLPLOH D TXHOOD FKH LQWHUHVVD O·$PD]]R QLD GRYH OD GHYDVWD]LRQH GHOOD QDWXUD YD GL SDUL SDVVR FRQ TXHOOD GHOOH FXOWXUH LQGLJHQH ,O SDHVH FXVWR GLVFH XQ SDWULPRQLR GL ELRGLYHUVLWj IUD L SL SUH]LRVL GHO SLDQHWD 3DUWLFRODUPHQWH ULFFD OD YDULHWj IDXQLVWLFD VR SUDWWXWWR SHU TXDQWR ULJXDUGD JOL XFFHOOL H JOL LQVHWWL 3URSULR SHU TXHVWR OD &RVWLWX]LRQH GLFKLDUD FKH XQR GH JOL RELHWWLYL IRQGDPHQWDOL GHO SDHVH q TXHOOR GL ´FRQVHUYDUH OH ULVRUVH QDWXUDOL H O DPELHQWH H XWLOL]]DUOH SHU LO EHQH FROOHWWLYR H LQROWUH FKH YHQJDQR DUULFFKLWH D EHQHILFLR GHOOH JHQHUD]LRQL IXWXUHµ ,Q VLQWRQLD FRQ TXHVWD HQXQFLD]LRQH SURJUDPPDWLFD QHL SULPL DQQL VXFFHVVLYL DOO LQGLSHQGHQ]D YHQJRQR YDUDWL DOFXQL SURJUDPPL GL WXWHOD DPELHQWDOH 4XHVWL EXRQL SURSR VLWL SHUz YHQJRQR SUHVWR DEEDQGRQDWL LQ QRPH GHO SURILWWR ,O FRLQYRO JLPHQWR GHOOR VWDWR QHOOD TXHVWLRQH GHOO 2N 7HGL q XQR GHL VHJQL SL HYLGHQWL GL TXHVWR QXRYR LQGLUL]]R /·2N 7HGL q XQR GHL SULQFLSDOL DIIOXHQWL GHO )O\ XQ ILXPH OXQJR NP FKH VFRUUH QHOOD SDUWH VXGRFFLGHQ WDOH GHO SDHVH 1HO OD FRPSDJQLD .HQQHFRWW VFRSUH QHOOD ]RQD XQ JLDFLPHQWR PLQHUDULR PD QHO DE EDQGRQD LO SURJHWWR /H VXEHQWUD OD %URNHQ +LOO 3URSULHWDU\ %+3 XQD GHOOH SL JUDQGL LPSUHVH PLQHUDULH DX VWUDOLDQH )RQGDWD QHO RJJL FRQWUROOD PROWH PLQLHUH GL IHUUR PDQJDQHVH FDUERQH HG q DWWLYD DQFKH QHO VHWWRUH PDQLIDWWXULHUR ,PSLDQWDWD DQFKH LQ $XVWUDOLD 1XRYD =HODQGD H 6XGDIULFD OD %+3 FRLQYROJH QHOO·DI IDUH O·$PRFR XQ FRQVRU]LR WHGHVFR H OR VWHVVR JRYHUQR SDSXDQR FKH DFTXLVWD LO GHOOH D]LRQL /D PLQLHUD HQWUD LQ IXQ]LRQH QHO QHL SULPL DQQL OD VXD DWWLYLWj q OLPLWDWD DOO·HVWUD]LRQH GL RUR 1HO VL DIILDQFD TXHOOD GL UDPH /D SULPD YDOXWD]LRQH G LPSDWWR DPELHQWDOH SUHYHGH OD FRVWUX]LRQH GL XQ GLJD FKH ID YRULVFD LO GHIOXVVR GHOOH VFRULH PD DSSHQD TXHVWD YLHQH GLVWUXWWD GD XQD IUDQD OD %+3 FRPPLVVLRQD XQ QXR YR VWXGLR FKH QRQ SUHYHGH DOFXQD GLJD *OL HIIHWWL GHOOD PLQLHUD VRQR GHYDVWDQWL GDWR FKH L ULILXWL TXDQGR IL QLVFRQR QHO ILXPH KDQQR DQFRUD LO GHO UDPH RULJLQDULR *OL HVDPL FKH YHQJRQR UHDOL]]DWL QHJOL DQQL VXF FHVVLYL FRQIHUPDQR O·DYYHOHQDPHQWR GHL ILXPL /D VWHVVD %+3 GHYH DPPHWWHUH FKH JOL HIIHWWL VXOO DPELHQWH VRQR GLVDVWURVL ,O GLUHWWRUH JHQHUDOH 3DXO $QGHUVRQ DIIHUPD WHVWXDOPHQWH FKH ´OD PLQLHUD QRQ q FRPSDWLELOH FRQ L QRVWUL YDORUL DPELHQWDOL H OD FRPSDJQLD QRQ DYUHEEH PDL GRYXWR ODQFLDUVL LQ TXHVW LPSUHVDµ 1RQRVWDQWH TXHVWR LO QXRYR 3ULPR 0LQLVWUR 0DNHUH 0DUDXWD XQR GHL SURPRWRUL GHO SURJHWWR QRQ VHPEUD YROHU UHFHGHUH LO JRYHUQR FKH GHWLHQH RUPDL LO GHOOD PLQLHUD YHUVD LQ XQD VLWXD]LRQH HFRQRPLFD GLVD VWURVD 0DUDXWD VWD QHJR]LDQGR XQ SLDQR GL ULVDQDPHQWR HFRQRPLFR FRQ LO )0, 'DWR FKH L SURYHQWL GHULYDQ WL GDOOD PLQLHUD UDSSUHVHQWDQR GHOOH HVSRUWD]LRQL 0DUDXWD GLVSRQH XQD VHULH GL VJUDYL ILVFDOL SHU LQFUH PHQWDUH O DWWLYLWj PLQHUDULD $QFRUD XQD YROWD OH DVVRFLD]LRQL HFRORJLVWH H LQGLJHQLVWH SURWHVWDQR FRQ IRU]D *OL VWHVVL UDSSRUWL GHOOD %+3 FRQIHUPDQR FKH OD SHVFRVLWj GHO ILXPH )O\ q VWDWD QRWHYROPHQWH ULGRWWD H FKH DPSLH DUHH IRUHVWDOL VRQR VWDWH GDQQHJJLDWH $OFXQL FUHGRQR FKH OD FRPSDJQLD DXVWUDOLDQD YRJOLD VFDULFDUH OH SURSULH UHVSRQVDELOLWj VXO JR YHUQR H DO WHPSR VWHVVR WHPRQR FKH O LPSUHVD SRVVD ULWLUDUVL GDO SURJHWWR VHQ]D UHDOL]]DUH DOFXQ SURJUDPPD GL ULVDQDPHQWR DPELHQWDOH /·LPSDWWR GHOOH DWWLYLWj PLQHUDULD q GHVWLQDWR D GXUDUH DOPHQR DQQL FRQ HIIHWWL FKH LQWHUHVVHUDQQR ROWUH SHUVRQH , GDQQL DPELHQWDOL PLQDFFLDQR L LQGLJHQL FKH YLYRQR QHL YLO ODJJL VLWXDWL OXQJR L GXH ILXPL FKH UDSSUHVHQWDQR OD EDVH GHOOD ORUR VRSUDYYLYHQ]D $ TXHVWR VL GHYH DJJLXQ JHUH O·LPSDWWR FXOWXUDOH SHUFKp TXHVWL GXH ILXPL KDQQR XQ SURIRQGR VLJQLILFDWR VSLULWXDOH SHU L SRSROL LQGL JHQL GHOOD UHJLRQH 1HJOL XOWLPL DQQL OD %+3 KD GLPRVWUDWR SL YROWH O·LQWHQ]LRQH GL XVFLUH GDO FRQVRU]LR FKH JHVWLVFH OD PLQLHUD 6HFRQGR OH QRWL]LH SL UHFHQWL OD FRPSDJQLD DXVWUDOLDQD VHPEUD HIIHWWLYDPHQWH LQWHQ]LRQDWD D IDUOR , GHWWDJOL GRYUHEEHUR HVVHUH UHVL QRWL HQWUR OD ILQH GHOO·DQQR LQ FRUVR /D PLQLHUD FRPXQTXH QRQ GRYUHEEH HVVHUH FKLX VD SULPD GHO $OHVVDQGUR 0LFKHOXFFL


%LEOLRJUDILD

$QWL 6ODYHU\ 6RFLHW\ :HVW 3DSXD 3OXQGHU LQ 3DUDGLVH /RQGRQ * %DQNV H & %DOODUG D FXUD GL 7KH 2N 7HGL 6HWWOHPHQW ,VVXHV 2XWFRPHV DQG ,PSOLFDWLRQV 1DWLRQDO &HQWUH IRU 'HYHORS PHQW 6WXGLHV $XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\ &DQEHUUD * %UHHQ /HW 7KHP %H :HVW 3DSXD 5HYLVLWHG $XVWUDOLD :HVW 3DSXD $VVRFLDWLRQ 0HOERXUQH & %XGLDUGMR H /LHP 6RHL /LRQJ :HVW 3DSXD 7KH 2EOLWHUDWLRQ RI D 3HRSOH 7DSRO /RQGRQ * 'HIHUW /·,QGRQpVLH HW OD 1RXYHOOH *XLQpH RFFLGHQWDOH 0DLQWLHQ GHV IURQWLpUHV FRORQLDOHV RX UHVSHFW GHV LGHQWLWpV FRPPXQDXWDL UHV /·+DUPDWWDQ 3DULV +XPDQ 5LJKWV :DWFK 9LROHQFH DQG 3ROLWLFDO ,PSDVVH LQ 3DSXD ZZZ KUZ RUJ UHSRUWV SDSXD 0 /HLJKHE ,ULDQ -D\D O XOWLPD WHUUD LJQRWD 3RSROL H FXOWXUH GHOOD 1XRYD *XLQHD LQGRQHVLDQD *LRUJLR 0RQGDGRUL 0LODQR * 0RQELRW 3RLVRQHG $UURZV $Q ,QYHVWLJDWLYH -RXUQH\ WKURXJK ,QGRQHVLD $EDFXV /RQGRQ 5 2VERUQH ,QGRQHVLD·V 6HFUHW :DU 7KH *XHUULOOD 6WUXJJOH LQ ,ULDQ -D\D $OOHQ XQG 8QZLQ 6\GQH\ & / 0 3HQGHUV ,QGRQHVLD 'XWFK 'HFRORQLVDWLRQ DQG WKH :HVW 1HZ *XLQHD 'HEDFOH 8QLYHUVLW\ RI +DZDL·L 3UHVV +RQROXOX * 3RXOJUDLQ )URP :HVW 1HZ *XLQHD WR ,ULDQ -D\D 7KH 3ROLWLFV RI (OGRUDGR +XUVW /RQGRQ :HVW 3DSXD LQ WKH *OREDO &RPPXQLW\ :HVW 3DSXD $FWLRQ 3RUWODRLVH

9LGHRJUDILD

%RE %XUQV H *LO 6FULQH 2QH 3HRSOH 2QH 6RXO $XVWUDOLDQ )LOP ,QVWLWXWH 6RXWK 0HOERXUQH

,QGLUL]]L

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aZDWFKLQ :HVW 3DSXD $FWLRQ &RRWH 6WUHHW 3RUWODRLVH &R /DRLV ,UHODQG WHO [[ ZSDFWLRQ#LRO LH >SXEEOLFD :HVW 3DSXD 8SGDWH@ :HVW 3DSXD ,QIRUPDWLRQ .LW ZZZ FF WH[DV HGX XVHUV FOLQH SDSXD :HVW 3DSXD .RRUGLQDWLRQQVWHOOH F R 9HUHLQWH (YDQJHOLVFKH 0LVVLRQ 5XGROIVWU ' :XSSHUWDO *HUPDQ\ ID[ ZHVW SDSXD QHW]#YHPLVVLRQ RUJ

7+( & ( &217(0325$5< 3 < 3$&,),& $ --2851$/ 2 $ / 2) ,6/$1' $ ' $))$,56 /D SL DXWRUHYROH ULYLVWD DFFDGHPLFD GHGLFDWD DL SUREOHPL FXOWXUDOL VRFLDOL H SROLWLFL GHOO·2FHDQLD ,O Q O QXPHUR R q q G GHGLFDWR D R DO W O WHPD

1DWLYH 3DFLILF &XOWXUDO 6WXGLHV RQ WKH (GJH ZZZ XKSUHVV KDZDLL HGX MRXUQDOV FS


,O SUREOHPD GL %RXJDLQYLOOH 0DUWLQ 0LULRUL

*OL HXURSHL FRQREEHUR %RXJDLQYLOOH QHO TXDQGR O©LVROD YHQQH DYYLVWDWD GDOO HVSORUDWRUH IUDQFHVH /RXLV GH %RXJDLQYLOOH 6LWXDWD DOO HVWUHPLWj RFFLGHQWDOH GHOOH LVROH 6DORPRQH H D QRUGHVW GHOO $XVWUDOLD RJJL TXHVWD WHUUD JUDQGH FRPH OH 0DUFKH KD FLUFD DELWDQWL 0RQWDJQRVD H FRSHUWD GL DPSLH IRUHVWH SOXYLDOL q ULFFD GL GH SRVLWL PLQHUDUL )LQR DO DQQR LQ FXL q FRPLQFLDWD OD JXHUUD IUD %RXJDLQYLOOH H 3DSXD 1XRYD *XLQHD GL FXL O L VROD ID SDUWH QGW q VWDWR JUD]LH D TXHVWH ULFFKH]]H QDWXUDOL FKH O LVROD KD SRWXWR JDUDQWLUH OD PHWj GHOOH HQWUDWH GH ULYDQWL GDOOH HVSRUWD]LRQL

/H UDGLFL GHO SUREOHPD , SUREOHPL RGLHUQL GHULYDQR GDO IDWWR FKH %RXJDLQYLOOH IX VHSDUDWD GDO UHVWR GHOOH LVROH 6DORPRQH LQ VHJXLWR D XQ DFFRUGR IUD *HUPDQLD H *UDQ %UHWDJQD FKH LQWHUHVVDYD YDULH WHUUH IUD FXL DQFKH DOFXQH SDUWL GL 6DPRD 2FFLGHQWDOH H FHUWH ]RQH GHOO $IULFD 2FFLGHQWDOH 7XWWR TXHVWR DYYHQQH VHQ]D FKH JOL DELWDQWL IRVVHUR FRQVXOWDWL 'RSR OD ILQH GHOOD 3ULPD *XHUUD 0RQGLDOH O LVROD FDGGH VRWWR XQ PDQGDWR GHOOD 6RFLHWj GHOOH 1D]LRQL FKH FRQIHULYD DO O $XVWUDOLD LO FRPSLWR GL DPPLQLVWUDUOD LQVLHPH DL WHUULWRUL GHOOD 1XRYD *XLQHD RFFLGHQWDOH 1HO VHFRQGR FRQIOLWWR PRQGLDOH %RXJDLQYLOOH YHQQH RFFXSDWD GDOO©HVHUFLWR JLDSSRQHVH H VXFFHVVLYDPHQWH GD TXHOOR VWDWXQLWHQVH 1HO O LVROD GLYHQQH XQ WHUULWRULR VRWWR DPPLQLVWUD]LRQH ILGXFLDULD GHOO 218 FRQ O $XVWUDOLD DQFRUD LQ YHVWH GL SDHVH DPPLQLVWUDQWH ( GD DOORUD FKH JOL DELWDQWL GL %RXJDLQYLOOH ULILXWDQR TXHVWD IXVLRQH IRU]DWD FRQ OR VWDWR LQGLSHQGHQWH GL 3DSXD 1XRYD *XLQHD *OL LQGLJHQL GHOO LVROD LQIDWWL VRQR PROWR SL YLFLQL ¤ FXOWXUDOPHQWH H JHR JUDILFDPHQWH ¤ DL SRSROL GHOOH 6DORPRQH FKH D TXHOOL GL 3DSXD 1XRYD *XLQHD $OO©LQL]LR GHJOL DQQL 6HVVDQWD YHQQHUR VFRSHUWL VXOO©LVROD ULFFKL JLDFLPHQWL PLQHUDUL GL UDPH RUR H DUJHQWR 'L FRQVHJXHQ]D O DPPLQLVWUD]LRQH DXVWUDOLDQD FDFFLz L OHJLWWLPL SURSULHWDUL LQGLJHQL GDOOH ORUR WHUUH 1HO O 218 RUJDQL]]z XQD PLVVLRQH FRQRVFLWLYD VXOO LVROD H ULFHYHWWH XQD SHWL]LRQH GRYH JOL DELWDQWL FKLHGHYDQR FKH %RX JDLQYLOOH YHQLVVH WROWD DOO DPPLQLVWD]LRQH DXVWUDOLDQD SHU HVVHUH DIILGDWD D TXHOOD GHJOL 6WDWL 8QLWL PD OD ORUR UL FKLHVWD QRQ YHQQH DFFROWD $OOR VWHVVR PRGR YHQQH UHVSLQWD OD SURSRVWD GL 1DSLGDNRH 1DYLWX FKH DYHYD SURSRVWR XQ UHIHUHQGXP SHU GHFLGHUH VH O©LVROD GRYHVVH ULPDQHUH SDUWH GHOOD 1XRYD *XLQHD RULHQWDOH 1HO JOL LQGLJHQL IXURQR FRVWUHWWL DG DFFHWWDUH FKH OD FRPSDJQLD &RQ =LQF 5LR 7LQWR &5$ DSULVVH XQD PLQLHUD D 3DQJXQD QHO FHQ WUR GHOO LVROD 3DSXD 1XRYD *XLQHD HUD JLj LQ XQD IDVH GL DXWRJRYHUQR DYDQ]DWR PHQWUH JOL DELWDQWL GL %RXJDLQYLOOH FRQWLQXDYDQR D UHFODPDUH LO GLULWWR DOO DXWRGHWHUPLQD]LRQH QRQ YROHYDQR FKH O LVROD GLYHQWDVVH SDUWH GL 3DSXD 1XRYD *XLQHD PD FKH WRUQDVVH DOOH LVROH 6DORPRQH R FKH SRWHVVH FRVWLWXLUH XQ QXRYR VWDWR LQGLSHQGHQWH ,O ƒ VHWWHPEUH SHU OD SULPD YROWD JOL LVRODQL PDQLIHVWDURQR DSHUWDPHQWH OD SURSULD YRORQWj SROLWLFD FRQ X QD GLFKLDUD]LRQH XQLODWHUDOH G LQGLSHQGHQ]D GDQGR YLWD DOOD UHSXEEOLFD GHOOH 6DORPRQH GHO QRUG 'XH VHWWLPDQH GRSR LO VHWWHPEUH O©$XVWUDOLD GHWWH O LQGLSHQGHQ]D D 3DSXD 1XRYD *XLQHD FRVLFFKq LO VRJQR GHJOL DELWDQWL GL %RXJDLQYLOOH QDXIUDJz SRFKL PHVL GRSR 1HJOL XOWLPL GLHFL DQQL %RXJDLQYLOOH q VWDWD WHDWUR GHOOD JXHUUD SL OXQJD H VDQJXLQRVD FKH LO 3DFLILFR DEELD FRQRVFLXWR GRSR OD ILQH GHO VHFRQGR FRQIOLWWR PRQGLDOH 2OWUH SHUVRQH VRQR PRUWH GD TXDQGR 3DSXD 1XRYD *XLQHD VRVWHQXWD GDOO $XVWUDOLD KD PRVVR JXHUUD DO SRSROR DXWRFWRQR GHOO LVROD

8QD SDFH GLIILFLOH 'DO DO FL VRQR VWDWL VHL WHQWDWLYL GL UDJJLXQJHUH XQ DFFRUGR SROLWLFR FRQ 3DSXD 1XRYD *XLQHD PD VRQR IDOOLWL WXWWL 1HO LO 3ULPR 0LQLVWUR GL 3DSXD 1XRYD *XLQHD -XOLXV &KDQ KD FRQWDWWDWR OD 6DQGOLQH ,QWHU QDWLRQDO XQD GLWWD GL FRQVXOHQ]H PLOLWDUL FRQ VHGH LQ *UDQ %UHWDJQD SHU DYHUH GHL PHUFHQDUL FKH DLXWDVVHUR OH IRU ]H UHJRODUL -HUU\ 6LQJLURN FRPDQGDQWH LQ FDSR GHOO©HVHUFLWR SDSXDQR KD GHQXQFLDWR SXEEOLFDPHQWH O©XVR GL PHU FHQDUL H KD RUGLQDWR LO ORUR DUUHVWR /D SURWHVWD SRSRODUH FKH QH q VHJXLWD KD FRVWUHWWR &KDQ DOOH GLPLVVLRQL ,Q VHJXLWR DOOH HOH]LRQL SROLWLFKH GHO JLXJQR OD FDULFD GL 3ULPR 0LQLVWUR q VWDWD DVVHJQDWD D %LOO 6NDWH FKH KD PHVVR OD VROX]LRQH GHO SUREOHPD GL %RXJDLQYLOOH IUD OH SULRULWj GHO VXR JRYHUQR 8Q LPSHJQR FKH KD SRUWDWR DO OD VYROWD GHFLVLYD LO OXJOLR VRQR VWDWL VRWWRVFULWWL JOL DFFRUGL GL %XUQKDP LQ 1XRYD =HODQGD FRQ OD PHGLD]LRQH GL TXHVWR SDHVH 4XHVWR SDWWR KD DSHUWR OD VWUDGD DOOD SDFH YHUD H SURSULD ILUPDWD LO DSULOH DG $UDZD FD SROXRJR GHOO LVROD ,O FHVVDWH LO IXRFR q VWDWR FRQFOXVR IUD LO JRYHUQR GL 3DSXD 1XRYD *XLQHD LO JRYHUQR


ULYROX]LRQDULR %RXJDLQYLOOH ,QWHULP *RYHUQPHQW %,* O HVHUFLWR ULYROX]LRQDULR GL %RXJDLQYLOOH %RXJDLQYLOOH 5HYROXWLRQDU\ $UP\ %5$ H LO JRYHUQR WUDQVLWRULR /©DFFRUGR q VWDWR ILUPDWR GDYDQWL D XQD IROOD GL DOPHQR SHUVRQH FRPSUHVL L 0LQLVWUL GHJOL (VWHUL GHOO $X VWUDOLD GL 9DQXDWX GHOOD 1XRYD =HODQGD H GHOOH )LJL QRQFKq XQ UDSSUHVHQWDQWH GHOOH 1D]LRQL 8QLWH / DFFRUGR HUD LO SULPR SDVVR SUHYLVWR GDJOL DFFRUGL GL /LQFROQ FKH HUDQR VWDWL ILUPDWL D &KULVWFKXUFK 1XRYD =HODQGD LO JHQ QDLR )UD L YDUL SXQWL DSSURYDWL DG $UDZD LO ULWLUR GHOO©HVHUFLWR SDSXDQR O©DPQLVWLD H O©LQVWDOOD]LRQH GL XQ JUXSSR GL RVVHUYDWRUL LQYLDWL GDOO©218 FKH JDUDQWLVFDQR LO ULVSHWWR GHJOL DFFRUGL VWHVVL )UD TXHOOL ULPDVWL DO GL IXR UL GHO WUDWWDWR LQYHFH LO IXWXUR DVVHWWR SROLWLFR GHOO©LVROD H OD ULDSHUWXUD GHOOD PLQLHUD DQJOR DXVWUDOLDQD GL 3DQJXQD VIUXWWDWD GDOOD FRPSDJQLD 5LR 7LQWR )UDQFLV 2QD SUHVLGHQWH GHO JRYHUQR ULYROX]LRQDULR WHPHYD FKH O $XVWUDOLD YROHVVH ULDSULUOD 3HU TXHVWD H SHU DOWUH UDJLRQL KD ULILXWDWR GL ILUPDUH O DFFRUGR GL SDFH &RQ OD GLFKLDUD]LRQH ILUPDWD D %XLQ QHOO©DJRVWR L FDSL GHOOD UHVLVWHQ]D KDQQR GHFLVR GL ULVROYHUH LO QRGR SROLWLFR LO IXWXUR GL %RXJDLQYLOOH $ TXHVWR VFRSR KDQQR ULDIIHUPDWR O©RELHWWLYR GHOO©DXWRGHWHUPLQD]LRQH H KDQQR HVRUWDWR LO JRYHUQR GL 3RUW 0RUHVE\ FDSLWDOH GL 3DSXD 1XRYD *XLQHD D ULFRQRVFHUH TXHVWR GLULWWR ,O GLFHPEUH L FDSL GHOOD UHVLVWHQ]D KDQQR DSSURYDWR XQD &RVWLWX]LRQH FKH GHILQLVFH OH FRPSHWHQ]H GHL QXRYL RUJDQL SROLWLFL /H HOH]LRQL GHO SULPR SDUODPHQWR RULJLQDULDPHQWH ILVVDWH SHU O©DSULOH KDQQR VXELWR YDUL ULQYLL 1HO IUDW WHPSR OD TXHVWLRQH KD JHQHUDWR GHL FRQWUDVWL DOO©LQWHUQR GHO JRYHUQR GL 3DSXD 1XRYD *XLQHD 'XUDQWH LO VL VRQR DSHUWL QXRYL VSD]L SHU XQD VROX]LRQH SROLWLFD GHO SUREOHPD 1HOO©DJRVWR GHO OH GXH SDUWL KDQQR ILUPDWR XQ DFFRUGR GL SDFH FKH VHPEUD SRWHU ULVROYHUH GHILQLWLYDPHQWH OD TXHVWLRQH ,O WUDWWDWR SUHYHGH XQ SDVVDJJLR JUD GXDOH DOO©DXWRQRPLD H XQ UHIHUHQGXP VXOO©LQGLSHQGHQ]D GD WHQHUVL HQWUR DQQL /©DFFRUGR GL SDFH GLYHQWHUj HIIHWWLYR TXDQGR LO SDUODPHQWR GL 3RUW 0RUHVE\ DYUj DSSURYDWR OD PRGLILFD FRVWLWX ]LRQDOH UHODWLYD DOO©DXWRQRPLD D TXHO SXQWR OH GLYHUVH ID]LRQL ULEHOOL GRYUDQQR DYHU FRPSOHWDWR OD FRQVHJQD GHOOH DUPL 4XHVW©XOWLPD RSHUD]LRQH YHUUj FRPSLXWD VRWWR OD VXSHUYLVLRQH GL DOFXQL RVVHUYDWRUL LQWHUQD]LRQDOL

'RQQH SHU OD SDFH 1HL SDHVL GHO 3DFLILFR GRYH q GLIIXVD OD FXOWXUD PDWULDUFDOH OD GRQQD KD VHPSUH VYROWR XQ UXROR SROLWLFR LPSRU WDQWH GDOOD UHJLQD /LOL©XRNDODQL D 0LOLODQL 7UDVN GD 'DUOHQH .HMX -RKQVRQ D :KLQD &RRSHU OD SUHVHQ]D FRVWDQWH GHOO©HOHPHQWR IHPPLQLOH UDSSUHVHQWD XQ VHJQR GLVWLQWLYR GHOOD VWRULD FRQWLQHQWDOH 1RQ IDQQR HFFH]LRQH OH GRQQH GL %RXJDLQYLOOH FKH VWDQQR VYROJHQGR XQ UXROR IRQGDPHQWDOH QHO SURFHVVR GL SD FH 6L GHYH VRSUDWWXWWR DOO©DVVRFLD]LRQH %RXJDLQYLOOHDQ :RPHQ IRU 3HDFH DQG )UHHGRP IRQGDWD QHO GD -DF TXHOLQH .DXRQD 6LULYL VH QHJOL XOWLPL DQQL OH GRQQH GHOO©LVROD VRQR VWDWH SUHVHQWL DOOH WUDWWDWLYH IUD L VHSDUDWLVWL H LO JRYHUQR GL 3RUW 0RUHVE\ 2JJL GRSR GLHFL DQQL GL JXHUUD OH GRQQH VRQR LPSHJQDWH QHOOD ULFRVWUX]LRQH GHO WHVVXWR VRFLDOH H QHOOD JHVWLR QH GL SUREOHPL VDQLWDUL VFRODVWLFL H IDPLOLDUL %LEOLRJUDILD

$$ 99 7KH %RXJDLQYLOOH &ULVLV &UDZIRUG +RXVH 3UHVV %DWKXUVW 1HZ 6RXWK :DOHV $PQHVW\ ,QWHUQDWLRQDO 3DSXD 1HZ *XLQHD $Q $JHQGD IRU +XPDQ 5LJKWV /RQGRQ %RXJDLQYLOOH XSGDWHV ZZZ HFR DFWLRQ RUJ ERXJDLQYLOOH . &OD[WRQ %RXJDLQYLOOH )LYH 6HDUFKHV IRU 6HFXULW\ LQ WKH 1RUWK 6RORPRQV 3URYLQFH RI 3DSXD 1HZ *XLQHD 6WUDWHJLF DQG 'HIHQFH 6WXGLHV &HQWUH $XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\ &DQEHUUD 6 'RUQH\ 7KH 6DQGOLQH $IIDLU 3ROLWLFV DQG 0HUFHQDULHV DQG WKH %RXJDLQYLOOH &ULVLV $%& %RRNV 6\GQH\ - .DXRQD 6LULYL ´6XUYLYLQJ D 1LQH <HDU :DUµ LQ = Gp ,VKWDU D FXUD GL 3DFLILF :RPHQ 6SHDN RXW IRU ,QGHSHQGHQFH DQG 'HQXFOHDULVDWLRQ 7KH 5DYHQ 3UHVV &KULVWFKXUFK SS ' 2OLYHU %ODFN ,VODQGHUV $ 3HUVRQDO 3HUVSHFWLYH RI %RXJDLQYLOOH +\ODQG +RXVH 6RXWK <DUUD $XVWUDOLD

9LGHRJUDILD

) &DYDGLQL $Q (YHUJUHHQ ,VODQG )URQW\DUG : &ROHV -DQHVV 2XU ,VODQG 2XU )LJKW FRSLD UHSHULELOH SUHVVR O·DXWRUH ZD\QHFRO#LSVR IDFWR FRP DX

,QGLUL]]L

%RXJDLQYLOOH )UHHGRP 0RYHPHQW 32 %R[ (UVNLQHYLOOH 16: $XVWUDOLD YLNNL#ODZ XWV HGX DX


Il futuro della Nuova Caledonia $QQD 3DLQL

-DPHV &RRN EDWWH]]z 1XRYD &DOHGRQLD OD WHUUD FKH DYHYD UDJJLXQWR QHO LQ TXDQWR JOL ULFRUGDYD OD VXD 6FR ]LD 6XFFHVVLYDPHQWH LO QRPH YHQQH HVWHVR D XQ LQVLHPH GL DUHH PROWR GLYHUVH OD JUDQGH LVROD PRQWXRVD GHQR PLQDWD *UDQGH 7HUUH H XQD VHULH GL LVROH PLQRUL WUD OH TXDOL OH SL HVWHVH VRQR OH ,VROH GHOOD /HDOWj 0DUp 7LJD /LIRX 2XYpD FKH YHQQHUR ORFDOL]]DWH GDJOL HXURSHL LQ XQ VHFRQGR WHPSR /©DPELHQWH LO SURILOR GHPRJUDILFR OD VWUXWWXUD VRFLDOH OD QDWXUD GHL FRQWDWWL FRO PRQGR HVWHUQR VRQR VWDWL GLYHUVDPHQWH FDUDWWHUL]]DWL QHOOH GXH DUHH PD OD FRORQL]]D]LRQH IUDQFHVH VL q LPSRVWD VX WXWWR O©DUFLSHODJR $ SDUWLUH GDO LQIDWWL q LQL]LDWD O©DQQHVVLRQH XI ILFLDOH GL TXHVWH LVROH GD SDUWH GHOOD )UDQFLD 'DO DO DQQR LQ FXL YHUUj FKLXVR LO FRVLGGHWWR ¦UXELQHWWR G©DFTXD VSRUFD§ FRQYRJOL FRQ IRU]DWL VRSUDWWXWWR XRPLQL JLXQJHUDQQR QHO SDHVH $QFKH O©,VROD GHL 3L QL RJJL FHOHEUH GHVWLQD]LRQH WXULVWLFD YHQQH WUDVIRUPDWD LQ FRORQLD SHQDOH SHU L GHSRUWDWL GHOOD &RPXQH GL 3DULJL 7UD TXHVWL F©HUD DQFKH /RXLVH 0LFKHO XQR GHL SRFKL HXURSHL LQWHUHVVDWL D LQWHUDJLUH FRQ OD SRSROD]LRQH ORFDOH H D FRPSUHQGHUH OH UDJLRQL GHOO©LQVXUUH]LRQH LQGLJHQD GHO /D FKLXVXUD GHOOD FRORQLD SHQDOH FRLQFLVH FRQ OD YRORQWj GL HODERUDUH XQ SURJUDPPD GL OLEHUD FRORQL]]D]LRQH H FRQ OD SROLWLFD GL FDQWRQQHPHQW WHVD D FRQFHQWUDUH OH DUHH DELWDWLYH LQGLJHQH GLVSHUVH VXO WHUULWRULR LQ YLOODJJL ED VDWL VX XQ©XQLWj DPPLQLVWUDWLYD FUHDWD DG KRF GDL IUDQFHVL OD WULE /D WHUUD UHVD OLEHUD IX FRVu XVXUSDWD DJOL LQGL JHQL VRSUDWWXWWR OXQJR OD FRVWD RULHQWDOH GRYH VL LQVWDOODURQR IDPLJOLH GL DJULFROWRUL IUDQFHVL L FRVLGGHWWL ¦FRORQL )HLOOHW§© GDO QRPH GHO JRYHUQDWRUH IUDQFHVH FKH DYHYD IRUWHPHQWH FDOGHJJLDWR O©LGHD GL UHDOL]]DUH XQD FRORQLD GL SRSRODPHQWR 8QD SDUWH GHL FRORQL FKLDPDWL D FROWLYDUH FDIIq FRO WHPSR VL WUDVIRUPz LQ DOOHYDWRUL OH FXL PDQGULH ULFKLHGHYDQR VSD]L HQRUPL GD GHVWLQDUH D SDVFROR TXHVWH DUHH QRQ YHUUDQQR UHFLQWDWH SUHWHQGHQGR LQYHFH FKH VLD QR L .DQDN D GHOLPLWDUH L ORUR FDPSL SHU HYLWDUH OH GLVWUX]LRQL SURGRWWH GDOOR VFRQILQDPHQWR GHL ERYLQL ¦,O JLRUQR LQ FXL L PLHL LJQDPL PDQJHUDQQR LO YRVWUR EHVWLDPH UHFLQWHUz L PLHL FDPSL§ GLFKLDUz LO FDSR $WDw DOOD YLJLOLD GHOOD JUDQGH ULYROWD NDQDN GHO 3HU L .DQDN OD WHUUD QRQ UDSSUHVHQWDYD H QRQ UDSSUHVHQWD VROR XQ EHQH SURGXWWLYR PD DVVXPHYD DOWUL VLJQL ILFDWL HUD LO OXRJR FKH OL FROOHJDYD FRO PRQGR GHJOL DQWHQDWL H GHJOL VSLULWL LQ DOWUH SDUROH LQFDUQDYD OD FRQWLQXLWj FRO SDVVDWR ,O OHDGHU GHJOL LQGLSHQGHQWLVWL NDQDN -HDQ 0DULH 7MLEDRX GLFHYD FKH OD WHUUD ¦q XQ DUFKLYLR YLYHQWH§ , IUDQFHVL SHUz QRQ VL DFFRQWHQWDURQR GL VRWWUDUUH OD WHUUD DJOL LQGLJHQL PD VWDELOLURQR DQFKH FKH L WHUUHQL GHOOH UL VHUYH LQ FXL HUDQR VWDWL FRQILQDWL L .DQDN GRYHYDQR HVVHUH SRVVHGXWL FROOHWWLYDPHQWH GDOOD WULE QHJDQGR FRVu XQD GHOOH SHFXOLDULWj GHOO©RUJDQL]]D]LRQH VRFLDOH DXWRFWRQD VHFRQGR OD TXDOH OD WHUUD KD VHPSUH XQ SURSULHWDULR H QRQ GLVWLQJXHQGR WUD OD SURSULHWj GHOOD WHUUD H LO VXR XWLOL]]R 4XHVWD LPSRVL]LRQH ULHQWUDYD LQ XQD FRQFH]LRQH RFFLGHQ WDOH FKH WHQGHYD D FRQVLGHUDUH ¦HVRWLFKH§ OH SRSROD]LRQL GHOOH FRORQLH H IDUOH SURSULH DWWUDYHUVR XQ SULVPD GHIRU PDQWH XQD VLPLOH RWWLFD SHUPHWWHYD GL DSSOLFDUH JHQHULFKH QR]LRQL GL XJXDJOLDQ]D H GL SURSULHWj FROOHWWLYD LQ PD QLHUD VWHUHRWLSDWD , .DQDN ULVSRVHUR D TXHVWD XVXUSD]LRQH GHOOH WHUUH FRQ O©LQVXUUH]LRQH GHO JXLGDWD GDO FDSR $WDw FKH IX GXUDPHQWH UHSUHVVD GDOO©DPPLQLVWUD]LRQH FRORQLDOH H GRYH WURYDURQR OD PRUWH XQ PLJOLDLR GL LQGLJHQL /D SROLWLFD GL VRWWUD]LRQH IRQGLDULD QRQ YHGUj FRLQYROWH OH LVROH GHOOD /HDOWj FKH YHUUDQQR GLFKLDUDWH ¦ULVHUYD QDWXUDOH§ FRVD FKH LPSHGLUj O©DOLHQD]LRQH GHOOH WHUUH 4XHVWD VFHOWD SDWHUQDOLVWLFD GL ¦SURWH]LRQH GHL QDWLYL§ LQ UHDOWj HUD GRYXWD DO IDWWR FKH OH ,VROH GHOOD /HDOWj QRQ UDSSUHVHQWDYDQR XQ©RSSRUWXQLWj HFRQRPLFD Qp LQ WHUPLQL GL VIUXWWDPHQWR DJULFROR Qp PLQHUDULR 6HEEHQH OD GLIIHUHQ]D FRORQLDOH GHOOH GXH DUHH VL ULIOHWWD QHOOH QDUUDWLYH GHO SDVVDWR H QHL UHVRFRQWL FRQWHPSRUDQHL QHO IX SURPXOJDWR LO 5pJLPH GH O©,QGLJpQDW DSSOLFDWR LQGLVWLQWDPHQWH VLD VXOOD *UDQGH 7HUUH FKH VXOOH ,VROH GHOOD /HDOWj 6L WUDWWDYD GL XQ UHJLPH GL FRQWUROOR H GL VIUXWWDPHQWR FKH UH VWULQJHYD OD PRELOLWj GHL .DQDN LPSRQHYD XQD WDVVD LQGLYLGXDOH H REEOLJDYD FLDVFXQD WULE D IRUQLUH PDQRGRSHUD SHU L ODYRUL REEOLJDWRUL GHOOD FRORQLD FRQ DOFXQH PRGLILFKH OR VWDWXWR ULPDVH RSHUDQWH VLQR DO DQQR LQ FXL LO SDHVH GLYHQQH WHUULWRULR G©ROWUHPDUH IUDQFHVH 720 3URSULR SHU VIXJJLUH D TXHVWH SUHVVDQWL ULFKLHVWH PROWL JLRYDQL VRSUDWWXWWR GHOOH ,VROH GHOOD /HDOWj VFHOVHUR GL LPEDUFDUVL VXOOH QDYL DXVWUDOLDQH SHU ODYRUDUH FRPH PR]]L FRQWLQXDQGR QHOOD WUDGL]LRQH GL FRQWDWWL VFDPEL LQ FRUSRUD]LRQH GL EHQL H LGHH LQWUDWWHQXWD GD WHPSR LPPHPRUDELOH FRQ OH LVROH YLFLQH DQFKH VH LQ TXHVWR FDVR OD UHDOWj FRQ FXL VL YHQLYD D FRQWDWWR HUD GL WLSR RFFLGHQWDOH 0D LO SDHVH YLGH XQ DOWUR IRUWH FRQWUDVWR TXHOOR WUD L PLV VLRQDUL FDWWROLFL IUDQFHVL GHOOD 6RFLHWj GL 0DULD H L SURWHVWDQWL EULWDQQLFL GHOOD /RQGRQ 0LVVLRQDU\ 6RFLHW\ 4XHVWR FRQWUDVWR IX SDUWLFRODUPHQWH DVSUR QHOOH ,VROH GHOOD /HDOWj LQ SDUWLFRODUH D /LIRX GRYH DO PRPHQWR GHOO©DQQHVVLRQH IUDQFHVH OD SUHVHQ]D GL HQWUDPEH OH PLVVLRQL HUD JLj IRUWH


.DQDN\ FRPH RJJL FKLDPDQR TXHVWH WHUUH JOL LQGLSHQGHQWLVWL VL HVWHQGH VX GL XQD VXSHUILFLH GRSSLD ULVSHWWR D TXHOOD GHOOD &RUVLFD FRQ XQD SRSROD]LRQH GL ROWUH DELWDQWL /D WHRULD GHO VRWWRSRSRODPHQWR q VWDWD XWLOL] ]DWD GDO JRYHUQR IUDQFHVH SHU OHJLWWLPDUH XQD SROLWLFD GL LPPLJUD]LRQH PDVVLFFLD GDOOH DUHH OLPLWURIH H GD DOWUL SDH VL IUDQFRIRQL ROWUH FKH GDOO©DUHD PHWURSROLWDQD FRVD FKH KD IDWWR GHL .DQDN XQD PLQRUDQ]D QHO ORUR VWHVVR SDHVH FRQWUR LO GL HXURSHL VHFRQGR L GDWL GHOO©XOWLPR FHQVLPHQWR &Lz FKH FRQWULEXu PDJJLRUPHQWH DO SRSRODPHQWR GHO SDHVH IXURQR SURSULR OH ULFKLHVWH GL PDQRGRSHUD GD XWLOL]]DUH QHOOH PLQLHUH GL QLFNHO QHJOL DQQL 6HVVDQWD LO SDHVH HUD LO WHU]R HVSRUWDWRUH PRQGLDOH GL TXHVWR PLQHUDOH $ SDUWLUH GDO YHQQH LQIDWWL UHFOXWDWD PDQRGRSHUD GDOOH 1XRYH (EULGL RJJL 9DQXDWX H VXFFHVVLYDPHQWH GD YDUL SDHVL GHOO©$VLD RULHQWDOH (© LQWHUHVVDQWH QRWDUH LO SHUFRUVR GHO WHUPLQH NDQDN XVDWR RJJL FRQ ILHUH]]D GDJOL LQGLJHQL SHU GHVLJQDUH VH VWHVVL H LO PRYLPHQWR LQGLSHQGHQWLVWD 6L WUDWWD GL XQ WHUPLQH GL RULJLQH KDZDLLDQD RULJLQDULDPHQWH XWLOL]]DWR LQ VHQVR GLVSUHJLDWLYR GDL FRORQL QHO 3DFLILFR SHU LQGLFDUH OD SRSROD]LRQH LQGLJHQD PHODQHVLDQD ,Q 1XRYD &DOHGRQLD LO WHUPLQH q VWDWR IDWWR SURSULR GDO PRYLPHQWR LQGLSHQGHQWLVWD FKH QH KD ULEDOWDWR LO VLJQLILFDWR WUDVIRUPDQGROR LQ XQR VWUXPHQWR GL LGHQWLILFD]LRQH FXOWXUDOH H DGRWWDQGR OD IRUPD NDQDN DO SRVWR GL TXHOOD IUDQFHVH FDQDTXH 7XW WDYLD QHO FHQVLPHQWR GHO JOL LQGLJHQL YHQLYDQR DQFRUD GHILQLWL ¦PpODQpVLHQV§ PHQWUH L YDUL JUXSSL GL LPPL JUDWL YHQLYDQR LQGLFDWL FRQ XQ QRPH SURSULR SHU HVHPSLR QL 9DQXDWX 6H LO UDSSRUWR FRQ OD WHUUD YLHQH ULYHQGLFDWR FRPH HOHPHQWR FHQWUDOH GHOO©LGHQWLWj FXOWXUDOH NDQDN LO PRGR GL LQ WHQGHUH WUDGL]LRQH H PRGHUQLWj QRQ YLHQH YLVVXWR LQ WHUPLQL LQFRQFLOLDELOL FRPH YRUUHEEH XQD FHUWD LGHRORJLD RFFL GHQWDOH DQFKH VH O©DUWLFROD]LRQH YDULD D VHFRQGD GHL FRQWHVWL 7DQWR SHU IDUH XQ HVHPSLR LO THQH Q|M R THQH GUHKX LO PRGR GL IDUH GHL /LIRXDQL SXz DVVRUELUH DO VXR LQWHUQR HOHPHQWL HVRJHQL GL SURYHQLHQ]D RFFLGHQWDOH FRPH O©L VWUX]LRQH O©DSSDUWHQHQ]D D XQD FKLHVD LO GHQDUR D VHFRQGD GHL YDUL FRQWHVWL TXHVWL HOHPHQWL SRVVRQR HVVHUH DFFHW WDWL QHJR]LDWL R ULILXWDWL H LQ TXHVW©XOWLPR FDVR DVVRFLDWL DO THQH ZLZL LO PRGR GL IDUH GHL IUDQFHVL H SL LQ JHQHUDOH GHL ELDQFKL ,Q TXHVWR PRGR L .DQDN HYLWDQR GL FDGHUH QHOOD WUDSSROD GHOOD QRVWDOJLD SHU L WHPSL FKH IXURQR FRPH SXUH LQ TXHOOD GL XQD JOREDOL]]D]LRQH RPHJHQHL]]DQWH FRQWUR FXL VL HUJRQR FHUWL SDODGLQL GHOOD GLIHVD PXVHRJUDILFD GHOOH FXOWXUH .DQDN\ 1XRYD &DOHGRQLD q LQVHULWD QHOOD UHJLRQH PHODQHVLDQD RJJL SUHYDOHQWHPHQWH DQJORIRQD ,O GHFHQQLR FKH YD GDO DO KD YLVWR LO UDJJLXQJLPHQWR GHOO©LQGLSHQGHQ]D LQ TXDWWUR SDHVL GHOOD UHJLRQH OH )LJL 3DSXD 1XRYD *XLQHD OH LVROH 6DORPRQH H 9DQXDWX 5LPDQJRQR VRWWRSRVWH D XQ GRPLQLR VWUDQLHUR OD 1XRYD &DOHGRQLD H OD SDUWH RFFLGHQWDOH GHOOD 1XRYD *XLQHD 'XUDQWH JOL XOWLPL DQQL OD SROLWLFD IUDQFHVH QHL FRQIURQWL GL TXHVWR 720 KD ULVSHFFKLDWR L FDPELDPHQWL GL JRYHUQR FKH VL VRQR YHULILFDWL D 3DULJL ,O SLDQR )DELXV SUHYHGHYD XQ UHIHUHQGXP GD WHQHUVL QHO ,O SDHVH IX VXGGLYLVR LQ TXDWWUR UHJLRQL WUH VXO OD *UDQGH 7HUUH H XQD VXOOH ,VROH GHOOD /HDOWj FLDVFXQD FRQ XQ FRQVLJOLR UHJLRQDOH UHVSRQVDELOH GHOOH PDWHULH H FRQRPLFKH HGXFDWLYH H VDQLWDULH ,Q TXHOOR VWHVVR DQQR LO )/1.6 LO IURQWH LQGLSHQGHQWLVWD IRQGDWR QHO YLQ VH OH HOH]LRQL LQ WXWWH OH UHJLRQL WUDQQH TXHOOD GHO 6XG GRYH L ELDQFKL UDSSUHVHQWDQR OD PDJJLRUDQ]D 4XHOO©H VSHULHQ]D IX FRPXQTXH EUHYH D FDXVD GHL PXWDPHQWL SROLWLFL YHULILFDWLVL D 3DULJL QHO O©DUULYR DO SRWHUH GHO JR YHUQR &KLUDF UHVWLWXu L SRWHUL GHOOH UHJLRQL DOO©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©LQGLSHQGHQ]D PD QHO IUDWWHPSR VRQR PDWXUDWL JOL DFFRU GL GL 1RXPpD $QFKH VH QHO WHVWR ILUPDWR LO PDJJLR LO WHUPLQH ¦LQGLSHQGHQ]D§ QRQ YLHQH XWLOL]]DWR YL VR QR WXWWDYLD HVSUHVVLRQL TXDOL ¦VRYUDQLWj§ FKH VRQR VRVWDQ]LDOPHQWH DQDORJKH ,O WHVWR VL DSUH FRQ XQ SUHDPEROR LQ FXL VL ID ULIHULPHQWR ¦DOOH RPEUH GHO SHULRGR FRORQLDOH§ H DOOD UHVSRQVDEL OLWj VWRULFD GHOOR VWDWR IUDQFHVH L WUDWWDWL SUHFHGHQWL FRQ OH DXWRULWj FRQVXHWXGLQDULH YHQJRQR GLFKLDUDWL ¦DWWL XQLODWH UDOL§ 6L ULFRQRVFH OD VSHFLILFLWj GHOO©LGHQWLWj NDQDN FKH q VWDWD ¦FRQILVFDWD§ H FKH YD UHVWLWXLWD SHU ULFRQRVFHUH DO SRSROR LQGLJHQR OD VXD VRYUDQLWj ,O OHJDPH WUD FXOWXUD LGHQWLWj H VRYUDQLWj HPHUJH FRQ IRU]D LO WHVWR ID ULIHUL PHQWR DL OXRJKL VDFUL DOOH YLH WUDGL]LRQDOL DOOD VWUXWWXUD VRFLDOH FRQ XQ WDJOLR FRPH VRWWROLQHDQR %HQVD H :LWWHU VKHLP VX /H 0RQGH GLSORPDWLTXH GHO OXJOLR ¦GHFLVDPHQWH HWQRORJLFR§ /D VROX]LRQH FRQVHQVXDOH D FXL VL q DUULYDWL GHILQLVFH SHU L SURVVLPL YHQW©DQQL O©RUJDQL]]D]LRQH SROLWLFD GHO SDHVH /HJJHUH LQ TXHVWL DFFRUGL OD ULQXQFLD D XQ©LQGLSHQGHQ]D LQWHVD FRPH FHVXUD FRPSOHWD FRQ OD )UDQFLD q UHVWULWWLYR FRPH VL OHJJH VX /H EDQLDQ GHO JLXJQR ¦TXHVWD SURVSHWWLYD q VHPSUH VWDWD LO IDQWDVPD GHOOD GHVWUD FDOHGRQLDQD H QRQ O©RUL]]RQWH GHOOD PDJJLRUDQ]D GHJOL LQGLSHQGHQWLVWL© ,O SXQWR IRFDOH GHJOL DFFRUGL ILUPDWL D 1RXPqD q TXHOOR GHOOD ¦FLWWDGLQDQ]D FDOHGRQLDQD§ OD SRSROD]LRQH LQVH GLDWD QHO SDHVH GD DOPHQR XQ GHFHQQLR FRQVHUYD OD QD]LRQDOLWj IUDQFHVH PD DVVXPH XQD FLWWDGLQDQ]D SURSULD 6ROR


FRORUR FKH KDQQR GLULWWR D TXHVWD FLWWDGLQDQ]D SRVVRQR SURQXQFLDUVL VXO IXWXUR DVVHWWR SROLWLFR GHO SDHVH 6L WUDWWD GL XQD QRYLWj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©$VLD H GHO 3DFLILFR FKH YLYRQR QHO SDHVH GD GH FHQQL FKH YHQXWR PHQR OR VSDXUDFFKLR DJLWDWR GDOOD GHVWUD GL XQ ORUR ULPSDWULR IRU]DWR LQ FDVR GL LQGLSHQGHQ]D GHO SDHVH ILQDOPHQWH LQL]LDQR D VFKLHUDUVL D IDYRUH GHO ULFRQRVFLPHQWR GHOOD VRYUDQLWj GHO SRSROR NDQDN ,O SUREOH PD SL VSLQRVR q RUD TXHOOR GHOO©DWWXD]LRQH GL TXHVWL SULQFLSL DO PRPHQWR GHOOD UHYLVLRQH GHOOH OLVWH GHL YRWDQWL

-HDQ 0DULH 7 H 7MLEDRX X XQD Y D YLWD S D SHU U OO·LGHQWLWj N j NDQDN

-HDQ 0DULH 7MLEDRX q XQD GHOOH ILJXUH SL UDSSUHVHQWDWLYH GHOO LQWHUR FRQWLQHQWH VLD LQ WHUPLQL SROLWLFL FKH FXO WXUDOL 1DWR QHO D 7LHQGDQLWH 1XRYD &DOHGRQLD FRPSLH VWXGL UHOLJLRVL H YLHQH RUGLQDWR VDFHUGRWH DOO HWj GL DQQL 6XFFHVVLYDPHQWH VWXGLD VRFLRORJLD DOO·8QLYHUVLWj FDWWROLFD GL /LRQH H TXLQGL HWQRORJLD DOOD 6RU ERQD $OO LQL]LR GHJOL DQQL 6HWWDQWD SRFR GRSR HVVHUH WRUQDWR LQ SDWULD GHFLGH GL DEEDQGRQDUH OD VWUXWWXUD HF FOHVLDVWLFD H WRUQD DOOR VWDWR ODLFDOH 1HO FRQ -DFTXHV ,HZNDZp FRQFHSLVFH LO IHVWLYDO 0HODQHVLD FKH SHU OD SULPD YROWD PHWWH LQ SLHQD H YLGHQ]D OD ULFFKH]]D GHOOD FXOWXUD NDQDN 1HJOL VWHVVL DQQL LQL]LD O DWWLYLWj SROLWLFD HOHWWR VLQGDFR GL +LHQ JKLqQH QHO GXH DQQL GRSR GLYHQWD FRQVLJOLHUH WHUULWRULDOH GHO QHRQDWR )URQWH LQGLSHQGHQWLVWD 1HO QR YHPEUH q IUD L IRQGDWRUL GHO )/1.6 )URQW GH /LEpUDWLRQ 1DWLRQDO .DQDN HW 6RFLDOLVWH LO QXRYR PRYLPHQWR LQGLSHQGHQWLVWD GL FXL YLHQH HOHWWR SUHVLGHQWH ,O JLXJQR D 3DULJL UDSSUHVHQWD LO SRSROR NDQDN QHL FRO ORTXL FKH VIRFLDQR QHJOL $FFRUGL GL 0DWLJQRQ ,O GRFX PHQWR YLHQH ILUPDWR GD 7MLEDRX GDO 3ULPR 0LQLVWUR 0L FKHO 5RFDUG H GD -DFTXHV /DIOHXU SUHVLGHQWH GHO 53&5 LO SULQFLSDOH SDUWLWR IUDQFHVH GHOOD 1XRYD &DOHGRQLD ,O PDJJLR D 2XYpD YLHQH XFFLVR GD DOFXQL LQGLSHQGHQWLVWL GLVVLGHQWL LQVLHPH D <HLZHQp <HLZpQp 1RYH DQQL GRSR QHO PDJJLR YLHQH LQDXJXDUDWR D 1RXPpD LO EHOOLVVLPR FHQWUR FXOWXUDOH LQWLWRODWR DOOD PH PRULD GHO OHDGHU NDQDN SURJHWWDWR GD 5HQ ]R 3LDQR FKH KD VDSXWR IRQGHUH LQ PRGR HVHPSODUH JOL HOHPHQWL GHOOD WUDGL]LRQH PHODQHVLDQD FRQ XQ·DUFKLWHWWXUD IXWXULVWLFD /·HGLILFLR FKH RVSLWD IUD O·DOWUR XQD PHGLDWHFD XQD VDOD SHU OH FRQIHUHQ]H H DOWUH SHU OH PRVWUH q QDWR SHU GLIIRQGHUH WXWWH OH FXOWXUH LQGLJHQH GHOO·2FHDQLD

$OHVVDQGUR 0LFKHOXFFL

8Q DOWUR SXQWR LPSRUWDQWH ULJXDUGD O©LPSLHJR 9LHQH JDUDQWLWD OD SULRULWj G©DFFHVVR DO PHUFDWR GHO ODYRUR DL FLW WDGLQL FDOHGRQLDQL 1HO VLVWHPD YLJHQWH WXWWL L SRVWL PLJOLRUL YHQJRQR RFFXSDWL GDL IUDQFHVL FKLXQTXH VEDUFKL QHO SDHVH FRQ LQ WDVFD XQ GLSORPD ¦PHWURSROLWDQR§ VEDUDJOLD L FDQGLGDWL ORFDOL 4XHVWD GLVSRVL]LRQH GRYUHEEH GDUH PDJJLRUL JDUDQ]LH DL JLRYDQL GLSORPDWL GHO OXRJR DOOD ULFHUFD GL XQ SULPR LPSLHJR , IUDQFHVL PHWURSROLWDQL LQIDWWL SRWUDQQR FRQWLQXDUH DG DUULYDUH QHO SDHVH FRPH QHO SDVVDWR PD FHUWL GLULWWL H SULRULWj VDUDQQR HVFOXVLYR DSSDQQDJ JLR GHL FLWWDGLQL FDOHGRQLDQL 1HO IUDWWHPSR DOFXQH FRPSHWHQ]H YHUUDQQR WUDVIHULWH JUDGXDOPHQWH GDOOR VWDWR IUDQ FHVH DOOD 1XRYD &DOHGRQLD 9LHQH FUHDWR XQ VHQDWR FRXWXPLHU FRPSRVWR GD UDSSUHVHQWDQWL SHU FLDVFXQD GHOOH D UHH OLQJXLVWLFKH FKH UDJJUXSSDQR OH OLQJXH YHUQDFRODUL H YLHQH ULEDGLWD O©LPSRUWDQ]D GHO GLULWWR FRXWXPLHU 3HU SUHYHQLUH XQ©HYHQWXDOH LQYHUVLRQH GL PDUFLD GD SDUWH GHL FRQVHUYDWRUL LO WUDVIHULPHQWR GL FRPSHWHQ]H VDUj LUUHYHUVLELOH 'XUDQWH LO TXDUWR PDQGDWR TXLQTXHQQDOH GHO &RQJUHVVR SHUFLz VL SDUOD GL DQQL FL VDUj XQ UH IHUHQGXP SHU GHFLGHUH LO SDVVDJJLR GHILQLWLYR GHOOH XOWLPH FRPSHWHQ]H ¤ FRPH O©RUGLQH SXEEOLFR H OD GLIHVD ¤ GDOOD )UDQFLD DOOD 1XRYD &DOHGRQLD GL FXL LQWDQWR VDUj VWDWR GHFLVR LO QXRYR QRPH OD EDQGLHUD O©LQQR QD]LRQDOH FLRq WXWWL TXHL VLPEROL FKH DQGUDQQR ¦ULFHUFDWL LQVLHPH SHU HVSULPHUH O©LGHQWLWj NDQDN H LO IXWXUR GHVWLQR FRPXQH§ $FFRUGV GH 1RXPpD ZZZ DF QRXPHD QF $FFGV1 KWPO $ %HQVD 1RXYHOOH &DOpGRQLH XQ SDUDGLV GDQV OD WRXUPHQWH *DOOLPDUG 3DULV - &RQQHOO 1HZ &DOHGRQLD RU .DQDN\" 7KH 3ROLWLFDO +LVWRU\ RI D )UHQFK &RORQ\ $XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\ &DQEHUUD 8 +DQQHU] /D GLYHUVLWj FXOWXUDOH ,O PXOLQR %RORJQD $ 3DLQL ´3UD\LQJ 6DPRD DQG 3UD\LQJ 2XL 2XL 0DNLQJ &KULVWLDQLW\ /RFDO RQ /LIX /R\DOW\ ,VODQGV µ LQ 9 .HFN D FXUD GL &RPPRQ :RUOGV DQG 6LQJOH /LYHV &RQVWLWXWLQJ .QRZOHGJH LQ 3DFLILF 6RFLHWLHV %HUJ 2[IRUG

Bibliografia

,QGLUL]]L

&HQWUH FXOWXUHO 7MLEDRX ZZZ DGFN QF .DQDN\ 6ROLGDULWp SDVVDJH GX &KDURODLV ) 3DULV )UDQFH OHEDQLDQ#ZDQDGRR IU ZZZ EDQLDQ FLWHZHE QHW


/H GRQQH PDRUL FRQWUR OD JOREDOL]]D]LRQH 0DNHUH +DUDZLUD

2JJL VL SDUOD PROWR GL JOREDOL]]D]LRQH PD LQ JHQHUH FL VL OLPLWD D HOHQFDUQH SUHJL H GHL VXRL GLIHWWL PHQWUH VL GL PHQWLFD GL FKLDULUH TXHOOR FKH VL QDVFRQGH GLHWUR TXHVWD SDUROD 'D XQD SDUWH LO WHUPLQH JOREDOL]]D]LRQH LQGLFD O©LQVLHPH GHL SURFHVVL JUD]LH DL TXDOL LO PRQGR VWD GLYHQWDQGR VHPSUH SL LQWHUGLSHQGHQWH /©LQWHUGLSHQGHQ]D q XQ FRQFHWWR FKH QRL LQGLJHQL FRPSUHQGLDPR SHUIHWWDPHQWH SHUFKp q SDUWH LQWHJUDQWH GHOOD QRVWUD YLVLRQH GHO PRQGR 1RL 0DRUL SHU HVHPSLR IDFFLDPR ULVDOLUH O©RULJLQH GHOOD QRVWUD FXOWXUD D 3DSDWXDQX NX OD 0DGUH 7HUUD D 7DQ JDURD LO GLR GHO PDUH D 5DQJLQXL LO 3DGUH &LHOR H DOO©LQWHUR VLVWHPD VRODUH 4XHVWL FRQFHWWL IRQGDPHQWDOL FL VRQR VWDWL WUDVPHVVL GDL QRVWUL DQWHQDWL H VRQR SDUWH LQWHJDUQWH GHOOD FXOWXUD PDRUL $O WHPSR VWHVVR LO WHUPLQH JOREDOL]]D]LRQH SRUWD FRQ Vp OD QR]LRQH GL YLOODJJLR JOREDOH H OD FUHVFHQWH LQWHUGL SHQGHQ]D SROLWLFD H VRFLDOH GHOOH VRFLHWj XPDQH 2JJL FRPXQTXH TXDQGR VL SDUOD GL JOREDOL]]D]LRQH FL VL ULIHUL VFH VRSUDWWXWWR DOOD FRVWUX]LRQH GL XQ RUGLQH HFRQRPLFR PRQGLDOH FKH VHPEUD LQDUUHVWDELOH &RPH KD GHWWR 5HQDWR 5XJJLHUR H[ GLUHWWRUH GHOOD :72 :RUOG 7UDGH 2UJDQL]DWLRQ 2UJDQL]]D]LRQH 0RQGLDOH GHO &RPPHUFLR ¦VWLD PR FUHDQGR XQ©XQLFD HFRQRPLD JOREDOH§ 4XHVWD SUHVXSSRQH XQ LQVLHPH GL ULIHULPHQWL LGHRORJLFL WLSLFL GHO OLEHUD OLVPR HXURSHR FKH YHGRQR QHJOL HVVHUL XPDQL GHOOH XQLWj HFRQRPLFKH H QHO OLEHUR PHUFDWR XQ FRQWHVWR QHO TXDOH VL UHDOL]]D XQD FRPSHWL]LRQH SHUIHWWD ,O OLEHULVPR H LO OLEHUR PHUFDWR VRQR L FDUGLQL GHO QXRYR RUGLQH HFRQRPLFR FKH GRYUHEEH FRQGXUUH O©XPDQLWj YHUVR XQ IXWXUR HFRQRPLFR UDGLRVR 4XHVWR PRGHOOR KD OH VXH UDGLFL QHOOD ORJLFD PHUFDQWLOH GHO SULPR LPSHULDOLVPR H TXLQGL SUHVHQWD GHOOH WDUH LGHRORJLFKH SURIRQGH ,O SUREOHPD QRQ q VROWDQWR OD JOREDOL]]D]LRQH HFRQRPLFD Qp OD QR]LRQH GL PHUFDWR /H WHRULH GL $GDP 6PLWK VL ULIHULYDQR D XQ PHUFDWR DXWRUHJRODWR EDVDWR VX SLFFROH LPSUHVH ORFDOL FKH FRPSHWHYDQR VXOOD EDVH GHO SUH]]R H GHO OD TXDOLWj PHQWUH RJJL VL SDUOD GL XQ OLEHUR FRPPHUFLR PRQGLDOH H GL XQ FDSLWDOH FKH FLUFROD FRQ OD PDVVLPD OL EHUWj ,Q VRVWDQ]D VL VWDQQR DIIHUPDQGR QXRYH IRUPH GL FDSLWDOLVPR FKH VRQR PROWR SL SHULFRORVH GL TXHOOH SUHFH GHQWL ,O FRQFHWWR GHOOR VWDWR QD]LRQDOH FKH HVHUFLWD XQD VRYUDQLWj LQ QRPH GHOO©LQWHUHVVH QD]LRQDOH YLHQH VRWWRSRVWR DOOD GXUD VILGD GHOOH FRPSDJQLH WUDQVQD]LRQDOL FKH VSHVVR VRQR SL SRWHQWL GL PROWL SDHVL PHVVL LQVLHPH 4XHVWR RUGLQH HFRQRPLFR PRQGLDOH q JRYHUQDWR GDL GLUHWWRUL GL TXHVWH FRPSDJQLH FKH VSHVVR RFFXSDQR SRVWL FKLDYH QHO O©DPPLQLVWUD]LRQH DPHULFDQD 'LHWUR OH GHFLVLRQL UHODWLYH D WHPL FRPH L GLULWWL XPDQL OD SROLWLFD HVWHUD H RJQL LQWHUYHQWR GHOOD 1$72 FRP SUHVR TXHOOR QHO .RVVRYR F©q XQD VHULH GL LQWHUHVVL HFRQRPLFL EHQ GHILQLWL /©218 FKH DYHYD SUHGLVSRVWR XQD VHULH GL VWUXPHQWL DWWL D OLPLWDUH L GLULWWL GHOOH PXOWLQD]LRQDOL H D WXWHODUH TXHOOL GHL FLWWDGLQL OD VWHVVD 218 FKH KD SURPRVVR LO 'HFHQQLR ,QWHUQD]LRQDOH GHL 3RSROL ,QGLJHQL KD FRQFOXVR XQ DFFRUGR FKH FRQVHQWH D YDULH FRPSDJQLH GL XWLOL]]DUH O©HPEOHPD GHOOH 1D]LRQL 8QLWH 6L WUDWWD GHOOD 1HVWOq GHOOD 1LNH GHOOD 6KHOO H GL DO WUH FRPSDJQLH EHQ QRWH SHU HVVHUVL PDFFKLDWH GL FULPLQL FKH DUULYDQR ILQR DO JHQRFLGLR 2JJL O©218 GLIHQGH XQ PRGHOOR GL VYLOXSSR FKH YLHQH GHWHUPLQDWR GD TXHVWH PXOWLQD]LRQDOL 6LDPR GDYDQWL D XQ QXRYR WLSR GL FDSLWDOLVPR QHO TXDOH OH ULVRUVH VRQR FRQFHQWUDWH QHOOH PDQL GL SRFKL PHQWUH OD JUDQGH PDJJLRUDQ]D YLHQH VRWWRSRVWD D XQ SUR FHVVR GL VSROLD]LRQH VHPSUH SL VSLHWDWR &RQ RJQL SUREDELOLWj L SL FROSLWL GD TXHVWR SURFHVVR PRQGLDOH VRQR L SRSROL LQGLJHQL H OH PLQRUDQ]H 6RWWR SRVWL D XQ JHQRFLGLR SUHPHGLWDWR FHQWLQDLD GL PLJOLDLD GL LQGLJHQL VRQR PRUWL PHQWUH FHUFDYDQR GL GLIHQGHUH OH WHU UH FKH FRVWLWXLVFRQR OD EDVH ILVLFD H VSLULWXDOH GHOOD ORUR VRSUDYYLYHQ]D *OL VWHVVL UDSSRUWL GHOO©218 OR FRQIHU PDQR (SSXUH TXHVWD WUDJLFD UHDOWj YLHQH LJQRUDWD GDL JRYHUQL H GDOOH PDJJLRUDQ]H FKH QRQ YHQJRQR DGHJXDWD PHQWH LQIRUPDWH GDL PHGLD RSSXUH VH QH GLVLQWHUHVVDQR SHU SXUD DSDWLD $OWUL LQYHFH VRQR DIIHWWL GD XQD VSHFLH GL PLRSLD VHOHWWLYD OR GLPRVWUD LO IDWWR FKH VRQR FDSDFL GL LQGLJQDUVL SHU LO JHQRFLGLR GHL .RVVRYDUL PD QRQ EDWWRQR FLJOLR TXDQGR OD VWHVVD VRUWH WRFFD DL SRSROL LQGLJHQL

, WUDWWDWL HFRQRPLFL PXOWLODWHUDOL /©LPSDOFDWXUD FKH UHJJH TXHVWR RUGLQH HFRQRPLFR PRQGLDOH q FRVWLWXLWD GD XQD VHULH GL DFFRUGL PXOWLODWHUDOL FRQ FHSLWL SHU SURWHJJHUH JOL LQWHUHVVL GHOOH PXOWLQD]LRQDOL D VFDSLWR GL TXHOOL GHL JRYHUQL GHOOD VRFLHWj FLYLOH H RYYLD PHQWH DQFKH GHL SRSROL LQGLJHQL /H QRUPH LQWHUQD]LRQDOL FKH QHJOL DQQL 6HWWDQWD SHUPHWWHYDQR DJOL VWDWL GL UHJROD PHQWDUH O©DWWLYLWj GHOOH PXOWLQD]LRQDOL RSHUDQWL HQWUR L ORUR FRQILQL VRQR VWDWH YDQLILFDWH GD DFFRUGL FRPPHUFLDOL FKH KDQQR ULEDOWDWR OD VLWXD]LRQH RJJL L GLULWWL GHJOL LQYHVWLWRUL YHQJRQR GLIHVL D TXDOXQTXH FRVWR DQFKH VH TXHVWR VLJQLILFD FDOSHVWDUH TXHOOL GHL FLWWDGLQL GHL ODYRUDWRUL GHL SRSROL LQGLJHQL 1RQ VROR PD OH FRPSDJQLH SRVVRQR UL YROJHUVL DL WULEXQDOL QD]LRQDOL H LQWHUQD]LRQDOL SHU FKLHGHUH LO ULVSHWWR GL TXHVWL DFFRUGL


8QR GHL SLODVWUL IRQGDPHQWDOL GL TXHVWR PHFFDQLVPR q OD :72 FKH YHQQH IRQGDWD QHO TXDQGR DSSDUYH FKLDUR FKH LO *$77 *HQHUDO $JUHHPHQW RQ 7DULIIV DQG 7UDGH $FFRUGR *HQHUDOH VXOOH 7DULIIH H VXO &RPPHUFLR

QRQ HUD LQ JUDGR GL LPSRUUH GHOOH UHJROH FKH FRVWLWXLVVHUR OR VWUXWWXUD GHO QXRYR RUGLQH JOREDOH /©D]LRQH GHOOD :72 IX SRL LQWHJUDWD GD DFFRUGL UHJLRQDOL FRPH LO 1$)7$ 1RUWK $PHULFDQ )UHH 7UDGH $VVRFLDWLRQ 7UDWWDWR 1RUGDPHULFDQR GL /LEHUR 6FDPELR H O©$3(& $VLD 3DFLILF (FRQRPLF &RXQFLO 4XHVWL FRQWHQJRQR GHOOH FODXVROH FKH SURWHJJRQR OHJDOPHQWH L GLULWWL GHJOL LQYHVWLWRUL D GDQQR GL TXHOOL GHL FLWWDGLQL 3HU HVHPSLR OD FODXVROD GL 0RVW )DYRXUHG 1DWLRQ FRPXQH DO *$77 DOOD :72 DOO©$3(& H DO 1$)7$ VLJQLILFD FKH JOL LQYHVWLWRUL GHYRQR HVVHUH WUDWWDWL FRPH L SDHVL VWUDQLHUL DL TXDOL YLHQH ULFRQRVFLXWR OR VWDWXV GL SDUWQHU FRPPHUFLDOH DJHYRODWR ,QROWUH VLJQLILFD FKH QRQ VRQR DPPHVVH HFFH]LRQL IRQGDWH VXO ULVSHWWR GHL GLULWWL XPDQL R GHOO©DPELHQWH $OWUH FODXVROH VWDELOLVFRQR FKH DOOH FRPSDJQLH WUDQVQD]LRQDOL VSHWWDQR DOPHQR JOL VWHVVL GLULWWL GL TXHOOH ORFDOL *OL VWDWL QRQ SRVVRQR SL VRVWHQHUH TXHVWH D]LHQGH Qp JDUDQWLUH L GLULWWL GHL ODYRUDWRUL VH TXHVWL FRPSRUWDQR XQD ULGX]LRQH GHL SURILWWL GHJOL LQYHVWLWRUL VWUDQLHUL

,O QXRYR RUGLQH JOREDOH PLQDFFLD O©DPELHQWH 4XHVWL DFFRUGL LQWHUQD]LRQDOL QRQ WHQJRQR FRQWR GHOOH OHJJL QD]LRQDOL FKH ULJXDUGDQR O©DPELHQWH L GLULWWL GHL ODYR UDWRUL H GHL FLWWDGLQL JOL 2*0 ,O IDWWR FKH L VLQJROL VWDWL SHUGDQR LO SRWHUH GL UHJRODPHQWDUH TXHVWH PDWHULH KD FRQ VHJXHQ]H GHYDVWDQWL SHU OH WHUUH GHL SRSROL LQGLJHQL H SHU OH ORUR ULVRUVH FRPSUHVL TXHL GLULWWL GL SURSULHWj LQWHOOHW WXDOH H FXOWXUDOH FKH OH GRQQH PDRUL FHUFDQR GL GLIHQGHUH GD PROWL DQQL /D JOREDOL]]D]LRQH HFRQRPLFD KD SHUPHV VR DOOH PXOWLQD]LRQDOL IDUPDFHXWLFKH GL VDFFKHJJLDUH LO SDWULPRQLR VFLHQWLILFR GHL SRSROL DXWRFWRQL /H GLWWH UDFFRO JRQR H EUHYHWWDQR OH SLDQWH FKH TXHVWL SRSROL XWLOL]]DQR GD VHFROL FRVu RWWHQJRQR GHL IDFLOL JXDGDJQL H VSHVVR DQ FKH OD IDFROWj GL QHJDUH O©XVR GL TXHVWH SLDQWH D FKL OH DYHYD VHPSUH XWLOL]]DWH 7XWWR TXHVWR DYYLHQH VHFRQGR XQD SUDVVL WLSLFD GHO FDSLWDOLVPR H FRVu FRQVROLGDWD FKH q SUDWLFDPHQWH LPSRV VLELOH FRQWUDVWDUOD ,Q 1XRYD =HODQGD OH GRQQH PDRUL KDQQR SURPRVVR XQ©D]LRQH OHJDOH SUHVVR LO 7ULEXQDOH GL :DLWDQJL SHU SUR WHJJHUH L GLULWWL FXOWXUDOL GHL 0DRUL VXOOD IORUD H VXOOD IDXQD 'DYDQWL D TXHVWR FDVR OH FXL LPSOLFD]LRQL ULJXDUGD YDQR HYLGHQWHPHQWH WXWWL L SRSROL LQGLJHQL OD &RURQD KD FUHDWR RVWDFROL GL RJQL JHQHUH SHUFKp VDSHYD FKH XQD YLW WRULD GHJOL LQGLJHQL DYUHEEH SUHJXLGLFDWR JOL LQYHVWLPHQWL VWDQLHUL 4XHVWR FDVR KD XQ VLJQLILFDWR SL JUDQGH GL TXHOOR FKH SRWUHEEH VHPEUDUH D SULPD YLVWD SHUFKp UDSSUHVHQWD O©LQL]LDWLYD OHJDOH SL LPSRUWDQWH FKH VLD VWDWD SUR PRVVD SHU GLIHQGHUH OD IDXQD H OD IORUD GHOOD 1XRYD =HODQGD GDOOR VIUXWWDPHQWR GHOOH PXOWLQD]LRQDOL VWUDQLHUH

$JJLXVWDPHQWR VWUXWWXUDOH H QXRYR RUGLQH PRQGLDOH , SURJUDPPL GL DJJLXVWDPHQWR VWUXWWXUDOH FKH VRQR VWDWL LPSRVWL LQ SDHVL FRPH LO %UDVLOH LO 0HVVLFR H OD 1XRYD =HODQGD VRQR SDUWH LQWHJUDOH GHOOR VYLOXSSR GHO QXRYR RUGLQH JOREDOH SHUFKp VRQR L PH]]L FKH UHQGRQR GLVSRQLELOL OH ULVRUVH GHL YDUL SDHVL DJOL VWHVVL FUHGLWRUL L FXL FUHGLWL YHQJRQR SDJDWL FRQ L SUHVWLWL GHOO©,0) ,QWHUQDWLRQDO 0R QHWDU\ )XQG )RQGR 0RQHWDULR ,QWHUQD]LRQDOH 8QR GHL FDUGLQL GHOOD ULVWUXWWXUD]LRQH HFRQRPLFD LQ 1XRYD =H ODQGD FRPH DOWURYH q OD VHSDUD]LRQH GHOO©HFRQRPLD GDL WHPL VRFLDOL 4XHVWR GLYHQWD D VXD YROWD XQ PRGR SHU GHUXEDUH OD JHQWH GHOOD SURSULD WHUUD GHOOH SURSULH ULVRUVH GHO SURSULR PRGR GL YLYHUH 4XDOVLDVL GHFLVLRQH ¤ D OLYHOOR ORFDOH UHJLRQDOH H LQWHUQD]LRQDOH ¤ VL EDVD VXOOD QR]LRQH GL SURILWWR HFRQRPLFR VHQ]D FKH YHQJDQR FRQVLGHUDWL L VXRL FRVWL XPDQL /D SUHVVLRQH FUHVFHQWH FKH O©$XVWUDOLD H OD 1XRYD =HODQGD HVHUFLWD VXL SLFFROL SDHVL GHO 3DFLILFR DIILQFKq DGRWWLQR OH ULIRUPH IXQ]LRQDOL DO QXRYR VLVWHPD JOREDOH LQ VLHPH DOOH WDWWLFKH VSLHWDWH GHOOH FRPSDJQLH VWUDQLHUH FKH ULGXFRQR L GLULWWL GHL OD YRUDWRUL VWD VRYYHUWHQGR OH IUDJLOL HFRQRPLH GL SDHVL FRPH 6DPRD 3DSXD 1XRYD *XLQHD H OH )LJL

,O FDVR QHR]HODQGHVH ,O SURJUDPPD TXLQGLFHQQDOH GL DJJLXVWDPHQWR VWUXWWXUDOH FKH q VWDWR DGRWWDWR LQ 1XRYD =HODQGD KD DYXWR HIIHWWL GL VDVWURVL /©DGHVLRQH DOO©LGHRORJLD GHO OLEHUR PHUFDWR KD SURGRWWR XQ GHILFLW FRPPHUFLDOH PDL YLVWR SULPD H XQ GH ELWR HVWHUR GD UHFRUG LQ DOWUH SDUROH O©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q VWDWR LO SULPR SDHVH FKH KD ULPRVVR OH EDUULHUH FRPPHU FLDOL SHU SDUWHFLSDUH DL QXRYL DFFRUGL LQWHUQD]LRQDOL DL TXDOL KD DGHULWR LQ FRQGL]LRQL HFRQRPLFKH SL VYDQWDJJLDWH GL TXDOXQTXH DOWUR SDHVH ,O IDWWR FKH TXHVWL DFFRUGL SHUPHWWDQR LO FRPPHUFLR GL TXDOVLDVL EHQH ULVRUVD R LPSUHVD KD DYYDQWDJJLDWR JOL LQYHVWLWRUL VWUDQLHUL PD KD FUHDWR JUDYL SUREOHPL DL 0DRUL H D WDQWL DOWUL QHR]HODQGHVL $Q]LFKp SRUWDUH XQ DXPHQWR GHOO©RFFXSD]LRQH H XQD ULGX]LRQH GHO GHELWR HVWHUR OD SULYDWL]]D]LRQH H LO SURJUDPPD GL DJ JLXVWDPHQWR VWUXWWXUDOH GHJOL XOWLPL DQQL KDQQR DYXWR O©HIIHWWR LQYHUVR ,QROWUH L WDJOL GHOOH VSHVH VRFLDOL KDQQR DYXWR HIIHWWL GLVDVWURVL FKH KDQQR FROSLWR LQ SDUWLFRODUH L 0DRUL FKH QHJOL VWHVVL DQQL KDQQR WRFFDWR UHFRUG QH JDWLYL SHU TXDQWR ULJXDUGD O©RFFXSD]LRQH OD VDQLWj H LO UHGGLWR


, J , JXHUU UULLHUL L G GL $ L $RWHDURD

3ROLQHVLDQL SURYHQLHQWL GD YDULH UHJLRQL GHO 3DFLILFR PHULGLRQDOH DWWRUQR DO L 0DRUL VRQR LO SULPR SRSROR FKH UDJJLXQJH OD IXWXUD 1XRYD =HODQGD /D EDWWH]]DQR $RWHDURD ´OD WHUUD GHOOD JUDQGH QXYROD ELDQFDµ 'X UDQWH L VHFROL VXFFHVVLYL SRSRODQR OH GXH LVROH D SL ULSUHVH )UD LO HG LO OD FXOWXUD PDRUL VL VYLOXSSD H VL FRQVROLGD FRQVHUYDQGR FRQWDWWL UHJRODUL FRQ JOL DOWUL SRSROL GHOOD YDVWD UHJLRQH SROLQHVLDQD FRPH JOL +D ZDLLDQL H JOL LQGLJHQL GL 5DSDQXL PHJOLR QRWD FRPH ,VROD GL 3DVTXD &DFFLD SHVFD DJULFROWXUD H WHVVLWXUD VR QR OH EDVL GHOOD ORUR HFRQRPLD /D VRFLHWj q GLYLVD LQ FLQTXH FDVWH FDSL VDFHUGRWL QRELOL JXHUULHUL H VFKLDYL 1HO O·HVSORUDWRUH RODQGHVH $EHO 7DVPDQ DSSURGD QHOO·DUFLSHODJR TXHVWR VHJQD O·LQL]LR GHOOD FRORQL]]D]LR QH HXURSHD /·LPPLJUD]LRQH GHL SDNHKD ELDQFKL VL ID PDVVLFFLD QHO VHFROR VXFFHVVLYR JHQHUDQGR GXUL FRQIOLWWL FKH KDQQR FRPH RJJHWWR OD SURSULHWj GHOOH WHUUH ,O 7UDWWDWR GL :DLWDQJL ILUPDWR QHO GD FDSL WULEDOL H GDO JRYHUQDWRUH EULWDQQLFR :LOOLDP +REVRQ GRYUHEEH DSSXQWR UHJRODUH L UDSSRUWL IUD OH GXH SDUWL ,O GRFXPHQWR FKH VHJQD DO WHPSR VWHVVR OD QDVFLWD GHOOD 1XRYD =HODQGD YLHQH UHGDWWR QHOOH GXH OLQJXH PD O·DELVVR FKH VHSD UD O·LQJOHVH GDO PDRUL Gj YLWD D GXH YHUVLRQL VXVFHWWLELOL GL LQWHUSUHWD]LRQL DVVDL GLYHUVH ,O WHVWR LQJOHVH WDQWR SHU IDUH XQ HVHPSLR JDUDQWLVFH DL 0DRUL ´LO SLHQR HVFOXVLYR H LQFRQGL]LRQDWR SRVVHVVR GHOOH SURSULH WHUUHµ PHQWUH O·DOWUR SDUOD GL ´SLHQD VRYUDQLWjµ VXOOH WHUUH VWHVVH ,QROWUH LO WUDWWDWR QRQ YLHQH LQFRUSRUDWR QHOOD &R VWLWX]LRQH 1HJOL DQQL VXFFHVVLYL DXPHQWD YHORFHPHQWH LO QXPHUR GHJOL LPPLJUDWL HXURSHL LQ ODUJD SDUWH SURYHQLHQWL GDO OD *UDQ %UHWDJQD )LQ GDOO·LQL]LR LO 7UDWWDWR GL :DLWDQJL VL GLPRVWUD OHWWHUD PRUWD H OH FRQWHVH WHUULWRULDOL GDQQR OXRJR D YDULH JXHUUH ,Q YDULH RFFDVLRQL L VROGDWL EULWDQQLFL GHYRQR VRFFRPEHUH DL 0DRUL WDQWR FKH L SULPL DUUL YDQR D VRVSHWWDUH FKH OH VWUXWWXUH GLIHQVLYH GHJOL LQGLJHQL VLDQR VWDWH FRVWUXLWH GD LQJHJQHUL HXURSHL /D JXHUUD H OH PDODWWLH GL RULJLQH HXURSHD GHFLPDQR L 0DRUL FKH SDVVDQR GDL GHO DL GHO 8QLFR VSUD]]R GL OXFH LQ TXHVWR SHULRGR GL GHFOLQR QHO TXDWWUR PDRUL VRQR DPPHVVL LQ 3DUODPHQ WR $OO·LQL]LR GHO 1RYHFHQWR L 0DRUL GDQQR YLWD D YDULH IRUPD]LRQL SROLWLFKH FRPH LO 3DUWLWR GHL *LRYDQL 0DRUL H LO 5DWDQD 4XHVW·XOWLPR GL LVSLUD]LRQH FULVWLDQD FKLHGH FKH LO 7UDWWDWR GL :DLWDQJL VLD LQFRUSRUDWR QHOOD OH JLVOD]LRQH YLJHQWH )LQR DOO·LQL]LR GHJOL DQQL 7UHQWD L 0DRUL YLYRQR TXDVL HVFOXVLYDPHQWH QHOOH ]RQH UXUDOL PD q VROR GRSR OD 6H FRQGD *XHUUD 0RQGLDOH FKH O·LQXUED]LRQH GLYHQWD XQ IHQRPHQR YLVLELOH 3RFR SL WDUGL LQL]LD LO ORUR LQFUHPHQWR GHPRJUDILFR DFFRPSDJQDWR SHUz GD TXHOOR GHOOD PRUWDOLWj LQIDQWLOH QHO XQ EDPELQR PDRUL PXRUH HQ WUR LO SULPR DQQR PROWR SL IDFLOPHQWH GL XQR ELDQFR /D GLVFULPLQD]LRQH q GLIIXVD PD QHOOH FLWWj PHQR FKH QHL SLFFROL FHQWUL WURYDUH XQ DOORJJLR q SL GLIILFLOH FKH WURYDUH XQ ODYRUR 1HO LO JRYHUQR ODEXULVWD LVWLWXLVFH LO 7ULEXQDOH GL :DLWDQJL XQ RUJDQLVPR WHFQLFR JLXULGLFR FKH LQ WHRULD GRYUHEEH JDUDQWLUH XQD FRUUHWWD DWWXD]LRQH GHO WUDWWDWR VWLSXODWR QHO 6L WUDWWD FRPXQTXH GL XQ QRWHYROH SURJUHVVR SHUFKp ILQRUD LO JRYHUQR KD ODVFLDWR FKH LO 7UDWWDWR GL :DLWDQJL UHVWDVVH OHWWHUD PRUWD 1HO VHWWHPEUH XQD JUDQGH PDQLIHVWD]LRQH SXEEOLFD RUJDQL]]DWD GDL PRYLPHQWL PDRUL LO 7H .RWDKLWDQJD ULDIIHUPD FRQ IRU]D O·DWWDFFDPHQWR GHJOL LQGLJHQL DL SURSUL YDORUL FXOWXUDOL VRFLDOL HG HFRQRPLFL ,O UDGXQR VL FKLXGH FRQ XQD GLFKLDUD]LRQH FKH UHFODPD OD SLHQD DWWXD]LRQH GHO 7UDWWDWR GL :DLWDQJL 1HO YLHQH IRQGDWR LO 0DRUL 1DWLRQDO &RQJUHVV FKH FRSUH O·LQWHUD DUHD QHR]HODQGHVH ,O VXR RELHWWLYR SULQ FLSDOH q TXHOOR GL FRVWLWXLUH XQ IRUXP QD]LRQDOH FKH SURPXRYD OH LVWDQ]H SROLWLFKH VRFLDOL HG HFRQRPLFKH GH JOL LQGLJHQL H GL HODERUDUH XQD SLDWWDIRUPD FRPXQH GHOOH YDULH WULE ,O FHQVLPHQWR GHO FRQIHUPD O·DOWR WDVVR GHPRJUDILFR GHL 0DRUL FKH RUPDL VRQR H UDSSUHVHQWDQR TXLQGL LO GHOO·LQWHUD SRSROD]LRQH 1HJOL XOWLPL DQQL TXHVWD SHUFHQWXDOH WURYD XQ DGHJXDWR ULVFRQWUR SR OLWLFR GDO DO L SDUODPHQWDUL LQGLJHQL VDOJRQR GD D 2JJL VRQR SUHVHQWL LQ WXWWH OH IRU]H SROLWLFKH HG HVLVWH DQFKH XQ SDUWLWR PDRUL 0DQD 0RWXKDNH 8Q·DOWUD IRUPD]LRQH SROLWLFD LO 0DRUL 3DUW\ q VWDWD IRQGDWD DOO·LQL]LR GHO GDO JLRUQDOLVWD 'HUHN )R[ GLUHWWRUH GHOOD ULYLVWD 0DQD *OL LQGLJHQL QRQ VRQR DWWLYL VROR D OLYHOOR SROLWLFR PD DQFKH FXOWXUDOH H DFFDGHPLFR SXEEOLFDQR OLEUL GLVFKL H ULYLVWH PHQWUH OD OLQJXD YLHQH LQVHJQDWD LQ YDULH XQLYHUVLWj $OFXQL FRPH O·DYYRFDWR 0RDQD -DFNVRQ IRUQL VFRQR XQ YDOLGR VRVWHJQR JLXULGLFR DOOH ORWWH LQGLJHQH &RPXQTXH OD VWRULD RGLHUQD GHL 0DRUL q DQFKH XQ·DOWUD VHJQDWD GDOO·DOFRROLVPR GDOO·DEEUXWLPHQWR H GDOOD YLROHQ]D FRPH GRFXPHQWD LO EHO ILOP GL /HH 7DPDKRUL 8QD YROWD HUDQR JXHUULHUL 'LYHUVDPHQWH GD PROWL DOWUL SRSROL LQGLJHQL FKH YLYRQR VROWDQWR LQ FHUWH UHJLRQL GHO SDHVH LQ FXL VL WURYDQR L 0DRUL DELWDQR LQ WXWWH OH SDUWL GHOOD 1XRYD =HODQGD H OH WHUUH FKH UHFODPDQR VRQR VSDUVH XQ SR· RYXQTXH 4XHVWR UHQGH PROWR GLIIL FLOH XQD SLHQD DWWXD]LRQH GHO 7UDWWDWR GL :DLWDQJL

$OHVVDQGUR 0LFKHOXFFL


,O QXRYR FRORQLDOLVPR JOREDOH 3HU L SRSROL LQGLJHQL OD JOREDOL]]D]LRQH HFRQRPLFD UDSSUHVHQWD OD FRQWLQXD]LRQH GHO FRORQLDOLVPR FKH q VWDWR ORUR LPSRVWR ILQ GDOO©LQL]LR GHO©HVSDQVLRQH FDSLWDOLVWLFD 4XHVWR SHUz QRQ VLJQLILFD FKH OD JOREDOL]]D]LRQH DEELD OH VWHV VH FRQVHJXHQ]H SHU WXWWL 6H SHU PROWH GRQQH KD GHWHUPLQDWR GHOOH ULVWUHWWH]]H HFRQRPLFKH SHU OH GRQQH LQGLJHQH OD JOREDOL]]D]LRQH UDSSUHVHQWD XQ HQQHVLPR VWUXPHQWR GL RSSUHVVLRQH ,O FRORQLDOLVPR KD VWUDYROWR OH VRFLHWj LQGL JHQH QHO FDVR GHL 0DRUL KD ULVFULWWR OD QRVWUD VWRULD KD ULGHILQLWR OD QRVWUD LGHQWLWj H OH UHOD]LRQL FKH DYHYDPR O©X QR FRQ O©DOWUR &RPH PROWH WULE PDRUL DQFKH L :DLWDKD HUDQR XQD VRFLHWj PDWULDUFDOH /H GRQQH HUDQR OH FXVWRGL GHOOD FRQR VFHQ]D FKH HUD VDFUD &RQRVFHYDQR OH VWHOOH H L SULQFLSL PHGLFLQDOL GHOOH SLDQWH &RQ O©DYYHQWR GHJOL HXURSHL FHVVz OD FROWLYD]LRQH GL PROWH SLDQWH H FRVu DQGz SHUGXWR LO EDJDJOLR GL FRQRVFHQ]H FKH HUD XQD SHFXOLDULWj GHOOH GRQQH /D VLVWHPDWLFD DJJUHVVLRQH GHL QRVWUL YDORUL FRPXQLWDUL FKH q SURVHJXLWD ILQR D RJJL ROWUH D SULYDUFL GHOOH WHUUH KD SULYDWR OH GRQQH GHOOD ORUR IXQ]LRQH VRFLDOH RULJLQDULD H OH KD UHOHJDWH DO OLYHOOR SL EDVVR GHOOD VRFLHWj 3HU OH GRQ QH LQGLJHQH LQVRPPD TXHVWH QXRYH IRUPH GL FRORQLDOLVPR FKH VRQR SDUWH LQWHJUDQWH GHO QXRYR RUGLQH JOREDOH VL ULYHODQR QXRYL VWUXPHQWL GL RSSUHVVLRQH /©LQIOXHQ]D GHL YDORUL SDWULDUFDOL WLSLFL GHOOD VRFLHWj OLEHUDOH KDQQR JLRFDWR XQ UXROR GHWHUPLQDQWH LQ TXHVWR SUR FHVVR $OWUHWWDQWR SHULFRORVL SHU L SRSROL LQGLJHQL VRQR OD GLIIXVLRQH GHOO©LQGLYLGXDOLVPR H GHO FRQVXPLVPR /©HI IHWWR SL GHYDVWDQWH GHO FRORQLDOLVPR FKH ULYLYH QHOO©DWWXDOH ORJLFD QHROLEHULVWD q LO GHFOLQR GL WXWWL TXHL YDORUL VR FLDOL HG HFRORJLFL FKH FRVWLWXLYDQR OD EDVH GHOOH QRVWUH VRFLHWj *UDQ SDUWH GL TXHOOR FKH RJJL YLHQH FKLDPDWR ¦VYLOXSSR WULEDOH§ q OD QHJD]LRQH LQWHJUDOH GHL YDORUL VRFLDOL H FXO WXUDOL GHO SRSROR PDRUL %DVWL SHQVDUH DOOD SURPR]LRQH GHOOH DWWLYLWj FRPPHUFLDOL FKH FRLQYROJRQR OH QRVWUH ULVRU VH RSSXUH DOOD SURGX]LRQH GL 2*0 4XHVWH VFHOWH FKH VRQR LQ WRWDOH FRQ OD QRVWUD FXOWXUD KDQQR FDXVDWR DVSUH WHQVLRQL IUD L 0DRUL DJJUDYDQGR XOWHULRUPHQWH L GDQQL GHULYDQWL GDOOD JOREDOL]]D]LRQH /D WDQWR GHFDQWDWD ¦DXWRGHWHUPLQD]LRQH§ DQ]LFKp EDVDUVL VXO UHFXSHUR GHOOD FXOWXUD WUDGL]LRQDOH YLHQH VYXRWDWD GHO VXR VLJQLILFDWR H ULHPSLWD GL FRQWHQXWL SXUDPHQWH HFRQRPLFL ,O ULVXOWDWR q O©XOWHULRUH VEULFLRODPHQWR GHL YDORUL FKH VRQR DOOD EDVH GHOOD QRVWUD FXOWXUD LO IDWWR FKH OD WHUUD DOOD TXDOH VLDPR OHJDWL GD UHOD]LRQL VSLULWXDOL SURIRQGH VLD GLYHQWDWD XQ EHQH FRPPHUFLDELOH q OD ULSURYD SL HYLGHQWH /D GLIIXVLRQH GHOO©LGHRORJLD QHROLEHUDOH IUD L 0DR UL LQROWUH VL ULYHOD XQ XOWHULRUH VWUXPHQWR GL RSSUHVVLRQH GHOOH GRQQH SHUFKp FRQIHULVFH DJOL XRPLQL XQ UXROR GR PLQDQWH 1RQRVWDQWH TXHVWR PROWH GRQQH PDRUL FRPH :KLQD &RRSHU H 'HO :HLKRQJL KDQQR HVHUFLWDWR H FRQWL QXDQR D HVHUFLWDUH XQ UXROR IRQGDPHQWDOH QHOO©D]LRQH SROLWLFD FKH VL RSSRQH DOOD JOREDOL]]D]LRQH ¦LQHYLWDELOH§ /©RUGLQH HFRQRPLFR DWWXDOH q FRVu PDODWR FKH QRQ SXz HVVHUH ULIRUPDWR GDOO©LQWHUQR PD GHYH HVVHUH VRVWLWXLWR GD XQR UDGLFDPHQWH GLYHUVR , 0DRUL FKH DWWUDYHUVR OD JOREDOL]]D]LRQH VWDQQR FRQRVFHQGR XQD QXRYD IRUPD GL FR ORQLDOLVPR GHYRQR FRQWULEXLUH D HODERUDUH TXHVWD DOWHUQDWLYD QRQ VROWDQWR SHU Vp VWHVVL PD SHU WXWWL FRORUR FKH YL YRQR VX TXHVWR SLDQHWD %LEOLRJUDILD

0 'XULH 7H 0DQD 7H .DZDWDQJD 7KH 3ROLWLFV RI 0DRUL 6HOI 'HWHUPLQDWLRQ 2[IRUG 8QLYHUVLW\ 3UHVV 2[IRUG ,QGLJHQRXV 3HRSOHV 6HDWWOH 'HFODUDWLRQ ZZZ OGE RUJ LQGL KWP : 5HQZLFN D FXUD GL 6RYHUHLJQW\ DQG ,QGLJHQRXV 5LJKWV 7KH 7UHDW\ RI :DLWDQJL LQ ,QWHUQDWLRQDO &RQWH[WV 9LFWRULD 8QL YHUVLW\ 3UHVV :HOOLQJWRQ 5XUDO DQG ,QGLJHQRXV :RPHQ 6SHDN RXW DJDLQVW *OREDOL]DWLRQ ZZZ LJF RUJ JOREDOSROLF\ VRFHFRQ LQHTXDO XQLW\ KWP 7UHDW\ RI :DLWDQJL ZZZ JRYW Q] WRZ

,QGLUL]]L

*OREDOLVDWLRQ 5HVHDUFK 1HWZRUN 1RUPDQ )DLUFORXJK &HQWUH IRU /DQJXDJH LQ 6RFLDO /LIH /DQFDVWHU 8QLYHUVLW\ /DQFDV WHU /$ ($ *UHDW %ULWDLQ ID[ Q IDLUFORXJK#ODQFDVWHU DF XN 0DQD %R[ 5RWRUXD $RWHDURD 1HZ =HDODQG ID[ ZZZ PDQDRQOLQH FR Q] :DLWDQJL 7ULEXQDO %R[ :HOOLQJWRQ $RWHDURD 1HZ =HDODQG ID[ WULEXQDO#FRXUWV FR Q]


/H 1D]LRQL 8QLWH GDYDQWL DOOD TXHVWLRQH KDZDLLDQD 0LOLODQL 7UDVN

,O SDUDJUDIR ;, GHOOD &DUWD GHOOH 1D]LRQL 8QLWH FKH q GHGLFDWR DO SUREOHPD GHOOH FRORQLH ID DSSHOOR DOOD UHVSRQVD ELOLWj LQWHUQD]LRQDOH QHL FRQIURQWL GHL SRSROL FKH QRQ KDQQR DQFRUD UDJJLXQWR OD SLHQD LQGLSHQGHQ]D SROLWLFD /©DU WLFROR DIIHUPD IUD O©DOWUR TXDQWR VHJXH ¦, PHPEUL GHOO©218 FKH KDQQR OD UHVSRQVDELOLWj GL WHUULWRUL FKH QRQ KDQQR UDJJLXQWR LO SLHQR DXWRJRYHUQR ULFRQRVFRQR LO SULQFLSLR VHFRQGR LO TXDOH JOL LQWHUHVVL GHJOL DELWDQWL VRQR SUHYDOHQWL H DFFHWWDQR LO ¦VDFUR LPSHJQR§ GL SURPXRYHUH QHO PLJOLRU PRGR SRVVLELOH LQ VLQWRQLD FRQ L SULQFLSL GL SDFH VWDELOLWL GDOOD SUHVHQWH &DUWD LO EHQHVVHUH GHJOL DELWDQWL GL TXHVWL WHUULWRUL H D TXHVWR ILQH D DVVLFXUDUH ULVSHWWDQGR OD FXOWXUD GHL SRSROL LQ TXHVWLRQH LO ORUR SURJUHVVR SROLWLFR FXOWXUDOH HG HFRQRPLFR FRu FRPH OD ORUR SURWH]LRQH FRQWUR RJQL IRUPD GL DEXVR E VYLOXSSDUQH O©DXWRJRYHUQR WHQHU FRQWR GHOOH DVSLUD]LRQL SROLWLFKH GHL SRSROL VXGGHWWL H DVVLVWHUOL QHOOR VYLOXSSR GHOOH ORUR OLEHUH LVWLWX]LRQL SROLWLFKH LQ VLQWRQLD FRQ OH GLYHUVH VLWXD]LRQL FRQWLQJHQWL H LQIRUPDUH UHJRODUPHQWH LO 6HJUHWDULR JHQHUDOH WHQHQGR FRQWR GHOOH OLPLWD]LRQL LPSRVWH GD PRWLYL FRVWLWX]LRQDOL H GL VLFXUH]]D GHOOH FRQGL]LRQL HFRQRPLFKH VRFLDOL HG HGXFDWLYH GHL WHUULWRUL FKH ULHQWUDQR QHOOH ULVSHWWLYH FRPSHWHQ]H HFFHWWR TXHOOL UHJRODWL GDL SDUDJUDIL ;,, H ;,,, 1HO OH +DZDL©L HUDQR XQ ¦WHUULWRULR§ DSSDUWHQHQWH DJOL 6WDWL 8QLWL FRVu OH 1D]LRQL 8QLWH OH LQFOXVHUR QHOOD OLVWD GHL WHUULWRUL GD GHFRORQL]]DUH DIILGDQGRQH O©DPPLQLVWUD]LRQH DJOL 6WDWL 8QLWL FRQ OD 5LVROX]LRQH , GHO GLFHPEUH $OWUL WHUULWRUL JRGHYDQR GHOOR VWHVVR VWDWXV O©$ODVND OH 6DPRD 0HULFDQH *XDP 3XHUWR 5LFR H OH LVROH 9HUJLQL 'DO DO TXDQGR DOOH +DZDL©L GLYHQQHUR LO FLQTXDQWHVLPR VWDWR GHOOD IHGHUD]LRQH JOL 6WDWL 8QLWL DYUHEEHUR GRYXWR FRPSRUWDUVL VHFRQGR L FULWHUL VXGGHWWL ,Q SDUWLFRODUH DYHYDQR XQ ¦VDFUR FRPSLWR§ GD VYROJHUH QHL FRQIURQWL GHJOL ¦DELWDQWL§ GHOOH +DZDL L FRPH YLHQH VSHFLILFDWR QHL FRPPL D H E LO GRYHUH GL SUH VHQWDUH XQ UDSSRUWR DQQXDOH DOO©$VVHPEOHD *HQHUDOH GHOO©218 *OL 6WDWL 8QLWL ULVSHWWDURQR TXHVWR VHFRQGR LPSHJQR GDO DO VHWWHPEUH &RQ XQD OHWWHUD GDWDWD VHW WHPEUH :DVKLQJWRQ LQIRUPz LO 6HJUHWDULR *HQHUDOH GHOO©218 FKH LO PHVH SUHFHGHQWH OH +DZDL©L HUDQR GL YHQWDWH XQR VWDWR GHOO©8QLRQH H FKH TXLQGL JOL 6WDWL 8QLWL QRQ DYUHEEHUR SL LQYLDWR LO ORUR UDSSRUWR DQQXDOH 'R SR DYHU ULFHYXWR TXHVWD OHWWHUD OH 1D]LRQL 8QLWH FDQFHOODURQR OH +DZDL© GDOOD OLVWD GHL WHUULWRUL GD GHFRORQL]]DUH

8Q LPSHJQR YLRODWR ,O QRYHPEUH OD 4XDUWD &RPPLVVLRQH GHOO©$VVHPEOHD *HQHUDOH GHOO©218 DSSURYz OD 5LVROX]LRQH 4XHVWR GRFXPHQWR HUD LQWLWRODWR ¦&ULWHUL SHU YDOXWDUH VH XQ WHUULWRULR KD UDJJLXQWR XQ HIIHWWLYR DXWRJRYHUQR§ /D SULPD SDUWH GHOOD 5LVROX]LRQH HOHQFDYD L ¦IDWWRUL FKH SURYDQR LO UDJJLXQJLPHQWR GHOO©LQGLSHQGHQ]D§ /D SDUWH VXF FHVVLYD HOHQFDYD L FULWHUL FKH GRYHYDQR HVVHUH XWLOL]]DWL SHU YDOXWDUH LO UDJJLXQJLPHQWR GHOO©DXWRJRYHUQR /H +D ZDL©L GLYHQWDURQR SDUWH GHJOL 6WDWL 8QLWL VHQ]D FKH L VXRL DELWDQWL SRWHVVHUR RSWDUH SHU O©LQGLSHQGHQ]D R SHU OD OL EHUD DVVRFLD]LRQH Qp FKH IRVVH ORUR FRQVHQWLWR GL FUHDUH XQ SURSULR JRYHUQR ,O VHFRQGR SDUDJUDIR GHOOD 5LVROX]LRQH SUHYHGH IUD O©DOWUR $ /LEHUWj GL VFHOWD /LEHUWj GL VFHJOLHUH LQ EDVH DO GLULWWR GL DXWRGHWHUPLQD]LRQH IUD YDULH RS]LRQL FRPSUHVD O©LQGLSHQGHQ]D $ &RQVLGHUD]LRQL GL WLSR HWQLFR FXOWXUDOH /H SHFXOLDULWj OLQJXLVWLFKH UHOLJLRVH FXOWXUDOL OH DVSLUD]LRQL H JOL LQ WHUHVVL FKH GLVWLQJXRQR L SRSROL GDOOD PDJJLRUDQ]D GHO SDHVH FRQ FXL L SULPL KDQQR VWUHWWR XQ SDWWR GL DVVRFLD]LRQH YRORQWDULD & $XWRQRPLD HFRQRPLFD VRFLDOH H FXOWXUDOH ,O JUDGR GL DXWRQRPLD LQ TXHVWL FDPSL YLHQH PLVXUDWR FRQ OD OLEHUWj GDOOD SUHVVLRQH HFRQRPLFD HVHUFLWDWD SHU HVHPSLR GD XQD SRWHQ]D VWUDQLHUD FKH JUD]LH DOO©XVR GHOOD IRU]D KD DF TXLVLWR XQD VHULH GL SULYLOHJL HFRQRPLFL WDOL GD SUHJXLGLFDUH JOL LQWHUHVVL GHO SRSROR FKH YLYH QHO WHUULWRULR LQ TXHVWLRQH $O WHPSR VWHVVR LO JUDGR GL DXWRQRPLD YLHQH PLVXUDWR LQ EDVH DOOD OLEHUWj H DOO©DVVHQ]D GL GLVFULPLQD]LRQL OHJLVODWLYH /D VWRULD FRQIHUPD FKH JOL 6WDWL 8QLWL KDQQR YLRODWR OH FODXVROH GHOOD 5LVROX]LRQH ,O UHIHUHQGXP GHO QRQ RIIUu DO SRSROR KDZDLLDQR ¦YDULH RS]LRQL FRPSUHVD O©LQGLSHQGHQ]D§ Qp OD SRVVLELOLWj GL FUHDUH XQ SURSULR ¦VL VWHPD DXWRQRPR GL JRYHUQR§ 'L FRQVHJXHQ]D DJOL LQGLJHQL KDZDLLDQL QRQ IX SHUPHVVR GL HVHUFLWDUH LO ¦GLULWWR DO O©DXWRGHWHUPLQD]LRQH§ /H 1D]LRQL 8QLWH QRQ LQYLDURQR GHJOL RVVHUYDWRUL FKH FRQWUROODVVHUR OR VYROJLPHQWR GHO UHIHUHQGXP Qp VYROVHUR DOFXQD LQFKLHVWD LQ VHJXLWR , GRFXPHQWL DWWHVWDQR FKH JOL VWHVVL 6WDWL 8QLWL HUDQR XQ PHP


'DYLG F G FRQWUR R * *ROLD OLD , ULWURYDPHQWL DUFKHRORJLFL GHL SULPL LQVHGLDPHQWL XPDQL DOOH LVROH +DZDL·L ULVDOJRQR DO G & 6RQR VWDWL DWWULEXLWL DL SROLQHVLDQL SRSROR GL DJULFROWRUL H GL DELOL QDYLJDWRUL RULJLQDUL GL YDULH UHJLRQL GHO 3DFLILFR 6XF FHVVLYH PLJUD]LRQL SURYHQLHQWL GD 7DKLWL VL YHULILFDURQR DWWRUQR DO ,O JHQQDLR OH LPEDUFD]LRQL LQ JOHVL 'LVFRYHU\ H 5HVROXWLRQ FRPDQGDWH GD -DPHV &RRN DWWUDFFDURQR QHOOD EDLD GL :DLPHD .DXD·L GRYH IX URQR DFFROWH GDJOL LQGLJHQL FRQ FXULRVLWj HG HQWXVLDVPR /·DQQR GRSR &RRN YHQQH XFFLVR VXOO·LVROD GL +D ZDL·L OD SL JUDQGH GHOO·DUFLSHODJR RPRQLPR /D SRVL]LRQH VWUDWHJLFD GHOO·DUFLSHODJR LGHDOH SHU L ULIRUQLPHQWL GHOOH QDYL FKH DWWUDYHUVDYDQR LO 3DFLILFR DW WLUz PHUFDQWL DPHULFDQL H LQJOHVL /·DYYLR GHOOD FRORQL]]D]LRQH GHWHUPLQz VIUXWWDPHQWR RSSUHVVLRQH H O·DX PHQWR GHOOD PRUWDOLWj GHJOL LQGLJHQL DQQLHQWDWL GD PDODWWLH FRQWUR OH TXDOL QRQ DYHYDQR GLIHVH 1HO .DPHKDPHKD FDSR GHOO·DUHD QRUGRFFLGHQWDOH GHOO·LVROD GL +DZDL·L VL VHUYu GHOOD SRWHQ]D PLOLWDUH LQJOHVH SHU XQLILFDUH O·LQWHUR DUFLSHODJR VRWWR LO VXR GRPLQLR 'RSR DYHU FRQTXLVWDWR +DZDL·L H 0DXL OD YLW WRULD FRQVHJXLWD QHOOD EDWWDJOLD GL 1X·XDQX VL ULYHOz GHFLVLYD SHU VRWWRPHWWHUH O·LVROD GL 2·DKX H GHFUHWDUH OD QDVFLWD GHO UHJQR KDZDLLDQR .DXD·L VDUHEEH ULPDVWD LQHVSXJQDWD ILQR DO 1HO /LORKLOR VXFFHVVRUH GL .DPHKDPHKD , DEROu LO VLVWHPD GHL NDSX , QDWLYL FRQIXVL H GLVRULHQWDWL FR PLQFLDURQR D LQWHUURJDUVL VXO YDORUH GHOOD ORUR UHOLJLRQH H GLVWUXVVHUR PROWL KHLDX VDFUL VLWL FHULPRQLDOL , SUL PL PLVVLRQDUL FDOYLQLVWL JLXQVHUR DOOH +DZDL·L QHOO·DSULOH GHO *LXQWL SHU HYDQJHOL]]DUH JOL LQGLJHQL FRQ GDQQDURQR FRQ LO ORUR ULJRUH RJQL DVSHWWR GHOOD FXOWXUD KDZDLLDQD FKH ULWHQHYDQR LPPRUDOH H SHFFDPLQRVD 9LHWDURQR L FDQWL OD GDQ]D KXOD OH OLEHUH SUDWLFKH VHVVXDOL LO VXUI OH JKLUODQGH GL ILRUL OHL H LPSRVHUR DELWL FD VWLJDWL /D UHOLJLRQH WUDGL]LRQDOH VWUDYROWD GDL SULPL FRORQL]]DWRUL H GDOO·DEROL]LRQH GHL NDSX YHQQH EDQGLWD ,O *UHDW 0DKHOH OD JUDQGH GLYLVLRQH GHO WHUULWRULR HPDQDWR QHO VWDELOu FKH LO GHOOH WHUUH KDZDLLDQH GRYHVVH DSSDUWHQHUH DO UH LO DO JRYHUQR LO DL FDSL H O· D FLWWDGLQL FRPXQL ,O GLULWWR GL SURSULHWj ULFRQRVFLXWR VROWDQWR DJOL LQGLJHQL YHQQH HVWHVR GXH DQQL GRSR DQFKH DL FRORQL]]DWRUL /H ULOHYDQWL VSHVH GL DFTXLVWR H OH FRPSOHVVH SUDWLFKH EXURFUDWLFKH IDYRULURQR JOL RFFLGHQWDOL FKH LQ EUHYH WHPSR GLYHQ QHUR SURSULHWDUL GL JUDQ SDUWH GHL WHUULWRUL GLVSRQLELOL ,O SRWHUH HFRQRPLFR H SROLWLFR HUD RUPDL FRQFHQWUDWR QHOOH PDQL GL FLQTXH JUDQGL SURSULHWDUL FKH LQYHVWLURQR QHOOH FROWLYD]LRQL GL FDQQD GD ]XFFKHUR 0DQRGRSHUD D EDVVR FRVWR WHUUH H GHQDUR IDYRULURQR OR VYLOXSSR GL TXHVWD DWWLYLWj HFRQRPLFD LQ FXL VL FRQFHQWUDYDQR OH UL VRUVH H L FDSLWDOL GHO SDHVH /D WUDGL]LRQDOH VRFLHWj KDZDLLDQD YHQQH VWUDYROWD 1HO DUULYDURQR L SULPL LPPLJUDWL GDOOD &LQD FKH QHJOL DQQL VXFFHVVLYL VDUHEEHUR VWDWL VHJXLWL GD JLDSSR QHVL SRUWRJKHVL VDPRDQL ILOLSSLQL FRUHDQL /·DQQR VXFFHVVLYR L SURSULHWDUL WHUULHUL FRVWULQVHUR UH 'DYLG .D ODNDXD DG DSSURYDUH OD %D\RQHW &RQVWLWXWLRQ FKH OLPLWDYD L SRWHUL GHO PRQDUFD H ULFRQRVFHYD LO GLULWWR GL YRWR DL FLWWDGLQL DPHULFDQL H DL SURSULHWDUL WHUULHUL HVFOXGHQGR LQYHFH JOL LPPLJUDWL H JUDQ SDUWH GHJOL LQGLJHQL ,O JHQQDLR OD UHJLQD /LOL·XRNDODQL IX GHWURQL]]DWD GD XQ FROSR GL VWDWR RUGLWR GDL ODWLIRQGLVWL DPHULFD QL FRQ OR VFRSR GL DQQHWWHUH OH +DZDL·L DJOL 6WDWL 8QLWL 9HQQH LVWLWXLWR XQ JRYHUQR SURYYLVRULR PHQWUH LO WUDW WDWR GL DQQHVVLRQH YHQLYD VRWWRSRVWR DOO·DSSURYD]LRQH GHO &RQJUHVVR DPHULFDQR ,O QHRHOHWWR SUHVLGHQWH *UR YHU &OHYHODQG FRQWUDULR DO URYHVFLDPHQWR GHOOD PRQDUFKLD VL ULILXWz GL DQQHWWHUH O·DUFLSHODJR ,O OXJOLR YHQQH SURFODPDWD OD UHSXEEOLFD GHOOH +DZDL·L VRWWR OD SUHVLGHQ]D GL 6DQIRUG 'ROH 'XH DQQL GRSR OD OLQJXD LQGLJHQD YHQQH EDQGLWD GDOOH VFXROH ,O WUDWWDWR GL DQQHVVLRQH IX ILUPDWR LO OXJOLR PD VROR FRQ O·HPDQD ]LRQH GHOO·2UJDQLF $FW O·DUFLSHODJR GLYHQQH XIILFLDOPHQWH XQ WHUULWRULR VRWWR FRQWUROOR DPHULFDQR 1HO FRQ XQ UHIHUHQGXP VYROWRVL VHQ]D LO ULVSHWWR GHOOH GLVSRVL]LRQL LQWHUQD]LRQDOL LQ PDWHULD GL GHFROR QL]]D]LRQH OH +DZDL·L YHQQHUR SURFODPDWH LO FLQTXDQWHVLPR VWDWR GHOOD IHGHUD]LRQH QRUGDPHULFDQD 1HL GHFHQQL VXFFHVVLYL PD VRSUDWWXWWR D SDUWLUH GDJOL DQQL 2WWDQWD OD EDWWDJOLD GHJOL LQGLJHQL SHU O·DQQXOOD PHQWR GHOO·DQQHVVLRQH q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·DWWR SUDWLFR LO GRFXPHQWR QRQ KD SURGRWWR DOFXQ FDP ELDPHQWR PD LQ RJQL FDVR KD UDIIRU]DWR OH ULYHQGLFD]LRQL GHL PRYLPHQWL LQGLJHQL $OFXQL GL TXHVWL DVSLUDQR DOO DXWRQRPLD H D XQR VWDWXV GL ´QD]LRQH QHOOD QD]LRQHµ DQDORJR D TXHOOR GHJOL ,QGLDQL $OWUL LQYHFH VL EDWWR QR SHU OD UHVWDXUD]LRQH GHOOR VWDWR PRQDUFKLFR LQGLSHQGHQWH

5REHUWD 0DUFKL


PHPEUR SHUPDQHQWH GHO FRPLWDWR GHOO©218 FKH HUD VWDWR LQFDULFDWR GL ULFHYHUH LO UDSSRUWR VXO UHIHUHQGXP 'RSR DYHU RWWHQXWR TXHVWR UDSSRUWR OH 1D]LRQL 8QLWH FDQFHOODURQR OH +DZDL©L GDOOD OLVWD GHL WHUULWRUL GD GHFRORQL]]DUH QRQRVWDQWH IRVVH HYLGHQWH FKH JOL 6WDWL 8QLWL DYHYDQR YLRODWR LO ¦VDFUR LPSHJQR§ FKH DYHYDQR FRQWUDWWR FRQ JOL D ELWDQWL GHOO©DUFLSHODJR

/D SRVL]LRQH GL .D /DKXL 6HFRQGR O©DVVRFLD]LRQH .D /DKXL +DZDL©L O©218 GHYH UHLQVHULUH O©DUFLSHODJR VXOOD OLVWD GHL WHUULWRUL GD GHFROR QL]]DUH ,O UDSSRUWR FKH OR +DZDL©L $GYLVRU\ &RPPLWWHH KD SUHVHQWDWR DOOD 8 6 &RPPLVVLRQ RQ &LYLO 5LJKWV QHO GLPRVWUD LQ PRGR LQFRVWHQWDELOH FKH L GLULWWL GHO SRSROR KDZDLLDQR VRQR VWDWL YLRODWL 1HOO©DWWHVD FKH TXHVWL WH PL YHQJDQR GLVFXVVL VL GRYUHEEH ULFKLHGHUH DJOL 6WDWL 8QLWL GL SUHVHQWDUH XQ UDSSRUWR DQQXDOH VXOOD VLWXD]LRQH GHO OH LVROH H GHOOD VXD SRSROD]LRQH LQGLJHQD $O UDGXQR PRQGLDOH GHOOH FKLHVH SURWHVWDQWL FKH VL q VYROWR D *LQHYUD QHO .D /DKLL +DZDL©L KD SURSRVWR X QD ULVROX]LRQH FKH FKLHGHYD OD UHLVFUL]LRQH GHOO©DUFLSHODJR QHOOD OLVWD GHOO©218 1HO DOOD FRQIHUHQ]D PRQ GLDOH GL 9LHQQD VXL GLULWWL XPDQL OD GHOHJD]LRQH LQGLJHQD KD DYDQ]DWR OD VWHVVD ULFKLHVWD %LEOLRJUDILD

$SRORJ\ %LOO ZZZ KDZDLL QDWLRQ RUJ SXEODZDOO KWPO 5 %DOO /DVW DPRQJ (TXDOV +DZDLLDQ 6WDWHKRRG DQG $PHULFDQ 3ROLWLFV +RQROXOX 8QLYHUVLW\ RI +DZDL·L 3UHVV 8 +DVDJHU H - )ULHGPDQ D FXUD GL +DZDL L 5HWXUQ WR 1DWLRQKRRG ,:*,$ &RSHQKDJHQ 'RFXPHQW Q ´/H +DZDL L YHUVR O LQGLSHQGHQ]D LQWHUYLVWD FRQ .HNXQL %ODLVGHOOµ 3RJURP )LUHQ]H ,, Q JHQQDLR DSULOH SS 1 .HQW +DZDL·L ,VODQGV XQGHU WKH ,QIOXHQFH 0RQWKO\ 5HYLHZ 3UHVV 1HZ <RUN - / 0RULQ ´7KH 'DQJHUV RI WKH ¶1DWLYH +DZDLLDQ 9RWH· DQG WKH ¶+DZDLLDQ &RQVWLWXWLRQDO &RQYHQWRQ·µ 6HOI 'HWHUPLQDW LRQ $SULO 1DWLRQ RI +DZDL·L ZZZ KDZDLL QDWLRQ RUJ & 1RWDUDQJHOR *OL LQGLJHQL KDZDLDQL ;HQLD 0LODQR 7 2VERUQH $QQH[DWLRQ +DZDLL ,VODQG 6W\OH 3UHVV :DLPDQDOR +DZDL·L + . 7UDVN )URP D 1DWLYH 'DXJKWHU &RORQLDOLVP DQG 6RYHUHLJQW\ LQ +DZDL L 8QLYHUVLW\ RI +DZDL·L 3UHVV +RQROXOX

9LGHRJUDILD

$FW RI :DU 7KH 2YHUWKURZ RI WKH +DZDLLDQ 1DWLRQ 1D 0DND R ND $LQD 1D DOHKX +DZDL L 7KH 7ULEXQDO 1D 0DND R ND $LQD 1D DOHKX +DZDL L

,QGLUL]]L

&HQWHU IRU +DZDLLDQ 6WXGLHV 8QLYHUVLW\ RI +DZDL L DW 0DQRD %XLOGLQJ 5RRP $ 'ROH 6WUHHW +RQROXOX +D ZDL L 8QLWHG 6WDWHV ID[ FKVXKP#KDZDLL HGX ZZZ KDZDLL HGX FKV .D /DKXL +DZDL L 32 %R[ +RQROXOX +DZD·L 8QLWHG 6WDWHV WHO NHDOLL#NDODKXL FRP ZZZ NDODKXL FRP

7KH H * *OREDO 5 O 5HYLHZ Z R RI ( I (WKQRSROLW OLWLFV 8QD QXRYD SXEEOLFD]LRQH VSHFLDOL]]DWD GLUHWWD GD 6WHIDQ :ROII 8QLYHUVLW\ RI %DWK .DUO &RUGHOO 8QLYHUVLW\ RI 3O\PRXWK H 0D\D &KDGGD :LOOLDP 3DWHUVRQ 8QLYHUVLW\ /D ULYLVWD DQDOL]]HUj XQD YDVWD JDPPD GL WHPL L UDSSRUWL IUD PDJJLRUDQ]H H PLQRUDQ]H OD SUHYHQ]LRQH H OD JHVWLRQH GHL FRQIOLWWL HWQLFL OH ULYHQGLFD]LRQL SROLWLFKH H OLQJXLVWLFKH GHOOH PLQRUDQ]H HWF ,O SULPR QXPHUR FKH q JLj GLVSRQLELOH VX ,QWHUQHW FRQWLHQH IUD O·DOWUR DUWLFROL VXOOD &RUVLFD VXO .XUGLVWDQ H VXOO·,UODQGD GHO QRUG , FXUDWRUL LQYLWDQR OH SHUVRQH LQWHUHVVDWH D FRQWULEXLUH FRQ DUWLFROL H UHFHQVLRQL 3HU DOWUH LQIRUPD]LRQL 6WHIDQ :ROII 6 ZROII#EDWK DF XN ZZZ HWKQRSROLWLFV RUJ


, SROLQHVLDQL GHOO©$PHULFD ODWLQD *UDQW 0F&DOO

5DSDQXL PHJOLR QRWD FRPH ,VROD GL 3DVTXD VL WURYD IUD OD FRVWD RFFLGHQWDOH GHO 6XGDPHULFD H O©LVROD GL 3LWFDLUQ 3ROLWLFDPHQWH OHJDWD DO &LOH FKH OD DPPLQLVWUD SHU PH]]R GL XQ JRYHUQDWRUH GLVWD FRPXQTXH NP GD 6DQWLD JR *HRJUDILFDPHQWH H FXOWXUDOPHQWH LQYHFH O©LVROD DSSDUWLHQH DOO©2FHDQLD WDQWR q YHUR FKH EXRQD SDUWH GHL VXRL DELWDQWL FHQVLPHQWR GLVFHQGRQR GDJOL RULJLQDUL DELWDQWL GL FHSSR SROLQHVLDQR

,O SHULRGR FRORQLDOH *UDQGH TXDQWR LO /LHFKWHQVWHLQ SULYD GL ULVRUVH QDWXUDOL H ORQWDQD GDOOH URWWH FRPPHUFLDOL 5DSDQXL QRQ IX PDL SDU WLFRODUPHQWH DPELWD GDL FRORQLDOLVWL HXURSHL 4XHVWR QRQ LPSHGu DJOL 2ODQGHVL GL UHFODPDUQH LO SRVVHVVR TXDQGR OD UDJJLXQVHUR H OD EDWWH]]DURQR ,VROD GL 3DVTXD HUD DSSXQWR OD 3DVTXD GHO &LUFD PH]]R VHFROR GRSR IX OD YROWD GHJOL 6SDJQROL FKH SHUz FHVVDURQR GL UHFODPDUH O©LVROD TXDQGR OD FRQFRUUHQ]D GHOOD )UDQFLD H GHOOD *UDQ %UHWDJQD OL FRVWULQVH DG DFFDQWRQDUH LO VRJQR GL XQ LPSHUR QHO 3DFLILFR 1HO LO 3HU GHYDVWz O©LVROD FRQ GHOOH UD]]LH FKH DYHYDQR OR VFRSR GL WUDUUH LQ VFKLDYLW JOL LQGLJHQL H GH SRUWDUOL 1HOOD VHFRQGD PHWj GHO VHFROR VL DIIHUPz OD SUHVHQ]D GHL PLVVLRQDUL FKH QHOO©DUFR GL XQ GHFHQQLR WUDVIRU PDURQR SURIRQGDPHQWH LO TXDGUR VRFLDOH GHOO©LVROD *OL LQGLJHQL QHO IUDWWHPSR HUDQR VWDWL FDFFLDWL GDOOH WHUUH DQ FHVWUDOL VLWXDWH OXQJR OD FRVWD H UDJJUXSSDWL LQ GXH LQVHGLDPHQWL /H SRFKH FHQWLQDLD FKH VRSUDYYLVVHUR DOOH LQFXU VLRQL SHUXYLDQH IXURQR WUDVIHULWL D 0DJDUHYD H D 7DKLWL DIILQFKq ODYRUDVVHUR QHOOH SLDQWDJLRQL GL FDIIq GHOOD &KLHVD FDWWROLFD GRYH PRULURQR TXDVL WXWWL 1HO OD SRSROD]LRQH LQGLJHQD HUD RUPDL ULGRWWD D SHUVRQH 1HJOL XOWLPL GHFHQQL GHO VHFROR O©LVROD IX UDJJLXQWD GD YDULH VSHGL]LRQL VFLHQWLILFKH HXURSHH H QRUGDPHULFDQH $OFXQH GL TXHVWH UXEDURQR QXPHURVL PRDL L JUDQGL EXVWL GL SLHWUD FKH VWDYDQR RUPDL VWLPRODQGR O©LQWHUHVVH GHL FROOH]LRQLVWL 1HO XQD VSHGL]LRQH DPHULFDQD FRQGXVVH L SULPL VFDYL DUFKHRORJLFL VX 5DSDQXL GLVWUXJJHQGR L WHPSOL FRQ OD GLQDPLWH SHU WURYDUH RJJHWWL SUH]LRVL , VHJQL GL TXHVWR YDQGDOLVPR SUHGDWRULR VRQR WXWWRUD YLVLELOL 7UH SDHVL ¤ *HUPDQLD *UDQ %UHWDJQD H 6WDWL 8QLWL ¤ DYHYDQR JLj PHVVR JOL RFFKL VXOO©LVROD H VHPEUDYDQR LQWHQ ]LRQDWL DG DQQHWWHUOD PD QRQ OR IHFHUR SHUFKp VHFRQGR FHUWL DPELHQWL GLSORPDWLFL 5DSDQXL HUD JLj VWDWD UHFODPDWD GDOOD )UDQFLD 3ROLFDUSR 7RUR +XUWDGR XQ FDSLWDQR GHOOD 0DULQD FLOHQD DSSURIRQGu OD TXHVWLRQH H VFRSUu FKH LQ UHDOWj 3DULJL QRQ HUD PLQLPDPHQWH LQWHUHVVDWD DOO©LVROD )X FRVu FKH LO VHWWHPEUH 7RUR +XUWDGR VL LPSRVVHVVz GL 5DSDQXL D QRPH GHO JRYHUQR FLOHQR $L FDSL LQ GLJHQL SUHVHQWz XQ WUDWWDWR ELOLQJXH PD LQ UHDOWj OD YHUVLRQH VSDJQROD LQFRPSUHQVLELOH DL SROLQHVLDQL HUD XQ DWWR GL DQQHVVLRQH LQ VHJXLWR DO TXDOH 5DSDQXL GLYHQWDYD XQ WHUULWRULR FLOHQR D WXWWL JOL HIIHWWL 6HFRQGR OD YHUVLRQH SR OLQHVLDQD DO FRQWUDULR OD UHSXEEOLFD VXGDPHULFDQD GLYHQWDYD XQ ¦DPLFR GHO SDHVH§ KRD WH KHQXD 4XHVWD YHUVLR QH D GLIIHUHQ]D GL TXHOOD VSDJQROD QRQ q PDL VWDWD SXEEOLFDWD , GXH IUDWHOOL LQL]LDURQR VXELWR OD FRORQL]]D]LRQH GL 5DSDQXL SRUWDQGRFL DOFXQH IDPLJOLH FLOHQH %XRQD SDUWH GL TXHVWH SHUVRQH SHUz PRULURQR R DEEDQGRQDURQR O©LVROD ,O SURJUDPPD FRQFHSLWR GDL 7RUR SHU FRORQL]]DUH O©LVROD FKH FRPSUHQGHYD DQFKH O©DOOHYDPHQWR GHOOH SHFRUH IX DEEDQGRQDWR QHO TXDQGR L GXH IUDWHOOL PRULURQR LQ X QD VFLDJXUD PDULQD 3RFKL DQQL GRSR (QULTXH 0HUOHW XQ FRPPHUFLDQWH GL RULJLQH IUDQFHVH FKH YLYHYD LQ &LOH DF TXLVWz O©D]LHQGD DJULFROD IRQGDWD GDL IUDWHOOL 7RUR 6XFFHVVLYDPHQWH FRPLQFLz D VHPLQDUH LO WHUURUH IUD JOL LQGLJHQL FKH YROHYD DVVRJJHWWDUH H FRQFHQWUDUH LQ XQD ULVWUHWWD ]RQD GHOO© LVROD 0HUOHW DUULYz D SURPXRYHUH XQD FDXVD OHJDOH FRQ FXL UHFODPDYD OD SURSULHWj GHOO©LQWHUR WHULWRULR 1HJOL VWHVVL DQQL LO FRPPHUFLDQWH HQWUz LQ VRFLHWj FRQ XQ©LP SRUWDQWH FRPSDJQLD VFR]]HVH RSHUDQWH LQ &LOH 1HO 0HUOHW XFFLVH O©XOWLPR UH GL 5DSDQXL 5LUR 5RNRURNR +H 7DX H GRSR GL OXL DOWUL LQGLJHQL 6HJXLURQR OXQJKL DQQL GL DEEDQGRQR GXUDQWH L TXDOL OD PDULQD FLOHQD LQYLDYD VDOWXDULDOPHQWH XQD QDYH D 5DSD QXL PHQWUH LO JRYHUQR GL 6DQWLDJR VHPEUDYD RUPDL GLVLQWHUHVVDWR DOOD SLFFROD LVROD )X FRVu FKH TXHVWD YHQQH OD VFLDWD QHOOH PDQL GHOOD &RPSDQLD ([SORWDGRUD GH ,VOD GH 3DVFXD /D GLWWD LQL]Lz VXELWR OR VIUXWWDPHQWR GHOOD ODQD FKH YHQLYD LQYLDWD GLUHWWDPHQWH LQ *UDQ %UHWDJQD /D FRPSDJQLD QRQ HVHUFLWDYD VROWDQWR XQD IXQ]LRQH FRPPHU FLDOH PD DYHYD LO PRQRSROLR GHOO©LQWHUD YLWD VRFLDOH HG HFRQRPLFD 3DUWLFRODUPHQWH LQYLVD DJOL LVRODQL VDUHEEH SDVVDWD DOOD VWRULD FRPH OD FRPSDQLD *OL LQGLJHQL TXLQGL YLYHYDQR XQD FRQGL]LRQH VRIIRFDQWH FRQILQDWL QHOOD UH JLRQH VXGRFFLGHQWDOH QRQ SRWHYDQR ODVFLDUH O©LVROD 6H YROHYDQR YLVLWDUH OH ORUR WHUUH DQFHVWUDOL GRYHYDQR ULFKLH


GHUH XQ SHUPHVVR $L SRFKL WXULVWL YHQLYD YLHWDWR RJQL FRQWDWWR FRQ JOL LQGLJHQL LQ PRGR FKH TXHVWL FRQWLQXDVVHUR D LJQRUDUH OH UHDOWj VRFLDOL H FXOWXUDOL GHO PRQGR HVWHUQR )X VROR QHJOL DQQL 7UHQWD FKH 6DQWLDJR FRPLQFLz DG DFFRUGDUH TXDOFKH PLQLPR EHQHILFLR HFRQRPLFR D 5DSDQXL 1HJOL VWHVVL DQQL L PLVVLRQDUL FDWWROLFL FKH DYHYDQR ODVFLDWR O©LVROD QHO YL IHFHUR ULWRUQR H GHFLVHUR GL LVWLWXLUH XQD GLRFHVL ORFDOH 1HO OD FRPSDQLD DEEDQGRQz O©LVROD TXHVWR VHJQz OD ILQH GHOOR VIUXWWDPHQWR FRPPHUFLDOH 1RQRVWDQWH TXHVWR OH FRQGL]LRQL GHOOD SRSROD]LRQH DQ]LFKp PLJOLRUDUH GLYHQQHUR DGGLULWWXUD SHJJLRUL PHQWUH O©X QLFD DXWRULWj ULFRQRVFLXWD HUD LO JRYHUQDWRUH LQYLDWR GD 6DQWLDJR

8Q S Q SDUDGLVR R HHFRORJLFR R LLQ S Q SHULFROR

8QD PXOWLQD]LRQDOH QHR]HODQGHVH YRUUHEEH WUDVIRUPDUH 3LWFDLUQ O·XOWLPD FRORQLD EULWDQQLFD QHO 3DFLILFR LQ XQ YLOODJJLR WXULVWLFR SHU ILQDQ]LHUL HG HVSRQHQWL GHO MHW VHW 6LWXDWD GXHPLOD NP D VXGHVW GL 7DKLWL SRFR SL GL TXDWWUR FKLORPHWUL TXDGUDWL GL VFRJOLHUH FLUFRQGDWH GD XQD QDWXUD ULJRJOLRVD O·LVROD GL 3LWFDLUQ q XQR GHJOL XOWLPL OXRJKL LQFRQWDPLQDWL GHO SLDQHWD 1HOO·LVROD GRYH SHU YHQW·DQQL YLVVHUR LQ SHUIHWWR LVRODPHQWR JOL DP PXWLQDWL GHO %RXQW\ OD :HOOHVOH\ 3DFLILF KD LQWHQ]LRQH GL FRVWUXLUH WUH DOEHUJKL H GXH DHURSRUWL XQR D 2HQR H O·DOWUR D 3LWFDLUQ $L DELWDQWL GHOO·LVROD DQGUHEEH LO GHJOL LQWURLWL +HUEHUW )RUG GLUHWWRUH GHO 3LWFDLUQ ,VODQGV 6WXG\ &HQWHU DPHULFDQR FRQIHUPD OD WUDWWDWLYD LQ FRUVR WUD LO FRQ VRU]LR QHR]HODQGHVH H OD FRPXQLWj ORFDOH DFFXVDQGR /RQGUD GL DYHU WUDVFXUDWR OD VXD FRORQLD H GL QRQ DYHU UHDOL]]DWR OH LQIUDVWUXWWXUH SXEEOLFKH SL YROWH VROOHFLWDWH GDJOL LVRODQL DWWUDYHUVR L PHGLD DQJORIRQL GL WXWWR LO PRQGR /·LVRODPHQWR JHRJUDILFR H OD GHEROH HFRQRPLD EDVDWD VX DJULFROWXUD SHVFD H DUWLJLDQDWR QRQ JDUDQWLVFH XQR VWDQGDUG GL YLWD DGHJXDWR DOOH UHDOL HVLJHQ]H GHL SLWFDUQLDQL $ TXHVWR VL DJJLXQJH FKH QHO OD *UDQ %UHWD JQD KD FDQFHOODWR JOL XOWLPL VXVVLGL SHU O·HOHWWULFLWj H OH DJHYROD]LRQL SHU O·LPSRUWD]LRQH GHL YLYHUL FKH DUULYD QR GXH YROWH DOO·DQQR 7XWWR TXHVWR KD FRPSURPHVVR LUULPHGLDELOPHQWH L UDSSRUWL FRQ OD *UDQ %UHWDJQD SHU FXL OD SRSROD]LRQH VHPEUD LQWHQ]LRQDWD D WUDVIRUPDUH O·LVROD LQ FRORQLD IUDQFHVH G·ROWUHPDUH /·DPEL]LRVR SURJHWWR GHOOD :HOOHVOH\ 3DFLILF SRWUHEEH SHUWDQWR IDU JROD DJOL LVRODQL ,O WXULVPR RIIULUHEEH PL JOLRUL FRQGL]LRQL GL YLWD PHQWUH L JLRYDQL VDUHEEHUR VWLPRODWL D UHVWDUH VXOO·LVROD GLFH 6WHYHQ &KULVWLDQ FDSR GHOOD JLXQWD ORFDOH %HQ GLYHUVR LO SDUHUH GHOOH DVVRFLD]LRQL HFRORJLVWH FKH LQYHFH FKLHGRQR LQWHUYHQWL GL VYL OXSSR HFRFRPSDWLELOL DIILQFKq O·DUFLSHODJR FKH FRPSUHQGH DQFKH WUH LVRORWL GLVDELWDWL QRQ VLD LQYDVR GD XQ WXULVPR SUHGDWRULR *OL DPELHQWDOLVWL LQROWUH YRJOLRQR WXWHODUH O·XQLFLWj H OD VSHFLILFLWj GL XQ LQWHUR HFRVLVWHPD /·LVROD GL +HQ GHUVRQ SHU HVHPSLR q HFRORJLFDPHQWH LQWDWWD 8Q YHUR H SURSULR ODERUDWRULR D FLHOR DSHUWR LQ FXL q SRVVLELOH VWXGLDUH OH GLQDPLFKH HYROXWLYH LQVXODUL H L SURFHVVL GL VHOH]LRQH QDWXUDOH ,QROWUH OD ELRGLYHUVLWj PDULQD q ULFFKLVVLPD H LQFRQWDPLQDWD $QFKH VH OD :HOOHVOH\ 3DFLILF KD DVVLFXUDWR FKH L WXULVWL VEDUFKHUDQQR LQ QXPHUR OLPLWDWR LO IXWXUR GL 3LWFDLUQ QRQ q FHUWR URVHR $OFXQL DQQL ID VRQR VWDWL VFRSHUWL ULFFKL JLDFLPHQWL PLQHUDUL LO ORUR VIUXWWDPHQWR SRWUHEEH PRGLILFDUH GUDVWLFDPHQWH OD QDWXUD H O·HFRQRPLD GHOOH LVROH GRYH YLYRQR L GL VFHQGHQWL GHJOL DPPXWLQDWL SL IDPRVL GHOOD VWRULD 0DXUL]LR 7RUUHWWL

*OL DQQL GHOOD GLWWDWXUD PLOLWDUH /D VLWXD]LRQH DPPLQLVWUDWLYD GL 5DSDQXL IX SDULILFDWD D TXHOOD FLOHQD VROWDQWR QHO JUD]LH DOO©LPSHJQR GL XQ JLRYDQH PDHVWUR LQGLJHQR FKH HUD VWDWR IUD L SRFKL D RWWHQHUH LO SHUPHVVR GL VWXGLDUH IXRUL GDOO©LVROD $JOL DXWRFWRQL YHQQHUR ULFRQRVFLXWL L GLULWWL GL YRWR H GL FLWWDGLQDQ]D )XURQR LVWLWXLWL FROOHJDPHQWL DHUHL UHJRODUL FRQ LO FRQWLQHQWH H JOL LVRODQL RWWHQQHUR ILQDOPHQWH TXHOOD OLEHUWj GL PRYLPHQWR FKH DYHYDQR SHUGXWR QHO VHFROR SUHFHGHQWH 3HUILQR OD GLWWDWXUD PLOLWDUH GL $XJXVWR 3LQRFKHW FKH q VWDWR LO SULPR SUHVLGHQWH FLOHQR D YLVLWDUH 5DSDQXL KD FRQWLQXDWR D JDUDQWLUH FHUWL GLULWWL IRQGDPHQWDOL /©RELHWWLYR ILQDOH FRPXQTXH q ULPDVWR TXHOOR GHOO©DVVLPLOD]LRQH WDQWR q YHUR FKH O©XVR GHOOD OLQJXD LQGLJHQD q VWDWR SURLELWR $O WHPSR VWHVVR SHUz VRQR QDWH DOFXQH DVVRFLD]LRQL GL WLSR HFRORJLFR FXOWXUDOH SHU OD WXWHOD GHOO©L VROD (© VWDWR SURSULR QHJOL DQQL GHOOD GLWWDWXUD LQROWUH FKH OD VWDPSD KD FRPLQFLDWR D RFFXSDUVL UHJRODUPHQWH GL 5DSDQXL LO WXULVPR q VWDWR SURPRVVR LQ RJQL PRGR PHQWUH VL VRQR JLUDWL ILOP H GRFXPHQWDUL DPELHQWDWL VXOO©LVROD &XOWXUD H VRFLHWj /D OLQJXD DXWRFWRQD q LQ QHWWR GHFOLQR 1HOOH VFXROH VHFRQGR XQR VWXGLR UHFHQWH YLHQH XVDWD FRPH OLQJXD TXRWL GLDQD VROWDQWR GDO GHJOL DOXQQL ,O JRYHUQR GL 6DQWLDJR ILQDQ]LD XQD EXURFUD]LD ORFDOH FKH FRPSUHQGH ROWUH IXQ]LRQDUL FLOHQL H DOFXQL LQGLJHQL , VHUYL]L GL FRPXQLFD]LRQH VRQR JDUDQWLWL D WXWWL PHQWUH OD JHQWH GHO OXRJR JRGH GL YDQWDJJL ILVFDOL FRQVLVWHQWL , VHUYL]L HGXFDWLYL H TXHOOL VDQLWDUL VRQR JDUDQWLWL 7XWWR TXHVWR KD WUDVIRUPDWR


XQD WHUUD LVRODWD GRWDWD GL XQD IRUWH LGHQWLWj FXOWXUDOH H OLQJXLVWLFD LQ XQR GHL OXRJKL GL YDFDQ]D SUHIHULWL GDL FLOHQL H GD DOWUL VXGDPHULFDQL , PDWULPRQL IUD LQGLJHQL H VWUDQLHUL LQ JUDQ SDUWH FLOHQL VRQR IUHTXHQWL /H FRSSLH PLVWH DGRWWDQR VHPSUH OR VSD JQROR SHU FXL OD OLQJXD ORFDOH ULVFKLD GL VSDULUH $L ORUR ILJOL TXLQGL QRQ LQWHUHVVD LPSDUDUH D SHVFDUH R FRQRVFHUH OH WUDGL]LRQL SROLQHVLDQH PD VSHFLDOL]]DUVL LQ PRGR GD SRWHU WURYDUH XQ ODYRUR D 6DQWLDJR R D 6\GQH\ ,O JRYHUQR SURPXRYH O©DVVLPLOD]LRQH H QRQ ULFRQRVFH L GLULWWL WHUULWRULDOL GHJOL DERULJHQL ROWUH GXH WHU]L GHOO©LVROD DSSDUWHQJR QR DO JRYHUQR $ SDUWLUH GDJOL DQQL 2WWDQWD FHUWH SLFFROH ]RQH GHOO©LVROD VRQR SDVVDWH QHOOH PDQL GHL SULYDWL PD OD VROX]LRQH GHO SUREOHPD WHUULWRULDOH ULPDQH SUHFOXVD GDOO©HVLVWHQ]D GHOOD 6DVLSD XQD FRPSDJQLD SULYDWD D SDUWHFLSD]LRQH VWDWDOH GHULYDWD GDOOD FRPSDQLD FKH VIUXWWDYD LO SDHVH DOO©LQL]LR GHO YHQWHVLPR VHFROR

,O IXWXUR GL 5DSDQXL 1HJOL XOWLPL GLHFL DQQL LO JRYHUQR KD PDQLIHVWDWR KD PDQLIHVWDWR OD YRORQWj SHUDOWUR JLj DPHUVD GXUDQWH OD GLW WDWXUD GL WUDVIRUPDUH O©LVROD LQ XQD VRUWD GL WUDPSROLQR FKH SHUPHWWHVVH DO &LOH GL SURLHWWDUVL VXL PHUFDWL GHO 3DFL ILFR H VYLOXSSDUH QXRYH UHOD]LRQL HFRQRPLFKH FRQ L SDHVL GHOO©$VLD H GHOO©2FHDQLD ,O SUREOHPD SULQFLSDOH FR PXQTXH ULPDQH TXHOOR GHOOD WHUUD 1HO QRYHPEUH LO 3DUODPHQWR KD DSSURYDWR XQD OHJJH FKH SHUPHWWH DJOL DX WRFWRQL GL UHFODPDUH OH WHUUH XQ WHPSR DSSDUWHQHQWL DO JRYHUQR H FKLDULVFH FKH JOL LQGLJHQL VRQR VROWDQWR ¦L PHPEUL GHOOD FRPXQLWj RULJLQDULD GHOO©LVROD GL 3DVTXD H L ORUR GLVFHQGHQWL§ 1HJOL XOWLPL DQQL LQROWUH LO JRYHUQR KD SUR PHVVR O©LVWLWX]LRQH GL XQD UHWH WHOHYLVLYD VDWHOOLWDUH FKH SHUPHWWHUj ORUR GL FDSWDUH L SURJUDPPL QD]LRQDOL 4XDOH VDUj LO IXWXUR GHOOD SLFFROD LVROD DELWDWD GDL SROLQHVLDQL GHOO©$PHULFD ODWLQD" ,O IXWXUR q LQFHUWR TXDOFXQR WHPH FKH OH GLIILFROWj HFRQRPLFKH SRVVDQR GDU OXRJR D JUDYL FRQIOLWWL VRFLDOL PHQWUH DOWUL WHPRQR FKH JOL LQGLJHQL QHOOD VSHUDQ]D GL PLJOLRUDUH OH SURSULH FRQGL]LRQL HFRQRPLFKH DEEDQGRQLQR O©LVROD 0D IRUVH q SL SUREDELOH FKH L VXRL DELWDQWL FRQWLQXLQR D FRQVLGHUDUOD OD SURSULD SDWULD VLD FKH YLYDQR Ou D 6DQWLDJR R LQ TXDOFKH WHUUD ORQWDQD %LEOLRJUDILD

3 %DKQ H - )OHQOH\ (DVWHU ,VODQG (DUWK ,VODQG $ 0HVVDJH IURP 2XU 3DVW IRU WKH )XWXUH RI 2XU 3ODQHW 7KDPHV +RGGHU /RQGRQ + (VVHQ %DXHU D FXUD GL -DKUH .XOWXU GHU 2VWHULQVHO 9HUODJ 3KLOLSS YRQ =DEHUQ 0DLQ] * 0F&DOO 5DSDQXL $OOHQ 8QZLQ 6\GQH\ 8QLYHUVLW\ RI +DZDLL 3UHVV +RQROXOX * 6DOYLRQL /·LVROD GL 3DVTXD ;HQLD 0LODQR

,QGLUL]]L

(DVWHU ,VODQG )RXQGDWLRQ (O &HUULWR 3OD]D 6XLWH (O &HUULWR &$ 86$ PRDLFX#DRO FRP (DVWHU ,VODQG +RPHSDJH ZZZ QHWD[V FRP aWUDQFH UDSDQXL KWPO

5HVRXUFH 5HEHOV

1DWLYH &KDOOHQJHV WR 0LQLQJ DQG 2LO &RUSRUDWLRQV ,O QXRYR OLEUR GL $O *HGLFNV JLj DXWRUH GL 7KH 1HZ 5HVRXUFH :DUV 1DWLYH DQG (QYLURQPHQWDO 6WUXJJOHV DJDLQVW 0XOWLQDWLRQDOV

,Q PROWH SDUWL GHO PRQGR O©DYLGLWj GHOOH FRPSDJQLH PLQHUDULH H SHWUROLIHUH PLQDFFLD VHULDPHQWH OD VR SUDYYLYHQ]D GHL SRSROL LQGLJHQL 0HQWUH OD FULVL HQHUJHWLFD VL ID VHPSUH SL JUDYH OD WUDJHGLD GL TXHVWL SRSROL UDSSSUHVHQWD XQ FDPSDQHOOR G©DOODUPH SHU WXWWL FRORUR FKH VL LQWHUHVVDQR GHL SUREOHPL DP ELHQWDOL 5HVRXUFH 5HEHOV IRUQLVFH XQ SDQRUDPD DJJLRUQDWR GHL PRYLPHQWL DPHULFDQL DVLDWLFL H D IULFDQL FKH ORWWDQR LQ GLIHVD GHOOD 0DGUH 7HUUD FRQWUR XQD ORJLFD SUHGDWRULD FKH YRUUHEEH ULGXUUH LO SLDQHWD D PHUFH

ZZZ VRXWKHQGSUHVV RUJ


7H $R 0DRKL YHUVR O©LQGLSHQGHQ]D 2VFDU 7HPDUX

/D QRVWUD WHUUD VL FKLDPD 7H $R 0DRKL PD LO UHVWR GHO PRQGR OD FRQRVFH DWWUDYHUVR OD GHILQL]LRQH FRORQLDOH GL ¦3ROLQHVLD IUDQFHVH§ ,O SRSROR PDRKL YXROH FKH LO JRYHUQR GL 3DULJL DPPHWWD OH SURSULH FROSH SHU XQD GRPLQD]LR QH FKH GXUD GD DQQL $O WHPSR VWHVVR GHYH VWXGLDUH XQD IRUPD GL ULVDUFLPHQWR SHU L GDQQL VRFLDOL ILVLFL H DP ELHQWDOL FDXVDWL GD WUHQW©DQQL GL HVSHULPHQWL QXFOHDUL ,O QRVWUR RELHWWLYR SULQFLSDOH q TXHOOR GL UHDOL]]DUH XQD VWUXWWXUD HFRQRPLFD PHQR OHJDWD DOOH JUDQGL SRWHQ]H RF FLGHQWDOL SULYLOHJLDQGR LQYHFH OR VYLOXSSR GHOOH ULVRUVH ORFDOL 'REELDPR DFTXLVLUH OD PDVVLPD DXWRVXIILFLHQ]D OL PLWDQGR O©LPSRUWD]LRQH DL JHQHUL VWUHWWDPHQWH QHFHVVDUL /©RELHWWLYR GHO SDUWLWR LQGLSHQGHQWLVWD 7DYLQL +XLUDDWLUD q TXHOOR GL UHDOL]]DUH XQR VYLOXSSR VRVWHQLELOH FKH EHQHILFL DQ]LWXWWR OD SRSROD]LRQH ORFDOH PHQWUH FRVWL H EHQHILFL GHYRQR HVVHUH HTXDPHQWH ULSDUWLWL IUD L YDUL JUXSSL VRFLDOL ,QROWUH OD ORWWD GHO SRSROR PDRKL SHU O©LQGLSHQGHQ]D GH YH SURVHJXLUH H LQWHQVLILFDUVL

/D VILGD GHO IXWXUR )LQRUD OH LQWLPLGD]LRQL GHOOH IRU]H FRORQLDOL H OD SDXUD GHO IXWXUR KDQQR LPSHGLWR DO SRSROR PDRKL GL VFKLHUDUVL FRPSDWWDPHQWH D IDYRUH GHOO©LQGLSHQGHQ]D $OOH XOWLPH HOH]LRQL 7DYLQL +XLUDDWLUD KD RWWHQXWR LO GHL YRWL XQ ULVXOWDWR PLJOLRUH GL TXHOOR RWWHQXWR GDO )URQW GH /LEpUDWLRQ 1DWLRQDO .DQDN HW 6RFLDOLVWH )/1.6 LQ 1XRYD &D OHGRQLD 6L WUDWWD GL XQ FRQVHQVR GHVWLQDWR D FUHVFHUH QRQRVWDQWH JOL VIRU]L GHO SDUWLWR FRQVHUYDWRUH ILORIUDQFHVH 7DKRHUDD +XLUDDWLUD H GHO VXR SUHVLGHQWH *DVWRQ )ORVVH FKH QRQ KD HVLWDWR D XVDUH L IRQGL SXEEOLFL SHU L SURSUL VFRSL SROLWLFL 4XHVW©XRPR FKH LQ SUDWLFD q LO GLWWDWRUH GHOOD 3ROLQHVLD IUDQFHVH KD VXELWR YDUL SURFHVVL SHU FRUUX ]LRQH /D JLXVWL]LD IUDQFHVH q VWDWD PROWR LQGXOJHQWH YHUVR TXHVW©XRPR FKH SULPD GL GDUVL DOOD SROLWLFD IDFHYD O©LQ VHJQDQWH )ORVVH VL q VHUYLWR GHOOH LVWLWX]LRQL SHU DUULFFKLUVL DOOH VSDOOH GHL 0DRKL (SSXUH OD JLXVWL]LD IUDQFHVH q VWDWD FOHPHQWH FRQ OXL FKH LQYHFH VL q GLPRVWUDWR LQIOHVVLELOH H SHUILQR LQJLXVWR QHL FRQIURQWL GHJOL LQGLSHQGHQWLVWL 7XWWL L FRPSRQHQWL GHOOD VRFLHWj SROLQHVLDQD ¤ VL WUDWWL GL LQGLJHQL R GL LPPLJUDWL ¤ GHYRQR FDSLUH FKH O©LQGL SHQGHQ]D GHO QRVWUR SDHVH q XQ RELHWWLYR LPSRUWDQWH 1RQ YRJOLDPR WDJOLDUH L SRQWL FRQ OD )UDQFLD PD DFTXLVL UH JOL VWUXPHQWL FKH FL FRQVHQWDQR GL LQVWDXUDUH UDSSRUWL SDULWDUL GL FROODERUD]LRQH FRQ OD )UDQFLD H FRO UHVWR GHO PRQGR 6H FRQ O©LQGLSHQGHQ]D FHUWL SDHVL GHO 3DFLILFR QRQ VRQR ULXVFLWL D ULVROYHUH L SUREOHPL GHOOR VYLOXSSR FLz QRQ VLJQLILFD FKH DQFKH LO QRVWUR VLD FRQGDQQDWR D IDOOLUH ,O QRVWUR FDPPLQR GHYH HVVHUH FDUDWWHUL]]DWR GD XQ VHQ VR GL UHVSRQVDELOLWj H GL DSHUWXUD FRQ OHJJL FKH ULVSHWWLQR L GLULWWL LQGLYLGXDOL H FROOHWWLYL 3URSULR SHU TXHVWR q GL YLWDOH LPSRUWDQ]D FKH L SRSROL H JOL VWDWL GHO 3DFLILFR VRVWHQJDQR OD QRVWUD ORWWD SHU O©LQ GLSHQGHQ]D 'HO UHVWR PROWL GL ORUR KDQQR VRVWHQXWR L .DQDN GHOOD 1XRYD &DOHGRQLD FRQ L TXDOL FRQGLYLGLDPR O©D VSLUD]LRQH DOOD OLEHUWj &ROJR O©RFFDVLRQH SHU VRWWROLQHDUH FKH TXHVWD VROLGDULHWj QRQ KD QLHQWH D FKH YHGHUH FRQ O©LQWHUIHUHQ]D QHJOL DIIDUL LQWHUQL GHOOD )UDQFLD ,O QXRYR PLOOHQQLR FRPLQFLD SURSULR PHQWUH VWD SHU FRQFOXGHUVL LO GHFHQQLR GHOOH 1D]LRQL 8QLWH SHU OR VUDGLFDPHQWR GHO FRORQLDOLVPR $ TXHVWR SURSRVLWR ELVRJQD IDUH LO SXQWR GHOOD VLWXD]LRQH H GHILQLUH XQ SURJUDPPD UHDOLVWLFR SHU L SURVVLPL DQQL /D QRVWUD UHJLRQH q FKLDPDWD D VYROJHUH XQ UXROR LPSRUWDQWH QHO QXRYR PLOOHQQLR /D SDUROD LQGLSHQGHQ]D q VHPSUH VWDWD XQ WHUPLQH FRQWURYHUVR PD QHOOD QRVWUD OLQJXD HVLVWH XQD SDUROD WDPDUD FKH VLJQLILFD DO WHPSR VWHVVR LQGLSHQGHQ]D H OLEHUWj /D UHVLVWHQ]D LQGLJHQD /D QRVWUD LQGLSHQGHQ]D IX FDOSHVWDWD SHU OD SULPD YROWD QHO TXDQGR O©DPPLUDJOLR IUDQFHVH 'XSHWLW 7KRXDUV LPSRVH LO SULPR SURWHWWRUDWR VXO UHJQR GHOOD UHJLQD 3RPDUp ,9 ,O SDVVR VXFFHVVLYR IX FRPSLXWR QHO TXDQGR 3RPDUp 9 IX FRVWUHWWD DG DEGLFDUH H D FHGHUH WXWWH OH VXH WHUUH DOOD )UDQFLD ,O FRPSRUWDPHQWR GL TXHVWR SDHVH IX LQ GHJQR 7H $R 0DRKL q GLYHQWDWD ¦IUDQFHVH§ FRQWUR OD YRORQWj GHOOD VXD SRSROD]LRQH /©DQQHVVLRQH DYYHQQH VROR GRSR GXUL VFRQWUL H ULSHWXWH SUHVVLRQL SROLWLFKH $OOD ILQH GHO GLFLDQQRYHVLPR VHFROR LO QRVWUR SDHVH IX ULEDWWH]]DWR (WDEOLV VHPHQWV )UDQoDLV GH O©2FpDQLH ()2 H LQFRUSRUDWR XIILFLDOPHQWH QHOO©LPSHUR FRORQLDOH IUDQFHVH 1HO TXHVWR QRPH IX VRVWLWXLWR GD 3RO\QpVLH )UDQoDLVH 3ROLQHVLD IUDQFHVH H LO SDHVH GLYHQQH XQ 720 WHUULWRLUH G©RXWUHPHU WHUULWRULR G©ROWUHPDUH 'XH DQQL GRSR YHQQH RUJDQL]]DWR XQ UHIHUHQGXP VXO IXWXUR GHO SDHVH PD QRQ VL WUDWWz GL XQ YHUR YRWR VXOO©DXWRGHWHUPLQD]LRQH SHUFKq OD VFHOWD FKH IX GDWD HUD FRPXQTXH OLPLWDWD GDOOD &RVWLWX]LRQH IUDQFHVH FKH HUD HQWUDWD LQ YLJRUH QHOOR VWHVVR DQQR


, S , SRSROL LQ OL LQGLJHQL G L GHO O 3 3DFLILFR R P P LQ D F F L D W L GDO O FFRORQLDOLVPR Q R QXFOHDUH /D PDJJLRUDQ]D GHJOL HVSHULPHQWL QXFOHDUL q VHPSUH VWDWD UHDOL]]DWD LQ WHUULWRUL DELWDWL GD SRSROL LQGLJHQL (YL GHQWHPHQWH OD VFHOWD QRQ q FDVXDOH PD GHULYD GD YDUL IDWWRUL IDFLOPHQWH LQGLYLGXDELOL VL WUDWWD LQ JHQHUH GL WHUULWRUL GHVHUWLFL FRPH LQ $XVWUDOLD H QHJOL 6WDWL 8QLWL GL UHJLRQL DELWDWH GD SRSROL FKH QRQ KDQQR DFFHVVR DO OH JUDQGL IRQWL G LQIRUPD]LRQH H FKH TXLQGL SRVVRQR HVVHUH IDFLOPHQWH LJQRUDWL $OWUHWWDQWR WUDVFXUDWR q LO IDWWR FKH PROWL GHL WHUULWRUL LQ TXHVWLRQH VRQR FRORQLH GL IDWWR OH +DZDL L R LO GHVHUWR VLEHULDQR R GL GLULWWR OD 3ROL QHVLD IUDQFHVH R LO 7LEHW 'DO D RJJL JOL HVSHULPHQWL QXFOHDUL KDQQR GHYDVWDWR IUD O·DOWUR OH WHUUH GHL :HVWHUQ 6KRVKRQH QHO GHVHU WR GHO 1HYDGD TXHOOH GHL &LXNFL H GHJOL (YHQNL LQ 6LEHULD TXHOOH GHL 7XDUHJ QHO 6DKDUD DOJHULQR OH WHUUH GH JOL 8LJXUL OD PLQRUDQ]D WXUFRPDQQD FKH YLYH QHOOR ;LQMDQJ UHJLRQH DXWRQRPD GHOOD &LQD QRUGRFFLGHQWDOH ,O FRQWLQHQWH FKH q VWDWR PDJJLRUPHQWH FROSLWR GD TXHVWR IHQRPHQR q VLFXUDPHQWH O·2FHDQLD GDOOD 0LFURQHVLD DOO·$XVWUDOLD GD %LNLQL D 0RUXURD LO FDVR GHL SRSROL LQGLJHQL GHO 3DFLILFR FROSLWL GDO FRORQLDOLVPR QXFOHDUH UDSSUHVHQWD XQD GHOOH WUDJHGLH SL VSDYHQWRVH H SL PLVFRQRVFLXWH GHO YHQWHVLPR VHFROR $QFRUD RJJL GRSR PROWL GHFHQQL PLJOLDLD GL SHUVRQH VRQR DIIHWWH GD GHIRUPD]LRQL H PDODWWLH PRUWDOL HUHGLWDULH 8QR GHL FDVL PHQR FRQRVFLXWL q TXHOOR GHJOL HVSHULPHQWL QXFOHDUL EULWDQQLFL FKH IXURQR UHDOL]]DWL LQ $XVWUDOLD IUD LO H LO /H FLQTXH DUHH LQWHUHVVDWH HUDQR OH LVROH GL 0RQWH %HOOR (PX )LHOG H 0DUDOLQJD DELWDWH LQ SUHYDOHQ]D GDL 3LWMDQWMDWMDUD &KULVWPDV ,VODQG H 0DOGHQ ,VODQG D VXG GHOOH +DZDL·L ,Q WXWWR IXURQR UHDOL] ]DWL QRYH HVSHULPHQWL SULQFLSDOL DL TXDOL VH QH DJJLXQVHUR GLYHUVH FHQWLQDLD GL HIIHWWR SL OLPLWDWR &RPH VFULYH 5REHUW 0LOOLNHQ QHO OLEUR 1R &RQFHLYDEOH ,QMXU\ ´QHJOL DQQL &LQTXDQWD SHU OD PDJJLRU SDUWH GHJOL DXVWUDOLDQL ELDQFKL JOL $ERULJHQL QRQ HVLVWHYDQRµ 1RQ YHQLYDQR QHDQFKH FHQVLWL FRVD FKH DFFDGUj VROWDQWR GRSR LO PDJJLR FKH OL ULFRQRVFHUj FLWWDGLQL GHOOD IHGHUD]LRQH 'L FRQVHJXHQ]D TXDQGR OD *UDQ %UH WDJQD FRPLQFLz D SUHSDUDUH JOL HVSHULPHQWL GLVSRQHYD GL GDWL GHWWDJOLDWL VXOOD IORUD H VXOOD IDXQD GHO OXRJR PD SHU JOL $ERULJHQL QRQ DYHYD DOWUR ULIHULPHQWR FKH O·(QF\FORSDHGLD %ULWDQQLFD /·HIIHWWR GHOOH UDGLD]LRQL IX GHYDVWDQWH ROWUH DL GDQQL FDXVDWL DJOL DERULJHQL XQD SDUWH GHO SHUVRQDOH YHQQH GHOLEHUDWDPHQWH HVSRVWD DOOH UDGLD]LRQL SHU VDJJLDUQH O·HIIHWWR /H PLVXUH GL SURWH]LRQH HUDQR PLQLPH PHQ WUH WXWWL L FDUWHOOL HUDQR LQ LQJOHVH OLQJXD FKH OD SRSROD]LRQH ORFDOH QRQ FRQRVFHYD ,O IDOORXW UDJJLXQVH DQFKH $GHODLGH H 0HOERXUQH 1HO TXDQGR OH EDVL GL (PX H 0DUDOLQJD YHQQHUR FKLXVH OD *UDQ %UHWDJQD SUH GLVSRVH XQ SURJUDPPD GL ERQLILFD FKH QHJOL DQQL VXFFHVVLYL DYUHEEH VXVFLWDWR PROWH FULWLFKH 6ROR PROWL DQQL GRSR QHO PDJJLR /RQGUD KD DPPHVVR FKH D 0DUDOLQJD QXPHURVL PLOLWDUL EULWDQQLFL DX VWUDOLDQL H QHR]HODQGHVL HUDQR VWDWL LQWHQ]LRQDOPHQWH HVSRVWL DOOH UDGLD]LRQL PD LQFUHGLELOPHQWH KD DJJLXQWR FKH TXHVWR HUD VWDWR IDWWR VROWDQWR SHU YHULILFDUQH O·HIIHWWR VXOOH GLYLVH /·DPPLVVLRQH q DYYHQXWD SRFKL PHVL FKH 6XH 5DEELW 5RII XQD ULFHUFDWULFH GHOO·8QLYHUVLWj GL 'XQGHH 6FR]LD DYHYD WURYDWR QHOO·$UFKLYLR QD]LRQD OH DXVWUDOLDQR XQ GRFXPHQWR ULVHUYDWR FKH DYHYD SRUWDWR DOOD OXFH OD TXHVWLRQH 8Q FDVR EHQ SL QRWR q TXHOOR GL 0RUXURD H )DQJDWDXID JOL DWROOL SROLQHVLDQL GRYH OD )UDQFLD KD FRQGRWWR H VSHULPHQWL QXFOHDUL GDO DO /D ]RQD IX VFHOWD GRSR FKH O·LQGLSHQGHQ]D GHOO·$OJHULD DYHYD UH VR LPSUDWLFDELOH OD SURVHFX]LRQH GL TXHOOL FKH ILQR DG DOORUD HUDQR VWDWL FRPSLXWL QHO 6DKDUD 8Q PRYLPHQWR LQWHUQD]LRQDOH GL SURWHVWD FRPXQTXH VL PDQLIHVWz VROWDQWR QHOO·HVWDWH GHO TXDQGR LO SUHVLGHQWH &KLUDF GHFLVH GL ULSUHQGHUH JOL HVSHULPHQWL QXFOHDUL VXJOL DWROOL %DVWDURQR SHUz SRFKL PHVL SHUFKp OD TXHVWLRQH FDGHVVH QXRYDPHQWH QHO GLPHQWLFDWRLR 6ROWDQWR OH DVVRFLD]LRQL FKH VL RFFXSDQR GHO 3DFLILFR FR PH O·(XURSH 3DFLILF 6ROLGDULW\ 1HWZRUN KDQQR FRQWLQXDWR D LQWHUHVVDUVL GHOOD TXHVWLRQH $OO·LQL]LR GHO &KLUDF DQQXQFLz OD ILQH GHJOL HVSHULPHQWL /H HOH]LRQL SROLWLFKH GHOO·DQQR VXFFHVVLYR FRQIHUPDURQR OD VXSUHPD]LD GHL FRQVHUYDWRUL ILORIUDQFHVL VHJXLWL GDJOL LQGLSHQGHQWLVWL 1HO IUDWWHPSR OD ILQH GHJOL HVSHULPHQWL FRPLQFLDYD D GHWHUPLQDUH L SULPL HIIHWWLYL SRVLWLYL VXO WXULVPR FKH VHFRQGR XQ·LQGDJLQH GHO IHEEUDLR HUD DXPHQWDWR GHO 5HVWD FRPXQTXH DSHUWR LO FRQWHQ]LRVR UHODWLYR DL ULVDUFLPHQWL GHOOH WDQWH SHUVRQH GDQQHJJLDWH GDJOL HVSHULPHQWL $ TXHVWL SUREOHPL ULPDQH VWUHWWDPHQWH OHJDWR LO WHPD GHO O·LQGLSHQGHQ]D QRQ D FDVR OR VORJDQ 1RQ j OD ERPEH RXL j O·LQGpSHQGDQFH KD VSHVVR FDUDWWHUL]]DWR OH PDQLIHVWD ]LRQL GHJOL LQGLJHQL PDRKL ,O SURJUDPPD GL ULDUPR QXFOHDUH DQQXQFLDWR QHO GDO SUHVLGHQWH *HRUJH : %XVK KD UDYYLYDWR LO WUDJLFR ULFRUGR GHJOL HVSHULPHQWL UHDOL]]DWL LQ 0LFURQHVLD QHJOL DQQL 4XDUDQWD LO PLVVLOH VSHULPHQWDOH ODQFLDWR OD PDW WLQD GHO OXJOLR GDOO·DWROOR GL .ZDMDOHLQ LVROH 0DUVKDOO UDSSUHVHQWD XQ VHJQDOH WXWW·DOWUR FKH UDVVLFXUDQWH SHU LO IXWXUR GHL SRSROL LQGLJHQL FKH YLYRQR QHO 3DFLILFR

$OHVVDQGUR 0LFKHOXFFL


)LQRUD LO SRSROR PDRKL QRQ KD PDL SRWXWR HVSULPHUH OD YRORQWj GL HVVHUH LQGLSHQGHQWH GDOOD )UDQFLD Qp TXHOOD GL RWWHQHUH OD VRYUDQLWj LQWHUQD]LRQDOH /©XQLFD VHGH LQ FXL KD SRWXWR PDQLIHVWDUH OD SURSULD DVSLUD]LRQH DOO©LQ GLSHQGHQ]D VRQR VWDWH OH HOH]LRQL ORFDOL ,QROWUH LO QRVWUR VLVWHPD HOHWWRUDOH q SURIRQGDPHQWH DQWLGHPRFUDWLFR 1RQ ULVSHWWD LO SULQFLSLR GL HTXLWj SHUFKp DOFXQL PHPEUL GHO QRVWUR &RQVLJOLR WHUULWRULDOH YHQJRQR HOHWWL VHQ]D WHQHUH FRQWR GHOO©HIIHWWLYR QXPHUR GL YRWL ,O VLVWHPD q FRQFHSLWR LQ PRGR GD IDYRULUH LO SDUWLWR DO SRWHUH XQ SDUWLWR FKH VL RSSRQH DOO©LQGLSHQGHQ]D GHO QRVWUR SDHVH 3HU ROWUH YHQW©DQQL 7DYLQL +XLUDDWLUD KD ORWWDWR SHU O©LQGLSHQGHQ]D LQ PRGR SDFLILFR H GHPRFUDWLFR $EELDPR VHPSUH DFFHWWDWR OD PDJJLRUH DXWRQRPLD FKH FL YHQLYD RIIHUWR PD VROWDQWR FRPH WDSSD YHUVR OD SLHQD VRYUDQLWj 8 QD FHUWD DXWRQRPLD YHQQH GDWD DL QRVWUL UDSSUHVHQWDQWL SROLWLFL QHO VHFRQGR TXDQWR SUHYHGHYD OD /HJJH 'HI IHUUH QRWD FRPH /RL &DGUH ,O SULPR D HVHUFLWDUH TXHVWL QXRYL SRWHUL FRPH YLFHSUHVLGHQWH GHO &RQVLJOLR GHL 0LQLVWUL IX LO JUDQGH FDSR PDRKL 3RXYDQDD D 2RSD (JOL IX LO SULPR FKH VL VFKLHUz DSHUWDPHQWH FRQWUR LO FRORQLDOL VPR IUDQFHVH VSHVVR PHWWHQGR LQ SHULFROR OD SURSULD YLWD , ILORIUDQFHVL GHO VXR SDHVH OR SHUVHJXLWDURQR D OXQJR WDQWR FKH YHQQH SURFHVVDWR H FRQGDQQDWR LQJLXVWDPHQWH )X LPSULJLRQDWR LQ XQ FDUFHUH IUDQFHVH PHQWUH LO VXR SDU WLWR 5DVVHPEOHPHQW 'pPRFUDWLTXH GHV 3RSXODWLRQV 7DKLWLHQQHV 5'37 YHQQH VFLROWR GDO JRYHUQR GL 3DULJL )X VROR GRSR DQQL GL HVLOLR FKH 3RXYDQDD SRWq WRUQDUH LQ SDWULD GRYH YHQQH ULHOHWWR FRQVLJOLHUH WHUULWRULDOH , 0DR KL QRQ KDQQR GLPHQWLFDWR TXHVWR XRPR FRUDJJLRVR FKH SHU ORUR ULPDQH O©XQLFR 0HWXD GL 7H $R 0DRKL

*OL DQQL GHO FRORQLDOLVPR QXFOHDUH 0RUXURD H )DQJDWDXID JOL DWROOL SROLQHVLDQL GRYH OD )UDQFLD KD FRQGRWWR HVSHULPHQWL QXFOHDUL GDO DO /D ]RQD IX VFHOWD GRSR FKH O©LQGLSHQGHQ]D GHOO©$OJHULD DYHYD UHVR LPSRVVLELOH LO SURVHJXLPHQWR GL TXHOOL FKH ILQR DG DOORUD HUDQR VWDWL FRPSLXWL QHO 6DKDUD &RQ OD IRQGD]LRQH GHO &HQWUH G©([SpULPHQWDWLRQV GX 3DFLILTXH &(3 L JRYHUQDQWL SROLQHVLDQL YHQQHUR SULYDWL GHL SRWHUL HVHFXWLYL FKH GD TXHO PRPHQWR GLYHQQH HVFOXVLYR DS SDQQDJJLR GHO JRYHUQDWRUH IUDQFHVH )UD LO H LO OD )UDQFLD UHDOL]]z HVSHULPHQWL DWPRVIHULFL VX 0RUXURD H )DQJDWDXID QHJOL DQQL VXF FHVVLYL QH IHFH VRWWHUUDQHL 1HO YHQQH LQWURGRWWR XQ QXRYR VWDWXWR G©DXWRQRPLD O©$OWR &RPPLVVDULR IUDQFHVH ULPDQHYD D FDSR GHO JRYHUQR PHQWUH )UDQFLV 6DQIRUG DVVXPHYD OD FDULFD GL YLFHSUHVLGHQWH 3HU OD SULPD YROWD L SRWHUL GHOOR VWDWR IUDQFHVH YHQLYDQR YHQLYDQR ILVVDWL GD XQD OHJJH VFULWWD PHQWUH JOL DOWUL YHQLYDQR GHYROXWL DOOH DXWRULWj SROLQHVLDQH ,O VXFFHVVLYR VWDWXWR G©DXWRQRPLD FKH IX DSSURYDWR QHO VDQFu FKH LO FDSR GHO JR YHUQR ORFDOH YHQLVVH VFHOWR IUD L SDUODPHQWDUL ORFDOL H L PLQLVWUL LO FXL QXPHUR SDVVDYD GD D ,QROWUH YHQQH UL FRQRVFLXWR DOOD 3ROLQHVLD IUDQFHVH LO GLULWWR GL DYHUH XQD EDQGLHUD 1HO LO SUHVLGHQWH GHOO©$VVHPEOHD WHUULWRULDOH $OH[DQGUH /HRQWLHII PRGLILFz QXRYDPHQWH OR VWDWXWR G©DXWR QRPLD FKH GXH DQQL GRSR GLYHQWz OHJJH FRVWLWX]LRQDOH 1HJOL DQQL VXFFHVVLYL /HRQWLHII VL q DYYLFLQDWR VHPSUH SL DOOH SRVL]LRQL GHJOL LQGLSHQGHQWLVWL WDQWR q YHUR FKH QHO q GLYHQWDWR XQR GHL QRVWUL 1XRYL ULWRFFKL DOOR VWD WXWR VRQR VWDWL DSSRUWDWL QHO GDO SUHVLGHQWH )ORVVH PD OD &RUWH FRVWLWX]LRQDOH IUDQFHVH KD UHVSLQWR DOFXQH GHO OH PRGLILFKH FKH DYHYD SURSRVWR 2JJL GRSR WUHQW©DQQL VFDQGLWL GDJOL HVSHULPHQWL QXFOHDUL H GDL YDUL VWDWXWL OD JHQWH q VHPSUH SL YLFLQD DOOH SR VL]LRQL GHJOL LQGLSHQGHQWLVWL 1HOOH HOH]LRQL GHO OH SULPH GRSR OD ILQH GHJOL HVSHULPHQWL 7DYLQL +XLUDDWLUD q SDVVDWR GDL VHJJL GHO D O©$VVHPEOHD WHUULWRULDOH QH KD 1HOOH XOWLPH HOH]LRQL IUDQFHVL KD q SDVVDWR GDL YRWL GHO DL GHO

9HUVR O©LQGLSHQGHQ]D /©HVSHULHQ]D GL WXWWL TXHVWL DQQL KD GLPRVWUDWR FKH L YDUL VWDWXWL GL DXWRQRPLD QRQ VRQR LQ JUDGR GL ULVROYHUH L QRVWUL SUREOHPL VRFLDOL H G HFRQRPLFL FKH VRQR JOL VWHVVL GL PROWL DOWUL SDHVL GHO 3DFLILFR )UD TXHVWL SUREOHPL YRJOLR UL FRUGDUH O©LPPLJUD]LRQH OD YHQGLWD GHOOH QRVWUH WHUUH LO FRQWUROOR GHOOH ULVRUVH PDULQH H OD QHJD]LRQH GHL GLULWWL OLQ JXLVWLFL DQFKH VH LQ WHRULD LO PDRKL q OD OLQJXD XIILFLDOH &RVD SRVVLDPR IDUH SHU HYLWDUH FKH OD )UDQFLD FRQWLQXL D FDOSHVWDUH L QRVWUL GLULWWL ILUPDQGR DFFRUGL LQWHUQD]LRQDOL LQ QRVWUD YHFH" 6ROR OD SLHQD VRYUDQLWj GHOOH QRVWUH LVROH SRWUj ULVROYHUH WXWWL TXHVWL SUREOHPL /D QRVWUD YLWD SROLWLFD KD VXELWR XQ SURFHVVR GL SRODUL]]D]LRQH GD XQD SDUWH LO SDUWLWR ILORIUDQFHVH DO SRWHUH 7D KRHUDD +XLUDDWLUD GDOO©DOWUD O©RSSRVL]LRQH LQGLSHQGHQWLVWD GL 7DYLQL +XLUDDWLUD ,Q DOWUH SDUROH OR VFRQWUR q IUD DXWRQRPLVWL H LQGLSHQGHQWLVWL /©DWWXDOH FDSR GHO JRYHUQR *DVWRQ )ORVVH q LO UDSSUHVHQWDQWH ORFDOH GHO 5DVVHP EOHPHQW SRXU OD 5pSXEOLTXH 535 LO SDUWLWR FRQVHUYDWRUH DO TXDOH DSSDUWLHQH LO SUHVLGHQWH &KLUDF )ORVVH KD GHFLVR GL FRQWUDVWDUH LO FUHVFHQWH VXFFHVVR GHJOL LQGLSHQGHQWLVWL FRQ TXDOFKH PRGLILFD GHOOR VWDWXWR DSSURYDWR QHO $WWXDOPHQWH SUHQGHQGR VSXQWR GDJOL DFFRUGL FKH 3DULJL KD VRWWRVFULWWR FRQ OD 1XRYD &DOHGRQLD )ORVVH VWD QHJR ]LDQGR FRQ LO JRYHUQR IUDQFHVH DOFXQH PRGLILFKH FRVWLWX]LRQDOL ,Q TXHVWR PRGR OD 3ROLQHVLD GLYHQWHUHEEH XQ 720 WHUULWRULR G©ROWUHPDUH FRQ LO GLULWWR GL OHJLIHUDUH VX FHUWH PDWHULH 6L SDUOD DQFKH GL LVWLWXLUH OD FLWWDGLQDQ]D SROL QHVLDQD PD VL WUDWWHUHEEH FRPXQTXH GL XQD FLWWDGLQDQ]D GDJOL HIIHWWL ULGRWWL GDWR FKH QRQ LQFOXGHUHEEH LO GLULWWR GL YRWDUH DOOH HOH]LRQL WHUULWRULDOL


7DYLQL +XLUDDWLUD KD GHFLVR GL SDUWHFLSDUH D TXHVWL QHJR]LDWL LO QRVWUR RELHWWLYR QDWXUDOPHQWH QRQ q TXHOOR GL RWWHQHUH PDJJLRUH DXWRQRPLD PD GL ULDIIHUPDUH OD QRVWUD SRVL]LRQH LQGLSHQGHQWLVWD HG HYLWDUH FKH )ORVVH DEELD LO SLHQR FRQWUROOR GHOOH LVWLWX]LRQL 1RL FUHGLDPR FKH TXDOXQTXH VWDWXWR GL DXWRQRPLD GHEED SUHSDUDUH LO WHUUHQR DO O©LQGLSHQGHQ]D &RPH KD GHWWR XQ SDUODPHQWDUH IUDQFHVH ¦O©DXWRQRPLD q VROR O©DQWLFDPHUD GHOO©LQGLSHQGHQ]D§ 4XHVWR SURFHVVR GL ULIRUPH DQ]LFKp LQGHEROLUH LO PRYLPHQWR LQGLSHQGHQWLVWD UDIIRU]D OD IHGH GHO SRSROR PDRKL QHOO©LQGLSHQGHQ]D FKH FRPXQTXH QRQ YLHQH LQWHVD FRPH XQD URWWXUD GHL QRVWUL OHJDPL FRQ OD )UDQFLD $O FRQWUD ULR VLJQLILFD DPLFL]LD H FRRSHUD]LRQH FRQ OD )UDQFLD FRVu FRPH FRQ O©(XURSD FRQ L SDHVL GHO 6RXWK 3DFLILF )R UXP H LO UHVWR GHO PRQGR /D QRVWUD SULRULWj FRPXQTXH q TXHOOD GL DPSOLDUH H FRQVROLGDUH L UDSSRUWL FRQ L SDHVL GHO 3DFLILFR 5HFHQWHPHQWH OD )UDQFLD KD ULFRQRVFLXWR GL DYHU VYROWR XQ UXROR FRORQLDOH LQ 1XRYD &DOHGRQLD (EEHQH GHYH IDUH DOWUHWWDQWR FRQ OD 3ROLQHVLD &RPH KD IDWWR SHU OD 1XRYD &DOHGRQLD O©218 GHYH UHLQVHULUH OD 3ROLQHVLD QHOOD OLVWD GHL WHUULWRUL GD GHFRORQL]]DUH ,O 6RXWK 3DFLILF )RUXP SXz DLXWDUFL D UDJJLXQJHUH TXHVWR RELHWWLYR 'HO UHVWR QHO OH 1D]LRQL 8QLWH KDQQR DSSURYDWR GXH ULVROX]LRQL GHO GLFHPEUH H GHO GLFHPEUH GRYH VL LPSHJQDYDQR D VRVWHQHUH LO SURFHVVR GL GHFRORQL]]D]LRQH LQ RJQL SDUWH GHO PRQGR &RQ OD ULVROX]LRQH GHOO© QRYHPEUH LQROWUH O©218 KD SURFODPDWR FKH LO GHFHQQLR DYUHEEH VH JQDWR OD GHILQLWLYD DUFKLYLD ]LRQH GHO FRORQLDOLVPR LO QRPH XIILFLDOH GHOO©LQL]LDWLYD q 81 'HFDGH IRU WKH (UDGLFDWLRQ RI &RORQLDOLVP QGW

,QGLSHQGHQ]D H LQWHUGLSHQGHQ]D /©LQGLSHQGHQ]D SROLWLFD GHYH HVVHUH DFFRPSDJQDWD GD XQ LQVLHPH GL PLVXUH FKH JDUDQWLVFDQR TXHOOD HFRQRPLFD DQFKH VH VDSSLDPR EHQH FKH QHVVXQD HFRQRPLD q GDYYHUR LQGLSHQGHQWH ,O QRVWUR RELHWWLYR q TXHOOR GL FRQLXJDUH LQGLSHQGHQ]D H LQWHUGLSHQGHQ]D FRPH LPSRQH LO UDSSRUWR IUD VWDWL QHOO©HUD GHOOD JOREDOL]]D]LRQH /©LQGLSHQGHQ]D HFRQRPLFD GHO QRVWUR SDHVH QRQ q XQ©XWRSLD (QWUR LO LO WXULVPR O©HVSRUWD]LRQH H OH DOWUH ULVRUVH GHOOD 3ROLQHVLD FRSULUDQQR LO GHOOH XVFLWH QHFHVVDULH SHU SDJDUH OH LPSRUWD]LRQL $QFKH OD )UDQFLD KD GHOOH UHVSRQVDELOLWj D TXHVWR SURSRVLWR SHUFKp GHYH WHQHU IHGH DL GRYHUL FKH KD YHUVR LO SRSROR PDRKL 4XHVWR SUR FHVVR q JLj FRPLQFLDWR FRQ L IRQGL FKH LO JRYHUQR IUDQFHVH KD VWDQ]LDWR SHU OD ULFRQYHUVLRQH HFRQRPLFD GHO SDHVH O©RELHWWLYR GL TXHVWL IRQGL q TXHOOR GL ULHTXLOLEUDUH O©HFRQRPLD SURPXRYHQGR OR VYLOXSSR GHOOH ULVRUVH &RQ O©LQGL SHQGHQ]D LO QRVWUR GHELWR HVWHUR VL ULGXUUj 3RWUHPR XWLOL]]DUH PHJOLR L QRVWUL SRWHUL SROLWLFL VSHFLDOPHQWH TXHOOL FKH SHUPHWWHUDQQR JOL LQYHVWLPHQWL SURGXWWLYL ,QVLHPH DOOD )UDQFLD H DG DOWUL SDHVL VYLOXSSHUHPR OH ULVRUVH PDULQH GL XQD UHJLRQH JUDQGH TXDQWR O©(XURSD RFFLGHQWDOH ,QROWUH LQFHQWLYHUHPR O©DJULFROWXUD SHU ULGXUUH OD QHFHVVLWj GL LPSRUWDUH SURGRWWL VWUDQLHUL ,O WXULVPR FRQWLQXHUj D ULYHVWLUH XQ UXROR FHQWUDOH GDO PRPHQWR FKH LQIOXHQ]D DOWUL VHWWRUL FRPH O©DJULFROWXUD OD SHVFD O©DUWLJLDQDWR H LO FRPPHUFLR ,O QRVWUR SDHVH UHVWHUj XQD GHOOH PHWH SUHIHULWH GDL WXULVWL PD D TXHVWR VFRSR VRQR IRQGDPHQWDOL OD SURWH]LRQH GHOO©DPELHQWH H OD ORWWD FRQWUR O©LQTXLQDPHQWR ,O WXULVPR QRQ GRYUj LQTXLQDUH OD QRVWUD FXOWXUD VWLPRODQGR OD GLIIXVLRQH GHO JLRFR G©D]]DUGR GHOOD SURVWLWX]LRQH H GHOOD GURJD 7DYLQL +XLUDDWLUD q D IDYRUH GL XQ WXULVPR FKH ULVSHWWL O©XRPR H O©DPELHQWH ,O WXULVPR FUHD QXRYL SRVWL GL ODYRUR H JDUDQWLVFH DWWXDOPHQWH XQ IOXVVR GL YDOXWD VWUDQLHUD FKH DPPRQWD D FLUFD PLOLDUGL GL IUDQFKL GHOOD &RPXQLWj IUDQFHVH GHO 3DFLILFR PLOLDUGL GL OLUH 5DGGRSSLDQGR LO QXPHUR GHL WXULVWL H SRUWDQGROR TXLQGL D TXRWD SRWUHPPR VRVWLWXLUH L IRQGL FKH LO JRYHUQR IUDQFHVH HURJD DOOD 3ROLQHVLD 6L WUDWWD GL XQ RELHWWLYR FKH SXz HVVHUH UDJJLXQWR LQ DQQL /D 3ROLQHVLD LQROWUH KD JUDQGL ULVRUVH PDULQH GD VIUXWWDUH ,Q SDUWLFRODUH OD SURGX]LRQH GL SHUOH QHUH FKH q WLSL FDPHQWH SROLQHVLDQD DQFKH VH DOWUL SDHVL GHO 3DFLILFR VWDQQR FHUFDQGR GL VYLOXSSDUH TXHVWD DWWLYLWj /©RFHDQR RIIUH DOWUH ULVRUVH FRPH LO WRQQR XQD ULFFKH]]D FKH SRVVLDPR VIUXWWDUH GD VROL VHQ]D OH SHVDQWL OLPLWD]LRQL LPSRVWH GDJOL DFFRUGL FRQ LO *LDSSRQH H OD &RUHD GHO 6XG ,O PDUH FRQWLHQH DQFKH QXPHURVL PHWDOOL IUD FXL LO FREDOWR &RQ OR VYL OXSSR GL IRQWL HQHUJHWLFKH VRODUL H LGURHOHWWULFKH UDIIRU]HUHPR OD QRVWUD LQGLSHQGHQ]D HFRQRPLFD ,O SDHVH RIIUH GHOOH SRWHQ]LDOLWj HFRQRPLFKH PROWR LQWHUHVVDQWL PROWL JLRYDQL GRWDWL GL EXRQH FRQRVFHQ]H LQIRU PDWLFKH H GL XQD EXRQD FRQRVFHQ]D GHOO©LQJOHVH OLQJXD LQWHUQD]LRQDOH SHU HFFHOOHQ]D VHQ]D SHUz GLPHQWLFDUH LO PDRKL FKH ULPDQH OD EDVH GHOOD QRVWUD LGHQWLWj FXOWXUDOH ,O IUDQFHVH ULPDUUj FRPH OLQJXD YHLFRODUH HG q DXVSLFD ELOH FKH 3DULJL FRQ OD VXD GLIHVD GHOOD IUDQFRIRQLD FRQWLQXL D ILQDQ]LDUH LO QRVWUR VLVWHPD HGXFDWLYR QHO TXDGUR GL DFFRUGL FKH VRVWLWXLVFDQR O©DVVLVWHQ]LDOLVPR DWWXDOH ,O QRVWUR SDHVH GRYUj DQFKH OLPLWDUH OD IXJD GL FDSLWDOL FKH DYYLHQH DWWUDYHUVR OH EDQFKH ORFDOL XQD FLIUD FKH VL DJJLUD VXL PLOLDUGL GL IUDQFKL GHO 3DFLILFR PLOLDUGL GL OLUH DOO©DQQR 6H TXHVWL FDSLWROL HQWUDQR QHO FLUFXLWR IUDQFHVH TXHVWR FUHD SRVWL GL ODYRUR D /LRQH H D 3DULJL PD QRQ D 3DSHHWH /D 3ROLQHVLD GHYH ORWWDUH DQFKH FRQWUR L IDOVL ELVRJQL FUHDWL GDO FRQVXPLVPR $O WHPSR VWHVVR GHYH WURYDUH LO PRGR GL FRQFLOLDUH L YDQWDJJL GHOOD PRGHUQLWj FRQ XQ PRGR GL YLYHUH FKH VLD LQ VLQWRQLD FRQ OD QDWXUD H FRQ OD QRVWUD FXOWXUD , YDORUL GHOOD VROLGDULHWj FRPXQLWDULD LQVLHPH D TXHOOL FULVWLDQL VRQR DQFRUD LO FHPHQWR FKH WLHQH XQLWD OD VRFLHWj PDRKL DOO©LQL]LR GHO QXRYR PLOOHQQLR QRQRVWDQWH OD ORJLFD GHO SURILWWR FKH VHPEUD GRPLQDUH QHO PRQGR , SRSROL GHO 3DFLILFR GHYRQR ULFRVWLWXLUH TXHL UDSSRUWL GL IUDWHOODQ]D VROLGDULHWj HG HPDQFLSD]LRQH FKH VRQR SDUWH LQWHJUDQWH GHOOD ORUR FXOWXUD


/H X H XOWLPH F H FRORQLH H H HXURSHH

$OO·LQL]LR GHO WHU]R PLOOHQQLR VHL SDHVL GHOO·8( 'DQLPDUFD )UDQFLD *UDQ %UHWDJQD 2ODQGD 3RUWRJDOOR H 6SDJQD FRQVHUYDQR GHL SRVVHGLPHQWL FRORQLDOL VSDUVL LQ YDULH UHJLRQL GHO SLDQHWD 6L WUDWWD GL XQ YHQWDJOLR FKH YD GDOO·DXWRQRPLD SL DYDQ]DWD DOOD FRPSOHWD LQWHJUD]LRQH QHO WHUULWRULR PHWURSROLWDQR SHU FXL q QHFHV VDULR GLVWLQJXHUH GXH YDULDQWL $ TXHVWR VFRSR SXz IXQJHUH GD HVHPSLR O·RUGLQDPHQWR IUDQFHVH FKH SUHYHGH GXH GLYHUVL WLSL GL FRORQLH L '20 'pSDUWHPHQWV G·2XWUH 0HU H L 720 7HUULWRLUHV G·2XWUH 0HU $O SULPR JUXSSR DSSDUWHQJRQR TXDWWUR WHUULWRUL QRQ HXURSHL FKH VRQR GLYHQWDWL SDUWH LQWHJUDQWH GHO WHUULWRULR QD]LRQDOH OD *X\DQD IUDQFHVH *XDGD OXSD 0DUWLQLFD H 5pXQLRQ 2FFXSDQR XQD SRVL]LRQH DQDORJD DOFXQL WHUULWRUL VSDJQROL &HXWD H 0HOLOOD H SRUWRJKHVL $]]RUUH H 0DGHUD ,O VHFRQGR JUXSSR PROWR SL QXPHURVR FRPSUHQGH TXHL WHUULWRUL FKH JRGR QR GL XQD QRWHYROH DXWRQRPLD 5LHQWUD LQ TXHVWD WLSRORJLD OD *URHQODQGLD FRORQLD GDQHVH GD VHL VHFROL H DQ QHVVD DO UHJQR QHO SRL GLYHQWDWD XQD UHJLRQH FRQ LO UHIHUHQGXP GHO 1HO O·LVROD VL q ULWLUDWD GDOOD &(( 8Q DOWUR WHUULWRULR HVWHUQR GHOOD 'DQLPDUFD q O·DUFLSHODJR GHOOH ) U ‘HU QRQ DSSDUWHQHQWH DOO·8 QLRQH (XURSHD H VHPSUH SL RULHQWDWR YHUVR OD SLHQD LQGLSHQGHQ]D /D )UDQFLD LQYHFH LQWURGXFH QHO JUXSSR GHL WHUULWRUL DXWRQRPL XQ·XOWHULRUH VXGGLYLVLRQH GD XQD SDUWH OH FROOHWWLYLWj WHUULWRULDOL 0D\RWWH H 6DLQW 3LHUUH H 0LTXHORQ H L 720 1XRYD &DOHGRQLD 3ROLQHVLD IUDQFHVH :DOOLV H )XWXQD SL DOFXQL WHUULWRUL DXVWUDOL H DQWDUWLFL $SSDUWHQJRQR DOOD *UDQ %UHWDJQD $QJXLOOD %HUPX GD OH LVROH &D\PDQ OH )DONODQG 0DOYLQH *LELOWHUUD 0RQWVHUUDW 3LWFDLUQ 6DQW·(OHQD 7XUNV H &DLFRV OH 6DQGZLFK OH 9HUJLQL DOFXQL WHUULWRUL GHOO·2FHDQR ,QGLDQR LVROH &KDJRV H DOWUL VLWXDWL QHOO·2FHDQR $QWDUWLFR ,QILQH L 3DHVL %DVVL FKH SRVVLHGRQR DQFRUD OH FLQTXH $QWLOOH 2ODQGHVL H $UXED JLj SDUWH GHOOR VWHVVR JUXSSR FKH GDO JRGH GL XQR VWDWXWR SURSULR *LRYDQQD 0DUFRQL

%LEOLRJUDILD

´/HV DXWRFKWRQHV GH O·RXWUH PHU IUDQoDLVµ 'URLW HW FXOWXUHV - &KHVQHDX[ H 1 0DFOHOODQ /D )UDQFH GDQV OH 3DFLILTXH 'H %RXJDLQYLOOH j 0RUXURD /D 'pFRXYHUWH 3DULV % H 0 7 'DQLHOVVRQ 0RUXURD QRWUH ERPEH FRORQLDOH +LVWRLUH GH OD FRORQLVDWLRQ QXFOpDLUH GH OD 3RO\QpVLH IUDQoDLVH /·+DU PDWWDQ 3DULV 0 7 'DQLHOVVRQ ´3ROLQHVLD IUDQFHVH FRORQLD QXFOHDUHµ 3RJURP )LUHQ]H Q PDJJLR GLFHPEUH SS 8 'HOLXV 626 0RUXURD )UDQ]|VLVFKH $WRPWHVWV LP 3D]LILN 3D]LILN ,QIRUPDWLRQVVWHOOH 1HXHQGHWWHOVDX ' *KLVRQL : ,RSXp H & 5DELQ D FXUD GL &HV LOHV TXH O·RQ GLW IUDQoDLVHV /·+DUPDWWDQ 3DULV *UHHQSHDFH 'DPRFOqV 7pPRLJQDJHV (VVDLV QXFOpDLUHV IUDQoDLV GHV 3RO\QpVLHQV SUHQQHQW OD SDUROH &HQWUH GH 'RFXPHQWDWLRQ HW GH 5pFKHUFKH VXU OD 3DL[ HW OHV &RQIOLWV /\RQ ' 3LHUPRQW D FXUD GL /HV GHUQLqUHV FRORQLHV HXURSpHQQHV *URXSH $UF HQ FLHO DX 3DUOHPHQW (XURSpHQ %UX[HOOHV ) 4XLOLFL 3ROLQHVLD LVROH H DWROOL GHO PLWR 5RWKPDQV 3XEOLFDWLRQV 0RQGDGRUL 0LODQR ' 5RELH %ORRG RQ 7KHLU %DQQHU 1DWLRQDOLVP LQ WKH 6RXWK 3DFLILF =HG %RRNV /RQGRQ 5 6PLWK 7KH 1XFOHDU )UHH DQG ,QGHSHQGHQW 3DFLILF 0RYHPHQW $IWHU 0RUXURD 7DXULV /RQGRQ ( :HLQJDUWQHU ,O 3DFLILFR DYYHOHQDWR /H FRQVHJXHQ]H GHL WHVW QXFOHDUL VXL SRSROL GHOO·DUHD 0DFUR HGL]LRQL 6DUVLQD )RUOu

:RUOG 8UDQLXP +HDULQJ ZZZ UDWLFDO RUJ UDGLDWLRQ :RUOG8UDQLXP+HDULQJ

,QGLUL]]L

+LWL 7DX )UDQFH /DXUHQW =LHJHOPH\HU DYHQXH G·$OIRUWYLOOH &KRLV\ OH 5RL )UDQFH KLWLWDXI#ZRUOGQHW IU 6ZHGLVK 3RO\QHVLDQ )ULHQGVKLS 6RFLHW\ 6YDUYDUJDWDQ 6( 6WRFNKROP 6ZHGHQ WHO VZHGSRO\# KRWPDLO FRP


4XDUDQWDPLOD DQQL GL VRJQL GXH VHFROL GL LQFXEL $OHVVDQGUR 0LFKHOXFFL

4XHVW©DQQR O©$XVWUDOLD IHVWHJJLD LO FHQWHQDULR GHOO©LQGLSHQGHQ]D GDOOD *UDQ %UHWDJQD /H FHOHEUD]LRQL XIILFLDOL LQ FRUVR SURSRQJRQR O©LPPDJLQH GL XQ SDHVH GRYH L SULQFLSL GL OLEHUWj H XJXDJOLDQ]D KDQQR WURYDWR XQD FRPSLXWD DS SOLFD]LRQH 6H VL HVFOXGRQR FHUWL FRPPHQWL GL PDQLHUD SHUz QLHQWH YLHQH GHWWR GHOOH GLVFULPLQD]LRQL FKH KDQQR VH JQDWR TXHVWR VHFROR GL VWRULD $OOR VWHVVR PRGR QHVVXQ GLVFRUVR XIILFLDOH ULFRUGHUj FKH DL IXQ]LRQDUL LQYLDWL GDO O©218 SHU YHULILFDUH OD VLWXD]LRQH GHL GLULWWL XPDQL q VWDWR QHJDWR LO SHUPHVVR GL HQWUDUH LQ $XVWUDOLD &RPH q JLj DFFDGXWR LQ RFFDVLRQH GHO FLQTXHFHQWHQDULR FRORPELDQR H GL TXHOOR EUDVLOLDQR OD VWRULD YLHQH IDOVL ILFDWD RFFXOWDQGR OH WUDJLFKH LQJLXVWL]LH FKH VRQR VWDWH FRPSLXWH DL GDQQL GHOOH SRSROD]LRQL DXWRFWRQH

/D QDVFLWD GHOO©$XVWUDOLD ,O WHUPLQH JHQHULFR GL ¦$ERULJHQL§ YLHQH JHQHUDOPHQWH VFULWWR FRQ O©LQL]LDOH PDLXVFROD VHFRQGR O©XVR DXVWUDOLDQR SHU LQGLFDUH L SRSROL LQGLJHQL GHOO©$XVWUDOLD H GHOOR 6WUHWWR GL 7RUUHV FKH VHSDUD O©LVROD SL JUDQGH GHO PRQGR GD 3DSXD 1XRYD *XLQHD ,Q UHDOWj TXHVWL SRSROL VRQR RULJLQDUL GHO VXEFRQWLQHQWH LQGLDQR GDO TXDOH PLJUDQR DWWRUQR DO D & /H WHVL DQWURSRORJLFKH SUHYDOHQWL OL DSSDUHQWDQR DL :DQQL\DOD $HWWR R 9HGGD JOL LQGLJHQL GL 6UL /DQND &RPH JOL ,QGLDQL GHO 1RUGDPHULFD JOL $ERULJHQL QRQ VRQR XQ SRSROR XQLFR PD FLUFD GXHFHQWR DOFXQL GL TXHVWL VRQR IUD L SL DQWLFKL DELWDQWL GHO SLDQHWD /H ORUR FXOWXUH VRQR VHPSUH VWDWH SHUPHDWH GD XQD IRUWH VSLULWXDOLWj 6HFRQGR TXHVWL SRSROL OD ORUR WHUUD KD D YXWR RULJLQH VROWDQWR QHO 7HPSR GHO 6RJQR FLRq TXDQGR JOL 6SLULWL &UHDWRUL HPHUVL GDOOD WHUUD GRSR LO ULVYHJOLR SHUFRUVHUR LO WHUULWRULR ¦FDQWDQGROR§ SHU OD SULPD YROWD FLRq GDQGR XQ QRPH D WXXWH OH FRVH 'LVSHUVL VX XQ WHUULWRULR VFRQILQDWR H LQ EXRQD SDUWH GHVHUWLFR SHU PLJOLDLD GL DQQL YLYRQR GL FDFFLD H GL UDF FROWD $OOD ILQH GHO LO UH *LRUJLR ,,, G ,QJKLOWHUUD GHFLGH GL LQVWDOODUH LQ $XVWUDOLD GD SRFR VFRSHUWD XQD FR ORQLD SHQDOH $OO LQL]LR LO FRQWDWWR FRQ L DELWDQWL GHOO LVROD QRQ q YLROHQWR L FRORQL EULWDQQLFL QRQ YRJOLRQR VWHUPLQDUOL PD VL FRQWHQWDQR GL WHQHUOL D GLVWDQ]D 1HO FRUVR GHO VHFROR VXFFHVVLYR SHUz OD VLWXD]LRQH VXELVFH XQ PXWDPHQWR UDGLFDOH QDVFRQR OH FLWWj FRVWLHUH PHQWUH LO SDHVH YLHQH LQYDVR GDL FHUFDWRUL G RUR H G DUJHQWR &R PLQFLDQR FRVu L GHFHQQL GHOOD SHUVHFX]LRQH JOL LQGLJHQL GHOOD 7DVPDQLD SHU HVHPSLR YHQJRQR FRPSOHWDPHQWH VWHUPLQDWL 4XHOOL GHOO $XVWUDOLD FKH GLVSRQJRQR GL XQ WHUULWRULR EHQ SL YDVWR VIXJJRQR D TXHVWD VRUWH PD LO ORUR QXPHUR YLHQH FRPXQTXH ULGRWWR LQ PRGR VHQVLELOH 1HOOR VWHVVR SHULRGR VL ID VWUDGD LO FRQFHWWR GL WHUUD QXOOLXV LO GLULWWR DXVWUDOLDQR DIIHUPD FKH SULPD GHOO DUULYR GHL EULWDQQLFL LO SDHVH QRQ DSSDUWHQHYD D QHVVXQR PHWWHQGRVL FRVu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¤ DOFRROLVPR GHOLQTXHQ]D SHUGLWD G LGHQWLWj ¤ FKH OL DFFRPSDJQHUDQQR ILQR DL QRVWUL JLRUQL ,QWDQWR LO UDSSRUWR FRO JRYHUQR VLD TXHVWR VWDWDOH R IHGHUDOH ULPDQH SULYR GL TXDOVLDVL UHJRODPHQWD]LRQH /D VROLGDULHWj GHOOH IHPPLQLVWH ,Q $XVWUDOLD IUD JOL DQQL 9HQWL H JOL DQQL 7UHQWD QXPHURVH DVVRFLD]LRQL IHPPLQLVWH VL VFKLHUDQR DSHUWDPHQWH GDOOD SDUWH GHOOD PLQRUDQ]D DERULJHQD )DFHQGR OHYD VXOOD FUHVFHQWH LPSRUWDQ]D FKH L GRPLQLRQV VWDQQR DVVXPHQGR DO O©LQWHUQR GHO &RPPRQZHDOWK TXHVWH GRQQH VL RSSRQJRQR DOOD SROLWLFD DVVLPLOD]LRQLVWD GHO JRYHUQR IHGHUDOH H VWL PRODQR TXHVW©XOWLPR D ULFRQRVFHUH L GLULWWL FLYLOL H WHUULWRULDOL GHJOL LQGLJHQL $O WHPSR VWHVVR DIIHUPDQR FKH OD VROX ]LRQH GHO SUREOHPD DERULJHQR UDSSUHVHQWD XQ WHVW FUXFLDOH SHU OD QHRQDWD IHGHUD]LRQH 1HO OD VFULWWULFH 0DU\ %HQQHWW SXEEOLFD LO OLEUR 7KH $XVWUDOLDQ $ERULJLQDO DV D +XPDQ %HLQJ GRYH DIIHU PD FKH LO SUREOHPD GHJOL DERULJHQL SUHVHQWD LPSOLFD]LRQL GL SRUWDWD PRQGLDOH ¦/D FRVWUX]LRQH GL XQ JLXVWR UDS SRUWR IUD ELDQFKL H QHUL QRQ q XQ SUREOHPD FKH ULJXDUGD VROWDQWR QRL PD LO PRQGR LQWHUR§ /D PLOLWDQWH IHPPLQLVWD


q FRQYLQWD FKH DJOL DERULJHQL LQ TXDQWR DELWDQWL RULJLQDUL GHOO©$XVWUDOLD H VXGGLWL GHOOD &RURQD EULWDQQLFD GHEED HVVHUH ULFRQRVFLXWD OD FLWWDGLQDQ]D H WXWWL L GLULWWL VRFLDOL UHODWLYL

8Q WUDWWDWR SHU OD WHUUD 1HJOL DQQL &LQTXDQWD VL YHULILFD OD VHFRQGD RQGDWD GHOOD FRORQL]]D]LRQH PLQHUDULD FKH SRUWHUj O $XVWUDOLD DL SULPL SRVWL SHU O HVWUD]LRQH H O HVSRUWD]LRQH GL VWDJQR DUJHQWR XUDQLR EDX[LWH IHUUR H QLFNHO $OOD FRPSDJQLD PLQHUDULD &RPDOFR YHQJRQR DVVHJQDWL NPT GL WHUUD JLj DGLELWD D ULVHUYD DERULJHQD 1HVVXQD OHJJH SXz GLIHQGHUH JOL $ ERULJHQL GDL GDQQL DPELHQWDOL GHULYDQWL GDOO HVWUD]LRQH *OL LQGLJHQL LQL]LDQR SHUFLz D RUJDQL]]DUVL 1HO QDVFH LO &RQVLJOLR )HGHUDOH SHU OD 'LIHVD GHJOL $ERULJHQL FKH VL FRQFHQWUD VXO SUREOHPD GHOOH WHUUH /DQG 5LJKWV 1RZ GLULWWL WHUULWRULDOL VXELWR q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u GHOXVH *OL LQWHUHVVL GHOOH FRPSDJQLH PLQHUDULH LQROWUH QRQ YHQJRQR PLQLPDPHQWH FRPSURPHVVL ,O JRYHUQR :KLWODP PLJOLRUD FRPXQTXH OH FRQGL]LRQL VRFLDOL H VDQLWDULH GHJOL LQGLJHQL PD VRSUDWWXWWR q LO SULPR FKH VL VIRU]D GL ULFRQRVFHUH OD FHQWUDOLWj GHL GLULWWL WHUULWRULDOL ,QROWUH q QHFHVVDULR VRWWROLQHDUH FKH DOOD WHUUD q VWUHWWD PHQWH OHJDWD OD GLIHVD GHL OXRJKL VDFUL SDUWH LQWHJUDQWH GHOOD UHOLJLRVLWj DERULJHQD ,O SL IDPRVR q 8OXUX PHJOLR QRWR FRPH $\HUV 5RFN LO JLJDQWHVFR PRQROLWH FKH VL WURYD QHO FHQWUR GHO GHVHUWR DXVWUDOLDQR /H PHUDYLJOLRVH SLW WXUH UXSHVWUL FKH DGRUQDQR TXHVWR H DOWUL OXRJKL VDFUL UDSSUHVHQWDQR O HVSUHVVLRQH SL WLSLFD GHOO DUWH DERULJHQD *OL DQQL 2WWDQWD VRQR FDUDWWHUL]]DWL DQFKH GD XQ JUDQGH LQFUHPHQWR GHOO©DWWLYLVPR SROLWLFR VLD D OLYHOOR ORFDOH FKH LQWHUQD]LRQDOH 9DULH RUJDQL]]D]LRQL VL IRQGRQR GDQGR YLWD DO 6HUYL]LR /HJDOH $ERULJHQR 1$$,/6 FKH VL DY YDOH GL DXWRUHYROL FRQVXOHQ]H WHFQLFKH /D QXRYD RUJDQL]]D]LRQH DGHULVFH DO &RQVLJOLR 0RQGLDOH GHL 3RSROL ,Q GLJHQL :&,3 H VYROJH XQ©LQWHQVD DWWLYLWj LQWHUQD]LRQDOH /H SLDJKH FKH DIIOLJJRQR JOL LQGLJHQL VRQR DQFRUD WDQWH O©DOFRROLVPR O HPDUJLQD]LRQH OD YLROHQ]D GHOOD SROL]LD FKH QRQ ULVSDUPLD QHPPHQR L EDPELQL

/D O D ORWWD WWD G GHL L 0 0LUUDU U FFRQWUR R OOD P D PLQLHUD D G GL L -DELOX LOXND

/·$XVWUDOLD GRSR OD VFRSHUWD GHL JLDFLPHQWL GL XUDQLR DYYHQXWD QHL SULPL DQQL 6HWWDQWD q GLYHQWDWD LO VHVWR SURGXWWRUH PRQGLDOH GHO VHWWRUH 2JJL VL FDOFROD FKH LO SDHVH GLVSRQJD GHO GHOO·XUDQLR GLVSRQLELOH VXOOD 7HUUD ,O JLDFLPHQWR GL -DELOXND ILQR D SRFKL PHVL ID GL SURSULHWj GHOOD (QHUJ\ 5HVRXUFHV RI $XVWUDOLD (5$ q IUD L SL JUDQGL FKH HVLVWRQR 6LWXDWR QHL SUHVVL GHOOD SLDQXUD DOOXYLRQDOH GL 0DJHOD &UHHN QHO 1RUWKHUQ 7HU ULWRU\ VL WURYD D FLUFD NP D QRUG GHOOD PLQLHUD GL 5DQJHU DQFK·HVVD GL SURSULHWj GHOO·(5$ H YLFLQR DOOD VWUDGD FKH SRUWD DL VLWL GL 8ELUU IDPRVL SHU OH ORUR SLWWXUH UXSHVWUL $QFKH VH VL WURYD DOO·LQWHUQR GHO .DNDGX 1DWLRQDO 3DUN FKH O·8QHVFR FRQVLGHUD SDWULPRQLR FXOWXUDOH PRQGLDOH LO JLDFLPHQWR GL -DELOXND QH q DPPLQL VWUDWLYDPHQWH HVFOXVR ,O SRSROR PLUUDU FKH GD ROWUH YHQW·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·DYYHOHQDPHQWR GHOOH DFTXH q XQ IHQRPHQR IUHTXHQWH 1HJOL XOWLPL DQQL FRPXQTXH JOL LQGLJHQL VRQR ULXVFLWL D FRLQYROJHUH QHOOD ORUR EDWWDJOLD QXPHURVH DVVRFLD]LRQL HFRORJLVWH GDQGR FRVu YLWD D XQ IURQWH DUWLFRODWR H PROWR DWWLYR FKH RYYLDPHQWH VL PRELOLWD DQFKH DWWUDYHUVR ,QWHUQHW ZZZ PLUUDU QHW /R VFRUVR DQQR OD FRPSDJQLD PLQHUDULD 5LR 7LQWR =LQF JLj WULVWHPHQWH QRWD SHU OR VIUXWWDPHQWR LUUHVSRQVD ELOH GL WHUULWRUL LQGLJHQL LQ YDUL SDHVL KD DFTXLVWDWR GDOO·(5$ OD PLQLHUD GL -DELOXND 6L WUDWWD GL XQD VLWXD]LR QH VRFLHWDULD SLXWWRVWR FRPSOHVVD QHOOD TXDOH VL LQWUHFFLD DQFKH LO UXROR GHOOD FRPSDJQLD IUDQFHVH &RJHPD FKH GHWLHQH LO GHOO·(5$ ROWUH D SRVVHGHUH LO GHSRVLWR GL .RRQJDUUD VLWXDWR QHO .DNDGX 3DUN 'XUDQWH OD VXD XOWLPD ULXQLRQH DQQXDOH WHQXWDVL D /RQGUD LO DSULOH OD FRPSDJQLD 5LR 7LQWR KD DQ QXQFLDWR FKH OD PLQLHUD GL -DELOXND QRQ VDUj RSHUDWLYD SULPD GHO 3HU -DFTXL .DWRQD FKH GD DQQL JXLGD OD ORWWD GHJOL $ERULJHQL FRQWUR LO SURJHWWR VL WUDWWD VROR GL XQ ULQYLR FKH QRQ ULVROYH OD TXHVWLRQH OD PLQLHUD GHYH HVVHUH GHILQLWLYDPHQWH FKLXVD H OD WHUUD GHYH WRUQDUH DL VXRL SURSULHWDUL HIIHWWLYL /D ORWWD ULPDQH DSHUWD

*LRYDQQD 0DUFRQL


,O JHQQDLR VL FHOHEUD LO ELFHQWHQDULR GHOOD ¦VFRSHUWD§ GHOO $XVWUDOLD 1HO VXR GLVFRUVR LO 3ULPR 0LQLVWUR LO ODEXULVWD +DZNH QRQ ID DOFXQ ULIHULPHQWR DJOL LQGLJHQL FKH GDO FDQWR ORUR RUJDQL]]DQR FRQWURPDQLIHVWD]LRQL LQ YDULH FLWWj $QFRUD XQD YROWD UHFODPDQR XQ WUDWWDWR FKH UHJROL LQ PRGR HTXR L UDSSRUWL IUD L ELDQFKL H OD PLQRUDQ]D GL FRORUH 'XH DQQL SL WDUGL OH FRPXQLWj FKH IDQQR FDSR DL /DQG &RXQFLOV &RQVLJOL WHUULWRULDOL YHQJRQR ULRU JDQL]]DWH LQ VHJXLWR DOOD FUHD]LRQH GHO &RPLWDWR SHU JOL $ERULJHQL $76,& OD QXRYD VWUXWWXUD JRYHUQDWLYD QDWD GDOOD IXVLRQH GHL GXH RUJDQLVPL JLj HVLVWHQWL $OFXQL OHDGHUV LQGLJHQL PHWWRQR LQ GXEELR OD YDOLGLWj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©$OWD &RUWH VXO FDVR 0DER VWHQWD D WUDGXUVL LQ SUDWLFD

'RSR 0DER 1HJOL XOWLPL DQQL GLYHUVL DYYHQLPHQWL KDQQR WHVWLPRQLDWR XQD QHWWD ULSUHVD GHOO©DWWLYLVPR DERULJHQR FKH RUPDL KD WURYDWR XQD FHUWD HFR DQFKH QHOOH LVWLWX]LRQL DFFDGHPLFKH ,O OXJOLR q VWDWD DGRWWDWD OD EDQGLHUD DERULJHQD FKH LQ UHDOWj YHQLYD JLj XWLOL]]DWD GDO 'LVHJQDWD GDOO©DUWLVWD DERULJHQR +DUROG 7KRPDV OD EDQGLHUD q GLYLVD LQ GXH SDUWL GL XJXDOL GLPHQVLRQL XQD QHUD H O©DOWUD URVVD XQLWH GD XQ VROH JLDOOR FKH VL WURYD DO FHQWUR ,O QHUR UDS SUHVHQWD JOL $ERULJHQL LO URVVR q OD UHOD]LRQH VSLULWXDOH FRQ OD WHUUD H LO JLDOOR LQGLFD LO VROH IRQWH GL YLWD 1HJOL VWHVVL DQQL SXUWURSSR JXDGDJQD VSD]LR LQ $XVWUDOLD LO .X .OX[ .ODQ LO PRYLPHQWR UD]]LVWD QDWR QHJOL 6WDWL 8QLWL GRSR OD *XHUUD GL 6HFHVVLRQH 0ROWH IDPLJOLH DERULJHQH ULFHYRQR OHWWHUH LQWLPLGDWRULH PHQWUH VXL PXUL FRPSDLRQR VFULWWH UD]]LVWH 4XHVWR FOLPD G©LQWROOHUDQ]D VL q FUHDWR DQFKH JUD]LH DOO©D]LRQH GL 2QH 1DWLRQ LO SDUWLWR GL 3DXOLQH +HQVRQ FKH VL RSSRQH DOO©LPPLJUD]LRQH DVLDWLFD H DL GLULWWL GHJOL DERULJHQL /H 2OLPSLDGL GHO FKH VL VYROJRQR D 6\GQH\ VHJQDQR XQ PRPHQWR LPSRUWDQWH SHU JOL LQGLJHQL GHO SDHVH 1RQ WDQWR SHUFKp XQD SDUWH PLQLPD GHOO©DWWHQ]LRQH PRQGLDOH VL ULIOHWWH DQFKH VXOOD ORUR FRQGL]LRQH PD VRSUDWWXWWR SHU O©HQWXVLDVPDQWH YLWWRULD GL &DWK\ )UHHPDQ O©DWOHWD DERULJHQD FKH JXDGDJQD LO WLWROR GL FDPSLRQH GHO PRQGR QHL PHWUL /D YHORFLVWD IHVWHJJLD OD SURSULD DIIHUPD]LRQH VWULQJHQGR GXH EDQGLHUH TXHOOD DERULJHQD H TXHOOD DX VWUDOLDQD 1HO DQQR FKH VHJQD LO FHQWHQDULR GHOOD IHGHUD]LRQH DXVWUDOLDQD OH DVVRFLD]LRQL DERULJHQH DSSURILWWDQR GHO O©RFFDVLRQH SHU UHFODPDUH QXRYDPHQWH XQ WUDWWDWR FKH UHJROL LQ PRGR FKLDUR L UDSSRUWL IUD ELDQFKL H QHUL 3URSULR SHU TXHVWR VRWWROLQHDQR FKH O©$XVWUDOLD ULPDQH O©XQLFR GHL TXDWWUR SDHVL DQJORIRQL H[WUDHXURSHL GRYH QRQ HVLVWRQR DFFRUGL GL TXHVWR WLSR %LEOLRJUDILD

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

,QGLUL]]L

$XVWUDOLDQ ,QVWLWXWH IRU $ERULJLQDO DQG 7RUUHV 6WUDLW ,VODQGHU 6WXGLHV $,$76,6 *32 %R[ &DQEHUUD $&7 ZZZ DLDWVLV JRY DX %DOD\L 6FKRRO RI $UWV 0XUGRFK 8QLYHUVLW\ 6RXWK 6W 0XUGRFK :$ $XVWUDOLD KBJUHKDQ# FHQWUDO PXUGRFK HGX DX ,QGLJHQRXV /DZ &HQWUH )DFXOW\ RI ODZ 8QLYHUVLW\ RI 1HZ 6RXWK :DOHV 6\GQH\ 16: $XVWUDOLD ID[ LOE#XQVZ HGX DX -RXUQDO RI $XVWUDOLDQ ,QGLJHQRXV ,VVXHV 32 %R[ .HOYLQ *URYH 4/' $XVWUDOLD D JXQVWRQH#TXW HGX DX


,O SUREOHPD GHOOD ULFRQFLOLD]LRQH *DUWK 1HWWKHLP

,Q $XVWUDOLD LO GHOOD SRSROD]LRQH q FRVWLWXLWR GD LQGLJHQL GLVFHQGHQWL GHL SRSROL FKH DELWDYDQR O©LVROD SULPD GHOO©LQYDVLRQH EULWDQQLFD 6L WUDWWD GHL SRSROL FRQRVFLXWL FRQ LO QRPH FROOHWWLYR GL $ERULJHQL DL TXDOL GHYRQR DJ JLXQJHUVL JOL LVRODQL GHOOR 6WUHWWR GL 7RUUHV FKH DELWDQR LO EUDFFLR GL PDUH VLWXDWR IUD O©$XVWUDOLD QRUGRULHQWDOH H 3DSXD 1XRYD *XLQHD /H VWDWLVWLFKH GLPRVWUDQR FKH QRQRVWDQWH JOL VIRU]L SURIXVL GDL JRYHUQL GHJOL XOWLPL GHFHQQL OD SRSROD]LRQH DERULJHQD YLYH LQ FRQGL]LRQL PROWR SHJJLRUL ULVSHWWR DJOL DOWUL DXVWUDOLDQL VRSUDWWXWWR SHU TXHOOR FKH ULJXDUGD OD VDQLWj O©HGXFD]LRQH JOL DOORJJL H LO ODYRUR $ TXHVWR VL DJJLXQJH LO IDWWR FKH L ORUR SUREOHPL WHUUL WRULDOL FXOWXUDOL H DPPLQLVWUDWLYL VRQR DQFRUD LUULVROWL 4XHVWL WHPL VRQR VWDWL RJJHWWR GL QXPHURVH LQFKLHVWH SXEEOLFKH 1HO SHU HVHPSLR O©$XVWUDOLDQ /DZ 5H IRUP &RPPLVVLRQ KD SXEEOLFDWR LO UDSSRUWR LQWLWRODWR 7KH 5HFRJQLWLRQ RI $ERULJLQDO &XVWRPDU\ /DZ FKH FRQWLHQH LPSRUWDQWL UDFFRPDQGD]LRQL 1HO OD 5R\DO &RPPLVVLRQ LQWR $ERULJLQDO 'HDWKV LQ &XVWRG\ KD SXEEOLFDWR XQ UDSSRUWR FKH GRFXPHQWD O©HQRUPH VSURSRU]LRQH IUD OD SHUFHQWXDOH GL DERULJHQL H OD ORUR SUHVHQ]D QHOOH FDUFHUL DX VWUDOLDQH 8Q DOWUR UDSSRUWR SXEEOLFDWR GDOOD +XPDQ 5LJKWV DQG (TXDO 2SSRUWXQLW\ &RPPLVVLRQ +5(2& QHO KD SRUWDWR DOOD OXFH OD WUDJHGLD GHL ¦EDPELQL UXEDWL§ L SLFFROL DERULJHQL VRWWUDWWL DOOH ORUR IDPLJOLH IUD JOL DQ QL 'LHFL H JOL DQQL 6HWWDQWD $QFKH LQ TXHVWL XOWLPL FDVL L UDSSRUWL FRQWHQHYDQR QXPHURVH UDFFRPDQGD]LRQL 3RFKH GL TXHVWH SHUz KDQQR WURYDWR DVFROWR SUHVVR LO JRYHUQR 8Q FDPSR QHO TXDOH VL VRQR UHJLVWUDWL DOFXQL SURJUHVVL q TXHOOR GHL GLULWWL WHUULWRULDOL 1HO LQ VHJXLWR D XQ©LPSRUWDQWH LQFKLHVWD LO 3DUODPHQWR IHGHUDOH DSSURYz XQD OHJJH FKH ULFRQRVFHYD TXHVWL GLULWWL QHO 1RUWKHUQ 7HU ULWRU\ $OWUL VWDWL DSSURYDURQR SURYYHGLPHQWL VLPLOL 0ROWL DQQL GRSR QHO O©$OWD &RUWH IHGHUDOH FKLXVH LO FH OHEUH FDVR 0DER FRQ XQD VHQWHQ]D FKH ULFRQRVFHYD L GLULWWL WHUULWRULDOL GHJOL $ERULJHQL QDWLYH WLWOH SXU ODVFLDQGR DL YDUL JRYHUQL VWDWDOL LO SRWHUH GL ¦HVWLQJXHUOL§ R OLPLWDUOL /D VHQWHQ]D GHO FDVR 0DER KD DOOLQHDWR OD OHJLVOD ]LRQH DXVWUDOLDQD D TXHOOD GL DOWUL SDHVL FRORQL]]DWL GDL EULWDQQLFL FRPH JOL 6WDWL 8QLWL LO &DQDGD H OD 1XRYD =HODQGD /©DQQR VXFFHVVLYR OD VWRULFD QRYLWj FRQWHQXWD QHOOD VHQWHQ]D GHO FDVR 0DER q VWDWD UHFHSLWD GDOOD OHJLVOD]LRQH QD]LRQDOH PD QHO VRQR VWDWL LQWURGRWWL GHJOL HPHQGDPHQWL FKH KDQQR OLPLWDWR OD SRVVLELOLWj GL IDU YDOHUH L SUR SUL GLULWWL WHUULWRULDOL 6X TXHVWD H VX DOWUH TXHVWLRQL DQDORJKH L SDUWLWL DXVWUDOLDQL DYHYDQR JLj HVSUHVVR SRVL]LRQL GL YHUJHQWL 1HO LO SDUODPHQWR IHGHUDOH QHO WHQWDWLYR GL VXSHUDUH TXHVWL FRQWUDVWL DYHYD DSSURYDWR D ODUJD PDJ JLRUDQ]D O©LVWLWX]LRQH GL XQ QXRYR RUJDQLVPR LO &RXQFLO IRU $ERULJLQDO 5HFRQFLOLDWLRQ &$5 4XHVWR VL FRPSRQH GL PHPEUL LQGLJHQL H QRQ LQGLJHQL TXDVL WXWWL HVWUDQHL DO PRQGR SROLWLFR ,O ORUR FRPSLWR q TXHOOR GL LQ IRUPDUH OD SRSROD]LRQH VXOOD VWRULD GHJOL $ERULJHQL VXOOD ORUR FXOWXUD H VXOOD ORUR VLWXD]LRQH DWWXDOH FUHDQGR FRVu LO WHUUHQR SHU OD ULFRQFLOLD]LRQH IUD OD SRSROD]LRQH DXWRFWRQD H LO UHVWR GHOO©$XVWUDOLD ,O PDQGDWR GHO &$5 GRYHYD VFDGHUH QHO PD q VWDWR VWDELOLWR FKH TXHVWR RUJDQLVPR ULSUHQGHUj OD SURSULD DWWLYLWj RJQL WUH DQQL 1HO PDJJLR GXUDQWH XQD FRQIHUHQ]D WHQXWDVL DOO©2SHUD +RXVH GL 6\GQH\ LO &$5 KD SUHVHQWDWR DL SUHVLGHQWL GHL JRYHUQL VWDWDOL O©$XVWUDOLDQ 'RFXPHQW 7RZDUGV 5HFRQFLOLDWLRQ H OD 5RDGPDS IRU 5H FRQFLOLDWLRQ 4XHVW©XOWLPR GRFXPHQWR LQGLYLGXD TXDWWUR VWUDWHJLH ± OD VWUDWHJLD SHU SURPXRYHUH LO SURFHVVR GL ULFRQFLOLD]LRQH ² OD VWUDWHJLD SHU SURPXRYHUH L GLULWWL GHJOL $ERULJHQL H GHJOL DELWDQWL GHOOR 6WUHWWR GL 7RUUHV ² OD VWUDWHJLD SHU UHDOL]]DUH XQD YHUD SDULWj VRFLDOH ¤ OD VWUDWHJLD SHU UDJJLXQJHUH O©LQGLSHQGHQ]D HFRQRPLFD ,O GLFHPEUH GHOOR VWHVVR DQQR D &DQEHUUD LO &$5 KD SUHVHQWDWR LO SURSULR UDSSRUWR GHILQLWLYR 5HFRQFLOLDW LRQ $XVWUDOLD©V &KDOOHQJH ,O GRFXPHQWR FRQWLHQH XQ EUHYH ULDVVXQWR GHO FRQWHVWR VWRULFR FKH KD PHVVR LQ HYLGHQ ]D OD QHFHVVLWj GHO SURFHVVR GL ULFRQFLOLD]LRQH H XQD VLQWHVL GHOOH LQL]LDWLYH UHDOL]]DWH GDO &$5 QHL SULPL GLHFL DQQL GL DWWLYLWj $O ILQH GL SURVHJXLUH LO SURFHVVR GL ULFRQFLOLD]LRQH LO UDSSRUWR HQXQFLD OH VHJXHQWL UDFFRPDQGD]LRQL ² LO JRYHUQR GHYH YDUDUH QXRYH PLVXUH FDSDFL GL JDUDQWLUH DOOD SRSROD]LRQH DERULJHQD XQ©HIIHWWLYD SDULWj VRFLDOH ² OH OHJJL HPDQDWH GDL JRYHUQL VWDWDOL H IHGHUDOL GHYRQR HVVHUH LQ VLQWRQLD FRQ OR VSLULWR GHO SURFHVVR GL ULFRQFLOLD ]LRQH H LQ SDUWLFRODUH QHOOD 5RDGPDS IRU 5HFRQFLOLDWLRQ ¤ LO SDUODPHQWR IHGHUDOH GHYH LQGLUH XQ UHIHUHQGXP FKH HPHQGL OD &RVWLWX]LRQH LQ FHUWL SXQWL IRQGDPHQWDOL ¤ RJQL VHWWRUH GHO PRQGR SROLWLFR H GHOOD VRFLHWj FLYLOH GHYH SURPXRYHUH LO SURFHVVR GL ULFRQFLOLD]LRQH


² L JRYHUQL VWDWDOL GHYRQR FRQFOXGHUH GHJOL DFFRUGL LQ PRGR GD RWWHQHUH LO FRQVHQVR GHJOL LQGLJHQL DJOL LQVHGLD PHQWL GHL QRQ LQGLJHQL ² LO 3DUODPHQWR IHGHUDOH GHYH HPDQDUH GHOOH OHJJL FKH SHUPHWWDQR OD SLHQD DWWXD]LRQH GHO SURFHVVR GL ULFRQFLOLD ]LRQH VHFRQGR XQD ER]]D SUHSDUDWD GDO &$5 ,O JRYHUQR IHGHUDOH QRQ KD WHQXWR FRQWR GL JUDQ SDUWH GL TXHVWH UDFFRPDQGD]LRQL 8QD YHUD ULFRQFLOLD]LRQH UL FKLHGH XQ LPSHJQR EHQ PDJJLRUH GL TXHOOR FKH q VWDWR SURIXVR ILQRUD ,O JRYHUQR KD VWDQ]LDWR PLOLRQL GL GRO ODUL SHU XQD QXRYD IRQGD]LRQH 5HFRQFLOLDWLRQ $XVWUDOLD FKH SRL DYUj ELVRJQR GL DOWUL IRQGL $QFKH L JRYHUQL VWDWDOL KDQQR ILQDQ]LDWR L 5HFRQFLOLDWLRQ &RXQFLOV H OH QXRYH VWUXWWXUH FKH GRYUDQQR IDFLOLWDUH LO SURFHVVR GL ULFRQFL OLD]LRQH YHQJRQR PHVVH LQ SLHGL GXUDQWH LO , SULPL SURJUHVVL VRQR JLj YLVLELOL PD JOL DXVWUDOLDQL GHYRQR IDUH DQFRUD PROWR SHU UHDOL]]DUH XQD YHUD ULFRQFLOLD]LRQH

/D W D WUDJHGLD G D GHL L E EDPELQL U L UXEDWL

/D GLVFULPLQD]LRQH DL GDQQL GHJOL $ERULJHQL QRQ KD ULVSDUPLDWR QHDQFKH L EDPELQL ,O PDJJLR q VWDWR SXEEOLFDWR LO UDSSRUWR GHOOD &RPPLVVLRQH IHGHUDOH FKH HUD VWDWD LQFDULFDWD GL VYROJHUH XQ LQFKLHVWD VXO WUD VIHULPHQWR FRDWWR GL EDPELQL DERULJHQL RSHUDWR LQ PRGR VLVWHPDWLFR IUD JOL DQQL 'LHFL H JOL DQQL 6HWWDQWD 'XUDQWH TXHVWL GHFHQQL LQIDWWL PLJOLDLD GL SLFFROL DERULJHQL HUDQR VWDWL IRU]DWDPHQWH VRWWUDWWL DOOH ULVSHWWLYH IDPLJOLH H ULQFKLXVL QHJOL RUIDQRWURIL FRQ LO SURSRVLWR GL ´IDUQH GHL ELDQFKLµ 3UDWLFDPHQWH QHVVXQD IDPLJOLD HUD VFDPSDWD D TXHOOD WUDJHGLD FKH HUD VWDWD DXWRUL]]DWD GD SUHFLVH OHJJL IHGHUDOL H DOOD TXDOH DYHYDQR GDWR XQ FRQWULEXWR GHWHUPLQDQWH DQFKH PROWL UHOLJLRVL ,O UDSSRUWR FKH DFFXVD LO JRYHUQR IHGHUDOH GL JHQRFLGLR FKLHGH XQ DGHJXDWR ULVDUFLPHQWR SHU OH YLWWLPH 1HV VXQR FRPXQTXH YXROH DVVXPHUVL OD SHVDQWH UHVSRQVDELOLWj FKH GHULYD GD PLVXUH FRVu ULSXJQDQWL $Q]L F q DGGLULWWXUD FKL DIIHUPD FKH WXWWR TXHVWR IX IDWWR ´QHOO LQWHUHVVH GHL EDPELQLµ ,O JRYHUQR KD PDQLIHVWDWR O·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q YHUR FKH L OHJDOL KDQQR JLj SUHVHQWDWR ULFRUVR LQ DSSHOOR H VL SUHSDUDQR D WRU QDUH LQ WULEXQDOH 6XFFHVVLYDPHQWH LO 6HQDWR KD SURSRVWR O·LVWLWX]LRQH GL XQ DSSRVLWR WULEXQDOH FKH HVDPLQL OH YDULH ULFKLHVWH GL ULVDUFLPHQWR SUHYHGHQGR HVSUHVVDPHQWH LO FDVR GHOOD FRPSHQVD]LRQH HFRQRPLFD LQGLYLGXDOH *LRYDQQD 0DUFRQL

%LEOLRJUDILD

%ULQJLQJ 7KHP +RPH ZZZ DXVWOLL HGX DX DX VSHFLDO UVMSURMHFW UVMOLEUDU\ KUHRF VWROHQ +HDOLQJ $ /HJDF\ RI *HQHUDWLRQV ZZZ DSK JRY DX VHQDWH FRPPLWWHH OHJFRQBFWWH VWROHQ FRQWHQWV KWP 3 2·&RQQRU ´+LVWRU\ RQ 7ULDO &XELOOR DQG *XQQHU Y 7KH &RPPRQZHDOWK RI $XVWUDOLDµ $OWHUQDWLYH /DZ -RXUQDO ;;9, )HEUXDU\ SS

,QGLUL]]L

5HFRQFLOLDWLRQ $XVWUDOLD ZZZ UHFRQFLOLDWLRQ RUJ DX


/H OLQJXH PLQDFFLDWH GHO 3DFLILFR 2VDPX 6DNL\DPD

/H OLQJXH GHO 3DFLILFR SRVVRQR HVVHUH GLYLVH LQ WUH JUXSSL TXHOOH DXVWUDOLDQH H TXHOOH GHOOD 1XRYD *XLQHD SDUODWH GDL SRSROL FKH PLJUDURQR YHUVR TXHVWH LVROH DQQL ID H OH OLQJXH DXVWURQHVLDQH WLSLFKH GHL SRSROL GL FHSSR PRQJRORLGH FKH PLJUDURQR GDOO©$XVWUDOLD DWWRUQR DO D & /H OLQJXH LQGLJHQH GHOOD UHJLRQH RFHDQLFD VRQR FLUFD TXLQGL TXDVL XQ TXDUWR GL TXHOOH FKH YHQJRQR SDUODWH VXOOD 7HUUD LQ 1XRYD *XLQHD FRPSUHVD OD SDUWH RFFLGHQWDOH FKH DSSDUWLHQH DOO©,QGRQHVLD OLQJXH DERULJHQH GHOO©$XVWUDOLD LQ 0HODQHVLD LQ 3ROLQHVLD H LQ 0LFURQHVLD 4XHVWL LGLRPL SUHVHQWDQR QRWHYROL YDULD]LRQL DQFKH DOO©LQWHUQR GHOOD VWHVVD IDPLJOLD OLQJXLVWLFD ,QROWUH YHQJRQR SDUODWL GD SRFKH SHUVRQH LQ FRQWHVWL SULYL GL XQD OLQJXD GRPLQDQWH ,O ELOLQJXLVPR q XQ IHQRPHQR IUHTXHQWH PROWL SDUODQR R DOPHQR FDSLVFRQR OD OLQJXD GHOOH SRSROD]LRQL YLFLQH FRVD FKH PROWR SUREDELOPHQWH DFFDGH GD VHFROL $Q]L VHPEUD FKH OD GLYHUVLILFD]LRQH OLQJXLVWLFD VLD VWDWD VWLPRODWD SURSULR GDOOD QHFHVVLWj GL ILVVDUH XQD FKLDUD GL VWLQ]LRQH IUD ¦QRL§ H ¦ORUR§ /H OLQJXH GHOOD 1XRYD *XLQHD VRQR PROWR YDULDWH PD SUHVHQWDQR DQFKH QXPHURVH DI ILQLWj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©LQWHUQR GHOOD UHJLRQH QHOO©DUFR GL PROWL VHFROL DOOH TXDOL VL VRQR DJJLXQWL L FRQWDWWL FRQ L SRSROL LQGLJHQL GHOOD 1XRYD *XLQHD /H OLQJXH SDSXD VRQR SDUODWH DQFRU RJJL LQ DOFXQH ]RQH GHOO©,QGRQHVLD FRPH O©LVROD GL 3DQWDU R OD SDUWH FHQWURRULHQWDOH GL 7LPRU ,Q 1XRYD *XLQHD TXHVWR FRQWDWWR KD PRGLILFDWR OH UHJROH VLQWDWWLFKH GL DOFXQH OLQJXH DXVWURQHVLDQH

/D VWUDWLILFD]LRQH OLQJXLVWLFD 1HO GLFLDQQRYHVLPR VHFROR FRQ O©LQL]LR GHOOD FRORQL]]D]LRQH HXURSHD LO SDQRUDPD OLQJXLVWLFR IX VRWWRSRVWR D PXWDPHQWL SURIRQGL 3ULPD GL WXWWR L SLGJLQ OLQJXH FUHROH QGW QDWH GDOO©LQFRQWUR IUD OLQJXH HXURSHH H PHODQHVLDQH VL VRQR LPSRVWH FRPH LGLRPL YHLFRODUL $ TXHVWR SURSRVLWR KDQQR VYROWR XQ UXROR GHWHUPLQDQWH OH SLDQWDJLRQL GL 6DPRD H GHO 4XHHQVODQG $XVWUDOLD GRYH PROWL SDUODYDQR OLQJXH PHODQHVLDQH ,O WHUPLQH SLGJLQ LQGLFD XQD OLQJXD IRUPDWD GD HOHPHQWL JUDPPDWLFDOL GL GXH LGLRPL GLYHUVL DQFKH VH GL IDWWR TXHOOR GRPLQDQWH VYLOXSSD XQ FHUWR VHQVR GL VXSHULRULWj VXOO©DOWUR /H QXRYH OLQJXH YHLFRODUL GHOOD UHJLRQH IUD FXL LO WRN SLVLQ LO ELVODPD H LO 6RORPRQ SLMLQ VRQR VWDWH GLIIXVH GD SHUVRQH FKH WRUQDYDQR LQ SDWULD GRSR DYHUOH DSSUHVH DOWURYH 4XHVWR IHQRPHQR VL YHULILFz LQ TXDQWR 9DQXDWX OH L VROH 6DORPRQH H 3DSXD 1XRYD *XLQHD HUDQR SDHVL PXOWLOLQJXL VHQ]D XQ LGLRPD GRPLQDQWH XQ FRQWHVWR FKH VWLPR Oz XQD UDSLGD GLIIXVLRQH GHL YDUL SLGJLQ $O WHPSR VWHVVR OH OLQJXH PHQR SDUODWH VL DYYLFLQDURQR SHULFRORVDPHQWH DOO©HVWLQ]LRQH )UD OH OLQJXH FKH YHQQHUR FUHROL]]DWH VL ULFRUGDQR LO 6RORPRQ SLMLQ FKH QHO HUD SDUODWR GD ROWUH D ELWDQWL GHOOH LVROH RPRQLPH PHQWUH LO ELVODPD QDWR GD XQD IXVLRQH GL ROWUH FHQWR OLQJXH ORFDOL FKH VL q LQQHVWDWD VX XQD EDVH LQJOHVH H IUDQFHVH YLHQH RJJL SDUODWR GD TXDVL WXWWL L DELWDQWL GL 9DQXDWX 3DUWLFRODUPHQWH LQWHUHVVDQWH q LO FDVR GHO PLJOLDLR GL SHUVRQH FKH HPLJUDURQR LQ 1XRYD &DOHGRQLD H FKH KDQQR DGRWWDWR LO ELVODPD FRPH OLQJXD SULQFLSDOH /D VLWXD]LRQH GL 3DSXD 1XRYD *XLQHD FKH KD XQD SRSROD]LRQH GL DELWDQWL q DQFRUD SL VLQJRODUH 1HO LO WRN SLVLQ HUD XWLOL]]DWR GD SHUVRQH PHQWUH DOWUL OR XVDYDQR FRPH VHFRQGD OLQJXD /D UHJLRQH PLFURQHVLDQD /©$WODV RI WKH :RUOG©V /DQJXDJHV LQ 'DQJHU RI 'LVDSSHDULQJ SXEEOLFDWR QHO GDOO©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


WUH LVROH )DQDK 0HULO H 3XOR $Q 6X TXHVWH ROWUH DOOD OLQJXD LQGLJHQD GL +DWRKREHL VL SDUODQR DQFKH YDULH OLQ JXH PLFURQHVLDQH FKH VRQR OH SL GLIIXVH QHOOH LVROH &DUROLQH 4XHVWH OLQJXH VRQR GYHUVH GDO EHODXDQR FKH q XQD OLQJXD LQGRQHVLDQD H QRQ GHYRQR HVVHUH ULXQLWH LQ XQ XQLFR JUXSSR $ SDUWLUH GDL WHPSL GHO FRORQLDOLVPR WHGHVFR LQL]LR GHO OD JHQWH q VWDWD REEOLJDWD D WUDVIHULUVL GD TXHVWH LVROH UHPRWH D (FKDQJ %HODX 2JJL TXHVWH SHU VRQH VRQR GLYHUVH FHQWLQDLD 0ROWL GL FRORUR FKH VRQR QDWL VX (FKDQJ SDUODQR VROWDQWR EHODXDQR 6HFRQGR XQR VWXGLR FRQGRWWR GD 2GD QHO DOORUD F©HUDQR VROWDQWR SHUVRQH FKH SDUODYDQR LO SXOR DQQLDQ /D OLQJXD PHULO LQWDQWR VL q HVWLQWD 'DOO©LQL]LR GHO YHQWHVLPR VHFROR ILQR DOOD ILQH GHOOD 6HFRQGD *XHUUD 0RQGLDOH OD 0LFURQHVLD q VWDWD VRWWR LO GRPLQLR QLSSRQLFR /D OLQJXD GL XVR FRPXQH HUD LO JLDSSRQHVH FKH KD ODVFLDWR XQ©LQIOXHQ]D WXWWRUD EHQ YLVLELOH , GDWL OLQJXLVWLFL SURSRVWL GD *ULPHV VRQR IDOVDWL GDO IDWWR FKH LQGLFDQR L ORFXWRUL G©LQJOHVH PD QRQ TXHOOL GL JLDSSRQHVH 6HFRQGR XQR VWXGLR UHDOL]]DWR QHO OD JHQWH GDL DQQL LQ VX FRQRVFHYD LO JLDSSRQHVH /R VWHVVR VL SRWHYD GLUH QHO GHOOH SHUVRQH GL DQQL H ROWUH 6HFRQGR XQD VWLPD EDVDWD VXL GDWL GHO JRYHUQR EHOXDQR ROWUH GL TXHVWH SHUVRQH VRQR DQFRUD YLYH 1HOOR VWDWR GL <DS )HGHUD]LRQH GHJOL 6WDWL GHOOD 0LFURQHVLD GRYH OD TXDQWLWj GL GRQQH FKH IUHTXHQWDQR OD VFXROD q VFDUVD VL SXz GLUH FKH LO JLDSSRQHVH q SDUODWR DWWXDOPHQWH GD SRFKH FHQWLQDLD GL SHUVRQH $OFXQL VWXGLRVL VRVWHQJRQR FKH VH LO *LDSSRQH DYHVVH FRQWLQXDWR D GRPLQDUH OD 0LFURQHVLD OH OLQJXH LQGLJHQH VDUHEEHUR VFRPSDUVH H LO JLDSSRQHVH VDUHEEH GLYHQWDWR O©XQLFD OLQJXD GHOOD UHJLRQH 6L WUDWWD SHUz GL XQ JLXGL]LR WURSSR VHYHUR LQIDWWL VH VL HFFHWWXD LO FDPSR GHOO©LVWUX]LRQH QRQ q PDL HVLVWLWD XQD SROLWLFD WHVD D LPSRUUH O©XVR GHOOD OLQJXD QLSSRQLFD /H LVROH GHOOD 0LFURQHVLD QRQ DYHYDQR PDL DYXWR XQ L GLRPD FRPXQH WDQWR q YHUR FKH DQ FRU RJJL OH SHUVRQH DQ]LDQH XWLOL]]DQR LO JLDSSRQHVH FRPH OLQJXD YHLFRODUH &RPXQTXH LO UXROR GL TXHVWR JLDSSR QHVH FUHROL]]DWR VHPEUD HVVHUVL HVWLQWR QHOO©DUFR GL XQD JHQHUD]LRQH $OWURYH FRQWLQXDQR D XWLOL]]DUOR FRPH OLQJXD IUDQFD L WDLZDQHVL FKH KDQQR DOPHQR DQQL FLUFD VHFRQGR XQD VWLPD GHO /©DWROOR GL 1JXOX q VLWXDWR IUD <DS H %HODX /D VXD OLQJXD q XQD PHVFRODQ]D GL \DSHVH H XOLWLDQR FKH DSSDU WHQJRQR DOOD IDPLJOLD FKXXNHVH ,Q SDUWLFRODUH KD HUHGLWDWR OD JUDPPDWLFD GHO SULPR H LO VLVWHPD IRQHWLFR GHO VH FRQGR /R QJXOXZDQR LQYHFH VHPEUD QDWR GDOOD SUDWLFD GL XQ ELOLQJXLVPR \DSHVH XOLWLDQR TXLQGL VDUHEEH VED JOLDWR FRQVLGHUDUOR XQ GLDOHWWR XOLWLDQR 1HO HUD SDUODWR GD XQD WUHQWLQD GL SHUVRQH $QFKH FDOFRODQGR FRORUR FKH HUDQR HPLJUDWL VX *XURU <DS GRYH VL WURYD LO YLOODJJLR SULQFLSDOH QRQ VL DUULYDYD D

/H OL H OLQ QJXH H DDERULJHQH G H GHOO OO··$XVWUDOL OLDD

$OOD ILQH GHO GLFLRWWHVLPR VHFROR TXDQGR O·$XVWUDOLD IX LQYDVD GDJOL ,QJOHVL OH OLQJXH DERULJHQH SDUODWH QHO O·LVROD HUDQR FLUFD /D FRORQL]]D]LRQH KD DYXWR XQ LPSDWWR GHYDVWDQWH VXOOD YDULHWj OLQJXLVWLFD GHO SDHVH RJJL OH OLQJXH DERULJHQH ULPDVWH VRQR SRFR SL GL XQ FHQWLQDLR /H SL SDUODWH FRPH LO JUXSSR GLIIXVR QHO GH VHUWR FHQWUDOH YHQJRQR XWLOL]]DWH GD SHUVRQH /H DOWUH WUDQQH UDUL FDVL YHQJRQR SDUODWH VROWDQWR GDJOL DQ]LDQL 1RQRVWDQWH O·HVWUHPD YDULHWj FKH OL FDUDWWHUL]]D TXHVWL LGLRPL DSSDUWHQJRQR D XQ·XQLFD IDPL JOLD OLQJXLVWLFD QRWD DSSXQWR FRPH DXVWUDOLDQD $OFXQH SDUROH DERULJHQH VRQR VWDWH LQFRUSRUDWH QHOOD JHR JUDILD H QHOOD WRSRJUDILD /D VFXROD DOPHQR ILQR DOO·LQL]LR GHJOL DQQL 6HWWDQWD KD FHUFDWR TXDVL VHPSUH GL DVVLPLODUH JOL VWXGHQWL DER ULJHQL 8QD GHOOH SRFKLVVLPH HFFH]LRQL q UDSSUHVHQWDWD GDOOD VFXROD GL (UQDEHOOD 6RXWK $XVWUDOLD DSHUWD QH JOL DQQL 4XDUDQWD FKH ILQ GDOO·LQL]LR LVWLWXu FRUVL GL SLWMDQWMDWMDUD XQD OLQJXD GLIIXVD QHO GHVHUWR FHQWUDOH 1HO LQ VHJXLWR DOOH ULIRUPH YDUDWH GDO JRYHUQR ODEXULVWD GL *RXJK :KLWODP FLQTXH VFXROH GHO 1RUWKHUQ 7HU ULWRU\ LQWURGXVVHUR L SULPL FRUVL ELOLQJXL 1HJOL DQQL VXFFHVVLYL XQ FRQWULEXWR GHFLVLYR q YHQXWR GDOOD &HQWUDO $XVWUDOLDQ $ERULJLQDO 0HGLD $VVRFLDWLRQ &$$0$ IRQGDWD QHO SHU IRUQLUH XQR VWUXPHQWR PHGLDWLFR DOOD SRSROD]LRQH LQGLJHQD *LRYDQQD 0DUFRQL

3DSXD 1XRYD *XLQHD /H LQIRUPD]LRQL VXOOH ROWUH OLQJXH FKH YHQJRQR SDUODWH LQ 1XRYD *XLQHD FRQVLGHUDWD QHOOD VXD WRWDOLWj QRQ PDQFDQR PD ILQRUD VROWDQWR SRFKL GL TXHVWL LGLRPL VRQR VWDWL RJJHWWR GL ULFHUFKH DSSURIRQGLWH ,Q PROWL FDVL QRQ q VWDWD DQFRUD LQL]LDWD XQD UDFFROWD GHL YRFDEROL PHQWUH L GL]LRQDUL H OH JUDPPDWLFKH SXEEOLFDWH ILQRUD QRQ FRSURQR QHDQFKH XQ GHFLPR GL TXHVWH OLQJXH 1RQRVWDQWH TXHVWR LO 9DQJHOR q VWDWR SXEEOLFDWR LQ PROWH OLQJXH XWLOL]]DQGR OH RUWRJUDILH ILVVDWH GDO 6XPPHU ,QVWLWXWH RI /LQJXLVWLFV /H OLQJXH SDSXD VSD]LDQR GD TXHOOH FKH YHQJRQR SDUODWH GD ROWUH SHUVRQH FRPH O©HQJD H LO GDQL D TXHOOH RUPDL LQ YLD G©HVWLQ]LRQH FRPH LO VHQH DEDJD SDUODWH GD R SHUVRQH FLDVFXQD &L VRQR DQFKH PROWL LGLRPL SHU L TXDOL q LPSRVVLELOH GHWHUPLQDUH FRQ FHUWH]]D LO QXPHUR GHL SDUODQWL ,QROWUH QRQ q EHQ FKLDUR VH OH VWDWLVWLFKH DWWXDOL LQFOXGDQR WXWWH OH OLQJXH GHOOD UHJLRQH /H LQIRUPD]LRQL VX 3DSXD 2FFLGHQWDOH VRQR DQFRUD SL IUDPPHQWDULH 6HFRQGR XQR VWXGLR FKH ULVDOH DOOD PHWj GHJOL DQQL 2WWDQWD


OLQJXH FRPH LO NXRW OR VNR H LO WDXOLO HUDQR SDUODWH DQFRUD GD FHQWLQDLD GL SHUVRQH FLDVFXQD DQFKH VH O©XOWLPD YHQLYD VHPSUH SL IUHTXHQWHPHQWH VRVWLWXLWD GDO NXDQXD XQD OLQJXD FKH YHQLYD XWLOL]]DWD QHJOL VFDPEL FRPPHU FLDOL FRQ 5DEDXO FDSROXRJR GHOO©(DVW 1HZ %ULWDLQ UHJLRQH GL 3DSXD 1XRYD *XLQHD QGW

0HODQHVLD /D SRSROD]LRQH GHOOH LVROH 6DORPRQH VXSHUD GL SRFR OH SHUVRQH 9HQJRQR SDUODWH OLQJXH FKH DS SDUWHQJRQR D WUH GLYHUVL FHSSL SDSXD PHODQHVLDQR H SROLQHVLDQR 6ROWDQWR GL TXHVWL LGLRPL YHQJRQR XWLOL]]DWL GD SL GL /H OLQJXH SDSXD GHOOD 1XRYD *HRUJLD FKH HUDQR JLj LQ YLD G©HVWLQ]LRQH QHJOL DQQL 7UHQWD VRQR VFRPSDUVH GHILQLWLYDPHQWH ODVFLDQGR VROWDQWR TXDOFKH GDWR IUDPPHQWDULR ,O WDQHPD H LO YDQR OLQJXH PHODQHVLDQH GL 6DQWD &UX] FRVu FRPH LO ODJKX GL 6DQWD ,VDEHO HUDQR JLj HVWLQWH QHO 4XHVWR QRQ VLJQLILFD FKH IRVVHUR PRU WL WXWWL FRORUR FKH OH SDUODYDQR PD FKH OH OLQJXH HUDQR VWDWH ULPSLD]]DWH GDO URYLDQD XQ LGLRPD XWLOL]]DWR QHOOH UH JLRQL YLFLQH R GDO 6RORPRQ SLMLQ 6X 9DQXDWX OD VLWXD]LRQH q PROWR VLPLOH D TXHOOD GHOOH LVROH 6DORPRQH /H OLQJXH LQGLJHQH VSHVVR PROWR GLYHUVH IUD ORUR VRQR 1HL YLOODJJL O©XQLFR LGLRPD G©XVR TXRWLGLDQR q TXHOOR ORFDOH )UD OH OLQJXH PHODQHVLDQH H SROLQHVLDQH SDUODWH GD SHUVRQH FKH QHO UDSSUHVHQWDYDQR LO GHOOD SRSROD]LRQH DOFXQH VRQR YLFLQH DOO©HVWLQ]LRQH %DVWL SHQVDUH DO PDUDJXV H DOO©XUD FLDVFXQD FRQ SDUODQWL RSSXUH DO VRZD FRQ 6H WHQLDPR FRQWR GL TXHOOH SDUODWH GD FLUFD SHUVRQH TXHVWR JUXSSR FRPSUHQGH FLUFD OD PHWj GHOOH OLQJXH XWLOL]]DWH 3HU TXHVWH OD GLIIXVLRQH GHO ELVODPD VL q ULYHODWD IDWDOH 1XRYD &DOHGRQLD /D SRSROD]LRQH GHOOD 1XRYD &DOHGRQLD UDJJLXQJH L DELWDQWL FRQ JOL LQGLJHQL NDQDN FKH QH FRVWLWXLVFRQR SRFR PHQR GHOOD PHWj 6WDQGR DL GDWL GHO OH OLQJXH SDUODWH HUDQR WXWWH PHODQHVLDQH WUDQQH LO SROLQHVLDQR GL 8YHD 6ROWDQWR VHL GL TXHVWH OLQJXH YHQJRQR XWLOL]]DWH GD SL GL SHUVRQH LO FHPXKL LO SDLFv O©DMLs OR [kUkF LO GHKX H LO QHQJRQH TXHVWH XOWLPH GXH YHQJRQR SDUODWH QHOOH LVROH GHOOD /HDOWj ,Q YDUL FDVL q GLIIXVR LO ELOLQJXLVPR ,O JLDSSRQHVH YLHQH SDUODWR GDL GLVFHQGHQWL GHJOL LPPLJUDWL QLSSRQLFL FKH HPLJUDURQR QHOO©DUFLSHODJR DOO©LQL]LR GHO 1RYHFHQWR PD VL q VYLOXSSDWR VHSDUDWDPHQWH ULVSHWWR DOOD OLQJXD GHOOD PDGUHSDWULD

/H OLQJXH PLQDFFLDWH GHOO©$XVWUDOLD 6L VWLPD FKH QHO TXDQGR JOL HXURSHL LQYDVHUR O©$XVWUDOLD O©LVROD IRVVH DELWDWD GD GL SHUVRQH GLYLVH LQ WULE 0H]]R VHFROR GRSR JOL LQGLJHQL GHOOD 7DVPDQLD HUDQR HVWLQWL H RJJL OH OLQJXH DER ULJHQH SDUODWH LQ $XVWUDOLD VRQR VROR XQ FHQWLQDLR /R VWXGLRVR 7VXQRGD FRPXQTXH FL KD ODVFLDWR XQD GRFXPHQWD ]LRQH PROWR GHWWDJOLDWD GHO ZDUUXQJX FKH VL q HVWLQWD QHO H GHO GMDUX FKH RJJL YLHQH SDUODWR GD SHUVRQH 6WD SHU VFRPSDULUH DQFKH OR \DZXUX FKH RUPDL YLHQH SDUODWR VROR GD XQD YHQWLQD GL SHUVRQH XOWUDVHVVDQWHQQL

&RQFOXVLRQL ,O 3DFLILFR q VHPSUH VWDWR WUDYHUVDWR GD JUDQGL PLJUD]LRQL 6H VL HFFHWWXD LO UHJQR GL 7RQJD WXWWL L SDHVL GHOO©DUHD VRQR VWDWL FRORQL]]DWL 4XHVWR KD GHWHUPLQDWR L YDUL OLYHOOL GL GLJORVVLD FKH FDUDWWHUL]]D RJQL UHJLRQH GHO 3DFLILFR ,Q 0LFURQHVLD D VHFRQGD GHOOD JHQHUD]LRQH FKH VL HVDPLQD LO SULPR OLYHOOR q UDSSUHVHQWDWR GDOO©LQJOHVH OD OLQJXD XIILFLDOH R GDO JLDSSRQHVH FUHROL]]DWR FKH YLHQH XWLOL]]DWR FRPH OLQJXD IUDQFD ,O OLYHOOR VXFFHVVLYR q FRPSRVWR GDOOH OLQJXH GHOOH YDULH LVROH FRPH %HODX <DS H 3RKQSHL PHQWUH O©XOWLPR q TXHOOR GHJOL LGLRPL SDUODWL VXOOH LVROH SL UHPRWH 1HOOH 0ROXFFKH OH YDULDQWL ORFDOL GHO PDOHVH IRUPDQR OD\HU EHQHDWK OD OLQJXD RIILFLDOH LO EDKDVD LQGRQHVLD $O OLYHOOR LQIHULRUH WURYLDPR OH OLQJXH ORFDOL GRPLQDQWL FRPH OR KLWX FKH YLHQH SDUODWR GD SHU VRQH VX $PERQ FRVu FRPH LO WHUQDWH H LO WLGRUH GLIIXVH QHOOD UHJLRQH GL +DOPDKHUD ,QILQH FL VRQR L YDUL GLDOHWWL ,Q 3DSXD 1XRYD *XLQHD LO OLYHOOR SL DOWR q UDSSUHVHQWDWR GDOO©LQJOHVH VWDQGDUG VHJXLWR GDOOD YDULHWj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q TXHOOR GHOOH +DZDL©L GRYH O©LQJOHVH H OR KDZDLLDQR VRQR PROWR SL FR PXQL GHO GD NLQH WDON R GHO SLGJLQ WR GD PD[ LQFURFL G©LQJOHVH H YDULH OLQJXH RFHDQLFKH FKH YHQJRQR XWLOL]]DWL GD JOL LPPLJUDWL GL RULJLQH DVLDWLFD $O OLYHOOR LQIHULRUH WURYLDPR TXHOOH PLQRULWDULH FRPSUHVR OR KDZDLLDQR H OH YD ULH OLQJXH GHJOL LPPLJUDWL IUD OH TXDOL LO FRUHDQR LO FDQWRQHVH H LO WDJDORJ GHOOH )LOLSSLQH /H OLQJXH PLQDFFLDWH VRQR WDOL SHUFKp LO ORUR VWDWXV GL LGLRPL LQGLJHQL PLQRULWDUL RFFXSD LO OLYHOOR SL EDVVR GHOOD JHUDUFKLD OLQJXLVWLFD , UDSSRUWL SXEEOLFDWL ILQR D RJJL KDQQR WUDVFXUDWR O©HVLVWHQ]D GL TXHVWL OLYHOOL ,Q IXWXUR TXHVWL IHQRPHQL GRYUDQQR HVVHUH HVDPLQDWL WHQHQGR FRQWR GHJOL VWUXPHQWL IRUQLWL GDOOD VRFLROLQJXLVWLFD H GDOO©DQWURSROR JLD OLQJXLVWLFD


%LEOLRJUDILD

$ERULJLQDO ODQJXDJHV RI $XVWUDOLD ZZZ GQDWKDQ FRP 9/ DXVW/DQJ KWPO 3 %HOOZRRG ´/·RULJLQH GHOOD IDPLJOLD OLQJXLVWLFD DXVWURQHVLDQDµ /H VFLHQ]H VHWWHPEUH SS - /\QFK 3DFLILF /DQJXDJHV $Q ,QWURGXFWLRQ 8QLYHUVLW\ RI +DZDL·L 3UHVV +RQROXOX ´5HQDLVVDQFH GX 3DFLILTXHµ (WKQLHV Q SULQWHPSV - 6LHJHO D FXUD GL 3URFHVVHV RI /DQJXDJH &RQWDFW &DVH 6WXGLHV IURP $XVWUDOLD DQG WKH 6RXWK 3DFLILF )LGHV 0RQWUHDO 6 $ :XUP 3DSXDQ /DQJXDJHV RI 2FHDQLD * QWHU 1DUU 9HUODJ 7 ELQJHQ 6 $ :XUP H 6 +DWWRUL D FXUD GL /DQJXDJH $WODV RI WKH 3DFLILF $UHD $XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\ &DQEHUUD

,QGLUL]]L

(QGDQJHUHG /DQJXDJHV RI WKH 3DFLILF 5LP 2VDKLWR 0L\DRND )DFXOW\ RI ,QIRUPDWLFV 2VDND *DNXLQ 8QLYHUVLW\ .LVKLEH PLQDPL 6XLWD 2VDND -DSDQ ID[ HOSU#XWF RVDND JX DF MS )RXQGDWLRQ IRU (QGDQJHUHG /DQJXDJHV ZZZ RJPLRV RUJ 2FHDQLF /LQJXLVWLFV 8QLYHUVLW\ RI +DZDL·L 3UHVV .RORZDOX 6WUHHW +RQROXOX +, 86$ ID[ 3DFLILF /LQJXLVWLFV 5HVHDUFK 6FKRRO RI 3DFLILF DQG $VLDQ 6WXGLHV $XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\ &DQEHUUD $&7 $XVWUDOLD MPDQOH\#FRRPEV DQX HGX DX 7HUUDOLQJXD ZZZ WHUUDOLQJXD RUJ

1R DOO©DJJUHVVLRQH GHOO©$IJKDQLVWDQ 0HQWUH VWLDPR ILQHQGR GL LPSDJLQDUH TXHVWR QXPHUR FL DUULYD OD QRWL]LD FKH GRPHQLFD RWWREUH OH WUXS SH DQJORDPHULFDQH KDQQR LQL]LDWR O·DWWDFFR GHOO·$IJKDQLVWDQ /D UHGD]LRQH GHOOD ULYLVWD SUHQGH SRVL]LRQH FRQWUR TXHVWD JXHUUD H LQ SDUWLFRODUH VRWWROLQHD

FKH VRWWR LO SURILOR GHO GLULWWR LQWHUQD]LRQH TXHVWR DWWDFFR FRVWLWXLVFH O DJJUHVVLRQH GL XQ SDHVH VRYUDQR FKH QRQ DYHYD GLFKLDUDWR JXHUUD DJOL 6WDWL 8QLWL Qp DG DOWUR SDHVH GHOOD 1$72 FKH DWWDFFDUH XQ SDHVH DOOD IDPH VILQLWR GD DQQL GL JXHUUD H DQFRUD SLHQR GL PLQH ODVFLDWH GDOO H VHUFLWR VRYLHWLFR UDSSUHVHQWD XQ D]LRQH SDUWLFRODUPHQWH VSUHJHYROH

FKH GLHWUR OD ORWWD DO WHUURULVPR FKH YLHQH LQYRFDWD QHOOH XOWLPH VHWWLPDQH VL QDVFRQGH XQ FRORVVDOH LQ JDQQR SHUFKp HYLGHQWHPHQWH TXHVWD ORWWD QRQ SRWUj HVVHUH ULYROWD DQFKH FRQWUR TXHO WHUURULVPR GL VWD WR FKH VHUYH JOL LQWHUHVVL RFFLGHQWDOL WDQWR SHU IDUH XQ HVHPSLR VL SHQVL DG $ULHO 6KDURQ FKH DQ]LFKp RF FXSDUH OD FDULFD GL SUHPLHU LVUDHOLDQR GRYUHEEH HVVHUH JLXGLFDWR GD XQ WULEXQDOH LQWHUQD]LRQDOH SHU L PDVVDFUL GL 6DEUD H &KDWLOD VHWWHPEUH FKH L SRSROL GHOO·$IJKDQLVWDQ ROWUH D QRQ DYHUH DOFXQD UHVSRQVDELOLWj GHJOL DWWL WHUURULVWLFL GHOO· VHW WHPEUH VRQR DQFK·HVVL YLWWLPH GHL FULPLQL FRPSLXWL GD 2VDPD ELQ /DGHQ H GDL 7DOHEDQL HQWUDPEL IRU]H JLj DSSRJJLDWH GDO 3DNLVWDQ H GDJOL 6WDWL 8QLWL

FKH PROWR SUREDELOPHQWH LO VRVWHJQR IRUQLWR DJOL 6WDWL 8QLWL GD FHUWL SDHVL FRPH OD 5XVVLD H OD &LQD q FRQQHVVR DL SUREOHPL GHOOH PLQRUDQ]H PXVXOPDQH SUHVHQWL LQ TXHVWL VWDWL FKH LQ TXHVWR PRGR SRWUHE EHUR SUHSDUDUVL D XQD UHVD GHL FRQWL FKH YHQGLFDUH OH YLWWLPH LQQRFHQWL GHOOD WUDJHGLD GHOO VHWWHPEUH IDFHQGR DOWUH YLWWLPH LQQR FHQWL q LO PRGR PLJOLRUH SHU FDOSHVWDUH OD PHPRULD GHOOH SULPH

FKH OD VLVWHPDWLFD HVFOXVLRQH GL WHVWLPRQLDQ]H DIJKDQH GDL SURJUDPPL WHOHYLVLYL GL TXHVWH VHWWLPDQH QRQ FRQVHQWH XQD FRUUHWWD LQIRUPD]LRQH H TXLQGL XQD SLHQD FRPSUHQVLRQH GHO IHQRPHQR LQ TXHVWLRQH FKH OD ULYLVWD VWD SUHSDUDQGR XQD FRQIHUHQ]D FRQ DOFXQL HVXOL DIJKDQL JLRUQDOLVWL H GRFHQWL XQLYHUVLWDUL / LQFRQWUR GRYUHEEH DYHU OXRJR D )LUHQ]H HQWUR OD ILQH GL RWWREUH L SDUWLFRODUL VDUDQQR UHVL QRWL DWWUDYHU VR OD QRVWUD PDLOLQJ OLVW SRSROL#LQHV RUJ


,O PLWR FRORQLDOH GHJOL LQGLJHQL IHOLFL 9LOVRQL +HUHQLNR

2UPDL VRQR TXDVL FHQWR DQQL FKH LO FLQHPD GL +ROO\ZRRG UDSSUHVHQWD L SRSROL LQGLJHQL GHO 3DFLILFR LQ PRGR IDOVR H VWHUHRWLSDWR 'D %LUG RI 3DUDGLVH D 7KH 7KLQ 5HG /LQH TXHVWL SRSROL ¤ LQ SDUWLFRODUH TXHOOL SROLQH VLDQL ¤ YHQJRQR ULWUDWWL FRPH JHQWH SULPLWLYD VHQ]D FXOWXUD SULYD GL VSHVVRUH XPDQR 5DSSUHVHQWDWL VHPSUH FROOHW WLYDPHQWH TXHVWL FDUDWWHULVWL DXWRFWRQL FRUURQR SHVFDQR PDQJLDQR H JLRFDQR WXWWL DOOR VWHVVR PRGR 5DUDPHQWH SURWDJRQLVWL JOL LQGLJHQL GHO 3DFLILFR IDQQR GD VIRQGR DG DPELHQWD]LRQL WURSLFDOL FKH YHQJRQR SUR SRVWH FRPH O©HTXLYDOHQWH WHUUHVWUH GHO SDUDGLVR 4XDQGR QRQ EDOODQR R QRQ ULGRQR GLYHQWDQR FDWWLYL SHULFRORVL WDOYROWD DGGLULWWXUD FDQQLEDOL $QFKH LQ TXHVWR FDVR YLHQH EDQGLWD OD FRPSOHVVLWj R VRQR GHL EXRQL VHOYDJJL R UDS SUHVHQWDQR O©HTXLYDOHQWH XPDQR GHO VHUSHQWH FKH WHQWz (YD QHO SDUDGLVR WHUUHVWUH 4XHVWH UDSSUHVHQWD]LRQL ¤ VLDQR IDWWH GDO FLQHPD R GDL PLVVLRQDUL GDJOL DQWURSRORJL R GDL URPDQ]LHUL ¤ VRQR IRUWHPHQWH UDGLFDWH QHOO©LPPDJLQDULR SRSRODUH 4XHVWR VSLHJD SHUFKp D XQ LVRODQR GHO 3DFLILFR FKH VL UHFD LQ (XURSD YLHQH VSHVVR FKLHVWR VH q XQ FDQQL EDOH 'HO UHVWR q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j H FHUFDQR XQD VRUWD GL ULVDUFLPHQWR SHU L WRUWL FKH KDQQR VXELWR 4XHVWL ILOP VRQR LPSRUWDQWL SHUFKp IRUQLVFRQR XQ©LPPDJLQH YHUD FKH VL RSSRQH DOOH IDOVLWj UDGLFDWH QHOO©LP PDJLQDULR FRORQLDOH $O WHPSR VWHVVR SHUz PDQFD TXHOOD YDULHWj GL WHPL GL DPELHQWD]LRQL H GL SHUVRQDJJL FKH SRVVD HVSULPHUH OD FRPSOHVVLWj VRFLDOH H FXOWXUDOH GHO 3DFLILFR RGLHUQR $ TXHVWR VFRSR LO GRFXPHQWDULR VL GLPR VWUD XQR VWUXPHQWR SDUWLFRODUPHQWH DGDWWR , GRFXPHQWDULVWL GHO 3DFLILFR VRQR FRVWUHWWL D VPRQWDUH GHJOL VWHUHRWLSL FKH VRQR UDGLFDWL LQ RJQL SDUWH GHO PRQGR ,O ORUR FRPSLWR q TXHOOR GL ULWUDUUH JOL DELWDQWL GHOO©2FHDQLD FRPH HVVHUL XPDQL 'RSR WXWWR QRQ VLDPR VHPSUH VSHQVLHUDWL ERQDFFLRQL H LJQRUDQWL 0ROWL GL QRL SDUODQR YDULH OLQJXH H KDQQR YLDJJLDWR R YLVVXWR DOO©HVWHUR SHU OXQJR WHPSR PROWL QDYLJDQR VX ,QWHUQHW RJQL JLRUQR H VL FRQVLGHUDQR FLWWDGLQL GHO PRQGR IUD QRL FL VRQR DUWLVWL GRFHQWL SURIHVVLRQLVWL /D QRVWUD LGHQWLWj FXOWXUDOH TXLQGL q FRPSOHVVD H PXWHYROH , ILOP H L GRFXPHQWDUL GHYRQR ULIOHWWHUH TXHVWD FRPSOHVVLWj QHO PRGR SL SUHFLVR DIILQFKq LO PRQGR SRVVD FRQRVFHUH LO YHUR YROWR GHO QRVWUR FRQWLQHQWH ,O FLQHPD SHU HVHPSLR QRQ KD PDL SURSRVWR XQ SHUVRQDJJLR FKH FRQFLOLDVVH OD WUDGL]LRQH FRQ OD PRGHUQLWj $ SDUWLUH GDL SULPL DQQL 6HWWDQWD VL q UHJLVWUDWR XQ YLVLELOH DXPHQWR GHOOH RSHUH UHDOL]]DWH GD UHJLVWL ORFDOL VRSUDWWXWWR SHU TXDQWR ULJXDUGD OD SURGX]LRQH GL GRFXPHQWDUL 5HDOL]]DWL VRSUDWWXWWR VX YLGHR TXHVWL ULIOHWWRQR XQ©DPSLD JDP PD GL LGHQWLWj FXOWXUDOL VILGDQGR FRVu JOL VWHUHRWLSL 1RQRVWDQWH FLz DOFXQL GL TXHVWL GRFXPHQWDUL VRSUDWWXWWR TXHOOL GHL SULPL DQQL KDQQR DGGLULWWXUD IDYRULWR LO SHUSHWXDUVL GL FHUWL FOLFKpV 'HO UHVWR FRPH OH ORWWH SHU OD GHFROR QL]]D]LRQH GHOO©DUHD VRQR VWDWH XQ©HVSHULHQ]D OHQWD H VRIIHUWD FRVu DQFKH OD ULYDOXWD]LRQH ILOPLFD GHOOH FXOWXUH OR FDOL KD DYXWR L VXRL PRPHQWL G©LQFHUWH]]D $OOD ILQH GHO YHQWHVLPR VHFROR FRPXQTXH LO GRFXPHQWDULR KD PRVWUDWR XQD UDIILQDWH]]D H XQ OLYHOOR DUWLVWLFR QRWHYROL VRSUDWWXWWR SHU TXDQWR ULJXDUGD OH RSHUH SURYHQLHQWL GDOOD 1XRYD =HODQGD GDOOH +DZDL©L H GD 3DSXD 1XRYD *XLQHD ,Q 1XRYD =HODQGD O©HVLVWHQ]D GHOOD 1HZ =HDODQG )LOP &RPPLVVLRQ KD IDFLOLWDWR LO ODYRUR GHJOL DVSLUDQWL SUR GXWWRUL FLQHPDWRJUDILFL $XFNODQG FKH RVSLWD LO PDJJLRU QXPHUR GL LPPLJUDWL SROLQHVLDQL q DQFKH OD FLWWj GRYH VL FRQFHQWUD OD PDJJLRU TXDQWLWj GL PDRUL VDPRDQL R WRQJDQL LPSHJQDWL QHOOD UHDOL]]D]LRQL GL ILOP R GL YLGHR 8QD GHOOH SL LPSRUWDQWL GRFXPHQWDULVWH PDRUL q 0HUDWD 0LWD DXWULFH GL RSHUH FRPH %DVWLRQ 3RLQW 'D\ H 3DWX /D SURGX]LRQH QHR]HODQGHVH UHFHQWH VHPEUD SULYLOHJLDUH LO FRUWRPHWUDJJLR LQ IRUPD QDUUDWLYD

6XFFHVVL UHJLRQDOL H LQWHUQD]LRQDOL $O IHVWLYDO GL 9HQH]LD GHO LO SUHPLR SHU LO PLJOLRU FRUWRPHWUDJJLR q VWDWR YLQWR GD 2 7DPDLWL VFULWWR H GLUHWWR GD 6LPD 8UDOH XQD JLRYDQH VDPRDQD FKH YLYH LQ 1XRYD =HODQGD 4XHVW©RSHUD KD UDJJLXQWR XQ OLYHOOR WDOPHQWH DOWR FKH L VXRL FRQFLWWDGLQL ULXVFLUDQQR GLIILFLOPHQWH D VXSHUDUOR 2 7DPDLWL JLUDWR LQ ELDQFR H QHUR VILGD L FOLFKpV VHFRQGL L TXDOL L EDPELQL SROLQHVLDQL YHQJRQR FUHVFLXWL DPRUHYROPHQWH GDOOD FRPXQLWj GHJOL DGXOWL 'RSR LO SUHPLR FRQVHJXLWR D 9HQH]LD 6LPD 8UDOH KD VFULWWR H GLUHWWR XQ GRFXPHQWDULR LQWLWRODWR 9HOYHW 'UHDPV GRYH LURQL]]D VXJOL DUWLVWL GL VHVVR PDVFKLOH FKH GLSLQJRQR OH GRQQH SROLQHVLDQH VRWWROLQHDQGRQH OD FDULFD HURWLFD


8QD VHULH GL GRFXPHQWDUL UHDOL]]DWL LQ 3DSXD 1XRYD *XLQHD GXUDQWH JOL XOWLPL DQQL KD DYXWR XQ EXRQ VXFFHVVR QHO 3DFLILFR H LQ DOFXQL IHVWLYDO FLQHPDWRJUDILFL VWUDQLHUL , SL FRQRVFLXWL VRQR GXH RSHUH GL %RE &RQQROO\ H 5RELQ $QGHUVRQ -RH /HDK\©V 1HLJKERXUV H %ODFN +DUYHVW TXHVW©XOWLPR q VWDWR SURLHWWDWR DOO©<,')) <DPDJDWD ,QWHUQDWLRQDO 'RFXPHQWDU\ )LOP )HVWLYDO GHO (VVHQGR UHDOL]]DWL GD UHJLVWL FKH FHUFDQR GL FRQ FLOLDUH WUDGL]LRQH H PRGHUQLWj TXHVWL GRFXPHQWDUL RIIURQR OR VSDFFDWR GL XQD VRFLHWj LQ WUDVIRUPD]LRQH 3DUDJRQD WL DG DOWUL GRFXPHQWDUL FRPH $QJHOV RI :DU GL $QGUHZ 3LNH +DQV 1HOVRQ H *DYLQ 'DZV H &DQQLEDO 7RXUV GL 'HQQLV 2©5RXUNH LO SULPR GHGLFDWR DOOD JXHUUD QHO 3DFLILFR LO VHFRQGR DOOH GLIIHUHQWL SHUFH]LRQL GHO O© DOWUR QHOO©LQFRQWUR IUD LQGLJHQL H WXULVWL L GRFXPHQWDUL JLUDWL LQ 3DSXD 1XRYD *XLQHD PHWWRQR LQ HYLGHQ]D XQ SDHVH GDOOD FXOWXUD PROWR ULFFD PD DQFRUD LQFDSDFH GL HODERUDUH XQD ULSRVWD RPRJHQHD DOOH VILGH GHOOD PRGHUQLWj

&LQHPD H D H LLGHQWLWj F j FXOWXUDOH

/D ULFFKH]]D FXOWXUDOH GHO 3DFLILFR VL HVSULPH DQFKH DWWUDYHUVR LO FLQHPD /R FRQIHUPD LQ PRGR HVHPSODUH LO 3DFLILF ,PDJHV )LOP )HVWLYDO O XQLFR LQWHUDPHQWH GHGLFDWR DOOD SURGX]LRQH FLQHPDWRJUDILFD GHL SRSROL LQGLJHQL GHOO 2FHDQLD $OOH FLQTXH HGL]LRQL UHDOL]]DWH ILQRUD FKH VL VRQR WHQXWH IUD LO H LO KDQQR SDUWHFLSDWR L SULQFLSDOL UHJLVWL GHO FRQWLQHQWH IUD FXL 0HUDWD 0LWD H /HH 7DPDKRUL TXHVW·XOWLPR QRWR DQFKH LQ (XURSD SHU LO ILOP 2QFH :HUH :DUULRUV ,O PRPHQWR SL LPSRUWDQWH GHOO XOWLPD HGL]LRQH q VWDWR UDSSUHVHQWDWR GDOOD SURLH]LRQH GL 'DPLHQ OD VWRULD GL XQ UHOLJLRVR FKH QHOOH +DZDL·L GHO GLFLRWWHVLPR VHFROR SUHVWz DVVLVWHQ]D DL PDODWL GL OHEEUD 6FULWWR H GLUHWWR GDO UHJLVWD VDPRDQR -RKQ .QHXEXKO QHO LO ILOP FRVWLWXLVFH XQD GHOOH SLHWUH PLOLDUL GHOOD SURGX]LRQH FLQHPDWRJUDILFD GHOOD UHJLRQH ,QROWUH q XQD GHOOH SRFKH RSHUH FKH XWLOL]]D LQ SUHYDOHQ]D DWWRUL KDZDLLDQL /D SHOOLFROD ULWURYDWD GL UHFHQWH HUD VWDWD UHVWDXUDWD SHU O RFFDVLRQH ,O IHVWLYDO FKH SHU LO PRPHQWR q VRVSHVR q VROR XQD GHOOH WDQWH DWWLYLWj SURPRVVH GD 3DFLILF ,VODQGHUV LQ &RPPXQLFDWLRQV 3,& XQ RUJDQL]]D]LRQH QDWD SHU SURPXRYHUH OH SURGX]LRQL WHOHYLVLYH H FLQHPDWRJUDILFKH GHL SRSROL LQGLJHQL GHO 3DFLILFR 3,& ODYRUD LQ VWUHWWR FRQ FRQVRU]L FLQHPDWRJUDILFL DIILQL FRPH LO 1DWLYH $PHULFDQ 3XEOLF 7HOHFRPPXQLFDWLRQV 1$37 H LO 1DWLRQDO %ODFN 3URJUDPPLQJ &RQVRUWLXP 1%3& RUJDQL]]D VHPLQDUL FRUVL GL UHJLD H DOWUH DWWLYLWj GL IRUPD]LRQH ,QROWUH KD UHDOL]]DWR LO YLGHR 6WRU\WHOOHUV RI WKH 3DFLILF FKH FRVWLWXLVFH XQ·HFFH]LRQDOH GRFXPHQWR DXGLRYLVLYR VXOOD FRORQL]]D]LRQH GHL SRSROL LQGLJHQL GHOO·DUHD /·RSHUD KD YLQWR SUHPL D 'UHDPVSHDNHUV LO IHVWLYDO GHO FLQHPD LQGLJHQR FKH VL WLHQH RJQL DQQR D (GPRQWRQ &DQDGD 1HJOL XOWLPL DQQL LQROWUH VL VRQR DQGDWH PROWLSOLFDQGR OH LQL]LDWLYH WHVH D PHWWHUH LQ OXFH L OHJDPL IUD FLQHPD H LGHQWLWj FXOWXUDOH %DVWL SHQVDUH DOOD FRQIHUHQ]D 'HYHORSLQJ D 3DFLILF ,VODQG )LOP ,QGXVWU\ +RQROXOX QRYHPEUH RSSXUH D 3DFLILF 5HSUHVHQWDWLRQV &XOWXUH ,GHQWLW\ 0HGLD WHQXWDVL DOO 8QLYHUVLWj GL &DQEHUUD IUD LO H LO VHWWHPEUH /·LQL]LDWLYD SL UHFHQWH H SL LQWHUHVVDQWH q QDWD D +RQROXOX QHO VL WUDWWD GL /HJDF\ )RXQGDWLRQ IRU WKH 3D FLILF XQ·DVVRFLD]LRQH VHQ]D ILQH GL OXFUR FKH SURPXRYH OD FRQVHUYD]LRQH GHO SDWULPRQLR GRFXPHQWDULR FLQHPDWRJUDILFR H YLGHRJUDILFR GHO 3DFLILFR 4XHVW·DQQR GXUDQWH OR +DZDL·L ,QWHUQDWLRQDO )LOP )HVWLYDO +RQR OXOX QRYHPEUH OD QXRYD DVVRFLD]LRQH SUHVHQWHUj XQD UHWURVSHWWLYD FLQHPDWRJUDILFD H FRRUGLQHUj XQD FRQIHUHQ]D VXOOD FRQVHUYD]LRQH GHL GRFXPHQWL ILOPLFL UHODWLYL DOO·DUHD LQ TXHVWLRQH 7XWWH TXHVWH LQL]LDWLYH KDQQR ULDIIHUPDWR O HVLVWHQ]D GL XQ PRQGR FXOWXUDOH ULFFR H YDULHJDWR SXUWURSSR DQ FRUD VFRQRVFLXWR LQ (XURSD $OHVVDQGUR 0LFKHOXFFL

1HOOH +DZDL©L LO GRFXPHQWDULR q VWDWR XWLOL]]DWR FRPH VWUXPHQWR GL ORWWD SROLWLFD H FXOWXUDOH ,O IHVWLYDO LQWHUQD ]LRQDOH GHO FLQHPD FKH VL VYROJH D +RQROXOX GDO QDWR SHU GDUH VSD]LR DOOD SURGX]LRQH FLQHPDWRJUDILFD GHO O©$VLD H GHO 3DFLILFR KD UDJJLXQWR SHUIHWWDPHQWH TXHVWR VFRSR 3HU OD SULPD YROWD L UHJLVWL KDZDLLDQL VRQR VWDWL LQ VHULWL LQ XQ FRQWHVWR LQWHUQD]LRQDOH FKH KD GDWR DPSLD GLIIXVLRQH DOOH ORUR RSHUH /H SURLH]LRQL VRQR VWDWH VSHVVR DFFRPSDJQDWH GD LQWHUHVVDQWL GLEDWWLWL FXOWXUDOL ,Q FHUWL FDVL LO PRGR LQ FXL XQ GRFXPHQ WDULR YLHQH SUHVHQWDWR VL q ULYHODWR LPSRUWDQWH FRPH LO GRFXPHQWDULR VWHVVR VH QRQ DQFRUD GL SL (GGLH .DPDH q XQR GHL SURGXWWRUL FLQHPDWRJUDILFL KDZDLLDQL SL LPSRUWDQWL ,O IHVWLYDO LQWHUQD]LRQDOH GHOOH +D ZDL©L KD DFFROWR FRQ HQWXVLDVPR WXWWH OH VXH RSHUH H .DPDH FRDGLXYDWR GDOOD PRJOLH 0\UQD KD FRQWLQXDWR D SUR GXUUH ODYRUL GL DOWD TXDOLWj FKH LO IHVWLYDO KD SUHVHQWDWR LQ SULPD PRQGLDOH $WWHQWL DOOD FXOWXUD KDZDLLDQD LQ SDU WLFRODU PRGR DOOD PXVLFD H DOOH GDQ]H L FRQLXJL .DPDH QRQ VHPEUDQR DWWLYLVWL SROLWLFL &LRQRQRVWDQWH OD VFHOWD GHL VRJJHWWL H LO PRGR GL UDFFRQWDUH UHQGRQR LO ORUR ODYRUR SL SROLWLFR GL TXDQWR VHPEUL &RQ L ORUR FRQWLQXL ULIHUL PHQWL DOOD PXVLFD DOO©DPELHQWH H DOOD VDJJH]]D GHJOL DQ]LDQL L .DPDH ULYDOXWDQR LO PHWRGR GL SURGX]LRQH PHW WHQGR LQ GLVFXVVLRQH OD ORJLFD RFFLGHQWDOH FKH WHQGH LQYHFH D SULYLOHJLDUH LO SURGRWWR )UD L ORUR ODYRUL SL VL JQLILFDWLYL ULFRUGLDPR /LVWHQ WR WKH )RUHVW 7KH +DZDLLDQ :D\ :RUGV (DUWK DQG $ORKD H /L D 7KH /HJDF\ RI D +DZDLLDQ 0DQ


,O GRFXPHQWDULR $FW RI :DU 7KH 2YHUWKURZ RI WKH +DZDLLDQ 1DWLRQ GL 3XKLSDX H -RDQ /DQGHU SURLHWWDWR DOO©<,')) GHO PHULWD XQ©DQDOLVL SL GHWWDJOLDWD 5HDOL]]DWR QHO TXHVWR YLGHR q DSHUWDPHQWH DQWL DPH ULFDQR H VL SURQXQFLD D IDYRUH GHOO©LQGLSHQGHQ]D KDZDLLDQD %DVDWR VX XQD ULFHUFD DWWHQWD HG HVDXVWLYD TXHVW©RSHUD PHWWH LQ HYLGHQ]D O©LPSHULDOLVPR GHOO©DPPLQLVWUD]LRQH DPHULFDQD LO UD]]LVPR H L SUHJLXGL]L GHL VXRL UDSSUHVHQ WDQWL FRPH DQFKH OH DVSLUD]LRQL LQGLSHQGHQWLVWLFKH GHJOL LQGLJHQL /H LQWHUYLVWH DG DFFDGHPLFL KDZDLLDQL FKH H VSRQJRQR OH SURSULH ULYHQGLFD]LRQL LQVLHPH DO PRGR LQWHOOLJHQWH FRQ FXL JOL DXWRUL DIIURQWDQR OD PDWHULD VSLHJDQR LO VXFFHVVR FKH LO GRFXPHQWDULR KD ULVFRVVR RYXQTXH VLD LQ SDWULD FKH DOO©HVWHUR 3DFLILF ,VODQGHUV LQ &RPPXQLFDWLRQV XQ©RUJDQL]]D]LRQH VHQ]D ILQL GL OXFUR ILQDQ]LDWD GDOOD &RUSRUDWLRQ IRU 3XEOLF %URDGFDVWLQJ q QDWD QHO SHU SURPXRYHUH OH SURGX]LRQL UDGLRWHOHYLVLYH H FLQHPDWRJUDILFKH GHL SRSROL LQGLJHQL GHO 3DFLILFR *UD]LH D TXHVWD LQL]LDWLYD VRQR VWDWL UHDOL]]DWL QXPHURVL ODYRUL FKH HVDPLQDQR OH WHPDWLFKH FXOWXUDOL VRFLDOL H SROLWLFKH GHOO©DUHD LQ TXHVWLRQH 7UD L SL LPSRUWDQWL SURGXWWRUL FLQHPDWRJUDILFL FKH KDQQR SR WXWR HVSULPHUVL JUD]LH D TXHVWD RUJDQL]]D]LRQH VL VHJQDODQR 'DYLG .DODPD 5XWK 7XLWHOHOHDSDJD 0HOHDQD 0\HU HG (OL]DEHWK /LQGVH\ /H RSHUH GL WXWWL L SURGXWWRUL FLQHPDWRJUDILFL FLWDWL ILQRUD VRQR VWDWH SUHVHQWDWH DOOR +DZDL©L ,QWHUQDWLRQDO )LOP )HVWLYDO ,Q PROWL FDVL VL q WUDWWDWR GL SULPH PRQGLDOL 'DO DO TXHVWR IHVWLYDO LQWHUQD]LRQDOH KD SUHVHQWDWR SHOOLFROH GL JUDQGH ULOLHYR DUWLVWLFR H FXOWXUDOH KD IRUQLWR DL SURGXWWRUL FLQHPDWRJUDILFL GHO 3DFLILFR OD SRVVLELOLWj GL LQFRQWUDUH DOWUL SURGXWWRUL HG HVSRQHQWL GHOO©LQGXVWULD FLQHPDWRJUDILFD GL WXWWR LO PRQGR KD RU JDQL]]DWR GLEDWWLWL GL DUJRPHQWR WHFQLFR H FXOWXUDOH KD LQYLWDWR JOL DELWDQWL GHOOH LVROH GHO 3DFLILFR D IDU SDUWH GHOOD VXD JLXULD LQWHUQD]LRQDOH 4XHVWD SROLWLFD ROWUH D JDUDQWLUH DL FLQHDVWL ORFDOL XQ SXEEOLFR LQWHUQD]LRQDOH KD DQFKH SHUPHVVR ORUR GL FRQIURQWDUVL FRQ L FROOHJKL SURYHQLHQWL GD DOWUH SDUWL GHO PRQGR 1HJOL XOWLPL DQQL OD UDSSUHVHQWD]LRQH ILOPLFD GHJOL LQGLJHQL GHO 3DFLILFR q GLYHQWDWD PROWR SL FRPSOHVVD H DUWLFRODWD 4XHVWR q GRYXWR DO IDWWR FKH RJJL JUDQ SDUWH GHOOH RSHUH YLHQH SURGRWWD GD UHJLVWL ORFDOL /D SDGURQDQ]D WHFQLFD H OD VHQVLELOLWj FXOWXUDOH VRSUDWWXWWR QHO GRFXPHQWDULR SHUPHWWRQR ORUR GL FRQWUDVWDUH JOL VWHUHRWLSL GLIIXVL GD +ROO\ZRRG /D TXDQWLWj H OD TXDOLWj GHOOH RSHUH FUHVFRQR GL DQQR LQ DQQR FRVu FRPH DXPHQWDQR JOL DXWRUL L UH JLVWL H L SURGXWWRUL ,QVRPPD WXWWR ODVFLD SUHYHGHUH FKH QHL SURVVLPL DQQL TXHVWD JLRYDQH FLQHPDWRJUDILD ULFHYHUj PDJJLRUL ULFRQRVFLPHQWL LQWHUQD]LRQDOL

%LEOLRJUDILD

5 (GPRQG 5HSUHVHQWLQJ WKH 6RXWK 3DFLILF &RORQLDO 'LVFRXUVH IURP &RRN WR *DXJXLQ &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV $ 0DZ\HU D FXUD GL 0RYLQJ ,PDJHV RI WKH 3DFLILF ,VODQGV $ *XLGH WR )LOP DQG 9LGHRV &HQWHU IRU 3DFLILF ,VODQGV 6WXGLHV +RQROXOX FRQVXOWDELOH VX ,QWHUQHW ZZZ KDZDLL HGX RFHDQLF ILOP / 5H\HV 0DGH LQ 3DUDGLVH +ROO\ZRRG V )LOPV RI +DZDLL DQG WKH 6RXWK 6HDV 0XWXDO 3XEOLFDWLRQV +RQROXOX SLFFRP#DORKD QHW ZZZ SLFFRP RUJ

,QGLUL]]L

+DZDL·L ,QWHUQDWLRQDO )LOP )HVWLYDO ZZZ KLII RUJ 3DFLILF ,VODQGHUV LQ &RPPXQLFDWLRQV .DSLRODQL %RXOOHYDUG $ +RQROXOX +DZDL L 86$ ID[

,QVLGH 2XW

/LWHUDWXUH &XOWXUDO ,GHQWLW\ DQG 3ROLWLFV LQ WKH 1HZ 3DFLILF

D FXUD GL 9LOVRQL +HUHQLNR H 5RE :LOVRQ

8Q YROXPH GHGLFDWR DL SL VLJQLILFDWLYL VFULWWRUL FRQWHPSRUDQHL GHO 3DFLILFR 6DJJL H LQWHUYLVWH SHU FRQRVFHUH XQ XQLYHUVR FXOWXUDOH ULFFR GL IHUPHQWL RULJLQDOL H VWLPRODQWL PD DQFRUD ODUJDPHQWH VFRQRVFLXWR LQ (XURSD 5RZPDQ DQG /LWWOHILHOG


8Q RFHDQR GL VXRQL OH PXVLFKH LQGLJHQH GHO 3DFLILFR $OHVVDQGUR 0LFKHOXFFL

/©2FHDQLD FKH SUHVHQWD XQD SDUWLFRODUH ULFFKH]]D GDO SXQWR GL YLVWD JHRORJLFR H DPELHQWDOH RIIUH XQ SDWULPRQLR PXVLFDOH DOWUHWWDQWR YDULR H DIIDVFLQDQWH 4XHVWH WUDGL]LRQL VRQR VWDWH SURIRQGDPHQWH WUDVIRUPDWH GDL ULSHWXWL FRQ WDWWL FRQ LO FRORQLDOLVPR HXURSHR PD LO VXVWUDWR GL SDUWHQ]D HUD FRVu SDUWLFRODUH H DXWRQRPR FKH OH HVSUHVVLRQL PX VLFDOL GL TXHVWL SRSROL KDQQR SRWXWR FRQVHUYDUH XQD IRUWH FDULFD GL VSHFLILFLWj 'DOOH SROLIRQLH DJOL DQWLFKL FDQWL GHL QDYLJDWRUL GDOOH GDQ]H JLRLRVH DL ODPHQWL LQWRQDWL SHU SURWHVWDUH FRQWUR JOL HVSHULPHQWL QXFOHDUL O©2FHDQLD FXVWR GLVFH XQ SDWULPRQLR PXVLFDOH FKH QHJOL DOWUL FRQWLQHQWL H LQ SDUWLFRODUH LQ (XURSD ULPDQH VRVWDQ]LDOPHQWH VFRQR VFLXWR 3HUILQR LO QXRYR LQWHUHVVH SHU OD PXVLFD WUDGL]LRQDOH YHLFRODWR QHOO©XOWLPR GHFHQQLR GDO VXFFHVVR GHOOD ZRUOG PXVLF VWHQWD D FRLQYROJHUH OH PXVLFKH GHO 3DFLILFR DQFKH VH GD TXDOFKH DQQR VL VWDQQR DSUHQGR GHJOL VSD]L FKH OHJLWWLPDQR XQ PRGHUDWR RWWLPLVPR

/H UHJLVWUD]LRQL GHL IUDWHOOL )DKQHVWRFN 1HOOD SULPD PHWj GHO YHQWHVLPR VHFROR SHU HYLGHQWL PRWLYL ORJLVWLFL OD PXVLFD WUDGL]LRQDOH GHOOH LVROH RFHDQLFKH VDUHEEH DQGDWD SHUGXWD VH DOFXQL ULFHUFDWRUL QRQ DYHVVHUR LQWUDSUHVR OXQJKL H VSHVVR GLVDJHYROL YLDJJL FRQ O©R ELHWWLYR GL FRQVHJQDUOD DOOH JHQHUD]LRQL VXFFHVVLYH 8QR GHL FDVL SL PHULWHYROL q TXHOOR GHL IUDWHOOL %UXFH H 6KH ULGDQ )DKQHVWRFN RULJLQDUL GL :DVKLQJWRQ FKH QHO UDJJLXQVHUR OH SL UHPRWH ]RQH GHO 3DFLILFR UDFFRJOLHQGR XQD GRFXPHQWD]LRQH PXVLFDOH GL LQHVWLPDELOH YDORUH /©LQL]LDWLYD DVVXPH XQ YDORUH DQFRUD SL JUDQGH VH VL FRQVL GHUD FKH DOORUD OD PXVLFD LQGLJHQD GHO 3DFLILFR QRQ HUD VWDWD DQFRUD FROSLWD GDOO©DPHULFDQL]]D]LRQH FKH VDUHEEH DU ULYDWD GRSR OD 6HFRQGD *XHUUD 0RQGLDOH , IUDWHOOL )DKQHVWRFN LQROWUH IXURQR L SULPL D LSRWL]]DUH FKH L SRSROL GHOOD UHJLRQH QRQ IRVVHUR RULJLQDUL GHOO©$ PHULFD PHULGLRQDOH FRPH DYUHEEH WHQWDWR GL GLPRVWUDUH 7KRU +H\HUGDO VXFFHVVLYDPHQWH PD FKH YHQLVVHUR GDO O©$VLD VXGRULHQWDOH /©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©DUHD PHODQHVLDQD 1HOOD UHJLRQH PHODQHVLDQD FKH RFFXSD OD SDUWH FHQWUDOH GHO FRQWLQHQWH PROWH GDQ]H YHQJRQR HVHJXLWH UHVWDQGR VHGXWL FRQ LO PRYLPHQWR FKH VL FRQFHQWUD QHOOH EUDFFLD 4XHVWR VHJQD XQD GLIIHUHQ]D QHWWD FRQ O©$IULFD WHUUD G©RULJLQH GHL SRSROL PHODQHVLDQL GRYH LO PRYLPHQWR YLHQH HVHJXLWR TXDVL VHPSUH GDL SLHGL $ FRQIHUPD GHO O©DQWLFR UHWDJJLR DIULFDQR GHOOD UHJLRQH FRPXQTXH JHQHUDOPHQWH L VXRQDWRUL HVHJXRQR OD PXVLFD LQ SLHGL DQ]LFKp VHGXWL 6RWWR LO SURILOR VWUXPHQWDOH OD UHJLRQH q OD SL ULFFD GHO FRQWLQHQWH VL WUDWWD HVVHQ]LDOPHQWH GL SHUFXVVLRQL H GL IODXWL OLJQHL WDOYROWD PROWR VLPLOL D TXHOOL XWLOL]]DWL GDL SRSROL DQGLQL 4XHVWL VWUXPHQWL YHQJRQR ULFDYDWL GD PD WHULDOL QDWXUDOL OHJQR EDPE FRQFKLJOLH 'HO WXWWR DVVHQWL JOL VWUXPHQWL D FRUGD VH VL HFFHWWXDQR OD FKLWDUUD H O©XNXOHOH FKH FRPXQTXH IXURQR LQWURGRWWL GDJOL HXURSHL ,Q 1XRYD &DOHGRQLD L ULWPL GHOOD PXVLFD NDQDN YHQJRQR RWWHQXWL LQ SUHYDOHQ]D FRQ LO EDWWLWR GL PDQL H SLHGL PD DQFKH FRQ SH]]HWWL GL OHJQR 'LYHUVDPHQWH GD TXHOOR FKH DFFDGH LQ DOWUL SDHVL PHODQHVLDQL FRPH 3DSXD 1XRYD *XLQHD H 9DQXDWX LQ 1XRYD &DOHGRQLD QRQ YHQJRQR XWLOL]]DWL PHPEUDQRIRQL ,QROWUH YHQJRQR XVDWL YDUL VWUX PHQWL D ILDWR FRPH IODXWL GL EDPE H XQD VSHFLH GL WURPED ULFDYXWD GDOOH FRQFKLJOLH ,PSRUWDQWL DQFKH L FDQWL GL FRQWHQXWR VWRULFR R UHOLJLRVR JHQHUDOPHQWH DIILGDWL D JUXSSL IHPPLQLOL

/D 0LFURQHVLD /D 0LFURQHVLD q XQ JUXSSR GL SLFFROH LVROH FKH RFFXSDQR OD SDUWH RFFLGHQWDOH GHOO©2FHDQLD D HVW GHOOH )LOLSSLQH , SRSROL LQGLJHQL GHOO©DUHD VRQR SUREDELOPHQWH RULJLQDUL GHOO©$VLD RULHQWDOH DQFKH OH DIILQLWj PXVLFDOL DYYDORUDQR TXHVWD WHVL /H FDQ]RQL UDFFRQWDQR VWRULH OHJJHQGH H UDFFRQWL GHL YLDJJL RFHDQLFL FRQ DPSLR VSD]LR SHU OH SHUFXV VLRQL )UD L SRFKL VWUXPHQWL XWLOL]]DWL L SL FRPXQL VRQR XQD VSHFLH GL WURPED FKH YLHQH ULFDYDWD GDOOH FRQFKLJOLH H LO IODXWR QDVDOH


/D PXVLFD GHJOL DERULJHQL DXVWUDOLDQL 1HOOD FXOWXUD DERULJHQD OD PXVLFD RFFXSD XQ UXROR FHQWUDOH H YLHQH FRQFHSLWD FRPH SDUWH LQWHJUDQWH GHOOD YLWD TXRWLGLDQD ,O FDQWR H OD GDQ]D YHQJRQR DSSUHVL QHOOD SL WHQHUD HWj FRQ OD SXEHUWj VL LPSDUDQR L FDQWL GHGLFDWL DOOH SLDQWH DJOL DQLPDOL H DO SURSULR UHWDJJLR JHQHDORJLFR 1DWD H VYLOXSSDWDVL DOO©LQWHUQR GL XQD FXOWXUD RUDOH OD PXVLFD YLHQH DSSUHVD WUDPLWH LPLWD]LRQH VHQ]D O©DXVLOLR GHOOD VFULWWXUD /D PXVLFD FRPXQTXH QRQ YLHQH FRQ VLGHUDWD FRPH XQ EDJDJOLR FXOWXUDOH FKH VL WUDVPHWWH LPPXWDWR PD FRPH XQD FUHD]LRQH LQ GLYHQLUH FKH VL DUULFFKL FH GL FRQWLQXR QHO SDVVDJJLR GD XQD JHQHUD]LRQH DOO DOWUD *OL DERULJHQL DXVWUDOLDQL XWLOL]]DQR YDUL VWUXPHQWL IUD L TXDOL LO ERRPHUDQJ GLYHUVL WLSL GL SHUFXVVLRQL H LO FHOHEUH GLGMHULGX $ TXHVWR VL DJJLXQJRQR LO EDWWLWR GHOOH PDQL H GHOOH JDPEH

'LGMHULGX OOD Y D YRFH H G GHOO OOD D WWHUU UUDD

/R VWUXPHQWR SULQFLSDOH GHJOL DERULJHQL DXVWUDOLDQL q LO GLGMHULGX XQ OXQJR WURQFR VYXRWDWR GDOOH WHUPLWL FKH YLHQH VXRQDWR VRIILDQGRFL GHQWUR 1RQ WXWWL L SRSROL DERULJHQL VXRQDQR TXHVWR VWUXPHQWR FKH q SL GLIIXVR QHOO·$XVWUDOLD VHWWHQWULRQDOH *HQHUDOPHQWH YLHQH VXRQDWR GDJOL XRPLQL DQFKH VH LQ FHUWH WULE LO GLGMHULGX YLHQH XVDWR DQFKH GDOOH GRQQH /D VXD RULJLQH q VFRQRVFLXWD PD VHFRQGR FHUWL DUFKHRORJL OR VWUXPHQWR ULVDOL UHEEH DG DOPHQR PLOOH DQQL ID ,O SL GHOOH YROWH DFFRPSDJQD LO FDQWR H OD GDQ]D 8QD YHUVLRQH SL JUDQGH FKLDPDWD \XUOXQJJXU YLHQH XVDWD VROWDQWR QHOOH FHULPRQLH &RPH QRWD .DUO 1HXHQIHOGW GLUHWWRUH GHOOD ULYLVWD DFFDGHPLFD 3HUIHFW %HDW LO GLGMHULGX VWLPROD XQ·LPPHGLDWD DVVRFLD]LRQH PHQWDOH FRQ XQD PXVLFD EHQ GHILQLWD LQ DOWUH SDUROH OR VWHVVR FKH DFFDGH FRQ L IODXWL DQGLQL FRQ L WDPEXUL DIULFDQL R FRQ OR \RLN OR VWLOH YRFDOH WLSLFR GHL 6DPL /DSSRQL /R VWUXPHQWR KD DFTXLVWDWR QRWRULHWj SUHVVR LO JUDQGH SXEEOLFR JUD]LH DL JUXSSL URFN DERULJHQL FRPH <RWKX <LQGL H :DGXPEDK 1HJOL XOWLPL WHPSL KD JXDGDJQDWR XQ QRWHYROH VHJXLWR DQFKH LQ (XURSD QHL SDHVL JHU PDQRIRQL SHU HVHPSLR HVLVWRQR QHJR]L H FRUVL VSHFLDOL]]DWL PHQWUH D &DYRXU 7RULQR VL q WHQXWR OR VFRUVR PDJJLR XQ IHVWLYDO LQWHUDPHQWH GHGLFDWR D TXHVWR VWUXPHQWR *LRYDQQD 0DUFRQL

3ROLQHVLD H 1XRYD =HODQGD 6H VL FRQVLGHUD FKH LO WULDQJROR SROLQHVLDQR VL HVWHQGH SHU FLUFD PLOLRQL GL FKLORPHWUL TXDGUDWL YDOH D GLUH WUH YROWH O©(XURSD VL SXz LPPDJLQDUH OD YDULHWj PXVLFDOH GL XQ©DUHD FRVu YDVWD $QFKH TXL LO SDQRUDPD VWLOLVWLFR q VWDWR SURIRQGDPHQWH WUDVIRUPDWR GDO FRQWDWWR FRQ JOL HXURSHL VROR LQ FHUWH DUHH FRPH SHU HVHPSLR QHOOH LVROH 7RQJD VRSUDYYLYRQR DQWLFKH GDQ]H ULVDOHQWL D GLYHUVL VHFROL ID , PLVVLRQDUL KDQQR LQWURGRWWR LQ 3ROLQHVLD OH PXVLFKH HXURSHH LO IDPRVR XNXOpOp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p O©HVVHQ]LDOH FRVu TXDQGR DUULYDYDQR D GHVWLQD]LRQH QRQ WURYDYDQR OHJQR R DO WUL PDWHULDOL SHU FRVWUXLUH GHJOL VWUXPHQWL %XRQD SDUWH GHOOD PXVLFD PDRUL YLHQH HVHJXLWD LQ XQR VWLOH GHFODPDWRULR D PHWj IUD LO FDQWR H LO GLVFRUVR 3RSROL XQLWL GDOOD PXVLFD ,O IDWWR FKH O©2FHDQLD VLD O©XQLFR FRQWLQHQWH FRPSRVWR HVFOXVLYDPHQWH GL LVROH ULEDOWD FHUWL FRQFHWWL VSD]LDOL H JHRJUDILFL PHQWUH DOWURYH LO PDUH q FRQFHSLWR FRPH TXDOFRVD FKH GLYLGH TXL GLYHQWD TXDOFRVD FKH XQLVFH ,Q 2 FHDQLD HVLVWH XQ IRUWH VHQVR GL DSSDUWHQHQ]D FRPXQH FKH SURSULR QHOOD PXVLFD WURYD XQD GHOOH VXH HVSUHVVLRQL SL LPSRUWDQWL /R FRQIHUPD LO )HVWLYDO GHOOH $UWL GHO 3DFLILFR 3DFLILF $UWV )HVWLYDO OD SL LPSRUWDQWH PDQLIHVWD]LRQH FXOWXUDOH FKH ULXQLVFH WXWWL L SRSROL GHO FRQWLQHQWH /D SULPD HGL]LRQH IX UHDOL]]DWD QHO DOOH LVROH )LJL OH VXF FHVVLYH VL VRQR WHQXWH FRQ FDGHQ]D TXDGULHQQDOH 7UDGL]LRQH H PRGHUQLWj ,O SDWULPRQLR WUDGL]LRQDOH KD VHPSUH FRVWLWXLWR XQD IRQWH G©LVSLUD]LRQH SHU L PXVLFLVWL SURYHQLHQWL GD DOWUH WUDGL]LRQL PXVLFDOL 4XHVWD LQWHUD]LRQH VL q PDQLIHVWDWD QHL WHPSL H QHL PRGL SL VYDULDWL $OFXQL FRPH %HOD %DUWzN KDQQR ULHODERUDWR LO SDWULPRQLR PXVLFDOH GHO SDHVH G©RULJLQH PHQWUH DOWUL KDQQR SUHIHULWR LQWUHFFLDUH OD


SURSULD SDUDEROD DUWLVWLFD FRQ WUDGL]LRQL PXVLFDOL HVWUDQHH EDVWL SHQVDUH DOO©XQJKHUHVH *\|UJL /LJHWL H DO VXR DPRUH SHU OH SROLIRQLH GHOO©$IULFD FHQWUDOH $XWRPQH HQ 9DUVRYLH $JOL ,QGLDQL GHO 1RUGDPHULFD LQYHFH KDQQR IDWWR ULIHULPHQWR L PXVLFLVWL SL GLYHUVL GD )HUUXFFLR %XVRQL ,QGLDQLVFKHV 7DJHEXFK DO MD]]LVWD LQJOHVH 7RQ\ +\PDV 2\DWH $QFKH O©DUHD JHRJUDILFD FKH FL LQWHUHVVD VHSSXUH LQ WHPSL SL UHFHQWL KD FRVWLWXLWR XQ SXQWR GL ULIHULPHQWR SHU GLYHUVL PXVLFLVWL IRUPDWLVL LQ DPELHQWL OHJDWL DOOD WUDGL]LRQH HXURSHD 1HLO &XUULH XQ FRPSRVLWRUH FDQDGHVH FKH YLYH LQ $XVWUDOLD KD FRPLQFLDWL D WUDUUH LVSLUD]LRQH GDOOH PXVLFKH GHO 3DFLILFR QHO 4XHVWR FRQQXELR IUD WUD GL]LRQH H PXVLFD FRQWHPSRUDQHD q WHVWLPRQLDWR GD RSHUH FRPH :LQGPLOO H )LUHIOLHV 1HO O©DPHULFDQR 6WHYH 5RDFK KD SXEEOLFDWR LO GLVFR 'UHDPWLPH 5HWXUQ FRQ OD FROODERUD]LRQH GHWHUPL QDQWH GHOO©DERULJHQR 'DYLG +XGVRQ XQR GHL SL LPSRUWDQWL YLUWXRVL GL GLGMHULGX LO ULVXOWDWR q XQ©RSHUD PDWXUD DI IDVFLQDQWH GRYH LO VXRQR DWHPSRUDOH GHOOR VWUXPHQWR DXVWUDOLDQR VL IRQGH SHUIHWWDPHQWH FRQ OH FRPSOHVVH DUFKL WHWWXUH HOHWWURQLFKH GL 5RDFK

%LEOLRJUDILD

0 %UHHQ D FXUD GL 2XU 3ODFH 2XU 0XVLF $ERULJLQDO 6WXGLHV 3UHVV &DQEHUUD 3 +D\ZDUG 6RXQG $OOLDQFHV ,QGLJHQRXV 3HRSOHV &XOWXUDO 3ROLWLFV DQG 3RSXODU 0XVLF LQ WKH 3DFLILF &DVVHOO $FDGHPLF 3UHVV /RQGRQ 1HZ <RUN - : /RZH H $ / .DHSSOHU D FXUD GL $XVWUDOLD DQG WKH 3DFLILF ,VODQGV *DUODQG (QF\FORSHGLD RI :RUOG 0XVLF 9ROXPH *DUODQG 3XEOLVKLQJ 1HZ <RUN 0 0F/HDQ 0DRUL 0XVLF $XFNODQG 8QLYHUVLW\ 3UHVV $XFNODQG . 1HXHQIHOGW 7KH 'LGMHULGX )URP $UQKHP /DQG WR ,QWHUQHW -RKQ /LEEH\ /RQGRQ

,QGLUL]]L

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

,QGLJHQRXV 5HOLJLRXV 0XVLFV D FXUD GL .DUHQ 5DOOV 0DF/HRG H *UDKDP +DUYH\

8QD UDFFROWD GL VDJJL GHGLFDWL DO ULFFR SDWULPRQLR PXVLFDOH H UHOLJLRVR GHL SRSROL LQGLJHQL GDL 0DRUL DJOL ,QXLW GDOO·$XVWUDOLD DOO·$PD]]RQLD /·RSHUD DOOD TXDOH KDQQR FRQWULEXLWR DOFXQL GHL PLJOLRUL VSHFLDOLVWL LQWHUQD]LRQDOL FRPSUHQGH XQ &' FKH FRVWLWXLVFH XQ FRPSOHPHQWR LQGLVSHQVDELOH DL WHVWL

$VKJDWH SS SS Â… Â… ZZZ DVKJDWH FRP


0DWHULDOL VXL SRSROL LQGLJHQL GHO 3DFLILFR ,O 3DFLILFR H O©2FHDQLD LQ SDUWLFRODUH q XQ©DUHD SDUWLFRODUPHQWH WUDVFXUDWD LQ ,WDOLD 0DQFDQR OLEUL ULYLVWH FHQWUL GL GRFXPHQWD]LRQH LQ XQD SDUROD WXWWR FLz FKH SRVVD RULHQWDUH FKL FHUFD GL DSSURIRQGLUH OD PDWHULD 6H SRL VL WUDWWD GL SRSROL LQGLJHQL VL VILRUD OR ]HUR DVVROXWR (FFR SHUFKp DEELDPR SHQVDWR GL FRQFOXGHUH LO GRVVLHU GL TXHVWR QXPHUR FRQ XQD VHULH GL LQGLUL]]L FKH RULHQWLQR FKL YXROH VDSHUQH GL SL

$UFKLYL H FHQWUL GL GRFXPHQWD]LRQH ,Q (XURSD FL VRQR QXPHURVL FHQWUL GL GRFXPHQWD]LRQH FKH IDQQR FDSR DOOH VWUXWWXUH XQLYHUVLWDULH ,Q 2ODQGD SUHVVR O©DWHQHR GL 1LMPHJHQ q DWWLYR LO &HQWHU IRU 3DFLILF DQG $VLDQ 6WXGLHV 32 %R[ 1/ +( 1LMPHJHQ 7KH 1HWKHUODQGV ID[ 7 YDQ0HLMO#PDLOER[ NXQ QO ZZZ NXQ QO FSV /D )UDQFLD RIIUH LQYHFH O©LPSRUWDQWH &HQWUH GH 5HFKHUFKH HW GH 'RFXPHQWDWLRQ VXU O 2FpDQLH 8QLYHUVLWp GH 3URYHQFH SODFH 9LFWRU +XJR ) 0DUVHLOOH &[ )UDQFH ID[ FUHGR#QHZVXS XQLY PUV IU ZZZ XS XQLY PUV IU ZPDS &5('2 LQGH[ KWPO /D (XURSHDQ 6RFLHW\ IRU 2FHDQLVWV q XQ©DVVRFLD]LRQH DFFDGHPLFD DOOD TXDOH DGHULVFRQR QXPHURVL VSHFLDOLVWL GHOO©DUHD LQ TXHVWLRQH L ORUR LQGLUL]]L VRQR ULSRUWDWL VXOOD SDJLQD KWWS FF MRHQVXX IL HVIR /©LQGLUL]]R GL TXHVWR RU JDQLVPR q OR VWHVVR GHOOD $XVWULDQ 6RXWK 3DFLILF 6RFLHW\ 8QLYHUVLWlW :LHQ 8QLYHUVLWlWVWUDVVH 1,* ,9 $ :LHQ $XVWULD ID[ KHUPDQQ PXHFNOHU#XQLYLH DF DW )XRUL G©(XURSD VL VHJQDOD DQ]LWXWWR LO &HQWHU IRU 3DFLILF ,VODQGV 6WXGLHV FKH KD VHGH SUHVVR O©8QLYHUVLWj GL +R QROXOX ID[ ZZZ KDZDLL HGX FSLV (VLVWRQR DQFKH YDUL DUFKLYL G©LQWHUHVVH UHJLRQDOH FRPH LO 0HODQHVLDQ 6WXGLHV 5HVRXUFH &HQWHU 8QLYHUVLW\ RI &DOLIRUQLD 6DQ 'LHJR /D -ROOD &$ 86$ ID[ NFUHHO\# XFVG HGX H O©$UFKLYH RI 0DRUL DQG 3DFLILF 0XVLF LQGLVSHQVDELOH SHU FKL YXROH DSSUR IRQGLUH XQD WUDGL]LRQH PXVLFDOH ULFFD FRPH TXHOOD SROLQHVLDQD $QWKURSRORJ\ 'HSW 8QLYHUVLW\ RI $XFNODQG 3UL YDWH %DJ $XFNODQG $RWHDURD 1HZ =HDODQG ID[ U PR\OH# DXFNODQG DF Q] 6HP SUH LQ WHPD GL PXVLFD q QHFHVVDULR ULFRUGDUH O©LPSHJQR GHL FRQLXJL /LQNHOV H GHOOD ORUR 0XQGR (WQLFR )RXQGDWLRQ FKH GLIIRQGH OD PXVLFD SROLQHVLDQD LQ (XURSD DWWUDYHUVR XQ©LQWHQVD DWWLYLWj HGLWRULDOH H GLGDWWLFD 6LEHOLXVVWUDDW 1/ -5 7LOEXUJ 7KH 1HWKHUODQGV ID[ LQIR# 0XQGR(WQLFR QO ZZZ 0XQGR(WQLFR QO 3HU ILQLUH XQ ULIHULPHQWR SUH]LRVR D FRORUR FKH YRJOLRQR HVVHUH VHPSUH DJJLRUQDWL VXOO©DWWXDOLWj SROLWLFD H VR FLDOH GHOO©DUHD LO &DIq 3DFLILF ZZZ DVLDSDFLILF RUJ IM FDIHSDFLILF FXUDWR GD 'DYLG 5RELH XQR GHL JLRUQDOLVWL SL DWWLYL GHO FRQWLQHQWH

'LVFKL $OFXQL GLVFKL VL WURYDQR VSDUVL QHOOH HWLFKHWWH GL PXVLFD WUDGL]LRQDOH FRPH 2FRUD 3OD\DVRXQG H $XYLGLV (WKQLF 7DQJDWD 5HFRUGV q VSHFLDOL]]DWD LQ PXVLFD PDRUL 32 %R[ 0DUWRQ 5DQJLWLNHL $RWHDURD 1HZ =HDODQG ID[ LQIR#WDQJDWD FR Q] 'L 0XQGR (WQLFR DEELDPR JLj SDUODWR VRSUD 8QD QRYLWj UHFHQWLVVLPD q 2FHDQLD 5HFRUGV XQD FDVD GLVFRJUDIL FD IUDQFHVH QDWD SHU GLIIRQGHUH LQ (XURSD OD PXVLFD GHO 3DFLILFR UXH G $PVWHUGDP ) 3DULV )UDQFH ID[ ZZZ RFHDQLDUHFRUGV FRP

/LEUL ,Q ,WDOLD q GLIILFLOH UHSHULUH PDWHULDOH LQIRUPDWLYR VXL SRSROL LQGLJHQL GHO 3DFLILFR 3HU L OLEUL LWDOLDQL FKH SRFKLVVLPL VL FRQVLJOLD OD /LEUHULD ([SORUHU 9LD DOOD &KLHVD 4XDUQD 6RSUD 9% WHO ID[ 0D YHQLDPR DOOH IRQWL VSHFLDOL]]DWH FKH VRQR WXWWH VWUDQLHUH 8Q YDVWR DVVRUWLPHQWR GL OLEUL QXRYL H XVDWL q UH SHULELOH SUHVVR 7KH %RRN %LQ 3DFLILFD ID[ SDFLILF#ERRN ELQ FRP H SUHVVR 6HUHQGLSLW\ %RRNV ID[ VHUHQGLS#PHUULZHE FRP DX (VVHQ]LDOH q %RRNV 3DVLILND FKH GHGLFD DPSLR VSD]LR DL 0DR UL PD VHQ]D WUDVFXUDUH JOL DOWUL SRSROL GHO FRQWLQHQWH 32 %R[ 1HZWRQ $XFNODQG $RWHDURD 1HZ =HDODQG ID[ ZZZ DN SODQHW FR Q] SDVLILND &KL FHUFD DOWUL OLEUL LQ IUDQFHVH SXz ULFKLHGHUH LO FDWDORJR GL -HDQ /RXLV %RJOLR ID[ ERJOLR#PDULWLPHERRNV FRP DX )UD OH FDVH HGLWULFL VSHFLDOL]]DWH VL VHJQDODQR OD +DZDL©L 8QLYHUVLW\ 3UHVV ZZZ XKSUHVV KDZDLL HGX FKH VL LQ WHUHVVD GL WXWWR LO 3DFLILFR H %HVV 3UHVV ZZZ EHVVSUHVV FRP FKH VL FRQFHQWUD VXOO©DUFLSHODJR KDZDLLDQR 'HGL


FDWR DOO©$XVWUDOLD q LO ULFFR FDWDORJR GHOO $ERULJLQDO 6WXGLHV 3UHVV FKH QRQ RIIUH VROR OLEUL PD DQFKH &' H YLGHR *32 %R[ &DQEHUUD $&7 $XVWUDOLD ID[ VDOHV#DLDWVLV JRY DX 6HPSUH VXJOL $ER ULJHQL q FRQVLJOLDELOH OD FDVD HGLWULFH VSHFLDOL]]DWD 0DJDEDOD %RRNV ZZZ PDJDEDOD FRP , 0DRUL VRQR WUDWWDWL GD 5HHG ZZZ UHHG FR Q] H GD +XLD ZZZ KXLD FR Q] SXEOLVKHUV 3HU OLEUL H FDWDORJKL G DU WH H QRQ VROR GHO 3DFLILFR VL SXz FRQWDWWDUH LQYHFH OD (WKQRJUDSKLF $UWV 3XEOLFDWLRQV ID[ HDS #DRO FRP ,Q (XURSD XQD GHOOH OLEUHULH SL IRUQLWH q 3DULJL $XVWUDOLDQ %RRNVKRS 4XDL GHV *UDQGV $X JXVWLQV WHO #FRPSXVHUYH FRP FKH YHQGH DQFKH FDVVHWWH ULYLVWH &' H YLGHR

0XVHL H JDOOHULH 2YYLDPHQWH O©$XVWUDOLD H OD 1XRYD =HODQGD RIIURQR PROWL PXVHL VXO WHPD PD WUDWWDQGRVL GL SDHVL FKH YHQJRQR YLVLWDWL GL UDGR DEELDPR SHQVDWR FKH IRVVH PHJOLR OLPLWDUVL DOO©(XURSD $O WHPSR VWHVVR DEELDPR VFHOWR GL OLPLWDUFL DL SRFKL PXVHL GHGLFDWL XQLFDPHQWH DO 3DFLILFR DOWULPHQWL DYUHPPR IDWWR XQ HOHQFR LQWHUPLQDELOH GL PXVHL FKH GH GLFDQR XQD VWDQ]D R SRFR SL DOO©DUHD FKH FL LQWHUHVVD ,Q 2ODQGD F©q O©$ERULJLQDO $UW 0XVHXP GL 8WUHFKW 2XGHJUDFKW ID[ ZZZ DDPX QO DSHUWR GDO PDU]R VFRUVR /D FDSLWDOH IUDQFHVH RIIUH LO 0XVpH QDWLRQDO GHV DUWV G©$IULTXH HW G©2FpDQLH DYHQXH 'DXPHVQLO WHO H OD *DOHULH 0H\HU UXH GHV %HDX[ $UWV WHO $ 0DUVLJOLD LQILQH VL WURYD LO 0XVpH GHV DUWV DIULFDLQV RFqDQLHQV DPpULQGLHQV UXH GH OD &KDULWp WHO

5LYLVWH )UD OH ULYLVWH XQLYHUVLWDULH FKH DEEUDFFLDQR O©LQWHUR FRQWLQHQWH VL VHJQDODQR 7KH &RQWHPSRUDU\ 3DFLILF ZZZ XKSUHVV KDZDLL HGX MRXUQDOV FS H 3DFLILF 6WXGLHV ZZZ E\XK HGX DFDGHPLF GLYLVLRQV MSV 6SHFLILFDPHQWH GHGL FDWH DJOL DERULJHQL DXVWUDOLDQL LQYHFH $XVWUDOLDQ $ERULJLQDO 6WXGLHV FKH YLHQH SXEEOLFDWD GDOO©$,$76,6 ZZZ DLDWVLV JRY DX H ,QGLJHQRXV /DZ %XOOHWLQ LOE#XQVZ HGX DX PHQWUH 0DQD ZZZ PDQDRQOLQH FR Q] q XQ JLRU QDOH LOOXVWUDWR FKH WUDWWD L WHPL FXOWXUDOL VRFLDOL HG HFRQRPLFL GHL 0DRUL 7DSRO ZZZ JQ DSF RUJ WDSRO PHQVLOH SXEEOLFDWR GDOO©RPRQLPD DVVRFLD]LRQH VL RFFXSD GHOO©LQWHUD ,QGRQHVLD H SHUFLz GHGLFD XQR VSD]LR UHJRODUH D 3D SXD 2FFLGHQWDOH $OWUH DVVRFLD]LRQL H ULYLVWH VRQR LQGLFDWH DOOD ILQH GHL VLQJROL DUWLFROL FRQWHQXWL LQ TXHVWR QXPHUR &KLXGLDPR FRQ 3HUIHFW %HDW ULYLVWD GHGLFDWD DOOH FXOWXUH PXVLFDOL GHOO©DUHD &HQWUH IRU &RQWHPSRUDU\ 0XVLF 0DFTXDULH 8QLYHUVLW\ 16: $XVWUDOLD SKD\ZDUG#KXPDQLWLHV PT HGX DX 9LGHR H ILOP 8Q EXRQ QXPHUR GL YLGHR q UHSHULELOH SUHVVR 3DFLILF ,VODQGHUV LQ &RPPXQLFDWLRQ ZZZ SLFFRP RUJ H 3DFLILF 3HRSOHV 3DUWQHUVKLS ZZZ VSSI RUJ 3HU FKL q LQWHUHVVDWR DOOD TXHVWLRQH KDZDLLDQD LO PLJOLRU DVVRUWLPHQWR GL YL GHR q TXHOOR RIIHUWR GD 1D 0DND R ND ¨$LQD 32 %R[ 1D DOHKX +DZDL© 86$ ID[ QDPDND#LQWHUSDF QHW $OWUL YLGHR VRQR UHSHULELOL SUHVVR 0DUFRP 3URMHFWV 3R %R[ /RJDQKROPH 4/' $XVWUDOLD WHO ID[ PDUFRP#PDUFRP FRP DX &KL LQYHFH FHUFD GHL ILOP SXz ULYROJHUVL DOO©$XVWUDOLDQ )LOP ,QVWLWXWH (DVWHUQ 5RDG 6RXWK 0HOERXUQH 9,& $XVWUDOLD ID[ DIL#YLFQHW QHW DX

3HU U X XQ Q IIXWXUR R OOLEHUR R G GDOO·LQFXER Q R QXFOHDUH

,O PHULWR GL DYHU FDSLWR FKH L SRSROL LQGLJHQL VRQR OH SULPH YLWWLPH GHO FRORQLDOLVPR QXFOHDUH VSHWWD VRSUDW WXWWR D &ODXV %LHJHUW XQ JLRUQDOLVWD WHGHVFR FKH IUD O·DOWUR KD VFULWWR YDUL OLEUL VXJOL ,QGLDQL GHO 1RUGDPHULFD 6L GHYH LQIDWWL D OXL VH QHO VL q WHQXWD D 6DOLVEXUJR $XVWULD OD SL LPSRUWDQWH FRQIHUHQ]D PRQGLDOH GH GLFDWD DOOH WUDJLFKH FRQVHJXHQ]H GHOO·LPSHULDOLVPR DWRPLFR FRQ OD SUHVHQ]D GL DWWLYLVWL LQGLJHQL H VWXGLRVL SURYHQLHQWL GD RJQL SDUWH GHO SLDQHWD /·LPSRQHQWH LQL]LDWLYD QRWD FRPH :RUOG 8UDQLXP +HDULQJ KD FRQ WULEXLWR LQ PRGR GHWHUPLQDQWH D VHQVLELOL]]DUH O·(XURSD VX XQ WHPD FKH QRQRVWDQWH OD VXD ULOHYDQ]D DYHYD VHPSUH ULFHYXWR SRFD DWWHQ]LRQH *OL DWWL GHO :RUOG 8UDQLXP +HDULQJ VRQR UHSHULELOL VX ,QWHUQHW DOO·LQGLUL]]R ZZZ UDWLFDO RUJ UDGLDWLRQ :RUOG8UDQLXP+HDULQJ 'D TXHOO·HVSHULHQ]D q QDWD O·LGHD GHO 1XFOHDU )UHH )XWXUH $ZDUG FKH O·RPRQLPD DVVRFLD]LRQH SUHVLHGXWD GD %LH JHUW ZZZ QXFOHDU IUHH FRP DVVHJQD D SHUVRQH LQL]LDWLYH SROLWLFKH R VFLHQWLILFKH WHVH DOOD FRVWUX]LRQH GL XQ IX WXUR OLEHUR GDOO·LQFXER QXFOHDUH 3HU TXDQWR ULJXDUGD LO 3DFLILFR LO SUHPLR q VWDWR FRQIHULWR DOOD PLOLWDQWH DER ULJHQD <YRQQH 0DUJDUXOD ILJXUD FHQWUDOH QHOOD ORWWD FRQWUR OD PLQLHUD GL -DELOXND YHGL SDJLQD *LRYDQQD 0DUFRQL


'LFKLDUD]LRQH VXO GLULWWR GHOOH FRORQLH DOO©LQGLSHQGHQ]D ,O GLFHPEUH O©$VVHPEOHD *HQHUDOH GHOO©218 DSSURYz DOO©XQDQLPLWj OD 5LVROX]LRQH ;9 UHODWLYD DOO©LQ GLSHQGHQ]D GHOOH FRORQLH 1RQ VL RSSRVHUR QHDQFKH SDHVL FRPH OD )UDQFLD H LO 3RUWRJDOOR L TXDOL SHUz FKLDULURQR FKH OH ORUR FRORQLH HUDQR GD FRQVLGHUDUVL SDUWH LQWHJUDOH GHL ULVSHWWLYL WHUULWRUL PHWURSROLWDQL 8QD GLVWLQ]LRQH DVVXUGD PD FKH LQ TXDOFKH PRGR O©218 KD IDWWR SURSULD VH q YHUR FKH QHO HVLVWRQR DQFRUD XQD WUHQWLQD GL SRVVHGLPHQWL FRORQLDOL /©LQHU]LD GHOOH 1D]LRQL 8QLWH GDYDQWL D TXHVWD VLWXD]LRQH GLPRVWUD FKLDUDPHQWH FKH LO PDVVLPR RUJDQLVPR VRYUDQD]LR QDOH KD WUDGLWR L SULQFLSL HQXQFLDWL LQ TXHVWR GRFXPHQWR

/©$VVHPEOHD *HQHUDOH ULFRUGDQGR FKH QHOOD &DUWD GHOOH 1D]LRQL 8QLWH L SRSROL GHO PRQGR KDQQR DIIHUPDWR VROHQQHPHQWH OD SURSULD IHGH QHL GLULWWL XPDQL IRQGDPHQWDOL QHOOD GLJQLWj H QHO YDORUH GHOO©HVVHUH XPDQR SHU OD SURPR]LRQH GHO SURJUHVVR VR FLDOH HG HFRQRPLFR QHOOD OLEHUWj FRQYLQWD FKH VLD QHFHVVDULR FUHDUH OH FRQGL]LRQL GHOOD VWDELOLWj H GL UHOD]LRQL SDFLILFKH EDVDWH VXO ULVSHWWR GHOO©XJXD JOLDQ]D H GHOO©DXWRGHWHUPLQD]LRQH GHL SRSROL H DO WHPSR VWHVVR GHL GLULWWL XPDQL H GHOOH OLEHUWj IRQGDPHQWDOL VHQ ]D GLVWLQ]LRQL GL UD]]D VHVVR OLQJXD H UHOLJLRQH ULFRQRVFHQGR O©DVSLUD]LRQH DOO©LQGLSHQGHQ]D HVSUHVVD GD WXWWL L SRSROL FRORQL]]DWL H L ORUR VIRU]L SHU UDJJLXQJHUOD VDSHQGR FKH L FRQIOLWWL QDWL GDOOD QHJD]LRQH GL TXHVWD LQGLSHQGHQ]D PLQDFFLDQR JUDYHPHQWH OD SDFH PRQGLDOH FRQVLGHUDQGR FKH O©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©HVLJHQ]D LPSURURJDELOH VDOXWDQGR FRQ HQWXVLDVPR LO QXPHUR FUHVFHQWH GL SDHVL FKH QHJOL XOWLPL DQQL KDQQR UDJJLXQWR O©LQGLSHQGHQ]D H GL TXHOOL FKH RJJL SHUVHJXRQR OR VWHVVR RELHWWLYR FRQYLQWD FKH WXWWL L SRSROL DEELDQR XQ GLULWWR LQDOLHQDELOH DOOD OLEHUWj DOO©HVHUFL]LR GHOOD VRYUDQLWj H DOO©LQWHJULWj WHU ULWRULDOH SURFODPD VROHQQHPHQWH O©LQWHQ]LRQH GL DGRSHUDUVL DIILQFKq RJQL IRUPD GL FRORQLDOLVPR YHQJD HVWLUSDWD UDSLGDPHQ WH H FRPSOHWDPHQWH H D TXHVWR ILQH GLFKLDUD FKH /©HVLVWHQ]D GL SRSROL FRORQL]]DWL H VIUXWWDWL GD XQD SRWHQ]D VWUDQLHUD UDSSUHVHQWD XQD QHJD]LRQH GHL GLULWWL XPDQL IRQGDPHQWDOL FRQWUDVWD FRQ OD &DUWD GHOOH 1D]LRQL 8QLWH H FRVWLWXLVFH XQ RVWDFROR DOOD SDFH PRQGLDOH 7XWWL L SRSROL KDQQR GLULWWR DOO©DXWRGHWHUPLQD]LRQH LQ YLU GL TXHVWR GLULWWR HVVL VFHOJRQR OLEHUDPHQWH LO SURSULR VWDWXV SROLWLFR H SHUVHJXRQR OLEHUDPHQWH LO SURSULR VYLOXSSR VRFLDOH HFRQRPLFR H FXOWXUDOH /D FDUHQ]D GL VWUXWWXUH SROLWLFKH VRFLDOL R HFRQRPLFKH QRQ SXz HVVHUH XQ SUHWHVWR SHU ULWDUGDUH O©LQGLSHQGHQ]D 2JQL RSHUD]LRQH PLOLWDUH R UHSUHVVLYD FRQWUR L SRSROL FRORQL]]DWL GRYUj FHVVDUH SHU JDUDQWLUH ORUR LO UDJJLXQ JLPHQWR GHOOD FRPSOHWD LQGLSHQGHQ]D H DO WHPSR VWHVVR GRYUj HVVHUH ULVSHWWDWD O©LQWHJULWj GHO WHUULWRULR QD]LRQDOH 6DUDQQR LPPHGLDWDPHQWH SUHVH GHOOH LQL]LDWLYH SHUFKp QHL SDHVL QRQ DQFRUD LQGLSHQGHQWL WXWWR LO SRWHUH SROLWLFR VLD WUDVIHULWR DOOD SRSROD]LRQH ORFDOH VHQ]D FRQGL]LRQL Qp OLPLWD]LRQL VHQ]D GLVWLQ]LRQL GL UD]]D VHVVR R UHOLJLRQH 4XDOVLDVL WHQWDWLYR GL FRPSURPHWWHUH O©XQLWj QD]LRQDOH R WHUULWRULDOH GL XQ SDHVH q LQFRPSDWLELOH FRQ OD &DUWD GHOOH 1D]LRQL 8QLWH 7XWWL JOL VWDWL GHYRQR DJLUH LQ SLHQD VLQWRQLD FRQ L SULQFLSL HQXQFLDWL QHOOD &DUWD GHOOH 1D]LRQL 8QLWH QHOOD 'L FKLDUD]LRQH 8QLYHUVDOH GHL 'LULWWL 8PDQL H QHOOD SUHVHQWH ULVROX]LRQH VXOOD EDVH GHOO©HJXDJOLDQ]D H GHO SLHQR UL VSHWWR SHU OD VRYUDQLWj QD]LRQDOH H SHU O©LQWHJULWj WHUULWRULDOH


%LEOLRWHFD

*XLGD GHO PRQGR (0, %RORJQD SS OLUH

1HO OD FDVD HGLWULFH (0, DYHYD JLj ODQFLDWR OD SULPD HGL]LRQH LWDOLDQD GHOOD SUHVWLJLRVD :RUOG *XLGH SXEEOLFDWD GDO PHQVLOH LQJOHVH 1HZ ,QWHUQDWLRQDOLVW 'HOO©RSHUD FKH DSSDUH FRQ SHULRGLFLWj ELHQQDOH q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j WURYDQR VSD]LR DQFKH L SUREOHPL GHOOH PLQRUDQ]H H GHL SRSROL LQGLJHQL VROLWD PHQWH WUDVFXUDWL GDOOH RSHUH DQDORJKH 8Q OLEUR SDUWLFRODUPHQWH XWLOH D JLRUQDOLVWL FHQWUL GL GRFXPHQWD]LRQH DV VRFLD]LRQL PD VRSUDWWXWWR D FKL YXROH JHWWDUH XQR VJXDUGR QRQ FRQYHQ]LRQDOH VXO PRQGR LQ FXL YLYLDPR 1RQ VROR VH KDQQR O©DPEL]LRQH GL FDPELDUOR PD DQFKH VH YRJOLRQR VROWDQWR FDSLUH TXDOL VRQR L PHFFDQLVPL FKH OR UHJRODQR

*LRYDQQD 0DUFRQL

,QWHUQDWLRQDO 1XED &RRUGLQDWLRQ &HQWUH 7KH 5LJKW WR %H 1XED 7KH 6WRU\ RI D 6XGDQHVH 3HRSOH©V 6WUXJJOH IRU 6XUYLYDO 7KH 5HG 6HD 3UHVV /DZUHQFHYLOOH 1HZ -HUVH\ $VPDUD SS

,O WUDJLFR IDOOLPHQWR GHOO©$IULFD SRVWFRORQLDOH q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©$IULFD ,Q TXHVWR SDHVH LO SL JUDQGH GHO FRQWLQHQWH YLYRQR RJJL GL SHUVRQH /D PDJJLRUDQ]D GHOOD SRSROD]LRQH q FRVWLWXLWD GDL %DJJDUD GLVFHQGHQWL GHJOL DUDEL FKH LQYDGRQR O©(JLWWR H OD 1X ELD QHO VHWWLPR VHFROR G & /H PLQRUDQ]H YLYRQR SUHYDOHQWHPHQWH QHOOH UHJLRQL FHQWUDOL H PHULGLRQDOL 4XHVWR GH WHUPLQD XQD GLYLVLRQH SLXWWRVWR QHWWD IUD LO QRUG GRPLQDWR GDOOD PDJJLRUDQ]D DUDED H OH UHJLRQL FHQWURPHULGLRQDOL GRYH SUHYDOJRQR LQYHFH SRSROL QLORWLFL FRPH L 'LQND L 1XHU JOL 6KLOOXN H L 1XED 6X TXHVWL XOWLPL VL FRQFHQWUD LO OLEUR GL 5DKKDO SUHVLGHQWH GHOO©,QWHUQDWLRQDO 1XED &RRUGLQDWLRQ &HQWUH UH FHQWHPHQWH ULEDWWH]]DWR 1XED 6XUYLYDO H TXLQGL SDUWLFRODUPHQWH DGDWWR D WUDWWDUH LO WHPD ,O OLEUR RIIUH XQ TXDGUR VLQWHWLFR PD FRPSOHWR GHOOD WUDJHGLD GHL 1XED FKH VL FRQVXPD GD PROWL DQQL QHO GLVLQWHUHVVH JHQHUDOH 8QD GHOOH SRFKH HFFH]LRQL q FRVWLWXLWD GDOOD UHFHQWH LQL]LDWLYD GHO 0RYLPHQWR 6KDORP XQ©LPSRUWDQWH DVVRFLD]LRQH XPDQLWD ULD FKH RSHUD LQ 7RVFDQD

*LRYDQQD 0DUFRQL


3DXO +DYHPDQQ ,QGLJHQRXV 3HRSOHV 5LJKWV LQ $XVWUDOLD &DQDGD DQG 1HZ =HDODQG 2[IRUG 8QLYHUVLW\ 3UHVV $XFNODQG SS

1HJOL DPELHQWL SROLWLFL H JLXULGLFL GHL WUH SDHVL DQDOL]]DWL LQ TXHVWR OLEUR OD TXHVWLRQH LQGLJHQD VWD JXDGDJQDQGR X QR VSD]LR VHPSUH PDJJLRUH VRSUDWWXWWR SHU TXDQWR ULJXDUGD OD WHPDWLFD GHOOD VRYUDQLWj H GHL GLULWWL WHUULWRULDOL $F FDQWR DO FDVR 0DER H DOOH DOWUH FRQWURYHUVLH JLXULGLFKH GHJOL XOWLPL DQQL LQIDWWL LQ FLDVFXQR GHL WUH SDHVL q VWDWR SXEEOLFDWR XQ XQ GRFXPHQWR XIILFLDOH VXLL UDSSRUWL IUD LQGLJHQL H QRQ LQGLJHQL LQ $XVWUDOLD %ULQJLQJ WKHP +RPH UHODWLYR DOOD WUDJHGLD GHOOH VWROHQ JHQHUDWLRQV LQ &DQDGD LO UDSSRUWR ILQDOH GHOOD 5R\DO &RPPLVVLRQ RQ $ERULJLQDO 3HRSOHV 5&$3 SXEEOLFDWR LQ &DQDGD H LO 1HZ =HDODQG :DLWDQJL 7ULEXQDO 7DUDQNL 5HSRUW ,O OLEUR FXUDWR GD +DYHPDQQ TXLQGL QRQ SRWHYD XVFLUH LQ XQ PRPHQWR PLJOLRUH /©HVSUHVVLRQH ¦GLULWWL GHL SRSROL LQGLJHQL§ FKH YLHQH XWLOL]]DWD QHO WLWROR VWLPROD DOFXQH ULIOHVVLRQL 6HFRQGR OR VWXGLRVR FDQDGHVH 7DLDLDNH $OIUHG TXHVWL GLULWWL QRQ SRUWDQR DOO©DXWRGHWHUPLQD]LRQH PD ULIOHWWRQR VHPSOLFHPHQWH ¦L YDQWDJJL DFTXLVLWL GDL SRSROL LQGLJHQL FKH KDQQR DFFHWWDWR GL DEGLFDUH DOOD SURSULD DXWRQRPLD SHU HQWUDUH QHO PHFFDQLVPR JLXULGLFR H SROLWLFR GHOOR VWDWR§ 'L FRQVHJXHQ]D GREELDPR FKLHGHUFL VH OD SURWH]LRQH GHL GLULWWL LQGL JHQL FRQ JOL VWUXPHQWL GHO GLULWWR FRQVXHWXGLQDULR R GHO GLULWWR LQWHUQD]LRQDOH VLD FRPSDWLELOH FRQ OH FXOWXUH DXWRF WRQH , GLULWWL XPDQL FRGLILFDWL GDL WUDWWDWL LQWHUQD]LRQDOL VRQR XQ YDORUH XQLYHUVDOH H TXLQGL LQ VLQWRQLD FRQ L YDORUL LQGLJHQL RSSXUH VH VRQR HXURFHQWULFL H FRPH WDOL LQFRQFLOLDELOL FRQ OH FXOWXUH DXWRFWRQH" /D SULPD SDUWH GHOO©RSHUD q GHGLFDWD D WUH WHPL ¤ OD VRYUDQLWj O©DXWRGHWHUPLQD]LRQH H OD FRQYLYHQ]D ¤ FKH YHQ JRQR DQDOL]]DWL SDUWHQGR GDOOH WHVL GL WUH LPSRUWDQWL VWXGLRVL LQGLJHQL , FDSLWROL LQ TXHVWLRQH QRQ VRQR HVSOLFLWD PHQWH GHGLFDWL D XQ©DQDOLVL PD VRQR FRPXQTXH ULFFKL GL LQWXL]LRQL VWLPRODQWL 5DQJLQXL :DONHU ULOHYD FKH LQ 1XR YD =HODQGD q OD PDJJLRUDQ]D ELDQFD D GHFLGHUH TXDQGR H FRPH VL GHYH SDUODUH GHL SUREOHPL FRQQHVVL DOOD TXHVWLR QH LQGLJHQD /D VWHVVD DUJRPHQWD]LRQH YLHQH ULSUHVD GD 0DUFLD /DQJWRQ FKH VRWWROLQHD OD QHFHVVLWj GL GLIIRQGHUH IUD L ELDQFKL OD FRQRVFHQ]D GHOOD FXOWXUD LQGLJHQD /D VHFRQGD SDUWH ULFRVWUXLVFH OD IRUPD]LRQH GHL WUH VWDWL VRIIHUPDQGRVL VXL UDSSRUWL IUD LQGLJHQL H PDJJLRUDQ]H ,Q VHQVR ODWR VL SXz GLUH FKH O©RELHWWLYR GHL WUH SDHVL q VHPSUH VWDWR TXHOOR GL HVHUFLWDUH XQR VWUHWWR FRQWUROOR VXOOH ULVSHWWLYH SRSROD]LRQL LQGLJHQH , PRGL GL HVHUFLWDUH TXHVWR FRQWUROOR VRQR VWDWL GLYHUVL PD O©RSHUD QRQ GLPHQWLFD GL VRWWROLQHDUH FHUWH VRPLJOLDQ]H *OL DXWRUL GHOOD VHFRQGD SDUWH ¤ +HQU\ 5H\QROGV .HQ &RDWHV H 0 3 . 6RUUHQ VRQ ¤ RIIURQR XQ GHWWDJOLDWR TXDGUR VWRULFR GHO WHPD LQ TXHVWLRQH /D WHU]D SDUWH IRUQLVFH XQ©DQDOLVL FRPSDUDWLYD VXL GLULWWL GHL SRSROL LQGLJHQL H VXOOD ORUR WXWHOD LQWHUQD]LRQDOH $XJLH )OHUDV HVDPLQD LO FRQWHVWR SROLWLFR H LGHRORJLFR GHOOH UHOD]LRQL IUD LQGLJHQL H PDJJLRUDQ]D QHL WUH SDHVL &D WKHULQH - ,URQV IRUQLVFH XQ SDQRUDPD GHL UHFHQWL VYLOXSSL GHO GLULWWR LQWHUQD]LRQDOH /D TXDUWD SDUWH q GHGLFDWD DO VLVWHPD JLXGL]LDULR 'DYLG 0DF'RQDOG LQ SDUWLFRODUH DQDOL]]D OD GLVFXVVD $XVWUDOLDQ 5R\DO &RPPLVVLRQ LQWR $ER ULJLQDO 'HDWKV LQ &XVWRG\ O©RUJDQR JRYHUQDWLYR LVWLWXLWR SHU IDU OXFH VXL PROWL FDVL GL GHWHQXWL DERULJHQL ¦PLVWH ULRVDPHQWH§ GHFHGXWL LQ SULJLRQH /D SDUWH VXFFHVVLYD VL FRQFHQWUD VXOOH HYROX]LRQL GHOO©DSSURFFLR DOOD TXHVWLRQH LQGLJHQD FKH $XVWUDOLD &DQDGD H 1XRYD =HODQGD KDQQR PDQLIHVWDWR QHO FRUVR GHO WHPSR /D VHVWD VH]LRQH GHO O©RSHUD LQ SDUWLFRODUH VL VRIIHUPD VXL WHQWDWLYL FKH L WUH SDHVL KDQQR FRPSLXWR IUD JOL DQQL 6HWWDQWD H 1RYDQWD SHU LQVHULUH OD WXWHOD GHL SRSROL LQGLJHQL QHOOH ULVSHWWLYH &RVWLWX]LRQL 6HEEHQH LO OLEUR QRQ FKLDULVFD FRPH OD SURWH]LRQH GHL SRSROL LQGLJHQL SRVVD FRQFLOLDUVL FRQ O©DXWRGHWHUPLQD ]LRQH FKH TXHVWL UHFODPDQR LO FXUDWRUH KD UHDOL]]DWR XQ©RSHUD LPSRUWDQWH XWLOLVVLPD D VWRULFL JLXULVWL H SROLWRORJL

7RQ\ %XWL

=RKO GH ,VKWDU D FXUD GL 3DFLILF :RPHQ 6SHDN RXW IRU ,QGHSHQGHQFH DQG 'HQXFOHDUL]DWLRQ 7KH 5DYHQ 3UHVV &KULVWFKXUFK SS V L S &RQ TXHVWR OLEUR O©DWWLYLVWD DXVWUDOLDQD =RKO Gp ,VKWDU SURVHJXH H DPSOLD O©LPSHJQR JLj HVSUHVVR LQ RSHUH FRPH 3DFLILF :RPHQ 6SHDN RXW :K\ +DYHQ©W <RX .QRZQ" *UHHQOLQH 2[IRUG H 'DXJKWHUV RI WKH 3DFLILF 6SL QLIH[ 3UHVV 1RUWK 0HOERXUQH /D QXRYD RSHUD VL ULFROOHJD LQ SDUWLFRODUH DOOD SULPD FRPH VRWWROLQHD OD VR PLJOLDQ]D GHL WLWROL $QFKH OD VWUXWWXUD q DQDORJD WHVWLPRQLDQ]H GL GRQQH GHO 3DFLILFR PD LQ TXHVWR FDVR DUULFFKLWH FRQ O©LQFOXVLRQH GL SRSROL H DUHH JHRJUDILFKH FKH O©RSHUD GHO GHGLFDWD XQLFDPHQWH DOOH FRQVHJXHQ]H GHJOL H VSHULPHQWL DWRPLFL DYHYD YROXWDPHQWH HVFOXVR ,Q TXHVWR PRGR O©LQWHUHVVH YLHQH HVWHVR SUDWLFDPHQWH D WXWWH OH UH JLRQL GHO 3DFLILFR PHULGLRQDOH VHJQDWH GD YLROD]LRQL GHL GLULWWL XPDQL 2JQL UDFFRQWR q XQD WHVWLPRQLDQ]D SUH]LRVD VSHVVR VHJQDWD GDOOD VRIIHUHQ]D PD DQFKH SLHQD GL UHDOLVPR H GL VSHUDQ]D 8Q©RSHUD LPSRUWDQWH FKH SXU QHOOD VXD EUHYLWj ULHVFH D GDUH XQD SURYD R SHU PHJOLR GLUH XQD FRQIHUPD GHO UXROR IRQGDPHQWDOH FKH OH GRQQH VYROJRQR GD VHPSUH QHOOH ULYHQGLFD]LRQL LQGLJHQH GHOO©DUHD

$OHVVDQGUR 0LFKHOXFFL


%ULM 9 /DO H .DWH )RUWXQH D FXUD GL 7KH 3DFLILF ,VODQGV $Q (QF\FORSHGLD 8QLYHUVLW\ RI +DZDL©L 3UHVV +RQROXOX SS FRQ &' 520 DOOHJDWR /©LUULSHWLELOH TXDGUR VWRULFR FXOWXUDOH H JHRORJLFR FKH FDUDWWHUL]]D OD VFRQILQDWD DUHD GHO 3DFLILFR q JLj VWDWR RJ JHWWR GL PROWL VWXGL LQ SUHYDOHQ]D DQJORIRQL DFFDQWR DL TXDOL YDQQR ULFRUGDWL L FRQWULEXWL SUHJHYROL FKH VRQR YHQXWL GD DOWUH SDUWL GHO PRQGR 3HU OD SULPD YROWD SHUz XQ XQLFR YROXPH RIIUH XQ SDQRUDPD FRPSOHWR GHOO©DUHD VWRULD H DPELHQWH SROLWLFD HG HFRQRPLD QDWXUDOPHQWH VHQ]D GLPHQWLFDUH JOL LQWHUHVVDQWL IHUPHQWL DUWLVWLFL H FXOWXUDOL GHO FRQWLQHQWH PHQR FRQRVFLXWR , FXUDWRUL VRQR IUD L GXH IUD JOL VSHFLDOLVWL SL TXDOLILFDWL GHOO©DUHD LQ TXHVWLRQH FRVu FRPH L QXPHURVL FRQWULEXWL FRQWULEXWL VRQR ILUPDWL GD LPSRUWDQWL VWXGLRVL HXURSHL DPHULFDQL JLDSSRQHVL H RFHDQLFL ,O YROXPH FRQWLHQH DQFKH XQ ULFFR DVVRUWLPHQWR GL PDSSH /©RSHUD VL VQRGD IHOLFHPHQWH OXQJR XQ SHUFRUVR IDWWR GL DPSLH DUHH WHPDWLFKH LQ TXHVWR PRGR VL HYLWD OD IUDPPHQWDULHWj GHULYDQWH GDOO©RUGLQH DOIDEHWLFR H LO OHWWRUH SXz VLWXDUH IDFLOPHQWH QHO UHOD WLYR FRQWHVWR FLDVFXQ DVSHWWR GHOOD WUDWWD]LRQH 1DWXUDOPHQWH YLHQH GDWR DPSLR VSD]LR DQFKH DOOH TXHVWLRQL LQGLJH QH OH FXL LPSOLFD]LRQL SROLWLFKH H FXOWXUDOL YHQJRQR DQDOL]]DWH LQ PRGR VLQWHWLFR PD WXWW©DOWUR FKH IUHWWRORVR ,O &' 520 FKH FRUUHGD O©RSHUD ROWUH D ULSURSRUUH LO WHVWR GHOOD YHUVLRQH FDUWDFHD FRQVHQWH DO OHWWRUH GL DSSUR IRQGLUH VLQJROL WHPL DWWUDYHUVR OH ULVRUVH WLSLFKH GHOOD PXOWLPHGLDOLWj ,O GLVFR FRQWLHQH LQROWUH OH PDSSH SUHVHQWL QHO OLEUR H XQD ULFFD JDOOHULD IRWRJUDILFD 8Q©RSHUD FKH VL ULYHOHUj XWLOH QRQ VROWDQWR DJOL VSHFLDOLVWL GHOO©DUHD PD DQFKH D XQ SXEEOLFR SL DPSLR

$OHVVDQGUR 0LFKHOXFFL

+DXQDQL .D\ 7UDVN )URP D 1DWLYH 'DXJKWHU &RORQLDOLVP DQG 6RYHUHLJQW\ LQ +DZDL©L 8QLYHUVLW\ RI +DZDL©L 3UHVV +RQROXOX SS

2OJD $PPDQ *LXOLD %DUOHWWD H 9HUHQD +HIWL +DZDL©L 'LDORJKL FRQ OD 0DGUH 7HUUD 3RODULV 9LFFKLR GL 0XJHOOR )LUHQ]H SS OLUH 'XH OLEUL PROWR GLYHUVL PD XJXDOPHQWH XWLOL SHU LQTXDGUDUH OD TXHVWLRQH KDZDLLDQD DQFRUD FRVu QHJOHWWD QHO QRVWUR SDHVH 'LUHWWR VLQFHUR H DSSDVVLRQDWR )URP D 1DWLYH 'DXJKWHU JLj SXEEOLFDWR QHO q OD FRUDJJLRVD WHVWL PRQLDQ]D GL XQD GRQQD VWUDRUGLQDULD VFULWWULFH SRHWHVVD GRFHQWH XQLYHUVLWDULD H IRQGDWULFH GL .D /DKXL +DZDL©L XQR GHL PRYLPHQWL SROLWLFL FKH ULYHQGLFDQR OD VRYUDQLWj GHL .DQDND 0DROL JOL LQGLJHQL GHOO©DUFLSHODJR /©DXWULFH ULSHUFRUUH OD VWRULD OH VRIIHUHQ]H H OH WUDGL]LRQL GHO VXR SRSROR VRWWRPHVVR H VIUXWWDWR GDJOL VWUDQLHUL JLXQWL QHOOH L VROH GXH VHFROL ID 6L VRIIHUPD VXOOH WHUULELOL FRQVHJXHQ]H GHOOD FRORQL]]D]LRQH LQL]LDWD FRQ &RRN QHO H PDL IL QLWD FRPH GLPRVWUD O©DWWXDOH HJHPRQLD SROLWLFR HFRQRPLFD DPHULFDQD H JLDSSRQHVH /D SURSDJDQGD WXULVWLFD FKH QRQ KD DOFXQ ULVSHWWR SHU OD FXOWXUD LQGLJHQD GLSLQJH O©DUFLSHODJR FRPH XQ SDUD GLVR ULGXFHQGR OD UHDOWj DL QRWL VWHUHRWLSL IDWWL GL PDUH VSLDJJH ELDQFKH SDOPH GDQ]DWULFL GL KXOD H JKLUODQGH GL ILRUL /D VLWXD]LRQH VRFLRHFRQRPLFD GHOOD SRSROD]LRQH LQ SDUWLFRODUH TXHOOD GHJOL DXWRFWRQL q LQYHFH PROWR SUHFD ULD H FRPSOHVVD , .DQDND 0DROL UDSSUHVHQWDQR DSSHQD LO GHOO©LQWHUD SRSROD]LRQH SHUFHQWXDOH FKH VL ULGXFH VH VL FRQVLGHUDQR VROWDQWR FRORUR FKH QRQ KDQQR WUD L ORUR DQWHQDWL VWUDQLHUL LPPLJUDWL , SUREOHPL HFRQRPLFL OD SHU GLWD GHO SDWULPRQLR FXOWXUDOH H GHOOD SURSULD LGHQWLWj OD GLVRFFXSD]LRQH OD PDQFDQ]D GL DELWD]LRQL VRQR VROWDQWR DO FXQL GHJOL DVSHWWL FKH FDUDWWHUL]]DQR OD YLWD VRFLDOH GHJOL LQGLJHQL , SUHJLXGL]L H O©RSSUHVVLRQH GHL JUXSSL HWQLFL GR PLQDQWL VRQR DQFRUD UDGLFDWL QHOOD VRFLHWj QHOOH LVWLWX]LRQL SXEEOLFKH H SHUILQR QHOO©DPELHQWH DFFDGHPLFR 6LJQLILFDWLYR q LO UDFFRQWR FKH O©DXWULFH ID GHOOD VXD HGXFD]LRQH VFRODVWLFD H SHUVRQDOH /D VWRULD GHO VXR SDHVH H GHO VXR SRSROR OH IXURQR UDFFRQWDWH GDL JHQLWRUL H GDJOL LQVHJQDQWL LQ GXH PRGL GLYHUVL 'DL SULPL FRQREEH L YDORUL WUDGL]LRQDOL GHL .DQDND 0DROL LO ULVSHWWR SHU OD WHUUD OD FRQFH]LRQH ROLVWLFD GHOO©XQLYHUVR OD VWRULD GHOOH OXQJKH PLJUD]LRQL FRPSLXWH GDL QDYLJDWRUL SROLQHVLDQL , VHFRQGL OH GLVVHUR FKH JOL KDZDLLDQL HUDQR VHOYDJJL SDJDQL H L JQRUDQWL &UHVFHQGR FRPSUHVH FKH OD YHULWj VWDYD LQ TXHOOR FKH L VXRL JHQLWRUL H JOL DQ]LDQL OH DYHYDQR LQVHJQDWR PHQWUH OH LVWLWX]LRQL DYHYDQR VWUXPHQWDOL]]DWR H PRQRSROL]]DWR OD VWRULD SHU VRWWRPHWWHUOL H FHOHEUDUH OD VXSHULRULWj GHOO©2FFLGHQWH /©DXWULFH KD SDUWLFRODUPHQWH D FXRUH OD FRQGL]LRQH IHPPLQLOH O©HQHUJLD H OD IRU]D PDQD GHOOH GRQQH H LO UXROR GHOOD IDPLJOLD XQR GHL SULQFLSDOL DVSHWWL GHOOD FXOWXUD KDZDLLDQD ,PSHJQDWD QHOOH ULYHQGLFD]LRQL LQGLJHQH FRQFOX GH LO OLEUR FLWDQGR LO 0DVWHU 3ODQ HODERUDWR GDO PRYLPHQWR .D /DKXL +DZDL©L XQD SURSRVWD FRQFUHWD GL DXWR QRPLD SROLWLFD SHU OD SRSROD]LRQH DXWRFWRQD ,O OLEUR FRQWLHQH DQFKH OD &DUWD GHL GLULWWL IRQGDPHQWDOL GHL SRSROL LQ GLJHQL H OD 'LFKLDUD]LRQH GHOOH &KLHVH KDZDLLDQH VXJOL HIIHWWL GHYDVWDQWL GHO WXULVPR VXOOD FXOWXUD ORFDOH 'DOO©DQDOLVL VRFLRSROLWLFD GL +DXQDQL .D\ 7UDVN VL GLIIHUHQ]D QHWWDPHQWH O©DSSURFFLR VWRULFR DQWURSRORJLFR GL +DZDL©L 'LDORJKL FRQ OD 0DGUH 7HUUD XXQD GHOOH SRFKLVVLPH RSHUH SXEEOLFDWH LQ ,WDOLD VXOO©DUJRPHQWR 6L WUDWWD GL XQ YLDJJLR DOOD VFRSHUWD GHOOR VSLULWR GL TXHVWR VSOHQGLGR DUFLSHODJR DOOD ULFHUFD GL XQ GLDORJR FRQ OD QDWXUD DW


WUDYHUVR JOL XOWLPL GLVFHQGHQWL GL XQ SRSROR PHUDYLJOLRVR GHFLPDWR GD XQD FRORQL]]D]LRQH VHQ]D VFUXSROL FKH KD DQQLHQWDWR XQD FXOWXUD LQ DUPRQLD FRQ OD 0DGUH 7HUUD ,O SDVVDWR GHOOH +DZDL©L YLHQH ULSHUFRUVR SDUWHQGR GDOOH RULJLQL PLVWHULRVH H OHJDWH DO PLWR GL FLYLOWj VFRQR VFLXWH ILQR DOO©DUULYR GHL SULPL SROLQHVLDQL FDSDFL GL VYLOXSSDUH XQD VRFLHWj SDFLILFD H SURIRQGDPHQWH OHJDWD DOOD QDWXUD /D FRORQL]]D]LRQH H OR VIUXWWDPHQWR VHJXLWL DOOR VEDUFR GHL SULPL QDYLJDWRUL LQJOHVL KDQQR GHILQLWLYDPHQWH VHJQDWR LO WUDJLFR GHVWLQR GHO SRSROR KDZDLLDQR /©DWWHJJLDPHQWR GHJOL DERULJHQL YHUVR OD YLWD O©DPRUH OD JLRLD LO GHVLGHULR GL FRQGLYLGHUH O©HQHUJLD H OD EHOOH]]D GHO PRQGR WURYD HVSUHVVLRQH SURSULR QHO ORUR FDUDWWHULVWLFR VDOXWR DORKD FKH DQFRUD RJJL ULYROJRQR DG RJQL SHUVRQD LQGLSHQGHQWHPHQWH GDO JUXSSR HWQLFR GL DSSDUWHQHQ]D 4XHVWR DFFDGH QRQRVWDQWH OH VRIIHUHQ]H VXELWH QRQRVWDQWH LO WHQWDWLYR GHL FRORQL]]DWRUL GL DQQLHQWDUH OD ORUR FXOWXUD H OD ORUR LGHQWLWj FXOWXUDOH ,QWHQVD q OD WHVWLPRQLDQ]D GHOOH DXWULFL FRQTXLVWDWH GDOO©HQHUJLD GHOOD QDWXUD H GDOOD YLEUDQWH DQLPD GHOOD WHUUD D FXL L QDWLYL HUDQR XQ WHPSR OHJDWL GD XQR VSHFLDOH UDSSRUWR GL FXUD H SURWH]LRQH UHFLSURFKH /D FRORQL]]D]LRQH KD VWUDYROWR O©HTXLOLEULR GHOO©DQWLFD VRFLHWj KD HOLPLQDWR OD WUDGL]LRQH OH FUHGHQ]H KD LQWHUURWWR SHU PROWL LQGLJHQL LO GLDORJR FRQ OD 0DGUH 7HUUD 1HJOL XOWLPL DQQL SHUz QHOO©DUFLSHODJR VL DVVLVWH D XQ PDUFDWR UHFXSHUR GHOO©LGHQWLWj FXOWXUDOH DXWRFWRQD )RQGDPHQWDOL SHU O©HGXFD]LRQH GHOOH QXRYH JHQHUD]LRQL VRQR L NDKXQD FXVWRGL GHOOD VDJJH]]D VFLDPDQL VDFHUGRWL FRQRVFLWRUL GHOOH SURSULHWj EHQHILFKH GHOOH SLDQWH JXDULWRUL /D SURIRQGLWj VSLULWXDOH GHL ND KXQD VL XQLVFH DOO©HVSHULHQ]D GHL NXSXQD JOL DQ]LDQL SHU XQ ULWRUQR DO ULVSHWWR SHU O©DPELHQWH GHYDVWDWR GDOO©DYL GLWj XPDQD H DOOH WUDGL]LRQL GL XQ JUDQGH SRSROR

3XEEOLF OLFD] D]LLRQL U L ULFHYXWH

5REHUWD 0DUFKL

$$ 99 /H U{OH GHV PLQRULWpV GDQV OD YLH SXEOLTXH $FWHV GX VpPLQDLUH 6DLQW 9LQFHQW MXLQ 5HJLRQH $X WRQRPD 9DOOH G·$RVWD $RVWD SS V L S $$ 99 7KH ,QGLJHQRXV :RUOG ,QWHUQDWLRQDO :RUNJURXS IRU ,QGLJHQRXV $IIDLUV &RSHQKDJHQ SS (PDQXHOH $PRGLR 6JXDUGL LQFURFLDWL ,GHQWLWj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pUDWLRQ 1DWLRQDO GH OD &RUVH 'H O·RPEUH j OD OXPLqUH /·+DUPDWWDQ 3DULV SS )) 5 8ULJ 'LH +D]DUD LQ $IJKDQLVWDQ 6HLW -DKUHQ 2SIHU YRQ 0DVVDNHUQ XQG 'LVNULPLQLHUXQJ *HVHOOVFKDIW I U EHGURKWH 9|ONHU *|WWLQJHQ SS V L S


,QL]LDWLYH &UHVFH LQ (XURSD O©LQWHUHVVH SHU OH FXOWXUH LQGLJHQH GHO 3DFLILFR ,O FDVR YXROH FKH TXHVWR QXPHUR GHGLFDWR DL SRSROL LQGLJHQL GHO 3DFLILFR HVFD SURSULR PHQWUH O©LQWHUHVVH SHU TXHVWH FXOWXUH ORQWDQH FRPLQFLD D GLIIRQGHUVL LQ YDUL SDHVL HXURSHL 1HJOL XOWLPL PHVL LQIDWWL VRQR VWDWH QXPHURVH OH LQL ]LDWLYH FXOWXUDOL H DUWLVWLFKH GHGLFDWH DL SRSROL LQ TXHVWLRQH /D SL LPSRUWDQWH q VWDWD 0DRUL LQ )ORUHQFH OD SULPD LQL]LDWLYD LWDOLDQD LQWHUDPHQWH GHGLFDWD DOOD FXOWXUD PDRUL FKH VL q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©,WDOLD %DVWL SHQVDUH FKH O XQLFR IHVWLYDO FLQHPDWRJUDILFR GHGLFDWR DOOH PLQR UDQ]H FKH VL WLHQH RJQL DQQR QHOOD FLWWDGLQD EUHWRQH GL 'RXDUQHQH] KD GHGLFDWR O©XOWLPD HGL]LRQH DJRVWR

SURSULR DOOD SURGX]LRQH GHJOL LQGLJHQL QHR]HODQGHVL ZZZ NHU\V FRP IHVWLYDO $ 8WUHFKW FRPH DEELDPR JLj GHWWR QHO QXPHUR SUHFHGHQWH q VWDWR DSHUWR LO SULPR PXVHR HXURSHR GHGLFDWR DO O©DUWH DERULJHQD ZZZ DDPX QO PHQWUH YDULH PRVWUH GHGLFDWH D TXHVWD FXOWXUD VL VRQR WHQXWH QHJOL XOWLPL PHVL D 3DULJL 7RULQR H 9LHQQD $ 3UDWR LQILQH q VWDWD DSHUWD OD VHGH LWDOLDQD GHOOD 0RQDVK 8QLYHUVLW\ XQR GHL SL SUH VWLJLRVL DWHQHL DXVWUDOLDQL 1RQ VL WUDWWD GL XQ©LQL]LDWLYD GLUHWWDPHQWH FRQQHVVD DOOH TXHVWLRQL FKH FL LQWHUHVVDQR PD q QHFHVVDULR ULFRUGDUH FKH OD 0RQDVK FRPH PROWH XQLYHUVLWj DXVWUDOLDQH RVSLWD DQFKH XQ GLSDUWLPHQWR GL VWXGL D ERULJHQL q TXLQGL DXVSLFDELOH FKH TXHVWD OD QXRYD VHGH SUDWHVH RUJDQL]]L GHL FRQYHJQL VX TXHVWL WHPL

9HQWLFLQTXH DQQL SHU L GLULWWL GHL SRSROL &RPSLH DQQL LO &HQWUH ,QWHUQDFLRQDO (VFDUUp SHU D OHV 0LQRULHV (WQLTXHV L OHV 1DFLRQV &,(0(1 XQD GHOOH SL LPSRUWDQWL DVVRFLD]LRQL HXURSHH SHU OD GLIHVD GHOOH PLQRUDQ]H H GHOOH QD]LRQL VHQ]D VWDWR )RQGDWR GD DOFXQL LQ WHOOHWWXDOL H PLOLWDQWL FDWDODQL JLj DWWLYL GXUDQWH OD GLWWDWXUD IUDQFKLVWD LO &,(0(1 KD VHPSUH UHDOL]]DWR XQ LPSHJQR D WXWWR FDPSR 'D XQD SDUWH FRQ OD ULYLVWD (XURSD GH OHV 1DFLRQV FKH KD IRUQLWR XQ YDOLGR VWUXPHQWR GL LQIRU PD]LRQH H GL DSSURIRQGLPHQWR WHRULFR GDOO©DOWUD KD DJLWR D OLYHOOR SROLWLFR GDQGR YLWD DOOD &216(8 &RQIHUHQ]D GHOOH 1D]LRQL 6HQ]D 6WDWR G©(XURSD $OOH QXPHURVH FRQIHUHQ]H LQWHUQD]LRQDOL GHOOD &216(8 KDQQR SUHVR SDUWH L PRYLPHQWL SROLWLFL EDVFKL EUHWRQL FDWDODQL FRUVL IULXODQL HWF (© VWDWR DSSXQWR LQ TXHVWL FRQVHVVL FKH q VWDWD HOD ERUDWD OD 'LFKLDUD]LRQH 8QLYHUVDOH GHL 'LULWWL GHL 3RSROL 2OWUH D TXHVWH ULXQLRQL O©DVVRFLD]LRQH KD RUJDQL]]DWR YD ULH FRQIHUHQ]H FRLQYROJHQGR JOL HVSHUWL SL TXDOLILFDWL $QLPDWR GD $XUHOL $UJHPu FKH KD DGHULWR DO FRPLWDWR VFLHQWLILFR GL TXHVWD ULYLVWD LO &,(0(1 q VWDWR IUD L SULQ FLSDOL SURPRWRUL GHOOD 'LFKLDUD]LRQH 8QLYHUVDOH GHL 'LULWWL /LQJXLVWLFL ZZZ OLQJXLVWLF GHFODUDWLRQ RUJ 'DOOD VXD FROODERUD]LRQH FRQ JOL RUJDQLVPL FRPXQLWDUL q QDWR LO 0HUFDWRU O©LPSRUWDQWH FHQWUR GL GRFXPHQWD]LRQH VXOOH PL QRUDQ]H HXURSHH FRQ WUH VHGL %DUFHOORQD /MRXZHUW H $EHU\VWZ\WK DOO©LQWHUQR GHO TXDOH LO &,(0(1 FXUD OD VH]LRQH GHGLFDWD DOOH TXHVWLRQL OHJLVODWLYH $G $XUHOL $UJHPu H DJOL DOWUL DPLFL FDWDODQL /D FDXVD GHL SRSROL ULYROJH JOL DXJXUL SL FDORURVL DXVSLFDQGR DO WHPSR VWHVVR FKH OD FROODERUD]LRQH JLj UHDOL]]DWD QHJOL DQQL VFRUVL SRVVD VYLOXSSDUVL XOWHULRUPHQWH 3HU DOWUH LQIRU PD]LRQL &,(0(1 5RFDIRUW ELV ( %DUFHORQD (VSDQ\D WHO ID[ FLHPHQ#FLHPHQ RUJ ZZZ FLHPHQ RUJ 8QD QXRYD ULYLVWD DFFDGHPLFD VXL SUREOHPL QD]LRQDOLWDUL 6SUDZ\ 1DURGRZRVFLRZH 1DWLRQDOLWLHV $IIDLUV q XQD QXRYD ULYLVWD DFFDGHPLFD GHGLFDWD DOOH TXHVWLRQL QD]LRQD OLWDULH H DL SUREOHPL GHOOH PLQRUDQ]H HWQLFKH 3XEEOLFDWD GDOO $FFDGHPLD GHOOH 6FLHQ]H GL 3R]QDQ 3RORQLD YLHQH SXEEOLFDWD FRQ SHULRGLFLWj VHPHVWUDOH /D ULYLVWD DFFHWWD VDJJL ELEOLRJUDILFL GHGLFDWL D RJQL SDUWH GHO PRQGR PD GD Uj XQR VSD]LR SUHYDOHQWH DL SDHVL H[ FRPXQLVWL GHOO (XURSD FHQWUDOH H RULHQWDOH , FRQWULEXWL GD VFULYHUH LQ LQJOHVH R LQ UXVVR VDUDQQR WUDGRWWL H SXEEOLFDWL LQ SRODFFR ,O SULPR QXPHUR GRYUHEEH XVFLUH QHO 3HU FRQWDWWL 3URI :RMFLHFK - %XUV]WD 6SUDZ\ 1DURGRZRVFLRZH 8QLW IRU WKH 6WXG\ RI 1DWLRQDOLWLHV 3ROLVK $FDGHP\ RI 6FLHQFHV 6WDU\ 5\QHN 3R]QDQ 3RODQG WHO ID[ ZRMEXU#DPX HGX SO 3UHPLDWR D &DQQHV LO SULPR ILOP GLUHWWR GD XQ UHJLVWD LQXLW $O ƒ )HVWLYDO GHO FLQHPD GL &DQQHV PDJJLR LO 3UHPLR &DPpUD G©RU q VWDWR DVVHJQDWR DG $WDQDUMXDW 7KH )DVW 5XQQHU SULPR ILOP SURGRWWR H GLUHWWR GD FLQHDVWL LQXLW HVFKLPHVL /©RSHUD GLUHWWD GD =DFKDULDV .XQXN q SUR GRWWD GDOOD ,JORROLN ,VXPD 3URGXFWLRQV H GDO 1DWLRQDO )LOP %RDUG RI &DQDGD .XQXN KD DGDWWDWR XQD OHJJHQGD FKH


UDFFRQWD OD VWRULD GL XQD SLFFROD FRPXQLWj LQXLW OD FXL YLWD YLHQH VWUDYROWD GDOO©DUULYR GL XQR VFLDPDQR VFRQRVFLXWR (© DXVSLFDELOH FKH YHQJD UHDOL]]DWD XQD YHUVLRQH LWDOLDQD GHO ILOP $OWUH LQIRUPD]LRQL VXO ILOP VRQR UHSHULELOL DO VL WR ZZZ DWDQDUMXDW FRP

/D SULPD RSHUD WHDWUDOH GHGLFDWD DOOD VWRULD GHJOL LWDOLDQL GL )LXPH ,O PDJJLR q DQGDWD LQ VFHQD DO 'UDPPD ,WDOLDQR GL )LXPH $OEXP GL IDPLJOLD GL $OHVVDQGUR 'DPLDQL OD SULPD RSHUD WHDWUDOH GHGLFDWD DOOD PLQRUDQ]D LWDOLDQD GHOOD FLWWj TXDUQHULQD 1HO O©RSHUD DYHYD JLj YLQWR LO SULPR SUHPLR QHOOD VH]LRQH WHDWUDOH GL ,VWULD QRELOLVVLPD LO SL LPSRUWDQWH FRQFRUVR GHGLFDWR DOOD SURGX]LRQH DUWLVWLFD H FXOWXUDOH GHOOD PLQRUDQ]D LWDOLDQD $OEXP GL IDPLJOLD PHWWH DQFRUD XQD YROWD LQ OXFH LO WDOHQWR PXOWLIRUPH GL $ OHVVDQGUR 'DPLDQL FKH GD ROWUH DQQL UDSSUHVHQWD XQD ILJXUD FHQWUDOH GHOOD FXOWXUD LWDOLDQD GHOOD H[ -XJRVODYLD *LRUQDOLVWD VFULWWRUH H FRPPHGLRJUDIR 'DPLDQL KD FRPSRVWR XQD JUDQGH TXDQWLWj GL RSHUH FKH FRVWLWXLVFRQR XQR VWUXPHQWR LUULQQXQFLDELOH SHU FDSLUH OD FXOWXUD GHOO©XQLFD PLQRUDQ]D LWDOLDQD DXWRFWRQD 3UHPLR 1RVVLGH ,O 3UHPLR 1RVVLGH q O©XQLFD FRPSHWL]LRQH OHWWHUDULD DSHUWD WXWWH OH OLQJXH GHO PRQGR FRPSUHVH TXHOOH PLQRULWDULH /D JLXULD GHOOD GLFLDVVHWWHVLPD HGL]LRQH VL ULXQLUj QHO PHVH GL RWWREUH PHQWUH OD SUHPLD]LRQH DYUj OXRJR D 5HJJLR &DODEULD LO GLFHPEUH /©LQWHUHVVDQWH LQL]LDWLYD q SURPRVVD GDO &HQWUR 6WXGL %RVLR GL 5HJJLR &DODEULD 3HU DOWUH LQIRUPD]LRQL WHO SUHPLRQRVVLGH#WLQ LW ZZZ QRVVLGH FRP

'D &RPR SHU L 'DOLW /©DVVRFLD]LRQH FRPDVFD ,O VROH KD ODQFLDWR XQ©LQL]LDWLYD FKH SUHYHGH O©DGR]LRQH D GLVWDQ]D GL EDPELQL GDOLW WHU PLQH FKH LQGLFD L FRVLGGHWWL ,QWRFFDELOL OD FDVWD LQGLDQD SL VYDQWDJJLDWD H GLVFULPLQDWD )LQLUD VRQR VWDWH UHDOL] ]DWH FLUFD DGR]LRQL PD O©LQL]LDWLYD SURVHJXH O©DVVRFLD]LRQH LQ FRQWDWWR FRQ OD +DULMDQD 'HYHORSPHQW 6RFLHW\ RSHUDQWH LQ ,QGLD ODYRUD SHU GDUH DL SLFFROL GDOLW OD SRVVLELOLWj GL VWXGLDUH 3HU DOWUH LQIRUPD]LRQL 2UQHOOD &DIID UHOOL WHO

8Q G Q GRSSL SSLR & R &' 520 V 0 VXOOD T D TXHVWLRQH H LLQGLJHQD

1HO FRUVR GHOOD GLFLDQQRYHVLPD VHVVLRQH GHOO 81:*,3 LO *UXSSR GL /DYRUR GHOO 218 VXL SRSROL LQGLJHQL FKH VL q VYROWD D *LQHYUD GDO DO OXJOLR q VWDWR SUHVHQWDWR LO SULPR &' 520 GHGLFDWR DOOD GLPHQVLRQH LQWHUQD]LRQDOH GHOOD TXHVWLRQH LQGLJHQD / LPSRUWDQWH RSHUD FKH VL FRPSRQH GL GXH GLVFKL q VWDWD UHDOL]]DWD GDO '2&,3 LO FHQWUR GL GRFXPHQWD]LRQH VXL SRSROL LQGLJHQL QDWR SHU JDUDQWLUH XQ FROOHJDPHQWR VWDELOH IUD OH RUJDQL]]D]LRQL LQGLJHQH H O 218 ,O &' 520 VL FRPSRQH GL TXDWWUR SDUWL GLFKLDUD]LRQL LQ OLQJXD RULJLQDOH GHL GHOHJDWL LQGLJHQL FKH KDQQR SDUWHFLSDWR DOOH VHVVLRQL GHOO 81:*,3 , GRFXPHQWL SRVVRQR HVVHUH ULFHUFDWL IDFLOPHQWH DWWUDYHUVR XQ GDWDEDVH , SULQFLSDOL UDSSRUWL GHOO 218 VX WHPL SDUWLFRODUL OD SURSULHWj LQWHOOHWWXDOH OR 6WXGLR VXL 7UDWWDWL HWF 8QD VFHOWD GL VLWL ,QWHUQHW GHOOH PDJJLRUL DVVRFLD]LRQL LQGLJHQLVWH

,O ILOP ,QGLDQ 6XPPHU LQ *HQHYD GLUHWWR GD 9RONPDU =LHJOHU H FRSURGRWWR GDO '2&,3 /·RSHUD FRQWLHQH QXPH URVH LQWHUYLVWH D UDSSUHVHQWDQWL LQGLJHQL ,QROWUH VL VRIIHUPD VX FHUWH VLWXD]LRQL VSHFLILFKH %ROLYLD %UDVLOH *XDWH PDOD +DZDL L HWF

3HU DOWUH LQIRUPD]LRQL

'R&LS DY GH 7UHPEOH\ &+ *HQqYH 6XLVVH WHO ID[ GRFLS#GRFLS RUJ ZZZ GRFLS RUJ


&DOHQGDULR LQWHUQD]LRQDOH &21)(5(1=( RWWREUH &ROORTXH LQWHUQDWLRQDO VXU O©HVFODYDJH OD PDLQ G©RHXYUH IRUFpH HW OD UpYROWH HQ $VLH HW GDQV OHV SD\V ULYHUDLQV GH O©2FpDQ LQGLHQ

&RQIHUHQ]D VXOOR VFKLDYLVPR LQ YDULH UHJLRQL H[WUDHXURSHH 8QLYHUVLWp G©$YLJQRQ UXH /RXLV 3DVWHXU $YLJQRQH )UDQFLD &RQWDWWR JZ\Q FDPSEHOO#XQLY DYLJQRQ IU

RWWREUH 1HQHWV LQ WKH 1HWKHUODQGV

&RQIHUHQ]D VXOOD VLWXD]LRQH GHL SRSROL LQGLJHQL GHOOD 6LEHULD FRQ SDUWLFRODUH DWWHQ]LRQH SHU L 1HQ]L +RWHO (VERUJ (VERUJVWUDDW 6FKHHPGD 2ODQGD &RQWDWWR ID[ ZZZ DUFWLFD QO

RWWREUH ,QGLJHQRXV 3HRSOHV DQG )RUHVW 0DQDJHPHQW LQ )HQQRVFDQGLD DQG &DQDGD

&RQIHUHQ]D GHGLFDWD DOOD FRQVHUYD]LRQH GHOOD ELRGLYHUVLWj QHOOH IRUHVWH VFDQGLQDYH H FDQDGHVL FRQ SDUWLFRODUH DWWHQ ]LRQH SHU LO UXROR GHL SRSROL LQGLJHQL -RNNPRNN 6YH]LD &RQWDWWR OLVD EOLQG#VDPH QHW

2FWREHU *OREDOL]DWLRQ DQG WKH 7KLUG :RUOG

&RQIHUHQ]D GHGLFDWD DJOL HIIHWWL GHOOD JOREDOL]]D]LRQH VXL SDHVL GHO 7HU]R 0RQGR &RDVWDO *HRUJLD &HQWHU 6DYDQ QDK *HRUJLD 6WDWL 8QLWL &RQWDWWR WKHDL#HDUWKOLQN QHW

RWWREUH ;,, (XURSHDQ 3DFLILF 6ROLGDULW\ &RQIHUHQFH

&RQIHUHQ]D GHGLFDWD DOOH TXHVWLRQL LQGLJHQH GHO 3DFLILFR 0LVVLRQNROOHJ 1HXHQGHWWHOVDX *HUPDQLD &RQWDWWR SD]LILN ,QIR#PLVVLRQVZHUN ED\HUQ GH

RWWREUH 6HFRQG ,QWHUQDWLRQDO 6ROLGDULW\ &RQIHUHQFH RQ :HVW 3DSXD

&RQIHUHQ]D VXOOD TXHVWLRQH GL 3DSXD 2FFLGHQWDOH /©LQFRQWUR VL VYROJH QHO FRQWHVWR GHOOD FRQIHUHQ]D SUHFHGHQWH

¤ 2FWREHU 3DFLILF ,VODQGV $WODQWLF :RUOGV

&RQIHUHQ]D GHGLFDWD DL UDSSRUWL IUD L SDHVL DWODQWLFL H TXHOOL GHOO©2FHDQLD FRQ DPSLR VSD]LR SHU OH TXHVWLRQL LQGL JHQH 8QLYHUVLW\ RI 1HZ <RUN 6WDWL 8QLWL &RQWDWWR ZZZ DSD Q\X HGX LQGH[ KWP

QRYHPEUH 6FKDPDQLVPXV LP $PD]RQDVJHELHW

6HPLQDULR VXOOR VFLDPDQHVLPR DPD]]RQLFR 0RQDFR GL %DYLHUD *HUPDQLD &RQWDWWR HWKQRPHGL]LQ#ZHE GH

QRYHPEUH 5XVVLD 6LEHULD DQG &HQWUDO $VLD ,QWHUUHODWLRQV RI 3HRSOHV DQG &XOWXUHV

&RQIHUHQ]D VXOOH UHOD]LRQL IUD OD 5XVVLD H L SRSROL FRQILQDQWL &RQWDWWR ER\NR#EVSX VHFQD UX


QRYHPEUH %UHWDJQH HW LGHQWLWpV UpJLRQDOHV SHQGDQW OD VHFRQGH JXHUUH PRQGLDOH

&RQIHUHQ]D VXL PRYLPHQWL DXWRQRPLVWL IUDQFHVL GXUDQWH OD 6HFRQGD *XHUUD 0RQGLDOH )DFXOWp GHV /HWWUHV 9LFWRU 6HJDOHQ %UHVW %UHWDJQD )UDQFLD &RQWDWWR FUEF#XQLY EUHVW IU

QRYHPEUH ,QGLJHQRXV 0HGLFDO 7UDGLWLRQV RI WKH $PHULFDV 3DVW 3UHVHQW DQG )XWXUH

&RQIHUHQ]D VFLHQWLILFD GHGLFDWD DOOH SUDWLFKH FXUDWLYH GHL SRSROL DPHULQGLDQL +\DWW 5HJHQF\ &DSLWRO +LOO :DVK LQJWRQ 6WDWL 8QLWL &RQWDWWR ZZZ SURFXOWXUD RUJ

QRYHPEUH GLFHPEUH 'H OD WKpRULH j OD SUDWLTXH OD &KDUWH HXURSpHQQH GHV ODQJXHV UpJLRQDOHV RX PLQRULWDLUHV

&RQIHUHQ]D VXOOD &DUWD HXURSHD GHOOH OLQJXH UHJLRQDOL R PLQRULWDULH *ROGHQ 7XOLS &RQIHUHQFH +RWHO /HHXZHQ KRUVW /DQJHODDQ 1RRUGZLMNHUKRXW 2ODQGD &RQWDWWR FV#YQJ QO

QRYHPEUH GLFHPEUH 6HFRQG ,QWHUQDWLRQDO &RQIHUHQFH RQ (QGDQJHUHG /DQJXDJHV RI WKH 3DFLILF 5LP

&RQIHUHQ]D VXOOH OLQJXH PLQDFFLDWH GHO 3DFLILFR .\RWR ,QWHUQDWLRQDO &RQIHUHQFH +DOO .\RWR *LDSSRQH &RQ WDWWR HOSU#XWF RVDND JX DF MS

QRYHPEUH GLFHPEUH ,PSOHPHQWDWLRQ RI 0LQRULW\ 5LJKWV 6WDQGDUGV (WKQRSROLWLFDO &RQIOLFW 0DQDJHPHQW LQ (XURSH

6HPLQDULR GHGLFDWR DOOD VROX]LRQH GHL FRQIOLWWL HWQLFL LQ (XURSD (&0, 6FKLIIEU FNH )OHQVEXUJ *HUPDQLD &RQWDWWR LQIR#HFPL GH

GLFHPEUH ;,,, ,QWHUQDWLRQDO &RQJUHVV RI WKH &RPPLVVLRQ RQ )RON /DZ DQG /HJDO 3OXUDOLVP

&RQJUHVVR GL DQWURSRORJLD JLXULGLFD 7ULEKXYDQ 8QLYHUVLW\ .DWKPDQGX 1HSDO &RQWDWWR USUDGKDQ#PDLO FRP QS

GLFHPEUH %XLOGLQJ 1DWLYH 1DWLRQV (QYLURQPHQW 1DWXUDO 5HVRXUFHV DQG *RYHUQDQFH

&RQIHUHQ]D GHGLFDWD DOOD JHVWLRQH GHL SUREOHPL DPELHQWDOL H SROLWLFL FKH ULJXDUGDQR JOL ,QGLDQL GHO 1RUGDPHULFD 7XFVRQ 'RXEOH7UHH 7XFVRQ $UL]RQD 6WDWL 8QLWL &RQWDWWR VFUDLQLH#HPDLO DUL]RQD HGX GLFHPEUH 9LVLEOH (YLGHQFH

1RQD FRQIHUHQ]D LQWHUGLVFLSOLQDUH GL XQD VHULH GHGLFDWD DOOD UDSSUHVHQWD]LRQH ILOPLFD GL YDUL WHPL VRFLDOL VWRULFL HG HWQRJUDILFL FRQ DOFXQH UHOD]LRQL GHGLFDWH DL SRSROL LQGLJHQL GHO 3DFLILFR 4XHHQVODQG &RQVHUYDWRULXP *ULIILWK 8QLYHUVLW\ %ULVEDQH $XVWUDOLD &RQWDWWR M URVFRH#PDLOER[ JX HGX DX

)(67,9$/ RWWREUH ;;9, 0XVLFD GHL SRSROL

)HVWLYDO GL PXVLFD WUDGL]LRQDOH $ TXHVWD HGL]LRQH SDUWHFLSDQR IUD JOL DOWUL DUWLVWL EDVFKL GRJRQ WXDUHJ H WLEHWDQL $XGLWRULXP )ORJ 9LD 0LFKHOH 0HUFDWL )LUHQ]H RUH &RQWDWWR ZZZ IORJ IL


RWWREUH 7UDFNLQJ .XOWMD 7KH 1DWLRQDO $ERULJLQDO DQG 7RUUHV 6WUDLW ,VODQGHU &XOWXUDO )HVWLYDO

)HVWLYDO FXOWXUDOH GHJOL DERULJHQL DXVWUDOLDQL &DQEHUUD $XVWUDOLD &RQWDWWR WUDFNLQJNXOWMD#QPD JRY DX

QRYHPEUH ;;9, $PHULFDQ ,QGLDQ )LOP )HVWLYDO 5DVVHJQD FLQHPDWRJUDILFD GHGLFDWD DOOD SURGX]LRQH GHJOL ,QGLDQL GHO 1RUGDPHULFD 6DQ )UDQFLVFR &DOLIRUQLD 6WDWL 8QLWL &RQWDWWR ID[ ZZZ DLILVI FRP QRYHPEUH &DQDGLDQ $ERULJLQDO )HVWLYDO

)HVWLYDO FXOWXUDOH GHJOL ,QGLDQL GHO &DQDGD 6N\GRPH 7RURQWR 2QWDULR &DQDGD &RQWDWWR ZZZ FDQDE FRP

QRYHPEUH %XQXQ FKDQWV DERULJqQHV GH 7DLZDQ

&DQWL GHL SRSROL LQGLJHQL GL 7DLZDQ +H[DJRQH 0H\ODQ )UDQFLD RUH &RQWDWWR ID[

02675( )LQR DO RWWREUH %RVFLPDQL LQQDJLQL GL XQ SRSROR IUD REOLR H LGHQWLWj

3HU OD SULPD YROWD YHQJRQR SUHVHQWDWH LQ ,WDOLD RSHUH G©DUWH ERVFLPDQD FRQWHPSRUDQHD 9LOOD &DOGRJQR &DOGRJQR 9LFHQ]D RUDULR &RQWDWWR WHO KHULWDJH#HPDLO LW

QRYHPEUH JHQQDLR /H WULDQJOH GHV H[WUrPHV SRO\QpVLHQV vOHV +DZDLL vOH GH 3kTXHV 1RXYHOOH =pODQGH

0RVWUD IRWRJUDILFD GL 0XULHO 2OHVHQ H *pUDOG 0LQNRII GHGLFDWD DOOH FXOWXUH SROLQHVLDQH 0XVpH G HWKQRJUDSKLH ERXOHYDUG &DUO 9RJW *LQHYUD 6YL]]HUD &RQWDWWR WHO

)LQR DO OXJOLR 6SLULW &DSWXUH 1DWLYH $PHULFDQV DQG WKH 3KRWRJUDSKLF ,PDJH

0RVWUD IRWRJUDILFD GHGLFDWD DOOD VWRULD GHJOL ,QGLDQL GHO 1RUGDPHULFD 1DWLRQDO 0XVHXP RI WKH $PHULFDQ ,QGLDQ *HRUJH *XVWDY +H\H &HQWHU 2QH %RZOLQJ *UHHQ 1HZ <RUN 6WDWL 8QLWL &RQWDWWR ZZZ QPDL VL HGX

7KH :R H :RUUOG R G RI I 7 7ULEDO $ O $UUWV

/·XQLFD ULYLVWD LQWHUDPHQWH GHGLFDWD DOOH HVSUHVVLRQL DUWLVWLFKH GHL SRSROL LQGLJHQL GDL WHVVXWL PD\D DOOH PDVFKHUH GHL 'RJRQ GDL WDWXDJJL SROLQHVLDQL DOOD VFXOWXUD LQXLW 8QD PLQLHUD GL LQ IRUPD]LRQL VXOOH LQL]LDWLYH GHGLFDWH DO PRQGR GHL FROOH]LRQLVWL 8QD SXEEOLFD]LRQH VSHFLDOL]]DWD PD DQFKH XQD JLRLD SHU JOL RFFKL GL WXWWL 7KH :RUOG RI 7ULEDO $UWV KD SHULRGLFLWj WULPHVWUDOH H YLHQH SXEEOLFDWD LQ GXH HGL]LRQL XQD LQJOHVH H XQD IUDQFHVH

KWWS WULEDODUWV FRP


*OL DXWRUL GL TXHVWR QXPHUR .HNXQL %ODLVGHOO 0HGLFR UDSSUHVHQWDQWH GHO .DQDND 0DROL 7ULEXQDO .RPLNH q XQD ILJXUD FHQWUDOH GHO PRYLPHQWR KDZDLLDQR SHU O DXWRGHWHUPLQD]LRQH ,O VXR DUWLFROR q WUDWWR GDO Q GL ,QGLJHQRXV $IIDLUV 7RQ\ %XWL ,QVHJQD 4XHVWLRQL OHJDOL DERULJHQH H 'LULWWR LQGXVWULDOH DOOD 0XUGRFK 8QLYHUVLW\ 0XUGRFK $XVWUDOLD

0DNHUH +DUDZLUD $WWLYLVWD PDRUL LQVHJQD 6RFLRORJLD GHOOD &XOWXUD DOO 8QLYHUVLWj GL $XFNODQG 1XRYD =HODQGD +D GHGLFDWR YDUL VWXGL DOO LPSDWWR GHOOD JOREDOL]]D]LRQH VXL 0DRUL H VXL SRSROL LQGLJHQL ,O WHVWR FKH DSSDUH LQ TXHVWR QXPHUR q WUDWWR GDO Q GL 7RN %ORQJ 3DVLILN SXEEOLFDWR QHO

8OOD +DVDJHU /HWWULFH SUHVVR O 8QLYHUVLWj GHOOH +DZDL L VSHFLDOLVWD GHOOD TXHVWLRQH KDZDLLDQD ,O VXR DUWLFROR WUDWWR GDO Q GL ,QGLJHQRXV $IIDLUV

9LOVRQL +HUHQLNR 2ULJLQDULR GL 5RWXPD )LJL ODYRUD DO &HQWHU IRU 3DFLILF ,VODQGV 6WXGLHV FKH KD VHGH SUHVVR O©8QL YHUVLWj GL +RQROXOX GRYH WLHQH FRUVL VXOOD OHWWHUDWXUD H VXO FLQHPD GHO 3DFLILFR 'LULJH OD ULYLVWD 7KH &RQWHPSRUDU\ 3DFLILF ,QROWUH q VFULWWRUH FRPPHGLRJUDIR H UHJLVWD ,O VXR DUWLFROR q WUDWWR GD 'RFXPHQWDU\ %R[ =RKO Gp ,VKWDU $WWLYLVWD DXVWUDOLDQD GL RULJLQH LUODQGHVH KD VYROWR XQ UXROR FHQWUDOH QHOOH EDWWDJOLH LQGLJHQH H DQWL QXFOHDUL GHO 3DFLILFR $WWXDOPHQWH DVVLVWH XQD UHPRWD FRPXQLWj DERULJHQD GHO GHVHUWR DXVWUDOLDQR

'DUOHQH .HMX -RKQVRQ ,O VXR SURILOR q D SDJLQD /©DUWLFROR FKH DSSDUH LQ TXHVWR QXPHUR q WUDWWR GD :K\ +DYHQ©W <RX .QRZQ" 3DFLILF :RPHQ 6SHDN RXW )LQQ .XGVN &ROODERUDWRUH GHO©,:*,$ ,O VXR DUWLFROR WUDWWR GDO Q GL ,QGLJHQRXV $IIDLUV

5REHUWD 0DUFKL (VSHUWD GHOOD TXHVWLRQH KDZDLLDQD VL q ODXUHDWD DOO©8QLYHUVLWj GL 7UHQWR QHO FRQ OD WHVL $XWR GHWHUPLQD]LRQH GHL SRSROL /©RULJLQH GHL PRYLPHQWL FKH ULYHQGLFDQR OD VRYUDQLWj GHL SRSROL LQGLJHQL LO FDVR GHL QDWLYL GHOOH LVROH +DZDL©L *UDQW 0F&DOO 3URIHVVRUH DVVRFLDWR GHOOD 8QLYHUVLW\ RI 1HZ 6RXWK :DOHV 6\GQH\ VSHFLDOLVWD GL FXOWXUD SROLQHVLDQD

0DUWLQ 0LULRUL 5DSSUHVHQWDQWH GHOOD %RXJDLQYLOOH 5HYROXWLRQDU\ $UP\ %5$ LQ (XURSD ,O VXR WHVWR q WUDWWR GD ,Q GLJHQRXV $IIDLUV Q FRQ XQ DJJLRUQDPHQWR UHGD]LRQDOH EDVDWR VX PDWHULDOH IRUQLWR GD 0RVHV +DYLQL PDVVLPR HVSRQHQWH GHOOD %5$

*DUWK 1HWWKHLP 8QR GHL SULQFLSDOL HVSHUWL PRQGLDOL GL TXHVWLRQL DERULJHQH DXVWUDOLDQH $XWRUH GL PROWL OLEUL H VDJJL DWWXDOPHQWH LQVHJQD 4XHVWLRQL OHJDOL LQGLJHQH H *LXULVSUXGHQ]D GHL GLULWWL XPDQL DOOD 8QLYHUVLW\ RI 1HZ 6RXWK :DOHV 6\GQH\ ,QROWUH q PHPEUR GHOO©,QGLJHQRXV /DZ ,QVWLWXWH FKH KD VHGH SUHVVR TXHVWR DWHQHR -RKQ 2WWR 2QGDZDPH (VXOH GL 3DSXD 2FFLGHQWDOH HG HVSRQHQWH GHOO©230 2UJDQLVDVL 3DSXD 0HUGHND 9LYH LQ $X VWUDOLD H KD VWXGLDWR DOO©$XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\ GL &DQEHUUD GRYH VL q ODXUHDWR FRQ XQD WHVL VX :HVW 3DSXDQ 1DWLRQDOLVP DQG &RQIOLFW 5HVROXWLRQ $WWXDOPHQWH ID SDUWH GHO &HQWHU IRU 3HDFH DQG &RQIOLFW 6WXGLHV GHOO©8QLYHUVLWj GL 6\GQH\

$QQD 3DLQL 'RFHQWH XQLYHUVLWDULD ODYRUD DO 'LSDUWLPHQWR GL 3VLFRORJLD H $QWURSRORJLD &XOWXUDOH GHOO© 8QLYHUVLWj GL 9HURQD /H VXH DUHH GL VWXGLR VRQR OD 1XRYD &DOHGRQLD LO 3DFLILFR PHULGLRQDOH H LO VXGRYHVW GHJOL 6WDWL 8QLWL &KDLODQJ 3DODFLRV $WWLYLVWD FKDPRUUR ODYRUD DO %XUHDX RI +HDOWK 3URPRWLRQ GL 6DLSDQ *XDP /©DUWLFROR FKH DSSDUH LQ TXHVWR QXPHUR q WUDWWR GD :K\ +DYHQ©W <RX .QRZQ" 3DFLILF :RPHQ 6SHDN RXW 2VDPX 6DNL\DPD /LQJXLVWD GRFHQWH SUHVVR OD 6FKRRO RI +XPDQ &XOWXUHV GHOO©8QLYHUVLWj GL 6KLJD *LDSSRQH FROOD ERUD DO SURJHWWR (QGDQJHUHG /DQJXDJHV RI WKH 3DFLILF 5LP

2VFDU 7HPDUX /HDGHU WDKLWLDQR VLQGDFR GL )D©DD GLULJH LO SDUWLWR LQGLSHQGHQWLVWD 7XDYLQL +XLUDDWLUD /©DUWLFROR FKH DSSDUH LQ TXHVWR QXPHUR q WUDWWR GD ,QGLJHQRXV $IIDLUV 0DXUL]LR 7RUUHWWL *LRUQDOLVWD URPDQR VSHFLDOLVWD GHOOH TXHVWLRQL LQGLJHQH GHO 3DFLILFR

0LOLODQL 7UDVN $YYRFDWR LPSHJQDWD QHO PRYLPHQWR LQGLJHQR KDZDLLDQR KD IRQGDWR O©RUJDQL]]D]LRQH DXWRQRPLVWD .D /DKXL +DZDL©L LQVLHPH DOOD VRUHOOD +DXQDQL .D\ VFULWWULFH H GRFHQWH DOO©8QLYHUVLWj GL +RQROXOX ,O VXR DUWLFROR q WUDWWR GDO QXPHUR GL &XOWXUDO 6XUYLYDO 4XDUWHUO\ ,O SURILOR GHJOL DOWUL DXWRUL q VWDWR SXEEOLFDWR QHO QXPHUR


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.