zi de zi 18 septembrie

3DJ

vQYăĠăPkQW

7RĠL GDVFăOLL *LPQD]LXOXL Ä&X]D´ WLWXODUL 6H GLVWULEXLH vPSUHXQă FX =LDUXO GH 0XUHú

3DJ

vQYăĠăPkQW

3DJ

3ULPD vQWkOQLUH FX vQYăĠăWRDUHD

vQYăĠăPkQW

&RSLLL DX vQFHSXW úFRDOD OD 5ăVWROLĠD

GLUHFWRU IRQGDWRU

LQ FXUV GH DXGLWDUH %5$7

$XUHOLDQ *5$0$

ZZZ ]L GH ]L UR

3DJ

vQYăĠăPkQW

3HUIRUPDQĠD GHYL]D *LPQD]LXOXL ³0LURQD´

&XUV YDOXWDU

7kUJX 0XUHú

HXU XVG JU DXU

& & & & & &

0DUĠL VHSWHPEULH $QXO 9,,, QU

7J 0XUHú 5HJKLQ 6LJKLúRDUD

SDJLQL

3DJ

6 7LQWHUHVDQWH ,5, 3RQWD YD LQDXJXUD 5RPFDE $FăĠDUL 6RFLHWDWHD 5RPFDE úL D ¿QDOL]DW LQYHVWLĠLD GH OD $FăĠDUL ([WLQGH UH IDEULFă GH FDEOXUL úL FRQGXF WRUL HOHFWULFL SURLHFW FR ¿QDQĠDW SULQ )RQGXO (XURSHDQ GH 'H] YROWDUH 5HJLRQDOă ,QDXJXUD UHD R¿FLDOă D IDEULFLL 5RPFDE $FăĠDUL YD DYHD ORF vQ GDWD GH VHSWHPEULH GH OD RUD vQ SUH]HQĠD SULP PLQLVWUXOXL 9LFWRU 3RQWD $ 0

$GUHVD UHGDFWLHL 6WU 3ULPăULHL QU 7DUJX 0XUHV 7HO UHGDFWLD#]L GH ]L UR SXEOLFLWDWH#]L GH ]L UR

$ERQDPHQWH 3HQWUX DERQDPHPWH LWL VWDP OD GLVSR]LWLH OD VHGLXO UHGDFWLHL VDX OD WHOHIRQ

+DQGEDOLVWHOH MXQLRDUH , 0DVWHUDW HXURSHDQ OD 830 )DFXOWDWHD GH ùWLLQĠH (FRQRPLFH XPLOLWH (FKLSD GH KDQGEDO MXQLRDUH , D /L FHXOXL FX 3URJUDP 6SRUWLY 7kUJX 0XUHú D SLHUGXW IăUă GUHSW GH DSHO SDUWLGD GLQ SULPD HWDSă D 6HULHL ) FHGkQG SH WHUHQ SURSULX FX VFRUXO GH vQ IDĠD FHORU GH OD &6ù =DOăX 'LIHUHQĠD GH VFRU SDUH FX DWkW PDL GH]DPăJLWRDUH FX FkW vQ FRPSRQHQĠD HFKLSHL PXUHúHQH DX IRVW QX PDL SXĠLQ GH úDVH MXFăWRDUH FDUH IDF SDUWH GLQ ORWXO GLYL]LRQDUHL $ 6& 0XUHúXO )RJDUDVL $QGUHD %DE 7LPHD 7DELWD 5DG /RUHQD 3RS $OLQD ùHXOHDQ úL 0ăGăOLQD 3RS 0 9

-XULGLFH úL $GPLQLVWUDWLYH GLQ FDGUXO 8QLYHUVLWăĠLL ³3HWUX 0DLRU´ 830 GLQ 7kUJX 0XUHú D GH PDUDW LHUL vQVFULHULOH SHQWUX UHDOL]DUHD XQXL PDVWHUDW SURIH VLRQDO HXURSHDQ vQ DGPLQLVWUDĠLH SXEOLFă Ä3UHJăWLP IXQFĠLRQDUL SXEOLFL SHQWUX DGPLQLVWUDĠLD SXEOLFă úL QX QXPDL FDUH YRU SXWHD GHVIăúXUD R DFWLYLWDWH vQ GHSOLQă FXQRúWLQĠă úL FRQIRUP FX FHULQĠHOH 8QLXQLL (XURSHQH vQ PDWHULH GH DGPLQLVWUDĠLH SXEOLFă´ D SUHFL]DW FRQI XQLY GU /XFLDQ &KLULDF 6 7

::: =, '( =, 52 ,QWUHEDUHD ]LOHL

6XQWHĠL PXOĠXPLĠL GH PRGXO vQ FDUH VXQW SURPRYDWH RELHFWLYHOH WXULVWLFH DOH MXGHĠXOXL 0XUHú"

/D LQWUHEDUHD GH LHUL (VWH R LGHH EXQă FD ¿HFDUH úFRDOă Vă ¿H VXSUDYHJKHDWă GH XQ SROLĠLVW" 5ăVSXQVXULOH YRDVWUH DX IRVW

'$

18

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

R SDUWH GLQ YLDĠD WD

$QLPDĠLH PDUH vQ XQLWăĠLOH GH vQYăĠăPkQW GLQ MXGHĠXO 0XUHú SULOHMXLWă GH GHEXWXO DQXOXL úFRODU (OHYL GH QRWD OD 8QJKHQL 6WDUW SHQWUX OLFHHQLL GLQ /XGXú FX GLUHFWRU QRX &DELQHW QRX GH ¿]LFă FKLPLH OD ùFRDOD *HQHUDOă GLQ ,HUQXW /LFHXO ³3HWUX 0DLRU´ GLQ 5HJKLQ OăXGDW GH PDL PDULL MXGHĠXOXL ùFRDOD 3RVWOLFHDOă Ä'LPLWULH &DQWHPLU´ GLQ 7kUJX 0XUHú D GRXD FDVă D HOHYLORU ùWDFKHWD UăPkQH VXV OD *LPQD]LXOXL Ä1LFRODH ,RUJD´ GLQ 6LJKLúRDUD /D 7kUQăYHQL VH GRUHúWH XQ DQ úFRODU GH QRWD

FXOWXUă

0HWHR

12$37($ =,8$

%XFXULLOH YDFDQĠHL V DX WHUPLQDW DX vQFHSXW EXFXULLOH úFROLL

3DJ

³'HVSUH RDPHQL úL PHOFL´ D]L OD ³$UWD´

6HUYLFLXO GH SUREDĠLXQH UHGXFH UHFLGLYD LQIUDFWRULORU 3HUVRDQHOH FDUH DX FRPLV LQIUDFĠLXQL úL DX SULPLW SHGHDSVă FX VXVSHQGDUH VXE VXSUDYHJKHUHD 6HUYLFLXOXL GH SUREDĠLXQH GH SH OkQJă 7ULEXQDOXO 0XUHú DX XUPDW FX VXFFHV SURJUD PHOH GHUXODWH SULYLQG UHLQWHJUDUHD ORU VRFLDOă IăUă Vă ¿H WHQWDĠL Vă VăYkUúHDVFă DOWH LQIUDFĠLXQL 6HUYLFLXO D PDUFDW LHUL =LXD 3UREDĠLXQLL SULOHM FX FDUH V DX SUH]HQWDW SURJUD PHOH GHUXODWH SHQWUX D YHQL vQ DMX WRUXO LQIUDFWRULORU Ä3HUVRDQHOH FDUH DX SDUWLFLSDW OD DFHVWH SURJUDPH VXQW OD vQFHSXWXO H[HFXWăULL SHGHSVHL DX SULPLW SURJUDPXO FX IRDUWH PDUH GHV FKLGHUH úL QX DX FRPLV GHRFDPGDWă DOWH LQIUDFĠLXQL 6SHUăP Vă QLFL QX OH FRPLWă Vă VH UDSRUWH]H DOWIHO OD YLDĠD ORU OD PR GXO vQ FDUH vúL UH]ROYă SURE OHPHOH (VWH YRUED GH SHUVRDQH DÀDWH vQ VXSUDYH JKHUH SHUVRDQH FDUH DX FR PLV LQIUDFĠLXQL DX SULPLW R SHGHDSVă FX VXVSHQGDUH VXE VXSUDYHJKHUHD VHUYLFLXOXL QRVWUX úL DX XQHOH PăVXUL GH UHVSHFWDW úL REOLJDĠLL LDU XQD GLQWUH PăVXUL HVWH Vă VH SUH]LQWH SHULRGLF OD VHUYLFLXO QRVWUX úL DX RSĠLXQHD Vă SDUWL

FLSH OD DFHVWH SURJUDPH QXPDL FX DFRU GXO ORU´ D GHFODUDW &DPHOLD 6WăQFHVFX úHI VHUYLFLX 6HUYLFLXO GH SUREDĠLXQH GH SH OkQJă 7ULEXQDOXO 0XUHú 6HUYLFLXO GH SUREDĠLXQH VSULMLQă LQ VWDQ ĠHOH GH MXGHFDWă vQ SURFHVXO GH LQGLYLGXDOL]DUH D SHGHSVHORU SULQ SURPRYDUHD VDQFĠLXQLORU QHSULYD WLYH GH OLEHUWDWH SUHFXP úL FUHúWHUHD JUDGXOXL GH VLJXUDQĠă DO SRSXODĠLHL SULQ VXSUDYHJKHUHD vQ FRPXQLWDWH D SHUVRDQHORU FDUH DX FRPLV LQIUDFĠLXQL FX VFRSXO GH D FRQWULEXL OD GLPLQXD UHD LQIUDFĠLRQDOLWăĠLL úL GH D UHGXFH FRQVHFLQĠHOH QHJDWLYH SUHFXP úL FRV WXULOH OHJDWH GH SULYDUHD GH OLEHUWDWH $ULQD 02/'29$1

(GLWRULDO

&H VROXĠLL VXQW SHQWUX PXUHúHQLL IăUă DSă FDOGă" $OH[ 727+

'DFă VăSWăPkQD WUHFXWă HUDP DQXQĠDĠL Fă WkUJXPXUHúHQLL EUDQúDĠL OD VLVWHPXO FHQWUDOL]DW GH IXUQL]DUH D HQHUJLHL WHUPLFH YRU DYHD DSă FDOGă úL FăOGXUă OD LDUQă FHO SXĠLQ vQ EORFXULOH XQGH VH UHQWD XOWHULRU XQXO GLQ FLFHSULPDUL D DQXQĠDW Fă VLVWHPXO HVWH PRUW GLQ WRDWH SXQFWHOH GH YHGHUH 6& /RFD WLY QHSULPLQG DXWRUL]DUH GLQ SDUWHD $156& SHQWUX D RSHUD FHQWUDOHOH GH FDUWLHU 3ULQ XUPDUH GDFă WRDWă YDUD HGLOLL DX WHUJLYHUVDW VLWXDĠLD FUHDWă GXSă UH]LOLHUHD FRQ WUDFWXOXL FX ( 6WDU LDWă Fă VXQ WHP LPHGLDW vQ SUDJXO VH]RQX OXL UHFH LDU WkUJXPXUHúHQLL YRU DYHD ÄRQRDUHD´ Vă VH VSHOH GLQ QRX OD OLJKHDQ úL Vă GkUGkLH GH IULJ IăUă R VXUVă

GH FăOGXUă (L ELQH GDFă DQX PLWH YRFL DX VXJHUDW vQFă GLQ OXQD LXQLH Fă VLVWHPXO QX PDL HVWH UHQWDELO úL SRSXODĠLD Vă vúL JăVHDVFă DOWHUQDWLYH SHQWUX D DYHD DJHQW WHUPLF DOWHOH DX ĠLQXW VXV úL WDUH Fă QX SXWHP OăVD XQ VLVWHP vQ FDUH V DX EăJDW PLOLRDQH GH HXUR SHQWUX PRGHUQL]DUH XQ VLVWHP LQXWLO vQ PRPHQWXO GH IDĠă $FXP OD vQWUHEDUHD PLLORU GH WkUJXPXUHúHQL FDUH QX vúL SHU PLW Vă vúL LQVWDOH]H FHQWUDOH GH DSDUWDPHQW VDX DOWH VXUVH GH FăOGXUă FX WRW FX DMXWRUXO VRFLDO GH OHL GLQ SDUWHD 3ULPăULHL 7kUJX 0XUHú FLQH YD UăVSXQGH RDUH" &X FH VROXĠLL YRU YHQL FRQVLOLHULL ORFDOL DOHúL GH WkUJXPXUHúHQLL OăVDĠL IăUă DSă FDOGă"

'HFODUDWLD ]LOHL

'UDJL HOHYL Yă VIăWXLHVF Vă vQYăĠDĠL Vă L DYHĠL UHSHUH SH vQDLQWDĠLL QRúWUL úL QX SH FHL FDUH VH SHULQGă ]LOQLF SH OD WHOHYL]RU úL FUHG Fă QH UHSUH]LQWă

'RULQ )ORUHD

Ì19ĂğĂ0Æ17 VHSWHPEULH

ùWLUL

LQWHUHVDQWH &LQH YD JHVWLRQD DSD vQ 6kQWDQD GH 0XUHú" *HVWLXQHD VHUYLFLXOXL GH DOLPHQ WDUH FX DSă úL GH FDQDOL]DUH VH YD UHDOL]D SULQ JHVWLXQH GHOHJDWă SULQ +RWăUkUHD &RQVLOLXOXL /RFDO DO FRPX QHL 6kQWDQD GH 0XUHú QU GLQ DSULOLH D DQXQĠDW LHUL $QJHOR 7HPSO¿ FRQVLOLHU vQ FDGUXO 3ULPăULHL FRPXQHL 6kQWDQD GH 0XUHú Ä$ULD WHULWRULDOă XQGH XUPHD]ă D VH IXUQL]D VHUYLFLXO HVWH WHULWRULXO DGPLQLVWUD WLY DO FRPXQHL 6kQWDQD GH 0XUHú UHVSHFWLY vQ ORFDOLWăĠLOH 6kQWDQD GH 0XUHú &XUWHQL &KLQDUL %ăUGHúWL $FWLYLWăĠLOH FDUH XUPHD]ă Vă ¿ H SUHV WDWH VXQW VHUYLFLXO GH DOLPHQWDUH FX DSă DGLFă WUDQVSRUWXO DSHL SRWDELOH vQPDJD]LQDUHD DSHL úL GLVWULEXĠLD DSHL SRWDELOH úL VHUYLFLXO GH FDQDOL ]DUH FDUH YD FRQVWD vQ FROHFWDUHD WUDQVSRUWXO úL HYDFXDUHD DSHORU X]DWH GH OD XWLOL]DWRUL OD VWDĠLLOH GH HSXUDUH 'XUDWD FRQWUDFWXOXL GH GHOHJDUH D JHVWLXQLL HVWH GH ]HFH DQL´ D SUHFL ]DW $QJHOR 7HPSO¿ 2IHUWHOH VH SRW GHSXQH SkQă FHO WkU]LX OD GDWD GH RFWRPEULH RUD OD D GUHVD 3ULPăULD FRPXQHL 6kQWDQD GH 0XUHú VWUDGD 0RULL QU 6 7

,QFHQGLX OD JURDSD GH JXQRL 'HWDúDPHQWXO GH SRPSLHUL 7kUJX 0XUHú D LQWHUYHQLW VkPEăWă VHS WHPEULH OD RUD FX R DXWRVSHFLDOă GH OXFUX FX DSă úL VSXPă SHQWUX VWLQ JHUHD XQXL LQFHQGLX OD JURDSD GH JXQRL GLQ 7kUJX 0XUHú Ä,QWHUYHQĠLD D GXUDW DSURDSH WUHL RUH úL MXPăWDWH FDX]D SUREDELOă D SURGXFHULL LQFHQGLXOXL ¿ LQG IRFXO GHVFKLV vQ VSDĠLL GHVFKLVH $X DUV JXQRL úL UH]LGXUL PHQDMHUH SH R VXSUDIDĠă GH GH PHWUL SăWUDĠL´ D SUHFL]DW OW /LYLX 'DQFLX SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL SHQ WUX 6LWXDĠLL GH 8UJHQĠă Ä+RUHD´ DO -XGHĠXOXL 0XUHú 6 7

(PRĠLL vQ SULPD ]L GH úFRDOă OD *LPQD]LXO ³(XURSD´ 3ULPD RUă GH FXUV DVLVWDWă GH SăULQĠL OD FODVD D , D $ GH OD *LPQD]LXO (XURSD

ÌQYăĠăWRDUHD 3RSD $UDEHOD OD SULPD RUă GH FXUV FX HOHYLL FODVHL D , D $ GH OD *LPQD]LXO (XURSD

3ULPXO UăVSXQV SUH]HQW SHQWUX HOHYLL *LPQD]LXOXL (XURSD

*LPQD]LXO ³(XURSD´ D WUăLW HPRĠLD QRXOXL vQFHSXW GH DQ úFRODU FX RFD]LD GHVFKLGHULL DQXOXL úFRODU GHVFKLGHUH SOLQă GH VSHUDQĠH SHQWUX FHL FDUH IDF SULPLL SDúL FăWUH EăQFLOH úFROLL ³*LPQD]LXO Ä(XURSD´ SRUQHúWH OD GUXP vQ DFHVW QRX DQ úFRODU FX FDGUH VX¿ FLHQWH FX FODVH vQFKHJDWH GH HOHYL FX GRXă FODVH SUHJăWLWRDUH XQD GH VHFĠLH URPkQă úL XQD GH VHFĠLH PDJKLDUă FX SDWUX FODVH , GRXă OD VHFĠLD URPkQă úL GRXă OD FHD PDJKLDUă FX FDGUH GLGDFWLFH VSHFLDOL]DWH úL vQ PDUHD PDMRULWDWH WLWX ODUH 3RUQLP OD GUXP FX WRDWH SUHPL]HOH SHQWUX UH]XOWDWH ¿ QDOH IUXPRDVH úL SHU IRUPDQWH FXP GHMD D RELúQXLW *LPQD]LXO Ä(XURSD´ vQ XOWLPLL DQL´ D GHFODUDW 0L KDHOD ÌQVXUăĠHOX GLUHFWRDUHD *LPQD]LXOXL Ä(XURSD´

0LKDHOD ,QVXUDWHOX GLUHFWRDUHD *LPQD]LXOXL (XURSD GLQ 7kUJX 0XUHú

(PRĠLLOH PDUL VSHUDQĠHOH OD IHO (PRĠLLOH SULPHL RUH GH FXUV OH DX VLPĠLW úL HOHYLL FODVHL , $ FDUH DX IăFXW FXQRúWLQĠă FX VDOD GH FXUV FX QHOLSVLWXO $%(&( '$5 WUăLQG vQFă GLQ SULPD ]L GH úFRDOă H[SHULHQĠD RUHL GH FXUV VXVĠLQXWă GH QRXD ORU vQYăĠăWRDUH $UDEHOD 3RSD 'XSă FH SăULQĠLL úL DX DVLVWDW FRSLLL OD SULPD ORU RUă GH FXUV DFHúWLD DX UăPDV FX vQYăĠăWRDUHD ORU SHQWUX D H[SORUD vPSUHXQă WDLQHOH úL IUXPXVHĠLOH FXQRDúWHULL SH FDUH úFRDOD HVWH GDWRDUH Vă OH RIHUH FX DMXWRUXO GDVFăOLORU $FHOHDúL VHQWLPHQWH OH DX DYXW úL FDGUHOH GLGDFWLFH DÀ DWH DFXP vQ IDĠD XQHL QRL VH ULL GH HOHYL HOHYL FDUH Vă úL IRUPH]H R ED]ă FDUH Vă IDFă FLQVWH úFROLL Ä8Q GLUHFWRU GH úFRDOă DUH IRDUWH PXOWH HPRĠLL OD VWDUWXO XQXL QRX DQ úFRODU SH FDUH UHXúHúWH Vă úL

OH FDPXÀ H]H SH FkW VH SRDWH ,QWHQĠLD QX HVWH GH D OH DVFXQGH GHRDUHFH R FRODER UDUH IUXFWRDVă VH ED]HD]ă SH HPSDWLH SH R OHJăWXUă HPRĠLRQDOă vQWUH GDVFăO úL HOHY (PRĠLLOH VXQW PDUL GDU úL VSHUDQĠHOH VXQW OD IHO GH PDUL GLQ SDUWHD DWkW DO HOHYLORU FkW úL D FROHJLORU SURIHVRUL $QXO DFHVWD DX IRVW PDL PXOĠL HOHYL FDUH DX SăúLW SHQWUX SULPD GDWă vQ úFRDOD QRDVWUă DYHP FODVHOH SUHJăWLWRDUH GDU FX WRĠLL DX IRVW OD IHO GH HPRĠLRQDĠL ¿ LQGFă HVWH XQ SDV QRX XQ QRX vQFHSXW GHVSUH FDUH QX úWLL SUHD PXOWH úL GH OD FDUH DL IRDUWH PXOWH VSHUDQĠH 1RL QH GRULP GLQ WRW VXÀ HWXO FD VSHUDQĠHOH ORU Vă VH ¿ QDOL]H]H FX IDSWH úL UHDOL]ăUL´ D FRP SOHWDW 0LKDHOD ÌQVXUăĠHOX $OLQ =$+$5,(

IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

(OHYL GH OD 8QJKHQL 2DVSHĠL GH VHDPă OD GHFKLGHUH

(PRĠLL FKLDU úL SHQWUX FHL FX H[SHULHQĠă

&HL PDL PLFL R LDX GH OD ]HUR DELD OD DQXO FODVD , 1HUăEGDUH úL vQJULMRUDUH

/D IHVWLYLWDWHD GH GHVFKLGHUH D ùFROLL *HQHUDOH Ä(PLO 'UăJDQ´ GLQ 8QJKHQL DX SDUWLFLSDW SULQWUH DOWH SHUVRQDOLWăĠL VXESUHIHFWXO MXGHĠXOXL 0XUHú 0DQXHO $XJXVWLQ %XWLXOFă SUHúHGLQWHOH &RVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH 1D GLD 5DĠă LQVSHFWRU JHQHUDO DGMXQFW GLQ FDGUXOXL ,QVSHFWRUDWXOXL ùFRODU -XGHĠHDQ 0XUHú úL 9LFWRU 3URGDQ SULPDUXO RUDúXOXL 8QJKHQL

3HVWH XQ DQ XQ QRX SDV LPSRUWDQW

OD FHOH PDL SXWHUQLFH OLFHH GLQ 7kUJX 0XUHú´ D VSXV GLUHFWRDUHD

)HOLFLWDĠL GH 9LFWRU 3URGDQ ùFRDOD GLQ 8QJKHQL HVWH XQD GLQWUH IRDUWH SXĠLQHOH FDUH DX UHXúLW Vă úL SULPHDVFă FHL PDL PLFL HOHYL vQWU R FOăGLUH QRXă 3ULPD UXO 9LFWRU 3URGDQ D XUDW VXFFHV WXWXURU vQ QRXO DQ úL D ĠLQXW Vă PXOĠXPHDVFă WXWXURU FHORU FDUH DX FRQWULEXLW FD QRXD FOăGLUH Vă ¿ H GDWă vQ IRORVLQĠă OD WLPS

5H]XOWDWH IRDUWH EXQH 'XSă LQWRQDUHD ,PQXOXL 1DĠLRQDO GLUHF WRUXO LQVWLWXĠLHL $QD 0RQLFD 0XUHúDQ D VFRV vQ HYLGHQĠă UH]XOWDWHOH EXQH DOH XO WLPHL SURPRĠLL D úFROLL Ä1H PkQGULP FX HOHYLL QRúWUL PXOĠL GLQWUH HL DX vQFKHLDW FX PHGLD DQXO UHFHQW vQFKHLDW úL DX DMXQV

(PRĠLL GH OD PLF OD PDUH 8QXO GLQWUH ÄERERFL´ DúWHSWD HPRĠLRQDW PRPHQWXO Ä$ELD DúWHSWDP Vă DMXQJ OD úFRDOă Vă vQYăĠ OXFUXUL QRL´ QH VSXQH $QGUHL 0DLHU XQXO GLQWUH HOHYLL ÄFODVHL ´ 'DFă PLFXĠLL DúWHSWDX DFHVW PRPHQW

QX DFHODúL OXFUX VH SRDWH VSXQH GHVSUH SăULQĠLL PLFLORU HOHYL Ä(VWH R GHFL]LH SULSLWă FUHG Fă DFHDVWă VFKLPEDUH QX D IRVW SUHJăWLWă &RSLLL VXQW QHUăEGăWRUL SHQWUX FXQRDúWHUH GDU QRL FD SăULQĠL QX úWLP FH QH DúWHDSWă 3XWHP FRQVLGHUD Fă VH IDF H[SHULPHQWH SH FRSLLL QRúWUL´ HVWH GH SăUHUH PDPD OXL $QGUHL $SURDSH DFHOHDúL HPRĠLL OH JăVLP úL vQ UkQGXO FDGUHORU GLGDFWLFH vQDLQWHD vQFH SHULL QRXOXL DQ úFRODU FKLDU úL vQ FD]XO SURIHVRULORU H[SHULPHQWDĠL ÄùFRDOD QH RIHUă FRQGLĠLL GH OXFUX H[WUDRUGLQDUH HVWH ELQH GRWDWă úL vQFHSHP XQ QRX DQ FX QRL IRUĠH 6XQW HPRĠLL úL SHQWUX PXOĠL GLQWUH QRL ÌQ FD]XO PHX SUHLDX R QRXă JHQHUDĠLH GH FODVD D 9 D´ QH GHVWăLQXLH 6]HNHO\ ,O GLNR GLULJLQWD XQHLD GLQ FODVHOH FDUH IDFH

XQ QRX SDV SUHIHVRDUă GH VSRUW FDUH DUH FX DFHDVWă RFD]LH úL XQ RI UHQRYDUHD VăOLL GH VSRUW 'DFă HPRĠLLOH FHORU PDL PLFL VDX D FHORU FDUH WUHF OD R PDUH VFKLPEDUH QX GLIHUă PXOW QLFL DFHOHD D HOHYLORU FDUH vQFHS FODVD D 9,,, D /D ¿ QHOH DFHVWXL DQ úFRODU DFHúWLD YRU SăUăVL úFRDOD DPLQWLUL QRVWDOJLL VDX UHJUHWH Ä'XSă RSW DQL SHWUHFXĠL vQ DFHHDúL úFRDOă QH YRP GHVSăUĠL GH FROHJL SH XQLL GLQWUH HL QX úWLX GDFă L YRL PDL vQWkOQL 5ăPkQ vQ XUPă DFWLYLWăĠLOH SOăFXWH SH FDUH OH RUJDQL]D GRDPQD GLULJLQWă &HOH PDL QHSOăFXWH PRPHQWH vQ DFHúWL DQL DX IRVW WHVWHOH´ VSXQH 6DELQ 3RS XQXO GLQWUH HOHYLL FDUH vQFHSH FODVD D 9,,, D 0LKDL 9(5(ù

6WDUW SHQWUX OLFHHQLL OXGXúHQL FX GLUHFWRU QRX &ULVWLDQ 0ROGRYDQ PkQGUX GH úFRDOD OXGXúHDQă

ÌQ MXU GH GH HOHYL GLQ FODVHOH ,; ;,, DX vQFHSXW úFRDOD DVWă]L OD *6, /XGXú

3ULPDUXO RUDúXOXL /XGXú &ULVWLDQ 0RO GRYDQ D IRVW SUH]HQW OD WRDWH IHVWLYLWăĠLOH GH vQFHSXW GH DQ úFRODU GLQ /XGXú úL *KH MD )LHFDUH vQFHSXW GH DQ úFRODU DU WUH EXL Vă ¿ H XQ PRPHQW GH UHÀ HFĠLH SHQWUX FHHD FH vQVHDPQă úFRDOD (VWH SULQFLSDOD VXUVă D SHUIRUPDQĠHL YLLWRDUH LDU UH]XO WDWHOH OD vQYăĠăWXUă VXQW FHD PDL EXQD ED]ă SHQWUX FDULHUD YLLWRDUH D ¿ HFăUXLD %XQD HGXFDĠLH QX VWă QXPDL vQWU R FOăGLUH IUXPRDVă ELQH GRWDWă SURDVSăW ]XJUăYLWă HFKLSDWă FX LQWHUQHW %DQLL QX UH]ROYă vQWRWGHDXQD SUREOHPHOH SHQ WUX Fă RPXO HVWH GHIDSW FHO FDUH V¿ QĠHúWH ORFXO ÌQFHSkQG GLQ DFHVW DQ DWkW FRUSXO SURIHVRUDO FkW úL FRPXQLWDWHD ORFDOă YRU DYHD XQ URO LPSRUWDQW vQ IHOXO vQ FDUH YRU ¿ FKHOWXLĠL EDQLL FkW PDL H¿ FLHQW úL PDL DOHV vQ IRORVXO HOHYLORU ùWLX Fă GăUXLQĠD SHQWUX PXQFă D SURIHVRULORU úL SHQWUX UH]XOWDWHOH HL OH GDX HQHUJLD GH D FRQWL QXD FKLDU úL DWXQFL FkQG VWDWXO QX DUH JULMă GH HL DúD FXP DU WUHEXL 0DL úWLX Fă úFRDOD OXGXúHDQă D VFRV DQ GH DQ UH]XOWDWH GLQWUH FHOH PDL EXQH OD QLYHO QDĠLRQDO úL FKLDU LQWHUQDĠLRQDO 'RUHVF PXOW VXFFHV HOHYLORU GDU úL SURIHVR ULORU FX FRQYLQJHUHD Fă IăFkQG DFHDVWă LQYHVWLĠLH vQ JHQHUDĠLD WkQăUă DVLJXUăP 5RPkQLHL GH PkLQH XQ YLLWRU SURVSHU´ D GHFODUDW &ULVWLDQ 0ROGRYDQ

)LHFDUH FODVă FX ORFXO úL GLULJLQWHOH HL

$P SRUQLW GH GLPLQHDĠă FX GUDJ VSUH *UXSXO ùFRODU ,QGXVWULDO GLQ /XGXú XQGH DYHD Vă VH GHVIăúRDUH IHVWLYLWDWHD GH vQ FHSXW GH DQ úFRODU ùL HX DP vQYăĠDW OD DFHVW OLFHX GH OD QLúWH SURIHVRUL H[WUDRUGLQDUL $ WUHFXW FHYD WLPS vQVă QX DP XLWDW FX HPRĠLL DP SăúLW vQ FXUWHD úFROLL FDUH HUD SOLQă RFKL FD OD ¿ H FDUH vQFHSXW GH DQ úFRODU 8QLIRUPD D UăPDV DFHHDúL 1LFL PLH QX PL SOăFHD Vă R SRUW ÌQ MXU GH GH HOHYL GLQ FODVHOH ,; ;,, DX vQFHSXW úFRDOD DVWă]L OD *6, /XGXú 6 D VFKLPEDW úL FRQGXFHUHD OD FkUPD OLFHX OXL ORFXO GLUHFWRUXOXL ,RDQ 3RS ¿ LQG OXDW GH &ODXGLD 0DULD %RWH]DQ SURIHVRU GH LQIRUPDWLFă $P SULQV R OD ELURX LPHGLDW GXSă IHVWLYLWDWH úL P D OăVDW Vă L UăSHVF WUHL PLQXWH 5HSRUWHU $ĠL IRVW GLULJLQWă DQXO WUHFXW &XP D IRVW Vă SăUăVLĠL R FODVă FD GLULJLQWă vQ VFKLPEXO FRQGXFHULL XQXL OLFHX" &ODXGLD 0DULD %RWH]DQ 6LQFHU PL D IRVW IRDUWH JUHX $P IRVW OD HL DVWă]L úL PL DP GDW VHDPD Fă P DP DWDúDW IRDUWH

3URIHVRUXO GH ELRORJLH ğHFXOHVFX *KHRUJKH vQ PLMORFXO FODVHL VDOH

WDUH GH DFHDVWă JHQHUDĠLH FKLDU GDFă YRU ELP GH XQ VLQJXU DQ 1X H FKLDU R QRXWDWH SHQWUX PLQH IXQFĠLD GH GLUHFWRU 7LPS GH OXQL vQ DP PDL RFXSDW DFHDVWă IXQFĠLH 3RUQHVF OD GUXP FX FHOH PDL EXQH JkQGXUL FD OD RULFH vQFHSXW GH DQ úFRODU FX EXQH úL FX UHOH 5HS 6ă vQFHSHP FX FHOH UHOH« & 0 % 1HDMXQVXUL vQ OLFHX VXQW VX¿ FLHQ WH vQ SULPXO UkQG OLSVD VSDĠLXOXL D VăOLORU GH FODVă )XQFĠLRQăP FX PXOWH VăOL GH FODVă vQ FOăGLUHD LQWHUQDWXOXL FDUH SULQ FRQVWUXFĠLH QX D IRVW QLFLGHFXP úFRDOă 1X SUHD DYHP FH IDFH vQ DFHDVWă SULYLQĠă LDU DPHQDMDUHD VăOLORU FD Vă VH GHVIăúRDUH FXUVXULOH vQ EXQH FRQGLĠLL H GHVWXO GH FRVWLVLWRDUH 5HS ùL FHOH EXQH" & 0 % 1H OăXGăP FX FRSLL IRDUWH LVWHĠL QX VXQW IRDUWH PXOĠL GDU QH PkQGULP FX HL $QXO WUHFXW GH H[HPSOX R HOHYă FX PHGLD OD EDFDODXUHDW 2DQD 6LFREHDQ D IRVW DGPLVă 8QLYHUVLWDWHD GLQ %XFXUHúWL )DFXOWDWHD GH 3VLKRORJLH FX DFHHDúL PH GLH $ IRVW R HOHYă GHRVHELWă ÌQ ¿ HFDUH

3ULPXO FORSRĠHO GH DQXO DFHVWD ³WUH]LW´ GH SURIHVRUXO GH UHOLJLH

JHQHUDĠLH DYHP FRSLL LVWHĠL LPSRUWDQW H Vă L GHVFRSHULP úL Vă L VSULMLQLP 5HS &kWHYD JkQGXUL SHQWUX HOHYL SURIHVRUL« & 0 % /H GRUHVF WXWXURU HOHYLORU úL FR OHJLORU PHL XQ vQFHSXW GH DQ úFRODU PDL EXQ LDU QRLORU FROHJL EXQ YHQLW úL XQ DQ SOLQ GH VXFFHVH )LHFDUH GLQWUH QRL ¿ H Fă VXQWHP HOHYL VDX SURIHVRUL QH GRULP FD ¿ HFDUH vQFHSXW GH DQ úFRODU Vă ¿ H PDL EXQ GHFkW SUHFHGHQWXO Vă PDL XUFăP R WUHDSWă VSUH PDWXULWDWH VSUH FXQRDúWHUH ùFRDOD QRDVWUă DUH XúLOH GHVFKLVH SHQWUX RULFLQH DUH QHYRLH GH HGXFDĠLH RIHULQG úDQVH HJDOH GH GH]YROWDUH SHUVRQDOă úL SURIHVLRQDOă 3ULQ DVFXOWDUH úL UHSHWLWLYLWDWH HOHYLL WUH EXLH Vă ¿ H GRUQLFL GH D vQYăĠD GH OD GDVFăOLL ORU SHQWUX D GHYHQL vQĠHOHSĠL 3URIHVRULL VXQW FKHPDĠL OD PXQFă R SURIHVLH GHORF XúRDUă GDU IUXPRDVă SXUWkQG UHVSRQ VDELOLWDWHD GH D OXPLQD PLQĠLOH úL GH D VHQ VLELOL]D VXÀ HWHOH WLQHULORU DÀ DĠL SH EăQFLOH úFROLL« )RWR úL WH[W &ULVWLQD *Æ1-

Ì19ĂğĂ0Æ17 VHSWHPEULH

7RĠL GDVFăOLL *LPQD]LXOXL Ä&X]D´ WLWXODUL

%RERFLL´ DX YHQLW OD úFRDOă FX À RUL SHQWUX vQYăĠăWRDUH

(OHYLL DX DúWHSWDW FX HPRĠLH Vă LQWUH vQ VăOLOH GH FODVă

3ăULQWHOH ,RDQ 0DQ URVWLQG R UXJăFLXQH

8QLWDWHD GH vQYăĠăPkQW DUH vQ JULMă GH HOHYL

)ORUL ]kPEHWH úL VSHUDQĠă SHQWUX XQ DQ úFRODU EXQ

&XUWHD LQWHULRDUă D *LPQD]LXOXL Ä$OH[DQ GUX ,RDQ &X]D´ GLQ 7kUJX 0XUHú D IRVW QHvQFăSăWRDUH LHUL GLPLQHDĠă VXWH GH SăULQĠL úL HOHYL SDUWLFLSkQG FX HPRĠLH OD IHVWLYLWDWHD RUJDQL]DWă FX RFD]LD GHEXWXOXL QRXOXL DQ úFRODU

&RQGLĠLL GH VWXGLX IRDUWH EXQH 'LUHFWRDUHD XQLWăĠLL GH vQYăĠăPkQW 2OJD $WRPHL D WUDQVPLV XQ EXQ YHQLW HOHYLORU úL D VXEOLQLDW IDSWXO Fă *LPQD]LXO Ä$OH [DQGUX ,RDQ &X]D´ GLQ 7kUJX 0XUHú HVWH XQD GLQ FHOH PDL PDUL úFROL GLQ MXGHĠXO 0XUHú Ä$YHP GH FODVH , 9,,, DYHP vQ VXERUGLQH GRXă VWUXFWXUL *UăGLQLĠHOH FX 3URJUDP 1RUPDO úL XQGH DYHP

5HSUH]HQWDQWXO 3ROLĠLHL D DVLJXUDW SăULQĠLL Fă HOHYLL VXQW vQ VLJXUDQĠă

QRXă JUXSH GH SUHúFRODUL $YHP úL R úFRDOă SULPDUă ùFRDOD QU GHFL vQ WRWDO QH SXWHP PkQGUL Fă vQ JULMD QRDVWUă VXQW GH HOHYL 'XSă FXP DĠL REVHUYDW úFRDOD QRDVWUă HVWH XQD GLQWUH FHOH PDL PDUL GLQ MXGHĠ $FWLYLWDWHD VH GHVIăúRDUă vQ úDVH ORFDĠLL GLIHULWH ,QVWLWXĠLD HVWH SUHJăWLWă SHQWUX D Yă SULPL SH YRL GUDJL FRSLL DVWIHO vQFkW SURFHVXO LQVWUXFWLY H GXFDWLY Vă VH GHVIăúRDUH vQ FRQGLĠLL IRDUWH EXQH DúD FXP QH GRULP FX WRĠLL SURIHVRUL HOHYL úL SăULQĠL´ D SUHFL]DW 2OJD $WRPHL

0XOĠXPLUL FăWUH DXWRULWăĠL 'H DVHPHQHD GLUHFWRDUHD *LPQD]LXOXL Ä$OH[DQGUX ,RDQ &X]D´ GLQ 7kUJX 0XUHú

&DGUHOH GLGDFWLFH DOH *LPQD]LXOXL VXQW WLWXODUH vQ SURSRUĠLH GH

D WUDQVPLV PXOĠXPLUL DWkW DXWRULWăĠLORU ORFDOH FkW úL SăULQĠLORU úL FROHJLORU SHQWUX LPSOLFDUHD vQ RUJDQL]DUHD LUHSURúDELOă D QRXOXL DQ úFRODU Ä$YHP VăOL OXPLQRDVH úL IUXPRV DUDQMDWH KROXUL ]XJUăYLWH úL OăFXLWH JUXSXUL VDQLWDUH FXUDWH úL LJLHQL ]DWH ODERUDWRDUH GRWDWH 7RDWH DFHVWHD vúL DúWHDSWă HOHYLL SHQWUX FD vPSUHXQă FX GDVFăOLL ORU Vă SăúHDVFă vQFUH]ăWRUL SH DOHHD FXQRDúWHULL 7RDWH DFHVWHD QX VH SXWHDX UHDOL]D IăUă VSULMLQ úL GH DFHHD VH FXYLQH Vă PXOĠXPHVF FHORU FDUH DX IăFXW FD DFHDVWă LQVWLWXĠLH Vă ¿ H DWkW GH SULPLWRDUH úL Vă DUDWH DWkW GH ELQH 0ă UHIHU DLFL OD 3ULPăULD PXQLFLSLXOXL 7kUJX 0XUHú FDUH QH D VSULMLQLW úL V D DSOHFDW FX VHULR]LWDWH

DVXSUD SUREOHPHORU úL VROLFLWăULORU QRDV WUH 0XOĠXPHVF GH DVHPHQHD SăULQĠLORU FDUH DX IRVW DOăWXUL GH QRL úL V DX LPSOLFDW vQ DPHQDMDUHD VăOLORU GH FODVă 0XOĠXPHVF ,QVSHFWRUDWXOXL ùFRODU -XGHĠHDQ 0XUHú FDUH D IăFXW SRVLELO FD UHVXUVD XPDQă Vă ¿ H XQD H[FHOHQWă $YHP FDGUH GLGDF WLFH WLWXODUH 1X vQ XOWLPXO UkQG PXOĠXPHVF SHUVRQDOXOXL GLQ DFHDVWă úFRDOă 6ă QX XLWăP Fă vQ ]LOHOH WUHFXWH FDGUHOH GLGDFWLFH DX VFKLPEDW SHQWUX FkWHYD ]LOH VWLORXO FX ELGLQHDXD PRSXO úL SHQVXOD´ D DGăXJDW 2OJD $WRPHL 7H[W úL IRWR $OH[ 727+ DOH[WRWK#]L GH ]L UR

IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

3HVWH R PLH GH SDSLLúWL ³GLQ JUHXWăĠL VSUH VWHOH´

3ULPD ]L GH úFRDOă SHQWUX HOHYLL FODVHORU D ,; D GH OD 3DSLX

)ORUL SHQWUX GLUHFWRDUHD 3DSLXOXL &ULVWLQD 6RPHúDQ

3ULPDUXO 'RULQ )ORUHD SUH]HQW OD GHVFKLGHUHD DQXOXL úFRODU OD &ROHJLXO 3DSLX

(PRĠLD SULPXOXL FORSRĠHO SHQWUX WLQHULL SDSLLúWL

ùWLUL

LQWHUHVDQWH ,QYHVWLĠLL QRL OD 'DIFRFKLP &RPSDQLD 'DIFRFKLP GLQ 7kUJX 0XUHú D UHDOL]DW PDL PXOWH LQYHVWLĠLL vQ GHFXUVXO DQXOXL FHD PDL LPSRUWDQWă GLQWUH DFHVWHD ¿ LQG FRQVWUXLUHD D GRXă KDOH SHQWUX GH SR]LWDUHD SURGXVHORU VXSUDIDĠD vQVXPDWă D DFHVWRUD ¿ LQG GH GH PHWUL SăWUDĠL D GHFODUDW SHQ WUX UHYLVWD Ä7UDQVLOYDQLD %XVLQHVV´ 0DULQHO ùWHIDQ úHIXO 'LYL]LHL $JUR GLQ FDGUXO 'DIFRFKLP Ä$YHP úL FkWHYD QRXWăĠL vQ (VWH YRUED GH GRXă KDOH QRL vQVXPkQG GH PHWUL SăWUDĠL SHQWUX GHSR]LWDUHD OD VWDQGDUGH HXURSHQH D SURGXVHORU QRDVWUH R LQYHVWLĠLH ELQHYHQLWă D DFĠLRQDULORU 'DIFRFKLP 'H DVHPH QHD DYHP R FOăGLUH QRXă GH EL URXUL SHQWUX 'LYL]LD $JUR IDSW FH VXEOLQLD]ă LPSRUWDQĠD QRDVWUă vQ DQVDPEOXO DIDFHULORU 'DIFRFKLP ÌQ SOXV DP DQJDMDW XQ DJHQW GH YkQ]ăUL SH MXGHĠHOH $OED úL 6LELX FRPSOHWkQG OLVWD MXGHĠHORU vQ FDUH FRPSDQLD vúL GHVIDFH vQ PRG GLUHFW SURGXVHOH´ D SUHFL]DW 0DULQHO ùWHIDQ 6 7

%XUVH SHQWUX PHGLFLQLúWLL URPL ÌQFHSkQG FX GDWD GH VHSWHPEULH úL SkQă SH GDWD GH RFWRPEULH WLQHULL URPL FDUH VWXGLD]ă PHGLFLQD VH SRW vQ VFULH vQ FDGUXO 3URJUDPXOXL GH 'H] YROWDUH 3HUVRQDOă ³3URIHVLRQLúWL URPL vQ GRPHQLXO PHGLFDO´ SHQWUX EXUVH úL PHQWRUDW %XUVH GH SkQă OD GH OHL SH DQ VH DFRUGă FDQGLGDĠLORU DGPLúL vQ IXQFĠLH GH SHUIRUPDQĠHOH DFDGHPLFH DOH ¿ HFăUXLD SH SDUFXUVXO DQXOXL DFDGHPLF 'HWDOLL úL vQVFULHUL SH ZZZ SURIHVLRQLVWL URPL UR VHFĠLXQHD %XUVH URPL $ 0

3ăULQĠL UXGH SULHWHQL YHQLĠL OD IHVWLYLWDWHD SULPXOXL FORSRĠHO OD &ROHJLXO 1DĠLRQDO 3DSLX

(OHYLL &ROHJLXOXL 1DĠLRQDO Ä$OH[DQGUX 3D SLX ,ODULDQ´ GLQ 7kUJX 0XUHú DX WUăLW OXQL VHSWHPEULH HPRĠLD SULPXOXL FORSRĠHO GXSă R OXQJă YDUă ILHUELQWH UHvQWRUFkQ GX VH SH EăQFLOH úFROLL &HL PDL HPRĠLRQDĠL DX IRVW FHL FDUH DX IăFXW SHQWUX SULPD GDWă FXQRúWLQĠă FX XQXO GLQWUH OLFHHOH HWDORQ DOH 7kUJX 0XUHúXOXL FDUH úL DX FXQRV FXW QRL GLULJLQĠL QRLL SURIHVRUL úL VăOLOH GH FXUV XQGH YRU vQFHUFD Vă SăVWUH]H IDLPD úFROLL FRQVROLGDWă vQ WLPS FX SURPRĠLL GH DEVROYHQĠL FDUH DX IăFXW FLQVWH RUDúXOXL vQ ORFXULOH XQGH YLDĠD úL FDULHUD L DX SXUWDW /D GHVFKLGHUHD R¿ FLDOă D RQRUDW FX SUH]HQĠD úL SULPDUXO 'RULQ )ORUHD FDUH OH D UHDPLQWLW FHORU SUH]HQĠL GH LPSRUWDQĠD FRQVROLGăULL FXQRúWLQĠHORU SH FDUH úFRDOD OH RIHUă PHVDM vQWăULW úL GH FRQGXFHUHD OLFHXOXL FDUH VSHUă FD QRXO DQ úFRODU Vă DGXFă QRL úL IUXPRDVH VDWLVIDFĠLL FHORU FDUH IRUPHD]ă PDUHD úL IUXPRDVD IDPLOLH D SDSLLúWLORU

³1H DúWHSWăP Vă DYHP HOHYL SHUIRUPDQĠL´ Ä7XWXURU HOHYLORU úL SURIHVRULORU OH GRUHVF XQ EXQ YHQLW OD úFRDOă /D 3DSLX QX HVWH RULFH úFRDOă FL úFRDOD DO FăUXL PRWR HVWH ³3HU $VSHUD $G $VWUD´ GLQ JUHXWăĠL VSUH VWHOH (VWH R úFRDOă PDUH DYHP GH HOHYL SHQWUX DFHVW DQ úFRODU FX FODVH GH OD D 9 D OD D ;,, D FODVH GH JLPQD]LX úL GH OLFHX $YHP SHVWH GH FDGUH GLGDF WLFH PDMRULWDWHD VXQW WLWXODULL úFROLL úL GDFă DU IL Vă IDF XQ ELODQĠ SHQWUX DQXO úFRODU WUHFXW VXQWHP OLFHXO FX FHOH PDL PXOWH UH]XOWDWH OD ROLPSLDGHOH QDĠLRQDOH OD GLIHULWH GLVFLSOLQH 0ă JkQGHVF Fă DúD YD IL úL vQ DFHVW DQ PDL DOHV Fă UH ]XOWDWHOH H[DPHQXOXL GH DGPLWHUH DX IRVW PDL EXQH GHFkW DQXO WUHFXW úL GHFkW DFXP GRL DQL úL QH DúWHSWDP Vă DYHP HOHYL SHUIRUPDQĠL´ D SUHFL]DW &ULVWLQD 6RPHúDQ GLUHFWRUXO &ROHJLXOXL 1DĠLRQDO ³$O 3DSLX ,ODULDQ´

&OXEXO $6& /DEUDGRUV RUJDQL]HD]ă VHOHFĠLH SHQWUX JUXSHOH EDVFKHW GH SHUIRUPDQĠă OD FDWHJRULD EăLHĠL QăVFXĠL vQWUH DQLL ±

'LQ DFHVW VH]RQ FOXEXO RIHUă EXUVH SHQWUX XQ QXPăU OLPLWDW GH VSRUWLYL %XUVHOH VSRUWLYH VXQW SULPXO SDV GLQ SURLHFWXO Ä&HQWUXO GH ([FHOHQĠă vQ %DVFKHW´ FH YD ¿ GHPDUDW LQ YLLWRUXO DSURSLDW PHGLX 3HQWUX vQVFULHUL úL GHWDOLL VXQDĠL OD (PLO WHOHIRQ VDX WULPLWHĠL H PDLO OD DGUHVD RI¿ FH#ODEUDGRUV UR

::: =, '( =, 52

ùWDFKHWă ULGLFDWă ([LJHQĠD XQD GLQ FDUDFWHULVWLFLOH &ROH JLXOXL 1DĠLRQDO ³3DSLX´ HVWH XQD GLQ ĠLQWHOH FRQGXFHULL úFROLL SHQWUX DFHVW QRX DQ úFRODU H[LJHQĠă FDUH Vă VH UHJăVHDVFă vQ UH ]XOWDWHOH SDSLLúWLORU vQ DQXO úFRODU FH WRFPDL D vQFHSXW ³5H]XOWDWHOH 3DSLXOXL VXQW ELQH FXQRVFXWH GH WRDWă OXPHD ÌQ FH SULYHúWH %DFDODXUHDWXO 3DSLX WUDJH QLúWH SăFDWH PDL YHFKL GHRDUHFH DEVROYHQĠLL DQLORU WUHFXĠL FDUH QX DX OXDW EDFDODXUHDWXO VH UHJăVHVF vQ VWDWLVWLFD GH DQXO DFHVWD GHFL QRL QX DYHP SURPRYDELOLWDWH GH VXWă OD VXWă SHQWUX Fă DYHP úL IRúWL DEVROYHQĠL GLQ DQLL DQWHULRUL $FHDVWD YD ¿ R SUREOHPă GL¿ FLOă GHRDUHFH vQ YDUă V DX RUJDQL]DW SUHJăWLUL GDU FHORU FDUH DX WHUPLQDW PDL GHPXOW úFRDOD OH HVWH JUHX Vă UHFXSHUH]H 6ă VSHUăP Fă OXFUX ULOH VH YRU UH]ROYD vQFHW vQ WLPS YRP OXD PăVXUL GH SUHJăWLUH VXSOLPHQWDUă D ORU´ D PHQĠLRQDW &ULVWLQD 6RPHúDQ $OLQ =$+$5,(

WRQH GH IkQ DUVH vQ ùHUEHQL 'HWDúDPHQWXO GH 3RPSLHUL 5HJKLQ D IRVW VROLFLWDW VkPEăWă VHSWHP EULH OD RUD SHQWUX VWLQJHUHD XQXL LQFHQGLX OD R FăSLĠă GH IkQ vQ OR FDOLWDWHD ùHUEHQL GLQ FRPXQD %HLFD GH -RV Ä*DUGD GH LQWHUYHQĠLH V D GH SODVDW OD ORFXO VROLFLWăULL FX GRXă DX WRVSHFLDOH GH OXFUX FX DSă úL VSXPă FRQVWDWkQG vQ PRPHQWXO VRVLULL Fă H[LVWD SHULFROXO GH H[WLQGHUH OD DOWH WUHL FăSLĠH 0LOLWDULL DX ORFDOL]DW UD SLG LQFHQGLXO DFHVWD ¿ LQG VWLQV vQ WR WDOLWDWH GXSă DSUR[LPDWLY R RUă úL GH PLQXWH $X DUV DSUR[LPDWLY WRQH GH IkQ &DX]D SUREDELOă D SUR GXFHULL LQFHQGLXOXL D IRVW IRORVLUHD LQWHQĠLRQDWă D VXUVHL GH DSULQGHUH´ D SUHFL]DW OW /LYLX 'DQFLX SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL SHQ WUX 6LWXDĠLL GH 8UJHQĠă Ä+RUHD´ DO -XGHĠXOXL 0XUHú 6 7

&OXEXO $6& /DEUDGRUV FDXWă FRODERUDWRUL SURIHVRUL GH VSRUW DQWUHQRUL úL LQVWUXFWRUL VSRUWLYL GLQ GLIHULWH UDPXUL VSRUWLYH HGXFDWRUL vQYăĠăWRUL VWXGHQĠL LQVWUXFWRUL VWUHHW GDQFH PDMRUHWH DQLPDWRUL SHQWUX DFWLYLWăĠL GHVWLQDWH SUHúFRODULORU úL úFRODULORU FkW úL SHUVRDQH FX H[SHULHQWD vQ SURJUDPHOH WLS ÄDIWHU VFKRRO´ NLQHWRWHUDSHXĠL FX H[SHULHQWD vQ SUHYHQLUHD DFFLGHQWăULORU VSRUWLYH SVLKRORJL VSHFLDOLúWL LQ DFWLYLWDWL GH WLS ÄWHDP EXLOGLQJ´ HWF 6XQW ELQHYHQLWH WRDWH SHUVRDQHOH FDUH SRW GHUXOD DFWLYLWăĠL FRQH[H VSRUWXOXL GH SHUIRUPDQĠă VL GH GLYHUWLVPHQW SURPRWRUL DL XQXL PRG GH YLDĠă DFWLY úL VăQăWRV FX SHUVRQDOLWDWH ĠLQXWă DWLWXGLQH VL FDUDFWHU FRUHVSXQ]ăWRU SURLHFWHORU VSRUWLYH úL HGXFDWLYH GHGLFDWH FRSLLORU 9kUVWD SUHIHUDELO vQWUH ± GH DQL FX DELOLWDWL GH FRPXQLFDUH VL VSLULW DQWUHSUHQRULDO &HL LQWHUHVDĠL úL FDUH DX SURSXQHUL FRQFUHWH GH SURLHFWH SRW WULPLWH VFULVRDUH GH LQWHQĠLH úL &9 OD DGUHVD GH HPDLO RI¿ FH#ODEUDGRUV UR

3HQWUX GHWDOLL OHJDWH GH YL]LXQHD QRDVWUă YL]LWDĠL ZZZ ODEUDGRUV UR VHFĠLXQHD Ä35(=(17$5(´ VDX SDJLQD GH )DFHERRN ZZZ IDFHERRN FRP /DEUDGRUV %DVNHW

Ì19ĂğĂ0Æ17 VHSWHPEULH

/HFĠLD OXL %HQLDPLQ /D 7kUQăYHQL VH GRUHúWH XQ DQ úFRODU GH QRWD DL FDUWH DL ORF GH PXQFă

2¿ FLDOLL DX WUDQVPLV VXFFHV DWkW GDVFăOLORU FkW úL HOHYLORU úL SăULQĠLORU 'HVFKLGHUHD DQXOXL úFRODU D IRVW PDUFDWă OD 7kUQăYHQL GH SUH]HQĠD SUHúHGLQWHOXL &RQVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH D VXESUHIHFWXOXL 0DQXHO %XWLXOFă D GHSXWDWXOXL 9LFWRU 6RFDFLX SUHFXP úL D LQVSHFWRUXOXL úFRODU JHQHUDO DGMXQFW 1DGLD 5DĠă

8UăUL GH VXFFHV ÌQVRĠLĠL GH SULPDUXO PXQLFLSLXOXL 7kUQăYHQL 6RULQ 0HJKHúDQ úL GH YLFHSULPDUXO RUDúXOXL 0RKDPHG %DUPRX R¿ FLDOLL DX IRVW SUH]HQĠL OD IHVWLYLWăĠLOH GH GHVFKLGHUH D DQXOXL úFRODU GH OD &ROHJLXO 7HKQLF úL GH OD /LFHXO 7HRUHWLF ³$QGUHL %kUVHDQX´ ÌQ GLV FXUVXO VăX &LSULDQ 'REUH V D DGUHVDW GHRSRWULYă GDVFăOLORU úL HOHYLORU XUăULOH GH VXFFHV ¿ LQG FRP SOHWDWH GH UHIHULUL OD DPLQWLUHD SULPHL ]LOH GH úFRDOă SUHFXP úL OD ³GDWRULD GH D QH LPSOLFD VHULRV vQ HGXFDĠLH úL GH D QH DVXPD FX WRĠLL UHVSRQVDELOL

WDWHD SHQWUX UH]XOWDWHOH HL´

³8UELV -XYHQWXWLV GH ´ ÌQ PHVDMXO VăX SULPDUXO PXQLFLSLXOXL 7kUQăYHQL 6RULQ 0HJKHúDQ D IăFXW UHIHULUH OD SURLHFWXO ³8U ELV -XYHQWXWLV GH ´ ³(VWH XQ JHVW VLPEROLF SULQ FDUH DGPLQLVWUDĠLD RUDúXOXL UHFXQRDúWH YDOR ULOH úFROLL WkUQăYHQHQH vQ DFWLYLWăĠL FXUULFXODUH úL H[WUDFXUULFXODUH $QDOL]kQG SURSXQHULOH WULPLVH GH FRQGXFHULOH úFROLORU GLQ 7kUQăYHQL DP UHDOL]DW Fă vQ RUDúXO QRVWUX vQYDĠă FRSLL GHRVHELĠL FX UH]XOWDWH H[FHSĠLRQDOH /H PXOĠXPHVF ORU úL SURIHVRULORU FDUH vL vQGUXPă LDU GRULQĠD PHD HVWH FD YDUD YLLWRDUH OD ¿ QDOXO DQXOXL úFRODU SH FDUH vO GHVFKLGHP DVWă]L Vă QH ¿ H úL PDL JUHX Vă DOHJHP GLQWUH PXOĠLL SHUIRUPHUL DL úFROLL GLQ 7kUQăYHQL´ D D¿ UPDW 6RULQ 0HJKHúDQ 6DQGX 78'25

%HQLDPLQ %DUDQFD YUHD Vă ¿ H HOHY PRGHO

8QXO GLQ VXWHOH GH HOHYL FDUH DX SDUWLFLSDW LHUL GLPLQHDĠă OD IHVWLYLWDWHD SULOHMXLWă GH GH EXWXO DQXOXL úFRODU OD *LPQD]LXO Ä$OH[DQGUX ,RDQ &X]D´ GLQ 7kUJX 0XUHú D IRVW úL %HQLDPLQ %DUDQFD 3XúWLXO GH HWQLH URPă D IRVW vQVRĠLW GH PDL PXOWH GRDPQH SLUDQGH FX IXVWH WUDGLĠLRQDOH úL D YRUELW WLPLG GHVSUH LPSRUWDQĠD úFROLL vQ JăVLUHD XQXL URVW vQ YLDĠă 5HSRUWHU 7H URJ Vă WH SUH]LQĠL %HQLDPLQ %DUDQFD $P YkUVWD GH QRXă DQL úL VXQW HOHY vQ FODVD D GRXD OD *LPQD]LXO Ä$OH[DQGUX ,RDQ &X]D´ GLQ 7kUJX 0XUHú

3ULPDUXO 6RULQ 0HJKHúDQ vQFDGUDW GH 9LFWRU 6RFDFLX úL &LSULDQ 'REUH

$GPLQLVWUDĠLD RUDúXOXL UHFXQRDúWH YDORULOH úFROLL WkUQăYHQHQH

5HS &X FH JkQGXUL DL YHQLW D]L Q U LHUL OD úFRDOă" % % 9UHDX Vă vQYăĠ Vă VFULX Vă FLWHVF úL Vă ¿ X EXQ OD WRDWH PD WHULLOH

5HS &H PDWHULL SUHIHUDWH DL" % % 0DWHPDWLFă HGXFDĠLH ¿ ]L Fă úL OLPED URPkQă 5HS 'H FH FUH]L Fă HVWH LPSRUWDQWă úFRDOD" % % ùFRDOD H LPSRUWDQWă SHQ WUX Fă DúD SRĠL Vă vQYHĠL 5HS ùL DSRL FH IDFL PDL GHSDUWH FX vQYăĠăWXUD" % % (X vPL GRUHVF Vă SRW PHUJH OD OXFUX 5HS &kQG WHUPLQL úFRDOD úL WH IDFL PDUH FH YUHL Vă IDFL" % % ÌQFă QX úWLX 5HS 'DU FH ĠL DU SOăFHD Vă IDFL" % % 6ă UHSDU PRWRDUH Vă OX FUH] FX PDúLQLOH $ FRQVHPQDW $OH[ 727+ DOH[WRWK#]L GH ]L UR

::: =, '( =, 52 IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

)ORUL ERERFL úL EXQLFL vQ SULPD ]L OD ùFRDOD QU ùWLUL LQWHUHVDQWH &XUWHD ùFROLL *HQHUDOH QU GLQ 7kUJX 0XUHú D IRVW SOLQă GH HOHYL SăULQĠL úL EX QLFL FX RFD]LD IHVWLYLWăĠLL RUJDQL]DWH SHQWUX vQFHSHUHD QRXOXL DQ úFRODU 'H OD SUH]LGLX GLUHFWRUXO ,RDQ %RUJRYDQ vPSUHXQă FX GLUHFWRUXO DGMXQFW %DODV] (YD DX SUH]HQ WDW ¿ HFDUH FODVă vQYăĠăWRUXO VDX GLULJLQWHOH DFHVWHLD úL OH DX WUDQVPLV EXQ YHQLW VDX EXQ UHYHQLW OD úFRDOă $VLJXUkQGX L Fă SURIHVR ULL úL FRQGXFHUHD úFROLL YRU IDFH WRW FH OH VWă vQ SXWHUH SHQWUX FD QRXO DQ Vă GHFXUJă vQ FRQGLĠLL RSWLPH /D ¿ QDO OH D XUDW PXOW VXF FHV HOHYLORU GLQ FODVD D 9,,, D FDUH vQ YDUă YRU DEVROYL úL YRU DYHD GH VXVĠLQXW XQ H[D PHQ LPSRUWDQW $SRL HOHYLL DX IRVW LQYLWDĠL Vă LQWUH vQ FODVH $ VXQDW SULPXO FORSRĠHO úL HOHYLL DX L]EXFQLW vQ XUDOH (OHYLL GLQ FODVD SUHJăWLWRDUH úL FHL GLQ FODVD vQWkL DX LQWUDW vQ úFRDOă SULQWU XQ FRULGRU GH À RUL IRUPDW GH HOHYLL FODVHORU D 9, D úL D 9,, D 3ăULQĠLL úL VDX EXQLFLL L DX vQVRĠLW FX DSD UDWH GH IRWRJUD¿ DW VDX GH ¿ OPDW ÌQ FODVH V DX IăFXW RELúQXLWHOH SUH]HQWăUL LDU XQHOH FDGUH GLGDFWLFH GH OD FODVD SUHJăWLWRDUH DX DOHV Vă QFHDSă SULPD ]L FX R DFWLYLWDWH SOăFXWă SHQWUX FRSLL XQ MRF vQ PLMORFXO FODVHL

&ODVH SUHJăWLWH FX DMXWRUXO SăULQĠLORU Ä( XQ QRX vQFHSXW OD ùFRDOD QU FX HOHYL QRL vQ FODVHOH SUHJăWLWRDUH úL vQ FODVD vQWkL &RSLL

9kQ]ăUL vQ FUHúWHUH OD 'DIFRFKLP

%RERFLL HPRĠLRQDĠL vQ SULPD ]L GH úFRDOă IUXPRúL FDUH VSHUăP Fă VH YRU LQWHJUD XúRU vQ PDUHD IDPLOLH D úFROLL QRDVWUH /H GRUHVF ERERFLORU Vă VH VLPWă ELQH 6ăOLOH GH FODVă VXQW SUHJăWLWH DWkW GLQ SXQFW GH YHGHUH DO FXUăĠHQLHL DO PRELOLHUXOXL DVLJXUDW vQ WRWDOLWDWH úL ELQHQĠHOHV úL PDQXDOHOH VXQW SUHJăWLWH /D DFHVW OXFUX DX FRQWULEXLW IRDUWH PXOW úL SăULQĠLL FDUH vPSUHXQă FX GLULJLQĠLL úL vQYăĠăWRULL QH DX VSULMLQLW SHQWUX D DYHD DFHVWH FRQGLĠLL´ D SUHFL ]DW ,RDQ %RUJRYDQ GLUHFRUXO ùFROLL *HQHUDOH QU GLQ 7kUJX 0XUHú

3URIHVRULL Vă ¿ H PDL LQGXOJHQĠL ÄÌQWRWGHDXQD OD vQFHSXW GH DQ úFRODU DYHP

'LUHFWRUXO ,RDQ %RUJRYDQ vPSUHXQă FX GLUHFWRUXO DGMXQFW %DODV] (YD DX SUH]HQWDW ¿ HFDUH FODVă

3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú

3ULPDUXO 'RULQ )ORUHD DOăWXUL GH GDVFăOL HOHYL úL SăULQĠL OD GHVFKLGHUHD QRXOXL DQ úFRODU 3ULPDUXO PXQLFLSLXOXL 7vUJX ± 0XUHú GU 'RULQ )ORUHD D SDUWLFLSDW OXQL VHSWHP EULH OD GHVFKLGHUHD QRXOXL DQ úFRODU OD FROHJLLOH $O 3DSLX ,ODULDQ úL 8QLUHD Ä'RDPQHORU úL GRPQLORU vQYăĠăWRUL úL SURIHVRUL GRUHVF Vă Yă WUDQVPLW Fă DYHĠL R PDUH UHVSRQVDELOLWDWH DFHHD GH D L HGXFD úL vQYăĠD SH FRSLL QRúWUL úL GH DFHHD Yă FHU H[LJHQĠă PD[LPă SHQWUX Fă DFHúWL FRSLL UHSUH]LQWă YLLWRUXO 5RPkQLHL 'UDJL HOHYL Yă VIăWXLHVF Vă vQYăĠDĠL Vă L DYHĠL UHSHUH SH vQDLQWDĠLL QRúWUL úL QX SH FHL FDUH VH SHULQGă ]LOQLF SH OD WHOHYL]RU úL FUHG Fă QH UHSUH]LQWă FHL FDUH VHDPăQă XUă úL GH]ELQDUH LDU GXPQHDYRDVWUă VWLPDĠL SăULQĠL ¿ ĠL DOăWXUL GH FR SLL HGXFDĠL L úL vQGUXPDĠL±L DúD GXSă FXP DX IăFXW úL SăULQĠLL GXPQHDYRDVWUă FX GUDJRVWH úL UHVSRQVDELOLWDWH´ OH D WUDQVPLV SULPDUXO GU 'RULQ )ORUHD FHORU SUH]HQĠL OD IHVWLYLWăĠL %LURXO GH SUHVă

HPRĠLL FUHG Fă ¿ HFDUH SăULQWH DUH V DX VFKLPEDW úL SURIHVRULL GDU DYHP H[SHULHQĠă FX vQFHSXWXULOH GH DQ úFRODU ¿ LFD QRDVWUă ¿ LQG vQ FODVD D 9, D 6XQW PXOĠXPLWă GH DFHVWă úFRDOă GDU VXQW DúWHSWăUL úL GH OD HD úL GH OD SURIHVRUL Vă ¿ H SXĠLQ PDL LQGXOJHQĠL FX FRSLLL Vă H[SOLFH PDL SH vQĠHOHVXO ORU (UDX QLúWH PDWHULL XQGH FRSLLORU QX OH HUD IRDUWH FODU FHO SXĠLQ SHQWUX XQLL FRSLL PDL DOHV OD VHFĠLD PDJKLDUă 2ULFXP HX FUHG Fă ¿ HFDUH SăULQWH WUHEXLH Vă úL DMXWH FRSLOXO´ D D¿ UPDW &XFXL +DMQDO PDPD XQHL HOHYH GLQ FODVD D 9, D & VHFĠLD PDJKLDUă 9DOHQWLQ &29$&,8

(OHYLL DX IRUPDW XQ FDUHX vQ FXUWHD úFROLL

&RPSDQLD 'DIFRFKLP GLQ 7kUJX 0XUHú D vQUHJLVWUDW vQ VHPHVWUXO , DO H[HUFLĠLXOXL ¿ QDQFLDU R FUHúWHUH D YkQ]ăULORU FX DSUR[LPD WLY ]HFH SURFHQWH FRPSDUDWLY FX DFHHDúL SHULRDGă D DQXOXL WUHFXW D GHFODUDW SHQWUX UHYLVWD Ä7UDQ VLOYDQLD %XVLQHVV´ 0DULQHO ùWHIDQ úHIXO 'LYL]LHL $JUR GLQ FDGUXO 'DI FRFKLP Ä3ULPD MXPăWDWH GH DQ D IRVW EXQă SHQWUX QRL 'LQ DQDOL]D SH FDUH DP IăFXW R YkQ]ăULOH DX FUHVFXW FX IDĠă GH DFHHDúL SHULRDGă D DQXOXL WUHFXW 9UHPHD QH D vQFXUFDW SXĠLQ SHQWUX Fă DQXPLWH OXFUăUL DX IRVW vQWkU]L DWH GDU SHU DQVDPEOX D LHúLW ELQH 'DIFRFKLP D ¿ QDQĠDW R SDUWH GLQ OXFUăULOH IHUPLHULORU OD IHO FD vQ DOĠL DQL DúWHSWkQG UHFROWHOH SHQWUX D úL UHFXSHUD EDQLL´ D D¿ UPDW 0DULQHO ùWHIDQ 6 7

$FFLGHQW UXWLHU vQ 0LWUHúWL ,QVSHFWRUDWXO SHQWUX 6LWXDĠLL GH 8UJHQĠă ,68 Ä+RUHD´ DO MXGHĠXOXL 0XUHú D IRVW DQXQĠDW VkPEăWă VHSWHPEULH GH SURGXFHUHD XQXL DF FLGHQW UXWLHU vQ ORFDOLWDWHD 0LWUHúWL GLQ FRPXQD 9ăUJDWD ¿ LQG VROLFLWDWă LQWHUYHQĠLD XQXL HFKLSDM GH GHVFDU FHUDUH Ä/D IDĠD ORFXOXL V DX GHSOD VDW XQ HFKLSDM FX R DXWRVSHFLDOă GH GHVFDUFHUDUH úL XQ HFKLSDM FX R DXWRVSHFLDOă GH OXFUX FX DSă úL VSXPă FRQVWDWkQG vQ PRPHQWXO VRVLULL Fă vQ DFFLGHQW HUDX LPSOL FDWH GRXă DXWRWXULVPH R SHUVRDQă ¿ LQG vQFDUFHUDWă 'XSă HIHFWXDUHD PDQHYUHORU GH GHVFDUFHUDUH YLF WLPD D IRVW HOLEHUDWă úL WUDQVSRUWDWă OD VSLWDO´ D SUHFL]DW OW /LYLX 'DQFLX SXUWăWRU GH FXYkQW DO ,68 Ä+RUHD´ DO -XGHĠXOXL 0XUHú 6 7

3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú

$MXWRU GH GH OHL SHQWUX IDPLOLLOH DIHFWDWH GH LQFHQGLXO GLQ % GXO /RFDWDULL EORFXOXL GLQ % GXO FDUH D DUV vQ LQFHQGLXO GH OD vQFHSXWXO OXQLL LXOLH vúL YRU SULPL EDQLL UHSUH]HQWkQG DMXWRUXO DFRUGDW GH SULPăULH FD XUPDUH D XQHL KRWăUkUL D &RQVLOLXOXL /RFDO (VWH YRUED GHVSUH GH OHL EDQL FH SRW ¿ ULGLFDĠL GH OD JKLúHXO 3ULPăULHL 7vUJX ± 0XUHú PLHUFXUL VHSWHPEULH vQWUH RUHOH Ä&HOH IDPLOLL FDUH DX IRVW DIHFWDWH GH LQFHQGLXO GH OD vQFHSXWXO OXQLL LXOLH YRU SULPL PLHUFXUL DMXWRUXO vQ YDORDUH GH GH OHL DFRUGDW GH SULPăULH ùWLĠL GHMD Fă vQ XUPă FX R VăSWăPkQă DP vQFHSXW OXFUăULOH GH VFKLPEDUH D L]RODĠLHL úL UHIDFHUH D IDĠDGHL SHQWUX Fă DFHúWL RDPHQL QX DX QLFLR YLQă úL WUHEXLH Vă WUHDFă FkW PDL XúRU SHVWH QHFD]XO FDUH D GDW SHVWH HL´ D GHFODUDW FRQVLOLHUXO &ODXGLX 0DLRU 0HQĠLRQăP Fă vQ XUPD XQRU DQFKHWH VRFLDOH IDPLOLL FX YHQLWXUL PLFL DX EHQH¿ FLDW GHMD GH XQ DMXWRU VRFLDO vQ FXDQWXP GH GH OHL SULQ GLVSR]LĠLH GH SULPDU 'H DVHPHQHD IDPLOLL DX RSWDW SHQWUX DFRUGDUHD DFHVWXL DMXWRU VRFLDO vQ QDWXUă UHVSHFWLY FD]DUH úL PDVă OD &HQWUXO &XOWXUDO Ä0LKDL (PLQHVFX´

3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú

ÌQ FDGUXO 6ăSWăPkQLL PRELOLWăĠLL PDUĠL VHSWHPEULH RUD FRQVLOLHUXO &ODXGLX 0DLRU VH YD DÀ D OD *LPQD]LXO (XURSD FODVD D D % SHQWUX D vQPkQD SUHPLLOH OD &RQFXUVXO GH GHVHQH /D RUD vQ SDUFXO GLQ % GXO GH OD $QVDPEOXO 0XUHúXO YD LQDXJXUD UDVWHOHOH SHQWUX ELFLFOHWH DOăWXUL GH UHSUH]HQWDQĠLL )XQGDĠLHL &RPXQLWDUH 'H DVHPHQHD OD RUD &ODXGLX 0DLRU YD SDUWLFLSD OD &LQHPD $UWD OD SUHPLHUD ¿ OPXOXL ³ 'HVSUH RDPHQL úL PHOFL´ DOăWXUL GH UHJL]RUXO 7XGRU *LXUJLX úL GH DFWRUXO 'RUHO 9LúDQ

9ă DúWHSWăP

%LURXO GH SUHVă

%LURXO GH SUHVă

::: =,$58/'(085(6 52

Ì19ĂğĂ0Æ17 VHSWHPEULH

Ä'LPLWULH &DQWHPLU´ D GRXD FDVă D HOHYLORU 3HQWUX SULPD GDWă vQ XOWLPLL DQL IHV WLYLWDWHD SULOHMXLWă GH vQFHSHUHD XQXL QRX FLFOX GH vQYăĠăPkQW OD ùFRDOD 3RVWOLFHDOă Ä'LPLWULH &DQWHPLU´ GLQ 7kUJX 0XUHú D DYXW XQ PDUH DEVHQW GU /XFLDQ &HSRL WUHFXW SUHPDWXU vQ OXPHD FHORU GUHSĠL vQ DFHDVWă YDUă ÌQ VHPQ GH UHVSHFW SHQWUX LQWHQVD VD DFWLYLWDWH D FHOXL FDUH D RFXSDW IXQFĠLD GH GLUHFWRU DSURDSH GRXă GHFHQLL FX VFRSXO GH D ULGLFD vQ SHUPDQHQĠă úWDFKHWD DFWXOXL GLGDFWLF úL LPSOLFLW UHQXPHOH ùFROLL 3RVWOLFHDOH Ä'LPLWULH &DQWHPLU´ HOHYLL úL FDGUHOH GLGDFWLFH SUH]HQWH LHUL OD FHUHPRQLD Jă]GXLWă GH FXUWHD FDPSXVXOXL DX ĠLQXW XQ PRPHQW GH UHFXOHJHUH vQ PHPRULD FHOXL FDUH D IRVW GU /XFLDQ &HSRL

2SRUWXQLWăĠL vQ GRPHQLXO VDQLWDU ,QYLWDW Vă UHSUH]LQWH ,QVSHFWRUDWXO ùFR ODU -XGHĠHDQ 0XUHú LQVSHFWRUXO SHQ WUX vQYăĠăPkQW SDUWLFXODU úL DOWHUQDWLYH HGXFDĠLRQDOH ,RDQ 0DFDULH D VXEOLQLDW IDSWXO Fă ùFRDOD 3RVWOLFHDOă Ä'LPLWULH &DQ WHPLU´ GLQ 7kUJX 0XUHú HVWH DFUHGLWDWă úL DUH GUHSWXO Vă RUJDQL]H]H H[DPHQH GH ¿ QDOL]DUH D VWXGLLORU Ä(VWH XQ GUHSW FkúWLJDW SH SDUFXUVXO FHORU DQL SULQ SULVPD IDS

)HVWLYLWDWHD D IRVW Jă]GXLWă GH FDPSXVXO 8QLYHUVLWăĠLL Ä'LPLWULH &DQWHPLU´

'LVFXUVXULOH R¿ FLDOH DX IRVW VFXUWH GDU SOLQH GH VHPQL¿ FDĠLL

WXOXL Fă vQ DFHDVWă XQLWDWH úFRODUă YHĠL JăVL DWkW R ED]ă PDWHULDOă DGHFYDWă FkW úL FDGUH GLGDFWLFH FDOL¿ FDWH 9ă vQGHPQ úL Yă URJ Vă vQFHUFDĠL Vă QX DYHĠL DEVHQĠH OD SDUWHD GH vQYăĠăPkQW FOLQLF ÌQ ]LXD GH D]L FkQG VH YRUEHúWH DWkW GH GHV GHVSUH FUL]D ORFX ULORU GH PXQFă YHĠL YHGHD FkW GH PXOWH RSRUWXQLWăĠL vQ GRPHQLXO VDQLWDU YHĠL DYHD´ D D¿ UPDW ,RQ 0DFDULH 7RWRGDWă UHSUH]HQWDQWXO ,QVSHFWRUD WXOXL ùFRODU -XGHĠHDQ 0XUHú L D IHOLFLWDW SH HOHYL SHQWUX DOHJHUHD IăFXWă Ä$ú GRUL Vă Yă WUDQV PLW DWkW GLQ SDUWHD ,QVSHFWRUDWXOXL ùFRODU -XGHĠHDQ 0XUHú FkW úL GLQ SDUWHD PHD XQ PHVDM VLQFHU GH ELQH úL Vă Yă IHOLFLW SHQWUX

DOHJHUHD SH FDUH DĠL IăFXW R SHQWUX Fă FHL WUHL DQL SH FDUH R Vă vL SDUFXUJHĠL vQ DFHDVWă XQLWDWH úFRODUă R Vă GHPRQVWUH]H Fă DĠL IăFXW R DOHJHUH EXQă´ D FRPSOHWDW ,RDQ 0DFDULH

ÄùFRDOD D GRXD GXPQHDYRDVWUă FDVă´ 'LUHFWRDUHD ùFROLL 3RVWOLFHDOH Ä'LPLWULH &DQWHPLU´ GLQ 7kUJX 0XUHú &DPHOLD ğăUDQ D WUDQVPLV XQ EXQ YHQLW FăOGXURV HOHYLORU úL D VXEOLQLDW LPSRUWDQĠD UHVSHF WXOXL vQ UHODĠLLOH SH FDUH DFHúWLD OH YRU DYHD vQWUH HL SUHFXP úL FX FDGUHOH GLGDFWLFH DOH úFROLL Ä&D OD ¿ HFDUH vQFHSXW GH DQ Yă vQWkPSLQăP FX FkWHYD FXYLQWH úL XUăUL

GH ELQH DWkW SHQWUX FHL FDUH SăúLĠL SHQ WUX SULPD RDUă SUDJXO DFHVWHL LQVWLWXĠLL FkW úL SHQWUX FHL FDUH UHYLQ DQXO DFHVWD 1H GRULP Vă FRQVLGHUDĠL úFRDOD FD D GRXD GXPQHDYRDVWUă FDVă Vă Yă UHVSHFWDĠL SURIHVRULL FROHJLL úL SH GXPHQDYRDVWUă 'H DVHPHQHD QH GRULP Vă GREkQGLĠL FXQRúWLQĠH SURIHVLRQDOH FkW PDL vQDOWH Vă GREkQGLĠL R PHVHULH Vă DYHĠL UHODĠLL GH SULHWHQLH IUXPRDVH vQWUH GXPQHDYRDVWUă Vă DYHĠL DPLQWLUL SOăFXWH 9ă GRUHVF Vă ¿ ĠL VăQăWRúL EXFXURúL úL OLQLúWLĠL Vă DYHP XQ DQ EXQ vPSUHXQă 6XFFHV WXWXURU ´ D DUăWDW &DPHOLD ğăUDQ 7H[W úL IRWR $OH[ 727+

3RVWOLFHDOD Ä'LPLWULH &DQWHPLU´ úDQVD PHVHULHL GH YLLWRU

/LDQD 0DQXHOD &LXFKLQă SURIHVRDUă GH 3VLKRORJLH

ÌPL SODFH Vă ¿ X DVLVWHQW PHGLFDO

Ä$P DOHV Vă vQYăĠ DLFL SHQWUX Fă Q DP UHXúLW Vă LDX %DFDODXUHDWXO OD vQFHSXW úL YURLDP Vă vQYăĠ PDL GHSDUWH vQ GRPHQLXO PHGLFLQHL 9URLDP Vă PHUJ OD 80) GDU Q DP SXWXW ÌPL SODFH Vă ¿ X DVLVWHQW PHGLFDO úL SH YLLWRU vPL GRUHVF Vă vPL LDX H[DPHQXO DLFL Vă GHYLQ FkW PDL EXQ úL GDFă VH SRDWH Vă PHUJ vQ VWUăLQăWDWH Vă OXFUH] DFROR ´ 6]DER +XQRU

5HvQWRUúL ÄSH EDULFDGH´ GXSă R ELQH PHULWDWă YDFDQĠă HOHYLL GLQ DQLL GRL úL WUHL DL ùFROLL 3RVWOLFHDOH Ä'LPLWULH &DQ WHPLU´ GLQ 7kUJX 0XUHú V DX UHvQWkOQLW LHUL FX SULOHMXO SULPHL ]L GH úFRDOă /D ¿ QDOXO IHVWLYLWăĠLL GH GHVFKLGHUH D DQXOXL úFRODU VWXGHQĠLL V DX UHWUDV vQ VăOLOH GH FODVă SHQWUX D GLVFXWD

vPSUHXQă FX FDGUHOH GLGDFWLFH GHWDOLLOH RUJDQL]DWRULFH UHIHULWRDUH OD YLLWRDUHD DFWLYLWDWH WHRUHWLFă úL SUDFWLFă GLQ DFHVW DQ Ä(OHYLL VXQW IRDUWH LQWHUHVDĠL GH FHHD FH OH VSXQ 3UHGDX R PDWHULH GHVWXO GH IUXPRDVă 3VLKRORJLD úL vQFHUF Vă vL vQYăĠ FkW PDL PXOWH OXFUXUL QRL (VWH R SOăFHUH úL SHQWUX PLQH úL SHQWUX HL Vă

9UHDX Vă DMXW RDPHQLL

)DFHP PXOWă SUDFWLFă

Ä$P YHQLW DLFL OD úFRDOă SHQWUX Fă YUHDX Vă DMXW RDPHQLL úL Vă vQYăĠ vQ GRPHQLXO PHGLFLQHL SHQWUX Fă vPL SODFH DFHVW GR PHQLX GHVSUH FDUH YUHDX Vă vQYăĠ PDL PXOWH OXFUXUL 'H DVHPHQHD vPL SODFH SHQWUX Fă SRW IDFH SUDFWLFă OD VSLWDO úL OD 6085' GH XQGH VH vQYDĠă PXOWH OX FUXUL EXQH 3H YLLWRU Dú YUHD Vă OXFUH] OD XUJHQĠă SHQWUX Fă vPL SODFH DFROR úL GHMD vQFHS Vă FXQRVF VLVWHPXO ´ .XWL *\RUJ\

Ä'XSă FH WHUPLQ úFRDOD Dú YUHD Vă vPL GHVIăúRU DFWLYLWDWHD vQ 5RPkQLD YUHR GRL WUHL DQL FD Vă DFXPXOH] H[SHULHQĠă úL DSRL Vă SOHF Vă PXQFHVF vQ VWUăLQăWDWH vQ *HUPDQLD VDX $Q JOLD ÌQ SULPXO Q D IRVW DúD GH JUHX GDU DQXO GRL D IRVW PDL GL¿ FLO ÌPL SODFH SHQWUX Fă IDFHP PXOWă SUDFWLFă úL SXWHP PHUJH OD 6085' XQGH H IUX PRV úL vQYăĠăP IRDUWH PXOWH OXFUXUL XWLOH vQ DFWLYLWDWHD PHGLFDOă ´ 0HJ\HV 7XQGH

92; SXSXOL

SDUWLFLSăP OD DFHVWH FXUVXUL úL VSHU FD úL vQ YLLWRU DGLFă vQ DFHVW DQ úFRODU DFWLYL WDWHD Vă ¿ H XQD LQWHUDFWLYă $úWHSW UH]XO WDWH EXQH´ D GHFODUDW SURIHVRDUD /LDQD 0DQXHOD &LXFKLQă 7H[W úL IRWR $OH[ 727+ DOH[WRWK#]L GH ]L UR

$P vQYăĠDW PXOWH OXFUXUL LQWHUHVDQWH

Ä$P DOHV Vă YLQ OD ùFRDOD 3RVWOLFHDOă Ä'LPLWULH &DQWHPLU´ SHQWUX Fă DúD DP úDQVD Vă vPEUăĠLúH] R PHVHULH GH YLLWRU $P vQYăĠDW PXOWH OXFUXUL LQWHUHVDQWH úL DP IRVW DWUDVă GH DFHDVWă PHVHULH GH PDL PXOW WLPS DVWIHO Fă PL DP SURSXV Vă SURIHVH] vQ GRPHQLXO PHGLFDO úL GHRFDPGDWă vPL SODFH PXOW FHHD FH IDF 3H YLLWRU VSHU Vă Pă SRW DQJDMD FD DVLVWHQWă OD XQ VSLWDO ÌPL SODFH Fă IDFHP PXOWă SUDFWLFă ´ 0ăGăOLQD 5XV

/DXUHQĠLX SXúWLXO FDUH úWLH Fă vQYăĠăWXUD H XWLOă /D GRDU R VWUDGă GLVWDQĠă GH *LPQD]LXO ³5RPXOXV *XJD´ GLQ 7kUJX 0XUHú XQ SXúWL VLPSDWLF vPEUăFDW GH úFRDOă úL FX XQ JKLR]GDQ PăULFHO vQ VSLQDUH VH GHSOD VD ELQH GLVSXV DOăWXUL GH PDPD VD FăWUH FDVă ,QWXLQG Fă EăLDWXO D WUăLW H[SHULHQĠD GH QHXLWDW D SULPHL ]L GH úFRDOă O DP RSULW úL O DP LQWHUYLHYDW DG KRF $VWIHO DP DÀ DW Fă /DXUHQĠLX 9RGă QX VH DÀ ă OD SULPXO LQ WHUYLX DFRUGDW XQXL MXUQDOLVW DFHVWD QH¿ LQG vQVă GH OD ]LDU FL GH OD UDGLR LDU SULPD ]L GH úFRDOă D IRVW vQWU DGHYăU PHPRUDELOă 5HSRUWHU 3RYHVWHúWH WH URJ FH DL IăFXW vQ SULPD ]L GH úFRDOD /DXUHQĠLX 9RGă 1H DP SXV vQ EăQFL úL GRDPQD vQYăĠăWRDUH QH D vQWUHEDW SH

¿ HFDUH FXP QH FKHDPă $SRL QH D vQ WUHEDW OD FH JUăGLQLĠH DP IRVW úL SH XUPă GHVSUH FkQWHFHOH $P VSXV ¿ HFDUH GHVSUH FkQWHFHOH úL SH XUPă QH DP GXV Vă YHGHP úFRDOD 1H DP vQWRUV DSRL vQ FODVD QRDVWUă ¿ HFDUH vQ EDQFD OXL úL RUD V D WHUPLQDW 5HS $L HPRĠLL" / 9 1X $P PDL DFRUGDW LQWHUYLX úL OD UDGLR SH FkQG HUDP OD JUăGLQLĠă 5HS &XP ĠL V D SăUXW SULPD ]L GH úFRDOă" / 9 )RDUWH IUXPRDVă 5HS 'H FH FUH]L Fă H LPSRUWDQWă úFRDOD"

/ 9 3HQWUX Fă vQYăĠăP IRDUWH PXOWH OX FUXUL FDUH DSRL R Vă QH ¿ H GH IRORV 5HS /D FH FUH]L Fă H EXQă vQYă ĠăWXUD" / 9 ( EXQă SHQWUX Fă DWXQFL FkQG R Vă Pă IDF PDUH R Vă úWLX PXOWH 5HS $FXP Fă DL vQFHSXW úFRDOD R Vă DL WLPS PDL SXĠLQ SHQWUX MRDFă / 9 ÌPL SODFH Vă Pă MRF Pă PDL XLW OD WHOHYL]RU Pă MRF úL OD FDOFXODWRU 5HS ùL FkQG R Vă FUHúWL PDUH FH YUHL Vă WH IDFL" / 9 1X úWLX vQFă $ FRQVHPQDW $OH[ 727+

IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

/LFHXO ³3HWUX 0DLRU´ OăXGDW GH PDL PDULL MXGHĠXOXL

(OHYLL úL SURIHVRULL VH EXFXUă GH UHQXPH OD QLYHO MXGHĠHDQ úL QDĠLRQDO

/D IHVWLYLWDWHD GH GHVFKLGHUH D QRXOXL DQ úFRODU *UXSXO ùFRODU ³3HWUX 0DLRU´ V D EXFXUDW GH R GHRVHELWă UHFXQRDúWHUH GLQ SDUWHD LQYLWDĠLORU VSHFLDOL $VWIHO ³FHD PDL PDUH úFRDOă GLQ MXGHĠ´ GXSă FXP D IRVW QXPLWă HVWH FRQVLGHUDWă FHD PDL EXQă XQL WDWH GH vQYăĠăPkQW GLQ PXQLFLSLX úL SULQ WUH FHOH PDL EXQH GLQ MXGHĠ GDU úL GLQ ĠDUă

³ùFRDOD HVWH PDL LPSRUWDQWă FD RULFkQG´ ³/D GHVFKLGHUHD DQXOXL úFRODU SUHXQLYHU VLWDU DP DOHV Vă YLQ OD 5HJKLQ úL DP DOHV GLQ WRW MXGHĠXO úFRDOD GXPQHDYRDVWUă (VWH GLQ FkWH úWLX FHD PDL PDUH úFRDOă GLQ MXGHĠ 'RUHVF Vă DGDXJ vQ QXPHOH LQVWLWXĠLHL SUHIHFWXOXL GDU úL D *XYHU QXOXL 5RPkQLHL XQ VHPQDO GH DLFL GH

*UXSXO ùFRODU ³3HWUX 0DLRU´ V D EXFXUDW GH SUH]HQĠD R¿ FLDOLWăĠLORU

OD *UXSXO ùFRODU ³3HWUX 0DLRU´ SHQWUX WRĠL PXUHúHQLL WRĠL FRSLLL WRĠL HOHYLL úL WRĠL SăULQĠLL Fă úFRDOD HVWH DVWă]L PDL LPSRUWDQWă GHFkW RULFkQG´ D SUHFL]DW $ OH[DQGUX 3HWUX )UăWHDQ H[SOLFkQG IDS WXO Fă PLVLXQHD FDGUHORU GLGDFWLFH úL SUHR FXSDUHD SăULQĠLORU VXQW GH QHOLSVLW vQ DFHVW FRQWH[W ³9UHDX Vă IHOLFLW DWkW FRQGXFHUHD úFROLL FkW úL FRQGXFHUHD SULPăULHL SHQWUX SUHRFXSDUHD SHQWUX FRQGLĠLLOH EXQH GH vQYăĠăPkQW´ D DGăXJDW SUHIHFWXO FDUH D ĠLQXW Vă OH LQVXÀ H FHORU GH IDĠă XQ VHQWL PHQW GH vQFUHGHUH úL VSHUDQĠă

Ä/LFHXO UDPSă GH ODQVDUH VSUH YLLWRU´ ³9LLWRUXO FRSLLORU GHSLQGH GH LPSOLFDUHD SURIHVRULORU úL D SăULQĠLORU vQ SURFHVXO

0DULD 3UHFXS L D IHOLFLWDW SH SăULQĠL SHQWUX VXSRUWXO úL LPSOLFDUHD ORU

GH vQYăĠăPkQW /LFHXO HVWH R UDPSă GH ODQVDUH SHQWUX YLLWRU (X vQ OLFHX P DP vQGUăJRVWLW úL P DP FăVăWRULW ÌQ OLFHX PL DP VHPQDW GHVWLQXO vQ OLFHX DP IRVW ROLPSLF SUHJăWLW GH GRPQXO LQVSHFWRU JHQHUDO ùWHIDQ 6RPHúDQ´ D GHFODUDW 9DVLOH *OLJD FDUH D VXEOLQLDW GLQ QRX LPSRUWDQĠD DFWX OXL HGXFDĠLRQDO

&HL PDL EXQL SURIHVRUL ³'XPQHDYRDVWUă PHULWDĠL WRW UHVSHFWXO úL DYHĠL FHD PDL vQDOWă UHSUH]HQWDUH GLQ SXF WXO GH YHGHUH DO DGPLQLVWUDĠLHL MXGHĠHQH 'H DLFL SXWHP GD XQ VHPQDO úL XQ PHVDM vQWUHJXOXL MXGHĠ FDUH DUH SHVWH GH HOHYL DUH DSURDSH GH FDGUH GL GDFWLFH úL DQJDMDĠL vQ vQYăĠăPkQW GHFL XQ MXGHĠ GH FDWHJRULD $´ D GHFODUDW ùWHIDQ

6RPHúDQ FDUH D XUDW WXWXURU HOHYLORU GDU úL SăULQĠLORU XQ DQ SOLQ GH VDWLVIDFĠLL $FHVWD D VDOXWDW DFĠLXQHD DGPLQLVWUDĠLHL ORFDOH SHQWUX HIRUWXULOH GHSXVH SHQWUX FD QRXO DQ úFRODU Vă vQFHDSă vQ FRQGLĠLL RS WLPH ³'XPQHDYRDVWUă VXQWHĠL FHL PDL JUR ]DYL úL FHL PDL EXQL SURIHVRUL GLQ PXQLFL SLXO 5HJKLQ úL SULQWUH FHL PDL EXQL OD QLYHO MXGHĠHDQ úL QDĠLRQDO $ WUHLD SDUWH GLQ VXPD DORFDWă SHQWUX vQYăĠăPkQWXO GLQ 5HJKLQ D IRVW DORFDWă GXPQHDYRVWUă GDU HVWH QHVHP QL¿ FDWLY IDĠă GH QHYRLOH SH FDUH OH DP FRQ VWDW GDU Yă DVLJXU Fă DFHVWHD VH YRU UH]ROYD vQ XUPăWRDUHD SHULRDGă´ D GHFODUDW 0DULD 3UHFXS SULPDUXO PXQLFLSLXOXL 5HJKLQ $FHDVWD D ĠLQXW Vă OH PXOĠXPHDVFă SăULQĠLORU SHQWUX vQWUHJ VXSRUWXO RIHULW 2DQD 0Ă5*,1($1

3ULPD vQWkOQLUH FX vQYăĠăWRDUHD

&ODVD D , D $ D ùFROLL *HQHUDOH ³,RDQ 9OăGXĠLX´ GLQ /XGXú

3ULPD vQWkOQLUH FX vQYăĠăWRDUHD

&UHG Fă WRWXúL FHL PDL HPRĠLRQDĠL vQ SULPD ]L GH úFRDOă DX IRVW SULFKLQGHLL GLQ FODVHOH D , D $X IRVW YHGHWH OD IHVWLYLWDWHD GH vQFHSXW GH DQ D ùFROLL *HQHUDOH Ä,RDQ 9OăGXĠLX´ GLQ /XGXú XQGH SHUVRQDO GL UHFWRUXO úFROLL L D VWULJDW SH ¿ HFDUH vQ SDU WH LQWURGXFkQGX L DVWIHO vQ PDUHOH FDUHX GH GH HOHYL GLQ FXUWHD úFROLL 3HQWUX FHL PLFL D XUPDW PDL DSRL SULPD vQWkOQLUH FX vQYăĠăWRDUHD 8UPDĠL GH SăULQĠL FDUH OH SkQGHDX ¿ HFDUH PLúFDUH

FX DSDUDWHOH IRWR VDX WHOHIRDQHOH DX SăúLW vQ VăOLOH GH FODVă 0 DP DPHVWHFDW úL HX SULQWUH SăULQĠL úL DP LQWUDW OD FODVD , D $ OD SDUWHU LPHGLDW SH VWUkQJD GH SXL GH RDPHQL VWăWHDX FXPLQĠL vQ EăQFL vPEUăFDĠL FX FHOH PDL IUXPRDVH KDLQH DVFXOWkQG R SH vQYăĠăWRDUH $ IRVW VWULJDW FDWDORJXO )LHFDUH HOHY D IRVW FKHPDW SH QXPH vQ RUGLQH DOIDEHWLFă vQ IDĠD FODVHL SHQWUX D ¿ FXQRVFXW GH FROH JLL VăL 3ăULQĠLL VWăWHDX vQ VSDWHOH FODVHL

úL XUPăUHDX WRWXO FD SH XQ ¿ OP 9ăGLW HPRĠLRQDWă HUD úL vQYăĠăWRDUHD FDUH DELD VH PDL YHGHD GH PRUPDQXO GH À RUL FH FUHV FXVH SH FDWHGUă Ä6XQW WRW PDL HPRĠLRQDWă vQ ¿ HFDUH DQ GDU SOLQă GH VSHUDQĠă SHQ WUX Fă HL VXQW YLLWRUXO QRVWUX 7UHEXLH Vă QH PRELOL]ăP úL Vă SULYLP vQFUH]ăWRUL vQDLQWH FX WRDWH Fă QRXO DQ úFRODU QX D vQFHSXW FXP DU ¿ WUHEXLW (VWH IRDUWH IUX PRV Vă L vQGUXPL SH DFHúWL FRSLL 1H DP DOHV PHVHULD DFHDVWD GLQ GUDJRVWH SHQWUX

HL úL SHQWUX YLLWRUXO QRVWUX (X QX PL PDL DPLQWHVF QLPLF GLQ SULPD ]L GH úFRDOă VLQFHU 'RDU SR]HOH DX UăPDV GH DFHHD OH DP VSXV SăULQĠLORU Vă OH IDFă PXOWH IRWRJUD¿ L FD Vă UăPkQă LPSULPDWH DFHVWH DPLQWLUL IUXPRDVH«´ D GHFODUDW &DUPHQ 0DULD 8ĠLX SURIHVRU vQYăĠăPkQW SULPDU OD ùFRDOD *HQHUDOă Ä,RDQ 9OăGXĠLX´ GLQ /XGXú )RWR úL WH[W &ULVWLQD *Æ1-

7ULSOă DQLYHUVDUH OD *LPQD]LXO GH 6WDW ³$XJXVWLQ 0DLRU´ 1X GRDU vQFHSXWXO DQXOXL úFRODU D IRVW SULOHM GH vQWkOQLUH SHQWUX HOHYL SăULQĠL SURIHVRUL úL R¿ FLDOLWăĠL ,HUL OD *LPQD]LXO GH 6WDW ³$X JXVWLQ 0DLRU´ GLQ 5HJKLQ V D GH]YHOLW R SODFă FRPHPRUDWLYă vQ PHPRULD UHFWRUX OXOXL :LO KHOP +HOOZLJ QăVFXW OD 5HJKLQ

GH DQL GH OD LQDXJXUDUHD FOăGLULL ³(VWH XQ WULSOX HYHQLPHQW 6H vPSOLQHVF GH DQL GH OD LQDXJXUDUHD DFHVWHL FOăGLUL FDUH WLPS GH GH DQL D UăPDV úFRDOă SHQWUX FR SLLL QRúWUL GH DVHPHQHD GO UHFWRU :LOKHOP +HOOZLJ V D QăVFXW DFXP GH DQL úL HVWH úL GHVFKLGHUHD QRXOXL DQ úFRODU´ D GHFODUDW 5REHUW =DM]RQ SUHúHGLQWHOH )RUXPXOXL *HU PDQ GLQ 5HJKLQ $FHVWD V D VLPĠLW RQRUDW GH YL]LWD SH FDUH DX IăFXW R OD DFHDVWă WULSOă VăUEăWRDUH $OH[DQGUX 3HWUX )UăWHDQ SUH IHFWXO MXGHĠXOXL 0XUHú ùWHIDQ 6RPHúDQ LQ VSHFWRU úFRODU JHQHUDO 9DVLOH *OLJD GHSXWDW úL 0DULD 3UHFXS SULPDU DO PXQLFLSLXOXL ³$P IRVW GHRVHELW GH RQRUDĠL GH IDSWXO Fă DP IRVW YL]LWDĠL GH GRPQXO SUHIHFW DO MXGHĠXOXL

GH GRPQXO LQVSHFWRU JHQHUDO GH G QD SUL PDU úL GRPQXO GHSXWDW *OLJD 9DVLOH´ D SUH FL]DW 0DULD %RJGDQ GLUHFWRU DO *LPQD]LXO GH 6WDW ³$XJXVWLQ 0DLRU´

&DGUH GLGDFWLFH FDOL¿ FDWH &X WRDWH Fă IHVWLYLWDWHD D IRVW SULOHM GH VăUEăWRDUH 0DULD %RJGDQ HVWH GH SăUHUH Fă HVWH SUHPDWXU Vă GHFODUH Fă QRXO DQ YD GHFXUJH IăUă SUREOHPH ³$P vQFHSXW ELQH GXSă GRXă VăSWăPkQL GH PDUL HIRUWXUL FD Vă DVLJXUăP FDGUH GLGDFWLFH FDOL¿ FDWH SHQ WUX Fă QX DYHP DVWIHO GH FDGUH 3RW Vă D¿ UP Fă QLFL SHQVLRQDUL QX DYHP GRDU R VLQJXUă FROHJă vQYăĠăWRDUH H SHQVLRQDUă SHQWUX XQ VLQJXU VHPHVWUX´ D H[SOLFDW GLUHFWRUXO XQLWăĠLL 'LQ FRQWUă FROHFWLYXO GH SURIHVRUL HVWH XQXO GHVWXO GH WkQăU ³0XOWLWXGLQHD GH FRSLL FDUH DX YHQLW vQ DFHVW DQ OD WRDWH VHFĠLLOH OD WRDWH FODVHOH FKLDU Pă LPSUHVLRQHD]ă úL Pă RQRUHD]ă SULQ IDSWXO Fă SăULQĠLL DX DYXW DWkWD vQFUHGHUH Vă vL DGXFă OD QRL´ D DGăXJDW 0DULD %RJGDQ

'HVFKLGHUHD QRXOXL DQ úFRODU D FRLQFLV FX DOWH GRXă FRPHPRUăUL

0DULD %RJGDQ GLUHFWRU DO *LPQD]LXOXL GH 6WDW ³$XJXVWLQ 0DLRU´

+HOOZLJ UHFWRU LVWRULF SXEOLFLVW :LOKHOP +HOOZLJ V D QăVFXW vQ VHSWHP EULH vQ 5HJKLQXO 6ăVHVF D XUPDW úFRDOD vQ RUDúXO QDWDO D DEVROYLW H[DPHQXO GH EDFDODX UHDW OD 6LJKLúRDUD úL D VWXGLDW úWLLQĠHOH QDWXULL úL WHRORJLD OD 7XEOLQJHQ úL %HUOLQ ÌQWRUV vQ

ĠDUă VXMHúWH úFROLL JHUPDQH WLPS GH GH DQL vQWU R SHULRDGă GH PDUL UHVWUXFWXUăUL vQ vQYăĠăPkQW $ IRVW UHFWRU WLPS GH GH DQL úL DUH PHULWH PDUL FD úL LVWRULF úL SXEOLFLVW 6 D VWLQV GLQ YLDĠă vQ LDQXDULH OD 6HEHú 2DQD 0Ă5*,1($1

Ì19ĂğĂ0Æ17 VHSWHPEULH

Ä6XEVFULVD 5RP,162/ , 3 8 5 / FX VHGLXO DOHV vQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO 0DOO HW DS MXG 7XOFHD FRG SRúWDO vQUHJLVWUDWă vQ 5HJLVWUXO )RUPHORU GH 2UJDQL]DUH VXE QU DYkQG &,) 52 UHSUH]HQWDWă OHJDO SULQ DVRFLDW FRRUGRQDWRU LQJ 3DXO $SRVWRO vQ FDOLWDWH GH OLFKLGDWRU MXGLFLDU DO GHELWRUXOXL 6 & 'LVWLOHULLOH 5HJXQ 6 5 / vQ IDOLPHQW ± LQ EDQNUXSWF\ ± HQ IDLOOLWH

FX VHGLXO 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú & , ) 52 vQUHJLVWUDWă OD 2 5 & VXE QU - GHVHPQDW SULQ VHQWLQĠD FLYLOă QU SURQXQĠDWă vQ 'RV QU DO 7ULEXQDOXOXL &RPHUFLDO 0XUHú DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă FX VWULJDUH vQ FRQIRUPLWDWH FX /HJHD QU úL UHJXODPHQ WXO GH YkQ]DUH QU vQ ¿ HFDUH ]L GH PLHUFXUL D VăSWăPkQLL RUD vQFHSkQG FX GDWD GH OD VHGLXO DOHV DO OLFKLGDWRUXOXL MXGLFLDU VLWXDW vQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO 0DOO HW DS MXG 7XOFHD 9kQ]DUHD VH YD IDFH vQ EORF SH JUXSXUL GH DFWLYH GXSă FXP XUPHD]ă

LPRELO VLWXDW vQ 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL VSDĠLL LQGXVWULDOH úL DGPLQLVWUDWLYH EXQXUL PRELOH GH QDWX UD PLMORDFHORU ¿ [H VWRFXUL úL PDWHULL SULPH FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 7 9 $ OHL IăUă 7 9 $

LPRELO VLWXDW vQ 5HJKLQ VWU ,HUQXĠHQL QU MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FOăGLUL KDOă vPEXWHOLHUH FDVă GH FDUDPLGă GHSR]LW FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$

PRELO VLWXDW vQ 5HJKLQ VWU $SDOLQHL QU & MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FRQVWUXFĠLH FX GHVWLQDĠLH VSDĠLX GH GHSR]LWDUH KDOă FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$

LPRELO VLWXDW vQ 5HJKLQ VWU 5HSXEOLFLL QU SDUWHU DS MXG 0XUHú FRPSXV GLQ DSDUWD PHQW FX FDPHUH FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$

3HQWUX SDUWLFLSDUHD OD OLFLWDĠLH RIHUWDQĠLL YRU GH SXQH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU GRFXPHQWHOH SUHFL]DWH vQ FDLHWXO GH VDUFLQL SkQă vQ SUH]LXD OLFLWDĠLHL RUD

&DLHWXO GH VDUFLQL SHQWUX ¿ HFDUH JUXS GH DF WLYH YD SXWHD ¿ FXPSăUDW FRQWUD VXPHL GH OHL H[FOXVLY 7 9 $ GH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU *DUDQĠLD GH SDUWLFLSDUH OD OLFLWDĠLH HVWH GH GLQ SUHĠXO GH SRUQLUH OD OLFLWDĠLH úL VH GHSXQH SULQ YLUD PHQW EDQFDU vQ FRQWXO XQLF GHVFKLV SH QXPHOH DYHULL GHELWRUXO 6 & 'LVWLOHULLOH 5HJXQ 6 5 / FRQW FH YD ¿ PHQĠLRQDW vQ FDLHWXO GH VDUFLQL ,QIRUPDĠLL VXSOLPHQWDUH VH SRW REĠLQH OD WHOHIRQ VDX OD DGUHVD GH PDLO RI¿ FH WXOFHD# URPLQVRO UR ´

&DELQHW QRX GH ¿ ]LFă FKLPLH OD ùFRDOD *HQHUDOă ,HUQXW 1RXO GLUHFWRU DO ùFROLL *HQHUDOH GLQ ,HUQXW HVWH +RUDĠLX 0ROGRYDQ $FHVWD HVWH SURIHVRU GH VSRUW úL D IRVW QXPLW GLUHFWRU DO úFROLL vQ XUPă FX GRDU GRXă VăSWăPkQL vQDLQWH GH vQFHSHUHD QRXOXL DQ úFRODU 6SRUWLY GH SHUIRUPDQĠă MXFăWRU OD GLYL]LRQDUD & GH IRWEDO 8QLUHD 8QJKHQL HFKLSă WUDQVIHUDWă vQ DFHVW VH]RQ OD 0XUHúXO /XGXú QRXO GLUHF WRU HVWH XQ WkQăU DPELĠLRV vQYăĠDW FX GLVFLSOLQD úL UHVSHF WDUHD UHJXOLORU )HOXO vQ FDUH úL D OXDW vQ SULPLUH QRXD VD IXQFĠLH vO DÀ ăP vQ LQWHUYLXO FDUH XUPH]ă 5HSRUWHU &XP YHGHĠL vQFHSXWXO QRXOXL DQ GLQ DFHDVWă IXQFĠLH" +RUDĠLX 0ROGRYDQ &X WRDWH Fă WLPSXO D IRVW IRDUWH VFXUW SHQWUX D QH SUHJăWL DúD FXP QH DP ¿ GRULW OXFUăULOH GH UHQRYDUH OH SXWHP FRQVLGHUD GH¿ QLWLYDWH vQ SURSRUĠLH GH vQ LQWHULRU $P UH]ROYDW LQVWDODĠLLOH VDQLWDUH GH UDWL]DUHD ]XJUăYLWXO úL YRSVLWXO 0DL DYHP SXĠLQ GH OX FUX OD XPSOHUHD JROXULORU GH OD FROĠXULOH ODPEULXULORU úL UHQRYăULOH GLQ H[WHULRU 6SHUăP FD vQ FHO PDL VFXUW WLPS Vă UHXúLP Vă SXQHP WRWXO OD SXQFW 6SHUăP vQ VSULMLQXO 3ULPăULHL FX FDUH DYHP R UHODĠLH IRDUWH EXQă 5HS 6XQW VLQJXUHOH PLQXVXUL" + 0 /LSVXUL VXQW FD SHVWH WRW 2 SUREOHPă OD QRL HVWH úL IDSWXO Fă DYHP vQ VXERUGLQH úL DOWH FOăGLUL D úFROLORU GLQ VDWHOH GLQ vPSUHMXULPL úL GRXă JUăGLQLĠH 9RP vQFHUFD Vă GRWăP ¿ HFDUH FODVă FX FkWH XQ FDOFXODWRU GHRFDPGDWă vQ DIDUă GH FHOH GH OD LQIRUPDWLFă úL FX FkWH XQ FRSLDWRU FHO SXĠLQ SHQWUX ¿ HFDUH FLFOX 5HS $YHĠL PXOWH FDGUH QRL + 0 /D DFHVW DVSHFW SXWHP VSXQH Fă VXQW DFRSHULWH 6& EDX0D[ 5RPDQLD VUO FX VHGLXO LQ %XFXUHVWL %G 'LPLWULH SRPSHL QU $ FRUS ,,, HWDM VHFWRU DQXQWD GHSXQHUHD GRFXPHQWDWLHL OD $JHQWLD GH 3URWHFWLD 0HGLXOXL 0XUHV LQWRFPLWD FRQIRUP 25' DO 00'' LQ YHGHUHD REWLQHULL $XWR UL]DWLHL GH PHGLX SHQWUX RELHFWLYXO ³&HQWUX &RPHU FLDO %DXPD[´ SH DPSODVDPHQWXO GLQ 7DUJX 0XUHV VWU *KHRUJKH 'RMD QU MXG 0XUHV $FWLYLWDWHD FRQ VWD LQ FRPHUFLDOL]DUH PDWHULDOH GH FRQVWUXFWLL EULFRODM DPHQDMDUL LQWHULRDUH VL H[WHULRDUH DUWLFROH JUDGLQD 2ULFH LQIRUPDWLL VXJHVWLL VL FRQWHVWDWLL SULYLQG LPSDFWXO DVXSUD PHGLXOXL VH SRW REWLQH OD VHGLXO $ 3 0 0XUHV VWU 3RGHQL QU WHO ID[ LQ WHUPHQ GH ]LOH GH OD SXEOLFDUH

+RUDĠLX 0ROGRYDQ QRXO GLUHFWRU DO ùFROLL *HQHUDOH GLQ ,HUQXW

WRDWH SRVWXULOH FKLDU GDFă GLQ FDGUH VXQW WLWXODUH 'LIHUHQĠD HVWH DFRSHULWă GH VXSOLQLWRUL úL SHUVRQDO FDUH Q D WUHFXW OD FRQFXUVXULOH SHQWUX WLWXODUL]DUH 5HS 3ULPLUHD FHORU PDL PLFL HVWH SUHJăWLWă" + 0 1X SXWHP VSXQH Fă QX VXQWHP SUHJăWLĠL Vă L SULPLP DYHP VăOLOH úL PRELOLHUXO GDU QX DP DYXW WLPS VX¿ FLHQW WUHEXLH Vă QH SUHJăWLP úL VWUDWHJLLOH 'HFL]LD V D OXDW vQ JUDEă úL FDGUHOH DX IRVW LQVWUXLWH R VLQJXUă VăSWăPkQă 7UHEXLH Vă QH VXSXQHP vQVă UHJXOLORU úL QH YRP ED]D SH H[SHULHQĠD DQWHULRDUă D HGXFDWRDUHORU SkQă YRP UHXúL Vă SXQHP WRWXO OD SXQFW 5HS &H DOWH SUREOHPH DYHĠL vQ SULYLQĠD GRWăULORU" + 0 $úD FXP DP VSXV WUHEXLH Vă UH]ROYăP FDOFXOD WRDUH SHQWUX ¿ HFDUH FODVă úL FRSLDWRDUH &DELQHWXO GH LQIRUPDWLFă HVWH SXV OD SXQFW XUPHD]ă Vă vQ¿ LQĠăP vQ FXUkQG XQXO GH ¿ ]LFă FKLPLH $ FRQVHPQDW 0LKDL 9(5(ù

9kQG FHGH] FDXW DVRFLDW SH SURLHFW )($'5 ± PăVXUD DWHOLHU UHSDUDĠLL VHUYLFH VWDĠLH ,73 FX KDOă úL GRWăUL DWHOLHU WLQLFKLJHULH ± YRSVLWRULH KDOă VL GRWăUL QHUDPEXUVDELO vQ ORFDOLWDWHD 3HWHOHD ,QIRUPDĠLL OD WHOHIRQ

'H YkQ]DUH DSDUWDPHQW FX FDPHUH EXFăWăULH EDLH PS FX WHUDVă vQ ]RQă FHQWUDOă ,QIRUPDĠLL OD WHO

(/(&21 3/86 DQJDMHD]ă SHQWUX DFWLYLWDWH GH úDQWLHU LQVWDODĠLL

LQJLQHU HOHFWULF LQJLQHU LQVWDODĠLL HOFWULFLHQL LQVWDODWRUL WHKQLFLDQ LQVWDODĠLL VHFUHWDUă FXQRVFăWRDUH GH OLPED HQJOH]D 7HO H PDLO RI¿ FH#HOHFRQ UR

6& 6,/(7,1$ ,03(; 65/ 6& 75$163257 /2&$/ 6$ $62&,(5($ 3(1758 75$163257 85%$1 7* 085(ù 7Æ5*8 085(ù 6WU %(*$ 1U 7HOHIRQ )D[

&2081,&$7 '( 35(6Ă 6WLPDĠL HOHYL úL SăULQĠL

$GXFHP OD FXQRúWLQĠD 'YV Fă QRLOH DERQD PHQWH GH WUDQVSRUW VXEYHQĠLRQDWH YDODELOH SH R VLQJXUă OLQLH SHQWUX HOHYLL FX GRPLFLOLXO VDX UHúHGLQĠD vQ PXQLFLSLXO 7vUJX 0XUHú VH HOLEHUHD]ă vQFHSkQG GLQ GDWD GH

1RLOH DERQDPHQWH YRU ¿ YDODELOH vQ SHULRDGD VHSWHPEULH ± GHFHPEULH úL VH SRW IRORVL GRDU vQ ]LOHOH OXFUăWRDUH vQWUH RUHOH ± &HL FDUH VROLFLWă XQ DVHPHQHD DFW WUHEXLH Vă SUH]LQWH XUPăWRDUHOH GRFXPHQWH &HUHUH WLS VH SRDWH SURFXUD OD FKLRúFXULOH GH DER QDPHQWH VDX GH SH SDJLQD GH ZHE ZZZ VLOHWLQD UR

&RSLH %, &, VDX FHUWL¿ FDW GH QDúWHUH D HOHYXOXL &RSLH GXSă %, &, D SăULQWHOXL VDX WXWRUHOXL OHJDO SHQWUX HOHYLL VXE YkUVWD GH DQL $GHYHULQĠă GH OD XQLWDWHD GH vQYăĠăPkQW SH FDUH R IUHFYHQWHD]ă HOHYXO )RWRJUD¿ H WLS EXOHWLQ SHQWUX FHL FDUH VROLFLWă SHQ WUX SULPD RDUă XQ DERQDPHQW GH WUDQVSRUW

$ERQDPHQWHOH GH FăOăWRULH JUDWXLWH YDOD ELOH SH R VLQJXUă OLQLH VH HOLEHUHD]ă OD FKLRúFXULOH GH ELOHWH úL DERQDPHQWH DOH $VRFLHULL 6& 7UDQV SRUW /RFDO 6$ ± 6& 6LOHWLQD ,PSH[ 65/ GLQ &HQ WUX 'kPEX 3LHWURV 7XGRU )DYRULW úL &RPSOH[XO $XFKDQ

&20,7(78/ '( ',5(&ğ,(

IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

GH FRSLL DX vQFHSXW úFRDOD OD 5ăVWROLĠD ùWLUL LQWHUHVDQWH &RQWDELOLL OD FHDV GH VăUEăWRDUH &RUSXO ([SHUĠLORU &RQWDELOL úL &RQ WDELOLORU $XWRUL]DĠL &(&&$5 GLQ 5RPkQLD ¿ OLDOD 0XUHú YD PDUFD vQWU XQ FDGUX IHVWLY =LXD QDĠLRQDOă D FRQWDELOXOXL URPkQ 3RWULYLW XQXL FRPXQLFDW GH SUHVă UHPLV GH FRQGX FHUHD &(&&$5 0XUHú HYHQLPHQWXO YD DYHD ORF YLQHUL VHSWHPEULH GH OD RUD OD 6DOD GH FRQIHULQĠH D 5HV WDXUDQWXOXL Ä7HPSR´ GLQ 7kUJX 0XUHú 'LQ SURJUDPXO PDQLIHVWăULORU DPLQWLP PRPHQWXO GH UHFXOHJHUH vQ PHPRULD SUHúHGLQWHOXL &(&&$5 0DULQ 7RPD PHVDMH GLQ SDUWHD DXWRULWăĠLORU ORFDOH DFRUGDUHD GLSORPHORU GH PHULW SHU VRDQHORU QRPLQDOL]DWH GH FăWUH ¿ OLDOD &(&&$5 WRS ORFDO DO FHORU PDL EXQH VRFLHWăĠL PHPEUH &(&&$5 $ 0

%RERFLL DX VRVLW OD úFRDOă FXULRúL Vă vúL FXQRDVFă YLLWRULL FROHJL

$QXO úFRODU D GHEXWDW LHUL VHSWHPEULH úL SHQWUX GH úFRODUL úL SUHúFRODUL GH JUăGLQLĠă GH SH 9DOHD 0XUHúXOXL GLQ 5ăVWROLĠD úL SHQWUX FHL GDVFăOL DL FRPXQHL /D ùFRDOD *LPQD]LDOă GLQ 5ăVWROLĠD DQXO úFRODU D vQFHSXW IRDUWH ELQH FX FDGUH GLGDFWLFH FDOL¿ FDWH FX WLWX ODUL úL FX HOHYL VX¿ FLHQĠL OD WRDWH FODVHOH FX PDQXDOH QRL OD FODVH FX VăOL VSDĠLRDVH IUXPRV GHFRUDWH úL SURDVSăW LJLHQL ]DWH úL QX vQ XOWLPXO UkQG FX PRELOLHU FRUHVSXQ]ăWRU SHQWUX FODVD SUHJăWLWRDUH $VWIHO D VXQDW FORSRĠHOXO SHQWUX vQFHSHUHD XQXL QRX DQ úFRODU vQ FRPXQD 5ăVWROLĠD vQ SUH]HQĠD GLUHFWRUXOXL LQVWLWXĠLHL GH vQYăĠăPkQW ,RDQD /LUFă D SULPDUXOXL FR PXQHL 0DULXV /LUFă D SUHRWXOXL RUWRGR[ ,RDQ 0ROGRYDQ /LUFă úL D PHGLFXOXL GH IDPLOLH 1DWDúD 7DQLD 3DSLX

)DPLOLD úL úFRDOD FHOH PDL LPSRUWDQWH 2¿ FLDOLWăĠLOH OH DX XUDW úFRODULORU SXWHUH

GH PXQFă úL UH]XOWDWH IUXPRDVH vQ QRXO DQ úFRODU LDU SăULQĠLORU GLUHFWRUXO úFROLL OH D WUDQVPLV Vă ¿ H DOăWXUL GH FDGUHOH GLGDFWLFH úL Vă vL VSULMLQH PRUDO úL PDWHULDO FkQG HVWH FD]XO vQ GLIHULWHOH DFĠLXQL GHGLFDWH FRSL LORU ³ùWLP Fă IDPLOLD úL úFRDOD VXQW FHL PDL LPSRUWDQĠL IDFWRUL HGXFDWLYL FDUH VH RFXSă GH GH]YROWDUHD LQWHOHFWXDOă HPRĠLRQDOă úL YROLWLYă D HOHYLORU $FHVWHD WUHEXLH Vă úL FXQRDVFă IRDUWH ELQH IXQFĠLLOH UROXULOH úL OLPLWHOH SHQWUX FD vPSUHXQă Vă FRQWUL EXLH OD GH]YROWDUHD SHUVRQDOă D ¿ HFDUXL HOHY vQ SDUWH ( LPSRUWDQW Vă vQYHĠH SHQ WUX Fă GLQFROR GH WRDWH vQYăĠăWXUD HVWH OXPLQD FDUH OH YD IDFH YLDĠD PDL VHQLQă´ D H[SOLFDW GLUHFWRUXO úFROLL

ùFRDOD FRQVWUXLWă vQ ,RDQD /LUFă HVWH QăVFXWă vQ %LFD] úL FăVăWRULWă vQ 5ăVWROLĠD D DEVROYLW )D FXOWDWHD GH 0DWHPDWLFă GLQ FDGUXO 8QL YHUVLWăĠLL ´$OH[DQGUX ,RDQ &X]D´ GLQ ,DúL GXSă FDUH D IăFXW R FRQYHUVLH SURIHVLRQDOă

::: =, '( =, 52

0DUWRUL DúWHSWDĠL GHJHDED

,RDQD /LUFă D DYXW HPRĠLL úL FD PăPLFă GH HOHY GH FODVD , QX GRDU FD úL GLUHFWRU

OD 8QLYHUVLWDWHD ³%DEHú %RO\DL´ GLQ &OXM 1DSRFD vQ 7HKQRORJLD ,QIRUPDĠLHL ÌQ GDWD GH LDQXDULH D DQXOXL D IRVW QXPLW GLUHFWRU DO ùFROLL *LPQD]LDOH GLQ 5ăVWROLĠD XQGH PRPHQWDQ UăVSXQGH úL GH JUăGLQLĠD FX WUHL JUXSH GLQ FRPXQă úL GH VHFĠLD GH OLPED PDJKLDUă D JUăGLQLĠHL GLQ VDWXO ,RG úL RFXSă úL FDWHGUD GH PDWHPDWLFă ùFRDOD *LPQD]LDOă GLQ 5ăVWROLĠD HVWH R XQLWDWH QRXă GH vQYăĠăPkQW FRQVWUXLWă GH DXWR ULWDWHD ORFDOă FX IRQGXUL GH OD 0LQLVWHUXO (GXFDĠLHL &HUFHWăULL 7LQHUHWXOXL úL 6SRU WXOXL PRELODWă úL GDWD vQ IRORVLQĠă vQ VHSWHPEULH 5REHUW 0$7(,

1LFLXQXO GLQWUH FHL PDUWRUL FLWDĠL OD WHUPHQXO GH LHUL vQ SURFHVXO ³$SRV WX´ QX V D SUH]HQWDW OD &XUWHD GH $SHO 7kUJX 0XUHú SHQWUX DXGLHUL LQVWDQĠD ¿ LQG QHYRLWă Vă DPkQH FDX]D SHQWUX GDWD GH VHSWHPEULH GLQ OLSVă GH SURFHGXUă 3RWULYLW $JHUSUHV FHL PDUWRUL PDMRULWDWHD DQJDMDĠL DL 3ULPăULHL &OXM 1DSRFD DU ¿ WUH EXLW Vă FRPSDUă vQ IDĠD LQVWDQĠHL GH MXGHFDWă vQ GRVDUXO vQ FDUH IRVWXO HGLO FOXMHDQ 6RULQ $SRVWX HVWH MXGHFDW SHQWUX PDL PXOWH DFWH GH FRUXSĠLH &RQIRUP DFHOHLDúL VXUVH WRĠL FHL PDUWRUL 0LKDL &ăOLQ 6]DER 9LUJLO 3RUXĠLX (OHQD &RULQD &LXEDQ 'D FLD &ULúDQ 6RPRJ\L *\XOD 0LKDHOD 2DQD 6LPRQ ,RDQ %RJGDQ 0LUHOD 0ăULQFHDQ 0DULXV (PLO &RURú &RQ VWDQWLQ ,RDQ 7RPRú úL &ODXGLD *LQD $QDVWDVH YRU ¿ FLWDĠL GLQ QRX SHQWUX MRL VHSWHPEULH 6 *

Ì19ĂğĂ0Æ17

VHSWHPEULH

ùWLUL

LQWHUHVDQWH 1XQĠLOH GH DXU SUHPLDWH OD 7kUJX 0XUHú 7kUJXPXUHúHQLL FDUH DX vPSOLQLW FHO SXĠLQ GH DQL GH FăVQLFLH GDU úL FHOH VLQJXUH FDUH DU ¿ SXWXW vPSOLQL GH DQL GH FăVQLFLH YRU ¿ SUHPLDWH GH FRQGXFHUHD 3ULPăULHL 0XQLFLSLXOXL 7kUJX 0XUHú OD VăUEăWRULUHD =LOHL ,QWHUQDĠLRQDOH D 3HUVRDQHORU 9kUVWQLFH SRWUL YLW XQXL DQXQĠ SRVWDW SH VLWH XO 3ULPăULHL 7kUJX 0XUHú (YHQL PHQWXO YD DYHD ORF SH GDWD GH RFWRPEULH GH OD RUD OD &OX EXO 7LQHUHWXOXL GLQ FDGUXO &HQ WUXOXL &XOWXUDO ³0LKDL (PLQHVFX´ ÌQVFULHULOH vQ OLPLWD ORFXULORU GLV SRQLELOH vQFHSkQG FX GDWD GH VHSWHPEULH ]LOQLF vQWUH RUHOH OD VHUYLFLXO $FWLYLWăĠL &XOWXUDOH 6SRUWLYH úL 7LQHUHW VL WXDW vQ FDGUXO &HQWUXOXL &XOWXUDO Ä0LKDL (PLQHVFX´ VWUDGD 1LFRODH *ULJRUHVFX QU HWDM ,, FD PHUD WHOHIRQ /D vQVFULHUH SDUWLFLSDQĠLL VXQW UXJDĠL Vă SUH]LQWH &DUWHD VDX %X OHWLQXO GH ,GHQWLWDWH úL &HUWL¿ FDWXO GH FăVăWRULH 3UHĠXO XQXL ELOHW HVWH GH OHL $ 0

%XFăWăULH GH YDUă vQ À ăFăUL 'HWDúDPHQWXO GH SRPSLHUL 5HJKLQ D IRVW DQXQĠDW VkPEăWă VHS WHPEULH OD RUD GH SUR GXFHUHD XQXL LQFHQGLX vQ ORFDOL WDWHD ùăXúD SH VWUDGD %LVHULFLL Ä/D IDĠD ORFXOXL V D GHSODVDW XQ HFKLSDM FX R DXWRVSHFLDOă GH OX FUX FX DSă úL VSXPă vQ PRPHQWXO VRVLULL FRQVWDWkQG Fă DUGHD YLR OHQW R EXFăWăULH GH YDUă H[LVWkQG SHULFRO GH D VH H[WLQGH OD UHVWXO JRVSRGăULHL ,QFHQGLXO D IRVW VWLQV GXSă DSUR[LPDWLY GH PLQXWH IăUă D VH H[WLQGH $ DUV FRQVWUXFĠLD GLQ OHPQ SH R VXSUDIDĠă GH GH PHWUL SăWUDĠL FDX]D SUREDELOă D SURGXFHULL ¿ LQG MDU VDX VFkQWHL Fă]XWH GLQ VLVWHPXO GH JăWLW´ D SUHFL]DW OW /LYLX 'DQFLX SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL SHQ WUX 6LWXDĠLL GH 8UJHQĠă Ä+RUHD´ DO -XGHĠXOXL 0XUHú 6 7

GH HOHYL DX FăOFDW SUDJXO ùFROLL *HQHUDOH ³,RDQ 9OăGXĠLX´ GLQ /XGXú

7URWXDUH GH À RUL úL ]kPEHWH OD /XGXú

%DQHD ,RDQ $GULDQ DOăWXUL GH SULPDUXO RUDúXOXL /XGXú &ULVWLDQ 0ROGRYDQ SUH]HQW GH DVHPHQHD OD HYHQLPHQW SHQWUX D IHOLFLWD HOHYLL 3ULPD ]L GH úFRDOă P D SULQV LHUL SH SOD LXUL OXGXúHQH 'H FXP V D IăFXW OXPLQă DIDUă DX DSăUXW úL À RULOH SH WURWXDUH JUăELWH úL VWUkQVH vQ SXPQL PLFL GH YLLWRUL úFRODUL /D RUD D P D VXQDW FORSRĠHOXO OD ùFRDOD *HQHUDOă ³,RDQ 9OăGXĠLX´ GH HOHYL GH OD FHL PDL PLFL GLQ FODVD SUHJăWLWRDUH SkQă OD FHL PDUL GLQ FODVD D 9,,, D DOăWXUL GH SăULQĠL IUDĠL úL EXQLFL DX IăFXW XQ VHPL FHUF PDUH vQ FXUWHD úFROLL úL DX DúWHSWDW HPRĠLRQDĠL úL QHUăEGăWRUL GHVFKLGHUHD XúLORU FH OH YD Jă]GXL FXQRúWLQĠHOH SkQă OD YDUă / DP ]ăULW vQDLQWH GH vQFHSHUHD IHVWLYLWăĠLL OD JHDPXO GH OD HWDMXO vQWkL DO úFROLL YăGLW HPRĠLRQDW SH %DQHD ,RDQ $GULDQ GLUHFWRU OD ùFRDOD *HQHUDOă ³,RDQ 9OăGXĠLX´ GLQ /XGXú 5HSRUWHU ( SULPD ]L GH úFRDOă FX FH JkQGXUL SRUQLĠL OD GUXP FăWUH XQ QRX DQ úFRODU" %DQHD ,RDQ $GULDQ 3RUQLP OD GUXP vQWU XQ QRX DQ úFRODU FX FHOH PDL EXQH JkQ GXUL GH D RIHUL XQ FDGUX SURSLFH SURFHVXOXL HGXFDWLY WXWXURU FRSLLORU FH vQYDĠă OD úFRDOD QRDVWUă $SUR[LPDWLY GH HOHYL vQFHS úFRDOD DVWă]L GH OD FODVD SUHJăWLWRDUH SkQă OD FODVD D 9,,, D

(PRĠLLOH SULPHL ]LOH GH úFRDOă

/D RUD D P D VXQDW FORSRĠHOXO OD ùFRDOD *HQHUDOă ³,RDQ 9OăGXĠLX´ 5HS 1HDMXQVXUL DYHĠL" % , $ 'D H[LVWă FHO PDL PDUH ¿ LQG OLSVD VSDĠLXOXL SHQWUX D QH GHVIăúXUD vQWUHJ SUR FHVXO LQVWUXFWLY HGXFDWLY vQWU XQ VLQJXU VFKLPE /XFUăP vQ GRXă VFKLPEXUL GH GLPLQHDĠă úL GXSă RUD FkQG vQYDĠă HOHYLL GLQ FODVHOH ,9 9 9, 6XQWHP WRWXúL R úFRDOă FDUH DUH GRDU SURIHVRUL FDOL¿ FDĠL FKLDU úL VXSOLQLWRULL VXQW FDOL¿ FDĠL SH VSHFLDOLWăĠL

5HS &X SURPRYDELOLWDWHD FXP VWDĠL" % , $ FHHD FH QH EXFXUă 1X DP DYXW QLFLXQ UHSHWHQW úL QLFLXQ DEDQGRQ úFRODU ÌQ SOXV DQ GH DQ DYHP UH]XOWDWH EXQH OD ROLPSLDGHOH úFRODUH FX SDUWLFLSăUL OD ID]H MXGHĠHQH úL FKLDU QDĠLRQDOH

)RWR úL WH[W %ULVWHQD

$VLJXUDĠLL YRU ¿ LQIRUPDĠL $VLJXUDĠLL SRW Vă YHUL¿ FH FH VHU YLFLL PHGLFDOH PHPGLFDPHQWH úL GLVSR]LWLYH PHGLFDOH D DFFHVDW vQWU R DQXPLWă SHULRDGă GH WLPS ´,QIRUPDĠLLOH SRW ¿ SXVH OD GLVSR]LĠLD GXPQHDYRDVWUă GH FăWUH &DVD GH $VLJXUăUL GH 6ăQăWDWH OD FDUH VXQWHĠL DVLJXUDW vQ ED]D XQHL FHUHUL SHUVR QDOH GDWDWă úL VHPQDWă´ VH DUDWă vQ DQXQĠXO SRVWDW SH VLWH XO &DVHL -XGHĠHQH GH $VLJXUăUL GH 6ăQăWDWH 0XUHú $ 0

1HUăEGăWRUL SHQWUX D LQWUD vQ FODVH

6& 5$ '(( &216758&7 65/ FX VHGLXO vQ 6kQWDQD GH 0XUHú VWU 9RLQLFHQLORU QU % vQ FDOLWDWH GH FUHGLWRU DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă ĠLQXWă OD VHGLXO H[HFXWRUXOXL MXGHFăWRUHVF 3XLD 5RPXOXV GLQ 7J 0XUHú VWU %XVXLRFXOXL QU VF & DS MXG 0XUHú SH GDWD GH VHSWHPEULH RUHOH D XUPăWRUXOXL LPRELO SUR SULHWDWHD GHELWRUXOXL 6& /2*,67,&6 $7/$6 ( 3/86 $ 65/ WHUHQ LQWUDYLODQ vQ VXSUDIDĠă GH PS FX HGL¿ FDWH VSDWLX FRPHUFLDO FX UHJLP GH vQDOWLPH 3 ( úL KDOD GH SURGXFĠLH VLWXDW vQ 3HWHOHD QU - MXG 0XUHú vQVFULV vQ &) QU 3HWHOHD QU &) YHFKL 1 SR] $ $ QU &DG FDG & 6H LQYLWă RULFH SHUVRDQă FDUH SUHWLQGH YUHXQ GUHSW DVXSUD LPRELOXOXL FD vQDLQWHD OLFLWDĠLHL Vă LO IDFă FXQRVFXW ([HFXWRUXOXL -XGHFăWRUHVF &RQGLĠLLOH GH SDUWLFLSDUH OD OLFLWDĠLH VH SRW REĠLQH GH OD H[HFXWRUXO MXGHFăWRUHVF 3XLD 5RPXOXV WHO

0ăPLFL EXQLFL IUDĠL DX YHQLW Vă L VXVĠLQă SH HOHYL

3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú

6H UHLDX FXUVXULOH GH vQRW OD %D]LQXO 2OLPSLF

3ULPăULD 7ăUJX 0XUHú DGXFH OD FXQRúWLQĠD SăULQĠLORU úL GDVFăOLORU Fă VH UH LDX FXUVXULOH GH vQRW OD %D]LQXO 2OLPSLF DÀ DW vQ %DORQXO 3UHVRVWDWLF GLQ FRPSOH[XO GH 6SRUW úL $JUHPHQW 0XUHúXO´

ÌQ DFHVW VHQV vQ SHULRDGD VHSWHPEULH vQFHS vQVFULHULOH SUHĠXO ¿ LQG GH OHL OXQă SHQWUX OXQL SHULRDGă GH WLPS FRQVLGHUDWă GH LQVWUXFWRUL VX¿ FLHQWă SHQWUX vQYăĠDUHD vQRWXOXL FX R IUHFYHQĠă GH GRXă RUL SH VăSWăPkQă LDU WUDQVSRUWXO HVWH DVLJXUDW GH SULPăULD 7kUJX 0XUHú

2UDUXO HVWH GH OXQL SkQă YLQHUL vQWUH RUHOH úL LDU VkPEăWD vQWUH RUHOH

6LJXUDQĠD FRSLLORU SH vQWUHDJD GXUDWă D FXUVXULORU GH vQRW HVWH JDUDQWDWă GH SHUVRQDOXO FDOL¿ FDW ¿ LQG PRQLWRUL]DWă SHUPDQHQW GH FDPHUHOH GH VXSUDYHJKHUH GLQ LQFLQWă FDUH SRW ¿ DFFHVDWH vQ GLUHFW SULQ LQWHUPHGLXO VLWH XOXL 3ULPăULHL 7kUJX 0XUHú ZZZ WLUJXPXUHV UR

3HQWUX LQIRUPDĠLL VXSOLPHQWDUH Yă UXJăP Vă VXQDĠL OD LQWH ULRU SHUVRDQă GH FRQWDFW GO 'RULQ %HOHDQ

%,528/ '( 35(6Ă

IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

'H OD JUăGLQLĠă OD OLFHX SULQ ELVHULFă %ăQFLOH GLQ FODVă DX IRVW vQFăUFDWH FX FDGRXUL SHQWUX ÄERERFL´

ÌQYăĠăWRDUHOH DX IRVW OD IHO GH HPRĠLRQDWH FD HOHYLL

&HWDWHD 0HGLHYDOă GLQ 6LJKLúRDUD D SULQV YLDĠă LHUL vQFă GH OD SULPHOH RUH DOH GLPLQHĠLL 6XWH GH FRSLL SăULQĠL úL EXQLFL úL DX vQGUHSWDW SDúLL VSUH %L VHULFD 0ăQăVWLULL vQ LQFLQWD FăUHLD V D GHVIăúXUDW IHVWLYLWDWHD GH GHVFKLGHUH D QRXOXL DQ úFRODU SHQWUX FLFOXO SULPDU FX SUHGDUH vQ OLPED JHUPDQă DO /LFHXOXL 7HR UHWLF Ä-RVHSK +DOWULFK´ DFHDVWă XQLWDWH GH vQYăĠăPkQW ¿ LQG VLQJXUD GLQ 6LJKLúRDUD FDUH DUH WRDWH FLFOXULOH GH vQYăĠăPkQW SUHXQLYHUVLWDU UHVSHFWLY SULPDU FODVHOH ± ,9 JLPQD]LDO FODVHOH 9 ± 9,,, úL OL FHDO FODVHOH ,; ± ;,,

(PRĠLL SHQWUX ÄERERFL´ (PRĠLLOH FHOH PDL LQWHQVH OH DX WUăLW HOHYLL FODVHORU SUHJăWLWRDUH úL vQWkL SHQWUX FDUH D IRVW R ]L GH QHXLWDW DúWHSWkQG FX QHUăEGDUH vQWkOQLUHD FX GRDPQD vQYăĠăWRDUH úL

3ăULQWHOH %UXQR )U|KOLFK SULP SUHRW DO 3DURKLHL (YDQJKHOLFH 6LJKLúRDUD

SULPXO FRQWDFW FX VDOD GH FODVă 2UJD EL VHULFLL D vQWăULW VROHPQLWDWHD PRPHQWXOXL LDU SăULQWHOH +DQV %UXQR )U|KOLFK SULP SUHRW DO 3DURKLHL (YDQJKHOLFH 6LJKLúRDUD GXSă FH D URVWLW R VFXUWă UXJăFLXQH úL L D ELQHFXYkQWDW SH FHL SUH]HQĠL L D vQFXUDMDW SH FHL PLFL úL OH D GDW DVLJXUăUL SăULQĠLORU Fă úFRDOD FDUH WRFPDL úL D GHVFKLV SRUĠLOH HVWH XQD GH SUHVWLJLX Ä2ULFH vQFHSXW HVWH JUHX $FHVW SURYHUE V D DGHYHULW úL vQ SULYLQĠD DFHVWXL DQ úFRODU $VWă]L WUH EXLH Vă XLWăP FH D IRVW vQ XUPă úL Vă QH vQGUHSWăP SULYLULOH DVXSUD OXFUXULORU FDUH VWDX vQ IDĠD QRDVWUă &X WRDWH SUREOHPHOH FDUH H[LVWă vQ ĠDUD QRDVWUă vQ GRPHQLXO HGXFDĠLRQDO QRL FHL FDUH VXQWHP DVWă]L DLFL WUHEXLH Vă YHGHP úL SDUWHD SOLQă D SD KDUXOXL $YHP R úFRDOă FDUH HVWH PXOW PDL ELQH GRWDWă GHFkW PDMRULWDWHD úFROLORU GLQ ĠDUă úL FDUH VH DÀ ă SH SLFLRU GH HJDOLWDWH

FX PXOWH DOWH úFROL GLQ VWUăLQăWDWH DWkW GLQ SXQFW GH YHGHUH DO UHVXUVHORU XPDQH FkW úL DO ED]HL PDWHULDOH ùL WUHEXLH Vă QX XLWăP DFHVW OXFUX ÌQFHSHP QRXO DQ úFRODU FD GH RELFHL vQWU XQ OăFDú GH FXOW QX GRDU SHQ WUX IDSWXO Fă HVWH PDL DSURDSH GH úFRDOă úL HVWH R vQFăSHUH PDL PDUH FL úL SHQWUX Fă SH OkQJă GREkQGLUHD GH FXQRúWLQĠH OX FUXO FHO PDL LPSRUWDQW vQ YLDĠă HVWH DSOH FDUHD OD QHYRLD VHPHQLORU QRúWUL 'HVLJXU Fă H[LVWă R FRQFXUHQĠă úL R FRPSHWLĠLH vQ úFRDOă IăUă GH FDUH QX DU SXWHD H[LVWD SUR JUHV vQ DFHDVWă YLDĠă 'DU 'XPQH]HX QH vQYDĠă úL QH FHUH Vă QH VSULMLQLP vQWUH QRL PDL DOHV vQ ]LOHOH QRDVWUH FkQG LQGLYLGXD OLVPXO úL HJRLVPXO VXQW GH SULP UDQJ 'DFă QH VSULMLQLP UHFLSURF DWXQFL WRWXO QH YD SăUHD PDL XúRU´ D VSXV SăULQWHOH %UXQR )U|KOLFK 6HEDVWLDQ $1*+(/

ùWDFKHWD UăPkQH VXV OD *LPQD]LXOXL Ä1LFRODH ,RUJD´

'LUHFWRDUHD $GULDQD 6WvQJX D VSXV Ä%XQ YHQLW´ HOHYLORU

ÌQ FXUWHD *LPQD]LXOXL GH 6WDW Ä1LFRODH ,RUJD´ GLQ 6LJKLúRDUD HOHYLL DúWHSWDX LHUL VWUkQúL vQ FDUHX vQFHSHUHD IHVWLYLWăĠLL GH GHVFKLGHUH D QRXOXL DQ úFRODU ùL DLFL FHL PDL HPRWLRQDĠL DX IRVW FRSLLL FDUH DX SăúLW SHQWUX SULPD GDWă SUDJXO úFROLL vQ FODVD SUHJăWLWRDUH VDX vQ FODVD vQWkL

Ä%XFXULLOH YDFDQĠHL V DX WHUPLQDW´ ÌQVRĠLĠL GH SăULQĠL IUDĠL VXURUL ERER FLL ÄvQDUPDĠL´ FX À RUL SHQWUX GRDPQHOH vQYăĠăWRDUH DX DúWHSWDW FX QHUăEGDUH GDU úL FX PDUL HPRĠLL Vă vúL FXQRDVFă QRLL

(OHYLL DX IRVW vQVRĠLĠL GH SăULQĠL IUDĠL úL VXURUL

FROHJL SUHFXP úL SH FHOH VDX FHL FDUH OH YRU vQGUXPD SDúLL vQ YLDĠă vQ XUPăWRULL SDWUX DQL Ä'H DVWă]L EXFXULLOH YDFDQĠHL V DX WHUPLQDW GDU vQFHS EXFXULLOH úFROLL DGLFă EXFXULD GH D DÀ D OXFUXUL QRL GH D DFXPXOD FXQRúWLQĠH QRL 'H DVWă]L VXQWHĠL PDL PDUL XQ SLF PDL IUXPRúL XQ SLF PDL GHúWHSĠL XQ SLF úL WRW DúD vQ ¿ HFDUH DQ YRP GHYHQL GLQ FH vQ FH PDL EXQL 1RL FDGUHOH GLGDFWLFH DOH úFROLL QH VWUăGXLP Vă IDFHP GLQ YRL RDPHQL DGHYăUDĠL RDPHQL VHULRúL 0RPHQWHOH GH vQFHSXW GH DQ úFRODU VXQW XQLFH GDU SHQWUX XQLL VXQW PDL GHRVH ELWH ÌQ SULPXO UkQG DFHVWH PRPHQWH VXQW

LQWHUHVDQWH 6XÀ X WkQăU OD ³7RPSD 0LNORV´

$QLPDĠLH SH VWUă]LOH GLQ &HWDWH

%LVHULFD 0ăQăVWLULL SOLQă GH HOHYL SăULQĠL úL EXQLFL

ùWLUL

IRDU WH GHRVHELWH SHQWUX HOHYLL GLQ FODVD SUHJăWLWRDUH SHQWUX Fă VXQW FHL PDL PLFL GLQWUH FRSLLL FDUH YLQ OD úFRDOă úL SHQWUX Fă HVWH SULPXO DQ FkQG VH RUJDQL]HD]ă DFHDVWă FODVă 3XĠLQ PDL PDUL GDU WRW SHQ WUX SULPD GDWă vQ FXUWHD úFROLL VXQW úL HOHYLL FODVHL vQWkL WRW FX HPRĠLL PXOWH SHQWUX Fă D]L IDF FXQRúWLQĠă FX GRDPQD vQYăĠăWRDUH FDUH vL YD FRQGXFH SDWUX DQL vQ FăOăWRULD SULQWUH FLIUH OLWHUH FXQRúWLQĠH úL UHJXOL GH FRPSRU WDPHQW´ D VSXV $GULDQD 6WvQJX GLUHFWRDUHD *LPQD]LXOXL GH 6WDW ³1LFRODH ,RUJD´

ÌQYăĠăPkQW GH FDOLWDWH 'H DVHPHQHD QRXD GLUHFWRDUH DGMXQFWă &DUPHQ 3LQWHD D GDW DVLJXUăUL SăULQĠLORU Fă vQ SR¿ GD VFKLPEăULORU FDUH VH SURGXF vQ VLVWHPXO GH vQYăĠăPkQW FDOLWDWHD SURFH VXOXL GH vQYăĠăPkQW QX YD DYHD GH VXIHULW Ä7UăLP DVWă]L FX WRĠLL HPRĠLLOH XQXL QRX vQFHSXW 6SHUăP FD OXFUXULOH Vă PHDUJă OD IHO GH ELQH FD úL SkQă DFXP 1X WUHEXLH Vă QH VSHULHP GH VFKLPEăUL HOH YLQ FKLDU GDFă OH DúWHSWăP VDX QX 6XQW FRQYLQVă Fă PRGXO GH D PXQFL vQ DFHDVWă úFRDOă QH YD PHQĠLQH vQ IUXQWHD úFROLL VLJKLúRUHQH´ D SUHFL]DW GL UHFWRDUHD DGMXQFWă &DUPHQ 3LQWHD 6HEDVWLDQ $1*+(/

7HUPLQkQGX úL PDQGDWXO GH FLQFL DQL IRVWXO GLUHFWRU DUWLV WLF DO FRPSDQLHL ³7RPSD 0LNOyV´ D 7HDWUXOXL 1D ĠLRQDO GLQ 7 k U J X 0 X U H ú .|YHVG\ ,VWYiQ VH GHVSDUWH GH WUXSă ORFXO OXL ¿ LQG OXDW GH UHJL]RUXO .HUHV]WHV $WWLOD ³$P vQFHUFDW Vă FDXW XQ FRQGXFăWRU XQ OLGHU WkQăU FX XQ FXYkQW JUHX GH VSXV ÌQWU XQ WHDWUX XQGH DL R VLWXDĠLH IRDUWH FRPSOLFDWă XQGH ¿ HFDUH GLQWUH UHDOL]DWRULL XQXL VSHFWDFRO VXQW DUWLúWL DL QHYRLH GH R PkQă IRUWH (X vO FXQRVF SH .HUHV]WHV $WWLOD GLQ VWXGHQĠLPH DP úL MXFDW vPSUHXQă vQWU XQ VSHFWDFRO $P FXQRVFXW DWXQFL XQ WkQăU IRDUWH GHVFKLV OD PLQWH FX HQHUJLL SR]LWLYH DWXQFL ¿ LQG VWXGHQW OD &OXM OD DFWRULH GXSă FDUH D vQ FHSXW Vă UHJL]H]H VXE EDJKHWD OXL 7RPSD *DERU vQWUH WLPS GHYHQLQG úL SURIHVRU OD 8QLYHUVLWDWHD ³%DEHú %RO\DL´ D SUHFL ]DW *DVSDULN $WWLOD GLUHFWRUXO 7HDWUXOXL 1DĠLRQDO GLQ 7kUJX 0XUHú $ =

0XOĠL WXULúWL vQ MXGHĠXO 0XUHú 3URFHQWXO WXULúWLORU FDUH DX YL]LWDW MXGHĠXO 0XUHú vQ SULPHOH úDSWH OXQL DOH DQXOXL DSURDSH V D GX EODW &RQ IRUP GDWHORU IXUQL]DWH GH 'LUHFĠLD -XGHĠHDQă GH 6WDWLVWLFă 0XUHú VWUXF WXULOH GH FD]DUH GLQ MXGHĠXO 0XUHú DX IRVW JD]GD XQXL QXPăU GH GH WXULúWL FX PDL PXOĠL IDĠă GH SHULRDGD VLPLODUă D DQXOXL WUHFXW ùL QXPăUXO GH vQQRSWăUL D DFHVWRUD D vQUHJLVWUDW R FUHúWHUH FX GX UDWD PHGLH D VHMXUXOXL ¿ LQG GH GRXă vQQRSWăUL SH WXULVW ³,QGLFHOH GH XWL OL]DUH QHWă D ORFXULORU GH FD]DUH vQ OXQD LXOLH D IRVW GH SH WRWDO VWUXFWXUL GH FD]DUH WXULVWLFă vQ FUHúWHUH FX SXQFWH SURFHQWXDOH IDĠă GH OXQD LXOLH 'XSă ĠDUD GH RULJLQH D WXULúWLORU VWUăLQL SRQGHUHD FHD PDL PDUH DX DYXW R FHL GLQ 8Q JDULD SHUVRDQH *HU PDQLD SHUVRDQH GDU úL XQ QXPăU VHPQL¿ FDWLY GLQ 5HSXEOLFD 0ROGRYD SHUVRDQH ,WD OLD SHUVRDQH úL 6SDQLD SHUVRDQH ´ D DUăWDW ,RDQ 0DWHL GLUHFWRUXO H[H FXWLY DO 'LUHFĠLHL -XGHĠHQH GH 6WDWLVWLFă 0XUHú $ 0

%LUR =VROW VăJHĠL FăWUH 8'05 3UHúHGLQWHOH RUJDQL]DĠLHL 0XUHú D &RQVLOLXOXL 1DĠLRQDO 6HFXLHVF &16

%LUR =VROW D GHFODUDW LHUL vQ FDGUXO XQHL FRQIHULQĠH GH SUHVă Fă D DYXW R WHPHUH Fă 8'05 YD IRORVL vQ VFRS HOHFWRUDO LQLĠLDWLYD FHWăĠHQHDVFă OD QLYHO HXURSHDQ UHIHULWRDUH OD DXWRGH WHUPLQDUHD PLQRULWăĠLORU úL Fă DFHVW IDSW L V DU ¿ DGHYHULW RGDWă FX SUH]HQ WDUHD LQWHQĠLHL 8'05 GH D SURPRYD DFHDVWă LQLĠLDWLYă SULQ )8(1 ³(X DP SUH]HQWDW SURLHFWXO QRVWUX VWDWXWXO QRVWUX GH DXWRQRPLH FHL GH OD &107 DX SUH]HQWDW OD UkQGXO ORU XQ SUR LHFW FDUH YL]HD]ă DXWRQRPLD ]RQHORU SRSXODWH SUHSRQGHUHQW GH PDJKLDUL GLQ %LKRU 6ăODM UHVSHFWLY 6DWX 0DUH &HL GH OD 8'05 QX DX DYXW XQ DVHPH QHD SURLHFW GH SUH]HQWDW (X DP YRU ELW úL GH SURLHFWXO QRVWUX GH LQLĠLDWLYă OHJLVODWLYă FDUH VH UHIHUă OD SROLWLFD GH FRH]LXQH vQ UHJLXQLOH HXURSHQH FDUH VH GLVWLQJ SULQ FXOWXUă OLPEă úL WUDGLĠLH ÌQ VFKLPE 8'05 VH WUH]HúWH Vă VWUkQJă DFXP XQ PLOLRQ GH VHPQăWXUL SHQWUX GUHSWXULOH PLQRULWăĠLORU úL SHQWUX DVWD HL FDXWă DOLDĠL LQFOXVLY vQ FDGUXO )8(1´ D D¿ UPDW %LUR =VROW FL WDW GH $JHUSUHV 6 7

Ì19ĂğĂ0Æ17 VHSWHPEULH

3HUIRUPDQĠD GHYL]D *LPQD]LXOXL GH 6WDW ³0LURQD´ ÌQDLQWHD vQFHSHULL IHVWLYLWăĠLL FHL PLFL vúL vPSăUWăúHDX vQWkPSOăUL GLQ YDFDQĠă

3ăULQĠLL DOăWXUL GH FRSLLL ORU vQ SULPD ]L GH úFRDOă

*LPQD]LXO GH 6WDW ³0LURQD´ GLQ 5HJKLQ úL D GHVFKLV SRUĠLOH SHQWUX XQ QRX DQ úFRODU ÌQWU R DWPRVIHUă IHVWLYă GDU FkW VH SRDWH GH SULHWHQRDVă úL SOLQă GH DIHFĠLXQH SURIHVRULL DX VSXV ³EXQ YHQLW´ FHORU FDUH FX HPRĠLH V DX SUHJăWLW SHQWUX R QRXă HWDSă GH YLDĠă 0XOWH VXFFHVH OH DX XUDW HOHYLORU úL $OH[DQGUX 3HWUX )UăWHDQ SUH IHFWXO MXGHĠXOXL 0XUHú ùWHIDQ 6RPHúDQ LQVSHFWRU úFRODU JHQHUDO 0DULD 3UHFXS SULPDUXO PXQLFLSLXOXL úL 9DVLOH *OLJD GHSXWDW FHO FDUH D SXV ED]HOH DFHVWHL XQLWăĠL GH vQYăĠăPkQW

*LPQD]LXO ³0LURQD´ XQ H[HPSOX ÌPEUăFDĠL vQ XQLIRUPD FDUH vL GHRVHEHúWH GH DOWH XQLWăĠL GDU FDUH WRWRGDWă OH FRQIHUă R DSDUWHQHQĠă GH FDUH VXQW PkQGUL HOHYLL JLPQD]LXOXL úL SăULQĠLL DFHVWRUD DX IRVW SULPLĠL FX FăOGXUă úL DX IRVW DVLJXUDĠL Fă vQYăĠăWXUD OD IHO FD úL GDQVXO YRU ¿ vQWRW GHDXQD OD JUDG GH SHUIRUPDQĠă vQ XQLWDWHD SH FDUH R IUHFYHQWHD]ă ³6XQWHP RQRUDĠL Fă DYHP FXUWHD SOLQă GH YLDĠă úL VXQWHP

FRQúWLHQĠL GH UHVSRQVDELOLWD WHD SH FDUH QH R DVXPăP DYkQG FRSLLL G YRDVWUă OD QRL vQ FXUWH 6XQW HIRUWXUL GHRVHELWH GDU vQ DFHODúL WLPS H R PDUH VDWLVIDFĠLH D IDPL OLHL´ D GHFODUDW 9DVLOH *OLJD $FHODúL VHQWLPHQW GH EXFXULH úL GH PkQ GULH D IRVW FRQWXUDW úL GH $OH[DQGUX 3HWUX )UăWHDQ FDUH D ĠLQXW Vă SUHFL]H]H IDSWXO Fă *LPQD]LXO GH 6WDW ³0LURQD´ HVWH XQ H[HPSOX vQ FHHD FH SULYHúWH GH]YROWDUHD XQXL VLVWHP GH vQYăĠăPkQW FDUH HVWH vQ DYDQWDMXO SăULQĠLORU DO FRSLLORU úL DO vQWUH JLL VRFLHWăĠL 3UHIHFWXO D ĠLQXW Vă R IHOLFLWH SH 0DULD 3UHFXS SULPDUXO PXQLFLSLX OXL H[SULPkQGX úL vQFUHGHUHD Fă úFROLOH UHJKLQHQH QX YRU vQWkPSLQD SUREOHPH GHRVHELWH ³&D SUHIHFW YUHDX Vă DVLJXU SH WRDWă OXPHD Fă YRL YHJKHD IăUă QLFL XQ IHO GH SUHJHW OD OHJDOLWDWHD vQWUHJLL QRDV WUH DFWLYLWăĠL OD FRQVROLGDUHD LQVWLWXĠLLORU VWDWXOXL ÌPSUHXQă FHO SXĠLQ SH ]RQD GH vQYăĠăPkQW úL GH DGPLQLVWUDĠLH ORFDOă úL FX GRPQXO 6RPHúDQ úL FX GRDPQD 0DULD 3UHFXS SDV FX SDV YRP DGXFH R QRUPDOL WDWH GLQ WRDWH SXQFWHOH GH YHGHUH vQ WRDWH

LQVWLWXĠLLOH VWDWXOXL vQ MXGHĠXO 0XUHú´ D GHFODUDW SUHIHFWXO

ùFRDOă VSHFLDOă HOHYL VSHFLDOL SăULQĠL VSHFLDOL 8úRU WLPL]L GDU WRWXúL vQFUH]ăWRUL vQ SUL PD ]L GH úFRDOă HOHYLL DX SULPLW vQFXUDMăUL úL DSODX]H ³1H DIăP vQWU R úFRDOă VSHFLDOă FX HOHYL VSHFLDOL FX SăULQĠL VSH FLDOL ÌQ DFHDVWă úFRDOă VXQW GH DQL GH ]LOH HOHYL PHULWXRúL HOHYL FDUH GXF úL SUHVWLJLXO 5HJKLQXOXL GXF úL SUHVWLJLXO MXGHĠXOXL úL DO ĠăULL SHVWH KRWDUH SULQ FHHD FH IDF vQ DFHDVWă úFRDOă vQ PRG FX WRWXO úL FX WRWXO GHRVHELW´ D GHFODUDW ùWHIDQ 6RPHúDQ LQVSHFWRU úFRODU JHQHUDO $FHVWD D ĠLQXW Vă SUHFL]H]H IDSWXO Fă vQFHSXWXO DQXOXL úFRODU HVWH XQ SULOHM GH EXFXULH DWkW SHQ WUX FHL PLFL FkW úL SHQWUX SăULQĠLL ORU 0DULD 3UHFXS SULPDUXO PXQLFLSLXOXL 5HJKLQ D ĠLQXW Vă IHOLFLWH FRQGXFHUHD XQLWăĠLL SHQWUX FRPSHWHQĠD GH FDUH DX GDW GRYDGă FDGUHOH GLGDFWLFH ³3HQWUX Fă 5HJKLQXO DUH HOHYL HPLQHQĠL FDGUH GL GDFWLFH HPLQHQWH DYHP UH]XOWDWH IRDUWH

EXQH vQ MXGHĠ VXQWHP PkQGUL GH SURFHVXO GH vQYăĠăPkQW GLQ PXQLFLSLXO 5HJKLQ´ D H[SOLFDW 0DULD 3UHFXS FDUH L D vQGHP QDW SH FRSLL Vă QX ¿ H WULúWL Fă V D WHUPLQDW YDFDQĠD GHRDUHFH úFRDOD OH YD RIHUL IRDUWH PXOWH EXFXULL

3UHPLHUHD UH]XOWDWHORU (OHYLL JLPQD]LXOXL L DX vQFkQWDW SH FHL GH IDĠă FX R GHPRQVWUDĠLH D PăLHVWLUHL ORU vQ GDQV VSRUWLY 'H DVHPHQHD SHQWUX UH ]XOWDWHOH IRDUWH EXQH REĠLQXWH OD GLYHUVH FRQFXUVXUL úFRODUH DX IRVW SUHPLDĠL HOHYLL $QDPDULD 7RPROHD FODVD D 9,,, D FDUH D REĠLQXW ORFXO , SH ĠDUă OD &RQFXUVXO GH HYDOXDUH vQ HGXFDĠLH OD OLPED úL OLWHUDWX UD URPkQă úL 7XGRU 3LOFă FDUH D REĠLQXW PHQĠLXQH OD 7DEăUD LQWHUQDĠLRQDOă GH PDWHPDWLFă ³'RUHVF vQ QXPHOH WXWXURU Vă Yă XUH] PXOWă PXOWă VăQăWDWH vPSOLQLUL vQ DFWLYLWDWHD G YRDVWUă úL Vă Yă DVLJXU Fă SHUIRUPDQĠD YD UkPkQH PHUHX GHYL]D DFHVWHL úFROL´ D GHFODUDW =RH 3vUkLDQX SURIHVRU GH OLPED úL OLWHUDWXUD URPkQă 2DQD 0Ă5*,1($1

IDFHERRN FRP ]LGH]L

Ì19ĂğĂ0Æ17

&RQGXFHUH QRXă GDVFăOL QRL OD ,HUQXW ùFRDOD *HQHUDOă GLQ ,HUQXW úL D GHVFKLV LHUL SRUĠLOH SUHJăWLWă Vă úL SULPHDVFă HOHYLL SHQWUX QRXO DQ úFRODU 3UHJăWLWă SRDWH HVWH PXOW VSXV GHRDUHFH RELúQXLWHOH OXFUăUL GH UHQRYDUH QX DX IRVW ¿ QDOL]DWH vQ WRWDOL WDWH 'LQ SXQFW GH YHGHUH DO SHUVRQDOXOXL GLGDFWLF VWUXFWXUD D VXIHULW PDL PXOWH PRGL¿ FăUL 1RXO GLUHFWRU HVWH +RUDĠLX 0ROGRYDQ XQ WkQăU SOLQ GH HODQ úL HQWX ]LDVP 'LUHFWRU DGMXQFW HVWH 'HPHWHU (U ]VHEHW HGXFDWRDUH FX PXOWă H[SHULHQĠă VRVLWă GLQ vQYăĠăPkQWXO SUHúFRODU RGDWă FX LQWURGXFHUHD ÄFODVHL ´

&ODVD SUHJăWLWRDUH GHFL]LH SULSLWă Ä'HFL]LD vQ¿ LQĠăULL DúD ]LVHL FODVHL ]HUR R FRQVLGHU XQD SULSLWă QHSUHJăWLWă vQGHD MXQV $FHDVWD V DU SXWHD Vă EXOYHUVH]H XQLWăĠLOH GH vQYăĠăPkQW SUHúFRODU 8QHOH YRU DYHD SUREOHPH PXOWH FDGUH vúL YRU

SLHUGH ORFXULOH GH PXQFă 'LQ IHULFLUH PD MRULWDWHD FDGUHORU WLQHUH DX úL R D GRXD VSH FLDOL]DUH úL SRW WUHFH OD FODVHOH SUHJăWLWRDUH´ HVWH GH SăUHUH 'HPHWHU (U]VHEHW

ùWLUL

LQWHUHVDQWH

3URIHVRDUH GHEXWDQWH

6WHDXD )&0 vQ &XSD 5RPkQLHL

7RW SULQWUH FDGUHOH QRL DOH úFROLL VH QXPăUă úL GRXă WLQHUH SURIHVRDUH VRVLWH OD ,HUQXW FX SXĠLQ WLPS vQDLQWH GH vQFHSHUHD QRXOXL DQ úFRODU ÄÌQFă QX SXWHP YRUEL GHVSUH LQWHJUDUH GRDU vQ FHHD FH SULYHúWH FROHJLL 'LQ FkWH DP SXWXW FRQVWDWD HVWH XQ FROHFWLY SOăFXW FR OHJL FDUH QH DX SULPLW FX PXOWă DPDELOLWDWH 5HODĠLLOH FX FRSLLL DELD DFXP vQFHS úL VSHUăP Fă YRU YHQL úL UH]XOWDWHOH´ D VSXV $QGUHHD %X FXU SURIHVRU GH IUDQFH]ă DÀ DWă OD DO GRLOHD DQ vQ vQYăĠăPkQW GXSă XQXO SHWUHFXW OD 6ăUPDú &ROHJD VD WkUJXPXUHúHDQFD 0DULDQD 'LDQD 2SUHD HVWH úL PDL FRSOHúLWă GH HPRĠLL DIOkQGX VH OD GHEXWXO VăX FD SURIHVRDUă GH JHRJUD¿ H Ä3HQWUX PLQH HVWH XQ GUXP QRX VXQW OD GH EXW vQ vQYăĠăPkQW úL DP PDUL HPRĠLL 3ULPHOH ]LOH VXQW PDL JUHOH úL VSHU FD DFHVWH HPRĠLL Vă VH ULVLSHDVFă vQ FHO PDL VFXUW WLPS´ D VSXV úL WkQăUD SURIHVRDUă D úFROLL GLQ ,HUQXW 0LKDL 9(5(ù

,HUL D DYXW ORF WUDJHUHD OD VRUĠL D úDLVSUH]HFLPLORU &XSHL 5RPkQLHL OD IRWEDO ID]ă vQ FDUH LQWUă vQ FRPSHWLĠLH úL HFKLSHOH GLQ /LJD 'LYL]LRQDUD VHFXQGă )& 0XQLFLSDO 7kUJX 0XUHú YD vQWkOQL vQ GHSOD VDUH 6WHDXD %XFXUHúWL $VWIHO GXSă FH vQ SULPXO DQ GLQ /LJD ,, PXUHúHQLL SULPHDX YL]LWD FHORU GH OD 'LQDPR vQ DFHHDúL ID]ă D FRPSHWLĠLHL ¿ LQG HOLPLQDĠL vQ DOWH GRXă HGLĠLL GH XOWLPHOH FDPSLRDQH &)5 &OXM úL 2ĠHOXO *DODĠL GH ¿ HFDUH GDWă vQ GHSODVDUH VH SDUH Fă ³PXQLFLSDOLL´ DX SDUWH GRDU GH DGYHU VDUH GH FDOLEUX ÌQ XOWLPD FRQIUXQWDUH GLQWUH FHOH GRXă vQ UHWXUXO FDPSLR QDWXOXL WUHFXW PXUHúHQLL DX vQYLQV FX 0 9

&ROHJLXO ³8QLUHD´ GUXPXO FăWUH FDULHUH GH VXFFHV

2DVSHĠL VWUăLQL OD )LODUPRQLFă 'XSă FH 0DHVWUXO 6KLQ\D 2]DNL D PR QRSROL]DW EDJKHWD GLULMRUDOă D vQFHSX WXOXL GH VWDJLXQH OD )LODUPRQLFD 7kUJX 0XUHú YLQH UkQGXO XQXL UHSUH]HQWDW DO ĠăULL WDQJRXOXL Vă ¿ H RDVSHWH DO )LODU PRQLFLL 7kUJX 0XUHú (VWH YRUED GH GLULMRUXO DUJHQWLQLDQ 3DEOR %RJJLDQR FDUH DOăWXUL GH $GDP 0LWDO YLRORQFHO (OYHĠLD VXQW SURWDJRQLúWLL FRQFHUWX OXL )LODUPRQLFLL 7kUJX 0XUHú GH MRL VHSWHPEULH $ =

3ORDLH GH JROXUL vQ /LJD ,9 &XUWHD &ROHJLXOXL 8QLUHD QHvQFăSăWRDUH OD GHVFKLGHUHD QRXOXL DQ úFRODU 3ULPDUXO 'RULQ )ORUHD SUH]HQW OD GHEXWXO QRXOXL DQ úFRODU OD 8QLUHD

&XUWHD &ROHJLXOXL 1DĠLRQDO ³8QLUHD´ GLQ 7kUJX 0XUHú D GHYHQLW LHUL QHvQFăSăWRDUH FX RFD]LD GHVFKLGHULL QRXOXL DQ úFRODU OD FDUH DX DVLVWDW SăULQĠL UXGH SULHWHQL YHQLĠL OD XQ QRX PRPHQW GH vQFHSXW vQ LV WRULD &ROHJLXOXL ³8QLUHD´

YL]LXQHD QRDVWUă DVXSUD HGXFDĠLHL DVWIHO vQFkW Vă UăVSXQGHP vQ FRQWLQXDUH QLYHOX OXL FDOLWDWLY úL SHUIRUPDQW SH FDUH O D DYXW vQWRWGHDXQD &ROHJLXO 1DĠLRQDO ³8QLUHD´ GLQ 7kUJX 0XUHú´ &ULVWLDQD &KLUD GLUHF WRUXO &ROHJLXOXL 1DĠLRQDO ³8QLUHD´

ÌQYăĠăPkQW GH FDOLWDWH

³$GHYăUDWD vPSOLQLUH YLQH GLQVSUH RDPHQL´

&HL PDL HPRĠLRQDĠL DX IRVW ERERFLL FDUH DX IăFXW SULPL SDúL vQ úFRDOD FDUH vL YD Jă]GXL DQL GH ]LOH GH DFXP vQDLQWH HPRĠLRQDĠL OD vQWkOQLUHD FX QRLL SURIHVRUL QRLL FROHJL FX VăOLOH GH FXUV 1RXD FRQGX FHUH D úFROLL D UHDPLQWLW FHORU SUH]HQĠL GH UROXO úL LPSRUWDQĠD DFWXOXL HGXFDĠLRQDO GH UROXO SH FDUH &ROHJLXO ³8QLUHD´ vO DUH vQ SUHJăWLUHD HOHYLORU HOHYL FDUH Vă vúL IRUPH]H ED]D QHFHVDUă GH FXQRúWLQĠH vQ GUXPXO ORU FăWUH R FDULHUă GH VXFFHV ³(GL¿ FDUHD XQXL PRGHO HXURSHDQ DO OXPLL FRQWHPSRUDQH QX VH SRDWH UHDOL]D GHFkW SULQ SURPRYDUHD YDORULORU IXQGDPHQWDOH DOH FXOWXULL HGXFDĠLHL úWLLQĠHL úL PRUDOHL ÌQ DFHDVWă SHUVSHFWLYă GHVFKLVă LQWHJUăP

0HVDMXO FRQGXFHULL úFROLL FkW úL DO UHSUH ]HQWDQĠLORU SăULQĠLORU úL QX vQ XOWLPXO UkQG DO FRQGXFHULL 3ULPăULHL 7kUJX 0XUHú V D vQGUHSWDW FăWUH FHL FDUH SRUQHVF OD XQ QRX vQFHSXW FX RFD]LD VWDUWXOXL XQXL QRX DQ úFRODU SUHFXP úL SURIHVRULORU DFHVWRUD SDUWH FRPSRQHQWă vQ FRQVROLGDUHD XQXL EDJDM GH FXQRúWLQĠH HOHYLORU XQLULúWL 1X vQ FHOH GLQ XUPă FHL PDL WL QHUL XQLULúWL SULQ ERERFXO 7XGRU %XLFX DX WUDQVPLV XQ JkQG GH VSHUDQĠă SHQWUX GHEXWXO QRXOXL DQ úFRODU SUHVăUDW FX HPRĠLH úL EXFXULH OD &ROHJLXO 1DĠLRQDO ³8QLUHD´ ³7UDQVPLWHP FX DFHVW SULOHM GH VăUEăWRDUH

DSUHFLHUHD SHQWUX PRGXO RQRUDELO vQ FDUH FRUSXO SURIHVRUDO DO úFROLL QRDVWUH HOH YLL úL SăULQĠLL DX FRQIHULW HGXFDĠLHL UROXO IRUPDWRU SH FDUH DFHDVWD vO LQVWLWXLH (L VXQW RDPHQLL FDUH SULQ SXWHUHD FUHDWRDUH D PLQĠLORU QHRERVLWH SULQ WHQDFLWDWHD úL GăUXLUHD ORU SULQ PRGXO vQ FDUH vúL YDORUL]HD]ă FRQVWDQW FXQRúWLQĠHOH GHYLQ XQ DGHYăUDW UHSHU 6DWLVIDFĠLLOH SURIHVLR QDOH VXQW GHWHUPLQDWH GH IDSWHOH QRDV WUH GDU DGHYăUDWD vPSOLQLUH úL YDORDUHD YLHĠLL QRDVWUH YLQH GLQVSUH RDPHQL GLQ VSUH SăULQĠLL FDUH úWLP Fă DX FRQWULEXLW GLQ WRWGHDXQD OD DUKLWHFWXUD HGXFDWLYă D úFROLL QRDVWUH ùFRDOD VH FOăGHúWH vQ SULPXO UkQG SULQ HOHYL HL VXQW FHL FDUH QH vQVXÀ HĠHVF GăUXLQGX QH GLQ WLQHUHĠHD úL IUXPXVHĠHD ORU ÌQFHSkQG GH DVWă]L GUDJL HOHYL XQLULúWL Yă GRULP XQ DQ DO vPSOLQLULORU DO SHUIRUPDQĠHL L]YRUkWH GLQ LQWHUHVXO YRVWUX SHQWUX vQYă ĠăWXUă´ D PHQĠLRQDW &ULVWLDQD &KLUD

$OLQ =$+$5,(

'XSă GLVSXWDUHD HWDSHL D ,9 D GLQ /LJD ,9 GH IRWEDO 0XUHú WULRXO IUXQWDú D UăPDV QHvQYLQV FX PD[LPXP GH SXQFWH /LGHUXO 0XUHúXO /XGXú D VXUFODVDW FX $YkQWXO 0LKHúX GH &kPSLH úL DUH XQ JRODYHUDM GH 0XUHúXO 5XúLL 0XQĠL D vQYLQV OD &6 ,HUQXW FX LDU /DFXO 8UVX 0RELOD 6RYDWD D FkúWLJDW FX DFHODúL VFRU OD )& MXQLRU 7kUJX 0XUHú /H XUPHD]ă vQ FODVDPHQW $&6 0LHFXUHD 1LUDMXOXL FX SXQFWH GXSă YLFWRULD FX vQ IDĠD $&6 6ăUPDúX 0XOWH JROXUL V DX vQ VFULV úL vQ SDUWLGHOH ÌQIUăĠLUHD 9DOHD ,] YRDUHORU $606( 0XUHúXO &XFL *D] 0HWDQ 'DQHú úL 0XUHúXO 1D]QD *OLJD 5HJKLQ 0 9

,QGXVWULD PXUHúHDQă SH SUR¿ W (YROXĠLH IDYRUDELOă D LQGXVWULHL PXUHúHQH SH SULPHOH úDSWH OXQL FRP SDUDWLY FX SHULRDGD VLPLODUă D DQXOXL WUHFXW 3RWULYLW GDWHORU IXUQL]DWH GH 'LUHFĠLD -XGHĠHDQă GH 6WDWLVWLFă 0XUHú LQGLFHOH SURGXFĠLHL LQGXVWULDOH D IRVW GH vQUHJLVWUkQG R FUHúWHUH FX ³&LIUD GH DIDFHUL GLQ LQGXV WULH UHDOL]DWă GH DJHQĠLL HFRQRPLFL GLQ MXGHĠ DWkW SH SLDĠD LQWHUQă FkW úL SH FHD H[WHUQă vQ SULPHOH úDSWH OXQL DOH DQXOXL D vQUHJLVWUDW R FUHúWHUH FX IDĠă GH SHULRDGD FRUHVSXQ]ăWRDUH D DQXOXL DQWHULRU´ D SUHFL]DW ,RDQ 0D WHL GLUHFWRUXO H[HFXWLY DO 'LUHFĠLHL -XGHĠHQH GH 6WDWLVWLFă 0XUHú $ 0

&8/785Ă VHSWHPEULH

ùWLUL

LQWHUHVDQWH &RSLLL SRW ¿ vQVFULúL OD 3DODWXO &RSLLORU ÌQFHSkQG GH LHUL SăULQĠLL vúL SRW vQVFULH FRSLLL FXSULQúL vQWU R IRUPă GH vQYăĠăPkQW OD FHOH FHUFXUL FDUH IXQFĠLRQHD]ă OD 3DODWXO &RSLLORU GLQ 7kUJX 0XUHú Ä$VWIHO SăULQĠLL SRW DOHJH Vă vúL vQVFULH FRSLOXO OD FHUFXULOH GLVSRQLELOH vQ DFHVW DQ úFRODU GXSă FXP XUPHD]ă WHQLV GH PDVă GDQV PRGHUQ GDQV FODVLF EDOHW DHURPRGHOH RUDWRULH úL GH]EDWHUH DUWă WH[WLOă DXWRPRGHOH RSHUDUH úL SURJUDPDUH SH FDOFXODWRU FHQDFOX OLWHUDU FDQWR OLPED JHUPDQă OLPED HQJOH]ă IRWR FLQHFOXE MXGR NDUWLQJ SLFWXUă FRQVWUXFĠLL HOHFWURQLFH úL GDQV SRSXODU ÌQ FDGUXO FHUFXUL ORU PDL VXV DPLQWLWH vúL GHVIăúRDUă DFWLYLWDWHD JUXSH VSHFLDOL]DWH vQ OLPED IUDQFH]ă WHDWUX LV WRULD UHOLJLLORU 7DL FKL úL MXUQDOLVP´ D SUHFL]DW ,RODQGD &ăWLQHDQ GLUHFWRUXO 3DODWXOXL &RSLLORU GLQ 7kUJX 0XUHú 3HULRDGD GH vQVFULHUH GXUHD]ă SkQă OD GDWD GH VHSWHPEULH LDU GHVFKLGHUHD IHVWLYă D FXUVXULORU YD DYHD ORF VkPEăWă VHS WHPEULH GH OD RUD LDU FXUVXULOH YRU GHEXWD SH GDWD GH RFWRPEULH ,QIRUPDĠLL VXSOLPHQ WDUH SRW ¿ REĠLQXWH OD QXPăUXO GH WHOHIRQ $ 0

3URJUDP DQWLVWUHV $VRFLDĠLD 6ăQăWDWH úL 6SHUDQĠă GLQ 7kUJX 0XUHú RUJDQL]HD]ă vQFHSkQG GLQ OXQD RFWRPEULH SUR JUDPXO JUDWXLW ³0LQWH VăQăWRDVă vQ FRUS VăQăWRV´ SULQ FDUH VH RUJDQL]HD]ă FXUVXUL GH FRPEDWHUH D VWUHVXOXL SHQWUX GH ORFXLWRUL DL RUDúXOXL D D¿UPDW LHUL 6LPRQD &LII SUHúHGLQWHOH DVRFLDĠLHL ³ÌQ DFHDVWă SHULRDGă $VRFLDĠLD 6ăQăWDWH úL 6SHUDQĠă GHUXOHD]ă XQ SURJUDP SHQWUX GH WkUJXPXUHúHQL VH QXPHúWH ³0LQWH VăQăWRDVă vQ FRUS VăQăWRV´ vQ FDUH GH WkUJXPXUHúHQL YRU EHQH¿FLD GH WHKQLFL GH FRQWUROXO VWUHVXOXL YRU vQYăĠD FDUH VXQW HIHFWHOH VHFXQGDUH DO VWUHVXOXL úL FH SRW Vă IDFă Vă OH SUHYLQă YRU vQYăĠD SULQFLSL LOH XQXL VWLO GH YLDĠă VăQăWRV úL YRU ¿ DFWLYLWăĠL GH WHDP EXLOGLQJ OD PLQLDGYHQWXUH SDUFXO GLQ 3OD WRXO &RUQHúWL $P SRUQLW GH OD LGHHD Fă RDPHQLL úWLX úL HVWH IRDUWH SRSXODUL]DWă LGHHD Fă WUHEXLH Vă WH VSHOL SH PkLQL DOWIHO WH SRĠL vPEROQăYL úL SRĠL IDFH KHSDWLWă 'DU QX OL VH VSXQH Fă GDFă WH vQJUL MRUH]L SUHD PXOW GDFă WH VWUHVH]L SUHD PXOW GDFă WH vQIXULL SUHD PXOW SRĠL Vă WH vPEROQăYHúWL´ D GHFODUDQW SHQWUX $JHUSUHV 6LPRQD &LII 6 *

³'HVSUH RDPHQL úL PHOFL´ XQ UkVX¶ SOkQVX¶ URPkQHVF 7XUQHXO GH SURPRYDUH D ¿OPXOXL ³'HVSUH RDPHQL úL PHOFL´ vQ UHJLD OXL 7XGRU *LXU JLX SRSRVHúWH PDUĠL VHSWHPEULH RUD OD &LQHPDWRJUDIXO ³$UWD ´ 9RU RQR UD FX SUH]HQĠD R SDUH GLQ HFKLSD ¿OPXOXL 7XGRU *LXUJLX $QGL 9DVOXLDQX 2YLGLX &ULúDQ 9LYL 'UăJDQ 9DVLOH úL VH DúWHDSWă úL SUH]HQĠD DFWRUXOXL FOXMHDQ 'RUHO 9LúDQ

)DOLPHQWXO úL VROXĠLLOH WLSLF URPkQHúWL GH GXSă µ 6SHFWDWRULL YRU SXWHD GHVFRSHUL vQ FDGUXO ¿OPXOXL SRYHVWHD XQXL JUXS GH PXQFL WRUL FDUH OXFUHD]ă vQWU R IDEULFă DÀDWă vQ IDOLPHQW vQ 5RPkQLD GH OD vQFHSXWXO DQLORU ¶ 7RWXO VH VFKLPEă FkQG XQXO GLQWUH EăLHĠL JăVHúWH R VROXĠLH LQHGLWă PHQLWă Vă L VDOYH]H FROHJLL GH OD úRPDM úL Vă VFRDWă X]LQD GLQ IDOLPHQW )LOPXO HVWH FHO GH DO GRLOHD OXQJ PHWUDM vQ UH JLD OXL 7XGRU *LXUJLX GXSă ³/HJăWXUL %ROQăYLFLRDVH´ FDUH D DYXW SUHPLHUD vQ 5RPkQLD vQ 'LVWULEXĠLD ¿OPXOXL vL FXSULQGH SH DFWR ULL $QGL 9DVOXLDQX 'RUHO 9LúDQ 0RQLFD %vUOăGHDQX $QGUHHD %LELUL 9DOHULD 6HFLX 2YLGLX &ULúDQ ,RQ *URVX &ODUD 9RGă VDX $OLQD %HU]XQĠHDQX GDU úL GH LQWHUSUHWDUHD UHQXPLWXOXL DFWRU IUDQFH] -HDQ )UDQoRLV 6WHYHQLQ úL D ¿XOXL VăX 5RELQVRQ 6WHYHQLQ

³8Q ¿OP DSURDSH GH LQLPD VSHFWDWRUXOXL´ Ä( R PDUH EXFXULH SHQWUX PLQH GXSă FH DP Yă]XW UHDFĠLLOH VSHFWDWRULORU OD SULPHOH SUHPLHUL GH JDOă úL FUHG Fă HVWH ¿OPXO URPkQHVF FX FHO PDL PDUH QXPăU GH VSHFWDWRUL úL FHOH PDL PDUL vQFDVăUL GLQ XOWLPLL FLQFL DQL FHHD FH PL VH SDUH XQ OXFUX H[WUDRUGLQDU &UHG Fă DP IăFXW PDL ELQH GHFkW Ä OXQL VăSWăPkQL úL ]LOH´ úL Ä(X FkQG YUHDX Vă ÀXLHU ÀXLHU´ FDUH HUDX SkQă DFXP ¿OPHOH FX FHO PDL PDUH QXPăU GH VSHFWDWRUL GXSă SULPXO ZHHNHQG GH H[SORDWDUH ÌQVHDPQă Fă ¿O

PXO URPkQHVF vQFHSH Vă ¿H JXVWDW úL Fă DP IăFXW XQ ¿OP DSURDSH GH LQLPD VSHF WDWRUXOXL 1RL DVWD QH DP GRULW QX H XQ ¿OP FDUH Vă ¿H JkQGLW QHDSăUDW SHQWUX D FRQFXUD úL D DGXFH SUHPLL GH OD PDULOH IHVWLYDOXUL &HHD FH QH DP GRULW IRDUWH PXOW VXQWHP SH SXQFWXO GH D REĠLQH Vă DYHP VSHFWDWRUL PXOĠL´ D GHFODUDW 7XGRU *LXUJLX UHJL]RUXO ¿OPXOXL

8Q DPHVWHF GH UkVX¶ SOkQVX µURPkQHVF

5RPkQLD DQLORU µ SHUFHSXWă GH FHL WLQHUL

Ä7kUJXPXUHúHQLL Vă VH DúWHSWH OD XQ ¿OP FDUH Vă vL ELQHGLVSXQă OD XQ ¿OP FDUH R Vă OH VWkUQHDVFă PXOWH KRKRWH GH UkV ÌQ DFHODúL WLPS R Vă úL DGXFă DPLQWH úL FX QRVWDOJLH GH R SHULRDGă QX IRDUWH vQGHSkUWDWă GDU FDUH vQWU XQ IHO VDX DOWXO H IRDUWH SUH]HQWă 6XQW FRQYLQV Fă YRU ¿ VHQVLELOL]DĠL GH GUDPD SHUVRQDMHORU GLQ ¿OP GDU YRU SOHFD DFDVă úL FX R EXQă GLVSR]LĠLH ( XQ DPHVWHF GH UkVX¶ SOkQVX¶ URPk QHVF FDUH SkQă DFXP FX WRĠL FX FDUH DP YRUELW OD SUHPLHUHOH GH JDOă D IRVW IRDUWH JXVWDW &UHG Fă ¿OPXO HVWH R DOWHUQDWLYă EXQă úL YUHDX Vă L FRQYLQJ SH WkUJXPXUHúHQL Fă PHULWă Vă YDGă ¿OP URPkQHVF Fă QX WRDWH ¿OPHOH VXQW GHSULPDQWH WULVWH JUL úL Fă VH SRW IDFH úL ¿OPH FDUH Vă ĠL DGXFă ]kPEHWXO SH EX]H ´ 7XGRU *LXUJLX UHJL]RU Ä'HVSUH RDPHQL úL PHOFL´

3XEOLFXO VSHFWDWRU PDL SXĠLQ WkQăU YD SXWHD UHWUăL DWPRVIHUD DQLORU µ LDU FHL PDL WLQHUL DX RFD]LD Vă GHVFRSHUH R 5RPkQLH EXLPăFLWă GXSă HYHQLPHQWHOH GLQ µ Ä$P DYXW PDUHD EXFXULH Vă YăG Fă ¿OPXO D VWkUQLW UHDFĠLL SR]LWLYH úL GH OD RDPHQL GH GH DQL úL GH OD SXúWL GH GH DQL FDUH QX DX SULQV HSRFD DQLORU µ )LOPXO vQFHSH vQ vQ PRPHQ WXO FkQG 0LFKDHO -DFNVRQ D FRQFHUWDW vQ 5RPkQLD &HL IRDUWH WLQHUL VH XLWă OD DFHDVWă SHULRDGD FD OD XQD H[RWLFă úL OL VH SDUH IRDUWH LQWHUHVDQW WRW ORRN XO DFHVWD DO DQLORU µ WRDWH VWHUHRWLSXULOH úL DX SUREDELO R GHWDúDUH FDUH vL IDFH Vă UkGă PDL FX SRIWă GH FkW GH QDLYL HUDX URPkQLL úL FkW GH LGHDOLúWL HUDX vQ DFHD SHULRDGă´ D PHQĠLRQDW 7XGRU *LXUJLX

$OLQ =$+$5,(