Zi de zi 8 noiembrie

Page 1

3DJ

VRFLDO

(IHFWHOH QRFLYH DOH GURJXULORU

OHL

3DJ

vQYăĠăPkQW

3DJ

(GXFDĠLH SULQ WXULVP

VSRUW

3DJ

6XFFHV SHQWUX %& 1RYD 9LWD

VăQăWDWH

%XLFX VROLGDU FX $UDIDW

GLUHFWRU IRQGDWRU

LQ FXUV GH DXGLWDUH %5$7

$XUHOLDQ *5$0$

ZZZ ]L GH ]L UR

FXOWXUă

0HWHR

&XUV YDOXWDU

7kUJX 0XUHú

HXU XVG JU DXU

12$37($ =,8$

& & & & & &

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

R SDUWH GLQ YLDĠD WD

-RL QRLHPEULH $QXO 9,,, QU

7J 0XUHú 5HJKLQ 6LJKLúRDUD

SDJLQL

&RQFOX]LLOH Ä7UDQVLOYDQLD 2SHQ %XVLQHVV´ SH PDVD *XYHUQXOXL

3DJ

6ăUEăWRDUH OD 7HDWUXO 1DĠLRQDO

0HVDM FX RFD]LD =LOHL 6¿QĠLORU $UKDQJKHOL 0LKDLO úL *DYULO 6H VSXQH Fă vQ ¿H FDUH DQ vQ ]LXD GH QRLHPEULH RPHQLUHD VHUEHD]ă vQWUHDJD REúWH vQJHUHDVFă RGDWă FX VRERUXO 6¿QĠLORU $U KDQJKHOL 0LKDLO úL *DYULO ÌQ DFHDVWă ]L D vQJHULORU GRUHVF PXOWă VăQăWDWH úL IHULFLUH WXWXURU FH ORU FDUH SULQ QXPHOH ORU vL UHSUH]LQWă SH 6¿QĠLL $UKDQJKHOL 0LKDLO úL *DYULO )LH FD DFHúWL 6¿QĠL ÌQJHUL Vă Yă FăOă]HDVFă SDúLL úL Vă Yă OXPLQH]H YLDĠD /$ 08/ğ, $1, 0LKDLO 0LKDL 0LKDHOD *DYULO *DEULHO *DEULHOD *DEL 3UHúHGLQWH &RQVLOLXO -XGHĠHDQ 0XUHú &LSULDQ 'REUH

(GLWRULDO 3DJ

&RQFOX]LLOH FRQIHULQĠHL 7UDQVLOYDQLD 2SHQ %XVLQHVV ³3DUFXUL LQGXVWULDOH 2 7UHFXWXO RJOLQGLW vQ SUH]HQWXO WHDWUDO WkUJXPXUHúHDQ VWUDWHJLH QDĠLRQDOă´ FRQFUHWL]DWH vQWU XQ SURLHFW OHJLVODWLY Ä$FHDVWă FRQIHULQĠă HVWH XQ PRG GH H[SULPDUH SXEOLFă D XQHL LQWHQĠLL LDU DFĠLXQHD $OLQ =$+$5,( YD ¿ XQD H[WUHP GH VXVĠLQXWă´ D VSXV 0LKDL 9RLFX PLQLVWUX GHOHJDW SHQWUX 0HGLXO &H vQVHDPQă GH DQL vQ YLDĠD FDX WHDWUXO OD XQ QLYHO SH FDUH GH $IDFHUL LQVWLWXĠLL" 3HQWUX XQLL VXQW SUH]HQWXO vQFă vO FDXWă ³ÌQFXUDMăP FDSLWDOXO DXWRKWRQ QH LQWHUHVHD]ă vQ SULPXO UkQG FDSLWDOXO URPkQHVF´ XQHL GRDU QLúWH DQL FX IDSWH FX RD 6SHFWDWRULL PDL WLQHUL QX L DX D D¿UPDW &LSULDQ 'REUH SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú PHQL FX vQWkPSOăUL 1X H DFHODúL SULQV MXFkQG UHJL]kQG VDX VHP ³6WUDWHJLLOH SH WHUPHQ OXQJ VXQW YLWDOH SHQWUX VXSUDYLHĠXLUH´ D SUHFL]DW SURI GU OXFUX FkQG YRUELP GH RDPHQL QkQG VFHQRJUD¿D XQXL VSHFWDFRO FDUH SULQ SUHVWDQĠD ORU D IăFXW FD GDU vL SRW JăVL vQ VDOD GH WHDWUX 9DVLOH 3XúFDú

6 7LQWHUHVDQWH ,5, 3RSLFDULL vQIUXQWă OLGHUXO ÌQ HWDSD D 9 D D &DPSLRQDWXOXL 1DĠLRQDO GH SRSLFH PDVFXOLQ IRUPDĠLD (OHFWURPXUHú .RUDFHOO 7kUJX 0XUHú SULPHúWH YL]LWD SUL PHL FODVDWH D FDPSLRQDWXOXL &)5 &OXM &60 &kPSLD 7XU]LL 3DUWLGD YD DYHD ORF SH DUHQD (OHFWURPXUHú DUHQă SH FDUH SRSLFDULL FOXMHQL YRU VXVĠLQH SHVWH GRXă VăSWăPkQL SDUWLGD GLQ /LJD &DPSLRQLORU GHRDUHFH QX DX R DUHQă RPRORJDWă SHQWUX FRPSHWLĠLL LQHWUQDĠLRQDOH 0 9

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

$ERQDPHQWH 3HQWUX DERQDPHQWH vĠL VWăP OD GLVSR]LĠLH OD VHGLXO UHGDFĠLHL VDX OD WHOHIRQ

0RGL¿FăUL OD &RGXO )LVFDO *XYHUQXO D DGRSWDW R +RWăUkUH SULQ FDUH VH DSUREă PRGL¿FDUHD úL FRPSOHWDUHD QRUPHORU PH WRGRORJLFH GH DSOLFDUH D &RGX OXL ¿VFDO &HOH PDL LPSRUWDQWH PRGL¿FăUL SULYHVF SURYL]LRDQHOH WHKQLFH FDUH VH GHGXF OD FDOFX OXO SUR¿WXOXL LPSR]DELO PRGXO GH UHFXSHUDUH D SLHUGHULL ¿VFDOH vQUHJLVWUDWă GH FRQWULEXDELOLL FDUH VH UHRUJDQL]HD]ă MXULGLF 6LVWHPXO 79$ OD vQFDVDUH VH YD DSOLFD vQFHSkQG FX GDWD GH LD QXDULH $ 0

%LOHWH GH WUDWDPHQW ÌQFHSkQG FX GDWD GH QRLHP EULH SHQVLRQDULL úL DVLJXUDĠLL FDUH úLúDX GHSXV GRVDUHOH SHQWUX ELOHWH GH WUDWDPHQW vQ VWDĠLXQLOH EDOQHDUH GLQ ĠDUă vúL SRW ULGLFD ELOHWHOH GH OD &DVD -XGHĠHDQă GH 3HQVLL 0XUHú SRWULYLW XQXL DQXQĠ SRVWDW SH VLWH XO LQVWLWXĠLHL /LVWD SRDWH ¿ FRQVXOWDWă SH VLWH XO ZZZ FMS PXUHV UR 5HSDUWLĠLD ELOHWHORU VH YD IDFH vQ SHULRDGD QRLHP EULH LDU ELOHWHOH UăPDVH QHULGL FDWH VH YRU UHGLVWULEXL vQ ]LOHOH GH úL QRLHPEULH $ 0

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

/D LQWUHEDUHD GH LHUL

6XQWHĠL GH DFRUG FD 5DHG $UDIDW Vă ¿H PLQLVWUX DO 6ăQăWăĠLL"

$U WUHEXL RUJDQL]DWH PDL GHV DFĠLXQL GH UHvPSăGXULUH D ]RQHORU GHIULúDWH"

R MXPăWDWH GH VHFRO Vă vQVHPQH FHYD úL DFHO FHYD FKLDU Vă DLEă HFRX vQ ]LOHOH QRDVWUH /D GHV FKLGHUHD VăUEăWRULL FHORU GH DQL GH WHDWUX vQ OLPED URPkQă GH OD 1DĠLRQDO DFHL IUXPRúL DL VFHQHL GH RGLQLRDUă DX IRVW SUH]HQĠL JUDĠLH XQHL H[SR]LĠLL IRWR LPDJLQHD DFHVRUD ¿LQG XQD YLH FDUH GăLQXLH úL DFXP vQ WHDWUXO FDUH vúL VHUEHD]ă FLQFL GHFHQLL GH LQWHUFXOWXUDOLWDWH $X IRVW SUH]HQĠL +DUDJ *\RUJ\ $OH [DQGUX )ăJăUăúDQ &RQVWDQWLQ 6ăVăUHDQX 9DVLOH 9DVLOLX /LYLD *LQJXOHVFX 7UDLDQ &RVWHD 5H PXOXV )HQHú ,RQ )LVFXWHDQX &RUQHO 3RSHVFX ,RQ 6ăVăUDQ 'DQ $OHFVDQGUHVFX FHL FDUH ULGL

'HFODUDWLD ]LOHL

9RL SXQH vQ GLVFXĠLH vQ FRQWLQXDUH FUHDUHD XQXL QRX VSLWDO OD /XGXú

5ăVSXQVXULOH YRDVWUH DX IRVW

'$

18

UHDGXúL OD YLDĠă GH DOĠL DFWRUL UH JL]RUL VDX VFHQRJUD¿ DL SUH]HQWX OXL ¿H Fă HL VH QXPHVF $QFD %UD GX &ULVWLDQ 7KHRGRU 3RSHVFX /XFKLDQ 3DQWHD 0LKDL &UăFLXQ 'LDQD $YUăPXĠ 0RQLFD 5LVWHD $OLQD +HUHVFX VDX -XGLWK 'REUH .RWKD\ FD Vă GăP GRDU FkWHYD QXPH GLQ PDUHD IDPLOLH D SUH]HQ WXOXL FDUH VOXMHVF FX EXQă FUHGLQĠă VFHQD WHDWUDOă WkUJXPXUHúHDQă 8Q DUF SHVWH WLPS DO FăUXL EHQH ¿FLDUL VXQW WHDWUXO úL LPSOLFLW VSHFWDWRULL XQ WDQGHP FDUH vQ FHSH WRW PDL IUXPRV Vă SULQGă FRQWXU vQ DQXO FDUH FRQV¿QĠHúWH R MXPăWDWH GH VHFRO GH LVWRULH WHDWUDOă IUXPRDVă úL PLQXQDWă vQ OLPED URPkQă OD 7kUJX 0XUHú

&ULVWLDQ 0ROGRYDQ


(9(1,0(17 QRLHPEULH

&RQFOX]LLOH Ä7UDQVLOYDQLD 2SHQ %XVLQHVV´

2YLGLX *HRUJHVFX UHSUH]HQWDQW (OHFWULFD

1HJLDW 6DOL VXEVHFUHWDUXO GH VWDW OD 'HSDUWDPHQWXO SHQWUX 5HODĠLL ,QWHUHWQLFH 0DQLIHVWDUHD D DYXW ORF vQ VDOD GH FRQIHULQĠH D +RWHOXOXL Ä*UDQG´

9DMGD /DMRV YLFHSUHúHGLQWHOH $VRFLDĠLHL &OXVWHUHORU úL ,QFXEDWRDUHORU GH $IDFHUL

3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH IRVWXO QHJRFLDWRU úHI DO 5RPkQLHL FX 8QLXQHD (XURSHDQă 9DVLOH 3XúFDú úL VXEVHFUHWDUXO GH VWDW OD 'H SDUWDPHQWXO SHQWUX 5HODĠLL ,QWHUQHWQLFH GLQ FDGUXO *XYHUQXOXL 5RPkQLHL 1HJLDW 6DOL V DX QXPăUDW SULQWUH YRUELWRULL GH LHUL DL FRQIHULQĠHL 7UDQVLOYDQLD 2SHQ %XVLQHVV ³3DUFXUL LQGXVWULDOH 2 VWUD WHJLH QDĠLRQDOă´ HYHQLPHQW RUJDQL]DW GH &RQVLOLXO -XGHĠHDQ 0XUHú úL UHYLVWD HFRQRPLFă ³7UDQVLOYDQLD %XVLQHVV´ úL Jă]GXLWă vQ VDOD GH FRQIHULQĠH D +RWHOXOXL ³*UDQG´ GLQ 7kUJX 0XUHú ÌQ FRQIHULQĠD GH SUHVă VXVĠLQXWă OD SXĠLQ WLPS GXSă SUH]HQWDUHD VD PLQLVWUXO GH OHJDW SHQWUX 0HGLXO GH $IDFHUL 0LKDL 9RLFX D DQXQĠDW Fă SULQFLSDOHOH FRQFOX]LL DOH FRQIHULQĠHL YRU ¿ FRQFUHWL]DWH vQWU XQ SURLHFW OHJLVODWLY SULYLQG UHODQVDUHD 3DU FXULORU ,QGXVWULDOH GLQ 5RPkQLD

1HJLDW 6DOL ³8Q 3DUF ,QGXVWULDO YLDELO WUHEXLH Vă DLEă GH OD GH KHFWDUH vQ VXV´ 6XEVHFUHWDUXO GH VWDW OD 'HSDUWDPHQWXO SHQWUX 5HODĠLL ,QWHUQHWQLFH GLQ FDGUXO *XYHUQXOXL 5RPkQLHL 1HJLDW 6DOL SDU WLFLSDQW vQ FDOLWDWH GH VLPSOX FHWăĠHDQ D YRUELW GHVSUH ³3DUFXUL LQGXVWULDOH PR GHOXO WXUFHVF 3URSXQHUL SHQWUX 5RPkQLD´ 7RWRGDWă VSHDNHUXO HVWH DVRFLDW DO 3DU FXOXL ,QGXVWULDO GLQ 0HGJLGLD LQYHVWLĠLH

9LFWRU 3URGDQ SULPDUXO RUDúXOXL 8QJKHQL

FX FDSLWDO WXUFHVF FDUH VH vQWLQGH SH R VXSUDIDĠă GH FLUFD GH KHFWDUH GH WHUHQ ³8Q 3DUF ,QGXVWULDO YLDELO WUHEXLH Vă DLEă GH OD GH KHFWDUH vQ VXV SHQWUX Fă DOWIHO YD DYHD SUREOHPH UHDOH vQ YLLWRU FkQG VH YD SXQH SUREOHPD FX H[WLQGHULL DFHVWXLD 2 DVHPHQHD VXSUDIDĠă SRDWH ¿ UHDOL]DWă GRDU GDFă H[LVWă SUHYHGHUL vQ DFHVW VHQV vQ /HJHD ([SURSULHULL´ D D¿ UPDW 1HJLDW 6DOL ,QYLWDWXO D UHDOL]DW R SDUDOHOă vQWUH 5RPk QLD úL 7XUFLD ĠDUă FDUH GHúL vQ XUPă FX GH DQL VH DÀ D vQ XUPD 5RPkQLHL GLQ SXQFW GH YHGHUH HFRQRPLF D DMXQV Vă DLEă vQ SUH]HQW SHVWH GH 3DUFXUL ,QGXVWULD OH ³'LQ SăFDWH DP FRQVWDWDW Fă PRGHOXO GLQ 7XUFLD QX VH SRDWH DSOLFD vQ 5RPk QLD 0RGHOXO WXUFHVF DUH OD ED]ă IDSWXO Fă GH DSURDSH GH DQL 7XUFLD DUH XQ SODQ QDĠLRQDO GH UHDOL]DUH D 3DUFXULORU ,QGXV WULDOH ÌQ PRPHQWXO GH IDĠă vQ 7XUFLD VXQW SHVWH GH 3DUFXUL ,QGXVWULDOH FDUH RFXSă R VXSUDIDĠă WRWDOă GH GH KHFWDUH 1XPDL ,VWDQEXOXO DUH SHVWH GH 3DUFXUL ,QGXVWULDOH´ D H[SOLFDW 1HJLDW 6DOL 3URSXQHULOH DFHVWXLD DX YL]DW REĠLQHUHD XQHL GHURJăUL GLQ SDUWHD 8QLXQLL (XUR SHQH vQ XUPD FăURUD ĠDUD QRDVWUă Vă SRDWă UHDOL]D H[SURSULHUL SHQWX H[WLQGHUHD 3DU FXULORU ,QGXVWULDOH ³2 SURSXQHUH DU ¿ FD 5RPkQLD Vă REĠLQă R GHURJDUH GLQ SDUWHD 8QLXQLL (XURSHQH SH WHUPHQ GH WUHL DQL LQWHUYDO vQ FDUH DU SXWHD ¿ LQYHVWLĠL

ÌQ ¿ HFDUH ]L GH PDUĠL D OXQLL vQ FXUV vQWUH RUHOH FRQVLOLHUXO &ODXGLX 0DLRU ÌQ OHJăWXUă WHOHIRQLFă GLUHFWă FX FHWăĠHQLL )RUPkQG QXPăUXO DSHODĠL GLUHFW vQ ¿ HFDUH ]L GH PDUĠL D OXQLL vQ FXUV 3ULPăULD PXQLFLSLXOXL 7vUJX 0XUHú $SHOXO GXPQHDYRDVWUă HVWH JUD WXLW úL HVWH SUHOXDW GH FăWUH FRQVLOLHUXO &ODXGLX 0DLRU úL GLUHFWRULL GH VSHFLDOLWDWH GLQ FDGUXO 3ULPăULHL PXQLFLSLXOXL 7vUJX 0XUHú /XFLDQ 5DF] ± 'LUHFĠLD 7HKQLFă )ORULDQ 0ROGRYDQ ± $GPLQLVWUDĠLD 'RPHQLXOXL 3XEOLF 'DQD 0LKHĠ ± $UKLWHFW ùHI 'RULQ %HOHDQ ± 'LUHFĠLD ùFROL úL 5HODĠLL FX $VRFLDĠLLOH GH SURSULHWDUL 9DOHQWLQ %UHWIHOHDQ ± 'LUHFĠLD 3ROLĠLD /RFDOă $XUHO 7ULI ± 'LUHFĠLD &RPXQLFDUH $QFD 7H EDQ ± $GPLQLVWUDĠLD 6HUHORU 0DUWD 0DLRU ± $VLVWHQĠă 6RFLDOă ùDKLQ =VX]VDQQD ± 6HUYLFLXO /RFDWLY ÌQ FD]XO vQ FDUH DYHĠL R VHVL]DUH vQWUHEDUH VXJHVWLH VDX R UHFR PDQGDUH FDUH SULYHúWH DFWLYLWDWHD úL FRPSHWHQĠHOH 3ULPăULHL PXQLFLSLXOXL 7vUJX 0XUHú DYHĠL SRVLELOLWDWHD Vă R WUDQVPLWHĠL vQ PRG GLUHFW $SHOXO GXPQHDYRDVWUă YD ¿ vQUHJLVWUDW PHVDMXO WUDQVPLV SXWkQG DYHD GXUDWD GH XQ PLQXW ÌQ FD]XO vQ FDUH GRULĠL XQ UăVSXQV HVWH QHFHVDU Vă Yă IDFHĠL FXQRVFXWH QXPHOH úL QXPăUXO GH WHOHIRQ OD FDUH SXWHĠL ¿ FRQWDFWDW 3UREOHPHOH VHVL]DWH GH GXPQHDYRDVWUă YRU ¿ WUDQVPLVH VSUH VROXĠLRQDUH vQ PRG RSHUDWLY GLUHFĠLLORU GH VSHFLDOLWDWH GLQ FDGUXO SULPăULHL 9HĠL ¿ FRQWDFWDW XOWHULRU SHQWUX D SULPL UăVSXQV VDX YHĠL ¿ LQYLWDW vQ DXGLHQĠă OD FRPSDUWLPHQWXO GH VSHFLD OLWDWH SHQWUX R GRFXPHQWDUH VXSOLPHQWDUă $SHOXULOH VXQW SRVLELOH GLQ RULFH UHĠHD GH WHOHIRQLH ¿ [ă VDX PRELOă $úWHSWăP FX LQWHUHV DSHOXULOH GXPQHDYRDVWUă vQ ¿ HFDUH ]L GH PDUĠL D OXQLL vQ FXUV vQWUH RUHOH ± %LURXO GH SUHVă DO SULPăULHL

2 SDUWH D HFKLSHL Ä7UDQVLOYDQLD %XVLQHVV´

DSUR[LPDWLY PLOLDUGH GH HXUR vQ H[WLQ GHUHD 3DUFXULORU ,QGXVWULDOH $FHDVWD H SULPD PHD SURSXQHUH SHQWUX *XYHUQXO 5RPkQLHL &HOHODOWH VROXĠLL DU ¿ DSOLFDELOH ORFDO FD vQ DQXPLWH ]RQH DOH 5RPkQLHL GRXă &RQVLOLL /RFDOH vQYHFLQDWH Vă vQ¿ LQĠH]H ]RQH FRPXQH FX LQIUDVWUXFWXUă FRPXQă $ WUHLD VROXĠLH H FHD vQ FDUH QH DÀ ăP vQ SUH]HQW GH ³FkUSHDOă´ FRQWLQXă´ D VXEOLQLDW 1HJLDW 6DOL

0DUFHO *ULJRUH ³0DL SXĠLQ GH GLQ LPRELOHOH GLQ 5RPkQLD vQUHJLVWUDWH vQ 5HJLVWUXO &DGDVWUDO´ 'LUHFWRUXO JHQHUDO DGMXQFW vQ FDGUXO $JHQĠLHL 1DĠLRQDOH GH &DGDVWUX úL 3X EOLFLWDWH ,PRELOLDUă 0DUFHO *ULJRUH D SUH]HQWDW WHPD ³3URSULHWDWHD LPRELOLDUă )XQGDPHQW SHQWX GH]YROWDUHD VWUDWHJL LORU ORFDOH úL QDĠLRQDOH´ D IăFXW R WUHFHUH vQ UHYLVWă D LQVWLWXĠLHL SH FDUH R UHSUH]LQWă ³/D QLYHO QDĠLRQDO H[LVWă HVWLPDWH GH PLOLRDQH GH LPRELOH vQ SUH]HQW ¿ LQG vQ UHJLVWUDWH PDL SXĠLQ GH LDU SHVWH GLQ WHUHQXO DJULFRO QX HVWH vQVFULV vQ 5HJLVWUXO &DGDVWUDO´ D VXEOLQLDW 0DUFHO *ULJRUH 3ULQWUH SUREOHPHOH FHOH PDL IUHFYHQWH DPLQWLWH GH VSHDNHU VH DÀ ă H[LVWHQĠD PDL PXOWRU WLWOXUL GH SURSULHWDWH SHQWUX DFHHDúL VXSUDIDĠă GH WHUHQ úL DPSODVD PHQWH GLIHULWH IDĠă GH DFWHOH GH SURSUL HWDWH ³3URJUDPXO 1DĠLRQDO GH &DGDVWUX úL &DUWH )XQFLDUă vúL SURSXQH Vă UH]ROYH DFHVWH SUREOHPH ÌQFHSkQG GH DQXO YLLWRU YRP FRODERUD FX GH FRPXQH QDĠLRQDOH SHQWUX UHDOL]DUHD FDGDVWUXOXL VLVWHPDWLF $YHP vQ SUH]HQW FRQWUDFWDWH GH FR PXQH GLQ 5RPkQLD vQ DFHVW VHQV´ D D¿ U PDW UHSUH]HQWDQWXO $JHQĠLHL 1DĠLRQDOH GH &DGDVWUX úL 3XEOLFLWDWH ,PRELOLDUă 7RWRGDWă 0DUFHO *ULJRUH D IăFXW R SUH]HQWDUH D 6LVWHPXOXL ,QIRUPDWLF ,QWH JUDW GH &DGDVWUX úL &DUWH IXQFLDUă ³H 7HU UD´ ³2SHUăP ]LOQLF SHVWH GH FHUHUL OD QLYHO QDĠLRQDO FRPSDUDWLY FX GH FHUHUL SH ]L FLIUD FDUH HUD vQ WUHFXW´ D D¿ U PDW VSHDNHUXO ³8QD GLQ SULRULWăĠLOH QR DVWUH HVWH GHVHPQDUHD $JHQĠLHL FD DXWR ULWDWH GH PDQDJHPHQW SHQWUX JHVWLRQDUHD IRQGXULORU HXURSHQH SUHFXP úL UHGXFHUHD FRVWXULORU GH vQUHJLVWUDUH´ D FRPSOHWDW 0DUFHO *ULJRUH

9DMGD /DMRV Ä YD ¿ SHULRDGD FOXVWHUHORU´ 9LFHSUHúHGLQWHOH $VRFLDĠLHL &OXVWHUHORU úL ,QFXEDWRDUHORU GH $IDFHUL 9DMGD /DMRV D SUH]HQWDW WHPD ³'H]YROWDUHD XQXL FOXVWHU UHĠHDXD UHJLRQDOă úL QDĠLRQDOă SHUVSHF WLYH SDUWHQHULDWH úL FRODERUăUL QDĠLRQDOH úL LQWHUQDĠLRQDOH´ 3RWULYLW DFHVWXLD vQ XUPăWRULL DQL ĠDUD QRDVWUă YD WUHEXL Vă VH DOLQLH]H WHQGLQĠHL LQWHUQDĠLRQDOH GH GH] YROWDUH D FOXVWHUHORU ³3HULRDGD YD ¿ SHULRDGD FOXVWHUHORU LDU 5RPkQLD YD

WUHEXL Vă VH RFXSH GH DFHVWH RUJDQL]DĠLL´ D DUăWDW 9DMGD /DMRV 6SHDNHUXO D YRUELW DSRL GHVSUH SULQFL SDOHOH PRGHOH GH FOXVWHUH Ä3HQWUX ¿ UPHOH PDL SXWHUQLFH GLQ SDUFXULOH LQGXVWULDOH VH UHFRPDQGă FOXVWHUHOH YHUWLFDOH LQWHJUD WRDUH ÌQ MXUXO DFHVWRU ¿ UPH VH SRW RUJDQL ]D FOXVWHUHOH YHUWLFDOH LDU vQ ]RQHOH XQGH QX H[LVWă SDUFXUL LQGXVWLDOH VH UHFRPDQGă DVRFLHUHD VRFLHWăĠLORU PDL PLFL FX SUR¿ O DVHPăQăWRU vQ FOXVWHUH GH WLS RUL]RQWDO´ D D¿ UPDW YLFHSUHúHGLQWHOH $VRFLDĠLHL &OXV WHUHORU úL ,QFXEDWRDUHORU GH $IDFHUL 3DUWLFLSDQĠLL OD FRQIHULQĠă DX DÀ DW DSRL GHWDOLL GHVSUH vQ¿ LQĠDUHD úL IXQFĠLRQDUHD XQXL FOXVWHU 9DMGD /DMRV H[SOLFkQG Fă XQ FOXVWHU DUH QHYRLH GH R SHULRDGă GH FRQVR OLGDUH GH PLQLP WUHL DQL ³ÌQ SULPXO UkQG VH VHPQHD]ă XQ DFRUG IăUă IRUPă MXULGLFă GHRDUHFH FOXVWHUHOH QX DX IRUPă MXULGLFă $SRL XUPHD]ă DOHJHUHD PDQDJHPHQWXOXL úL VH VWDELOHúWH VHGLXO GH PDQDJHPHQW DO FOXVWHUXOXL 7UHEXLH Vă GăP XQ UăJD] GH FHO SXĠLQ WUHL DQL XQXL FOXVWHU SHULRDGă vQ FDUH DFHVWD Vă GHPRQVWUH]H Fă VH SRDWH FRQOXFUD ( IRDUWH LPSRUWDQW Vă DSDUă FkW PDL PXOWH FOXVWHUH FKLDU GDFă ¿ QDQĠDUHD DFHVWRUD H PLFă 0HPEULL XQXL FOXVWHU SRW ¿ LQVWLWXĠLL GH FHUFHWDUH UHSUH]HQWDQĠLL PHGLXOXL GH DIDFHUL úL LQVWLWXĠLL SX EOLFH´ D H[SOLFDW VSHDNHUXO Ä'DFă ID FHP R DVHPăQDUH FX R HFKLSă VSRUWLYă FDUH VH IRUPHD]ă vQ DQL FOXVWHUHOH YRU DYHD UH]XOWDWH GXSă FHO SXĠLQ WUHL DQL´ D DGăXJDW 9DMGD /DMRV FDUH D VXEOL QLDW QHFHVLWDWHD H[LVWHQĠHL XQHL VWUDWHJLL QDĠLRQDOH vQ GH]YROWDUHD FOXVWHUHORU

2YLGLX *HRUJHVFX ³7D[HOH SHQWUX UDFRUGDUHD OD VLVWHPXO QDĠLRQDO vQ FD]XO SURLHFWHORU QHXURSHQH QHHOLJLELOH´ 5HSUH]HQWDQWXO (OHFWULFD 6$ LQJLQHU GLS ORPDW 2YLGLX *HRUJHVFX D LQWUDW DSRL vQ GLDORJ FX SDUWLFLSDQĠLL OD FRQIHULQĠă $FHVWD D UHFRPDQGDW PDQDJHULORU GH ¿ UPH FDUH DX FkúWLJDW SURLHFWH HXURSHQH Vă DLEă FDOFXOH HRQRPLFH ELQH HODERUDWH DWXQFL FkQG YLQH YRUED GHVSUH UDFRUGDUHD DIDFHULORU OD VLVWHPXO GH HQHUJLH GHRDUHFH FRVWXULOH vQ DFHVW VHQV VXQW QHHOLJLELOH ³$P DYXW PDL PXOWH H[SHULHQĠH FX GLYHUVH ¿ UPH FDUH DX FkúWLJDW SURLHFWH HXURSHQH IăUă Vă FXQRDVFă IDSWXO Fă WD[HOH SHQWUX UDFRUGDUHD DFHVWRU DIDFHUL OD VLVWHPXO GH HOHFWULFLWDWH VXQW QHHOLJLELOH ÌQ PRPHQ WXO vQ FDUH vQFHSHDX GHPHUVXULOH SHQWUX UDFRUGDUHD OD VLVWHP UăPkQHDX VXUSULQúL GH FRVWXULOH PDUL 5HFRPDQG DVWIHO UHSUH]HQWDQĠLORU ¿ UPHORU FD vQ PRPHQ WXO vQ FDUH FRQFHSW DVHPHQHD SURLHFWH Vă DQWLFLSH]H FRVWXULOH UDFRUGăULL OD UHĠHDXD GH HQHUJLH HOHFWULFă´ D D¿ UPDW 2YLGLX *HRUJHVFX FRQWLQXDUH vQ SDJLQD

IDFHERRN FRP ]LGH]L


(9(1,0(17

SH PDVD *XYHUQXOXL

/D FRQIHULQĠă DX SDUWLFLSDW SHVWH GH UHSUH]HQWDQĠL DL PHGLXOXL GH DIDFHUL úL DL DXWRULWăĠLORU &ăOLQ &RQVWDQWLQ ,VWUăĠRLX GLUHFWRU JHQHUDO DGMXQFW vQ FDGUXO 0LQLVWHUXOXL (FRQRPLHL &RPHUĠXOXL úL 0HGLXOXL GH $IDFHUL

&LSULDQ 'REUH SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú

&ăOLQ &RQVWDQWLQ ,VWUăĠRLX ³'HSLQGH GH QRL FH YUHP úL XQGH YUHP Vă DMXQJHP´ 'LUHFWRUXO JHQHUDO DGMXQFW vQ FDGUXO 0LQLVWHUXOXL (FRQRPLHL &RPHUĠXOXL úL 0HGLXOXL GH $IDFHUL &ăOLQ &RQVWDQWLQ ,VWUăĠRLX D SUH]HQWDW WHPD ³3DUFXULOH ,Q GXVWULDOH &OXVWHU SROL GH FRPSHWLWLYLWD WH´ vQ FDGUXO FăUHLD V D vQFHSXW FX GH¿ QL UHD QRĠLXQLL GH SRO GH FRPSHWLWLYLWDWH ³3ROXO GH FRPSHWLWLYLWDWH HVWH XQ FOXVWHU LQRYDWLY UHJLRQDO FX YRFDĠLH QDĠLRQDOă úL R VWUDWHJLH FRPXQă GH GH]YROWDUH $FHDVWD FXSULQGH DVRFLDĠLL GH vQWUHSULQGHUL FHQ WUH GH FHUFHWDUH úL LQVWLWXĠLL GH IRUPDUH XQLYHUVLWăĠL DGPLQLVWUDĠLL SXEOLFH DQJD MDWH vQ GHPHUVXO GH SDUWHQHULDW SHQWUX D SXQH vQ YDORDUH VWUDWHJLD úL HVWH GHVWLQDWă GHJDMăULL GH VLQHUJLL vQ MXUXO SURLHFWHORU LQRYDWLYH FUHDWH vQ FRPXQ SHQWUX XQD VDX PDL PXOWH SLHĠH´ D SUHFL]DW &ăOLQ &RQ VWDQWLQ ,VWUăĠRLX $FHVWD D DUăWDW Fă vQ SUH]HQW vQ 5RPkQLD H[LVWă SROL GH GH]YROWDUH XUEDQă SROL GH FUHúWHUH GH 3DUFXUL ,QGXVWULDOH GH FOXVWHUH úL SROL GH FRPSHWLWLYLWDWH SDU FXUL úWLLQĠL¿ FH úL WHKQRORJLFH LQFXEDWRDUH GH DIDFHUL SROL GH H[FHOHQĠă úL VFKLPEXUL GH H[SHULHQĠă SULQ FRRSHUăUL ELODWHUDOH FX ĠăUL SUHFXP %HOJLD 8QJDULD 3RORQLD %XOJDULD )UDQĠD *HUPDQLD 6SDQLD úL $XVWULD 'H DVHPHQHD SDUWLFLSDQĠLL OD HYHQLPHQW DX IRVW LQIRUPDĠL Fă 0LQLVWHUXO (FRQRPLHL &RPHUĠXOXL úL 0HGLXOXL GH $IDFHUL GHUXOHD]ă vQ SUH]HQW XQ SURJUDP GH FUHúWHUH D FRPSHWLWLYLWăĠLL SURGXVHORU LQGXVWULDOH ³3URJUDPXO GH FUHúWHUH D FRPSHWLWLYLWăĠLL SURGXVHORU LQGXVWULDOH UHSUH]LQWă R FRPSRQHQWă D VLVWHPXOXL GH VXVĠLQHUH úL SURPRYDUH D H[SRUWXOXL FX ¿ QDQĠDUH GH OD EXJHWXO GH VWDW DSUREDW SULQ 2UGRQDQĠD GH 8UJHQĠă D *XYHUQX OXL QU GLQ DSUREDWă SULQ /H JHD QU GLQ FX PRGL¿ FăULOH úL FRPSOHWăULOH XOWHULRDUH 3ULQ LQWHUPHGLXO DFHVWXL SURJUDP DGPLQLVWUDW GH 0LQLV WHUXO (FRQRPLHL &RPHUĠXOXL úL 0HGLXOXL

1DJ\ ,VWYDQ GLUHFWRUXO 3DUFXOXL ,QGXVWULDO 0XUHú

GH $IDFHUL VH DFRUGă VSULMLQ ¿ QDQFLDU GH OD EXJHWXO GH VWDW DJHQĠLORU HFRQRPL FL FX DFWLYLWDWH SULQFLSDOă vQ LQGXVWULD SUHOXFUăWRDUH´ D D¿ UPDW &ăOLQ &RQVWDQ WLQ ,VWUăĠRLX ³)RQGXULOH GHVWLQDWH DQXOXL VXQW HSXL]DWH´ D PDL VSXV UHSUH]HQ WDQWXO 0LQLVWHUXO (FRQRPLHL &RPHUĠXOXL úL 0HGLXOXL GH $IDFHUL $FHVWD D GDW FD H[HPSOX FRPSDQLLOH 6& 3ODVPDWHUP 6$ 6& 3UR¿ O ,PSRUW ([ SRUW 65/ 6& 3ULPHU (OHFWUR 65/ 6& &KHVSD 7UDQVLOYDQLD úL 6& )RUWLV &R 65/ SHQWUX PRGXO vQ FDUH DX DFFHVDW ¿ QDQĠăUL SULQ SURJUDPXO GH FUHúWHUH D FRPSHWLWLYLWăĠLL SURGXVHORU LQGXVWULDOH ³)HOLFLW UHSUH]HQWDQĠLL DFHVWRU FRPSDQLL GLQ ]RQD 0XUHúXOXL SHQWUX PRGXO vQ FDUH DX OXFUDW SHQWUX VHULR]LWDWHD FX FDUH úL DX GHUXODW DFWLYLWăĠLOH´ D SUHFL]DW &ăOLQ &RQVWDQWLQ ,VWUăĠRLX ³'HSLQGH GH QRL FH YUHP úL XQGH YUHP Vă DMXQJHP´ D FRQFKLV UHSUH]HQWDQWXO 0LQLVWHUXOXL (FRQRPLHL &RPHUĠXOXL úL 0HGLXOXL GH $IDFHUL

9DOHU %ăĠDJă ³6XVĠLQ Fă WUHEXLH Vă FRQWLQXăP vQ DFHDVWă GLUHFĠLH´ 'LUHFWRUXO 'LUHFĠLHL GH 'H]YROWDUH úL ,PSOHPHQWDUH 3URLHFWH GLQ FDGUXO &RQ VLOLXOXL -XGHĠHDQ 0XUHú 9DOHU %ăĠDJă D DFFHQWXDW YL]LXQHD LQVWLWXĠLHL SH FDUH R UHSUH]LQWă vQ FHHD FH SULYHúWH VWUDWHJLD GH GH]YROWDUH HFRQRPLFă D MXGHĠXOXL vQ FDGUXO FăUHLD 3DUFXO ,QGXVWULDO 0XUHú SURLHFW vQ YDORDUH GH PLOLRDQH GH HXUR RFXSă XQ ORF H[WUHP GH LPSRUWDQW 'H DVHPHQHD UHSUH]HQWDQWXO &RQVLOL XOXL -XGHĠHDQ 0XUHú D IRVW GH SăUHUH Fă SHULRDGD FXSULQVă vQWUH DQLL HVWH YLWDOă SHQWUX GH]YROWDUHD HFRQRPLFă D MXGHĠXOXL 0XUHú ³6XVĠLQ Fă WUHEXLH Vă FRQWLQXăP vQ DFHDVWă GLUHFĠLH SHQWUX Fă vQ RSLQLD PHD QXPăUXO GH SDUFXUL LQGXV WULDOH H[LVWHQWH vQ 5RPkQLD GDU úL OD QRL vQ MXGHĠ DU SXWHD ¿ PDL PDUH 5DSRUWDW OD IRUĠD GH PXQFă úL VXSUDIHĠHOH GH WHUHQ GLVSRQLELOH LQGLIHUHQW GDFă DFHVWHD Fă

&RQFOX]LLOH FRQIHULQĠHL YRU DMXQJH SH PDVD *XYHUQXOXL

&RWLGLDQXO Ä=L GH =L´ RPQLSUH]HQW vQ VDOD GH FRQIHULQĠH D +RWHOXOXL Ä*UDQG´

VXQW GHĠLQXWH GH SULYDĠL VDX DXWRULWăĠL SXEOLFH úL OD FDSDFLWDWHD GH FRODER UDUH vQWUH XQLYHUVLWăĠL PHGLXO GH DIDFHUL úL DXWRULWăĠLOH SXEOLFH DVHPHQHD SURL HFWH WUHEXLH DYXWH vQ YHGHUH vQ SHULRDGD XUPăWRDUH FX FRQGLĠLD Vă VH LGHQWL¿ FH SkUJKLLOH RSWLPH GH FRODERUDUH´ D DUăWDW 9DOHU %ăĠDJă 3RWULYLW DFHVWXLD GH]YROWDUHD VWUXFWX ULORU GH EXVLQHVV WUHEXLH Vă DLEă vQ YH GHUH DWkW UHVXUVHOH QDĠLRQDOH FkW úL OLQL LOH GH ¿ QDQĠDUH HXURSHQH ³&RQVLGHU Fă RSRUWXQLWăĠLOH GH ¿ QDQĠDUH SHQWUX DVHPH QHD VWUXFWXUL GH DIDFHUL WUHEXLH Vă DLEă vQ YHGHUH IRQGXULOH HXURSHQH H[LVWHQWH vQ DFHVW VHQV GDU úL H[LVWHQĠD XQRU SUR JUDPH QDĠLRQDOH FDUH Vă YLQă úL Vă VXVĠLQă DVHPHQHD SURLHFWH (VWH HVHQĠLDO Vă JăVLP VROXĠLL SHQWUX DFRUGDUHD GH IDFLOLWăĠL ¿ V FDOH DOWHOH GHFkW ³PăUXQĠLúXULOH´ QHJRFL DWH vQ SUH]HQW GH DGPLQLVWUDĠLLOH SDUFX ULORU LQGXVWULDOH úL LGHQWL¿ FDUHD DFHORU PLMORDFH SULQ FDUH Vă UHXúLP DWUDJHUHD GH LQYHVWLWRUL SULYDĠL vQ UHDOL]DUHD LQIUDVWUXF WXULL QHFHVDUH XQRU DVHPHQHD LQYHVWLĠLL´ D VXEOLQLDW 9DOHU %ăĠDJă

&LSULDQ 'REUH ³ÌQFXUDMăP FDSLWDOXO DXWRKWRQ´ 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH D VXEOLQLDW Fă GH]YROWDUHD HFRQRPLFă D MXGHĠXOXL 0XUHú YD JHQ HUD GH]YROWDUH UHJLRQDOă ³7UHEXLH Vă LGHQWL¿ FăP FDUH HVWH VHFWRUXO FHO PDL SRWULYLW FDUH Vă JHQHUH]H LQYHVWLĠLL vQ UHJL XQH´ D D¿ UPDW &LSULDQ 'REUH 3RWULYLW DFHVWXLD XQ DWX vQ DFHVW VHQV HVWH IDSWXO Fă 0XUHú YD ¿ VLQJXUXO MXGHĠ GLQ 7UDQVLOYDQLD FDUH YD DYHD R LQWHUVHFĠLH GH DXWRVWUă]L ³&ă DFHVW OXFUX VH YD vQWkPSOD SUDFWLF SHVWH GRL WUHL VDX ]HFH DQL HVWH LQGLIHUHQW 7UHEXLH Vă QH SUHJăWLP SHQ WUX DFHO PRPHQW &UHG Fă LQWHUVHFĠLD FDUH SRWULYLW VWXGLXOXL GH IH]DELOLWDWH FDUH DUH GHMD HOLEHUDW FHUWL¿ FDWXO GH XUEDQLVP GLQ SDUWHD &RQVLOLXOXL -XGHĠHDQ 0XUHú YD DYHD ORF OkQJă FRPXQD *KHRUJKH 'RMD RUDúXO

8QJKHQL úL $HURSRUWXO ,QWHUQDĠLRQDO ³7UDQVLOYDQLD´ XQ DUHDO GH FLUFD GH NL ORPHWUL´ D VSXV SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú ³9RP DYHD R LQWHUVHFĠLH GH GRXă DXWRVWUă]L SUREDELO GRXă GUXPXUL QDĠLRQDOH úL XQ DHURSRUW 'LQ DFHVW SXQFW GH YHGHUH SODWIRUPD PXOWLQRGDOă GH WUDQV SRUW HVWH SUDFWLF R SUHPL]ă GH OD FDUH SOHFăP GHRDUHFH GH]YROWDUHD HFRQRPLFă vQ MXUXO XQHL SODWIRUPH PXOWLQRGDOH GH WUDVQ SVRUW FRQVWLWXLH R FHULQĠă &UHG Fă MXGHĠXO 0XUHú WUHEXLH Vă VH JUăEHDVFă FUHG Fă DYHP IRDUWH PXOW GH OXFUX´ D FRPSOHWDW &LSULDQ 'REUH 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú D WUHFXW DSRL vQ UHYLVWă FkWHYD GLQ DYDQ WDMHOH GHĠLQXWH GH MXGHĠXO 0XUHú FDUH FRURERUDWH vQWUH HOH SRW DYHD XQ VLQJXU UH]XOWDW úL DQXPH SOXVYDORDUHD ³6XQ WHP MXGHĠXO FDUH DUH XQD GLQ FHOH PDL EXQH )DFXOWăĠL GH 0HGLFLQă úL )DUPDFLH VXQWHP MXGHĠXO FDUH D LQYHQWDW vQ 5RPk QLD PHGLFLQD GH XUJHQĠă DYHP XQ VSLWDO FDUH DUH VLQJXUXO VSLWDO FDUH DU SXWHD ¿ vQFDGUDW vQ FDWHJRULD VSLWDOHORU UHJLRQDOH VXQWHP MXGHĠXO XQGH V D UHDOL]DW SULPXO WUDQVSODQW GH FRUG &UHG Fă WRDWH DFHVWH HQHUJLL WUHEXLH SXVH ODRODOWă WRDWH DFHVWH DYDQWDMH WUHEXLH FRURERUDWH vQWUH HOH $P vQFUHGHUH vQ HFKLSD &RQVLOLXOXL -XGHĠHDQ Fă YRU VXVĠLQH DFHVW GHPHUV FDUH DGXFH SOXVYDORDUH GH]YROWDUH HFRQRPLFă úL FDUH vQVHDPQă PDL SXĠLQă VăUăFLH´ D VSXV &LSULDQ 'REUH 7RWRGDWă SUHúHGLQWHOH &RQVLOLXOXL -XGH ĠHDQ 0XUHú D D¿ UPDW Fă MXGHĠXO 0XUHú YD ¿ R JD]Gă EXQă SHQWUX RULFLQH RIHUă R VOXMEă PLOLWkQG SHQWUX VXVĠLQHUHD FDSL WDOXOXL DXWRKWRQ ³ÌQFXUDMăP FDSLWDOXO DXWRKWRQ QH LQWHUHVHD]ă vQ SULPXO UkQG FDSLWDOXO URPkQHVF $P vQFUHGHUH vQ UHVXUVD XPDQă URPkQHDVFă úL FUHG Fă úL PHGLXO GH DIDFHUL DUH R SXWHUQLFă UHVXUVă DXWRKWRQă´ D FRQFKLV &LSULDQ 'REUH

FRQWLQXDUH vQ SDJLQD


(9(1,0(17 QRLHPEULH

1HFHVLWDWHD GH]YROWăULL SDUFXULORU LQGXVWULDOH D IRVW XQD GLQ FRQFOX]LLOH FRQIHULQĠHL

9DVLOH 3XúFDú vQFDGUDW GH $XUHOLDQ *UDPD úL 0LUFHD 6RORYăVWUX

0LKDL 9RLFX ³,00 XULOH UHSUH]LQWă FRORDQD YHUWHEUDOă D HFRQRPLHL´ 0LQLVWUXO GHOHJDW SHQWUX 0HGLXO GH $ID FHUL 0LKDL 9RLFX úL D vQFHSXW GLVFXUVXO UHDPLQWLQG SUHRFXSDUHD DXWRULWăĠLORU SHQWUX VXELHFWXO GH]YROWăULL DIDFHULORU GLQ 5RPkQLD úL VXEOLQLLQG LPSRUWDQĠD vQWUH SULQGHULORU PLFL úL PLMORFLL SHQWUX HFRQR PLD DXWRKWRQă ³ÌQ 8QLXQHD (XURSHDQă VXQW vQUHJLVWUDWH GH PLOLRDQH GH FRP SDQLL GH PLOLRDQH GLQ DFHVWHD VXQW vQ WUHSULQGHUL PLFL úL PLMORFL FDUH XWLOL]HD]ă SHVWH GRXă WUHLPL GLQ IRUĠD GH PXQFă úL SURGXF GLQ vQWUHJXO SURGXV LQWHUQ DO 8QLXQLL (XURSHQH $FHVW VHJPHQW UHSUH]LQWă FRORDQD YHUWHEUDOă D HFRQR PLHL´ D VSXV 0LKDL 9RLFX 3RWULYLW DFHVWXLD MXGHĠXO 0XUHú UHSUH]LQWă XQ DUHDO LGHDO SHQWUX GH]YROWDUHD XQRU SROL GH GH]YROWDUH UHJLRQDOă ³6XQW FRQYLQV Fă vQ MXGHĠXO 0XUHú VH SRW vQ¿ LQĠD SROL GH GH]YROWDUH UHJLRQDO /D 7kUJX 0XUHú DYHĠL SHUVSHFWLYH SULQ SR]LĠLRQDUHD JHRJUD¿ Fă YRLQĠD DXWRULWăĠLORU úL QXPăUXO GH SRWHQĠLDOL LQYHVWLWRUL úL FUHG Fă R GHPDUDUH JUDEQLFă D SURLHFWXOXL SH FDUH vO DYHĠL vQ YH GHUH YD DYHD FD HIHFWH GH]YROWDUHD MXGHĠXOXL úL D UHJLXQLL´ D DSUHFLDW 0LKDL 9RLFX 7RWRGDWă PLQLVWUXO GHOHJDW SHQWUX 0H GLXO GH $IDFHUL D UHFXQRVFXW Fă GHúL WHR UHWLF QXPăUXO GH FOXVWHUH HVWH GH FLUFD vQ UHDOLWDWH GRU WUHL SDWUX IXQFĠLRQHD]ă OD SDUDPHWUL RSWLPL ³6ă UHFXQRDúWHP Fă VXQW GH FOXVWHUH vQ 5RPkQLD GRDU SH KkUWLH vQ UHDOLWDWH QXPăUXO FOXVWHUH ORU FX DFWLYLWDWH RSWLPă HVWH GH WUHL SD WUX´ D SUHFL]DW 0LKDL 9RLFX ³( QHYRLH Vă LPSXOVLRQăP DFHVW GRPHQLX 1X PăULPHD RUDúXOXL QX D UHJLXQLL UH]RQDQĠD ORFX OXL vQ FDUH VH FRQVWUXLHúWH R DVWIHO GH LQYHVWLĠLH DUH LPSRUWDQĠă FL PHGLXO FDUH VH FUHHD]ă DWXQFL FkQG LQYHVWLWRULL GHFLG Vă FRODERUH]H Vă VH DVRFLH]H 'H DVHPH QHD UHDFĠLD DXWRULWăĠLORU ORFDOH FRQWHD]ă´ D FRPSOHWDW PLQLVWUXO GHOHJDW SHQWUX 0H GLXO GH $IDFHUL

9DVLOH 3XúFDú ³6WUDWHJLLOH SH WHUPHQ OXQJ YLWDOH SHQWUX VXSUDYLHĠXLUH´ )RVW QHJRFLDWRU úHI DO 5RPkQLHL FX 8QLX

QHD (XURSHDQă 9DVLOH 3XúFDú V D GHFODUDW QHPXOĠXPLW YLV D YLV GH UDWDUHD FRQWLQXă D XQRU RSRUWXQLWăĠL GH EXVLQHVV FDUH vQ ORF Vă VH WUDQVIRUPH vQ LQYHVWLĠLL SUR¿ WD ELOH GHYLQ FRVWXUL ³ÌQ ¿ HFDUH ]L DX]LP QL VH VSXQH FH RSRUWXQLWăĠL JUR]DYH DYHP GDU SDUFă WRW WLPSXO OH SLHUGHP ([LVWă úL YRUED DFHHD DP SLHUGXW XQ WUHQ GDU vO YRP SULQGH SH XUPăWRUXO 'XSă SăUHUHD PHD QX H FKLDU DúD R RSRUWXQLWDWH GDFă D WUHFXW R WUHFHP OD FRVW 'LQ QHIHULFLUH GH SUHD PXOĠL DQL vQUHJLVWUăP GRDU FRVWXUL GH RSRUWXQLWDWH´ D D¿ UPDW 9DVLOH 3XúFDú 3RWULYLW DFHVWXLD DGPLQLVWUDĠLD ORFDOă WUHEXLH Vă JHQHUH]H XQ PHGLX SURSLFH SHQWUX DIDFHUL SHQWUX vQ¿ LQĠDUHD GH OR FXUL GH PXQFă úL SHQWUX FUHDUHD GH VWDQ GDUGH GH YLDĠă LGHDOXUL UHDOL]DELOH GRDU FX FRQGLĠLD H[LVWHQĠHL XQHL VWUDWHJLL ELQH SXVH OD SXQFW ³$YHP VWUDWHJLL SH FDUH OH IDFHP OH vPSDFKHWăP IUXPRV úL DSRL OH WUHFHP GLUHFW vQ DUKLYă IăUă Vă OH SX QHP SH UDIW /H WUHFHP GLUHFW vQ DUKLYă 2 FRPSDQLH PLFă DUH QHYRLH GH XQ SODQ GH DIDFHUL GH FHO SXĠLQ WUHL OXQL 2 FRPSDQLH PLMORFLH Vă QX YRUELP GH FHOH PDUL DUH QHYRLH GH VWUDWHJLH SH WHUPHQ OXQJ )ăUă R DVHPHQHD VWUDWHJLH SH WHUPHQ OXQJ QX DSDU QLFL LQYHVWLWRULL´ D SUHFL]DW 9DVLOH 3XúFDú ³&kQG DL R YL]LXQH úL DFHDVWD H vPEUăFDWă vQ VWUDWHJLH úL HúWL RP GH FXYkQW FXP VH VSXQH vQ WHUPHQ GH EXVLQHVV SRĠL DWUDJH úL LQYHVWLWRUL 'DFă QRL QX UHJkQ GLP DFHDVWă YL]LXQH YD ¿ IRDUWH JUHX vQ SHULRDGD XUPăWRDUH Vă VFKLPEăP FHYD´ D DGăXJDW VSHDNHUXO $FHVWD D SXQFWDW úL LPSRUWDQĠD H[LVWHQĠHL XQRU SDUWHQHULDWH SXEOLFH SULYDWH QX GRDU SH KkUWLH FL IXQFĠLRQDOH FDUH Vă JHQHUH]H UH]XOWDWH ³8QXO GLQ SULQFLSLLOH IXQGDPHQWDOH DOH GH]YROWăULL vO UHSUH]LQWă SDUWHQHULDWHOH FDSDFLWDWHD DXWRULWăĠLORU ORFDOH VWUXFWXULORU GH SLDĠă úL ¿ UPHORU 3DUWHQHULDWXO SXEOLF SULYDW HVWH IR DUWH LPSRUWDQW GLQ VH WRW SHUYHUWHúWH OHJLVODĠLD SDUWHQHULDWXOXL SX EOLF SULYDW vQFHUFkQG Vă VH IDFă WRW IHOXO GH FOLHQWHOLVPH YLV D YLV GH DFKL]ĠLLOH SXE OLFH úL DP DMXQV vQ PRPHQWXO GH IDĠă vQ FDUH FkWH XQ SULPDU PDL VSXQH Fă DU YUHD Vă FRQVWLWXLH XQ SDUWHQHULDW SXEOLF SULYDW FD Vă FRQWUXLDVFă R JUăGLQLĠă $YHP QH YRLH GH SDUWHQHULDWH YLDELOH´ D WUDQVPLV

9DVLOH 3XúFDú

úL 7XULVPXOXL

&ăWăOLQ 6XUGHDQX ´([LVWă QHFHVLWDWHD GH D LQYHVWL vQ PHGLXO GH DIDFHUL´

0LKDL -XUFă ELOHW OD &)5 &OXM *DODWDVDUD\

ÌQ DORFXĠLXQHD VD &ăWăOLQ 6XUGHDQX GLUHF WRU JHQHUDO DGMXQFW DO $XWRULWăĠLL GH 0DQDJHPHQW SHQWUX 3URJUDPHOH 2SHUDĠLRQDOH 5HJLRQDOH GLQ FDGUXO 0L QLVWHUXOXL 'H]YROWăULL 5HJLRQDOH úL 7XULV PXOXL D D¿ UPDW Fă 5HJLXQHD &HQWUX DUH UH]XOWDWH IRDUWH EXQH vQ FHHD FH SULYHúWH DFFHVDUHD IRQGXULORU HXURSHQH ³0LQLV WHUXO DUH R VLWXDĠLH SULYLOHJLDWă vQ VHQ VXO Fă QRL JHVWLRQăP GRXă EXJHWH XQXO QDĠLRQDO úL XQXO GLQ SURLHFWH HXURSHQH ([LVWă QHFHVLWDWHD GH D LQYHVWL vQ PHGLXO GH DIDFHUL DFHVWD ¿ LQG PRWLYXO SHQWUX FDUH XQD GLQ D[HOH SURJUDPXOXL QDĠLRQDO D IRVW vQ¿ LQĠDWă SHQWUX VSULMLQLUHD VWUXFWX ULORU GH DIDFHUL 'LQ SHUVSHFWLYD 5HJLXQLL &HQWUX DYHP XQ SURFHQW GH UHDOL]DUH GH DYHP úDSWH SURLHFWH VHPQDWH FDUH DX R YDORDUH FXPXODWă GH GH PLOLRDQH GH HXUR´ D VSXV &ăWăOLQ 6XUGHDQX FDUH D DQXQĠDW úL SULQFLSDOHOH SURJUDPH úL OLQLL GH ¿ QDQĠDUH SUHJăWLWH SHQWUX XUPăWRDUHD SHULRDGă GH 0LQLVWHUXOXL 'H]YROWăULL 5H JLRQDOH úL 7XULVPXOXL 3RWULYLW DFHVWXLD SURLHFWHOH ¿ QDQĠDWH SULQ 3URJUDPXO 5HJLRQDO 2SHUDĠLRQDO QX VH IDF SHVWH QRDSWH LDU UDWD GH VHPQDUH D DFHV WRUD HVWH UHODWLY PLFă ³$P DYXW GH SURLHFWH GLQ FDUH V DX VHPQDW ´ D H[SOLFDW &ăWăOLQ 6XUGHDQX 9RUELWRUXO D PHQĠLRQDW Fă OD QLYHOXO LQVWLWXĠLHL SH FDUH R UHSUH]LQWă V D FRQVWL WXLW XQ JUXS GH OXFUX SHQWUX PHGLXO GH DID FHUL FX SULQFLSDOXO RELHFWLY GH SURPRYDUH D IRUĠHL GH PXQFă úL VSULMLQLUHD PRELOLWăĠLL IRUĠHL GH PXQFă Ä3ULQWUH DFĠLXQLOH FKHLH DPLQWHVF GH]YROWDUHD LQFXEDWRDUHORU GH DIDFHUL úL VSULMLQLUHD LQYHVWLĠLLORU SHQWUX DFWLYLWDWHD LQGHSHQGHQWă úL vQ¿ LQĠDUHD GH vQWUHSULQGHUL vQ VSHFLDO vQ VHFWRDUH FDUH RIHUă QRL VXUVH GH FUHúWHUH HFRQRPLFă SUHFXP HFRQRPLD HFRORJLFă WXULVPXO GX UDELO LQFOXVLY HFRQRPLD YkUVWHL D WUHLD úL VHUYLFLLOH GH VăQăWDWH úL DVLVWHQĠă VRFLDOă´ D D¿ UPDW GLUHFWRUXO JHQHUDO DGMXQFW DO $XWRULWăĠLL GH 0DQDJHPHQW SHQWUX 3UR JUDPHOH 2SHUDĠLRQDOH 5HJLRQDOH GLQ FDGUXO 0LQLVWHUXOXL 'H]YROWăULL 5HJLRQDOH

2UJDQL]DWRULL FRQIHULQĠHL DX RIHULW XQ ELOHW GH DFFHV OD PHFLXO GH IRWEDO GLQ /LJD &DP SLRQLORU GLQWUH &)5 &OXM úL *DODWDVDUD\ ,VWDQEXO FDUH YD DYHD ORF DVHDUă GH OD RUD ÌQVFULHUHD OD WUDJHUHD OD VRUĠL V D IăFXW SH ED]D FăUĠLORU GH YL]LWă LQWURGXVH GH SDUWLFLSDQĠL vQWU XQ ERO LDU =HLĠD )RU WXQD L D VXUkV OXL 0LKDL -XUFă GLQ 2UDGHD

1LFXODH +DYULOHĠ ³5ROXO SDUFXULORU WHKQRORJLFH LQGXVWULDOH úL úWLLQĠL¿ FH vQ VSULMLQLUHD GH]YROWăULL HFRQRPLFH úL D PRGHUQL]ăULL HVHQĠLDO´ 0HVDMXO OXL 1LFXODH +DYULOHĠ SUHúHGLQWHOH $XWRULWăĠLL 1DĠLRQDOH GH 5HJOHPHQWDUH D (QHUJLHL $15( D IRVW FLWLW GH 7LEHULX 9LQWLOă úHI R¿ FLX DO 2¿ FLXOXL 7HULWR ULDO 0XUHú DO $15( ³5ROXO SDUFXULORU LQGXVWULDOH vQ GH]YROWDUHD GXUDELOă D 8QLXQLL (XURSHQH HVWH ELQH FXQRVFXW &RPLWHWXO (FRQRPLF úL 6RFLDO (XURSHDQ SULYLQG SDUFXULOH WHKQRORJLFH LQGXV WULDOH úL úWLLQĠL¿ FH HXURSHQH vQ FRQWH[WXO JHVWLRQăULL FULH]L DO SUHJăWLULL SHULRDGHL SRVWFUL]ă úL DO VWUDWHJLHL SRVW /LVDERQD D UHFRPDQGDW SULQ DYL]XO VXSOLPHQWDU GLQ DQXO UHFXQRDúWHUHD UROXOXL LPSRU WDQW SH FDUH vO MRDFă SDUFXULOH WHKQRORJLFH LQGXVWULDOH úL úWLLQĠL¿ FH vQ VSULMLQLUHD GH]YROWăULL HFRQRPLFH úL D PRGHUQL]ăULL´ D WUDQVPLV SUHúHGLQWHOH $15( ³5HIHULWRU OD UROXO $15( SUHFL]H] Fă DFVWD FRQVWă vQ HODERUDUHD DSUREDUHD úL PRQLWRUL]D UHD DSOLFăULL DQVDPEOXOXL GH UHJOHPHQWăUL REOLJDWRULL OD QLYHO QDĠLRQDO QHFHVDU IXQFĠLRQăULL VHFWRUXOXL úL SLHĠHL HQHUJHWLF HOHFWULFH úL D JD]HORU QDWXUDOH vQ FRQGLĠLL GH H¿ FLHQĠă FRQFXUHQĠă WUDQVSDUHQĠă úL SURWHFĠLH D FRQVXPDWRULORU SUHFXP úL GH D LPSOHPHQWD úL PRQLWRUL]D PăVXULOH GH H¿ FLHQĠă HQHUJHWLFă OD QLYHO QDĠLRQDO úL GH D SURPRYD XWLOL]DUHD OD FRQVXPDWRULL ¿ QDOL D VXUVHORU UHJHQHUDELOH GH HQHUJLH´ D PDL DUăWDW 1LFXODH +DYULOHĠ

FRQWLQXDUH vQ SDJLQD

,QYLWDĠLL DX IRVW vQWkPSLQDĠL GH XQD GLQ HFKLSHOH UHYLVWHL Ä7UDQVLOYDQLD %XVLQHVV´

IDFHERRN FRP ]LGH]L


(9(1,0(17

9RLFX OREE\ SHQWUX 2SHQ %XVLQHVV vQ *XYHUQ &RQFOX]LLOH &RQIHULQĠHORU 7UDQVLOYDQLD 2SHQ %XVLQHVV Ä3DUFXUL LQGXVWULDOH 2 VWUDWHJLH QDĠLRQDOă´ RUJDQL]DWH GH &RQVLOLXO -XGHĠHDQ 0XUHú vQ FRODERUDUH FX UHYLVWD 7UDQVLOYDQLD %XVLQHVV FRQFUHWL]DWH vQWU XQ SURLHFW OHJLVODWLY SULYLQG UHODQVDUHD DFHVWXL VHFWRU DO PHGLXOXL GH DIDFHUL YD FRQVWLWXL R SUHRFXSDUH vQ YLLWRU SHQWUX 0LKDL 9RLFX PLQLVWUX GHOHJDW SHQWUX 0HGLXO GH $IDFHUL 2¿ FLDOXO D GHFODUDW DFHVW OXFUX LHUL OD 7kUJX 0XUHú vQ FDGUXO XQHL FRQIHULQĠH GH SUHVă Ä2 Vă DP R VFXUWă LQWHUYHQĠLH SH WHPD SHQ WUX FDUH DP IRVW LQYLWDW OD 7kUJX 0XUHú 6ă QX XLWăP Fă PRWRUXO XQHL HFRQRPLL vO UHSUH]LQWă PHGLXO SULYDW Vă QX XLWăP Fă EXJHWXO GH VWDW FHO GLQ FDUH vQFHUFăP Vă SOăWLP VWUă]L Vă ¿ QDQĠăP VSLWDOH HVWH FRQVWLWXLW PDL DOHV GLQ FRQWULEXĠLD DFHV WRU DJHQĠL HFRQRPLFL &UHG Fă D GLVFXWD OD QLYHO ORFDO UHJLRQDO GHVSUH SRVLELOLWăĠL GH GH]YROWDUH HFRQRPLFă UHSUH]LQWă R PL]ă H[WUHP GH LPSRUWDQWă 6XQWHP vQ WU R VLWXDĠLH HFRQRPLFă GL¿ FLOă VFăGHUHD LQYHVWLĠLLORU ¿ QDQFLDUH QH DIHFWHD]ă SH WRĠL $FHDVWă FRQIHULQĠă HVWH XQ PRG GH H[SULPDUH SXEOLFă D XQHL LQWHQĠLL DFĠLXQHD YD ¿ XQD H[WUHP GH VXVĠLQXWă ùL D DVLJXUD QLúWH DXWRULWăĠL ORFDOH DWkW GH DFWLYH GH VSULMLQXO *XYHUQXOXL LQGLIHUHQW FLQH vO FRPSXQH OD QLYHO SROLWLF FkW úL OD QLYHO GH SHUVRDQă UHSUH]LQWă R GDWRULH D DGPLQLVWUDĠLHL FHQWUDOH IDĠă GH DXWRULWăĠLOH ORFDOH úL IDĠă GH SRWHQĠLDOLL LQYHVWLWRUL´ D GHFODUDW 0LKDL 9RLFX

7kUJX 0XUHú vQFDGUDW SHUIHFW SULYLQG SROLL GH GH]YROWDUH ÌQ FHHD FH SULYHúWH GH]YROWDUHD HFRQRPLFă

D MXGHĠXOXL 0XUHú 9RLFX D SUHFL]DW Fă vQ 5RPkQLD H[LVWă XQ SURJUDP SULYLQG FOXV WHUHOH SULYLQG SROLL GH GH]YROWDUH úL 7kUJX 0XUHúXO vQ RSLQLD VD VH vQFDGUHD]ă SHU IHFW vQ DFHVW SURJUDP Ä6XQW DLFL FRPSDQLL FDUH IXQFĠLRQHD]ă GH IRDUWH PXOWă YUHPH úL HVWH R GLUHFĠLH LQWHUHVDQWă FDUH Vă VH FRD JXOH]H vQ MXUXO LQGXVWULHL IDUPDFHXWLFH úL D FHORU FRODWHUDOH GH FHUFHWDUH úL GH]YROWDUH SH DFHVW VXELHFW 'DFă H[LVWă XQ LQWHUHV DO LQYHVWLWRULORU úL QX Pă vQGRLHVF GH DFHVW OXFUX DWXQFL vQWU XQ WLPS UHODWLY VFXUW VH SRW YHGHD URDGH´ D PDL VSXV 9RLFX

7UHL GLUHFĠLL SULYLQG IDFLOLWăĠLOH SHQWUX LQYHVWLWRUL &kW SULYHúWH IDFLOLWăĠLOH RIHULWH SRWHQĠLDOLORU LQYHVWLWRUL H[LVWă WUHL GLUHFĠLL vQ RSLQLD R¿ FLDOXOXL XQD FDUH ĠLQH GH SDUWHD GH LQIUDVWUXFWXUă XWLOLWăĠL VFKHPD GH DMXWRU GH VWDW H[LVWHQWă OD QLYHO QDĠLRQDO DJUHDWă FX 8QLXQHD (XURSHDQă úL DFFHVDUHD GH IRQGXUL HXURSHQH Ä3UHRFXSDUHD SHQWUX SROLL GH GH]YROWDUH D SDUFXULORU LQGXV WULDOH H[LVWă RULFH IHO GH GH]EDWHUH vQ FDUH SDUWLFLSă úL DXWRULWDWHD ORFDOă úL LQYHVWL WRULL SRW vPEXQăWăĠL FDGUXO H[LVWHQW 3RW Vă VSXQ Fă H[LVWă R VHULRDVă JDUDQĠLH Fă XQ HYHQWXDO JXYHUQ QX YD PRGL¿ FD YL]LXQHD SH DFHVW VXELHFW SRW Vă DVLJXU Fă QX H[LVWă YUHR SROLWLFă GLVFULPLQDWRULH úL IRORVLP vQ WRWDOL WDWH XQ VLVWHP GH VSULMLQ 2 DIDFHUH EXQă HVWH DFHHD vQ FDUH FkúWLJă WRĠL SDUWHQHULL QX vQ FDUH XQXO SăFăOHúWH SH DOWXO´ D PDL VSXV 9RLFX VXEOLQLLQG Fă QX HVWH QHYRLH GH R VFKLPEDUH FL GH R DSOLFDUH FRUHFWă úL QHGLV FULPLQDWRULH D PăVXULORU H[LVWHQWH $ULQD 02/'29$1

&RVWXULOH úL ULVFXULOH LPLQHQWH SHQWUX RULFH LQYHVWLWRU

0LKDL 9RLFX PLQLVWUX GHOHJDW SHQWUX 0HGLXO GH $IDFHUL

&856 '( ,1,ğ,(5( ,163(&725 3527(&ğ,( &,9,/Ă RUH

GLQ QRLHPEULH ÌQ FRQIRUPLWDWH FX DUW DUW VL DUW GLQ /HJHD QU SULYLQG SUR WHFWLD FLYLOă RUJDQL]DUHD SURWHFĠLHL FLYLOH OD QLYHOXO XQLWăĠLORU DGPLQ LVWUDWLY WHULWRULDOH DO LQVWLWXĠLLORU SXEOLFH DO DJHQĠLORU HFRQRPLFL úL DO RUJDQL]DĠLLORU QHJXYHUQDPHQWDOH VH UHDOL]HD]ă vQ UDSRUW FX FOD VL¿ FDUHD DFHVWRUD GLQ SXQFW GH YHGHUH DO SURWHFĠLHL FLYLOH úL FRQVWă vQ vQFDGUDUHD LQVSHFWRULORU úL VDX D SHUVRQDOXOXL GH VSHFLDOLWDWH vQ GRPHQLXO SURWHFĠLHL FLYLOH QXPDL GXSă REĠLQHUHD XQXL FHUWL¿ FDW GH FRPSHWHQĠH SURIHVLRQDOH vQ FRQGLĠLLOH VWDELOLWH SULQ PHWRGRORJLD HPLVă GH ,QVSHFWRUDWXO *HQHUDO SHQWUX 6LWXDĠLL GH 8UJHQĠă $XWRULWăĠLOH DGPLQLVWUDĠLHL SXEOLFH FHQWUDOH úL ORFDOH LQVWLWXĠLLOH SXEOLFH RUJDQL]DĠLLOH QHJXYHUQDPHQWDOH úL DJHQĠLL HFRQRPLFL LQ GLIHUHQW GH IRUPD GH SURSULHWDWH UăVSXQG GH DSOLFDUHD PăVXULORU GH SURWHFĠLH FLYLOă VWDELOLWH SULQ SUH]HQWD OHJH 2ELHFWLYHOH H[SULPDWH vQ FRPSHWHQĠH SURIHVLRQDOH &RPXQLFDUHD LQWHUDFWLYă &RRUGRQDUHD DFWLYLWăĠLL HFKLSHORU GH OXFUX 3ODQL¿ FDUHD DFWLYLWăĠLORU SURSULL 'H]YROWDUHD SURIHVLRQDOă D PHPEULORU HFKLSHORU &RRUGRQDUHD SODQL¿ FăULL DFWLYLWăĠLORU úL PăVXULORU GH SURWHFĠLH FLYLOă (ODERUDUHD GRFXPHQWHORU VSHFL¿ FH &RQVLOLHUHD FRQGXFHULL LQVWLWXĠLHL SH SUREOHPH GH SURWHFĠLH FLYLOă 2UJDQL]DUHD UHDOL]ăULL PăVXULORU GH SURWHFĠLH FLYLOă 0RQLWRUL]DUHD UHDOL]ăULL PăVXULORU GH SURWHFĠLH FLYLOă *HVWLRQDUHD EXQXULORU GLQ SDWULPRQLX

5DGX &RVWLQHO UHSUH]HQWDQW 6HUEDQ 0XVQHFL

&H DQXPH FDXWă LQYHVWLWRULL VWUăLQL FRQ WH[WXO LQWHUQDĠLRQDO úL FRQGLĠLLOH QHFH VDUH GH]YROWăULL LQYHVWLĠLLORU DX IRVW WHPHOH DWLQVH GH FăWUH 5DGX &RVWLQHO UHSUH]HQWDQW 6HUEDQ 0XVQHFL vQ FDGUXO &RQIHULQĠHORU 7UDQVLOYDQLD 2SHQ %XVL QHVV ³3DUFXUL LQGXVWULDOH 2 VWUDWHJLH QDĠLRQDOă´ GHVIăúXUDWH vQ ]LOHOH GH QRLHPEULH OD 7kUJX 0XUHú

7LPS FRVW ULVF ³8Q LQYHVWLWRU VH ED]HD]ă SH WUHL FRPSR QHQWH WLPSXO GH OLYUDUH FRVWXULOH úL ULVFX ULOH SH FDUH OH vQWkPSLQă vQ PRPHQWXO vQ FDUH VH ORFDOL]HD]ă vQWU R ĠDUă ÌQWRWGHXQD LQYHVWLWRUXO D FăXWDW Vă úL UHGXFă WLP SXO GH OLYUDUH FăWUH FOLHQĠLL ¿ QDOL IRDUWH PXOWH FRPSDQLL FăXWkQG Vă vúL UHORFKH]H XQLWăĠLOH GH SURGXFĠLH úL DVDPEODUH´ D GHFODUDW 5DGX &RVWLQHO UHSUH]HQWDQW 6HUEDQ 0XVQHFL ÌQ DFHVW VHQV PXOWH FRPSDQLL GLQ $VLD VXQW LQWHUHVDWH GH R UHORFDUH vQ 5RPkQLD vQ FHQWUXO úL HVWXO (XURSHL ³5RPkQLD SULQ SR]LĠLD SH FDUH R DUH DUH XQ DYDQWDM FRPSHWLĠLRQDO IDĠă GH FHOHODOWH ĠăUL $U WUHEXL Vă DYHP vQ YHGHUH DFHVWH DVSHFWH úL WRDWH GHFL]LLOH XQXL LQ YHVWLWRU OD LQWUDUHD vQWU R ĠDUă´ D DGăXJDW 5DGX &RVWLQHO

'H OD WUDQVSRUWXO UXWLHU OD FHO IHURYLDU $PSODVDPHQWXO HVWH XQ HOHPHQW IRDUWH LPSRUWDQW ¿ LQG QHYRLH OD QLYHOXO PXQL FLSLXOXL 7kUJX 0XUHú GH VROXĠLL OD QLYHO LQWHUPRGDO UHVSHFWLY WUDQVSRUW UXWLHU úL IHURYLDU SHQWUX D vQFXUDMD FRPSHWLWLYL WDWHD úL D DWUDJH LQYHVWLWRULL vQ SDUFXULOH LQGXVWULDOH ³7HQGLQĠHOH SLHĠHL VXQW FD vQ XUPăWRULL DQL Vă VH IDFă VFKLPEXO GH SH WUDVSRUWXO UXWLHU SH WUDQVSRUWXO IHURYLDU´ D H[SOLFDW 5DGX &RVWLQHO

/RJLVWLFă H¿ FLHQWă SURFHGXUL WUDQVSDUHQWH 5HSUH]HQWDQWXO 6HUEDQ 0XVQHFL D PHQ ĠLRQDW QHYRLD XQHL FRUHOăUL vQWUH VWUDWHJLD DXWRULWăĠLL ORFDOH D SDUFXULORU LQGXVWULDOH FX VWUDWHJLD GH H[SRUW D 5RPkQLHL FX FDGUXO OHJLVODWLY úL FX SDUWHD GH ¿ VFDOLWDWH 'H DVHPHQHD HVWH QHYRLH GH ORJLVWLFă H¿ FLHQWă FX WRDWH Fă QX H[LVWă SHUVRDQH VSHFLDOL]DWH vQ DFHVW VHQV úL GH SURFHGXUL WUDQVSDUHQWH &X WRDWH DFHVWHD SHUFHSĠLD JUHúLWă D LQYHVWLWRULORU VWUăLQL VH VFKLPEă RGDWă FX SULPD YL]LWă vQ 5RPkQLD

2DQD 0Ă5*,1($1

3URJUDPXO GH OD RUHOH VH VWDELOHVWH vQ SULPD RUă GH FXUV GH FRPXQ DFRUG vQWUH OHFWRU úL FXUVDQĠL /HFWRUL 3HUVRQDO FX SUHJăWLUH GH VSHFLDOLWDWH vQ GRPHQLX ,68 085(6

/RFDĠLH 6HGLXO &DPHUHL GH &RPHUĠ úL ,QGXVWULH 0XUHú &HUWL¿ FDWHOH GH DEVROYLUH DOV FXUVXULORU VXQW HPLVH VXE HJLGD 00)(6 úL 0(&

&856 '( 3(5)(&ğ,21$5( (;3(57 $&+,=,ğ,, 38%/,&( RUH

GLQ GHFHPEULH 3URJUDPXO GH OD RUHOH VH VWDELOHVWH vQ SULPD RUă GH FXUV GH FRPXQ DFRUG vQWUH OHFWRU úL FXUVDQĠL /HFWRUL 3HUVRQDO FX SUHJăWLUH GH VSHFLDOLWDWH vQ GRPHQLX /RFDĠLH 6HGLXO &DPHUHL GH &RPHUĠ úL ,QGXVWULH 0XUHú &HUWL¿ FDWHOH GH DEVROYLUH DOV FXUVXULORU VXQW HPLVH VXE HJLGD 00)(6 úL 0(& 3HQWUX vQVFULHUH WUHEXLH DGXVH GLQ WLPS XUPăWRDUHOH DFWH &RSLH [HUR[ GXSD DFWXO GH LGHQWLWDWH FHUWL¿ FDW GH FăVăWRULH GDFD H FD]XO &RSLH [HUR[ GXSă GLSORPD VWXGLLORU GRYHGLWRDUH FRQGLĠLHL GH SDUWLFLSDUH $GHYHULQĠă GH OD PHGLFXO GH IDPLOLH ,QIRUPDĠLL úL vQVFULHUL ]LOQLF vQWUH RUHOH OD VHGLXO &&, 0XUHú GLQ 7J 0XUHú VWU 3ULPăULHL QU OD QXPHUHOH GH WHOHIRQ ID[ PRELO PRELO H PDLO FXUVXUL#FFLDPV UR IRUPDUH#FFLDPV UR VDX ZZZ FFLDPV UR


(9(1,0(17 QRLHPEULH

'ăQXĠ ùWHIăQHVFX GLUHFWRUXO H[HFXWLY DO $30 0XUHú

&ULVWLDQ 7ăOPăFHDQ &(2 DO %XVLQHVV )RXQGDWLRQ

7UDLDQ %ăUEDW ³7UHEXLH Vă QH JkQGLP Vă UHDOL]ăP XQ JKLG DO RSRUWXQLWăĠLORU´ 6HFUHWDUXO JHQHUDO DO $VRFLDĠLHL 3DUFXULORU ,QGXVWULDOH 7HKQRORJLFH ùWLLQĠL¿ FH úL D ,QFXEDWRDUHORU GLQ 5RPkQLD $3,76,$5 7UDLDQ %ăUEDW D WUHFXW vQ UHYLVWă DVSHFW FX SULYLUH OD PLVLXQHD DVXPDWă SHQWUX SXQHUHD vQ DSOLFDUH D XQRU VWUDWHJLL úL SUR JUDPH SHQWUX SURPRYDUHD úL GH]YROWDUHD SDUFXULORU LQGXVWULDOH vQ SHULRDGD ³=HFH SDUFXUL LQGXVWULDOH GLQ 5RPk QLD DX SUR¿ WDW GH IRQGXUL 3+$5( SHQWUX D UHDOL]D LQIUDVWUXFWXUD úL PXOĠL QX DX DYXW DFHDVWă LQIRUPDĠLH úL H PDUH SăFDW´ D VXE OLQLDW 7UDLDQ %ăUEDW /D FDSLWROXO QHvPSOLQLUL UHSUH]HQWDQWXO $3,76,$5 D DPLQWLW RIHUWD LQVX¿ FLHQWă D DXWRULWăĠLORU SHQWUX vQ¿ LQĠDUHD VDX GH]YROWDUHD SDUFXULORU LQGXVWULDOH ³ÌQ 8QJDULD VXQW FDP LDU vQ &HKLD SHVWH GH SDUFXUL LQGXVWULDOH 7UH EXLH Vă FUHúWHP QXPăUXO FDOLWDWHD úL FRPSHWHQĠD SDUFXULORU LQGXVWULDOH GLQ 5RPkQLD 'LQ SăFDWH RIHUWD DXWRULWăĠLORU ORFDOH úL D $'5 XULORU vQ DFHVW GRPHQLX H VODEă´ D H[SOLFDW 7UDLDQ %ăUEDW $FHVWD D YHQLW FX FkWHYD SURSXQHUL FXP DU ¿ UH GDFWDUHD XQHL EURúXUL vQ FHO SXĠLQ GRXă OLPEL GH FLUFXODĠLH LQWHUQDĠLRQDOă FDUH Vă FRQĠLQă GDWH GHVSUH RSRUWXQLWăĠLOH RIH ULWH GH SDUFXULOH LQGXVWULDOH GLQ 5RPk QLD ³7UHEXLH Vă QH JkQGLP Vă UHDOL]ăP XQ JKLG DO RSRUWXQLWăĠLORU FX WHUHQXULOH GLVSRQLELOH FX GDWH FRQFUHWH GHVSUH FD GDVWUX WUDGXV vQ XQD VDX GRXă OLPEL GH FLUFXODĠLH LQWHUQDĠLRQDOă SH FDUH Vă O SUH]HQWăP vQ VWUăLQăWDWH´ D PHQĠLRQDW 7UDLDQ %ăUEDW

([HPSOH GLQ 3RORQLD &HKLD úL 8QJDULD ÌQ FSQWLQXDUH SH XQ YLGHRSURLHFWRU GLQ VDOD GH FRQIHULQĠă V D GLIX]DW XQ ¿ OPXOHĠ GH úDSWH PLQXWH vQ FDUH DX IRVW SUH]HQWDWH PRGHOHOH XQRU SDUFXUL LQGXVWULDOH GLQ 3R ORQLD &HKLD úL 8QJDULD UHDOL]DW OD IDĠD ORF XOXL FX úH¿ L XQRU SDUFXUL LQGXVWULDOH GLQ FHOH WUHL ĠăUL GH UHSRUWHULL UHYLVWHL ³7UDQ VLOYDQLD %XVLQHVV ´

,XOLXV 'XPLWUX DGPLQLVWUDWRUXO ³%XVLQHVV 3DUN %LVWULĠD´ 6XG

WUDW UHFHQW vQ DWHQĠLD 0LQLVWHUXOXL 7UDQV SRUWXULORU úL ,QIUDVWUXFWXULL úL DQXPH WUDVQVSRUWXO LQWHUPRGDO GH PDUIă 3RWULYLW DFHVWHLD VWUDWHJLD GH WUDQVSRUW LQWHUPRGDO D IRVW HODERUDWă vQ DSUREDWă vQ úL SXVă DSRL vQ VFKHPă vQ RUJDQLJUDPD PLQLVWHUXOXL Ä3ULQFLSDOXO RELHFWLY DO VWUDWHJLHL HVWH GH]YROWDUHD VLVWH PXOXL QDĠLRQDO GH WUDQVSRUW PăUIXUL vQ VFRSXO H¿ FLHQWL]ăULL WUDQVSRUWXOXL GH PDUIă úL vPEXQăWăĠLUHD LPSDFWXOXL WUDQVSRUWXOXL GH PăUIXUL DVXSUD PHGLXOXL vQFRQMXUăWRU´ D H[SOLFDW 6LPRQD %ROERDFă 7RWRGDWă UHSHUH]HQWDQWD 0LQLVWHUXOXL 7UDQV SRUWXULORU úL ,QIUDVWUXFWXULL D DQXQĠDW Fă UHFHQW OD QLYHOXO &RPLVLHL (XURSHQH V D FUHDW UHĠHDXD HXURSHDQă GH WUDQVSRUW 7(1 7 OD UHDOL]DUHD FăUHLD FDUH D DGHUDW úL 5RPkQLD ³5HĠHDXD WUHEXLH ¿ QDOL]DWă SkQă vQ YD ¿ R UHĠHD JOREDOă LDU R SDUWH LPSRUWDQWă GLQ DFHDVWă UHĠHD YD ¿ ¿ QDOL]DWă SkQă vQ ´ D DUăWDW 6LPRQD %ROERDFă

6LPRQD %ROERDFă UHSUH]HQWDQWD 0LQLVWHUXOXL 7UDQVSRUWXULORU úL ,QIUDVWUXFWXULL

*HOX 0DUDEHOD SDUWHQHU OD 0XúDW $VRFLDĠLL

UHGXFH HPLVLLOH GH GLR[LG GH FDUERQ ³)LH FDUH SDUF LQGXVWULDO DU WUHEXL Vă SURGXFă HQHUJLH YHUGH SHQWUX Fă H[LVWă DFHDVWă SRVLELOLWDWH SULQ DPSODVDUHD XQRU SDQRXUL IRWRYROWDLFH úL SDQRXUL SHQWUX IXUQL]DUHD DSHL FDOGH (X FUHG Fă DFHVWH FKHOWXLHOL VXQW HOLJLELOH úL VXQW LPSRUWDQWH GHRDUHFH DX FD HIHFW UHGXFHUHD HPLVLLORU GH GLR[LG GH FDU ERQ´ D VSXV 'ăQXĠ ùWHIăQHVFX

*HOX 0DUDEHOD ³6XFFHVXO H vQ HFKLSă´ *HOX 0DUDEHOD SDUWHQHU OD 0XúDW $VRFLDĠLL D SUH]HQWDW XQ VFXUW VWXGLX GH FD] UHIHULWRU OD vQ¿ LQĠDUHD SDUFXOXL LQ GXVWULDO 7HWDURP ³/D QLYHO SUDFWLF QX SUHD DP LGHQWL¿ FDW SUREOHPH´ D SUHFL]DW *HOX 0DUDEHOD vQ RSLQLD FăUXLD UHXúLWD vQ¿ LQĠăULL XQXL SDUF LQGXVWULDO GHSLQG GH PRGXO GH DERUGDUH úL FRQOXFUDUH GH OD QLYHOXO DXWRULWăĠLORU ORFDOH úL D PHGLXOXL GH DIDFHUL Ä6XFFHVXO H vQ HFKLSă´ D D¿ U PDW UHSUH]HQWDQWXO 0XúDW $VRFLDĠLL

'ăQXĠ ùWHIăQHVFX Ä)LHFDUH SDUF ,XOLXV 'XPLWUX LQGXVWULDO DU WUHEXL Vă SURGXFă Ä2ULFH DMXWRU GLQ SDUWHD FHORU FDUH DX WUHFXW SULQ DFHDVWă HQHUJLH YHUGH´ 'LUHFWRUXO H[HFXWLY DO $JHQĠLHL SHQWUX SHULRDGă HVWH ELQHYHQLW´ 3URWHFĠLD 0HGLXOXL $30 0XUHú 'ăQXĠ ùWHIăQHVFX úL D vQFHSXW GLVFXUVXO UHFX QRVFkQG R FDUHQĠă D OHJLL FDUH VROLFLWă DXWRUL]DĠLH GH PHGLX DWkW vQDLQWH GH vQ¿ LQĠDUHD SDUFXULORU LQGXVWULDOH FkW úL XOWHULRU vQ PRG LQGLYLGXDO SHQWUX SHQ WUX YLLWRULL FKLULDúL Ä3UDFWLF DWXQFL FkQG DFRUGăP R DXWRUL]DĠLH GH PHGLX XQXL SDUF R DFRUGăP SHQWUX XQ JDUG R FDVă úL HYHQ WXDO R VWDĠLH GH HSXUDUH XVFDWă SURFHGXUL LQXWLOH OD PRPHQWXO FRQVWUXLULL SDUFXOXL $SRL ¿ HFDUH XQLWDWH FDUH LQWUă vQ SDUF UHLD SURFHGXULOH SHQWUX REĠLQHUHD DXWRUL]DĠLHL GH PHGLX´ D D¿ UPDW 'ăQXĠ ùWHIăQHVFX 'LUHFWRUXO H[HFXWLY DO $30 0XUHú D SUH]HQWDW DSRL R VROXĠLH SULQ FDUH FRP SDQLLOH FDUH vúL GHVIăúRDUă DFWLYLWDWHD vQ SDUFXULOH LQGXVWULDOH DX SRVLELOLDWHD GH D

,XOLXV 'XPLWUX DGPLQLVWUDWRUXO FHOXL GH DO OHD SDUF LQGXVWULDO GLQ 5RPkQLD ³%XVLQHVV 3DUN %LVWULĠD 6XG´ ¿ QDQĠDW SULQ 3URJUDPXO 2SHUDĠLRQDO 5HJLRQDO 0ăVXUD D FăUXL ³FHUWL¿ FDW GH QDúWHUH´ D IRVW VHPQDW vQ XUPă FX GRXă ]LOH D IăFXW XQ VFXUW UH]XPDW DO LQYHVWLĠLHL FDUH DSDUĠLQH DXWRULWăĠLORU ORFDOH GLQ %LVWULĠD ³3DUFXO LQGXVWULDO VH DÀ ă vQ SURSULHWDWHD &RQVLOL XOXL /RFDO %LVWULĠD DUH R VXSUDIDĠă GH GH KHFWDUH GLQ FDUH UHSUH]LQWă VSDĠLL ORJLVWLFH SHQWUX VSDĠLL LQGXVWULDOH úL GUXPXUL úL WHKQLFR HGLOLWDUH GH SUR FHQWH 7RDWH VSDĠLLOH YRU ¿ SUHYă]XWH FX SDUFăUL vQ VXSUDIDĠă GH GH PHWUL SăWDĠL´ D DUăWDW ,XOLXV 'XPLWUX 3RWULYLW DFHVWXLD QXPăUXO GH FRPSDQLL FDUH vúL YRU GHVIăúXUD DFWLYLWDWHD vQ FDGUXO

³%XVLQHVV 3DUN %LVWULĠD 6XG´ YD ¿ GH Ä1H GRULP Vă DWUDJHP GH ¿ UPH úL R LQYHVWLĠLH ORFDOă GH FLUFD PLOLRDQH GH HXUR 6SHUăP Vă vQFHSHP OXFUăULOH HIHFWLYH vQ WULPHVWUXO ,, GLQ úL vQFH SHUHD DFWLYLWăĠLL VRFLHWăĠLL GH DGPLQLVWUDUH úL vQFKHLHUHD GH FRQWUDFWH vQ WULPHVWUXO , GLQ (VWH XQ SDUF OD vQFHSXW GH GUXP úL RULFH DMXWRU GLQ SDUWHD FHORU FDUH DX WUH FXW SULQ DFHDVWă SHULRDGă HVWH ELQHYHQLW´ D FRQFKLV ,XOLXV 'XPLWUX

&ULVWLDQ 7ăOPăFHDQ ÄÌPL H[SULP EXFXULD GH D ¿ DX]LW Fă FLQHYD PXQFHúWH Fă VXQW RDPHQL FDUH QX VH ODVă´ 'LVFXUVXO ¿ QDO DO FRQIHULQĠHL L D DSDUĠLQXW OXL &ULVWLDQ 7ăOPăFHDQ &(2 DO %XVL QHVV )RXQGDWLRQ FDUH O D SDUDIUD]DW SH SUHúHGLQWHOH UHDOHV DO 68$ FRQIRUP FăUXLD RULFLQH DUH XQ YLV PXQFHúWH FX VHULR ]LWDWH SHQWUX vQGHSOLQLUHD DFHVWXLD úL HVWH VXVĠLQXW GH FRPXQLWDWH DUH úDQVH IRDUWH PDUL GH UHXúLWă ³$P IRVW IRDUWH LQVSLUDW D]L GLPLQHDĠă XUPăULQG GLVFXUVXO QRXOXL SUHúHGLQWH DO 68$ %DUDFN 2EDPD FDUH OD XQ PRPHQW GDW D VSXV GXSă FkúWLJDUHD DOHJHULORU Fă QX DYXĠLD DFHVWHL ĠăUL QH IDFH Vă ¿ P ERJDĠL QX XQLYHUVLWăĠLOH SUR GXVHOH LQRYDWLYH WHKQRORJLFH QH IDFH Vă ¿ P QWHOLJHQĠL YRUEHD GHVLJXU GH DPHUL FDQL QX IDSWXO Fă DYHP FHD PDL SXWHUQLFă DUPDWă GLQ OXPH QH IDFH Vă ¿ P SXWHUQLFL FL UHODĠLLOH FDUH H[LVWă vQWUH QRL FUH]XULOH Fă SXWHP Vă IDFHP Vă vQGHSOLQLP XQ YLV Fă RULFLQH YLQH PXQFHúWH FX SDVLXQH GLQ RULFH FROĠ DO OXPLL YD DYHD VXFFHV úL Fă WRĠL FHLODOĠL QX vL YRU SXQH SLHGLFL úL vO YRU VXVĠLQH vQ D VH UHDOL]D vQ YLVXO VăX´ D D¿ UPDW &ULVWLDQ 7ăOPăFHDQ Ä9ă IHOLFLW úL vPL H[SULP EXFXULD GH D ¿ DX]LW Fă FLQHYD PXQFHúWH Fă VXQW RDPHQL FDUH QX VH ODVă úL FDUH QH YRU DMXWD Vă QH GXFHP YLVHOH PDL GHSDUWH´ D FRQFKLV &ULVWLDQ 7ăOPăFHDQ $OH[ 727+

6LPRQD %ROERDFă ³2ELHFWLYXO VWUDWHJLHL GH WUDQVSRUW LQWHUPRGDO GH]YROWDUHD VLVWHPXOXL QDĠLRQDO GH WUDQVSRUW PăUIXUL´ 6LPRQD %ROERDFă SXEOLF PDQDJHU vQ FDGUXO 'LUHFĠLHL *HQHUDOH 6WUDWHJLH 3ROLWL FL 3XEOLFH úL 7UDQVSRUW 0XOWLPRGDO GH OD QLYHOXO 0LQLVWHUXOXL 7UDQVSRUWXULORU úL ,Q IUDVWUXFWXULL D VXEOLQLDW Fă IXQFĠLRQDUHD SDUFXULORU LQGXVWULDOH HVWH VWUkQV OHJDWă GH H[LVWHQĠD XQXL WUDQVSRUW H¿ FLHQW úL D SUH]HQWDW XQ PRG GH WUDQVSRUW FDUH D LQ

IDFHERRN FRP ]LGH]L


)2725(3257$-

7UDQVLOYDQLD 2SHQ %XVLQHVV QRLHPEULH ,

&RQIHULQĠHOH 7UDQVLOYDQLD 2SHQ %XVLQHVV ³3DFXUL LQGXVWULDOH 2 VWUDWHJLH QDĠLRQDOă´ Jă]GXLWH GH +R WHOXO ³*UDQG´ vQ úL QRLHPEULH VXQW SULPXO SURL HFW GH LPSRUWDQĠă QDĠLRQDOă RUJDQL]DW GH UHYLVWD 7UDQVLOYDQLD %XVLQHVV *UXSXO GH SUHVă 7UDQVLOYDQLD %XVLQHVV HGLWRU DO UH YLVWHL QDĠLRQDOH 7UDQVLOYDQLD %XVLQHVV HVWH SUHRFX SDW vQ SHUPDQHQĠă GH VLWXDĠLD HFRQRPLFă D PHGLX OXL GH DIDFHUL GLQ LQLPD $UGHDOXOXL úL QX QXPDL ÌQ XUPD DFHVWHL SUHRFXSăUL FRQVWDQWH úL D XQHL WHPHL QLFH GRFXPHQWăUL 7UDQVLOYDQLD %XVLQHVV D GHVFR SHULW Fă vQ 5RPDQLD IXQFĠLRQHD]ă QXPDL GH SDU FXUL LQGXVWULDOH QRGXUL HFRQRPLFH FH EHQH¿ FLD]ă GH VFXWLUL GH WD[H úL LPSR]LWH VSUH GHRVHELUH GH 3ROR QLD &HKLD VDX 8QJDULD FDUH vQ XUPD DSOLFăULL XQRU VWUDWHJLL JXYHUQDPHQWDOH GH VXFFHV DX GH]YROWDW VXWH GH DVWIHO GH HQWLWăĠL ³$P SHWUHFXW FLQFL ]LOH vQ WUHL ĠăUL GLIHULWH ± 3RORQLD &HKLD úL 8QJDULD SHQWUX D DGXFH vQ 5RPkQLD PR GHOH GH EXQH SUDFWLFL GHVSUH vQ¿ LQĠDUHD RUJDQL]D UHD úL IXQFĠLRQDUHD SDUFXULORU LQGXVWULDOH vQ (XURSD &HQWUDOă úL GH (VW ´ (FKLSD ³7UDQVLOYDQLD %XVLQHVV´


)2725(3257$ QRLHPEULH

³3DUFXUL LQGXVWULDOH 2 VWUDWHJLH QDĠLRQDOă´

QRLHPEULH ,,

7HPD FRQIHULQĠHL RUJDQL]DWH GH UHYLVWD 7UDQVLOYD QLD %XVLQHVV vQ FRODERUDUH FX &RQVLOLXO -XGHĠHDQ 0XUHú HVWH ³3DUFXULOH LQGXVWULDOH 2 VWUDWHJLH QDĠLRQDOă´ 3RUQLQG GH OD DFHDVW VXELHFW IRDUWH YDVW SUREOHPHOH DWLQVH úL GH]EăWXWH vQ FDGUXO HYHQLPHQ WXOXL VXQW &XP GH]YROWăP XQ SDUF LQGXVWULDO" &XP vO ¿ QDQĠăP" &XP DWUDJHP FOLHQĠLL" &H IDFLOLWăĠL DFRUGăP" &H DUJXPHQWH DYHP IDĠă GH FRQFXUHQĠă" &XP DX SURFHGDW DOĠLL LQ MXU" &H WLS GH PDQDJHPHQW DSOLFăP" 'DU GH PDUNHWLQJ" 'H DVHPHQHD YRU ¿ SUH]HQWDWH PRGHOH GH VXFFHV GLQ &HKLD 3RORQLD 8QJDULD úL 5RPkQLD Yă]XWH OD IDĠD ORFXOXL &RQIHULQĠHOH 7UDQVLOYDQLD 2SHQ %XVLQHVV ³3DFXUL LQGXVWULDOH 2 VWUDWHJLH QDĠLRQDOă´ Jă]GXLWH GH +R WHOXO ³*UDQG´ vQ úL QRLHPEULH DX SDUWLFLSDW DFĠLRQDUL PDQDJHUL úL FOLHQĠL DL SDUFXULORU LQGXV WULDOH UHSUH]HQWDQĠL DL DGPLQLVWUDĠLLORU ORFDOH úL MXGHĠHQH DL FOXEXULORU GH DIDFHUL DL FDPHUHORU GH FRPHUĠ DL IRQGXULORU GH LQYHVWLĠLL DL EăQFLORU LQWH UHVDWH DL PLQLVWHUHORU DPEDVDGHORU úL FRQVXODWHORU HFRQRPLFH DL FRPSDQLLORU SULYDWH úL GH VWDW LQWHUH VDWH GH SDUFXULOH LQGXVWULDOH &RQFOX]LLOH HYHQLPHQWXOXL YRU ¿ vQDLQWDWH *XYHU QXOXL úL 3DUODPHQWXOXL 5RPkQLHL GHFLGHQĠLORU GLQ DGPLQLVWUDĠLD ORFDOă úL PDQDJHULORU PDULORU FRPSD QLL GLQ 5RPkQLD ZZZ RSHQ EXVLQHVV UR

IDFHERRN FRP ]LGH]L


$'0,1,675$ğ,(

*URVX Ä3UHIHFWXO XQXL MXGHĠ WUHEXLH Vă ¿ H XQ EXQ PHVHULDú´ &RUQHOLX *URVX HVWH GH PDUĠL QRLHP EULH QRXO SUHIHFW DO MXGHĠXOXL 0XUHú 'HV SUH DFHDVWă QXPLUH SUHFXP úL GHVSUH SODQXULOH GH YLLWRU DOH QRLL IXQFĠLL vQ LQWHU YLXO XUPăWRU 5HSRUWHU 6XQWHĠL QRXO SUHIHFW DO MXGHĠXOXL &H VHQWLPHQW Yă vQFHDUFă" &RUQHOLX *URVX 1XPLUHD vQ DFHDVWă IXQFĠLH HVWH FODU R RSĠLXQH D *XYHUQX OXL úL FUHG Fă DOHJHUHD SHUVRDQHL PHOH QX HVWH vQWkPSOăWRDUH DYkQG vQ YHGHUH H[SHULHQĠD PHD úL IDSWXO Fă DP GRYHGLW RUL GH FkWH RUL D IRVW QHYRLH Fă OXFUXULOH JUHOH vPL VXQW DSURDSH ¿ LQGFă OH SRW GXFH FX DMXWRUXO FROHJLORU FX VXFFHV OD EXQ VIkUúLW $ IRVW úL R RSĠLXQH YL]DYL GH FDULHUD PHD HX QHPDL DYkQG LQWHQĠLD GH D FDQGLD SHQ WUX DOHJHULOH SDUODPHQWDUH 0DL YRDODW PL DP H[SULPDW DFHDVWă LQWHQĠLH GLQ YDUă úL DWXQFL OXFUXULOH GH DúD QDWXUă V DX GLV FXWDW FX 3UHPLHUXO úL IDFWRULL GH GHFL]LH SROLWLFă úL DGPLQLVWUDWLYă GH OD %XFXUHúWL Vă RFXS DFHVW SRVW FDUH Pă RQRUHD]ă úL SH FDUH vO YRL DERUGD FD SH R QRXă PHVHULH SH FDUH WUHEXLH Vă R IDF DúD FXP DP IăFXW vQ FHL GH DQL GH FkQG OXFUH] 6SXQ PH VHULH SHQWUX Fă vQVăúL SUHIHFWXO XQXL MXGHĠ WUHEXLH Vă ¿ H XQ EXQ PHVHULDú Vă ¿ H XQ SURIHVLRQLVW XQ RP FDUH UHSUH]LQWă FX GHPQLWDWH FX FLQVWH úL FX H¿ FLHQĠă *XYHU QXO vQ WHULWRULX 5HS &DUH VXQW SULRULWăĠLOH GXP QHDYRDVWUă vQ SHULRDGD XUPăWRDUH" & * ÌQ SULPXO UDQG WH JkQGHúWL FH WUH

FRQWLQXLWDWHD &D Vă IDF R SDUDQWH]ă SHQ WUX PLQH DX UăPDV vQWLSăULWH GHFODUDĠLLOH IăFXWH GH R¿ FLDOLL WXUFL FDUH DX IRVW vQWUHEDĠL GH FXP VH H[SOLFă IDSWXO Fă 7XU FLD UHSUH]LQWă FHD GH D GRXD HFRQRPLH FDUH D UHXúLW Vă VH LPSXQă Vă DLEă VXFFHV vQWU R FUL]ă HFRQRPLFă úL VRFLDOă JHQHUDOă (L DX UăVSXQV IRDUWH FODU Fă DFHVW OXFUX VH GDWRUHD]ă VWDELOLWăĠLL 1RL DLFL WUHEXLH Vă JăVLP VROXĠLL Vă DVLJXUăP VWDELOLWDWH vQ YLLWRUXO 3DUODPHQW vQ YLLWRUXO *XYHUQ úL GHVLJXU vQ vQWUHDJD ĠDUă DSRL úL SHUVSHF WLYD XQRU RELHFWLYH GH PDL OXQJă GXUDWă

EXLH Vă IDFL GH XQGH LHL OXFUXULOH vQWU XQ MXGHĠ GLQ DFHDVWă SRVWXUă GH SUHIHFW FX FLQH FRODERUH]L 2ELHFWLYHOH LPHGLDWH YL]HD]ă OXQD DSULJă GH DFFHGHUH VSUH 3DU ODPHQW FDUH HVWH FDPSDQLD HOHFWRUDOă ÌQ DFHVW VHQV PLHUFXUL QRLHPEULH D IRVW SXEOLFDW R QRXă RUGRQDQĠă GH XUJHQĠă FDUH FODUL¿ Fă IRDUWH PXOWH DVSHFWH OHJDWH GH FRUHFWLWXGLQHD úL SDUFXUVXO OHJDO SH FDUH WUHEXLH Vă vO XUPH]H ¿ HFDUH IRUPDĠLXQH SROLWLFă ¿ HFDUH FDQGLGDW $SRL vQFKHLHUHD DFHVWHL DFWLYLWăĠL GH VHQVLELOL]DUH D RSLQLHL SXEOLFH YL]DYL GH XQXO VDX DOWXO GLQWUH FHL

FHL FDUH GRUHVF Vă DMXQJă vQ 3DUODPHQW 5HS 'DU vQ FH SULYHúWH SHULRDGD GH GXSă DOHJHUL" & * (X FD HFRQRPLVW DúWHSW IRDUWH PXOW Vă YăG úL FH vQVHDPQă DQXO ¿ QDQFLDU EXJHWXO SH FDUH WUHEXLH Vă O SXQă *XYHUQXO SH PDVD 3DUODPHQWXOXL $YHP YL]LWD )RQ GXOXL 0RQHWDU FDUH SRDWH Vă DGXFă XQHOH VFKLPEăUL PLFL UHWXúăUL DOH RELHFWLYHORU GH EXJHW SH FDUH JXYHUQXO DFWXDO úL FHO FDUH YD XUPD FDUH VXQW VLJXU Fă YD ¿ XQXO VRFLDO GHPRFUDW OLEHUDO SHQWUX D DVLJXUD

5HS 3UHIHFWXUD DUH DFXP R FRQGX FHUH QRXă &XP YHGHĠL SHUVSHFWLYD DFHVWHL LQVWLWXĠLL GLQ DFHVW SXQFW GH YHGHUH" & * (VWH QRXă úL QX SUHD ÌQ FH SULYHúWH *DEULHOD .RRV HD HVWH URGDWă GHMD vQ DFHDVWă IXQFĠLH DYkQG vQ YHGHUH DFWLYLWD WHD HL vQ 3UHIHFWXUă HD ¿ LQG úHID 2¿ FLXOLXO 3UHIHFWXUDO GLQ 5HJKLQ úL DSRL VHFUHWDUD SULPăULHL 5HJKLQ R DOWă IXQFĠLH FDUH WH vQYDĠă FH Vă IDFL vQ DGPLQLVWUDĠLH 3HQWUX PLQH SH OkQJă VWLPD FDUH L R SRUW FD IH PHLH RP úL FROHJ DP XQ UHVSHFW SHQWUX SUHJăWLUHD úL FDSDFLWDWHD HL GH D úL IDFH WUHDED 2DPHQLL QRL DGXF vQWRWGHDXQD QRXO vQ WRW FHHD FH IDF úL GH DLFL úL QRL YH GHP XQ PRG QRX GH DERUGDUH D FHHD FH vQVHDPQă 3UHIHFWXUD vQWU XQ MXGHĠ vQ FRQWH[WXO vQ FDUH YRUELP GH VWDELOLWDWHD SROLWLFă úL VRFLDOă D 5RPkQLHL

$ FRQVHPQDW $OLQ =$+$5,(


62&,$/ QRLHPEULH

3VLKRORJXO Yă UăVSXQGH

ùWLUL

LQWHUHVDQWH )LQDQĠDUH SHQWUX FHQWUH GH VăQăWDWH PXOWLIXQFĠLRQDOH &HQWUHOH GH VăQăWDWH PXOWLIXQFĠLRQDOH vQ¿ LQĠDWH FD XQLWăĠL FX SHUVRQDOLWDWH MXULGLFă YRU SXWHD vQFKHLD FRQWUDFWH SULQ UHSUH]HQWDQĠLL ORFDOL GLUHFW FX FDVHOH GH DVLJXUăUL GH VăQăWDWH VHSD UDW SHQWUX ¿ HFDUH WLS GH DVLVWHQĠă PHGLFDOă SRWULYLW XQHL KRWkUkUL GH *XYHUQ DGRSWDWH vQ úHGLQĠD GH PDUĠL &HQWUHOH GH VăQăWDWH IăUă SHUVRQDOLWDWH MXULGLFă RUJDQL]DWH vQ VWUXFWXUD VSL WDOHORU FDVHOH GH DVLJXUăUL GH VăQăWDWH vQFKHLH FRQWUDFWH VDX DFWH DGLĠLRQDOH GH IXUQL]DUH GH VHUYLFLL PHGLFDOH FX UHSUH]HQWDQĠLL OHJDOL DL VSLWDOHORU VHSDUDW SHQWUX ¿ HFDUH WLS GH DVLVWHQĠă PHGLFDOă +RWăUkUHD SHQWUX PRGL¿ FDUHD úL FRP SOHWDUHD &RQWUDFWXOXL FDGUX SULYLQG FRQGLĠLLOH DFRUGăULL DVLVWHQĠHL PHGL FDOH vQ FDGUXO VLVWHPXOXL GH DVLJXUăUL VRFLDOH GH VăQăWDWH SHQWUX DQLL DSUREDW SULQ +RWăUkUHD *XYHU QXOXL QU UHJOHPHQWHD]ă PRGXO vQ FDUH VH FRQWUDFWHD]ă úL VH GHFRQWHD]ă VHUYLFLLOH PHGLFDOH DFRU GDWH vQ FDGUXO FHQWUHORU GH VăQăWDWH PXOWLIXQFĠLRQDOH $ 0

/LFHXO 7HKQRORJLF vQ VFKLPE GH H[SHULHQĠă ,RMD 1LFRODH PDLVWUX LQVWUXFWRU vQ FDGUXO /LFHXOXL 7HKQRORJLF ³&RQVWDQ WLQ %UkQFXúL´ GLQ 7kUJX 0XUHú D SDU WLFLSDW vQ SHULRDGD RFWRPEULH vPSUHXQă FX HOHYLL (URV ,PHOGD &ULVWLDQ 0XQWHDQ úL 6HUJLX &ULVWHD GLQ FODVD D ;,, D $ úL FX UHSUH]HQWDQĠL DL FH ORUODOWH WUHL úFROL SDUWHQHUH vQ SURLHFWXO ´'UXPXO VSUH VXFFHV´ OD XQ VFKLPE GH H[SHULHQĠă vQ 3RUWXJDOLD ³*D]GD HOH YLORU QRúWUL D IRVW SDUWHQHUXO SRUWXJKH] vQ FDGUXO SURLHFWXOXL $FWLYLWDWHD D IRVW DWHQW PRQLWRUL]DWă GH SDUWHQHUXO FDUH LPSOHPHQWHD]ă DFHVW SURLHFW * 0 ,Q WHUQDWLRQDO 7kUJX 0XUHú´ D GHFODUDW $GULDQD ğLEUHD GLUHFWRU DO XQLWăĠLL GH vQYăĠăPkQW 2 0

&H HVWH GHSHQGHQĠD IDĠă GH GURJXUL" 'HSHQGHQĠD IDĠă GH GURJXUL DSDUH FD XUPDUH D FRQVXPXOXL UHSHWDW úL GHV GH GURJXUL ([LVWă úL H[FHSĠLL GH H[HPSOX GHSHQGHQĠD vQ FD]XO KHURLQHL QX VH LQVWDOHD]ă QHDSăUDW GRDU GXSă XQ FRQVXP GHV úL UHSHWDW FL VH SRDWH LQVWDOă FKLDU GH OD SULPXO FRQVXP VDX GLQ SULPHOH vQFHUFăUL 'HSHQGHQĠD IDĠă GH GURJXUL HVWH GH GRXă WLSXUL GHSHQGHQĠă ¿ ]LFă úL GHSHQGHQĠă SVLKRORJLFă &XP QH GăP VHDPD GDFă R SHUVRDQă DSURSLDWă GLQ MXUXO QRVWUX DUH R IRUPă GH GHSHQGHQĠă IDĠă GH R DQXPLWă VXEVWDQĠă" (L ELQH LQGLIHUHQW GH WLSXO GH GURJ IRORVLW VH SRW GLVWLQJH FODU DQXPLWH FDUDFWHULVWLFL DOH GHSHQGHQĠHL ¿ ]LFH úL DOH GHSHQGHQĠHL SVLKRORJLFH ÌQ FD]XO GHSHQGHĠHL ¿ ]LFH VH UHPDUFă GRXă FDUDFWHULVWLFL úL DQXPH SULQ 72/(5$1ğĂ úL DSDULĠLD XQRU PDQLIHVWăUL QHSOăFXWH DWXQFL FkQG SHUVRDQD vQFHDUFă Vă vQWUHUXSă FRQVXPXO GLQ DFHO GURJ &X DOWH FXYLQWH DSDU VLPSWRPHOH GH 6(95$- 7ROHUDQĠD VH UHIHUă OD IDSWXO Fă SHUVRDQD FD Vă REĠLQă DFHODúL HIHFW GDW GH GURJXO UHVSHF WLY WUHEXLH Vă FUHDVFă GLQ FH vQ FH PDL PXOW GR]D $GLFă DUH R WROHUDQĠă IRDUWH PDUH SHQ WUX FDQWLWăĠL PDUL GLQ DFHO GURJ 'H H[HPSOX R SHUVRDQă FDUH D FRQVXPDW KHURLQă SHQWUX SULPD GDWă D DYXW QHYRLH GH R FDQWLWDWH PDL PLFă SHQWUX D VLPĠL Fă WRDWH QHFD]XULOH DX WUHFXW úL Fă VXQW XLWDWH Vă REĠLQă VWDUHD GH FDOP úL UHOD[DUH &RQVXPDWRUXO GH KHURLQă SRDWH FRQVWDWD Fă OD XQ DQ GH FRQVXP FDQ WLWDWHD QHFHVDUă SHQWUX D REĠLQH DFHHDúL VWDUH DSURDSH Fă D FUHVFXW GH SDWUX RUL IDĠă GH FHD LQLĠLDOă /D DFHVW OXFUX IDFH UHIHULUH WROHUDQĠD LDU WROHUDQĠD HVWH R FDUDFWHULVWLFă D GHSHQGHQĠHL ¿ ]LFH 6HYUDMXO UHSUH]LQWă D GRXD FDUDFWHULVWLFă D GHSHQGHQĠHL ¿ ]LFH úL IDFH UHIHULUH OD IDSWXO Fă DSDU DWXQFL FkQG SHUVRDQD YUHD Vă UHQXQĠH OD R VXEVWDQĠă DQXPLWH VLPSWRPH GHUDQ MDQWH FDUH SRW GLIHUL GH OD GURJ OD GURJ 8QHOH VXQW H[WUDRUGLQDU GH SXWHUQLFH SH FkQG DO WHOH VXQW PDL XúRDUH 3ULQWUH FHOH PDL IUHFYHQWH VLPSWRPH GH VHYUDM VH SRW QXPăUD WUHPRUXO LQWHQV DO PkLQLORU úL D vQWUHJ FRUSXOXL IULVRDQH LQ WHQVH GXUHUL vQ GLIHULWH SăUĠL DOH FRUSX OXL YăUVăWXUL PkQFăULPL GLYHUVH WUDVSL UDW DPEXQGHQW GL¿ FXOWăĠL vQ FRRUGRQDUHD

PLúFăULORU OLSVă GH HQHUJLH DSDULĠLD XQHL VWăUL GH VXIRFDUH JUHDĠă DSDULĠLD XQRU VWăUL GH WULVWHĠH LQWHQVă WHDPă KDOXFLQDĠLL YL ]XDOH GH SHUVHFXĠLH DJUHVLYLWDWH HWF

'HSHQGHQĠD SVLKRORJLFă 6HYUDMXO DSDUH FD XUPDUH D VFăGHULL QLYHOX

OXL GH GURJ GH OD QLYHOXO VLVWHPXOXL QHUYRV 6HYUDMXO HVWH VHPQDOXO Fă WUHEXLH LQWURGXVă R QRXă GR]ă SHQWUX D UHIDFH QLYHOXO GURJXOXL GLQ VLVWHPXO QHUYRV &HDODOWă IRUPă GH GHSHQGHQĠă HVWH GH SHQGHQĠD SVLKRORJLFă $FHDVWD VH UHIHUă OD OD QHYRLD GH D FRQVXPD DFHO GURJ SHQWUX D HYDGD GH SUREOHPH GH UHDOLWDWH 'HSHQGHQĠD SVLKRORJLFă DSDUH DWXQFL FkQG SHUVRDQD FRQVLGHUă Fă IRORVLUHD GURJXOXL HVWH R VROXĠLH EXQă GH D VFăSD GH SUREOHPHOH FDUH O DSDVă GH VLWXDĠLLOH VWUHVDQWH LGLIHUHQW FDUH VXQW DFHVWHD $VSHFWH FDUH ĠLQ GH GHSHQGHQĠă FHOH GRXă IRUPH GH GHSHQGHQĠă SRW Vă QX DSDUă vQ DFHODúL WLPS SRDWH Vă DSDUă GRDU FHD SVLKRORJLFă 'H H[HPSOX R SHUVRDQă SRDWH Vă QX DLEă WROHUDQĠă úL VHYUDM OD FRQVXPXO GH DOFRRO GDU Vă O FRQVXPH SHQWUX D O DMXWD Vă WUHDFă SHVWH GHVSăUĠLUHD GH SDUWHQHU DO FRROXO DYkQG XQ HIHFW VHGDWLY 6DX QX GH SXĠLQH RUL DP DX]LW FX WRĠLL Fă DQXPLWH SHU VRDQH FRQVXPă DOFRRO FD Vă úL IDFă FXUDM 3HQWUX R SHUVRDQă WLPLGă FX VWLPă GH VLQH VFă]XWă SRDWH ¿ WHQWDQW FRQVXPXO IUHFYHQW úL GHV GH DOFRRO SHQWUX D IDFH IDĠă GLIHULWHORU VLWXDĠLL 2 DOWă FDUDFWHULVWLFă D GHSHQGHQĠHL HVWH GDWă GH GL¿ FXOWDWHD SHUVRDQHL GH D VH DEĠLQH GH OD FRQVXPXO GH GURJ FKLDU GDFă GRUHúWH Vă UHQXQĠH 'URJXULOH SRW DYHD HIHFWH SOăFXWH GDU DFHV WHD VXQW SDVDJHUH LDU GHSHQGHQĠD HVWH PXOW SUHD GH]DGDSWDWLYă úL FX HIHFWH PXOWLSOH SH SHULRDGH PXOW SUHD PDUL GH WLPS 3VLKRORJ *DEULHOD 0DULD 0$1

³0LQWHD QX L XQ YDV FDUH WUHEXLH XPSOXW ZFL XQ IRF FDUH WUHEXLH vQWUHĠLQXW´ 3/87$5+

9HGHUHD úL DOFRROXO

$OH[ 727+

6 & 9(5', 7285 6 5 / 7HOHIRQ H PDLO L ]ROG#\DKRR FRP

,19,7$ğ,( '( 3$57,&,3$5( 6HOHFĠLD GH RIHUWH SHQWUX DFKL]LĠLRQDUHD XQXL XWLODM %XOGRH[FDYDWRU FX FXSă vQFăUFăWRU EUDĠ H[FDYDWRU WHOHVFRSLF FXSă H[FDYDWRU

6& 9(5', 7285 65/ &8, FX VHGLXO vQ VDW 6kQFUDLX GH 0XUHú FRP 6kQFUDLX GH 0XUHú VWU 3ULQFLSDOă QU DS MXG 0XUHú Yă LQYLWă Vă SUH]HQWDĠL RIHUWD GXPQHDYRDVWUă GH 87,/$- %XOGRH[FDYDWRU FX FXSă vQFăUFăWRU EUDĠ H[FDYDWRU WHOHVFRSLF FXSă H[FDYDWRU SHQWUX UHDOL]DUHD XQXL SURLHFW GH LQYHVWLĠLL ¿ QDQĠDW SULQ 31'5 SULQ PăVXUD FX GHQXPLUHD '(=92/7$5 ($ 62&,(7Ăğ,, 6 & 9(5', 7285 6 5 / 35,1 $&+,=,ğ,21$5( '( 87,/$- &2081$ 6Æ1&5$,8 '( 085(ù -8' 085(ù &ULWHULXO GH VHOHFĠLH SUHĠXO FHO PDL PLF VDX RIHUWD FHD PDL DYDQWDMRDVă GLQ SXQFW GH YHGHUH HFRQRPLF FD] vQ FDUH VH YRU SUH]HQWD IDFWRULL GH SXQFWDM SRQGHUHD úL DOJRULWPXO GH FDOFXO QXPDL SHQWUX SURFHGXUD GH VHOHFĠLH GH RIHUWH

2IHUWDQĠLL WUHEXLH VD GHĠLQă vQ GRPHQLXO GH DFWLYLWDWH FRGXO &$(1 ± &RPHUĠ FX ULGLFDWD DO PDúLQLORU SHQWUX LQGXVWULD PLQLHUă úL GH FRQVWUXFĠLL ± &RPHUĠ FX ULGLFDWD DO DOWRU PDúLQL úL HFKLSDPHQWH VDX HFKLYDOHQW vQ FD]XO VRFLHWăĠLORU GLQ VWUăLQăWDWH QHFHVDU SDUWLFLSăULL OD RIHUWDUH 2ELHFWXO FRQWUDFWXOXL YD FRQVWD vQ DFKL]LĠLD XQXL %XOGRH[FDYDWRU FX FXSă vQFăUFăWRU EUDĠ H[FDYDWRU WHOHVFRSLF FXSă H[FDYDWRU SHQWUX UHDOL]DUHD úL LPSOHPHQWDUHD SURLHFWXOXL PHQĠLRQDW DQWHULRU 7LS FRQWUDFW FRQWUDFW DFKL]LĠLL EXQXUL 7HUPHQXO OLPLWD GH GHSXQHUH D RIHUWHORU RUD $GUHVD OD FDUH VH WULPLW RIHUWHOH 7J 0XUHú VWU 6RPQXOXL QU 'DWD úL RUD GHVFKLGHULL RIHUWHORU RUD 9DORDUHD VXSXVD OLFLWDĠLHL HOLJLELOă QHHOLJLELOă OHL 79$ OHL UHVSHFWLY HXUR 79$ HRUR 'RVDUXO FHUHULL GH RIHUWă FX VSHFL¿ FDĠLLOH WHKQLFH úL FDQWLWăĠLOH QHFHVDUH GH XWLODMH HVWH GLVSRQLELO OD DGUHVD 7J 0XUHú VWU 6RPQXOXL QU $VWHSWăP RIHUWD GXPQHDYRDVWUD SkQă OD WHUPHQXO OLPLWă PHQĠLRQDW DQWHULRU OD DGUHVD VWU 6RPQXOXL QU 7J 0XUHú 9ă PXOWXPLP 5HSUH]HQWDQW OHJDO =g/' ,679È1

IDFHERRN FRP ]LGH]L


Ì19ĂğĂ0Æ17

(GXFDĠLH SULQ WXULVP SHQWUX SUHúFRODUL 'RULQĠD GH PLúFDUH úL GLQDPLVPXO VXQW FDUDFWHULVWLFL DOH FRSLLORU SUHúFRODUL $FHV WHD WUHEXLH Vă GHYLQă LQVWUXPHQWH GH ED]ă vQ PkQD SăULQĠLORU HGXFDWRDUHORU vQYăĠăWRULORU SURIHVRULORU GH HGXFDĠLH ¿ ]LFă SULQ FDUH Vă VH DFĠLRQH]H vQ VHQVXO IRUPăULL XQRU RDPHQL VăQăWRúL YLJXURúL DSĠL GLQ SXQFW GH YHGHUH PRUDO úL PHGL FDO 3HQWUX vQGHSOLQLUHD DFHVWRU GH]LGH UDWH DOăWXUL GH XQ UHJLP GH YLDĠD FRUHFW GH RGLKQă úL GH R HGXFDĠLH VăQăWRDVă XQ URO LPSRUWDQW vO DX H[FXUVLLOH úL GUXPHĠLLOH FD IRUPH GH SHWUHFHUH D WLPSXOXL OLEHU DO FRSLLORU GH YkUVWă SUHúFRODUă

$FWLYLWDWH vQ DHU OLEHU HGXFDUHD VSLULWXOXL GH RUGLQH úL GLVFLSOLQă Ä 3ULQ H[FXUVLLOH úL GUXPHĠLLOH RUJDQL]DWH GH JUDGLQLĠă VH XUPăUHúWH úL vQWăULUHD RU JDQLVPXOXL FRSLLORU FăOLUHD RUJDQLVPXOXL IRUPDUHD XQRU GHSULQGHUL GH LJLHQă úL GH FRPSRUWDUH FLYLOL]DWă 6H PDL DUH vQ YHGHUH HGXFDUHD FRSLLORU vQ VSLULWXO FR OHFWLYXOXL SULQ VXERUGRQDUHD LQWHUHVXOXL

&RSLLL GH OD *UăGLQLĠD QU Ä9RLQLFHO´ GLQ 5HJKLQ vQ H[FXUVLH OD /ăSXúQD

LQGLYLGXDO IDĠD GH FHO FROHFWLY HGXFDUHD VSLULWXOXL GH RUGLQH úL GLVFLSOLQă &DOLWDWHD VSRULWă D PHGLXOXL UHÀ HFWDWă vQ SHLVDMH ELQH FRQVHUYDWH úL vQ DEVHQĠD SROXăULL IDF

WRULORU GH PHGLX DHU DSă VRO YHJHWDĠLH IDXQă OD FDUH VH DGDXJă RELHFWLYHOH WX ULVWLFH LVWRULFH WUDGLĠLLOH úL HOHPHQWHOH GH IROFORU URPkQHVF $FHVWHD VXQW HOHPHQWH D FăURU DWUDFWLYLWDWH WXULVWLFă D VSRULW FRQ VLGHUDELO vQ XOWLPHOH GHFHQLL´ GHFODUă 6DY 6RULQD GLUHFWRDUHD *UăGLQLĠHL FX SURJUDP SUHOXQJLW QU Ä9RLQLFHO´ GLQ 5HJKLQ

([FXUVLH OD /ăSXúQD 'HRDUHFH DQXO DFHVWD HVWH DQXO ³(GXFDĠLHL SULQ WXULVP´ SUHúFRODULL GH OD DFHDVWă XQLWDWH DX RUJDQL]DW vQ OXQD RFWRPEULH R H[FXUVLH OD /ăSXúQD ([FXUVLD D DYXW GUHSW VFRS XUPDWRDUHOH RELHFWLYH YL]LWă OD 2FROXO 6LOYLF )kQFHO OD SHSLQLHUD 5ăFKLWDú YL]LWă OD %LVHULFD GH OHPQ 6IkQ WXO 1LFRODH úL 0ăQăVWLUHD GH OD /ăSXúQD SăVWUăYăULD GLQ /ăSXúQD L]YRUXO &ăOLQ úL QX vQ XOWLPXO UkQG VDWXO DOHJRULF OD FăVXĠHOH FRPXQHORU +RGDF úL ,EăQHúWL /D %LVHULFD GH OHPQ GLQ /ăSXúQD SUHúFRODULL V DX vQFKLQDW DX Yă]XW LFRDQHOH IRDUWH YHFKL DX DVFXOWDW FkWHYD VIDWXUL GDWH GH SăULQWH 'H DVHPHQHD DX YL]LWDW SăVWUăYăULD GH OD /ăSXúQD XQGH DX YD]XW

PHGLXO GH YLDĠD DO SHúWLORU

1RLHPEULH ±=LXD 8QLYHUVDOă D 'UHSWXULORU &RSLOXOXL Ä&RSLOXO SUHúFRODU PDQLIHVWă R FXULR]L WDWH úL R GRULQĠă GH H[SORUDUH GHRVHELWă D UHDOLWăĠLL vQFRQMXUăWRDUH 7RDWH DFHVWH GRULQĠH GH FXQRDúWHUH WUHEXLH FDQDOL]DWH VSUH vQĠHOHJHUHD FRUHFWă úL VăQăWRDVă D QDWXULL 8QLWDWHD QRDVWUă HVWH LPSOLFDWă vQ IRDUWH PXOWH SURLHFWH SULQWUH FDUH DPLQ WHVF Ä3XQĠL vQWUH JHQHUDĠLL´ Ä5ăGăFLQL úL DULSL´ Ä'DWLQL RELFHLXUL úL WUDGLĠLL´ ÌQ FDGUXO DFHVWRU SURLHFWH VH GHVIDúRDUă PDL PXOWH DFWLYLWăĠL SULQWUH FDUH =LXD &RSLOXOXL 81,&() FDUH YD DYHD ORF vQ QRLHPEULH FD vQ ¿ HFDUH DQ $QXO DFHVWD SUHúFRODULL GH OD JUDGLQLĠD QRDVWUă YRU GHVIDúXUD XQ VSHFWDFRO GHGLFDW DFHVWHL ]LOH FDUH YD DYHD ORF PDUĠL QRLHPEULH OD &OXEXO 7LQHUHWXOXL GLQ 5HJKLQ vQFHSkQG FX RUHOH ´ D SUHFL]DW 6DY 6RULQD GLUHFWRDUHD JUăGLQLĠHL

2OJD 672,&$


&8/785Ă

QRLHPEULH

5HvQWRDUFHUHD DFDVă WUDQVSXVă SODVWLF OD 0XUHú 0DOO

,XELWRULL GH IUXPRV YHQLĠL OD vQWkOQLUHD FX GRL DUWLúWL SODVWLFL PXUHúHQL GH H[FHSĠLH

*UD¿ Fă VHPQDWă $QGUHHD &KLUD ùHUEDQ

*DOHULD GH $UWă GLQ 0XUHú 0DOO D Jă]GXLW PDUĠL QRLHPEULH YHUQLVDMXO H[SR]LĠLHL ³:HOFRPH +RPH ´ D DUWLV WHORU WvUJXPXUHúHQH 0ROQiU .ULV]WLQD úL $QGUHHD &KLUD ùHUEDQ HYHQLPHQW RU JDQL]DW GH $VRFLDĠLLOH FXOWXUDOH 6WDUWDFW +HDGPDGH úL .¶$57( vQ SDUWHQHULDW FX 3ULPăULD 7kUJX 0XUHú 0XUHú 0DOO 8QL YHUVLWDWHD GH $UWH GLQ 7J 0XUHú úL 5(($ $ GRXD H[SR]LĠLH GLQ FDGUXO SURLHFWXOXL ³:HOFRPH KRPH´ DGXFH SXEOLFXOXL LXEL WRU GH IUXPRV XQ GLDORJ vQWUH GRXă DUWLVWH IRUPDWH vQ FHQWUH XQLYHUVLWDUH úL JHQHUDĠLL XúRU GLIHULWH GDU FX DFHHDúL DSOHFDUH FăWUH H[SHULPHQW úL FRQFHSWXDOL]DUH D GHPHUVX OXL ORU SLFWXUDO VDX JUD¿ F

'LDORJXO WLQHUHĠLL 0ROQiU .ULV]WLQD UHYHQLWă vQ RUDúXO QDWDO R SHULRDGă SHWUHFXWă OD 7LPLúRDUD XQGH úL D GH¿ QLWLYDW VWXGLLOH SODVWLFH UHYLQH QX GRDU DFDVă VH vQWRDUFH úL vQ DWHQĠLD SXEOL FXOXL WkUJXPXUHúHDQ ³0XOĠPHVF /DXUHL

3URWDJRQLúWLL YHUQLVDMXOXL :HOFRPH KRPH GH OD *DOHULD GH $UWă GLQ 0XUHú 0DOO

úL HFKLSHL GLQ VSDWHOH HL FDUH DX RUJDQL]DW DFHDVWă H[SR]LĠLH $ IRVW R VXUSUL]ă SHQWUX PLQH úL FKLDU WLWOXO H[SR]LĠLHL HVWH XQXO UH OHYDQW GXSă DQL GH ³H[LO´ OD 7LPLúRDUD P DP UHvQWRUV DQXO DFHVWD vQ VHSWHPEULH vQ RUDúXO QDWDO /XFUăULOH H[SXVH vQ FDGUXO H[SR]LĠLHL DX IRVW DOHVH GH FăWUH /DXUD HD OH D VHOHFWDW úL D JăVLW GH FXYLLQĠă Vă ¿ H H[SXVH (VWH IRDUWH LQWHUHVDQW GLDORJXO vQWUH OXFUăULOH PHOH úL FHOH DOH $QGUHHL FDUH DFXP H OD YkUVWD GH GH DQL 6XQW FăWHYD OXFUăUL DOH PHOH SH FDUH OH DP IăFXW FkQG DYHDP YkUVWD HL´ D SUHFL]DW 0ROQiU .ULV]WLQD

³0ă DSURSLL GH FDVă´ $ GRXD UHvQWRDUFHUH DFDVă D IRVW FHD D DU WLVWHL $QGUHHD &KLUD ùHUEDQ UHDOL]DWă SULQ OXFUăULOH GH JUD¿ Fă DFWXDOPHQWH $QGUHHD WUăLHúWH úL vQYDĠă vQ 9LERUJ 'DQHPDUFD ³3URSXQHUHD GH D H[SXQH vQ FDGUXO DFHV WXL HYHQLPHQW D IRVW R VXUSUL]ă SOăFXWă DYkQG vQ YHGHUH Fă vQDLQWH FX SXĠLQ WLPS

5,)(5 7(&+12/2*< 65/ GLQ *HUPDQLD LP SRU Wă GLVWULEXLH úL PRQWHD]ă SDQRXUL GH vQFăO]LUH LQIUDURúLL GHVWLQDWH vQ VSHFLDO SHQWUX DSDUWDPHQWH GH EORFXUL ,QIRUPDĠLL OD WHOHIRQ 9kQG WHUHQ SHQWUX FRQVWUXLUH FDVă vQ 1$=1$ vQ VXSUDIDĠă GH DUL DSURDSH GH VWUDGD SULQFLSDOă úL XWLOLWăĠL ,QIRUPDĠLL OD WHOHIRQ

GH D SOHFD GLQ ĠDUă DP DYXW RFD]LD Vă YăG SULPD H[SR]LĠLH GLQ DFHDVWă VHULH DO FăUHL FRQFHSW PL V D SăUXW LQHGLW DVHPHQHD OXFUăULORU H[SR]DQĠLORU 'LVWDQĠD GH FDVă D IRVW XQ PLF LPSHGLPHQW vQ PRELOL]DUHD úL RUJDQL]DUHD PHD SHQWUX DFHVW YHUQLVDM GDU WRWRGDWă XQ IDFWRU PRWLYDQW LDU FX VSULMLQXO úL PDUHOH DMXWRU GLQ SDUWHD /DX UHL %RURWHD úL D OXL (OLRGRU 0ROGRYDQ FăURUD OH PXOĠXPHVF OXFUXULOH DX DMXQV Vă VH FRQFUHWL]H]H 3ULQ ³:HOFRPH KRPH´ Pă DSURSLX GH FDVă úL vQ DFHODúL WLPS FDVD VH DSURSLH GH PLQH FX WRDWH Fă SUH]HQĠD PHD QX YD ¿ XQD ¿ ]LFă vQ FDUQH úL RDVH FL XQD SUREDELO PDL HORFYHQWă UHSUH]HQWDWă SULQ LQWHUPHGLXO OXFUXOXL FăUXLD P DP GHGLFDW FX PXOW WLPS vQ XUPă´ QH D GHFODUDW $Q GUHHD ùHUEDQ &KLUD´

$ULHOXO GHVFKLV SURLHFWXOXL ³:HOFRPH KRPH´ 8QD GLQ SUH]HQHĠHOH LQHGLWH OD YHUQLVDM D IRVW FHD D GLUHFWRUXOXL 7HDWUXOXL $ULHO

&ROHFWLRQDU JHUPDQ FXPSăU PDúLQL GH FXVXW JHU PDQH =]LQJHU 6LQJHU .D\VHU 1DXPDQQ 3IDII 'XUNRSS $IUDQD $QNHU :HUWKDLP +DLG 1HX *ULW]QHU .RKOHU HWF 2IHU SODWD vQ HXUR ,QI OD WHO vQWUH RUHOH FHUHP úL RIHULP VHULR]LWDWH

$QJDMăP VXGRUL OăFăWXúL úL LQVWDODWRUL FX H[SHULHQĠă SHQWUX PXQFă vQ *(50$1,$ ,QIRUPDĠLL úL &9 XUL OD WHO H PDLO RI¿ FH#LQWHUFRPLQVWDO UR 9kQG '$&,$ 3DSXF FX ORFXUL FXORDUH DOEă PRWRU FPF GLHVHO FREăU %LVWULĠD [ DQ IDEULFDĠLH DVLJXUDUH H[SLUDWă ,QIRUPDĠLL OD WHOHIRQ 0HGLWH] PDWHPDWLFD FODVHOH LQFOXVLY SUH JăWLUH VSHFLDOă SHQWUX EDFDODXUHDW ,DX GH OD RULFH QLYHO 5HFRPDQG úHGLQĠH GH RUH 7DULI OHL RUD 7HO 2IHU PHGLWDĠLL úL VSULMLQ vQ SURLHFWH HGXFD ĠLRQDOH ± vQ OLPED HQJOH]ă SHQWUX HOHYL GH QLYHO JLPQD]LDO 3URJUDPăUL GXSă RUD GH OXQL SkQă YLQHUL LDU vQ ZHHNHQG vQ IXQFĠLH GH SUR JUDPXO GYV 7HOHIRQ

&XUV SHQWUX 0(',$725 $8725,=$7 ,QIR VDX

0ROQiU .ULV]WLQD UHYHQLWă DFDVă GXSă SHULRDGD 7LPLúRDUD

*DEL &DGDULX FDUH D IăFXW R LQYLWDĠLH FD XUPăWRDUHD H[SR]LĠLH GLQ FDGUXO ³:HO FRPH +RPH´ Vă ¿ H Jă]GXLWă GH 7HDWUXO $ULHO ³0 D VXUSULQV vQ PRG IRDUWH SOăFXW IDSWXO Fă H[SR]LĠLD VH QXPHúWH ³:HOFRPH KRPH ³ FHHD FH vQVHDPQă Fă DUH XQ SUHFHGHQW úL YD DYHD R FRQWLQXDUH 3RW Vă Yă YRUEHVF GH IDSWXO Fă DP R HPRĠLH VXSOLPHQWDUă IDĠă GH IDSWXO Fă DFHúWL DUWLúWL UHYLQ DFDVă vQWU XQ IHO VDX DOWXO &UHG Fă SULQ vQWRDUFHUHD DFDVă D FHORU GRXă DUWLVWH HOH UHYLQ FăWUH SXEOLFXO ORU GH DFDVă úL PL DU SODFH FD 7HDWUXO $ULHO Vă Jă]GXLDVFă R YLLWRDUH H[SR]LĠLH D SULHWHQLORU QRúWULL FDUH DX SOHFDW GH DFDVă vQWU XQ ORF XQGH úL DX JăVLW XQ PHGLX FUHDWLY GDU OXFUăULOH IDF SDUWH GLQ VSLULWXO ORU FDUH D IRVW JH QHUDW úL GH IDSWXO Fă VXQW GH DLFL GLQ 7kUJX 0XUHú´ D GHFODUDW *DEL &DGDULX $OLQ =$+$5,(

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 ´

IDFHERRN FRP ]LGH]L


63257

2OLPSLD %XFXUHúWL %& 1RYD 9LWD

%& 1RYD 9LWD GLQ QRX YLFWRULRDVă vQ GHSODVDUH )RUPDĠLD IHPLQLQă GH EDVFKHW %& 1RYD 9LWD 7kUJX 0XUHú D vQYLQV LHUL vQ GH SODVDUH FX VFRUXO GH SH 2OLP SLD %XFXUHúWL vQ FDGUXO HWDSHL D ,; D D /LJLL 1DĠLRQDOH (VWH D WUHLD YLFWRULH D PXUHúHQFHORU vQ DFHDVWă HGLĠLH úL D IRVW REĠLQXWă IăUă PDUL HPRĠLL 'XSă XQ SULP VIHUW HFKLOLEUDW vQFKHLDW FX DYDQWDM OD OLPLWă SHQWUX EXFXUHúWHQFH IH WHOH GH OD 1RYD 9LWD V DX PRELOL]DW úL DX SUHOXDW FRQGXFHUHD GHVSULQ]kQGX VH OD *D]GHOH DX UHYHQLW úL DX PDL FRQ GXV R GDWă FX 7UHLĠD OXL :DONHU D IRVW FRPSOHWDWă GH GRXă OLEHUH WUDQV IRUPDWH GH 0LKDHOD 0LKDL GXSă FDUH WRW :DONHU D VWDELOLW vQ XOWLPD VHFXQGă VFRUXO OD SDX]ă OD

'HVSULQGHUH GHFLVLYă vQ VIHUWXO WUHL /D UHOXDUH EXFXUHúWHQFHOH DX vQFHSXW PDL ELQH úL V DX DSURSLDW OD XQ VLQJXU SXQFW vQGHRVHEL SULQ SUHVWDĠLD OXL 'XPLWUDFKH 2 OLEHUă UDWDWă GH 5LJJV GXSă FDUH WRW HD D UHFXSHUDW úL D vQVFULV UHFLGLYkQG OD ID]D XUPăWRDUH D PDUFDW GHVSLQGHUHD PXUHúHQFHORU &X PLQXWH UăPDVH GLQ VIHUWXO WUHL OD JD]GHOH HUDX vQ SHQDOL]DUH vQ WLPS FH 1RYD 9LWD Q DYHD QLFLR JUHúHDOă SHUVRQDOă ,QWUă SH UkQG DUXQFăULOH OXL :DONHU 5LJJV úL +LOOLDUG úL OD XOWLPD SDX]ă WDEHOD DUăWD

)LQDOXO SXWHD ¿ XQXO FRPSOLFDW &RúXO OXL 0DFNH\ GLQ GHEXWXO XOWL

UHFXSHUăUL úL GRXă SDVH GHFLVLYH /D UHFXSHUăUL 0DFNH\ D IRVW OLGHUD FX LDU OD SDVH GHFLVLYH :DONHU D RIHULW 'H OD JD]GH SDWUX MXFăWRDUH DX UHXúLW SHVWH ]HFH SXQFWH 'XPLWUDFKH .L OLQ &LRURLX úL 0XQWHDQX FkWH &KHODULX D IRVW FHD PDL H¿ FLHQWă OD UHFXSHUăUL FX 0XUHúHQFHOH VH DÀ ă OD PLMORFXO FODVD PHQWXOXL GDU VXQW IRDUWH PXOWH SDUWLGH QHGLVSXWDWH ÌQ HWDSD YLLWRDUH SULPHVF YL]LWD DOWHL IRUPDĠLL EXFXUHúWHQH 5DSLG 3DUWLGD YD DYHD ORF vQ 6DOD 6SRUWXULORU VkPEăWă QRLHPEULH RUD 0LKDL 9(5(ù

0XUHúHQLL SXQFWHD]ă ÄWULFRORULL´ SLHUG (FKLSD GH IXWVDO D 5RPkQLHL D IRVW vQYLQVă PDUĠL VHDUD GH VHOHFĠLRQDWD &DWDOXQLHL FX VFRUXO GH vQ WU XQ PHFL DPLFDO GHVIăúXUDW vQ 6DOD 3ROLYDOHQWă GLQ ,DúL *ROXULOH ÄWUL FRORULRU´ DX IRVW vQVFULVH GH 5ă]YDQ 5DGX úL )ORULQ 0DWHL FRPSRQHQĠL DL IRUPDĠLHL &LW\¶XV 7kUJX 0XUHú FDPSLRDQD 5RPkQLHL

(FKLSD PXUHúHDQă D IRVW UHSUH]HQWDWă GH QRXă GLQWUH FHL MXFăWRUL FRQYRFDĠL GH VHOHFĠLRQHUXO 6LWR 5LYHUD ÌQWU XQ MRF GHRVHELW GH WHQVLRQDW SHQWUX XQ DPLFDO RDVSHĠLL V DX GHVSULQV SH WD EHOD GH PDUFDM vQ SULPD UHSUL]ă SULQ 'LHJR %ODQFR 7ULYLQR PLQ 6HUJLR 'H ORV 6DQWRV úL -RUGL 3HUH] /D UHOXDUH WRW HL DX IRVW FHL FDUH DX SXQFWDW SULPLL SULQ -XDQ )HUQDQGH] vQ PLQXWXO 5ă]YDQ 5DGX D UHXúLW Vă UHGXFă GLIHUHQĠD vQ PLQXWXO IUXFWL ¿ FkQG R SDVă LGHDOă RIHULWă GH ùRWvUFă

-RFXO D IRVW WHQVLRQDW FX LHúLUL QHVSRUWLYH vQGHRVHEL GLQ SDUWHD URPkQLORU

ÌQ PLQXWXO XUPăWRU -DYL 5RGULJXH] 1HEUHGD D UHIăFXW GLIHUHQĠD GH SDWUX JROXUL -RFXO D IRVW vQ FRQWLQXDUH WHQ VLRQDW FX LHúLUL QHVSRUWLYH vQGHRVHEL GLQ SDUWHD URPkQLORU )ORULQ 0DWHL D UHXúLW vQ PLQXWXO Vă WUDQVIRUPH XQ SHQDOW\ OD XQ KHQĠ vQ VHPLFHUF 3kQă OD ¿ QDO QLFLXQD GLQWUH HFKLSH Q D PDL UHXúLW Vă vQVFULH úL SDUWLGD V D vQFKHLDW FX R YLFWRULH D LEHULFLORU $FHúWLD PDL SXWHDX SXQFWD vQ FHO SXĠLQ GRXă UkQ GXUL FkQG SRDUWD 5RPkQLHL HUD JRDOă

WDFWLFă XWLOL]DWă SHQWUX D FUHD VXSHULR ULWDWH vQ DWDF 5RPkQLD D IRORVLW ORWXO 9ODG ,DQFX /DV]OR .OHLQ SRUWDUL &RVPLQ *KHU PDQ 5REHUW /XSX )ORULQ 0DWHL )OR ULQ ,JQDW 5ă]YDQ 5DGX &VRPD $OSDU 'XPLWUX 0LPL 6WRLFD 0DULDQ ùRWvUFă $QGUHL 3kQ]DUX *DEULHO 'REUH (PLO 5ăGXFX 3DUWLGD UHYDQúă D DYXW ORF DFHDUă WRW vQ 6DOD 3ROLYDOHQWă GLQ ,DúL 0LKDL 9(5(ù

'RUX %RUúDQ MXQLRU DO FLQFLOHD VXFFHV FRQVHFXWLY 7kQăUXO MXFăWRU GH WHQLV GH FkPS 'RUX %RUúDQ MXQLRU D REĠLQXW YLFWRULD vQ WXU QHXO GH VLPSOX OD FDWHJRULD DQL &XSD 0LFULV GLVSXWDW vQ SHULRDGD QRLHP EULH OD %XFXUHúWL (VWH DO FLQFLOHD WURIHX FRQVHFXWLY vQ FDUH VH LPSXQH MXFăWRUXO FDUH HVWH SUHJăWLW vQ SUH]HQW GH UHSX WDWXO DQWUHQRU ,RDQ 0DFRYHQFLXF FDUH L D DQWUHQDW úL SH $QGUHL 3DYHO 9LFWRU +ăQHVFX úL +RULD 7HFăX

)LQDOă GLVSXWDWă FX IDYRULWXO QU 7XUQHXO FDWHJRULHL DQL V D GLVSXWDW SH XQ WDEORX GH úL 'RUX %RUúDQ MXQLRU HUD IDYRULWXO QXPăUXO WUHFkQG GLUHFW vQ WXUXO VHFXQG $FROR O D vQYLQV FX XQ FDWHJRULF GXEOX SH 'DQ ,RQHVFX GLQ 6ORER]LD UH]XOWDW DSURDSH FRSLDW vQ VIHUWXULOH GH ¿ QDOă FX EXFXUHúWHDQXO

,RDQ *KHRUJKH ,OLHVFX GH OD 7HQLV &OXE +HUăVWUăX ÌQ VHPL¿ QDOH D WUHFXW GH 'DQ 5DGX 0XQWHDQX OHJLWLPDW OD 7& 3ULP %XFXUHúWL úL vQ ¿ QDOă V D vQWkOQLW FX SULPXO IDYRULW )LOLS ,RDQ &HDUă GH OD /36 &RQVWDQĠD 7kUJXPXUHúHDQXO D FkúWLJDW vQ GRXă VHWXUL IRDUWH GLVSXWDWH ÌQ XUPD DFHVWXL QRX VXFFHV vQWU XQ WXU QHX GH FDWHJRULD , XQGH D vQYLQV GLQ QRX MXFăWRUL ELQH FODVDĠL vQ LHUDUKLD FDWHJRULHL vL YRU PDL DGXFH SXQFWH úL ORFXUL vQ SOXV &ODVDPHQWXO )HGHUDĠLHL Q D IRVW DFWXD OL]DW GXSă XOWLPHOH VDOH VXFFHVH úL QX VH FXQRDúWH SR]LĠLD DFWXDOă GDU 'RUXOHĠ VH DÀ ă vQ FRQWLQXă DVFHQVLXQH 3HQWUX HO XUPHD]ă XQ H[DPHQ PDL GL¿ FLO XQ WXU QHX SHQWUX FDUH VH SUHJăWHúWH LQWHQV vQ DFHVWH ]LOH úL FDUH YD DYHD ORF OD VIkUúLWXO VăSWăPkQLL YLLWRDUH vQ 7XUFLD 0LKDL 9(5(ù

%& 0XUHú vQFKHLH FYDUWHWXO úL HWDSD

6LJKLúRUHQLL DWDFă OD MXQLRUL , ÌQ VHULD ' D &DPSLRQDWXOXL 1DĠLRQDO GH -XQLRUL , OD KDQGEDO VHULH vQ FDUH DFWLYHD]ă GRXă HFKLSH PXUHúHQH GXPLQLFă VH GLVSXWă SDUWLGHOH HWDSHL D ,9 D /36 7kUJX 0XUHú DIODWă SH XOWLPXO ORF YD VWD 1DĠLRQDO 6LJKLúRDUD SULPHúWH GH OD RUD YL]LWD IRUPDĠLHL &6ù 'LQDPR %UDúRY LDU &6ù 6LJKLúRDUD vQWkOQHúWH GH OD DFHHDúL RUă WRW R HFKLSă EUDúRYHDQă +& 5RP &UL 1DĠLRQDO VH DIOă SH ORFXO ,,, LDU &6ù RFXSă SR]LĠLD XUPăWRDUH FX XQ MRF PDL SXĠLQ GLV SXWDW 0 9

-XQLRDUHOH ,, VH FRQIUXQWă OD )ăJăUDú &DPSLRQDWXO MXQLRDUHORU ,, OD KDQGEDO IHPL QLQ FRQWLQXă FX DO GRLOHD WXUQHX DO VH]RQX OXL $FHVWD VH YD GLVSXWD vQ JUXSD + XQGH VH DÀ ă GRXă HFKLSH WkUJXPXUHúHQH GH YL QHUL SkQă GXPLQLFă OD )ăJăUDú (FKLSHOH WkUJXPXUHúHQH &6 $UHQD úL /36 VH vQWkO QHVF vQ SULPD HWDSă vQWU R VHULH vQ FDUH PDL HYROXHD]ă /36 %LVWULĠD &6ù )ăJăUDú &6ù 0HGLDú úL &6ù 2GRUKHLX 6HFXLHVF 'XSă SULPXO WXUQHX GLVSXWDW OD 7kUJX 0XUHú vQ RUJDQL]DUHD &6 $UHQD FHOH GRXă RFXSă XOWLPHOH GRXă ORFXUL VLQJXUD YLFWRULH ¿ LQG REĠLQXWă GH &6 $UHQD FDUH D vQYLQV GRDU UL YDOD GH OD /36 8OWLPXO WXUQHX DO DFHVWXL DQ VH YD GLVSXWD OD 0HGLDú XUPăWRDUHD RUJDQL ]DWRDUH ¿ LQG /36 vQ WXUQHXO ,9 OD vQFHSXWXO OXQLL IHEUXDULH 0 9

5RPkQLD ± &DWDOXQ\D vQ DPLFDO OD IXWVDO

MXFăWRUL GH OD &LW\¶XV OD QDĠLRQDOă

LQWHUHVDQWH

)RUPDĠLD PDVFXOLQă GH EDVFKHW %& 0XUHú 7kUJX 0XUHú YD MXFD vQ vQFKLGHUHD HWDSHL D 9,, D D /LJLL 1DĠLRQDOH GH %DVFKHW 0DV FXOLQ 0XUHúHQLL YRU MXFD OXQL QRLHPE ULH RUD SH WHUHQ SURSULX vQWU XQ MRF WHOHYL]DW vQ FRPSDQLD IRUPDĠLHL GH SH ORFXO ,,, 6&0 8QLYHUVLWDWHD &UDLRYD %& 0XUHú RFXSă ORFXO ,9 FX R VLQJXUă vQIUkQJHUH OD IHO FD úL SULPHOH WUHL FODVDWH 3H SULPXO ORF VH DÀ ă *D] 0HWDQ 0HGLDú WRW FX R vQIUkQJHUH vQ IDĠD PXUHúHQLORU GDU FX XQ MRF PDL PXOW GLVSXWDW (FKLSD GH SH ORFXO VHFXQG &60 2UDGHD HVWH D SDWUD IRUPDĠLH FX XQ VLQJXU HúHF GDU FHOH WUHL IRUPDĠLL FX SXQFWH QX V DX vQWkOQLW DVWIHO vQFkW FULWHULXO GH GHSDU WDMDUH HVWH FRúDYHUDMXO ÌQ FD] GH YLFWRULH %& 0XUHú YD XUFD SH SRGLXP $GYHUVDUD GH OXQL D ÄWLJULORU´ DX SLHUGXW VLQJXUXO PHFL OD &6ù *LXUJLX 0 9

2 YLFWRULH LPSRUWDQWă SHQWUX PXUHúHQFH

PHL SăUĠL D FRQVHPQDW FHD PDL PDUH GLIHUHQĠă D PHFLXOXL GXSă FDUH D XUPDW R UHOD[DUH D RDVSHWHORU /D WUHL PLQXWH UăPDVH GLIHUHQĠD D VFă]XW OD SXQFWH LDU OD GRXă OD GRDU 6H SUH FRQL]D XQ ¿ QDO JUHX SHQWUX 1RYD 9LWD 1 D IRVW Vă ¿ H DFHVWD DYHD Vă UăPkQă vQVă úL VFRUXO ¿ QDO 0XUHúHQFHOH DX UHXúLW SRVHVLD vQ DFHVWH GRXă PLQXWH IăUă Vă UHXúHDVFă vQVă Vă PDL SXQFWH]H QLFL HOH $X UHXúLW R YLFWRULH VFRQWDWă úL LPSRUWDQWă vQ YHGHUHD XUPăWRDUHORU HWDSH 3HQWUX %& 1RYD 9LWD DX vQVFULV :DONHU [ +LOOLDUG 5LJJV 0DFNH\ 0LKDL $ODLED $ PDL HYROXDW $GDPV FDUH D UHXúLW

ùWLUL

$YkQWXO GLQ QRX FX ÄODQWHUQD URúLH´ 9LQHUL QRLHPEULH GH OD RUD vQ HWDSD D ;, D D /LJLL ,,, GH IRWEDO $YkQWXO 5HJKLQ SULPHúWH YL]LWD XOWLPHL FODVDWH D 6HULHL 9, IRUPDĠLD DUJHúHDQă *LURP $OERWD (FKLSD UHJKLQHDQă D IRVW VLQJXUD HFKLSă DÀ DWă vQ GH SODVDUH FDUH D SLHUGXW vQ HWDSD SUHFHGHQWă DFHVW OXFUX SHWUHFkQGXVH WRW vQ FRPSDQLD XO WLPHL FODVDWH $YkQWXO D VXIHULW R vQIUkQJHUH FDWHJRULFă OD &LYLWDV )ăJăUDú FDUH D SUHGDW DVWIHO XOWLPXO ORF DGYHUVDUHL UHJKLQH QLORU GH YLQHUL $YkQWXO VH DÀ ă GXSă HWDSH SH ORFXO 9 FX SXQFWH OD GH SULPXO ORF GHĠLQXW GH 8QLUHD 7ăUOXQJHQL 0 9

(WDSă IăUă GHUE\XUL vQ /LJD ,9 6kPEăWă QRLHPEULH GH OD RUD VH GLVSXWă SDUWLGHOH HWDSHL D ;,, D D /LJLL D ,9 D OD IRWEDO VHULD 0XUHú ÌQ DFHDVWă HWDSă SULPHOH FODVDWH SDU D DYHD PLVLXQL PDL XúRDUH GH D VH PHQĠLQH vQ SOXWRQXO IUXQWDú &DS GH D¿ ú SRDWH ¿ FRQVLGHUDWă SDUWLGD GH OD /XGXú XQGH OLGHUXO 0XUHúXO GLQ ORFDOL WDWH vQWkOQHúWH RFXSDQWD ORFXOXL ,9 YHFLQLL GH OD &6 ,HUQXW 3H FHOH GRXă OH GHVSDUW FDP DFHODúL QXPăU GH SXQFWH FD úL NLORPHWUL GLQ WUH FHOH GRXă ORFDOLWăĠL 2FXSDQWD ORFXOXL ,, 0XUHúXO 5XúLL 0XQĠL YD VWD LDU RFXSDQ WD ORFXOXL ,,, /DFXO 8UVX 0RELOD 6RYDWD VH GHSODVHD]ă OD RFXSDQWD ORFXOXL ;, $YkQWXO 0LKHúX GH &kPSLH 8Q PHFL PDL HFKLOLEUDW VH SUH]LQWă FHO GLQWUH *D] 0HWDQ 7kUJX 0XUHú úL ÌQIUăĠLUHD 9DOHD ,]YRDUHORU HFKLSH DÀ DWH SH ORFXULOH 9,, úL 9 WkUJXPXUHúHQLL DYkQG GRXă SXQFWH PDL SXĠLQ GHFkW DGYHUVDULL VLQ JXULL FDUH DX vQYLQV OLGHUXO $FHDVWă SDUWLGă VH YD GLVSXWD YLQHUL GH OD RUD 0 9


6Ă1Ă7$7( QRLHPEULH

)ORULQ %XLFX UăPkQH VROLGDU FX 5DHG $UDIDW )ORULQ %XLFX FRQVLOLHU DO PLQLVWUXOXL 6ă QăWăĠLL úL FDQGLGDWXO 86/ SHQWUX &DPHUD 'HSXWDĠLORU vQ &ROHJLXO QU 7vUJX 0XUHú D VDOXWDW SURSXQHUHD SUHPLHUXOXL 9LFWRU 3RQWD FD GU 5DHG $UDIDW Vă SUHLD SRUWRIR OLXO 6ăQăWăĠLL $FHVWD D DSUHFLDW Fă HVWH XQ JHVW GH VDFUL¿ FLX GLQ SDUWHD GU $UDIDW GLQ FDX]D QHPXOĠXPLULORU GLQ VăQăWDWH

5HFXQRDúWHUHD PHULWHORU 3UHOXDUHD GH FăWUH GU 5DHG $UDIDW D SRUWRIR OLXOXL 6ăQăWăĠLL D IRVW VDOXWDW GH FăWUH FRQVL OLHUXO PLQLVWUXOXL )ORULQ %XLFX Ä1X PLUHD vQ IXQFĠLD GH PLQLVWUX D OXL 5DHG $UDIDW OD 0L QLVWHUXO 6ăQăWăĠLL HVWH R UHFXQRDúWHUH D PHUL WHORU úL D VXÀ HWXOXL GHSXV GH DFHVW RP SHQWUX VLVWHPXO GH VăQăWDWH GLQ 5RPkQLD 3H GH DOWă SDUWH HVWH XQ JHVW GH VDFUL¿ FLX GLQ SDUWHD XQXL RP úL DLFL Pă UHIHU OD 5DHG FDUH SUHLD XQ GR PHQLX SOLQ GH QHPXOĠXPLUL 1HPXOĠXPLUL GLQ SDUWHD SDFLHQĠLORU OH JDWH GH VHUYLFLLOH PHGLFDOH QHPXOĠXPLUL DOH SURIHVLRQLúWLORU OHJDWH GH VDODUL]DUHD GLQ VLVWHP 3XWHUHD OXL GH PXQFă YL]LXQHD úL FXUDMXO vO IDF FHD PDL SRWULYLWă SHUVRDQă SHQWUX DFHVW SRVW´ D VSXV FRQVLOLHUXO PLQLVWUXOXL )ORULQ %XLFX FRQVLOLHU DO PLQLVWUXOXL 6ă QăWăĠLL

7kUJXPXUHúHQLL DX GH FH Vă ¿ H PkQGUL $FHVWD D VXVĠLQXW Fă vúL YD FRQWLQXD

PXQFD OD IHO FD úL SkQă DFXP GHRDUHFH D FRODERUDW FX QRXO PLQLVWUX DO 6ăQăWăĠLL OD QLYHO GH PLQLVWHU ÄÌQ FDOLWDWH GH FRQ VLOLHU SHUVRQDO GH FRQVLOLHU DO OXL 5DHG $UDIDW DFWLYLWDWHD PHD VH YD GHVIăúXUD vQ FRQWLQXDUH H[DFW DúD FXP V D GHVIăúXUDW úL SkQă DFXP vQ VOXMED SURPRYăULL LGH LORU úL GHFL]LLORU FHORU PDL EXQH SHQWUX VLVWHPXO GH VăQăWDWH ,DWă Fă VSUH GH RVHELUH GH IRVWD JXYHUQDUH FDUH D vQFHU FDW Vă LO GRERDUH SH VLQJXUXO RP FDUH D FRQVWUXLW vQ VLVWHPXO GH VăQăWDWH 86/ UHVSHFWă YDORDUHD RPXOXL úL D SURIHVLR QLVWXOXL 5DHG $UDIDW³ FRQVLGHUă )ORULQ %XLFX &DQGLGDW DO 86/ SHQWUX &DPHUD 'HSX WDĠLORU vQ &ROHJLXO QU 7vUJX 0XUHú )OR ULQ %XLFX DSUHFLD]ă Fă WkUJXPXUHúHQLL DX GH FH Vă ILH PkQGUL SHQWUX Fă GU $UD IDW HVWH PLQLVWUX DO 6ăQăWăĠLL Ä3HQWUX 7vUJX 0XUHú HVWH XQ PRWLY GH PkQG ULH 7RĠL FHL FDUH DX LHúLW vQ VWUDGă OD vQFHSXWXO DQXOXL úL FHL FDUH DX VSULMLQLW GHPHUVXO SULQ FDUH 5DHG $UDIDW D UHYH QLW vQ 0LQLVWHUXO 6ăQăWăĠLL vúL YăG DFXP GRULQĠD vPSOLQLWă ùL Pă EXFXU Fă Pă DIOX úL HX vQWUH DFHúWL RDPHQL ³ D vQFKH LDW DFHVWD 1RXO PLQLVWUX DO 6ăQăWăĠLL D GHSXV DVHDUă MXUăPkQWXO OD 3DODWXO &R WURFHQL 6 7

/XGXúXO DU SXWHD DYHD XQ VSLWDO QRX $XWRULWDWHD ORFDOă GLQ /XGXú DUH vQ SODQ UHDOL]DUHD XQHL FOăGLUL FX GHVWLQDĠLD GH VSLWDO SH VXSUDIDĠD GH WHUHQ DFKL]LĠLRQDWă SH YUHPHD IRVWXOXL PLQLVWUX DO 6ăQăWăĠLL (XJHQ 1LFRODHVFX WRFPDL FX DFHVW VFRS ,GHHD D LQWUDW SH OLQLH PRDUWă R SHULRDGă LDU DFXP SULPDUXO RUDúXOXL /XGXú &ULV WLDQ 0ROGRYDQ D GHFLV Vă UHYLQă DVXSUD SRVLELOLWăĠLL GH D FRQVWUXL XQ VSLWDO QRX GLQ FDX]D GHJUDGăULL DYDQVDWH D FOăGLULORU XQLWăĠLL VSLWDOLFHúWL H[LVWHQWH GLVWULEX LWH vQ VLVWHP SDYLOLRQDU SH vQWUHJ DUHDOXO RUDúXOXL

8Q SURLHFW PDL YHFKL Ä9RL SXQH vQ GLVFXĠLH vQ FRQWLQXDUH FUHD UHD XQXL QRX VSLWDO OD /XGXú SHQWUX Fă SkQă OD XUPă FOăGLULOH XQGH VH IDF LQYHVWLĠLLOH PRPHQWDQ VXQW IRDUWH YHFKL úL WRW FH VH LQYHVWHúWH vQ WLPS FH VH GHJUDGHD]ă 6 D

FXPSăUDW XQ WHUHQ GH KD vQ ]RQD SLHĠHL GLQ /XGXú SHQWUX FRQVWUXFĠLD XQXL VSLWDO SH YUHPHD GRPQXOXL 1LFRODHVFX FkQG HUD PLQLVWUX DO 6ăQăWăĠLL GDU GLQ SăFDWH D UăPDV OD VWDGLXO GH GLVFXĠLH GH SURLHFW $ú GRUL Vă vO FRQWLQXL vQ DQXO XUPăWRU R Vă vQFHUF Vă REĠLQ IRQGXUL úL GH OD 6ăQăWDWH IRQGXUL HXURSHQH´ D GHFODUDW &ULVWLDQ 0ROGRYDQ SULPDUXO RUDúXOXL /XGXú

Ä$P FHUXW DMXWRU GH SHVWH WRW´ ÌQ DFHVW DQ HGLOXO ORFDO D IăFXW QXPHURDVH LQWHUYHQĠLL OD IRUXULOH VXSHULRDUH SHQWUX D REĠLQH ¿ QDQĠDUHD QHFHVDUă SHQWUX OXFUăUL GH UHDELOLWDUH OD FOăGLULOH VSLWDOXOXL vQVă QX D DYXW VXFFHV Ä$P FHUXW DMXWRU GH SHVWH WRW GDU PL V D VSXV Vă DPkQăP SkQă OD DQXO Vă DYHP R GLVFXĠLH YLV D YLV GH LQYHVWLĠLH SHQ WUX Fă EDQLL DORFDĠL vQ DFHVW DQ VXQW FKHOWXLĠL GHMD´ D SUHFL]DW 0ROGRYDQ

6HFĠLD FRQWDJLRDVH vQWU R VLWXDĠLH MDOQLFă 3HQWUX Fă XQHOH OXFUăUL QX PDL VXSRUWDX DPkQDUH V DX DORFDW VXPH GLQ EXJHWXO ORFDO SHQWUX VHFĠLD ,QWHUQH GDU úL FHOH ODOWH VHFĠLL DU DYHD QHYRLH GH LQWHUYHQĠLL Ä$P GHPDUDW UHFRQVWUXFĠLD VDX UHIDFHUHD IDĠDGHL VSLWDOXOXL OD ,QWHUQH vO DQYHORSăP vL GăP R QRXă IDĠă SHQWUX Fă DUDWă FHO PDL UăX GLQWUH WRDWH FHOHODODWH VHFĠLL $P DOR FDW OHL QX úWLX OD FkW VH DMXQJH GDU DP IăFXW DORFDUHD 6HFĠLD FRQWDJLRDVH HVWH vQWU R VLWXDĠLH FKLDU MDOQLFă DU WUHEXL R UHDELOLWDUH FRPSOHWă DU WUHEXL UHDELOLWDW VLVWHPXO GH vQFăO]LUH OD DPEXODWRULX OD 1HXURSVLKLDWULH FDUH QX D PDL IRVW UHQR YDW GH IRDUWH PXOW WLPS úL DUDWă IRDUWH UăX FX R SDUWH D FOăGLULL FDUH VWă Vă DOXQHFH GLQ FDX]D DOXQHFăULL GH WHUHQ GLQ ]RQă´ D SUH FL]DW HGLOXO GLQ /XGXú

&ULVWLDQ 0ROGRYDQ SULPDUXO RUDúXOXL /XGXú

$ULQD 02/'29$1

IDFHERRN FRP ]LGH]L


Ì19ĂğĂ0Æ17

&HQWUX GH 'H]YROWDUH D &DULHUHL OD 7kUJX 0XUHú ùWLUL

LQWHUHVDQWH

/D 7kUJX 0XUHú V DU SXWHD GHVFKLGH XQ &HQWUX GH 'H]YROWDUH DO &DULHUHL FDUH Vă RIHUH DEVROYHQĠLORU GH vQYăĠăPkQW SUHXQL YHUVLWDU FRQVLOLHUH vQ FDULHUă DYkQG URO GH OLDQW OD QLYHO UHJLRQDO vQWUH DQJDMDWRULL GLQ ]RQă IXUQL]RULL GH VHUYLFLL GH RFXSDUH úL GH IRUPDUH SURIHVLRQDOă FRQWLQXă úL WL QHULL DEVROYHQĠL DÀ DĠL vQ FăXWDUHD XQXL ORF GH PXQFă ÌQ FDGUXO SURLHFWXOXL &DUDYDQD &DULHUHL VH YRU GHVFKLGH RSW FHQWUH GH GH]YROWDUH D FDULHUHL vQ 6LELX 2UDGHD &UDLRYD 7LPLúRDUD &OXM 1DSRFD 7kUJX -LX %UăLOD 3LWHúWL úL ,DúL /D 7kUJX 0XUHú RU JDQL]DWRULL SURLHFWXOXL QX DX LQWHQĠLRQDW UHDOL]DUHD XQXL DVWIHO GH FHQWUX vQVă DXWR ULWDWHD SXEOLFă ORFDOă D SURSXV DFHVW OXFUX FX SURPLVLXQHD Fă YRU RIHUL WRW VSULMLQXO QHFHVDU Ä(YLGHQW Fă EXJHWXO GH SURLHFW HVWH OLPLWDW úL FRQWUDFWXO GH ¿ QDQĠDUH QX QH SHUPLWH GHFkW GHVFKLGHUHD D RSW FHQWUH UHJLRQDOH úL DP GLVFXWDW FX DXWRULWăĠLOH OR FDOH DX vQFHUFDW Vă Pă FRQYLQJă Vă GHVFKLG

$PHQ]L SHQWUX PXQFD OD QHJUX

,QLĠLDWRULL SURLHFWXOXL úL DXWRULWDWHD ORFDOă GLQ 7kUJX 0XUHú VH YRU LPSOLFD SHQWUX VXVĠLQHUHD WLQHULORU

FHQWUXO OD 7kUJX 0XUHú SH UHJLXQHD FHQ WUX úL Vă QX GHVFKLG OD 6LELX 'DU DP VSXV Fă VăSWăPkQD YLLWRDUH OH SXQ OD GLVSR]LĠLH R GRFXPHQWDĠLH FRPSOHWă SULYLWRDUH OD QLúWH VXUVH GH ¿ QDQĠDUH úL Fă vPSUHXQă vQ SDUWHQHULDW SXWHP Vă VFULHP XQ SUR LHFW Vă DGXFHP VXUVH ¿ QDQFLDUH Vă GHVFKL GHP úL DLFL XQ DVWIHO GH FHQWUX´ D GHFODUDW 'XPLWUX &RVWLQ PDQDJHUXO SURLHFWXOXL

/LFHHQLL FRQVLOLDĠL SULYLQG RULHQWDUHD vQ FDULHUă

(VWH QHYRLH GH vPEXQăWăĠLUHD VHUYLFLLORU GH HGXFDĠLH úL FUHúWHUHD úDQVHORU GH RFXSDUH vQ UkQGXO WLQHULORU

(OHYLL GH OD /LFHXO $JULFRO GLQ 7kUJX 0XUHú YRU OXD SDUWH WLPS GH GRXă ]LOH OD XQ SURJUDP GH OXFUX SULYLQG FRQVLO LHUHD úL RULHQWDUHD vQ FDULHUă FXP SRW Vă VFULH XQ &9 GH VXFFHV FXP Vă VH SUH]LQWH OD XQ LQWHUYLX DFĠLXQH FDUH VH vQVFULH vQ FDGUXO SURLHFWXOXL &DUDYDQD &DULHUHL 5HSUH]HQWDQĠLL %ORFXOXL 1DĠLRQDO 6LQ GLFDO DX SUH]HQWDW LHUL OD 7kUJX 0XUHú HOHYLORU DXWRULWăĠLORU SXEOLFH ORFDOH IXUQL]RULORU GH IRUPDUH SURIHVLRQDOă FRQWLQXă RUJDQL]DĠLLORU SDWURQDOH LQVWLWXĠLLORU GH vQYăĠăPkQW SUHXQLYHU VLWDU úL XQLYHUVLWDU SURLHFWXO &DUDYDQD &DULHUHL FDUH vúL SURSXQH FUHDUHD XQHL UHĠHOH QDĠLRQDOH XQ SDUWHQHULDW LQWHU LQVWLWXĠLRQDO FDUH Vă YLQă vQ VSULMLQXO WLQHULORU FX XQ SDFKHW LQWHJUDW GH VHUYLFLL FDUH Vă vL VSULMLQH vQ SURFHVXO GH WUDQ]LĠLH GH OD FLFOXO VHFXQGDU GH úFRDOă FăWUH SLDĠD PXQFLL VDX FăWUH VLVWHPXO VXSHULRU GH vQYăĠăPkQW Ä6SHU FD vQ GHFXUV GH XQ DQ GH ]LOH Vă DYHP DGHUHQĠL OD DFHDVWă UHĠHD SDUWHQHULDOă XQ QXPăU LPSRU WDQW GH DXWRULWăĠL ORFDOH GH LQVWLWXĠLL QDĠLRQDOH GHVFHQWUDOL]DWH ¿ UPH úFROL PHGLX XQLYHUVLWDU vQ DúD IHO vQFkW ¿ HFDUH GLQWUH QRL Vă RIHULP WLQHULORU GLQ MXGHĠXO 0XUHú FkW PDL PXOWH OXFUXUL ¿ HFDUH GLQWUH QRL FH DUH PDL EXQ vQ IXQFĠLH GH FRPSHWHQĠH DELOLWăĠL )LUPHOH vQDLQWH GH WRDWH WUHEXLH Vă vQYHĠH Vă OXFUH]H

FX úFRDOD úL PHGLXO XQLYHUVLWDU SHQ WUX Fă QX R IDF DúWHDSWă FD úFRDOD Vă OH OLYUH]H ORU OD FKHLH WLQHUL SUHJăWLĠL 'DU QHFRPXQLFkQG QHOXFUkQG vPSUHXQă QX DUH GH XQGH úFRDOD Vă GHD OD FKHLH WLQHUL VSHFLDOLúWL 1RL vL LQYLWăP vQ DFHVWH GH PHUV Vă OXFUH]H Vă vúL UHFUXWH]H WL QHUL SRW XWLOL]D LQVWUXPHQWH GH ¿ QDQĠDUH QHUDPEXUVDELOă SHQWUX GLYHUVH SUR JUDPH GH XFHQLFLH OD ORFXO GH PXQFă GH DVLVWDUH D WLQHULORU DVWIHO vQFkW Vă L DGDSWH]H OD GLIHULWH SURFHGXUL´ D GH FODUDW 'XPLWUX &RVWLQ PDQDJHUXO SUR LHFWXOXL &DUDYDQD &DULHUHL

7LQHULL DMXWDĠL vQ FRQVLOLHUHD úL RULHQWDUHD vQ FDULHUă 6SHFLDOLúWLL %ORFXOXL 1DĠLRQDO 6LQGLFDO VXQW SUH]HQĠL úL vQ OLFHH OD vQFHSXWXO VăSWăPkQLL DX IRVW SUH]HQĠL OD /XGXú LDU DVWă]L úL PkLQH OD /LFHXO $JULFRO GLQ 7kUJX 0XUHú XQGH YRU DYHD VHVLXQL GH OXFUX FX WLQHULL GLQ FODVD D ;,, D Ä9RU SDUWLFLSD OD DWHOLHUH YRU IDFH H[HUFLĠLL úL YRU ¿ HYDOXDĠL 3ULPLL FHL PDL EXQL YRU SULPL JUDWXLW SH R SHULRDGă GH XQ DQ GH ]LOH XQ DERQDPHQW JUDWXLW OD LQWHUQHW vQ UHĠHDXD 9RGDIRQH´ D PDL VSXV 'XPL WUX &RVWLQ &DUDYDQD YD ¿ SUH]HQWă vQ FHOH GRXă ]LOH OD /LFHXO $JULFRO vQWUH RUHOH $ULQD 02/'29$1

&DUDYDQD &DULHUHL XQ SURLHFW LPSOHPHQ WDW GH %ORFXO 1DĠLRQDO 6LQGLFDO PHQLW Vă YLQă vQ DMXWRUXO WLQHOLURU DEVROYHQĠL GH OLFHX SHQWUX D L SUHJăWL Vă SăúHDVFă VSUH FLFOXO VXSHULRU GH vQYăĠăPkQW VDX VSUH SLDĠD PXQFLL

6SULMLQ SULQ LQLĠLHUHD XQXL SURLHFW GH &RQVLOLX /RFDO Ä$P OXDW OD FXQRúWLQĠă GHVSUH RELHF WLYHOH DFHVWXL SURLHFW FDUH HVWH GHRVHELW GH ELQH YHQLW SHQWUX FRPXQLWDWHD ORFDOă WkUJXPXUHúHDQă DP SURSXV LQLĠLDWRULORU DFHVWXL SURLHFW Vă RUJDQL]ăP XQ FHQWUX UH JLRQDO OD 7kUJX 0XUHú $XWRULWDWHD ORFDOă YD SXQH OD GLVSR]LĠLH XQ VSDĠLX LDU UHVXU VD XPDQă VH YD ¿ QDQĠD vQ FDGUXO DFHVWXL SURLHFW 7UHEXLH Vă GHYLQă R SULRULWDWH FD RIHUWD HGXFDĠLRQDOă Vă ¿ H FRUHODWă FX RIHU WD GH SH SLDĠD PXQFLL Vă YHQLP vQ VSUL MLQXO WLQHULORU úL Vă IDFHP vQ DúD IHO vQFkW DXWRULWDWHD SXEOLFă ORFDOă SULQ SkUJKLLOH úL PHFDQLVPHOH SH FDUH OH DUH OD GLVSR]LĠLH Vă YLQă vQ VSULMLQXO DFHVWRUD 9RL SULPL WRDWH LQIRUPDĠLLOH QHFHVDUH FX SULYLUH OD DFHVW SURLHFW XUPkQG Vă LQLĠLHP vQ &RQVLOLXO /RFDO XQ SURLHFW GH KRWăUkUH DQXO DFHVWD´ D GHFODUDW ,RQHOD &LRWOăXú YLFHSULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú $ULQD 02/'29$1

8Q QXPăU GH GH DQJDMDWRUL GLQ MXGHĠXO 0XUHú DX IRVW VDQFĠLRQDWH vQ OXQD RFWRPEULH GH FăWUH LQVSHF WRUL ,QVSHFWRUDWXOXL 7HULWRULDO GH 0XQFă ,70 0XUHú FDUH DX LGHQWL ILFDW GH SHUVRDQH FDUH OXFUDX IăUă IRUPH OHJDOH Ä7RWRGDWă vQ SHULRDGD GH UHIHULQĠă DX IRVW vQWRFPLWH GRXă VHVL]ăUL FăWUH 3DUFKHWXO GH SH OkQJă -XGHFăWRULD 7kUJX 0XUHú GH FRQVWD WDUH D LQIUDFĠLXQLL SHQWUX SULPLUHD OD PXQFă D PDL PXOW GH SHUVRDQH IăUă FRQWUDFW LQGLYLGXDO GH PXQFă 9DORDUHD WRWDOă D DPHQ]LORU DSOLFDWH vQ XUPD FRQWURDOHORU V D ULGLFDW OD OHL GLQ FDUH GH OHL SHQWUX PXQFă OD QHJUX´ D GHFODUDW $QGUHL 0XUHúDQ LQVSHFWRUXO úHI DO ,70 0XUHú $ 0

³)HVWLYDOXO QDĠLRQDO DO úDQVHORU WDOH´ Q SHULRDGD QRLHPEULH YD DYHD ORF FHD GH D ;,,, D HGLĠLH D ³)HV WLYDOXOXL QDĠLRQDO DO úDQVHORU WDOH´ R VăSWăPkQă D HGXFDĠLHL SHUPDQHQWH FH VH YD GHVIăúXUD VXE JHQHULFXO ³0HGLXO VRFLDO PDL VLJXU SHQWUX R HGXFDĠLH PDL SHUIRUPDQWă´ ³$YkQG vQ YHGHUH IDSWXO Fă DQXO HVWH $QXO (XURSHDQ DO ÌPEăWUkQLULL DF WLYH úL DO 6ROLGDULWăĠLL vQWUH JHQHUDĠLL Yă UHFRPDQGăP FD vQ FRODERUDUH FX DXWRULWăĠLOH SXEOLFH ORFDOH LQVWLWXĠLL GH FXOW úL FXOWXUă DVRFLDĠLL VSRUW LYH RUJDQL]DĠLL QRQJXYHUQDPHQ WDOH SDUWHQHUL SXEOLFL úL SULYDĠL Vă RUJDQL]DĠL úL Vă FRRUGRQDĠL DFWLYLWăĠL úL SURJUDPH HGXFDWLYH FXOWXUDO ± VSRUWLYH´ HVWH vQGHPQXO LQVSHFWRUX OXL úFRODU JHQHUDO ùWHIDQ 6RPHúDQ FăWUH GLUHFWRULL /LFHHORU 7HKQRORJLFH GLQ MXGHĠXO 0XUHú 2 0


(9(1,0(17 QRLHPEULH

2PDJLXO DGXV PDULORU GLVSăUXĠL vQ GHVFKLGHUHD VăUEăWRULL 1DĠLRQDOXOXL

=HQR )RGRU úL $OLQD 1HOHJD WUHFXWXO JORULRV úL SUH]HQWXO SOLQ GH VSHUDQĠă DO 1DĠLRQDOXOXL

0RPHQW vQFăUFDW GH HPRĠLH PLHUFXUL QRLHPEULH FX RFD]LD GHVFKLGHULL IHVWLYH D VăUEăWRULL FHORU GH DQL GH WHDWUX vQ OLPED URPkQă OD 7kUJX 0XUHú VXE GH QXPLUHD ³ GH DQL GH LQWHUFXOWXUDOLWDWH´ (YHQLPHQW RUJDQL]DW GH 7HDWUXO 1DĠLRQDO 7kUJX 0XUHú vQ SHULRDGD QRLHPEULH /D SDUWHUXO WHDWUXOXL XQ SXEOLF QXPHURV DFWRUL UHJL]RUL SULHWHQL ¿GHOL DL VFHQHL WkUJXPXUHúHQH DX ĠLQXW Vă ¿H SUH]HQĠL OD GHEXWXO WRUWXOXL DQLYHUVDU DO 1DĠLRQDOXOXL FDUH úL FHOHEUHD]ă vQ DFHDVWă VăSWăPkQă R MXPăWDWH GH VHFRO GH WHDWUX vQ OLPED URPkQă

0DUL GLVSăUXĠL UHDGXúL OD OXPLQă 3ULPXO PRPHQW GH VXÀHW D IRVW GHVFKL GHUHD H[SR]LĠLHL GH IRWRJUD¿L RSHUD DU WLVWXOXL SODVWLF úL VFHQRJUDIXOXL %DUWKD -RV]HI FDUH D UHXúLW Vă vPELQH WUHFXWXO FX SH]HQWXO GH OD LPDJLQHD PDULORU GLVSăUXĠL FDUH DX VOXMLW VFHQD WkUJXPXUHúHDQă +DUDJ *\RUJ\ $OH[DQGUX )ăJăUăúDQ &RQVWDQWLQ 6ăVăUHDQX 9DVLOH 9DVLOLX

7XQHOXO WLPSXOXL SULQWUH PRPHQWHOH GH DXU DOH VFHQHL WkUJXPXUHúHQH

/LYLD *LQJXOHVFX 7UDLDQ &RVWHD 5HPXOXV )HQHú ,RQ )LVFXWHDQX &RUQHO 3RSHVFX ,RQ 6ăVăUDQ 'DQ $OHFVDQGUHVFX SkQă OD HURL SUH]HQWXOXL SULQWUH FDUH UHJL]RULL 7KHRGRU &ULVWLDQ 3RSHVFX úL $QFD %UDGX

$OLQD 1HOHJD úL =HQR )RGRU JD]GHOH GH LHUL úL GH D]L ÌQ OLSVD GLUHFWRUXOXL *DVSDULN $WWLOD DE VHQW PRWLYDW GH OD GHVFKLGHUH ¿LQG SOH FDW OD %XFXUHúWL R¿FLLOH GH JD]GH DX IRVW IăFXWH GH GRL GLQWUH FHL FDUH úL DX SXV úL vúL SXQ vQ FRQWLQXDUH DPSUHQWD DVXSUD 1DĠLRQDOXOXL GH OD LVWRULD FHORU GH FHQLL UHSUH]HQWDWă SULQ IRVWXO GLUHFWRU DO 1DĠLRQDOXOXL =HQR )RGRU SkQă OD VXÀXO QRX FUHDWLY úL FDOLWDWLY DO 1DĠLRQDOXOXL UHSUH]HQWDW SULQ GLUHFWRUXO DUWLVWLF $OLQD 1HOHJD

³8Q WHDWUX OD GH DQL HVWH XQXO WkQăU´ Ä'HVFKLGHP DFHDVWă VăUEăWRDUH GH GH DQL GH WHDWUX vQ OLPED URPkQă OD 7kUJX

3ULHWHQLL 1DĠLRQDOXOXL YHQLĠL OD GHVFKLGHUHD VHUEăULL FHORU GH DQL GH WHDWUX vQ OLPED URPkQ OD 7kUJX 0XUHú

0XUHú GH DQL GH LQWHUFXOWX UDOLWDWH FX PHVDMXO Fă QX VXQWHP VLQJXUL R VăUEăWRDUH R DQLYHUVDUH HVWH XQ HYHQL PHQW GH HYDOXDUH XQ PRPHQW vQ FDUH WH XLĠL vQ VSDWH GDU úL XQ PRPHQW vQ FDUH SULYHúWL VSUH YLLWRU 'DFă Pă XLW vQ VSDWH vQFHUF Vă PL LPDJLQH] FH HUD vQ XUPă FX GH DQL FkQG HX GH DELD Pă QăVFXVHP &UHG Fă DWXQFL SXEOLFXO HUD PXOW PDL SXĠLQ HUD DOWIHO 3RDWH Fă úL WHDWUXO VH IăFHD DOWIHO 'DFă vQFHUF Vă SULYHVF vQ MXU DVWă]L GXSă GH DQL REVHUY Fă DYHP XQ SXEOLF PXOW PDL QXPHURV Fă WHDWUXO vQ FHSH Vă VH GHVFKLGă GDU IXQGDPHQWDO úL vQ HVHQĠD VD D UăPDV DFHODúL 9RUEHúWH GHVSUH DFHOHDúL HPRĠLL GHVSUH DFHOHDúL VXIHULQĠH GHVSUH DFHOHDúL EXFXULL RPHQHúWL SHQWUX Fă WHDWUXO vQVHDPQă XPDQLWDWH vQ SULPXO UkQG SHQWUX Fă WHDWUXO VXQWHP QRL (O D IXQFĠLRQDW FD XQ DUJXPHQW LPSRUWDQW DO LGHQWLWăĠLL FXOWXUDOH DO XQHL FRPXQLWăĠL GH OLPED URPkQă úL DVWă]L FRQWLQXă Vă IXQFĠLRQH]H vQ DFHODúL IHO GDU PXOW PDL GHVFKLV PXOW PDL HXURSHDQ ÌQ FH Pă SULYHúWH QX SUHD vPL SODF PRPHQWHOH IHVWLYH UHFXQRVF Fă DP SXĠLQă RURDUH GH DQLYHUVăUL QX PL SODF ]LOHOH PHOH GH QDúWHUH GDU FUHG Fă DFHVW PRPHQW DQL YHUVDU HVWH GLIHULW SHQWUX Fă XQ WHDWUX OD GH DQL HVWH XQXO WkQăU XQ WHDWUX FDUH DUH WRW YLLWRUXO vQ IDĠă FDUH vQFă PDL WUH EXLH Vă FRQ¿UPH SURPLVLXQLOH SH FDUH OH D IăFXW úL SH FDUH SRDWH Vă OH IDFă 3HQWUX QRL RDPHQLL R DQLYHUVDUH HVWH XQ VHPQ DO PRUWDOLWăĠLL QRDVWUH SH FkQG SHQWUX XQ WHDWUX FUHG Fă R DQLYHUVDUH HVWH XQ VHPQ DO QHPXULULL VDOH 1X VXQW LGHQWLFH FHOH GRXă DQLYHUVăUL úL JkQGLQGX Pă OD DFHVW OXFUX vQFHUF Vă Pă EXFXU GLQ WRW VXÀHWXO úL Yă LQYLW SH WRĠL Vă Yă EXFXUDĠL GLQ WRW VXÀH WXO ÌPSOLQLP GH DQL úL vPL GRUHVF úL Yă GRUHVF QRL vQFHSXWXUL VSHFWDFROH PLQX QDWH YL]LELOLWDWH PD[LPă XQ URO vQ DFHDVWă FRPXQLWDWH WkUJXPXUHúHDQă´ D SUHFL]DW $OLQD 1HOHJD

$UF SHVWH JHQHUDĠLL FX =HQR )RGRU (PRĠLD D DWLQV FRWH PD[LPH R GDWă FX HYR FDUHD FHORU GLVSăUXĠL FDUH DX VOXMLW VFHQD WkUJXPXUHúHDQă UHDGXúL vQ PHPRULD SUH]HQWXOXL GH XQXO GLQ FHL FDUH DX IRVW vQ SHUPDQHQWă OHJăWXUă FX 1DĠLRQDOXO vQ XO WLPLL GH DQL IRVWXO GLUHFWRU DO WHDWUXOXL =HQR )RGRU ³9ă VDOXW vQ QXPHOH FHORU FDUH DFXP FLQFL GHFHQLL DX vQ¿LQĠDW DFHVW WHDWUX 0ă EX FXU Fă VH DÀă SULQWUH QRL 0DLD ,QGULHú PHPEUă D DFHOXL PLQXQDW FROHFWLY FDUH SH QRLHPEULH D SUH]HQWDW SULPXO VSHFWDFRO DO VHFĠLHL URPkQH D 7HDWUXOXL GH 6WDW GLQ 7kUJX 0XUHú FXP VH QXPHD DWXQFL ÌPL SODF DQLYHUVăULOH WHDWUDOH SHQWUX Fă HOH vQVHDPQă VăUEăWRULUHD XQXL FROHFWLY GH WHDWUX XQRU RDPHQL PDUL GH WHDWUX úL QX vQ XOWLPXO UkQG VăUEăWRULUHD XQXL SXEOLF FDUH LXEHúWH WHDWUXO ÌQ DFHúWL GH DQL DX IRVW PXOWH PRPHQWH GHRVHELWH vQ LVWRULD DFHVWXL FROHFWLY $X IRVW PDUL VSHFWDFROH VOXMLWH GH PDUL UHJL]RUL GH PDUL DFWRUL GH PDUL VFHQRJUD¿ 'DFă H YRUED Vă L DPLQ WLP SH FHL FDUH QX PDL VXQW SULQWUH QRL UH JL]RUL FD +DUDJ *\|UJ\ /LYLX &LXOHL 'DQ 0LFX 'DQ $OH[DQGUHVFX DFWRUL GHRVHELĠL FD 9DOHQWLQR 'DLQ ,RQ )LVFXWHDQX $X UHO ùWHIăQHVFX &RUQHO 3RSHVFX 9DVLOH 9DVLOLX úL PXOĠL DOĠLL VDX VFHQRJUD¿ SUH FXP 5RPXOXV )HQHú $FHVWRU RDPHQL FX WRĠLL OH GDWRUăP IRDUWH PXOW SHQWUX Fă QH DX GDW LPHQVH VDWLVIDFĠLL úL EXFXULL &UHG Fă WRĠL FDUH vúL DPLQWHVF GH HL DX VHQWLPHQ WXO Fă SULQ SOHFDUHD ORU DUWD URPkQHDVFă D SLHUGXW IRDUWH PXOW ÌQ DFHVWH ]LOH Vă QH DPLQWLP GH HL úL vQ DFHODúL WLPS Vă SULYLP VSUH YLLWRU Vă L YHGHP SH WLQHULL GH D]L úL Vă VSHUăP Fă PăFDU XQLL GLQWUH HL VH YRU ULGLFD vQFHWXO FX vQFHWXO OD vQăOĠLPHD FHORU FDUH DX IRVW´ D VSXV =HQR )RGRU $OLQ =$+$5,(

ùWLUL

LQWHUHVDQWH 0DVă URWXQGă úL FăUĠL ODQVDWH 9LQHUL QRLHPEULH vQWUH RUHOH vQ FDGUXO DQLYHUVăULL 7HDWUXOXL 1DĠLRQDO 7kUJX 0XUHú ³ GH DQL GH LQWHUFXOWXUDOLWDWH´ YD ¿ RUJDQL]DWă R PDVă URWXQGă FX WHPD ³,GHQWLWDWH úL LQ WHUFXOWXUDOLWDWH´ ÌQ SDX]ă YRU ¿ ODQVDWH FăUĠLOH ³3RYHúWLOH RUDúXOXL´ GH 6RULQD %RWD úL ³6XUSOXV GH RDPHQL VDX VXUSOXV GH LGHL´ GH 7KHRGRU &ULVWLDQ 3RSHVFX 0DVD URWXQGă YD ¿ Jă]GXLWă GH IRDLHUXO 8QLYHUVLWăĠLL GH $UWH * *

)LOP SHQWUX DGXOĠL OD 3DODWXO &XOWXULL )LOPXO SHQWUX DGXOĠL ´6H[ HTXR´ :HUWKHU *HUPRQGDUL 0DULD /DXUD 6SDJQROL GLQ ,WDOLD YD ¿ SURLHFWDW VkPEăWă QRLHP EULH GH OD RUD vQ 6DOD 0DUD D 3D ODWXOXL &XOWXULL vQ FDGUXO )HVWLYDOXOXL ,QWHUQDĠLRQDO GH VFXUW PHWUDMH $/7(5 1$7,9( 'HVFULHUHD ¿OPXOXL 'XSă FH QX O DX DVFXOWDW SH 'XPQH]HX úL DX YL]LWDW ORFXO ÄIUXFWHORU LQWHU]LVH´ $GDP úL (YD vQFHDUFă Vă UHFkúWLJH (GHQXO SLHU

GXW 3HQWUX ¿HFDUH IUXFW H SRYHVWLWă R SDUDEROă GHVSUH VH[ )LOPXO ³6H[ HTXR´ HVWH vQVFULV úL vQ VHFĠLXQHD GH FRQFXUV D )HVWLYDOXOXL 6HULOH )LOPXOXL *D\ QRLHPEULH GLQ &OXM 1DSRFD ¿LQG SURJUDPDW MRL QRLHPEULH GH OD RUD vQ &DVD 7,)) FRQIRUP VHULOH¿O PXOXLJD\ UR * *

:RUNVKRSXUL OD $ULHO 3H OkQJă VSHFWDFROH úL vQWkOQLUL vQ SURJUDPXO ³ GH DQL GH LQWHUFXO WXUDOLWDWH´ HYHQLPHQW RUJDQL]DW GH 7HDWUXO 1DĠLRQDO 7kUJX 0XUHú YRU DYHD ORF GRXă DWHOLHUH OD 7HDWUXO $ULHO $UWD $FWRUXOXL FX %iFV 0LNOyV úL VFUL HUH GUDPDWLFă FX /HWWLWLD 5XVVR %iFV 0LNOyV HVWH SURIHVRU OD 8QLYHUVLWDWHD %DEHV %RO\DL )DFXOWDWHD GH 7HDWUX VL 7HOHYL]LXQH &OXM /HWWLWLD 5XVVR HVWH GUDPDWXUJ SLHVD HL ³/LQLH PRDUWă´ vQ UHJLD OXL 0DULXV 2OWHDQ YD ¿ SUH]HQWDWă VFHQLF vQ FRODERUDUH FX 8$7 GXPLQLFă GH OD RUD OD 8QLYHUVLWDWHD GH $UWH 7kUJX 0XUHú * *


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