23 iulie

Page 1

3DJ

VSRUW

)&0 ]GUREHúWH $YkQWXO 5HJKLQ 6H GLVWULEXLH vPSUHXQă FX =LDUXO GH 0XUHú

3DJ

VăQăWDWH

5HJLVWUX SHQWUX SDFLHQĠLL FX 3DUNLQVRQ

3DJ

FXOWXUă

3LSD OXL $YUDP ,DQFX OD 6LJKLúRDUD

ZZZ ]L GH ]L UR

$XUHOLDQ *5$0$

LQ FXUV GH DXGLWDUH %5$7

GLUHFWRU IRQGDWRU

3DJ

HYHQLPHQW

3UHPLXO (XURSHL SHQWUX 6LJKLúRDUD

3DJ

HFRQRPLF

6RFRW 6$ GLYL]DWă

HXU XVG JU DXU

7kUJX 0XUHú

&XUV YDOXWDU

0HWHR

12$37($ =,8$

& & & & & &

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

SDJLQL

7J 0XUHú 5HJKLQ 6LJKLúRDUD

/XQL LXOLH $QXO 9,,, QU

R SDUWH GLQ YLDĠD WD

)RVWD ED]ă $6$ WUDQVIRUPDWă vQ $FDGHPLH GH 6SRUW

3DJ

7UHL FDQGLGDĠL SH XQ ORF OD EXJHW OD 80)

%D UHIX]DW GH )&0 úL D JăVLW ORF úL FKLDU DSHWLWXO GH JRO &DPSLRDQD &)5 &OXM HUD OD XQ SDV Vă FODFKH]H SH WHUHQ SURSULX vQ SULPD HWDSă &HOH PDL PDUL RFD]LL GLQ SULPD SDUWH DX DSDUĠLQXW RDVSHĠLORU FDUH FRQGXFHDX OD SDX]ă JRO 9DVLODFKH 3XĠLQ vQDLQWH FHQWUD GDU ORYLWXUD GH FDS D OXL )ORULQ 'DQ D IRVW VFRDVă GH VXE WUDQVYHUVDOă &DP SLRQLL DX HJDODW DX PDL DYXW RFD]LL GDU OD R SDVă D OXL 'DQ 5RPDQ D IRVW UHOXDWă SXĠLQ OkQJă GH FăWUH DFHODúL 9DVLODFKH $GYHUVDUD &)5 XOXL QX HUD )&0 FL *D] 0HWDQ 0HGLDú 7RĠL DFHúWLD DX IRVW GH D GUHSWXO DOXQJDĠL GH OD PXUHúHQL DSUHFLDĠL OD vQFHSXW 3RDWH FX DUJXPHQWH GDU QX VXQW DFHLDúL OD DOĠLL" 'DFă QX GH FH" 5HWRULF $FXP QX VXQW SHQWUX OLJD VHFXQGă GDU DX IRVW vQGHSăUWDĠL vQDLQWH GH UHWURJUDGDUH 0R WLYH VDX SUHWH[WH VH JăVHVF DUXQFkQG PkĠD SHVWH JDUG ([HPSOHOH SRW FRQWLQXD FX 'LGL VDX DOĠLL GDU QX úL PDL DX URVWXO 0XUHúHQLL SULYHVF GLQ QRX GH GLQDIDUă QHSXWLQFLRúL SHVWH JDUG

6 D UHOXDW ÄPDUHOH FLUF´ FHO DO /LJLL , GH IRWEDO 0XUHúHQLL V DX UăVIăĠDW SH YLX WLPS GH GRXă HGLĠLL GXSă DSURDSH GRXă GHFHQLL GH ÄDEVWLQHQĠă´ $FXP GLQ QRX vQ IDĠD PLFXOXL HFUDQ (FKLSD D UHWURJUD GDW vQHFDWă OD PDO 'H FH VH vQWUHDEă PXOĠL" &DX]HOH SRW ¿ PXOWLSOH SăUHULOH vPSăUĠLWH 0DQDJHPHQW JUHúLW VHOHFĠLH OD IHO SUHJăWLUH QHFRUHVSXQ]ăWRDUH ORW IăUă YDORDUH GDU FX SUHWHQĠLL 7RDWH PXOW VXE HIRUWXULOH IăFXWH SHQWUX FD PLFURELúWLL FHL DGHYăUDĠL Vă ¿H GLQ QRX PkQGUL Fă R HFKLSă D RUDúXOXL vL UHSUH]LQWă SH SULPD VFHQă &H DX SXWXW FRQVWDWD DFHúWLD vQ SULPHOH SDUWLGH DOH QRXOXL VH]RQ GXSă FDUH VH WUDJ SULPHOH FRQFOX]LL" ÌQ D GRXD SDUWLGă D HWDSHL SURPR YDWD GH SH ORFXO GLQ /LJD ,, )& 6H YHULQ D FHGDW JUHX vQ IDĠD OXL 'LQDPR 0XUHúHDQXO &RVPLQ 9DQFHD D GDW HPRĠLL EXFXUHúWHQLORU FX JROXO GH /D )&0 Q D PDL DYXW ORF 1LFL HO QLFL FRHFKLSLHULL VăL FDUH DX IRVW vQGHSăUWDĠL GLQ ORWXO PXUHúHDQ DFXP WLWXODUL /D 'LQDPR VHQHJDOH]XO ,VVD

$ULQD 02/'29$1

&RQFXUHQĠă PDUH OD 8QLYHUVLWDWHD GH 0HGL FLQă úL )DUPDFLH GLQ 7kUJX 0XUHú GH DEVROYHQĠL GH OLFHH FDQGLGHD]ă SHQWUX GH ORFXUL DWkW OD EXJHW FkW úL OD WD[ă ÌQVFULHULOH V DX vQFKHLDW VkPEăWă LDU FRQ FXUHQĠD DFHUEă VH vQUHJLVWUHD]ă vQ UkQGXO FDQGLGDĠLORU OD 0HGLFLQă XQGH V DX vQVFULV GH SHUVRDQH vQ FRQGLĠLLOH vQ FDUH VXQW RIHULWH vQ WRWDO GH ORFXUL /XSWD YD ¿ VWUkQVă úL SHQWUX FHL GH OD 0HGLFLQă PLOLWDUă XQL YHUVLWDWHD DORFkQG ]HFH ORFXUL EXJHWDWH SHQWUX FDUH VH YRU EDWH GH FDQGLGDĠL ÌQ FHHD FH SULYHúWH $VLVWHQĠD PHGLFDOă JHQHUDOă SHQWUX R VXWă GH ORFXUL VH YRU OXSWD FDQGLGDĠL LDU OD %DOQHR¿]LR NLQHWRWHUDSLH úL UHFXSHUDUH V DX vQVFULV GH DEVROYHQĠL GH OLFHH SH GH OR FXUL ,QWHUHVXO D IRVW PDL VFă]XW SHQWUX 1XWULĠLH 'LHWHWLFă XQGH V DX DORFDW GH ORFXUL úL V DX vQVFULV GH SHUVRDQH LDU OD (GXFDĠLH ¿]LFă úL VSRUWLYă GRDU HOHYL DX IRVW LQWHUHVDĠL GH FHOH GH OR FXUL DORFDWH /D )DFXOWDWHD GH )DUPDFLH VSHFLDOL]DUHD IDUPDFLH V DX vQVFULV FDQGLGDĠL DYkQG úDQVH Vă RFXSH FHOH GH ORFXUL VFRDVH OD FRQFXUV LDU GH $VLVWHQĠă IDUPDFLH V DX LQWHUHVDW GRDU

SHUVRDQH vQ FRQGLĠLLOH vQ FDUH V DX DORFDW GH ORFXUL /D 0HGLFLQă 'HQWDUă SH GH ORFXUL V DX vQVFULV GH FDQGLGDĠL SHQWUX R VXWă GH ORFXUL LDU OD 7HKQLFă 'HQWDUă GH FDQGLGDĠL VH YRU EDWH SHQWUX GH ORFXUL ÌQ WRWDO DX IRVW RIHULWH GH ORFXUL OD EXJHW úL OD WD[ă ´/D 0HGLFLQă FRQFXUHQĠD HVWH PDL PDUH FD DQXO WUHFXW PDL DOHV OD OLPED URPkQă úL HVWH XQ OXFUX vPEXFXUăWRU vQ FRQ WH[WXO vQ FDUH EDFDODXUHDWXO GLQ DFHVW DQ D GDW SXĠLQL SRWHQĠLDOL FDQGLGDĠL úL DQXO DFHVWD QH DP FRQIUXQWDW FX PXOWH SUREOHPH 6H SDUH Fă D FUHVFXW LQWHUH VXO FDQGLGDĠLORU SHQWUX XQLYHUVLWDWHD QRDVWUă´ D GHFODUDW SURI GU /HRQDUG $]DP¿UHL UHFWRUXO 80) 7kUJX 0XUHú

&RPSOH[XO Ä$FDGHPLD GH 6SRUW´ DÀDW OD LQWUDUHD vQ :HHNHQG LQDXJXUDW YLQHUL GH (GLWRULDO FRQGXFHUHD 3ULPăULHL 7kUJX 0XUHú ÌQ FDGUXO ED]HL SH OkQJă WHUHQXULOH H[LVWHQWH DX IRVW UHDELOLWDWH GRXă WHUHQXUL GH IRWEDO 3ULYLP SHVWH JDUG úL FLQFL GH WHQLV GH FkPS GXSă FH DP DUXQFDW PkĠD &RFKHWD FOăGLUH FRQĠLQH R VDOă GH PHVH YHVWLDUH VDORQ GH PDVDM FHQWUX GH UHFXSHUDUH 0LKDL 9(5(ù 6SD VDOă GH IRUĠă JUXSXUL VDQLWDUH FDPHUH úL WHUDVH VSDĠLRDVH Ä$FDGHPLD D IRVW LGHHD OXL &ODXGLX 0DLRU úL YLQH FD XQ FDGRX SHQWUX WRĠL FHL FDUH DX IăFXW FHYD SHQWUX VSRUW´ D D¿UPDW SULPDUXO 'RULQ )ORUHD

6 7LQWHUHVDQWH ,5, ,RDQD %LFKLú GLUHFWRDUH OD Ä7UDLDQ´ & R Q G X F H U H D *LP QD]LXOXL GH 6WDW Ä7UD LDQ´ GLQ PXQLFLSLXO 7kUQăYHQL D IRVW SUHOXDWă GH SURIHVRDUD GH OLPED UR PkQă ,RDQD %LFKLú 3RWULYLW VLWH XOXL WLUQDYHQL UR SRVWXO GH GLUHF WRU DO XQLWăĠLL GH vQYăĠăPkQW D UăPDV YDFDQW GXSă SHQVLRQDUHD YHFKLXOXL GLUHFWRU 0LUFHD 9RGă 6 *

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

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

³.LQJ :ROI´ OD 6LJKLúRDUD

&XUV GHVSUH FDQFHUXO SXOPRQDU OD 80)

6SHFWDFROXO VLPIRQLFR PHGLHYDO ³.LQJ :ROI´ D IRVW SXV vQ VFHQă VkPEăWă QRDSWHD vQ FDGUXO )HV WLYDOXOXL 6LJKLúRDUD 0HGLHYDOă GH )LODUPRQLFD GLQ 7LPLúRDUD IRUPDĠLD /XSXV 'DFXV úL 2U GLQXO &DYDOHULORU /XS ³3HQWUX PLQH HVWH XQD GLQWUH FHOH PDL PDUL IHULFLUL Fă DP UHXúLW Vă SRW Vă GHWHUPLQ R PkQă GH DUWLúWL Vă VFULH R %XUDQD &DUPLQD URPkQHDVFă´ D GHFODUDW SHQWUX $JHUSUHV UHJL]RUXO /LYLX 3DQFX FDUH D DVLJXUDW FRUHJUD¿D VSHF WDFROXOXL 6 *

8QLYHUVLWDWHD GH 0HGLFLQă úL )DU PDFLH 80) 7kUJX 0XUHú RUJDQL]HD]ă vQ SHULRDGD LXOLH OD &DVD 8QLYHUVLWDULORU FXUVXO GH YDUă FX WHPD ³&DQFHUXO SXOPRQDU´ &XUVXO VH DGUHVHD]ă VWXGHQĠLORU PDVWHUDQ]LORU GRFWRUDQ]LORU úL FDGUHORU GLGDFWLFH XQLYHUVLWDUH ³ÌQVFULHULOH VH IDF OD GHSDUWDPHQ WXO &XUVXUL 3RVWXQLYHUVLWDUH OD GR DPQD 0DULQHOD 'REUD UHJLVWUDWXUD 80) 7kUJX 0XUHú WHOHIRQ LQWHULRU 1X VH SHUFHSH WD[ă GH SDUWLFLSDUH´ VH SUHFL]HD]ă SH VLWH XO 80) 6 7

::: =, '( =, 52 (VWH R LGHH EXQă Vă VH YRWH]H SkQă OD RUD OD UHIHUHQGXP"

( RSRUWXQă YL]LWD vQ 5RPkQLD vQDLQWH GH UHIHUHQGXP D SUHPLHUXOXL 8QJDULHL"

/D LQWUHEDUHD GH LHUL

,QWUHEDUHD ]LOHL

'HFODUDWLD ]LOHL

6IDW XWLO SHQWUX SURWHMDUHD YHGHULL IRORVLUHD RFKHODULORU FX SURWHFĠLH 89

5ăVSXQVXULOH YRDVWUH DX IRVW

'$

18

'U 'DFLD +vQFX


63257 LXOLH

ùWLUL

LQWHUHVDQWH 9DQFHD JRO vPSRWULYD OXL 'LQDPR $WDFDQWXO WkUJXPXUHúHDQ &RVPLQ 9DQ FHD D vQVFULV SHQWUX DFWXDOD VD HFKLSă )& 6HYHULQ JROXO HJDOL]DWRU vQ SDUWLGD FX 'LQDPR vQFKHLDWă vQ IDYRDUHD EXFXUHúWHQLORU vQ HWDSD LQDXJXUDOă D /L JLL , GH IRWEDO 9DQFHD JROJKHWHU DO VHULHL % vQ HGLĠLD D SXQFWDW úL SHQ WUX )& 0XQLFLSDO 7kUJX 0XUHú vQ MRFXO SLHUGXW GH PXUHúHQL FX SH WHUHQ SUR SULX úL D vQVFULV SHQWUX VHYHULQHQL XQ JRO YDODELO DQXODW vQ HGLĠLD WUHFXWă D &XSHL 5RPkQLHL GRYHGLQG R H¿ FLHQĠă VSRULWă vPSRWULYD ÄKDLWHL URúLL´ /D PHKHGLQĠHQL DX PDL MXFDW GRL DOĠL IRúWL FRPSRQHQĠL DL )&0 FDUH SURPRYD vQ SULPăYDUD DQXOXL vQ /LJD , SRUWDUXO 0LKDL ùWHĠFD úL IXQGDúXO 0DULXV %ăOăX FDUH HVWH úL FăSLWDQXO HFKLSHL 0 9

6ăUEăWRDUHD úDKXOXL vQ IDPLOLH &X RFD]LD =LOHL 0RQGLDOH D ùDKXOXL VăUEăWRULWă OD VIkUúLWXO VăSWăPkQLL VHFĠLD &OXEXOXL 6SRUWLY ùFRODU 7kUJX 0XUHú D RUJDQL]DW XQ FRQFXUV SH SODQ ORFDO GHúL HVWH R ]L GUDJă WXWXURU úDKLúWLORU GH SUHWXWLQGHQL 'H D OXQJXO D GRXă RUH V D GLVSXWDW XQ FRQFXUV GH úDK EOLW] FRQVWkQG vQ UXQGH VSRUWL YLL DYkQG OD GLVSR]LĠLH FkWH PLQXWH SHQWUX ¿ HFDUH SDUWLGă 3H SULPXO ORF V D FODVDW )DUFiGL +XQRU FX SXQFWH / DX XUPDW OD HJDOLWDWH %DUiWRVL $Q GUiV 'iYLG úL 5ă]YDQ /XFLDQ &RPúD FX FkWH SXQFWH LDU SH ORFXO ,,, V D VLW XDW *|OOQHU %ODQND úL &VLV]pU $QGUiV FX FkWH SXQFWH úL %DUiWRVL .ULV]WLQD +HQULHWWD FX SXQFW WRĠL GH OD &6ù 7kUJX 0XUHú /D FRQFXUV D SDUWLFLSDW úL XQ VSRUWLY GLQ 8QJDULD 1DJ\ 7DPiV 3UHPLXO SHQWUX FHO PDL WkQăU SDUWLFL SDQW L D IRVW DFRUGDW OXL &RGULQ 5XVX GH OD *LPQD]LXO Ä'DFLD´ 0 9

)RVWD ED]ă $6$ WUDQVIRUPDWă vQ $FDGHPLH GH 6SRUW 9LQHUL VHDUD D IRVW LQDXJXUDW FRPSOH[XO Ä$FDGHPLD GH 6SRUW´ DÀ DW OD LQWUDUHD vQ :HHNHQG GLQVSUH $OHHD &DUSDĠL )RVWD ED]ă VSRUWLYă D $6$ D IRVW DEDQGRQDWă vQ XUPă FX PDL ELQH GH ]HFH DQL úL DWkW FOăGLUHD FkW úL WHUHQXULOH GLQ SUHDMPD HL DX DMXQV vQ SDUDJLQă ,QWUDWă vQ SDWULPR QLXO 3ULPăULHL 7kUJX 0XUHú OXFUăULOH DX IRVW ¿ QDOL]DWH úL QRXD ED]ă D IRVW GDWă vQ IRORVLQĠă VSRUWXOXL WkUJXPXUHúHDQ ÌQ FDGUXO ED]HL SH OkQJă WHUHQXULOH GHMD H[LVWHQWH DX IRVW UHDELOLWDWH FHOH GRXă WHUHQXUL GH IRWEDO úL FLQFL GH WHQLV GH FkPS FX FkWH R PLQLWULEXQă ORFXUL GH SDUFDUH &RFKHWD FOăGLUH FRQĠLQH R VDOă vQFăSăWRDUH OD LQWUDUH R VDOă GH PHVH YHVWLDUH SHQWUX VSRUWLYL VDORQ GH PDVDM FHQWUX GH UHFXSHUDUH 6SD VDOă GH IRUĠă JUXSXUL VDQLWDUH WRDWH DÀ DWH OD SDUWHUXO FOăGLULL /D FHOH GRXă HWDMH H[LVWă FDPH UH FX FkWH GRXă SDWXUL úL WHUDVH VSDĠLRDVH SH ODWXUL

Ä7UHEXLH Vă QH YDORUL¿ FăP SURSULLOH WDOHQWH´ /D HYHQLPHQW DX SDUWLFLSDW UHSUH]HQWDQĠL

3DQJOLFD LQDXJXUDOă D IRVW WăLDWă GH 'RULQ )ORUHD úL &ODXGLX 0DLRU

$X IRVW UHDELOLWDWH FHOH GRXă WHUHQXUL GH IRWEDO úL FLQFL GH WHQLV GH FkPS

DL WXWXURU FOXEXULORU úL DVRFLDĠLLORU VSRU WLYH WkUJXPXUHúHQH GLUHFWRUL SUHúHGLQĠL DQWUHQRUL VSRUWLYL SUHFXP úL IRVWH JOR ULL DOH VSRUWXOXL PXUHúHDQ 3DQJOLFD D IRVW WăLDWă GH SULPDUXO 7kUJX 0XUHúXOXL 'RULQ )ORUHD vPSUHXQă FX FRQVLOLHUXO VăX IRVWXO YLFHSULPDU &ODXGLX 0DLRU LQLĠLDWRUXO SURLHFWXOXL Ä0ă EXFXU SHQWUX Fă DFHVW SURLHFW D IRVW ¿ QDOL]DW $FDGHPLD D IRVW LGHHD OXL &ODXGLX 0DLRU úL YLQH FD XQ FDGRX SHQWUX WRĠL FHL FDUH DX IăFXW FHYD SHQWUX VSRUW RDPHQL FDUH DX SXV PXOW VX À HW úL HVWH GHVWLQDWă FRSLLLORU QRúWUL 0 DP FKLQXLW RSW DQL Vă DGXF DFHDVWă ED]ă vQ SDWULPRQLXO 3ULPăULHL vQ FLXGD FHORU FDUH V DX RSXV úL VH RSXQ vQ FRQWLQXDUH /H VSXQ WRDWH DFHVWHD FX WRDWă GHVFKLGHUHD SHQWUX Fă DOWIHO Q Dú ¿ HX úL SRW Vă GDX FKLDU R OLVWă FX FHL FDUH VH RSXQ ,GHHD HVWH FD 7kUJX 0XUHúXO Vă GHYLQă XQ DGHYăUDW FHQWUX ROLPSLF FDUH Vă FXSULQGă WRDWH ED]HOH VSRUWLYH FX VSRUWXUL GH HFKLSă úL QX QXPDL 9RP DYHD QHYRLH GH DQWUHQRUL GH VSHFLDOLúWL FDSLWRO OD FDUH DYHP QHYRLH GH VSULMLQXO WXWXURU $VWIHO QX YRP PDL ¿ QHYRLĠL Vă VăULP DFHD HWDSă GH IRUPDUH

D VSRUWLYLORU úL Vă FXPSăUăP WDOHQWH 'H DFHHD QX DYHP UH]XOWDWHOH GRULWH SHQWUX VăULP DFHDVWă HWDSă úL DSHOăP OD DOĠLL´ DX IRVW FXYLQWHOH HGLOXOXL

,QYLWDĠLL SHQWUX WLQHULL VSRUWLYL ÌQ YHGHUHD DWUDJHULL WLQHULORU vQWUH úL DQL 3ULPăULD D WULPLV GHMD SHVWH GH LQYLWDĠLL SHQWUX FRSLLL WkUJXPXUHúHQL FDUH GRUHVF Vă IDFă VSRUW vQWU XQ PHGLX RUJDQL ]DW FDUH OH RIHUă FRQGLĠLL RSWLPH 8Q VFXUW GLVFXUV D DYXW úL &RUQHO &DFRYHDQ IRVWXO SUHúHGLQWH DO $6$ Ä0ă EXFXU Fă D IRVW VFKLPEDW vQ ELQH FHHD FH D IRVW DEDQGRQDW DFXP ]HFH FLQFLVSUH]HFH DQL úL V D UHDOL]DW FHHD FH V D GRULW 6SHU úL FUHG Fă VH YRU YH GHD UH]XOWDWHOH úL DFHDVWă ED]ă Vă GHYLQă XQ HWDORQ´ D VSXV &RUQHO &DFRYHDQ ÌQFKLGHUHD D IRVW IăFXWă FX XQ PHFL GH IRWEDO vQWUH R HFKLSă D 3ULPăULHL úL R VHOHFĠLRQDWă D UHSUH]HQWDQĠLORU SUHVHL /RYLWXUD GH vQ FHSHUH D IRVW GDWă GH SULPDUXO 'RULQ )OR UHD LDU vQ SULPD UHSUL]ă vQ SRDUWD HFKLSHL 3ULPăULHL V D DÀ DW &ODXGLX 0DLRU 0LKDL 9(5(ù

6(/*526 &$6+ &$55<

)&0 7kUJX 0XUHú $YkQWXO 5HJKLQ

$1*$-($=Ă 3HQWUX PDJD]LQXO GLQ 7kUJX 0XUHú

7HVW UHXúLW SHQWUX ³PXQLFLSDOL´

&216,/,(5 5(/$ğ,, &/,(1ğ,

5HVSRQVDELOLWăĠL (PLWHUHD OHJLWLPDĠLLORU GH FXPSăUDUH SHQWUX FOLHQĠLL PDJD]LQXOXL YL]LWDUHD úL PHQĠLQHUHD UHODĠLLORU FX FOLHQĠLL SUHOXFUDUHD ED]HL GH GDWH D FOLHQĠLORU SUHRFXSDUHD SHQWUX DFKL]LĠLD SHUPDQHQWă GH QRL FOLHQĠL GH] YROWDUHD úL PHQĠLQHUHD XQHL UHODĠLL FX FOLHQĠL DL PDJD]LQXOXL SUHOXFUDUHD úL LQWHUSUHWDUHD GDWHORU VWDWLVWLFH UHIHULWRDUH OD FOLHQĠL SURPRYDUHD LPDJLQLL ¿ UPHL SUHOXFUDUHD UHFODPDĠLLORU FOLHQĠLORU

&HULQĠH 6WXGLL PHGLL VDX VXSHULRDUH FXQRúWLQĠH GH RSHUDUH 3& :RUG ([FHO FDSDFLWDWH GH OXFUX vQ HFKLSă UH]LVWHQĠă OD PXQFă vQ FRQGLĠLL GH VWUHV DELOLWăĠL GH FRPXQLFDUH FDUQHW GH FRQGXFHUH FDWHJRULD Ä%´

9ă RIHULP 6DODULX DWUDFWLY VLVWHP LQIRUPDWLF SHUIRUPDQW úL ORJLVWLFă PRGHUQă WUDLQLQJ GH VSHFLDOLWDWH RSRUWXQLWDWHD XQHL FDULHUH vQWU XQ FRQFHUQ LQWHUQDĠLRQDO

'DFă Yă LGHQWL¿ FDĠL FX SUR¿ OXO QRVWUX DúWHSWăP Vă WULPLWHĠL XQ &9 vQVRĠLW GH R VFULVRDUH GH LQWHQĠLH úL R IRWRJUD¿ H UHFHQWă OD 6(/*526 &$6+ &$55< 6 5 / ÌQ DWHQĠLD 'HSDUWDPHQWXOXL GH 5HVXUVH 8PDQH &RPXQD (UQHL QU -XG 0XUHú 7HO )D[ ( PDLO B36#VHOJURV UR

1XPDL FDQGLGDĠLL FDUH vQGHSOLQHVF FRQGLĠLLOH FHUXWH YRU ¿ FRQWDFWDĠL

3ULPXO WHVW vQ IDĠD SURSULLORU VXSRUWHUL EHQH¿ F SHQWUX )&0 7kUJX 0XUHú

'XSă SULPXO MRF GH YHUL¿ FDUH GLQ VWDJLXO GH SUHJăWLUH vQ YHGHUHD VWDUWXOXL vQ /LJD ,, GH IRWEDO OD FDPSLRDQD &)5 &OXM IRUPDĠLD )& 0XQLFLSDO 7kUJX 0XUHú D vQYLQV SH VWD GLRQXO 7UDQV 6LO VFRU FX GLYL]LRQDUD & $YkQWXO 5HJKLQ *ROXULOH DX IRVW vQVFULVH GH $VWDIHL PLQ 1HJUXĠ PLQ +XLEDQ PLQ úL 3DVFDULX PLQ

'RPLQDUH WRWDOă D JD]GHORU -RFXO D IRVW OD GLVFUHĠLD JD]GHORU FDUH DX PDL UDWD R PXOĠLPH GH DOWH VLWXDĠLL ID YRUDELOH $YkQWXO D GDW R UHSOLFă EXQă vQ SULPHOH PLQXWH GXSă FDUH GLYL]LRQDUD VHFXQGă D SXV VWăSkQLUH SH MRF úL DX UHXúLW PXOWH ID]H GH SRDUWă ÌQ SULPD UHSUL]ă vQVă VLQJXUD UHXúLWă L D DSDUĠLQXW OXL 9LFWRUDú $VWDIHL FDUH D GHVFKLV VFRUXO FX XQ úXW OD FROĠXO OXQJ GXSă R SDVă SULPLWă GH OD 0kQGUXúFă $QWUHQRUXO $OH[DQGUX 3HOLFL D IRORVLW úL vQ DFHVW MRF OD IHO FXP D SURFHGDW úL OD &OXM QX PDL SXĠLQ GH GH MXFăWRUL 6FKLPEăULOH HIHFWXDWH DX IRVW XUPDWH GHVHRUL GH PLQXWH IăUă ID]H GH SRDUWă GXSă FDUH MXFăWRULL DX vQFHSXW Vă OHJH MRFXO 0DMRUDUHD VFRUXOXL D YHQLW LPHGLDW GXSă SDX]ă SULQ 1HJUXĠ FDUH D UHOXDW vQ SODVă XQ EDORQ UHVSLQV GH VXE WUDQVYHUVDOă GH SRUWDUXO $YkQWXOXL OD OR YLWXUD OLEHUă ELQH H[HFXWDWă GH 6]LODJ\L +XLEDQ D PDMRUDW GLIHUHQĠD FX R ORYLWXUă GH FDS GLQ IDĠD SRUĠLL XOWLPXO JRO ¿ LQG úL FHO PDL VSHFWDFXORV OD XQ FRUQHU H[H

FXWDW GH 6]LODJ\L OD FDUH 3DVFDULX D UH OXDW FX FăOFkLXO OD YLQFOX $YkQWXO D UHXúLW FkWHYD úXWXUL VSUH ¿ QDO GDU DFHVWHD DX RFROLW SRDUWD OXL %RWRúHU FDUH D LQWUDW vQ UHSUL]D VHFXQGă vQ ORFXO WkQăUXOXL 1H JUX 7kUJXPXUHúHQLL DX PDL LURVLW FkWHYD VLWXDĠLL IDYRUDELOH VSUH ¿ QDO vQ VSHFLDO SULQ $SRVWX 8UPăWRUXO MRF GH YHUL¿ FDUH YD DYHD ORF PLHUFXUL GH OD RUD SH WHUHQ SUR SULX vQ FRPSDQLD XQHL DOWH HFKLSH GLQ /LJD ,,, 6ăQăWDWHD &OXM 0LKDL 9(5(ù

$X HYROXDW IRUPDĠLLOH )& 0XQLFLSDO 1HJUX ¶ %RWRúHU *XJX ¶ 3DVFDULX 7ăWDUX ¶ $SRV WRO ùDLP ¶ 6]DER ¶ .LQF]HO 1LFX ¶ 8QJXU 9DJQHU ¶ 2ODU ¶ /DV]OR 3ăGXUHĠX ¶ $OH[ 'DQ 'kO EHD ¶ 1LFX $VWDIHL ¶ 6]LODJ\L ¶ *ULJRUDú VRVLW GH OD ,DúL 5 5XV ¶ 1HJUXĠ $SRVWX 0kQGUXúFă ¶ +XLEDQ ¶ %XMRU $YkQWXOXL DQWUHQRU $QGUHL &LSULDQ (Q\HGL +XVDU 7RQFHDQ 0HUGDULX 5ă]YDQ 'DQ 5RVHQIHOG &VLNL %XFLQ 3HUHV 7UXĠD 9 6WRLFD 3XúFDú $X PDL LQWUDW SH SDUFXUV 'HPLDQ &ăWăULJ &ăEX] =LJPRQG 1DJ\ (ORG 0DULú 'UDJRú +ULúFă &ULVWLDQ 6]HNHOL 9DOHQ WLQ =ROWDQ

IDFHERRN FRP ]LGH]L


6Ă1Ă7$7(

6H vQ¿ LQĠHD]ă 5HJLVWUXO SDFLHQĠLORU FX 3DUNLQVRQ 3HQWUX D DÀ D FX H[DFWLWDWH FDUH HVWH QXPăUXO UHDO GH SDFLHQĠL FX ERDOD 3DU NLQVRQ FRQGXFHUHD 6RFLHWăĠLL GH 1HX URORJLH GLQ 5RPkQLD LQWHQĠLRQHD]ă SX QHUHD OD SXQFW D XQHL ED]H GH GDWH XQ 5HJLVWUX DO SDFLHQĠLORU FX ERDOD 3DUNLQ VRQ ´'DFă QH GăP VHDPD GH SUHYDOHQĠă FkĠL SDFLHQĠL VXQW OD VXWD GH PLL GH ORFX LWRUL HVWLPăP Fă vQ 5RPkQLD Vă ¿ H vQ WUH 'DWHOH GH SH SLDĠă VXQW GHSDUWH GH D ¿ FRQFRUGDQWH FX DVWD SHQWUX Fă GDWHOH GH SH SLDĠă VH LDX GXSă FkĠL SDFLHQĠL SULPHVF UHĠHWH FRQVWDQW FX DFHVW GLDJQRVWLF´ D GHFODUDW SURI GU 2YLGLX %ăMHQDUX SUHúHGLQWHOH 6RFLHWăĠLL GH 1HXURORJLH GLQ 5RPkQLD SUH]HQW OD 7kUJX 0XUHú OD FHD GH D GRXD HGLĠLH D &RQIHULQĠHL 1DĠLRQDOH D 3DFLHQĠLORU FX 3DUNLQVRQ SH WHPD Ä$ERUGDUHD LQWHJUDWă D EROLL 3DUNLQVRQ vQ HFKLSD SDFLHQW FDG UH PHGLFDOH´ RUJDQL]DWă GH $VRFLDĠLD $QWLSDUNLQVRQ úL FRPSDQLD GH FRPXQL FDUH PHGLFDOă +RXVWRQ 13$ vQ SHULRDGD LXOLH

1XPăUXO EROQDYLORU WULSODW ÌQ MXGHĠXO 0XUHú SRWULYLW $VRFLDĠHL $Q WLSDUNLQVRQ QXPăUXO EROQDYLORU GH 3DU NLQVRQ DSURDSH V D WULSODW vQ úDSWH DQL

3URI GU 2YLGLX %ăMHQDUX SUHúHGLQWHOH 6RFLHWăĠLL GH 1HXURORJLH GLQ 5RPkQLD

´/D RUD DFWXDOă VH YUHD SULQ LQWURGX FHUHD UHĠHWHL HOHFWURQLFH úL D FDUQHWXOXL GH VăQăWDWH Vă VH vQ¿ LQĠH]H XQ UHJLVWUX DO EROQDYLORU GH 3DUNLQVRQ ÌQ MXGHĠXO 0XUHú vQ HUDX SHUVRDQH ERO QDYH GH 3DUNLQVRQ LDU GXSă VWXGLLOH DFWXDOH úL DGUHVHOH IăFXWH FăWUH &$6 vQ 0XUHú VXQW GH SHUVRDQH EROQDYH

GH 3DUNLQVRQ´ D SUHFL]DW 'DQ 5ăLFDQ SUHúHGLQWHOH $VRFLDĠLHL $QWLSDUNLQVRQ 7RWRGDWă VH GRUHúWH GH]YROWDUHD vQ FkW PDL PXOWH FHQWUH GH QHXURORJLH GLQ ĠDUă D XQXL VLVWHP ED]DW SH SURFHGXULOH GH UH HGXFDUH IXQFĠLRQDUH úL QHXURUHDELOLWDUH FDUH FHU XQ DQWUHQDPHQW VSHFLDO PHGL FLORU QHXURORJL úL GH UHFXSHUDUH PHGLFDOă úL PDL DOHV FHU R FDSDFLWDWH GH D RUJDQL]D VLVWHPH GH HGXFDĠLH SHQWUX SDFLHQW SHQ WUX Fă SDUWLFLSDUHD ORU OD DVWIHO GH VLWHPH GH HGXFDĠLH SRW DGXFH HQRUP GH PXOWH EHQH¿ FLL 1X vQ XOWLPXO UkQG 6RFLHWDWHD GH 1HX URORJLH GLQ 5RPkQLD LQWHQĠLRQHD]ă FD vQ SURJUDPXO ¿ QDQĠDW GH 0LQLVWHUXO 6ăQăWăĠLL Vă ¿ H SUHYă]XWă ¿ QDQĠDUH úL SHQWUX GLVWRQLH ´3UHJăWLP XQ PDWHULDO GH SURSXQHUH SHQWUX SURJUDPXO SH vQ FDUH DP KRWăUkW Vă SUHYHGHP VROLFLWD UHD FD vQ DFHVW SURJUDP Vă ¿ H LQFOXVă FD úL ERDOă úL GLVWRQLD JHQHUDOL]DWă vQ SULPXO UkQG VDX GLVWRQLLOH SULPDUH UH]LVWHQWH OD WUDWDPHQWHOH FX WR[LQă ERWXOLQLFă GDU vQWkL DU WUHEXL Vă DYHP SURJUDP úL SHQ WUX WR[LQD ERWXOLQLFă FDUH HVWH WUDWDPHQ WXO GH OLQLD vQWkL´ D D¿ UPDW GU %ăMHQDUX $ULQD 02/'29$1

³2FKLXO OHQHú³ VH YLQGHFă SkQă OD DQL 'XUHULOH GH FDS GHUDQMDUHD OXPLQLL LQ WHQVH vQURúLUHD RFKLORU VXQW FkWHD GLQWUH VLPSWRPHOH FDUH DU WUHEXL Vă L DOHUWH]H SH SăULQĠL SHQWUX D úL GXFH FRSLLL OD XQ FRQWURO RIWDOPRORJLF 'H PLFL FRSLLL WUHEXLH Vă ¿ H VXSXúL XQRU H[DPHQH PHGLFDOH GH VSHFLDOLWDWH SHQ WUX GHSLVWDUHD XQRU HYHQWXDOH DIHFĠLXQL DOH YHGHULL &KLDU GH OD YkUVWD GH úDVH OXQL EHEHOXúLL SRW ¿ GLDJQRVWLFDĠL vQ XUPD XQRU FRQVXOWDĠLL FX DSDUDWH VSH FLDOH 'LDJQRVWLFDWH OD WLPS DIHFĠLXQLOH RFKLORU SRW ¿ WUDWDWH úL FKLDU YLQGHFDWH vQ SHULRDGD FRSLOăULHL ÌQ XUPD XQHL FDP SDQLL GHVIăúXUDWH vQ SHULRDGD RFWRPEULH LXQLH SULYLQG GLDJQRVWLFDUHD SUREOHPHORU RFXODUH vQ PDL PXOWH úFROL úL JUăGLQLĠH GLQ MXGHĠXO 0XUHú SHVWH GH FRSLL DX IRVW FRQVXOWDĠL úL PXOĠL DX IRVW GHVFRSHULĠL FX GH¿ FLHQĠH GH YHGHUH

&RSLLL GLDJQRVWLFDĠL úL WUDWDĠL YăG PDL ELQH $FXP OD ]HFH OXQL GH OD GLDJQRVWLFDUH GDU úL OXDUH GH DWLWXGLQH GLQ SDUWHD SăULQĠLORU FDUH úL DX VXSXV FRSLOXO OD LQYHVWLJDĠLL PDL FRPSOH[H WUDWDPHQWH úL SXUWDW GH RFKHODUL PXOĠL FRSLL úL DX

$IHFĠLXQLOH GH YHGHUH DOH FRSLLORU SRW ¿ YLQGHFDWH vQ IXQFĠLH GH SUH]HQWDUHD ORU FkW PDL WLPSXULH OD XQ H[DPHQ RIWDOPRORJLF GH VSHFLDOLWDWH

FR UHFWDW YHGHUHD vQWU XQ SURFHQW VHP QL¿ FDWLY Ä5H]XOWDWHOH DFXP vQFHS Vă VH YDGă 'DFă vQ RFWRPEULH DP SUHVFULV RFKHODUL úL DP vQFHSXW DQXPLWH SUR FHGHH FRSLL FDUH vQDLQWH QX YHGHDX GHFkW SULPHOH GRXă UkQGXUL GLQ WDEHO DFXP YăG WRW WDEHOXO´ D H[SOLFDW GU 'DFLD +vQ FX PHGLF SULPDU RIWDOPRORJ OD 6& 9L]XDO 0HG 65/ 7kUJX 0XUHú úL FRRUGRQDWRUXO FDPSDQLHL &RSLLORU OL V DX IăFXW ¿ úH GH REVHUYDĠLH XQGH OL V D WUHFXW DFXLWDWHD YL]XDOă LQLĠLDOă IăUă FRUHFĠLH LDU GXSă R OXQă V D Yă]XW FXP V DX UHFXSHUDW úL XOWHULRU GDFă HVWH QHYRLH VH IDF úL DOWH

SURFHGHH SHQWUX FDUH PHGLFXO VWDELOHúWH XQ SURJUDP GH XUPăULUH ÌQ FDGUXO FDP SDQLHL XQ SURFHQW GH GLQWUH FRSLL DYHDX QHYRLH GH FRUHFĠLH RSWLFă /D YkUVWH PLFL VXE FLQFL DQL FRSLLL FDUH GH]YROWă DPEOLRSLH DGLFă YăG ELQH GRDU FX XQ RFKL FHOăODOW ¿ LQG PDL OHQHú vQ GH] YROWDUH vúL SRW UHFXSHUD vQ SURSRUĠLH GH RFKLXO FX SUREOHPH Ä2FKLXO OHQHú SRDWH ¿ UHFXSHUDW SkQă OD YkUVWD GH DQL GDU SURFHQWXO GH FRSLL FH QHFHVLWă LQWHUYHQĠLH RSWLFă H PXOW PDL PDUH´ D H[SOLFDW GU +vQFX

1HYRLH GH GHVFKLGHUH GLQ SDUWHD SăULQĠLORU ,GHHD H FD SăULQĠLL FRSLLORU Vă vQĠHOHDJă QHFHVLWDWHD DFHVWRU LQYHVWLJDĠLL PDL DOHV Fă vQ FDGUXO FDPSDQLHL VXQW JUDWXLWH Ä$P DYXW úL SăULQĠL SH FDUH GHúL L DP FKHPDW OD R OXQă OD FRQWURO FX FRSLLL QX DX GDW LPSRUWDQĠă GHúL OL VH H[SOLFD FODU GH FH HVWH QHYRLH úL DX FRQVLGHUDW Fă GDFă YLQ GXSă FkWHYD OXQL H ELQH GDU UHFXSH UDUHD H PDL JUHD FX FkW FRSLOXO FUHúWH´ D PHQĠLRQDW PHGLFXO RIWDOPRORJ $ULQD 02/'29$1

2FKHODULL GH VRDUH SRODURL]L SURWHMHD]ă RFKLL 8WLOL]DUHD RFKHODULORU GH VRDUH FX SURWHFĠLH 89 VDX RFKHODULORU SRODURL]L vPSRWULYD UD ]HORU OXPLQRDVH GH VRDUH PDL DOHV FkQG LQGLFHOH 89 vQUHJLVWUHD]ă YDORUL PDUL JDUDQWHD]ă VăQăWDWHD RFKLORU 'H UD]HOH SXWHUQLFH DOH VRDUHOXL QH DSăUă QX QXPDL FUHPHOH FX IDFWRUL GH SURWHFĠLH 89 FL úL RFKHODULL GH VRDUH ÌQVă QX FHL FXPSăUDĠL GH OD RULFH ERXWLTXH FL FHL FDUH VXQW UHFRPDQGDĠL GH PHGLFXO RIWDOPRORJ 3HUVRDQHOH FDUH XWLOL]HD]ă RFKHODUL GH YH GHUH SRW RSWD SHQWUX RFKHODUL SRODURL]L FX GLRSWULL GXSă R SUHDODELOă FRQVXOWDĠLH OD RIWDOPRORJ Ä'LQ SXQFW GH YHGHUH RIWDOPR ORJLF SH PLQH Pă LQWHUHVHD]ă PRGL¿ FăULOH FDUH DSDU OD QLYHOXO UHWLQHL GHRDUHFH RFKLL H[SXúL OD VWUHVXO FDX]DW GH OXPLQă SRW GH] YROWD GHJHQHUHVFHQĠă PDFXODUă OHJDWă GH YkUVWă HVWH XQD GLQWUH FHOH PDL IUHFYHQWH FD]XUL GH VOăELUH D YHGHULL OD QLYHO PRQ GLDO´ D SUHFL]DW GU 'DFLD +vQFX PHGLF SULPDU RIWDOPRORJ OD 6& 9L]XDO 0HG 65/ 7kUJX 0XUHú

6IDWXUL XWLOH &HL PDL SUHGLVSXúL VXQW FRSLLL úL SHU VRDQHOH PDL vQ YkUVWă 5D]HOH XOWUDYLROHWH SHQHWUHD]ă RFKLL úL LQWHUDFĠLRQHD]ă FX R[L JHQXO úL VH IRUPHD]ă QLúWH PROHFXOH IRDUWH DJUHVLYH QXPLWH UDGLFDOL OLEHUL FDUH GLVWUXJ DQXPLWH FHOXOH LPSRUWDQWH DOH PDFXOHL ÌQ OXQLOH HVWLYDOH vQWUH PDL úL VHSWHPEULH LQ GLFHOH 89 vQUHJLVWUHD]ă YDORUL PD[LPH 'H DFHHD HVWH QHFHVDUă R PDL PDUH SURWHMDUH 1HSURWHMDUHD RFKLORU GH UD]HOH XOWUDYLROHWH

SRW GXFH OD vQURúLUHD DFHVWRUD VHQ]DĠLD GH RERVHDOă RFXODUă vQFUXQWDUHD SDFLHQĠLORU úL FHO PDL LPSRUWDQW vQ WLPS SRW Vă GXFă OD PRGL¿ FăUL DOH UHWLQHL FDUH QHFHVLWă DOWH WUDWDPHQWH Ä6IDWXUL XWLOH SHQWUX SURWH MDUHD YHGHULL VXQW IRORVLUHD GH RFKHODUL FX SURWHFĠLH 89 ,DU PDL EXQL VXQW RFKHOD ULL SRODURL]L FDUH SH OkQJă SURWHFĠLD 89 vPEXQăWăĠHVF FRQWUDVWXO QX LQÀ XHQĠHD]ă SHUFHSĠLD FXORULORU HOLPLQă HIHFWHOH GH VWUăOXFLUH úL DX R SURWHFĠLH PD[LPă OD ]JkUL HUH 'H DFHHD WLPSXO ORU GH IRORVLUH HVWH PDL vQGHOXQJDW´ D H[SOLFDW PHGLFXO RIWDOPRORJ 6ăQăWDWHD RFKLORU SRDWH ¿ SURWHMDWă úL SULQ FRQVXPXO XQHL DOLPHQWDĠLL FRUHFWH úL YDUL DWH YLWDPLQHOH úL VăUXULOH PLQHUDOH DYkQG IXQFĠLH GH DQWLR[LGDQĠL FDUH VH JăVHVF vQ IUXFWH SUHFXP SRUWRFDOH NLZL SLHUVLFL úL OHJXPH LDU SH GH DOWă SDUWH VH SRDWH IRORVL VXSOLPHQWXO QDWXUDO OXWHLQD FDUH VH JăVHúWH vQ DQXPLWH DOLPHQWH FHUHDOH JăOEHQXú GH RX OHJXPH IUXFWH $ULQD 02/'29$1

ùWLUL

LQWHUHVDQWH 6H FDXWă LQ¿ UPLHUL OD 6SLWDOXO GH 8UJHQĠă

6SLWDOXO &OLQLF -XGHĠHDQ GH 8UJHQĠă 6&-8 7kUJX 0XUHú DQJDMHD]ă LQ¿ U PLHUL $VWIHO VH RUJDQL]HD]ă FRQFXUV vQ SHULRDGD DXJXVW SHQWUX GRXă SRVWXUL YDFDQWH GH LQ¿ UPLHU SH SHULRDGă GHWHUPLQDWă OD &RPSDUWLPHQW &KLUXU JLH 3ODVWLFă LDU GRVDUHOH GH vQVFULHUH VH SRW GHSXQH SkQă OD GDWD GH LXOLH 8Q DOW SRVW YDFDQW SH SHULRDGă GHWHUPLQDWă SHQWUX FDUH VH RUJDQL]HD]ă FRQFXUV vQ SHULRDGD LXOLH HVWH GH LQ¿ UPLHU OD VHFĠLD &OLQLFă 0HGLFLQă ,QWHUQă , $LFL GRVDUHOH GH vQVFULHUH VH SRW GHSXQH vQ LQWHUYDOXO LXOLH DXJXVW ´&RQFXUVXO GH VHOHFĠLH VH ¿ QDOL]HD]ă FX LHUDUKL]DUHD FDQGLGDĠLORU vQ RUGLQH GHVFUHVFăWRDUH D PH GLLORU ¿ QDOH REĠLQXWH vQ XUPD FRQFXUVXOXL úL FX QRPLQDOL]DUHD FDQGLGDWXOXL DGPLV SH SRVWXO GH LQ¿ UPLHU´ D SUHFL]DW GU )ORULQ *RPRWkUFHDQX PDQDJHUXO 6&-8 7kUJX 0XUHú 0DL PXOWH GHWDOLL GHVSUH vQVFULHUH SH VLWH XO ZZZ VSLWMXGPV UR $ 0

'RQDĠLL GH UDPH GH RFKHODUL 3ăULQĠLL FRSLLORU FDUH DX SXUWDW RFKHODUL VDX PDL SRDUWă LDU UDPHOH OH DX UăPDV PLFL OH SRW GRQD SHQWUX D YHQL vQ DMX WRUXO FRSLLORU D FăURU IDPLOLL DX YHQLWXUL PLFL $FHúWLD YRU SULPL JUDWXLW UDPHOH GH RFKHODUL ´5DPHOH SRW ¿ XWLOL]DWH &RSLOXO HVWH FRQVXOWDW úL L VH VWDELOHúWH GLRSWULLOH SHQWUX OHQWLOH´ D SUHFL]DW GU 'DFLD +vQFX PHGLF SULPDU RIWDOPRORJ OD 6& 9L]XDO 0HG 65/ 7kUJX 0XUHú 5DPHOH GH RFKHODUL SRW ¿ GRQDWH OD VHGLXO 9L]XDO 0HG GLQ VWUDGD 5HYROXĠLHL QU 7kUJX 0XUHú $ 0

5HGXFHUH OD WHVWXO KHSDWLWHL & ÌQ FDGUXO SODWIRUPHL ÄÌPSUHXQă SHQWUX YLDĠă 6ăQăWDWH SULQ FXQRDúWHUH´ ODQVDWă GH &RPSDQLD 06' 5RPkQLD DOăWXUL GH ODERUDWRDUHOH %LRFOLQLFD PXUHúHQLL YRU SXWHD ¿ WHVWDĠL SHQWUX GHSLVWDUHD YLUXVX OXL KHSDWLWHL & &DPSDQLD VH GHVIăúRDUă vQ OXQLOH DXJXVW úL VHSWHPEULH vQ GH RUDúH GLQ ĠDUă SULQWUH FDUH úL 7kUJX 0XUHú OD ODERUDWRDUHOH %LRFOLQLFD 3HU VRDQHOH FDUH YRU PHUJH Vă VH WHVWH]H vQ FDGUXO FDPSDQLHL YRU SOăWL DSUR[LPDWLY OHL FX PDL SXĠLQ GHFkW SUHĠXO LQLĠLDO OHL 7HVWHOH YRU ¿ UHDOL]DWH SULQ SUHOXFUDUHD VkQJHOXL YHQRV úL YRU DUăWD GDFă SH SDUFXUVXO YLHĠLL SHUVRDQD D YH QLW vQ FRQWDFW FX YLUXVXO +HSDWLWHL & úL D GH]YROWDW DQWLFRUSL SHQWUX DFHVWă ERDOă 6HQVLELOLWDWHD WHVWHORU HVWH GH LDU SDFLHQĠLL YRU SULPL UH]XOWDWHOH vQ GH RUH GH OD WHVWDUH vQ FDGUXO FOLQLFLL XQGH V D IăFXW UHFROWDUHD 'DFă UH]XOWDWXO YD ¿ XQXO SR]LWLY SDFLHQĠLL YRU SULPL FRQ VLOLHUH JUDWXLWă GLQ SDUWHD XQRU PHGLFL VSHFLDOLúWL $ 0

$MXWRU SHQWUX GH¿ FLHQĠLL SVLKRVHQ]RULDOL 3HQWUX FD SHUVRDQHOH FX GL]DELOLWăĠL vQ VSHFLDO FHOH FX GH¿ FLHQĠH SVLKRVHQ]RULDOH Vă SRDWă EHQH¿ FLD GH VHUYLFLXO GH XUJHQĠă 6HUYLFLXO GH 7HOHFRPXQLFDĠLL 6SHFLDOH YD RUJDQL]D R vQWkOQLUH FX UHSUH]HQWDQĠLL DVRFLDĠLLORU úL IXQGDĠLLORU FDUH DX FD GR PHQLX SULQFLSDO GH DFWLYLWDWH LQFOX]L XQHD VRFLDOă D SHUVRDQHORU FX GL[DELOLWăĠL SRWULYLW SDJLQDPHGLFDOă UR 21* XULOH PXUHúHQH LQWHUHVDWH VXQW UXJDWH Vă FRQWDFWH]H 676 vQ LQWHUYDOXO LXOLH DXJXVW OD QXPăUXO GH WHOHIRQ ID[ VDX SULQ HPDLO UHODWLLSXEOLFH# UR $ 0


&8/785Ă LXOLH

ùWLUL

LQWHUHVDQWH 'LVWLQFĠLH SHQWUX 6RULQ ğDPEUHD 6DELQ ğDPEUHD DFWRUXO FDUH vO LQWHUSUHWHD]ă SH UHJHOH /XGZLJ DO ,, OHD DO %DYDULHL vQWU XQ ¿ OP UH DOL]DW GH &DVD GH 3URGXFĠLH :DU QHU %URV D SULPLW YLQHUL LXOLH GLSORPD ³$UV &LQH PDWRJUD¿ FD´ GLQ SDUWHD 3ULPăULHL 7kUJX 0XUHú ÄÌO IHOLFLW SH 6DELQ ğDPEUHD SHQWUX SHUIRUPDQĠHOH VDOH DUWLV WLFH 6XQW EXFXURV Vă YăG WLQHUL GLQ 7kUJX 0XUHú UHXúLQG SH DOWH PHULGLDQH úL vQ DOWH ĠăUL (L VXQW FHL PDL EXQL DPEDVDGRUL DL RUDúXOXL DUWLúWL LQ JLQHUL PHGLFL &X FkW DYHP PDL PXOWH DVWIHO GH SRYHúWL GH VXFFHV FX DWkW RUDúXO HVWH PDL ERJDW´ D D¿ UPDW 'RULQ )ORUHD SULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú 6 7

5HSDUDĠLL OD FLQHPD Ä$UWD´ 3ULPăULD 7kUJX 0XUHú FRQWLQXă OXFUăULOH GH PRGHQL]DUH DOH FLQHPDWRJUDIXOXL Ä$UWD ´ 3RWULYLW XQXL DQXQĠ SRVWDW SH VLWH XO OLFLWDWLDSXEOLFD UR vQ GDWD GH LXOLH PXQLFLSDOLWDWHD GRUHúWH FRQWUDF WDUHD XQRU OXFUăUL GH UHSDUDĠLL úL UHIXQFĠLRQDOL]DUH ]RQă DGLDFHQWă FăL GH DFFHV úL KROXUL YDORDUHD OXFUăULORU ¿ LQG HVWLPDWă OD OHL ´$YkQG vQ YHGHUH IDSWXO Fă DFWXDOD L]RODĠLH QX D IRVW UHSDUDWă GH IRDUWH PXOW WLPS úL SUH]LQWă XQHOH GHIRUPDĠLL úL SHQHWUăUL D DFHVWHLD FX DSD SOXYLDOă H[LVWkQG SHULFROXO GHJUDGăULL WHQFXLHOLORU úL D ¿ QLVDMHORU LWHULRDUH HVWH QHFHVDUă UHSDUDUHD vQYHOLWRULL DFRSHULúXOXL FLQHPDWRJUDIXOXL 5HIDFHUHD VWUDWX OXL GH X]XUă úL D SăUĠLORU FRPSRQHQWH D VWUDWX OXL GH UH]LVWHQĠă SHQWUX DFHVWD SHQWUX FXUWHD LQWHULRDUă 5HDOL]DUHD DFFHVXOXL OD FLQHPDWRJUDI FX DFHODúL DVSHFW FX FHO UHDOL]DW DQWHULRU UHVSHF WLY VWUXFWXUă PHWDOLFă SH IXQGDĠLL GH EHWRQ úL WDEOă DOXFRERQG 6XE DFHDVWă FRSHUWLQă VH UHIDFH WRW WURWXDUXO 6H YRU UHSDUD WRDWH WHQFXLHOLOH H[WH ULRDUH XUPkQG FD vQ WRWDOLWDWH Vă VH ]XJUăYHDVFă FX YRSVHOH GHFRUDWLYH´ VH SUHFL]HD]ă vQ FDLHWXO GH VDUFLQL vQWRFPLW GH 0LUFHD 0ROGRYDQ GLUHFWRUXO 6HUYLFLX 3XEOLF 8WLOLWăĠL 0XQLFLSDO GLQ FDGUXO 3ULPăULHL 7kUJX 0XUHú $ 0

3LSD OXL $YUDP ,DQFX H[SXVă OD 6LJKLúRDUD 2 H[SR]LĠLH LQHGLWă D IRVW GHVFKLVă WLPS GH WUHL ]LOH OD 6LJKLúRDUD SH WRDWă GX UDWD IHVWLYDOXOXL PHGLHYDO GH $VRFLDĠLD &OXMXO GH DOWăGDWă ,QWLWXODWă ³3DWLPă úL YLFLX DUWă úL IXP R LVWRULH LOXVWUDWă D IXPDWXOXL vQ 5RPkQLD´ H[SR]LĠLD D Jă]GXLW QXPHURDVH LPDJLQL IRWR GHVSUH vQFHSXWXULOH úL LVWRULD DFHVWXL YLFLX FDUH D GHFODQúDW DWkWHD GLVSXWH úL GLVFXĠLL GH D OXQJXO WLPSXOXL ,PDJLQLOH DX IRVW VHOHFWDWH GLQ SDWUL PRQLXO XQRU PX]HH úL FROHFĠLL SDUWLFX ODUH GLQ UHYLVWH úL OXFUăUL GH HSRFă 3H OkQJă DFHVWH LPDJLQL YL]LWDWRULL DX SX WXW DGPLUD SDFKHWH GH ĠLJăUL FLXEXFH WDEDFKHUH úL ĠLJDUHWH 7RDWH LPDJLQLOH H[SXVH úL PXOWH DOWHOH VH UHJăVHVF úL vQWU XQ DOEXP SULPXO GH DFHVW IHO UHDOL]DW PDQXDO FX FRSHUWH GLQ OHPQ vPEUăFDWH vQ SLHOH úL SH KvUWLH WH[WXUDWă GH PăWDVH $LFL VXQW UHSURGXVH vQ VH SLD SHVWH GH LPDJLQL GH OD JUDYXUL GH HSRFă VDX SLFWXUL SvQă OD IRWRJUD¿ L FX H[SOLFDĠLL GHWDOLDWH FDUH GHFXUJ ¿ UHVF GLQ GHYL]D vQVFULVă SH SDJLQD GH JDUGă D DOEXPXOXL Ä)XPăWRUL GLQ WRDWH ĠăULOH OăVDĠL Yă ´ )LLQG OXFUDW PDQXDO úL vQ WLUDM OLPLWDW ¿ HFDUH H[ HPSODU GLQ DOEXP HVWH XQ XQLFDW R SLHVă UDUă GH FROHFĠLH

9LFLX WUDQVIRUPDW vQ DUWă $XWRULL DOEXPXOXL ³3DWLPă úL YLFLX DUWă úL IXP R LVWRULH LOXVWUDWă D IX

7DEDFKHUD 5HJLQHL 0DULD

8FX %RGLFHDQX úL $QFXĠD /ăFULPLRDUD &KLú

PDWXOXL vQ 5RPkQLD´ LVWRULFXO 8FX %RGLFHDQX úL FHUFHWăWRU GU $QFXĠD /ăFULPLRDUD &KLú FRQVLGHUă Fă IX PDWXO FX WRDWH Fă HVWH XQ YLFLX D GHFODQúDW R DUWă ³ÌQ XUPD XQXL HIRUW GH FHUFHWDUH GH XQ DQ D LHúLW DFHVW DO EXP GH FDUH QH EXFXUăP DWkW QRL FkW úL ELEOLRWHFLOH XQLYHUVLWDUH FDUH DX DFKL]LĠLRQDW SXEOLFDĠLD úL DX LQFOXV R OD IRQGXO FROHFĠLL VSHFLDOH ¿ LQG VLQ JXUD GH DFHVW IHO GLQ 5RPkQLD $FHDVWă LQLĠLDWLYă HVWH SULPD FDUH SUH]LQWă DUWD GHFODQúDWă GH DFHVW YLFLX FDUH EkQWXLH GH VHFROH YLDĠD URPkQLORU 'H OD ERLHULL FDUH QX VH SXWHDX GH]OLSL GH FLXEXFHOH ORU XULDúH FX WXWX QXO WXUFHVF GH FHD PDL EXQă FDOLWDWH OD ĠăUDQLL FDUH IX PDX WXWXQXO GLQ SURGXFĠLD SURSULH UHJLL 5RPkQLHL IXPăWRUL FX WRĠLL PDUL SHUVRQDOLWăĠL DOH FXOWXULL URPkQH ³FX IXPXUL´ FXWLL OX[RDVH GH WXWXQ GDU úL WLJDUHWHOH FRPXQLVWH FDUH DX IăFXW LVWRULH 6QDJRY

5HFODPă LQWHUEHOLFă OD ĠLJDUHWH SHQWUX IHPHL

0ăUăúHúWL &DUSDĠL HWF WRWXO DOăWXUL GH FHOH PDL HOHJDQWH OXOHOH vQVRĠLWH GH FHOH PDL UD¿ QDWH WDELHWXUL 5HFODPH GLQ SHULRDGD LQWHUEHOLFă OD ĠLJDUHWH SHQWUX IHPHL UHFODPH OD ĠLJăUL GHQLFR WLQL]DWH GLQ DQLL C FHOHEUHOH ĠLJăUL 5HJDOH GHYHQLWH SHVWH QRDSWH 5H SXEOLFDQH EULFKHWH vQ IRUPă GH FDUWH GH UXJăFLXQL VDX WDEDFKHUH SHQWUX SUL]DW WDEDF DX FUHDW R vQWUHDJă FXOWXUă SDUDOHOă PDULL LQGXVWULL D WXWXQXOXL´ D H[SOLFDW SURIHVRUXO 8FX %RGLFHDQX XQXO GLQWUH DXWRULL OXFUăULL 6HEDVWLDQ $1*+(/

3LSD OXL $YUDP ,DQFX

IDFHERRN FRP ]LGH]L


)2725(3257$-

6LJKLúRDUD 0HGLHYDOă OD ERUQD ;;

&D vQ ¿ HFDUH OXQă LXOLH GLQ XOWLPLL GH DQL WLPS GH WUHL ]LOH VWUăGXĠHOH &HWăĠLL GLQ 6LJKLúRDUD VXQW DQLPDWH GH FDYDOHUL úL GRPQLĠH WRERúDUL úL PHQHVWUHOL DFWRUL DPEXODQĠL úL QXPHURúL WXULúWL ÌQWUH úL LXOLH V D GHVIăúXUDW OD 6LJKLúRDUD FHD GH D ;; D HGLĠLH D )HVWL YDOXOXL ³6LJKLúRDUD 0HGLHYDOă´ SULOHM GH vQWRDUFHUH vQ WLPS SHQWUX PLL GH WXULúWL úL ORFDOQLFL FDUH DX OXDW FX DVDOW &HWDWHD 'HúL PDL SXĠLQ QXPHURúL GHFkW OD SUH FHGHQWHOH HGLĠLL DFHúWLD V DX EXFXUDW GLQ SOLQ GH VSHFWDFROHOH RIHULWH GH RU GLQHOH FDYDODUHúWL IRUPDĠLLOH GH PX]LFă PHGLHYDOă úL WUXSHOH GH WHDWUX &D R QRXWDWH SHQWUX DFHDVWă HGLĠLH D IHVWLYDOX OXL VSHFWDWRULL DX SXWXW XUPăUL úL VSHF WDFROHOH RIHULWH GH UHSUH]HQWDQĠLL D QRXă FRPXQLWăĠL HWQLFH GLQ 5RPkQLD FDUH DX SDUWLFLSDW OD )HVWLYDOXO ,QWHUHWQLF 3URHW

QLFD úL FDUH V D GHVIăúXUDW SH DFHDúL VFHQă vQ ¿ HFDUH ]L GH OD RUD ÌQ SDUDOHO FX IHVWLYDOXO PHGLHYDO vQ 2UDúXO GH -RV FRSLLL V DX SXWXW EXFXUD GH XQ SDUF GH GLVWUDFĠLL LQVWDODW vQ 3LDĠD 2FWDYLDQ *RJD ÌQ &HWDWH úL DX IăFXW ORF úL FRPHUFLDQĠLL GH VXYHQLUXUL YkQ]ăWRULL GH vQJKHĠDWă úL N UWĘV NDOiFV SLFWRULL úL PX]LFDQĠLL *XODúXO úL WRFăQLĠD GH RDLH FX PăPăOLJă V DX DÀ DW OD PDUH FăXWDUH vQ &H WDWH OD IHO FD SRUXPEXO ¿ HUW YDWD GH ]DKăU VDX PLWLWHLL FX PXúWDU vQ 2UDúXO GH -RV &RSLLL DX OXDW OHFĠLL GH PkQXLW VDELD LDU FHL PDL PDUL DX SXWXW vQYăĠD Vă WUDJă FX DU FXO 'H DVHPHQHD SH SDUFXUVXO IHVWLYDOX OXL PHGLHYDO DX IRVW GHVFKLVH WUHL H[SR]LĠLL vQ 7XUQXO )LHUDULORU 7XUQXO FX &HDV úL OD *DOHULD GH DUWă FRQWHPSRUDQă GH SH 6WUDGHOD &HWăĠLL 6HEDVWLDQ $1*+(/

62&,(7$7($ '( ,19(67,7,, ),1$1&,$5( ³02/'29$´ 6$ %$&$8 6FRDWH OD YDQ]DUH XQ SDFKHW GH DFWLXQL GHWLQXW OD 6& &2033,/ 6$ 7J 0XUHV UHSUH]HQWDQG GLQ FDSLWDOXO VRFLDO DO VRFLHWDWLL OD XQ SUHW PLQLP GH OHL DFWLXQH 6& &2033,/ 6$ FX VHGLXO LQ 7J 0XUHV VWU 0DUWLH QU DUH FD RELHFW GH DF WLYLWDWH DFKL]LWLRQDUHD SUHLQGXVWULDOL]DUHD VL FRPHUFLDOL]DUHD ODQLL EUXWH SLHLORU EUXWH SDUXULORU VL EODQXULORU DQLPDOLHUH 6& &2033,/ 6$ 7J 0XUHV QX HVWH WUDQ]DFWLRQDWD SH QLFL R SLDWD UHJOHPHQ WDWD 2IHUWD GH YDQ]DUH D SDFKHWXOXL GH DFWLXQL QX HVWH R RIHUWD SXEOLFD LQ VHQVXO / 7UDQ]DFWLRQDUHD SDFKHWXOXL GH DFWLXQL GHWLQXW GH 6,) 0ROGRYD 6$ VH YD IDFH SULQ OLFLWDWLH LQ FD]XO H[LVWHQWHL PDL PXOWRU LQYHVWLWRUL LQWHUHVDWL VHPQDUHD FRQWUDFWXOXL GH YDQ]DUH FXPSDUDUH DFWLXQL LQ FD]XO H[LVWHQWHL XQXL VLQJXU RIHUWDQW 7UDQ]DFWLD VH YD HIHFWXD LQ DIDUD SLHWHORU UHJOHPHQWDWH 2IHUWD VH DGUHVHD]D DWDW DFWLRQDULORU H[LVWHQWL LQ VRFLHWDWH LQ FRQIRUPLWDWH FX SUHYHGHULOH $FWXOXL &RQVWLWXWLY FDW VL DOWRU SRWHQWLDOL LQYHVWLWRUL 3HUVRDQHOH LQWHUHVDWH YRU WUDQVPLWH VFULVRDUHD GH LQWHQWLH OD VHGLXO 6,) 0ROGRYD 6$ GLQ %DFDX VWU 3LFWRU $PDQ QU & ID[ SDQD OD GDWD GH LQFOXVLY 5HODWLL VXSOLPHQWDUH OD


(9(1,0(17 LXOLH

3UHPLXO (XURSHL SHQWUX 6LJKLúRDUD

&HUHPRQLD GH vQPkQDUH D 3UHPLXOXL (XURSHL FăWUH SULPDUXO ,RDQ 'RULQ 'ăQHúDQ

=LXD GH VkPEăWă LXOLH D IRVW R ]L GHGL FDWă PDQLIHVWăULORU SULOHMXLWH GH FkúWLJDUHD GH FăWUH PXQLFLSLXO 6LJKLúRDUD D 3UHPL XOXL (XURSHL 6LJKLúRDUD ¿ LQG VLQJXUXO RUDú GLQ 5RPkQLD FDUH D SULPLW DFHVW SUH PLX GLQ SDUWHD &RQVLOLXOXL (XURSHL

2DVSHĠL GH PDUFă 'H OD RUD &RQVLOLXO /RFDO DO PX QLFLSLXOXL 6LJKLúRDUD V D vQWUXQLW vQWU R úHGLQĠă VROHPQă OD FDUH D SDUWLFLSDW úL GHOHJDĠLD &RQVLOLXOXL (XURSHL IRUPDWă GLQ 6LU $ODQ 0HDOH SUHúHGLQWHOH 6XEFRPLVLHL 3UHPLXO (XURSHL GHSXWDĠLL -LP 'REELQ GLQ &DPHUD &RPXQHORU (ULFK )ULW] GLQ %XQGHVWDJXO JHUPDQ -HDQ &ODXGH )Up FRQ GLQ 6HQDWXO IUDQFH] SUHúHGLQWH DO &DPHUHL &RQJUHVXOXL $XWRULWăĠLORU /RFDOH -RVp 0HQGHV %RWD GLQ 3DUODPHQWXO SRUWX JKH] SUHúHGLQWH DO &RPLVLHL SHQWUX HJDOL WDWH GH úDQVH SUHFXP úL )ORULQ ,RUGDFKH YLFHSUHúHGLQWHOH &DPHUHL 'HSXWDĠLORU 7DQMD .OHLQVRUJH GLUHFWRU DO 6HFUHWDULD WXOXL &RPLVLHL SHQWU SUREOHPH VRFLDOH GH VăQăWDWH úL GH]YROWDUH GXUDELOă úL $QQH 0DULH 0HQJHU GLUHFWRU DO 6HFĠLXQLL 3UH PLXO (XURSHL

0XVD¿ UL LPSUHVLRQDĠL 3UHúHGLQWHOH 6XEFRPLVLHL 3UHPLXO (XUR SHL 6LU $ODQ 0HDOH D YHQLW OD 6LJKLúRDUD LPSUHVLRQDW ´GH PRGXO H[HPSODU vQ FDUH D IRVW vQWRFPLWă GRFXPHQWDĠLD WUDQVPLVă OD 6WUDVERXUJ´ SH FDUH D DSUHFLDW R FD ¿ LQG ´XQD GLQWUH FHOH PDL YDORURDVH´ SH FDUH OH D DQDOL]DW GH FkQG HVWH PHPEUX DO FRPLV LHL $FHDVWă DSUHFLHUH D IRVW H[SULPDWă vQ GLVFXUVXULOH SH FDUH DFHVWD OH D URVWLW DWkW vQ FDGUXO úHGLQĠHL VROHPQH D &RQVLOLXOXL /RFDO FkW úL vQ 3LDĠD &HWăĠLL XQGH OD RUD D DYXW ORF FHUHPRQLD GH vQPkQDUH D 3UHPLXOXL (XURSHL SULPDUXOXL PXQLFL SLXOXL 6LJKLúRDUD ,RDQ 'RULQ 'ăQHúDQ ´3HQWUX FRQWULEXĠLD 6LJKLúRDUHL OD XQLWDWHD HXURSHDQă PHPEULL FRPLVLHL FDUH DUH vQ ¿ HFDUH DQ VDUFLQD JUHD GH D VHOHFĠLRQD XQXO VDX GRL ODXUHDĠL DL 3UHPLXOXL (XURSHL DX FRQVLGHUDW Fă RUDúXO GXPQHDYRDVWUă PHULWă Vă ¿ H vQVFULV SH OLVWD GH RQRDUH D FHORU FDUH DX SULPLW 3UHPLXO (XURSHL XQGH ¿ JXUHD]ă RUDúH FD 9LHQD +DJD /DXVDQQH 6DLQW -DFTXHV GH &RPSRVWHOOH %HUOLQ %RORJQD $QNDUD +DUNRY úL GH FXUkQG /DQGHUQHDX úL + QIHOG PHQĠLRQkQG GRDU FkWHYD GLQ WUH FHOH GH RUDúH ODXUHDWH GH OD FUHDUHD

3UHPLXOXL (XURSHL vQ )LH FDUH GHFHU QDUHD 3UHPLXOXL (XURSHL Vă UHSUH]LQWH DWkW UăVSODWD PHULWDWă SHQWUX OXFUXULOH vQGHSOL QLWH FkW úL XQ LPEROG OD FRQWLQXDUHD DFHVWHL VWUăGDQLL PăUHĠH SHQWUX ELQHOH 6LJKLúRDUHL úL DO vQWUHJLL (XURSHL ´ D VSXV 6LU $ODQ 0HDO

3DWUX GLVWLQFĠLL HXURSHQH OD 6LJKLúRDUD $X PDL OXDW FXYkQWXO SULPDUXO RUDúXOXL + QIHOG GLQ *HUPDQLD ODXUHDWXO HGLĠLHL D FRPSHWLĠLHL FDUH D WUDQVPLV WUR IHXO SULPDUXOXL 6LJKLúRDUHL ,RDQ 'RULQ 'ăQHúDQ FDUH úL D H[SULPDW UHFXQRúWLQĠD SHQWUX vQDOWD DSUHFLHUH D &RQVLOLXOXL (XUR SHL FkW úL PkQGULD SHQWUX Fă GXSă R PXQFă GH DQL 6LJKLúRDUD GHYLQH SULPXO RUDú GLQ 5RPkQLD FDUH GHĠLQH WRDWH FHOH SDWUX GLVWLQFĠLL HXURSHQH 'LSORPD (XURSHDQă 'UDSHOXO GH 2QRDUH 3ODFKHWD GH 2QRDUH úL 3UHPLXO (XURSHL LQWUkQG FD PHPEUX vQ $VRFLDĠLD 2UDúHORU /DXUHDWH DOH 3UHPLXOXL (XURSHL ´6LJKLúRUHQLL ORFXLWRULL DFHVWXL RUDú FHWDWH VXSUDQXPLW ´ 1 UHQEHUJXO WUDQVLOYDQ´ Ä3HUOD 7UDQVLOYDQLHL´ ´%LMX WHULD PHGLHYDOă D 5RPkQLHL´ V DX UHJăVLW vQ DFHDVWă PDUH SDWULH FDUH HVWH (XURSD

2 (XURSă vQ FDUH VHPQL¿ FDĠLD JUDQLĠHORU V D VFKLPEDW 2 (XURSă vQ FDUH OHJăWXULOH GH VkQJH úL D¿ QLWăĠLOH FXOWXUDOH úL LVWRULFH DX FăSăWDW R LPSRUWDQĠă IăUă SUHFHGHQW 0XOĠXPLP &RQVLOLXOXL (XURSHL SHQWUX vQDO WD DSUHFLHUH FDUH QH RQRUHD]ă úL QH REOLJă vQ DFHODúL WLPS &kúWLJDUHD 3UHPLXOXL (XURSHL vPSUHXQă FX RUDúXO LWDOLDQ &RUFLDQR HVWH R vQFXQXQDUH D XQHL PXQFL GH DQL FX úL SHQWUX FRPXQLWDWH 6XQWHP PkQGUL GH D ¿ VLQJXUXO RUDú GLQ 5RPkQLD FDUH GHĠLQH WRDWH FHOH SDWUX GLVWLQFĠLL HXURSHQH DFRUGDWH GH &RQVLOLXO (XURSHL FRPXQLWăĠLORU ORFDOH 0XOĠXPLP VLJKLúRUHQLORU SHQWUX vQFUHGHUH úL VSULMLQ 6SHUăP FD vQ FDOLWDWH GH PHP EUL DL $VRFLDĠLHL /DXUHDWH DOH 3UHPLXOXL (XURSHL Vă FRQWLQXăP SURLHFWHOH SULQ FDUH DWUDJHP DWHQĠLD DVXSUD YDORULL SDWULPRQLXOXL 6LJKLúRDUHL FD FHQWUX FXOWXUDO úL WXULVWLF GH LQWHUHV PDMRU FX FRQVHFLQĠH SR]LWLYH vQ GH] YROWDUHD HFRQRPLFă D FRPXQLWăĠLL´ D DUăWDW vQ GLVFXUVXO VăX ,RDQ 'RULQ 'ăQHúDQ /D IHVWLYLWăĠL DX SDUWLFLSDW úL SUHIHFWXO MX GHĠXOXL $OH[DQGUX 3HWUX )UăWHDQ SUHFXP úL YLFHSUHúHGLQWHOH &DPHUHL 'HSXWDĠLORU )ORULQ ,RUGDFKH 6HEDVWLDQ $1*+(/

IDFHERRN FRP ]LGH]L


(&2120,&

6RFRW 6$ GLYL]DWă &UHGLW GH PLOLRQ GH HXUR SHQWUX LQYHVWLĠLL $FĠLRQDULL 6& 6RFRW 6$ 7kUJX 0XUHú DX DSUREDW YLQHUL LXOLH FX RFD]LD $GXQăULL *HQHUDOH ([WUDRUGLQDUH GL YL]DUHD GH¿ QLWLYă D VRFLHWăĠLL úL UHORFDUHD VRFLHWăĠLL QRX vQ¿ LQĠDWH 6RFRW 7UDQV 6$ SH VWUDGD /LEHUWăĠLL QU GLQ 7kUJX 0XUHú 3RWULYLW XQXL UDSRUW UHPLV FăWUH %XUVD GH 9DORUL %XFXUHúWL GLYL]DUHD VH UHDOL]HD]ă SULQ PLFúRUDUHD SDUWLFLSăULL vQ 6& 6RFRW 6$ D WXWXURU DFĠLRQDULORU SURSRUĠLRQDO FX FRWHOH GHĠLQXWH vQ 6RFRW 6$ vQ VFKLPEXO UHSDUWL]ăULL GH DFĠLXQL OD 6& 6RFRW 7UDQV 6$ ³8Q SURFHQW GH GLQ DFĠLXQLOH 6& 6RFRW 6$ UHSUH]HQWkQG DFĠLXQL OD YDORDUHD QRPLQDOă GH OHL DFĠLXQH DGLFă OHL VH WUDQVIHUă FăWUH 6& 6RFRW WUDQV 6$ ÌQ VRFLHWDWHD 6& 6RFRW 7UDQV 6$ VH YRU DORFD DFĠLXQL GRDU DFĠRQDULORU 6RFRW 6$ FDUH QX DX GHSXV FHUHUH GH UHWUDJHUH LQWHJUDOă D DFĠLXQLORU $VWIHO DFĠLXQLOH FDUH DU ¿ WUHEXLW Vă VH DORFH FHORUODOĠL DFĠLRQDUL vQ QRXD VRFLHWDWH DGLFă DFĠLRQDLUORU UHWUDúL GLQ 6RFRW 6$ YRU ¿ DORFDWH DFĠLRQDULORU FDUH DX UăPDV vQ FRQWLQXDUH vQ 6RFRW 6$´ D SUHFL]DW LQJ 3RSD (X JHQ /DXUHDQ SUHúHGLQWHOH &RQVLOLXOXL GH $GPLQLVWUDĠLH DO VRFLHWăĠLL 7RWRGDWă DFĠLRQDULL DX DSUREDW FRQWUDFWDUHD XQXL FUHGLW SHQWUX LQYHVWLĠLL vQ VXPă GH PLOLRDQH OHL SH R SHULRDGă GH WUHL DQL GHPHUV SHQWUX UHDOL]DUHD FăUXLD DX

,QJ 3RSD (XJHQ /DXUHDQ SUHúHGLQWHOH &RQVLOLXOXL GH $GPLQLVWUDĠLH DO VRFLHWăĠLL

ùWLUL

LQWHUHVDQWH =LXD &RQWDELOXOXL OD *UDQG &RUSXO ([SHUĠLORU &RQ WDELOL úL &RQWDELOLORU $XWRUL]DĠL GLQ 5RPk QLD &(&&$5 ¿ OL DOD 0XUHú VăUEăWRUHúWH Ä=LXD 1DĠLRQDOă D &RQ WDELOXOXL 5RPkQ´ vQ GDWD GH VHSWHPEULH HYH QLPHQW FDUH YD DYHD ORF vQ VDOD GH FRQIHULQĠH D +RWHOXOXL *UDQG GLQ 7kUJX 0XUHú ³/D DFHDVWD PDQL IHVWDUH LQYLWăP Vă SDUWLFLSH H[SHUĠL FRQWDELOL FRQWDELOL DXWRUL]DĠL VWDJLDUL GLUHFWRUL HFRQRPLFL FRQWDELOL úH¿ SUHFXP úL FRQWDELOL DQJDMDĠL vQ GLIHULWH UDPXUL DOH HFRQRPLHL´ VH SUHFL]HD]ă vQWU XQ FRPXQLFDW SRVWDW SH VLWH XO FHFFDUPXUHV UR 6 7

$SURDSH GH MREXUL YDFDQWH

IRVW vPSXWHUQLFLĠL 3RSD (XJHQ /DXUHDQ úL ,RQHO 9DV 'H DVHPHQHD QRXO &RQVLOLX GH $GPLQLVWUDĠLH DO VRFLHWăĠLL DUH XUPăWRDUHD FRPSRQHQĠă 3RSD (XJHQ /DXUHDQ SUHúHGLQWH ,RQHO 9DV YLFHSUHúHGLQWH úL 0LUFHD (XJHQ 8U]LFă PHPEUX $OH[ 727+

&RPXQLFDW GH SUHVă ÌQ DWHQĠLD SHUVRDQHORU MXULGLFH FDUH VROLFLWă ¿ úD SH SOăWLWRU vQ IRUPDW HOHFWURQLF

&RPXQLFDW GH SUHVă '*)3 0XUHú ÌQFDVăUL EXJHWDUH vQ VHPHVWUXO , PDL PDUL FX IDĠă GH SURJUDPXO VWDELOLW GH $1$) ÌQ SHULRDGD LDQXDULH LXQLH 'LUHFĠLD *HQHUDOă D )LQDQĠHORU 3XEOLFH 0XUHú D FROHFWDW OD EXJHWXO JHQHUDO FRQVROLGDW DO VWDWXOXL YHQLWXUL WRWDOH vQ FXDQWXP GH PLOLRDQH OHL UHDOL]kQG DVWIHO R GHSăúLUH FX D SURJUDPXOXL GH vQFDVăUL GH FRPXQLFDW GH FăWUH $JHQĠLD 1DĠLRQDOă GH $GPLQLVWUDUH )LVFDOă VLWXkQGX VH SH ORFXO SH ĠDUă vQ WRSXO MXGHĠHORU UHDOL]DW vQ IXQFĠLH GH JUDGXO GH UHDOL]DUH D SURJUDPXOXL GH vQFDVăUL 6LWXDĠLD vQFDVăULORU SH EXJHWH HVWH XUPăWRDUHD EXJHWXO GH VWDW PLOLRDQH OHL EXJHWXO DVLJXUăULORU VRFLDOH GH VWDW PLOLRDQH OHL EXJHWXO IRQGXOXL QDĠLRQDO XQLF GH DVLJXUăUL VRFLDOH GH VăQăWDWH PLOLRDQH OHL EXJHWXO DVLJXUăULORU SHQWUX úRPDM PLOLRDQH OHL )DĠă GH DFHHDúL SHULRDGă D DQXOXL SUHFHGHQW vQFDVăULOH OD EXJHWXO JHQHUDO FRQVROLGDW DX FUHVFXW FX PLOLRDQH OHL 'LUHFWRU H[HFXWLY 'pQHV ,UpQ

6RFLHWDWH &RPHUFLDOă

'LUHFĠLD *HQHUDOă D )LQDQĠHORU 3XEOLFH D MXGHĠXOXL 0XUHú LQIRUPHD]ă SHUVRDQHOH MXULGLFH FDUH VXQW DURQGDWH ¿ VFDO OD $GPLQLVWUDĠLD )LQDQĠHORU 3XEOLFH D PXQLFLSLXOXL 7J 0XUHú DVXSUD IDSWXOXL Fă vQ VLWXDĠLD vQ FDUH GRUHVF FRQVXOWDUHD Ä¿ úHL DQDOLWLFH SH SOăWLWRU´ vQ YHGHUHD HIHFWXăULL SXQFWDMXOXL GH FRQ IRUPLWDWH GDWHOH GLQ HYLGHQĠD FRQWDELOă úL ¿ VFDOă D DFHVWRUD VH SRW DGUHVD 6HUYLFLXOXL (YLGHQĠă 3OăWLWRUL 3HUVRDQH -XULGLFH GLQ FDGUXO $ ) 3 7J 0XUHú SULQ WUDQVPLWHUHD VROLFLWăULL vQ IRUPDW HOHFWURQLF SH DGUH VD GH H PDLO 0LKDHOD 3RS 5DVFX 06#P¿ QDQWH UR 'LUHFWRU H[HFXWLY 'pQHV ,UpQ

3HQWUX PXUHúHQLL DÀ DĠL vQ FăXWDUHD XQXL MRE DJHQĠLL HFRQRPLFL OH SXQ OD GLVSR]LĠLH DSURDSH GH ORFXUL GH PXQFă 3RWULYLW GDWHORU UH]XOWDWH GLQ GHFODUDĠLLOH DJHQĠLORU HFRQRPLFL SULYLQG ORFXULOH GH PXQFă YD FDQWH vQ HYLGHQĠHOH $JHQĠLHL 1DĠLRQDOH SHQWUX 2FX SDUHD )RUĠHL GH 0XQFă VXQW vQUHJLVWUDWH GH ORFXUL GH PXQFă vQ SHULRDGD LXOLH ´$QJDMDWRULL YRU RDPHQL ELQH SUHJăWLĠL FX DELOLWăĠL FkW PDL EXQH SHQWUX Fă ¿ HFDUH DQJDMDWRU YUHD FD DQJDMDWXO Vă vQGHSOLQHDVFă FkW PDL ELQH VDUFLQLOH GH VHUYLFLX´ D GH FODUDW 5HJKLQD )ăUFDú GLUHFWRUXO H[HFXWLY DO $JHQĠLHL -XGHĠHQH GH 2FXSDUH D )RUĠHL GH 0XQFă 0XUHú 3HU VRDQHOH LQWHUHVDWH Vă RFXSH XQ ORF GH PXQFă VH SRW DG UHVD $JHQĠLHL -XGHĠHQH GH 2FXSDUH D )RUĠHL GH 0XQFă 0XUHú VDX SRW DFFHVD DGUHVD GH LQWHUQHW KWWS OPY DQRIP UR LQGH[BOPY SKS XQGH SRW YL]XDOL]D ORFX ULOH GH PXQFă YDFDQWH RIHULWH SH PHVHULL SUHFXP úL SHUVRDQHOH GH FRQWDFW FăURUD OH SRW VROLFLWD LQIRUPDĠLL VXSOLPHQWDUH ÌQ WRWDO vQ MXGHĠXO 0XUHú VXQW GH úRPHUL GLQWUH FDUH LQGHPQL]DĠL GRDU vQVă GLQ WRWDOXO úRPHULORU VXQW QHFDOL¿ FDĠL $ 0

)LUPă GH FRQVWUXFĠLL FDXWă

¿ HUDUL EHWRQLúWL GLVSXúL SHQWUX GHSODVDUH

'H YkQ]DUH DSDUWDPHQW FX FDPHUH LQ &RUQLúD FRQIRUW FHQWUDOă WHUPLFă SURSULH IHUHVWUH WHU PRSDQ EDOFRQ EăL EXFăWăULH PDUH HWDM GLQ L]RODW 3HUHĠL FX WHUPRL]RODĠLH 3UHĠ QHJRFLDELO HXUR 1U &RQWDFW GXSă RUD

7HO FRQWDFW

6& 52&$'$ 6(59 65/ FX VHGLXO vQ 7J 0XUHú DQJDMHD]ă $8720$&$5$*,8 FX H[SHULHQĠă 5HODĠLL OD WHOHIRQ VDX

DQJDMHD]ă SH SHULRDGă VH]RQLHUă vQ FRPSOH[XO :HHNHQG XUPăWRDUHOH

RVSăWDU FX H[SHULHQĠă LQIRUPDĠLL OD WHOHIRQ

0HGLWH] FODVHOH , ±,9 7HO 0HGLWH] OLPED úL OLWHUDWXUD URPkQD JLPQD]LX 7HO &DVă GH YkQ]DUH vQ FRPXQD $OXQLV MXG 0XUHú ]RQă FHQWUDOă VXSUDIDĠă WRWDOă PS FXUWH úL JUăGLQD DQH[H JRVSRGăUHVWL FDPHUH R EXFăWăULH PDUH VH SRDWH IRORVL úL FD VXIUDJHULH FmPDUD SRG SLYQLĠă EH WRQDWm SDUFKHW VREH GH WHUDFRWă 3UHW (XUR QHJRFLDELO 7HO

::: =, '( =, 52

9kQG WHUHQ SHQWUX FRQVWUXLUH FDVă vQ 1$=1$ ,QIRUPDĠLL OD WHOHIRQ 9kQG FDVă FXUWH FRPXQă FDPHUH EDLH EXFăWăULH WHUDVă EHFL JUăGLQă vQ VXSUDIDĠă GH PS vQ 5HJKLQ VWU 9kQăWRULORU QU &DVD DUH JHDPXUL WHUPRSDQH FHQWUDOă SURSULH IURQW VWUDGDO DFFHV DXWR 3UHĠ LQIRUPDWLY (XUR QHJRFLDELO ,QIRUPDĠLL OD WHOHIRQ $QJDMăP VSăOăWRUL DXWR 1U WHO


6Ă1Ă7$7( LXOLH

%RDOD 3DUNLQVRQ QX DUH OHDF

ùWLUL

LQWHUHVDQWH 6WUDGD 3DUkQJXOXL PRGHUQL]DWă 3ULPăULD 7kUJX 0XUHú YD LQYHVWL PLOLRDQH GH OHL EDQL SURYHQLĠL GLQ IRQGXUL HXURSHQH SHQWUX PRGHUQL]DUHD VWUă]LL 3DUkQJXOXL GLQ PXQLFLSLX Ä'H OD GH ORFXUL GH SDUFDUH H[LVWHQWH SkQă DFXP ORFXLWRULL YRU EHQH¿ FLD GH GH DVHPHQHD ORFXUL FHHD FH FUHG Fă YD ¿ R EXFXULH SHQWUX GkQúLL LDU GDFă SkQă DFXP QX DYHDX QLFLR LHúLUH SH FDOHD 6LJKLúRDUHL vQ GHFXUV GH R OXQă GH ]LOH DFHVW OX FUX QX YD PDL FRQVWLWXL R SUREOHPă´ D D¿ UPDW &ODXGLX 0DLRU FRQVLOLHU DO SULPDUXOXL 7RWRGDWă OXFUăULOH GH SH VWUDGD 3DUkQJXOXL FXSULQG UHDELOLWDUHD FRPSOHWă D FDURV DELOXOXL úL UHDPHQDMDUHD WURWXDUHORU 6 7

&RQFHUWH GH WRS OD ³$FDGHPLD 6LJKLúRDUD´ &HD GH D ;,; D HGLĠLH D Ä$FDGHPLHL 6LJKLúRDUD´ HYHQL PHQW RUJDQL]DW GH 3ULPăULD PXQLFLSLXOXL 6LJKúRDUD vQ SDUWHQHULDW FX )XQGDĠLD Ä(ODQ´ %XFXUHúWL úL $VRFLDĠLD Ä&XOWXUD 9LYD 6LJKLúRDUD´ VH YD GHVIăúXUD vQ SHULRD GD DXJXVW D DQXQĠDW $QFD 6LOYLD 5DĠLX SXUWăWRU GH FXYkQW DO 3ULPăULHL 6LJKLúRDUD ÌQ SULPD ]L D HYH QLPHQWXOXL PLHUFXUL DXJXVW GH OD RUD 6DOD 3ULPăULHL YD Jă]GXL XQ FRQFHUW GH JDOă VXVĠLQXW GH +HOHQD :LQNHOPDQ YLRDUă 'DQD &LRFkUOLH SLDQ FDUH YRU LQWHUSUHWD OXFUăUL GH )UDQ] 6FKXEHUW *\|UJ\ /LJHWL *\|UJ\ .XUWDJ *HRUJH (QHVFX úL +HOHQD :LQ NHOPDQ ÌQ XOWLPHOH ]LOH DOH HYHQLPHQWXOXL YLQHUL DXJXVW GH OD RUD vQ 6DOD 3ULPăULHL YD DYHD ORF XQ FRQFHUW RPDJLX GHGLFDW OXL &ODXGH 'HEXVV\ LDU VkPEăWă DXJXVW UHVSHFWLY GXPLQLFă DXJXVW GH OD RUD 6DOD 3ULPăULHL YD Jă]GXL FRQFHUWXO FXUVDQĠLORU ³,QWUkQG vQ WUDGLĠLD FXOWXUDOă D 6LJKLúRDUHL IHVWLYDOXO DMXQV DFXP OD FHD GH D ;,; D HGLĠLH D IRVW vQFă GH OD vQFHSXW QX QXPDL XQ SULOHM GH D RIHUL SXEOLF XOXL FRQFHUWH GH R vQDOWă ĠLQXWă DUWLVWLFă FL úL XQ PRG GH D DWUDJH DWHQĠLD DVXSUD SRWHQĠLDOXOXL FXOWXUDO URPk QHVF´ D D¿ UPDW $QFD 6LOYLD 5DĠLX 6 7

3DFLHQĠLL FX ERDOD 3DUNLQVRQ GHúL QX VH SRW YLQGHFD SRW ¿ WUDWDĠL RSWkQG SHQWUX PDL PXOWH VROXĠLL WHUDSHXWLFH XQD GLQWUH HOH ¿ LQG LQWHUYHQĠLD FKLUXUJLFDOă GH WLS VWL PXODUH FHUHEUDOă SURIXQGă

0RGL¿ FăUL JHQHWLFH 3H SDUFXUVXO D GRXă ]LOH vQ SHULRD GD LXOLH PHGLFL SDFLHQĠL UHSUH]HQWDQĠL DL DXWRULWăĠLORU GLQ VLVWHPXO PHGLFDO DX OXDW SDUWH OD 7kUJX 0XUHú OD FHD GH D GRXD HGLĠLH D &RQIHULQĠHL 1DĠLRQDOH D 3DFLHQĠLORU FX 3DUNLQVRQ SH WHPD Ä$ERUGDUHD LQWHJUDWă D EROLL 3DU NLQVRQ vQ HFKLSD SDFLHQW FDGUH PHGLFDOH´ RUJDQL]DWă GH $VRFLDĠLD $QWLSDUNLQVRQ úL FRPSDQLD GH FR PXQLFDUH PHGLFDOă +RXVWRQ 13$ Ä%RDOD 3DUNLQVRQ HVWH R ERDOă QHXURGHJHQHUDWLYă FX ORFDOL]ăUL PXOWLSOH vQ VLVWHPXO QHUYRV FHQ WUDO úL vQ VLVWHPXO QHUYRV SHULIHULF PDL DOHV FHO YHJHWDWLY 'LQ SăFDWH FHHD FH SXWHP QRL Vă WUDWăP DVWă]L VH UHIHUă GRDU OD WUDWDPHQWH VLP SWRPDWLFH FDUH LQÀ XHQĠHD]ă úL XQH OH PHFDQLVPH FDUH VH GHFODQúHD]ă OD XQ PRPHQW GDW vQ DFHDVWă ERDOă 'DU QH OLSVHúWH SRVLELOLWDWHD GH D DFĠLRQD DVXSUD FDX]HL DFHVWHL EROL SHQWUX Fă XQ DGHYăUDW WUDWD PHQW vQVHDPQă Fă SRĠL Vă DFĠLRQH]L DVXSUD IDFWRUXOXL GHFODQúDWRU 'LQ SăFDWH VXQWHP GHSDUWH GH D DYHD R VROXĠLH GLQ DFHVW SXQFW GH YH GHUH´ D SUHFL]DW SURI GU 2YLGLX %ăMHQDUX SUHúHGLQWHOH 6RFLHWăĠLL GH 1HXURORJLH GLQ 5RPkQLD $FHVWD D SUHFL]DW Fă OD PDMRULWDWHD SDFLHQĠLORU vQ VSDWHOH EROLL 3DU NLQVRQ H[LVWă PDL PXOWH WLSXUL GH PRGL¿ FăUL JHQHWLFH FDUH QX SRW ¿

0HGLFLL QHXURORJL VXVĠLQ Fă ERDOD 3DUNLQVRQ QX SRDWH ¿ YLQGHFDWă GDU H[LVWă VROXĠLL WHUDSHXWLFH SHQWUX WUDWDPHQWH

LQÀ XHQĠDWH GDU FDUH GHFODQúHD]ă R VHULH GH PHFDQLVPH FDUH GXF OD SLHUGHUH GH QHXURQL vQ DQXPLWH ]RQH DOH FUHLHUXOXL úL DOH VLVWHPX OXL QHUYRV SHULIHULF vQ VSHFLDO FHO YHJHWDWLY ÌQ SUH]HQW ERDOD QX SRDWH ¿ YLQGHFDWă vQVă SRDWH ¿ WUDWDWă SDFLHQĠLL SXWkQG Vă RSWH]H SHQ WUX LQWHUYHQĠLD FKLUXUJLFDOă GH WLS VWLPXODUH FHUHEUDOă SURIXQGă SULQ SURJUDPXO QDĠLRQDO ¿ QDQĠDW GH 0LQLVWHUXO 6ăQăWăĠLL 'LQ SăFDWH SURJUDPXO HVWH VXE¿ QDQĠDW H[L VWkQG ¿ QDQĠDUH SHQWUX SXĠLQH VWLPXODWRDUH OXFUX FH GXFH OD OLVWH OXQJL GH DúWHSWDUH Ä$P UHXúLW Vă GH]YROWăP vQ 5RPkQLD R VHULH GH SURFHGXUL WHUDSHXWLFH vQ VSHFLDO SHQWUX IRUPHOH GH ERDOă DYDQVDWH SUHFXP VWLPXODUHD GRSDPLQHUJLFă FRQWLQXă FX JHOXO GH 'XRGRSD FDUH VH DGPLQLVWUHD]ă LQWHVWLQDO´ D

DGăXJDW GU %ăMHQDUX

0HGLFDPHQW QRX SH SLDĠD URPkQHDVFă 2GDWă VHVL]DW GLDJQRVWLFXO GH ERDOă 3DUNLQVRQ WUHEXLH LQLĠLDW XQ WUDWD PHQW PHGLFDPHQWRV úL GLQ DFHO PR PHQW vQFHSH SURFHVXO GH XUPăULUH D EROLL FH YD GXUD SkQă OD VIkUúLWXO YLHĠLL ÌQ OLVWD PHGLFDPHQWHORU LQGL FDWH SHQWUX ERDOD 3DUNLQVRQ HVWH úL $SRPRU¿ QD Ä6SHUăP Fă SkQă FH YD DSăUHD QRXD OLVWă GH PHGLFDPHQWH FRPSHQVDWH Vă DYHP XQ QRX PH GLFDPHQW FDUH QX HVWH GHORF QRX HVWH FHO PDL YHFKL vQ OXPH GDU QRX OD QRL (O HVWH XWLO vQ VWDGLLOH DYDQ VDWH 9RUELP GH $SRPRU¿ Qă úL DUH LQGLFDĠLL vQ DQXPLWH VLWXDĠLL´ D PDL VSXV SUHúHGLQWHOH 6RFLHWăĠLL GH 1HX URORJLH GLQ 5RPkQLD $ULQD 02/'29$1

IDFHERRN FRP ]LGH]L


" LXOLH "

$'0,1,675$ğ,(

.ROFVDU *\XOD OXSWă vQSRWULYD SROXăULL OD *RUQHúWL /D DOHJHULOH ORFDOH GLQ LXQLH GLQ *RUQHúWL .ROFVDU *\XOD D IRVW UHDOHV vQ IXQFĠLD GH SULPDU FX XQ SURFHQW GH / DP FăXWDW SHQWUX D DÀ D FH SURLHFWH úL HYHQLPHQWH YD RUJDQL]D vQ FXUVXO DFHVWXL DQ SHQWUX FHL GH FHWăĠHQL DL FRPXQHL

úL YUHP Vă DUăWăP WXWXURU Fă QRL OXFUăP vPSUHXQă SHQWUX XQ PHGLX FXUDW úL R YLDĠă VăQăWRDVă QX GRDU SăOăYUăJLP FL FKLDU R IDFHP 5HS &H vQVHDPQă PDL H[DFW DFHVW SURLHFW" . * ( YRUED GH XQ SURLHFW FRQVWkQG vQ FRQVWUXLUHD XQHL SODWIRUPH FRPX QDOH GH EHWRQ SHQWUX FROHFWDUHD JXQRL XOXL GH JUDMG úL DFKL]LĠLRQDUHD GH XWLODMH QRL UHPRUFL WUDFWRU úL XQ vQFăUFăWRU IURQWDO SHQWUX FROHFWDUHD WUDQVSRUWXO úL vPSUăúWLHUHD JXQRLXOXL

5HSRUWHU &H HYHQLPHQWH SUHJăWLĠL SHQWUX ORFXLWRULL *RUQHúWLXOXL vQ YLLWRUXO DSURSLDW" .ROFVDU *\XOD ÌQ SHULRDGD DX JXVW VH YRU GHVIăúXUD ³=LOHOH &XOWXUDOH DOH 3HULúXOXL´ VăUEăWRDUH DMXQVă OD FHD GH D WUHLD HGLĠLH LDU vQ FHD GH D GRXD VăSWăPkQă D OXQLL VHSWHPEULH VH YD GHVIăVXUD VăU Eă WRDUHD FHQWUXOXL GH FRPXQă OD *RUQHúWL 'H DVHPHQHD OD WRDPQă vQ 3HWULODFD VH YD LQDXJXUD R SRDUWă VHFXLDVFă GLQ OHPQ OD LQWUDUHD vQ FLPLWLUXO VDWXOXL 5HS 6H ]YRQHúWH Fă GXSă 'HGD *RUQHúWLXO HVWH SH OLVWD FRPXQHORU GLQ MXGHĠ FDUH YRU DYHD XQ &HQWUX GH (YLGHQĠă D 3HUVRDQHORU . * 'D HVWH DGHYăUDW QRL VSHUăP FD GH DQXO YLLWRU Vă LQDXJXUăP úL OD *RUQHúWL XQ 6HUYLFLX 3XEOLF /RFDO &RPXQLWDU GH (YLGHQĠă D 3HUVRDQHORU $P DGXV vQ DFHVW VHQV KRWăUkUL GH &RQVLOLX /RFDO GH vQ¿ LQĠDUH úL XUPăP SDúLL SHQWUX Fă HVWH XQ SURFHV GH GXUDWă 6SHUăP Vă SXWHP GHVHUYL SRSXODĠLD *RUQHúWLXOXL YRP DYHD GLVFXĠLL FX UHSUH]HQWDQĠLL FRPXQHORU *ORGHQL úL 9RLYRGHQL GHRDUHFH SURED ELO Fă FHWăĠHQLL GLQ 3HWHOHD úL (UQHL YRU ¿ GHVHUYLĠL vQ FRQWLQXDUH GH 5HJKLQ 'DU DU ¿ VX¿ FLHQW SHQWUX R IXQFĠLRQDOLWDWH RSWLPă HVWH VX¿ FLHQW Vă GHVHUYLP GH ORFXLWRUL 5HS $ĠL LGHQWL¿ FDW R ORFDĠLH vQ YH GHUHD vQ¿ LQĠăULL DFHVWXL QRX VHUYLFLX" . * 'D YRP ³VDFUL¿ FD´ R vQFăSHUH GLQ

.ROFVDU *\XOD SULPDUXO FRPXQHL *RUQHúWL VHGLXO 3ULPăULHL GDU vQFă QX úWLP H[ DFW GDFă YRP IDFH DQJDMăUL GH SHUVRQDO VDX Vă PHUJHP FX DQJDMDĠL GLQ DSDUDWXO 3ULPăULHL SULQ UHGLVWULEXLUH 5HS &XP DUDWă QRXO &RQVLOLX /R FDO SHQWUX XUPăWRULL SDWUX DQL" . * $YHP PDMRULWDWH vQ &RQVLOLXO /R FDO SHQWUX Fă DP FkúWLJDW OD DFHVWH DOHJHUL QRXă PDQGDWH SHQWUX 8'05 DYHP XQ FRQVLOLHU GLQ SDUWHD 3&0 XQ FRQVLOLHU GLQ SDUWHD 3DUWLGHL 5URPLORU GRL FRQVL OLHUL GLQ SDUWHD 86/ XOXL úL GRL FRQVLOLHUL GLQ SDUWHD 3'/ 6XQW vQ WRWDO FRQVLOLHUL ORFDOL úL DYHP R PDMRULWDWH FDUH VSHU Vă QH DMXWH Vă YRWăP FkW PDL PXOWH SURLHFWH GH KRWăUkUH vQ IR ORVXO FRPXQLWăĠLL (X vQFHUF Vă GLVFXW WRW WLPSXO FX FRPXQLWDWHD FDUH P D DOHV Vă vQĠHOHDJă H[DFW GH FH XQHOH OXFUXUL V DX IăFXW úL DOWHOH QX FH VROXĠLL VXQW Vă YLQă FX SURSXQHUL GDFă DX úL Vă OH DQDOL]ăP vQ

&RQVLOLX $P GRULQĠă GH PXQFă úL YRLQĠă QHFHVDUă Vă DUăW Fă VH SRW VFKLPED PXOWH OXFUXUL vQ ELQH vQ FRPXQD QRDVWUă 5HS 6SXQHĠL QH FkWHYD SURLHFWH FDUH VH GHUXOHD]ă GLQ PDQGDWXO GXPQHDYRDVWUă DQWHULRU . * $U ¿ PDL PXOWH SURLHFWH DÀ DWH vQ GHUXODUH GDU VSHUăP FD vQ DFHVW DQ SkQă OD VRVLUHD LHUQLL Vă ¿ QDOL]ăP SUR LHFWXO ³&RQWUROXO ,QWHJUDW DO 3ROXăULL FX 1XWULHQĠL´ FR¿ QDQĠDW GH %DQFD 0RQGLDOă )DFLOLWDWHD *OREDOă GH 0HGLX úL *XYHUQXO 5RPkQLHL *RUQHúWLXO FD úL ORFDOLWDWH HVWH LQFOXVă vQ DFHVW SURLHFW FDUH YL]HD]ă UHGXFHUHD SROXăULL DSHL úL VROXOXL FX QXWULHQĠL vQ VSHFLDO D]RW úL IRVIRUL SURYHQLĠL GLQ DFWLYLWDWHD DJULFROă úL VH GHVIăúRDUă vQ GH ORFDOLWăĠL ]RQH YXOQHUDELOH OD SROXDUHD FX QLWUDĠL GLQ GH MXGHĠH DOH 5RPkQLHL 3HULRDGD GH LPSOHPHQWDUH D SURLHFWXOXL HVWH

5HS ÌQ FH SURSRUĠLH HVWH FRQVWUXLWă SODWIRUPD úL XQGH YD ¿ DPSODVDWă" . * 1RL VSHUăP FD vQWU R OXQă Vă Yă FKHPăP úL OD LQDXJXUDUH 3ODWIRUPD VH FRQVWUXLHúWH SH YHFKLXO DPSODVDPHQW DO JURSLL GH JXQRL D 3HULúXOXL FDUH DU ¿ WUHEXLW Vă R vQFKLGHP /RFDĠLD vQJUăGLWă DUH FLUFD GH PHWUL SăWUDĠL GH OLFLWDĠLH V D RFXSDW UHSUH]HQWDQĠLL GH OD %XFXUHúWL LDU FRQVWUXFWUXFĠLD SURSULX ]LVă D FkúWLJDW R ¿ UPă GLQ MXGHĠXO $UJHú 5HS &DUH VXQW DYDQWDMHOH DFHV WHL SODIRUPH SHQWUX ORFXLWRULL *RUQHúWL" . * $P vQWRFPLW R OLVWă FX FUHVFăWRULL GH DQLPDOH GLQ FRPXQă FDUH YRU Vă OLYUH]H SH SODWIRUPă JXQRL GH JUDMG 3H SODWIRUPă YRP FROHFWD JXQRLXO GH JUDMG úL UHVWXULOH YHJHWDOH FDUH VH YRU IHUPHQWD úL FRPSRVWXO UH]XOWDW YD ¿ WUDQVSRUWDW FRQWUD XQXL FRVW PLQLP úL YD ¿ vPSUăúWLDW SH WHUHQXULOH FUHVFăWRULORU GH DQLPDOH DURQGDĠL OD SURJUDP &RVWXULOH YRU ¿ PLQLPH DIHUHQWH GRDU RSHUDĠLXQLORU GH PHQWHQDQĠă GH SODWă D FRPEXVWLELOXOXL úL D PHFDQL]DWRUXOXL $ FRQVHPQDW 5REHUW 0$7(,


" LXOLH "

$'0,1,675$ğ,(

'RUHO 9DQFHD YUHD DVIDOW SH WRDWH GUXPXULOH ùăXOLHL 9HQLW OD FRQGXFHUHD 3ULPăULHL FRPX QHL ùăXOLD GLQ PHGLX SULYDW 'RUHO 9DQ FHD úL D SURSXV Vă úL YDORUL¿ FH DPELĠLD úL DELOLWăĠLOH GH JRVSRGDU vQ EHQH¿ FLXO FRPXQLWăĠLL FDUH O D DOHV vQ IXQFĠLD GH SUL PDU SHQWUX XUPăWRULL SDWUX DQL 5HSRUWHU 3HQWUX vQFHSXW Yă URJ Vă QH VSXQHĠL FkWHYD FXYLQWH GHVSUH GXPQHDYRDVWUă 'RUHO 9DQFHD $P YkUVWD GH GH DQL DP XUPDW FXUVXULOH ùFROLL *HQHUDOH GLQ ùăXOLD DSRL DOH /LFHXOXL $JURLQGXVWULDO SUR¿ O YHWHULQDU $P OXFUDW OD IRVWXO ,$6 =DX GH &kPSLH vQ SULPD ID]ă WHKQLFLDQ YHWHULQDU úL DSRL GLQ SkQă vQ HFRQRPLVW OD IHUPD *UHEHQLú ÌQ DP vQ¿ LQĠDW SURSULD IHUPă GH FUHúWHUH D ERYLQHORU OD =DX GH &kPSLH XQGH DP IRVW DGPLQLVWUDWRU SkQă vQ PRPHQWXO vQ FDUH DP DMXQV SULPDU 'H DVHPHQHD vQ DP DEVROYLW )DFXOWDWHD GH ùWLLQĠH (FRQRPLFH Ä/XFLDQ %ODJD´ GLQ 6LELX REĠLQkQG GLSORPD GH HFRQRPLVW 5HS &DUH DX IRVW PRWLYHOH SHQWUX FDUH DĠL LQWUDW vQ SROLWLFă úL DFXP vQ DGPLQLVWUDĠLH" ' 9 6XQW XQ RP IRDUWH DPELĠLRV úL PL DP GRULW Vă YLQ OD 3ULPăULH SHQWUX Fă VXQW ORFDOQLF GLQ ùăXOLD úL QX PL SOăFHD PR GXO vQ FDUH DUăWD FRPXQD $P GRULW Vă Pă LPSOLF DVWIHO vQFkW ùăXOLD Vă VH ULGLFH XQGH D IRVW FkQGYD 5HS &XP DX IRVW SULPHOH ]LOH vQ FDOLWDWH GH SULPDU" ' 9 3ULPHOH ]LOH GLQ QRXD IXQFĠLH DX IRVW SOLQH FX SURJUDP GH GLPLQHDĠD SkQă GXSă PDVD úL FKLDU VHDUD $P DYXW R DFWL YLWDWH LQWHQVă 5HS &H SURLHFWH DYHĠL vQ DJHQGă" ' 9 ÌQWkL úL vQWkL WUHEXLH Vă Pă vQFDG UH] vQ SUHYHGHULOH EXJHWDUH DVWIHO vQFăW Vă UHDOL]H] FHHD FH vPL SHUPLW IRQGXULOH

VSRUW H[WUHP GH LXELW OD QRL vQ FRPXQă 5HS &KLDU úL vQ IDPLOLD GXPQHD YRDVWUă GDFă úWLX ELQH ' 9 $úD H DP GRL QHSRĠL GH FDUH ID PLOLD VH PkQGUHúWH &RVPLQ 9DQFHD úL /XFLDQ 7XUFX DPELL XUPkQG Vă HYROXH]H GLQ DFHVW VH]RQ OD IRUPDĠLL GLQ SULPD OLJă OD 'UREHWD 7XUQX 6HYHULQ UHVSHFWLY 9LLWRUXO &RQVWDQĠD

'RUHO 9DQFHD SULPDUXO FRPXQHL ùăXOLD

GH FDUH GLVSXQHP 8Q RELHFWLY LPSRUWDQW SH FDUH vO DP HVWH Vă DFKLW WRDWH GDWRULLOH 3ULPăULHL GHRDUHFH DYHP GDWRULL QHDFKL WDWH úL GLQ 'XSă DFHHD YUHDX Vă IDF PXOWH SHQWUX FRPXQLWDWHD GLQ ùăXOLD &KLDU DFXP vQ DFHDVWă SHULRDGă OXFUăP OD SLHWUXLUHD úL vQGUHSWDUHD GUXPXUL ORU 9UHDX Vă IDF FkWH SXĠLQ SHQWUX ¿ H FDUH RP SHQWUX Fă QXPDL SXĠLQ SRW IDFH GHRFDPGDWă GDWRULWă EXJHWXOXL ÌQ DFHVW VHQV OD LQWUDUHD 'LVSHQVDUXOXL 8PDQ úL OD &HQWUXO GH 8UJHQĠă DP SXV EDOXVWUDGH GH VSULMLQ FD XUPDUH D VROLFLWăULORU DYXWH vQ FDPSDQLH GLQ SDUWHD PXOWRU RDPHQL 'H DVHPHQHD DP SXV OD SXQFW úL LOXPLQDWXO SXEOLF úL vPL GRUHVF Vă UHvQYLHP WUDGLĠLD RUJDQL]ăULL ³)LLORU VDWXOXL´ vQ FRPXQă 5HS &H RELHFWLYH SH WHUPHQ OXQJ DYHĠL" ' 9 )LQDOL]DUHD DOLPHQWăULL FX DSă SURLHFW FDUH H GHMD vQFHSXW vQ SDUWHD YHVWLFă DVIDOWDUHD WXWXURU GUXPXULORU úL DPHQDMDUHD XQXL WHUHQ VLQWHWLF GH IRWEDO SHQWUX FRSLL úL WLQHUL IRWEDOXO ¿ LQG XQ

5HS &XP D GHFXUV SULPD úHGLQĠă GH &RQVLOLX /RFDO" ' 9 $ IRVW R úHGLQĠă QRUPDOă úL SULPXO OXFUX SH FDUH O DP VSXV D IRVW XUPăWRUXO Ä$P WHUPLQDW FX 36' FX 31/ 33 '' 3'/ 'H DFXP vQFROR VXQWHP QRL RDPHQL GLQ ùăXOLD $P WHUPLQDW FX FDPSDQLD HOHFWRUDOă FX SUREOHPHOH ´ &RQVLOLHULL DX vQĠHOHV PHVDMXO PHX úL DX IRVW GH DFRUG FX PLQH úL DX SURPLV Fă YRP ¿ FRQVăWHQL QX DGYHUVDUL SROLWLFL 5HS 6 D DOHV YLFHSULPDUXO" ' 9 1X GDU DP DOHV SH XQXO GLQ FRQVL OLHUL vQ IXQFĠLD GH FRQVLOLHU DO SULPDUXOXL (VWH YRUED GHVSUH 'XPLWUX 6RFDFLX XQ RP GHRVHELW FX FDUH VSHU Vă IDF R HFKLSă IRDUWH EXQă 5HS &DUH HVWH VWUXFWXUD &RQVLOL XOXL /RFDO GLQ ùăXOLD" ' 9 &LQFL FRQVLOLHUL GH OD 86/ SDWUX GH OD 3'/ XQXO GH OD 33 '' úL XQXO GH OD 3DUWLGD 5RPLORU 5HS &H SăUHUH DYHĠL GHVSUH UHIH UHQGXPXO GLQ LXOLH" ' 9 7UHEXLH Vă XUPH] SROLWLFD SDUWLGX OXL GLQ FDUH IDF SDUWH 5HS 6 D VWDELOLW XQ WDUJHW GH WUHEXLH Vă IDFHĠL PRELOL]DUH ' 9 &DWHJRULF QH YRP PRELOL]D $ FRQVHPQDW $OH[ 727+

7UD¿ F DHULDQ GXEODW OD $HURSRUWXO Ä7UDQVLOYDQLD´ ÌQ SULPHOH úDVH OXQL DOH DQXOXL WUD ¿ FXO DHULDQ V D LQWHQVL¿ FDW OD $HURSRUWXO ,QWHUQDĠLRQDO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú vQUHJLVWUkQGX VH XQ QXPăU DSURDSH GH GH SDVDJHUL GHVHUYLĠL úL GH PLúFăUL DHURQDYH D DQXQĠDW YLQHUL LXOLH 3HWL $QGUDV YLFHSUHúHGLQWHOH &RQ VLOLXOXL GH $GPLQLVWUDĠLH DO $HURSRUWXOXL ,QWHUQDĠLRQDO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú ³$VWIHO QXPăUXO SDVDJHULORU V D GXEODW IDĠă GH DFHHDúL SHULRDGă D DQXOXL GH SDVDJHUL GHVHUYLĠL LDU QXPăUXO GH PLúFăUL DHURQDYH D FUHVFXW FRQVLGHUDELO IDĠă GH DQXO WUHFXW FkQG V DX vQUHJLVWUDW vQ DFHHDúL SHULRDGă GH PLúFăUL´ D D¿ U PDW 3HWL $QGUDV

3DUWHQHULDWH GLYHUVH 3RWULYLW DFHVWXLD GDWRULWă SDUWHQHULDWHOH vQ FKHLDWH FX GLYHUúL RSHUDWRUL DHULHQL VH SUH YHGH R FUHúWHUH FRQWLQXă D WXWXURU LQGLFD WRULORU GH WUD¿ F OD $HURSRUWXO 7UDQVLOYDQLD

7kUJX 0XUHú ÄÌQ SUH]HQW GH SH $HURSRU WXO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú FRPSDQLD 7$520 RSHUHD]ă FXUVH LQWHUQH WUHL ]ERUXUL VăSWkPkQDOH SH UHODĠLD 7kUJX 0XUHú %XFXUHúWL úL UHWXU LDU RSHUDWRUXO DHULDQ :L]] $LU HIHFWXHD]ă VăSWăPkQDO GH FXUVH LQWHUQDĠLRQDOH OD /RQGUD SDWUX ]ERUXUL SH VăSWăPkQă %DUFHORQD 'RUWPXQG úL %X GDSHVWD FkWH WUHL ]ERUXUL SH VăSWăPkQă úL GHVWLQDĠLLOH 0DGULG 3DULV 5RPD úL 0L ODQR FkWH GRXă ]ERUXUL VăSWăPkQDOH 'H DVHPHQHD GH OD VIkUúLWXO OXQLL DSULOLH úL SkQă vQ GDWD GH RFWRPEULH FRPSD QLD DHULDQă :,'(52( RSHUHD]ă ]ERUXUL VăSWăPkQDOH FX GHVWLQDĠLD &RSHQKDJD 7RWRGDWă GLQ GDWD GH LXQLH úL SkQă vQ GDWD GH VHSWHPEULH GH SH $HUR SRUWXO ,QWHUQDĠLRQDO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú RSHUDWRUXO DHULDQ $LU $UDELD (J\SW HIHFWXHD]ă ]ERUXUL FKDUWHU VăSWăPkQDOH FăWUH FHQWUXO WXULVWLF úL EDOQHDU HJLSWHDQ +XUJKDGD vQ ¿ HFDUH ]L GH PLHUFXUL´ D VXE

3DUWHQHULDW SHQWUX IHVWLYDO &RQVLOLHULL MXGHĠHQL YRU GHFLGH MRL LXOLH FX SULYLUH OD RSRUWXQLWDWHD vQFKH LHULL XQXL SDUWHQHULDW vQWUH &RQVLOLXO -XGHĠHDQ 0XUHú úL $VRFLDĠLD 0LFURUH JLXQHD 9DOHD 0XUHúXOXL 0LMORFLX SHQWUX RUJDQL]DUHD )HVWLYDOXOXL (WQRJUD¿ F DO 0LFURUHJLXQLL 9DOHD 0XUHúXOXL 0LMOR FLX vQ SHULRDGD DXJXVW ÌQ FD]XO vQ FDUH PDMRULWDWHD FRQVLOLHULORU YRU YRWD SHQWUX $QVDPEOXO $UWLVWLF 3URIHVLRQLVW ³0XUHúXO´ 7kUJX 0XUHú YD VXVĠLQH JUD WXLW XQ VSHFWDFRO IROFORULF FX UHSHUWRULL DQFRUDWH vQ GDQVXO úL FkQWHFXO ORFXOXL FX GXUDWD WRWDOă GH GH PLQXWH 6 7

$FĠLXQL vPSRWULYD YRWXOXL LOHJDO ÌQ FDGUXO FDPSDQLHL Ä9RWHD]ă OHJDO 0LWD úL YRWXO LOHJDO vQVHDPQă vQFKL VRDUH ´ SROLĠLúWLL GHVIăúRDUă DFWLYLWăĠL úL DGRSWă PăVXUL SHQWUX SUHYHQLUHD úL FRPEDWHUHD WXULVPXOXL HOHFWRUDO Ä6H YRU LQWHQVL¿ FD DFĠLXQLOH GH FRQWURO SULQ ¿ OWUH UXWLHUH úL IHURYLDUH vQ ]LXD UH IHUHQGXPXOXL úL SUHPHUJăWRU DFHVWXLD FX VFRSXO GH D SUHYHQL úL GHVFXUDMD WXULVPXO HOHFWRUDO DYkQG vQ YHGHUH Fă OD DFHVW UHIHUHQGXP VH SRDWH YRWD úL SH OLVWH VXSOLPHQWDUH $XWRULWDWHD (OHFWRUDOă 3HUPDQHQWă HVWH FHD FDUH YD YHUL¿ FD OLVWHOH VXSOLPHQWDUH vQ SULPHOH GH ]LOH GH OD vQFKHLHUHD UHIHUHQ GXPXOXL SHUVRDQHOH LGHQWL¿ FDWH Fă DX YRWDW GH PDL PXOWH RUL XUPkQG Vă VX SRUWH ULJRULOH OHJLL úWLXW ¿ LQG Fă YRWXO PXOWLSOX VH SHGHSVHúWH FX vQFKLVRDUH´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUăSWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

0LQRUL FX GRVDUH SHQDOH /XFUăWRULL 3ROLĠLHL PXQLFLSLXOXL 7kUQă YHQL DX LGHQWL¿ FDW GRL PLQRUL vQ VDUFLQD FăURUD DX SUREDW VăYkUúLUHD PDL PXO WRU IXUWXUL FHL GRL ¿ LQG FHUFHWDĠL vQWU XQ QXPăU GH GRVDUH SHQDOH SHQWUX VăYkUúLUHD LQIUDFĠLXQLL GH IXUW FDOL¿ FDW vQ IRUPă FRQWLQXDWă FRQVWkQG vQ DFHHD Fă vQ SHULRDGD LDQXDULH LXOLH DX FRPLV PDL PXOWH IXUWXUL GLQ ORFXLQĠH úL DXWR IDSWH vQUHJLVWUDWH SH UD]D PXQLFLSLXOXL 7kUQăYHQL Ä/D GDWD GH LXOLH SURFXURUXO GH FD] GLQ FDGUXO 3DUFKHWXOXL GH SH OkQJă -XGHFăWRULD 7kUQăYHQL D SURSXV LQVWDQĠHL GH MXGHFDWă DUHVWDUHD SUHYHQWLYă D D FH ORU GRL VXVSHFĠL DPELL vQ YkUVWă GH DQL GRPLFLOLDĠL vQ 7kUQăYHQL SH QX PHOH DFHVWRUD ¿ LQG HPLVH PDQGDWH GH DUHVWDUH SUHYHQWLYă SH R GXUDWă GH ]LOH´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

&DSLWDO VRFLDO PDMRUDW OD 5RPFDE 3HWL $QGUDV YLFHSUHúHGLQWHOH &RQVLOLXOXL GH $GPLQLVWUDĠLH DO $HURSRUWXOXL ,QWHUQDĠLRQDO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú

OLQLDW 3HWL $QGUDV $OH[ 727+

%ULúFDUX DSD FDOGă úL &RGXO SHQDO &RQVLOLHUXO ORFDO 86/ &RUQHO %ULúFDUX V D vQWUHEDW SH SDJLQD VD GH )DFHERRN GDFă QX FXPYD OLSVD GH LQWHUHV DUăWDWă GH FRQ GXFHUHD 3ULPăULHL 7kUJX 0XUHú YLV D YLV GH VROXĠLRQDUHD FUL]HL DSHL FDOGH GLQ PX QLFLSLX VH vQFDGUHD]ă vQWU XQD GLQ SUHYH GHULOH &RGXOXL SHQDO ³'H SHVWH GH ]LOH GH IDPLOLL GLQ 7kUJX 0XUHú QX DX DSă FDOGă $VWD SHQWUX Fă 3ULPăULD QX vúL H[HUFLWă DWULEXĠLLOH OHJDOH úL PDL DOHV QX IDFH QLPLF SHQWUX H[HFXWDUHD FRQWUDFWX OXL FX IXUQL]RUXO GH VHUYLFLL GH WHUPLH 3ULPDUXO PXQLFLSLXOXL D GHFODUDW Fă ³DSD

ùWLUL

FDOGă YD YHQL FkQG YD YHQL´ 2DUH DFHDVWD DWLWXGLQH D FHORU GLQ 3ULPăULD 7kUJX 0XUHV QX SRDWH ¿ vQFDGUDWă vQ SUHYHGHULOH &RGXOXL SHQDO FRQIRUP FăURUD DUWLFROXO $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU )DSWD IXQFĠLRQDUXOXL SXEOLF FDUH vQ H[HUFLĠLXO DWULEXĠLLORU VDOH GH VHU YLFLX FX úWLLQĠă QX vQGHSOLQHúWH XQ DFW RUL vO vQGHSOLQHúWH vQ PRG GHIHFWXRV úL SULQ DFHDVWD FDX]HD]ă R YăWăPDUH LQWHUHVHORU OHJDOH DOH XQHL SHUVRDQH VH SHGHSVHúWH FX vQFKLVRDUH GH OD úDVH OXQL OD WUHL DQL´ D SUH FL]DW &RUQHO %ULúFDUX 6 7

$FĠLRQDULL 6& 5RPFDE 6$ 7kUJX 0XUHú DX DSUREDW MRL LXOLH FX RFD]LD XQHL $GXQăUL *HQHUDOH ([WUDRUGLQDUH PD MRUDUHD FDSLWDOXOXL VRFLDO DO VRFLHWăĠLL FX VXPD GH OHL SULQ HPLVLXQHD D GH QRL DFĠLXQL FX YDOR DUHD QRPLQDOă GH OHL DFĠLXQH XWL OL]kQG XUPăWRDUHOH VXUVH FDSLWDOL]DUHD UH]HUYHORU FRQVWLWXLWH GLQ SUR¿ WXO QHW DO DQLORU SUHFHGHQĠL H[LVWHQWH vQ VROG úL vQFRUSRUDWH vQ ÄDOWH UH]HUYH´ vQ VXPă GH OHL úL FDSLWDOL]DUHD UH]HUYHORU FRQVWLWXLWH GLQ SUR¿ WXO QHW DO DQXOXL vQ VXPă GH OHL 3RWULYLW XQXL UDSRUW UHPLV FăWUH %XUVD GH 9DORUL %XFXUHúWL FRQWULEXĠLD SURSULH OD FKHO WXLHOLOH HOLJLELOH YD ¿ GH OHL 7RWRGDWă DFĠLRQDULL DX DSUREDW DFF HVDUHD ¿ QDQĠăULORU QHUDPEXUVDELOH SHQ WUX SURLHFWXO ³0ăVXUL GH H¿ FLHQWL]DUH D FRQVXPXOXL HQHUJHWLF SHQWUX XQLWDWHD GH SURGXFĠLH 7kUJX 0XUHú D 6& 5RPFDE 6$´ GLQ FDGUXO 3URJUDPXOXL 2SHUDĠLRQDO 6HFWRULDO &UHúWHUHD &RPSHWLYLWăĠLL (FR QRPLFH LQFOXVLY DSUREDUHD VXPHORU FDUH XUPHD]ă D VH DFFHVD úL D FKHOWXLHOLORU OHJDWH GH SURLHFW 6 7


" LXOLH "

*OLJD GL[LW ³%ăVHVFX D RIHULW FLUF GDU D XLWDW GH SkLQH ´ 3UHúHGLQWHOH LQWHULPDU DO 3DUWLGXOXL 6RFLDO 'HPRFUDW 36' 0XUHú GH SXWDWXO 9DVLOH *OLJD HVWH GH SăUHUH Fă FHWăĠHQLL WUHEXLH Vă VH SUH]LQWH vQ QXPăU FkW PDL PDUH OD XUQH úL Vă YRWH]H ³'D´ OD UHIHUHQGXPXO GLQ LXOLH SHQWUX GHPLWHUHD SUHúHGLQWHOXL 7UDLDQ %ăVHVFX 5HSRUWHU &XP GHFXUJ SUHJă WLULOH SHQWUX UHIHUHQGXP" 9DVLOH *OLJD ÌQ XOWLPD VăSWăPkQă DP VWDELOLW HFKLSHOH GH OXFUX SH WRDWH FROHJLLOH MXGHĠXOXL LDU úH¿ L GH FDPSDQLH VXQW XUPăWRULL FROHJL 2YLGLX 'DQFX FRRUGRQDWRU SROLWLF SHQWUX &ROHJLXO 'HSXWDĠL 9DVLOH 3DSXF FRRUGRQD WRU SROLWLF SHQWUX &ROHJLXO 'HSXWDĠL $QGUHL 0RVFYLFLRY FRRUGRQD WRU SROLWLF SHQWUX &ROHJLXO 'HSXWDĠL úL 0LKDL $QWRQLH FRRUGRQDWRU SROLWLF SHQWUX &ROHJLXO 'HSXWDĠL ùWHIDQ 6RPHúDQ FRRUGRQDWRU SROLWLF SHQWUX &ROHJLXO 'HSXWDĠL 0LUFHD 3RS FRRUGRQDWRU SROLWLF SHQWUX &ROH JLXO 'HSXWDĠL 'DQ 9DVLOH 'XPLWUX FRRUGRQDWRU SROLWLF SHQWUX &ROHJLXO 'HSXWDĠL 0DULD 3UHFXS FRRUGRQD WRU SROLWLF SHQWUX PXQLFLSLXO 5HJKLQ úL ,RDQ 'RULQ 'ăQHúDQ FRRUGRQDWRU SROLWLF SHQWUX PXQLFLSLXO 6LJKLúRDUD 'LQ FRPSRQHQĠD HFKLSHORU IDF SDUWH úL FHLODOĠL PHPEUL GLQ %LURXO 3HUPD QHQW úH¿ L GH GHSDUWDPHQWH SULPDULL úL SUHúHGLQĠLL GH RUJDQL]DĠLL GLQ FROH JLXO UHVSHFWLY 'H DVHPHQHD DP vQ FHUFDW Vă FRQVWUXLP R ED]ă GH GDWH FX WRĠL PHPEULL VHFĠLLORU GH YRWDUH FDUH FRODERUHD]ă FX 86/ vQ GLUHFĠLD GHPLWH ULL OXL 7UDLDQ %ăVHVFX )LLQG YDUă SHULRDGD FRQFHGLLORU OXPHD H SOHFDWă GLQ ORFDOLWăĠLOH XQGH GRPLFLOLD]ă LDU DWXQFL H QHYRLH GH R PRELOL]DUH SHQWUX D VFRDWH HOHFWRUDWXO OD YRW úL D DYHD R SUH]HQĠă GH FHO SXĠLQ 5HS &DUH VXQW PRWLYHOH LQYR FDWH GH 86/ SHQWUX GHPLWHUHD OXL 7UDLDQ %ăVHVFX"

9 * ÌQ SULPXO UkQG SHQWUX Fă GH FkQG H SUHúHGLQWH PHQĠLQH R WHQVL XQH SHUPDQHQWă 7RW WLPSXO H SXV SH VFDQGDO ¿ H vQ LQWHULRUXO SDUWLGXOXL SH FDUH O D FRQGXV ¿ H FX FHOHODOWH IRUĠH SROLWLFH 7UDLDQ %ăVHVFX D FUH]XW Fă SRDWH Vă UăPkQă YHúQLF SUHúHGLQWH IăFkQG FLUF GDU DP VSXV úL vQ XUPă FX R VăSWăPkQă Fă vPSăUDĠLL URPDQL RIHUHDX RDPHQLORU FLUF úL SkLQH GDU HO D XLWDW GH SkLQH 6 D DSXFDW GH WăLDW SHQVLL VDODULL úL DOWH GUHSWXUL EăQHúWL GkQG DVWIHO QDúWHUH IRDUWH XúRU OD QHPXOĠXPLUL vQ UkQGXO SRSXODĠLHL 5HS $ĠL DQXQĠDW DFXP R VăSWăPkQă Fă OD QLYHOXO RUJD QL]DĠLLORU ORFDOH H[LVWă XQ WDU JHW UHVSHFWLY SUH]HQĠD OD XUQH GH FHO SXĠLQ $X DSăUXW DSRL GLYHUVH LQWHU SUHWăUL DVWIHO vQFkW Yă URJ Vă FODUL¿ FDĠL GDFă V D LPSXV VDX V D UHFRPDQGDW DFHO WDUJHW 9 * 6 D UHFRPDQGDW QX H R LP SXQHUH &KLDU DP ODQVDW XQ IHO GH FRPSHWLĠLH vQWUH RUJDQL]DĠLLOH GLQ WHULWRULX FDUH VFRW PDL EXQ UH]XOWDW /D QLYHOXO RULFăUXL SDUWLG HúWL DQDOL ]DW vQ IXQFĠLH GH PRGXO vQ FDUH DL UHXúLW Vă PRELOL]H]L OXPHD OD YRW 5HS &H Y DX VSXV RDPHQLL FX FDUH Y DĠL vQWkOQLW vQ XOWLPHOH ]LOH vQ WHULWRULX" 9 * $P IRVW vQ PDL PXOWH ORFDOLWăĠL GLQ MXGHĠ SHQWUX D Pă GRFXPHQ WD GHVSUH PRGXO vQ FDUH GHFXUJ SUHJăWLULOH $P WUHFXW SULQ FRPXQHOH 6kQFUDLXO GH 0XUHú 3RJăFHDXD ,FOăQ]HO &HXDúX GH &kPSLH 5kFLX &UăLHúWL úL DOWHOH 3ULPDULL 86/ PL DX VSXV Fă VH YRU VWUăGXL Vă ¿ H R SUH]HQĠă FkW PDL PDUH OD UHIHUHQ GXP vQ WLPS FH FROHJLL GLQ FRPXQHOH FRQGXVH GH SULPDUL 3'/ DX DYXW XQHOH UHĠLQHUL vQ SURQRVWLFXUL SHQWUX Fă SULPDULL UHVSHFWLYL GHPRELOL]HD]ă OXPHD Vă LDVă OD YRW ÌQ FRPXQHOH UHVSHFWLYH QH SURSXQHP Vă vQWăULP

32/,7,&Ă

ùWLUL )&' ¿ OLDOă OD 6LJKLúRDUD )XQGDĠLD &UHúWLQ 'HPR FUDWă )&' D LQDXJXUDW MRL LXOLH ¿ OLDOD )&' GLQ 6LJKLúRDUD D GRXD UHSUH]HQWDQĠă D )XQGDĠLHL GLQ 7UDQVLOYDQLD GXSă FHD GLQ &OXM 3RWULYLW VLWH XOXL IF G UR 7HRGRU %DFRQVFKL SUHúHGLQWHOH )&' D D¿ UPDW Fă LQDXJXUDUHD QRXOXL VHGLX VH vQVFULH vQ SURJUDPXO GH H[WLQGHUH DO )&' SH vQWUHJ WHULWRULXO 5RPkQLHL GHPDUDW SULQ LQDXJXUDUHD OD PDL D ¿ OLDOHL GLQ &OXM ÄÌQ 5RPkQLD HVWH R VHWH XULDúă GH FHYD QRX 1RL WUHEXLH Vă ¿ P DSURDSH GH RDPHQLL OLEHUL RQHúWL úL FX YL]LXQH 6SHU Fă ¿ OLDOD GLQ 6LJKLúRDUD YD GHUXOD SURJUDPH GH SUR PRYDUH D FXOWXULL SROLWLFH úL D YDORULORU FUHúWLQ GHPRFUDWH´ D GHFODUDW 7HRGRU %DFRQVFKL 3ULPXO SURLHFW DO )&' 6LJKLúRDUD YD FRQVWD vQ RUJDQL]DUHD XQHL ùFROL GH 9DUă SHQWUX WUHL]HFL GH WLQHUL SH WHPD Ä&UHúWLQ 'HPRFUDĠLH úL UHVSRQVDELOLWDWH VRFLDOă´ FDUH VH YD GHVIăúXUD vQ SULPD VăSWăPkQă GLQ VHSWHPEULH 6 7

'XPLWUX 0DWHL vQORFXLW FX ,OOpV ,OGLNy

9DVLOH *OLJD SUHúHGLQWHOH LQWHULPDU DO 36' 0XUHú HFKLSHOH SHQWUX D¿ úDM SUHFXP úL FHOH GH OD VHFĠLLOH GH YRWDUH 5HS &DUH H SURQRVWLFXO GXP QHDYRDWUă SHQWUX UHIHUHQGXP" 9 * 6SHU Fă vQ MXGHĠXO 0XUHú WRĠL ORFXLWRULL Vă vQĠHOHDJă QHFHVLWDWHD VFKLPEăULL OXL 7UDLDQ %ăVHVFX ÌPL GRUHVF úL FKLDU FUHG Fă VH YRU SUH]HQ WD OD XUQH SHVWH GLQ FHWăĠHQLL FX GUHSW GH YRW LDU GLQWUH DFHúWLD SHVWH Vă VSXQă ³'D´ SHQWUX GHPLWHUHD OXL 7UDLDQ %ăVHVFX 5HS ÌQ XUPă FX DSUR[LPDWLY R VăSWăPkQă OLGHULL QDĠLRQDOL DX vQFKHLDW R DOLDQĠă vQWUH 36' úL 8135 &XP GHFXUJH DFHDVWă DOLDQĠă OD QLYHOXO MXGHĠXOXL 0XUHú" 9 * $P DYXW R vQWkOQLUH úL DP VWDELOLW Fă vQ ORFDOLWăĠLOH XQGH DX RUJDQL]DĠLL úL RDPHQL Vă FRODERUăP Vă vQWăULP 86/ $ FRQVHPQDW $OH[ 727+

&RQVLOLHULL MXGHĠHQL VXQW LQYLWDĠL Vă DSUREH MRL LXOLH R PRGL¿ FDUH vQ FRPSRQHQĠD &RPLVLHL SHQWUX 3URWHFĠLD &RSLOXOXL 0XUHú úL DQXPH vQORFXLUHD IRVWXOXL úHI DO ,QVSHFWRUDWXOXL ùFRODU -XGHĠHDQ 0XUHú SURI 'XPL WUX 0DWHL FX SURI ,OOpV ,OGLNy LQVSHFWRU úFRODU JH QHUDO DGMXQFW ³3ULQ DGUHVD QU GLQ LXOLH ,QVSHFWRUDWXO ùFRODU -XGHĠHDQ 0XUHú QH IDFH FXQRV FXW Fă SHUVRDQD GHVHPQDWă Vă IDFă SDUWH GLQ &RPLVLD SHQWUX 3URWHFĠLD &RSLOXOXL 0XUHú vQ ORFXO GRPQXOXL SURIHVRU 0DWHL 'XPLWUX HVWH GRDPQD SURIHVRU ,OOpV ,OGLNy LQVSHFWRU úFRODU JHQHUDO DGMXQFW OD ,QVSHFWRUD WXO ùFRODU -XGHĠHDQ 0XUHú´ D SUHFL]DW &LSULDQ 'REUH SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú 6 7

$ IXUDW OXFHUQă /XFUăWRULL 6HFĠLHL GH 3ROLĠLH 5XUDOă /XGXú DX IRVW VHVL]DĠL PLHUFXUL LXOLH GH FăWUH XQ ORFDOQLF GLQ VDWXO +ăGăUHQL GHVSUH IDSWXO Fă XQ LQGLYLG D VXVWUDV DSUR[LPDWLY GH NLORJUDPH GH OXFHUQă XVFDWă GH SH WHUHQXO SH FDUH O GHĠLQH vQ H[WUDYLODQXO ORFDOLWăĠLL +ăGăUHQL Ä6XVSHFWXO D IRVW LGHQWL¿ FDW ¿ LQG XQ FHWăĠHDQ vQ YkUVWă GH DQL FX GRPLFLOLXO vQ +ăGăUHQL SUHMXGLFLXO FDX]DW FLIUkQGX VH OD FLUFD GH OHL vQ FDX]ă vQWRFPLQGX VH GRVDU SHQDO SHQWUX VăYkUúLUHD LQIUDFĠLXQLL GH IXUW VXVSHFWXO ¿ LQG FHUFHWDW vQ VWDUH GH OLEHUWDWH XUPkQG D VH GD VROXĠLH OHJDOă SULQ 3DUFKHW´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7


" LXOLH "

32/,7,&Ă

SDUODPHQWDUL PXUHúHQL .HOHPHQ $WLOOD WDEORX GH GH HXUR 'HSXWDWXO 8'05 .HOHPHQ $WL OOD DUH DSURDSH DFHHDúL GHFODUDĠLH GH DYHUH FD úL FHD GLQ LXOLH GRXă FDVH GH ORFXLW vQ 7kUJX 0XUHú PS úL &XLHúG PS PDL PXOWH FDWHJRULL GH WHUHQXUL vQ &XLHúG vQ VXSUDIDĠă WRWDOă GH KD XQ DXWRWXULVP /DGD 1LYD DQ GH IDEULFDĠLH XQ DXWRWXULVP 6NRGD )DELD DQ GH IDEULFDĠLH XQ WUDF WRU 8 DQ GH IDEULFDĠLH XQ WUDFWRU -RKQ 'HHU DQ GH IDEULFDĠLH XQ WDEORX LQWLWXODW ³&ăOăUHĠL´ HYDOXDW OD HXUR úL XQ FRQW FXUHQW vQ YDOR DUH GH GH HXUR ÌQ FHHD FH SULYHúWH YHQLWXULOH VDODULDOH DFHVWHD DX FUHV FXW GH OD GH OHL OD GH OHL

0DUNR %HOD VDODULX GH EDúWDQ OD 8'05 9LFHSUHPLHUXO 8'05 0DUNR %HOD úL D WUHFXW vQ GHFODUDĠLD GH DYHUH XQ DSDUWDPHQW GH PS vQ %XFXUHúWL úL R FDVă GH OR FXLW GH PS vQ 6kQFUDLX GH 0XUHú SUHFXP úL PDL PXOWH WHUHQXUL DJULFROH vQ MXGHĠHOH &RYDVQD KD úL 6ăODM KD 3ROLWLFLDQXO FRQGXFH XQ DXWRWXULVP QRX 9RONVZDJHQ *ROI DQ GH IDEULFDĠLH FXPSăUDW vQ IHEUXDULH vQ FRQGLĠLLOH vQ FDUH YHFKLXO DXWRWXU LVP 9RONVZDJHQ *ROI DQ GH IDEULFDĠLH D IRVW vQVWUăLQDW vQ LDQXDULH SHQWUX VXPD GH GH HXUR )RVWXO OLGHU DO 8QLXQLL GHĠLQH QX PDL SXĠLQ GH FRQWXUL úL GHSR]LWH EDQFDUH vQ YDORDUH WRWDOă GH GH OHL GH HXUR GH GRODUL DPHUL FDQL úL GH IRULQĠL 'H DVHPHQHD 0DUNR %HOD D UDSRUWDW PDL PXOWH YHQLWXUL GXSă FXP XUPHD]ă GH OHL VDODULX GH YLFHSUHPLHU GH OHL LQGHPQL]DĠLH GLQ SDUWHD 8'05 SH SHULRDGD LDQXDULH IHEUXDULH GH OHL GUHSWXUL GH DXWRU GLQ 5RPkQLD GH IRULQĠL GUHSWXUL GH DXWRU GLQ 8QJDULD úL GH HXUR GUHSWXUL GH DXWRU GLQ 6ORYDFLD

.HUHNHV .DURO\ VDODULX PDL PLF FRQWXUL PDL PDUL 'HFODUDĠLH GH DYHUH ODSL GDUă D GHSXWDWXOXL 8'05 .HU HNHV .DURO\ DSURDSH LGHQWLFă FX FHD GHSXVă vQ XUPă FX XQ DQ XQ DSDUWDPHQW GH PS vQ 7kUJX 0XUHú R FDVă GH YDFDQĠă GH PS vQ $FăĠDUL XQ WHUHQ LQWUDYLODQ GH KD vQ $FăĠDUL XQ DXWRWXULVP 6NRGD )DELD DQ GH IDEULFDĠLH úL SDWUX GHSR]LWH EDQ FDUH vQ YDORDUH WRWDOă GH GH OHL úL GH HXUR vQ FUHúWHUH FRPSDUD WLY FX DQXO WUHFXW FkQG DP FRQVHPQDW GHSR]LWH EDQFDUH vQ YDORDUH GH GH OHL úL GH HXUR ÌQ FHHD FH SULYHúWH YHQLWXULOH .H UHNHV .DURO\ D FRQVHPQDW R LQGHPQL]DĠLH GH GH OHL úL R SHQVLH GH GH OHL vQ VFăGHUH FRPSDUDWLY FX DQXO DQWH ULRU FkQG LQGHPQL]DĠLD GH SDUODPHQWDU D IRVW GH GH OHL

'RUX 2SULúFDQ DSDUWDPHQW YkQGXW FX GH HXUR 'HSXWDWXO 3'/ 'RUX 2SULúFDQ DUH R FDVă GH OR FXLW GH PS úL SăUĠL VR FLDOH OD 6& &KULVWLQH 7RXU 7kUJX 0XUHú vQ YDORDUH GH GH HXUR úL OD 6& 0RQGRSODVW 65/ 7kUJX 0XUHú vQ YDORDUH GH GH HXUR LQHOH FHUFHL FROLHUH vQ YDORDUH GH FLUFD GH HXUR SUHFXP úL R GDWRULH GH GH HXUR OD %5' 0XUHú VFDGHQWă vQ /D FDSLWROXO LPRELOLDUH SDUODPHQWDUXO GHPR FUDW OLEHUDO D UDSRUWDW vQVWUăLQDUHD XQXL DSDUWD PHQW FX WUHL FDPHUH GH PS FRQWUD VXPHL GH GH HXUR WUDQ]DFĠLH FDUH D DYXW ORF vQ PDUWLH ÌQ FHHD FH SULYHúWH YHQLWXULOH vQUHJLVWUDWH 'RUX 2SULúFDQ D DYXW R VLQJXUă VXUVă LQGHPQL]DĠLD GH SDUODPHQWDU vQ YDORDUH GH GH OHL PDL PXOW GHFkW FHD GLQ DQXO DQWHULRU FDUH V D FLIUDW OD GH OHL

9LFWRU 6RFDFLX GRXă LPRELOH ÄHYDSRUDWH´

7RDGHU 6WURLDQ PDL VăUDF FX GH OHL

'HSXWDWXO 36' 9DVLOH 6R FDFLX úL D PXWDW GRPLFLOLXO OD &RUQX MXGHĠXO 3UDKRYD XQGH vQ D PRúWHQLW R FDVă GH ORFXLW GH PS FDUH VH DGDXJă XQHL DOWH FDVH GH ORFXLW GH PS &RPSDUDWLY FX VLWXDĠLD GLQ LXOLH GH SH GHFODUDĠLD GH DYHUH D SROLWLFLDQXOXL V DX ÄHYDSRUDW´ GRXă DSDU WDPHQWH XQXO vQ %XFXUHúWL úL XQXO vQ %UDúRY GRXă DX WRWXULVPH R 'DFLD DQ GH IDEULFDĠLH úL XQ <1 %RUD DQ GH IDEULFDĠLH úL GRXă WDEORXUL HVWL PDWH OD YDORDUHD GH GH HXUR 6ă ¿H HIHFWHOH GLYRUĠXOXL GH UHDOL]DWRDUHD 79 0DULQD $OPăúDQ" ÌQ FHHD FH SULYHúWH GHSR ]LWHOH EDQFDUH FDQWDXWRUXO D UD SRUWDW GRXă vQ YDORDUH WRWDOă GH GH HXUR vQ FRQGLĠLLOH vQ FDUH QX DYHD QLFLXQXO DQXO WUHFXW &LXGDW GHúL GHĠLQH DWkWD EăQHW vQ FRQWXUL SDUODPHQWDUXO VRFLDO GHPRFUDW QX úL D DFKLWDW GHRFDPGDWă FUHGLWXO GH GH HXUR vQ YDOR DUHD DFHVWXLD HUD GH GH HXUR FRQWUDFWDW OD %&5 úL VFDGHQW vQ /D FDSLWROXO YHQLWXUL 9LFWRU 6RFDFLX D UDSRUWDW GH OHL UHSUH]HQWkQG LQGHPQL]DĠLD GH SDUODPHQWDU úL GH OHL UHSUH]HQWkQG GUHSWXUL GH DXWRU úL FRQH[H

/D FDSLWROXO WHUHQXUL GHSXWDWXO 7RDGHU 6WURLDQ GHĠLQH SHVWH GRXă KHFWDUH GH WHUHQ DJULFRO úL KHFWDUH GH WHUHQ LQWUD YLODQ vQ $OEHúWL FRPXQă XQGH SDUODPHQWDUXO 3'/ úL GRXă FDVH GH ORFXLW GH UHVSHFWLY PS 7RDGHU 6WURLDQ FRQGXFH XQ DXWRWXULVP PDUFD 'D FLD /RJDQ DQ GH IDEULFDĠLH LDU OD FDSLWROXO ³7UDQ]DFĠLL´ FRQVHPQăP YkQ]DUHD XQXL WHUHQ vQ DSULOLH vQ YDORDUH GH GH OHL ÌQ FHHD FH SULYHúWH DFWLYHOH ¿QDQFL DUH SROLWLFLDQXO D UDSRUWDW XQ GHSR]LW EDQFDU OD &(& GHVFKLV vQ FX XQ VROG GH GH OHL PDL SXĠLQ FX GH OHL FRPSDUDWLY FX DQXO WUHFXW LDU OD UXEULFD Ä'DWRULL´ FRQVHPQăP VXPD GH QX VH VSHFL¿Fă PRQHGD OD &(& VFDGHQWă vQ úL QX VH VSHFL¿Fă PRQHGD OD %&5 VFDGHQWă vQ ÌQ XOWLPXO DQ ¿VFDO 7RDGHU 6WURLDQ D DYXW R LQGHPQL]DĠLH GH GH OHL FX FHYD PDL SXĠLQ GHFkW FHD GLQ DQXO DQWHULRU GH OHL

ùWLUL .ROFVDU *\XOD D SHWUHFXW FX GH SULHWHQL

3ULPDUXO FRPXQHL *RUQHúWL .ROFVDU *\XOD úL D DQLYHUVDW VkPEăWă VHDUD ]LXD GH QDúWHUH DOăWXUL GH IDPLOLH SULHWHQL FRQVLOLHUL ORFDOL úL FROHJL GH SDUWLG FDUH L DX FkQWDW ³/D PXOĠL DQL´ úL O DX UăVIăĠDW FX FDGRXUL DUDQMDPHQWH ÀRUDOH úDPSDQLH R PXOĠLPH GH VXUSUL]H úL PHVDMH GH IHOLFLWDUH ³ÌQ LXOLH DP vPSOLQLW GH DQL úL ELQHvQĠHOHV QX SXWHDP Vă QX PDUFKH] XQ DVHPHQHD HYHQLPHQW -RL DP VăUEăWRULW SULQ PXQFă vQ FDGUXO 3ULPăULHL LDU VkPEăWă PL DP LQYLWDW R SDUWH GLQWUH FHL PDL DSURSLDĠL SULHWHQL OD QXPăU´ D GHFODUDW SULPDUXO $OăWXUL GH VăUEăWRULW V D DÀDW VRĠLD VD ,ORQD LQJLQHU KRUWLFXOWRU FHOH GRXă IHWH DOH VDOH SăULQĠLL FXPQDWD VRDFUD úL IUDWHOH VăX .ROFVDU .DURO Ä0XOWXPHVF OXL 'XPQH]HX SHQWUX WRW FH PL D KăUă]LW Vă IDF SkQă OD GH DQL GH YLDĠă SăULQĠLORU PHL FDUH P DX FUHVFXW P DX VXSRUWDW P DX vQ GHPQDW Vă vQYăĠ úL P DX VSULMLQLW PDWHULDO OD IDFXOWDWH úL VSHU Vă ¿H PkQGUL GH PLQH D]L %LQH@QĠHOHV Fă YUHDX Vă vL PXOĠXPHVF úL VRĠLHL PHOH DOăWXUL GH FDUH DP DQL GH FăVQLFLH FDUH DX IRVW FHL PDL IUXPRúL GLQ YLDĠD PHD úL FDUH D IRVW vQWRWGHDXQD DOăWXUL GH PLQH´ D D¿UPDW .ROFVDU *\XOD 5 0

3RQWD úL VROXĠLLOH SHQWUX 80) 3UHPLHUXO 5RPkQLHL 9LFWRU 3RQWD D D¿U PDW VkPEăWă LXOLH OD 0LHUFXUHD &LXF Fă UH]ROYDUHD SUREOHPHL GH OD 8QLYHUVLWDWHD GH 0HGLFLQă úL )DUPDFLH 80) GLQ 7kUJX 0XUHú WUHEXLH Vă YL]H]H DWkW UHSUH]HQ WDUHD SURIHVRULORU PDJKLDUL vQ 6HQDW FkW úL H[LVWHQĠD XQHL OLQLL VHSDUDWH ³&UHG Fă 6HQD WXO GH DFROR D JUHúLW vQ PRPHQWXO vQ FDUH QX D DFFHSWDW LGHHD Fă HVWH R XQLYHUVLWDWH PXOWLFXOWXUDOă vQ FDUH úL vQ 6HQDW WUHEXLH Vă ¿H UHSUH]HQWDQĠL úL SURIHVRULL PDJKLDUL /D IHO FUHG Fă úL GXPQHDYRDVWUă DĠL JUHúLW FkQG DĠL PHUV SH LGHHD GH D VH IDFH IDFXOWăĠL VHSDUDWH $VWD H SăUHUHD PHD (X FUHG Fă vQ DFHHDúL IDFXOWDWH WUHEXLH Vă H[LVWH úL OLQLH VHSDUDWă FXP H[LVWă OD %DEHú %RO\DL úL Vă DYHĠL UHSUH]HQWDUH vQ 6HQDW 'DU PRPHQ WXO vQ FDUH R SDUWH D PHUV vQWU R H[WUHPă GXPQHDYRDVWUă DĠL PHUV vQ H[WUHPD FHDODOWă úL FHL FDUH DX FHO PDL PXOW GH SLHUGXW VXQW GH IDSW VWXGHQĠLL GH DFROR´ D GHFODUDW 9LF WRU 3RQWD FLWDW GH $JHUSUHV ³7UHEXLH Vă QH JkQGLP FXP IDFHP Vă R SăVWUăP PXOW PDL H¿FLHQWă GHFkW GDFă DP vPSăUĠL R VDX GDFă DP OăVD vQ FRQGXFHUHD 6HQDWXOXL QXPDL SUR IHVRUL URPkQL FHHD FH LDUăúL QX H vQ UHJXOă´ D PDL VSXV SUHPLHUXO 6 7

5HYL]LH JHQHUDOă OD $]RPXUHú ÌQFHSkQG FX PLMORFXO OXQLL LXOLH LQVWDODĠLLOH FRPELQDWXOXL FKLPLF $]RPXUHú 7kUJX 0X UHú DX LQWUDW vQ UHYL]LH JHQHUDOă RSHUDĠLXQH FDUH LPSOLFă RSULUHD WXWXURU HFKLSDPHQWH ORU ³6H XUPăUHúWH SULQ DFHDVWă DFWLYLWDWH LQVSHFĠLD úL UHPHGLHUHD XQRU HFKLSDPHQWH FDUH QHFHVLWă R UHYL]LH SHULRGLFă SHQWUX D DVLJXUD RGDWă FX UHSRUQLUHD LQVWDODĠLLORU XQ ÀX[ FRQWLQXX GH SURGXFĠLH´ D GHFODUDW 2YLGLX 0DLRU 35 PDQDJHU DO FRPELQDWXOXL $]RPXUHú 7kUJX 0XUHú 6 *


ùWLUL 'H ]LXD VD VHQDWRUXO )UXQGD YUHD OLQLúWH

6HQDWRUXO 8'05 )UXQGD *\RUJ\ D vP SOLQLW LHUL YkUVWD GH GH DQL SULOHM FX FDUH D SULPLW QXPHURDVH IHOLFLWăUL vQ OLPEL GLYHUVH SH SDJLQD VD GH )DFHERRN &RQWDFWDW GH Ä=L GH =L´ SROLWLFLDQXO D PXOĠXPLW SHQWUX XUăUL úL D WUDQVPLV WXWXURU PXUHúHQLORU Vă DLEă SDUWH GH R YDUă FkW PDL OLQLúWLWă GLQ WRDWH SXQF WHOH GH YHGHUH ³/H PXOĠXPHVF WXWXURU FHORU FDUH P DX IHOLFLWDW úL OH WUDQVPLW Vă DLEă PLQWHD OLPSHGH OD YRWXO GLQ LXOLH Vă DLEă XQ DXJXVW FkW PDL SOăFXW FDOG úL OLSVLW GH JkQGXUL UHOH úL GHVLJXU XQ YLLWRU GLQ FDUH Vă OLSVHDVFă VFDQGD OXULOH úL QHvQĠHOHJHULOH SROLWLFH´ D GHFODUDW )UXQGD *\RUJ\ 5HGDFĠLD Ä=L GH =L´ vQ WUDQVPLWH vQFă R GDWă VHQDWRUXOXL PXOWă VăQăWDWH úL WUDGLĠLRQDOXO Ä/D PXOĠL DQL ´ 6 7

9DVLOH *OLJD PkQGUX GH 6LJKLúRDUD 3UHúHGLQWHOH LQWHULPDU DO 36' 0XUHú GHSXWDWXO 9DVLOH *OLJD D SDUWLFLSDW VkP EăWă LXOLH OD FHUHPRQLD GH GHFHUQDUH D 3UHPLXOXL (XURSHL SHQWUX PXQLFL SLXO 6LJKLúRDUD SULOHM FX FDUH D WUDQVPLV IHOLFLWăUL SULPDUXOXL ,RDQ 'RULQ 'ăQHúDQ ³6XQW EXFXURV Fă DP SDUWLFLSDW OD XQ PR PHQW IRDUWH LPSRUWDQW SHQWUX XQ EXQ FROHJ úL SULHWHQ 'RULQ 'ăQHúDQ SH FDUH vO IHOLFLW SHQWUX WRW FH D UHDOL]DW SHQWUX PXQLFLSLXO 6LJKLúRDUD 0 DP VLPĠLW PkQ GUX Fă VXQW SHUVRDQă SXEOLFă úL FHWăĠHDQ DO MXGHĠXOXL 0XUHú $P UHDOL]DW Fă vQWU DGHYăU VH SRDWH IDFH R LPDJLQH EXQă ĠăULL GH XQ RUDú FD 6LJKLúRDUD $YHP WUDGLĠLH LVWRULH úL PHULWăP XQ VWDWXW GHRVHELW vQ (X URSD´ D GHFODUDW 9DVLOH *OLJD 6 7

9HQLWXULOH MXGHĠXOXL GLQ SODQL¿FDUH 9HQLWXULOH EXJHWXOXL MXGH ĠHDQ DX IRVW DSUREDWH OD XQ QLYHO GH OHL SHQWUX DQXO GLQ FDUH OHL SHQWUX SULPHOH GRXă WULPHVWUH ÌQFDVăULOH UHDOL]DWH DX IRVW GH OHL UHSUH]HQWkQG GLQ SODQL¿FDUHD WULPHVWULDOă ³$G PLQLVWUDUHD úL XWLOL]DUHD UHVXUVHORU V D IăFXW FX UHVSHFWDUHD /HJLL QU D ¿QDQĠHORU SXEOLFH ORFDOH FX PRGL¿FăULOH úL FRPSOHWăULOH XOWHULRD UH D /HJLL QU D FRQWDELOLWăĠLL XWLOL]kQG LQGL FDWRULL GLQ VLVWHPXO ¿ QDQ ĠHORU SXEOLFH UHVSHFWkQG SURFHGXULOH úL SULQFLSLLOH FRQ WDELOH VSHFL¿F´ D SUHFL]DW %DUWKD ,RVLI GLUHFWRU vQ FDGUXO &RQVLOLXOXL -XGHĠHDQ 0XUHú 6 7

3RG QRX OD $SROG" &RQVLOLHULL MXGHĠHQL YRU GH]EDWH MRL LXOLH SURLHFWXO SULYLQG DSUREDUHD GRFXPHQWDĠLHL WHKQLFR HFRQRPLFH úL LQ GLFDWRULL WHKQLFR HFRQRPLFL DL LQYHVWLĠLHL ³3RG GLQ EHWRQ DUPDW SHVWH 9DOHD ùDHú SH '- OLPLWD MXGHĠXOXL 6LELX $SROG 6LJKLúRDUD '1 NP MXGHĠXO 0XUHú¶¶ YDORDUHD WRWDOă D LQYHVWLĠLHL FX 79$ LQFOXV ¿LQG GH OHL ³3RG XO DUH R OXQJLPH WRWDOă GH PHWUL R OăĠLPH GH PHWUL GLQ FDUH OăĠLPHD SăUĠLL FDURVDELOH HVWH GH PHWUL ÌQăOĠLPHD OLEHUă VXE SRG HVWH GH FLUFD FLQFL PHWUL´ D SUHFL]DW 2YLGLX 'DQFX YLFHSUHúHGLQWH DO &RQVLOLXOXL -XGHĠHDQ 0XUHú 3RWULYLW H[ SXQHULL GH PRWLYH ¿UPD GH SURLHFWDUH 6& *HRUJH &RQVWUXFW 65/ GLQ 7kUJX 0XUHú YD SURSXQH GRXă YDULDQWH XQD GHUHDELOL WDUH D SRGXOXL H[LVWHQW SH DPSODVDPHQWXO DFWXDO úL FHD GH D GRXD GH FRQVWUXLUH D XQXL SRG QRX 6 7

" LXOLH "

32/,7,&Ă

)UXQGD úL %DúD FHL PDL ERJDĠL 6ăSWăPkQDOXO Ä=LDUXO GH 0XUHú´ Yă SUH]LQWă R VLQWH]ă D VLWXDĠLHL PDWHULDOH D FHORU GHSXWDĠL úL VHQDWRUL GH 0XUHú UHDOL]DWă GXSă GHFODUDĠLLOH GH DYHUH SX EOLFDWH OD PLMORFXO DFHVWHL OXQL SH VLWH XO 3DUODPHQWXOXL 5RPkQLHL 3HWUX %DúD 3'/ SURSULHWDU D SDWUX LPRELOH GH ORFXLW úL FUHGLWH DFRUGDWH XQRU GLYHUVH VRFLHWăĠL vQ YDORDUH GH SHVWH PLOLR DQH GH OHL %RUEHO\ /DV]OR 8'05 GHúL D DYXW GRXă VDODULL IUXPXúHOH D IRVW GHSăúLW FODU OD FDSLWROXO Ä9HQLWXUL´ GH VRĠLD VD DQJDMDWă D 5DGLRGLIX]LXQLL

)UXQGD *\RUJ\ 8'05 SHVWH PLOL RDQH GH OHL GHĠLQXWH vQ GLYHUVH GHSR]LWH EDQFDUH 9DVLOH *OLJD 36' YHQLWXUL GH GH OHL vQ XOWLPXO DQ ¿VFDO &RUQHOLX *URVX 8135 SRVHVRUXO XQRU FăUĠL vQ YDORDUH GH GH HXUR úL D XQRU DFĠLXQL OD 6RFLHWH *HQHUDOH 6$ 3DULV HYDOXDWH OD DFHDúL VXPă GH HXUR .HOHPHQ $WLOOD 8'05 GHĠLQH GRXă DXWRWXULVPH GRXă WUDF WRDUH XQ WDEORX vQ YDORDUH GH GH HXUR úL GH HXUR vQ FRQW .HUHNHV .DURO\ 8'05 DUH SDWUX

GHSR]LWH EDQFDUH vQ YDORDUH WRWDOă GH GH OHL úL GH HXUR 0DUNR %HOD 8'05 LQGHPQL]DĠLH GH QDEDE SHQWUX IXQFĠLD GH SUHúHGLQWH DO 8QL XQLL OHL OXQDU 'RUX 2SULúFDQ 3'/ DSDUWDPHQW YkQGXW FX GH HXUR GDWRULL OD EDQFă GH GH HXUR 9LFWRU 6RFDFLX 36' SURSULHWăĠL úL EXQXUL PDWHULDOH PDL SXĠLQH GXSă GHVSăUĠLUHD GH 0DULQD $OPăúDQ 7RDGHU 6WURLDQ 3'/ PDL VăUDF FX GH OHL FRPSDUDWLY FX DQXO $OH[ 727+

3HWUX %DúD FUHGLWRU GH PLOLRDQH GH OHL

%RUEHO\ /DV]OR VXUFODVDW GH VRĠLH OD VDODULX

0XOWLWXGLQH GH FOăGLUL GHĠLQXWH GH VHQDWRUXO 3'/ 3HWUX %DúD XQ DSDUWDPHQW GH PS vQ 7kUJX 0XUHú úL FkWH R FDVă GH OR FXLW vQ $OEHúWL PS 6LJKLúRDUD PS úL 6LJKLúRDUD PS SUHFXP úL WHUHQXUL vQ 7kUJX 0XUHú PS 6LJKLúRDUD PS $OEHúWL PS úL 9kQăWRUL PS 6HQDWRUXO GHPRFUDW OLEHUDO IRORVHúWH XQ DXWRWXULVP $XGL $ SXV OD GLVSR]LĠLH GH 6& 7HOHVRQ 65/ DUH FRQWXUL úL GHSR]LWH EDQFDUH vQ YDORDUH GH GH OHL XQXO vQ YDORDUH GH GH OHL GHVFKLV vQ SUHFXP úL R OLVWă LPSUHVLRQDQWă GH vPSUXPXWXUL DFRUGDWH vQ QXPH SHUVRQDO GXSă FXP XUPHD]ă OHL OD 6& 7HOHVRQ 65/ GH OHL OD 6& 9HVDWHO 65/ GH OHL OD 6& (GLWXUD 0XUHúHDQă 65/ GH OHL OD 6& (GLSUHV 7LSR 65/ úL GH OHL OD 6& .HUPHW 65/ 3HWUX %DúD D UDSRUWDW YHQLWXUL GH GH OHL GH OD 6HQDWXO 5RPkQLHL úL GH OHL UHSUH]HQWkQG GLYLGHQGH GH OD 6& 9HVD WHO 65/ &RPSDUDWLY FX GHFODUDĠLD GH DYHUH GLQ LXOLH Q DP PDL JăVLW ³EXQXUL PRELOH LQFRUSRUDELOH´ vQ YDORDUH GH GH OHL úL ÄDOWH EXQXUL PRELOH´ vQ YDORDUH GH GH OHL

$QXO D vQVHPQDW SHQ WUX GHSXWDWXO %RUEHO\ /DV]OR R H[WLQGHUH D SURSULHWăĠLORU FX R FDVă GH ORFXLW GHĠLQXWă vPSUHXQă FX VRĠLD GH PS úL XQ DSDUWDPHQW SULPLW PRúWHQLUH LPRELOH FDUH VH DOăWXUă XQHL FDVH GH ORFXLW GH PS FXPSăUDWă vQ /D DFHVWHD VH DGDXJă GRXă WHUHQXUL vQ LQWUDYLODQXO PXQLFLSLXOXL 7kUJX 0XUHú GHĠLQXWH vPSUHXQă FX VRĠLD FXPSăUDWH vQ DQXO PS úL PS ÌQ FHHD FH SULYHúWH DFWLYHOH ¿QDQFLDUH IRVWXO PLQLVWUX DO 0HGLXOXL D UDSRUWDW FRQWXUL GH GH OHL úL GH HXUR YDORDUH DFHVWRUD ¿LQG PXOW PDL PLFă GHFkW FHOH UD SRUWDWH vQ LXOLH GH OHL úL GH OHL 'H DVHPHQHD GHSXWDWXO 8'05 PDL GHĠLQH XQ DXWRWXULVP /H[XV *6 DQ GH IDEULFDĠLH úL ELMXWHULL vQ YDORDUH GH GH HXUR ,QWHUH VDQW GHúL D IRVW PLQLVWUX úL D PDL DYXW XQ YHQLW IUXPXúHO úL GH OD 8'05 %RUEHO\ /DV]OR D IRVW GHSăúLW FODU GH VRĠLD VD OD FDSLWROXO Ä6DODULL´ $VWIHO YLFHSUHúHGLQWHOH SROLWLF DO 8'05 D DYXW VDODULL GH GH OHL vQ FDOLWDWH GH PLQLVWUX DO 0HGLXOXL úL 3ăGXULORU úL GH GH OHL GH OD 8'05 vQ WLPS FH VRĠLD VD D FkúWLJDW QX PDL SXĠLQ GH GH OHL GH OD 5DGLRGLIX]LXQH vQ FRQGLĠLLOH vQ FDUH VDODULXO DFHVWHLD GLQ DQXO DQWHULRU D IRVW GH GH OHL

)UXQGD *\RUJ\ SHVWH PLOLRDQH GH OHL vQ FRQWXUL

9DVLOH *OLJD YHQLWXUL DQXDOH GH GH OHL

&D úL vQ DQXO SUHFH GHQW FHD PDL VWXIRDVă GHFODUDĠLH GH DYHUH QX PDL SXĠLQ GH RSW SDJLQL R FRQVHPQăP vQ GUHS WXO VHQDWRUXOXL 8'05 )UXQGD *\RUJ\ 3ROLWL FLDQXO GHĠLQH DOăWXUL GH DOĠL PHPEULL DL IDPLOLHL WUHL DSDUWDPHQWH úL GRXă FDVH vQ 7kUJX 0XUHú R FDVă GH YDFDQĠă GH PS vQ &kPSXO &HWăĠLL SUHFXP úL R VXPHGHQLH GH WHUHQXUL vQ &kPSXO &HWăĠLL PS (UQHL KD úL 7kUJX 0XUHú PS 6HQDWRUXO 8'05 PDL DUH ELMXWHULL IDPLOLDOH vQ YDORDUH GH GH HXUR SDWUX FHDVXUL PRúWHQLWH GH OD PDPD VD vQ YDORDUH WRWDOă GH GH HXUR WDEORXUL JUDYXUL VFXOSWXUL úL VWDWXL vQ YDORDUH WRWDOă GH SHVWH GH HXUR SUH FXP úL XQ FHDV )UHGHULTXH &RQVWDQW HVWLPDW OD YDORDUHD GH GH HXUR ÌQ FHHD FH SULYHúWH FRQWXULOH úL GHSR]LWHOH EDQFDUH DOH OXL )UXQGD *\RUJ\ DP QXPăUDW QX PDL SXĠLQ GH vQ YDORDUH WRWDOă GH PLOLRDQH GH OHL úL SHVWH GH HXUR OD FDUH VH DGDXJă DOWH GHĠLQXWH GH VRĠLH úL ¿LFH vQ YDORDUH WRWDOă GH GH OHL GH HXUR úL 86' 'H DVHPHQHD OD FDSLWROXO ³SăUĠL VRFLDOH GHĠLQXWH OD GLYHUVH ¿UPH´ DFHVWHD DX XUPăWRDUHOH YDORUL GH OHL OD 2UWRSUR¿O 3URG 5RPDQLD 65/ GH OHL OD 2UWRSUR¿O &RP 65/ GH OHL OD 2UWR PHGL 65/ GH OHL OD $ODPR ,PSH[ 65/ úL GH OHL OD )LVFK 3XEOLFLW\ 65/ ÌQ ¿QH YHQLWXULOH REĠLQXWH GH VHQDWRUXO 8'05 vQ XOWLPXO DQ VXQW XUPăWRDUHOH GH OHL VDODULXO GH VHQDWRU GH OHL YHQLWXUL GH OD FDELQHWXO LQGLYLGXDO GH DYRFDWXUă GH OHL GLYLGHQGH GH OD 2UWRSUR¿O 3URG 5RPDQLD 65/ úL GH OHL GLYLGHQGH GH OD 2UWRPHGL 65/

'HSXWDWXO 36' 9DVLOH *OLJD GHĠLQH R FDVă GH ORFXLW GH PS vQ 5HJKLQ úL GLYHUVH VXSUDIHĠH GH WHUHQ DJUL FRO úL IRUHVWLHU vQ %UHD ]D KD 9RLYRGHQL KD *ORGHQL KD )ăUăJăX KD /XQFD %UDGXOXL KD 7RSOLĠD KD úL 5HJKLQ KD 6LQJXUD PRGL¿FDUH LPSRU WDQ Wă FRPSDUDWLY FX GHFOD UDĠLD GH DYHUH GLQ LXOLH HVWH WULS OD GRQDĠLH IăFXWă vQ GH FHPEULH FăWUH ¿XO VăX 9DVLOH &ULVWLDQ *OL JD R FDVă GH YDFDQĠă vQ 7kUJX 0XUHú SUHFXP úL R FDVă GH ORFXLW úL XQ WHUHQ DJULFRO DPEHOH vQ 5HJKLQ 3UHúHGLQWHOH LQWHULPDU DO 36' 0XUHú D UDSRUWDW XQ DXWRWXULVP PDUFD 6X]XNL 9LWDUD DQ GH IDEULFDĠLH DFĠLXQL GHĠLQXWH OD GLYHUVH VRFLHWăĠL GXSă FXP XUPHD]ă *OLJD ,QVWUXPHQWH 0X]LFDOH 6$ GH OHL 5RFUHG LW ,)1 6$ GH OHL *HQLDO 9LROLQV 65/ GH OHL úL *(9 ,PRE 65/ GH OHL SUHFXP úL R GDWRULH GH OXQDU QX VH VSHFL¿Fă PRQHGD OD %&5 5HJKLQ ÌQ FHHD FH SULYHúWH YHQLWXULOH UHDOL]DWH vQ XOWLPXO DQ DP FRQ VHPQDW XUPăWRDUHOH VXPH GH OHL LQGHPQL]DĠLD GH GHSXWDW GH OHL SHQWUX vQFKLULHUHD XQRU WHUHQXUL FăWUH RSHUDWRUL GH WHOHIRQLH PRELOă GH OHL GLQ YHQLWXUL DJULFROH GH OHL DFĠLXQL OD *OLJD ,QVWUXPHQWH 0X]L FDOH 6$ GH OHL SăUĠL VRFLDOH OD *(9 ,PRE 65/ úL GH OHL DFĠLXQL OD 5RFUHGLW ,)1 6$

&RUQHOLX *URVX DFĠLRQDU OD 6RFLHWH *HQHUDOH 3DULV ÌQ FHHD FH SULYHúWH DYHUHD VHQDWRUXOXL 8135 &RUQHOLX *URVX DFHDVWD Q D VXIHULW DSURDSH QLFLR PRGL¿FDUH vQ FRPSDUDĠLH FX DQXO SUHFHGHQW R FDVă GH ORFXLW GH PS vQ 7kUJX 0XUHú úL R FDVă GH YDFDQĠă GH PS OD %LVWUD 0XUHú SUHFXP úL PDL PXOWH FDWHJRULL GH WHUHQXUL vQ %LVWUD 0XUHú 7kUJX 0XUHú /LYH]HQL úL ùăXOLD 6HQDWRUXO PDL GHĠLQH XQ DXWRWXULVP $XGL $ DQ GH IDEULFDĠLH WDEORXUL úL XQ SLDQ vQ YDORDUH GH GH HXUR FăUĠL vQ YDORDUH GH GH HXUR úL DFĠLXQL OD 6RFLHWH *HQHUDOH 6$ 3DULV HYDOXDWH OD GH HXUR ÌQ XOWLPXO DQ ¿VFDO &RUQHOLX *URVX D REĠLQXW YHQLWXUL VDODULDOH vQ YDORDUH GH GH OHL GH OD 6HQDWXO 5RPkQLHL úL GH OHL GH OD 8QLYHUVLWDWHD ³3HWUX 0DLRU´ GLQ 7kUJX 0XUHú


$'0,1,675$ğ,(

" LXOLH "

,RDQ 2OWHDQ FRQWLQXă SURLHFWHOH 3ULPDUXO UHDOHV DO FRPX QHL &XFHUGHD ,RDQ 2OWHDQ HVWH RSWLPLVW vQ FHHD FH SULYHúWH FRQWLQXDUHD SUR LHFWHORU vQFHSXWH vQ DQLL WUHFXĠL GDU úL vQ GHPDUD UHD XQRU QRL LQYHVWLĠLL vQ LQIUDVWUXFWXUD ORFDOLWăĠLL SH FDUH R JRVSRGăUHúWH 5HSRUWHU &X FH JkQGXUL SRUQLĠL OD GUXP vQWU XQ QRX PDQGDW GH SUL PDU" ,RDQ 2OWHDQ &X JkQGXO RPXOXL vQFUH ]ăWRU úL FX VSHUDQĠD Fă YRL SXWHD Vă SUR PRYH] LQYHVWLĠLL vQ FRPXQă vQ VSHFLDO FDQDOL]DUHD NLORPHWUL FX VWDĠLL GH HSXUDUH úL DVIDOWDUHD SH R OXQJLPH GH NLORPHWUL vQ ORFDOLWăĠLOH DSDUĠLQăWRDUH FR PXQHL &XFHUGHD 8Q DOW RELHFWLY SH FDUH vO DP SHQWUX DFHVW PDQGDW HVWH DOLPHQ WDUHD FX DSă D ORFDOLWăĠLL %RUG úL GHVLJXU Vă ¿ QDOL]ăP XQHOH OXFUăUL vQFHSXWH úL QH¿ QDOL]DWH DÀ DWH VXE FRQWUDFW Pă UH IHU OD UHDELOLWDUHD ùFROLORU *HQHUDOH GLQ &XFHUGHD úL ùHXOLD GH 0XUHú vQFHSXWH GDU QH¿ QDOL]DWH GLQ FDX]D OLSVHL ¿ QDQĠăULL SUHFXP úL UHDELOLWDUHD VWUă]LORU úL XOLĠHORU úL D DOHLORU SLHWRQDOH vQ ùHXOLD GH 0XUHú úL &XFHUGHD 5HS &XP V D GHUXODW SULPD úH GLQĠă GH &RQVLOLX /RFDO vQ QRXD IRUPXOă" , 2 ùHGLQĠD GH FRQVWLWXLUH D &RQVLOLXOXL /RFDO D GHFXUV QRUPDO VXEVHPQDWXO úL FRQVLOLHULL ORFDOL DX GHSXV MXUăPkQWXO DX IRVW YDOLGDĠL WRĠL FHL FRQVLOLHUL ORFDOL V D VWDELOLW QXPăUXO GH FRPLVLL GH VSHFLDOL WDWH V D DOHV úL FRPSRQHQĠD DFHVWRUD 'LQ SăFDWH OD XQ PRPHQW GDW PHPEUL 3'/

ùWLUL 9DUD UHGXFHULORU OD 3URPHQDGD 0DOO 3URPHQDGD 0DOO 7kUJX 0XUHú SDUWLFLSă vQ SHULRDGD LXOLH ± DX JXVW OD FDPSDQLD ³9DUD UHGXFHULORU OD 3URPHQDGD 0DOO´ vQ FDGUXO FăUHLD FOLHQĠLL VXQW LQYLWDĠL Vă SUR¿ WH GH VX SHU RIHUWH úL Vă FkúWLJH VăSWăPkQDO GH OHL SHQWUX úL PDL PXOWH FXPSăUăWXUL $VWIHO LQWHUQDXĠLL FDUH YRU GD ³VKDUH´ úL ³OLNH´ OD D¿ úXO FDP SDQLHL SRVWDW SH SDJLQD GH )DFHERRN D 3URPHQDGD 0DOO 7kUJX 0XUHú SRW FkúWLJD XQXO GLQ FHOH GH ELOHWH OD &LQHPD &LW\ YDODELOH SHQWUX RULFH ¿ OP H[FHSWkQG ' GLIX]DW OD RULFH RUă FX YDODELOLWDWH SkQă OD GDWD GH LXOLH ([WUDJHUHD úL SXEOLFDUHD FkúWLJăWRULORU YD DYHD ORF OXQL LXOLH OD RUD 6 7

,RDQ 2OWHDQ SULPDUXO FRPXQHL &XFHUGHD

$ IXUDW GH SODQWH GH WXWXQ DX SăUăVLW VDOD GXSă VWDELOLUHD FRPLVLHL GH EXJHW ¿ QDQĠH 5HS &LQH D IRVW DOHV YLFHSULPDU" , 2 9LFHSULPDU D IRVW DOHV $XJXVWLQ &R PDQ IRVWXO YLFHSULPDU 5HS &H SăUHUH DYHĠL GHVSUH UHIH UHQGXPXO GLQ LXOLH" , 2 'HúL IDF SDUWH GLQ 86/ YUHDX Vă FRQVHPQDĠL Fă SăUHUHD PHD OD DFHDVWă vQWUHEDUH HVWH DEVROXW SHUVRQDOă úL QX YUHDX Vă YRUEHVF vQ QXPHOH 86/ 'DWRULWă HYHQLPHQWHORU SROLWLFH HFRQRPLFH úL VWăULL vQ FDUH VH DÀ ă 5RPkQLD FUHG Fă WUHEXLH R VFKLPEDUH vQWUXFkW PHVDMXO GDW GH SRSXODĠLH OD DOHJHULOH ORFDOH GLQ LXQLH FHO GH VFKLPEDUH WUHEXLH GXV SkQă OD FDSăW vQ VHQVXO vQ FDUH FUHG Fă DU ¿ QHFHVDUă úL VFKLPEDUHD SUHúHGLQWHOXL DVWIHO vQFkW Vă YLQă OD &RWURFHQL XQ QRX SUHúHGLQWH FDUH Vă VH SOLH]H SH DFHDVWă LGHH GH VFKLPEDUH 1XWUHVF VSHUDQĠD Fă GXSă DOHJHULOH GLQ WRDPQă Vă LQWUăP SH

XQ IăJDú QRUPDO úL Vă XUPăP R VWUDWHJLH OD QLYHO QDĠLRQDO FDUH Vă ĠLQă FRQW úL GH ORFDOLWăĠLOH PLFL DúD FXP VXQWHP QRL 'H DVHPHQHD FUHG Fă XQ SUHúHGLQWH XQ SULPDU FDUH HVWH DOHV DU WUHEXL FUHGLWDW SkQă OD VIkUúLWXO PDQGDWXOXL XUPkQG FD SULQ YRW FHWăĠHQLL Vă vO VDQFĠLRQH]H VDX Vă vO DSUHFLH]H 5HS &kW GH LPSRUWDQWă HVWH SUH ]HQĠD OD UHIHUHQGXP" , 2 &UHG Fă DYHP REOLJDĠLD Vă QH SUH]HQWăP OD YRW SHQWUX Fă vQ PRPHQWXO vQ FDUH VH SUH]LQWă OD XUQH XQ SURFHQW FkW PDL PDUH GH DWXQFL UHIHUHQGXPXO YD SULPL R OHJLWLPLWDWH Fă UHSUH]LQWă R PDVă FkW PDL PDUH D SRSXODĠLHL 'HJHDED VWăP GHRSDUWH úL FULWLFăP úL DUăWăP FX GH JHWXO IăUă Vă SDUWLFLSăP vQ PRG DFWLY OD YLDĠD SROLWLFă ÌQ PRPHQWXO vQ FDUH QH DP SUH]HQWDW OD YRW FUHG Fă DYHP GUHSWXO Vă úL SXQHP vQWUHEăUL $ FRQVHPQDW $OH[ 727+

/XFUăWRULL 6HFĠLHL GH 3ROLĠLH 5XUDOă %DQG DX IRVW VHVL]DĠL PLHUFXUL LXOLH GH FăWUH XQ ORFDOQLF GH VSUH IDSWXO Fă vQ SHULRDGD LXOLH GH SH SODQWDĠLD GH WXWXQ VLWXDWă SH UD]D FRPXQHL %DQG VDW 0ăUăúHúWL L DX IRVW VXVWUDVH PDL PXOWH SODQWH ÄÌQ XUPD FHUFHWăULL OD IDĠD ORFXOXL V D FRQVWDWDW IDSWXO Fă GH SH SODQWDĠLH DX IRVW FXOHVH XQ QXPăU GH DSUR[LPDWLY GH SODQWH GH WXWXQ vQ FDQWLWDWH GH DSUR[L PDWLY NLORJUDPH SUHMXGLFLXO ¿ LQG GH FLUFD GH OHL ÌQ XUPD LQYHVWLJDĠLLORU HIHFWXDWH vQ GDWD GH LXOLH V D UHXúLW LGHQWL¿ FDUHD VXV SHFWXOXL vQ FD]XO IXUWXOXL XQ FRSLO vQ YkUVWă GH DQL GLQ FRPXQD %DQG ¿ LQG UHFXSHUDWă FDQWLWDWHD GH WUHL NL ORJUDPH IUXQ]H GH WXWXQ´ D SUHFL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7


" LXOLH "

ùWLUL 3UHJăWLUL OD VHFĠLLOH GH YRWDUH

'REUH OREE\ OD 3RQWD SHQWUX SURLHFWHOH MXGHĠXOXL 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ &- 0XUHú &LSULDQ 'REUH D GLVFXWDW VkPEăWă LXOLH OD 0LHUFXUHD &LXF FX SUHPLHUXO 9LFWRU 3RQWD GHVSUH SULQFLSDOHOH SUR

3RWULYLW SUHYHGHULORU DUWLFROXOXL DOLQHDW GLQ +RWăUkUHD *XYHUQXOXL QU GLQ LXOLH SHQWUX VWD ELOLUHD PăVXULORU WHKQLFR RUJDQL]D WRULFH SULYLQG UHIHUHQGXPXO QDĠLRQDO GLQ GDWD GH LXOLH SHQWUX GHPLWHUHD SUHúHGLQWHOXL 5RPkQLHL GL UHFWRULL XQLWăĠLORU GH vQYăĠăPkQW GLQ MXGHĠXO 0XUHú VXQW UXJDĠL Vă DVLJXUH VSDĠLLOH FRUHVSXQ]ăWRDUH SHQWUX EXQD GHVIăúXUDUH D UHIHUHQGXPXOXL IăUă D VFKLPED ORFXO VWDELOLW SHQWUX VHFĠLLOH GH YRWDUH ³ÌQ XQLWăĠLOH úFRODUH XQGH VH IDF OXFUăUL GH LJLHQL]DUH YHĠL OXD PăVXUL FD DFHVWHD Vă QX DIHFWH]H VXE QLFLR IRUPă GHVIăúXUDUHD UHIHUHQGXPXOXL´ D SUH FL]DW SH VLWH XO ,QVSHFWRUDWXOXL ùFRODU -XGHĠHDQ 0XUHú SURI ùWHIDQ 6RPHúDQ LQVSHFWRU úFRODU JHQHUDO 6 7

'UXPXO VSUH /ăSXúQD SUHOXDW GH &-" &RQVLOLHULL MXGHĠHQL YRU GHFLGH MRL LXOLH GDFă YRU UHWUDJH VDX QX GUHSWXO GH DGPLQLVWUDUH vQFUHGLQĠDW 0LQLVWHUX OXL 'H]YROWăULL 5HJLRQDOH úL 7XULVPXOXL SULQ +RWăUkUHD &RQVLOLXOXL -XGHĠHDQ &- 0XUHú QU GLQ LXQLH DVXSUD VHFWRUXOXL GH GUXP MXGHĠHDQ '- & 5HJKLQ /ăSXúQD NP SUHFXP úL D WHUHQXOXL DIHUHQW DFHVWXLD FH DSDUĠLQH GRPHQLXOXL SX EOLF DO MXGHĠXOXL 0XUHú ³3kQă OD DFHDVWă GDWă FRQWUDFWXO GH H[HFXĠLH DO OXFUăULL QX D IRVW VHPQDW SURFHGXUD ODQVDWă GH 0LQLVWHUXO 'H]YROWăULL 5HJLRQDOH úL 7XU LVPXOXL D IRVW DQXODWă vQ 6($3 OD GDWD GH PDL ´ D SUHFL]DW &LSULDQ 'REUH SUHúHGLQWHOH &- 0XUHú 6 7

0XQLFLSLXO 5HJKLQ DUH KDUWă R¿ FLDOă 3ULPăULD PXQLFLSLXOXL 5HJKLQ DQXQĠă ODQVDUHD R¿ FLDOă D Ä+ăUĠLL PXQLFLSLXOXL 5HJKLQ´ DWkW vQ YDULDQWD HOHFWURQLFă FkW úL FDUWRQDWă UHDOL]DWă GH FăWUH (GL WXUD 6FKXEHUW )UDQ]NH ³)LQDQĠDUHD KăUĠLL R¿ FLDOH D IRVW UHDOL]DWă GH FăWUH IXUQL]RU SULQ LQVHUDUHD vQ SDJLQD KăUĠLL D UHFODPHORU SXEOLFLWDUH FRPDQ GDWH GH DJHQĠLL HFRQRPLFL ORFDOL 5HD OL]DUHD úL OLYUDUHD KăUĠLL FăWUH 3ULPăULD PXQLFLSLXOXL 5HJKLQ V D IăFXW vQ PRG JUDWXLW DFHDVWD YD ¿ GLVWULEXLWă WX WXURU LQVWLWXĠLLORU SXEOLFH VXERUGRQDWH DJHQĠLORU HFRQRPLFL FDUH DX ¿ QDQĠDW DFHVW SURLHFW WXWXURU FHORU LQWHUHVDĠL´ VH DUDWă vQWU XQ FRPXQLFDW UHPLV GH %LURXO GH SUHVă DO 3ULPăULHL PXQLFLSL XOXL 5HJKLQ 6 7

7ăLD DUERUL IUDXGXORV /XFUăWRULL 6HFĠLHL GH 3ROLĠLH 5XUDOă 'HGD DX IRVW VHVL]DĠL PLHUFXUL LXOLH GH FăWUH WHKQLFLDQXO UHVSRQVDELO FX SD]D 2FROXOXL 6LOYLF /XQFD %UDGXOXL FX SULYLUH OD IDSWXO Fă vQ ]RQD QXPLWă ³)HULJL´ VLWXDWă SH UD]D FRPXQHL /XQFD %UDGXOXL V DX FRQVWDWDW WăLHUL GH DUERUL vQ PRG IUDXGXORV ³/D IDĠD ORFXOXL V D GHSODVDW HFKLSD RSHUDWLYă GLQ FDGUXO 6HFĠLHL GH 3ROLĠLH 5XUDOă 'HGD vPSUHXQă FX OXFUăWRUL DL 2FROX OXL 6LOYLF /XQFD %UDGXOXL ¿ LQG FRQ VWDWDW IDSWXO Fă V DX WăLDW IăUă GUHSW XQ QXPăU GH WUHL DUERUL VSHFLD IDJ vQ FDQWLWDWH GH PHWUL FXE ÌQ XUPD LQYHVWLJDĠLLORU HIHFWXDWH D IRVW LGHQ WL¿ FDW VXVSHFWXO vQ YkUVWă GH DQL IDĠă GH FDUH V D vQWRFPLW GRVDU SHQDO FDQWLWDWHD GH PDWHULDO OHPQRV JăVLWă OD ORFXO IDSWHL ¿ LQG OăVDWă vQ FXVWRGLH 2FROXOXL 6LOYLF /XQFD %UDGXOXL´ D SUH FL]DW FRPLVDU úHI /LYLD 3RSD SXUWăWRU GH FXYkQW DO ,QVSHFWRUDWXOXL GH 3ROLĠLH -XGHĠHDQă 0XUHú 6 7

32/,7,&Ă

6SULMLQ GLQ SDUWHD SUHPLHUXOXL ³$P YUXW Vă YLQ DVWă]L DLFL SHQWUX D Yă VSXQH GLUHFW QX SULQ DOW UHSUH]HQWDQW DO *XYHUQXOXL VDX SDUWLGXOXL SH FDUH vO UHSUH]LQW Fă GLQ SXQFWXO PHX GH YHGHUH FD SULP PLQLVWUX DP REOLJDĠLD GH D WUDWD MXGHĠHOH +DUJKLWD &R YDVQD 0XUHú vQ PRG DEVROXW FRUHFW úL FRQVWUXFWLY LQGLIHUHQW GH IDSWXO Fă 8'05 QX PDL HVWH OD JXYHUQDUH VDX D IRVW VDX YD PDL ¿ VDX Fă H[LVWă R DOWă PDMRULWDWH VDX DOWă FRPSR]LĠLH OD %XFXUHúWL $P YUXW Vă YLQ DLFL Vă Yă VSXQ vQFă R GDWă Fă RULFH SUREOHPă D FRQVLOLLORU MXGHĠHQH GLQ +DUJKLWD &RYDVQD úL 0XUHú D SULPDULORU RULFH SUREOHPă DGPLQLVWUDWLYă FRUHFWă HVWH REOLJDĠLD PHD Vă R UH]ROY úL Vă Yă DFRUG VSULMLQXO QHFHVDU ´ 9LFWRU 3RQWD

LHFWH GH GH]YROWDUH DOH MXGHĠXOXL 0XUHú SULPLQG SURPLVLXQL SHQWUX VXVĠLQHUHD DFHVWRUD GH FăWUH *XYHUQXO 5RPkQLHL ³$ IRVW R vQWkOQLUH SH WHPH DGPLQLVWUD WLYH úL PHVDMXO GRPQXOXL 9LFWRU 3RQWD D IRVW DGUHVDW DGPLQLVWUDĠLHL SXEOLFH ORFDOH ÌQ FHHD FH SULYHúWH MXGHĠXO 0XUHú DP GLVFXWDW GHVSUH SULQFLSDOHOH SURLHFWH SH FDUH OH DYHP $P GLVFXWDW GHVSUH DXWR VWUDGD %UDúRY 7kUJX 0XUHú FHQWXULOH GH RFROLUH DOH PXQLFLSLORU 7kUJX 0XUHú úL 5HJKLQ úL GHVSUH GH]YROWDUHD $HURSRUWX OXL Ä7UDQVLOYDQLD ´ ÌQWkOQLUHD D IRVW IRDUWH EHQH¿ Fă SHQWUX UH]ROYDUHD SUR EOHPHORU DGPLQLVWUDĠLHL SXEOLFH ORFDOH LDU GRP QXO 9LFWRU 3RQWD D SURPLV VSULMLQXO DXWRULWăĠLORU GH OD %XFXUHúWL´ D GHFODUDW &LSULDQ 'REUH

³'D´ OD UHIHUHQGXP 3RWULYLW SUHúHGLQWHOXL &- 0XUHú GHúL vQ FDGUXO vQWkOQLULL FX 9LFWRU 3RQWD SUR EOHPD UHIHUHQGXPXOXL GLQ LXOLH QX D IRVW DERUGDWă PHVDMXO 8QLXQLL 6RFLDO /LEHUDOH FăWUH 5RPkQLD UăPkQH DFHODúL SUH]HQĠă PDVLYă OD YRW SHQWUX GHPLWHUHD SUHúHGLQWHOXL 7UDLDQ %ăVHVFX Ä6XQWHP

&LSULDQ 'REUH SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú

GDWRUL Vă PHUJHP WRĠL OD YRW SHQWUX D QH GHVSăUĠL GH XOWLPXO SUHúHGLQWH FRPXQLVW DO ĠăULL´ D VXEOLQLDW &LSULDQ 'REUH $OH[ 727+

3UHPLHUXO 5RPkQLHL LQWHUSHODW GH ,RQHOD &LRWOăXú

3RQWD LQIRUPDW GH FUL]D DSHL FDOGH GLQ 7kUJX 0XUHú 9LFHSULPDUXO 86/ DO PXQLFLSLXOXL 7kUJX 0XUHú ,RQHOD &LRWOăXú L D vQPkQDW VkPEăWă R VFULVRDUH LQIRUPDWLYă SUHPL HUXOXL 9LFWRU 3RQWD vQ FDUH VH VROLFLWă GHEORFDUHD SRVWXULORU SHQWUX vQ¿ LQĠDUHD &RPSDUWLPHQWXOXL (QHUJHWLF DO 3ULPăULHL úL UH]ROYDUHD FUL]HL DSHL FDOGH GLQ PXQLFL SLX Ä$YkQG vQ YHGHUH VLWXDĠLD H[WUHP GH JUDYă vQ FDUH DX DMXQV FHL SHVWH ORFXLWRUL DL PXQLFLSLXOXL 7kUJX 0XUHú GDWRULWă FUL]HL HQHUJHWLFH D OLSVHL FHORU PDL HOHPHQWDUH DWULEXWH DOH FLYLOL]DĠLHL SUHFDULWăĠLL vQ FDUH VXQW REOLJDĠL Vă WUăLDVFă IăUă DSă FDOGă LDU R SDUWH GLQWUH DFHúWLD úL IăUă JD]XO PHWDQ P D GHWHU PLQDW Vă O VHVL]H] SH SUHPLHUXO 9LFWRU 3RQWD vQ FDGUXO vQWkOQLULL SH WHPH DGPL QLVWUDWLYH RUJDQL]DWă OD 0LHUFXUHD &LXF VkPEăWă LXOLH ÌQ FDGUXO DFHVWHL vQWkO QLUL OD FDUH DX SDUWLFLSDW UHSUH]HQWDQĠL

DL DXWRULWăĠLORU ORFDOH úL SULPXO PLQLV WUX 9LFWRU 3RQWD DP DGUHVDW R VHVL]DUH DVXSUD VLWXDĠLHL GH OD 7kUJX 0XUHú VROLFLWkQG VSULMLQ vQ GHEORFDUHD DFHVWHL VLWXDĠLL´ D GHFODUDW YLFHSULPDUXO Ä$P DGUHVDW DVWIHO vQ VFULV R VROLFLWDUH SULQ FDUH DGXF OD FXQRúWLQĠă VLWXDĠLD WHUPLHL vQ 7kUJX 0XUHV VROLFLW PăVXUL GH GHEORFDUH D SRVWXULORU vQ YHGHUHD vQ¿ LQĠăULL FRP SDUWLPHQWXOXL HQHUJHWLF úL GH DVHPHQHD VROLFLW PăVXUL DGPLQLVWUDWLYH GH D VH GLV SXQH XUJHQW DSOLFDUHD SUHYHGHULORU /HJLL QU SULQ VRPDUHD DXWRULWăĠLL SXEOLFH ORFDOH GH D UHOXD VHUYLFLXO SXEOLF GH WHUPLH vQ 7kUJX 0XUHú´ D FRPSOHWDW ,RQHOD &LRWOăXú 3RWULYLW YLFHSULPDUXOXL SUHPLHUXO D SULPLW GRFXPHQWXO FX vQJULMRUDUH úL D SURPLV Fă YD UHPLWH XQ UăVSXQV vQ WLPS FkW PDL XWLO ³'RPQXO SULP PLQLVWUX 9LF

,RQHOD &LRWOăXú YLFHSULPDUXO 86/ DO PXQLFLSLXOXL 7kUJX 0XUHú

WRU 3RQWD D SUHOXDW FX vQJULMRUDUH DFHDVWă VHVL]DUH úL YD SURFHGD OD VROXĠLRQDUHD DFHVWHLD vQ FHO PDL VFXUW WLPS SRVLELO´ D FRQFKLV ,RQHOD &LRWOăXú $OH[ 727+

3RVWXUL GHEORFDWH vQ DGPLQLVWUDĠLH" 3UHúHGLQWHOH LQWHULPDU DO 36' 0XUHú 9DVLOH *OLJD D DSUH FLDW Fă vQWkOQLUHD GH VkPEăWă LXOLH GH OD 0LHUFXUHD &LXF GLQWUH SUHPLHUXO 9LFWRU 3RQWD úL SULPDULL MXGHĠHORU 0XUHú +DUJKLWD úL &RYDVQD D IRVW XQD LVWRULFă DYkQG vQ YHGHUH Fă D DGXQDW OD XQ ORF HGLOL úH¿ GLQ SDUWLGH SROLWLFH GLIHULWH ³$ IRVW R vQWkOQLUH LVWRULFă SHQWUX Fă DWPRVIHUD D IRVW XQD GHRVHELWă 3UDFWLF D IRVW SULPD GDWă FkQG SULPDUL 36' 31/ 3'/ úL 8'05 DX IRVW vPSUHXQă $P VLPĠLW Fă FHYD vL XQHúWH 8Q LGHDO ,GHHD Fă vQ VIkUúLW SULPDULL GH GLIH ULWH HWQLL úL DSDUWHQHQĠH SROL WLFH SRW Vă ¿ H XQLĠL H XQ PDUH FkúWLJ SHQWUX D IDFH FHHD FH H GH IăFXW SHQWUX 5RPkQLD´ D GHFODUDW OLGHUXO 36' 0XUHú ³3UHPLHUXO D DSUHFLDW DFHVWH DVSHFW úL D VXEOLQLDW Fă YD VSUL MLQL FRQWLQXDUHD SURLHFWHORU SULPDULORU GLQ FHOH WUHL MXGHĠH

Ä8QLWDWHD FHWăĠHQLORU YD VDOYD ĠDUD´

3UHPLHUXO 9LFWRU 3RQWD D SURPLV Fă YD JăVL VROXĠLL SHQWUX GHEORFDUHD SRVWXULORU GLQ DGPLQLVWUDĠLD ORFDOă

úL D VSXV Fă YD IDFH WRW FH SRDWH SHQWUX D XUJHQWD GHEORFDUHD IRQGXULORU SURYHQLWH GLQ SUR LHFWH HXURSHQH /D PRPHQ WXO DFWXDO H[LVWă XQ DQXPLW EORFDM DGPLQLVWUDWLY vQ VHQ VXO vQ FDUH vQ VHFWRUXO EXJHWDU )0, QH D LPSXV Vă DQJDMăP R SHUVRDQă OD úDSWH SOHFDWH úL

VXQW SURLHFWH HXURSHQH FDUH LPSXQ LPSOHPHQWDUHD ORU FX FRQGLĠLD Vă VH DQJDMH]H XQ RP VSHFLDO SH SURLHFW FHHD FH SRDWH EORFD SURLHFWXO 3UH PLHUXO D SURPLV SULPDULORU Fă YD JăVL VROXĠLL OD DFHDVWă SUREOHPă´ D FRPSOHWDW GHSX WDWXO VRFLDO GHPRFUDW

3RWULYLW DFHVWXLD SULPDULL DX ULGLFDW SUREOHPH SXQFWXDOH XQD GLQ QHPXOĠXPLULOH FR PXQH YL]kQG QLYHOXO GH VDOD UL]DUH GLQ SULPăULL ³([LVWă PXOWH SHUVRDQH DQJDMDWH vQ VWUXFWXULOH DGPLQLVWUDWLYH DOH SULPăULLORU FX VWXGLL VXSH ULRDUH GDU FX VDODULL GH GH OHL IDSW FDUH GLPLQXHD]ă FDOLWDWHD DFWXOXL DGPLQLVWUDWLY´ D VXEOLQLDW 9DVLOH *OLJD Ä3ULPDULL DX SOH FDW GH OD vQWkOQLUH vQFUH]ăWRUL Fă VH SRDWH FRODERUD úL SH LXOLH GDWă OD FDUH YD ¿ R PR ELOL]DUH PDVLYă D WXWXURU FHWăĠHQLORU úL UHIHUHQGXPXO YD UHXúL LDU SUHúHGLQWHOH 7UDLDQ %ăVHVFX YD ¿ GHPLV 8QLWDWHD FHWăĠHQLORU URPkQL YD VDOYD VLWXDĠLD vQ FDUH VH DÀ ă ĠDUD´ D PDL VSXV SUHúHGLQWHOH 36' 0XUHú $OH[ 727+


&LRWOăXú vL VFULH OXL 3RQWD 9LFHSULPDUXO 86/ DO PXQLFLSLXOXL 7kUJX 0XUHú ,RQHOD &LRWOăXú L D vQPkQDW VkPEăWă R VFULVRDUH LQIRUPDWLYă SUHPLHUXOXL 9LFWRU 3RQWD vQ FDUH VH VROLFLWă GHEORFDUHD SRVWXULORU SHQWUX vQ¿LQĠDUHD &RPSDUWLPHQWXOXL (Q HUJHWLF DO 3ULPăULHL úL UH]ROYDUHD FUL]HL DSHL FDOGH GLQ PXQLFLSLX ³'RPQXO SULP PLQLVWUX 9LFWRU 3RQWD D SUHOXDW FX vQJULMRUDUH DFHDVWă VHVL]DUH úL YD SURFHGD OD VROXĠLRQDUHD DFHVWHLD vQ FHO PDL VFXUW WLPS SRVLELO´ D D¿UPDW ,RQHOD &LRWOăXú 3DJ

, Q I R U P D Ġ L D F D U H G ă S X W H U H

7UD¿F DHULDQ GXEODW OD $HURSRUWXO Ä7UDQVLOYDQLD´ ÌQ SULPHOH úDVH OXQL DOH DQXOXL WUD¿FXO DH ULDQ V D LQWHQVL¿FDW OD $HURSRUWXO ,QWHUQDĠLRQDO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú vQUHJLVWUkQGX VH XQ QXPăU DSURDSH GH GH SDVDJHUL GHVHUYLĠL úL GH PLúFăUL DHURQDYH D DQXQĠDW YLQHUL LXOLH 3HWL $QGUDV YLFHSUHúHGLQWHOH &RQVLOLXOXL GH $GPLQLVWUDĠLH DO $HURSRUWXOXL ,QWHUQDĠLRQDO Ä7UDQVLOYDQLD´ 7kUJX 0XUHú 3DJ

#PWN 8+++ PT RCIKPK 24'Œ NGK #RCTG UàRVàO¾PCN KWNKG (10&#614 #74'.+#0 )4#/#

7

2JOLQGă RJOLQMRDUă FLQH L FHO PDL ERJDW SDUODPHQWDU" Q 6ăSWăPkQDOXO Ä=LDUXO GH 0XUHú´ Yă SUH]LQWă R VLQWH]ă D VLWXDĠLHL PDWHULDOH D FHORU GHSXWDĠL úL VHQDWRUL

GH 0XUHú Q )UXQGD *\RUJ\ SHVWH PLOLRDQH GH OHL vQ GLYHUVH GHSR]LWH EDQFDUH ([ PLQLVWUXO %RUEHO\ /DV]OR vQWUHFXW

GH VRĠLH OD FDSLWROXO VDODULX Q 3HWUX %DúD FUHGLWH GH PLOLRDQH GH OHL DFRUGDWH XQRU VRFLHWăĠL &RUQHOLX *URVX DFĠLRQDU OD 6RFLHWH

*HQHUDOH 3DULV úL SRVHVRUXO XQRU FăUĠL HYDOXDWH OD GH HXUR Q 9DVLOH *OLJD YHQLWXUL GH GH OHL vQ XOWLPXO DQ ¿VFDO 0DUNR %HOD LQGHPQL]DĠLH GH QDEDE SHQWUX

IXQFĠLD GH SUHúHGLQWH DO 8'05 OHL OXQDU 3DJ


Turn static files into dynamic content formats.

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