30 iulie

Page 1

3DJ

VăQăWDWH

3DJ

&DPSDQLH GH WHVWDUH D YLUXVXOXL KHSDWLF &

OHL

VăQăWDWH

3DJ

%LURFUDĠLD SXQH vQ SHULFRO YLDĠD 6]LGRQLHL

HYHQLPHQW

&DVWLQJ UHXúLW SHQWUX SUH]HQWDUHD DQXOXL

GLUHFWRU IRQGDWRU

LQ FXUV GH DXGLWDUH %5$7

$XUHOLDQ *5$0$

ZZZ ]L GH ]L UR

3DJ

VSRUW

3ULPD UHPL]ă SHQWUX )& 0XQLFLSDO

&XUV YDOXWDU

7kUJX 0XUHú

HXU XVG JU DXU

& & & & & &

/XQL LXOLH $QXO 9,, QU

7J 0XUHú 5HJKLQ 6LJKLúRDUD

SDJLQL

3DJ

6 7LQWHUHVDQWH ,5,

'RXă PLOLRDQH OHL GH OD *XYHUQ SHQWUX 7kUJX 0XUHú

5HSDUDĠLL SH SLVWD GH UXODUH

*XYHUQXO 3RQWD D DORFDW PXQLFL

$HURSRUWXO ,QWHUQDĠLRQDO Ä7UDQV

VXVĠLQH $OH[DQGUX 3HWUX )UăWHDQ SUHIHFWXO MXGHĠXOXL 0XUHú SRWUL YLW 5DGLR 7kUJX 0XUHú $FHVWD VXVĠLQH Fă EDQLL SRW IL IRORVLĠL SHQ WUX DFKLWDUHD XQHL SăUĠL GLQ GDWR ULH SHQWUX UHOXDUHD IXUQL]ăULL DSHL FDOGH ÌQ VFKLPE SULPDUXO PXQL FLSLXOXL 7kUJX 0XUHú VXVĠLQH Fă VXPD GH EDQL WUHEXLD Vă ILH DORFDWă GH WUHL OXQL úL HVWH GHVWLQDWă SHQ WUX FRILQDQĠDUHD XQRU SURLHFWH HX URSHQH $ 0

OD RUD úL SkQă vQ VHSWHPEULH OD RUD 6H YRU IDFH OXFUăUL GH UHSDUDĠLL OD VXSUDIHĠHOH GH PLúFDUH SLVWD GH DWHUL]DUH GHFRODUH FDOHD GH UXODUH % úL SODWIRUPD GH SDUFDUH DHURQDYH % vQ YDORDUH GH GH OHL &RPSDQLLOH DHULHQH 7DURP úL :L]] $LU YRU OXD WRDWH PăVXULOH FDUH VH LPSXQ SHQWUX FD SDVDJHULL Vă QX ¿H DIHFWDĠL GLQ FDX]D vQFKLGHULL WHPSRUDUH D DHURSRUWXOXL SRWULYLW PXUHVQHZV ( 0

6XE SUH]HQĠD OD YRW SLXOXL 7kUJX 0XUHú GRXă PLOLRDQH LOYDQLD´ 7kUJX 0XUHú YD ¿ vQ OD RUD GH OHL SHQWUX SODWD DULHUDWHORU UHSDUDĠLL vQ SHULRDGD DXJXVW GH /D QLYHO QDĠLRQDO OD RUD SUH]HQĠD OD UHIHUHQGXP HUD GH GLQ QXPăUXO WRWDO DO SHU VRDQHORU FX GUHSW GH YRW 'LQWUH FHL FDUH YRWDVHUă VXQW GLQ PHGLXO XUEDQ úL GLQ PHGLXO UXUDO (VWLPDUHD D IRVW IăFXWă SH ED]D GDWHORU GLQ GH VHFĠLL GH YRWDUH FX R PDUMă GH HURDUH GH SRWULYLW *kQ GXO UR ( 0

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

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

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

9 DĠL DQWUHQDW YUHRGDWă SH ULWP GH ]XPED"

/D LQWUHEDUHD GH LHUL 6H LPSXQH R UHFWL¿FDUH EXJHWDUă vQ VăQăWDWH DGPLQLVWUDĠLH ORFDOă úL HGXFDĠLH" 5ăVSXQVXULOH YRDVWUH DX IRVW

'$

18

URQ URQ URQ

5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL

R SDUWH GLQ YLDĠD WD

)RVWD PLVV 7kUJX 0XUHú YROXP vQ SUHJăWLUH GHVSUH PRGHOOLQJ úL KLJK OLIH 3ULQWUH SURLHFWHOH GH YLLWRU DOH $OLQHL &HXúDQ VH DIOă ODQVDUHD XQHL OLQLL GH FRVPHWLFH UHVSHFWLY GH H[WHQVLL GH SăU ÄÌQ PDL SXĠLQ GH R MXPăWDWH GH DQ DP GHSăúLW GH YL]XDOL]ăUL ´ PăUWXULVHúWH WkQăUD GHVSUH EORJXO SH FDUH vO GHĠLQH 7kUJXPXUHúHQLL VH YRU SXWHD UHvQWkOQL FX $OLQD &HXúDQ MRL DXJXVW OD R SUH]HQWDUH GH PRGă FDUH YD ¿ Jă]GXLWă GH WHUDVD Ä6DJD´

DGPLQLVWUDĠLH

0HWHR

12$37($ =,8$

$OLQD &HXúDQ úL VHFUHWXO VXFFHVXOXL vQ PRGHOOLQJ

3DJ

5HSUH]HQWDQĠLL :L]] $LU OD &M 0XUHú

3ULPXO &RQJUHV DO &XOWLYDWRULORU GH +DPHL OD 0XUHú 7kUJX 0XUHúXO D IRVW JD]GD SULPX OXL &RQJUHV ,QWHUQDĠLRQDO DO &XO WLYDWRULORU GH +DPHL vQ 5RPkQLD 5HSUH]HQWDQĠL DL ,QWHUQDWLRQDO +RS *URZHUV &RQYHQWLRQ ,+*& GHOHJDĠL GLQ *HUPDQLD )UDQĠD 68$ 0DUHD %ULWDQLH &HKLD $XV WULD 6ORYHQLD DX IRVW SUH]HQĠL OD FRQJUHV VkPEăWă OD +RWHO 3UHVL GHQW 3UHúHGLQWHOH $VR FLDĠLHL ,QWHU QDĠLRQDOH D 3URGXFăWRULORU GH +D PHL % ,QJZLOOHU YLFHSUHúHGLQWHOH - $ 3LFKOPDLHU úL VHFUHWDUXO DVR FLDĠLHL 0 3DYORYLF V DX vQWkOQLW FX UHSUH]HQWDQĠL DL 'LUHFĠLHL $JULFROH 0XUHú 3DUWLFLSDQĠLL DX GLVFXWDW GHVSUH FUL]D vQ GRPHQLX JHQHUDWă GH OLSVD XQXL HFKLOLEUX vQWUH FHU HUHD úL RIHUWD GH SH SLDĠD KD PHLXOXL 3UHúHGLQWHOH $VRFLDĠLHL 3URGXFăWRULORU GH +DPHL GLQ 5RPkQLD $NRV 0RUD RUJDQL]D WRU DO DFHVWXL FRQJUHV D GHFODUDW Fă VH LPSXQ UHJOHPHQWăUL DWkW vQ GRPHQLXO FXOWLYăULL úL FHUFHWăULL KDPHLXOXL FkW úL SHQWUX DFRUGDUHD

XQXL VSULMLQ SHQWUX UHDELOLWDUHD úL vQWUHĠLQHUHD FXOWXULORU GH KDPHL Ä&RVWXO GH SURGXFĠLH SHQWUX R WRQă HVWH GH GH OHL vQVă ([HFX WLYXO DFRUGă GH OHL SH WRQD GH KDPHL úL QX GH OHL ´ D VSXV $NRV 0RUD /D SURGXFĠLD GH KDPHL OLGHUă HVWH *HUPDQLD FX GH SURGXFăWRUL ÌQ 5RPkQLD QX VXQW GHFkW SDWUX SURGXFăWRUL GH KDPHL FDUH REĠLQ UHFROWă GH SH KHFWDUH (ULND 0Ă5*,1($1

(GLWRULDO

&X WXUPD $FDVă RUL OD YRW (ULND 0Ă5*,1($1 7DWD VăUDFXO DGHVHD vPL DWUăJHD DWHQĠLD (UL QX SROLWL]D 'HúL HX QX IăFHDP GHFkW Vă PL H[SULP SăUHUHD GHVSUH XQD DOWD OXFUXUL EDQDOH GH ]L FX ]L 'H OD WUDGLĠLRQDOXO vQ GHPQ ÄQX vQFHUFD Vă WH S FRQWUD YkQWXOXL´ SkQă OD ÄQX WH OHJD OD FDS GDFă QX WH GRDUH´ HUDX GHV WXOH VIDWXUL SULQ FDUH vQFHUFD Vă Pă ĠLQă GHSDUWH GH LQWHPSHULLOH YLHĠLL 'H OD vQFRDFH GDFă DU ¿ DSX FDW YUHPXULOH DVWHD QLFL QX úWLX FH VIDWXUL DU PDL ¿ SXWXW Vă PL GHD &kQG DL SRVLELOLWDWHD úL OLEHUWDWHD PDL DOHV GH D ĠL VSXQH SăVXO GH WH SURQXQĠD DVXSUD XQHL RSLQLL XQHL DOHJHUL FDUH H DOHJHUHD WD 2 DOHJHUH SH FDUH ĠL R DVXPL 5HFXQRVF QX DP IRVW SUHD DVFXOWăWRDUH úL DP FRQWLQXDW úL FRQWLQXL ÄVă SROLWL]H] ´ 1X PL H IULFă Vă UHFXQRVF GDFă VXQW QHKRWăUkWă GDFă QX úWLX Vă DOHJ vQ WUH GD úL QX ÌPL SODFH Vă PHUJ GXSă

FDSXO PHX 6SUH GHRVHELUH GH FHL FDUH SUHIHUă Vă ¿H PkQDĠL GH VSLUL WXO GH WXUPă 'DFă vL vQWUHEL GH FH R LDX VSUH GUHDSWD VDX GH FH PHUJ VSUH VWkQJD HL vĠL YRU UăVSXQGH Fă ÄGH DLD´ GDU QX YRU DYHD QLFLRGDWă XQ DUJXPHQW 6H YRU GXFH FX WXUPD SHQWUX Fă DúD OL V D VSXV DúD OL V D LQGLFDW GH ÄVXV´ &LQH VXQW FHL GH VXV" Ä3ăL úWLL 1X H ELQH Vă WH S FRQWUD YkQWXOXL ´ $P vQĠHOHV 9RU PDL WUHFH FkWHYD JHQHUDĠLL SRDWH SkQă FkQG FHL FDUH DX WUăLW VXE ÄWHURDUHD URúLH´ VH YRU GH]YăĠD Vă PDL DúWHSWH LQGLFDĠLLOH GH VXV VDX GH DIDUă SkQă FkQG YRU vQYăĠD Vă úL H[SULPH SăUHUHD úL Vă PHDUJă OD YRW 'DFă YRU Vă PHDUJă ùL Vă VWHD DFDVă GDFă DúD YRU 'DU Vă UHIX]H Vă PDL PHDUJă FD RLOH VDX Vă VH DVFXQGă SHQWUX Fă DúD OH D LQGLFDW FLQHYD &X WXUPD $FDVă RUL OD YRW

'HFODUDWLD ]LOHL

7HVWăULOH VH YRU IDFH vQ OXQLOH DXJXVW úL VHSWHPEULH LDU SHUVRDQHOH FDUH YRU PHUJH Vă VH WHVWH]H vQ FDGUXO FDPSDQLHL KHSDWLWD & YRU SOăWL DSUR[LPDWLY OHL

%LDQFD 6HYHULQ


6Ă1Ă7$7( LXOLH

ùWLUL

LQWHUHVDQWH 9DORULORU FDUH QH GH¿ QHVF FD QDĠLH &X vQĠHOHSFLXQH PXQFă úL FXUDM FX UHFXQRúWLQĠă IDĠă GH PDULL HURL DL QHDPXOXL úL FX VPHUHQLH IDĠă GH XQ SRSRU JUHX vQFHUFDW GH LVWRULH DYHP GDWRULD GH D SURPRYD WRW WLPSXO YDORULOH FDUH GH¿ QHVF LGHQ WLWDWHD QRDVWUă FD QDĠLH D WUDQVPLV $OH[DQGUX 3H WUX )UăWHDQ SUHIHFWXO MXGHĠXOXL 0XUHú LHUL GH =LXD 1DĠLRQDOă D ,PQXOXL OD FHUHPRQLD RUJDQL]DWă OD &LPLWLUXO (URLORU GLQ 7kUJX 0XUHú ³ùL DYHP GDWR ULD GH D IDFH DFHVW OXFUX QX GRDU GH ]LXD GUDSHOXOXL VDX GH ]LXD LPQXOXL VDX DWXQFL FkQG XUPăULP FX PkQGULH OD WHOHYL]RU LQWRQDUHD ,PQXOXL 5RPkQLHL OD FkúWLJDUHD YUHXQHL FRPSHWLĠLL VSRUWLYH FL úL vQ IDPLOLH vQ VRFLHWDWH vQ OXPH $P Yă]XW ]LOHOH WUH FXWH FXP WLQHULL QRúWUL ROLPSLFL vQWRUúL vQ ĠDUă GXSă FH V DX FODVDW SH ORFXO vQ (XURSD OD PDWHPDWLFă FX PHGDOLL OD JkW DX D¿ úDW WLPLG XQ WULFRORU OD DHURSRUW 0 D HPRĠLRQDW SURIXQG JHVWXO ORU JHVWXO QDWXUDO DO XQRU FRSLL SXUL FDUH DX vQ VXÀ HW GUDJRVWHD GH ĠDUă $P VLPĠLW Fă WRWXúL H[LVWă VSHUDQĠD XQXL YLLWRU PDL EXQ SHQWUX DFHDVWă ĠDUă úL DP vQĠHOHV Fă WRWXúL VăPkQĠD GUDJRVWHL GH QHDP úL D SUHĠXLULL YDO RULORU QDĠLRQDOH vQFă PDL URGHúWH´ D GHFODUDW SUH IHFWXO MXGHĠXOXL 0XUHú $ 0

3GO 0XUHú D DFX]DW IUDXGD HOHFWRUDOă FX XUQD PRELOă 3DUWLGXO 'HPRFUDW /LEHUDO D VHVL]DW vQ FXUVXO ]LOHL GH LHUL %LURXO (OHFWRUDO -XGHĠHDQ 0XUHú FX SULYLUH OD R SRVLELOă IDXGă SULYLQG YRWXO PXOWLSOX ÌQ SOkQJHUHD FăWUH %(- 0XUHú VHPQDWă GH SUHúHGLQWHOH 3'/ 0XUHú 'RULQ )ORUHD V D SUH FL]DW Fă OD VHFĠLD GH YRWDUH ,OHDQD +DUNR GLQ 6ăUPDúX V D SUH]HQWDW SHUVRQDO Vă YRWH]H vQVă QXPHOH VăX HUD WUHFXW SH OLVWD VXSOLPHQWDUă FX FHUHUH GHSXVă úL VHPQDWă SHQWUX D VH WULPLWH XUQD PRELOă )HPHLD D VXVĠLQXW vQVă Fă VHPQăWXUD QX L DSDUĠLQH Ä(VWH HYLGHQWă WHQWDWLYD GH IUDXGDUH SULQ YRW PXOWLSOX GHRDUHFH DOWH SHUVRDQH DX GHSXV vQ QX PHOH GXPQHDLHL VROLFLWDUH SHQWUX XUQD PRELOă´ VH DUDWă vQ SOkQJHUH $ 0

$PEDVDGRUXO %HOJLHL vQ YL]LWă OD 7kUJX 0XUHú ([FHOHQĠD 6D DPEDVDGRUXO 5HJDWXOXL %HOJLHL 3KLOLSSH %HNH YD ¿ SUH]HQW DVWă]L OD 7kUJX 0XUHú $FHVWD YD DYHD R vQWUHYHGHUH FX SUHIHFWXO MXGHĠXOXL 0XUHú $OH[DQGUX 3HWUX )UăWHDQ vQFHSkQG FX RUD ÌQWkOQLUHD YD DYHD ORF OD 6DOD GH 2JOLQ]L D 3DO DWXOXL &XOWXULL $ 0

&DPSDQLH GH WHVWDUH D YLUXVXOXL KHSDWLF & vQ 7kUJX 0XUHú

2 VLPSOă DQDOL]ă GH VkQJH SRDWH GHSLVWD SUH]HQĠD YLUXVXOXL KHSDWLF & vQ RUJDQLVP vQ FRQGLĠLLOH vQ FDUH VLPSWRPHOH QX H[LVWă

ÌQ SHULRDGD DXJXVW VHSWHPEULH PXUH úHQLL vúL SRW HIHFWXD OD PDL PXOW GH MXPăWDWH GH SUHĠ WHVWXO SHQWUX GH SLVWDUHD YLUXVXOXL KHSDWLF & vQ GRXă ODERUDWRDUH GLQ 7kUJX 0XUHú Ä&RPSDQLD 06' 5RPkQLD DOăWXUL GH ODERUDWRDUHOH %LRFOLQLFD GHPDUHD]ă vQ FDGUXO SODWIRUPHL ÄÌPSUHXQă SHQ WUX YLDĠă ± 6ăQăWDWH SULQ FXQRDúWHUH´ R QRXă FDPSDQLH GH WHVWDUH SHQ WUX GHSLVWDUHD YLUXVXOXL KHSDWLWHL & 9+& ERDOă FDUH SODVHD]ă 5RPkQLD SH SULPXO ORF LQ 8QLXQHD (XURSHDQă vQ FHHD FH SULYHúWH SUHYDOHQĠD LQIHFĠLHL FX 9+& $QXO DFHVWD FDPSDQLD YD ¿ GHVIăúXUDWă vQ FHQWUHOH %LRFOLQLFD GLQ 0XUHú úL DOWH GH RUDúH GLQ ĠDUă vQ OXQLOH DXJXVW úL VHSWHPEULH LDU SHU VRDQHOH FDUH YRU PHUJH Vă VH WHVWH]H vQ FDGUXO FDPSDQLHL YRU SOăWL DSUR[L PDWLY OHL FX PDL SXĠLQ GHFkW SUHĠXO LQLĠLDO OHL´ D SUHFL]DW %LDQFD 6HYHULQ $FFRXQW $VVLVWDQW 0F&DQQ 35 7HVWHOH YRU ¿ UHDOL]DWH SULQ SUH OXFUDUHD VkQJHOXL YHQRV úL YRU DUăWD GDFă SH SDUFXUVXO YLHĠLL SHUVRDQD D YHQLW vQ FRQWDFW FX YLUXVXO +HSDWLWHL &

úL D GH]YROWDW DQWLFRUSL SHQWUX DFHVWă ERDOă 6HQVLELOLWDWHD WHVWHORU HVWH GH LDU SDFLHQĠLL YRU SULPL UH]XO WDWHOH vQ GH RUH GH OD WHVWDUH vQ FDGUXO FOLQLFLL XQGH V D IăFXW UHFROWDU HD 'DFă UH]XOWDWXO YD ¿ XQXO SR]LWLY SDFLHQĠLL YRU SULPL FRQVLOLHUH JUDWXLWă GLQ SDUWHD XQRU PHGLFL VSHFLDOLúWL 0XUHúHQLL SRW HIHFWXD WHVWHOH SHQWUX GHSLVWDUHD YLUXVXOXL KHSDWLF & OD &HQ WUX 0HGLFDO *DOHQXV VLWXDW SH VWU 0L KDL 9LWHD]X QU SUHFXP úL OD ODER UDWRUXO %LRFOLQLFD D FăUXL DFWLYLWDWH YD GHPDUD vQFHSkQG FX GDWD GH DXJXVW SH VWU 3DQGXULORU QU

6LPSWRPHOH LQIHFĠLHL SRW Vă QLFL QX DSDUă 9LUXVXO KHSDWLF & VH WUDQVPLWH vQ SULPXO UkQG SULQ H[SXQHUHD OD VkQJH

LQIHFWDW FDUH SRDWH DYHD ORF vQ FD ]XO FRQVXPDWRULORU GH GURJXUL LQ WUDYHQRDVH WUDQVIX]LLORU FX VkQJH VDX SURGXVH GLQ VkQJH WDWXDMHORU FX DFH FRQWDPLQDWH HFKLSDPHQWX OXL GH KHPRGLDOL]ă LQIHFWDW UăQLULORU FX RELHFWH DVFXĠLWH FRPSRUWDPHQ WXOXL VH[XDO FX ULVF FUHVFXW VDX SH DOWH FăL 3HUVRDQHOH LQIHFWDWH FX YL UXVXO KHSDWLF & QX SUH]LQWă GH REL FHL VLPSWRPH VSHFLILFH EROLL SRDWH LQLĠLDO Vă QX DSDUă SkQă FkQG SHU VRDQD GH]YROWă FLUR]ă VDX ILEUR]ă KHSDWLFă LDU vQWUH WLPS vL SRW LQIHFWD úL SH DOĠLL 'DFă VLPSWRPHOH DSDU WRWXúL DFHVWHD SRW IL XúRDUH úL SRW LQFOXGH RERVHDOă GXUHUL GH VWRPDF úL XUWLFDULH $SUR[LPDWLY GLQ SHUVRDQHOH LQIHFWDWH FX KHSDWLWă & QX FXQRVF PRGXO vQ FDUH DX FRQWDF WDW ERDOD 6LQJXUD FDOH SULQ FDUH R SHUVRDQă SRDWH DIOD GDFă HVWH SXUWăWRUXO DFHVWXL YLUXV HVWH HIHFWXDUHD XQXL WHVW GH VkQJH SHQWUX KHSDWLWD & 3HUVRDQHOH FăURUD OH D LHúLW SR]LWLY WHVWXO SHQWUX YLUXVXO KHSDWLF & SRW IDFH úL XQ WHVW SHQWUX JHQRWLS FDUH GHWHUPLQă WLSXO GH YLUXV KHSDWLF & ([LVWă úDVH JHQRWLSXUL PDMRUH XQ HOH ILLQG PDL XúRU GH WUDWDW GHFkW FHOHODOWH úL vQ IXQFĠLH GH JHQRWLSXO KHSDWLWHL & PHGLFXO YD SXWHD OXD GHFL]LL FXP SULYLUH OD PRGXO GH WUDWDUH D EROLL LQFOXVLY OD GXUDWD WUDWDPHQWXOXL 7HUDSLD FRPSOHWă GXUHD]ă PD[LP DQ GHúL GXUDWD UHFRPDQGDWă D WUDWDPHQWXOXL GH SLQGH GH JHQRWLSXO YLUDO $ULQD 02/'29$1

%LURFUDĠLD SXQH vQ SHULFRO YLDĠD 6]LGRQLHL $P SULPLW OD UHGDFĠLH XQ DSHO WHOHIRQLF GLVSHUDW 9LDĠD XQHL IHWLĠH GH GRL DQL úL QRXă OXQL HVWH vQ SHUL FRO &HD FDUH P D VXQDW R PăPLFă VHQVLELOL]DWă FX DWkW GH PDL PXOW GH FD]XO PLFXĠHL 6]LGRQLD FX FkW úL HD OD UkQGXO HL DUH XQ ]VDQQD PDPD IHWLĠHL /HJLOH VXQW FRSLO GH DFHHDúL YkUVWă

0HVDMXO 3UHúHGLQWHOXL &RQVLOLXOXL -XGHĠHDQ 0XUHú FX RFD]LD =LOHL ,PQXOXL 1DĠLRQDO ,PQXO QDĠLRQDO UHSUH]LQWă XQLWDWHD úL WUăLULOH FHWăĠHQLORU XQHL ĠăUL úL WRWRGDWă VSHFL¿ FXO DFHOHL QDĠLXQLL ,PQXO 5RPkQLHL Ä'HúWHDSWă WH URPkQH´ HVWH SULQ OHJH VLPEROXO XQLWăĠLL 5HYROXĠLHL 5RPkQH GLQ DQXO úL QH FKHDPă PHUHX OD YHJKH QH DPLQWHúWH SULQ YHUVXULOH VDOH GH IDSWHOH vQDLQWDúLORU QRúWUL úL PDL FX VHDPă QH DPLQWHúWH Vă ¿ P SXUXUL YLWHML GHPQL úL FXUDMRúL vQ OXSWD SHQWUX ELQHOH QRVWUX úL DO SDWULHL QRDVWUH 0HVDMXO SH FDUH GRUHVF Vă O WUDQVPLW PXUHúHQLORU úL URPkQLORU GH SUHWXWLQGHQL DFXP FkQG VăUEăWRULP =LXD ,PQXOXL 1DĠLRQDO HVWH DFHOD GH D ĠLQH FRQW GH ¿ HFDUH YHUV DO SRHPXOXL VFULV GH $QGUHL 0XUHúDQX úL GH D OXSWD SHQWUX LGHDOXULOH ORU 7UHEXLH Vă QH DVXPăP UHVSRQVDELOLWDWHD GH D ¿ URPkQL úL Vă DYHP FXUDMXO Vă ID FHP WRW FH QH VWă vQ SXWLQĠă SHQWUX ELQHOH QRVWUX VL DO 5RPkQLHL &X UHVSHFW &LSULDQ 'REUH 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú

,DWă GHVSUH FH HVWH YRUED )HWLĠD GLQ *ăOHúWL MXGHĠXO 0XUHú D IRVW GHSLVWDWă FX WXPRDUH OD ¿ FDW DIHFĠLXQH FH QHFHVLWă R LQWHUYHQĠLH FKLUXUJLFDOă FRPSOLFDWă 2SHUDĠLD VH SRDWH IDFH OD RULFH VSLWDO GLQ (XURSD GDU FRVWă PXOĠL EDQL ,QWHUYHQĠLD FKLUXUJLFDOă SURJUDPDWă SH DX JXVW OD R FOLQLFă GLQ %UX[HOOHV DU FRVWD GH HXUR )RDUWH PXOĠL EDQL SHQWUX EXJHWXO WLQHUHL IDPLOLL GLQ MXGHĠXO 0XUHú 3ăULQĠLL IHWLĠHL IDF WRW FH HVWH RPHQHúWH SRVLELO FD Vă±úL VDOYH]H YLDĠD FRSLOHL GDU ELURFUDĠLD GLQ 5RPkQLD GLQ SăFDWH OH VWă vQ FDOH 3HQWUX D SXWHD EHQH¿ FLD GH R VSRQVRUL]DUH GLQ SDUWHD VWDWXOXL H QHYRLH GH WUHL RIHUWH GH OD WUHL VSLW DOH GLIHULWH GLQ DIDUD ĠăULL 2IHUWH DX SULPLW úL GH OD VSLWDOXO GLQ 5HJHQV EXUJ GLQ *HUPDQLD GDU L DX FHUXW Vă úL GXFă DFROR IHWLĠD 'LQ SăFDWH VWDUHD IHWLĠHL VH vQUăXWăĠHúWH SH ]L FH WUHFH QX R PDL SRW WUDQVSRUWD OD WRW IHOXO GH DQDOL]H Ä2UL IăUă XQ FRQVXOW PHGLFDO FHL GH OD 5HJHQVEXUJ QX QH SRW IDFH R RIHUWă´ OD %UX[HOOHV QH DúWHDSWă H WRWXO SUHJăWLW GDU QH WUHEXLH EDQL´ VSXQH *HUJHO\ =VX

vQWRUWRFKHDWH FRQIX] IRUPXODWH LDU SURJUDPHOH GH VăQăWDWH QX SRW ¿ DFFHVDWH GHFkW FRQIRUP OLWHUHL OHJLL 'XSă WUDWDPHQWHOH SULQ FDUH D WUHFXW IHWLĠD WXPRDUHD LQLĠLDOă GH FP D VFă]XW OD FP GDU UHFHQW D DSăUXW XQD QRXă GH FP 3RWULYLW PHGL FLORU FX FkW VH WHUJLYHUVHD]ă UH]ROYD UHD GRVDUXOXL FX DWkW PDL PXOW VH SXQH vQ SHULFRO YLDĠD IHWLĠHL ([LVWkQG SRVLELOLWDWHD FD úL GXSă RSHUDĠLH WX PRDUHD Vă UHFLGLYH]H PHGLFLL L DX UHFRPDQGDW WUDQVSODQWXO GH ¿ FDW 7DWăO 6]LGRQLHL DU ¿ FHO FDUH L DU GRQD R SDUWH GLQ ¿ FDWXO OXL ¿ LQG FRPSDWL ELO 3kQă VH GHVFXUFă LĠHOH ELURFUDĠLHL vQVă FHL FDUH DX SRVLELOLWDWHD R SRW DMXWD SH PLFXĠD 6]LGRQLD GRQkQG FkW GH SXĠLQ vQ FRQWXULOH GH PDL MRV GHVFKLVH OD %DQFD 7UDQVLOYDQLD ÌQ OHL 52 %75/ ;; ± %DQFD 7UDQVLOYDQLD ÌQ HXUR 52 %75/ ;; ± %DQFD 7UDQVLOYDQLD ÌQ VSHUDQĠD Fă QX YD ¿ SUHD WkU]LX DMXWDĠL R SH 6]LGRQLD (ULND 0Ă5*,1($1

IDFHERRN FRP ]LGH]L


(9(1,0(17

&DVWLQJ UHXúLW SHQWUX SUH]HQWDUHD DQXOXL ùWLUL LQWHUHVDQWH /RNRGL SHQVLH OXQDUă GH GH OHL )RVWXO SUHúHGLQWH DO &RQVLOLXOXL -X GH ĠHDQ &- 0XUHú DFWXDOPHQWH YLFH SUHúHGLQWH /RNRGL (GLWD (PRNH D UD SRUWDW OD LXQLH Fă DUH XQ JDUDM SUHIDEULFDW vQ 7kUJX 0XUHú XQ WHUHQ DJULFRO GH KD vQ *KLQGDUL úL XQ WHUHQ IRUHVWLHU GH KD vQ DFHHDúL ORFDOLWDWH DPEHOH GHĠLQXWH vPSUHXQă FX %DQ 'ROL 9LFHSUHúHGLQWHOH 8'05 DO &- 0XUHú PDL DUH WUHL SLFWXUL vQ XOHL HYDOX DWH OD GH HXUR SUHFXP úL GHSR]LWH EDQFDUH GH GH HXUR UHVSHFWLY GH GH OHL LDU vQ XOWLPHOH OXQL D vQFDVDW GH OHL GLQ YkQ]DUHD XQXL DSDUWDPHQW GLQ 7kUJX 0XUHú /D UXEUL FD ³9HQLWXUL´ FRQVHPQăP XUPăWRDUHOH GH OHL LQGHPQL]DĠLD GH SUHúHGLQWH DO &- 0XUHú úL GH OHL SHQVLH SHQ WUX SHULRDGD LDQXDULH IHEUXD ULH VXPă LQWUDWă vQ FRQW OD GDWD GH PDUWLH úL vQ FRQWLQXDUH OXQDU GH OHL 'H DVHPHQHD /RNRGL (GLWD (PRNH D PDL vQFDVDW DSUR[LPDWLY GH HXUR GLQ FDOLWDWHD GH PHPEUX DO &RPLWHWXOXL 5HJLXQLORU %UX[HOOHV 6 7

/D FDVWLQJ DX SDUWLFLSDW SHVWH GH GRPQLúRDUH )RWR $WWL 0ăVOLQH

7HUDVD 6DJD GLQ 7kUJX 0XUHú D Jă]GXLW MRL VHDUD XQ FDVWLQJ vQ XUPD FăUXLD DX IRVW VHOHFWDWH GRPQLúRDUH FDUH YRU ¿ SURWDJRQLVWHOH XQHL SUH]HQWăUL GH PRGă 1R MRL DXJXVW vQ DFHHDúL ORFDĠLH

3HVWH GH GRPQLúRDUH SDUWLFLSDQWH &DVWLQJXO D IRVW VXSHUYL]DW GH $OLQD &HXúDQ IRVWă PLVV 7kUJX 0XUHú vQ FDUH V D GHFODUDW PXOĠXPLWă DWkW GH LQWHUHVXO DUăWDW GH IHWHOH SDUWLFL SDQWH FkW úL GH FDOLWăĠLOH DFHVWRUD ³$P DYXW SHVWH GH IHWH SDUWLFLSDQWH GLQ FDUH DP DOHV &DVWLQJXO D IRVW RUJD QL]DW SHQWUX SUH]HQWDUHD GH PRGă FDUH YD DYHD ORF MRLD YLLWRDUH vQ DXJXVW OD WHUDVD 6DJD ÌQ FDGUXO HYHQLPHQWXOXL YD ¿ SUH]HQWDWă FHD PDL UHFHQWă FROHFĠLH GH OD 1R vQ JHQHUDO KDLQH GH YDUă ĠLQXWH HOHJDQWH´ D SUHFL]DW $OLQD &HXúDQ

&DUV 7kUQăYHQL SUR¿ W vQ SLFDM

ùDPSDQLH úL ĠLQXWH HOHJDQWH $GPLQLVWUDWRUXO WHUDVHL 6DJD $OLQD 1LFX ODL V D DUăWDW vQFkQWDWă GH UHXúLWD FDVWLQJXOXL úL úL D PDQLIHVWDW RSWLPLV PXO Fă SUH]HQWDUHD GLQ DXJXVW YD ¿ FHO PDL UHXúLW HYHQLPHQW PRGHQ DO DQXOXL Ä9D ¿ R SUH]HQWDUH GH PRGă RUJD QL]DW GH ORFDOXO QRVWUX vPSUHXQă FX 1R HYLGHQW FX LPSOLFDUHD $OLQHL &HXúDQ FDUH QH DMXWă OD IRDUWH PXOWH OXFUXUL (YHQLPHQWXO YD vQFHSH OD RUD LQ WUDUHD VH YD IDFH SH ED]ă GH UH]HUYăUL DWkW SHQWUX VFDXQHOH GLQ IDĠD SRGLXPX OXL FkW úL SHQWUX PHVH 1H DúWHSWăP Vă ¿ H XQ HYHQLPHQW IRDUWH IUXPRV vQ DFHODúL WLPS HOHJDQW vQ VHQVXO Fă YRP vQFHUFD Vă LQÀ XHQĠăP FRQVXPDWRULL vQ DúD IHO

)HWHOH úL DX HWDODW FDOLWăĠLOH vQ IDĠD XQXL MXULX

vQFkW Vă FUHHP XQ VXÀ X GH DHU PDL HOH JDQW 9RP VHUYL úDPSDQLH OD LQWUDUH úL GHVLJXU R YDULHWDWH GHVWXO GH PDUH GH

FRFWHLOXUL´ D GHFODUDW $OLQD 1LFXODL $OH[ 727+ DOH[WRWK#]L GH ]L UR

&RQVLOLHULL 8'05 YRU úHGLQĠă H[WUDRUGLQDUă GHVSUH WHUPLH *UXSXO FRQVLOLHULORU 8'05 VROLFLWă SULPDUXOXL PXQLFLSLXOXL 7kUJX 0XUHú FRQYRFDUHD XQHL úHGLQĠH H[WUDRUGLQDUH SHQWUX ]LXD GH PDUĠL LXOLH RUD

6FULVRDUH VHPQDWă GH ]HFH FRQVLOLHUL $FHDVWD DU XUPD Vă DLEă R RUGLQH GH ]L FX XQ SURLHFW GH KRWăUkUH SULYLQG DGRS WDUHD XQRU PăVXUL XUJHQWH vQ GRPHQL XOXL HQHUJLHL WHUPLFH GLQ 7kUJX 0XUHú SULQ DGRSWDUHD XQRU PăVXUL FRQFUHWH vQ YHGHUHD UHOXăULL IXUQL]ăULL HQHUJLHL WHUPLFH vQ VLVWHP FHQWUDOL]DW ³&RQYR FDUHD úHGLQĠHL H[WUDRUGLQDUH VH LPSXQH GDWRULWă VLWXDĠLHL WRW PDL JUDYH D XQXL QXPăU GH FLUFD GH ORFXLWRUL DL PXQLFLSLXOXL FDUH IăUă D DYHD YUHR YLQă QX EHQH¿ FLD]ă GH FRQGLĠLLOH PLQLPH GH WUDL FDUH DU WUHEXL DVLJXUDWH GH FăWUH PXQLFLSLX´ VH DUDWă vQWU R VFULVRDUH GHVFKLVă VHPQDWă GH %HQHGHN ,VWYiQ *RPERV *p]D &VDED 3HWL $QGUiV -y]VD 7LERU .DUiFVRQ\ (UGHL (WHO %DNRV /HY

&RQVLOLHULL ³/DOHOHL´ GRUHVF FD SUREOHPD DSHL FDOGH Vă ¿ H WUDQúDWă PLHUFXUL

HQWH $WWLOD 7|U]V|N 6iQGRU .LNHOL 3iO ,VWYiQ 6RyV =ROWiQ úL +DOOHU %pOD

&H VH YD GHFLGH" ÌQ FD]XO vQ FDUH úHGLQĠD H[WUDRUGLQDUă YD DYHD ORF úL SURLHFWXO GH KRWăUkUH YD ¿ YRWDW vQ IRUPD SURSXVă GH FRQVLOLH ULL 8'05 3ULPăULD YD ¿ REOLJDWă Vă SOăWHDVFă LQWHJUDO GDWRULLOH H[LJLELOH úL UHFXQRVFXWH GH SăUĠL FăWUH IXUQL]RUXO GH

JD] PHWDQ vQ PXQLFLSLXO 7kUJX 0XUHú vQ WHUPHQ GH WUHL ]LOH OXFUăWRDUH GH OD GDWD LQWUăULL vQ YLJRDUH D KRWăUkULL LDU 6HUYLFLXO (QHUJHWLF úL GH 8WLOLWăĠL 3XE OLFH YD SUHOXD JHVWLXQHD GLUHFWă úL GDUHD vQ DGPLQLVWUDUH D VHUYLFLX OXL GH SURGX FHUH WUDQVSRUW GLVWULEXĠLH úL IXUQL]DUH D HQHUJLHL WHUPLFH $OH[ 727+ DOH[WRWK#]L GH ]L UR

6& &DUV 6$ 7kUQăYHQL QX D GHVIăúXUDW GH ORF DFWLYLWDWH GH SURGXFĠLH vQ DQXO FXUHQW DFHDVWD ¿ LQG VXVSHQGDWă vQFă GLQ QRLHP EULH LDU FKHOWXLHOLOH vQUHJLVWUDWH VXQW FRUHVSXQ]ăWRDUH OX FUă ULORU GH UHSDUDĠLL DGXVH KDOHL GH SURGXFĠLH ¿ QDOL]DWH GXSă GHVFKLGH UHD SURFHGXULL LQVROYHQĠHL Ä6WX GLLQG HYROXĠLD YDULDĠLHL VWRFXULORU vQ DFHDVWă SHULRDGă úL VFăGHUHD FKHOWXLHOLORU GH SURGXFĠLH FRQFOX]LD WUDVă HVWH Fă vQ FLIUD GH DIDFHUL HVWH UHDOL]DWă PDL DOHV SH VHDPD VWRFXULORU úL QX GLQ SURGXFĠLD FXUHQWă úL vQ DFHVWH FRQGLĠLL GLVFUHSDQĠD GLQWUH FLIUD GH DIDFHUL úL FKHOWXLHOLOH GH H[SORDWDUH HVWH vQJULMRUăWRDUH úL SRDWH ¿ SXVă SH VHDPD XQXL PDQDJHPHQW GHIHF WXRV 3URFHQWXDO UHGXFHUHD FLIUHL GH DIDF HUL UHSUH]LQWă vQ IDĠă GH vQ WLPS FH FKHOWXLHOLOH FX PDWHULLOH SULPH úL PDWHULDOHOH XWLOLWăĠLOH UHPXQHUDUHD SHU VRQDOXOXL úL DPRUWL]ăULOH VH UHGXF GRDU FX ´ VH DUDWă vQWU XQ UDSRUW UHPLV FăWUH %XUVD GH 9DORUL %XFXUHúWL GH +RGRú %XVL QHVV 5HFRYHU\ 635/ DGPLQLVWUDWRU MXGL FLDU DO 6& &DUV 6$ 7kUQăYHQL 'H DVHPH QHD VRFLHWDWHD D vQUHJLVWUDW SLHUGHUL GH OHL vQ vQ FRQGLĠLLOH vQ FDUH vQ SURILWXO D IRVW GH OHL 6 7

'REUH ELMXWHULL úL FHDVXUL GH GH HXUR 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ &- 0XUHú &LSULDQ 'REUH D UDSRUWDW vQ GHFODUDĠLD GH DYHUH FRPSOHWDWă vQ LXOLH XUPăWRDUHOH EXQXUL LPRELOH XQ DSDUWDPHQW GH PS úL XQXO GH PS DPEHOH vQ 7kUJX 0XUHú GHĠLQXWH DOăWXUL GH VRĠLH XQ DSDUWDPHQW GH PS vQ 7kUJX 0XUHú SULPLW GRQDĠLH vQ úL R FDVă GH ORFXLW GH PS vQ 7kUJX 0XUHú DFKL]LĠLRQDWă vQ GHĠLQXWă vPSUHXQă FX VRĠLD SUHFXP úL WUHL WHUHQXUL LQWUDYLODQH vQ 7kUJX 0XUHú FX R VXSUDIDĠă WRWDOă GH PS 3UHúHGLQWHOH &- 0XUHú PDL DUH XQ DXWRWXULVP %0: DQ GH IDEULFDĠLH SUHFXP úL ELMXWHULL úL FHDVXUL vQ YDOR DUH GH GH HXUR /D IHEUXDULH &LSULDQ 'REUH D YkQGXW XQ DSDUWDPHQW FRQ WUD VXPHL GH GH HXUR /D FDSLWROXO GD WRULL FRQVHPQăP GH HXUR VFDGHQWă vQ úL GH HXUR VFDGHQWă vQ ÌQ FHHD FH SULYHúWH YHQLWXULOH &LSULDQ 'REUH D DYXW R LQGHPQL]DĠLH DQXDOă GH GH OHL GH OD 3DUODPHQWXO 5RPkQLHL LDU GH OHL DX IRVW vQFDVDĠL GLQ VHUYLFLL GH DYRFDWXUă vQ WLPS FH VRĠLD DFHVWXLD D vQFDVDW GH OHL GLQ VHUYLFLL GH DYRFDWXUă 6 7


63257 LXOLH

ùWLUL

LQWHUHVDQWH &RQIHULQĠă LQWHUQDĠLRQDOă OD Ä'LPLWULH &DQWHPLU´ )DFXOWDWHD GH *HRJUD¿ H GLQ FDGUXO 8QLYHUVLWăĠLL Ä'LPLWULH &DQWHPLU´ GLQ 7kUJX 0XUHú RUJDQL]HD]ă vQ SHUL RD GD QRLHPEULH FRQIHULQĠD LQWHUQDĠLRQDOă FX WLWOXO Ä(GXFDWLRQDO SHUIRUPDQFH DQG GHYHORSPHQW´ ³.H\ VSHDNHULL FRQIHULQĠHL VXQW .DUO 'RQHUW FRQVXOWDQW úL VSHFLDOLVW HGXFDĠLRQDO 'DQLHOD 6FKPHLQFN VSHFLDOLVW vQ úWL LQĠHOH HGXFDĠLHL úL *HUU\ 2¶5HLOO\ VSHFLDOLVW vQ GRPHQLLOH $IDFHUL ,QWHU QDĠLRQDOH úL *HRJUD¿ H (L YRU DERUGD VXELHFWXO DWkWGLQ SHUVSHFWLYD WHRU LHL LQWHUQDĠLRQDOH FkW úL D SURSULHL ORU H[SHULHQĠH vQPDWHULH /XFUăULOH YRU ¿ SXEOLFDWH vQ Ä'LPLWULH &DQWHPLU 6FLHQ WL¿ F -RXUQDO´ VXE FRQGLĠLD DFFHSWăULL GH FăWUH &RPLWHWXO úWLLQĠL¿ F HGLWRULDO´ D SUHFL]DW FRQI XQLY GU 5D PRQD )ODYLD 5DĠLX GHFDQXO )DFXOWăĠLL GH *HRJUD¿ H GLQ FDGUXO 8QLYHUVLWăĠLL Ä'LP LWULH &DQWHPLU´ GLQ 7kUJX 0XUHú 6 7

'DQFX YHQLWXUL GH OHL OXQă 9LFHSUHúHGLQWHOH 86/ DO &RQVLOLXOXL -XGH ĠHDQ &- 0XUHú 2YLGLX 'DQFX D UDSRU WDW vQ GHFODUDĠLD GH DYHUH FRPSOHWDWă OD GDWD GH LXOLH XQ DSDUWDPHQW GH PS vQ /XGXú SUHFXP úL XQ WHUHQ LQ WUDYLODQ GH PS vQ /XGXú DPEHOH GHĠLQXWH DOăWXUL GH VRĠLH 9LFHSUHúHGLQWHOH &- 0XUHú DUH WUHL DXWRWXULVPH R 'DFLD GLQ XQ )RUG GLQ úL XQ DOW )RUG DQ GH IDEULFDĠLH SUHFXP úL R GDWR ULH GH QX VH VSHFL¿ Fă PRQHGD FRQWUDFWDWă vQ úL VFDGHQWă vQ ÌQ FHHD FH SULYHúWH YHQLWXULOH REĠLQXWH vQ DQXO ¿ VFDO SUHFHGHQW 2YLGLX 'DQFX D GHFODUDW GH OHL GLQ DFWLYLWăĠL LQGHSHQGHQWH úL GH OHL GLQ vQFKLULHUL DXWR 6 7

3ULPD UHPL]ă SHQWUX )& 0XQLFLSDO 'LYL]LRQDUD VHFXQGă GH IRWEDO )& 0X QLFLSDO 7kUJX 0XUHú D vQFKHLDW OD HJDOL WDWH VFRU D SDWUD SDUWLGă DPLFDOă GLVSXWDWă YLQHUL VHDUD vQ ORFDOLWDWHD EUDúRYHDQă 7ăUOXQJHQL vQ FRPSDQLD IRUPDĠLHL +DSRHO $NNR GLQ SULPD OLJă LVUDHOLDQă *ROXULOH HFKLSHL PXUHúHQH DX IRVW vQVFULVH GH 3DVFDULX PLQXWXO úL ùDLP PLQ 'XSă vQIUkQJHUHD OD OLPLWă vQ IDĠD FDPSLRDQHL &)5 &OXM úL YLFWRULLOH FODUH vQ IDĠD D GRXă GLYL]LRQDUH & FX $YkQWXO 5HJKLQ úL FX 6ăQăWDWHD &OXM HFKLSD DQWUHQRUXOXL $OH[DQGUX 3HOL FL D vQUHJLVWUDW SULPD UHPL]ă $FHVWD D vQFHSXW SDUWLGD vQ XUPăWRDUHD IRUPXOă %RWRúHU 3DVFDULX $SRVWRO 1LFX %XQHD $OH[DQGUX 'DQ 'vOEHD 6]LODJ\L .LQF]HO $SRVWX 6]DER 3H SDUFXUVXO MRFXOXL DX PDL LQWUDW XUPăWRULL 1HJUX 3RS 8Q JXU 9DJQHU 3ăGXUHĠX ùDLP 5ă]YDQ 5XV +XLEDQ )DĠă GH SDUWLGHOH SUHFHGHQWH vQ FRPSRQHQĠD HFKLSHL PXUHúHQH D DSăUXW XQ DOW QXPH QRX $FHVWD HVWH PLMORFDúXO &ODXGLX %XQHD XQ DOW IRVW FRPSRQHQW DO IRUPDĠLHL 9RLQĠD 6LELX DÀ DW vQ SUREH OD 7kUJX 0XUHú 8UPăWRUXO MRF DPLFDO SUR JUDPDW SkQă vQ DFHVW PRPHQW YD DYHD ORF VkPEăWă DXJXVW OD %UDúRY FX QRX SUR PRYDWD vQ OLJD VHFXQGă IRUPDĠLD ORFDOă

&RURQD 3kQă OD DFHD GDWă FRQGXFHUHD FOXEXOXL WkUJXPXUHúHDQ vQFHDUFă SHU IHFWDUHD XQXL DOW MRF DPLFDO FDUH DU SX WHD DYHD ORF PLHUFXUL DXJXVW &RQIRUP LQWHQĠLLORU VWDELOLWH OD vQFHSHUHD VWDJLXOXL

3UH]HQĠă VODEă OD YRW 3HQWUX D ¿ YDOLGDW UHIHUHQGXPXO GH D]L LXOLH OD YRW WUHEXLH Vă VH SUH]LQWH GH URPkQL /D DOHJHULOH ORFDOH GLQ LXQLH vQ MXGHĠXO 0XUHú V DX SUH]HQWDW GH DOHJăWRUL UHSUH]HQWkQG OD VXWă GLQ GH SHUVRDQH FX GUHSW GH YRW &kúWLJăWRULL DOHJHULORU ORFDOH DX IRVW OD 3ULPăULH 'RULQ )ORUHD úL SHQWUX SUHúHGLQĠLD &RQVLOLXOXL -XGHĠHDQ &LSULDQ 'R

GH SUHJăWLUH DGYHUVDUD DFHVWXL DO FLQFLOHD MRF GH YHUL¿ FDUH DU XUPD Vă ¿ H IRUPDĠLD 8QLUHD $OED ,XOLD SDUWLGă FDUH VH YD GLV SXWD OD 7kUJX 0XUHú 0LKDL 9(5(ù

EUH %LURXO (OHFWRUDO &HQWUDO D DQXQĠDW GXPLQLFă LXOLH GLQWUH URPkQLL vQVFULúL SH OLVWHOH HOHF WRUDOH V DX SUH]HQWDW OD YRW OD UHIHUHQGXPXO SHQWUX GHPLWHUHD SUHúHGLQWHOXL 7UDLDQ %ăVHVFX &HD PDL PDUH SUH]HQĠă V D vQUHJLVWUDW vQ 9UDQFHD FX -XGHĠHOH FRGDúH VXQW +DUJKLWD &RYDVQD 6DWX 0DUH %LVWULĠD úL 6ăODM /D DFHHDúL RUă OD DOHJHULOH ORFDOH GLQ DFHVW DQ V D vQUHJLVWUDW R SUH]HQĠă GH /D RUD HVWLPDUHD SDUWLGHORU OD QLYHOXO QDĠLRQDO SUH]HQĠD OD YRW HUD (0

9RW VXVSHQGDW vQ úDVH VHFĠLL GH YRWDUH ÌQ úDVH VHFĠLL GH YRWDUH GLQ MXGHĠXO 0XUHú vQ MXUXO RUHL D IRVW VXV SHQGDW SURFHVXO GH YRWDUH WLPS GH R MXPăWDWH GH RUă GXSă FH V D FRQVWDWDW Fă úWDPSLOHOH GH FRQWURO DX IRVW DSOL FDWH SH IDĠD úL QX SH VSDWHOH EXOH WLQHORU GH YRW ³ÌQWU XQD GLQ VHFĠLLOH GH YRWDUH GH OD *ORGHQL GRDU R SDUWH GLQ EXOHWLQHOH GH YRW DYHDX úWDPSLOD GH FRQWURO DSOLFDWă SH IDĠD EXOHWLQHORU GH YRW $P FRQVXOWDW %LURXO (OHFWRUDO &HQWUDO úL DP GLVSXV vQWRFPLUHD XQXL SURFHV YHUEDO GH LQFLGHQW UHWUDJHUHD EXOHWLQHORU GH YRW úWDPSLODWH SH IDĠă

úL FRQWLQXDUHD SURFHVXOXL GH YRWDUH FX EXOHWLQHOH GH YRW úWDPSLODWH FR UHFW SH YHUVR (UDX vQ MXU GH GH EXOHWLQH GH YRW úWDPSLODWH LQFRUHFW vQ *ORGHQL GDU PDL DYHDX vQ MXU GH FDUH V DX úWDPSLODW FRUHFW SURFHVXO GH YRWDUH ¿ LQG UHOXDW FX DFHVWHD ÌQ FHOH ODOWH VHFĠLL GH YRWDUH WRDWH úWDPSLOHOH GH FRQWURO DX IRVW DSOLFDWH SH IDĠD úL QX SH VSDWHOH EXOHWLQHORU GH YRW $P GLVSXV FRQWLQXDUHD SURFHVXOXL GH YR WDUH FX DFHVWHD´ D VSXV SUHúHGLQWHOH %(- 0XUHú )ORULQ /XSDúFX ( 0

&RPSDQLD 1DĠLRQDOă 3RúWD 5RPkQă 6 $

SULQ 2¿ FLXO -XGHĠHDQ GH 3RúWă 0XUHú FX VHGLXO vQ 7J 0XUHú VWU 5HYROXĠLHL QU $ vQFKLULD]ă XUPăWRUXO VSDĠLX FRPHUFLDO 7J 0XUHú 3ĠD 7HDWUXOXL QU ± ]RQD FHQWUX ± FRPSOH[ /X[RU PS 2IHUWHOH VH GHSXQ OD VHGLXO 2¿ FLXOXL -XGHĠHDQ GH 3RúWă 0XUHú VWU 5HYROXĠLHL QU $ SkQă OD GDWD GH RUD 3HUVRDQă GH FRQWDFW &RPDQ 'RULQ ±

IDFHERRN FRP ]LGH]L


$'0,1,675$ğ,(

5HSUH]HQWDQĠLL :L]] $LU OD &- 0XUHú 2 vQWUHYHGHUH vQWUH FRQGXFHUHD &RQVLOLXOXL -XGHĠHDQ 0XUHú úL UHSUH]HQWDQĠLL &RPSDQLHL DHULQH ORZ FRVW Ä:L]] $LU´ D DYXW ORF vQ LXOLH OD VHGLXO &RQVLOLXOXL -XGHĠHDQ 0XUHú &RPSDQLD ³:L]] $LU´ D IRVW UHSUH]HQWDWă GH FăWUH 5HVSRQVDELOXO SH SUREOHPH GH 'H]YROWDUH $HURSRUWXDUă D :L]] $LU GO -R]VHI 8MKHO\L úL 0DQDJHUXO 'H]YROWDUH $HURSRUWXDUă D :L]] $LU ± GO 0DPXODLVKYLOL 'DYLW 6XEL HFWHOH GLVFXWDWH FX DFHDVWă RFD]LH V DX D[DW SH 3UH]HQWDUHD &RPSDQLHL :L]] $LU 3ODQXULOH :L]] $LU SHQWUX $HURSRUWXO 7kUJX 0XUHú 3RWHQĠLDOH GRPHQLL GH FRRSHUDUH vQWUH :L]] $LU úL -XGHĠXO 0XUHú ÄÌQ FDGUXO GLVFXĠLLORU UHSUH]HQWDQĠLL :L]] $LU DX IRVW DVLJXUDĠL GH LQWHUHVXO SH FDUH &RQVLOLXO -XGHĠHDQ 0XUHú vO PDQLIHVWă SHQWUX GH]YROWDUHD $HURSRU WXOXL Ä7UDQVLOYDQLD´ 7kUJX 0XUHú úL OH DX IRVW IăFXWH FX QRVFXWH DQJDMDPHQWHOH FRQVLOLXOXL MXGHĠHDQ GH D GH]YROWD

&RQFHUW GH YLRDUă OD Ä6DJD´ 7HUDVD Ä6DJD´ GLQ 7kUJX 0XUHú YD Jă]GXL PLHUFXUL DXJXVW GH OD RUD XQ FRQFHUW VXVĠLQXW GH XQ FYDUWHW GH YLRUL GH OD )LODUPRQLFă ³(YHQLPHQWXO VH DQXQĠă D ¿ XQXO GH H[FHSĠLH 'H DOWIHO QH DP SUR SXV Vă RUJDQL]ăP FkW PDL GHV DVHPHQHD PDQLIHVWăUL DWUDFWLYH úL LQWHUHVDQWH SHQWUX SXEOLF ÌQ DFHVW VHQV YLQHUL DXJXVW YRP DYHD R VHDUă FX FRFWHLOXUL GH IUXFWH QXFL GH FRFRV DQDQDV HWF ´ D SUHFL]DW $OLQD 1LFXODL DGPLQLVWUDWRUXO WHUDVHL Ä6DJD ´ 6 7

$WHQĠLXQH DEVROYHQĠL $QJDMăP RSHUDWRU FDOO FHQWHU &HULQĠH DELOLWăĠL GH FRPXQLFDUH YRFH SOăFXWă EXQ FXQRVFăWRU DO OLP ELL URPkQH FXQRDúWHUHD OLPELL PDJKLDUH FRQVWLWXLH XQ DYDQWDM GLVSRQLELOLWDWH OD SURJUDP SUHOXQJLW 6H RIHUă SRVLELOLWDWHD GH D Yă GHVIăúXUD DFWLYLWDWHD vQWU R FRPSDQLH GH VXFFHV VDODULX PRWLYDQW ¿ [ FRPL VLRQ DOWH DYDQWDM ,QIRUPDĠLL OD WHOHIRQ GH OXQL SkQă YLQHUL vQWUH RUHOH úL ( 0

&HQWUXO GH ,QVWUXLUH 7DEXOD

/$16($=Ă 850Ă72$5(/( &85685, '( &$/,),&$5( ',1 /81$ ,81,( 2 vQWUHYHGHUH vQWUH FRQGXFHUHD &RQVLOLXOXL -XGHĠHDQ 0XUHú úL UHSUH]HQWDQĠLL &RPSDQLHL DHULQH ORZ FRVW Ä:L]] $LU´

vQ FRQWLQXDUH LQIUDVWUXFWXUD úL VHUYLFLLOH SXVH OD GLVSR]LĠLD RSHUDWRULORU DHULHQL´ D WUDQVPLV SUHúHGLQWHOH FRQVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH (0

WU XQ FRPXQLFDW UHWUDJHUHD GH OD WUDQ]DFĠLRQDUH SH SLDĠD 5DVGDT D DFĠLXQLORU HPLVH GH 6& 6HFRP 6$ /XGXú vQFHSkQG FX GDWD GH LXOLH ³3ULQ DGUHVD vQUHJLVWUDWă OD &RPLVLD 1DĠLRQDOă D 9DORULORU 0RELOLDUH FX QU LXOLH OLFKLGDWRUXO MXGLFLDU DO 6& 6HFRP /XGXú 6$ D WUDQVPLV VHQWLQĠD QU DSULOLH SULQ FDUH 7ULEXQDOXO %XFXUHúWL D GLVSXV vQ GRVDUXO QU GHVFKLGHUHD SURFHGXULL IDOL PHQWXOXL úL D GHVHPQDW OLFKLGDWRUXO MXGLFLDU OD DFHDVWă VRFLHWDWH´ VH PDL DUDWă vQ UDSRUWXO FăWUH %XUVD GH 9DORUL %XFXUHúWL 6 7

$FĠLXQLOH 6HFRP VFRDVH GH SH 5DVGDT 'LUHFWRUXO JHQHUDO DO &RPLVLHL 1DĠLRQDOH D 9DOR ULORU 0RELOLDUH &LSULDQ &RSDULX D DQXQĠDW SULQ

838 6085' 7kUJX 0XUHú VH LQDXJXUHD]ă vQ VHSWHPEULH ,QDXJXUDUHD QRXOXL VHGLX DO 838 6085' 7kUJX 0XUHú YD DYHD ORF vQ OXQD VHSWHPEULH D DQXQĠDW $OH[DQGUX 3HWUX )UăWHDQ SUHIHFWXO MXGHĠXOXL 0XUHú SRWULYLW 5DGLR 7kUJX 0XUHú /D HYHQLPHQW DU SXWHD SDUWLFLSD úL SUHPLHUXO 5RPkQLHL 9LFWRU 3RQWD 1RXO VHGLX DO 838 6085' VH DIOă OD SDU WHUXO 6SLWDOXOXL &OLQLF -XGHĠHDQ GH 8UJHQĠă 7kUJX 0XUHú OXFUăULOH GH DPHQDMDUH ILLQG vQFHSXWH vQ FXUVXO DQXOXL $ 0

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

'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

6RFLHWDWH &RPHUFLDOă DQJDMHD]ă DMXWRU EXFăWDU úL EXFăWDU 3HQWUX LQIRUPDĠLL OD WHOHIRQ

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

9kQG WHUHQ SHQWUX FRQVWUXLUH FDVă vQ 1$=1$ ,QIRUPDĠLL OD WHOHIRQ

)LUPă GH FRQVWUXFĠLL FDXWă

¿ HUDUL EHWRQLúWL GLVSXúL SHQWUX GHSODVDUH

5HODĠLL OD WHOHIRQ VDX &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

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

7HO FRQWDFW $QJDMăP VSăOăWRUL DXWR 1U WHO

::: =, '( =, 52

2VSăWDU FKHOQHU YkQ]ăWRU vQ XQLWăĠL GH DOLPHQWDĠLH )ORUDU GHFRUDWRU ÌQJULMLWRDUH EăWUkQL OD GRPLFLOLX %XFăWDU 0DQDJHU SURLHFW 8WLOL]DUH FDOFXODWRU QLYHO DYDQVDW 6H IDF vQVFULHUL úL OD XUPăWRDUHOH FXUVXUL GH FDOL¿ FDUH $VLVWHQW JHVWLXQH $VLVWHQW PDQDJHU &RPXQLFDUH vQ OLPED HQJOH]ă $JHQW FXUăĠHQLH FOăGLUL úL PLMORDFH GH WUDQVSRUW $GPLQLVWUDWRU SHQVLXQH WXULVWLFă $FRUGăP GLSORPH UHFXQRVFXWH GH 0LQLVWHUXO 0XQ FLL úL 0LQLVWHUXO (GXFDĠLHL UHFXQRVFXWH úL vQ ĠăULOH GLQ 8QLXQHD (XURSHDQă /D FHUHUHD FXUVDQĠLORU HOLEHUăP VXSOLPHQW (XURSDVV ,QIRUPDĠLL úL vQVFULHUL GH OXQL SkQă YLQHUL vQWUH RUHOH OD VHFUHWDULDWXO &HQWUXOXL GH ,QVWUXLUH 7DEXOD 7kUJX 0XUHú % GXO 'HFHPEULH QU ) ( PDLO LQIR#DWDE UR 7HOHIRQ 0RELO 3DJLQD ZHE ZZZ DWDE UR

0HGLWH] FODVHOH , ±,9 7HO 0HGLWH] OLPED úL OLWHUDWXUD URPkQD JLPQD]LX 7HO


021'(1 LXOLH

%HVW VHOOHU XO DQXOXL OD 7kUJX 0XUHú"

6HFUHWHOH $OLQHL &HXúDQ GHVFRQVSLUDWH vQWU R FDUWH PXOW PDL PXOW GHVSUH PHVHULD DFHDVWD OXFUkQG GHFkW vQYăĠkQG WHRUHWLF OD úFRDOă ,QGLVFXWDELO úFRDOD UăPkQH vQ FRQWLQXDUH R SULRULWDWH /D XQ PRPHQW GDW DP DYXW LQWHQĠLD Vă Pă WUDQVIHU OD -XUQDOLVP Vă GDX H[HPHQH GH GLIHUHQĠă Pă JkQGHDP Fă R Vă Pă DMXWH vQWU XQ IHO VDX DOWXO )L QDOLWDWHD DU ¿ Fă YUHDX Vă VFULX OD R UHYLVWă 6ă FRQWLQXL úL FX EORJXO GDU vPL GRUHVF Vă VFULX OD R UHYLVWă JORVV\ OXFLRDVă FXP VH VSXQH ,GHHD H Fă SkQă DWXQFL R Vă UăPkQ WRW OD SDUWHD GH 35 &RODERUH] vQ FRQWLQX DUH FX 0LGL VFULX úL OD PXUHVQHZV

&XQRVFXWă SXEOLFXOXL ODUJ GDWRULWă EORJX OXL GH VXFFHV SH FDUH vO GHĠLQH IRVWD PLVV 7kUJX 0XUHú GLQ $OLQD &HXúDQ D DFRUGDW XQ LQWHUYLX FRWLGLDQXOXL ³=L GH =L´ vQ FDUH GH]YăOXLH vQ SUHPLHUă FkWHYD GLQ SURLHFWHOH VDOH GH YLLWRU GH]YROWDUH EORJXOXL DOLQDFHXVDQ ZRUGSUHVV FRP ODQ VDUHD XQHL OLQLL GH FRVPHWLFH UHVSHFWLY GH H[WHQVLL GH SăU SUHFXP úL VFULHUHD XQHL FăUĠL GH PRGHOOLQJ úL KLJK OLIH FDUH VH DGUHVHD]ă vQ PDUH SDUWH IHWHORU 5HSRUWHU &H PDL IDFH $OLQD &HXúDQ" $OLQD &HXúDQ 5HYLQ vQ 7kUJX 0XUHú FX IRDUWH PXOWă SOăFHUH RUL GH FkWH RUL DP FkWH XQ HYHQLPHQW 9UHDX Vă GH]YROW FkW PDL PXOW JHQXO GH HYHQLPHQW RUJDQL]DW OD WHUDVD 6DJD vQ DXJXVW ÌQ UHVW vPL PHUJH GHVWXO GH ELQH FX EORJXO úL IRDUWH ELQH OD FDSLWROXO YLDĠă SHUVRQDOă $P DMXQV OD H[DPHQXO SDUĠLDO úL SURIHVR UXO V D PLUDW GHVWXO GH WDUH Yă]kQG Fă DP úL GH YL]XDOL]ăUL ]LOQLF 0L D VSXV DWXQFL Fă SRW Vă IDF EDQL GLQ FKHVWLD DVWD 5HS &DUH H SRYHVWHD EORJXOXL" $ & 6LQFHUă Vă ¿ X DP DYXW QHYRLH GH HO OD IDFXOWDWH OD LQIRUPDWLFă úL SURIHVRUXO QH D FHUXW FD SkQă OD R DQXPLWă GDWă Vă QH IDFHP XQ EORJ SH FDUH Vă DYHP FkWHYD SRVWăUL Vă YDGă Fă úWLP OXFUXULOH HOHPHQ WDUH vQ ZRUGSUHVV $P DMXQV OD H[DPHQXO SDUĠLDO úL SURIHVRUXO V D PLUDW GHVWXO GH WDUH Yă]kQG Fă DP úL GH YL]XDOL]ăUL ]LOQLF 0L D VSXV DWXQFL Fă SRW Vă IDF EDQL GLQ FKHVWLD DVWD ,GHHD HVWH Fă HX úL &DU PHQ FROHJD PHD GH DSDUWDPHQW GH OD &OXM QH DP JkQGLW OD XQ FRQFHSW FX DMX WRUXO FăUXLD Vă VDOYăP WRDWH DPLQWLULOH VWXGHQĠLHL úL SkQă OD XUPă V D vPELQDW FXPYD XWLOXO FX SOăFXWXO )DF VKRRWLQJ XUL vQFRQWLQXX QX SRW VSXQH Fă DP XQ DQXPH IRWRJUDI DQXPH %LQHvQĠHOHV HX úL &DUPHQ QH IDFHP SR]H SHVWH WRW XQGH PHUJHP FX DSDUDWHOH SHU VRQDOH

6XQW IRDUWH PXOĠXPLWă PDL DOHV Fă YL] LWDWRULL EORJXOXL LQWUă úL FRPHQWHD]ă Dú YUHD Vă ¿ H úL PDL LQWHUDFWLYL SHQWUX Fă vQ FHUF Vă ĠLQ XQ GLDORJ SHUPDQHQW

$OLQD &HXúDQ YUHD Vă vúL GH]YROWH EORJXO SHUVRQDO IăUă vQVă Vă QHJOLMH]H úFRDOD

5HS 6XQW ]LDUH WHOHYL]LXQL FDUH QX DX GH DFFHVăUL vQWU R ]L SH VLWH %ORJXO GXPQHDYRDVWUă H XQ KREE\ VDX XQ EXVLQHVV" $ & 'HRFDPGDWă H FODU XQ KREE\ SHQ WUX Fă vPL SODFH IRDUWH PXOW Vă VFULX ÌQFă GLQ JLPQD]LX VFULDP SRH]LL DP IRVW úL OD ROLPSLDGă LDU SURIHVRDUD PHD GH OLPED URPkQă 5DOXFD 3RSD D DYXW R PDUH LQÀ XHQĠă vQ SDVLXQHD PHD SHQWUX OLPED URPkQă ,GHHD H Fă EORJXO D vQFHSXW FD XQ KREE\ úL VH GH]YROWă DFXP SH DFHHDúL OLQLH GDU GHYLQH GLQ FH vQ FH PDL SUR¿ WDELO vQWU DGHYăU 6FULX DSURDSH vQ ¿ HFDUH ]L GHVSUH FH PL VH vQWkPSOă vQ SULQFLSDO ÌQFHUF Vă SăVWUH] EORJXO GHVWXO GH SHUVRQDO SHQWUX Fă PL VH vQWkPSOă GHVWXO GH PXOWH OXFUXUL úL vPL SODFH Vă OH vPSăUWăúHVF úL DOWRU SHUVRDQH 5HS /D XQ PRPHQW GDW XQ LQ WHUQDXW vQWUHED GDFă XPEODĠL vQ SHUPDQHQĠă FX XQ IRWRJUDI GXSă GXPQHDYRDVWUă &LQH H IRWRJUDIXO $OLQHL &HXúDQ" $ & ÌQWU DGHYăU D IRVW R vQWUHEDUH GH

DFHVW IHO 1 DP YUXW Vă ¿ X UHD OD FKHVWLD DLD GDU QX DP QLFLXQ IRWRJUDI $P FR ODERUDW FX 6HUJLX &LREDQ $WWL 0ăVOLQH &ODXGLX 6HUă¿ QFHDQX &ULVWLQD )LR¿ O $YkQG vQ YHGHUH Fă IDF VKRRWLQJ XUL vQ FRQWLQXX QX SRW VSXQH Fă DP XQ DQXPH IRWRJUDI DQXPH %LQHvQĠHOHV HX úL &DUPHQ QH IDFHP SR]H SHVWH WRW XQGH PHUJHP FX DSDUDWHOH SHUVRQDOH 5HS 3UHJăWLĠL YUHR VXUSUL]ă YL] LWDWRULORU EORJXOXL" $ & ÌQ FXUkQG YRL vQFHSH Vă GH]YROW EORJXO úL SH SDUWHD GH YLGHR 2 Vă GHĠLQ R FDPHUă YLGHR GHVWXO GH EXQă úL YUHDX Vă DP PDL PXOWH ¿ OPăUL SHQWUX Fă DP Yă]XW Fă SULQGH GHVWXO GH ELQH 5HS 0RPHQWDQ FDUH HVWH SULRUL WDWHD $OLQHL &HXúDQ úFRDOD" $ & 3ULRULWDWHD PHD HVWH úFRDOD GDU DYkQG vQ YHGHUH Fă GHMD DP OXFUDW vQ GR PHQLX GH H[HPSOX FD 35 OD &OXE 0LGL vQFă GLQ SULPXO DQ GH IDFXOWDWH FkQG DP DMXQV OD &OXM SRW VSXQH Fă DP vQYăĠDW

5HS &KLDU GDFă H XQ KREE\ EORJXO DUH VXFFHV $ & $úD H EORJXO PL D GHVFKLV PXOWH XúL úL QX Pă DúWHSWDP OD R DVHPHQHD DVFHQVL XQH ÌQ PDL SXĠLQ GH R MXPăWDWH GH DQ DP GHSăúLW GH YL]XDOL]ăUL 6XQW IRDUWH PXOĠXPLWă PDL DOHV Fă YL]LWDWRULL EORJXOXL LQWUă úL FRPHQWHD]ă Dú YUHD Vă ¿ H úL PDL LQWHUDFWLYL SHQWUX Fă vQFHUF Vă ĠLQ XQ GLDORJ SHUPDQHQW FKLDU PL DP IăFXW R DGUHVă GH H PDLO DVN DOLQDFHXVDQ#\D KRR FRP XQGH LQWHUQDXĠLL vPL SRW DGUHVD vQWUHEăUL 5HS $OWH SURLHFWH GH YLLWRU" $ & 9UHDX Vă vPL ODQVH] R OLQLH GH FRV PHWLFH SH EORJ úL R OLQLH GH H[WHQVLL GH SăU $VWD vQ YLLWRUXO IRDUWH DSURSLDW GHMD DP DQXQĠDW SH )DFHERRN úL SH EORJ GHVSUH LQWHQĠLLOH PHOH 6XQW QLúWH OXFUXUL GH FDUH R IDWă DUH QHYRLH úL VSHU FD DFHVWHD Vă VH UHJăVHDVFă OD PLQH SH EORJ 'H DVHPHQHD OXFUH] úL OD R FDUWH GHVSUH FXP VH IDF VKRRW LQJ XULOH úL FXP WUHEXLH Vă VH SUHJăWHDVFă IHWHOH SHQWUX GLYHUVH RFD]LL &DUWHD YD FRQĠLQH DWkW WH[WH FkW úL PXOWH SR]H $ FRQVHPQDW $OH[ 727+ DOH[WRWK#]L GH ]L UR

IDFHERRN FRP ]LGH]L


" LXOLH DXJXVW "

$'0,1,675$ğ,(

&XL L D GDW )ORUHD XQ VIHUW GH PLOLRQ GH HXUR" &RWLGLDQXO ³=L GH =L´ Yă SURSXQH R WUH FHUH vQ UHYLVWă D DYHULORU GHFODUDWH UHFHQW GH FRQGXFăWRULL 3ULPăULHL PXQLFLSLXOXL 7kUJX 0XUHú 3ULPDUXO 'RULQ )ORUHD GDWRULH GH GH HXUR DFKLWDWă úL XQ VIHUW GH PLOLRQ GH HXUR vPSUXPXWDĠL FăWUH R SHUVRDQă ¿ ]LFă MXULGLFă QHFXQRVFXWă 9LFHSULPDUXO ,RQHOD &LRWOăXú GDWRULL GH GH HXUR YHQLWXUL DQXDOH GH DSUR[L PDWLY GH OHL -R]VD 7LERU GHSR]LWH EDQFDUH vQ YDORDUH GH GH OHL

'RULQ )ORUHD VDODULX GLPLQXDW FX DSURDSH &RPSDUDWLY FX GHFODUDĠLH GH DYHUH GHSXVă DQXO WUHFXW SULPDUXO 3'/ 'RULQ )ORUHD D DFKL]LĠLRQDW vQ vPSUHXQă FX VRĠLD VD XQ WHUHQ LQWUDYLODQ GH PS vQ 5ăVWROLĠD (GLOXO úHI FRQGXFH XQ 0HU FHGHV $ DQ GH IDEULFDĠLH GHĠLQH R FDVă GH ORFXLW GH PS vQ 7kUJX 0XUHú SUHFXP úL ELMXWHULL PRúWHQLWH vQ úL PRELOLHU úL WDEORXUL PRúWHQLWH vQ IăUă vQVă Vă SUHFL]H]H YDORDUHD HVWLPDWă D DFHVWRUD 'H DVHPHQHD 'R ULQ )ORUHD D PDL UDSRUWDW DFRUGDUHD XQXL vPSUXPXW vQ YDORDUH GH GH HXUR IăUă Vă SUHFL]H]H FLQH H EHQH¿ FLDUXO 7RWRGDWă vQ XOWLPXO DQ ¿ VFDO SULPDUXO D UHXúLW OLFKLGDUHD XQHL GDWRULL GH GH HXUR FRQWUDFWDWă vQ úL VFDGHQWă vQ ÌQ FHHD FH SULYHúWH VDODULXO DQXDO GH SULPDU DFHVWD D VFă]XW GH OD GH OHL OD GH OHL

,RQHOD &LRWOăXú YHQLWXUL GH GH OHL OXQDU 9LFHSULPDUXO 86/ ,RQHOD &LRWOăXú GHĠLQH R FDVă GH ORFXLW GH PS vQ &RUXQFD R FDVă GH ORFXLW vQ 6kQFUDLX GH 0XUHú DFKL]LĠLRQDWă vQ SULQ FUHGLW LSRWH

GHFODUDĠLD GH LQWHUHVH D YLFHSULPDUXOXL 86/ DP DÀ DW Fă ,RQHOD &LRWOăXú GHĠLQH GLQ DFĠLXQLOH 6& (XURJHHQ 65/

FDU vPSUHXQă FX 'DQ &LRWOăXú SUHFXP úL GRXă WHUHQXUL LQWUDYLODQH GH PS vQ 6kQFUDLX GH 0XUHú úL GH PS vQ &RUXQFD ÌQ FHHD FH SULYHúWH GDWRULLOH FRQVHPQăP GH HXUR OD %&5 &HQ WUDO 7kUJX 0XUHú FRQWUDFWDWă vQ úL VFDGHQWă vQ úL GH HXUR OD 5XMRL 3DUIHQWH FX VFDGHQĠD vQ 7RWRGDWă OD UXEULFD ³9HQLWXUL´ ,RQHOD &LRWOăXú D UDSRUWDW XUPăWRDUHOH VXPH GLQ DFWLYLWăĠL GH FRQVXOWDQĠă GH OHL GH OD 6& 1RYD 9LWD +RVSLWDO 6$ GH OHL GH OD 6& )DUPDFLD 1RYD 9LWD 65/ GH OHL GH OD 0 0 65/ úL GH OHL GH OD 6& 6HUDFRP 6$ 1X vQ XOWLPXO UkQG DFWLYLWDWHD GH FRQVLOLHU MXGHĠHDQ L D DGXV ,RQHOHL &LRWOăXú XQ YHQLW DQXDO GH GH OHL ÌQ FHHD FH SULYHúWH

,RQHOD &LRWOăXú D DYXW YHQLWXUL OXQDUH GH DSUR[LPDWLY GH OHL

'RULQ )ORUHD D DFRUGDW XQ vPSUXPXW vQ YDORDUH GH XQ VIHUW GH PLOLRQ GH HXUR

-R]VD 7LERU GHSR]LWH EDQFDUH GH GH OHL 9LFHSULPDUXO 8'05 -R]VD 7LERU GHĠLQH vPSUHXQă FX IDPLOLD GRXă FDVH GH ORFXLW XQD GH PS vQ 7kUJX 0XUHú úL DOWD GH PS vQ /LYH]HQL XQ VSDĠLX FRP HUFLDO GH SURGXFĠLH GH PS SH VWUDGD %UDúRYXOXL GLQ 7kUJX 0XUHú SUHFXP úL PDL PXOWH VXSUDIHĠH GH WHUHQ GXSă FXP XUPHD]ă PS LQWUDYLODQ vQ 7kUJX 0XUHú PS LQWUDYLODQ vQ /LYH]HQL úL PS vQ &kPSXO &HWăĠLL 'H DVHPH QHD vQ LDQXDULH -R]VD 7LERU D GR QDW 3ULPăULHL 7kUJX 0XUHú XQ WHUHQ LQ

-R]VD 7LERU GHĠLQH SHVWH GH OHL vQ GHSR]LWH EDQFDUH

WUDYLODQ GH PS 9LFHSULPDUXO 8'05 PDL GHĠLQH FRQWXUL úL GHSR]LWH EDQFDUH GH GH OHL GHVFKLV vQ úL GH OHL GHVFKLV vQ LDU OD UXEULFD ³9HQLWXUL´ FRQVHPQăP OHL DQ VDODULX GH OD 6& 5HDG\PL[ 5R PDQLD 65/ OHL DQ VDODULX GH OD 3ULPăULD 7kUJX 0XUHú OHL DQ GH SH XUPD FDOLWăĠLL GH PHPEUX DO &RQVLOLXOXL GH $GPLQLVWUDĠLH DO 6& /RFDWLY 6$ ÌQ FRQ WXO IDPLOLHL -R]VD DX PDL LQWUDW OHL DQ UHSUH]HQWkQG FKLULH vQFDVDWă GH OD 6& *HGHRQ 5LFKWHU 5RPDQLD 7RWRGDWă -R]VD 7LERU GHĠLQH GLQ DFĠLXQLOH 6& &RLQ 65/ úL GLQ DFĠLXQLOH FOXEXOXL GH SROR $TXD 6SRUW XQGH GHĠLQH IXQFĠLD GH SUHúHGLQWH $OH[ 727+


63257

" LXOLH DXJXVW "

)& -XQLRU 8 YLFWRULRDVă vQ 8QJDULD (FKLSD GH IRWEDO VXE DQL D FOXEXOXL WkUJXPXUHúHDQ )& -X QLRU FRSLLL QăVFXĠL GXSă D REĠLQXW FHD PDL LPSRUWDQWă YLFWR ULH GH OD vQ¿LQĠDUHD FOXEXOXL FkúWL JkQG D RSWD HGLĠLH D WXQHXOXL GH IRWEDO LQWHUQDĠLRQDO SHQWUX FRSLL úL WLQHUHW Ä,QWHUVSRUW <RXWK )RRW EDOO )HVWLYDO´ GLVSXWDW OD VIkUúLWXO VăSWăPkQLL WUHFXWH vQ ORFDOLWDWHD PDJKLDUă .DSRVYiU 7LQHULL IRWEDOLúWL PXUHúHQL DX vQIUXQWDW vQ JUXSă HFKLSH GLQ 8QJDULD )LQODQ GD úL 6ORYDFLD úL DX FkúWLJDW WRDWH PHFLXULOH ÌQ RSWLPLOH GH ¿QDOă DX vQYLQV FX HFKLSD 09$ 0RVFRYD vQ VIHUWXUL V DX LPSXV FX vQ IDĠD FHORU GH OD -iUiVL 9iORJDWRWW 6ORYDFLD vQ VHPL¿ QDOH FX vPSRWULYD FHORU GH OD 2). ´(XURJRO´ =LYQLFH %RVQLD

+HUĠHJRYLQD )LQDOD OH D DGXV vQ IDĠă HFKLSD JD]Gă $FDGHPLD GH )RWEDO %HQH )HUHQF )& 5iNyF]L SH FDUH L DX vQYLQV FX VFRUXO GH FkúWLJkQG DVWIHO WXUQHXO /D WXUQHXO GLVSXWDW OD PDL PXOWH FDWHJRULL GH YkUVWă FX SHVWH GH HFKLSH GLQ vQWUHDJD OXPH )& -X

QLRU D SDUWLFLSDW úL FX HFKLSD 8 FRSLLL QăVFXĠL GXSă $FHDV WD D vQWkOQLW HFKLSH GLQ 0DURF 6FRĠLD 9HQH]XHOD 6ORYDFLD úL 8Q JDULD úL D DMXQV SkQă vQ RSWLPLOH GH ¿QDOă XQGH DX SLHUGXW vQ IDĠD HFKLSHL JHUPDQH 079 7UHXEXQG / QHEXUJ úL DX SăUăVLW WXUQHXO

/RWXO HFKLSHL FDUH V D LPSXV OD FDW HJRULD 8 SUHJăWLW GH DQWUHQRULL /XFLDQ 3RSD úL 5ă]YDQ 3RSD D DYXW FRPSRQHQĠD %HQFH 6]LOiUG %RJD %DOi]V 'UDJRú %RJGDQ %RU] &VpFV =DOiQ 5DXO ,OLHVFX .RYiFV $OH[ $OH[DQGUX 2SUHD &ăOLQ 3DYHO ,OLH $GULDQ 6RORYăVWUX 3RS 5DGX 6WDYLOă 6]iV] 7DPiV )ODYLXV 7RQFHDQ 3DXO 7XOEXUH 'DQLHO =LELOHDQX (FKLSD GH OD FDWHJRULD 8 DYkQGX O FD DQWUHQRU SH )ORUHD ,VSLU $GULDQ %kUVDQ %HUNL 'DQ LHO %RJD %HQFH 6HSWLPLX %RWD $GULDQ &ăEX] $OH[DQGUX &ăEX] 0DULXV &ăWLQHDQ 3DXO &UHĠX 'RPD %RWRQG 5DUHú ,QĠD /ĘULQF] -iQRV 9DVLOH 0DWHL 3DXO 6DP¿UD 6]pNHO\ /yUiQW 7iUNiQ\L =ROWiQ 5ă]YDQ ğLĠLX &LSULDQ 9DQFHD 0LKDL 9(5(ù

3URJUDPXO GH SUHJăWLUH DO %& 0XUHú (FKLSD GH EDVFKHW PDVFXOLQ %& 0XUHú 7kUJX 0XUHú úL D VWDELOLW SURJUDPXO MRFXULORU GH SUHJăWLUH GLQDLQWHD VWDUWXOXL vQ HGLĠLD D /LJLL 1DĠLRQDOH GH %DVFKHW &RQGXFHUHD WHKQLFă D GH¿QLWLYDW SURJUDPXO GH SUHJăWLUH SHULRDGHL SUHFRPSHWLĠLRQDOH GLQDLQWHD UH XQLULL ORWXOXL FDUH YD DYHD ORF vQ GDWD GH DXJXVW ÌQWUH úL DXJXVW YRU DYHD ORF DFRPR GDUHD OD HIRUW ¿]LF úL YL]LWHOH PHGL FDOH 3URJUDPXO FXSULQGH vQ FRQ WLQXDUH XQ FDQWRQDPHQW OD 6RYDWD vQ SHULRDGD DXJXVW ÌQ ]LOHOH GH úL DXJXVW PXUHúHQLL YRU VXVĠLQH GRXă PHFLXUL GH YHUL¿FDUH

OD &OXM 1DSRFD FX FDPSLRDQD HGLĠLHL WUHFXWH 8 0RELWHOFR ÌQ WUH DXJXVW úL VHSWHPEULH YD

DYHD ORF &XSD 0XUHú FRPSHWLĠLH OD FDUH YRU SDUWLFLSD HFKLSHOH &68 $WODVVLE 6LELX &68 2UDGHD

úL &60 %XFXUHúWL $OWH GRXă SDU WLGH YHUL¿FDUH D HFKLSHL OXL 6UHFNR 6HNXORYLF YRU DYHD ORF vQ úL VHSWHPEULH FX %& 3HUOD +DUJKLWHL 0LHUFXUHD &LXF $FHVWHD YRU ¿ XU PDWH GH XQ WXUQHX DPLFDO vQ OR FDOLWDWHD .|UPHQG 8QJDULD vQ VHSWHPEULH GXSă FDUH vQ VHSWHPEULH YRU VXVĠLQH XQ QRX WHVW FX HFKLSD VLELDQă &68 $WODVVLE 3URJUDPXO QX HVWH vQVă GH¿QLWLY DFHVWD SXWkQG VXIHUL PRGL¿FăUL vQ IXQFĠLH GH VROLFLWăULOH XOWH ULRDUH DOH SDUWHQHULORU VDX DOH SRWHQĠLDOLORU SDUWHQHUL 0LKDL 9(5(ù

ùWLUL (WDSă QHIDVWă SHQWUX ÄH[ PXQLFLSDOL´ )RúWLL FRPSRQHQĠL DL HFKL SHL GH IRWEDO )& 0XQLFLSDO 7kUJX 0XUHú FDUH HYROXHD]ă OD DOWH HFKLSH QX DX DYXW R ]L IDYRUDELOă vQ HWDSD D GRXD D /LJLL , (FKLSD PHGLHúHDQă *D] 0HWDQ 0HGLDú GLQ FDUH DX IăFXW SDUWH &LSULDQ 9DVLODFKH )ORULQ 'DQ úL 6HU JLX %Xú D SLHUGXW SH WHUHQ SURSULX FX 3DQGXULL 7kUJX -LX 0HKHGLQĠHQLL GH OD )& 6HYHULQ FX 0DULXV %ă OăX úL &RVPLQ 9DQFHD LQWHJUDOLúWL DX VXIHULW DO GRL OHD HúHF OD DFHODúL VFRU OD )& %UDúRY LDU FDPSLRQLL &)5 &OXM FX /DV]OR 6HSVL vQ WHUHQ DX UHPL]DW úL vQ HWDSD D GRXD OD 3LDWUD 1HDPĠ GXSă FH vQ SULPD HWDSă DX UHXúLW WRW XQ VLQJXU SXQFW SH WHUHQ SURSULX FX *D] 0HWDQ 0HGLDú 0 9

6HOHFĠLH OD )& -XQLRU &OXEXO GH IRWEDO )& -XQLRU 7kUJX 0XUHú RUJDQL]HD]ă GLQ GDWD GH VHSWHPEULH VHOHFĠLH SHQWUX FRSLLL QăVFXĠL vQWUH DQLL ± 6HOHFĠLD VH YD RUJDQL ]D OD ED]D VSRUWLYă D FOXEXOXL GLQ 6kQFUDLX GH 0XUHú VWU 6ăOFLORU QU % LHúLUHD GLQ 7kUJX 0XUHú VSUH 6kQFUDLX GH 0XUHú ]LOQLF GXSă RUHOH 3HQWUX PDL PXOWH LQIRUPDĠLL SXWHĠL VXQD OD QXPăUXO GH WHOHIRQ 0 9


" LXOLH DXJXVW "

32/,7,&Ă

6HFĠLL GH YRWDUH SXĠLQ YL]LWDWH OD 5HJKLQ 5HJKLQHQLL SDU Vă SDUWLFLSH vQWU XQ QXPăU GHVWXO GH UHGXV OD UHIHUHQGXP /D FHOH úDSWH VHFĠLL GH YRWDUH vQ GXSă PDVD ]LOHL GH LXOLH RDPHQLL QX SUHD DYHDX GUXP FăWUH XUQH H[FHSĠLH IăFkQG 6HFĠLD QU OD *LPQD]LXO ³)ORUHD %RJGDQ´ &D vQWU R GXPLQLFă RELúQXLWă VWUă]LOH PXQLFLSLXOXL DX IRVW DSURDSH JRDOH ,PDJLQLOH VXUSULQVH VXQW GH OD 6HFĠLD 1U *UXS ùFRODU ´/XFLDQ %ODJD´ 6HFĠLD *LPQD]LXO ³$OH[DQGUX &HXúLDQX´ 6HFĠLD &DVD GH &XOWXUă ³(XJHQ 1LFRDUă´ 6HFĠLD *LPQD]LXO GH 6WDW ³$XJXVWLQ 0DLRU´ 6HFĠLD *LPQD]LXO ³)ORUHD %RJGDQ´ 6HFĠLD *UXS ùFRODU ³,RDQ %RMRU´ úL 6HFĠLD *UXS ùFRODU ³3HWUX 0DLRU´ 2DQD 0Ă5*,1($1

6HFĠLD *LPQD]LXO ³$OH[DQGUX &HXúLDQX´

%DQQHUH vQ DSURSLHUHD VHFĠLHL QU

%DQQHUH vQ GUXP VSUH VHFĠLD

6HFĠLD 1U *UXS ùFRODU ´/XFLDQ %ODJD´

6HFĠLD &DVD GH &XOWXUă ³(XJHQ 1LFRDUă´

6HFĠLD *LPQD]LXO GH 6WDW ³$XJXVWLQ 0DLRU´

6HFĠLD *LPQD]LXO ³)ORUHD %RJGDQ´

6HFĠLD *UXS ùFRODU ³3HWUX 0DLRU´

6HFĠLD *UXS ùFRODU ³,RDQ %RMRU´


$'0,1,675$ğ,(

" LXOLH DXJXVW "

9LNWRU 2UEDQ L D ĠLQXW DFDVă SH PDJKLDUL 3UHúHGLQWHOH RUJD QL]D ĠLHL 31/ 0XUHú &LSUL DQ 'REUH FDUH HVWH úL SUHúHGLQWHOH &RQVLOLX OXL -XGHĠHDQ 0XUHú D GHFODUDW GXPLQLFă vQWU R FRQIHULQĠă GH SUHVă Fă VODED SUH]HQĠă D HWQL FLORU PDJKLDUL OD YRW DU SXWHD ¿ úL R FRQVHFLQĠă D vQGHPQXOXL DGUHVDW GH SUHPLHUXO XQJDU 9LNWRU 2UEDQ µ´7UHEXLH VFRV vQ HYLGHQĠă úL Pă H[SULP vQ DFHVW VHQV SHQWUX Fă QX YUHDX Vă ODV IăUă UHSOLFă R GHFODUDĠLH IăFXWă GH FăWUH SUHPLHUXO 8QJDULHL 9LNWRU 2UEDQ SULQ FDUH DFHVWD LQWUă PDL PXOW VDX PDL SXĠLQ vQ FDPSDQLD GH UHIHUHQGXP GLQ 5RPkQLD 'LQ DFHVW PRWLY FUHG Fă VXQ WHP GDWRUL Vă VXEOLQLHP IDSWXO Fă DWkW FHWăĠHQLL GH HWQLH PDJKLDUă FkW úL FHL GH HWQLH URPkQă WUăLHVF vQ 5RPkQLD úL YRWXO ORU HVWH OD IHO GH LPSRUWDQW &UHG Fă FHWăĠHQLL URPkQL GH HWQLH PDJKLDUă VXQW GDWRUL Vă VH LPSOLFH vQ FHHD FH vQVHDPQă GHPRFUDĠLD vQ 5RPkQLD )ăUă D IDFH YUHXQ vQGHPQ GH D YRWD vQWU XQ IHO VDX DOWXO FUHG Fă FHWăĠHQLL URPkQL GH HWQLH PDJKLDUă DX GUHSWXO GDU úL GDWRULD GH D YRWD OD DFHVW UHIH UHQGXP &UHG Fă DYHP R VLWXDĠLH vQ FDUH SkQă OD RUD vQ ORFDOLWăĠLOH FX SRSXODĠLH PDJKLDUă DYHDP R SDU WLFLSDUH GH PD[LPXP úL QX SXWHP Vă QX R OHJăP GH vQGHPQXO

DGUHVDW GH 9LNWRU 2UEDQ´ D GHFODUDW &LSULDQ 'REUH

0XUHúXO GLQ 7kUJX 0XUHú

'HFL]LL EXQH QLFLR GHFLH]LH" 7RĠL VXQWHP LQWHUHVDĠL

UH]LVWH vQ DFHVW SURJUDP SkQă UHXúHVF Vă YDGă UH]XOWDWHOH GRULWH´ D PDL H[ SOLFDW /DXUD %XFXU $QWUHQDPHQWH GH =XPED DX ORF vQ FDUWLHUHOH 7XGRU 8QLULL úL 'kPEX 3LHWURV ³$P DYXW úL YRP PDL DYHD SHWUHFHUL FKLDU úL vQ DHU OLEHU ÌQ YUHDX Vă H[WLQG DFHVW ³IHQRPHQ´ úL SHQWUX FRSLL $P IăFXW R VSHFLDOL]DUH =XPEDWRPLF (VWH XQ SURJUDP GHVWLQDW H[FOXVLY FRSLLORU FX YkUVWH vQWUH úL DQL´ D PDL GHFODUDW /DXUD %XFXU ,RQXĠ 235($

D IăFXW VHQ]DĠLH vQ $PHULFD úL $VLD LDU DFXP FXFHUHúWH (XURSD =80%$ QX HVWH GRDU ¿WQHVV HVWH XQ DGHYăUDW IHQRPHQ R H[SOR]LH GH HQHUJLH úL GLVWUDFĠLH SH ULWPXUL ODWLQR =80%$ D GHYHQLW R DGHYDUDWă UHYROXĠLH WUDQVIRU PkQG FRQFHSWXO GH ¿WQHVV vQ )LWQHVV )XQ ¿WQHVV GLVWUDFWLY 6SUH GHRVHELUH GH DHURELF =80%$ HVWH PXOW PDL GLV WUDFWLY FHHD FH DMXWă FD SDUWLFLSDQĠLL Vă

$ÀDW OD 8QLYHUVLWDWHD GH 9DUă GH OD %ăLOH 7XúQDG SUHPLHUXO XQJDU 9LN WRU 2UEDQ OH D VXJHUDW URPkQLORU úL PDJKLDULORU Vă LD GHFL]LL EXQH FXP DU ¿ FD OD UHIHUHQGXPXO GH GXPLQLFă Vă QX LD QLFLR GHFL]LH µ¶(X QX SRW Vă LQWHUYLQ úL QX SRW Vă IDF UHFODPă (X YUHDX Vă LQYLW PDJKLDULL Vă VLPWă JUHXWDWHD LVWRULFă D PRPHQWXOXL ( SRVLELO FD VRDUWD 5RPkQLHL Vă VH KRWăUDVFă SHQ WUX XUPăWRDUHOH FkWHYD GHFHQLL $ú GRUL Vă XUH] URPkQLORU úL PDJKLDULORU GLQ 5RPkQLD Vă DGXFă GHFL]LL EXQH VSUH H[HPSOX Vă QX LD QLFLR GHFL]LH FHHD FH PkLQH HVWH R SRVLELOLWDWH LDU OD DOHJHULOH SDUODPHQWDUH Vă LD GHFL]LL FX FDUH Vă SRDWă SURWHMD DFHO IXQGDPHQW FDUH H[LVWă vQ VWDUHD OXL ¿UDYă úL FDUH D IRVW IăXULW úL GH PDJKLDULL GLQ 5RPk QLD¶¶ D VSXV 9LNWRU 2UEDQ $JHUSUHV

$FHVWD D VXVĠLQXW Fă GHúL vQ 7kUJX 0XUHú SRSXODĠLD SDUWLFLSă OD YRW QX DFHODúL OXFUX SRDWH ¿ VSXV GHVSUH ORFDOLWăĠLOH XQGH SRSXODĠLD PDJKLDUă HVWH PDMRULWDUă FX UHIHULUH GLUHFWă OD FRPXQHOH PDJKLDUH úL RUDúHOH 6kQ JHRUJLX GH 3ăGXUH úL 0LHUFXUHD 1LUDM XQGH PDJKLDULL UHSUH]LQWă SHVWH GLQ SRSXODĠLH 'REUH D DGUHVDW XQ DSHO vQ OLPELOH URPkQă úL PDJKLDUă SHQWUX FD FHWăĠHQLL Vă SDUWLFLSH OD YRW SH FRQ VLGHUHQWXO Fă WRĠL VXQW vQ HJDOă PăVXUă LQWHUHVDĠL GH DFHVW UHIHUHQGXP /LGHUXO 31/ 0XUHú FUHGH Fă 86/ HVWH JDWD Vă VXSOLQHDVFă ³úL 8'05 XO úL 3&0 XO´ vQ VHQVXO UHSUH]HQWăULL SRSXODĠLHL PDJKL DUH úL D UHJUHWDW IDSWXO Fă OD QLYHO ORFDO QX H[LVWă ³XQ 5DGX 0D]ăUH´ SHQWUX FDSDFLWDUHD YRWXULORU SHUVRDQHORU DI ODWH OD SODMă vQ &RPSOH[XO GH $JUHPHQW

:HHNHQG FX =XPED 6XWH GH PXUHúHQL DX vQYăĠDW DVHDUă Fă SRW IDFH ¿WQHVV úL VH SRW GLVWUD vQ DFHODúL WLPS OD ³=XPED 0DVWHU &ODVV´ HYHQLPHQW RUJDQL]DW GH $VRFLDĠLD &OXE 6SRUWLY +,=$ ± '2 OD FRPSOH[XO :HHN HQG ,QVWUXFWRULL DXWRUL]DĠL /DXUD $OH[ %XFXU úL SULHWHQLL ORU GLQ 2GRUKHL ± (PR =XPED 2GRUKHX OH DX RIHULW SDUWLFLSDQĠLORU GDQVXUL úL GLVWUDFĠLH vQWU XQ SURJUDP QHXLWDW ³3URJUDPXO

ùWLUL GH DGPLúL OD WUHL VSHFLDOL]ăUL OD 80) 3H VLWH XO 8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPDFLH 7kUJX 0XUHú DX IRVW D¿úDWH UH ]XOWDWHOH H[DPHQXOXL GH DGPLWHUH GLQ GDWD GH LXOLH SHQWUX VSHFLDOL]ăULOH $VLVWHQĠă PHGLFDOă JHQHUDOă 1XWULĠLH úL GLHWHWLFă úL %DOQHR¿]LRNLQHWRWHUDSLH úL UHFXSHUDUH 'LQ FDQGLGDĠL vQVFULúL OD $VLVWHQĠă 0HGLFDOă *HQHUDOă OLQLD URPkQă DX RFX SDW ORFXULOH EXJHWDWH FX PHGLL vQWUH úL DX LQWUDW OD WD[ă FX PHGLL vQWUH úL DX IRVW DEVHQĠL LDU UHVWXO DX IRVW DGPLúL IăUă ORF /D OLQLD PDJKLDUă DX LQ WUDW OD ORFXULOH EXJHWDWH FX PHGLL FXSULQVH vQWUH úL DX IRVW DGPLúL OD WD[ă FX PHGLL vQWUH úL QRXă DX IRVW DGPLúL IăUă ORF úL DX IRVW DEVHQĠL 3HQWUX VSHFLDOL]DUHD %DOQHRIL]LRNLQHWRWHUDSLH úL UHFXSHUDUH GH FDQGLGDĠL DX IRVW DGPLúL OD WD[ă FX PHGLL vQWUH úL DX IRVW DGPLúL IăUă ORF úL DX IRVW DEVHQĠL /D VSHFLDOL]DUHD 1XWULĠLH úL GLHWHWLFă DX IRVW DGPLúL FX WD[ă DYkQG PHGLL vQWUH úL LDU úDVH DX IRVW DEVHQĠL /LVWD UH]XO WDWHORU SRDWH IL YL]XDOL]DWă SH VLWH XO ZZZ XPIWJP UR $ 0

2 QRXă úDQVă 5RPkQLHL %RUEHO\ /DV]OR YLFHSUHVHGLQWHOH 8'05 D YRWDW OD &ROHJLXO 1DĠLRQDO ³%RO\DL )DUNDV´ GLQ 7kUJX 0XUHú ³(X SULQ YRWXO PHX vQFHUF Vă GDX R QRXă úDQVă R QRXă úDQVă DFHVWHL ĠăUL LQ FDUH WLPS GH GH DQL V DX vQWkPSODW IRDUWH PXOWH ± úL EXQH úL UHOH´ D GHFODUDW IRVWO PLQLVWUX DO 0H GLXOX 3RWULYLW GDWHORU FRPXQLFDWH GH 'LUHFĠLD GH 6WDWLVWLFă 0XUHú OD RUD SUH]HQĠD OD YRW vQ MXGHĠ HUD GLQ WRWDOXO GH GH DOHJăWRUL FX GUHSW GH YRW ( 0

.DVWDPRQX DIDFHUL vQ FUHúWHUH &RPSDQLD .DVWDPRQX 5RPkQLD IRVWD 3UROHPQ D ILQDOL]DW vQ DFHDVWD OXQă OD 5HJKLQ R LQYHVWLĠLH GH GH PLOLRDQH GH HXUR UHSUH]HQWkQG R QRXă IDEULFă GH 3$/ 8QLWDWHD GH SURGXFĠLH GLVSXQH GH WHKQR ORJLH GH XOWLPă JHQHUDĠLH 3ULPHOH HIHFWH SR]LWLYH DOH DFHVWHL QRL LQYHVWLĠLL V DX FRQFUHWL]DW vQWU R FUHúWHUH VXEVWDQĠLDOă D QXPăUXOXL ORFXULORU GH PXQFă GLVSRQL ELOH DVWIHO vQFkW vQ SULPD SDUWH D DQXOXL .DVWDPRQX 5RPkQLD D DQJDMDW GH SHUVRDQH SHUVRQDOXO DMXQJkQG OD GH DQJDMDĠL ³)LQDOL]DUHD DFHVWHL LQYHVWLĠLL YD SR]LĠLRQD FX VLJXUDQĠă .DVWDPRQX SULQWUH FHOH PDL vQVHPQDWH FRPSDQLL SURGXFăWRDUH GH 3$/ EUXW úL PHODPLQDW GLQ UHJLXQH´ D GHFODUDW (VDW 2]RJX] GLUHFWRUXO JHQHUDO DO .DVWDPRQX 5RPkQLD , 2


" LXOLH DXJXVW "

)2725(3257$-

%DWH YkQWX Q VHFĠLL PX]LFD VXQă Q GLUHFĠLL

3kQă OD RUD SUH]HQĠD OD YRW vQ MXGHĠXO 0XUHú D IRVW GH

1H DP vQWRUV DVWă]L GH OD FDVWHOXO PDL PDULORU GH OD /ăSXúQD GXSă WUHL ]LOH GH ÄWHDP EXLOGLQJ´ FD Vă YRWăP 1H DP OăVDW EDJDMHOH vQ UHGDFĠLH úL DP SOHFDW ¿ HFDUH VSUH VHFĠLD OXL (X DP DMXQV OD ÄD PHD´ vQ MXUXO RUHL (UDP VLQJXUă vQ VDOă &HL GLQ FRPLVLD GH VXSUDYHJK HUH SOLFWLVLĠL GH DWkWD JROLFLXQH DVFXO WDX 'LUHFĠLD OD FHYD UDGLR FX YROXPXO DSURDSH OD PLQLP IăFkQGX úL YkQW FX FH DSXFDX 1X P DP XLWDW IRDUWH DWHQW GDU QX Dú H[FOXGH IDSWXO Fă V DX DYkQWDW FKLDU úL FX EXOHWLQHOH GH YRW $HUXO FRQGLĠLRQDW OLSVHD FX GHVăYkUúLUH WHUPRPHWUXO DUăWD YUHR JUDGH &HOVLXV 8Q WLQHUHO GLQ FRPLVLH PL D VSXV Vă QX L IDF SR]H SH WRQXO XQXL RP PXúFDW GH FkLQH 0L V D IăFXW PLOă GH HO úL O DP OăVDW vQ SDFH GHúL GH FHOH PDL PXOWH RUL vPL SODFH Vă ³Pă MRF´ FX ăúWLD LULWDĠL %XOHWLQHOH GH YRW HUDX DWkW GH WUDQVSDU HQWH vQFkW P DP JkQGLW Fă DU SXWHD Vă UHDOL]H]H H[LW SROO XULOH FKLDU SUHúHGLQĠLL FRPLVLLORU FX R SUREDELOLWDWH GH

$ FDP EăWXW YkQWXO vQ VHFĠLLOH GH YRWDUH PXUHúHQH

ùL EXFXUHúWHQLL DX DYXW XQGH Vă YRWH]H vQ WkUJ

ÌQ úDVH VHFĠLL GH YRWDUH GLQ MXGHĠ D IRVW VXVSHQGDWă YRWDUHD GLQ FDX]ă Fă úWDPSLOHOH GH FRQWURO DX IRVW DSOLFDWH SH IDĠD úL QX SH VSDWHOH EXOHWLQHORU GH YRW

YRWDQĠL OD R VHFĠLH RDUHFDUH SkQă OD RUD

$P YRWDW GHFL úL QX DP DVFXQV EXOHWLQXO GH SULYLUHD QLPăQXL GHúL VH YHGHD GH OD R SRúWă XUPD GH FHUQHDOă GH SH úWDPSLOă GHúL V D LPSULPDW GRDU SH MXPăWDWH 0L D IRVW IULFă Vă R PDL SXQ R GDWă FD QX FXPYD Vă PL DQXOH]H ăúWLD YRWXO

ÌQ WLPS FH VFULDP UkQGXULOH DFHVWHD PL D SRYHVWLW R FROHJă FXP Fă vQ úDVH VHFĠLL GH YRWDUH GLQ MXGHĠ SDWUX GLQ *ORGHQL XQD GLQ %DKQHD úL XQD GLQ WkUJ D IRVW VXVSHQGDWă YRWDUHD GLQ FDX]ă Fă úWDPSLOHOH GH FRQWURO DX IRVW DSOLFDWH SH

IDĠD úL QX SH VSDWHOH EXOHWLQHORU GH YRW 9ă GDĠL VHDPD«

FKLDU GRDU WUăJkQG FX RFKLXO SH EXOHWLQ vQDLQWHD LQWURGXFHULL OXL vQ XUQă

$P PDL GDW FkWHYD WXUH PDL DSRL úL SH OD DOWH VHFĠLL GH YRWDUH 6LWXDĠLD D IRVW FDP DFHHDúL 3kQă OD RUD SUH]HQĠD OD YRW vQ MXGHĠXO 0XUHú D IRVW GH )RDUWH VODE SRDWH FHO PDL VODE GLQ ĠDUă )RWR úL WH[W %5,67(1$


%DWH YkQWX Q VHFĠLL PX]LFD VXQă Q GLUHFĠLL 1H DP vQWRUV DVWă]L GH OD FDVWHOXO PDL PDULORU GH OD /ăSXúQD GXSă WUHL ]LOH GH ÄWHDP EXLOGLQJ´ FD Vă YRWăP 1H DP OăVDW EDJDMHOH vQ UHGDFĠLH úL DP SOH FDW ¿HFDUH VSUH VHFĠLD OXL (X DP DMXQV OD ÄD PHD´ vQ MXUXO RUHL (UDP VLQJXUă vQ VDOă &HL GLQ FRPLVLD GH VXSUDYHJKHUH SOLFWLVLĠL GH DWkWD JROLFLXQH DVFXO WDX 'LUHFĠLD OD FHYD UDGLR FX YROXPXO DSURDSH OD PLQLP IăFkQGX úL YkQW FX FH DSXFDX SDJ

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

9LNWRU 2UEDQ L D ĠLQXW DFDVă SH PDJKLDUL

3UHúHGLQWHOH RUJDQL]DĠLHL 31/ 0XUHú &LSULDQ 'REUH FDUH HVWH úL SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú D GHFODUDW GXPLQLFă vQWU R FRQIHULQĠă GH SUHVă Fă VODED SUH]HQĠă D HWQL FLORU PDJKLDUL OD YRW DU SXWHD ¿ úL R FRQVHFLQĠă D vQGHPQXOXL DGUHVDW GH SUHPLHUXO XQJDU 9LNWRU 2UEDQ SDJ

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

&XL L D GDW )ORUHD XQ VIHUW GH PLOLRQ GH HXUR" Q &RPSDUDWLY FX GHFODUDĠLD GH DYHUH GHSXVă DQXO WUHFXW SULPDUXO 3'/ 'RULQ )ORUHD D DFKL]LĠLRQDW XQ WHUHQ LQWUDYLODQ GH PS Q &RQGXFH XQ 0HUFHGHV $ GLQ GHĠLQH R FDVă GH ORFXLW GH PS úL ELMXWHULL úL WDEORXUL PRúWHQLWH Q ÌQ FHHD FH SULYHúWH VDODULXO DQXDO GH SULPDU DFHVWD D VFă]XW GH OD GH OHL OD GH OHL Q 'RULQ )ORUHD D PDL UDSRUWDW DFRUGDUHD XQXL vPSUXPXW vQ YDORDUH GH GH HXUR IăUă Vă SUHFL]H]H FLQH H EHQH¿FLDUXO

SDJ


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.