3DJ
VSRUW
5HJKLQ FHQWUX GH H[FHOHQĠă vQ GDQV VSRUWLY
3DJ
HYHQLPHQW
3DJ
%ORF QRX QRXĠ VFRV OD OLFLWDĠLH
6H GLVWULEXLH vPSUHXQă FX =LDUXO GH 0XUHú
SROLWLFă
&RVWXULOH FDPSDQLHL ĠLQXWH vQ VHFUHW
GLUHFWRU IRQGDWRU
LQ FXUV GH DXGLWDUH %5$7
$XUHOLDQ *5$0$
ZZZ ]L GH ]L UR
3DJ
VRFLDO
3DUDGD ELFLFOHWHORU GH WRDPQă OD /XGXú
&XUV YDOXWDU
7kUJX 0XUHú
HXU XVG JU DXU
& & & & & &
/XQL RFWRPEULH $QXO 9,,, QU
7J 0XUHú 5HJKLQ 6LJKLúRDUD
SDJLQL
9HGHWD GH WHOHYL]LXQH $QGUHHD 0DULQ %ăQLFă SUH]HQWă GXPLQLFD YLLWRDUH OD 7kUJX 0XUHú FX RFD]LD ³)HVWLYDOXOXL =kPEHWHORU´ 0DQLIHVWDUHD HVWH RUJDQL]DWă GH $YRQ 5RPkQLD FX VSULMLQXO 3ULPăULHL FX VFRSXO GH D VăUEăWRUL ]HFH DQL GH OXSWă vPSRWULYD FDQFHUXOXL OD VkQ ³0ă DOăWXU FX PkQGULH DFHVWHL HFKLSH PLQXQDWH úL Pă EXFXU Vă ¿X SULPXO DPEDVDGRU $YRQ 5RPkQLD &DPSDQLD SHQWUX 6ăQăWDWHD 6kQLORU´ D SUHFL]DW $QGUHHD 0DULQ %ăQLFă ÌQ FDGUXO HYHQLPHQWXOXL YRU DYHD ORF VHPLQDULL GHVSUH VăQăWDWHD VkQLORU VHVLXQL GH PDNH XS DWHOLHUH GH KDQGPDGH úL SLFWXUă SUHFXP úL MRFXUL úL PXOWH VXUSUL]H SHQWUX FHL PLFL
6 7LQWHUHVDQWH ,5, 0X]HXO GH (WQRJUD¿H UHDELOLWDW 'XSă 3DODWXO &XOWXULL GLQ 7kUJX 0XUHú D YHQLW UkQGXO 0X]HXOXL GH (WQRJUD¿H Vă ¿H UHDELOLWDW SUR LHFWXO SHQWUX H[HFXWDUHD OXFUăULORU ¿LQG vQWRFPLW GH 6& $UKLQJ 65/ 7kUJX 0XUHú 3RWULYLW SDQRXOXL GH úDQWLHU OXFUDUHD YD ¿ UHDOL]DWă GH 6& &RQLPXU 65/ úL 6& 0RQWUHS FRP 65/ LDU FRQVWUXFWRU SHQWUX LQVWDODĠLL YD ¿ 6& ,QVWDOGL 65/ 7kUJX 0XUHú 7HUPHQXO OLPLWă SHQWUX ¿QDOL]DUHD OXFUăULORU HVWH VHSWHPEULH 6 7
$GUHVD UHGDFWLHL 6WU 3ULPăULHL QU 7kUJX 0XUHú 7HO UHGDFWLD#]L GH ]L UR SXEOLFLWDWH#]L GH ]L UR
$ERQDPHQWH 3HQWUX DERQDPHQWH vĠL VWăP OD GLVSR]LĠLH OD VHGLXO UHGDFĠLHL VDX OD WHOHIRQ
/RUD úL %LW]ă OD EDO OD ³8QLUHD´
3DUF VRODU OD 0LKHúX GH &kPSLH
&ROHJLXO 1DĠLRQDO ³8QLUHD´ GLQ 7kUJX 0XUHú RUJDQL]HD]ă MRL RFWRPEULH GH OD RUD %DOXO %RERFLORU vQ VDOD PDUH D 7HDWUX OXL 1DĠLRQDO ³'XSă VSHFWDFROXO GH OD 7HDWUX Yă DúWHSWăP vQ *D OOHU\ 6RFLDO &OXE XQGH GH OD RUD YD FRQFHUWD /RUD XUPDWă ¿LQG GH XQ FRQFHUW %LW]ă´ VH DUDWă SH SDJLQD GH )DFHERRN D HYHQLPHQWXOXL 3UHĠXO ELOHWHORU HVWH GH GH OHL SHQWUX DFFHV OD 7HDWUX úL *DOOHU\ 6RFLDO &OXE úL GH OHL SHQWUX DFFHV GRDU OD *DOOHU\ 6RFLDO &OXE 6 7
6& /DV $OWHUQDWLY (QHUJ\ 65/ GLQ 7kUJX 0XUHú D GHPDUDW SUR FHGXULOH SHQWUX REĠLQHUHD DYL]X OXL GH PHGLX GLQ SDUWHD $JHQĠLHL SHQWUX 3URWHFĠLD 0HGLXOXL 0XUHú GHSXQkQG vQ DFHVW VHQV SULPD YHU VLXQH D SODQXOXL 38= FDUH FUHHD]ă FDGUXO SHQWUX FRQVWUXLUHD XQXL SDUF VRODU GH .: SH XQ WHUHQ H[WUDYLODQ VLWXDW vQ ORFDOLWDWHD 0LKHúX GH &kPSLH 3RWULYLW SRUWD OXOXL OLVWD¿UPH UR 6& /DV $OWHUQD WLY (QHUJ\ 65/ V D vQ¿LQĠDW vQ LXQLH úL DUH VHGLXO SH VWUDGD &X]D 9RGă QU 6 7
Z
::: =, '( =, 52 ,QWUHEDUHD ]LOHL
6XQWHĠL GH DFRUG FD 6RULQ $SRVWX Vă ¿H FHUFHWDW vQ VWDUH GH OLEHUWDWH"
/D LQWUHEDUHD GH LHUL 9HĠL PHUJH OD YRW OD DOHJHULOH SDUODPHQWDUH GLQ GHFHPEULH" 5ăVSXQVXULOH YRDVWUH DX IRVW
'$
18
URQ URQ URQ
5HJKLQ 6LJKLúRDUD /XGXú 7kUQăYHQL
R SDUWH GLQ YLDĠD WD
3DJ
DGPLQLVWUDĠLH
0HWHR
12$37($ =,8$
³=kQD 6XUSUL]HORU´ SOHGRDULH SHQWUX VkQL VăQăWRúL OD 7kUJX 0XUHú
3DJ
3DUF GH DYHQWXUă OD 3ODWRXO &RUQHúWL
-XGHFăWRUL DOHúL vQ %(& 0XUHú GH ]HLĠD )RUWXQD 3UHúHGLQWHOH 7ULEXQDOXOXL 0X UHú MXGHFăWRU 6RQLD 'HDFRQHVFX D GHVHPQDW LHUL SULQ WUDJHUH OD VRUĠL FHL WUHL MXGHFăWRUL GLQ FDGUXO 7ULEXQDOXOXL 0XUHú FDUH YRU IDFH SDUWH GLQ %LURXO (OHFWRUDO GH &LUFXPVFULSĠLH %(& -XGHĠHDQă 0XUHú vQ YHGHUHD RUJDQL]ăULL úL GHVIăúXUăULL DOHJHULORU SHQWUX &DPHUD 'HSXWDĠLORU úL 6HQDW GLQ GDWD GH GHFHPEULH $VWIHO GLQ XUPă DX IRVW H[WUD VH ELOHĠHOH FX XUPăWRDUHOH QX PH GH MXGHFăWRUL 6]RWV /HKHO %DUQD 7ULEXQDOXO 0XUHú %HUHF ]NL )UDQFLVF $GULDQ 7ULEXQDOXO 0XUHú úL +HJ\L 3LURVND 7ULEX QDOXO 6SHFLDOL]DW 0XUHú ³3R WULYLW GLVSR]LĠLLORU OHJDOH WUDJHUHD OD VRUĠL QX V D IăFXW SH IXQFĠLL vQWUXFkW VH GHVHPQHD]ă úL VH WUDJ OD VRUĠL FHL WUHL PHPEUL XUPkQG FD DSRL vQ WHUPHQ GH GH RUH DFHúWLD Vă vúL DOHDJă SUHúHGLQWHOH úL
ORFĠLLWRUXO´ D SUHFL]DW SUHúHGLQWHOH 7ULEXQDOXOXL 0XUHú -XGHFăWRULORU OL VH YRU DOăWXUD vQ %(& 0XUHú úL UHSUH]HQWDQĠL DL SDUWLGHORU SROLWLFH ³ÌQ OXQD GH FHPEULH YRU ¿ DOHJHUL SDUODPHQ WDUH FHL WUHL YRU IDFH SDUWH GLQ %L URXO (OHFWRUDO GH &LUFXPVFULSĠLH -XGHĠHDQă FDUH VH YD FRPSOHWD FX UHSUH]HQWDQĠL DL SDUWLGHORU úL FDUH YRU UăVSXQGH vQ JHQHUDO GH RUJD QL]DUHD DOHJHULORU QX Pă UHIHU OD RUJDQL]DUHD DGPLQLVWUDWLYă FL DWULEXĠLLOH HOHFWRUDOH UHJOH PHQWDWH GH OHJH´ D FRPSOHWDW MXGHFăWRU 6RQLD 'HDFRQHVFX $OH[ 727+
(GLWRULDO
6FROLR]D FRSLLORU úL PLRSLD JXYHUQDQĠLORU $OH[ 727+ 0L DP UHDPLQWLW VkPEăWă VHS WHPEULH FX RFD]LD =LOHL 3RUĠLORU 'HVFKLVH OD 2UWR3UR¿O GH FDPSD QLD QDĠLRQDOă GHUXODWă vQ XUPă FX WUHL DQL GH UHVSHFWLYD FRPSDQLH FDUH vúL SURSXQHD FRQúWLHQWL]DUHD LPSRUWDQĠHL GHSLVWăULL SUHFRFH D VFROLR]HL OD FRSLL úL LQIRUPDUHD SăULQĠLORU DVXSUD LPSRUWDQĠHL FRQ WURDOHORU SHULRDGLFH DOH FRORDQHL úL FDUH D úL IRVW SUHPLDWă GH 0LQLVWHUXO 6ăQăWăĠLL 7RW VkPEăWă DP SDUWLFLSDW OD R SUHOHJHUH GH DSURDSH GH PLQXWH IRDUWH LQWHUHVDQWă VXVĠLQXWă GH )L OHS 5REHUW NLQHWRWHUDSHXW SULQFLSDO úL FRRUGRQDWRUXO 'HSDUWDPHQWXOXL GH ,QVWUXLUH úL 'H]YROWDUH GLQ FDGUXO 2UWR3UR¿O 5RPkQLD 3H OkQJă XQHOH LQIRUPDĠLL SH FDUH OH úWLDP DP DÀDW Fă 5RPkQLD HVWH WRWXúL SH SULPXO ORF vQ (XURSD OD XQ GRPHQLX 'LQ SăFDWH SHUIRUPDQĠD GH D ¿ OLGHUL HXURSHQL OD FHYD QX H GH QDWXUă Vă QH vQFkQWH SHQWUX Fă HVWH YRUED
GHVSUH FD]XULOH JDYH GH VFROLR]ă 6H úWLH VFROLR]HOH VXQW GHYLDĠLL vQ IRUPă GH 6 D FRORDQHL YHUWHEUDOH LDU YHVWHD Fă 5RPkQLD H SH ORFXO vQWkL SH ³EăWUkQXO FRQWLQHQW´ OD DFHVWH DIHFĠLXQL H GHVWXO GH JUHX GLJHUDELOă 'DWHOH VWDWLVWLFH VXQW úRFDQWH FX RFD]LD FDPSDQLHL 2UWR3UR¿O GLQ DX IRVW FRQVXOWDĠL GH FR SLL LDU DSURDSH GLQWUH DFHúWLD SUH]HQWDX GHYLDĠLL OD SLFLRU VDX OD FR ORDQD YHUWHEUDOă ³'LQ SăFDWH RUHOH GH VSRUW VXQW IRDUWH SXĠLQH (X FkQG HUDP OD úFRDOD HOHPHQWDUă DYHDP WUHL úL FKLDU SDWUX RUH GH HGXFDĠLH ¿]LFă SH VăSWăPkQă $FXP GDFă HVWH XQD´ D VSXV NLQHWRWHUDSHXWXO FDUH Q D XLWDW QLFL ³SUDFWLFLOH´ H[DJHUDWH DOH XQRU SăULQĠL FDUH VROLFLWă VFXWLUL SHQWUX RGUDVOHOH ORU SHQWUX RUHOH GH HGXFDĠLH ¿]LFă GH IRDUWH PXOWH RUL IăUă QLFLXQ PRWLY UHDO $YHD GUHSWDWH GRPQXO NLQHWRWHUD SHXW 8QGH VXQW RUHOH GH HGXFDĠLH ¿]LFă GH DOWăGDWă"
'HFODUDWLD ]LOHL
0ă XLW úL FăWUH DOWH SURLHFWH DQWUHSUHQRULDOH vQ SHUPDQHQĠă VXQW vQ FRQWDFW FX WRDWH SURSXQHULOH úL VXQW GHVFKLV OD D LQYHVWL vQ GRPHQLL QRL PDL DOHV vQ ]RQD GH VWUDW XS XUL
2UODQGR 6]DV]
63257 RFWRPEULH
³&XSD 0LURQD´ FRPSHWLĠLH VSRUWLYă D SHVWH GH GDQVDWRUL
5HJKLQXO FHQWUX GH H[FHOHQĠă vQ GDQVXO VSRUWLY URPkQHVF
9DVLOH *OLJD ³H SULPD RDUă FkQG VLPW XQLWDWHD GDQVXOXL VSRUWLY´
&RPSHWLĠLD V D EXFXUDW GH XQ QXPăU LPSUHVLRQDQW GH GDQVDWRUL úL GH DUELWUL GLQ vQWUHDJD ĠDUă
0DULD 3UHFXS ³HVWH XQ HYHQLPHQW GHRVHELW SHQWUX PXQLFLSLXO QRVWUX´
(OHYLL ùFROLL *LPQD]LDOH ³0LURQD´ vQWU XQ VKRZ VLQFURQ
&kúWLJăWRULL FDWHJRULHL 2SHQ 67
&DPSLRQLL PRQGLDOL 3DXO 0ROGRYDQ úL &ULVWLQD 7ăWDU
&DPSLRQL OD FDWHJRULD 2SHQ 67
&kúWLJăWRULL PXUHúHQL DÀ DĠL SH SRGLXP VXQW
3ULPLL WUHL OD FDWHJRULD 2SHQ /$
2SHQ /$ /RFXO ,, %RJGDQ 3DVWRU 6]ROORVL (YH O\Q 'DQFH $UW &OXEXO 6SRUWLY ùFRODU 7kUJX 0XUHú /RFXO ,,, $OH[ +HUFLX ± $ULDQD &KHĠHOHú 'DQFH $UW &OXEXO 6SRUWLY ùFRODU 7kUJX 0XUHú 2SHQ /$ /RFXO ,,, &RGULQ &RQVWDQWLQ )XLRDJă ± $QGUHHD 6XFLX 'DQFHSODQHW 5R ,DúL 'DQVXO 9LRULORU 5HJKLQ 2SHQ ± 67 /RFXO , %RJGDQ 3DVWRU 6]ROORVL (YH O\Q 'DQFH $UW &OXEXO 6SRUWLY ùFRODU 7kUJX 0XUHú /RFXO ,, 7XGRU 0XUHúDQ $QD &LUGDQ 'DQVXO 9LRULORU 5HJKLQ 'DQFH $UW 7kUJX 0XUHú 2SHQ ± 67 /RFXO , )RGRU 1 &VDQDG 9DV]L 5HND 'DQFH $UW 7kUJX 0XUHú
'DQVDWRULL SUHPLDĠL OD FDWHJRULD 2SHQ /$
&RQFXUVXO V D GHVIăúXUDW vQ SDUDOHO vQ GRXă VăOL
3HVWH GH GDQVDWRUL GLQ vQWUHDJD ĠDUă úL GH DUELWUL DX IRVW SUH]HQĠL VkPEăWă VHSWHPEULH OD FHD GH D úDSWHD HGLĠLH D &RQFXUVXOXL 1DĠLRQDO GH 'DQV 6SRUWLY ³&XSD 0LURQD´ GHVIăúXUDWă OD 5HJKLQ DFHVW FHQWUX GH H[FHOHQĠă vQ GDQVXO VSRU WLY URPkQHVF (YHQLPHQWXO D IRVW RUJD QL]DW GH &OXEXO GH 'DQV 6SRUWLY ³'DQVXO 9LRULORU´ GLQ 5HJKLQ VXE HJLGD )HGHUDĠLHL 5RPkQH GH 'DQV 6SRUWLY vQ FRODERUDUH FX 3ULPăULD PXQLFLSLXOXL úL &RQVLOLXO /RFDO
ÌQWUHJLUHD IDPLOLHL GDQVXOXL VSRUWLY &RQFXUVXO D FXSULQV GH FDWHJRULL OD VHFĠLXQLOH VWDQGDUG ODWLQR SH GLIHULWH FODVH úL FDWHJRULL GH YkUVWă (YHQLPHQ WXO D vQFHSXW FX SDUDGD GDQVDWRULORU SUH]HQWDUHD DUELWULORU úL FXYkQWXO GH GH VFKLGHUH DO JD]GHL GHSXWDWXO 9DVLOH *OL JD SUHúHGLQWH DO )HGHUDĠLHL 5RPkQH GH 'DQV 6SRUWLY ³(X FUHG Fă FH DP UHXúLW QRL Pă UHIHU OD IDPLOLD *OLJD H Vă vQ WUHJLP IDPLOLD FX WRDWă OXPHD GDQVXOXL VSRUWLY ÌQFHUFăP GH ]HFH DQL Vă ¿ P R JD]Gă EXQă úL WRĠL GDQVDWRULL GLQ ĠDUă Vă úWLH Fă QRL OXSWăP SHQWUX SHUIRUPDQĠă úL DFHVWD HVWH XQ OXFUX H[WUDRUGLQDU úL PDUHD VDWLVIDFĠLH D IDPLOLHL HVWH DFHHD Fă vQ DFHVW DQ OD JLPQD]LX H[LVWă VROLFLWăUL PDUL ÌQVHDPQă Fă GDQVXO VSRUWLY HVWH UHFXQRV
FXW vQ RUDú úL vQ ĠDUă 'H DFHHD YRL IDFH WRW FH SRW vPSUHXQă FX IDPLOLD PHD Vă ¿ P DFHLDúL´ D GHFODUDW 9DVLOH *OLJD
&DPSLRQLL PRQGLDOL SUH]HQĠL OD ³&XSD 0LURQD´ &DPSLRQLL PRQGLDOL PXUHúHQL FDUH DX FkúWLJDW vQ XUPă FX R VăSWăPkQă PHGDOLD
5HJKLQXO FHQWUXO GH H[FHOHQĠă GH DXU OD &DPSLRQDWXO 0RQGLDO GH OD %HL MLQJ OD FDWHJRULD GH YkUVWă 7LQHUHW ± vQ GDQV VSRUWLY (YHQLPHQWXO D DGXQDW VXE HJLGD GDQVXOXL VSRUWLY GH FDOLWDWH SHVWH GH GDQVDWRUL GH OD FOXEXUL GH GDQV VSRUWLY GLQ vQWUHDJD ĠDUă úL GH DUELWUL GLQ 5RPkQLD 'H DQL ORWXULOH QDĠLRQDOH DOH 5RPkQLHL VH SUHJăWHVF OD 5HJKLQ XQGH IXQFĠLRQHD]ă VLQJXUD úFRDOă JLPQD]LDOă FX SUR¿ O GH GDQV VSRUWLY *LP QD]LXO GH 6WDW ³0LURQD´ ³2UDúXO YLRULORU´ VH EXFXUă Vă Jă]GXLDVFă ³ùFRDOD 3RVWOLFHDOă GH 'DQV 6SRUWLY´ FX VSHFLDOL]DUHD DQWUHQRU FX GXUDWD GH GRL DQL XQGH DX DEVROYLW GHMD QRXă JHQHUDĠLL $LFL DSDUH úL ³)ODVKGDQFH´ UHYLVWD GDQVXOXL VSRUWLY GLQ 5RPkQLD VLQ JXUD FDUH DUH DFHVW SUR¿ O OD QLYHO QDĠLRQDO 7RDWH DFHVWHD úL QX QXPDL IDF GLQ 5HJKLQ XQ DGHYăUDW FHQWUX GH H[FHOHQĠă vQ GDQV VSRUWLY ³(VWH XQ HYHQLPHQW GHRVHELW SHQ WUX PXQLFLSLXO QRVWUX SHQWUX ĠDUD QRDVWUă úL IDSWXO Fă 9DVLOH úL (OHQD DX LQLĠLDW XQ DVHPHQHD FRQFXUV HVWH R PDUH EXFXULH $úD QH IDFHP FXQRVFXĠL QX QXPDL FX YLRULOH QRDVWUH FL úL FX GDQVXO QRVWUX FX WDOHQWHOH QRVWUH´ D GHFODUDW 0DULD 3UHFXS SULPDUXO 5HJKLQXOXL SUH]HQWă OD FRPSHWLĠLD VSRUWLYă Jă]GXLWă GH PXQLFLSLX
DQL /DWLQR L DX vQFkQWDW SH FHL SUH]HQĠL FX GRXă VKRZ XUL FDUH DX VWkUQLW DSODX]HOH úL DGPLUDĠLD WXWXURU FHORU GH IDĠă 3HUHFKHD 3DXO 0ROGRYDQ úL &ULVWLQD 7ăWDU GDQVHD]ă vPSUHXQă GH QRXă DQL OD &OXEXO 'DQFH $UW GLQ 7kUJX 0XUHú ¿ LQG DQWUHQDĠL GH 6R PRGL 0DUWRQ úL .DWDOLQ ³1H VLPĠLP IRDUWH ELQH (VWH SHQWUX SULPD RDUă FkQG DP IRVW LQYLWDĠL Vă IDFHP VKRZ OD R FRPSHWLĠLH´ D H[SOLFDW 3DXO SHQWUX ³=L GH =L ´ &ULVWLQD D UHFXQRVFXW Fă D DYXW FHYD HPRĠLL GHRDUHFH DX DYXW SXĠLQ WLPS SHQWUX D VH SUHJăWL SHQ WUX FHOH GRXă SUHVWDĠLL GDU H[SHULHQĠD D IRVW FkW VH SRDWH GH SOăFXWă ³1H VLPĠLP IR DUWH ELQH VXQWHP vPSOLQLĠL SHQWUX Fă DP PXQFLW IRDUWH PXOW SHQWUX DFHVW WLWOX úL D IRVW ĠHOXO VXSUHP SkQă vQ DFHVW PRPHQW´ D GHFODUDW &ULVWLQD GHVSUH UHXúLWD ORU GH D REĠLQH PHGDOLD GH DXU &X WRDWH DFHVWHD FHL GRL UHDOL]HD]ă Fă DFHVWD HVWH GRDU XQ vQ FHSXW GH GUXP
FHO PDL EXQ DQ FRPSHWLĠLRQDO 8Q PRPHQW GHRVHELW DúWHSWDW GH VSHFWD
WRUL úL GH SăULQĠL D IRVW VKRZ XO VXVĠLQXW GH FHL SHVWH GH FRSLL GH OD ùFRDOD *LPQD]LDOă ³0LURQD´ GLQ 5HJKLQ (OHYLL DX SULPLW vQFXUDMăULOH FHORU GH IDĠă úL DX IRVW LPRUWDOL]DĠL GH FDPHUHOH IRWR úL YLGHR DOH SăULQĠLORU úL SULHWHQLORU )HVWLYLWDWHD GH SUHPLHUH D VWkUQLW PDUL HPRĠLL GDU úL PXOWH EXFXULL vQFXQXQkQG VXFFHVHOH FHORU FDUH SUDFWLFă DFHVW VSRUW GLQ IUDJHGă SUXQFLH 6H GRYHGHúWH Fă DQXO HVWH FHO PDL EXQ DQ FRPSHWLĠLRQDO SHQWUX 5RPkQLD ³5H]XOWDWHOH úL QXPăUXO GH SDUWLFLSDQĠL OD FRPSHWLĠLLOH LQWHUQDĠLRQDOH SUH]HQĠD XQRU DQWUHQRUL VWUăLQL FDUH SUHJăWHVF SHUHFKL vQ SDUWLFXODU vQDIDUD DUELWULORU LQWHUQDĠLRQDOL D VSHULDW OXPHD GDQVXOXL VSRUWLY úL PXOĠL SUHúHGLQĠL GH IHGHUDĠLL YLQ Vă vQWUHEH FH PHWRGH DSOLFăP úL FXP DP UHXúLW Vă DMXQJHP OD DFHVW QLYHO´ D GH FODUDW 9DVLOH *OLJD 8Q OXFUX XQDQLP UHFXQRVFXW HVWH DFHOD Fă 5HJKLQXO HVWH FHQWUXO GH H[FHOHQĠă DO GDQVXOXL VSRUWLY URPkQHVF ³(VWH D úDSWHD HGLĠLH GDU SUREDELO H SULPD RDUă FkQG VLPW XQLWDWHD GDQVXOXL VSRUWLY úL R UHFXQRDúWHUH DFHHD Fă 5HJKLQXO HVWH FHQ WUXO GDQVXOXL VSRUWLY URPkQHVF $FHDVWă FRPSHWLĠLH YLQH Vă FRQ¿ UPH HIRUWXULOH SH FDUH OH DP IăFXW GH DQL GH ]LOH SHQWUX DFHVW VSRUW´ D DGăXJDW 9DVLOH *OLJD 2DQD 0Ă5*,1($1
IDFHERRN FRP ]LGH]L
(9(1,0(17
³=kQD 6XUSUL]HORU´ SOHGRDULH SHQWUX VkQL VăQăWRúL OD 7kUJX 0XUHú 3LDĠD 7HDWUXOXL GLQ PXQLFLSLXO 7kUJX 0XUHú YD Jă]GXL GXPLQLFă RFWRP EULH vQFHSkQG FX RUD ³)HVWLYDOXO =kPEHWHORU´ PDQLIHVWDUH RUJDQL]DWă GH $YRQ 5RPkQLD FX VSULMLQXO 3ULPăULHL PX QLFLSLXOXL 7kUJX 0XUHú FX VFRSXO GH D VăUEăWRUL ]HFH DQL GH OXSWă vPSRWULYD FDQ FHUXOXL OD VkQ
$QGUHHD 0DULQ %ăQLFă LPDJLQHD FDPSDQLHL 3RWULYLW SDJLQLL GH )DFHERRN D HYHQL PHQWXOXL LQYLWDĠL VSHFLDOL YRU ¿ $QGUHHD 0DULQ %ăQLFă DPEDVDGRU $YRQ vQ &DP SDQLD SHQWUX 6ăQăWDWHD 6kQLORU úL 3UR FRQVXO FDUH YD VXVĠLQH XQ FRQFHUW GH OD RUD ³0ă DOăWXU FX PkQGULH DFHV WHL HFKLSH PLQXQDWH úL Pă EXFXU Vă ¿ X SULPXO DPEDVDGRU $YRQ 5RPkQLD &DP SDQLD SHQWUX 6ăQăWDWHD 6kQLORU &HL ]HFH DQL GH DFWLYLWDWH GRQDĠLLOH UHDOL]DWH DQ GH DQ YROXQWDULL FDUH V DX LPSOLFDW DOăWXUL GH FHL GH OD $YRQ úL PLLOH GH IHPHL FDUH DX EHQH¿ FLDW GH DMXWRUXO ORU GRWDUHD FX HFKLSDPHQW GH XOWLPD JHQHUDĠLH D FHQWUH ORU RQFRORJLFH GLQ %XFXUHúWL ,DúL &OXM
7LPLúRDUD úL &UDLRYD úL R YDORDUH WRWDOă D GRQDĠLLORU IăFXWH vQ FHL ]HFH DQL GH $YRQ &DPSDQLD SHQWUX 6ăQăWDWHD 6kQLORU FDUH GHSăúHVWH PLOLRDQH GH GRODUL WRDWH DFHV WHD VWDX PăUWXULH SHQWUX SURPLVLXQHD ORU GH D OXSWD vPSRWULYD FDQFHUXOXL OD VkQ D LJQRUDQĠHL úL D SUHMXGHFăĠLORU úL P DX FRQ YLQV Vă ¿ X SDUWH GLQ DFHDVWă IDPLOLH´ D SUHFL]DW $QGUHHD 0DULQ %ăQLFă
$FFHVXO vQ ]RQă SH ED]D ]kPEHWXOXL 'H DVHPHQHD YRU ¿ RUJDQL]DWH VHPLQD ULL GHVSUH VăQăWDWHD VkQLORU VHVLXQL GH PDNH XS DWHOLHUH GH KDQGPDGH úL SLFWXUă SH UDPH SUHFXP úL MRFXUL úL PXOWH VXU SUL]H SHQWUX FHL PLFL ³$FFHVXO vQ ]RQD HYHQLPHQWXOXL VH IDFH SH ED]D ]kPEHWXOXL ODUJ $SRL SULQ DFWLYLWăĠLOH SUHJăWLWH YRP DYHD JULMă Vă vĠL SăVWUH]L DFHVW ]kPEHW´ VSXQ RUJDQL]DWRULL 3DUWHQHULL SURLHFWXOXL VXQW )XQGDĠLD 5HJLQD 0DULD $PPD 3ULQW 6SRUW SHQ WUX 9LDĠă úL 6SLWDOXO &OLQLF -XGHĠHDQ GH 8UJHQĠă 7kUJX 0XUHú $OH[ 727+
$QGUHHD 0DULQ %ăQLFă DPEDVDGRU $YRQ vQ &DPSDQLD SHQWUX 6ăQăWDWHD 6kQLORU
%ORF QRX QRXĠ VFRV OD PH]DW GH /RFDWLY 7kUJX 0XUHú GHOH GH DSDUWDPHQWH FX GRXă FDPHUH 8Q PRGHO VH GHVIăúRDUă SH XQ VLQJXU QLYHO DUH VXSUDIDĠD GH PHWUL SăWUDĠL XWLOL LDU SUHĠXO GH DFKL]LĠLH HVWH GH HXUR FX 79$ GH &HO GH DO GRLOHD PRGHO GH DSDUWDPHQW FX GRXă FDPHUH VH DÀ ă OD QLYHOXO DO GRLOHD úL OD PDQVDUGă DUH VXSUDIDĠD XWLOă GH GH PHWUL SăWUDĠL LDU SUHĠXO HVWH GH GH HXUR LQFOXVLY 79$´ D H[SOLFDW $OLQ 7ăOkQJă
6& /RFDWLY 6$ 7kUJX 0XUHú VFRDWH OD YkQ]DUH XQ EORF FX GH DSDUWDPHQWH VLWXDW vQ ]RQD FHQWUDOă D PXQLFLSLXOXL SH VWUDGD 6WHOHORU QU SUHĠXO VROLFLWDW ¿ LQG GH HXUR SHU PHWUX SăWUDW XWLO ³(VWH YRUED GHVSUH XQ LPRELO FX GRXă HWDMH úL PDQVDUGă VXQW GH DSDUWD PHQWH GLQWUH FDUH RSW FX GRXă FDPHUH GRXă FX SDWUX FDPHUH úL FX R FDPHUă´ D GHFODUDW SHQWUX FRWLGLDQXO ³=L GH =L´ $OLQ 7ăOkQJă UHSUH]HQWDQWXO 'HSDU WDPHQWXOXL GH ,QYHVWLĠLL GLQ FDGUXO 6& /RFDWLY 6$ 7kUJX 0XUHú ³3UHĠXO SHQ WUX XQ PHWUX SăWUDW XWLO HVWH GH HXUR SOXV 79$ FDUH HVWH GH GDWRULWă XQHL IDFLOLWăĠL vQ FRQIRUPLWDWH FX SUHYHGHULOH DUWLFROXOXL GLQ /HJHD GLQ ´ D FRPSOHWDW $OLQ 7ăOkQJă
9kQ]DUH SULQ OLFLWDĠLH
&RQIRUW ULGLFDW 3RWULYLW DFHVWXLD DSDUWDPHQWHOH DX XQ JUDG ULGLFDW GH FRQIRUW ¿ LQG GRWDWH FX FHQWUDOH WHUPLFH SULQ FRQGHQVDĠLH FDUH GHWHUPLQă R HFRQRPLH GH SkQă OD GH SURFHQWH OD FRQVXPXO GH JD] ³$SDUWDPHQ WHOH VXQW ¿ QLVDWH OD FKHLH DX JUHVLH SDU FKHW IDLDQĠă RELHFWH VDQLWDUH WkPSOăULH GLQ OHPQ VWUDWL¿ FDW LDU ¿ QLVDMHOH VXQW GH FDOLWDWH VXSHULRDUă FHQWUDOH WHUPLFH LQGLYLGXDOH OD ¿ HFDUH DSDUWDPHQW SULQ FRQGHQVDĠLH DFHVWHD ¿ LQG GHRVHELWH IDĠă GH FHOH RELúQXLWH (FRQRPLVHVF FRQVXPXO GH JD] FX DSUR[LPDWLY úL DX R H¿ FLHQĠă PDL PDUH´ D DUăWDW UHSUH]HQWDQWXO 6&
,PRELOXO VH DÀ ă vQ ]RQă FHQWUDOă SH VWUDGD 6WHOHORU QU GLQ 7kUJX 0XUHú /RFDWLY 6$ 7kUJX 0XUHú
&kW FRVWă DSDUWDPHQWHOH" ÌQ FHHD FH SULYHúWH SUHĠXO DSDUWDPHQWH ORU FHO PDL LHIWLQ FRVWă GH HXUR úL DUH VXSUDIDĠD GH PHWUL SăWUDĠL ³6XSUDIHĠHOH DSDUWDPHQWHORU GLIHUă SUHĠXO XQXL DSDUWDPHQW FX R FDPHUă FDUH DUH GH PHWUL SăWUDĠL ¿ LQG GH GH HXUR FX 79$ GH $YHP GRXă PR
5HIHULQGX VH OD SURFHGXUD FDUH WUHEXLH XUPDWă GH SRWHQĠLDOLL FOLHQĠL UHSUH]HQ WDQWXO 6& /RFDWLY 6$ 7kUJX 0XUHú D D¿ UPDW Fă PRGDOLWDWHD GH YkQ]DUH D DSDUWDPHQWHORU HVWH OLFLWDĠLD Ä6& /RFD WLY 6$ ¿ LQG VRFLHWDWH DGPLQLVWUDWă GH FăWUH &RQVLOLXO /RFDO QRL DP VXSXV DSUREăULL GkQúLORU SUHĠXULOH SUHFXP úL PRGDOLWDWHD GH YkQ]DUH SULQ OLFLWDĠLH 3H GXUDWD XQHL VăSWăPkQL SkQă PDUĠL VXQW vQVFULHUL SHQWUX SDUWLFLSDUH OD OLFLWDĠLH LDU PLHUFXUL VH GHVIăúRDUă OLFLWDĠLD 'H H[HPSOX GDFă VH vQVFULX GRXă SHUVRDQH SHQWUX DFKL]LĠLRQDUHD DFHOXLDúL DSDUWD PHQW DFHVWHD OLFLWHD]ă SULYLQG SUHĠXO GH DFKL]LĠLH ÌQ FD]XO vQ FDUH HVWH vQVFULVă R VLQJXUă SHUVRDQă DFHDVWD YD DYHD GH DFKLWDW SUHĠXO GH SRUQLUH úL DQXPH HXUR SHU PHWUX SăWUDW´ D FRQFKLV $OLQ 7ăOkQJă $OH[ 727+
5RQ .DXIPDQ DGXV vQ 5RPkQLD GH 2UODQGR 6]DV] 2PXO GH DIDFHUL WkUJXPXUHúHDQ 2UODQ GR 6]DV] YD RUJDQL]D vQ RFWRPEULH OD %XFXUHúWL XQ ZRUNVKRS FDUH vO YD DYHD FD LQYLWDW SULQFLSDO SH 5RQ .DXIPDQ FRQ VLGHUDW GH VSHFLDOLúWL FD ¿ LQG XQ YHULWELO JXUX PRQGLDO vQ GRPHQLXO FXVWRPHU VHU YLFH DGLFă YDORDUH DGăXJDWă SULQ VHUYLFLL VXSHULRDUH FRQVXOWDQW VSHDNHU úL DXWRU D EHVW VHOOHU XUL vQ GRPHQLXO VHUYLFLLORU VXSHULRDUH
,QWHUDFWLYH 3HRSOH SHQWUX PDQDJHUL
2UODQGR 6]DV] D UHQXQĠDW OD IXQFĠLD GH GLUHFWRU JHQHUDO 5HQDQLD GDU D UăPDV vQ &RQVLOLXO GH $GPLQLVWUDĠLH DO FRPSDQLHL
2UODQGR 6]DV] D UHQXQĠDW OD vQFHSX WXO DFHVWXL DQ OD IXQFĠLD GH GLUHFWRU JHQH U DO FRPSDQLHL 5HQDQLD GLQ 7kUJX 0XUHú FRQWURODWă vPSUHXQă FX IUDWHOH VăX 5RODQG úL D vQILLQĠDW vQ PDU WLH vPSUHXQă FX (OHQD &ăOLQ FRQVXOWDQW SHQWUX 5HQDQLD ILUPD ,QWHUDFWLYH 3HRSOH FDUH YD RUJDQL]D ZRUNVKRS XUL SHQWUX PDQDJHULL UR
PkQL GH WRS ³0ă XLW úL FăWUH DOWH SUR LHFWH DQWUHSUHQRULDOH vQ SHUPDQHQĠă VXQW vQ FRQWDFW FX WRDWH SURSXQHULOH úL VXQW GHVFKLV OD D LQYHVWL vQ GRPHQLL QRL PDL DOHV vQ ]RQD GH VWUDW XS XUL 'HRFDPGDWă PXOWH VXQW vQ VWDGLX GH SURLHFWH´ D GHFODUDW SHQWUX ³=LDUXO )LQDQFLDU´ 2UODQGR 6]DV]
%XJHW GH GH HXUR 3RWULYLW DFHOHLDúL VXUVH HYHQLPHQWXO GLQ DFHDVWă WRDPQă YD DYHD XQ EXJHW GH GH HXUR úL VH YD EXFXUD GH SDU WLFLSDUHD D DSUR[LPDWLY GH PDQD JHUL GLQWUH FDUH VWUăLQL ³'XSă DFHVW HYHQLPHQW YRU PDL XUPD úL DOWH HYH QLPHQWH VSHFLDOL]DWH SH VHUYLFLL VXSH ULRDUH SHQWUX ]RQD GH EXVLQHVV´ D SUH FL]DW úL (OHQD &ăOLQ
$OH[ 727+
ùWLUL
LQWHUHVDQWH 0DULD %DWD DSURDSH GH ¿ QDOD 0DUWLQL $FWULĠD WkUJX PX UHúHDQFă 0DULD %DWD D LQWUDW vQ XOWLPD HWDSă GL QDLQWHD PDULL ¿ QDOH D FDVWLQJ XOXL SHQWUX GH VHPQDUHD QRLL LPDJLQL PRQGLD OH D FXQRVFXWHL EăXWXUL 0DUWLQL DYkQG QHYRLH GH FkW PDL PXOWH YRWXUL SHQWUX D VH QXPăUD SULQWUH FHOH úDSWH ¿ QDOL VWH ÌQ SUH]HQW 0DULD %DWD VLQJXUD UHSUH]HQWDQWă D 5RPkQLHL vQ FRQFXUV VH DÀ ă OD R GLIHUHQĠă IRDUWH PLFă GH VXIUDJLL GH UHSUH]HQWDQWD /LWXDQLHL $VWD 9DOHQWDLWH vQ JUXSD D GRXD D VHPL¿ QDOHL DVWIHO Fă ¿ HFDUH YRW V DU SXWHD GRYHGL GHFLVLY SHQWUX IUXPRDVD WkUJXPXUHúHDQFă /LQNXO FDUH GXFH FăWUH SDJLQD R¿ FLDOă D FDVWLQJXOXL XQGH VH SRDWH YRWD SkQă vQ RFWRP EULH HVWH XUPăWRUXO KWWSV ZZZ IDFHERRN FRP 0DUWLQL "VN DSSB D SSBGDWD JURXS ( 6 7
$Să PDL VFXPSă OD 7kUQăYHQL ÌQFHSkQG GH DVWă]L ORFXLWRULL PX QLFLSLXOXL 7kUQăYHQL YRU SOăWL PDL PXOW SHQWUX VHUYLFLLOH GH DSă úL FD QDOL]DUH GHFL]LD ¿ LQG OXDWă vQ XOWLPD úHGLQĠă D &RQVLOLXOXL /RFDO OD VROLFL WDUHD FRPSDQLHL $TXDVHUY 3RWULYLW SRUWDOXOXL WLUQDYHQL UR PDMRUDUHD D IRVW VROLFLWDWă FRQIRUP FUHúWHULL UDWHL LQÀ DĠLHL ³$TXDVHUY D PDL FRQGLĠLRQDW PRGL¿ FDUHD SUHĠXULORU GH UHDOL]DUHD LQYHVWLĠLLORU FX ¿ QDQĠDUH GH OD 8QLX QHD (XURSHDQă ÌQ DFHVWH FRQGLĠLL FRQVLOLHULL V DX Yă]XW QHYRLĠL Vă DSUREH VFXPSLULOH SHQWUX D QX EORFD OXFUăULOH úL LQYHVWLĠLLOH GLQ GRPHQLX FDUH XUPHD]ă D ¿ UHDOL]DWH OD 7kUQăYHQL &UHúWHUHD WDULIHORU vQ YDORDUH DEVROXWă HVWH GH OHL PF OD DSă OHL PF OD FDQDOL]DUH PHQDMHUă úL OHL PF OD FDQDOL]DUH SOXYLDOă LQFOXVLY 79$´ VFULX FHL GH OD WLUQDYHQL UR 6 7
&XUVXUL IHVWLYH OD 830 6WXGHQĠLL 8QLYHUVLWăĠLL ³3HWUX 0DLRU´ 830 GLQ 7kUJX 0XUHú YRU DYHD DVWă]L FXUVXULOH IHVWLYH DFHVWHD ¿ LQG SURJUDPDWH Vă DLEă ORF vQWUH RUHOH úL 3RWULYLW XQXL FRPXQLFDW UHPLV GH FRQGXFHUHD 830 SURJUDPXO FXUVXULORU IHVWLYH HVWH XUPăWRUXO )D FXOWDWHD GH ùWLLQĠH úL /LWHUH DXOD GLQ VWUDGD 1LFRODH ,RUJD QU RUD )DFXOWDWHD GH ,QJLQHULH DXOD GLQ VWUDGD 1LFRODH ,RUJD QU RUD )DFXOWDWHD GH ùWLLQĠH (FRQRPLFH -X ULGLFH úL $GPLQLVWUDWLYH DXOD GLQ VWUDGD /LYH]HQL QU DVWIHO RUD VSHFLDOL]ăULOH 0DQDJHPHQW (FRQR PLD FRPHUĠXOXL úL WXULVPXOXL RUD VSHFLDOL]ăULOH &RQWDELOLWDWH úL LQIRUPDWLFă GH JHVWLXQH úL )LQDQĠH %ăQFL úL RUD VSHFLDOL]ăULOH $GPLQLVWUDĠLH SXEOLFă úL 'UHSW 6 7
$MXWRU GH PLQLPLV OD ,HUQXW 3HQWUX REĠLQHUHD VSULMLQXOXL ¿ QDQ FLDU vQ FXDQWXP GH OHL SHU KHFWDU FRQIRUP +RWăUkULL *XYHUQXOXL QU GLQ QXPLW DMXWRU GH PLQLPLV XWLOL]DWRULL GH WHUHQXUL DJULFROH GLQ ,HU QXW VXQW DúWHSWDĠL OD VHGLXO 3ULPăULHL VHUYLFLXO 3$3, ELURXO VH]RQLHU $3,$ ,HUQXW FX FDUWHD GH LGHQWLWDWH SHQWUX FRPSOHWDUHD FHUHULL ³6SULMLQXO ¿ QDQ FLDU VH DFRUGă SHQWUX VXSUDIHĠHOH GH FXOWXUL DJULFROH vQ WHUHQ DUDELO GH PLQL PXP XQ KHFWDU úL PD[LPXP ]HFH KHFW DUH 8OWLPD ]L GH FRPSOHWDUH D FHUHULORU HVWH RFWRPEULH LDU OD 'LUHFĠLD $JULFROă HVWH GDWD GH RFWRPEULH ´ D SUHFL]DW ,RDQ 1LFRDUă SULPD UXO RUDúXOXL ,HUQXW 6 7
63257 RFWRPEULH
%& 1RYD 9LWD &60 7kUJRYLúWH
=GURELWH GH FDPSLRDQH
6FRUXO GH SH WDEHOă D IRVW SUHD VHYHU SHQWUX UHDOLWDWHD GLQ WHUHQ
(FKLSD IHPLQLQă GH EDVFKHW %& 1RYD 9LWD 7kUJX 0XUHú D SLHUGXW VkPEăWă VHDUD SH WHUHQ SURSULX OD XQ VFRU IRDUWH FDWHJRULF vQ IDĠD FDPSLRDQHORU GH OD &60 7kUJRYLúWH 6FRUXO vQUHJLVWUDW vQ IDYRDUHD RDVSHWHORU GDX LPSUHVLD XQXL MRF úFRDOă SHQWUX GkPERYLĠHQFH GDU OXFUXULOH Q DX DUăWDW FKLDU DúD (FKLSD vQFURSLWă FX GRDU R VăSWăPkQă vQDLQWHD VWDUWXOXL vQ QRXO VH]RQ R¿ FLDO D RIHULW R UHSOLFă EXQă vQ GHEXWXO SDUWLGHL úL V DX DS URSLDW GHVHRUL OD GRDU FLQFL úDVH SXQFWH /LSVD RPRJHQLWăĠLL úL SOXVXO GH YDORDUH DO DGYHUVDUH ORU OH DX GHWHUPLQDW SH PXUHúHQFH Vă GHSXQă DUPHOH úL vQ ¿ QDO DQWUHQRUXO 'DQ 0DWLF D GDW RFD]LD WXWXURU FRPSRQHQWHORU HFKLSHL Vă LQ WUH vQ WHUHQ 8QXO GLQWUH IDSWHOH UHOHYDQWH HVWH
H¿ FDFLWDWHD DUXQFăULORU OD FRú XQGH JD]GHOH DX UHXúLW FRQWUDSHUIRUPDQĠD GH D vQVFULH GRDU XQ VLQJXU FRú GH WUHL SXQFWH GLQ WHQWDWLYH IDĠă GH FHOH GLQ DOH WkUJRYLúWHQFHORU /X FUXULOH Q DX VWDW PXOW GLIHULW QLFL OD DUXQFăULOH GH VXE SDQRX XQGH HFKLSD JD]Gă D UHXúLW R PHGLH SXĠLQ SHVWH IDĠă GH SHVWH DOH HFKLSHL GkPERYLĠHQH ,PHGLDW GXSă SDX]D PDUH PXUHúHQFHOH DX UHXúLW OD XQ PRPHQW GDW Vă VH DSURSLH OD úL SDUWLGD SXWHD LQWUD SH XQ DOW IăJDú 'XSă FkWHYD DWDFXUL UDWDWH XQHOH SLHUGXWH úL ÄSH PkQD DUELWULORU´ FOXMHQL ,RQXĠ 0RUDUX úL $PDOLD 0DUFKLú FDPSLRDQHOH V DX GH VSULQV WUHSWDW vQ IDĠD XQHL HFKLSH UHVHPQDWH SUHPDWXU ÌQ HWDSD YLLWRDUH PXUHúHQFHOH YRU HYROXD OD 6DWX 0DUH FX &60 GLQ ORFDOL WDWH YLFHFDPSLRDQD HGLĠLHL WUHFXWH IRUPDĠLH FDUH OH D VSXOEHUDW SH PXUHúHQFH vQ GXEOD GLQ SULPD ID]ă D &XSHL 5RPkQLHL Ä$YHP DGYHUVDUă HFKLSD FDPSLRDQă XQD FX XQ ORW YDORURV FDUH YD HYROXD vQ FXSHOH HXURSHQH úL XQ EXJHW GH ]HFH RUL FkW HFKLSD QRDVWUă 0DL DYHP QHYRLH GH FkWHYD VăSWăPkQL SHQWUX FD HFKLSD Vă VH ULGLFH OD XQ QLYHO FRUHVSXQ]ăWRU SHQWUX QLYHOXO FDPSLRQDWXOXL´ D GHFODUDW DQWUHQRUXO %& 1RYD 9LWD 'DQ 0DWLF ÌQ FLXGD GLIHUHQĠHL IRDUWH PDUL GH SH WDEHOă MXFăWRDUHD JD]GHORU &KDQWHO +LOODUG D IRVW SHUIRUPHUD SDUWLGHL FX SXQFWH vQVFULVH GDU RSW GLQWUH FRHFKLSLHUHOH VDOH DX UHXúLW FkWH XQ VLQJXU FRú VDX QLFLXQXO /D 1RYD 9LWD DX HYROXDW 5LJJV SXQFWH $GDPV +LOODUG $ODLED -RKQVRQ :DONHU 0LKDL 0DFNH\ *DO 0LWDFKL %DUWKD %RUúDQ 'H OD RDVSHWH FHOH PDL POWH SXQFWH OH DX vQ VFULV ,YDQND 0DWLF 0ăUJLQHDQ 7LNKR QHQNR %DENLQD 0LKDL 9(5(ù
³0XQLFLSDOLL´ HOLPLQDĠL GLQ &XSD 5RPkQLHL (FKLSD OXL 'DQLHO ,VăLOă VH SUH]HQWD OD DFHDVWă SDUWLGă GLQ SRVWXUD GH RXWVLGHU
)& 0XQLFLSDO D SLHUGXW SDUWLGD GLQ LPLOH &XSHL 5RPkQLHL OD IRWEDO FX 6WHDXD %XFXUHúWL $X vQVFULV 0LKDL &RVWHD PLQXWHOH GLQ P úL úL 1LNROLF PLQ 3HQWUX PXUHúHQL D UHVWDELOLW HJDOLWDWHD vQ SULPD UHSUL]ă 5ă]YDQ 'kOEHD vQ PLQXWXO 3DU WLGD GLVSXWDWă SH VWDGLRQXO *KHQFHD DYHD XQ IDYRULW GHWDúDW EXFXUHúWHQLL ¿ LQG SH YDO GXSă HJDOXO GH OD 6WXWW JDUW vQ (XURSD /HDJXH úL YLFWRULD FX GLQ FDPSLRQDW FX 5DSLG (FKLSD OXL 'DQLHO ,VăLOă VH SUH]HQWD OD DFHDVWă SDUWLGă GLQ SRVWXUD GH RXW VL GHU QHDYkQG QLPLF GH SLHUGXW vQDLQWHD XQHL SDX]H GH GRXă VăSWăPkQL vQ FDPSLRQDW 5HSOLFD D IRVW XQD EXQă PXUHúHQLL DX UHXúLW Vă VH DSURSLH GH VHRUL GH SRDUWD DGYHUVă OXFLGLWDWHD OD ¿ QDOL]DUH ¿ LQG XQ FDSLWRO OD FDUH PDL
DX vQVă PXOW GH OXFUX $FHDVWD V D GDWRUDW úL IDSWXOXL Fă GLQ PLQXWXO 6WHDXD D HYROXDW vQ MXFăWRUL GXSă FH *DUGRú D SULPLW DO GRLOHD FDUWRQDú JDOEHQ LDU vQ UHSUL]D VHFXQGă GLQ PLQXWXO EXFXUHúWHQLL DX DYXW GRDU RDPHQL SH WHUHQ GXSă FH 6]XNDOD D SăUăVLW WHUHQXO GH MRF DFFLGHQWDW LDU JD]GHOH HSXL]DVHUă WRDWH VFKLPEăULOH )DSWXO vPEXFXUăWRU SHQWUX HFKLSD OXL 'DQLHO ,VăLOă D IRVW DFHOD Fă HFKLSD D UHXúLW Vă FRQVWUXLDVFă úL Vă LDVă GLQ DSăUDUH FX PLQJHD vQ SRVHVLH 9DORDUHD ORWXULORU H[SHULHQĠD úL WUDFXO PXUHúHQLORU vQ IDĠD PXOW PDL WLWUDWHL DGYHUVDUH úL DX VSXV vQVă FXYkQWXO úL VWHOLúWLL DX vQFKHLDW FRQ WXULOH vQFă vQ SULPHOH FLQFL PLQXWH DOH UHSUL]HL VHFXQGH 0LKDL 9(5(ù
5 $ Ä$HURSRUWXO 7UDQVLOYDQLD´ 7kUJX 0XUHú FX VHGLXO vQ 9LGUDVăX ùRVHDXD 7kUJX 0XUHú ± /XGXú NP RUJDQL]HD]ă vQ GDWD GH 2FWRPEULH RUD FRQFXUV vQ YHGHUHD RFXSăULL XQXL SRVW GH $JHQW VDOYDUH DHURSRUWXDUă &25 SRVW 'XUDWD FRQWUDFWXOXL LQGLYLGXDO GH PXQFă 1HGHWHUPLQDWă
&RQGLĠLL GH SDUWLFLSDUH
0HVDM GH =LXD ,QWHUQDĠLRQDOă D 3HUVRDQHORU 9kUVWQLFH
/LFHXO FX GLSORPD GH EDFDODXUHDW &HUWL¿ FDW GH FDOL¿ FDUH vQ PHVHULD GH SRPSLHU FLYLO VDX VWDJLXO PLOLWDU VDWLVIăFXW OD R XQLWDWH PLOLWDUă GH SRPSLHUL úL SRVHGă FHUWL¿ FDWH GH FDOL¿ FDUH HOLEHUDW GH XQLWDWHD PLOLWDUă GH SUR¿ O IRUPDWRUL DXWRUL]DĠL DWHVWDW GH SRPSLHU &DUQHW GH FRQGXFHUH FDWHJRULD % & )ăUă FD]LHU $SW HIRUW ¿ ]LF úL SVLKLF
'UDJL PXUHúHQL 3ULQ WUDGLĠH DQLYHUVăULOH GH RULFH IHO VXQW FHOH FDUH QH SULOHMXLHVF XQ PRPHQW GH UHÀ HFĠLH DVXSUD XQHL YDORUL D XQHL VHPQL¿ FDĠLL VDX DVXSUD LVWRULHL SHUVRQDOH RUL FROHFWLYH 5DUHRUL VH vQWkPSOă vQVă Vă ¿ P FRQúWLHQĠL ]L GH ]L IăUă vQWUHUXSHUH FkW GH LPSRUWDQW HVWH XQ DQXPLW OXFUX vQ YLDĠD QRDVWUă ÌQJăGXLĠL PL Vă IRORVHVF úL HX GH =LXD ,QWHUQDĠLRQDOă D 3HUVRDQHORU 9kUVWQLFH VăUEăWRULWă vQ ¿ HFDUH DQ vQ GDWD GH RFWRPEULH SULOHMXO GH D PL H[SULPD SXEOLF UHFXQRúWLQĠD úL GUDJRVWHD SHQWUX FHL YkUVWQLFL ,PSRUWDQĠD úL XWLOLWDWHD vQ VRFLHWDWH D SHUVRDQHORU YkUVWQLFH QX HVWH SXVă OD vQGRLDOă GDU WUHEXLH Vă QX QH RSULP DLFL FL Vă OH RIHULP FHORU YkUVWQLFL FRQGLĠLLOH SHQWUX R YLDĠă OLSVLWă GH JULML 1X SXWHP ¿ VăQăWRúL FD QDĠLXQH IăUă VROLGDUL WDWH vQWUH JHQHUDĠLL QX OH SXWHP FRQVWUXL FRSLLORU QRúWUL XQ YLLWRU PDL EXQ GDFă EăWUkQLL QRúWUL VH EXFXUă SUHD SXĠLQ GH DQLL GH SHQVLH GDFă QX VXQW VăQăWRúL RFURWLĠL úL UHVSHFWDĠL 9ă DVLJXU GUDJLL QRúWUL SăULQĠL úL EXQLFL GH WRDWă DSUHFLHUHD úL GH WRW VSULML QXO ,QVWLWXĠLHL 3UHIHFWXOXL -XGHĠXO 0XUHú 9ă DVLJXU Fă *XYHUQXO 5RPkQLHL *XYHUQXO 9LFWRU 3RQWD QX Yă YD DEDQGRQD úL QX Yă YD vQWRDUFH VSDWHOH ùL Yă PXOĠXPHVF SHQWUX Fă QH DĠL GDW YLDĠă QH DĠL RFURWLW úL QH RIHULĠL ]L GH ]L H[SHULHQĠD úL vQĠHOHSFLXQHD YRDVWUă /D PXOĠL DQL WLQHUHĠH IăUă EăWUkQHĠH YLDĠă OXQJă úL VăQăWDWH WXWXURU SHUVRDQHORU YkUVWQLFH GLQ MXGHĠXO 0XUHú $OH[DQGUX 3HWUX )UăWHDQ 3UHIHFWXO -XGHĠXOXL 0XUHú
$YDQWDMH &XUV DVLVWHQWă PHGLFDă GH XUJHQĠă &DGUX WHKQLF 3 6 , &HUHULOH úL GRVDUHOH GH vQVFULHUH OD FRQFXUV VH YRU GHSXQH OD VHGLXO UHJLHL vQWUH RUHOH ± vQ SHURDGD ± 2FWRPEULH 5HODĠLL VXSOLPHQWDUH VH SRW REĠLQH GH SH VLWH XO DHURSRUWXOXL ZZZ WDUJXPXUH VDLUSRUW UR úL OD QXPăUXO GH WHOHIRQ LQWHURU
6& 5$ '(( &216758&7 65/ FX VHGLXO vQ 6kQWDQD GH 0XUHú VWU 9RLQLFHQLORU QU % vQ FDOLWDWH GH FUHGLWRU DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă ĠLQXWă OD VHGLXO H[HFXWRUXOXL MXGHFăWRUHVF 3XLD 5RPXOXV GLQ 7J 0XUHú VWU %XVXLRFXOXL QU VF & DS MXG 0XUHú SH GDWD GH VHSWHPEULH RUHOH D XUPăWRUXOXL LPRELO SUR SULHWDWHD GHELWRUXOXL 6& /2*,67,&6 $7/$6 ( 3/86 $ 65/ WHUHQ LQWUDYLODQ vQ VXSUDIDĠă GH PS FX HGL¿ FDWH VSDWLX FRPHUFLDO FX UHJLP GH vQDOWLPH 3 ( úL KDOD GH SURGXFĠLH VLWXDW vQ 3HWHOHD QU - MXG 0XUHú vQVFULV vQ &) QU 3HWHOHD QU &) YHFKL 1 SR] $ $ QU &DG FDG & 6H LQYLWă RULFH SHUVRDQă FDUH SUHWLQGH YUHXQ GUHSW DVXSUD LPRELOXOXL FD vQDLQWHD OLFLWDĠLHL Vă LO IDFă FXQRVFXW ([HFXWRUXOXL -XGHFăWRUHVF
::: =,$58/'(085(6 52
&RQGLĠLLOH GH SDUWLFLSDUH OD OLFLWDĠLH VH SRW REĠLQH GH OD H[HFXWRUXO MXGHFăWRUHVF 3XLD 5RPXOXV WHO
IDFHERRN FRP ]LGH]L
32/,7,&Ă
8'05 33 '' úL 3&0 FKHOWXLHOL ùWLUL HOHFWRUDOH ĠLQXWH OD VHFUHW
LQWHUHVDQWH 0DUNR %HOD úDQWDMDW SULQ 606"
/HJLOH SULYLQG DFFHVXO OD LQIRUPDĠLL SX EOLFH úL ¿ QDQĠDUHD DFWLYLWăĠLL SDUWLGHORU SROLWLFH úL D FDPSDQLLORU HOHFWRUDOH LJ QRUDWH GH FRQGXFHULOH ¿ OLDOHORU MXGHĠHQH DOH 3DUWLGXOXL 3RSRUXOXL 'DQ 'LD FRQHVFX 33 '' 8QLXQLL 'HPRFUDWH D 0DJKLDULORU GLQ 5RPkQLD 8'05 úL 3DUWLGXOXL &LYLF 0DJKLDU 3&0 6LQJXUHOH IRUPDĠLXQL SROLWLFH FDUH DX UăVSXQV VROLFLWăULL FRWLGLDQXOXL Ä=L GH =L´ GH D DÀ D FDUH DX IRVW YHQLWXULOH úL FKHOWXLHOLOH GLQ FDPSDQLD HOHFWRUDOă SHQWUX DOHJHULOH ORFDOH GLQ LXQLH DX IRVW $OLDQĠD SHQWUX 0XUHú $S06 úL 8QLXQHD 6RFLDO /LEHUDOă 86/
$S06 GDWRULL GH OHL 3RWULYLW XQXL UDSRUW GHWDOLDW DO YHQLWX ULORU úL FKHOWXLHOLORU HOHFWRUDOH $S06 D DFXPXODW GDWRULL QHDFKLWDWH vQ YDORDUH GH OHL SkQă OD GDWD GHSXQHULL UDSRUWXOXL GH YHQLWXUL úL FKHOWXLHOL HOHF WRUDOH FDUH VH UHIHUă OD DOHJHULOH ORFDOH GLQ LXQLH 7RWRGDWă $S06 D EHQH¿ FLDW GH GRQDĠLL vQ YDORDUH GH
,RQ 6WRLFD SUHúHGLQWHOH 33 '' 0XUHú
OHL vQ WLPS FH FKHOWXLHOLOH V DX FLIUDW OD VXPD GH OHL GHIDOFDWH DVWIHO OHL SHQWUX WLSăULWXUL úL DOWH PDWHULDOH SURPRĠLRQDOH OHL SHQWUX SXEOLFLWDWH vQ PDVV PHGLD OHL SHQWUX SXEOLFLWDWH VWUDGDOă OHL SHQWUX VHUYLFLL OHL DOWH FKHOWXLHOL úL OHL SHQWUX FRPXQLFDĠLL 5DSRUWXO D IRVW vQWRFPLW GH PDQGDWD ULL ¿ QDQFLDUL DL $S06 OD DOHJHULOH ORFDOH GLQ LXQLH 0LRDUD %XWD &D PHOLD ,OLHú úL &ULVWLDQ %DFLX
86/ PLQXV GH OHL $FHHDúL EDODQĠă QHJDWLYă D vQUHJLVWUDW R úL 86/ FDUH D vQUHJLVWUDW R GLIHUHQĠă QHJDWLYă vQWUH YHQLWXUL úL FKHOWXLHOL GH OHL &RQIRUP XQXL UDSRUW vQWRFPLW GH /XPLQLĠD *KHUHQGL PDQ GDWDUXO ¿ QDQFLDU DO 86/ 0XUHú SHQWUX DOHJHULOH ORFDOH GLQ LXQLH OD QLYHOXO RUJDQL]DĠLHL MXGHĠHQH FDPSD QLD HOHFWRUDOă D FRVWDW OHL vQ WLPS FH VXPD VWUkQVă GLQ VSRQVRUL]ăUL úL GRQDĠLL VH FLIUHD]ă OD OHL
/DV]OR *\RUJ\ SUHúHGLQWHOH 3&0 0XUHú
.HOHPHQ $WLOOD SUHúHGLQWHOH 8'05 0XUHú
'H DVHPHQHD FDPSDQLD HOHFWRUDOă GHUXODWă GH 86/ OD QLYHOXO PXQLFL SLXOXL 7kUJX 0XUHú SHQWUX DOHJHULOH GLQ LXQLH D FRVWDW OHL LDU FHD PDL FRQVLVWHQĠă GRQDĠLH V D FLIUDW OD VXPD GH OHL
7ăFHUH GLQVSUH 33 '' 8'05 úL 3&0
)RVWXO SUHúHGLQWH DO 8'05 GHSXWDWXO PX UHúHDQ 0DUNR %HOD D SUH]HQWDW VkPEăWă VHSWHPEULH FX RFD]LD OXFUăULORU &RQVLOLX OXL 5HSUH]HQWDQĠLORU 8QLRQDOL GH OD =DOăX XQ PHVDM 606 SULPLW GH OD XQ VWXGHQW GH HWQLH PDJKLDUă DO 8QLYHUVLWăĠLL GH 0HGLFLQă úL )DUPDFLH 80) GLQ 7kUJX 0XUHú vQ FDUH DFHVWD DPHQLQĠă Fă vQ FD]XO vQ FDUH QX VH YD VROXĠLRQD SUREOHPD ORFXULORU FX SODWă PDL PXOĠL VWXGHQĠL vúL YRU DUGH FDUQHWHOH GH PHP EUX GH SDUWLG vQ VHPQ GH SURWHVW ³'RPQXO .LUDO\ PL D WULPLV XQ 606 SUL PLW GH OD XQ VWXGHQW OD 0HGLFLQă úL 606 XO VSXQH 'DFă QX VH DVXPă FDX]D ORFXULORU FX SODWă DWXQFL OD vQFHSXWXO VăSWăPkQLL vQ WUHL RUDúH VH YRU DUGH VWHDJXUL 8'05 úL FDUQHWH GH PHPEUX 8'05´ D D¿ UPDW 0DUNR %HOD FLWDW GH $JHU SUHV ³1X VWăP vQ ORF FRQWLQXăP Vă GXFHP vQDLQWH FDX]D 80) &RQVLGHU Fă HX DP SULPLW R OHFĠLH GH QDLYLWDWH (X P DP JkQGLW Fă QRL DP IăFXW SH SODFXO DFHVWRU GRPQL FDUH QH WUDQVPLW PHVDMXO Fă DUG VWHDJXUL 8'05´ D PDL VSXV SROLWLFLDQXO 6 7
%DO FX WUHL RIHUWH OD ³3DSLX´
&X WRDWH Fă vQ ED]D /HJLL QU SULYLQG DFFHVXO OD LQIRUPDĠLL SXEOLFH úL vQ ED]D /HJLL QU SULYLQG ¿ QDQĠDUHD DFWLYLWăĠLL SDUWLGHORU SROLWLFH úL D FDPSDQL LORU HOHFWRUDOH FRWLGLDQXO ³=L GH =L´ D VR OLFLWDW LQIRUPDĠLL SULYLQG GDWHOH ¿ QDQFLDUH DOH FDPSDQLHL HOHFWRUDOH GLQ LXQLH FRQGXFHULORU 33 '' 0XUHú DGUHVă GLQ DXJXVW 8'05 0XUHú DGUHVH GLQ DXJXVW úL VHSWHPEULH úL 3&0 0XUHú DGUHVă GLQ VHSWHPEULH DFHVWHD QX V DX VLQFKLVLW GHRFDPGDWă Vă UăVSXQGă 2DUH DX FHYD GH DVFXQV" $OH[ 727+
&ROHJLXO 1DĠLRQDO ³$OH[DQGUX 3DSLX ,OD ULDQ´ GLQ 7kUJX 0XUHú vL LQYLWă SH DPDWR ULL GH GLVWUDFĠLH Vă SDUWLFLSH OD %DOXO %RER FLORU PDQLIHVWDUH FDUH YD DYHD ORF MRL RFWRPEULH GH OD RUD vQ VDOD PDUH D 7HDWUXOXL 1DĠLRQDO ³9ă LQYLWăP DSRL Vă YD GLVWUDĠL DOăWXUL GH QRL vQ *DOOHU\ 6RFLDO &OXE DFRPSDQLDĠL GH '- 6DXFH 5 2 $ úL 3RS .L OOHUV´ VSXQ RUJDQL]DWRULL SH SDJLQD GH )DFH ERRN D HYHQLPHQWXOXL 3UHĠXO ELOHWHORU HVWH XUPăWRUXO OHL SHQWUX DFFHV GRDU OD 7HD WUX GH OHL SHQWUX DFFHV GRDU OD *DOOHU\ 6RFLDO &OXE úL GH OHL SHQWUX DFFHV OD 7HD WUX úL *DOOHU\ 6RFLDO &OXE ³%LOHWHOH VH YRU SXQH vQ YkQ]DUH PLHUFXUL RFWRPEULH´ DX PDL SUHFL]DW RUJDQL]DWRULL EDOXOXL 6 7
5(63(&7 3(1758 9Æ5671,&,, 12ù75, 6LWXDWă vQ PLH] GH WRDPQă ]LXD GH RFWRPEULH HVWH R ]L VSHFLDOă SHQWUX QRL WRĠL WLQHUL úL YkUVWQLFL GHRSRWULYă 5HVSHFWXO QRVWUX VH vQGUHDSWă vQ ¿ HFDUH ]L FăWUH SHUVRDQHOH GH YkUVWă D WUHLD D FăURU H[SHULHQĠă GH YLDĠă úL vQĠHOHSFLXQH WUHEXLH YDORUL¿ FDWH vQ FRQWLQXDUH 9kUVWQLFLL QRúWUL WUHFXĠL SULQ YkOWRDUHD YUHPXULORU QH DMXWă Vă vQĠHOHJHP PDL ELQH OXPHD úL DGHYăUXULOH YLHĠLL ¿ LQG XQ L]YRU GH SRYHĠH úL XQ YHULWDELO vQGUHS WDU PRUDO SHQWUX XUPDúL $FHDVWă IUXPRDVă LPDJLQH D RPXOXL YkUVWQLF DSDUĠLQH FRQúWLLQWHL QRDVWUH úL HD YD WUHEXL SUHOXDWă úL GH WkQăUă JHQHUDĠLH GH DVWă]L GăLQXLQG FD XQ VHPQ GH QREOHĠH SHQWUX SHUVRDQHOH GH YkUVWă D WUHLD ÌQ DFHDVWă ]L GH VăUEăWRDUH Yă DGUHVH] GUDJLL PHL VHQLRUL FDOGH XUăUL GH VăQăWDWH YLDĠă OXQJă úL OLQLúWLWă DOăWXUL GH FHL GUDJL )ORULQ 8UFDQ FRQVLOLHU MXGHWHDQ
&85685, *5$78,7( '( /,0%$ ,7$/,$1Ă /$ &$0(5$ '( &20(5ğ 085(ù &DPHUD GH &RPHUĠ úL ,QGXVWULH 0XUHú RUJDQL]HD]ă FXUVXUL GH OLPED LWDOLDQă vQFHSăWRUL vQ YHGHUHD VHOHFĠLHL SHQWUX PXQFă vQ ,WDOLD FX FRQWUDFW SH SHULRDGă GHWHUPLQDWă FD OXFUăWRU FRPHUFLDO &RQGLĠLL GH vQVFULHUH WLQHUL FX VWXGLL OLFHDOH FX VDX IăUă EDFDODXUHDW ÌQVFULHULOH VH IDF SkQă vQ GDWD GH RFWRPEULH D F LDU FXUVXULOH VH YRU GHVIăúXUD FX vQFHSHUH GLQ GDWD GH RFWRPEULH OD VHGLXO &DPHUHL GH &RPHUW LQWUH RUHOH
520Æ1,$ -8'(ğ8/ 085(ù &216,/,8/ -8'(ğ($1 &DELQHW SUHúHGLQWH
7vUJX 0XUHú VHSWHPEULH
0HVDMXO SUHúHGLQWHOXL &RQVLOLXOXL -XGHĠHDQ 0XUHú FX RFD]LD =LOHL ,QWHUQDĠLRQDOH D 3HUVRDQHORU 9kUVWQLFH (VWH GDWRULD QRDVWUă D WXWXURU Vă RIHULP UHVSHFW FRQFHWăĠHQLORU QRVWUL YkUVWQLFL SHQWUX YDORDUHD ORU QHPăUJLQLWă vQ GH]YROWDUHD VRFLHWăĠLL GLQ FDUH IDFHP SDUWH FX WRĠLL 9RUELP GHVSUH FHL FDUH SULQ H[SHULHQĠD ORU GH YLDĠă QH RIHUă vQĠHOHSFLXQH 5ROXO ORU HVWH H[WUHP GH LPSRUWDQW SHQWUX Fă GDWRULWă ORU QRL SXWHP Vă vQĠHOHJHP PXOW PDL ELQH DWkW WUHFXWXO FkW úL SUH]HQWXO úL vQ VSHFLDO YLLWRUXO 6XQW RDPHQL FăURUD OH VXQWHP GDWRUL SHQWUX WRW FH DX RIHULW GH D OXQJXO YLHĠLL ORU (L QH GăUXLHVF WRDWH DFHVWHD LDU REOLJDĠLD QRDVWUă HVWH Vă OH RIHULP R YLDĠă PDL EXQă OLSVLWă GH JULML ÌQ DFHDVWă ]L GH VăUEăWRDUH úL QX QXPDL DGUHVăP FRQFHWăĠHQLORU QRúWUL YkUVWQLFL VLQFHUH XUăUL GH VăQăWDWH IHULFLUH OLQLúWH úL R YLDĠă FkW PDL OXQJă vQ FDUH Vă QH RIHUH WXWXURU vQĠHOHSFLXQH
/$ 08/ğ, $1, 3UHúHGLQWH &RQVLOLXO -XGHĠHDQ 0XUHú &LSULDQ '2%5(
&XUVXULOH VXQW JUDWXLWH ,QIRUPDĠLL VXSOLPHQWDUH úL vQVFULHUL OD VHGLXO GLQ 7J 0XUHú VWU 3ULPăULHL QU VDOD WHOHIRQ ID[ H PDLO RI¿ FH#FFLDPV UR
::: =, '( =, 52
62&,$/ RFWRPEULH
ùWLUL
LQWHUHVDQWH
3DUDGD ELFLFOHWHORU GH WRDPQă OD /XGXú
6H FDXWă DVLVWHQĠL PHGLFDOL 6SLWDOXO &OLQLF -X GHĠHDQ 0XUHú RU JDQL]HD]ă vQ SHULRD GD RFWRPEULH QRLHPEULH FRQFXUV SHQWUX RFX SDUHD D GRXă SRVWXUL YDFDQWH GH DVLVWHQW PHGLFDO JHQHUDOLVW OD 8QLWDWHD GH WUDQV IX]LH ³0HWRGRORJLD SULYLQG SURFHGXUD GH GHVIăúXUDUH D FRQFXUVXOXL WHPDWLFD SUHFXP úL ELEOLRJUD¿ D SHQWUX FRQFXUV VXQW D¿ úDWH SH VLWH XO XQLWăĠLL ZZZ VSLWDOMXGHWHDQ PXUHV UR úL OD VHGLXO LQVWLWXĠLHL UHODĠLL VXSOLPHQWDUH OD %LURXO UHVXUVH XPDQH WHOHIRQ ´ D SUHFL]DW GU .RQUiG -XGLWK PDQDJHUXO 6SLWDOXOXL &OLQLF -XGHĠHDQ 0XUHú 6 7
3UHPLLOH DX IRVW vQPkQDWH GH SULPDUXO RUDúXOXL /XGXú &ULVWLDQ ,RDQ 0ROGRYDQ
3DUDGD ELFLFOHWHORU vPSRGRELWH FX URGXO WRDPQHL
9kUVWQLFL VăUEăWRULĠL OD 7kUQăYHQL 3ULPăULD PXQLFLSLXOXL 7kUQăYHQL OH SUHJăWHúWH SHQVLRQDULORU GLQ 7kUQăYHQL R PLFă VXUSUL]ă DVWă]L FX SULOHMXO =LOHL ,QWHUQDĠLRQDOH D 3HU VRDQHORU 9kUVWQLFH 3RWULYLW SRUWDOXOXL WLUQDYHQL UR vQFHSkQG FX RUD OD &DVD GH &XOWXUă GLQ 7kUQăYHQL WRĠL SHQVLRQDULL GLQ ORFDOLWDWH VXQW LQYLWDĠL Vă XUPăUHDVFă XQ VSHFWDFRO VXVĠLQXW GH )DQIDUD ³$UPRQLD´ úL $QVDPEOXO )ROFORULF Ä-X QLL 7kUQDYHL ´ Ä0DL DSRL DFHúWLD VXQW LQYLWDĠL Vă vQFKLQH XQ SDKDU FX UHSUH]HQWDQĠLL DGPLQLVWUDĠLHL ORFDOH´ VFULX FHL GH OD WLUQDYHQL UR 6 7
)RWEDO GH PDVă OD ³5LHGHU´ 6WXG&DUG 7kUJX 0XUHú RUJDQL]HD]ă MRL RFWRP EULH GH OD RUD OD EHUăULD ³5LHGHU´ GH SH VWUDGD 7DPDV (UQR QU XQ FDPSLRQDW GH IRWEDO GH PDVă OD FDUH VXQW DúWHSWDWH Vă VH vQVFULH HFKLSH DOFăWXLWH GLQ QRXă SHUVRDQH 3RWULYLW D¿ úXOXL HYH QLPHQWXOXL WD[D GH vQVFULHUH HVWH GH OHL SHQWUX SRVHVRULL GH 6WXG&DUG úL OHL SHQWUX FHL FDUH QX GHĠLQ 6WXG&DUG ,QIRUPDĠLL VXSOLPHQWDUH SRW ¿ REĠLQXWH OD QXPăUXO GH WHOHIRQ SHUVRDQă GH FRQWDFW $QGD 0ROGRYDQ 6 7
&HOH PDL IUXPRDVH ELFLFOHWH DX IRVW SUHPLDWH
&HD GH D SDWUD HGLĠLH D IHVWLYDOX OXL Ä7RDPQD /XGXúHDQă´ D GHEX WDW VkPEăWă vQ MXUXO RUHL FX XQ SURJUDP VSHFLDO GHGLFDW FRSLLORU Ä$URPHOH 7RDPQHL´ 3DUDGD ELFLFOHWHORU vPSRGRELWH FX URGXO WRDPQHL D DQWUHQDW ]HFL GH SULFKLQGHL SUHúFRODUL úL úFRODUL Vă úL HWDOH]H ELFLFOHWHOH vQ FHQWUXO RUDúXOXL úL QX RULFXP FL vPSRGRELWH FX FLRU FKLQL GH VWUXJXUL FDVWDQH SRUXPE SăQXúL À RUL HWF 3RVHVRULL FHORU
ÌQYăĠăWXULOH ]kQHL WRDPQă
PDL IUXPRV vPSRGRELWH ELFLFOHWH DX IRVW SUHPLDĠL FX GLSORPH úL UHFKL]LWH úFRODUH 3UHPLLOH DX IRVW vQPkQDWH GH SULPDUXO RUDúXOXL /XGXú &ULVWLDQ ,RDQ 0ROGRYDQ Ä(VWH R DFWLYLWDWH GHRVHELWă VSHFL¿ Fă DFHVWXL IHVWLYDO XQ SURJUDP RUJDQL]DW VSHFLDO SHQ WUX FRSLL FDUH Vă L ĠLQă vQ SUL]ă SH R SHULRDGă GH GRXă RUH &RSLLL DX IRVW GLVWUDĠL FX VSHFWDFROH GH WHDWUX úL XQ FRQFXUV GH vPSRGRELW ELFLFOHWH FX PRWLYH GH WRDPQă $X IRVW UăVSOăWLĠL
SH PăVXUă´ D SUHFL]DW &ULVWLDQ 0RO GRYDQ ,PHGLDW GXSă SDUDGD ELFLFOHWHORU SH VFHQD DPSODVDWă vQ FHQWUXO RUDúXOXL DX XUFDW DFWRULL GH OD Ä$FWXV 'UDPD WLNXV´ FX VSHFWDFROXO ÄÌQYăĠăWXULOH ]kQHL WRDPQă´ $ XUPDW PDL DSRL XQ SURJUDP GH DQLPDĠLH GHGLFDW FRSLLORU FDUH DX FkQWDW úL DX GDQVDW DOăWXUL GH FORZQL úL DFWRUL SkQă OD VIkUúLW )RWR úL WH[W %ULVWHQD
::: =, '( =, 52 IDFHERRN FRP ]LGH]L
63257
+& $OED 6& 0XUHúXO
'LQ QRX vQIUkQJHUH vQ GHSODVDUH ÌQ HWDSD D WUHLD D GLYL]LHL $ 6& 0XUHúXO D SLHUGXW SDUWLGD GH OD 6HEHú GLVSXWDWă vQ FRPSDQLD IRUPDĠLHL ORFDOH +& $OED FX VFRUXO GH 'XSă XQ VWDUW EXQ FX GRXă JROXUL vQVFULVH vQ GHEXW PXUHúHQFHOH DX PDL SUHOXDW R GDWă FRQGXFHUHD OD GXSă FDUH DX FHGDW LQLĠLDWLYD 'HVSULQVH OD VHEHúHQFHOH DX IRVW DMXQVH GLQ XUPă GDU OD 0XUHúXO D UDWDW HJDODUHD úL D PDL SULPLW GRXă JROXUL OD SDX]ă WDEHOD LQGLFkQG 'HEXWXO UHSUL]HL VHFXQGH D DUă WDW R IRUPDĠLH PXUHúHDQă PDL GHWHU PLQDWă úL SOXVXO GH RPRJHQLWDWH OH D DGXV vQ DYDQWDM OD $ XUPDW R QRXă SHULRDGă vQ FDUH V DX UDWDW PDL PXOWH VLWXDĠLL EXQH GH DWDF LQFOX VLY SDWUX DUXQFăUL GH OD PHWUL úL JD]GHOH DX UHXúLW GLQ QRX GHVSULQ GHUHD 0XUHúXO SăUHD FDSDELOă Vă vQWRDUFă UH]XOWDWXO vQ ¿ QDO GDU OD OD LQWUDUHD vQ XOWLPHOH FLQFL PLQXWH SUHFLSLWDUHD vQ ID]D RIHQVLYă
/LSVD GHWHUPLQăULL D IRVW GHWHUPLQDQWă
D ]ăGăUQLFLW LQWHUYHQĠLLOH 5DOXFăL 8Q JXUHDQX vQ SRDUWD DSăUDWă ELQH úL GH FHOHODOWH GRXă MXFăWRDUH GH SH DFHVW SRVW %LDQFD 3HWHU úL 'LDQD 'LDFRQX &X R HFKLSă vQWăULWă FX PDL PXOWH MXFăWRDUH FDUH DX HYROXDW vQ /LJD 1DĠLRQDOă JD]GHOH DX UH]LVWDW úL DX REĠLQXW R SULPă YLFWRULH vQ DFWXDOD HGLĠLH vQ WLPS FH PXUHúHQFHOH PDL DX GH OXFUX OD FDSLWROXO GHWHUPLQDUH
3HQWUX PXUHúHQFH DX vQVFULV $OLQD 0RORFL JROXUL $QGUHHD 6HUHGLXF *HRUJHWD &LREDQ 1DJ\ %HDWD /RUHGDQD 7DPDú 'LDQD ùDQGUX $X PDL HYROXDW $QGUHHD 'UDJRWă úL )D]DNDV .LQJD 3HQWUX HFKLSD GLQ 6HEHú FHOH PDL H¿ FLHQWH DX IRVW 6LPLQD 1HDJ úL $QD &LR ODQ FDUH DX UHXúLW FkWH FLQFL JROXUL 0LKDL 9(5(ù
$YkQWXO 5HJKLQ UDWHD]ă IRWROLXO GH OLGHU ÌQ HWDSD D 9 D GLQ /LJD ,,, GH IRWEDO $YkQWXO 5HJKLQ D SLHUGXW SDUWLGD GH SH WHUHQ SURSULX SULPD GLQ DFHDVWă HGLĠLH FX VFRUXO GH vQ IDĠD OLGHUHL VHULHL 9, )RUWXQD %UD]L úL D UDWDW RFD]LD GH D VH LQVWDOD vQ IUXQWHD FODVDPHQWXOXL 2DVSHĠLL DX SXQFWDW SULQ 0LQFLXQă PLQ úL %RJGDQ 1ăVWDVH PLQ $YkQWXO D DYXW VLQJXUD RFD]LH QRWDELOă vQ SULPD UHSUL]ă SULQ 6RUOHD OD ¿ QDOXO SULPHL SăUĠL GDU DFHVWD úXWDW SHVWH SRDUWă vQWU XQ PRPHQW vQ FDUH vQ VFULHUHD XQXL JRO SXWHD UHODQVD SDUWLGD /D UHOXDUH $YkQWXO D GRPLQDW WHULWRULDO R UHSUL]ă PXOW PDL HFKLOLEUDWă vQ FDUH RDVSHĠLL OD DGăSRVWXO FHORU GRXă JROXUL DX MXFDW HFRQRPLFRV 6LQJXUHOH RFD]LL FDUH SXWHDX UHODQVD SDUWLGD DX IRVW LUR
3ULPD vQIUkQJHUH vQ GHUE\ XO SHQWUX ORFXO ,
VLWH GH 7UXĠD úL 9LOL 6WRLFD úL IRUPDĠLD GLQ %UD]L D REĠLQXW WUHL SXQFWH PHUL WDWH FDUH L GHVSULQG vQ IUXQWHD FODVD PHQWXOXL FX SXQFWH $YkQWXO vQ ORF Vă XUFH SH SULPD SR]LĠLH FRERDUă SH
$QXQĠ Ä$JHQĠLD 5HJLRQDOă SHQWUX 3URWHFĠLD 0HGLXOXL 6LELX DQXQĠă SXEOLFXO LQWHUHVDW DVXSUD OXăULL GHFL]LHL GH HPLWHUH D $XWRUL]DĠLHL LQWHJUDWH GH PHGLX QU 6% GLQ UHYL]XLWă vQ SHQWUX )HUPD GH FUHúWHUH SăVăUL QU -DEHQLĠD SH DPSODVDPHQWXO GLQ ORFDOLWDWHD -DEHQLĠD QU $ FRPXQD 6RORYăVWUX MXG 0XUHú úL D $XWRUL]DĠLHL LQWHJUDWH GH PHGLX QU 6% GLQ UHYL]XLWă vQ SHQWUX )HUPD GH FUHúWHUH SăVăUL QU *XUJKLX SH DPSODVDPHQWXO GLQ FRPXQD *XUJKLX H[WUDYLODQ MXGHĠXO 0XUHú WLWXODU 6& )UDPR 5RPkQLD 65/ 'HFL ]LLOH DX IRVW OXDWH vQ XUPD FRQVXOWăULL &ROHFWLYXOXL GH $QDOL]ă 7HKQLFă vQWUXQLW OD $ 3 0 0XUHú vQ GDWD GH 'HFL]LLOH GH HPLWHUH D DXWRUL]DĠLLORU LQWHJUDWH GH PHGLX UHYL]XLWH VH SRW FRQVXOWD SH SDJLQD GH LQWHU QHW D $ 5 3 0 6L ELX KWWS DUSPVE DQSP UR OD VHGLXO $ 5 3 0 6L ELX VWU +LSRGURPXOXL QU $ 6LELX OD VHGLXO $ 3 0 0XUHú VWU 3RGHQL QU 7kUJX 0XUHú VDX OD VHGLXO WLWXODUXOXL GH DFWLYLWDWH 6& )UDPR 5RPkQLD 65/ ORF -DEHQLĠD QU $ FRPXQD 6RORYăVWUX MXG 0XUHú 3URLHFWXO $XWRUL]DĠLHL LQWHJUDWH GH PHGLX QU 6% GLQ UHYL]XLWă vQ úL 3URLHFWXO $XWRUL]DĠLHL LQWHJUDWH GH PHGLX QU 6% GLQ UHYL]XLWă vQ SRW ¿ FRQVXOWDWH SH SDJLQD GH LQWHUQHW D $530 6LELX KWWS DUSPVE DQSP UR 2EVHUYDĠLLOH SXEOLFXOXL VH SRW vQDLQWD vQ WHUPHQ GH GH ]LOH GH OD GDWD SULPXOXL DQXQĠ SXEOLF OD VHGLXO $ 5 3 0 6LELX VWU +LSRGUR PXOXL QU $ 6LELX VDX SULQ H PDLO OD DGUHVD RI¿ FH# DUSPVE DQSP UR³
ORFXO 9, FX SXQFWH GXSă XQ JUXS GH SDWUX IRUPDĠLL FDUH DX UHXúLW Vă VWUkQJă FkWH SXQFWH 8QLUHD 7ăUOXQJHQL &6 $UJHúXO 3LWHúWL &RQSHW 3ORLHúWL úL )&0 7kUJRYLúWH ÌQ HWDSD YLLWRDUH $YkQWXO QHvQYLQVă vQ FHOH GRXă SDUWLGH GLQ GHSODVDUH YD HYROXD OD )& &LVQăGLH FDUH D SLHUGXW vQ DFHDVWă HWDSă OD 7kUJRYLúWH FX úL JRO SULPLW vQ PLQXWXO ÌQ MRFXO FX HFKLSD SUDKRYHDQă DQWUHQRUXO $YkQWXOXL $Q GUHL &LSULDQ (Q\HGL D IRORVLW IRUPDĠLD +XVDU &ăWăULJ ¶ &ăEX] 5 'DQ 0HUGDULX 5R]HQIHOG 6RUOHD ¶ 0X UDU 7RQFHDQ %XFLQ ¶ &VLNL 7UXĠD 3HUHV ¶ 9 6WRLFD 3XúFDú 0LKDL 9(5(ù
Ä6XEVFULVD 5RP,162/ , 3 8 5 / FX VHGLXO DOHV vQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO 0DOO HW DS MXG 7XOFHD FRG SRúWDO vQUHJLVWUDWă vQ 5HJLVWUXO )RUPHORU GH 2UJDQL]DUH VXE QU DYkQG &,) 52 UHSUH]HQWDWă OHJDO SULQ DVRFLDW FRRUGRQDWRU LQJ 3DXO $SRVWRO vQ FDOLWDWH GH OLFKLGDWRU MXGLFLDU DO GHELWRUXOXL 6 & 'LVWLOHULLOH 5HJXQ 6 5 / vQ IDOLPHQW ± LQ EDQNUXSWF\ ± HQ IDLOOLWH FX VHGLXO 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú & , ) 52 vQUHJLVWUDWă OD 2 5 & VXE QU - GHVHPQDW SULQ VHQWLQĠD FLYLOă QU SURQXQĠDWă vQ 'RV QU DO 7ULEXQDOXOXL &RPHUFLDO 0XUHú DQXQĠă YkQ]DUHD SULQ OLFLWDĠLH SXEOLFă FX VWULJDUH vQ FRQIRUPLWDWH FX /HJHD QU úL UHJXODPHQ WXO GH YkQ]DUH QU vQ ¿ HFDUH ]L GH PLHUFXUL D VăSWăPkQLL RUD vQFHSkQG FX GDWD GH OD VHGLXO DOHV DO OLFKLGDWRUXOXL MXGLFLDU VLWXDW vQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO 0DOO HW DS MXG 7XOFHD 9kQ]DUHD VH YD IDFH vQ EORF SH JUXSXUL GH DFWLYH GXSă FXP XUPHD]ă LPRELO VLWXDW vQ 5HJKLQ VWU 6DOFkPLORU QU $ MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL VSDĠLL LQGXVWULDOH úL DGPLQLVWUDWLYH EXQXUL PRELOH GH QDWX UD PLMORDFHORU ¿ [H VWRFXUL úL PDWHULL SULPH FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 7 9 $ OHL IăUă 7 9 $ LPRELO VLWXDW vQ 5HJKLQ VWU ,HUQXĠHQL QU MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FOăGLUL KDOă vPEXWHOLHUH FDVă GH FDUDPLGă GHSR]LW FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$ PRELO VLWXDW vQ 5HJKLQ VWU $SDOLQHL QU & MXG 0XUHú FRPSXV GLQ WHUHQ LQWUDYLODQ úL FRQVWUXFĠLH FX GHVWLQDĠLH VSDĠLX GH GHSR]LWDUH KDOă FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$ LPRELO VLWXDW vQ 5HJKLQ VWU 5HSXEOLFLL QU SDUWHU DS MXG 0XUHú FRPSXV GLQ DSDUWD PHQW FX FDPHUH FX SUHĠXO GH SRUQLUH OD OLFLWDĠLH GH OHL IăUă 79$ 3HQWUX SDUWLFLSDUHD OD OLFLWDĠLH RIHUWDQĠLL YRU GH SXQH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU GRFXPHQWHOH SUHFL]DWH vQ FDLHWXO GH VDUFLQL SkQă vQ SUH]LXD OLFLWDĠLHL RUD &DLHWXO GH VDUFLQL SHQWUX ¿ HFDUH JUXS GH DF WLYH YD SXWHD ¿ FXPSăUDW FRQWUD VXPHL GH OHL H[FOXVLY 7 9 $ GH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU *DUDQĠLD GH SDUWLFLSDUH OD OLFLWDĠLH HVWH GH GLQ SUHĠXO GH SRUQLUH OD OLFLWDĠLH úL VH GHSXQH SULQ YLUD PHQW EDQFDU vQ FRQWXO XQLF GHVFKLV SH QXPHOH DYHULL GHELWRUXO 6 & 'LVWLOHULLOH 5HJXQ 6 5 / FRQW FH YD ¿ PHQĠLRQDW vQ FDLHWXO GH VDUFLQL ,QIRUPDĠLL VXSOLPHQWDUH VH SRW REĠLQH OD WHOHIRQ VDX OD DGUHVD GH PDLO RI¿ FH WXOFHD# URPLQVRO UR ´
&XUV SHQWUX 0(',$725 $8725,=$7 ,QIR VDX
$181ğ GH VROLFLWDUH $XWRUL]DĠLH GH PHGLX 6 & ,5,6 6(59,&( &,8& 6 5 / FX VHGLXO vQ ORF 0LHUFXUHD &LXF VWU 9kQăWRULORU QU MXG +DUJKLWD DQXQĠă GHSXQHUHD GRFXPHQWDĠLHL OD DJHQĠLD GH 3URWHFĠLH D 0HGLXOXL 0XUHú vQWRFPLWă FRQIRUP 2UG DO 0 0 ' ' vQ YHGHUHD REĠLQHULL $XWRUL]DĠLHL GH PH GLX SHQWUX DFWLYLWDWHD Ä([SORDWDUH IRUHVWLHUă´ $F WLYLWDWHD FRQVWă vQ HIHFWXDUHD GH H[SORDWăUL IRUHVWLHUH vQ SDUFKHWH DPSODVDWH vQ IRQGXO IRUHVWLHU DO -XGHĠXOXL 0XUHú 2ULFH LQIRUPDĠLL VXJHVWLL úL FRQWHVWDĠLL SULYLQG LPSDFWXO DVXSUD PHGLXOXL VH SRW REĠLQH OD VHGLXO $ 3 0 0XUHú VWU 3RGHQL QU WHO ID[ vQ WHUPHQ GH ]LOH GH OD SXEOLFDUH
&ROHJLXO 6LOYLF *XUJKLX YLQGH SODQWH RUQDPHQWDOH GLQ SHSLQLHUD GLGDFWLFă OD SUHĠXUL IRDUWH FRQYHQDELOH 2IHUWD VH SRDWH YHGHD SH ZZZ FROHJLXOVLOYLFJXUJKLX UR 7HOHIRQ 9kQG FHGH] FDXW DVRFLDW SH SURLHFW )($'5 ± PăVXUD DWHOLHU UHSDUDĠLL VHUYLFH VWDĠLH ,73 FX KDOă úL GRWăUL DWHOLHU WLQLFKLJHULH ± YRSVLWRULH KDOă VL GRWăUL QHUDPEXUVDELO vQ ORFDOLWDWHD 3HWHOHD ,QIRUPDĠLL OD WHOHIRQ
$'0,1,675$ğ,( RFWRPEULH
3DUF GH DYHQWXUă OD 3ODWRXO &RUQHúWL &RQVLOLHUXO SULPDUXOXL PXQLFLSLXOXL 7kUJX 0XUHú &ODXGLX 0DLRU úL SUHúHGLQWHOH $VRFLDĠLHL 6ăQăWDWH úL 6SHUDQĠă 6LPRQD &LII DX LQDXJXUDW VkPEăWă GLPLQHDĠD R QRXă DWUDF ĠLH D 3ODWRXOXL &RUQHúWL úL DQXPH 3DU FXO GH DYHQWXUă $FĠLXQHD D DYXW ORF vQ FDGUXO =LOHORU 0LúFăULL 7kUJXPXUHúHQH GHVIăúXUDWH vQ SHULRDGD VHSWHPEULH
&RODERUDUH EHQH¿ Fă FX 21* XULOH 3DUFXO GH DYHQWXUă DUH HOHPHQWH GH RE VWDFROH GH vQăOĠLPH úL D IRVW UHDOL]DW OD LGHHD SULPDUXOXL 'RULQ )ORUHD ³,GHHD D IRVW D GRPQXOXL SULPDU GH DOWIHO HO D IRVW GHFODUDW UHFHQW HXURSHDQXO OXQLL 6SHUăP Fă YRP UHXúL Vă QH H[WLQGHP úL WkUJXPXUHúHQLL Vă YLQă FX PXOW GUDJ /H UăPkQ UHFXQRVFăWRU 21* XULORU FDUH VH SDUH Fă vQFHW vQFHW vúL UHFDSăWă vQFUHGHUHD vQ 3ULPăULD PXQLFLSL XOXL 7kUJX 0XUHú úL VSHU Fă YRU UHXúL Vă VWHD FkW PDL PXOW DSURDSH GH QRL úL vPSUHXQă Vă IDFHP PXOWH OXFUXUL IXPRDVH´ D GHFODUDW &ODXGLX 0DLRU
3URPRYDUHD XQXL VWLO GH YLDĠă VăQăWRV $FWLYLWăĠLOH GHVIăúXUDWH vQ FDGUXO =LOHORU 0LúFăULL 7kUJXPXUHúHQH DX IRVW GLYHUVH VFRSXO RUJDQL]DWRULORU ¿ LQG SURPRYDUHD VăQăWăĠLL úL D XQXL VWLO GH YLDĠă VăQăWRV ³&X RFD]LD =LOHL 0LúFăULL 7kUJXPXUHúHQH VH SRW IDFH REVWDFROH OD vQăOĠLPH SH WUDVHH VSHFLDO DPHQDMDWH WLU FX DUFXO úWDIHWă RULHQ WDUH WXULVWLFă DHURELF SOLPEăUL SH UROH úL SH
WURWLQHWă SHQWUX FRSLL úL GUXPHĠLL úL SOLPEăUL FX ELFLFOHWD 7RWXO HVWH JUDWXLW LQWHQĠLD QRDVWUă D IRVW FD GDWRULWă IDSWXOXL Fă XQXO GLQ RELHFWLYHOH QRDVWUH HVWH SURPRYDUHD VăQăWăĠLL úL D XQXL VWLO GH YLDĠă VăQăWRV Vă vQFXUDMăP SRSXODĠLD Vă IDFă PLúFDUH SHQWUX D DYHD XQ FRQWURO FkW PDL EXQ DVXSUD SUR SULHL VăQăWăĠL´ D SUHFL]DW 6LPRQD &LII
/REE\ SHQWUX H[WLQGHUH 'H DVHPHQHD SUHúHGLQWHOH $VRFLDĠLHL 6ăQăWDWH úL 6SHUDQĠă úL D PDQLIHVWDW RSWL PLVPXO vQ FHHD FH SULYHúWH H[WLQGHUHD vQ YL LWRU D 3DUFXOXL GH DYHQWXUL ³%LQHvQĠHOHV Fă QH DP GRUL úL QH DU SOăFHD FD SDUFXO Vă ¿ H SHUPDQHQW DúD FXP D VSXV úL GRPQXO 0DLRU 0XOĠXPLP 3ULPăULHL SHQWUX VSULMLQXO DFRU GDW IăUă GH FDUH Q DU ¿ IRVW SRVLELOă DFHDVWă DFĠLXQH &UHGHP Fă DFHVW SDUF VH SRDWH SHU PDQHQWL]D úL QX GRDU DWkW FL FKLDU Vă vO H[WLQ GHP GDFă VH SRDWH´ D D¿ UPDW 6LPRQD &LII
$OH[ 727+
5HFWL¿ FDUH SR]LWLYă SHQWUX EXJHWXO MXGHĠXOXL &RQVLOLHULL MXGHĠHQL DX DSUREDW MRL VHS WHPEULH PDMRUDUHD EXJHWXOXL &RQVLOLXOXL -XGHĠHDQ 0XUHú SH DQXO SH SDUWHD GH YHQLWXUL FX VXPD WRWDOă GH OHL GLQ FDUH EXJHWXO &RQVLOLXOXL -XGHĠHDQ FX OHL GLQ FDUH OHL VHFĠLXQHD GH IXQFĠLRQDUH úL OHL VHFĠLXQHD GH GH]YROWDUH SUHFXP úL XWL OL]DUHD VXPHL GH OHL GLQ IRQGXO GH UH]HUYă
9HQLWXUL VXSOLPHQWDWH FX PLOLRDQH OHL 3UHúHGLQWHOH FRPLVLHL HFRQRPLFR ¿ QDQ FLDUH GLQ FDGUXO &RQVLOLXOXL -XGHĠHDQ 0XUHú OLEHUDOXO $NRV 0RUD D H[SOLFDW Fă UHFWL¿ FDUHD HVWH XQD SR]LWLYă SHQWUX EXJHWXO MXGHĠXOXL ³(VWH R UHFWL¿ FDUH SH FDUH WUHEXLH Vă R FRPXQLFăP FD ¿ LQG XQD SR]LWLYă HVWH R VXSOLPHQWDUH GH YHQLWXUL OD QLYHOXO GH OHL FDUH VH FRP SXQH GLQ XUPăWRDUHOH VHFĠLXQL SDUWHD GH IXQFĠLRQDUH SDUWHD GH GH] YROWDUH SDUWHD GH YHQLWXUL VXSOL PHQWDUH OD VSLWDOH OHL UHVSHFWLY OD YHQLWXUL SURSULL D LQVWLWXĠLLORU GLQ VXERU
GLQHD DXWRULWăĠLORU &RQVLOLXOXL -XGHĠHDQ OHL´ D D¿ UPDW $NRV 0RUD
&XP VH GLVWULEXLH FKHOWXLHOLOH" 3RWULYLW DFHVWXLD FKHOWXLHOLOH VH GLVWULEXLH vQ IHOXO XUPăWRU OHL SHQWUX SHU VRQDO SDUWHD GH UHGLVWULEXLUH EXQXUL úL VHUYLFLL OHL UHVSHFWLY R GLPLQXD UH D EXQXULORU úL VHUYLFLLORU FX OHL VXSOLPHQWDUHD FKHOWXLHOLORU FX GDWR ULD SXEOLFă FDUH UHSUH]LQWă GLIHUHQĠD GH FXUV YDOXWDU OHL R GLPLQXDUH GH OHL OD UHSDUDĠLL UHVSHFWLY R UHGLV WULEXLUH GH OHL WRW SH UHSDUDĠLL ³6H VXSOLPHQWHD]ă SDUWHD GH ¿ QDQĠDUH D OXFUăULORU GH UHSDUDĠLL GH GUXPXUL FX OHL SH FDSLWROXO GH SORPEăUL VH VXSOLPHQWHD]ă ¿ QDQĠDUHD FKHOWXLHOLORU GH LQYHVWLĠLL FX OHL UHVSHFWLY R UHGLVWULEXLUH úL R UHDORFDUH SH FDSLWROH GH OHL 'H DVHPHQHD PHQĠLRQH] Fă VH WUDQVIHUă GLQ IRQGXO GH UH]HUYă VXPD GH OHL SHQWUX GH]YROWDUHD úL IXQFĠLRQDUHD $HURSRUWXOXL Ä7UDQVLOYDQLD´ 7kUJX 0XUHú´ D SUHFL]DW $NRV 0RUD $OH[ 727+
ùWLUL
LQWHUHVDQWH IDĠD ORFXOXL HIHFWHOH LQFHQGLXOXL DVXSUD VWUXFWXULL GH UH]LVWHQĠă D EORFXOXL LQFHQ GLDW VH FRQVWDWă Fă DFHVWD V D FRPSRUWDW ELQH IăUă D L ¿ DIHFWDWă UH]LVWHQĠD GXUD ELOLWDWHD úL VWDELOLWDWHD FRQFOX]LHL $FHVWD HVWH FRQFOX]LD UDSRUWXOXL UHVSHFWLY vQ WRFPLW GH FăWUH H[SHUWXO WHKQLF LQJLQHU 0ROGRYDQ ,RDQ´ D H[SOLFDW 'RULQ %H OHDQ FDUH D GHPRQWDW ]YRQXULOH SRWULYLW FăURUD OXFUăULOH DU ¿ vQFHSXW IăUă UHDOL]D UHD H[SHUWL]HL WHKQLFH 6 7
%ORFXO LQFHQGLDW H[SHUWL]DW WHKQLF
ùHIXO 6HUYLFLXOXL -XULGLF /RJLVWLF /LFLWDĠLL úL $VRFLDĠLL GH 3URSULHWDUL GLQ FDGUXO 3ULPăULHL 7kUJX 0XUHú 'RULQ %HOHDQ D GHFODUDW YLQHUL VHSWHPEULH SHQWUX FRWLGLDQXO ³=L GH =L´ Fă EORFXO VLWXDW SH %XOHYDUGXO vQ VSDWHOH PDJD]LQXOXL %LOOD D IRVW H[SHUWL]DW WHKQLF vQ XUPD LQ FHQGLXOXL GHYDVWDWRU GH DFXP GRXă OXQL DVWIHO Fă OXFUăULOH GH UHDQYHORSDUH FDUH VH GHVIăúRDUă vQ SUH]HQW UHVSHFWă OHJHD Ä'H PDUĠL vQ GRXă VăSWăPkQL DU WUHEXL Vă ¿ QDOL]H]H OXFUăULOH GH UHDQYHORSDUH Q U 5DSRUWXO H[SHUWL]HL WHKQLFH V D IăFXW OD LQLĠLDWLYD SULPăULHL LDU FRQFOX]L LOH 3ULPăULHL VXQW FLWH] Fă DQDOL]kQG OD
6WDGLRQ vQ FRQVWUXFĠLH OD 'DQHú 3ULPăULD FRPXQHL 'DQHú HVWH IRDUWH DSURDSH GH UHDOL]DUHD XQXL VWDGLRQ FR PXQDO FDUH YD DYHD R FDSDFLWDWH GH GH ORFXUL LQYHVWLĠLD FLIUkQGX VH OD VXPD GH OHL 3RWULYLW SULPDUXOXL 1LFRODH 0RVRUD H[HFXWDQWXO SURLHFWX OXL HVWH ¿ UPD 6& 3URFRQ 65/ 7kUJX 0XUHú FDUH DUH WHUPHQ GH ¿ QDOL]DUH D OXFUăULORU GDWD GH GHFHPEULH ³6XUVD GH ¿ QDQĠDUH HVWH EXJHWXO GH VWDW SULQ 2UGRQDQĠD *XYHUQXOXL QU GLQ ´ D SUHFL]DW SHQWUX FRWLGLDQXO Ä=L GH =L´ 1LFRODH 0RVRUD 6 7
IDFHERRN FRP ]LGH]L
" RFWRPEULH "
)2725(3257$-
&LREăQHVFXO GH %XFRYLQD OD ³'UDFXOD *ROGHQ 7URSK\´
9DVLOH ,RQDú FX %X]GXJDQ OD 'UDFXOD *ROGHQ 7URSK\
7LPS GH GRXă ]LOH =RQD &DVHL $JURQR PXOXL GLQ 7kUJX 0XUHú D VWD VXE JUDĠLD úL IUXPXVHĠD FHOXL PDL EXQ SULHWHQ DO RPXOXL FkLQHOH FX RFD]LD HGLĠLHL D úDVHD D H[SR]LĠLHL ³'UDFXOD *ROGHQ 7URSK\ ´ 6XWH GH FkLQL DX IăFXW GHOLFLXO SXEOLFX OXL SUH]HQW GDU úL DO MXULXOXL IRUPDW GLQ VSHFLDOLúWLL GLQ ĠDUă úL VWUăLQăWDWH OD FHOH ULQJXUL GH FRQFXUV ÌQ FLIUH ³'UDFXOD *ROGHQ 7URSK\´ GLQ DFHVW DQ D vQVXPDW SHVWH GH FkLQL GLQ DSUR[LPDWLY GH UDVH vQ ¿HFDUH GLQ FHOH GRXă ]LOH GH H[SR]LĠLH ULQJXUL GH FRQFXUV FX DUELWUL GLIHULĠL FRQFXUHQĠL GLQ GH ĠăUL FHL PDL PXOĠL ¿LQG FHL YHQLĠL GLQ 5XVLD XUPDĠL GH FHL GLQ 5RPkQLD úL )LQODQGD
5HVSHFWXO úL ¿GHOLWDWHD FkLQHOXL 3ULQWUH VXWHOH GH SDUWLFLSDQĠL OD HGLĠLD GLQ DFHVW DQ O DP JăVLW úL SH 9DVLOH ,RQDú GLQ MXGHĠXO 0XUHú FUHVFăWRU GH DQLPDOH FDUH D JăVLW vQ FkLQH QX GRDU XQ VSULMLQ FkW úL R GUDJRVWH SH FDUH R RIHUă FHO PDL EXQ SUL HWHQ DO RPXOXL ³6XQW OD H[SR]LĠLH FX XQ
H[HPSODU GH &LREăQHVF GH %XFRYLQD SH QXPH %X]GXJDQ DUH XQ DQ úL GRXă OXQL úL VH DÀă OD SULPD DUELWUDUH $ú GRUL Vă REĠLQ GRXă UH]XOWDWH GH H[FHOHQW SHQWUX D DYHD GUHSW GH PRQWă ( WkQăU H IUXPRV YLQH GLQ ]RQD %UDQXOXL WUăLHúWH OD VWkQă úWLH FH L XUVXO FH L FDOXO FH H RPXO 'H OD XQ FkLQH DU WUHEXL Vă vQYăĠăP vQ SULPXO UkQG UHVSHFWXO ¿GHOLWDWHD 'H H[HPSOX &LREăQHVFX %XFRYLQHDQ HVWH XQ FkLQH FDUH DUH XQ VLQJXU VWăSkQ SHQWUX FDUH H vQ VWDUH Vă VH VDFUL¿FH $OĠLL VXQW PDL XúRU GH DGRSWDW GDU DFHDVWă UDVă DUH vQ SULPXO UkQG FDUDFWHULVWLFLOH ¿GHOLWăĠLL úL DWDúDPHQWXOXL IDĠă GH VWăSkQ 'H DVHPH QHD FDUDFWHUXO HFKLOLEUDW DO DFHVWXLD HVWH DSUHFLDW vQ H[SR]LĠLH DUH ĠLQXWă QX SHQ WUX PăULXPHD OXL FL SHQWUX DWLWXGLQH´ D GHFODUDW 9DVLOH ,RQDú
%UDQG DO 7kUJX 0XUHúXOXL
PkQă (XUR 'RJ 6KRZ 'UDFXOD *ROGHQ 7URSK\ D GHYHQLW XQ EUDQG DO 7kUJX 0XUHúXOXL XQ HYHQLPHQW FDUH SH OkQJă FRPSHWLĠLH DUH úL GDUXO GH D L DSURSLD SH RDPHQL IDĠă GH PLQXQDWXO DQLPDO FDUH HVWH FkLQHOH ³6XQW LPSRUWDQWH DFHVWH H[SR]LĠLL FUHVFăWRULL VH FXQRVF vQWUH HL VWDELOHVF FRQWDFWH úL FRQWDFW FX YLLWRUL SDVLRQDĠL DL FkLQLORU $úD VH VHDPăQă VăPkQĠD úL HD vQFROĠHúWH vQ LQLPLOH XQRUD SHQWUX DFHDVW PLQXQDW DQLPDO FDUH HVWH FkLQHOH 0DL DOHV Fă HVWH úL R H[SR]LĠLH LQWHUQDĠLRQDOă XQGH YLQ IRDUWH PXOĠL FUHVFăWRUL vQ VSHFLDO GLQ DIDUă 7H vQWUHEL FXP GH YLQ FHL GLQ 5XVLRD vQ QXPăU DúD GH PDUH FHHD FH vQVHDPQă Fă OH SODFH úL VH SDUH Fă DSUHFLD]ă PRGXO FXP HVWH RUJDQL]DWă DFHDVWă H[SR]LĠLH GH OD 7kUJX 0XUHú /RFDĠLD GH DLFL GH OD +LSRGURP PL VH SDUH PXOW PDL DGHFYDWă IDĠă GH FHD GLQ &HWDWH´ D SUHFL]DW 9DVLOH ,RQDú
)LLQG FHD PDL PDUH H[SR]LĠLH FDQLQă GLQ 5RPkQLD FX H[FHSĠLD DFHVWXL DQ %XFXUHúWLXO RUJDQL]kQG vQ DFHDVWă VăSWă
$OLQ =$+$5,(
6Ă1Ă7$7(
" RFWRPEULH "
2UWR3UR¿O 5RPkQLD SULHWHQXO vQWUHJLL IDPLOLL
6SHFLDOLúWLL DX RIHULW VIDWXUL OD VWDQGXO FRPSDQLHL
2UJDQL]DWRULL DX SUHJăWLW VXUSUL]H SHQWUX vQWUHDJD IDPLOLH
$SUR[LPDWLY R PLH GH YL]LWDWRUL DX SDUWLFLSDW VkPEăWă VHSWHPEULH OD FHD GH D GRXD HGLĠLH D =LOHL 3RUĠLORU 'HVFKLVH OD 2UWR 3URILO HYHQLPHQW GHGLFDW vQWUHJLL IDPLOLL RUJDQL]DW OD VHGLXO FRPSDQLHL GLQ VWUDGD 3RGHQL
&RQFXUVXUL úL MRFXUL SHQWUX SULFKLQGHL 9L]LWDWRULL Q DX DYXW WLPS Vă VH SOLFWLVHDVFă QLFLR FOLSă $X IRVW RUJDQL]DWH FRQFXU VXUL WRPEROH VFUHHQLQJ úL FRQVXOWDĠLL PHGLFDOH JUD WXLWH PRPHQW GH ]XPED SHQWUX WRDWH YkUVWHOH LDU SULQFKLQGHLL DX DYXW SDUWH GH SLFWXUă SH IDĠă ¿JXULQH GH EDORDQH úL WRERJDQH JRQ ÀDELOH
7RERJDQXO JRQÀDELO DVDOWDW GH SULFKLQGHL
3UH]HQWăUL PHGLFDOH SHQWUX SăULQĠL 'H DVHPHQHD vQ FXUWH D IRVW DPHQDMDW XQ VWDQG GH SUH]HQWDUH D SURGXVHORU 2UWR3UR¿O XQGH VSHFLDOLúWLL DX RIHULW VIDWXUL WXWXURU SHU VRDQHORU LQWHUHVDWH DOăWXUL GH DOWH VWDQGXUL DOH XQRU 21* XUL LDU vQ LQWHULRU vQ VDOD GH FRQIHULQĠă DX IRVW
$ÀX[ GH YL]LWDWRUL OD =LXD 3RUĠLORU 'HVFKLVH OD 2UWR3UR¿O
ĠLQXWH SUH]HQWăUL GHVSUH WHPH GLYHUVH WXOEXUăUL UHV SLUDWRULL vQ WLPSXO VRPQX OXL WUDWDPHQWXO VFROLR]HL úL D DIHFĠLXQLORU PXVFXOR DUWLFXODUH
2 ]L GH QHXLWDW SHQWUX IDPLOLL ÌQVă DWUDFĠLD HYHQLPHQWXOXL D IRVW DGXFHUHD vQ FXUWH D
XQXL EDORQ FX DHU FDOG FDUH D ULGLFDW vQ DHU QXPHURD VH VHULL GH FRSLL FX YkUVWD vQWUH úL DQL ³8QXO GLQ VFRSXULOH DFHVWXL HYHQLPHQW HVWH GH D DMXWD YL]LWDWRULL Vă FRQúWLHQWL]H]H SUREOHPHOH FRORDQHL YHUWHEUDOH vQ VSH FLDO FHOH FDUH DSDU OD FRSLL FDUH SRW ¿ WUDWDWH GLQ WLPS úL Vă RIHULP SăULQĠLORU DFFHV OD LQIRUPDĠLL IRDUWH IRORVLWRDUH 'H DVHPHQHD QH DP SUR SXV Vă RIH ULP IDPLOLLORU XQ FDGUX GH D SHWUHFH R ]L vQ DHU OLEHU vQWU XQ PRG VăQăWRV úL GLVWUDFWLY vQ DFHODúL WLPS´ D D¿UPDW 7HNOD 9DUJDQFVLN UHVSRQVDELO SUHVă vQ FDGUXO 2UWR3UR¿O 5RPkQLD
7H[W úL IRWR $OH[ 727+
2 VLPSOă SDOSDUH D VkQLORU SRDWH VDOYD YLHĠL =RQD FHDVXOXL ÀRUDO GLQ 3LDĠD 7UDQ GD¿ULORU YD Jă]GXL D]L vQWUH RUHOH R FDPSDQLH GH LQIRUPDUH FX PDWHULDOH WLSăULWH GHVSUH FDQFHUXO GH VkQ vQ DFHODúL LQWHUYDO RUDU ¿LQG HIHF WXDWH H[DPLQăUL FOLQLFH GH FăWUH PHGLFL VSHFLDOLúWL vQ VDOD ³(XURSD´ D +RWHOX OXL ³*UDQG´ GLQ 7kUJX 0XUHú 2UJDQL]DĠLLOH LPSOLFWH vQ UHDOL]DUHD úL ¿QDQĠDUHD DFWLYLWăĠLORU GLQ MXGHĠXO 0XUHú VXQW ,QVWLWXWXO (VW (XURSHDQ GH 6ăQăWDWH D 5HSURGXFHULL 5RWDU\ ( &OXE 7kUJX 0XUHú ³5HQDúWHUHD´ )XQGDĠLD ³5HQDúWHUHD´ %XFXUHúWL &RQ
VLOLXO -XGHĠHDQ 0XUHú 3ULPăULD 0X QLFLSLXOXL 7kUJX 0XUHú 'LUHFĠLD GH 6ăQăWDWH 3XEOLFă 0XUHú &UXFHD 5RúLH 0XUHú úL $VRFLDĠLD 5RPkQă GH &DQFHU *UXS 'HVWLQH &RPXQH 7kUJX 0XUHú ³2 VLPSOă DWLQJHUH vĠL SRDWH VDOYD YLDĠD (VWH GHYL]D QRDVWUă vQ OXSWD vPSRWULYD DFHVWHL PDODGLL´ D SUHFL]DW ,RQHOD +RU JD &R]Rú GLUHFWRU DO ,QVWLWXWXOXL (VW (XURSHDQ GH 6ăQăWDWH D 5HSURGXFHULL
5R]XO VSHUDQĠHL SH IDĠDGD 3ULPăULHL 'H DVHPHQHD SHQWUX DO OHD DQ FRQVH
&OXEXO $6& /DEUDGRUV RUJDQL]HD]ă VHOHFĠLH SHQWUX JUXSHOH EDVFKHW GH SHUIRUPDQĠă OD FDWHJRULD EăLHĠL QăVFXĠL vQWUH DQLL ±
'LQ DFHVW VH]RQ FOXEXO RIHUă EXUVH SHQWUX XQ QXPăU OLPLWDW GH VSRUWLYL %XUVHOH VSRUWLYH VXQW SULPXO SDV GLQ SURLHFWXO Ä&HQWUXO GH ([FHOHQĠă vQ %DVFKHW´ FH YD ¿ GHPDUDW LQ YLLWRUXO DSURSLDW PHGLX 3HQWUX vQVFULHUL úL GHWDOLL VXQDĠL OD (PLO WHOHIRQ VDX WULPLWHĠL H PDLO OD DGUHVD RI¿FH#ODEUDGRUV UR
::: =, '( =, 52
FXWLY PXQLFLSLXO 7kUJX 0XUHú VH DOă WXUă LQLĠLDWLYHL PRQGLDOH GH LOXPLQDUH vQ UR] D XQHL FOăGLUL PRQXPHQW FD VLPERO DO OXSWHL vPSRWULYD FDQFHUXOXL GH VkQ OD RUD IDĠDGD 3ULPăULHL XUPkQG Vă ¿H LQXQGDWă vQ OXPLQD UR] D VSHUDQĠHL ³ÌQGUXPDĠL RULFH IHPHLH GLQ YLDĠD YRDVWUă FăWUH FHDVXO FX ÀRUL GLQ FHQWUXO RUDúXOXL 7kUJX 0XUHú VDX OD VDOD (XURSD +RWHO *UDQG SHQWUX D DÀD LQIRUPDĠLL GHVSUH GHSLVWDUHD SUHFRFH D FDQFHUXOXL GH VkQ úL D EHQH¿FLD GH R H[DPLQDUH FOLQLFă´ D VXEOLQLDW ,RQHOD +RUJD &R]Rú $OH[ 727+
ùWLUL /D UHYHGHUH DQHVWH]LúWL DGLR RSHUDĠLL ùHIXO &OLQLFLL GH &KLUXUJLH &DUGLRYDVFXODUă 3HGLDWULFă GLQ 7kUJX 0XUHú GU +RUDĠLX 6XFLX D GHFODUDW YLQHUL VHSWHPEULH Fă vQFHSkQG FX GDWD GH RFWRP EULH LQWHUYHQĠLLOH FKLUXUJLFDOH vQ FD ]XO QRX QăVFXĠLORU FDUH VXIHUă GH DIHFĠLXQL FDUGLDFH JUDYH YRU ¿ VXVSHQGDWH GLQ FDX]D FUL]HL GH PHGLFL DQHVWH]LúWL ³'RL GLQWUH PHGL FLL DQHVWH]LúWL SUDFWLF PHGLFLL FDUH DVLJXUDX WRDWH LQWHUYHQĠLLOH FKLUXUJLFDOH DWkW OD WUDQV SODQWXO FDUGLDF FkW úL OD SDUWHD GH FKLUXUJLH SHGLDWULFă úL DX DQXQĠDW GRULQĠD úL SH FDOH GH FRQVHFLQĠă úL GHFL]LD GH D WUHFH vQ VLVWHPXO SULYDW 'RL PHGLFL IRDUWH LPSRUWDQĠL SOHDFă VXQW FHL FDUH DVLJXUDX SUDFWLF DFHDVWă DFWLYLWDWH GLQ SXQFW GH YHGHUH DO DQHVWH]LHL úL WHUDSLHL LQ WHQVLYH úL QH ODVă XQ SLF GHVFRSHULĠL SH XQ VHJ PHQW H[WUHP GH LPSRUWDQW GLQ SXQFW GH YHGHUH D SDWRORJLHL SH FDUH R DVLJXUăP QRL FD úL FOLQLFă GH FKLUXUJLH FDUGLRYDVFXODUă´ D D¿UPDW GU +RUDĠLX 6XFLX FLWDW GH $JHUSUHV 6 7
9RU OXSWD SHQWUX YLDĠă $VRFLDĠLD &OXEXO 6SRUWLY %XVKL 6KLGR FX VSULMLQXO 'LUHFĠLHL -XGHĠHDQă SHQWUX 6SRUW úL 7LQHUHW 0XUHú RUJDQL]HD]ă vQ SHULRDGD RFWRPEULH vQFHSkQG FX RUD OD 6DOD 6SRUWXULORU GLQ 7kUJX 0XUHú ³)LJKW IRU OLIH´ HYHQLPHQW FX VFRS FDULWDELO OD FDUH VXQW LQYLWDWH FOXEXUL GH DUWH PDUĠLDOH GLQ WRDWă ĠDUD úL PDHúWUL LQWHUQDĠLRQDOL ³7RDWH vQFDVăULOH DFHVWXL HYHQLPHQW YRU ¿ GRQDWH $VRFLDĠLHL ³ÌPSUHXQă SHQWUX FRSLLL FX FDQFHU´ úL YRU ¿ IRORVLWH vQ SURLHFWXO GH UHQRYDUH D &RPSDUWL PHQWXOXL GH +HPDWR 2QFRORJLH 3HGLDWULFă GLQ 7kUJX 0XUHú´ VH SUHFL]HD]ă SH D¿úXO HYHQL PHQWXOXL 6 7
,QLPL GH SLDWUă OD 0LQLVWHUXO 6ăQăWăĠLL" ùHIXO &OLQLFLL GH &KLUXUJLH &DUGLRYDVFXODUă 3HGLDWULFă GLQ 7kUJX 0XUHú GU +RUDĠLX 6XFLX D GHFODUDW YLQHUL VHSWHPEULH Fă GHúL D IăFXW QHQXPăUDWH PHPRULL OD 0LQLVWHUXO 6ăQăWăĠLL SHQWUX UHvQ¿LQĠDUHD ,QVWLWXWXOXL GH %ROL &DUGLRYDVFXODUH úL 7UDQVSODQW ,%&Y7 7kUJX 0XUHú DFHVWHD QX V DX VROGDW FX QLFLXQ UăVSXQV ³6XQW vQUHJLVWUDWH VFULVH VWUDWHJLL FH DU WUHEXL IăFXW FXP Vă IDFHP Vă QH FXP SHUH úL QRXă QLúWH DSDUDWH Q DP SULPLW GH RSW DQL QLPLF 'DU VH SDUH Fă QX VH FRQVLGHUă GH FăWUH 0LQLVWHUXO 6ăQăWăĠLL Fă DFHDVWD H R SUREOHPă´ D D¿UPDW GU +RUDĠLX 6XFLX FLWDW GH $JHUSUHV ³,QVWLWXWXO PHUJHD IRDUWH ELQH HUD FHD PDL SHUIRUPDQWă XQLWDWH VDQLWDUă GLQ 5RPkQLD GLQ WRDWH SXQFWHOH GH YHGHUH QX QX PDL SURIHVLRQDO FL úL GLQ SXQFW GH YHGHUH DO DFWLYLWăĠLL DGPLQLVWUDWLYH QX DYHD GDWRULL´ D PDL VSXV GU +RUDĠLX 6XFLX 6 7
&OXEXO $6& /DEUDGRUV FDXWă FRODERUDWRUL SURIHVRUL GH VSRUW DQWUHQRUL úL LQVWUXFWRUL VSRUWLYL GLQ GLIHULWH UDPXUL VSRUWLYH HGXFDWRUL vQYăĠăWRUL VWXGHQĠL LQVWUXFWRUL VWUHHW GDQFH PDMRUHWH DQLPDWRUL SHQWUX DFWLYLWăĠL GHVWLQDWH SUHúFRODULORU úL úFRODULORU FkW úL SHUVRDQH FX H[SHULHQWD vQ SURJUDPHOH WLS ÄDIWHU VFKRRO´ NLQHWRWHUDSHXĠL FX H[SHULHQWD vQ SUHYHQLUHD DFFLGHQWăULORU VSRUWLYH SVLKRORJL VSHFLDOLúWL LQ DFWLYLWDWL GH WLS ÄWHDP EXLOGLQJ´ HWF 6XQW ELQHYHQLWH WRDWH SHUVRDQHOH FDUH SRW GHUXOD DFWLYLWăĠL FRQH[H VSRUWXOXL GH SHUIRUPDQĠă VL GH GLYHUWLVPHQW SURPRWRUL DL XQXL PRG GH YLDĠă DFWLY úL VăQăWRV FX SHUVRQDOLWDWH ĠLQXWă DWLWXGLQH VL FDUDFWHU FRUHVSXQ]ăWRU SURLHFWHORU VSRUWLYH úL HGXFDWLYH GHGLFDWH FRSLLORU 9kUVWD SUHIHUDELO vQWUH ± GH DQL FX DELOLWDWL GH FRPXQLFDUH VL VSLULW DQWUHSUHQRULDO &HL LQWHUHVDĠL úL FDUH DX SURSXQHUL FRQFUHWH GH SURLHFWH SRW WULPLWH VFULVRDUH GH LQWHQĠLH úL &9 OD DGUHVD GH HPDLO RI¿FH#ODEUDGRUV UR
3HQWUX GHWDOLL OHJDWH GH YL]LXQHD QRDVWUă YL]LWDĠL ZZZ ODEUDGRUV UR VHFĠLXQHD Ä35(=(17$5(´ VDX SDJLQD GH )DFHERRN ZZZ IDFHERRN FRP /DEUDGRUV %DVNHW
ùWLUL 3XWHUHD DYHUWL]DWă GH VLQGLFDWH 3UHúHGLQWHOH &16/5 )UăĠLD 0XUHú &ăOLQ 2UODQGR &RFLú D DYHU WL]DW SDUWLGHOH SROLWLFH DÀDWH OD JXYHUQDUH Vă PRGL¿FH /HJHD 'LD ORJXOXL 6RFLDO SkQă OD GHEXWXO FDPSDQLHL HOHFWRUDOH SHQWUX DOH JHULOH GLQ GHFHPEULH SURPLĠkQG Fă GHúL OD QLYHO QDĠLRQDO OD vQFHSXWXO OXQLL RFWRPEULH VH YRU RUJDQL]D DFĠLXQL GH SURWHVW DFHVWHD QX YRU DYHD ORF úL vQ MXGHĠXO 0XUHú ³&HOH FLQFL FRQIHGHUDĠLL VLQ GLFDOH UHSUH]HQWDWLYH OD QLYHO QDĠLRQDO DX KRWăUkW XQ SURJUDP DO DFĠLXQLORU GH SURWHVW SULQ DGXQăUL SXEOLFH vQ PXQLFLSLLOH UHúHGLQĠă GH MXGHĠ vQ RFWRPEULH ÌQ MXGHĠXO 0XUHú HVWH SODQL¿FDW SH RFWRPEULH vQWUH $FHVWHD DX IRVW vQĠHOHJHULOH OD QLYHO QDĠLRQDO 1RL DP KRWăUkW DVWă]L FD vQ GDWD GH RFWRPEULH Vă QX UHFXUJHP OD DFĠLXQL GH VWUDGă´ D VSXV YLQHUL VHSWHPEULH &ăOLQ 2UODQGR &RFLú ³&16/5 )UăĠLD 0XUHú vQ GDWD GH RFWRPEULH Q U QX YD LHúL vQ VWUDGă YRP vQ FHUFD Vă SURYRFăP R GLVFXĠLH FX OLGHULL SROLWLFL GH OD QLYHO WHULWRULDO úL Vă vQFHUFăP Vă WUDJHP VHPQDOH GH DODUPă DVWIHO vQFkW SkQă OD vQFHSHUHD FDPSDQLHL HOHFWRUDOH SHQWUX DOHJHULOH SDUODPHQWDUH Vă DYHP PRGL¿FDUHD /HJLL ´ D FRPSOHWDW OLGHUXO &16/5 )UăĠLD 0XUHú 6 7
3DUF VRODU OD 9ăUJDWD 6& 6ZLWFK 6RODU 65/ 7kUJX 0XUHú LQWHQĠLRQHD]ă Vă UHDOL]H]H XQ SDUF VRODU GH .Z vQ ORFDOLWDWHD 9ăUJDWD VDW 0LWUHúWL VWUDGD 3ULQFLSDOă vQ DS URSLHUHD 'UXPXOXL -XGHĠHDQ $ vQ DFHVW VHQV HIHFWXvQG GHPHUVXULOH SHQWUX REĠLQHUHD DYL]XOXL GH PHGLX GLQ SDUWHD $JHQĠLHL SHQWUX 3URWHFĠLD 0H GLXOXL 0XUHú 3RWULYLW SRUWDOXOXL OLVWD¿UPH UR 6& 6ZLWFK 6RODU 7kUJX 0XUHú V D vQ¿LQĠDW OD GDWD GH PDL DUH FD RELHFW GH DFWLYLWDWH SURGXFĠLD GH HQHUJLH HOHFWULFă DUH GRL DVRFLDĠL DPELL FHWăĠHQL PDJKLDUL .RYDFV /DV]OR úL 1DJ\ 0LNORV 7LERU DFHVWD GHĠLQkQG úL FDOLWDWHD GH DGPLQLVWUDWRU DOăWXUL GH &VLV]DU &VRQJRU 6 7
" RFWRPEULH "
(9(1,0(17
2¿FLDOLWăĠLOH MXGHĠXOXL DX GHVFKLV WRDPQD OD /XGXú ÌQ ZHHN HQG XO FH WRFPDL D WUHFXW OD /XGXú V D GHVIăúXUDW FHD GH D SDWUD HGLĠLH D )HVWLYDOXOXL Ä7RDPQD /XGXúHDQă´ GRXă ]LOH GH VăUEăWRDUH FX PX]LFă XúRDUă SRSXODUă GDQV úL YRLH EXQă 3UHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú &LSULDQ 'REUH VXESUHIHFWXO MXGHĠXOXL 0XUHú 0DQXHO %XWLXOFă YLFHSUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú 2YLGLX 'DQFX LQVSHFWRUXO úFRODU JHQHUDO DGMXQFW 1DGLD 5DĠă YL FHSULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú ,RQHOD &LRWOăXú SULPDUXO RUDúXOXL 8UKLGD Q U RUDú vQIUăĠLW FX /XGXú vPSUHXQă FX GHOHJDĠLD úL PXOĠL DOĠLL DX IRVW DOăWXUL GH &ULVWLDQ 0ROGRYDQ SUL PDUXO RUDúXOXL /XGXú VkPEăWă OD GHV FKLGHUHD R¿FLDOă D IHVWLYDOXOXL
&ULVWLDQ 0ROGRYDQ OH FHUH UăEGDUH OXGXúHQLORU 'XSă XUăULOH GH ELQH SULPDUXO RUDúXOXL /XGXú OH D FHUXW UăEGDUH OXGXúHQLORU Ä8Q OXFUX IRDUWH LP SRUWDQW SHQWUX PLQH úL SHQWUX YRL OXGXúHQLL HVWH IDSWXO Fă WUHEXLH Vă DYHP UăEGDUH $P SUHOXDW SULPăULD
&ULVWLDQ ,RDQ 0ROGRYDQ SULPDUXO RUDúXOXL /XGXú
2¿FLDOLWăĠLOH PXUHúHQH SH VFHQD 7RDPQHL /XGXúHQH
FX SUREOHPH GHRVHELWH GH RUGLQ ¿ QDQFLDU ÌQĠHOHJ Fă WRDWă OXPHD DUH DúWHSWăUL PDUL úL LPHGLDWH GDU GLQ FDX]D VLWXDĠLHL ¿QDQFLDUH QX SXWHP Vă IDFHP PLQXQL PDL DOHV DFXP vQ SULPD SDUWH D PDQGDWXOXL 6SHU Vă QH UHYHQLP FkW PDL UHSHGH SHQWUX FD vQFHSkQG GH DQXO YLLWRU Vă VWUkQJHP EDQL DVWIHO vQFkW Vă DMXQJHP FX GDWR ULLOH OD ]L´ OH D PăUWXULVLW OXGXúHQLORU &ULVWLDQ 0ROGRYDQ
2YLGLX 'DQFX IRVW SULPDU DFWXDO LQYLWDW 9RUEH GH ELQH D DYXW SHQWUX OXGXúHQL úL XQ IRVW SULPDU DO RUDúXOXL /XGXú ÄÌQ PRG SDUDGR[DO GH DFHDVWă GDWă QX PDL DP FDOLWDWHD GH JD]Gă FL GH LQYLWDW $P ĠLQXW Vă Yă DGUHVH] FkWHYD FXYLQWH SHQWUX Fă GH PXOW WLPS QX QH DP Yă]XW úL Q DP YRUELW ÌO DVLJXU SH SULPDU Fă QX DUH GRDU XQ SULHWHQ vQ FRQVLOLXO MXGHĠHDQ FL PDL PXOĠL $YHP R UHFROWă EXQă vQVă QH DúWHDSWă R LDUQă SROLWLFă IRDUWH JUHD«´ D PăUWXULVLW 2YLGLX 'DQFX
FkQG YLQ OD /XGXú &UHG Fă VLPĠLP FX WRĠLL Fă /XGXúXO V D VFKLPEDW úL DVWD SHQWUX Fă YRL DĠL GDW DFHVW VHPQDO ÌO IHOLFLW SH SULPDU FUHG Fă VHPQDOXO GDW GH OXGXúHQL HVWH R OHFĠLH SHQWUX WRĠL SULPDULL FDUH QX DX vQYăĠDW Fă UH VSHFWXO SHQWUX FRQFHWăĠHQL HVWH PDL SUHVXV GHFkW RULFH RUJROLX &HO PDL LPSRUWDQW VHPQDO SH FDUH DU WUHEXL Vă O GăP HVWH DFHOD GH D DYHD FXUD MXO Vă IDFHP SURLHFWH 6XQWHP RD PHQLL FDUH DYHP FXUDMXO SURLHFWHORU PDUL VXQWHP RDPHQLL FDUH DYHP GHPQLWDWHD GH D UăVSXQGH vQ IDĠD FHWăĠHQLORU &UHG vQ FHHD FH vQVHDPQă YLLWRUXO /XGXúXOXL úL YLLWRUXO MXGHĠXOXL 0XUHú´ D D¿UPDW &LSULDQ 'REUH ÌQ FDGUXO IHVWLYLWăĠLL GH GHVFKL GHUH V DX DFRUGDW úL GRXă WLWOXUL GH Ä&HWăĠHDQ GH RQRDUH DO RUDúXOXL /XGXú´ SURIHVRUXOXL XQLYHUVLWDU GRF WRU ,XOLDQ %ROGHD GHFDQXO )DFXOWăĠLL GH /LWHUH GLQ FDGUXO 8QLYHUVLWăĠLL ³3HWUX 0DLRU´ GLQ 7kUJX 0XUHú úL SURIHVRUXOXL XQLYHUVLWDU GRFWRU ,RQHO 5RPDQ DPELL QăVFXĠL OD /XGXú
&LSULDQ 'REUH FUHGH vQ YLLWRUXO /XGXúXOXL )RWR úL WH[W %ULVWHQD
Ä$P DFHHDúL SOăFHUH GH ¿HFDUH GDWă
$'0,1,675$ğ,(
" RFWRPEULH "
3ULPăULD 6LJKLúRDUD VH UHRUJDQL]HD]ă &RQVLOLXO /RFDO DO PXQLFLSLXOXL 6LJKL úRD UD vQWUXQLW vQ úHGLQĠă RUGLQDUă MRL DXJXVW úL D GDW DFRUGXO GH SULQFLSLX SUL YLQG RUJDQLJUDPD úL VWDWXO GH IXQFĠLL FX SULQ]kQG IXQFĠLLOH GH GHPQLWDWH SXEOLFă VHFUHWDUXO XQLWăĠLL DGPLQLVWUDWLY WHULWR ULDOH úL DOH DSDUDWXOXL GH VSHFLDOLWDWH DO 3ULPDUXOXL PXQLFLSLXOXL 6LJKLúRDUD
GH SRVWXUL QRL 1RXD RUJDQLJUDPă LQFOXGH XQ QXPăU GH GH SRVWXUL YDFDQWH QRX DSăUXWH vQ XUPD GHOHJăULL JHVWLXQLL GLUHFWH SHQWUX XQHOH VHUYLFLL GH XWLOLWăĠL SXEOLFH FăWUH 6& (FRVHUY 6LJ 65/ ¿UPă UHFHQW vQ¿LQĠDWă GH &RQVLOLXO /RFDO 'LQWUH DFHVWHD WUHL VXQW IXQFĠLL SXEOLFH GH H[HFXĠLH LDU UHV WXO GH GH SRVWXUL VXQW vQ UHJLP FRQ WUDFWXDO &HOH GH SRVWXUL YDFDQWDWH VH DÀDX vQ VWDWXO GH IXQFĠLL DO 3ULPăULHL vQ FDGUXO 6HUYLFLXOXL *RVSRGăULH LDU GXSă YDFDQWDUHD DFHVWRUD GDW ¿LQG IDSWXO Fă SHUVRDQHOH FDUH RFXSDX DFHVWH SRV WXUL vúL GHVIăúRDUă DFWLYLWDWHD vQ FDGUXO 6& (FRVHUY 6LJ 65/ ¿LQG DQJDMDWH DOH DFHVWHL VRFLHWăĠL FRPHUFLDOH 3ULPăULD D GHV¿LQĠDW DFHVWH SRVWXUL vQ ORFXO ORU XU PkQG D ¿ vQ¿LQĠDWH DOWHOH QRL
6 D vQ¿LQĠDW &DELQHWXO 3ULPDUXOXL $VWIHO VSUH GHRVHELUH GH YHFKHD RUJD QLJUDPă DSDU R VHULH GH VFKLPEăUL GH VWUXFWXUă vQ¿LQĠăUL GH SRVWXUL úL PXWăUL GH SHUVRQDO GLQWU XQ FRPSDUWLPHQW vQWU DOWXO 3ULQWUH QRXWăĠLOH GLQ QRXD RUJDQLJUDPă HVWH vQ¿LQĠDUHD IXQFĠLHL FRQWUDFWXDOH GH DGPLQLVWUDWRU SXEOLF úL vQ¿LQĠDUHD &DELQHWXOXL 3ULPDUXOXL vQ
ùWLUL &XUVXUL OD &DPHUD $JULFROă ,HUQXW
6FKLPEăULOH GLQ 3ULPăULH DX IRVW DYL]DWH GH FRQVLOLHULL ORFDOL
FDUH DSDU GRXă IXQFĠLL GH FRQVLOLHU SHU VRQDO ÌQ FDGUXO FRPSDUWLPHQWXOXL $X GLW LQWHUQ PDL DSDUH R IXQFĠLH GH DXGLWRU SH OkQJă FHOH GRXă GHMD H[LVWHQWH LDU OD %LURXO 5HODĠLL SXEOLFH VH PDL vQ¿LQĠHD]ă vQFă úDSWH SRVWXUL SH OkQJă FHOH úDVH GHMD H[LVWHQWH LDU GHQXPLUHD YD ¿ VFKLPEDWă vQ 6HUYLFLXO UHODĠLL SXEOLFH
³(VWH YRUED GHVSUH LPDJLQHD 6LJKLúRDUHL´ 3ULPDUXO PXQLFLSLXOXL 6LJKLúRDUD ,RDQ 'RULQ 'ăQHúDQ D PRWLYDW DFHDVWă FUHúWHUH D QXPăUXOXL GH DQJDMDĠL OD DFHVW VHUYLFLX SULQ IDSWXO Fă UHODĠLLOH SXEOLFH vQVHDPQă PDL PXOW GHFkW UHODĠLL FX SXEOLFXO ³$FHVW VHUYLFLX GH UHODĠLL SXEOLFH VH RFXSă SH OkQJă UHODĠLLOH FX SXEOLFXO úL GH UHODĠLD FX PDVV PHGLD FX 21* XULOH FX SURPRYDUHD RUDúXOXL $LFL WUHEXLH PDL PXOĠL RDPHQL SHQWUX Fă HVWH YRUED GHVSUH LPDJLQHD 6LJKLúRDUHL FDUH WUHEXLH UHSUH]HQWDWă OD GLYHUVH WkU JXUL úL H[SR]LĠLL WRW DFHVW VHUYLFLX XU PkQG D VH RFXSD úL FX UHVSHFWDUHD SUH YHGHULORU /HJLL SULYLQG OLEHUXO
$YLRQ FX IDQL HQJOH]L SLHUGXW GH PXUHúHQL 3UHúHGLQWHOH &RQVLOLXOXL GH $GPLQLVWUDĠLH DO $HURSRUWXOXL ,QWHUQDĠLRQDO ³7UDQVLO YDQLD´ 7kUJX 0XUHú 0LKDL 3RUXĠLX D GHFODUDW MRL VHSWHPEULH Fă GDWRULWă IDSWXOXL Fă WDULIHOH SUHVWDWH VXQW OD YH GHUH SH VLWH XO LQVWLWXĠLHL DFHDVWD D UD WDW XQ DYLRQ FX VXSRUWHUL HQJOH]L FDUH YRU YHQL vQ 5RPkQLD FX RFD]LD PHFLXOXL GH IRWEDO GLQ /LJD &DPSLRQLORU GLQWUH &)5 &OXM úL 0DQFKHVWHU 8QLWHG FDUH YD ¿ SUHOXDW GH XQ DHURSRUW ULYDO Ä3HUPD QHQW SULPLP GLYHUVH VROLFLWăUL GH WUD¿F GLQ SDUWHD FRPSDQLLORU vQ VSHFLDO FXUVH QHUHJXODWH úL FKDUWHU úL Yă GDĠL VHDPD Fă PXOWH GLQWUH HOH OH SLHUGHP SHQWUX Fă QRL OD RUD DFWXDOă DYHP WDULIHOH SXEOLFDWH SH VLWH úL GLUHFWRUXO GH OD &OXM VDX FHO GH OD 6LELX FDUH QH LXEHVF IRDUWH PXOW QX WUH EXLH GHFkW Vă OH FLWHDVFă úL vQ PRPHQWXO vQ FDUH R FRPSDQLH GH FKDUWHU ODQVHD]ă R RIHUWă FăWUH FHOH WUHL DHURSRUWXUL vQ PRG DXWRPDW HL IDF R RIHUWă FRPHUFLDOă PDL PLFă´ D H[SOLFDW 3RUXĠLX 0RWLYXO" $YkQG R JUHXWDWH GXEOă DHURQD YD QHFHVLWD FRQGLĠLL VSHFLDOH LQFOXVLY WD ULIH VSHFLDOH IDSW FDUH D GXV OD UHQXQĠDUHD GLQ SDUWHD HQJOH]LORU GH D PDL DWHUL]D OD 7kUJX 0XUHú ³$P Vă Yă GDX XQ H[HPSOX
DFFHV OD LQIRUPDĠLLOH GH LQWHUHV SXEOLF úL /HJLL SULYLQG WUDQVSDUHQĠD GHFL]LRQDOă vQ DGPLQLVWUDĠLD SXEOLFă´ D H[SOLFDW ,RDQ 'RULQ 'ăQHúDQ
&H V D PDL VFKLPEDW 3H QRXD RUJDQLJUDPă VH vQ¿LQĠHD]ă úL 'LUHFĠLD MXULGLFă úL DGPLQLVWUDĠLH SXEOLFă 'LUHFĠLD DGPLQLVWUDUHD SDWULPRQLXOXL GHYLQH 6HUYLFLXO DGPLQLVWUDUHD SDWUL PRQLXOXL VH vQ¿LQĠHD]ă %LURXO DGPLQLV WUDUHD ED]HORU VSRUWLYH FDUH YD DYHD vQ FRPSRQHQĠă úDVH IXQFĠLL vQ UHJLP FRQ WUDFWXDO %LURXO DGPLQLVWUDWLY GHYLQH 6HU YLFLXO ORJLVWLF úL DSURYL]LRQDUH WHKQLFR PDWHULDOă IRVWXO 6HUYLFLX GH JRVSRGăULH vQ XUPD UHRUJDQL]ăULL DFHVWXLD GHYLQH 6HUYLFLXO LQYHVWLĠLL XUPăULUH FRQWUDFWH PRQLWRUL]DUH VHUYLFLL GH XWLOLWăĠL SXEOLFH LDU OD &DVD GH &XOWXUă YRU ¿ FUHHDWH GRL QRL SRVWXUL GH UHIHUHQW FXOWXUDO /D 0X]HXO GH ,VWRULH YD ¿ FUHDW vQFă XQ SRVW GH VXSUD YHJKHWRU OD UHVWXO LQVWLWXĠLLORU UHVSHFWLY %LEOLRWHFD PXQLFLSDOă 3ROLĠLD /RFDOă úL $JHQĠLD SHQWUX 0DQDJHPHQWXO (QHUJLHL 6LJKLúRDUD QHH[LVWkQG PRGL¿FăUL vQ FHHD FH SULYHúWH VWDWXO GH IXQFĠLL 1RXD RUJDQLJUDPă D 3ULPăULHL PXQLFL SLXOXL 6LJKLúRDUD XUPHD]ă D ¿ DYL]DWă GH $JHQĠLD 1DĠLRQDOă D )XQFĠLRQDULORU 3XEOLFL 6HEDVWLDQ $1*+(/
&DPHUD $JULFROă ,HUQXW RUJDQL]HD]ă vQ VFULHUL OD FXUVXUL FX GXUDWD GH WUHL OXQL SHQWUX VSHFLDOL]ăULOH DJULFXOWRU ]RR WHKQLVW FXOWLYDWRU GH SODQWH SUHSDUDWRU SURGXVH ODFWDWH úL SDWLVHU ³&XUVXO VH YD GHVIăúXUD SH GXUDWD D WUHL OXQL R ]L SHU VăSWăPkQă &RVWXO FXUVXOXL HVWH GH OHL SHU SHUVRDQă 'LSORPD SH FDUH R YRU SULPL SDUWLFLSDQĠLL HVWH HFKLYDOHQWă úL vQ 8QLXQHD (XURSHDQă ¿LQG QHFHVDUă úL SHQWUX DFFHVDUHD IRQGXULORU HXURSHQH YkQ]ăUL vQ SLHĠH DFFHVDUHD RULFăURU VXEYHQĠLL vQ DJULFXOWXUă´ D SUHFL]DW ,RDQ 1LFRDUă SULPDUXO RUDúXOXL ,HUQXW ÌQVFULHULOH VH IDF WHOHIRQLF OD QXPăUXO SHUVRDQă GH FRQWDFW 5R ]DOLD 'DPRF 6 7
6H FDXWă PHVHULL WHKQLFH 'LUHFWRDUHD $JHQĠLHL -XGHĠHQH GH 2FX SDUH D )RUĠHL GH 0XQFă 0XUHú 5HJKLQD )ăUFDú D GHFODUDW YLQHUL VHSWHPEULH FX RFD]LD %XUVHL /RFXULORU GH 0XQFă SHQWUX $EVROYHQĠL RUJDQL]DWă OD 7kUJX 0XUHú 5HJKLQ úL 7kUQăYHQL Fă GLQWUH FHL GH SDUWLFLSDQĠL OD EXUVă DX IRVW SURDVSHĠL DEVROYHQĠL GH OLFHX úL GH IDFXOWDWH LDU vQ XUPD LQWHUYLXULORU GH WLQHUL DX IRVW VHOHFWDĠL SHQWUX DQJDMDUH LDU DOĠL GLQ FDUH FLQFL FX VWXGLL VXSH ULRDUH DX IRVW vQFDGUDĠL SH ORF ³0DMRUL WDWHD SDUWLFLSDQĠLORU VXQW DEVROYHQĠL GH OLFHX GDU VXQW úL GH VWXGLL VXSHULRDUH 6H FDXWă PHVHULL vQ GRPHQLXO DVLJXUăULORU XQGH RIHUWD HVWH IRDUWH PDUH vQ GRPH QLXO FRQIHFĠLLORU VH FDXWă DWkW PXQFLWRUL FDOL¿FDĠL FkW úL PXQFLWRUL QHFDOL¿FDĠL 6H DVHPHQHD vQ DOLPHQWDĠLH SXEOLFă vQ GRPHQLXO VHUYLFLLORU VH FDXWă PHVHULLOH WHKQLFH VWUXQJDU VXGRU OăFăWXú IUH]RU 3HQWUX VWXGLL VXSHULRDUH VH FDXWă LQJLQH UL úL HFRQRPLúWL´ D D¿UPDW SHQWUX $JHU SUHV 5HJKLQD )ăUFDú 6 7
3ULPăULD 0XQLFLSLXOXL 7kUJX 0XUHú 0LKDL 3RUXĠLX SUHúHGLQWHOH &RQVLOLXOXL GH $GPLQLVWUDĠLH DO $HURSRUWXOXL ,QWHUQDĠLRQDO ³7UDQVLOYDQLD´ 7kUJX 0XUHú
WLSLF DP SLHUGXW R DHURQDYă FX VXSRUWHUL GH OD /HHGV SHQWUX 0DQFKHVWHU 8QLWHG SHQWUX Fă HD QX VH vQFDGUD vQ WRWDOLWDWH vQ WLSLFXO DWHUL]ăULORU GH SH $HURSRUWXO ³7UDQVLOYDQLD´ HUD R DHURQDYă PDUH FDUH YLQH FX VXSRUWHUL SHQWUX PHFLXO FX &)5 SH FDUH QRL DP YUXW Vă R SULPLP GRDU vQ QLúWH FRQGLĠLL VSHFLDOH SHQWUX Fă DUH DSURDSH R JUHXWDWH GXEOă IDĠă GH DHURQD YHOH X]XDOH úL QH VWULFă SLVWD úL Q DP SXWXW Vă GăP XQ WDULI DúD FXP DP ¿ YUXW QRL´ D H[SOLFDW 3RUXĠLX
&LUFXODĠLH GHYLDWă WHPSRUDU SH VWUDGD $OH[DQGUX 3DSLX ,ODULDQ
3ULPăULD 7vUJX 0XUHú DGXFH OD FXQRúWLQĠD FRQGXFăWRULORU DXWR Fă VkPEăWă VHSWHPEULH FLUFXODĠLD DXWRYHKLFXOHORU SH VWUDGD $OH[DQGUX 3DSLX ,ODULDQ YD ¿ UHVWULFĠLRQDWă vQWUH RUHOH ± 0ăVXUD VXUYLQH FD XUPDUH D GHPROăULL VWkOSLORU GH HOHFWULFLWDWH GLQ ]RQă vQ DFHDVWă SHULRDGă FLUFXODĠLD DXWRWXULVPHORU ¿LQG GHYLDWă SH UXWH RFROLWRDUH $GUHVăP UXJDPLQWHD vQ DFHVW VHQV WXWXURU FRQGXFăWRULORU DXWR GH D UHVSHFWD VHPQL¿FDĠLLOH LQGLFDWRDUHORU UXWLHUH DPSODVDWH vQ ]RQă vQ YHGHUHD SUHvQWkPSLQăULL HYHQWXDOHORU HYHQLPHQWH UXWLHUH QHGRULWH %LURXO GH SUHVă
$OH[ 727+
ùWLUL
" RFWRPEULH "
&8/785Ă
8QLGUDPD SXQH VWkSkQLUH SH 7kUJX 0XUHú
6HDUă GH SRYHVWH vQ ³%XOJDNRY³
³3RYHúWLOH RUDúXOXL³ 6LELX YRU ¿ SUH]HQ WDWH OD 7kUJX 0XUHú PLHUFXUL RF WRPEULH GH OD RUD vQWU R vQWkOQLUH GH SRYHVWH úL vQWU XQ VSDĠLX VSHFLDO FHD PDL YHFKH FDVă GLQ 7kUJX 0XUHú D]L FDIHQHDXD ³%XOJDNRY³ VLWXDWă SH VWUDGD &ăOăUDúL FROĠ FX 5HYROXĠLHL 9RU SRYHVWL GHVSUH SURLHFW GHVSUH FDVHOH úL RDPHQLL GLQ 7kUJX 0XUHú úL 6LELX MXUQDOLVWD 6R ULQD %RWD LVWRULFXO 5ă]YDQ 3RS úL DUKHR ORJXO 6RRV =ROWiQ ³'DFă GRULĠL Vă XLWDĠL SHQWUX R VHDUă GH QHOLQLúWHD úL GLOHPHOH SUH]HQWXOXL Yă SURSXQ DOWH WLPSXUL úL DOWH ORFXUL vQ FDUH SHVWH QHOLQLúWL úL GLOHPH V D DúWHUQXW GHWDúDUHD DQLORU &H D UăPDV" 3RYHúWL PXOWH SRYHúWL VDYXURDVH SH FDUH QX YHĠL UHJUHWD Fă OH DĠL DFXOWDW³ D SUHFL]DW 6RULQD %RWD DXWRDUHD SURL HFWXOXL ³3RYHúWLOH RUDúXOXL³ SURPRYDW úL SUH]HQWDW vQ 8QJDULD *HUPDQLD úL /X [HPEXUJ 6 7
³$UV 0DULV ´ DSURDSH GH VWDUW 'HVFKLGHUHD R¿FLDOă D FHOHL GH D úDVHD HGLĠLL D )HVWLYDOXOXL ³$UV 0DULV´ YD DYHD ORF MRL RFWRPEULH GH OD RUD OD &DVD GH &XOWXUă Ä(XJHQ 1LFRDUă´ GLQ 5HJKLQ 0DQLIHVWDUHD HVWH RUJDQL]DWă GH &RQVLOLXO /RFDO úL 3ULPăULD PXQLFLSLXOXL 5HJKLQúL VH YD GHVIăúXUD vQWUH úL RF WRPEULH ³3H SDUFXUVXO FHORU WUHL ]LOH PHQWRUXO DFHVWXL IHVWLYDO VFULLWRUXO 5DGX ğXFXOHVFX YD vQFHUFD Vă RIHUH UHJKLQH QLORU XQ SURJUDP FkW PDL YDULDW 'HFHU QDUHD WURIHXOXL ³$UV 0DULV ´ YD ¿ Jă]GXLWă GH %XVLQHVV &DIp vQ VHDUD ]LOHL GH RFWRPEULH XUPkQG SUH]HQWDUHD YROX PHORU FkúWLJăWRDUH OD FRQFXUVXO GH FUHDĠLH OLWHUDUă´ VH SUHFL]HD]ă vQWU XQ FRPXQLFDW SRVWDW SH VLWH XO 3ULPăULHL PXQLFLSLXOXL 5HJKLQ 6 7
0DVă URWXQGă GHVSUH URPL &HQWUXO GH ,QFOX]LXQH 6RFLDOă SHQWUX 3HUVRDQHOH GH (WQLH 5RPă &,63(5 GLQ 7kUJX 0XUHú vQ¿LQĠDW vQ FDGUXO SUR LHFWXO Ä&UHDUHD úL IXQFĠLRQDUHD VWUXF WXULORU GH DVLVWHQĠă D[DWH SH RFXSDUHD IRUĠHL GH PXQFă ± &HQWUH GH LQFOX]LXQH VRFLDOă SHQWUX SHUVRDQHOH GH HWQLH URPă´ FR¿QDQĠDW GLQ )RQGXO 6RFLDO (XURSHDQ vQ LPSOHPHQWDUHD FăUXLD $VRFLDĠLD 'LYHUV HVWH SDUWHQHU DOăWXUL GH $VRFLDĠLD 3DNLY 5RPkQLD $VRFLDĠLD $PDUH 3KUDOD $JHQĠLD SHQWUX 'H]YROWDUHD 5HVXUVHORU 8PDQH 3UR 'LYHUVLWDWHD %XFXUHúWL úL 0HVRJHLDNR 6\PYRXOHIWLNR 6\VWHPD 6$ RUJDQL]HD]ă PDUĠL RFWRPEULH GH OD RUD OD VH GLXO GLQ VWUDGD &ăOăUDúLORU QU R PDVă URWXQGă FX RFD]LD =LOHL DWHVWăULL URPLORU vQ VSDĠLXO JHR LVWRULF URPkQHVF Ä0DVD URWXQGă YD FHOHEUD PHQĠLRQDUHD vQWU XQ GRFXPHQW VHPQDW GH 'DQ 9RGă vQ DQXO D SDWUX]HFL VăODúH GH ÄDĠLJDQL´ FDUH DSDUĠLQHDX PăQăVWLULL 7LVPDQD UHVSHF WLY YD SUH]HQWD LVWRULD DúH]ăULL URPLORU vQ VSDĠLXO URPkQHVF´ D SUHFL]DW .RUHFN 0D ULD GLUHFWRDUHD &,63(5 7kUJX 0XUHú úL SUHúHGLQWHOH $VRFLDĠLHL 'LYHUV 6 7
6KRZ *UDVX ;;/ OD EDO OD (FRQRPLF &ROHJLXO (FRQRPLF ³7UDQVLOYDQLD´ GLQ 7kUJX 0XUHú RUJDQL]HD]ă %DOXO %RERFLORU HYHQLPHQW FDUH YD DYHD ORF YLQHUL RFWRPEULH GH OD RUD vQ VDOD PDUH D 7HDWUXOXL 1DĠLRQDO ³3HWUHFHUHD YD FRQWL QXD OD &OXE 7LQHUHW vQFHSkQG FX RUD FX XQ VSHFWDFRO *UDVX ;;/ :DUP 8S 'REL[ 'HQQLV +LGGHQ 3UHĠXO XQXL ELOHW HVWH GH OHL GLQ FDUH OHL FRQVXPDĠLH OD &OXE 7LQHUHW´ VH DUDWă SH SDJLQD GH )DFH ERRN D HYHQLPHQWXOXL 6 7
0DUFHO ,XUHú YD VXVĠLQH R FRQIHULQĠă GHVSUH PRQRGUDPă
'HEXWXO OXQLL RFWRPEULH DGXFH OD 7kUJX 0XUHú R QRXă HGLĠLH D )HVWLYDOXOXL 8QL GUDPD VLQJXUXO IHVWLYDO GH WHDWUX GLQ 5RPkQLD GHGLFDW H[FOXVLY PRQRGUD PHL 2UJDQL]DWRUXO HGLĠLHL GLQ DFHVW DQ &DVD GH 3URGXFĠLH &XOWXUDOă &3& DUH DOăWXUL FD SDUWHQHUL 7HDWUX 0LQLVWH UXO &XOWXULL 81,7(5 úL 3ULPăULD 7kUJX 0XUHú OD FDUH VH DGDXJă VSRQVRUXO SULQFLSDO FRPELQDWXO $]RPXUHú ÌQ SHULRDGD RFWRPEULH LXELWRULL WHDWUXOXL VH YRU SXWHD EXFXUD GH VSHF WDFROH FRQIHULQĠH FRQFHUWH Jă]GXLWH GH FLQFL ORFDĠLL GLQ 7kUJX 0XUHú 6TXDUH 1R &OXEXO 3UHVHL 7HDWUXO 1DĠLRQDO $ULHO úL -¶DL %LVWURW
'HFDORJXO OXL +HVV GHVFKLGH IHVWLYDOXO 0RQRGUDPD FDUH YD GHVFKLGH IHVWLYDOXO 8QLGUDPD GLQ DFHVW DQ YD ¿ ³+HVV´ GH $OLQD 1HOHJD vQ UHJLD OXL *DEL &DGDULX FDUH VH YD MXFD OXQL RFWRP EULH RUD OD 9RSVLWRULD 7HDWUXOXL 1DĠLRQDO 0RQRGUDPD Ä+HVV´ DUH FD VXELHFW XOWLPD ]L GLQ YLDĠD OXL 5XGROI +HVV PkQD GUHDSWD D OXL +LWOHU FDUH vúL UHFDSLWXOHD]ă H[LVWHQĠD SULQ SULVPD FH ORU ]HFH SRUXQFL ELEOLFH LQWHUSUHWDWH vQ DFRUG FX VLVWHPXO VăX GH YDORUL 5XGROI +HVV XOWLPXO IDVFLVW LQWHUSUHWDW GH DF WRUXO 1LFX 0LKRF vQFKLV GH R MXPăWDWH GH YHDF úL VXSUDYHJKHDW vQ SHUPDQHQĠă YLGHR VH GHVWăLQXLH 'LVFXUVXO VăX HVWH R GHPRQVWUDĠLH UHFH D QHYLQRYăĠLHL SH FDUH R SURFODPă $UDWă SH UkQG FXP QX D vQFăOFDW QLFLXQD GLQWUH FHOH ]HFH SR UXQFL 0RQRORJXO LQWHOLJHQW úL HOHJDQW MXVWL¿Fă FHOH PDL UHOH IDSWH úL DWLQJH vQVăúL HVHQĠD UăXOXL vQĠHOHV PDL GHJUDEă FD OLSVD SUH]HQĠHL OXL 'XPQH]HX
³(GHQ´ OD 6TXDUH 1R 'DFă QX DĠL Yk]XW vQFă SLHVD ³(GHQ´ GH (XJHQH 2 %ULHQ vQ UHJLD OXL &ULVWL -XQFX FX DFWRULL 1LFX 0LKRF úL 6HUHQ HOD 0XUHúDQ vQ SULP SODQ DYHĠL RFD ]LD Vă R IDFHĠL PDUĠL RFWRPEULH RUD OD 6TXDUH 1R $YkQG OD ED]ă WH[WXO RPRQLP DO GUDPDWXUJXOXL LUODQ GH] (XJHQH 2¶%ULHQ (GHQ vL DGXFH vQ SULP SODQ SH DFWRULL 1LFX 0LKRF %LOO\ úL 6HUHQHOD 0XUHúDQ %UHQGD vQWU XQ VFKLPE GH PRQRORDJH DPX]DQWH D FăURU UHDOLWDWH GHYLQH vQ ¿QDO VIăúLHWRDUH 3LHVD SUH]LQWă YLDĠD XQXL FXSOX UDWDW úL QHIHULFLW vQ FDUH VRĠLD VH DJDĠă GH FHOH PDL PLFL GHWDOLL vQ VSHUDQĠD Fă vúL PDL SRDWH VDOYD FăVQLFLD
³3DVăUHD FDUH QX H´ PLHUFXUL $ WUHLD ]L GH 8QLGUDPD PLHUFXUL RF WRPEULH R DGXFH vQ DWHQĠLD SXEOLFXOXL SH DFWULĠD 5DOXFD 0DUD SURWDJRQLVWD PRQRGUDPHL ³3DVăUHD FDUH QX H´ FDUH VH YD MXFD OD 6TXDUH 1R vQFHSkQG FX RUD 8Q RQH ZRPDQ VKRZ DYkQG OD ED]ă LGHL GLQ 1LHW]VFKH ,RQHVFX %XQXHO 0XúDWHVFX ³$P vQFHUFDW Vă vL GDX YLDĠă ³3ăVăULL FDUH QX H´ GLQWU R QHFHVLWDWH DEVROXW HJRLVWă 1HYRLD GH D XUOD OXPLL R PXOĠLPH GH OXFUXUL SH FDUH QX DYHP FXUDM Vă OH VSXQHP FX YRFH WDUH $P JăVLW DVWIHO GH OXFUXUL vQ FXYLQ WHOH OXL 1LHW]VFKH D OXL %DXGHODLUH D OXL 5RPDLQ *DU\ ,RQHVFX %XQXHO 'DOL
7HRGRUHL 6kQWHDQ YD FRQFHUWD OD -¶DL %LVWURW
5XGROI +HVV XOWLPXO IDVFLVW HVWH LQWHUSUHWDW GH 1LFX 0LKRF
1DEXFRY VDX 0XúDWHVFX 6H JăVHVF vQ FXYLQWHOH PXOWRU RDPHQL PDUL úL PLFL /H DP WUDGXV vQ FXYLQWHOH PHOH úL OH DP LQVHUDW vQ SRYHVWHD XQXL SHUVRQDM FDUH VH XLWă OD VLQH SULQ RJOLQGD OXPLL´ VSXQH 5DOXFD 0DUD GHVSUH PRQRGUDPD ³3DVăUHD FDUH QX H´
%LVWUR LQWUă vQ UkQGXO ORFXULORU FDUH Jă]GXLHVF HGLĠLD GLQ DFHVW DQ D 8QLGUD PD FX ³7kOKDUXO EXQ OD VXÀHW´ GH &RQRU 0F3KHUVRQ UHJLD /DXUHQĠLX %ODJD DYkQGX O SURWDJRQLVW SH $GHOLQ ,OLH 3LH VD OXL &RQRU 0F3KHUVRQ ³7kOKDUXO EXQ OD VXÀHW´ SRYHVWHúWH vQ WRQXUL FRPL FH GDU FX DFFHQWH GUDPDWLFH XQ ³LQFLGHQW´ SHWUHFXW vQ YLDĠD XQXL GHOLQFYHQW LUODQ GH] GH PkQD D GRXD ³,QFLGHQWXO´ SRYHV WLW HVWH FHO FDUH vL PDUFKHD]ă GHVWLQXO ³HURXOXL´ QRVWUX DGXQFkQGX L DFHVWXLD R VHULH GH SUREOHPH 'H OD LXELUHD HúXDWă SHQWUX *UHWD OD VHQWLPHQWHOH GH IDPLOLVW WUH]LWH vQ VXÀHWXO GH WkOKDU GH DSDULĠLD IHWHL 1LDPK úL D PDPHL VDOH GH OD VLPSOD GH VFLQGHUH vQ FDVD OXL 0LWFKHO SkQă OD FULPHOH FH DX XUPDW DFHVWHL GHVFLQGHUL SRYHVWHD OXL 0F3KHUVRQ DUH WRDWH LQJUHGLHQWHOH XQHL PRQRGUDPH VDYXURDVH ³7kOKDUXO EXQ OD VXÀHW´ HVWH R SRYHVWH VSXPRDVă VSXVă OD R KDOEă GH EHUH R H[SHULHQĠă LQHGLWă GDU SH GHSOLQ XWLOă
³&XP DP PkQFDW XQ FkLQH´ WRW OD -¶DL %LVWURW
&X 0DUFHO ,XUHú GHVSUH PRQRGUDPă -RL RFWRPEULH RUD OD 6TXDUH 1R DFWRUXO 0DUFHO ,XUHú úL GUDPDWXUJXO $OLQD 1HOHJD YRU VXVĠLQH FRQIHULQĠD ³,QWUR GXFHUH vQ 0RQRGUDPă´ R XWLOă úL QHFHVDUă LQFXUVLXQH vQ HVHQĠD PRQRGUDPHL Ä$OLQD 1HOHJD vQ JHQHUDO D VFULV SHQWUX DFWRUL D VFULV PRQRGUDPH LDU 0DUFHO ,XUHú D MXFDW vQ IRDUWH PXOWH PRQR GUDPH úL FUHG Fă H LQWHUHVDQW FD FHL GRL Vă H[SOLFH SXEOLFXOXL Fă PRQRGUDPD H DOWFHYD FX WRWXO úL FX WRWXO DOWFHYD GHFkW XQ VSHFWDFRO GH WHDWUX 6LJXU SURGXVXO H DFHODúL DFWRUXO H DFHODúL GDU PHWRGHOH úL PXQFD OD R PRQRGUDPă VXQW FX WRWXO úL FX WRWXO DOWFHYD 'H DFHHD DP IăFXW )HVWLYDOXO 8QLGUDPD FD vQ FHQWUXO DWHQĠLHL Vă ¿H DFWRUXO FX PLMORDFHOH OXL IăUă QLFL XQ IHO GH DMXWRU GLQ DIDUă IăUă R VFHQRJUD¿H H[WUDRUGLQDU GH PDUH QX VXQHWH QX OXPLQL FL DFWRUXO úL DUWD OXL´ D SUHFL]DW 1LFX 0LKRF GLUHFWRUXO DUWLV WLF DO IHVWLYDOXOXL 8QLGUDPD
&kúWLJăWRULL *DOHL +23 OD 2I¿FH -RL RFWRPEULH RUD vQ &OXEXO 3UHVHL SRSRVHVF WUHL GLQWUH FkúWLJăWRULL *DOHL +23 FDUH YRU DGXFH OLYH UR GXO PXQFLL úL WDOHQWXOXL ORU UăVSOăWLW DQXO DFHVWD OD 0DQJDOLD OD *DOD 7kQă UXOXL $FWRU 9RU ¿ SUH]HQWDWH SLHVHOH ³2PXO FDUH DVFXOWă PX]LFă OD FăúWL SH WUR WXDU´ GXSă 0DWHL 9LúQLHF FX $OLQ 6WDQ FLX Ä(TXXV´ GH 3HWHU 6FKDIIHU FX $QGUHL &KLUDQ úL ³0RQVWUXO´ FX $QGUHL 7RIHL
³%RO\DL´ OD QRXO VHGLX $ULHO 7RW MRL RFWRPEULH 8QLGUDPD vúL IDFH VLPĠLWă SUH]HQĠD vQ QRXO VSDĠLX $ULHO FX VSHFWDFROXO ³%RO\DL´ FX 6HEHVW\LHQ $ED $FWRUXO 6HEHVW\pQ $ED HYRFă vQ VSDĠLXO VFHQLF úL FRQHFWDW OD SULYLULOH VSHFWDWR ULORU WUăLUHD vQWU XQ PRG GHRVHELW GH FăWUH %RO\DL -iQRV D VSDĠLXOXL SULQ GHFDQ WDUHD SHUVRQDOLWăĠLL VDOH FUHkQG UHYHODĠLD VSDĠLXOXL DEVROXW SHQWUX WRĠL VSHFWDWRULL
7kOKDULL EXQL QLPHUHVF OD -¶DL %LVWURW
6kPEăWă RFWRPEULH RUD WRW OD -¶DL %LVWURW 7KHR 0DUWRQ QH YD H[SOLFD ³&XP DP PkQFDW XQ FkLQH´ SH WH[WXO OXL (YJKHQL *ULúNRYHĠ vQ UHJLD OXL $GL ,FOHQ]DQ 6SHFWDFROXO Ä&XP DP PkQFDW XQ FkLQH´ HVWH R SRYHVWH FDUH V DU WUD GXFH DVWIHO ÄXLWH ăVWD HUD RPXO´ FDUH DFXP QX PDL H 2 SRYHVWH GHVSUH OXFUXUL FDUH GXSă FRSLOăULH QX DU PDL WUHEXL Vă ¿H GDU DX IRVW úL VXQW 2 SRYHVWH GHVSUH XQ QXPăU GH RUGLQH úL GRDU XQ QXPH GH IDPLOLH FDUH VH VWULJă OD DSHOXO GH VHDUă SRYHVWH GHVSUH FXP vQFHSH Vă VH VLPWă WLPSXO úL FXP VH PLúFă WUHFH DGLFă
7ZR PHQ VKRZ FRPLF 'XPLQLFă RFWRPEULH RUD OD 6TXDUH 1R VRVHVF 5DGX ,DFREDQ 7XGRU $URQ ,VWRGRU SURWDJRQLúWLL VSHF WDFROXOXL ³ &X FXLHQIUXQWH´ GXSă (ULF %RJRVLDQ
)LQDO FX 7HRGRUD 6kQWHDQ OD -¶DL %LVWURW 'XPLQLFă RFWRPEULH RUD FRQ FHUWXO 7HRGRUHL 6kQWHDQ GH OD -¶DL %LVWURW YD WUDJH OLQLH SHVWH HGLĠLD FX QXPăUXO RSW D )HVWLYDOXOXL 8QLGUDPD XQGH YRP SX WHD DVFXOWD XOWLPHOH FRPSR]LĠLL VHPQDWH 7HRGRUD 6kQWHDQ FDUH YRU ¿ LQFOXV SH DOEXPXO ³&KDSWHU 0´ ³9D ¿ XQ FRQFHUW vQ QRWD FRQFHUWHORU PHOH GH SkQă DFXP FX SLHVH SRS EOXHV MD]] úL YRL FkQWD úL FkWHYD GLQ SLHVHOH PHOH SURSULL FDUH VXQW GHMD vQUHJLVWUDWH úL YRU ¿ LQFOXVH vQ FDGUXO DOEXPXOXL LQWLWXODW Ä&KDSWHU 0´ SLHVH GH SH DFHVW DOEXP VXQW GHMD SRVW DWH SH \RXWXEH 6SHU Vă ¿H R VHDUă IDLQă FDUH Vă vQFKHLH R VăSWăPkQă IUXPRDVă D )HVWLYDOXOXL 8QLGUDPD´ D SUHFL]DW 7HR GRUD 6kQWHDQ
8QGH VH JăVHVF ELOHWH" 3HQWUX FHL FDUH YRU RSWD vQ SHULRDGD RFWRPEULH SHQWUX 8QLGUDPD ELOHWHOH OD VSHFWDFROH VH SRW SURFXUD FX R RUă vQDLQWH vQ ORFDĠLD FDUH YD Jă]GXL VSHFWD FROHOH VDX SRW IDFH UH]HUYăUL OD DGUHVD ZHE ZZZ WHDWUX UR VDX OD QXPăUXO GH WHOHIRQ
9LQHUL RFWRPEULH RUD -¶DL
$OLQ =$+$5,(
$'0,1,675$ğ,(
" RFWRPEULH "
3XQFW GH OXFUX ,68 vQ SUHJăWLUH OD 'HGD ùWLUL /D PXOĠL DQL ,YDQ (UKDUGW /DV]OR
'DFă vQ GDWD GH LXQLH OXD ¿LQĠă &HQWUXO 5HJLRQDO GH ,QWHUYHQĠLH vQ 6LWXDĠLH GH 8UJHQĠă GLQ 'HGD vQ DFHVWH ]LOH vQ FRPXQă VH OXFUHD]ă GLQ JUHX OD UHDOL]DUHD XQXL &HQWUX GH 3RPSLHUL PLOLWDUL]DĠL SURSXQHUH LQLĠLDWă GH ,Q VSHFWRUDWXO SHQWUX 6LWXDĠLL GH 8UJHQĠă ,68 ³+RUHD´ DO MXGHĠXOXL 0XUHú ,QYHVWLĠLD YD ¿ ¿QDOL]DWă vQ DFHDVWă WRDPQă úL VH FLIUHD]ă OD VXPD GH GH OHL EDQL FDUH SURYLQ GLQ EXJHWXO ORFDO
3DUWHQHULDW URPkQR HOYHĠLDQ 1RXO SXQFW GH OXFUX DO ,68 'HGD YD IXQFĠLRQD FX SDWUX SRPSLHUL PLOLWDUL vQ RUJDQLJUDPă FDUH YRU ¿ VXERUGRQDĠL ,68 ³+RUHD´ DO MXGHĠXOXL 0XUHú XQGH YRU PXQFL FRW OD FRW FX SRPSLHULL YR OXQWDUL DL FRPXQHL FDUH YRU UHDOL]D vQ SDUDOHO VHUYLFLX GH SHUPDQHQĠă DOăWXUL GH FROHJLL GH OD 6085' ³$YkQG vQ YHGHUH Fă H YRUED GH R vQWLQGHUH IR DUWH YDVWă GH OD 6WkQFHQL úL SkQă OD 'HGD SRUĠLXQH SH FDUH H[LVWă GRDU GRXă PDúLQL GH LQWHUYHQĠLL OD 'HGD VWLQJHUHD LQFHQGLLORU QX HUD IRDUWH ELQH DVLJXUDWă 1RL DYHP vQ GRWDUH R PDúLQă GH SRPSLHUL URPkQHDVFă PDL YHFKH úL PDL SXĠLQ SHUIRUPDQWă úL R DXWRVSHFLDOă GH LQWHUYHQĠLH IRDUWH H¿FLHQWă GRWDWă FX HFKLSDPHQW GH SURWHFĠLH SH FDUH vQ OXQD LXQLH D DQX OXL WUHFXW DP SULPLW R FD GRQDĠLH GLQ SDUWHD $VRFLDĠLHL Ä2SHUDĠLRQ 9LOODJHV 5RXPDLQV 295 ´ GLQ (OYHĠLD GHRDUHFH FRPXQD QRDVWUă IDFH SDUWH GLQ SURLHF WXO SLORW Ä &HQWUH 6968 SHQWUX ]RQH GLQ 5RPkQLD´ FDUH VH GHVIăúRDUă OD QLYHO QDĠLRQDO FRRUGRQDW GH 295 ± 52 úL 295 ±&+ SDUWHQHUH DOH $PEDVDGHL (OYHĠLHL´ D H[SOLFDW /XFUHĠLD &DGDU SULPDUXO FRPXQHL 'HGD
6SDĠLX JHQHURV 3HQWUX FRUSXO VSHFLDO GH FOăGLUH RUJD
3ULPDUXO /XFUHĠLD &DGDU úL *ULJRUDú +RUJD úHIXO &HQWUXOXL 5HJLRQDO GH ,QWHUYHQĠLH vQ &D] GH 8UJHQĠă
QL]DW SHQWUX VWLQJHUHD LQFHQGLLORU HGL OXO úHI DO FRPXQHL 'HGD vPSUHXQă FX FRQVLOLHULL ORFDOL DX LGHQWL¿FDW ORFDĠLD &HQWUXOXL GH 3RPSLHUL vQ FXUWHD VHGL XOXL 3ULPăULHL XQGH YD ¿ LQFOXV úL 6HU YLFLXO 6085' 'HGD úL FDUH vPSUHXQă YRU EHQH¿FLD GH XQ VSDĠLX IRDUWH JHQHUXV SUHYă]XW FX JDUDMH ORFXUL GH FD]DUH EXFăWăULH JUXSXUL VDQLWDUH OD VWDGDUGH HXURSHQH ³$YHP GRXă JDUDMH IXQFĠLRQDOH SHQWUX DXWRVSHFLDOHOH GH LQWHUYHQĠLL vQFăO]LWH WHUPLF FRQVWUXLP vQ DFHDVWă SHULRDGă XQ JDUDM úL SHQWUX 6HUYLFLXO 6085' LDU VSDĠLLOH GH OXFUX GH ]L úL GH QRDSWH D SRPSLHULORU DÀDĠL OD SHUPDQHQĠă VXQW DPHQDMDWH OD HWDMXO SULPăULHL PRWLY SHQWUX FDUH DP FRQ VWUXLW R VFDUă H[WHULRDUă GH DFFHV SHQ WUX D QX GHUDQMD DFWLYLWDWHD DQJDMDĠLORU GLQ SULPăULH 'XSă FH YRP SXQH WRDWH GHWDOLLOH OD SXQFW &HQWUXO YD SULPL vQ GRWDUH úL R PDúLQă SHUIRUPDQWă FX VSXPă úL DWXQFL PDúLQD QRDVWUă YHFKH GH LQWHUYHQĠLL R YRP GRQD 3ULPăULHL /XQFD %UDGXOXL SHQWUX Fă GRPQXO SULPDU 9XOWXU 3HWUX úL D PDQLIHVWDW
GRULQĠD GH D R REĠLQH SHQWUX D SXWHD Vă vúL UH]ROYD úL HL QHFD]XULOH PDL XúRU´ D D¿UPDW SULPDUXO FRPXQHL 'HGD
,QWHUYHQĠLL UHXúLWH /XFUHĠLD &DGDU D PDL SUHFL]DW IDS WXO Fă vúL GRUHúWH Vă DVLJXUH FHOH PDL EXQH FRQGLĠLL GH PXQFă úL GH FD]DUH DQJDMDĠLORU SHQWUX FD SRPSLHULL Vă SRDWă UăVSXQGH SURPSW OD RULFH RUă GLQ ]L úL GLQ QRDSWH VROLFLWăULORU vP SRWULYD ÀăFăULORU úL GH VWLQJHUH D LQ FHQGLLORU vQWU XQ WLPS FkW PDL VFXUW vQ ORFDOLWăĠLOH 'HGD 5XúLL 0XQĠL 9ăWDYD 5ăVWROLĠD /XQFD %UDGXOXL úL 6WkQFHQL ³'LQ LXQLH úL SkQă vQ VHS WHPEULH DXWRVSHFLDOD GH LQWHUYHQĠLH GRQDWă GH $VRFLDĠLD ³2SHUDĠLRQ 9LODJHV 5RXPDQLV´ GLQ (OYHĠLD D SDUWLFLSDW FX EULR OD ]HFL GH LQWHUYHQĠLL DOăWXUL GH FHL ]HFH SRPSLHUL YROXQWDUL GH SH UD]D FRPXQHL´ D SUHFL]DW *ULJRUDú +RUJD úHIXO &HQWUXOXL 5HJLRQDO GH ,QWHUYHQĠLH vQ 6LWXDĠLH GH 8UJHQĠă 5REHUW 0$7(,
9LQHUL VHSWHP EULH D IRVW R ]L VSHFLDOă SHQWUX SULPDUXO FR PXQHL 1DGHú ,YDQ (UKDUGW /DV]OR FDUH úL D VăUEăWRULW LQWUD UHD vQ FHD GH D D SULPăYDUă D YLHĠLL Ä$P SOHFDW vQ *HU PDQLD OD YkUVWD GH DQL vQVă P DP vQWRUV vQ 5RPkQLD GXSă DQL UHVSHFLWY vQ úL LDWă Fă DP UHXúLW Vă FkúWLJ vQ FUHGHUHD RDPHQLORU GLQ FRPXQă vQFUHGHUH SH FDUH YUHDX Vă GHPRQVWUH] SULQ IDSWH Fă R PHULW 6XQW PXOWH GH IăFXW FRPXQD WUHEXLH GH]YROWDWă´ HVWH FUH]XO OXL ,YDQ (UKDUGW /DV]OR XQXO GLQWUH FHL PDL WLQHUL úL GHVWRLQLFL SULPDUL DL MXGHĠXOXL 0XUHú 5HGDFĠLD FRWLGL DQXOXL Ä=L GH =L´ úL D VăSWăPkQDOXOXL ³=LDUXO GH 0XUHú´ vL WUDQVPLWH HGLOXOXL úHI GLQ 1DGHú PXOWă VăQăWDWH vPSOLQLUHD RELHFWLYHORU SUR SXVH úL WUDGLĠLRQDOXO Ä/D PXOĠL DQL ´ 6 7
7UDQ]DFĠLH LPRELOLDUă HúXDWă 3ULPDUXO PXQLFLSLXOXL 7kUJX 0XUHú 'RULQ )ORUHD D SUHFL]DW SHQWUX FRWLGLDQXO ³=L GH =L´ Fă DXWRULWăĠLOH ORFDOH QX YRU PDL DFKL]LĠLRQD LPRELOXO VLWXDW vQ 3LDĠD 7UDQGD¿ULORU QU GHRDUHFH SURSULHWDUXO DFHVWXLD V D Uă]JkQGLW vQWUH WLPS Ä+RWăUkUHD &RQVLOLXOXL /RFDO QU GLQ DSULOLH SULQ FDUH V D DSUREDW DFKL]LĠLRQDUHD LPRELOXOXL VLWXDW vQ PXQLFLSL XO 7kUJX 0XUHú 3LDĠD 7UDQGD¿ULORU QU QX D IRVW SXVă vQ DSOLFDUH GHRDUHFH SULQ DGUHVD vQUHJLVWUDWă OD LQVWLWXĠLD QRDVWUă FX QXPăUXO GLQ PDL 6& (ODJ 5RPkQLD 65/ DGXFH OD FXQRúWLQĠD &RQVLOLXOXL /RFDO 0XQLFLSDO 7kUJX 0XUHú IDSWXO Fă UHQXQĠă OD vQVWUăLQDUHD LPRELOXOXL DÀDW vQ SURSULHWDWHD VRFLHWăĠLL´ D DUăWDW 'RULQ )ORUHD 6 7
" RFWRPEULH "
(9(1,0(17
&KLQH]X¶ RPDJLDW GH UXGH SULHWHQL úL R¿FLDOLWăĠL
³6HDUD GH YHJKH´ PRPHQW SOLQ GH HPRĠLH úL GXUHUH
6XWH GH OXPkQăUL DX DUV vQ PHPRULD ³HURXOXL UHJKLQHDQ´
&HL SUH]HQĠL V DX DGXQDW vQ ORFXO vQ FDUH WkQăUXO D IRVW vQMXQJKLDW
2¿FLDOLWăĠLOH SUH]HQWH OD ³VHDUD GH YHJKH´
&kWHYD VXWH GH SHUVRDQH O DX RPDJLDW SH 6HUJLX $UGHOHDQ ]LV &KLQH]X¶ vQ VHDUD ]LOHL GH VHSWHPEULH FkQG WkQăUXO DU ¿ vPSOLQLW YkUVWD GH GH DQL 6XWH GH OXPkQăUL DX IRVW DSULQVH vQ ORFXO XQGH DFHVWD D IRVW vQMXQJKLDW úL XQGH FHL GH IDĠă UXGH SULHWHQL VDX R¿FLDOLWăĠL DX ĠLQXW XQ PRPHQW GH UHFXOHJHUH 7RWRGDWă vQ DFHHDúL VHDUă V D GDW VWDUWXO FDPSDQLHL FDUH vL SRDUWă QXPHOH HURXOXL UHJKLQHDQ VXE vQGHPQXO ³,PSOLFă WH UHV SRQVDELO ´
ÌPSUHXQă SHQWUX 6HUJLX 3OLQL GH HPRĠLH úL GH GXUHUH FHL FDUH DX IRVW DOăWXUL GH 6HUJLX vQ VHDUD GH VHSWHPEULH DX DSULQV OXPkQăUL FDUH DX IRVW GXVH GH FăWUH DSURSLDĠL OD PRUPkQ WXO DFHVWXLD ³6HDUD GH YHJKH´ D DGXV vPSUHXQă WLQHUL SăULQĠL FXQRúWLQĠH UXGH úL R¿FLDOLWăĠL GLQ PXQLFLSLX úL MXGHĠ ³&KL QH]X HUD XQ EăLDW YHVHO PHUHX FX ]kP EHWXO SH EX]H XQ EăLDW FDUH vĠL IăFHD ]LXD PDL IUXPRDVă PDL YHVHOă XQ HURX FDUH D UHXúLW Vă QH XQHDVFă DGXQkQG VXWH GH
0DULD 3UHFXS ³6HUJLX QH vQYDĠă FkW GH VFXPS D SOăWLW YLROHQĠD GLQ UkQGXO QRVWUX´
8Q SURLHFW FX XQ PHVDM FODU ³,PSOLFă WH UHVSRQVDELO ´
,QGLIHUHQW GH YkUVWă UHJKLQHQLL DX IRVW DOăWXUL GH 6HUJLX
0DL PXOĠL SUHRĠL DX R¿FLDW R VOXMEă UHOLJLRDVă SHQWUX 6HUJLX
SHUVRDQH 8Q vQYLQJăWRU XQ OXSWăWRU úL VXQWHP PkQGUL GH HO Fă D UHXúLW Vă OXSWH FLQFL VăSWăPkQL´ D GHFODUDW 'HOLD XQD GLQWUH SHUVRDQHOH DSURSLDWH OXL 6HUJLX 3HQWUX WRĠL 6HUJLX $UGHOHDQ D UăPDV XQ PRGHO XQ VLPERO DO QRQ YLROHQĠHL ³6HU JLX WX HúWL HURXO QRVWUX GDU VSHU Vă ¿L XQ VHPQDO SHQWUX RULFH YLROHQĠă GLQ 5HJKLQ GLQ 5RPkQLD úL GH SUHWXWLQGHQL 9ă URJ Vă ¿ĠL DOăWXUL GH 6HUJLX úL Vă vQYăĠDĠL GH OD HO QLFLRGDWă Vă QX GLVWUXJHĠL QLFL XQ ¿U GH LDUEă úL Vă QX GDĠL vQ QLPHQL SHQ WUX Fă YLROHQĠD GXFH OD PRDUWH VSLULWXDOă úL ¿]LFă 6HUJLX QX PDL HVWH SULQWUH QRL GDU HVWH DOăWXUL GH QRL úL QH vQYDĠă FkW GH VFXPS D SOăWLW HO YLROHQĠD GLQ UkQGXO QRV WUX´ D GHFODUDW 0DULD 3UHFXS SULPDUXO PXQLFLSLXOXL 5HJKLQ
³6HUJLX $UGHOHDQ GHYLQH QHPXULWRU´ &DPSDQLD ³6HUJLX $UGHOHDQ´ GHPDUDWă GH &RQVLOLXO -XGHĠHDQ XUPăUHúWH FUHúWHUHD JUDGXOXL GH LQIRUPDUH D WLQH ULORU vQ FHHD FH SULYHúWH FRQGXLWD SUHYHQWLYă úL VSLUL
6HUJLX ´WH YRP LXEL PHUHX´
WXO FLYLF SULQWU R LPSOLFDUH UHVSRQVDELOă ³6XQW FRQYLQVă Fă vQ DFHDVWă VHDUă FX WRĠLL QH vQWUHEăP FDUH HVWH VFRSXO VDF UL¿FLXOXL OXL 6HUJLX $UGHOHDQ 'HUXODUHD DFHVWHL FDPSDQLL vQ MXGHĠXO 0XUHú QH SRDWH RIHUL XQ UăVSXQV vQ DFHVW VHQV SHQWUX Fă SULQ LQWHUPHGLXO IDSWHORU OXL SULQ LQWHUPHGLXO DFHVWHL FDPSDQLL 6HU JLX $UGHOHDQ GHYLQH QHPXULWRU SHQ WUX Fă DFHDVWă FDPSDQLH YD DMXWD IRDUWH PXOĠL WLQHUL vQ FHHD FH SULYHúWH FRQGXLWD SUHYHQWLYă´ D GHFODUDW 1DGLD 5DĠă LQ VSHFWRU úFRODU JHQHUDO DGMXQFW 3ULQWUH R¿FLDOLWăĠL V D QXPăUDW úL &LSULDQ 'REUH SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú LQLĠLDWRUXO DFHVWHL FDPSDQLL ³$P GLVFXWDW FX SDUWHQHULL DFHVWXL SURLHFW FD Vă GXFHP PDL GHSDUWH DFHDVWă FDPSDQLH GH LQIRUPDUH Vă ¿H R FDPSDQLH SH PDL PXOĠL DQL R FDPSDQLH SULQ FDUH QRL SăULQĠLL Vă QH IHULP FRSLLL GH YLROHQĠă´ D GHFODUDW &LSULDQ 'REUH
3URPRYDUHD QRQ YLROHQĠHL ³3HQWUX D HYLWD HYHQLPHQWH GH JHQXO FHORU
FDUH V DX SURGXV UHFRPDQGDUHD QRDVWUă HVWH FD DWXQFL FkQG HVWH LPLQHQĠD XQRU DVWIHO GH HYHQLPHQWH Vă QX UHDFĠLRQDĠL Vă QX LQWHUYHQLĠL QHPLMORFLW Vă vQFHUFDĠL Vă Yă SURWHMDĠL VLJXUDQĠD VăQăWDWHD úL YLDĠD úL Vă DSHODĠL SULQ RULFH PHWRGă SRVLELOă OD FHL FDUH DX FRPSHWHQĠă Vă LQWHUYLQă´ D GHFODUDW FRPLVDU úHI $OH[DQGUX &kP SHDQX (OHQD 0LFKHX GLUHFWRU DGMXQFW DO ,QVWLWXWXOXL (VW (XURSHDQ UHSUH]HQ WDQW DO FHORU GRXă RUJDQL]DĠLL LPSOLFDWH vQ FDPSDQLH UHVSHFWLY ³6DOYDĠL &RSLLL´ úL Ä,QVWLWXWXO (VW (XURSHDQ´ L D IHOLFLWDW SH FHL GH IDĠă SHQWUX Fă DX vQĠHOHV QHYRLD GH D LHúL GLQWU R DQXPLWă DSDWLH ³9ă PXOĠXPHVF Fă VXQWHĠL DLFL SHQWUX Fă DVWIHO QH DUăWDĠL Fă QRL vPSUHXQă FX YRL SXWHP Vă GXFHP FDPSDQLD PDL GHSDUWH úL Vă SURPRYăP XQ FRPSRUWDPHQW QRQ YLROHQW´ D GHFODUDW (OHQD 0LFKHX 6 D R¿FLDW úL R VOXMEă SHQWUX VXÀHWXO FHOXL SOHFDW GLQWUH QRL GH FăWUH PDL PXOĠL SUHRĠL GLQ PXQLFLSLX LDU OD ¿QDO WRĠL FHL SUH]HQĠL DX ĠLQXW XQ PRPHQW GH UHFXOHJHUH 2DQD 0Ă5*,1($1
6RULQ $SRVWX D SOHFDW DFDVă )RVWXO SULPDU DO PXQLFLSLXOXL &OXM 1D SRFD 6RULQ $SRVWX D SăUăVLW 3HQLWHQ FLDUXO 7kUJX 0XUHú YLQHUL VHSWHP EULH vQ MXUXO RUHL GXSă FH ÌQDOWD &XUWH GH &DVDĠLH úL -XVWLĠLH D DGPLV vQ DFHHDúL ]L UHFXUVXO DFHVWXLD OD GHFL]LD GLQ VHSWHPEULH D &XUĠLL GH $SHO 7kUJX 0XUHú FDUH D UHVSLQV FHUHUHD GH HOLEHUDUH SURYL]RULH VXE FRQWURO MXGLFL DU IRUPXODWă GH DYRFDĠL OD WHUPHQXO GLQ VHSWHPEULH
³(OLEHUDUHD HVWH ¿UHDVFă´ 3RWULYLW $JHUSUHV OD LHúLUHD GLQ 3HQL WHQFLDU 6RULQ $SRVWX D IRVW DúWHSWDW GH GRXă PDúLQL vQ FDUH GH DÀDX UXGH úL SUL HWHQL úL D UHIX]DW Vă IDFă YUHR GHFODUDĠLH ³(OLEHUDUHD HVWH ¿UHDVFă GXSă R GHWHQĠLH GH ]HFH OXQL úL MXPăWDWH GLQFROR GH vP SUHMXUDUHD Fă WHPHLXULOH FDUH DX VWDW OD ED]D PăVXULL VXQW LQH[LVWHQWH FHUFHWDU HD MXGHFăWRUHDVFă QX D SUH]HQWDW IDSWH PDWHULDOH vQ VWDUH Vă MXVWL¿FH R DVHPH
QHD PăVXUă´ D GHFODUDW SHQWUX $JHU SUHV DYRFDWXO *KHRUJKLĠă 0DWHXĠ FDUH vO UHSUH]LQWă SH IRVWXO SULPDU GH &OXM 1D SRFD DFX]DW GH '1$ Fă D OXDW PLWă GH HXUR vQ VFKLPEXO vQFKHLHULL XQRU FRQWUDFWH OHJDWH GH DVLJXUDUHD SDU FXOXL DXWR úL GH VDOXEUL]DUH ÌQ XUPD GHFL]LHL ÌQDOWHL &XUĠL GH &DVDĠLH úL -XVWLĠLH 6RULQ $SRVWX YD ¿ MXGHFDW vQ VWDUH GH OLEHUWDWH $OH[ 727+
)RVWXO SULPDU DO PXQLFLSLXOXL &OXM 1DSRFD QX D IăFXW QLFLR GHFODUDĠLH OD LHúLUHD GLQ SHQLWHQFLDU
ÌQ ZHHN HQG XO FH WRFPDL D WUHFXW OD /XGXú V D GHVIăúXUDW FHD GH D SDWUD HGLĠLH D )HVWLYDOXOXL Ä7RDP QD /XGXúHDQă´ GRXă ]LOH GH VăUEăWRDUH FX PX]LFă XúRDUă SRSXODUă GDQV úL YRLH EXQă 3UHúHGLQWHOH &- 0XUHú &LSULDQ 'REUH VXESUHIHFWXO 0DQXHO %XWLXOFă YLFHSUHúHGLQWHOH &- 0XUHú 2YL GLX 'DQFX SULPDUXO RUDúXOXL 8UKLGD vPSUHXQă FX GHOHJDĠLD úL PXOĠL DOĠLL DX IRVW DOăWXUL GH &ULVWLDQ 0RO GRYDQ SULPDUXO RUDúXOXL /XGXú VkPEăWă OD GHVFKL GHUHD R¿FLDOă D IHVWLYDOXOXL 3DJ
'HEXWXO OXQLL RFWRPEULH DGXFH OD 7kUJX 0XUHú R QRXă HGLĠLH D )HVWLYDOXOXL 8QLGUDPD VLQJXUXO IHVWLYDO GH WHDWUX GLQ 5RPkQLD GHGLFDW H[FOXVLY PRQRGUDPHL 2UJDQL]DWRUXO HGLĠLHL GLQ DFHVW DQ &DVD GH 3URGXFĠLH &XOWXUDOă DUH DOăWXUL FD SDUWHQHUL 7HDWUX 0LQLVWHUXO &XOWXULL 81,7(5 úL 3ULPăULD 7kUJX 0XUHú OD FDUH VH DGDXJă VSRQVRUXO SULQFLSDO FRPELQDWXO $]RPXUHú ÌQ SHULRDGD RFWRPEULH LXELWRULL WHDWUXOXL VH YRU SXWHD EXFXUD GH VSHFWDFROH FRQIHULQĠH FRQFHUWH Jă]GXLWH GH FLQFL ORFDĠLL GLQ 7kUJX 0XUHú 3DJ
2¿FLDOLWăĠLOH DX GHVFKLV WRDPQD OD /XGXú
8QLGUDPD SXQH VWkSkQLUH SH 7kUJX 0XUHú
, Q I R U P D Ġ L D F D U H G ă S X W H U H
#PWN 8+++ PT RCIKPK 24'Œ NGK #RCTG UàRVàO¾PCN QEVQODTKG (10&#614 #74'.+#0 )4#/#
&DPSDQLD ³6HUJLX $UGHOHDQ´ OHFĠLH GH LPSOLFDUH UHVSRQVDELOă
Q &kWHYD VXWH GH SHUVRDQH O DX RPDJLDW SH UHJKLQHDQXO 6HUJLX $UGHOHDQ ]LV &KLQH]X¶ vQ VHDUD GH VHSWHPEULH FkQG WkQăUXO DU ¿ vPSOLQLW YkUVWD GH GH DQL Q ÌQ DFHHDúL VHDUă V D GDW VWDUWXO FDPSDQLHL FDUH vL SRDUWă QXPHOH HURXOXL UHJKLQHDQ VXE vQGHPQXO ³,PSOLFă WH UHVSRQVDELO ´ Q ³6HUJLX QX PDL HVWH SULQWUH QRL GDU HVWH DOăWXUL GH QRL úL QH vQYDĠă FkW GH VFXPS D SOăWLW HO YLROHQĠD GLQ UkQGXO QRVWUX´ D GHFODUDW 0DULD 3UHFXS SULPDUXO PXQLFLSLXOXL 5HJKLQ Q ³$P GLVFXWDW FX SDUWHQHULL DFHVWXL SURLHFW FD Vă GXFHP PDL GHSDUWH DFHDVWă FDPSDQLH GH LQIRUPDUH Vă ¿H R FDPSDQLH SH PDL PXOĠL DQL R FDPSDQLH SULQ FDUH QRL SăULQĠLL Vă QH IHULP FRSLLL GH YLROHQĠă´ D D¿UPDW &LSULDQ 'REUH SUHúHGLQWHOH &RQVLOLXOXL -XGHĠHDQ 0XUHú
3DJ