>H[WUDVGLQYROWLLQ LWHRORJLH3UHOLPLQDULLSHQWUXGLDORJ

;;,(RQXOGRJPDWLFSS@



&RVPRORJLDDXWRQRPLFRVPRORJLDWHRQRP
8QDVSHFWDOWHRORJLHLURPkQHWL
'XPLWUX3RSHVFX
6RFLHWDWHDFRQWHPSRUDQHVWHFRQIUXQWDWFXIHQRPHQXOVHFXODUL]ULLFDUHGXFHLQHYLWDELOVSUHFUL]D
VSLULWXDOQGRFXPHQWXOSUHJWLWRUDOXQXLFRORFYLXFRQVDFUDWQR LXQLLGHSFDWVHVSXQXUPWRDUHOH
FUL]DFRQFHSWXDOLSUDFWLFDSFDWXOXLHXQDVSHFWSDUWLFXODUDOXQHLFUL]HPDLDPSOHFDUHVHUHIHUODOLPEDMXO
UHOLJLRVSUHFXPLODFRQ LQXWXOLH[SUHVLDVRFLDODFUHGLQ HL&DWHJRULLOHWUDGL LRQDOHDOHH[SHULHQ HL
UHORJLRDVHQVFXWHvQLQWHULRUXOXQHLOXPLPLVWLFRVDFUDOHDXGHYHQLWH[WUHPGHQHVHPQLILFDWLYHSHQWUXRPXO
FRQWHPSRUDQ7UHEXLHUHFXQRVFXWFvQWLPSXOQRVWUXH[LVWVLPSWRPHOHXQHLGLVROX LLDXQLYHUVXOXLUHOLJLRV
5H]XOWDWXOXQXLDVWIHOGHSURFHVFRQVWvQvQFKLGHUHDSUDFWLFDRPXOXLFRQWHPSRUDQvQSURSULDLDXWRVXILFLHQ 
IUQLFLRGHVFKLGHUHFWUHWUDQVFHGHQW

QWURLQWHUSUHWDUHDDFHVWHLSURIXQGHFUL]HVSLULWXDOHDVRFLHW LLHXURSHQHVDUSXWHDVSXQHFHVWHUH]XOWDWXO
XQHLHQRUPHJUHHOLDWHRORJLHLFUHWLQHFDUHDFRQIXQGDWWUDQVFHQGHQ DGLYLQFXDEVHQ DOXL'XPQH]HXGLQ
FUHD LH ,GHHD GH DEVHQ  D OXL 'XPQH]HX GLQ OXPH D SURYRFDW DD FXP VH DUWD vQ GRFXPHQWXO DPLQWLW
GLVROX LDXQLYHUVXOXLUHOLJLRVDXWRVXILFLHQ DLPDQHQWLVWDRPXOXLLUHIX]DUHDWUDQVFHQGHQ HLGLYLQH
7UHEXLHVXEOLQLDWvQVFQHJVLPvQID DXQRUFRQVHFLQ HGHRUGLQVSLULWXDOUH]XOWDWHGLQWUXQSURFHVPDL
vQGHOXQJDWFXREkULDvQWHRORJLDSUHVFRODVWLFDVHFROXOXLDO9OHDvQFHSkQGFXIHULFLWXO$XJXVWLQ$FHVW
LOXVWUXSULQWHDO%LVHULFLLDSXVHQHWRWDWkWGHLOXVWUXFDL2ULJHQvQUVULWDGH]YROWDWRFRVPRORJLH
FUHWLQFRQVWUXLWSHLGHHDUD LXQLORUVHPLQDOHGHLQVSLUD LHVWRLFUD LXQLFRQVLGHUDWHDILFRQ LQXWvQHOH
vQVHOHvQWUHDJDGH]YROWDUHDXQLYHUVXOXL
)HULFLWXO$XJXVWLQGHFODUH[SOLFLWFDDFXPvQVHPLQ HVHJVHWHLQYL]LELOWRWFHYDFRQVWLWXLPDLDSRL
DUERUHOHWRWDVWIHOOXPHDFRQ LQHvQHDvQVLWRWFHDYHDVVHPDQLIHVWHPDLWkU]LXQXQXPDLFHUXOFXVRDUHOH
OXQDFXVWHOHOHFLLDOWHILLQ HSHFDUH'XPQH]HXOHDSURGXVvQSRWHQ FDvQWURFDX]DORU

$VWIHOSULQUDSRUWFX'XPQH]HXFRQVLGHUDWFDX]DSULPDWXWXURUOXFUXULORUDFHVWHUD LXQLVHPLQDOH
GREkQGHVFFDUDFWHUXOXQRUDGHYUDWHFDX]HVHFXQGHLQWHUSXVHvQWUHFUHD LHL&UHDWRUQWURDVHPHQHD
SHUSVHFWLY'XPQH]HXQXDF LRQHD]GLUHFWDVXSUDOXPLLGHXQGHLLGHHDGHDEVHQ DOXL'XPQH]HXGLQ
FUHD LHFLSULQLQWHUPHGLXOUD LXQLORUVHPLQDOHFDUHIXQF LRQHD]LQGHSHQGHQWGH'XPQH]HX1XLGH
PLUDUHGDFXQHRULVDDILUPDWFSULQWURDVWIHOGHFRVPRORJLHDXWRQRPvQUDSRUWFX'XPQH]HXIHULFLWXO
$XJXVWLQDUILGHYDQVDWFXPXOWHVHFROHHYROX LRQLVPXOPRGHUQ


7HRORJLDVFRODVWLFvQFHSkQGFXVHFROXODO;,OHDDSUHOXDWLGHHDUD LXQLORUVHPLQDOHQXPDLFGHDFHDVW
GDWVXELQIOXHQ DULVWRWHOLFOHDSUH]HQWDWvQVHVQVXOXQRUFDX]HVHFXQGHFDUHVFRWLPDLPXOWvQHYLGHQ 
FDUDFWHUXODXWRQRPDOXQLYHUVXOXLID GH&UHDWRUXOVX&KLDUvQ&DWHKLVPXO%LVHULFLL&DWROLFHVHVSXQHFkW
VHSRDWHGHFODUF'XPQH]HXQXFRQIHUFUHDWXULORUQXPDLH[LVWHQ DORUFLLGHPQLWDWHDGHDDF LRQDSULQ
HOHGHDILFDX]HLSULQFLSLLXQHOHSHQWUXDOWHOHLGHDFRRSHUDDVWIHOODvQGHSOLQLUHDVFRSXOXLXUPULWGHHO




7H[WXODPDLIRVWSXEOLFDWvQYRO2UWRGR[LHLFRQWHPSRUDQHLWDWH'LRJHQHDFHDVWDILLQGRYHUVLXQHUHYL]XLW


&RORFYLXGHVSUH,HUWDUHDSFDWHORUGRFSUHJWLWRU9HQH LDS

)HULFLWXO$XJXVWLQ'H*HQDGOLWW3/FRO

&DWHKLVPXO%LVHULFLL&DWROLFH3DULVS

QIHOXODFHVWDVSUHGHRVHELUHGHOHJHDFRPXQLXQLLvQWHPHLDWSHH[LVWHQ DXQXLOXFUXvQDOWOXFUXSULQUHOD LD

LQWHUQD'XKXOXLQHJVLPvQID DXQHLFRQFHS LLPHFDQLFLVWHED]DWHSHH[LVWHQ DOXFUXOXLvQVLQHLSH
OHJWXULOHH[WHULRDUHvQWUHFDX]LHIHFWFRQFHS LHFDUHIDFHDEVWUDF LHGHRULFHSUH]HQ DOXL'XPQH]HXvQ
XQLYHUVXOIL]LFLDILUPDXWRQRPLDOXPLLvQUDSRUWFX'XPQH]HX/XPHDVHGH]YROWH[FOXVLYSULQHDvQVL
'HVLJXUWUHEXLHVUHFXQRDWHPFvQDFHDVWFRQFHS LHFRVPRORJLFDXWRQRPGHSURYHQLHQ FUHWLQ
RUGLQHDVXSUDQDWXUDOQXHUDFRQVLGHUDWRSXVRUGLQLLQDWXUDOHGLPSRWULYDYHDUROXOVDILUPHFRQWULEX LD
JUD LHLGLYLQHODSHUIHF LRQDUHDQDWXULLJUDWLDQDWXUDPSHUILFLW'LQQHIHULFLUHvQVOXPLQLVPXODPRGLILFDW
VHQVXODXWRQRPLHLSHFDUHFUHD LDRDYHDvQWHRORJLDDSXVHDQLGLQLGHHDXQHLDXWRQRPLLFDUHUHFXQRDWH
H[LVWHQ DOXL'XPQH]HXLUROXOVXSURYLGHQ LDWRUID GHFUHD LHVDDMXQVODLGHHDXQHLDXWRQRPLLFDUHVH
RSXQHKDUXOXLLQHDJH[LVWHQWDOXL'XPQH]HXEDFKLDUFRQVLGHUFRULFHLQWHUYHQ LHDRUGLQLLVXSUDQDWXUDOH
vQRUGLQHDQDWXUDOHVWHRYLRODUHDDFHVWHLDGLQXUP$VWIHODXIRVWSXVHED]HOHSURFHVXOXLGHVHFXODUL]DUH
FDUHDvQFKLVRPXOvQSURSULDOXLVXILFLHQ LPDQHQWLVWFXWRWFRUWHJLXOGHFRQVHFLQ HH[LVWHQ LDOHQHJDWLYH
PDLSUHFLVSHQWUXYLD DOXLPRUDO
(VWHDGHYUDWFOXPLQLVPXOLFXOWXUDXPDQLVWDXDYXWPDUHOHPHULWGHDSURPRYDGUHSWXULOHRPXOXL
GHPRFUD LDGH]YROWDUHDWLLQ HLLDWHKQRORJLHLVSUHIRORVXORPXOXLGHFHOHPDLPXOWHRULvQRSR]L LHFX
LQFKL]L LDPHGLHYDO'DUDFHDVWFXOWXUOXPLQLVWVDDSOHFDWFXSUHFGHUHDVXSUDOXPLLH[WHULRDUHXLWkQGGH
YLD DOXQWULFDRPXOXLLGkQGQDWHUHFUL]HLVSLULWXDOHDVRFLHW LLFRQWHPSRUDQHSURFHVXOXLGH
GHVDFUDOL]DUHDYLH LLLDYDORULORU
/XkQGvQFRQVLGHUD LHFRQVHFLQ HOHDFHVWHLFRQFHS LLFRVPRORJLFHGHIDFWXUDXWRQRPLVWFDUHDDWHQWDWOD
WHPHLXULOHUHOLJLHLLPDLDOHVWHQGLQ DDQWURSRFHQWULFSURPRYDWGHRDVWIHOGHFRQFHS LHFRVPRORJLFFDUH
DDH]DWRPXOvQORFXOOXL'XPQH]HXXQFXQRVFXWWHRORJFDWROLFVSXQHFID GHvQFUHGHUHDH[FHVLYvQ
IRU HOHXPDQHDGLFGHDQWURSRFHQWULVPDYHDVUVSXQGILGHLVPXOWUDJLFDO5HIRUPHLFXvQFUHGHUHDHL
XQLODWHUDOvQIRU DJUD LHLGLYLQHVRODJUDWLDSHQWUXFDDSRLvQWUXQQRXUHIOH[XPDQLVPXOOXPLQLVWDYHDV
GHDQDWHUHDWHLVPXOXLFRQWHPSRUDQDGLFWHQGLQ HLDXWRGHLILFULLRPXOXLOLSVLWGHRDXWHQWLFGHLILFDUH
FUHWLQ
/DUkQGXOVXXQWHRORJRUWRGR[URPkQUHIHULQGXVHODSURFODPDUHDvQOXPHDPRGHUQDDXWRQRPLHLUD LXQLL
FDH[WHQVLHDLGHLLGHDXWRQRPLHDFUHD HLVSXQHDFkWVHSRDWHGHWUDQDQWQXFUHGvQSXWHUHDUD LXQLLXPDQH
&RQFHSWXOPRGHUQGHDXWRQRPLHDUD LXQLLYLQHGLQXPDQLVPXOSJkQDGLFGLQvQFUHGHUHDQHOLPLWDWvQSXWH
UHDLQGLYLGXOXLGHDVHULGLFDGHDVXSUDOXPLLIRUPXOkQGXLLGLFWkQGXLOHJLOHOXL(RDWLWXGLQHGHRUJROLXFDUH
UHSURGXFHODLQILQLWLFRQVDFUSFDWXOOXL$GDPF]XWSULQWUXILHvQFOLSDFkQGvOvPEWDLOX]LDvQO ULLSULQ
SURSULDQDWXU/XPHDGLQDLQWHGH+ULVWRVDJkQGLWvQDFHDVWDXWRQRPLHOXPHDPRGHUQGLYRU DWGH+ULVWRV
VDUHvQWRUVODHDUHOXkQGSFDWXOGHODFDSW

7HRORJLDUVULWHDQYRUEHWHLHDGHVSUHUD LXQLOHFUHD LHLGDUQXHVWHYRUEDGHUD LXQLVHPLQDOHFDUH

IXQF LRQHD]DXWRQRPLLQGHSHQGHQWID GH'XPQH]HXFLGHRPXOWLWXGLQHGHUD LXQLFDUHvLDXFHQWUXOGH
JUDYLWD LHSULQ'XKXO6IkQWvQ5D LXQHDVXSUHPVDX/RJRVXOFUHDWRUSULQFDUHWRDWHVDXIFXW
'LIHULWGHFRVPRORJLDDXWRQRPLVWFDUHIDFHDEVWUDF LHGHSUH]HQ DOXL'XPQH]HXvQXQLYHUVXOIL]LF
VIkQWXO0D[LP0UWXULVLWRUXOSHXUPHOHVIkQWXOXL,ULQHXDO/\RQXOXLDOHVIkQWXOXL$WDQDVLHFHO0DUHLDOH
VIkQWXOXL9DVLOHFHO0DUHvQWHPHLQGXVHSH6IkQWD6FULSWXUFI*HQH]DQ HOHSFLXQHDOXL6RORPRQ
LQXSHILORVRILDHOLQFDUHDIXUQL]DWQXPDLKDLQDFRQFHSWXDODDFHVWHLSHUVSHFWLYHFRQVLGHUF
'XKXO6IkQWQXHVWHDEVHQWGLQQLFLRISWXULPDLDOHVGLQFHOHFDUHVDXvQYUHGQLFLWGHUD LXQH(OVXV LQH
vQH[LVWHQ ILHFDUHISWXUvQWUXFkW'XPQH]HXL'XKXOOXL'XPQH]HXVHDIOSULQSXWHUHDSURYLGHQ LDWRDUH
vQWRDWHOXFUXULOHLHOPLFUD LXQHDQDWXUDOGLQILHFDUH6IkQWXO0D[LP0UWXULVLWRUXOGHFODUOLPSHGH
vQDFHVWWH[WvQOXPLQDJkQGLULLUVULWHQHFUD LXQLOHOXFUXULORUQXVHPLFDXWRQRPvQFUHD LHFLVXQWSXVH
vQPLFDUHGH'XKXOOXL'XPQH]HX
'DUPDLPXOWGHFkWDWkWFXWkQGVQXDQ H]HUHOD LDGLQWUH/RJRVXOGLYLQLUD LXQLOHFUHD LHLPDLELQH
]LVUD LRQDOLWDWHDFUHD LHLvQOXPLQD'XKXOXLSUH]HQWvQWRWLvQWRDWHILLQGF'XKXOHVWHQHGHVSU LWGH
/RJRVVIkQWXO0D[LPDGDXJXUPWRDUHOH
&FLvQHO>/RJRVXOVDX5D LXQHDVXSUHP@VXQWIL[DWHIHUPUD LXQLOHWXWXURULGHVSUHDFHVWHUD LXQLVHVSXQH
FHOOHFXQRDWHSHWRDWHvQDLQWHGHIDFHUHDORUvQvQVXLDGHYUXOORUFDSHXQHOHFHVXQWWRDWHvQHOLODHO
FKLDUGDFWRDWHDFHVWHDFHOHFHVXQWLFHOHFHYRUILQXDXIRVWDGXVHODH[LVWHQ RGDWFXUD LXQLOHORUVDX
GHFkQGVXQWFXQRVFXWHGH'XPQH]HXFLILHFDUHvLSULPHWHH[LVWHQ DHIHFWLYLGHVLQHODWLPSXOSRWULYLW




$QGUpGH+DOOHX[3DODPLVPHHWVFKRODVWLTXH5HYXHWKpRORJLTXHGH/RXYDLQS

1LFKLIRU&UDLQLF1RVWDOJLDSDUDGLVXOXL0ROGRYDS

6IkQWXO0D[LP0UWXULVLWRUXO5VSXQVXULFWUH7DODVLHvQ)LORFDOLD6LELXS

GXSvQ HOHSFLXQHD&UHDWRUXOXLILLQGFUHDWHFRQIRUPFXUD LXQLOHORU)LLQGF&UHDWRUXOH[LVWSXUXUHDvQPRG

DFWXDOSHFkQGFUHDWXULOHH[LVWvQSRWHQ GDUDFWXDOvQFQX

'LQ FXSULQVXO DFHVWXL WH[W DWkW GH FRQFHQWUDW L SURIXQG VH YHGH OLPSHGH F SHQWUX WHRORJLD UVULWHDQ
UD LXQLOHQXWUHFGLQVWDUHDGHSRWHQ vQVWDUHDGHDFWSULQSXWHULFDUHOHVXQWLQHUHQWHDGLFvQPRGDXWRQRP
L LQGHSHQGHQW FL WRDWH VH DFWXDOL]HD] SULQ YRLQ D /RJRVXOXL GLYLQ 0DL PXOW FKLDU VXV LQkQG F /RJRVXO
FXQRDWHUD LXQLOHWXWXURUOXFUXULORUvQDLQWHGHIDFHUHDORUILLQGFvQWLPSFH&UHDWRUXOH[LVWSXUXUHDvQPRG
DFWXDOILHFDUHFUHDWXUvLSULPHWHH[LVWHQ DODWLPSXOSRWULYLWWUHFkQGGLQVWDUHDGHSRWHQ vQVWDUHDGHDFW
DWXQFL FkQG YRLHWH =LGLWRUXO VIkQWXO 0D[LP VH ULGLF FX PXOWH YHDFXUL vQDLQWH vPSRWULYD WHRULHL
HYROX LRQLVWH FDUH HVWH UH]XOWDWXO XQHL FRQFHS LL FRVPRORJLFH DXWRQRPLVWH vQ FDUH OXFUXULOH VDX ILLQ HOH
SDUYLQODH[LVWHQ vQPRGDXWRPDWPHFDQLFLVWIULQWHUYHQ LD&UHDWRUXOXLvQYLUWXWHDXQRUFDX]HLUD LRQDOH
FXPDUILKD]DUGXOVDXvQWkPSODUHD


QRSR]L LHFXDFHDVWFRQFHS LHDXWRQRPLVWGHVSUHFRVPRVFDUHIDFHDEVWUDF LHGH'XPQH]HXLWUDQVIRUP
RPXOvQVFODYXOVHQVXDOLW LLLDOQDWXULLGHVILJXUkQGXOGLQSXQFWGHYHGHUHVSLULWXDOVIkQWXO0D[LPVH
GHFODUGLFRORGHFRQWURYHUVDvQWUHFUHD LRQLVPLHYROX LRQLVPvQIDYRDUHDXQXLSURFHVGHFUHD LHFRQWLQX
DWXWXURUOXFUXULORUGLQXQLYHUVFRQWURODWGH/RJRVXOGLYLQ5D LXQHDVXSUHP3URFHVXODFHVWDDUHSXQFWXOGH
SOHFDUHvQFUHD LDLQL LDOFUHDWLRRULJLQDOLVLVHYDvQFXQXQDSULQFUHD LDILQDOFUHDWLRILQDOLVOD3DUXVLD
'RPQXOXLSULQWUXQFHUQRXLXQSPkQWQRXFDUHvQVHDPQWUDQVILJXUDUHDvQWUHJLLFUHD LLvQ+ULVWRV
'RX FRVPRORJLL GRX GHVWLQH XQD DXWRQRP FDUH GXFH OD VHFXODUL]DUH L DOWD WHRQRP FDUH VH
vQFXQXQHD] FX WUDQVILJXUDUHD $WkWD YUHPH FkW RPXO UPkQH VFODYXO FHOHL GLQWkL DO XQHL FRVPRORJLL
DXWRQRPH FDUH IDFH DEVWUDF LH GH 'XPQH]HX YD WUL SHUPDQHQW VIkLHUHD OXQWULF vQWUH WHQGLQ D OXL GH D
GRPLQD OXPHD SULQWLLQ LWHKQRORJLHLWHQGLQ DGHDGHYHQLVFODYXOOXPLLLDOOHJLORUHLQDWXUDOHSULQ
DOLSLUHDGHFHOHVHQVXDOHLPDWHULDOH$FHDVWDH[SOLFGHIDSWLHQRUPXOGHFDODMGLQWUHSURJUHVXOWHKQRORJLF
DO YUHPLL QRDVWUH L UHJUHVXO VSLULWXDO L PRUDO DO RPXOXL FRQWHPSRUDQ DGHYHULQGXVH DVWIHO FXYkQWXO
0kQWXLWRUXOXLFRPXOQXDUHQLPLFGHFkWLJDWGDFGREkQGHWHOXPHDGDUvLSLHUGHVXIOHWXO
6LQJXUDDOWHUQDWLYYLDELOSHQWUXVQWDWHDVSLULWXDOLIL]LFDRPXOXLGHD]LUPkQHUHYHQLUHDOXLODR
FRVPRORJLHWHRQRPFDUHvLGSRVLELOLWDWHDVVHULGLFHSHVWHFRQWLQJHQ DOXPLLGHDLFLLVGREkQGHDVF
DGHYUDWDOLEHUWDWHGHILXDOOXL'XPQH]HX0DUHOHDYDQWDMDODFHVWHLFRVPRORJLLWHRQRPHFRQVWvQIDSWXOF
SHUPLWHWHRORJLHLFUHWLQHVYRUEHDVFGH+ULVWRVQXQXPDLFD/RJRV0kQWXLWRUFLLFD/RJRV&UHDWRU
$VW]LGLQFDX]DGL]ROYULLXQLYHUVXOXLUHOLJLRVIHQRPHQODFDUHQHDPUHIHULWPDLVXVLGLQFDX]DFUL]HL
HFRORJLFHWHRORJLDDSXVHDQFDUHDIRVWLvQFPDLHVWHGRPLQDWGHFRVPRORJLDDXWRQRPDIHULFLWXOXL
$XJXVWLQDvQFHSXWSULQXQLLGLQWUHUHSUH]HQWDQ LLVLVVHvQWRDUFYROHQVQROHQVODFRVPRORJLD
UVULWHDQFDUHYRUEHWHGH+ULVWRVDWkWvQFDOLWDWHGH/RJRV5VFXPSUWRUFkWLvQFDOLWDWHGH/RJRV
&UHDWRU,DWFHVSXQHXQXOGLQWUHHL
&XWRDWHFGRFWULQDvQYLHULLREOLJDSHWHRORJLLFDWROLFLVLPSOLFHWUXSXOXPDQvQRSHUDUVFXPSUULLWRWXL
GLQFDX]DGLKRWRPLHLGLQWUHQDWXULKDUFHDPDLPDUHSDUWHGLQWUHHLUHIX]VDVRFLH]HXQLYHUVXOIL]LFODDFWXO
UVFXPSUWRUDOOXL+ULVWRV

(SLVWROHOHSDXOLQHvQVQHRULHQWHD]DWkWFWUH+ULVWRVFD5VFXPSUWRUFkWLFWUHLPDJLQHDXQXL+ULVWRV
FRVPLF
&UHD LDL5VFXPSUDUHDVXQWXQLWHDPkQGRXvQSULPDWXOOXL+ULVWRV([LVWXQVLQJXU0LMORFLWRUDOFUHD LHL
LDOUVFXPSUULL&UHD LDL5VFXPSUDUHDVXQWLQWLPLQHFHVDUOHJDWHSULQDF LXQHDOXL+ULVWRV&RVPLF
QWUHDJDFUHD LHDGLFXPDQLWDWHDSPkQWXOFXWRWFHFRQ LQHHOLQHJkQGLWHOHKRWDUHDOHXQLYHUVXOXLLQILQLW
VXQWLQFOXVHWRDWHvQSODQXOFUHDWRULUVFXPSUWRUDOOXL'XPQH]HXSULQYLD DPRDUWHDLvQYLHUHDLXELWXOXL
VX)LX,LVXV+ULVWRV'RPQXOQRVWUX&UHDWRUL5VFXPSUWRU6XQWHPvQOXSWFRQWLQXHOFXIRU HOH
FDUHGLULMHD]VLVWHPHOHQRDVWUHHFRQRPLFHWLLQ LILFHVRFLDOHILORVRILFHLWHRORJLFHLFDUHDGHVHDVHGHVI
RDURUEHWHDWXQFLFkQGHVWHYRUEDGHSPkQWLQDWXUPDPDKUQLWRDUHDvQWUHJLLXPDQLW LDvQWUHJLLYLH L
LFXOWXUL&UHGHPFGRDULPDJLQHDOXL+ULVWRVFRVPLFQHYDDMXWDVUHGHVFRSHULPWRWDOLWDWHDSPkQWXOXLD
FRVPRVXOXLFUHDWvQHOSULQHOLSHQWUXHO3RDWHFYRPDMXQJHLQRLVvPEU LPSPkQWXOFXEUD HOHQRDV
WUHvQWLQVHFD+ULVWRVSHOHPQXO&UXFLL2vPEU LDUHFRVPLFXQLYHUVDOSULQ+ULVWRVFRVPLF




,GHP$PELJXDvQ36%S

-RKQ0F&DUWK\/H&KULVWFRVPLTXHHWOkJHGHOpFRORJLHvQ1RXYHOOHUHYXHWKpRORJLTXHQUSSL

7HRORJLDDSXVHDQDvQFHSXWDVWIHOVSHDVFSHFDOHDWUDVDWGHXQWHRORJOXWHUDQ-RVHSK6LWWOHUvQFGHOD
$GXQDUHD JHQHUDO &RQVLOLXOXL (FXPHQLF DO %LVHULFLORU GH OD 1HZ'HOKL  L V UHYLQ OD WHRORJLD
VILQ LORU ,ULQHX $WDQDVLH 9DVLOH FHO 0DUH L 0D[LP 0UWXULVLWRUXO 0DL GHYUHPH VDX PDL WkU]LX DGHYUXO
WULXPIvQWRWGHDXQD


5HDOLWDWHDLSXWHUHDH[WUDRUGLQDUDOXL+ULVWRVFRVPLFFDUHSULQ'XKXO6IkQWHVWHvQFHULXPSOHWRW
SPkQWXOHVWHGHID SUHWXWLQGHQLLQXHVWHPUJLQLWGHQLPLFFXPDILUPVIkQWXO9DVLOHFHO0DUHD
DYXWXQUROKRWUkWRUvQYLD DSRSRUXOXLQRVWUXLD%LVHULFLLQRDVWUH'DWRULWFUHGLQ HLF+ULVWRVQXUPkQH
vQFKLVvQWURWUDQVFHQGHQ LQDFFHVLELODDFXPVXV LQHFRVPRORJLDDXWRQRPSHQWUXFDvQORFXO
'RPQXOXLVDSDUGLYHULORF LLWRULSHSPkQWFLXPSOHFXSUH]HQ DVD%LVHULFDLXQLYHUVXOURPkQXOOD
VLP LWSH+ULVWRVDSURDSHGHHOFVXIHULVHEXFXUFXHOFHVWHFHOPDLEXQSULHWHQDOVX
6SULMLQLQGXVH FX WRDW vQFUHGHUHD SH DFHDVW SUH]HQ  LXELWRDUH D OXL +ULVWRV vQ RP L FUHD LH SULQ
%LVHULFURPkQXODUHXLWVVXSRUWHLVGHSHDVFvQFHUFULOHODFDUHDIRVWVXSXVvQWURLVWRULHQHPLORDV
SHSDUFXUVXODGRXPLOHQLL&XWRDWHFSRSRUXOQRVWUXDWULWRSHULRDGvQGHOXQJDWvQSURYLQFLLVHSDUDWH
SUH]HQ DOXL'XPQH]HXvQ%LVHULFLvQOXPHDFRQVWLWXLWFDWDOL]DWRUXOFDUHLDSHUPLVVLSVWUH]HXQLWDWHD
VSLULWXDOSkQFkQGDGHYHQLWSRVLELOFRQVWLWXLUHDXQXLVWDWXQLWDU
7RWSHDFHDVWSXWHUHDOXL'XPQH]HXVDVSULMLQLWQHDPXOQRVWUXFDVUH]LVWHvPSRWULYDYDOXULORUGH
SURSDJDQGDWHLVWGH]OQ XLWHGHXQUHJLPFDUHDYHDODGLVSR]L LHWRDWHPLMORDFHOHQHFHVDUHSHQWUX
vQGHSUWDUHDRPXOXLGH'XPQH]HX1XDIRVWSRVLELOVRUJDQL]PFUXFLDGHDQWLFRPXQLVWHFXPVDvQWkPSODW
vQDOWHSU LGDUDP LQXWELVHULFLOHGHVFKLVHSHWRWFXSULQVXOSPkQWXOXLURPkQHVFFDVSVWUPvQPLQWHDL
LQLPDURPkQXOXLSULQ6IkQWD/LWXUJKLHVLP PkQWXOSUH]HQ HLXQLYHUVDOHDOXL+ULVWRVREVWDFROGHQHWUHFXW
vQFDOHDQHFUHGLQ HL
$FHDVWVSLULWXDOLWDWHDQHDPXOXLURPkQHVFvQWHPHLDWSHFUHGLQ DSXWHUQLFvQSUH]HQ DOXL+ULVWRVvQ
%LVHULFLFUHD LHSULQ'XKXO6IkQWIDSWH[SULPDWSODVWLFGHELVHULFLOHGLQQRUGXO0ROGRYHLFXSLFWXUDORU
H[WHULRDULLQWHULRDUQXLSURGXVXOvQWkPSOWRUDOLPDJLQD LHLSRSXODUHFLHVWHvQUGFLQDWvQWHRORJLD
SDWULVWLFFDUHSULQFRQ LQXWXOVXVSLULWXDOQXDUPDVRWHRORJLHPUJLQLWODHOLWHFLDFRERUkWvQILLQ DL
YLD DSRSRUXOXLQRVWUXVWLPXOkQGXLDFWLYLWDWHDFUHDWRDUH


QWUROXPHGRPLQDWGHDQWURSRFHQWULVPGHWHQGLQ DGHDSXQHRPXOvQORFXOOXL'XPQH]HXFDUH]XOWDWDO
XQHLFRVPRORJLLDXWRQRPHLDXWRVXILFLHQWHVSLULWXDOLWDWHDURPkQHDVFFDUHVHDGDSODL]YRDUHOHFUHGLQ HL
DSRVWROLFHSVWUDWFXILGHOLWDWHGHWHRORJLDSDWULVWLFUVULWHDQRIHUYL]LXQHDXQHLFRVPRORJLLWHRQRPHvQ
FDUHRPXOFRVPRVXOL%LVHULFDVXQWVFOGDWHGHUD]HOHOXPLQLLGXPQH]HLHWLQHFUHDWHFDUHvQDO L
WUDQVILJXUHD]vQWUHDJD]LGLUH&RVPRORJLDSDWULVWLFDDFXPDSWUXQVDFHDVWDvQVXIOHWXOURPkQHVFHVWHXQ
FDSLWROIXQGDPHQWDOSHQWUXWHRORJLDRUWRGR[GHYDORDUHH[FHS LRQDOSHQWUXYLD DLPLVLXQHD%LVHULFLL
SHUPL kQGXQHVIDFHPID SUREOHPHORUORFDOHLJOREDOHFDUHFRQIUXQW%LVHULFDvQOXPHDFRQWHPSRUDQ
0DLPXOWGHFkWDWkWDFHDVWFRVPRORJLHUVULWHDQQHSHUPLWHVDQJDMPXQGLDORJURGQLFFXFXOWXUDvQJH
QHUDOLFXWLLQ DvQVSHFLDOSHQWUXPULUHDOXL'XPQH]HXLPkQWXLUHDRPXOXL






6IkQWXO9DVLOHFHO0DUH'HVSUH'XKXO6IkQWvQ36%(,%0%25S