Sie sind auf Seite 1von 588

3URIXQLYGU*+',$&21(6&8

FRRUGRQDWRU 

3URIXQLYGU'',18,& 3URIXQLYGU*+%,& 
&RQIXQLYGU0.(77<*8,8/HFWRUXQLYGUG&'89$&

'5(373(1$/
3DUWHDVSHFLDO 
&XUVXQLYHUVLWDU

































‹(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLúL&HUFHW ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLùWLLQ LILFHGLQÌQY PkQWXO6XSHULRU



'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL

'UHSW SHQDO 3DUWHD VSHFLDO   *K 'LDFRQHVFX FRRUGRQDWRU  ' 'LQXLF 
0 .HWW\*XLX *K %LF  & 'XYDF  %XFXUHúWL (GLWXUD )XQGD LHL 5RPkQLD GH
0kLQH
,6%1

,'LDFRQHVFX*K
,,'LQXLF '
,,,*XLX0.HWW\
,9%LF *K
9'XYDF&

    



5HSURGXFHUHD LQWHJUDO  VDX IUDJPHQWDU  SULQ RULFH IRUP  úL SULQ RULFH PLMORDFH
WHKQLFHHVWHVWULFWLQWHU]LV úLVHSHGHSVHúWHFRQIRUPOHJLL




5 VSXQGHUHDSHQWUXFRQ LQXWXOúLRULJLQDOLWDWHDWH[WXOXLUHYLQHH[FOXVLY
DXWRUXOXLDXWRULORU





5HGDFWRU2FWDYLDQ&+( $1
7HKQRUHGDFWRU0DUFHOD2/$58
&RSHUWD&RUQHOLD352'$1

%XQGHWLSDU&ROLWLSDU
)RUPDWî

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XOHYDUGXO7LPLúRDUDQU%XFXUHúWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR
81,9(56,7$7($63,58+$5(7
)$&8/7$7($'('5(37ù,$'0,1,675$ ,(38%/,& 



3URIXQLYGU*+',$&21(6&8
FRRUGRQDWRU 

3URIXQLYGU'',18,& 3URIXQLYGU*+%,& 
&RQIXQLYGU0.(77<*8,8/HFWRUXQLYGUG&'89$&









&XUVXQLYHUVLWDU









 




(',785$)81'$ ,(,520Æ1,$'(0Æ,1(
%XFXUHúWL







$XWRUL

3URIXQLYGU*+(25*+(',$&21(6&8FRRUGRQDWRUXOFROHFWLYXOXLGHHODERUDUH
3URIXQLYGU'2,1(/',18,& 
3URIXQLYGU*+(25*+(%,& 
&RQIXQLYGU0,2$5$.(77<*8,8
/HFWRUXQLYGUG&2167$17,1'89$&





&835,16







35(/,0,1$5,,« 
 
7,7/8/,,1)5$& ,81,&2175$6,*85$1 (,67$78/8, 
 
7U GDUHD«««««««««««««««« 
7U GDUHDSULQDMXWDUHDLQDPLFXOXL««««««««««« 
7U GDUHDSULQWUDQVPLWHUHGHVHFUHWH«««««««««« 
$F LXQLOHGXúP QRDVHFRQWUDVWDWXOXL«««««««««« 
6SLRQDMXO«««««««««««««««« 
$WHQWDWXOFDUHSXQHvQSHULFROVLJXUDQ DVWDWXOXL«««««««« 
$WHQWDWXOFRQWUDXQHLFROHFWLYLW L««««««««««« 
6XEPLQDUHDSXWHULLGHVWDW«««««««««««« 
$FWHOHGHGLYHUVLXQH««««««««««««« 
6XEPLQDUHDHFRQRPLHLQD LRQDOH««««««««««« 
3URSDJDQGDvQIDYRDUHDVWDWXOXLWRWDOLWDU«««««««««« 
$F LXQLvPSRWULYDRUGLQLLFRQVWLWX LRQDOH«««««««««« 
&RPSORWXO««««««««««««««« 
&RPSURPLWHUHDXQRULQWHUHVHGHVWDW«««««««««« 
&RPXQLFDUHDGHLQIRUPD LLIDOVH««««««««««« 
'LYXOJDUHDVHFUHWXOXLFDUHSHULFOLWHD] VLJXUDQ DVWDWXOXL««««««« 
1HGHQXQ DUHD««««««««««««««« 
,QIUDF LXQLFRQWUDUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ«««««««« 
8QHOHFDX]HGHQHSHGHSVLUHVDXGHUHGXFHUHDSHGHSVHL««««««« 
6DQF LRQDUHDWHQWDWLYHLW LQXLULLúLIDYRUL] ULL««««««««« 

7,7/8/,,,1)5$& ,81,&2175$3(562$1(, 

&DSLWROXO,,1)5$& ,81,&2175$9,( ,,,17(*5,7 ,, 
&25325$/(ù,6 1 7 ,, 

6HF LXQHD,208&,'(5($««««««« 
2PRUXO«« 
2PRUXOFDOLILFDW««««««««««««« 
2PRUXOGHRVHELWGHJUDY 
3UXQFXFLGHUHD« 
8FLGHUHDGLQFXOS « 
'HWHUPLQDUHDVDXvQOHVQLUHDVLQXFLGHULL 

6HF LXQHD,,/29,5($ù,9 7 0$5($,17(*5,7 ,, 
&25325$/(6$8$6 1 7 ,,« 
/RYLUHDVDXDOWHYLROHQ H« 
9 W PDUHDFRUSRUDO « 

9 W PDUHDFRUSRUDO JUDY  
/RYLULOHVDXY W P ULOHFDX]DWRDUHGHPRDUWH« 
9 W PDUHDFRUSRUDO GLQFXOS  

6HF LXQHD,,,$92578/ 
3URYRFDUHDLOHJDO DDYRUWXOXL 
 
&DSLWROXO,,,1)5$& ,81,&2175$/,%(57 ,,3(562$1(,« 
 
/LSVLUHDGHOLEHUWDWHvQPRGLOHJDO 
6FODYLD««« 
6XSXQHUHDODPXQF IRU DW VDXREOLJDWRULH 
9LRODUHDGHGRPLFLOLX« 
$PHQLQ DUHD« 
ùDQWDMXO«« 
9LRODUHDVHFUHWXOXLFRUHVSRQGHQ HL 
'LYXOJDUHDVHFUHWXOXLSURIHVLRQDO 

&DSLWROXO,,,,1)5$& ,81,35,9,72$5(/$9,$ $6(;8$/  
 
9LROXO««« 
$FWXOVH[XDOFXXQPLQRU 
6HGXF LD«« 
3HUYHUVLXQHDVH[XDO « 
&RUXS LDVH[XDO « 
,QFHVWXO«« 
+ U XLUHDVH[XDO  

7,7/8/,,,,1)5$& ,81,&2175$3$75,021,8/8, 
 
)XUWXO«««««««««««««««« 
)XUWXOFDOLILFDW« 
3HGHSVLUHDXQRUIXUWXULODSOkQJHUHDSUHDODELO  
7kOK ULD«« 
3LUDWHULD«« 
$EX]XOGHvQFUHGHUH«« 
*HVWLXQHDIUDXGXORDV  
ÌQúHO FLXQHD« 
'HODSLGDUHD«« 
ÌQVXúLUHDEXQXOXLJ VLW 
'LVWUXJHUHD« 
'LVWUXJHUHDFDOLILFDW « 
'LVWUXJHUHDGLQFXOS  
7XOEXUDUHDGHSRVHVLH 
7 LQXLUHD«« 

7,7/8/9,1)5$& ,81,&2175$$8725,7 ,, 
 
2IHQVDDGXV XQRUvQVHPQH 
8OWUDMXO«« 
8]XUSDUHDGHFDOLW LRILFLDOH 
3RUWXOQHOHJDOGHGHFRUD LLVDXvQVHPQHGLVWLQFWLYH««««««« 
 
6XVWUDJHUHDVDXGLVWUXJHUHDGHvQVFULVXUL««« 
5XSHUHDGHVLJLOLL«««««««««««««« 
6XVWUDJHUHDGHVXEVHFKHVWUX«««««««««««« 
 
7,7/8/9,,1)5$& ,81,&$5($'8&$7,1*(5(8125 
$&7,9,7 ,'(,17(5(638%/,&6$8$/725
$&7,9,7 ,5(*/(0(17$7('(/(*(

 
&DSLWROXO,,1)5$& ,81,'(6(59,&,86$8Ì1/(* 785  
&86(59,&,8/««««« 
 
$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU 
$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXUL 
$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH« 
$EX]XOvQVHUYLFLXvQIRUP FDOLILFDW  
1HJOLMHQ DvQVHUYLFLX 
3XUWDUHDDEX]LY  
1HJOLMHQ DvQS VWUDUHDVHFUHWXOXLGHVWDW 
&RQIOLFWXOGHLQWHUHVH« 
/XDUHDGHPLW « 
'DUHDGHPLW «« 
3ULPLUHDGHIRORDVHQHFXYHQLWH 
7UDILFXOGHLQIOXHQ « 
 
&DSLWROXO,,,1)5$& ,81,&$5(Ì03,(',& Ì1) 378,5($ 
-867, ,(,««««««« 
 
'HQXQ DUHDFDORPQLRDV  
0 UWXULDPLQFLQRDV  
ÌQFHUFDUHDGHDGHWHUPLQDP UWXULDPLQFLQRDV  
ÌPSLHGLFDUHDSDUWLFLS ULLODSURFHV 
1HGHQXQ DUHDXQRULQIUDF LXQL 
2PLVLXQHDVHVL] ULLRUJDQHORUMXGLFLDUH 
)DYRUL]DUHDLQIUDFWRUXOXL 
2PLVLXQHDGHDvQFXQRúWLQ DRUJDQHOHMXGLFLDUH 
$UHVWDUHDQHOHJDO úLFHUFHWDUHDDEX]LY  
6XSXQHUHDODUHOHWUDWDPHQWH 
7RUWXUD«« 
5HSUHVLXQHDQHGUHDSW  
(YDGDUHD«« 
ÌQOHVQLUHDHYDG ULL 
1HUHVSHFWDUHDKRW UkULORUMXGHF WRUHúWL 
5H LQHUHDVDXGLVWUXJHUHDGHvQVFULVXUL 
 
&DSLWROXO,,,,1)5$& ,81,&2175$6,*85$1 (, 
&,5&8/$ ,(,3(& ,/()(5$7( 
 
1HvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV GLQFXOS  
1HvQGHSOLQLUHDFXúWLLQ DvQGDWRULULORUGHVHUYLFLXVDXvQGHSOLQLUHDORUGHIHFWXRDV «« 
3 U VLUHDSRVWXOXLúLSUH]HQ DODVHUYLFLXvQVWDUHGHHEULHWDWH«««««« 
'LVWUXJHUHDúLVHPQDOL]DUHDIDOV ««««««««««« 
 
&DSLWROXO,9,1)5$& ,81,35,9,72$5(/$5(*,08/ 
67$%,/,73(175881(/($&7,9,7 , 
5(*/(0(17$7('(/(*( 

1HUHVSHFWDUHDUHJLPXOXLDUPHORUúLPXQL LLORU««««««««« 
1HUHVSHFWDUHDUHJLPXOXLPDWHULDOHORUQXFOHDUHVDXDDOWRUPDWHULLUDGLRDFWLYH 
1HUHVSHFWDUHDUHJLPXOXLPDWHULLORUH[SOR]LYH««««««««« 
1HUHVSHFWDUHDUHJLPXOXLGHRFURWLUHDOXQRUEXQXUL«««««««« 
([HUFLWDUHDI U GUHSWDXQHLSURIHVLL«««««««««« 
1HUHVSHFWDUHDUHJLPXOXLWUDQVSRUWXOXLUXWLHUSXEOLF«««««««««««« 
 
7,7/8/9,,,1)5$& ,81,'()$/6 
 
&DSLWROXO,)$/6,),&$5($'(021('(7,0%5( 
ù,$/7(9$/25, 
 
)DOVLILFDUHDGHPRQHGHVDXGHDOWHYDORUL«««««««««« 
)DOVLILFDUHDGHWLPEUHP UFLVDXGHELOHWHGHWUDQVSRUW««««««« 
)DOVLILFDUHDGHYDORULVWU LQH«««««««««««« 
'H LQHUHDGHLQVWUXPHQWHvQYHGHUHDIDOVLILF ULLGHYDORUL 

&DSLWROXO,,)$/6,),&$5($,167580(17(/25 
'($87(17,),&$5(6$8'(0$5&$5(««««« 
 
)DOVLILFDUHDLQVWUXPHQWHORURILFLDOH 
)RORVLUHDLQVWUXPHQWHORURILFLDOHIDOVH 
 
&DSLWROXO,,,)$/685,Ì1Ì16&5,685,«««««««««««« 
 
)DOVXOPDWHULDOvQvQVFULVXULRILFLDOH«««««««««««««««««« 
)DOVXOLQWHOHFWXDO«««««««««««««««««««««««««« 
)DOVXOvQvQVFULVXULVXEVHPQ WXU SULYDW «««««««««««««««« 
8]XOGHIDOV«««««««««««««««««««««««««««« 
)DOVXOvQGHFODUD LL««««««««««««««««««««««««« 
 
)DOVXOSULYLQGLGHQWLWDWHD«««««««««««««««««««««« 
)DOVXOSULYLQGIRORVLUHDHPEOHPHL&UXFLL5RúLL«««««««««««««« 

7,7/8/9,,,,1)5$& ,81,/$5(*,08/67$%,/,7 
3(1758$180,7($&7,9,7 ,(&2120,&( 
 
6SHFXOD«««««««««««««««« 
ÌQúHO FLXQHDODP VXU WRDUH«««««««««««« 
ÌQúHO FLXQHDFXSULYLUHODFDOLWDWHDP UIXULORU««««««««« 
'LYXOJDUHDVHFUHWXOXLHFRQRPLF««««««««««« 
&RQWUDIDFHUHDRELHFWXOXLXQHLLQYHQ LL 
3XQHUHDvQFLUFXOD LHDSURGXVHORUFRQWUDI FXWH 
&RQFXUHQ DQHORLDO  
1HUHVSHFWDUHDGLVSR]L LLORUSULYLQGRSHUD LLGHLPSRUWVDXH[SRUW 
'HWXUQDUHDGHIRQGXUL«« 
1HUHVSHFWDUHDGLVSR]L LLORUSULYLQGLPSRUWXOGHGHúHXULúLUH]LGXXUL 

 
7,7/8/,;,1)5$& ,81,&$5($'8&$7,1*(5( 
81255(/$ ,,35,9,1'&219,( 8,5($62&,$/ 

&DSLWROXO,,1)5$& ,81,&2175$)$0,/,(, 
 
%LJDPLD« 
$EDQGRQXOGHIDPLOLH 
5HOHOHWUDWDPHQWHDSOLFDWHPLQRUXOXL 
1HUHVSHFWDUHDP VXULORUSULYLQGvQFUHGLQ DUHDPLQRUXOXL 

&DSLWROXO,,,1)5$& ,81,&2175$6 1 7 ,,38%/,&(««« 
 
= G UQLFLUHDFRPEDWHULLEROLORU 
&RQWDPLQDUHDYHQHULF úLWUDQVPLWHUHDVLQGURPXOXLLPXQRGHILFLWDUGREkQGLW«« 
5 VSkQGLUHDEROLORUODDQLPDOHVDXSODQWH 
,QIHFWDUHDDSHL 
7UDILFXOGHVWXSHILDQWH 
)DOVLILFDUHDGHDOLPHQWHVDXDOWHSURGXVH 

&DSLWROXO,,,,1)5$& ,81,35,9,72$5(/$$6,67(1 $ 
&(/25Ì135,0(-',(«««««««««««««« 
 
3XQHUHDvQSULPHMGLHDXQHLSHUVRDQHvQQHSXWLQ GHDVHvQJULML 
/ VDUHDI U DMXWRU 
/ VDUHDI U DMXWRUSULQRPLVLXQHDGHvQúWLLQ DUH 
 
&DSLWROXO,9$/7(,1)5$& ,81,&$5($'8&$7,1*(5( 
81255(/$ ,,35,9,1'&219,( 8,5($62&,$/  
 
,QVWLJDUHDODGLVFULPLQDUH 
ÌPSLHGLFDUHDOLEHUW LLFXOWHORU 
3URIDQDUHDGHPRUPLQWH 
7XOEXUDUHDIRORVLQ HLORFXLQ HL 
8OWUDMXOFRQWUDEXQHORUPRUDYXULúLWXOEXUDUHDRUGLQLLúLOLQLúWLLSXEOLFH«««« 
ÌQF LHUDUHD« 
$VRFLHUHDSHQWUXV YkUúLUHDGHLQIUDF LXQL 
,QVWLJDUHDSXEOLF úLDSRORJLDLQIUDF LXQLORU« 
5 VSkQGLUHDGHPDWHULDOHREVFHQH 
&HUúHWRULD 
3URVWLWX LD 
3UR[HQHWLVPXO 
-RFXOGHQRURF 

7,7/8/;,1)5$& ,81,&2175$&$3$&,7 ,,'($3 5$5( 
$520Æ1,(, 
 
&DSLWROXO,,1)5$& ,81,6 9Æ5ù,7('(0,/,7$5,««««« 
 
6HF LXQHD,,1)5$& ,81,&2175$25',1,,ù,',6&,3/,1(,0,/,7$5( 
$EVHQ DQHMXVWLILFDW  
'H]HUWDUHD« 
& OFDUHDGHFRQVHPQ«««««««««««««««««««««««« 
 
,QVXERUGRQDUHD« 
/RYLUHDVXSHULRUXOXL 
/RYLUHDLQIHULRUXOXL 
 
6HF LXQHD,,,1)5$& ,81,3(&Æ038/'(/837 «««««««««« 
&DSLWXODUHD« 
3 U VLUHDFkPSXOXLGHOXSW  
 
6HF LXQHD,,,,1)5$& ,81,63(&,),&($9,$ ,(,ù,0$5,1(,0,/,7$5( 
 
=ERUXOQHDXWRUL]DW 
3 U VLUHDQDYHL 
3 U VLUHDFRPHQ]LL«««««««««««««« 
1HOXDUHDP VXULORUQHFHVDUHvQRSHUD LLOHQDYDOH 
&RERUkUHDSDYLOLRQXOXL 
&ROL]LXQHD 
 
&DSLWROXO,,,1)5$& ,81,6 9Æ5ù,7('(0,/,7$5,6$8'(&,9,/, 
 
6XVWUDJHUHDGHODVHUYLFLXOPLOLWDU 
'HIHWLVPXO 
-HIXLUHDFHORUF ]X LSHFkPSXOGHOXSW  
)RORVLUHDHPEOHPHLÄ&UXFLL5RúLL´vQWLPSXORSHUD LLORUPLOLWDUH« 
6XVWUDJHUHDGHODUHFKL]L LLPLOLWDUH 
 
&DSLWROXO,,,,1)5$& ,81,6 9Æ5ù,7('(&,9,/, 
 
6XVWUDJHUHDGHODUHFUXWDUH 
1HSUH]HQWDUHDODvQFRUSRUDUHVDXFRQFHQWUDUH 

7,7/8/;,,,1)5$& ,81,&2175$3 &,,ù,20(1,5,, 
 
3URSDJDQGDSHQWUXU ]ERL 
*HQRFLGXO« 
7UDWDPHQWHQHRPHQRDVH 
'LVWUXJHUHDXQRURELHFWLYHúLvQVXúLUHDXQRUEXQXUL 
'LVWUXJHUHDMHIXLUHDVDXvQVXúLUHDXQRUYDORULFXOWXUDOH 
7HVWHJULO  $XWRHYDOXDUH «««««««««««««««««««««« 














 

$%5(9,(5,










5, 9DVLOH 3DSDGRSRO 0LKDL 3RSRYLFL 5HSHUWRULX DOIDEHWLF GH SUDFWLF 
MXGLFLDU  vQ PDWHULH SHQDO  SH DQLL  %XFXUHúWL (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF 
5,, 9DVLOH 3DSDGRSRO 0LKDL 3RSRYLFL 5HSHUWRULX DOIDEHWLF GH SUDFWLF 
MXGLFLDU  vQ PDWHULH SHQDO  SH DQLL  %XFXUHúWL (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF 
5,,, 9DVLOH 3DSDGRSRO ùWHIDQ 'DQHú 5HSHUWRULX DOIDEHWLF GH SUDFWLF 
MXGLFLDU  vQ PDWHULH SHQDO  SH DQLL  %XFXUHúWL (GLWXUD
ùWLLQ LILF úL(QFLFORSHGLF 
DOLQ $OLQHDW
DUW $UWLFRO
&RO &ROHJLX
&& &XUWHD&RQVWLWX LRQDO 
&SHQ &RGXOSHQDO
&SURFSHQ &RGXOGHSURFHGXU SHQDO 
G 'HFL]LH
Gv 'HFL]LHGHvQGUXPDUH
&' &XOHJHUHGHGHFL]LLDOH7ULEXQDOXOXL6XSUHP
&6- &XUWHD6XSUHP GH-XVWL LH
%-&6- %XOHWLQXOMXULVSUXGHQ HL±&XUWHD6XSUHP 
GH-XVWL LH
'&6- 'HFL]LLOH&XU LL6XSUHPHGH-XVWL LH
'(; 'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQH
'' 'LF LRQDUXOGLSORPDWLF
vQFK ÌQFKHLHUHD
-&6- -XULVSUXGHQ D&XU LL6XSUHPHGH-XVWL LH
%& %XOHWLQXO&DVD LHL
3-3 3UDFWLFDMXGLFLDU SHQDO 
&3-3 &XOHJHUHGHSUDFWLF MXGLFLDU SHQDO 
&3-3 &XOHJHUHGHSUDFWLF MXGLFLDU SHQDO ±&XUWHD
&$% GH$SHO%XFXUHúWL
&'+&& &XOHJHUHGHGHFL]LLúLKRW UkULDOH
&XU LL&RQVWLWX LRQDOH
55' Ä5HYLVWDURPkQ GHGUHSW´
'U 5HYLVWDÄ'UHSWXO´
5'3 Ä5HYLVWDGHGUHSWSHQDO´
-1 Ä-XVWL LD1RX ´
-XG -XGHF WRULD
 
3/ 3UROHJH
SRS 3RSXODU
02I Ä0RQLWRUXO2ILFLDO´
Ì&&- ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH
VS 6HF LHSHQDO 
VHQWSHQ 6HQWLQ SHQDO 
7M 7ULEXQDOXO-XGH HDQ
7UHJ 7ULEXQDOXOUHJLRQDO
7% 7ULEXQDOXO%XFXUHúWL
70% 7ULEXQDOXO0XQLFLSLXOXL%XFXUHúWL
76 7ULEXQDOXO6XSUHP








































 

35(/,0,1$5,,








'HVWLQDWDUL±VWXGHQ LLDQXOXL,,±FXUVXULGH]LúLvQY PkQWODGLVWDQ 
VWXGHQ LLDQXOXL,,,±FXUVXULFXIUHFYHQ UHGXV 
'XUDWD±GRX VHPHVWUH
2ELHFW±VWXGLXOQRUPHORUSHQDOHVSHFLDOH
5HFRPDQG UL

'HVFLIUDUHDúLvQ HOHJHUHDQRUPHLFXSULQVHvQWH[WHOHLQFULPLQDWRDUHVXQWGH
QHFRQFHSXW I U  VW SkQLUHD WHPHLQLF  D FXQRúWLQ HORU GHVSUH IDFWRULL FRQ LQXWXO
FRQVWLWXWLYúLIRUPHOHLQIUDF LXQLLFXQRúWLQ HSUHGDWHODGLVFLSOLQDGUHSWXOXLSHQDO
SDUWHD JHQHUDO  vQ FRQVHFLQ  VH LPSXQH SULRULWDU UHFDSLWXODUHD XUP WRDUHORU
PRGXOH GRFWULQDUH FRQGL LL SUHH[LVWHQWH FRQ LQXWXO FRQVWLWXWLY DO LQIUDF LXQLL
ODWXUDRELHFWLY ODWXUDVXELHFWLY IRUPHOHúLVDQF LXQLOHGHGUHSWSHQDO


   
   JHQHULF
RELHFWXOMXULGLF
D2ELHFWXORFURWLULLSHQDOH 
VSHFLDO
 
RELHFWXOPDWHULDO
   
   
   
  DFWLY 
   
E6XELHF LLLQIUDF LXQLL SDUWLFLSD LDSHQDO 
   
  SDVLY 
   
   
  HOHPHQWXOPDWHULDO
   
F/DWXUDRELHFWLY  XUPDUHDLPHGLDW 
   
  UDSRUWXOGHFDX]DOLWDWH
   


 
   GLUHFW 
   
   LQGLUHFW 
  ,QWHQ LD 
 )RUPHOH  FXSUHYHGHUH
 YLQRY LHL  
G/DWXUD   I U SUHYHGHUH
VXELHFWLY  0RELOXO &XOSD 
   
  3UDHWHULQWHQ LD 
 6FRSXO  
   
   
  DFWHOHSUHSDUDWRULL
   SURSULH
H)RUPHOHLQIUDF LXQLL WHQWDWLYD LPSURSULH
   SHUIHFW 
  &RQVXPDUHD LPSHUIHFW 
   DEVXUG 
  (SXL]DUHD 

 ÌQ HOHJHUHD VFKHPHL GH LQFULPLQDUH D XQHL IDSWH VRFLDOPHQWH SHULFXORDVH
SUHFXP úL GH DQDOL]  úL LQWHUSUHWDUH D QRUPHL SHQDOH HVWH LQFRPSDUDELO PDL
OHVQLFLRDV  úL SURILWDELO  GHFkW PHPRUL]DUHD PHFDQLF  D SUHOHJHULORU RUDOH VDX
VFULVH $úDGDU HVWH XWLO úL LPSRUWDQW D VH GHSULQGH PHFDQLVPXO GH S WUXQGHUH vQ
LQWLPLWDWHDQRUPHLSHQDOHúLGHLGHQWLILFDUHDFRPSRQHQWHORULQIUDF LXQLLH[DPLQDWH
vQ FXUVXULOH FRQVXOWDWH XUPkQG D VH F XWD úL UH LQH GRDU SDUWLFXODULW LOH FH
FDUDFWHUL]HD] RLQIUDF LXQHVDXDOWD
 $FFHVXO OD ILORQXO GRFWULQDU úL DVLPLODUHD DFHVWXLD VXQW FRQVLGHUDELO
IDFLOLWDWHGHOHFWXUDUHDMXULVSUXGHQ HLvQPDWHULDLQIUDF LXQLLVWXGLDWH±vQSDUDOHOFX
OLWHUDWXUD GH VSHFLDOLWDWH ± VSH HOH ILLQG SXEOLFDWH vQ UHSHUWRULLFXOHJHULEXOHWLQH
LQIRUPDWLYHGHSUDFWLF MXGLFLDU LQGLFDWHvQELEOLRJUDILDGLQILQDOXOFXUVXOXL
 $VLVWDUHD OD FkW PDL PXOWH úHGLQ H GH MXGHFDW  RIHU  YLLWRUXOXL MXULVW
SUDFWLFLDQ SRVLELOLWDWHD GH D LQWUD vQ DWPRVIHUD GH OXFUX VSHFLILF  SUHWRULXOXL
MXGHF WRUHVF GH D VH IDPLOLDUL]D FX SURFHGXULOH SUDFWLFDWH úL FX PRGXO vQ FDUH
LQWHUYLQ úL VXV LQ SXQFWHOH GH YHGHUH ± XQHRUL GLYHUJHQWH ± VXELHF LL RILFLDOL úL
SDUWLFLSDQ LLODSURFHV

4XLGSURGHVW
3HWHUPHQVFXUWGLVFLSOLQDHVWHSURJUDPDW FXH[DPHQGHDQúLQRPLQDOL]DW 
FDXQDGLQWUHPDWHULLOHODFDUHVHVXV LQHH[DPHQXOGHOLFHQ 
3HWHUPHQPHGLXúLOXQJGLVFLSOLQDHVWHDEVROXWLPSOLFDW úLLQGLVSHQVDELO vQ
SUDFWLFDUHD PDMRULW LL SURIHVLXQLORU MXULGLFH PDJLVWUDWXU  SDUFKHW úL LQVWDQ H
MXGHF WRUHúWL  DYRFDWXU  FHUFHWDUH úWLLQ LILF  úL vQY PkQW VXSHULRU FHUFHW UL
SHQDOHúLLQYHVWLJD LLVSHFLDOH SROL LHMDQGDUPHULHVHUYLFLLGHLQIRUPD LLLQWHUQHúL
H[WHUQH 

 
3URFHVHOH SHQDOH GHúL PDL SX LQ QXPHURDVH GHFkW FHOH FLYLOH RFXS  XQ ORF
vQVHPQDWvQWDEORXOSUHVWD LLORUMXGLFLDUHLDUKRW UkULOHSURQXQ DWHGHPDJLVWUD LvQ
DVWIHO GH FDX]H GHFODQúHD]  UHYHUEHUD LL VHYHUH DGHVHD LUHYHUVLELOH DVXSUD
LQGLYLGXOXLLQWHU]LVVDXOLPLWDWvQDSDUWLFLSDODYLD DVRFLDO vQODWXULOHHVHQ LDOHDOH
DFHVWHLDVSLULWXDO IDPLOLDO PDWHULDO SROLWLF SURIHVLRQDO HWF
ÌQVXúLUHD WHPHLQLF  úL DSURIXQGDW  D WHRULHL úL SUDFWLFLL MXGLFLDUH vQ PDWHULH
SHQDO  UHSUH]LQW  ± DO WXUL úL vQ LQGLVSHQVDELO  FRQH[LXQH FX LQWHOLJHQ D
VHULR]LWDWHDVSLULWXOMXVWL LDURQHVWLWDWHDúLSDVLXQHDSUDFWLFLDQXOXL±RSUHPLV VLQH
TXD QRQ úL GH SULP  P ULPH vQ H[HUFLWDUHD QRELOHORU SURIHVLXQL PHQLWH D RFURWL
HILFLHQW LQWHUHVHOH VRFLHW LL úL DOH VWDWXOXL LQWHUHVHOH GUHSWXULOH úL OLEHUW LOH
IXQGDPHQWDOHDOHFHW HDQXOXLvPSRWULYDIDSWHORULOLFLWSHQDOH7RWRGDW UHVXUVHOHúL
YDOHQ HOH LQGLYLGXDOH DPLQWLWH VH FRQVWLWXLH vQWUXQ DQWLGRW UHGXWDELO DO HURULORU
MXGLFLDUH DFHVWH UDWHXUL LPSDUGRQDELOH vQ LQVWUXPHQWDUHD XQRU FDX]H FDUH VXQW GH
QDWXU DGHWXUQDGUDPDWLFúLQHGUHSWGHVWLQXOXQRURDPHQLLQRFHQ L

6WUXFWXUDFXUVXOXL
1RUPHOHSHQDOHVSHFLDOH±FDUHIRUPHD] RELHFWXOGHVWXGLX±vúLDXVHGLXOSH
GH R SDUWH vQ &RGXO 3HQDO SH GH DOW  SDUWH vQ QXPHURDVH OHJL VSHFLDOH úL
H[WUDSHQDOH
/HJLXLWRUXO D VLVWHPDWL]DW QRUPHOH vQ SDUWHD VSHFLDO  D &RGXOXL SHQDO
IRORVLQGFULWHULXORELHFWXOXLMXULGLFJHQHULFvQDOWHFXYLQWHFULWHULXOYDORULLVRFLDOH
RFURWLWH GH DFHVWH QRUPH ± OH]DWH VDX SXVH vQ SHULFRO SULQ V YkUúLUHD IDSWHORU
LQFULPLQDWH
ÌQ UDSRUW FX DFHDVW  JkQGLUH DX IRVW DOF WXLWH JUXSXUL PDUL GH LQIUDF LXQL ±
LQGLYLGXDOL]DWH SULQ GHQXPLUHD ÄWLWOXUL ± JUXSXUL RUJDQL]DWH vQ FRQWLQXDUH GXS 
FD]vQVXEGLYL]LXQL±ÄFDSLWROHúLÄVHF LXQL
6XFFHVLXQHD LQFULPLQ ULORU D IRVW RUGRQDW  SH FULWHULXO LPSRUWDQ HL UHOD LLORU
VRFLDOHFDUHIDFRELHFWXORFURWLULLSHQDOHUHVSHFWLYSHRVFDU GHVFUHVF WRDUHGHOD
FHO PDL LPSRUWDQW VSUH PDL SX LQ LPSRUWDQW GH OD FHO PDL JUDY VSUH R JUDYLWDWH
UHGXV 
1RUPHOH SHQDOH FXSULQVH vQ OHJL VSHFLDOH úL OHJL H[WUDSHQDOH DX IRVW
VLVWHPDWL]DWH vQ OLWHUDWXUD GH VSHFLDOLWDWH OD UkQGXO ORU WRW SH FULWHULXO RELHFWXOXL
MXULGLFJHQHULFvQFDSLWROHGXS FXPXUPHD] 
 ,QIUDF LXQL FRQWUD XQRU GUHSWXUL úL OLEHUW L IXQGDPHQWDOH DOH
FHW HDQXOXL
 ,QIUDF LXQLFRQWUDGUHSWXOXLGHSURSULHWDWHLQWHOHFWXDO 
 ,QIUDF LXQLFRQWUDSDWULPRQLXOXL
 ,QIUDF LXQLFRQWUDVLJXUDQ HLFLUFXOD LHLDHURQDYDOHúLUXWLHUH
 ,QIUDF LXQLFRQWUDDXWRULW LL
 ,QIUDF LXQLFRQWUDXQRUDFWLYLW LRULLQWHUHVHHFRQRPLFHVDXILQDQFLDUH
 ,QIUDF LXQLFRQWUDV Q W LLSXEOLFHúLPHGLXOXL
 ,QIUDF LXQLFDUHDGXFDWLQJHUHXQRUDFWLYLW LGHLQWHUHVSXEOLFVDXDOWRU
DFWLYLW LUHJOHPHQWDWHGHOHJH

 





 


7,7/8/,

,1)5$& ,81,&2175$6,*85$1 (,67$78/8,


75 '$5($


2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLGHWU GDUHvOFRQVWLWXLHUHOD LLOHVRFLDOH
UHIHULWRDUHODYDORULOHIXQGDPHQWDOHFDUHFRQGL LRQHD] H[LVWHQ DVWDWXOXL±XQLWDWHD
úL LQGLYL]LELOLWDWHD VXYHUDQLWDWHD úL LQGHSHQGHQ D VWDWXOXL 3HQWUX UHDOL]DUHD
LQIUDF LXQLLHVWHGHFLQHFHVDUFDDF LXQHDV SXQ vQSHULFRORULV YDW PHXQDGLQWUH
DFHVWHYDORULIXQGDPHQWDOHVDXJOREDOLWDWHDDFHVWRUD
8QLWDWHD VWDWXOXL 6WDWXO URPkQ HVWH XQ VWDW XQLWDU $FHVW DWULEXW HVHQ LDO DO
VWDWXOXLSUHVXSXQHQHFHVDUPHQWHH[LVWHQ D
 XQHLVLQJXUHIRUPD LXQLVWDWDOH
 XQXLDQVDPEOXXQLFGHLQVWLWX LLFXSXWHUHGHGHFL]LHSROLWLF úLMXULGLF 
DGLF H[LVW RVLQJXU DXWRULWDWHOHJLXLWRDUHRVLQJXU DXWRULWDWHH[HFXWLY ±FKLDU
GDF HVWHELFHIDO FRQGXFHUHDDFHVWHLD±úLRVLQJXU DXWRULWDWHMXGHF WRUHDVF 
 XQHLVLQJXUHFHW HQLL
 XQXL WHULWRULX DVXSUD F UXLD VWDWXO vúL H[HUFLW  SXWHUHD I U  GH YUHR
OLPLWDUH
 XQXLVLQJXUGUHSWSXEOLFúLSULYDWDUWLFXODWvQVLVWHPXOGHH[LJHQ HDOXQHL
VLQJXUHOHJLIXQGDPHQWDOH±&RQVWLWX LD5RPkQLHL
,QGLYL]LELOLWDWHDVWDWXOXL$FHDVW GLPHQVLXQHDVWDWXOXLHYRF IDSWXOF DFHVWD
QXSRDWHILVHJPHQWDWQXSRDWHIDFHRELHFWXOXQHLGLYL] UL±WRWDOHVDXSDU LDOH±
FXPvQGHREúWHVHSRDWHvQWkPSODFXDOWHSHUVRDQHPRUDOH
6XYHUDQLWDWHDVWDWXOXL6XYHUDQLWDWHDUHSUH]LQW DFHDFDOLWDWHDSXWHULLGHVWDW
vQ WHPHLXO F UHLD DFHDVW  SXWHUH DUH YRFD LD GH D GHFLGH I U  QLFL R LPL[WLXQH vQ
WRDWH WUHEXULOH LQWHUQH úL H[WHUQH FX UHVSHFWDUHD VXYHUDQLW LL FHORUODOWH VWDWH
SUHFXP úL D SULQFLSLLORU úL FHORUODOWH QRUPH JHQHUDOH DGPLVH DOH GUHSWXOXL
LQWHUQD LRQDO 5H]XOW  F  VXYHUDQLWDWHD LPSOLF  FRQMXJDUHD D GRX  FRPSRQHQWH
HVHQ LDOH ± VXSUHPD LD SXWHULL GH VWDW úL LQGHSHQGHQ D DFHVWHL SXWHUL DOWIHO VSXV
VXYHUDQLWDWHDHVWHÄLQWHUQ ´úLÄH[WHUQ ´
,QGHSHQGHQ DVWDWXOXL$WULEXWXOGHLQGHSHQGHQ DVWDWXOXLHVWHDúDFXPVH
GHVSULQGHGLQH[SOLFD LLOHDQWHULRDUHVXEVXPDWDWULEXWXOXLGHVXYHUDQLWDWHDVWDWXOXL
6LQWDJPD ÄVXYHUDQ úL LQGHSHQGHQW´ DSDUH GHFL VXE UDSRUW MXULGLF úL OLQJYLVWLF
SOHRQDVWLF &XWRDWHDFHVWHDSHQWUXDSRWHQ DFODUDFHDVW YDOHQ DVXYHUDQLW LL
GRFWULQHOH GH VSHFLDOLWDWH SUHFXP úL $GXQDUHD &RQVWLWXDQW  D 5RPkQLHL DX
VDFULILFDW LQWHUHVXO IRUPDO vQ IDYRDUHD LQWHUHVXOXL SROLWLF FRQVLGHUkQG úL GHILQLQG
LQGHSHQGHQ DVWDWXOXLFDDFHOGUHSWH[FOXVLYDODFHVWXLDGHDOXDKRW UkULúLVROX LRQD
SUREOHPHOHVDOHLQWHUQHúLH[WHUQHI U QLFLXQDPHVWHFGLQSDUWHDDOWRUVWDWH


,RQ'HOHDQX'UHSWFRQVWLWX LRQDOúLLQVWLWX LLSROLWLFH±WUDWDW(GLWXUD(XURSD1RYD%XFXUHúWLS

,ELGS

,ELGS

,ELGS
 
,QIUDF LXQHD GH WU GDUH HVWH OLSVLW  GH RELHFW PDWHULDO GHRDUHFH DF LXQHD VH
vQGUHDSW  vPSRWULYD XQXL IHQRPHQ VRFLDO D XQHL HQWLW L VRFLDOH LPDWHULDOH
DEVWUDFWHVSLULWXDOH úLQXDXQHLUHOD LLVRFLDOHPDWHULDOH FRQFUHWH 

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRUXO LQIUDF LXQLLGHWU GDUHHVWHFDOLILFDWGHWH[W
úLDQXPHD FHW HDQXOURPkQE SHUVRDQ I U FHW HQLHGRPLFLOLDW vQ5RPkQLD
ÌQ DEVHQ D XQHL GLQWUH DFHVWH FDOLW L DOH VXELHFWXOXL DFWLY IDSWHOH vQGUHSWDWH
vPSRWULYDDWULEXWHORUHVHQ LDOHDOHVWDWXOXLYRUSULPLRDOW vQFDGUDUHMXULGLF 
3LHUGHUHD GH F WUH DXWRU D FDOLW LL FHUXWH GH WH[W GXS  FRPLWHUHD IDSWHL
LQFULPLQDWH vQ DUW  & SHQ QX SUH]LQW  UHOHYDQ  SHQWUX H[LVWHQ D LQIUDF LXQLL
GXS FXPGREkQGLUHDFDOLW LLXOWHULRUFRPLWHULLIDSWHLQXDWUDJHU VSXQGHUHDSHQDO 
SHQWUXLQIUDF LXQHDGHWU GDUH
ÌQ FH SULYHúWH FDOLWDWHD GH FHW HDQ URPkQ DFHDVWD VH VWDELOHúWH vQ
FRQIRUPLWDWH FX SUHYHGHULOH /HJLL QU  SULYLQG FHW HQLD URPkQ 
UHSXEOLFDW  LDU FHD GH SHUVRDQ  I U  FHW HQLH HVWH FRQILJXUDW  SULQ GLVSR]L LLOH
28*QUSULYLQGUHJLPXOVWU LQLORUvQ5RPkQLDUHSXEOLFDW 
6XELHFW DFWLY DO LQIUDF LXQLL DQDOL]DWH SRDWH IL úL SHUVRDQD MXULGLF  vQ
FRQGL LLOHúLFXOLPLW ULOHSUHY ]XWHvQDUW&SHQ
,QIUDF LXQHD GH WU GDUH SRDWH IL V YkUúLW  GH XQD VDX PDL PXOWH SHUVRDQH vQ
RULFDUHIRUP GHSDUWLFLSD LH±DXWRUDW FRDXWRUDW LQVWLJDUHFRPSOLFLWDWH&DOLW LOH
SUHFL]DWH GH WH[W VXQW FHUXWH GRDU SHQWUX DXWRUXO FRDXWRULL  LQIUDF LXQLL SHQWUX
FHLODO LSDUWLFLSDQ LILLQGLQGLIHUHQWGDF vQGHSOLQHVFVDXQXDFHOHFHULQ H
6XELHFWXOSDVLY±VWDWXOURPkQDVXSUDF UXLDHVWHvQGUHSWDW DF LXQHDLOLFLW 

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH WU GDUH HVWH DF LXQHD GH D LQWUD vQ
OHJ WXU  FX R SXWHUH VDX FX R RUJDQL]D LH VWU LQ  RUL FX XQ DJHQW DO DFHVWRUD
9HUEXP UHJHQV HVWH GHFL ÄLQWUDUHD vQ OHJ WXU ´ DGLF  LQWUDUHD vQ FRQWDFW FX
FHW HDQXOVWU LQVDXSHUVRDQDI U FHW HQLHGRPLFLOLDW vQVWU LQ WDWHFDUHDSDU LQH
XQHLSXWHULRULRUJDQL]D LLVWU LQH6XQWOLSVLWHGHUHOHYDQ MXULGLF PLMORDFHOHSULQ
FDUH VH UHDOL]HD]  DFHDVWD ± RUDO VFULV DOWH F L GH FRPXQLFDUH ± PRGDOLWDWHD
vQI SWXLULLFRQWDFWXOXL±GLUHFW SHUVRQDO RULPHGLDWGHDOWHSHUVRDQH±VDXSDUWHD
F UHLDLDDSDU LQXWLQL LDWLYDFRQWDFW ULLFHOHLODOWHS U L
&RQFHSWXO SXWHUH vQ DFFHS LXQHD GUHSWXOXL LQWHUQD LRQDO HVWH VLQRQLP FHOXL
GHÄVWDW´VDXÄ DU ´
3ULQRUJDQL]D LHVHvQ HOHJHRDVRFLD LH JUXSDUH GHRDPHQLFXFRQFHS LLVDX
SUHRFXS ULFRPXQHXQL LFRQIRUPXQXLUHJXODPHQWVDXVWDWXWvQYHGHUHDGHSXQHULL
XQHL DFWLYLW L RUJDQL]DWH 2 DVHPHQHD RUJDQL]D LH SRDWH vPEU FD IRUPD XQHL
DVRFLD LLPLúF ULVRFLHW LXQLXQLIXQGD LLHWFFXFRQGL LDvQV FDRUJDQL]D LDV 
ILH VWU LQ  ÌQ DFFHS LXQHD WH[WXOXL DUW  GLQ & SHQ QX LQWHUHVHD]  GDF 
RUJDQL]D LDVWU LQ HVWHSXEOLF VDXSULYDW VWDWDO RULVXSUDVWDWDO 
$JHQWDOXQHLSXWHULVDXRUJDQL]D LLVWU LQH3ULQDFHVWFRQFHSWWUHEXLHvQ HOHV
UHSUH]HQWDQWXO XQHL LQVWLWX LL VDX DO XQHL RUJDQL]D LL VWU LQH DO XQXL VWDW VWU LQ


02IQUGLQ

02IQUGLQ

02IQUGLQ

*U*HDP QX'UHSWLQWHUQD LRQDOFRQWHPSRUDQ(GLWXUD'LGDFWLF úL3HGDJRJLF %XFXUHúWLS

'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQH(GLWXUD$FDGHPLHL%XFXUHúWLS
 
LQGLIHUHQW GH FDOLWDWHD VD DJHQW GLSORPDWLF FRQVXODU VDX FRPHUFLDO vPSXWHUQLFLW
VSHFLDOvPSXWHUQLFLWRULUHSUH]HQWDQW 
6XSULPDUH DDWULEXWHORUHVHQ LDOHDOHVWDWXOXL (VWHRDF LXQHGHvQO WXUDUHGH
DIDFHV GLVSDU GHQLPLFLUHGHvQFHWDUHDH[LVWHQ HLDFHVWRUDWULEXWHDXQXLDRULD
WXWXURUvQWRWDOVDXvQSDUWH
ùWLUELUH DDWULEXWHORUHVHQ LDOHDOHVWDWXOXL $F LXQHSULQFDUHVHGLPLQXHD] 
VHSUHMXGLFLD] VHvQFRUVHWHD] H[LVWHQ DDFHVWRUDWULEXWHDXQXLDVDXDWXWXURU
$F LXQLGHSURYRFDUHDU ]ERLXOXL$VHPHQHDDF LXQLVXQWGLVSXVHSHRSDOHW 
IDFWXDO H[WUHPGHvQWLQV úLHOHDX±RULVXQWFRQFHSXWHDDYHD±DSWLWXGLQHDGHD
GHFODQúDIRUPDOúLSULQPLMORDFHSHUILGHXQU ]ERLGHDSUHFRQVWLWXLXQFDVXVEHOOL
$F LXQL GH vQOHVQLUH D RFXSD LHL PLOLWDUH VWU LQH ÌQ DFHDVW  VLQWDJP  VXQW
FXSULQVH RULFH DF LXQL SULQ FDUH VH WLQGH OD DMXWDUHD LQDPLFXOXL SHQWUX D RFXSD vQ
vQWUHJLPHVDXvQSDUWHWHULWRULXO ULLRULSHQWUXDMXVWLILFDQHFHVLWDWHDRFXSD LHL
$F LXQL GH VXEPLQDUH HFRQRPLF  SROLWLF  VDX D FDSDFLW LL GH DS UDUH D
VWDWXOXL $WDUL DF LXQL FXQRVFXWH vQ GRFWULQHOH PRGHUQH PLOLWDUH úL MXULGLFH VXE
GHQXPLUHDGHDF LXQLGHÄVXEYHUVLXQH´FRQVWDXvQDFWLYLW LGHVI úXUDWHvQVFRSXO
GH]RUJDQL] ULL HFRQRPLHL QD LRQDOH D IRU HORU DUPDWH RUL D FHORU GH RUGLQH DO
GLVFUHGLW ULLDXWRULW LORUSXEOLFHDOGHIRUP ULLLPDJLQLL ULLvQH[WHULRU
$F LXQLGHDVHUYLUHID GHRRUJDQL]D LHVWU LQ VDXSXWHUHVWU LQ (OHVXQW
vQGUHSWDWHGLUHFWvPSRWULYDVXYHUDQLW LLúLLQGHSHQGHQ HLVWDWXOXLDYkQGPHQLUHDGH
DVXERUGRQDSROLWLFDLQWHUQ VDXúLH[WHUQ DVWDWXOXLRULHFRQRPLDQD LRQDO XQXLDOW
VWDWVDXSXWHULVWU LQH
$F LXQL GH vQWUDMXWRUDUH D XQHL RUJDQL]D LL RUL D XQHL SXWHUL VWU LQH SHQWUX
GHVI úXUDUHD XQHL DFWLYLW L LQDPLFH vPSRWULYD VLJXUDQ HL VWDWXOXL &DWHJRULD
DFHVWRU DF LXQL HVWH PXOW PDL ODUJ  úL PDL SX LQ GHOLPLWDW  HD LQFOX]kQG RULFH
DF LXQH vQWUHSULQV  GH DXWRUXO LQIUDF LXQLL SHQWUX VSULMLQLUHD VXE RULFH IRUP  D
DFHORUDFWLYLW LSXVHvQOXFUXGHRSXWHUHVWU LQ VSUHDDIHFWDvQWUXQIHOVDXDOWXO
VLJXUDQ DVWDWXOXL
8UPDUHDLPHGLDW DDF LXQLLGHLQWUDUHvQOHJ WXU FXRSXWHUHVDXRUJDQL]D LH
VWU LQ RULFXDJHQ LLDFHVWRUDFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXYDORULOH
RFURWLWHGHOHJHSULQLQFULPLQDUHDIDSWHL$úDGDUQXPDLIDSWXOvQVLQHGHFRQWDFWDUH
D FHORU GRL VXELHF L vQ VFRSXO OD FDUH VH UHIHU  OHJHD HVWH vQGHVWXO WRU SHQWUX
SURYRFDUHDSHULFROXOXLODDGUHVDVLJXUDQ HLVWDWXOXLWH[WXOQHPDLSUHWLQ]kQGSHQWUX
UHDOL]DUHD LQIUDF LXQLL úL SURGXFHUHD UH]XOWDWXOXL vQ YHGHUHD F UXLD VD LQL LDW
OHJ WXUDSURKLELW 
/HJ WXUDGHFDX]DOLWDWH$SDUL LDVW ULLGHSHULFROSHQWUXYDORULOHSURWHMDWHGHOHJH
WUHEXLHV ILHXUPDUHDDF LXQLLvQWUHSULQVHGHI SWXLWRUÌQFD]XOLQIUDF LXQLLGHWU GDUH
UHOD LDGHFDX]DOLWDWHUH]XOW GLQvQVHúLGLVSR]L LLOHDUWGLQ&SHQ±H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHWU GDUHVHV YkUúHúWHH[FOXVLYFXLQWHQ LH
úLDQXPHFXLQWHQ LHGLUHFW GHRDUHFHDXWRUXOSUHYHGHXUP UHúWHúLGRUHúWHFUHDUHD
XQHL VW UL QHFHVDUH vQ YHGHUHD UHDOL] ULL XQXL VFRS GHWHUPLQDW ,DU DFHVW VFRS
GHOLPLWDW SULQ OHJH HVWH VXSULPDUHD VDX úWLUELUHD XQLW LL LQGLYL]LELOLW LL
VXYHUDQLW LLVDXLQGHSHQGHQ HLVWDWXOXL3ULQXUPDUHSHQWUXUHDOL]DUHDLQIUDF LXQLL


,ELGS

,ELGS

,ELGS

9%UHEDQ'LF LRQDUDOOLPELLURPkQHFRQWHPSRUDQH(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWL
 
VHFHUHSHGHRSDUWHFDI SWXLWRUXOV UHDOL]H]HF SULQDF LXQHDVDHVWHY W PDW 
VDXHVWHSXV vQSHULFROXQDGLQWUHYDORULOHVRFLDOHRFURWLWHGHOHJHLDUSHGHDOW 
SDUWHV XUP UHDVF VFRSXOGHDVXSULPDVDXúWLUELDFHVWHYDORUL
6FRSXOXUP ULWGHI SWXLWRUSULQLQWUDUHDVDvQOHJ WXU FXDJHQWXOVWU LQVH
UHDOL]HD] SULQDFHOHDF LXQLDQXPHSUHY ]XWHvQWH[WXOGHOHJHUHVSHFWLYSURYRFDUH
GHU ]ERLFRQWUD ULLvQOHVQLUHDRFXSD LHLPLOLWDUHVWU LQHVXEPLQDUHHFRQRPLF 
SROLWLF VDXDFDSDFLW LLGHDS UDUHDVWDWXOXLDVHUYLUHID GHRRUJDQL]D LHVWU LQ 
VDX SXWHUH VWU LQ  vQWUDMXWRUDUH D XQHL RUJDQL]D LL RUL D XQHL SXWHUL VWU LQH SHQWUX
GHVI úXUDUHDXQHLDFWLYLW LGXúP QRDVHvPSRWULYDVLJXUDQ HLVWDWXOXL
7H[WXO DUW  & SHQ QX FRQ LQH QLFL R UHIHULUH OD PRELOXO LQIUDF LXQLL
(YLGHQWvQV PRELOXOFDUHDDQLPDWI SWXLWRUXOODV YkUúLUHDLQIUDF LXQLLYDFRQVWLWXL
XQHOHPHQWXWLOPDJLVWUDWXOXLODLQGLYLGXDOL]DUHDSHGHSVHL

)RUPH6DQF LXQL
)RUPH $FWHOH SUHSDUDWRULL GHúL SRVLELOH QX VXQW LQFULPLQDWH úL LPSOLFLW
SHGHSVLWH
7HQWDWLYDÌQFHUFDUHDGHDUHDOL]DKRW UkUHDGHLQWUDUHvQOHJ WXU FXXQDJHQW
VWU LQ vQ VFRSXO SUHY ]XW GH OHJH FRQVWLWXLH WHQWDWLY  úL VH SHGHSVHúWH FRQIRUP
SUHYHGHULORUDUWDOLQ  GLQ&SHQ
&RQVXPDUHD,QIUDF LXQHDGHWU GDUH±FDLQIUDF LXQHLQVWDQWDQHHGHSHULFRO±
VH FRQVXP  vQ PRPHQWXO FRQWDFWXOXL GLQWUH VXELHFWXO DFWLY FX DJHQWXO VWU LQ
PRPHQWFHFRLQFLGHFXDSDUL LDVW ULLSULPHMGLRDVHSHQWUXVLJXUDQ DVWDWXOXL
6DQF LXQL,QIUDF LXQHDHVWHVDQF LRQDW DOWHUQDWLYFXSHGHDSVDGHWHQ LXQLLSH
YLD VDXvQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX SHGHDSVD DPHQ]LL GH OD  OHL OD
OHLSRWULYLWDUWDOLQ  &SHQ


75 '$5($35,1$-87$5($,1$0,&8/8,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH LGHQWLF FX DFHOD DO LQIUDF LXQLL GH WU GDUH
SUHY ]XW  GH DUW  GLQ & SHQ GDU vQ SDUWLFXODUXO DFHVWHL LQIUDF LXQL RELHFWXO
V X MXULGLF YD FXSULQGH VXSOLPHQWDU úL IDVFLFXOXO GH UHOD LL VRFLDOH UHIHULWRDUH OD
FDSDFLWDWHDGHDS UDUHD ULL
2ELHFWXOPDWHULDODOLQIUDF LXQLLFRQVW vQFDWHJRULLOHHQXQ DWHODOLWD F DOH
DUWGLQ&SHQSHFDUHDXWRUXOOHSUHG RULOHSURFXU LQDPLFXOXL0RGDOLW LOH
QRUPDWLYHGHVFULVHODOLWG úLvQDOLQ  QXVXQWVXVFHSWLELOHGHDDYHDXQRELHFW
PDWHULDO
9DFRQVWLWXLGHFLRELHFWPDWHULDODOLQIUDF LXQLLXQDGLQHQWLW LOHGHPDLMRV
7HULWRULL6HvQ HOHJHRDQXPLW SDUWH SR LXQH DWHULWRULXOXL ULLLQGLIHUHQW
GDF HDFRLQFLGHVDXQXFDvQWLQGHUHFXRXQLWDWHWHULWRULDODGPLQLVWUDWLY 
2UDúH  ORFDOLW L XUEDQH 7HUPHQXO IRORVLW vQ WH[W HVWH SUHFLV úL H[FOXGH
LQWHUSUHWDUHD F  R DOW  FDWHJRULH GH XQLWDWH WHULWRULDODGPLQLVWUDWLY  VDW FRPXQ 
VWD LXQHEDOQHRFOLPDWHULF SRDWHFRQVWLWXLRELHFWPDWHULDODOLQIUDF LXQLL
3R]L LL GH DS UDUH 6H vQ HOHJH DFHD SRU LXQH GH WHUHQ SH FDUH VXQW GLVSXVH
VXEXQLW LGHLQIDQWHULHúLDOWHDUPHvQVFRSXOUHVSLQJHULLDWDFXOXLLQDPLFúLDS U ULL
WHUHQXOXLRFXSDW


/H[LFRQPLOLWDU(GLWXUD0LOLWDU %XFXUHúWLS
 
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRUXO LQIUDF LXQLLSUHY ]XW vQDUWDOLQ  
GLQ & SHQ HVWH FDOLILFDW SULQ DFHOHDúL DWULEXWH FX FHOH DU WDWH OD LQIUDF LXQHD GH
WU GDUHUHVSHFWLYD FHW HDQURPkQE SHUVRDQ I U FHW HQLHFDUHDUHGRPLFLOLXO
vQ5RPkQLD
/D PRGDOLWDWHD QRUPDWLY  UHJOHPHQWDW  vQ DOLQ   VXELHFWXO DFWLY SRDWH IL
H[FOXVLYFHW HDQXOURPkQ
6XELHFWXO DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF  SRWULYLW
GLVSR]L LLORUDUW&SHQ
,QIUDF LXQHD SRDWH IL V YkUúLW  GH XQD VDX PDL PXOWH SHUVRDQH vQ RULFDUH
IRUP GHSDUWLFLSDUH±DXWRUDW FRDXWRUDW LQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO URPkQ GDU VXELHFW SDVLY DO LQIUDF LXQLL VXQW úL
VWDWHOHDOLDWH5RPkQLHLvQDFHOFRQIOLFWDUPDWvQLSRWH]DvQFDUHDF LXQLOHPHQ LRQDWH
vQ DOLQ   OLW G  úL DOLQ   DOH DUW  GLQ & SHQ VXQW vQGUHSWDWH vPSRWULYD
IRU HORUDUPDWHDOHDFHORUVWDWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOFRQVW vQWURDFWLYLWDWHGHDMXWDUHDLQDPLFXOXLDFWLYLWDWH
FH VH SRDWH H[SULPD SULQ DF LXQL GH ÄSUHGDUH´ GH SR]L LL GH DS UDUH GH LQVWDOD LL
PLOLWDUH HWF  GH ÄSURFXUDUH´ GH RDPHQL YDORUL úD  GH ÄWUHFHUH GH SDUWHD
LQDPLFXOXL´ GH ÄOXSW ´ GH ÄD IDFH SDUWH GLQ IRUPD LL GH OXSW ´ VDX DF LXQL ÄGH
QDWXU  V  IDYRUL]H]H DFWLYLWDWHD LQDPLFXOXL´ RUL ÄV  VO EHDVF ´ SXWHUHD GH OXSW  D
IRU HORUDUPDWHDXWRKWRQHRULDOLDWH$F LXQLOHLQFULPLQDWHVXQWSUHY ]XWHHQXQ LDWLY
úLQXOLPLWDWLYWH[WXOO VkQGSRVLELOLWDWHDvQFDGU ULLvQDFHODUWLFROúLDDOWRUDF LXQL
QHQRPLQDOL]DWH GH DMXWDUH D LQDPLFXOXL $WLWXGLQHD DXWRUXOXL FRQFUHWL]DW  vQ
DF LXQLOHSUHY ]XWHvQWH[WSRDWHILDFWLY VDXSDVLY 
$F LXQHDGHSUHGDUHDUHvQ HOHVXOGHSXQHUHDFDWHJRULLORUHQXQ DWHVXEOLWD 
úL E  DOH DUW  GLQ & SHQ OD GLVSR]L LD LQDPLFXOXL FHGDUHD ORU VDX FKLDU
IDYRUL]DUHDRFXS ULLDFHVWRUD
3ULQSXUWDUHDU ]ERLXOXL±DUWDOLQ  OLWE GLQ&SHQ±VHvQ HOHJH
PRGXOFRQFUHWGHDF LXQHDOWXWXURUIDFWRULORULPSOLFD LvQGHVI úXUDUHDU ]ERLXOXL
vQFRQGL LLOHUHDOHDOHGHUXO ULLFRQIOLFWXOXLDUPDW
3URFXUDUHD GH RDPHQL (VWH DF LXQHD GH UHFUXWDUH D LQGLYL]LORU SHQWUX
VXV LQHUHDHIRUWXOXLGHU ]ERLDOLQDPLFXOXLLQGHSHQGHQWGHVSHFLDOLWDWHDVDXJUDGXO
ORUGHLQVWUXLUHGHDFWLYLWDWHDFRQFUHW FHDUXUPDV RvQGHSOLQHDVF 
3ULQ SURFXUDUHD GH YDORUL úL PDWHULDOH GH RULFH IHO VH vQ HOHJH DF LXQHD GH
DFKL]L LRQDUH VDX GH VFRDWHUH GLQ SDWULPRQLXO SURSULX XQRU DVHPHQHD HQWLW L
PDWHULDOHúLSXQHUHDORUODGLVSR]L LDLQDPLFXOXLLQGLIHUHQWVXEFHIRUP 
3ULQDF LXQHDGHWUHFHUHGHSDUWHDLQDPLFXOXL±DOLQ  OLWG ±VHvQ HOHJH
SXQHUHD HIHFWLY  D DXWRUXOXL LQIUDF LXQLL vQ VHUYLFLXO LQDPLFXOXL LQGLIHUHQW GDF 
LQDPLFXO VH DIO  SH WHULWRULXO V X DO DOWXL VWDW RUL SH WHULWRULXO URPkQ (VWH GH
DVHPHQHD OLSVLW GH UHOHYDQ  GDF  I SWXLWRUXO HVWH SUH]HQW SH WHULWRULXO VWDWXOXL
VWU LQ DQWHULRU VDX SRVWHULRU GHFODQú ULL VW ULL GH EHOLJHUDQ  HVHQ LDO SHQWUX
UHDOL]DUHDLQIUDF LXQLLILLQGGRDUvQURODUHDOXLvQIRU HOHLQDPLFHvQVFRSXOGHDOXSWD
vPSRWULYDIRU HORUDUPDWHURPkQHVDXDDUPDWHORUDOLDWH
(IHFWXDUHD GH DOWH DF LXQL GH QDWXU  V  IDYRUL]H]H DFWLYLWDWHD LQDPLFXOXL
3DOHWD XQRU DVWIHO GH DF LXQL HVWH ODUJ  &X WLWOX GH H[HPSOX OXDUHD vQ PRG



'LQGRFWULQDPLOLWDU 
 
GHOLEHUDW FX vQWkU]LHUH D GHFL]LLORU VDX WUDQVPLWHUHD WDUGLY  D RUGLQHORU SHQWUX
FRQWUDFDUDUHDDF LXQLORULQDPLFXOXLO VDUHDXQRURELHFWLYHPLOLWDUHVDXHFRQRPLFH
SUHFXPúLDXQRUHOHPHQWHDOHVXSUDVWUXFWXULLWHULWRULDOH F LGHFRPXQLFD LHFHQWUH
GH WHOHFRPXQLFD LL HWF  vQ VWDUH GH IXQF LRQDUH vQ ]RQHOH UDLRDQHOH  RFXSDWH GH
LQDPLFDF LXQHDYRLWOHQW VDXLQRSRUWXQ SHOLQLDDVLJXU ULLORJLVWLFLLúD
(IHFWXDUHD GH DOWH DF LXQL GH QDWXU  V  VO EHDVF  SXWHUHD GH OXSW  3ULQ
DFHDVWD VH vQ HOHJH GLPLQXDUHD FDSDFLW LL GH ULSRVW  D XQLW LORU PLOLWDUH vQ
vQGHSOLQLUHDPLVLXQLORUFHOHUHYLQ'LQWUHQXPHURDVHOHWLSXULGHDF LXQLFHVOXMHVF
DFHVWXL VFRS VXQW GH FLWDW GRDU DFWHOH GH GHIHWLVP $FHVWHD FRQVWDX vQ ODQVDUHD
U VSkQGLUHD VDX SXEOLFDUHD GH ]YRQXUL VDX LQIRUPD LL H[DJHUDWH VDX WHQGHQ LRDVH
UHODWLYHODVLWXD LDPLOLWDU HFRQRPLF SROLWLF VDXVRFLDO D ULLúLHOHDXFDHIHFW
GHPRUDOL]DUHD PLOLWDULORU úL vQ JHQHUDO D SRSXOD LHL DQJDMDWH vQ DS UDUHD
WHULWRULXOXL
3ULQ D OXSWD VH vQ HOHJH RULFH PRGDOLWDWH GH DF LXQH vQGUHSWDW  vPSRWULYD
IRU HORU DUPDWH URPkQH VDX DOLDWH LQGLIHUHQW GDF  DXWRUXO LQIUDF LXQLL HVWH
FRPEDWDQWVDXQHFRPEDWDQW
ÌQWUR DOW  RSLQLH VH DILUP  F  DXWRUXO LQIUDF LXQLL WUHEXLH V  SDUWLFLSH ÄvQ
FDOLWDWHGHFRPEDWDQWODRSHUD LXQLOHPLOLWDUH´
$IDFHSDUWHGLQIRUPD LLGHOXSW 6HvQ HOHJHDFWXOYRLWGHDVHvQURODvQWUR
VWUXFWXU DUPDW DOF UHLVFRSHVWHGHDOXSWDvPSRWULYDVWDWXOXLURPkQRULDDOLD LORU
V L1XYDDYHDLPSRUWDQ SHQWUXUHDOL]DUHDLQIUDF LXQLLGDF DFHDVWUXFWXU HVWH
PLOLWDU VDXSDUDPLOLWDU GDF DIRVWDQJDMDW vQOXSWHRUL LQXW vQUH]HUYDWDFWLF 
RULVWUDWHJLF VDXGDF HVWHRIRUPD LXQHOXSW WRDUHRULDX[LOLDU 
)RU HOHDUPDWHURPkQHFXSULQGDUPDWDPDULXQLW LúLXQLW LGLQVXERUGLQHD
0LQLVWHUXOXL $GPLQLVWUD LHL úL ,QWHUQHORU FHOH DOH VHUYLFLLORU GH LQIRUPD LL DOH
VWDWXOXLúLDOWHIRUPD LXQLGHDS UDUHDUPDW RUJDQL]DWHSRWULYLWOHJLL
&RQFHSWXODUPDWHDOLDWHGHULY GLQÄvQ HOHJHUHDSROLWLFRPLOLWDU FRQVHPQDW 
vQWUXQWUDWDWSULQFDUHVWDWHOHVHPQDWDUHvúLDVXP REOLJD LDUHFLSURF GHDDF LRQD
vQ FRPXQ FX WRDWH VDX QXPDL FX R SDUWH GLQ IRU HOH ORU DUPDWH SHQWUX D VH DS UD
vPSRWULYDXQXLGXúPDQFRPXQ´
8UPDUHD LPHGLDW  D IDSWHL UH]LG  vQ SDUWLFXODUXO DFHVWHL LQIUDF LXQL vQ
VSRULUHD FDSDFLW LL GH OXSW  D LQDPLFXOXL RUL D DFWLYLW LL DFHVWXLD úL FRUHODWLY vQ
GLPLQXDUHDFDSDFLW LLGHDS UDUHDIRU HORUDUPDWHURPkQHVDXDDOLD LORUDFHVWRUD
/HJ WXUDGHFDX]DOLWDWHvQFD]XOLQIUDF LXQLLSUHY ]XW vQDUW&SHQHVWH
IDFLO GH GHWHUPLQDW GDW ILLQG F  XUPDUHD IDSWHL HVWH LQHUHQW  úL FRQFRPLWHQW 
DF LXQLLLQFULPLQDWH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH $F LXQHD GH DMXWDUH vQ RULFH PRG D LQDPLFXOXL
SUHVXSXQHQHFHVDUPHQWHHOHPHQWXOGHSUHYHGHUHSHGHRSDUWHGHXUP ULUHVDXGH
DFFHSWDUHDUH]XOWDWXOXLSHGHDOW SDUWH'HFLIRUPDGHYLQRY LHYDILvQWRWGHDXQD
LQWHQ LDvQPRGDOLWDWHDGLUHFW VDXLQGLUHFW 
6SUH GHRVHELUH GH LQIUDF LXQHD GH WU GDUH OD LQIUDF LXQHD GH WU GDUH SULQ
DMXWDUHDLQDPLFXOXLQXVHFHUHYL]DUHDGHF WUHI SWXLWRUDXQXLDQXPHVFRSúLvQ
PRGDVHP Q WRUFXLQIUDF LXQHDGHUHIHULQ QXLQWHUHVHD] FHDDQLPDWI SWXLWRUXO


9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLGHSURFHGXU SHQDO URPkQ3DUWHDVSHFLDO YRO,,,
(GLWXUD$FDGHPLHL%XFXUHúWLS

/HJHDQU±/HJHDDS U ULLQD LRQDOHD5RPkQLHLDUW

/H[LFRQPLOLWDURSFLWS
 
V YkUúLUHD IDSWHL PRELOXO úL VFRSXO YRU FRQVWLWXL GRDU YDOHQ H vQ FLUFXPVWDQ LHUHD
U VSXQGHULLSHQDOH

)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL úL WHQWDWLYD OD DFHDVW  LQIUDF LXQH VXQW
SRVLELOHúLVHSHGHSVHVFSRWULYLWDUWDOLQ  úL  &SHQ
,QIUDF LXQHD VH FRQVXP  vQ PRPHQWXO vQ FDUH VD SURGXV DFWXO GH DMXWDUH D
LQDPLFXOXL UHVSHFWLY FkQG I SWXLWRUXO D HIHFWXDW DF LXQHD GH ÄSUHGDUH´ GH
ÄSURFXUDUH´ GH ÄWUHFHUH´ GH ÄOXSW ´ GH ÄD IDFH SDUWH´ VDX HIHFWXHD]  RULFH ÄDOWH
DF LXQLGHQDWXU V «´
6DQF LXQL3HGHDSVDSHQWUXDFHDVW LQIUDF LXQHHVWHDOWHUQDWLYGHWHQ LXQHDSH
YLD VDXvQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX SHGHDSVD DPHQ]LL GH OD  OHL OD
OHLSRWULYLWDUWDOLQ  &SHQ


75 '$5($35,175$160,7(5('(6(&5(7(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH LGHQWLF FX DFHOD DO LQIUDF LXQLL GH WU GDUH
SUHY ]XW vQDUWGLQ&SHQ
2ELHFWXO PDWHULDO DO LQIUDF LXQLL YD FRQVWD vQWUXQ GRFXPHQW vQVFULV
IRWRJUDILHVFKL KDUW RULXQRELHFW LQVWUXPHQW FDUHFRQ LQVHFUHWHGHVWDW
Ä6HFUHWH GH VWDW´ ± SRWULYLW SUHYHGHULORU DUW  DOLQ   & SHQ ± VXQW
GRFXPHQWHOH úL GDWHOH FDUH SUH]LQW  vQ PRG Y GLW DFHVW FDUDFWHU SUHFXP úL FHOH
GHFODUDWHVDXFDOLILFDWHDVWIHOSULQKRW UkUHD*XYHUQXOXL
1RUPDJHQHUDO DIRVWSXV vQRSHU SULQQRUPHOHVSHFLDOHFRQ LQXWHGH/HJHD
QUSULYLQGSURWHF LDLQIRUPD LLORUFODVLILFDWH
3RWULYLWSUHYHGHULORUDUWOLWG GLQOHJHÄLQIRUPD LLOHVHFUHWHGHVWDWVXQW
DFHOH LQIRUPD LL FDUH SULYHVF VHFXULWDWHD QD LRQDO  SULQ D F URU GLYXOJDUH VH SRW
SUHMXGLFLDVLJXUDQ DQD LRQDO úLDS UDUHD ULL´
ÌQ FD]XO GLIX] ULL LQIRUPD LLORU VHFUHWH GH VWDW vQ DOW PRG GHFkW SULQ
WUDQVPLWHUH D GRFXPHQWXOXL VDX LQVWUXPHQWXOXL OXL GH SLOG  SH FDOH RUDO 
LQIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRUXO  LQIUDF LXQLL HVWH FDOLILFDW SULQ DFHOHDúL
DWULEXWHFXFHOHDU WDWHODLQIUDF LXQHDGHWU GDUH(OSRDWHDYHDúLRDQXPHFDOLWDWH
GH H[HPSOX IXQF LRQDU VXSHULRU vQ H[HFXWLY SDUODPHQWDU PLOLWDU RUL SHUVRQDOXO
WHKQLFGLQSUHDMPDDFHVWRUD ±úLGHUHJXO RDXSHQWUXF vQPHGLLOHGHYkUIDOH
VWUXFWXULL VH IRUPHD]  úL FLUFXO  LQIRUPD LLOH VHFUHWH GH VWDW ± GDU FDOLWDWHD ORU QX
HVWH LQWULQVHF  HOHPHQWXOXL FRQVWLWXWLY DO LQIUDF LXQLL FL H[WULQVHF  SXWkQG IL
UH LQXW GRDUvQRSHUD LXQHDGHHYDOXDUHDU VSXQGHULLSHQDOH
6XELHFWXODFWLYDOLQIUDF LXQLLSRDWHILSRWULYLWGLVSR]L LLORUDUW&SHQúL
SHUVRDQDMXULGLF 
,QIUDF LXQHD SRDWH IL V YkUúLW  GH XQD VDX PDL PXOWH SHUVRDQH vQ RULFDUH
IRUP GHSDUWLFLSD LH±DXWRUDW FRDXWRUDW LQVWLJDUHFRPSOLFLWDWH
&RQGL LLOH FHUXWH GH WH[W DXWRUXOXL IDSWHL SHQWUX D IL VXELHFW DFWLY DO
LQIUDF LXQLLQXVXQWFHUXWHFHORUODO LSDUWLFLSDQ L
6XELHFWXOSDVLYHVWHVWDWXO
 
/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOVHH[SULP vQXQDGLQWUHFHOHWUHLDF LXQLHQXQ DWHvQWH[W
úL DQXPH D  WUDQVPLWHUHD GH VHFUHWH GH VWDW E  SURFXUDUHD úL F  GH LQHUHD GH
GRFXPHQWH VDX GDWH FH FRQVWLWXLH VHFUHWH GH VWDW ÌQ SULPXO FD] WUDQVPLWHUHD GH
VHFUHWH GH VWDW WUHEXLH V  VH IDF  XQHL SXWHUL VDX RUJDQL]D LL VWU LQH VDX DJHQ LORU
DFHVWRUDvQYUHPHFHvQXUP WRDUHOHFD]XULSURFXUDUHDVDXGH LQHUHDGRFXPHQWHORU
VDXGDWHORUDIODWHVXELQFLGHQ D/HJLLQUWUHEXLHvQI SWXLWHvQVFRSXO vQ
YHGHUHD WUDQVPLWHULLORUDFHORUDúLGHVWLQDWDUL
$F LXQHDGHWUDQVPLWHUHGHVHFUHWHGHVWDWDUHvQ HOHVXOGHFRPXQLFDUH DIDFH
V DMXQJ ODDOWXO VHFUHWXOvQRULFHPRG±YHUEDOVFULVSULQSUHGDUHDRELHFWXOXLVDX
LQVWUXPHQWXOXLFDUHFRQ LQHVHFUHWXO±GLUHFWSULQLQWHUPHGLDUVDXSULQRULFHPLMORF
GH FRPXQLFDUH WHOHIRQ UDGLR ID[ LQWHUQHW HWF  GH F WUH SHUVRDQD FDUH GH LQH
VHFUHWXOvQYLUWXWHDDWULEX LLORUVDOHGHVHUYLFLXRULGHWHU HSHUVRDQHFDUHDXLQWUDW
YRLWVDXvQWkPSO WRUvQSRVHVLDVHFUHWXOXL
$F LXQHD GH SURFXUDUH GH GRFXPHQWH VDX GDWH FH FRQVWLWXLH VHFUHWH GH VWDW
LPSOLF  GH UHJXO  R HWDS  SUHOLPLQDU  GH LQYHVWLJDUH SHQWUX D LGHQWLILFD
GRFXPHQWHOHFHSUH]LQW LQWHUHVúLPRGDOLW LOHGHDDFFHGHODDFHVWHDúLRHWDS GH
DSURSLHUH DDFHORUGRFXPHQWH LQIRUPD LLGDWH DPEHOHGHVI úXUkQGXVHHYLGHQW
VXE VHPQXO GLVFUH LHL úL SULQ PLMORDFH LOLFLWH S WUXQGHUH I U  GUHSW vQ vQF SHULOH
VSHFLDO GHVWLQDWH S VWU ULL GRFXPHQWHORU IRWRILOPDUHD DFHVWRUD FRUXSHUHD
SHUVRQDOXOXLGHSD] RULDFHOXLvQV UFLQDWFXJHVWLRQDUHDLQIRUPD LLORUHWF 
&RQFHSWXOGH LQHUHGHGRFXPHQWHúLGDWHFHFRQVWLWXLHVHFUHWHGHVWDWWUHEXLH
vQ HOHV FD IDSW GH SRVHGDUH GH D DYHD vQ VW SkQLUH DFHO GRFXPHQW &RQFHSWXO VH
LPSXQH D IL FRUHODW FX VLQWDJPD ÄvQ VFRSXO WUDQVPLWHULL´ GHRDUHFH vQ FRQWH[W
FXYkQWXO ÄVFRS´ QX UHIOHFW  DWLWXGLQHD SVLKLF  D I SWXLWRUXOXL FL H[SULP  R
FRPSRQHQW DODWXULLPDWHULDOHFRQFHSWXOÄVFRS´SRDWHILvQORFXLWFXDFHODúLVHQV
SULQ H[SUHVLD ÄvQ YHGHUHD´ 'HFL VFRSXO LQGLF  GHVWLQD LD GRFXPHQWXOXL úL QX
LQWHQ LDI SWXLWRUXOXL
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VLJXUDQ D
VWDWXOXLSULQFKLDUIDSWXOWUDQVPLWHULLRULDOSURFXU ULLVDXGH LQHULLVHFUHWHORUGHVWDW
vQYHGHUHDGHFRQVSLU ULLORUXQRUDJHQ LVWU LQL
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD VXV LQXW F  vQ LSRWH]D vQ FDUH SXWHUHD VDX
RUJDQL]D LD VWU LQ  GH LQHD VHFUHWH GH VWDW DQWHULRU V YkUúLULL DF LXQLORU GH
WUDQVPLWHUHSURFXUDUHVDXGH LQHUHDORUIDSWDYDFRQVWLWXLWHQWDWLY ODLQIUDF LXQH
GHRDUHFHXUPDUHDLPHGLDW QXPDLHVWHSRVLELO 
2SLQLD FLWDW  SHUIHFW PRWLYDW  OD PRPHQWXO DILUP ULL DU SXWHD IL DPHQGDW 
FD XUPDUH D WHRULLORU GH]YROWDWH vQ GRFWULQD úL SUDFWLFD XOWLPLORU DQL vQ PDWHULD
VWUDWHJLHL GHFL]LRQDOH ÌQ FRQIRUPLWDWH FX QRXD JkQGLUH VROX LLOH SR]L LLOH
KRW UkULOH RS LXQLOH  SROLWLFH PLOLWDUH VDX HFRQRPLFH VXQW HODERUDWH QXPDL GXS 
SDUYHQLUHD VHFUHWXOXL LQIRUPD LHL GRFXPHQWXOXL  SH PDL PXOWH ÄFDQDOH´ GH
WUDQVPLWHUH ([LVW  FKLDU úL XQ ÄSUDJ´ PLQLP GH WUHL ÄFDQDOH´ SULQ FDUH WUHEXLH V 
DMXQJ ÄVHFUHWXO´SHQWUXDIRUPDFHUWLWXGLQHDDVXSUDDXWHQWLFLW LLLQIRUPD LHL3ULQ
XUPDUH vPSUHMXUDUHD F  SXWHUHD VDX RUJDQL]D LD VWU LQ  FXQRúWHD VHFUHWXO VWDWXOXL
URPkQ DQWHULRU DFWXOXL GH WU GDUH QX FUHHD]  DXWRPDW VWDUHD GH SHULFRO SHQWUX
VLJXUDQ DVWDWXOXLQRVWUXXUPDUHDLPHGLDW vQF QXVDSURGXVPDLHVWHQHYRLHGH
XQ ÄFDQDO´ GH WUDQVPLWHUH D VHFUHWXOXL GH VWDW úL SRDWH úL GH DOWHOH SkQ  OD UHDOD
DSDUL LH D VW ULL SULPHMGLRDVH SHQWUX VWDWXO URPkQ úL GH DFHHD IDSWD GH WU GDUH YD



9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,S
 
DYHDXQUROFRQWULEXWLY±DO WXULúLvQFRUHOD LDFXDOWHIDSWHGHWU GDUHRULVXUVHGH
LQIRUPDUH ± OD IRUPDUHD FHUWLWXGLQLL QHFHVDUH GHFLGHQ LORU VWU LQL SHQWUX D OXD R
KRW UkUH VDX DOWD vQ FH SULYHúWHSHULPHWUXOURPkQHVFÌQDFHDVW QRX SHUVSHFWLY 
IDSWD GH WU GDUH vQ PRGDOLWDWHD H[DPLQDW  DU SXWHD IL vQFDGUDW  FD LQIUDF LXQH
FRQVXPDW 
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHúLXUPDUHQXULGLF SUREOHPHODDFHVW
JHQGHLQIUDF LXQHHDUH]XOWkQGH[UH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GH WU GDUH SULQ WUDQVPLWHUHD GH VHFUHWH VH
V YkUúHúWHFXLQWHQ LHGLUHFW VDXLQGLUHFW LDUWH[WXOQXSUHWLQGHFDVXELHFWXOV IL
XUP ULWXQDQXPLWVFRSRULV ILHDQLPDWGHXQPRELO

)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL úL WHQWDWLYD VXQW SRVLELOH úL VH SHGHSVHVF
SRWULYLWDUWDOLQ  úL  
(VWHvQV GHSUHFL]DWF IRUPHOHLPSHUIHFWHDOHLQIUDF LXQLLVXQWSRVLELOHGRDU
vQ FD]XULOH FkQG DFHDVWD VH UHDOL]HD]  SULQ PRGDOLW LOH ÄWUDQVPLWHUH´ VDX
ÄSURFXUDUH´ QX úL SULQ PRGDOLWDWHD ÄGH LQHUH´ vQ DFHDVW  GLQ XUP  LSRVWD] 
QRUPDWLY LQIUDF LXQHDVHFRQVXP GHvQGDW FHvQFHSHH[HFXWDUHD
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH OD PRPHQWXO FkQG DXWRUXO H[HFXW 
HIHFWLYDF LXQHDSUHVFULV GHWH[WDGLF vQPRPHQWXOvQFDUHWUDQVPLWHVHFUHWHGH
VWDW DJHQWXOXL VWU LQ UHVSHFWLY vQ FDUH SURFXU  VDX GH LQH DVWIHO GH LQIRUPD LL vQ
VFRSXOGLIX] ULLDFHVWRUDDJHQWXOXLVWU LQ
6DQF LXQL$OWHUQDWLYLQIUDF LXQHDHVWHSHGHSVLW FXGHWHQ LXQHSHYLD VDX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX SHGHDSVD DPHQ]LL GH OD  OHL OD
OHLSRWULYLWDUWDOLQ  &SHQ


$& ,81,/('8ù0 12$6(&2175$67$78/8,

,QIUDF LXQHD GH DF LXQL GXúP QRDVH FRQWUD VWDWXOXL HVWH LGHQWLF  FX
LQIUDF LXQLOH SUHY ]XWH vQ DUW  úL DUW  & SHQ FHHD FH R GHRVHEHúWH GH
DFHVWHDILLQGGRDUVXELHFWXODFWLYDOLQIUDF LXQLLFDUHvQDFHVWFD]DUHFDOLWDWHDGH
FHW HDQVWU LQVDXGHSHUVRDQ I U FHW HQLHFDUHQXDUHGRPLFLOLXOvQ5RPkQLD
ÌQFRQVHFLQ PXWDWLVPXWDQGLVGRDUVXELHFWXODFWLYDOLQIUDF LXQLL±ODFDUHVH
LGHQWLILF  úL SHUVRDQD MXULGLF  ± QHFHVLW  H[SOLFD LL VXSOLPHQWDUH vQ UHVW WRDWH
H[SOLFD LLOHGDWHODLQIUDF LXQLOHSUHY ]XWHvQDUWúLDUW&SHQvúLS VWUHD] 
LQWHJUDOYDODELOLWDWHDODLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
'LQ SDUWLFXODULWDWHD VXELHFWXOXL DFWLY DO DFHVWHL LQIUDF LXQL GHULY  GRDU GRX 
DVSHFWH±GHRUGLQSURFHVXDOSHQDOúLGHRUGLQVDQF LRQDWRU
D±ÌQYDORUL]DUHDSULQFLSLXOXLUHDOLW LLOHJLLSHQDOHFXSULQVvQDUWDOLQ  
&SHQFHUFHWDUHDúLMXGHFDUHDLQIUDF LXQLLSUHY ]XWHvQDUW&SHQV YkUúLW 
vQDIDUDWHULWRULXOXL ULLHVWHGHFRPSHWHQ DDXWRULW LORUMXGLFLDUHURPkQHSURFHVXO
SHQDO GHVI úXUkQGXVH vQ SUH]HQ D I SWXLWRUXOXL ± GDF  VD FHUXW úL RE LQXW
H[WU GDUHD VD DUW  & SHQ  ± VDX vQ OLSVD DFHVWXLD ± GDF  QX D IRVW H[WU GDW



,ELGS
 
3XQHUHD vQ PLúFDUH D DF LXQLL SHQDOH VH IDFH SRWULYLW SUHYHGHULORU DUW  DOLQ  
&SHQQXPDLFXDXWRUL]DUHDSUHDODELO DSURFXURUXOXLJHQHUDODO3DUFKHWXOXLGHSH
OkQJ ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH
E ± ,QVWDQ D SURQXQ kQG FRQGDPQDUHD SHQWUX LQIUDF LXQHD SUHY ]XW  vQ
DUW&SHQSRDWHV GLVSXQ úLH[SXO]DUHDFRQGDPQDWXOXL±vQED]DDUW
DOLQ   úL   & SHQ ± FX H[FHS LD SHUVRDQHORU OLPLWDWLY HQXQ DWH vQ DOLQ  
UHVSHFWLY H[LVW  PRWLYH VHULRDVH GH D VH FUHGH F  ULVF  V  ILH VXSXVH OD WRUWXU  vQ
VWDWXOvQFDUHXUPHD] DILH[SXO]DWH


63,21$-8/

([DPLQDW SULQSULVPDYDORULORUVRFLDOHYL]DWHúLDSR]L LHLDXWRUXOXLID GH
DFHVWHDLQIUDF LXQHDGHVSLRQDMHVWHÄLPDJLQHDvQRJOLQG ´DLQIUDF LXQLLGHWU GDUH
SULQWUDQVPLWHUHGHVHFUHWHLPDJLQHXQLF SULYLW vQV GLQVHQVXULRSXVH
$LGRPD LQIUDF LXQLL SUHY ]XW  GH DUW  & SHQ ± FDUH VH UDSRUWD OD
FRQ LQXWXOLQIUDF LXQLORUSUHY ]XWHGHDUWúLDUW&SHQ±LQIUDF LXQHDGH
VSLRQDMVHUDSRUWHD] ODFRQ LQXWXOLQIUDF LXQLLSUHY ]XW GHDUW&SHQFXFDUH
HVWHLGHQWLF 8QLFDGHRVHELUHvQWUHDFHVWHDFRQVW vQFDOLWDWHDGLIHULW DVXELHFWXOXL
DFWLYDOLQIUDF LXQLLFDUHvQFD]XODFHOHLDGHVSLRQDMWUHEXLHV ILHFHW HDQVWU LQ
VDXSHUVRDQ I U FHW HQLHFDUHQXDUHGRPLFLOLXOvQ5RPkQLD
$FHDVW FDOLWDWHHVWHFHUXW SHQWUXDXWRUXO FRDXWRULL LQIUDF LXQLLQXúLSHQWUX
FHLODO LSDUWLFLSDQ L±FRPSOLFLLQVWLJDWRUL
6XELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL SHUVRDQD MXULGLF  vQ FRQIRUPLWDWH FX
GLVSR]L LLOHDUW&SHQ
$VSHFWHOH GH RUGLQ VDQF LRQDWRU ± VHPQDODWH úL FRPHQWDWH OD LQIUDF LXQHD GH
DF LXQL GXúP QRDVH FRQWUD VWDWXOXL URPkQ VXQW LQFLGHQWH úL OD LQIUDF LXQHD GH
VSLRQDM


$7(17$78/&$5(381(Ì13(5,&2/6,*85$1 $67$78/8,

2ELHFWXORFURWLULLSHQDOH
,QIUDF LXQHD SUHY ]XW  vQ DUW  & SHQ HVWH R LQIUDF LXQH FRPSOH[  úL
DWLSLF (VWHFRPSOH[ SHQWUXF OHJLXLWRUXOLQFULPLQkQGIDSWDDXUP ULWUHDOL]DUHD
XQHLGXEOHúLFRQFRPLWHQWHSURWHF LLSHQDOH±VLJXUDQ DVWDWXOXLúLVHFXULWDWHDXQHL
FDWHJRULLGHSHUVRDQH±úLDWLSLF SHQWUXF VDXLQFULPLQDWFDIDSW FRQVXPDW DWkW
H[HFXWDUHDDF LXQLLSURKLELWHFkWúLvQFHUFDUHD WHQWDUHD H[HFXW ULLHL
2ELHFWXO MXULGLF VSHFLDO HVWH GXDO vQ FRPSRQHQ D DFHVWXLD LQWUkQG vQ
SULQFLSDOUHOD LLOHVRFLDOHFDUHGHSLQGGHVLJXUDQ DVWDWXOXLúLvQVHFXQGDUUHOD LLOH
VRFLDOHSULYLQGGUHSWXOSHUVRDQHLODYLD VDXODLQWHJULWDWHFRUSRUDO RULV Q WDWH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH FRUSXO SHUVRDQHL DVXSUD F UHLD VH
DWHQWHD] SULQDF LXQHDvQFHUFDW VDXV YkUúLW DDXWRUXOXL

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  QX HVWH FLUFXPVWDQ LDW GH WH[W DúDGDU HO
SRDWHILRULFHSHUVRDQ 
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
 
,QIUDF LXQHD SRDWH IL V YkUúLW  vQ RULFDUH GLQ IRUPHOH GH SDUWLFLSD LH ±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYHVWHSHGHRSDUWHVWDWXO±FDVXELHFWSULQFLSDOLDUSHGHDOW 
SDUWHSHUVRDQDFDUHvQGHSOLQHúWHRDFWLYLWDWHLPSRUWDQW GHVWDWVDXRDOW DFWLYLWDWH
SXEOLF LPSRUWDQW ±FDVXELHFWVHFXQGDU
/HJHD QX GHILQHúWH QR LXQLOH ÄDFWLYLWDWH LPSRUWDQW  GH VWDW´ úL ÄDFWLYLWDWH
SXEOLF LPSRUWDQW ´
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD RSLQDW F  ÄYD DYHD DFHVW FDUDFWHU QXPDL
DFWLYLWDWHDGHVI úXUDW vQWURIXQF LHGHU VSXQGHUHSHOLQLHGHVWDW«IXQF LHvQFDUH
SHUVRDQDUHVSHFWLY DUHSRVLELOLWDWHDV GHWHUPLQHRULV FRQWULEXLHODDGRSWDUHDGH
P VXULFXDPSOHUH]RQDQ HVRFLDOHúLSROLWLFH´
2SLQLD HODERUDW  vQWUXQ PRGHO VRFLRSROLWLF DQWHULRU FUHGHP F  SRDWH IL
GH]YROWDW SULQGRX GLPHQVLXQL
$VWIHO GDF  GHWHUPLQDUHD ÄLPSRUWDQ HL DFWLYLW LL´ VH IDFH SULQ UDSRUWDUH OD
ÄLPSRUWDQ DRUJDQXOXL´vQDF UXLFRQGXFHUHHVWHSHUVRDQDYL]DW SULQDWHQWDW±úL
HVWH XQ UHSHU VHPQLILFDWLY ± DWXQFL QHFHVDUPHQWH ÄFHUFXO´ YD WUHEXL GHVFKLV úL
DOWRU RUJDQH GHFkW FHOH ÄFHQWUDOH VDX ORFDOH DOH SXWHULL úL DGPLQLVWUD LHL GH VWDW´
6XQW GH UH LQXW vQ SULP SODQ DXWRULW LOH SXEOLFH LQVWLWX LRQDOL]DWH DFWXDOPHQWH
FRQVWLWX LRQDO ± DXWRULWDWHD MXGHF WRUHDVF  &XUWHD &RQVWLWX LRQDO  &XUWHD GH
&RQWXUL$YRFDWXO3RSRUXOXL±GDUúLQXvQXOWLPXOUkQGRUJDQL]D LLOH SDUWLGHOH 
SROLWLFH úL EORFXULOH VLQGLFDOH 1X DU WUHEXL RPLVH QLFL DOWH DVHPHQHD IRUPH
RUJDQL]D LRQDOHDOHF URUGHFL]LLSRWILXUPDWHGHDPSOHVDXDFXWHUH]RQDQ HVRFLDOH
RULSROLWLFH±ILOLDOHDJHQ LLRILFLLDOH8(&(1$72%(5'206HWF
0HQ LQkQG FD HWDORQ ÄLPSRUWDQ D DXWRULW LL SXEOLFH´ vQ HYDOXDUHD
ÄLPSRUWDQ HL DFWLYLW LL´ YD WUHEXL LQWURGXV FUHGHP XQ DO GRLOHD UHSHU ± SRDWH
SUHHPLQHQW vQ VHPQLILFD LL SUHFHGHQWXOXL ± úL DQXPH P VXUD JUDGXO  vQ FDUH vQ
OHJ WXU FXH[HUFLWDUHDDFHOHLDFWLYLW LSRWDS UHDvQWUXQDQXPLWPRPHQWVDXvQWU
R DQXPLW  FRQMXQFWXU  LQWHUQ  VDX LQWHUQD LRQDO  VLWXD LL SHULFXORDVH SHQWUX
VLJXUDQ DVWDWXOXL
(VWHQHFHVDUDVHUH LQHúLFRQGL LDFDSHUVRDQD±vPSRWULYDF UHLDDXWRUXOvúL
vQGUHDSW  DF LXQHD YLROHQW  ± V  vQGHSOLQHDVF  DFHD DFWLYLWDWH LPSRUWDQW  OD
PRPHQWXO FRPLWHULL DWHQWDWXOXL ÌQ LSRWH]D F  OD PRPHQWXO FULWLF YLFWLPD QX PDL
vQGHSOLQHD DFWLYLWDWHD UHVSHFWLY  IDSWD XUPHD]  D IL vQFDGUDW  vQ XQD GLQWUH
LQIUDF LXQLOH GH RPRU VDX GH Y W PDUH FRUSRUDO  RUL vQ WHQWDWLY  OD DFHVWH
LQIUDF LXQL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW  GLQWUR DF LXQH GHVHPQDW  GH WH[W
SULQ FRQFHSWXO ÄDWHQWDW´ FRQFHSW FDUH LQFOXGH DúD FXP VH DU WD PDL VXV DWkW
vQFHUFDUHD WHQWDWLYD  IDSWHL FkW úL H[HFXWDUHD DFHVWHLD (VWH vQV  QHFHVDU SHQWUX
UHDOL]DUHDLQIUDF LXQLLFDDF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOV VHILV YkUúLW
ÄvQ vPSUHMXU UL FDUH IDF FD IDSWD V  SXQ  vQ SHULFRO VLJXUDQ D VWDWXOXL´ DFHDVW 
FRQGL LHDYkQGFDUDFWHUXOXQHLFHULQ HHVHQ LDOH
ÄÌPSUHMXU ULOH´ OD FDUH VH UHIHU  WH[WXO QX DX I FXWRELHFWXOXQHLGHILQLULRUL
GHOLPLW UL OHJDOH ÌQ FRQVHFLQ  H[LVWHQ D ORU XUPHD]  D IL GHWHUPLQDW  vQ ILHFDUH
FD] VWDELOLQGXVH WRWRGDW  OHJ WXUD DFHVWRUD FX ÄDFWLYLWDWHD LPSRUWDQW ´ SH GH R



79DVLOLXúLFRORSFLWYRO,S

9'RQJRUR]úLFRORSFLWYRO,,,S
 
SDUWH SUHFXP úL P VXUD vQ FDUH DFHVWH vPSUHMXU UL SRW FUHD R VWDUH SHULFXORDV 
SHQWUXVLJXUDQ DVWDWXOXLSHGHDOW SDUWH
'XDOLWDWHD RELHFWXOXL MXULGLF DO LQIUDF LXQLL VH U VIUkQJH úL DVXSUD XUP ULL
LPHGLDWHDOHDF LXQLLLQFULPLQDWH2SULP XUPDUHSULQFLSDO YDILFUHDUHDVW ULLGH
SHULFRO SHQWUX VLJXUDQ D VWDWXOXL LDU D GRXD XUPDUH DGLDFHQW  YD FRQVWD ILH vQ
FUHDUHD XQHL VW UL GH SHULFRO SHQWUX YLD D LQWHJULWDWHD FRUSRUDO  VDX V Q WDWHD
SHUVRDQHL OD FDUH VH DWHQWHD]  ILH vQ XFLGHUHD Y W PDUHD VDX DIHFWDUHD V Q W LL
DFHVWHLD
&DUDFWHUXOFRPSOH[DOXUP ULLLPHGLDWHYDGHWHUPLQDúLH[LVWHQ DXQHLGXEOH
OHJ WXUL GH FDX]DOLWDWH 6H LPSXQH GHFL GHPRQVWUDUHD OHJ WXULL GH FDX]DOLWDWH
GLQWUH DF LXQHD VXELHFWXOXL DFWLY úL VWDUHD GH SHULFRO SHQWUX VLJXUDQ D VWDWXOXL
SUHFXPúLDOHJ WXULLGHFDX]DOLWDWHGLQWUHDFHDDF LXQHúLVWDUHDGHSHULFROSHQWUX
VLJXUDQ DSHUVRDQHLODDF UHLYLD LQWHJULWDWHFRUSRUDO VDXV Q WDWHVHDWHQWHD] 
DPEHOHVHULLGHOHJ WXULIRUPkQGvQV XQFRUSXQLWDUúLFRHUHQW

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LHGLUHFW 
VDX LQGLUHFW  'HúL LQWHQ LD VXELHFWXOXL DFWLY HVWH XQLF  YD WUHEXL GRYHGLW F  HO D
UHDOL]DW úL XUP ULW VDX DFFHSWDWF SULQIDSWDVDYDSURGXFHRVWDUHGHSHULFRODWkW
SHQWUX VLJXUDQ D VWDWXOXL FkW úL SHQWUX YLD D LQWHJULWDWHD FRUSRUDO  VDX V Q WDWHD
SHUVRDQHLDVXSUDF UHLDHODDWHQWDW
7H[WXOQXFHUHFDVXELHFWXODFWLYV XUP UHDVF XQVFRSRULV ILHDQLPDWGH
XQDQXPLWPRELO

)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL DVLPLODWH WHQWDWLYHL SRWULYLW SUHYHGHULORU
DUWDOLQ  &SHQDWUDJU VSXQGHUHDSHQDO 
7HQWDWLYDvQFRQ LQXWXOúLVHQVXOHLÄFODVLF´DGLF GHSXQHUHvQH[HFXWDUHD
KRW UkULLGHDV YkUúLLQIUDF LXQHDI U vQV DVHSURGXFHUH]XOWDWXOQXVXE]LVW OD
LQIUDF LXQHD SUHY ]XW  vQ DUW  GLQ &RGXO SHQDO GH YUHPH FH ÄDWHQWDWXO´
DEVRDUEHDWkWvQFHUFDUHDFkWúLH[HFXWDUHDDF LXQLL'HFLSULQYRLQ DOHJLXLWRUXOXL
FDUHDLQWURGXVvQHFXD LDWH[WXOXLQR LXQHDÄDWHQWDW´ID]DWHQWDWLYHLSURSULX]LVHOD
DFHDVW LQIUDF LXQHHVWHFXPXODW ID]HLGHFRQVXPDUHDHL
9D H[LVWD vQV  WHQWDWLY  vQ FD]XO DFHORU DFWH SUHSDUDWRULL F URUD WRW
OHJLXLWRUXOOHDDFRUGDWVWDWXWGHWHQWDWLY 
&RQVXPDUHD ,QIUDF LXQHD VH FRQVXP  vQ PRPHQWXO vQFHSHULL H[HFXW ULL
DF LXQLL LQGLIHUHQW GH UH]XOWDWXO SURGXV UHVSHFWLY LQGLIHUHQW GDF  DF LXQHD D IRVW
GHV YkUúLW FXFRQGL LDFDGDWRULW vPSUHMXU ULORUvQFDUHVDSURGXVIDSWDV SXQ 
vQSHULFROVLJXUDQ DVWDWXOXL
6DQF LXQL )DSWD HVWH SHGHSVLW  DOWHUQDWLY FX GHWHQ LXQH SH YLD  VDX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQGD GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


$7(17$78/&2175$81(,&2/(&7,9,7 ,

$WHQWDWXO FRQWUD XQHL FROHFWLYLW L DSDUH FRQJUXHQW vQ DVSHFWHOH VDOH
GHILQLWRULL DWHQWDWXOXL OD VLJXUDQ D VWDWXOXL 'LVMXQF LD GLQWUH FHOH GRX  WLSXUL GH
DWHQWDW VH ORFDOL]HD]  OD QLYHOXO VXELHFWXOXL SDVLY VHFXQGDU FDUH vQ FD]XO
 
LQIUDF LXQLLDFXPDQDOL]DWHVHFRQVWLWXLHGLQWURFROHFWLYLWDWHGHLQGLYL]LvQYUHPH
FH VXELHFWXO SDVLY VHFXQGDU DO LQIUDF LXQLL GH UHIHULQ  HUD XQ SHUVRQDM GLQ HOLWD
VRFLHW LL ÌQ FRQVHFLQ  H[SOLFD LLOH GDWH OD LQIUDF LXQHD GH DWHQWDW OD VLJXUDQ D
VWDWXOXL vúL S VWUHD]  GHSOLQD YDODELOLWDWH OD LQIUDF LXQHD GH DWHQWDW FRQWUD
FROHFWLYLW LL VLPLOLWXGLQHD UHJOHPHQW ULL ORU vQJ GXLQGXQH vQ FRQWLQXDUH V  QH
OLPLW PODPDUFDUHDHOHPHQWHORUGHVSHFLILFLWDWHDOHLQIUDF LXQLLGLQXUP 
,QIUDF LXQHD GH DWHQWDW FRQWUD XQHL FROHFWLYLW L HVWH DLGRPD LQIUDF LXQLL
DQWHULRUH[DPLQDWHRLQIUDF LXQHFRPSOH[ ±SHQWUXF VDXUP ULWUHDOL]DUHDXQHL
GXEOH SURWHF LL SHQDOH UHVSHFWLY D VLJXUDQ HL VWDWXOXL úL D VHFXULW LL IL]LFH D
FROHFWLYLW LORU XPDQH ± úL DWLSLF  GLQ SXQFWXO GH YHGHUH DO FRQWRSLULL ID]HL GH
WHQWDWLY FXID]DGHFRQVXPDUHDLQIUDF LXQLL
'HRDUHFH FRQGL LLOH SUHH[LVWHQWH HOHPHQWHOH FRQVWLWXWLYH IRUPHOH
PRGDOLW LOHVDQF LXQLOHúLDVSHFWHOHSURFHVXDOHVXQWvQSULQFLSLXLGHQWLFHFXFHOH
GH OD LQIUDF LXQHD GH DWHQWDW FDUH SXQH vQ SHULFRO VLJXUDQ D VWDWXOXL vQ FHOH FH
XUPHD]  YRU IL H[DPLQDWH GRDU HOHPHQWHOH VSHFLILFH DOH DWHQWDWXOXL FRQWUD XQHL
FROHFWLYLW L3UDFWLFODWRDWHDFHVWHVHF LXQLVHYRUDYHDvQYHGHUHH[SOLFD LLOHGDWH
vQ VHF LXQLOH SDUDOHOH DOH LQIUDF LXQLL GH DWHQWDW OD VLJXUDQ D VWDWXOXL XQLFD
RSHUD LXQHFHXUPHD] DILI FXW FRQVWkQGvQvQORFXLUHDvQPRGFRUHVSXQ] WRUD
FRQFHSWXOXL ÄSHUVRDQ ´ FX DFHOD GH ÄFROHFWLYLWDWH´ UHVSHFWLY D VLQWDJPHL ÄFRUSXO
SHUVRDQHL´FXDFHHDGHÄFRUSDOILHF UHLSHUVRDQHGLQPDVDFROHFWLYLW LL´
&ROHFWLYLWDWH ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VH VXV LQH F  SULQ FROHFWLYLWDWH´
WUHEXLHV vQ HOHJHPRFRPXQLWDWHVRFLDO DGLF RJUXSDUHPDLPLF VDXPDLPDUH
GH SHUVRDQH FDUH WU LHVF vQ DFHODúL ORF FULWHULXO JHRJUDILF VDX GHPRJUDILF 
&ROHFWLYLWDWHD WUHEXLH V  ILH RUJDQL]DW  GXS  DQXPLWH FULWHULL HFRQRPLF SROLWLF
RUJDQL]DWRULFHWF 
'LQ DFHVW HQXQ  UH]XOW  F  QXPDL vQ VLWXD LD vQ FDUH FROHFWLYLWDWHD DVXSUD
F UHLD HVWH vQGUHSWDW DWHQWDWXO vQWUXQHúWH FXPXODWLY FULWHULLOH VSHFLILFDWH DFHD
FROHFWLYLWDWHHVWHSURWHJXLW SHQDOSULQGLVSR]L LLOHDUW&SHQ(VWHXQSXQFWGH
YHGHUHIXQGDPHQWDWSHGHILQL LDGDW DFHVWXLFRQFHSWvQXQHOHOH[LFRDQH
ÌQFHQHSULYHúWHREVHUY PvQSULPXOUkQGF QR LXQHDGHFROHFWLYLWDWHDIRVW
vQ HOHDV  úL GHILQLW  VDX GHOLPLWDW  úL SULQ DO L WHUPHQL GHFkW FHL UH LQX L vQ RSLQLD
FLWDW 
ÌQDOGRLOHDUkQGFUHGHPF QXH[LVW QLFLRUD LXQHSHQWUXFDUHQR LXQHDGH
FROHFWLYLWDWHGLQWH[WXOLQFULPLQDWRUWUHEXLHV FRLQFLG FXWRWGLQDGLQVXOFXDFHHD
GLQ OH[LFRDQH ±úLDUILFKLDURLPSRVLELOLWDWHRDWDUHSUHWHQ LHGHYUHPHFHvQVHúL
OXFU ULOHGHVSHFLDOLWDWHRIHU IRUPXO ULGLIHULWH±úLF GLPSRWULY H[LVW UD LXQLFD
vQ HOHVXODFHVWHLDV ILHGHVSULQVGLQHFRQRPLDúLILQDOLWDWHDWH[WXOXL2UGLQDFHVWH
SXQFWH GH YHGHUH VD YUXW D VH vQ HOHJH vQ RSLQLD QRDVWU  RULFDUH DQVDPEOX GH
SHUVRDQH RULFDUH JUXS GH LQGLYL]L ± PDL QXPHURV RUL PDL SX LQ QXPHURV úL
LQGHSHQGHQW GH SUH]HQ D VDX DEVHQ D FULWHULLORU VXVPHQ LRQDWH ± vPSRWULYD F UXLD
VHvQGUHDSW DF LXQHDH[WHUPLQDWRULHVDXY W P WRDUHIL]LF1XPDLvQWURDVWIHOGH
LQWHUSUHWDUHVHSRDWHDVLJXUDHIHFWLYSURWHF LDLQGLYL]LORUGLQDQVDPEOXULOHVRFLDOH
vQ WLPS FH LQWHUSUHWDUHD VXVHYRFDW  FH SUH]LQW  XQ FDUDFWHU QHW UHVWULFWLY DU
GHWHUPLQD VXV LQHP QRL VFRDWHUHD GH VXE LQFLGHQ D DUW  & SHQ D XQRU IDSWH


9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S

 Ä&ROHFWLYLWDWH´   Ä*UXS GH RDPHQL FDUH GXF R YLD  FROHFWLY    &RPXQLWDWH XPDQ ´ 0LF GLF LRQDU
HQFLFORSHGLF (GLWXUD (QFLFORSHGLF  5RPkQ  %XFXUHúWL  S  Ä&ROHFWLYLWDWH ± &RPXQLWDWH REúWH
VRFLHWDWH PXO LPH DQVDPEOX SRSXOD LH´ / úL 0 6HFKH 'LF LRQDU GH VLQRQLPH (GLWXUD ùWLLQ LILF  úL
(QFLFORSHGLF %XFXUHúWLS
 
Y GLW SHULFXORDVH GHRSRWULY  SHQWUX VLJXUDQ D VWDWXOXL úL VHFXULWDWHD FROHFWLYLW LL
XPDQH
0LMORF GH QDWXU  V  VO EHDVF  SXWHUHD GH VWDW ([SOLFDUHD VLQWDJPHL VH
LPSXQHDILI FXW SHQWUXILHFDUHGLQFRPSRQHQWHOHDFHVWHLD
0LMORF (QXQ LDWLY OHJLXLWRUXO D QXPLW GRX  DVHPHQHD ÄPLMORDFH´ FDUH VXQW
ÄRWU YLULvQPDV ´úLÄSURYRFDUHGHHSLGHPLL´
3ULQÄRWU YLULvQPDV ´VHvQ HOHJHDF LXQHDDXWRUXOXLGHDIDFHFDVXEVWDQ H
GHRULFHIHOFXHIHFWHOHWDOHY W P WRDUHIL]LFRULFDX]DWRDUHGHEROLV S WUXQG vQ
DOLPHQWHOH VDX DSD FX FDUH HVWH DSURYL]LRQDW  SRSXOD LD GLQWUR DQXPLW  ]RQ  RUL
ORFDOLWDWH VDX vQ DWPRVIHUD DPELDQW  D LQGLYL]LORU DFHOHL FROHFWLYLW L Ä3URYRFDUHD
GH HSLGHPLL´ HVWH DF LXQHD GH LQGXFHUH vQ PDV  D vPEROQ YLULORU FD XUPDUH D
FRQWDPLQ ULL LQGLYL]LORU GLQWUR ORFDOLWDWH UHJLXQH HWF SULQ U VSkQGLUHD vQ RULFH
PRGDOLWDWHDPLFURELORUYLUXVXULORUúDDJHQ LGHFODQúDWRULDLPDODGLLORU
&HOHGRX ÄPLMORDFH´HQXQ DWHGHWH[WDXXQFDUDFWHUPDLPXOWH[HPSOLILFDWLY
vQQLFLXQFD]OLPLWDWLYLSRWH]DQRUPHLSUHY ]kQGvQFRQWLQXDUHúLÄRULFHDOWPLMORF
GHQDWXU «´$FHVWRULFHDOWPLMORFSRDWHILLQFHQGLHUHDXQHLORFDOLW LDUXQFDUHDvQ
DHUDXQXLSRGRULDXQXLHGLILFLXSRSXODWLUDGLHUHDvQIRPHWDUHDLQGLYL]LORUGLQWUR
]RQ  úDPG &HHD FH HVWH DEVROXW QHFHVDU SHQWUX FD ÄPLMORFXO´ V  SUH]LQWH
FDUDFWHUXOSUHWLQVGHWH[WHVWHDSWLWXGLQHDOXLGHDSURYRFDXFLGHUHDVDXY W PDUHD
IL]LF DXQXLQXP UPDUHQHGHWHUPLQDWGHSHUVRDQHFKLDUGDF HIHFWXOVDSURGXV
DVXSUDXQXLVLQJXULQGLYLGVDXQXDUH]XOWDWQLFLRYLFWLP 
3XWHUHGHVWDW6LQWDJPDvQOXPLQDGRFWULQHLFRQVWLWX LRQDOHHVWHvQ HOHDV FD
DFHD IRUP  GH RUJDQL]DUH VWDWDO  D SXWHULL SRSRUXOXL SROLWLFH  3RWULYLW
&RQVWLWX LHL 5RPkQLHL DFHDVW  RUJDQL]DUH VWDWDO  VH UHDOL]HD]  SULQ FHOH WUHL
ÄSXWHUL´ FODVLFH ± OHJLVODWLY  H[HFXWLY  úL MXGHF WRUHDVF  ± F URUD vQ SODQ
LQVWLWX LRQDO OH FRUHVSXQG 3DUODPHQWXO LQVWLWX LD úHIXOXL GH VWDW úL *XYHUQXO
LQVWLWX LLOHMXULVGLF LRQDOH
3ULQ YHUEXO D VO EL UHIHULWRU OD SXWHUHD GH VWDW YD WUHEXL vQ HOHV HIHFWXO GH
VWDJQDUHVDXGHvQFRUVHWDUHDDFWLYLW LLLQVWLWX LLORUSXEOLFHLQFDSDFLWDWHDDFHVWRUD
GH D DVLJXUD vQ SODQ OHJLVODWLY H[HFXWLY RUL MXGHF WRUHVF QRUPDOD GHVI úXUDUH D
UHOD LLORUVRFLDOH
5HOXkQG VLQWDJPD vQ vQWUHJXO HL HVWH GHFL GH UH LQXW vQ DOWH FXYLQWH F 
ÄPLMORDFHOH´ IRORVLWH GH DXWRU WUHEXLH V  ILH DSWH D SURYRFD PXOWLSOH YLFWLPH
RPHQHúWL±LQGLIHUHQWGDF úLvQFHvQWLQGHUHHIHFWXOVFRQWDWVDSURGXV±úLF vQ
UHOD LH GH FRQH[LXQH REOLJDWRULH DFHVWH PLMORDFH VXQW GH QDWXU  D EXOYHUVD
IXQF LRQDUHDDXWRULW LORUúLLQVWLWX LLORUSXEOLFH±LQGHSHQGHQWGHDWLQJHUHDVDXQXD
RELHFWLYXOXLXUP ULWGHDXWRUúLDQXPHDFHODGHDEORFDSDU LDOVDXWRWDOSHQWUXXQ
PRPHQWRULSHRSHULRDG PDLvQGHOXQJDW DFWLYLWDWHDDFHVWRUD


68%0,1$5($387(5,,'(67$7

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH VXEPLQDUHD SXWHULL GH VWDW HVWH
FRPSOH[FRQVWLWXLWGLQXQXOSULQFLSDO±UHOD LLOHVRFLDOHSULYLQGVLJXUDQ DVWDWXOXL
vQ DFHD GLPHQVLXQHD D VD FDUH LPSOLF  H[HUFLWDUHD SXWHULL GH VWDW I U  QLFL R



,0XUDUX'UHSWFRQVWLWX LRQDOúLLQVWLWX LLSROLWLFH(GLWXUD$FWDPL%XFXUHúWLYRO,,S
 
DPHQLQ DUH FH VDU SXWHD QDúWH GLQ LQWHULRU ± úL XQXO VHFXQGDU ± UHOD LLOH VRFLDOH
SULYLQGGUHSWXOODYLD LQWHJULWDWHFRUSRUDO VDXV Q WDWHDSHUVRDQHLúLVDXUHOD LLOH
VRFLDOHUHIHULWRDUHODLQWHJULWDWHDEXQXULORUDWXQFLFkQGSULQDF LXQHDSXV vQOXFUX
VXQWDIHFWDWHVLPXOWDQúLDFHOHUHOD LL
,QIUDF LXQHD DUH RELHFW PDWHULDO vQ LSRWH]D vQ FDUH DF LXQHD VH vQGUHDSW 
vPSRWULYD SHUVRDQHORU VDX D EXQXULORU VLWXD LH vQ FDUH DFHVWD YD IL FRUSXO DFHORU
SHUVRDQHGXS FD]VWUXFWXUDúLYDORDUHDEXQXULORU

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
GHFL HO SRDWH IL RULFH SHUVRDQ  $FHDVW  LQIUDF LXQH VH FDUDFWHUL]HD]  SULQWUR
SOXUDOLWDWH GH VXELHF L DFWLYL XQLFLWDWHD VXELHFWXOXL ILLQG SRVLELO  ± GDU QX úL
REOLJDWRULH±ODFHOHODOWHIRUPHGHSDUWLFLSD LH LQVWLJDUHFRPSOLFLWDWH 
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD DILUPDW FX GHSOLQ WHPHL F  JUXSXULOH FDUH
vQWUHSULQG ÄDF LXQL DUPDWH´ VDX ÄDF LXQL SHULFXORDVH´ WUHEXLH V  ILH FRPSXVH GLQ
PLQLP WUHL SHUVRDQH FX DUJXPHQWXO GHVSULQV GLQ REVHUYDUHD WXWXURU WH[WHORU
SHQDOHF vQFD]XULOHvQFDUHOHJLXLWRUXODYRLWV VLWXH]HSOXUDOLWDWHDGHLQIUDFWRUL
VXE DFHDVW  FLIU  D IRORVLW H[SUHVLD ÄGRX  VDX PDL PXOWH SHUVRDQH´ &kW SULYHúWH
UHDOL]DUHD JUXSXOXL HVWH OLSVLW GH UHOHYDQ  GDF  R SDUWH GLQWUH VXELHF LL DFWLYL QX
U VSXQGSHQDO PLQRULVXEDQLLUHVSRQVDELOLPLQWDOL 
6XELHFW DFWLY SRDWH IL úL SHUVRDQD MXULGLF  vQ FRQGL LLOH úL FX OLPLW ULOH
SUHY ]XWHvQDUW&SHQ
6XELHFWXO SDVLY SULQFLSDO HVWH VWDWXO LDU VXELHFWXO SDVLY VHFXQGDU SRDWH IL
SHUVRDQD ± IL]LF  VDX MXULGLF  ± DIHFWDW  SULQ DF LXQHD FH FRQVWLWXLH HOHPHQWXO
PDWHULDO DO LQIUDF LXQLL 9RU DYHD GHFL FDOLWDWHD GH VXELHFW SDVLY DO LQIUDF LXQLL
LQVWLWX LLOHSXEOLFHXQLW LOHGHSR]LWDUHGHDUPHSDUWLGHOHSROLWLFH±DOHF URUVHGLL
DX IRVW DWDFDWH VDX RFXSDWH RUL F URUD OL VDX SURGXV SDJXEH SULQ DF LXQL GH
LQFHQGLHUH VDX GH GLVWUXJHUH ± SUHFXP úL SHUVRDQHOH XFLVH VDX D F URU LQWHJULWDWH
FRUSRUDO RULV Q WDWHDXIRVWY W PDWH

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW  GLQWUR DF LXQH ÄDUPDW ´ VDX
ÄYLROHQW ´±vQUDSRUWGHFDUHIDSWDVHvQFDGUHD] vQSULPXOVDXvQXUP WRUXODOLQHDW
±GDUvQWRWGHDXQDSULQWURIDSW FRPLVLY 
/HJHDQXSUHWLQGHFDDF LXQHDDUPDW VDXYLROHQW V SURGXF HIHFWLYXUPDUHD
SUHY ]XW  GH WH[W UHVSHFWLY V  VO EHDVF  SXWHUHD GH VWDW FL GRDU FD HD ÄV  ILH GH
QDWXU ´DGLF V DLE DSWLWXGLQHD V ILHVXVFHSWLELO GHDVO ELDFHDSXWHUH
$F LXQHD DUPDW  SUHVXSXQH H[LVWHQ D REOLJDWRULH D HOHPHQWHORU GH IDSW vQ
FRQWLQXDUHH[SOLFDWH
D  &RQVWLWXLUHD XQXL DQVDPEOX GH SHUVRDQH IRUPD LXQH JUXS PDL QXPHURV
VDXPDLSX LQQXPHURV QHILLQGGHFRQFHSXWH[HFXWDUHDXQHLDF LXQLDUPDWHGHF WUH
XQVLQJXUDXWRUDIDU GHFD]XOSHUVRDQHLFDUHSDUWLFLS ODV YkUúLUHDLQIUDF LXQLLVXE
DOWHIRUPH LQVWLJDWRUFRPSOLFH 
E  $QVDPEOXO GH SHUVRDQH WUHEXLH V  ILHvQDUPDW±DFHDVW VWDUHG FDUDFWHU
ÄDUPDW´DF LXQLL±DGLF SHUVRDQHOHWUHEXLHV SRDUWHDUPH1XSUH]LQW UHOHYDQ 
WLSXODUPHORU GHDS UDUHVDXGHDWDF GDF HOHVXQWSXUWDWHÄODYHGHUH´VDXGLVFUHW



79DVLOLXúLFRORSFLWYRO,S

79DVLOLXúLFRORSFLWYRO,S9'RQJRUR]úLFRORSFLWYRO,,,S
 
úL QLFL GDF  VXQW vQDUPD L WR L LQGLYL]LL FDUH DOF WXLHVF IRUPD LXQHD VDX QXPDL R
SDUWHGLQWUHDFHúWLD
3ULQ DUPH vQ VHQVXO OHJLL SHQDOH ± DUW  DOLQ   ± VH vQ HOHJ
LQVWUXPHQWHOH SLHVHOH VDX GLVSR]LWLYHOH GHFODUDWH DVWIHO SULQ GLVSR]L LL OHJDOH
'LVSR]L LLOH OD FDUH VH UHIHU  WH[WXO GH OHJH SHQDO  VXQW FXSULQVH vQ /HJHD
QU  SULYLQG UHJLPXO DUPHORU úL DO PXQL LLORU +* QU  SHQWUX
DSUREDUHD QRUPHORU PHWRGRORJLFH GH DSOLFDUH D /HJLL QU  úL DUW 
GLQ/HJHDQUSULYLQGUHJLPXODUPHORUGHIRFúLDOPXQL LLORU
'H DVHPHQHD SRWULYLW DUW  DOLQ   & SHQ DX IRVW DVLPLODWH DUPHORU
ÄRULFHDOWHRELHFWHGHQDWXU DSXWHDILIRORVLWHFDDUPHúLFDUHDXIRVWvQWUHEXLQ DWH
SHQWUXDWDF´$úDGDUWRSRUXOIXUFDVHFXUHDVHFHUDHWF±FDUHVXQWSULQQDWXUDúL
GHVWLQD LDORUXQHOWHGHX]JRVSRG UHVF±YRUILDVLPLODWHDUPHORUGDF HOHDXIRVW
HIHFWLYIRORVLWHSHQWUXDWDF
F  $QVDPEOXO GH SHUVRDQH vQDUPDWH WUHEXLH V  DWDFH VHGLXO XQHL LQVWLWX LL
SXEOLFHGHLQWHUHVFHQWUDO±3DUODPHQW*XYHUQ3UHúHGLQ LHPLQLVWHU7HOHYL]LXQH
5DGLRúD±VDXORFDO±SULP ULLSRVWXULWHULWRULDOHGHUDGLRúLWHOHYL]LXQHX]LQHFX
SURGXF LH VSHFLDO  VDX GH vQVHPQ WDWH SHQWUX HFRQRPLD QD LRQDO  HWF $WDFXO QX
SUHVXSXQH úL IRORVLUHD DUPHORU FL GRDU SUH]HQ D DFHVWRUD DVXSUD DWDFDWRULORU
LQGLIHUHQWGDF VXQWH[KLEDWHVDXGLVLPXODWH'HDVHPHQHDHVWHOLSVLW GHUHOHYDQ 
GXUDWD DWDFXOXL FDUH SRDWH IL GRDU GH PRPHQW RUL SUHOXQJLW SULQ RFXSDUHD
RELHFWLYXOXLYL]DW
$F LXQL YLROHQWH GH QDWXU  V  DWUDJ  DFHOHDúL XUP UL OD FDUH VH UHIHU  WH[WXO
DOLQ  VXQWDOWHDF LXQLGHFkWFHOHÄDUPDWH´GHFLvQDFHDVW YDULDQW DJUHVRULLQX
VXQWSXUW WRULGHDUPHúLHOHVHFDUDFWHUL]HD] SULQYLROHQ DFXFDUHVHGHVI úRDU 
0DQLIHVW ULOH YLROHQWH SRW IL GH QDWXU  IL]LF  ± ORYLUHD XQRU IXQF LRQDUL GLQ
LQVWLWX LLOH DWDFDWH D DJHQ LORU GH RUGLQH D PLOLWDULORU FDUH DVLJXU  VHFXULWDWHD
VHGLLORUHWF±VDXSVLKLF ±DPHQLQ DUHDVDXEDWMRFRULUHDSHUVRDQHORUGHPDLVXV
8UPDUHD LPHGLDW  D DFHVWHL LQIUDF LXQL FRQVW  vQ SURGXFHUHD XQHL VW UL GH
SHULFROSHQWUXVLJXUDQ DVWDWXOXLVDXúLSHQWUXLQWHJULWDWHDIL]LF DSHUVRDQHORUVW UL
FHDSDUFRQFRPLWHQWSXQHULLvQH[HFXWDUHDIDSWHL
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQH ±DUPDW  VDX YLROHQW  ± úL XUPDUHD
LPHGLDW DOHDPEHORUPRGDOLW LQRUPDWLYH±UH]XOW H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHVXEPLQDUHDSXWHULLGHVWDWVHV YkUúHúWH
FXIRUPDGHYLQRY LHLQWHQ LHILHGLUHFW ILHLQGLUHFW 6FRSXOúLPRELOXOQXMRDF 
QLFLXQUROvQUHDOL]DUHDLQIUDF LXQLL

)RUPH6DQF LXQL
)RUPH 8QHOH DFWH SUHSDUDWRULL OD LQIUDF LXQHD SUHY ]XW  vQ DUW  GLQ
&RGXO SHQDO VXQW DVLPLODWH WHQWDWLYHL ± SRWULYLW SUHYHGHULORU DUW  DOLQ  
&SHQ±úLGHFLHOHDWUDJU VSXQGHUHDSHQDO DFHORUFHOHV YkUúHVF
7HQWDWLYD SURSULX]LV  OD DFHDVW  LQIUDF LXQH QX H[LVW  GHRDUHFH XUPDUHD
LPHGLDW  VH SURGXFH LQVWDQWDQHX R GDW  FX vQFHSHUHD H[HFXW ULL DF LXQLL ÄDUPDWH´
VDXÄYLROHQWH´



3XEOLFDW vQ02IQUGLQ

3XEOLFDW vQ02IQUGLQ

3XEOLFDW vQ02IQUGLQ
 
&RQVXPDUHDLQIUDF LXQLLVHSURGXFHFRQFRPLWHQWSXQHULLvQOXFUXDDF LXQLL±
ÄDUPDWH´VDXÄYLROHQWH´
6DQF LXQL 6DQF LXQLOH VXQW GLIHULWH )DSWD SUHY ]XW  vQ DOLQ   HVWH
SHGHSVLW DOWHUQDWLYFXGHWHQ LXQHSHYLD VDXvQFKLVRDUHGHODODGHDQLúL
LQWHU]LFHUHDXQRUGUHSWXUL/DDOLQ  HVWHSUHY ]XW SHGHDSVDvQFKLVRULLGHODOD
GHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQ DPEHOH LSRWH]H GH LQFULPLQDUH SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX
DPHQG vQWUHúLOHLSRWULYLWDUWDOLQ  &SHQ


$&7(/('(',9(56,81(

2ELHFWXORFURWLULLSHQDOH
$FWHOHGHGLYHUVLXQHUHSUH]LQW RLQIUDF LXQHFRPSOH[ FDUDFWHUFHUH]LG vQ
SOXUDOLWDWHD RELHFWXOXL V X JHQHULF VSHFLDO GDU úL DO SOXUDOLW LL FRQVHFLQ HORU
HIHFWHORU SURYRFDWH$VWIHOGLQDFHVWGLQXUP SXQFWGHYHGHUHHVWHGHREVHUYDW
F HIHFWHOHXUP ULWHVDXDFFHSWDWHVHU VIUkQJPDLvQWkLODQLYHOXOHFRQRPLFXOXL
PDLDSRLODQLYHOXOVXSHULRUDOLQWHUHVHORUGHVWDW±URPkQVDXDOHXQHL ULDOLDWH±
úLQLFLGHFXPQHJOLMDELOODQLYHOXOFRQúWLLQ HLFROHFWLYHDRSLQLHLSXEOLFH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL SUHY ]XW  vQ DUW  HVWH GXDO XQ
RELHFW MXULGLF SULQFLSDO FRQVWLWXLW GLQ UHOD LLOH VRFLDOH SULYLWRDUH OD VLJXUDQ D
VWDWXOXLúLXQRELHFWMXULGLFDGLDFHQW±SUH]HQWREOLJDWRULXúLQXFDSRVLELOLWDWH±FH
HVWH FRQVWLWXLW GLQ UHOD LLOH VRFLDOH SULYLQG SDWULPRQLXO LQGLIHUHQW GH IRUPD GH
SURSULHWDWHDDFHVWXLD±SXEOLFSULYDWPL[W
2ELHFWXOPDWHULDODOLQIUDF LXQLLFRQVW vQEXQXULOHDVXSUDF URUDVHvQGUHDSW 
DF LXQHDGHGLVWUXJHUHGHJUDGDUHVDXGHDGXFHUHvQVWDUHGHQHvQWUHEXLQ DUH$FHVWH
EXQXUL DX IRVW GHWHUPLQDWH GH OHJLXLWRU ± ÄX]LQH LQVWDOD LL F L GH FRPXQLFD LL
PLMORDFHGHWUDQVSRUWPLMORDFHGHWHOHFRPXQLFD LLFRQVWUXF LLSURGXVHLQGXVWULDOH
VDX DJULFROH´ ± GDU GHWHUPLQDUHD HVWH H[HPSOLILFDWLY  úL QX H[KDXVWLY  WH[WXO
O VkQGSULQH[SUHVLDÄRULDDOWRUEXQXUL´SRVLELOLWDWHDGHDFRPSOHWDVHULDDFHVWRUD
3ULQ FRQFHSWXO ÄDOWH EXQXUL´ SRW IL vQ HOHVH GH H[HPSOX FRQGXFWHOH GH
DGXF LXQH DOH KLGURFHQWUDOHORU FRQGXFWHOH GH JD]H RUL SHWURO UH HOHOH GH LULJD LL
GHSR]LWHOHGHDOLPHQWHDFWLYHVDXGLQUH]HUYDGHVWDWPLQHOHúDPG1RPLQDOL]DWH
VDXQXGHOHJLXLWRUEXQXULOHRULFDUHDUILWUHEXLHV SUH]LQWHRDQXPLW vQVHPQ WDWH
SHQWUXHFRQRPLDQD LRQDO 

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLQXHVWHGHWHUPLQDWSULQWH[W
HOSXWkQGILRULFHSHUVRDQ 
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYvQFRQGL LLOHDUW&SHQ
,QIUDF LXQHD SRDWH IL V YkUúLW  GH R VLQJXU  SHUVRDQ  VDX GH PDL PXOWH
SHUVRDQHvQRULFDUHIRUP GHSDUWLFLSD LH±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOLDUVXELHFWXOSDVLYVHFXQGDUHVWHDJHQWXO
HFRQRPLF±SXEOLFVDXSULYDW±F UXLDvLDSDU LQHEXQXODIHFWDW

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO FRQVW  DOWHUQDWLY GLQWUXQD GLQ DF LXQLOH GH GLVWUXJHUH
GHJUDGDUH VDX DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH 7H[WXO SUHFL]HD]  F  HVWH
VDWLVI FXW FHULQ DSULYLQGHOHPHQWXOPDWHULDOFKLDUGDF HIHFWXODF LXQLLHVWHGRDU
SDU LDO GLVWUXJHUHDSDU LDO DEXQXULORU 
 
&RQFHSWXO GLVWUXJHUH GHVHPQHD]  DF LXQHD SXUWDW  vPSRWULYD XQXL EXQ vQ
XUPD F UXLD DFHVWD HVWH GH]LQWHJUDW QLPLFLW G UkPDW UXLQDW LDU DWXQFL FkQG HVWH
vQGUHSWDW  vPSRWULYD DQLPDOHORU FRQVHFLQ D FRQVW  vQ XFLGHUHD VDX LQILUPL]DUHD
DFHVWRUD'HSLOG SULQQ UXLUHDSLORQLORUGHUH]LVWHQ DLXQXLSRGHIHFWDODF LXQLL
GHPLQDUHDDFHVWRUDSRGXOHVWHGLVWUXV
3ULQ GHJUDGDUH VH vQ HOHJH DFHD DF LXQH vQGUHSWDW  vPSRWULYD XQXL EXQ vQ
XUPD F UXLD DFHVWD SLHUGH XQD VDX PDL PXOWH GLQ FDOLW LOH VDOH HVWH GHWHULRUDW
VWULFDWÌQH[HPSOXODQWHULRUGHWHULRUDUHDVXSUDIH HLGHUXODUHSULQSURYRFDUHDXQRU
VS UWXULvQDFHDVWDYDGHWHUPLQDGHJUDGDUHDSRGXOXLVSUHGHRVHELUHGHSULPXOFD]
vQ FDUH SRGXO YD WUHEXL UHFRQVWUXLW vQ DFHVW FD] VXQW vQGHVWXO WRDUH OXFU UL GH
UHSDUD LH
6LQWDJPDDGXFHUHvQVWDUHGHQHvQWUHEXLQ DUHYL]HD] FXSUHF GHUHDVSHFWXO
IXQF LRQDODOEXQXOXLDGLF DFHDDF LXQHSULQFDUHEXQXOGHYLQHLPSURSULXIRORVLULL
SRWULYLW GHVWLQD LHL VDOH I U  D SURYRFD GLVWUXJHUHD VDX GHJUDGDUHD DFHVWXLD ÌQ
H[HPSOXO GH PDL VXV HVWH VXILFLHQW  VXVWUDJHUHD EXORDQHORU GH IL[DUH D VXSUDIH HL
GH UXODUH SH VWUXFWXUD SRGXOXL SHQWUX FD DFHVWD V  GHYLQ  LQXWLOL]DELO GDWRULW 
Y GLWHLLQVHFXULW LSHQWUXFLUFXOD LDDXWRYHKLFXOHORU
0LMORDFHOH SULQ FDUH VH PDWHULDOL]HD]  XQD GLQWUH DFHVWH DF LXQL VXQW GRDU
HQXQ DWHRULHQWDWLYvQWH[W±ÄH[SOR]LLLQFHQGLL´±DOWHOH±GHVFKLGHUHI FXW SULQ
H[SUHVLDÄvQRULFHDOWPRG´±XUPkQGDILHYDOXDWHúLOXDWHvQFRQVLGHUDUHFDDWDUHGH
RSHUDWRUHYLGHQWvQP VXUDvQFDUHDFHVWÄDOWPRG´ DOWPLMORF DUHDSWLWXGLQHDGHD
GLVWUXJH GHJUDGD RUL DGXFH EXQXO vQ VWDUH GH QHvQWUHEXLQ DUH $VHPHQHD ÄDOWH
PRGXUL´ SRW IL LQXQGDUHD XQRU SODWIRUPH LQGXVWULDOH VDX WHUHQXUL DJULFROH LQIHF
WDUHDXQRUSURGXVHDJULFROHvQVLOR]DWHVXVWUDJHUHDXQHLVLQJXUHSLHVHGLQWUXQPH
FDQLVPSLHV I U GHFDUHvúLvQWUHUXSHDFWLYLWDWHDvQWUHJXOFRPSOH[LQGXVWULDOúD
8UPDUHDLPHGLDW VHSUH]LQW vQWURVHULHGXEO 3ULPDDFHHDSULQFLSDO HVWH
FUHDUHD VW ULL GH SHULFRO SHQWUX VHFXULWDWHD QD LRQDO  úL LQWHJULWDWHD SDWULPRQLXOXL
LDU D GRXD FHD VHFXQGDU  FRQVW  vQ SURGXFHUHD XQHL SDJXEH PDWHULDOH DFHOXL
RELHFWLY LPSRUWDQW SHQWUX HFRQRPLD QD LRQDO  úL SULQ HIHFWXO FRQWLQXDW vQVHúL
HFRQRPLHLQD LRQDOH
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQH úL XUP ULOH LPHGLDWH YD IL
QHFHVDUPHQWH ELSRODU  úL vQ HWDSH VXFFHVLYH ÌQ FD]XO DFHVWHL LQIUDF LXQL OHJ WXUD
GH FDX]DOLWDWH VH VWDELOHúWH vQWUXQ SULP WLPS vQWUH DF LXQH úL XUPDUHD LPHGLDW 
VHFXQGDU ±FDUHHVWHSDJXEDSURYRFDW SDWULPRQLXOXL±úLSULQLQWHUPHGLXODFHVWHL
OHJ WXULVHYDVWDELOLOHJ WXUDGHFDX]DOLWDWHFXXUPDUHDLPHGLDW SULQFLSDO ±VWDUHD
GHSHULFROSHQWUXVLJXUDQ DVWDWXOXL±SULPDFRQGL LRQkQGRSHFHDGHDGRXD

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHDFWHGHGLYHUVLXQHVHV YkUúHúWHQXPDLFX
LQWHQ LHvQDPEHOHHLPRGDOLW L±GLUHFW úLLQGLUHFW 
7H[WXOLQFULPLQDWRUQXSUHWLQGHH[LVWHQ DXQXLPRELODOIDSWHLVDXDXQXLVFRS
XUP ULWGHI SWXLWRU

)RUPH6DQF LXQL
)RUPH ÌQ FRQIRUPLWDWH FX GLVSR]L LLOH DUW  DOLQ   úL   XQHOH DFWH
SUHJ WLWRDUHúLWHQWDWLYDDQWUHQHD] U VSXQGHUHDSHQDO 
&RQVXPDUHD LQIUDF LXQLL LQWHUYLQH vQ PRPHQWXO vQ FDUH DF LXQHD D IRVW
ILQDOL]DW  úL VD SURGXV XUPDUHD LPHGLDW  FDUH HVWH GH QDWXU  V  DGXF  DWLQJHUH
VLJXUDQ HLVWDWXOXLSULQSURYRFDUHDXQHLSDJXEHODRXQLWDWHFXDFWLYLWDWHvQVHPQDW 
SHQWUXHFRQRPLDQD LRQDO 
6DQF LXQL ,QIUDF LXQHD HVWH SHGHSVLW  FX GHWHQ LXQH SH YLD  VDX FX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
 
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


68%0,1$5($(&2120,(,1$ ,21$/(

2ELHFWXORFURWLULLSHQDOH
$QDOL]DUHD LQIUDF LXQLL GH VXEPLQDUH D HFRQRPLHL QD LRQDOH vQ JHQXO HL
SUR[LP R VLWXHD]  vQ FRPSDQLD LQIUDF LXQLL GH DFWH GH GLYHUVLXQH ÌQ DGHY U
FDWHJRULD FHORU GRX  LQIUDF LXQL SURWHMHD]  SULQ GLVSR]L LLOH LQFULPLQDWRULL DOH
DFHVWRUDVLVWHPXOHFRQRPLFQD LRQDOvPSRWULYDIHOXULWHORUDF LXQLSULQFDUHVHSRDWH
DWHQWD OD YDORULOH VDOH FHOH PDL LPSRUWDQWH $S UkQG VLVWHPXO HFRQRPLF QD LRQDO
SUHYHGHULOHVXVPHQ LRQDWHDS U SULQFRQVHFLQ vQVXúLVLVWHPXOVWDWDOVLJXUDQ D
DFHVWXLD
ÌQWUHDFHVWHLQIUDF LXQLH[LVW XQHOHDSURSLHULGDUúLGLVWDQ ULGLQWUHFHOHGLQ
XUP FHDPDLVHPQLILFDWLY ILLQGDFHHDDPLMORDFHORUSULQFDUHVHvQI SWXLHVFDFWHOH
LQFULPLQDWH SURGXFHUHD vQ PRG GLUHFW GH SDJXEH LPSRUWDQWH HFRQRPLHL QD LRQDOH
SULQPLMORDFHGXUHYLROHQWH±ODDFWHOHGHGLYHUVLXQH±SURGXFHUHDvQPRGLQGLUHFW
GHSDJXEHLPSRUWDQWHHFRQRPLHLQD LRQDOHSULQPLMORDFHSHUILGHVXEPLQDQWH±OD
LQIUDF LXQHDDFXPDQDOL]DW 
'H]Y OXLUHD FRQ LQXWXOXL VLQWDJPHL GH VXEPLQDUHD HFRQRPLHL QD LRQDOH HVWH
UHFODPDW  QX QXPDL GH vPSUHMXUDUHD F  SULQ HD D IRVW GHQXPLW  PDUJLQDO
LQIUDF LXQHDvQ&RGXOSHQDOFLPDLDOHVSHQWUXF DF LXQLOHGHVFULVHvQWH[WQXYRU
FRQVWLWXLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGDF HOHQXVXQWÄGHQDWXU V VXEPLQH]H
HFRQRPLDQD LRQDO ´
/H[LFDOYHUEXOXLÄDVXEPLQD´LVDGDWvQ HOHVXOGHDDWDFDDORYL LQGLUHFWSH
DVFXQV  SHQWUX D VO EL D FRPSURPLWH D ] G UQLFL VDX D QLPLFL R DF LXQH R
UHDOL]DUH
,QWURGXFkQGFRQFHSWXO±FXDFHVWVHQV±vQVLQWDJP H[DPLQDW vQvQWUHJXOHL
GHDFHDVW GDW vQORJLFDSHQDO SULQÄVXEPLQDUHDHFRQRPLHLQD LRQDOH´YRUWUHEXL
vQ HOHVHDFHOHDF LXQL SUHY ]XWHGHWH[W vQWUHSULQVHFRQVSLUDWLYRFXOWúLPHQLWHV 
DIHFWH]H H[LVWHQ D VLVWHPXOXL HFRQRPLF QD LRQDO HYROX LD OXL ILUHDVF  úL QHFHVDU 
SHQWUXVRFLHWDWHúLVWDWRULQXPDLDVXEVLVWHPHORUDFHVWXLD S U LUDPXULGRPHQLL±
FD GH SLOG  ILQDQ H DJULFXOWXU  WUDQVSRUWXUL HWF  D F URU VFRDWHUH GLQ IXQF LXQH
RULGHUHJODUHVHUHSHUFXWHD] DVXSUDvQWUHJXOXLVLVWHP
2ELHFWXO MXULGLF VSHFLDO ([SOLFD LLOH GDWH OD LQIUDF LXQHD DQWHULRDU  VXQW
YDODELOH úL OD LQIUDF LXQHD GH VXEPLQDUHD HFRQRPLHL QD LRQDOH 0DUF P GRDU
GH]DFRUGXOGLQWUHRSLQLDQRDVWU úLDFHHDH[SULPDW vQXQHOHWUDWDWHGHVSHFLDOLWDWH
vQ FDUH VH DILUP  XQLFLWDWHD RELHFWXOXL MXULGLF úL QX GXDOLWDWHD DFHVWXLD DúD FXP
VXV LQHPQRL
ÌQ UHJXO  JHQHUDO  LQIUDF LXQHD HVWH OLSVLW  GH RELHFW PDWHULDO GHRDUHFH
DF LXQHDVXEPLQDQW QXHVWHSXUWDW DVXSUDXQXLEXQÌQH[FHS LHvQV vQGHRVHELvQ
FD]XO PRGDOLW LL DJUDYDWH GH OD DOLQ   LQIUDF LXQHD DUH FD RELHFW PDWHULDO
EXQXULOHXQLW LLODFDUHVHUHIHU DUW&SHQYDORULOHPDWHULDOHDOHDFHVWHLD

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWDúDGDU
HOSRDWHILRULFDUHSHUVRDQ 'DUDúDFXPVHDU WDPDLVXVVXELHFWXODFWLYHVWHGH


'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S79DVLOLXúLFRO
&RGXOSHQDO±FRPHQWDWúLDGQRWDWSDUWHDVSHFLDO HGFLWYRO,S
 
UHJXO  vQFDGUDW FD IXQF LRQDU VDX DQJDMDW DO DJHQWXOXL HFRQRPLF FDOLWDWH FDUH vL
RIHU  R PDL ODUJ  úL FRQFUHW  SRVLELOLWDWH GH D VH ÄIRORVL´ GH DFHO DJHQW RUL GH DL
ÄvPSLHGLFD DFWLYLWDWHD´ GHFkW GDF  HO DF LRQHD]  GLQ H[WHULRUXO VWUXFWXULL
RUJDQL]D LRQDOH
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD OD LQIUDF LXQH HVWH SRVLELO  vQ WRDWH PRGDOLW LOH HL ± FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOLDUVXELHFWXOSDVLYVHFXQGDUHVWHDJHQWXO
HFRQRPLF ± FH GH LQH EXQXUL SURSULHWDWH SXEOLF  VDX SULYDW  ± GH FDUH DXWRUXO
LQIUDF LXQLLVDIRORVLWRULF UXLDLDvPSLHGLFDWQRUPDODDFWLYLWDWHVDXLDSURYRFDW
QHPLMORFLWSDJXEHLPSRUWDQWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLGHVXEPLQDUHDHFRQRPLHLQD LRQDOHFRQVW 
vQXQDGLQFHOHGRX DF LXQLWLSHQXQ DWHGHWH[WúLDQXPHGHÄIRORVLUH´DDJHQWXOXL
HFRQRPLF RUL GH ÄvPSLHGLFDUH D DFWLYLW LL´ DFHVWXLD $PEHOH DF LXQL VH SRW
PDWHULDOL]D vQWUR GLYHUVLWDWH GH PLMORDFH GLVSR]L LL FRQWUDUH QRUPHORU FH
UHJOHPHQWHD] DFWLYLWDWHDDE LQHUHDGHODDOXDDQXPLWHKRW UkULGLYXOJDUHDXQRU
GDWH QHGHVWLQDWH SXEOLFLW LL FRQYLQJHUHD ± SULQ SHUVXDVLXQH FRUXS LH RUL DOWH
PHWRGH ± XQRU VDODULD L GH D DGRSWD DWLWXGLQL GH QDWXU  D vPSLHGLFD GHVI úXUDUHD
QRUPDO DDFWLYLW LLVXVWUDJHULGHYDORULGHRVHELWGHLPSRUWDQWHúD 
)RORVLUHDXQHLXQLW L/DWRVHQVXVLQWDJPDGHVHPQHD] DF LXQHDDXWRUXOXL
GH D X]D GH XQ DQXPLW DJHQW HFRQRPLF SHQWUX D VXEPLQD HFRQRPLD QD LRQDO  RUL
SHQWUX DL SURYRFD DFHVWHLD R SDJXE  LPSRUWDQW  6WULFWR VHQVX ± úL DFHVWD HVWH
VHQVXOvQFDUHXUPHD] DILvQ HOHVúLLQWHUSUHWDWWH[WXODUW&SHQ±VLQWDJPD
GHVHPQHD]  DF LXQHD GH RULHQWDUH GH GLULMDUH D DFWLYLW LL DJHQWXOXL HFRQRPLF vQ
GLUHF LDXUP ULW GHDXWRUXOLQIUDF LXQLL
ÌPSLHGLFDUH D DFWLYLW LL QRUPDOH D XQHL XQLW L 6HQVXO vQ FDUH WUHEXLH
vQ HOHDV VLQWDJPDHVWHDFHODGHDF LXQHSULQFDUHDXWRUXOIUkQHD] vQFHWLQHúWHSkQ 
OD RSULUH DFWLYLWDWHD DJHQWXOXL HFRQRPLF FUHHD]  vQ PRG YRLW GLILFXOW L vQ
DFWLYLWDWHDDFHVWXLD
$F LXQHD GH ÄvPSLHGLFDUH´ SRDWH IL vQI SWXLW  SULQ DFWH FRPLVLYH SULQ
GLVSR]L LL GDWH vQ YLUWXWHD DWULEX LLORU IXQF LRQDOH FD GH H[HPSOX vQFKHLHUHD FX
úWLLQ DXQRUFRQWUDFWHGH]DYDQWDMRDVHUHVSHFWLYXOXLDJHQWHFRQRPLFUHRUJDQL] UL
DOH SURFHVXOXL PXQFLL FDUH DX GUHSW FRQVHFLQ  VF GHUHD SURGXFWLYLW LL D
UHQWDELOLW LLúD$FHDVW DF LXQHVHSRDWHH[SULPDúLSULQDFWHRPLVLYHDGLF SULQ
QHDGRSWDUHDGHFL]LLORUODFDUHDXWRUXOLQIUDF LXQLLHUDREOLJDWSRWULYLWDWULEX LLORUGH
VHUYLFLXFXPDUILGHSLOG QHOXDUHDP VXULORUSHQWUXDVLJXUDUHDPDWHULLORUSULPH
QHFHVDUH SURFHVXOXL PXQFLL RUL D OLFKLGLW LORU ILQDQFLDUH WUHEXLQFLRDVH UHWULEXLULL
SHUVRQDOXOXL FX FRQVHFLQ D SURYRF ULL XQRU FRODSVXUL vQ SURGXF LH D úRPDMXOXL
WHKQLF D XQRU JUHYH SUHOXQJLWH VDX D DOWRU WXOEXU UL vQVHPQDWH vQ YLD D DJHQWXOXL
HFRQRPLFHWF
8QLWDWH GLQ FHOH OD FDUH VH UHIHU  DUW  & SHQ ÌQ DUW  & SHQ VXQW
HQXQ DWHXUP WRDUHOHXQLW LÄDXWRULW LSXEOLFHLQVWLWX LLSXEOLFHLQVWLWX LLVDXDOWH
SHUVRDQH GH LQWHUHV SXEOLF´ 'LQ HFRQRPLD WH[WXOXL VH GHVSULQGH I U  HFKLYRF
LGHHD SRWULYLW F UHLD HFRQRPLD QD LRQDO  SRDWH IL S JXELW  RUL VXEPLQDW  vQ HJDO 
P VXU  SULQ SURGXFHUHD XQRU SUHMXGLFLL DJHQ LORU HFRQRPLFL FDUH DGPLQLVWUHD] 
EXQXUL SURSULHWDWH SXEOLF  SUHFXP úL DJHQ LORU HFRQRPLFL FDUH GH LQ EXQXUL vQ
SURSULHWDWHSULYDW FXFRQGL LDGHEXQ VHDP FDHIHFWHOHSUHMXGLFLLORUUHVSHFWLYH
V VHU VIUkQJ DVXSUDVLVWHPXOXLHFRQRPLFQD LRQDORULDVXEVLVWHPHORUDFHVWXLD

 
,QGLIHUHQW vQV  SULQ FDUH GLQ DFHVWHGRX PRGDOLW LVHvQI SWXLHúWHDF LXQHD
DFHD DF LXQH QHFHVDUPHQWH WUHEXLH V  ILH ÄGH QDWXU  D VXEPLQD HFRQRPLD
QD LRQDO ´LDUvQYDULDQWDSUHY ]XW vQDOLQ  GLQDUW&SHQúLV SURYRDFH
R ÄSDJXE  LPSRUWDQW  HFRQRPLHL QD LRQDOH´ (VWH R FHULQ  HVHQ LDO  SHQWUX
H[LVWHQ DLQIUDF LXQLLGHVXEPLQDUHDHFRQRPLHLQD LRQDOH
8UPDUHD LPHGLDW  D LQIUDF LXQLL HVWH XQD SULQFLSDO  ± FRPXQ  WXWXURU
LQIUDF LXQLORUFRQWUDVLJXUDQ HLVWDWXOXL±úLXQDDGLDFHQW ±FDUHFRQVW vQYDULDQWD
SULPXOXL DOLQHDW DO WH[WXOXL vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX HFRQRPLD
QD LRQDO  DPHQLQ DW FXVXEPLQDUHDHL RULvQYDULDQWDFHOXLGHDOGRLOHDDOLQHDWvQ
SURYRFDUHD HIHFWLY  D XQHL SDJXEH LPSRUWDQWH HFRQRPLHL QD LRQDOH SDJXE  GH
QDWXU DVXEPLQDDFHVWVLVWHP
1LFL DFHDVW  VLQWDJP  QX vúL J VHúWH R GHILQLUH vQ WH[WHOH &RGXOXL SHQDO ÌQ
SUDFWLFD MXGLFLDU  D LQVWDQ HL VXSUHPH FRQ LQXWXO H[SUHVLHL ÄSDJXE  LPSRUWDQW 
SURGXV HFRQRPLHLQD LRQDOH´VDDúH]DWvQV vQWURUHOD LHGHVLQRQLPLHFXDFHODDO
H[SUHVLHL ÄFRQVHFLQ H GHRVHELW GH JUDYH´ OD FDUH VH UHIHU  GLVSR]L LLOH DUW 
&SHQ$FHDVW GHFL]LHGHvQGUXPDUHDLQVWDQ HLVXSUHPHHVWHvQYLJRDUHQHILLQG
GH]DYXDW RULvQORFXLW SkQ vQSUH]HQW
3HDFHDVW OLQLHGHJkQGLUHúLSULQFRUHODUHDHLFXGLVSR]L LLOHDUW&SHQ
UH]XOW  F  SULQ VLQWDJPD SXV  vQ GLVFX LH úL FX FDUH VH RSHUHD]  vQ WH[WXO DUW 
& SHQ YD WUHEXL vQ HOHV ÄR SDJXE  PDWHULDO  PDL PDUH GH  OHL VDX R
SHUWXUEDUHGHRVHELWGHJUDY DDFWLYLW LL´
/HJ WXUDGHFDX]DOLWDWHvQDPEHOHYDULDQWHGLQDOLQHDWHOHDUW&SHQVH
VWDELOHúWH PDL vQWkL vQWUH DF LXQHD DXWRUXOXL úL XUPDUHD LPHGLDW  DGLDFHQW  ±
SHULFROXO GH VXEPLQDUH D HFRQRPLHL QD LRQDOH UHVSHFWLY SURYRFDUHD XQHL SDJXEH
LPSRUWDQWH DFHVWXL VLVWHP ± úL SULQ LQWHUPHGLXO DFHVWHL UHOD LL GH FRQH[LXQH vQWUH
DF LXQHD DXWRUXOXL úL XUPDUHD LPHGLDW  SULQFLSDO  ± SHULFROXO SHQWUX VLJXUDQ D
VWDWXOXL±SULPDFRQGL LRQkQGRSHFHDGHDGRXD

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH 6XEPLQDUHD HFRQRPLHL QD LRQDOH HVWH R LQIUDF LXQH GH
LQWHQ LH 6XELHFWXO DFWLY DO LQIUDF LXQLL WUHEXLH GHFL V  SUHYDG  úL V  GRUHDVF 
XUP ULOH IDSWHL VDOH GH ÄIRORVLUH´ D DJHQWXOXL HFRQRPLF RUL GH ÄvPSLHGLFDUH´ D
DFWLYLW LLDFHVWXLDSHQWUXDVXEPLQDHFRQRPLDQD LRQDO úLDFUHDDVWIHORVWDUHGH
SHULFROSHQWUXVLJXUDQ DVWDWXOXL ±LQWHQ LHGLUHFW ±RULV SUHYDG úLV DFFHSWH
SRVLELOLWDWHDVXEPLQ ULLHFRQRPLHLQD LRQDOHFKLDUGDF QXDXUP ULWDFHVWUH]XOWDW
± LQWHQ LH LQGLUHFW  3HQWUX YDULDQWD DJUDYDW  GH OD DUW  DOLQ   & SHQ
VXELHFWXO YD WUHEXL VXSOLPHQWDU V  SUHYDG  úL V  GRUHDVF  RUL V  DFFHSWH úL
SURGXFHUHDXQHLSDJXEHLPSRUWDQWHHFRQRPLHLQD LRQDOH
1XYDILSULQXUPDUHVDWLVI FXW ODWXUDVXELHFWLY DLQIUDF LXQLLGHVXEPLQDUH
DHFRQRPLHLQD LRQDOHGDF DXWRUXOQXDSUHY ]XWúLXUP ULWVDXDFFHSWDWGXS FD]
SURGXFHUHDDPEHORUXUP ULDOHIDSWHLFRPLVH
ÌQPRGDVHP Q WRUPDMRULW LLFHORUODOWHLQIUDF LXQLFRQWUDVLJXUDQ HLVWDWXOXL
WH[WXO DUW  & SHQ QX SUHWLQGH FD R FHULQ  D LQIUDF LXQLL GH VXEPLQDUH D
HFRQRPLHLQD LRQDOHH[LVWHQ DXQXLPRELORULDXQXLVFRSVSHFLDO

)RUPH6DQF LXQL
)RUPH ([SOLFD LLOH GDWH OD LQIUDF LXQHD DQWHULRDU  UHIHULWRDUH OD DFWHOH
SUHSDUDWRULLúLODWHQWDWLY VXQWLQWHJUDOYDODELOHSHQWUXLQIUDF LXQHDDQDOL]DW 
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH GLIHUHQ LDW GXS  FXP QH DIO P vQ
SUH]HQ D XQHLD VDX DOWHLD GLQ YDULDQWHOH DUW  & SHQ $VWIHO vQ FD]XO IDSWHL


'HFL]LDGHÌQGUXPDUHQUD3OHQXOXL7ULEXQDOXOXL6XSUHPSXEOLFDW vQ55'QUS
 
SUHY ]XWH OD DUW  DOLQ   & SHQ LQIUDF LXQHD VH FRQVXP  GXS  vQFHSHUHD
H[HFXW ULL DF LXQLORU GH ÄIRORVLUH´ VDX ÄvPSLHGLFDUH´ PRPHQW vQ FDUH GHYLQH
SRWHQ LDOSHULFROXOGHVXEPLQDUHDHFRQRPLHLQD LRQDOHÌQFHDGHDGRXDYDULDQW 
GLQ DUW  DOLQ   & SHQ LQIUDF LXQHD VH FRQVXP  GXS  H[HFXWDUHD XQHLD GLQ
FHOH GRX  DF LXQL ± DSWH V  VXEPLQH]H HFRQRPLD QD LRQDO  ± úL REOLJDWRULX GXS 
SURYRFDUHDSDJXEHLLPSRUWDQWHHFRQRPLHLQD LRQDOH
6DQF LXQL6XEPLQDUHDHFRQRPLHLQD LRQDOHvQIRUP VLPSO VHSHGHSVHúWH
FXvQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUvQIRUP DJUDYDW 
FX GHWHQ LXQHD SH YLD  VDX vQFKLVRDUHD GH OD  OD  GH DQL úL LQWHU]LFHUHD XQRU
GUHSWXUL
ÌQ DPEHOH YDULDQWH GH LQFULPLQDUH SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX
DPHQG GHODODOHLSRWULYLWDUWDOLQ  &SHQ


3523$*$1'$Ì1)$92$5($67$78/8,727$/,7$5

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWGLQUHOD LLOHVRFLDOHFHVHFHUSURWHMDWH
vPSRWULYDDJUHVLXQLORUSURSDJDQGLVWLFHvQIDYRDUHDLQVWDXU ULLVWDWXOXLWRWDOLWDUVXQW
RFURWLWH GHFL UHOD LLOH VRFLDOH IRUPDWH úL GH]YROWDWH SH SULQFLSLL úL FRQYLQJHUL
GHPRFUDWLFH
,QIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL HVWH QHFDOLILFDW GH WH[W HO
SRDWH IL SULQ XUPDUH FHW HDQ URPkQ VDX VWU LQ DSDWULG LQGLIHUHQW GH GRPLFLOLXO
DFHVWXLD
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF  DUW&SHQ 
,QIUDF LXQHD HVWH VXVFHSWLELO  D IL V YkUúLW  vQ RULFDUH GLQWUH IRUPHOH
SDUWLFLSD LXQLL±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO DOH F UXL VWDELOLWDWH úL VLJXUDQ  VXQW SULPHMGXLWH
VDXDIHFWDWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOFRQVW vQWURDF LXQHFDUHHVWHRDF LXQHGHSURSDJDQG 
HIHFWXDW vQSXEOLFúLvQWUHSULQV vQYHGHUHDLQVWDXU ULLXQXLVWDWWRWDOLWDU
3URSDJDQGDHVWHRDF LXQHRUJDQL]DW GHU VSkQGLUHvQPDV DXQRULGHLFDUH
SUH]LQW  úL VXV LQ R WHRULH R FRQFHS LH XQ SDUWLG SROLWLF HWF FX VFRSXO GH D
FRQYLQJHúLGHDFkúWLJDDGHS L
ÌQVHQVXOV XSHQDOFRQFHSWXODIRVWGHILQLWGHOHJLXLWRUvQDOLQ  3RWULYLW
DFHVWHL QRUPH H[SOLFDWLYH FRQWH[WXDOH SURSDJDQGD FRQVW  vQ U VSkQGLUHD vQ PRG
VLVWHPDWLF VDX vQ DSRORJLD XQRU LGHL FRQFHS LL VDX GRFWULQH FX LQWHQ LD GH D
FRQYLQJHúLGHDDWUDJHQRLDGHS L
7H[WXO QX HVWH UHVWULFWLY vQ FH SULYHúWH PRGDOLW LOH GH UHDOL]DUH D DFWXOXL
SURSDJDQGLVWLFGLPSRWULY FRUHODUHDFRQFHSWXOXLÄSURSDJDQG ´FXH[SUHVLDÄSULQ
RULFH PLMORDFH´ FRQGXFH OD FRQFOX]LD F  DFWXO SURSDJDQGLVWLF LQWHU]LV LQWU  vQ
LQFLGHQ D OHJLL SHQDOH LQGLIHUHQW GH IRUPD SH FDUH DFHDVWD R vPEUDF  $úD ILLQG
SURSDJDQGD VH SRDWH UHDOL]D RUDO ± GLUHFW  FkQG DXWRUXO VH DGUHVHD] 
LQWHUORFXWRULORU DXGLWRULXOXL  VDX LQGLUHFW  FkQG DXWRUXO VH DGUHVHD]  SULQ



'(;HGFLWS
 
LQWHUPHGLXO XQRU PLMORDFH GH FRPXQLFDUH FD WHOHIRQ WHOHID[ UDGLR WHOHYL]LXQH
FDVHWHDXGLRVDXYLGHRLPSULPDWHHWF VFULV±EURúXULPDQLIHVWHSRVWHUHLQVLJQH
FX vQVHPQH VDX GHVHQH VLPEROLFH LQVFULS LRQ UL SH GLIHULWH RELHFWH $FWXO GH
SURSDJDQG VFULVFDúLXQHOHDFWHRUDOHGHSURSDJDQG ±FXPHVWHFD]XOFDVHWHORU
DXGLRúLYLGHR±VXQWvQVR LWHvQFRPSOH[LWDWHDQDWXUDO DDFWLYLW LLGHDF LXQLGH
U VSkQGLUHDDFHVWRUPDWHULDOHvQPHGLLOHVDXF WUHSHUVRDQHOHDF URUvQGRFWULQDUH
HVWH YL]DW  U VSkQGLUHD PDWHULDOHORU SRDWH DYHD XQ FDUDFWHU RUGRQDW ± vQPkQDUH
DILúDUH UXODUH HWF VDX QHRUGRQDW KDRWLF  ± GH SLOG  DUXQFDUHD PDWHULDOHORU OD
vQWkPSODUHGHODVRORULGHODvQ O LPH GLQEDOFRDQHSULQIHUHVWUHGHSHDFRSHULú
GLQDHURQDYHHWF 
6WDWXO WRWDOLWDU /LWHUDWXUD GH VSHFLDOLWDWH QX D GHILQLW SkQ  vQ SUH]HQW XQ
DVHPHQHDWLSGHVWDWGDUDHQXQ DWúLDQDOL]DWVXLWHGHUHSHUHSULQDF URUREVHUYDUH
SRDWHILLGHQWLILFDWVWDWXOWRWDOLWDUúLDQXPH
 FRQFHQWUDUHD GHFL]LHL SROLWLFH OD YkUIXO SLUDPLGHL VWUXFWXULORU GH SDUWLG
FDUHGREkQGHVFDVWIHOWU V WXULOHXQXLÄSDUWLGVWDW´
 OLFKLGDUHDVDXGLPLQXDUHDVXEVWDQ LDO DSOXUDOLVPXOXLSROLWLFVXSULPDUHD
RSR]L LHLúLDDGYHUVDULORUSROLWLFL
FRQFHQWUDUHDSUHURJDWLYHORUSXWHULLúLDOHDXWRULW LLSXEOLFHvQPkLQLOHXQXL
OLGHUGHVSRWLFÄGHPkQ IRUWH´SUHURJDWLYHSHFDUHQXOHvPSDUWHFXQLPHQLGHúL
DSDUDWXOGHVWDWIRUPDOHVWHVWUXFWXUDWSHQLYHOHOHúLYHULJLOHFODVLFH
IXQGDPHQWDUHD SURJUDPXOXL SROLWLF GH JXYHUQDUH SULQWUR GRFWULQ  RILFLDO 
úLGRPLQDQW FRQWHVWDUHDúLvQXOWLP LQVWDQ vQO WXUDUHDRULF UHLDOWHLGHRORJLL
DQXODUHDVDXUHGXFHUHDvQVHPQDW DGUHSWXULORUúLOLEHUW LORUFHW HQHúWL
DPSOLILFDUHDúLVSRULUHDSXWHULORUDSDUDWXOXLUHSUHVLY
$FHVWD DU SXWHD IL ÄWDEORXO´ VWDWXOXL D F UXL LQVWDXUDUH VH YUHD SULQ DF LXQLOH
SURSDJDQGLVWLFHSURKLELWHGHWH[WXOLQFULPLQDWRU
ÌQ SXEOLF &RQFHSWXO HVWH GHILQLW vQ DUW  & SHQ ÌQ OHJ WXU  FX DFHDVW 
FHULQ OHJDO úLDQXPHFDIDSWDV ILHV YkUúLW ÄvQSXEOLF´HVWHGHVHPQDODWF vQ
SUDFWLFDMXGLFLDU LVDGDWRLQWHUSUHWDUHPDLHODVWLF DGPL kQGXVHF SURSDJDQGD
vQ XQHOH FD]XUL SRDWH IL UHDOL]DW  QX QHDS UDW vQ SXEOLF FL úL ÄGH OD RP OD RP´
DVHPHQHD PHWRGRORJLH ILLQG IUHFYHQW vQWkOQLW  vQ SUDFWLFD RUJDQL]D LLORU VDX
JUXSXULORU FODQGHVWLQH RUL D SHUVRDQHORU FDUH FRQúWLHQWL]kQG SHULFROXO OD FDUH VH
H[SXQSULQSURSDJDUHDXQRULGHLSURKLELWHOHJDODF LRQHD] FRQVSLUDWLY
&DUDFWHUXOSXEOLFSHFDUHWUHEXLHV OSUH]LQWHDFWXOGHSURSDJDQG FRQVWLWXLH
RFHULQ HVHQ LDO DHOHPHQWXOXLPDWHULDODEVHQ DFHULQ HL±FXH[FHS LDFD]XOXLGH
SURSDJDQG vQVWLOXOÄGHODRPODRP´±I FkQGLPSRVLELO UHDOL]DUHDLQIUDF LXQLL
8UPDUHD LPHGLDW  6 YkUúLUHD LQIUDF LXQLL DUH FD XUPDUH LPHGLDW  FUHDUHD
XQHLVW ULGHSHULFROSHQWUXVLJXUDQ DVWDWXOXL
/HJ WXUD GH FDX]DOLWDWH UH]XOW  H[ UH GLQ vQV úL DF LXQHD vQWUHSULQV  FD OD
RULFH LQIUDF LXQH GH SHULFRO WH[WXO QHSUHWLQ]kQG SHQWUX UHDOL]DUHD LQIUDF LXQLL úL
SURGXFHUHDUH]XOWDWXOXLXUP ULW

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHSURSDJDQG vQIDYRDUHDVWDWXOXLWRWDOLWDU
VHV YkUúHúWHFXLQWHQ LHvQDPEHOHHLPRGDOLW L±GLUHFW úLLQGLUHFW 
,QWHQ LDHVWHFKLDUFDOLILFDW vQWUXFkWFXYLQWHOHÄvQYHGHUHD´LQGLF VFRSXOvQ
FDUHVXQWSXUWDWHDF LXQLOHSURSDJDQGLVWLFH±úLFDUHHVWHDFHODGHDVHLQVWDXUDXQ
VWDW WRWDOLWDU ± úL GHFL HOHPHQWXO VFRS VH VXEVXPHD]  LQWHQ LHL FH FDUDFWHUL]HD] 
SR]L LDVXELHFWLY DDXWRUXOXLLQIUDF LXQLL



&,RQHVFXRSFLWS
 
3HQWUX UHDOL]DUHD LQIUDF LXQLL QX SUH]LQW  UHOHYDQ  PRELOXO FH LD DQLPDW
DXWRUXOXLKRW UkUHDGHDDF LRQD

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLúLWHQWDWLYDVHSHGHSVHVF
7HQWDWLYD HVWH SRVLELO  OD DFWHOH GH SURSDJDQG  FDUH VH vQI SWXLHVF SULQ
PLMORDFHVFULVHúLLPSRVLELO ODDFWHOHGHSURSDJDQG vQI SWXLWHSULQPLMORDFHRUDOH
vQ DFHVW GLQ XUP  FD] URVWLUHD SULPHORU FXYLQWH ± FDUH GDX FRHUHQ  PHVDMXOXL ±
HFKLYDOkQGFXFRQVXPDUHDLQIUDF LXQLL
,QIUDF LXQHD VH FRQVXP  vQ DPEHOH HL PRGDOLW L IDSWLFH vQ PRPHQWXO
V YkUúLULLSULPXOXLDFWGHH[HFXWDUHDDF LXQLLGHSURSDJDQG 
6DQF LXQL ,QIUDF LXQHD HVWH SHGHSVLW  FX vQFKLVRDUH GH OD  OXQL OD  DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  vQWUH  úL  OHL
SRWULYLWDUWDOLQ  &SHQ


$& ,81,Ì03275,9$25',1,,&2167,78 ,21$/(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQDFHOHUHOD LLVRFLDOH
FH SULYHVF YDORULOH IXQGDPHQWDOH DOH VWDWXOXL ± FDUDFWHUXO QD LRQDO VXYHUDQ
LQGHSHQGHQWXQLWDUúLLQGLYL]LELODOVWDWXOXLURPkQRUGLQHDVDFRQVWLWX LRQDO 
ÌQ FD]XO V YkUúLULL GH DF LXQL YLROHQWH RELHFWXO PDWHULDO DO LQIUDF LXQLL YD IL
FRQVWLWXLWGLQFRUSXOSHUVRDQHORUDJUHVDWHUHVSHFWLYGLQEXQXULOHPDWHULDOHGLVWUXVH
RULGHJUDGDWH

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL HVWHQHFDOLILFDWGHWH[WGHFL
DFHVWDSRDWHILRULFDUHSHUVRDQ GHFHW HQLHURPkQ VDXVWU LQ RULSHUVRDQ I U 
FHW HQLHLQGLIHUHQWGDF GRPLFLOLD] vQ5RPkQLDVDXvQVWU LQ WDWH
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDOLQIUDF LXQLL DUW&SHQ 
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHVDOH
6XELHFWXOSDVLYHVWHVWDWXOURPkQDOHF UXLYDORULIXQGDPHQWDOHVXQWRULSRWIL
SULPHMGXLWHSULQIDSWHOHLQFULPLQDWHGHWH[W

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO FRQVW  vQ vQWUHSULQGHUHD RULF UHL DF LXQL SHQWUX
VFKLPEDUHD SULQ DF LXQL LOHJDOH úL SULQ YLROHQ  D RUGLQLL FRQVWLWX LRQDOH VDX D
FDUDFWHUXOXLQD LRQDOVXYHUDQLQGHSHQGHQWXQLWDUúLLQGLYL]LELODOVWDWXOXLURPkQ
$F LXQLOH GH VFKLPEDUH D RUGLQLL FRQVWLWX LRQDOH VDX D FDUDFWHUXOXL QD LRQDO
VXYHUDQ LQGHSHQGHQW XQLWDU úL LQGLYL]LELO DO VWDWXOXL URPkQ WUHEXLH UHDOL]DWH I U 
GUHSWúLSULQYLROHQ 
2UGLQHD FRQVWLWX LRQDO  vQ RSLQLD QRDVWU  HVWH DFHD RUGLQH IRUPDW  SH
SULQFLSLLOHFRQVWLWX LRQDOHIXQGDPHQWDOHLQVWDXUDW úLJDUDQWDW GH&RQVWLWX LH
3RWULYLW GRFWULQHL vQ PDWHULH SULQFLSLLOH UHSHUHOH  GHPRFUD LHL FRQVWL
WX LRQDOH VXQW D  VXYHUDQLWDWHD QD LRQDO  DSDU LQH SRSRUXOXL URPkQ E  SRSRUXO
H[HUFLW  VXYHUDQLWDWHD QD LRQDO  LQGLUHFW ± SULQ RUJDQHOH VDOH UHSUH]HQWDWLYH ± úL
GLUHFW ± SULQ UHIHUHQGXP F  3DUODPHQWXO ± RUJDQXO UHSUH]HQWDWLY DO SRSRUXOXL úL



,'HOHDQXRSFLWYRO,,S
 
XQLFD DXWRULWDWH OHJLXLWRDUH D ULL ± úL 3UHúHGLQWHOH 5RPkQLHL VXQW DOHúL LDU
DXWRULW LOH SXEOLFH VXQW DOHVH SULQ YRW XQLYHUVDO HJDO GLUHFW VHFUHW úL OLEHU
H[SULPDW G  SOXUDOLVPXO VRFLDO LGHRORJLF RUJDQLF SROLWLF VLQGLFDO úL DO DOWRU
FRUSXUL LQWHUPHGLDUH  H  DGRSWDUHD OHJLORU úL KRW UkULORU GH F WUH 3DUODPHQW SULQ
YRLQ D PDMRULW LL I  FRQVDFUDUHD GUHSWXULORU úL OLEHUW LORU IXQGDPHQWDOH DOH
FHW HDQXOXLúLJDUDQWDUHDORUSULQ&RQVWLWX LHJ VXSUHPD LD&RQVWLWX LHL
3ULQRUGLQHFRQVWLWX LRQDO FUHGHPvQV F WUHEXLHvQ HOHDV vQHJDO P VXU 
úLVWUXFWXUDFRQVWLWX LRQDO DGLF DFHOHDXWRULW LSXEOLFHVWDELOLWHúLFRQVDFUDWHGH
&RQVWLWX LD 5RPkQLHL 3DUODPHQWXO 3UHúHGLQWHOH 5RPkQLHL úL*XYHUQHDXWRULWDWHD
MXGHF WRUHDVF 
3RUQLQGGHODDFHVWHUHSHUHGRFWULQDUHVHSRDWHDILUPDF DF LXQLOHV YkUúLWH
vQVFRSXOVFKLPE ULLRUGLQLLFRQVWLWX LRQDOHVXQWDFHOHDF LXQLDQDUKLFHSXUWDWHFX
YLROHQ vPSRWULYDDXWRULW LORUIXQGDPHQWDOHDOHVWDWXOXL±S WUXQGHUHDvQIRU vQ
VHGLLOH XQRU DVHPHQHD DXWRULW L DPHQLQ DUHD úLVDX REVWUXF LRQDUHD IL]LF  D
GHPQLWDULORUúLSHUVRQDOXOXLDXWRULW LORUUHVSHFWLYHHWF±vQYHGHUHDvQORFXLULLVLOLWH
DSHUVRDQHORUDOHVHRULQXPLWHvQPRGGHPRFUDWLFvQIXQF LLSROLWLFHRULHWDWLFH
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL SULPHMGLRDVH SHQWUX XQD VDX
PDL PXOWH YDORUL IXQGDPHQWDOH DOH VWDWXOXL SHQWUX VLJXUDQ D VWDWXOXL 7H[WXO QX
SUHWLQGH FD DF LXQHD YLROHQW  V  DLE  GUHSW FRQVHFLQ  VFKLPEDUHD XQHLD GLQWUH
DFHVWHYDORULIXQGDPHQWDOHVXILFLHQWILLQGSHQWUXUHDOL]DUHDLQIUDF LXQLLLQL LHUHD
RUJDQL]DUHD V YkUúLUHD VDX VSULMLQLUHD DFWLYLW LL LOLFLWH (VWH GHFL R LQIUDF LXQH GH
SHULFROúLQXGHUH]XOWDW
5DSRUWXOGHFDX]DOLWDWHUH]XOW GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH H[FOXVLY FX LQWHQ LH
) SWXLWRUXOHIHFWXkQGDF LXQHDYLROHQW úLLOHJDO FDUHFRQVWLWXLHHOHPHQWXOPDWHULDO
DOLQIUDF LXQLLvúLG VHDPDGHVHPQLILFD LDDFHVWHLDúLSUHYHGHUH]XOWDWXOIDSWHLVDOH
VFKLPEDUHD XQHLD GLQWUH YDORULOH IXQGDPHQWDOH DOH VWDWXOXL  SH FDUH vO XUP UHúWH
LQWHQ LHGLUHFW VDXvODFFHSW  LQWHQ LHLQGLUHFW 
&XYkQWXO ÄVFRS´ GLQ WH[WXO LQFULPLQDWRU QX UHSUH]LQW  XQXO GLQ HOHPHQWHOH
ODWXULLVXELHFWLYHFLGHVHPQHD] RELHFWLYXOFDUHFDUDFWHUL]HD] HOHPHQWXOPDWHULDO
DOLQIUDF LXQLL
ÌQ FRQVHFLQ  QX SUH]LQW  UHOHYDQ  SHQWUX UHDOL]DUHD LQIUDF LXQLL QLFL
H[LVWHQ DVFRSXOXLúLQLFLDPRELOXOXL

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLDVLPLODWHWHQWDWLYHLSRWULYLWSUHYHGHULORUDUW
DOLQ  GLQ&RGXOSHQDOSUHFXPúLWHQWDWLYDVHSHGHSVHVF
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQI SWXLULL RULF UHLD GLQWUH
DF LXQLOH LQFULPLQDWH DFHVWD ILLQG PRPHQWXO vQ FDUH VH QDúWH VWDUHD GH SHULFRO
SHQWUXVHFXULWDWHDQD LRQDO 
6DQF LXQL )DSWD HVWH SHGHSVLW  FX vQFKLVRDUHD GH OD  OD  GH DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
DUWDOLQ  &SHQ 





Ä2UGLQHD FRQVWLWX LRQDO  HVWH HJDO VWUXFWXU  FRQVWLWX LRQDO ´ ± vQ Ä&H HVWH GHPRFUD LD´ ± 8QLWHG 6WDWHV
,QIRUPDWLRQ$JHQF\S
 
&203/278/

2ELHFWXORFURWLULLSHQDOH 
ÌQ VLVWHPXO GUHSWXOXL SHQDO FRPSORWXO DSDUH FD R LQIUDF LXQH SDUWLFXODU
FRQVWLWXLW FDRLQIUDF LXQHVXLJHQHULV&DUDFWHUXOV XLQHGLWHVWHSXVvQHYLGHQ 
GH FRQVWDWDUHD F  vQ YUHPH FH WRDWH LQIUDF LXQLOH FXSULQVH vQ OHJHD SHQDO 
LQFULPLQHD] FkWHRIDSW FDUHOH]HD] VDXSULPHMGXLHúWHDQXPLWHUHOD LLVRFLDOHOD
LQIUDF LXQHD GH FRPSORW HVWH LQFULPLQDW  IDSWD GH DVRFLHUH D XQRU LQGLYL]L vQ
YHGHUHD V YkUúLULL XQHL LQIUDF LXQL 'HFL FRPSORWXO GREkQGHúWH LQGLYLGXDOLWDWH
SURSULH QXPDL SULQ UDSRUWDUH OD DOW  LQIUDF LXQH I U  GH H[LVWHQ D XQHL DOWH
LQIUDF LXQL SH FDUH FRPSORWLúWLL XUP UHVF V  R V YkUúHDVF  QLFL LQIUDF LXQHD GH
FRPSORWQXH[LVW 
6H SRDWH DILUPD FX DOWH FXYLQWH F  DF LXQHD SURSULH úL FDUDFWHULVWLF 
LQIUDF LXQLL GH FRPSORW HVWH DFHHD GH SUHJ WLUH DFWH SUHSDUDWRULL  D XQHL DOWH
LQIUDF LXQL $FHDVW  DOW  LQIUDF LXQH OD FRPLWHUHD F UHLD VH DVSLU  QX HVWH vQV 
RULFDUH LQIUDF LXQH FL QXPDL XQD GLQWUH LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL
OLPLWDWLYHQXQ DWHvQWH[WXOLQFULPLQDWRU
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH FRPSORW HVWH DFHOD DO LQIUDF LXQLL
SHQWUX D F UHL V YkUúLUH D IRVW FRQVWLWXLW  DVRFLHUHD ILQDOPHQWH UHOD LLOH VRFLDOH
SULYLQGVLJXUDQ DVWDWXOXL
,QIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
HOSRDWHILRULFHSHUVRDQ 1DWXUDVSHFLDO DLQIUDF LXQLLGHFRPSORWLPSOLF vQV R
SOXUDOLWDWHGHVXELHF LDFWLYLRSOXUDOLWDWHFRQVWLWXLW 
ÌQ FRQIRUPLWDWH FX GLVSR]L LLOH DUW  & SHQ SHUVRDQD MXULGLF  SRDWH IL
VXELHFWDFWLYDODFHVWHLLQIUDF LXQL
,QIUDF LXQHDSRDWHILV YkUúLW GRDUvQIRUPDDXWRUDWXOXL FRDXWRUDWXOXL DFWHOH
GH LQVWLJDUH ÄLQL LHUH´  úL GH FRPSOLFLWDWH ÄVSULMLQLUH´  ILLQG DEVRUELWH vQWUR
DF LXQH FRPSOH[  H[LVW  XQ VLQJXU FD] vQ FDUH SDUWLFLSD LD SHQDO  HVWH SRVLELO  OD
LQIUDF LXQHD GH FRPSORW úL DQXPH LQVWLJDUHD OD DGHUDUHD VDX VSULMLQLUHD XQHL
DVRFLD LLRULJUXS UL
6XELHFWXO SDVLY DLGRPD WXWXURU LQIUDF LXQLORU FRQWUD VLJXUDQ HL VWDWXOXL HVWH
VWDWXO

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL OD SULPHOH GRX  PRGDOLW L QRUPDWLYH VH
H[SULP  SULQ DF LXQL FH FRQVWDX vQ ÄLQL LHUHD´ VDX ÄFRQVWLWXLUHD´ XQHLD GLQWUH
DQVDPEOXULOH HQXQ DWH vQ WH[W RUL vQ ÄDGHUDUHD´ VDX ÄVSULMLQLUHD´ XQHL DVWIHO GH
DVRFLD LLVDXJUXS UL
&HULQ DHVHQ LDO SHQWUXDFHVWHSULPHPRGDOLW LQRUPDWLYHvQFDUHVHH[SULP 
DF LXQHDHVWHFDDWkWLQL LHUHDFkWúLFRQVWLWXLUHDXQHLDVRFLD LLVDXJUXS ULV DLE 
GUHSW VFRS V YkUúLUHD XQHLD GLQWUH LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL SUHFL]DWH
GHWH[W
3HQWUX XUP WRDUHOH GRX  PRGDOLW L QRUPDWLYH ± ÄDGHUDUH´ ÄVSULMLQLUH´ ±
FHULQ DHVHQ LDO FRQVW vQSUHH[LVWHQ DXQHLDVRFLD LLVDXJUXS ULFUHDWHvQVFRSXO
V YkUúLULLXQHLDGLQWUHLQIUDF LXQLOHFRQWUDVLJXUDQ HLVWDWXOXL1XVXQWGHFLvQWUXQLWH
HOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHFRPSORWFKLDUGDF PDLPXOWHSHUVRDQH
DXDF LRQDWSHQWUXV YkUúLUHDYUHXQHLDGLQWUHLQIUDF LXQLOHPHQ LRQDWHvQWH[WGDF 
DVRFLHUHDQXDDYXWORFDQWHULRU

 
3HQWUXH[LVWHQ DLQIUDF LXQLLGHFRPSORWDGHFLVLQVWDQ DVXSUHP DVRFLHUHD
WUHEXLHV H[LVWHvQSUHDODELOVLPSODSDUWLFLSDUHDPDLPXOWRULQFXOSD LODV YkUúLUHD
LQIUDF LXQLLGHVXEPLQDUHDHFRQRPLHLQD LRQDOHI U V VHILDVRFLDWQXFRQVWLWXLH
LQIUDF LXQHDGHFRPSORWFLGRDUDFHHDGHVXEPLQDUHDHFRQRPLHLQD LRQDOH
$VRFLD LL ± *UXS UL ÌQ HOHJHUHD FRQFHSWHORU úL D GLIHUHQ HORU GLQWUH DFHVWHD
HVWH SRVLELO  SULQ DSHODUHD OD WUHL FULWHULL QXP UXO GH SHUVRDQH FXSULQVH vQ
DQVDPEOXO UHVSHFWLY JUDGXO ORU GH RUJDQL]DUH úL FDUDFWHUXO OHJ WXULORU UHOD LLORU 
VWDELOLWHvQWUHDFHOHSHUVRDQH
ÌQ FH SULYHúWH SULPXO FULWHULX DO QXP UXOXL GH SHUVRDQH FRQVWLWXLWH vQ
DQVDPEOXULOHSUHY ]XWHGHWH[WSUDFWLFDMXGLFLDU VDSURQXQ DWvQVHQVXOF DFHVWHD
WUHEXLH V  ILH GH FHO SX LQ WUHL 1XP UXO PLQLP GH WUHL SHUVRDQH HVWH QXPLWRU
FRPXQDPEHORUDQVDPEOXUL
$VRFLD LDFXSULQGHXQQXP UQHGHWHUPLQDW±GDUVXILFLHQWGHUHSUH]HQWDWLY±
GH SHUVRDQH VLWXDWH vQWUXQ JUDG RSWLP GH RUJDQL]DUH úL FX OHJ WXUL IHUPH vQWUH
DFHVWHD
*UXSDUHD FXSULQGH XQ QXP U PDL UHGXV GH SHUVRDQH VLWXDWH vQWUXQ JUDG
PHGLXGHRUJDQL]DUHúLFXOHJ WXUL UHOD LL PDLOHMHUH
,QL LHUH 3ULQ DF LXQHD GH LQL LHUH VH vQ HOHJH DFWLYLWDWHD SUHDODELO  IRUP ULL
DVRFLD LHL VDX JUXS ULL vQ FDGUXO F UHLD VH SRDUW  GLVFX LL vQ OHJ WXU  FX VFRSXULOH
DQVDPEOXOXL PLMORDFHOH FH XUPHD]  D IL SXVH vQ OXFUX SHQWUX DWLQJHUHD DFHVWRU
VFRSXULSHUVRDQHOHSUHWDELOHDILFRQWDFWDWHvQYHGHUHDUHFUXW ULLVHIDFGHPHUVXUL
SHOkQJ DVHPHQHDSHUVRDQHRULWDWRQ ULvQDQWXUDMXODFHVWRUD$F LXQHDGHLQL LHUH
SRDWHILRSHUDXQHLVDXDXQRUSHUVRDQH
&RQVWLWXLUH$F LXQHDHVWHXQDFWFROHFWLYFHvQFRUSRUHD] DFRUGXODFHOSX LQ
WUHL SHUVRDQH GH D VH DVRFLD vQ YHGHUHD V YkUúLULL GH LQIUDF LXQL FRQWUD VLJXUDQ HL
VWDWXOXLÌQDFHDVW ID] HYROXDW ID GHSUHFHGHQWDVHVFKL HD] RULvQWRFPHúWHXQ
SURJUDP SODQ GHDF LXQLVDXVHDFKLHVHD] ODDFHVWDVXQWVWDELOLWHUHVSRQVDELOLW L
vQ FRQGXFHUHD DQVDPEOXOXL VDX vQ H[HFXWDUHD XQRU VDUFLQL &RQVWLWXLUHD IDF LHL QX
LPSOLF  SHQWUX UHDOL]DUHD LQIUDF LXQLL GH FRPSORW FD SODQXO VDX SURJUDPXO V  ILH
H[KDXVWLYHODERUDWILLQGvQGHVWXO WRUXQPLQLPGHRUJDQL]DUHFDUHV GHDFRHUHQ 
úLV IDF SRVLELO DFWLYLWDWHDFRQMXJDW DPHPEULORUvQVFRSXOSURSXV(VWHOLSVLW 
GHUHOHYDQ MXULGLF úLPRGDOLWDWHDvQFDUHVHH[SULP DGH]LXQHDODIDF LHDFHDVWD
SXWkQGILH[SUHV ±DQJDMDPHQWGHFODUD LHMXU PkQW±VDXLPSOLFLW ±UH]XOWDW GLQ
SDUWLFLSDUHD OD vQWUXQLULOH FRQVSLUDWLYH SO WLUHD FRWL]D LHL vQGHSOLQLUHD PLVLXQLORU
vQFUHGLQ DWHHWF
$F LXQLOH GH DGHUDUH úL VSULMLQLUH SUHVXSXQ SUHH[LVWHQ D XQHL DVRFLD LL VDX
JUXS ULODFDUHVXELHFWXOV DGHUHRULSHFDUHV OHVSULMLQH
3ULQFRQFHSWXODGHUDUHVHvQ HOHJHDFWXOXQHLSHUVRDQHGHDGHYHQLPHPEUXDO
XQXL DQVDPEOX ± GLQ FHOH HQXQ DWH vQ DUW  & SHQ ± FXQRVFkQGXL úL
vPS UW úLQGXL HOXULOHVDOH([SULPDUHDGHF WUHRSHUVRDQ DGRULQ HLGHDDGHUD
ODXQDGLQWUHIDF LLOHSURKLELWHGHWH[WQXHVWHVXILFLHQW SHQWUXFDDFHDVWDV GHYLQ 
DXWRU DO LQIUDF LXQLL GH FRPSORW GHFkW GDF  VROLFLWDUHD HVWH XUPDW  GH DFRUGXO GH
DFFHSWDUHDPHPEULORUDVRFLD LHLGHDFRRSWDDFHDVW SHUVRDQ vQRUJDQL]D LH
&RQFHSWXO VSULMLQLUH WUHEXLH vQ HOHV FD DF LXQH GH DMXWRUDUH GH VXV LQHUH GH
RFURWLUHGHDGDFRQFXUVXQHLDVRFLD LLVDXJUXS UL6SULMLQXOSRDWHILGHRUGLQPRUDO±
VIDWXULvQFXUDM ULSURPLVLXQLGHDMXWRU±VDXGHRUGLQPDWHULDO±VSRQVRUL]DUHDXQRU
DF LXQL FXULHUDW GRQDUHD XQRU VXPH GH EDQL RUL D XQRU EXQXUL WUHEXLQFLRDVH
GHVI úXU ULL DF LXQLORU SXQHUHD OD GLVSR]L LH D VSD LXOXL LPRELOLDU QHFHVDU
vQWUXQLULORUúD


7ULEXQDOXO6XSUHP&RO0LOLWDU'HFL]LDQU QHSXEOLFDW 

7ULEXQDOXO6XSUHP&RO0LOLWDU'HFL]LDQU5,S
 
8UPDUHD LPHGLDW  D RULF URU DF LXQL FRQVW  vQ FUHDUHD XQHL VW UL GH SHULFRO
SHQWUXVLJXUDQ DVWDWXOXL
&kW SULYHúWH OHJ WXUD GH FDX]DOLWDWH vQWUH DF LXQH úL XUPDUHD LPHGLDW 
DFHDVWDQXFRPSRUW H[SOLFD LLVXSOLPHQWDUHHDUH]XOWkQGFDODRULFHLQIUDF LXQHGH
SHULFROGLQvQV úLPDWHULDOLWDWHDIDSWHL±H[UH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GH FRPSORW VH V YkUúHúWH H[FOXVLY FX
LQWHQ LHúLDQXPHFXRLQWHQ LHFDOLILFDW GHRDUHFHVXELHFWXOXUP UHúWHUHDOL]DUHD
VFRSXOXL SUHY ]XW GH WH[W UHVSHFWLY DFHOD GH D FRPLWH R LQIUDF LXQH FRQWUD
VLJXUDQ HLVWDWXOXLSUHY ]XW GXS FD]vQDUWúL&SHQ
ÌQ LSRWH]D UHDOL] ULL VFRSXOXL LQIUDF LXQHD GH FRPSORW QX vúL SLHUGH
DXWRQRPLDHDQXHVWHDEVRUELW vQFRQ LQXWXOLQIUDF LXQLLSHQWUXDF UHLV YkUúLUHV
D FRPSORWDW ÌQ FD]XO GDW SRWULYLW SUHYHGHULORU DUW  DOLQ   & SHQ VXQW
LQFLGHQWHUHJXOLOHSULYLQGFRQFXUVXOGHLQIUDF LXQL
5HDOL]DUHDLQIUDF LXQLLQXHVWHGHSHQGHQW GHH[LVWHQ DXQXLPRELOFDUHV IL
DQLPDWVXELHFWXO

)RUPH6DQF LXQL
)RUPH$FWHOHSUHJ WLWRDUHVXQWSRVLELOHGDUQXVHSHGHSVHVF7HQWDWLYDHVWH
VDQF LRQDW SRWULYLWGLVSR]L LLORUDUWDOLQ  GLQ&RGXOSHQDO
&RQVXPDUHD LQIUDF LXQLL GH FRPSORW LQWHUYLQH vQ PRPHQWXO vQ FDUH VD
vQFHSXW H[HFXWDUHD XQHLD GLQWUH DF LXQLOH QRPLQDOL]DWH GH WH[W DGLF  LQL LHUHD VDX
FRQVWLWXLUHDXQHLDVRFLD LLVDXJUXS ULGXS FD]ODPRPHQWXODGHU ULLVDXVSULMLQLULL
DFHVWRUD
6XQW FDUDFWHULVWLFH LQIUDF LXQLL GH FRPSORW GRX  GLVSR]L LL GH GUHSW SHQDO
PDWHULDO
D ± 3HGHDSVD SHQWUX FRPSORW QX SRDWH IL PDL PDUH GHFkW VDQF LXQHD
SUHY ]XW  GH OHJH SHQWUX FHD PDL JUDY  GLQWUH LQIUDF LXQLOH FDUH LQWU  vQ VFRSXO
DVRFLD LHLVDXJUXS ULL±DUWDOLQ  &SHQ
E ± (VWH SUHY ]XW  R FDX]  GH QHSHGHSVLUH D SHUVRDQHL FDUH V YkUúHúWH
LQIUDF LXQHDGHFRPSORWvQRULFDUHGLQWUHIRUPHOHSUHY ]XWHvQDOLQ  DODUW
&SHQDWXQFLFkQGGHQXQ IDSWDPDLvQDLQWHGHGHVFRSHULUHDDFHVWHLD±DUW
DOLQ  &SHQ
ÌQ OHJ WXU  FX XOWLPD SUHYHGHUH HVWH GH UH LQXW F  GHQXQ XO RUDO VDX VFULV
WUHEXLHV SULYHDVF ±SHQWUXDSURGXFHFRQVHFLQ DGHQHSHGHSVLUH±DWkWDFWLYLWDWHD
GHVI úXUDW GHFHLODO LSDUWLFLSDQ LFkWúLDFWLYLWDWHDGHQXQ WRUXOXL
,QWURGXFHUHDvQWH[WDSUHYHGHULLH[RQHUDWRULLGHSHGHDSV SHQWUXLQIUDF LXQHD
GH FRPSORW DUH R WULSO  UD LXQH ÌQ SULPXO UkQG VH FUHHD]  FDGUXO OHJDO PHQLW V 
IDFLOLWH]H LQWHUYHQ LD DXWRULW LORU MXGLFLDUH PDL vQDLQWH FD VFRSXULOH SURJUDPXOXL
IDF LHL V  ILH DWLQVH úL DVWIHO V  VH FXUPH FX XQ FHDV PDL GHYUHPH DF LXQLOH
SHULFXORDVH SHQWUX VLJXUDQ D VWDWXOXL ÌQ DO GRLOHD UkQG VH RIHU  R úDQV  DFHORUD
FDUHGHúLDXvQFHSXWH[HFXWDUHDXQRUDF LXQLH[WUHPGHSHULFXORDVHSHQWUXVLJXUDQ D
VWDWXOXLPDQLIHVW WRWXúLSRF LQ DFWLY úLVHSXQvQVOXMEDvQO WXU ULLFRQVHFLQ HORU
DFWLYLW LL LOLFLWH OD FDUH DX SDUWLFLSDW ÌQ VIkUúLW SUHYHGHUHD GH QHSHGHSVLUH SRDWH
GHFODQúDDQXPLWHVW ULHPR LRQDOH HIHFWHSVLKLFH LQGLYL]LORUSUHGLVSXúLVDXDQJUHQD L
vQ DVWIHO GH DF LXQL ± VW UL FRQYHQDELOH PHQ LQHULL VDX UHVWDELOLULL OHJDOLW LL ± GH
LQKLEDUH D FHORU FDUH vQF  QX DX GHYHQLW PHPEULL XQHL IDF LL DQWLQD LRQDOH GH
VXVSLFLXQH UHFLSURF  vQWUH PHPEULL IDF LHL ± VHQWLPHQW FH YD VWkQMHQL FRQVLGHUDELO
GHVI úXUDUHDDFWLYLW LLSURSXVH±GHLQVSLUDUHDJkQGXOXLúLGHVWLPXODUHDLQWHQ LHL
GHDGHPDVFDDXWRULW LORUFRPSORWXO

 
6DQF LXQL 7H[WXO SUHYHGH DOWHUQDWLY SHGHDSVD GHWHQ LXQLL SH YLD  VDX
vQFKLVRDUHGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH SHGHSVHúWH FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


&203520,7(5($8125,17(5(6('(67$7

2ELHFWXORFURWLULLSHQDOH
&RPSURPLWHUHDXQRULQWHUHVHGHVWDWHVWHRLQIUDF LXQHFRPSOH[ SULQDFHHD
F  DEVRDUEH vQ FRQ LQXWXO V X IDSWH FDUH vQ DEVHQ D FHORUODOWH HOHPHQWH FH
FDUDFWHUL]HD]  DFHDVW  IDSW  SHQDO  FRQVWLWXLH LQIUDF LXQL GLVWLQFWH GH VLQH
VW W WRDUH ± IXUW GH vQVFULVXUL GLVWUXJHUH GH GRFXPHQWH IDOV PDWHULDO vQ vQVFULVXUL
RILFLDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLvOFRQVWLWXLHUHOD LLOHVRFLDOHUHIHULWRDUH
OD LQWHUHVHOH GH VWDW ÄYDORDUH VRFLDO  VXVFHSWLELO  GH D IL OH]DW  VDX H[SXV 
SHULFROXOXLSULQIDSWHOHGHGLVWUXJHUHDOWHUDUHRULDVFXQGHUHDXQRUGRFXPHQWHFDUH
SULYHVFLQWHUHVHOHVWDWXOXLvQUDSRUWXULOHVDOHFXRRUJDQL]D LHVDXRSXWHUHVWU LQ ´
,QIUDF LXQHDDUHFDRELHFWPDWHULDOGRFXPHQWXOVDXvQVFULVXOFDUHVHUHIHU OD
GUHSWXULOH RUL LQWHUHVHOH VWDWXOXL URPkQ $FHVWH GRFXPHQWH SRW IL WUDWDWH
LQWHUQD LRQDOH FRQFHSW FH VXEVXPHD]  SH DFHOHD GH FRQYHQ LH DFRUG SDFW
GHFODUD LH SURWRFRO  VDX DOWH LQVWUXPHQWH MXULGLFH LQWHUQD LRQDOH SULQ FDUH VXQW
UHFXQRVFXWHDQXPLWHGUHSWXULVWDWXOXLURPkQRULSULQFDUHVXQWSURWHMDWHLQWHUHVHOH
DFHVWXLD 'UHSWXULOH VWDWXOXL SRW IL GH GLIHULWH WLSXUL E QHúWL WHULWRULDOH GH
QDYLJD LHGHVXUYROGHH[SORDWDUHDXQRU] F PLQWHGHUHFXQRDúWHUHDIURQWLHUHORU
JDUDQ LLHWF(VHQ LDOGHFLSHQWUXFRQVLGHUDUHDGRFXPHQWXOXLFDDYkQGDFHVWFDUDFWHU
HVWHFDDFWXOV ILHSURGXF WRUGHHIHFWHMXULGLFHSHQWUXVWDWXOURPkQ
'RFXPHQWXO SRDWH IL vQ RULJLQDO VDX vQ FRSLH UHFXQRVFXW  GH S U L FD LQkQG
ORFGHRULJLQDO
1X SUH]LQW  UHOHYDQ  MXULGLF  vPSUHMXUDUHD F  GRFXPHQWXO SRDWH IL
UHFRQVWLWXLWSHDOWHF LúLQLFLDFHHDF GRFXPHQWXODUHDS UXWODORFXOGHXQGHDIRVW
VXEWLOL]DWGXS PRPHQWXOvQFDUHVDY GLWQHYRLDGHDILIRORVLW

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLSRDWHILRULFHSHUVRDQ WH[WXO
QHFHUkQGFDDFHDVWDV DLE RDQXPLW FDOLWDWH(VWHvQV GHSUHVXSXVF GDWILLQG
SDUWLFXODULW LOHIDSWHLVXELHFWXOHVWHGHUHJXO XQIXQF LRQDUDOSXWHULLOHJLVODWLYH
VDXH[HFXWLYHFHOPDLDGHVHDDO0LQLVWHUXOXL$IDFHULORU([WHUQHDGLF RSHUVRDQ 
FDUH SULQ QDWXUD IXQF LHL OXFUHD]  FX VDX JHVWLRQHD]  DVWIHO GH GRFXPHQWH RUL vL
VXQWIDPLOLDUHúLVHSRDWHDSURSLDGHDFHVWHD
6XELHFWDFWLYSRDWHILúLSHUVRDQDMXULGLF  DUW&SHQ 
,QIUDF LXQHDSRDWHILV YkUúLW vQWRDWHIRUPHOHGHSDUWLFLSDUH
6XELHFWXO SDVLY HVWH VWDWXO vQV  vQ XQHOH VLWXD LL SRDWH IL VXELHFW SDVLY
VHFXQGDUDFHDLQVWLWX LHSXEOLF vQJHVWLXQHDF UHLDVHDIO GRFXPHQWXO

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQWURDF LXQHGHGLVWUXJHUH
GHDOWHUDUHRULGHDVFXQGHUHDXQXLGRFXPHQWVDXvQVFULVFHSUH]LQW FDUDFWHUXOPDL
VXVDU WDW



*$QWRQLXúLFRORSFLWYRO,S
 
&RQFHSWXO GH GLVWUXJHUH vQ FRUHODUH FX DFHOD GH GRFXPHQW vQVFULV  DUH
vQ HOHVXOGHDF LXQHSULQFDUHGRFXPHQWXOHVWHQLPLFLWHVWHI FXWV QXPDLH[LVWH
vQWRWDOVDXvQSDUWHÄGHDúDIHOF QXPDLSRDWHILXWLOL]DELO´
0LMORDFHOH GH QLPLFLUH VDX VXSULPDUH D DFWXOXL VXQW GLYHUVH DUGHUH ± SULQ
IODF U  SULQ VXSXQHUHD OD UDGLD LL GH XQ DQXPLW WLS ± UXSHUH WRFDUH WRSLUH
DFRSHULUHDWH[WXOXLVDXUDGLHUHDDFHVWXLDSULQLQWHUYHQ LLIL]LFRFKLPLFHHWF
3ULQDF LXQHDGHDOWHUDUHDGRFXPHQWXOXLVHvQ HOHJHIDOVLILFDUHD P VOXLUHD
GHQDWXUDUHD  DFHVWXLD )DOVLILFDUHD SRDWH IL RSHUDW  SULQ PXOWLSOH PLMORDFH úL
SURFHGHHvQORFXLUHDXQHLILOH VDXDQH[H RULJLQDOHFXDOWDFRQWUDI FXW úWHUJHUHD
XQXL SDVDM DO WH[WXOXL RUL QXPDL FXYkQW FLIU  GDW  úL LQWURGXFHUHD XQXL WH[W
ÄSLUDW´DG XJDUHDGHPHQ LXQLODWH[WVDXODDQH[HúLSDUDIDUHDDFHVWRUDvQIDOVHWF
([DPLQDUHD FRPSDUDWLY  D DFHORU GRX  DF LXQL H[SULPDWH vQ FRQFHSWHOH
ÄGLVWUXJHUH´ úL ÄDOWHUDUH´ SXQH vQ HYLGHQ  F  vQ SULPXO FD] GRFXPHQWXO HVWH
VXSULPDWvQWRWDOVDXvQSDUWHúLGLVSDUHDVWIHOIL]LFSHFkQGvQFHOGHDOGRLOHDFD]
GRFXPHQWXO U PkQH vQ LQWHJUDOLWDWHD OXL IL]LF  OD ORFXO FXYHQLW GDU FRQ LQH
PRGLILF ULHVHQ LDOHvQLQWLPLWDWHDWH[WXOXL
$VFXQGHUHD XQXL GRFXPHQW vQVFULV  SUHVXSXQH R DF LXQH GH ULGLFDUH D
GRFXPHQWXOXL GLQ ORFXO OXL GH DUKLYDUH FODVDUH  FRQWLQXDW  SULQWUR DF LXQH GH
WUDQVSRUWDUH D DFHVWXLD vQWUXQ DOW ORF XQGH QX SRDWH IL J VLW GH IXQF LRQDUXO vQ
GUHSW'RVLUHDGRFXPHQWXOXLSRDWHILWHPSRUDU VDXGHILQLWLY 
(VWHGHUHPDUFDWF vQWRDWHFD]XULOHGHGLVWUXJHUHúLGHDVFXQGHUHFkWúLvQ
XQHOH GH DOWHUDUH D GRFXPHQWHORU DF LXQLOH UHVSHFWLYH VXQW SUHFHGDWH VDX
FRQFRPLWHQWHXQRUDF LXQLGHIXUWDODFHVWRUGRFXPHQWH
2ULFDUHGLQWUHDF LXQLOHGHVFULVHWUHEXLHV DLE vQV FDRFHULQ REOLJDWRULH
DSWLWXGLQHDGHDFRPSURPLWHLQWHUHVHOHVWDWXOXL$úDILLQGIDSWDGHDGLVWUXJHDOWHUD
VDXDVFXQGHXQDVHPHQHDGRFXPHQWQXYDvQWUXQLHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF
LXQLL FRPHQWDWH GDF  úL vQ DEVHQ D DFHOXL GRFXPHQW LQWHUHVHOH VDX GUHSWXULOH VWD
WXOXLURPkQVXQWRULFXPLQWDQJLELOHVDXJDUDQWDWHvQWURDOW PRGDOLWDWHGLSORPDWLF 
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUX
VLJXUDQ DVWDWXOXL
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHúLXUPDUHDLPHGLDW UH]XOW H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDSUHY ]XW vQDUW&SHQVHV YkUúHúWH
FXLQWHQ LHvQDPEHOHVDOHIRUPH±GLUHFW VDXLQGLUHFW $úDGDUDXWRUXOSUHYHGH
F  SULQ GLVWUXJHUHD DOWHUDUHD VDX DVFXQGHUHD GRFXPHQWXOXL VDX vQVFULVXOXL FX XQ
DVHPHQHD FRQ LQXW FUHHD]  R VWDUH GH SHULFRO SHQWUX VLJXUDQ D VWDWXOXL XUPDUH SH
FDUH R GRUHúWH VDX DFFHSW  6 YkUúLW  GLQ FXOS  úL vQ P VXUD vQ FDUH GRFXPHQWXO
FRQ LQHVHFUHWHGHVWDWIDSWDSRDWHFRQVWLWXLRDOW LQIUDF LXQHSUHY ]XW GHDUW
GLQ&RGXOSHQDO±QHJOLMHQ DvQS VWUDUHDVHFUHWXOXLGHVWDW
5LGLFDUHDS VWUDUHDúL LQHUHDGRFXPHQWXOXLvQWUXQDOWORFI U LQWHQ LDGHDO
DVFXQGHQXFRQVWLWXLHLQIUDF LXQH
3HQWUX UHDOL]DUHD LQIUDF LXQLL QX SUH]LQW  UHOHYDQ  FHOHODOWH HOHPHQWH DOH
ODWXULLVXELHFWLYH±VFRSXOúLPRELOXO

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLODLQIUDF LXQHDFRPHQWDW VXQWSRVLELOHGDUQXVH
SHGHSVHVF 7HQWDWLYD OD DFHDVWD HVWH VDQF LRQDW  SRWULYLW SUHYHGHULORU DUW 
DOLQ  GLQ&RGXOSHQDO


&5 WHVFXúLFRORSFLWS

,GHPS
 
&RQVXPDUHDLQIUDF LXQLLLQWHUYLQHvQPRPHQWXOvQFDUHVDvQFHSXWH[HFXWDUHD
DF LXQLL GH GLVWUXJHUH DOWHUDUH VDX DVFXQGHUH D XQXL GRFXPHQW RUL vQVFULV GLQ
FDWHJRULDSUHFL]DW vQWH[W
6DQF LXQL )DSWD SUHY ]XW  vQ DUW  & SHQ HVWHVDQF LRQDW FXSHGHDSVD
vQFKLVRULLGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH SHGHSVHúWH FX DPHQG  GH OD  OD  OHL ±
DUWDOLQ  &SHQ


&2081,&$5($'(,1)250$ ,,)$/6(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQUHOD LLOHVRFLDOHFDUH
SULYHVFVLJXUDQ DVWDWXOXL
2ELHFWXO PDWHULDO ,QIUDF LXQHD DUH VDX QX RELHFW PDWHULDO vQ IXQF LH GH
PRGDOLWDWHDQRUPDWLY úLGHQDWXUDPLMORDFHORUGHSURSDJDUHDúWLULORU
/D SULPD PRGDOLWDWH QRUPDWLY  ± FRPXQLFDUHD VDX U VSkQGLUHD GHúWLULGDWH
VDX LQIRUPD LL IDOVH ± LQIUDF LXQHD DUH FD RELHFW PDWHULDO VXSRUWXO SH FDUH HVWH
vQUHJLVWUDW PHVDMXO IDOV ± ]LDU FDUWH DILú EDQG  PDJQHWLF  HWF ± GDU QX YD DYHD
RELHFWPDWHULDOvQLSRWH]DWUDQVPLWHULLPHVDMXOXLIDOVSHFDOHRUDO /DFHDGHDGRXD
PRGDOLWDWH QRUPDWLY  ± GLIX]DUHD GH GRFXPHQWH IDOVLILFDWH ± LQIUDF LXQHD DUH FD
RELHFW PDWHULDO vQVFULVXO GRFXPHQWXO  IDOVLILFDW FDUH HVWH U VSkQGLW RELHFW FDUH
FRQVWLWXLHvQDFHODúLWLPSúLPLMORFXOGHV YkUúLUHDLQIUDF LXQLL

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  QX HVWH FLUFXPVWDQ LDW GH WH[W DXWRU DO
LQIUDF LXQLL SXWkQG IL RULFDUH SHUVRDQ  ± FHW HDQ URPkQ VDX VWU LQ DSDWULG
GRPLFLOLDWvQ5RPkQLDVDXvQVWU LQ WDWH
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL DUW&SHQ 
3DUWLFLSD LD HVWH SRVLELO  vQ WRDWH IRUPHOH DFHVWHLD ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO URPkQ GHRDUHFH IDSWHOH FRPLVH VXQW GH QDWXU  V 
DGXF DWLQJHUHVLJXUDQ HLVWDWXOXLQRVWUX

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO FRQVW  vQWRWGHDXQD vQWUR DF LXQH FDUH SRDWH IL GH
ÄFRPXQLFDUHVDXU VSkQGLUHSULQRULFHPLMORDFH´GHúWLULGDWHVDXLQIRUPD LLIDOVH±
vQ SULPD PRGDOLWDWH QRUPDWLY  ± VDX GH ÄFRPXQLFDUH RUL U VSkQGLUH SULQ RULFH
PLMORDFH´GHGRFXPHQWHIDOVLILFDWH±vQDGRXDPRGDOLWDWHQRUPDWLY 
&HULQ DHVHQ LDO SHQWUXUHDOL]DUHDLQIUDF LXQLLHVWHFDIDSWDV SXQ vQSHULFRO
VLJXUDQ DVWDWXOXL
8UPDUHD LPHGLDW  D LQIUDF LXQLL FRQVW  vQ DSDUL LD XQHL VW UL SULPHMGLRDVH
SHQWUX VLJXUDQ D VWDWXOXL 1X VH FHUH SHQWUX H[LVWHQ D LQIUDF LXQLL FD IDSWD V  IL
SURGXV XQ SUHMXGLFLX YDORULORU VRFLDOH RFURWLWH SULQ WH[WXO LQFULPLQDWRU FL GRDU FD
DF LXQHD V  ILH GH QDWXU  DGLF  V  DLE  DSWLWXGLQHD GH D SURGXFH R DVWIHO GH
FRQVHFLQ 6XQWHPGHFLvQSUH]HQ DXQHLLQIUDF LXQLGHSHULFROúLQXGHUH]XOWDW
/HJ WXUDGHFDX]DOLWDWHVHGHVSULQGHGLQvQV úLPDWHULDOLWDWHDIDSWHORU





9'RQJRUR]úLFRORSFLWYRO,9S
 
/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD±
GLUHFW VDXLQGLUHFW 6 YkUúLW GLQFXOS IDSWDQXFRQVWLWXLHLQIUDF LXQH
0RELOXO úL VFRSXO QX SUH]LQW  UHOHYDQ  SHQWUX H[LVWHQ D LQIUDF LXQLL 2GDW 
GRYHGLWH DFHVWH HOHPHQWH DOH ODWXULL VXELHFWLYH VHUYHVF vQ SURFHVXO GH
LQGLYLGXDOL]DUHDSHGHSVHL

)RUPH6DQF LXQL
)RUPH3RWULYLWSUHYHGHULORUDUWDOLQ  úL  GLQ&SHQGRDUWHQWDWLYD
ODDFHDVW LQIUDF LXQHVHSHGHSVHúWHQXúLDFWHOHSUHSDUDWRULL
9D FRQVWLWXL WHQWDWLY  GH H[HPSOX IDSWD GH D FRQIHF LRQD úWLULOH GDWHOH VDX
LQIRUPD LLOHIDOVHRULGHDP VOXLGRFXPHQWHOHDF LXQHvQWUHUXSW vQV ±GLQPRWLYH
LQGHSHQGHQWH GH YRLQ D DXWRUXOXL ± PDL vQDLQWH FD DFHVWHD V  ILH FRPXQLFDWH VDX
U VSkQGLWH
&RQVXPDUHD LQIUDF LXQLL VXUYLQH LQVWDQWDQHX vQ FKLDU SULPXO PRPHQW DO
SURSDJ ULLúWLULORUIDOVHRULDOGRFXPHQWHORUIDOVLILFDWH
6DQF LXQL)DSWDHVWHVDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODXQXODDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


',98/*$5($6(&5(78/8,&$5(3(5,&/,7($= 6,*85$1 $
67$78/8,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFHOFRPXQWXWXURULQIUDF LXQLORUFRQWUDVLJXUDQ HL
VWDWXOXL FX VSHFLDO  UHIHULUH OD DS UDUHD VHFUHWXOXL GH VWDW SUHFXP úL D DOWRU
LQIRUPD LLúLGDWHDF URUGLYXOJDUHSULPHMGXLHúWHVLJXUDQ DVWDWXOXL
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DFHO GRFXPHQW VDX RELHFW FH
FRQ LQH VHFUHWH GH VWDW ± GLYXOJDW VDX GH LQXW vQ DIDUD vQGDWRULULORU GH VHUYLFLX ±
GXS  FD] DFHO GRFXPHQW VDX RELHFW FH FRQ LQH VHFUHWH GH VHUYLFLX ± GLYXOJDW RUL
GH LQXWvQYHGHUHDGLYXOJ ULLÌQFD]XOGLIX] ULLLQIRUPD LLORU±VHFUHWHGHVWDWVDXGH
VHUYLFLX ± vQ DOW PRG GHFkW SULQ WUDQVPLWHUHD GRFXPHQWXOXL VDX RELHFWXOXL
LQIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU LQIUDF LXQLLDUHFDOLWDWHDGHIXQF LRQDU'HúL
WH[WXO QX IRORVHúWH FRQFHSWXO ÄIXQF LRQDU´ DFHDVW  FDOLWDWH GHFXUJH GLQ VLQWDJPD
ÄGHF WUHFHOFDUHOHFXQRDúWHGDWRULW DWULEX LLORUGHVHUYLFLX´UHVSHFWLYÄvQDIDUD
vQGDWRULULORU GH VHUYLFLX´ VXELHFWXO ÄFHO´ QHSXWkQG IL DOWFLQHYD GHFkW IXQF LRQDUXO
DQJDMDW OD DXWRULWDWHD RUL SHUVRDQD MXULGLF  GH GUHSW SXEOLF VDX SULYDW XQGH VDX
HODERUDW RUL XQGH VXQW JHVWLRQDWH GRFXPHQWHOH úL RELHFWHOH SURWHMDWH GH WH[WXO
LQFULPLQDWRU
ÌQ YDULDQWD DWHQXDW  SUHY ]XW  vQ DOLQ   DXWRU SRDWH IL RULFH SHUVRDQ  FH
vQWUXQHúWHFRQGL LLOHJHQHUDOHDOHU VSXQGHULLSHQDOH
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL DUW&SHQ 
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO úL vQ DFHLDúL P VXU  DXWRULW LOH úL LQVWLWX LLOH
SXEOLFHSUHFXPúLSHUVRDQHOHMXULGLFHGHGUHSWSXEOLFVDXSULYDWSURGXF WRDUHVDX
GH LQ WRDUHGHGRFXPHQWHRULRELHFWHFHFRQ LQVHFUHWHGHVWDWRULGHVHUYLFLX

 
/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DF LXQHD GH ÄGLYXOJDUH´ GH
VHFUHWHGHVWDWRULGHVHUYLFLX±DOLQ  ±GHÄGH LQHUH´vQDIDUDvQGDWRULULORUGH
VHUYLFLXDXQXLGRFXPHQWFHFRQVWLWXLHVHFUHWGHVWDW±DOLQ  ±úLGHÄGH LQHUH´vQ
YHGHUHDGLYXOJ ULLDXQXLGRFXPHQWFHFRQVWLWXLHVHFUHWGHVHUYLFLX±vQDOLQ  
&RQFHSWXOGLYXOJDUHDUHvQ HOHVXOGHWUDQVPLWHUHGHFRPXQLFDUHDXQRUGDWH
VDX GRFXPHQWH VHFUHWH ÄGLYXOJDUHD´ VLQRQLP  FX ÄGHFRQVSLUDUHD´ VHPQLILFkQG
IDSWXOGH]Y OXLULLXQRUVHFUHWH DGDvQYLOHDJ 
'LYXOJDUHDVHSRDWHvQI SWXLSULQDFWHFRPLVLYH±FDUHFRQVWDXvQWUDQVPLWHUHD
LQIRUPD LLORU RUDO VDX vQ VFULV RUL D RELHFWHORU ± VDX SULQ DFWH RPLVLYH ± GH
H[HPSOX O VDUHD GRFXPHQWXOXL vQWUXQ DQXPLW ORF VSUH D IL Y ]XW GH SHUVRDQD SH
FDUH DXWRUXO D LQWHQ LRQDW V  R LQIRUPH]H SH DFHDVW  FDOH DVXSUD FRQ LQXWXOXL
GRFXPHQWXOXL 'LYXOJDUHD SRDWH IL WRWDO  VDX SDU LDO  GXS  FXP GRFXPHQWHOH DX
IRVW WUDQVPLVH vQ LQWHJUDOLWDWHD FRQ LQXWXOXL ORU VDX QXPDL D XQRU VHFYHQ H DOH
DFHVWRUD
6HFUHWHGHVWDWúLVHFUHWHGHVHUYLFLXÄ6HFUHWHGHVWDW´VXQWvQFRQIRUPLWDWH
FXDUWDOLQ  &SHQÄGRFXPHQWHOHúLGDWHOHFDUHSUH]LQW vQPRGY GLWDFHVW
FDUDFWHUSUHFXPúLFHOHGHFODUDWHVDXFDOLILFDWHDVWIHOSULQKRW UkUHD*XYHUQXOXL´
/HJHD OD FDUH VH IDFH WULPLWHUH HVWH /HJHD QU  SULYLQG SURWHF LD
LQIRUPD LLORUFODVLILFDWH
,QIRUPD LLOH VHFUHWH GH VWDW VXQW GHILQLWH SULQ DUW  OLW G  GLQ OHJH FD
ÄLQIRUPD LL FDUH SULYHVF VHFXULWDWHD QD LRQDO  SULQ D F URU GLYXOJDUH VH SRW
SUHMXGLFLD VLJXUDQ D QD LRQDO  úL DS UDUHD ULL´ /HJHD GHOLPLWHD]  FDWHJRULLOH GH
LQIRUPD LLVHFUHWHGHVWDWVWDELOHúWHGHPQLWDULLFXFRPSHWHQ HGHDDWULEXLQLYHOXULOH
GHVHFUHWL]DUHSUHFXPúLFODVDVHFUHWHORUGHVWDW
&kW SULYHúWH LQIRUPD LLOH VHFUHWH GH VHUYLFLX DFHVWHD ÄVH VWDELOHVF GH
FRQGXF WRUXO SHUVRDQHL MXULGLFH SH ED]D QRUPHORU SUHY ]XWH SULQ KRW UkUH D
*XYHUQXOXL´±DUWGLQDFHLDúLOHJH
&RQFHSWXOGH LQHUHGHGRFXPHQWHFHFRQVWLWXLHVHFUHWGHVWDWVDXGHVHUYLFLX
WUHEXLHvQ HOHVFDIDSWGHSRVHGDUHGHDDYHDvQVW SkQLUHDFHOGRFXPHQW
6LQWDJPDvQDIDUDvQGDWRULULORUGHVHUYLFLXDUHvQYHGHUHUHOD LDOHJDO GLQWUH
IXQF LRQDUúLGRFXPHQWúLQXUHOD LDGLQWUHGRFXPHQWúLORFXOXQGHHVWHGH LQXWGH
F WUHIXQF LRQDU$VWIHOGHGRFXPHQWHvQGHREúWHVXQWS VWUDWHúLVHOXFUHD] FXHOH
vQLQFLQWDXQHLLQVWLWX LLGDUHOHSRWILVFRDVHGHIXQF LRQDUúLGXVHvQWUXQDOWORF
GDF vQGDWRULULOHGHVHUYLFLXvOREOLJ ODDFHDVWD1XSUH]LQW LQWHUHVGLQSXQFWGH
YHGHUH DO DFHVWHL LQIUDF LXQL ORFXO XQGH DQXPH IXQF LRQDUXO GH LQH GRFXPHQWXO
VHFUHW FL GDF  HO DUH GUHSWXO V  GH LQ  DFHO GRFXPHQW vQ YLUWXWHD DWULEX LLORU GH
VHUYLFLX
1XYDFRQVWLWXLLQIUDF LXQHDSUHY ]XW vQDUW&SHQIDSWDIXQF LRQDUXOXL
GHDGH LQHXQGRFXPHQWVHFUHWILHúLODGRPLFLOLXOV XGDF DF LXQHDHVWHGLFWDW GH
vQGDWRULULOH VDOH SURIHVLRQDOH GDU YD FRQVWLWXL DFHDVW  LQIUDF LXQH GH LQHUHD
GRFXPHQWXOXLFKLDUúLODORFXOGHPXQF GDF IXQF LRQDUXOQXHUD VDXQXPDLHUD 
vQGUHSWV OGH LQ 
$F LXQHD GH GH LQHUH vQ DIDUD vQGDWRULULORU GH VHUYLFLX D XQXL GRFXPHQW FH
FRQVWLWXLHVHFUHWGHVHUYLFLX±PRGDOLWDWHQRUPDWLY UHJOHPHQWDW vQDOLQ  ±HVWH
FRQGL LRQDW GHXUP ULUHDGHF WUHDXWRUDXQXLDQXPLWVFRSúLDQXPHDFHODGHD
GLYXOJD GRFXPHQWXO ÌQ WH[W FRQFHSWXO ÄvQ YHGHUHD´ H[SULP  LQWHQ LD SH FDUH
WUHEXLHV RDLE DXWRUXODGLF VFRSXOXUP ULWGHHO±GHFLHVWHXQHOHPHQWDOODWXULL
VXELHFWLYH±úLQXDOODWXULLRELHFWLYHDLQIUDF LXQLL



3XEOLFDW vQ02IQUGLQ
 
7RDWH DF LXQLOH FH IRUPHD]  HOHPHQWXO PDWHULDO DO LQIUDF LXQLL WUHEXLH V 
vQGHSOLQHDVF  R FHULQ  HVHQ LDO  úL DQXPH FD HOH V  ILH ÄGH QDWXU  V  SXQ  vQ
SHULFRO VLJXUDQ D VWDWXOXL´ $FHDVW  FHULQ  SRDWH IL GHWHUPLQDW  SULQ H[DPLQDUHD
DWHQW  úL HYDOXDUHD FkW PDL SUHFLV  D FDUDFWHUXOXL SH FDUH vO SUH]LQW  LQIRUPD LLOH
GLYXOJDWHVDXGRFXPHQWHOHGH LQXWHvQDIDUDvQGDWRULULORUGHVHUYLFLXDLPSOLFD LLORU
± GH PRPHQW VDX vQ SHUVSHFWLY  ± FH GHFXUJ GLQ FRPLWHUHD IDSWHL FkW úL D DOWRU
vPSUHMXU ULGHIDSWúLDVSHFWHFHUH]XOW GLQSUREHOHDGPLQLVWUDWHvQFDX] 
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX VLJXUDQ D
VWDWXOXLLDUOHJ WXUDGHFDX]DOLWDWHUH]XOW GLQvQV úLFRQVWDWDUHDXUP ULLLPHGLDWH±
H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH)DSWDSUHY ]XW vQDUW&SHQHVWHRLQIUDF LXQHGH
LQWHQ LH FH SRDWH IL V YkUúLW  vQ DPEHOH HL PRGDOLW L ± GLUHFW  úL LQGLUHFW  ÌQ
YDULDQWD SUHY ]XW  vQ DOLQ   LQWHQ LD HVWH QX QXPDL GLUHFW  HVWH R LQWHQ LH
FDOLILFDW GHRDUHFHHDvQVXPHD] úLHOHPHQWXOVFRSVFRSXOXUP ULWGHDXWRUILLQG
DFHODGHDGLYXOJDGRFXPHQWXOGH LQXWvQDIDUDvQGDWRULULORUOHJDOH
ÌQ FH SULYHúWH SR]L LD SVLKLF  ID  GH LQIUDF LXQH vQ LQGLIHUHQW FDUH GLQWUH
PRGDOLW LOH HL QRUPDWLYH HVWH GH SUHFL]DW F  DXWRUXO WUHEXLH V  DLE  R GXEO 
UHSUH]HQWDUH D FRQVHFLQ HORU IDSWHL VDOH úL V  OH XUP UHDVF  RUL V  OH DFFHSWH
GHRSRWULY SHGHRSDUWHF SULQIDSWDOXLGLYXOJ VHFUHWHGHVWDWVDXGHVHUYLFLX
RUL GH LQH DVHPHQHD GRFXPHQWH vQ DIDUD vQGDWRULULORU GH VHUYLFLX LDU SH GH DOW 
SDUWHF IDSWDHVWHVXVFHSWLELO V FUHH]HSHULFROSHQWUXVLJXUDQ DVWDWXOXL
7H[WXO QX SUHWLQGH FD VXELHFWXO LQIUDF LXQLL V  ILH DQLPDW GH YUHXQ DQXPLW
PRELO úL ± FX H[FHS LD YDULDQWHL GH VSHFLH LQFULPLQDW  vQ DOLQ   ± QLFL V 
XUP UHDVF XQVFRSDQXPH

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLVXQWSRVLELOHGDUQXVHVDQF LRQHD] 7HQWDWLYDVH
SHGHSVHúWHSRWULYLWDUWDOLQ  &SHQ
7HQWDWLYDHVWHSRVLELO ODPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQ  GDU
QX úL OD PRGDOLW LOH GH GH LQHUH GH GRFXPHQWH ± DOLQ   úL   ± GHRDUHFH
PRPHQWXO vQFHSHULL H[HFXW ULL DGLF  DO LQWU ULL vQ SRVHVLD GRFXPHQWXOXL FRLQFLGH
FXPRPHQWXOFRQVXP ULLLQIUDF LXQLL
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH GXS  FD] vQ PRPHQWXO WUDQVPLWHULL
VHFUHWHORUGHVWDWRULGHVHUYLFLXUHVSHFWLYvQPRPHQWXOvQFDUHDvQFHSXWGH LQHUHD
vQDIDUDvQGDWRULULORUGHVHUYLFLXDGRFXPHQWXOXLFHFRQVWLWXLHVHFUHWGHVWDWRULGH
VHUYLFLX ± DFHVWD SUHOXQJLQGXVH SH vQWUHDJD SHULRDG  FkW GXUHD]  GH LQHUHD ±
LQIUDF LXQHFRQWLQX 
6DQF LXQL,QIUDF LXQHDSUHY ]XW vQDOLQ  HVWHSHGHSVLW FXvQFKLVRDUHGH
ODODDQLúLLQWHU]LFHUHDXQRUGUHSWXULLDUIDSWHOHSUHY ]XWHvQDOLQ  úL  
VXQWSHGHSVLWHFXvQFKLVRDUHGHODODDQL
ÌQLSRWH]DSUHY ]XW vQDOLQ  SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHD
GHODODDQL
ÌQYDULDQWDWLSDLQFULPLQ ULLSHUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GH
OD  OD  OHL LDU vQ FHOHODOWH LSRWH]H GH LQFULPLQDUH FX DPHQG  GH OD
ODOHL





 
1('(181 $5($

2ELHFWXORFURWLULLSHQDOH
ÌQ VLVWHPXO QRVWUX GH GUHSW QX VD LQVWLWXLW R REOLJD LH OHJDO  JHQHUDO  GH
GHQXQ DUHDWXWXURULQIUDF LXQLORUFLGRDUvQFD]XOXQRUIDSWHFXPDUHvQF UF WXU GH
SHULFRO VRFLDO ± FXP VXQW XQHOH LQIUDF LXQL FRQWUD VLJXUDQ HL VWDWXOXL ± REOLJD LD
PRUDO  ILLQG FRQYHUWLW  SULQ YRLQ D OHJLXLWRUXOXL vQWUR REOLJD LH MXULGLF  RUL GH
FkWH RUL OHJHD R SUHYHGH H[SUHV ÌQ FH SULYHúWH LQIUDF LXQLOH FRQWUD VLJXUDQ HL
VWDWXOXL REOLJD LD OHJDO  GH D OH GHQXQ D HVWH JHQHUDW  úL GLQWUR D GRXD REOLJD LH
PRUDO  L]YRUkW  GLQ DOW  vQGDWRULUH IXQGDPHQWDO  VDFUDOL]DW  FRQVWLWX LRQDO ±
ILGHOLWDWHDID GH DU 
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWvQSULQFLSDOGLQUHOD LLOHVRFLDOHFDUH
SULYHVF VLJXUDQ D VWDWXOXL LDU vQ VHFXQGDU GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD
vQI SWXLUHDMXVWL LHL
,QIUDF LXQHDGHQHGHQXQ DUHHVWHOLSVLW GHRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL QX D IRVW FLUFXPVWDQ LDW GH
WH[W HO SRDWH IL RULFH FHW HDQ URPkQ FHW HDQ VWU LQ RUL SHUVRDQ  I U  FHW HQLH
LQGLIHUHQWGDF GRPLFLOLD] VDXQXSHWHULWRULXOVWDWXOXLURPkQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL DUW&SHQ 
3DUWLFLSD LD OD V YkUúLUHD DFHVWHL LQIUDF LXQL VXE IRUPD FRDXWRUDWXOXL RUL D
FRPSOLFLW LLHVWHH[FOXV vQWUXFkWRULFDUHSHUVRDQ FHDIO GHVSUHFRPLWHUHDXQHL
LQIUDF LXQLDF UHLGHQXQ DUHFRQVWLWXLHRREOLJD LHOHJDO GHYLQHHDvQV úLDXWRUDO
LQIUDF LXQLLGHQHGHQXQ DUHÌQFHSULYHúWHLQVWLJDUHDODLQIUDF LXQHDGHQHGHQXQ DUH
HD SRDWH H[LVWD QXPDL vQ FRQFXUV UHDO FX LQIUDF LXQHD WLS GH QHGHQXQ DUH vQ DOWH
FXYLQWH SHUVRDQD FDUH GHWHUPLQ  SH DOWFLQHYD OD V YkUúLUHD LQIUDF LXQLL GH
QHGHQXQ DUHHVWHvQSULPXOUkQGDXWRUDOLQIUDF LXQLLGHQHGHQXQ DUHúLvQDOGRLOHD
UkQGLQVWLJDWRUODDFHDVW LQIUDF LXQHV YkUúLW GHWHU DSHUVRDQ 
6XELHFWXO SDVLY HVWH FD OD WRDWH LQIUDF LXQLOH UHJOHPHQWDWH vQ 7LWOXO , VWDWXO
URPkQ

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH R LQDF LXQH RPLVLXQH  úL
DQXPH RPLVLXQHD GHQXQ ULL LQIUDF LXQLORU SUHY ]XWH vQ DUW    úL
&SHQ
&RQFHSWXOGHQXQ FXFDUHVHRSHUHD] vQDUW&SHQWUHEXLHvQ HOHVFD
vQFXQRúWLQ DUHDI FXW GHF WUHRSHUVRDQ XQHLDXWRULW LSXEOLFHGHVSUHV YkUúLUHD
XQHLDGLQWUHLQIUDF LXQLOHFRQWUDVLJXUDQ HLVWDWXOXLSUHFL]DWHvQWH[W
$FHVWGHQXQ QXWUHEXLHV vQGHSOLQHDVF FXWRWGLQDGLQVXOFRQGL LLOHFHUXWHGH
OHJHDSURFHVXDOSHQDO  DUWúLGLQ&RGXOGHSURFHGXU SHQDO SHQWUXDFHVW
PLMORFGHVHVL]DUHDRUJDQHORUGHXUP ULUHSHQDO HODUHGHFLvQ HOHVXOPDLPXOWGH
LQIRUPDUHDDXWRULW LORUGHVSUHV YkUúLUHDXQHLDWDULLQIUDF LXQL
(QXPHUDUHDGLQDUWDOLQ  &SHQHVWHOLPLWDWLY RPLVLXQHDGHQXQ ULL
DOWRULQIUDF LXQLGLQ7LWOXO,QHFRQVWLWXLQGLQIUDF LXQHDGHQHGHQXQ DUHSUHY ]XW vQ
DFHVWDUWLFRO
3ULQ XUPDUH vQ VXFFHVLXQH FURQRORJLF  VH V YkUúHúWH vQ SULPXO WLPS R
LQIUDF LXQHGHWU GDUH vQFHOHWUHLYDULDQWH GHDF LXQLRVWLOHFRQWUDVWDWXOXLURPkQ
GHVSLRQDMGHDWHQWDWFDUHSXQHvQSHULFROVLJXUDQ DVWDWXOXLGHDWHQWDWFRQWUDXQHL
FROHFWLYLW L GH VXEPLQDUHD SXWHULL GH VWDW GH DFWH GH GLYHUVLXQH GH VXEPLQDUHD
HFRQRPLHL QD LRQDOH GH DF LXQL vPSRWULYD RUGLQLL FRQVWLWX LRQDOH VDX GH FRPSORW

 
LDUXOWHULRURSHUVRDQ DIO GHVSUHV YkUúLUHDXQHLDGLQWUHDFHVWHDúLQXRGHQXQ 
V YkUúLQGvQWLPSXOGRLLQIUDF LXQHDGHQHGHQXQ DUH
ÌQ OHJ WXU  FX FRQ LQXWXO úL vQWLQGHUHD UHSUH]HQW ULORU SHUVRDQHL DVXSUD
LQIUDF LXQLL D F UHL GHQXQ DUH HVWH OHJDOPHQWH REOLJDW  WUHEXLH SUHFL]DW F  QX
SUH]LQW LPSRUWDQ GDF DFHDVWDFXQRDúWHSDU LDOVDXLQWHJUDODF LXQHDLOLFLW GDF 
GH LQHGDWHGHVSUHWR LVDXQXPDLGHVSUHRSDUWHGLQWUHI SWXLWRULGDF OHFXQRDúWH
RULQXLGHQWLWDWHDGXS FXPHVWHOLSVLWGHUHOHYDQ vQFHID] VHDIO LQIUDF LXQHDFH
XUPHD] DILGHQXQ DW ±DFWHSUHSDUDWRULLWHQWDWLY RULLQIUDF LXQHFRQVXPDW 
&HHD FH L VH SUHWLQGH SHUVRDQHL SHQWUX D IL DEVROYLW  GH U VSXQGHUH SHQDO 
HVWHV GHQXQ HDWkWFkWDDIODWGDUDFHVWÄDWkW´V ILHÄWRW´FHDDIODW
3HQWUXDFRQIHULLPSXQLWDWHGHQXQ XOWUHEXLHI FXW±PDLSUHWLQGHWH[WXO±ÄGH
vQGDW ´&RQFHSWXOÄGHvQGDW ´QXH[SULP XQWLPS WHUPHQ ULJLGGHLQWURGXFHUHD
GHQXQ XOXL(OFRQVWLWXLHRvPSUHMXUDUHGHIDSWYDULDELO SHFDUHPDJLVWUDWXOHVWH
GDWRU V  R VWDELOHDVF  SULQ SUREHOH DGPLQLVWUDWH 9D WUHEXL GHFL HYDOXDW WLPSXO
QHFHVDU SHUVRDQHL FDUH D DIODW GHVSUH V YkUúLUHD XQHL LQIUDF LXQL SHQWUX D GHQXQ D
DXWRULW LORUDFHDLQIUDF LXQHDGLF SHULRDGD±GHEXQ VHDP FkWPDLVFXUWSRVLELO 
±vQFDUHSHUVRDQDV DLE HIHFWLYSXWLQ GHDIDFHDFWXOGHGHQXQ 'HQXQ XOWDUGLY
GHFLGXS H[SLUDUHDSHULRDGHLHYDOXDWHGHPDJLVWUDWF U VSXQGHvQFD]XOFRQFUHW
FHULQ HLÄGHvQGDW ´YDFRQVWLWXLLQGLVFXWDELOLQIUDF LXQH
'H DVHPHQHD PDL HVWH GH UH LQXW F  REOLJD LD GH D GHQXQ D LQWHUYLQH GRDU
DWXQFLFkQGSHUVRDQDGH LQHHOHPHQWHVLJXUHFXJUDGVSRULWGHFUHGLELOLWDWHGHVSUH
V YkUúLUHDXQHLDGLQWUHLQIUDF LXQLOHSUHY ]XWHvQDUWDOLQ  &SHQVLPSOH
E QXLHOLvQOHJ WXU FXH[LVWHQ DXQHLDVHPHQHDLQIUDF LXQLQHQ VFkQGREOLJD LDGH
GHQXQ DUH
'HVSUH ÄDXWRULWDWHD´ OD FDUH SHUVRDQD XUPHD]  V  LQWURGXF  GHQXQ XO
H[SULP P RSLQLD F  DFHDVWD SRDWH IL RULFDUH LQVWLWX LH GLQ VLVWHPXO DXWRULW LORU
OHJLVODWLYH[HFXWLY FHQWUDOHVDXORFDOH RULMXGHF WRUHVF±úLQXQXPDLRDQXPLW 
DXWRULWDWH ± IXQF LRQDUXO FDUH SULPHúWH GHQXQ XO DYkQG REOLJD LD DO vQGUHSWD
DXWRULW LLFRPSHWHQWHRULDLIDFLOLWDGHQXQ WRUXOXLFRQWDFWXOFXDFHDDXWRULWDWH2
DVHPHQHD LQWHUSUHWDUH EHQHILF  GHRSRWULY  LQWHUHVXOXL SXEOLF úL SULYDW HVWH úL GH
QDWXU  D SUHYHQL QHGUHSWDWHD FH VDU IDFH DFHOHL SHUVRDQH F UHLD GHúL GH EXQ 
FUHGLQ  úL LQWHQ LH L VH UHIX]  EHQHILFLXO LPSXQLW LL SHQWUX IDSWXO ± GHFXUJkQG
GLQWUR LQWHUSUHWDUH LQIOH[LELO  ± F  GH SLOG  D GHQXQ DW IDSWD SULPDUXOXL úL QX
RIL HUXOXLGLQ6HUYLFLXO5RPkQGH,QIRUPD LL
8UPDUHD LPHGLDW  D RPLVLXQLL GH GHQXQ DUH D LQIUDF LXQLL SUHY ]XW  vQ DUW
DOLQ  &SHQFRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXVLJXUDQ DVWDWXOXL
SUHFXPúLSHQWUXEXQDvQI SWXLUHDDFWXOXLGHMXVWL LH
5DSRUWXOGHFDX]DOLWDWHUH]XOW H[UHGLQvQV úLPDWHULDOLWDWHDIDSWHORU

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GH QHGHQXQ DUH SRDWH IL V YkUúLW  DWkW FX
LQWHQ LH±GLUHFW VDXLQGLUHFW ±FkWúLGLQFXOS 
0RELOXOQXSUH]LQW LPSRUWDQ SHQWUXUHDOL]DUHDLQIUDF LXQLL

)RUPH6DQF LXQL
)RUPH ,GHQWLF WXWXURU LQIUDF LXQLORU FH FRQVWDX GLQWUR RPLVLXQH QLFL OD
LQIUDF LXQHDGHQHGHQXQ DUHDFWHOHSUHSDUDWRULLúLWHQWDWLYDQXVXQWSRVLELOH
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO vQ FDUH VD FUHDW SHUVRDQHL
SRVLELOLWDWHDGHDGHQXQ DLQIUDF LXQHDGHVSUHDF UHLV YkUúLUHDOXDWFXQRúWLQ GDU
QXDI FXWDFHVWOXFUX
6DQF LXQL,QIUDF LXQHDHVWHSHGHSVLW FXvQFKLVRDUHGHODODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL
 
7H[WXO H[FOXGH GH OD U VSXQGHUH SHQWUX LQIUDF LXQHD SUHY ]XW  GH DUW 
&SHQVR XOVDXUXGDDSURSLDW 
ÌQDOLQ  VXQWSUHY ]XWHGRX FDX]HGHQHSHGHSVLUHDDXWRUXOXLLQIUDF LXQLL
GHQHGHQXQ DUH
3ULPXOFD]GHQHSHGHSVLUHSULYHúWHSHUVRDQDFDUHIDFHGHQXQ XOPDLvQDLQWHFD
SURFXURUXOV ILvQFHSXWXUP ULUHDSHQDO vQFDX] SHQWUXLQIUDF LXQHDQHGHQXQ DW 
6LWXD LD VH UHIHU  GHFL OD R ID]  DQWHSURFHVXDO  vQ FDUH DXWRULW LOH FRPSHWHQWH
SDUFKHW VHUYLFLL GH LQIRUPD LL  QX GH LQ GDWH GHVSUH FRPLWHUHD XQHLD GLQWUH
LQIUDF LXQLOHSUHY ]XWHGHDUWDOLQ  &SHQVDXGH LQXQHOHLQIRUPD LLGDU
LQVXILFLHQWH RUL OLSVD ORU GH VHPQLILFD LH QX SHUPLW GHFODQúDUHD XUP ULULL SHQDOH
$FHVWD HVWH úL VSD LXO ± SkQ  OD vQFHSHUHD XUP ULULL SHQDOH ± vQ FDUH SHUVRDQD
I FkQGGHQXQ XOHVWHDEVROYLW GHU VSXQGHUHSHQDO 
$O GRLOHD FD] GH LPSXQLWDWH HVWH DFRUGDW SHUVRDQHL FDUH ± FX WRDWH F  QX D
I FXWGHQXQ XOLDUvQFDX]DSULYLQGLQIUDF LXQHDQHGHQXQ DW VDvQFHSXWXUP ULUHD
SHQDO RULLQIUDFWRULLDXIRVWGHVFRSHUL L±G VSULMLQSURFXURUXOXLSHQWUXSULQGHUHD
úL DUHVWDUHD ORU $FHVW VSULMLQ SRDWH V  FRQVWHD vQ IXUQL]DUHD GH LQIRUPD LL SULYLQG
ORFXULOH vQ FDUH LQIUDFWRULL VWDX DVFXQúL PLMORDFHOH VDX SDUROHOH SULQ FDUH SRW IL
FRQWDFWD LGHSHUVRDQHOHGHvQFUHGHUHGLQDQWXUDMXOORUSHUVRDQHOHFDUHvLYL]LWHD] 
ODORFXULOHXQGHVHDG SRVWHVFFODQGHVWLQúDPG
3HQWUXDILRSHUDQWDFHVWFD]GHLPSXQLWDWHQXSUH]LQW LQWHUHVGDF VSULMLQXO
RIHULWGHDXWRUXOLQIUDF LXQLLGHQHGHQXQ DUHDIRVWVDXQXYDORULILFDWGHDXWRULW LOH
FRPSHWHQWH ± GHFL GDF  VD UHXúLW RUL QX FDSWXUDUHD SHUVRDQHORU XUP ULWH ± GXS 
FXPQXSUH]LQW LQWHUHVQLFLGDF DXWRUXODDFRUGDWDMXWRUODDUHVWDUHDGRDUDXQHLD
VDXDWXWXURUDFHVWRUSHUVRDQH


,1)5$& ,81,&2175$5(35(=(17$178/8,818,67$7675 ,1

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH SOXUDO 2ELHFWXO SULQFLSDO vO FRQVWLWXLH UHOD LLOH
VRFLDOH FDUH RFURWHVF VLJXUDQ D VWDWXOXL D F URU QRUPDO  GHVI úXUDUH GHSLQGH GH
EXQHOHUDSRUWXULDOHVWDWXOXLQRVWUXFXDOWHVWDWHUDSRUWXULFHWUHEXLHPHQ LQXWHSULQ
RFURWLUHD SHUVRDQHORU FH UHSUH]LQW  DFHOH VWDWH 2ELHFWXO VHFXQGDU HVWH FRQVWLWXLW
GLQ UHOD LLOH VRFLDOH SULYLWRDUH OD YLD D LQWHJULWDWHD FRUSRUDO  V Q WDWHD OLEHUWDWHD
VDXGHPQLWDWHDSHUVRDQHL
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHFRUSXOUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ
DVXSUDF UXLDVHU VIUkQJHIDSWD
 
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLQXHVWHFDOLILFDWvQYUHXQIHO
DQXPHGHWH[WSULQXUPDUHHOSRDWHILRULFHSHUVRDQ 
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
3DUWLFLSD LD OD V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO  vQ WRDWH IRUPHOH DFHVWHLD
GXS  FD] GRDU vQ XQHOH GLQWUH IRUPH vQ UDSRUW FX QDWXUD LQIUDF LXQLL V YkUúLWH
vPSRWULYDSHUVRDQHLVDXSDWULPRQLXOXL±FXLQWHQ LHRULGLQFXOS SULQWURDF LXQH
VDXLQDF LXQH
6XELHFWXOSDVLYSULQFLSDOHVWHVWDWXOURPkQLDUVXELHFWXOSDVLYVHFXQGDUHVWH
FLUFXPVWDQ LDWGHWH[WODSHUVRDQDUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ



9'RQJRUR]úLFRORSFLWYRO,,,S
 
/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH DFHOH DF LXQL VDX LQDF LXQL
SURSULL ILHF UHLD GLQWUH LQIUDF LXQLOH FRQWUD SHUVRDQHL 'HFL YRU H[LVWD WRW DWkWHD
PRGDOLW L QRUPDWLYH FkWH VXQW SUHY ]XWH vQ WH[WHOH LQIUDF LXQLORU UHJOHPHQWDWH vQ
SDUWHDVSHFLDO D&RGXOXLSHQDO±7LWOXO,,
8UPDUHD LPHGLDW  D LQIUDF LXQLL HVWH FRPSOH[  3H GH R SDUWH HD FRQVW  vQ
DSDUL LD XQHL VW UL SULPHMGLRDVH SHQWUX VLJXUDQ D VWDWXOXL VWDUH JHQHUDW  GH
SRVLELOLWDWHDDIHFW ULLUDSRUWXULORUGLQWUHVWDWXOURPkQúLVWDWXODOF UXLUHSUH]HQWDQW
HVWH YLFWLPD LQIUDF LXQLL 3H GH DOW  SDUWH XUPDUHD LPHGLDW  YD FRQVWD vQWUXQ
UH]XOWDW vQWUR PRGLILFDUH DGXV  RELHFWXOXL PDWHULDO DO LQIUDF LXQLORU FRQWUD
SHUVRDQHL±FRUSXOUHSUH]HQWDQWXOXLXQXLVWDWVWU LQ
/HJ WXUDGHFDX]DOLWDWHVHYDVWDELOLvQWUHIDSW ±DF LXQHVDXLQDF LXQH±úL
UH]XOWDWXOSURGXV

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQLOHFRQWUDUHSUH]HQWDQWXOXLXQXLVWDWVWU LQSRW
ILV YkUúLWHDWkWFXLQWHQ LH±vQDPEHOHHLPRGDOLW LGLUHFW VDXLQGLUHFW ±FkWúL
GLQ FXOS  RUL SUDHWHULQWHQ LH ,QGLIHUHQW vQV  GDF  LQIUDF LXQHD HVWH FRPLV  vQWUR
IRUP  VDX DOWD GH YLQRY LH VXELHFWXO DFWLY WUHEXLH V  DLE  UHSUH]HQWDUHD F 
DF LXQHDLQDF LXQHD VD OH]HD]  XQ UHSUH]HQWDQW DO XQXL VWDW VWU LQ DFHDVW 
UHSUH]HQWDUH LQHFKLYRF  FRQVWLWXLQG R FHULQ  REOLJDWRULH D ODWXULL VXELHFWLYH
$VWIHO vQ VLWXD LD LQIUDF LXQLL LQWHQ LRQDWH DXWRUXO ± FD úL FHLODO L SDUWLFLSDQ L ±
UHDOL]HD]  F  DF LXQHD OXL VH U VIUkQJH FRQFRPLWHQW QX QXPDL DVXSUD XQHL
SHUVRDQH FL úL DVXSUD UHSUH]HQWDQWXOXL XQXL VWDW VWU LQ úL GRUHúWH VDX DFFHSW 
SURGXFHUHDDFHVWXLGXEOXUH]XOWDW
ÌQ VLWXD LD LQIUDF LXQLL V YkUúLWH GLQ FXOS  DXWRUXO SUHYHGH F  UH]XOWDWXO
DF LXQLLLQDF LXQLLVDOHDIHFWHD] UHSUH]HQWDQWXOXQXLVWDWVWU LQGDUVRFRWHúWHI U 
WHPHLF DFHVWDQXVHYDSURGXFHRULQXSUHYHGHUH]XOWDWXOFXWRDWHF WUHEXLDúL
SXWHDV vOSUHYDG 

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLGHúLVXQWSRVLELOHQXVHSHGHSVHVF7HQWDWLYDVH
SHGHSVHúWHSRWULYLWSUHYHGHULORUDUWDOLQ  GLQ&RGXOSHQDO
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO VSHFLILF ILHF UHLD GLQWUH
LQIUDF LXQLOHFRQWUDSHUVRDQHL
6DQF LXQL'LVSR]L LLOHDUW&SHQVWDELOHVFXQUHJLPPDLDVSUXSHQWUX
LQIUDF LXQLOH FRQWUD YLH LL LQWHJULW LL FRUSRUDOH V Q W LL OLEHUW LL VDX GHPQLW LL
vQVHQVXOF PD[LPXOVSHFLDODOSHGHSVHLSUHY ]XWHGHOHJHSHQWUXDFHOHLQIUDF LXQL
SRDWHILVSRULWFXDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  GXS  FD] ILH FX DPHQG  GH OD  OD
OHLILHFXDPHQG GHODODOHL


81(/(&$8=('(1(3('(36,5(6$8'(5('8&(5($3('(36(,

3HULFXOR]LWDWHD VRFLDO  GHRVHELW  LQWULQVHF  LQIUDF LXQLORU FRQWUD VLJXUDQ HL
VWDWXOXL D GHWHUPLQDW OHJLXLWRUXO V  LQVWLWXLH vQ DFHDVW  PDWHULH XQ UHJLP
GHURJDWRULX GH DSOLFDUH D DQXPLWRU LQVWLWX LL DOH GUHSWXOXL SHQDO PDWHULDO DWkW GLQ
SDUWHDJHQHUDO FkWúLGLQSDUWHDVSHFLDO DOHDFHVWXLD$VSHFWHOHGHURJDWRULLGHOD
GLVSR]L LLOH ÄGH GUHSW FRPXQ´ XUPDX D IL FXSULQVH GH EXQ  VHDP  GLIHUHQ LDW vQ
ILHFDUHGLQWH[WHOHFDUHLQFULPLQDXLQIUDF LXQLOHJUXSDWHvQ7LWOXO,

 
3HQWUX D VH HYLWD UHSHW UL LQXWLOH úL GHUDQMDQWH vQ OHFWXUD WH[WHORU D IRVW
SUHIHUDWSURFHGHXOGHDúH]DUHFDQXPLWRUFRPXQDWXWXURUGLVSR]L LLORUFXFDUDFWHU
SDUWLFXODU GRPHQLXOXL ± ILUHúWH FX LQGLFDUHD IDVFLFXOXOXL GH WH[WH F UXLD L VH
DGUHVHD] ±vQDUW&SHQúLDUW&SHQ
&DX]D GH QHSHGHSVLUH HVWH RSHUDQW  vQ LSRWH]D vQ FDUH SDUWLFLSDQWXO OD
LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL GHQXQ  V YkUúLUHD LQIUDF LXQLL vQDLQWH FD
XUP ULUHDSHQDO V ILvQFHSXWRULI SWXLWRULLV ILHSHGHSVL L
3ULQSDUWLFLSDQ LVHvQ HOHJHSRWULYLWSUHYHGHULORUDUW&SHQSHUVRDQHOH
FDUH FRQWULEXLH OD V YkUúLUHD XQHL IDSWH SUHY ]XWH GH OHJHD SHQDO  vQ FDOLWDWH GH
DXWRULLQVWLJDWRULVDXFRPSOLFL
3ULQ V YkUúLUHD XQHL LQIUDF LXQL VH vQ HOHJH vQ FRQIRUPLWDWH FX SUHYHGHULOH
DUW  & SHQ V YkUúLUHD RULF UHLD GLQWUH IDSWHOH SH FDUH OHJHD OH SHGHSVHúWH FD
LQIUDF LXQHFRQVXPDW VDXFDWHQWDWLY SUHFXPúLSDUWLFLSDUHDODFRPLWHUHDDFHVWRUD
FDDXWRULQVWLJDWRUVDXFRPSOLFH
6SUH GHRVHELUH GH QR LXQHD ÄGH vQGDW ´ H[DPLQDW  OD LQIUDF LXQHD GH
QHGHQXQ DUHVLQWDJPDÄvQWLPSXWLO´H[SULP DFHDSHULRDG GHWLPSFDUHvQJ GXLH
LQVWLWX LLORU MXGLFLDUH VSHFLDOL]DWH V  DF LRQH]H SHQWUX vPSLHGLFDUHD FRQVXP ULL
LQIUDF LXQLL'HFLGHQXQ XOWUHEXLHI FXWvQLQWHULRUXOWLPSXOXLQHFHVDUDXWRULW LORU
MXGLFLDUH SHQWUX D DF LRQD (VWH OLSVLW  GH UHOHYDQ  vPSUHMXUDUHD F  LQVWLWX LD
MXGLFLDU DDF LRQDWVDXQXvQDFHVWLQWHUYDOGHWLPSúLGHDVHPHQHDGDF VDUHXúLW
VDXQXvPSLHGLFDUHDFRQVXP ULLLQIUDF LXQLL$FHDVWDHVWHRFKHVWLXQHFDUHSULYHúWH
SURIHVLRQDOLVPXOLQVWLWX LHLFRPSHWHQWHvQPDWHULH
3HQWUX D IL H[RQHUDW GH U VSXQGHUH SHQDO  vQ OHJ WXU  FX RULFDUH GLQWUH
LQIUDF LXQLOHV YkUúLWHFRQWUDVLJXUDQ HLVWDWXOXLSDUWLFLSDQWXODUHGRDUREOLJD LDGHD
GHQXQ DR ± XQLFD FHULQ  ± LQGLIHUHQW GH HIHFWHOH SURGXVH GH GHQXQ  (VWH SULPD
FDX] GHQHSHGHSVLUH
&HDGHDGRXDFDX] GHQHSHGHSVLUHRSHUHD] vQVLWXD LDvQFDUHSDUWLFLSDQWXO
vQO WXU  FKLDU HO FRQVXPDUHD LQIUDF LXQLL úL XOWHULRU R GHQXQ  ÌQ DFHDVW  LSRWH] 
HVWH GHFL QHFHVDU  vQGHSOLQLUHD D GRX  FRQGL LL ± vPSLHGLFDUHD FRQVXP ULL
LQIUDF LXQLL úL GHQXQ DUHD IDSWHL &HOH GRX  FHULQ H VXQW REOLJDWRULL úL FXPXODWLYH
DEVHQ D GHQXQ XOXL DWU JkQG U VSXQGHUHD SHUVRDQHL FD SDUWLFLSDQW OD V YkUúLUHD
LQIUDF LXQLLvQID] GHWHQWDWLY 
5HGXFHUHD SHGHSVHL OD MXP WDWHD OLPLWHORU SUHY ]XWH GH OHJH SHQWUX
LQIUDF LXQHD V YkUúLW  VH DFRUG  DFHOXL SDUWLFLSDQW FDUH GXS  vQFHSHUHD XUP ULULL
SHQDOH RUL GHVFRSHULUHD I SWXLWRULORU vQOHVQHúWH DUHVWDUHD DFHVWRUD GH F WUH
MXGHF WRU $FHDVW  SUHYHGHUH U PkQH GHVLJXU LQRSHUDQW  SHQWUX SDUWLFLSDQWXO OD
LQIUDF LXQHD GH FRPSORW GHRDUHFH DúD FXP DP Y ]XW vQ FD]XO F  vQOHVQHúWH
DUHVWDUHDLQIUDFWRULORUHOYDEHQHILFLDFKLDUGHvQO WXUDUHDU VSXQGHULLSHQDOH


6$1& ,21$5($7(17$7,9(,7 ,18,5,,ù,)$925,= 5,,

6DQF LRQDUHDWHQWDWLYHLW LQXLULLúLIDYRUL] ULLODLQIUDF LXQLOHFRQWUDVLJXUDQ HL
VWDWXOXLHVWHSUHY ]XW vQDUW&SHQ
3ULPXO DOLQHDW LQFULPLQHD]  WHQWDWLYD OD WRDWH LQIUDF LXQLOH FRQWUD VLJXUDQ HL
VWDWXOXL$FHDVW SUHFL]DUHDIRVWQHFHVDU GHRDUHFHvQFRQIRUPLWDWHFXDUWDOLQ
 &SHQWHQWDWLYDVHSHGHSVHúWHQXPDLFkQGOHJHDSUHYHGHH[SUHVDFHDVWD
/HJLXLWRUXO QX VD OLPLWDW vQV  OD VDQF LRQDUHD WXWXURU LQIUDF LXQLORU FRQWUD
VLJXUDQ HL VWDWXOXL vQ ID]  GH WHQWDWLY  FL D DVLPLODW WHQWDWLYHL úL XQHOH GLQ DFWHOH



79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWSDUWHDVSHFLDO YRO,HGFLWS
 
SUHSDUDWRULLúLDQXPHDFHOHDFWHFRQVWkQGvQSURGXFHUHDVDXSURFXUDUHDPLMORDFHORU
RULLQVWUXPHQWHORUSUHFXPúLOXDUHDGHP VXULvQYHGHUHDFRPLWHULLLQIUDF LXQLORU
7HQWDWLYD SURSULX]LV  FD úL WHQWDWLYD UH]XOWDW  SULQ DVLPLODUHD XQRUD GLQWUH
DFWHOH SUHSDUDWRULL VH VDQF LRQHD]  SRWULYLW UHJXOLL vQVFULVH vQ DUW  DOLQ  
&SHQFXRSHGHDSV FXSULQV vQWUHMXP WDWHDPLQLPXOXLúLMXP WDWHDPD[LPXOXL
SUHY ]XWH GH OHJH SHQWUX LQIUDF LXQHD FRQVXPDW  I U  FD PLQLPXO V  ILH PDL PLF
GHFkWPLQLPXOJHQHUDODOSHGHSVHLÌQFD]XOFkQGSHGHDSVDSUHY ]XW GHOHJHHVWH
GHWHQ LXQHDSHYLD VHDSOLF SHGHDSVDvQFKLVRULLGHODODGHDQL
ÌQ FD]XO SHUVRDQHL MXULGLFH WHQWDWLYD VH VDQF LRQHD]  FX DPHQG  FXSULQV 
vQWUH PLQLPXO VSHFLDO úL PD[LPXO VSHFLDO DO DPHQ]LL SUHY ]XWH GH OHJH SHQWUX
LQIUDF LXQHDFRQVXPDW UHGXVHODMXP WDWH/DDFHDVW SHGHDSV VHSRWDG XJDXQD
VDXPDLPXOWHSHGHSVHFRPSOHPHQWDUH
7 LQXLUHDúLIDYRUL]DUHDODLQIUDF LXQLOHFRQWUDVLJXUDQ HLVWDWXOXLDXSUHY ]XWH
XQUHJLPVDQF LRQDWRUPDLDVSUX±ODDQL±GHFkWDFHODSUHY ]XWSHQWUXW LQXLUH
úL IDYRUL]DUH ±  OXQL OD  DQL ± OD V YkUúLUHD FHORUODOWH LQIUDF LXQL SUHY ]XWH GH
OHJHD SHQDO  7RWRGDW  W LQXLUHD úL IDYRUL]DUHD V YkUúLWH GH VR  VDX GH R UXG 
DSURSLDW VHSHGHSVHVFODLQIUDF LXQLOHSUHY ]XWHvQDUW±úL
&SHQFKLDUúLFXRSHGHDSV UHGXV ODMXP WDWHvQYUHPHFHW LQXLUHD±DUW
DOLQ  ±úLIDYRUL]DUHD±DUWDOLQ  ±ODWRDWHFHOHODOWHLQIUDF LXQLSUHY ]XWH
GHOHJHDSHQDO QXVHSHGHSVHVF
6XELHFWXO DFWLY OD W LQXLUHD úL IDYRUL]DUHD LQIUDF LXQLORU FRQWUD VLJXUDQ HL
VWDWXOXLSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ






























 


7,7/8/,,

,1)5$& ,81,&2175$3(562$1(,


&DSLWROXO,

,1)5$& ,81,&2175$9,( ,,,17(*5,7 ,,&25325$/(
ù,6 1 7 ,,


6HF LXQHD,
208&,'(5($

20258/

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHDFHOHUHOD LLVRFLDOHUHIHULWRDUHODGUHSWXO
IXQGDPHQWDODORPXOXLODYLD GUHSWFRQVDFUDWSULQDUWDOLQ  GLQ&RQVWLWX LD
5RPkQLHL
2ELHFWXO PDWHULDO HVWH FRUSXO SHUVRDQHL vQ YLD  DVXSUD F UHLD VH vQGUHDSW 
DF LXQHDXFLJ WRDUH

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU QXDIRVWFDOLILFDWGHWH[W
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL±DUW&SHQ
3DUWLFLSD LD OD V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO  vQ WRDWH IRUPHOH HL ±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
ÌQ PDWHULD RPRUXOXL SUDFWLFD MXGLFLDU  D MDORQDW R OLQLH GH JkQGLUH FODU  úL
FRQVWDQW  DVXSUD SDUWLFLSD LHL VXE IRUPD FRDXWRUDWXOXL OD V YkUúLUHD DFHVWHL
LQIUDF LXQLOLQLHGLVWDQ DW RDUHFXPGHDFHHDÄFODVLF ´LQFLGHQW vQDOWH]RQHDOH
&RGXOXLSHQDO
$VWIHOVDVWDWXDWF RPRUXOHVWHFRPLVvQFRQGL LLOHFRDXWRUDWXOXLDWXQFLFkQG
DXWRULL IDSWHL DX DF LRQDW FRQFRPLWHQW vQ FDGUXO XQHL DFWLYLW L LQGLYL]LELOH úL vQ
UHDOL]DUHD LQWHQ LHL GH D XFLGH FKLDU GDF  YLD D SHUVRDQHL D IRVW VXSULPDW  SULQ
DF LXQHDH[FOXVLY  FRQFUHW LQGLYLGXDO DXQXLDGLQWUHSDUWLFLSDQ L6DPRWLYDW
vQ SUHOXQJLUHD FRQFHS LHL F  DF LXQLOH FRLQFXOSD LORU ± FDUH QX DX DSOLFDW ORYLWXUL
OHWDOHYLFWLPHL±DXFRQWULEXLWQHPLMORFLWODUHGXFHUHDSRVLELOLW LORUDFHVWHLDGHDVH
DS UD OD GLPLQXDUHD FDSDFLW LL VDOH IL]LFH úL SVLKLFH GH D UH]LVWD DJUHVLXQLL
FRQVHFLQ HFDUHQHvQGRLHOQLFVHvQVFULXvQQH[XOFDX]DODOLQIUDF LXQLL(VWHvQV 
HYLGHQW F  V YkUúLUHD LQIUDF LXQLL GH RPRU vQ IRUPD FRDXWRUDWXOXL SUHVXSXQH
QHFHVDUPHQWH FD SHUVRDQD SHUVRDQHOH  SUH]HQWH OD ORFXO úL WLPSXO FRQVXP ULL
IDSWHL V  GHVI úRDUH DFWLYLW L GH RULFH WLS LQGLVSHQVDELOH H[HFXW ULL DF LXQLL
XFLJ WRDUH VLPSOD HL SUH]HQ  OD ORFXO RPRUXOXL DVLVWDUHD  QHVDWLVI FkQG FHULQ D
XQHL FRRSHU UL vQ VHQVXO QR LXQLL SHQDOH GH FRDXWRUDW ÌQWUR DVWIHO GH LSRVWD] 
IDSWLF VDUSXWHDH[DPLQDHYHQWXDOvQFHP VXU SUH]HQ DDFHOHLSHUVRDQHSRDWHIL
UH LQXW  FD R FRPSOLFLWDWH PRUDO  OD FRPLWHUHD RPRUXOXL RUL FD LQIUDF LXQH GH


&6-VSGQU%-S

76'HFQU5,,,S
 
QHGHQXQ DUH vQ FD]XO F  DFHDVWD QX D FRPXQLFDW DXWRULW LORU MXGLFLDUH IDSWD GH
RPRUGHVSUHFDUHDOXDWFXQRúWLQ 
3UDFWLFDMXGLFLDU FXSULYLUHODSDUWLFLSD LDVXEIRUPDFRDXWRUDWXOXLvQPDWHULD
RPRUXOXLDIRVWLQVSLUDW úLRULFXPSRWHQ DW GHGRFWULQDGHVSHFLDOLWDWH
6XELHFWXO SDVLY ± SHUVRDQD F UHLD L VD VXSULPDW YLD D ± QX D IRVW
FLUFXPVWDQ LDWGHWH[W
1X SUH]LQW  LPSRUWDQ  SHQWUX UHDOL]DUHD LQIUDF LXQLL YkUVWD VDX VWDUHD GH
YLDELOLWDWH D YLFWLPHL GXS  FXP QX DUH UHOHYDQ  vPSUHMXUDUHD F  RPRUXO D IRVW
V YkUúLW GH DXWRU OD FHUHUHD YLFWLPHL 8OWLPD LSRWH]  ULGLF  XQD GLQWUH FHOH PDL
FRQWURYHUVDWHúLIDVFLQDQWHSUREOHPHvQPDWHULDRPXFLGHULL±HXWKDQDVLD±FRQFHSW
SULQFDUHVHvQ HOHJHÄXFLGHUHDV YkUúLW VXELPSXOVXOXQXLVHQWLPHQWGHPLO SHQWUX
D FXUPD FKLQXULOH IL]LFH DOH XQHL SHUVRDQH FDUH VXIHU  GH R ERDO  LQFXUDELO  úL D
F UHL PRDUWH HVWH GLQ DFHDVW  FDX]  LQHYLWDELO ´ $FFHSWDUHD VDX QHDFFHSWDUHD
RPRUXOXL vQWUXQ DVHPHQHD FRQWH[W D FRQVWLWXLW WHPD D QXPHURDVH úL LPSRUWDQWH
VWXGLL VRFLRORJLFH PHGLFDOH UHOLJLRDVH úL QDWXUDO MXULGLFH 'LQFROR vQV  GH
FRQVLVWHQ DRULDSWLWXGLQHDGHDFRQYLQJHDDUJXPHQWHORUSURVDXFRQWUDHXWKDQDVLHL
OHJLVOD LLOH SHQDOH GLQ VWDWHOH PRGHUQH QX DEVROY  GH U VSXQGHUH SHQDO  DXWRULL
IDSWHLGHRPRUFRPLVvQDFHVWHFRQGL LLùLOHJHDSHQDO URPkQ VDvQVFULVFRQVWDQW
SH R DWDUH OLQLH GH JkQGLUH ÌQ &RGXO SHQDO GLQ  DFHVW WLS GH RPRU vQFDGUDW
GLVWLQFW vQ DUW  DOLQ O  úL   HUD VDQF LRQDW FX R SHGHDSV  PDL EOkQG  GHFkW
DFHHD SUHY ]XW  SHQWUX DVDVLQDWGLVWLQF LDúLWUDWDPHQWXOVDQF LRQDWRUQHILLQGvQV 
SUHOXDWH GH I XULWRULL FRGXOXL SHQDO vQ YLJRDUH ÌQ FRQVHFLQ  SRWULYLW OHJLL SHQDOH
SHGHDSVDSHQWUXRPRUXOFRPLVFXDFHVWPRELOSRDWHILUHGXV GRDUGHPDJLVWUDWvQ
P VXUD vQ FDUH HO FRQYHUWHúWH PRELOXO vQWUR FLUFXPVWDQ  DWHQXDQW  úL vL DFRUG 
VHPQLILFD LDMXULGLF DDFHVWHLD
ÌQ FD]XO vQ FDUH VXELHFWXO SDVLY DUH R DQXPLW  FDOLWDWH ± UHSUH]HQWDQW vQ
5RPkQLD DO XQXL VWDW VWU LQ OLGHU SROLWLF XFLV vQ OHJ WXU  FX DFWLYLWDWHD VD HWF ±
IDSWDYDSULPLRDOW vQFDGUDUHMXULGLF GHFkWDFHHDGHRPRU

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLFRQVW vQWURDF LXQHGHXFLGHUHHIHFWXDW 
SULQDFWHFRPLVLYHVDXRPLVLYH
ÌQ SULPD FDWHJRULH D DFWHORU FRPLVLYH VXQW FRQFHQWUDWH PDUHD PDMRULWDWH D
DF LXQLORU GH XFLGHUH D XQHL SHUVRDQH FDUDFWHUXO XFLJ WRU SXWkQG IL LGHQWLILFDW GH
PDJLVWUDWSULQH[DPLQDUHDPRGDOLW LORUGHFRQFHSHUHúLGHvQI SWXLUHDDFHVWHLD
9RULPSULPDDF LXQLLFDUDFWHUXFLJ WRU
 PLMORDFHOH LQVWUXPHQWHOH  DOHVH úL IRORVLWH GH DXWRU SHQWUX H[HFXWDUHD
DF LXQLL PLMORDFH FDUH WUHEXLH V  DLE  DSWLWXGLQHD GH D SURYRFD GHFHVXO XQHL
SHUVRDQH±DUP GHIRFFX LWRWUDY IXQLHFLRPDJWRSRUHWF
 UHJLXQHDDQDWRPLF VSUHFDUHHVWHvQGUHSWDW DF LXQHDUHJLXQHFDUHWUHEXLH
V ILHGLQFHOHYLWDOH±FDSJkWWRUDFHDEGRPHQ±RULvQFDUHVHJ VHVFYDVHPDULúL
LPSRUWDQWHGHVkQJH
 LQWHQVLWDWHD YLROHQ D  FX FDUH HVWH SXUWDW  DF LXQHD VDX UHSHWDELOLWDWHD
DFHVWHLD



2VHELWWUDWDWHORUGHGUHSWSHQDOHODERUDWHvQFRRUGRQDUHD9LQWLO 'RQJRUR]úL7HRGRU9DVLOLXHGFLWDVH
YHGHDvQDFHODúLVHQV*HRUJH$QWRQLX3-3YRO,,,SúL9DVLOH3DSDGRSRO&3-3S

 *HRUJH $QWRQLX úL FRO 'LF LRQDU MXULGLF SHQDO (GLWXUD ùWLLQ LILF  úL (QFLFORSHGLF  %XFXUHúWL 
S

$OH[DQGUX%RURL(XWKDQDVLD±FRQFHSWFRQWURYHUVHúLUHJOHPHQWDUH5'3QUS+RULD
'LDFRQHVFX(XWDQDVLD3URYRF ULúLSHUVSHFWLYH'UQUS
 
 JUDYLWDWHDFRQVHFLQ HORUSURYRFDWHRUJDQLVPXOXLSULQDF LXQHDDXWRUXOXL±
WUDXPDWLVPHFUDQLRFHUHEUDOHUXSWXULDOHRUJDQHORULQWHUQHVHF LRQDUHDXQRUDUWHUH
VDXYDVHPDULúLLPSRUWDQWHGHVkQJH
(OHPHQWXO PDWHULDO VH H[SULP  úL SULQ DFWH RPLVLYH ± FD GH H[HPSOX
H[SXQHUHD YLFWLPHL QHSXWLQFLRDV  úL VXPDU vPEU FDW  OD R WHPSHUDWXU  VF ]XW 
RUL DEDQGRQDUHD vQWUR ]RQ  SRSXODW  GH DQLPDOH V OEDWLFH RPQLYRUH VDX vQWUXQ
ORFQHFLUFXODWXQGHYLFWLPDQXSXWHDILJ VLW FXXúXULQ úLWUDQVSRUWDW VSUHDLVH
DFRUGD WUDWDPHQWXO PHGLFDO WUHEXLQFLRV RUL SULQ DE LQHUHD DXWRUXOXL GH OD D
vQWUHSULQGHFHYDFDUHDUILHYLWDWSURGXFHUHDPRU LLYLFWLPHL
8UPDUHDLPHGLDW FRQVW vQGHFHVXOSHUVRDQHL
ÌQWUHHOHPHQWXOPDWHULDODOLQIUDF LXQLL±DF LXQHDVDXLQDF LXQHDDXWRUXOXL±úL
XUPDUHDLPHGLDW ±PRDUWHDXQHLSHUVRDQH±WUHEXLHV H[LVWHRUHOD LHGHODFDX] 
OD HIHFW R OHJ WXU  GH FDX]DOLWDWH vQ DOWH FXYLQWH HVWH QHFHVDU D VH GRYHGL SULQ
SUREHF GHFHVXOYLFWLPHLDLQWHUYHQLWGLQFDX]DDFWLYLW LLGHVI úXUDWHGHI SWXLWRU

/DWXUDVXELHFWLY 
(OHPHQWXOVXELHFWLYVHH[SULP ODLQIUDF LXQHDGHRPRUH[FOXVLYSULQLQWHQ LH
vQ DPEHOH HL PRGDOLW L ± GLUHFW  VDX LQGLUHFW  9LQRY LD DXWRUXOXL FD úL D
FHORUODO L SDUWLFLSDQ L OD V YkUúLUHD LQIUDF LXQLL VXE IRUPD LQWHQ LHL UH]XOW  H[ UH
DGLF GLQvQV úLPDWHULDOLWDWHDDF LXQLL±LQDF LXQLLDFHVWRUDDúDFXPVDUH LQXWGLQ
H[SXQHUHD WHRUHWLF  D ODWXULL RELHFWLYH D LQIUDF LXQLL FRPSOHWDW  FX VSH HOH DFROR
SUH]HQWDWH 'HFL PDJLVWUDWXO YD SXWHD VWDELOL LQWHQ LD ± GLUHFW  VDX LQGLUHFW  ± FX
FDUHDOXFUDWDXWRUXOGXS H[DPLQDUHDQDWXULLPLMORDFHORU LQVWUXPHQWHORU IRORVLWH
GH DFHVWD vQ DJUHVDUHD YLFWLPHL D IHOXOXL vQ FDUH DFHVWD OHD XWLOL]DW D ]RQHL
DQDWRPLFHYL]DWHSULQDJUHVLXQHHWF
(URDUHD FX SULYLUH OD SHUVRDQD vPSRWULYD F UHLD HVWH vQGUHSWDW  DF LXQHD
XFLJ WRDUH ± HUURU LQ SHUVRQD ± RUL vQ FH SULYHúWH PRGXO GH PkQXLUH D
LQVWUXPHQWHORUIRORVLWHSHQWUXH[HFXWDUHDRPRUXOXL±DEHUDWLRLFWXV±QXvQO WXU úL
QLFL QX GLPLQXHD]  U VSXQGHUHD SHQDO  D DJHQWXOXL úL HVWH úL ORJLF úL OHJLF V  ILH
DúDDWkWDYUHPHFkWEUD XOOHJLLRFURWHúWHI U GLVFULPLQDUHWR LLQGLYL]LLVRFLHW LL
F FLYDORDUHDVRFLDO ±YLD D±HVWHHJDO úLLPSHUVRQDO 
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD PDL DILUPDW R LQWHUHVDQW  RSLQLH ±
QHvPS UW úLW vQV GHSUDFWLFDMXGLFLDU úLQLFLGHDXWRUXODFHVWRUUkQGXUL±SRWULYLW
F UHLDvQDVWIHOGHFD]XULVXQWFRPLVHvQFRQFXUVLQIUDF LXQHDGHXFLGHUHGLQFXOS 
vPSRWULYD YLFWLPHL HIHFWLYH  úL WHQWDWLYD OD LQIUDF LXQHD GH RPRU vPSRWULYD
YLFWLPHLYLUWXDOH 
7H[WXO QX FRQGL LRQHD]  UHDOL]DUHD LQIUDF LXQLL GH VFRSXO VDX PRELOXO
SDUWLFLSDQ LORUODV YkUúLUHDLQIUDF LXQLLGDUILHFDUHvQSDUWHVFRSVDXPRELORGDW 
GHWHUPLQDWvQ FDX] YDSXWHDFRQVWLWXLRvPSUHMXUDUHFXYDORDUHFLUFXPVWDQ LDO vQ
HYDOXDUHDJUDYLW LLIDSWHLúLDU VSXQGHULLI SWXLWRUXOXL

)RUPH6DQF LXQL
)RUPH,QIUDF LXQHDGHRPRUHVWHVXVFHSWLELO GHGHVI úXUDUHvQWLPSúLGHFL
GHV YkUúLUHvQIRUPHLPSHUIHFWH



&$%DF XGSQU5'3QUS

76'HFQU&'S

76'HFQU&'S

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,SÌQDFHODúLVHQV
79DVLOLXúLFRO&RGXOSHQDO±FRPHQWDWúLDGQRWDWHGFLWSDUWHDVSHFLDO YROS93DSDGRSRO&3-3
S70%'HFQU&3-3S

&%XODL'UHSWSHQDOURPkQ(GLWXUDÄùDQVD65/%XFXUHúWLS
 
/HJHDvQV QXVDQF LRQHD] DFWHOHSUHSDUDWRULLGHúLHOHSRWILvQI SWXLWHúLGH
FHOH PDL PXOWH RUL FKLDU VXQW vQI SWXLWH SURFXUDUHD VXEVWDQ HL WR[LFH RUL D DUPHL
FXOHJHUHDGHLQIRUPD LLGHVSUHSURJUDPXOYLLWRDUHLYLFWLPHHWF 
7HQWDWLYDHVWHSRVLELO vQWRDWHIRUPHOHHL±vQWUHUXSW WHUPLQDW VDXUHODWLY
LPSURSULH±úLVDQF LRQDW GHWH[WHVHQ LDOILLQGFDHIHFWXOOHWDOV QXVHSURGXF GLQ
PRWLYHLQGHSHQGHQWHGHYRLQ DDXWRUXOXL
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO SURGXFHULL XUP ULL LPHGLDWH
DGLF DOLQVWDO ULLPRU LLSHUVRDQHLLQGLIHUHQWGDF DFHVWPRPHQWFRLQFLGHFXFHODO
DF LXQLLLQDF LXQLLRULVHVLWXHD] vQWUXQSODQSRVWHULRU
6DQF LXQL,QIUDF LXQHDGHRPRUVHSHGHSVHúWHFXvQFKLVRDUHGHODODGH
DQLúLLQWHU]LFHUHDXQRUGUHSWXUL
7HQWDWLYDODLQIUDF LXQHDGHRPRUVHVDQF LRQHD] SRWULYLWUHJXOHLFRQVDFUDWH
SULQ DUW  DOLQ   &RG SHQDO FX R SHGHDSV  FXSULQV  vQWUH  DQL úL  DQL
vQFKLVRDUH
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  vQWUH  úL  OHL
SRWULYLWDUWDOLQ  &SHQ


20258/&$/,),&$7

2PRUXOFDOLILFDWHVWHRPRGDOLWDWHQRUPDWLY DJUDYDW DRPRUXOXLVLPSOX
6FKHPD FRQVWUXF LD  MXULGLF  D LQIUDF LXQLL DFXP DQDOL]DWH HVWH HYLGHQW
LGHQWLF FXDFHHDDLQIUDF LXQLLGHUHIHULQ F FLRDF LXQHXFLJ WRDUH±LQGHSHQGHQW
GH FLQH GH FXP R FRQFHSH úL H[HFXW  SUHFXP úL vPSRWULYD F UHL SHUVRDQH HVWH
vQGUHSWDW  ± QX PRGLILF  VWUXFWXUD VXEVWDQ LDOLWDWHD IDSWHL HD DFHDVW  DF LXQH
FRQVWLWXLHvQXOWLP DQDOL] VXSRUWXOIDSWLFWRWDOXQXLRPRU
'DU OHJLXLWRUXO D YRLW GHVLJXU GLQ FRQVLGHUHQWH GH HFKLWDWH V  GLIHUHQ LH]H
IDSWHOHGHRPRUSULQGLVSR]L LLOHOHJDOHV SXQ vQHYLGHQ ±vQUDSRUWFXSUH]HQ D
DQXPLWRUFLUFXPVWDQ H±SHULFROXOVRFLDOVSRULWSHFDUHOSRDUW XQHOHGLQWUHDFHVWH
RPRUXUL LDU vQ ILQDO V  PDMRUH]H OLPLWHOH SHGHSVHORU V  LQVWLWXLH XQ UHJLP
VDQF LRQDWRU PDL DVSUX SHQWUX DFHOH SHUVRDQH FDUH WHQWHD]  VDX FRPLW RPRUXUL vQ
FRQGL LLOHDJUDYDWHH[SUHVHQXQ DWHGHOHJHDSHQDO 
$úDILLQGQXYRPUHLWHUDDVSHFWHOHFRPXQHFHORUGRX LQIUDF LXQLFLQHYRP
FDQWRQDODFHHDFHOHGLIHUHQ LD] DGLF WRFPDLDVXSUDFLUFXPVWDQ HORUOHJDOHFDUH
DJUDYHD] FHOGHDOGRLOHDWLSGHRPRUID GHSULPXO
D &XSUHPHGLWDUH3UHPHGLWDUHD
&XYkQW FRPSXV GLQ SUHIL[XO ÄSUH´ FDUH VHPQLILF  R DQWHULRULWDWH úL
VXEVWDQWLYXO ÄPHGLWDUH´ FH DUH vQ HOHVXO GH ÄFXJHWDUH´ GH ÄJkQGLUH´ SURIXQG 
DVXSUDXQXLVXELHFWGDUúLGHÄDSO QXL´ÄDXU]L´'RFWULQDúLSUDFWLFDMXGLFLDU vQ
PDWHULH LDX FRQILJXUDW FRQFHSWXOXL ÄSUHPHGLWDUH XQHOH HOHPHQWH DOF WXLWRDUH vQ
SUH]HQ DF URUDDFHDVW DWLWXGLQHSVLKLF DI SWXLWRUXOXLSRDWHILLGHQWLILFDW vQFD]XO
FRQFUHWúLDQXPH
 DGRSWDUHDKRW UkULLGHDXFLGHFRQVROLGDUHDDFHVWHLDúLUHIOHFWDUHDDVXSUD
PRGDOLW LLGHvQI SWXLUHDDF LXQLL LPDJLQDUHDúLFDOFXODUHDHILFLHQ HLSRVLELOHORU
YDULDQWHGHDF LRQDUH 
 H[WHULRUL]DUHDúLPDQLIHVWDUHDUH]ROX LHLGHOLFWXRDVHFRQVWkQGvQRE LQHUHD
GHLQIRUPD LLQHFHVDUHH[HFXW ULLRPRUXOXL GDWHGHVSUHSURJUDPXOVDXRELFHLXULOH
YLFWLPHL FDSDFLWDWHD DFHVWHLD GH D ULSRVWD H[LVWHQ D XQRU FkLQL OD ORFXO RUL vQ
SUHDMPD ORFXOXL VWDELOLW SHQWUX V YkUúLUHD LQIUDF LXQLL  SUHJ WLUHD LQVWUXPHQWHORU


76'HFQU&'S

76'HFQU5,,S
 
WUHEXLQFLRDVH vQI SWXLULL DF LXQLL FXPS UDUHD úL FXU LUHD DUPHL SURFXUDUHD VDX
SUHSDUDUHDRWU YLLHWF DOHJHUHDORFXOXLúLWLPSXOXLFHOHPDLSURSLFH vQS GXUHSH
PDOXO XQHL DSH SH WLPS GH QRDSWH RUL GH IXUWXQ  FUHDUHD FRQGL LLORU IDYRUDELOH
DWUDJHUHD YLFWLPHL OD ORFXO SUHVWDELOLW VDX vPE WDUHD DFHVWHLD  úL vQ JHQHUDO
RULFDUH DFWLYLW L GH DFHDVW  QDWXU  PHQLWH úL vQWUHSULQVH vQ YHGHUHD DWLQJHULL
VFRSXOXL
  WLPSXO VFXUV vQWUH OXDUHD KRW UkULL GH D XFLGH úL SXQHUHD DFHVWHLD vQ
H[HFXWDUHLQWHUYDOvQFDUHDXWRUXOvQGHSOLQHúWHDFWLYLW LSUHJ WLWRDUHvQLSRWH]DvQ
FDUH WLPSXO VFXUV vQWUH DGRSWDUHD KRW UkULL úL SXQHUHD HL vQ H[HFXWDUH QX HVWH
vQGHVWXO WRU SHQWUX D SHUPLWH DXWRUXOXL V  FKLE]XLDVF  FX DGHY UDW DVXSUD IDSWHL
RUL FKLDU GDF  D GLVSXV GH XQ WLPS VXILFLHQW HO QX D vQWUHSULQV QLFL XQ DFW GH
SUHJ WLUHDRPRUXOXLFLUFXPVWDQ DUHJOHPHQWDW ODOLWD QXSRDWHILUH LQXW 
$JUDYDUHDSUHPHGLW ULL±FDUHSUHVXSXQHRDFWLYLWDWHLQGLYLGXDO ±FRQVWLWXLH
R FLUFXPVWDQ  SHUVRQDO  úL GH SULQFLSLX HD QX VH U VIUkQJH DVXSUD FHORUODO L
SDUWLFLSDQ L ± DUW  DOLQ   &RG SHQDO &X WRDWH DFHVWHD GDF  SDUWLFLSDQWXO D
FRODERUDW FX DXWRUXO vQ DFWLYLWDWHD GH SUHJ WLUH D RPRUXOXL GH SLOG  FXQRVFkQG
LQWHQ LDDFHVWXLDGHDXFLGHYLFWLPDVDLQWHUHVDWGHVSUHYLD DúLRELFHLXULOHVDOHúL
D FRQVHLDW SH DXWRU FX SULYLUH OD WLPSXO úL ORFXO FHOH PDL SURSLFH SHQWUX D R
VXUSULQGH VLQJXU  DWXQFL SUHPHGLWDUHD GHYLQH R FLUFXPVWDQ  UHDO  FDUH VH
U VIUkQJHDVXSUDSDUWLFLSDQ LORU
E  ,QWHUHVXO PDWHULDO 6H vQ HOHJ SUHRFXSDUHD PDQLIHVWDUHD GH UDSDFLWDWH
GRULQ DHJRLVW DI SWXLWRUXOXLGHDGREkQGLvQXUPDRPRUXOXLXQDYDQWDM IRORV GH
RUGLQSDWULPRQLDO$YDQWDMXOPDWHULDOUkYQLWGHDXWRUSRDWHILDFWXDO±GHSLOG R
VXP GHEDQLEXQXULGHRULFHIHOEHQHILFLXOXQXLFRQWUDFWGHORFD LXQHHWF±RULvQ
SHUVSHFWLY  ± GHVFKLGHUHD VXFFHVLXQLL SHUVRDQHL XFLVH DO F UHL PRúWHQLWRU HVWH
I SWXLWRUXOVWLQJHUHDvQDFHVWPRGDXQHLGDWRULLúD(VWHUHDOL]DW DFHDVW FHULQ 
OHJDO úLvQLSRWH]DXFLGHULLXQHLDOWHSHUVRDQHGHFkWDFHHDDF UHLPRDUWHGHVFKLGH
I SWXLWRUXOXLFDOHDVSUHRE LQHUHDDYDQWDMXOXL
,QWHUHVXO PDWHULDO FRQVWLWXLH GHFL XQ PRELO DO LQIUDF LXQLL PRWLYD LD DF LXQLL
GHXFLGHUHvQDEVHQ DDFHVWXLPRELOQHSXWkQGILUH LQXW DJUDYDQWDSUHY ]XW ODOLW
E FKLDUúLvQLSRWH]DvQFDUHGHFHVXOYLFWLPHLDUGHWHUPLQD±LPSOLFLW±FUHDUHDvQ
EHQHILFLXOLQFXOSDWXOXLDXQXLSURILWPDWHULDO
3HQWUXUHDOL]DUHDLQIUDF LXQLLHVWHLUHOHYDQWGDF LQWHUHVXOPDWHULDODIRVWVDX
QXVDWLVI FXWVXILFLHQWILLQGFDDFHVWLQWHUHVV FRQVWLWXLHPRELOXORPRUXOXL
ùLFLUFXPVWDQ DSUHY ]XW ODOLWHUDE HVWHXQDGHRUGLQSHUVRQDOFDUHQXVH
U VIUkQJH DVXSUD SDUWLFLSDQ LORU GHFkW vQ P VXUD HYLGHQW vQ FDUH SDUWLFLSDQ LL DX
DF LRQDWVXEDFHODúLLPEROG
F $VXSUDVR XOXLVDXXQHLUXGHDSURSLDWH
6R  VDX UXG  DSURSLDW  8FLGHUHD VR XOXL X[RULFLG  D GHVFHQGHQ LORU VDX
DVFHQGHQ LORU SDULFLG DIUDWHOXLRULVXURULL IUDWULFLG DFRSLLORUDFHVWRUDSUHFXP
úL D SHUVRDQHORU GHYHQLWH DVWIHO GH UXGH SULQ DGRS LH FRQVWLWXLH FHD GH D GRXD
vPSUHMXUDUHFDUHDJUDYHD] RPRUXO3HULFROXOVRFLDOVSRULWSHFDUHvOSUH]LQW DFHVW
WLSGHRPRUUH]LG SHGHRSDUWHvQDWLWXGLQHDDWURFHDDXWRUXOXLGHDVXSULPDYLD D



&6-VSGQU%-S

76'HFQU&'S

76'HFQU&'S

&6-'HFQU'UQUS

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPDQHGFLWYRO,S

76'HFQU5,,,S

76'HFQU55'QUS
 
XQHLSHUVRDQHGLQFKLDULQWLPLWDWHDVDVXIOHWHDVF LDUSHGHDOW SDUWHvQUH]RQDQ D
VRFLDO H[WUHPGHQHJDWLY SURYRFDW GHPHGLDWL]DUHDFULPHORULQWUDIDPLOLDOH
&RQFHSWHOHFXFDUHRSHUHD] WH[WXOVXQWGHILQLWHGH&RGXOIDPLOLHL±VR VR LH±úL
GH &RGXO SHQDO ± UXGH DSURSLDWH DUW  GDU VH LPSXQ WRWXúL XQHOH SUHFL] UL
DVXSUD vQ HOHVXOXL SH FDUH OHDX GDW GRFWULQD úL MXULVSUXGHQ D SHQDO  SULQ
LQWHUSUHWDUHDSUHYHGHULORUDUWOLWF 
&DOLWDWHDGHVR ±FDGHDOWPLQWHULúLDFHHDGHUXG DSURSLDW ±vQUDSRUWFX
DXWRUXOIDSWHLWUHEXLHV ILHYDODELO ODPRPHQWXOV YkUúLULLRPRUXOXLÌQLSRWH]DvQ
FDUHVR LLODGDWDRPRUXOXLHUDXvQFXUVGHMXGHFDW vQWUXQSURFHVGHGHVIDFHUHD
F V WRULHLPDJLVWUDWXOWUHEXLHV YHULILFHGDF KRW UkUHDDIRVWVDXQXDWDFDW  DSHO
UHFXUV RULPDLSRDWHILDWDFDW VXEDVSHFWXOGLYRU XOXL
ÌQ FD]XO vQ FDUH DXWRUXO D IRVW vQ HURDUH FX SULYLUH OD SHUVRDQD XFLV  RUL
DF LXQHDOXLDIRVWGHYLDW DJUDYDQWDSUHY ]XW ODOLWF QXHVWHLQFLGHQW 
&DOLWDWHD GH UXG  DSURSLDW  vQWUXQ SULP UkQG R DX DVFHQGHQ LL úL
GHVFHQGHQ LL FX FRQGL LD DúD FXP VD SUHFL]DW YDODELOLW LL DFHVWHL FDOLW L OD
PRPHQWXOFULWLFvQFD]FRQWUDUDJUDYDQWDGHODOLWF QXHVWHRSHUDQW 
3HQWUX UHDOL]DUHD LQIUDF LXQLL vQ DFHDVW  PRGDOLWDWH QRUPDWLY  QX SUH]LQW 
UHOHYDQ  QDWXUD UHOD LHL GH DVFHQGHQ  RUL GHVFHQGHQ OHJLWLP  GREkQGLW  SULQ
DGRS LHRULQHOHJLWLP 
ÌQWUXQDOGRLOHDUkQGVXQWUXGHDSURSLDWHIUD LLúLVXURULOH
6XQWFRQVLGHUD LIUD LúLVXURULDFHLDFDUHDXXQDVFHQGHQWFRPXQ
ÌQFRQVHFLQ OHJ WXULOHGLQWUHIUD LúLVXURULVXQWQXQXPDLFHOHSULPDUHFLúL
FHOH FRQVDQJXLQH WDW  FRPXQ  úL XWHULQH PDP  FRPXQ  'H DVHPHQHD VXQW FHL
GHYHQL LDVWIHOGHUXGHSULQHIHFWXODGRS LHL
ÌQDOWUHLOHDUkQGVXQWUXGHDSURSLDWHFRSLLLIUD LORUúLVXURULORU&RSLLLIUD LORU
úL VXURULORU VXQW vQWUH HL YHUL SULPDUL LDU IUDWHOH VDX VRUD vQ UDSRUW FX FRSLLL
FHORUODO LIUD LúLVXURULVXQWXQFKLVDXP WXú 
(VWH GH UH LQXW F  vQ FD]XO RPRUXOXL FDOLILFDW SUHY ]XW OD OLW F  ± D VWDWXDW
LQVWDQ D VXSUHP  ± QX VXQW DSOLFDELOH GLVSR]L LLOH DUW  DOLQ   OLW E  SULYLQG
FLUFXPVWDQ DDJUDYDQW FHVHUHIHU ODV YkUúLUHDLQIUDF LXQLLÄSULQYLROHQ HDVXSUD
PHPEULORUIDPLOLHL´
&DOLWDWHDGHVR VDXUXG DSURSLDW FRQVWLWXLHRFLUFXPVWDQ SHUVRQDO úLSULQ
XUPDUHQXVHU VIUkQJHDVXSUDSDUWLFLSDQ LORU
G  3URILWkQG GH VWDUHD GH QHSXWLQ  D YLFWLPHL GH D VH DS UD ÌPSUHMXUDUHD
DJUDYDW  D RPRUXOXL VH UHIHU  OD VLWXD LD vQ FDUH YLFWLPD HVWH LQDSW  D VH IHUL GH
DJUHVLXQHDXFLJ WRDUHRULGHDULSRVWDODDFHDVWD2DVHPHQHDVWDUHSRDWHILGDWRUDW 
XQHL LQFDSDFLW L IL]LFH ± LQILUPLWDWH LPRELOL]DUH vQ DSDUDW JLSVDW VXIHULQ  GH R
PDODGLH HSXL]DQW  IL]LF VWDUH GH VRPQ VWDUHD GH LQWR[LFD LH SURYRFDW  GH
DOFRRO VWXSHILDQWH PHGLFDPHQWH  YkUVW  vQDLQWDW  RUL SVLKLFH ± vQ VWDUH GH
KLSQR]  EROQDY SVLKLF HWF 1X SUH]LQW  UHOHYDQ  GDF  VWDUHD GH QHSXWLQ  D
YLFWLPHLDIRVWSURYRFDW GHHDvQV úLRULGHDO LIDFWRUL



&6-'HFQU'&6-S

76'HFQU55'QUS

76'HFQU5,,S

76'HFQU5,,,S

&$7LPLú'HFQU5'3QUS

&6-'HFQU'&6-S

Ì&&-68'HFQU,9GLQ'UQUS

&6-VSGQU%-S

&6-'HFQU5'3QUS

&6-'HFQU%-S
 
6WDUHDGHQHSXWLQ DYLFWLPHL±GHFDUHSURILW DXWRUXO±WUHEXLHV ILHvQV 
UHDO úLHIHFWLY LDUQXGHGXV GLQWDUHOHHLIL]LFH
3HQWUXUHDOL]DUHDDFHVWHLDJUDYDWHHVWHQHFHVDU vQWUXQLUHDFXPXODWLY DGRX 
FRQGL LL LQFDSDFLWDWHD YLFWLPHL GH D VH DS UD V  ILH GDWRUDW  DOWRU FDX]H GHFkW
DF LXQLL I SWXLWRUXOXL SH GH R SDUWH LDU SH GH DOW  SDUWH I SWXLWRUXOV FXQRDVF 
DFHDVW VWDUHúLV SURILWHGHHDSHQWUXDXFLGHYLFWLPD
ÌQ FD]XO V YkUúLULL RPRUXOXL vQ SDUWLFLSD LH DJUDYDQWD SUHY ]XW  OD OLW G  ±
UHIHULQGXVHODIDSW ±VHU VIUkQJHDVXSUDWXWXURUSDUWLFLSDQ LORU
H  3ULQ PLMORDFH FH SXQ vQ SHULFRO YLD D PDL PXOWRU SHUVRDQH Ä0LMORDFHOH´ OD
FDUHIDFHWULPLWHUHWH[WXOGHOHJHVXQWDFHOHDFDUHvQPRGRELHFWLYDXDSWLWXGLQHDGHD
SURGXFHQXQXPDLPRDUWHDSHUVRDQHLYL]DWHFLúLDDOWRUDFDUHvQWkPSO WRURULRELúQXLW
VH DIO  OD ORFXO úL vQ WLPSXO V YkUúLULL LQIUDF LXQLL ± GHVFKLGHUHD IRFXOXL GH DUP 
DXWRPDW DVXSUDJUXSXOXLGHSHUVRDQHvQFDUHVHDIO YLFWLPDLQFHQGLHUHDLPRELOXOXL
vQ FDUH ORFXLHúWH DFHDVWD LQWURGXFHUHD RWU YLL vQ VDPRYDUXO IDPLOLHL LQL LHUHD XQHL
H[SOR]LLODDXWRWXULVPXOYLFWLPHLRULODORFXOSULQFDUHDFHDVWDXUPDV WUHDF HWF
3HQWUX UHDOL]DUHD DFHVWHL YDULDQWH DJUDYDWH D RPRUXOXL QX HVWH QHFHVDU FD
ÄPLMORFXO´XWLOL]DWGHI SWXLWRUV ILSURGXVUH]XOWDWXOFDUHSRWHQ LDOHVWHXFLGHUHDPDL
PXOWRUSHUVRDQH±vQDFHVWFD]VXQWvQWUXQLWHSUHYHGHULOHXQHLDJUDYDQWHGHODRPRUXO
GHRVHELW GH JUDY ± FL GRDU FD PLMORFXO UHVSHFWLY V  IL DYXW DFHDVW  DSWLWXGLQH 3ULQ
XUPDUH I SWXLWRUXO vQ FD]XO DFHVWHL PRGDOLW L GH RPRU FDOLILFDW DF LRQHD]  GLQ
SXQFWXO GH YHGHUH DO ODWXULL VXELHFWLYH FX LQWHQ LH GLUHFW  SHQWUX XFLGHUHD SHUVRDQHL
YL]DWHúLFXLQWHQ LHLQGLUHFW vQFHSULYHúWHXFLGHUHDFHORUODOWHSHUVRDQH
ÌQFDGUDUHDMXULGLF DIDSWHLvQWURDVHPHQHDLSRWH] IDFWXDO ±DGHFLVLQVWDQ D
VXSUHP ±HVWHvQLQIUDF LXQHDGHRPRU±VLPSOXFDOLILFDWVDXGHRVHELWGHJUDY±
FRPLV  DVXSUD XQHL VLQJXUH SHUVRDQH ± FkW úL vQ WHQWDWLYD GH RPRU FDOLILFDW
SUHY ]XW ODOLWH DIODWHvQFRQFXUV$JUDYDQWDSUHY ]XW vQDUWDOLQ  OLWE 
&SHQQXHVWHDSOLFDELO 
&LUFXPVWDQ D H[DPLQDW  FDUH HVWH XQD GH IDSW UHDO  VH U VIUkQJH DVXSUD
SDUWLFLSDQ LORUFDUHDXFXQRVFXWPLMORFXOXWLOL]DWGHDXWRUSHQWUXVXSULPDUHDYLH LL
YLFWLPHL
I ÌQOHJ WXU FXvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHYLFWLPHL
7H[WXO LQIUDF LXQLL GH RPRU vQ DFHDVW  IRUP  GH DJUDYDUH vO FDOFKLD]  vQ
EXQ  P VXU  SH DFHOD DO LQIUDF LXQLL GH DWHQWDW FDUH SXQH vQ SHULFRO VLJXUDQ D
VWDWXOXL±DOHF UHLH[SOLFD LLvúLPHQ LQYDODELOLWDWHD&HHDFHGLIHUHQ LD] FHOHGRX 
LQIUDF LXQL VXQW SH GH R SDUWH FDOLWDWHD ÄDFWLYLW LL vQGHSOLQLWH GH YLFWLP  
ÄLPSRUWDQW  vQ FD]XO LQIUDF LXQLL SUHY ]XWH GH DUW  &RG SHQDO ÄRULFDUH DOW 
DFWLYLWDWH´GHFkWDFHHDLPSRUWDQW vQFD]XODFHVWHLPRGDOLW LGHRPRU±LDUSHGH
DOW SDUWHLQWHQ LDFXFDUHOXFUHD] DXWRUXO±GHDSXQHvQSHULFROVLJXUDQ DVWDWXOXL
SULQ XFLGHUHD SHUVRQDOLW LL OD LQIUDF LXQHD GH UHIHULQ  UHVSHFWLY GH D ÄSHGHSVL´
UHWURDFWLY VDX DQWLFLSDW SULQ XFLGHUH SHUVRDQD RILFLDO  FDUH vQGHSOLQLQG VDX
XUPkQG D vQGHSOLQL  vQWUXQ DQXPH PRG DWULEX LLOH GH VHUYLFLX SURYRDF 
I SWXLWRUXOXLUHVHQWLPHQWHMXVWLILFDWHVDXQXúLGRULQ DGHDRPRUv
3UDFWLFD MXGLFLDU  D VWDWXDW FX GHSOLQ WHPHL F  SHQWUX D IL LQFLGHQWH
SUHYHGHULOH UHIHULWRDUH OD DFHDVW  DJUDYDQW  HVWH QHFHVDU V  IL DF LRQDW vQ OLPLWHOH
DWULEX LXQLORU VDOH úL QX vQ DIDUD DFHVWRUD SULQ DEX]DUHD GH SUHURJDWLYHOH FX FDUH
HUD vQYHVWLW  ÌQ FD] FRQWUDU GHFL FkQG YLFWLPD vQFDOF  QRUPHOH GH FRQGXLW 
VSHFLILFHIXQF LHLSHFDUHRvQGHSOLQHDHDVHH[FOXGHSURWHF LHLDVLJXUDWHSULQDFHVW



76'HFQU&'S

76&RO0LO'HFQU QHSXEOLFDW 

Ì&&-68'HFQU9GLQ'UQUS
 
WH[WIDSWDvQFDGUkQGXVHvQLQIUDF LXQHDGHRPRUSUHY ]XW vQDUW&SHQúLQX
vQDFHHDGHRPRUFDOLILFDW
J  3HQWUX D VH VXVWUDJH RUL SHQWUX D VXVWUDJH SH DOWXO GH OD XUP ULUH VDX
DUHVWDUHRULGHODH[HFXWDUHDXQHLSHGHSVH
3ULQ FRQFHSWXO VXVWUDJHUH VH vQ HOHJH DF LXQHD PHQLW  D HYLWD XUP ULUHD
DUHVWDUHD RUL H[HFXWDUHD XQHL SHGHSVH DGLF  PHQLW  ÄD SXQH OD DG SRVW´ SHUVRDQD
ID GHRDVHPHQHDP VXU 3HUVRDQDFHXUPHD] DILÄVXVWUDV ´XUP ULULLDUHVW ULL
VDXH[HFXW ULLSHGHSVHLSULQFRPLWHUHDRPRUXOXLSRDWHILvQVXúLI SWXLWRUXOVDXR
DOW  SHUVRDQ  F UHLD I SWXLWRUXO YRLHúWH V L DVLJXUH vQ DFHVW PRG SURWHF LD
vPSRWULYDDFHOHLP VXUL
8UP ULUH ,QFRPSOHW IRUPXODW GHVLJXU GLQ FDX]D XQRU LPSHGLPHQWH GH
WHKQLF  OHJLVODWLY  FRQFHSWXO DUH vQ HOHVXO GH XUP ULUH SHQDO  úL QX DFHOD GH
ÄILODM´GHÄVXSUDYHJKHUHGLVFUHW ´DXQHLSHUVRDQH
3ULQ ÄXUP ULUH SHQDO ´ VH vQ HOHJH DFWLYLWDWHD GHVI úXUDW  GH DJHQ LL
DXWRULW LORU SXEOLFH ± SROL LVW RIL HU FX FHUFHWDUHD SHQDO  VSHFLDO  GLQ VLVWHPXO
PLOLWDU SURFXURU ± FDUH ÄDUH FD RELHFW VWUkQJHUHD SUREHORU QHFHVDUH FX SULYLUH OD
H[LVWHQ D LQIUDF LXQLORU OD LGHQWLILFDUHD I SWXLWRULORU úL VWDELOLUHD U VSXQGHULL
DFHVWRUD SHQWUX D VH FRQVWDWD GDF  HVWH VDX QX FD]XO V  VH GLVSXQ  WULPLWHUHD vQ
MXGHFDW ´ DUW&SURFSHQ 
$UHVWDUH3ULQDFHVWFRQFHSWWUHEXLHvQ HOHDV P VXUDSURFHVXDO DÄDUHVW ULL
SUHYHQWLYH´GLVSXV GHF WUHMXGHF WRU
3XQHUHDvQH[HFXWDUHDXQHLSHGHSVH3ULQDFHDVWDVHvQ HOHJHDFWLYLWDWHDFH
LQWU  vQ FRPSHWHQ D XQRU DJHQ L MXGLFLDUL GH D SXQH vQ H[HFXWDUH R KRW UkUH
MXGHF WRUHDVF  SHQDO  úL FDUH FRQVW  ILH vQ DUHVWDUHD SHUVRDQHL FRQGDPQDWH OD R
SHGHDSV  SULYDWLY  GH OLEHUWDWH ILH vQ H[HFXWDUHD DOWRU SHGHSVH ± FRPSOHPHQWDUH
VDXDFFHVRULL
$úDGDU FHHD FH FDUDFWHUL]HD]  DFHDVW  FLUFXPVWDQ  DJUDYDQW  HVWH VFRSXO
XUP ULW GH DXWRU FDUH HVWH DFHOD GH D VH VXVWUDJH SH VLQH RUL GH D VXVWUDJH DOW 
SHUVRDQ  GH OD XQD GLQWUH P VXULOH MXGLFLDUH HQXQ DWH ± OLPLWDWLY ± GH WH[W ÌQ
HYHQWXDOLWDWHD F  DXWRUXO QX D DF LRQDW vQ DFHVW VFRS RPRUXO QX HVWH FDOLILFDW vQ
FRQGL LLOHSUHY ]XWHGHOLWJ 
,QIUDF LXQHD GH RPRU FRPLV  vQ VFRSXO GH D VXVWUDJH R SHUVRDQ  GH OD
H[HFXWDUHD DFHVWRU P VXUL MXGLFLDUH SRDWH DYHD FD VXELHFW SDVLY ILH ÄSHUVRDQH
RILFLDOH´ ± PDJLVWUDW SROL LVW H[HFXWRU MXGHF WRUHVF HWF ± ILH ÄSHUVRDQH
SDUWLFXODUH´ FDUH FRQFXU  vQWUR IRUP  VDX DOWD OD SXQHUHD vQ H[HFXWDUH D XQRU
DVWIHOGHP VXULÌQSULPDVLWXD LHvQFDUHYLFWLPDHVWHPDJLVWUDWSROL LVWMDQGDUP
RULPLOLWDUIDSWDVHvQFDGUHD] vQLQIUDF LXQHDGHRPRUFDOLILFDWúLGHRVHELWGHJUDY
SUHY ]XW vQDUWDOLQ  UDSRUWDWODDUWOLWJ úLDUWOLWI &SHQ
K  3HQWUX D vQOHVQL VDX DVFXQGH V YkUúLUHD DOWHL LQIUDF LXQL 3ULQ FRQFHSWXO
ÄvQOHVQLUH´ GLQ VLQWDJPD ÄD DVFXQGH V YkUúLUHD DOWHL LQIUDF LXQL´ WUHEXLH vQ HOHDV 
DFHD DF LXQH GH RPRU FRPLV  SHQWUX ÄD QHWH]L´ VDX ÄD GHVFKLGH´ GUXPXO VSUH
LQIUDF LXQHDYL]DW SHQWUXDVHUHXúLDVWIHOSULQLQWHUPHGLXORPRUXOXLV ILHV YkUúLW 
LQIUDF LXQHD±VFRS±FXPHVWHRPRUkUHDVDQWLQHOHLSHQWUXDHYDGDGLQSHQLWHQFLDU
RPRUkUHD E UEDWXOXL SHQWUX YLRODUHD IHPHLL FHO vQVR HúWH RUL D IHPHLL vPSRWULYD
F UHLDVDvQFHSXWH[HUFLWDUHDXQRUDFWHGHFRQVWUkQJHUHvQVFRSXOGHDRYLROD
3HQWUXvQFDGUDUHDRPRUXOXLvQDUWOLWK &SHQQXSUH]LQW LPSRUWDQ 
GDF LQIUDF LXQHDDF UHLvQOHVQLUHVDXUP ULWSULQV YkUúLUHDDFHVWXLDVDFRQVXPDW
VDX D U PDV vQ ID]  GH WHQWDWLY  RUL D DFWHORU SUHJ WLWRDUH 'H DVHPHQHD QX


76'HFQU5,,,S

76'HFQU5,,,S

&6-'HFQU%-S
 
LQWHUHVHD]  QLFL QDWXUD DFHOHL LQIUDF LXQL ±FXH[FHS LDLQIUDF LXQLORUGHWkOK ULHúL
SLUDWHULHDF URUvQOHVQLUHVDXDVFXQGHUHFRQVWLWXLHRDJUDYDQW DRPRUXOXLGHRVHELW
GH JUDY ± QLFL vPSUHMXUDUHD GDF  V YkUúLQG RPRUXO I SWXLWRUXO D UHXúLW HIHFWLY
FRPLWHUHDHLGXS FXPQXSUH]LQW LPSRUWDQ QLFLIDSWXOGDF PLMORFXODOHVSHQWUX
DFHDVWDFRPLWHUHDRPRUXOXLHUDVDXQXDGHFYDWVFRSXOXLSURSXV
3ULQ FRQFHSWXO ÄDVFXQGHUH´ GLQ DFHHDúL VLQWDJP  VH vQ HOHJH DF LXQHD GH
XFLGHUHvQWUHSULQV SHQWUXDGLVLPXODRDOW LQIUDF LXQHSHQWUXDIDFHFDDFHDVW DOW 
LQIUDF LXQH V  QX SRDW  IL GHVFRSHULW  ± EXQ RDU  XFLGHUHD XQXL PDUWRU RFXODU OD
FRPHUFLDOL]DUHD GH GURJXUL RUL D XQHL SHUVRDQH FDUH D VXUSULQV SH I SWXLWRU vQ
WLPSXOIXUWXOXL
L ÌQSXEOLF&RQFHSWXOQXDUHGHVLJXUDOWvQ HOHVGHFkWDFHODHQXQ DWvQDUW
 & SHQ 3HQWUX FD RPRUXO V  ILH FDOLILFDW SULQ DFHDVW  vPSUHMXUDUH HO WUHEXLH
FRPLVvQWUXQDVHPHQHDORF
,QWURGXFHUHDDFHVWHLQRLFLUFXPVWDQ HFDUHDJUDYHD] RPRUXO±SULQ/HJHDQU
±HVWHMXVWLILFDW GHSHULFROXOVRFLDOPDMRUH[SULPDWGHFULPDV YkUúLW vQ
SXEOLF 2PRUXO V YkUúLW vQ DFHVWH FRQGL LL GH ORF LPSULP  IDSWHL XQ FDUDFWHU PDL
JUDYSHQWUXF SHGHRSDUWHHOSXQHvQHYLGHQ FXWH]DQ DDWLWXGLQHDVILG WRDUHD
DXWRUXOXLFDUHXFLJkQGRSHUVRDQ vQDFHVWHvPSUHMXU ULDUHUHSUH]HQWDUHDF IDSWD
SRDWHILGHVFRSHULW LDUI SWXLWRUXOLGHQWLILFDWPDLIDFLO±úLWRWXúLFRPLWHIDSWD±SH
GHDOW SDUWHSHQWUXF RFULP vQI SWXLW vQSXEOLFHVWHGHQDWXU V LQGXF RVWDUH
GHQHOLQLúWHúLLQVHFXULWDWHV SURYRDFHUHYHUEHUD LLQHJDWLYHvQRSLQLDSXEOLF 
ÌQ ILQDO VH LPSXQ GRX  FRPSOHW UL DOH H[SOLFD LLORU GDWH OD LQIUDF LXQHD GH
RPRU ± D F URU YDODELOLWDWH VH S VWUHD]  LQWHJUDO ± GHWHUPLQDWH GH XQHOH
SDUWLFXODULW LDOHRPRUXOXLFDOLILFDW
 ±6XQWFDOLILFD LVXELHF LLDFWLYLDLLQIUDF LXQLLODPRGDOLWDWHDQRUPDWLY GH
OD OLW F ±ÄVR VDXUXG DSURSLDW ´±úL VXELHF LLSDVLYLGHODOLWF ÄVR VDXUXG 
DSURSLDW ´
 ±,QWHQ LDHVWHFDOLILFDW vQWUXFkWvQVXPHD] HOHPHQWXOVFRSODPRGDOLWDWHD
QRUPDWLY  GH OD OLW J  ÄSHQWUX D VH VXVWUDJH RUL SHQWUX D VXVWUDJH SH DOWXO GH OD
XUP ULUHVDXDUHVWDUHRULGHODH[HFXWDUHDXQHLSHGHSVH´úLK ±ÄSHQWUXDvQOHVQL
VDXDDVFXQGHV YkUúLUHDDOWHLLQIUDF LXQL´
6DQF LXQL2PRUXOFDOLILFDWVHSHGHSVHúWHFXvQFKLVRDUHGHODODGHDQL
úLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG GHODODOHL
7HQWDWLYDVHVDQF LRQHD] 


20258/'(26(%,7'(*5$9

2PRUXO GHRVHELW GH JUDY HVWH SUHY ]XW vQ DUW  & SHQ vQ PDL PXOWH
LSRWH]H GH LQFULPLQDUH FX URO GH HOHPHQWH FLUFXPVWDQ LDOH GH DJUDYDUH FH YRU IL
DQDOL]DWHvQFHOHFHXUPHD] 
D 3ULQFUX]LPL&RQFHSWXOFUX]LPLvQFRQWH[WXODUW&RGSHQDOH[SULP 
DWLWXGLQHD DEHUDQW  LQXPDQ  D DXWRUXOXL LQIUDF LXQLL PDWHULDOL]DW  vQ GLYHUVH DFWH
JHVWXUL SULQFDUHSURYRDF YRLWYLFWLPHLRPRDUWHOHQW SUHOXQJLW GHFHVXOILLQG
SUHFHGDWGHVXIHULQ HPXOWVSRULWHID GHFHOHLQHUHQWHSULFLQXLWHGHRULFDUHDF LXQH
VXSULPDWRDUHDYLH LL



76'HFQU5,,S

76'HFQU'UQUS

Ì&&-VSGQU%-S
 
$FWHOH GH FUX]LPL SRW IL GH QDWXU  D SURYRFD YLFWLPHL VXIHULQ H IL]LFH ±
SUHOXQJLWH vQ WLPS SULQ IODJHODUH DUVXUL VDX FRPEXVWLRQ UL WRWDOH VPXOJHUHD
S UXOXLVDXDXQJKLLORU]GURELUHDJORELORURFXODULVHF LRQDUHDSDU LDO VDXWRWDO D
XQRUS U LRUL]RQHQHYLWDOHDOHFRUSXOXLúD±VDXVXIHULQ HSVLKLFH±SULQREOLJDUHD
YLFWLPHLGHSLOG GHDDVLVWDODPDOWUDWDUHDRULYLRODUHDXQHLSHUVRDQHID GHFDUH
DFHDVWDQXWUHúWHVHQWLPHQWHGHDIHF LXQH±GDUFHOPDLDGHVHDVXIHULQ HOHVXQWGH
DPEHOHWLSXUL
(VWH OLSVLW GH UHOHYDQ  SHQWUX D IL UHDOL]DW  DFHDVW  PRGDOLWDWH QRUPDWLY  D
LQIUDF LXQLLGHRPRUGDF DFWHOHGHWRUWXU VHSODVHD] QHPLMORFLWvQQH[XOFDX]DO
DOPRU LLRULHOHDXFRQVWLWXLWGRDUXQSUHOXGLXDODF LXQLLSURSULX]LVXFLJ WRDUH±
VSUHDVDWLVIDFHGRULQ HOHEHVWLDOHQXWULWHGHDXWRU±RULGDF YLFWLPDDSHUFHSXWvQ
vQWUHJLPH VXLWD GH DFWH SURYRFDWRDUH GH VXIHULQ H VDX QXPDL vQ SDUWH GLQ FDX]D
SLHUGHULLFXQRúWLQ HLRULLQWHUYHQLULLGHFHVXOXL
(VHQ LDOSHQWUXFDIDSWHLGHXFLGHUHV LVHLPSULPHFDUDFWHUXOGHÄFUXG ´HVWHFD
DFWHOHWRU LRQDUHV ILHFRPLVHvQPRGYRLWGHDXWRUvQVFRSXOGHDLSURYRFDYLFWLPHL
VXIHULQ HúLWRWRGDW FDDFHVWHDFWHV SUHPHDUJ FKLDUúLvQSDUWHGHFHVXOYLFWLPHL
&LUFXPVWDQ DSUHY ]XW ODOLWD VHU VIUkQJHDVXSUDSDUWLFLSDQ LORUGHRDUHFH
HDVHUHIHU ODIDSW 
E  $VXSUD D GRX  VDX PDL PXOWRU SHUVRDQH 6LQWDJPD HVWH LQHFKLYRF 
VXQWHP GHFL vQ SUH]HQ D XQHL SOXUDOLW L GH YLFWLPH QXP UXO YLFWLPHORU LQGLFkQG
SHULFXOR]LWDWHDVRFLDO ULGLFDW DDXWRUXOXLIDSWHL
8FLGHUHD D GRX  VDX PDL PXOWRU SHUVRDQH SRDWH IL FRQVHFLQ D XQHL DF LXQL
XQLFH FD GH SLOG  LQFHQGLHUHD XQHL vQF SHUL IRF GH DUP  DXWRPDW  DVXSUD
JUXSXOXL GH SHUVRDQH GHWRQDUHD H[SOR]LELOXOXL vQWUR UHXQLXQH GH SHUVRDQH ±
vQWUXQDSDUWDPHQWPDJD]LQVDXPLMORFGHWUDQVSRUWvQFRPXQúDPG5HDOL]DUHD
RPRUXOXLGHRVHELWGHJUDYSULQWURXQLF DF LXQHHVWHXQDQLPDGPLV vQOLWHUDWXUDúL
SUDFWLFDMXGLFLDU 
ÌQGRFWULQDGHVSHFLDOLWDWHVDDILUPDWvQV F RPRUXOvQDFHDVW LSRVWD] SRDWH
ILúLFRQVHFLQ DXQRUDF LXQLVXFFHVLYHÄFXDFHHDúLRFD]LH´FXPDUILVSUHH[HPSOX
RPRUkUHDYLFWLPHLúLvQFRQWLQXDUHDSHUVRDQHORUFDUHLQWHUYLQvQDMXWRUXOYLFWLPHL
RUL SHQWUX D LPRELOL]D DJUHVRUXO RUL XFLGHUHD PDL PXOWRU SHUVRDQH vQ DFHHDúL
vPSUHMXUDUHSULQIRFXULUHSHWDWHGHDUP VSUH LQWHSODVDWHvQGLUHF LLGLIHULWHHWF
$FHDVW  RSLQLH ± OD FDUH QRL DP DGHUDW I U  UH]HUYH ± HVWH GH]DYXDW  GH
PDMRULWDWHD WHRUHWLFLHQLORU LPSRUWDQ L GDU HD D IRVW YDOLGDW  SULQWUR GHFL]LH GH
vQGUXPDUH D 3OHQXOXL 7ULEXQDOXOXL 6XSUHP úL FRQVWLWXLH úL vQ SUH]HQW VXSRUWXO
WHRUHWLFDOXQRUKRW UkULSURQXQ DWHGHLQVWDQ HOHMXGHF WRUHúWL



76'HFQU&'S

&6-'HFQU5'3QUS

76'HFQU5,S

76'HFQU5,S

76'HFQU5,,S

79DVLOLXúLFRO&RGXOSHQDO²FRPHQWDWúLDGQRWDWSDUWHDVSHFLDO HGFLWYRO,S2$6WRLFD
'UHSW SHQDO 3DUWHD VSHFLDO  (GLWXUD 'LGDFWLF  úL 3HGDJRJLF  %XFXUHúWL  S  *K 1LVWRUHDQX úL FRO
'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD&RQWLQHQW;;,%XFXUHúWLS

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S9'RQJRUR]úL
FRO1RXO&RGSHQDOúL&RGXOSHQDODQWHULRUSUH]HQWDUHFRPSDUDWLY (GLWXUD3ROLWLF %XFXUHúWLS
2 /RJKLQ 7 7RDGHU 'UHSW SHQDO URPkQ 3DUWHD VSHFLDO  &DVD GH HGLWXU  úL SUHV  ÄùDQVD´ 65/ %XFXUHúWL
S

Ä3HQWUXH[LVWHQ DLQIUDF LXQLLGHRPRUGHRVHELWGHJUDYSUHY ]XW GHDUWDOLQ O OLWE &RGSHQDOQX
HVWH QHFHVDU FD IDSWD V  IL IRVW V YkUúLW  SULQWUR DF LXQH XQLF  FL HVWH VXILFLHQW V  IL IRVW FRPLV  vQ DFHHDúL
vPSUHMXUDUHFKLDUSULQDF LXQLGLIHULWH´±3OHQXO76'HFGHvQGUXPDUHQU&'S

&6-'HFQU'UQUSÌQDFHODúLVHQV70%6HQWQU&3-3S
 
ÌQVIkUúLWRPRUXOGHRVHELWGHJUDYSUHY ]XWODOLWE SRDWHILUHDOL]DWúLSULQ
DF LXQL FRQFRPLWHQWH D GRX  SHUVRDQH FDUH vúL vPSDUW UROXULOH SHQWUX XFLGHUHD D
GRX VDXPDLPXOWRUSHUVRDQH
6XELHFWXO DFWLY DO LQIUDF LXQLL vQ DFHDVW  PRGDOLWDWH QRUPDWLY  UHDOL]HD]  úL
XUP UHúWH VDX DFFHSW  XFLGHUHD ILHF UHL SHUVRDQH GHFL FRPLWH IDSWD FX LQWHQ LH
vQWUXQDGLQIRUPHOHDFHVWHLD±GLUHFW RULLQGLUHFW 
ÌQ LSRWH]D F  DF LXQHDLQDF LXQHD QX D SURYRFDW GHFHVXO QLFL XQHL SHUVRDQH
LQIUDF LXQHD U PkQH vQ ID]  GH WHQWDWLY  LDU vQ LSRWH]D F  DF LXQHDLQDF LXQHD D
SURYRFDWGHFHVXOXQHLVLQJXUHSHUVRDQHGLQSOXUDOLWDWHDGHSHUVRDQHYL]DWHIDSWDVH
YD vQFDGUD vQ LQIUDF LXQHD GH RPRU VLPSOX GDF  QX HVWH FDOLILFDW GDWRULW  DOWRU
PRGDOLW L QRUPDWLYH  vQ FRQFXUV FX WHQWDWLYD OD LQIUDF LXQHD GH RPRU GHRVHELW GH
JUDY
F 'HF WUHRSHUVRDQ FDUHDPDLV YkUúLWXQRPRU1LFLDFHDVW VLQWDJP 
QXQHFHVLW H[SOLFD LLGHRVHELWH6HREVHUY FXXúXULQ F PRGDOLWDWHDQRUPDWLY 
GHODOLWF HVWHDSURSLDW DFHOHLDGHODOLWE ±XFLGHUHDPDLPXOWRUSHUVRDQH&HHD
FHOHGLVWDQ HD] HVWHvPSUHMXUDUHDF vQPRGDOLWDWHDDFXPDQDOL]DW IDSWDGHRPRU
QXDUHOHJ WXU FXSUHFHGHQWDIDSW GHRPRUVLWXDW vQDQWHFHGHQ DDXWRUXOXLDGLF 
HOHVXQWFRPLVHvQFRQGL LLúLSULQDF LXQLWRWDOGLVWLQFWH
/DvQFDGUDUHDMXULGLF DLQIUDF LXQLLvQSUHYHGHULOHDUWOLWF &SHQHVWH
QHFHVDUILHV H[LVWHRFRQGDPQDUHDQWHULRDU GHILQLWLY DLQFXOSDWXOXLSHQWUXSULPD
IDSW  ILH FD DPEHOH RPRUXUL FRPLVH vQ vPSUHMXU UL GLIHULWH V  ILH MXGHFDWH
vPSUHXQ vQFRQGL LLOHFRQFXUVXOXL
3HQWUX UHDOL]DUHD DFHVWHL LQIUDF LXQL GH RPRU GHRVHELW GH JUDY HVWH OLSVLW GH
UHOHYDQ  WLPSXO FDUH VD VFXUV GH OD RPRUXO DQWHULRU SkQ  OD DFHOD FDUH IDFH
RELHFWXO DFWXDOHL vQFDGU UL MXULGLFH ± GHFL GDF  vQ SULYLQ D SULPXOXL RPRU VD
vPSOLQLW WHUPHQXO GH UHDELOLWDUH GDF  RPRUXO D IRVW DPQLVWLDW RUL D LQWHUYHQLW
SUHVFULS LD±GDF RPRUXOGLQDQWHFHGHQ DIRVWFRQVXPDWRULDU PDVvQID] GH
WHQWDWLY 
&LUFXPVWDQ D SUHY ]XW  OD OLW F  HVWH SHUVRQDO  úL GHFL HD QX VH U VIUkQJH
DVXSUDFHORUODO LSDUWLFLSDQ L
G 3HQWUXDV YkUúLVDXDDVFXQGHV YkUúLUHDXQHLWkOK ULLVDXSLUDWHULL
ÌQSULPDWH] ÄSHQWUXDV YkUúLV YkUúLUHD´VHvQ HOHJHDFHDDF LXQHGHRPRU
FRPLV SHQWUXÄDQHWH]L´VDXÄDGHVFKLGH´GUXPXOVSUHV YkUúLUHDXQHLDGLQWUHFHOH
GRX  LQIUDF LXQL SHQWUX D UHXúL DVWIHO SULQ LQWHUPHGLXO RPRUXOXL V  ILH V YkUúLW 
LQIUDF LXQHDVFRSFDGHSLOG XFLGHUHDPDWUR]XOXLGHFDUWSHQWUXFDDXWRUXOV SRDW 
FRPLWHXQDFWGHSLUDWHULHDVXSUDXQHLQDYH
/D D GRXD WH]  SULQ FRQFHSWXO ÄDVFXQGHUH´ VH vQ HOHJH DF LXQHD GH XFLGHUH
vQWUHSULQV SHQWUXDGLVLPXODRLQIUDF LXQHGHWkOK ULHVDXSLUDWHULHSHQWUXDIDFHFD
RDVHPHQHDLQIUDF LXQHV QXSRDW ILGHVFRSHULW ±EXQ RDU XFLGHUHDXQXLPDUWRU
RFXODUODV YkUúLUHDXQHLLQIUDF LXQLGHWkOK ULH
$úDGDU RUL GH FkWH RUL RPRUXO ± FRQVXPDW RUL vQ ID]  GH WHQWDWLY  ± HVWH
V YkUúLWvQVFRSXOGHDFUHDFRQGL LLOHSULHOQLFHFRPLWHULLVDXDVFXQGHULLXQHLIDSWH
GHWkOK ULHVDXSLUDWHULH±LQGLIHUHQWGDF UH]XOWDWXOVDSURGXVVDXQX±FRQVWLWXLH
RPRUGHRVHELWGHJUDYvQPRGDOLWDWHDSUHY ]XW ODOLWG 



76'HFQU5,,,S

76'HFQULELGHPS

Ì&&-VSGQU%-S

70%'HFQU&3-3SÌQDFHODúLVHQV2/RJKLQ77RDGHURSFLWS

76'HFQU5,,S
 
ÌQFD]XOvQFDUHUH]XOWDWXOXUP ULWVDúLSURGXVvQFDGUDUHDMXULGLF DIDSWHL±
SRWULYLW GRFWULQHL vQ PDWHULH úL SUDFWLFLL MXULGLFH ± HVWH vQ LQIUDF LXQHD GH RPRU
GHRVHELWGHJUDYSUHY ]XW GHDUWOLWG úLLQIUDF LXQHDGHWkOK ULHSUHY ]XW GH
DUW  &RG SHQDO UHVSHFWLY LQIUDF LXQHD GH SLUDWHULH SUHY ]XW  GH DUW 
&RGSHQDODPEHOHLQIUDF LXQLvQFRQFXUV,QIUDF LXQHDGHWkOK ULH±FXFDUHLQWU vQ
FRQFXUVLQIUDF LXQHDGHRPRU±HVWHDFHHDSUHY ]XW GHDUWDOLQ    úLQX
DFHHD DJUDYDW  SUHY ]XW  GH DUW  DOLQ   ± WkOK ULD FDUH D DYXW GUHSW XUPDUH
GHFHVXO YLFWLPHL ± GHRDUHFH DúD FXP VH YD YHGHD OD WLPSXO FXYHQLW vQ DFHVW GLQ
XUP  FD] PRDUWHD YLFWLPHL HVWH GDWRUDW  FXOSHL DXWRUXOXL LQIUDF LXQH
SUDHWHULQWHQ LRQDW úLQXLQWHQ LHLDFHVWXLDFDvQVLWXD LDRPRUXOXLGHRVHELWGHJUDY
&LUFXPVWDQ DUHJOHPHQWDW ODOLWG HVWHSHUVRQDO úLvQFRQVHFLQ HDQXVH
U VIUkQJH DVXSUD SDUWLFLSDQ LORU GHFkW vQ P VXUD vQ FDUH DFHúWLD DX DF LRQDW FX
DFHODúLVFRS
H $VXSUDXQHLIHPHLJUDYLGH3ULQÄIHPHLHJUDYLG ´VHvQ HOHJHIHPHLDFDUH
SRDUW  XQ I W vQ FDYLWDWHD XWHULQ  VWDUHD GH JUDYLGLWDWH ILLQG FXSULQV  vQWUH
PRPHQWXOFRQFHSHULLúLDFHODDOQDúWHULLI WXOXL
3HQWUX UHDOL]DUHD RPRUXOXL vQ DFHDVW  YDULDQW  QRUPDWLY  HVWH QHFHVDU FD
DXWRUXO V  FXQRDVF  VWDUHD GH JUDYLGLWDWH D IHPHLL RUL FD DFHVWD vQ UDSRUW FX
HYLGHQ D VDUFLQLL V  R SHUFHDS  ÌQ LSRWH]D vQ FDUH DXWRUXO FUHGH F  YLFWLPD HVWH
JUDYLG  GDU vQ UHDOLWDWH VWDUHD GH JUDYLGLWDWH QX H[LVW  DJUDYDQWD SUHY ]XW  OD
OLWH QXVHDSOLF 
/HJLXLWRUXODHYDOXDWFDGHRVHELWGHJUDYDFHVWRPRUSHQWUXF SHGHRSDUWH
DF LXQHDXFLJ WRDUHSURYRDF RGXEO DWLQJHUHYLH LLXPDQH±FKLDUGDF XQDHVWHvQ
ID] LQWUDXWHULQ ±GHRDUHFHSHGHDOW SDUWHIHPHLDvQVWDUHGHJUDYLGLWDWHDUHGH
UHJXO RFDSDFLWDWHVF ]XW GHDXWRDS UDUHúLvQILQHSHQWUXF DDYXWvQYHGHUHúL
RSUREULXOLQGXVvQRSLQLDSXEOLF SULQDIODUHDGHVSUHXFLGHUHDXQHLIHPHLJUDYLGH
I $VXSUDXQXLPDJLVWUDWSROL LVWMDQGDUPRULDVXSUDXQXLPLOLWDUvQWLPSXO
VDXvQOHJ WXU FXvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHDFHVWRUD
$JUDYDUHDUHJOHPHQWDW vQDUWOLWI ±QRXLQWURGXV vQWH[WSULQ/HJHD
QU ± SUH]LQW  PXOWLSOH DVHP Q UL FX DJUDYDQWD RPRUXOXL FDOLILFDW
SUHY ]XW vQDUWOLWI PRWLYSHQWUXFDUHDQDOL]DvQFRQWLQXDUHYDSXUWDGRDU
DVXSUDDFHHDFHHVWHvQSDUWLFXODUXODFHVWHLD
ÌQSULPXOUkQGHVWHGHREVHUYDWFDOLWDWHDVXELHFWXOXLSDVLYFDUHHVWHDFHHDGH
PDJLVWUDWSROL LVWMDQGDUPVDXPLOLWDU3ULQUHJLPXOVDQF LRQDWRULXVHYHUVDWLQVOD
GHVFXUDMDUHD SHUVRDQHORU SUHGLVSXVH V  FRPLW  DVWIHO GH RPRUXUL úL OD SHGHSVLUHD
DFHVWRUD FX GXULWDWH vQ FD]XO V YkUúLULL ORU GHRDUHFH IDSWHOH GH DFHVW WLS VXQW
vQGUHSWDWH QX QXPDL vPSRWULYD GUHSWXOXL OD YLD  DO LQGLYLGXOXL FL úL D EXQHL
vQI SWXLUL D DFWXOXL GH MXVWL LH D PHQ LQHULL VDX UHVWDELOLULL RUGLQLL úL OLQLúWLL
SXEOLFH
&DOLWDWHD GH PDJLVWUDW D IRVW GHILQLW  SULQ SUHYHGHULOH /HJLL QU 
SULYLQGVWDWXWXOMXGHF WRULORUúLSURFXURULORUSRWULYLWF URUDDXDFHDVW FDOLWDWHúL
IDF SDUWH GLQ FRUSXO PDJLVWUD LORU MXGHF WRULL GH OD WRDWH LQVWDQ HOH MXGHF WRUHúWL
SURFXURULL GLQ FDGUXO SDUFKHWHORU GH SH OkQJ  DFHVWHD SUHFXP úL PDJLVWUD LL ±
DVLVWHQ L DL ÌQDOWHL &XU L GH &DVD LH úL -XVWL LH 'H DVHPHQHD PLQLVWUXO MXVWL LHL
ORF LLWRULL V L úL SHUVRQDOXO GH VSHFLDOLWDWH MXULGLF  GLQ 0LQLVWHUXO -XVWL LHL VXQW


&6-'HFQU%-SÌQDFHODúLVHQV&6-'HFQU3/S&6-
'HFQU%-S

 &RQVWLWXLH WHQWDWLY  OD LQIUDF LXQHD GH RPRU FDOLILFDW úL GHRVHELW GH JUDY IDSWD LQFXOSDWXOXL GH D QX RSUL
DXWRWXULVPXOvQID DXQXLEDUDMRUJDQL]DWSHúRVHDGHF WUHSROL LúWLúLGHDIRU DWUHFHUHDFXXUPDUHDDFFLGHQW ULL
JUDYHDXQXLSROL LVW´&6-VSGQU%-S

3XEOLFDW vQ02IQUGLQúLUHSXEOLFDW vQ02IQUGLQ
 
DVLPLOD L PDJLVWUD LORU SH GXUDWD vQGHSOLQLULL IXQF LHL 7RW DVWIHO SRWULYLW
SUHYHGHULORUOHJDOHvQPDWHULHMXGHF WRULLPLOLWDULúLSURFXURULLPLOLWDULDXFDOLWDWHD
GHPDJLVWUD LúLIDFSDUWHGLQFRUSXOPDJLVWUD LORU
6XQWVXESURWHF LDWH[WXOXLDQDOL]DWPDJLVWUD LL&XU LL&RQVWLWX LRQDOHSUHFXP
úLPDJLVWUD LLDVLVWHQ LFDUHSRWULYLWSUHYHGHULORUDUWDOLQ  GLQ/HJHDSULYLQG
RUJDQL]DUHD úL IXQF LRQDUHD &XU LL &RQVWLWX LRQDOH VXQW DVLPLOD L DFHORUD GH OD
ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH
&DOLWDWHD GH SROL LVW D IRVW DVWIHO GHILQLW  SULQ DUW  DO /HJLL QU 
SULYLQG 6WDWXWXO SROL LVWXOXL Ä3ROL LVWXO HVWH IXQF LRQDU SXEOLF FLYLO FX VWDWXW
VSHFLDO vQDUPDW FH SRDUW  GH UHJXO  XQLIRUP  úL H[HUFLW  DWULEX LLOH VWDELOLWH
SHQWUX3ROL LD5RPkQ SULQOHJHFDLQVWLWX LHVSHFLDOL]DW DVWDWXOXL´
&DOLWDWHD GH MDQGDUP GHULY  GLQ GLVSR]L LLOH /HJLL QU  SULYLQG
RUJDQL]DUHDúLIXQF LRQDUHD-DQGDUPHULHL5RPkQH
&RQFHSWXOPLOLWDUvQVHQVXODUWOLWI WUHEXLHvQ HOHVvQVHQVXOV XODUJ
DGLF GHSURIHVLRQLVWPLOLWDU±FDGUXPLOLWDUDFWLYLQWHJUDWvQXQDGLQWUHVWUXFWXULOH
IRU HORU DUPDWH ± SUHFXP úL GH SHUVRDQ  FDUH vQ vQGHSOLQLUHD vQGDWRULULORU
IXQGDPHQWDOH FRQVDFUDWH FRQVWLWX LRQDO HVWH vQFRUSRUDW  vQ XQD GLQWUH DFHVWH
VWUXFWXULSHQWUXHIHFWXDUHDVHUYLFLXOXLPLOLWDUREOLJDWRULXÌQFRQVHFLQ DXFDOLWDWHD
GHPLOLWDUXUP WRDUHOHFDWHJRULLGHSHUVRDQH
± FDGUH PLOLWDUH VXQW SRWULYLW OHJLL FHW HQLL URPkQL F URUD OL VD DFRUGDW
JUDGGHRIL HUPDLVWUXPLOLWDUVDXVXERIL HU
±VROGD LúLJUDGD LYROXQWDUL
±HOHYLLúLVWXGHQ LLGLQLQVWLWX LLOHGHvQY PkQWPLOLWDU
±E UED LLFHW HQLURPkQLFDUHH[HFXW VHUYLFLXOPLOLWDUREOLJDWRULXSHGXUDWD
VW ULL GH U ]ERL D VW ULL GH PRELOL]DUH úL SH WLPSXO VW ULL GH DVHGLX SUHFXP úL FHL
FRQFHQWUD L
6WDWXWXO FDGUHORU PLOLWDUH HVWH LGHQWLF SHQWUX WR L SURIHVLRQLúWLL PLOLWDUL
LQGLIHUHQWGHVWUXFWXUDIRU HORUDUPDWHvQFDUHVXQWvQFDGUD L±0LQLVWHUXO$S U ULL
1D LRQDOH 0LQLVWHUXO ,QWHUQHORU úL 5HIRUPHL $GPLQLVWUDWLYH FX H[FHS LD 3ROL LHL
5RPkQH0LQLVWHUXO-XVWL LHL±$GPLQLVWUD LD1D LRQDO D3HQLWHQFLDUHORU6HUYLFLXO
5RPkQGH,QIRUPD LL6HUYLFLXOGH,QIRUPD LL([WHUQH6HUYLFLXOGH7HOHFRPXQLFD LL
6SHFLDOHúL6HUYLFLXOGH3URWHF LHúL3D] 
ÌQ DO GRLOHD UkQG HVWH GH REVHUYDW F  RPRUXO LQFULPLQDW OD OLW I  HVWH FRPLV
vPSRWULYD VXELHFWXOXL SDVLY FDOLILFDW ILH FkQG DFHVWD VH DIO  vQ WLPSXO H[HFXW ULL
vQGDWRULULORU VDOH GH VHUYLFLX RUL SXEOLFH ILH vQ OHJ WXU  FX PRGXO vQ FDUH HO úLD
vQGHSOLQLW DFHVWH vQGDWRULUL )LHFDUH GLQWUH FHOH GRX  LSRVWD]H DOWHUQDWLYH SRDWH
UHDOL]DDFHDVW FHULQ HVHQ LDO SHQWUXH[LVWHQ DLQIUDF LXQLL
ÌQ SULPD VLWXD LH FHULQ D HVWH vQGHSOLQLW  GLQ PRPHQW FH VXELHFWXO SDVLY VH
DIO  vQ H[HUFLWDUHD IXQF LHL vQ WLPSXO SURJUDPXOXL GH DFWLYLWDWH  LQGLIHUHQW GDF 
DF LXQHDSULQFDUHLVHVXSULP YLD DSULYHúWHDFWHvQGHSOLQLWHvQUHDOL]DUHDIXQF LHL
VDOHVDXIDSWHGHRUGLQH[WUDIXQF LRQDOÌQFHDGHDGRXDVLWXD LHRPRUXOHVWHFRPLV
vQ OHJ WXU  FX PRGXO vQ FDUH VXELHFWXO SDVLY úLD vQGHSOLQLW DWULEX LLOH VDOH
IXQF LRQDOH
'DUDúDFXPVDVXEOLQLDWúLODFRPHQWDULXODUWOLWI SURWHF LDMXULGLF D
PDJLVWUDWXOXLSROL LVWXOXLMDQGDUPXOXLPLOLWDUXOXLHVWHDVLJXUDW QXPDLvQP VXUD


 /HJHD QU  SXEOLFDW  vQ 0 2I QU  GLQ  úL UHSXEOLFDW  vQ 0 2I QU  GLQ


3XEOLFDW vQ02IQUGLQ 

3XEOLFDW vQ02IQUGLQ

/HJHDQUSULYLQG6WDWXWXOFDGUHORUPLOLWDUHSXEOLFDW vQ02IQUGLQ

/HJHDQUSXEOLFDW vQ02IQUGLQ
 
vQFDUHDFHVWDvúLvQGHSOLQHúWHvQGDWRULULOHGHVHUYLFLXRULSXEOLFHvQPRGFRUHFWvQ
OLPLWHOHSUHVWDELOLWHGHDFWHOHQRUPDWLYHFHLJXYHUQHD] DFWLYLWDWHDÌQFD]XOvQFDUH
DFWLYLWDWHDGHXFLGHUHHVWHXUPDUHDXQHLDWLWXGLQLDEX]LYHPDQLIHVWDWHGHVXELHFWXO
SDVLY D vQF OF ULL GH F WUH DFHVWD D UHJXOLORU GH FRQGXLW  SURIHVLRQDO  QX VXQW
DSOLFDELOH GLVSR]L LLOH SULYLQG RPRUXO GHRVHELW GH JUDY FL DFHOHD SULYLQG RPRUXO
VLPSOX
J GHF WUHXQMXGHF WRUVDXSURFXURUSROL LVWMDQGDUPVDXPLOLWDUvQWLPSXO
VDXvQOHJ WXU FXvQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHDFHVWRUD
$FHVW HOHPHQW FLUFXPVWDQ LDO GH DJUDYDUH D IRVW LQWURGXV SULQ /HJHD QU
 GDWRULW  FDOLW LL VSHFLDOH D VXELHFWXOXL DFWLY QHPLMORFLW FDUH QX SRDWH IL
GHFkWXQMXGHF WRUVDXSURFXURUSROL LVWMDQGDUPVDXPLOLWDU
3HQWUX LQFLGHQ D DJUDYDQWHL vQ GLVFX LH QX HVWH VXILFLHQW  QXPDL DFHDVW 
FDOLWDWHVSHFLDO DDXWRUXOXLODGDWDV YkUúLULLIDSWHLFLPDLHVWHQHFHVDUFDRPRUXO
V  VH UHDOL]H]H ILH vQ WLPSXO H[HUFLW ULL DWULEX LLORU GH VHUYLFLX ILH vQ OHJ WXU  FX
vQGHSOLQLUHDvQGDWRULULORUGHVHUYLFLXVDXSXEOLFHDOHDFHVWRUD


3581&8&,'(5($

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFDOLQIUDF LXQLLHVWHLGHQWLFFXDFHODGHODRPRU
2ELHFWXOPDWHULDOHVWHFRUSXOFRSLOXOXLQRXQ VFXWDVXSUDF UXLDVHvQGUHDSW 
DF LXQHDLQDF LXQHDI SWXLWRDUHL

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  HVWH FDOLILFDW SULQ WH[W úL DQXPH HO HVWH
QXPDL ÄPDPD FRSLOXOXL QRXQ VFXW´ 1X SUH]LQW  UHOHYDQ  SHQWUX FDOLWDWHD GH
VXELHFWDFWLYDOLQIUDF LXQLLQDWXUDUHOD LLORUVH[XDOHvQWUH LQXWHGHIHPHLHvQXUPD
F URUDDFRQFHSXWFRSLOXO±YRLWHVDXVLOLWH YLRO LQWUDVDXH[WUDFRQMXJDOH
/D FRPLWHUHD RPXFLGHULL SRW FRQWULEXL úL DO L I SWXLWRUL GDU DFHúWLD QX DX
FDOLWDWHDGHSDUWLFLSDQ LODLQIUDF LXQHDGHSUXQFXFLGHUHU VSXQGHUHDORUXUPkQGD
IL DQWUHQDW  SHQWUX LQIUDF LXQHD GH RPRU 'HRVHELUHD GH WUDWDPHQW MXULGLF HVWH
GDWRUDW  IDSWXOXL F  LQIUDF LXQHD GH SUXQFXFLGHUHSRDWHILV YkUúLW GRDUGHPDPD
QRXOXLQ VFXW PDUFDW  SXWHUQLF GH R WXOEXUDUH SURYRFDW  GH QDúWHUH LDU DFHDVW 
FLUFXPVWDQ  SHUVRQDO  DLGRPD WXWXURU FLUFXPVWDQ HORU GH DFHDVW  QDWXU  QX VH
U VIUkQJH ± SRWULYLW SUHYHGHULORU DUW  DOLQ   &RG SHQDO ± úL DVXSUD
SDUWLFLSDQ LORU ÌQ FRQVHFLQ  SDUWLFLSDQ LL YRU U VSXQGH SHQWUX LQIUDF LXQHD GH
RPRU FDOLILFDW V YkUúLW  DVXSUD XQHL UXGH DSURSLDWH ± GDF  VXQW vQWUR DVHPHQHD
UHOD LHFXYLFWLPDSUXQFXFLGHULL
6XELHFWXOSDVLYDOLQIUDF LXQLLHVWHFRSLOXOQRXQ VFXW
1XSUH]LQW UHOHYDQ VWDUHDGHÄYLDELOLWDWH´DYLFWLPHL±SULQYLDELOLWDWHVH
vQ HOHJHFDSDFLWDWHDI WXOXLGHDVHDGDSWDODFRQGL LLOHH[WUDXWHULQHúLSRVLELOLWDWHD
GH D WU L DXWRQRP vQ QRLOH FRQGL LL GH PHGLX ± GLQ LQWHUSUHWDUHD WH[WXOXL
UH]XOWkQGF XQLFDFHULQ SHQWUXUHDOL]DUHDLQIUDF LXQLLHVWHDFHHDFDQRXQ VFXWXO
V ILHYLXvQPRPHQWXOGHFODQú ULLDVXSUDOXLDIDSWHLXFLJ WRDUH


Ä$FWLYLW LOHFRPSOLFHOXLRULLQVWLJDWRUXOXLODVXSULPDUHDYLH LLFRSLOXOXLQRXQ VFXWLPHGLDWGXS QDúWHUH
GHF WUHPDPDFDUHVDDIODWvQWURVWDUHGHWXOEXUDUHSULFLQXLW GHQDúWHUHVHFRQVLGHU FRPSOLFLWDWHRULLQVWLJDUHOD
LQIUDF LXQHD GH RPRU FDOLILFDW ± DUW  OLW G  VDX GXS  FD] úL D OLW D  RUL F  GLQ DFHODúL DUWLFRO  LDU QX OD
LQIUDF LXQHDGHSUXQFXFLGHUH´±3OHQXO76'HFGHvQGUXPDUHQU&'S

&6-'HFQU5'3QUS

9%HOLú1'UXJHVFX0HGLFLQDOHJDO (GLWXUD7HRUD%XFXUHúWLS
 
&RSLO QRXQ VFXW 3HQWUX vQ HOHJHUHD FRQFHSWXOXL HVWH QHFHVDU D VH FXQRDúWH
F XQFRSLOÄQRXQ VFXW´SUH]LQW RVHDP GHSDUWLFXODULW LPRUIRORJLFH±FXPVXQW
OXQJLPHDJUHXWDWHDúLIRUPDFUDQLXOXLDWRUDFHOXLHWF±SDUWLFXODULW LFDUHDXIRVW
VWXGLDWHúLFODVLILFDWHGHWHRULDúLSUDFWLFDPHGLFLQLLvQDQXPLWHVFKHPH WDEORXUL 
FOLQLFHvQWUHDFHVWHSDUWLFXODULW LPRUIRORJLFHVHVLWXHD] úLFRUGRQXORPELOLFDO
6WDUHD GH ÄQRXQ VFXW´ GXUHD]  vQ SULQFLSLX SkQ  OD W LHUHD FRUGRQXOXL
RPELOLFDOFkQGH[LVWHQ DDFHVWXLDGHYLQHLQGHSHQGHQW GHPDP 
$úDGDU VWDWXWXO GH FRSLO QRXQ VFXW SRDWH IL VWDELOLW SULQ FRPSDUDUHD
SDUWLFXODULW LORUPRUIRORJLFHDOHFRUSXOXLYLFWLPHLFXSDUWLFXODULW LOHPRUIRORJLFH
WLS 'HWHUPLQDUHD DFHVWXL VWDWXW UHYLQH vQ FRPSHWHQ D VSHFLDOLVWXOXL vQ PHGLFLQ 
OHJDO FDUHXUPHD] DVHSURQXQ DVXEDFHVWDVSHFW±úLDODOWRUDSHFDUHOHYRP
YHGHDvQFRQWLQXDUH±vQFDGUXOH[SHUWL]HLPHGLFROHJDOHGLVSXVHGHSURFXURU
1DúWHUH3ULQFRQFHSWXOGHÄQDúWHUHVHvQ HOHJHDFHODFWIL]LRORJLFFDUHGXFH
OD H[SXO]LD VDX H[WUDF LD FRSLOXOXL DMXQV vQ VWDUH GH YLDELOLWDWH 3URFHVXO QDúWHULL
SURSULX]LVH±HWDSL]DWGLGDFWLFSHPDLPXOWHID]H±LDVIkUúLWvQPRPHQWXOH[SXO]LHL
FRSLOXOXL
,PHGLDW GXS  QDúWHUH &RQFHSWXO ÄLPHGLDW´ GHVHPQHD]  GHVLJXU XQ DQXPH
PRPHQW FDUH HVWH UDSRUWDW OD DFWXO QDúWHULL (O vQV  GLQ S FDWH HVWH PLQDW GH
LQFRQFUHWH HIRUPXODDGRSWDW GH&RGXOSHQDODQWHULRU±vQFDUHSHULRDGDGHJUD LH
HUDGHOLPLWDW vQWUHPRPHQWXOQDúWHULLúLFHODOH[SLU ULLWHUPHQXOXLGHGHFODUDUH±
ILLQG SULQ WUDQúDQ D HL QHLQWHUSUHWDELO  úL GH DFHHD DSW  DL RIHUL PDJLVWUDWXOXL
HOHPHQWHOHRELHFWLYHQHFHVDUHvPEU F ULLMXULGLFHDIDSWHLFHUFHWDWHVDXMXGHFDWH
3HQWUX D VH GHWHUPLQD WRWXúL DFHVW PRPHQW vQ OXPLQD DFWXDOXOXL WH[W
LQFULPLQDWRU PDJLVWUDWXO ± FD úL vQ FD]XO VWDWXWXOXL GH ÄFRSLO QRXQ VFXW´ ± YD
WUHEXLV DSHOH]HODFXQRúWLQ HOHPHGLFXOXLOHJLVWXUPkQGFDDFHVWDV SUHFL]H]HvQ
FDGUXOH[SHUWL]HLGDF PRPHQWXOHVWHVDXQXÄLPHGLDW´GXS QDúWHUHDFRSLOXOXL
&RQFOX]LLOH H[SHU LORU YRU IL GHVLJXU FRURERUDWH FX DOWH PLMORDFH GH SURE 
DGPLQLVWUDWH vQ FDX]  SHQWUX D GD SRVLELOLWDWHD PDJLVWUDWXOXL V  VWDELOHDVF  GDF 
RPRUXODIRVWFRPLVLPHGLDWGXS QDúWHUHVDXQX

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQWURDF LXQHRULLQDF LXQH
DSW  D VXSULPD YLD D XQHL SHUVRDQH PDWHULDOL]DW  vQ SULQFLSLX vQ XQD GLQWUH
PRGDOLW LOHDU WDWHODLQIUDF LXQHDGHRPRU3UDFWLFDMXGLFLDU DHYLGHQ LDWvQV F 
FHOHPDLIUHFYHQWHDF LXQLGHXFLGHUHDQRXOXLQ VFXWVXQWUHDOL]DWHSULQVWUDQJXODUH
VXIRFDUH DVWXSDUHD RULILFLLORU UHVSLUDWRULL H[WHUQH vQJURSDUHD vQ S PkQW
FRPSUHVLXQHWRUDFRDEGRPLQDO FHOPDLDGHVHDSULQSXQHUHDSHFDSDXQHLSXQJL
GHPDWHULDOSODVWLF vQHFDUHORYLUHHWFLDULQDF LXQLOHSULQDEDQGRQDUHDvQIULJvQ
ORFXULQHFLUFXODWHQHDFRUGDUHDvQJULMLULORUQHFHVDUH
3HQWUX VDWLVIDFHUHD HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL HVWH LUHOHYDQW GDF 
PRDUWHDQRXOXLQ VFXWFRQVWLWXLHFRQVHFLQ DH[FOXVLY DDF LXQLLLQDF LXQLLDXWRDUHL
RULGDF IDSWDDFHVWHLDDFRQFXUDWvQWUXQSURFHVWDQDWRJHQFRPSOH[DO WXULGHDOWH
FDX]H SUHH[LVWHQWH ERDO  D FRSLOXOXL Y W P UL VXUYHQLWH vQ SURFHVXO QDúWHULL GLQ
FXOSD PHGLFXOXL RUL D SHUVRDQHORU FDUH DVLVW  QDúWHUHD  FRQFRPLWHQW RUL VXUYHQLWH
FXOSH SURIHVLRQDOH vQ SURFHVXO GH VDOYDUH D QRXOXLQ VFXW D F UXL YLD  QX D IRVW
VXSULPDW LQVWDQWDQHXSULQIDSWDDXWRDUHL 
8UPDUHDLPHGLDW FRQVW vQGHFHVXOFRSLOXOXLQRXQ VFXW
3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH D LQIUDF LXQLL HVWH QHFHVDU D VH VWDELOL
OHJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHLQDF LXQH úL XUPDUHD LPHGLDW  DGLF  D VH


9%HOLú1'UXJHVFX0HGLFLQDOHJDO RSFLWS

'HFQU&3-±&$%S
 
VWDELOLGDF HIHFWXO±PRDUWHDFRSLOXOXL±DIRVWFDX]DWGHPDQRSHUHOHvQWUHSULQVHGH
PDPDDFHVWXLD

/DWXUDVXELHFWLY 
(OHPHQWXOVXELHFWLYVHH[SULP ODLQIUDF LXQHDGHSUXQFXFLGHUHSULQLQWHQ LH
vQDPEHOHHLPRGDOLW L±GLUHFW RULLQGLUHFW $WLWXGLQHDVXELHFWLY DDXWRDUHL±GH
D XUP UL VDX DFFHSWD SURGXFHUHD UH]XOWDWXOXL PDQRSHUHORU VDOH ± WUHEXLH vQV  D IL
VSRQWDQ úLGHWHUPLQDW H[FOXVLYGHVWDUHDGHWXOEXUDUHSULFLQXLW GHQDúWHUH
6WDUHD GH WXOEXUDUH SULFLQXLW  GH QDúWHUH ÌQ SURFHVXO QDúWHULL SRW DS UHD
XQHOHVW ULSVLKRIL]LRORJLFHDQRUPDOHGHWHUPLQDWHGHDFWXOQDúWHULLVW ULFDUHI U D
SURYRFD WXOEXU UL GH FRQúWLHQ  ± FH DU LQGXFH DEROLUHD GLVFHUQ PkQWXOXL ± VXQW
FDSDELOHV H[SOLFHFRQGXLWDGHYLDQW DIHPHLLLPHGLDWGXS QDúWHUH'HWHUPLQDUHD
H[LVWHQ HL UHDOH D XQHL WXOEXU UL SURYRFDWH GH R DVHPHQHD VWDUH SVLKRIL]LRORJLF 
SRVWSDUWXPHVWHRSUREOHP GHIDSWGHVLJXUúLGHVSHFLDOLWDWHFDUHVHVWDELOHúWHGH
DVHPHQHD vQ SULQFLSDO SULQ DSRUWXO PHGLFLORU GH DFHDVW  GDW  vQ FDGUXO XQHL
H[SHUWL]H PHGLFROHJDOH SVLKLDWULFH FRQVWDW ULOH úL FRQFOX]LLOH H[SHUWL]HL SRW IL
I U vQGRLDO FRURERUDWHúLvQWUHJLWHFXDOWHSUREHDGPLQLVWUDWHvQSURFHVXOSHQDOúL
HYDOXDWHFULWLFvQILQDOGHF WUHPDJLVWUDW
3HQWUX FD XFLGHUHD SURSULXOXL FRSLO GH F WUH PDP  V  LQWUH VXE LQFLGHQ D
SUHYHGHULORU SULYLQG SUXQFXFLGHUHD HVWH GHFL QHFHVDU vQWUH DOWHOH D VH GRYHGL F 
DFHDVWD D VXIHULW vQ SURFHVXO úL GDWRULW  QDúWHULL R DQXPLW  WXOEXUDUH ÌQ DEVHQ D
VW ULL GH WXOEXUDUH SUHWLQVH GH WH[W IDSWD GH XFLGHUH D SURSULXOXL FRSLO GH F WUH
PDP ±FRPLV FKLDUVXELPSHULXOXQRUVW ULFRQIOLFWXDOHJUDYH WHPHUHDLQVSLUDW 
GHSUHYL]LELODUHDF LHDS ULQ LORUVR XOXLDPDQWXOXLRULGHRSUREULXOSXEOLF FDUH
VXQWQHvQGRLHOQLFGHQDWXU DLQIOXHQ DSVLKLFXODXWRDUHL±YDFRQVWLWXLLQIUDF LXQHD
GHRPRU$FHVWHvPSUHMXU ULFDUHGHIDSWUHSUH]LQW PRELOXULDOHDXWRDUHLSRWIL
vQV UH LQXWHúLDYXWHvQYHGHUHODFLUFXPVWDQ LHUHDU VSXQGHULLSHQDOHDDFHVWHLD

)RUPH6DQF LXQL
)RUPHÌQW FHUHDOHJLLWHQWDWLYDODSUXQFXFLGHUHQXVHSHGHSVHúWH
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOVXUYHQLULLGHFHVXOXLQRXQ VFXWXOXL
LQGLIHUHQWGHPRPHQWXOGHGHEXWDODF LXQLLLQDF LXQLLvQWUHSULQVHvQDFHVWVFRS
6DQF LXQL,QIUDF LXQHDGHSUXQFXFLGHUHHVWHVDQF LRQDW FXvQFKLVRDUHGHOD
ODDQL


8&,'(5($',1&8/3 

2ELHFWXORFURWLULLSHQDOH
(VWHLGHQWLFFXDFHODDOLQIUDF LXQLLGHRPRU

6XELHF LLLQIUDF LXQLL
7H[WXO QX FDOLILF  VXELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL GHFL HO
SRDWH IL vQ SULQFLSLX RULFH SHUVRDQ  FX H[FHS LD PRGDOLW LL DJUDYDWH GH OD



,&&-'HFQU%&QUS

ÄÌQOLSVDXQRUHOHPHQWHFLUFXPVWDQ LDOHFDUHV MXVWLILFHvQFDGUDUHDIDSWHLFDLQIUDF LXQHDGHSUXQFXFLGHUH
DFWLYLWDWHDPDPHLGHDILVXSULPDWYLD DFRSLOXOXLQRXQ VFXWXUPHD] DILvQFDGUDW vQGLVSR]L LLOHDUWF úLG 
&RG SHQDO 'DF  GLQ SUREHOH GRVDUXOXL UH]XOW  F  PDPD FRSLOXOXL D DF LRQDW FX SUHPHGLWDUH VH YD UH LQH FD
HOHPHQW FLUFXPVWDQ LDO DO RPRUXOXL FDOLILFDW úL FHO SUHY ]XW OD OLW D  GLQ DUW  &RG SHQDO´ 3OHQXO 76 G v
QU&'S

Ì&&-VSGQU%&QUS
 
DOLQ   vQ FDUH DFHVWD HVWH FLUFXPVFULV OD ÄFRQGXF WRU GH YHKLFXO FX WUDF LXQH
PHFDQLF ´
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLSRWULYLWDUW
&SHQ
3DUWLFLSD LD SHQDO  OD V YkUúLUHD DFHVWHL LQIUDF LXQL HVWH SRVLELO  GRDU vQ
PRGDOLWDWHDLPSURSULHSUHY ]XW GHDUW&SHQVLWXD LHvQFDUHSDUWLFLSDQWXOYD
U VSXQGH SHQWUX LQVWLJDUH VDX FRPSOLFLWDWH OD LQIUDF LXQHD GH RPRU vQ YUHPH FH
DXWRUXOIDSWHLU VSXQGHSHQWUXLQIUDF LXQHDGHXFLGHUHGLQFXOS 
6XELHFWXOSDVLYHVWHSHUVRDQDXFLV GLQFXOS 

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHH[SULP SULQWURDF LXQHRULLQDF LXQH
7H[WXODUW&SHQUHJOHPHQWHD] PDLPXOWHPRGDOLW LQRUPDWLYHDVWIHO
D0RGDOLWDWHDWLSHVWHDFHHDSUHY ]XW vQSULPXODOLQHDWDODUWLFROXOXLFLWDW
E0RGDOLW L DJUDYDWH E O  3ULPD PRGDOLWDWH QRUPDWLY  DJUDYDW  DUH FD
HOHPHQW PDWHULDO DF LXQHDLQDF LXQHD GH XFLGHUH GLQ FXOS  FRPLV  FD XUPDUH D
QHUHVSHFW ULLGLVSR]L LLORUOHJDOHRULDP VXULORUGHSUHYHGHUHSHQWUXH[HUFL LXOXQHL
SURIHVLLVDXPHVHULLRULSHQWUXHIHFWXDUHDXQHLDQXPHDFWLYLW L3HQWUXUHDOL]DUHD
LQIUDF LXQLL vQ DFHDVW  PRGDOLWDWH QRUPDWLY  VH FHU vQWUXQLWH FXPXODWLY SDWUX
FRQGL LL
 I SWXLWRUXO V  ILH SURIHVLRQLVW PHVHULDú RUL V  vQGHSOLQHDVF  R DQXPH
DFWLYLWDWH
 IDSWDV ILHV YkUúLW vQH[HUFL LXODFHOHLSURIHVLLPHVHULLRULDFWLYLW L
 SUHH[LVWHQ D XQRU QRUPH OHJDOH SULQ FDUH HVWH UHJOHPHQWDW H[HUFL LXO
SURIHVLHL PHVHULHL RUL DO XQHL DQXPLWH DFWLYLW L VDX SUHH[LVWHQ D XQRU P VXUL GH
SUHYHGHUHHGLFWDWHvQYHGHUHDH[HUFLW ULLDFHVWRUD
 IDSWD V  ILH XUPDUHD QHVRFRWLULL GLVSR]L LLORU RUL D P VXULORU GH SUHYHGHUH
FXSULQVHvQDFHVWHQRUPH
(IHFWXDUHD GLIHULWHORU vQGHOHWQLFLUL XPDQH HVWH UHJOHPHQWDW  SULQ QRUPH
SURSULL VHJPHQWXOXL UHVSHFWLY GH DFWLYLWDWH SUHY ]kQGXVH FXP GH FLQH úL vQ FH
FRQGL LL SRW IL DFHVWHD H[HFXWDWH $VWIHO ILLQG PDJLVWUDWXOXL vL UHYLQH vQGDWRULUHD
vQWUR SULP  HWDS  V  LGHQWLILFH QRUPD FDUH SUHVFULH FRQGXLWD SHUVRDQHORU FH
GHVI úRDU DFWLYLWDWHDúLV VWDELOHDVF GDF DF LXQHDLQDF LXQHDDXWRUXOXLIDSWHLGH
RPXFLGHUHGLQFXOS HVWHVDXQXFRQIRUP UHJXOLORUDFRORLQVWLWXLWH,DUvQDGRXD
HWDS V HYRFHvQFXSULQVXODFWXOXLSURFHVXDOSULQFDUHVROX LRQHD] FDX]DSHQDO 
GLVSR]L LLOH OHJDOH FDUH JXYHUQHD]  SURIHVLD PHVHULD RUL DFWLYLWDWHD vQ H[HUFLWDUHD
F UHLDDXWRUXODFRPLVRPRUXOGLQFXOS úLV PRWLYH]HYLQRY LDVDXQHYLQRY LD
DFHVWXLDvQUDSRUWFXGLVSR]L LLOHLQFLGHQWH
E $GRXDPRGDOLWDWHDJUDYDW DUHFDHOHPHQWPDWHULDODF LXQHDSHUVRDQHL
FDUH FRQGXFkQG XQ YHKLFXO FX WUDF LXQH PHFDQLF  DYkQG vQ VkQJH R vPELED LH
DOFRROLF FHGHS úHúWHOLPLWDOHJDO VDXFDUHVHDIO vQVWDUHGHHEULHWDWHSURGXV GH
DOFRRO FRPLWH IDSWD GH XFLGHUH D XQHL SHUVRDQH GDWRULW  XQHLD GLQWUH DFHVWH VW UL
(VWHLUHOHYDQWGDF DXWRUXOIDSWHLDYHDVDXQXFDOLWDWHDGHFRQGXF WRUDXWR
ÌPELED LD DOFRROLF  HVWH SURFHVXO GH S WUXQGHUH D DOFRROXOXL vQ VkQJH FX
FRQVHFLQ DSURYRF ULLXQHLVW ULGHLQWR[LFD LH DOFRROLF 3 WUXQGHUHDDOFRROXOXLvQ
RUJDQLVP VH UHDOL]HD]  GH UHJXO  SH FDOH GLJHVWLY  ± SULQ LQJXUJLWDUHD XQHL
FDQWLW LGHE XWXU DOFRROLF ±VDXPDLUDUSHFDOHUHVSLUDWRULH±SULQLQVSLUDUHDGH
YDSRULGHDOFRRO



9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQRSFLWYRO,,,S
 
*UDGXO QLYHOXO  GH vPELED LH DOFRROLF  VH FDOFXOHD]  úL H[SULP  SULQ
FDQWLWDWHD GH HWDQRO ± P VXUDW  vQ JUDPH ± OD  J GH VkQJH $FHDVWD HVWH
DOFRROHPLD
$OFRROHPLDVHVWDELOHúWHSULQDQDOL]DGHODERUDWRUDSUREHLGHVkQJHSUHOHYDW 
SHUVRDQHLFHUFHWDWH H[DPHQWR[LFRORJLF $OFRROHPLDSRDWHILvQV GHWHUPLQDW úL
vQDEVHQ DSUREHLGHVkQJH±GDF SUHOHYDUHDQXDIRVWFXSXWLQ SkQ ODHOLPLQDUHD
VDX PHWDEROL]DUHD DOFRROXOXL GLQ VkQJH ± SULQ FDOFXODUHD HL UHWURDFWLY  3HQWUX
HIHFWXDUHD FDOFXOXOXL UHWURDFWLY DO vPELED LHL DOFRROLFH HVWH QHFHVDU FD DJHQWXO
MXGLFLDU SROL LVWPDJLVWUDW V SXQ ODGLVSR]L LDPHGLFXOXLOHJLVWGDWHUHIHULWRDUHOD
YLWH]DLQJHVWLHLE XWXULL WLPSXOvQGHFXUVXOF UXLDVDFRQVXPDWE XWXUD VWDUHDGH
SOHQLWXGLQH JDVWULF  SH VWRPDFXO JRO GXS  PDV  WLSXO E XWXULL DOFRRO GLVWLODW
YLQEHUH úLJUHXWDWHDFRUSRUDO DSHUVRDQHLF UHLDXUPHD] DLVHVWDELOLDOFRROHPLD
SULQDFHVWSURFHGHX
'LVSR]L LLOH OHJDOH FDUH UHJOHPHQWHD]  GHVI úXUDUHD GLIHULWHORU JHQXUL GH
SURIHVLL PHVHULL VDX DFWLYLW L LQWHU]LF H[HUFLWDUHD DFHVWRUD GXS  FRQVXPDUHD GH
E XWXUL DOFRROLFH úL VWDELOHVF VDQF LXQL GH GLYHUVH IHOXUL SHQWUX FHL FDUH QX VH
FRQIRUPHD]  SUHYHGHULORU UHVSHFWLYH LDU vQ LSRWH]D GHS úLULL XQXL DQXPLW JUDG
SUDJ GHvPELED LHDOFRROLF  DODOFRROHPLHL GHFLDXQHLOLPLWHH[SUHVSUHY ]XWH
vQQRUP IDSWDHVWHLQFULPLQDW 
/LPLWDOHJDO GHvPELED LHDOFRROLF DF UHLGHS úLUHDQWUHQHD] U VSXQGHUHD
SHQDO  D SHUVRDQHORU FDUH FRQGXF DXWRYHKLFXOH SH GUXPXULOH SXEOLFH HVWH GH 
JODOFRROSXUvQVkQJHRULRFRQFHQWUD LHFHGHS úHúWHPJODOFRROSXUvQDHUXO
H[SLUDWOLPLW SUHVFULV SULQDUWDOLQ  GLQ28*QUDSUREDW 
FXPRGLILF ULSULQ/HJHDQU
6WDUHGHHEULHWDWH(VWHDFHDVWDUHSURYRFDW GHFRQVXPXODOFRROXOXLvQFDUH
vQUDSRUWFXFDQWLWDWHDLQJHUDW úLIHOXODOFRROXOXLSUHFXPúLDODOWRUIDFWRULFXURO
IUHQDWRU VDX DFFHOHUDWRU vQ LQVWDODUHD HL DSDU R VXLW  GH HIHFWH VLPSWRPH 
FDUDFWHULVWLFHvQWUHSWHFRUHVSXQ] WRDUHHYROX LHLDFHVWHLVW UL±HXIRULHVF GHUHD
DXWRFRQWUROXOXL D DWHQ LHL D YRLQ HL vQWkU]LHUHD U VSXQVXULORU SVLKRWHKQLFH
WXOEXU ULSVLKRVHQ]RULDOHLQFRHUHQ LQFRQúWLHQ DEROLUHDUHIOH[HORUSDUDOL]LH
(IHFWHOHVW ULLGHHEULHWDWHVXQWFRQGL LRQDWHQDWXUDOGHJUDGXOGHvPELED LH
DOFRROLF DVkQJHOXLGDUHYROX LDORUQXXUPHD] vQWRWGHDXQDWUDVHHHJDOHvQWLPS
úLLQWHQVLWDWHDS UkQGGHODLQGLYLGODLQGLYLGGHVLQFURQL] ULvQWUHFHOHGRX VW UL
(VWH SRVLELO  DVWIHO LQVWDODUHD VW ULL GH HEULHWDWH FX PXOW vQDLQWH GH DWLQJHUHD
SUDJXOXL GH DOFRROHPLH FDUH V  R MXVWLILFH ± GH SLOG  vQ FD]XO EH LHL SDWRORJLFH
DS UXW ODSHUVRDQHFDUHDXvQDQWHFHGHQWHWUDXPDWLVPHFUDQLRFHUHEUDOHDIHF LXQL
QHXURSVLKLFH úD ± GXS  FXP HVWH SRVLELO  QHDSDUL LD VLPSWRPHORU VW ULL GH
HEULHWDWHVDXHYLGHQ LHUHDORUPXOWUHGXV ±GHúLJUDGXOGHvPELED LHDOFRROLF HVWH
ULGLFDW±ODXQHOHSHUVRDQHUH]LVWHQWHODDF LXQHDDOFRROXOXL
ÌQ GHRVHELUH GH VWDUHD GH vPELED LH DOFRROLF  ± úL FDUH VH GHWHUPLQ  SULQ
H[DPHQWR[LFRORJLFGHODERUDWRURULSULQPHWRGDFDOFXOXOXLUHWURDFWLY±VWDUHDGH
HEULHWDWHVHVWDELOHúWHSULQRULFHPLMORFGHSURE MXGLFLDU 
&RQGXFHUHDSHGUXPXULOHSXEOLFHDXQXLDXWRYHKLFXOGHF WUHRSHUVRDQ FDUH
DUHvQVkQJHRvPELED LHDOFRROLF FHGHS úHúWHOLPLWDOHJDO RULFDUHHVWHvQVWDUHGH
HEULHWDWHFRQVWLWXLHLQIUDF LXQHSRWULYLWDUWDOLQ  GLQ28*QULDU
vQFD]XOvQFDUHFRQGXF WRUXODXWRYHKLFXOXOXLFRPLWHvQDFHVWHFRQGL LLXQDFFLGHQW
GH FLUFXOD LH FH DUH GUHSW FRQVHFLQ  GHFHVXO XQHL SHUVRDQH IDSWD YD FRQVWLWXL


9%HOLú0HGLFLQ OHJDO S

3XEOLFDW vQ02IQUGLQUHSXEOLFDW vQ02IQUGLQ

3XEOLFDW vQ02IQUGLQ

9%HOLú0HGLFLQ OHJDO S
 
LQIUDF LXQHDFRPSOH[ GHXFLGHUHGLQFXOS SUHY ]XW GHDUWDOLQ  &SHQ
QHUH LQkQGXVH GHFL VHSDUDW vQ IRUPD FRQFXUVXOXL GH LQIUDF LXQL úL LQIUDF LXQHD
SUHY ]XW vQ&RGXOUXWLHU
(OHPHQWXO PDWHULDO DO DFHVWHL PRGDOLW L QRUPDWLYH HVWH LGHQWLF FX FHO GH OD
PRGDOLWDWHD DJUDYDW  DQWHULRDU  SHQWUX F  vQ IRQG DF LXQHD GH FRQGXFHUH D
DXWRYHKLFXOXOXLvQVWDUHGHHEULHWDWHGHLQWR[LFD LHRULFXvPELED LHDOFRROLF SHVWH
SUDJXO OHJDO FRQVWLWXLH R vQF OFDUH D QRUPHORU SULYLQG FLUFXOD LD SH GUXPXULOH
SXEOLFH /HJLXLWRUXO D SDUWLFXODUL]DW vQV  D GRXD PRGDOLWDWH DJUDYDW  OD VHJPHQWXO
SHUVRDQHORU FDUH FRQGXF DXWRYHKLFXOH VXE XQD GLQ VW ULOH SURKLELWH SHQWUX D
VDQF LRQDPDLVHYHUDFHVWHSHUVRDQH
E   $ WUHLD PRGDOLWDWH QRUPDWLY  ± VDQF LRQDW  FX R SHGHDSV  LGHQWLF  FX
PRGDOLWDWHD DQWHULRDU  ± DUH FD HOHPHQW PDWHULDO DF LXQHD ± LQDF LXQHD RULF UHL
SHUVRDQHFDUHvQH[HUFL LXOXQHLSURIHVLLVDXPHVHULLFRPLWHRIDSW XFLJ WRDUHGLQ
FDX]DVW ULLGHHEULHWDWHSURGXV GHDOFRROVDXVHDIO VXELQIOXHQ DVWXSHILDQWHORU
RUL D DOWRU VXEVWDQ H WR[LFH (VWH GH UHPDUFDW úL UH LQXW HOLPLQDUHD GLQ FHUFXO
SHUVRDQHORU FDUH FRPLW DVWIHO GH IDSWH D DFHORUD FDUH HIHFWXHD]  ÄR DQXPLW 
DFWLYLWDWH´ ± VXQWHP GHFL vQ SUH]HQ D XQHL FXOSH SURIHVLRQDOH ± FD úL FHULQ D FD
SURIHVLRQLVWXORULPHVHULDúXOV ILHvQVWDUHGHHEULHWDWHHOLPLQkQGXVHDOWHUQDWLYD
ÄvPELED LHLDOFRROLFHSHVWHOLPLWDOHJDO ´
E &HDGHDSDWUDúLXOWLPDPRGDOLWDWHDJUDYDW HVWHFRQVWLWXLW GLQDF LXQHD
± LQDF LXQHD DXWRUXOXL FDUH DUH FD UH]XOWDW R SOXUDOLWDWH GH YLFWLPH &LUFXPVWDQ D
DJUDYDW GHFXUJkQGGLQSOXUDOLWDWHDYLFWLPHORUVHDGUHVHD] GHRSRWULY PRGDOLW LL
QRUPDWLYHWLS±DOLQ  ±úLPRGDOLW LORUQRUPDWLYHDJUDYDWHPDLVXVH[DPLQDWH±
DOLQ  ±  
'LQ H[DPLQDUHD DFHVWHL PRGDOLW L QRUPDWLYH UH]XOW  SULQ XUPDUH F 
OHJLXLWRUXODYRLWV FRQVWUXLDVF RLQIUDF LXQHGHXFLGHUHGLQFXOS XQLF LQGLIHUHQW
GH QXP UXO VXELHF LORU SDVLYL SOXUDOLWDWHD GH YLFWLPH QHGHWHUPLQkQG R SOXUDOLWDWH
GHLQIUDF LXQL
([SOLFD LLOHSULYLWRDUHODXUPDUHDLPHGLDW úLUDSRUWXOGHFDX]DOLWDWHGDWHOD
LQIUDF LXQHD GH RPRU VXQW vQ vQWUHJLPH YDODELOH úL OD LQIUDF LXQHD GH XFLGHUH GLQ
FXOS 

/DWXUDVXELHFWLY 
(OHPHQWXO VXELHFWLY DO LQIUDF LXQLL HVWH FRQVWLWXLW GLQ FXOS  vQ DPEHOH
PRGDOLW LUHJOHPHQWDWHSULQGLVSR]L LLOHDUWSFW&RGSHQDO±FXOS VLPSO VDX
FXOS  FX SUHYHGHUH ± úL vQ RULFDUH GLQWUH JUDGHOH GH SHULFXOR]LWDWH DOH DFHVWHLD ±
FXOS  JUDY  FXOSD ODWD  FXOS  XúRDU  FXOSD OHYLV  VDX IRDUWH XúRDU  FXOSD
OHYLVVLPD 

)RUPH6DQF LXQL
)RUPH $LGRPD WXWXURU LQIUDF LXQLORU V YkUúLWH GLQ FXOS  IRUPD DFHOHLD
SUHY ]XW  GH DUW  &RG SHQDO SRDWH IL QXPDL SHUIHFW  ± DGLF  LQIUDF LXQH
FRQVXPDW ±FRQVXPDUHDLQIUDF LXQLLLQWHUYHQLQGvQPRPHQWXOGHFHVXOXLYLFWLPHL
6DQF LXQL ,QIUDF LXQHD WLS IRUPD VLPSO  D XFLGHULL GLQ FXOS  HVWH
VDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODXQXODDQL
&RUHVSXQ] WRU SHULFROXOXL VRFLDO SH FDUH vO SUH]LQW  IDSWHOH LQFULPLQDWH vQ
XUP WRDUHOH SDWUX DOLQHDWH ± SHULFRO SRWULYLW HYDOX ULL OHJLXLWRUXOXL VSRULW GH OD R
PRGDOLWDWHDJUDYDW ODDOWD±LQIUDF LXQLOHGHXFLGHUHGLQFXOS SUHY ]XWHvQDOLQ  


 3OHQXO 76 G v QU  &'  S  ÌQ DFHODúL VHQV Ì&&- VS G QU  %- 
S

ÌQDFHVWVHQV&6-'HFQU'UQUS
 
VXQWVDQF LRQDWHFXvQFKLVRDUHGHODODDQLFHOHSUHY ]XWHODDOLQ  úL  FX
vQFKLVRDUHGHODODDQL
'DF SULQIDSWDV YkUúLW VDFDX]DWPRDUWHDDGRX VDXPDLPXOWRUSHUVRDQH
ODPD[LPXOSHGHSVHORUSUHY ]XWHvQDOLQHDWHOHSUHFHGHQWHVHSRDWHDG XJDXQVSRU
SkQ ODDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL vQ
FD]XOIDSWHORUSUHY ]XWHvQDOLQ  úL  VDXGHODODOHLvQFD]XO
IDSWHORUSUHY ]XWHvQDOLQ    úL  


'(7(50,1$5($6$8Ì1/(61,5($6,18&,'(5,,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHYLD DSHUVRDQHLXPDQHúLUHOD LLOHVRFLDOH
FRQGL LRQDWHGHH[LVWHQ DúLLQWDQJLELOLWDWHDYLH LLSHUVRDQHL
2ELHFWXOPDWHULDOHVWHUHSUH]HQWDWGHFRUSXOSHUVRDQHLFDUHHVWHGHWHUPLQDW 
VDXDMXWDW V VHVLQXFLG 

6XELHF LLLQIUDF LXQLL
([SOLFD LLOHGDWHODLQIUDF LXQHDGHRPRUVXQWvQWUXWRWXOYDODELOHúLODDFHDVW 
LQIUDF LXQH

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO FRQVW  GLQWUR DF LXQH GLQ DFWH FRPLVLYH ,QDF LXQHD
DXWRUXOXL DWLWXGLQHDSDVLY DDFHVWXLD ID GHDFWXOVXLFLGDUQXLQWU VXELQFLGHQ D
WH[WXOXLLQFULPLQDWRU
$UW&RGSHQDOSUHYHGHPDLPXOWHPRGDOLW LQRUPDWLYH
D  0RGDOLWDWHD WLS SUHY ]XW  vQ DOLQ   FRQVW  GLQWUR DF LXQH GH
ÄGHWHUPLQDUH´RULRDF LXQHGHÄvQOHVQLUH´DVLQXFLGHULLXQHLSHUVRDQH
3ULQ GHWHUPLQDUHD VLQXFLGHULL WUHEXLH vQ HOHDV  DF LXQHD XQHL SHUVRDQH GH D
IDFHFDDOW SHUVRDQ V LDKRW UkUHDGHVLQXFLGHUHDGLF DFHDDF LXQHSHUVXDVLY vQ
XUPDF UHLDVXELHFWXOSDVLYvQFHDUF RULUHDOL]HD] IDSWDGHDúLFXUPDVLQJXUYLD D
(VWH LUHOHYDQW GLQ DFHVW SXQFW GH YHGHUH GDF  LGHHD VLQXFLGHULL D IRVW
VXJHUDW GHVXELHFWXODFWLYVDXGDF HDSUHH[LVWDODVXELHFWXOSDVLYLDUDXWRUXOGRDU
LDSRWHQ DWR&HHDFHWH[WXOLQFULPLQHD] HVWHDF LXQHDDXWRUXOXLLQIUDF LXQLLGHD
GHWHUPLQDVXELHFWXOSDVLYSULQRULFDUHPRGDOLWDWHODvQI SWXLUHDKRW UkULL
'H DVHPHQHD HVWH OLSVLW GH LPSRUWDQ  GDF  DXWRUXO D DF LRQDW SHQWUX D
GHWHUPLQDYLFWLPDV VHVLQXFLG RULQXPDLSHQWUXDvQFHUFDV RIDF 
ÌQ SUDFWLFD MXGLFLDU  VD VWDWXDW F  H[LVW  GHWHUPLQDUH OD VLQXFLGHUH GDF 
DXWRUXO FRPLWH DFWH UHSHWDWH GH YLROHQ  ID  GH YLFWLP  FRQWLQXDWH úL GXS  FH
DFHDVWD DPHQLQ  FX VLQXFLGHUHD RUL FkQG VXSXQH YLFWLPD OD DFWH GH WRUWXU  OD
FKLQXUL UHSHWDWH VFDQGDOXUL úL E W L FDUH SURYRDF  YLFWLPHL R VWDUH DFFHQWXDW
GHSUHVLY SHIRQGXOF UHLDVHVLQXFLGHRULvQFHDUF V RIDF 
ÌQ LSRWH]D F  DXWRUXO GHWHUPLQ  R SHUVRDQ  OD VLQXFLGHUH RUL OD vQFHUFDUHD
DFHVWHLD SULQ PLMORDFH GH FRQVWUkQJHUH SVLKLFH RUL IL]LFH IDSWD QX vQWUXQHúWH
HOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLH[DPLQDWHFLSHDFHOHLGHRPRUvQXQDGLQ
IRUPHOHDFHVWHLD


76'HFQU3-3YRO,,,S

76'HFQU&'S

7M6LELX'HFQU'UQUS

&6-'HFQU'UQUS
 
3ULQ vQOHVQLUHD VLQXFLGHULL WUHEXLH vQ HOHV DFHD DF LXQH D XQHL SHUVRDQH GH D
DMXWDRDOW SHUVRDQ V VHVLQXFLG RULV WHQWH]HODDFHDVWD$F LXQHDGHvQOHVQLUH
SRDWHILGHRUGLQPRUDO±vQW ULUHDKRW UkULLYLFWLPHLDFRUGDUHDGHVIDWXULvQOHJ WXU 
FXPRGXOvQFDUHV SURFHGH]H±VDXPDWHULDO±SURFXUDUHDSLVWROXOXLRULDWR[LFXOXL
QHFHVDUHVLQXFLGHULLH[SOLFDUHDúLH[HUVDUHDPRGXOXLGHIRORVLUHDDUPHLHWF
3HQWUX UHDOL]DUHD LQIUDF LXQLL vQ DFHDVW  PRGDOLWDWH QX SUH]LQW  LPSRUWDQ 
vPSUHMXUDUHDF KRW UkUHDYLFWLPHLGHDVHVLQXFLGHHUDRULFXPOXDW úLVHGLPHQWDW vQ
FRQúWLLQ DDFHVWHLDGXS FXPQXSUH]LQW UHOHYDQ QLFLvPSUHMXUDUHDF SRWULYLWFRQ
FHS LHLSHUVRDQHLDMXWDWHV VHVLQXFLG DFWXOVXLFLGDUDSDUHFDXQDFWPRUDO GLQFRQ
VLGHUHQWHUHOLJLRDVHSHQWUXDFRQVHUYDRQRDUHDSURSULHRULDXQHLWHU HSHUVRDQHHWF 
E0RGDOLWDWHDDJUDYDW SUHY ]XW vQDOLQ  FRQVW vQDF LXQLLGHQWLFHFHORU
DQWHULRDUHGDUDGUHVDWHILHXQXLPLQRUILHXQHLSHUVRDQHLQFDSDELOHV úLGHDVHDPD
GHIDSWDVDILHvQVIkUúLWXQHLSHUVRDQHFDUHQXSXWHDILVW SkQ SHDFWHOHVDOH
8UPDUHD LPHGLDW  D LQIUDF LXQLL FRQVW  vQ GHFHVXO SHUVRDQHL SULQ VLQXFLGHUH
VDXvQFHUFDUHDDFHVWHLDGHDVHVLQXFLGH$úDFXPVDVSXVPRDUWHDSHUVRDQHLVDX
WHQWDUHD OD DFHDVWD WUHEXLH V  ILH UH]XOWDWXO RSHUHL H[FOXVLYH D YLFWLPHL F FL GDF 
DF LXQHDSHUVRDQHLVXLFLGDUHDIRVWvQOHVQLW GHDXWRUSULQDFWHPDWHULDOHvQGUHSWDWH
DVXSUDFRUSXOXLDFHVWHLD±VSULMLQLUHDSDKDUXOXLFXVXEVWDQ WR[LF úLGXFHUHDOXLOD
JXUDYLFWLPHLRULDPkLQLLvQDUPDWHVSUHIUXQWHDHLGHVFKLGHUHDPDLODUJ DYHQHL
FXODPDHWF±IDSWDQXYDFRQVWLWXLLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDOFL
LQIUDF LXQHDGHRPRU
3HQWUX FRPSOHWDUHD ODWXULL RELHFWLYH D LQIUDF LXQLL HVWH QHFHVDU D VH VWDELOL
OHJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHD GH GHWHUPLQDUH RUL GH vQOHVQLUH vQWUHSULQV 
GHDXWRUúLUH]XOWDWXOSURGXV±vQFHUFDUHDVDXUHDOL]DUHDVLQXFLGHULL

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LH±GLUHFW 
RUL LQGLUHFW  ± DGLF  DXWRUXO UHDOL]HD]  úL DF LRQHD]  vQ GLUHF LD GHWHUPLQ ULL RUL
vQOHVQLULLGHDVHVLQXFLGHúLGRUHúWHRULDFFHSW DFHVWUH]XOWDW
1X SUH]LQW  UHOHYDQ  VFRSXO vQ FDUH D IRVW FRPLV  IDSWD úL QLFL PRELOXO FH D
DQLPDW I SWXLWRUXO DFHVWH HOHPHQWH SR]LWLYH PLOD ID  GH YLFWLP  VDX QHJDWLYH
GRULQ D GH D PRúWHQL YLFWLPD  SXWkQG VHUYL GRDU OD FLUFXPVWDQ LHUHD U VSXQGHULL
DXWRUXOXL

)RUPH6DQF LXQL
)RUPH'HúLVXVFHSWLELO GHGHVI úXUDUHvQWLPSDF LXQHDGHGHWHUPLQDUHVDX
vQOHVQLUH D VLQXFLGHULL U PDV  vQ ID]  GH WHQWDWLY  ± DGLF  QHXUPDW  GH XQ DFW GH
H[HFXWDUHDVLQXFLGHULL±QXHVWHSHGHSVLW GHWH[W
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH vQ PRPHQWXO VXUYHQLULL GHFHVXOXL
YLFWLPHL RUL vQ FDUH DFHDVWD D vQFHUFDW HIHFWLY V  VH VLQXFLG  GDU UH]XOWDWXO D IRVW
vQO WXUDWGLQLQGLIHUHQWFDUHFDX]  FHOPDLDGHVHD±LQWHUYHQ LDPHGLFDO SURPSW úL
FDOLILFDW 
6DQF LXQL )DSWD GH GHWHUPLQDUH VDX vQOHVQLUH D VLQXFLGHULL HVWH VDQF LRQDW 
GLIHUHQ LDWGXS FXPHDVHvQFDGUHD] vQPRGDOLWDWHDWLS±DOLQ O ±RULvQDFHHD
DJUDYDW ±DOLQ  /DSULPDPRGDOLWDWHSHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
LDUODVHFXQGDPRGDOLWDWHvQFKLVRDUHDGHODODDQL
ÌQ DPEHOH LSRWH]H GH LQFULPLQDUH SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX
DPHQG GHODODOHLSRWULYLWDUW&SHQ




7ULE6XSU'HFQU5,,,S
 
6HF LXQHD,,
/29,5($ù,9 7 0$5($,17(*5,7 ,,&25325$/(6$8$6 1 7 ,,


/29,5($6$8$/7(9,2/(1 (

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH FDUH RFURWHVF SHUVRDQHOH
vPSRWULYDDFWHORUGHYLROHQ FDX]DWRDUHGHVXIHULQ HIL]LFHRULGHY W P ULFRUSRUDOH
2ELHFWXOPDWHULDOHVWHFRUSXOSHUVRDQHLDVXSUDF UXLDDF LRQHD] I SWXLWRUXO

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU FDúLDFHODSDVLYQXHVWHGHWHUPLQDWGHWH[W
ODDOLQ  úL  GDUHVWHFLUFXPVWDQ LDWODDOLQ  úL  DPELLVXELHF LDYkQG
FDOLWDWHDGHPHPEUXGHIDPLOLH
3ULQPHPEUXGHIDPLOLHVHvQ HOHJHSRWULYLWSUHYHGHULLDUW&RGSHQDO
VR XOVDXUXGDDSURSLDW GDF DFHDVWDGLQXUP ORFXLHúWHúLJRVSRG UHúWHvPSUHXQ 
FXI SWXLWRUXO
ÌQFD]XOSOXUDOLW LLGHVXELHF LSDVLYLVHV YkUúHVFWRWDWkWHDLQIUDF LXQLFkWH
SHUVRDQHDXIRVWORYLWHvQDFHHDúLvPSUHMXUDUHúLGHF WUHDFHODúLDXWRU DXWRUL 
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ RULFDUH IRUP  ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO VH H[SULP  vQWUR DF LXQH VDX LQDF LXQH GH ORYLUH RUL GH
H[HFXWDUH D DOWRU DFWH YLROHQWH FDX]DWRDUH GH VXIHULQ H IL]LFH VDX GH Y W P UL
FRUSRUDOH
)UHFYHQ D FHD PDL ULGLFDW  vQ FDGUXO HOHPHQWXOXL PDWHULDO R GH LQ DF LXQLOH
GH DFHVW WLS FDUH GLVSXVH SH R VFDU  IDFWRORJLF  IRDUWH ODUJ  úL GLYHUV  SRW IL
QHPLMORFLWH[HUFLWDWH±ORYLUHFXSXPQXOSXQHUHDGHSLHGLF vPSLQJHUHDYLFWLPHL
SHVWHEDOXVWUDGDEDOFRQXOXLFXFRQVHFLQ DSUHFLSLW ULLDFHVWHLDWUDJHUHDGHXUHFKH
PXúFDUHDPkLQLLHWF±VDXLQGLUHFWH±VWURSLUHDWURWXDUXOXLFXRVXEVWDQ JOLVDQW 
FDUHSURYRDF DOXQHFDUHDúLF GHUHDYLFWLPHL
,QDF LXQLOHVXQWPDLUDUvQWkOQLWHvQFD]XLVWLFDSHQDO ±GHSLOG I SWXLWRUXOQX
DYHUWL]HD] GHVSUHSUH]HQ DvQFXUWHDVDDXQXLFkLQHSHULFXORVFDUHPXúF YLFWLPD
$F LXQLOH OD UkQGXO ORU SRW IL vQI SWXLWH SULQ PLMORDFH IL]LFH ± ORYLUH FX
EDVWRQXO FX FX LWXO vQGUHSWDUH VSUH FRUSXO YLFWLPHL D LPSXOVXULORU HOHFWURVWDWLFH
SURGXVHGHGLVSR]LWLYHVSHFLDOHGHDWDF±DS UDUHRULGHVXEVWDQ HLULWDQWHHWF±
VDXPLMORDFHSVLKLFH±VSHULHUHDYLFWLPHLFDUHFDGHGLQDFHVWPRWLYúLVHORYHúWH
$SOLFDUHDGHORYLWXULUHSHWDWHDFHOHLDúLSHUVRDQHvQDFHHDúLRFD]LHFRQVWLWXLH
RXQLF IDSW  LQIUDF LXQH GHORYLUH
7H[WXODUW&RGSHQDOUHJOHPHQWHD] PDLPXOWHPRGDOLW LQRUPDWLYH
  ÌQ SULPXO DOLQHDW LQIUDF LXQHD GH ORYLUH HVWH UHJOHPHQWDW  vQ GRX 
PRGDOLW L QRUPDWLYH PRGDOLWDWHD ORYLUH úL PRGDOLWDWHD DOWH DFWH YLROHQWH
FDX]DWRDUHGHVXIHULQ HIL]LFH



 &6- 'HF QU  %-  S  ÌQ DFHODúL VHQV 70% 'HF QU  &3-3
S

76'HFQU&'S

-XGVHFWRU%XFXUHúWL6HQWQU3-3YRO,,,S
 
6XFFHVLXQHD QR LXQLORU GH ÄORYLUH´ úL ÄDFWH YLROHQWH´ QX WUHEXLH V  LQVSLUH
LQWHUSUHWDUHD F  ÄORYLUHD´ HVWH DOWFHYD GHFkW ÄDFWHOH YLROHQWH´ VDX F  GLQ VIHUD
ÄDFWHORU YLROHQWH´ VXQW DEVWUDVH ÄORYLULOH´ 3ULQ UHGDFWDUHD WH[WXOXL vQ DFHDVW 
PDQLHU  OHJLXLWRUXO D LQWHQ LRQDW V  SRWHQ H]H LGHHD F  DF LXQHD SURYRFDWRDUH GH
VXIHULQ QXVHOLPLWHD] ODDFHHDGHORYLUHúLF HDSRDWHILPDWHULDOL]DW vQÄRULFH
DOWHDFWHYLROHQWH´
ÌQ FH SULYHúWH ÄDFWHOH YLROHQWH´ GRFWULQD úL SUDFWLFD MXGLFLDU  OHDX GDW XQ
vQ HOHV PDL ODUJ GHFkW DFHOD DGPLV vQ YRUELUHD FXUHQW  ± GH DFWH FH LPSOLF  IRU D
IL]LF ±UHVSHFWLYDXIRVWDVLPLODWHDFHVWHLFDWHJRULLQR LRQDOHúLDFWHOHQHYLROHQWH
GDUFDUHSURGXFHIHFWHVLPLODUHFHORUGLQWkL GHSLOG SXQHUHDvQSDQWRIXOYLFWLPHLD
XQHLSLRQH]HFXYkUIXOvQVXVFHHDFHvLSURGXFHDFHVWHLDODvQF O DUHRvQ HSDUHúL
GXUHUH LQYLWDUHD YLFWLPHL V  P QkQFH GLQ SU MLWXULOH vQ FDUH VD vQFRUSRUDW R
VXEVWDQ SURYRFDWRDUHGHWXOEXU ULGLJHVWLYHHWF 
 ÌQDOLQHDWXODOGRLOHDHVWHUHJOHPHQWDW PRGDOLWDWHDDJUDYDW DLQIUDF LXQLL
LQFLGHQW vQLSRWH]DvQFDUHDF LXQLOH±LQDF LXQLOHSUHY ]XWHvQDOLQ  SULFLQXLHVF
RY W PDUHFRUSRUDO FHQHFHVLW SHQWUXYLQGHFDUHvQJULMLULPHGLFDOHGHFHOPXOW
GH]LOH
3ULQY W PDUHFRUSRUDO VHvQ HOHJHRDIHFWDUHDVXEVWDQ HLFRUSXOXLXPDQVDX
DV Q W LLDFHVWXLD9 W PDUHDHVWHFRQVHFLQ DXQHLDF LXQLDJUHVLYH YLROHQWH SULQ
LQWHUPHGLXOXQXLRELHFW FRUS RDUHFDUHDVXSUDRUJDQLVPXOXLXPDQFDUHDUHGUHSW
HIHFWSURGXFHUHDXQXLWUDXPDWLVP&HOHPDLIUHFYHQWHWUDXPDWLVPHSURYRFDWHSULQ
ORYLULOH VDX DFWHOH YLROHQWH ± OD FDUH VH UHIHU  DUW  DOLQ   &RG SHQDO ±
SURGXF WRDUHGHY W P ULFHQHFHVLW vQJULMLULPHGLFDOHVXQW
(FKLPR]D YkQ WDLD  ± SDW  GH FXORDUH URúLH FDUH YLUHD]  SULQ DOEDVWUX
FDIHQLX VSUH JDOEHQ DS UXW  SH SLHOH GDWRULW  PLFLORU UXSWXUL FDSLODUH GHUPR
KLSRGHUPLFHúLH[WUDYD] ULLFXLQILOWUD LHVDQJXLQ D HVXWXULORUGLQMXU
+HPDWRPXO±DFXPXODUHGHVkQJHvQ HVXWXUPDUHDXQXLWUDXPDWLVPSXWHUQLF
FHGHWHUPLQ UXSHUHDXQRUYDVHGHFDOLEUXPDLPDUHGHFkWvQFD]XOHFKLPR]HL(OH
SRWGHWHUPLQDWXOEXU ULIXQF LRQDOHXQHRULJUDYH
([FRULD LD ]JkULHWXUD  ± GHWDúDUH VXSHUILFLDO  D SLHOLL SURGXV  SULQ IUHFDUHD
DFHVWHLDGHXQFRUSGXUFXVXSUDID DUXJRDV VDXDXQXLRELHFWDVFX LW
3ODJD UDQD  ± OH]LXQH D HVXWXULORU VXSHUILFLDO  VDX SURIXQG  'HQXPLUHD
SO JLL HVWH vPSUXPXWDW  GH RELHFWXO FDUH R SURGXFH SODJ  ]GURELW  VDX FRQWX] 
PXúFDW VIkúLDW vQ HSDW W LDW vQ HSDW GHVSLFDW vPSXúFDW 
3ULQ vQJULMLUL PHGLFDOH VH vQ HOHJH WUDWDPHQWXO DGHFYDW DSOLFDW vQ YHGHUHD
vQV Q WRúLULL ÌQ SUDFWLFD MXGLFLDU  VD KRW UkW F  vQJULMLULOH PHGLFDOH VH DFRUG 
SHQWUX YLQGHFDUHD XQRU WXOEXU UL vQ IXQF LRQDUHDRUJDQLVPXOXLúLQXQXPDLSHQWUX
vQO WXUDUHDVHPQHORUH[WHULRDUHFHVXQWFRQVHFLQ DORYLULL
'XUDWD DFHVWRU vQJULMLUL FRQVWLWXLH XQ FULWHULX OHJDO GH DSUHFLHUH D LQWHQVLW LL
JUDYLW LL Y W P ULLÌQFD]XOY W P ULORUDYXWHvQYHGHUHGHDUWDOLQ  &RG
SHQDOGXUDWDYLQGHF ULLORUHVWHGHFHOPXOW]LOH LQFOXVLY 
$PEHOHPRGDOLW LQRUPDWLYHDXSUHY ]XWHPRGDOLW LDJUDYDWHvQDOLQ  úL

 vQFD]XOvQFDUHIDSWHOHSUHY ]XWHvQDOLQ  úLUHVSHFWLYDOLQ  VXQWFRPLVH
DVXSUDXQXLPHPEUXGHIDPLOLH
8UPDUHD LPHGLDW  FRQVW  ILH vQ SURYRFDUHD XQRU VXIHULQ H IL]LFH SHUVRDQHL
Y W PDWHILHvQFDX]DUHDXQHLY W P ULFRUSRUDOHDFHVWHLD
ÌQWUH DF LXQHDLQDF LXQHD I SWXLWRUXOXL FH FRQVWLWXLH HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL úL XUPDUHD LPHGLDW  ± VXIHULQ D IL]LF  VDX Y W PDUHD FRUSRUDO  ± HVWH
QHFHVDUDVHVWDELOLXQUDSRUWGHGHWHUPLQDUHROHJ WXU GHFDX]DOLWDWH


9%HOLú0HGLFLQDOHJDO RSFLWSúLXUP

76'HFQU5,S
 
/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LHvQDPEHOH
PRGDOLW LDOHDFHVWHLD±GLUHFW RULLQGLUHFW 
3HQWUX D H[LVWD LQWHQ LH HVWH vQV  QHFHVDU FD DF LXQHDLQDF LXQHD YLROHQW  V 
QX ILH vQJ GXLW  H[SUHV VDX WDFLW GH OHJH ÌQ FD]XO vQ FDUH DF LXQHDLQDF LXQHD
YLROHQW HVWHSHUPLV vQWURIRUP VDXDOWDGHQRUPH UHJOHPHQW UL OHJDOHFDvQ
FD]XO MRFXULORU VSRUWLYH OXSWH ER[ NDUDWH UXJE\ HWF  ± vQ FDUH ORYLUHD
DGYHUVDUXOXLVDXDOWHPLúF ULVSHFLILFHSURGXF WRDUHGHVXIHULQ HIL]LFHVDXY W P UL
FRUSRUDOHVXQWSHUPLVHvQWUHDQXPLWHOLPLWHúLFXUHVSHFWDUHDUHJXOLORUGHMRF±RUL
vQ DSOLFDUHD WUDWDPHQWHORU PHGLFDOVDQLWDUH GH GLIHULWH WLSXUL VWRPDWRORJLH
JLPQDVWLF PHGLFDO UHFXSHUDWRULHFRVPHWLF úD ±IDSWDQXFRQVWLWXLHLQIUDF LXQH
'H DVHPHQHD LHVH GH VXE LQFLGHQ D DFHVWXL WH[W IDSWD SURGXF WRDUH GH
FRQVHFLQ HOH DFROR DU WDWH GDF  DFHDVWD HVWH MXVWLILFDW  GH WUDGL LL FLUFXPFL]LD OD
HYUHL  GH RELFHLXUL VDX PRG  WDWXDMXO SHUIRUDUHD OREXOXL XUHFKLL D Q ULL SHQWUX
SRUWXO FHUFHLORU  RUL GDF  DF LXQHD I SWXLWRUXOXL HVWH SRUQLW  OD FHUHUHD RUL FX
DFFHSWXO VXELHFWXOXL SDVLY LQWHUYHQ LL FKLUXUJLFDOH SHQWUX YLQGHFDUHD XQHL EROL vQ
VFRSHVWHWLFHWF GHRDUHFHSXQHUHDvQPLúFDUHDDF LXQLLSHQDOHHVWHFRQGL LRQDW GH
YRLQ DS U LLY W PDWHH[SULPDW H[SUHVvQSOkQJHUHDSUHDODELO 
7H[WXOQXSUHWLQGHFDDXWRUXOV ILFRPLVIDSWDGLQWUXQDQXPHPRELOVDXvQWU
XQDQXPLWVFRS

)RUPH6DQF LXQL
)RUPHÌQOLSVDXQHLSUHYHGHULH[SUHVHWHQWDWLYDQXVHSHGHSVHúWHFXWRDWH
F  DF LXQLOH SURSULL DFHVWHL LQIUDF LXQL VH SRW GHVI úXUD vQ WLPS úL GHFL VXQW
VXVFHSWLELOHGHDILvQFDGUDWHvQIRUPHLPSHUIHFWH
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO DWLQJHULL YLROHQWH D FRUSXOXL
YLFWLPHLFKLDUGDF HIHFWHOH±GXUHURDVHVDXY W P WRDUH±DSDUSRVWHULRUDFWXOXL
6DQF LXQL ,QIUDF LXQHD HVWH VDQF LRQDW  GLIHUHQ LDW GXS  FXP HD HVWH
V YkUúLW  vQ PRGDOLWDWHD WLS RUL vQ DFHHD DJUDYDW  GH OD DOLQ   úL vQ UDSRUW FX
VXELHFWXOSDVLYUHVSHFWLYGDF DFHVWDHVWHPHPEUXGHIDPLOLHRULQHFLUFXPVWDQ LDW
GHWH[W
$VWIHO vQ PRGDOLWDWHD WLS FX VXELHFW SDVLY QHGHWHUPLQDW SHGHDSVD HVWH
vQFKLVRDUHD GH OD R OXQ  OD  OXQL LDU FX VXELHFW SDVLY FDOLILFDW SHGHDSVD HVWH
vQFKLVRDUHDGHODOXQLODXQDQ
/D PRGDOLWDWHD DJUDYDW  GH OD DOLQ   SHGHDSVD ± SHQWUX IDSWD vQGUHSWDW 
vPSRWULYDXQHLSHUVRDQHQHGHWHUPLQDWH±HVWHvQFKLVRDUHDGHODOXQLODDQLLDU
SHQWUXIDSWDvQGUHSWDW vPSRWULYDXQXLPHPEUXGHIDPLOLH±HVWHvQFKLVRDUHGHXQX
ODDQL
3HGHSVHOH FX vQFKLVRDUHD OD WRDWH PRGDOLW LOH QRUPDWLYH H[DPLQDWH VXQW
SUHY ]XWHDOWHUQDWLYFXSHGHDSVDDPHQ]LL
ÌQ WRDWH LSRWH]HOH GH LQFULPLQDUH SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX
DPHQG GHODODOHL


9 7 0$5($&25325$/ 

$QDOL]D WH[WXOXL DUW  & SHQ IDFH IDFLO  FRQVWDWDUHD F  DFHVWD FDOFKLD] 
DSURDSH vQ LQWHJUDOLWDWH WH[WXO DUW  &RG SHQDO &HHD FH OH GLIHUHQ LD]  HVWH
JUDYLWDWHD FRQVHFLQ HORU D XUP ULL LPHGLDWH  vQ WH[WXO GH UHIHULQ  DFHVWHD
OLPLWkQGXVHODVXIHULQ HIL]LFH±vQPRGDOLWDWHDWLS±úLODY W PDUHDFRUSRUDO FH
QHFHVLW  SHQWUX YLQGHFDUH vQJULMLUL PHGLFDOH GH FHO PXOW  ]LOH ± vQ PRGDOLWDWHD
DJUDYDW  ± SH FkQG FHOH FDX]DWH GH IDSWD DFXP DQDOL]DW  VXQW GH Y W PDUH D
 
LQWHJULW LL FRUSRUDOH VDX V Q W LL Y W PDUH FDUH LPSOLF  vQJULMLUL PHGLFDOH SH R
SHULRDG vQWUHúLGH]LOH
6LPLOLWXGLQHD WH[WHORU QX WUHEXLH V  FRQGXF  OD FRQFOX]LD F  LQIUDF LXQHD
SUHY ]XW GHDUW&RGSHQDOFRQVWLWXLHRPRGDOLWDWHDJUDYDW DFHOHLSUHY ]XWH
GH DUW  &RG SHQDO FL OD DFHHD F  HD HVWH R YDULDQW  GH VSHFLH D LQIUDF LXQLL
DYkQGFKLDUGHQXPLUH QRPHQMXULV SURSULH
ÌQ OHJ WXU  FX HOHPHQWXO FH GHRVHEHúWH WH[WHOH FRPSDUDWLY H[DPLQDWH úL
DQXPH JUDYLWDWHD FRQVHFLQ HORU IDSWHL ± JUDYLWDWH GLPHQVLRQDW  SULQ GXUDWD
vQJULMLULORUPHGLFDOHQHFHVLWDWHGHYLFWLP SHQWUXYLQGHFDUH±PDLHVWHGHSUHFL]DW
F  GRDU DFHDVW  GXUDW  HVWH UH LQXW  OD VWDELOLUHD vQFDGU ULL MXULGLFH úL QX SHULRDGD
FRQFHGLXOXL PHGLFDO DFRUGDW RUL SHULRDGD GH LQFDSDFLWDWH WHPSRUDU  GH PXQF 
'XUDWDvQJULMLULORUPHGLFDOHQXFRLQFLGHFXGXUDWDFRQFHGLXOXLPHGLFDOVDXFXDFHHD
D LQFDSDFLW LL WHPSRUDUH GH PXQF  DFHVWHD GLQ XUP  ILLQG GH UHJXO  PDL
vQGHOXQJDWHGHFkWSULPD
$úDGDU PDJLVWUDWXO YD LQH VHDPD GRDU GH FRQVWDW ULOH úL FRQFOX]LLOH
H[SHUWXOXL ± FXSULQVH vQ UDSRUWXO GH FRQVWDWDUH RUL GH H[SHUWL]  PHGLFROHJDO  ±
UHIHULWRDUHODWLPSXOQHFHVDUvQJULMLULORUPHGLFDOHGHWHUPLQDWHGHIDSWDY W P WRDUH
IL]LFVDXSVLKLFúLQXPDLvQIXQF LHGHDFHVWXQLFFULWHULXYDvQFDGUDIDSWDvQWUXQ
WH[WVDXDOWXOGHOHJHSHQDO 
ÌQ FRQVHFLQ  úL FX SUHFL] ULOH GH PDL VXV XUPHD]  D DYHD vQ YHGHUH
H[SOLFD LLOHGDWHODLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDOFDUHvúLS VWUHD] 
YDODELOLWDWHDODLQIUDF LXQHDDFXPDQDOL]DW 
6DQF LXQL)DSWDSUHY ]XW vQSULPXODOLQHDWVHSHGHSVHúWHFXvQFKLVRDUHGHOD
OXQLODDQLLDUvQLSRVWD]DGHODDOLQ  ±FkQGYLFWLPDHVWHPHPEUXGHIDPLOLH
±SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODXQXODDQL
3HUVRDQD MXULGLF  vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD]  FX
vQFKLVRDUHGHODODOHL


9 7 0$5($&25325$/ *5$9 

2ELHFWXORFURWLULLSHQDOH
9 W PDUHDFRUSRUDO JUDY HVWHRIRUP FDOLILFDW  DJUDYDW DLQIUDF LXQLLGH
Y W PDUHFRUSRUDO SUHY ]XW vQDUW&RGSHQDOVWDWXWGLQFDUHGHFXUJHILUHVF
R PXOWLWXGLQH GH LGHQWLW L vQWUH FRQ LQXWXO DFHVWRUD 9RU IL HYLGHQ LDWH OD ORFXO
ILHF UHLD
$FHVWDHVWHLGHQWLFFXFHODU WDWODLQIUDF LXQHDGHORYLUHVDXDOWHYLROHQ H

6XELHF LLLQIUDF LXQLL
$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDO
FXSUHFL]DUHDF vQFD]XOLQIUDF LXQLLDFXPDQDOL]DW IDSWHOHQXDXPDLIRVWDJUDYDWH
vQLSRWH]DvQFDUHVXELHFWXOSDVLYHVWHPHPEUXGHIDPLOLH

/DWXUDRELHFWLY 
,QIUDF LXQHD GH Y W PDUH FRUSRUDO  JUDY  SUHY ]XW  vQ DUW  &RG SHQDO
ILLQG R IRUP  DJUDYDW  D LQIUDF LXQLL GH Y W PDUH FRUSRUDO  SUHY ]XW  vQ DUW 
&RGSHQDOHOHPHQWHOHORUPDWHULDOHYRUILLGHQWLFH
'LIHUHQ LHUHDGLQWUHDFHVWHLQIUDF LXQLDSDUHvQOHJ WXU FXJUDYLWDWHDXUP ULL
LPHGLDWH D IDSWHL ± OD LQIUDF LXQHD SUHY ]XW  GH DUW  &RG SHQDO Y W PDUHD
LQWHJULW LL FRUSRUDOH VDX V Q W LL QHFHVLW  R SHULRDG  GH vQJULMLUL PHGLFDOHSHQWUX
YLQGHFDUHGHSkQ ODGH]LOHvQYUHPHFHODLQIUDF LXQHDSUHY ]XW GHDUW

 
&RGSHQDOSHULRDGDGHvQJULMLULPHGLFDOHQHFHVDUHYLQGHF ULLGHS úHúWHSUDJXOFHORU
GH]LOH
1XSUH]LQW UHOHYDQ vPSUHMXUDUHDF SHULRDGDGHvQJULMLULPHGLFDOHQHFHVDUH
YLQGHF ULL D IRVW PDL PDUH GH  ]LOH GLQ FDX]D XQHL OH]LXQL VXIHULWH GH YLFWLP 
DQWHULRUV YkUúLULLLQIUDF LXQLLGHF WUHDXWRUL
'XUDWD vQJULMLULORU PHGLFDOH QX HVWH vQV  XQLFXO FULWHULX GH GHOLPLWDUH GLQWUH
DFHVWH LQIUDF LXQL vQ FH SULYHúWH FRQVHFLQ HOH IDSWHL úL JUDYLWDWHD DFHVWRUD WH[WXO
LQIUDF LXQLL DQDOL]DWH FXSULQ]kQG úL DOWH PRGDOLW L QRUPDWLYH F URUD OH FRUHVSXQG
HOHPHQWHPDWHULDOHGLVWLQFWHúLDQXPHDFHOHDF LXQLLQDF LXQLSULQFDUHVHSURGXFH
ÄSLHUGHUHD XQXL VLP  VDX RUJDQ´ ÄvQFHWDUHD IXQF LRQ ULL RUJDQXOXL´ ÄLQILUPLWDWH
SHUPDQHQW  IL]LF  VDX SVLKLF ´ ÄVOX LUH´ ÄDYRUW´ ÄSXQHUHD vQ SULPHMGLH D YLH LL
SHUVRDQHL´
&RQVHFLQ HOHHQXQ DWHvQDOLQ  QHFHVLW XQHOHH[SOLFD LL
D 3LHUGHUHDXQXLVLP VDXRUJDQ
D 6LP  3ULQ VLP  VH vQ HOHJH DFHD IDFXOWDWH D RDPHQLORU GH D SHUFHSH
LPSUHVLL GLQ OXPHD H[WHULRDU  2DPHQLL VXQW vQ]HVWUD L FX  DVHPHQHD VLP XUL
Y ]XO DX]XO PLURVXO JXVWXO SLS LWXO )LHFDUH VLP  HVWH UHDOL]DW SULQWUXQ RUJDQ
VSHFLILFVDXSULQÄFRODERUDUHD´PDLPXOWRURUJDQH
3ULQ SLHUGHUHD VLP XOXL vQ VHQVXO DUW  &RG SHQDO VH vQ HOHJH DWkW
GLVSDUL LD DEROLUHD  XQXL VLP  FkW úL GLPLQXDUHD DFHVWXLD DGLF  PLFúRUDUHD
FDSDFLW LL GH D DX]L GH D YHGHD GH D SHUFHSH JXVWXO úL PLURVXO VXEVWDQ HORU RUL
FDOLW LOHSDOSDELOHDOHFRUSXULORU
ÌQ LSRWH]D F  DEROLUHD VDX GLPLQXDUHD VLP XULORU HVWH GHILQLWLY  DFHDVW 
FRQVHFLQ  YD IL HFKLYDOHQW  úL GHFL WUDWDW  MXULGLF FD R LQILUPLWDWH SHUPDQHQW  LDU vQ
LSRWH]DF XUPDUHDGDW HVWHWHPSRUDU HDYDFRQVWLWXLDFHDFRQVHFLQ FHDUHvQYHGHUH
DFRUGDUHDGHvQJULMLULPHGLFDOHSHQWUXYLQGHFDUHSHRSHULRDG GHSHVWHGH]LOH
D2UJDQ&RQFHSWXOGHILQHúWHRSDUWHDFRUSXOXLSULQFDUHVHUHDOL]HD] XQD
VDXPDLPXOWHIXQF LLYLWDOH LQLP FUHLHUILFDW VDXXWLOHYLH LL XUHFKHGHJHWVkQ
GLQWHHWF 
3ULQ SLHUGHUHD RUJDQXOXL vQ VHQVXO DUW  &RG SHQDO WUHEXLH vQ HOHDV 
GHVSULQGHUHDDFHOXLRUJDQGHFRUSLQGLIHUHQWGDF DFHDVW GHWDúDUHHVWHFRQVHFLQ D
GLUHFW DIDSWHLSHQDOHRULHVWHFRQVHFLQ DXQHLLQWHUYHQ LLFKLUXUJLFDOHLPSXVHGH
JUDYLWDWHDDF LXQLLWUDXPDWL]DQWHHIHFWXDWHGHI SWXLWRU
0DMRULWDWHDRUJDQHORUDF URUIXQF LHHVWHFRPSDWLELO FXYLD D RFKLXUHFKL
SO PkQL ULQLFKL HWF  VXQW GXEOH ,QIUDF LXQHD HVWH UHDOL]DW  LQGLIHUHQW GDF  ÄVD
SLHUGXW´ vQWUHJXO RUJDQ DPELL RFKL DL RUJDQXOXL YL]XDO DPEHOH SLFLRDUH DOH
RUJDQXOXLORFRPRWRU VDXQXPDLSDUWHGLQDFHVWHD XQSO PkQXQULQLFKLRPkQ 
'HDVHPHQHDYDILLQGLIHUHQWGDF SULQSLHUGHUHDRUJDQXOXLDvQFHWDWVDXQX
IXQF LD DFHVWXLD GH SLOG  vQ FD]XO VSOHQHFWRPLHL ± H[WLUSDUHD VSOLQHL ± U VXQHWXO
IXQF LRQDOHVWHSUDFWLFLQH[LVWHQW &HHDFHOHJHDVDQF LRQHD] vQDFHDVW YDULDQW D
PRGDOLW LL QRUPDWLYH HVWH SXU úL VLPSOX ÄSLHUGHUHD RUJDQXOXL´ LQGHSHQGHQW GH
vQWLQGHUHDDFHVWHLSLHUGHULRULGHFRQVHFLQ HOHDVXSUDIXQF LHL IXQF LLORU RUJDQXOXL
SLHUGXW 
E  ÌQFHWDUHD IXQF LRQ ULL DFHVWRUD D XQXL VLP  VDX RUJDQ  'RFWULQD
DXWRKWRQ vQPDWHULHDLQWHUSUHWDWDFHDVW YDULDQW DPRGDOLW LLQRUPDWLYHvQVHQVXO
F  ÄvQFHWDUHD IXQF LRQ ULL´ YL]HD]  GHRSRWULY  ÄVLP XO úL RUJDQXO vQWUR OXFUDUH


&6-'HFQU5'3QUS

76'HFQU&'S

76'HFQU&'S

9'RQJRUR]úLFRO ([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S79DVLOLXúL
FRO&RGXOSHQDOURPkQFRPHQWDWúLDGQRWDWHGFLWSO
 
PDLUHFHQW SUHFL]kQGXVHFKLDUF ÄWH[WXODUHvQYHGHUHVLWXD LDFkQGRUJDQXOVDX
VLP XOVHS VWUHD] GDUQXúLPDLSRDWHvQGHSOLQLIXQF LD
ÌQFHQHSULYHúWHFRQVLGHU PF RSLQLDvQI LúDW DSDUHFRUHFW vQSHUVSHFWLYD
LQWHUSUHW ULLWH[WXOXLH[FOXVLYJUDPDWLFDOSOXUDOXODGMHFWLYHORUÄDFHVWRUD´UHIHULQGX
VHI U vQGRLDO ODVXEVWDQWLYHOHÄVLP ´VDXÄRUJDQ´H[SULPDWHODQXP UXOVLQJXODU
'LQWUR DOW  SHUVSHFWLY  GH LQWHUSUHWDUH D WH[WXOXL vQ FDUH VXQW LPSOLFDWH
DUJXPHQWHGHGXVHGLQSHULPHWUXOPHGLFDOOLQJYLVWLFúLQXvQXOWLPXOUkQGDOORJLFLL
MXULGLFHRSLQLDVXVSUH]HQWDW QXPDLDSDUHvQV vQSR]L LDFHUWXOXLLQGLVFXWDELO
$VWIHO SRUQLQG GH OD FRQFHSWXO ÄIXQF LRQDUH´ FDUH ÄHVWH DF LXQHD GH D
IXQF LRQD úL UH]XOWDWXO HL´ úL WUHFkQG SULQ DFHOD GH ÄD IXQF LRQD´ FX vQ HOHVXO GH
ÄDúL vQGHSOLQL IXQF LD´ DMXQJHP OD FRQFHSWXO GH ÄIXQF LH´ GHILQLW GLQ SXQFW GH
YHGHUH IL]LRORJLF FD ÄDFWLYLWDWH SURSULH D ILHF UXL RUJDQ DSDUDW HVXW GLQ RUJD
QLVPHOHYLLDOHYLH XLWRDUHORU'HFLQLPLFGHVSUHÄVLP ´ùLHVWHúLILUHVFSHQWUX
F  IXQF LD HVWH R SUHOXQJLUH H[FOXVLY  D RUJDQXOXL HD HVWH FHHD FH IDFH H[FOXVLY
RUJDQXO±RUJDQXOPHFDQLFVDXIL]LRORJLF±IXQF LDVHH[SULP SULQDFWLYLWDWHDXQXL
PHFDQLVP PDWHULDO úL H[SULP  DFWLYLWDWHD DFHVWXL PHFDQLVP PDWHULDO LDU QX SH
DFHHD D XQHL ÄFDSDFLW L´ ÄIDFXOW L´ ÄvQVXúLUL´ FDUH VXQW DSDU LQ WRDUH FDWHJRULHL
DEVWUDFWXOXL D LPDWHULDOXOXL 0DL PXOW GHFkW DWkW ÄVLP XO´ ± FDUH HVWH DúD FXP
DU WDP R ÄVHQ]D LH´ R PRGDOLWDWH GH SHUFHSHUH D OXPLL vQFRQMXU WRDUH SULQ
LQWHUPHGLXO RUJDQHORU GH VLP  ± SRDWH IL FRQVLGHUDW HO vQVXúL R IXQF LH R IXQF LH
DFWLYLWDWH DRUJDQXOXLFDUHUHFHSWHD] LPSUHVLLOHRELHFWLYH2UDFHDVW DFFHS LXQH
D FRQFHSWXOXL GH VLP  ± vQ JUDG GH HFKLYDOHQ  FX ÄIXQF LD´ ± DFFHS LXQH FH QX
SRDWHILUHIX]DW HYLGHQ LD] LQGXELWDELOWDXWRORJLDWH[WXOXLFDUHLQFULPLQHD] IDSWD
FHSURYRDF ÄvQFHWDUHDIXQF LRQ ULLIXQF LHL´ VLP XOXL 
ÌQ FRQVHFLQ  QH H[SULP P FUHGLQ D SRWULYLW F UHLD LQWHUSUHWDUHD FRUHFW  D
WH[WXOXLvQFHSULYHúWHDFHDVW YDULDQW DPRGDOLW LLQRUPDWLYHGH]Y OXLHLQWHQ LD
OHJLXLWRUXOXL QHIHULFLWWUDQVSXV vQYRUEH GHDLQFULPLQDúLSHGHSVLDFHDIDSW SULQ
FDUH VD SURGXV vQFHWDUHD IXQF LHL XQXL RUJDQ I U  FD DFHVWD RUJDQXO V  ILH
PRUIRORJLF GLVORFDW GHVSULQV  GLQ VLVWHPXO LQWHJUDWRU &X DOWH FXYLQWH SULQ
GLVFXWDWD GLVSR]L LH OHJDO  VD YRLW D VH DFRSHUL SHQDO WRFPDL DFHD VLWXD LH
QHLQFULPLQDW vQYDULDQWDDQWHULRDU 8QDVWIHOGHFD]SRDWHILúLDODID]LHLFLWDWPDL
VXVRULDFHODvQFDUHDPEHOHSLFLRDUHVXQWLQWHJUHPRUIRORJLFGDUIXQF LDDSDUDWXOXL
RUJDQXOXL ORFRPRWRU  HVWH DEROLW  GLQ FDX]D DIHFW ULL FRORDQHL YHUWHEUDOH SULQWUR
IDSW FXFRQVHFLQ HWUDXPDWL]DQWH
F  ,QILUPLWDWH IL]LF  RUL SVLKLF  ,QILUPLWDWHD HVWH R VWDUH GH DQRUPDOLWDWH
IL]LF  RUL SVLKLF  XQ SUHMXGLFLX DGXV FRUSXOXL FX FDUDFWHU SHUPDQHQW $FHVW
SUHMXGLFLX SRDWH IL VWULFW IL]LF ± GHIRUPDUH D FXWLHL WRUDFLFH FX OLPLWDUH D
IXQF LRQDOLW LLDSDUDWXOXLUHVSLUDWRUDQFKLOR]DUHDDUWLFXOD LHLSXPQXOXLúD±VWULFW
SVLKLF ± GHPHQ H SVLKR]H HQFHIDORSDWLL FX WXOEXU UL GH FRPSRUWDPHQW úD ± VDX
QX DUDUHRUL PL[W ± FUL]H HSLOHSWLFH SRVWWUDXPDWLFH VW UL GHSUHVLYH GHWHUPLQDWH GH
KLSHUGUDPDWL]DUHDLQILUPLW LLIL]LFH
,QILUPLWDWHDvQLQGLIHUHQWFDUHLSRVWD] FRQ LQHQHFHVDUPHQWHFDUDFWHUXOGH
SHUPDQHQ DGLF HDHVWHLUHYHUVLELO ,QILUPLWDWHDIL]LF VDXSVLKLF VHVXSUDSXQH
vQPDUHP VXU VLWXD LHLSLHUGHULLXQXLRUJDQVDXDIXQF LRQDOLW LLDFHVWXLDGDUQX
VHúLFRQIXQG SHQWUXF SHGHRSDUWHGXS FXPVDPDLVSXVQXRULFHSLHUGHUHD
XQXLRUJDQFRQGXFHLQH[RUDELOODSLHUGHUHDXQHLIXQF LLúLGHFLODLQILUPL]DUHDDFHOHL
SHUVRDQH ± SLHUGHUHD VSOLQHL DPLJGDOHORU S UXOXL HWF ± LDU SH GH DOW  SDUWH


2/RJKLQ$)LOLSDú'UHSWSHQDOURPkQHGFLWS

'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS

3HODUJ9DOHQWLQ,IWHQLHùWHIDQ3LVWRO± 6HPQLILFD LDPHGLFROHJDO úLMXULGLF DQR LXQLLGHLQILUPLWDWH
'UQUS
 
FRQVHFLQ HOH SLHUGHULL XQXL RUJDQ SRW IL XOWHULRU UHPHGLDWH ± SULQ LQWHUYHQ LL
FKLUXUJLFDOH VDX DOWH WUDWDPHQWH PHGLFDOH ± SLHU]kQGXVH DVWIHO FDUDFWHUXO
SHUPDQHQWDOFDX]HLYLUWXDOLQILUPL]DQWH
(VWH LUHOHYDQW SHQWUX UHDOL]DUHD LQIUDF LXQLL GDF  GHIHFWXO IL]LF VDX SVLKLF
LQVWDODWFDXUPDUHDIDSWHLSHQDOHV YkUúLWHHVWHWRWDOVDXSDU LDO±VXU]LUHFRPSOHW 
VDXVF GHUHDDFXLW LLDXGLWLYHSDUDOL]LDDPEHORUSLFLRDUHRULWXOEXU ULGHPHUV'H
DVHPHQHDQXLPSRUW GXUDWDvQJULMLULORUPHGLFDOH±FDUHSRWILPLQLPHVDXFKLDUV 
úL OLSVHDVF  ± úL QLFL GDF  LQILUPLWDWHD D DS UXW FD HIHFW H[FOXVLY DO DF LXQLL
LQDF LXQLLI SWXLWRUXOXLRULDOvPSOHWLULLDFHVWRUDFXFDX]HSUHH[LVWHQWH
,QILUPLWDWHD QX WUHEXLH FRQIXQGDW  FX LQYDOLGLWDWHD DFHVW GLQ XUP  FRQFHSW
DGUHVkQGXVH VLWXD LHL SLHUGHULL VDX VF GHULL FDSDFLW LL GH PXQF  VLWXD LH
LQWHUYHQLW  vQ XUPD XQHL LQILUPLW L 'HFL LQYDOLGLWDWHD YD FRH[LVWD vQWRWGHDXQD FX
LQILUPLWDWHD GDU QX úL LQYHUV H[LVWkQG QXPHURDVH LQILUPLW L SHUPDQHQWH I U  FD
GHILFLWXO IXQF LRQDO V  VH UHSHUFXWH]H DVXSUD FDSDFLW LL GH PXQF  vQ H[HUFLWDUHD
XQHLDVDXDOWHLDGLQWUHSURIHVLL GHSLOG SLHUGHUHDXQXLSLFLRUQXYDLQYDOLGDSHU
VRDQDFDUHH[HUFLW DQXPLWHSURIHVLLGDVF OFRPSR]LWRUUHGDFWRUHWF±GDUYDLQYDOLGD
SHUVRDQDFDUHH[HUFLW DOWHSURIHVLL±VSRUWLYSURIHVLRQLVWúRIHUVFDIDQGUXHWF 
G 6OX LUH3ULQDFHVWFRQFHSWVHvQ HOHJHRGHIRUPDUHHYLGHQW PRUIRORJLF 
úLVDX HVWHWLF  D XQHL UHJLXQL DQDWRPLFH LQGLIHUHQW GH ORFDOL]DUHD DFHVWHLD FDUH
FUHHD] YLFWLPHLXQUHDOSUHMXGLFLXIL]LFVDXSVLKLF
6OX LUHD SRDWH V  FRQVWH vQWUR GHIRUPDUH D FRUSXOXL GHVFHQWUDOL]DUH
JkUERYLUH  PXWLODUH DPSXWDUH D XQXL PHPEUX VDX D XQHL S U L D DFHVWXLD vQ
DVHPHQHDFD]XULVOX LUHDFRLQFL]kQGFDHIHFWMXULGLFFXSLHUGHUHDXQXLRUJDQ GDU
FHOPDLDGHVHDVOX LUHDFRQVW vQGHVILJXUDUH
'HVILJXUDUHD VH WUDGXFH vQWUR DOWHUDUH D DVSHFWXOXL DUPRQLHL VLPHWULHL VDX
PRELOLW LL IH HL F UHLD vL G  R vQI LúDUH GH]DJUHDELO  ÌQ XQHOH FD]XUL
FRQVHFLQ HOH DF LXQLL LOLFLWH QX VH OLPLWHD]  OD SUHMXGLFLXO GH RUGLQ HVWHWLF FL VH
H[WLQG úL OD FHO GH RUGLQ IXQF LRQDO UHSHUFXWkQGXVH DVXSUD PLPLFLL úL
H[SUHVLYLW LL SDUH]HIDFLDOHVWUDELVPHWF 
ÌQ GRFWULQD úLSUDFWLFDMXGLFLDU DGRPLQDWRSLQLD±IRUPDW HVWHGUHSW
FX PDL PXO L DQL vQ XUP  ± SRWULYLW F UHLD LQIUDF LXQHD HVWH UHDOL]DW  vQ DFHDVW 
YDULDQW DPRGDOLW LLQRUPDWLYHFKLDUGDF GHIHFWHOHSURYRFDWHSULQIDSWDSHQDO DU
SXWHDILvQO WXUDWHSULQÄOXFU ULDUWLILFLDOH´
&RQVLGHUkQG MXVWLILFDW  DFHDVW  RSLQLH FDUH DYHD vQ YHGHUH OD DFHO WLPS
UH]XOWDWHOHPDLPRGHVWHvQUHJLVWUDWHGHPHGLFLQ vQJHQHUDOGHFKLUXUJLDSODVWLF úL
UHSDUDWRULHvQSDUWLFXODUQXPDLDSUHFLHPvQV MXVWLILFDW DGPLWHUHDHLDVW ]LID 
GHSHUIRUPDQ HOHUHDOL]DWHvQDFHVWGRPHQLXDVW ]LFkQGvQSODQH[WHUQúLLQWHUQ
LQWHUYHQ LLOHFKLUXUJLFDOHRULDOWHPHWRGHWHUDSHXWLFHVDXIL]LRWHUDSHXWLFHQXQXPDL
F  UHGDX IXQF LRQDOLWDWHD úL DVSHFWXO HVWHWLF UHJLXQLL DQDWRPLFH DIHFWDWH SULQ
DF LXQHD WUDXPDWL]DQW  GDU FKLDU QX vQ SX LQH FD]XUL DGDXJ  GLPHQVLXQL QRL
VXSHULRDUHvQGHRVHELvQSODQXOHVWHWLFXOXL
2EVHUYkQG UHDOLW LOH PHGLFDOH FRWLGLHQH úL SRUQLQG GH OD SUHPLVD F 
LQIUDF LXQHD vQ DFHDVW  YDULDQW  HVWH UHDOL]DW  QXPDL GDF  VOX LUHD ± FD úL
LQILUPLWDWHD ± DUH FDUDFWHU SHUPDQHQW LUHYHUVLELO RSLQ P F  UHPHGLHUHD UHDO  úL
WRWDO DSUHMXGLFLXOXLPRUIRORJLFVDXúLHVWHWLFSULQPHWRGHOHúLWHKQLFLOHPHGLFDOH



&6-'HFQU%-S

76'HFQU5,S

 7 9DVLOLX úL FRO &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW HG FLW YRO , S  ù 6W QRLX 3-3
YRO,,,S

'HFQUúL'HFQU5,S'HFQU5,,,S
 
PRGHUQHvPSLHGLF DQWUHQDUHDU VSXQGHULLSHQDOHVXEDFHDVW vQFDGUDUHMXULGLF D
DXWRUXOXLIDSWHLFHDDYXWFDHIHFWLQL LDOVOX LUHDYLFWLPHL
ÌQDFHVWVHQVVDSURQXQ DWúLLQVWDQ DVXSUHP FDUHSULQ'HFL]LDQU,,D
6HF LLORU 8QLWH VD GLVWDQ DW GH MXULVSUXGHQ D DQWHULRDU  úL D RULHQWDW LQVWDQ HOH
MXGHF WRUHúWLVSUHDSRUQLGHODSUHPLVDF SLHUGHUHDXQXLDVDXPDLPXOWRUGLQ LQX
FRQIHU  DXWRPDW FDUDFWHUXO GH Y W PDUH FRUSRUDO  JUDY  ÌQ FRPHQWDULXO GHFL]LHL
VDSXVvQHYLGHQ LGHHDSRWULYLWF UHLDÄPDUHDGLYHUVLWDWHDFRQVHFLQ HORUFDUHSRW
IL SURGXVH DVXSUD IL]LRQRPLHL YLFWLPHL VDX DVXSUD IXQF LHL PDVWLFDWRULL VXQW
UH]XOWDWXO QX QXPDL DO PRGXOXL vQ FDUH DJUHVRUXO DF LRQHD]  GDU úL D
SDUWLFXODULW LORUDQDWRPLFHúLIL]LRORJLFHDOHILHF UXLLQGLYLG´
H  $YRUWXO$FHDVW DOW FRQVHFLQ DIDSWHLSUHY ]XWHvQDUW&RGSHQDO
FRQVW vQvQWUHUXSHUHDFXUVXOXLVDUFLQLLúLH[SXO]DUHDSURGXVXOXLGHFRQFHS LH
3HQWUX FD LQIUDF LXQHD V  VH UHDOL]H]H vQ DFHDVW  PRGDOLWDWH QRUPDWLY  HVWH
QHFHVDUFDI SWXLWRUXOV ILFXQRVFXWRULV ILDYXWSRVLELOLWDWHDGHDSUHYHGHDVWDUHDGH
JUDYLGLWDWHDIHPHLL3URYRFDUHDXQHLQDúWHULSUHPDWXUHSULQDF LXQHDI SWXLWRUXOXL
QX FRQVWLWXLH XQ DYRUW GDU R DVHPHQHD DF LXQH GHFODQúDWRDUH D QDúWHULL vQDLQWH GH
WHUPHQYDSXWHDILH[DPLQDW úLWUDWDW SULQSULVPDDOWRUGLVSR]L LLOHJDOHFDGHSLOG 
DPRGDOLW LLQRUPDWLYHFHXUPHD] vQFRQWLQXDUHDILSUH]HQWDW 
I  3XQHUHDvQSULPHMGLHDYLH LLSHUVRDQHL8QDVHPHQHDUH]XOWDWFHUXWGHWH[W
vQWUR PRGDOLWDWH QRUPDWLY  GLVWLQFW  SRDWH IL GHWHUPLQDW SULQ RULFH DF LXQH VDX
LQDF LXQH FDUH HVWH GH QDWXU  V  FUHH]H R VWDUH SRWHQ LDO SHULFXORDV  SHQWUX YLD D YLF
WLPHL VLWXD LD DYXW  vQ YHGHUH GH OHJLXLWRU HVWH GHFL GH DOWHUDUH HYLGHQW  D VW ULL JH
QHUDOHDYLFWLPHLFDUHIDFHSRVLELO HYROX LDJUDY FXLPLQHQ DVDXSUH]XP LDGHGHFHV
ÌQDFHDVW LSRVWD] I SWXLWRUXOQXXUP UHúWHGHFHVXOYLFWLPHL±F FLGDF ODU
XUP UL IDSWD FRQVWLWXLH WHQWDWLY  GH RPRU ± GDU DF LRQHD]  SHQWUX Y W PDUHD
VXELHFWXOXL SDVLY vQ FRQGL LL VXVFHSWLELOH D SURYRFD PRDUWHD DFHVWXLD ÌQ FD]XO
SURGXFHULLUH]XOWDWXOXLOHWDOIDSWDYDFRQVWLWXLLQIUDF LXQHDGHORYLULFDX]DWRDUHGH
PRDUWH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHY W PDUHFRUSRUDO JUDY vQPRGDOLW LOH
WLS±DOLQ  úL  ±VHV YkUúHúWHFXLQWHQ LHLQGLUHFW VDXFXSUDHWHULQWHQWLH±
DXWRUXO GHFL UHDOL]HD]  F  IDSWD VD YDW P  LQWHJULWDWHD FRUSRUDO  VDX V Q WDWHD
YLFWLPHLúLDFFHSW SURGXFHUHDXQHLDGLQWUHFRQVHFLQ HOHDU WDWHvQWH[WRULvQFHDGH
DGRXDVLWXD LHDFHVWDUHDOL]HD] úLXUP UHúWHY W PDUHDYLFWLPHLGDUHVWHvQFXOS 
ID GHXUP ULOHSURYRFDWHSULQIDSWDVD
ÌQ FHD GHD GRXD PRGDOLWDWH DJUDYDW  ± DOLQ   ± DXWRUXO UHDOL]HD] 
XUP UHúWHúLGRUHúWHFDSULQDF LXQHDLQDF LXQHDOXLV SURGXF XQDGLQFRQVHFLQ HOH
HQXQ DWHvQDOLQ  3ULQXUPDUHHOV YkUúHúWHLQIUDF LXQHDvQDFHDVW PRGDOLWDWH
DJUDYDW  FX LQWHQ LH GLUHFW  ,QWHQ LD DXWRUXOXL HVWH FDOLILFDW  vQVXPkQG vQ HD úL
HOHPHQWXOVFRS
/D QLFL XQD GLQWUH PRGDOLW LOH LQIUDF LXQLL SUHY ]XWH GH DUW  &RG SHQDO
WH[WXO QX FHUH FD I SWXLWRUXO V  ILH DQLPDW GH XQ DQXPLW PRELO vQ FRPLWHUHD
DF LXQLLLQDF LXQLL


 ,RDQ *ULJD 6HF LLOH 8QLWH 9 W PDUH FRUSRUDO  JUDY  5'3 QU   S  2 VROX LH vQ DFHDVW 
JkQGLUHDIRVWSURQXQ DW úLGH&$6XFHDYD'HFQU'UQUS

&6-'HFQU'&6-SúL'HFQU3/QUS76'HF
QU5,S

7M6LELX'HFQU'UQUOSO

7M7LPLú'HFQU5,,,S

&RVWHO1LFXOHDQX2SLQLHSULYLQGvQFDGUDUHDMXULGLF DIDSWHLFRQVWkQGvQGHIORUDUHDYLFWLPHLPLQRUHFX
GHJHWXODYkQGFDXUPDUHSXQHUHDvQSULPHMGLHDYLH LLDFHVWHLD'UQUS
 
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD HVWH SRVLELO  OD DPEHOH PRGDOLW L WLS DOH LQIUDF LXQLL ± vQ
FD]XOV YkUúLULLIDSWHLFXLQWHQ LH±GDUHDHVWHVDQF LRQDW SRWULYLWDUWDOLQ  
&RGSHQDOQXPDLFkQGI SWXLWRUXODDF LRQDWFXLQWHQ LDGHDSURGXFHFRQVHFLQ HOH
DU WDWH vQ DOLQHDWHOH   úL   GHFL HVWH VDQF LRQDW  GRDU WHQWDWLYD OD LQIUDF LXQHD
SUHY ]XW vQDOLQ  
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXODSDUL LHLXUP ULLLPHGLDWHDGLF 
ODSURGXFHUHDFRQVHFLQ HORUY W P WRDUHPHQ LRQDWHvQDUWDOLQ  úL  &SHQ
6DQF LXQL ,QIUDF LXQHD SUHY ]XW  vQ DUW  DOLQ   úL   &RG SHQDO VH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQLUHVSHFWLYGHODODDQLLDUvQYDULDQWD
DJUDYDW SUHY ]XW vQDOLQ  FXvQFKLVRDUHGHODODDQL
7HQWDWLYDIDSWHLSUHY ]XWHvQDOLQ  VHSHGHSVHúWH
3HUVRDQDMXULGLF VHSHGHSVHúWHFXDPHQG GHODODOHLSHQWUX
IDSWHOHSUHY ]XWHvQDOLQ  úL  úLFXDPHQG GHODODOHLSHQWUX
IDSWDSUHY ]XW vQDOLQ  SUHFXPúLvQFD]GHWHQWDWLY ODDFHDVWDGLQXUP 


/29,5,/(6$89 7 0 5,/(&$8=$72$5('(02$57(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODFHVWHLLQIUDF LXQLSURJUHVLYHúLSUDHWHULQWHQ LRQDWH
vO FRQVWLWXLH UHOD LLOH VRFLDOH D F URU IRUPDUH úL GH]YROWDUH QX DU IL SRVLELOH I U 
RFURWLUHDGUHSWXOXLODYLD vPSRWULYDIDSWHORUGHORYLULVDXY W P ULFHDUDYHDFD
UH]XOWDWPRDUWHDYLFWLPHL
2ELHFWXO PDWHULDO vO FRQVWLWXLH FRUSXO SHUVRDQHL vPSRWULYD F UXLD DF LRQHD] 
I SWXLWRUXO

6XELHF LLLQIUDF LXQLL
$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDSUHY ]XW GHDUW&RGSHQDO

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQDF LXQLLQDF LXQLLGHQWLFH
FHORU FDUH FRPSXQ HOHPHQWXO PDWHULDO DO LQIUDF LXQLORU SUHY ]XWH GH DUW 
&RGSHQDOFXGHRVHELUHF ODLQIUDF LXQHDDFXPDQDOL]DW HOHDXFDUH]XOWDWPRDUWHD
VXELHFWXOXLSDVLYUH]XOWDWID GHFDUHDXWRUXODUHRSR]L LHVXELHFWLY FDUDFWHUL]DW 
SULQFXOS 6HSRDWHGHFLDILUPDF LQIUDF LXQHDGHORYLULVDXY W P ULFDX]DWRDUH
GH PRDUWH HVWH VXE UDSRUWXO VWUXFWXULL VDOH R IRUP  DJUDYDW  D LQIUDF LXQLORU GH
ORYLUHVDXGHY W PDUHFRUSRUDO 
$F LXQLOHLQDF LXQLOHLQIUDF LXQLLSUHY ]XWHGHDUW&RGSHQDOVHSUH]LQW 
vQWURPDUHYDULHWDWHúLDSDUIUHFYHQWvQSUDFWLFDMXGLFLDU 
ÌQFHSULYHúWHIDSWHOHGHORYLUHRULDOWHDFWHYLROHQWHSURYRFDWRDUHGHY W P UL
FRUSRUDOHYLQGHFDELOHvQFHOPXOWGH]LOHHVWHHYLGHQWF DFHVWHDQXSRWFDX]D
SULQ HOH vQVHOH GHFHVXO SHUVRDQHL DJUHVDWH $VWIHO GH ORYLWXUL VDX YLROHQ H GH
LQWHQVLWDWHUHGXV SRWILvQV XUPDWHGHGHFHVXOSHUVRDQHLYLROHQWDWHIL]LFvQVLWXD LD
F  HOH VH JUHIHD]  SH DQXPLWH VW UL SDWRORJLFH SUHH[LVWHQWH OD YLFWLP  RUL
GHFODQúHD]  DVHPHQHD VW UL SHULFXORDVH SHQWUX YLD D DFHVWHLD IDFWRUXO WUDXPDWLF
DYkQGUROGHLQL LHUHDILQDOXOXLOHWDO
&D]XLVWLFDMXGLFLDU HYLGHQ LD] vQV F FHOHPDLGHVvQWkOQLWHDF LXQLYLROHQWH
vQWUHSULQVH SHQWUX D Y W PD R SHUVRDQ  GDU FDUH I U  LQWHQ LD DXWRUXOXL DX FD
UH]XOWDWPRDUWHDYLFWLPHLVXQW

 
 ORYLUHD FX SXPQXO RUL FX DOWH RELHFWH FRQWRQGHQWH VDX vPEUkQFLUHD
YLFWLPHL vQ XUPD F UHLD DFHDVWD FDGH SH VXSUDID D FDURVDELOXOXL XQGH HVWH
DFFLGHQWDW  PRUWDO GH XQ DXWRWXULVP RUL SH VXSUDIH H GXUH VDX W LRDVH FX
FRQVHFLQ DSURGXFHULLXQRUWUDXPDWLVPH GHUHJXO ODQLYHOFUDQLDQ OHWDOH F GHULOH
VXQWDGHVHRULIDYRUL]DWHGHVWDUHDIL]LF SUHFDU DYLFWLPHL±vQYkUVW vQVWDUHGH
HEULHWDWHVXIHULQG HWF 
 SUHFLSLWDUHDYLFWLPHLGHODvQ O LPHvQXUPDXQRUDVWIHOGHDJUHVLXQLIL]LFH
VDX SVLKLFH DPHQLQ DUHD FX FX LWXO FX SLVWROXO  úL UHFHS LRQDUHD OD FRQWDFWXO FX
VROXODXQRUWUDXPDWLVPHJUDYH vQGHREúWHSROLWUDXPDWLVPH 
 DSOLFDUHD XQRU ORYLWXUL GH FX LW vQ UHJLXQL DQDWRPLFH QHYLWDOH ± EUD 
JDPE GDUFDUHSURGXFKHPRUDJLLPDVLYHúLUDSLGHFXVIkUúLWOHWDOFDXUPDUHD
DIHFW ULL]RQHORUSXWHUQLFYDVFXODUL]DWHúD
8UPDUHDLPHGLDW FRQVW vQGHFHVXOYLFWLPHL
/HJ WXUD GH FDX]DOLWDWH FH WUHEXLH VWDELOLW  vQWUH HOHPHQWXO PDWHULDO úL
XUPDUHDLPHGLDW SUH]LQW RDQXPLW SDUWLFXODULWDWHúLDQXPHvQWUXQSULPWLPSVH
VWDELOHúWH V YkUúLUHD XQHLD GLQWUH IDSWHOH SUHY ]XWH GH DUW  &RG SHQDO LDU
vQWUXQDOGRLOHDWLPSVHVWDELOHúWHFRQH[LXQHDGLQWUHDFHDIDSW úLGHFHVXOYLFWLPHL
$OWIHOVSXVHVWHQHFHVDUDVHGHPRQVWUDF VXELHFWXOSDVLYQXDUILvQFHWDWGLQYLD 
vQDEVHQ DIDSWHLDXWRUXOXL

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ÌQ FD]XO LQIUDF LXQLL SUHY ]XWH GH DUW  &RG SHQDO
H[LVW  R ODWXU  VXELHFWLY  FRPSOH[  ± SUDHWHULQWHQ LD $FHDVW  IRUP  D YLQRY LHL
LPSOLF H[LVWHQ DXQHLLQWHQ LL²GLUHFW RULLQGLUHFW ²vQSULYLQ DIDSWHLLQL LDOH
SULPXPGHOLFWXP GHORYLUHDOWHYLROHQ HY W PDUHHWF±SUHFXPúLH[LVWHQ DXQHL
FXOSH ± XúXULQ  VDX QHJOLMHQ  ± vQ FH SULYHúWH UH]XOWDWXO PDL JUDY PDMXV
GHOLFWXP GHFHVXOYLFWLPHLFHDGHS úLWLQWHQ LDDXWRUXOXL
ÌQOHJ WXU FXFXOSDvQFDUHVDDIODWDXWRUXOLQIUDF LXQLLHVWHGHSUHFL]DWF 
DFHDVWD WUHEXLH GRYHGLW  ± UHVSHFWLY F  DXWRUXO D SUHY ]XW UH]XOWDWXO GDU D VSHUDW
XúXUDWHFF QXVHYDSURGXFHRULF QXDSUHY ]XWFXWRDWHF RELHFWLYSXWHDúL
WUHEXLDV OSUHYDG ±úLQXGRDUSUH]XPDW 

)RUPH6DQF LXQL
)RUPH$LGRPDWXWXURULQIUDF LXQLORUV YkUúLWHGLQFXOS ODFDUHVXQWH[FOXVH
IRUPHOH LPSHUIHFWH GH vQI SWXLUH D ORU QLFL OD LQIUDF LXQHD SUHY ]XW  GH DUW 
&RG SHQDO WHQWDWLYD QX HVWH SRVLELO  GHRDUHFH UH]XOWDWXO PDL JUDY PRDUWHD
YLFWLPHLHVWHUHSURúDWDXWRUXOXLVXEIRUPDFXOSHL
&RQVXPDUHDLQIUDF LXQLLFRLQFLGHFXPRPHQWXOGHFHVXOXLYLFWLPHLLQGLIHUHQW
GDF DFHVWDDVXUYHQLWVLPXOWDQDF LXQLLLQDF LXQLLDXWRUXOXLRULXOWHULRUvQWLPS
6DQF LXQL ,QIUDF LXQHD GH ORYLUL VDX Y W P UL FDX]DWRDUH GH PRDUWH VH
SHGHSVHúWHFXvQFKLVRDUHGHODDQLODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL






76'HFQU5,,/S

76'HFQU5,,,S

70%6HQWQU&3-3S

76'HFQUO5,,,S

&6-'HFQU'&6-S
 
9 7 0$5($&25325$/ ',1&8/3 

,QIUDF LXQHDGHY W PDUHFRUSRUDO GLQFXOS QXQHFHVLW H[SOLFD LLQLFLDPSOH
úL QLFL GH GHWDOLX GHRDUHFH DúD FXP HVWH UHIOHFWDW  SULQ GHQXPLUHD úL FRQ LQXWXO
WH[WXOXL LQFULPLQDWRU DFHDVWD DSDUH FD R SUHOXQJLUH QRUPDWLY  D LQIUDF LXQLORU
SUHY ]XWHvQDUW&RGSHQDOFXGHRVHELUHDSULQFLSDO F HDVHV YkUúHúWH
GLQFXOS úLFXGHRVHELULOHGHULYDWHGLQVWDWXWXOV XGHLQIUDF LXQHQHLQWHQ LRQDW ÌQ
FRQVHFLQ H[SOLFD LLOHGDWHODLQIUDF LXQLOHSUHY ]XWHGHDUW&RGSHQDOvúL
S VWUHD]  YDODELOLWDWHD vQ FRQWLQXDUH PDUFkQG GRDU GLIHUHQ HOH LQIUDF LXQLL
SUHY ]XWHGHDUW&RGSHQDOID GHLQIUDF LXQLOHGHUHIHULQ 
/D VXEVHF LXQHD VXELHF LL LQIUDF LXQLL HVWH GH UH LQXW F  SDUWLFLSD LD ± FD OD
RULFDUH LQIUDF LXQH QHLQWHQ LRQDW  ± QX HVWH SRVLELO  GHFkW vQ IRUPD HL LPSURSULH
UHJOHPHQWDW GHDUW&RGSHQDODGLF DFD]XOXLvQFDUHRSHUVRDQ FRQWULEXLHFX
LQWHQ LH FDLQVWLJDWRUFRPSOLFH ODIDSWDY W P WRDUHFRUSRUDOFRPLV GLQFXOS GH
DXWRUXOLQIUDF LXQLLvQGLVFX LH
ÌQFHSULYHúWHHOHPHQWXOPDWHULDODOODWXULLRELHFWLYHDFHVWDHVWHFRQVWLWXLWGLQ
DF LXQL±LQDF LXQLLGHQWLFHFXFHOHHQXQ DWHvQDUWDOLQ  ±&RGSHQDOÌQ
UDSRUW FX JUDYLWDWHD FRQVHFLQ HL XUP ULL LPHGLDWH  DF LXQLLLQDF LXQLL FkW úL FX
FRQGL LLOHvQFDUHHVWHFRPLV IDSWDWH[WXOHVWHVWUXFWXUDWSHGRX SDOLHUH
D0RGDOLWDWHD VDXIRUPD WLSLF  RULVLPSO $FHDVW PRGDOLWDWHSUHY ]XW 
vQ DUW  DOLQ   &RG SHQDO LQFULPLQHD]  IDSWHOH FDUH DX SULFLQXLW Y W P UL
FRUSRUDOHFHQHFHVLW vQJULMLULPHGLFDOHGHPLQLP]LOHúLPD[LPGH]LOH(VWH
GHFL GH UHPDUFDW F  OHJHD VDQF LRQHD]  SHQDO IDSWHOH V YkUúLWH GLQ FXOS  vQ
PRGDOLW LOH SUHY ]XWH GH DUW  DOLQ   úL   úL DUW  &RG SHQDO úL F 
DEVWUDJH U VSXQGHULL SHQDOH IDSWHOH PHQ LRQDWH DWXQFL FkQG HOH VXQW SURYRFDWRDUH
GRDU GH VXIHULQ H IL]LFH RUL GH Y W P UL DOH F URU vQJULMLUL QHFHVDUH YLQGHF ULL
GXUHD] RSHULRDG PDLPLF GH]LOH
E0RGDOLW LDJUDYDWH
EO 3ULPD PRGDOLWDWH DJUDYDW  HVWH FXSULQV  vQ DUW  DOLQ   &RG SHQDO
FDUH LQFULPLQHD]  IDSWD FXOSRDV  vQ XUPD F UHLD VD SULFLQXLW XQD GLQWUH
FRQVHFLQ HOHODFDUHVHUHIHU DUWDOLQ  VDX  &RGSHQDODGLF Y W PDUHD
LQWHJULW LLFRUSRUDOHVDXV Q W LLFDUHQHFHVLW vQJULMLULPHGLFDOHSHRSHULRDG GH
SHVWH  GH ]LOH SLHUGHUHD XQXL VLP  VDX RUJDQ vQFHWDUHD IXQF LRQ ULL DFHVWRUD R
LQILUPLWDWH IL]LF  RUL SVLKLF  VOX LUHD DYRUWXO RUL SXQHUHD vQ SULPHMGLH D YLH LL
SHUVRDQHL
E$GRXDPRGDOLWDWHDJUDYDW GLQDUWDOLQ  &RGSHQDOLQFULPLQHD] 
IDSWD GLQ PRGDOLWDWHD WLS GHFL GLQ DUW  DOLQ   &RG SHQDO DWXQFL FkQG HVWH
XUPDUHD QHUHVSHFW ULL GLVSR]L LLORU OHJDOH VDX D P VXULORU GH SUHYHGHUH SHQWUX
H[HUFLWDUHDXQHLSURIHVLLVDXPHVHULLRULSHQWUXvQGHSOLQLUHDXQHLDQXPLWHDFWLYLW L
E 8UP WRDUHD PRGDOLWDWH DJUDYDW  GLQ DUW  DOLQ   &RG SHQDO VH
UDSRUWHD]  OD SULPD PRGDOLWDWH DJUDYDW  GLQ DUW  DOLQ   &RG SHQDO
LQFULPLQkQGXVH IDSWD SURGXF WRDUH D FRQVHFLQ HORU SUHY ]XWH vQ DUW  DOLQ  
VDX   &RG SHQDO vQ LSRWH]D F  HD HVWH XUPDUHD QHUHVSHFW ULL GLVSR]L LLORU OHJDOH
VDXDP VXULORUGHSUHYHGHUHSHQWUXH[HUFLWDUHDXQHLSURIHVLLVDXPHVHULLRULSHQWUX
vQGHSOLQLUHDXQHLDQXPHDFWLYLW L
E ÌQ VIkUúLW XOWLPD PRGDOLWDWH DJUDYDW  GLQ DUW  DOLQ   VXUYLQH vQ
LSRWH]DvQFDUHIDSWHOHSUHY ]XWHvQDOLQ  úL  VXQWV YkUúLWHGHF WUHRSHUVRDQ 
FDUHVHDIO vQVWDUHGHHEULHWDWH
ÌQFHSULYHúWHODWXUDVXELHFWLY ±SULQFDUHLQIUDF LXQHDGHY W PDUHFRUSRUDO 
GLQ FXOS  VH GHRVHEHúWH vQ SULQFLSDO GH WRDWH FHOHODOWH LQIUDF LXQL vQGUHSWDWH
vPSRWULYD LQWHJULW L V Q W LL ± D VH YHGHD H[SOLFD LLOH GDWH OD LQIUDF LXQHD
SUHY ]XW GHDUW&RGSHQDO
 
/DVXEVHF LXQHDIRUPHOHLQIUDF LXQLLHVWHGHPHQ LRQDWF DFHDVW LQIUDF LXQH
FD RULFDUH DOW  LQIUDF LXQH QHLQWHQ LRQDW  QX HVWH VXVFHSWLELO  GH WHQWDWLY  LDU
FRQVXPDUHD DLGRPD WXWXURU LQIUDF LXQLORU GH UH]XOWDW VH SURGXFH vQ PRPHQWXO
DSDUL LHLXUP ULLLPHGLDWH FRQVHFLQ DY W P WRDUHSHQWUXFRUSXOVXELHFWXOXLSDVLY 
/DVXEVHF LXQHDUHJLPVDQF LRQDWRUVHYDREVHUYDF SHGHSVHOH±ILUHúWHPXOW
UHGXVHID GHFHOHLQVWLWXLWHSHQWUXDFHOHDúLIDSWHFRPLVHFXLQWHQ LH±VXQWGLVSXVH
vQ UDSRUW FX XUP ULOH IDSWHL úL FRQGL LLOH vQ FDUH DFHDVWD VH V YkUúHúWH SH WUHSWH
VXFFHVLYXUF WRDUH
(VWH GH PHQ LRQDW F  SXQHUHD vQ PLúFDUH D DF LXQLL SHQDOH SHQWUX IDSWHOH
SUHY ]XWHvQDOLQ  úL  VHIDFHODSOkQJHUHDSUHDODELO DSHUVRDQHLY W PDWHúL
F vPS FDUHDS U LORUvQO WXU U VSXQGHUHDSHQDO 


6HF LXQHD,,,
$92578/

35292&$5($,/(*$/ $$92578/8,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHO IDVFLFXO GH UHOD LL VRFLDOH
SULYLQG YLD D LQWUDXWHULQ  D I WXOXL YLD D úL LQWHJULWDWHD FRUSRUDO  úL V Q WDWHD
IHPHLLSUHFXPúLHYROX LDGHPRJUDILF 
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH GXEOX SH GH R SDUWH SURGXVXO
FRQFHS LXQLL I WXO  DIODW vQ FXUVXO GH]YROW ULL QDWXUDOH SH GH DOW  SDUWH FRUSXO
IHPHLLvQV UFLQDWH

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHQHGHWHUPLQDWGHWH[WGHFL
HOSRDWHILRULFHSHUVRDQ ÌQVXúLPHGLFXOVSHFLDOLVW REVWHWULFLDQ HVWHVXELHFWDFWLY
GDF HOHIHFWXHD] DYRUWXOI U FRQVLP PkQWXOIHPHLLvQV UFLQDWHRULvQDIDUDXQHL
LQVWLWX LL VDX FDELQHW PHGLFDO DXWRUL]DWH vQ DFHVW VFRS VDX vQ VIkUúLW OD R VDUFLQ 
FDUH D GHS úLW YkUVWD GH  V SW PkQL úL vQWUHUXSHUHD FXUVXOXL VDUFLQLL QX HUD
OHJLWLPDW GHPRWLYHWHUDSHXWLFH)HPHLDvQV UFLQDW HYLGHQWQXSRDWHILVXELHFWDO
LQIUDF LXQLLFKLDUGDF úLDDXWRSURYRFDWLOHJDODYRUWXO
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLSUHY ]XWHGHDUW&RGSHQDO
HVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLD±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY HVWH VWDWXO ± DIHFWDW vQ SROLWLFD VD GHPRJUDILF  ± úL
GHRSRWULY PDPDF UHLDLVDSURYRFDWDYRUWXO

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO VH H[SULP  SULQWUR DF LXQH VXVFHSWLELO  GH D SURYRFD
vQWUHUXSHUHDFXUVXOXLQRUPDODOVDUFLQLLGHDSURYRFDDYRUWXO
'LQSXQFWXOGHYHGHUHDOúWLLQ HLPHGLFDOHDYRUWXOHVWHFODVLILFDWDVWIHO
D $YRUW SDWRORJLF GHQXPLW úL VSRQWDQ VDX QDWXUDO FDUH FRQVW  vQ H[SXOVLD
LQYROXQWDU  SH FDOH YDJLQDO  D SURGXVXOXL GH FRQFHS LH QHDMXQV vQF  OD HSRFD
YLDELOLW LL vQ FXUVXO SULPHORU  GH ]LOH  (O HVWH GHWHUPLQDW H[FOXVLY úL
vQWRWGHDXQDGHH[LVWHQ DXQRUIDFWRULúLFRQGL LLSDWRORJLFH ERDO 



3OHQXO76'HFQUO5,S
 
E$YRUWSURYRFDW6HvQ HOHJHDYRUWXOFHVHFDUDFWHUL]HD] SULQDFHHDF HVWH
FDX]DWH[FOXVLYúLvQWRWGHDXQDGHXQIDFWRUH[WHUQYLROHQWGHQDWXU PHFDQLF ±
IL]LF VDXFKLPLF ±RULSVLKLF 
/D UkQGXO V X DYRUWXO SURYRFDW VH LGHQWLILF  vQ GRX  LSRVWD]H GXS  FXP HO
HVWH HIHFWXDW vQ FRQIRUPLWDWH FX SUHYHGHULOH OHJLL RUL vQ SRILGD DFHVWRUD EO ± OD
FHUHUH OHJDO  úL E ± DYRUWXO GHOLFWXDO GHQXPLW úL FULPLQDO vQ OLWHUDWXUD GH
VSHFLDOLWDWH 
$YRUWXO GHOLFWXDO SRWULYLW OHJLL SHQDOH URPkQH HVWH DYRUWXO HIHFWXDW
D  vPSRWULYD YRLQ HL IHPHLL vQV UFLQDWH VDX E  vQ DIDUD LQVWLWX LLORU PHGLFDOH VDX
FDELQHWHORUPHGLFDOHDXWRUL]DWHvQDFHVWVFRSVDXF GHF WUHRSHUVRDQ FDUHQXDUH
FDOLWDWHDGHPHGLFGHVSHFLDOLWDWHVDXG GDF YkUVWDVDUFLQLLDGHS úLWSDWUXVSUH]HFH
V SW PkQL
3HUDFRQWUDULRUH]XOW F DYRUWXOOHJDOHVWHDFHODHIHFWXDWODFHUHUHDIHPHLL
vQV UFLQDWHvQWURLQVWLWX LHPHGLFDO VDXFDELQHWPHGLFDODXWRUL]DWHvQDFHVWVFRS
GH F WUH XQ PHGLF GH VSHFLDOLWDWH úL GDF  YkUVWD VDUFLQLL HVWH GH PD[LP 
V SW PkQLWRDWHDFHVWHFRQGL LLILLQGFXPXODWLYH
$F LXQHDSURYRFDWRDUHDDYRUWXOXLSRDWHILUHDOL]DW SULQWURPDUHYDULHWDWHGH
SURFHGHH$FHVWHSURFHGHHDXIRVWVLVWHPDWL]DWHvQGRX FDWHJRULL
D $YRUW SURYRFDW SULQ PLMORDFH PHFDQLFH PHGLFRFKLUXUJLFDOH 3ULQWUH FHOH
PDLU VSkQGLWHDVWIHOGHPLMORDFHVXQWFKLXUHWDMXOLQWUDXWHULQ±SHQWUXSULPHOHOXQL
DOH VDUFLQLL ± LQWURGXFHUHD LQWUDXWHULQ  D XQRU VXEVWDQ H VHU IL]LRORJLF  úL
LQWHUYHQ LLFKLUXUJLFDOH±SHQWUXVDUFLQLOHPDLHYROXDWHGHOXQL
E$YRUWSURYRFDWSULQPLMORDFHPHFDQLFHHPSLULFH(OHDXIRVWFODVLILFDWHvQ
PLMORDFHPHFDQLFHPLMORDFHIL]LFHúLPLMORDFHFKLPLFH
&kW SULYHúWH XQLW LOH VDQLWDUH vQ FDUH VH SRW HIHFWXD OHJDO DYRUWXUL HVWH GH
SUHFL]DWF vQVHQVXOOHJLLSHQDOHÄLQVWLWX LLOHPHGLFDOH´VXQWDFHOHFOLQLFLúLVSLWDOH
GH REVWUHWLF JLQHFRORJLH VDX VWUXFWXUL PHGLFDOH FDUH DX RUJDQL]DWH VHF LL GH
REVWUHWLF JLQHFRORJLH GLQ UH HDXD VDQLWDU  GH VWDW LDU ÄFDELQHWHOH PHGLFDOH´ VXQW
DFHOHFDELQHWHFXXQDVHPHQHDSURILOFHIXQF LRQHD] vQVLVWHPXOSULYDW
3HQWUX UHDOL]DUHD HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL VXQW OLSVLWH GH
LPSRUWDQ PRGXOvQFDUHHYROXHD] FXUVXOVDUFLQLL QRUPDOVDXDQRUPDO JUDGXOGH
GH]YROWDUHDI WXOXLRULYLDELOLWDWHDDFHVWXLD
'XS  FXP vQ FD] GH GHFHV DO IHPHLL HVWH LUHOHYDQW GDF  vQ PRPHQWXO
HIHFWX ULL PDQRSHUHORU DYRUWLYH SURGXVXO GH FRQFHS LH HUD YLX VDX PRUW ILLQG
VXILFLHQWF GHFHVXOIHPHLLHVWHFRQVHFLQ DDFHORUPDQHYUH
$F LXQHDGHSURYRFDUHDDYRUWXOXLLQWU VXELQFLGHQ DWH[WXOXLDQDOL]DWRULGH
FkWHRULHOHVWHHIHFWXDWvQDEVHQ DFRQVLP PkQWXOXLIHPHLLvQV UFLQDWHRULvQXQD
GLQLSRVWD]HOHQRUPDWLYHSUHY ]XWHODDOLQ  OLWD F 
8UPDUHDLPHGLDW DDF LXQLLFRQVW ILHvQH[SXO]DUHDSURGXVXOXLGHFRQFHS LH±
FkQGI WXODIRVWXFLVSULQPDQHYUHDQWHULRDUHVDXFRQFRPLWHQWHH[SXO]LHL±ILHvQ
XFLGHUHDI WXOXLvQVWDUHDOXLLQWUDXWHULQ XFLGHUHQHVXFFHGDW GHH[SXO]LDDFHVWXLD
/D PRGDOLWDWHD DJUDYDW  SUHY ]XW  OD DOLQ   XUPDUHD LPHGLDW  FRQVW  úL vQ
SURYRFDUHDXQHLY W P ULFRUSRUDOHJUDYHRULvQGHFHVXOIHPHLLvQV UFLQDWH
/HJ WXUDGHFDX]DOLWDWH3HQWUXUHDOL]DUHDLQIUDF LXQLLVHLPSXQHDVHVWDELOL
UHOD LD GH FDX]DOLWDWH GLQWUH DF LXQHD vQWUHSULQV  GH DXWRU úL XUPDUHD LPHGLDW 
UHVSHFWLY vQWUHUXSHUHD FXUVXOXL VDUFLQLL GXS  FD] Y W PDUHD FRUSRUDO  JUDY  RUL
GHFHVXOYLFWLPHL


0.HUQEDFKRSFLWS

'90LK HVFXRSFLWS

9%HOLú7UDWDWGHPHGLFLQ OHJDO RSFLWS0.HUQEDFKRSFLWS

3OHQXO76'HFQU5,,,S
 
ÌQ LSRWH]D F  GHFHVXO IHPHLL LQWHUYLQH GDWRULW  XQRU FDX]H H[WHULRDUH
LQGHSHQGHQWHGHPDQRSHUHOHDERUWLYHSUDFWLFDWHDVXSUDDFHVWHLDIDSWDDXWRUXOXLYD
FRQVWLWXL GRDU LQIUDF LXQHD SUHY ]XW  vQ DUW  DOLQ   &RG SHQDO DJUDYDQWD
FXSULQV vQDOLQ  QHSXWkQGDLILUHSURúDW 
1XYDFRQVWLWXLLQIUDF LXQHDGHSURYRFDUHLOHJDO DDYRUWXOXLRULWHQWDWLY OD
DFHDVW  LQIUDF LXQH FL LQIUDF LXQL SXWDWLYH vQ FD]XULOH vQ FDUH IHPHLD FDUH D
FRQVLP LW V  vQWUHUXS  FXUVXO VDUFLQLL QX HUD vQV UFLQDW  H[LVWHQ D VDUFLQLL ILLQG R
FRQGL LHSUHPL] DLQIUDF LXQLL

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHFXLQWHQ LHGLUHFW 
/D PRGDOLW LOH DJUDYDWH SUHY ]XWH vQ DOLQ   ODWXUD VXELHFWLY  VH
FDUDFWHUL]HD]  SULQWUR LQWHQ LH GHS úLW  ± SUDHWHULQWHQ LH±DXWRUXOQHXUP ULQGúL
Y W PDUHD JUDY  D LQWHJULW LL FRUSRUDOH VDX PRDUWHD IHPHLL vQV UFLQDWH DFHVWH
FRQVHFLQ HILLQGSURYRFDWHGLQFXOS  vQDPEHOHHLPRGDOLW L 
ÌQ LSRWH]D F  DXWRUXO D HIHFWXDW VXFFHVLY PDL PXOWH PDQHYUH DYRUWLYH OD
GLIHULWHLQWHUYDOHGHWLPSQHXUPDWHGHSURYRFDUHDDYRUWXOXLLDUODXOWLPDvQFHUFDUH
YLFWLPD D vQFHWDW GLQ YLD  FD XUPDUH D PDQHYUHL QX VXQWHP vQ SUH]HQ D XQHL
SOXUDOLW L GH WHQWDWLYH GH SURYRFDUH LOHJDO  D DYRUWXOXL úL D XQHL LQIUDF LXQL
FRQVXPDWHGHSURYRFDUHLOHJDO DDYRUWXOXLFHDDYXWFDXUPDUHGHFHVXOYLFWLPHLFL
D XQHL VLQJXUH LQIUDF LXQL SUHY ]XWH vQ DUW  DOLQ O  úL   &RG SHQDO IDSWHOH
DXWRUXOXLGHPRQVWUkQGH[LVWHQ DXQHLUH]ROX LLXQLFH
7H[WXOQXSUHWLQGHFDDXWRUXOV ILXUP ULWXQDQXPLWVFRSRULV ILHDQLPDWGH
XQDQXPLWPRELO

)RUPH6DQF LXQL
)RUPH 7HQWDWLYD SRWULYLW SUHYHGHULORU DUW  DOLQ   VH SHGHSVHúWH 9D
FRQVWLWXL WHQWDWLY  IDSWD DXWRUXOXL GH D HIHFWXD PDQHYUH DYRUWLYH DVXSUD FRUSXOXL
IHPHLLvQV UFLQDWHQHXUPDWHvQV GHSURGXFHUHDUH]XOWDWXOXLXUP ULW
,QIUDF LXQHDVHFRQVXP vQPRPHQWXOvQWUHUXSHULLFXUVXOXLQRUPDODOVDUFLQLL
LQGHSHQGHQWGHH[SXO]LDI WXOXLXFLV
6DQF LXQLÌQPRGDOLWDWHDQRUPDWLY WLSGHODDOLQ  IDSWDVHSHGHSVHúWHFX
vQFKLVRDUHGHODOXQLODDQLLDUvQPRGDOLWDWHDQRUPDWLY GLQDOLQ  IDSWDHVWH
VDQF LRQDW FXvQFKLVRDUHGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
ÌQ IRUPD DJUDYDW  DOLQ   SHGHDSVD HVWH vQFKLVRDUHD GH OD  OD  DQL úL
LQWHU]LFHUHD XQRU GUHSWXUL ± vQ FD]XO SURYRF ULL XQHL Y W P UL FRUSRUDOH JUDYH
IHPHLL vQV UFLQDWH ± UHVSHFWLY vQFKLVRDUHD GH OD  OD  DQL úL LQWHU]LFHUHD XQRU
GUHSWXUL±vQFD]XOGHFHVXOXLIHPHLLvQV UFLQDWH
3HUVRDQD MXULGLF  vQ FD]XO LQIUDF LXQLL GH SURYRFDUH LOHJDO  D DYRUWXOXL VH
VDQF LRQHD]  FX DPHQGD GH OD  OD  OHL vQ WRDWH LSRWH]HOH GH
LQFULPLQDUHFXH[FHS LDFHOHLSUHY ]XWHvQDOLQ  WH]D,,FkQGDPHQGDYDILvQWUH
úLOHL
7H[WXODUWUHJOHPHQWHD] úLRFDX] GHQHSHGHSVLUH DIDSWHLFRPLVHGH
PHGLFFDX] FDUHRSHUHD] vQWUHLVLWXD LLúLDQXPH
D  GDF  vQWUHUXSHUHD FXUVXOXL VDUFLQLL HUD QHFHVDU  SHQWUX D VDOYD YLD D
V Q WDWHD VDX LQWHJULWDWHD FRUSRUDO  D IHPHLL vQV UFLQDWH GH OD XQ SHULFRO JUDY úL
LPLQHQWúLFDUHQXSXWHDILvQO WXUDWDOWIHO


76'HFQU5,,,S

76'HFQU5,,,S

76'HFQU5,,,SÌQVSH LQFXOSDWXODvQFHUFDWGHRULvQPDLSX LQGHV SW PkQL
V vQWUHUXS FXUVXODFHOHLDúLVDUFLQL
 
E vQFD]XOSUHY ]XWvQDOLQ  OLWF FkQGvQWUHUXSHUHDFXUVXOXLVDUFLQLLVH
LPSXQHDGLQPRWLYHWHUDSHXWLFHSRWULYLWGLVSR]L LLORUOHJDOH
F  vQ FD]XO SUHY ]XW vQ DOLQ   FkQG IHPHLD vQV UFLQDW  VD DIODW vQ
LPSRVLELOLWDWHDGHDúLH[SULPDYRLQ DLDUvQWUHUXSHUHDFXUVXOXLVDUFLQLLVHLPSXQHD
GLQPRWLYHWHUDSHXWLFHSRWULYLWGLVSR]L LLORUOHJDOH
0RWLYHOHWHUDSHXWLFHFDUHSHUPLWvQWUHUXSHUHDFXUVXOXLVDUFLQLLDF UHLYkUVW 
D GHS úLW  V SW PkQL RUL D VDUFLQLL XQHL IHPHL DIODW  vQ LPSRVLELOLWDWH GH DúL
H[SULPD YRLQ D VXQW SUHY ]XWH vQ ,QVWUXF LXQLOH HODERUDWH GH 0LQLVWHUXO 6 Q W LL
3XEOLFH vQ DQH[D QU  &X WLWOXO GH H[HPSOX VLILOLVXO WXPRULOH PDOLJQH EROL
QHXURORJLFH DFFLGHQWHYDVFXODUHFHUHEUDOHHSLOHSVLDFXFUL]HPDMRUH EROLSVLKLFH
GHPHQ H ROLJRIUHQLL  EROL FDUGLRYDVFXODUH DOH VkQJHOXL úL RUJDQHORU
KHPDWRSRHWLFHEROLLQIHF LRDVHJUDYHúD
(VWH GH REVHUYDW úL UH LQXW REOLJD LD ± úL QX IDFXOWDWHD ± PDJLVWUDWXOXL GH D
DSOLFD SHGHDSVD FRPSOHPHQWDU  D LQWHUGLF LHL GH D H[HUFLWD SURIHVLD GH PHGLF SH
OkQJ  SHGHDSVD vQFKLVRULL vQ FD]XO vQ FDUH IDSWD LQFULPLQDW  OD DOLQ   VDX   D
IRVWFRPLV GHXQPHGLFREOLJD LHL]YRUkW GLQSUHYHGHULOHDOLQ  



&DSLWROXO,,

,1)5$& ,81,&2175$/,%(57 ,,3(562$1(,


/,36,5($'(/,%(57$7(Ì102',/(*$/

2ELHFWXORFURWLULSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD
OLEHUWDWHDIL]LF DSHUVRDQHLODOLEHUWDWHDDFHVWHLDGHDVHPLúFDGHDFLUFXODGHD
DF LRQD SRWULYLW YRLQ HL VDOH ÌQ XQHOH PRGDOLW L DJUDYDWH LQIUDF LXQHD SRDWH DYHD
XQ RELHFW MXULGLF VHFXQGDU FRQVWLWXLW GLQ UHOD LLOH VRFLDOH SULYLQG LQWHJULWDWHD
FRUSRUDO V Q WDWHDRULYLD DSHUVRDQHL
'HUHJXO LQIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDOGDUvQXQHOHPRGDOLW L
DJUDYDWHDFHVWDH[LVW úLDQXPHFRUSXOSHUVRDQHL

6XELHF LLLQIUDF LXQLL
6XELHF LLDFWLYúLSDVLYVXQWQHFLUFXPVWDQ LD LGHWH[WÌQLSRWH]DF VXELHFWXO
SDVLY HVWH PLQRU DFHDVW  vPSUHMXUDUH UHIHULWRDUH OD SHUVRDQD YLFWLPHL ± DUW 
DOLQ  &RGSHQDO±FRQVWLWXLHRFDX] GHDJUDYDUHDLQIUDF LXQLLWLS
6XELHFWXODFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFXGLVSR]L LLOHDUW
&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLVHH[SULP vQWURDF LXQH±vQPDMRULWDWHD
FD]XULORU±RULRLQDF LXQHSULQFDUHHVWHUHVWUkQV OLEHUWDWHDSHUVRDQHL
&RQFHSWXO GH OLEHUWDWH FX FDUH RSHUHD]  WH[WXO VH FLUFXPVFULH XQXLD GLQ
HOHPHQWHOH FRPSRQHQWHOH  OLEHUW LL LQGLYLGXOXL úL DQXPH OD DVSHFWXO SULYLQG
OLEHUWDWHD DFHVWXLD GH D VH GHSODVD úL GH D DF LRQD SRWULYLW SURSULLORU QHYRL VDX
GRULQ HOLEHUWDWHPDQLIHVWDW GHEXQ VHDP vQOLPLWHOHVWDWRUQLFLWHGHOHJH(VWH

 
YLRODWSULQXUPDUHvQFD]XOLQIUDF LXQLLDQDOL]DWHGUHSWXOSHUVRDQHLGHDVHPLúFD
GHDIDFHVDXDQXIDFHDQXPHFHYDSRWULYLWYRLQ HLVDOH
3HQWUX FD IDSWD GH REVWUXF LRQDUH D H[HUFLW ULL DFHVWXL GUHSW GH OLEHUWDWH DO
SHUVRDQHLV FRQVWLWXLHLQIUDF LXQHWUHEXLHFDDFHDVWDV QXILHDGPLV H[SUHVVDX
WDFLW GH OHJH GHFL V  ILH LOHJDO  3RWULYLW SUHYHGHULORU FXSULQVH vQ GLIHULWH DFWH
QRUPDWLYHH[HUFLWDUHDGUHSWXOXLODOLEHUWDWHDGHPLúFDUHúLGHDF LXQHDOLQGLYL]LORU
SRDWHILUHVWUkQVWHPSRUDUDVWIHO
± SHUVRDQHOH SRW IL UH LQXWH DUHVWDWH SUHYHQWLY RUL OL VH SRDWH LQWHU]LFH
S U VLUHD ORFDOLW LL RUL DUD vQ FD]XO V YkUúLULL DQXPLWRU LQIUDF LXQL DUW 
DUWDUWDUWúLDUW&RGSURFHGXU SHQDO 
±SHUVRDQHOHVXIHULQGHGHDIHF LXQLSVLKLFHJUDYHFDUHSULQPDQLIHVW ULOHORU
SULPHMGXLHVF YLD D VDX V Q WDWHD SURSULH RUL SH D DOWRU SHUVRDQH VDX LQWHJULWDWHD
XQRUEXQXULPDWHULDOHRULDDOWRUYDORULVRFLDOHSRWILLQWHUQDWHREOLJDWRULX IRU DW 
vQXQLW LVDQLWDUHGHVSHFLDOLWDWH /HJHDQU 
± PLQRULL FDUH DX V YkUúLW LQIUDF LXQL GDU QX U VSXQG SHQDO SRW IL GH
DVHPHQHD REOLJDWRULX LQWHUQD L vQWUXQ FHQWUX GH UHHGXFDUH VDX vQWUR LQVWLWX LH
PHGLFDOHGXFDWLY  28*QU 
±PLOLWDULLSRWILVDQF LRQD LSULQSHGHDSVDFXDUHVWSHQWUXGLYHUVHDEDWHULGHOD
UHJXOLOHGHGHVI úXUDUHDYLH LLPLOLWDUH 5HJXODPHQWXOGLVFLSOLQHLPLOLWDUH 
± PLQRULL D F URU FRQGXLW  HVWH GHILFLWDU  SRW IL SHGHSVL L GH S ULQ LL RUL
DVLPLOD LL DFHVWRUD ± vQ H[HUFLWDUHD GUHSWXOXL ORU OD FRUHF LH ± SULQ UHVWUkQJHUHD
OLEHUW LL LQWHU]LFHUHDGHDS U VLORFXLQ DGHDSDUWLFLSDODRDFWLYLWDWHVSRUWLY VDX
GLVWUDFWLY HWF 
$úDGDU FRQFHSWXO GH OLSVLUH GH OLEHUWDWH DYXW vQ YHGHUH GH OHJLXLWRU OD
GHILQLUHD DFHVWHL LQIUDF LXQL VH DGUHVHD]  H[FOXVLY DFHORU IDSWH QHGLFWDWH RUL
QHDFFHSWDWHSULQWURGLVSR]L LHOHJDO 
5HVWUkQJHUHD OLEHUW LL SRDWH IL WRWDO  VHFKHVWUDUHD YLFWLPHL vQWUR vQF SHUH 
VDX SDU LDO  vPSLHGLFDUHD YLFWLPHL GH D vQGHSOLQL R DQXPLW  DFWLYLWDWH ± YL]LWDUHD
XQXLSULHWHQSDUWLFLSDUHDODRúHGLQ HWF 
$F LXQLOH FDUH FRPSXQ HOHPHQWXO PDWHULDO DO LQIUDF LXQLL SRW IL GLUHFWH ±
LPRELOL]DUHDYLFWLPHLSULQOHJDUHDPHPEUHORUQDUFRWL]DUHKLSQRWL]DUHvQFXLHUH
vQWURvQF SHUHSHQWUXDvPSLHGLFDV S U VHDVF vQF SHUHDDP JLUHvQIULFRúDUH±
VDX LQGLUHFWH ± LQWHUQDUHD YLFWLPHL vQWUR úFRDO  GH UHHGXFDUH SULQ LQGXFHUHD vQ
HURDUHDFRPLVLHLDELOLWDWHOHJDOV GLVSXQ P VXUD
ÌQ LSRWH]D vQ FDUH PLMORFXO IRORVLW GH I SWXLWRU SHQWUX UHVWUkQJHUHD OLEHUW LL
FRQVWLWXLH HO vQVXúL R LQIUDF LXQH VXQW LQFLGHQWH SUHYHGHULOH OHJDOH UHIHULWRDUH OD
FRQFXUVXOGHLQIUDF LXQL'HDVHPHQHDYDH[LVWDFRQFXUVGHLQIUDF LXQL±LGHDO±vQ
FD]XO vQ FDUH SULQ DFHHDúL DF LXQH VXQW OLSVLWH GH OLEHUWDWH PDL PXOWH SHUVRDQH ±
SOXUDOLWDWHGHVXELHF LSDVLYL
,QDF LXQLOH SRW FRQVWD vQ RPLVLXQHD DXWRUXOXL FX EXQ  úWLLQ  GH D SXQH vQ
OLEHUWDWHSHUVRDQDDOF UHLGUHSWDIRVWLQL LDOOHJDOvQJU GLW
7H[WXOQXFRQ LQHQLFLRUHIHULUHODGXUDWDOLSVLULLGHOLEHUWDWH'XUDWDHVWHXQ
HOHPHQWGHIDSWYDULDELOFDvQWLQGHUHFHXUPHD] DILGHWHUPLQDWGHPDJLVWUDWGHOD
FD] OD FD] (VWH VXILFLHQW vQV  SHQWUX UHDOL]DUHD LQIUDF LXQLL FD YLFWLPD V  ILH
REVWDFXODW  vQ HIHFWXDUHD XQHL DFWLYLW L ± GH SLOG  HVWH UH LQXW  vQ FRQWUD YRLQ HL
VDOHGRDUPLQDGLF DWkWFkWPDLHUDSkQ ODGHFRODUHDDYLRQXOXLvQFDUHXUPD
V VHvPEDUFH


76'HFQU5,,S

76'HFQU5,,,S

 70% 'HF QU  &3-3  S  &X QRW  GH]DSUREDWLY  vQ FH SULYHúWH FDUDFWHUXO
FRQFXUVXOXLGHLQIUDF LXQL±9DVLOH3DSDGRSRO
 
3UREOHPD GXUDWHL vQ FDUH R SHUVRDQ  HVWH OLSVLW  GH OLEHUWDWH VH ULGLF  úL vQ
FD]XOvQFDUHDF LXQHDDXWRUXOXLFRQVWLWXLHVDXvQVR HúWHRDOW LQIUDF LXQH$VWIHOvQ
UDSRUW FX VLWXD LD FRQFUHW  GH IDSW DF LXQHD SULQ FDUH VH UHVWUkQJH OLEHUWDWHD
SHUVRDQHLHVWHDEVRUELW vQFRQ LQXWXODOWHLLQIUDF LXQLFDGHSLOG vQLQIUDF LXQHD
GH WkOK ULH VDX YLRO FX FRQGL LD vQV  FD GXUDWD OLSVLULL GH OLEHUWDWH V  QX
GHS úHDVF VHPQLILFDWLYWLPSXODEVROXWQHFHVDUFRPLWHULLDFHOHLLQIUDF LXQLÌQFD]
FRQWUDUDGLF DWXQFLFkQGOLSVLUHDGHOLEHUWDWHH[FHGHWLPSXOWUHEXLQFLRVV YkUúLULL
DOWHL LQIUDF LXQL IDSWD YD FRQVWLWXL LQIUDF LXQHD SUHY ]XW  vQ DUW  DIODW  vQ
FRQFXUVFXDFHHD±GHH[HPSOXGLQFD]XULOHGHPDLVXV±GHWkOK ULH
7H[WXODUW&RGSHQDOSUHYHGHGXS SULPXODOLQHDWPDLPXOWHPRGDOLW L
DJUDYDWHvQXUP WRDUHOHFLQFLDOLQHDWH 
$OLQ  D3ULQVLPXODUHDGHFDOLW LRILFLDOH$JUDYDQWDHVWHMXVWLILFDW DWkW
GHSHULFROXOLQWULQVHFPHWRGHLGROR]LYHXWLOL]DWHFDUHHVWHGHQDWXU DvQIUkQJHPDL
OHVQH YRLQ D YLFWLPHL FkW úL GH SHULFROXO DIHFW ULL SUHVWLJLXOXL DFHOHL LQVWLWX LL
SXEOLFHVXEDF UHLDXWRULWDWHVDSUH]HQWDWvQPRGIDOVDXWRUXO
3UHWLQGHUHD PLQFLQRDV  F  DXWRUXO LQIUDF LXQLL HVWH SXUW WRUXO XQHL FDOLW L
RILFLDOH±HVWHDJHQWSXEOLF±SRDWHILGHQDWXU DGHWHUPLQDYLFWLPDV VHGHSODVH]H
FRQWUDUYRLQ HLVDOHODORFXOXQGHLVHLQGLF 6LPXODUHDXQHLDQXPHFDOLW LRILFLDOH
VHSRDWHUHDOL]DRUDOVDXSULQSUH]HQWDUHDXQRUOHJLWLPD LLVDXXQRUDOWHGRFXPHQWH
P VOXLWH úL VH VXV LQH ILH GH vQVXúL DXWRUXO LQIUDF LXQLL ILH GH FRPSOLFLL DFHVWXLD
$SDUHHYLGHQWF QXRULFDUHÄFDOLWDWHRILFLDO ´LQYRFDW YDLPSUHVLRQDYLFWLPDúLR
YDGHWHUPLQDV vQVR HDVF IDOúLLDJHQ LSXEOLFLFLGRDUDFHOHFDOLW LRILFLDOHFDUH
FRQIHU WLWXODULORUOHJDOLGUHSWXOGHDGLVSXQHRULGHDH[HFXWDP VXULGHUHVWUkQJHUH
DOLEHUW LLSHUVRDQHL SURFXURUSROL LVWMDQGDUPDJHQWVDQLWDUHWF 
E3ULQU SLUH3ULQFRQFHSWXOU SLUHVHvQ HOHJHDFHDDF LXQHGHDOXDYLFWLPD
GLQWUXQORFSULQH[HUFLWDUHDXQRUYLROHQ HIL]LFHVDXSVLKLFHúLGHDRWUDQVSRUWD
vQWUXQDOWORFFRQWUDUYRLQ HLDFHVWHLD
3URFHGHXO LQFULPLQDW FRQVWLWXLH R vPSUHMXUDUH DJUDYDQW  GHRDUHFH GLQWUXQ
SULP SXQFW GH YHGHUH HO H[SULP  SHULFXOR]LWDWHD VRFLDO  D I SWXLWRUXOXL ± GHGXV 
GLQWHPHULWDWHDDF LXQLLúLYLROHQ DDFHVWHLD±LDUGLQWUXQDOGRLOHDSXQFWGHYHGHUH
DFHVWSURFHGHXHVWHGHQDWXU DFUHDRVWDUHGHQHOLQLúWHGHSDQLF GHLQVHFXULWDWH
SHUVRDQHORUFDUHDIO GHVSUHXWLOL]DUHDOXL 
F 'H R SHUVRDQ  vQDUPDW  ùL DFHVW SURFHGHX SUH]LQW  R vQVHPQDW 
vQF UF WXU  GH SHULFXOR]LWDWH VRFLDO  SULQ vQVXúL IDSWXO SXUW ULL GH F WUH DXWRU VDX
FHLODO L SDUWLFLSDQ L D XQHL DUPH RUL D XQXL LQVWUXPHQW VDX RELHFW IRORVLW FD DUP 
3UH]HQ D DUPHL DVXSUD I SWXLWRUXOXL SRWHQ HD]  vQFUHGHUHD DFHVWXLD vQ UHXúLWD
DF LXQLL LOLFLWH úL DSORPEXO FX FDUH YD SXUWD DF LXQHD GDU úL WRWRGDW  DQLKLOHD] 
FDSDFLWDWHDYLFWLPHLGHDVHvPSRWULYL
G 'H GRX  VDX PDL PXOWH SHUVRDQH vPSUHXQ  &RRSHUDUHD D GRX  VDX PDL
PXOWHSHUVRDQHODV YkUúLUHDLQIUDF LXQLLDUHDFHOHDúLHIHFWHFDúLvQFD]XOSUHFHGHQW
H3UHWLQGHUHDXQXLSURILWPDWHULDORULDDOWXLDYDQWDMvQVFKLPEXOHOLEHU ULL
SHUVRDQHLÌPSUHMXUDUHDPHQ LRQDW DJUDYHD] IDSWDGHRDUHFHRVHELWSUHMXGLFLXOXL
DGXVSHUVRDQHLSULQSULYDUHDHLGHOLEHUWDWHVHPDLFUHHD] DFHVWHLDRULSHUVRDQHORU
GLQ DQWXUDMXO V X XQ SUHMXGLFLX GH RUGLQ PDWHULDO HFKLYDOHQW DYDQWDMXOXL
SURILWXOXL SUHWLQVRULGREkQGLWGHDXWRUSULQV YkUúLUHDLQIUDF LXQLL


&$&RQVWDQ D'HFQU3/QUS

70%'HFQU&3-3S

 + 'LDFRQHVFX ([LVW  FRQFXUV vQWUH LQIUDF LXQLOH GH WkOK ULH úL OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO" 'U
QUS

76'HFQU5,S

70%'HFQU&3-3S
 
3ULQ IRORV PDWHULDO VDX DOW DYDQWDM VH vQ HOHJH SURILWXO SUHWLQV vQ VFKLPEXO
HOLEHU ULLYLFWLPHLLQGLIHUHQWGHYDORDUHDVDXIRUPDDFHVWXLD UHPLWHUHDXQHLVXPH
GHEDQLVHPQDUHDXQXLGRFXPHQWHOLEHUDUHDGHGH LQX LvQFRQWUDSDUWLG SXQHUHD
OD GLVSR]L LH D XQXL YHKLFXO HWF  3HQWUX UHDOL]DUHD LQIUDF LXQLL WH[WXO SUHYHGH úL
VDQF LRQHD]  GRDU IRUPXODUHD FHUHULL D FRQGL LLORU PDWHULDOH vQ VFKLPEXO F URUD
YLFWLPD YD IL SXV  vQ OLEHUWDWH LQGLIHUHQW GDF  FHUHUHD HVWH VDX QX XUPDW  GH
FHGDUHDRE LQHUHD HIHFWLY  D IRORVXOXL VWLQV 1X SUH]LQW  UHOHYDQ  GDF  FHUHUHD D
IRVW DGUHVDW  GLUHFW YLFWLPHL RUL XQRU WHU L ± SHUVRDQH IL]LFH UXGH FXQRúWLQ H DOH
YLFWLPHLJUXSXULGHSHUVRDQH VDXMXULGLFH LQVWLWX LLSXEOLFHDJHQ LHFRQRPLFL RUL
RUJDQL]D LL QHJXYHPDPHQWDOH ± úL QLFL GDF  YLFWLPD D DYXW VDX QX FXQRúWLQ 
GHVSUHIRUPXODUHDFHUHULL
/DDFHDVW PRGDOLWDWHQRUPDWLY VFRSXOXUP ULWGHI SWXLWRUHVWHGXEOXSHGH
RSDUWHGHDOLSVLYLFWLPDvQPRGLOHJDOGHOLEHUWDWHSHGHDOW SDUWHGHDSUHWLQGH
XQ IRORV vQ VFKLPEXO HOLEHU ULL 3H FDOH GH FRQVHFLQ  LQIUDF LXQHD GH úDQWDM HVWH
DEVRUELW vQFRQ LQXWXOLQIUDF LXQLLDQDOL]DWH
I 9LFWLPD HVWH PLQRU  /HJLXLWRUXO D vQ HOHV V  VDQF LRQH]H PDL DVSUX
DF LXQLOH GH DFHVW WLS vQGUHSWDWH vPSRWULYD FHORU QHYkUVWQLFL QX QXPDL SHQWUX DL
SURWHMDFXIHUPLWDWHVSRULW SHFHLFHQXVHSRWDS UDHILFLHQWVLQJXULFLúLSHQWUXD
SUHYHQL SULQ PLMORDFHOH GUHSWXOXL SHQDO SRVLELOLWDWHD LQVWDO ULL OD DFHúWLD D XQRU
WUDXPHSVLKLFHFDUHV OHPDUFKH]HUHVWXOYLH LL
J9LFWLPDHVWHVXSXV XQRUVXIHULQ HRULV Q WDWHDVDXYLD DvLHVWHSXV vQ
SHULFRO &RQFHSWXO VXIHULQ  WUHEXLH vQ HOHV úL OLPLWDW OD FHO GH GXUHUH SURYRFDW 
YLFWLPHLUHVSHFWLYRGXUHUHIL]LF  vQIRPHWDUHvPSLHGLFDUHGHDGRUPLH[SXQHUHOD
IULJ VDXPRUDO  EDWMRFRULULVWUHVDUHSULQDOLPHQWDUHFXúWLULDODUPDQWHGHVSUHYLD D
RULV Q WDWHDSHUVRDQHORUDSURSLDWHYLFWLPHLúD ÌQFD]XOF VXIHULQ DHVWHXUPDUHD
XQHL Y W P UL D LQWHJULW LL FRUSRUDOH RUL D V Q W LL YLFWLPHL VXQWHP vQ SUH]HQ D
XUP ULL LPHGLDWH D XQHLD GLQWUH LQIUDF LXQLOH SUHY ]XWH GH DUW  FDUH VH
V YkUúHVFvQFRQFXUVFXDFHHDGHOLSVLUHGHOLEHUWDWHvQPRGLOHJDO
&kW SULYHúWH FHD GH D GRXD LSRWH]  HVWH VXILFLHQW  FUHDUHD VW ULL GH SHULFRO
SHQWUXV Q WDWHDRULYLD DYLFWLPHL±LPRELOL]DUHDDFHVWHLDvQIULJVDXvQWURS GXUH
SRSXODW GHDQLPDOHV OEDWLFH±GHFLQXúLDSDUL LDUH]XOWDWXOXL XUP ULORU DFHVWHL
VW UL ÌQ LSRWH]D SURYRF ULL XQRU DVHPHQHD XUP UL SHQWUX V Q WDWHD SHUVRDQHL
VXQWHP vQ SUH]HQ D úL D DOWRU LQIUDF LXQL ± PDL IUHFYHQW GLQ FHOH SUHY ]XWH OD DUW
V YkUúLWHvQFRQFXUVFXFHHDSUHY ]XW GHDUWLDUvQHYHQWXDOLWDWHDF 
IDSWDDDYXWFDXUPDUHPRDUWHDYLFWLPHLvQFDGUDUHDMXULGLF úLSHGHDSVDYRUILFHOH
SUHY ]XWHvQDOLQ  DODUW
$OLQ   6 YkUúLUHD LQIUDF LXQLL vQ VFRSXO GH D REOLJD R SHUVRDQ  OD
SUDFWLFDUHD SURVWLWX LHL LQWD XUP ULW  GH DXWRU vQ DFHDVW  LSRVWD]  QRUPDWLY 
FRQVWLWXLHSULQHDvQV úLLQIUDF LXQHVFRSFDUHMXVWLILF SUHYHGHUHDXQHLVDQF LXQL
PDLDVSUH
,QWURGXFHUHD QRLL DJUDYDQWH SULQ /HJHD QU  D IRVW GHWHUPLQDW  GH
FRQVWDWDUHD ± SXV  vQ HYLGHQ  GH VWDWLVWLFLOH MXGLFLDUH ± PXOWLSOLF ULL FD]XULORU GH
SUR[HQHWLVP vQWUHSULQV FX SUHF GHUH SULQ FRQVWUkQJHUHD YLFWLPHORU ± LQFOXVLY SULQ
VHFKHVWUDUHDDFHVWRUD±GHDVHSURVWLWXD
(VWH vQV  GH UHPDUFDW F  SHQWUX UHDOL]DUHD DFHVWHL PRGDOLW L QRUPDWLYH HVWH
VXILFLHQW FD DF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO D XQHL SHUVRDQH V  ILH
SXUWDW vQVFRSXODU WDWvQWH[WQHILLQGQHFHVDU úLGHEXWDUHDDFWHORUGHSURVWLWX LH
ÌQLSRWH]DDMXQJHULLODUH]XOWDWXOYL]DW±SUDFWLFDUHDSURVWLWX LHLGHF WUHRSHUVRDQ 



&6-VSGQU%&QUS
 
± LQIUDF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO HVWH V YkUúLW  vQ FRQFXUV FX
DFHHDGHSUR[HQHWLVP
$OLQ   &HUHUHD vQ VFKLPEXO HOLEHU ULL YLFWLPHL FD VWDWXO R SHUVRDQ 
IL]LF VDXMXULGLF RRUJDQL]D LHLQWHUQD LRQDO LQWHUJXYHUQDPHQWDO VDXXQJUXS
GH SHUVRDQH V  vQGHSOLQHDVF  VDX V  QX vQGHSOLQHDVF  XQ DQXPLW DFW HVWH R
vPSUHMXUDUHFDUHVSRUHúWHFRQVLGHUDELOJUDGXOGHSHULFROVRFLDODOIDSWHL
,QWURGXFHUHD DJUDYDQWHL SULQ 'HFUHWXO ± OHJH QU  vQ FRQ LQXWXO
LQIUDF LXQLL GH OLSVLUH GH OLEHUWDWH vQ PRG LOHJDO D IRVW GHWHUPLQDW  QX QXPDL GH
QHFHVLWDWHDDOLQLHULLOHJLVODWLYHODFRQYHQ LLOHLQWHUQD LRQDOHDGRSWDWHvQDFHVWVHQV
FL PDL FX VHDP  SHQWUX D SUHYHQL UHVSHFWLY D UHSULPD SUDFWLFLOH XQRU JUXS UL
IDF LL ±PDLQXPHURDVHvQXOWLPLLDQL±GHDFDSWXUDúLGH LQHÄRVWDWHFL´vQGHRVHEL
GLQWUHSDVDJHULLXQRUYHKLFXOHGHWUDQVSRUWvQFRPXQúLGHDSUHWLQGHVDWLVIDFHUHD
GHFHUHULFXPRWLYD LLSUHSRQGHUHQWSROLWLFHvQVFKLPEXOHOLEHU ULLDFHVWRUD
$OLQ  6 YkUúLUHDIDSWHORUSUHY ]XWHODDOLQ    GHF WUHRSHUVRDQ 
FDUHIDFHSDUWHGLQWUXQJUXSRUJDQL]DW$JUDYDQWD±GHDVHPHQHDUHFHQWLQWUDW vQ
VWUXFWXUD LQIUDF LXQLL SUHY ]XWH GH DUW  ± HVWH PRWLYDW  QX QXPDL GH
SHULFXOR]LWDWHDVSRULW SUH]HQWDW GHLQIUDF LXQLOHV YkUúLWHvQJUXSGHFHOSX LQWUHL
LQGLYL]L FL úL PDL DOHV GH vPSUHMXUDUHD F  JUXSXO D IRVW RUJDQL]DW WRFPDL vQ
YHGHUHDFRPLWHULLXQRUDVWIHOGHIDSWHÌQDFHDVW LSRWH] QRUPDWLY VXQWLQFLGHQWH
vQ RSLQLD QRDVWU  úL SUHYHGHULOH DUW  & SHQ ± DVRFLHUHD SHQWUX V YkUúLUHD GH
LQIUDF LXQL
$OLQ  )DSWDDDYXWFDXUPDUHPRDUWHDVDXVLQXFLGHUHDYLFWLPHL*UDGXO
GH SHULFRO VRFLDO DO IDSWHL FX DWDUH FRQVHFLQ H HVWH ULGLFDW ± vQ Ä]RQD URúLH´ ± úL
H[SOLF DVSULPHDWUDWDPHQWXOXLVDQF LRQDWRU7H[WXODUW&RGSHQDOSUHYHGHvQ
SULPXO DOLQHDW R PRGDOLWDWH WLS VLPSO  úL PDL PXOWH PRGDOLW L DJUDYDWH vQ
XUP WRDUHOH FLQFL DOLQHDWH 0RGDOLW LOH VXQW DJUDYDWH ± ID  GH PRGDOLWDWHD WLS OD
FDUH VH UDSRUWHD]  ± vQ SUH]HQ D úL GDWRULW  XUP WRDUHORU vPSUHMXU UL vQ FDUH VH
FRPLWHIDSWD 
8UPDUHD LPHGLDW  D DF LXQLLLQDF LXQLL FRQVW  vQ SULYDUHD YLFWLPHL GH
OLEHUWDWH GDU vQ FD]XO PRGDOLW LL DJUDYDWH GH OD DOLQ   XUPDUHD LPHGLDW  VH
WUDGXFHúLvQGHFHVXOYLFWLPHL
(VWH QHFHVDU SHQWUX VDWLVIDFHUHD ODWXULL RELHFWLYH D LQIUDF LXQLL D VH VWDELOL
OHJ WXUDGHFDX]DOLWDWHGLQWUHHOHPHQWXOPDWHULDOúLXUPDUHDLPHGLDW 

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH FX LQWHQ LH ± vQ DPEHOH HL
IRUPH±GLUHFW úLLQGLUHFW 
7H[WXOQXFHUHSHQWUXUHDOL]DUHDLQIUDF LXQLLH[LVWHQ DXQXLVFRSVDXPRELO
ÌQ LSRWH]D QRUPDWLY  DJUDYDW  GLQ DOLQ   IRUPD GH YLQRY LH FX FDUH
OXFUHD] DXWRUXOHVWHSUDHWHULQWHQ LD

)RUPH6DQF LXQL
)RUPH 3RWULYLW SUHYHGHULORU DUW  DOLQ   &RG SHQDO SURGXFHUHD VDX
SURFXUDUHDPLMORDFHORUDLQVWUXPHQWHORUVDXOXDUHDGHP VXULvQYHGHUHDFRPLWHULL
IDSWHL ± GHFL DQXPLWH DFWH SUHSDUDWRULL ± DX IRVW DVLPLODWH WHQWDWLYHL SULQ YRLQ D
OHJLXLWRUXOXLúLVDQF LRQDWHvQUHJLPXODFHVWHLD(VWHvQV GHVXEOLQLDWúLUH LQXWF 
GLQWUHDFWHOHSUHSDUDWRULLVXQWFRQVLGHUDWHúLSHGHSVLWHFDWHQWDWLY QXPDLFHOHGHOD
IDSWDLQFULPLQDW vQDOLQ  
7HQWDWLYD OD IDSWHOH LQFULPLQDWH vQ DOLQ     VH VDQF LRQHD]  vQ
FRQIRUPLWDWHFXSUHYHGHULOHDUWDOLQ  
&RQVXPDUHD LQIUDF LXQLL VH SURGXFH vQ PRPHQWXO vQFHSHULL SULPXOXL DFW GH
H[HFXWDUH D SULY ULL SHUVRDQHL GH OLEHUWDWH LDU HSXL]DUHD LQIUDF LXQLL LQWHUYLQH OD
 
vQFHWDUHD VW ULL GH UHVWUkQJHUH D OLEHUW LL OD SXQHUHD vQ OLEHUWDWH  /LSVLUHD GH
OLEHUWDWHvQPRGLOHJDOHVWHRLQIUDF LXQHFRQWLQX 
6DQF LXQL3HGHSVHOHDXIRVWVWDELOLWHGHOHJLXLWRUJUDGDWvQUDSRUWFXQLYHOXO
GHSHULFROVRFLDODOIDSWHORULQFULPLQDWHvQGLIHULWHOHLSRVWD]HQRUPDWLYH
$VWIHO IDSWD vQVFULV  vQ PRGDOLWDWHD WLS GH OD DOLQ   HVWH VDQF LRQDW  FX
vQFKLVRDUHDGHODODDQL
/D PRGDOLW LOH DJUDYDWH SHGHSVHOH VXQW VLWXDWH SH R OLQLH DVFHQGHQW  GH OD
vQFKLVRDUHD vQWUH  úL  DQL ± DOLQ   úL   ± OD vQFKLVRDUHD vQWUH  úLDQL±
DOLQ  ±RULODvQFKLVRDUHDvQWUHúLDQL±DOLQ  WH]D,VDXvQFKLVRDUHDvQWUH
 úL  DQL ± DOLQ   WH]D ,, FXOPLQkQG FX vQFKLVRDUHD vQWUH  úL  GH DQL ±
DOLQ  
3HUVRDQD MXULGLF  VH VDQF LRQHD]  SHQWUX IDSWD SUHY ]XW  vQ DOLQ   FX
DPHQG  GH OD  OD  OHL LDU vQ FHOHODOWH LSRWH]H GH LQFULPLQDUH FX
DPHQGDGHODODOHL


6&/$9,$

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLQGOLEHUWDWHDSHUVRDQHL/D
DFHDVW  LQIUDF LXQH ± vQ GHRVHELUH ID  GH LQIUDF LXQHD DQWHULRDU  vQ FDUH HUDX
QHVRFRWLWHQXPDLDVSHFWH DWULEXWH DOHGUHSWXOXLODOLEHUWDWH±HVWHYLRODWGUHSWXOvQ
vQWUHDJD VD FRPSOH[LWDWH VXQW VXSULPDWH WRDWH DWULEXWHOH FH IRUPHD]  GUHSWXO
SHUVRDQHLODOLEHUWDWH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQV úL ILLQ D XPDQ  DMXQV  vQ VWDUH GH
VFODYLH

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU FkWúLVXELHFWXOSDVLYQXVXQWFDOLILFD LSULQ
WH[W6XELHFWXODFWLYDOLQIUDF LXQLLSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFX
GLVSR]L LLOHDUW&SHQ
3DUWLFLSD LD SHQDO  OD V YkUúLUHD LQIUDF LXQLL HVWH SRVLELO  vQ WRDWH IRUPHOH
DFHVWHLD±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQWUR DF LXQH FDUH SRDWH IL GH SXQHUH vQ
VWDUHGHVFODYLHGHPHQ LQHUHvQDFHDVW VWDUHRULGHWUDILFDUHGHVFODYL
6FODYLD &RQFHSWXO D IRVW GHILQLW vQ GRFXPHQWHOH &RQYHQ LHL GH OD *HQHYD
VFODYLDILLQGvQ HOHDV FDDFHDFRQGL LHDXQXLLQGLYLGDVXSUDF UXLDVHH[HUFLW WRDWH
DWULEXWHOHGUHSWXOXLGHSURSULHWDWHVDXDXQRUDGLQWUHDFHVWHD
3XQHUHDvQVWDUHGHVFODYLH(VWHDF LXQHDGHDWUDQVIRUPDVWDWXWXOLQGLYLGXDO
DO XQHL SHUVRDQH GLQ SHUVRDQ  OLEHU  vQ SHUVRDQ  GHSHQGHQW  ID  GH R DOW 
SHUVRDQ 3HUVRDQDGLQXUP GHYLQHSURSULHWDUXOFHOHLGLQWkL
LQHUHD vQ VWDUH GH VFODYLH HVWH DF LXQHD GH SHUSHWXDUH PHQ LQHUH  úL GH
IRORVLUHDVLWXD LHLDQWHULRUH[SOLFDWH
7UDILF GH VFODYL 3RWULYLW GRFXPHQWHORU &RQYHQ LHL GH OD *HQHYD SULQ WUDILF
GHVFODYLVHvQ HOHJHFDSWXUDUHDDFKL]L LRQDUHDFHVLRQDUHDXQXLLQGLYLGSHQWUXDO
IDFHVFODYDFKL]L LRQDUHDGHVFODYLSHQWUXDILYkQGX LVDXVFKLPED LúLRULFHDOWH
DFWHGHFRPHU RULHIHFWXDUHDGHWUDQVSRUWXULGHVFODYL SHDS PDUHDHUS PkQW 
8UPDUHDLPHGLDW YDILFRUHVSXQ] WRUFHORUWUHLDF LXQLGHVXSULPDUHDVW ULL
GHOLEHUWDWHGHSHUSHWXDUHDFRQGL LHLGHVFODYLHUHVSHFWLYGHWUHFHUHDYLFWLPHLGH
ODXQSURSULHWDUODDOWXOvQFDGUXOXQHLWUDQ]DF LL
 
/HJ WXUDGHFDX]DOLWDWHVHUHDOL]HD] SULQGRYHGLUHDF DF LXQHDI SWXLWRUXOXL
DSURYRFDWRULDFRQWULEXLWODSURYRFDUHDXQHLDGLQWUHXUP ULOHLPHGLDWH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH vQWRWGHDXQD FX LQWHQ LH vQ
LQGLIHUHQWFDUHGLQPRGDOLW LOHDFHVWHLD
1XSUH]LQW UHOHYDQ VFRSXOVDXPRELOXODF LXQLLSUHY ]XWHGHWH[W

)RUPH6DQF LXQL
)RUPH $FWHOH SUHSDUDWRULL GHúL SRVLELO D IL FRPLVH QX LQWU  VXE LQFLGHQ D
OHJLLSHQDOH 
7HQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWHSRWULYLWGLVSR]L LLORUDUWDOLQ  
&RQVXPDUHDLQIUDF LXQLLLQWHUYLQHODDSDUL LDXUP ULLLPHGLDWHvQXQDGLQWUH
FHOH WUHL LSRVWD]H PDL VXV DU WDWH )DSWD GHVI úXUkQGXVH vQ WLPS OD SULPHOH GRX 
PRGDOLW LQRUPDWLYHDUHFDUDFWHUXOGHIDSW FRQWLQX 
(SXL]DUHDLQIUDF LXQLLDUHORFvQPRPHQWXOFkQGvQFHWHD] VWDUHDGHVFODYLH
6DQF LXQL 3HGHDSVD SHQWUX LQIUDF LXQHD SUHY ]XW  GH DUW  HVWH
vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXvQFKLVRDUHGHODODOHL


68381(5($/$081& )25 $7 6$82%/,*$725,(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH FDUH SULYHVF GUHSWXO
SHUVRDQHLGHDúLDOHJHPXQFDSHFDUHvQ HOHJHV RSUHVWH]HvQUDSRUWFXSUHJ WLUHD
úL DSWLWXGLQLOH VDOH $FHVWD HVWH XQ GUHSW IXQGDPHQWDO DO FHW HDQXOXL FRQVILQ LW
FRQVWLWX LRQDO SULQ DUW  DOLQ   vQ FDUH VH VWDWXHD]  F  ÄDOHJHUHD SURIHVLHL D
PHVHULHLVDXDRFXSD LHLSUHFXPúLDORFXOXLGHPXQF HVWHOLEHU ´
'UHSWXO RFURWLW SULQ WH[WXO LQFULPLQDWRU ILLQG XQ GUHSW SHUVRQDO LQIUDF LXQHD
HVWHOLSVLW GHRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHF LLLQIUDF LXQLLDFWLYúLSDVLYVXQWQHFLUFXPVWDQ LD LGHWH[W6XELHFWXODFWLYDO
LQIUDF LXQLLSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFXSUHYHGHULOHDUW&SHQ
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLD
/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW  GLQWUR DF LXQH FDUH HVWH ILH GH
VXSXQHUH D XQHL SHUVRDQH OD SUHVWDUHD XQHL PXQFL FRQWUD YRLQ HL DFHVWHLD ILH GH
VXSXQHUHODSUHVWDUHDXQHLPXQFLREOLJDWRULL
0XQF IRU DW VDXREOLJDWRULH&RQFHSWHOHDXIRVWGHILQLWHSULQGRFXPHQWHOH
&RQYHQ LHLQUGLQSULYLQGPXQFDIRU DW VDXREOLJDWRULHODFDUH5RPkQLD
D DGHUDW vQ DQXO  ÌQ vQ HOHVXO LQVWUXPHQWXOXL MXULGLF LQWHUQD LRQDO HVWH
FRQVLGHUDW  PXQF  IRU DW  VDX REOLJDWRULH ÄRULFH PXQF  VDX VHUYLFLX SUHWLQV XQXL
LQGLYLGVXEDPHQLQ DUHDXQHLSHGHSVHRDUHFDUHúLSHQWUXFDUHQXPLWXOLQGLYLGQXVD
RIHULWGHEXQ YRLH´
3RWULYLW UHJOHPHQW ULORU PHQ LRQDWHL &RQYHQ LL FkW úL QRUPHL FXSULQVH vQ
DUWDOLQ  GLQ&RQVWLWX LD5RPkQLHLQXDXFDUDFWHUXOXQHLPXQFLREOLJDWRULL
XUP WRDUHOHDFWLYLW L


'HFUHWXOQUSXEOLFDWvQ%2IQUGLQ
 
D  DFWLYLW LOH SHQWUX vQGHSOLQLUHD vQGDWRULULORU PLOLWDUH SUHFXP úL FHOH
GHVI úXUDWHSRWULYLWOHJLLvQORFXODFHVWRUDGLQPRWLYHUHOLJLRDVHVDXGHFRQúWLLQ 
E  PXQFD XQHL SHUVRDQH FRQGDPQDWH SUHVWDW  vQ FRQGL LL QRUPDOH vQ
SHULRDGDGHGHWHQ LHVDXGHOLEHUWDWHFRQGL LRQDW 
F SUHVWD LLOHLPSXVHvQVLWXD LDFUHDW GHFDODPLW LRULGHDOWSHULFROSUHFXP
úLFHOHFDUHIDFSDUWHGLQREOLJD LLOHFLYLOHQRUPDOHVWDELOLWHGHOHJH
&RQFHSWXO GH ÄPXQF ´ vQ VHQVXO IRORVLW GH OHJLXLWRU vQ DUW  &RG SHQDO
FXSULQGHRULFHDFWLYLWDWHSUHVWDW GHLQGLYLGVXERULFHIRUP úLLQGLIHUHQWGHGXUDWD
DFHVWHLD
ÌQFHSULYHúWHH[FHS LLOHGHODSULQFLSLXOFRQVWLWX LRQDOSRWULYLWF UXLDÄPXQFD
IRU DW HVWHLQWHU]LV ´HVWHGHSUHFL]DWF DFHVWHDVXQWVWULFWGHOLPLWDWHSULQvQV úL
&RQVWLWX LH LDU SUHVWDUHD DFHORU PXQFL WUHEXLH V  ILH QHFRQGL LRQDW UHJOHPHQWDW 
SULQOHJH
'LVWLQF LD GLQWUH FHOH GRX  LSRWH]H QRUPDWLYH ± PXQF  vPSRWULYD YRLQ HL
SHUVRDQHL úL PXQF  REOLJDWRULH ± HVWH F  vQ SULPXO FD] DXWRUXO LQIUDF LXQLL
FRQVWUkQJH YLFWLPD OD SUHVWDUHD XQHL PXQFL FRQWUD YRLQ HL DFHVWHLD SH FkQG vQ DO
GRLOHD FD] YLFWLPD HVWH FRQVWUkQV  OD SUHVWDUHD XQHL PXQFL SH FDUH HD QX DUH
REOLJD LD V  R HIHFWXH]H ÌQ DPEHOH VLWXD LL DSDUH FDUDFWHUXO GH VLOQLFLH SH FDUH vO
vPEUDF SUHVWD LDVXELHFWXOXLSDVLYFDUDFWHUXOGHPXQF LPSXV 
1X YD SUH]HQWD UHOHYDQ  SHQWUX vQWUXQLUHD HOHPHQWHORU FRQVWLWXWLYH DOH
LQIUDF LXQLL PRGDOLWDWHD SULQ FDUH YLFWLPD HVWH FRQVWUkQV  OD PXQF  ± IRORVLUHD
IRU HL IL]LFH D DPHQLQ ULORU D úDQWDMXOXL HWF ± úL QLFL GDF  YLFWLPHL L VH DVLJXU 
FRQGL LL GH PXQF  RUL GH UHWULEXLUH IDYRUDELOH 'HILQLWRULX SHQWUX FD IDSWD V 
FRQVWLWXLH LQIUDF LXQH HVWH SR]L LD DWLWXGLQHD  SVLKLF  D SHUVRDQHL ID  GH PXQFD
SUHVWDW  PDL SUHFLV DEVHQ D YRLQ HL úL FRQVLP PkQWXOXL SHUVRDQHL GH D vQGHSOLQL
DFHDDFWLYLWDWH
8UPDUHD LPHGLDW  D LQIUDF LXQLL FRQVW  vQ VWDUHD GH SLHUGHUH D OLEHUW LL
SHUVRDQHL GH DúL DOHJH PXQFD DúD FXP VH JDUDQWHD]  FRQVWLWX LRQDO SRWULYLW
SUHJ WLULLúLDSWLWXGLQLORUDFHVWHLD
/HJ WXUD GH FDX]DOLWDWH 3HQWUX UHDOL]DUHD LQIUDF LXQLL HVWH QHFHVDU GH EXQ 
VHDP  D VH GRYHGL F  VXSXQHUHD OD PXQF  IRU DW  VDX REOLJDWRULH HVWH XUPDUHD
DF LXQLLVXELHFWXOXLDFWLY

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD VH FRPLWH GRDU FX LQWHQ LH vQ DPEHOH HL
PRGDOLW L
1XVXQWvQWUXQLWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLOLSVLQGYLQRY LDvQ
LSRWH]D F  DXWRUXO HVWH vQ HURDUH FX SULYLUH OD FDUDFWHUXO LOHJDO DO P VXULL GH D
VXSXQHRSHUVRDQ ODPXQF IRU DW VDXREOLJDWRULH
7H[WXOQXSUHWLQGHFDDFWLYLWDWHDVXELHFWXOXLDFWLYV ILHFDUDFWHUL]DW SULQWU
XQDQXPLWVFRSRULPRELO

)RUPH6DQF LXQL
)RUPH'HúLSRVLELOHFDUHDOLWDWHIDSWLF DFWHOHSUHSDUDWRULLúLWHQWDWLYDSULQ
YRLQ DOHJLXLWRUXOXLQXVHSHGHSVHVF
&RQVXPDUHDLQIUDF LXQLLDUHORFvQPRPHQWXOvQFHSHULLSUHVWD LHLPXQFLLI U 
YRLQ D VXELHFWXOXL SDVLY $F LXQLOH GH VXSXQHUH OD PXQF  IRU DW  VDX REOLJDWRULH
LPSOLF  GHVI úXUDUHD ORU vQ WLPS FRQIHULQG LQIUDF LXQLL XQ FDUDFWHU FRQWLQXX



79DVLOLXúLFRORSFLWYRO,S
 
(SXL]DUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH vQFHWHD]  VWDUHD GH SLHUGHUH D
OLEHUW LLODPXQF úLSHUVRDQDvúLUHFDS W OLEHUWDWHD
6DQF LXQL3HGHDSVDSHQWUXV YkUúLUHDLQIUDF LXQLLSUHY ]XW vQDUWHVWH
vQFKLVRDUHDvQWUHOXQLúLDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQGDGHODODOHL


9,2/$5($'('20,&,/,8

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL SUHY ]XW vQ DOLQ   vO FRQVWLWXLH
IDVFLFXOXOGHUHOD LLVRFLDOHUHIHULWRDUHODXQXOGLQDVSHFWHOHOLEHUW LLSHUVRDQHLúL
DQXPHODDFHODSULYLQGGUHSWXOLQGLYLGXOXLGHDDYHDXQGRPLFLOLXvQFDUHI U QLFL
RLQJHULQ V úLGHVI úRDUHYLD DVDSDUWLFXODU 
'UHSWXO OD LQYLRODELOLWDWHD GRPLFLOLXOXL úL D UHúHGLQ HL HVWH XQ GUHSW
IXQGDPHQWDO DO FHW HDQXOXL FRQVDFUDW SULQ DUW  DO &RQVWLWX LHL 5RPkQLHL (O
RFURWHúWHXQDOWDVSHFWDOYLH LLLQGLYLGXDOH±GRPLFLOLXO
ÌQ YLUWXWHD DFHVWXL GUHSW FHW HDQXO SRDWH SUHWLQGH FD QLFL R SHUVRDQ  ±
SDUWLFXODU  VDX UHSUH]HQWDQW DO DXWRULW LORU SXEOLFH ± V  QX LQWUH I U  DL GD
FRQVLP PkQWXOvQGRPLFLOLXOVDXUHúHGLQ DVDGXS FXPGDF SHUVRDQDDLQWUDWFX
FRQVLP PkQWXO V X SRDWH V L SUHWLQG  DWXQFL FkQG YRLHúWH V O S U VHDVF  GH
vQGDW  &RQVWLWX LD JDUDQWHD]  GUHSWXO LDU OHJHD SHQDO  VDQF LRQHD]  SH FHL FHO
QHVRFRWHVF
5H]XOW  SULQ XUPDUH F  LQWUDUHD YL]LWDUHD  GRPLFLOLXOXL RUL U PkQHUHD vQ
DFHVWDVHSRDWHIDFHGHSULQFLSLXGRDUSULQFRQVLP PkQWXO±H[SUHVVDXWDFLW±DO
SHUVRDQHLFDUHIRORVHúWHVSD LXO
&X WRDWH DFHVWHD &RQVWLWX LD úL XQHOH OHJL SUHY G OLPLW UL DOH H[HUFLW ULL
GUHSWXOXLIXQGDPHQWDOH[FHS LLOHGHODUHJXO SXWkQGILJUXSDWHvQGRX FDWHJRULL
D 3 WUXQGHUHD DJHQ LORU SXEOLFL vQ ORFXLQ D SHUVRDQHL GHWHUPLQDW  GH
DWLWXGLQHD LOHJDO  úL REVWUXF LRQLVW  D DFHVWHLD LSRWH]  vQ FDUH VH vQFDGUHD] 
H[HFXWDUHD XQXL PDQGDW GH DUHVWDUH H[HFXWDUHD XQHL P VXUL DVLJXU WRULL DVXSUD
EXQXULORUH[HFXWDUHDXQHLKRW UkULMXGHF WRUHúWL GHFRQILVFDUHDXQRUEXQXULVDXD
DYHULL SHUFKH]L LLOH±DSUREDWHGHPDJLVWUDW±GHVFLQGHUHDDJHQ LORUVHUYLFLLORUGH
LQIRUPD LL ± FX DXWRUL]DUHD MXGHF WRUXOXL ± vQ VIkUúLW vQ VFRSXO UHVWDELOLULL RUGLQLL
SXEOLFHRULSHQWUXSUHYHQLUHDU VSkQGLULLXQHLHSLGHPLL
E3 WUXQGHUHDRULF URUSHUVRDQH±SDUWLFXODUHVDXRILFLDOH±GHWHUPLQDW GHR
VWDUH GH QHFHVLWDWH LQFHQGLX FXWUHPXU LQXQGD LH  úL LQ VFRSXO VDOY ULL GH YLH L
RPHQHúWL EXQXUL VDX YDORUL ÌQ DFHHDúL FDWHJRULH LQWU  úL FD]XULOH vQ FDUH
S WUXQGHUHD DUH GUHSW VFRS SUHYHQLUHD úL FXUPDUHD XQHL DF LXQL LOHJDOH vQGUHSWDWH
vPSRWULYD YLH LL úL LQWHJULW LL FRUSRUDOH D XQHL SHUVRDQH VLQXFLGHUL RPRUXUL
YLROXUL RULFH IHO GH DJUHVLXQL DVXSUD FRUSXOXL SHUVRDQHL  VDX D EXQXULORU IXUWXUL
WkOK ULL 
6LWXD LLOHGHPDLVXVFDUHFRQVWLWXLHOLPLW ULOHJDOHDOHGUHSWXOXLIXQGDPHQWDO
OD LQYLRODELOLWDWHD GRPLFLOLXOXL DEVROY  WRWDO GH U VSXQGHUH SHQDO  DJHQ LL SXEOLFL
RULSHUVRDQHOHSDUWLFXODUHFDUHS WUXQG±vQFRQWUDYRLQ HLVXELHFWXOXLGHGUHSWGDU
FXUHVSHFWDUHDSUHYHGHULORUOHJDOH±vQGRPLFLOLXOXQHLSHUVRDQH
'LPSRWULY  S WUXQGHUHD XQXL LQGLYLG ± vQ DIDUD VLWXD LLORU RUGRQDWH VDX
DGPLVHGHOHJH±vQGRPLFLOLXOXQHLSHUVRDQHúLI U FRQVLP PkQWXODFHVWHLDVDX
UHIX]XO GH DO S U VL OD FHUHUHD SHUVRDQHL DO F UHL GUHSW D IRVW vQF OFDW FRQVWLWXLH


 3H ODUJ $ XFXOHDQX *DUDQ LLOH LQYLRODELOLW LL GRPLFLOLXOXL SHUFKH]L LD GRPLFLOLDU  'U QU  
S
 
LQIUDF LXQHD DQDOL]DW  vQ FRQWLQXDUH 7RW DVWIHO S WUXQGHUHD DJHQ LLORU SXEOLFL vQ
GRPLFLOLXO XQHL SHUVRDQH vQ DIDUD FD]XULORU VXVPHQ LRQDWH RUL FX QHUHVSHFWDUHD
UHJXOLORU SUHY ]XWH vQ OHJL FRQVWLWXLH LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD
LQWHUHVHORUSHUVRDQHORUSUHY ]XW vQDUW&RGSHQDO
2ELHFWXO PDWHULDO HVWH vQV úL ORFXLQ D DVXSUD F URUD HVWH SXUWDW  DF LXQHD
LOLFLW 

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  HVWH QHFLUFXPVWDQ LDW GH WH[W vQ YUHPH FH
VXELHFWXOSDVLYHVWHSHUVRDQDDOF UHLGRPLFLOLXHVWHYLRODW
ÌQ LSRWH]D SOXUDOLW LL GH VXELHF L SDVLYL GHFL DWXQFL FkQG DXWRUXO vQ FDGUXO
DFHOHLDúLDF LXQLYDW P GUHSWXOPDLPXOWRUSHUVRDQH XUP ULQGXúLVR LDSHFDUH
YRLD V  R EDW  úL FDUHVHUHIXJLDVHODXQYHFLQLQFXOSDWXOSOHFDWvQF XWDUHDHLD
S WUXQVIRU DWvPSRWULYDYRLQ HLORFDWDULORU±vQPRGVXFFHVLY±vQDSDUWDPHQWHOHD
WUHLSHUVRDQHDIODWHODDFHODúLHWDM VHV YkUúHVFWRWDWkWHDLQIUDF LXQL±vQIRUPD
FRQFXUVXOXL UHDO SUHY ]XW vQ DUW  OLW D  ± FkWH SHUVRDQH VXQW YLFWLPH DOH
IDSWHORUGHYLRODUHGHGRPLFLOLX
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLHVWHSRVLELO vQWRDWHIRUPHOHHL

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOHVWHFRQVWLWXLWDOWHUQDWLYILHGLQDF LXQHDGHDS WUXQGH
I U  GUHSW vQ ORFXLQ  ILH GLQ DF LXQHD GH D UHIX]D S U VLUHD ORFXLQ HL OD FHUHUHD
SHUVRDQHLvQGUHSW LW V RIDF 
&RQFHSWHOHFXFDUHRSHUHD] WH[WXOREOLJ ODXQHOHH[SOLFD LL
/RFXLQ (VWHORFXOvQFDUHWU LHúWHHIHFWLYRSHUVRDQ  RIDPLOLHXQJUXSGH
SHUVRDQH 
1X SUH]LQW  UHOHYDQ  vQ VHQVXO OHJLL SHQDOH GDF  DFHVW ORF HVWH LPRELO VDX
PRELO UXORW úOHS GDF HVWHVSHFLDODIHFWDWDFHVWXLVFRSRULQX JDUDMJUDMG RUL
GDF  UHSUH]LQW  R ORFXLQ  SHUPDQHQW  VDX SDVDJHU  FXúHWD YDJRQXOXL GH GRUPLW
FDPHUD vQFKLULDW  vQWUXQ PRWHO  &HULQ D FRQFHSWXOXL SHQDO GH ORFXLQ  HVWH FD
DFHDVWDV ILHIRORVLW GHRSHUVRDQ 
ÌQ OHJ WXU  FX DFHDVW  FHULQ  HVWH GH SUHFL]DW F  IRORVLQ D WUHEXLH V  ILH
OHJLWLP  ± OHJHD SURWHMHD]  GRDU SRVHVRUXO GH EXQ  FUHGLQ  ± úL OLEHU  ± OHJHD
RFURWHúWH OLEHUWDWHD GRPLFLOLXOXL úL QX REOLJDWLYLWDWHD ORFXLULL FD XUPDUH D XQHL
VLWXD LLMXULGLFH±GH LQX L±PHGLFDOH±EROQDYL±RULVRFLDOH±WLQHULvQH[HFXWDUHD
VHUYLFLXOXLPLOLWDU
ÌQF SHUH&RQFHSWXODUHvQYHGHUHDFHOVSD LXGHOLPLWDWGLQWURFRQVWUXF LHFX
IXQF LHGHORFXLQ úLFDUHHVWHIRORVLWHIHFWLYFDORFXLQ GHF WUHRSHUVRDQ VDX
PDLPXOWHSHUVRDQH6 YkUúHúWHGHFLLQIUDF LXQHDGHYLRODUHGHGRPLFLOLXSHUVRDQD
FDUHGHúLORFXLHúWHvQDFHODúLDSDUWDPHQWVDXFDV vQFDUHHVWHvQFRUSRUDW vQF SHUHD
GH LQXW  GH R DOW  SHUVRDQ  S WUXQGH vQ DFHD vQF SHUH I U  FRQVLP PkQWXO
WLWXODUXOXLGUHSWXOXLGHIRORVLQ RULUHIX] V RS U VHDVF ODVRPD LDDFHVWXLD
'HSHQGLQ H &RQFHSWXO DUH vQ YHGHUH ORFXULOH FDUH VXQW vQWUR UHOD LH GH
GHSHQGHQ  FX ORFXLQ D FDUH VXQW XQ DFFHVRULX úL FRPSOHWHD]  IRORVLUHD DFHVWRUD


70%'HFQU&-3-S

93DSDGRSROQRW OD'HFQUS

7M&RQVWDQ D'HFQU'UQUS

7M0XUHú'HFQU5,S

79DVLOLX*$QWRQLX&RGXOSHQDO±FRPHQWDWúLDGQRWDWHGFLWYRO,S
 
EXF W ULHSRGPDJD]LHHWF 6DH[SULPDWRSLQLDSRWULYLWF UHLDúLVSD LLOHFRPXQH
DOH XQXL LPRELO WHUDVD VFDUD KROXULOH  FRQVWLWXLH GHSHQGLQ H GDU vQ S UHUHD
QRDVWU DFHVWHDH[FHGFRQFHSWXOXLSHQDO
/RFvPSUHMPXLW(VWHRULFHORFFDUHDSDU LQHORFXLQ HLGHOLPLWDWGHYHFLQ W L
SULQWURvQJU GLUH vPSUHMPXLUH 
3 WUXQGHUHI U GUHSWvQRULFHPRGvQORFXLQ 
) U GUHSWÌQVHDPQ I U GUHSWXOGHDIRORVLDFHOVSD LX6XQWGHFLvQGUHSWD
LQWUDvQORFXLQ SHUVRDQHOHFDUHOHIRORVHVFOHJLWLPSHUVRDQHOHDJUHDWHGHDFHVWHD
SUHFXPúLSHUVRDQHOH±RILFLDOHúLSDUWLFXODUH±vQFRQGL LLOHRUGRQDWHRULDGPLVHGH
OHJH
ÌQ RULFH PRG 3ULQ DFHDVW  VLQWDJP  DEVROXW SHUPLVLY  VH GHVFKLGH
SRVLELOLWDWHD UHSULP ULL RULF UHL DF LXQL GH S WUXQGHUH vQWUXQ GRPLFLOLX LQGLIHUHQW
VXEFHIRUP HVWHHDUHDOL]DW FXúWLLQ D vQSUH]HQ D SHUVRDQHLvQDF UHLORFXLQ 
VH LQWU  ± IRORVLQGXVH FRQVWUkQJHUHD IL]LF  VDX SVLKLF  DP JLUHD HWF ± RUL I U 
úWLLQ D I U SUH]HQ D DFHOHLSHUVRDQH±SULQHIUDF LHVDXHVFDODGDUHSULQIRORVLUHGH
FKHLPLQFLQRDVHHWF
&RQVLP PkQWXOSHUVRDQHLSHQWUXDSXWHDLQWUDRULU PkQHvQORFXLQ $FHVW
DFRUG DSUREDUH WUHEXLHV ILHH[SULPDWGHRSHUVRDQ UHVSRQVDELO úLvQGUHSW LW 
D SHUPLWH RUL D LQWHU]LFH DFFHVXO VDX U PkQHUHD vQ ORFXLQ  VDX VHGLX ÌQ SULPD
LSRWH]  D LQWHU]LFHULL LQWU ULL vQ ORFXLQ  D LQWUXVXOXL SHUVRDQD vQGULWXLW  SRDWH
H[SULPD vQ RULFH PRG DFHVW UHIX] SULQ YLX JUDL VDX VHPQH SULQ vQFKLGHUHD
RVWHQWDWLY DXúLLHWF ÌQFHDGHDGRXDLSRWH] SHUVRDQDvQDOF UHLGRPLFLOLXVD
LQWUDWYDWUHEXLV úLH[SULPHH[SUHVGH]DFRUGXOFDLQWUXVXOV U PkQ vQDFHOVSD LX
DGLF V LSUHWLQG DFHVWXLDV S U VHDVF LPRELOXO
ÌQ DOLQ   DO WH[WXOXL DX IRVW SUHY ]XWH PRGDOLW LOH QRUPDWLYH DJUDYDWH DOH
LQIUDF LXQLL úL DQXPH FkQG IDSWD HVWH V YkUúLW  D  GH R SHUVRDQ  vQDUPDW  E  GH
GRX VDXPDLPXOWHSHUVRDQHvPSUHXQ F vQWLPSXOQRS LLVDXG SULQIRORVLUHDGH
FDOLW LPLQFLQRDVH
3HUVRDQ vQDUPDW $VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDGHOLSVLUH
GHOLEHUWDWHvQPRGLOHJDO
ÌQWLPSXOQRS LL$FHDVW VLWXD LHHVWHGHQDWXU DDJUDYDIDSWDGHRDUHFHSH
GHRSDUWHI SWXLWRUXOúWLLQGXVHODDG SRVWXOvQWXQHULFXOXLYDDF LRQDFXXQSOXV
GH DSORPE LDU SH GH DOW  SDUWH YLFWLPD GLQ DFHHDúL FDX]  VH YD vPSRWULYL PDL
SX LQFXUDMRVúLGHFLHILFLHQWDF LXQLLLOLFLWHDI SWXLWRUXOXL
Ä7LPSXOQRS LL´QXSRDWHILSUHGHWHUPLQDWSULQOHJHvQWUXFkWHOGLIHU GHOD
DQRWLPSODDQRWLPSGHSR]L LDJHRJUDILF GHRUDODFDUHVHFRPLWHIDSWD(VHQ LDO
SHQWUXVWDELOLUHDDFHVWHLVLWXD LXQLGHIDSWHVWHLQVWDODUHDvQWXQHULFXOXL
(VWH OLSVLW GH UHOHYDQ  F  vQ LQWHUYDOXO UHVSHFWLY GH ÄWLPS´ ORFXLQ D vQ
PRPHQWXOFRPLWHULLIDSWHLHUDELQHLOXPLQDW DUWLILFLDOvQH[WHULRUVDXvQLQWHULRU
)RORVLUHDGHFDOLW LPLQFLQRDVH6LQWDJPDFDOLW LPLQFLQRDVHHVWHPDLODUJ 
vQ FRQ LQXW GHFkW DFHHD H[DPLQDW  OD LQIUDF LXQHD GH OLSVLUH GH OLEHUWDWH vQ PRG
LOHJDO XQGH VLPXODUHD VH UHIHUHD GRDU OD ÄFDOLW L RILFLDOH´ ([SUHVLD ÄFDOLW L


,ELGHPS2/RJKLQ77RDGHURSFLWS

 76 'HF QU  LELGHP S  ÌQ DFHODúL VHQV 70% 'HF QU  &3-3 
S

Ä5H]XOW DúDGDUF RLQIUDF LXQHVHFRQVLGHU V YkUúLW GHRSHUVRDQ vQDUPDW vQFD]XOvQFDUHDXWRUXOD
DYXWDVXSUDVDQXQXPDLRDUP VSHFLDOFRQIHF LRQDW FLúLRULFHDOWGLVSR]LWLYRELHFWVDXLQVWUXPHQWGDF DFHVWDD
IRVWvQWUHEXLQ DWGUHSWDUP ODFRPLWHUHDIDSWHLÌQFRQVHFLQ IDSWDXQHLSHUVRDQHGHDILS WUXQVI U GUHSWvQWUR
ORFXLQ  I U  FRQVLP PkQWXO FHOXL FDUH R IRORVHúWH vQDUPDW  FXXQFX LWSHFDUHDúLIRORVLWvQDFWLYLWDWHDVD
DJUHVLY  FRQVWLWXLH LQIUDF LXQHD GH YLRODUH GH GRPLFLOLX vQ IRUPD DJUDYDW  SUHY ]XW  vQ DUW  DOLQ  
&RGSHQDO´±76'HFQU5,,S

7M,OIRY'HFQULELGHPS
 
PLQFLQRDVH´ DEVRDUEH LQFOXGH  úL SH DFHHD GH ÄFDOLW L RILFLDOH´ 3ULQ XUPDUH vQ
DFHVW FD] DXWRUXO vúL SRDWH GD FDOLWDWHD ± HYLGHQW QHUHDO  ± GH SULHWHQ DO XQXL
PHPEUXDOIDPLOLHLPHVDJHUDOXQHLFXQRúWLQ HHWF
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL GH QHVRFRWLUH D OLEHUW LL
SHUVRDQHL GH D IRORVL QHVWLQJKHULW GRPLFLOLXO VWDUH PDWHULDOL]DW  ILH SULQ
S WUXQGHUHD I U  GUHSW vQ DFHO VSD LX ILH SULQ UHIX]XO GH DO S U VL OD FHUHUHD
SHUVRDQHLDOF UHLGUHSWHVWHvQF OFDW
/HJ WXUD GH FDX]DOLWDWH HVWH IDFLO GH VWDELOLW HD UH]XOWkQG GLQ FRQVWDWDUHD
VW ULLGHYLRODUHDOLEHUW LLSHUVRDQHLVXEDFHVWDVSHFW
 
/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD VH V YkUúHúWH FX LQWHQ LH vQ DPEHOH
PRGDOLW L±GLUHFW úLLQGLUHFW )DSWHOHFRPLVHGDWRULW XQHLHURULGHIDSWRULGLQ
FXOS QXLQWU VXELQFLGHQ DOHJLLSHQDOH
7H[WXOLQFULPLQDWRUQXFHUHH[LVWHQ DXQXLDQXPLWVFRSVDXPRELO

)RUPH6DQF LXQL
)RUPH $FWHOH GH SUHJ WLUH úL WHQWDWLYD VXQW SRVLELOH GDU HOH QX VXQW
VDQF LRQDWHGHWH[W
&RQVXPDUHD LQIUDF LXQLL HVWH LQVWDQWDQHH úL HD LQWHUYLQH vQ PRPHQWXO
S WUXQGHULLvQORFXLQ RULvQPRPHQWXOH[SULP ULLUHIX]XOXLGHDS U VLDFHOLPRELO
6DQF LXQL ÌQ YDULDQWD VD WLS ± DOLQ   ± LQIUDF LXQHD HVWH VDQF LRQDW  FX
vQFKLVRDUHGHODOXQLODDQL
ÌQYDULDQWDDJUDYDW SHGHDSVDHVWHvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  vQ DPEHOH LSRWH]H GH LQFULPLQDUH FX
DPHQG GHODODOHL


$0(1,1 $5($

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH UHIHULWRDUH OD OLEHUWDWHD
SVLKLF  PRUDO DSHUVRDQHL$PHQLQ DUHDDGUHVDW XQHLSHUVRDQHHVWHGHQDWXU DL
DIHFWD WXOEXUD  VHQWLPHQWXO GH VHFXULWDWH ± UHVWUkQJkQGXL DVWIHO GUHSWXO OD
OLEHUWDWHDSVLKLF ±úLWRWRGDW GHDLLQIOXHQ DFRQGXLWD±GDWRULW WHPHULLFDUHR
PDUFKHD] ±FHHDFHVHYDU VIUkQJHQHJDWLYDVXSUDSDUWLFLS ULLHLODYLD DVRFLDO 
,QIUDF LXQHDHVWHOLSVLW GHRELHFWPDWHULDODLGRPDWXWXURULQIUDF LXQLORUSULQ
FDUHVHYLROHD] XQGUHSWSHUVRQDO

6XELHF LLLQIUDF LXQLL
6XELHF LLDFWLYQHPLMORFLW DXWRU úLSDVLYQXVXQWGHWHUPLQD LSULQWH[W
ÌQFD]XOvQFDUHSHUVRDQDF UHLDLVHDGUHVHD] DPHQLQ DUHDHVWHLQFDSDELO V 
RSHUFHDS  VXUG RDUE RULV vQ HOHDJ VHPQLILFD LDDFHVWHLD QHYkUVWQLFDOLHQDW
PLQWDOvQVWDUHSURIXQG GHEH LH QXYDH[LVWDLQIUDF LXQHDSUHY ]XW vQDUW
GHRDUHFHSHUVRDQHOHvQWURDWDUHVWDUHQXUHVLPWHIHFWXOSVLKLFDODPHQLQ ULLúLGHFL
IDSWDQXHVWHGHQDWXU DOHSDQLFDDOHDIHFWDVHQWLPHQWXOGHVHFXULWDWH 
ÌQLSRWH]DDPHQLQ ULLDGUHVDWHXQXLJUXSGHSHUVRDQHYRUILWRWDWk LDVXELHF L
SDVLYLúLWRWDWkWHDLQIUDF LXQLFkWHSHUVRDQHDOF WXLDXJUXSXO
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
 
/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOHVWHFRQVWLWXLWGLQWURDF LXQHSULQFDUHVHWUDQVPLWHXQHL
SHUVRDQH WHPHUHD GHVSUH SURGXFHUHD XQXL U X ILH SULQ V YkUúLUHD XQHL LQIUDF LXQL
ILHSULQSURYRFDUHDXQHLSDJXEH
7UDQVPLWHUHDDPHQLQ ULLSRDWHvPEU FDIHOXULWHIRUPHRUDOVDXvQVFULVSULQ
VHPQHJUDILFHVLPEROLFH FUXFHVSkQ]XU WRDUHPRUPkQW SULQJHVWXULVDXDFWHFX
vQ HOHV XQLYRF DU WDUHD XQXL FX LW VDX D XQXL OD  ± vQVR LW  VDX QX GH DPHQLQ UL
YHUEDOH±DSURSLHUHDGHJkWXOVDXSLHSWXOYLFWLPHLDODPHLFX LWXOXLRULD HYLLXQHL
DUPH  'H DVHPHQHD PRGDOLW LOH GH WUDQVPLWHUH SRW IL GLIHULWH GLUHFW  DGUHVDW 
QHPLMORFLW YLFWLPHL  VDX LQGLUHFW  SULQWUR VFULVRDUH SULQWUR FDVHW  DXGLR
LPSULPDW H[SOLFLW VDXLPSOLFLW 
3HQWUXDDYHDUH]RQDQ SHQDO IDSWDGHDPHQLQ DUHWUHEXLHV vQGHSOLQHDVF 
XQHOHFHULQ H
 FRQ LQXWXOúLWUDQVPLWHUHDDPHQLQ ULLV DLE XQFDUDFWHUVHULRVSHQWUXD
DYHDDSWLWXGLQHDV SURYRDFHHIHFWXOLQWLPLGDQW DPHQLQ DUHDVXEIRUP GHJOXP 
QXVDWLVIDFHDFHDVW FHULQ 
 FRQ LQXWXODPHQLQ ULLV ILHRELHFWLYDODUPDQWSHQWUXYLFWLP  QXYDDYHD
DFHVWFDUDFWHUDPHQLQ DUHDFXGHFODQúDUHDXQRUIRU HVXSUDQDWXUDOH 
 U XODF UXLLPLQHQW SURGXFHUHHVWHDQXQ DWV ILHLQMXVWQHOHJLWLP QXYD
vQGHSOLQL FHULQ D DFHD DPHQLQ DUH FX GHQXQ DUHD SHUVRDQHL SHQWUX V YkUúLUHD XQHL
LQIUDF LXQL RUL DF LRQDUHD vQ MXGHFDW  SHQWUX VROX LRQDUHD XQXL GLIHUHQG VDX FX
LQIRUPDUHD FRQGXFHULL LQVWLWX LHL XQGH HVWH DQJDMDW  SHUVRDQD vQ OHJ WXU  FX R
DQXPLW FRQGXLW DDFHVWHLD 
8UPDUHD LPHGLDW  FRQVW  vQWUR VWDUH GH SDQLF  QHOLQLúWH DODUPDUH  FUHDW 
YLFWLPHLSULQWHPHUHDLQVSLUDW GHDF LXQHDFXFDUHDIRVWDYHUWL]DW 
/HJ WXUD GH FDX]DOLWDWH 3HQWUX D IL UHDOL]DW  LQIUDF LXQHD HVWH QHFHVDU D VH
VWDELOL F  DF LXQHD DXWRUXOXL IDSWHL D IRVW GH QDWXU  D SURYRFD YLFWLPHL VWDUHD GH
QHOLQLúWH GHVSDLP 

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHQXPDLFXLQWHQ LHvQDPEHOHHL
PRGDOLW L±GLUHFW VDXLQGLUHFW  
$PHQLQ DUHD GLQ JOXP  QX LQWU  VXE LQFLGHQ D OHJLL SHQDOH úL QLFL JUHúLWD
HYDOXDUH FXOS  D FRQVHFLQ HORU SH FDUH OHDU SXWHD DYHD FXYLQWHOH URVWLWH DVXSUD
XQHLSHUVRDQHKLSHUVHQVLELOHVDXKLSHUHPRWLYH
7H[WXOQXSUHWLQGHSHQWUXUHDOL]DUHDLQIUDF LXQLLH[LVWHQ DXQXLDQXPLWVFRS
RULDXQXLDQXPHPRELO

)RUPH6DQF LXQL
)RUPH'HúLSRVLELOHDFWHOHSUHSDUDWRULLúLWHQWDWLYDQXVXQWVDQF LRQDWHGH
WH[W
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH YLFWLPD D SHUFHSXW
DPHQLQ DUHDúLVDSURGXVVWDUHDGHQHOLQLúWHGHWHPHUH
6DQF LXQL ,QIUDF LXQHD HVWH VDQF LRQDW  FX vQFKLVRDUH GH OD  OXQL OD XQ DQ
VDXFXDPHQG I U FDSHGHDSVDDSOLFDW V SRDW GHS úLVDQF LXQHDSUHY ]XW GH
OHJHSHQWUXLQIUDF LXQHDFDUHDIRUPDWRELHFWXODPHQLQ ULL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL




76'HFQU5,,S

79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWYRO,S
 
ù$17$-8/

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRPSOH[HOILLQGFRQVWLWXLWvQWRWGHDXQDDWkWGLQ
UHOD LLOH VRFLDOH SULYLWRDUH OD OLEHUWDWHD SVLKLF  PRUDO  D SHUVRDQHL ± OLEHUWDWH
vQJU GLW SULQREOLJDUHDSHUVRDQHLGHDGDDIDFHDQXIDFHRULDVXIHULFHYD±FkW
úL GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD SURSULHWDWHD SULYDW  RUL GXS  FD] OD FHOH
SULYLQG DOWH YDORUL VRFLDOH FH DU IL OH]DWH SULQ DF LXQHD I SWXLWRUXOXL IDPLOLDOH
SURIHVLRQDOH 
,QIUDF LXQHDGHúDQWDMHVWHOLSVLW vQSULQFLSLXGHRELHFWPDWHULDOFDODRULFH
IDSW  SHQDO  FH DIHFWHD]  XQ GUHSW SHUVRQDO ÌQ FD]XULOH vQV  vQ FDUH DF LXQHD HVWH
SXUWDW  SULQ YLROHQ  GH F WUH I SWXLWRU RELHFWXO PDWHULDO YD IL FRUSXO SHUVRDQHL
DJUHVDWH IL]LF VDX EXQXULOH PDWHULDOH DVXSUD F URUD VD DF LRQDW SULQ OXDUH SULQ
GLVWUXJHUHHWF 

6XELHF LLLQIUDF LXQLL
6XELHF LL DFWLY QHPLMORFLW DXWRU  úL SDVLY DL LQIUDF LXQLL QX VXQW FDOLILFD L GH
WH[WGHFLHLSRWILRULFDUHSHUVRDQ 
ÌQVLWXD LDvQFDUHVXQWPDLPXOWHYLFWLPHDOHXQHLDF LXQLXQLFHGHúDQWDMYRU
H[LVWDWRWDWkWHDLQIUDF LXQLFk LVXELHF LSDVLYLDXVXSRUWDWDF LXQHDGHFRQVWUkQJHUH
vQWUHSULQV GHI SWXLWRU
6XELHFWXO DFWLY SRDWH IL úL SHUVRDQD MXULGLF  SRWULYLW SUHYHGHULORU DUW 
&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHRDF LXQHGHFRQVWUkQJHUHH[HUFLWDW 
D SULQYLROHQ VDXúLE SULQDPHQLQ DUH
$FWHOH GH YLROHQ  DUW  &RG SHQDO  úL FHOH GH DPHQLQ DUH DUW 
&RGSHQDO VXQWDEVRUELWHvQODWXUDRELHFWLY DLQIUDF LXQLLGHúDQWDMÌQLSRWH]DvQV 
F  SULQ DFWHOH GH YLROHQ  YLFWLPD D VXIHULW R Y W PDUH JUDY  VDX IRDUWH JUDY  D
LQWHJULW LL FRUSRUDOH VDX V Q W LL LQIUDF LXQHD GH úDQWDM YD IL XUP ULW  úL
VDQF LRQDW  vQ FRQFXUV FX DFHHD SUHY ]XW  GH DUW  &RG SHQDO GXS  FD] GH
DUW&RGSHQDO
$QDOL]DHOHPHQWXOXLPDWHULDOIDFHQHFHVDU XQHOHH[SOLFD LL
&RQVWUkQJHUH&RQFHSWXOGHVHPQHD] DF LXQHDSULQFDUHRSHUVRDQ HVWHVLOLW 
REOLJDW IRU DW V IDF RULV QXIDF FHYDvQFRQWUDLQWHUHVHORUúLYRLQ HLVDOHÌQ
DEVHQ DDF LXQLLRSULPDWRDUHDDXWRUXOXLúDQWDMXOXLSHUVRDQDúDQWDMDW QXDUDGRSWD
DWLWXGLQHDFHLVHSUHWLQGH
3HQWUX FD DF LXQHD GH FRQVWUkQJHUH V  DLE  VHPQLILFD LD SHQDO  DWULEXLW  GH
WH[W DFHDVWD WUHEXLH V  vQGHSOLQHDVF  GRX  FHULQ H SH GH R SDUWH V  ILH DSW  D
SURGXFHYLFWLPHLRVWDUHGHWHPHUH GHQHOLQLúWH ±LQGLIHUHQWGDF VWDUHDDúLIRVW
LQGXV  DFHVWHLD ± LDU SH GH DOW  SDUWH V  ILH vQWUHSULQV  vQ VFRSXO GHWHUPLQ ULL
YLFWLPHLGHDDGRSWDRDQXPLW FRQGXLW  V GHDV IDF V QXIDF RULV VXIHUH
FHYD 
9LROHQ D([SULP PDQLIHVW ULOHIL]LFHGHRULFHQDWXU H[HUFLWDWHSULQRULFDUH
PRGDOLW L DVXSUD SHUVRDQHL VDX DVXSUD EXQXULORU PDWHULDOH DOH DFHVWHLD
0DQLIHVW ULOH YLROHQWH SURGXF WRDUH GH VXIHULQ H IL]LFH RUL SVLKLFH VXQW FHOH
H[DPLQDWHODDUW
$PHQLQ DUHD HVWH DúD FXP VD DU WDW OD DUW  DFHD vQúWLLQ DUH FX
SURGXFHUHD XQXL U X SULQ V YkUúLUHD XQHL LQIUDF LXQL RUL SURYRFDUHD XQHL SDJXEH
 
vQúWLLQ DUH VXVFHSWLELO  DL SURYRFD YLFWLPHL R VWDUH GH WHPHUH $F LXQHD GH
DPHQLQ DUH FX SURGXFHUHD U XOXL HVWH DGUHVDW  GLUHFW YLFWLPHL vQ PRGDOLWDWHD
SUHY ]XW  vQ DOLQ   DO DUW  &RG SHQDO GDU HD SRDWH IL DGUHVDW  GLUHFW VDX
LQGLUHFW YLFWLPHL HVWH YL]DW VR XO VDX HVWH YL]DW  R UXG  DSURSLDW  vQ PRGDOLWDWHD
SUHY ]XW vQDOLQ  FD]vQFDUHÄU XO´FRQVW vQGDUHDvQYLOHDJDXQRUIDSWHUHDOH
VDXLPDJLQDUHGHQDWXU DFRPSURPLWHXQDVDXPDLPXOWHGLQWUHSHUVRDQHOHYL]DWH
6 GHDFHYD6LQWDJPDDUHvQ HOHVXOGHUHPLWHUHYLFWLPDDXWRGHSRVHGkQGXVH
SULQ OXDUHD GH OD VLQH úL GDUHD D ÄFHYD´ DOWHL SHUVRDQH ± GDUHD GH EDQL EXQXUL
GRFXPHQWHHWF
6 IDF FHYD6HvQ HOHJHF YLFWLPDHVWHFRQVWUkQV ODXQDFWFRPLVLY±ODD
SUHVWDRDFWLYLWDWHDPHUJHODRvQWUXQLUHDvQWUHUXSHOHJ WXULOHFXDOW SHUVRDQ D
DGRSWDRDQXPLW SR]L LHSXEOLF DIDFHRGHFODUD LHHWF
6 QXIDF FHYDÌQDFHVWFD]YLFWLPDHVWHFRQVWUkQV ODXQDFWRPLVLYDGLF L
VHSUHWLQGHDVHDE LQHGHODDIDFHFHYDFDUHI U GHDF LXQHDDXWRUXOXLHDODUIL
I FXW± UHYHUVXODF LXQLORUID GHDF LXQLOHGHWLSXOFHORUH[HPSOLILFDWHODLSRWH]D
DQWHULRDU 
6 VXIHUHFHYD6HvQ HOHJHF YLFWLPDvQDFHVWFD]HVWHREOLJDW DVXSRUWDXQ
SUHMXGLFLXLQGLIHUHQWGHQDWXUDDFHVWXLD
)RORV&RQFHSWXOSHQDODUHvQ HOHVXOGHDYDQWDM FkúWLJ GHRUGLQPDWHULDOVDX
PRUDO RE LQHUHDXQXLEXQDXQHLUHFRPDQG ULGHVHUYLFLXHWF 
,QMXVW 7H[WXO LQFULPLQDWRU SUHYHGH F  DF LXQHD GH FRQVWUkQJHUH D XQHL
SHUVRDQHÄHVWHFRPLV VSUHDGREkQGLXQIRORVLQMXVW´
$FHDVW  FHULQ  OHJDO  D IRVW LQWHUSUHWDW  GH XQLL DXWRUL vQ VHQVXO F  SULQ
GREkQGLUHDLQMXVW DIRORVXOXLWUHEXLHvQ HOHVF YLFWLPDQXGDWRUDFXLYDDFHOIRORV
F  HD QX DYHD REOLJD LD GH DL SXQH OD GLVSR]L LH DFHO IRORV ,Q DFHDVW  OLQLH GH
JkQGLUHQXFRQVWLWXLHLQIUDF LXQHDGHúDQWDMIDSWDGHDFRQVWUkQJHYLFWLPDSHQWUXD
UHPLWH DVWIHO DXWRUXOXL IRORVXO SH FDUH DFHVWD vO GDWRUD GH SLOG  YLFWLPD vQWkU]LD
UHVWLWXLUHDXQHLVXPHvPSUXPXWDWHLDUvPSUXPXW WRUXOSHQWUXDGHWHUPLQDYLFWLPD
V úL DFKLWH GDWRULD H[HUFLW  DFWH GH FRQVWUkQJHUH IL]LF  VDX SVLKLF  ± vPSRWULYD
DFHVWHLD 
$O L DXWRUL DX FRQVLGHUDW vQV  F  HVWH UHDOL]DW  FHULQ D OHJDO  ± úL GHFL
VXE]LVW LQIUDF LXQHDGHúDQWDM±DWkWvQFD]XOvQFDUHIRORVXOGREkQGLWGHDXWRUHVWH
LQMXVW QHGDWRUDW GH YLFWLP  FkW úL vQ VLWXD LD FkQG IRORVXO HVWH MXVW GDWRUDW GH
YLFWLP GDUDIRVWGREkQGLWSULQPLMORDFHLQMXVWH QHSHUPLVH GHRDUHFHFDUDFWHUXO
ÄLQMXVW´VHUHIHU GHRSRWULY ODÄIRORV´úLODÄPRGXOGHGREkQGLUH´
(VWHLUHOHYDQWSHQWUXUHDOL]DUHDLQIUDF LXQLLGDF vQXUPDXQHLDF LXQLSXUWDWH
SULQYLROHQ VDXDPHQLQ DUHYLFWLPDDFHGDWFRQVWUkQJHULLH[HUFLWDWHDVXSUDVDúLD
DGRSWDWFRQGXLWDSUHWLQV GHI SWXLWRU6XQWHPGHFLvQSUH]HQ DXQHLLQIUDF LXQLGH
SHULFROúLQXGHUH]XOWDW
,QIUDF LXQHD GH úDQWDM HVWH PDL JUDY  vQ LSRWH]D F  DPHQLQ DUHD FRQVW  vQ
GH]Y OXLUHD XQRU IDSWH UHDOH RUL LPDJLQDWH GH QDWXU  D FRPSURPLWH SHUVRDQD
DPHQLQ DW RULVR XOVDXRUXG DSURSLDW DFHVWHLD
8UPDUHDLPHGLDW FRQVW vQFUHDUHDXQHLVW ULGHWHPHUHYLFWLPHLSUHVLXQHD
SVLKLF  H[HUFLWDW  DVXSUD DFHVWHLD SXQkQGR vQ ID D DOWHUQDWLYHL GH D VDWLVIDFH
SUHWHQ LLOH H[SULPDWH GH DXWRUXO LQIUDF LXQLL RUL GH D VXSRUWD FRQVHFLQ HOH IL]LFH
PRUDOHRULPDWHULDOHGHFDUHDIRVWDYL]DW 


7M*DOD L'HFQU3-3YRO,,,S

7M0XUHú'HFQULELGHPS

79DVLOLXúLFRO&RGXOSHQDODGQRWDWúLFRPHQWDWHGFLWYRO,S

2/RJKLQ$)LOLSDúRSFLWS2/RJKLQ77RDGHURSFLWS*K'LDFRQHVFX,QIUDF LXQLOHvQ
&RGXOSHQDOURPkQ(GLWXUD2VFDU3ULQW%XFXUHúWLS
 
3HQWUX vQWUHJLUHD ODWXULL RELHFWLYH HVWH QHFHVDU D VH GHPRQVWUD F  vQWUH
DF LXQHDI SWXLWRUXOXLúLYLUWXDOLWDWHDVW ULLGHWHPHUHDYLFWLPHLH[LVW ROHJ WXU GH
FDX]DOLWDWH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDVHV YkUúHúWHH[FOXVLYFXLQWHQ LHGLUHFW 
8UP ULQG DWLQJHUHD XQXL VFRS ± FDUH HVWH GREkQGLUHD IRORVXOXL LOLFLW ± DXWRUXO
LQIUDF LXQLL XUP UHúWH LPSOLFLW úL SURGXFHUHD FRQVHFLQ HORU IDSWHL VDOH DWLWXGLQH
FDUDFWHULVWLF LQWHQ LHLvQIRUPDHLGLUHFW úLFDOLILFDW 
8QLL DXWRUL FRQVLGHU  vQV  F  LQIUDF LXQHD SRDWH IL V YkUúLW  DWkW FX LQWHQ LH
GLUHFW FkWúLFXLQWHQ LHLQGLUHFW  

)RUPH6DQF LXQL
)RUPH3ULQDF LXQLOHVSHFLILFHIDSWHLDQDOL]DWH GHSLOG UHGDFWDUHDVFULVRULL
FDUH FRQ LQH DPHQLQ DUHD úL SUHWLQGHUHD IRORVXOXL SUHJ WLUHD PLMORDFHORU QHFHVDUH
LQFHQGLHULL FDVHL YLFWLPHL SHQWUX HYHQWXDOLWDWHD F  DFHDVWD QX VH YD FRQIRUPD
SUHWHQ LLORU IRUPXODWH HWF  LQIUDF LXQHD GH úDQWDM HVWH VXVFHSWLELO  GH IRUPH
LPSHUIHFWH ± DFWH SUHSDUDWRULL úL WHQWDWLY  ± GDU DFHVWHD QX VXQW VDQF LRQDWH GH
WH[W
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO DSDUL LHL XUP ULL LPHGLDWH
LQGLIHUHQWGDF YLFWLPDDUH]LVWDWVDXQXDF LXQLLGHFRQVWUkQJHUHúLGHFLGDF VD
VXSXVSUHWHQ LLORUI SWXLWRUXOXLGHDGDDIDFHDQXIDFHRULDVXIHULFHYD
6DQF LXQL/DPRGDOLWDWHDVLPSO  WLS DLQIUDF LXQLGHúDQWDMWH[WXOSUHYHGH
SHGHDSVDvQFKLVRULLGHODOXQLODDQL
0RGDOLWDWHD DJUDYDW  HVWH ILQDOL]DW  SULQWUR VDQF LXQH PDL VHYHU  UHVSHFWLY
SHGHDSVDvQFKLVRULLGHODODDQL
3HUVRDQD MXULGLF  vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD]  FX
DPHQG GHODODOHL


9,2/$5($6(&5(78/8,&25(6321'(1 (,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH UHOD LLOH VRFLDOH SULYLWRDUH OD OLEHUWDWHD
SHUVRDQHL GH D FRPXQLFD SULQ FRUHVSRQGHQ  OD DG SRVWXO RULF URU LQGLVFUH LL VDX
LPL[WLXQL DOH XQRU SHUVRDQH ÄSDUWLFXODUH´ VDX ÄRILFLDOH´ $FHVWH UHOD LL SRW IL JUDY
DIHFWDWH vQ DEVHQ D VLJXUDQ HL VHFUHWXOXL FRUHVSRQGHQ HL vQ SURFHVXO WUDQVPLWHULL
FLUFXOD LHLSULPLULLúLFRQVHUY ULLFRUHVSRQGHQ HL
'UHSWXOODVHFUHWXOFRUHVSRQGHQ HLHVWHXQGUHSWIXQGDPHQWDODOFHW HDQXOXL
FRQVILQ LW vQ DUW  GLQ &RQVWLWX LD 5RPkQLHL DOH F UXL GLVSR]L LXQL VWDWXHD]  F 
ÄVHFUHWXO VFULVRULORU DO WHOHJUDPHORU DO DOWRU WULPLWHUL SRúWDOH úL DO FHORUODOWH
PLMORDFHOHJDOHGHFRPXQLFDUHHVWHLQYLRODELO´
$FHVW GUHSW HVWH DEVROXW vQ UDSRUW FX WRDWH FHOHODOWH SHUVRDQH IL]LFH FX DOWH
FXYLQWHOHJHDQXSUHYHGHQLFLRVLWXD LHFDUHV OHJLWLPH]HDF LXQHDXQXLLQGLYLGGH
D YLROD VHFUHWXO FRUHVSRQGHQ HL DOWXL LQGLYLG 7HRULD úL SUDFWLFD MXGLFLDU  SHQDO 
DGPLW vQV  XQHOH GHURJ UL GH OD DFHVW SRVWXODW GHURJ UL L]YRUkWH GLQWUR UHDOLVW 
LQWHUSUHWDUH D UHOD LLORU LQWHUSHUVRQDOH úL D HIHFWHORU DFHVWRUD ÌQ UDSRUWXULOH FX



2/RJKLQ77RDGHURSFLWS*K'LDFRQHVFXRSFLWS

9'RQJRUR]úLFRORSFLWYRO,,,S

79DVLOLXúLFRORSFLWS
 
DXWRULW LOH SXEOLFH GUHSWXO OD VHFUHWXO FRUHVSRQGHQ HL HVWH UHODWLY OLPLW ULOH OXL
DS UkQGH[SUHVSUHY ]XWHGHOHJHDúDFXPVHYDYHGHDvQFRQWLQXDUH
&X WRDWH F  HVWH vQGUHSWDW  vPSRWULYD XQXL GUHSW SHUVRQDO LQIUDF LXQHD
GDWRULW SDUWLFXODULW LORUHLRELHFWLYHDUHRELHFWPDWHULDOLDUDFHVWRELHFWPDWHULDO
HVWH vQV úL FRUHVSRQGHQ D ± vQ PRGDOLW LOH GHVFKLGHUH VXVWUDJHUH GLVWUXJHUH
UH LQHUH ± RUL WURQVRQXO OLQLHL GH FRPXQLFD LH XQGH D IRVW LQWHUSXV úL EUDQúDW
LQVWUXPHQWXOGHLQWHUFHSWDUHDFRPXQLF ULL

6XELHF LLLQIUDF LXQLL
6XELHF LLLQIUDF LXQLLDFWLYúLSDVLYQXDXIRVWFLUFXPVWDQ LD LGHWH[WGHFLHL
SRW IL RULFH SHUVRDQ  FX SUHFL]DUHD F  VXQW VXELHF L SDVLYL DL LQIUDF LXQLL DPEHOH
SHUVRDQHF URUDOLVDYLRODWVHFUHWXOFRUHVSRQGHQ HL
6XELHFWXODFWLYDOLQIUDF LXQLLSRDWHILúLSHUVRDQDMXULGLF vQFRQIRUPLWDWHFX
GLVSR]L LLOHDUW&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLUH]LG vQWUXQDGLQDF LXQLOHGH
D GHVFKLGHUHI U GUHSWDXQHLVFULVRULDGUHVDWHDOWHLSHUVRDQH
E  LQWHUFHSWDUH D XQHL FRQYRUELUL VDX FRPXQLF UL HIHFWXDWH SULQ WHOHIRQ
WHOHJUDIVDXSULQDOWHPLMORDFHGHWUDQVPLWHUHODGLVWDQ 
F VXVWUDJHUHGLVWUXJHUHRULUH LQHUHDXQHLFRUHVSRQGHQ H
G  GLYXOJDUH D FRQ LQXWXOXL XQHL FRUHVSRQGHQ H VDX D FRQYRUELULL RUL D
FRPXQLF ULL
3ULQ FRQFHSWXO FRUHVSRQGHQ  vQ VHQVXO ODUJ DO WH[WXOXL DUW  &RG SHQDO
WUHEXLH vQ HOHDV  R ÄFRPXQLFDUH´ LDU FRPXQLFDUHD DUH VHQVXO GH ÄLQIRUPDUH´ GH
ÄúWLUH´WUDQVPLV FXLYDSULQRULFHPRGDOLWDWH±VFULV WHOHJUDILF UDGLRIRQLF DOWH
WULPLWHUL SRúWDOH ± FkW úL vQ FDGUXO FRQYRUELULORU UHDOL]DWH SULQ WHOHIRQLH RUL SULQ
FHOHODOWHPLMORDFHGHGLDORJDUHODGLVWDQ 
3HQWUXDILSURWHMDW SULQWH[WXOGHOHJHSHQDO FRUHVSRQGHQ DWUHEXLHV DLE 
XQ FDUDFWHU SDUWLFXODU SULYDW QHSXEOLF  1X YRU DYHD XQ DVHPHQHD FDUDFWHU
FRPXQLF ULOH DGUHVDWH SXEOLFXOXL ± ]LDUH DQXQ XUL SXEOLFLWDUH PDWHULDOH GH
SURSDJDQG HOHFWRUDO HWF±FKLDUGDF VXQWH[SHGLDWHvQSOLFvQFKLV
3URWHF LDSHQDO DVHFUHWXOXLFRUHVSRQGHQ HLHVWHDVLJXUDW DPELORUSDUWHQHUL±
H[SHGLWRU úL GHVWLQDWDU DO FRUHVSRQGHQ HL ± UHVSHFWLY SHUVRDQHOH FDUH SRDUW 
FRQYRUELUHD'HDVHPHQHDSURWHF LDHVWHDVLJXUDW vPSRWULYDRULF URUPRGDOLW LGH
LPL[WLXQH vQ VHFUHWXO FRUHVSRQGHQ HL FD GH SLOG  VXVWUDJHUHD GLVWUXJHUHD VDX
UH LQHUHD FRUHVSRQGHQ HL LQWHUFHSWDUHD DVFXOWDUHD úL vQUHJLVWUDUHD FRQYRUELULORU
GLYXOJDUHD FRQ LQXWXOXL FRUHVSRQGHQ HL ± LQGLIHUHQW GH QDWXUD HL ± FKLDU GDF 
SHUVRDQDDOXDWFXQRúWLQ GHFRQ LQXWGLQvQWkPSODUHVDXJUHúHDO 
'HVFKLGHUHDXQHLFRUHVSRQGHQ H(VWHDF LXQHDGHGHVIDFHUHGHvQO WXUDUH±
SULQ LQGLIHUHQW FH SURFHGHX ± D vQYHOLúXOXL SURWHFWRU DO FRUHVSRQGHQ HL DF LXQH vQ
XUPD F UHLD VH SRDWH OXD FXQRúWLQ  GH FRQ LQXWXO DFHVWHLD ÌQ DFHDVW  VLQWDJP 
FRQFHSWXO GH FRUHVSRQGHQ  DUH XQ vQ HOHV UHVWUkQV FLUFXPVFULV OD FRPXQLFDUHD
I FXW SULQLPSULPDUHDúWLULLSHXQVXSRUWPDWHULDO±KkUWLHEHQ]LDXGLRVDXYLGHR
HWF±DOF UXLDFRSHU PkQW vQYHOLú HVWHYLRODW/HJHDQXFHUHFDDXWRUXOV ILOXDW
FXQRúWLQ GHFRQ LQXWXOFRUHVSRQGHQ HLFLGRDUÄGHVFKLGHUHD´DFHVWHLD



 $ 9HUGHú ÌQFDGUDUHDMXULGLF DIDSWHLGHvQVXúLUHDEDQLORULQWURGXúLGHH[SHGLWRULQWULPLWHULSRúWDOH
55'QUS
 
) U  GUHSW 'UHSWXO IXQGDPHQWDO OD VHFUHWXO FRUHVSRQGHQ HL FRUHVSRQGHQ 
vQ HOHDV vQVHQVXOHLODUJ HVWHRSR]DELOHUJDRPQHV3ULQXUPDUHRULFDUHDF LXQH
GH GHVFKLGHUH D XQHL FRUHVSRQGHQ H DGUHVDWH DOWXLD VDX GH LQWHUFHSWDUH D
FRQYRUELULL SXUWDWH SULQ PLMORDFH GH WUDQVPLWHUH OD GLVWDQ  YD FRQVWLWXL ± FX
H[FHS LDFD]XULORUGHPDLMRV±RDF LXQHvQWUHSULQV ÄI U GUHSW´úLGHFLLOHJDO 
'RFWULQD úL SUDFWLFD vQ PDWHULH DGPLW vQV  F  GUHSWXO vQ GLVFX LH SRDWH IL
UHVWUkQV XQRU FDWHJRULL GH SHUVRDQH vQ YLUWXWHD QDWXULL VSHFLDOH D UDSRUWXULORU
IRUPDWH FX DOWH SHUVRDQH SDUWLFXODUH I U  FD IDSWD DFHVWRUD GLQ XUP  V  LQWUH VXE
LQFLGHQ D OHJLL SHQDOH $VWIHO QX YD FRQVWLWXL LQIUDF LXQHD SUHY ]XW  GH DUW 
&RG SHQDO IDSWD GH GHVFKLGHUH úL GH FLWLUH GH F WUH S ULQ L D VFULVRULORU FRSLLORU
DFHVWRUD GH F WUH WXWRUH ID  GH SXSLO úL vQ JHQHUDO GH F WUH SHUVRDQHOH FDUH
UHDOL]HD] DFWLYLW LvQSURFHVXOHGXFD LRQDODOPLQRULORU
2SUREOHP LQWHUHVDQW VHULGLF vQMXUXOGUHSWXOXLVDXLQWHUGLF LHL±SXV VXE
VSHFWUXOU VSXQGHULLSHQDOH±VR XOXLGHDGHVFKLGHFRUHVSRQGHQ DGHVWLQDW FHOXLODOW
VR 
ÌQWUDWDWHOHDXWRKWRQHGHGUHSWSHQDOPDLYHFKLVDXPDLQRLVDDILUPDW
F GHVFKLGHUHDGHF WUHVR DFRUHVSRQGHQ HLDGUHVDWHFHOXLODOWVR RULLQWHUFHSWDUHD
FRQYRUELULLDFHVWXLDGLQXUP SULQPLMORDFHGHWUDQVPLWHUHODGLVWDQ QXFRQVWLWXLH
LQIUDF LXQH FX PRWLYDUHD F  ÄILGHOLWDWHD FH úLR GDWRUHVF VR LL LPSOLF  ORLDOLWDWH
DVWIHO F  vQWUH HL QX SRW IL VHFUHWH LQYLRODELOH´ $O L DXWRUL VDX DE LQXW DúL IDFH
SXEOLFSXQFWXOGHYHGHUHvQDFHDVW SULYLQ 
2SLQLD QRDVWU  ± H[SULPDW  úL vQ WUHFXW ± VH GLVWDQ HD]  GH DFHHD PDL VXV
SUH]HQWDW  (VWH JUHX GH vQ HOHV úL GH DFFHSWDW FD XQ GUHSW IXQGDPHQWDO DO
LQGLYLGXOXLV ILHDEROLWGLQFRQVLGHUHQWHH[FOXVLYVXELHFWLYHvQFDGUXOUDSRUWXULORU
LQWUDFRQMXJDOH GH YUHPH FH RELHFWLY ILHFDUH VR  SRDWH DYHD DQXPLWH VHFUHWH GH
VHUYLFLX GH DIDFHUL HWF  D F URU S VWUDUH QX VXEPLQHD]  QLFLFXP VROLGLWDWHD
IDPLOLHLGDUGLPSRWULY DF URUGHFRQVSLUDUH±ID GHVR úLGLQLQL LDWLYDDFHVWXLD
±DUSXWHDDIHFWDDFHOHDOWHUHOD LLH[WHULRDUHLQWHUHVHORUFXSOXOXLFRQMXJDO
$ULD GH UHVWUkQJHUH D H[HUFL LXOXL GUHSWXOXL OD VHFUHWXO FRUHVSRQGHQ HL HVWH
PDLODUJ vQFDGUXOUDSRUWXULORUGLQWUHLQGLYL]LúLDXWRULW LOHSXEOLFH$FHVWHVLWXD LL
VH FDQWRQHD]  vQ WUHL PDUL VIHUH GH DFWLYLW L D  VWDELOLUHD IDSWHORU SHQDOH úL D
YLQRY LHL SHUVRDQHORU FDUH DX V YkUúLW LQIUDF LXQL E  SUHYHQLUHD úL GRYHGLUHD
DF LXQLORU SHULFXORDVH SHQWUX VLJXUDQ D QD LRQDO  F  GHVI úXUDUHD SURFHVXOXL GH
HGXFDUHVDXUHHGXFDUHDXQRUSHUVRDQH
± $VWIHO DUW  & SURF SHQ DFRUG  GUHSWXO LQVWDQ HL GH MXGHFDW  ± OD
SURSXQHUHD SURFXURUXOXL vQ FXUVXO XUP ULULL SHQDOH ± VDX GLQ RILFLX ± vQ FXUVXO
MXGHF LL±GDF VXE]LVW XQLQWHUHVDOXUP ULULLSHQDOHVDXDOMXGHF LLV GLVSXQ 
FD ÄRULFH XQLWDWH SRúWDO  VDX GH WUDQVSRUW V  UH LQ  úL V  SUHGHD VFULVRULOH
WHOHJUDPHOH úL RULFDUH DOW  FRUHVSRQGHQ  RUL RELHFWHOH WULPLVH GH vQYLQXLW VDX
LQFXOSDW RUL DGUHVDWH DFHVWXLD ILH GLUHFW ILH LQGLUHFW´ 'UHSWXOXL DXWRULW LL
MXGHF WRUHúWLvQDFHDVW SULYLQ vLFRUHVSXQGHREOLJD LDIXQF LRQDULORUGLQSRúW úL
WHOHFRPXQLFD LL ± LQVWLWXLW  SULQ SUHYHGHULOH 28* QU  SULYLQG FDGUXO
JHQHUDO GH UHJOHPHQWDUH D FRPXQLFD LLORU DSUREDW  FX PRGLILF UL SULQ /HJHD
QU  úL PRGLILFDW  SULQ /HJLOH QU  úL QU  úL 28*
QUSULYLQGVHUYLFLLOHSRúWDOH±GHDSXQHODGLVSR]L LHODRUGLQXOVFULVDO


9'RQJRUR]'UHSWSHQDO%XFXUHúWLS79DVLOLXúLFRO&RGXOSHQDO±FRPHQWDWúLDGQRWDW
HGFLWYRO,S

2/RJKLQ77RDGHUHGFLWS

*K'LDFRQHVFXRSFLWS

3XEOLFDW vQ02IQUGLQ

3XEOLFDW vQ02IQUGLQ
 
DFHVWHLDGDWHOHLQIRUPD LLOHúLGRFXPHQWHOHFHUXWH'HDVHPHQHDGDF RSHUVRDQ 
W J GXLHúWH H[LVWHQ D VDX GH LQHUHD XQXLD GLQWUH DVHPHQHD vQVFULVXUL LQVWDQ D GH
MXGHFDW SRDWHGLVSXQHHIHFWXDUHDGHSHUFKH]L LLGRPLFLOLDUHVDXFRUSRUDOHvQVFRSXO
LGHQWLILF ULLúLUHFXSHU ULLvQVFULVXOXL
±/HJHDQUSULYLQGVLJXUDQ DQD LRQDO D5RPkQLHLSUHYHGHGUHSWXO
DJHQ LORU RUJDQHORU GH LQIRUPD LL GH D LQWHUFHSWD ± FX DXWRUL]D LD SUHDODELO  D
PDJLVWUDWXOXL ± FRUHVSRQGHQ HOH H[SHGLDWH VDX SULPLWH RUL FRQYRUELULOH GH RULFH
QDWXU  SXUWDWH GH SHUVRDQHOH VXVSHFWDWH GH DFWLYLW L FDUH SHULFOLWHD]  VLJXUDQ D
QD LRQDO 
3ULQ QRUPHOH FH UHJOHPHQWHD]  DFWLYLWDWHD SHQLWHQFLDUHORU úL D ORFXULORU GH
GH LQHUH FkW úL D XQLW LORU GH UHHGXFDUH D PLQRULORU HVWH SUHY ]XW vQ DQXPLWH
FRQGL LLGUHSWXODGPLQLVWUD LHLDFHVWRULQVWLWX LLGHDGHVFKLGHúLH[DPLQDVFULVRULOH
DGUHVDWHDUHVWD LORUSUHYHQWLYGH LQX LORUGXS FD]PLQRULORULQWHUQD L
,QWHUFHSWDUHDXQHLFRQYRUELULVDXFRPXQLF ULHIHFWXDWHSULQWHOHIRQWHOHJUDI
VDX SULQ DOWH PLMORDFH GH WUDQVPLWHUH OD GLVWDQ  &RQFHSWXO GH LQWHUFHSWDUH DUH
vQ HOHVXOGHLQWHUSXQHUHSULQFXPLMORDFHWHKQLFHDGHFYDWHvQIOX[XOWUDQVPLVLHL±
UHFHS LHLúLDVFXOWDUHDRULvQUHJLVWUDUHDFRQYRUELULLVDXFRPXQLF ULL
(VWH OLSVLW GH UHOHYDQ  SHQWUX VDWLVIDFHUHD HOHPHQWXOXL PDWHULDO DO
LQIUDF LXQLLGDF LQWHUFHSWDUHDPHVDMXOXLRULDFRQYRUELULLDIRVWWRWDO VDXSDU LDO 
6XVWUDJHUHD GLVWUXJHUHD VDX UH LQHUHD FRUHVSRQGHQ HL 6XQW PRGDOLW L GH
vPSLHGLFDUHDDMXQJHULLFRUHVSRQGHQ HLODGHVWLQDWDU7H[WXOQXSUHWLQGHFDDXWRUXO
IDSWHL V  LD FXQRúWLQ  GH FRQ LQXWXO FRUHVSRQGHQ HL FL GRDU V L REVWDFXOH]H
WUDILFXO
6XVWUDJHUHDFRUHVSRQGHQ HL6HvQ HOHJHDF LXQHDGHvQVXúLUHGHDSURSULHUHD
FRUHVSRQGHQ HL LQGLIHUHQW GDF  GH LQ WRUXO DFHVWHLD HVWH R SHUVRDQ  IL]LF  VDX
MXULGLF  LQVWLWX LDFDUHSUHVWHD] WUDILFXOSRúWDO 
'LVWUXJHUHDFRUHVSRQGHQ HL&RQFHSWXODUHvQ HOHVXOGHQLPLFLUH VXSULPDUH 
D FRUHVSRQGHQ HL vQ P VXUD vQ FDUH ÄúWLUHD´ ÄFRPXQLFDUHD´ SH FDUH H[SHGLWRUXO
LQWHQ LRQD V  R WUDQVPLW  GHVWLQDWDUXOXL GLVSDUH 'HFL GLVWUXJHUHD FRUHVSRQGHQ HL
SRDWH IL úL SDU LDO  SHQWUX UHDOL]DUHD LQIUDF LXQLL ILLQG vQGHVWXO WRDUH GLVSDUL LD
PHVDMXOXLWUDQVPLVDGUHVDQWXOXL
5H LQHUHD FRUHVSRQGHQ HL ÌQ DFHDVW  LSRWH]  QRUPDWLY  FRUHVSRQGHQ D ±
LQWUDW vQLQGLIHUHQWFHPRGvQSRVHVLDDXWRUXOXLIDSWHL GLQHURDUHDDOWHLSHUVRDQH
VDX GXS  VXVWUDJHUHD HL  ± HVWH S VWUDW  XQ DQXPLW WLPS vPSLHGLFkQGXVH DVWIHO
DMXQJHUHDHLODGHVWLQD LH
'LYXOJDUHD FRQ LQXWXOXL XQHL FRUHVSRQGHQ H VDX D FRQYRUELULL RUL
FRPXQLF ULL &RQFHSWXO GH ÄGLYXOJDUH´ DUH vQ HOHVXO ÄGH GHFRQVSLUDUH´ GH
GH]Y OXLUHDFRQ LQXWXOXLFRUHVSRQGHQ HLFRPXQLF ULLVDXFRQYRUELULLLQWHUFHSWDWH
1X SUH]LQW  UHOHYDQ  GDF  D IRVW GLYXOJDW WRWDO RUL SDU LDO FRQ LQXWXO
FRUHVSRQGHQ HLID GHXQDVDXPDLPXOWHSHUVRDQHPDLDSURDSHVDXPDLGHSDUWH
GHPRPHQWXOLQWHUFHS LHL'HDVHPHQHDHVWHOLSVLW GHVHPQLILFD LHvPSUHMXUDUHDF 
I SWXLWRUXODOXDWFXQRúWLQ GLQJUHúHDO VDXvQWkPSO WRUGHFRQ LQXWXOPHVDMXOXLFX
FDUDFWHUSHUVRQDO FKLDUGDF SOLFXOHUDGHVFKLVRULDDVFXOWDWFRQYRUELUHDGHODXQ
DSDUDW LQVWDODW OHJDO vQ GHULYD LH  GH YUHPH FH XOWHULRU HO D WUDQVPLV FX LQWHQ LH
FHHDFHLQL LDODDIODWI U V YUHD



 Ä&RQIHF LRQDUHD XQRU GLVSR]LWLYH GH LQWHUFHSWDUH D FRQYRUELULORU WHOHIRQLFH vQ VFRSXO DVFXOW ULL DFHVWRUD
SHQWUXDYHULILFDILGHOLWDWHDXQHLVR LLFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW&SHQLDUQXLQIUDF LXQHDGH
FRQIHF LRQDUHGHPLMORDFHVSHFLILFHGHLQWHUFHSWDUHDFRPXQLFD LLORUSUHY ]XW vQ/HJHDQU´±&6-VS
GQU'UQUS
 
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL FRQWUDUH FHOHL QHFHVDUH
DVLJXU ULL VHFUHWXOXL FRUHVSRQGHQ HL úL GHFL SRWULYQLFH OLEHUW LL SHUVRDQHL GH D
FRPXQLFD
/HJ WXUD GH FDX]DOLWDWH OD LQIUDF LXQHD SUHY ]XW  GH DUW  &RG SHQDO
GLQWUHHOHPHQWXOPDWHULDOúLUH]XOWDWXOSURGXV XUPDUHDLPHGLDW UH]XOW H[UHGLQ
vQVHúLDF LXQLOHvQWUHSULQVHGHI SWXLWRU

/DWXUDVXELHFWLY 
(OHPHQWXO VXELHFWLY VH H[SULP  SULQ LQWHQ LD DXWRUXOXL GH D V YkUúL
LQIUDF LXQHDGLUHFW VDXLQGLUHFW 6 YkUúLUHDGLQFXOS DRULF UHLDF LXQLGLQFHOH
FDUHIRUPHD] HOHPHQWXOPDWHULDODOLQIUDF LXQLLH[FOXGHU VSXQGHUHDSHQDO SHQWUX
YLRODUHDVHFUHWXOXLFRUHVSRQGHQ HL
6FRSXOúLPRELOXODF LXQLLI SWXLWRUXOXLQXSUH]LQW UHOHYDQ SHQWUXUHDOL]DUHD
LQIUDF LXQLL

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLúLWHQWDWLYDGHúLSRVLELOHFDUHDOLWDWHIDSWLF QX
VXQWVDQF LRQDWHGHWH[W
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH VD PDWHULDOL]DW XQD
GLQWUH DF LXQLOH SUHY ]XWH GH WH[W úL VD SURGXV VWDUHD GH DQRUPDOLWDWH SHQWUX
OLEHUWDWHDSHUVRDQHL
6DQF LXQL 7H[WXO DUW  SUHYHGH SHQWUX DPEHOH YDULDQWH UHJOHPHQWDWH vQ
DOLQ  úL  VDQF LXQHDvQFKLVRULLGHODOXQLODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL


',98/*$5($6(&5(78/8,352)(6,21$/

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO FRQVWLWXLH DFHOH UHOD LL VRFLDOH SULYLWRDUH OD
OLEHUWDWHDSHUVRDQHLGLQSXQFWXOGHYHGHUHDOGUHSWXOXLDFHVWHLDGHDLVHUHVSHFWD
VHFUHWXOvQFUHGLQ DWFHOXLODFDUHDDSHODWvQYLUWXWHDSURIHVLHLVDXIXQF LHLVDOH
ÌQ SULQFLSLX LQIUDF LXQHD HVWH OLSVLW  GH RELHFW PDWHULDO DLGRPD WXWXURU
LQIUDF LXQLORU vQGUHSWDWH vPSRWULYD XQXL GUHSW SHUVRQDO GDU vQ DQXPLWH FRQWH[WH
IDSWLFH ± DF LXQHD VD U VIUkQW DVXSUD FRUSXOXL SHUVRDQHL RUL EXQXULORU VDOH ± HD
SRDWHWRWXúLDYHDRELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  (VWH FDOLILFDW GH WH[W úL DQXPH HVWH DFHD
SHUVRDQD FDUH H[HUFLW  R SURIHVLH VDX vQGHSOLQHúWH R IXQF LH vQ YLUWXWHD F UHLD L VH
vQFUHGLQ HD]  RUL SRDWH FHUH V  L VH FRQILH]H WDLQH DOH SHUVRDQHL FDUH DSHOHD]  OD
VHUYLFLLOHVDOHSURIHVLHVDXIXQF LHGLQFDUHGHULY REOLJD LDGHDS VWUDSHQWUXVLQH
DFHO VHFUHW 7H[WXO QX SUHFL]HD] FDUHVXQWDFHOHSURIHVLLVDXIXQF LLDúDvQFkWvQ
FHOHFHXUPHD] YRUILH[SOLFDWH
3URIHVLH VDX IXQF LH ,QGLYLGXO vQ VFRSXO PXOWLSOHORU úL YDULDWHORU QHYRL
VRFLDOH HVWH REOLJDW D DSHOD OD FXQRúWLQ HOH GH VSHFLDOLWDWH DOH GLYHUúLORU
SURIHVLRQLúWL ± DYRFD L QRWDUL IDUPDFLúWL PHGLFL DUKLWHF L SUHR L LQWHUPHGLDUL
PDWULPRQLDOL ± RUL OD VHUYLFLLOH LQVWLWX LLORU SXEOLFH ± DJHQ LL EDQFDUILQDQFLDUH
DJHQ LL GH EXUV  ± DOH F URU DFWLYLW L VXQW SXVH SULQ OHJH VXE VHPQXO GLVFUH LHL
'H]Y OXLUHDGHF WUHDFHúWLSURIHVLRQLúWLRULIXQF LRQDULDLXQHLLQVWLWX LLSXEOLFHD
GDWHORU VDX LQIRUPD LLORU GHVSUH FDUH DX OXDW FXQRúWLQ  vQ FDGUXO UHOD LHL FX
SHUVRDQD FDUH OL VD DGUHVDW VDX XWLOL]DUHD vQ DOWH VFRSXUL GHFkW FHOH SUHY ]XWH GH
 
OHJHDGRFXPHQWHORUVDXLQIRUPD LLORUFXFDUDFWHUGHVHFUHWSURIHVLRQDOSRDWHILGH
QDWXU  DL DGXFH DFHVWHLD vQVHPQDWH SUHMXGLFLL úL RULFXP FRQVWLWXLH R YLRODUH D
GUHSWXOXLODVHFUHWXOGHVW LQXLW
/HJLXLWRUXODDYXWvQYHGHUHI U vQGRLDO GRDUDFHOHSURIHVLLUHFXQRVFXWHGH
OHJH QXDXXQDVHPHQHDFDUDFWHUFKLURPDQ LDÄPDJLDQHDJU ´SURVWLWX LDúD úL
VHVXEvQ HOHJHQXPDLSHUVRDQHOHDXWRUL]DWHGHOHJHV SUDFWLFHRSURIHVLH DYRFDW
PHPEUXDOEDURXOXLQRWDUDXWRUL]DWHWF 
3URIHVLH2FXSD LHvQGHOHWQLFLUHFXFDUDFWHUSHUPDQHQWSHFDUHRH[HUFLW FLQHYD
vQED]DXQHLFDOLILF ULFRUHVSXQ] WRDUH±LQJLQHUIDUPDFLVWDUKLWHFWPHGLFHWF
)XQF LH6HvQ HOHJHRDFWLYLWDWHDGPLQLVWUDWLY SUHVWDW GHRSHUVRDQ vQPRG
SHUPDQHQWúLRUJDQL]DWvQFDGUXOXQHLLQVWLWX LLGLQGRPHQLXOSXEOLFLQGLIHUHQWGDF 
DFHDVWD HVWH GH VWDW RUL SULYDW  SULP ULH FDELQHW PHGLFDO RILFLX VDX DJHQ LH GH
DVLJXU ULDJHQ LHGHVFKLPEYDOXWDUHWF 
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  QXPDL VXE IRUPD LQVWLJ ULL úL FRPSOLFLW LL
&RDXWRUDWXOHVWHH[FOXV±REOLJD LDS VWU ULLVHFUHWXOXLHVWHSHUVRQDO ±GHRDUHFHvQ
LSRWH]DF GRLVDXPDLPXO LSURIHVLRQLúWLRULIXQF LRQDULDLXQRULQVWLWX LLSXEOLFH
GH]Y OXLH DFHO VHFUHW ILHFDUH vQ SDUWH YD IL DXWRU DO XQHL LQIUDF LXQL GLVWLQFWH GH
GLYXOJDUHDVHFUHWXOXLSURIHVLRQDO
6XELHFWXOSDVLYQXHVWHFLUFXPVWDQ LDWGHWH[W

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOHVWHFRQVWLWXLWGLQWURDF LXQHRULRLQDF LXQHGHGLYXOJDUH
GHSLOG O VDUHDODYHGHUHvQPRGYRLWDXQXLvQVFULVSXUW WRUGHVHFUHWH 
$F LXQHDGHGLYXOJDUHSRDWHILGLUHFW DGLF HIHFWXDW GHvQV úLSHUVRDQDFDUH
GH LQH VHFUHWXO ± RUDO vQ VFULV SULQ SUH]HQWDUHD GH GRFXPHQWH ± RUL LQGLUHFW 
UHVSHFWLYSULQLQWHUPHGLXODOWHLSHUVRDQH
$F LXQHD GH GLYXOJDUH &RQFHSWXO GLYXOJDUH DUH vQ HOHVXO GH WUDQVPLWHUH GH
FRPXQLFDUH D XQRU GDWH LQIRUPD LL VDX GRFXPHQWH FDUH SULYHVF LQWLPLWDWHD
LQGLYLGXOXL VXQW GH RUGLQ SHUVRQDO 1X SUH]LQW  LQWHUHV F  GLYXOJDUHD VD I FXW
XQHLDVDXPDLPXOWRUSHUVRDQHúLQLFLGDF VHFUHWXODIRVWGH]Y OXLWWRWDORULSDU LDO
3ULQXWLOL]DUHVHvQ HOHJHDF LXQHDDXWRUXOXLGHDVHIRORVLGHDvQWUHEXLQ D±
GHVLJXUFXXQDQXPLWVFRSFRQWUDUOHJLL±GRFXPHQWHOHVDXLQIRUPD LLOHFXFDUDFWHU
GH VHFUHW SURIHVLRQDO GH F WUH FHO FDUH OHD SULPLW RUL D OXDW FXQRúWLQ  GH HOH vQ
vQGHSOLQLUHDDWULEX LLORUGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO
'DWH 6XQW DFHOH LQIRUPD LL UHIHULQ H  GHVSUH DVSHFWH SDUWLFXODUH GLQ YLD D
XQHL SHUVRDQH FXP VXQW FHOH UHIHULWRDUH OD V Q WDWHD VLWXD LD PDWHULDOILQDQFLDU 
VDX IDPLOLDO  YLFLLOH RUL RELFHLXULOH PDL VWUDQLL WUHFXWXO RUL SUHRFXS ULOH GH YLLWRU
DOHSHUVRDQHLvQFDX] SHFDUHDFHDVWDQXGRUHúWHV OHIDF SXEOLFHúLDOWHDVHPHQHD
ID HWHDOHLQWLPXOXLLQGLYLGXDO
3HQWUXUHDOL]DUHDLQIUDF LXQLLvQPRGDOLWDWHDUHJOHPHQWDW vQDOLQ  VHFHUH
FDIDSWDV ILHGHQDWXU DDGXFHSUHMXGLFLLSHUVRDQHL
3UHMXGLFLLOHSURYRFDWHSHUVRDQHLDOF UHLVHFUHWDIRVWGHFRQVSLUDWVDXXWLOL]DW
SRW IL GH RUGLQ PRUDO DIHFWDUHD SUHVWLJLXOXL DWUDJHUHD RSUREULXOXL SXEOLF FUHDUHD
GHDQWLSDWLLVDXUH]HUYHDOHLQGLYL]LORUGLQDQWXUDMXOV X RULPDWHULDO GHVWLWXLUHGLQ
IXQF LHFRQFHGLHUHDGLQWUXQVHUYLFLXGLVFUHGLWDUHDvQFHUFXORDPHQLORUGHDIDFHUL
FX FRQVHFLQ D SLHUGHULL XQRU SDUWHQHUL úD  3HQWUX UHDOL]DUHD DFHVWHL FHULQ H HVWH
vQGHVWXO WRUFDIDSWDYLUWXDOV ILHDSW DSUHMXGLFLDSHUVRDQDQHILLQGQHFHVDU úL
SURGXFHUHDQHDMXQVXOXLPRUDOVDXPDWHULDO
2 DOW  FHULQ  SHQWUX UHDOL]DUHD LQIUDF LXQLL vQ PRGDOLWDWHD QRUPDWLY 
SUHY ]XW vQDOLQ  HVWHFDGLYXOJDUHDGDWHORUV ILHI FXW I U GUHSW
 
&RQFHSWXOI U GUHSWDUHvQ HOHVXOGHQHvQJ GXLW QHDGPLVQHSHUPLV GHFHYD
RUL FLQHYD $FHVW FHYD QX SRDWH IL GHFkW OHJHD LDU FLQHYD HVWH vQV úL SHUVRDQD DO
F UHLGUHSWODOLEHUWDWHLQGLYLGXDO VHDIO VXESURWHF LDWH[WXOXLLQFULPLQDWRU
6HPQDO P GUHSWXO ± GDU úL REOLJD LD D F UHL QHVRFRWLUH DWUDJH U VSXQGHUHD
SHQDO ±RULF UHLSHUVRDQHGHDGH]Y OXLVHFUHWXODSDU LQkQGDOWHLSHUVRDQHDWXQFL
FkQG VHFUHWXO FRQVW  vQ GDWH VDX LQIRUPD LL GHVSUH V YkUúLUHD XQRUD GLQWUH
LQIUDF LXQLOH FRQWUD VLJXUDQ HL VWDWXOXL ± DUW  &RG SHQDO QHGHQXQ DUHD 7RW
DVWIHOVXE]LVW GHRSRWULY GUHSWXOúLREOLJD LDRULF UHLSHUVRDQHGHDYLRODVHFUHWXO
DOWHL SHUVRDQH vQ FD]XO F  GDWHOH úL LQIRUPD LLOH DIODWH VH UHIHU  OD V YkUúLUHD XQRU
LQIUDF LXQLFXJUDGULGLFDWGHSHULFROVRFLDOFXPVXQWRPRUXOWkOK ULDSLUDWHULDúD
±DUW  &RG SHQDO QHGHQXQ DUHD XQRU LQIUDF LXQL /HJHD SHQDO  D PDL LQVWLWXLW
REOLJD LD IXQF LRQDUXOXL SXEOLF FX DWULEX LL GH H[HFX LH VDX GH FRQGXFHUH RUL GH
FRQWURO GH D VHVL]D SURFXURUXO GHVSUH V YkUúLUHD LQIUDF LXQLORU vQ OHJ WXU  FX
VHUYLFLXOvQFDGUXOF UXLDvúLvQGHSOLQHúWHDWULEX LLOH±DUW&RGSHQDORPLVLXQHD
VHVL] ULL RUJDQHORU MXGLFLDUH ± FkW úL REOLJD LD WXWXURU SHUVRDQHORU GH D LQIRUPD
DXWRULW LOHMXGLFLDUHGHVSUHDFHOHvPSUHMXU ULFDUHFXQRVFXWHDUGXFHODVWDELOLUHD
QHYLQRY LHL XQHL SHUVRDQH DUHVWDWH SUHYHQWLY WULPLV  vQ MXGHFDW  RUL FRQGDPQDW 
SHQHGUHSW±DUW&RGSHQDORPLVLXQHDGHDvQFXQRúWLQ DRUJDQHOHMXGLFLDUH
6SUH GHRVHELUH GH VLWXD LLOH vQ FDUH SURIHVLRQLVWXO RUL IXQF LRQDUXO HVWH
GH]OHJDWGHOHJHGHDS VWUDVHFUHWXOUHFHSWDWDFHúWLDVXQWÄvQGUHSW´DIDFHSXEOLF
VHFUHWXOúLvQLSRWH]DvQFDUHGH]Y OXLUHDHVWHFHUXW RULDFFHSWDW GHFKLDUSHUVRDQD
F UHLDvLDSDU LQHVHFUHWXO
'RFWULQD FRQVLGHU  FX WRWDO WHPHL F  vQ DIDUD VLWXD LLORU HYLGHQ LDWH QX YD
FRQVWLWXLLQIUDF LXQHDGHGLYXOJDUHDVHFUHWXOXLSURIHVLRQDOQLFLIDSWDGHDWUDQVPLWH
DQXPLWHDVSHFWHGLQLQWLPLWDWHDXQHLSHUVRDQHDWXQFLFkQGDFHVWHDVSHFWHHUDXGHMD
SXEOLFHGHQRWRULHWDWH
8UPDUHD LPHGLDW  FRQVW  GLQWUR DWLQJHUH DGXV  OLEHUW LL SHUVRDQHL GLQ
SXQFWXO GH YHGHUH DO GUHSWXOXL V X GH D L VH S VWUD VHFUHWXO XQRU GDWH FX FDUDFWHU
LQWLP
/HJ WXUD GH FDX]DOLWDWH HVWH SUH]XPDW  GHRDUHFH VWDUHD GH DIHFWDUH D
GUHSWXOXLSHUVRDQHLGHFXUJHGLUHFWGLQDF LXQHDGHGLYXOJDUH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GH GLYXOJDUH D VHFUHWXOXL SURIHVLRQDO VH
V YkUúHúWH FX LQWHQ LH vQ DPEHOH PRGDOLW L ± GLUHFW  VDX LQGLUHFW  'LYXOJDUHD
VHFUHWXOXLSURIHVLRQDOGLQFXOS QXFRQVWLWXLHLQIUDF LXQH
7H[WXO QX FHUH H[LVWHQ D XQXL PRELO FDUH V O IL DQLPDW SH I SWXLWRU OD
V YkUúLUHD LQIUDF LXQLL úL QLFL FD DFHVWD SULQ DF LXQHD I SWXLW  V  IL XUP ULW
UHDOL]DUHDXQXLVFRS

)RUPH6DQF LXQL
)RUPH $FWHOH SUHSDUDWRULL úL WHQWDWLYD VXQW SRVLELOH GDU HOH QX FDG VXE
VDQF LXQHSHQDO 
,QIUDF LXQHDVHFRQVXP LQVWDQWDQHXvQPRPHQWXOGLYXOJ ULLGDWHORUGHRUGLQ
SHUVRQDO FX FRQVHFLQ D SUHFL]DW  GH WH[W UHVSHFWLY DO XWLOL] ULL RUL GLYXOJ ULL
GRFXPHQWHORUVDXLQIRUPD LLORUFXFDUDFWHUGHVHFUHWSURIHVLRQDO
6DQF LXQL'LYXOJDUHDVHFUHWXOXLSURIHVLRQDOVHSHGHSVHúWHFXvQFKLVRDUHDGH
ODOXQLODDQLVDXFXDPHQG 
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL



79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWS
 
&DSLWROXO,,,

,1)5$& ,81,35,9,72$5(/$9,$ $6(;8$/ 

9,2/8/

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ UHOD LLOH VRFLDOH UHIHULWRDUH OD
OLEHUWDWHD úL LQYLRODELOLWDWHD VH[XDO  D SHUVRDQHL $F LXQLOH VSHFLILFH DFHVWHL
LQIUDF LXQL DIHFWHD]  vQV  GH UHJXO  úL DOWH UHOD LL VRFLDOH FXP VXQW FHOH SULYLQG
GUHSWXOODYLD ODLQWHJULWDWHIL]LF úLSVLKLF ODOLEHUWDWHDGHPLúFDUH$úDGDUvQ
FHOHPDLIUHFYHQWHFD]XULRELHFWXOMXULGLFDOLQIUDF LXQLLGHYLROHVWHFRPSOH[ILLQG
DOF WXLWGLQWUXQIDVFLFXOGHUHOD LLVRFLDOHFHSULYHVFLQGLYLGXO
,QIUDF LXQHDGHYLRODUHFDRELHFWPDWHULDOFRUSXOSHUVRDQHLDVXSUDF UXLDVH
vQGUHDSW  DF LXQHD DXWRUXOXL IDSWHL &RUSXO DJUHVDW VH[XDO HVWH DO XQHL SHUVRDQH
DIODWH vQ YLD  ÌQ FD]XO F  SHUVRDQD DVXSUD F UHLD VH vQGUHDSW  DF LXQHD HVWH
GHFHGDW VXQWHPvQSUH]HQ DXQHLDOWHLQIUDF LXQLSUHY ]XW GHDUW&SHQ

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLGHYLROHVWHGLIHULWvQUDSRUWFX
PRGDOLW LOHQRUPDWLYHDOHWH[WXOXL
$VWIHO OD PRGDOLWDWHD WLS ± DOLQ   ± VXELHFWXO DFWLY SRDWH IL RULFDUH
SHUVRDQ LQGLIHUHQWGHVH[
/D DOLQ   OLW E  DJUDYDQWD HVWH LQFLGHQW  vQ LSRWH]D F  YLFWLPD VH DIOD vQ
vQJULMLUHDRFURWLUHDHGXFDUHDSD]DVDXWUDWDPHQWXOI SWXLWRUXOXL
6XQWUHDOL]DWHFHULQ HOHDFHVWHLPRGDOLW LQRUPDWLYHvQFD]XOvQFDUHSHUVRDQD
vQGHSOLQHúWHXQDGLQXUP WRDUHOHFDOLW LvQUDSRUWXULOHFXYLFWLPD
 OD vQJULMLUH ± SHUVRQDOXO GH vQJULMLUH GLQ XQLW L VDQLWDUH VDX VRFLDOH
DúH] PLQWH D]LOXUL LQWHUQDWH  VDX SHUVRDQH DQJDMDWH SDUWLFXODU SHQWUX vQJULMLUHD
XQRUEROQDYLVDXE WUkQLVR XOFDUHvQJULMHúWHFRSLOXOGLQDOW F V WRULHDOFHOXLODOW
VR HWF
 ODRFURWLUH±WXWRULFXUDWRUL
 OD HGXFDUH ± vQY WRU SURIHVRU HGXFDWRU LQVWLWXWRU PHúWHU OD úFROLOH
SURIHVLRQDOH  SURIHVRU PHGLWDWRU OD GLIHULWH GLVFLSOLQH úWLLQ LILFH RUL SURIHVRUL GH
PX]LF SLFWXU HWF
 OD SD]  ± DJHQW DO LQVWLWX LHL SXEOLFH DYkQG FD DWULEX LH GH VHUYLFLX SD]D
SHUVRDQHORU UH LQXWH RUL DUHVWDWH SUHYHQWLY VDX FRQGDPQDWH RUL SHUVRDQHORU
LQWHUQDWHvQLQVWLWX LLGHUHHGXFDUH
 OD WUDWDPHQW ± PHGLF DQWUHQRU GH PHGLFLQ  VSRUWLY  UHFXSHUDWRULH
VXSUDYHJKHWRUPDVRUúD
ÌQ FRQVHFLQ  VXELHFWXO DFWLY OD DOLQ   OLW E  HVWH FLUFXPVWDQ LDW GH WH[W
UHVSHFWLY DFHVWD SRDWH IL GRDU SHUVRDQD GH DVHPHQHD LQGLIHUHQW GH VH[ FDUH DUH
FDOLWDWHD GH WXWRUH FXUDWRU VXSUDYHJKHWRU vQJULMLWRU PHGLF FXUDQW SURIHVRU VDX
HGXFDWRU
/DOLWE DDFHOHLDúLPRGDOLW LQRUPDWLYHVXELHFWXODFWLYDOLQIUDF LXQLLDUH
FDOLWDWHDGHPHPEUXDOIDPLOLHLvQvQ HOHVXOGDWGHGLVSR]L LLOHDUW&SHQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ


Ä6XQWUHDOL]DWHWU V WXULOHDJUDYDQWHLGDF LQFXOSDWXODV YkUúLWLQIUDF LXQHDGHYLRODVXSUDILLFHL±GLQDOW 
F V WRULH±DVR LHLVDOHFDUHORFXLDvQGRPLFLOLXOFRPXQúLVHDIO vQvQJULMLUHDORU´±76'HFQU5,
S
 
3DUWLFLSD LDSHQDO HVWHSRVLELO vQWRDWHIRUPHOHDFHVWHLD FRDXWRUDWLQVWLJDUH
FRPSOLFLWDWH 
6XELHFWXO SDVLY vQ PRGDOLWDWHD WLS ± DOLQ O  ± HVWH QHFDOLILFDW GH WH[W HO
SRDWHILGHFLRULFDUHSHUVRDQ LQGLIHUHQWGHVH[
ÌQSULPDPRGDOLWDWHDJUDYDW ±DOLQ  ±VXELHFWXOSDVLYDUHvQV FDOLWDWHD
GHSXSLO HOHY SDFLHQW HWF±ODOLW E ±VDXGHPHPEUXDOIDPLOLHL±ODOLWE 
ÌQVIkUúLWODDOLQ  WH]D,VXELHFWXOSDVLYHVWHFLUFXPVWDQ LDWODVHJPHQWXOGH
PLQRULFDUHQXDXvPSOLQLWYkUVWDGHDQL
9LROXOHVWHFDOLILFDWvQDFHDVW PRGDOLWDWHQRUPDWLY RULGHFkWHRULYLFWLPDQX
D vPSOLQLW YkUVWD GH  DQL VLWXD LH FXQRVFXW  VDX SUHY ]XW  GH DXWRU &KLDU úL vQ
LSRWH]DvQFDUHDDYXWGXELLFXSULYLUHODYkUVWDYLFWLPHLVXE]LVW DFHDVW DJUDYDQW 
vQWUXFkWDXWRUXODDFFHSWDWRDWDUHSRVLELOLWDWH
6XQW LUHOHYDQWH SHQWUX UHDOL]DUHD LQIUDF LXQLL GLQ SXQFWXO GH YHGHUH DO VX
ELHFWXOXLSDVLYYkUVWDSHUVRDQHLVXSXVHDJUHVLXQLLVH[XDOH±GHODÄ´ODÄQ´DQL±
LPDJLQHD HL LPRUDO  ± UHDO  SURVWLWXDW  VDX SUHVXSXV  ± SHUFHSXW  GH DWHQWDWRULL
VH[XDOL RUL GH FHL FDUH OHDX VHUYLW LQIRUPD LL GHVSUH YLFWLP  SUHFXP úL
vPSUHMXUDUHDF DFHDVWDDQWHULRUFRPLWHULLIDSWHLGHYLRODPDLvQWUH LQXWUDSRUWXUL
VH[XDOH FX DXWRUXO LQIUDF LXQLL RUL FX FHLODO L SDUWLFLSDQ L /HJHD SUHWLQGH GRDU FD
SHUVRDQDvQRULFDUHGLQDFHVWHLSRVWD]HV UHIX]HDFWXOVH[XDO
ÌQLSRWH]DF UDSRUWXOVH[XDOVDUHDOL]DWFXRSHUVRDQ GHVH[GLIHULWFDUHHVWH
UXG vQOLQLHGLUHFW VDXIUDWHRULVRU SULQFRQVWUkQJHUHDDFHVWHLDVDXSURILWkQGGH
LPSRVLELOLWDWHD VD GH D VH DS UD RUL GH DúL H[SULPD YRLQ D IDSWD FRQVWLWXLH ± D
VWDWXDWLQVWDQ DVXSUHP vQVHF LLOHXQLWH±DWkWLQIUDF LXQHDGHYLROSUHY ]XW GH
DUW  DOLQ   GLQ & SHQ úL DOLQ   OLW E  GLQ DFHODúL DUWLFRO GDF  YLFWLPD
ORFXLHúWH úL JRVSRG UHúWH vPSUHXQ  FX I SWXLWRUXO  FkW úL LQIUDF LXQHD GH LQFHVW
SUHY ]XW GHDUWGLQ&SHQvQFRQFXUVLGHDO

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO VH H[SULP  SULQWUR DF LXQH UHDOL]DW  vQ GRL WLPSL vQ
SULPXO DXWRUXO vQIUkQJH UH]LVWHQ D YLFWLPHL SULQ FRQVWUkQJHUH VDX SURILW  GH
LQFDSDFLWDWHD DFHVWHLD GH D VH RSXQH RUL GH DúL H[SULPD YRLQ D vQ WLPSXO GRL VH
FRPLWHDFWXOVH[XDOvQFRQWH[WXOIDSWLFGLQSULPXOWLPS
ÌQ FD]XO LQIUDF LXQLL GH YLRO FRQVWUkQJHUHD VH SRDWH UHDOL]D H[SOLFLW VDX
LPSOLFLW
&RQVWUkQJHUHDH[SOLFLW  PDQLIHVW $FHDVW IRUP GHFRQVWUkQJHUHVHSRDWH
UHDOL]DSHGHRSDUWHSULQH[HUFLWDUHDXQRUDFWHYLROHQWHDVXSUDYLFWLPHL±ORYLUH
PDOWUDWDUHHWF±RULSULQIRORVLUHDGHF WUHDXWRUDIRU HLIL]LFHSkQ ODvQIUkQJHUHD
UH]LVWHQ HL RSXQHULL SHUVRDQHLDJUHVDWH
&RQVWUkQJHUHDVHSRDWHUHDOL]DSHGHDOW SDUWHSULQDPHQLQ ULDGUHVDWHILH
YLFWLPHL ILH XQRU SHUVRDQH ID  GH FDUH DFHDVWD QXWUHúWH VHQWLPHQWH SXWHUQLFH GH
DIHF LXQHRULGHUHFXQRúWLQ 
3HQWUX FD LQIUDF LXQHD GH YLRO V  ILH UHDOL]DW  FRQVWUkQJHUHD H[SOLFLW 
PDQLIHVW WUHEXLHV SUHFHDG RULV ILHFRQFRPLWHQW DFWXOXLVH[XDO([HUFLWDUHD
XQRU DFWH GH YLROHQ  IL]LF  VDX SVLKLF  vQ SRVWHULRULWDWHD DFWXOXL VH[XDO HVWH GH
QDWXU DOVFRDWHSHDFHVWDGHVXELPSHULXOFRQVWUkQJHULL±GHFLIDSWDQXYDFRQVWLWXL
LQIUDF LXQHDGHYLRO±vQYUHPHFHDFWHOHUHVSHFWLYHGHYLROHQ XUPHD] DILWUDWDWH
SULQSULVPDXQHLDGLQWUHSUHYHGHULOHFDUHLQFULPLQHD] DVWIHOGHPDQLIHVW UL
6DPDLFRQVLGHUDWF YLFWLPDQXHVWHREOLJDW V RSXQ UH]LVWHQ SUHVLXQLORU
IL]LFHRULSVLKLFHH[HUFLWDWHGHDXWRUúLQLFLV FRQWLQXHUH]LVWHQ D±vQLSRWH]DF 



Ì&&-68'HFQU,,GLQ'UQUS
 
UHDOL]HD]  ] G UQLFLD DFHVWHLD ± VXILFLHQW ILLQG DúL H[SULPD YHUEDO VDX SULQ
PDQLHUDFRPSRUWDPHQWDO UHIX]XOGHDSDUWLFLSDODDFWXOVH[XDO
&RQVWUkQJHUHD LPSOLFLW  $FHVW WLS GH FRQVWUkQJHUH VH UHDOL]HD]  GH DXWRUXO
LQIUDF LXQLL SULQ SURILWDUHD DEX]DUHD  GH VLWXD LD vQ FDUH VH DIO  YLFWLPD VLWXD LH
FDUHRSXQHvQLPSRVLELOLWDWHDGHDVHDS UDvPSRWULYDDJUHVLXQLLVH[XDOHRULGHDúL
H[SULPDYRLQ DHLvQOHJ WXU FXDFWXOVH[XDOWHQWDWGHDXWRU
6LQWDJPDÄSURILWkQGGHLPSRVLELOLWDWHDGHDVHDS UD´VHUHIHU ODVLWXD LDvQ
FDUHYLFWLPDHVWHLQDSW GHDHYLWDDJUHVLXQHDVH[XDO RULGHDULSRVWDODDFHDVWD2
DVHPHQHDVWDUHSRDWHILGDWRUDW XQHLLQFDSDFLW LIL]LFH±LQILUPLWDWHLPRELOL]DUHvQ
DSDUDW JLSVDW VXIHULQ  GH R PDODGLH HSXL]DQW  IL]LF VWDUH GH VRPQ VWDUH GH
LQWR[LFD LH SURYRFDW  GH DOFRRO VWXSHILDQWH PHGLFDPHQWH  YkUVW  IUDJHG  RUL
vQDLQWDW RULSVLKLFH±VWDUHGHKLSQR] EROQDYSVLKLFHWF
(VHQ LDO SHQWUX UHDOL]DUHD LQIUDF LXQLL GH YLRO vQ DFHDVW  PRGDOLWDWH HVWH FD
DXWRUXOV ILFXQRVFXWDQWHULRUV YkUúLULLIDSWHLVWDUHDGHLQFDSDFLWDWHDYLFWLPHLGH
D VH RSXQH DFWXOXL VH[XDO RUL GH D QXúL SXWHD PDQLIHVWD YRLQ D (VWH LUHOHYDQW OD
LQIUDF LXQHD GH YLRO GDF  DFHDVW  VWDUH D IRVW SURYRFDW  GH DXWRU RUL HD SUHH[LVWD
DF LXQLORUGHDJUHVLXQHVH[XDO OHJHDFHUkQGGRDUFDI SWXLWRUXOV SURILWHGHVWDUHD
UHVSHFWLY 
$FW VH[XDO 3RWULYLW GHILQL LHL GH OH[LFRQ DFWXO VH[XDO SRDWH IL FRQVLGHUDW FD
ILLQG DF LXQHD IDSWD IDSWXO RPXOXL FDUH VH UHIHU  OD VH[ úL vO FDUDFWHUL]HD]  FDUH
HVWH SULYLW GLQ SXQFWXO GH YHGHUH DO UDSRUWXOXL GLQWUH VH[H FDUH VH UHIHU  OD YLD D
VH[XDO 
3ULQDFWVH[XDOGHRULFHQDWXU VXVFHSWLELOGHDILvQFDGUDWvQLQIUDF LXQHDGH
YLROSUHY ]XW GHDUWGLQ&SHQ±DVWDWXDWLQVWDQ DVXSUHP vQVHF LLOHXQLWH±
VH vQ HOHJH RULFH PRGDOLWDWH GH RE LQHUH D XQHL VDWLVIDF LL VH[XDOH SULQ IRORVLUHD
VH[XOXL VDX DF LRQkQG DVXSUD VH[XOXL vQWUH SHUVRDQH GH VH[ GLIHULW VDX GH DFHODúL
VH[SULQFRQVWUkQJHUHVDXSURILWkQGGHLPSRVLELOLWDWHDSHUVRDQHLGHDVHDS UDRUL
GHDúLH[SULPDYRLQ D
$FWXO VH[XDO VH SRDWH UHDOL]D SULQ UDSRUWXUL VH[XDOH VDX UHOD LL VH[XDOH vQWUH
SHUVRDQHGHDFHODúLVH[
5DSRUWVH[XDO 5DSRUWKHWHURVH[XDO (VWHDFHDFRQMXQF LHDRUJDQHORUGHVH[
PDVFXOLQ úL IHPLQLQ vQ DOWH FXYLQWH DFWXO GH LQWURPLVLXQH D RUJDQXOXL VH[XDO
E UE WHVFvQRUJDQXOVH[XDODOIHPHLL3HQWUXUHDOL]DUHDLQIUDF LXQLLGHYLROHVWH
OLSVLW GH UHOHYDQ  GDF  UDSRUWXO VH[XDO VD HSXL]DW VXILFLHQW  ILLQG SHQHWUDUHD
VH[XDO 
5HOD LL VH[XDOH vQWUH SHUVRDQH GH DFHODúL VH[ 5HOD LL KRPRVH[XDOH  6XQW
UHOD LLOH VH[XDOH GH LQYHUWLUH VDX SHUYHUWLUH D LQVWLQFWXOXL VH[XDO SXUWDWH vQWUH
SHUVRDQHGHDFHODúLVH[E UED LVDXIHPHL
5HOD LLOH VH[XDOH GLQWUH E UED L SRDUW  GHQXPLUHD GH SHGHUDVWLH LQGLIHUHQW
GDF DSHWLWXOVH[XDOHVWHVDWLVI FXWSHFDOHDQDO RULRUDO LDUFHOHGLQWUHIHPHLVXQW
GHQXPLWHVDILVP±DPRUXOOHVELDQ±VDXWULEDGLVP±LPLWDUHDDFWXOXLVH[XDOQRUPDO
8UPDUHD LPHGLDW  FRQVW  vQWUR Y W PDUH DGXV  OLEHUW LL VH[XDOH D XQHL
SHUVRDQH GDU GH UHJXO  SRW DS UHD PXOWLSOH XUP UL FDUH FRQVWDX vQ Y W PDUHD
LQWHJULW LLFRUSRUDOHVDXDV Q W LL SVLKR]HFRQWDPLQDUHYHQHULF HWF LOHJLWLP 
JUDYLGLWDWHPRDUWHDYLFWLPHLDOWHSUHMXGLFLLGHRUGLQVRFLDO
/HJ WXUDGHFDX]DOLWDWHGLQWUHHOHPHQWXOPDWHULDOúLXUPDUHDLPHGLDW UH]XOW 
GLQ vQV úL PDWHULDOLWDWHD IDSWHORU H[ UH  vQV  OD PRGDOLW LOH QRUPDWLYH OD FDUH
VXUYLQ Y W PDUHD FRUSRUDO  RUL GHFHVXO YLFWLPHL HVWH QHFHVDU D VH GHPRQVWUD F 
vQWUHDF LXQHDDXWRUXOXLúLUH]XOWDWXOSURGXVH[LVW XQUDSRUWFDX]DO


Ì&&-68'HFQU,,,GLQ'UQUS

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
 
/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GH YLRO VH FRPLWH H[FOXVLY FX LQWHQ LH
GLUHFW úLQXQXPDLDWkWFXLQWHQ LHFDOLILFDW SHQWUXF vQHOHPHQWXOYROLWLYHVWH
vQVXPDWúLVFRSXOFDUHHVWHDFHODGHDUHDOL]DXQDFWVH[XDOFXYLFWLPD
&XWRDWHF DXWRUXOSRDWHILDQLPDWODFRPLWHUHDYLROXOXLGHXQDQXPLWPRELO±
U ]EXQDUHD XQXL DIURQW SH IRQGXO UHOD LLORU GLQWUH VH[H EDWMRFRULUHD YLFWLPHL GLQWUXQ
UHVHQWLPHQWIRUPDWSHXQIRQGLGHQWLFHWF±WH[WXOQXSUHWLQGHH[LVWHQ DPRELOXOXL
/D PRGDOLW LOH DJUDYDWH SUHY ]XWH vQ DOLQ   OLW F  úL DOLQ   WH]D D ,,D
IRUPDGHYLQRY LHFXFDUHOXFUHD] DXWRUXOHVWHSUDHWHULQWHQ LDvQWUXFkWUH]XOWDWXO
PDL JUDY ± Y W PDUHD FRUSRUDO  JUDY  D LQWHJULW LL FRUSRUDOH VDX D V Q W LL
GHFHVXORULGXS FD]VLQXFLGHUHDYLFWLPHL±HVWHGDWRUDWFXOSHLDFHVWXLD

)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD GH YLRO HVWH VXVFHSWLELO  GH V YkUúLUH vQ IRUPD DFWHORU
SUHSDUDWRULL ± FXOHJHUHD GH LQIRUPD LL DVXSUD SURJUDPXOXL YLFWLPHL RUL DO
SHUVRDQHORU FDUH R DQWXUHD]  SURFXUDUHD VSUD\XOXL FX VXEVWDQ H QDUFRWL]DQWH
SHQWUXLPRELOL]DUHDYLFWLPHLúD±GDUOHJHDQXOHSHGHSVHúWH
7HQWDWLYDHVWHSRVLELO úLVDQF LRQDW GHWH[WÌQDFHDVW IRUP LPSHUIHFW GH
V YkUúLUH D LQIUDF LXQLL VH vQFDGUHD]  DF LXQL GH FRQVWUkQJHUH IL]LF  úL PRUDO 
H[HFXWDWH vQ VFRSXO GH D UHDOL]D DFWXO VH[XDO RUL DF LXQL GH DSURSLHUH GH YLFWLP 
SURILWkQGGHQHSXWLQ DDFHVWHLDGHDVHDS UDVDXGHDúLH[SULPDYRLQ DDF LXQLvQV 
QHXUPDWHGHvQWUH LQHUHDDFWXOXLVH[XDO vQvQ HOHVXOGHMDHQXQ DW 'HFLJUDQL DvQWUH
WHQWDWLY úLLQIUDF LXQHDFRQVXPDW HVWHPDUFDW GHPRPHQWXOvQFHSHULLHIHFWLYHD
DFWXOXLVH[XDO
5HQXQ DUHDYROXQWDU ODvQFHSHUHDUDSRUWXOXLVH[XDO±GH]LVWDUHGLQLQGLIHUHQWFH
FRQVLGHUHQWHFHGDUHDvQID DUXJ PLQ LORUYLFWLPHLFRQúWLHQWL]DUHDULVFXULORUODFDUHVH
H[SXQHHWF±DS U DXWRUXOIDSWHLGHU VSXQGHUHDSHQDO SHQWUXWHQWDWLYDODYLROGDUQX
úLGHU VSXQGHUHDSHQDO SHQWUXDF LXQLOHvQWUHSULQVHSkQ vQDFHOPRPHQWvQP VXUDvQ
FDUHDFHVWHDvQWUXQHVFHOHPHQWHOHFRQVWLWXWLYHDOHXQHLLQIUDF LXQL
7HQWDWLYDGHYLROVHSHGHSVHúWHSRWULYLWDUW&SHQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQFHSHULL DFWXOXL VH[XDO ,Q
FD]XOUHSHW ULLDFWXOXLVH[XDOVXELPSHULXOFRQVWUkQJHULLLQL LDOHRULDOSURILW ULLGH
LQFDSDFLWDWHDYLFWLPHLGHDVHRSXQHDFHVWXLDVXQWLQFLGHQWHGLVSR]L LLOHUHIHULWRDUH
ODLQIUDF LXQHDFRQWLQXDW ±DUWDOLQ  &SHQ
6DQF LXQLÌQUDSRUWFXJUDGXOGHSHULFROVRFLDOSHFDUHvOSUH]LQW LSRVWD]HOH
QRUPDWLYHUHJLPXOVDQF LRQDWRUHVWHGLIHUHQ LDWGXS FXPXUPHD] 
 vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±vQFD]XODOLQ  
 vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±vQFD]XODOLQ  
 vQFKLVRDUHD GH OD  OD  DQL úL LQWHU]LFHUHD XQRU GUHSWXUL ± vQ FD]XO
DOLQ   WH]D , úL vQFKLVRDUHD GH OD  OD  DQL úL LQWHU]LFHUHD XQRU GUHSWXUL ± vQ
FD]XODOLQ  WH]D,,
3HQWUX IDSWD SUHY ]XW  vQ DOLQ   SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX
DPHQG GHODODOHLLDUvQFD]XOFHORUODOWHPRGDOLW LFXDPHQG GHOD
ODOHL


$&78/6(;8$/&8810,125

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD
OLEHUWDWHDúLLQYLRODELOLWDWHDVH[XDO DSHUVRDQHLvQSHULRDGDPLQRULW LL'DUFDúLvQ
FD]XOYLROXOXLRELHFWXOMXULGLFSRDWHILFRQVWLWXLWúLGLQDOWHUHOD LLVRFLDOH±DIHFWDWH
 
SULQ IDSWHOH GH DFHDVW  QDWXU  ± FXP VXQW FHOH FDUH SULYHVF GUHSWXO OD YLD  OD
LQWHJULWDWHIL]LF úLSVLKLF ODOLEHUWDWHSVLKLF 
2ELHFWXOPDWHULDOvOFRQVWLWXLHFRUSXOSHUVRDQHLPLQRUH

6XELHF LLLQIUDF LXQLL
3UHYHGHULOH GLIHUHQ LDWH FXSULQVH vQ DUW  GHWHUPLQ  GHRVHELULOH GLQWUH
SHUVRDQHOHFDUHSRWILVXELHFWDFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLL
$VWIHOODPRGDOLW LOHQRUPDWLYHSUHY ]XWHODDOLQ O úLDOLQ  WH]D,DXWRU
SRDWHILRULFDUHSHUVRDQ LQGLIHUHQWGHVH[
ÌQ FD]XO PRGDOLW LL QRUPDWLYH GHVFULVH OD DOLQ   VXELHFWXO DFWLY HVWH vQV 
FLUFXPVWDQ LDW GH WH[W UHVSHFWLY DFHVWD SRDWH IL GRDU SHUVRDQD GH DVHPHQHD
LQGLIHUHQW GH VH[ FDUH DUH FDOLWDWHD GH WXWRUH FXUDWRU VXSUDYHJKHWRU vQJULMLWRU
PHGLF FXUDQW SURIHVRU VDX HGXFDWRU ± FDOLWDWH GH FDUH DXWRUXO IDSWHL V  VH
IRORVHDVF  ± VDX SHUVRDQD FDUH D DEX]DW GH vQFUHGHUHD YLFWLPHL RUL GH DXWRULWDWHD
VDXLQIOXHQ DH[HUFLWDW DVXSUDDFHVWHLD
3HQWUXvQ HOHVXOWHUPHQLORUSULQFDUHDFHúWLVXELHF LDFWLYLDXFDOLW LOHFHUXWH
GHWH[WWULPLWHPODH[SOLFD LLOHGDWHODLQIUDF LXQHDGHYLRO
/D PRGDOLW LOH QRUPDWLYH UHJOHPHQWDWH vQ DOLQ       úL   VXELHFWXO
DFWLY QHPLMORFLW YD IL GXS  FD] ILH QHGHWHUPLQDW ILH GHWHUPLQDW SULQ XQD GLQWUH
FDOLW LOHSUHY ]XWHvQDOLQ  
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  VXE WRDWH IRUPHOH DFHVWHLD ± FRDXWRUDW
LQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY vQ PRGDOLWDWHD SUHY ]XW  vQ DOLQ   HVWH FLUFXPVWDQ LDW GH
WH[WODSHUVRDQDLQGLIHUHQWGHVH[FDUHQXDvPSOLQLWYkUVWDGHDQL
/D PRGDOLWDWHD QRUPDWLY  UHJOHPHQWDW  vQ DOLQ   VXELHFWXO SDVLY HVWH
FLUFXPVFULV VHJPHQWXOXL GH SHUVRDQH vQWUH  úL  DQL FDUH VXQW vQWUXQD GLQ
VLWXD LLOH FH GHFXUJ GLQ WH[W VLWXD LL FH OH FDUDFWHUL]HD]  SR]L LD SVLKLF  vQ
UDSRUWXULOH FX DXWRUXO ± SXSLO  HOHY  SDFLHQW  HWF ± vQ YUHPH FH OD PRGDOLWDWHD
QRUPDWLY  GH OD DOLQ   WH]D , VXELHFWXO SDVLY SODVDW vQ VLWXD LL VLPLODUH FX FHOH
PDLVXVSUHFL]DWHHVWHvQV vQYkUVW GHVXEDQL
6XELHFWXOSDVLYODPRGDOLW LOHQRUPDWLYHGHVFULVHvQDOLQ    úL  HVWH
FRPXQúLDQXPHSHUVRDQ FDUHQXDvPSOLQLWYkUVWDGHDQL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQWUR DF LXQH PDQLIHVWDW  vQWUXQ DFW
VH[XDOILHFXXQPLQRUVXEYkUVWDGHDQLILHFXXQPLQRUvQWUHúLDQLvQ
FDUHDXWRUXODUHXQDGLQWUHFDOLW LOHPHQ LRQDWHGHOHJH
$FWXO VH[XDO HVWH GH RULFH QDWXU  GHFL H[SOLFD LLOH RIHULWH OD LQIUDF LXQHD GH
YLROFXSULYLUHODvQ HOHVXOVLQWDJPHLvúLS VWUHD] LQWHJUDOYDODELOLWDWHD
/DXQHOHPRGDOLW LDJUDYDWHDFWXOVH[XDOHVWHGXEODWGHDOWHDF LXQLFDUHVXQW
GH QDWXU  D VSRUL JUDGXO GH SHULFRO DO IDSWHL 0RGDOLW LOH DJUDYDWH VH UDSRUWHD] 
GHRSRWULY ODDPEHOHYDULDQWHDOHLQIUDF LXQLLWLSSUHY ]XWHvQDOLQ  úL  
$VWIHO vQ LSRWH]D QRUPDWLY  UHJOHPHQWDW  OD DOLQ   DFWXO VH[XDO HVWH
GHWHUPLQDW GH RIHULUHD VDX GDUHD GH EDQL RUL DOWH IRORDVH GH F WUH I SWXLWRU GLUHFW
VDX LQGLUHFW YLFWLPHL LDU vQ LSRWH]D LQFULPLQDW  OD DOLQ   DFWXO VH[XDO HVWH
V YkUúLWvQVFRSXOSURGXFHULLGHPDWHULDOHSRUQRJUDILFH
0DWHULDOHOH SRUQRJUDILFH UHGDXUHSUH]LQW  REVFHQ OXEULF YXOJDU WULYLDO 
VFHQHGHYLD VH[XDO QXGXULvQDWLWXGLQLODVFLYHRUJDQHVH[XDOHGHWDOLLDQDWRPLFH

 
OHJDWH GH LQVWLQFWXO VH[XDO 0HVDMXO SRUQRJUDILF SRDWH IL WUDQVPLV SULQ ILOPH
SXEOLFD LLLPSULP ULYLGHRIRWRJUDILLGHVHQHVFXOSWXULvQJHQHUDOSULQRULFDUHDOW
PLMORFGHSURSDJDUHDLGHLORUúLLPDJLQLORUFXFDUDFWHUREVFHQ
$GRXDDJUDYDQW GHODPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQ  WH]D
,,HVWHDWUDV GHFD]XOvQFDUHDFWXOVH[XDOFXXQPLQRUFRPLVvQVFRSXOPHQ LRQDW
vQWH]DDQWHULRDU DIRVWUHDOL]DWSULQFRQVWUkQJHUH
0RGDOLWDWHD DJUDYDW  UHJOHPHQWDW  vQ DOLQ   VH DGUHVHD]  VLWXD LHL vQ FDUH
DFWXO VH[XDO FX R SHUVRDQ  FDUH QX D vPSOLQLW YkUVWD GH  DQL D IRVW FRPLV vQ
vPSUHMXU ULOHSUHY ]XWHvQDUWDOLQ  OLWE SUHFXPúLvQVLWXD LDvQFDUHDFWXO
VH[XDOFXXQPLQRUDDYXWFRQVHFLQ HOHDU WDWHvQDUWDOLQ  OLWF  VDFDX]DW
YLFWLPHLRY W PDUHJUDY DLQWHJULW LLFRUSRUDOHVDXV Q W LL 
ÌQ VIkUúLW XOWLPD DJUDYDQW  D WH[WXOXL HQXQ DW  vQ DOLQHDWXO ILQDO HVWH
PRWLYDW  GH XUP ULOH DFWXOXL VH[XDO FX XQ PLQRU ± PRDUWHD VDX VLQXFLGHUHD
DFHVWXLD
$LGRPD LQIUDF LXQLL GH YLRO LQIUDF LXQHD GH DFW VH[XDO FX XQ PLQRU DUH FD
XUPDUHLPHGLDW vQF OFDUHDOLEHUW LLúLLQYLRODELOLW LLVH[XDOHDSHUVRDQHL PLQRU 
úL FHO PDL IUHFYHQW DSDUL LD úL D DOWRU XUP UL FRQVHFXWLYH VDX XOWHULRDUH ±
Y W PDUHDLQWHJULW LLFRUSRUDOHVDXDV Q W LL SVLKR]HFRQWDPLQDUHYHQHULF HWF 
LOHJLWLP JUDYLGLWDWHPRDUWHDYLFWLPHLDOWHSUHMXGLFLLGHRUGLQVRFLDO
/HJ WXUD GH FDX]DOLWDWH vQ FH SULYHúWH UHVWUkQJHUHD OLEHUW LL VH[XDOH D
SHUVRDQHLHVWHSUH]XPDW UH]XOWkQGH[UHDGLF GLQvQV úLPDWHULDOLWDWHDIDSWHORU
3HQWUX FHOHODOWH XUP UL LPHGLDWH FRQVHFXWLYH RUL XOWHULRDUH DFWXOXL VH[XDO FX XQ
PLQRUHVWHvQV QHFHVDUDVHGRYHGLF HOHVXQWFRQVHFLQ DDFWXOXLVH[XDOUHDOL]DWGH
DXWRUXOIDSWHL

/DWXUDVXELHFWLY 
(OHPHQWXOVXELHFWLYFRQVW vQLQWHQ LDGLUHFW DDXWRUXOXLGHDFRPLWHIDSWDúL
QX QXPDL DWkW vQ LQWHQ LD OXL FDOLILFDW  GHRDUHFH HVWH vQVXPDW úL HOHPHQWXO VFRS
FDUHHVWHDFHODGHDUHDOL]DDFWXOVH[XDOFXXQPLQRU
3HQWUXVDWLVIDFHUHDDFHVWXLHOHPHQWFRQVWLWXWLYDOLQIUDF LXQLLHVWHQHFHVDUFD
DXWRUXO vQ YDULDQWD WLS GH OD DOLQ   V  IL FXQRVFXW F  YLFWLPD DUH R YkUVW 
LQIHULRDU  DFHOHLD GH  DQL RUL V  IL DFFHSWDW DFHDVW  HYHQWXDOLWDWH $FHHDúL
UHSUH]HQWDUHWUHEXLHV RDLE úLDXWRUXOIDSWHLGLQYDULDQWDGHVSHFLHGHODDOLQ  
GDUVXSOLPHQWDUDFHVWDYDWUHEXLV úLIRORVHDVF DFHDFDOLWDWH±GHPHGLFSURIHVRU
HWF ± vQVFRSXOGHWHUPLQ ULLYLFWLPHLGHDDYHDDFWVH[XDO'HFLSHQWUXH[LVWHQ D
ODWXULL VXELHFWLYH úL SULQ FRQVHFLQ  SHQWUX H[LVWHQ D LQIUDF LXQLL VH FHUH FD
I SWXLWRUXO V  IL úWLXW vQ PRPHQWXO V YkUúLULL IDSWHL VDX V  IL DYXW WRDWH GDWHOH
SHQWUXDSUHVXSXQHF SHUVRDQDFXFDUHV YkUúHúWHDFWXOVH[XDOQXDvPSOLQLWYkUVWD
GH  DQL UHVSHFWLY GH  DQL &XQRDúWHUHD QHVLJXU  QX FRQGXFH OD vQO WXUDUHD
HOHPHQWXOXLVXELHFWLYúLGHFLDU VSXQGHULLSHQDOHSHQWUXDFHDVW LQIUDF LXQH1XYD
FRQVWLWXLvQV LQIUDF LXQHIDSWDPDMRUXOXLDIODWvQHURDUHFXSULYLUHODYkUVWDUHDO D
SHUVRDQHL FX FDUH UHDOL]HD]  DFWXO VH[XDO ± VXE  DQL UHVSHFWLY VXE  DQL ±
HURDUHSURYRFDW GHvPSUHMXU ULGHQDWXU DLGHIRUPDUHSUH]HQWDUHDGLQDFHVWSXQFW
GH YHGHUH LQXWD SVLKRIL]LF  D PLQRUXOXL SUH]HQWDUHD GH F WUH DFHVWD D XQRU
GRFXPHQWHGHLGHQWLWDWHP VOXLWHúD 

)RUPH6DQF LXQL
)RUPH7HQWDWLYDHVWHSRVLELO úLVHSHGHSVHúWHSRWULYLWDUW&SHQGDU
HD QX SRDWH IL FRQFHSXW  GHFkW vQ IRUPD LPSHUIHFW  QHWHUPLQDW  *UDQL D GLQWUH



9'RQJRUR]úLFRORSFLWYRO,9S
 
WHQWDWLY  úL LQIUDF LXQHD FRQVXPDW  OD DFWXO VH[XDO FX XQ PLQRU HVWH LGHQWLF  FX
DFHHDGHODLQIUDF LXQHDGHYLRO
&RQVXPDUHDLQIUDF LXQLLVXUYLQHvQPRPHQWXOvQFHSHULLDFWXOXLVH[XDOFXXQ
PLQRUvQYkUVW GHVXEDQLUHVSHFWLYGHSkQ ODDQL
6DQF LXQL 5HJLPXO VDQF LRQDWRU DO IDSWHORU LQFULPLQDWH vQ DUW  HVWH
QXDQ DWSHGHSVHOHILLQGDúH]DWHSHRVFDU vQXUFDUHvQIXQF LHGHSHULFROXOVRFLDO
SHFDUHvOUHSUH]LQW DFHVWHD
$VWIHOODPRGDOLW LOHWLS±DOLQ  úL  ±SHGHDSVDHVWHvQFKLVRDUHDGHOD
ODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HGHDSVDSHQWUXPRGDOLWDWHDDJUDYDW SUHY ]XW vQDOLQ  HVWHvQFKLVRDUHD
GHODODDQLLDUPRGDOLWDWHDDJUDYDW GHODDOLQ  WH]D,HVWHVDQF LRQDW FX
SHGHDSVDvQFKLVRULLGHODODDQLDPEHOHvQVR LWHGHSHGHDSVDFRPSOHPHQWDU D
LQWHU]LFHULLXQRUGUHSWXUL
3HQWUX IDSWHOH SUHY ]XWH OD DOLQ   WH]D ,, úL DOLQ   SHGHDSVD HVWH
vQFKLVRDUHDGHODODGHDQLLDUSHQWUXDFHHDSUHY ]XW ODDOLQ  ±vQFKLVRDUHD
GHODODGHDQLILHFDUHGLQWUHDFHVWHDFXDSOLFDUHDSHGHSVHLFRPSOHPHQWDUHD
LQWHU]LFHULLXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] SHQWUXIDSWHOHSUHY ]XWHvQDOLQ  úL  
FX DPHQG  GH OD  OD  OHL LDU vQ FHOHODOWH VLWXD LL FX DPHQG  GH OD
ODOHL


6('8& ,$

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLWRDUHODOLEHUWDWHDúL
LQYLRODELOLWDWHDVH[XDO DSHUVRDQHLGHVH[IHPLQLQvQYkUVW GHVXEDQL
2ELHFWXOPDWHULDODOLQIUDF LXQLLGHVHGXF LHHVWHFRUSXOPLQRUHLDVXSUDF UXLD
VDFRPLVSULQIUDXG UDSRUWXOVH[XDO

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL SRDWH IL GRDU XQ E UEDW ±
SHQWUX F  GRDU E UEDWXO HVWH SDUWHQHU DO XQXL UDSRUW VH[XDO FX IHPHLD úL QXPDL
DFHVWD SRDWH SURPLWH R F V WRULH ± FX FRQGL LD HYLGHQ LDW  OD FHOHODOWH GRX 
LQIUDF LXQLSULYLQGYLD DVH[XDO FDDFHVWDV DLE FDSDFLWDWHDELRORJLF GHUHDOL]DUH
DDFWXOXLVH[XDO 
6D VXV LQXW vQ GRFWULQ  úL SUDFWLFD MXGLFLDU  F  E UEDWXO WUHEXLH V 
vQGHSOLQHDVF FXPXODWLYúLRDOW FRQGL LHDQXPHGHDILvPSOLQLWDFHDYkUVW FDUH
SRWULYLWOHJLLvLG GUHSWXOODDvQFKHLDF V WRULD
ÌQRSLQLDQRDVWU DFHDVW FRQGL LHDG XJDW SHQWUXDFLUFXPVWDQ LDVXELHFWXO
DFWLYDOLQIUDF LXQLLHVWHQHIRQGDW SHWH[WRULSHXQSULQFLSLXGHGUHSWúLWRWRGDW 
GHQDWXU DGH]DYDQWDMDPLQRUHOHF URUDOLVHSUHWLQGHGHFLQXQXPDLV LQWXLDVF 
FDUDFWHUXOVLQFHUVDXIUDXGXORVDOSURPLVLXQLLGHF V WRULHGDUV úLLQWUHvQSRVHVLD
GDWHORU GH VWDUH FLYLO  DOH FHOXL FDUH IDFH SURPLVLXQHD 7 LQXLUHD YkUVWHL GH F WUH
PLQRU QX UHSUH]LQW  vQ IRQG DOWFHYD GHFkW R ODWXU  D PDQLIHVW ULORU VDOH
DP JLWRDUHPHQLWHDGHWHUPLQDPLQRUDV DFFHSWHUDSRUWXOVH[XDOVXILFLHQWILLQG
GXS S UHUHDQRDVWU FDDSDUHQ HOHV IRUPH]HPLQRUHLFUHGLQ DF DFHVWDHVWHXQ
SRWHQ LDOVR 


9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S

7UHJ,DúL'HFQU-1QUS

ÌQDFHODúLVHQV2/RJKLQ77RDGHURSFLWS
 
2SLQLD VXVHYRFDW  SULYLWRDUH OD FRQGL LD GH YkUVW  D E UEDWXOXL HVWH vQV  úL
LQFRQVHFYHQW GHRDUHFHvQFRQWLQXDUHVHDILUP F ÄQXLQWHUHVHD] SHQWUXH[LVWHQ D
LQIUDF LXQLL GDF  E UEDWXO HVWH VDX QX F V WRULW RU QHvPSOLQLUHD YkUVWHL OHJDOH GH
F V WRULH FRQVWLWXLH FD úL VWDWXWXO GH E UEDW F V WRULW XQ LGHQWLF LPSHGLPHQW OHJDO
SHQWUXDXWRUXOIDSWHLGHDúLRQRUDSURPLVLXQHDGHF V WRULHDGUHVDW PLQRUHLÌQFHQH
SULYHúWHVXQWHPvQV GHDFRUGFXDXWRULLVXVFLWD LSULYLQGOLSVDGHUHOHYDQ DVWDWXWXOXL
E UEDWXOXL ± F V WRULW RUL QHF V WRULW ± SHQWUX UHDOL]DUHD LQIUDF LXQLL FX PHQ LXQHD F 
VLWXD LDFLYLO GHE UEDWF V WRULWSUREHD] GHFHOHPDLPXOWHRULFDUDFWHUXOPLQFLQRVDO
SURPLVLXQLLGHF V WRULHI FXWHPLQRUHL
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLGHVHGXF LHHVWHSRVLELO VXEIRUPD
LQVWLJ ULLúLFRPSOLFLW LL±QHLQWHUHVkQGODDFHVWHIRUPHVH[XOSHUVRDQHLSDUWLFLSDQWH±
GDULPSRVLELO vQIRUPDFRDXWRUDWXOXLGLQFRQVLGHUHQWHOHH[DPLQDWHDQWHULRU
6XELHFWXOSDVLYHVWHFLUFXPVFULVvQVHJPHQWXOSHUVRDQHORUGHVH[IHPLQLQvQ
YkUVW  GH VXE  DQL QHF V WRULWH Ä)HPHLD ± VSXQHD SURIHVRUXO 7UDLDQ 3RS ±
WUHEXLH V  ILH vQ PRPHQWXO SURPLVLXQLL QHP ULWDW  Y GXY  VDX GLYRU DW  ILLQGF 
QXPDL DFHVWHLD L VH SRW IDFH SURPLVLXQL GH F V WRULH SHQWUX D DYHD UDSRUWXUL
VH[XDOHILLQGF DFHVWHDVXQWDFWHLPRUDOHúLFKLDUSXQLELOH´
ÌQOHJ WXU FXFDOLWDWHDVXELHFWXOXLSDVLYDOLQIUDF LXQLLSUHY ]XW vQDUW
&SHQVDXH[SULPDWRSLQLLGLIHULWH
7H[WXODVWDELOLWOLPLWDPD[LP ±GHDQL±SkQ ODFDUHUDSRUWXOVH[XDOFXR
DGROHVFHQW RE LQXWSULQvQúHO WRDUHSURPLVLXQLGHF V WRULHFRQVWLWXLHLQIUDF LXQH
6DFRQVLGHUDWQHvQGRLHOQLFF GXS vPSOLQLUHDYkUVWHLGHDQLSHUVRDQDGHVH[
IHPLQLQ HVWH VXILFLHQW GH PDWXU  SHQWUX D HYDOXD FRUHFW VHULR]LWDWHD SURPLVLXQLORU
GHF V WRULHúLSRVLELOLWDWHDUHDO GHvQI SWXLUHDORUvQIXQF LHGHFDUHV FHGH]HVDX
QXDYDQVXULORUVH[XDOHPDLvQDLQWHGHvQFKHLHUHDF V WRULHL'DUDLGRPDLQIUDF LXQLL
GHDFWVH[XDOFXXQPLQRUFDUHQXDvPSOLQLWYkUVWDGHDQLWH[WXOLQIUDF LXQLLGH
VHGXF LHQXGHOLPLWHD] YkUVWDPLQLP DPLQRUHLSkQ ODFDUHUDSRUWXOVH[XDODVWIHO
UHDOL]DWLQWU VXELQFLGHQ DSUHYHGHULORUDUW&RGSHQDO
ÌQ YDORURDVHOH QRDVWUH WUDWDWH GH GUHSW SHQDO FD úL vQ XQHOH VROX LL GLQ
SUDFWLFD MXGLFLDU  VD FRQVLGHUDW F  YkUVWD PLQLP  D PLQRUHL VHGXVH HVWH GH 
DQL VXE DFHDVW  YkUVW  IDSWD FRQVWLWXLQG LQIUDF LXQHD GH DFW VH[XDO FX XQ PLQRU
SUHY ]XW GHDUWDOLQ  &RGSHQDO
,QWHUSUHWDUHDGDW WH[WXOXLVXEUDSRUWXOOLPLWHLPLQLPHGHYkUVW DYLFWLPHL±
PLQRU  ULGLF  vQ SULQFLSDO GRX  SUREOHPH WHRUHWLFH UHIHULWRDUH OD H[LVWHQ D 
LQH[LVWHQ D LQIUDF LXQLL GH VHGXF LH vQ DQXPLWH vPSUHMXU UL GH IDSW FkW úL OD
vQFDGUDUHDMXULGLF DXQRUIDSWHFRPLVHvQFRQGL LLSDUWLFXODUH
'LVSR]L LLOH&RGXOXLIDPLOLHLSUHY GF ÄIHPHLDVHSRDWHF V WRULQXPDLGDF 
DvPSOLQLWDQL´GDUF ÄSHQWUXPRWLYHWHPHLQLFHVHSRDWHvQFXYLLQ DF V WRULD
IHPHLLFDUHDvPSOLQLWDQL
ÌQUDSRUWFXDFHVWHGLVSR]L LLLPSHUDWLYHGLQOHJHDFDUHVWDWRUQLFHúWHFRQGL LLOH
GH YDODELOLWDWH D XQHL F V WRULL QH H[SULP P UH]HUYD ID  GH RSLQLD ODUJ
vPS UW úLW  SRWULYLW F UHLD OLPLWD GH YkUVW  D PLQRUHL SHQWUX D DYHD YRFD LD GH
VXELHFW SDVLY DO LQIUDF LXQLL GH VHGXF LH HVWH GH  DQL GH YUHPH FH DFHDVWD VXE
YkUVWDGHDQLQXSRDWHvQFKHLDRF V WRULH


Ä&RGXOSHQDO&DURODO,,OHD´DGQRWDWHGFLWYRO,,S

79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWS

Ä5DSRUWXOVH[XDOFXRSHUVRDQ FDUHQXDvPSOLQLWYkUVWDGHDQL±FKLDUGDF PLQRUDDIRVWGHWHUPLQDW OD
DFHDVWD GH SURPLVLXQL GH F V WRULH ± FRQVWLWXLH LQIUDF LXQHD SUHY ]XW  GH DUW  DOLQ   &RG SHQDO LDU QX
LQIUDF LXQHDGHVHGXF LHSUHY ]XW GHDUW&RGSHQDO´±76'HFQU5,S

&RGXOIDPLOLHLDUWDOLQ  úL  
 
ÌQRSLQLDQRDVWU GHFLOLPLWDPLQLP GHYkUVW DSHUVRDQHLVHGXVHHVWHDFHHD
GHODFDUHOHJHDvLFRQIHU GUHSWXOGHDVHF V WRULúLDQXPHGHODDQL
6D Y ]XW RSLQLD GRPLQDQW  GRFWULQDU  úL MXGLFLDU  UHIHULWRDUH OD YkUVWD
PLQLP  D SHUVRDQHL Y W PDWH SHQWUX D IL VXELHFW SDVLY DO LQIUDF LXQLL GH VHGXF LH
,QVSLUDWHGHDFHHDúLRSLQLHXQHOHLQVWDQ HDXFRQVLGHUDWvQV F UDSRUWXOVH[XDOFXR
PLQRU  GH VXE  DQL UHDOL]DW vQ XUPD SURPLVLXQLORU GH F V WRULH vQWUXQHúWH
GHRSRWULY  HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLORU GH DFW VH[XDO FX XQ PLQRU úL
VHGXF LH
$FRUGkQG úL DFHVWHL LQWHUSUHW UL LQWHUHVXO FXYHQLW FUHGHP DO WXUL GH DO L
DXWRULF vQUDSRUWGHFRQ LQXWXOORUFHOHGRX LQIUDF LXQLVHH[FOXGUHFLSURFúLF 
GHFLQXSRWILWHUPHQLLXQXLFRQFXUVvQVSH V YkUúLQGXVHH[FOXVLYLQIUDF LXQHDGH
DFWVH[XDOFXXQPLQRU

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO HVWH FRQVWLWXLW GLQWUR DF LXQH FRQFUHWL]DW  vQ UDSRUWXO
VH[XDO UHDOL]DW SULQ IUDXG  FX R SHUVRDQ  GH VH[ IHPLQLQ vQ YkUVW  GH VXE  DQL
'HFL HOHPHQWXO PDWHULDO DO LQIUDF LXQLL HVWH H[FOXVLY UDSRUWXO VH[XDO FX PLQRUD úL
QXSURPLVLXQHDGHF V WRULHDFHDVW I J GXLQ PLQFLQRDV UHSUH]HQWkQGPLMORFXO
SULQFDUHDXWRUXOUHXúHúWHUHDOL]DUHDDFWXOXLVH[XDOFXPLQRUD
5DSRUWXOVH[XDOHVWHDFHDFRQMXQF LHDRUJDQHORUGHVH[PDVFXOLQúLIHPLQLQ
vQDOWHFXYLQWHDFWXOGHLQWURPLVLXQHDRUJDQXOXLVH[XDOE UE WHVFvQRUJDQXOVH[XDO
DO IHPHLL 3HQWUX UHDOL]DUHD LQIUDF LXQLL GH YLRO HVWH OLSVLW GH UHOHYDQ  GDF 
UDSRUWXOVH[XDOVDHSXL]DWVXILFLHQW ILLQGSHQHWUDUHDVH[XDO 
6LQWDJPDQXSRDWHILGHVOXúLW vQWURvQFHUFDUHGHGHILQLUHGDUHDYDSXWHDIL
vQ HOHDV SULQSXQHUHDvQHYLGHQ DDVSHFWHORUFHWUHEXLHV FDUDFWHUL]H]HDVHPHQHD
SURPLVLXQLVSUHDDYHDVDXQXUHOHYDQ SHQWUXUHDOL]DUHDLQIUDF LXQLLGHVHGXF LH
DVSHFWHDVXSUDF URUDVDXDSOHFDWGHRSRWULY GRFWULQDúLSUDFWLFDMXGLFLDU 
3URPLVLXQHDPDLvQDLQWHGHWRDWHHVWHXQDQJDMDPHQW I J GXLDO SULQFDUH
FLQHYDVHREOLJ V IDF FHYDÌQOHJ WXU FXSURPLVLXQHDGHF V WRULHUDSRUWDW 
ODWH[WXODUW&RGSHQDODXIRVWH[DPLQDWHXUP WRDUHOHDVSHFWH
3URPLVLXQHDVXELPSHULXOF UHLDPLQRUDDFFHSW UDSRUWXOVH[XDOV DLE FD
RELHFW REOLJD LDDXWRUXOXLGHDVHF V WRULFXDFHDVWDREOLJD LHQHRQRUDW XOWHULRU
1X YD FRQVWLWXL SURPLVLXQH vQ VHQVXO DUW  &RG SHQDO I J GXLDOD XQXL
FRQFXELQDMDLQVWUXLULLPLQRUHLvQWUXQFROHJLXDXQXLYRLDMLVSLWLWRUSHVWHJUDQL HD
VXSRUW ULLFKHOWXLHOLORUPDWHULDOH DvQWUH LQHULL SHRSHULRDG GHWLPSHWF
 3URPLVLXQHD V  ILH I FXW  GH DXWRUXOIDSWHLDQWHULRUFRQVXP ULLUDSRUWXOXL
VH[XDO LDU DFHDVW  SURPLVLXQH V  FRQVWLWXLH HOHPHQWXO GH FRQYLQJHUH D PLQRUHL OD
DFFHSWDUHD DFWXOXL 3URPLVLXQLOH GH F V WRULH SRVWHULRDUH UDSRUWXOXL VH[XDO QX DX
VHPQLILFD LHSHQDO 
3URPLWHUHDF V WRULHLV ILHI FXW vQPRGIHUPVHULRVÌQDFWXDODUHGDFWDUH
DWH[WXOXLDUW&RGSHQDOVDUHQXQ DWODFDUDFWHUXOÄIRUPDO´DOSURPLVLXQLLSH
FDUHvOSUHWLQGHDWH[WXOGLQUHJOHPHQWDUHD&RGXOXLSHQDOÄ&DURODO,,OHD´FHHDFH
vQVHDPQ  F  SURPLVLXQHD SRDWH IL H[SULPDW  ÄIRUPDO´ ± ORJRGQ  SUH]HQWDUHD
PLQRUHL vQ FHUFXO GH UHOD LL RUL ID  GH UXGH GUHSW YLLWRDUH VR LH HWF ± GDU úL
ÄLPSOLFLW´ ± SULQ PDQLIHVW UL RUL FRQGXLWH FH VHPQLILF  LQHFKLYRF DQJDMDUHD
E UEDWXOXLvQDVHF V WRULFXPLQRUD



7M&RQVWDQ D'HFQU5,,S

93DSDGRSRO03RSRYLFL5,,S

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S

'(;HGFLWS
 
3URPLVLXQLOH SRW IL H[WHULRUL]DWH RUDO VDX vQ VFULV GLUHFW RUL SULQ SHUVRDQH
LQWHUSXVHHVHQ LDOILLQGGRDUFDUDFWHUXOORUGHVHULR]LWDWH
1XSRWDYHDDVHPHQHDFDUDFWHUSURPLVLXQLOHGHF V WRULHI FXWHGHXQE UEDW
DOLHQDW PLQWDO VDX FHOH DGUHVDWH XQHL PLQRUH vQ DFHHDúL VWDUH GH VXIHULQ  SVLKLF 
GXS  FXP VH LPSXQH R SUXGHQW  DFUHGLWDUH D SUHWHQ LHL GH VHGXF LH vQ FD]XULOH vQ
FDUH DFFHSWXO OD UDSRUW VH[XDO VXE SURPLVLXQHD F V WRULHL HVWH GDW GH PLQRU 
FRQFRPLWHQWPRPHQWXOXLvQFDUHODFXQRVFXWSHE UEDWRULvQWUXQVFXUWLQWHUYDOGH
WLPSGHODDFHVWPRPHQW
'RFWULQD GH VSHFLDOLWDWH D QHJDW DFHVW FDUDFWHU SURPLVLXQLORU GH F V WRULH
I FXWHXQHLPLQRUHSURVWLWXDWH7UDQúDQ DDOHJD LHLQLVHSDUHSHFkWGHGXU SH
DWkWGHQHGUHDSW (VWHORJLFDFRQVLGHUDFDJOXP PDLPXOWVDXPDLSX LQL]EXWLW 
SURPLWHUHD F V WRULHL XQHL PLQRUH SURVWLWXDWH DQWHULRU RUL FRQFRPLWHQW UHPLWHULL
DYDQWDMXOXL PDWHULDO SUHWLQV VDX DFFHSWDW vQ VFKLPEXO UDSRUWXOXL VH[XDO 'DU HVWH
LQXPDQúLLOHJLWLPDLUHIX]DPLQRUHLSURVWLWXDWHGUHSWXOODDúLPDLUHFRQYHUWLYLD D
LPRUDO vQWUXQDPRUDO SULQLQWHUPHGLXOF V WRULHLúLFKLDUGHDLDQXODDQWLFLSDW
DFFHVXOODDFHDVW úDQV RULVSHUDQ DWXQFLFkQGPLQRUDDFRQVLP LWUDSRUWXOVH[XDO
FX XQ E UEDW QX GLQ YHQDOLWDWH FL SHQWUX F  D FUH]XW vQ SURPLVLXQHD DFHVWXLD GH
F V WRULH
1HvQGHSOLQLUHDSURPLVLXQLLGHF V WRULHGXS UHDOL]DUHDDFWXOXLVH[XDOV ILH
GDWRUDW  UHOHL FUHGLQ H D DXWRUXOXL YRLQ HL VDOH LQL LDOH GH D DP JL PLQRUD 1X YD
DYHD DFHVW FDUDFWHU SURPLVLXQHD QHRQRUDW  GLQ FRQVLGHUHQWH DS UXWH XOWHULRU
UDSRUWXOXL VH[XDO LPSUHYL]LELOH H[WHULRDUH YRLQ HL DXWRUXOXL IDSWHL úL RULFXP
QHUHSURúDELOH DFHVWXLD FXP VXQW UHIX]XO YLFWLPHL GH D VH PDL F V WRUL RUL
RSXQHUHDODF V WRULHDS ULQ LORUDFHVWHLDDSDUL LDXQHLEROLJUDYHFDUHOIDFSH
E UEDW LPSURSULX F V WRULHL GLQ SXQFW GH YHGHUH PHGLFDO GHVFRSHULUHD XQHL EROL
JUDYH GH FDUH VXIHUHD YLFWLPD QHFXQRVFXW  DXWRUXOXL DQWHULRU SURPLVLXQLORU GH
F V WRULHúLUDSRUWXULORUVH[XDOHDYXWHFXDFHDVWDúD
8UPDUHDLPHGLDW FRQVW GLQWURY W PDUHDGXV OLEHUW LLVH[XDOHúLRQRDUHL
PLQRUHLvQOHJ WXU FXYLD DVDVH[XDO 
&kWSULYHúWHOHJ WXUDGHFDX]DOLWDWHDFHDVWDUH]XOW GLQvQV úLPDWHULDOLWDWHD
IDSWHORU H[UH 

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH HVWH IRUPDW  GLQ LQWHQ LH vQ DPEHOH HL PRGDOLW L ±
GLUHFW  úL LQGLUHFW  $úDGDU DXWRUXO GHOLEHUDW GHWHUPLQ  SULQ SURPLVLXQL
PLQFLQRDVH R SHUVRDQ  GH VH[ IHPLQLQ OD D DYHD FX HO UDSRUW VH[XDO úWLLQG F 
DFHDVWDHVWHvQYkUVW GHVXEDQLRULDFFHSWkQGHYHQWXDOLWDWHDvQUDSRUWGHGDWHOH
FHLHUDXFXQRVFXWHFDSHUVRDQDGHVH[IHPLQLQV ILHPLQRU 
,GHQWLF FX FD]XO DFWXOXL VH[XDO FX XQ PLQRU HURDUHD FX SULYLUH OD YkUVWD
YLFWLPHLH[FOXGHúLvQFD]XOVHGXF LHLYLQRY LDDXWRUXOXL
2 LQWHUHVDQW  SUREOHP  vQ OHJ WXU  FX HURDUHD I SWXLWRUXOXL DVXSUD YkUVWHL
YLFWLPHL VD ULGLFDW vQ GRFWULQ  DSOLFDW  OD VLWXD LD vQ FDUH UDSRUWXO VH[XDO FX R
PLQRU VXEDQLDIRVWUHDOL]DWVXESURPLVLXQHDF V WRULHL6HDILUP vQU VSXQV
ODUHWRULFDvQWUHEDUH±U VSXQVODFDUHDFKLHV P±F LQFXOSDWXOQXDUSXWHDILWUDVOD
U VSXQGHUHSHQWUXLQIUDF LXQHDGHDFWVH[XDOFXRPLQRU GHRDUHFHDIRVWFRQYLQV
F  YLFWLPD DUH SHVWH  DQL ÌQ DFHODúL WLPS HO QX DU SXWHD U VSXQGH QLFL SHQWUX
LQIUDF LXQHDGHVHGXF LHGHRDUHFHRELHFWLYYLFWLPDQHDYkQGFDSDFLWDWHDV vQFKHLH


7U3RSvQ&RGXOSHQDOÄ&DURODO,,OHD´DGQRWDWHGFLWYRO,,S79DVLOLXúLFRO&RGXOSHQDO
FRPHQWDWúLDGQRWDWHGFLWYRO,S

76'HFQU5,,S

7M7LPLú'HFQU5,,S
 
R F V WRULH DFHDVW  FLUFXPVWDQ  VH U VIUkQJH DVXSUD LQFXOSDWXOXL LQGLIHUHQW GDF 
DFHVWDDFXQRVFXWVDXQXFLUFXPVWDQ DUHVSHFWLY 

)RUPH6DQF LXQL
)RUPH7HQWDWLYDODLQIUDF LXQHHVWHSRVLELO FDUHDOL]DUHIDSWLF GDUHDQX
HVWH SUHY ]XW  úL VDQF LRQDW  GH WH[W ,QIUDF LXQHD GH VHGXF LH VH FRQVXP  vQ
PRPHQWXOvQI SWXLULLDFWXOXLVH[XDOVXELPSHULXOSURPLVLXQLLGHF V WRULH H[WXQF 
GHFLQXvQPRPHQWXOFRQVWDW ULLFDUDFWHUXOXLvQúHO WRUDOSURPLVLXQLL H[QXQF 
)DSWD HVWH VXVFHSWLELO  GH GHVI úXUDUH vQ WLPS FX DOWH FXYLQWH HD VH SRDWH
PDWHULDOL]D vQWUR VXFFHVLXQH GH UDSRUWXUL VH[XDOH ÌQ DFHDVW  LSRWH]  QX HVWH vQV 
QHFHVDU  UHLWHUDUHD SURPLVLXQLL GH F V WRULH DQWHULRU ILHF UXL DFW VH[XDO ILLQG
vQGHVWXO WRU SHQWUX UHDOL]DUHD LQIUDF LXQLL FD UHOD LLOH VH[XDOH GLQWUH DXWRU úL
YLFWLP  V  IL GHEXWDW úL FRQWLQXDW vQ YLUWXWHD úL GDWRULW  XQHL XQLFH SURPLVLXQL
,QIUDF LXQHD GH VHGXF LH VH V YkUúHúWH vQWUR DWDUH VLWXD LH vQ IRUPD FRQWLQXDW 
UHJOHPHQWDW SULQDUWDOLQ  
6DQF LXQL,QIUDF LXQHDGHVHGXF LHVHSHGHSVHúWHFXvQFKLVRDUHGHODXQXOD
DQL
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL


3(59(56,81($6(;8$/ 

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLHVWHFRPSOH[HOILLQGFRQVWLWXLWSHGH
RSDUWHGLQUHOD LLOHVRFLDOHSULYLWRDUHODQRUPDODGHVI úXUDUHDYLH LLVH[XDOHLDUSH
GH DOW  SDUWH GLQ FHOH FH SULYHVF DQXPLWH YDORUL VRFLDOH ± PRUDOLWDWHD SXEOLF 
VHQWLPHQWHOH GH GHFHQ  GH SXGRDUH ÌQ UDSRUW FX FRQVHFLQ HOH SURYRFDWH SULQ
SUDFWLFDUHD DFWHORU GH SHUYHUVLXQH VH[XDO  SRW IL vQV  DIHFWDWH VL UHOD LLOH VRFLDOH
UHIHULWRDUHODOLEHUWDWHDúLLQYLRODELOLWDWHDVH[XDO ODvQV úLYLD D
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH FRUSXO SHUVRDQHL DVXSUD F UHLD VH
HIHFWXHD]  DFWXO GH SHUYHUVLXQH VH[XDO  ILLQG LQGLIHUHQW GDF  DFHD SHUVRDQ  D
SDUWLFLSDWYROXQWDUVDXQXODUHDOL]DUHDDFHVWXLDÌQFD]XOXQRUDGLQWUHPRGDOLW LOH
GH H[SULPDUH SHUYHUWLW  ± QDUFLVLVP IHWLúLVP YRDLHULVP D]RRILOLD ]RRILOLD ±
RELHFWXOPDWHULDOHVWHvQVXúLFRUSXODXWRUXOXLIDSWHL

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
FXH[FHS LDDFHOXLDGLQDOLQ  úL  
$F LXQHD LQFULPLQDW  vQ DOLQ   SUHVXSXQH FRRSHUDUHD D GRX  SHUVRDQH GH
VH[ RSXV OD FRPLWHUHD IDSWHL VLWXD LH vQ FDUH DPELL SDUWHQHUL DL DFWXOXL GH
SHUYHUVLXQH VH[XDO  DX FDOLWDWHD GH VXELHFW DFWLY ÌQ LSRWH]D vQ FDUH DFWXO HVWH
HIHFWXDWGHRVLQJXU SHUVRDQ VDXGHRSHUVRDQ FHDUHUHOD LLVH[XDOHDEHUDQWHFX
XQDQLPDOYDH[LVWDXQVLQJXUVXELHFWDFWLY
ÌQFD]XOPRGDOLW LLQRUPDWLYHGHVFULVHODDOLQ  úL  VXELHFWXODFWLYHVWH
vQV FLUFXPVWDQ LDWUHVSHFWLYDFHVWDSRDWHILGRDUSHUVRDQDLQGLIHUHQWGHVH[FDUH
DUHFDOLWDWHDGHWXWRUHFXUDWRUVXSUDYHJKHWRUvQJULMLWRUPHGLFFXUDQWSURIHVRUVDX
HGXFDWRU ± FDOLWDWH GH FDUH DXWRUXO IDSWHL V  VH IRORVHDVF  ± VDX SHUVRDQD FDUH D
DEX]DW GH vQFUHGHUHD YLFWLPHL RUL GH DXWRULWDWHD VDX LQIOXHQ D H[HUFLWDW  DVXSUD
DFHVWHLD


$)LOLSDú3-3YRO,S

7M&DUDú6HYHULQ'HFQU5,,S
 
/DPRGDOLWDWHDQRUPDWLY UHJOHPHQWDW vQDOLQ  VXELHFWXODFWLYYDILGXS 
FD]ILHQHGHWHUPLQDWILHGHWHUPLQDWSULQXQDGLQWUHFDOLW LOHSUHY ]XWHvQDOLQ  
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQL
/D PRGDOLWDWHD WLS ± DOLQ   ± QX H[LVW  VXELHFW SDVLY SDUWHQHULL
SHUYHUVLXQLORUVH[XDOHLGHQWLILFkQGXVHvQVXELHF LDFWLYL
ÌQ FD]XO PRGDOLW LL DJUDYDWH UHJOHPHQWDWH vQ DOLQ   VXELHFWXO SDVLY HVWH
FLUFXPVFULVODSHUVRDQDFDUHQXDvPSOLQLWYkUVWDGHDQLLDUvQFD]XOPRGDOLW LL
GHODDOLQ  GHOLPLWDUHDVHDGUHVHD] VHJPHQWXOXLGHSHUVRDQHvQWUHúLDQL
úL FDUH VXQW vQWUXQD GLQ VLWXD LLOH FH GHFXUJ GLQ WH[W VLWXD LL FH OH FDUDFWHUL]HD] 
SR]L LDSVLKLF vQUDSRUWXULOHFXDXWRUXO±SDFLHQW SXSLO HOHY HWF
6XELHFWXOSDVLYODXUP WRDUHOHGRX PRGDOLW LQRUPDWLYHHVWHFDOLILFDWSULQDFHHD
F SHUVRDQDHVWHVXEDQLúLDIRVWGHWHUPLQDW V SDUWLFLSHODUHOD LLOHSHUYHUWLWHSULQ
RIHULUHDGHF WUHDXWRUGHEDQLRULDOWHIRORDVH±DOLQ  ±UHVSHFWLYDIRVWIRORVLW GH
DXWRUvQVFRSXOSURGXFHULLGHPDWHULDOHREVFHQH±DOLQ  
(VWHvQV GHSUHFL]DWF VH[XODPELORUVXELHF LHVWHGLIHULWGHRVHELUHDGHVH[D
SDUWHQHULORUDFWHORUGHSHUYHUVLXQHVH[XDO ±LQGLIHUHQWGDF DFHVWHDVXQWFRQVLP LWH
VDXHIHFWXDWHSULQFRQVWUkQJHUH±FRQVWLWXLQGRFHULQ HVHQ LDO DLQIUDF LXQLL
3HQWUX vQ HOHJHUHD QR LXQLORU GH ÄSHUVRDQ  FDUH QX D vPSOLQLW YkUVWD GH 
DQL´ÄSHUVRDQ vQWUHúLDQLGDF IDSWDHVWHV YkUúLW GHWXWRUHVDXFXUDWRURUL
GH F WUH VXSUDYHJKHWRU vQJULMLWRU PHGLF FXUDQW SURIHVRU VDX HGXFDWRU´
ÄFRQVWUkQJHUH´ ÄPDWHULDOH SRUQRJUDILFH´ ± WULPLWHP OD H[SOLFD LLOH GDWH OD
LQIUDF LXQLOHGHYLROúLDFWVH[XDOFXXQPLQRU

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO vO FRQVWLWXLH R DF LXQH PDWHULDOL]DW  vQWUXQ DFW GH
SHUYHUVLXQHVH[XDO 
3ULQ ÄDFWH GH SHUYHUVLXQH VH[XDO ´ ± D VWDWXDW LQVWDQ D VXSUHP  vQ VHF LLOH
XQLWH ± vQ DFFHS LXQHD SUHY ]XW  vQ DUW  GLQ & SHQ VH vQ HOHJH RULFH DOWH
PRGDOLW LGHRE LQHUHDXQHLVDWLVIDF LLVH[XDOHGHFkWFHOHDU WDWHODLQIUDF LXQHDGH
YLRO
8UPDUHD LPHGLDW  D LQIUDF LXQLL vQ IRUPD VD WLS FRQVW  vQ OH]DUHD
VHQWLPHQWXOXLPRUDODOLQGLYL]LORUGLQFDX]DDILú ULLGHF WUHDXWRULLLQIUDF LXQLLD
DFWHORUGHSHUYHUVLXQHVH[XDO FRPLVH
)DSWD HVWH VXVFHSWLELO  GH D OH]D VHQWLPHQWHOH PRUDOH vQ FD]XULOH vQ FDUH ±
SRWULYLWH[LJHQ HORUWH[WXOXL±VHFRPLWHvQSXEOLFVDXGDF DSURGXVVFDQGDOSXEOLF
ÌQSXEOLF7HUPHQXOHVWHGHILQLWOHJDOSULQGLVSR]L LLOHDUW&SHQ
6FDQGDOSXEOLF/LQJYLúWLLH[SOLF QR LXQHDVFDQGDOSULQÄ]DUY YkOY SURGXV GH
RIDSW UHSUREDELO UXúLQRDV UHYROW SURYRFDW GHRDVHPHQHDIDSW ´
ÌQ OXPLQD DFHVWHL FRQFHSWXDOL] UL VH SRDWH GHFL DILUPD F  DFWHOH GH
SHUYHUVLXQHVH[XDO SURYRDF VFDQGDOSXEOLFRULGHFkWHRULHOHDMXQJODFXQRúWLQ D
XQXL QXP U QHGHWHUPLQDW GH SHUVRDQH F URUD OH SURGXF R VWDUH UHDFWLY  GH
LQGLJQDUH UHSXOVLHUHYROW SURWHVWDWDU 
3HUFHSHUHD IDSWXOXL FH GHFODQúHD]  DFHDVW  VWDUH QHJDWLY  SRDWH IL GLUHFW  ±
SHUVRDQHOH LDX FXQRúWLQ  QHPLMORFLW GHVSUH DFWHOH GH LQYHUVLXQH VH[XDO  SULQ
YHGHUHDORU±VDXLQGLUHFW ±GLQUHODW ULOHDOWHLSHUVRDQHSULQÄWUDQVPLWHUHGHODRP
ODRP´úLFKLDUGLQDVHU LXQLOHLQVROLWHDOHSDUWLFLSDQ LORUODDFWHOHGHSHUYHUVLXQH
VH[XDO 


&$&RQVWDQ D'HFQU5'3QUS

Ì&&-68'HFQU,,,GLQ'UQUS

'(;RSFLWS

79DVLOLXúLFRORSFLWS
 
/D PRGDOLW LOH DJUDYDWH XUPDUHD LPHGLDW  FRQVW  vQ vQF OFDUHD OLEHUW LL úL
LQYLRODELOLW LLVH[XDOHDPLQRULORUVXEDQL±DOLQ  ±vQWUHúLDQL±DOLQ
 ±UHVSHFWLYVXEDQL±DOLQ  úL  ±GDUVXQWSRVLELOHúLDOWHFRQVHFLQ H
FRQVHFXWLYH VDX XOWHULRDUH SVLKR]H FRQWDPLQDUH YHQHULF  VDX WUDQVPLWHUHD
VLQGURPXOXLLPXQRGHILFLWDUGREkQGLWDOWHSUHMXGLFLLGHRUGLQVRFLDO LDUODDOLQHDWXO
ILQDO ± Y W PDUHD JUDY  D LQWHJULW LL FRUSRUDOH VDX D V Q W LL RUL PRDUWHD VDX
VLQXFLGHUHDYLFWLPHL
/HJ WXUD GH FDX]DOLWDWH OD IDSWHOH vQFULPLQDWH vQ DUW  &RG SHQDO UH]XOW 
GLQvQV úLPDWHULDOLWDWHDIDSWHORU H[UH FXH[FHS LDDFHOHLDLQFULPLQDW vQDOLQ  
ODFDUHWUHEXLHGHPRQVWUDWF vQWUHDFWXOGHSHUYHUVLXQHVH[XDO úLXUPDUHDLPHGLDW 
H[LVW XQUDSRUWGHFDX]DOLWDWH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHDLQIUDF LXQLLRFRQVWLWXLHLQWHQ LD±GLUHFW VDXLQGLUHFW 
)DSWDSUHY ]XW vQDOLQ  VHV YkUúHúWHFXSUDHWHULQWHQ LH
3HQWUXUHDOL]DUHDLQIUDF LXQLLQXSUH]LQW LQWHUHVVFRSXOXUP ULWGHI SWXLWRU±
FXH[FHS LDPRGDOLW LLGLQDOLQ  ODFDUHIDSWDVHFRPLWHvQVFRSXOSURGXFHULLGH
PDWHULDOHSRUQRJUDILFH±RULPRELOXOFDUHLDDQLPDWDF LXQHD

)RUPH6DQF LXQL
)RUPH7HQWDWLYDHVWHSRVLELO ODDOLQ    úLLQFULPLQDW SRWULYLWGLVSR]L LLORU
DUW/DIDSWDSUHY ]XW vQDOLQ  WHQWDWLYDQXHVWHSRVLELO GHRDUHFHUH]XOWDWXO
PDLJUDYPRDUWHDYLFWLPHLHVWHUHSURúDWDXWRUXOXLVXEIRUPDFXOSHL
&RQVXPDUHD LQIUDF LXQLL vQ PRGDOLWDWHD HL WLS LQWHUYLQH vQ PRPHQWXO vQFHSHULL
DFWHORUGHSHUYHUVLXQHVH[XDO FXFRQGL LDFDHOHV ILHHIHFWXDWHvQWUXQORFSXEOLFRUL
V VHILSURGXVVFDQGDOSXEOLF
ÌQ FD]XO PRGDOLW LORU DJUDYDWH FRQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO
vQFHSHULLDFWXOXLGHSHUYHUVLXQHVH[XDO FXXQPLQRUFDUHQXDvPSOLQLWYkUVWDGHDQL
VDXFXYkUVWDFXSULQV vQWUHúLDQLúLvQFRQGL LLOHSUHFL]DWHvQDOLQ  ±  
6DQF LXQL ÌQ UDSRUW FX JUDGXO GH SHULFRO VRFLDO GLIHULW H[SULPDW GH
PRGDOLW LOHQRUPDWLYHDIRVWLQVWLWXLWXQUHJLPVDQF LRQDWRUGLIHUHQ LDW
$VWIHOODPRGDOLWDWHDQRUPDWLY WLSSHGHDSVDHVWHvQFKLVRDUHDGHODXQXODDQL
0RGDOLW LOHDJUDYDWHUHJOHPHQWDWHvQDOLQ    úL  VXQWVDQF LRQDWHFX
vQFKLVRDUHGHODODDQLvQYUHPHFHSHGHSVHOHSHQWUXDOWHPRGDOLW LDJUDYDWH
VXQWvQFKLVRDUHDGHODODDQL±DOLQ  ±GHODODDQL±DOLQ  WH]D,±
GH OD  OD  GH DQL ± DOLQ   WH]D ,, úL DOLQ   WH]D ,± UHVSHFWLY SHGHDSVD
vQFKLVRULLGHODODDQL±DOLQ  WH]D,,
6DQF LXQLORU SUHY ]XWH SHQWUX PRGDOLW LOH DJUDYDWH OL VD DWDúDW SHGHDSVD
FRPSOHPHQWDU DLQWHU]LFHULLXQRUGUHSWXUL
ÌQ FRQIRUPLWDWH FX SUHYHGHULOH DUW  DOLQ   úL   & SHQ UDSRUWDW OD
DUW  & SHQ SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQGD GH OD  OD
OHLVDXGHODODOHL


&2583 ,$6(;8$/ 

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD
RFURWLUHDYLH LLVH[XDOHDSHUVRDQHLSULQSUHYHQLUHDDOWHU ULLFRQGXLWHLLQVWLQFWXDOH
VDXúLPRUDOHDPLQRUXOXLvQGHRVHELvQPHGLXOIDPLOLDO

 
ÌQ LSRWH]D F  DFWXO REVFHQ VH FRPLWH ÄvQ SUH]HQ D´ PLQRUXOXL LQIUDF LXQHD
HVWHOLSVLW GHRELHFWPDWHULDOGDUvQYDULDQWDÄDVXSUD´PLQRUXOXLRELHFWXOPDWHULDO
HVWHFRUSXODFHVWXLD

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL OD PRGDOLW LOH QRUPDWLYH
UHJOHPHQWDWH vQ DOLQ     úL   HVWH QHFDOLILFDW GH WH[W HO SRDWH IL GHFL RULFH
SHUVRDQ LQGLIHUHQWGHVH[FKLDUúLXQPLQRUvQP VXUDvQFDUHDFHVWDU VSXQGHGLQ
SXQFWGHYHGHUHSHQDO
ÌQFD]XOPRGDOLW LLQRUPDWLYHGLQDOLQ  VXELHFWXODFWLYQHPLMORFLWHVWHvQV 
FDOLILFDWHOHVWHÄPHPEUXGHIDPLOLH´
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQIRUPLWDWH
FXSUHYHGHULOHDUW&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ RULFH IRUP  ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXO SDVLY HVWH vQV  FLUFXPVWDQ LDW GH WH[W OD SHUVRDQD PLQRUXOXL
LQGHSHQGHQWGHVH[XODFHVWXLDLDUSHQWUXPRGDOLWDWHDGHODDOLQ  PLQRUXOWUHEXLH
V DLE úLFDOLWDWHDGHÄPHPEUXGHIDPLOLH´
1LFL WH[WXO úL QLFL GRFWULQD QX VDX SUHRFXSDW D GHOLPLWD YkUVWD PLQLP  D
PLQRUXOXLSkQ ODFDUHDFHVWDSRDWHILVXELHFWSDVLYDOLQIUDF LXQLLSUHY ]XWHGHDUW
&RGSHQDOÌQRSLQLDQRDVWU PLQRUXOQXSRDWHILVXELHFWSDVLYDOLQIUDF LXQLL
GHODYkUVWDÄ´FLGRDUGHODDFHDYkUVW GHODFDUHHODUHFDSDFLWDWHDGHDvQ HOHJH
VHPQLILFD LD DFWXOXL REVFHQ FRPLV DVXSUD RUL vQ SUH]HQ D OXL ,Q HYHQWXDOLWDWHD F 
PLQRUXO HVWH OD R YkUVW  VXE DFHVW SUDJ FRQVLGHU P F  QLFL LQIUDF LXQHD QX HVWH
UHDOL]DW  GLQ FDX]D LPSRVLELOLW LL GH D DS UHD XQD GLQWUH FRQVHFLQ HOH GHGXVH GLQ
DQDOL]DWH[WXOXL
6XQWOLSVLWHGHUHOHYDQ SHQWUXUHDOL]DUHDLQIUDF LXQLLPRUDOLWDWHDPLQRUXOXL±
EXQ  vQGRLHOQLF  SUHFDU  ± H[SHULHQ HOH VDOH VH[XDOH SR]L LD ± GH DGPLWHUH RUL
UHVSLQJHUH±ID GHDFWXOREVFHQ
ÌQ OLWHUDWXUD GH VSHFLDOLWDWH VD VXV LQXW F  VH FRPLWH R VLQJXU  LQIUDF LXQH GH
FRUXS LH VH[XDO  vQ VLWXD LD vQ FDUH DFWXO REVFHQ VH FRPLWH vQ DFHHDúL vPSUHMXUDUH
DVXSUD VDX vQ SUH]HQ D PDL PXOWRU PLQRUL 2SLQLD QRDVWU  HVWH F  vQWUR DWDUH
PRGDOLWDWHIDSWLF VXQWWRWDWk LDVXELHF LSDVLYLúLVHV YkUúHVFWRWDWkWHDLQIUDF LXQL±
vQ IRUPD FRQFXUVXOXL GH LQIUDF LXQL ± Fk L PLQRUL DX SDUWLFLSDW RUL DVLVWDW OD DFWXO
REVFHQ

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLvQUHJOHPHQW ULOHGLQSULPHOHWUHLDOLQHDWHvO
FRQVWLWXLHRDF LXQHPDWHULDOL]DW vQWUXQDFWFXFDUDFWHUREVFHQFRPLVDVXSUDVDX
vQSUH]HQ DXQXLPLQRU
$FWFXFDUDFWHUREVFHQ
 $FW &RQFHSWXO vQ VHQVXO FHUXW GH DUW  &RG SHQDO D IRVW vQ HOHV vQ
WUDWDWHOH QRDVWUH IXQGDPHQWDOH GH GUHSW SHQDO FD ÄRULFH IHO GH PDQLIHVW UL
H[WHULRDUH´VDXFDÄIDSWHJHVWXULDWLWXGLQL´3ULPDFRQFHSWXDOL]DUHQLVHSDUH
SUHD ODUJ  QHILQLW  ± DXWRULL DFHVWHLD RPL kQG RULFXP F  XQD GLQ DFHVWH
PDQLIHVW UL FDUH FRQVW  vQ U VSkQGLUHD GH PDWHULDOH REVFHQH LQFOXVLY vQ PHGLXO
PLQRULORUHVWHLQFULPLQDW GLVWLQFWvQDUW&RGSHQDO±LDUDGRXDFUHGHPF 



79DVLOLXúLFRO&RGXOSHQDOFRPHQWDWúLDGQRWDWHGFLWYRO,S

,GHPYRO,S

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S
 
HVWHXúRUWDXWRORJLF REVHUYkQGF ÄJHVWXO´HVWHDúH]DWvQUHOD LHGHVLQRQLPLHFX
ÄDWLWXGLQH´úLÄIDSW ´
ÌQFHQHSULYHúWHRSW PSHQWUXDFRQVLGHUDÄDFWXO´DYXWvQYHGHUHGHWH[WXO
DUW  &RG SHQDO FD DFHD PDQLIHVWDUH ± H[SULPDW  RUDO JHVWLF PLPLF RUL SULQ
HIHFWXDUHDXQRUPLúF UL±FDUHDUHDSWLWXGLQHDGHDUHDOL]DFDUDFWHUXOFHUXWGHOHJH
(VWHLUHOHYDQWGLQSXQFWXOGHYHGHUHDOLQIUDF LXQLLH[DPLQDWHGDF DFWXOHVWH
FRPLV vQ SDUWLFXODU RUL vQ SXEOLF ± vQ DFHVW GLQ XUP  FD] IDSWD YD IL vQFDGUDW  vQ
IRUPD FRQFXUVXOXL LGHDO úL vQ LQIUDF LXQHD GH XOWUDM FRQWUD EXQHORU PRUDYXUL úL
WXOEXUDUHDOLQLúWLLSXEOLFH±VXILFLHQWILLQGFDPLQRUXOV SDUWLFLSHRULV ILHSUH]HQW
ODDFHVWDFW
 &DUDFWHU REVFHQ &DUDFWHUXO REVFHQ D IRVW DWULEXLW GH UHSXWD LL QRúWUL
GDVF OL DFHORU IDSWH FDUH DGXF DWLQJHUH SXGRULL VLP XOXL PRUDO UHJXOLORU úL
VHQWLPHQWHORU GH EXQ FXYLLQ  $WDúkQGXQH GH SULQFLSLX DFHVWHL RSLQLL FUHGHP
vQV F HDSRDWHILDPHQGDW SULQFRPSOHWDUHvQVHQVXOF DWULEXLUHDFDUDFWHUXOXLGH
REVFHQ QX SRDWH IL I FXW  GRDU SULQ UDSRUWDUH OD YDORULOH VRFLDOH DIHFWDWH SULQ
FRPLWHUHD DFWXOXL FL úL PDL FX VHDP  SULQ H[DPLQDUHD PHGLXOXL FRQFUHW vQ FDUH
HVWH V YkUúLW  IDSWD $OWIHO VSXV XQ DFW SRDWH IL FRQVLGHUDW REVFHQ vQWUXQ DQXPLW
PHGLX VRFLDO úL OLSVLW GH DFHVW FDUDFWHU vQ DOW PHGLX SUH]HQ D VDX DEVHQ D
FDUDFWHUXOXLILLQGvQGLUHFW OHJ WXU FXJUDGXOGHHGXFDUHúLLQVWUXLUHDOVXELHF LORU
WUDGL LLOH ORFDOH FX UHJXOLOH GH FRQGXLW  VWDWRUQLFLWH vQ XQHOH FROHFWLYLW L HWQLFH
UHOLJLRDVHúDPG
'RFWULQD úL SUDFWLFD MXGLFLDU  DGPLW F  SUH]LQW  FDUDFWHU REVFHQ GH SLOG 
SDOSDUHD RUJDQXOXL IHPLQLQ VDX PDVFXOLQ DO PLQRUXOXL VDX DO XQHL WHU H SHUVRDQH
GDUvQSUH]HQ DPLQRUXOXL±FXVDXI U YRLDSHUVRDQHLSDOSDWH±H[KLEDUHDDFHVWRU
RUJDQHRULHIHFWXDUHDGHJHVWXULSULQFDUHVHVXJHUHD] VDXVHLPLW DFWXOVH[XDO±
HYLGHQWvQSUH]HQ DPLQRUXOXL±HIHFWXDUHDDFWXOXLVH[XDOvQSUH]HQ DPLQRUXOXL±
LQFOXVLY vQ PHGLXO LQWUDFRQMXJDO ± DSURSLHUHD RUJDQHORU JHQLWDOH GH FHOH DOH XQXL
PLQRUÌQRSLQLDQRDVWU HVWHUHDOL]DW LQIUDF LXQHDúLvQLSRWH]DvQFDUHPLQRUXOXL
vL VXQW FkQWDWH VDX UHFLWDWH YHUVXUL RUL UHODWDWH HSLVRDGH DO F URU FRQ LQXW SUH]LQW 
FDUDFWHUREVFHQ
ÌQSUH]HQ DVDXDVXSUDPLQRUXOXL
O ÌQ SUH]HQ D 3ULQ DFHVW FRQFHSW VH vQ HOHJH F  PLQRUXO VH DIO  OD ORFXO
FRPLWHULLDFWXOXLREVFHQGDUWUHEXLHvQ HOHVúLF HVWHSODVDWvQSUR[LPLWDWHDDFHOXL
ORF GH XQGH DUH SRVLELOLWDWHD SHUFHSHULL DFWXOXL (VWH OLSVLW  GH UHOHYDQ  SHQWUX
V YkUúLUHDLQIUDF LXQLLvPSUHMXUDUHDF PLQRUXODDVLVWDWODFRQVXPDUHDvQvQWUHJLPH
DDFWXOXLRULQXPDLODXQHSLVRGDODFHVWXLD
 $VXSUD &RQFHSWXO DUDW  F  DF LXQHD HVWH vQGUHSWDW  DVXSUD FRUSXOXL
PLQRUXOXL DGLF  DXWRUXO VH IRORVHúWH GH FRUSXO DFHVWXLD SHQWUX D HIHFWXD DFWXO
REVFHQ ± GH]JROLUHD PLQRUXOXL SDOSDUHD RUL PkQJkLHUHD RUJDQHORU VH[XDOH DOH
DFHVWXLDHWF
/D LQIUDF LXQHD UHJOHPHQWDW  vQ DOLQ   HOHPHQWXO PDWHULDO FRQVW  vQWUR
DF LXQHGHDGHPHQLUH
3ULQDGHPHQLUHDXQHLSHUVRDQHVHvQ HOHJHDF LXQHDGHDDWUDJHDLVSLWLGHD
WHQWD SH FLQHYD V  IDF  FHYD GH RELFHL FX YRUEH vQúHO WRDUH $GDSWDW WH[WXOXL
DQDOL]DWFRQFHSWXODUHVHQVXOGHDF LXQHSULQFDUHRSHUVRDQ HVWHLVSLWLW  DWUDV 
VSUHDUHDOL]DDFWHVH[XDOHFXXQPLQRU±GHVH[GLIHULWVDXGHDFHODúLVH[±ILHSULQ
RIHULUHDXQRUDYDQWDMH±EDQLDOWHYDORULSHUVSHFWLYDXQHLSURPRY ULSURIHVLRQDOH±
ILHSULQDSRORJLHUHDXQRUDVHPHQHDUHOD LL SUR]HOLWLVP 


*K%XOJ U'LF LRQDUGHVLQRQLPH(GLWXUD$OEDWURV%XFXUHúWLSO

76'HFQU3-3YRO,,,S

'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS
 
ÌQOHJ WXU FXDFHVWFRQFHSWHVWHGHREVHUYDWF WH[WXOQXSUHWLQGHúLDSDUL LD
UH]XOWDWXOXL DGLF  QX VH FHUH FD SHUVRDQD DGHPHQLW  V  IL FXSODW OD DF LXQH
LQIUDF LXQHD ± vQ DFHDVW  PRGDOLWDWH QRUPDWLY  ± UHDOL]kQGXVH SULQ VLPSOD
H[HUFLWDUHDLQIOXHQ HORUPHQLWHDFRQYLQJHRSHUVRDQ V SUDFWLFHDFWHVH[XDOHFX
XQPLQRU'LQDFHVWSXQFWGHYHGHUHDFWLYLWDWHDGHÄDGHPHQLUH´VHGHRVHEHúWHGH
DFHHDFDUHGHVHPQHD] LQVWLJDUHDÄFODVLF ´±FXFDUHVHDVHDP Q GRDUJHQHULF±
GHRDUHFHLQVWLJDUHDLPSOLF GHWHUPLQDUHDDXWRUXOXLvQOXDUHDKRW UkULLGHOLFWXRDVH
SHFkQGvQFD]XOH[DPLQDWQXVHFHUHU VSXQVODDGHPHQLUHGLQSDUWHDFHOXLF UXLDL
VDDGUHVDW
8UPDUHD LPHGLDW  D LQIUDF LXQLL FRQVW  vQWUR Y W PDUH DGXV  YDORULORU
VRFLDOH PRUDOH  FDUH DVLJXU  RFURWLUHD PLQRUXOXL ± OD DOLQ O    úL   ± UHV
SHFWLYSHULFROXODSDUL LHLXQHLDVHPHQHDY W P UL±SHQWUXLSRWH]DGHODDOLQ  
/HJ WXUD GH FDX]DOLWDWH UH]XOW  H[ UH ± GLQ vQV úL PDWHULDOLWDWHD IDSWHL ±
QHILLQG QHFHVDU D VH GHPRQVWUD Y W PDUHD SURSULX]LV  DGLF  UHDF LD SURYRFDW 
PLQRUXOXLúLQLFLGDF SHUVRDQDDU VSXQVDGHPHQLULL

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHDLQIUDF LXQLLvQPRGDOLW LOHUHJOHPHQWDWHvQDOLQ  úL
 HVWHFRQVWLWXLW H[FOXVLYGLQLQWHQ LHGLUHFW DXWRUXOXUP ULQGFDDFWXOREVFHQ
V OHIHFWXH]HDVXSUDPLQRUXOXLRULV ILHUHFHSWDWGHPLQRU,QWHQ LDLQGLUHFW ±GH
SLOG  R SHUVRDQ  QX vQFXLH XúD GH OD FDPHUD KRWHOXOXL PDL vQDLQWH GH HIHFWXDUHD
DFWXOXLVH[XDOSUHY ]kQGGDUQHGRULQGV ILHGHUDQMDWúLHVWHVXUSULQV vQDFHDVW 
LSRVWD] GHXQPLQRULQWUDWLQWHPSHVWLYvQvQF SHUH±QXVDWLVIDFHODWXUDVXELHFWLY 
DLQIUDF LXQLL
/DPRGDOLWDWHDQRUPDWLY SUHY ]XW vQDOLQ  LQWHQ LDHVWHFKLDUFDOLILFDW 
vQWUXFkW LQFOXGH úL HOHPHQWXO VFRS FDUH HVWH DFHOD GH D SURGXFH PDWHULDOH
SRUQRJUDILFHvQWLPSXOHIHFWX ULLDFWHORULQFULPLQDWHvQDOLQ  úL  
3HQWUXvQ HOHVXOVLQWDJPHLPDWHULDOHSRUQRJUDILFHDVHYHGHDH[SOLFD LLOHGDWH
ODLQIUDF LXQHDGHDFWVH[XDOFXXQPLQRU
ÌQ FD]XO LQIUDF LXQLL SUHY ]XWH vQ DOLQ   LQWHQ LD VH PDQLIHVW  vQ DPEHOH
PRGDOLW L±GLUHFW úLLQGLUHFW 
7H[WXO QX SUHWLQGH YL]DUHD GH F WUH DXWRU D XQXL DQXPLW VFRS FX H[FHS LD
VHPQDODW vQFD]XOGHODDOLQ  RULFDDFHVWDV ILHDQLPDWGHXQDQXPHPRELO

)RUPH6DQF LXQL
)RUPH 7HQWDWLYDHVWHSRVLELO GDUQXPDLvQIRUPDLPSHUIHFW  QHWHUPLQDW ±
DGLF  VLWXD LD vQ FDUH HIHFWXDUHD DFWXOXL REVFHQ vQ SUH]HQ D VDX DVXSUD PLQRUXOXL
HVWH vQWUHUXSW  GLQ PRWLYH LQGHSHQGHQWH GH YRLQ D DXWRUXOXL ± úL VDQF LRQDW  vQ
YLUWXWHDSUHYHGHULORUDUW&RGSHQDO
9DULDQWD GH OD DOLQ   QXHVWHVXVFHSWLELO GHV YkUúLUHvQIRUPDWHQWDWLYHL
GHRDUHFH FRQFRPLWHQW FX IRUPXODUHD ÄDGHPHQLULL´ LQIUDF LXQHD VH FRQVXP 
VSRQWDQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH LQVWDQWDQHX vQ PRPHQWXO vQFHSHULL DFWXOXL
REVFHQ vQ SUH]HQ D RUL DVXSUD PLQRUXOXL UHVSHFWLY vQ PRPHQWXO vQ FDUH HVWH
DGUHVDW ÄDGHPHQLUHD´
6DQF LXQLÌQPRGDOLWDWHDWLS±DOLQ  ±SHGHDSVDHVWHvQFKLVRDUHDGHOD
OXQLODDQL
/DPRGDOLWDWHDDJUDYDW GLQDOLQ  SHGHDSVDHVWHvQFKLVRDUHDGHODXQXOD
DQL SHQWUX FD OD PRGDOLWDWHD DJUDYDW  GLQ DOLQ   ± FDUH HVWH UDSRUWDW  DWkW OD
PRGDOLWDWHDGLQDOLQ  FkWúLODDFHHDGLQDOLQ  ±PD[LPXOVSHFLDODOSHGHSVHL
vQFKLVRULL HVWH PDMRUDW FX  DQL 3HGHDSVD SUHY ]XW  GH OHJH vQ YDULDQWD GH OD
DOLQ  HVWHvQFKLVRDUHDGHODXQXODDQL
 
3HUVRDQD MXULGLF  vQ WRDWH LSRWH]HOH GH LQFULPLQDUH VH VDQF LRQHD]  FX
DPHQGDGHODODOHL


,1&(678/

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOFRQVWLWXLHUHOD LLOHVRFLDOHSULYLWRDUHODGHVI úXUDUHD
YLH LL VH[XDOH D SHUVRDQHL vQ FRQGL LL GH QRUPDOLWDWH PRUDO  úL I U  SULPHMGXLUHD
IRQGXOXLELRORJLFDOVRFLHW LL
'RFWULQD D WUDWDW vQ PRG GLIHULW DVSHFWXO UHIHULWRU OD RELHFWXO PDWHULDO DO
LQIUDF LXQLL$VWIHOvQYUHPHFHXQLLDXWRULDXWUHFXWVXEW FHUHDFHDVW SUREOHP 
O VkQGDVWIHODVHvQWUHYHGHDF LQIUDF LXQHDHVWHOLSVLW GHRULFHRELHFWPDWHULDO
DO L DXWRUL DX VXV LQXW F  RELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH FRUSXO
SHUVRDQHLGHVH[IHPLQLQÌQFHQHSULYHúWHRSLQ PF XOWLPDVROX LHFRUHVSXQGH
SDU LDO SULQFLSLLORU GUHSWXOXL SHQDO GHRDUHFH FRUSXO SHUVRDQHL GH VH[ IHPLQLQ
FRQVWLWXLHvQWUDGHY URELHFWPDWHULDODOLQIUDF LXQLLvQFRQGL LLOHvQFDUHDFHDVWDD
SDUWLFLSDWLQYROXQWDURULFXQHYLQRY LHODUDSRUWXULOHVH[XDOHLQFHVWXRDVH6ROX LD
vQV  QX PDL FRUHVSXQGH DPLQWLWHORU SULQFLSLL vQ LSRWH]D F  SDUWHQHULL DX UHDOL]DW
UDSRUWXOVH[XDOYROXQWDUúLFXQRVFkQGUHOD LLOHORUGHUXGHQLHvQWUXFkWvQDFHVWFD]
RELHFWXO PDWHULDO DO LQIUDF LXQLL YD IL FRUSXO DPELORU SDUWHQHUL DL UHOD LLORU
LQFHVWXRDVH DF LXQHD GHOLFWXRDV  U VIUkQJkQGXVH GHRSRWULY  DVXSUD WUXSXULORU
DFHVWRUD (VWH JUHX ± GDF  QX LPSRVLELO ± GH vQ HOHV OD RSLQLD FRPHQWDW  GH FH
DSDUH DIHFWDW GLQ SXQFW GH YHGHUH ELRORJLF GRDU WUXSXO IHPHLL ± SHQWUX F  HD
SRDUW úL] PLVOHúWHSURGXVXOGHFRQFHS LH"±LDUQXúLWUXSXOE UEDWXOXLFDUHvQ
HJDO  P VXU  FRQWULEXLH OD SURFUHDUHD FRSLOXOXL WDUDW ELRORJLF GLQ FDX]D
ÄDPHVWHFXOXLDFHOXLDúLVkQJH´

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU HVWHFDOLILFDWGHWH[WúLDQXPHYDDYHDDFHD
FDOLWDWHSHUVRDQDGHRULFHVH[FDUHSDUWLFLS ODXQUDSRUWVH[XDOvQSDUWHQHULDWFXR
DOW  SHUVRDQ  vQWUH DFHVWHD H[LVWkQG UHOD LLOH GH UXGHQLH VSHFLILFDWH GH WH[W
,QIUDF LXQHD GH LQFHVW HVWH R LQIUDF LXQH ELODWHUDO  FHHD FH LPSOLF  SDUWLFLSDUHD
YROXQWDU  FRODERUDUHD  D GRX  SHUVRDQH GH VH[ RSXV OD UDSRUWXO VH[XDO DPELL
SDUWHQHULDYkQGFDOLWDWHDGHVXELHF LDFWLYL
ÌQ LSRWH]D F  UHOD LLOH GLQWUH SHUVRDQHOH FH DX DFHDVW  FDOLWDWH VXQW GH WLS
KRPRVH[XDOIDSWDQXYDFRQVWLWXLLQIUDF LXQHDGHLQFHVW
&RQFHSWHOHIUDWHúLVRU QXFRPSRUW QLFLRH[SOLFD LHILLQGGHUH LQXWGRDUF 
OHJHD SHQDO  LQFOXGH vQ DFHDVW  VIHU  QX QXPDL IUD LL úL VXURULOH vQWUH FDUH VXQW
OHJ WXUL SULPDUH FL úL OHJ WXUL FRQVDQJXLQH VDX XWHULQH 'HFL vQ RULFDUH GLQWUH
DFHVWHOHJ WXULVDUDIODIUDWHOHúLVRUDUDSRUWXULOHVH[XDOHGLQWUHHLVXQWLQFHVWXRDVH
5XGH vQ OLQLH GLUHFW  ÌQ DFHDVW  VIHU  VXQW vQVXPD L DVFHQGHQ LL úL
GHVFHQGHQ LL LQGLIHUHQW GH QXP UXO JUDGHORU FDUH vL VHSDU  9RU IL SULQ XUPDUH
LQFHVWXRDVH UDSRUWXULOH VH[XDOH GLQWUH ILX QHSRW VWU QHSRW úL PDP  EXQLF 
VWU EXQLF UHVSHFWLYvQWUHILLF QHSRDW VWU QHSRDW úLWDW EXQLFVWU EXQLF1LFL
vQ SULYLQ DDFHVWRUSDUWLFLSDQ LODUDSRUWXULVH[XDOHOHJHDQXGLVWLQJHvQWUHUXGHQLD
FRQVDQJXLQ  úL DFHHD SULQ DGRS LH vQ FHO GHDO GRLOHD FD] RSHUkQG vQV  OLPLWHOH
VWDWRUQLFLWHSULQDUW&SHQ



9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S

2/RJKLQ77RDGHU'UHSWXOSHQDOURPkQHGFLWS
 
ÌQ FD]XO vQ FDUH UDSRUWXOVH[XDOvQWUHUXGHDUHORFvQFRQGL LLOHFRQVWUkQJHULL
RULSURILW ULLGHQHSXWLQ DYLFWLPHLGHDVHRSXQHSUHFXPúLvQFD]XOF YLFWLPDHVWH
vQ YkUVW  GH VXE  DQL VXE]LVW  LQIUDF LXQHD GH LQFHVW V YkUúLW  VXE IRUPD
FRQFXUVXOXL FX LQIUDF LXQHD GH YLRO UHVSHFWLY FX DFHHD GH DFW VH[XDO FX XQ
PLQRU
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
3DUWLFLSD LD SHQDO HVWHSRVLELO vQPRGDOLWDWHDLQVWLJ ULLVDXDFRPSOLFLW LL
FRDXWRUDWXOGLQFRQVLGHUHQWHOHDU WDWHODLQIUDF LXQHDGHVHGXF LHQXHVWHSRVLELO
&XWRDWHF GHSULQFLSLXDPELLSDUWHQHULDLUDSRUWXULORUVH[XDOHLQFHVWXRDVH
DX FDOLWDWHD GH VXELHF L DFWLYL DL LQIUDF LXQLL úL U VSXQG GHRSRWULY  SHQDO H[LVW 
SRVLELOLWDWHD FD SHUVRDQD GH VH[ IHPLQLQ V  DLE  FDOLWDWHD GH VXELHFW SDVLY vQ
FD]XULOH vQ FDUH DFHDVWD HVWH PDL PLF  GH  DQL HVWH LUHVSRQVDELO  RUL D IRVW
FRQVWUkQV ODUDSRUWVH[XDOFD]XULvQFDUHHDQXYDU VSXQGHSHQDO

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL HVWH FRQVWLWXLW GLQWUR DF LXQH H[SULPDW 
VXE IRUPD UDSRUWXOXL VH[XDO ± D VH YHGHD vQ FRPSOHWDUH H[SOLFD LLOH GDWH OD
LQIUDF LXQHDGHYLROúLFHDGHVHGXF LHFXSULYLUHODUDSRUWXOVH[XDO
8UPDUHD LPHGLDW  D LQIUDF LXQLL FRQVW  vQWUR Y W PDUH D YDORULORU VRFLDOH
RFURWLWHGHOHJHUHVSHFWLYDFHORUPRUDOHúLELRORJLFHH[SOLFDWHvQSUHDPEXO
/HJ WXUDGHFDX]DOLWDWHHVWHSUH]XPDW HDUH]XOWkQGGLQvQV úLPDWHULDOLWDWHD
IDSWHL H[UH 

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH D LQIUDF LXQLL VH H[SULP  H[FOXVLY SULQ LQWHQ LH GLUHFW 
DXWRUXOFXQRVFkQGUHOD LLOHGHUXGHQLHvQFDUHVHDIO FXSDUWHQHUXOUDSRUWXOXLVH[XDO
úL XUP ULQG UHDOL]DUHD DFWXOXL vQ DFHVWH FRQGL LL 6XQWHP DúD FXP DU WDP vQ
SUH]HQ DXQHLLQIUDF LXQLELODWHUDOHWLSGHLQIUDF LXQHFDUHSUHVXSXQHF LQWHQ LDVH
PDQLIHVW vQIRUPDDFRUGXOXLvQWUHI SWXLWRULDPELLVXELHF LFXQRVFkQGUHOD LLOHGH
UXGHQLHH[LVWHQWHvQWUHHL
(URDUHDRULF UXLSDUWLFLSDQWFXSULYLUHODUHOD LLOHGHUXGHQLHH[LVWHQWHvQWUHHO
úL SDUWHQHUXO DFWXOXL VH[XDO FRQGXFH OD QHvQWUXQLUHD HOHPHQWHORU FRQVWLWXWLYH DOH
LQIUDF LXQLL ± DEVHQ D ODWXULL VXELHFWLYH ± úL GHFL DFHVWD QX U VSXQGH SHQDO SHQWUX
LQFHVWVLWXD LHvQV FHQXH[FOXGHU VSXQGHUHDFHOXLODOWSDUWLFLSDQWODDFWXOVH[XDO
FDUHDFXQRVFXWúLGRULWFDDFWXOVH[XDOV OUHDOL]H]HFXRUXG DVD

)RUPH6DQF LXQL
)RUPH7HQWDWLYDODLQIUDF LXQHDGHLQFHVWVHSHGHSVHúWHSRWULYLWSUHYHGHULORU
DUW  & SHQ FX SUHFL]DUHD vQV  F  DFHDVWD QX HVWH SRVLELO  GHFkW vQ IRUP 
QHWHUPLQDW  LPSHUIHFW 
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQFHSHULL UDSRUWXOXL VH[XDO ±
vQWUH SHUVRDQH DIODWH vQ JUDGXO GH UXGHQLH SUHFL]DW GH WH[W ± D VH YHGHD SHQWUX
GHWDOLL SULYLQG SXQHUHD vQ H[HFXWDUH D DF LXQLL H[SOLFD LLOH GDWH OD LQIUDF LXQHD GH
YLRO
6DQF LXQL,QIUDF LXQHDGHLQFHVWVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ



76'HFQU5,SÌQDFHODúLVHQV&6-'HFQU-&6-QUS

7ULE-XG6XFHDYD'HFQU55'QUOSO
 
+ 5 8,5($6(;8$/ 

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRPSOH[vQDOF WXLUHDDFHVWXLDLGHQWLILFkQGXVH
SH GH R SDUWH UHOD LLOH VRFLDOH SULYLWRDUH OD OLEHUWDWHD úL LQYLRODELOLWDWHD VH[XDO  D
SHUVRDQHL SH GH DOW  SDUWH UHOD LLOH VRFLDOH FDUH DVLJXU  EXQD GHVI úXUDUH D
UDSRUWXULORULQWHUSHUVRQDOHvQFDGUXOFROHFWLYHORUGHPXQF 
'H UHJXO  LQIUDF LXQHD HVWH OLSVLW  GH RELHFW PDWHULDO vQWUXFkW HIHFWHOH
DF LXQLL LOLFLWH VH U VIUkQJ DVXSUD SVLKLFXOXL SHUVRDQHL ÌQ DQXPLWH PRGDOLW L
IDSWLFHDúDFXPVHYDYHGHDPDLMRVLQIUDF LXQHDDUHRELHFWPDWHULDOFRQVWLWXLWGLQ
FRUSXOYLFWLPHL

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHFLUFXPVWDQ LDWGHWH[WOD
SHUVRDQD±LQGLIHUHQWGHVH[±FDUHDUHFDOLWDWHDGHDQJDMDWvQPXQF 
3HQWUX D IL VXELHFW DFWLY QX SUH]LQW  LPSRUWDQ  GDF  HQWLWDWHD SURIHVLRQDO 
HVWHSXEOLF RULSULYDW GDF DUHXQRELHFWVDXDOWXOGHDFWLYLWDWHGXS FXPQXHVWH
UHOHYDQW  QLFL QDWXUD MXULGLF  D UDSRUWXOXL GH PXQF  DGLF  D PRGDOLW LL vQ FDUH D
IRVWDQJDMDW YLFWLPDvQDFHDHQWLWDWH
&HHD FH HVWH GHILQLWRULX SHQWUX FD R SHUVRDQ  V  ILH VXELHFW DFWLY DO
LQIUDF LXQLL HVWH FD DFHD SHUVRDQ  V  ILH vQWUXQ UDSRUW SURIHVLRQDO FX YLFWLPD
vQWUXFkW ± SUHWLQGH WH[WXO ± K U XLUHD SRDWH IL H[HUFLWDW  GRDU OD ORFXO GH PXQF 
XQGH DXWRUXO SURILW  vQ VFRSXO DU WDW GH DXWRULWDWHD VDX LQIOXHQ D FRQIHULWH GH
IXQF LDvQGHSOLQLW 
'H DVHPHQHD FUHGHP F  HVWH LUHOHYDQW GDF  IDSWD HVWH FRPLV  GH XQ E UEDW
OLSVLWGHFDSDFLWDWHGHFRDELWDUHDWkWDYUHPHFkWVDWLVIDF LDGHQDWXU VH[XDO SRDWH
ILRULFDUHDOWDGHFkWDFHHDFHGHFXUJHGLQWUXQUDSRUWVH[XDO 
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LDSHQDO vQSULQFLSLXSRDWHILUHDOL]DW vQWRDWHIRUPHOHDFHVWHLD±
LQVWLJDUH FRPSOLFLWDWH FRDXWRUDW 3DUWLFLSDQWXO vQ FD]XO SULPHORU GRX  IRUPH QX
WUHEXLHV DLE FDOLWDWHDGHDQJDMDWvQPXQF 
6XELHFWXO SDVLY HVWH GH DVHPHQHD FLUFXPVFULV OD FDOLWDWHD GH SHUVRDQ  ±
LQGLIHUHQWGHVH[±DQJDMDW vQPXQF ODDFHHDúLVWUXFWXU SURIHVLRQDO FXVXELHFWXO
DFWLYVDXFDUHVROLFLW V VHDQJDMH]HODDFHOORFGHPXQF 

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDOFRQVW vQWURDFWLYLWDWHGHK U XLUHDFWLYLWDWHPDWHULDOL]DW 
vQDF LXQL±DOWHUQDWLYH±GHDPHQLQ DUHVDXGHFRQVWUkQJHUH
&RQFHSWHOHFXFDUHVDRSHUDWvQWH[WLPSXQXQHOHSUHFL] UL
+ U XLUH3RWULYLWOLQJYLúWLORUFXYkQWXODUHvQ HOHVXULGHÄDQHF MLSHFLQHYD
FXWRWIHOXOGHQHSO FHULDQXO VDvQSDFHSHFLQHYDDFLF OLDVkFkLDSLVD´ÄD
GHVI úXUDDWDFXULVFXUWHúLUHSHWDWHDVXSUDLQDPLFXOXL´
$FHVWD FUHGHP F  HVWH vQ HOHVXO FXYkQWXOXL ÄK U XLUH´ úL vQ VHQVXO DUW 
ÄQHF MLUHD´ ÄVkFkLUHD´ ÄSLVDUHD´ GH F WUH DXWRUXO LQIUDF LXQLL DYkQG GUHSW VFRS
GHWHUPLQDUHDYLFWLPHLSHQWUXDLRIHULDFHVWXLDVDWLVIDF LLVH[XDOH
'LQWUR DVHPHQHD VHPDQWLF  D FRQFHSWXOXL GHFXUJH FRQVWDWDUHD F  SHQWUX D
vQGHSOLQL FHULQ HOH WH[WXOXL HVWH QHFHVDU  R VXLW  GH DF LXQL GH DFHDVW  QDWXU  R



'(;HGFLWS
 
UHSHWDUHDDFWHORUúLFDQDWRULLODGLIHULWHLQWHUYDOHGHWLPSLQWHUSUHWDUHFDUHFRQGXFH
ODFRQFOX]LDF VXQWHPvQSUH]HQ DXQHLLQIUDF LXQLGHRELFHL
$PHQLQ DUHD&RQFHSWXODUHvQ HOHVXOGDWGHDUW&RGSHQDOúLDQXPHGH
vQúWLLQ DUH FX SURGXFHUHD XQXL U X vQ VSH  U XO FRQVWkQG vQ SURYRFDUHD DQXPLWRU
SUHMXGLFLL SH OLQLH SURIHVLRQDO  FD VSUH SLOG  GHVIDFHUHD FRQWUDFWXOXL GH PXQF 
DSOLFDUHDXQHLVDQF LXQLDGPLQLVWUDWLYHQHSURPRYDUHDQHDFRUGDUHDXQHLSULPHRUL
DFRQFHGLXOXLvQSHULRDGDVROLFLWDW ±GHúLYLFWLPDHUDvQGULWXLW ODDFHVWHDHWF 
$LGRPDLQIUDF LXQLLSUHY ]XWHGHDUW&SHQDPHQLQ DUHDFXSURGXFHUHD
U XOXLSRDWHYL]DDWkWSHUVRDQDK U XLW FkWúLVR XORULRUXG DSURSLDW DFHVWHLD
&RQVWUkQJHUHD $FHDVW  PRGDOLWDWH QRUPDWLY  D WH[WXOXL DO WXUDW  úL
DOWHUQDWLY  OD DFHHD GH DPHQLQ DUH DSDUH vQ RSLQLD QRDVWU  RDUHFXP WDXWRORJLF 
GHRDUHFH DúD FXP VH FXQRDúWH FRQVWUkQJHUHD SVLKLF  PRUDO  VH UHDOL]HD] 
SULQWUR DPHQLQ DUH úL GHFL VH VXSUDSXQH úL VH FRQIXQG  FX DFHDVW  IRUP  GH
PDQLIHVWDUH &kW SULYHúWH FRQVWUkQJHUHD IL]LF  IRORVLUHD IRU HL IL]LFH  HD HVWH
LQRSHUDQW vQUDSRUWFXFRQ LQXWXOLQIUDF LXQLLSUHY ]XWHGHDUW&SHQ
6DWLVIDF LLGHQDWXU VH[XDO 6LQWDJPDvQS UHUHDQRDVWU WUHEXLHvQ HOHDV 
vQWUXQSODQFDVHQ]D LDSURYRFDW GHHIHFWXDUHDXQXLDFWVH[XDO±DVWIHOFXPDIRVW
H[SOLFDWFRQFHSWXOODLQIUDF LXQHDGHYLROGDUvQWUXQDOWSODQúLSULQVHQ]D LLOHGH
PDUHGLYHUVLWDWHSHFDUHXQLQGLYLGVDXDOWXOSRDWHvQSDUWLFXODULWDWHDúLLQWLPLWDWHD
OXLSURSULHV OHvQFHUFH
$FWLYLWDWHD GH K U XLUH SRDWH IL vQI SWXLW  SULQ YDULL PLMORDFH FD VSUH SLOG 
RUDOVDXvQVFULVJHVWXULLQHFKLYRFHFXDQXPLWHVHQVXULúLVHPQLILFD LLH[DPLQDUHD
LQVROHQW úLSUHOXQJLW DXQRUDQXPLWH]RQHDQDWRPLFHDOHYLFWLPHLFRQWDFWHIL]LFH
V UXW ULPkQJkLHULSDOS UL HWF
8UPDUHD LPHGLDW  FRQVW  vQ SURGXFHUHD XQHL VW UL GH vQJU GLUH D OLEHUW LL
VH[XDOHDSHUVRDQHLúLGHRSRWULY vQSULPHMGXLUHDFDOLW LLUHOD LLORUGHVHUYLFLXGLQ
HQWLWDWHDSURIHVLRQDO UHVSHFWLY 
(VWH vQV  GH UH LQXW F  WH[WXO QX SUHWLQGH úL DSDUL LD UH]XOWDWXOXL XUP ULW GH
DXWRU ² RE LQHUHD XQRU IDYRUXUL VH[XDOH ± FL GRDU FD IDSWD V  ILH FRPLV  vQ DFHO
VFRS6XQWHPDúDGDUvQSUH]HQ DXQHLLQIUDF LXQLGHSHULFROúLQXGHUH]XOWDW
5DSRUWXO GH FDX]DOLWDWH OD LQIUDF LXQHD GH K U XLUH VH[XDO  UH]XOW  ± DLGRPD
PDMRULW LLLQIUDF LXQLORUGHSHULFRO±GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH 

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH OD LQIUDF LXQHD GH K U XLUH VH[XDO  VH H[SULP  SULQ
LQWHQ LDGLUHFW úLFKLDUFDOLILFDW vQWUXFkWHVWHvQVXPDWHOHPHQWXOVFRSFDUHHVWH
DFHODFDDXWRUXOV RE LQ VDWLVIDF LLGHQDWXU VH[XDO 
0RELOXOQXMRDF YUHXQUROvQUHDOL]DUHDLQIUDF LXQLL

)RUPH6DQF LXQL
)RUPH 7HQWDWLYD QX HVWH VDQF LRQDW  GH WH[W úL GH DOWPLQWHUL H[LVWHQ D
DFHVWHLDHVWHLPSRVLELO FDvQFD]XOWXWXURULQIUDF LXQLORUGHRELFHL
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH VDX FRPLV DF LXQL
UHSHWDWHúLLQHFKLYRFHFXDSWLWXGLQHDGHDFRQWXUDDFWLYLWDWHDGHK U XLUH
6DQF LXQL)DSWDSUHY ]XW vQDUW&SHQHVWHVDQF LRQDW FXvQFKLVRDUH
GHODOXQLODDQLVDXFXDPHQG 
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL





 


7,7/8/,,,

,1)5$& ,81,&2175$3$75,021,8/8,


)8578/

2ELHFWXORFURWLULLSHQDOH
,QIUDF LXQHD GH IXUW DUH FD RELHFW MXULGLF VSHFLDO DFHOH UHOD LL VRFLDOH FX
FDUDFWHUSDWULPRQLDOUHIHULWRDUHODSRVHVLDúLGHWHQ LDDVXSUDEXQXULORUPRELOH
2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH EXQXO PRELO vQVXúLW GH DXWRUXO
IDSWHLGLQSDWULPRQLXOSULYDWRULSXEOLF
3ULQEXQPRELOVHvQ HOHJHOXFUXOFDUHSRDWHILPLúFDWGLQWUXQORFvQDOWXOI U 
DúL SLHUGH YDORDUHD HFRQRPLF  ÌQ DFHDVW  FDWHJRULH FRQFHSWXDO  LQWU  EXQXULOH
PRELOHSULQQDWXUDORUFkWúLFHOHGHYHQLWHDVWIHOSULQGHWDúDUHDDFHVWRUDGLQEXQXUL
LPRELOH GHPRQWDUHDSLHVHORUGHODXQVWUXQJGLVORFDUHDF U PL]LORUVDXJULQ]LORU
XQHL FRQVWUXF LL ± RSHUD LXQL XUPDWH GH vQVXúLUHD DFHVWRU FRPSRQHQWH DOH EXQXOXL
LPRELO 7RWDVWIHOVXQWEXQXULPRELOHURGXO IUXFWHOHSURGXVHOH LPRELOXOXLFkWúL
EXQXULOHLPRELOHSULQGHVWLQD LH DQLPDOHGHPXQF VXVFHSWLELOHGHDILVXVWUDVH
3ULQÄEXQ´FDOXFUXRFURWLWGHGLVSR]L LDSHQDO VHvQ HOHJHRULFHRELHFWvQVXPDW
vQWUXQ SDWULPRQLX SULYDW RUL SXEOLF úL FDUH SUH]LQW  YDORDUH SHQWUX GH LQ WRUXO
SDWULPRQLXOXL 9DORDUHD SRDWH IL HFRQRPLF  H[SULPDELO  VDX HYDOXDELO  vQ EDQL 
DIHFWLY  IRWRJUDILL GLVWLQF LL SHQWUX DQXPLWH PHULWH úWLLQ LILFH VDX FXOWXUDOH RUL
SHUIRUPDQ HVSRUWLYH VDXSXUúLVLPSOXXWLOLWDU  GHIRORVLQ SHQWUXDQXPLWHDFWLYLW L 
&RUSXORPXOXLVDXDQXPLWHS U LDOHFRUSXOXL±FkWRPXOHVWHvQYLD ±QXSRW
IL RELHFW PDWHULDO DO IXUWXOXL GDU DSDUDWHOH úL SURWH]HOH IRORVLWH GH DFHVWD
VWLPXODWRU HOHFWULF FDUGLDF RFKL GH VWLFO  SHUXF  FRURDQ  GHQWDU  HWF  SRW
FRQVWLWXLRELHFWPDWHULDODOLQIUDF LXQLL
1XYRUFRQVWLWXLRELHFWDOIXUWXOXLUHVQXOOLV OXFUXULOHFHQXDSDU LQFXLYD úL
UHVGHUHOLFWDH OXFUXULOHDEDQGRQDWH GHRDUHFHDFHVWHDQXDSDU LQXQXLSDWULPRQLX
3RWULYLWDUWDOLQ  VXQWFRQVLGHUDWHEXQXULPRELOHúLRULFHHQHUJLHFDUH
DUHRYDORDUHHFRQRPLF 'HDVHPHQHDSRWULYLWDFHORUDúLGLVSR]L LLVXQWDVLPLODWH
EXQXULORU FDUH SRW IDFH RELHFWXO XQHL IDSWH GH IXUW úL vQVFULVXULOH GH RULFH IHO
FRUHVSRQGHQ H±SULYDWHVDXSXEOLFH±UHJLVWUHDOEXPHPDQXVFULVHúD I U FD
WH[WXOV PDLSUHWLQG FDDFHVWHDV DLE YDORDUHHFRQRPLF 
ÌQVIkUúLWDOLQ  DODUW&SHQLQFULPLQHD] IDSWDGHVXVWUDJHUHDXQXL
YHKLFXO GDU QX vQ VFRSXO vQVXúLULL OXL ± SHQWUX F  vQ DFHVW FD] VXQW LQFLGHQWH
GLVSR]L LLOHDOLQ  ²FLvQVFRSXOGHDOIRORVLSHQHGUHSW2ELHFWXOIXUWXOXLvQ
VLWXD LD GDW  QX YD PDL IL ÄEXQXO´ vQ LQWHJUDOLWDWHD DFHVWXLD FL YDORDUHD GH
vQWUHEXLQ DUHDEXQXOXL)XUWXODUHGHFLXQFDUDFWHUWHPSRUDU

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  HVWH QHFLUFXPVWDQ LDW GH WH[W HO SRDWH IL
GHFL RULFH SHUVRDQ  ÌQ YDULDQWD QRUPDWLY  GH OD DOLQ   I SWXLWRUXO DUH vQV 
FDOLWDWHD GH SURSULHWDU VDX FRSURSULHWDU DO EXQXOXL VXVWUDV GH OD SHUVRDQD FDUH vO
GH LQHOHJLWLPvQSRVHVLHVDXGHWHQ LH



6DQGD*KLPSXúLFRO'LF LRQDUMXULGLFHGFLWS

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWS

7M7LPLú'HFQU5,,S
 
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
,QIUDF LXQHD GH IXUW HVWH VXVFHSWLELO  GH V YkUúLUH vQ WRDWH IRUPHOH GH
SDUWLFLSD LH SHQDO  ± FRDXWRUDW FRPSOLFLWDWH LQVWLJDUH ± FX SUHFL]DUHD vQV  F  vQ
FD]XOFRDXWRUDWXOXLúLDOFRPSOLFLW LLFRQFRPLWHQWH±GHFLDWXQFLFkQGDFWHOHVXQW
H[HFXWDWH GH GRX  VDX PDL PXOWH SHUVRDQH vPSUHXQ  GLQ FDUH FHO SX LQ XQD vQ
FDOLWDWHGHDXWRU±IDSWDFRQVWLWXLHLQIUDF LXQHDGHIXUWFDOLILFDWSUHY ]XWvQDUW
DOLQ  OLWD &SHQ$úDGDUIRUPHOHGHSDUWLFLSD LHSURSULLLQIUDF LXQLLGHIXUW
VXQWGRDULQVWLJDUHDúLFRPSOLFLWDWHDDQWHULRDU 
6XELHFWSDVLYDOLQIUDF LXQLLHVWHSHUVRDQD±IL]LF VDXMXULGLF ±GLQDF UHL
SRVHVLHVDXGHWHQ LHDIRVWVXVWUDVEXQXOPRELO
3OXUDOLWDWHD GH VXELHF L SDVLYL HVWH SRVLELO  vQ LSRWH]D vQ FDUH SULQ DFHHDúL
IDSW  ± GHFL DFHHDúL DF LXQH ± VXQW VXVWUDVH EXQXUL DSDU LQkQG XQRU SHUVRDQH
GLIHULWH FkW úL vQ FD]XO FkQG EXQXO VXVWUDV HVWH vQ FRSURSULHWDWHD PDL PXOWRU
SHUVRDQHLSRVWD] FXQRVFXW vQGRFWULQDGHVSHFLDOLWDWHúLvQSUDFWLFDMXGLFLDU VXE
GHQXPLUHDGHXQLWDWHQDWXUDO DLQIUDF LXQLL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH H[SULP  SULQWUR DF LXQH FHO PDL
DGHVHD RULSULQWURLQDF LXQHSULQFDUHHVWHVXVWUDVXQEXQPRELOGLQGHWHQ LDVDX
SRVHVLDSHUVRDQHLIL]LFHVDXMXULGLFH
3RVHVLD(VWHRVWDUHGHIDSWFDUHFRQVW vQVW SkQLUHDPDWHULDO DXQXLOXFUX
GH F WUH R SHUVRDQ  FX LQWHQ LD GH D VH FRPSRUWD ID  GH DFHVWD FDSURSULHWDUVDX
WLWXODU DO DOWXL GUHSW PDWHULDO 'H FHOH PDL PXOWH RUL SRVHVLD HVWH H[HUFLWDW  GH
vQVXúLSURSULHWDUXOEXQXOXLGDUHDSRDWHILH[HUFLWDW úLGHF WUHRSHUVRDQ FDUHQX
HVWHWLWXODU DDFHVWXLGUHSW
'HWHQ LD 6H vQ HOHJH WRW R VW SkQLUH GH IDSW D XQXL OXFUX vQVR LW  vQV  GH
REOLJD LDGHDOUHVWLWXLSURSULHWDUXOXL
'LQOHFWXUDWH[WXOXLVHSRDWHGHVSULQGHFXXúXULQ FRQVWDWDUHDF OHJHDSHQDO 
QX DS U  vPSRWULYD XQRU IDSWH GH IXUW QXPDL SURSULHWDUXO XQXL EXQ FL vQ HJDO 
P VXU  úL SH FHO FDUH vO GH LQH vQ SRVHVLH VDX GHWHQ LH 'H IDSW WH[WXO QLFL QX VH
UHIHU ODUDSRUWXOMXULGLFGHSURSULHWDWHGLQWUHSHUVRDQ úLEXQXOUHVSHFWLYFLGRDUOD
UDSRUWXULOH GH SRVHVLH úL GHWHQ LH GLQWUH SHUVRDQ  úL EXQ 0DL PXOW GHFkW DWkW
GLVSR]L LD OHJDO  QLFL P FDU QX SUHWLQGH FD SRVHVLD VDX GHWHQ LD EXQXOXL V  ILH
OHJLWLP DFHDVW FRQGL LHDOHJLWLPLW LLILLQGQHFHVDU GRDUvQVLWXD LDF EXQXOHVWH
VXVWUDV GH vQVXúL SURSULHWDUXO VDX FRSURSULHWDUXO DFHOXL EXQ ± DUW  DOLQ  
$úDILLQGYDFRQVWLWXLLQIUDF LXQHDGHIXUW±vQRSLQLDQRDVWU ±IDSWDGHVXVWUDJHUH
DXQXLEXQGLQSRVHVLDXQHLSHUVRDQHFDUHODUkQGXOHLDVXVWUDVGLQSDWULPRQLXO
DOWHLSHUVRDQH
ÌQFD]XOvQFDUHEXQXOHVWHVXVWUDVGLQORFXLQ DS U LLY W PDWHvQFDUHDXWRUXO
DS WUXQVI U GUHSWVXQWV YkUúLWHGRX LQIUDF LXQL±IXUWXOúLYLRODUHGHGRPLFLOLX±
DIODWHvQFRQFXUVUHDO
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQVFKLPEDUHDVW ULLGHIDSWDEXQXOXL
FDUHHVWHVFRVGLQSRVHVLDVXELHFWXOXLSDVLY±úLGHFLGHVXEFRQWUROXOúLSRVLELOLWDWHD
DFHVWXLD GH D GLVSXQH GH EXQ ± úL PXWDW vQ SRVHVLD VXELHFWXOXL DFWLY &HOH GRX 


3OHQXO76'HFvQGUQU&'S

*3DUDVFKLY8QLWDWHDúLSOXUDOLWDWHDGHLQIUDF LXQL5'3QUS

6DQGD*KLPSXúLFRO'LF LRQDUMXULGLFHGFLWS

,ELGHPS

$)LOLSDú2/RJKLQ'UHSWSHQDOURPkQHGFLWS93DSDGRSRO3-3YRO,,,S

ÌQDFHODúLVHQV&%XODL$)LOLSDú&0LWUDFKH,QVWLWX LLGHGUHSWSHQDO(GLWXUD75(,S
 
PRPHQWH±DOHGHSRVHG ULLS U LLY W PDWHúLLPSRVHG ULLDXWRUXOXLIDSWHL±QXWUHEXLH
V  VH VXSUDSXQ  QHFRQGL LRQDW V  ILH VLPXOWDQH HVHQ LDO ILLQG GRDU SULPXO PRPHQW
SHQWUXUHDOL]DUHDXUP ULLLPHGLDWH$VWIHOHVWHSURGXV XUPDUHDLPHGLDW vQVLWXD LDvQ
FDUH DXWRUXO IDSWHL ULGLF  EXQXO GLQ ORFXO LQL LDO úL DVFXQGH XQGHYD ± ILH FKLDU úL vQ
ORFXLQ D LQFLQWD S U LLY W PDWH±GHXQGHGLUHFWRULSULQLQWHUPHGLXODOWHLSHUVRDQH
V OLDXOWHULRUSHQWUXDLQWUDHIHFWLYvQSRVHVLDDFHVWXLD
3ULQ GHSRVHGDUHD GH EXQ YLFWLPD IXUWXOXL VXIHU  R SDJXE  PDWHULDO  FDUH
FRQVW vQOLSVLUHDVDGHIRORVLQ DDFHVWXLD
/HJ WXUD GH FDX]DOLWDWH ÌQWUH DF LXQHD GH VXVWUDJHUH D EXQXOXL úL DSDUL LD
XUP ULL LPHGLDWH HVWH R ILUHDVF  OHJ WXU  GH FDX]DOLWDWH FDUH UH]XOW  GLQ vQV úL
PDWHULDOLWDWHDIDSWHL±H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHIXUWVHV YkUúHúWHH[FOXVLYFXLQWHQ LHúL
DQXPHFXRLQWHQ LHFDOLILFDW vQWUXFkWLQWHQ LHLvLHVWHDVRFLDWúLVFRSXO
7H[WXO DUW  GLQ &RGXO SHQDO SUHWLQGH SHQWUX UHDOL]DUHD ODWXULL VXELHFWLYH D
LQIUDF LXQLLFDOXDUHDEXQXOXLGHF WUHDXWRUGLQSRVHVLDVDXGHWHQ LDXQHLSHUVRDQHV 
ILHI U FRQVLP PkQWXODFHVWHLDúLvQVFRSXOGHDúLvQVXúLSHQHGUHSW
$EVHQ DFRQVLP PkQWXOXLHVWHSUH]XPDW DXWRUXOXLLQIUDF LXQLLUHYHQLQGXL
REOLJD LD GH D GRYHGL F  D DYXW DFRUGXO S U LL Y W PDWH DQWHULRU VDX FRQFRPLWHQW
V YkUúLULLIDSWHLGHDRGHSRVHGDGHEXQvQHYHQWXDOLWDWHDF HOvúLIDFHRDVHPHQHD
DS UDUH0DJLVWUDWXOQXSRDWHvQV SULPLRDVHPHQHDDS UDUHvQLSRWH]DF DXWRUXO
IDSWHLWLQGHDGRYHGLF DDYXWFRQVLP PkQWXOXQHLSHUVRDQHvQLPSRVLELOLWDWHDGH
DúLOGD±SHUVRDQ QHYkUVWQLF RULSHUVRDQ VHQLO VDXDIODW vQVWDUHGHLQWR[LFD LH
DOFRROLF  DOLHQDW  PLQWDO úD ± GHRDUHFH R DVHPHQHD SHUVRDQ  QX SRDWH H[SULPD
XQFRQVLP PkQWYDODELO
$O GRLOHD HOHPHQW DO ODWXULL VXELHFWLYH ± VFRSXO ± HVWH GHWHUPLQDQW SHQWUX
UH LQHUHD VDX QX D IDSWHL VXE LQFLGHQ D WH[WXOXL LQFULPLQDWRU VFRSXO vQVXúLULL SH
QHGUHSW D EXQXOXL ILLQG GH HVHQ D DFHVWHL LQIUDF LXQL $úDGDU HVWH QHFHVDU D VH
GRYHGL F  VFRSXO DXWRUXOXL IDSWHL D IRVW GH DúL vQVXúLDFHOEXQDGLF GHDOWUHFH
GHILQLWLYvQSRVHVLDOXL
ÌQFD]XOPRGDOLW LLQRUPDWLYHSUHY ]XWHvQDOLQ  VFRSXOXUP ULWGHI SWXLWRU
QXHVWHDFHODGHDúLvQVXúLGHILQLWLYYHKLFXOXOFLGRDUGHDúLvQVXúLIRORVLQ DOXL
ÌQOLWHUDWXUDúLSUDFWLFDMXGLFLDU VDXIRUPDWGRX RSLQLLGLDPHWUDORSXVHFX
SULYLUHODUH]RQDQ DSHQDO DIDSWHL±GHVWXOGHIUHFYHQW vQFD]XLVWLFDSHQDO ±GHD
VHOXDXQEXQGLQSRVHVLDVDXGHWHQ LDDOWXLDI U FRQVLP PkQWXODFHVWXLDSHQWUX
DREOLJDDVWIHOSHUVRDQDGHSRVHGDW V úLDFKLWHRGDWRULHDQWHULRDU SHFDUHRDUH
ID  GH FHO FDUH D OXDW EXQXO SH QHGUHSW VDX SHQWUX DúL SUHFRQVWLWXL R SURE  vQ
MXVWL LH
0DMRULWDWHD GRFWULQDULORU FRQVLGHU  F  DWkWD YUHPH FkW VFRSXO DXWRUXOXL QX D
IRVWGHDOXDEXQXO±I U FRQVLP PkQWXOYLFWLPHL±SHQWUXDúLvQVW SkQLVFRSXO
ILLQG FX WRWXO DOWXO IDSWD QX FRQVWLWXLH LQIUDF LXQHD GH IXUW FL HYHQWXDO R DOW 
LQIUDF LXQHVDXQLFLQXYDFRQVWLWXLLQIUDF LXQH±RSLQLHvPS UW úLW úLGHDXWRUXO
DFHVWRUUkQGXUL6DXH[SULPDWvQV RSLQLLFHOSX LQUH]HUYDWHFXSULYLUHODFRUHFWD
LQWHUSUHWDUHDWH[WXOXLDUWvQUDSRUWFXVLWXD LLOHGHIDSWPDLVXVSUH]HQWDWH


9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S

&%XODL$)LOLSDú&0LWUDFKHRSFLWS&%XODL'UHSWSHQDOSDUWHDVSHFLDO HGFLWS
$ )LOLSDú 2 /RJKLQ 'UHSW SHQDO URPkQ HG FLW S  2 /RJKLQ 7 7RDGHU 'UHSW SHQDO URPkQ ± SDUWHD
VSHFLDO HGFLWS

*K'LDFRQHVFX'UHSWSHQDOSDUWHDVSHFLDO HGFLWS

93DSDGRSRO3-3YRO,,,S
 
2DVHPHQHDGLVMXQF LHHVWHSUH]HQW úLvQSUDFWLFDMXGLFLDU $VWIHOGXS FH
LQVWDQ DVXSUHP úLDOWHLQVWDQ HDXvPEU LúDWRYUHPHWH]DQRQLQIUDF LXQLLvQ
DVWIHOGHFD]XULLQVWDQ DVXSUHP DUHYHQLWDVXSUDSURSULHLMXULVSUXGHQ HKRW UkQG
F úLvQDEVHQ DVFRSXOXLGHvQVXúLUHGHILQLWLY DEXQXOXLLQIUDF LXQHDVXE]LVW 
ÌQ FD]XO vQ FDUH I SWXLWRUXO HVWH vQ HURDUH FX SULYLUH OD DSDUWHQHQ D XQRUD GLQ
EXQXULOH VXVWUDVH OD SDWULPRQLXO SXEOLF HURDUHD vL SURILW  DFHVWXLD vQ VHQVXO F  VH YD
UH LQHvQVDUFLQDVDRVLQJXU LQIUDF LXQH±GHIXUWFRQWUDDYXWXOXLSULYDW±úLQXGRX 
LQIUDF LXQLGHIXUW±FRQWUDSDWULPRQLXOXLSULYDWúLUHVSHFWLYSXEOLF±DIODWHvQFRQFXUV
3HQWUXUHDOL]DUHDLQIUDF LXQLLGHIXUWHVWHOLSVLWGHUHOHYDQ PRELOXOFDUHD
DQLPDWSHDXWRU

)RUPH6DQF LXQL
)RUPH$FWHOHSUHSDUDWRULLGHúLVXQWSRVLELOHQXVXQWLQFULPLQDWH
7HQWDWLYDODLQIUDF LXQHDGHIXUWHVWHLQFULPLQDW SULQDUW&RGSHQDO
6HFRQVLGHU vQID] GHWHQWDWLY IDSWDXQHLSHUVRDQHGHDvQFHSHH[HFXWDUHD
DFWHORU GH VXVWUDJHUH D XQXL EXQ DF LXQH vQWUHUXSW  GHVLJXU GLQ PRWLYH
LQGHSHQGHQWHGHYRLQ DDFHVWXLDPDLvQDLQWHGHDVHLPSRVHGDFXDFHOEXQ
$úDGDU GHSRVHGDUHD YLFWLPHL GH EXQ QHVXFFHGDW  GH LPSRVHGDUHD FX DFHO
EXQ GH F WUH I SWXLWRU VLWXHD]  IDSWD vQ SHULPHWUXO WHQWDWLYHL úL QX vQ DFHOD DO
LQIUDF LXQLLFRQVXPDWH3RWULYLWWHRULHLDSURSULD LXQLLFDUHJXYHUQHD] &RGXOQRVWUX
SHQDOvQPDWHULHIXUWXOHVWHFRQVXPDWGRDUvQPRPHQWXOvQFDUHEXQXODWUHFXWvQ
SRVHVLD HIHFWLY  vQ VW SkQLUHD GH IDSW D DXWRUXOXL LQIUDF LXQLL ÄLQGLIHUHQW GDF 
DXWRUXO D UHXúLW VDX QX V  S VWUH]H DFHD SRVHVLH RUL GDF  HO D L]EXWLW VDX QX V 
S U VHDVF LQFLQWDORFXOXLGHXQGHDVXVWUDV´
ÌQ UDSRUW FX DFHDVW  GHOLPLWDUH GH SULQFLSLX LQIUDF LXQHD GH IXUW HVWH
FRQVXPDW vQPRPHQWXOLPSRVHG ULLDXWRUXOXLFXEXQXOVXVWUDV
)XUWXOIRORVLQ HLXQXLYHKLFXOVHFRQVXP vQPRPHQWXOSXQHULLvQPLúFDUHD
DFHVWXLD
,QIUDF LXQHDGHIXUWSRDWHDYHDFDUDFWHUFRQWLQXXRULFRQWLQXDW
6DQF LXQL ,QIUDF LXQHD GH IXUW SUHY ]XW  vQ DUW  VH SHGHSVHúWH FX
vQFKLVRDUHGHODODDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUW&SHQ


)8578/&$/,),&$7

)XUWXO FDOLILFDW HVWH R YDULDQW  D LQIUDF LXQLL GH IXUW YDULDQW  DJUDYDW  GH
V YkUúLUHDIDSWHLvQDQXPLWHFLUFXPVWDQ H vPSUHMXU UL FRQVLGHUDWHGHOHJLXLWRUFD
SUH]HQWkQG XQ JUDG VSRULW GH SHULFXOR]LWDWH VRFLDO  ÌPSUHMXU ULOH FDUH DJUDYHD] 
SHULFROXOVRFLDODOIDSWHLúLLPSXQRVDQF LRQDUHPDLVHYHU DI SWXLWRULORUVHUHIHU 
ILHODVXELHF LLVDXODWXUDRELHFWLY DLQIUDF LXQLLILHODRELHFWXOPDWHULDODODFHVWHLD
ÌQFRQVHFLQ WRDWHH[SOLFD LLOHUHIHULWRDUHODFRQ LQXWXOLQIUDF LXQLLGHIXUWvúL
S VWUHD]  GHSOLQD YDODELOLWDWH XUPkQG D QH RFXSD vQ FRQWLQXDUH GRDU GH



76'HFQU5,,SÌQDFHODúLVHQV76'HFQU5,,,S

70%'HFQU&3-3S

&6-'HFQU'UQUS

&$%XFXUHúWL'HFQU5'3QUS

*$QWRQLX3-3YRO,S

76'HFQU&'S

70%'HFQU5,,,SO
 
H[DPLQDUHD FLUFXPVWDQ HORU OLPLWDWLY HQXQ DWH vQ WH[WXO LQFULPLQDWRU FDUH
DJUDYHD] IDSWD
$OLQHDW  OLWD 'RX VDXPDLPXOWHSHUVRDQHvPSUHXQ 
3HQWUX D IL VDWLVI FXW  FHULQ D OHJDO  HVWH GHFL QHFHVDU FD R SOXUDOLWDWH GH
I SWXLWRUL V  DF LRQH]H OD ORFXO V YkUúLULL IXUWXOXL HIHFWLY FRQFRPLWHQW úL FRQMXJDW
LQGLIHUHQWGHIRUPDSDUWLFLSD LHL±FRDXWRULVDXDXWRUúLFRPSOLFLFRQFRPLWHQ L±úL
GHFRQWULEX LDFRQFUHW DILHF UXLD±PDLPDUHVDXPDLUHGXV ±vQFRPLWHUHDIXUWXOXL
)XUWXO HVWH FDOLILFDW SRWULYLW SUHYHGHULORU DUW  OLW D  & SHQ FKLDU GDF 
vQWUHSDUWLFLSDQ LQXDH[LVWDWRvQ HOHJHUHSUHDODELO FLDFHDVWDDVXUYHQLWVSRQWDQ
SH SDUFXUVXO GHUXO ULL DF LXQLL GH VXVWUDJHUH VDX GDF  D GRXD RUL XUP WRDUHOH
SHUVRDQHFDUHFRODERUHD] ODFRPLWHUHDIXUWXOXLVXQWOLSVLWHGHU VSXQGHUHSHQDO ±
LUHVSRQVDELOPLQRULVXEDQL±RULvQHURDUHFXSULYLUHODQDWXUDIDSWHL
5H LQHUHD DFHVWHL DJUDYDQWH vQ FD]XO FRPLWHULL IXUWXOXL GH FHO SX LQ WUHL
SHUVRDQHH[FOXGHGHEXQ VHDP UH LQHUHDúLDFLUFXPVWDQ HLDJUDYDQWHSUHY ]XWH
GH DUW  OLW D  & SHQ ± ÄV YkUúLUHD IDSWHL GH WUHL VDX PDL PXOWH SHUVRDQH
vPSUHXQ ´±GHRDUHFHvQFD]XODSOLF ULLFXPXODWLYHDFHORUGRX WH[WHVDUDMXQJH
ODQHOHJLWLPDúLQHGUHDSWDVLWXD LHGHDVHGDRGXEO UHOHYDQ DFHOHLDúLvPSUHMXU UL
GHIDSWúLODRVSRULUHQHOHJDO DVDQF LXQLLSHQDOH
$SOLFDUHD DJUDYDQWHL DQDOL]DWH HVWH vQV  FRPSDWLELO  FX DSOLFDUHD
FLUFXPVWDQ HLDJUDYDQWHSUHY ]XWHvQDUWOLWF &SHQvQLSRWH]DvQFDUHXQXO
GLQWUHI SWXLWRULHVWHPDMRULDUFHO ODOWHVWHPLQRU
&RQVWLWXLQG R FLUFXPVWDQ  GH IDSW DJUDYDQW  UHJOHPHQWDW  vQ DUW OLWD 
&SHQVHU VIUkQJHDVXSUDWXWXURUSDUWLFLSDQ LORUFDUHDXFXQRVFXWR±LQVWLJDWRU
FRPSOLFHDQWHULRU
$OLQHDW  OLWE 'HRSHUVRDQ DYkQGDVXSUDVDRDUP VDXRVXEVWDQ 
QDUFRWLF 
&RQFHSWXOGHÄDUP ´HVWHH[SOLFDWSULQGLVSR]L LLOHDUWDOLQ  &SHQ
SRWULYLW F URUD ÄDUPH VXQW LQVWUXPHQWHOH SLHVHOH VDX GLVSR]LWLYHOH GHFODUDWH DVWIHO
SULQ GLVSR]L LL OHJDOH´ 5HJLPXO MXULGLF DO DUPHORU úL PXQL LLORU HVWH UHJOHPHQWDW
SULQPDLPXOWHDFWHQRUPDWLYHFDUHDVLJXU FDGUXOJHQHUDOvQDFHVWGRPHQLX/HJHD
QUSULYLQGUHJLPXODUPHORUúLDOPXQL LLORU+*QUSHQWUX
DSUREDUHD1RUPHORUPHWRGRORJLFHGHDSOLFDUHD/HJLLQUúLDUW
GLQ/HJHDQUSULYLQGUHJLPXODUPHORUGHIRFúLDOPXQL LLORU
2ELHFWHOH ÄGH QDWXU ´ D SXWHD IL IRORVLWH FD DUPH ± OD FDUH VH UHIHU 
SUHYHGHULOH DOLQ   DO DUW  ± SXUWDWH GH I SWXLWRU QX DWUDJ LQFLGHQ D DFHVWHL
DJUDYDQWHvQWUXFkWOHJHDSHQDO OHDVLPLOHD] ÄDUPHORU´QXPDLvQP VXUDvQFDUHDX
IRVW vQWUHEXLQ DWH SHQWUX DWDF 2U vQWUR DWDUH LSRVWD]  IDSWD QX YD PDL FRQVWLWXL
LQIUDF LXQHDGHIXUWFLDFHHDGHWkOK ULH
Ä6XEVWDQ HOHQDUFRWLFH´VXQWDFHOHVXEVWDQ HFDUHDF LRQHD] DVXSUDFHQWULORU
QHUYRúL SURGXFkQG SLHUGHUHD FXQRúWLQ HL UHOD[DUH PXVFXODU  GLPLQXDUHD
VHQVLELOLW LLúLDUHIOH[HORU



70%'HFQU&3-3S

70%'HFQU5,,,S

70%'HFQU&3-3S

&$QWRQLX&%XODL3-3YRO,,,S

&6-VSGQU'UQUS

&%XODL$)LOLSDú&0LWUDFKHHGFLWS2/RJKLQ77RDGHUHGFLWS

70%'HFQU&3-3S

3XEOLFDW vQ02IQUGLQ

3XEOLFDW vQ02IQUGLQ

3XEOLFDW vQ02IQUGLQ
 
(VWH vQV  GH SUHFL]DW F  LQIUDF LXQHD GH IXUW vQ DFHDVW  FLUFXPVWDQ 
DJUDYDQW  VH UHDOL]HD]  vQ VLWXD LD vQ FDUH I SWXLWRUXO ÄSRDUW ´ SXU úL VLPSOX R
DUP  VDX R VXEVWDQ  QDUFRWLF  DVXSUD VD SHQWUX F  GDF  XQD VDX DOWD VXQW úL
ÄIRORVLWH´vQVFRSXOGHSRVHG ULLYLFWLPHLGHXQEXQIDSWDYDFRQVWLWXLLQIUDF LXQHD
GHWkOK ULH
ÌQ SUDFWLFD úL GRFWULQD GH VSHFLDOLWDWH VD DILUPDW FX MXVWLILFDW WHPHL vQ
RSLQLD QRDVWU  F  SHQWUX LQFLGHQ D DJUDYDQWHL H[DPLQDWH HVWH LUHOHYDQW GDF 
I SWXLWRUXO VD vQDUPDW VSHFLDO vQ YHGHUHD FRPLWHULL IXUWXOXL RUL GDF  DFHVWD HUD
vQWkPSO WRUvQDUPDWODPRPHQWXOV YkUúLULLLQIUDF LXQLL
'H DVHPHQHD OLWHUDWXUD úL MXULVSUXGHQ D GH VSHFLDOLWDWH FRQVLGHU  F  QX DUH
UHOHYDQ SHQWUXDSOLFDUHDFLUFXPVWDQ HLIDSWXOF DUPDVDXVXEVWDQ DQDUFRWLF VXQW
VDXQXYL]LELOHRSLQLHGHFDUHvQV QHGLVWDQ PÌQS UHUHDQRDVWU FRQVWLWXLHIXUW
FDOLILFDWvQDFHDVW PRGDOLWDWHQRUPDWLY QXPDLGDF DUPHOHVXQWSXUWDWHvQDVFXQV
SHQWUXF vQFD]XOvQFDUHVXQWODYHGHUHVLPSODORUH[KLEDUHHWDODUHUHSUH]LQW XQ
DFWLPSOLFLWGHDPHQLQ DUHVLWXD LHFHYDDWUDJHvQFDGUDUHDIDSWHLvQGLVSR]L LLOHDUW
DOLQ  OLWE UHIHULWRDUHODLQIUDF LXQHDGHWkOK ULHFDOLILFDW 
ÌQ LSRWH]D FkQG I SWXLWRUXO GH LQH DUPD vQ PRG LOHJDO LQIUDF LXQHD GH IXUW
FDOLILFDW YD IL UH LQXW  VXE IRUPD FRQFXUVXOXL UHDO FX DFHHD GH QHUHVSHFWDUHD
UHJLPXOXLDUPHORUúLPXQL LLORUSUHY ]XW vQDUW&RGSHQDO
&LUFXPVWDQ D DQDOL]DW  HVWH XQD GH IDSW DúD vQFkW HD VH U VIUkQJH DVXSUD
WXWXURU SDUWLFLSDQ LORU QHSXUW WRUL GH DUPH VDX VXEVWDQ H QDUFRWLFH FX FRQGL LD
HYLGHQW FD DFHúWLD V  FXQRDVF  vPSUHMXUDUHD F  I SWXLWRUXO GH LQHD DVHPHQHD
PLMORDFHvQPRPHQWXOFRPLWHULLIXUWXOXL
$OLQHDW  OLWF 'HF WUHRSHUVRDQ PDVFDW GHJKL]DW VDXWUDYHVWLW 
3ULQPDVFDUHVHvQ HOHJHDFRSHULUHDLQWHJUDO VDXSDU LDO DIH HLFXXQRELHFW
VDXFXXQPDWHULDODVWIHOvQFkWWU V WXULOHLQGLYLGXOXLV QXSRDW ILY ]XWH
'HJKL]DUHD LPSOLF  XQ SURFHV PDL FRPSOH[ GH DVFXQGHUH D LGHQWLW LL vQ
FDGUXO F UXLD I SWXLWRUXO vúL SRDWH PRGLILFD SDUDPHWULL WUXQFKLXOXL ± DWDúDUHD XQHL
FRFRDúH IDOVH VDX DEGRPHQ IDOV VXSUDGLPHQVLRQDUHD XPHULORU ± RUL D DVSHFWHORU
IDFLDOH±DWDúDUHDXQHLE UELVDXPXVW LSXUWDUHDGHRFKHODULFXOHQWLOHIXPXULLRUL
DOHQWLOHORUGHFRQWDFWFDUHVFKLPE FXORDUHDRFKLORU±YRSVLUHDS UXOXLRULSXUWDUHD
XQHL SHUXFL PRGLILFDUHD PHUVXOXL D YRFLL HWF ÌQ DFHODúL SURFHGHX VH LQFOXGH úL
SUH]HQWDUHDvQWUR LQXW VDXFXvQVHPQHSURSULLXQHLSURIHVLL±SXUWDUHDXQLIRUPHL
GHJDUGLDQSRPSLHUSRúWDúDJHQWYHWHULQDUDQJDMDW&)5HWF
ÌQVIkUúLWSULQWUDYHVWLUHVHvQ HOHJHDSDUL LDI SWXLWRUXOXLVXEXQDOWVH[GHFkW
FHO SH FDUH vO DUH FHHD FH QHFHVLW  GHVLJXU IRORVLUHD UHFX]LWHL úL D DOWRU SURFHGHH
WUHEXLQFLRDVH
$OLQHDW   OLW G  $VXSUD XQHL SHUVRDQH DIODWH vQ LPSRVLELOLWDWH GH DúL
H[SULPDYRLQ DVDXGHDVHDS UDÌPSUHMXUDUHDHVWHLGHQWLF DFHOHLDH[DPLQDWHOD
LQIUDF LXQHDGHYLRO
$OLQHDW  OLWH ÌQWUXQORFSXEOLF
6LQWDJPDORFSXEOLFHVWHGHILQLW GHOHJLXLWRUSULQDUW&SHQ
6SUH GHRVHELUH GH DOWH LQIUDF LXQL OD FDUH FLUFXPVWDQ D UHJOHPHQWDW  SULQ
DUW  GLQ &RGXO SHQDO RSHUHD]  ILH F  IDSWHOH VXQW FRPLVH vQ DQXPLWH ORFXUL ±
FLUFXPVFULVHGHWH[W±ILHF UH]RQDQ DDFHVWRUDHVWHSHUFHSXW GHSXEOLFSHYDULL
F L OD LQIUDF LXQHD GH IXUW FDOLILFDW FHULQ D UHVSHFWLY  HVWH VDWLVI FXW  GRDU FkQG
IDSWHOHVXQWFRPLVHvQDFHOHORFXUL VSD LL vQFDUHSXEOLFXODUHDFFHVSHUPDQHQWVDX
WHPSRUDUvQXOWLPDLSRWH] ILLQGQHFHVDUúLFDORFXOV ILIRVWDFFHVLELOSXEOLFXOXL
$úDGDUSHQWUXFDIXUWXOV ILHFDOLILFDWSULQFLUFXPVWDQ DvQGLVFX LHIDSWDWUHEXLH


707%XFXUHúWL'HFQUGLQ5,S*KùHUE QHVFX55'QUGLQS

&%XODL$)LOLSDú&0LWUDFKHHGFLWS3OHQ76'HFQU&'S
 
FRPLV vQXQXOGLQWUHORFXULOHSUHY ]XWHGHOLWD úLE DOHDUWGLQ&RGXOSHQDO
$FHDVWDHVWHRSLQLDGRPLQDQW vQGRFWULQDGHVSHFLDOLWDWHúLSUDFWLFDMXGLFLDU 
$OLQHDW  OLWI ÌQWUXQPLMORFGHWUDQVSRUWvQFRPXQ
$VWIHO GH PLMORDFH GH WUDQVSRUW VXQW DFHOHD GHVWLQDWH VSHFLDO RUL FDUH DX
FDSDFLWDWHD GH D WUDQVSRUWD FRQFRPLWHQW PDL PXOWH SHUVRDQH WUDPYDLH WUHQXUL
DYLRDQHYDSRDUHDXWREX]HHWF 
(VWH UHDOL]DW  FHULQ D WH[WXOXL FKLDU GDF  vQ YHKLFXOXO UHVSHFWLY QX VXQW
SUH]HQWHDOWHSHUVRDQHvQDIDU GHI SWXLWRUúLYLFWLP úLLQGLIHUHQWGDF YHKLFXOXO
HUD vQ GHSODVDUH RUL VWD LRQD GXS  FXP HVWH LQGLIHUHQW GDF  I SWXLWRUXO HUD HO
vQVXúLSDVDJHUVDXI FHDSDUWHGLQSHUVRQDOXOGHVHUYLUHDOYHKLFXOXOXL
ÌQ FH SULYHúWH WD[LXULOH VD FRQVLGHUDW F  DFHVWHD QX VXQW ÄPLMORDFH GH
WUDQVSRUW vQ FRPXQ´ vQ VHQVXO DUW  DOLQ   OLW I  vQWUXFkW HOH DX FDSDFLWDWH
UHGXV GHWUDQVSRUWDUHLDUSHUVRDQHOHFDUHF O WRUHVFvQDFHVWHDVXQWGHUHJXO 
vQ UHOD LL GH vQFUHGHUH UHFLSURF  'HVLJXU QX VD DYXW vQ YHGHUH úL YHKLFXOXO
FXQRVFXWVXEGHQXPLUHDGHÄPD[LWD[L´
$OLQHDW   OLW J  ÌQ WLPSXO QRS LL $ VH YHGHD H[SOLFD LLOH GDWH OD
LQIUDF LXQHDGHYLRODUHGHGRPLFLOLX
ÌQSUDFWLFDMXGLFLDU VDFRQVLGHUDWFDOLILFDWSULQSULVPDSUHYHGHULORUDUW
DOLQ   OLW J  GLQ &RGXO SHQDO IXUWXO LQGLIHUHQW GDF  QRDSWHD D vQOHVQLW RUL QX
V YkUúLUHDIDSWHLRULGDF ORFXOGHXQGHVDVXVWUDVOXFUXOHUDSXWHUQLFOXPLQDW
VDXGDF I SWXLWRUXOúLDSUHOXQJLWDFWLYLWDWHDvQFHSXW ]LXDúLvQWLPSXOQRS LL
,QVWDQ HOH MXGHF WRUHúWL DX SURQXQ DW VROX LL HVWH GUHSW L]RODWH SULQ FDUH
DJUDYDQWDUHJOHPHQWDW ODOLWJ DIRVWH[WLQV úLODVLWXD LLOHFkQGGHúLQRDSWHDQX
HUDLQVWDODW ÄVDSURILWDWGHvQWXQHULF´±FXPHVWHFD]XOIXUWXOXLFRPLVvQWUHQOD
WUHFHUHDDFHVWXLDSULQWUXQWXQHO±GDUHOHDXIRVWLQILUPDWHGHLQVWDQ HOHGHFRQWURO
MXGLFLDUúLGH]DYXDWHvQOLWHUDWXUDGHVSHFLDOLWDWH
$OLQHDWXO  OLWK ÌQWLPSXOXQHLFDODPLW L3ULQÄFDODPLWDWH´VHvQ HOHJH
R VLWXD LH GH]DVWUXRDV  FDUH ORYHúWH R FRPXQLWDWH XPDQ  FXWUHPXU LQXQGD LH
LQFHQGLXHSLGHPLHJUDY FDWDVWURI DHULDQ QDYDO IHURYLDU HWF 
3HQWUX D IL LQFLGHQW  SUHYHGHUHD GH OD OLW K  HVWH QHFHVDU FD IXUWXO V  ILH
FRPLV vQ PRG HIHFWLY vQ WLPSXO FDODPLW LL Ä7LPSXO XQHL FDODPLW L´ HVWH
GHWHUPLQDW GH PDJLVWUDW SULQ RULFH PLMORF GH SURE  DGPLV GH OHJH I U  D IL
LQIOXHQ DWGHPRPHQWXOGHFODU ULLGHF WUHDXWRULW LOHSXEOLFHFRPSHWHQWHDVW ULL
GHXUJHQ vQWUXFkWvQPRGILUHVFGHFODUD LDRILFLDO VXUYLQHODXQRDUHFDUHWLPS
GXS GHFODQúDUHDHYHQLPHQWXOXLLDUVWDUHDH[FHS LRQDO GXUHD] GHUHJXO SkQ OD
vQO WXUDUHDFRQVHFLQ HORUGH]DVWUXRDVHSURYRFDWHGHDFHVWD
$OLQHDWXO  OLWL 3ULQHIUDF LHHVFDODGDUHVDXSULQIRORVLUHDI U GUHSWD
XQHLFKHLDGHY UDWHRULDXQHLFKHLPLQFLQRDVH


9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQYRO,,,S$)LOLSDú2/RJKLQ
'UHSWSHQDOURPkQS

76'HFQU5,S

76'HFQU3-3YRO,,,S

7M7XOFHD'HFQU5,,SO

Ä,QIUDF LXQHDGHIXUWHVWHFDOLILFDW SRWULYLWDUWOLWJ GLQ&RGXOSHQDORULGHFkWHRULVHVWDELOHúWHF 
IDSWDDIRVWFRPLV vQWLPSXOQRS LL&DUDFWHUXOFDOLILFDWDODFHVWHLLQIUDF LXQLúLGHFLU VSXQGHUHDSHQDO DJUDYDW 
ID  GH IXUWXO V YkUúLW vQ WLPSXO ]LOHL GHULY  SULQ YRLQ D OHJLXLWRUXOXL H[FOXVLY GLQ vPSUHMXUDUHD GH IDSW F 
LQIUDFWRUXODIXUDWQRDSWHDDVWIHOF LQVWDQ HOHQXSRWPRGLILFDSUHYHGHULOHH[SUHVHDOHOHJLLFRQGL LRQkQGDSOLFDUHD
DFHVWRUDúLGHGRYHGLUHDDOWRUvPSUHMXU UL´±3OHQXO76GvQU5,S

Ä'LVSR]L LLOHDUWOLWJ GLQ&RGXOSHQDOVXQWDSOLFDELOHFKLDUGDF ORFXOFRPLWHULLIDSWHLGHIXUWvQVSH 
XQPDJD]LQHVWHLOXPLQDWGLQH[WHULRUúLLQWHULRU±,ELGHP

76'HFQU5,S

7M6XFHDYD6HQWQU'UQUS

2/RJKLQ77RDGHUHGFLWS
 
(IUDF LD &RQFHSWXO GHVHPQHD]  DF LXQHD YLROHQW  SULQ FDUH HVWH vQO WXUDW
GLVSR]LWLYXO GH vQFKLGHUH DVLJXUDUH  RUL XQ DOW RELHFW FDUH REVWDFXOHD]  DXWRUXOXL
DMXQJHUHD OD EXQXO RUL ORFXO XQGH VH DIO  DFHVWD $úDGDU YLROHQ D FX FDUH HVWH
vQO WXUDWRELHFWXOVDXGLVSR]LWLYXOFHSURWHMHD] EXQXOFRQVWLWXLHRFRQGL LHVLQHTXD
QRQDH[LVWHQ HLDJUDYDQWHLvQPRGDOLWDWHDHIUDF LHL  
9DILFDOLILFDWvQDFHDVW DJUDYDQW IXUWXOV YkUúLWSULQVSDUJHUHDJHDPXOXL GH
OD ORFXLQ  GH OD YLWULQD PDJD]LQXOXL GH OD DXWRWXULVP  SULQ GHVIDFHUHD
GLVSR]LWLYXOXLGHvQFKLGHUHDFRQWRUXOXLúLGHUHJODUHDPHFDQLVPXOXLGHvQUHJLVWUDUH
D FRQVXPXOXL GH HQHUJLH HOHFWULF  SULQ VSDUJHUHD RUL GLVWUXJHUHD ODF WHORU
EURDúWHORU RUL DOWRU VLVWHPH GH vQFKLGHUH ± vQFXLHUH D XúLORU SRU LORU FDVHWHORU
FDVHORUGHEDQLHWFSULQvQO WXUDUHDSODVHLFDUHDFRSHU IHUHDVWUDHWF
1XYDFRQVWLWXLIXUWSULQHIUDF LHVXVWUDJHUHDEXQXOXLGLQWUXQYDJRQDF UXL
Xú HVWHVLJLODW ±GHRDUHFHVLJLOLXODUHUROXOGHDSUREDQHYLRODUHDDFHVWXLVSD LXúL
QX vPSLHGLFDUHD IL]LF  GH D S WUXQGH vQ DFHO VSD LX ± RUL VXVWUDJHUHD EXQXOXL GLQ
FXUWHDDF UHLSRDUW DIRVWGHVFKLV I U YLRODUHDGLVSR]LWLYXOXLGHvQFKLGHUH
)DSWD GH D SURGXFH SDJXEH PDWHULDOH S U LL Y W PDWH SULQ DF LXQHD GH
HIUDFWDUH QX FRQVWLWXLH R LQIUDF LXQH GLVWLQFW  FL HD HVWH DEVRUELW  vQ IDSWD GH IXUW
FDOLILFDW
(VFDODGDUHD &RQFHSWXO VH DGUHVHD]  DF LXQLL GH GHS úLUH GH WUHFHUH  SHVWH
VDX SH VXE XQ REVWDFRO FDUH vPSLHGLF  DMXQJHUHD I SWXLWRUXOXL OD EXQXO SH FDUH
LQWHQ LRQHD] V OVXVWUDJ $FHDVW DF LXQHSUHVXSXQHXQHIRUWIL]LF±GHF UDUHSH
XQ]LGRULSHRSRDUW VDXGHDERUGDUHDXQHLIHUHVWUHRULGHV SDUHDXQXLWXQHO
SHVXERFDV VDXSHVXEXQ]LG±úLGHVHRULIRORVLUHDXQRUPLMORDFHDGHFYDWH±VF UL
SU MLQLIXQLLORSH LWkUQ FRDSH
/D FLUFXPVWDQ D HVFDODGDUH ± FD GH DOWPLQWHUL úL OD DFHHD D HIUDF LHL ±
RSHUD LXQLOHWUHEXLHV ILHvQWUHSULQVHSHQWUXFDDXWRUXOV DMXQJ ODORFXOXQGHVH
DIO  RELHFWXO GHFL V  VH SODVH]H DQWHULRU PRPHQWXOXL GHSRVHG ULL YLFWLPHL úL QX
XOWHULRUDFHVWXLPRPHQWDGLF SHLWLQHUDULXOGHvQGHS UWDUHGHODORFXOIDSWHL
&KHL DGHY UDWH VXQW FKHLOH IRORVLWH SHQWUX vQFXLHUHDGHVFXLHUHD XQXL DQXPLW
VLVWHPGHvQFKLGHUHIRORVLWHGHFHOvQGUHSW1XLQWHUHVHD] SHQWUXUH LQHUHDDFHVWHL
DJUDYDQWHPRGDOLWDWHDvQFDUHFKHLDDGHY UDW DDMXQVvQSRVHVLDDXWRUXOXLIXUWXOXL
OHJLWLP ±LDIRVWvQFUHGLQ DW SHQWUXDLQWURGXFHFHYDvQVSD LXOvQFXLDWRULSHQWUX
DFRQIHF LRQDXQGXSOLFDWDORULJLQDOXOXL±VDXQHOHJLWLP ±DJ VLWRDVXVWUDVR
&KHL PLQFLQRDVH $FHVWHD VXQW GLVSR]LWLYH GH GHVFKLGHUH D VLVWHPHORU GH
vQFXLHUH vQFKLGHUH  D XúLORU VDX SRU LORU GH OD LPRELOH D SRUWLHUHORU GH
DXWRYHKLFXOH D PHFDQLVPHORU FX FDUH VXQW SUHY ]XWH FDVHOH GH EDQL VDX PDSHOH
ÄGLSORPDW´GXODSXULOHPHWDOLFHRULGHOHPQFDVHWHOHHWF
ÌQGRFWULQ úLvQMXULVSUXGHQ HVWHGRPLQDQW RSLQLDvQFRQIRUPLWDWHFX
FDUH LQIUDF LXQHD GH IXUW FDOLILFDW SUHY ]XW  GH DUW  DOLQ   OLW L  HVWH R


&%XODL$)LOLSDú&0LWUDFKHHGFLWS

7M*RUM'HFQU5,S

76'HFQU55'QUS

&$S&RQVWDQ D'HFQUO5'3QUOSO

70%'HFQU5,,S

76'HFQU5,S

7M7LPLú'HFQUOLELGHPS

76'HFQU5,,,SÌQDFHODúLVHQV&$S&UDLRYD'HFQU'UQU
S

9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOURPkQHGFLWYRO,,,S79DVLOLXúLFRO
&RGXO SHQDO FRPHQWDW úL DGQRWDW HG FLW YRO , S  & %XODL $ )LOLSDú & 0LWUDFKH HG FLW S 
2/RJKLQ77RDGHUHGFLWS6LPRQD&ULVWHD)XUWúLYLRODUHGHGRPLFLOLX5'3QUS

 &6- 'HF QU O %-  S O ÌQ DFHODúL VHQV & $S &RQVWDQ D 'HF QU 
3/QUS
 
LQIUDF LXQH FRPSOH[  vQ ODWXUD RELHFWLY  D DFHVWXLD LQFOX]kQGXVH úL IDSWD GH
YLRODUHGHGRPLFLOLX$úDGDUSRWULYLWDFHVWHLJkQGLULIXUWXOFRPLVSULQS WUXQGHUHD
vQWURORFXLQ ±vQRULFDUHDOW PRGDOLWDWHGHFkWSULQHIUDF LHHVFDODGDUHIRORVLUHD
I U  GUHSW D XQHL FKHL DGHY UDWH RUL PLQFLQRDVH ± QDúWH XQ FRQFXUV GH LQIUDF LXQL
vQWUHDFHHDGHIXUW VLPSOXVDXFDOLILFDW úLDFHHDGHYLRODUHGHGRPLFLOLXvQYUHPH
FH vQ FD]XO IXUWXOXL V YkUúLW vQ FRQGL LLOH DUW  DOLQ   OLW L  LQIUDF LXQHD GH
YLRODUHGHGRPLFLOLXHVWHDEVRUELW vQFRQ LQXWXODFHOHLDGHIXUWFDOLILFDW
$IRVWvQV DILUPDW úLRWH] FRQWUDU ±ODFDUHVXQWHPDWDúD LI U UH]HUYH
± FDUH VXV LQH F  úL vQ FD]XO V YkUúLULL IXUWXOXL GLQWUR ORFXLQ  SULQ SURFHGHHOH
HQXQ DWH vQ DUW  DOLQ   OLW L  VXE]LVW  FRQFXUVXO vQWUH DFHDVW  LQIUDF LXQH úL
DFHHDGHYLRODUHGHGRPLFLOLXFXPRWLYDUHDvQSULQFLSDOF GLQHFRQRPLDWH[WXOXL
vQGLVFX LHQXUH]XOW H[SOLFLWRULLPSOLFLWYRLQ DOHJLXLWRUXOXLGHDLQFOXGHYLRODUHD
GH GRPLFLOLX FD SH XQ VLPSOX HOHPHQW FLUFXPVWDQ LDO vQ FRQ LQXWXO LQIUDF LXQLL GH
IXUW RU FRQVWUXF LD LQIUDF LXQLL FRPSOH[H SRDWH IL GRDU RSHUD OHJLXLWRUXOXL úL
QLFLGHFXPFUHD LDPDJLVWUDWXOXL
$OLQHDW  OLWD %XQFDUHIDFHSDUWHGLQSDWULPRQLXOFXOWXUDO
$JUDYDUHD IXUWXOXL vQ UDSRUW FX DSDUWHQHQ D EXQXOXL ± RELHFW PDWHULDO DO
LQIUDF LXQLL ± OD SDWULPRQLXO FXOWXUDO HVWH GHWHUPLQDW  GH YDORDUHD VD vQVHPQDW 
GHVHRUL LQHVWLPDELO  FHHD FH LPSXQH SHQWUX SURWHMDUHD XQRU DVHPHQHD YDORUL
LQVWLWXLUHDXQXLUHJLPSXQLWLYPDLDVSUX
5HJLPXOEXQXULORUGLQDFHDVW FDWHJRULHFXWRWXOVSHFLDO HVWHUHJOHPHQWDWGH
/HJHDQUSULYLQGSURWHMDUHDSDWULPRQLXOXLFXOWXUDOQD LRQDOPRELO
$OLQHDW   OLW E  $FW FDUH VHUYHúWH SHQWUX GRYHGLUHD VW ULL FLYLOH SHQWUX
OHJLWLPDUHVDXLGHQWLILFDUH
$FWHGHVWDUHFLYLO VXQWFHOHFDUHFRQVHPQHD] úLSULQFDUHVHSUREHD] IDSWH
úLDFWHMXULGLFHSULYLQGVWDWXWXOFLYLODOSHUVRDQHL±DFWHGHQDúWHUHGHF V WRULHGH
GHFHVGHUHFXQRDúWHUHDILOLD LHLHWF
(VWHOLSVLWGHUHOHYDQ SHQWUXUHDOL]DUHDDJUDYDQWHLGDF DFWXOGHVWDUHFLYLO 
VXVWUDVHUDvQRULJLQDORULvQFRSLHDXWHQWLILFDW 
$FWH GH OHJLWLPDUH VDX LGHQWLILFDUH VXQW DFHOH GRFXPHQWH FDUH GRYHGHVF
LGHQWLWDWHD SHUVRDQHL ± EXOHWLQ GH LGHQWLWDWH SDúDSRUW ± VDX DSDUWHQHQ D HL OD R
LQVWLWX LHSXEOLF RULSULYDW ±OHJLWLPD LHGHVHUYLFLXFDUQHWGHVWXGHQWúD±VDXOD
XQSDUWLGSROLWLFRULIRUPD LXQHSROLWLF 
3HQWUX D LQWUD vQ ]RQD GH LQFLGHQ  D DUW  DOLQ   OLW E  DF LXQHD GH
VXVWUDJHUHWUHEXLHV YL]H]HH[FOXVLYDFWHGHQDWXUDFHORUOLPLWDWLYHQXQ DWHvQWH[W
DGLF DFWHGHVWDUHFLYLO GHOHJLWLPDUHVDXLGHQWLILFDUHÌQFD]XOvQFDUHDFWXOQXDUH
RDWDUHDSWLWXGLQHIDSWDGHVXVWUDJHUHDDFHVWXLDYDFRQVWLWXLLQIUDF LXQHDSUHY ]XW 
GHDUWDOLQ  FXUHIHULUHODDOLQ  DODFHOXLDúLDUWLFRO
'RFWULQDúLSUDFWLFDMXGLFLDU VXQWvQFRQVHQVF IXUWXODFWHORUPHQ LRQDWHvQ
DUW  DOLQ   OLW E  VH SRDWH FRPLWH ILH FX LQWHQ LH GLUHFW  ILH FX LQWHQ LH
LQGLUHFW  GDU DX UHIX]DW DFFHSWDUHD LQFLGHQ HL DFHVWHL DJUDYDQWH vQ FD]XULOH FkQG
DXWRUXOVXVWUDJHULLXQXLEXQPRELOQXSXWHDSUHYHGHD±vQUDSRUWFXH[SHULHQ DYLH LL
±F RGDW FXDFHOEXQYDIXUDúLXQGRFXPHQWGHVWDUHFLYLO VDXLGHQWLWDWH



 & 0LWUDFKH )XUW úL YLRODUH GH GRPLFLOLX 5'3 QU  S  $ )LOLSDú 3-3 YRO ,,,
S&'XYDF9LRODUHGHGRPLFLOLXúLIXUWFDOLILFDW5'3QUS&$S%XFXUHúWL)XUW9LRODUH
GHGRPLFLOLX&RQFXUVGHLQIUDF LXQL'HFQU5'3QUS

3XEOLFDW vQ02IQUGLQ$VHYHGHD*K'LDFRQHVFX,QIUDF LXQLvQOHJLVSHFLDOHúLvQOHJL
H[WUDSHQDOH(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS

-XG%RWRúDQL6HQWQU5,,,S
 
$OLQHDW  OLWD  L HLJD]ROLQ FRQGHQVDWHWDQOLFKLGEHQ]LQ PRWRULQ 
DOWH SURGXVH SHWUROLHUH VDX JD]H QDWXUDOH GLQ FRQGXFWH GHSR]LWH FLVWHUQH RUL
YDJRDQHFLVWHUQ 
E FRPSRQHQWHDOHVLVWHPHORUGHLULJD LL
F FRPSRQHQWHDOHUH HOHORUHOHFWULFH
G XQGLVSR]LWLYRULXQVLVWHPGHVHPQDOL]DUHDODUPDUHRULDOHUWDUHvQFD]GH
LQFHQGLXVDXDOWHVLWXD LLGHXUJHQ SXEOLF 
H  XQ PLMORF GH WUDQVSRUW VDX RULFH DOW PLMORF GH LQWHUYHQ LH OD LQFHQGLX OD
DFFLGHQWHGHFDOHIHUDW UXWLHUHQDYDOHVDXDHULHQHRULvQFD]GHGH]DVWUX
I LQVWDOD LLGHVLJXUDQ úLGLULMDUHDWUDILFXOXLIHURYLDUUXWLHUQDYDODHULDQ
úL FRPSRQHQWH DOH DFHVWRUD SUHFXP úL FRPSRQHQWH DOH PLMORDFHORU GH WUDQVSRUW
DIHUHQWH
J  EXQXUL SULQ vQVXúLUHD F URUD VH SXQH vQ SHULFRO VLJXUDQ D WUDILFXOXL úL D
SHUVRDQHORUSHGUXPXULOHSXEOLFH
K  FDEOXUL OLQLL HFKLSDPHQWH úL LQVWDOD LL GH WHOHFRPXQLFD LL UDGLRFRPX
QLFD LLSUHFXPúLFRPSRQHQWHGHFRPXQLFD LL
/HJLXLWRUXODDJUDYDWIXUWXODYkQGXQDVWIHOGHRELHFWPDWHULDOSHGHRSDUWH
GLQ FDX]D PXOWLSOLF ULL XQRU DVHPHQHD IXUWXUL vQ XOWLPLL DQL SH GH DOW  SDUWH GLQ
FDX]D HIHFWHORU FRODWHUDOH ± QX PDL SX LQ SULPHMGLRDVH ± SURYRFDWH GH FRPLWHUHD
XQRUDWDULIDSWHGLVWUXJHUHDVDXGHJUDGDUHDFRQGXFWHORUFLVWHUQHORUGHSR]LWHORURUL
YDJRDQHORUFLVWHUQ VFXUJHUHDúLULVLSLUHDGHSURGXVHSROXDUHDPHGLXOXLSHULFROXO
GHGHFODQúDUHDLQFHQGLLORU
$JUDYDUHD IXUWXOXL HVWH MXVWLILFDW  QX QXPDL GH vQWLQGHUHD SUHMXGLFLXOXL FDX]DW
SULQ VXVWUDJHUHD XQRU DVHPHQHD EXQXUL FL PDL DOHV GH SHULFOLWDUHD IXQF LRQ ULL XQRU
VLVWHPH GH LQWHUHV JHQHUDO 'LQ FDWHJRULD XQRU DVWIHO GH EXQXUL SRW IL H[HPSOLILFDWH
FRPSRQHQWHDOHUH HOHORUHOHFWULFHGLVSR]LWLYHGHVHPQDOL]DUHDODUPHRULDOHUWDUHvQ
FD]GHLQFHQGLXPLMORDFHGHLQWHUYHQ LHODLQFHQGLXODDFFLGHQWHGHFDOHIHUDW UXWLHUH
QDYDOH VDX DHULHQH FRPSRQHQWH DOH VLVWHPHORU GH LULJD LL LQVWDOD LL GH VLJXUDQ  úL
GLULMDUHDWUDILFXOXLIHURYLDUUXWLHUQDYDOúLDHULDQúD
ÌQ OHJ WXU  FX QRUPD GH DJUDYDUHD IXUWXOXL SUHY ]XW  vQ DOLQ   OLW K  HVWH
vQV  GH SUHFL]DW F  DFHDVWD HVWH DSOLFDELO  GRDU vQ FD]XO vQ FDUH EXQXULOH H[SUHV
HQXQ DWH vQ WH[W HUDX LQWHJUDWH vQWUR DQXPLW  VWUXFWXU  WHKQLF  ± D GHFLV LQVWDQ D
VXSUHP ±QXúLvQLSRWH]DvQFDUHHOHH[LVWDXFDPDWHULDOHVHSDUDWHQHDQVDPEODWH
vQWUXQVLVWHP
2 DWDUH LQWHUSUHWDUH VH LPSXQH úL vQ FD]XO VXVWUDJHULL GH FRPSRQHQWH DOH
VLVWHPHORUGHLULJD LLVDXDOHUH HOHORUHOHFWULFH
$OLQHDW  )XUWXOFDUHDSURGXVFRQVHFLQ HGHRVHELWGHJUDYH
6LQWDJPDHVWHGHILQLW SULQGLVSR]L LLOHDUW&RGSHQDOvQFRQIRUPLWDWHFX
FDUHÄSULQFRQVHFLQ HGHRVHELWGHJUDYHVHvQ HOHJHRSDJXE PDWHULDO PDLPDUHGH
OHLVDXRSHUWXUEDUHGHRVHELWGHJUDY DDFWLYLW LLFDX]DW XQHLDXWRULW L
SXEOLFH VDX RULF UHLD GLQWUH XQLW LOH OD FDUH VH UHIHU  DUW  RUL DOWHL SHUVRDQH
MXULGLFHVDXIL]LFH´


 Ä)DSWD LQFXOSD LORU GH D W LD ILUH GLQ FXSUX GH OD UH HDXD GH WHOHFRPXQLFD LL D &)5 vQWUXQHúWH DWkW
HOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHGLVWUXJHUHúLVHPQDOL]DUHIDOV SUHY ]XW vQDUWDOLQ  &SHQFkW
úL SH FHOH DOH LQIUDF LXQLL GH IXUW FDOLILFDW SUHY ]XW  vQ DUW   DOLQ   OLW D  J  úL L  DOLQ   OLW F 
&SHQ´±Ì&&-VSGQU%&QUS

 Ä)DSWD GH vQVXúLUH SH QHGUHSW GH FDEOXUL OLQLL HFKLSDPHQWH úL LQVWDOD LL GH WHOHFRPXQLFD LL
UDGLRFRPXQLFD LL SUHFXP úL FRPSRQHQWH GH FRPXQLFD LL FRQVWLWXLH LQIUDF LXQHD GH IXUW FDOLILFDW SUHY ]XW GH DUW
 DOLQ   OLW K  & SHQ QXPDL GDF  vQ PRPHQWXO VXVWUDJHULL DFHVWHD HUDX HIHFWLY LQWHJUDWH vQWUR UH HD VDX
vQWUXQVLVWHPGHFRPXQLFD LLDIODWVDXQXvQIXQF LXQH´±Ì&&-68'HFQU,,GLQ'UQU
S

&$S6XFHDYDGQU'UQUS
 
)RUPH6DQF LXQL
)RUPHÌQUHJLPXOWHQWDWLYHLÄFODVLFH´DXIRVWLQFOXVHúLVDQF LRQDWHúLXQHOH
IDSWH FDUH vQ DEVHQ D GHURJ ULL OHJDOH SXWHDX IL vQFDGUDWH FD DFWH SUHJ WLWRDUH OD
LQIUDF LXQHDGHIXUWFDOLILFDW$VWIHOSRWULYLWGLVSR]L LLORUDUWDOLQILQDO&SHQ
HVWH FRQVLGHUDW  WHQWDWLY  ± vQ FD]XO SUHY ]XW OD DOLQ   OLW D  ± úL HIHFWXDUHD GH
V S WXUL SH WHUHQXO DIODW vQ ]RQD GH SURWHF LH D FRQGXFWHL GH WUDQVSRUW DO L HLXOXL
JD]ROLQHL FRQGHQVDWXOXL HWDQXOXL OLFKLG EHQ]LQHL PRWRULQHL DOWRU SURGXVH
SHWUROLHUH VDX JD]HORU QDWXUDOH SUHFXP úL GH LQHUHD vQ DFHOH ORFXUL VDX vQ
DSURSLHUHDGHSR]LWHORUFLVWHUQHORUVDXYDJRDQHORUFLVWHUQ DúWX XULORULQVWDOD LLORU
VDX RULF URU DOWRU GLVSR]LWLYH GH SULQGHUH RUL SHUIRUDUH 7HQWDWLYD GH IXUW FDOLILFDW
HVWHSHGHSVLW SRWULYLWDUW&SHQ
&RQVXPDUHDLQIUDF LXQLLVXUYLQHvQPRPHQWHOHH[SOLFDWHODLQIUDF LXQHDGHIXUW
6DQF LXQL 3HQWUX IDSWHOH SUHY ]XWH vQDOLQ  úL  SHGHDSVDHVWHXQLF ±
vQFKLVRDUHD GH OD  OD  DQL ± vQ YUHPH FH IDSWHOH SUHY ]XWH vQ DOLQ   VXQW
SHGHSVLWHFXvQFKLVRDUHDGHODODDQL
)XUWXOFDUHDSURGXVFRQVHFLQ HGHRVHELWGHJUDYHVHSHGHSVHúWHFXvQFKLVRDUH
GHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQDMXULGLF VHVDQF LRQHD] vQFD]XOIXUWXOXLFDOLILFDWFXDPHQG GHOD
ODOHL


3('(36,5($8125)85785,/$3/Æ1*(5($35($/$%,/ 

)XUWXO ± vQ IRUPD OXL WLS VDX FDOLILFDW  ± FRPLV vQWUH SHUVRDQH FDUH VXQW vQ
UHOD LHGHUXGHQLHRULvQDOWHUHOD LLFDUHVHIRUPHD] úLSUHVXSXQvQFUHGHUHDGLQWUH
SDUWHQHULHVWHXUP ULWvQPRGGLIHULWID GHLQIUDF LXQLOHGHIXUWDQWHULRUDQDOL]DWH
ILLQGSUHY ]XWvQDUW&SHQ
$úDGDU LQIUDF LXQHD OD D F UHL UDGLRJUDILHUH SXUFHGHP QX HVWH XQ DOW WLS GH
IXUW FRQ LQXWXO HL QX GLIHU  GH FRQ LQXWXO LQIUDF LXQLL SUHY ]XWH GH DUW  GLQ
&RGXOSHQDO&HHDFHOHGHRVHEHúWHHVWHSHGHRSDUWHFDOLWDWHDVXELHFWXOXLDFWLY
VDXúLSDVLYLDUSHGHDOW SDUWHPRGXOGHXUP ULUHDLQIUDF LXQLL
)XUWXOV YkUúLW
D ÌQWUHVR L$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDGHRPRU
ÌQ OHJ WXU  FX DFHDVW  FDOLWDWH D VXELHF LORU úL FX SR]L LD SVLKLF  D
I SWXLWRUXOXLHVWHGHHYLGHQ LDWF GRFWULQDúLSUDFWLFDMXULGLF DXFRQVLGHUDWSH
GH R SDUWH F  IXUWXO HVWH V YkUúLW ÄvQWUH VR L´ FKLDU GDF  DFHúWLD VXQW GHVS U L L vQ
IDSWLDUSHGHDOW SDUWHF LQIUDF LXQHDVHUHDOL]HD] ±vQOXPLQDFHORUH[SOLFDWH
ODLQIUDF LXQHDGHIXUW±QXPDLvQP VXUDvQFDUHOXDUHDEXQXOXLGHF WUHDXWRUVH
IDFHvQVFRSXOGHDúLOvQVXúLSHQHGUHSWúLGHFLGHDOS JXELSHFHO ODOWVR 
'LPSRWULY  ± VD GHFLV FRQVWDQW vQ MXULVSUXGHQ  ± vQ VLWXD LD vQ FDUH VR XO
VXVWUDJH EXQXUL FRPXQH I U  LQWHQ LD GH D úL OH vQVXúL SH QHGUHSW FL vQ DOW VFRS ±
FRQVHUYDUHD DFHVWRUD SURFXUDUHD PLMORDFHORU PDWHULDOH QHFHVDUH vQWUH LQHULL
FRSLOXOXL±IDSWDQXFRQVWLWXLHLQIUDF LXQHDGHIXUWvQWUHVR L


$)L,LSDú2/RJKLQ'UHSWSHQDOURPkQHGFLWS

76'HFQUO&'S

70%'HFQU5,,,SO

 Ä([LVWHQ D VFRSXOXL vQVXúLULL SH QHGUHSW ± D F UXL YHULILFDUH SUH]LQW  vQ WRDWH FD]XULOH R LPSRUWDQ 
GHRVHELW vQFHHDFHSULYHúWHGHWHUPLQDUHDFDUDFWHUXOXLSHQDOVDXQHSHQDODOIDSWHL±SRDWHUH]XOWDGHSLOG GLQ
vQVWU LQDUHDXOWHULRDU DEXQXULORUVXVWUDVHFXH[FHS LDFD]XULORUvQFDUHvQVWU LQDUHDDIRVWGHWHUPLQDW GHRQHYRLH
LPHGLDW  FXPDUILLQH[LVWHQ DDOWHLSRVLELOLW LSHQWUXSURFXUDUHDPHGLFDPHQWHORUDOLPHQWHORUVDXvPEU F PLQWHL
VWULFWQHFHVDUHSHQWUXHOVDXDOW SHUVRDQ DIODW vQvQWUH LQHUHDVD ´±3OHQ76GvQU&'SÌQ
DFHODúLVHQV±70%'HFQU&3-3S
 
ÌQWUHUXGHDSURSLDWH$VHYHGHDGLVSR]L LLOHDUWGLQ&RGXOSHQDO
'H F WUH XQ PLQRU vQ SDJXED WXWRUHOXL V X $ VH YHGHD H[SOLFD LLOH GH OD
LQIUDF LXQHDGHDFWVH[XDOFXXQPLQRU
'HF WUHFHOFHORFXLHúWHvPSUHXQ FXSHUVRDQDY W PDW 
3ULQÄDORFXL´vQVHQVXODUWGLQ&RGXOSHQDOVDvQ HOHV±GHRSRWULY vQ
GRFWULQD úL SUDFWLFD MXGLFLDU  ± IRORVLUHD vQ FRPXQ D XQXL VSD LX GH ORFXLW vQ
vQWUHJLPH VDX vQ SDUWH SHUPDQHQW VDX SH R SHULRDG  GH WLPS OLPLWDW  vQ XOWLPD
VLWXD LH GXUDWD IRORVLULL ILLQG DWkW FkW V L LPSULPH FDUDFWHU GH VWDELOLWDWH ÌQ
DFHDVW LSRWH] EXQXOVXVWUDVWUHEXLHV VHDIOHvQWUR]RQ IRORVLW vQFRPXQXQGH
DXDFFHVGHRSRWULY I SWXLWRUXOúLSHUVRDQDY W PDW 
6DX FRQVLGHUDW vQ VLWXD LL GH DFHVW WLS SHUVRDQHOH FDUH ORFXLHVF vQ
GRUPLWRDUHOH FRPXQH DOH XQRU XQLW L PLOLWDUH F PLQH LQWHUQDWH SUHFXP úL DOH
RUJDQL] ULORU GH úDQWLHU RUL DOH XQRU RUJDQL] UL SULOHMXLWH GH OXFU UL VH]RQLHUH
FRQFXELQLL FDUH FRQYLH XLHVF vQWUR ORFXLQ  FRPXQ  IRúWLL VR L FDUH GXS  GLYRU 
FRQWLQX V ORFXLDVF vPSUHXQ 
1XDXIRVWDVLPLODWHDFHVWHLFRQGL LLSHUVRDQHOHFDUHRFXS WHPSRUDUXQVSD LX
GHORFXLW FDELQDXQXLYDSRUFXúHWDXQXLYDJRQGHWUHQFDPHUDXQXLKRWHO 
,QIUDF LXQHDGHIXUWV YkUúLW GHSHUVRDQHOHOLPLWDWLYPHQ LRQDWHvQWH[WXODUW
 GLQ &RGXO SHQDO VH XUP UHúWH H[FOXVLY OD SOkQJHUHD SUHDODELO  D SHUVRDQHL
Y W PDWHLQGLIHUHQWGDF LQIUDF LXQHDHVWHDFHHDWLSRULPRGDOLWDWHDHLDJUDYDW 
ÌQ FD]XO F  VD LQWURGXV R DVHPHQHD SOkQJHUH WH[WXO RIHU  SRVLELOLWDWHD
VWLQJHULLOLWLJLXOXLSHQDOSHFDOHDPLDELO SULQvPS FDUHDS U LORU
'HF WUHFHOFDUHHVWHJ ]GXLWGHSHUVRDQDY W PDW 
ÌQ HOHVXOFRQFHSWXOXLGHÄJ ]GXLUH´HVWHDFHODGHDEHQHILFLDGHDG SRVWLUHD
GH RVSLWDOLWDWHD SHUVRDQHL Y W PDWH FDUHL RIHU  I SWXLWRUXOXL SRVLELOLWDWHD
SHUVRDQHLGHDORFXLvPSUHXQ YUHPHOQLF
ÌQWUR DVHPHQHD VLWXD LH QX SRW IL FRQVLGHUDWH SHUVRDQHOH FDUH VH J VHVF
vQWkPSO WRUvQORFXLQ DFHOXLGHODFDUHDXIXUDW±YL]LW RFD]LRQDO VDXFHOFDUHD
FRQGXVDFDV SHUVRDQDY W PDW DIODW vQWURVWDUHDYDQVDW GHHEULHWDWH±RULFHOH
FDUH GH LQ FX WLWOXO GH FKLULDú R FDPHU  PRELODW  vQ ORFXLQ D YLFWLPHL VDX
SHUVRDQHOHF URUDOHDvQFHWDWJ ]GXLUHD
(VWHGHREVHUYDWF VXQWLQFLGHQWHGLVSR]L LLOHDFHVWXLWH[WQXPDLFkQGIXUWXO
HVWHFRPLVGHF WUHFHOJ ]GXLWvQSDJXEDFHOXLFDUHJ ]GXLHúWHGDUQXúLFkQGIXUWXO
DIRVWFRPLVGHSHUVRDQDFDUHDJ ]GXLW


7Æ/+ 5,$

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL HVWH FRPSOH[ ± FD úL VWUXFWXUD
LQIUDF LXQLL ± HO ILLQG FRQVWLWXLW SH GH R SDUWH GLQ UHOD LLOH VRFLDOH FX FDUDFWHU
SDWULPRQLDOUHIHULWRDUHODSRVHVLDúLGHWHQ LDEXQXULORUPRELOHLDUSHGHDOW SDUWH
GLQUHOD LLOHVRFLDOHUHIHULWRDUHODYLD DLQWHJULWDWHDFRUSRUDO V Q WDWHDOLEHUWDWHD±
IL]LF VDXSVLKLF ±DLQGLYLGXOXL



3OHQ76GvQU&'S

70%'HFQUO5,,,S

7M%UDúRY'HFQU'UQUSO

76'HFQU&'S

70%'HFQU&3-3S

70%'HFQU5,,S

70%'HFQU&3-3S
 
,QIUDF LXQHD GH WkOK ULH HVWH R LQIUDF LXQH FRPSOH[  DOF WXLW  SULQ YRLQ D
OHJLXLWRUXOXLGLQGRX VDXPDLPXOWHIDSWHLQFULPLQDWHGHOHJHDSHQDO 
,QGHSHQGHQW GH IDSWHOH LOLFLW SHQDOH GLQ H[SUHVLD FH GHILQHúWH WkOK ULD YRP
GLVWLQJHvQVWUXFWXUDDFHVWHLDGRX WLSXULGHLQIUDF LXQL
D LQIUDF LXQHDVFRSFDUHvQWRWGHDXQDHVWHRLQIUDF LXQHGHIXUWSHQWUXF 
ILQDOPHQWHGHSRVHGDUHDXQHLSHUVRDQH±IL]LFHVDXMXULGLFH±GHXQEXQUHSUH]LQW 
RELHFWLYXOFHQWUDOúLSULQFLSDOXUP ULWGHI SWXLWRUúL
E  LQIUDF LXQHD PLMORF FH SRDWH IL GH PDL PXOWH JHQXUL ± ORYLUH OLSVLUH GH
OLEHUWDWHvQPRGLOHJDODPHQLQ DUHHWF±V YkUúLW GHDXWRUFXGLIHULWHPRWLYD LL±
SHQWUXDS VWUDEXQXOSHQWUXDúWHUJHXUPHOHVDPDYROQLFLHLVDOHHWF±GDUFDUHHVWH
vQI SWXLW vQWRWGHDXQDvQOHJ WXU FXLQIUDF LXQHDVFRS 
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQ SULQFLSDO EXQXO OD FDUH DWHQWHD] 
DXWRUXO IDSWHL GDU vQ DFHHDúL P VXU  RELHFW PDWHULDO SRDWH ILúLFRUSXOSHUVRDQHL
DVXSUD F UHLD VH vQGUHDSW  DF LXQHD YLROHQW  ± SHUVRDQH FDUH VXQW GHSRVHGDWH GH
EXQ RUL FDUH LQWHUYLQ SHQWUX DO SULQGH SH I SWXLWRU HWF ± FkW úL XQHOH OXFUXUL
DSDU LQkQGDFHVWRUD vPEU F PLQWHDOWHEXQXULGLVWUXVHvQFDGUXODF LXQLLYLROHQWH 

6XELHF LLLQIUDF LXQLL
1LFL VXELHFWXO DFWLY QHPLMORFLW DXWRU  úL QLFL VXELHFWXO SDVLY QX VXQW
FLUFXPVWDQ LD L GH WH[W GHFL RULFH SHUVRDQ  SRDWH DYHD FDOLWDWHD GH VXELHFW DO
LQIUDF LXQLL
6XQW VXELHF L DFWLYL QHPLMORFL L DXWRUL  DL LQIUDF LXQLL GH WkOK ULH WR L
SDUWLFLSDQ LLODFRPLWHUHDIDSWHLLQGLIHUHQWGDF XQLLGLQWUHDFHúWLDGRDUDXPROHVWDW
YLFWLPDLDUDO LLVDXOLPLWDWODGHSRVHGDUHDDFHVWHLDGHEXQ
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDODFHVWHLLQIUDF LXQLvQFRQGL LLOHDUW
&SHQ
,QIUDF LXQHDGHWkOK ULHHVWHVXVFHSWLELO GHV YkUúLUHvQDIDUDFRDXWRUDWXOXL
úLvQPRGDOLW LOHLQVWLJDUHúLFRPSOLFLWDWH
6XELHF LSDVLYLVXQWWRDWHSHUVRDQHOHSUHMXGLFLDWH±IL]LFSVLKLFVDXPDWHULDO±
GHSHXUPDLQIUDF LXQLL
ÌQ FD]XO XQHL SOXUDOLW L GH VXELHF L SDVLYL GHSRVHGD L GH EXQXUL SULQWUR
DF LXQH XQLF  GH YLROHQ  VDX DPHQLQ DUH YRU H[LVWD WRW DWkWHD LQIUDF LXQL GH
WkOK ULHvQFRQFXUVLGHDOFkWHSHUVRDQHDXIRVWY W PDWH±IL]LFúLVDXSVLKLF

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO ± SULQ HIHFWXO ÄUHDF LHL vQ ODQ ´ LPSULPDW GH FRQ LQXWXO
LQIUDF LXQLL±DUHILUHúWHFDUDFWHUFRPSOH[HOILLQGH[SULPDWSULQDF LXQLFRQMXJDWHGH
GHSRVHGDUHDYLFWLPHLGHEXQFkWúLGHYLROHQWDUH±IL]LF VDXSVLKLF ± D SHUVRDQHL
SHUVRDQHORU $F LXQLOHGLQDOGRLOHDWLSVXQWvQWUHSULQVHGHDXWRUSHQWUXDRE LQH
VDX S VWUD EXQXO GH LQXW GH SHUVRDQD Y W PDW  RUL SHQWUX D vQO WXUD XUPHOH
LQIUDF LXQLLVDXSHQWUXDúLDVLJXUDVF SDUHDGHU VSXQGHUHÌQWUHFHOHGRX WLSXUL
GH DF LXQL H[LVW  R LQGLVSHQVDELO  UHOD LH GH LQWHUFRQGL LRQDUH vQ DEVHQ D DFHVWHL
UHOD LLFRQVWUXF LDMXULGLF FRPSOH[ DWkOK ULHLGH]LQWHJUkQGXVHvQLQIUDF LXQHDGH



&6-'HFQU'UQUSÌQDFHODúLVHQV70%'HFQU&3-3
S70%'HFQU&3-3S

7M7LPLú'HFQU5,,,S

&6-'HFQU'UQUSÌQDFHODúLVHQV&0LWUDFKH3OXUDOLWDWHDGHYLFWLPHvQ
FD]XOWkOK ULHL5'3QUSO70%'HFQU&3-3S

76'HFQU5,,S±

&6-'HFQU'UQUS
 
IXUWSHGHRSDUWHúLLQIUDF LXQHDGHORYLUHY W PDUHFRUSRUDO DPHQLQ DUHHWFSH
GHDOW SDUWH
$F LXQLORU YLROHQWH GH QDWXUD FHORU PDL VXV H[SOLFDWH OH VXQW DVLPLODWH úL
DF LXQLOH SULQ FDUH YLFWLPD LQIUDF LXQLL HVWH SXV  vQ VWDUH GH LQFRQúWLHQ  RUL vQ
QHSXWLQ GHDVHDS UD
ÌQUDSRUWFXPLMORDFHOHIRORVLWHvQFDGUXOLQIUDF LXQLLGHWkOK ULHVHGLVWLQJWUHL
PRGDOLW LQRUPDWLYH
 )XUW SULQ DPHQLQ DUH &RQFHSWXO DPHQLQ DUH D IRVW H[SOLFDW OD DQDOL]D
LQIUDF LXQLL SUHY ]XWH GH DUW  $PHQLQ DUHD SUHFHGH GHSRVHGDUHD YLFWLPHL GH
EXQDFHDVWDFHGkQGXOVXELPSHULXOFRQVWUkQJHULLSVLKLFHH[HUFLWDWHGHDXWRU
)XUWSULQYLROHQ H'HVSUHYLROHQ HOHIL]LFHVDXSVLKLFHFDUHDXFDXUPDUH
SURYRFDUHDXQRUY W P ULDOHLQWHJULW LLFRUSRUDOHVDXV Q W LLFHQHFHVLW vQJULMLUL
PHGLFDOHRULFDUHFDX]HD] GLIHULWHDOWHFRQVHFLQ H±LQILUPLWDWHVOX LUHDYRUWHWF±
VDXGDWH[SOLFD LLOHFXYHQLWHODLQIUDF LXQLOHSUHY ]XWHGHDUW&RGSHQDO
H[SOLFD LLFDUHvúLS VWUHD] LQWHJUDOYDODELOLWDWHDúLODLQIUDF LXQHDGHWkOK ULH
$F LXQLOH YLROHQWH VXEVXPDWH HOHPHQWXOXL PDWHULDO DO LQIUDF LXQLL GH WkOK ULH
SUHY ]XWHvQDOLQ  VXQWFHOHFDUHDXXUP ULOHDU WDWHvQDUWúL&RGSHQDO
9LROHQ HOHFDúLDPHQLQ ULOHVXQWH[HUFLWDWHGHDXWRUILHvQVFRSXOFRPLWHULL
IXUWXOXL ± DQWHULRU VDX FRQFRPLWHQW VXVWUDJHULL EXQXOXL ± ILH SHQWUX DúL S VWUD
EXQXO VXVWUDV D úWHUJH XUPHOH LQIUDF LXQLL RUL DúL DVLJXUD VF SDUHD ± SRVWHULRU
FRPLWHULLIXUWXOXL
(VWHvQV GHSUHFL]DWF YLROHQ HOH±IL]LFHVDXSVLKLFH±VXQWvQGUHSWDWHDVXSUD
SHUVRDQHL±LQGLIHUHQWGDF DFHDVWDHVWHvQV úLYLFWLPDVDXFHDFDUHS ]HúWHEXQXO
RUL FDUH LQWHUYLQH SHQWUX D FDSWXUD I SWXLWRUXO ± úL QX DVXSUD OXFUXOXL 9D H[LVWD
WRWXúL LQIUDF LXQHD GH WkOK ULH GDF  YLROHQ D HVWH vQGUHSWDW  vPSRWULYD EXQXOXL vQ
VFRSXOGHDvQIULFRúDYLFWLPD
ÌQ FD]XO vQV  vQ FDUH EXQXO FKLDU DIODW DVXSUD YLFWLPHL HVWH VXVWUDV I U  FD
DXWRUXOV H[HUFLWHDJUHVLXQLIL]LFHVDXSVLKLFHúLvQFRQVHFLQ I U FDYLFWLPHLV L
VHSURGXF RVXIHULQ ±FDGHSLOG VPXOJHUHDF FLXOLLSXUWDWHGHDFHDVWD±IDSWD
QXYDFRQVWLWXLLQIUDF LXQHDGHWkOK ULH±DGHFLVLQVWDQ DVXSUHP vQFRPSXQHUHD
GHPDJLVWUD L±FLLQIUDF LXQHDGHIXUW
)XUWSULQSXQHUHDYLFWLPHLvQVWDUHGHLQFRQúWLHQ VDXvQQHSXWLQ DGHDVH
DS UD
$VHPHQHD VW UL DX IRVW H[DPLQDWH SH ODUJ OD LQIUDF LXQHD GH YLRO úL HOH DX
vQ HOHVLGHQWLFODLQIUDF LXQHDGHWkOK ULHFXSUHFL]DUHDvQV F DXWRUXOIDSWHLSULQ
DF LXQHDOXLSURGXFHXQDVDXDOWDGLQVW ULOHPHQ LRQDWHvQWH[W
ÌQ LSRWH]D F  YLFWLPD VH DIOD vQWUR DVHPHQHD VWDUH GDWRUDW  SURSULHL YRLQ H
HVWHvQVWDUHGHLQFRQúWLHQ GLQFDX]DFRQVXPXOXLYROXQWDUGHE XWXULDOFRROLFHRUL
GHVWXSHILDQWH VDXGLQFDX]DDF LXQLLvQWUHSULQVHGHDOWHSHUVRDQHLDUDXWRUXOGRDU
D SURILWDW GH DFHD VWDUH SUHH[LVWHQW  LQWHUYHQ LHL VDOH IDSWD QX FRQVWLWXLH
LQIUDF LXQHDGHWkOK ULHFLDFHHDGHIXUW
9LROHQ HOHVHSRWV YkUúLILHDVXSUDSHUVRDQHLSUHMXGLFLDWHILHDRULF UHLDOWH
SHUVRDQH FD GH SLOG  DFHHD FDUH GH LQH ± vQ SRVHVLH VDX GHWHQ LH ± EXQXO FDUH
S ]HúWH EXQXO RUL FDUH vQFHDUF  V O vPSLHGLFH SH DXWRU V  FRPLW  IXUWXO RUL V úL



76'HFQU5,S

76'HFQU5,,S

76'HFQU5,S

7M%UDúRY'HFQU'UQUS

&6-&RPSOHWGH'HFQU'&6-S

7M%UDúRY'HFQU,ELGHPS
 
DVLJXUHS VWUDUHDEXQXOXLVF SDUHDVDXúWHUJHUHDXUPHORULQIUDF LXQLLÌQRSLQLD
QRDVWU  LQIUDF LXQHD GH WkOK ULH HVWH UHDOL]DW  úL DWXQFL FkQG YLROHQ HOH VXQW
H[HUFLWDWH DVXSUD XQXL PHPEUX DO IDPLOLHL S U LL Y W PDWH RUL D XQHL SHUVRDQH GH
FDUHDFHDVWDHVWHOHJDW VXIOHWHúWHSHQWUXDVLOLDVWIHOYLFWLPDV FHGH]HEXQXO
0RGDOLW LOH DJUDYDWH DOH YDULDQWHL WLSLFH D WkOK ULHL VXQW SUHY ]XWH vQ DOLQ
   
&LUFXPVWDQ HOH DJUDYDQWH SUHY ]XWH vQ DOLQ     VH VXSUDSXQ vQ PDUH
P VXU DFHORUDDQDOL]DWHODLQIUDF LXQHDGHIXUWFDOLILFDW$úDILLQGYRUILSXVHvQ
HYLGHQ LGHQWLW LOHGXS FD]GHRVHELULOHvQUHGDFWDUHDWH[WHORU
$JUDYDQWHOHUHJOHPHQWDWHvQDOLQ  OLWD F VXQWLGHQWLFHFXFHOHH[DPLQDWH
ODLQIUDF LXQHDSUHY ]XW GHDUWDOLQ  OLWF J H úLI FXSUHFL]DUHDvQV F 
vQ YUHPH FH IXUWXO HVWH FDOLILFDW vQ FD]XO vQ FDUH HVWH FRPLV vQWUXQ PLMORF GH
WUDQVSRUWvQFRPXQWkOK ULDHVWHDJUDYDW SRWULYLWSUHYHGHULORUDOLQ  OLWF WH]DD
,,DFkQGHVWHFRPLV vQRULFDUHPLMORFGHWUDQVSRUW
ÌPSUHMXU ULOH DJUDYDQWH SUHY ]XWH vQ DUW  DOLQ   OLW D  E  úL G  DX
DFHODúLFRQ LQXWúLvQ HOHVFXFHODU WDWFXRFD]LDH[SOLFD LLORUGLVSR]L LLORUGLQDUW
DOLQ  OLWD E úLK &HHDFHDSDUHvQSOXVODLQIUDF LXQHDGHWkOK ULHHVWHúL
IRORVLUHDXQHLVXEVWDQ HSDUDOL]DQWHODUHDOL]DUHDLQIUDF LXQLLGHIXUW
Ä6XEVWDQ HOH SDUDOL]DQWH´ IDF LQFDSDELO  YLFWLPD D DF LRQD D VH PLúFD D VH
PDQLIHVWDvQRULFHPRG
ÌQDIDUDDJUDYDQWHORUFRPXQHFXSULQVHvQWH[WHOHLQFULPLQDWRULLFLWDWHWkOK ULD
PDL HVWH DJUDYDW  vQ LSRWH]HOH F  DFHDVWD HVWH FRPLV  ÄvQWUR ORFXLQ  VDX vQ
GHSHQGLQ HDOHDFHVWHLD´±VDXÄDDYXWYUHXQDGLQXUP ULOHDU WDWHvQDUW´ÌQ
LSRWH]D QRUPDWLY  UHJOHPHQWDW  vQ DOLQ   OLW F  LQIUDF LXQHD GH YLRODUH GH
GRPLFLOLXHVWHDEVRUELW vQFRQ LQXWXOLQIUDF LXQLLGHWkOK ULH
ÌQ VIkUúLW DJUDYDQWD VWDELOLW  vQ DOLQ   HVWH LQFLGHQW  vQ FD]XULOH vQ FDUH
WkOK ULDÄDSURGXVFRQVHFLQ HGHRVHELWGHJUDYH´±DVHYHGHDGLVSR]L LLOHDUW
&SHQ±VDXÄDDYXWFDXUPDUHPRDUWHDYLFWLPHL´
8UPDUHDLPHGLDW úLOHJ WXUDGHFDX]DOLWDWHSULYHVFGRDUDF LXQHDSULQFLSDO 
úLVXQWLGHQWLFHFXFHOHGHODIXUWILLQGLQGLIHUHQWGDF DF LXQHDDGLDFHQW úLDDWLQV
VDX QX VFRSXO (VWH GHFL QHFHVDU QXPDL FD DF LXQHD SULQFLSDO  GH IXUW  V  ILH
HIHFWLY 

/DWXUDVXELHFWLY 
(OHPHQWXOVXELHFWLYDOLQIUDF LXQLLGHWkOK ULHHVWHGHDVHPHQHDFRPSOH[HO
H[SULPkQGXVH vQ IRUPD LQWHQ LHL OD DPEHOH WLSXUL GH DF LXQL ± SULQFLSDO  úL
VHFXQGDU  DGLDFHQW 
,QWHQ LD FDUH FDUDFWHUL]HD]  LQIUDF LXQHD GH WkOK ULH vQ vQWUHJXO HL HVWH
FDOLILFDW LQFOX]kQGúLHOHPHQWXOVFRS±VSUHFDUHVHvQGUHDSW DF LXQHDDGLDFHQW ±
 LDU DFHVW VFRS HVWH DFHOD GH D RE LQH VDX S VWUD EXQXO RUL GH D vQO WXUD XUPHOH
LQIUDF LXQLLVDXGHDIDFLOLWDI SWXLWRUXOXLH[RQHUDUHDGHU VSXQGHUH
,QWHQ LDFXFDUHVHFRPLWDPEHOHWLSXULGHDF LXQL±IXUWúLYLROHQ H±SRDWHIL
FRQFRPLWHQW GDULQWHQ LLOHFDUHFDUDFWHUL]HD] ILHFDUHDF LXQHSRWILúLVXFFHVLYH
GHFLXQDSUHPHUJHFHOHLODOWH
(VWH vQV  GH SUHFL]DW F  XUP ULOH DU WDWH vQ DUW  Y W PDUHD FRUSRUDO 
JUDY úLDUW PRDUWHDYLFWLPHL VXQWSUDHWHULQWHQ LRQDWHDXWRUXOQHSUHY ]kQG
SURGXFHUHDORURULVRFRWLQGI U WHPHLF DFHVWHDQXVHYRUSURGXFHDVWIHOvQFkWHOH



76'HFQU5,,,S

Ì&&-VS'HFQUS

70%'HFQU5,,,S
 
vL VXQW DWULEXLWH VXE IRUPD FXOSHL ÌQ LSRWH]D vQV  vQ FDUH DXWRUXO D SUHY ]XW úL
XUP ULW SURGXFHUHD XQRU DVWIHO GH XUP UL VXQWHP vQ SUH]HQWD XQXL FRQFXUV GH
LQIUDF LXQLvQWUHDFHHDGHWkOK ULHSUHY ]XW vQDUWDOLQ  úLDFHHDGHRPRU
FDOLILFDWSUHY ]XW GHDUWOLWG &SHQ

)RUPH6DQF LXQL
)RUPH 7HQWDWLYD LQIUDF LXQLL GH WkOK ULH HVWH UHDOL]DW  ± LGHQWLF DFHOHLD GH
IXUW ± DWXQFL FkQG DF LXQHD SULQFLSDO  ± GH IXUW ± HVWH vQWUHUXSW  GLQ PRWLYH
LQGHSHQGHQWHGHYRLQ DI SWXLWRUXOXLPDLvQDLQWHGHGHSRVHGDUHDYLFWLPHLGHEXQ
FX FRQGL LD DEVROXW REOLJDWRULH FD V  ILH vQVR LW  GH DF LXQHD DGLDFHQW  ± GH
YLROHQ  ORYLUH DPHQLQ DUH HWF  vQ DEVHQ D DF LXQLL DGLDFHQWH WHQWDWLYD GH
GHSRVHGDUHDYLFWLPHLGHEXQHVWHODLQIUDF LXQHDGHIXUWúLQXODDFHHDGHWkOK ULH
([LVW WHQWDWLY ODLQIUDF LXQHDGHWkOK ULH±UHVSHFWLYLQIUDF LXQHFRQVXPDW 
±úLvQFD]XOFkQGYLROHQ HOHVHH[HUFLW vQVFRSXOVXVWUDJHULLXQXLYHKLFXOSHQWUXDO
IRORVLSHQHGUHSW
&RQVXPDUHD LQIUDF LXQLL GH WkOK ULH VXUYLQH DLGRPD LQIUDF LXQLL GH IXUW vQ
PRPHQWXO LPSRVHG ULL DXWRUXOXL FX EXQXO VXVWUDV DF LXQH DVRFLDW  GHVLJXU OD
DF LXQHD YLROHQW  ± DQWHULRDU  FRQFRPLWHQW  VDX SRVWHULRDU  DFWXOXL GH
GHSRVHGDUH±vQWUHSULQV vQOHJ WXU FXIXUWXO
6DQF LXQL,QIUDF LXQHDGHWkOK ULHVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL vQ YDULDQWD WLS 3HGHDSVD SUHY ]XW  vQ DOLQ   HVWH vQFKLVRDUHD GH OD  OD 
DQLLDUvQDOLQ  vQFKLVRDUHDGHODODDQL)DSWDSUHY ]XW vQDOLQ  HVWH
SHGHSVLW FXvQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQG GHODODOHL


3,5$7(5,$

,QIUDF LXQHD GH SLUDWHULH QX HVWH DOWFHYD GHFkW LQIUDF LXQHD GH WkOK ULH
V YkUúLW  vQV  vQ DQXPLWH FRQGL LL VSHFLDOH 'H DFHHD QX YRP UHLWHUD H[SOLFD LLOH
GDWHODLQIUDF LXQHDGHUHIHULQ FLQHYRPP UJLQLODDH[DPLQDDFHOHFRQGL LLFH
SDUWLFXODUL]HD] SLUDWHULDPDUFkQGúLLQIOXHQ DDFHVWRUFRQGL LLDVXSUDFRQ LQXWXOXL
LQIUDF LXQLLGHWkOK ULH
-HIXLUHDSULQDFWHGHYLROHQ 
ÌQFHUFkQG D GHVOXúL QHYRLD GH H[SULPDUH WDXWRORJLF  D DFHVWHL VLQWDJPH ±
ÄMDIXO´LPSOLFkQGREOLJDWRULXDFWXOGHYLROHQ DO WXULGHDFHODGHIXUW±FUHGHPF 
OHJLXLWRUXODLQWHQ LRQDWV SXQ vQHYLGHQ RGLPHQVLXQHVXSOLPHQWDU ID GHFHOH
DOH WkOK ULHL úL DQXPH GLPHQVLXQHD FH VH DGUHVHD]  GLVWUXJHULORU PDWHULDOH
SURYRFDWHvQFRQWH[WXODFWXOXLGHSLUDWHULH$úDGDUvQFD]XOSLUDWHULHLvQSDUDOHOFX
DF LXQLOHFRQMXJDWHGHDH[HUFLWDYLROHQ HúLGHDVXVWUDJHEXQXULVHSRWGH]YROWDúL
DF LXQL GH GLVWUXJHUH D XQRU FRPSRQHQWH úL HFKLSDPHQWH DOH QDYHL RUL DHURQDYHL
PHFDQLVPHOHRULGLVSR]LWLYHOHGHSURSXOVDUHGHGLULMDUHGHPHQ LQHUHDVWDELOLW LL
vQ DHU VDX SH DS  E UFLOH GH VDOYDUH VDX SDUDúXWHOH HWF  RUL FKLDU D QDYHL VDX
DHURQDYHLvQvQWUHJXOV X



&6-'HFQU%-S

76'HFQU5,,,S

7M7LPLú'HFQULELGHPS

70%'HFQU&3-3S

&6-'HFQU'UQUS
 
ÌQFRQVHFLQ RELHFWXOPDWHULDODOLQIUDF LXQLLGHSLUDWHULHHVWHFRQVWLWXLWGLQ
EXQXULOHVXVWUDVH±DSDU LQkQGSDWULPRQLXOXLSULYDWVDXSXEOLF±FRUSXOSHUVRDQHORU
DVXSUDF URUDVDDF LRQDWYLROHQWúLSRVLELOEXQXULOHPDWHULDOHGLVWUXVHLQGLIHUHQW
GDF  DFHVWHD VXQW GLQWUH FHOH WUDQVSRUWDWH VDX UHSUH]LQW  QDYD VDX DHURQDYD vQ
vQWUHJXOV XRULS U LDOHDFHVWHLD
ÌQUHJXO JHQHUDO VXELHFWXODFWLYHVWHSOXUDO±IDSWDV YkUúLW GHÄHFKLSDMXO
VDX SDVDJHULL XQHL QDYH´ ± SOXUDOLWDWHD ILLQG SUHVXSXV  GH vQV úL QDWXUD úL
FRPSOH[LWDWHD DFWXOXL SLUDWHUHVF D F UXL vQI SWXLUH LPSOLF  R FRRSHUDUH vQWUH PDL
PXOWH SHUVRDQH SHQWUX D SXWHD IL vQIUkQW  UH]LVWHQ D FHORUODO L PHPEUL ORLDOL DL
HFKLSDMXOXL±GHSHDFHHDúLQDY ±VDXDHFKLSDMXOXL±QDYHLDWDFDWH±úLHYHQWXDOD
SDVDJHULORU'LQIRUPXODUHDGDW GHOHJLXLWRUQXWUHEXLHvQV DVHWUDJHFRQFOX]LDF 
VD H[FOXV V YkUúLUHD SLUDWHULHL GH F WUH XQ VLQJXU DXWRU ± FD] SDUWLFXODU ± úL GH
DOWPLQWHULSUDFWLFDMXGLFLDU DGHPRQVWUDW±vQPDWHULDSLUDWHULHLDHULHQH±F úLR
DF LXQHVROLWDU SRDWHDWLQJHRELHFWLYXOXUP ULW
'LVWUXJHULOH GH EXQXUL SRW IL XUP ULWH GH SLUD L WRFPDL SHQWUX D vQIULFRúD
HFKLSDMXOQDYHLDWDFDWHúLDLvQIUkQJHUH]LVWHQ DVDXDQXODúDQVDGHVF SDUHSULQIXJ ±
LSRWH]  vQ FDUH HOHPHQWXO VXELHFWLY DO DF LXQLL GH GLVWUXJHUH VH PDQLIHVW  VXE IRUPD
LQWHQ LHLGLUHFWH'LVWUXJHULOHSRWDS UHDúLFDUH]XOWDWHYHQWXDODFFHSWDWvQV GHDXWRULL
LQIUDF LXQLLGLVWUXJHULOHILLQGSURYRFDWHvQFDGUXOúLGDWRULW DF LXQLLGHDWDFDUHDQDYHL
VDXDHURQDYHL±VLWXD LHvQFDUHDJHQ LLOXFUHD] FXLQWHQ LHLQGLUHFW 
,QGHSHQGHQWGHIRUPDSULQFDUHVHH[SULP SR]L LDVXELHFWLY DSLUD LORUGLQ
DFHVW SXQFW GH YHGHUH HVWH GH UH LQXW F  DF LXQLOH GH GLVWUXJHUH VXQW DEVRUELWH vQ
FRQ LQXWXOFRPSOH[DOLQIUDF LXQLLGHSLUDWHULHHOHQHFRQVWLWXLQGHOHPHQWXOPDWHULDO
DOXQHLLQIUDF LXQLGLVWLQFWHGHGLVWUXJHUHvQSDJXEDSDWULPRQLXOXLSULYDWVDXSXEOLF
V YkUúLW vQFRQFXUVFXDFHHDGHSLUDWHULH
1DY 6HvQ HOHJHDFHOYHKLFXOFRQVWUXLWDPHQDMDWúLHFKLSDWSHQWUXDSOXWLúLD
VH GHSODVD SH VXE  DS  vQ VFRSXO HIHFWX ULL WUDQVSRUWXULORU GH P UIXUL VDX GH
RDPHQLH[HFXW ULLXQRUOXFU ULWHKQLFHHWF
$HURQDY &RQFHSWXOGHILQHúWHDFHOYHKLFXOFDUHVHPHQ LQHúLVHGHSODVHD] 
vQ DHU 'LQ LQWHUSUHWDUHD WH[WXOXL DUW  &RGXO SHQDO UH]XOW  F  DF LXQHD
SLUDWHUHDVF HVWHGHFODQúDW úLSXUWDW FKLDUGHODERUGXOQDYHLVDXDHURQDYHLSHvQ
FDUHVHDIO I SWXLWRULLVDXHVWHGHFODQúDW GHODERUGXODOWHLQDYHRULDHURQDYHFX
FDUH VDX GHSODVDW I SWXLWRULL SkQ  OD QDYD DWDFDW  DF LXQHD SXUWkQGXVH vQ
FRQWLQXDUHDVXSUDDFHVWHLDGLQXUP 
0DUH OLEHU  &RQFHSWXO GHILQHúWH DFHD SDUWH D P ULORU úL RFHDQHORU FDUH QX
DSDU LQHP ULLWHULWRULDOHVDXDSHORULQWHULRDUHPDULWLPHúLVHDIO vQIRORVLQ DWXWXURU
VWDWHORU QHILLQG VXSXV  VXYHUDQLW LL ORU 5HJLPXO MXULGLF DO P ULL OLEHUH HVWH
JXYHUQDWGHSULQFLSLXOOLEHUW LLP ULLSHQWUXWRDWHQDYHOHFRPHUFLDOHúLPLOLWDUHDOH
WXWXURUVWDWHORUvQWLPSGHSDFHúLGHU ]ERL
-XULVGLF LD VWDWXOXL 3ULQ DFHVW FRQFHSW VH vQ HOHJH SXWHUHD FRPSHWHQ D
LQVWDQ HORUMXGHF WRUHúWLGHDMXGHFDIDSWHOHV YkUúLWHSHWHULWRULXOV X H[FHS LLOHGH
OD SULQFLSLXO WHULWRULDOLW LL OHJLL SHQDOH URPkQH VXQW FHOH SUHY ]XWH vQ DUW 
&RG SHQDO  LDU FRQFHSWXO GH WHULWRULX D IRVW GHILQLW FD DFHO VSD LX JHRJUDILF
GHWHUPLQDWDIODWVXEVXYHUDQLWDWHDGHSOLQ úLH[FOXVLY DXQXLVWDWvQFDUHVHLQFOXG
XVFDWXOVXEVROXOV XDSHOHWHULWRULDOHúLFRORDQDDHULDQ GHGHDVXSUDORU
5H]XOW SULQXUPDUHF SHQWUXUHDOL]DUHDLQIUDF LXQLLGHSLUDWHULHHVWHQHFHVDU
FD QDYD RUL DHURQDYD DVXSUD F UHLD VH SRDUW  DF LXQHD V  VH DIOH vQ PRPHQWXO
DWDFXOXLvQ]RQDP ULLOLEHUHRULvQWUR]RQ QHVXSXV MXULVGLF LHLYUHXQXLVWDW


'LF LRQDUXOH[SOLFDWLYDOOLPELLURPkQHHGFLWS

,ELGHPS

'LF LRQDUGHGUHSWLQWHUQD LRQDOSXEOLFHGFLWS

,ELGHPS
 
ÌQ LSRWH]D FRPLWHULL DFWHORU GH MHIXLUH D XQHL QDYH VDX DHURQDYH vQ DSHOH
WHULWRULDOH DOH VWDWXOXL QRVWUX UHVSHFWLY vQ VSD LXO DHULDQ GH GHDVXSUD VROXOXL úL
DSHORU WHULWRULDOH IDSWD QX vQWUXQHúWH HOHPHQWHOH FRQVWLWXWLYH DOH LQIUDF LXQLL GH
SLUDWHULHFLSHDFHOHDDOHLQIUDF LXQLLGHWkOK ULH
3LUDWHULD HVWH PDL JUDY  GDF  D  D DYXW YUHXQD GLQ XUP ULOH SUHY ]XWH vQ
DUW  E  D SURGXV FRQVHFLQ H GHRVHELW GH JUDYH F  D DYXW FD XUPDUH PRDUWHD
YLFWLPHL $FHVWH vPSUHMXU UL DJUDYDQWH DX vQ HOHVXO DU WDW FX RFD]LD FRPHQWDULXOXL
GHODLQIUDF LXQHDGHWkOK ULH
7HQWDWLYDODLQIUDF LXQHDGHSLUDWHULHVHSHGHSVHúWHSRWULYLWSUHYHGHULORUDUW
&SHQ
6DQF LXQL,QIUDF LXQHDGHSLUDWHULHVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL)DSWDSUHY ]XW vQDOLQ  VHSHGHSVHúWHFXvQFKLVRDUHDGHODODDQLLDU
FHDSUHY ]XW vQDOLQ  vQFKLVRDUHDGHODODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQG GHODODOHL


$%8=8/'(Ì1&5('(5(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH SULYLWRDUH OD
SDWULPRQLX±SULYDWVDXSXEOLF±UHOD LLVWDWRUQLFLWHSHWHPHLXOvQFUHGHULL SURELW LL 
LQWHUSHUVRQDOHUHIHULWRDUHODWUDQVPLWHUHDGHWHQ LHLXQRUEXQXULPRELOH
&HHDFHFDUDFWHUL]HD] DFHDVW LQIUDF LXQHúLRGHRVHEHúWHvQSULQFLSDOGHDFHHD
GHIXUWHVWHF WUDQVIHUXOEXQXOXLPRELOGLQGHWHQ LDXQHLSHUVRDQH YLFWLPD vQGHWHQ LD
DOWHLSHUVRDQH DXWRUDOLQIUDF LXQLL VHUHDOL]HD] OLFLW VXEXQWLWOXOHJDO GDUXOWHULRU
I SWXLWRUXO FX UHDFUHGLQ  LQWHUYHUWHúWH GHWHQ LD VD WHPSRUDU  DVXSUD EXQXOXL vQWUR
GHSOLQ VW SkQLUHDDFHVWXLD'HFLHOVHFRPSRUW ID GHEXQXOFHLDIRVWvQFUHGLQ DWFD
XQYHULWDELOSURSULHWDUHYLGHQWvQPRGDEX]LYSULYkQGSHUVRDQD±IL]LF VDXMXULGLF ±
FHLDvQFUHGLQ DWEXQXOGHGUHSWXULOHSHFDUHOHDYHDDVXSUDDFHVWXLDúLSURYRFkQGXLSH
DFHDVW FDOHXQSUHMXGLFLXPDWHULDO
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQVXúL EXQXO PRELO ± DIODW vQ SDWULPRQLXO
SULYDWVDXSXEOLF±WUDQVPLVvQGHWHQ LDI SWXLWRUXOXLSHFDUHDFHVWDúLvQVW SkQHúWH
%XQXO PRELO RELHFW PDWHULDO DO LQIUDF LXQLL DUH vQ HOHVXO H[SOLFDW OD
LQIUDF LXQHDGHIXUW$FHVWEXQPRELOHVWHGH LQXWFXRULFHWLWOXGHYLFWLP VLWXD LH
FDUHQHFHVLW vQV XQHOHSUHFL] UL
$LGRPDLQIUDF LXQLLGHIXUWWH[WXOLQIUDF LXQLLSUHY ]XWHvQDUWGLQ&RGXO
SHQDO DFRUG  SURWHF LH vPSRWULYD DF LXQLL IUDXGXORDVH DFROR PHQ LRQDWH QX QXPDL
SHUVRDQHLFDUHHVWHSURSULHWDUDOEXQXOXLFLRULF URUSHUVRDQHFDUHGH LQVXERULFH
WLWOXXQEXQ$úDGDUWH[WXOSUHWLQGHGRDUFDEXQXOV ILHGH LQXWGHRDOW SHUVRDQ 
GHFkWI SWXLWRUXO
7UDQVIHUXOGHWHQ LHLDVXSUDEXQXOXLGHODYLFWLP ODLQIUDFWRUVHUHDOL]HD] GH
UHJXO vQYLUWXWHDXQXLUDSRUWMXULGLF±FRQWUDFWGHGHSR]LWWUDQVSRUWFRPRGDWJDM
FUHGLW±vQV QXOLSVHVFGLQSUDFWLFDMXGLFLDU QLFLFD]XULOHvQFDUHWUDQVIHUXOEXQXOXL±
LPSOLFLWWLWOXOVXEFDUHDXWRUXOSUHLDGHWHQ LDEXQXOXL±SURYLQHGLQWURGLVSR]L LHD
OHJLLGLQWUXQDFWDOXQHLDXWRULW LVDXFKLDUGLQWURVLWXD LHGHIDSWvQED]DF UHLD
VHWUDQVPLWHVW SkQLUHDEXQXOXL 
ÌQGRFWULQ úLMXULVSUXGHQ VDFRQVLGHUDWF UHIX]XOGHDUHVWLWXLRVXP 
vPSUXPXWDW  QX FRQVWLWXLH LQIUDF LXQHD GH DEX] GH vQFUHGHUH FX PRWLYDUHD F  vQ


70%'HFQUFX1RW DSUREDWLY GH93DSDGRSRO&3-3S

2/RJKLQ$)LOLSDúHGFLWSO
 
FD]XOvPSUXPXWXOXLGHFRQVXPD LHFDUHVHUHIHU ODEXQXULFRQVXPDELOHRGDW FX
DFHVWHDVHWUDQVPLWHúLGUHSWXOGHSURSULHWDWHDVXSUDORUFHHDFHGHWHUPLQ vQFD]XO
UHIX]XOXL UHVWLWXLULL OD VFDGHQ  D vPSUXPXWXOXL R VXP  GH EDQL  QDúWHUHD XQXL
OLWLJLXFLYLOúLQXLQFLGHQ DDUW&SHQ

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYúLVXELHFWXOSDVLYDOLQIUDF LXQLLVXQWFLUFXPVWDQ LD LGHWH[W
6XELHFW DFWLY QHPLMORFLW DXWRUXO  SRDWH IL QXPDL SHUVRDQD F UHLD L VH
vQFUHGLQ HD]  XQ EXQ PRELO ± vQ YLUWXWHD XQXL UDSRUW MXULGLF RUL D DOWRU VLWXD LL
H[DPLQDWH ± LDU VXELHFW SDVLY YLFWLPD  SRDWH IL GRDU DFHD SHUVRDQ  ± IL]LF  VDX
MXULGLF ±FDUHDvQFUHGLQ DWEXQXOGH LQXWFXRULFHWLWOX
3RWULYLW GLVSR]L LLORU DUW  & SHQ VXELHFW DFWLY DO LQIUDF LXQLL SRDWH IL úL
SHUVRDQDMXULGLF 
3DUWLFLSD LDSHQDO ODV YkUúLUHDLQIUDF LXQLLHVWHSRVLELO vQWRDWHIRUPHOHHL±
FRDXWRUDW LQVWLJDUH FRPSOLFLWDWH ± vQFD]XOLQVWLJ ULLRULFRPSOLFLW LLQHPDLILLQG
vQV QHFHVDUFDI SWXLWRULLV DLE FDOLWDWHDSUHWLQV GHWH[W 

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH H[SULP  SULQWUR DF LXQH VDX LQDF LXQH GLQ
FHOHOLPLWDWLYúLDOWHUQDWLYHQXQ DWHvQWH[WúLDQXPHD vQVXúLUHDEXQXOXLPRELODODOWHL
SHUVRDQHE GLVSXQHUHDSHQHGUHSWGHDFHVWEXQF UHIX]XOGHDUHVWLWXLEXQXO
ÌQVXúLUHD EXQXOXL &RQFHSWXO vQVXúLUH DUH vQ HOHVXO vQWUXFkWYD DVHP Q WRU
DFHOXLDGHODLQIUDF LXQHDGHIXUW6SUHGHRVHELUHvQV GHLQIUDF LXQHDvQFRPSDUD LH
GHSRVHGDUHD GH EXQ vQ FD]XO DEX]XOXL GH vQFUHGHUH VH IDFH FX FRQVLP PkQWXO
DFRUGXO SHUVRDQHLFDUHvOGH LQH±GHIDSWFKLDUDFHDVWDvQFUHGLQ HD] EXQXO±LDU
LPSRVHGDUHD DXWRUXOXL LQIUDF LXQLL DUH ORF vQWUXQ DO GRLOHD WLPS ± XQHRUL FKLDU
GHS UWDW GH SULPXO WLPS ± úL HVWH UHDOL]DW  DúD FXP DU WDP vQ PRG IUDXGXORV
DEX]LY  SULQ LQWHUYHUWLUHD WLWOXOXL OHJDO GH GHWHQWRU vQ VLWXD LD GH SURSULHWDU
X]XUSDWRUDOEXQXOXL
$FHVWDHVWHvQ HOHVXOFRQFHSWXOXLGHvQVXúLUHvQVHQVXODUWDOLQ  &RGSHQDO
$GLVSXQHSHQHGUHSWGHEXQ&RQFHSWXODGLVSXQHH[SULP DFHDFRQGXLW D
SHUVRDQHLID GHEXQDGPLV OHJDOGRDUSURSULHWDUXOXLDFHVWXLDFRQGXLW vQFDGUXO
F UHLD SHUVRDQD DUH GUHSWXO GH D IDFH FH GRUHúWH FX EXQXO V X ± V  vO YkQG 
FRQVXPHvPSUXPXWHGLVWUXJ ±GDF GLVWUXJHUHDQXHVWHSURKLELW SULQGLVSR]L LLOH
DUWDOLQ  úL  ±DEDQGRQH]HSUHOXFUH]H
$GLVSXQHSHQHGUHSW$FWXOGHGLVSR]L LHSRWULYLWWH[WXOXLWUHEXLHV ILHÄSH
QHGUHSW´SHQWUXDFRQVWLWXLLQIUDF LXQHDDQDOL]DW DGLF DXWRUXODF LXQLLV QXDLE 
GUHSWXO ± vQ YLUWXWHD FRQGL LLORU VWDELOLWH vQ FDGUXO UDSRUWXOXL MXULGLF ± V  VH
FRPSRUWHFXEXQXOvQPDQLHUDvQFDUHDI FXWR
5HIX]XO GH D UHVWLWXL EXQXO 3ULQ DFHDVW  VLQWDJP  VH vQ HOHJH UHIX]XO
SHUVRDQHL F UHLD L VD vQFUHGLQ DW EXQXO GH DO UHVWLWXL SHUVRDQHL FDUH L D
vQFUHGLQ DW
5HIX]XODXWRUXOXLLQIUDF LXQLLWUHEXLHH[SULPDWvQPRGPDQLIHVW H[SUHV ±QX
HVWH DVWIHO FRQVLGHUDW  FHUHUHD GH D DPkQD UHPLWHUHD EXQXOXL ± úL HO VXFFHGH
VROLFLW ULL GH DVHPHQHD PDQLIHVW  VRPDWLY  D S U LL Y W PDWH GH D L VH UHVWLWXL
EXQXO



 Ä5HIX]XO GH D UHVWLWXL OD VFDGHQ  R VXP  vPSUXPXWDW  DWUDJH U VSXQGHUHD FLYLO  úL QX FRQVWLWXLH
LQIUDF LXQHDGHDEX]GHvQFUHGHUH´±&6-'HFQU'UQUSÌQDFHODúLVHQV'UQU
S

70%'HFQU&3-3SO
 
6ROLFLWDUHD GH D VH UHVWLWXL EXQXO VH SRDWH IDFH úL SULQ PDQGDWDU RUL GH F WUH
VXFFHVRUXOSHUVRDQHLY W PDWHFDUHDGHFHGDW
1HSUHGDUHD EXQXOXL OD WHUPHQXO VFDGHQW QX HFKLYDOHD]  FX R DWLWXGLQH GH
vPSRWULYLUH D SHUVRDQHL GH DO UHVWLWXL GDU DúD FXP VD VWDWRUQLFLW FX WHPHL vQ
SUDFWLFD MXGLFLDU  QHUHPLWHUHD EXQXOXL OD XQ DOW WHUPHQ FRQYHQLW GH S U L GXS 
H[SLUDUHDSULPXOXLWHUPHQYDSXWHDILFRQVLGHUDW FDUHIX]GHUHVWLWXLUHDEXQXOXL
7RW DVWIHO QX HFKLYDOHD]  FX XQ UHIX] vQ VHQVXO LQIUDF LXQLL GH DEX] GH
vQFUHGHUH QHUHVWLWXLUHD EXQXOXL GLQ SULFLQD IDSWXOXL F  DFHVWD D IRVW VXVWUDV RUL
GLVWUXV GH R WHU  SHUVRDQ  LPSRVLELOLWDWHD MXVWLILFDW  D SHUVRDQHL F UHLD L VD
vQFUHGLQ DW EXQXO GH DúL vQGHSOLQL REOLJD LD FRQVWLWXLQG WHPHL GRDU SHQWUX
DQWUHQDUHDU VSXQGHULLFLYLOH±úLQXSHQDOH±GHRDUHFHOLSVHúWHLQWHQ LDGHIUDXGDUH
8UPDUHD LPHGLDW  FRQVW  SH GH R SDUWH vQ LPSRVHGDUHD IUDXGXORDV  D
DXWRUXOXL FX EXQXUL FDUH FRQVWLWXLH RELHFW PDWHULDO DO LQIUDF LXQLL LDU SH GH DOW 
SDUWH vQ OLSVLUHD S U LL Y W PDWH GH SRVLELOLWDWHD H[HUFLW ULL GUHSWXULORU HL DVXSUD
EXQXOXLvQFDX] úLvQSURGXFHUHDSULQFRQVHFLQ DXQXLSUHMXGLFLXPDWHULDO
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHLQDF LXQH úL FRQVHFLQ HOH DFHVWRUD
UH]XOW GLQvQV úLPDWHULDOLWDWHDIDSWHORU±H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH,QIUDF LXQHDGHDEX]GHvQFUHGHUHVHV YkUúHúWHH[FOXVLYFX
LQWHQ LH ± FD IRUP  D YLQRY LHL ± vQ DPEHOH HL PRGDOLW L ± GLUHFW  RUL LQGLUHFW 
$úDGDU DXWRUXO LQIUDF LXQLL WUHEXLH V  UHDOL]H]H F  SULQ DF LXQHDLQDF LXQHD VD GH
DSURSULHUH IUDXGXORDV  D EXQXOXL SHUVRDQHL Y W PDWH R SULYHD]  SH DFHDVWD GH H[HU
FLWDUHDGUHSWXULORUOHJLWLPHSHFDUHOHDUHDVXSUDEXQXULORUvQFDX] úLV XUP UHDVF RUL
V DFFHSWHSURGXFHUHDUH]XOWDWXOXL6 YkUúLUHDLQIUDF LXQLLGLQFXOS HVWHH[FOXV 
7H[WXOQXSUHWLQGHSHQWUXUHDOL]DUHDLQIUDF LXQLLH[LVWHQ DXQXLVFRSVDXPRELO

)RUPH6DQF LXQL
)RUPH'HúLSRVLELO FDUHDOL]DUHIDSWLF WHQWDWLYDQXHVWHVDQF LRQDW GHOHJH
&RQVXPDUHD LQIUDF LXQLL VXUYLQH LQVWDQWDQHX vQWUXQXO GLQWUH FHOH 
PRPHQWH vQ FDUH VH PDWHULDOL]HD]  DF LXQHDLQDF LXQHD vQVXúLUHD EXQXOXL
GLVSXQHUHDSHQHGUHSWGHDFHVWDUHIX]XOGHDOUHVWLWXL
6DQF LXQL$EX]XOGHvQFUHGHUHVHSHGHSVHúWHFXvQFKLVRDUHGHODOXQLOD
DQLVDXFXDPHQG 
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


*(67,81($)5$8'8/2$6 

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH LGHQWLF FX FHO DO LQIUDF LXQLL GH DEX] GH
vQFUHGHUHLDURELHFWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQEXQXULOHvQVXPDWH
vQPDVDSDWULPRQLXOXLJHVWLRQDW RXQLYHUVDOLWDWHGHEXQXULPRELOHúLVDXLPRELOH 
FDUH úLDX SLHUGXW WRWDO VDX SDU LDO YDORDUHD GLQ FDX]D JHVWLRQ ULL ORU IUDXGXORDVH
SULFLQXLQGXVH DVWIHO R SDJXE  SHUVRDQHL FDUH OHD vQFUHGLQ DW VSUH FRQVHUYDUH RUL
DGPLQLVWUDUH





76'HFQU5,,,S
 
6XELHF LLLQIUDF LXQLL
$LGRPD LQIUDF LXQLL GH DEX] GH vQFUHGHUH VXELHF LL LQIUDF LXQLL GH JHVWLXQH
IUDXGXORDV VXQWFLUFXPVWDQ LD LGHWH[W
$VWIHOVXELHFWDFWLYQHPLMORFLW DXWRU YDILGRDUDFHDSHUVRDQ F UHLDLVDX
vQFUHGLQ DWEXQXULVSUHFRQVHUYDUHVDXDGPLQLVWUDUH
6XELHFWDFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
,QIUDF LXQHD HVWH VXVFHSWLELO  GH V YkUúLUH vQ SDUWLFLSD LH ÌQ FD]XO
FRDXWRUDWXOXL ± PDL PXOWH SHUVRDQH VH DQJDMHD]  V  JHVWLRQH]H vQ FRPXQ XQ
SDWULPRQLX ± ILHFDUH GLQWUH DXWRUL WUHEXLH V  DLE  FDOLWDWHD FHUXW  GH WH[W GDU vQ
FD]XOLQVWLJ ULLRULDOFRPSOLFLW LLVXELHF LLQXPDLVXQWFDOLILFD L
6XELHFWXOSDVLYHVWHDFHDSHUVRDQ ±IL]LF VDXMXULGLF ±FDUHvQFUHGLQ HD] 
EXQXUL±GLQSDWULPRQLXOSULYDWVDXSXEOLF±VSUHFRQVHUYDUHVDXDGPLQLVWUDUHXQHL
SHUVRDQHIL]LFH

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW  GLQWUR DF LXQH VDX GLQWUR
LQDF LXQH SULQ FDUH VXQW OH]DWH EXQXULOH DIODWH vQ DGPLQLVWUDUHD VDX FRQVHUYDUHD
DXWRUXOXLIDSWHL3RWFRQVWLWXLDF LXQLGHDFHVWWLSVSUHH[HPSOXYkQ]DUHDXQXLEXQ
GLQ SDWULPRQLX OD XQ SUH  LQIHULRU FHOXL SUDFWLFDW SH SLD  VDX GHJUDGDUHD
DXWRWXULVPXOXL SULPLW VSUH FRQVHUYDUH GLQ FDX]D IRORVLULL OXL GH F WUH I SWXLWRU vQ
LQWHUHVSURSULXRULDFRUGDUHDXQRUVDODUL] ULH[DJHUDWHLDULQDF LXQLGHDFHVWWLS±
QHvQFDVDUHDXQRUGDWRULLVDXWROHUDUHDIXUWXULORUvQSDJXEDSDWULPRQLXOXLJHVWLRQDW
RUL QHOXDUHD P VXULORU GH vQJU GLUH D XQHL FXOWXUL SHQWUX D R SURWHMD GH DF LXQLOH
GLVWUXJ WRDUHDOHDQLPDOHORUHWF
ÌQ LSRWH]D vQ FDUH DF LXQLOHLQDF LXQLOH S JXELWRDUH SDWULPRQLDO QX VXQW vQ
OHJ WXU  FX DFWLYLWDWHD GH DGPLQLVWUDUH VDX FRQVHUYDUH D EXQXULORU IDSWD QX YD
FRQVWLWXLLQIUDF LXQHDGHJHVWLXQHIUDXGXORDV FLHYHQWXDORDOW LQIUDF LXQH
*HVWLXQH&RQFHSWXOGHILQHúWHRDFWLYLWDWHFRPSOH[ vQWUHSULQV GHRSHUVRDQ 
vQOHJ WXU FXSDWULPRQLXO±SULYDWVDXSXEOLF±DSDU LQkQGDOWHLSHUVRDQH±IL]LFH
VDXMXULGLFH
&RQVHUYDUHD EXQXULORU 3RWULYLW REOLJD LLORU DVXPDWH SULQ FRQWUDFW VDX SULQ
HIHFWXO OHJLL SHUVRDQD GHVI úRDU  DFWLYLW L GH S ]LUH D EXQXULORU GH PHQ LQHUH D
YDORULLORUúLvQJHQHUDORULFHDFWLYLW LQHFHVDUHúLPHQLWHDFRQVHUYDLQWHJUDOLWDWHD
FDQWLWDWLY úLFDOLWDWLY DSDWULPRQLXOXLDVWIHOJHVWLRQDW
ÌQOLWHUDWXUDGHVSHFLDOLWDWHVXQWDVLPLODWHXQRUDVHPHQHDDFWHGHJHVWLXQHúL
DFWHOH XWLOH SHQWUX GREkQGLUHD XQXL GUHSW FX SULYLUH OD DFHOH EXQXUL VDX SHQWUX
HYLWDUHD VWLQJHULL XQXL DVWIHO GH GUHSW LQVFULS LD XQHL LSRWHFL vQWUHUXSHUHD XQHL
SUHVFULS LLHWF 
$GPLQLVWUDUHDEXQXULORU$FWLYLW LOHGHÄDGPLQLVWUDUH´DEXQXULORUVXQWPXOW
PDL QXPHURDVH úL FRPSOH[H GHFkW FHOH GH ÄFRQVHUYDUH´ ± SH FDUH GH DOWIHO OH úL
LQFOXG ± REOLJD LLOH DGPLQLVWUDWRUXOXL DVXPDWH HYLGHQW WRW SULQWUXQ FRQWUDFW VDX
SULQ HIHFWXO OHJLL SXWkQG FRQVWD vQ SULPLUHD VXE RULFH WLWOX  HYLGHQ LHUHD
PkQXLUHD HOLEHUDUHD VXE RULFH WLWOX GHFL úL YkQ]DUHD VDX GRQDUHD  EXQXULORU
SULPLWHvQJHVWLXQH
'UHSWXULOH úL REOLJD LLOH SHUVRDQHL UHIHULWRDUH OD SDWULPRQLXO vQFUHGLQ DW VSUH
JHVWLRQDUH VXQW FHOH VWDELOLWH SULQ FRQWUDFWXO vQFKHLDW FX SHUVRDQD FDUH LD
vQFUHGLQ DWvQDFHVWVFRSSDWULPRQLXOVDXFHOHVWDELOLWHSULQDFWXOHPLVvQYLUWXWHDúL
vQDSOLFDUHDGLVSR]L LHLOHJDOH


&$S6XFHDYD'HFQU'UQUS

&$S&RQVWDQ D'HFQU5'3QUS

79DVLOLXúLFRORSFLWYRO,S
 
3DWULPRQLXOvQFUHGLQ DWVSUHJHVWLRQDUHFXSULQGHRXQLYHUVDOLWDWHGHEXQXUL±
úLQXQXPDLXQEXQVDXDOWXOGHWHUPLQDWFXPHVWHvQFD]XOLQIUDF LXQLLGHDEX]GH
vQFUHGHUH±XQLYHUVDOLWDWHFHSRDWHFXSULQGHEXQXULPRELOHúLVDXLPRELOHIXQJLELOH
úLVDXQHIXQJLELOHFRQVXPSWLELOHúLVDXQHFRQVXPSWLELOHSUHFXPúLGUHSWXUL UHDOH
GHFUHDQ HWF 
(VWH OLSVLW GH LPSRUWDQ  SHQWUX UHDOL]DUHD LQIUDF LXQLL GDF  PDQGDWXO GDW
SHQWUX JHVWLRQDUHD SDWULPRQLXOXL HVWH H[SULPDW vQWUR IRUP  VFULV  VDX RUDO  RUL
GDF HVWHFXWLWOXJUDWXLWVDXRQHURV
8UPDUHD LPHGLDW  FRQVW  vQ SURGXFHUHD XQHL SDJXEH SHUVRDQHL FDUH LD
vQFUHGLQ DWDXWRUXOXLEXQXULOHVSUHDGPLQLVWUDUHVDXFRQVHUYDUH
ÌQWUHDF LXQHDLQDF LXQHDI SWXLWRUXOXLúLXUPDUHDLPHGLDW WUHEXLHVWDELOLW R
OHJ WXU GHFDX]DOLWDWHDGLF WUHEXLHGHPRQVWUDWF SDJXEDvQUHJLVWUDW GHSDUWHD
Y W PDW HVWHFRQVHFLQ DDFWHORUIUDXGXORDVHSULQFDUHLVDXJHVWLRQDWEXQXULOH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GH JHVWLXQH IUDXGXORDV  VH V YkUúHúWH
H[FOXVLYFXLQWHQ LHvQDPEHOHHLIRUPH±GLUHFW VDXLQGLUHFW $úDGDUI SWXLWRUXO
UHDOL]HD] vQWRDWHFD]XULOHF SULQFRQGXLWDVDID GHEXQXULOHJHVWLRQDWHFUHHD] 
XQSUHMXGLFLXPDWHULDOSHUVRDQHLFDUHLOHDvQFUHGLQ DWúLHOXUP UHúWHRULDFFHSW 
SURGXFHUHD DFHVWXL UH]XOWDW 3ULQ H[SUHVLD ÄFX UHDFUHGLQ ´ SUH]HQW  vQ WH[W
OHJLXLWRUXOúLDPDUFDWOLPSHGHYRLQ DGHDH[FOXGHSRVLELOLWDWHDVDQF LRQ ULLSHQDOH
DXQHLDVHPHQHDIDSWHDWXQFLFkQGHDHVWHFRPLV GLQFXOS 
/D PRGDOLWDWHD DJUDYDW  SUHY ]XW  vQ DOLQ   LQWHQ LD HVWH FKLDU FDOLILFDW 
vQWUXFkW vQVXPHD]  HOHPHQWXO VFRS FDUH FRQVW  vQ XUP ULUHD RE LQHULL XQXL SURILW
PDWHULDOSULQV YkUúLUHDLQIUDF LXQLL
7H[WXOQXSUHWLQGHFDDXWRUXOV ILXUP ULWXQDQXPHVFRS±ODPRGDOLWDWHDWLS
UHJOHPHQWDW vQDOLQ  ±RULV ILIRVWDQLPDWGHXQPRELO

)RUPH6DQF LXQL
)RUPH/HJHDQXSUHYHGHVDQF LRQDUHDWHQWDWLYHLGHúLDFHDVWDHVWHSRVLELO 
&RQVXPDUHD LQIUDF LXQLL DUH ORF vQ PRPHQWXO DSDUL LHL XUP ULL LPHGLDWH
UHVSHFWLYvQPRPHQWXOSURGXFHULLHIHFWLYHDSDJXEHLvQGDXQDSDWULPRQLXOXLSULYDW
RULSXEOLF
6DQF LXQLÌQIRUPDWLSLQIUDF LXQHDHVWHSHGHSVLW FXvQFKLVRDUHGHODOXQL
ODDQLLDUvQYDULDQWDDJUDYDW SHGHDSVDHVWHvQFKLVRDUHDGHODODDQLGDF 
IDSWDQXFRQVWLWXLHRLQIUDF LXQHPDLJUDY 
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQGDGHODODOHL


Ì1ù(/ &,81($

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ IDVFLFXOXO GH UHOD LL VRFLDOH
SULYLWRDUH OD SDWULPRQLX SULYDW úL SXEOLF IRUPDWH SH WHPHLXO EXQHLFUHGLQ H úL DO
vQFUHGHULLUHFLSURFHDVXELHF LORUDFHVWRUUDSRUWXUL
2ELHFWXO PDWHULDO DO LQIUDF LXQLL SRDWH IL XQ EXQ PRELO VDX LPRELO úL vQ
JHQHUDORULFHYDORDUHPDWHULDO FXPHVWHGHSLOG XQvQVFULVFDUHvQFRUSRUHD] R
DVHPHQHD YDORDUH OLEUHW VDX REOLJD LXQH &(& DGHYHULQ  GH FkúWLJDUHD XQXL
SUHPLXODORWHULHDF LXQHODREDQF HWF 



7M&RQVWDQ D'HFQU55'QUS
 
ÌQYDULDQWDSUHY ]XW vQDOLQ  RELHFWXOPDWHULDOFRQVW vQFRQWUDFWXOSULQD
F UXL YDORULILFDUH ± H[HFXWDUH HVWH SUHMXGLFLDW  PDWHULDO YLFWLPD LDU OD YDULDQWD
DJUDYDW GHODDOLQ  RELHFWXOPDWHULDOHVWHFHFXO
6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLHVWHQHFLUFXPVWDQ LDWGHWH[W
HOSXWkQGGHFLILRULFDUHSHUVRDQ 
3RDWHILVXELHFWDFWLYúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
,QIUDF LXQHD HVWH VXVFHSWLELO  GH SDUWLFLSD LH vQ WRDWH IRUPHOH DFHVWHLD ±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYDOLQIUDF LXQLLHVWHvQV FLUFXPVWDQ LDWúLDQXPHSRDWHILGRDU
DFHDSHUVRDQ IL]LF VDXMXULGLF SUHMXGLFLDW PDWHULDOPHQWHSULQIDSWDvQúHO WRDUH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLFRQVW vQWURDF LXQH±UDUvQWURLQDF LXQH±
GH LQGXFHUH vQ HURDUH D XQHL SHUVRDQH F UHLD L VH SUH]LQW  vQ PRG GLVWRUVLRQDW R
VLWXD LHRULRvPSUHMXUDUHGHIDSW±SULQDOWHUDUHDDGHY UXOXL±FXDOWHFXYLQWHDúD
FXPRVSXQHFKLDUWH[WXO±ILHHVWHSUH]HQWDW FDPLQFLQRDV RIDSW DGHY UDW ILHR
IDSW DGHY UDW HVWHSUH]HQWDW FDPLQFLQRDV 
$FHVWDGLIHU vQUDSRUWFXPRGDOLW LOHQRUPDWLYHDOHLQIUDF LXQLL
$VWIHO vQ DOLQ   DO DUW  HVWH SUHY ]XW  PRGDOLWDWHD WLS VLPSO  D
LQIUDF LXQLLDOF UHLHOHPHQWPDWHULDOFRQVW GLQWURDF LXQHLQDF LXQHYLFOHDQ GH
LQGXFHUHvQHURDUH GHS F OLUH H[SULPDW RUDOVDXvQVFULV
ÌQDOLQ  DODUWLFROXOXLHVWHSUHY ]XW RYDULDQW VSHFLDO DPRGDOLW LLWLS±
DúDQXPLWDvQúHO FLXQHvQFRQYHQ LL±DOF UHLHOHPHQWPDWHULDOFRQVW vQDF LXQHD
VDX RPLVLXQHD GLQ FRQWUDFW FDUH LQGXFH vQ HURDUH SDUWHD FRQWUDFWDQW  ÌQ FD]XO
DFHVWHL YDULDQWH VSHFLDOH SDUWHQHUXO FRQWUDFWXDO HVWH LQGXV vQ HURDUH ILH FX RFD]LD
vQFKHLHULLFRQWUDFWXOXL±DGLF vQID]DQHJRFLHULLSkQ ODLQWHUYHQLUHDDFRUGXOXLúL
VHPQDUHD DFWXOXL ± ILH vQ ID]D H[HFXW ULL FRQWUDFWXOXL ± DGLF  vQ ID]D GHUXO ULL
DFHVWXLD ODOLYUDUHDP UILLFDUHSRDWHILLQIHULRDU FDOLWDWLYODSODWDSUH XOXLHWF 
(VWHHVHQ LDOGHUH LQXWODvQúHO FLXQHDvQFRQYHQ LLF ±DúDFXPSUHWLQGHWH[WXO±vQ
DEVHQ DHURULLvQFDUHDIRVWLQGXV RULPHQ LQXW YLFWLPDDFHDVWDQXVDUILDQJDMDW
ODvQFKHLHUHDRULH[HFXWDUHDFRQWUDFWXOXLvQFRQGL LLOHDFRORVWLSXODWH
ÌQúHO FLXQHD vQ PRGDOLWDWHD WLS FD úL YDULDQWD HL VSHFLDO  ± vQúHO FLXQHD vQ
FRQYHQ LL ± SRW DYHD FkWH R YDULDQW  DJUDYDW  DWXQFL FkQG HOH VXQW V YkUúLWH vQ
DQXPLWH FRQGL LL SUHY ]XWH vQ DOLQ   DO WH[WXOXL 'HFL PRGDOLWDWHD DJUDYDW  D
LQIUDF LXQLLGHvQúHO FLXQHDUHFDRELHFWPDWHULDODF LXQHDLQDF LXQHDGHLQGXFHUHvQ
HURDUH D XQHL SHUVRDQH DFHHD FDUDFWHULVWLF  PRGDOLW LL WLS  V YkUúLW  vQV  SULQ
IRORVLUHD GH D  QXPH PLQFLQRDVH E  FDOLW L PLQFLQRDVH VDX F  DOWH PLMORDFH
IUDXGXORDVH
D  1XPH PLQFLQRDVH (VWH XQ QXPH FDUH QX DSDU LQH I SWXLWRUXOXL 1XPHOH
HVWH ÄvPSUXPXWDW´ GH OD DOW  SHUVRDQ  ± vQ ORFXO F UHLD VH SUH]LQW  SUHWLQ]kQG F 
HVWHDFHDSHUVRDQ ±VDXHVWHLPDJLQDU±SHQWUXDúLDVFXQGHUHDODLGHQWLWDWHúLD
] G UQLFLDVWIHOGHVFRSHULUHDVDRULSHQWUXF QXPDLvQDFHVWPRGUHXúHDLQGXFHUHD
vQ HURDUH D YLFWLPHL VH SUH]LQW  VXE QXPH GH UH]RQDQ  JHUPDQLF  úL YRUEHúWH



&5 WHVFXúLFRO&RGXOSHQDOÄ&DURODO,,OHD´DGQRWDWHGFLWYRO,,,S

 ' &LXQFDQ ÌQúHO FLXQHD vQ FRQWUDFWHOH LQIRUPDWLFH SLQ LQWHUPHGLXO ,QWHUQHWXOXL 5'3 QU  
S  Ä)RORVLUHD IUDXGXORDV  D QXPHUHORU GH F U L GH FUHGLW OD FXPS UDUHD GH EXQXUL SULQ ,QWHPHW FRQVWLWXLH
LQIUDF LXQHDGHvQúHO FLXQHvQFRQYHQ LL´

&6-'HFQU%-S

70%'HFQU&3-3S
 
URPkQD FX DFFHQW JHUPDQ VSUH D FRQYLQJH YLFWLPD F  HVWH ÄDJHQWXO´ XQHL ILUPH
PQFKHQH]H 
E &DOLW LPLQFLQRDVH$VHYHGHDH[SOLFD LLOHGDWHODLQIUDF LXQHDGHYLRODUH
GHGRPLFLOLX
F 0LMORDFHIUDXGXORDVH$F LXQHDGHvQúHODUHDXQHLSHUVRDQHVHUHDOL]HD] vQ
UHJXO  JHQHUDO  SULQ SUH]HQWDUHD GH F WUH DXWRUXO LQIUDF LXQLL D XQRU VW UL GH IDSW
QHFRQIRUPHUHDOLW LLDGLF SULQYRUEHDP JLWRDUHPLQFLQRDVHURVWLWHRULVFULVH
'HVHRUL vQV  DFHDVW  DF LXQH SULQFLSDO  HVWH VXV LQXW  FX DQXPLWH ÄPLMORDFH
IUDXGXORDVH´ IRORVLWH GH DXWRU SHQWUX D VSRUL úDQVHOH GH UHXúLW  DOH DFWLYLW LL GH
SO VPXLUHDDGHY UXOXLSHQWUXDLFRQIHULXQJUDGGHFUHGLELOLWDWHULGLFDW
'LQGLVSR]L LLOHDUWDOLQ  UH]XOW F vQúHO FLXQHDvQYDULDQWDDJUDYDW 
SUHY ]XW  vQ DFHVW WH[W QX SRDWH IL QLFLRGDW  R LQIUDF LXQH FRPSOH[  ÌQ
FRQVHFLQ GDF PLMORFXOIUDXGXORVSUH]LQW HOvQVXúLHOHPHQWHOHXQHLLQIUDF LXQL±
IDOV PDWHULDO vQ vQVFULVXUL RILFLDOH IDOV vQ vQVFULVXUL VXE VHPQ WXU  SULYDW  IDOV
SULYLQG LGHQWLWDWHD X] GH IDOV X]XUSDUHD GH FDOLW L RILFLDOH ± VXQW LQFLGHQWH
UHJXOLOH SULYLWRDUH OD FRQFXUVXO GH LQIUDF LXQL vQWUH vQúHO FLXQH úL DFHHD FDUH D
FRQVWLWXLWPLMORFXOIUDXGXORV
ÌQ DOLQ   HVWH SUHY ]XW  D GRXD PRGDOLWDWH DJUDYDW  D LQIUDF LXQLL GH
vQúHO FLXQHFDUHVHH[SULP SULQXUP WRDUHOHDF LXQLD HPLWHUHDXQXLFHFDVXSUDXQHL
LQVWLWX LLGHFUHGLWVDXXQHLSHUVRDQHúWLLQGF SHQWUXYDORULILFDUHDOXLQXH[LVW SURYL]LD
VDXDFRSHULUHDQHFHVDU E UHWUDJHUHDGXS HPLWHUHDFHFXOXLDSURYL]LHLvQWRWDOVDX
vQSDUWHF LQWHU]LFHUHDWUDVXOXLGHDSO WLvQDLQWHGHH[SLUDUHDWHUPHQXOXLGHSUH]HQWDUH
$F LXQLOHLQFULPLQDWHvQFHOHWUHLYDULDQWHvQDOLQ  VXQWvQWUHSULQVHvQVFRSXODU WDWvQ
DOLQ  DGLF GHDSURGXFHRSDJXE SRVHVRUXOXLFHFXOXL
Ä7UDVXO´HVWHSHUVRDQDFDUHDUHPDQGDWVDXRUGLQGHODRDOW SHUVRDQ QXPLW 
ÄWU J WRU´V H[HFXWHREOLJD LDGHSODW DXQHLVXPHGHWHUPLQDWHvQIDYRDUHDXQHLD
WUHLDSHUVRDQHQXPLW EHQHILFLDUODVFDGHQ DúLORFXOPHQ LRQDWH
,QVWDQ D VXSUHP  vQ VHF LL XQLWH D GHFLV F  vQ FD]XO vQ FDUH EHQHILFLDUXO
FHFXOXL DUH FXQRúWLQ  vQ PRPHQWXO HPLWHULL F  QX H[LVW  GLVSRQLELOXO QHFHVDU
DFRSHULULLDFHVWXLDODWUDVIDSWDFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUWDOLQ  
SFWGLQ/HJHDQUúLQXDFHHDSUHY ]XW vQDUWDOLQ  &SHQ
8UPDUHDLPHGLDW ,QGLIHUHQWGHPRGDOLWDWHDQRUPDWLY vQFDUHVHV YkUúHúWH
LQIUDF LXQHD XUPDUHD LPHGLDW  D ODWXULL RELHFWLYH FRQVW  vQ SURGXFHUHD XQXL
SUHMXGLFLXPDWHULDOSHUVRDQHLvQúHODWHÌQDEVHQ DXQRUDF LXQLPHQLWHDSURGXFHR
SDJXE IDSWDQXFRQVWLWXLHLQIUDF LXQHDGHvQúHO FLXQH
1XFRQVWLWXLHXUPDUHDLPHGLDW DLQIUDF LXQLLGHvQúHO FLXQHSUHMXGLFLXOPRUDO
SURGXVSHUVRDQHLvQúHODWH FRPSURPLWHUHDYLFWLPHLID GHYHFLQLFROHJLHWF 
3HQWUX UHDOL]DUHD ODWXULL RELHFWLYH HVWH QHFHVDU D VH GHPRQVWUD F  vQWUH
DF LXQHDGHLQGXFHUHvQHURDUHúLFRQVHFLQ DS JXELWRDUHPDWHULDOU VIUkQW DVXSUD
YLFWLPHLH[LVW XQUDSRUWGHFDX]DOLWDWH
ÌQ FH SULYHúWH ÄIRORVXO PDWHULDO´ RE LQXW GH I SWXLWRU DFHVWD HVWH DLGRPD
DFHOXLD GH OD LQIUDF LXQHD GH IXUW XQ IRORV LQMXVW XQ IRORV OD FDUH HO QX HVWH
vQGUHSW LW


70%'HFQU&3-3S

3OHQ76'HFvQGUQU5,,S

93DSDGRSRO3-3YRO,,,S

3OHQ76'HFvQGUQU&'S

ÄÌQFDVDUHDGHODEDQF DXQHLVXPHGHEDQLSULQSUH]HQWDUHDODSODW DXQRUHXURFHFXULSHQWUXFDUHQXH[LVW 
DFRSHULUHFRQVWLWXLHLQIUDF LXQHDGHvQúHO FLXQH´±&6-'HFQU%-S

&%XODL$)LOLSDú&0LWUDFKHHGFLWS

Ì&&-68'HFQU,;%&QUS

76'HFQU5,S
 

/DWXUDVXELHFWLY 
,QIUDF LXQHD GH vQúHO FLXQH VH V YkUúHúWH H[FOXVLY FX LQWHQ LH úL DQXPH FX
LQWHQ LH GLUHFW  ,QWHQ LD HVWH FDOLILFDW  GHRDUHFH vQVXPHD]  úL HOHPHQWXO VFRS
FDUHSRWULYLWWH[WXOXLHVWHDFHODGHDRE LQHXQIRORVPDWHULDOLQMXVW
1X LQWHUHVHD]  SHQWUX UHDOL]DUHD LQIUDF LXQLL PRELOXO GH FDUH HVWH DQLPDW
I SWXLWRUXO

)RUPH6DQF LXQL
)RUPH )DSWD GH vQúHO FLXQH HVWH VXVFHSWLELO  GH GHVI úXUDUH vQ WLPS
7HQWDWLYD VH SHGHSVHúWH ,QIUDF LXQHD U PkQH vQ ID]  GH WHQWDWLY  DWXQFL FkQG
DF LXQLOHGHLQGXFHUHvQHURDUHVXQWvQWUHUXSWHLQGHSHQGHQWGHYRLQ DI SWXLWRUXOXL±
PDLvQDLQWHGHSURGXFHUHDUH]XOWDWXOXLS JXELWRUSHQWUXYLFWLP ±FkWúLDWXQFLFkQG
DF LXQLOH VSHFLILFH GH vQúHODUH DX IRVW HSXL]DWH I U  vQV  FD XUPDUHD LPHGLDW  ±
SUHMXGLFLXOPDWHULDO±V DSDU 
1X YD FRQVWLWXL WRWXúL WHQWDWLY  OD DFHDVW  LQIUDF LXQH IDSWD GH D vQFHUFD
LQGXFHUHDvQHURDUHDXQHLSHUVRDQHSULQIRORVLUHDXQRUPLMORDFHWRWDOLPSURSULL±
IDOVXULJURVLHUHGHJKL] ULXúRUVHVL]DELOH±GHRDUHFHDFHVWHDQXDXDSWLWXGLQHDGHD
vQúHODSHFLQHYD
&RQVXPDUHD LQIUDF LXQLL LQWHUYLQH vQ PRPHQWXO DSDUL LHL XUP ULL LPHGLDWH
DGLF DOSURGXFHULLHIHFWLYHDSDJXEHL
ÌQ SUDFWLFD MXGLFLDU  VD FRQVLGHUDW F  vQúHO FLXQHD vQ FRQYHQ LL VH FRQVXP 
vQWRWGHDXQDODvQFKHLHUHDFRQWUDFWXOXL
&RQVLP LQG vQ SDUWH F  LQIUDF LXQHD VH SRDWH FRQVXPD vQ DFHO PRPHQW QH
H[SULP PRSLQLD±XúRUGLVWDQ DW GHDFHHDDLQVWDQ HLVXSUHPH±F PRPHQWHOHQX
VHVXSUDSXQREOLJDWRULXúLvQWRWGHDXQDGHRDUHFHSHGHRSDUWHDF LXQHDLQDF LXQHD
GHLQGXFHUHvQHURDUHSRDWHvQFHSHQXQHDS UDWvQID]DvQFKHLHULLFLúLvQDFHHDGH
H[HFXWDUH D FRQWUDFWXOXL ± DVWIHO F  UDSRUWDUHD OD PRPHQWXO VWDELOLULL DFRUGXOXL
S U LORUDSDUHQHMXVWLILFDW GHYUHPHFHDF LXQHDvQúHO WRDUHQLFLQXDGHEXWDW±LDU
SH GH DOW  SDUWH GHRDUHFH HVWH SRVLELO  HSXL]DUHD DF LXQLL GH LQGXFHUH vQ HURDUH D
SHUVRDQHL ± vQ XQD RUL vQ DPEHOH ID]H DOH FRQWUDFWXOXL ± I U  vQV  FD UH]XOWDWXO
S JXELWRUV VHILSURGXV
$úD ILLQG FRQVLGHU P F  LQIUDF LXQHD GH vQúHO FLXQH LQGLIHUHQW GH
PRGDOLWDWHD QRUPDWLY  vQ FDUH HVWH V YkUúLW  VH FRQVXP  GRDU OD SURYRFDUHD XQHL
SDJXEHSHUVRDQHLY W PDWH
6DQF LXQL ÌQ UDSRUW FX SHULFROXO VRFLDO SUH]HQWDW GH ILHFDUH PRGDOLWDWH
QRUPDWLY OHJLXLWRUXODVWDELOLWXQUHJLPVDQF LRQDWRUGLIHUHQ LDWDVWIHO
 vQFKLVRDUHDGHODOXQLODDQL±DOLQ  úL  
 vQFKLVRDUHDGHODODDQL±DOLQ    úL  
 vQFKLVRDUHDGHODODGHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL±DOLQ  
3HUVRDQD MXULGLF  VH VDQF LRQHD]  vQ WRDWH LSRWH]HOH GH LQFULPLQDUH FX
DPHQG GHODODOHLSRWULYLWDUWDOLQ  &SHQ






76'HFQULELGHPS

76'HFQULELGHPS

76'HFQULELGHPS

&6-'HFQUO'UQUS

76'HFQU5,,
 
'(/$3,'$5($

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ IDVFLFXOXO GH UHOD LL VRFLDOH FX
FDUDFWHU SDWULPRQLDO FDUH UHFODP  SHQWUX H[LVWHQ D úL GH]YROWDUHD ORU GLQ SDUWHD
JHVWLRQDULORU VDX DGPLQLVWUDWRULORU SDWULPRQLXOXL XQHL SHUVRDQH MXULGLFH V  QX
VXVWUDJ EXQXULGLQFHOHJHVWLRQDWHRULDGPLQLVWUDWH3URWHF LDSHQDO VHH[WLQGH
vQV  úL DVXSUD UHOD LLORU GH VHUYLFLX GLQ FDGUXO DFHOHL XQLW L RSWLPD GHVI úXUDUH D
DFHVWRUUHOD LLILLQGvQWUXQUDSRUWGHLQWHUFRQGL LRQDUHFXVWDUHD LQWHJUDOLWDWHDVDX
QHLQWHJUDOLWDWHD EXQXULORUGH LQXWHGHXQLWDWH
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH GHODSLGDUH DUH WRWGHDXQD XQ RELHFW
PDWHULDO DGLF  XQ RELHFW DVXSUD F UXLD VH H[HUFLW  GLUHFW úL QHPLMORFLW DF LXQHD
LOLFLW GHVXVWUDJHUHRELHFWFDUHDSDU LQHXQHLSHUVRDQHGHGUHSWSXEOLFVDXSULYDW
3ULQFRQFHSWQR LXQHDGHVXVWUDJHUHLPSOLF H[LVWHQ DXQXLRELHFWPDWHULDORELHFW
FDUHHVWHVXVWUDVI U GHFDUHDF LXQHDGHVXVWUDJHUHQXDUILSRVLELO 
2ELHFW PDWHULDO DO LQIUDF LXQLL GH GHODSLGDUH SRDWH V  ILH vQ SULPXO UkQG RULFH
EXQ PRELO DFHDVWD ILLQG RDUHFXP GH OD VLQH vQ HOHV GHRDUHFH QXPDL XQ EXQ PRELO
HVWHVXVFHSWLELOGHVXVWUDJHUH6HFRQVLGHU GHDVHPHQHDEXQPRELOEXQXOFHSRDWHIL
GHVSULQV GH XQ EXQ LPRELO GH H[HPSOX XúLOH IHUHVWUHOH XQHL FO GLUL IUXFWHOH XQXL
WHUHQ ÌQDOGRLOHDUkQGEXQXOWUHEXLHV DLE RH[LVWHQ PDWHULDO GHRDUHFHQXPDLXQ
DVWIHOGHEXQSRDWHILVXVWUDV$FHVWOXFUXGHYLQHPDLHYLGHQWvQFD]XOFUHDQ HORUVDXDO
DOWRUYDORULF FLH[LVWHQ DORUVHUHIOHFW PDWHULDOvQGRFXPHQWXOFDUHOHFRQVWDW ÌQDO
WUHLOHD UkQG EXQXO PDWHULDO WUHEXLH V  DLE  R YDORDUH HFRQRPLF  YDORDUH FDUH VH
H[SULP vQWUXQSUH vQWUXQWDULIVDXvQWUROLVW GHYDORUL9DORDUHDHFRQRPLF HVWHXQ
HOHPHQWLPSRUWDQWGHRDUHFHvQEXQ P VXU GHDFHDVWDGHSLQGHFXDQWXPXOSDJXEHLúL
SULQDFHDVWDJUDGXOGHSHULFROVRFLDODOIDSWHL
%XQXULOH FDUH IRUPHD]  RELHFWXO PDWHULDO DO GHODSLG ULL WUHEXLH V 
vQGHSOLQHDVF GRX FRQGL LL
±V DSDU LQ XQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDW
±V VHJ VHDVF vQJHVWLRQDUHDVDXDGPLQLVWUDUHDDXWRUXOXL
6IHUDEXQXULORUFDUHSRWIRUPDRELHFWXOPDWHULDODOLQIUDF LXQLLGHGHODSLGDUHHVWH
GHOLPLWDW FKLDUGHQRUPDGHLQFULPLQDUHSULQVLQWDJPDÄEDQLYDORULVDXDOWHEXQXUL´
3ULQEDQLVHvQ HOHJHPRQHGDGHKkUWLHVDXPHWDOLF úLELOHWHOHGHEDQF 
3ULQ YDORUL VH vQ HOHJ vQVFULVXULOH GH RULFH IHO WLWOXULOH GH FUHGLW FUHDQ  VDX
DOWHYDORULHFRQRPLFH FXPVXQWFHFXULOHKkUWLLOHGHYLUDPHQWREOLJD LLHWF 
3ULQ EXQXUL VH vQ HOHJ RULFH IHO GH RELHFWH PRELOH FDUH DX R YDORDUH
HFRQRPLF  FXP VXQW RELHFWHOH SURGXVH LQGXVWULDOH RELHFWHOH DJULFROH RELHFWHOH
FDVQLFHHWF
3OXVXULOH vQ JHVWLXQH RULFDUH DU IL RULJLQHD ORU IRUPHD]  RELHFW PDWHULDO DO
LQIUDF LXQLLGHGHODSLGDUHLDUIDSWDGHFUHDUHDSOXVXULORUSULQPLMORDFHIUDXGXORDVH
FRQVWLWXLHLQIUDF LXQHSRWULYLWDUWGLQ/HJHDQUÌQDFHDVW LSRWH] FHOH
GRX LQIUDF LXQLVHYRUUH LQHvQFRQFXUVUHDO

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DODFHVWHLLQIUDF LXQLSURSULLHVWHFDOLILFDWúL
QX SRDWH IL GHFkW XQ ÄIXQF LRQDU SXEOLF´ VDX ÄIXQF LRQDU´ FDUH HVWH vQV UFLQDW FX
JHVWLRQDUHDVDXDGPLQLVWUDUHDEXQXULORUXQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDX


&%XODL$)LOLSDú&0LWUDFKHHGFLWS

,RQ2DQFHDRSFLWYRO,,,S

3OHQXO76GvQU-1QUÌQDFHODúLVHQV&RQVWDQWLQ%DUEX'HODSLGDUHDúLIXUWXOvQ
SDJXEDDYXWXOXLREúWHVF(GLWXUDùWLLQ LILF %XFXUHúWLS
 
SULYDW $FHVWH FHULQ H FDUH DIHFWHD]  FDOLWDWHD VXELHFWXOXL DFWLY QHPLMORFLW VXQW
FXPXODWLYH 'DF  XQD GLQWUH DFHVWHD QX HVWH vQGHSOLQLW  IDSWD QX PDL SRDWH
FRQVWLWXLGHODSLGDUH
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ  &SHQ±
VH vQ HOHJH RULFH SHUVRDQ  FDUH H[HUFLW  SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW  R vQV UFLQDUH GH RULFH QDWXU  UHWULEXLW  VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU  DUW  & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF 
3ULQÄIXQF LRQDU´VHvQ HOHJHIXQF LRQDUXOSXEOLFSUHFXPúLRULFHVDODULDWFDUH
H[HUFLW RvQV UFLQDUHvQVHUYLFLXOXQHLDOWHSHUVRDQHMXULGLFHGHFkWFHOHODFDUHVH
UHIHU DUW&SHQ
ÌQ FD]XO LQIUDF LXQLL GH GHODSLGDUH vQV  FDOLWDWHD GH IXQF LRQDU SXEOLF VDX
SULYDW QX HVWH VXILFLHQW  SHQWUX FRPLWHUHD DFHVWHLD 6H FHUH FD DFHúWLD V  DLE 
DWULEX LLGHJHVWLRQDUHVDXDGPLQLVWUDUHDEXQXULORUXQHLSHUVRDQHMXULGLFHGHGUHSW
SXEOLFVDXSULYDW
*HVWLRQDUXO HVWH DFHO DQJDMDW DO XQXL DJHQW HFRQRPLF DXWRULWDWH VDX
LQVWLWX LHSXEOLF FDUHDUHFDDWULEX LLSULQFLSDOHGHVHUYLFLXSULPLUHDS VWUDUHDúL
HOLEHUDUHD GH EXQXUL DIODWH vQ DGPLQLVWUDUHD IRORVLQ D VDX GH LQHUHD FKLDU
WHPSRUDU  D XQXL DJHQW HFRQRPLF DXWRULWDWH VDX LQVWLWX LH SXEOLF  LQGLIHUHQW GH
PRGXOGHGREkQGLUHúLORFXOXQGHVHDIO EXQXULOH
(VWH FRQVLGHUDW JHVWLRQDU RULFH SHUVRDQ  FDUH JHVWLRQHD]  vQ IDSW DQXPLWH
EXQXUL 8Q IXQF LRQDU SXEOLF FDUH DFFHSW  V  IDF  DFWH GH JHVWLXQH VDX vúL DVXP 
UROXO GH JHVWLRQDU GHúL QX DUH DWULEX LL GH VHUYLFLX vQ DFHVW VHQV HVWH JHVWLRQDU GH
IDSWúLGDF vúLvQVXúHúWHGLQEXQXULOHJHVWLRQDWHFRPLWHLQIUDF LXQHDGHGHODSLGDUH
2 FRQGL LH PLQLPDO  DEVROXW QHFHVDU  SHQWUX H[LVWHQ D XQHL ÄJHVWLRQ UL GH
IDSW´ HVWH DFHHD FD SHUVRDQD MXULGLF  GH GUHSW SXEOLF V  DLE  FXQRúWLQ  GHVSUH
H[HUFLWDUHDvQIDSWDDFWLYLW LLGHJHVWLRQDUH$OWIHOSHUVRDQDvQFDX] QXSRDWHIL
SULYLW  FD DYkQG YUHR ÄvQV UFLQDUH´ vQ VHUYLFLXO XQHL SHUVRDQH MXULGLFH GH GUHSW
SXEOLF úL GHFL FRQVLGHUDW  FD DYkQG vQ YUHXQ IHO RDUHFDUH FDOLWDWHD GH IXQF LRQDU
SXEOLF
/HJHDQUQXGHILQHúWHQR LXQHDGHJHVWLRQDUGHIDSWvQV SUHYHGHvQ
DUW  F  SHUVRDQD FDUH SULPHúWH S VWUHD]  úL HOLEHUHD]  EXQXUL I U  D DYHD
FDOLWDWHDGHJHVWLRQDUvQvQ HOHVXODUWU VSXQGHLQWHJUDOFDúLJHVWLRQDUXOGHGUHSW
$XWRU DO LQIUDF LXQLL GH GHODSLGDUH SRDWH IL úL IXQF LRQDUXO SXEOLF VDX
IXQF LRQDUXOFDUHDGPLQLVWUHD] DVHPHQHDEXQXUL$GPLQLVWUDUHDVSUHGHRVHELUHGH
JHVWLRQDUH FRQVW  GLQWUXQ FRPSOH[ GH DFWH GH GLVSR]L LH SODQLILFDUHD
DSURYL]LRQDUHD GHVIDFHUHD SO LOH F WUH WHU L HWF  FDUH SULYHVF HIHFWXDUHD GH
RSHUD LL DVXSUD EXQXULORU FH DSDU LQ XQXL DJHQW HFRQRPLF DXWRULWDWH VDX LQVWLWX LH
SXEOLF  SRWULYLW FX QDWXUD úL VFRSXO SDWULPRQLXOXL XQLW LL UHVSHFWLYH $FWHOH GH
GLVSR]L LHDOHXQXLDGPLQLVWUDWRU SHUVRDQ GLQFRQGXFHUHDXQLW LL SULQFDUHVDU
vQVXúLIRORVLRULWUDILFDEXQXULDOHSHUVRDQHLMXULGLFHGHGUHSWSXEOLFVDXGHGUHSW
SULYDWFRQVWLWXLHGHDVHPHQHDLQIUDF LXQHGHGHODSLGDUH
'DF  JHVWLRQDUXO YLQH vQ FRQWDFW GLUHFW úL PDWHULDO FX EXQXULOH GDWH ILLQG
DWULEX LLOHOXLOHJDWHGHSULPLUHDS VWUDUHDVDXHOLEHUDUHDEXQXULORUDGPLQLVWUDWRUXO
DUHXQFRQWDFWSRVLELOYLUWXDO'HODSLGDUHDGHFLQXSUHVXSXQHvQPRGREOLJDWRULXXQ
FRQWDFW GLUHFW úL PDWHULDO FX EXQXO SHUVRDQHL MXULGLFH GH GUHSW SXEOLF VDX SULYDW



$UWDOLQ  GLQ/HJHDQUSULYLQGDQJDMDUHDJHVWLRQDULORUFRQVWLWXLUHDGHJDUDQ LLúLU VSXQGHUHD
vQOHJ WXU FXJHVWLRQDUHDEXQXULORUDJHQ LORUHFRQRPLFLDXWRULW LORUVDXLQVWLWX LLORUSXEOLFHSXEOLFDW vQ%2I
QUGLQPRGLILFDW SULQ/HJHDQUSXEOLFDW vQ02IQUGLQ

9LUJLO5 PXUHDQXRSFLWYRO,S
 
GHRDUHFH VH SRDWH DMXQJH V  VH VXVWUDJ  VDX V  VH vQVWU LQH]H XQ EXQ úL SULQWUR
GLVSR]L LHSULYLQGPLúFDUHDEXQXULORU
3HUVRDQDMXULGLF SRDWHILVXELHFWDFWLYDOLQIUDF LXQLLGHGHODSLGDUHSRWULYLW
DUW&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH)LLQGRLQIUDF LXQHSURSULHFRDXWRUDWXOQXHVWHSRVLELOGHFkWGDF WR L
FRDXWRULLDXGXEODFDOLWDWHFHUXW GHOHJHODGDWDV YkUúLULLIDSWHL'DF XQDGLQWUH
FHOH GRX  FDOLW L VDX FKLDU DPEHOH OLSVHVF DFWLYLWDWHD DFHOXL SDUWLFLSDQW YD IL
FRQVLGHUDW  GUHSW FRPSOLFLWDWH OD GHODSLGDUH FKLDU GDF  vQ FRQFUHW DFHVWD D FRPLV
DFWHGHH[HFXWDUHQHPLMORFLW DDFHVWHLD
6XELHFWXO SDVLY HVWH R XQLWDWH GLQ FHOH DU WDWH OD DUW  & SHQ DXWRULWDWH
SXEOLF  LQVWLWX LH SXEOLF  LQVWLWX LLOH VDX DOWH SHUVRDQH MXULGLFH GH LQWHUHV SXEOLF 
VDXRSHUVRDQ GHGUHSWSULYDW
ÌQ LSRWH]D vQ FDUH EXQXULOH FDUH DX I FXW RELHFWXO GHODSLG ULL DX IRVW
vQFUHGLQ DWH XQLW LL UHVSHFWLYH VSUH WUDQVSRUW UHSDUDUH HWF SURSULHWDUXO DFHVWRU
EXQXULDUHFDOLWDWHDGHVXELHFWSDVLYVHFXQGDU

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODODFHVWHLLQFULPLQ ULFRQVW vQWURDF LXQHGHVXVWUDJHUH
FDUH VH UHDOL]HD]  SULQ WUHL PRGDOLW L QRUPDWLYH ÄvQVXúLUHD´ ÄIRORVLUHD´ VDX
ÄWUDILFDUHD´GHEDQLYDORULVDXDOWHEXQXUL
6 YkUúLUHDRULF UHLDGLQWUHDFHVWHPRGDOLW LFRQGXFHODUHDOL]DUHDHOHPHQWXOXL
PDWHULDO DO LQIUDF LXQLL GH GHODSLGDUH 1X LQWHUHVHD]  SHQWUX H[LVWHQ D LQIUDF LXQLL
GDF  DF LXQHD GH VXVWUDJHUH VD V YkUúLW vQ LQWHUHVXO I SWXLWRUXOXL VDX DO XQHL DOWH
SHUVRDQH
ÄÌQVXúLUHD´ FD PRGDOLWDWH D VXVWUDJHULL XQXL EXQ FRQVW  SH GH R SDUWH
GLQWUXQ DFW LQL LDO GH VFRDWHUH D XQXL EXQ GLQ SRVHVLXQHD VDX GHWHQ LXQHD XQHL
SHUVRDQH MXULGLFH GH GUHSW SXEOLF VDX SULYDW úL SH GH DOW  SDUWH GLQWUXQ DFW
VXEVHFYHQW GH WUHFHUH D DFHVWXLD vQ VW SkQLUH SURSULH $FHDVW  PRGDOLWDWH GH
VXVWUDJHUHHVWHOHJDOH[SULPDW SULQDFWXOGHÄvQVXúLUH´GHOXDUHvQVW SkQLUHFDUH
LPSOLF  vQV  DFWXO GH OXDUH GH VFRDWHUH D EXQXOXL GLQ SRVHVLXQHD VDX GHWHQ LXQHD
XQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXSULYDW
8QEXQVHVRFRWHúWHvQVXúLWvQPRPHQWXOvQFDUHI SWXLWRUXOvOLDvQVW SkQLUHúL
SRDWH GLVSXQH GH HO DGLF  SRDWH V O FRQVXPH V O IRORVHDVF  VDX V O
vQVWU LQH]H
ÌQVXúLUHDGHF WUHIDFWRUXOSRúWDODXQRUVXPHGHEDQLUHSUH]HQWkQGSHQVLLúL
DOWHGUHSWXULE QHúWLSHFDUHWUHEXLDV OHDFKLWHGHVWLQDWDULORUFRQVWLWXLHLQIUDF LXQHD
GHGHODSLGDUHLDUQXDFHHDGHJHVWLXQHIUDXGXORDV 
)DSWDLQFXOSDWXOXLLQVSHFWRUGHLPSR]LWHúLWD[HvQFDGUXOXQHLDGPLQLVWUD LL
ILQDQFLDUH GH DúL vQVXúL VXPH GH EDQL GLQ vQFDV ULOH I FXWH vQ DFHDVW  FDOLWDWH
FRQVWLWXLH LQIUDF LXQHD GH GHODSLGDUH úL QX LQIUDF LXQHD GH JHVWLXQH IUDXGXORDV 
GHRDUHFH LQFXOSDWXO DUH FDOLWDWHD GH IXQF LRQDU LDU vQ FDGUXO DWULEX LLORU VDOH GH
VHUYLFLXvLUHYHQHDúLREOLJD LDGHDJHVWLRQDVXPHOHvQFDVDWH*HVWLXQHDIUDXGXORDV 



,RQ2DQFHDRSFLWYRO,,,S

ÌQDFHODúLVHQV76&ROSHQGQU/3QUS

9LUJLO5 PXUHDQXRSFLWYRO,S

,RQ2DQFHDRSFLWYRO,,,S

&6-VSGQUvQ*DEULHO,RQHVFX,RVLI,RQHVFX3UREOHPHGHGUHSWGLQMXULVSUXGHQ D&XU LL
6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS
 
VHFRPLWHGHRULFHSHUVRDQ FHDUHEXQXULvQFRQVHUYDUHVDXDGPLQLVWUDUHQHILLQG
QHFHVDUFDVXELHFWXODFWLYV DLE FDOLWDWHDGHIXQF LRQDU
ÌQVXúLUHDGHVXPHGHEDQLVDXDOWHEXQXULDSDU LQkQGDYXWXOXLSXEOLFGHF WUH
IXQF LRQDUXO FDUH OH JHVWLRQHD]  VDX DGPLQLVWUHD]  FRQVWLWXLH LQIUDF LXQHD GH
GHODSLGDUHúLQXFHDGHJHVWLXQHIUDXGXORDV vQDFHVWGLQXUP FD]QHILLQGQHFHVDU
FD EXQXO V  IDF  SDUWH GLQ DYXWXO SXEOLF LDU VXELHFWXO DFWLY DO LQIUDF LXQLL V  ILH
IXQF LRQDU
Ä)RORVLUHD´ FD PRGDOLWDWH GH VXVWUDJHUH D XQXL EXQ GLQ SRVHVLXQHD VDX
GHWHQ LXQHD XQHL SHUVRDQH MXULGLFH GH GUHSW SXEOLF VDX SULYDW FRQVW  vQWUXQ DFW
LQL LDO GH OXDUH VDX VFRDWHUH D XQXL EXQ GLQ VIHUD SDWULPRQLDO  D XQHL SHUVRDQH
MXULGLFHGHGUHSWSXEOLFVDXSULYDWúLDSRLvQWUXQDFWVXEVHFYHQWGHvQWUHEXLQ DUHD
EXQXOXL VXVWUDV &RQFUHW ÄIRORVLUHD´ XQXL EXQ vQVHDPQ  WUDJHUHD GH IRORDVH GH
H[HPSOX VFRDWHUHD GLQWUXQ PDJD]LQ VDX GHSR]LW D XQHL PDúLQL úL IRORVLUHD HL
VFRDWHUHD XQXL FRVWXP GH KDLQH úL IRORVLUHD OXL ÌQ DFHVW FD] IRORVXO HVWH WUDV ILH
FKLDUGHPDJD]LQHUGHJHVWLRQDUILHGHRDOW SHUVRDQ  UXG SULHWHQ 
6SUHGHRVHELUHGHvQVXúLUHvQFD]XOF UHLDEXQXOOXDWU PkQHODI SWXLWRUvQ
FD]XO IRORVLULL EXQXOXL DFHVWD HVWH UHDGXV vQ XQLWDWHD SXEOLF  VDX SULYDW  ILLQG
YRUEDGHRVFRDWHUHWHPSRUDU DEXQXOXLGLQDFHDXQLWDWH
&RQVWLWXLHGHODSLGDUHSULQIRORVLUHOXDUHDGLQJHVWLXQHDXQXLWHOHYL]RUSHQWUX
DOIRORVLSHQWUXRSHULRDG GHWLPS
Ä7UDILFDUHD´FDPRGDOLWDWHGHUHDOL]DUHDLQIUDF LXQLGHGHODSLGDUHHVWHWRWR
IRUP GHVXVWUDJHUHFDUHFRQVW PDLvQWkLGLQDFWXOGHVFRDWHUHDEXQXOXLGHODR
SHUVRDQ MXULGLF GHGUHSWSXEOLFVDXGHGUHSWSULYDWúLDSRLGLQDFWXOGHWUDILFDUH
GH VSHFXODUH vQ YHGHUHD RE LQHULL XQXL SURILW &D úL vQ FD]XO FHORUODOWH PRGDOLW L
DFHDVW PRGDOLWDWHGHVXVWUDJHUHHVWHH[SULPDW SULQDFWXOVXEVHFYHQWDOÄWUDILF ULL´
VSHFXO ULL  DFW FDUH SUHVXSXQH úL DF LXQHD GH GHSRVHGDUH D XQLW LL SXEOLFH VDX
SULYDWHGHDFHOEXQGHVFRDWHUHDEXQXOXLGHODXQLWDWHDUHVSHFWLY 
6FRDWHUHDEXQXOXLGHODXQLWDWHDSXEOLF VDXSULYDW HVWHúLvQFD]XOWUDILF ULL
WHPSRUDU DGLF SHQWUXWLPSXOFkWDIRVWQHFHVDUVSHFXO ULLGXS FDUHEXQXOHVWH
UHDGXVvQXQLWDWH7UDILFDUHDVHGHRVHEHúWHGHIRORVLUHSULQDFHHDF WUDILFDUHDHVWHR
VSHFXODUH DGLF  R IRORVLUH FDUH DGXFH SURILW SH FkQG IRORVLUHD VDWLVIDFH R QHYRLH
SHUVRQDO úLQXDGXFHXQSURILWH[SULPDWvQEDQLVDXDOWHDYDQWDMH
([LVW GHODSLGDUHSULQWUDILFDUHvQFD]XOvQFDUHPDJD]LRQHUXOvPSUXPXW XQ
EXQGLQJHVWLXQHvQVFKLPEXOXQHLVXPHGHEDQLRULvQLSRWH]DvQFDUHJHVWLRQDUXO
XQXLEXIHWVFRDWHWHPSRUDUVXPHGHEDQLGLQJHVWLXQHSHQWUXDFXPS UDGLQFRPHU 
E XWXUL DOFRROLFH úL D OH YLQGH vQ XQLWDWH OD SUH XO GH GHVIDFHUH vQ XQLW LOH GH
DOLPHQWD LHSXEOLF 
8UPDUHDLPHGLDW $F LXQHDGHVXVWUDJHUHDUHFDXUPDUHLPHGLDW VFRDWHUHD
EXQXOXL GLQ VIHUD SDWULPRQLDO  vQ FDUH VH J VHD úL GHFL GHSRVHGDUHD VDX OLSVLUHD
XQLW LLSXEOLFHVDXSULYDWHGHEXQXOVXVWUDV$FHDVWDvQVHDPQ úLSULFLQXLUHDXQHL
SDJXEHSHUVRDQHLMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDW
ÌQFD]GHGHODSLGDUHFRPLV SULQvQVXúLUHGHEXQXULSHQWUXVWDELOLUHDSDJXEHL
WUHEXLH DYXWH vQ YHGHUH SUH XULOH vQ YLJRDUH OD GDWD V YkUúLULL LQIUDF LXQLL LDU GDF 
HVWH YRUED GH R GHODSLGDUH FRQWLQXDW  GH OD GDWD V YkUúLULL ILHF UHL DF LXQL



&6-VSGQU'UQUS

&6-VSGQU'UQUS

,RQ2DQFHDRSFLWYRO,,,S

76VSGQU5,,S

,RQ2DQFHDRSFLWYRO,,,S

76VSGQU5,,S

76VSGQU55'QUS
 
(YHQWXDOHOH PDMRU UL GH SUH XUL YRU IL DYXWH vQ YHGHUH QXPDL OD VWDELOLUHD
GHVS JXELULORU
'HDVHPHQHDvQFD]XOVXVWUDJHULLXQRUVXPHGHEDQLDXWRUXOGHODSLG ULLYDIL
REOLJDW V  DFRSHUH DWkW SUHMXGLFLXO HIHFWLY FkW úL GREkQGD DIHUHQW  SH GXUDWD GH
WLPSGHODGDWDV YkUúLULLLQIUDF LXQLLúLSkQ ODDFKLWDUHDVXPHLGDWRUDWH
ÌQ FD] GH GHODSLGDUH SULQ IRORVLUH VDX WUDILFDUH SDJXED FRQVW  vQ X]XUD
EXQXOXLSHWLPSXOFkWDIRVWVFRVGLQJHVWLXQHVDXGDF RELHFWXOPDWHULDOHVWHR
VXP GHEDQLvQHFKLYDOHQWXOGREkQ]LLOHJDOHSHGXUDWDIRORVLULLVXPHL
3DJXEHOHSURGXVHSULQLQIUDF LXQLGHGHODSLGDUHFRQFXUHQWHQXVHWRWDOL]HD] 
FLU PkQGHVLQHVW W WRDUH
,PSR]LWHOHSO WLWHODVXPHOHGHODSLGDWHQXSRWILFRQVLGHUDWHFDGHODSLGDWH
'HODSLGDUHDSUHY ]XW vQDUWDOLQ  &SHQDUHFDXUPDUHSURGXFHUHD
XQRUFRQVHFLQ HGHRVHELWGHJUDYH
3ULQ ÄFRQVHFLQ H GHRVHELW GH JUDYH´ vQ VHQVXO OHJLL SHQDOH VH vQ HOHJH R
SDJXE  PDWHULDO  PDL PDUH GH  OHL VDX R SHUWXUEDUH GHRVHELW GH JUDY  D
DFWLYLW LL FDX]DWH XQHL DXWRULW L SXEOLFH LQVWLWX LL SXEOLFH VDX DOWHL SHUVRDQH
MXULGLFHGHGUHSWSXEOLFRULDOWHLSHUVRDQHMXULGLFHVDXIL]LFH 
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V  H[LVWH úL V  ILH GRYHGLW  'DF  GHSRVHGDUHD QX VH GDWRUHD]  XQHL DF LXQL GH
VXVWUDJHUHFLDOWHLFDX]H SLHUGHULLEXQXOXLSHULVDELOLWDWHDOXLIXUWHWF QXSRDWHIL
YRUEDGHOHJ WXU GHFDX]DOLWDWHúLQLFLGHLQIUDF LXQHDGHGHODSLGDUH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH 'HODSLGDUHD VH SRDWH FRPLWH QXPDL FX LQWHQ LH GLUHFW 
VDXLQGLUHFW 
(VWH LQGLIHUHQW GDF  I SWXLWRUXO D V YkUúLW IDSWD SHQWUX VDWLVIDFHUHD XQXL
LQWHUHVSURSULXVDXSHQWUXLQWHUHVXODOWHLSHUVRDQH6FRSXOXUP ULWGHI SWXLWRUHVWH
VDWLVIDFHUHD XQXL LQWHUHV 'H DFHHD H[LVWHQ D DFHVWXL VFRS HVWH SUH]XPDW  LDU
I SWXLWRUXO QX VH SRDWH DS UD VXV LQkQG F  QX D XUP ULW XQ LQWHUHV SURSULX ILLQG
LQGLIHUHQWvQLQWHUHVXOFXLDIRVWV YkUúLW GHODSLGDUHD

)RUPH6DQF LXQL
)RUPH'HODSLGDUHDILLQGRLQIUDF LXQHFRPLVLY FXH[HFX LHOHQW V YkUúLUHD
VDSRDWHWUHFHSULQWRDWHID]HOHGHGHVI úXUDUHDDFWLYLW LLLQIUDF LRQDOH
$FWHOH SUHSDUDWRULL GHúL SRVLELOH QX VXQW vQV  LQFULPLQDWH ÌQ SULQFLSLX
FUHDUHD GH SOXVXUL vQ JHVWLXQH QX FRQVWLWXLH XQ DFW GH H[HFXWDUH D LQIUDF LXQLL GH
GHODSLGDUHFLXQDFWSUHJ WLWRU
([LVW  WHQWDWLY  GH GHODSLGDUH DWXQFL FkQG KRW UkUHD I SWXLWRUXOXL GH D
VXVWUDJH XQ EXQ GH OD R XQLWDWH SXEOLF  VDX SULYDW  D IRVW SXV  vQ H[HFXWDUH GDU
H[HFXWDUHDDIRVWvQWUHUXSW VDXQXúLDSURGXVHIHFWXO
7HQWDWLYDODGHODSLGDUHVHSHGHSVHúWHSRWULYLWDUW&SHQ



76VSGQU55'QUS76VSGQU5,S76VSGQU
&'S76VSGQU5,S

&6-VSGQU5'3QUS

76VSGQU5,,S76VSGQU5,,S

7M2OWGSQU55'QUSFXQRWH,0*HRUJHVFX$O2SURLX,,2&RMRFDUX

 76 VS G QU  55' QU   S  76 VS G QU  55' QU  
S76VSGQU55'QUS

76VSGQU5,,S

,RQ2DQFHDRSFLWYRO,,,S

76VSGQU&'S
 
,QIUDF LXQHD GH GHODSLGDUH VH FRQVXP  vQ PRPHQWXO vQ FDUH H[HFXWDUHD
DF LXQLL GH VXVWUDJHUH D IRVW GXV  SkQ  OD FDS W úL VD SURGXV XUPDUHD LPHGLDW 
DGLF VFRDWHUHDEXQXOXLGLQVIHUDSDWULPRQLDO DSHUVRDQHLMXULGLFHGHGUHSWSXEOLF
VDXSULYDWúLWUHFHUHDOXLvQVW SkQLUHDI SWXLWRUXOXL
(VWH SRVLELO FD DF LXQHD GH VXVWUDJHUH V  VH SUHOXQJHDVF  vQ WLPS GXS 
FRQVXPDUH vQ FD]XO IRORVLULL VDX WUDILF ULL LQIUDF LXQH FRQWLQX  VDX DFWHOH GH
VXVWUDJHUH V  VH UHSHWH LQIUDF LXQH FRQWLQXDW  $OWHRUL HVWH SRVLELO FD XUPDUHD
LPHGLDW  V  VH DJUDYH]H VDX V  L VH DGDXJH R DOW  XUPDUH JHQHUDW  GH DFHHDúL
DF LXQH GH VXVWUDJHUH ÌQ WRDWH DFHVWH FD]XUL LQIUDF LXQHD VH YD VRFRWL HSXL]DW  vQ
PRPHQWXO vQ FDUH VH YD HIHFWXD XOWLPXO DFW DO DF LXQLL GH VXVWUDJHUH VDX vQ FDUH
SURGXFHUHDXUP ULORUVHYDWHUPLQD
,QVWDQ D VXSUHP  D GHFLV F  SHQWUX D VH UH LQH FDUDFWHUXO GH LQIUDF LXQH
FRQWLQXDW DXQHLGHODSLG ULQXHVWHQHFHVDUFDDFWHOHPDWHULDOHUHSHWDWHV YkUúLWHvQ
UHDOL]DUHDDFHOHLDúLUH]ROX LLV ILHGHDFHHDúLQDWXU ±vQVXúLUHIRORVLUHWUDILFDUH±FL
úLGHQDWXU GLIHULW FHULQ DOHJLLILLQGVDWLVI FXW GLQPRPHQWFHILHFDUHDFWvQSDUWH
FRQVWLWXLH R PRGDOLWDWH GH FRPLWHUH D XQHLD úL DFHOHLDúL LQIUDF LXQL DFHHD GH
GHODSLGDUH
6DQF LXQL'HODSLGDUHDvQYDULDQWDWLSVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL
ÌQYDULDQWDDJUDYDW SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOD
GHDQLúLLQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  vQ DPEHOH LSRWH]H GH LQFULPLQDUH VH VDQF LRQHD]  FX
DPHQG GHODODOHL


Ì168ù,5($%818/8,* 6,7

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOHVWHFRQVWLWXLWGLQIDVFLFXOXOGHUHOD LLVRFLDOHSULYLQG
SDWULPRQLXO ± SULYDW VDX SXEOLF ± UHOD LL IRUPDWH SH WHPHLXO EXQHLFUHGLQ H úL DO
DWLWXGLQLL FRUHFWH vQ FD]XULOH DFFLGHQWDOH DOH J VLULL XQXL EXQ SLHUGXW GH R DOW 
SHUVRDQ RULDOHLPSRVHG ULLGLQHURDUHVDXvQPRGIRUWXLWFXEXQXODOWHLSHUVRDQH
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHvQVXúLEXQXOJ VLWGHI SWXLWRURULFDUHD
LQWUDWGLQHURDUHVDXvQPRGIRUWXLWvQSRVHVLDOXLúLFDUHHVWHvQVXúLWGHDFHVWD
%XQ J VLW 3HQWUX D IL ÄJ VLW´ XQ EXQ WUHEXLH QDWXUDO V  ILH PDL vQDLQWH
ÄSLHUGXW´7HRULDúLSUDFWLFDGUHSWXOXLSHQDODXDMXQVvQFRQVHQVODRSLQLDF EXQXO
HVWH ÄSLHUGXW´ vQ VLWXD LD vQ FDUH SHUVRDQD FDUH vO GH LQH D vQWUHUXSW I U  YRLD VD
FRQWDFWXOIL]LF GLUHFW FXDFHVWDÌQWUHUXSHUHDOHJ WXULLPDWHULDOHGLQWUHSHUVRDQ úL
EXQXO V X ± FDUH SRDWH IL PDL VFXUW  RUL PDL vQGHOXQJDW  ± QX HFKLYDOHD]  FX
SLHUGHUHD GUHSWXOXL SH FDUH DFHDVWD vO DYHD DVXSUD EXQXOXL UHVSHFWLY LQGLIHUHQW GH
QDWXUDDFHVWXLGUHSW±GHSURSULHWDWHSRVHVLHGHWHQ LHHWF
1X VD FRQVLGHUDW FD ÄSLHUGXW´ XQ EXQ vQ VLWXD LL GH WLSXO XUP WRU O VDUHD
EDJDMXOXLGLQPkQ SHWLPSXOFkWSHUVRDQDFXPS U FHYDO VDUHDVHUYLHWHLODPDVD
RFXSDW vQWUXQORFDOGHRSHUVRDQ SHFDUHDFHDVWDRS U VHúWHSHQWUXDVHGHSODVD
OD EDU RUL O VDUHD SDOWRQXOXL OD JDUGHURED SXEOLF  QHVXSUDYHJKHDW  GH
JDUGHURELHU VDXO VDUHDSHQWUXVFXUWWLPSDXQXLRELHFWvQWUXQPDJD]LQO VDUHD
SHFkPSVDXvQVSD LLLQWUDYLODQHDS V ULORURULDQLPDOHORUFDUHGXS FHVHKU QHVF


,RQ2DQFHDRSFLWYRO,,,S

76VSGQU55'QUS

76'HFQU5,S

76'HFQULELGHPS
 
RUL VFDOG  DX RELúQXLQ D GH D VH vQWRDUFH VLQJXUH vQ JRVSRG ULH úD ÌQ WRDWH
DVHPHQHD FD]XUL vQVXúLUHD EXQXOXL FRQVWLWXLH LQIUDF LXQHD GH IXUW úL QX DFHHD GH
vQVXúLUHDEXQXOXLJ VLW
$úDGDU ÄEXQ J VLW´ YD IL DFHOD FDUH vQ PRPHQWXO LQWU ULL vQ SRVHVLD DOWHL
SHUVRDQHDYHDvQWUHUXSWFRQWDFWXOFXSHUVRDQDFDUHDSLHUGXWRULXLWDWvQWUXQORF
%XQXODEDQGRQDWvQVHQVXOWH[WXOXLQXFRQVWLWXLHEXQJ VLWúLvQFRQVHFLQ 
vQVW SkQLUHD FX DFHVWD QX DWUDJH U VSXQGHUHD SHUVRDQHL FDUH D SUHOXDW SHQWUX
LQIUDF LXQHDSUHY ]XW vQDUWÌQHYHQWXDOLWDWHDF SHUVRDQDFDUHJ VHúWHEXQXO
HVWHvQGXELXFXSULYLUHODVLWXD LDOXLMXULGLF ±EXQDEDQGRQDWVDXSLHUGXW±GXELXO
SURILW DFHVWHLDH[FOX]kQGXGHDVHPHQHDGHODU VSXQGHUHSHQDO 
%XQDMXQVGLQHURDUHVDXvQPRGIRUWXLWvQSRVHVLDI SWXLWRUXOXL2DVHPHQHD
LSRWH]  HVWH vQWkOQLW  vQ FD]XO vQ FDUH R SHUVRDQ  UHPLWH EXQXO GLQWUR FRQIX]LH
HURDUH XQHLDOWHSHUVRDQHGHFkWDFHHDF UHLDvLHUDDGUHVDWHYLGHQWúLSULPLWRUXO
ILLQGvQWURVWDUHFRQIX]LRQDO 
(VWHGHFLHVHQ LDOGHUH LQXWvQFD]XODFHVWHLLSRWH]HQRUPDWLYHF DWLWXGLQHD
SVLKLF DDPELORUVXELHF L±SUHG WRUXOúLSULPLWRUXOEXQXOXL±VHFDUDFWHUL]HD] SULQ
HURDUH ÌQ LSRWH]D F  SULPLWRUXO EXQXOXL QX VD DIODW vQWUR DVWIHO GH HURDUH IDSWD
DFHVWXLDYDFRQVWLWXLLQIUDF LXQHDGHIXUW
'HDVHPHQHDEXQXOSRDWHDMXQJHvQSRVHVLDI SWXLWRUXOXLGLQFDX]DVLQJXODUHL
VDOHHURUL±VSUHH[HPSOXGLQSULFLQDvQWXQHULFXOXLRULVW ULLGHHEULHWDWHI SWXLWRUXO
LDGHODUDVWHOXOGLQID DEXIHWXOXLRDOW ELFLFOHW GHFkWDVD
$XWRULW L7H[WXOQXDSUHFL]DWQDWXUDDXWRULW LLF UHLDXUPHD] DLVHSUHGD
EXQXO J VLWLDUWHRULDúLSUDFWLFDvQPDWHULHDXLQWHUSUHWDWFRQFHSWXOvQVHQVXOV X
ODUJ ± GH LQVWLWX LH SXEOLF  LQGLIHUHQW F UHL SXWHUL D VWDWXOXL vL HVWH LQWHJUDW  6D
UHIX]DW FX VIkQW  GUHSWDWH LQWHUSUHWDUHD UHVWULFWLY  D FRQFHSWXOXL ± GH SLOG  GRDU
DXWRULWDWHDSROL LHQHDVF ±SHQWUXDQXVHLQWHUYHUWLLQMXVWEXQDFUHGLQ DúLLQWHQ LH
DSHUVRDQHLFDUHJ VHúWHúLSUHG XQEXQFkWúLSHQWUXF SULQDMXQJHUHDEXQXOXLOD
RULFDUH LQVWLWX LH SXEOLF  VH IDFLOLWHD]  WUDQVPLWHUHD DFHVWXLD OD DXWRULWDWHD
FRPSHWHQW V LGHQWLILFHSHUVRDQDFDUHDSLHUGXW

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU HVWHQHGHWHUPLQDWGHWH[WHOSXWkQGILSULQ
XUPDUHRULFDUHSHUVRDQ 
3HUVRDQD MXULGLF  SRDWH IL VXELHFW DFWLY DO DFHVWHL LQIUDF LXQL vQ FRQGL LLOH
DUW&SHQ
3DUWLFLSD LD SHQDO  OD V YkUúLUHD DFHVWHL LQIUDF LXQL HVWH SRVLELO  vQ WRDWH
IRUPHOH ± FRDXWRUDW EXQXO HVWH J VLW GH GRX  VDX PDL PXOWH SHUVRDQH  LQVWLJDUH
SHUVRDQD GHWHUPLQ  SH DFHHD FDUH D J VLW EXQXO V  QX vO SUHGHD  FRPSOLFLWDWH
SHUVRDQDDMXW DXWRUXOLQIUDF LXQLLV YDORULILFHEXQXO 
6XELHFWXOSDVLYHVWHvQV FLUFXPVWDQ LDWHOHVWHQXPDLDFHDSHUVRDQ ±IL]LF 
VDX MXULGLF  ± FDUH D SLHUGXW EXQXO RUL DO F UHL EXQ D DMXQV GLQ HURDUH vQ SRVHVLD
I SWXLWRUXOXL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL FRQVW  GLQWUR LQDF LXQH GH D QX SUHGD
EXQXO  RUL GLQWUR DF LXQH GH vQVXúLUH D EXQXOXL VDX GH GLVSXQHUH SH QHGUHSW GH
EXQ±VLWXD LLFDUHVXQWvQJUDGHFKLYDOHQW 
,QIUDF LXQHDSRWULYLWWH[WXOXLDUWGLQ&RGXOSHQDOVHUHDOL]HD] vQGRX 
PRGDOLW L


76'HFQULELGHPS

7M%LKRU'HFQU5,,,S
 
D 3ULPD PRGDOLWDWH VH DGUHVHD]  VLWXD LHL SUHPL]  vQ FDUH EXQXO HVWH J VLW
VLWXD LHSHFDUHVHJUHYHD] LQDF LXQHD±GHQHSUHGDUHDEXQXOXL±RULDF LXQHD±GH
GLVSXQHUHGHDFHOEXQ
7HUPHQXO DFRUGDW GH OHJH SHUVRDQHL FDUH D J VLW XQ EXQ SHQWUX DO SUHGD ±
DXWRULW LORU VDX FHOXL FDUH D SLHUGXW ± HVWH GH  ]LOH $FHVW WHUPHQ FXUJH
vQFHSkQG GLQ PRPHQWXO J VLULL EXQXOXL 7HUPHQXO GH  ]LOH QX HVWH XQ WHUPHQ
SURFHGXUDO FL GH GUHSW SHQDO SULQ XUPDUH HO VH FDOFXOHD]  SRWULYLW GLVSR]L LLORU
FXSULQVH vQ DUW  & SHQ ÌQ FD]XO FkQG WHUPHQXO VH vPSOLQHúWH vQWUR ]L
QHOXFU WRDUH SHQWUX DXWRULW LOH SXEOLFH SHUVRDQD FDUH D J VLW EXQXO SHQWUX D IL
H[RQHUDW  GH U VSXQGHUH SHQDO  WUHEXLH V O SUHGHD vQ ]LXD XUP WRDUH /D
H[SLUDUHD WHUPHQXOXL GH  ]LOH ± vQO XQWUXO F UXLD I SWXLWRUXO DYHD REOLJD LD V 
SUHGHDEXQXOJ VLW±VHQDúWHSUH]XP LDOHJDO GHvQVXúLUHDDFHVWXLD
7H[WXOSUHYHGHúLDGRXDDOWHUQDWLY GHUHDOL]DUHDLQIUDF LXQLLúLDQXPHDFHHD
vQFDUHI SWXLWRUXOGLVSXQHGHEXQXOJ VLW±FDúLFXPDUILDOV X±DF LXQHFHVH
SRDWHHIHFWXDFKLDUúLvQDLQWHGHH[SLUDUHDWHUPHQXOXLGHJUD LH±]LOH±DFRUGDW
GH OHJLXLWRU ÌQ DFHVW FD] DO GLVSXQHULL GH EXQ IDSWD VH FRQVXP  vQ PRPHQWXO vQ
FDUHI SWXLWRUXODUHFXUVODDFWXOGHGLVSR]L LH
E$GRXDPRGDOLWDWHQRUPDWLY DUHvQYHGHUHVLWXD LDSUHPLV vQFDUHEXQXO
XQHLSHUVRDQHDLQWUDWGLQHURDUHVDXvQPRGIRUWXLWvQSRVHVLDI SWXLWRUXOXL±HURDUH
FH YD GLVWRUVLRQD úL LPDJLQHD SUHG WRUXOXL úL LPDJLQHD SULPLWRUXOXL ± VLWXD LH SH
FDUHVHJUHYHD] ILHDF LXQHD±GHvQVXúLUHSHQHGUHSWDEXQXOXL±ILHLQDF LXQHD±
GHQHSUHGDUHDDFHVWXLD
$F LXQHDGHvQVXúLUHSHQHGUHSWDEXQXOXLLQWUDWGLQHURDUHVDXvQPRGIRUWXLW
vQSRVHVLDI SWXLWRUXOXL±DOLQ  ±VHH[SULP LGHQWLFFXDF LXQHDGHGLVSXQHUHGH
EXQFDúLFXPDUILDOV X±DOLQ  ±PDLVXVH[SOLFDW 
'H DVHPHQHD úL LQDF LXQHD ± GH QHSUHGDUH D EXQXOXL SUHOXDW GLQ HURDUH GH
I SWXLWRU±VHUHDOL]HD] LGHQWLFFXDFHHDH[DPLQDW ODSULPDPRGDOLWDWHQRUPDWLY 
úLvQDFHODúLWHUPHQ±GH]LOH
&HHDFHHVWHHVHQ LDOGHUH LQXWvQOHJ WXU FXDGRXDPRGDOLWDWHQRUPDWLY D
LQIUDF LXQLL ± úL FDUH R úL GHRVHEHúWH GH SULPD ± HVWH F  IDSWD ± GH vQVXúLUH SH
QHGUHSWDEXQXOXLRULGHQHSUHGDUHDDFHVWXLD±LQWU VXELQFLGHQ DOHJLLSHQDOHGRDU
GXS FHI SWXLWRUXODLHúLWGLQVWDUHDFRQIX]LRQDO FXSULYLUHODDSDUWHQHQ DEXQXOXL
DGLF  vQFHSkQG GLQ PRPHQWXO FkQG HO D UHDOL]DW F  D DMXQV GLQWUR JUHúHDO  vQ
SRVHVLDOXLúLF GHFLEXQXODSDU LQHDOWHLSHUVRDQH
8UPDUHD LPHGLDW  D DF LXQLL ± LQDF LXQLL FRQVW  vQ WUHFHUHD EXQXOXL vQ
VW SkQLUHD QHGUHDSW  D I SWXLWRUXOXL úL FRUHODWLY OLSVLUHD YLFWLPHL GH SRVLELOLWDWHD
GH DúL H[HUFLWD GUHSWXULOH DVXSUD EXQXOXL LDU SH FDOH GH FRQVHFLQ  ± SURYRFDUHD
XQXLSUHMXGLFLXPDWHULDO
/HJ WXUDGHFDX]DOLWDWHGLQWUHDF LXQHLQDF LXQHúLFRQVHFLQ DSURGXV UH]XOW 
GLQvQV úLPDWHULDOLWDWHDIDSWHL

/DWXUDVXELHFWLY 
,QIUDF LXQHD VH V YkUúHúWH QXPDL FX LQWHQ LH ± GLUHFW  RUL LQGLUHFW  ± ILLQG
H[FOXV FXOSDDúDFXPGHMDDPVSXVRFDIRUP DYLQRY LHL
3HQWUXVDWLVIDFHUHDHOHPHQWXOXLVXELHFWLYDOLQIUDF LXQLLGHvQVXúLUHDEXQXOXL
J VLW±vQSDJXEDSDWULPRQLXOXLSULYDWRULDSDWULPRQLXOXLSXEOLF±HVWHQHFHVDUFD
I SWXLWRUXOV DLE UHSUH]HQWDUHDF EXQXOJ VLWRULGXS FD]LQWUDWGLQHURDUHVDX


&%XODL$)LOLSDú&0LWUDFKHHGFLWS

Ä3HQWUXRSLQLDFRQWUDU ±SRWULYLWF UHLDLQIUDF LXQHDvQPRGDOLWDWHDSUHY ]XW vQDOLQ  VHSRDWHUHDOL]D
QXPDLSULQDF LXQHDGHvQVXúLUHSHQHGUHSWDEXQXOXLQXúLSULQLQDF LXQHDGHQHSUHGDUHDDFHVWXLD±DVHYHGHD
9'RQJRUR]úLFRO([SOLFD LLWHRUHWLFHDOH&RGXOXLSHQDOHGLWFLWYRO,,,S
 
vQPRGIRUWXLWvQSRVHVLDVDDDSDU LQXWXQXLDVDXDOWXLDGLQWUHFHOHGRX WLSXULGH
SDWULPRQLX
1X LQWHUHVHD]  SHQWUX UHDOL]DUHD LQIUDF LXQLL VFRSXO XUP ULW GH I SWXLWRU úL
QLFLPRELOXOFHDDQLPDW

)RUPH0RGDOLW L6DQF LXQL
)RUPH 7HQWDWLYD QX HVWH VDQF LRQDW  GH WH[W LDU FRQVXPDUHD LQIUDF LXQLL
VXUYLQHvQPRPHQWXOH[SLU ULLWHUPHQXOXLGH]LOHvQFDUHI SWXLWRUXOSRDWHSUHGD
EXQXOUHVSHFWLYvQPRPHQWXOGLVSXQHULLGHEXQVDXvQVXúLULLOXLSHQHGUHSW
6DQF LXQL,QIUDF LXQHDvQDPEHOHVDOHYDULDQWHHVWHSHGHSVLW FXvQFKLVRDUH
GHODROXQ ODOXQLVDXFXDPHQG 
3HUVRDQDMXULGLF VHVDQF LRQHD] FXDPHQG GHODODOHL


',6758*(5($

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH GH RUGLQ
SDWULPRQLDO UHIHULWRDUH OD RFURWLUHD EXQXULORU VXE DVSHFWXO LQWHJULW LL úLVDX
vQVXúLULORUDFHVWRUDQHFHVDUHVSUHDILXWLOL]DWH
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHEXQXO±PRELOVDXLPRELO±DSDU LQkQG
DOWHL SHUVRDQH ± IL]LFH RUL MXULGLFH VDX vQVXúL DXWRUXOXL LQIUDF LXQLL vQ FD]XULOH
SUHY ]XWH GH WH[W ± úL FDUH HVWH HIHFWLY GLVWUXV GHJUDGDW RUL DGXV vQ VWDUH GH
QHvQWUHEXLQ DUHSULQIDSWDFRPLV 

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  QX D IRVW FLUFXPVWDQ LDW GH WH[W DúDGDU HO
SRDWHILRULFDUHSHUVRDQ (VWHvQV GHREVHUYDWF vQYDULDQWHOHQRUPDWLYHDJUDYDWH
SUHY ]XWH GH DOLQ     úL   VXELHFW DFWLY SRDWH IL FKLDU SURSULHWDUXO EXQXOXL
GLVWUXV
6XELHFWDFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH HL ± FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
6XELHFWXOSDVLYHVWHSHUVRDQDIL]LF VDXMXULGLF F UHLDvLDSDU LQHEXQXOGLVWUXV
GHJUDGDWRULDGXVvQVWDUHGHQHvQWUHEXLQ DUHSULQIDSWDDXWRUXOXLLQIUDF LXQLL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH H[SULP  GH UHJXO  SULQWUR DF LXQH úL
PDLUDUSULQWURLQDF LXQHvQXUPDF URUDVHDGXFHDWLQJHUHLQWHJULW LLPDWHULDOHD
XQXLEXQ
$FHVWHDF LXQLLQDF LXQLSRWILDúDFXPVHSUHYHGHvQDOLQ  DOWH[WXOXLGH
D  GLVWUXJHUH E  GHJUDGDUH úL F  DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ
DSDU LQkQG DOWHL SHUVRDQH VDX G  vPSLHGLFDUHD OX ULL P VXULORU GH FRQVHUYDUH RUL
VDOYDUHDXQXLEXQúLH vQO WXUDUHDP VXULORUGHFRQVHUYDUHVDXVDOYDUHDXQXLEXQ
DODOWHLSHUVRDQH
'LVWUXJHUH (VWH DF LXQHD SXUWDW  vPSRWULYD XQXL EXQ vQ XUPD F UXLD DFHVWD
HVWH GH]LQWHJUDW QLPLFLW G UkPDW UXLQDW LDU DWXQFL FkQG VH vQGUHDSW  vPSRWULYD
DQLPDOHORUFRQVHFLQ DFRQVW vQXFLGHUHDVDXLQILUPL]DUHDDFHVWRUD'HSLOG SULQ



76'HFQU5,S
 
Q UXLUHDSLORQLORUGHUH]LVWHQ DLXQXLSRGHIHFWDODF LXQLLGHPLQDUHDDFHVWRUD
SRGXOHVWHGLVWUXV
3ULQ GHJUDGDUH VH vQ HOHJH DFHD DF LXQH vQGUHSWDW  vPSRWULYD XQXL EXQ vQ
XUPD F UXLD DFHVWD SLHUGH XQD VDX PDL PXOWH GLQ FDOLW LOH VDOH HVWH GHWHULRUDW
VWULFDWÌQH[HPSOXODQWHULRUGHWHULRUDUHDVXSUDIH HLGHUXODUHSULQSURYRFDUHDXQRU
VS UWXULvQDFHDVWDYDGHWHUPLQDGHJUDGDUHDSRGXOXL6SUHGHRVHELUHGHSULPXOFD]
vQ FDUH SRGXO YD WUHEXL UHFRQVWUXLW vQ DFHVW FD] VXQW vQGHVWXO WRDUH OXFU UL GH
UHSDUD LH
6LQWDJPDDGXFHUHvQVWDUHGHQHvQWUHEXLQ DUHYL]HD] FXSUHF GHUHDVSHFWXO
IXQF LRQDODOEXQXOXLDGLF DFHDDF LXQHSULQFDUHEXQXOGHYLQHLPSURSULXIRORVLULL
SRWULYLW GHVWLQD LHL VDOH I U  D SURYRFD GLVWUXJHUHD VDX GHJUDGDUHD DFHVWXLD ÌQ
H[HPSOXO GH PDL VXV HVWH VXILFLHQW  VXVWUDJHUHD EXORDQHORU GH IL[DUH D VXSUDIH HL
GH UXODUH SH VWUXFWXUD SRGXOXL SHQWUX FD DFHVWD V  GHYLQ  LQXWLOL]DELO GDWRULW 
Y GLWHLLQVHFXULW LSHQWUXFLUFXOD LDYHKLFXOHORU
ÌPSLHGLFDUHD OX ULL P VXULORU GH FRQVHUYDUH RUL GH VDOYDUH D EXQXOXL 3ULQ
DFHDVW IRUPXODUHWUHEXLHvQ HOHVHDFHOHDF LXQLGHREVWUXF LRQDUHDDFWLYLW LLXQRU
SHUVRDQH ± GHVI úXUDW  LQGLYLGXDO RUL vQ FDGUXO XQRU HFKLSH GH LQWHUYHQ LH DOH
VHUYLFLLORU SXEOLFH ± PHQLWH D SUHYHQL GLVWUXJHUHD XQXL EXQ VDX GH D vQO WXUD
SHULFROXOHIHFWLYGLVWUXJ WRUFDUHSODQHD] DVXSUDEXQXOXL ] G UQLFLUHDDF LXQLLGH
FRQVROLGDUH D XQXL LPRELO DYDULDW GH WUHFHUHD WLPSXOXL RUL GH FXWUHPXU ± VDX D
DF LXQLL GH vQO WXUDUHD XQHL DYDULL OD R VRQG  RUL PLQ  VDX GLJ RUL D DF LXQLL GH
VWLQJHUHDXQXLLQFHQGLX 
ÌQO WXUDUHDP VXULORUGHFRQVHUYDUHVDXVDOYDUHDEXQXOXL6HvQ HOHJDFHOH
DF LXQL vQWUHSULQVH GH I SWXLWRU SHQWUX D DQLKLOD RUL D IDFH LQHILFLHQWH P VXULOH GH
WLSXO FHORU PHQ LRQDWH DQWHULRU ± vQO WXUDUHD VXGXULL DSOLFDWH SH FRQGXFWD VSDUW 
GH]JURSDUHDJXULLGHSX SULQFDUHVRQGDHUXSHDQHFRQWURODWúD
%XQXO DUH R GHRVHELW  YDORDUH DUWLVWLF  úWLLQ LILF  LVWRULF  DUKLYLVWLF 
%XQXULOH PRELOH GH DVHPHQHD YDORUL VXQW FHOH FXSULQVH vQ SDWULPRQLXO FXOWXUDO
PRELOLDUEXQXULOHLPRELOHFXYDORULLGHQWLFHVXQWFHOHFXSULQVHvQSDWULPRQLXO
FXOWXUDOQD LRQDO
ÌQDOLQ  HVWHSUHY ]XW IRUPDDJUDYDW DIDSWHLGHGLVWUXJHUHGHJUDGDUHRUL
DGXFHUHvQVWDUHGHQHvQWUHEXLQ DUHDXQHLFRQGXFWHSHWUROLHUHVDXGHJD]HDXQXL
FDEOXGHvQDOW WHQVLXQHDHFKLSDPHQWHORUúLLQVWDOD LLORUGHWHOHFRPXQLFD LLVDX
SHQWUXGLIX]DUHDSURJUDPHORUGHUDGLRúLWHOHYL]LXQHRULDVLVWHPHORUGHDOLPHQWDUH
FXDS úLDFRQGXFWHORUPDJLVWUDOHGHDOLPHQWDUHFXDS 3HULFROXOPDMRU±SHQWUX
LQGLYL]L úL VRFLHWDWH ± GHJDMDW SULQ GLVWUXJHUHD XQRU DVHPHQHD EXQXUL DSDUH GH
RUGLQXOHYLGHQ HL
ÌQVIkUúLWDOLQ  SUHYHGHvQIRUP DJUDYDW IDSWDGHGLVWUXJHUHDXQXLEXQ
SULQ DF LXQL GH LQFHQGLHUH H[SOR]LH RUL DOWH DF LXQL GH DFHVW WLS SUHWLQ]kQG
FRQFRPLWHQWSURGXFHUHDXQXLSHULFROSXEOLFvQXUPDIRORVLULLDFHVWRUPLMORDFH
3ULQÄSHULFROSXEOLF´WUHEXLHV VHvQ HOHDJ DFHDSULPHMGLHFDUHDPHQLQ R
FROHFWLYLWDWHGHSHUVRDQHVDXúLEXQXUL
ÌQ OHJ WXU  FX PRGXO GH UHGDFWDUH D WH[WXOXL HVWH GH REVHUYDW úL UH LQXW
FDUDFWHUXOHQXQ LDWLY H[SOLFDWLY ±úLQXH[KDXVWLY OLPLWDWLY ±SULQFDUHOHJLXLWRUXO
D GHQXPLW PLMORDFHOH SHULFXORDVH IRORVLWH GH DXWRU SHQWUX GLVWUXJHUHD EXQXOXL ÌQ


&6-'HFQU%-S

/HJHDQUSULYLQGSURWHMDUHDSDWULPRQLXOXLFXOWXUDOQD LRQDOPRELOSXEOLFDW vQ02IQUGLQ


 2* QU  SULYLQG SURWHMDUHD SDWULPRQLXOXL FXOWXUDO QD LRQDO FRPSOHWDW  úL DSUREDW  SULQ /HJHD
QUSXEOLFDW vQ02IQUOGLQ

7M+XQHGRDUD'HFQU5,,S
 
FRQVHFLQ PDJLVWUDWXOSRDWHFRQVWDWDvQFD]XOLQVWUXPHQWDWF úLÄDOWHPLMORDFH´±
DLGRPD LQFHQGLLORU úL H[SOR]LLORU ± SUH]LQW  R vQF UF WXU  GH SHULFRO DSURSLDW  GH
FHOHH[SUHVHQXQ DWHvQWH[W
&HULQ DWH[WXOXLGHDUH]XOWDSHULFROSXEOLFHVWHVDWLVI FXW vQLSRWH]DGHSLOG D
XQHL DF LXQL GH EUDFRQDUH FX VXEVWDQ H SXWHUQLF WR[LFH vQWUXFkW FRQFRPLWHQW
RPRUkULL SHúWLORU GLQ DFHD ]RQ  HVWH SROXDW  DSD SH R vQWLQGHUH vQVHPQDW  VDX D
LQFHQGLHULLXQXLDSDUWDPHQWGLQVWUXFWXUDXQXLLPRELOFXPDLPXOWHDSDUWDPHQWH
6SUHGHRVHELUHGHPRGDOLWDWHDWLSSUHY ]XW vQDOLQ O ±ODFDUHEXQXOGLVWUXV
DSDU LQH vQWRWGHDXQD DOWHL SHUVRDQH ± OD PRGDOLW LOH DJUDYDWH SUHY ]XWH vQ DOLQ
    úL   EXQXO OD D F UXL LQWHJULWDWH VH DWHQWHD]  SRDWH IL FKLDU DO DXWRUXOXL
LQIUDF LXQLL 5D LXQHD SHQWUX FDUH VD vQFULPLQDW úL IDSWD GH GLVWUXJHUH D XQXL EXQ
SURSULX HVWH F  SULQ GLVSDUL LD XQXL EXQ GH YDORDUH RUL GH vQVHPQ WDWH SHQWUX
FROHFWLYLWDWH ± úL QX QXPDL SHQWUX SURSULHWDU ± VDX SULQ GLVWUXJHUHD DFHVWXLD FX
PLMORDFHFHFUHHD] HIHFWLYSHULFROSXEOLFVXQWDIHFWDWHLQWHUHVHOHOHJLWLPHDOHXQXL
QXP ULQGHWHUPLQDWGHSHUVRDQH
8UPDUHDLPHGLDW DLQIUDF LXQLLFRQVW vQGLVWUXJHUHDGHJUDGDUHDRULDGXFHUHDvQ
VWDUHGHQHvQWUHEXLQ DUHDXQXLEXQDIODWvQSDWULPRQLXOSXEOLFRULSULYDW
3HQWUXUHDOL]DUHDODWXULLRELHFWLYHDLQIUDF LXQLLHVWHQHFHVDUV VHVWDELOHDVF 
OHJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHDLQDF LXQHD I SWXLWRUXOXL úL FRQVHFLQ D
SURGXV FDUHHVWHDFHHDGHDIHFWDUHDLQWHJULW LLEXQXOXL

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH D LQIUDF LXQLL SUHY ]XWH vQ DUW  GLQ &RGXO SHQDO VH
H[SULP  H[FOXVLY SULQ LQWHQ LH vQ DPEHOH HL PRGDOLW L ± GLUHFW  úL LQGLUHFW 
6 YkUúLW GLQFXOS IDSWDFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW&RGXOSHQDO
1XSUH]LQW LQWHUHVSHQWUXUHDOL]DUHDLQIUDF LXQLLHOHPHQWHOHVFRSúLPRELO
)RUPH6DQF LXQL
)RUPH 7HQWDWLYD OD LQIUDF LXQHD GH GLVWUXJHUH VH SHGHSVHúWH GH OHJH ±
DUW&SHQ
&RQVXPDUHD LQIUDF LXQLL VXUYLQH vQ PRPHQWXO vQ FDUH VH SURGXFH GLVWUXJHUHD
EXQXOXL GHJUDGDUHD VDX DGXFHUHD DFHVWXLD vQ VWDUH GH QHvQWUHEXLQ DUH FD HIHFW DO
RULF UHLD GLQWUH DF LXQLOH FH DOF WXLHVF HOHPHQWXO PDWHULDO ÌQ DEVHQ D XQHL SDJXEH
HIHFWLYHSURYRFDWHGHDF LXQHD±LQDF LXQHDDXWRUXOXLLQIUDF LXQHDQXHVWHFRQVXPDW 
SXWkQGILHYHQWXDODQDOL]DW SULQSULVPDIRUPHLVDOHLPSHUIHFWH±WHQWDWLYD
6DQF LXQL )DSWD V YkUúLW  vQ IRUPD WLS ± DOLQ   ± HVWH SHGHSVLW  FX
vQFKLVRDUHGHODROXQ ODOXQLVDXDPHQG 
ÌQFD]XOPRGDOLW LORUDJUDYDWHUHJOHPHQWDWHvQDOLQ  úL  SHGHDSVDHVWH
vQFKLVRDUHD GH OD XQ DQ OD  DQL LDU OD DFHHD GLQ DOLQ   VDQF LXQHD HVWH
vQFKLVRDUHDGHODDQLODDQL
3HUVRDQDMXULGLF VHVDQF LRQHD] vQFD]XOIDSWHORUSUHY ]XWHvQDOLQ    
FX DPHQGD GH OD  OD  OHL LDU vQ FD]XO DJUDYDQWHL GLQ DOLQ   FX
DPHQGDGHODODOHL


',6758*(5($&$/,),&$7 

'XS  FXP VH SRDWH VHVL]D FX XúXULQ  FKLDU úL QXPDL SULQ FLWLUHD WLWOXOXL
LQIUDF LXQLLGLVWUXJHUHDFDOLILFDW HVWHRIRUP DJUDYDW DLQIUDF LXQLLGHGLVWUXJHUH
SUHY ]XW vQDUW&RGSHQDO


76'HFQUO5,,,S

7M&RQVWDQ D'HFQU5,,S
 
'HRVHELUHD GLQWUH FHOH GRX  LQIUDF LXQL UH]LG  vQ SULQFLSDO vQ XUP ULOH
FRQVHFLQ HOH  SURYRFDWH SULQ IDSWD SHQDO  XUP UL FDUH vQ FD]XO LQIUDF LXQLL GH
GLVWUXJHUHFDOLILFDW VXQWILHÄGHRVHELWGHJUDYH´ILHFRQVWDXvQWUXQÄGH]DVWUX´
ÌQDIDUDDFHVWHLGHRVHELULSULQFLSDOHvQWUHLQIUDF LXQLOHFRPSDUDWLYH[DPLQDWH
PDLDSDUGHRVHELULvQFHSULYHúWHODWXUDVXELHFWLY úLUHJLPXOVDQF LRQDWRU
5H LQkQGF WRDWHH[SOLFD LLOHRIHULWHODLQIUDF LXQHDGHGLVWUXJHUHvúLS VWUHD] 
YDODELOLWDWHD OD LQIUDF LXQHD GH GLVWUXJHUH FDOLILFDW  QH YRP FDQWRQD GRDU vQ
DVSHFWHOHSDUWLFXODUHDOHDFHVWHLD

/DWXUDRELHFWLY 
8UPDUHDLPHGLDW FRQVW DOWHUQDWLYvQ
D 3URGXFHUHD GH ÄFRQVHFLQ H GHRVHELW GH JUDYH´ ÌQ OHJ WXU  FX DFHDVW 
SULP PRGDOLWDWHvQFDUHVHH[SULP XUPDUHDLPHGLDW ±DVHYHGHDDUW
E'H]DVWUX&RQFHSWXOHVWHGHILQLWvQDOLQ  DODUW&SHQ/LPSH]LPHD
HQXQ XOXL IDFH LQXWLO RULFH DGDXV GH H[SOLFD LL 6H FXYLQH D VXEOLQLD F  SHQWUX D
FDOLILFD XQ HYHQLPHQW FD ÄGH]DVWUX´ HVWH QHFHVDU  SURGXFHUHD DPEHORU WLSXUL GH
FRQVHFLQ HPHQ LRQDWHGHWH[W±GHFLFRQVHFLQ HOHVXQWFXPXODWLYH±UHVSHFWLY
E  GLVWUXJHUHD VDX GHJUDGDUHD XQRU PLMORDFH GH WUDQVSRUW vQ FRPXQ GH
P UIXULVDXSHUVRDQHRULDXQRULQVWDOD LLVDXOXFU ULDIODWHvQSDWULPRQLXOSULYDWVDX
SXEOLFúL
E  PRDUWHD VDX Y W PDUHD JUDY  D LQWHJULW LL FRUSRUDOH RUL V Q W LL PDL
PXOWRUSHUVRDQH

/DWXUDVXELHFWLY 
(OHPHQWXOVXELHFWLYDOLQIUDF LXQLLGHGLVWUXJHUHFDOLILFDW HVWHFRPSOH[)DSWD
GHGLVWUXJHUHHVWHFRPLV HYLGHQWFXLQWHQ LH±GLUHFW RULLQGLUHFW ±GDUSR]L LD
DXWRUXOXLvQFHSULYHúWHFRQVHFLQ HOHDFHVWHLD±GHRVHELWGHJUDYHRULGH]DVWUX±VH
FDUDFWHUL]HD] SULQFXOS 
$úDGDU IRUPD GH YLQRY LH OD LQIUDF LXQHD GH GLVWUXJHUH FDOLILFDW  HVWH
SUDHWHULQWHQ LD
6DQF LXQL &RQVHFLQ HOH GHRVHELW GH SHULFXORDVH SHQWUX VRFLHWDWH LPSXQ XQ
WUDWDPHQW VDQF LRQDWRU PDL DVSUX $VWIHO vQ FD]XO vQ FDUH LQIUDF LXQHD DUH
FRQVHFLQ H GHRVHELW GH JUDYH SHGHDSVD HVWH vQFKLVRDUHD GH OD  OD  GH DQL úL
LQWHU]LFHUHD XQRU GUHSWXUL LDU GDF  XUPDUHD DFHVWHLD FRQVW  vQWUXQ GH]DVWUX
SHGHDSVD HVWH GHWHQ LXQHD SH YLD  VDX vQFKLVRDUHD GH OD  OD  GH DQL úL
LQWHU]LFHUHDXQRUGUHSWXUL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


',6758*(5($',1&8/3 

$QDOL]DLQIUDF LXQLLGHGLVWUXJHUHGLQFXOS QXLPSOLF H[SOLFD LLQLFLDPSOHúL
QLFL VSHFLDOH GHRDUHFH DFHDVWD FRUHVSXQGH ± VXE UDSRUWXO DF LXQLORULQDF LXQLORU
SULQFDUHHVWHvQI SWXLWFkWúLDOXUP ULORU FRQVHFLQ HORU SURYRFDWH±FRQ LQXWXOXL
LQIUDF LXQLORUGHGLVWUXJHUH SUHY ]XW GHDUW&SHQ UHVSHFWLYGHGLVWUXJHUH
FDOLILFDW  SUHY ]XW  GH DUW  & SHQ  &HHD FH R SDUWLFXODUL]HD]  ID  GH
SUHFHGHQWHOHLQIUDF LXQLGHGLVWUXJHUHHVWHIRUPDGHYLQRY LHSULQFDUHVHH[SULP 
DWLWXGLQHDDXWRUXOXLIDSWHLúLDQXPH±FXOSDF FLDFHDVWDHVWHvQVXPDW FDWHJRULHL
GHLQIUDF LXQLSDWULPRQLDOHV YkUúLWHI U GHLQWHQ LHGHOLFWXDO 

 
ùL WRWXúL VXQW XQHOH DVSHFWH DOH LQIUDF LXQLL GH GLVWUXJHUH GLQ FXOS  FH VH
LPSXQ D IL HYLGHQ LDWH FHO SX LQ SHQWUX D QX IL RPLVH REVHUY ULL úL H[DPLQ ULL vQ
SURFHVXOGHDSOLFDUHvQFRQFUHWDDFHVWRUGLVSR]L LLOHJDOH

/DWXUDRELHFWLY 
6LPLOLWXGLQHD WH[WHORU ± FX XúRDUH QXDQ H GH SDUWLFXODU ± HVWH HYLGHQW  vQV 
VWUXFWXUDUHDWH[WHORUDSDUHDVLPHWULF ID GHPRGHOHOHDQWHULRDUHDVWIHO
'LVSR]L LLOHFXSULQVHvQDUWDOLQ  &SHQFRUHVSXQGDFHORUDGLQDUW
 DOLQ   úL   & SHQ DGLF  HVWH vQFULPLQDW  IDSWD FXOSRDV  GH GLVWUXJHUH
GHJUDGDUH RUL DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ FKLDU GDF  DSDU LQH
I SWXLWRUXOXL ± vQ FD]XO vQ FDUH EXQXO HVWH DIHFWDW vQ XUPD XQXL LQFHQGLX XQHL
H[SOR]LL RUL XQXL DOW DVHPHQHD PLMORF ± FX FRQGL LD FXPXODWLY  D SURGXFHULL
SHULFROXOXLSXEOLF
3UHYHGHULOH DUW  DOLQ   & SHQ FDOFKLD]  SUHYHGHULOH DUW  DOLQ  
&SHQGDUvQGHRVHELUHGHDFHVWHDDF LXQLOHLQDF LXQLOHGHGLVWUXJHUHGHJUDGDUHRUL
DGXFHUH vQ VWDUH GH QHvQWUHEXLQ DUH D EXQXOXL QX PDL UHSUH]LQW  PRGDOLW L QRUPDWLYH
HFKLYDOHQWHvQJUDGúLDOWHUQDWLYHFLDFHVWHDF LXQLLQDF LXQLVXQWVLWXDWHvQWURDQXPLW 
UHOD LHGHFRQGL LRQDUH(VWHGHREVHUYDWDVWIHOF VDLQFULPLQDWvQDUWDOLQ  
IDSWDGHGLVWUXJHUHVDXGHJUDGDUHQXPDLGDF DFHDVWDDDYXWFDXUPDUHVFRDWHUHDGLQ
VWDUHDGHvQWUHEXLQ DUHDXQXLDGLQWUHEXQXULOHHQXQ DWHvQWH[W5H]XOW GHFLF IDSWDGH
GLVWUXJHUHVDXGHJUDGDUHDXQXLDVHPHQHDEXQQHXUPDW úLGHDGXFHUHDDFHVWXLDvQVWDUH
GH QHvQWUHEXLQ DUH QX YD FRQVWLWXL LQIUDF LXQHD FRPHQWDW  /D DFHHDúL PRGDOLWDWH
QRUPDWLY  PDL WUHEXLH UHPDUFDW  DEVHQ D GLQ WH[W D SUHFL] ULL SRWULYLW F UHLD IDSWD
FRQVWLWXLHLQIUDF LXQHúLvQFD]XOF EXQXOGLVWUXVDSDU LQHI SWXLWRUXOXL
'LVSR]L LLOHDUWDOLQ  &SHQVXQWLGHQWLFHDFHORUDFXSULQVHvQDUW
DOLQ   & SHQ UHVSHFWLY VXQW DJUDYDWH DF LXQLOH ± LQDF LXQLOH GLQ FXOS  FDUH DX
SURYRFDWFRQVHFLQ HGHRVHELWGHJUDYHRULGH]DVWUXSULQGLVWUXJHUHDGHJUDGDUHDRUL
DGXFHUHD vQ VWDUH GH QHvQWUHEXLQ DUH D XQXL EXQ FKLDU GDF  DFHVWD DSDU LQH
I SWXLWRUXOXL
6LQJXUXO HOHPHQW PDWHULDO QRX RULJLQDO ID  GH WH[WHOH LQIUDF LXQLORU GH
UHIHULQ VDLQWURGXVSULQDOLQHDWXOILQDODODUW&SHQFDUHDJUDYHD] IDSWD
GLQ FXOS  FH DUH GUHSW XUPDUH SURYRFDUHD XQXL GH]DVWUX RUL D XQRU FRQVHFLQ H
GHRVHELW GH JUDYH vQ FD]XO vQ FDUH DFHD IDSW  FRPLV  HVWH vQ FRQWH[WXO ÄS U VLULL
SRVWXOXLVDXDV YkUúLULLRULF UHLDOWHIDSWHGHF WUHSHUVRQDOXOGHFRQGXFHUHDOXQXL
PLMORFGHWUDQVSRUWvQFRPXQRULGHF WUHSHUVRQDOXOFDUHDVLJXU GLUHFWVHFXULWDWHD
XQRUDVWIHOGHWUDQVSRUWXUL´
/DDFHDVW PRGDOLWDWHQRUPDWLY VXELHFWXODFWLYQHPLMORFLWHVWHGHFLFDOLILFDW±
IXQF LRQDU RUL DOW DQJDMDW DO DJHQWXOXL HFRQRPLF F UXLD vL DSDU LQH RUL FDUH
H[SORDWHD]  PLMORFXO GH WUDQVSRUW vQ FRPXQ ± LDU FXOSD OXL HVWH R FXOS 
SURIHVLRQDO DS UXW vQFDGUXOúLvQOHJ WXU FXH[HUFLWDUHDDWULEX LLORUGHVHUYLFLX
FH UHYLQ VXELHFWXOXL SRWULYLW UHJXODPHQWXOXL VDX VWDWXWXOXL GH RUJDQL]DUH úL
IXQF LRQDUHDOUHVSHFWLYXOXLDJHQW
1XPLWRU FRPXQ DO PRGDOLW LORU DJUDYDWH DOH LQIUDF LXQLL GH GLVWUXJHUH GLQ
FXOS ±DOLQ    ±HVWHDEVHQ DGLQWH[WDFHULQ HLÄSHULFROXOXLSXEOLF´GHRDUHFH
DFHVWSHULFRO±FDUHHVWHLPSOLFLWXUP ULORUSURYRFDWHSULQIDSWHOHDFRORLQFULPLQDWH±
QXPDLHUDQHFHVDUDILH[SOLFLWSUHWLQV

6DQF LXQL)DSWHOHSUHY ]XWHvQDOLQ  úL  VXQWVDQF LRQDWHFXvQFKLVRDUH
GHODROXQ ODDQLVDXFXDPHQG 



&6-'HFQU%-S
 
/DDOLQ  WH]D,SHGHDSVDHVWHvQFKLVRDUHDGHODXQXODDQLLDUODWH]D,,±
HVWHvQFKLVRDUHDGHODODDQL
3HGHDSVDSHQWUXPRGDOLWDWHDDJUDYDW SUHY ]XW vQDOLQ  HVWHvQFKLVRDUHD
GHODODDQL
3HUVRDQD MXULGLF  SHQWUX IDSWHOH SUHY ]XWH vQ DOLQ     WH]D , VH
VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL LDU vQ FHOHODOWH LSRWH]H GH
LQFULPLQDUHDPHQGDHVWHGHODODOHL


78/%85$5($'(326(6,(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO HVWH FRQVWLWXLW GLQ DFHOH UHOD LL VRFLDOH SULYLWRDUH OD
VHFXULWDWHD EXQXULORU LPRELOH OD VWDUHD ORU GH SDúQLF  SRVHVLH LPRELOH DIODWH vQ
GHWHQ LD VDX SRVHVLD SHUVRDQHORU IL]LFH VDX MXULGLFH úL FDUH DSDU LQ SDWULPRQLXOXL
SULYDWRULSXEOLF
2ELHFWXO PDWHULDO DO LQIUDF LXQLL HVWH vQVXúL EXQXO LPRELO DVXSUD F UXLD VH
H[HUFLW DF LXQHDVDPDYROQLF $FHVWDHVWHvQV GHUHJXO FRPSOH[ILLQGDOF WXLW±
RVHELWEXQXOXLLPRELO±úLGLQFRUSXOSHUVRDQHLDVXSUDF UHLDVHH[HUFLW YLROHQ HOH
IL]LFHRULGLQEXQXULOHGLVWUXVHSULQDFWHOHYLROHQWHVDXEXQXULOH VHPQHGHKRWDU
UHSHUHGHPDUFDUH GHVILLQ DWH

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  HVWH QHFLUFXPVWDQ LDW GH WH[W (O SRDWH IL
RULFH SHUVRDQ  úL FKLDU SURSULHWDUXO DFHOXL EXQ GDF  DF LXQHD HVWH vQGUHSWDW 
vPSRWULYDEXQXOXLLPRELOOHJLWLPSRVHGDWRULGH LQXWGHDOW SHUVRDQ 
3RWULYLW GLVSR]L LLORU DUW  & SHQ VXELHFWXO DFWLY SRDWH IL úL SHUVRDQD
MXULGLF 
,QIUDF LXQHD HVWH VXVFHSWLELO  GH V YkUúLUH vQ WRDWH IRUPHOH GH SDUWLFLSD LH
SHQDO ±FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXOSDVLYHVWHvQSULQFLSDOSHUVRDQD±IL]LF VDXMXULGLF ±FDUHSRVHG 
RUL GH LQH EXQXO LPRELO DVXSUD F UXLD HVWH vQGUHSWDW  DF LXQHD VDPDYROQLF  RUL
SHUVRDQD ± IL]LF  VDX MXULGLF  ± F UHLD L VH GHVILLQ HD]  VHPQHOH GH KRWDU VDX
UHSHUHOHGHPDUFDUHDIHUHQWHWHUHQXULORUUHVSHFWLYH
ÌQ LSRWH]D F  EXQXO LPRELO FH IRUPHD]  RELHFW DO SURSULHW LL SULYDWH VDX
SXEOLFHVHDIO vQSRVHVLDVDXGHWHQ LDDOWHLSHUVRDQHGHFkWDSURSULHWDUXOXLFDOLWDWHD
GHVXELHFWSDVLYDOLQIUDF LXQLLRDUHúLSURSULHWDUXODFHOXLEXQ

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL VH FRQVWLWXLH vQWUR SULP  PRGDOLWDWH
GLQWURDF LXQHGHRFXSDUHDXQXLLPRELOVDXRDF LXQHLQDF LXQHGHUHIX]DHOLEHUD
WHUHQXODVWIHORFXSDW
2FXSDUHD XQXL LPRELO ÌQ VHQVXO DUW  GLQ &RGXO SHQDO VLQWDJPD HVWH
vQ HOHDV FDDFHDS WUXQGHUHDDXWRUXOXLIDSWHLvQWUXQLPRELO±FRQVWUXF LHWHUHQ±
vQ VFRSXO GH D úL vQVW SkQL $úDGDU I SWXLWRUXO FXQRVFkQG F  LPRELOXO HVWH vQ
SRVHVLD XQHL SHUVRDQH ± IL]LF  VDX MXULGLF  ± vO RFXS  VDPDYROQLF HULMkQGXVH vQ
SRVHVRUXODFHVWXLD
,QWUDUHD vQ LPRELO WUHEXLH V  ILH HIHFWLY  (VWH LQGLIHUHQW SHQWUX UHDOL]DUHD
LQIUDF LXQLL GDF  LPRELOXO D IRVW RFXSDW SDU LDO VDX vQ vQWUHJLPH GXS  FXP HVWH
LQGLIHUHQWWLPSXOFkWDGXUDWvQVW SkQLUHDLPRELOXOXL

 
) U  GUHSW 3ULQ DFHDVWD VH vQ HOHJH F  DXWRUXO QX DUH XQ WLWOX FDUH V L
OHJLWLPH]H LQWUDUHD vQ LPRELO HO QX HVWH GHFL vQ VLWXD LD GH DúL H[HUFLWD XQ GUHSW
SURSULXVDXGHDDGXFHODvQGHSOLQLUHRGLVSR]L LHOHJDO 
'DUQXQXPDLDWkWùLvQLSRWH]DXQXLGUHSWGHLQWUDUHvQVW SkQLUHDLPRELOXOXL
IDSWDYDFRQVWLWXLLQIUDF LXQHGDF DFHOLPRELOVHDIO GHMDvQSRVHVLDXQHLSHUVRDQH
FKLDUGDF WLWOXODFHVWHLDGLQXUP HVWHLQIHULRUFHOXLGH LQXWGHI SWXLWRU/HJHD
SHQDO SURWHJXLHúWHSDúQLFDSRVHVLDDLPRELOXOXLúLQLP QXLQXLHVWHvQJ GXLWV úL
IDF  VLQJXU GUHSWDWH PDL DOHV IRORVLQG úL YLROHQ D ± GHFL DXWRUXO IDSWHL RFXS 
LPRELOXO WRW ÄI U  GUHSW´ ± OLWLJLXO DVWIHO Q VFXW GLQ FRQIOLFWXO GLQWUH WLWOXULOH
GH LQXWH GH ILHFDUH SDUWH XUPkQG D IL VROX LRQDW GH DXWRULW LOH DGPLQLVWUDWLYH VDX
MXGLFLDUHFRPSHWHQWH
,QVWDQ HOH GH MXGHFDW  DX FRQVLGHUDW vQV  F  QX HVWH UHDOL]DW  LQIUDF LXQHD
H[DPLQDW  vQ FD]XO vQ FDUH I SWXLWRULL DX RFXSDW XQ WHUHQ PRúWHQLW vPSUHXQ  FX
SDUWHDY W PDW úLSUHOXDWGHDFHVWDDQWHULRUEXQSHQWUXFDUHQXVHI FXVHLHúLUHD
GLQLQGLYL]LXQH6DPRWLYDWF DWkWDYUHPHFkWQXVDFHUXWLHúLUHDGLQLQGLYL]LXQH
ILHFDUH PRúWHQLWRUSURSULHWDU DUH GUHSWXO GH D SRVHGD WHUHQXO úL F  GHFL RFXSDUHD
DFHVWXLDQXVDI FXWI U GUHSW
ÌQ PRGDOLW LOH DJUDYDWH DF LXQLOH GH RFXSDUH I U  GUHSW D XQXL LPRELO VDX
DF LXQLOHGHGHVILLQ DUHDVHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUHVXQWSXUWDWH
SULQYLROHQ VDXDPHQLQ DUH
9LROHQ D &RQFHSWXO DUH vQ HOHVXO GHWHUPLQDW SULQ GLVSR]L LLOH DUW  GLQ
&RGXOSHQDOUHVSHFWLYGHDF LXQLSURYRFDWRDUHGHVXIHULQ HIL]LFHVDXGHY W P UL
FH QHFHVLW  SHQWUX YLQGHFDUH vQJULMLUL PHGLFDOH GH FHO PXOW  GH ]LOH $úDGDU
LQIUDF LXQHDGHWXOEXUDUHGHSRVHVLH±vQYDULDQWHOHDJUDYDWHGHODDOLQ  úL  ±
DEVRDUEHvQFRQ LQXWXOV XSHDFHODDOLQIUDF LXQLLSUHY ]XWHGHDUWGLQ&RGXO
SHQDO
9LROHQ D SRDWH IL vQGUHSWDW  úL vPSRWULYD OXFUXULORU VDX DQLPDOHORU ±
HIUDF LRQDUHDVLVWHPHORUGHvQFKLGHUHVDXvQFXLHUHDLPRELOHORUXFLGHUHDFkLQHOXLGH
SD] HWF
ÌQLSRWH]DvQV vQFDUHFRQVHFLQ HOHDFWHORUYLROHQWHH[FHGSHDFHOHDSUHY ]XWH
vQDUWGLQ&RGXOSHQDOIDSWDYDFRQVWLWXLLQIUDF LXQHDGHY W PDUHFRUSRUDO 
VDXY W PDUHFRUSRUDO JUDY V YkUúLW vQFRQFXUVFXDFHHDSUHY ]XW vQDUW
GLQ&RGXOSHQDO
'XS  FXP GDF  YLROHQ HOH H[HUFLWDWH DVXSUD OXFUXULORU VXQW HIHFWXDWH SULQ
PLMORDFHSHULFXORDVHSHQWUXFROHFWLYLWDWH LQFHQGLXH[SOR]LHHWF IDSWDYDFRQVWLWXL
LQIUDF LXQHDGHGLVWUXJHUHvQFRQFXUVFXDFHHDGHWXOEXUDUHGHSRVHVLH
$PHQLQ DUHD ùL DFHVW FRQFHSW DUH vQ HOHVXO GHMD H[SOLFDW OD LQIUDF LXQHD
SUHY ]XW GHDUWGLQ&RGXOSHQDOLQIUDF LXQHDOF UHLFRQ LQXWHVWHDEVRUELWvQ
DFHODDOLQIUDF LXQLLGHWXOEXUDUHGHSRVHVLH
'HVILLQ DUHDVHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUH
6HPQGHKRWDU6XQWVHPQHGHGHPDUFDUHDWHUHQXULORUDGLF VHPQHSULQFDUH
VH YL]XDOL]HD]  OLPLWHOH DFHVWRUD (OH VXQW VWDWRUQLFLWH SRWULYLW FRQYHQ LHL
SHUVRDQHORU FDUH DX WHUHQXULOH vQYHFLQDWH RUL SULQ GLVSR]L LH D DXWRULW LORU
FRPSHWHQWH &RPLVLD GH DWULEXLUH D WLWOXULORU GH SURSULHWDWH ± DUW  GLQ /HJHD
QU±SULP ULD±DUWGLQDFHHDúLOHJH±LQVWDQ DGHMXGHFDW 



70%'HFQU&3-3S

70%'HFQUOLELGHPS

7M6XFHDYD'HFQU'UQUS

 9DVLOH 3 Y OHDQX 3UDFWLFD LQVWDQ HORU GH MXGHFDW  GLQ MXGH XO 6XFHDYD vQ PDWHULH SHQDO  SH
VHPHVWUXOLELGHP
 
6HPQHOHGHKRWDUSRWILUHSUH]HQWDWHSULQvPSUHMPXLUL ]LGXULJDUGXUL SLHWUH
VDXERUQHGHKRWDUFRSDFLVSD LXQHDUDWHWF
'HVILLQ DUHDVHPQHORU6HvQ HOHJHDF LXQHDGHQLPLFLUHGHDIDFHV GLVSDU 
vQ RULFH PRG ± DUGHUH VSDUJHUH ULGLFDUH VDX VPXOJHUH úL DUXQFDUH ± D RELHFWHORU
OXFUXULORU FDUHUHSUH]LQW VHUYHVFRULVLPEROL]HD] JUDQL HOHWHUHQXOXL
8UPDUHD LPHGLDW  FRQVW  vQ WUDQVIHUXO LOLFLW DO LPRELOXOXL GLQ SRVHVLD VDX
GHWHQ LD S U LL Y W PDWH vQ DFHHD D DXWRUXOXL GXS  FD] vQ PRGLILFDUHD VLWXD LHL
VHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUH
/HJ WXUD GH FDX]DOLWDWH GLQWUH DF LXQHD vQWUHSULQV  úL FRQVHFLQ D SURGXV 
UH]XOW H[UH

/DWXUDVXELHFWLY 
(OHPHQWXO VXELHFWLY DO LQIUDF LXQLL VH H[SULP  H[FOXVLY SULQ LQWHQ LH vQ
DPEHOH PRGDOLW L DOH DFHVWHLD ± GLUHFW  RUL LQGLUHFW  6 YkUúLUHD LQIUDF LXQLL vQ
FRQWUDXQXLEXQLPRELOSURSULHWDWHSXEOLF LPSOLF úWLLQ DúLYRLQ DDXWRUXOXLIDSWHL
GHDRFXSDLOHJDODFHOLPRELOúLFXPXODWLYúWLLQ DF EXQXOSHFDUHYUHDV ORFXSH
HVWHSURSULHWDWHSXEOLF 
2FXSDUHDGLQHURDUHDXQXLLPRELOQXFRQVWLWXLHLQIUDF LXQHDGHWXOEXUDUHGH
SRVHVLH GDU SRW IL UH LQXWH úL WUDWDWH SHQDO DF LXQLOH vQVR LWRDUH ± ORYLUHD VDX
DPHQLQ DUHDXQHLSHUVRDQHGLVWUXJHUHDGHEXQXUL±vQP VXUDvQFDUHVXQWvQWUXQLWH
HOHPHQWHOHFRQVWLWXWLYHDOHDFHVWRULQIUDF LXQL
7H[WXOQXSUHWLQGHH[LVWHQ DXQXLVFRSVDXPRELODOLQIUDF LXQLL

)RUPH6DQF LXQL
)RUPH ,QIUDF LXQHD HVWH VXVFHSWLELO  GH V YkUúLUHD vQ IRUPD LPSHUIHFW  D
WHQWDWLYHLGDUWHQWDWLYDQXVHSHGHSVHúWHGHWH[W
&RQVXPDUHD LQIUDF LXQLL SUHY ]XWH vQ DUW  GLQ &RGXO SHQDO VXUYLQH vQ
PRPHQWXOvQFDUHI SWXLWRUXOSULQXQDGLQPRGDOLW LOHQRUPDWLYHSUHY ]XWHvQWH[W
S WUXQGH úL U PkQH I U  GUHSW vQ LPRELO UHVSHFWLY vQ PRPHQWXO PRGLILF ULL
VLWXD LHLVHPQHORUGHKRWDUúLDUHSHUHORUGHPDUFDUH
,QIUDF LXQHD ± FDUH HVWH FRQWLQX  ± VH HSXL]HD]  ILH OD PRPHQWXO FkQG
I SWXLWRUXO D vQFHWDW DF LXQHD LOLFLW  GLQ SURSULH LQL LDWLY  ILH OD GDWD SURQXQ ULL
KRW UkULLGHFRQGDPQDUH
6DQF LXQL)RUPDWLSDLQIUDF LXQLL±DOLQ  ±DUHSUHY ]XW vQFKLVRDUHDGH
ODODDQL
)DSWHOHSUHY ]XWHvQDOLQ  úL  VXQWVDQF LRQDWHFXSHGHDSVDvQFKLVRULLGH
ODODDQLUHVSHFWLYvQFKLVRDUHDGHODODDQL
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL vQ
FD]XOIDSWHORUSUHY ]XWHvQDOLQ  úL  úLFXDPHQG GHODODOHL
SHQWUXIDSWDSUHY ]XW vQDOLQ  


7 ,18,5($

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH W LQXLUH HVWH FRPSOH[ (O HVWH
FRQVWLWXLW SH GH R SDUWH GLQ DFHOH UHOD LL VRFLDOH GH RUGLQ SDWULPRQLDO FH VH FHU
RFURWLWH vPSRWULYD IDSWHL GH W LQXLUH LDU SH GH DOW  SDUWH GLQ UHOD LLOH VRFLDOH
UHIHULWRDUH OD vQI SWXLUHD MXVWL LHL & FL SULQ W LQXLUHD EXQXULORU SURYHQLWH GLQ



7M7LPLú'HFQU5,,,S

ÌQDFHODúLVHQV&6-'HFQU'UQUS
 
V YkUúLUHDXQHLLQIUDF LXQLvQGDXQDSDWULPRQLXOXLHVWHVWkQMHQLW ±DúDFXPDU WDP±úL
DFWLYLWDWHDGHUHDOL]DUHDDFWXOXLGHMXVWL LH
7 LQXLUHDHVWHRLQIUDF LXQHVXEVHFYHQW HDVHVLWXHD] vQWUHQDDOWHLLQIUDF LXQL
UHOD LHFHSRDUW vQOLWHUDWXUDGHVSHFLDOLWDWHGHQXPLUHDGHFRQH[LXQHGHFRUHOD LHFX
DOWHFXYLQWHDSDUL LDVDGHSLQGHGHSUHH[LVWHQ DXQHLLQIUDF LXQLSDWULPRQLDOH
'HSHQGHQ D LQH[RUDELO  D W LQXLULL GH LQIUDF LXQHD SULP  úL SULQFLSDO  VH
PDQLIHVW  OD QLYHOXO RELHFWXOXL PDWHULDO FDUH HVWH FRPXQ DPEHORU LQIUDF LXQL
EXQXULOH VDXRSDUWHGLQDFHVWHD GREkQGLWHSULQV YkUúLUHDSULPHLLQIUDF LXQLVXQW
DVFXQVHRULYDORULILFDWHvQDF LXQHDW LQXLWRDUHDLQIUDF LXQLLVXEVHFYHQWH
Ä&RQH[LXQHDGHFRUHOD LH´GLQWUHFHOHGRX LQIUDF LXQLúLRELHFWXOORUPDWHULDO
FRPXQQXWUHEXLHV GXF vQV ODJkQGXOF FHDGHDGRXDW LQXLUHDHVWHRÄFRSLH´D
FHOHL GLQWkL F  HD ÄvPSUXPXW ´ HOHPHQWHOH FRQVWLWXWLYH RUL FLUFXPVWDQ HOH SULPHL
LQIUDF LXQL'LPSRWULY RGDW DS UXW ±vQXUPDV YkUúLULLDOWHLLQIUDF LXQL±W LQXLUHD
DUHRH[LVWHQ DXWRQRP FDUDFWHUL]kQGXVHSULQHOHPHQWHSURSULLDFHVWHLD
$XWRQRPLD W LQXLULL FD LQIUDF LXQH HVWH XúRU VHVL]DELO  QX QXPDL SULQ
H[DPLQDUHD FRPSDUDWLY  D VWUXFWXULL úL D HOHPHQWHORU HL FRQVWLWXWLYH FX FHOH DOH
LQIUDF LXQLL SULQFLSDOH FL úL SULQ FRQVWDWDUHD F  FLUFXPVWDQ HOH LQIUDF LXQLL
SULQFLSDOHQXVHU VIUkQJDVXSUDLQIUDF LXQLLGHW LQXLUHúLQXRLQIOXHQ HD] $VWIHO
OLSVD U VSXQGHULL SHQDOH D DXWRUXOXL SULPHL LQIUDF LXQL IDSWD FRPLV  GH XQ PLQRU
VXE  DQL RUL GH XQ DOLHQDW PLQWDO  RUL vQO WXUDUHD U VSXQGHULL VDOH SHQDOH IDSW 
DPQLVWLDW QXYDDYHDQLFLXQHIHFWDVXSUDW LQXLWRUXOXL'XS FXPQLFLH[LVWHQ D
XQHLvPSUHMXU ULOHJDOHFDUHvPSLHGLF SXQHUHDvQPLúFDUHDDF LXQLLSHQDOHvQFDX]D
SULYLQG LQIUDF LXQHD SULQFLSDO  ± DUW  OLWE  F  I  K  & SURF SHQ ± QX DUH
UH]RQDQ SHQDO DVXSUDLQIUDF LXQLLGHW LQXLUH
1X YD FRQVWLWXL vQV  LQIUDF LXQHD H[DPLQDW  IDSWD GH W LQXLUH D XQXL EXQ FH
SURYLQHGLQWURIDSW QHSUHY ]XW GHOHJHDSHQDO 
2ELHFWXOPDWHULDODOLQIUDF LXQLLHVWHDFHODúLEXQFDUHDIRUPDWRELHFWPDWHULDO
DOSULPHLLQIUDF LXQLDGLF HVWHEXQXOSURYHQLW±VDXXQXOGLQEXQXULOHSURYHQLWH±
SULQV YkUúLUHDLQIUDF LXQLLSULQFLSDOH

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  HVWH QHFLUFXPVWDQ LDW GH WH[W SULQ XUPDUH
DFHVWDSRDWHILRULFHSHUVRDQ 
&X WRDWH DFHVWHD SULQ vQVXúL WH[WXO LQFULPLQDWRU HVWH H[FOXV  U VSXQGHUHD
SHQDO  D VR XOXL VDX D UXGHL DSURSLDWH SDUWLFLSDQWXOXL ± LQGLIHUHQW GH IRUPD GH
SDUWLFLSDUH±ODV YkUúLUHDLQIUDF LXQLLSULPHúLSULQFLSDOHGHFLDFHVWHSHUVRDQHQX
SRWDYHDFDOLWDWHDGHVXELHFWDFWLYDOLQIUDF LXQLL
6XELHFWXODFWLYSRDWHILúLSHUVRDQDMXULGLF vQFRQGL LLOHDUW&SHQ
3DUWLFLSD LDSHQDO ODLQIUDF LXQHDGHW LQXLUHHVWHSRVLELO vQWRDWHIRUPHOHHL±
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
6XELHFWXO SDVLY DO LQIUDF LXQLL HVWH SHUVRDQD IL]LF  VDX MXULGLF  GLQ DO F UHL
SDWULPRQLX ± SULYDW RUL SXEOLF ± SURYLQH EXQXO GREkQGLW SULQWUR LQIUDF LXQH
DQWHULRDU úLFDUHIDFHRELHFWXOLQIUDF LXQLLGHW LQXLUH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODOLQIUDF LXQLLHVWHFRQVWLWXLWGLQWURDF LXQHúLDQXPHGLQ
DFHDDF LXQHGHW LQXLUHDXQXLEXQSURYHQLWGLQWURDOW LQIUDF LXQHSULQFDUHHVWH
OH]DW SDWULPRQLXO SULYDW RUL SXEOLF 'LQ DFHDVW  IRUPXODUH QX WUHEXLH vQ HOHV F 
LQIUDF LXQHD GH W LQXLUH HVWH VXEVHFYHQW  H[FOXVLY LQIUDF LXQLORU SUHY ]XWH vQ
7LWOXO ,,, DO &RGXOXL SHQDO SULPD LQIUDF LXQH SXWkQG IL RULFDUH DOW  LQIUDF LXQH FX



$)LOLSDú2/RJKLQ'UHSWSHQDOURPkQHGFLWS
 
FRQVHFLQ H GH DVHPHQHD QDWXU  ± LQIUDF LXQL VLOYLFH úDQWDM FkQG EXQXO SUHWLQV D
IRVWúLGREkQGLWGHI SWXLWRU OXDUHGHPLW úD
7H[WXO GH OHJH SUHYHGH PDL PXOWH PRGDOLW L QRUPDWLYH vQ FDUH VH SRDWH
FRPLWHDF LXQHDLQFULPLQDW UHVSHFWLYD SULPLUHE GREkQGLUHF WUDQVIRUPDUHD
EXQXOXL úL G  vQOHVQLUH D YDORULILF ULL EXQXOXL ,QIUDF LXQHD SRDWH IL V YkUúLW 
DOWHUQDWLYvQWUXQDGLQWUHDFHVWHPRGDOLW LGDUHDSRDWHILV YkUúLW úLvQSUH]HQ D
FRQFRPLWHQW DGRX VDXPDLPXOWHPRGDOLW L GHSLOG DVFXQGHúLDSRLWUDQVIRUP 
EXQXO vQDFHVWGLQXUP FD]DF LXQLOHFXPXODWHFRQVWLWXLQGHOHPHQWXOPDWHULDODO
XQHLLQIUDF LXQLXQLFHGHW LQXLUH
3ULPLUHD&RQFHSWXOvQVHQVXODUWGLQ&RGXOSHQDOGHILQHúWHDF LXQHDGH
DSUHOXDVXERULFHWLWOX GHSR]LWJDMHWF DGLF GHDOXDvQVW SkQLUHWHPSRUDU XQ
EXQ PRELO SURYHQLW GLQ V YkUúLUHD XQHL LQIUDF LXQL ÌQ DFHODúL FRQFHSW HVWH
vQVXPDW  úL DF LXQHD GH DVFXQGHUH D EXQXOXL SHQWUX F  DF LXQHD GH SUHOXDUH GH
SULPLUH DEXQXOXLSUHFHGHILUHVFDFHOHLDGHDVFXQGHUH
(VWHGHUHPDUFDWúLGHUH LQXWF DF LXQHDGHSULPLUH±FDGHDOWIHOWRDWHFHOHODOWH
DF LXQL SULQ FDUH VH H[SULP  LQIUDF LXQHD GH W LQXLUH ± DUH FD RELHFW H[FOXVLY EXQXO
PRELO%XQXOLPRELOSULQQDWXUDúLFDUDFWHULVWLFLOHOXLQXSRDWHILW LQXLW
'REkQGLUHD 3ULQ DFHVW FRQFHSW VH vQ HOHJH SULPLUHD úL OXDUHD vQ VW SkQLUH
GHILQLWLY  D EXQXOXL SURYHQLW GLQ LQIUDF LXQH ÌQ DFHVW FD] DXWRUXO VH FRPSRUW 
ID GHEXQXOW LQXLWFDXQYHULWDELOSURSULHWDUDWLWXGLQHFHVHSRDWHFRQFUHWL]DvQ
XWLOL]DUHDFRQVXPDUHDYkQ]DUHDGLVWUXJHUHDDEDQGRQDUHDVDXGRQDUHDEXQXOXLRUL
vQVFKLPEDUHDDFHVWXLDFXXQDOWEXQ 
7UDQVIRUPDUHD EXQXOXL $F LXQHD GH WUDQVIRUPDUH D EXQXOXL ± DVWIHO FXP HVWH
H[SOLFDW  vQ OLWHUDWXUD GH VSHFLDOLWDWH úL DGPLV  vQ SUDFWLFD MXGLFLDU  ± FRQVW  vQWUR
PRGLILFDUH PHWDPRUIR]DUH DGXV EXQXOXLvQFHSULYHúWHIRUPD H[WHULRUXO DFHVWXLD±
YRSVLUH UHPRGHODUH UHDPEDODUH ± ÄFRVPHWL]DUHD´ DYkQG GUHSW VFRS QHUHFXQRDúWHUHD
EXQXOXL GH F WUH FHO vQ SDWULPRQLXO F UXLD VD DIODW RUL GH F WUH DJHQ LL DXWRULW LORU
MXGLFLDUHFDUHvOXUP UHVFSHQWUXDSUREDIDSWDSHQDO SULQFLSDO úLDGH]G XQDSHUVRDQD
Y W PDW $F LXQHDGHWUDQVIRUPDUHSRDWHYL]DvQV úLFRQ LQXWXO LQWHULRUXO EXQXOXL±
WRSLUH SUHOXFUDUH GHPRQWDUH HWF ± ILH vQ VFRSXO VXV DU WDW ILH vQ VFRSXO GH D IL
YDORULILFDW PDL OHVQLFLRV VDX SURILWDELO WRSLUHD XQRU PRQHGH GH DXU úL SUHOXFUDUHD
PDWHULDOXOXL VXE IRUP  GH ELMXWHULL GHPRQWDUHD SLHVHORU XQXL DXWRWXULVP VXVWUDV úL
FRPHUFLDOL]DUHDEXFDW FXEXFDW DVXEDQVDPEOXULORUúD 
ÌQOHVQLUHD YDORULILF ULL EXQXOXL (VWH DFHD DF LXQH GH DMXWRUDUH D
SDUWLFLSDQ LORUODLQIUDF LXQHDSULQFLSDO GHDvQVWU LQDEXQXOILHSULQYkQ]DUHDOXL
GLUHFW  RUL VFKLPEDUHD FX XQ DOW EXQ ILH SULQ LQWHUPHGLHUHD XQRU DVHPHQHD
RSHUD LXQL 'H UHJXO  ÄW LQXLWRULL GH SURIHVLH´ vúL IRUPHD]  úL vQWUH LQ UHOD LL
SHUPDQHQWHFXSHUVRDQHDPDWRDUHDFXPS UDEXQXULGHSURYHQLHQ vQGRLHOQLF LDU
vQQXPHURDVHFD]XULDFHVWWLSGHW LQXLWRULQLFLQXLQWU vQFRQWDFWFXEXQXOVXVWUDV
OLPLWkQGXVHODÄDYLQGHSRQWXO´DGLF ODDLQGLFD±ILUHúWHFRQWUDXQXLEHQHILFLX±
SHUVRDQDFXPS U WRUXOXL
ÌQ FD]XO SULPLULL vQ HWDSH D XQRU EXQXUL VXVWUDVH vQ PRG UHSHWDW GH DFHHDúL
SHUVRDQ IDSWDDFHOXLDFDUHOHDVFXQGHRULOHYLQGHQXYDPDLFRQVWLWXLLQIUDF LXQHD
GHW LQXLUHFLDFHHDGHFRPSOLFLWDWHODLQIUDF LXQHDSULP úLSULQFLSDO 
8UPDUHD LPHGLDW  FRQVW  vQ DSDUL LD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH
SDWULPRQLDOHDIHFWDWHSULQV YkUúLUHDSULPHLIDSWHSHQDOH±SULPHMGLDILLQGFDEXQXO


-XG5RPDQ6HQWQU5,,,S

7M*DOD L'HFQULELGHPSÌQQRWDFHvQVR HúWHVSH DVDPDLDILUPDWFXGHSOLQWHPHLF 
DWXQFLFkQGVHIDFHvQFDGUDUHDMXULGLF DW LQXLULLGLVSR]L LLOHDUWVDXGLQ&RGXOSHQDOQXSRWILFRPELQDWH
FX DFHOH WH[WH GLQ SDUWHD VSHFLDO  D &RGXOXL SHQDO FH SUHY G LQIUDF LXQHD GLQ FDUH SURYLQ EXQXULOH FH FRQVWLWXLH
RELHFWXOW LQXLULL QD 

76'HFQULELGHPS
 
PDWHULDOV ILHSLHUGXWHIHFWLYúLGHILQLWLY QHUHFXSHUDW ±úLFRQFRPLWHQWvQDSDUL LD
VW ULLGHSHULFROSHQWUXEXQDvQI SWXLUHDDFWXOXLGHMXVWL LH'DUXUPDUHDLPHGLDW 
FRQVHFLQ D  SRDWH FRQVWD úL GLQWUR SDJXE  SURYRFDW  SDWULPRQLXOXL SULYDW RUL
SXEOLFSULQWUDQVIRUPDUHDGLVWUXJHUHDHWFDEXQXOXLW LQXLW
5DSRUWXOGHFDX]DOLWDWHGLQWUHDF LXQHúLFRQVHFLQ HUH]XOW GHUHJXO GLQvQV úL
PDWHULDOLWDWHDIDSWHLDGLF GLQFKLDUIDSWDGHSULPLUHWUDQVIRUPDUHHWFDEXQXOXL
'LQ SXQFWXO GH YHGHUH DO U VSXQGHULL FLYLOH W LQXLWRUXO HVWH vQV  LQXW V 
U VSXQG GRDUvQOLPLWHOHYDORULFHDOHEXQXOXLW LQXLWúLQXDOHvQWUHJXOXLSUHMXGLFLX
SURYRFDWSULQSULPDIDSW SHQDO  

/DWXUDVXELHFWLY 
,QIUDF LXQHDGHW LQXLUHVHV YkUúHúWHH[FOXVLYFXLQWHQ LHGLUHFW RULLQGLUHFW 
,QWHQ LD HVWH FDOLILFDW  GHRDUHFH HD LQFOXGH úL HOHPHQWXO VFRS LDU VFRSXO DXWRUXOXL
HVWH DFHOD GH D RE LQH XQ IRORV PDWHULDO SHQWUX VLQH RUL SHQWUX DOW  SHUVRDQ  ÌQ
HYHQWXDOLWDWHD F  SULQ IDSWD FRPLV  vQ XQD GLQWUH PRGDOLW LOH QRUPDWLYH QX VD
XUP ULW UHDOL]DUHD GH F WUH DXWRU D XQXL SURILW PDWHULDO GH SLOG  DXWRUXO DF LRQHD] 
GLQVHQWLPHQWHGHDPLFL LH DFHDVW IDSW YDSXWHDILH[DPLQDW úLWUDWDW HYHQWXDO
SULQSULVPDSUHYHGHULORUFHUHJOHPHQWHD] LQIUDF LXQHDGHIDYRUL]DUH
$úDGDU HVWH GHILQLWRULX SHQWUX LQIUDF LXQHD GH W LQXLUH FD DXWRUXO DFHVWHLD V 
XUP UHDVF GREkQGLUHDXQXLIRORVPDWHULDO V DF LRQH]HvQDFHVWVFRS 3HQWUXUHDOL]DUHD
LQIUDF LXQLLWH[WXOvQV QXFHUHFDI SWXLWRUXOV úLILDSURSLDWHIHFWLYXQDVWIHOGHIRORVFL
GRDUFDHOV ILSURFHGDWODW LQXLUHDEXQXOXLvQYHGHUHDRE LQHULLDFHVWXLD
'HúL VD UH LQXW F  vQ HOHJHUHD GLQWUH DXWRUXO SULPHL IDSWH SHQDOH úL DXWRUXO
W LQXLULLHVWHvQWRWGHDXQDSRVWHULRDU LQIUDF LXQLLSULQFLSDOHHVWHGHVXEOLQLDWvQF R
GDW  DFHVW DVSHFW FDUDFWHULVWLF FX PHQ LXQHD F  vQ LSRWH]D vQ FDUH vQ HOHJHUHD
GLQWUH I SWXLWRUL HVWH DQWHULRDU  VDX FRQFRPLWHQW  SULPHL LQIUDF LXQL DF LXQHD GH
W LQXLUHDEXQXOXLYDFRQVWLWXLFRPSOLFLWDWHODDFHDLQIUDF LXQHúLQXRLQIUDF LXQH
GLVWLQFW GHW LQXLUH

)RUPH6DQF LXQL
)RUPH $F LXQHD GH W LQXLUH D XQXL EXQ HVWH VXVFHSWLELO  GH GHVI úXUDUH vQ
WLPS &X WRDWH DFHVWHD WHQWDWLYD OD LQIUDF LXQHD GH W LQXLUH QX HVWH VDQF LRQDW  GH
OHJHHDQHILLQGSUHY ]XW vQDUW&RGSHQDO
&RQVXPDUHDLQIUDF LXQLLVXUYLQHvQPRPHQWXOHIHFWX ULLXQHLDGLQWUHDF LXQLOH
SUHY ]XWH GH WH[W úL DQXPH ± DO SULPLULL DO GREkQGLULL DO WUDQVIRUP ULL RUL DO
vQOHVQLULL YDORULILF ULL EXQXOXL SURYHQLW GLQWUR LQIUDF LXQH ± DF LXQL SXUWDWH vQ
VFRSXOGREkQGLULLXQXLIRORVPDWHULDO
,QIUDF LXQHDGHW LQXLUHSRDWHILV YkUúLW úLvQIRUPDFRQWLQXDW 
6DQF LXQL,QIUDF LXQHDGHW LQXLUHHVWHSHGHSVLW FXvQFKLVRDUHGHODOXQLOD
DQLI U FDVDQF LXQHDDSOLFDW V SRDW GHS úLSHGHDSVDSUHY ]XW GHOHJHSHQWUX
LQIUDF LXQHD GLQ FDUH SURYLQH EXQXO W LQXLW $FHDVW  FRQGL LRQDUH D WH[WXOXL QX
WUHEXLH LQWHUSUHWDW  vQ VHQVXO F  VDQF LRQDUHD W LQXLWRUXOXL QX SRDWH IL PDL DVSU 
GHFkWDFHHDDDXWRUXOXLLQIUDF LXQLLSULQFLSDOH±GDF PDJLVWUDWXOIDFHRDVHPHQHD
MXGHFDW ±FLGRDUFDSHGHDSVDW LQXLWRUXOXLV QXGHS úHDVF SHDFHHDSUHY ]XW 
GHOHJHSHQWUXLQIUDF LXQHDGLQFDUHSURYLQHEXQXO
7 LQXLUHDV YkUúLW GHVR VDXGHRUXG DSURSULDW QXVHSHGHSVHúWH
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQGD GH OD  OD  OHL
FRQIRUPDUWDOLQ  &SHQ


76'HFQU5,,S

76'HFQU5,,,S

76'HFQU55'QUS

76'HFQU5,S
 


7,7/8/9

,1)5$& ,81,&2175$$8725,7 ,,


2)(16$$'86 8125Ì16(01(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO vO IRUPHD]  UHOD LLOH VRFLDOH D F URU RFURWLUH HVWH
DVLJXUDW SULQDS UDUHDSUHVWLJLXOXLDXWRULW LLvQFRQWUDIDSWHORUFDUHDGXFLQGLUHFW
DWLQJHUHDFHVWXLSUHVWLJLXH[SULPkQGGLVSUH ID GHvQVHPHQHOHvQFDUHVHUHIOHFW 
DXWRULWDWHD
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH RIHQV  DGXV  XQRU vQVHPQH DGXFkQG
DWLQJHUHXQHLYDORULVRFLDOH DXWRULWDWHDRUJDQHORUGHVWDW úLvQWUXFkWDFHDVW YDORDUH
vúL DIO  UHIOHFWDUHD vQ DQXPLWH vQVHPQH VWHP  HPEOHPH VHPQH  ID  GH FDUH VH
V YkUúHúWH RIHQVD FDUH ORYHúWH vQ SUHVWLJLXO DXWRULW LL DFHVWH vQVHPQH FRQVWLWXLH
RELHFWPDWHULDODOLQIUDF LXQLL

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DOLQIUDF LXQLLGHRIHQV DGXV XQRUvQVHPQH
SRDWHILRULFHSHUVRDQ FHW HDQURPkQFHW HDQVWU LQVDXSHUVRDQ I U FHW HQLH
,QIUDF LXQHD HVWH VXVFHSWLELO  GH D IL V YkUúLW  vQ SDUWLFLSD LH vQ RULFDUH GLQ
IRUPHOHDFHVWHLD FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH 
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
6XELHFWXOSDVLYSULQFLSDODOLQIUDF LXQLLHVWHVWDWXOLDUVXELHFWSDVLYVHFXQGDU
HVWHRUJDQXODXWRULW LLGHVWDWDOHF UXLvQVHPQHDXIRVWGLVSUH XLWH

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO &HOH GRX  FDWHJRULL GH vQVHPQH DX GHWHUPLQDW
LQFULPLQDUHD IDSWHL vQ GRX  YDULDQWH 2 YDULDQW  WLS FDUH FRUHVSXQGH OLWHUDO
GHQXPLULL PDUJLQDOH  SUHY ]XW  vQ GLVSR]L LD DOLQ   DO DUW  & SHQ SULYLQG
RIHQVDDGXV vQVHPQHORUVWDWXOXLúLRYDULDQW DWHQXDW SUHY ]XW vQGLVSR]L LDGLQ


5RGLFD0LKDHOD6W QRLXvQ9LQWLO 'RQJRUR]6LHJIULHG.DKDQH,RQ2DQFHD,RVLI)RGRU1LFROHWD,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

Ä3HUVRDQHOHMXULGLFHFXH[FHS LDVWDWXOXLDDXWRULW LORUSXEOLFHúLDLQVWLWX LLORUSXEOLFHFDUHGHVI úRDU R
DFWLYLWDWH FH QX SRDWH IDFH RELHFWXO GRPHQLXOXL SULYDW U VSXQG SHQDO SHQWUX LQIUDF LXQLOH V YkUúLWH vQ UHDOL]DUHD
RELHFWXOXLGHDFWLYLWDWHVDXvQLQWHUHVXORULvQQXPHOHSHUVRDQHLMXULGLFHGDF IDSWDDIRVWV YkUúLW FXIRUPDGH
YLQRY LHSUHY ]XW GHOHJHDSHQDO 
5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFHQXH[FOXGHU VSXQGHUHDSHQDO DSHUVRDQHLIL]LFHFDUHDFRQWULEXLWvQ
RULFHPRGODV YkUúLUHDDFHOHLDúLLQIUDF LXQL´
3HQWUXGHWDOLLSULYLQGDFHDVW PDWHULHDVHYHGHD*HRUJH$QWRQLX5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFH
5'3QUSúLXUP5DPLUR9LUJLO0DQFDú5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFH5'3QU
 S  úL XUP )ORULQ 6WUHWHDQX 5DGX &KLUL  5 VSXQGHUHD SHQDO  D SHUVRDQHL MXULGLFH (GLWXUD 5RVHWWL
%XFXUHúWL$QFD-XUPD5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFH5'3QUSúLXUP*HRUJH
'LPRIWH &LSULDQ 5XV 5 VSXQGHUHD SHQDO  D SHUVRDQHL MXULGLFH 5'3 QU   S  úL XUP )ORULQ
6WUHWHDQX5 VSXQGHUHDSHQDO DSHUVRDQHLMXULGLFHSRWULYLW/HJLLQU&DLHWHGHGUHSWSHQDOQU
(GLWXUD5RVHWWL%XFXUHúWLS&RQVWDQWLQ'XYDFvQ*KHRUJKH'LDFRQHVFX&RQVWDQWLQ'XYDF'UHSWSHQDO3DUWHD
VSHFLDO YRO,HGL LDD,,DUHY ]XW úLDG XJLW (GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS
 
DOLQ   DO DUW  & SHQ SULYLQG RIHQVD DGXV  HPEOHPHORU VDX DOWRU VHPQH GH
FDUH VH IRORVHVF DXWRULW LOH 6XE UDSRUWXO FRQ LQXWXOXL FRQVWLWXWLY vQ DIDU  GH
DFHDVW  GHRVHELUH SULYLQG VSHFLILFXO RELHFWXOXL PDWHULDO QX H[LVW  YUHR DOW 
GHRVHELUHvQWUHFHOHGRX YDULDQWH
ÌQ FD]XO FkQG IDSWD D IRVW V YkUúLW  vQ DPEHOH PRGDOLW L QRUPDWLYH GDU vQ
UHDOL]DUHD DFHOHLDúL UH]ROX LL YD H[LVWD R VLQJXU  LQIUDF LXQH FX FRQ LQXW RELHFWLY
FRPSOH[LDUQXFRQFXUVGHLQIUDF LXQL&XDOWHFXYLQWHGDF IDSWDDIRVWV YkUúLW 
vQ DPEHOH VDOH YDULDQWH úL vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL H[LVW  XQLWDWH
LQIUDF LRQDO VXEIRUPDDúD]LVHLÄLQIUDF LXQLFROHFWLYH´ FkQGDPEHOHYDULDQWHDX
IRVW FRPLVH FX DFHHDúL RFD]LH DGLF  vQ DFHOHDúL FRQGL LL GH WLPS úL ORF  VDX VXE
IRUPDLQIUDF LXQLLFRQWLQXDWH FkQGYDULDQWHOHDXIRVWFRPLVHvQFRQGL LLGHWLPSúL
GHORFGLIHULWH 
(OHPHQWXO PDWHULDO FRQVW  vQ DF LXQHD SULQ FDUH VH H[SULP  GLVSUH  ID  GH
vQVHPQHOH 5RPkQLHL YDULDQW  WLS  VDX ID  GH HPEOHPHOH VDX VHPQHOH GH FDUH VH
IRORVHVFDXWRULW LOH YDULDQWDDWHQXDW 
3ULQ DF LXQHD SULQ FDUH VH H[SULP  GLVSUH  VH vQ HOHJH RULFH PDQLIHVWDUH FX
FDUDFWHURIHQVDWRUFDUHV YkUúLW ILLQGID GHXQvQVHPQGLQFHOHDU WDWHvQDUW
&SHQORYHúWHLPSOLFLWvQSUHVWLJLXOúLvQUHVSHFWXOGDWRUDWDXWRULW LLGHVWDWFDUH
HVWHUHIOHFWDW vQvQVHPQXOUHVSHFWLY
)RORVLQG H[SUHVLD ÄRULFH PDQLIHVWDUH SULQ FDUH VH H[SULP  GLVSUH ´ OHJHD
vQ HOHJH RULFH DFWLYLWDWH VXVFHSWLELO  GH D UHDOL]D DF LXQHD LQFULPLQDW  $VWIHO
PDQLIHVWDUHD GH GLVSUH  VH SRDWH UHDOL]D YHUEDO SULQ FXYLQWH GLVFXUVXUL FkQWHFH
OR]LQFL LQMXULRDVH OD DGUHVD vQVHPQHORU VDX HPEOHPHORU VWDWXOXL VDX DOH
DXWRULW LORU  vQ VFULV DUWLFROH FX FRQ LQXW RIHQVDWRU GHVHQH HWF  SULQ DFWH
PDWHULDOH GLVWUXJHUHGHJUDGDUHDOWHUDUH VDXSULQIDSWH JHVWXULREVFHQHPLPLF 
GLVSUH XLWRDUH 
$úDGDUDF LXQHDLQFULPLQDW VHSRDWHUHDOL]DúLSULQWURRPLVLXQHFXFRQGL LD
FD RPLVLXQHD V  H[SULPH R DWLWXGLQH GH GLVSUH  H[ IDSWXO GH D QX WH ULGLFD vQ
SLFLRDUH OD LQWRQDUHD LPQXOXL QD LRQDO VDX OD ULGLFDUHD GUDSHOXOXL RUL GH D QX WH
GHVFRSHUL OD FRERUkUHD GUDSHOXOXL vQ EHUQ  FkQG R DVHPHQHD FHUHPRQLH HVWH
SUHY ]XW 
,QIUDF LXQHD DQDOL]DW  QX SRDWH IL V YkUúLW  I U  SUHH[LVWHQ D vQVHPQHORU
5RPkQLHLRULDHPEOHPHORUVDXVHPQHORUFRQVLGHUDWHFDXQVLPERODODXWRULW LLGH
VWDW
3RWULYLWSUHYHGHULORUGLQDUW&SHQvQVHPQHOHVHvPSDUWvQIXQF LHGH
LPSRUWDQ DORUvQGRX FDWHJRULLvQSULPXOUkQGvQVHPQHOH5RPkQLHLvQDOGRLOHD
UkQGHPEOHPHOHVDXVHPQHOHGHFDUHVHIRORVHVFDXWRULW LOH
'LQ SULPD FDWHJRULH IDF SDUWH SRWULYLW DUW  GLQ &RQVWLWX LD 5RPkQLHL
GUDSHOXO 5RPkQLHL ]LXD QD LRQDO  D 5RPkQLHL LPQXO QD LRQDO VWHPD úL VLJLOLXO
ULL
3ULQÄHPEOHP ´VHvQ HOHJHvQJHQHUHXQRELHFWVDXLPDJLQHFDUHSRDUW vQ
PRG FRQYHQ LRQDO XQ DQXPLW vQ HOHV R DQXPLW  LGHH ÌQ VHQVXO DUW  DOLQ  
& SHQ HPEOHPD HVWH RELHFWXO VDX LPDJLQHD FDUH UHSUH]LQW  vQ PRG VLPEROLF XQ
RUJDQGHVWDW3ULQÄVHPQ´VHvQ HOHJHvQJHQHUHWRWFHHDFHDUDW VDXLQGLF FHYD



5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQDFHODúLVHQV,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U
'UHSWXO SHQDO 3DUWHD VSHFLDO  (GLWXUD /XPLQD /H[ %XFXUHúWL  S  5HSXWDWXO SURIHVRU FRQVLGHU  F 
vQWURDVWIHOGHLSRWH] YDH[LVWDRXQLWDWHLQIUDF LRQDO OHJDO VXEIRUPDLQIUDF LXQLLFRQWLQXDWH

 9LUJLO 5 PXUHDQX vQ 7HRGRU 9DVLOLX 'RUX 3DYHO *HRUJH $QWRQLX ùWHIDQ 'DQHú *KHRUJKH ' UkQJ 
'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX9LUJLO5 PXUHDQX&RGXOSHQDOURPkQFRPHQWDWúL
DGQRWDW3DUWHDVSHFLDO YRO,,(GLWXUDùWLLQ LILF úL(QFLFORSHGLF %XFXUHúWLS

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
 
ÌQ VHQVXO DUW  DOLQ   & SHQ VHPQXO LQGLF  LQVWLWX LD SH FDUH R UHSUH]LQW 
VLPEROL]HD] 
'LQ FHD GH D GRXD FDWHJRULH IDF SDUWH VWHPHOH MXGH HORU úL PXQLFLSLLORU
SUHFXPúLRULFHDOWHHPEOHPHVDXVHPQHGHFDUHVHIRORVHVFDXWRULW LOH
6HvQ HOHJHGLQFHOHPDLVXVDU WDWHF QXLQWU VXELQFLGHQ DDUW&SHQ
VHPQHOHSHUVRDQHORUMXULGLFHSULYDWH DVRFLD LLVSRUWLYHDUWLVWLFHHWF 
$UW  & SHQ SUHWLQGH FD HPEOHPHOH VDX VHPQHOH V  IDF  SDUWH GLQ
FDWHJRULDDFHORUDGHFDUHVHIRORVHVFÄDXWRULW LOH´)RORVLQGDFHVWWHUPHQWH[WXOQX
DUHvQYHGHUHVHQVXOVSHFLILFDWULEXLWDFHVWXLFXYkQWvQQRPHQFODWXUD7LWOXOXL9FL
VHUHIHU ODRUJDQHOHSXWHULLGHVWDWDOHDGPLQLVWUD LHLSXEOLFHFHQWUDOHVDXORFDOH
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX SUHVWLJLXO
DXWRULW LL GH VWDW úL DGXFHUHD XQHL DWLQJHUL UHVSHFWXOXL GDWRUDW vQVHPQHORU FDUH vL
VHUYHVFGHVLPERO
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FH FRQVWLWXLH HOHPHQWXO PDWHULDO úL
XUPDUHDLPHGLDW HVWHLPSOLFLW  H[UH 

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LH3HQWUXH[LVWHQ DFRQ LQXWXOXLLQIUDF LXQLLHVWHQHFHVDUFD
PDQLIHVWDUHDGHGLVSUH ID GHvQVHPQHOH5RPkQLHLVDXID GHDOWHHPEOHPHVDX
VHPQHGHFDUHVHIRORVHVFDXWRULW LOHV ILHV YkUúLW vQIRUPDLQWHQ LHILHGLUHFW 
ILHLQGLUHFW ) SWXLWRUXOWUHEXLHV ILGHVI úXUDWRDFWLYLWDWHLQIUDF LRQDO FXYRLQ 
V úLILGDWVHDPDGHFDUDFWHUXODF LXQLLVDOHúLV ILSUHY ]XWUH]XOWDWXORIHQVDWRUDO
DFHVWHLD LQGLIHUHQW GDF  D XUP ULW DFHVW UH]XOWDW LQWHQ LH GLUHFW  VDX GDF  D
DFFHSWDWSURGXFHUHDOXL LQWHQ LDLQGLUHFW 
)DSWHOHV YkUúLWHGLQFXOS QXVXQWLQFULPLQDWH
([LVW úLS UHUHDU PDV L]RODW F DFHDVW LQIUDF LXQHQXVHSRDWHFRPLWH
GHFkWFXLQWHQ LHGLUHFW 
/HJHD QX FRQGL LRQHD]  H[LVWHQ D ODWXULL VXELHFWLYH GH vQGHSOLQLUHD YUHXQHL
FHULQ HHVHQ LDOHFXSULYLUHODPRELOXOVDXVFRSXODF LXQLL3ULQXUPDUHLQIUDF LXQHD
YDH[LVWDFKLDUGDF PDQLIHVWDUHDGHGLVSUH VDI FXWvQJOXP 
 
)RUPH6DQF LXQL
)RUPH$FWHOHGHSUHJ WLUHGHúLSRVLELOHODDFHDVW LQIUDF LXQHQXVXQWvQV 
LQFULPLQDWH
7HQWDWLYD HVWH SRVLELO  vQ VLWXD LD vQ FDUH LQIUDF LXQHD VD FRPLV SULQ VFULV
DFWHVDXIDSWHPDWHULDOHQXúLvQFD]XOFkQGVDFRPLVRUDO7HQWDWLYDGHDVHPHQHD
QXHVWHLQFULPLQDW 
,QIUDF LXQHD VH FRQVXP  vQ PRPHQWXO vQ FDUH DF LXQHD FDUH FRQVWLWXLH
HOHPHQWXOPDWHULDODIRVWFRPLV úLVDSURGXVXUPDUHDLPHGLDW DGLF FUHDUHDXQHL
VW ULGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
'XS PRPHQWXOFRQVXPSWLYDF LXQHDLQFULPLQDW VHSRDWHSUHOXQJLvQWLPS
ILHSULQUHSHWDUHDDFHVWHLDvQH[HFXWDUHDDFHOHDúLUH]ROX LL LQIUDF LXQHFRQWLQXDW 
ILH GDWRULW  QDWXULL PLMORFXOXL GH V YkUúLUH H[ DILúDUHD XQHL OR]LQFL VDX D XQXL
GHVHQSULQFDUHVHH[SULP GLVSUH  LQIUDF LXQHFRQWLQX ÌQDVHPHQHDFD]XULIDSWD
VH HSXL]HD]  vQ PRPHQWXO vQ FDUH VD FRPLV XOWLPD DF LXQH VDX FkQG D vQFHWDW
DF LXQHDFRQWLQX 
6DQF LXQL ,QIUDF LXQHD GH RIHQV  DGXV  XQRU vQVHPQH vQ YDULDQWD WLS HVWH
VDQF LRQDW FXSHGHDSVDvQFKLVRULLGHODOXQLODDQL


9LUJLO5 PXUHDQXRSFLWYRO,,S

 9DOHU 6XLDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU 6XLDQ 'UHSW SHQDO 3DUWHD VSHFLDO  YRO ,
&OXM1DSRFDS
 
ÌQYDULDQWDDWHQXDW LQIUDF LXQHDHVWHVDQF LRQDW FXSHGHDSVDvQFKLVRULLGHOD
OXQLODDQVDXFXDPHQG 
3HUVRDQD MXULGLF  VH VDQF LRQHD]  FX DPHQG  GH OD  OD  OHL
SRWULYLWDUWDOLQ  &SHQ


8/75$-8/

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO SULQFLSDO DO LQIUDF LXQLL GH XOWUDM vO IRUPHD]  DFHOH
UHOD LLVRFLDOHUHIHULWRDUHODDXWRULWDWHDGHVWDWDF URUH[LVWHQ úLQRUPDO IRUPDUH
úL GHVI úXUDUH DU IL SHULFOLWDWH FRQWLQXX I U  DS UDUHD LQWHJULW LL úL SUHVWLJLXOXL
SHUVRDQHORU FDUH vQGHSOLQHVF R IXQF LH FH LPSOLF  H[HUFL LXO DXWRULW LL GH VWDW vQ
H[HUFLWDUHDDFHOHLIXQF LLVDXvQvQGHSOLQLUHDDFWHORUOHJDWHGHDFHDIXQF LH
)LLQGRLQIUDF LXQHFRPSOH[ IDSWDLQFULPLQDW DUHúLXQRELHFWMXULGLFVSHFLDO
VHFXQGDU FDUH FRQVW  vQ UHOD LLOH VRFLDOH UHIHULWRDUH OD OLEHUWDWHD SVLKLF  RUL OD
LQWHJULWDWHDFRUSRUDO VDXV Q WDWHDIXQF LRQDUXOXLSXEOLF
2ELHFWXOPDWHULDOÌQYDULDQWDGHWLSDLQFULPLQ ULLRELHFWXOPDWHULDOOLSVHúWH
ÌQ FD]XO V YkUúLULL XOWUDMXOXL SULQ ORYLUL DOWH YLROHQ H VDX Y W P UL RELHFWXO
PDWHULDOHVWHFRUSXOSHUVRDQHLDVXSUDF UHLDVHV YkUúHVFDF LXQLOHLQFULPLQDWH

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL GH XOWUDM SRDWH IL RULFH
SHUVRDQ FHW HDQURPkQVDXVWU LQSHUVRDQ I U FHW HQLHGRPLFLOLDW VDXQXSH
WHULWRULXO ULL$FHDVWDSRDWHILRSHUVRDQ GLQDIDUDVHUYLFLXOXLvQFDUHvúLH[HUFLW 
IXQF LDSHUVRDQDXOWUDJLDW VDXGLQ XQWUXOHL
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
3DUWLFLSD LD SHQDO  OD DFHDVW  LQIUDF LXQH HVWH SRVLELO  vQ WRDWH IRUPHOH VDOH
FRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
([LVW úLS UHUHDFDUHDU PDVL]RODW SRWULYLWF UHLDSDUWLFLSD LDSHQDO OD
XOWUDMHVWHSRVLELO QXPDLVXEIRUPDLQVWLJ ULLúLDFRPSOLFLW LL
6XELHFWXO SDVLY SULQFLSDO DO LQIUDF LXQLL GH XOWUDM HVWH DXWRULWDWHD SXEOLF 
LQVWLWX LDSXEOLF VDXRDOW SHUVRDQ MXULGLF GHGUHSWSXEOLFvQFDUHvúLGHVI úRDU 
DFWLYLWDWHDIXQF LRQDUXOSXEOLFXOWUDJLDW
6XELHFWSDVLYDGLDFHQWHVWHIXQF LRQDUXOSXEOLFFDUHvQGHSOLQHúWHRIXQF LHFH
LPSOLF H[HUFL LXODXWRULW LLGHVWDWSHUVRDQ ID GHFDUHVDFRPLVIDSWD
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ  &SHQ±
VH vQ HOHJH RULFH SHUVRDQ  FDUH H[HUFLW  SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW  R vQV UFLQDUH GH RULFH QDWXU  UHWULEXLW  VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU  DUW  & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF 
3ULQ IXQF LH FH LPSOLF  H[HUFL LXO DXWRULW LL GH VWDW VH vQ HOHJH DFHD IXQF LH
FDUHFRQIHU IXQF LRQDUXOXLSXEOLFXQHOHDWULEX LLFDUHQXDUSXWHDILvQGHSOLQLWHI U 
H[HUFLWDUHD DXWRULW LL GH VWDW DGLF  I U  FRPSHWHQ D GH D GD GLVSR]L LL úL GH D OXD
P VXULOHQHFHVDUHSHQWUXUHVSHFWDUHDORU
$FHVWHDWULEX LLVXQWVSHFLILFHDXWRULW LORUSXEOLFHFDUHIDFSDUWHGLQWUXQDGLQ
XUP WRDUHOHSXWHULOHJLVODWLY H[HFXWLY VDXMXGHF WRUHDVF 



9DOHU6XLDQRSFLWYRO,S

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
 
ÌQ GRFWULQ  VH FRQVLGHU  F  HVWH VXELHFW SDVLY DGLDFHQW DO XOWUDMXOXL úL
IXQF LRQDUXOFDUHDUHFDDWULEX LLGHVHUYLFLXH[HFXWDUHDGLVSR]L LLORUHPLVHGHF WUH
XQRUJDQDODXWRULW LLGHVWDWÌQFD]XOvQFDUHXQDVWIHOGHIXQF LRQDUEHQHILFLD] GH
R DVHPHQHD RFURWLUH SULQWUR QRUP  VSHFLDO  úL FkW  YUHPH XUPDUHD SUHY ]XW  OD
XOWUDMRUHJ VLPvQXUPDUHDPHQ LRQDW úLvQWH[WXOVSHFLDOVHYDDSOLFDQXPDLDFHVW
GLQXUP WH[WGHOHJHSHQDO 6SUHH[HPSOXH[HFXWRUXOMXGHF WRUHVFDVXSUDF UXLD
VH V YkUúHúWH R DPHQLQ DUH VDX R YLROHQ  H[LVWkQG vQ DFHVW VHQV R GLVSR]L LH
VSHFLDO FDUHLQFULPLQHD] V YkUúLUHDGHDFWHGHYLROHQ VDXDPHQLQ DUHvPSRWULYD
RUJDQHORU FDUH DVLJXU  H[HFXWDUHD KRW UkULORU MXGHF WRUHúWL YRU RSHUD vQ DFHVW FD]
SUHYHGHULOH DUW  & SHQ úL QX FHOH UHIHULWRDUH OD XOWUDM 'DF  vPSRWULYD
H[HFXWRUXOXLMXGHF WRUHVFVHV YkUúHúWHRDOW IDSW DWXQFLRSHUHD] SUHYHGHULOHDUW
DOLQ  &SHQ
)DSWD LQFXOSDWXOXL FDUH FX DFHHDúL RFD]LH D LQVXOWDW úL DPHQLQ DW vQ PRG
VXFFHVLYWUHLOXFU WRULGHSROL LHDIOD LvQH[HUFL LXOIXQF LXQLLUHDOL]HD] FRQ LQXWXO
FRQVWLWXWLY DO WUHL LQIUDF LXQL DXWRQRPH GH XOWUDM DIODWH vQ FRQFXUV UHDO LDU QX R
VLQJXU  LQIUDF LXQH VXE IRUP  FRQWLQXDW  6ROX LD FRQFXUVXOXL GH LQIUDF LXQL
vQWURDVWIHOGHLSRWH] HVWHvQVXúLW GHGRFWULQ úLHVWHMXVWLILFDW SULQDFHHDF 
DXWRULWDWHD GH VWDW HVWH SURWHMDW  SULQ LQWHUPHGLXO SURWHF LHL DFRUGDWH ILHF UXL
UHSUH]HQWDQWDOV X
)DSWHOHGHLQVXOW FDORPQLHúLDPHQLQ DUHV YkUúLWHvPSRWULYDSULPDUXOXLvQ
WLPSFHDFHVWDVHDIO vQH[HUFL LXOIXQF LXQLLúLSHQWUXIDSWHvQGHSOLQLWHvQH[HUFL LXO
IXQF LXQLL FRQVWLWXLH LQIUDF LXQHD GH XOWUDM SUHY ]XW  vQ DUW  & SHQ GHRDUHFH
SULPDUXO DUH FDOLWDWHD GH IXQF LRQDU SXEOLF LDU IXQF LD VD LPSOLF  H[HUFL LXO
DXWRULW LLGHVWDW

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQIUDF LXQLL GH XOWUDM FRQVW  vQ PDL PXOWH DF LXQL
DOWHUQDWLYHILHFDUHGLQHOHILLQGVXILFLHQW SHQWUXUHDOL]DUHDDFHVWXLHOHPHQW$FHVWH
DF LXQL VH J VHVF LQFULPLQDWH FD IDSWH GH VLQH VW W WRDUH vQ FDGUXO JUXSXOXL GH
LQIUDF LXQLFRQWUDSHUVRDQHL
ÌQ YDULDQWD WLS D XOWUDMXOXL HOHPHQWXO PDWHULDO FRQVW  vQWUR DF LXQH GH
DPHQLQ DUH V YkUúLW  FRQWUD XQXL IXQF LRQDU SXEOLF FDUH vQGHSOLQHúWH R IXQF LH FH
LPSOLF  H[HUFL LXO DXWRULW LL GH VWDW $úDGDU HOHPHQWXO PDWHULDO DO LQIUDF LXQLL GH
XOWUDMDEVRDUEHvQYDULDQWDVLPSO IDSWDGHDPHQLQ DUH$F LXQHDGHDPHQLQ DUHDUH
vQ HOHVXODU WDWvQDUW&SHQ
ÌQO WXUDUHD GLQ FRQ LQXWXO LQIUDF LXQLL GH XOWUDM D PRGDOLW LORU QRUPDWLYH
UHIHULWRDUH OD LQVXOW  úL FDORPQLH D IRVW SULPLW  FX UH]HUYH vQ GRFWULQ  GHRDUHFH R


,OLH3DVFXRSFLWS

76VSGQU55'QUS

 7 UHJ 6XFHDYD &RO SHQ G QU  55' QU   S  ÌQ DFHODúL VHQV 76 VS
GQU55'QUS7M%RWRúDQLGSQU55'QUS70%V
D,,DSHQGQU55'QUS&6-VSGQU&XUWHD6XSUHP GH-XVWL LH
%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUDÄ3URHPD´%DLD0DUHS&6-
VSGQU'UQUS ÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL
&XOHJHUH GH GHFL]LL SH DQXO  (GLWXUD $OO %HFN %XFXUHúWL  S  1LFRULQD &ULúX 0DJUDRQ
&RQVWDQWLQ &ULúX 5HSHUWRULX MXULVSUXGHQ  VHOHFWLY  vQ GRPHQLXO GUHSWXOXL SHQDO úL SURFHVXDO SHQDO SHULRDGD
(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHúS

,OLH3DVFXRSFLWS

&6-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SH DQXO  (GLWXUD $OO %HFN %XFXUHúWL  S  1LFRULQD &ULúX 0DJUDRQ &RQVWDQWLQ &ULúX RS FLW
S

 3ULQ /HJHD QU  SXEOLFDW  vQ 0 2I QU  GLQ  LQVXOWD úL FDORPQLD GLQ FRQ LQXWXO
LQIUDF LXQLLGHXOWUDMDXIRVWDEURJDWH
 
DVWIHOGHVROX LHYDGXFHODRGLPLQXDUHVHQVLELO DSURWHF LHLGHFDUHWUHEXLHV VHEX
FXUHSHUVRDQHOHFDUHvQGHSOLQHVFRIXQF LHFHLPSOLF H[HUFL LXODXWRULW LLGHVWDW
&HULQ HHVHQ LDOH
$PHQLQ DUHDV ILHV YkUúLW FRQWUDXQXLIXQF LRQDUSXEOLFFDUHvQGHSOLQHúWH
R IXQF LH FH LPSOLF  H[HUFL LXO DXWRULW LL GH VWDW DIODW vQ H[HUFL LXO IXQF LXQLL RUL
SHQWUX IDSWH vQGHSOLQLWH vQ H[HUFL LXO IXQF LXQLL $FHDVW  FHULQ  HVHQ LDO  HVWH
FRPXQ WXWXURULSRWH]HORUGHLQFULPLQDUHSUHY ]XWHvQDUW&SHQ
)LHFDUHGLQWUHDFHVWHGRX VLWXD LLDOWHUQDWLYHSRDWHUHDOL]DFHULQ DHVHQ LDO vQ
FRQ LQXWXOODWXULLRELHFWLYH
&HULQ DHVWHvQGHSOLQLW GLQPRPHQWFHIXQF LRQDUXOSXEOLFVHDIO vQH[HUFL LXO
IXQF LHLLQGLIHUHQWGDF DF LXQHDvQGUHSWDW vPSRWULYDVDSULYHúWHDFWHDOHIXQF LXQLL
VDXIDSWHGHRUGLQH[WUDIXQF LRQDO YLD DSDUWLFXODU DDFHVWXLDIDPLOLDHWF 
3HQWUX H[LVWHQ D FHULQ HL HVHQ LDOH vQ FD]XO IDSWHORU vQGHSOLQLWH vQ H[HUFL LXO
IXQF LXQLL HVWH QHFHVDU FD DF LXQHD vQGUHSWDW  FRQWUD IXQF LRQDUXOXL SXEOLF V 
SULYHDVF  IDSWH VDX DFWH FH DX IRVW HIHFWXDWH GH DFHVWD vQ H[HUFL LXO IXQF LXQLL
SRWULYLW DWULEX LLORU VDOH úL FX UHVSHFWDUHD IRUPHORU OHJDOH ÌQ FD]XO vQ FDUH
IXQF LRQDUXO SXEOLF vúL GHS úHúWH DWULEX LLOH GH VHUYLFLX OH vQFDOF  RUL OH H[HUFLW 
DEX]LYDFWHOHVDOHQXPDLSRWILFRQVLGHUDWHFDDFWHDOHDXWRULW LLHOVLWXkQGXVHvQ
DVHPHQHDvPSUHMXU ULvQDIDUDSURWHF LHLSHFDUHOHJHDLRDFRUG SULQGLVSR]L LLOH
GLQDUW&SHQ
 $PHQLQ DUHD V  ILH V YkUúLW  QHPLMORFLW VDX SULQ PLMORDFH GH FRPXQLFDUH
GLUHFW  $úDGDU DPHQLQ DUHD SRDWH IL FRPLV  ILH QHPLMORFLW GHFL vQ SUH]HQ D
VXELHFWXOXL SDVLY DO LQIUDF LXQLL ILH SULQ PLMORDFH FDUH SULQ QDWXUD ORU VXQW
VXVFHSWLELOHGHDUHDOL]DXQFRQWDFWGLUHFWvQWUHDXWRUúLVXELHFWXOSDVLY vQDFHDVW 
LSRWH]  VXELHFWXO SDVLY HVWH DEVHQW  3UH]HQ D VXELHFWXOXL SDVLY WUHEXLH V  ILH
HIHFWLY  UHDO  1X VDU SXWHD FRQFHSH GH SLOG  XQ XOWUDM DVXSUD XQHL IRWRJUDILLD
IXQF LRQDUXOXLSXEOLFRULDXQHLVHPQ WXULDDFHVWXLD
$PHQLQ DUHD WUHEXLH V  DLE  FD RELHFW V YkUúLUHD XQHL LQIUDF LXQL VDX D XQHL
IDSWH S JXELWRDUH vQGUHSWDW  vPSRWULYD IXQF LRQDUXOXL SXEOLF XOWUDJLDW úL V  ILH GH
QDWXU V ODODUPH]HSHDFHVWD
0LMORDFHOH GH FRPXQLFDUH GLUHFW  VXQW DFHOHD FDUH FUHHD]  VLWXD LL HFKLYDOHQWH
SUH]HQ HL GHH[FRPXQLFDUHDWHOHIRQLF WHOHJUDILF UDGLRWYVFULVRDUHHPDLOHWF 
ÌQ YDULDQWHOH DJUDYDWH SUHY ]XWH vQ DUW  DOLQ     úL   & SHQ
HOHPHQWXO PDWHULDO FRQVW  vQ ORYLUHD VDX RULFH DOWH YLROHQ H Y W PDUHD FRUSRUDO 
VDX Y W PDUHD FRUSRUDO  JUDY  V YkUúLW  vPSRWULYD SHUVRDQHL FDUH vQGHSOLQHúWH R
IXQF LHFHLPSOLF H[HUFL LXODXWRULW LLGHVWDW
3ULQ XUPDUH vQ HOHPHQWXO PDWHULDO DO YDULDQWHORU DJUDYDWH D XOWUDMXOXL VXQW
DEVRUELWHIDSWHOHGHORYLUHVDXDOWHYLROHQ HGHY W PDUHFRUSRUDO úLGHY W PDUH
FRUSRUDO  JUDY  FDUH DX vQ HOHVXO DU WDW vQ DUW  & SHQ 3HQWUX H[LVWHQ D
HOHPHQWXOXLPDWHULDODODFHVWRUYDULDQWHVXQWLQGLIHUHQWHPLMORDFHOHúLPRGXOvQFDUH
VDV YkUúLWDF LXQHDLQFULPLQDW 
ÌQ FD]XO XOWUDMXOXL FDOLILFDW GDF  VD FDX]DW YLFWLPHL PRDUWHD IDSWD QX YD
FRQVWLWXLLQIUDF LXQHFRPSOH[ FDvQ&RGXOSHQDO&DURODO,,OHD DUW FLYRUIL



 &RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO  1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'QU
S76VSGQU55'QUS9LUJLO5 PXUHDQXRSFLWYRO,,S&6-VS
GQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO(GLWXUD-XULV
$UJHVVLV&XUWHDGH$UJHúS*DEULHO,RQHVFX,RVLI,RQHVFXRSFLWS
 
DSOLFDELOHUHJXOLOHJHQHUDOHSULYLQGFRQFXUVXOGHLQIUDF LXQLÌQVXV LQHUHDDFHVWXL
SXQFW GH YHGHUH 9LUJLO 5 PXUHDQX D DU WDW F  VROX LD FDUH VH LPSXQH HVWH FHD D
FRQFXUVXOXL LGHDO vQWUH XOWUDM úL ORYLULOH VDX Y W P ULOH FDX]DWRDUH GH PRDUWH
GHRDUHFH SULQ DFHHDúL DFWLYLWDWH PDWHULDO  VDX SURGXV XUP UL GLIHULWH FH DX DGXV
DWLQJHUHXQRUYDORULVRFLDOHGLVWLQFWRFURWLWHGHOHJHDSHQDO 
$WXQFLFkQGRSHUVRDQ V YkUúHúWHFXDFHHDúLRFD]LHDWkWLQVXOWHúLDPHQLQ UL
FkW úL ORYLUL FRQWUD XQXL IXQF LRQDU SXEOLF DIODW vQ H[HUFL LXO IXQF LHL QX L VH SRW
UH LQHvQVDUFLQ GRX LQIUDF LXQLGHXOWUDMvQFRQFXUVXQDvQIRUPDVLPSO úLDOWDvQ
IRUPD DJUDYDW  FL QXPDL R VLQJXU  IDSW  GH XOWUDM IRUPD FDOLILFDW  DEVRUELQG úL
IRUPDVLPSO DDFHVWHLLQIUDF LXQL
$FWHOHGHDJUHVLXQHvQGUHSWDWHvPSRWULYDXQXLSROL LVWDIODWvQPLVLXQHDGHD
VSULMLQLDFWLYLWDWHDH[HFXWRUXOXLMXGHF WRUHVFGHSXQHUHvQH[HFXWDUHSHFDOHVLOLW 
DXQHLKRW UkULMXGHF WRUHúWLFRQVWLWXLHLQIUDF LXQHDGHXOWUDM3ULQSDUWLFLSDUHDVDOD
H[HFXWDUHDXQHLKRW UkULSROL LVWXOQXúLSLHUGHFDOLWDWHDGHDJHQWDORUGLQLLSXEOLFH
HO QHILLQG DVLPLODW FX RUJDQXO GH H[HFXWDUH D KRW UkULL MXGHF WRUHúWL vQ VHQVXO
SUHYHGHULORUDUWDOLQ  &SHQ
)DSWDLQFXOSDWXOXLGHDDSOLFDRORYLWXU GHFX LWvQDEGRPHQXQXLRIL HUGH
SROL LH DIODW vQ H[HUFL LXO DWULEX LLORU GH VHUYLFLX SXQkQGXL YLD D vQ SHULFRO
FRQVWLWXLH LQIUDF LXQHD XQLF  GH WHQWDWLY  OD RPRU FDOLILFDW SUHY ]XW  vQ DUW 
UDSRUWDWODDUWúLOLWI GLQ&RGXOSHQDOLDUQXGRX LQIUDF LXQHGLVWLQFWH
UHVSHFWLYWHQWDWLY ODLQIUDF LXQHDGHXOWUDMSUHY ]XW vQDUWDOLQ  GLQ&RGXO
SHQDO
8UPDUHD LPHGLDW  FRQVW  vQWUR VWDUH GH SHULFRO SHQWUX DXWRULWDWHD FX FDUH
HVWHvQYHVWLW XQLWDWHDGLQFDUHIDFHSDUWHIXQF LRQDUXOSXEOLFXOWUDJLDW
ÌQ DIDU  GH XUPDUH LPHGLDW  FRUHVSXQ] WRDUH RELHFWXOXL RFURWLULL SHQDOH
ILHFDUH YDULDQW  DUH FD XUPDUH DGLDFHQW  úL SURGXFHUHD XQHL Y W P UL PRUDOH VDX
IL]LFHDVXELHFWXOXLSDVLY
/HJ WXUD GH FDX]DOLWDWH vQWUH V YkUúLUHD YUHXQHLD GLQWUH DF LXQLOH FDUH SRW
FRQVWLWXLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHXOWUDMúLXUPDUHDLPHGLDW WUHEXLHV 
H[LVWH([LVWHQ DOHJ WXULLGHFDX]DOLWDWHHVWHvQJHQHUDOSUHVXSXV ILLQGF XUPDUHD
LPHGLDW  FRQVWkQG vQWUR VWDUH GH SHULFRO UHDOL]DUHD HOHPHQWXOXL PDWHULDO LPSOLF 
GHUHJXO SURGXFHUHDXUP ULLLPHGLDWH

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH ,QIUDF LXQHD GHXOWUDMVHFRPLWHvQWRWGHDXQDFX LQWHQ LH
GLUHFW VDXLQGLUHFW 6 YkUúLUHDIDSWHLGLQFXOS QXHVWHLQFULPLQDW 
3HQWUXH[LVWHQ DLQWHQ LHLHVWHQHFHVDUFDLQIUDFWRUXOV FXQRDVF DWkWVLWXD LD
SHUVRDQHLvPSRWULYDF UHLDvúLvQGUHDSW DF LXQHDVDFkWúLvPSUHMXUDUHDF DFHDVWD


 9LQWLO  'RQJRUR] *KHRUJKH ' UkQJ  6LHJIULHG .DKDQH 'XPLWUX /XFLQHVFX $XUHO 1HPHú 0LKDL
3RSRYLFL 3HWUH 6kUEXOHVFX 9DVLOH 6WRLFDQ 1RXO FRG SHQDO úL FRGXO SHQDO DQWHULRU 3UH]HQWDUH FRPSDUDWLY 
(GLWXUD3ROLWLF %XFXUHúWLSÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S9DOHU6XLDQ
RSFLWYRO,SÌQVHQVFRQWUDU*HRUJH$QWRQLX9DVLOH3DSDGRSRO0LKDL3RSRYLFL%RJGDQùWHI QHVFX
ÌQGUXP ULOH GDWH GH 3OHQXO 7ULEXQDOXOXL 6XSUHP úL QRXD OHJLVOD LH SHQDO  (GLWXUD ùWLLQ LILF  %XFXUHúWL 
S$FHúWLDXWRULFRQVLGHU F vQWURDVWIHOGHVLWXD LHIDSWDYDWUHEXLVDQF LRQDW vQFRQIRUPLWDWHFXGLVSR]L LLOH
GLQDUW&SHQGHRDUHFHFDOLWDWHDVXELHFWXOXLSDVLYQXPDLLQIOXHQ HD] FDUDFWHUL]DUHDIDSWHL

7M'ROMGSQU55'QUS7M0XUHúGSQU55'QU
SFXQRWH,,RQ%HQHGHN,,*HRUJH$QWRQLX

&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS*DEULHO,RQHVFX,RVLI,RQHVFXRSFLWS

 &6- VS G QU  &XUWHD 6XSUHP  GH -XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH
DQXO  (GLWXUD -XULV $UJHVVLV &XUWHD GH $UJHú  S  ÌQ VSH  LQVWDQ D VXSUHP  D VWDWXDW F 
DF LXQHD GH XOWUDJLHUH HVWH DEVRUELW  vQ PRGDOLWDWHD SUHY ]XW  vQ DUW  OLW I  GLQ &RGXO SHQDO GHRDUHFH
H[SULPDUHDIRORVLW vQDFHVWWH[WGHOHJHHVWHI U HFKLYRF
 
VH DIO  vQ H[HUFL LXO IXQF LXQLL VDX F  IDSWHOH OD FDUH VH UHIHU  DF LXQHD DX IRVW
vQGHSOLQLWH vQ H[HUFL LXO IXQF LXQLL 1HFXQRDúWHUHD GH F WUH I SWXLWRU D DFHVWRU
vPSUHMXU ULH[FOXGHH[LVWHQ DLQIUDF LXQLLGHXOWUDM
([LVW  úL S UHUHD SRWULYLW F UHLD LQIUDF LXQHD GH XOWUDM QX VH SRDWH FRPLWH
GHFkWFXLQWHQ LHGLUHFW vQWLPSFHDO LDXWRULVXV LQF IRUPDGHYLQRY LHFXFDUH
VHSRDWHFRPLWHXOWUDMXOHVWHúLSUDHWHULQWHQ LD
ÌQ WH[WXO DUW  & SHQ QX VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD
PRELO VDX VFRS GDU FXQRDúWHUHD ORU HVWH WRWGHDXQD XWLO  SHQWUX VWDELOLUHDJUDGXOXL
GHSHULFROVRFLDOFRQFUHWDOIDSWHLFRPLVHúLODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL

)RUPH6DQF LXQL
)RUPH$F LXQLOHFDUHSRWFRQVWLWXLHOHPHQWXOPDWHULDODOLQIUDF LXQLLGHXOWUDM
VXQWVXVFHSWLELOHGHDILUHDOL]DWHSULQWURDFWLYLWDWHFDUHVHGHVI úRDU vQWLPSúLSRW
SDUFXUJHID]HOHLQHUHQWHXQHLDVWIHOGHGHVI úXU ULSUHSDUDUHvQFHUFDUHFRQVXPDUH
HSXL]DUH
$FWHOHSUHSDUDWRULLSRVLELOHODLQIUDF LXQHDGHXOWUDMQXVXQWLQFULPLQDWH(OH
SRWGHYHQLvQV DFWHGHFRPSOLFLWDWH±vQLSRWH]DV YkUúLULLLQIUDF LXQLL±DWXQFLFkQG
DXIRVWHIHFWXDWHGHRDOW SHUVRDQ GHFkWDXWRUXOVDXVHSRWvQVXPDvQFRQWULEX LD
DXWRUXOXL
7HQWDWLYDGHDVHPHQHDSRVLELO QXHVWHLQFULPLQDW 
8OWUDMXOVHFRQVXP vQPRPHQWXOvQFDUHDF LXQHDLQFULPLQDW DIRVWV YkUúLW 
úLDSURGXVXUPDUHDLPHGLDW DLQIUDF LXQLL
6DQF LXQLÌQYDULDQWDWLSLQIUDF LXQHDGHXOWUDMVHSHGHSVHúWHFXvQFKLVRDUH
GHODOXQLODDQLVDXFXDPHQG 
ÌQ YDULDQWD DJUDYDW  SUHY ]XW  vQ DOLQ   SHGHDSVD SUHY ]XW  GH OHJH HVWH
vQFKLVRDUHDGHODOXQLODDQLVDXDPHQGD
3HGHDSVD DSOLFDELO  HVWH vQFKLVRDUHD GH OD  OXQL OD  DQL vQ FD]XO YDULDQWHL
SUHY ]XWHvQDOLQ  úLvQFKLVRDUHDGHODODDQLvQFD]XOXOWUDMXOXLSUHY ]XWvQ
DOLQ  
3HQWUXIDSWHOHSUHY ]XWHvQDOLQ  ±  SHUVRDQDMXULGLF VHVDQF LRQHD] 
FXSHGHDSVDDPHQ]LLFXSULQV vQWUHOHLúLOHL
ÌQ LSRWH]D SUHY ]XW  vQ DOLQ   SHUVRDQD MXULGLF  VH VDQF LRQHD]  FX
SHGHDSVDDPHQ]LLFXSULQV vQWUHOHLúLOHL

&D]XULVSHFLDOHGHSHGHSVLUH
/HJLXLWRUXO D FRQVLGHUDW F  DVXSUD SHUVRDQHORU FH vQGHSOLQHVF R IXQF LH
LPSRUWDQW  GH VWDW RUL SXEOLF  VDX FDUH LPSOLF  H[HUFL LXO DXWRULW LL GH VWDW VH SRW
UHDOL]D DFWH LQGLUHFWH GH LQWLPLGDUH vQGUHSWDWH vPSRWULYD VR LORU FRSLLORU RUL
S ULQ LORU'HDFHHDOHJLXLWRUXODVLP LWQHYRLDFDDFHVWHDFWHV ILHUHSULPDWHPDL
DVSUXGHRDUHFHVHRFURWHúWHvQDFHVWIHOúLDXWRULWDWHD
3RWULYLWDUW&SHQÄvQFD]XOLQIUDF LXQLORUSUHY ]XWHvQDUW±DUW
úLV YkUúLWHvPSRWULYDVR XOXLFRSLLORUVDXS ULQ LORUXQXLMXGHF WRUSURFXURU
SROL LVWMDQGDUPRULPLOLWDUvQVFRSGHLQWLPLGDUHVDXGHU ]EXQDUHSHQWUXDFWHVDXIDSWH
vQGHSOLQLWHvQH[HUFL LXOIXQF LXQLLPD[LPXOSHGHSVHLVHPDMRUHD] FXDQL´(VWHYRUED
GH LQIUDF LXQLOH GH ORYLUL VDX DOWH YLROHQ H Y W PDUHD FRUSRUDO  Y W PDUHD FRUSRUDO 
JUDY OLSVLUHDGHOLEHUWDWHvQPRGLOHJDOúLDPHQLQ DUHD
&XSULYLUHODvQ HOHVXOQR LXQLORUGHMXGHF WRUSURFXURUSROL LVWMDQGDUPRUL
PLOLWDU IDFHP WULPLWHUH OD FHOH DU WDWH FX RFD]LD H[SOLF ULL HOHPHQWXOXL FLUFXPV
WDQ LDOGHDJUDYDUHDOLQIUDF LXQLLGHRPRUSUHY ]XWvQDUWOLWI &RGSHQDO


9DOHU6XLDQRSFLWYRO,S

,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFDS

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
 
8=853$5($'(&$/,7 ,2),&,$/(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH X]XUSDUH GH FDOLW L RILFLDOH vO
FRQVWLWXLHDFHOHUHOD LLVRFLDOHDF URUQRUPDO IRUPDUHúLGHVI úXUDUHVXQWDVLJXUDWH
GHH[HUFLWDUHDQXPDLGHF WUHFHLvQGUHSW L LDFDOLW LORURILFLDOH
&DOLW LOH RILFLDOH LPSOLF  OD IHO FD úL XQHOH IXQF LL SUH]HQ D VDX H[HUFL LXO
IXQF LXQLL vQ SHUVRDQD FHOXL vQYHVWLW FX R FDOLWDWH RILFLDO  $FHDVWD vQVHDPQ  F 
GUHSWXO GH D IRORVL R FDOLWDWH RILFLDO  úL GH D vQGHSOLQL DFWH OHJDWH GH DFHD FDOLWDWH
DSDU LQHH[FOXVLYSHUVRDQHLFDUHHVWHvQYHVWLW FXDFHDFDOLWDWHLDUX]XUSDUHDDFHVWHLD
DGXFHDWLQJHUHDXWRULW LLUHVSHFWLYHWXOEXUkQGEXQXOPHUVDODFWLYLW LLDXWRULW LORU
SXEOLFHLQVWLWX LLORUSXEOLFHVDXDOWRUSHUVRDQHMXULGLFHGHGUHSWSXEOLF
2ELHFWXO PDWHULDO ,QIUDF LXQHD GH X]XUSDUH GH FDOLW L RILFLDOH QX DUH XQ
RELHFWPDWHULDO

6XELHF LLLQIUDF LXQLL
6XELHFWXODFWLYQHPLMORFLW DXWRU DODFHVWHLLQIUDF LXQLSRDWHILRULFHSHUVRDQ 
SDUWLFXODU  FDUH vQGHSOLQHúWH FRQGL LLOH JHQHUDOH SHQWUX D U VSXQGH SHQDO úL FDUH
IRORVHúWH I U  GUHSW R FDOLWDWH RILFLDO  $FHDVWD QX H[FOXGH LSRWH]D FD R SHUVRDQ 
vQYHVWLW FXRDQXPLW FDOLWDWHRILFLDO V IRORVHDVF I U GUHSWRDOW FDOLWDWHRILFLDO 
úL GHFL V  ILH VXELHFW DFWLY QHPLMORFLW DO LQIUDF LXQLL vQ FH SULYHúWH DFHDVW  XOWLP 
FDOLWDWH'HDVHPHQHDSRDWHILDXWRUDODFHVWHLLQIUDF LXQLSHUVRDQDFDUHFRQWLQX V 
IRORVHDVF RFDOLWDWHRILFLDO GXS FHDSLHUGXWRGHILQLWLY SULQSHQVLRQDUHvQORFXLUH
GHVIDFHUHDFRQWUDFWXOXLGHPXQF HWF VDXWHPSRUDU SULQVXVSHQGDUH 
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQWURDOW S UHUHFDUHDU PDVL]RODW VHFRQVLGHU F SDUWLFLSD LDSHQDO 
HVWHSRVLELO QXPDLVXEIRUPDLQVWLJ ULLúLDFRPSOLFLW LL
6XELHFWXOSDVLYSULQFLSDOHVWHvQWRWGHDXQDVWDWXO
6XELHF LSDVLYLVHFXQGDULSRWILXQLW LOHSXEOLFHDU WDWHODDUW&SHQVDX
SHUVRDQHOHSUHMXGLFLDWHSULQDFWHOHvQGHSOLQLWHGHF WUHDXWRUXOLQIUDF LXQLL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO FRQVW  vQ GRX  DF LXQL FRQMXJDWH FH WUHEXLH UHDOL]DWH
FXPXODWLY úL DQXPH DF LXQHD GH IRORVLUH D XQHL FDOLW L RILFLDOH úL DF LXQHD GH
vQGHSOLQLUH D YUHXQXL DFW OHJDW GH DFHD FDOLWDWH 6 YkUúLUHD DFHVWRU GRX  DF LXQL
HVWHLQGLVSHQVDELO SHQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLLGHX]XUSDUH
GHFDOLW LRILFLDOH
'DF  R SHUVRDQ  IRORVHúWH I U  GUHSW R FDOLWDWH RILFLDO  GDU QX vQGHSOLQHúWH
YUHXQ DFW OHJDW GH DFHD FDOLWDWH IDSWD QX FRQVWLWXLH LQIUDF LXQHD GH X]XUSDUH GH
FDOLW LRILFLDOH
6 YkUúLUHDLQIUDF LXQLLGHX]XUSDUHGHFDOLW LRILFLDOHSUHVXSXQHSUHH[LVWHQ D
XQRUFDOLW LRILFLDOHDGLF DXQRUIXQF LLFDUHV FRQIHUHIXQF LRQDUXOXLSXEOLFFDUH
RRFXS SHUPDQHQWVDXWHPSRUDURFDOLWDWHRILFLDO 


,GHPYRO,9S

9LUJLO5 PXUHDQXRSFLWYRO,,S

9DOHU6XLDQRSFLWYRO,S

76VSGQU55'QUS

7M7LPLúGSQU55'QUS
 
3ULQÄFDOLWDWHRILFLDO ´VHvQ HOHJHGHFLDELOLWDUHDOHJDO DXQHLSHUVRDQHGHD
vQGHSOLQLDQXPLWHDFWHSURGXF WRDUHGHFRQVHFLQ HMXULGLFH
'XS DOWDXWRUSULQÄFDOLWDWHRILFLDO ´VHvQ HOHJHDFHHDSHFDUHRLPSOLF 
H[HUFLWDUHD XQHL IXQF LL VDX vQV UFLQ UL vQ VHUYLFLXO XQHL RUJDQL]D LL GH VWDW VDX
REúWHúWL
Ä&DOLWDWHD RILFLDO ´ vQWUR DOW  FRQFHS LH HVWH DFHD FDOLWDWH FDUH G 
SHUVRDQHL GUHSWXO GH D UHSUH]HQWD DXWRULWDWHD GH VWDW úL GH D DF LRQD vQ QXPHOH
DFHVWHLD
ÌQSUDFWLFDMXGLFLDU VDGHFLVF VLQWDJPDÄFDOLWDWHRILFLDO ´SUHVXSXQHR
IXQF LH FDUH SULQ QDWXUD VD LPSOLF  H[HUFL LXO DXWRULW LL DGLF  SXWHUHD GH D OXD
GLVSR]L LLFXFDUDFWHUREOLJDWRULXúLGHDDVLJXUDUHVSHFWDUHDDFHVWRUD
,QVWDQ D VXSUHP  D GHFLV F  RILFLHUHD GH VOXMEH UHOLJLRDVH GH F WUH R
SHUVRDQ FDUHDSLHUGXWFDOLWDWHDGHSUHRWQXFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW
&SHQGHRDUHFHDFWLYLWDWHDSUHRWXOXLQXSUHVXSXQHRFDOLWDWHRILFLDO vQVHQVXO
OHJLLFLRDFWLYLWDWHFXFDUDFWHUVSLULWXDO
&DOLWDWHDRILFLDO LPSOLF GHFLRDQXPLW FRPSHWHQ IXQF LRQDO MXGHF WRUXO
SURFXURUXO RUJDQXO GH FHUFHWDUH SHQDO  VHFUHWDUXO FRQVLOLXOXL MXGH HDQ VDX ORFDO
RIL HUXOVW ULLFLYLOHHWF
3ULQ IRORVLUHD XQHL FDOLW L RILFLDOH VH vQ HOHJH DFWXO SULQ FDUH I SWXLWRUXO vúL
DWULEXLH R FDOLWDWH RILFLDO  SH FDUH QX R DUH VDX QX R PDL DUH (VWH VXILFLHQW FD
I SWXLWRUXOV úLDWULEXLHFDOLWDWHDSHFDUHQXRDUHSULQWURVLPSO DILUPD LH'DF 
I SWXLWRUXO UHFXUJH OD IRORVLUHD XQRU PLMORDFH IUDXGXORDVH FDUH FRQVWLWXLH SULQ HOH
vQVHOH LQIUDF LXQL SRUW QHOHJDO GH XQLIRUP  IDOV vQ vQVFULVXUL HWF  vQ VDUFLQD
DFHVWXLD YD IL UH LQXW XQ FRQFXUV GH LQIUDF LXQL 1X LQWHUHVHD]  SHQWUX H[LVWHQ D
LQIUDF LXQLL DQDOL]DWH GDF  SHUVRDQD ID  GH FDUH I SWXLWRUXO D IRORVLW I U  GUHSW
FDOLWDWHDRILFLDO DIRVWVDXQXLQGXV vQHURDUH
) U DILOHJDW GHRDQXPLW GXUDW GHWLPSÄIRORVLUHD´SUHVXSXQHvQVXúLUHD
SH XQ LQWHUYDO PLQLP GH WLPS QHFHVDU vQGHSOLQLULL FHOHL GH D GRXD DF LXQL DGLF 
vQGHSOLQLUHDXQXLDFWOHJDWGHFDOLWDWHDRILFLDO X]XUSDW 
3ULQ vQGHSOLQLUHD XQXL DFW OHJDW GH FDOLWDWHD X]XUSDW  VH vQ HOHJH HIHFWXDUHD
XQXLDFWFDUHLQWU vQFRPSHWHQ DFHOXLOHJDOvQYHVWLWFXDFHDFDOLWDWH H[vQWRFPHúWH
XQ SURFHVYHUEDO GH FRQVWDWDUH VDX XQ DFW GH VWDUH FLYLO  1X LQWU  vQ FDWHJRULD
DFHVWRUDFWHFHOHFDUHQXDXQLFLROHJ WXU FXIXQF LDX]XUSDW  GHH[HPSOXIXUWXO
V YkUúLW GH IDOVXO SROL LVW GLQ FDPHUD SHUFKH]L LRQDW  GH DFHVWD vQ DFHVWD FD]
H[LVWkQGXQFRQFXUVGHLQIUDF LXQL 
1X DUH LPSRUWDQ  ± SHQWUX H[LVWHQ D LQIUDF LXQLL ± GDF  DFWXO D IRVW VDX QX
vQGHSOLQLW vQ IRUPHOH SUHY ]XWH GH OHJH RUL GDF  I SWXLWRUXO vQGHSOLQHúWH DFHO DFW
vQWUXQORFSXEOLFVDXvQWUXQORFSULYDW



5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

9LUJLO5 PXUHDQXRSFLWYRO,,S

2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW 
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS

70%VD,,DSHQGQU55'QUSFXQRW DSUREDWLY GH*HRUJH$QWRQLXvQ
*HRUJH$QWRQLX&RQVWDQWLQ%XODL5RGLFD0LKDHOD6W QRLX$YUDP)LOLSDú&RQVWDQWLQ0LWUDFKHùHUEDQ6W QRLX
9DVLOH 3DSDGRSRO &ULVWLDQD )LOLúDQX 3UDFWLFD MXGLFLDU  SHQDO  SDUWHD VSHFLDO  YRO ,,, (GLWXUD $FDGHPLHL
5RPkQH%XFXUHúWLS

 &6- VS G QU  5'3 QU   S  'U QU   S  &XUWHD 6XSUHP  GH
-XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO  (GLWXUD Ä3URHPD´ %DLD 0DUH 
SÌQDFHODúLVHQV,RVLI,RQHVFX$VXSUDXQHLLSRWH]HGHX]XUSDUHGHFDOLW LRILFLDOH5'3QU
S+RULD'LDFRQHVFX'UHSWSHQDO3DUWHDVSHFLDO YRO,,HGL LD(GLWXUD$OO%HFN%XFXUHúWL
SÌQVHQVFRQWUDU&RQVWDQWLQ%XODL8]XUSDUHDGHFDOLW LRILFLDOH5'3QUS
 
&HULQ D HVHQ LDO  &X SULYLUH OD DF LXQHD GH IRORVLUH OHJHD FHUH SHQWUX
vQWUHJLUHDODWXULLRELHFWLYHDLQIUDF LXQLLvQGHSOLQLUHDXQHLDQXPLWHFHULQ HHVHQ LDOH
$FHDVW FHULQ HVHQ LDO FRQVW vQIRORVLUHDÄI U GUHSW´DXQHLFDOLW LRILFLDOH
3ULQ IRORVLUHD ÄI U  GUHSW´ D XQHL FDOLW L RILFLDOH VH vQ HOHJH vQVXúLUHD VDX
DWULEXLUHD DFHVWHLD I U  XQ WLWOX OHJLWLP QXPLUH GHOHJDUH DOHJHUH HWF  VDX
FRQWLQXDUHD IRORVLULL FDOLW LL GXS  FH WLWOXO OHJLWLP D vQFHWDW LHúLUH OD SHQVLH
GHVWLWXLUHUHYRFDUH 
ÌQ FD]XO VLPSOHL GHS úLUL D OLPLWHORU FRPSHWHQ HL FH R FRQIHU  FDOLWDWHD
RILFLDO  SH FDUH R DUH I SWXLWRUXO FHULQ D IRORVLULL I U  GUHSW QX YD IL vQGHSOLQLW 
IDSWDFRQVWLWXLQGHYHQWXDOXQDEX]vQVHUYLFLX
8UPDUHDLPHGLDW FRQVW vQSURYRFDUHDXQHLVW ULGHSHULFROSHQWUXYDORDUHD
VRFLDO DÄDXWRULW LL´úLGHFLSHQWUXUHOD LLOHVRFLDOHFHFRQVWLWXLHRELHFWXOMXULGLFDO
LQIUDF LXQLLDQDOL]DWH
$FWHOH vQGHSOLQLWH GH F WUH I SWXLWRU SRW SURGXFH úL FRQVHFLQ H S JXELWRDUH
SHQWUX SHUVRDQHOH MXULGLFH GH GUHSW SXEOLF VDX SULYDW  VDX IL]LFH /HJHD QX
FRQGL LRQHD]  vQV  H[LVWHQ D LQIUDF LXQLL GH SURGXFHUHD XQXL DVHPHQHD UH]XOWDW
HVHQ LDO ILLQGFUHDUHDXQHLVW ULGHSHULFROFHVHSURGXFHSULQFRPLWHUHDDF LXQLORU
LQFULPLQDWH
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQLOH FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO DO
LQIUDF LXQLL SUHY ]XWH vQ DUW  & SHQ úL XUPDUHD LPHGLDW  WUHEXLH V  H[LVWH úL
UH]XOW H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW  VDX LQGLUHFW  ,QWHQ LD SULYHúWH HOHPHQWXO PDWHULDO vQ WRWDOLWDWHD VD DGLF 
FHOHGRX DF LXQLLQFULPLQDWH(OHPHQWXOVXELHFWLYFRQVW GHFLvQYRLQ DúLLQWHQ LD
GH D HIHFWXD DWkW DF LXQHD GH IRORVLUH FkW úL DF LXQHD GH vQGHSOLQLUH $FHDVW 
GXDOLWDWH vQ FXSULQVXO HOHPHQWXOXL VXELHFWLY SRDWH H[LVWD GH OD vQFHSXW VDX SRDWH
DS UHDXOWHULRUvQWLPSXODF LXQLLGHIRORVLUH
([LVW  LQWHQ LH FkQG I SWXLWRUXO úWLD F  vúL vQVXúHúWH SH QHGUHSW R FDOLWDWH
RILFLDO úLF HIHFWXHD] XQDFWOHJDWGHDFHDVW FDOLWDWHSUHY ]kQGDFHVWUH]XOWDWSH
FDUHODXUP ULW LQWHQ LHGLUHFW VDXODDFFHSWDW LQWHQ LHLQGLUHFW 
'XS  DO L DXWRUL vQV  X]XUSDUHD GH FDOLW L RILFLDOH QX VH SRDWH FRPLWH
GHFkWFXLQWHQ LHGLUHFW 
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL

)RUPH6DQF LXQL
)RUPH )LLQG R LQIUDF LXQH FX H[HFXWDUH OHQW  X]XUSDUHD GH FDOLW L RILFLDOH
SRDWH IL UHDOL]DW  SULQWUR DFWLYLWDWH LQIUDF LRQDO  VXVFHSWLELO  GH D SDUFXUJH ID]HOH
RELúQXLWH DOH GHVI úXU ULL XQHL DVWIHO GH DFWLYLW L DFWH GH SUHJ WLUH WHQWDWLY 
FRQVXPDUHHSXL]DUH
$FWHOHSUHJ WLWRDUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWHÌQFD]XOFkQGIDSWD
DIRVWV YkUúLW DFHVWHDFWHHIHFWXDWHGHDOWFLQHYDGHFkWDXWRUXOSRWGHYHQLDFWHGH
FRPSOLFLWDWHDQWHULRDU 
7HQWDWLYD QHWHUPLQDW  HVWH SRVLELO  GDU QX HVWH LQFULPLQDW  úL LPSOLFLW
SHGHSVLW 


5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

,GHPYRO,9S

,ELGHPYRO,9S

9DOHU6XLDQRSFLWYRO,S
 
8]XUSDUHD GH FDOLW L RILFLDOH HVWH R LQIUDF LXQH IRUPDO  FDUH VH FRQVXP  vQ
PRPHQWXO vQ FDUH DX IRVW V YkUúLWH FHOH GRX  DF LXQL FDUH FRQVWLWXLH HOHPHQWXO
PDWHULDO úL VD SURGXV XUPDUHD LPHGLDW  DGLF  FUHDUHD VW ULL GH SHULFRO SHQWUX
YDORDUHD VRFLDO  D DXWRULW LL úL SHQWUX UHOD LLOH VRFLDOH RFURWLWH 3kQ  vQ DFHVW
PRPHQWLQGLIHUHQWFkWWLPSRSHUVRDQ VDIRORVLWGHRFDOLWDWHRILFLDO SHFDUHQXR
DYHD GDF  QX D WUHFXW OD vQGHSOLQLUHD YUHXQXL DFW OHJDW GH DFHD FDOLWDWH IDSWD VH
J VHúWHvQVWDUHGHWHQWDWLY FDUHQXHVWHLQFULPLQDW 
$F LXQHD GH IRORVLUH GH FDOLW L RILFLDOH XUPDW  VDX vQVR LW  GH DF LXQHD GH
vQGHSOLQLUH D XQRU DFWH OHJDWH GH DFHD FDOLWDWH SRDWH FRQWLQXD úL GXS  PRPHQWXO
FRQVXPDWLYSULQUHSHWDUHDDFWLYLW LLLQIUDF LRQDOHvQED]DUH]ROX LHLXQLFHÌQDFHVW
FD] LQIUDF LXQHD VH YD HSXL]D RGDW  FX vQGHSOLQLUHD XOWLPXOXL DFW FD XUPDUH D
IRORVLULLXQHLFDOLW LRILFLDOH
6DQF LXQL 8]XUSDUHD GH FDOLW L RILFLDOH FRPLV  GH R SHUVRDQ  IL]LF  VH
SHGHSVHúWHFXvQFKLVRDUHOXQLODDQL
3HUVRDQDMXULGLF YDILVDQF LRQDW FXDPHQG vQWUHOHLúLOHL
SRWULYLWDUWDOLQ  &SHQ


32578/1(/(*$/'('(&25$ ,,6$86(01(',67,1&7,9(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOvOIRUPHD] DFHOJUXSGHUHOD LLVRFLDOHUHIHULWRDUHOD
DXWRULWDWHD GH VWDW D F URU RFURWLUH VH UHDOL]HD]  úL SULQ SXUWDUHD GHFRUD LLORU VDX
VHPQHORU GLVWLQFWLYH DOH XQXL RUJDQ GH VWDW QXPDL GH F WUH DFHOH SHUVRDQH F URUD
OHDIRVWFRQIHULWSULQOHJHVDXDOWHGLVSR]L LLQRUPDWLYHDFHVWGUHSW
2ELHFWXO PDWHULDO ÌQ DPEHOH VDOH YDULDQWH LQIUDF LXQHD GH SRUW QHOHJDO GH
GHFRUD LLVDXVHPQHGLVWLQFWLYHDUHXQRELHFWPDWHULDO
$FHVWD vO FRQVWLWXLH vQ YDULDQWD WLS GHFRUD LLOH XQLIRUPHOH VDX VHPQHOH
GLVWLQFWLYHDOHXQXLRUJDQGHVWDW
3ULQGHFRUD LLVHvQ HOHJRUGLQHOHPHGDOLLOHúLFUXFLOHFRPHPRUDWLYH2ELHFWXO
PDWHULDOvOFRQVWLWXLHILHvQVHúLvQVHPQHOHDFHVWRURUGLQHúLPHGDOLLFDUHVHSRDUW GH
RELFHLODIHVWLYLW LILHQXPDLSDQJOLFLOHvQVHPQHORU EDUHWHOH FDUHVHSRDUW vQUHVWXO
WLPSXOXL 8QLIRUPHOH OD FDUH VH IDFH UHIHULUH vQ DUW  DOLQ   & SHQ VXQW FHOH
VWDELOLWHSHQWUXSHUVRQDOXODXWRULW LORUSXEOLFHFXH[FHS LDFHORUPLOLWDUH
'DF  XQLIRUPD SXUWDW  QX SUH]LQW  FDUDFWHULVWLFLOH HVHQ LDOH VWDELOLWH vQ DFWXO
QRUPDWLYUHVSHFWLYQXVHSRDWHYRUELGHVSUHRDGHY UDW ÄXQLIRUP ´úLGHFLGHVSUH
FRPLWHUHD DFHVWHL IDSWH SHQDOH &RQVWDWkQG GHRVHELULOH FH H[LVW  vQWUH XQLIRUPD
GHVFULV vQDFWXOQRUPDWLYúLFHDSXUWDW vQFRQFUHWúLOXkQGvQFRQVLGHUDUHFHOHODOWH
vPSUHMXU UL DOH FDX]HL LQVWDQ D YD VWDELOL FDUH D IRVW LQWHQ LD UHDO  D I SWXLWRUXOXL
8QLIRUPHOH FLYLOH VWU LQH QX FRQVWLWXLH RELHFW PDWHULDO DO DFHVWHL IDSWH SHQDOH
GHRDUHFH SXUWDUHD ORU LOHJDO  QX HVWH GH QDWXU  V  DGXF  DWLQJHUH DXWRULW LL
RUJDQHORUGHVWDWGLQ5RPkQLD
6HPQHOH GLVWLQFWLYH VXQW FHOH VWDELOLWH SHQWUX D IL SXUWDWH GH SHUVRQDOXO
GLYHUVHORUSHUVRDQHMXULGLFHGHGUHSWSXEOLFSHQWUXDVHUHOHYDDVWIHODSDUWHQHQ DOD



5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

$UWGLQ/HJHDQUSULYLQGVLVWHPXOQD LRQDOGHGHFRUD LLDO5RPkQLHLSXEOLFDW vQ02IQU
GLQDSULOLH

9LUJLO5 PXUHDQXRSFLWYRO,,SÌQDFHODúLVHQV+RULD'LDFRQHVFXRSFLWYRO,,SÌQVHQV
FRQWUDU5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S
 
XQD GLQWUH HOH GH H[ SHUVRQDOXO 3ROL LHL 5RPkQH SHUVRQDOXO F LORU IHUDWH
SHUVRQDOXOGHFRQGXFHUHGLQLQGXVWULDPLQLHU HWF 
ÌQ YDULDQWD DJUDYDW  RELHFWXO PDWHULDO DO LQIUDF LXQLL DQDOL]DWH vO FRQVWLWXLH
XQLIRUPHOHJUDGHOHVDXLQVLJQHOHPLOLWDUH
*UDGHOH PLOLWDUH vQ RUGLQHD ORU LHUDUKLF  VXQW FHOH SUHFL]DWH vQ 6WDWXWXO
FDGUHORU PLOLWDUH $VWIHO JUDGHOH RIL HULORU VH DUDW  SULQ JDORDQH úL WUHVH VDX VWHOH
DúH]DWH GHD OXQJXO FRQWUDHSROHWXOXL 2ELHFWXO PDWHULDO DO LQIUDF LXQLL vO FRQVWLWXLH
WRFPDLDFHVWHVHPQHGLVWLQFWLYHFDUHPDUFKHD] ILHFDUHJUDGvQSDUWH
3ULQ LQVLJQH PLOLWDUH VH vQ HOHJ VHPQHOH GLVWLQFWLYH ± DOH DUPHORU úL
VSHFLDOLW LORU±DWDúDWHXQLIRUPHORU H[LQVLJQDFDYDOHULHL 

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL GH SRUW QHOHJDO GH GHFRUD LL
VDXVHPQHGLVWLQFWLYHSRDWHILRULFHSHUVRDQ FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOH
SHQWUXDU VSXQGHSHQDO
,QIUDF LXQHD GH SRUW QHOHJDO GH GHFRUD LL VDX VHPQH GLVWLQFWLYH QX HVWH
VXVFHSWLELO  GH FRDXWRUDW IDSWD V YkUúLQGXVH vQ SURSULD SHUVRDQ  LQ SHUVRQD
SURSULD GDUHVWHSRVLELO LQVWLJDUHDúLFRPSOLFLWDWHD
ÌQ GRFWULQ  VD VXV LQXW úL S UHUHD FX FDUH QX VXQWHP GH DFRUG F 
SDUWLFLSD LDSHQDO ODLQIUDF LXQHDGHSRUWQHOHJDOGHGHFRUD LLVDXVHPQHGLVWLQFWLYH
HVWHSRVLELO VXEWRDWHIRUPHOH
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ  MXULGLF  vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
6XELHFWXOSDVLYSULQFLSDOHVWHvQWRWGHDXQDVWDWXO
6XELHFW SDVLY VHFXQGDU SRDWH IL SHUVRDQD MXULGLF  GH GUHSW SXEOLF DOH F UXL
VHPQH GLVWLQFWLYH DX IRVW X]XUSDWH VDX SHUVRDQD IL]LF  FH DYHD GUHSWXO V  SRDUWH
DFHDHQWLWDWH

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDO$F LXQHDFHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLL
GH SRUW QHOHJDO GH GHFRUD LL VDX VHPQHGLVWLQFWLYHFRQVW vQSXUWDUHDGHGHFRUD LL
XQLIRUPHVDXVHPQHGLVWLQFWLYHDOHXQXLRUJDQGHVWDW YDULDQWDWLS úLvQSXUWDUHDGH
XQLIRUPHJUDGHVDXLQVLJQHPLOLWDUH YDULDQWDDJUDYDW 
6XE DFHVW DVSHFW SRUWXO QHOHJDO GH GHFRUD LL VDX VHPQH GLVWLQFWLYH HVWH R
LQIUDF LXQH FRQWLQX  VXFFHVLY  GHRDUHFH SXUWDUHD FDUH SUHVXSXQH R DFWLYLWDWH GH
GXUDW QXVHUHDOL]HD] SHUPDQHQWFLVXFFHVLYvQVHQVXOF SXUWDUHDHQWLW LORUFH
FRQVWLWXLHRELHFWPDWHULDOQXVHIDFHvQPRGSHUPDQHQWFLFXvQWUHUXSHUL
3ULQ DF LXQHD GH SXUWDUH VH vQ HOHJH IRORVLUHD SRWULYLW PRGXOXL V X GH
vQWUHEXLQ DUHDXQHLGHFRUD LLVDXXQHLXQLIRUPHRULDXQXLVHPQGLVWLQFWLYHWF
$F LXQHDGHSXUWDUHSUHVXSXQHQHDS UDWRGHVI úXUDUHSHXQLQWHUYDOGHWLPS
VXILFLHQWSHQWUXDILFRQVLGHUDW FDDWDUH2PDQLIHVWDUHPRPHQWDQ GHDWkUQDUHGH
GHFRUD LL XUPDW  GH LPHGLDWD vQO WXUDUH VDX vPEU FDUHD XQHL XQLIRUPH SHQWUX
FkWHYDPLQXWHHWFQXDUHFDUDFWHUXOGHÄSXUWDUH´


 /HJHD QU  SULYLQG VWDWXWXO FDGUHORU PLOLWDUH SXEOLFDW  vQ 0 2I QU  GLQ  LXOLH  FX
PRGLILF ULOHXOWHULRDUH

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S
9DOHU6XLDQvQ0DWHL%DVDUDE/XFLD0ROGRYDQ9DOHU6XLDQ'UHSWSHQDO3DUWHDVSHFLDO YRO,&OXM1DSRFD
S

 ,RQ *KHRUJKLX %U GHW 'UHSW SHQDO SDUWHD VSHFLDO  YRO , (GLWXUD (XURSD 1RYD %XFXUHúWL 
SÌQDFHODúLVHQV,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU &OXM1DSRFD
S

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQVHQVFRQWUDU+RULD'LDFRQHVFXRSFLWYRO,,S
 
&HULQ HHVHQ LDOH$F LXQHDGHSXUWDUHWUHEXLHV SULYHDVF GHFRUD LLXQLIRUPH
VDXDOWHVHPQHGLVWLQFWLYHDOHXQXLRUJDQGHVWDWRULXQLIRUPHJUDGHVDXLQVLJQHPLOLWDUH
3ULQVHPQHGLVWLQFWLYHDOHXQXLRUJDQGHVWDWVHvQ HOHJRULFHDOWHvQVHPQHSH
FDUH SHUVRDQHOH FH DSDU LQ DQXPLWRU RUJDQH DOH VWDWXOXL OH SRDUW  SHQWUX D UHOHYD
DSDUWHQHQ DODXQDQXPLWRUJDQGHVWDW
1X LQWU  SULQ XUPDUH vQ DFHDVW  FDWHJRULH XQLIRUPHOH VDX VHPQHOH
GLVWLQFWLYHDOHDOWRUSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXDOXQRUSHUVRDQHMXULGLFH
SULYDWHGHRDUHFHDFHVWHDGLQXUP QXDXQLFLROHJ WXU FXRUJDQHOHGHVWDW
,QVWDQ D VXSUHP  D GHFLV F  RILFLHUHD GH VOXMEH UHOLJLRDVH GH F WUH R
SHUVRDQ  FDUH D SLHUGXW FDOLWDWHD GH SUHRW QX FRQVWLWXLH LQIUDF LXQHD SUHY ]XW  vQ
DUW&SHQGHRDUHFHLQFXOSDWXOQXDSXUWDWXQLIRUPHVDXVHPQHGLVWLQFWLYHDOH
XQXLRUJDQGHVWDWYHúPLQWHOHGHSUHRWSHFDUHLQFXOSDWXODFRQWLQXDWV OHSRDUWH
GXS  FDWHULVLUH QHSXWkQG IL FRQVLGHUDWH XQLIRUPH VDX VHPQH GLVWLQFWLYH DOH XQXL
RUJDQGHVWDWvQVHQVXOOHJLL
3HQWUX FDUDFWHUL]DUHD GHFRUD LLORU VH YD DYHD vQ YHGHUH DFWXO QRUPDWLY SULQ
FDUHDFHVWHDDXIRVWLQVWLWXLWH
$F LXQHDGHSXUWDUHV VHFRPLW ÄI U GUHSW´
$FHDVW  FHULQ  HVWH vQGHSOLQLW  DWXQFL FkQG I SWXLWRUXO QX SRVHG  XQ WLWOX
OHJDOFDUHV LFRQIHUHGUHSWXOGHDSXUWDXQLIRUP GHFRUD LHJUDGLQVLJQ HWFVDX
FkQGDSLHUGXWDFHOGUHSW
) U GUHSWVHFRQVLGHU úLSXUWDUHDXQXLJUDGVXSHULRUFHOXLSHFDUHvODUHI SWXL
WRUXOFDúLSXUWDUHDXQHLGHFRUD LL RUGLQHPHGDOLL GHRFODV VXSHULRDU FHOHLFRQIHULWH
ÌQVIkUúLWDWXQFLFkQGGLVSR]L LLOHOHJDOHSHUPLWSXUWDUHDXQLIRUPHORUQXPDLvQ
DQXPLWH vPSUHMXU UL SXUWDUHD DFHVWRUD vQ DIDUD FD]XULORU VWDELOLWH GH OHJH IDFH FD
FHULQ DHVHQ LDO V ILHGHDVHPHQHDvQGHSOLQLW 
 $ WUHLD FHULQ  HVHQ LDO  FRQVW  vQ SXEOLFLWDWHD DF LXQLL GH SXUWDUH FHULQ 
FDUH GHFXUJH GLQ vQV úL QDWXUD DF LXQLORU GH SXUWDUH SH QHGUHSW FDUH LPSOLF  R
FRPSRUWDUHvQY ]XODOWRUD
)DSWD GH D DUERUD R XQLIRUP  JUDG LQVLJQ  VDX DOW VHPQ GLVWLQFWLY FDS W 
UHOHYDQ SHQDO QXPDLDWXQFLFkQGHVWHFRPLV vQSXEOLF
'HúLVXV LQHF QDWXUDDF LXQLORUGHSXUWDUHSHQHGUHSWLPSOLF RFRPSRUWDUHDÄvQ
Y ]XO DOWRUD´ VXEO QV  5RGLFD 0LKDHOD 6W QRLX DUDW  F  WHUPHQXO ÄvQ SXEOLF´ DUH
vQ HOHVXODU WDWvQDUW&SHQWH[WFDUHFRQIHU XQFRQ LQXWPXOWPDLODUJDFHVWHL
FHULQ HHVHQ LDOH0DLDSURDSHGHVSLULWXODFHVWHLQRUPHGHLQFULPLQDUHQLVHSDUHSULPD
LGHHSRWULYLWF UHLDÄvQSXEOLF´vQVHDPQ RSXUWDUHvQY ]XODOWRUDDDFHOHLXQLIRUPHVDX
DOWHVHPQHGLVWLQFWLYHvQWUXFkWvQFD]FRQWUDU FkQGGHID QXHVWHQLPHQL DF LXQHDGH
SXUWDUHQXDUPDLILVXVFHSWLELO V OH]H]HSUHVWLJLXORUJDQHORUGHVWDW
ÌQ DOLQ   HVWH LQFULPLQDW  R YDULDQW  DJUDYDW  FDUDFWHUL]DW  SULQ SXUWDUHD
I U GUHSWGHXQLIRUPHJUDGHVDXLQVLJQHPLOLWDUHvQÄWLPSGHU ]ERL´
3RWULYLWDUW&SHQÄWLPSGHU ]ERL´HVWHLQWHUYDOXOGHWLPSGHODGDWD
GHFODU ULLPRELOL] ULLVDXGHODvQFHSHUHDRSHUD LLORUGHU ]ERLSkQ ODGDWDWUHFHULL
DUPDWHLODVWDUHDGHSDFH
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX YDORDUHD
VRFLDO  D ÄDXWRULW LL´ úL GHFL SHQWUX UHOD LLOH VRFLDOH RFURWLWH SULQ DS UDUHD DFHVWHL
YDORULVRFLDOH


,GHPYRO,9S

 &6- VS G QU  5'3 QU   S  'U QU   S  &XUWHD 6XSUHP  GH
-XVWL LH %XOHWLQXO -XULVSUXGHQ HL &XOHJHUH GH GHFL]LL SH DQXO  (GLWXUD Ä3URHPD´ %DLD 0DUH 
S

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

,GHPYRO,9SÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S
 
/HJ WXUD GH FDX]DOLWDWH ÌQWUXFkW XUPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL
VW ULGHSHULFROOHJ WXUDFDX]DO vQWUHHOHPHQWXOPDWHULDOúLXUPDUHDLPHGLDW HVWH
LPSOLFLW DGLF UH]XOW H[UH

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW 
$O LDXWRULFRQVLGHU vQPRGGLVFXWDELOF SRUWXOQHOHJDOGHGHFRUD LLVDX
VHPQHGLVWLQFWLYHQXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW 
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL

)RUPH6DQF LXQL
)RUPH)LLQGRLQIUDF LXQHGHH[HFX LHOHQW SRUWXOQHOHJDOGHGHFRUD LLVDX
VHPQHGLVWLQFWLYHHVWHVXVFHSWLELOGHRDFWLYLWDWHLQIUDF LRQDO GHVI úXUDW vQWLPSúL
SHID]H
$FWHOHGHSUHJ WLUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH$FHVWHDSRWGHYHQL
vQFD]XOV YkUúLULLIDSWHLDFWHGHFRPSOLFLWDWHDQWHULRDU DWXQFLFkQGVXQWFRPLVHGH
RDOW SHUVRDQ GHFkWDXWRUXOLQIUDF LXQLL
7HQWDWLYD QHWHUPLQDW  GHúL JUHX GH UHOHYDW HVWH WRWXúL SRVLELO  OD DFHDVW 
LQIUDF LXQHGDUQXHVWHLQFULPLQDW 
,QIUDF LXQHDGHSRUWQHOHJDOGHGHFRUD LLVDXVHPQHGLVWLQFWLYHVHFRQVXP vQ
PRPHQWXO vQ FDUH D IRVW H[HFXWDW  DF LXQHD GH SXUWDUH QHOHJDO  úL VD SURGXV
XUPDUHDLPHGLDW 
)DSWD DUH vQ PRG ILUHVF FDUDFWHUXO GH LQIUDF LXQH FRQWLQX  SH WLPSXO FkW
GXUHD] QHvQWUHUXSWDF LXQHDGHSXUWDUHLOHJDO (SXL]DUHDVHSURGXFHvQPRPHQWXO
FkQG DF LXQHD GH SXUWDUH vQFHWHD]  GDWRULW  I SWXLWRUXOXL VDX GDWRULW  DOWRU FDX]H
DFHDVWDQHDYkQGLPSRUWDQ vQFDOLILFDUHDIDSWHL 
,QIUDF LXQHD GH SRUW QHOHJDO GH GHFRUD LL VDX VHPQH GLVWLQFWLYH FDS W 
FDUDFWHUXO GH IDSW  FRQWLQXDW  FkQG DF LXQHD GH SXUWDUH QHOHJDO  VH UHSHW  vQ
UHDOL]DUHD DFHOHLDúL UH]ROX LL ÌQ DFHDVW  LSRWH]  LQIUDF LXQHD VH HSXL]HD]  OD GDWD
FRPLWHULLXOWLPHLDF LXQLLQFULPLQDWH
6DQF LXQLÌQYDULDQWDWLSLQIUDF LXQHDGHSRUWQHOHJDOGHGHFRUD LLVDXVHPQH
GLVWLQFWLYHVHVDQF LRQHD] FXvQFKLVRDUHGHODROXQ ODOXQLVDXFXDPHQG 
ÌQYDULDQWDDJUDYDW SHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODOXQL
ODDQLVDXFXDPHQG 
3XUWDUHDI U GUHSWGHXQLIRUPHJUDGHVDXLQVLJQHPLOLWDUHvQWLPSGHU ]ERL
DWUDJHvQV RDJUDYDUHGHSHGHDSV vQFKLVRDUHDILLQGGHODXQXODDQL
3HGHDSVDDSOLFDELO SHUVRDQHLMXULGLFHvQRULFDUHGLQLSRWH]HOHGHLQFULPLQDUH
DOHLQIUDF LXQLLDQDOL]DWHHVWHDPHQGDGHODOHLODOHL


68675$*(5($6$8',6758*(5($'(Ì16&5,685,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO VXVWUDJHULL VDX GLVWUXJHULL GH vQVFULVXUL FRQVW  vQ
DFHOH UHOD LL VRFLDOH D F URU IRUPDUH úL GHVI úXUDUH VXQW DVLJXUDWH SULQ DS UDUHD
DXWRULW LL vPSRWULYD IDSWHORU FDUH SXQ vQ SULPHMGLH VHFXULWDWHD vQVFULVXULORU úL



9DOHU6XLDQRSFLWYRO,S
 
GRFXPHQWHORU DIODWH vQ S VWUDUHD VDX GH LQHUHD XQHL DXWRULW L SXEOLFH LQVWLWX LL
SXEOLFHVDXDOWHSHUVRDQHMXULGLFHGHGUHSWSXEOLF
2ELHFWXO PDWHULDO DO SULPHL YDULDQWH D LQIUDF LXQLL YD IL GRVDUXO UHJLVWUXO
GRFXPHQWXOVDXRULFHDOWvQVFULVVXVWUDVVDXGLVWUXVFDUHVHDIO vQS VWUDUHDVDXvQ
GH LQHUHDXQHLXQLW LGLQFHOHSUHY ]XWHvQDUW&SHQ
(QXPHUDUHD I FXW  vQ GLVSR]L LD GLQ DUW  & SHQ HVWH FXSULQ] WRDUH LDU
H[SUHVLD ÄRULFH DOW vQVFULV´ HVWH GHVWXO GH JHQHUDO  úL SRDWH FXSULQGH RULFH vQVFULV
RULJLQDO VDX FRSLH PDQXVFULVH VDX LPSULPDWH HWF GXS  IHOXO DFWLYLW LL ILHF UHL
LQVWLWX LLGHVWDWRULSHUVRDQHMXULGLFHGHGUHSWSXEOLF
6XQW LQGLIHUHQWH QDWXUD YDORDUHD HILFLHQ D YHULGLFLWDWHD GRFXPHQWXOXL VDX
vQVFULVXOXLVXVWUDVVDXGLVWUXV
Ä'RVDUXO´ HVWH FRQVWLWXLW GLQ WRWDOLWDWHD DFWHORU SULYLQG DFHHDúL SUREOHP 
DIDFHUH SHUVRDQ  HWF GH H[HPSOX GRVDUXO XQHL MXGHF WRULL SULYLQG R DQXPLW 
SULFLQ GRVDUXOXQHLFLUFXPVFULS LLILQDQFLDUHSULYLQGVLWXD LDXQXLLPRELOHWF 
3ULQÄUHJLVWUX´VHvQ HOHJHRFRQGLF FXXQQXP UGHIRLOHJDWHVDXYRODQWH
vQFDUHVXQWWUHFXWHvQUHJLVWUDWHDQXPLWHKkUWLLDFWHIDSWHMXULGLFHHWF GHH[HPSOX
UHJLVWUHGHLQWUDUHúLLHúLUHDFRUHVSRQGHQ HL 
Ä'RFXPHQWXO´ FRQVWLWXLH XQ vQVFULV GH R YDORDUH GHRVHELW  GH H[HPSOX XQ
DFWFRQVWLWXWLYXQWUDWDWXQSURWRFROGHFRODERUDUHHWF 
ÌQVIHUDQR LXQLLGHÄRULFHDOWvQVFULV´LQWU vQVFULVXULOHFDUHSUH]LQW RYDORDUH
VHPQLILFD LH MXULGLF  DGLF  RULFH GHFODUD LH GHVSUH XQ DFW MXULGLF I FXW  VDX
FRQVWDWDW  vQ VFULV FXP VXQW vQVFULVXULOH VXE VHPQ WXU  SULYDW  VDX DXWHQWLFH
VFULVRULOHSURFHVHOHYHUEDOHHWF
3ULQvQVFULVXULQXVHvQ HOHJFHOHFDUHvQFRUSRUHD] RYDORDUHPDWHULDO FHUW 
FXP VXQW PLMORDFHOH GH SODW  VWU LQH vQ KkUWLH  WLWOXULOH GH YDORDUH LQWHUQ 
REOLJD LL PRQHGHOHGHKkUWLHHWFVXVWUDJHUHDVDXGLVWUXJHUHDDFHVWRUDFRQVWLWXLQG
LQIUDF LXQLFRQWUDSDWULPRQLXOXL
ÌQVFULVXULOH HOLEHUDWH GH XQ RUJDQ GH XUP ULUH SHQDO  GH R LQVWDQ  GH
MXGHFDW VDXGHXQDOWRUJDQGHMXULVGLF LHQXSRWIRUPDRELHFWXOPDWHULDODOQRUPHL
GH LQFULPLQDUH SUHY ]XWH vQ DUW  & SHQ GHRDUHFH VXVWUDJHUHD VDX GLVWUXJHUHD
DFHVWRUDFRQVWLWXLHRDOW LQIUDF LXQHGHVLQHVW W WRDUHSUHY ]XW vQDUW&SHQ
ÌQ DFHODúL VHQV D GHFLV úL LQVWDQ D VXSUHP  FkQG D VWDELOLW F  GLVWUXJHUHD
XQRU SURFHVHYHUEDOH GH FRQVWDWDUH D XQXL DFFLGHQW UXWLHU úL D SUREHORU ELRORJLFH
UHFROWDWHSHQWUXDQDOL]HVHvQFDGUHD] vQSUHYHGHULOHDUW&SHQúLQXvQFHOH
GLQDUW&SHQ
ÌQYDULDQWDSUHY ]XW vQDUWDOLQ  &SHQRELHFWXOPDWHULDOYDILXQ
vQVFULV FDUH SUH]LQW  R YDORDUH DUWLVWLF  úWLLQ LILF  LVWRULF  DUKLYLVWLF  VDX R DOW 
DVHPHQHD YDORDUH 1X LQWHUHVHD]  GDF  DFHVWH vQVFULVXUL SUH]LQW  VDX QX PDL
SUH]LQW  YUHXQ LQWHUHV MXULGLF DFWXDO GDF  SURGXF VDX QX FRQVHFLQ H MXULGLFH  FL
H[FOXVLY GDF  SUH]LQW  R YDORDUH GLQ FHOH HQXPHUDWH vQ FRQ LQXWXO QRUPHL GH
LQFULPLQDUH
'DF vQVFULVXOGLVWUXVGLQFXOS QXSUH]LQW XQDGLQYDORULOHHQXPHUDWHIDSWD
QX FRQVWLWXLH LQIUDF LXQH FL HYHQWXDO SRDWH DWUDJH R VDQF LXQH GLVFLSOLQDU  D
I SWXLWRUXOXL




9LUJLO5 PXUHDQXRSFLWS

,GHPYRO,,S

Ì&&-VSGQU/LGLD% UEXOHVFX$QWRQ3DQGUHD,RDQ*ULJD9LFWRU9LFHQ LX3DúFD&DPHQL 
$GLQD 9O VFHDQX ÌQDOWD &XUWH GH &DVD LH úL -XVWL LH -XULVSUXGHQ D 6HF LHL SHQDOH SH DQXO  (GLWXUD
+DPDQJLX%XFXUHúWLS
 
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL GH VXVWUDJHUH VDX GLVWUXJHUH
GH vQVFULVXUL SRDWH IL RULFH SHUVRDQ  IL]LF  FH vQWUXQHúWH FRQGL LLOH JHQHUDOH DOH
U VSXQGHULLSHQDOH
ÌQ YDULDQWD GH WLS D LQFULPLQ ULL SDUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH
IRUPHOHVDOHFRDXWRUDWLQVWLJDUHFRPSOLFLWDWH
/D V YkUúLUHD LQIUDF LXQLL SUHY ]XWH vQ DOLQ   HVWH SRVLELO  SDUWLFLSDUHD FX
LQWHQ LH D XQRU DO L VXELHF L DFWLYL SDUWLFLSD LH LPSURSULH SRWULYLW GLVSR]L LHL GLQ
DUW&SHQ VLWXD LHvQFDUHDFHúWLDYRUU VSXQGHvQV SRWULYLWGLVSR]L LLORUGLQ
DUWDOLQ  VDX  &SHQGXS FD]
ÌQ YDULDQWD DJUDYDW  SUHY ]XW  vQ DOLQ   VXVWUDJHUHD VDX GLVWUXJHUHD GH
vQVFULVXUL HVWH R LQIUDF LXQH SURSULH FDUH QX SRDWH IL FRPLV  QHPLMORFLW GHFkW GH
F WUHXQIXQF LRQDUSXEOLFvQH[HUFLWDUHDDWULEX LLORUGHVHUYLFLX)XQF LRQDUXOSXEOLF
VHDIO vQH[HUFL LXODWULEX LLORUGHVHUYLFLXDWXQFLFkQGvQGHSOLQHúWHDFWHOHJDWHGH
DFHVWHDWULEX LL'HDLFLUH]XOW F DJUDYDQWDHVWHDSOLFDELO QXPDLvQFD]XOV YkUúLULL
IDSWHL GH F WUH XQ IXQF LRQDU SXEOLF FDUH DUH DWULEX LL vQ OHJ WXU  FX S VWUDUHD VDX
GH LQHUHD vQVFULVXULORU OD FDUH VH UHIHU  DUW  & SHQ QX úL vQ FD]XO V YkUúLULL
IDSWHLGHF WUHXQIXQF LRQDUSXEOLFFDUHQXDUHDVWIHOGHDWULEX LL
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ  &SHQ±
VH vQ HOHJH RULFH SHUVRDQ  FDUH H[HUFLW  SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW  R vQV UFLQDUH GH RULFH QDWXU  UHWULEXLW  VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU  DUW  & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF 
)DSWDSRDWHILV YkUúLW GHPDLPXO LDXWRULFDUHDXFRQWULEXLWQHPLMORFLWvQ
PRG VLPXOWDQ FRPLVLH FROHFWLY HFKLS  VDX VXFFHVLY YHULILFDUH FRQWURO
DSUREDUH ODFRPLWHUHDLQIUDF LXQLLvQGLVFX LH
)LLQG R LQIUDF LXQH FX VXELHFW DFWLY QHPLMORFLW FDOLILFDW FRDXWRUDWXO QX HVWH
SRVLELOGHFkWGDF WR LFRDXWRULLDXFDOLWDWHDFHUXW GHOHJHODGDWDV YkUúLULLIDSWHL
'DF  DFHDVW  FDOLWDWH FHUXW  GH OHJH SHQWUX DXWRU OLSVHúWH DFWLYLWDWHD DFHOXL
SDUWLFLSDQW YD IL FRQVLGHUDW  GUHSW FRPSOLFLWDWH FRQFRPLWHQW  OD VXVWUDJHUHD VDX
GLVWUXJHUHD GH vQVFULVXUL FKLDU GDF  vQ FRQFUHW DJHQWXO D FRPLV DFWH GH H[HFXWDUH
QHPLMORFLW DDFHVWHLLQIUDF LXQL
/D V YkUúLUHD DFHVWHL LQIUDF LXQL SRW FRQWULEXL vQV  úL DO L VXELHF L DFWLYL vQ
DIDU  GH DXWRU VDX FRDXWRUL LQVWLJDWRUL FRPSOLFL  3HQWUX DFHúWL VXELHF L QX HVWH
QHFHVDU FDOLWDWHDGHIXQF LRQDUSXEOLF
6XELHFWDFWLYDOLQIUDF LXQLLSUHY ]XWHvQDUW&SHQSRDWHILúLRSHUVRDQ 
MXULGLF vQFRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ 
6XELHFWXOSDVLYDOIDSWHLSHQDOHDQDOL]DWHHVWHRUJDQXOVDXLQVWLWX LDGHVWDWRUL
SHUVRDQD MXULGLF  GH GUHSW SXEOLF vQ S VWUDUHD VDX vQ GH LQHUHD F UHLD VH DIO 
GRFXPHQWXOVDXvQVFULVXOVXVWUDVRULGLVWUXV
,QIUDF LXQHDGHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULSRDWHDYHDHYHQWXDOúL
XQVXELHFWSDVLYVHFXQGDUvQVLWXD LDvQFDUHvQVFULVXODIRVWO VDWvQS VWUDUHDXQHL
XQLW LGLQFHOHDU WDWHvQDUW&SHQ$FHVWDYDILSHUVRDQD IL]LF VDXMXULGLF 
F UXLDvLDSDU LQHvQVFULVXOUHVSHFWLY

/DWXUDRELHFWLY 
(OHPHQWXOPDWHULDODODFHVWHLLQIUDF LXQLHVWHGLIHUHQ LDWvQIXQF LHGHLSRWH]D
GHLQFULPLQDUHODFDUHQHUDSRUW P


2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW 
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS

$VHYHGHDFHOHDU WDWHFXSULYLUHODDFHVWDVSHFWODLQIUDF LXQHDGHDEX]FRQWUDLQWHUHVHORUSHUVRDQHORU
 
(OHPHQWXO PDWHULDO DO YDULDQWHL GH WLS FRUHVSXQ] WRDUH GHQXPLULL PDUJLQDOH
QRPHQ MXULV  D LQFULPLQ ULL FRQVW  vQ DF LXQHD GH VXVWUDJHUH VDX vQ DF LXQHD GH
GLVWUXJHUHDXQXLGRVDUUHJLVWUXGRFXPHQWVDXRULFHDOWvQVFULV
Ä6XVWUDJHUHD´FRQVW vQVFRDWHUHDIL]LF DvQVFULVXOXLGLQVIHUDGHVW SkQLUHD
SHUVRDQHLvQSRVHVLDVDXGHWHQ LDF UHLDVHDIO úLWUHFHUHDVDvQVIHUDGHVW SkQLUHD
I SWXLWRUXOXL
,QVWDQ DVXSUHP DGHFLVF vQFDGUXOXQXLFRQWUDFWGHSULYDWL]DUHVFRDWHUHD
GLQLQFLQWDVHGLXOXLYkQ] WRUXOXLDF LXQLORUDXQRUGRFXPHQWHGHF WUHXQGHOHJDWDO
FXPS U WRUXOXL FDUH SRWULYLW DFRUGXOXL GLQWUH S U L DYHD GUHSWXO V  OH FRQVXOWH
QXPDL OD VHGLXO YkQ] WRUXOXL V YkUúLW  GXS  UH]LOLHUHD FRQWUDFWXOXL GH YkQ]DUH
FXPS UDUHFRQVWLWXLHLQIUDF LXQHDSUHY ]XW vQDUW&SHQ
Ä'LVWUXJHUHD´vQVHQVXODUW&SHQvQVHDPQ QLPLFLUHDGHVILLQ DUHDVDX
VXSULPDUHD XQXL vQVFULV DVWIHO vQFkW DFHVWD GHYLQH WRWDO VDX SDU LDO LQXWLOL]DELO
SRWULYLWGHVWLQD LHLVDOHLQL LDOH
)LLQG R LQIUDF LXQH FX XQ FRQ LQXW GHVFKLV GH LQFULPLQDUH DF LXQHD GH
VXVWUDJHUHúLGHGLVWUXJHUHSRWILV YkUúLWHvQRULFHPRGúLSULQRULFHPLMORDFH
'LVWUXJHUHD SRDWH IL WRWDO  VDX SDU LDO  GHWHULRUDUH VDX DGXFHUH vQ VWDUH GH
QHvQWUHEXLQ DUH 
ÌQGRFWULQ VDVXV LQXWSHGUHSWFXYkQWF OHJLXLWRUXOQXDvQ HOHVV GHD
LQIUDF LXQLLXQFDUDFWHUFRPSOH[DVWIHOFDvQFRQ LQXWXOVXVWUDJHULLVDXGLVWUXJHULLGH
vQVFULVXULV LQWUHFDHOHPHQWFRQVWLWXWLYIXUWXOVDXGLVWUXJHUHDGHRDUHFHFHOHGRX 
FDWHJRULLGHLQIUDF LXQLVHH[FOXGXQDSHDOWDRELHFWXOORUPDWHULDOILLQGGLIHULWÌQ
WLPS FH LQIUDF LXQLOH GH IXUW VDX GLVWUXJHUH VH UHIHU  OD DFHOH vQVFULVXUL FDUH
FRQVWLWXLHWLWOXULGHYDORDUH PRQHG GHKkUWLHREOLJD LXQLGHVWDWHWF LQIUDF LXQHD
GHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULVHUHIHU ODFHOHODOWHVSHFLLGHvQVFULVXUL
ÌQ VXV LQHUHD DFHVWXL SXQFW GH YHGHUH VD PDL DU WDW F  DU IL JUHX GH DGPLV FD
LQIUDF LXQHD DEVRUEDQW  ± VXVWUDJHUHD GH vQVFULVXUL ± V  ILH VDQF LRQDW  PDL XúRU
vQFKLVRDUHGHODOXQLODDQL GHFkWLQIUDF LXQHDDEVRUELW ±IXUWXO vQFKLVRDUHGH
ODODDQL ÌQFRQVHFLQ IDSWDFRQFUHW YDFRQVWLWXLXQDVDXDOWDGLQFHOHGRX 
FDWHJRULL GH LQIUDF LXQL vQ UDSRUW GH QDWXUD vQVFULVXOXL DVXSUD F UXLD D SXUWDW
DF LXQHDGHVXVWUDJHUHVDXGLVWUXJHUHÌQFD]XOvQFDUHDFHHDúLDF LXQHGHVXVWUDJHUH
VDX GLVWUXJHUH SRDUW  DVXSUD XQRU vQVFULVXUL GH QDWXU  GLIHULW  LQFOXVLY WLWOXUL GH
YDORDUHYDH[LVWDXQFRQFXUVLGHDOGHLQIUDF LXQL
ÌQ LSRWH]D GH LQFULPLQDUH SUHY ]XW  vQ DOLQ   YHUEXP UHJHQV HVWH
UHSUH]HQWDW GH GLVWUXJHUHD YUHXQXL vQVFULV GLQ FHOH SUHY ]XWH vQ DUW  DOLQ  
&SHQFDUHSUH]LQW RYDORDUHDUWLVWLF úWLLQ LILF LVWRULF DUKLYLVWLF VDXRDOW 
DVHPHQHDYDORDUHGHRDUHFHSULQFRQFHSWVXVWUDJHUHDQXSRDWHILFRPLV GLQFXOS 
'LVWUXJHUHDDUHDFHODúLvQ HOHVFXFHODU WDWPDLVXV
ÌQYDULDQWDDJUDYDW FRPXQ HOHPHQWXOPDWHULDOFRQVW DOWHUQDWLYvQDF LXQHD
GHVXVWUDJHUHVDXGHGLVWUXJHUHDXQXLvQVFULVGLQFHOHSUHY ]XWHvQDOLQ  RULvQ
DF LXQHD GH GLVWUXJHUH D XQXL vQVFULV FH DUH R DQXPLW  YDORDUH V YkUúLW  GH XQ
IXQF LRQDUSXEOLFvQH[HUFL LXODWULEX LLORUGHVHUYLFLX
ÌQSUDFWLFDMXGLFLDU VDGHFLVF IDSWDLQFXOSDWXOXLF UXLDLVDSUH]HQWDWGH
SURFXURU GHFODUD LD SH FDUH D GDWR VSUH D R VHPQD GH D R PRWRWROL úL D R UXSH
DVFXQ]kQGR úL VXV LQkQG F  QX FRUHVSXQGH UHDOLW LL QX vQWUXQHúWH FHULQ HOH
H[LVWHQ HLLQIUDF LXQLLGHVXVWUDJHUHVDXGLVWUXJHUHGHvQVFULVXULGHRDUHFHGHFODUD LD


Ì&&-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SHDQXO(GLWXUD$//%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLW
S

9LUJLO5 PXUHDQXRSFLWYRO,,S

&$&RQVWDQ DGSQUFLWGH9DVLOH'REULQRLXRSFLWYRO,,S
 
FHLVDSUH]HQWDWGHSURFXURUQXVHvQFDGUHD] vQFDWHJRULDÄDOWHvQVFULVXUL´SHQWUX
F  QX HUD VHPQDW  GH HO úL QX SUH]HQWD QLFL R YDORDUH 3ULQ XUPDUH DFHDVW 
GHFODUD LHQXSRDWHILDVLPLODW FXQLFLXQvQVFULV
&HULQ H HVHQ LDOH ÌQ WRDWH FHOH WUHL YDULDQWH DOH LQFULPLQ ULL SUHY ]XWH vQ
DUW&SHQODWXUDRELHFWLY VHvQWUHJHúWHFXDQXPLWHFHULQ HHVHQ LDOH
 $VWIHO DF LXQHD GH VXVWUDJHUH VDX DF LXQHD GH GLVWUXJHUH WUHEXLH V  VH
vQGUHSWHDVXSUDXQRUVFULSWHFHVHDIO vQS VWUDUHDRULvQGH LQHUHDXQHLXQLW LGLQ
FHOHSUHY ]XWHvQDUW&SHQ DXWRULW LSXEOLFHLQVWLWX LLSXEOLFHLQVWLWX LLVDX
DOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF 
3ULQÄS VWUDUH´VHvQ HOHJHRGH LQHUHvQVHQVXOXQHLGHWHQ LLSUHFDUH3 VWUDUHD
DUH FD VXEVWDQ  D VD FDUDFWHUXO YUHPHOQLF WHPSRUDU DO GH LQHULL vQVFULVXOXL 8Q
vQVFULV VH DIO  vQ ÄGH LQHUHD´ XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU  DUW 
&SHQDWXQFLFkQGDFHDVWDILLQGGLUHFWLQWHUHVDW vOSRVHG vQPRGGHILQLWLY
1XHVWHQHFHVDUGHFLSHQWUXH[LVWHQ DDFHVWHLFHULQ HHVHQ LDOHDLQIUDF LXQLL
FD vQVFULVXO VXVWUDV VDX GLVWUXV V  DSDU LQ  XQLW LL OD FDUH VH DIOD $FHVWD SRDWH IL
vQFUHGLQ DWVSUHS VWUDUH±FXWLWOXWHPSRUDU±XQLW LLUHVSHFWLYH
'RYDGDF vQVFULVXOVHDIODvQS VWUDUHDVDXvQGH LQHUHDXQHLXQLW LGLQFHOH
SUHY ]XWH vQ DUW  & SHQ VH IDFH FX PHQ LXQLOH GLQ UHJLVWUHOH DFHVWHLD GH
vQUHJLVWUDUHGHDUKLYDUHGHJUHI HWF 
1XLPSRUW GDF vQPRPHQWXOVXVWUDJHULLVDXGLVWUXJHULLvQVFULVXOVHDIODOD
VHGLXO SHUVRDQHL MXULGLFH GH GUHSW SXEOLF vQ DIDUD VHGLXOXL vQWUXQ ORF GHVWLQDW
DUKLYHLVDXvQPDSDXQXLIXQF LRQDUSXEOLFDODFHVWHLXQLW L
$FHDVW FHULQ HVHQ LDO HVWHFRPXQ WXWXURUYDULDQWHORUSUHY ]XWHvQDUW
&SHQ
 ÌQ LSRWH]D GH LQFULPLQDUH SUHY ]XW  vQ DOLQ   VH FHUH FD DF LXQHD GH
GLVWUXJHUH V  SULYHDVF  vQVFULVXUL FDUH SUH]LQW  R YDORDUH DUWLVWLF  úWLLQ LILF 
LVWRULF DUKLYLVWLF VDXRDOW YDORDUHVRFLDO 
8UPDUHD LPHGLDW  D LQIUDF LXQLL H[DPLQDWH FRQVW  vQWUR VWDUH GH SHULFRO
SHQWUX ÄDXWRULWDWH´ FRUHVSXQ] WRDUH RELHFWXOXL RFURWLULL SHQDOH $FHDVW  XUPDUH
LPHGLDW GHFXUJHGLQUH]XOWDWHOHY W P WRDUHSURGXVHSULQV YkUúLUHDDF LXQLORUGH
VXVWUDJHUHVDXGHGLVWUXJHUHFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLL
5H]XOWDWXO G XQ WRU FRQVW  ILH vQ QLPLFLUHD ILH vQ SXQHUHD vQ VWDUH GH
QHvQWUHEXLQ DUH VDX vQ OLSVLUHD XQLW LORU SXEOLFH GH vQVFULVXULOH VDX GRFXPHQWHOH
DIODWHvQS VWUDUHDVDXGH LQHUHDDFHVWRUD
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDvQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLDFHDVW OHJ WXU UH]XOW vQJHQHUHGLQPDWHULDOLWDWHDIDSWHORUúLQXHVWH
QHYRLHV ILHDQXPHGRYHGLW  H[UH 

/DWXUDVXELHFWLY 
)RUPD GH YLQRY LH 'LQ SXQFW GH YHGHUH VXELHFWLY IDSWD GH VXVWUDJHUH VDX
GLVWUXJHUHGHvQVFULVXULHVWHLQFULPLQDW DWkWvQFD]XOFkQGHVWHV YkUúLW FXIRUPD
GHYLQRY LHLQWHQ LHFkWúLvQFD]XOV YkUúLULLGLQFXOS 
ÌQ FD]XO YDULDQWHL WLS úL D YDULDQWHL DJUDYDWH FRUHVSXQ] WRDUH YDULDQWHL WLS
IDSWD SRDWH IL V YkUúLW  QXPDL FX LQWHQ LH ,QWHQ LD SRDWH IL DWkW GLUHFW  FkW úL
LQGLUHFW  1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHD ORU HVWH WRWGHDXQD XWLO  SHQWUX VWDELOLUHD JUDGXOXL GH SHULFRO VRFLDO
FRQFUHWDOIDSWHLFRPLVHúLODLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL
([LVW  úL S UHUHD SRWULYLW F UHLD vQ PRGDOLWDWHD QRUPDWLY  D VXVWUDJHULL
LQIUDF LXQHDH[DPLQDW QXSRDWHILFRPLV GHFkWFXLQWHQ LHGLUHFW 


,OLH3DVFXRSFLWS

9DOHU6XLDQRSFLWS
 
ÌQ FD]XO YDULDQWHL DWHQXDWH úL D YDULDQWHL DJUDYDWH FRUHVSXQ] WRDUH DFHVWHLD
IDSWD LQFULPLQDW  QX VH SRDWH FRPLWH GHFkW GLQ FXOS  vQ DPEHOH VDOH PRGDOLW L
FXOS FXSUHYL]LXQHúLI U SUHYL]LXQHVDXVLPSO 

)RUPH6DQF LXQL
)RUPH 6XVWUDJHUHD VDX GLVWUXJHUHD GH vQVFULVXUL ILLQG R LQIUDF LXQH GH
DF LXQH FRPLVLY UHDOL]DUHDHLHVWHVXVFHSWLELO GHRGHVI úXUDUHvQWLPS DUHXQ
LWHUFULPLQLV SDUFXUJkQGWRDWHID]HOHXQHLDVWIHOGHGHVI úXU UL
$FWHOH SUHSDUDWRULL OD IDSWD LQWHQ LRQDW  GH VXVWUDJHUH VDX GLVWUXJHUH GH
vQVFULVXULVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH
'LVWUXJHUHDGHvQVFULVXULGLQFXOS QXSRDWHDYHDRID] GHSUHJ WLUH
&kQGIDSWDDIRVWV YkUúLW DFWHOHSUHSDUDWRULLHIHFWXDWHGHF WUHDOWHSHUVRDQH
GHFkW DXWRUXO IDSWHL GHYLQ DFWH GH FRPSOLFLWDWH DQWHULRDU  GDF  DX FRQWULEXLW OD
V YkUúLUHDLQIUDF LXQLL
7HQWDWLYDH[LVW DWXQFLFkQGKRW UkUHDGHDV YkUúLDF LXQHDGHVXVWUDJHUHVDX
GLVWUXJHUH D IRVW SXV  vQ H[HFXWDUH GDU DFHDVWD D IRVW vQWUHUXSW  VDX D U PDV I U 
UH]XOWDW
'LVWUXJHUHD XQRU vQVFULVXUL GLQ FXOS  QX SRDWH DYHD WHQWDWLY  ILLQGF  IDSWHOH
V YkUúLWHGLQFXOS QXDXWHQWDWLY 
7HQWDWLYD LQIUDF LXQLL GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL V YkUúLW  FX
LQWHQ LHHVWHLQFULPLQDW SRWULYLWGLVSR]L LHLH[SUHVHGLQDUWDOLQ  &SHQ
ÌQ GRFWULQ  VD VXV LQXW F  GHúL QX HVWH SUHY ]XW H[SUHV LPSOLFLW
OHJLXLWRUXO D vQ HOHV V  LQFULPLQH]H úL WHQWDWLYD YDULDQWHL DJUDYDWH D DFHOHLDúL
LQIUDF LXQLLQWHQ LRQDWH
$O L DXWRUL FRQVLGHU  vQV  F  DFHDVW  LGHH HVWH GLVFXWDELO  GHRDUHFH OHJHD
SHQDO  HVWH GH VWULFW  LQWHUSUHWDUH LDU SULQFLSLXO OHJDOLW LL VH RSXQH H[WLQGHULL
LQFULPLQ ULLSHFDOHGHLQWHUSUHWDUH
,QIUDF LXQHD GH VXVWUDJHUH VDX GLVWUXJHUH GH vQVFULVXUL VH FRQVXP  vQ
PRPHQWXO vQ FDUH H[HFXWDUHD D IRVW GXV  SkQ  OD FDS W úL VDX SURGXV XUPDUHD
LPHGLDW úLUH]XOWDWXOY W P WRUFDUHDFRQWULEXLWODFUHDUHDDFHVWHLXUP UL
(SXL]DUHDDUHORFDWXQFLFkQGIDSWDDOXDWIRUPDXQHLLQIUDF LXQLFRQWLQXDWHúL
VHVIkUúHúWHODGDWDUHDOL] ULLXOWLPHLDF LXQL
6DQF LXQL6XVWUDJHUHDVDXGLVWUXJHUHDGHvQVFULVXULvQYDULDQWDVDVLPSO VH
SHGHSVHúWH FX vQFKLVRDUH GH OD  OXQL OD  DQL LDU vQ YDULDQWD VD DWHQXDW  VH
SHGHSVHúWHFXvQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG 
ÌQYDULDQWDDJUDYDW FRPXQ PD[LPXOSHGHSVHORUSUHY ]XWHvQDOLQ  úL  
VHPDMRUHD] FXXQDQ
7HQWDWLYDLQIUDF LXQLLSUHY ]XWHvQDOLQ  VHSHGHSVHúWH
3HUVRDQDMXULGLF VHVDQF LRQHD] SHQWUXFRPLWHUHDIDSWHORUSUHY ]XWHvQDUW
&SHQFXDPHQGDFXSULQV vQWUHOHLúLOHLvQWHPHLXODUW
DOLQ  &SHQ


583(5($'(6,*,/,,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DFHVWHL LQIUDF LXQL vO IRUPHD]  UHOD LLOH VRFLDOH
SULYLQG DXWRULWDWHD GH VWDW FDUH DVLJXU  H[LVWHQ D úL LQWHJULWDWHD VLJLOLLORU OHJDO



9LUJLO5 PXUHDQXRSFLWYRO,,S

&RQVWDQWLQ'XYDFRSFLWYRO,S
 
DSOLFDWH úL FDUH DU IL H[SXVH XQRU VHULRDVH DWLQJHUL GDF  OHJHD SHQDO  QX DU
LQFULPLQDúLVDQF LRQDIDSWHOHGHUXSHUHGHVLJLOLL
,QFULPLQDUHD GLQ DUW  & SHQ FRQVWLWXLH R FRQVDFUDUH D GLVSR]L LHL
SUHY ]XWH vQ DUW  & SURF FLY FRQIRUP F UHLD UXSHUHD VDX VWULFDUHD SHFH LORU
VLJLOLLORU ÄVHYDSHGHSVLSRWULYLWOHJLLSHQDOH´
2ELHFWXO PDWHULDO HVWH VLJLOLXO DSOLFDW DGLF  PDWHULDOXO DVXSUD F UXLD HVWH
DSOLFDW DPSUHQWDVLJLOLXOXL FHDU SOXPEHWF 
6LJLOLXO HVWH LQVWUXPHQWXO GH FDUH VH VHUYHVF DXWRULW LOH SXEOLFH SHQWUX D
DVLJXUDFRQVHUYDUHDVDXLGHQWLILFDUHDDQXPLWRUEXQXULPRELOHVDXLPRELOH3HFHWHD
DSOLFDW  SH DFHVWH EXQXUL FRQVWLWXLH R SURE  úL R JDUDQ LH FX SULYLUH OD R P VXU 
OXDW  GH XQ RUJDQ FDUH H[HUFLW  DXWRULWDWHD úL H[SULP  VLPEROLF DXWRULWDWHD DúD
vQFkWvQO WXUDUHDVDXGLVWUXJHUHDVLJLOLXOXLUHSUH]LQW XQDWDFvPSRWULYDXQHLP VXUL
OXDWHGHDXWRULW L
'LQ FDWHJRULD LQVWUXPHQWHORU RILFLDOH GHQXPLWH VLJLOLL QX IDF SDUWH DOWH
LQVWUXPHQWHRILFLDOH FDúWDPSLODLQVWUXPHQWHOHGHPDUFDWWLPEUHOHVHFL 
5HFHQW DFHDVW  RSLQLH D IRVW FULWLFDW  ILLQG FRQVLGHUDW  H[FHVLY  VWU LQ 
OLWHUHLUD LXQLLúLVSLULWXOXLOHJLL
 
6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO LQIUDF LXQLL GH UXSHUH GH VLJLOLL SRDWH IL
RULFHSHUVRDQ FDUHvQGHSOLQHúWHFRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQYDULDQWDDJUDYDW UXSHUHDGHVLJLOLLHVWHRLQIUDF LXQHSURSULHDOF UHLDXWRU
QXSRDWHILGHFkWXQFXVWRGHÌQDFHDVW LSRWH] GHLQFULPLQDUHFRDXWRUDWXOQXHVWH
SRVLELOGHFkWGDF DFHLFRDXWRULDXFDOLWDWHDGHFXVWRGH$FHVWHFDOLW LQXWUHEXLHV 
ILHvQWUXQLWHGHHYHQWXDOLLLQVWLJDWRULVDXFRPSOLFL
6XELHFWDFWLYDODFHVWHLLQIUDF LXQLSRDWHILúLRSHUVRDQ MXULGLF vQFRQGL LLOH
úLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
6XELHFWXOSDVLYDOLQIUDF LXQLLGHUXSHUHGHVLJLOLLHVWHvQWRWGHDXQDVWDWXO
6XELHFW SDVLY VHFXQGDU SRDWH IL úL DXWRULWDWHD SXEOLF  FH D GLVSXV DSOLFDUHD
VLJLOLXOXL

/DWXUDRELHFWLY 
5XSHUHD GH VLJLOLL HVWH LQFULPLQDW  vQ GRX  YDULDQWH R YDULDQW  VLPSO  WLS 
SUHY ]XW vQDUWDOLQ  &SHQúLRYDULDQW DJUDYDW SUHY ]XW vQDUW
DOLQ   & SHQ ÌQWUXFkW GHRVHELUHD GLQWUH DFHVWH YDULDQWH SULYHúWH FDOLWDWHD
VXELHFWXOXL DFWLY QHPLMORFLW DXWRUXO  FX H[FHS LD DFHVWHL FHULQ H VSHFLDOH
FRQ LQXWXOFRQVWLWXWLYHVWHDFHODúLSHQWUXDPEHOHYDULDQWH
(OHPHQWXO PDWHULDO FRQVW  vQ DF LXQHD GH vQO WXUDUH RUL vQ DF LXQHD GH
GLVWUXJHUH D XQXL VLJLOLX OHJDO DSOLFDW 6XE DFHVW DVSHFW UXSHUHD GH VLJLOLL HVWH R
LQIUDF LXQHFRPLVLY FXFRQ LQXWXULDOWHUQDWLYH
3ULQÄvQO WXUDUH´VHvQ HOHJHRULFHDFWSULQFDUHVLJLOLXODSOLFDWHVWHULGLFDWGH
ODORFXOXQGHVHDIODÌQO WXUDUHDVHSRDWHHIHFWXDSULQRULFHSURFHGHHVDXPLMORDFH
VXVWUDJHUHGH]OLSLUHúLDUXQFDUHDVFXQGHUH 
Ä'LVWUXJHUHD´ VHPQLILF  GHVILLQ DUHD PDWHULDO  D VLJLOLXOXL DSOLFDW SULQ RULFH
PLMORDFH VI UkPDUH DUGHUH WRSLUH SLOLUH  )RORVLUHD FXYkQWXOXL ÄGLVWUXJHUH´ VD
I FXW H[FOXVLY SHQWUX D VH GHVHPQD HOHPHQWXO LQIUDF LXQLL LDU QX SHQWUX D VH GD


5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

,GHPYRO,9S

+RULD'LDFRQHVFXRSFLWYRO,,S
 
UXSHULLGHVLJLOLLFDUDFWHUXOXQHLLQIUDF LXQLFRPSOH[HvQFRQ LQXWXOF UHLDV LQWUH
FDHOHPHQWFRPSRQHQWLQIUDF LXQHDGHGLVWUXJHUH6LJLOLXOvQvQ HOHVXOGHDPSUHQW 
FRQWXUXUP O VDW GHXQDQXPLWRELHFWSHXQPDWHULDO KkUWLHFHDU GHRYDORDUH
LQVLJQLILDQW  QX FRQVWLWXLH ÄXQ EXQ DSDU LQkQG DOWXLD´ vQ VHQVXO DUW  DOLQ  
&SHQúLGHFLQXVHSRDWHDILUPDF HOHPHQWXOPDWHULDODOLQIUDF LXQLLGHUXSHUHGH
VLJLOLL±FDUDFWHUL]DWSULQGLVWUXJHUH±DUSXWHDFRQVWLWXLSULQHOvQVXúLRLQIUDF LXQH
GHVLQHVW W WRDUH3HGHDOW SDUWHFUHGHPF GDF VDUFRQVLGHUDUXSHUHDGHVLJLOLL
GUHSW R LQIUDF LXQH FRPSOH[  VDU DMXQJH OD VLWXD LD DEVXUG  úL LQDGPLVLELO  FD
LQIUDF LXQHDDEVRUEDQW  UXSHUHDGHVLJLOLL V ILHVDQF LRQDW PDLEOkQG vQFKLVRDUH
GHODROXQ ODXQDQVDXDPHQG GHFkWLQIUDF LXQHDDEVRUELW  GLVWUXJHUHD SHQWUX
FDUHSHGHDSVDSUHY ]XW GHOHJHHVWHvQFKLVRDUHDGHODROXQ ODDQLVDXDPHQGD
GHúLvQPRGILUHVFLQIUDF LXQHDDEVRUEDQW WUHEXLHV SUH]LQWHXQJUDGGHSHULFRO
VRFLDODEVWUDFWPDLULGLFDWGHFkWLQIUDF LXQHDDEVRUELW úLGHFLRSHGHDSV PDLPDUH
3UDFWLFDMXGLFLDU HVWHFRQVHFYHQW DFHVWXLSXQFWGHYHGHUH
$F LXQHD GH vQO WXUDUH VDX GH GLVWUXJHUH WUHEXLH V  VH vQGUHSWH DVXSUD
VLJLOLXOXLúLQXDVXSUDEXQXOXLVLJLODW
'DF vQXUPDV YkUúLULLDF LXQLLLQFULPLQDWHVHYDSURGXFHúLRGLVWUXJHUHVDX
R DYDULHUH D EXQXOXL VLJLODW YD H[LVWD XQ FRQFXUV GH LQIUDF LXQL ÌQ FD]XO vQ FDUH
UXSHUHDGHVLJLOLLHVWHXUPDW GHVXVWUDJHUHDRELHFWXOXLVHFKHVWUDWH[LVW XQFRQFXUV
GHLQIUDF LXQLUXSHUHDGHVLJLOLLúLVXVWUDJHUHDGHVXEVHFKHVWUX
&HULQ  HVHQ LDO  3HQWUX UHDOL]DUHD ODWXULL RELHFWLYH D LQIUDF LXQLL GH UXSHUH
GH VLJLOLL WUHEXLH V  ILH vQGHSOLQLW  R FHULQ  HVHQ LDO  úL DQXPH HVWH QHFHVDU FD
DF LXQHD FH FRQVWLWXLH HOHPHQWXO PDWHULDO DO LQFULPLQ ULL V  VH V YkUúHDVF  DVXSUD
XQXLVLJLOLXOHJDODSOLFDW
6 YkUúLUHDLQIUDF LXQLLSUHVXSXQHQXQXPDLSUHH[LVWHQ DLQVWUXPHQWXOXLGHQXPLW
VLJLOLX DSDU LQkQG XQHL DXWRULW L SXEOLFH DUW  & SHQ  GDU úL DSOLFDUHD OXL vQ
FRQGL LLOHSUHY ]XWHGHOHJHFDPLMORFGHFRQVHUYDUHúLLGHQWLILFDUHDEXQXULORU
$FHDVW  FRQGL LH HVHQ LDO  HVWH UHDOL]DW  FkQG VLJLOLXO D IRVW DSOLFDW GH F WUH
RUJDQXOFRPSHWHQWFXUHVSHFWDUHDFRQGL LLORUGHIRQGúLGHIRUP SUHY ]XWHGHOHJH
&HULQ DQXHVWHvQGHSOLQLW FkQGDSOLFDUHDVLJLOLXOXLQXHVWHSUHY ]XW GHOHJH
VDXQXDIRVWOHJDOGLVSXV RULDIRVWHIHFWXDW SULQDSOLFDUHDDOWHLDPSUHQWHGHFkW
DFHHD D VLJLOLXOXL ÌQ FD]XO FkQG VH FRQVWDW  MXGLFLDU F  VLJLOLXO QX D IRVW OHJDO
DSOLFDW IDSWD vúL YD SLHUGH FDUDFWHUXO SHQDO &RQIRUPD LD IXQF LXQHD úL PRGXO GH
vQWUHEXLQ DUHDVLJLOLXOXLVXQWUHJOHPHQWDWHSULQGLIHULWHDFWHQRUPDWLYH
3HQWUX YDULDQWD DJUDYDW  FHULQ D HVHQ LDO  HVWH FD DF LXQHD FDUH FRQVWLWXLH
HOHPHQWXO PDWHULDO vQO WXUDUHD VDX GLVWUXJHUHD  V  ILH V YkUúLW  GH FXVWRGH 'HFL
FDOLWDWHD DXWRUXOXL FRQVWLWXLH R FHULQ  HVHQ LDO  SHQWUX FRQ LQXWXO FRQVWLWXWLY DO
YDULDQWHLDJUDYDWH
1R LXQHD GH FXVWRGH HVWH FHD FRQVDFUDW  vQ PDWHULH FLYLO  &XVWRGHOH HVWH
ÄSHUVRDQD DúH]DW  SHQWUX SD] ´ DUW  & SURF FLY  úL ÄU VSXQ] WRDUH GH RULFH
SDJXE DGXV FUHGLWRULORUGLQFDX]DQHJOLMHQ HLVDOH´ DUW&SURFFLY 
&DOLWDWHDGHFXVWRGHSRDWHGHFXUJHXQHRULGLQGLVSR]L LLOHOHJDOH$OWHRULHD
HVWH DWULEXLW  GH RUJDQXO FRPSHWHQW V  GLVSXQ  P VXUD FDUH D DWUDV DSOLFDUHD GH
VLJLOLL &XVWRGH SRDWH IL DWkW SHUVRDQD F UHLD vL DSDU LQH EXQXO VLJLODW VDX R DOW 
SHUVRDQ GHVHPQDW vQDFHDVW FDOLWDWH
5D LXQHD DJUDY ULL UH]LG  vQ DFHHD F  V YkUúLQG IDSWD I SWXLWRUXO vQFDOF  úL
vQFUHGHUHDFHLVDDFRUGDWDWXQFLFkQGEXQXULOHVLJLODWHDXIRVWO VDWHvQFXVWRGLDVD


76VSGQU55'QUSÌQDFHODúLVHQV&$3LWHúWLGSQU55'3
QUS

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9SÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,S

,GHPYRO,9SÌQDFHODúLVHQV7M&DUDú6HYHULQGQU55'QUS
 
$FHDVW FDOLWDWHWUHEXLHV H[LVWHODGDWDFRPLWHULLIDSWHLLQFULPLQDWHSULQDUW
&SHQ
8UPDUHDLPHGLDW FRQVW vQFUHDUHDXQHLVW ULGHSHULFROSHQWUXUHOD LLOHVRFLDOH
RFURWLWH$FHDVW XUPDUHLPHGLDW GHFXUJHGLQOLSVDGHUHVSHFWID GHDXWRULWDWHSULQ
vQO WXUDUHDVDXGLVWUXJHUHDVLJLOLXOXLDSOLFDWGLQRUGLQXORUJDQXOXLFRPSHWHQW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V  H[LVWH úL UH]XOW  vQ JHQHUH GLQ PDWHULDOLWDWHD IDSWHORU QHILLQG QHFHVDU V  ILH
DQXPHGRYHGLW  H[UH 

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW $FHDVWDLQFXPE FXQRDúWHUHDGHF WUHI SWXLWRUDvPSUHMXU ULL
F DF LXQHDVDGHvQO WXUDUHVDXGLVWUXJHUHSULYHúWHXQVLJLOLXOHJDODSOLFDWUH]XOWDW
SHFDUHODXUP ULWVDXDFFHSWDW
ÌQWUR RSLQLH FDUH D U PDV L]RODW  úL FX FDUH QX VXQWHP GH DFRUG VH
FRQVLGHU F UXSHUHDGHVLJLOLLQXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW 
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL

)RUPH6DQF LXQL
)RUPH 5XSHUHD GH VLJLOLL ILLQG R LQIUDF LXQH GH DF LXQH FRPLVLY 
V YkUúLUHDHLSRDWHSDUFXUJHID]HOHRELúQXLWHDOHDFWLYLW LLLQIUDF LRQDOHGHDFHVWIHO
DGLF SUHJ WLUHWHQWDWLY FRQVXPDUH
$FWHOH GH SUHJ WLUH GHúL SRVLELOH QX VXQW vQV  LQFULPLQDWH ÌQ LSRWH]D
V YkUúLULL LQIUDF LXQLL DFWHOH HIHFWXDWH GH F WUH R DOW  SHUVRDQ  GHFkW GH I SWXLWRU
GHYLQDFWHGHFRPSOLFLWDWHDQWHULRDU 
7HQWDWLYDHVWHGHDVHPHQHDSRVLELO GDUQXHVWHvQV LQFULPLQDW 
&RQVXPDUHDDUHORFvQPRPHQWXOvQFDUHH[HFXWDUHDDF LXQLLFDUHFRQVWLWXLH
HOHPHQWXOPDWHULDODIRVWGXV SkQ ODFDS WúLVDSURGXVXUPDUHDLPHGLDW DGLF 
FUHDUHDVW ULLGHSHULFROSHQWUXUHOD LLOHVRFLDOHRFURWLWH
ÌQ FD]XO vQ FDUH DX IRVW DSOLFDWH PDL PXOWH VLJLOLL DFWLYLWDWHD LQIUDF LRQDO 
SRDWHFRQWLQXDúLGXS FRQVXPDUHDIDSWHLGHUXSHUHDXQXLDVDXXQRUDGLQWUHVLJLOLL
SULQ UHSHWDUHD DF LXQLL ID  GH FHOHODOWH VLJLOLL vQ UHDOL]DUHD DFHOHLDúL UH]ROX LL ÌQ
DFHVWFD]LQIUDF LXQHDVHHSXL]HD] vQPRPHQWXOvQFDUHVHSURGXFHXOWLPDDF LXQH
GHvQO WXUDUHVDXGLVWUXJHUH
6DQF LXQL&RPLWHUHDIDSWHLvQYDULDQWDWLS VLPSO GHF WUHRSHUVRDQ IL]LF 
VH SHGHSVHúWH FX vQFKLVRDUH GH OD R OXQ  OD XQ DQ VDX FX DPHQG  LDU V YkUúLUHD
IDSWHLvQFRQGL LLOHYDULDQWHLDJUDYDWHVHSHGHSVHúWHFXvQFKLVRDUHDGHODOXQLOD
DQLVDXFXDPHQG 
3HQWUX SHUVRDQD MXULGLF  SHGHDSVD DSOLFDELO  SRWULYLW DUW  DOLQ  
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHUXSHUHGHVLJLOLLvQRULFDUHGLQYDULDQWHOH
VDOHHVWHDPHQGDGHODOHLODOHL


68675$*(5($'(68%6(&+(6758

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODOLQIUDF LXQLLDQDOL]DWHvOFRQVWLWXLHUHOD LLOHVRFLDOHD
F URU QRUPDO  GHVI úXUDUH HVWH DVLJXUDW  SULQ PHQ LQHUHD vQ VWDUH GH
LQGLVSRQLELOL]DUH D XQXL EXQ OHJDO VHFKHVWUDW 6 YkUúLUHD DFHVWHL IDSWH DGXFH


9DOHU6XLDQRSFLWYRO,S
 
DWLQJHUH SUHVWLJLXOXL úL UHVSHFWXOXL GDWRUDW DXWRULW LL SULQ vQF OFDUHD P VXULORU
DVLJXU WRULL DVXSUD XQXL EXQ OXDWH GH RUJDQHOH FRPSHWHQWH P VXUL FDUH LPSOLF 
H[HUFL LXODXWRULW LLSXEOLFH
2ELHFWXOPDWHULDODODFHVWHLLQIUDF LXQLHVWHEXQXOOHJDOVHFKHVWUDWDVXSUDF UXLD
VHV YkUúHúWHVXVWUDJHUHD$FHVWEXQUHSUH]LQW WRWRGDW úLRELHFWXOVXVWUDJHULL
3ULQÄEXQ´VHvQ HOHJHRULFHOXFUXFDUHDUHRH[LVWHQ PDWHULDO  FRUSRUDO úL
UHSUH]LQW RYDORDUHHFRQRPLF  SDWULPRQLDO $FHVWEXQWUHEXLHV IDF SDUWHGLQ
FDWHJRULDFHORUÄPRELOH´GHRDUHFHQXPDLDFHVWHDSRWILVXVWUDVHFKLDUGDF SRWIL
VHFKHVWUDWHúLEXQXULLPRELOH DUW&SURFSHQ 
6XEDFHVWDVSHFWDSDUHGLVFXWDELO RSLQLDSRWULYLWF UHLDRELHFWPDWHULDODO
LQIUDF LXQLL GH VXVWUDJHUH GH VXE VHFKHVWUX SRDWH IL úL XQ EXQ LPRELO FKLDU GDF 
GLVSR]L LLOH&RGXOXLGHSURFHGXU SHQDO QXWUHEXLHLJQRUDWH

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  SRDWH IL RULFH SHUVRDQ  FDUH vQGHSOLQHúWH
FRQGL LLOHJHQHUDOHSHQWUXDU VSXQGHSHQDO$XWRUSRDWHILGHFLvQVXúLSURSULHWDUXO
EXQXOXL
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ  MXULGLF  vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUWDOLQ  &SHQ
3DUWLFLSD LD SHQDO  HVWH SRVLELO  vQ WRDWH IRUPHOH VDOH FRDXWRUDW LQVWLJDUH
FRPSOLFLWDWH
ÌQYDULDQWDDJUDYDW VXVWUDJHUHDGHVXEVHFKHVWUXHVWHRLQIUDF LXQHSURSULHDO
F UXL DXWRU QX SRDWH IL GHFkW XQ FXVWRGH ÌQ DFHDVW  LSRWH]  GH LQFULPLQDUH
FRDXWRUDWXO QX SRDWH IL SRVLELO GHFkW GDF  DFHL FRDXWRUL DX FDOLWDWHD GH FXVWRGH
$FHDVW FDOLWDWHQXWUHEXLHV ILHvQWUXQLW GHHYHQWXDOLLLQVWLJDWRULVDXFRPSOLFL
6XELHFWXOSDVLYSULQFLSDOHVWHvQWRWGHDXQDVWDWXO
6XELHFWSDVLYVHFXQGDUHVWHDXWRULWDWHDSXEOLF FHDLQVWLWXLWVHFKHVWUXO

/DWXUDRELHFWLY 
6XVWUDJHUHD GH VXE VHFKHVWUX HVWH LQFULPLQDW  vQ GRX  YDULDQWH R YDULDQW 
VLPSO  WLS SUHY ]XW vQDUWDOLQ  &SHQúLRYDULDQW DJUDYDW SUHY ]XW 
vQ DUW  DOLQ   & SHQ ÌQWUXFkW GHRVHELUHD GLQWUH DFHVWH YDULDQWH SULYHúWH
FDOLWDWHDVXELHFWXOXLDFWLYQHPLMORFLW DXWRUXO FXH[FHS LDDFHVWHLFHULQ HVSHFLDOH
FRQ LQXWXOFRQVWLWXWLYHVWHDFHODúLSHQWUXDPEHOHYDULDQWH
(OHPHQWXOPDWHULDODOLQFULPLQ ULLFRQVW vQDF LXQHDGHVXVWUDJHUHDXQXLEXQ
OHJDO VHFKHVWUDW 1R LXQHD GH VXVWUDJHUH DUH DFHODúL vQ HOHV FD úL vQ FD]XO
LQIUDF LXQLORU FRQWUD SDWULPRQLXOXL V YkUúLWH SULQ VXVWUDJHUH IXUWXO WkOK ULD
SLUDWHULDúLW LQXLUHD 
Ä6XVWUDJHUHD´vQFRQFHS LDUHJUHWDWXOXLSURIHVRU9LQWLO 'RQJRUR]FRQVW vQ
VFRDWHUHDIL]LF DEXQXOXLGLQVIHUDGHVW SkQLUHDSHUVRDQHLvQSRVHVLDVDXGHWHQ LD
F UHLDVHDIO úLWUHFHUHDVDvQVIHUDGHVW SkQLUHDI SWXLWRUXOXL
'XS 9LUJLO5 PXUHDQXSULQÄVXVWUDJHUH´VHvQ HOHJHvQJHQHUHVFRDWHUHD
LOLFLW  D XQXL EXQ PRELO GLQ VIHUD SDWULPRQLDO  D DOWXLD SULQ OXDUHD úL GHSODVDUHD
DFHVWXLDGLQSR]L LDvQFDUHVHJ VHDÌQFD]XOLQIUDF LXQLLDQDOL]DWHÄVXVWUDJHUHD´VH
UHDOL]HD] SULQOXDUHDúLGHSODVDUHDI U GUHSWDEXQXOXLPRELODIODWVXEVHFKHVWUX


9LUJLO5 PXUHDQXRSFLWYRO,,S

+RULD'LDFRQHVFXRSFLWYRO,,S

 9LQWLO  'RQJRUR] vQ 9LQWLO  'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD VSHFLDO 
YRO,,,(GLWXUD$FDGHPLHL5RPkQH%XFXUHúWLS

9LUJLO5 PXUHDQXRSFLWYRO,,S
 
DVWIHO F  HO vQFHWHD]  GH D PDL DYHD SR]L LD IXQF LD  SDWULPRQLDO  FH LDIRVWGDW 
SULQDSOLFDUHDVHFKHVWUXOXL
'HúL UHFXQRDúWH F  GLQ SXQFW GH YHGHUH RELHFWLY VXVWUDJHUHD VH DSUHFLD] 
GXS  DFHOHDúL FULWHULL FD úL OXDUHD GH OD IXUW UHJUHWDWXO SURIHVRU $YUDP )LOLSDú
VXV LQH F  DFHúWL GRL WHUPHQL QX VXQW VLQRQLPL GHRDUHFH VXVWUDJHUHD GH VXE
VHFKHVWUXH[LVW FKLDUúLDWXQFLFkQGOXDUHDEXQXOXLVHFKHVWUDWVDI FXWvQDOWVFRS
GHFkWDFHODDOvQVXúLULLSHQHGUHSW
'DF VXVWUDJHUHDVDUHDOL]DWvQFRQGL LLOHDUW&SHQIXUWXOVHYDUH LQH
vQFRQFXUVLGHDOFXVXVWUDJHUHDGHVXEVHFKHVWUX
([LVW VXVWUDJHUHúLvQFD]GHVXEVWLWXLUHDXQXLEXQFXDOWEXQ
&kQG VXQW PDL PXOWH EXQXUL VHFKHVWUDWH VXVWUDJHUHD SRDWH SULYL úL QXPDL R
SDUWHGLQDFHOHEXQXUL
&HULQ DHVHQ LDO $F LXQHDGHVXVWUDJHUHWUHEXLHV ILHV YkUúLW DVXSUDXQXL
EXQ ÄOHJDO VHFKHVWUDW´ 6XVWUDJHUHD GH VXE VHFKHVWUX QX SRDWH IL FRQFHSXW  úL
UHDOL]DW I U SUHH[LVWHQ DXQXLEXQOHJDOVHFKHVWUDW
2FURWLUHD LQVWLWXLW  GH OHJHD SHQDO  vQ FD]XO LQFULPLQ ULL VXVWUDJHULL GH VXE
VHFKHVWUX SRDUW  DúDGDU QXPDL DVXSUD EXQXULORU OHJDO VHFKHVWUDWH LHúLQG GH VXE
LQFLGHQ D WH[WXOXL LQFULPLQDWRU EXQXULOH VXSXVH XQXL VHFKHVWUX DSOLFDW I U 
UHVSHFWDUHDSUHYHGHULORUOHJDOHDWkWVXEDVSHFWIRUPDOFkWúLVXEDVSHFWVXEVWDQ LDO
$FHDVW  FHULQ  HVHQ LDO  D ULGLFDW vQ SUDFWLFD MXGLFLDU  úL vQ OLWHUDWXUD GH
VSHFLDOLWDWHSUREOHPDGDF LQVWDQ DSHQDO DUHF GHUHD úLvQFHP VXU V YHULILFH
OHJDOLWDWHDVHFKHVWUXOXL
ÌQWURSULP S UHUHVDVXV LQXWF LQVWDQ DSHQDO QXDUHF GHUHDV YHULILFH
VXE QLFL XQ DVSHFW OHJDOLWDWHD VHFKHVWUXOXL FDUH QDU SXWHD IL vQO WXUDW GHFkW SH
FDOHDFRQWHVWD LHLODLQVWDQ DFLYLO 
ÌQWURDGRXDS UHUHVDVXV LQXWGLPSRWULY F LQVWDQ DSHQDO HVWHvQP VXU 
V YHULILFHVXEWRDWHDVSHFWHOH±DWkWIRUPDOFkWúLVXEVWDQ LDO±OHJDOLWDWHDVHFKHVWUXOXL
QHILLQGQHFHVDUFDDFHDVW SUREOHP V ILHVXSXV vQSUHDODELOLQVWDQ HLFLYLOH
ÌQWUR D WUHLD RSLQLH LQWHUPHGLDU  VD VXV LQXW F  LQVWDQ D SHQDO  SRDWH
YHULILFDOHJDOLWDWHDVHFKHVWUXOXLGDUQXPDLvQFHSULYHúWHODWXUDOXLIRUPDO  vQWUR
SULP  YDULDQW  VDX H[FOXVLY FX SULYLUH OD FRPSHWHQ D RUJDQXOXL FDUH D DSOLFDW
VHFKHVWUXO vQWUR D GRXD YDULDQW  ÌQWUR DVHPHQHD FRQFHS LH LQGLVSRQLELOL]DUHD
XQXL FDUQHW &(& vQ YHGHUHD DVLJXU ULL XQHL KRW UkUL GDWH vQ PDWHULD /HJLL QU
 QX SRDWH IL FRQVLGHUDW  XQ ÄVHFKHVWUX OHJDO DSOLFDW´ úL SULQ XUPDUH
QHVRFRWLUHDHLQXFRQVWLWXLHDFHDVW LQIUDF LXQH
,QVWDQ D SHQDO  HVWH vQGULWXLW  V  FHUFHWH]H OHJDOLWDWHD VHFKHVWUXOXL GHRDUHFH
DFHDVW VLWXD LHHVWHRFHULQ HVHQ LDO DLQIUDF LXQLLvQGLVFX LHLDUSHGHDOW SDUWH
SRWULYLW DUW  & SURF SHQ FKHVWLXQLOH SUHDODELOH GH FDUH GHSLQGH UH]ROYDUHD
FDX]HL LQWU  vQ FRPSHWHQ D GH VROX LRQDUH WRW D LQVWDQ HL SHQDOH FKLDU GDF  SULQ
QDWXUDORUDFHVWHFKHVWLXQLVXQWGHFRPSHWHQ DDOWHLLQVWDQ H


$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú 'UHSWSHQDOURPkQSDUWHDVSHFLDO HGL LHUHYL]XLW 
&DVDGHHGLWXU úLSUHV ÄùDQVD´65/%XFXUHúWLS

ÌQVHQVFRQWUDU7M%RWRúDQLGQU55'QUS

76FROSHQGQU-1QUSÌQDFHODúLVHQV9LUJLO5 PXUHDQXRSFLWYRO,,
S2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9DUHY ]XW úLDG XJLW 
&DVDGHHGLWXU úLSUHV ùDQVD65/%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSWSHQDO
3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS

 0 0DQDVH &RQGL LD OHJDOLW LL VHFKHVWUXOXL SHQWUX H[LVWHQ D LQIUDF LXQLL GH VXVWUDJHUH D EXQXOXL
VHFKHVWUDW-1QUSÌQDFHODúLVHQV$YUDP)LOLSDúRSFLWS

7M,DúLGQUFXQRW GH3HWUH$QFD55'QUS

$+LOVHQUDGÌQOHJ WXU FXSUDFWLFDMXGLFLDU SULYLQGVXVWUDJHUHDEXQXULORUVHFKHVWUDWH/3QU
S
 
&KHVWLXQHD SUHDODELO  VH MXGHF  GH F WUH LQVWDQ D SHQDO  SRWULYLW UHJXOLORU úL
PLMORDFHORUGHSURE SULYLWRDUHODPDWHULDF UHLDvLDSDU LQHDFHDFKHVWLXQH
+RW UkUHDGHILQLWLY DLQVWDQ HLFLYLOHDVXSUDXQHLvPSUHMXU ULFHFRQVWLWXLHR
FKHVWLXQH SUHDODELO  vQ SURFHVXO SHQDO DUH DXWRULWDWH GH OXFUX MXGHFDW vQ ID D
LQVWDQ HLSHQDOH
ÌQ FD]XO vQ FDUH GXS  FRPLWHUHD IDSWHL VH FRQVWDW  MXGLFLDU F  LQVWLWXLUHD
VHFKHVWUXOXLQXHVWHOHJDO IDSWDvúLYDSLHUGHFDUDFWHUXOSHQDO
ÌQSULYLQ DEXQXULORUFDUHSRWILVHFKHVWUDWHúLDFRQGL LLORUvQFDUHVHLQVWLWXLH
P VXULOH DVLJXU WRULL HVWH QHFHVDU D VH YHGHD GLVSR]L LLOH FXSULQVH vQ DFWHOH
QRUPDWLYHFHUHJOHPHQWHD] DFHDVW PDWHULH &RGXOGHSURFHGXU SHQDO &RGXOGH
SURFHGXU FLYLO úLDOWHDFWHQRUPDWLYH 
3HQWUX YDULDQWD DJUDYDW  FHULQ D HVHQ LDO  FDUH R GHRVHEHúWH GH YDULDQWD
VLPSO  FRQVW  vQ FRQGL LD FD DF LXQHD GH VXVWUDJHUH V  ILH V YkUúLW  GH vQVXúL
FXVWRGHOHEXQXULORUOHJDOVHFKHVWUDWH
3HQWUXH[LVWHQ DLQIUDF LXQLLDQDOL]DWHHVWHLQGLIHUHQWGDF I SWXLWRUXODVXVWUDV
WRDWHEXQXULOHVHFKHVWUDWHVDXQXPDLXQXOGLQDFHOHEXQXUL
8UPDUHD LPHGLDW  FRQVW  vQ FUHDUHD XQHL VW UL GH SHULFRO SHQWUX UHOD LLOH
VRFLDOH RFURWLWH SHULFRO SURYRFDW SULQ SXQHUHD vQ PRG LOLFLW vQ VWDUH GH
GLVSRQLELOLWDWHDXQXLEXQLQGLVSRQLELOL]DW
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDLQFULPLQDW úLXUPDUHDLPHGLDW WUHEXLH
V H[LVWHúLHVWHLPSOLFLW 

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW VDXLQGLUHFW ([LVW LQWHQ LHFkQGI SWXLWRUXODFXQRVFXWF EXQXOSHFDUHvO
VXVWUDJHHVWHVHFKHVWUDWúLDSUHY ]XWUH]XOWDWXOIDSWHLVDOHSHFDUHODXUP ULWVDXO
DDFFHSWDW
'DF I SWXLWRUXOQXDFXQRVFXWF EXQXOHVWHVHFKHVWUDWIDSWDVDYDFRQVWLWXL
XQ IXUW GDF  VXQW vQWUXQLWH úL FHOHODOWH FRQGL LL GH LQFULPLQDUH SUHY ]XWH SHQWUX
H[LVWHQ DDFHVWHLLQIUDF LXQL
ÌQWURRSLQLHFDUHDU PDVL]RODW úLODFDUHQXDFKLHV PVHFRQVLGHU F 
VXVWUDJHUHDGHVXEVHFKHVWUXQXVHSRDWHFRPLWHGHFkWFXLQWHQ LHGLUHFW 
1XVXQWSUHY ]XWHFHULQ HHVHQ LDOHUHIHULWRDUHODPRELOVDXVFRSGHúLvQPRG
JUHúLW XQHRUL VFRSXO D IRVW FRQVLGHUDW FD R FRQGL LH HVHQ LDO  vQ FDGUXO ODWXULL
VXELHFWLYH D LQIUDF LXQLL DQDOL]DWH &XQRDúWHUHD PRELOXOXL úL VFRSXOXL FX FDUH D
DF LRQDWDJHQWXOHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDMXGLFLDU DSHGHSVHL

)RUPH6DQF LXQL
)RUPH6XVWUDJHUHDGHVXEVHFKHVWUXHVWHRLQIUDF LXQHGHDF LXQH FRPLVLY 
úLGHFLVXVFHSWLELO GHDSDUFXUJHWRDWHID]HOHDFWLYLW LLLQIUDF LRQDOH
$FWHOHGHSUHJ WLUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH(OHSRWGHYHQLvQ
FD]XO V YkUúLULL LQIUDF LXQLL DFWH GH FRPSOLFLWDWH DQWHULRDU  VDX VH vQVXPHD]  vQ
FRQWULEX LDDXWRUXOXL
7HQWDWLYD WHUPLQDW  VDX QHWHUPLQDW  DFHVWHL LQIUDF LXQL GHúL SRVLELO  QX
HVWHvQV LQFULPLQDW úLGHFLSHGHSVLW 


$VHYHGHDH[SOLFD LLOHGDWHvQDFHDVW SULYLQ FXRFD]LDDQDOL] ULLLQIUDF LXQLLGHUXSHUHGHVLJLOLL

5RGLFD0LKDHOD6W QRLXRSFLWYRO,9S

9DOHU6XLDQRSFLWYRO,SÌQDFHODúLVHQV,RQ*KHRUJKLX%U GHW'UHSWSHQDOSDUWHDVSHFLDO 
YRO,(GLWXUD(XURSD1RYD%XFXUHúWLS

7UHJ&RQVWDQ DGQU/3QUSFXQRW FULWLF GH15HLQHU,&RQVWDQWLQHVFX
ÌQOHJ WXU FXLQIUDF LXQHDGHVXVWUDJHUHDEXQXULORUVHFKHVWUDWH/3QUS
 
&RQVXPDUHD DUH ORF vQ PRPHQWXO vQ FDUH DF LXQHD GH VXVWUDJHUH D IRVW
V YkUúLW  úL VD SURGXV XUPDUHD LPHGLDW  GHFXUJkQG GLQ VXVWUDJHUHD EXQXOXL
VHFKHVWUDWGHF WUHI SWXLWRU
ÌQ VLWXD LD vQ FDUH VHFKHVWUXO D IRVW LQVWLWXLW DVXSUD PDL PXOWRU EXQXUL
DFWLYLWDWHDLQIUDF LRQDO VHSRDWHSUHOXQJLvQWLPSSHVWHPRPHQWXOFRQVXP ULLIDSWHL
SULYLQGSULPXOEXQVXVWUDVSULQUHSHWDUHDDFWHORUGHVXVWUDJHUHDVXSUDDOWRUEXQXUL
VHFKHVWUDWHvQUHDOL]DUHDDFHOHLDúLUH]ROX LLÌQDVWIHOGHVLWXD LLIDSWDSHQDO VHYD
HSXL]DRGDW FXSURGXFHUHDXOWLPXOXLDFWDODFWLYLW LLLQIUDF LRQDOH
6DQF LXQL,QIUDF LXQHDGHVXVWUDJHUHGHVXEVHFKHVWUXvQYDULDQWDGHWLSVH
SHGHSVHúWHFXvQFKLVRDUHDGHODROXQ ODXQDQVDXFXDPHQG 
ÌQ FD]XO YDULDQWHL DJUDYDWH VXVWUDJHUHD GH VXE VHFKHVWUX VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLVDXFXDPHQG 
3HQWUX SHUVRDQD MXULGLF  SHGHDSVD DSOLFDELO  SRWULYLW DUW  DOLQ  
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHVXVWUDJHUHGHVXEVHFKHVWUXvQRULFDUHGLQ
YDULDQWHOHVDOHHVWHDPHQGDGHODOHLODOHL





































 


7,7/8/9,

,1)5$& ,81,&$5($'8&$7,1*(5(8125$&7,9,7 ,
'(,17(5(638%/,&6$8$/725$&7,9,7 ,
5(*/(0(17$7('(/(*(


&DSLWROXO,

,1)5$& ,81,'(6(59,&,86$8Ì1/(* 785 &86(59,&,8/


$%8=8/Ì16(59,&,8&2175$,17(5(6(/253(562$1(/25

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDODODEX]XOXLvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
vO FRQVWLWXLH DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH SXEOLFH D F URU QRUPDO 
IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDEXQXOXLPHUVDO
DFWLYLW LL SHUVRDQHORU MXULGLFH GH GUHSW SXEOLF VDX GH GUHSW SULYDW úL DS UDUHD
LQWHUHVHORU OHJDOH DOH SHUVRDQHORU vPSRWULYD DEX]XULORU IXQF LRQDULORU SXEOLFL VDX
IXQF LRQDULORU
2ELHFWXO PDWHULDO 'H UHJXO  RELHFWXO PDWHULDO OLSVHúWH OD LQIUDF LXQLOH GH
DEX]vQVHUYLFLX'DF vQV DF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOVDH[HUFLWDW
DVXSUDXQXLOXFUX GHH[FRQILVFDUHDDEX]LY DXQXLOXFUXUHGDFWDUHDGHIHFWXRDV 
DXQXLvQVFULV vQDFHDVW VLWXD LHH[LVW XQRELHFWPDWHULDODOLQIUDF LXQLL

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO DFHVWHL LQIUDF LXQL QX SRDWH IL GHFkW XQ
IXQF LRQDUSXEOLFVDXIXQF LRQDU$úDGDUODLQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUD
LQWHUHVHORUSHUVRDQHORUVXELHFWXODFWLYQHPLMORFLWHVWHFDOLILFDW
3ULQÄIXQF LRQDUSXEOLF´vQVHQVXOOHJLLSHQDOH±DUWDOLQ  &SHQ±
VH vQ HOHJH RULFH SHUVRDQ  FDUH H[HUFLW  SHUPDQHQW VDX WHPSRUDU FX RULFH WLWOX
LQGLIHUHQW FXP D IRVW LQYHVWLW  R vQV UFLQDUH GH RULFH QDWXU  UHWULEXLW  VDX QX vQ
VHUYLFLXO XQHL XQLW L GLQWUH FHOH OD FDUH VH UHIHU  DUW  & SHQ DXWRULW LOH
SXEOLFHLQVWLWX LLOHSXEOLFHLQVWLWX LLOHVDXDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF 
$XWRULW LOHSXEOLFHVXQWFHOHSUHY ]XWHvQ7LWOXO,,,GLQ&RQVWLWX LD5RPkQLHL
LDULQVWLWX LLOHSXEOLFHVXQWvQSULQFLSLXFDOLILFDWHDVWIHOSULQDFWHOHQRUPDWLYHFHOH
UHJOHPHQWHD] DFWLYLWDWHD
ÌQ OLSVD XQHL GHILQL LL OHJDOH vQ DFHVW VHQV SULQ VLQWDJPD ÄDOWH SHUVRDQH
MXULGLFHGHLQWHUHVSXEOLF´VHvQ HOHJHRULFHSHUVRDQ MXULGLF LQGLIHUHQWGHIRUPD
GHRUJDQL]DUH±DVRFLD LLIXQGD LLVLQGLFDWHHWF±LQGLIHUHQWGHIHOXOSURSULHW LLSH
FDUH VH vQWHPHLD]  úL LQGLIHUHQW GDF  VXQW JXYHUQDPHQWDOH VDX QHJXYHUQDPHQWDOH
GDF  SULQ DFWXO FRQVWLWXWLY OHJDO DSUREDW VXQW GHVWLQDWH D RUJDQL]D VDX D VHUYL R


 6LHJIULHG .DKDQH vQ 9LQWLO  'RQJRUR] 6LHJIULHG .DKDQH ,RQ 2DQFHD ,RVLI )RGRU 1LFROHWD ,OLHVFX
&RQVWDQWLQ %XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ YRO ,9 (GLWXUD
$FDGHPLHL5RPkQH%XFXUHúWLS

$XJXVWLQ8QJXUHDQX&RQVLGHUD LLvQOHJ WXU FXDSOLFDUHDXQRUGLVSR]L LLDOH/HJLLQUSHQWUX
PRGLILFDUHD úL FRPSOHWDUHD &RGXOXL SHQDO 'U QU   S  ÌQ DFHODúL VHQV ,OLH 3DVFX vQ ,OLH 3DVFX
9DOHULF /D] U'UHSWSHQDO3DUWHDVSHFLDO (GLWXUD/XPLQD/H[%XFXUHúWLS
 
FROHFWLYLWDWHPDUHGHRDPHQLRPXO LPHGHRDPHQLILHGLQvQWUHDJD DU ILHGLQWUR
]RQ VDXXQLWDWHDGPLQLVWUDWLYWHULWRULDO ILHGLQWUXQGRPHQLXGHDFWLYLWDWHGLQWUR
DQXPLW SURIHVLH
1XSRWILFRQVLGHUDWHÄDOWHSHUVRDQHMXULGLFHGHLQWHUHVSXEOLF´DFHOHSHUVRDQH
MXULGLFHFDUHDXXQFDUDFWHUvQFKLVvQILLQ DWHGRDUSHQWUXVDWLVIDFHUHDXQRULQWHUHVH
DOH XQXL JUXS UHVWUkQV GH RDPHQL DVRFLD L VDODULD L FRODERUDWRUL úL FDUH XUP UHVF
XQ SURILW 6SUH H[HPSOX R VRFLHWDWH FRPHUFLDO  FDUH DUH FD RELHFW GH DFWLYLWDWH
FRPHU XODYkQGFDSDUWHQHUDOWHSHUVRDQHMXULGLFHQXSXWHPVSXQHF DFHDVWDHVWHR
SHUVRDQ  MXULGLF  GH LQWHUHV SXEOLF FKLDU GDF  EXQXULOH SH FDUH DFHDVW  SHUVRDQ 
MXULGLF OHGHVIDFHDMXQJODSRSXOD LH
'XS  DO L DXWRUL VH FRQVLGHU  F  OHJLXLWRUXO D LQWHQ LRQDW FD SULQ H[SUHVLD
LQVWLWX LLOH VDX DOWH SHUVRDQH MXULGLFH GH LQWHUHV SXEOLF V  OH QRPLQDOL]H]H SH FHOH
vQILLQ DWHGHSHUVRDQHOHIL]LFHVDXMXULGLFHSHQWUXVDWLVIDFHUHDXQRULQWHUHVHSXEOLFH
I FkQGSDUWHGLQWUHDFHVWHDSDUWLGHOHSROLWLFHRUJDQL]D LLOHVLQGLFDOHSDWURQDOHVDX
SURIHVLRQDOH
6LQWDJPD VHUYLFLLOH GH LQWHUHV SXEOLF HVWH PDL SX LQ GHOLPLWDELO  GHFkW
FHOHODOWH LQFOX]kQG UHJLLOH DXWRQRPH úL FRPSDQLLOH QD LRQDOH FUHDWH SULQ
UHRUJDQL]DUHD XQRU UHJLL FXP DU IL 3RúWD 5RPkQ  &21(/ 61&)5 úL
5207(/(&20 &DWHJRULD VRFLHW LORU FDUH GHVI úRDU  VHUYLFLL GH LQWHUHV SXEOLF
HVWH vQV  PXOW PDL DPSO  LQFOX]kQG VRFLHW LOH GH WUDQVSRUW WHUPRILFDUH
GLVWULEXLUHDDSHLSUHVWDUHDVHUYLFLLORUPHGLFDOHHWF0XOWHGLQWUHDFHVWHDQXSURYLQ
GLQ IRVWHOH UHJLL DX FDSLWDO SULYDW úL SRWHQ LDO HFRQRPLF UHGXV vQV  QX SRW IL
VHSDUDWH GH DQWHULRDUHOH VRFLHW L QXPDL SH FULWHULXO LQWHUHVXOXL SXEOLF $FHDVW 
QR LXQH QX HVWH GHILQLW  vQ &RGXO SHQDO vQ WLWOXO 9,,, LQWLWXODW ÄÌQ HOHVXO XQRU
WHUPHQL VDX H[SUHVLL vQ OHJHD SHQDO ´ HD QX SRDWH IL DVLPLODW  QLFL FX WHUPHQXO
SXEOLFGHILQLWvQDUW&SHQvQWUXFkWQLFLRQR LXQHQXVHSRDWHGHILQLSULQHD
vQV úL 3H GH DOW SDUWHHVWHHYLGHQWIDSWXOF QR LXQHDSXEOLFGLQGUHSWXOSHQDOD
SULPLW XQ vQ HOHV PDL ODUJ GHFkW FHO VSHFLILF GUHSWXOXL FRQVWLWX LRQDO GHúL SH
SDUFXUVXOFkWRUYDDQLVDFRQVLGHUDWvQPRGHURQDWF HOHVXQWLGHQWLFH
ÌQGUHSWXOSHQDOWHUPHQXOGHIXQF LRQDUSXEOLFDUHXQvQ HOHVPDLODUJGHFkW
vQDOWHUDPXULGHGUHSW H[GUHSWXODGPLQLVWUDWLY IDSWFHVHMXVWLILF SULQQHYRLD
GHDVHUHDOL]DvQPRGFRUHVSXQ] WRURFURWLUHDLQWHUHVHORUVRFLDOHSULQPLMORDFHGH
GUHSWSHQDO
ÌQGRFWULQ VDVXEOLQLDWF VXQWDVLPLOD LIXQF LRQDULORUSXEOLFLúLFHLFDUH
vQGHSOLQHVF ÄvQ IDSW´ R vQV UFLQDUH vQ VHUYLFLXO XQHL SHUVRDQH MXULGLFH GH GUHSW
SXEOLFFXFRQGL LDFDXQLWDWHDGHGUHSWSXEOLFV DLE úWLLQ GHDFHVWOXFUX$FHHDúL
VROX LHVHLPSXQHvQDFHDVW FRQFHS LHúLvQVLWXD LDvQFDUHIXQF LRQDUXOSXEOLFHVWH
DQJDMDW FX vQF OFDUHD GLVSR]L LLORU OHJDOH GH H[ QX DUH VWXGLLOH QHFHVDUH  RUL


,OLH3DVFXRSFLWS

7LEHULX0HGHDQX)DOVvQvQVFULVXULDOHVRFLHW LORUFRPHUFLDOH5'3QUS

 3HQWUX GHWDOLL 0DWHL %DVDUDE 7LEHULX 0HGHDQX &RQVLGHUD LLUHIHULWRDUHODLQIUDF LXQLOHFRQWUDDYXWXOXL
REúWHVF SULQ SULVPD 'HFL]LHL 3OHQXOXL &XU LL &RQVWLWX LRQDOH QU  'U QU   S  7LEHULX
0HGHDQX 6RFLHW LOH FRPHUFLDOH FX FDSLWDO SULYDW úL LQIUDF LXQLOH FRQWUD DYXWXOXL REúWHVF 5HYLVWD MXULGLF 
QUS

9LFWRU5RúFDvQ9LQWLO 'RQJRUR],RVLI)RGRU6LHJIULHG.DKDQH1LFROHWD,OLHVFX,RQ2DQFHD&RQVWDQWLQ
%XODL 5RGLFD 6W QRLX 9LFWRU 5RúFD ([SOLFD LL WHRUHWLFH DOH &RGXOXL SHQDO URPkQ 3DUWHD JHQHUDO  YRO ,,
(GLWXUD $FDGHPLHL 5RPkQH %XFXUHúWL  S  ÌQ DFHODúL VHQV GDU FX R DOW  PRWLYDUH ùWHIDQ 'DQHú vQ
7HRGRU9DVLOLX*HRUJH$QWRQLXùWHIDQ'DQHú*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'RUX
3DYHO 'XPLWUX 3RSHVFX 9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD JHQHUDO  (GLWXUD
ùWLLQ LILF %XFXUHúWLS*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXvQ7HRGRU9DVLOLX'RUX3DYHO
*HRUJH$QWRQLXùWHIDQ'DQHú*KHRUJKH' UkQJ 'XPLWUX/XFLQHVFX9DVLOH3DSDGRSRO'XPLWUX&3RSHVFX
9LUJLO 5 PXUHDQX &RGXO SHQDO URPkQ FRPHQWDW úL DGQRWDW 3DUWHD VSHFLDO  YRO ,, (GLWXUD ùWLLQ LILF  úL
(QFLFORSHGLF %XFXUHúWLS
 
XUPHD] DILvQYHVWLWILLQGSHFDOHGHDILDQJDMDW GHH[FHLDIOD LvQWHUPHQXOGH
vQFHUFDUH 
ÌQ UDSRUW FX QRLOH SUHYHGHUL vQ PDWHULH vQ FD]XO IXQF LRQDUXOXL SXEOLF
UHSXWDWXOSURIHVRU*HRUJH$QWRQLXRSLQHD] vQPRGMXVWF DUILDGPLVLELO  vQ
FRQWLQXDUH RU VSXQGHUHSHQDO úLDIXQF LRQDUXOXLSXEOLFÄGHIDSW´GHRDUHFHVXQW
SUHMXGLFLDWH LQWHUHVHOH JHQHUDOH RFURWLWH PDL SX LQ HILFLHQW GHFkW vQ FD]XO FHORU
LQGLYLGXDOH 3ULQ XUPDUH VHYHULWDWHD OHJLL WUHEXLH V  ILH PDL PDUH ÌQ DFHDVW 
FRQFHS LHvQV VHVXV LQHSHGUHSWFXYkQWF QDUSXWHDILFRQFHSXWV H[LVWHXQ
IXQF LRQDUSULYDWÄGHIDSW´DGLF RSHUVRDQ FDUHV H[HUFLWHvQIDSWRvQV UFLQDUHvQ
FDGUXOXQHLXQLW LSULYDWHI U úWLUHDúLDSUREDUHDSDWURQXOXLúLWRWXúLV U VSXQG FD
IXQF LRQDU2DVHPHQHDSHUVRDQ GDF DUH[LVWDúLGDF DSURGXVSDJXEHSDWURQXOXL
VDXWHU LORUYDU VSXQGHSRWULYLWOHJLLFLYLOH
'HILQL LLOH OHJDOH GDWH IXQF LRQDUXOXL SXEOLF úL IXQF LRQDUXOXL vQ QRXO &RG
SHQDOVXQWY GLWVXSHULRDUHFHORUvQYLJRDUHvQWUHDFHVWHDQHPDLILLQGRUHOD LHGHOD
SDUWHODvQWUHJÌQDFHDVW UHJOHPHQWDUHFHOHGRX QR LXQLVHGHRVHEHVFvQHVHQ 
SULQ EHQHILFLDUXO vQV UFLQ ULL DFHVWRU SHUVRDQH DXWRULW LOH SXEOLFH LQVWLWX LLOH
SXEOLFHVDXDOWHSHUVRDQHMXULGLFHGHGUHSWSXEOLFvQFHHDFHSULYHúWHIXQF LRQDUXO
SXEOLF UHVSHFWLY R SHUVRDQ  MXULGLF  GH GUHSW SULYDW vQ FHHD FH SULYHúWH
IXQF LRQDUXO úLSULQQDWXUDvQV UFLQ ULLSHFDUHRH[HUFLW 
1XSRDWHILFRQVLGHUDWvQV IXQF LRQDUSXEOLFSHUVRDQDFDUHvQPRGVSRUDGLF
LQH ORFXO XQXLD GLQWUH DFHúWLD I U  FRQVLP PkQWXO RUJDQHORU GH FRQGXFHUH F FL
vQWUR DVHPHQHD VLWXD LH QX H[LVW  XQ UDSRUW GH VHUYLFLX vQWUH DFHDVW  SHUVRDQ  úL
XQLWDWHDvQFDUHDFWLYHD] 
)DSWDSRDWHILV YkUúLW GHPDLPXO LDXWRULFDUHDXFRQWULEXLWQHPLMORFLWvQ
PRG VLPXOWDQ FRPLVLH FROHFWLY HFKLS  VDX VXFFHVLY YHULILFDUH FRQWURO
DSUREDUH ODV YkUúLUHDDEX]XOXLvQVHUYLFLX
)LLQG R LQIUDF LXQH SURSULH FRDXWRUDWXO QX HVWH SRVLELO GHFkW GDF  WR L
FRDXWRULLDXFDOLWDWHDFHUXW GHOHJHODGDWDV YkUúLULLIDSWHL'DF DFHDVW FDOLWDWH
FHUXW GHOHJHSHQWUXDXWRUOLSVHúWHDFWLYLWDWHDDFHOXLSDUWLFLSDQWYDILFRQVLGHUDW 
GUHSWFRPSOLFLWDWHFRQFRPLWHQW ODDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
FKLDUGDF vQFRQFUHWDJHQWXODFRPLVDFWHGHH[HFXWDUHQHPLMORFLW DDFHVWHLIDSWH
SHQDOH
/D V YkUúLUHD DFHVWHL LQIUDF LXQL SRW FRQWULEXL vQV  úL DO L VXELHF L DFWLYL vQ
DIDU  GH DXWRU VDX FRDXWRUL LQVWLJDWRUL FRPSOLFL  3HQWUX DFHúWL VXELHF L QX HVWH
QHFHVDU  FDOLWDWHD GH IXQF LRQDU SXEOLF VDX IXQF LRQDU &X DOWH FXYLQWH DEX]XO vQ
VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU HVWH LPSXWDELO SDUWLFLSDQ LORU FKLDU DWXQFL
FkQGDFHúWLDQXDXFDOLWDWHDFHUXW GHOHJHSHQWUXDXWRUÌQDFHVWFD]QXHVWHYRUED
GH U VIUkQJHUHD FLUFXPVWDQ HL SHUVRQDOH GH IXQF LRQDU SXEOLF VDX IXQF LRQDU OD
FHLODO LSDUWLFLSDQ LFLGHvQFDGUDUHDFRQWULEX LHLORUvQGLVSR]L LDFDUHSUHYHGHHUJD
RPQHVIDSWDFRPLV GHVXELHFWXODFWLYQHPLMORFLW
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDUL
SXEOLFL VH DSOLF  úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH


$UWGLQ1RXO&RGSHQDODGRSWDWSULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
DF UXLLQWUDUHvQYLJRDUHDIRVWvQV DPkQDW vQPRGVXFFHVLY 28*QUSXEOLFDW vQ02IQUGLQ
úL28*QUSXEOLFDW vQ02IQUGLQ SkQ ODGDWDGH

*HRUJH$QWRQLX1RXO&RGSHQDO&RGXOSHQDODQWHULRU6WXGLXFRPSDUDWLY(GLWXUD$OO%HFN%XFXUHúWL
S

 &RQVWDQWLQ 'XYDF vQ *KHRUJKH 'LDFRQHVFX &RQVWDQWLQ 'XYDF 'UHSW SHQDO 3DUWHD VSHFLDO  1RXO &RG
SHQDO&XUVXQLYHUVLWDUYRO,(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWLS

*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S

6LHJIULHG.DKDQHRSFLWYRO,9S
 
3ULQ ÄIXQF LRQDU´ vQ VHQVXO OHJLL SHQDOH VH vQ HOHJH IXQF LRQDUXO SXEOLF
SUHFXP úL RULFH VDODULDW FDUH H[HUFLW  R vQV UFLQDUH vQ VHUYLFLXO XQHL DOWH SHUVRDQH
MXULGLFHGHFkWFHOHODFDUHVHUHIHU DUW&SHQ
$FHDVW QRUP H[SOLFDWLY DIRVWFRQVLGHUDW GUHSWLQFRUHFW GLQSXQFWGH
YHGHUH DO ORJLFLL IRUPDOH GHRDUHFH VXE DFHHDúL GHQXPLUH LQFOXGH GRX  UHDOLW L
DQWLQRPLFHSHDFHHDGHIXQF LRQDUSXEOLFúLSHDFHHDGHIXQF LRQDUSULYDWILHFDUH
SURGXFkQG FRQVHFLQ H MXULGLFH GLIHULWH ÌQ UHDOLWDWH SRVLELOLWDWHD GH D vQVFULH GRX 
QR LXQL VXE XQ QXPLWRU FRPXQ QDUH QLFLR YDORDUH FRJQLWLY  GDF  QR LXQLOH VXQW
DQWLQRPLFH 6RFLHW LOH FRPHUFLDOH SULYDWH FKLDU GDF  VH DIO  vQ VHUYLFLXO
SXEOLFXOXLGH LQIRORVHVFHPLWvQVFULVXULSULYDWHúLQXvQVFULVXULRILFLDOHÌQDFHVW
VHQVVXQWúLSUHYHGHULOH&RGXOXLFRPHUFLDOSRWULYLWF URUDWRDWHDFWHOHúLFHOHODOWH
GRFXPHQWHHPLVHGHF WUHXQFRPHUFLDQWVXQWFRQVLGHUDWHÄvQVFULVXULVXEVHPQ WXU 
SULYDW ´LQGLIHUHQWGHSHUVRDQDMXULGLF GHODFDUHHPDQ ±ILHHDFKLDUúLGHLQWHUHV
SXEOLF
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ  MXULGLF  vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
6XELHFWXOSDVLYVSHFLDODODFHVWHLLQIUDF LXQLHVWHSHUVRDQDF UHLDLVDFDX]DW
RY W PDUHDLQWHUHVHORUOHJDOH1HILLQGFLUFXPVWDQ LDWGHWH[WVXELHFWSDVLYSRDWH
ILRULFLQHFKLDUúLXQFROHJDOVXELHFWXOXLDFWLYGLQFDGUXODFHOXLDúLVHUYLFLX
6XELHFWXOSDVLYJHQHUDOHVWHVWDWXOFDWLWXODUDOUHOD LLORUVRFLDOHUHIHULWRDUHOD
LQWHUHVHOHSXEOLFHúLDOYDORULLVRFLDOHFDUHHVWHEXQXOPHUVDODFWLYLW LLSHUVRDQHORU
MXULGLFHGHGUHSWSXEOLFYDORDUHF UHLDLVHDGXFHDWLQJHUHSULQV YkUúLUHDDEX]XOXL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQFULPLQ ULL FRQVW  DOWHUQDWLY vQWUR LQDF LXQH
RPLVLXQH VDXvQWURDF LXQH FRPLVLXQH úLDQXPHILHQHvQGHSOLQLUHDXQXLDFWILH
vQGHSOLQLUHDDFWXOXLvQPRGGHIHFWXRV
7HUPHQXOGHÄDFW´HVWHIRORVLWvQFRQ LQXWXOQRUPHLGHLQFULPLQDUHvQvQ HOHVXO
GH RSHUD LH FDUH WUHEXLH HIHFWXDW  GH IXQF LRQDUXO SXEOLF VDX SULYDW SRWULYLW
VROLFLW ULL I FXWH GH R SHUVRDQ  úL FRQIRUP DWULEX LLORU DFHVWRUD GH VHUYLFLX
6ROLFLWDUHD DGUHVDW  VXELHFWXOXL DFWLY QHPLMORFLW SRDWH SULYL FRQVWDWDUHD XQXL DFW
MXULGLF GHH[FRQVWDWDUHDXQHLPDQLIHVW ULGHYRLQ SULYLQGFUHDUHDPRGLILFDUHD
WUDQVPLWHUHDRULVWLQJHUHDXQXLGUHSWVDXREOLJD LL RULvQWRFPLUHDVDXFRQILUPDUHD
XQXLvQVFULVSULYLQGXQDFWMXULGLFRULHIHFWXDUHDXQHLFRQVWDW ULFXHIHFWHMXULGLFH
VDX H[HFXWDUHD XQHL KRW UkUL úL DOWH RSHUD LL GDWH vQ FRPSHWHQ D XQXL VHUYLFLX DO
SHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXSULYDW
3ULQH[SUHVLDÄQXvQGHSOLQHúWHXQDFW´VHvQ HOHJHRPLWHUHDQHHIHFWXDUHDXQXL
DFWFDUHWUHEXLDV ILHvQGHSOLQLWvQYLUWXWHDvQGDWRULULORUGHVHUYLFLXDGLF DXQXLDFW
DF UXLvQGHSOLQLUHF GHDvQVDUFLQDIXQF LRQDUXOXLSXEOLFVDXIXQF LRQDUXOXLSRWULYLW
QRUPHORU FDUH UHJOHPHQWHD]  DFWLYLWDWHD DFHVWRUD RUL FDUH VXQW LQHUHQWH DFHOXL
VHUYLFLX1HvQGHSOLQLUHDXQXLDFWSRDWHV FRQVWHDúLvQO VDUHDvQQHOXFUDUHDXQXL
DFWvQFHSXWúLFDUHWUHEXLDV ILHGHV YkUúLWVDXvQUHIX]XOQHMXVWLILFDWGHDGDXUPDUH
RUGLQHORU VDX FHUHULORU SULPLWH RUL vQ DOWH U PkQHUL vQ SDVLYLWDWH FRQWUDUH
vQGDWRULULORU1HvQGHSOLQLUHDSRDWHILWRWDO VDXSDU LDO 



$OH[DQGUX6DODQ)DOVXULvQvQVFULVXUL2EVHUYD LLFULWLFH5'3QUS$FHVWDVXV LQHF DUIL
DFHHDúL HURDUH FDUH VDU FRPLWH vQ HOHJkQGXVH SULQ QR LXQHD GH VWUXJXUL DWkW VWUXJXULL FRS L FkW úL FHL QHFRS L
QXPDLSHQWUXF úLXQLLúLDO LLVXQWVWUXJXUL

 6WDQFLX ' & USHQDUX 'UHSW FRPHUFLDO URPkQ HGL LD D ,,,D (GLWXUD $// %(&. %XFXUHúWL 
S

6LHJIULHG.DKDQHRSFLWYRO,9S

,GHPYRO,9S
 
3ULQH[SUHVLDÄvQGHSOLQHúWH DFWXO vQPRGGHIHFWXRV´VHvQ HOHJHvQGHSOLQLUHD
I FXW DOWIHOGHFkWVHFXYHQHDV ILHHIHFWXDW DGLF vQDOWHFRQGL LLGHFkWSUHYHGH
OHJHD 'HIHFWXR]LWDWHD vQ vQGHSOLQLUH SRDWH SULYL FRQ LQXWXO IRUPD VDX vQWLQGHUHD
vQGHSOLQLULLPRPHQWXOHIHFWX ULLFRQGL LLOHGHHIHFWXDUHHWF
([SUHVLLOHÄQXvQGHSOLQHúWHXQDFW´úLÄvQGHSOLQHúWH DFWXO vQPRGGHIHFWXRV´
VXQWH[SUHVLLVLQWHWLFHFDUHLQFOXGQXPHURDVHVLWXD LLFDYLRODUHDVDXQHUHVSHFWDUHD
REOLJD LLORULPSXVHSULQGLVSR]L LLOHJDOHGHS úLUHDDWULEX LLORUGHVHUYLFLXIRORVLUHD
DEX]LY DDWULEX LLORUGHVHUYLFLX
&HULQ D HVHQ LDO  3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
RPLVLXQHDGHDvQGHSOLQLXQDFWVDXFRPLVLXQHDvQGHSOLQLULLDFWXOXLvQPRGGHIHFWXRVV 
ILHV YkUúLW GHXQIXQF LRQDUSXEOLFVDXXQIXQF LRQDUvQH[HUFL LXODWULEX LLORUVDOH
/LSVDDFHVWHLFHULQ HHVHQ LDOHGXFHODOLSVDHOHPHQWXOXLPDWHULDOúLLPSOLFLWD
LQIUDF LXQLLvQV úL
8UPDUHD LPHGLDW  3HQWUX FD QHvQGHSOLQLUHD XQXL DFW VDX vQGHSOLQLUHD OXL vQ
PRG GHIHFWXRV GH F WUH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU vQ H[HUFL LXO
DWULEX LLORUVDOHGHVHUYLFLXV vQWUHJHDVF ODWXUDRELHFWLY DLQIUDF LXQLLGHDEX]vQ
VHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUHVWHQHFHVDUFDIDSWDRPLVLY VDXFRPLVLY 
V  DLE  FD XUPDUH LPHGLDW  FDX]DUHD XQHL Y W P UL D LQWHUHVHORU OHJDOH DOH XQHL
SHUVRDQH &DX]DUHD Y W P ULL FRQVWLWXLH H[SUHVLD PDWHULDO  D DWLQJHULL DGXVH
EXQXOXLPHUVDODFWLYLW LLVHUYLFLXOXLUHVSHFWLY
7HUPHQXOÄLQWHUHV´HVWHIRORVLWvQWH[WXODUW&SHQvQvQ HOHVXOOXLX]XDOGH
ÄGRULQ GHDVDWLVIDFHDQXPLWHQHYRL´ÄSUHRFXSDUHGHDRE LQHXQDYDQWDM´ÄDF LXQH
GHDDFRSHULXQHOHWUHEXLQ H´ÄIRORV´ÄSURILW´3ULQH[SUHVLDÄLQWHUHVOHJDO´VHvQ HOHJH
DFHOLQWHUHVFDUHHVWHRFURWLWVDXJDUDQWDWSULQWURGLVSR]L LHQRUPDWLY 
3ULQ ÄY W PDUH´ VH vQ HOHJH DWLQJHUHD GH RULFH IHO IL]LF  PRUDO  VDX
PDWHULDO  DUW  & SURF SHQ  DGXV  LQWHUHVHORU OHJDOH DOH XQHL SHUVRDQH 'DU
SHQWUX FD IDSWD V  DLE  JUDGXO GH SHULFRO VRFLDO DO LQIUDF LXQLL GH DEX] vQ VHUYLFLX
FRQWUD LQWHUHVHORU SHUVRDQHORU HVWH QHFHVDU FD Y W PDUHD V  SUH]LQWH R DQXPLW 
JUDYLWDWHV FRQVWLWXLHYLRODUHDXQXLGUHSWDOSHUVRDQHL DUW&SHQFRPELQDWFX
DUW&SHQ ÌQOLSVDDFHVWHLJUDYLW LIDSWDSRDWHDWUDJHVDQF LXQLGLVFLSOLQDUHVDX
DGPLQLVWUDWLYHGDUQXSHQDOH
$EX]XO vQ VHUYLFLX SULQ WUDQVIHUDUHD LOHJDO  D XQRU DQJDMD L vQ ORFXUL GH
PXQF XQGHQXSXWHDXILvQFDGUD LúLUHIX]XOGHDLUHLQWHJUDvQYHFKLXOORUORFGH
PXQF  GLVSXV  SULQ KRW UkUL FLYLOH H[HFXWRULL FRQVWLWXLH IDSWH GH QDWXU  D FDX]D
VXIHULQ H PRUDOH SHUVRDQHORU Y W PDWH vQ SULQFLSDO FD XUPDUH D OLSVHL ORFXOXL GH
PXQF úLDSXUW ULLSURFHVHORUWLPSGHGRLDQLLPSOLFkQGGHSODV ULUHSHWDWHvQDOWH
ORFDOLW LúLVWUHVXOLQHUHQW&DDWDUHREOLJDUHDLQFXOSDWXOXLFRQGDPQDWSHQWUXDEX]
vQVHUYLFLXODSODWDXQRUGDXQHPRUDOHHVWHMXVWLILFDW 
([LVW LQIUDF LXQHDH[DPLQDW úLvQFD]XOUHIX]XOXLQHMXVWLILFDWDOXQXLRIL HU
GH SROL LH GHDUHVWLWXLSHUPLVXOGHFRQGXFHUHS U LLY W PDWHDúDFXPVDGLVSXV
SULQ KRW UkUHD MXGHF WRUHDVF  GHILQLWLY  GH DQXODUH DSURFHVXOXL YHUEDO GH
FRQWUDYHQ LHSULQFDUHVHULGLFDVHDFHOSHUPLVGHFRQGXFHUH VDXGDF RVS WDUXOGH
ODXQUHVWDXUDQWYLQGHEHUHúLPLFLFXVXSUDSUH 


6LHJIULHG.DKDQHRSFLWYRO,9S

&6-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGHGHFL]LL
SHDQXO(GLWXUD$OO%HFN%XFXUHúWLS1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúXRSFLW
S

&6-VPGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSHDQXO
(GLWXUD$UJHVVLV&XUWHDGH$UJHúS*DEULHO,RQHVFX,RVLI,RQHVFX3UREOHPHGHGUHSWGLQ
MXULVSUXGHQ D&XU LL6XSUHPHGH-XVWL LHvQPDWHULHSHQDO (GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S

&6-vQFRPSXQHUHDSUHY ]XW GHDUWGLQ/HJHDSHQWUXRUJDQL]DUHMXGHF WRUHDVF GQU'U
QUS
 
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW HVWHQHFHVDUV H[LVWHúLvQJHQHUHDFHDVWDUH]XOW GLQvQV úLPDWHULDOLWDWHD
IDSWHL H[UH 

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHHVWHH[SUHVSUHY ]XW vQFRQ LQXWXOQRUPHLGHLQFULPLQDUH
úLDQXPHLQWHQ LDGLUHFW VDXLQGLUHFW $FHDVWDvQVHDPQ F I SWXLWRUXOFXYRLQ 
DHIHFWXDWDF LXQHDVDRULDU PDVvQSDVLYLWDWHDSUHY ]XWF SULQV YkUúLUHDDFHOHL
DF LXQLVDXLQDF LXQLVHFDX]HD] RY W PDUHDLQWHUHVHORUOHJDOHDOHXQHLSHUVRDQH
úLDXUP ULWDFHVWUH]XOWDW LQWHQ LHGLUHFW VDXDDFFHSWDWSURGXFHUHDOXL LQWHQ LH
LQGLUHFW )RUPDGHYLQRY LHVSHFLILF DFHVWHLLQIUDF LXQLUH]XOW úLGLQVLQWDJPD
ÄFX úWLLQ ´ FDUH SUHVXSXQH LQWHQ LD úL vQ FD]XO PRGDOLW LL RPLVLYH D DEX]XOXL vQ
VHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU
&kQG SULQ LQDF LXQHD VDX DF LXQHD V YkUúLW  GLQ FXOS  VD DGXV LQWHUHVHORU
OHJDOH DOH XQRU SHUVRDQH R Y W PDUH LPSRUWDQW  IDSWD FRQVWLWXLH LQIUDF LXQHD GH
QHJOLMHQ vQVHUYLFLX DUW&SHQ 
1X VXQW SUHY ]XWH FHULQ H HVHQ LDOH UHIHULWRDUH OD PRELO VDX VFRS GDU
FXQRDúWHUHDORUHVWHWRWGHDXQDXWLO SHQWUXLQGLYLGXDOL]DUHDSHGHSVHL

)RUPH6DQF LXQL
)RUPH $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU HVWH R LQIUDF LXQH
FDUH VH SRDWH V YkUúL DWkW SULQ DF LXQH vQGHSOLQLUHD vQ PRG GHIHFWXRV D XQXL DFW 
FkW úL SULQ LQDF LXQH QHvQGHSOLQLUHD XQXL DFW  'DWRULW  XUP ULL LPHGLDWH FDUH
WUHEXLHV FRQVWHDvQY W PDUHDLQWHUHVHORUOHJDOHDOHXQHLSHUVRDQHDFHDVW IDSW 
PDLSRDWHILFDUDFWHUL]DW úLFDRLQIUDF LXQHGHGDXQ 
ÌQ SUDFWLFD MXGLFLDU  VD VWDELOLW vQ PRG MXVW F  DEX]XO vQ VHUYLFLX FRQWUD
LQWHUHVHORUSHUVRDQHORUDUHFDUDFWHUVXEVLGLDUQXPDLvQUDSRUWFXDOWHLQIUDF LXQLDO
F URUVXELHFWDFWLYHVWHvQPRGREOLJDWRULXXQIXQF LRQDUSXEOLFVDXIXQF LRQDULDU
QXvQUDSRUWFXRULFHLQIUDF LXQH
$FWHOH SUHSDUDWRULL OD DFHDVW  LQIUDF LXQH VXQW SRVLELOH GDU QX VXQW
LQFULPLQDWH
/D DEX]XO FDUH VH V YkUúHúWH SULQ LQDF LXQH QX HVWH SRVLELO  WHQWDWLYD ÌQ
PRGDOLWDWHDQRUPDWLY FRPLVLY WHQWDWLYDHVWHSRVLELO GDUQXHVWHLQFULPLQDW 
ÌQGDWRULUHDGHDIDFHXQDFWSRDWHILLPHGLDW RULSRDWHILVXSXV XQXLWHUPHQ
ÌQ DPEHOH FD]XUL LQIUDF LXQHD VH FRQVXP  LQVWDQWDQHX ILH OD GDWD QHvQGHSOLQLULL
DFWXOXLILHODGDWDH[SLU ULLWHUPHQXOXLSHQWUXHIHFWXDUHDOXL
ÌQ PRGDOLWDWHD RPLVLY  LQIUDF LXQHD VH FRQVXP  vQ PRPHQWXO vQ FDUH D
H[SLUDWWHUPHQXOvQFDUHDFWXOWUHEXLDV ILHHIHFWXDW
6DQF LXQL$EX]XOvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUVHSHGHSVHúWHFX
vQFKLVRDUH GH OD  OXQL OD  DQL GDF  HVWH FRPLV GH XQ IXQF LRQDU SXEOLF úL FX FX
vQFKLVRDUHGHODOXQLODDQLGDF HVWHFRPLVGHXQIXQF LRQDU
3RWULYLW DUW  GLQ /HJHD QU  SHQWUX SUHYHQLUHD GHVFRSHULUHD úL
VDQF LRQDUHD IDSWHORU GH FRUXS LH FX PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH
LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU GDF  IXQF LRQDUXO


6LHJIULHG.DKDQHRSFLWYRO,9S

76VSGQU55'QUS

3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
28*QUSXEOLFDW vQ02IQUGLQúL28*QUSXEOLFDW vQ
02IQUGLQ
 
SXEOLF D RE LQXW SHQWUX VLQH VDX SHQWUX DOWXO XQ DYDQWDM SDWULPRQLDO VDX
QHSDWULPRQLDOVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXSHUVRDQDMXULGLF SHGHDSVDDSOLFDELO SRWULYLWDUWDOLQ  úL  
& SHQ vQ FD]XO V YkUúLULL LQIUDF LXQLL GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU
SHUVRDQHORUHVWHGXS FD]DPHQGDGHODOHLODOHLVDXGHODOD
OHLvQVLWXD LDSUHY ]XW vQGLQ/HJHDQU

 
$%8=8/Ì16(59,&,835,1Ì1*5 ',5($8125'5(3785,

2ELHFWXORFURWLULLSHQDOH
2ELHFWXOMXULGLFVSHFLDOFRQVW vQDFHOHUHOD LLVRFLDOHUHIHULWRDUHODLQWHUHVHOH
SXEOLFH D F URU QRUPDO  IRUPDUH GHVI úXUDUH úL GH]YROWDUH QX DU IL SRVLELOH I U 
DVLJXUDUHD EXQXOXL PHUV DO DFWLYLW LL SHUVRDQHORU MXULGLFH GH GUHSW SXEOLF VDX GH
GUHSW SULYDW úL DS UDUHD LQWHUHVHORU OHJDOH DOH SHUVRDQHORU vPSRWULYD DEX]XULORU
IXQF LRQDULORUSXEOLFLVDXIXQF LRQDULORU
3ULQLQWURGXFHUHDDFHVWHLUHJOHPHQW ULOHJLXLWRUXODYUXWV DFRUGHRSURWHF LH
VSRULW  XQXLD GLQWUH FHOH PDL LPSRUWDQWH GUHSWXUL IXQGDPHQWDOH FRQVDFUDWH GH
&RQVWLWX LD5RPkQLHLvQDUWúLDQXPHHJDOLWDWHDvQGUHSWXUL
2ELHFWXO PDWHULDO GH UHJXO  OLSVHúWH OD DEX]XO vQ VHUYLFLX SULQ vQJU GLUHD
XQRUGUHSWXUL3RWILvQV VLWXD LLFkQGH[LVW XQRELHFWPDWHULDO GHH[FkQGDEX]XO
SULYHúWHPRGLILFDUHDXQXLDFWGHVWDUHFLYLO VDXDDOWXLDFWSXEOLF 

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkW R SHUVRDQ  FDOLILFDW  úL DQXPH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU
$FHDVW FDOLWDWHWUHEXLHvQWUXQLW GRDUGHDXWRUVDXFRDXWRULODGDWDV YkUúLULLIDSWHL
LQVWLJDWRULVDXFRPSOLFLSXWkQGILRULFHSHUVRDQHFHvQGHSOLQHVFFRQGL LLOHJHQHUDOH
DOHU VSXQGHULLSHQDOH
6XELHFW DFWLY SRDWH IL úL R SHUVRDQ  MXULGLF  vQ FRQGL LLOH úL FX OLPLW ULOH
DU WDWHvQDUWDOLQ  &SHQ
6XELHFWXO SDVLY VSHFLDO HVWH FHW HDQXO URPkQ VDX VWU LQ RUL DSDWULGXO
F UXLD L VD vQJU GLW IRORVLQ D RUL H[HUFL LXO GUHSWXULORU SH WHPHL GH UDV 
QD LRQDOLWDWH HWQLH OLPE  UHOLJLH JHQ RULHQWDUH VH[XDO  RSLQLH DSDUWHQHQ 
SROLWLF  FRQYLQJHUL DYHUH RULJLQH VRFLDO  YkUVW  GL]DELOLWDWH ERDO  FURQLF 
QHFRQWDJLRDV  VDX LQIHF LH +,96,'$ $úDGDU VXELHFWXO SDVLY HVWH FDUDFWHUL]DW
SULQWUXQDGLQDFHVWHHQWLW L


 7H[WXO DUW  D IRVW LQWURGXV SULQ /HJHD QU  SULYLQG PRGLILFDUHD úL FRPSOHWDUHD /HJLL
QUSXEOLFDW vQ02IQUGLQ

 &RQVWLWX LD 5RPkQLHL  HVWH IRUPD UHSXEOLFDW  D &RQVWLWX LD 5RPkQLHL GLQ  FX DFWXDOL]DUHD
GHQXPLULORUúLUHQXPHURWDUHDDUWLFROHORUUHYL]XLW SULQ/HJHDQUDSUREDW SULQUHIHUHQGXPXOQD LRQDO
GLQ  RFWRPEULH  FRQILUPDW SULQ +RW UkUHD &XU LL &RQVWLWX LRQDOH QU  GLQ  RFWRPEULH  7H[WXO
&RQVWLWX LHL5RPkQLHLDIRVWSXEOLFDWvQ02IQUGLQRFWRPEULH

 $ VH YHGHD FHOH DU WDWH OD LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU FX SULYLUH OD
VXELHF LL DFWLYL úL SDUWLFLSD LD SHQDO  DVSHFWH FDUH VXQW YDODELOH úL vQ FHHD FH SULYHúWH LQIUDF LXQHD GH DEX] vQ
VHUYLFLXSULQvQJU GLUHDXQRUGUHSWXUL

 /HJHD FHW HQLHL URPkQH QU  SXEOLFDW  vQ 0 2I QU  GLQ  UHSXEOLFDW  vQ WHPHLXO
DUW,,,GLQ/HJHDQU SXEOLFDW vQ02IQU SHQWUXPRGLILFDUHDúLFRPSOHWDUHD/HJLL
FHW HQLHLURPkQHQUvQ02IQUGLQGkQGXVHDUWLFROHORURQRX QXPHURWDUH

 28* QU  SULYLQG UHJLPXO VWU LQLORU vQ 5RPkQLD SXEOLFDW  vQ 0 2I QU  GLQ 
DSUREDW SULQ/HJHDQU SXEOLFDW vQ02IQUGLQ UHSXEOLFDW vQWHPHLXO,,,GLQ/HJHD
QUvQ02IQUGLQ28*QUUHSXEOLFDW DPDLIRVWPRGLILFDW úLFRPSOHWDW 
SULQ/HJHDQUSXEOLFDW vQ02IQUGLQ
 
6XELHFW SDVLY JHQHUDO HVWH VWDWXO FD WLWXODU DO UHOD LLORU VRFLDOH UHIHULWRDUH OD
LQWHUHVHOHSXEOLFHúLDOYDORULLVRFLDOHFDUHHVWHEXQXOPHUVDODFWLYLW LLSHUVRDQHORU
MXULGLFHGHGUHSWSXEOLFYDORDUHF UHLDLVHDGXFHDWLQJHUHSULQV YkUúLUHDDEX]XOXL

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO DO LQFULPLQ ULL FRQVW  DOWHUQDWLY ILH vQ vQJU GLUHD
IRORVLQ HL VDX H[HUFL LXOXL GUHSWXULORU XQXL FHW HDQ ILH vQ FUHDUHD XQHL VLWXD LL GH
LQIHULRULWDWHSHQWUXRSHUVRDQ SHWHPHLGHUDV QD LRQDOLWDWHHWQLHOLPE UHOLJLH
JHQ RULHQWDUH VH[XDO  RSLQLH DSDUWHQHQ  SROLWLF  FRQYLQJHUL DYHUH RULJLQH
VRFLDO YkUVW GL]DELOLWDWHERDO FURQLF QHFRQWDJLRDV VDXLQIHF LH+,96,'$
ÌQ FDGUXO SULPHL PRGDOLW L VXELHFWXO DFWLY I U  QLFL R MXVWLILFDUH OHJDO 
vPSLHGLF  R SHUVRDQ  V  IRORVHDVF  GUHSWXULOH SH FDUH OH DUH VDX V  OH H[HUFLWH vQ
PRGLQWHJUDODúDFXPvLVXQWDFRUGDWHGHOHJH
$F LXQHD GH vQJU GLUH SULYHúWH DOWHUQDWLY ILH IRORVLQ D ILH H[HUFL LXO
GUHSWXULORUXQXLFHW HDQ
ÌQJU GLUHD IRORVLQ HL GUHSWXULORU XQXL FHW HDQ LPSOLF  vQJU GLUHD RULF UXL
GUHSWFDUHDSDU LQHFDSDFLW LLGHIRORVLQ DXQHLSHUVRDQH(DVHUHIHU GHRSRWULY 
OD GUHSWXULOH FH VH QDVF GLQ PDQLIHVW ULOH GH YRLQ  DOH WLWXODUXOXL SUHFXP úL OD
GUHSWXULOHFHL]YRU VFGLUHFWGLQOHJH GHH[GUHSWXOODQXPH 
ÌQJU GLUHDH[HUFL LXOXLGUHSWXULORUXQHLSHUVRDQHUH]LG vQRULFHDFWLYLWDWHSULQ
FDUHDFHDVWDHVWHOLSVLW GHSRVLELOLWDWHDGHDúLYDORULILFDGUHSWXULOHSULQV YkUúLUHD
GHDFWHMXULGLFH3HQWUXH[LVWHQ DHOHPHQWXOXLPDWHULDODOLQIUDF LXQLLDQDOL]DWHHVWH
VXILFLHQW FD DF LXQHD GH vQJU GLUH V  VH UHIHUH OD XQ VLQJXU GUHSW SULYLWRU OD
FDSDFLWDWHDGHIRORVLQ VDXGHH[HUFL LXDVXELHFWXOXLSDVLY
ÌQVLWXD LDvQFDUHXQGUHSWDOXQHLSHUVRDQHHVWHRFURWLWSULQGLVSR]L LLSHQDOH
FXSULQVHvQOHJLVSHFLDOH GHH[GUHSWXULOHHOHFWRUDOHGUHSWXOODSURWHF LDPXQFLL 
IDSWD GH vQJU GLUH LOHJDO  D IRORVLQ HL VDX H[HUFL LXOXL GUHSWXOXL UHVSHFWLY YD IL
vQFDGUDW vQWH[WHOHVSHFLDOHLDUQXvQDUW&SHQ
ÌQFDGUXOFHOHLGHDGRXDPRGDOLW LI SWXLWRUXO LQkQGVHDPDGHDSDUWHQHQ D
XQHL SHUVRDQH OD R DQXPLW  QD LRQDOLWDWH HWQLH RUL GH UDVD DFHVWHLD VDX GH OLPED
JHQXORULHQWDUHDVH[XDO RSLQLDDSDUWHQHQ DSROLWLF DYHUHDYkUVWDVDXUHOLJLDHL
vL FUHHD]  R VLWXD LH GH LQIHULRULWDWH DGLF  R VLWXD LH PDL UHD GHFkW D FHORUODOWH
SHUVRDQHúLSULQDFHDVWDvQFDOF SULQFLSLXOFRQVWLWX LRQDODOHJDOLW LLvQGUHSWXUL
$F LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDODOLQIUDF LXQLLSRDWHILUHDOL]DW SULQ
DFWHFRPLVLYH GHH[úWHUJHUHDXQXLFHW HDQGHSHOLVWHOHGHDOHJ WRULvQFDGUDUHDXQXL
FHW HDQvQWURFDWHJRULHGHVDODUL]DUHLQIHULRDU DFHOHLDODFDUHHVWHvQGUHSW LW VDXDFWH
RPLVLYH GHH[RPLVLXQHDGHDvQVFULHSHXQFHW HDQvQOLVWHOHGHDOHJ WRULUHIX]XOGH
DDQJDMDXQDQXPLWFHW HDQGHúLSRVWXOHVWHYDFDQW 
&HULQ  HVHQ LDO  3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
DF LXQHD LQFULPLQDW  V  ILH HIHFWXDW  GH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU vQ
VIHUDDWULEX LLORUVDOHGHVHUYLFLX
8UPDUHD LPHGLDW  FRQVW  vQ OH]DUHD XQXL GUHSW DO XQHL SHUVRDQH SULQ
UHVWUkQJHUHD IRORVLQ HL VDX H[HUFL LXOXL DFHOXL GUHSW VDX SULQ FUHDUHD XQHL VLWXD LL
FDUHQHVRFRWHúWHGUHSWXODFHOHLSHUVRDQH/H]DUHDSRDWHILPRUDO VDXPDWHULDO 
/HJ WXUD GH FDX]DOLWDWH vQWUH DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO úL
XUPDUHDLPHGLDW HVWHQHFHVDUV H[LVWHÌQJHQHUHDFHDVW OHJ WXU UH]XOW H[UH



$QHWD*ULJRURYLFL,QIUDF LXQLGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO(GLWXUDùWLLQ LILF úL(QFLFORSHGLF 
%XFXUHúWLS

*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S

6LHJIULHG.DKDQHRSFLWYRO,9S
 
/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHFXFDUHVHSRDWHFRPLWHDFHDVW LQIUDF LXQHHVWHLQWHQ LD
GLUHFW ,QIUDF LXQHDGHDEX]vQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULQXSRDWHIL
V YkUúLW  FX LQWHQ LH LQGLUHFW  GHRDUHFH vQ FRQ LQXWXO ODWXULL VXELHFWLYH D DFHVWHL
LQIUDF LXQLLQWU FDRFHULQ HVHQ LDO XQDQXPLWPRELOFDUHFDOLILF YLQRY LD
([LVW  úL RSLQLD F  DFHDVW  LQIUDF LXQH VH SRDWH FRPLWH úL FX LQWHQ LH
LQGLUHFW  vQ PRGDOLWDWHD QRUPDWLY  D vQJU GLULL GH F WUH DXWRU D IRORVLQ HL VDX D
H[HUFL LXOXLGUHSWXULORUYUHXQHLSHUVRDQHVDXFKLDUvQDPEHOHPRGDOLW LQRUPDWLYH
DOHLQFULPLQ ULL
&HULQ HVHQ LDO 3HQWUXDILvQSUH]HQ DDFHVWHLLQFULPLQ ULHVWHQHFHVDUFD
DF LXQHDSULQFDUHVDFDX]DWROH]DUHDGUHSWXOXLXQHLSHUVRDQHV ILHV YkUúLW ÄSH
WHPHL GH UDV  QD LRQDOLWDWH HWQLH OLPE  UHOLJLH JHQ RULHQWDUH VH[XDO  RSLQLH
DSDUWHQHQ  SROLWLF  FRQYLQJHUL DYHUH RULJLQH VRFLDO  YkUVW  GL]DELOLWDWH ERDO 
FURQLF  QHFRQWDJLRDV  VDX LQIHF LH +,96,'$´ &X DOWH FXYLQWH SHQWUX H[LVWHQ D
LQIUDF LXQLLGHDEX]vQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULVHFHUHFDI SWXLWRUXO
V ILIRVWGHWHUPLQDWGHXQDQXPLWPRELO
$úDGDUvQWLPSFHODQXPHURDVHLQIUDF LXQLPRELOXOFRQVWLWXLHXQHOHPHQWGH
IDSW XWLO SHQWUX LQGLYLGXDOL]DUHD SHGHSVHORU vQ FD]XO LQIUDF LXQLL GH DEX] vQ
VHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULPRELOXOFRQVWLWXLHRFHULQ HVHQ LDO GHFLXQ
HOHPHQWFRPSRQHQWDOLQIUDF LXQLL
ÌQOLSVDDFHVWXLPRELOIDSWDYDSXWHDILvQFDGUDW vQGLVSR]L LLOHGLQDUW
&SHQGDF VXQWvQWUXQLWHúLFHOHODOWHFRQGL LLGHLQFULPLQDUH

)RUPH6DQF LXQL
)RUPH$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULHVWHRYDULDQW  F UHLDL
VD GDW XQ QRPHQ MXULV SURSULX  D DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU
YDULDQW  SH FDUH GDWRULW  JUDYLW LL GHWHUPLQDWH GH RELHFWXO MXULGLF úL GH PRELOXO
LQIUDF LXQLLOHJLXLWRUXODVRFRWLWRPDLSHULFXORDV VRFLDOPHQWHGHFkWYDULDQWDGLQDUW
&SHQúLDLQFULPLQDWRGHRVHELWSUHY ]kQGúLRSHGHDSV PDLJUHD
$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULHVWHRLQIUDF LXQHGHDF LXQH
FRPLVLY FDUHvQFRQFUHWSRDWHILV YkUúLW úLSULQDFWHRPLVLYH
$FWHOHSUHSDUDWRULLúLWHQWDWLYDVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH/HJHD
QXLQFULPLQHD] GHFkWIRUPDWLSLF DIDSWHLFRQVXPDWH


,GHPYRO,9S*KHRUJKH' UkQJ úL'XPLWUX/XFLQHVFXRSFLWYRO,,S&%XODL'UHSWSHQDO
3DUWHD VSHFLDO  %XFXUHúWL  YRO ,, S  2OLYLX $XJXVWLQ 6WRLFD 'UHSW SHQDO 3DUWH VSHFLDO  (GLWXUD
'LGDFWLF  úL 3HGDJRJLF  %XFXUHúWL  S  /XFLD 0ROGRYDQ vQ 0DWHL %DVDUDE /XFLD 0ROGRYDQ 9DOHU
6XLDQ'UHSWSHQDO3DUWHDVSHFLDO &OXM1DSRFDYRO,S,RQ*KHRUJKLX%U GHW'UHSWSHQDO3DUWHD
VSHFLDO  YRO , (GLWXD (XURSD 1RYD %XFXUHúWL  S  ,RDQ 0ROQDU vQ *KHRUJKH 1LVWRUHDQX 9DVLOH
'REULQRLX $OH[DQGUX %RURL ,OLH 3DVFX ,RDQ 0ROQDU 9DOHULF  /D] U 'UHSW SHQDO 3DUWHD VSHFLDO  (GLWXUD
(XURSD1RYD%XFXUHúWLS,RDQD9DVLX'UHSWSHQDOURPkQSDUWHDVSHFLDO YRO,,(GLWXUD$OEDVWU 
&OXM1DSRFDS2FWDYLDQ/RJKLQ7XGRUHO7RDGHU'UHSWSHQDOURPkQ3DUWHDVSHFLDO HGL LDD,9D
UHY ]XW  úL DG XJLW  &DVD GH HGLWXU  úL SUHV  ùDQVD 65/ %XFXUHúWL  S  9DVLOH 'REULQRLX vQ 9DVLOH
'REULQRLX 1LFRODH &RQHD &LSULDQ 5DXO 5RPL DQ &DPLO 7 Q VHVFX 1RUHO 1HDJX 0D[LP 'REULQRLX 'UHSW
SHQDO3DUWHDVSHFLDO YRO,,/XPLQD/H[%XFXUHúWLS,OLH3DVFXvQ,OLH3DVFX9DOHULF /D] U'UHSW
SHQDO 3DUWHD VSHFLDO  (GLWXUD /XPLQD /H[ %XFXUHúWL  S  $OH[DQGUX %RURL *KHRUJKH 1LVWRUHDQX
'UHSWSHQDO3DUWHDVSHFLDO HGL LDD,,,D(GLWXUD$OO%HFN%XFXUHúWLS

$QHWD*ULJRURYLFLRSFLWS

$YUDP)LOLSDúvQ2FWDYLDQ/RJKLQ$YUDP)LOLSDú'UHSWSHQDO3DUWHDVSHFLDO HGL LHUHYL]XLW &DVDGH
HGLWXU úLSUHV ùDQVD65/%XFXUHúWLS$YUDP)LOLSDúvQ&RVWLF %XODL$YUDP)LOLSDú&RQVWDQWLQ
0LWUDFKH,QVWLWX LLGHGUHSWSHQDO&XUVVHOHFWLYSHQWUXH[DPHQXOGHOLFHQ (GL LDD,,,DUHYL]XLW úLDG XJLW 
(GLWXUD7UHL%XFXUHúWLS,QWHQ LDLQGLUHFW HVWHSRVLELO vQDFHDVW FRQFHS LHGHRDUHFHDQLPDWGHR
DVHPHQHD PRWLYD LH DJHQWXO SRDWH DFFHSWD SHULFOLWDUHD UHOD LLORU GH VHUYLFLX RELHFWXO VSHFLDO SULQFLSDO  I U  D
XUP ULQHDS UDWDFHVWOXFUX

6LHJIULHG.DKDQHRSFLWYRO,9S
 
)LLQG R LQIUDF LXQH LQVWDQWDQHH úL GH GDXQ  FRQVXPDUHD DFHVWHLD LQWHUYLQH
DWXQFLFkQGVHUHDOL]HD] DF LXQHDLQFULPLQDW úLVHSURGXFHXUPDUHDLPHGLDW 
6DQF LXQL$EX]XOvQVHUYLFLXSULQvQJU GLUHDXQRUGUHSWXULVHSHGHSVHúWHFX
vQFKLVRDUHGHODOXQLODDQLGDF HVWHFRPLVGHXQIXQF LRQDUSXEOLFLDUGDF 
HVWHFRPLVGHXQIXQF LRQDUPD[LPXOVSHFLDOVHUHGXFHFXRWUHLPH
3RWULYLW DUW  GLQ /HJHD QU  SHQWUX SUHYHQLUHD GHVFRSHULUHD úL
VDQF LRQDUHD IDSWHORU GH FRUXS LH FX PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH
LQIUDF LXQHD GH DEX] vQ VHUYLFLX SULQ vQJU GLUHD XQRU GUHSWXUL GDF  IXQF LRQDUXO
SXEOLF D RE LQXW SHQWUX VLQH VDX SHQWUX DOWXO XQ DYDQWDM SDWULPRQLDO VDX
QHSDWULPRQLDOVHSHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXSHUVRDQDMXULGLF SHGHDSVDDSOLFDELO SRWULYLWDUWDOLQ  úL  
& SHQ vQ FD]XO V YkUúLULL LQIUDF LXQLL GH DEX] vQ VHUYLFLX SULQ vQJU GLUHD XQRU
GUHSWXULHVWHGXS FD]DPHQGDGHODOHLODOHLVDXGHODOD
OHLvQVLWXD LDSUHY ]XW vQGLQ/HJHDQU


$%8=8/Ì16(59,&,8&2175$,17(5(6(/2538%/,&(

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH vO
FRQVWLWXLH DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH SXEOLFH D F URU QRUPDO 
IRUPDUHGHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDEXQXOXLPHUVDO
DFWLYLW LLSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXGHGUHSWSULYDWSULQH[HUFLWDUHD
FX FRUHFWLWXGLQH D DWULEX LLORU GH VHUYLFLX GH F WUH IXQF LRQDULL SXEOLFL VDX
IXQF LRQDULLDFHVWRUD
3ULQ DFHDVW  LQFULPLQDUH VXQW RFURWLWH úL UHOD LLOH VRFLDOH UHIHULWRDUH OD
SDWULPRQLXOSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXSULYDW
2ELHFWXO PDWHULDO GH UHJXO  OLSVHúWH OD DFHDVW  IDSW  SHQDO  'DF  vQV 
DF LXQHDFDUHFRQVWLWXLHHOHPHQWXOPDWHULDOVDH[HUFLWDWDVXSUDXQXLOXFUX GHH[
SURGXVH VDX PDWHULL SULPH FDUH GDWRULW  XQXL DEX] vQ VHUYLFLX QX DXIRVWSUHGDWH
XQLW LL EHQHILFLDUH  vQWUR DVHPHQHD VLWXD LH H[LVW  RELHFW PDWHULDO DO
LQIUDF LXQLL

6XELHF LLLQIUDF LXQLL
6XELHFWXO DFWLY QHPLMORFLW DXWRU  DO DFHVWHL LQIUDF LXQL SURSULL QX SRDWH IL
GHFkW R SHUVRDQ  FDOLILFDW  úL DQXPH XQ IXQF LRQDU SXEOLF VDX XQ IXQF LRQDU
SULYDW3ULQXUPDUHLQVWLJDWRULVDXFRPSOLFLSRWILRULFHDOWHSHUVRDQH
3RWULYLWDUW&SHQGLVSR]L LLOHDUW&SHQSULYLWRDUHODIXQF LRQDUL
SXEOLFL VH DSOLF  úL FHORUODO L IXQF LRQDUL vQ DFHVW FD] PD[LPXO SHGHSVHL UHGXFkQ
GXVHFXRWUHLPH



3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
úL28*QUSXEOLFDW vQ02IQUGLQ

 7H[WXO DUW  D IRVW LQWURGXV SULQ /HJHD QU  SULYLQG PRGLILFDUHD úL FRPSOHWDUHD /HJLL
QUSXEOLFDW vQ02IQUGLQ

6LHJIULHG.DKDQHRSFLWYRO,9S

 $ VH YHGHD FHOH DU WDWH OD LQIUDF LXQHD GH DEX] vQ VHUYLFLX FRQWUD LQWHUHVHORU SHUVRDQHORU FX SULYLUH OD
VXELHF LL DFWLYL úL SDUWLFLSD LD SHQDO  DVSHFWH FDUH VXQW YDODELOH úL vQ FHHD FH SULYHúWH DEX]XO vQ VHUYLFLX FRQWUD
LQWHUHVHORUSXEOLFH
 
([LVW  úL RSLQLD U PDV  L]RODW  SRWULYLW F UHLD VXELHFW DFWLY QHPLMORFLW DO
DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH QX SRDWH IL GHFkW XQ IXQF LRQDU
SXEOLF GHRDUHFH DFHDVW  LQIUDF LXQH DUH FD RELHFW GH RFURWLUH UHOD LLOH VRFLDOH
SULYLWRDUHODEXQXOPHUVDOXQLW LGLQFHOHODFDUHVHUHIHU DUW&SHQ
6XELHFW DFWLY DO DFHVWHL IDSWH SHQDOH SRDWH IL úL R SHUVRDQ  MXULGLF  vQ
FRQGL LLOHúLFXOLPLW ULOHDU WDWHvQDUWDOLQ  &SHQ
6XELHFWXO SDVLY VSHFLDO HVWH SHUVRDQD MXULGLF  GH GUHSW SXEOLF VDX SULYDW 
F UHLDLVDFDX]DWRWXOEXUDUHvQVHPQDW EXQXOXLPHUVVDXFDUHDIRVWS JXELW SULQ
DFWLYLWDWHDVXELHFWXOXLDFWLY
6XELHFW SDVLY JHQHUDO HVWH VWDWXO FD WLWXODU DO YDORULL VRFLDOH FDUH HVWH EXQXO
PHUVDODFWLYLW LLSHUVRDQHORUMXULGLFHGHGUHSWSXEOLF

/DWXUDRELHFWLY 
(OHPHQWXO PDWHULDO FRQVW  ILH vQWUR LQDF LXQH RPLVLXQH  ILH vQWUR DF LXQH
FRPLVLXQH  úL DQXPH QHvQGHSOLQLUHD XQXL DFW VDX vQGHSOLQLUHD DFWXOXL vQ PRG
GHIHFWXRV
3HQWUXH[LVWHQ DLQIUDF LXQLLQXSUH]LQW LPSRUWDQ GDF DXWRUXOúLDvQF OFDW
XQD VDX PDL PXOWH vQGDWRULUL GH VHUYLFLX RUL GDF  úL OHD vQF OFDW WRWDO VDX QXPDL
SDU LDO
,QVWDQ D VXSUHP  D VWDELOLW F  UH LQkQGXVH LQIUDF LXQHD GH IDOV LQWHOHFWXDO
FDUDFWHUL]DWSRWULYLWDUW&SHQSULQFDOLWDWHDGHIXQF LRQDUDVXELHFWXOXLDFWLY
úL SULQ FRPLWHUHD IDSWHL vQ H[HUFL LXO DWULEX LLORU GH VHUYLFLX QX VH SRDWH UH LQH úL
LQIUDF LXQHD GH DEX] vQ VHUYLFLX SUHY ]XW  vQ DUW  & SHQ QLFL vQ FRQGL LLOH
FRQFXUVXOXLUHDOúLQLFLvQFHOHDOHFRQFXUVXOXLLGHDOGHLQIUDF LXQL
&HULQ  HVHQ LDO  3HQWUX H[LVWHQ D HOHPHQWXOXL PDWHULDO HVWH QHFHVDU FD
RPLVLXQHD GH D vQGHSOLQL XQ DFW VDX vQGHSOLQLUHD DFWXOXL vQ PRG GHIHFWXRV V  ILH
V YkUúLW GHXQIXQF LRQDUSXEOLFVDXIXQF LRQDUvQH[HUFL LXODWULEX LLORUVDOH
/LSVDDFHVWHLFHULQ HHVHQ LDOHGXFHODOLSVDHOHPHQWXOXLPDWHULDOúLLPSOLFLWD
LQIUDF LXQLLvQV úL
8UPDUHD LPHGLDW  vQ FD]XO DEX]XOXL vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH
FRQVW vQWURWXOEXUDUHvQVHPQDW DEXQXOXLPHUVDOXQHLSHUVRDQHMXULGLFH GHGUHSW
SXEOLFVDXGHGUHSWSULYDW RULvQWURSDJXE SULFLQXLW SDWULPRQLXOXLDFHVWHLD
3HQWUXH[LVWHQ DLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHHVWH
VXILFLHQW  SURGXFHUHD XQHLD GLQWUH DFHVWH XUP UL FDUH VXQW DOWHUQDWLYH úL QX
FXPXODWLYH ÌQ LSRWH]D vQ FDUH SULQWUR DFWLYLWDWH LOLFLW  XQLF  VH SURGXF DPEHOH
XUP ULSUHY ]XWHvQFRQ LQXWXOQRUPHLGHLQFULPLQDUHLQIUDF LXQHDYDILXQLF  FX
SOXUDOLWDWH GH XUP UL  LDU GH DFHVW DVSHFW VH YD LQH VHDP  OD LQGLYLGXDOL]DUHD
MXGLFLDU DSHGHSVHL
7HUPHQXOÄWXOEXUDUH´LPSOLF RULFHIHOGHDWLQJHUHDGXV EXQXOXLPHUVDOXQHL
SHUVRDQHMXULGLFH GHGUHSWSXEOLFVDXGHGUHSWSULYDW DGLF UHJXODWHLúLHILFLHQWHL
VDOHIXQF LRQ UL3HQWUXH[LVWHQ DLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORU
SXEOLFHHVWHQHFHVDUFDWXOEXUDUHDV ILHÄvQVHPQDW ´DGLF GHRDUHFDUHSURSRU LL
)DSWD SULQ FDUH VD SURGXV R WXOEXUDUH QHvQVHPQDW  SRDWH FRQVWLWXL R DEDWHUH
GLVFLSOLQDU FDUHDWUDJHVDQF LXQLGLVFLSOLQDUHQXSHQDOH



,RQHO0XQWHDQX'LVFX LHvQOHJ WXU FXFRQ LQXWXOLQIUDF LXQLORUGHVHUYLFLXSUHY ]XWHGHDUWúL
GLQ&RGXOSHQDO'UQUS

 3HQWUX vQ HOHVXO WHUPHQXOXL DFW úL H[SOLFDUHD DF LXQLL VDX LQDF LXQLL LQFULPLQDWH D VH YHGHD FHOH DU WDWH OD
HOHPHQWXOPDWHULDODODEX]XOXLvQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORU

&6-VSGQU&XUWHD6XSUHP GH-XVWL LH%XOHWLQXO-XULVSUXGHQ HL&XOHJHUHGHGHFL]LLSH
DQXO(GLWXUDÄ3URHPD´%DLD0DUHS

6LHJIULHG.DKDQHRSFLWYRO,9S
 
&RQVWDWDUHD F  vQ FD]XO FRQFUHW GHGXV MXGHF LL VD FDX]DW R WXOEXUDUH
vQVHPQDW EXQXOXLPHUVDOXQHLSHUVRDQHMXULGLFHHVWHDWULEXWXOH[FOXVLYDOLQVWDQ HL
GHMXGHFDW FDUHYDVWDELOLH[LVWHQ DDFHVWXLHOHPHQWDOFRQ LQXWXOXLLQIUDF LXQLLGLQ
DQVDPEOXOSUREHORUHIHFWXDWHI U DILREOLJDW V vúLvQVXúHDVF SXQFWXOGHYHGHUH
DOS U LLFLYLOH'HDVHPHQHDHVWHQHFHVDUDVHVWDELOLúLDVHPRWLYDFRQFUHWvQFH
FRQVW WXOEXUDUHDvQVHPQDW DGXV EXQXOXLPHUVDOSHUVRDQHLMXULGLFH
3DJXEDSULFLQXLW SDWULPRQLXOXLXQHLSHUVRDQHLMXULGLFHWUHEXLHV ILHHIHFWLY 
úLFHUW 
)DSWDGLUHFWRUXOXLJHQHUDODOXQHLVRFLHW LFRPHUFLDOHDYkQGFDDF LRQDUXQLF
FRQVLOLXOORFDOFDUHvQH[HUFL LXODWULEX LLORUVDOHGHVHUYLFLXFXúWLLQ vQFKHLHvQ
QXPHOH DFHVWHL VRFLHW L FRQWUDFWH FX QHUHVSHFWDUHD SUHYHGHULORU OHJDOH úL D
KRW UkULL DGXQ ULL JHQHUDOH D DF LRQDULORU úL SULQ DFHDVWD FDX]HD]  R SDJXE 
SDWULPRQLXOXLVRFLHW LLvQWUXQHúWHHOHPHQWHOHFRQVWLWXWLYHDOHLQIUDF LXQLLGHDEX]vQ
VHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHSUHY ]XW vQDUW&SHQ
ÌQFD]XOXQXLFRQFXUVGHLQIUDF LXQLODFDUDFWHUL]DUHDMXULGLF DIDSWHORUHVWH
QHFHVDUV VH LQ VHDPDGHXUP ULOHSHFDUHOHDDYXWILHFDUHIDSW vQSDUWHQHILLQG
SRVLELO FD vQFDGUDUHD V  VH IDF  vQ UDSRUW GH VXPD SUHMXGLFLLORU SURGXVH SULQ
vQWUHDJDDFWLYLWDWHLQIUDF LRQDO DLQFXOSDWXOXL
,QVWDQ DVXSUHP DGHFLVF DFRUGDUHDGHFUHGLWHFXvQF OFDUHDQRUPHORUGH
FUHGLWDUH GH F WUH XQ IXQF LRQDU DO XQHL E QFL FX FDSLWDO SULYDW FRQVWLWXLH
LQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSHUVRDQHORUSUHY ]XW vQDUW
&SHQúLQXLQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHSUHY ]XW 
vQDUW&SHQvQWUXFkWE QFLOHFXFDSLWDOSULYDWVXQWSHUVRDQHMXULGLFHGHGUHSW
SULYDW LDU DFWLYLWDWHD DEX]LY  D I SWXLWRUXOXL D FDX]DW R Y W PDUH D LQWHUHVHORU
OHJLWLPH DOH DF LRQDULORU E QFLL SULYDWH úL QX XQHL XQLW L SXEOLFH VDX GH LQWHUHV
SXEOLF
'DF  SULQ DFWLYLWDWHD LOLFLW  D VXELHFWXOXL DFWLY VDX SULFLQXLW FRQVHFLQ H
GHRVHELWGHJUDYHIDSWDDFHVWXLDYDILvQFDGUDW vQGLVSR]L LLOHGLQDUW&SHQ
UHIHULWRDUHODDEX]XOvQVHUYLFLXvQIRUP FDOLILFDW 
/HJ WXUDGHFDX]DOLWDWHvQWUHDF LXQHDVDXLQDF LXQHDLQFULPLQDW úLXUPDUHD
LPHGLDW  HVWH QHFHVDU V  H[LVWH úL vQ SULQFLSLX DFHDVWD UH]XOW  GLQ vQV úL
PDWHULDOLWDWHDIDSWHL H[UH 

/DWXUDVXELHFWLY 
)RUPDGHYLQRY LHHVWHH[SUHVSUHY ]XW vQFRQ LQXWXOQRUPHLGHLQFULPLQDUH
úL DQXPH LQWHQ LD GLUHFW  VDX LQGLUHFW  $FHDVWD vQVHDPQ  F  I SWXLWRUXO FX
YRLQ DHIHFWXDWDF LXQHDVDRULDU PDVvQSDVLYLWDWHDSUHY ]XWF SULQV YkUúLUHD
DFHVWHLDVHFDX]HD] RWXOEXUDUHvQVHPQDW EXQXOXLPHUVDOXQHLSHUVRDQHMXULGLFH
VDX R SDJXE  SDWULPRQLXOXL DFHVWHLD UH]XOWDW SH FDUH OD XUP ULW LQWHQ LH GLUHFW 
VDXODDFFHSWDW LQWHQ LHLQGLUHFW 6LQWDJPDÄFXúWLLQ ´UHIOHFW LQWHQ LDFDIRUP 
D YLQRY LHL vQ FD]XO DFHVWHL LQIUDF LXQL úL vQ LSRWH]D vQ FDUH IDSWD DQDOL]DW  HVWH
RPLVLY 


7M7LPLúGSQU55'QUS

76VSFRPSOPLOGQU55'QUS

Ì&&-VSGQUÌQDOWD&XUWHGH&DVD LHúL-XVWL LH%XOHWLQXOMXULVSUXGHQ HL&XOHJHUHGH
GHFL]LLSHDQXO(GLWXUD$OO%HFN%XFXUHúWLS

76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'
QUS

&6-VSGQU1LFRULQD&ULúX0DJUDRQ&RQVWDQWLQ&ULúX-XULVSUXGHQ vQPDWHULHSHQDO D
ÌQDOWHL&XU LGH&DVD LHúL-XVWL LHFXU LGHDSHOúLWULEXQDOH(GLWXUD-XULV$UJHVVLV&XUWHDGH$UJHú
S

6LHJIULHG.DKDQHRSFLWYRO,9S
 
3HQWUXH[LVWHQ DLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHQX
LQWHUHVHD]  GH UHJXO  QLFL PRELOXO QLFL VFRSXO XUP ULW GH LQIUDFWRU GDU
FXQRDúWHUHDORUHVWHQHFHVDU vQWRWGHDXQDSHQWUXLQGLYLGXDOL]DUHDSHGHSVHL
6 YkUúLUHD GLQ FXOS  D IDSWHL SUHY ]XW  vQ DUW  & SHQ FRQVWLWXLH R DOW 
LQIUDF LXQHúLDQXPHQHJOLMHQ vQVHUYLFLXGDF VXQWvQWUXQLWHúLFHOHODOWHFRQGL LL
GHLQFULPLQDUHDU WDWHvQDUW&SHQ

)RUPH6DQF LXQL
)RUPH $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH VH SRDWH V YkUúL DWkW
SULQ DF LXQH vQGHSOLQLUHD vQ PRG GHIHFWXRV D XQXL DFW  FkW úL SULQ LQDF LXQH
QHvQGHSOLQLUHDXQXLDFW úLDUHFDUDFWHUVXEVLGLDUQXPDLvQUDSRUWFXDOWHLQIUDF LXQL
DOF URUVXELHFWDFWLYHVWHvQPRGREOLJDWRULXXQIXQF LRQDUSXEOLFVDXIXQF LRQDU
LDUQXvQUDSRUWFXRULFHLQIUDF LXQH
$FWHOHSUHJ WLWRDUHVXQWSRVLELOHGDUQXVXQWLQFULPLQDWH
/D DEX]XO FDUH VH V YkUúHúWH SULQ LQDF LXQH QX HVWH SRVLELO  WHQWDWLYD ÌQ
PRGDOLWDWHDQRUPDWLY FRPLVLY WHQWDWLYDHVWHSRVLELO GDUQXHVWHLQFULPLQDW 
/HJHD QX LQFULPLQHD]  GHFkW IDSWXO FRQVXPDW $EX]XO vQ VHUYLFLX FRQWUD
LQWHUHVHORUSXEOLFHILLQGRLQIUDF LXQHLQVWDQWDQHHVHFRQVXP vQPRPHQWXOvQFDUH
VD V YkUúLW DF LXQHD LQFULPLQDW  úL VD SURGXV XUPDUHD LPHGLDW  LDU vQ FD] GH
RPLVLXQH vQ PRPHQWXO vQ FDUH D H[SLUDW WHUPHQXO vQ FDUH DFWXO WUHEXLD V  ILH
HIHFWXDW
$EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH VH SRDWH FRPLWH úL vQ PRG
FRQWLQXDWFD]vQFDUHYRPDYHDúLXQPRPHQWDOHSXL] ULLFDUHYDLQWHUYHQLODGDWD
V YkUúLULLXOWLPHLDF LXQLVDXLQDF LXQLDEX]LYHGDW GHODFDUHVHYRUSURGXFHWRDWH
FRQVHFLQ HOHMXULGLFHDOHIDSWHLFRQFUHWHFRPLV GHDJHQW GHH[OHJHDDSOLFDELO 
LQFLGHQ DXQXLDFWGHFOHPHQ WHUPHQXOGHSUHVFULS LHDOU VSXQGHULLSHQDOHYkUVWD
VXELHFWXOXLDFWLYSHQWUXDVHVWDELOLGDF U VSXQGHVDXQXSHQDOHWF 
6DQF LXQL $EX]XO vQ VHUYLFLX FRQWUD LQWHUHVHORU SXEOLFH VH SHGHSVHúWH FX
vQFKLVRDUHGHODOXQLODDQLGDF HVWHFRPLVGHXQIXQF LRQDUSXEOLFLDUGDF 
HVWHFRPLVGHXQIXQF LRQDUPD[LPXOVSHFLDOVHUHGXFHFXRWUHLPH
3RWULYLW DUW  GLQ /HJHD QU  SHQWUX SUHYHQLUHD GHVFRSHULUHD úL
VDQF LRQDUHD IDSWHORU GH FRUXS LH FX PRGLILF ULOH úL FRPSOHW ULOH XOWHULRDUH
LQIUDF LXQHDGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFHGDF IXQF LRQDUXOSXEOLF
DRE LQXWSHQWUXVLQHVDXSHQWUXDOWXOXQDYDQWDMSDWULPRQLDOVDXQHSDWULPRQLDOVH
SHGHSVHúWHFXvQFKLVRDUHGHODODDQL
3HQWUXSHUVRDQDMXULGLF SHGHDSVDDSOLFDELO SRWULYLWDUWDOLQ  úL  
&SHQvQFD]XOV YkUúLULLLQIUDF LXQLLGHDEX]vQVHUYLFLXFRQWUDLQWHUHVHORUSXEOLFH
HVWHGXS FD]DPHQGDGHODOHLODOHLVDXGHODODOHLvQ
VLWXD LDSUHY ]XW vQGLQ/HJHDQU






76VSGQU55'QUS

3XEOLFDW vQ02IQUGLQPRGLILFDW SULQ2*QUGLQSXEOLFDW vQ02I
QUGLQPRGLILFDW úLFRPSOHWDW SULQ/HJHDQUSULYLQGXQHOHP VXULSHQWUXDVLJXUDUHD
WUDQVSDUHQ HL vQ H[HUFLWDUHD GHPQLW LORU SXEOLFH D IXQF LLORU SXEOLFH úL vQ PHGLXO GH DIDFHUL SUHYHQLUHD úL
VDQF LRQDUHDFRUXS LHLSXEOLFDW vQ02IGLQ/HJHDQUSXEOLFDW vQ02IQUGLQ
28*QUSXEOLFDW vQ02IQUGLQúL28*QUSXEOLFDW vQ
02IQUGLQ

 7H[WXO DUW  D IRVW LQWURGXV SULQ /HJHD QU  SULYLQG PRGLILFDUHD úL FRPSOHWDUHD /HJLL
QUSXEOLFDW vQ02IQUGLQ
 
$%8=8/Ì16(59,&,8Ì1)250 &$/,),&$7 

'HRDUHFH DEX]XO vQ IRUP  FDOLILFDW  DEVRDUEH vQ FRQ LQXWXO V X HOHPHQWHOH
FRQVWLWXWLYHDOHLQIUDF LXQLORUSUHY ]XWHvQDUW&SHQFXH[FHS LDXUP ULL
LPHGLDWH SHQWUX DQDOL]D DFHVWRUD IDFHP WULPLWHUH OD FHOH DU WDWH FX RFD]LD
FRPHQWDULXOXLDFHVWRUQRUPHGHLQFULPLQDUH
8UPDUHD LPHGLDW  D DFHVWHL LQIUDF LXQL FRQVW  vQ SURGXFHUHD GH FRQVHFLQ H
GHRVHELWGHJUDYHvQGDXQDXQHLSHUVRDQHMXULGLFHGHGUHSWSXEOLFVDXSULYDW$FHVWH
FRQVHFLQ H GHRVHELW GH JUDYH VXQW XUP UL VXEVHFYHQWH FHORU DU WDWH H[SOLFLW VDX
LPSOLFLWvQDUW&SHQ
3ULQ ÄFRQVHFLQ H GHRVHELW GH JUDYH´ SRWULYLW DUW  & SHQ VH vQ HOHJH R
SDJXE  PDWHULDO  PDL PDUH GH  OHL VDX R SHUWXUEDUH GHRVHELW GH JUDY  D
DFWLYLW LL FDX]DW  XQHL DXWRULW L SXEOLFH VDX RULF UHLD GLQWUH XQLW LOH OD FDUH VH
UHIHU DUWRULDOWHLSHUVRDQHMXULGLFHVDXIL]LFH
$FHVWH FRQVHFLQ H VXEVHFYHQWH DOH LQIUDF LXQLL XUP UL DOH XUP ULORU  QX
WUHEXLH FRQIXQGDWH FX XUPDUHD LPHGLDW  UH]XOWDWXO  D LQIUDF LXQLL GHRDUHFH GH
H[LVWHQ D UH]XOWDWXOXL GHSLQGH H[LVWHQ D LQIUDF LXQLL vQ WLPS FH FRQVHFLQ HOH
GHRVHELWGHJUDYHFRQVWLWXLHXQHOHPHQWFLUFXPVWDQ LDOGHDJUDYDUHvQOLSVDF UXLD
IDSWDLQFULPLQDW VXE]LVW vQYDULDQWDVDWLS
&XDQWXPXO SDJXEHL SUHY ]XWH vQ GLVSR]L LD H[SOLFDWLY  VH UHIHU  QXPDL OD
SUHMXGLFLXOFHUWúLHIHFWLYFDX]DWSULQDFWLYLWDWHDDEX]LY DVXELHFWXOXLDFWLYODGDWD
V YkUúLULLIDSWHLQXúLODIRORVXOGHFDUHDIRVWOLSVLW SDUWHDFLYLO SULQSULFLQXLUHD
SDJXEHLDVSHFWGHFDUHVHYD LQHVHDP ODVWDELOLUHDGHVS JXELULORUFLYLOH
ÌQFD]XOXQXLFRQFXUVGHLQIUDF LXQLODFDUDFWHUL]DUHDMXULGLF DIDSWHORUHVWH
QHFHVDUV VH LQ VHDPDGHXUP ULOHSHFDUHOHDDYXWILHFDUHIDSW vQSDUWHQHILLQG
SRVLELO FD vQFDGUDUHD V  VH IDF  vQ UDSRUW GH VXPD SUHMXGLFLLORU SURGXVH SULQ
vQWUHDJDDFWLYLWDWHLQIUDF LRQDO DLQFXOSDWXOXL
3HUWXUEDUHD GHRVHELW GH JUDY  D DFWLYLW LL XQHL SHUVRDQH MXULGLFH GH GUHSW
SXEOLFVDXGHGUHSWSULYDWSUHVXSXQHRDIHFWDUHSHULFOLWDUHLPSRUWDQW DDFWLYLW LL
UHVSHFWLYHFHHDFHvQVHDPQ RDPHQLQ DUHDH[LVWHQ HLDFHVWHLDVDXFKLDURvQFHWDUH
DDFHOHLDFWLYLW L
1RUPD H[SOLFDWLY  GLQ DUW  & SHQ D IRVW FULWLFDW  vQ GRFWULQ  SH
PRWLY F  GHWHUPLQ  R DSOLFDUH GLVFULPLQDWRULH D OHJLL SHQDOH GHRDUHFH SHUPLWH FD
XQD úL DFHHDúL IDSW  V YkUúLW  GH FHW HQL OD PRPHQWH GLIHULWH SURGXFkQG
FRQVHFLQ H SDWULPRQLDOH GLIHULWH vQ IXQF LH GH PRPHQWXO V YkUúLULL VDOH V  DWUDJ 
HIHFWH VDQF LRQDWRULL LGHQWLFH SULQ DSOLFDUHD PHFDQLF  D WH[WXOXL FLWDW ÌQ DFHVW
FRQWH[WVHDSUHFLD] F DUW&SHQHVWHQHFRQVWLWX LRQDOúLOLSVHúWHGHHIHFWH
SUHYHGHULOH DUW  GLQ &RQVWLWX LH F FL VWDELOLQG XQ FULWHULX YDORULF IL[ SHQWUX
DSUHFLHUHDFRQVHFLQ HORUGHRVHELWGHJUDYHQX LQHVHDPDGHFRQGL LLOHFRQFUHWHDOH
XQHLHFRQRPLLGHSLD úLLPSOLFLWGHFRQGL LLOHVSHFLDOHDOHHFRQRPLHLURPkQHúWL



/DFRPHQWDULXODFHVWHLQRUPHGHLQFULPLQDUHVHYRUDYHDvQYHGHUHQXPDLDVSHFWHOHFDUHRGLIHUHQ LD] ID 
GHLQIUDF LXQLOHSUHY ]XWHvQDUW&SHQ

76VSGQU55'QUSÌQDFHODúLVHQV76VSGQU55'
QUS

&RQWUDURSLQLHLH[SULPDWHvQOXFUDUHD([SOLFD LLWHRUHWLFHH[LVW úLS UHUHDF QRUPDSHQDO H[DPLQDW HVWH
XQD vPSUXPXWDW  VDX FRPSOLQLWRDUH $QFD /HOLD /RULQF] 3URFHGHH GH WHKQLF  OHJLVODWLY  IRORVLWH vQ PDWHULH
SHQDO 5'3QUSÌQVHQVFRQWUDU6RULQ&RUO HDQX&RQVHFLQ HGHRVHELWGHJUDYH&RQWURYHUVH
5'3QUS

9LRUHO'DJKLH'UDJX&UH X&RQFHSWXOGHÄFRQVHFLQ HGHRVHELWGHJUDYH´5'3QUS
 
3HQWUX FRQVXPDUHD LQIUDF LXQLL GH DEX] vQ VHUYLFLX vQ IRUP  FDOLILFDW  HVWH
VXILFLHQW  UHDOL]DUHD XQHLD GLQWUH FHOH GRX  XUP UL VXEVHFYHQWH DOWHUQDWLYH
SUHY ]XWHvQGLVSR]L LDH[SOLFDWLY GLQDUW&SHQ
ÌQ VLWXD LD vQ FDUH VH SURGXF DPEHOH XUP UL VXEVHFYHQWH DOWHUQDWLYH IDSWD
FRQFUHW  QXúL SLHUGH XQLWDWHD LQIUDF LRQDO  QHILLQG DSOLFDELOH GLVSR]L LLOH
UHIHULWRDUHODFRQFXUVXOGHLQIUDF LXQL
$EX]XO vQ VHUYLFLX vQ IRUP  FDOLILFDW  SRDWH IL V YkUúLW vQ IRUP  FRQWLQXDW 
VLWXD LHvQFDUHYRPDYHDXQPRPHQWDOHSXL] ULLFDUHYDLQWHUYHQLODGDWDFRPLWHULL
XOWLPHL DF LXQL VDX LQDF LXQL LQFULPLQDWH 'DF  SULQ IDSWD SHQDO  H[DPLQDW  VXQW
SUHMXGLFLDWH PDL PXOWH SHUVRDQH IL]LFH VDX MXULGLFH FX SDJXEH FDUH QXPDL SULQ
WRWDOL]DUH GHS úHVF OLPLWD SUHY ]XW  vQ DUW  & SHQ GDWRULW  XQLW LL OHJDOH
SUHY ]XWHvQDUWDOLQ  &SHQFUHGHPF DJUDYDQWDvQGLVFX LHYDILLQFLGHQW 
úLSULQXUPDUHDSOLFDELOHGLVSR]L LLOHGLQDUW&SHQ
ÌQ FRQVHQV FX GRFWULQD LQVWDQ D VXSUHP  D GHFLV UHFHQW F  vQ FD]XO
LQIUDF LXQLL FRQWLQXDWH FDUDFWHUXO GH ÄFRQVHFLQ H GHRVHELW GH JUDYH´ VH GHWHUPLQ 
SULQWRWDOL]DUHDSDJXEHORUPDWHULDOHFDX]DWHWXWXURUSHUVRDQHORUIL]LFHVDXMXULGLFH
SULQ WRDWH DF LXQLOH VDX LQDF LXQLOH SULQ FDUH VH UHDOL]HD]  HOHPHQWXO PDWHULDO DO
ODWXULLRELHFWLYHDLQIUDF LXQLL
&RUHVSXQ] WRUJUDYLW LLDFHVWRUXUP ULOHJLXLWRUXODSUHY ]XWOLPLWHVSHFLDOH
GHSHGHDSV PDLULGLFDWHGHFkWvQFD]XOIDSWHORUSHQDOHSUHY ]XWHvQDUW
&SHQ
$VWIHODEX]XOvQVHUYLFLXvQIRUP FDOLILFDW VHSHGHSVHúWHFXvQFKLVRDUHGHOD
ODDQLúLLQWHU]LFHUHDXQRUGUHSWXUL


1(*/,-(1 $Ì16(59,&,8

2ELHFWXORFURWLULLSHQDOH
2ELHFWXO MXULGLF VSHFLDO DO LQIUDF LXQLL GH QHJOLMHQ  vQ VHUYLFLX vO FRQVWLWXLH
DFHOH UHOD LL VRFLDOH UHIHULWRDUH OD LQWHUHVHOH JHQHUDOH D F URU QRUPDO  IRUPDUH
GHVI úXUDUHúLGH]YROWDUHQXDUILSRVLELOHI U DVLJXUDUHDEXQXOXLPHUVDODFWLYLW LL
SHUVRDQHORU MXULGLFH GH GUHSW SXEOLF VDX GH GUHSW SULYDW SULQ H[HUFLWDUHD FX
FRUHFWLWXGLQH úL DWHQ LH D DWULEX LLORU GH VHUYLFLX GH F WUH IXQF LRQDULL SXEOLFL VDX
IXQF LRQDULúLI U DS UDUHDLQWHUHVHORUOHJDOHDOHSHUVRDQHORUvPSRWULYDDEX]XULORU
IXQF LRQDULORUSXEOLFLVDXIXQF LRQDULORU
3ULQ DFHDVW  LQFULPLQDUH VXQW RFURWLWH úL UHOD LLOH VRFLDOH UHIHULWRDUH OD
SDWULPRQLXOSHUVRDQHORUMXULGLFHGHGUHSWSXEOLFVDXSULYDW
2ELHFWXOPDWHULDOODLQIUDF LXQHDGHQHJOLMHQ vQVHUYLFLXGHUHJXO OLSVHúWH
'DF  vQV  DF LXQHD FDUH FRQVWLWXLH HOHPHQWXO PDWHULDO VD H[HUFLWDW DVXSUD XQXL



&HOHDU WDWHFXSULYLUHODIRUPHOHúLPRGDOLW LOHIDSWHORUSUHY ]XWHvQDUW&SHQVXQWYDODELOHúL
vQFHHDFHSULYHúWHDFHDVW LQFULPLQDUHúLSHQWUXDHYLWDUHSHWDUHDDFHVWRUDQXOHPDLUHOX P

 ÌQ DFHODúL VHQV &6- VS G QU  'U QU   S  'XPLWUX 9 'LDFRQX $SOLFDUHD
DUW  &RG SHQDO YL]kQG QR LXQHD Ä&RQVHFLQ H GHRVHELW GH JUDYH´ vQ FD]XO FRQFXUVXOXL GH LQIUDF LXQL úL DO
LQIUDF LXQLLFRQWLQXDWH'UQUS*DYULO3DUDVFKLY(OHQD'LDQD&vUMH$JUDYDQWDÄFRQVHFLQ H
GHRVHELWGHJUDYH´vQVLWXD LDLQIUDF LXQLLFRQWLQXDWH5'3S&RQVWDQWLQ0 UX ,QWHUSUHWDUHD
OLWHUDO DDUWLFROXOXLGLQ&RGXOSHQDOFRQGXFHODFRQFOX]LDFXPXO ULLSDJXEHORUPDWHULDOHFDX]DWHPDLPXOWRU
SHUVRDQH SULQWUR LQIUDF LXQH FRQWLQXDW  SHQWUX D VH UH LQH DJUDYDQWD SULYLQG ÄFRQVHFLQ H GHRVHELW GH JUDYH´
'UQUS*DYULO3DUDVFKLY&RQVHFLQ HGHRVHELWGHJUDYH5'3QUSÌQVHQV
FRQWUDU &$ &UDLRYD G S QU  'U QU   S  &RVWHO 1LFXOHDQX $OW  RSLQLH SULYLQG
LQIUDF LXQHD FRQWLQXDW  FX FRQVHFLQ H GHRVHELW GH JUDYH vQ VHQVXO DFWXDOXOXL DUWLFRO  GLQ &RGXO SHQDO 'U
QUS

Ì&&-VXGQU;,9GLQ'UQUS
 
OXFUXGHH[UHGDFWDUHDGHIHFWXRDV DXQXL