&, 1 ( 0 $ 68/ ) 2 1' 2
,/ &, 1( 0 $72*5$) 2 ' , %2 +80 , / +5$%$/
$GDWWDP HQWLWUDGX] LRQLFLQHP DWRJ UDILFKH H ULGX] LRQLGLSHUVRQDJ J LH WHVWLFHOHEHUUL P LGHOOR VFULWWRUH FHFR %RKXP LO+UDEDO 0 DDQFKH ILOP QDVFRVWLQHOOH SLHJ KH GHOODVXDVFULWWXUDHYRFDWLLQVRUGLQDR GLUHWWD P HQWH FLWDWLGDOODP HP RULDSLURWHFQLFDGHO OHWWHUDWR ( DQFRUDP DWHULDOLGRFXP HQWDULLQHGLWLVXOODVXDDWWLYLWj DUWLVWLFDVXOF LUFROR GLDP LFLVXLOXRJ KLGHOODVXDLQIDQ] LD,O FLQHP DVXOIRQGR UHQGH FRQWR GLTXHVWR DVSHWWR VSHVVR WUDVFXUDWR GHOO¶DWWLYLWj DUWLVWLFDGL+UDEDOWXWWDYLDVSHVVR VXR LQIOXHQWHVIRQGR
&, 1 ( 0 $ $5, 672 1 OXQHGuRWWREUH 3HUOLQHVXOIRQGR
/D QXRYDRQGDWDFHFDWURYz DOODP HWj GHJ OLDQQL6HVVDQWDXQSDGUH SXWDWLYR LQ%RKXP LO+UDEOH QHOOH VXH SURVH EUHYL FRVWHOODWH GLEL] ] DUUH ILJ XUH P DUJ LQDOL/¶HVLWR GLTXHVWR LQFRQWUR HFFH] LRQDOH IX XQ ILP P DQLIHVWR FRP SRVWR GLVHL FRUWRPHWUDJ J LJ LUDWLGDLSULQFLSDOLFLQHDVWLGHOODQRYi YOQDDFXLVLDJ J LXQVH LOOD YRUR DXWRQRP R H IROJRUDQWH GLXQJ LRYDQH VORYDFFR -XUDM+HU] 2 J J LUHVWDQR VHWWH SLFFROH SHUOH VXOIORULGR IRQGR GHJ OLDQQL6 HVVDQWD
RUH
3(5/,1( 68/ ) 2 1' 2
GL-LUt0 HQ] HO-DQ1HP HF ( YDOG6FKRUP 9HUD&K\ WLORYi -DURP LO-LUH &HFRVORYDFFKLD OE Q¶ILOP DHSLVRGL
³/¶LGHDGLJ LUDUH LOILOP q YHQXWDDP H -DQ1uP HF H D0 HQ] HOFLGLFHYDP R µ4 XHVW R +UDEDOQRQVDUHEEH P DOH DLXWDUOR LQ TXDOFKH P RGR UHQGHUOR YLVLELOH¶&RVuDEELDP R GHFLVR GLSRUWDUH VXOOR VFKHUP R TXHV WLUDFFRQWLGD/ DSHUOLQDVXOIRQGR H * OL VEUXIIRQL/ ¶LGHDP LDH GL-L¡ tIX VXELWR DFFHWWDWDRJ QXQR DYUHEEH VFHOWR H ILOP DWR XQ VXR UDFFRQWR ODFRQGL] LRQH HUDFKH LQRJ QLHSLVRGLR GRYHVVH FRP SDULUH DOP HQR LQXQDVFHQDOR VWHVVR +UDEDOXQSR¶DOO D+LWFKFRFN ´ -DQ1uP HF
81 320 (5, **, 2 12 , 2 62 GL,YDQ3DVVHU&HFRVORYDFFKLDE Q¶
6FHQHJJLDWXUD,YDQ3DVVHUH %RKXP LO+UDEDOGDOO¶RP RQLP R UDFFRQWR GL+UDEDO
Ê XQELJ LR SRP HULJ J LR GRP HQLFDOH LQXQ¶RVWHULDFRP H WDQWH FLVRQR DOFXQLDYYHQWRUL IUDFXLLOYHFFKLR FKLDFFKLHURQH -XSD FKH VLVSDFFLDSHUHVSHUWR GLIRRWEDOOXQJ LRYDQH FKH IXP DOHJ J H H EHYH FRP H LVRODW R LQXQP RQGR DVp VWDQWH GHOOH GRQQH FKH J LRFDQR DFDUWH $ UDYYLYDUH O¶DWP RVIHUDVLSUHVHQWDQR GHLWLIRVLGHOODORFDOH VT XDGUDGLFDOFLR WXWWLVSHUDQ] RVLQHOO¶HVLWR SRVLWLYR GHOO¶LP P LQHQWH SDUWLWDGHOORUR WHDP GHOFXRUH 3RLULP DQJ RQR DSDUODUH -XSD HXQFXULRVR DYYHQWRUH FKH VLq SRUWDWR GDFDVDXQDFDVVHUXRODGLFUDXWLGDFXLDWWLQJ H GXUDQWH ODFRQYHUVD] LRQH LG XH FRQIURQWDQR OH SURSULH LGHH H OH SURSULHFRQFH] LRQLVXOOR VSRUWSL•GLIIXVR GHOP RQGR H VXOOH GRQQH ,QWDQWR WRUQDQR L WLIRVGHOXVLSHUXQDFRFHQWH VFRQILWWD«
&58'(/7¬ 86$7(
GL-XUDM+HU] &HFRVORYDFFKLDE Q¶
6FHQHJJLDWXUD-XUDM+HU] H %RKXP LO+UDEDOGDOUDFFRQWR GL+UDEDO %DURQ3Ui VLO
+DQW¶DODYRUDLQXQGHSRVLWR LQFXLP DQGDDOP DFHUR ODFDUWDHGLOLEULFRQVLGHUDWLR UP DLLQVHUYLELOL/R WURYLDP R LQJ LQRFFKLDWR LQXQDFKLHVDLQWHQWR LQXQDSUHJ KLHUDSLXWWRVWR HFFHQWULFDP HQWUH HVSULP H LOGHVLG HULR FKH DYYHQJ DQR YDULH HGLP SUREDELOL VYHQWXUHDGDOFXQLVXRLFOLHQWLILVVL3RLVLDFFRUGDFRQLOVDFUHVWDQR SHUSRUWDUH D OSURSULR FDSR GHOOH VWDWXH FKH LQFKLHVDQRQ VHUYRQR SL•+DSHUz O¶LGHDELVODFFDGLIDUOH DSH] ] LFRVuULGRWWH OH SRUWDDOVXR S RVWR GLODYRUR GRYH SDVVDQR YDULH
SHUVRQH FKH SRUWDQR SDFFKLGLFDUWDGDEXWWDUH H VSHVVR VRQR YLWWLP H GLTXDOFKH WURY DWDGL+DQW¶D,OTXDOH GRSR DYHUIDWWR LVXRLVROLWLJ LULTXRWLGLDQLHGDYHUQH FRP ELQDWH GLYHUVH VLODYDH VH QH YDYLDWUD QTXLOOR GDOGHSRVLWR ODVFLDQGR LOSURSULR
KWWS ZZ Z UHWHFLYLFD WULHVWH LW DOSHDGULD[ BFRSLD
GDWRUH GLODYRUR DULP HWWHUH LQVLHP H LP RQFRQLGLVWDWXH
P DUWHGuRWWREUH
/ LP SHULDOUHJLR VFULWWRUH
%RKXP LO+UDEDOQDVFH QHOO¶,P SHUR DXVWUR XQJ DULFR H FUHVFH QHOOD&HFRVORYDFFKLDGL0 DV DU\N LQFXLODFRP SRVWH] ] D DEVEXUJLFD VLFRQIURQWDFRQXQDP RGHUQL] ] D] LRQH GHLFRVWXP LH GHOODVRFLHWj /DP HP RU LDLURQLFDGHOGHFRUR P LOLWDUH LP SHULDOUHJ LR GLVHJ QDWDGD/DP Dq H TXHOODDIIHWWXRVDGHLJ HQLWRULGHOOR VFULWWRUH W UDWWHJ J LDWDQHOURP DQ] R /DWRQVXUD DGDWWDWR GD0 HQ] HOSURSRQJ RQR LOTXDGUR GLXQ¶HSRFDYDJ KHJ J LDWD
RUH
,1 0 ( 0 2 5, $0 ' 5 + & , 1* +$186 . $5/Ë.
&HFRVORYDFFKLD E Q¶F FD
8QD OXQJ DILODGLQRWDELOLH ULFFKLERUJ KHVLVHJ XH XQFRUWHR IXQHEUH 8QR VJ XDUGR HG XQD GRFXP HQWD] LRQH VXOP RQGR ERHP R GHJOLDQQL9HQWLÊ OD3ULP D5HSXEEOLFD&HFRVORYDFFDXQSDHVH GRYH DUWLDIIDULH J L RYDQH GHP RFUD] LDSURVSHUDQR
,/ ) ( /' 0 $5(6&, $//2 , 0 3(5, $/5( *, 2 GL. DUHO/ DP DF &HFRVORYDFFKLDE Q¶
6FHQHJJLDWXUD9i FODY : DVVHUP DQGDOWHVWR WHDWUDOH GL( P LO$UWXU/RQJ HQ ,QWHUSUHWL9ODVWD%XULDQ
7UDWWR GDXQWHVWR WHDWUDOH GL( P LO$UWXU/RQJ HQDSSRVLWDP HQWH VFULWWR SHU9ODVWD%X ULDQIX TXHVWR LOSULP R J URVVR
VXFFHVVR FLQHP DWRJ UDILFR GHOSRSRODULVVLP R DWWRUH FHFR XQDVRUWDGLSLHWUDP LOLDUH D QFKH SHUFKp ILJ XUDIUDLSULP LILOP FHFKL SDUODWLP HQWUH DOWULDWWRULGHOO¶HSRFDGHOP XWR QRQVLGLP RVWUDURQR DOO¶DOWH] ] DGHOO DQXRYDVLWXD] LRQH 9ODVWD%XULDQ
FRQIHUP z GHILQLWLYDP HQWH ODVXDSRSRODULWj H GLHGH LQL] LR DGXQDVHULH GLUXROLFLQHP DWRJUDILFLFKH QH IHFHUR LO³UH GHOOD FRP P HGLD´FHFD' LJ UDQGH VXFFHVVR IXURQR DQFKH OH FDQ] RQLLQSDUWLFRODUH TXHOODSUL QFLSDOH ODSDURGLDVXOWHP DGHO )HOGP DUHVFLDOORFRP SRVWDGD-i UD%HQHV H ( P DQXHO%UR] tN ,OSDVVDJ J LR H O¶DGDWWDP HQW R GDOWHVWR WHDWUDOH DOOR VFKHUP R IX LQEXRQDSDUWH P HULWR GL9i FODY : DVVHUP DQSRLLQVHJ QDQWH GL-XUDM-DNXELVNR DOOD) $0 8 &RP H q VXFFHVVR DOWUH YROWH SHU RSHUH GHOODFXOWXUDFHFDDQFKH TXHVWR ILOP XVFuGDLFRQILQLGHOODSDWULDJ UD] LH DOOD YHUVLRQ LQWHGHVFR FKH IHFH FRQRVFHUH LO WHVWR DQFKH DOP HQR LQ$XVWULDH LQ* HUP DQLD
RUH/$ 721685$
GL-LUt0 HQ] HO&HFRVORYDFFKLDE Q¶
6RJJHWWR GDOOLEUR RP RQLP R GL%RKXP LO+UDEDO
&RQ / DWRQVXUD+UDEDOYROOH SUHVHQWDUH XQTXDGUR DXWRELRJ UDILFR LQWULVR GLIHP P LQLOH H GLVDQDVFRSSLHWWDQWH SDJ DQLWj TXHOODUDSSUHVHQWDWDQHOILOP q ODVXDIDP LJ OLD0 DULH 0 DU\ VNDq VXDP DGUH 3HSLQq OR ] LR FKH IX VXD³P XVD´ H IRQWH GL LVSLUD]LRQHDSL•ULSUHVH SHULVXRLFHOHEUL³VWUDP SDUORQL´ Ê LOILOP FKH VHJ QDLOU LWRUQR VXOOH VFHQH XIILFLDOLGHOODFRSSLD+UDEDO 0 HQ]HOGRSR DOFXQLDQQLGLLQWHUUX] LRQH IRU] DWD
P HUFROHGuRWWREUH
%HDWWRWDOH
/D OHQWDFRVWUX] LRQH GLXQR VWLOH OHWWHUDULR DYYLHQH SHUOR VFULWWRUH FHFR QHJ OLDQQL EXGHOUHDOLVP R VRFLDOLVWD,QVLHP H D +UDEDODOFXQLFRP SDJ QLGLVWUDGDH YLWDO¶DUWLVWD9ODGLP tU%RXGQtN H LOILORVRIR ( J RQ %RQG\ H VRGDOLH LQWHUORFXWRULLOSLWWRUH -LUt. ROiU* OL³DQQLEHDW´ GL+UDEDODWWUDYHUVR GXH EUHYLGRFXP HQWLH O¶DGDWWDP HQWR GHOURP DQ] R GHGLFDWR DOWHQHUR EDUEDUR
%RXGQtN
RUH/( ' 211( ( , &2 //$*( 6 ' , 67( 3È1 . 2/È5 GL- 6tN &HFRVORYDFFKLD¶FD
$ 352326, 72 ' , *$77, %( $71, . ( $/75( 4 8( 67, 2 1, GL5XGROI5•] LFND&HFRVORYDFFKLDE Q¶F FD
0 LUHN' RKQDOLQWHUYLVWD%RKXP LO+UDEDOLQXQ¶HVHUFLWD] LRQH SHULOVHFRQGR DQQR GLFRU VR GHOOD) $0 8
8QR VJ XDUGR DOP RQGR FUHDWLYR SUDJ KHVH GHLGRUDWLDQQL6HVVDQWDLQSDUWLFRODUH SRLX QR VJ XDUGR J HWWDWR GLUHWWDP HQWH QHO ODERUDWRULR GL%RKXP LO+UDEDOFKH DFFRJ OLH XQDSLFFRODWURXSH QHOVXR DSSDUWDP HQWR G LYHQXWR OHJ J HQGDULR LQYLD1 DKUi ] L
OO¶DUJ LQH´HJ OLODULQRP LQz ³6XOO¶$UJ LQH GHOO¶( WHUQLWj´ +UDEDOGLVFRUUH GHO SURSUL P HWRGR FUHDWLYR GHOOH SURSULH SDVVLRQLH P RVWUDLVXRLVWUXP HQWLGLODYRUR HGLOLEULFKH KDSXEEOLFDWR LQEHOOD PRVWUDVXOODVXDVFULYDQLD
81 7( 1(52 %$5%$52 GL3HWU. ROLKD&HFRVORYDFFKLDFRO¶
6RJJHWWR GDOOLEUR RP RQLP R GL%RKXP LO+UDEDO
,OILOP q FRP SRVWR GDXQDVHULH GLVFHQH H GLVLWXD] LRQLGLYLWDYLVVXWDFKH KDQQR SH USURWDJ RQLVWLXQWULR GLRULJ LQDOLHG³DUWLVWL GHOODYLWD´ FRVWLWXLWR GDOOH LQFDUQD] LRQLOHWWHUDULH GL+UDEDOVWHVVR LO' RWWRUH H GHVXRLFRP SDJ QLGLEHYXWH H
ILORVRIHJJLDP HQWL( J RQ%RQG\ SRHWDGHOODVFHQDXQGHUJ URXQGH 9ODGLP tU%RXGQtN DUWL VWDILJ XUDWLYR H ³WHQHUR EDUEDUR´
,OWHVWR GLSDUWHQ] DLQHGLWR QHOFLUFXLWR XIILFLDOH FHFR ILQR DOVLVLWXDDP H Wj IUDODP HP RULDOLVWLFDVWLOL] ] DWDH O¶RP DJ J LR P LWRSRLHWLFR DGXQFODP RURVR DP LFR GLERKqP H 1 HOILOP FLVRQR DQFKH ULFKLDP LH FLWD] LRQLGLDOWULWHVWLGHOO¶XQLYHUVR
KWWS ZZ Z UHWHFLYLFD WULHVWH LW DOSHDGULD[ BFRSLD
KUDEDOLDQR IUDO¶DOWUR YHQJ RQR ³ULIDWWH´ DOFXQH VHTXHQ] H FDUGLQDOLGHOFRUWRP HWUDJ J L R GL9HUD&K\ WLORYi /¶$XWRP DW6YHW FRP H TXHOODGHOODFUHD] LRQH GDOYLYR GLXQDJ UDILFDHVSORVLRQDOLVWD
8QD TXHVWLRQH GLVWLOH
/D J UD] LDGHOO¶RSHUHWWDP LWWHOHXURSHDULWURYDWDQHOO¶DP P LUDWDRSHUDGLXQFLQHDVWDHE UHR DOVD] LDQR HP LJ UDWR D+ROO\Z RRGH QHOODJ HVWXDOLWj GDQ] DQWH H UDIILQDWDGHOODSL•HXURSHDGHOOH GLYH VWDWXQLWHQVL$XGU H\ +HSEXUQ
RUH9$&$1=( 52 0 $1(
GL: LOOLDP : \ OHU6WDWL8 QLWLE Q¶
,QWHUSUHWL* UHJ RU\ 3HFN $XGUH\ +HSEXUQ
³6H GRYHVVLVFHJ OLHUH DGHVHP SLR FKH FRVDYRUUHLHVVHUH VH SRWHVVLGLQXRYR YHQLUH DO PRQG QRQVFHJ OLHUHLOR VFULWWRUH ,O FDQWDQWH GLRSHUHWWD« H RJ J Lq ODVWHVVDLGHQWLFDFRVDDQFKH LOFRQWHQXWR GLFHUWLIL OP FKH KDQQR XQDVIXP DWXUDOHJ J HUD FRP H QHOO¶RSHUHWWDTXHOOLFRQ$XGUH\ +HSEXUQDGHVHP SLR 9DFDQ] H URP DQH Ê XQILOP V FLRFFDQWH $XGUH\ +HSEXUQH
* UHJRU\ 3HFN 8Q¶RSHUHWWDFLQHP DWRJ UDILFDFKH P R] ] DLOILDWR 6H SRWHVVLVFULYHUODGD UHLLQFDP ELR WXWWLL7UHQLVWUHWWDP HQWH VRUYHJOLDWL( &RP H UXEDUH XQP LOLRQH GLGROODULH YLYHUH IHOLFLFRQ3HWHU2 ¶7RROH " : \ OHUP LDIIDVFLQD´%RKXP LO+UDEDO