/D9HXGHOD0DMRULD e32&$9±(',&,Ï(/(&75Ñ1,&#1Ò0±6(7(0%5( (GLWDWSHU6HFFLy6LQGLFDO&RPItD&&22 FDL[DWHUUDVVD 680$5, 352727,3'¶(03/($702'(/,& 2%-(&7,86$66(48,%/(6 • (GLWRULDO • &ROÂODERUDFLRQV • 1RWLFLHV • &XOWXUD • +XPRU • 3URJUDPDFLy79 • 3RGHXIHUDUULEDUOHVYRVWUHVFROÂODERUDFLRQVLVXJJHULPHQWVSUHIHUHQWPHQWSHUFRUUHXHOHFWUzQLFDFRPILDFFRR#FDL[DWHUUDVVDHVRSHU YDOLVVDDO6HFFLy6LQGLFDO&RPItD&&22 /$9$*$*(1(5$/'(/- /DYDJDJHQHUDOD&DWDOXQ\DKDHVWDWVHFXQGDGDSHUXQGHOVWUHEDOODGRUVVHJRQVHOVVLQGLFDWVLXQ VHJRQV OD *HQHUDOLWDW HQ XQD MRUQDGD PDUFDGD SHO FRPSOLPHQW GHOV VHUYHLV PtQLPV HQ WUDQVSRUW L O DEVqQFLDG LQFLGHQWVVLJQLILFDWLXV(OVVLQGLFDWV&&22L8*7KDQ[LIUDWHQXQHOVHJXLPHQWSHUSDUW GHOVWUHEDOODGRUVFDWDODQVGHODYDJDJHQHUDO$L[zVXSRVDVHJRQVOHVGDGHVG DTXHVWVVLQGLFDWVTXHPpV G PLOLRQVGHWUHEDOODGRUVKDQIHWYDJDHQGLYHUVRVVHFWRUVGHO HFRQRPLDFDWDODQD3HUGHPDUFDFLRQVHO VHJXLPHQWKDHVWDWGHOD%DUFHORQDGHOD7DUUDJRQDGHOD/OHLGDLGHOD*LURQDVHJRQV DTXHVWV VLQGLFDWV TXH KDQ TXDOLILFDW GH WULRPI L q[LW URWXQG HO GHVHQYROXSDPHQW GH OD YDJD JHQHUDO D &DWDOXQ\D 3HU D OD SDWURQDO FDWDODQD )RPHQW HO GHOV WUHEDOODGRUV GH &DWDOXQ\D KDQ VHJXLW OD YDJD SULQFLSDOPHQWDODLQG~VWULDVHJXLGDGHODFRQVWUXFFLyLHOVVHUYHLVPHQWUHTXHDO DJULFXOWXUDKDWLQJXWXQ VHJXLPHQWGHVLJXDO/(6'$'(6'(/$*(1(5$/,7$73HUODVHYDSDUWOD*HQHUDOLWDWKDDVVHJXUDWTXHHO GHOV WUHEDOODGRUV FDWDODQV L HO GH OHV HPSUHVHV KDQ VHJXLW OD YDJD GH IRUPD WRWDO R SDUFLDO (O FRQVHOOHU GH 7UHEDOO /OXLV )UDQFR KD GHVWDFDW TXH HO VHJXLPHQW SHU SDUW GHOV WUHEDOODGRUV KD HVWDW LQIHULRUDOGHODYDJDJHQHUDOGHLVXSHULRUDOGHOHVDWXUDGHVJHQHUDOVGHL HQ DTXHVWV WUHV ~OWLPV FDVRV FRQWUD OD SROtWLFD ODERUDO GHOV JRYHUQV VRFLDOLVWHV 6HJRQV OD *HQHUDOLWDWDODSURYtQFLDGH%DUFHORQDXQGHOHVHPSUHVHVKDQVHFXQGDWODYDJDDL[tFRPXQ GHOVWUHEDOODGRUVSHUFHQWDWJHVTXHSXMHQDOLDOUHVSHFWLYDPHQWHQODGHPDUFDFLyGH7DUUDJRQD$ ODSURYtQFLDGH*LURQDKDQVHJXLWODYDJDXQGHOHVHPSUHVHVLXQGHOVWUHEDOODGRUVLHQODGH /OHLGDXQGHOHVHPSUHVHVLXQGHOVWUHEDOODGRUVVHJRQV7UHEDOO3HUVHFWRUVHOG DJULFXOWXUD KD UHJLVWUDW XQ VHJXLPHQW GHO HQ OHV HPSUHVHV L GHO GHOV WUHEDOODGRUV (Q OD FRQVWUXFFLy KDQ VHFXQGDW O DWXU XQ GH OHV HPSUHVHV L XQ GHOV WUHEDOODGRUV L HQ 6HUYHLV XQ L XQ UHVSHFWLYDPHQW $ O DGPLQLVWUDFLy GH OD *HQHUDOLWDW HO VHJXLPHQW GH OD YDJD KD HVWDW GHO (Q 6DQLWDW O DWXU KD HVWDW GHO HQ O HQVHQ\DPHQW S~EOLF GHO XQ D OD SURYtQFLD GH %DUFHORQDL HQ -XVWtFLDG XQ,QIRUPDFLyLIRWRJUDILHVG¶,QWHUQHW 0(7(5/$0$12(1/$6&$-$6 (QDEULOGHFXDQGRODGLFWDGXUDHVWDEDDJRWDQGRVXVGtDV5DIDHO&DEHOORGH$OEDHO~OWLPRPLQLVWUR GH(FRQRPtDGH)UDQFRILUPyXQGHFUHWRFRQHOSUHWH[WRGHLPSXOVDUODUHQRYDFLyQGHORVJHVWRUHVGHODV &DMDVGH$KRUUR(OQ~FOHRGHODUHIRUPDFRQVLVWtDHQOLPLWDUDDxRVODHGDGGHORVFRQVHMHURV\DOD GH ORV GLUHFWRUHV JHQHUDOHV 3HUR OR FLHUWR HV TXH HO GHFUHWR GH GH DEULO GH WHQtD XQ REMHWLYR PiV SUHFLVRVXVWLWXLUDOHQWRQFHVGLUHFWRUJHQHUDOGH/D&DL[D(QULTXH/XxR3HxDDOIUHQWHGHODHQWLGDGGHVGH /XxRKDEtDGLULJLGRFRPRFRPLVDULRODGHSXUDFLyQGHORVHPSOHDGRVTXHOOHYyDODFiUFHODOGLUHFWRU OHJDOGHODHQWLGDG-RVHSK0DULD%RL[ /DLQWHQFLyQGH&DEHOORQRVHOLPLWDEDDMXELODUD/XxR(OPLQLVWURWHQtDVXSURSLRFDQGLGDWRFX\RUHWUDWR URERW KDEtD GLEXMDGR FUtSWLFDPHQWH ³+D GH VHU FDWDOiQ LQGHSHQGLHQWH WpFQLFR \ MRYHQ´ (O WDSDGR GHO *RELHUQR HUD -RVHSK -DQp 6ROj FDWHGUiWLFR GH 3ROtWLFD (FRQyPLFD XQR GH VXV DVHVRUHV HFRQyPLFRV GH PD\RUFRQILDQ]D 3HURODPDQLREUDIUDFDVy(OQRPEUDPLHQWRGHOGLUHFWRUJHQHUDOHUDFRPSHWHQFLDGHOFRQVHMRGH/D&DL[D\ VXSUHVLGHQWH1DUFtVGH&DUUHUDVVHRSXVRIURQWDOPHQWHDODLPSRVLFLyQ+XERIRUFHMHRGXUDQWHPHVHV\ HQDOJ~QPRPHQWR&DUUHUDVOOHJyDFROJDUOHHOWHOpIRQRDOPLQLVWUR0XULy)UDQFR\HQIHEUHURGHHO WLWXODU GH (FRQRPtD GHO SULPHU *RELHUQR GH OD 0RQDUTXtD -XDQ 0LJXHO 9LOODU 0LU DFHSWy DO FDQGLGDWR GHO FRQVHMRGH/D&DL[D-RVHS9LODUDVDX (QDTXHOODRFDVLyQDSHVDUGHODVSUHVLRQHVSUHYDOHFLyODGHFLVLyQGHOFRQVHMR3HURODSULPHUDUHQRYDFLyQ SURIXQGDGHODVFDMDVQRVHUHJLVWUyKDVWDDJRVWRGHFRQHOFRQRFLGRGHFUHWRGH)XHQWHV4XLQWDQD TXHSHUPLWLyDODVHQWLGDGHVGHDKRUURUHDOL]DUODVPLVPDVRSHUDFLRQHVTXHORVEDQFRV\DEULUVXVFRQVHMRV DUHSUHVHQWDQWHVGHORVLPSRVLWRUHV\D\XQWDPLHQWRV 7UDQVFXUULGRVDxRVODKLVWRULDTXHDOJXQRVTXLHUHQUHSHWLUUR]DODFDULFDWXUD/DUHQRYDFLyQGHODVFDMDV TXHLPS~OVDOH33SDUHFHXQDFDOFXODGDVXVWLWXFLyQGHGHWHUPLQDGRVGLUHFWLYRV±DWUDYpVGHXQDQRUPDTXH OLPLWDUtD D DxRV OD HGDG GH ORV FRQVHMHURV SRU RWURV HMHFXWLYRV FRQ PHMRU VLQWRQtDGHSHQGHQFLD GHO *RELHUQR 7DPELpQ SDUHFH TXH HQ HVWD RFDVLyQ KD\ XQ REMHWLYR SULRULWDULR WDO \ FRPR H[SOLFLWy UHFLHQWHPHQWH -RUJH 0RUDJDV VHFUHWDULR HMHFXWLYR GH UHODFLRQHV LQWHUQDFLRQDOHV GHO 3DUWLGR 3RSXODU /D &DL[DODWHUFHUDHQWLGDGILQDQFLHUDHVSDxROD (O SUREOHPD HV TXH VX DFWXDO SUHVLGHQWH -RVHSK 9LODUDVDX GH DxRV ³QR REHGHFH´ VHJ~Q FtUFXORV SUy[LPRV DO 33 < WDPELpQ HQ HVWH FDVR SDUHFH TXH VH HVWi FRQILJXUDQGR XQD IRWR URERW GHO VXVWLWXWR SUHYLVWRHQODTXHSRGUtDQHQFDMDUGHVGHHOPLQLVWUR-RVHSK3LTXpKDVWDFLHUWRVHMHFXWLYRVGHFRQILDQ]DGHO *RELHUQR$VtODWRPDGH/D&DL[DVHUtDHOSDVRVLJXLHQWHGHXQHIHFWRGRPLQyLQLFLDGRFRQHO%%9$WUDVOD WHQWDWLYDIUXVWUDGDFRQHO%6&+ /DLQLFLDWLYDGHOLPLWDUODHGDGGHORVFRQVHMHURVPHGLDQWHXQDQRPDEjVLFFKRFDUtDFRQODVOH\HVGHFDMDV GH OD *HQHUDOLWDW GH &DWDOXxD GH RWUDV DXWRQRPtDV \ FRQ OD GRFWULQD GHO 7ULEXQDO &RQVWLWXFLRQDO /RV 3DUODPHQWRV DXWRQyPLFRV UHFXUULUtDQ FRQ WRGD VHJXULGDG SRU OD LQYDVLyQ GH FRPSHWHQFLDV SHUR OOHJDUtDQ WDUGHSRUTXHHVHUHFXUVRFDUHFHGHHIHFWRVVXVSHQVLYRV (O YHUGDGHUR SUREOHPD GH ODV FDMDV QR HV OD HGDG GH VXV FRQVHMHURV (VWi HQ RWUD SDUWH (Q HIHFWR OD UHJXODFLyQGHODVHQWLGDGHVGHDKRUURTXHUHSUHVHQWDQHOGHOVLVWHPDILQDQFLHURHVSDxROSUHFLVDXQD SURIXQGD UHIRUPD HVSHFLDOPHQWH SDUD UHVROYHU VX GHILFLHQWH VLVWHPD GH FDSLWDOL]DFLyQ \ SDUD ³IRUWDOHFHU OD DXWRULGDGGHVXVyUJDQRVGHJRELHUQR\SUHYHQLUFRQWUDVXSROLWL]DFLyQ´FRPRVHxDODHOSURIHVRU-RDQ&DOV (OSURSLRJREHUQDGRUGHO%DQFRGH(VSDxD-DLPH&DUXDQD\DDGYLUWLyKDFHXQDxRVREUHORVULHVJRVTXH LPSOLFDEDQ SDUD ODV FDMDV ORV DFWXDOHV PHFDQLVPRV GH FDSLWDOL]DFLyQ D WUDYpV GH HPLVLRQHV GH DFFLRQHV SUHIHUHQWHV &DUXDQD IXH HQWRQFHV WD[DWLYR ³1LYHOHV GH DFFLRQHV SUHIHUHQWHV SRU HQFLPD GHO GH ORV UHFXUVRVSURSLRVEiVLFRVQRVRQUHFRPHQGDEOHV´/DFDSLWDOL]DFLyQHVHOYLHMRWDOyQGH$TXLOHVGHODVFDMDV $GLIHUHQFLDGHORVEDQFRVODVHQWLGDGHVGHDKRUURFDUHFHQGHDFFLRQHV\SRUWDQWRQRSXHGHQUHFXUULUD ODVDPSOLDFLRQHVGHFDSLWDO6XIRUPDWUDGLFLRQDOGHFDSLWDOL]DUVHKDVLGRDEDVHGHGHGLFDUHQHOORXQDSDUWH GHVXVEHQHILFLRV 'XUDQWH ORV ~OWLPRV DxRV ODV FDMDV VLJXLHQGR OD VHQGD GH ORV EDQFRV KDQ LQWHQWDGR UHVROYHU HVWH YLHMR SUREOHPD D WUDYpV GH ODV OODPDGDV SDUWLFLSDFLRQHV R DFFLRQHV SUHIHUHQWHV XQ SHOLJURVR DWDMR FX\D KHWHURGR[LDLQTXLHWDFDGDGtDPiVDORVUHJXODGRUHV /RTXHQXQFDVHFXHQWDGHODVSDUWLFLSDFLRQHVSUHIHUHQWHVHVTXHSRUPRWLYRVWULEXWDULRVVRQHPLWLGDVSRU VRFLHGDGHVUDGLFDGDVHQSDUDtVRVILVFDOHVFRPRODVLVODV&DLPiQVRUSUHQGHQWHPHQWHSRUUHFRPHQGDFLyQ GHODVSURSLDVDXWRULGDGHV8QPHFDQLVPRGHGLItFLOMXVWLILFDFLyQGHVSXpVGHOFDVRGHOxDVFXHQWDVVHFUHWDV GHO %%9$ $GHPiV OD LQWHQVLILFDFLyQ GH OD JOREDOL]DFLyQ FRPSOLFD FDGD YH] PiV HO FRQWURO GH HVWDV VRFLHGDGHVTXHFXHQWDQFRQHODYDOGHODVSURSLDVFDMDV /DVXVWLWXFLyQSURSXHVWDGHODVSDUWLFLSDFLRQHVSUHIHUHQWHVSRUODVFXRWDVSDUWLFLSDWLYDVTXHSUREDEOHPHQWH LQFOXLUiOD/H\)LQDQFLHUDGLItFLOPHQWHUHVROYHUiXQSUREOHPDTXHUHTXLHUHXQGHEDWHPXFKRPiVSURIXQGR /D/H\ILQDQFLHUDXQYHUGDGHURFDMyQGHVDVWUHDIHFWDD£QRPHQRVGHOH\HV±GHVGHODUHIRUPDGHOD %ROVDVHJXURVFRRSHUDWLYDVFDSLWDOULHVJRSHTXHxDV\PHGLDQDVHPSUHVDVQRHVVHJXUDPHQWHHOOXJDU PiV DGHFXDGR SDUD UHJXODU XQD WUDQVIRUPDFLyQ WDQ SURIXQGD \ HVSHFtILFD FRPR UHTXLHUHQ ODV FDMDV GH DKRUUR««««$1'5(80,66(±(/3$,6±DEULO )250$&,2352)(66,21$/3$57±//,d2 ,QWHUHVVDWVFRQWDFWDUDPEODFRUUHVSRQHQ'LUHFFLyGH=RQD 0HQVDMHQ¢(VXVWHGXQGLUHFWLYRPX\RFXSDGR" &XDQGRXQGLUHFWLYRHVWiPX\RFXSDGRWDQWRTXHQRWLHQHWLHPSRSDUDQDGDHVTXHDOJRVXFHGH+DFH EDVWDQWHWLHPSRTXHOHtVREUHSRUTXpORVGLUHFWLYRVDQGDQWDQRFXSDGRV\QRWLHQHQWLHPSRSDUDQDGD(O DXWRUDUJXPHQWDEDPiVRPHQRVTXHWRGRHOORHUDODVXPDGHGRVGHORVSULQFLSLRVEiVLFRVGH3HWHU\GH 3DUNLQVRQ 3RU VX ODGR HO 3ULQFLSLR GH 3HWHU QRV GLFH TXH HQ XQD RUJDQL]DFLyQ FDGD SHUVRQD DVFLHQGH KDVWDVXPi[LPRQLYHOGHLQFRPSHWHQFLD¢\TXpKDFHHQWRQFHV"/DUHVSXHVWDODWHQHPRVHQHOSULQFLSLR GH 3DUNLQVRQ D SDUWLU GH HVWH PRPHQWR \ HQ DGHODQWH HPSLH]D D PXOWLSOLFDU VXV DFWLYLGDGHV \ REOLJDFLRQHVKDVWDOtPLWHVLQILQLWRVSDUDDVtRFXOWDUVXLQFRPSHWHQFLD(VWDPRVIUHQWHDXQFtUFXORYLFLRVR URPSHUORFXHVWDPXFKtVLPRSXHVDIHFWDDODVUDtFHVGHODPLVPDSHUVRQDDVXSURSLDDXWRHVWLPDDVX VHQWLGRGHOWUDEDMRDVXSHUWHQHQFLDDXQJUXSRDOUHVSHWRTXHOHWLHQHHOFROHFWLYR/DLQHILFLHQFLDHVELHQ FRQRFLGDGHVGHODDQWLJHGDG&RPRHVFULELyHOSRHWDFKLQR'RQJSRHQHOVLJOR;,<RTXLHURSDUDPLKLMR ]DILHGDG \ HVWXSLGH] VLQ FXLWDV VLQ DIiQ DVt OOHJDUi D VHU PLQLVWUR /D FDSDFLGDG GH GHIHQVD GHO VHU KXPDQRIUHQWHDSRVLEOHVDJUHVLRQHVDVXDXWRHVWLPDHVLQFUHtEOHSRUXQODGRODHQHUJtDTXHJHQHUDSDUD LQWHQWDU GHPRVWUDU TXH HVWR QR HV DVt SRU RWUR SDUD HFKDU ODV FXOSDV D ORV RWURV GH OD SURSLD LQFRPSHWHQFLD /RLQWHUHVDQWHGHHOORHVGHTXHWRGRJLUDDOUHGHGRUGHGRVHMHV0LVREMHWLYRVSHUVRQDOHV\SURIHVLRQDOHV \OD*HVWLyQGHPLWLHPSR (OFXDGURTXHVLJXHDFRQWLQXDFLyQLOXVWUDORFRPHQWDGR 2EMHWLYRV%DMRV %DMD *HVWLyQ 7LHPSR $OWD *HVWLyQ 7LHPSR ,187,/,'$' 'HVRUGHQDGRKD\TXHEXVFDU DFWLYLGDGHVIXHUDGHOWUDEDMRFRQVXPH PXFKDHQHUJtDDVXDOUHGHGRU$OWD LQHILFLHQFLDSHUVRQDO 2EMHWLYRV$OWRV ,1(),&$&,$*583$/ 1XQFDVHOOHJDSURGXFHDOWRVQLYHOHV GHVWUHVVWRGRHOPXQGRJLUDDOUHGHGRU GHHVWHGLUHFWLYR$OWDLQHILFLHQFLD SURSLD\GHOHTXLSR6HGLIXPLQDQORV REMHWLYRV '(63(5',&,27e&1,&2 )(/,=352'8&7,9,'$' (QHUJtDV\UHFXUVRVGHVSHUGLFLDGRVSRU /RVREMHWLYRVSURGXFHQODWHQVLyQ ORVREMHWLYRV6HDOFDQ]DQIiFLOPHQWHORV VXILFLHQWHSDUDLPSOLFDUVHVHUFUHDWLYRV REMHWLYRV \DSRUWDUYDORUDxDGLGR /D LQHILFDFLD YLHQH GH QR WHQHU REMHWLYRV R GH WHQHUORV PX\ EDMRV HV GHFLU IiFLOPHQWH DOFDQ]DEOHV 8Q REMHWLYRWLHQHTXHVLJQLILFDUXQUHWRDOJRTXHSXHGDVHUDOFDQ]DEOHFRQODWHQVLyQOyJLFDGHXQDUHDOLGDG SHUR WDPELpQ GH OR TXH VLJQLILFD YRODU PiV DOWR (OOR WLHQH TXH SHUPLWLU DVXPLU FRPSURPLVRV SRWHQWHV IXHUWHVTXHSXHGDQVHUDVXPLGRVSRUWRGRHOJUXSR/DGLVSHUVLyQGHORVREMHWLYRVQRFRQGXFHDQLQJ~Q VLWLR 3RU RWUD SDUWH VX RULJHQ WDPELpQ SXHGH VHU OD EDMD HILFDFLD HQ OD *HVWLyQ GHO 7LHPSR TXH RULJLQD WHQVLRQHVUHSHWLFLRQHVPDOHQWHQGLGRVFRQODFRQVHFXHQWHEDMDGHPRUDO &XDQGR XQR VH GDFXHQWD GH TXH HVWi HQWUDQGR HQ ORV SULQFLSLRV GH 3HWHU RGH 3DUNLQVRQ KDUi ELHQ HQ WRPDUVH XQRV GtDV GH UHIOH[LyQ SDUD FHQWUDU VXV LGHDV WLUDU WRGR OR VXSHUIOXR FRQ KXPLOGDG SHUR FRQ GHFLVLyQ UHFRQVLGHUDU ORV QXHYRV REMHWLYRV GHVGH OD ySWLFD GH FXiO HV HO YDORU DxDGLGR TXH DSRUWR D OD RUJDQL]DFLyQ&RQHVWDUHYLVLyQSHULyGLFDHYLWDUiOOHJDUDORVQLYHOHVGHLQHILFLHQFLDSHUVRQDO\SURIHVLRQDO 5DPRQ0RQWDQHU 6,1,675$/,7$7/$%25$/ &RP HQ PROWHV DOWUHV FRVHV VHPEOD VHU TXH KL KD FDWHJRULHV SHO TXH ID D OHV PRUWV $TXHOOHV Ep VREUHWRW XQD SDUW GH OHV TXH HV SURGXHL[HQ IUXwW GH FRQIOLFWHV SROtWLFV VyQ O¶REMHFWLXG¶HVIRUoRVFRHUFLWLXVOHJDOVLPHGLDWLFVSHUWDOTXHQRHVSURGXHL[LQ $UD Ep TXH PH¶Q GLHX GH OHV PRUWV SURGXwGHV SHU YLROqQFLD VH[LVWD R GH OHV TXH HV SURGXHL[HQHQO¶jPELWODERUDO" 4XDQWHVPHVXUHVHVGHVWLQHQSHUSDOÂOLDUDTXHVWHV" 6HQVH jQLP GH YROHU ERPEDUGHMDUYRV DPE [LIUHV FUHF QHFHVVDUL FLWDU XQHV TXDQWHV GDGHVTXHDPpVGHQ~PHURVUHSUHVHQWHQSHUVRQHVIDPtOLHVGUDPHVLXQLQQRPEUDEOH HWFqWHUDGHFRQVHTqQFLHV (Q HO TXH YD G¶DQ\ DO 3ULQFLSDW GH &DWDOXQ\D V¶KDQ UHJLVWUDW DFFLGHQWV ODERUDOV DPEEDL[DGHOVTXDOVDPEUHVXOWDWGHPRUW $TXHVWHVV¶KDQSURGXwWEjVLFDPHQWHQHOVVHFWRUVGHVHUYHLVLQG~VWULDLFRQVWUXFFLy +DXUtHP G¶DIHJLUKL WRWV DTXHOOV VLQLVWUHV ODERUDOV HQ DTXHOOVHV TXH WUHEDOOHQ GH IRUPD LUUHJXODU SHO TXH ID D OD VHYD OHJDOLWDW R DO UHFRQHL[HPHQW VRFLDO GH OD VHYD IHLQD GLQWUH GHOVTXHV¶LQFORXULHQLPPLJUDQWVQRUHJXODULW]DWVLPHVWUHVVHVGHFDVDSHUUHPDUFDUXQV GHOVTXHPpVLQGHIHQVLySUHVHQWHQHQDTXHVWVHQWLW 6REUHTXLUHFDXODPj[LPDUHVSRQVDELOLWDW"(YLGHQWPHQWVREUHODFODVVHHPSUHVDULDODL[t FRP VREUH DTXHOOV RUJDQLVPHV HQFDUUHJDWV GH YHWOODU SHOV GUHWV GHOV WUHEDOODGRUVHV L VREUH DTXHOOV TXH KDQ GH YHWOODU SHU TXH HOV HPSUHVDULV QR WUHJXLQ PpV EHQHILFLV HFRQzPLFV HVWDOYLDQW FRVWRV TXH KDXULHQ G¶DQDU GHVWLQDWV D PHVXUHV TXH JDUDQWHL[LQ OD VHJXUHWDWGHOVWUHEDOODGRUVHVTXHHVWDQDOHVVHYHVHPSUHVHV +LKDYHXVTXHV¶DOFHQGLHQWTXHWDPEppVUHVSRQVDELOLWDWGHOVWUHEDOODGRUVHV 7HQLQW HQ FRPSWH TXH O¶DXJPHQW GH VLQLVWUDOLWDW ODERUDO HV GHX D O¶LQFUHPHQW GH OD VXEFRQWUDFWDFLyDODSUHFDULHWDWODERUDOLDODWHPSRUDOLWDWWURERXQLQVXOWDUJXPHQWVFRP DTXHVW TXH UHSUHVHQWHQ SHOV TXL HOV GLXHQ HVFRPEUDU IRUD GH FDVD VHYD DOOz TXH HOOVHV PDWHL[RVHVSURYRTXHQ 6HJOHVGHOOXLWDREUHUDSHUDFRQVHJXLUXQVGUHWVPtQLPVV¶KDQDQDWSHUO¶DLJHUDDPEOHV LQQRPEUDEOHVLLQIDPHVUHIRUPHVLSROtWLTXHVODERUDOV &DOWRUQDUDDFRQVHJXLUWUHEDOODUHQFRQGLFLRQVGLJQHVDPEVHJXUHWDWLVREUHWRWFDOTXHD OHVFRVHVVH¶OVGLJXLSHOVHXQRPLTXHQRHQVYHQJXLQGXURVDTXDWUHSHVVHWHV ,SHUDL[zFDOXQPDUFOHJDOTXHHVSRVLDODSUjFWLFDSHUGHIHQVDUDTXHOOVHVDTXLKDGH GHIHQVDULTXHJDUDQWHL[LHOVGUHWVGHOVWUHEDOODGRUVHVLQFORVHVOHVPHVWUHVVHVGHFDVD TXH VyQ XQ GHOV SLODUV EjVLFV GH OD VRFLHWDW SHUz WDPEp FDOHQ XQHV IRUFHV VRFLDOV L VLQGLFDOVTXHOOXLWLQUHDOPHQWSHUDTXHVWV,FDOTXHHVGRQLODLPSRUWjQFLDTXHHVPHUHL[D DTXHVWDJUDQSUREOHPjWLFD /DR7VH /$%$1&$Ê7,&$6¶2%5(3$6 0LJFHQWHQDUG¶RUJDQLW]DFLRQVKDQFUHDWHOJHUPHQG¶XQDLQVWLWXFLyGHGLFDGDDGRQDUFUqGLWVD³LQVROYHQWV´ (OVH[FORVRVGHOVLVWHPDILQDQFHUVyQHOVFOLHQWVGHODEDQFDqWLFD(OVHX~QLFDYDOpVHOSURMHFWHHPSUHVDULDO ³/XFLD /LHEDQpV *XWLpUUH] QR SRGLD DFFHGLU DOV SUpVWHFV SHUVRQDOV QRUPDOV SHUTXq QR WHQLD DYDOV 1R REVWDQWDUDUHJHQWDXQDIORULVWHULDDO¶+RVSLWDOHWJUjFLHVDOPLFURFUqGLWGHHXURVSHVVHWHV TXHOLYDFRQFHGLUOD)XQGDFLyXQ6RO0yQGH&DL[D&DWDOXQ\DVHQVHGHPDQDUOLFDSDOWUDJDUDQWLDTXHHO VHXSURMHFWHHPSUHVDULDOLFREUDQWOLXQG LQWHUqVIL[DQXDO7$( $PEDTXHVWVGLQHUVYDSDJDUHOWUDVSjVODUHIRUPDLHOPDWHULDODPETXqYDSRVDUHQPDU[DXQQHJRFLTXH DUDOLSHUPHWIHUIURQWDOHVVHYHVFjUUHJXHVIDPLOLDUV $TXHVWQRHVUHVPHVTXHXQGHOVPLFURFUqGLWVTXHKDQFUHDWOORFVGHWUHEDOOTXHDTXHVWDIXQGDFLy KD FRQFHGLW SHU XQ WRWDO GH HXURV PLOLRQV GH SHVVHWHV OD PDMRULD D HPSUHQHGRUV LQGLYLGXDOVTXHHVWDQPDUJLQDWVGHOVLVWHPDILQDQFHUQRUPDOSHUIDOWDGHVROYqQFLD 7RWVHOOVWDPEpYDQDSRUWDUDOSURMHFWHGLQHUVRPDWHULDO /D IXQGDFLy WDPEp ILQDQoD SURMHFWHV G LQVHUFLy VRFLRODERUDO GH SHUVRQHV HQ VLWXDFLy GH PDUJLQDFLy DPE ULVFRV G H[FOXVLy VRFLDO R DPE GLILFXOWDWV G LQWHJUDFLy FRP SHU H[HPSOH SUHVRV H[GURJRDGGLFWHV PHQRUV WXWHODWVRMRYHVLQJUHVVDWVHQFHQWUHVG LQWHUQDPHQW 3HUH[HPSOHODIXQGDFLy(QJUXQHVYDUHEUHHXURVTXDWUHPLOLRQVGHSHVVHWHVSHUGRQDUIHLQDD MRYHVHQODUHSDUDFLyGHPRWRFLFOHWHVLO $VVRFLDFLySHUOD5HLQVHUFLyGH'RQHV$5('YDREWHQLU HXURV FLQF PLOLRQV GH SHVVHWHV SHU D XQD ERWLJD GH FRPHUo MXVW 8Q 6RO 0yQ FREUD LQWHUqV SHUTXq HO SURMHFWH©VLJXLVRVWHQLEOHªGLXHOVHXGLUHFWRU¬QJHO)RQWTXHGHVWDFDODQXOÂODPRURVLWDW (QOHVLQYHUVLRQVWDPEpKLKDH[FORVRV(OIRQVG¶LQYHUVLy)RQVÊWLF),0GH0RUJDQ6WDQOH\SURPRJXWSHU ,QWHUPyQ HV UHJHL[ SHU XQD &RPLVVLy ÊWLFD GH VHOHFFLy GH YDORUV TXH YD DL[HFDU JUDQ SROVHJXHUD D (VSDQ\DDOUHWLUDUODFRQILDQoDD7HOHIyQLFDSHUO¶HVFjQGROGHOHVVWRFNRSWLRQV³ (PSUHVD3RVLWLYD &5,7(5,6 (QWUHHOVFULWHULVILQDQFHUVPpVXWLOLW]DWV SHUMXWMDUSRVLWLYDPHQWXQQHJRFLR HPSUHVDKLKDHOVVHJHQWV • 0DQXIDFWXUDGHSURGXFWHV PHGLRDPELHQWDOVELROzJLFV G¶HVWDOYLHQHUJqWLFHGXFDWLXVR HODERUDWVSHUFROÂOHFWLXVVRFLDOV RG¶LQVHUFLyODERUDO • $GRSFLyGHSROtWLTXHV PHGLRDPELHQWDOV • 5HGXFFLyGHODGHVSHVD G¶HQHUJLDLXWLOLW]DFLy G¶HQHUJLHVUHQRYDEOHV • 3ROtWLFDGHUHFLFODWJHLSURWHFFLy PHGLRDPELHQWDO • 5HVSHFWHDODELRGLYHUVLWDW • 6XSRUWDOGHVHQYROXSDPHQW FRPXQLWDULLORFDO • ,JXDOWDWG¶RSRUWXQLWDWVGH JqQHUHGRQHVHQFjUUHFV GLUHFWLXVLWUDFWHLJXDOLWDUL • 5HODFLyDPEHOVDFFLRQLVWHV • )RUPDFLyODERUDO • 5HODFLRQVVLQGLFDOV • 7UDQVSDUqQFLDHQODJHVWLy HFRQzPLFDLILQDQFHUD • ,QLFLDWLYHVGHFRPHUoMXVWL FRQVXPUHVSRQVDEOH • 7UDQVIHUqQFLHVWHFQROzJLTXHVD SDwVRVSREUHV • 5HVSHFWHDOVGUHWVKXPDQVL DFWLYLWDWVHQSDwVRVRQHOVYLROHQ (PSUHVD1HJDWLYD +LKDPpVG¶XQFHQWHQDUGHFULWHULV qWLFVQHJDWLXVSHUDDFWLYLWDWV HFRQzPLTXHVLHPSUHVDULDOV$TXHVWV VyQHOVPpVKDELWXDOV • 3URGXFFLyLYHQGDG¶DOFRKRO DUPDPHQWWDEDFSRUQRJUDILD RGURJXHV • 1HJRFLVGHMRFVG¶DW]DU • 6XEPLQLVWUDPHQWVPLOLWDUV • ([SORWDFLyODERUDORLQIDQWLO • ([SHULPHQWVDPEDQLPDOV • 'HVWUXFFLyPHGLRDPELHQWDOL GHODFDSDG¶R]yL FRQWDPLQDFLyG¶DLJXDRDLUH • $JULFXOWXUDLQWHQVLYD ELRWHFQRORJLDLPDQLSXODFLy JHQqWLFD • (QHUJLDQXFOHDU • 3URGXFFLyGHSHVWLFLGHV • 7DODGHERVFRVWURSLFDOVL XWLOLW]DFLyGHODVHYDIXVWD • 0LQHULDFRQWDPLQDQW 0LFURFUqGLWVSHU FRPEDWUHODXVXUD WHUFHUPXQGLVWD (OIHQRPHQPpVSRUWHQWyVGH OD EDQFD qWLFD pV HO GHO *UDPPHQ %DQN GH %DQJOD 'HVK IXQGDW SHO SURIHVVRU G¶HFRQRPLD 0RKDPPDG ,XQXV GHVSUpV GH SUHVWDU O¶DQ\ OOLXUHV HVWHUOLQHV HXURV D IDPtOLHV TXH HVWDYHQ HQ OD PLVqULD SHUTXq QR SRGLHQ WRUQDU DTXHVWD TXDQWLWDW DOV XVXUHUV ORFDOV $YXL GLD HO JUXS *UDPPHQ LQFORX GXHV GRW]HQHV G¶RUJDQLW]DFLRQV L IXQGDFLRQV L GyQD PLFURFUqGLWVDGRVPLOLRQVGH FOLHQWV TXH HVWDQ HQWUH HOV PpV SREUHV GH OD 7HUUD (OV VHXV EHQHILFLDULV VROHQ VHU YtFWLPHV G¶XQD XVXUD WHUFHUPXQGLVWD FRP OD GHOV PHUFDWVGH0RoDPELFRQOHV YHQHGRUHV GH IUXLWHV KDQ GH GHPDQDU FDGD PDWt DOV SUHVWDPLVWHVQRXPHWLNDLVLD ODWDUGDHVYHXHQREOLJDGHVD WRUQDUDO¶XVXUHUPHWLNDLV XQDWD[DGLjULDGHOTXH HTXLYDOGULDDXQD7$(DQXDO GHO£ (/3(5,2',&2'(&$7$/81<$ 5(35,0,(1'26,1+80,//$5 6ROWDU XQD UHSULPHQGD D XQD SHUVRQD HFKDQGR HQ FDUD VX FRQGXFWD VXHOH VHU KXPLOODQWH \ SRFRHIHFILYR(ODXWRUSURSRQHQRGHMDUVHOOHYDUSRUORVHQILPLHQWRVSULPDULRV 1XHVWUD SULPHUD UHDFFLyQ DQWH XQD SHUVRQD TXH D QXHVWUR MXLFLR KD KHFKR DOJR PDO SRU DFFLyQ R SRU RPLVLyQHVH[SUHVDUQXHVWURHQIDGRKDFLDHOODDOSURSLRWLHPSRTXHOHHFKDPRVHQFDUDVXFRQGXFWD(VWD FODVHGHUHSULPHQGDVXHOHVHUKXPLOODQWHSDUDHOUHFHSWRUGHODPLVPD/RPiVSUREDEOHHVTXHVHVLHQWD PDO \ TXH VHJ~Q ODV FLUFXQVWDQFLDV \ VX SHUILO GH SHUVRQDOLGDG UHDFFLRQH GH XQ PRGR VXPLVR R TXH VH GHILHQGD(QXQDSDODEUDHVWDFODVHGHUHSULPHQGDTXHUDPRVRQRQRVXHOHVHUHIHFWLYD 6LQHPEDUJRKD\XQPRGRPiVHIHFWLYRGHUHSUHQGHUXQPRGRTXHHQHVHQFLDVHSURSRQHD\XGDUDOD RWUD SHUVRQDD PHMRUDU 3DUD H[SOLFDU HVWH HQIRTXH KH GH KDFHU XQD GLVWLQFLyQ +HPRV GH GLVWLQJXLU HQWUH H[SUHVDU XQ VHQWLPLHQWR \ GHFLU XQ VHQWLPLHQWR (VWR HV XQD FRVD HV LUULWDUVH \ RWUD FRVD HV GHFLU TXH HVWDPRV LUULWDGRV 8QD FRVD HV HQIDGDUVH \ RWUD FRVD HV GHFLU TXH HVWDPRV PROHVWRV FRQ OR TXH OD RWUD SHUVRQD KD KHFKR &XDQGR QRV LUULWDPRV R QRV HQIDGDPRV KHULPRV 6LQ HPEDUJR FXDQGR aHVWDPRV H[SOtFLWDPHQWH FRQ QXHVWUDV SDODEUDV OR TXHVHQWLPRV HV PHQRV SUREDEOHTXH KLUDPRVX RIHQGDPRV /D FXHVWLyQHV¢3RUTXpQRORKDFHPRV" 6RVSHFKRTXHKD\GRVUD]RQHV /DSULPHUDHVHOLPSXOVRSULPDULRGHORVVHQWLPLHQWRV1RVGHMDPRVOOHYDUSRUHOORV /DVHJXQGDHVHOWHPRUGHSDUHFHUYXOQHUDEOHV 6L GHFLPRV D OD RWUD SHUVRQD TXH VX FRQGXFWD QRV KD PROHVWDGR RIHQGLGR R DSHQDGR QRV HVWDPRV DEULHQGR D HOOD \ HQ FLHUWR PRGR QRV YROYHPRV YXOQHUDEOHV 7HPHPRV SDUHFHUQRV SRFR UDFLRQDOHV /D LQWHUYHQFLyQ GH ORV VHQWLPLHQWRV SXHGH VHU YLVWD FRPR XQD VHxDO GH GHELOLGDG 6LQ HPEDUJR HVWD GLVSRVLFLyQ D SDUHFHU YXOQHUDEOHV HV HQ HO IRQGR XQD PDQLIHVWDFLyQ GH QXHVWUD IXHU]D LQWHULRU 6yOR ODV SHUVRQDV LQWHULRQXHQWH IXHUWHV VH VLHQWHQ VHJXUDV SDUD GHFLU OR TXH VLHQWHQ SDUD GDU DFFHVR D VX ~OWLPD IURQWHUD LQWHULRU $GHPiV FXDQGR DFWXDPRV DVt HVWDPRV D\XGDQGR D DO RWUD SHUVRQD 'H HVWD PRGR OH KDFHPRVVDEHUORVHIHFWRVGHVXFRQGXFWDSDUDTXHSXHGDFRUUHJLU\PHMRUDU 5HVXPLHQGR OD UD]yQ GH VHU OD UHSULPHQGD UHVLGH HQ VX FDSDFLGDG GH D\XGDU D RWUD SHUVRQD D PHMRUDU $KRUDELHQSDUDD\XGDUDRWUDSHUVRQDDPHMRUDUQREDVWDFRQTXHOHGLJDPRVORTXHVHQWLPRV$GHPiV KHPRVGHGHFLUOHHQTXpVHKDGHVYLDGREULQGiQGROHXQDGHVFULSFLyQGHWDOODGDGHORTXHKDKHFKR\GHVXV FRQVHFXHQFLDVHQWpUPLQRVWDOHVTXHVHSDORTXHKDGHKDFHUSDUDPHMRUDU )LQDOPHQWHSDUDTXHODUHSULPHQGDVHDIHFXQGDKDGHFXPSOLUFXDWURFRQGLFLRQHVEiVLFDV • 3ULPHURGHEHUiSURFHGHUGHXQDDXWHQWLFDYROXQWDGGHD\XGDU • 6HJXQGRKDGHKDEHUXQDUHODFLyQGHFRQILDQ]DPXWXD • 7HUFHURKDGHGDUVHHQHOPRPHQWRRSRUWXQR • &XDUWR KD GH EDVDUVH HQ OD SUHVXQFLyQ GH TXH VHUi GH XWLOLGDG DO UHFHSWRU \D TXH WRGDV ODV SHUVRQDVWLHQHQUDVJRVGHPX\GLItFLOPRGLILFDFLyQ (VSHUDQGRTXHPDVGHXQRUHIOH[LRQHVREUHHVWDVQRWDV\VHORDSOLTXH\DTXHWRGRVHVWDPRV HQHOPLVPREDUFR 3RU-RVH0DULD5RGUtJXH](;3$16,21 /$(035(6$(;&(/(17( (VODSULPHUDYH]TXHWHQJRHOKRQRUGHKDFHUXQSHTXHxRHVFULWR\TXHHVSHURQRVHDHO~OWLPRDUDL]GH FyPRHVWiFDPELDQGRQXHVWUD,QVWLWXFLyQ&$,;$7(55$66$ /HFWRU DVLGXR H LQWHUHVDGR SRU ORV WHPDV ILQDQFLHURV OHt KDFH XQRV PHVHV HQ XQD SUHVWLJLRVD UHYLVWD HFRQyPLFD7KH(FRQRPLVI TXHODHPSUHVDPiVHILFD]GHOPXQGRHUDYDVFDFRVDTXHGHPRPHQWRPH H[WUDxySXHVSHQVDEDTXHHUDODHPSUHVDGRQGHSUHVWRPLVVHUYLFLRV $QDOL]DQGR GLFKR HVFULWR LQGLFDED GLFKD SXEOLFDFLyQ R DUWtFXOR TXH $ /$6 3(5621$6 +$< 48( &8,'$5/$6<027,9$5/$612(6758-$5/$6 3DUHFHVHUTXHODPHQFLRQDGDHPSUHVDIXQFLRQDVLQMHIHVQLMHIHVGH]RQDVLQKRUDULRVILMRV\WRGDVODV GHFLVLRQHVVHWRPDQHQWUHORVHPSOHDGRV6LJXHHODUWtFXORLQGLFDQGRTXHHQQXHYHDxRVKDQFRQVHJXLGR TXLQWXSOLFDU ODV YHQWDV PXOWLSOLFDU SRU VXV H[SRUWDFLRQHV H LQFUHPHQWDU HQ FDVL XQ SRU FLHQ VX SODQWLOOD7RGRpVWHp[LWR\ILORVRItDVHGHEHDXQKRPEUHDGHODQWDGRDVXWLHPSR.R,GR6DUDW[DJDHOFXDO H[SOLFD TXH QXHVWUR SUR\HFWR VH EDVD HQ ODV SHUVRQDV HQ OD DXWRJHVWLyQ GH HTXLSRV \ HO OLGHUD]JR GH WRGRV (V XQD RUJDQL]DFLyQ KRUL]RQWDO \ WUDEDMDPRV SDUD FUHDU HPSOHR \ ULTXH]D HQ OD VRFLHGDG TXH YLYLPRV 'HWRGRHVWHODUJRHVFULWRVRQYDULDVODVPRUDOHMDVTXHVHSXHGHQFRQFOXLURVDFDUVLHPSUHKDFLHQGRFUtWLFD FRQVWUXFWLYDHQQXHVWUDHQWLGDGORVMHIHVJDVWDQGHPDVLDGDVHQHUJtDVHQFRQWURODUPLQXWRDPLQXWRGtDD GLD KRUD D KRUD D ORV HPSOHDGRV FUHDQGR FRQ HOOR XQD YHUGDGHUD SpUGLGD GH WLHPSR \ FUHDQGR XQ HQIUHQWDPLHQWRFRQWLQXR\PDOHVWDUHQFDGDVLWLRGHWUDEDMR (VEXHQRGHGLFDUDODHPSUHVDWRGDVODVHQHUJtDVSHURWDPELpQHVEXHQR\DVtORFRQILUPDQORVHVWXGLRV SUHVWLJLRVRVGHQXPHURVDVSHUVRQDOLGDGHVGHOPXQGRODERUDOGHGLFDUVHDODIDPLOLDDORFLRHWF (VSHUR TXH FRQ HVWH SHTXHxR HVFULWR DOJXLHQ WHQJD OD FDSDFLGDG VHUHQLGDG \ LQWHOLJHQFLD GH SRQHUOR HQ SUDFWLFD SRU HO ELHQ GH &$,;$7(55$66$ \ GH WRGRV ORV TXH IRUPDPRV VX SODQWLOOD HQ ODV GLIHUHQWHV FDWHJRUtDV SURIHVLRQDOHV GHVGH HO $X[LOLDU DO 'LUHFWRU *HQHUDO TXH FRPR GHFtD HO PDORJUDGR FDWHGUiWLFR (UQHVW/OXFKWRGRVVRPRVHPSOHDGRVGHHVWDHPSUHVD &RVPH5RPHUDOHV &2192&$725,$'(//,67(6'¶(63(5$ 'DUUHUDPHQWV¶KDFRQVWDWDWTXHSHUDUULEDUDXQOORFDOD&DL[DGH7HUUDVVDLWHQLUXQVRXPpVGLJQHV¶KDQ FUHDWOHVOOLVWHVG¶HVSHUD 3HUORTXHVLHVWjVLQWHUHVVDWHQDOJXQOORFHQHVSHFLDOFDOTXHW¶DSXQWLVDODOOLVWDFRUUHVSRQHQW • ',5(&725*(1(5$/OORF • ',5(&725'(',9,6,Ï/ORFV • ',5(&725'(=21$/ORFV • &$36'('(3$57$0(17/ORFV • ',5(&725,17(59(1725$32'(5$7/ORFV$TXHVWHVSODFHVQRVRQWDQUHQWDEOHVGHJXWD ODSRFDYDULDFLyGHVRXLHOHYDGDTXDQWLWDWGHUHVSRQVDELOLWDWSULQFLSDOPHQWHOGDUUHU 1R HV FRQYRTXHQ D OHV SODFHV GH 0DQWHQLPHQW GH &DL[HUV MD TXH DTXHVWHVYLQGUDQLPSRVDGHVYLD=RQD SHUWDOGHDL[tSRGHUSUHPLDUHOVIDYRUV SUHVWDWV 3DJDQW XQ DOWUH 'HSDUWDPHQWSHUVXSRVDW /HV /OLVWHV G¶HVSHUD TXHGHQ REHUWHV GHV G¶DYXL WUXFDQW SHU WHOqIRQ DO 'HSDUWDPHQWGH5HFXUVRV+XPDQV *DOOLSROLV (/75$&7$7'¶875(&+78175$&7$7,17(51$&,21$/ /DUHFHQWKLVWzULDG¶(VSDQ\DV¶RPSOHDYHVVDUGHSDWULRWLVPHDUDHQVWUREHPDFWXDOPHQWDPEO¶DILUPDFLyGHO JRYHUQHVSDQ\ROTXHHO7UDFWDWG 8WUHFKWGHKDSUHVFULW 'HFRQIRUPLWDWDPEDTXHOO7UDFWDW(VSDQ\DYDFHGLU*LEUDOWDUD*UDQ%UHWDQ\D©DPEWRWDPHQDGHGUHWVL SHUVHPSUHªLYDLQFRUSRUDUOD1DFLy&DWDODQDD(VSDQ\DSHUXQSHUtRGHVLPLODUPHQWLQGHILQLW(VSDQ\DQR SRWEHQHILFLDUVHSHUDPEGyVFDQWRQVR*LEUDOWDUpVHVSDQ\ROLOD1DFLy&DWDODQDpVOOLXUHREp*LEUDOWDUpV EULWjQLFL/D1DFLy&DWDODQDIUDQFHVSDQ\ROD *LEUDOWDUQRKDHVWDWPDLWHUULWRULHVSDQ\ROHQFRQWUDGHOTXHHO33LHO36&362(KDQYLQJXWH[SOLFDQWGH PDQHUD UHLWHUDGD 'HV G DTXHVWD SHUVSHFWLYD FDO HQWHQGUH HOV PRWLXV GH OD VRELUDQLD DQJOHVD VREUH HO SHQ\DO , VL Ep OD VHYD HIHFWLYLWDW YD TXHGDU OOLJDGD D OD VHYD LPSRUWjQFLD HVWUDWqJLFDPLOLWDU FDO WHQLU HQ FRPSWHTXHODSHUPDQqQFLDEULWjQLFDVREUHHOSHQ\DOIUHJDHOVWUHVFHQWVDQ\VGHVGHLHQFDQYLOD SUHVqQFLDFDVWHOODQDTXHQRHVSDQ\RODQLPROWPHQ\VFDWDODQDQRDUULEDDDQ\VGRQFVEjVLFDPHQWDO OODUJGHODVHYDKLVWzULDKDHVWDWXQUHFODPDWWHUULWRULPRUR &XULRVDPHQWHOSUHXGHODUHWLUDGDGHOVXSRUWDQJOqVHQODFDXVDGHO $U[LGXF&DUOHV,,,HOQRVWUHDOLDWYD pVVHU QL PpV QL PHQ\V DTXHVW HQFODYDPHQW JHRHVWUDWqJLF (OV HVSDQ\ROV DPE )HOLS 9 QR YDQ GXEWDU HQ FHGLU HO FRQWURO VREUH HO SHQ\DO DOV DQJOHVRV (IHFWLYDPHQW HO GRPLQL GHOV IqUWLOV WHUULWRULV GHOV 3DwVRV &DWDODQVLODVHYDGLQjPLFDDFWLYLWDWFRPHUFLDOHUDPROWPpVDSUHFLDGDSHUODGLQjVWLFDERUEzQLFDTXHQR SDVXQDVLPSOHSRVLFLyHVWUDWqJLFDTXHSRGLHQVXSOLUVHGHVG DOWUHVSRUWVSURSHUV 1R REVWDQW OD IDFLOLWDW DPE TXq HOV HVSDQ\ROV HV GHVIHUHQ GH *LEUDOWDU SHU GRPLQDU HOV WHUULWRULV FDWDODQV OOHLDOVDO $U[LGXF&DUOHVYDVXSRVDUODUHGDFFLyG¶HO7UDFWDWG 8WUHFKW0DOHOVKLSHVLDOVFDVWHOODQVWRWKD TXHGDWHVFULW / DIDQ\ G (VSDQ\D SHU UHFREUDU *LEUDOWDU GHVSUpV GH PpV GH GXHV FHQW~ULHV L PLWMD V KD PRVWUDW WDQ FRQWDJLyVTXHHOFRPLWqGHGHVFRORQLW]DFLyGHOHV1DFLRQV8QLGHVKDDFFHSWDWHOSXQWGHYLVWDHVSDQ\ROTXH (VSDQ\D YD VLJQDU HO 7UDFWDW G 8WUHFKW VRWD FRDFFLy DO ILQDO GH OD *XHUUD GH 6XFFHVVLy 3HU FRQVHTHQW VHJRQVHOFDVpVSUHVHQWDWSHU(VSDQ\DHO7UDFWDWMDQRWpYDOLGHVDOHJDOLpVXQDQDFURQLVPHKLVWzULF (Q SDUWLFXODU GLXHQ HOV HVSDQ\ROV KL KD O DUWLFOH TXH HVWDEOHL[ HO VHJHQW ©(O UHL FDWzOLF )HOLS 9 SHU DTXHVWWUDFWDWFHGHL[HQQRPVHXLGHOVVHXVKHUHXVLVXFFHVVRUVDOD&RURQDGH*UDQ%UHWDQ\DO HQWHUDL FRPSOHWDSURSLHWDWGHODFLXWDWLHOFDVWHOOGH*LEUDOWDUFRQMXQWDPHQWDPEHOSRUWIRUWLILFDFLRQVLSDUWVDTXq SHUWDQ\HQ L HOO UHQXQFLD D O HVPHQWDGD SURSLHWDW TXH WLQGUDQ L JDXGLUDQ DEVROXWDPHQW DPE WRWD PHQD GH GUHWVLSHUVHPSUHª 3HUzWDPEpHOVFDWDODQVKDXULHQGHFRQqL[HUTXHKLKDO DUWLFOHTXHGLX©SHUWDOFRPODUHLQDGHOD*UDQ %UHWDQ\DKDSUHVVLRQDWLLQVLVWLWFRQWtQXDPHQWDPEHOVHXPpVJUDQGHOHUTXHWRWVHOVKDELWDQWVGHOD1DFLy &DWDODQDGHTXDOVHYROHVWDWRFRQGLFLyTXHVLJXLQKDQG REWHQLUQRVRODPHQWXQFRPSOHWLSHUSHWXREOLWGH WRW HO TXH IRX IHW HQ OD SDVVDGD JXHUUD &DWDOXQ\D KDYLD HVWDW DO FRVWDW GH OD *UDQ %UHWDQ\D L IUXLU GH OD FRPSOHWDSRVVHVVLyGHWRWHVOHVVHYHVSURSLHWDWVLKRQRUVVLQyTXHWDPEpKDQGHFRQVHUYDUVHXVLtQWHJUHV HOVVHXVDQWLFVIXUVLSULYLOHJLVª / DUWLFOHFRQWLQXDYDGLHQWTXHHQUHFRPSHQVDSHOSHUGyGH)HOLS9(VSDQ\DSRGLDWHQLU&DWDOXQ\D 6HQVH SqUGXD GH WHPSV (VSDQ\D HV YD DQQH[LRQDU OD 1DFLy &DWDODQD KL YD DSOLFDU OD OOHL GH &DVWHOOD +L LPSRVjODOOHQJXDFDVWHOODQDLYDDGPLQLVWUDUO LQGUHWGHVGH0DGULG (OVFDWDODQVDL[tSRGHPDUJXPHQWDUTXHVLO DUWLFOHKDSHUGXWHIHFWLYLWDWDPEHOWHPSVWDOFRPUHFODPDHO JRYHUQ HVSDQ\RO DOHVKRUHV O DUWLFOH WDPEp KD SHUGXW YLJqQFLD L TXH OD 1DFLy &DWDODQD KDXULD GH VHU OOLXUHLQRSDWLUFRPDFWXDOPHQWXQDRFXSDFLyLOÂOHJDOSHUOHVIRUFHVG XQDOWUH%RUEy-RDQ&DUOHV 'HIHWFXULRVDPHQWLPDOJUDWHOVKLSHVLDOVHVSDQ\ROVHOVLJQDQWJDUDQWGHODVHYDSRVLFLyYDpVVHUHOUHL IUDQFqVERUEzQLF/OXtV;,9DOFDSLDODILHOUHSUHVHQWDQWGHOQRXSRGHUHPHUJHQWHQHOFHQWUHG (XURSD /D&RURQDFDWDODQRDUDJRQHVDLOHVVHYHVLQVWLWXFLRQVLFRQVWLWXFLRQVTXHGDPDOPHVDSHUzUHVSHFWDGDGH PDQHUDH[SOtFLWDHQHOFRQMXQWGHO7UDFWDW(QWUHHOOHVHVSHFLDOPHQWHOUHVSHFWHDOHVVHYHVOOLEHUWDWVLOHV VHYHV OOHLV PDOJUDW HO FDQYL GH GRPLQDFLyGLQjVWLFD DO SDVVDUVRWD O HVIHUDGHO %RUERQV WRW DEDQGRQDQW OD GHOV$XVWULHV 7RWKRP VDS TXH DL[z PDL YD pVVHU DL[t L TXH DTXHVWHV GLVSRVLFLRQV OHJDOV YDQ pVVHU YXOQHUDGHV SHU OD SUHSRWqQFLDHVSDQ\RODLODFRYDUGLDFDVWHOODQDODTXDOJDXGLDLJDXGHL[GHOIDYRULWLVPHERUEzQLF(O'HFUHW GH 1RYD 3ODQWD YD VXVFLWDU WRWD PHQD GH UHDFFLRQV LQWHUQDFLRQDOV HQ DTXHOO PRPHQW /D &DPEUD GHOV &RPXQVD/RQGUHVYDGLVFXWLUVREUHODVHYDWUDwFLyHQYHUVHOVOOHLDOVV~EGLWVFDWDODQVLDPEWDOILYDWUDFWDU GHPLWLJDUQHHOVVHXVHIHFWHVGHYDVWDGRUV'HVGHOODYRUVHOWH[WLHOVPDQGDWVGHO7UDFWDWG 8WUHFKWKDQ HVGHYLQJXWODPDODFRQVFLqQFLDGHOVHVSDQ\ROVLHOSHQ\DOGH*LEUDOWDUODVHYDYHUJRQ\DLSHUWRWDL[zHQ GHPDQHQODVHYDVXSUHVVLy /HVQRUPHVGHGUHWLQWHUQDFLRQDOS~EOLFWHQHQXQDLQWHUHVVDQWSDUWLFXODULWDWTXHHQVpVPROWIDYRUDEOHVyQ G REOLJDW FRPSOLPHQW 1R DSURILWDUKR SHU LQDFWLYLWDW R SHU LJQRUjQFLD HQV VXSRVDULD XQD IDOWD EHQ JUHX 6DEHUQHWRWVHOVGHWDOOVpVHOSULPHUSDV'HVSUpVYLQGUjO KRUDGHO DFFLy A0DYHULFNAO¶LQGHSHQGHQW ',5,*(176 8QDUDPDGDGHOORSVURQGDYDSHOVYHUDOV(QWUHHOOV HQ VREUHVRUWtD XQ UHFHQW SRVWDW YDOHQW L DVVHQ\DW TXHDSXQWDYDSHUFDSGHFROOD 8Q GLD VRUWLUHQ D FDoDU (O OORS DOID DQXQFLj RORU G¶RYHOOD L WRWV HPSUHQJXHUHQ OD FXUVD (O OORS MRYH FRUULDDIUHFGHOFDSLWRVW (Q SOH JDORSCHO VXEDOWHUQ GLJXp D FDX G¶RUHOOD GHO OORSJXLD 6HQWRIHUXPG¶KRPH 7RWV GHWLQJXHUHQ OD PDU[D IODLUDUHQ D FRQWUDYHQW L DVVHQWLUHQTXHDOOzHUDHQVDUURQDGD 0HQWUHGHDPEXODYHQSHOVHXWHUULWRULHOSDUHGHOOORS SURPHVDVHOLDFRVWjUHQ\DQWOR 4XH Q¶HWV G¶LQH[SHUW -R WDPEp O¶KH HQVXPDW O¶HQJDQ\ SHUz KH FDOODW (O TXH KDYLHV G¶KDYHU IHW HUDSRVDUWHDOGDUUHUDLGHL[DUHOFDSDO¶HVWDFDGD$ KRUHV G¶DUD MD UHLHV SXQWHU +DV GH WHQLU PpV DVW~FLD +DV GH VHU PpV SROtWLF VL YROV DUULEDU DO FDSGHPXQW (OMRYHOORSOLFRQWHVWj 3HUGRQHX SHUz MR QR FUHF TXH OD SROtWLFD VHUYHL[L SHUGHUURFDUDGYHUVDULV 3HQVRTXHHOJRYHUQDQWKDGHVHUYLULYHWOODUSHOEp GHWRWDODOORSDGD (OYHOOOORSHOGHL[jPRYHQWHOFDSLUHPXJDQW $TXHVW³[LFRW´QRIDUjSDVFDUUHUDeVXQLGHDOLVWD /¶2%5(5 2EUHUPHQ\VREUHULJXDODERLQD $UUHOTXDGUDGDGHERLQD LJXDODFXHWDDPEJXVWDEDGDQD 8QREUHUQRpVLJXDODXQDOWUHREUHU 0LJREUHUQRPpVpVO¶DUUHOF~ELFDG¶XQDIRUPLJRQHUD 8QDIRUPLJRQHUDpVO¶HVSDLPj[LPHQPHWUHVTXDGUDWV SHUTXqKLYLVTXLQWUHQWDREUHUVLODIDPtOLD G¶XQG¶HOOVDHVFROOLU 8QDIRUPLJRQHUDVHUYHL[SHUSUHSDUDUFzFWHOVJHJDQWV RSHUPDUHMDUHOVjQHFV RSHUPDUHMDUHOVREUHUV /DPHLWDWG¶XQREUHUQRpVLJXDODXQTXDUWGHYHGHOOD (QFDUDTXHVLHOTXDUWpVJUDQHVYLXPLOORUTXHDODIRUPLJRQHUD LDL[ySHUEpTXHURPDQJXLDWXUDGD 2EUHUPpVWD[LLJXDODREUHUPRWRULW]DW 2EUHUPHQ\VSLFLJXDODREUHUDPE³PRQR´ 2EUHUGLYLGLWSHUGRVLJXDODFDUQLVVHULD -RSURSRVVDULDDOVQRVWUHVERQVPDQGDWDULVTXHFRQVLGHUHVVLQ O¶REUHUFRPXQDHVSqFLHDH[WLQJLU 2EUHUGDPXQWG¶REUHULJXDODPDUUDQDGD 2EUHUPXOWLSOLFDWSHUREUHULJXDODIjEULFDGHFRQVHUYHV 2EUHUPHQ\VREUHULJXDODERLQD DERLQDGHJRPDSHUSRVDUKLFLPHQW FLPHQWG¶XQDIRRRRUUUUUUUUUUUUUUUPLJRQHUD (/35,0(5+20%5((1/$/81$ (OGHMXOLRGH1HLO$UPVWURQJFRPDQGDQWHGHO0RGXOR/XQDU$SRORVHFRQYLUWLyHQHOSULPHUVHU KXPDQRTXHSLVyODOXQD 6XV SULPHUDV SDODEUDV DO VHQWDU SLH HQ QXHVWUR VDWpOLWH ³(VWH HV XQ SHTXHxR SDVR SDUD XQ VHU KXPDQR SHUR XQ EULQFR JLJDQWH SDUD OD KXPDQLGDG´ IXHURQ WUDQVPLWLGDV D OD 7LHUUD \ HVFXFKDGDV SRU PLOORQHV GH SHUVRQDV -XVWRDQWHVGHUHJUHVDUDODQDYH$UPVWURQJKL]RXQFRPHQWDULRHQLJPiWLFR³%XHQDVXHUWH6U*RUVN\´ 0XFKDJHQWHHQOD1$6$SHQVyTXHIXHXQFRPHQWDULRLQWUDVFHQGHQWHVREUHDOJ~QFRVPRQDXWDVRYLpWLFR 6LQ HPEDUJR GHVSXpV GH YHULILFDUOR YLHURQ TXH QR KDELD QLQJ~Q *RUVN\ HQ HO SURJUDPD HVSDFLDO UXVR R DPHULFDQR $ WUDYpVGH ORVDxRV PXFKD JHQWH ORLQWHUURJyDFHUFD GHO VLJQLILFDGR GH DTXHOOD IUDVH VREUH*URVN\ \ VX FRQWHVWDFLyQIXHVLHPSUHXQDVRQULVD (O GH MXOLR GH $UPVWURQJ VH HQFRQWUDED HQ OD %DKtD GH 7DPSD )ORULGD FRQWHVWDQGR SUHJXQWDV GHVSXpVGHXQDFRQIHUqQFLDFXDQGRXQUHSRUWHUROHUHFRUGyODIUDVHTXHKDELDSURQXQFLDGRDxRVDWUiV (VWDYH]ILQDOPHQWH$UPVWURQJDFFHGLyDFRQWHVWDU (O 6HxRU *RUVN\ KDEtD PXHUWR \ DKRUD $UPVWURQJ VHQWtDTXHSRGtDGHVSHMDUODGXGD (Q VLHQGR XQ QLxR HQ XQD SHTXHxD FLXGDG GHO PHGLR RHVWH 1HLO VH HQFRQWUDED MXJDQGR D EDVHEDOO FRQXQDPLJRHQHOSDWLRGHVXFDVD6XDPLJREROHy OD SHORWD OD FXDO DWHUUL]y HQ HO MDUGLQ FRQWLJXR FHUFD GH OD YHQWDQD GH OD KDELWDFLyQ GH ORV YHFLQRV 6XV YHFLQRVHUDQODVHxRUD\HO6HxRU*RUVN\ &XDQGR 1HLO VH DJDFKy D UHFRJHU OD SHORWD HVFXFKy TXH OD VHxRUD JULWDED DO VHxRU *RUVN\ ³¢6H[R RUDO" ¢4XLHUHVVH[RRUDO"«£WHQGUiVVH[RRUDOFXDQGRHO KLMRGHORVYHFLQRVFDPLQHHQODOXQD´ $QqFGRWDKLVWzULFD /D7UDJqGLDGH&DPEULOV 5(&8//6+,67Ñ5,&6 $FRQVHTqQFLDGHOVIHWVGHO&RUSXVGH6DQJGHMXQ\GHOV¶DJUHXMjHOFRQIOLFWHTXHMDIHLDWHPSV TXHH[LVWtDHQWUH&DWDOXQ\DLHO*RYHUQG¶(VSDQ\D'HFLGLWVDVRWPHWUHHOQRVWUHSREOHSHUODIRUoDHOFRPWH G¶2OLYDUHVGHLDTXHFDOLDDOODQDUD&DWDOXxDHOVJRYHUQDQWVGH0DGULGOODQoDUHQFRQWUDODWHUUDFDWDODQDXQ SRGHUyV H[qUFLW G¶XQV KRPHV TXH D OD WDUGRU GH O¶DQ\ HQWUj D &DWDOXQ\D SHU OD EDQGD GH 7RUWRVD /¶H[qUFLW FDWDOj HVFjV L SRF RUJDQLW]DW HQFDUD HV GHIHQVj KHURLFDPHQW HQ GLYHUVRV OORFV HVSHFLDOPHQW D O¶DQRPHQDW FROO GH %DODJXHU (OV FDVWHOODQV FRPDQGDWV SHO PDUTXqV GH ORV 9qOH] XQ GHVFHQGHQW GHOV 5HTXHVHQVFDWDODQVHQWUDUHQFRPXQDRQDGDIXULRVDDO&DPSGH7DUUDJRQD (Q PLJ GHO GHVFRQFHUW GH OD GHIHQVD GHVFRQFHUW HQ TXq WLQJXp SDUW OD WUDLFLy XQ KRPH EUDX XQ JUDQ SDWULRWD -DFLQW 9LORVVD JRYHUQDGRU GHO &DPS GH 7DUUDJRQD RUJDQLW]j OD UHVLVWqQFLD D &DPEULOV SREODFLy DPXUDOODGDTXHHOVFDWDODQVKDYLHQFRQYHUWLWHQSODoDG¶DUPHV (Q9LORVVDDMXGDWSHOEDUyGH5RFDIRUWLSHOVHUJHQWPDMRUGHO¶H[qUFLWFDWDOjHQ&DUOHV%HUWUROjDSOHJjXQV KRPHV D &DPEULOVGLVSRVDWV D SODQWDUFDUDD O¶LQYDVRU (UD JHQWGHO&DPS GH 7DUUDJRQD D OD TXDO V¶KDYLDDMXQWDWODJHQWGHOEDUyGH5RFDIRUWRVLJXLXQVKRPHVGHOD&RQFDGH%DUEHUjXQDJUDQSDUW GHOVTXDOVHUHQGH6DUUDO $UULEj O¶H[qUFLW FDVWHOOj GDYDQW &DPEULOV /D VHYD DYDQWJXDUGD IRX UHEXWMDGD VDJQDQWPHQW SHOV FDWDODQV 3HUzDYLDWFRPSDUHJXpGDYDQWODYLODHOVJURVGHOHVIRUFHVHQHPLJXHVLHOGLDGHGHVHPEUHGHO SRVDUHQVHWJHDODSODoD $TXHVWDQRSRGLDUHVLVWLU/HVVHYHVPXUDOOHVQRYDOLHQJUDQFRVD1RKLWHQLHQHOVFDWDODQVO¶DUWLOOHULDTXH HUDQHFHVVjULDSHUDUHVLVWLUHOVHWJH7DPSRFWHQLHQFDYDOOHULD1RREVWDQWTXDQHOPDUTXqVGHORV9qOH] LQWLPjODUHQGLFLyHOEDUyGH5RFDIRUWFRQVWHVWjTXHDEDQVGHODUHQGLFLySUHIHULDODPRUW (QUHDOLWDWHOVDVVHWMDWVYROLHQJXDQ\DUWHPSVHVSHUDQWTXHYLQJXHVVLQQRYHVIRUFHVFDWDODQHV3HUzO¶DX[LOL UjSLG HUD LPSRVVLEOH 1R SRGHQW FRQILDU HQ O¶DX[LOL H[WHULRU L IHQWVH LQVRVWHQLEOH OD VLWXDFLy SHU FDXUH FRQWL GHOVFDEGLOV(Q9LORVVDHOEDUyGH5RFDIRUWHQ%HUWUROjHOEDWOOHLGRVMXUDWVRUHJLGRUVGHODYLOD$WRWVHOOV VH¶OVGRQjJDUURWLOOXUVFRVVRVIRUHQSHQMDWVDOSRUWDOGHOHVPXUDOOHV , YHW DFt TXH TXDQ VRUWLHQ GH OD YLOD HOV VHXV GHIHQVRUV GHVDUPDWV HV SURGXt XQD HVFHQD KRUURURVD /D FDYDOOHULDFDVWHOODQDWUHQFDQWOHVFRQGLFLRQVGHODUHQGLFLyHVOODQojDPEHOVVDEUHVGHVHQYHLQDWVGDPXQW OD PDVVD GH OD SREUD JHQW 0pV GH FDWDODQV YDQ pVVHU DVVDVVLQDWV G¶DTXHVWD PDQHUD (OV FDSV GH O¶H[qUFLWLQYDVRUFRQGHPQDUHQHOYHUJRQ\yVFULPSHUzQRHVYDFDVWLJDUDQLQJ~ $529,5$L9,5*,/, ³//,%5('(/(&785$/$0$,1$'$´±GHMXQ\GH (/612675(6%$//6,'$1&(6 (Q -DQ SHWLW FRP EDOOD XQV GLXHQ HQ -RDQ 3HWLW TXDQ EDOOD HV XQD GDQVD TXH WRWV O¶KHP EDOODW TXDQWpUHPSHWLWVSHUzGHL[HXPHH[SOLFDUO¶KLVWRULD G¶HQ-DQ (Q -DQ 3HWLW pV XQ SHUVRQDWJH GH OD KLVWzULD G¶2FFLWDQD L XQ GHOV WUHV FDSV MXQWDPHQW DPE /DIRUFD L /DSDOKD TXH HV YDUHQ XQLU DPE PLOHUV G¶KRPHV SHU WDO GH SODQWDU FDUD DO UHL 6RO /OXtV ;,9DOLHOIHWTXHYDGRQDUHOQRPDODFDQoy HV TXH HQ -DQ YD FDXUH HQ PDQV GH OD WURSD HQHPLJDLHOVVROGDWVHVYDQHQFDUUHJDUG¶HVFODIDU OLWRWVHOVRVVRVDOPLJGHOFDUUHULGHVSUqVHOYDUHQ IHUHQWURVVHWVILQVTXHYDPRULU,DL[tV¶H[SOLFDOD WULVWD FDQoy G¶HQ -DQ 3HWLW TXH GDQVDYD DPE OD FDPDDPEHOSHXDPEHOGLW $98,5(&20$1(03(5//(*,5 $TXHVWOOLEUHWpHOYDORUG¶H[SOLFDUXQDOODUJDVqULHGHIHWVSROtWLFVVRFLDOVL HFRQzPLFVTXHODPDMRULDGHFLXWDGDQVGHVFRQHL[HQWRWLTXHHOVDIHFWHQ GLUHFWDPHQW (OV DXWRUV XQ SHULRGLVWD XQ MXULVWD XQ HFRQRPLVWD XQ HPSUHVDULXQKRPHGHO¶HVSRUWXQH[FDSHOOjLXQPHWJHV¶KDQGRQDWHO QRP GH &ROÂOHFWLX -% %RL[ SHU UHGDFWDU DTXHVW OOLEUH TXH DWXUDQWVH D H[DPLQDU HOV WHPHV PpV DSDVVLRQDQWV GH OD YLGD FDWDODQD G¶DYXL pV OD KLVWzULD G¶XQD GHFHSFLy 8QD GHFHSFLy FRPSDUWLGD SHU ERQD SDUW GH OD VRFLHWDW , DTXt VH¶Q IDQ FRQVWDU OHV FDXVHV 1R WDQ VROV OHV GLILFXOWDWV L OHV LQMXVWtFLHV TXH &DWDOXQ\D KD UHEXW L UHS HQ HO WUDFWH DPE (VSDQ\ VLQy WDPEp HOV HUURUV OHV IHEOHVHV L OHV FRPSOLFLWDWV TXH HV SRGHQ GHVFREULU HQWUHHOVTXLWHQHQSRGHUHQWUHQRVDOWUHV 9DPHQWUDUHQODGHPRFUjFLDSHQVDQWTXHWHQtHPXQDDUPDSRGHURVDD ODPjLKHPDFDEDWDQDQWDPXQWLDYDOODPEXQFDoDSDSDOORQHV (O &ROÂOHFWLX -% %RL[ H[SOLFD DPE WRWV HOV SqOV L VHQ\DOV FDVRV ODPHQWDEOHVG¶DEGLFDFLRQVGHMRFVG¶LQWHUHVVRVG¶RSHUDFLRQVGXEWRVHVL DOFRQHL[HPHQWGHOVIHWVKLDIHJHL[HOSXQW GHVjWLUDGHOV TXLKDYHQWVH HQJUHVFDW DPE XQ SURMHFWH VyQ FDSDoRV GHV GH OD IH GHPRFUjWLFD L VHQVHDGVFULSFLyDFDSSDUWLWGHGHVFULXUH¶QODQDUFRWLW]DFLy/HVFXOSHV HVWDQUHSDUWLGHV(OVFLXWDGDQVGHFHEXWVGHVFREULUDQHQDTXHVWOOLEUHTXH ODFXOSDGHODIUXVWUDFLyQRpVVHYD,TXHHQFDUDTXHODYHULWDWQRVLJXL VHPSUH DJUDGDEOH FDO GLUOD SHU GHFqQFLD L FRQqL[HUOD SHU LQWHQWDU FRUUHJLUOD 127(6'¶+8025 25*$1,*5$0$&/¬66,& 7+,6,6$0(5,&$ HU3/(*$581128 %,7//(7'(&20 6¶,1',&$ RQ&217,18$53/(*$17 '¶$48(67$)250$ &RPSDUDUTXHTXHGLFRPHOGLEXL[GH ODGUHWD U 3/(*$5+2 '(/ &267$7 '5(7H[DFWDPHQWFRPV¶KDSOHJDW HOGHO¶HVTXHUUD 9HXUHX FRP HO 3HQWjJRQ HVWj FUHPDQWFHUFOHYHUPHOO UW$5$*,5$5(/%,7//(73(5 0,5$5'$55(5$ /HV7RUUHV%HVVRQHVGHO:RUOG7UDGH &HQWHUHVWDQMXQWHVLIXPHMDQW , SHU DFDEDUKR G¶DGREDU HO TXH UHSUHVHQWD XQ SOHJDW GHVLJXDO G¶XQ ELWOOHWGHTXHILQVLWRWSHUPHWOD FRPELQDFLy DPE OHV SDUDXOHV GHO ELWOOHWG¶XQIDPyVQRPGHOOHWUHV 9HUWDGHUDPHQWHOSOHJDWJHRPqWULFG¶XQELWOOHWGHSRWDPDJDUDFFLGHQWDOPHQW XQDUHSUHVHQWDFLyG¶DPEGyVWHUURUtILFVDWDFVLDOPDWHL[WHPSVHOQRPGHOWHUURULVWD PHVEXVFDWDUUHXGHOPRQ" ,QIRUPDFLyH[WUHWDG¶,QWHUQHW 352*5$0$&,Ï'(7(/(9,6,Ï /DYDERS~EOLFR 5HSRUWDWJHVREUHOHVDWHUUDGRUHVSVLFRIRQLHVL HOVHVWUDQ\VVRUROOVTXHHVSRGHQHVFROWDUDOV (OHVFXDGUyQGHODPXHUWH ODYDERVGH6HUYHLV&HQWUDOVFULWVG¶DQJRL[DL /HV OOXLWHV GLjULHV GHOV HPSOHDWV G¶RILFLQHV GHGRORUG¶DOJXQpVVHUWRUPHQWDWSHUO¶HVIRUo SHUDFRQVHJXLUXQVPLOORUVUHVXOWDWV 7HOHQRWtFLHV1LW /RV+RPEUHVGH+DUUHOVRQ 'DUUHUHV QRYHWDWV VREUH HO FDV 2SHQLQJ /HV OOXLWHV GLjULHV GHOV HPSOHDWV GH 6HUYHLV UHVXOWD TXH DTXHVWD PDWHL[D HPSUHVD WDPEp &HQWUDOVSHUDFRQVHJXLUXQVPLOORUVUHVXOWDWV JHVWLRQDYD HOV FXUVRV D GLVWjQFLD LPSDUWLWV D FDL[DWHUUDVVD SHU OD TXDO FRVD WRWV HOV /DVVXSHUQHQDV DOXPQHV TXH KjJLQ IHW R HVWLJXLQ IHQW /HV OOXLWHV GLjULHV GHOV GLUHFWLXV GH FDL[D SHU DFWXDOPHQW DOJXQ G¶DTXHVWV FXUVRV GHL[DUDQ DFRQVHJXLUXQVPLOORUVUHVXOWDWV GHFREUDUODVHYDQzPLQDSHUSRGHUWDSDUDL[t HOIRUDWTXHKDGHL[DWDTXHVWDPRJXGD &LQHPDGHPDWt³$OWDVRFLHWDW´ %XHQRVGtDV(VSDxD &RQYLGDW-RVp0DULD$]QDU 5HWUDW HQ SURIXQGLWDW VREUH OD ³+LJK VRFLHW\´ &LQHPDQLW³/DWDSDGHUD´ DTXHOOHV SHUVRQHV ³YLS´ TXH QR HV EDUUHJHQ 1HJUD KLVWzULD VREUH XQD HPSUHVD TXH IHLD DPEODFKXVPDLTXHTXDQHVFUHXHQDPEDOJ~ HQTXHVWHV DOV VHXV HPSOHDWV SHU IHU YHXUH GHSRVLFLyLQIHULRUQLWDQVVROVHOVDOXGHQ TXH HV SUHRFXSDYD SHU HOOV TXDQW HQ UHDOLWDW HVWDYD GHVYLDQW SDUWLGHV GH GLQHU HQ JDVWRV &DPLQDQGRHQWUHGLQRVDXULRV VXSHUIOXV &UzQLFD G¶XQD UHXQLy TXRWLGLDQD GHO FRQVHOO G¶DGPLQLVWUDFLy 6HVVLy FRQWtQXD ³(O FOXE GH ORV HPSOHDGRV PXHUWRV´ 7HOHQRWtFLHV0LJGLD &DGD PHV DTXHOOV GHSDUWDPHQWV R RILFLQHV -D QR HQV KHP GH SUHRFXSDU SHO IHW TXH HO TXH TXHGHQ DO ILQDO GHO UjQNLQJ GH YDORUDFLy 6DGGDP +XVVHLQ SXJXL DUULEDU D ERPEDUGHMDU VyQ HOLPLQDWV L SDVVHQ D PLOORU YLGD $QHX OHVQRVWUHVWHUUHVSHUFXOSDGHO¶$]QDU(QFDUD DPEFRPSWHFRPSDQ\V TXH WLUL XQD ERPD D 7HUUDVVD HQFDUD TXH HV PRULQ WRWV HOV HPSOHDWV GH FDL[D HQFDUD TXH ,QIRUPDWLX³6XQDQ\GHVSUpV´ HV GHUUXPEL O¶HGLILFL GH 6HUYHLV &HQWUDOV 5HSRUWDWJHTXHH[SOLFDOHVSUHFLVHVPHVXUHV HQFDUD TXH QR TXHGL FDS FOLHQW YLX SHU TXHODF~SXODGLUHFWLYDGHODQRVWUDHQWLWDWKD FRQWUDFWDU FDS PHQD GH SURGXFWH WUDQTXLOV SUHVSHUDTXHHOVWHUULEOHVIHWVTXHYDQWHQLU O¶RUGLQDGRUFHQWUDOVHJXLUiIXQFLRQDQW OORF O¶DQ\ SDVVDW D (VWDWV 8QLWV PDL SXJXLQ VXFFHLU D FDVD QRVWUD 3HU H[HPSOH FDGD 0U%LQ/DGHQ HPSOHDWG¶RILFLQHVKDXUjGHGLUHQYHXDOWDHO /HV QRYHV DYHQWXUHV G¶HQ 0U %LQ /DGHQ TXH VHX FRGL VHFUHW DO VHX FDS SHU FRPSURYDU VL DUDV¶KDDIDLWDWODEDUEDLpVHPSOHDWG¶RILFLQD FRLQFLGHL[DPEODOOLVWDGHFRGLVVHFUHWVTXHKL KDXUjSHQMDGDHQXQSODIyVHOLGHPDQDUjHO /D&ROXPQD '1, D WRWV HOV FOLHQWV TXH HQWULQ D O¶RILFLQD 5HSRUWDWJH VREUH OD SXQ\HWHUD FROXPQD XQD DPEPHWUDOOHWDRSLVWRODLILQDOPHQWVRWDFDS GH OHV PROWHV TXH KL KD D 6HUYHLV &HQWUDOV FRQFHSWH HV SRGUDQ HQWUDU WDOODXQJOHV D DPE OHV TXH W¶KL IRWV GH OORURV FDGD GRV SHU O¶(GLILFLGH6HUYHLV&HQWUDOV WUHV L TXH D VREUH HW GHL[HQ OD URED IHWD XQ IjVWLF ,QIRUPDWLXFLQHPD (OFRUUHFWRURUWRJUjILFGHOD,QWUDFHWKDFRUUHJLW GLYHUVRV QRPV GH VqULHV L SHOÂOLFXOHV TXH VHPSUH KHP HVFULW PDODPHQW L HQV GHWDOOD OD VHYD IRUPD FRUUHFWD 3HU H[HPSOH HQ OORF GH ³6WDUVN\ \ +XWFK´ KHP G¶HVFULXUH ³(VWDUVTXL L -DW[´ HQ OORF GH ³7DQJR \ &DVK´ ³7DQJX L &DL[´ HQ OORF GH ³)RUUHVW *XPS´ ³)RUUHVW *DPSHU´ L HQ OORF GH ³$PHULFDQ *UDIILWWL´ ³3LQWDGD IHWD DPE HVSUDL GH SLQWXUD SXOYHULW]DGD HQ XQD SDUHW TXH HVWj HQ DOJXQ OORFGHOV(VWDWV8QLWV´ &LQHPD³7LUDDPDPiGHOWUHQ´ 3HOÂOtFXOD SDWURFLQDGD SHU FDL[D WHUUDVVD SHU FRQFLHQFLDU D WRWV HOV VHXV HPSOHDWV GH OD LPSRUWjQFLD GHO UHFLFODWJH PHGLRDPELHQWDO HQ WRWV HOV DVSHFWHV GH OD VHYD YLGD L DL[t HYLWDU TXHHQVTXHGHPVHQVHOD,62 0HVXUHVLQWHOÂOLJHQWVSHUHYLWDUDWHPSWDWV FRPHOVGHOHVWRUUHVEHVVRQHV