El pèsol. Negre Nº 38. Juny-Juliol-Agost 2008

1. 3XEOLFDFLyOOLEHUWjULDGHO·$OW/OREUHJDWL&DUGHQHU $OOHJDFLRQV FRQWUD OD QRYD RUGHQDQoD GH FLYLVPH GH %HUJD *5$7,6 H[HPSODUV ,, qSRFD Q~P -XQMXOLRODJRVW GH DYRUWDPHQW 6·LQLFLD OD FDPSDQD 0DQUHVD HQ YHQGD [6RWD HO WtWRO 0DQUHVD HQ YHQGD KDQ FRPHQoDW WRW XQ VHJXLW G DFWHV TXH SUH WHQHQ GHVHPPDVFDUDU HOV UHVSRQVDEOHV GH OD YLROqQFLD XUEDQtVWLFD D OD FLXWDW L GH O DJUHVVLy DO WHUULWRUL GH OD FRPDUFD L G DUUHX SjJ SjJ (O SDVVDW GLD GH MXQ GXHV HQWLWDWV OOLEHUWjULHV GH OD FLX WDW HO HQWUH G·(VWXGLV -RVHS (VWHU %RUUjV L O·$WHQHX ROXPQD 7HUUD L /OLEHUWDW YDUHQ SUHVHQWDU DOÃOHJDFLRQV D OD QRYD 2UGHQDQoD GH RQYLYqQFLD LXWDGDQD L 9LD 3~EOLFD DSURYDGD DPE HO YLVWLSODX GH WRWV HOV JUXSV SROtWLFV PXQL SDOV IUXLW GH OD PRGLILFDFLy GH O·DQWHULRU RUGHQDQoD GH FLYLVPH TXH YD GRQDU OORF D OHV MD IDPRVHV PXOWHV GXUDQW XQ DFWH FXOWXUDO HO GH VHWHPEUH GHO /HV HVPHQ WDGHV HQWLWDWV GHQXQFLHQ TXH OD QRYD RUGHQDQoD VHJXHL[ VXSRVDQW XQD UHJXODFLy H[FHVVLYD TXH MXQW DPE O DPELJL WDW GH PROWV GHOV VHXV DUWLFOHV SHUPHW XQD DSOLFDFLy DUEL WUjULD FODVVLVWD L UHSUHVVRUD , HQ SURSRVHQ OD GHVREHGLqQ FLD DFWLYD X0DULD G¨2Oy SHUVRQHV HV UHXQHL[ HQ D 6DQWD 0DULD G 2Oy SHU SRVDU HQ PDU[D HO GHFUHL[HPHQW SjJ XDO 5RVDO .RQYHQW$UW HItPHU YRUD HO ULX SjJ X$UUHX (QWUHYLVWD DO FROÃOHFWLX IHPLQLVWD ROHFWLYD G JHQHUR DQDUFRTXHHU 3URHFWLO )HWDO GH %XHQRV $LUHV SjJ UHPD XQD JUXD GH OHV REUHV GH OD 0$7 SjJ $16 T 2EUH DO FDUUHU SXLJWHUUj GH GDOW GH 0DQUHVD /DGLVWUL GLIXVRUD GHO SHQVDPHQW DQWLDXWRULWDUL SjJ

2. -D WRUQHP D HVWDU DTXt $TXHVW Q~PHUR TXH WHQV DOV GLWV DPE PHQV SjJLQHV HQV KHP DSULPDW L QR HV SDV TXH VHJXLP HOV GLF WDWV HVWqWLFV GHO PHUFDW VLQy TXH HVWHP WRWHV XQD PLFD HQIHLQDGHV DPE DOWUHV OOXLWHV 8Q HVWLX PRJXW 3HUz GH FDUD D OD WDUGRU HQV FRPSURPHWHP D PLOORUDU HQ WRWV HOV VHQWLWV , QR HV TXH HOV FRQ WLQJXWV G DTXHVW Q~PHUR HVWLJXLQ PDODPHQW SHUz VL TXH KL IDOWD WHFD pV FHUW 6LJXL FRP VLJXL PHQWUH HVWHX D OD SODWMD R PpV DYLDW H[SORWDGHV D XQ EDU R FXLQD GH OD FRVWD R GHOV 3LULQHXV SRGHX OOHJLU HO SqVRO QHJUH L SRVDUYRV DO GLD G DOJXQHV FRVHV LPSRUWDQWV ' XQD EDQGD D %HUJD HO FXOHEURW GH O 2UGHQDQoD GH LYLVPH EXLGD GH FRQWLQJXW SHU XQV L SOHQD GH PHUGD SHU XQV DOWUHV FRQ WLQXD L GXHV HQWLWDWV TXH V KL RSRVHQ KDQ SUHVHQWDW DOµOHJDFLRQV DO WH[W )UXLW GH FRP KD HVWDW WUDFWDGD OD QRWtFLD DO SqVRO DTXHVWD SXEOLFDFLy KD SHUGXW XQ DQXQFLDQW O $WHQHX /OLEHUWDUL GHO %HUJXHGj HQ SDUW PROHVWRV SHU OHV FUtWLTXHV GªDTXHVW PLWMj D OD IHLQD GH OD 83

3. 3HUz HOV SqVROV EHUJXHGDQV WHQLP OD FRQVFLqQ FLD EHQ WUDQTXLOµOD G KDYHU LQIRUPDW GH PDQHUD LPSDUFLDO WRW L SRVLFLRQDUQRV Vt HQ FRQWUD GH WRWHV OHV RUGHQDQFHV GH FLYLVPH 7DPEp D %HUJD HOV UHJLGRUV DGGLFWHV D OHV RUGHQDQFHV HQ IDQ XQD DOWUD SHU O HVWLO SHU DOV ORFXWRULV WHOD PDULQHUD 3HU VRUW PpV DYDOO D OD ROzQLD 5RVDO OD FXOWXUD L OD FUHDFLy VyQ G XQD HIHU YHVFqQFLD DGPLUDEOH GH OD Pj GHO .RQYHQW 7DPEp UHFRUGDU TXH OD FROOD GH %HUJD V KD IHW FjUUHF GH O $JHQGD /OLEHUWjULD L TXH QR FRQWHQWV DPE DL[z HVWDQ GLVSRVDGHV D DFWXDOLW]DU HO VHX GLUHFWRUL PLUHX HO ZZZEHUJXHGDOOLEHUWDULRUJ

4. VRUW $ 6DOOHQW OD VDO VHJXHL[ HPPHUGDQWKR WRW PHQWUH 5HJLy WUHED OOD JUDWLV L DPE XQ VHQWLW SHULRGtVWLF DFUtWLF PpV TXH UHPDUFD EOH SHU D ,EHUSRWDFK /D PXOWLQDFLRQDO 3LUHOOL QR SHQVD IHU XQD IjEULFD QRYD D 0DQUHVD FRP GHLD VLQy TXH SUHWpQ SUHVHQWDU XQ H[SHGLHQW GH UHJXODFLy G R FXSDFLy (52

5. TXH DIHFWDUj D WUHEDOODGRUHV GH OD IDFWRULD PDQ UHVDQD 3HUGHQ HOV GH VHPSUH $ 0DQUHVD SHUz QR WRW VyQ PDOHV QRWtFLHV Q KL KD DOPHQV XQD GH ERQD HO QDL[HPHQW G XQD QRYD GLVWULEXwGRUD GH PDWHULDO DQWLDXWRULWDUL 7DPEp HQV DOHJUD OD LQL FLDWLYD 0DQUHVD HQ YHQGD $PE DTXHVW QRP KDQ FRPHQoDW XQV DFWHV TXH YROHQ GHVHPPDVFDUDU HOV UHVSRQVDEOHV GH OD YLROqQFLD XUEDQtVWLFD D OD FLXWDW L GH O DJUHVVLy DO WHUULWRUL GH OD FRPDUFD L G DUUHX )RUD GH 0DQUHVD SHUz HQ UHODFLy D OD GHIHQVD GHO WHUULWRUL HQIURQW GH OHV DJUHVVLRQV GH O (VWDW L HO DSLWDO FDO GHVWDFDU OD FUHPD G XQD JUXD GH OHV REUHV GH OD 0$7 (O GHVFRQWHQW SHO FRPHQoDPHQW GH OHV REUHV GH OD IXWXUD OtQLD GH 0ROWD $OWD 7HQVLy 0$7

6. GH .9 V KD IHW VHQWLU GH GLYHUVHV PDQHUHV (O SDVVDW PHV GH MXQ SHU H[HPSOH HV YD FDOFLQDU XQ FDPLyJUXD HQFDUUHJDW GH O HQODLUDPHQW G XQD GH OHV IXWXUHV WRUUHV G DTXHVWD DXWRSLVWD HQHUJqWLFD , SHU DFDEDU GHVWDFDU HO WHPD GHO GRVVLHU FHQWUDO L O HQWUHYLVWD O D YRUWDPHQW WUDFWDW GH PDQHUD jPSOLD L GHV GH GLIHUHQWV YLVLRQV RIHULQWQRV FRQHL[HPHQWV L SHUPHWHQWQRV OD UHIOH[Ly 'RQFV UHV HVSHUHP TXH JDXGLX L ILQV EHQ DYLDW 6DOXW L DQDUTXLD :HE GH HO SqVRO QHJUH $O ZHE WUREDUjV HQ 3') HOV GLYHUVRV Q~PHURV GH OD UHYLVWD TXH KDQ DSDUHJXW WDQW GH OD SULPHUD FRP GH OD VHJRQD qSRFD

7. D SDUW GH OHV GDUUHUHV QRWtFLHV L LQIRUPDFLRQV UHVSHFWH DTXHVWD SXEOLFDFLy OOLEHUWjULD 3jJLQD Ã SHUVRQHV HV UHXQHL[HQ D 6DQWD 0DULD G 2Oy SHU SRVDU HQ PDU[D HO GHFUHL[HPHQW Ã .RQYHQW SXQW ]HUR$UW HItPHU YRUD HO ULX 3jJLQD $OÃOHJDFLRQV FRQWUD OD QRYD RUGHQDQoD GH FLYLVPH Ã ,QFtYLFV RIHVD 3jJLQD Ã 0DQUHVD HQ YHQGD 3jJLQD Ã UHPD XQD JUXD GH OHV REUHV GH OD 0$7 Ã 2EUD /DGULVWUL D 0DQUHVD 3jJLQD Ã '266,(5 (175$/´$9257$0(17µ 3jJLQD Ã /D ,JOHVLD LQIRUPD TXH WLHQH PXFKRV PRWLYRV GH GHVFRQWHQWR SDUD HFKDUVH D OD FDOOH Ã 2K FRVHV 3jJLQD Ã FXUULFXOXP RFXOW SLQ]HOODGHV G·HGXFDFLy L JHQHUH 3jJLQD Ã +XPRU 3jJLQD Ã5HVVHQD 3jJLQD Ã $JHQGD L HQWUHYLVWD 3jJLQD Ã (QWUHYLVWD 6XPDUL(GLWRULDO %(5*$ $VVRFLDFLy XOWXUDO ROXPQD 7HUUD L /OLEHUWDW FROÃOHFWLX GLIXVRU GHO SHQVDPHQW L OD SUjFWLFD DQDUTXLVWHV

8. F GHO %DOo Q~P EDL[RV $GUHoD SRVWDO DSDUWDW GH FRUUHXV $GUHoD HOHFWUzQLFD DFWOO#EHUJXHGDOOLEHUWDULRUJ ZZZEHUJXHGDOOLEHU WDULRUJ 3RUWDO OOLEHUWDUL GHO %HUJXHGj RQ WUREDUHX OHV SjJLQHV ZHE GHOV FROÃOHF WLXV OOLEHUWDULV EHUJXHGDQV

9. HQWUH G (VWXGLV -RVHS (VWHU %RUUjV FHQWUH GH GRF XPHQWDFLy UHFHUFD L GLIXVLy GH OD KLVWzULD VRFLDO GH OD FRPDUFD

10. F GHO %DOo Q~P EDL[RV $GUHoD SRVWDO DSDUWDW GH FRUUHXV $GUHoD HOHFWUzQLFD FHMHE#FHMHERUJ 3qVRO 1HJUH SXEOLFDFLy OOLEHUWjULD GH O·$OW /OREUHJDW L DUGHQHU

11. SHVROQHJUH#EHUJXHGDOOLEHUWDULRUJ 5jGLR .RUQHWD $SDUWDW GH FRUUHXV Q~PHUR 7HOqIRQ RUUHX HOHFWUzQLF UDGLRNRUQHWD#EHUJXHGDO OLEHUWDULRUJ :HE KWWSUDGLRNRUQHWDLQIR 0$15(6$ *7 DQDUFRVLQGLFDW

12. F LUFXQYDODFLy Q~P RQ 7HOI )D[ $GUHoD HOHFWUzQLFD PDQUH#FJWHV /D 7UHPHQGD FHQWUH VRFLDO RNXSDW

13. FDQWRQD GD HQWUH HO F 6W 6DOYDGRU L HO F +RVSLWDO DO Qž 0DQUHVD17 0DQUHVD62 9DOOGDXUD F-RUEHWHV FQWBDLWBPDQUHVD#KRWPDLOFRP ZZZFQWDLWPDQUHVDEORJVSRWFRP /DGLVWUL F3XLJWHUUj GH GDOW =7$ %DQ]DL 021,6752/ '( 02176(55$7 17$,7 DQDUFRVLQGLFDW

14. F 6DQW 3HUH Q~P 0RQLVWURO GH 0RQWVHUUDW $GUHoD HOHFWUzQLFD FQWBDLWBPRQLVWURO#DKRRHV 1$9$5/(6 DO DUUDVFOHW FDUUDVFOHW#JPDLOFRP 0DVLD RNXSDGD D Q (VFDLROD FDQHVFDLROD#JPDLOFRP 2/9$1 $WHQHX 3RSXODU 2OYDQqV 6$/ /(17 $PLFV G $JXVWtQ 5XHGD *7 DQDUFRVLQGLFDW

15. F ORV Q~P 7HOI )D[ $GUHoD HOHFWUzQLFD VDOOHQW#FJWHV 3jJLQD :HE KWWSZZZFJWHVVDOOHQW 6Ó5,$ / $OWHUQDWLYD FROÃOHFWLX SROtWLF

16. F 0DJt )jEUHJD Q 6~ULD 7HOI $GUHoD HOHFWUzQLFD VXUL 'LUHFWRUL ZZZEHUJXHGDOOLEHUWDULRUJSHVROQRX SHVROQHJUH#EHUJXHGDOOLEHUWDULRUJ (GLWD ROÃOHFWLX 3qVRO 1HJUH (O 3qVRO 1HJUH QR pV HO SRUWDYHX GH FDS DVVRFLDFLy QL HQWLWDW (O FROÃOHF WLX 3qVRO 1HJUH pV REHUW L FDQYLDQW L QR UHSUHVHQWD D QLQJ~ VRODPHQW D TXL HQ IRUPD SDUW D FDGD PRPHQW ' DOWUD EDQGD FRP D FROÃOHFWLX QRPpV LQWHQWHP DVVXPLU O HGLWRULDO L OHV JUDQV OtQLHV GH OD SXEOLFDFLy OD UHVWD GH WH[WRV VyQ UHVSRQVDELOLWDW GHOV LUUHVSRQVDEOHV GHOV VHXV DXWRUV $ TXL OL SLTXL TXH HV UDVTXL 7DQFDPHQW G DTXHVWD HGLFLy D OHV (Q DTXHVW 3qVRO 1HJUH KDQ SDUWLFLSDW +LUDP *DVFRLJQH %DUULNDGD ZZZEHUJXHGDOOLEHUWDULRUJ 3HS L SHSHW 3HS L WX 7UHX EDQD /ROD GH %HOODVJXDUG ODUD DVWDxR $NLHPSODQWR 1RPHDQVQR ODGLVWUL -RDQ EXVTXHVWV 8Q IXWXU FRWLW]DQW 'RQHV DPE JDQHV GH UHEHQWDU FDSV ROHFWLYD GJHQHUR DQDUFRTXHHU 3URHFWLO )HWDO $WHQFLy $TXHVWD UHYLVWD OD IHP HQWUH WRWHV L WRWV L SHU DL[z pV LPSRUWDQW TXH HQV IHX DUULEDU HOV YRVWUHV DUWLFOHV GH GHQXQFLD SHQVDPHQWV SRHPHV HWFqWHUD ,QWHQWHP SXEOLFDUKR WRW WLQJXHX SDFLqQFLD , UHFRUGD

17. D WUREDGD YD VHU OD FXO PLQDFLy GH OD PDU[D HQ ELFLFOHWD RUJDQLW]DGD SHU 7HPSV GH 5HYROWHV L TXH GXUDQW XQV GLHV YD UHFyUUHU SREODFLRQV FDWDODQHV GRQDQW D FRQqL[HU HO PRYLPHQW SHO GHFUHL[HPHQW /D PDU[D YD YLVL WDU FHQWHQDUV GH SURMHFWHV L FROÃOHFWLXV TXH WUHEDOOHQ SHU FRQVWUXLU XQD DOWHUQDWLYD DO PRGHO FDSLWDOLVWD PpV UHVSHF WXRVD DPE HO PHGL DPELHQW L DPE OD FXOWXUD SUzSLD GH FDGD WHUULWRUL EDVDW HQ DOWUHV IRUPHV GH UHODFLy VRFLDO GH FUHDFLy GHO GLQHU L HQ O DXWRQRPLD GHOV SREOHV / REMHFWLX GH OD WUREDGD HUD FRQVWUXLU XQ DPSOL PRYLPHQW VRFLDO TXH DJOXWLQpV HQ XQ SDUDLJHV FRP~ WRWHV DTXHOOHV OOXLWHV FROÃOHFWLXV L SHUVRQHV TXH VH VHQWHQ PRWLYDGHV DPE OHV SURSRVWHV GHO GHFUHL[HPHQW L GHO FRQWUDSRGHU (O SURJUDPD GHO FDS GH VHWPDQD YD VHU LQWHQV L SHUTXq QR GLU KR SRF GHFUHL[HQW SHU DSURIL WDU DO Pj[LP XQ HVSDL GH WURED GD GH WDQWV PRYLPHQWV DILQV HVFDPSDWV SHU OD JHRJUDILD FDWDODQD 'LYHQGUHV L D PHVXUD TXH DQj YHP DUULEDQW YDP FRQILUPDU OD QRVWUD LQVFULSFLy PHQWUH HOV SUDWV L FDPSV GHO YROWDQW GH DO DVHV L GH 0DV ODSHUV V DQD YHQ RPSOLQW GH WHQGHV GH WRWHV PLGHV L FRORUV 'HVSUpV GH VRSDU YDP YHXUH HO UHSRUWDWJH GHOV GLHV GH PDU[D DPE ELFL FOHWD SHU DWDOXQD 'LVVDEWH YDP DJUXSDUQRV HQ jUHHV GH WUHEDOO HVWUDWqJLHV GH GHFUHL[HPHQW D QLYHOO ORFDO HFRQRPLD FRQWUDKHJHPzQLFD DXWRJHVWLy GH O KDELWDWJH DXWR QRPLD DOLPHQWjULD PRGHO WHUUL WRULDO L GHIHQVD GHO WHUULWRUL UHODFLy FDPSFLXWDW PLWMDQV GH FRPXQLFDFLy DLJXD HQHUJLD L WUDQVSRUW HVWUDWqJLHV IURQW HO SRGHU SROtWLF FRQHL[HPHQWV L HGXFDFLy OOLXUH UHODFLRQV VRFLDOV L YLGD FRPXQLWjULD L RUJDQLW]DFLy SHU WDO GH FRPSDU WLU LGHHV L LQTXLHWXGV SHUz VREUHWRW SHU FRQVWUXLU L FRRUGL QDU SUjFWLTXHV FRQFUHWHV SHU SRGHU SRVDU HQ PDU[D HO GHFUHL [HPHQW 'LXPHQJH DO PDWt YDP IHU UHX QLRQV HQWUH GLIHUHQWV jUHHV GH WUHEDOO RQ YDP FRPSDUWLU OD IHLQD IHWD HO GLD DQWHULRU L RQ YDP LQWHQWDU DUWLFXODU SURMHFWHV FRPXQV HQWUH jUHHV $ OD WDUGD YDP IHU OD ~OWLPD WUREDGD SHU jUHHV GH WUHEDOO SHU HODERUDU XQHV FRQFOXVLRQV L DFDEDU GH GHILQLU OHV SURSRVWHV FRQFUHWHV GH FDGD jUHD TXH GHVSUpV HV YDQ SRVDU HQ FRP~ HQ XQ SOH QDUL ILQDO DPE WRWV HOV SDUWLFL SDQWV RP HUD G HVSHUDU YD VRUJLU XQ ERQ OOLVWDW G LGHHV L SURMHFWHV DOJXQV PpV FRQFUHWV TXH G DO WUHV $ OD PDMRULD G jUHHV GH WUH EDOO HV YDQ IHU SURSRVWHV GLULJL GHV D FRPSDUWLU OD LQIRUPDFLy L HOV UHFXUVRV H[LVWHQWV SHU IDFLOL WDU HO WUHEDOO HQ [DU[D L OD FROÃODERUDFLy HQWUH FROÃOHFWLXV L HQWLWDWV (Q FRQFUHW HV YD SUR SRVDU GH FUHDU XQD SjJLQD ZHE RQ HV SRJXpV FRPSDUWLU LQIRU PDFLy L UHFXUVRV VREUH HOV GLIH UHQWV WHPHV WUDFWDWV GXUDQW HO FDS GH VHWPDQD $ SDUW GHO SURJUDPD HVWDEOHUW OD SULPHUD WUREDGD SHO GHFUHL [HPHQW WDPEp YD VHUYLU SHU HVWDEOLU L UHIRUoDU XQ PXQW GH FRQWDFWHV L VLQqUJLHV HQWUH GLIH UHQWV PRYLPHQWV L SURMHFWHV TXH WDUG R G KRUD GRQDUDQ HO VHX IUXLW $UD QRPpV HQV TXHGD FRQWLQXDU WUHEDOODQW D WtWRO SHU VRQDO L GHV GHOV QRVWUHV FROÃOHF WLXV SHU SRVDU HQ PDU[D WRW DOOz GH TXq YDP SDUODU HO FDS GH VHW PDQD O L GH MXQ YD WHQLU OORF OD WHU FHUD HGLFLy GHO .RQYHQW XQD PRVWUD DUWtVWLFD TXH V HV WUXFWXUD DO YROWDQW GHO RQYHQW GH DO 5RVDO (O 0RYLPHQW YD REULU O HVSDL D XQD TXDUDQWHQD G DUWLVWHV GHO %HUJXHGj L WHUULWRULV YHwQV $L[t GRQFV O DQWLJD UHVLGqQFLD GH UHOLJLRVHV L REUHUHV pV WUDQVIRUPj GXUDQW XQ OODUJ FDS GH VHW PDQD HQ XQD H[SORVLy GH FUHDWLYLWDW HItPHUD / HGLILFL DFROOt SURSRVWHV SURYLQHQWV GH GLYHUVHV GLVFLSOLQHV GHV GH OD SLQWXUD OD IRWRJUDILD HO YtGHR L OD LQVWDOODFLy ILQV D O HVFXOWXUD SDVVDQW SHU O DQWURSRORJLD R HO GRFX PHQWDO 8Q PLOHU GH SHUVR QHV PROWHV G HOOHV DQWL JXHV LQTXLOLQHV YDQ SRJXHUVH SDVVHMDU SHU OHV FHOÃOHV G DTXHVW LQGUHW DO OODUJ GHOV GLHV G REHUWX UD (QJXDQ OD PRVWUD V DP SOLj RFXSDQW DPE QRFWXUQL WDW OD )RQW GHO %DOo GH *LURQHOOD $OOj YDQ SUHVHQ WDUVH GLIHUHQWV SURMHFWHV PXVLFDOV TXH EDOODYHQ HQWUH HO VXUUHDOLVPH HO IRON L QRYHV VRQRULWDWV HOHFWUz QLTXHV (O .RQYHQW HV UHDOLW]D DO PDUJH G LQVWLWXFLRQV L VXE YHQFLRQV /D OOLEHUWDW HQ HOV FRQWLQJXWV GH O REUD H[SR VDGD pV DEVROXWD 'H IHW JUDQ SDUW GHOV SURMHFWHV VyQ FUHDWV GH IRUPD H[FOX VLYD SHU VHU YLVFXWV HQ DTXHVW PDUF ~QLF L DOKRUD WDQ UHSUHVHQWDWLX GHO SDUWL FXODU SDVVDW REUHU GH OD FRPDUFD 3UREDEOHPHQW HQV WUREHP GDYDQW XQD GH OHV PDQLIHVWDFLRQV DUWtVWL TXHV GH PpV PDJQLWXW GH OD DWDOXQD HQWUDO 0DULD G·2Oy MXOLRO GH 7UHX EDQD / %HUJD MXQ GH /ROD GH %HOOHVJXDUG ( SHUVRQHV HV UHXQHL[HQ D 6DQWD 0DULD G 2Oy SHU SRVDU HQ PDU[D HO GHFUHL[HPHQW .RQYHQW $UW HItPHU YRUD HO ULX $FWXDOLWDW 'HO DO GH MXOLRO YDP UHXQLUQRV D DO DVHV L D 0DV ODSHUV D 6DQWD 0DULD G 2Oy JHQW GH WRW DWDOXQD L GH O HVWUDQJHU SHU SDUWLFLSDU D OD 7UREDGD GH 0RYLPHQWV 6RFLDOV 3RVHP HQ PDU[D HO GHFUHL[HPHQW FRQVWUXwP FRQWUDSRGHU RUJDQLW]DGD SHO FROÃOHFWLX 7HPSV GH 5HYROWHV T 7UREDGD SHO GHFUHL[HPHQW D 6DQWD 0DULD G·2OR 3HUPpVLQIRUPDFLy ZZZWHPSVGHUHYROWHVFDW 3HUPpVLQIRUPDFLy ZZZSXQW]HURRUJ ZZZPVSDFHFRPNRQ YHQWSXQW]HUR

18. DO L FRP KHP DQDW LQIRUPDQW HO GLD G D EULO WRWHV OHV IRUPD FLRQV SROtWLTXHV GH O $MXQWDPHQW GH %HUJD L8 36 83 (5 L O H[UHJLGRU GHO 33

19. YDQ DSURYDU SHU XQDQLPLWDW HOV FDQYLV D O 2UGHQDQoD GH LYLVPH L %RQ *RYHUQ TXH YDQ GRQDU OORF D O 2UGHQDQoD GH RQYLYqQFLD L 9LD 3~EOLFD 0DOJUDW WRW KL KD SHUVR QHV L FROÃOHFWLXV TXH HV VHJXHL [HQ RSRVDQW D OHV RUGHQDQFHV GH FLYLVPH L TXH SHU DL[z HO G D EULO YDQ SURWHVWDU WRW IHQW FXOWXUD VHQVH SHUPtV D OD 3ODoD GH 6DQW -RDQ 9D VHU XQD SURWHVWD VLPLODU D OD TXH HO VHWHPEUH GH YD JHQHUDU PXOWHV GH OHV TXDOV HQ YLUWXW GH O RUGHQDQoD GH FLYLVPH /D TXH ID XQD GH WUjQVLW LQYHQWDGD SHU DO SURSLH WDUL GH OD IXUJRQHWD TXH YD WUDV OODGDU HOV WUDVWRV D OD SODoD 3UHFLVDPHQW HO MXGLFL FRQWHQFLyV DGPLQLVWUDWLX TXH DTXHVWD PXOWD YD JHQHUDU HV YD FHOHEUDU HO SDV VDW GH MXOLRO L DUD V HVWj HVSH UDQW OD VHQWqQFLD 'RQFV Ep GH OD SURWHVWD GHO GLD QR HV FRQHL[ TXH VH Q KDJL GHULYDW FDS VDQFLy L OHV GH FLYLVPH GHO GLD GH VHWHPEUH GH FRP WRWKRP MD VDS OHV YD WUHXUH -XOL *HQGUDX GHVSUpV GH XQ DQ L PLJ GH OOXLWD GH O DV VHPEOHD G tQFtYLTXHV /D QRYD RUGHQDQoD YD VHU DSUR YDGD SHU WRWV HOV JUXSV GH O $MXQWDPHQW WRW L TXH FDGDVF~ MXVWLILFD HO VHX YRW SHU PRWLXV GLIHUHQWV SHU OD 83 pV XQD RUGHQDQoD EXLGD GH FRQWLQJXW L SHU OD UHVWD YH D VHU HO TXH KL KDYLD SHUz KDYHQW SROLW HUURUV IRUPDOV L VHUUHOOV GLYHUVRV / 2UGHQDQoD YD FRPSWDU DPE XQ SURFpV SDUWLFLSDWLX QR YLQFX ODQW LQWHUURPSXW SHU XQD SUR WHVWD GH OHV PXOWDGHV $TXHVW SURFpV SDUWLFLSDWLX YD VHU WLWOODW GH IDUVD SHU DOJXQV FROÃOHFWLXV OOL EHUWDULV GH %HUJD $L[t GRQFV HO GH PDLJ HV SXEOLFDYD DO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD GH %DUFHORQD O DFRUG GHO SOH HQ TXH V DSURYDYD O RUGHQDQoD , HO HQWUH G (VWXGLV -RVHS (VWHU %RUUjV L O $WHQHX $QDUTXLVWD ROXPQD 7HUUD L /OLEHUWDW FROÃOHFWLXV TXH KDYLHQ WLWOODW GH IDUVD HO SURFpV SDUWLFLSDWLX L TXH V KDYLHQ RSRVDW DO WH[W GHV GHO SULQFLSL SUHVHQWDYHQ HO SDVVDW GLMRXV GH MXQ D OHV K DOÃOHJDFLRQV FRQWUD O RUGHQDQoD 3HU DO HQWH G HVWXGLV L O $WHQHX DQDUTXLVWD TXH KDQ SUHVHQWDW OHV DOÃOHJDFLRQV OD QRYD RUGHQDQoD VHJXHL[ VXSRVDQW XQD UHJXODFLy H[FHVVLYD TXH MXQW DPE O DPEL JLWDW GH PROWV GHOV VHXV DUWLFOHV SHUPHW XQD DSOLFDFLy DUELWUjULD FODVVLVWD L UHSUHVVRUD )XQFLy SHU D OD TXDO V KD UHGDFWDW FRQVHQ VXDW SROtWLFDPHQW L DSURYDW HO WH[W (O WH[W VXSRVD XQ SDUDLJHV OHJDO SHU D TXH HO FRQVLVWRUL SXJXL UHSULPLU D TXL YXOJXL eV GRQFV XQ DWHPSWDW D OHV OOLEHUWDWV EjVLTXHV GH OHV SHUVRQHV 'HV GHO SqVRO QHJUH HQV VHJXLP RSR VDQW D OHV RUGHQDQFHV GH FLYLVPH D WRWHV D OHV QRYHV L D OHV YHOOHV HQLQW HQ FRPSWH TXH XQ GHOV SLODUV VREUH HOV TXDOV V DL[HTXHQ OHV YRV WUHV FUtWLTXHV pV O DQRQLPDW FRPHQoR SHU SUHVHQWDUPH 6yF OD ODUD DVWDxR L HVWLF RIHVD L LQGLJQDGD GHVSUpV GH OOHJLU L UHOOHJLU FRPHQWDULV UHERVVDQWV G DPELJLWDW L GXUHV FUtWLTXHV DO VHFWRU DQDUTXLVWD %HUJXHGj WRWHV DQzQLPHV 6LXVSODX TXH MD WHQLX XQD HGDW SHU WLUDU OD SHGUD L DPDJDU OD Pj 6 KDQ IHW FUtWLTXHV GXUHV L QL WDQ VROV HO UHSUHVHQWDQW GHO SREOH L DPR GHO EORJ

20. V KD PROHVWDW HQ GHVPHQWLUOHV 0 DJUDGDULD VDEHU TXL VyQ HOV DQzQLPV TXH HQV WLWOOHQ GH FtQLFV GHPDJRJV L PHQWL GHUV D GRQDU OD FDUD L D GHL [DU O KLSRFUHVLD SHU D OD YLGD SULYDGD JUjFLHV 5jSLG KHX DSUqV OHV DUPHV GHOV SROtWLFV L KHX REOLGDW TXH D OD YLGD D SDUW GH PXO WHV L VDQFLRQV L RUGHQDQFHV

21. KL KD SHUVRQHV (VFULF L ILUPR

22. EjVLFDPHQW SHUTXq WLQJXHX SUHVHQW D TXL WUDFWHX GH VHFWjULD GHPDJR JD ODUD DVWDxR (VFDW HVWDQFD GD HQ XQD SUHDGROHVFqQFLD LGHROzJLFD SHUPDQHQW TXH HP SRUWDUj D OD PDUJLQDOLWDW PpV VROLWjULD RL $OăOHJDFLRQV FRQWUD OD QRYD RUGHQDQoD GH FLYLVPH GH %HUJD%HUJD MXOLRO GH 3HS L 7X 7 %HUJD MXOLRO GH ODUD DVWDxR 7 $FWXDOLWDW )(6 0Ò6,$ (VFRODWDOOHUV GH PXVLFD 6RWHUUDWV %HUJD F ODYp %DL[RV 6RWHUUDWV *LURQHOOD $YJDWDOXQD 12 (6 3$*$ 0$75,8/$ 3HU OHV LQVFULSFLRQV WUXFDU D 8QD DOWUH PDQHUD G¶HQWHQGUH OD P~VLFD OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy 'HVSUpV G XQ SURFpV SDUWLFLSDWLX TXH FRQVLGHUHP XQD IDUVD DO SOH GHO GLD G DEULO HV YD DSURYDU SHU XQD QLPLWDW GH WRWV HOV JUXSV SROtWLFV O 2UGHQDQoD GH RQYLYqQFLD L 9LD 3~EOLFD GH %HUJD $TXHVWD RUGH QDQoD YH D VXEVWLWXLU OD GH LYLVPH L %RQ *RYHUQ GH OD FLXWDW FRQHJXGD SHU WRWKRP SHU KDYHU JHQHUDW YLQWL WUHV PXOWHV LQMXVWHV L XQD IRUWD RSR VLFLy SRSXODU /D QRYD RUGHQDQoD DO LJXDO TXH O DQWHULRU UHJXOD PROWV DVSHFWHV GH OD YLGD GHOV FLXWDGDQV L HO VHX FRPSRUWDPHQW HQ O HVSDL S~EOLF R SULYDW $TXHVWD UHJXODFLy H[FHVVLYD ID TXH VLJXL WRWDOPHQW LPSRVVLEOH G DSOLFDU L DL[z MXQW DPE O DPELJLWDW GH PROWV DUWLFOHV SHU PHW DOV SROtWLFV L OD SROLFLD ORFDO OD VHYD DSOLFDFLy DUELWUjULD $L[z VHQVH SDU ODU GH TXH pV XQ WH[W FODVVLVWD L TXH IDFLOLWD OD UHSUHVVLy D WRWD GLVVLGqQ FLD SROtWLFD L FXOWXUDO (Q GHILQLWLYD TXH pV XQ WH[W TXH DWHPSWD FRQWUD OHV OOLEHUWDWV HOHPHQWDOV GH OHV SHU VRQHV WDQW LQGLYLGXDOPHQW FRP GH PDQHUD FROÃOHFWLYD / RUGHQDQoD pV XQ SDUDLJHV GHO SRGHU PXQLFLSDO SHU D PXOWDU VDQ FLRQDU L SHUVHJXLU WRWKRP TXH OL VLJXL PROHVW , DTXHVWD FUtWLFD MD IHWD SHU GLYHUVRV FROÃOHFWLXV L SHUVRQHV D O DQWHULRU RUGHQDQoD VHUYHL[ SHU OD QRYD MD TXH FRQWp OD PDWHL[D HVVqQ FLD GH TXDOVHYRO RUGHQDQoD GH FLYLV PH $WqV TXH HO FRQWLQJXW GH O HV PHQWDGD 2UGHQDQoD L OD UHJXODFLy TXH HQ OD PDWHL[D HV ID H[FHGHL[ OD FRPSHWqQFLD GH O $MXQWDPHQW GH %HUJD HQ PROWHV PDWqULHV L OD PDWHL [D pV FRQWUjULD D O RUGHQDPHQW MXUt GLF L HQ HVSHFLDO D OD RQVWLWXFLy VROÃOLFLWHP OD VHYD DQXOÃODFLy tQWH JUD eV SHU WRW DL[z TXH GHPj GLMRXV DO PDWL OHV GXHV HQWLWDWV SUHVHQWDUHP WRW XQ VHJXLW G DOÃOHJDFLRQV D OD HVPHQWDGD RUGHQDQoD GLQV HO WHUPL QL GH OD VHYD H[SRVLFLy S~EOLFD 3HU DFDEDU YROHP DSURILWDU SHU IHU XQD FULGD D OD GHVREHGLqQFLD DFWLYD D DTXHVWD RUGHQDQoD L D TXDOVHYRO DOWUH OOHL UHSUHVVLYD TXH HQV YXOJXLQ IHU HPSDVVDU HOV SROtWLFV GH WRUQ 3HUTXq QR HQV IDUDQ FUHXUH 0DQLIHVW GH (O HQWUH G (VWXGLV -RVHS (VWHU %RUUjV L O $WHQHX $QDUTXLVWD ROXPQD 7HUUD L /OLEHUWDW ,QFtYLFD RIHVD 1RWD $TXHVW WH[W UHSRQ DOV FRPHQWDULV IHWV DO EORJ G¶HQ 1DW[R 5RPHUR D O¶HQ WUDGD TXH ID UHIHUqQFLD D O¶RUGHQDQoD GH FLYLVPH KWWSZZZQDW[RURPHUREOR JVSRWFRP

23. $FWXDOLWDW $JUHVVLRQV DO WHUULWRUL RW L OD FULVL R GHVDFFHO HUDFLy HFRQzPLFD R FRP QL YXOJXHX GLU GH O HVFUXSRORVLWDW GH O LQ WHUORFXWRU FRQWLQXD HO QHJRFL GHO WRW[R LPSRVDQWVH DPE HOV VHXV P~OWLSOHV WHQWDFOHV FRQWLQ XD HO PREELQJ LPPRELOLDUL FRQ WLQXHQ OHV DPHQDFHV GH GHVDOORW MDPHQW FRQWLQXHQ HOV PHJDSUR MHFWHV TXH KR VHSXOWHQ WRW VRWD HO JULV GHO FLPHQW LJQRUDQW O RSRVLFLy VRFLDO FRQWLQXD O H VSHFXODFLy FRP D QHJRFL IHQW GH O KDELWDWJH XQD PHUFDGHULD LPSRVVLEOH G DVVROLU 3HUz WDPEp FRQWLQXHQ OHV YHXV TXH QR HV FDQVHQ GH GHQXQFLDU DVVHQDODU L UHFRUGDU TXH QR WRWKRP YRO SDVVDU SHO WXE TXH QR WRWKRP HVWj G DFRUG HQ VRW PHWUH V DO JUDQ 'HX HXUR TXH KL KDQ DOWUHV PDQHUHV GH UHOD FLRQDUVH DPE O HQWRUQ L HQWUH OHV SHUVRQHV (Q DTXHVWD RFDVLy DTXHVWHV YHXV V KDQ DJOXWLQDW GHV GH GLIHUHQWV YHVVDQWV GHV GHOV GLIHUHQWV FRORUV TXH SLQWHQ O HVFHQDUL FRQWHVWDWDUL PDQUHVj GRQDQW IRUPD D OD MXVW HVWUHQDGD FDPSDQD 0$15(6$ (1 9(1'$ *HQW TXH KD GH IHU PDO DEDULVPHV HQWUH HO FXUUR DPE VRX VXSHUSUHFDUL L HO OORJXHU DEXVLX JHQW TXH KD RSWDW SHU O RSFLy GH O RNXSDFLy L YHX DPH QDoDW HO VHX HVSDL GH UHXQLy GH YLGD R GH OOXLWD SHU XQ RUGUH GH GHVDOORWMDPHQW JHQW TXH HVWj IDUWD TXH GHFLGHL[LQ VHPSUH DOWUHV HQ OD VHYD YLGD $TXHVWV VyQ DOJXQV GHOV FDVRV G HVSDLV RNXSDWV TXH YROHQ IHU IURQW D DTXHVW GLD D GLD DSRUWDQW QRYHV IRUPD GH YLGD SHUz TXH DFWXDOPHQW HVWDQ VRWD DPHQDoD DQ UVLWX SURSLHWDW GHOV )HUURFDUULOV GH OD *HQHUDOLWDW HOV TXDOV QR KL WHQHQ FDS SURMHFWH SHUz SUHIHUHL[HQ TXH HV FDLJXL D WURoRV OD FDVD DEDQV TXH KL YLVTXL JHQW /HV %LJXHV KDELWDWJH XELFDW HQ XQD LOOD GH FDVHV SURSLHWDW GH )(6$ (1'(6$ TXL Wp OD LGHD GH WLUDU WRWD OD LOOD D WHUUD SHU HGL ILFDU GH QRX L WUHXUH XQ VXFyV SURILW MD KD FRPHQoDW D SUHV VLRQDU D YHwQV L YHwQHV SHUTXq FRPHQFLQ D IHU OHV PDOHWHV /D 7UHPHQGD FHQWUH VRFLDO RNX SDW ID PpV GH WUHV DQV SHO JUXS GH GRQHV IHPLQLVWHV ROXPQD OLWRULDQD XELFDW D OD PDWHL[D LOOD GH FDVHV DIHFWDGD SHO SUR MHFWH GHPROLGRU GH )HFVD (QGHVD $WHQHX 9DOOIRQROORVD XQ DQWLF EDU DFWXDOPHQW SURSLHWDW GH O $MXQWDPHQW HO TXDO HQ SOH PXQLFLSDO KD GHFLGLW IHU IRUD G DTXHVW HVSDL HOV L OHV MRYHV TXH HO YROHQ JHVWLRQDU =RQD 7HPSRUDOPHQW $OOLEHUDGD %DQ]DL EORF GHO EDUUL YHOO RNX SDW ID DQ L PLJ SURSLHWDW G XQD LPPRELOLjULD GH %DUFHORQD DPE SURFpV MXGLFLDO REHUW )DUWHV GH FRQVWDWDU TXH QR HQ WHQHQ SURX DPE FRQYHUWLU WRW HO TXq WRTXHQ HQ PHUFDGHULD VLQy TXH WDPSRF HQV GHL[HQ IHU OD QRVWUD TXH UHGXHL[HQ WRW HO WHU ULWRUL HQ HVSDL SRWHQFLDOPHQW HGLILFDEOH R UHIRUPDEOH HQ WRW FDV HVSHFXODEOH V KDQ DL[HFDW OHV YHXV GH 0DQUHVD HQ 9HQGD $TXHVWD FDPSDQD HV YD FRQFUH WDQW GH PDQHUD SOXULIRUPH / DFWH LQDXJXUDO GH GLWD FDPSD QD YD VHU XQD [HUUDGD LQIRUPD WLYD TXH HV YD FHOHEUDU D OD =7$ %DQ]DL RQ HV YDQ GHVWDSDU GLIHU HQWV SURMHFWHV HVSHFXODWLXV HV YDQ G HVWULSDU OHV HQWUDQHV WHzULTXHV GHO 3OD 'LUHFWRU GH OD RPDUFD H[SOLFDQW FRP YROHQ RPSOLU GH FLPHQW HO SRF WURo YHUG TXH TXHGD D OD FRPDUFD WRW L DQDOLW]DQW OHV WUDYHV TXH WHQLP OD SREODFLy SHU DVVDEHQ WDUQRV UHDOPHQW GHOV SURMHFWHV TXH WHQHQ L VREUHWRW G LQWHQWDU SDUDUORV 'RQFV HQWUH FDU UHWHUHV SROtJRQV QRYHV ]RQHV UHVLGHQFLDOV L YLHV GHO WUHQ MD QR TXHGDUj QL XQ SDP GH WHUUD SHU SRGHUQRV DOLPHQWDU RQVFLHQWV GHOV PLWMDQV TXH WHQLP DO QRVWUH DEDVW SHU GRQDU OD QRVWUD RSLQLy DPE YROXQWDW GH GHVHPPDVFDUDU TXL KLSzFULWDPHQW HV QHWHMD OD FDUD D EDVH GH PHQWLGHV DO PDWHL[ PRPHQW TXH GHVWURVVD WRW HO TXq HV SXJXL FRQYHUWLU HQ GLQ HUV HQV DQHP H[SUHVVDQW FRP SRGHP HQ HO WUDQVFXUV G XQD MRUQDGD VREUH HO ULVF G LQFHQGLV L OD SUHVHUYDFLy GH O jPELW UXUDO XQ JUXS G DVVLVWHQWV D O DFWH YDQ IHU HQWUHJD GH FLPHQW L UXQDP VDOt GH 6DOOHQW D OD UHJLGRUD GH PHGL DPELHQW GH 0DQUHVD L DO GLUHFWRU GH DL[D 0DQUHVD 9DOHQWt 5RTXHWD $ DTXHVW VH OL YD IHU HQWUHJD D PpV GH OD VHQ WqQFLD FRQGHPQDWzULD GHO MXGLFL SRSXODU TXH HV YD FHOHEUDU HO SDVVDW G DEULO FRQWUD OD YLR OqQFLD XUEDQtVWLFD 7RW DPHQLW]DW DPE FULWV L SDQFDUWHV DPE HOV OHPHV (O %DJHV QR HVWj HQ YHQGD (VWHX FRQYHUWLQW HO GUHW D O KDELWDWJH HQ XQD PHU FDGHULD HVWHP IDUWHV GH OHV YRVWUHV PHQWLGHV HWF $FWXDOPHQW GXUDQW HOV GLMRXV GHOV PHVRV GH MXOLRO L DJRVW V HVWj UHDOLW]DQW XQ FLFOH YtGHRV L [HUUDGHV HQJOREDGHV HQ OD WHPjWLFD FRQWUD O DJUHVVLy DO WHU ULWRUL DFWLYLWDW IUHVTXHWD GH FDUD D O HVWLX SHUz VHQVH REOLGDU HOV GLIHUHQWV SXQWV GH PLUD TXH HQV HQYROWHQ $TXHVWHV VyQ DOJXQHV GH OHV FLWHV TXH HQFDUD SRGHX HVWDU D SXQW G DQDU D YHXUH GH MXOLRO D OHV K D OD =7$ %DQ]DL GH OD 0HO ;HUUDGD DPE PHPEUHV GH OD SODWDIRUPD 1R D OD 0$7 L SDVVL GH OD SHOÃOtFXOD $SDJD YDPRQRV GH MXOLRO D OHV K D OD =7$ %DQ]DL GH OD 0HO 3DVVL GHO YtGHR (O )RUDW DPE SUHVHQWDFLy GHO VHX GLUHFWRU GH MXOLRO K 3O (XURSD 3DVVL GH OD SHOL (O RUR GH ODV FDOLIRU QLDV DJRVW K 3DUF GH 3XLJWHUUj SDVVL GH OD SHOÃOtFXOD 'HOWD QHJDW DJRVW K D OD 'LVWUL 3XLJWHUUj GH GDOW 3DVVL GHO YtGHR RQWUDFRUULHQWH L [HUUD GD VREUH VDOLQLW]DFLy DPE PHP EUHV GH OD SODWDIRUPD 3528 6$/ DJRVW K MDUGt GH DQ ULVWX UWD 6DQWSHGRU 'RFXPHQWDO VRUSUHVD 6L WDPEp HVWjV IDUWD GHO JULV HO FLPHQW L HO IRUPLJy VL FUHXV TXH O KDELWDWJH QR pV XQD PHUFDGH ULD VL QR YROV PpV HVSHFXODGRUV DO WHX YROWDQW VL WHQV FRVHV D GLU W HVSHUHP TXDOVHYRO G DTXHVWV GLMRXV 0DQUHVD MXOLRO GH $NLHPSODQWR 7 0DQUHVD HQ YHQGD OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy ORV U SLV 6DOOHQW WHO 6,1',$7 '( 0,1(5,$ 6,1',$7 '·$7,9,7$76 ',9(56(6 6$//(17 7RW L O HVWLX OHV DFWLYLWDWV FRQWLQXHQ 6RWD HO WtWRO 0DQUHVD HQ YHQGD KDQ FRPHQoDW WRW XQ VHJXLW G DFWHV TXH SUHWHQHQ GHVHPPDVFDUDU HOV UHVSRQVDEOHV GH OD YLROqQFLD XUEDQtVWLFD D OD FLXWDW L GH O DJUHVVLy DO WHUULWRUL GH OD FRPDUFD L G DUUHX

24. $FWXDOLWDW $JUHVVLRQV DO WHUULWRUL HV GHO SDVVDW PHV GH MXQ MD SRWV WUR EDU REHUWD /DGLVWUL $TXHVW pV XQ QRX HVSDL RQ HV SUHWpQ IHU UHVVz L IDFLOLWDU O DFFpV D OHV YHXV TXH SDUOHQ GH OOLEHUWDW G DXWRJHVWLy GH UHFRO]DPHQW PXWX G LJXDOWDW VROLGDULWDW« 7RW L OHV DPHQDFHV G XQ LPPL QHQW GHVDOORWMDPHQW GH O HGLILFL GH /HV %LJXHV V KD LQLFLDW HO SURMHFWH DPE PROWHV JDQHV L SDVVLy DOV EDL[RV G DTXHVW HGL ILFL (QV WUREDUjV DO FDUUHU 3XLJWHUUj GH GDOW DPE OD SRUWD REHUWD +L VRP HOV GLMRXV GH D GHO YHVSUH 7DPEp HOV GLYHQGUHV L GLVVDEWHV GH D GHO PLJGLD L GH D GHO YHV SUH 0pV HQOOj GH YROHU VHPEODU XQD QRYD ERWLJD GH P~VLFD R URED GHO URWOOR DTXt KL WUREDUjV IDQ]LQHV OOLEUHV UHYLVWHV GRFXPHQWDOV P~VLFD L PDWH ULDO GLYHUV SHU WDO GH FRQWLQXDU IRUPDQWQRV GH PDQHUD FUtWLFD SHU VHU FDSDFHV G LGHQWLILFDU IHU IURQW L UHEDWUH WRW DOOz TXH HQV RIHJD /DGLVWUL pV XQD GLIX VRUD DQWLDXWRULWjULD DPE PDWH ULDO GLYHUV VREUH KLVWzULD PDQXDOV SHU D O DXWRJHVWLy GH OD WHYD YLGD RNXSDFLy DOOLEHUD PHQW DQLPDO FRQWURO VRFLDO SXEOLFDFLRQV OOLEHUWjULHV OOXLWD DQWLSDWULDUFDO OLWHUDWXUD 6L FUHXV TXH HO WUHEDOO W DEVRU EHL[ OD YLGD VL WHQV OD VHQVDFLy TXH HOV SROtWLFV QRPpV [XSHQ GHO ERWH VL HVWjV IDUW R IDUWD GH VHQWLUWH PHQVSUHDW R PHQVSUHDGD R VL MD QR DJXDQ WHV OHV LQGLYLGXDOLWDWV L SHUVR QDOLVPHV HJRwVWHV SRWVHU WUR EDUjV D /DGLVWUL DOJXQD FRVD TXH W LQWHUHVVL 7RW L TXH OHV HVWUXFWXUHV GH SRGHU HFRQzPLTXHV SROtWL TXHV L VRFLDOV YROHQ FDOODUQRV DPE OD VHYD UHSUHVVLy DOLHQD FLy L H[SORWDFLy FRQWLQXDUHP FUHDQW L DFWXDQW SHU UHFRQqL[HU GH QRX OD QRVWUD FDSDFLWDW G RU JDQLW]DUQRV VHQVH MHUDUTXLHV GHFLGLU HQOORF GH UHEUH RUGUHV HVWLPDUQRV VHQVH FDGHQHV FDPLQDU VHQVH FyUUHU DOLPHQ WDUQRV VHQVH GHVWUXLUKR WRW L VREUHWRW SHQVDU SHU QRVDOWUHV PDWHL[HV 6L HQ WHQV JDQHV SDVVD W SHU /DGLVWUL DOJXQD FRVD KL WUR EDUjV , VL QR OD WUREHV OD LQYHQWHP MXQWHV (Q DOJXQV LQGUHWV GH DWDOXQD MD KDQ FRPHQoDW OHV H[SUR SLDFLRQV L OHV REUHV SHU WUDoDU OD OtQLD HOqFWULFD GH 0ROWD $OWD 7HQVLy 0$7

25. TXH DQLULD GH %HVFDQy D 6HQWPHQDW 'HV GH TXH HV YD FRPHQoDU D SODQWHMDU HO WHPD L YD VRUWLU HO SURMHFWH D OD OOXP S~EOLFD QRPEURVHV KDQ VLJXW OHV YHXV TXH V KDQ RSRVDW D DTXHVWD LGHD IDUDzQLFD 3HUz HOV SURMHFWHV VXUWHQ GH GHVSDW [RV G DOWHV HVIHUHV L QR WRFDQW GH SHXV D WHUUD DPE O DYDO GH OD FRPXQLWDW HXURSHD L QR GH OD SREODFLy GHO WHUULWRUL 3HU DL[z WRW L OHV PRELOLW]DFLRQV OHV RSRVLFLRQV GH PXQLFLSLV VHQ FHUV DPE HO SOH GHO FRQVLVWRUL L WRW OD *HQHUDOLWDW 5(( 5HG (OqFWULFD (VSDxROD

26. L HO *RYHUQ FHQWUDO FRQWLQXHQ IHQWVH HOV VRUGV 5HVSRQHQW DPE DOWHUQD WLYHV DEVXUGHV TXH QR FDQYLHQ SHU UHV HO IRQV GHO WHPD RP FDQYLDQW DOJXQV WUDPV GHO UHFRUUHJXW D FRUUHFXLWD HYL GHQFLDQW HO SRF UHVSHFWH DO WHUULWRUL L OD QXOÃOD LQWHQFLy GH UHSODQWHMDUVH OD LGRQHwWDW GHO SURMHFWH R Ep O ~OWLPD SURSRV WD HQ YHX GHO PHGLDGRU HXUR SHX SHU D OD LQWHUFRQQH[Ly 0DULR 0RQWL GH VRWHUUDU DOJXQ WUDP GH OD OtQLD /D OtQLD QR OD YROHP QL SHO WHUUD QL SHU O DLUH QL HQOORF pV LOÃOzJLFD L LQQH FHVVjULD (OV SROtWLFV L UHVSRQVDEOHV GH 5(( YROHQ IHU FUHXUH DO SHUVR QDO TXH DTXHVWD OtQLD pV QHFHVVjULD SHU VXEPLQLVWUDU HO GqILFLW HQHUJqWLF GH OHV FRPDU TXHV GH *LURQD L SHU VXEPLQLV WUD FRUUHQW HOqFWULF DO 7UHQ G $OWD 9HORFLWDW 7$9

27. (O SUL PHU THVWLRQDPHQW TXH YH HQ PHQW pV OD QHFHVVLWDW G DTXHVW WUHQ SHU TXL L SHU TXq VHUYLUj 1R SDV SHU OD PRELOLWDW GH OHV SHUVRQHV GH SHX SHU DL[z PpV DYLDW FDOGULD DFWXDOLW]DU OHV UzQHJXHV OtQLHV UHJLRQDOV $ SDUW TXH QR pV YHULWDW TXH HO IXQFLRQDPHQW GHO 7$9 QHFHVVL WL XQD OtQLD DPE YROWDWJHV WDQW HOHYDWV .9

28. $ SDUW XQ GHVHQYROXSDPHQW VRVWHQLEOH GH OHV FRPDUTXHV JLURQLQHV QR SDVVD SHU XQD LQWHUFRQQH[Ly WDQW VREUHGLPHQVLRQDGD VLQy FRP D TXDOVHYRO DOWUH LQGUHW

29. SHU O HVWDOYL L O HILFLqQFLD HQHUJqWLFD O ~V G HQHUJLHV UHQRYDEOHV OD GLYHUVLILFDFLy GH OD [DU[D GH GLVWULEXFLy HOqFWUL FD DL[t FRP GHOV VHXV SXQWV GH GLVWULEXFLy 3HUz HOV PRWLXV TXH PRXHQ OD FRQVWUXFFLy G DTXHVWD LQWHU FRQQH[Ly QR VyQ QL OHV QHFHVVL WDWV GH OHV SHUVRQHV QL HO UHV SHFWH DO WHUULWRUL VLQy HO QHJR FL HFRQzPLF eV SHU DTXHVWD UDy TXH OHV HPSUHVHV HOqFWUL TXHV L HOV JRYHUQV TXH OHV DYD OHQ HVWDQ GLVSRVDGHV D SDVVDU SHU VREUH GH OHV H[LJqQFLHV GH OD SREODFLy WRW L TXH WHzULFD PHQW YLYLP HQ XQD GHPRFUj FLD

30. WUDYHVVDU SHUIRUDU L GHV WURVVDU ]RQHV SURWHJLGHV SHO VHX LQWHUqV PHGLDPELHQWDO SHU GHILQLWLYDPHQW FRQVWUXLU XQD DXWRSLVWD HQHUJqWLFD DPE JUXHV LPSDFWHV DO PHGL L D OD VDOXW GH OHV SHUVRQHV

31. SHU SRGHU DFDEDU YHQHQW HOV H[FH GHQWV GH OD LQG~VWULD HQHUJqWL FD IUDQFHVD EDVDGD HQ OD QXFOHDU

32. DO 0DUURF L D 3RUWXJDO , pV DTXHVW HO PRWLX SHU OD TXDO JRYHUQ L 5(( DSRVWHQ SHU OD 0$7 (O GHVFRQWHQW GH OD SREODFLy GH OD ]RQD pV HYLGHQW -D HQ FRPHQoDW OHV REUHV HQ DOJXQV LQGUHWV GH DWDOXQD L FRP GHQXQFLD OD SRUWDYHX GH 1R D OD 0$7 G 2VRQD KDQ FRPHQoDW OHV REUHV HQ ]RQHV SURWHJLGHV VHQVH XQ SHUWLQHQW HVWXGL G LP SDFWH DPELHQWDO VHQVH SUHYL DYLV L VHQVH LQWHQFLy G HVWDEOLU FDS GLjOHJ DPE OD SREODFLy 3HUz FDGD YHJDGD HO UHERPERUL pV PpV HYLGHQW GHVSUpV GH FRQFHQWUDFLRQV PDQLIHVWD FLRQV DOÃOHJDFLRQV D MXWMDWV PRELOLW]DFLRQV YjULHV OD JHQW MD HVWj IDUWD GH YHXUH TXH HOV ~QLFV UHVXOWDWV VyQ HYDVLYHV PHQWLGHV L SHGDoRV +L KD PROWD JHQW TXH Wp FODU TXH OD 0$7 pV XQD DEHUUDFLy LQMXVWLIL FDEOH L YRO GHL[DU VHQWLU OHV VHYHV YHXV D WUDYpV GH YDULV PLWMDQV (O SDVVDW PHV GH MXQ DO PXQLFLSL GH 7DYqUQROHV FRPDUFD 2VRQD

33. HV YD FUHPDU HO G XQD JUXDFDPLy SUR SLHWDW GH O HPSUHVD *HOO

34. TXH UHDOLW]DYD OHV REUHV G XQD GH OHV IXWXUHV WRUUHV GH OD OtQLD /HV REUHV MD HVWDYHQ YLJLODGHV SHU XQD HPSUHVD GH VHJXUHWDW GRQFV pV HYLGHQW TXH D PROWD SREODFLy QR OL DJUDGD JHQV OD LGHD GH OD IXWXUD OtQLD (O SUR SLHWDUL GH OD JUXD HO VHQRU *HOO ODPHQWD TXH VL KL KD PDO URWOOR DPE DTXHVWD REUD Q KD JLQ VRUWLW HOV SHUMXGLFDWV HOV TXL KL DQHP D WUHEDOODU 6U *HOO KL KD PROWHV PDQHUHV GH JXDQDUVH OD YLGD SHUz VL GHVWURVVHV HO WHUULWRUL QR WHQV HQ FRPSWH OHV QHFHVVLWDWV GH OD SREODFLy L QRPpV HVFROWHV D TXL SDJD DL[z QR pV DQDU D WUHEDOODU (O VHQRW *HOO QpV UHVSRQVD EOH FRP WDPEp KR VyQ HQ 0DULR 0RQWL HQ =DSDWHUR HQ 0RQWLOODHQ 1DGDO FRQVHOOHU G REUHV S~EOLTXHV HQ )UDQFHVF %DOWDVDU FRQVHOOHU GH 0HGL DPELHQW HQ /XLV $WLHQ]D SUHVL GHQW GH 5(( L WRWHV OHV SHUVR QHV TXH OD IDFLQ SRVVLEOH 2EUH /DGLVWUL D 0DQUHVD UHPD XQD JUXD GH OHV REUHV GH OD 0$7 0DQUHVD MXOLRO GH /DGLVWUL ' 0DQUHVD MXOLRO GH 1RPHDQVQR ( (O GHVFRQWHQW SHO FRPHQoDPHQW GH OHV REUHV GH OD IXWXUD OtQLD GH 0ROWD $OWD7HQVLy 0$7

35. GH .9 HV ID VHQWLU D WUDYpV GH GLIHUHQWV PLWMDQV (O SDVVDW PHV GH -XQ HV YD FDOFLQDU XQ FDPLyJUXD HQFDUUHJDW GH O HQ ODLUDPHQW G XQD GH OHV IXWXUHV WRUUHV G DTXHVWD DXWRSLVWD HQHUJqWLFD

36. '266,(5 (175$/ OCDYRUWDPHQW $TXHVW GRVVLHU QR pV IUXLW GHO GHEDW TXH KL KD DO FDUUHU DUUHO GH OHV GHQ~QFLHV D FOtQLTXHV SULYDGHV TXH VyQ DFXVDGHV GH SUDFWLFDU DYRU WDPHQWV LOÂOHJDOV VLQy TXH KD VRUJLW GH OD QRVWUD SUzSLD H[SHULqQFLD /HV WUHV YDP SDVVDU SHU XQ DYRUWDPHQW VHQVH PDVVD LQIRUPDFLy GHO TXq VXSRVDYD L VHQVH LQWHUFDQYLDU DPE DOWUHV GRQHV TXH KDJXHVVLQ YLVFXW HO PDWHL[ (Q HO PRPHQW HQ TXq YDP FRPSDUWLU H[SHULqQFLHV YDP GHVFREULU OD QHFHVVLWDW TXH WHQtHP G H[WHULRULW]DU FRP KR KDYtHP YLVFXW L HQV YDP DGRQDU TXH WHQtHP PROWV SXQWV HQ FRP~ TXH HUHQ IUXLW GHO WDE~ TXH HQFDUD HV UHVSLUD DO YROWDQW G DTXHVW WHPD L GHO IHW GH YLXUHKR GH PDQHUD DwOODGD , DTXt VHJXHL[ HO WH[W TXH pV XQD EDUUHMD G H[SHULqQFLHV SHUVRQDOV DPE LQIRUPDFLy OHJDO L OHV QRVWUHV UHIOH[LRQV 7RW FRPHQoD DUUHO G XQ SROYHW $O FDS G XQV GLHV« VHPEOD TXH QR HW YH OD UHJOD« SHUz HOV SLWV HOV WHQV LQIODWV« W KDXULD GH EDL[DU« TXLQV QHUYLV« HO UHWDUG MD GXUD XQV GLHV« SRWVHU TXH YDJLV D OD IDUPjFLD L FRPSULV XQ SUHGLFWRU« TXH MD HW FRVWD XQV ¼ (W IDV OD SURYD L GyQD SRVLWLX QR DUD QR HVWjV HPEDUDVVDGD 6L YROV DYRUWDU UjSLG L WHQV ¼ WUXTXHV GLUHFWDPHQW D XQD FOtQLFD SUL YDGD L GHPDQHV KRUD SHU DYRUWDU 6L QR WHQV GLQHUV YDV D YHXUH OD OOH YDGRUD GH OD VHJXUHWDW VRFLDO TXH HW FRQILUPD TXH HVWjV HPEDUDVVD GD L W HQYLD D O DVVLVWHQW VRFLDO TXH HW ID XQHV TXDQWHV SUHJXQWHV VREUH HOV PqWRGHV DQWLFRQFHSWLXV TXH XWLOLW]HV OD WHYD VLWXDFLy HFRQzPLFD ODERUDO IDPLOLDU L VRFLDO L VL KR FUHX FRQYHQLHQW W HQYLD D XQD IXQGDFLy SULYDGD TXH V DQRPHQD 6DOXW L )DPtOLD DL[z HQ HO FDV GH DWDOXQD

37. VXEYHQFLRQDGD SHU OD *HQHUDOLWDW $OOj HW WRUQHQ D IHU XQ LQWHUURJDWRUL VHPEODQW DO GH O DVVLVWHQW L VHJRQV HO TXq FRQVLGHULQ HW SDJXHQ XQD SDUW GH O DYRUWDPHQW R WRW , VHJXLGDPHQW HW GRQHQ KRUD SHU XQD FOtQLFD SULYDGD 8Q FRS D OD FOtQLFD OD FRVD YD SURX UjSLGD HW IDQ XQD HFRJUDILD SHU FRPSURYDU O HVWDW GH O HPEDUjV GHVSUpV W HQYLHQ D IHU XQD HQWUHYLVWD G XQV PLQXWV DPE XQ SVLTXLDWUD TXH pV TXL DYDOD TXH HVWjV GLQV G XQD GH OHV SUHPLVVHV OHJDOV VHJRQV OHV TXDOV HVWj SHUPqV DYRUWDU QRUPDOPHQW FHUWLILTXHQ TXH O HPEDUjV SRW VHU XQ JUHX SHULOO SHU OD WHYD VDOXW SVtTXLFD

38. , WRW VHJXLW SDVVHV D OD VDOD G RSHUDFLRQV RQ HQWUD XQD GRQD FDGD TXDUW G KRUD VL QR KL KD FDS HQWUHEDQF 7 LQWURGXHL[HQ XQ HVSqFXOXP SHU OD YDJLQD L HW FODYHQ XQD DJXOOD D OHV SDUHWV GH OD YDJLQD SHU DQHVWHVLDUWH SDUFLDOPHQW FRVD TXH DOJXQVHV HVSHFLDOLVWHV THVWLRQHQ TXH VLJXL QHFHVVDUL

39. $FWH VHJXLW W LQWURGXHL[HQ XQD FjQXOD XQ WXE

40. TXH W DVSLUD O HPEULy WRW DL[z PROW UjSLGDPHQW L VHQVH SDUDU GH GLU EDQDOLWDWV SHUTXq QR FULGLV 6HQVH H[SOLFDUWH UHV HW SRUWHQ D XQD DOWUD VDOD RQ W HVSHUHV VROD HVWLUDGD HQ XQD FDPLOOD TXH WRUQL HO PHWJH D FRPSURYDU TXH QR VDJQLV PDVVD , MD SRWV DQDU FDS D FDVD 6L WHQV VRUW SRWVHU HW UHFHSWDUDQ DOJXQ DQWLELzWLF R FDOPDQW SHUz VL YHQV GHULYDGD GH VDOXW L IDPtOLD FRVD TXH YRO GLU TXH QR W KDV SRJXW SDJDU O DYRUWDPHQW SUREDEOHPHQW QL DL[z 7 HQGXV WDPEp XQ IXOO DPE OHV LQVWUXFFLRQV GHO TXq KDV GH IHU GXUDQW HOV GLHV TXH VHJXHL[HQ D O DYRUWDPHQW L DPE OHV FRPSOLFDFLRQV TXH KL SRGHQ KDYHU 1LQJ~ W H[SOLFD UHV QL HW SUHJXQWD FRP HVWjV QL FRP HW VHQWV QL DEDQV QL GXUDQW QL GHVSUpV L VL WHQV TXDOVHYRO GXEWH R SRU HVSDYL OD W TXH HOV DYRUWDPHQWV HQ FDGHQD QR HV SRGHQ DWXUDU SHU WRQWHULHV $TXHVWD pV OD PDJQLILFD HILFLqQFLD G XQ VHUYHL SULYDW TXH MXJD DPE XQD QHFHVVLWDW GH OHV GRQHV 7RW PROW IUHG L PROW OXFUDWLX (Q HO FDV GHOV DYRUWDPHQWV LQYROXQWDULV VL WHQV VRUW HW GRQHQ WUHV RSFLRQV O DYRUWDPHQW QDWXUDO GHL[DU TXH HO FRV H[SXOVL SHU HOO PDWHL[ HO IHWXV

41. XQHV SDVWLOOHV TXH W LQWURGXHL[HQ D OD YDJLQD L SURYRTXHQ FRQWUDFFLRQV TXH W DMXGHQ D H[SXOVDU HO IHWXV R HO UDVSDW TXH FRQVLV WHL[ HQ XQ FXOOHUD PHFjQLFD TXH UDVFD OHV SDUHWV GH OD PDWULX 7RW L TXH HV FRQHL[ TXH HO UDVSDW SRW SURYRFDU PpV GDQV D OD PDWULX GH OD GRQD TXH OD LQWHUYHQFLy SHU DVSLUDFLy HQ OHV FOtQLTXHV S~EOLTXHV HV FRQWLQXD UHDOLW]DQW GH IRUPD VLVWHPjWLFD HO PqWRGH GHO UDVSDW / DYRUWDPHQW YD PpV HQOOj GH OD LQWHUYHQFLy TXLU~UJLFD +L KD XQ SURFpV SUHYL HQ HO TXq HO FRV HV SUHSDUD SHU DFROOLU HO IHWXV L FRPHQoD D GHVHQYROXSDU FDQYLV ItVLFV L KRUPRQDOV L XQ SURFpV SRV WHULRU HQ HO FRV DWXUD DTXHVWV FDQYLV L V KD GH UHDGDSWDU DOV FLFOHV PHQVWUXDOV L KRUPRQDOV 7RW L TXH XQ DYRUWDPHQW pV XQ [RF KRUPRQ DO PROW JUDQ SHU D WRWHV OHV GRQHV HO SURFpV HPRFLRQDO L YLYHQFLDO GH FDGD XQD pV GLIHUHQW 'HSHQHQW GHO VXSRUW HPRFLRQDO TXH UHEL OD GRQD GHO PRPHQW SHUVRQDO TXH YLVTXL GH OD PRUDO L OHV FUHHQFHV TXH XQD SXJXL WHQLU GH OHV JDQHV R QR GH WHQLU ILOOVHV GHOV HVSHFLDOLVWHV TXH W KDJLV WUREDW GXUDQW HO SURFpV O H[SHULqQFLD SRW VHU YLVFXGD GH PDQHUHV PROW GLIHUHQWV $YRUWDPHQWV FRP [XUURV

42. /HJDOPHQW $FWXDOPHQW D O (VWDW (VSDQRO HVWj SURKLELW L SHQDOLW]DW O DYRUWDPHQW WDQW HQ FHQWUHV VDQLWDULV S~EOLFV FRP SULYDWV H[FHSWH HQ HOV WUHV FDVRV UHFROOLWV HQ O DUWLFOH ELV GHO RGL 3HQDO 4XH VLJXL QHFHVVDUL SHU HYLWDU XQ JUHX SHULOO SHU D OD YLGD R VDOXW ItVLFD R SVtTXLFD GH O HPEDUDVVDGD 4XH O HPEDUjV VLJXL FRQVHTqQFLD G XQ IHW FRQVWLWXWLX GH GHOLFWH GH YLRODFLy VHPSUH TXH O DYRUWDPHQW HV SUDFWLTXL GLQV GH OHV SULPHUHV VHWPDQHV GH JHVWDFLy L TXH HO PHQFLRQDW IHW KDJL HVWDW GHQXQFLDW 4XH HV SUHYHJL TXH HO IHWXV SRW QpL[HU DPE JUHXV SURE OHPHV ItVLFV R SVtTXLFV VHPSUH TXH O DYRUWDPHQW HV SUDFWLTXL GLQV GH OHV VHWPDQHV GH JHVWDFLy L TXH HO GLFWDPHQ VLJXL HPqV SHU GRV HVSHFLDOLVWHV G XQ FHQWUH VDQ LWDUL (Q HOV FDVRV HQ TXq OD PDO IRUPDFLy HV GHWHFWD PpV WDUG O D YRUWDPHQW SDVVD D VHU LOÂOHJDO 6HJRQV OD QRUPDWLYD H[LVWHQW HOV DYRUWDPHQWV HV SRGHQ UHDOLW]DU HQ KRVSLWDOV S~EOLFV R HQ FOtQLTXHV SULYDGHV DFUHGLWDGHV SHO 0LQLVWHUL GH 6DQLWDW 7RW L DL[t HO GHOV DYRUWDPHQWV YROXQWDULV D O (VWDW (VSDQRO HV UHDOLW]HQ HQ FHQWUHV SULYDWV L VROV XQ HV UHDOLW]HQ HQ KRVSLWDOV S~EOLFV FRVD TXH UHIOH[D OD QXOÂOD YROXQWDW SROtWLFD SHU JDUDQWLU UHDOPHQW O D YRUWDPHQW FRP XQD SUHVWDFLy VDQ LWjULD S~EOLFD ([LVWHL[HQ FRPX QLWDWV TXH QR WHQHQ FDS KRVSLWDO S~EOLF TXH HOV UHDOLW]L 1DYDUUD ([WUHPDGXUD 0XUFLD DVWLOOD L /OHy /D 0DQFKD L $QGDOXVLD

43. $TXHVWHV FRPXQLWDWV DVVHJXUHQ TXH HV JDUDQWHL[ HO GUHW D WUDYpV GH FRQYHQLV DPE FOtQLTXHV SUL YDGHV L DUJXPHQWHQ TXH HO SUREOHPD UDGLFD HQ TXH HOV PHWJHV UHFRU UHQ D OD FOjXVXOD G REMHFFLy GH FRQVFLqQFLD /HV QRPEURVHV WUDYHV L GLILFXOWDWV TXH HV WUREHQ OHV GRQHV TXH GHFLGHL[HQ DYRUWDU GH IRUPD YROXQWjULD ID TXH OD PDMRULD RSWLQ SHU OD YLD SULYDGD MD TXH HO VLVWHPD VDQLWDUL S~EOLF QRPpV UHDOLW]D DYRUWD PHQWV TXDQ DTXHVWV V LQFORXHQ HVWULFWDPHQW GLQV G XQ GHOV WUHV VXSzVLWV TXH GHWHUPLQD OD OOHL 1R HV FRQHL[HQ HOV PRWLXV UHDOV TXH SRUWHQ D XQD GRQD D DYRUWDU SHUz WRW L DL[t XQ GH OHV GRQHV TXH VROÂOLFLWHQ XQ DYRUWDPHQW KR IDQ VRWD HO VXSzVLW GH ULVF JUHX SHU D OD YLGD R VDOXW ItVLFD R SVtTXLFD GH O HPEDUDVVDGD FRVD TXH ID TXH PROWHV QR WLQJXLQ PpV RSFLy TXH DYRUWDU D WUDYpV GH FOtQLTXHV SUL YDGHV (O IHW G HPSDUDUVH HQ DTXHVW VXSzVLW LPSOLFD O H[LVWqQFLD G XQ LQIRUPH SVLTXLjWULF RQ FRQVWD TXH OD GRQD Wp SUREOHPHV R LQFDSDFLWDWV SVtTXLTXHV SHU WLUDU HQGDYDQW XQ HPEDUjV OD TXDO FRVD PpV HQGDYDQW HV SRW XWLOLW]DU HQ FRQWUD VHYD HQ SURFHVVRV MXGLFDOV RQ HV GHEDW OD FXVWzGLD GH ILOOHV 3HUTXq QR KL KD DYRUWDPHQWV HQ HOV KRVSLWDOV S~EOLFV 2EMHFWHQ WRWV HOV SURIHVVLRQDOV VDQLWDULV 1LQJ~ KR VDS 1R H[LVWHL[HQ UHJLVWUHV QL HV GHPDQD DOV PHWJHV TXH PDQLIHVWLQ OD VHYD RSRVLFLy D SUDFWLFDU DTXHVW WLSXV G LQWHUYHQFLy (Q PROWHV DXWRQRPLHV H[LVWHL[ XQD LQqUFLD SHU OD TXDO HV VREUHHQWpQ HQ SULQFLSL TXH WRWV HOV PHWJHV VRQ REMHFWRUV 1RPpV O DUWLFOH GH OD FRQVWLWXFLy ID UHIHUqQFLD D DTXHVW IHW SHUz HQ UHODFLy DO VHUYHL PLOLWDU REOLJDWRUL 0HQWUHVWDQW V HVWj D O HVSHUD GH YHXUH VL DUULED R QR OD OOHL G REMHFFLy GH FRQVFLqQFLD KL KD FRPXQLWDWV TXH HVWDQW LQLFLDQW OOLVWDWV RILFLDOV SHU GHWHUPLQDU HO Q~PHUR GH SURIHVVLRQDOV REMHFWRUV D GHWHU PLQDGHV SUjFWLTXHV VDQLWjULHV $O WHPD GH OD SXEOLFDFLy GH OOLVWHV G RE MHFFLy pV SROqPLF HQWUH HOV PHWJHV MD TXH VHJRQV PDQLIHVWHQ WHQHQ SRU GH OD GLVFULPLQDFLy LR D OD SUHVVLy $O SDtV YDOHQFLj OHV SROtWLTXHV DFWLYHV TXH V KDQ GXW D WHUPH GHV GH SHU IRPHQWDU TXH HOV DYRUWDPHQWV HV UHDOLW]LQ HQ KRVSLWDOV S~EOLFV KD IHW TXH DXJPHQWL OD WD[D GHO GH DO GHO /HV $GPLQLVWUDFLRQV DVVHJXUHQ TXH HQFDUD TXH HOV PHWJHV REMHFWHVVLQ GH IRUPD PDVVLYD HO GUHW GH OD GRQD D DYRU WDU HVWj JDUDQWLW 3HUz D TXLQ SUHX (Q HO FDV G $QGDOXVLD RQ PDL V KD SUDFWLFDW XQ DYRUWDPHQW HQ XQ KRVSLWDO S~EOLF H[LVWHL[ XQ FRQYHQL DPE FOtQLTXHV SULYDGHV SHU JDUDQWLU DTXHVW GUHW $TXHVWD FRPXQLWDW TXH ILQDQoD HO GH OHV LQWHUUXSFLRQV YROXQWjULHV G HPEDUjV DO YD SUH YHXUH TXH KDXULD GH SDJDU HQ IDFWXUHV D OHV FOtQLTXHV DPE OHV TXH Wp FRQFHUWDW DTXHVW VHUYHL XQV PLOLRQV G HXURV 8Q VHUYHL TXH WLQGULD XQ FRVW PROW PpV UHGXwW VL HV UHDOLW]HV DOV KRVSLWDOV S~EOLFV WRW L DL[t FDS GH OHV VLV FRPXQLWDWV HQ OHV TXH QR H[LVWHL[ O RSFLy G DYRUWDU HQ OD VDQLWDW S~EOLFD QR V KD SODQWHMDW FUHDU XQ HTXLS GH SURIHVVLRQDOV SHU VROXFLRQDU DTXHVW SUREOHPD $ 1DYDUUD DO KL YD KDYHU XQD SHU VHFXFLy PHGLjWLFD L MXGLFLDO FRQWUD JLQHFzOHJV G XQ FHQWUH S~EOLF SHU KDYHU GXW D WHUPH XQ DYRUWDPHQW /D GHQXQFLD OD YD SRVDU $FFLyQ )DPLOLDU 8QD DVVR FLDFLy OOLJDGD D O 2SXV 'HL 9LQW DQV PpV WDUG QR KL KD FDS FHQWUH QL S~EOLF QL SUL YDW TXH GXJXL D WHUPH LQWHUUXSFLRQV YRO XQWjULHV GH O HPEDUjV HQ DTXHVWD FRPX QLWDW RP D FRQVHTqQFLD VL XQD GRQD YRO DYRUWDU HQFDUD TXH VLJXL VXEYHQ FLRQDW SHO VHUYHL UHJLRQDO GH VDOXW KD GH UHFyUUHU .P ILQV D 6DUDJRVVD R .P ILQV D 0DGULG 3HU HYLWDU DTXHVW SUREOHPD OD FRPXQLWDW GH 1DYDUUD GHP DQD DO JRYHUQ TXH UHJXOL O REMHFFLy GH FRQVFLqQFLD GHOV SURIHVVLRQDOV 3HUTXq DL[t TXHGL FODU TXDQ L FRP SRW H[HUFLUVH L TXDQWV REMHFWRUV H[LVWHL[HQ D O (VWDW (VSDQRO /D SULYDWLW]DFLy G DTXHVW GUHW SURYRFD PROWV SUREOHPHV SHU OHV GRQHV /D IDOWD G LQIRUPDFLy GHOV SURSLV PHWJHV G DWHQFLy SULPjULD VXSRVD XQD PDQFD G LQIRUPDFLy GH OHV GRQHV -D TXH KL KD PROWV SURIHVVLRQ DOV TXH GHVFRQHL[HQ OD OHJLVODFLy VREUH O DYRUWDPHQW QR VDEHQ TXH OHV LQWHUYHQFLRQV HV SRGHQ UHDOLW]DU HQ XQ KRVSLWDO SULYDW L DOKRUD VHU ILQDQoDWV SHU OD VDQLWDW S~EOLFD L XQ DVSHFWH HQFDUD PpV SUHRFXSDQW pV TXH PROWV G DTXHVWV SURIHVVLRQDOV QR HVWDQW GLVSRVDWV D DGPHWUH TXH XQ GHOV VXSzVLWV OHJDOV HV HO GH JUHX ULVF SHU OD VDOXW SVtTXLFD GH OD PDUH VHJRQV LQGLFD (PSDU 3LQHGD SRUWDYHX GH OD FOtQLFD G DYRUWD PHQWV GH 0DGULG ,VLGRUD $ O REMHFFLy GH FRQVFLqQFLD L D OD IDOWD G LQIRUPDFLy V KL KD GH VXPDU DOWUHV SUREOHPHV FRP SRGHQ VHU HOV YLDWJHV LQWHUPLQDEOHV G XQD FRQ VXOWD D XQD DOWUD TXH SRGHQ DUULEDU D VHU ILQV D VLV WUDMHFWHV GLIHUHQWV GH FRQVXOWD D FRQVXOWD /ODYRUV QR UHVXOWD HVWUDQ TXH PROWHV GRQHV SUHIHUHL[LQ SDJDU HOOHV GLUHFWDPHQW HQWUH ¼ R ¼ TXH FRVWD OD LQWHUYHQFLy L HYLWDU G DTXHVWD PDQHUD HOV YLDWJHV HOV UHEXWMRV UHSHWLU O KLVWRULD YDULHV YHJDGHV L OHV HVSHUHV 'HVSUpV GH OHV SHUVHFXFLRQV MXGLFLDOV D FOtQLTXHV SULYDGHV L D GRQHV TXH KDYLHQ DYRUWDW HV YD HQJHJDU XQD FDPSDQD G DXWRLQFXOSDFLRQV WDQW GH GRQHV TXH DILUPDYHQ KDYHU DYRUWDW FRP G KRPHV TXH KDYLHQ DFRPSDQDW D GRQHV D DYRUWDU SHU VROLGDULW]DUVH DPE OHV HQFDX VDGHV GXUDQW HOV PHVRV GH JHQHU L IHEUHU (Q HO PHV GH PDUo V KDQ FRPHQoDW D FLWDU SHU GHFODUDU GDYDQW GHO MXWJH SHUVRQHV TXH V KDYLHQ DXWRLQFXOSDW

44. 5HIOH[LRQV $ O DQ GRQHV YDQ LQWHUURPSUH YROXQWjULDPHQW HO VHX HPEDUjV D O (VWDW (VSDQRO (V WUDFWD GH GRQHV TXH VyQ PDMRULWjULDPHQW VROWHUHV VHQVH ILOOVHV TXH WUHEDOOHQ DVVDODUL DGDPHQW L TXH WHQHQ XQ QLYHOO PLWMj G HVWXGLV 7RW L TXH XQ HOHYDW QRPEUH GH GRQHV KD SDWLW XQ DYRUWDPHQW DO OODUJ GH OD VHYD YLGD OD PDMRULD KR KD YLVFXW L SDWLW FRP XQ DVVXPSWH SULYDW VHQVH TXH WUDQVFHQGtV PpV HQOOj GHO VHX HQWRUQ LPPHGLDW $L[z SURYRFD XQD IDOWD GH FRQHL[HPHQW UHDO GHO SURFpV GHULYDW GH OD IDOWD GH FRPXQLFDFLy L WUDQVPLVVLy G DTXHVWD H[SHULqQFLD HQWUH OHV PDWHL[HV GRQHV $TXHVWD VLWXDFLy pV HO UHVXOWDW GHO IHW TXH OD LQWHUUXS FLy YROXQWjULD GH O HP EDUjV FRQWLQXD VHQW VRFLDOPHQW XQ WHPD WDE~ KHUqQFLD GHO FDWROLFLVPH PpV UHWUz JUDG TXH FRQWLQXD H[LVWLQW LQWHQWDQW FRDUWDU OD OOLEHUWDW GH OD GRQD GH GHFLGLU VREUH HO VHX SURSL FRV $ WDOO G H[HPSOH O DQ OD RPXQLWDW GH 0DGULG YD DWRUJDU D OHV GLIHU HQWV DVVRFLDFLRQV DQWLDYRUWLVWHV VXEYHQ FLRQV SHU XQ LPSRUW TXH VXSHUDYD HOV HXURV 0DGULG QR Q pV XQD H[FHSFLy MD TXH DTXHVWHV RUJDQLW]D FLRQV HVWDQ LQVWDX UDGHV L RSHUHQ D GLIHU HQWV SXQWV GH O (VWDW (VSDQRO 5HFHQWPHQW D %DUFH ORQD SHU H[HPSOH HV YD FHOHEUDU XQ DFWH HQ FRQWUD GH O DYRUWD PHQW RUJDQLW]DW SHU OD 3ODWDIRUPD 3DFWH SHU OD 9LGD L OD 'LJQLWDW TXH LQWHJUD XQ FHQWHQDU G HQWLWDWV FDWzOLTXHV HULVWLDQV )RUR GH OD )DPtOLD 3UR9LGD HWF

45. / DFWH TXH YD VHU VXEYHQFLRQDW SHU ,8 V HQJOR ED GLQV G XQD FDPSDQD TXH V HVWj GXHQW D WHUPH D QLYHOO QDFLRQDO HQ FRQWUD GH O DYRUWDPHQW L D IDYRU GH OD IDPtOLD WUDGL FLRQDO L KHWHURVH[XDO eV VLPSWRPjWLF GHO WDE~ VRFLDO TXH KL KD HQWRUQ D O DYRUWDPHQW VREUHWRW HQ HO FDV GHOV DYRUWDPHQWV YROXQWDULV

46. HO IHW TXH OHV LQVWLWXFLRQV WDQW OHV S~EOLTXHV FRP OHV SULYDGHV QR RIHUHL[LQ FDS WLSXV G HLQD QL UHFXUVRV D OHV GRQHV TXH SDVVHQ SHU DTXHVW SURFpV 7DQ pV DL[t TXH WRW L TXH HV SRGHQ PDQLIHVWDU PROqVWLHV GXUDQW HOV GLHV SRVWHULRUV D O DYRUWDPHQW L XQ [RF KRUPRQDO TXH HW SRW GHVHVWDELOLW]DU HPRFLRQDOPHQW OD EDL[D ODERUDO QRPpV HVWj FRQWHPSODGD HQ HOV FDVRV HQ TXq O DYRUWDPHQW pV LQYROXQ WDUL 8QD DOWUH DVSHFWH UHODFLRQDW DPE DTXHVW WDE~ L DPE HO VLVWHPD SDWULDUFDO HQ HO TXq HVWHP LPPHUVHV pV OD IDOWD G LPSOLFDFLy L VHQVLELOLWDW GHO FRUUHVSRQVDEOH GXUDQW HO SURFpV WRW L TXH QR VHPSUH pV DL[t

47. OD TXDO D YHJDGHV HV OLPLWD D XQD VLPSOH DSRUWDFLy HFRQzPLFD L G DFRPSDQDPHQW GXUDQW OD LQWHUYHQFLy VHQVH VHU FRQVFLHQWV TXH O DYRUWDPHQW pV XQ SURFpV TXH LPSOL FD PROWV PpV DVSHFWHV TXH HO PHUDPHQW TXLU~UJLF / HGXFDFLy VH[XDO SRGULD VHU XQ IDFWRU FODX HQ O DSUHQHQWDWJH GH OD VH[X DOLWDW VREUH FRP YLXUHOD VDWLVIDFWzULDPHQW FRP SUHYHQLU HOV ULVFRV G HP EDUDVVRV QR GHVLWMDWV R OHV LQIHFFLRQV GH WUDQVPLVVLy VH[XDO SHUz HQ OD PDMRULD GH FHQWUHV HGXFDWLXV pV DEVHQW HQ DOJXQV FHQWUHV HOV FRQWLQJXWV HV FHQHL[ HQ D LQIRUPDFLy VREUH DVSHFWHV ILVLROzJLFV L DQDWzPLFV GHO FRV L HQ OtQLHV JHQHUDOV HOV FRQ WLQJXWV SDWHL[HQ XQ HQIRF KHWHURVH[XDO L UHSURGXF WLYLVWD LGHQWLILFDQW VH[H DPE FRLW OLPLWDQW OD VH[X DOLWDW D O HWDSD UHSURGXFWLYD L RULHQWDQW OD LQIRUPDFLy H[FOXVLYDPHQW D OD SUHYHQ FLy DOV PqWRGHV DQWLFRQ FHSWLXV L D OD WUDQVPLVVLy GHO 6,'$ 7RW L O DSDUHQW QRUPDO LW]DFLy GHOV PqWRGHV DQWL FRQFHSWLXV OHV [LIUHV G D YRUWDPHQWV SHUPHWHQ SDU ODU G XQ LPSRUWDQW QRPEUH GH GRQHV L KRPHV TXH QR XWLOLW]HQ DQWLFRQFHSWLXV R XWLOLW]HQ PqWRGHV QR VHJXUV R QR HOV XWLOLW]HQ FRUUHFWDPHQW $L[z HQV GXX D HQGLQVDU QRV HQ HOV FRQGLFLRQDQWV VRFLDOV L HFRQzPLFV TXH GLILFXOWHQ O DF FpV D O DQWLFRQFHSFLy TXH IDQ TXH OD SUHYHQFLy L SHU WDQW OD SUHRFXSDFLy SHOV DQWLFRQFHSWLXV UHFDLJXL PDMRULWjULDPHQW VREUH OHV GRQHV (Q RFDVLRQV HQV HQIURQWHP D DFWLWXGV PDVFOLVWHV G LQKLELFLy R QHJDWLYD SHU SDUW GH PROWV KRPHV D XWLOLW]DU SUHVHU YDWLXV DEXQGHQ IUDVHV FRP D PL HOV FRQGRQV QR HP PROHQ MR FRQWUROR VL GH FDV GHPj W DFRPSDQR D SUHQGUH OD SDVWLOOD GHO GLD GHVSUpV

48. R DOV QRVWUHV SURSLV SUHMXGLFLV VREUH DOJXQV DQWLFRQFHSWLXV

49. '266,(5 (175$/ 0HQWUHVWDQW OD UHSUHVVLy FRQWLQXD $UUHO GH OD SHUVHFXFLy TXH KL YD KDYHU HO JHQHU SDVVDW GH GLYHUVHV GRQHV TXH KDYLHQ DYRUWDW HQ HO WHUPLQL TXH SHUPHW OD OOHL HV YDQ OOLXUDU DOV MXWMDWV GH 7DUUDJRQD PHV GH DXWRLQ FXOSDFLRQV SHU VROLGDULW]DUVH DPE OHV GRQHV LPSXWDGHV $FWXDOPHQW V HVWDQ FLWDQW D GHFODUDU GLYHUVHV SHUVRQHV HQ XQ GHJRWHLJ FRQWLQX DUUHO GH OHV DXWRLQFXOSDFLRQV SUHVHQWDGHV HO G DEULO 'XUDQW DTXHVW ~OWLP PHV GH MXQ YDULHV GRQHV KDQ HVWDW FLWDGHV D GHFODUDU SHU DXWRLQFXOSDUVH HQ HO PDUF GH OD FDPSDQD SHU O DYRUWDPHQW OOLXUH $ %DUFHORQD KL KDYLD FLWDFLRQV SHU GLPDUWV GLPHFUHV L GLPDUWV $ 6DQW )HOLX GLPHFUHV DPE XQD FRQFHQWUDFLy SHU DFRPSDQDU XQD GH OHV GRQHV FULGDGHV D GHFODUDU GHV GH 0ROLQV GH UHL 'LMRXV KL KDYLD XQD FLWDFLy D 5HXV L GLOOXQV D %DGDORQD 7DPEp Q KL KD KDYHU XQD FLWDFLy GLOOXQV D 7RUWRVD TXH DSOHJDYD D DXWRLQFXOSDGHV (Q OHV URGDOLHV GHO EDL[ OOREUHJDW L HO %DUFHORQpV MD VyQ OHV SHUVRQ HV TXH KDQ HVWDW FLWDGHV D GHFODUDU SHU KDYHUVH DXWRLQFXOSDW G KDYHU DYRUWDW HQWUH HOOHV XQD GH 0DQUHVD 'HV GH DVWHOOy GH OD 3ODQD OD ;DU[D )HPLQLVWD GH OD 3ODQD V KDQ DGKHULW D OD DPSDQD 9DQ OOLXUDU DXWRLQFXOSDFLRQV HO GH PDUo L HO MXWMDW V KD SRVDW HQ FRQWDFWH DPE OD 3ROLFLD 1DFLRQDO SHU D TXq DTXHVWD HV SRVL HQ FRQWDFWH DPE HOOHV (VSHUHQ FRPHQoDU D VHU FLWDGHV DYLDW 3HU DFDEDU (QV DJUDGDULD TXH FDS GRQD HV VHQWtV VROD HQ XQ SURFpV FRP DTXHVW 3HU DL[z FRPSDUWLU H[SHULqQFLHV L FUHDU JUXSV GH UHFRO]DPHQW HQWUH OHV PDWHL[HV GRQHV SRW VHU XQ ERQ FRPHQoD PHQW QR QRPpV SHU DIURQWDU O DYRUWDPHQW VLQy SHU DIURQWDU PROWHV VLWXDFLRQV TXRWLGLDQHV RQ HO SDWULDUFDW HV ID PROW SUHV HQW 3DUODUQH FRPSDUWLU H[SHULqQFLHV DSUHQGUH D SUHYHQLU L D FRQqL[HU HOV QRVWUHV FRVVRV SRGHU GHQXQFLDU DEXVRV GHOV SUR IHVVLRQDOV TXH HW SRWV WUREDU D GDYDQW HQ DTXHVWV FDVRV SRW VHU XQ SDV /D VROLGDULWDW GDYDQW DJUHVVLRQV OHJDOV FRP OHV G DTXHVWV ~OWLPV PHVRV WDPEp pV FUXFLDO L VREUHWRW OD OOXLWD SHUTXq FDGD GRQD SXJXL HVFROOLU OOLXUHPHQW VL YRO R QR WLUDU HQGDYDQW XQ HPEDUjV VHQVH FRQGLFLRQDQWV HFRQzPLFV VRFLDOV L PRUDOV 3URGXFWHV HFROzJLFV DUWHVDQV L DXWzFWRQV $O 0HUFDW 0XQLFLSDO GH %HUJD LUF P~VLFDO GHDPEXODQW RQWDFWH OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy ROÂODERUD DPE HO 3qVRO 1HJUH $QXQFLD¶W HQYLD¶QV DUWLFOHV GLEXL[RV SRHPHV D SHVROQHJUH#EHUJXHGDOOLEHUWDULRUJ RQVWUXwP XQD VRFLHWDW OOLEHUWjULD

50. $FWXDOLWDW 2K (VSDQD HQRUV HO QDFLRQDOLVPH HV GHVERUGD L VXUW DO FDUUHU 4XDQ VHPEODYD TXH (VSDQD HV WUHQFDULD HQ TXDOVHYRO PRPHQW TXDQ O HV SDQRO VHPEODYD D SXQW GH GHVDSDUqL[HU D DWDOXQD (VSDQD KD JXDQDW QR Vp TXq GH IXWERO , DX JUHVFD L [HULQR OD SHWDUGV L WRURV L DJXLORWV SHOV FDUUHUV GH WRWD (VSDQD GH HVWH D RHVWH GH QRUWH D VXU 7RWD 6t WRWD , SHU SRV WUHV 0DQLILHVWRV HQ GHIHQVD GH OD OOHQJXD HVSDQROD D DWDOXQD WHUFHUD KRUD GH FDV WHOOj D OD SULPjULD WRW SOHJDW DPDQLW DPE XQD VROLGDULWDW GHVERUGDQW GHOV FDWDODQV DPE HO UHVWR GHO WHUULWRULR QDFLRQDO HVSDQRO@ (YLGHQWPHQW QR KL KD PDQLIHVWRV G LQWHOÃOHFWXDOV HVSDQROV HQ SUR GH OD OOHQJXD FDWDODQD R UHSXGLDQW O HVSROL ILVFDO pV FODU TXH WRW SHQVDQW HQ LQWHOÃOHFWXDOV HVSDQROV UHV HP TXHGR HQ EODQF , pV TXH LQFO~V D DWDOXQD QL XQD FXFD YLX L DL[z TXH pV HVWLX L YHLHP FRP VXUW O HVSDQROLWDW UHSULPLGD GH PROWV FDWDODQV £FDWDODQRSDUODQWV DOJXQV VREUHWRW D OD SURYLQFLDQD FLXWDW GH %DUFHORQD 5HV DPLFV D OD OOHQJXD FDWDODQD OL TXHGHQ GRV WHOHGLDULV L VLQy HOV LOÃOXPLQDWV L SURYLQFLDQV VRFLDOLVWHV FDWD ODQV MD KL SRVDUDQ Pj GH PRPHQW MD KDQ H[SXOVDW GH DWDOXQD 5jGLR O $QWRQL %DVVDV EULOODQW SHULRGLVWD L PLOORU SHUVRQD VHQVH FDS PHQD GH SXGRU DTXHVW SURJUD PD HUD OtGHU G DXGLqQFLD L O HP SDWLD L VLPSDWLD TXH GHVSHUWDYD KD TXHGDW VREUDGDPHQW GHPRVWUDGD

51. (O VRFLDOLVPH FDWDOj TXH QR Wp UHV GH FDWDOj QL PROW PHQV GH FDWDODQLVWD QL WDPSRF G HVTXHUUHV

52. HVWj GDUUHUH GH WRWD DTXHVWD PHGLR FULWDW SHUz SRGUtHP IHU H[WHQ VLX O HVWDW GH SHQRVD UHDOLWDW VRFLDO L SROtWLFD GHO SDtV D WRWV HOV SDUWLWV L VHFWRUV VRFLDOV 2K DWDOXQD PHGLRFUH L H[WUDYLD GD 2K (VSDQD VHPSUH HQGD YDQW DO VR GH OD SLFDUHVFD HQGLQVDQWVH DUD HQ XQD FULVL TXH WLUD G HVTXHQD , DUD TXq IDUHP RK (VSDQD OD GHO GLQHU IjFLO HO WRW[R L HO VRO L SODWMD 2K (XURSD $UD VL (VSDQD ID SHQD GH YHXUH (XURSD MD ID IjVWLF R Ep ID YHQLU FDJXHUD 3HUz WUDQ TXLOV DPLFV TXH HO QRVWUH HXURSHLVPH MD FDPSD SHU OHV FLPHUHV HXURSHHV L SHU %UXVVHOÃOHV PpV IODPHQF TXH HOV G DOOj 7UDQTXLOV DPLFV DTXt GH UHIHUqQGXP R FRVHV G DTXHVWHV TXH HV IDQ SHO PyQ QR HQ WHQLP SDV FD FD PHQV IHLQD YpV $O FDS L D OD IL TXDQ HQV KDQ GLW DX GLJXHV OD WHYD WRWV HOV SDUWLWV HQV DVVHQ DODYHQ OD PDWHL[D SDSHUHWD SLFDQW O XOOHW (XURSD QHROLEH UDO VHQRUV L SHO PDWHL[ FDPt VHJXHL[ HO FDUUR L HO EXUUR FDWDOj DFRWDQW HO FDS FRP VHP SUH TXq YROV IHUKL 2K (XURSD /D GH OHV VHL[DQWDFLQF KRUHV VHWPDQDOV £WDQWD VDQJ YHVVD GD SHU OD MRUQDGD GH YXLW KRUHV L SHU OHV TXDWUH HQJUXQHV 2K (XURSD /D TXH REUH QRPpV OD SRUWD TXDQ IDOWHQ EUDoRV L FRV VRV SHU H[SORWDU L OD WDQFD L H[SXOVD TXDQ OD IHLQD pV IHWD DX HQOOj FRVVD DO FXO (O IDQWDV PD GHO IHL[LVPH V HVWpQ SHU WRWD (XURSD UHVVRUJLUj DYLDW DPE OD VHYD FDUD PpV FUXD pV DUUHX RK (XURSD ¢TXH QR YDV DSUHQGUH UHV /HV SROtWLTXHV GLVFULPLQDWzULHV FRQWUD OD LPPLJUDFLy L OD GLIHUqQFLD VyQ SUHVHQWV HQ WRWV HOV SDwVRV D ,WjOLD MD SUHQHQ OHV GDGHV GHOV JLWDQRV DL $XVFKZLW] pV OD SURSHUD SDUDGD

53. (OV GUHWV KXPDQV DPLFV HQV HOV SDV VHP SHU O HQJRQDO D ,WjOLD D )UDQoD D (VSDQD D DWDOXQD D %HUJD 7RWV HOV SDwVRV L HOV FRORUV SROtWLFV VyQ SHFHV G D TXHVWD SHQRVD VLWXDFLy GHV GH OHV PpV DOWHV LQVWLWXFLRQV ILQV DOV DMXQWDPHQWV KR YHLHP SURX D %HUJD DPE HOV HVWLUD ERWV GHOV RQYHUJHQWV HO 6DxD OD 83 L FRPSDQLD

54. 2K HO PyQ 3DUODQW GH SROtWLFV QR HP SXF HVWDU GH UHFRUGDU HO FLQLVPH GHOV OtGHUV PXQGLDOV TXH YDQ WUREDUVH HQ XQD LOOD MDSRQHVD SHU SDUODU GH OD IDP DO PyQ WRW IHQW XQ SHWLW jSDW IUXJDO GH QR Vp TXDQWV SODWV 6LPSOHPHQW HP VHPEOD UHSXJQDQW LQVXO WDQW L G XQD IDOWD GH GHFzUXP LQGLJQDQW , SHU SRVWUHV QR Vp TXq YDQ PHQMDU SHU SRVWUHV SHUz HV YHX TXH HV YDQ DUURQ VDU G HVSDWOOHV £TXq P H[SOL TXHV D PL GH OD IDP DO PyQ PHQWUH HQFDUD DOJ~ [XFODYD HO VXTXHW GHO FDSDUUy G XQ HVFD PDUOj , HOV DFRUGV GH .RWR , HO FDQYL FOLPjWLF , HO 3HULWR 0RUHQR TXH V HQIRQVD HQ OHV DLJHV FDGD FRS PHQV JODoD GHV GH OD 3DWDJzQLD 6 DUURQVHQ G HVSDWOOHV 4XHGHQ RVWUHV SHU DTXt D MHUDUTXtD HFOHVLiVWLFD HVSDxROD HQ ODV HOHFFLR QHV GHO SDVDGR GH PDU]R LQFLWDED D YRWDU SRU HO 3DUWLGR 3RSXODU FRQWUD D TXLHQHV QHJRFLDEDQ FRQ (7$ RQ HVWD GHFODUDFLyQ ORV 2ELVSRV GHFODUDEDQ OD JXHUUD DO *RELHUQR 6RFLDOLVWD 1R HV PL LQWHQFLyQ GH DQDOL]DU VL HO *RELHUQR KL]R ELHQ R PDO HQ GLDORJDU FRQ (7$ VLQ HPEDU JR DQWHV KXER RWURV JRELHUQRV TXH OR LQWHQWDURQ OD ,JOHVLD QR SURWHVWy LQFOXVR WRPy SDUWH HQ ODV FRQYHUVDFLRQHV XiQGR HUDQ HOORV ORV LQWHUORFX WRUHV RSLQDEDQ TXH HUD SRU XQD FDXVD MXVWD DKRUD HQ OD RSRVLFLyQ OD FDOLILFDQ GH RWUR PRGR PH SUHJXQWR ¢SRU TXp 6yOR KD TXH HYRFDU HO 2ELVSR GH =DPRUD -XDQ 0DUtD 8ULDUWH TXH IXH QDGD PHQRV SURSXHVWR SRU (7$ DFHSWDGR SRU HO *RELHUQR $]QDU FRPR LQWHUPH GLDULR (QWRQFHV QDGLH VH RSXVR (VWH HQIDGR GH ORV 2ELVSRV GH LQFLWDU D QR YRWDU VRFLDOLVWD SRU KDEHU QHJRFLDGR FRQ ORV WHUUR ULVWDV HV XQD DUJXFLD D TXH HQFLPD GHO WDSHWH KDEtD RWURV DVXQWRV GH GHVFRQWHQWR TXH TXHGy GHPRVWUDGR HQ ODV PDQL IHVWDFLRQHV GH 0DGULG /D LQTXLHWXG FOHULFDO VXUJH GHVGH HO PRPHQWR TXH HO JRELHUQR GHFLGH TXH OD HQVH xDQ]D SXEOLFD VHD GH FDOLGDG JDUDQWLFH OD LJXDOGDG HIHFWLYD SDUD WRGRV ORV DOXPQRV /RV 2ELVSRV VDOHQ D OD FDOOH FODPDQ GR TXH HO (VWDGR DPHQD]D OD HQVHxDQ]D SULYDGD FRVD TXH QR HUD YHUGDG

55. 7DPSRFR TXLH UHQ TXH OD DGPLQLVWUDFLyQ S~EOL FD LQWHUYHQJD HQ OD UHJXODFLyQ GH ORV VLVWHPDV GH VHOHFFLyQ GH DOXPQRV 3DUD DXPHQWDU OD FDOLGDG GHO VLV WHPD HGXFDWLYR ORV SURSLHWD ULRV GH FROHJLRV SULYDGRV SURSR QHQ TXH VH DXWRULFH TXH HVWRV FHQWURV FREUHQ FXRWDV DGLFLRQD OHV D ORV SDGUHV FXRV DOXPQRV KDDQ VLGR VHOHFFLRQDGRV SDUD HVWXGLDU HQ HOORV HQ FDVR GH DSUREDUVH HVWD /H SURYRFDUi XQ VLVWHPD GH H[FOXVLyQ VRFLDO /D SDODEUD VHOHFFLyQ HQFLHUUD HQ Vt XQ VHQWLGR GH SULYLOHJLR 5LFRV SREUHV RVD TXH ORV 2ELVSRV SRU OR YLVWR QR OHV PROHVWD HQ DEVROXWR (O *RELHUQR VRFLDOLVWD UHSURFKD D OD ,JOHVLD HVSDxROD GH QR UHV SHWDU HO DFXHUGR VXVFULWR FRQ OD 6DQWD 6HGH HQ PDWHULD GH HQVH xDQ]D (V XQ MXHJR GH WLUD IORMD VHJXUR TXH OOHJDUiQ D XQ DFXHUGR GHMDQGR ODV FRVDV WDQ PDO FRPR HVWDEDQ VHUi HO (VWDGR TXH VHJXLUi SDJDQGR HV GHFLU ORV FRQWULEXHQWHV /D UHIRUPD SURPHWLGD SRU HO *RELHUQR KD TXHGDGR HQFDOOD GD FRPR WRGDV ODV LQLFLDWLYDV GH =DSDWHUR TXH QR FRQFOXH QLQJXQD +DVWD DKRUD ORV PiV SHUMXGLFDGRV VRQ ORV DOXPQRV TXH VH OHV SULYD GHO DFFHVR D XQD LJXDOGDG GH RSRUWXQLGDGHV $xDGLUp SDUD FRQFOXLU VREUH HVWH WHPD HO *RELHUQR QXQFD SRGUi VDWLVIDFHU OD YRUDFLGDG GH ORV 2ELVSRV RQ HO IUDQTXLVPR WHQtDQ SOHQD OLEHUWDG GH DSOLFDU XQD HQVHxDQ]D SDWULRWHUD WRWDOLWDULD (UD XQD pSRFD GH HVSOHQGRU SDUD ORV YLFWRULRVRV TXH UHFXHUGDQ FRQ PHODQFROtD RQ OD PXHUWH GH )UDQFR KDQ UHVXUJLGR PRYLPLHQWRV GH UHQRYDFLyQ SHGDJyJLFD LQVSLUD GRV FRQ HO PRGHOR GH )HUUHU *XDUGLD DXQTXH FRQ PXFKDV GLILFXOWDGHV GH VREUH YLYHQFLD D TXH HFRQyPLFDPHQWH QR VRQ VXEYHQFLRQDGRV SRU HO (VWDGR $TXt KD DOJR RVFXUR TXH ORV UHVSRQVDEOHV GHO *RELHUQR GHEHUtD H[SOLFDU OD UD]yQ GH HVWD GLIHUHQFLD GH WUDWR (Q FDPELR OD ,JOHVLD DWyOLFD UHFLEH PXFKRV SULYLOHJLRV QR SDJD LPSXHVWRV SRU JR]DU GH H[HQFLRQHV GHVJUDYDFLRQHV ILVFDOHV VLPLODU DO SUHYLVWR HQ JHQHUDO SDUD ODV HQWLGDGHV VLQ ILQHV GH OXFUR ¢4Xp RWUR SDtV GHPRFUiWLFR FXHQWD FRQ VHPH MDQWH SUHUURJDWLYD 1LQJXQR +D YDULDV FLIUDV TXH VH EDUDMDQ SHUR QLQJXQD FRQFUHWD OD FDQWL GDG H[DFWD GH ORV LQJUHVRV TXH SHUFLEH OD ,JOHVLD GHO (VWDGR HVSDxRO 8Q VDFHUGRWH FRQ HQFDUJR GLR FHVDQR SHUFLEH HXURV VLQ LQFOXLU ORV VXHOGRV SRU PLVDV QL HO DORMDPLHQWR

56. XQ RELVSR FREUD EDVWDQWH PiV (Q XQD VRFLHGDG ODLFD GHEHUtD GH HOLPLQDU HVWRV SULYLOHJLRV TXH GLVIUXWD OD ,JOHVLD DWyOLFD 8Q (VWDGR ODLFR QR WLHQHQ SRU TXH FXEULU ORV JDVWRV GH QLQJX QD UHOLJLyQ HV DQWLGHPRFUiWLFR H LQPRUDO HQFLPD D~Q QR HVWiQ FRQWHQWRV /D SROtWLFD GH OD ,JOHVLD HQ (VSDxD YD OLJDGD FRQ OD GHO 3DUWLGR 3RSXODU DPERV DxRUDQ FRQ QRVWDOJLD OD pSRFD IUDQTXLV WD FXDOTXLHU GLVSRVLFLyQ QXHYD OD GLJLHUHQ PDO 3RU HMHPSOR OD /H GHO DERUWR VHJ~Q HO $U]RELVSR DxL]DUHV FRPR FDEHFLOOD GH OD RQIHUHQFLD (SLVFRSDO FRQRFLGR SRU VXV LGHDV H[WUHPLVWDV GLFH (O (VWDWXWR GH DWDOXxD SXHUWD DELHUWD D OD SROLJDPLD D OD SROLDQGULD 'HMD LQFOXVR XQD SXHUWD DELHUWD DO LQFHVWR FRQFOXH TXH OD /H GHO DERU WR HV XQ DFWR FULPLQDO VRQ SDOD EUDV GHVGHxRVDV SURSLDV GH XQ UHWUyJUDGR IDVFLVWD 3DUD HVWH VHxRU HO GHUHFKR GH LQWHUUXP SLU XQ IHWR GH XQDV VHPDQDV OR FDOLILFD FRPR XQ DFWR GHOLFWLYR 2K FRVHV/D ,JOHVLD LQIRUPD TXH WLHQH PXFKRV PRWLYRV GH GHVFRQWHQWR SDUD HFKDUVH D OD FDOOH %HUJD MXOLRO GH 8Q IXWXU FRWLW]DQW 6 )UDQoD MXOLRO GH -RDQ %XVTXHWV / [ OD ,JOHVLD DWyOLFD UHFLEH PXFKRV SULYLOH JLRV QRSDJD LPSXHV WRV SRU JR]DU GH H[HQ FLRQHV GHVJUDYD FLRQHV ILVFDOHV VLPLODU DO SUHYLVWR HQ JHQHUDO SDUD ODV HQWLGDGHV VLQ ILQHV GH OXFUR ¢4Xp RWUR SDtV GHPRFUiWLFR FXHQWD FRQ VHPHMDQWH SUHUURJDWLYD

57. LYLP HQ XQD VRFLHWDW HQ OD TXDO GHV GH TXH QHL[HV VH W FODVVLILFD HQ GRV JqQHUHV PDV FXOt L IHPHQt %DVDQWVH VXSR VDGDPHQW HQ XQD GLIHUHQFLDFLy VH[XDO ELROzJLFD VH W HGXFD L HV YD FUHDQW OD WHYD LGHQWLWDW HQ EDVH D DTXHVWD FDUDFWHUtVWL FD (VWHP OOLJDGHV D XQD LGHQWL WDW GH JqQHUH TXH HQV DVVLJQD UROV VRFLDOV GHWHUPLQDWV DL[t VL HWV FRQVLGHUDGD GRQD V HVSH UDUj GH WX SHU H[HPSOH TXH VLJXLV SDVVLYD L SUDFWLTXLV XQ DOWUXLVPH REOLJDWRUL HQ HO FDV TXH VH W FRQVLGHUL KRPH KDXUjV GH VHU GRPLQDQW L QR PRVWUDU WHQLU GHELOLWDWV / HGXFDFLy TXH UHEHP GHV GH EHQ SHWLWHV LQIOXHL[ PROW IRUWD PHQW HQ TXH DVVXPLP L FUHLHP FRP D SUzSLD DTXHVWD LGHQWLWDW GH JqQHUH $TXHVW SURFpV G LQ WHULRULW]DFLy HV GyQD GLQV GH OD VRFLDOLW]DFLy SULPjULD G DTXHV WD PDQHUD pV GLItFLO OD OOXLWD FRQWUD WRW DOOz TXH WHQLP WDQ DVVXPLW 7RW L TXH O HGXFDFLy L HQ FRQ FUHW OHV LQVWLWXFLRQV HGXFDWLYHV pV HO WHPD TXH WUDFWDUHP HQ HO SUHVHQW DUWLFOH QR SUHWHQHP GHIHQVDUOHV QL UHIRUPDUOHV MD TXH OHV FRQVLGHUHP XQ GHOV SULQFLSDOV PHFDQLVPHV TXH SHUSHWXHQ OHV GHVLJXDOWDWV VRFLDOV (OV DJHQWV VRFLDOV SUHVVLRQHQ SHU JHQHUDOLW]DU OD LQWHULRULW]D FLy GH WUHWV GH SHUVRQDOLWDW L HO GHVHQYROXSDPHQW G DSWLWXGV TXH VRFLDOPHQW V DVVLJQHQ D FDGD VH[H L O HVFROD SUHQ XQ SDSHU LPSRUWDQW L DFWXD FRP TXDOVHYRO DOWUD LQVWLWXFLy GH WUDQVPLVVRUD G DTXHVWD GLIH UHQFLDFLy GH JqQHUH / HVFROD HQ JUDQ PHVXUD UHIRUoD DTXHVWHV GLIHUqQFLHV D WUDYpV GH IRPHQWDU OD UHSUR GXFFLy GH OD GLYLVLy GHO WUHEDOO HO UHSDUWLPHQW GH UROV L WDVTXHV L OHV H[SHFWDWLYHV TXH WHQHQ IDPtOLHV SURIHVVRUDW L HO SURSL LQIDQW VREUH HO VHX IXWXU VHJRQV DTXHVWD GLIHUHQFLDFLy VH[XDO /HV FRUUHQWV SHGDJzJLTXHV KDQ DQDW YDULDQW DO OODUJ GHOV DQV HQ O DFWXDOLWDW HV SUHWHQHQ DSOL FDU D O HVFROD HO FRQVWUXFWLYLV PH L OD PHWRGRORJLD DFWLYD $L[z VLJQLILFD WUHQFDU DPE HO PRGHO WUDGLFLRQDO HQ TXq HO SURIHVVRUDW Wp HO VDEHU DEVROXW L O KD GH WUDQVPHWUH DOV DOXP QHV L FUHDU XQ DPELHQW GH GHEDW L GLjOHJ D OHV DXOHV 7RW L HOV FDQYLV SHGDJzJLFV TXH KL KD KDJXW DO OODUJ GH OD KLVWz ULD GH OHV LQVWLWXFLRQV HGXFDWL YHV VHPSUH V KDQ UHIRUPXODW DVSHFWHV GH OD PHWRGRORJLD GHOV REMHFWLXVHO WHPD GHO JqQHUH FXULRVDPHQW QR KD SDWLW JUDQV FDQYLV GH IRQV $FWXDOPHQW V DSOLFD WHzULFD PHQW XQ PRGHO FRHGXFDWLX TXH VREUH SDSHU VLJQLILFD XQD HVFROD GLULJLGD D O HOLPLQDFLy G HVWHUHRWLSV VH[XDOV GH GHVL JXDOWDWV VH[XDOV L GH OD MHUDU TXLD GH JqQHUHV $ OD SUjFWLFD VL DQDOLW]HP HO TXq SDVVD HQ XQD HVFROD RQ VXSRVDGDPHQW V DSOLFD XQ PRGHO FRHGXFDWLX HQV WUREHP TXH SHU H[HPSOH OD LQWHUDFFLy HQWUH HO SURIHVVR UDW L HOV DOXPQHV GLYHUJHL[ HQWUH QHQHV L QHQV OHV LQWHUDF FLRQV HQWUH GRFHQW QHQV WHQHQ XQ SHUFHQWDWJH FRQVLGH UDEOHPHQW PpV DOW TXH QR SDV OHV GH GRFHQW QHQHV ' DOWUD EDQGD DOJXQV HVWXGLV KDQ GHPRVWUDW TXH OD FRQVLGHUDFLy TXH WHQHQ HOV GRFHQWV G XQ QHQ TXH LQWHUYp PROW D FODVVH D OD TXH WHQHQ TXDQ OD TXH LQWHUYp PROW pV XQD QHQD YDULD HQ HO FDV GH VHU HO QHQ HV FRQVLGHUD TXH O LQIDQW Wp LQWHUqV TXH pV LQWHOÃOLJHQW TXH Wp XQD DFWL WXG SRVLWLYD (Q HO FDV GH VHU OD QHQD DO FRQVLGHUDFLy pV QHJD WLYD HV SHQVD TXH SRWVHU OL PDQFD DWHQFLy DIHFWLYD L TXH SHU WDQW QHFHVVLWD FULGDU O DWHQ FLy (Q XQ ~OWLP H[HPSOH HQ HO TXDO V KD DQDOLW]DW OHV LQWHUYHQFLRQV GH QHQV L QHQHV GLQV G XQD DXOD HV SRW YHXUH TXH KL KD XQ SHUFHQWDWJH PpV DOW GH SDUWLFL SDFLy YHUEDO GHOV QHQV TXH GH OHV QHQHV 7RWV DTXHVWV H[HPSOHV HQV PRVWUHQ FRP GDUUHUD GHOV DVSHFWHV IRUPDOV GH O HGXFDFLy V DPDJD XQ FXUUtFXOXP RFXOW TXH MXJD XQ SDSHU GHWHUPL QDQW HQ OD FUHDFLy L UHSURGXF FLy G HVWHUHRWLSV (OV FRQWLQ JXWV GHOV OOLEUHV GH WH[W L GHO PDWHULDO TXH HPSUD HO SURIHV VRUDW SHU D GRQDU OHV FODVVHV VyQ XQ FODU H[HPSOH GHO TXq IRUPD SDUW GHO FXUUtFXOXP RFXOW MD TXH HVWDQ HVFULWV GHV G XQ SXQW GH YLVWD WRWDOPHQW DQGURFqQWULF VREUHWRW HV SRW WUREDU HQ HOV OOLEUHV G KLVWzULD SHUz DTXHVW IHW QR QRPpV HV SRW WUREDU HQ OOLEUHV GH PDWHPjWLTXHV R GH OOHQJXD VLQy TXH pV YLVLEOH HQ TXDOVH YRO OOLEUH GH WH[W RP MD KHP GLW DQWHULRUPHQW DTXHVWD QR pV XQD FUtWLFD SHU UHIRUPDU O DFWXDO VLVWHPD HGX FDWLX / REMHFWLX GHO SUHVHQW DUWLFOH pV GHVWDSDU XQD PLFD HO TXq V DPDJD GDUUHUD GH WDQWHV ERQHV SDUDXOHV L PRGHOV SHGDJzJLFV LQQRYDGRUV RP VHPSUH YHLHP TXH SHU PROWD UHQRYDFLy GH PRGHOV WHRULHV L SUjFWLTXHV HO WHPD GHO JqQHUH DFDED SUHQHQW OORFV VHFXQGDULV L PDL VH OL DWRUJD OD LPSRUWjQ FLD TXH Wp 3HU DL[z pV LPSRU WDQW TXH GHV G DOWUHV PLWMDQV SODQWHJHP GHEDWHP L FUHHP HVSDLV L UHODFLRQV DPE HOV LQIDQWV RQ HV SXJXL FUHDU XQD LGHQWLWDW PpV HQOOj GH O HWLTXH WD VH[XDO XUUtFXOXP RFXOW SLQ]HOODGHV G HGXFDFLy L JqQHUH 0DQUHVD MXOLRO GH 'RQHV DPE JDQHV GH UHEHQWDU FDSV 9 3,1785(6 , '(25$,Ï3,1785(6 , '(25$,Ï 352'87(6 '( 5(67352'87(6 '( 5(67$85$,Ï$85$,Ï 352'87(6 48Ë0,6352'87(6 48Ë0,6 $$7(1,Ï 3(5621$/,7=$'$7(1,Ï 3(5621$/,7=$'$ 3ODoD G¶$QVHOP L ODYp %DL[RV 0DQUHVD 7HO L )D[ :HE ZZZODGURJXHULDPDQUHVDFRP (PDLO LQIR#ODGURJXHULDPDQUHVDFRP 0RVVHQ -DFLQW 9HUGDJXHU 0DQUHVD WHO OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy $QWLSDWULDUFDO

58. +XPRU OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy c./ MossŁn Huch, 11 (Mercat Municipal) Berga Tel. 938221334 -Tapes variades, esmorzars, entrepans freds i calents, sucs naturals i gran assortit de tes arom tics- 3ODoD PDUDJDOO %HUJD HQWUH G·(VWXGLV -RVHS (VWHU L %RUUjV $WHQHX GLIXVVRU GH OHV LGHHV DQDUTXLVWHV GHO %DOo EDL[RV HVTXHUUH %HUJD 'LVWUL GH PDWHULDO DOWHUQDWLX /OLEUHULD L $U[LX +LVWzULF GHO %DOo %HUJD

59. 5HVVHQHV F GH OD VDEDWHULD 0DQUHVD

60. FDV DO HOV FDUOLQV FXLQD YHJHWDUL DQD SDVVHLJ WHOIÃ 6DQWSHGRU OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy /DTXLHEUDGHODFLXGDGSRSXODU(VSDFLRXUEDQRLQPLJUDFLyQDQDUTXLVPRHQ OD%DUFHORQDGHHQWUHJXHUUDV -RVp /XLV 2Ð1 %DUFHORQD 6HUEDO

61. TXHVW pV XQ OOLEUH DFDGqPLF WDQW SHO TXH ID DO OOHQJXDWJH FRP D O H[ WHQVLy PpV GH SjJLQHV

62. L TXH PDOJUDW HO VHX LQWHUqV HQ HOV jPELWV DQDUTXLVWHV SRW IHU GLItFLO DYRUULGD L SHVDGD OD VHYD OHFWXUD 7DQPDWHL[ pV XQ OOLEUH GHO TXH VH Q KDQ IHW EDVDQW UHVVz L SURPRFLy GHV GHOV FROÃOHFWLXV OOLEHUWDULV DUWHOHUD /LEHUWDULD $ODVEDUULFDGDV /D 4XLPHUD 0HPRULD /LEHUWDULD /D 0DODWHVWD

63. 2yQ HQ HOV GDUUHUV DQV KD FHQWUDW OD VHYD DWHQFLy HQ OD %DUFHORQD REUHUD GHO SHUtRGH FRPSUqV HQWUH OD 3ULPHUD *XHUUD 0XQGLDO L OD *XHUUD LYLO (VSDQROD

64. HQ OD VHYD GLPHQVLy VRFLDO L HVSDFLDO 3HU D O DXWRU O LQWHUqV G DTXHVW WHPD UDX SULQFLSDOPHQW HQ GXHV UDRQV SHU WUDFWDUVH G XQ SHUtRGH GH JUDQV FDQYLV XUEDQV D %DUFHORQD L DOV PXQLFLSLV GH O HQWRUQ PpV LPPHGLDW L SHU VHU O HVSDL L PRPHQW KLVWzULF HQ HO TXH O LPDJLQDUL REUHU YD DUULEDU D OD VHYD Pj[L PD H[SUHVVLy HQ HVSHFLDO HO G DUUHO DQDUTXLVWD (Q DTXHVW GDUUHU DVSHFWH WRW L TXH HV UHFRQHL[ FRP D PDU[LVWD KHWHURGR[ GH IRUPDFLy FRQVLGHUD TXH WHQLD HO GHXWH PRUDO L LQWHOÃOHFWXDO GH SDUODU GH OD FLXWDW REUHUD L DQDUTXLVWD / REMHFWLX FHQWUDO GHO OOLEUH pV FRQqL[HU HO FRPSRUWDPHQW TXRWLGLj GHOV REUHUV HQ O HVSDL XUEj GH %DUFHORQD DPE HO SURSzVLW G LQYHVWLJDU HO VHX FRPSRUWDPHQW SROtWLF GXUDQW OD 5HS~EOLFD L OD UHYROXFLy GHO $ JUDQV WUHWV HQ OD SULPHUD SDUW DQDOLW]D DVSHFWHV GH OD YLGD TXRWLGLDQD GH OD FODVVH REUHUD EDUFHORQLQD L HOV IDFWRUV HVVHQFLDOV TXH OD FDQYLDUHQ GXUDQW HO SHUtRGH G HQWUHJXHUUHV GHIL QLQW SUqYLDPHQW XQ FRQMXQW GH ILJXUHV REUHUHV HOV REUHUV TXDOLILFDWV HOV MRU QDOHUV QR TXDOLILFDWV PpV OODUJDPHQW HVWDEOHUWV HQ OD FLXWDW L HOV QR TXDOLILFDWV G LPPLJUDFLy UHFHQW

65. L G HVFHQDULV REUHUV HO FHQWUH KLVWzULF HOV VXEXUELV SRSX ODUV L OHV VHJRQHV SHULIqULHV

66. 8QD YHJDGD PRVWUDGHV OHV GLIHUHQWV GLPHQVLRQV HQ OD VHJRQD SDUW H[DPLQD OD SRVVLEOH LQIOXqQFLD GHOV FRPSRUWDPHQWV PpV R PHQV GLIHUHQFLDWV HQ O jPELW SROtWLF L VLQGLFDO GXUDQW OD GqFDGD GH SUq YLDPHQW L GXUDQW OD UHYROXFLy L JXHUUD FLYLO GH VREUHWRW ID qPIDVL HQ DOV REUHUV DQDUTXLVWHV 17 DWHQHXV OOLEHUWDULV FROXPQHV DQDUTXLVWHV

67. /HV SULQFLSDOV FRQFOXVLRQV D OHV TXH DUULED VyQ GXHV (Q SULPHU OORF SRVD GH PDQLIHVW TXH SUHFLVDU HO VXEMHFWH VRFLDO L HOV HVSDLV XUEDQV GH PDMRU LPSODQ WDFLy GH O DQDUTXLVPH SHUPHW DMXVWDUVH D OD UHDOLWDW GH OD UHYROXFLy DOOXQDQW VH GH IRUPD QHFHVVjULD GH OHV YLVLRQV WzSLTXHV L KDELWXDOV TXH VH Q KDQ IHW , HQ VHJRQ OORF L PpV LPSRUWDQW PRVWUD OD FLXWDW GLYLGLGD IUXLW GHO WUHQFDPHQW GH O HVSDL XUEj REUHU L SRSXODU HQWUH HOV GLIHUHQWV HVFHQDULV FDGD XQ GHOV TXDOV DVVRFLDW D ILJXUHV GLIHUHQFLDGHV WDQW D QLYHOO VRFLDO L LPPLJUDWRUL FRP LGHROz JLF VLQGLFDO L SROtWLF

68. 8Q WUHQFDPHQW TXH D PpV HV YD UHSURGXLU D O LQWHULRU GH O DQDUTXLVPH 3HU ~OWLP PpV HQOOj GH O LQWHUqV DFDGqPLF G DTXHVWD REUD XQD SDUW GHOV UHVXO WDWV REWLQJXWV SHUPHW IHU FRPSDUDFLRQV L SDUDOÃOHOLVPHV DPE OD VLWXDFLy SUH VHQW D DWDOXQD L %DUFHORQD IHQW HYLGHQW SHU H[HPSOH OD SqUGXD GH FRQVFLqQFLD GH FODVVH GH OD SREODFLy R OD PDQFD GH FRPEDWLYLWDW DOKRUD TXH ID SDWHQW TXH HQ HOV SURFHVVRV UHSUHVVLXV FRQWLQXHQ DSOLFDQWVH HOV PDWHL[RV PHFDQLVPHV (Q DTXHVW VHQWLW VRUSUqQ FRP GXUDQW HOV DQV HV GHVHQYROXSj XQD YDJD GH OORJXHUV L TXH DUD HQ DOJXQV FDVRV HQ FRQGLFLRQV SLWMRUV VHPEOL LPSRVVLEOH SODQWHMDU XQD PRELOLW]DFLy VHPEODQW R FRP HO PHFDQLVPH GH FULPLQDOLW]DFLy GH OD SREODFLy LPPLJUDGD pV VLPLODU HOV PXUFLDQV DQDUTXLVWHV GH OD SHULIqULD GH OODYRUV VyQ DUD HOV SDNLV WHUURULVWHV GHO 5DYDO 0DQUHVD MXOLRO GH +LUDP *DVFRLJQH $

69. %HUJD /(6 2/Ã/(7,9,7=$,216 ' (035(6(6 $ $7$/81$ ([SRVLFLy GHO DO GH MXOLRO D %HUJD 9HVWtEXO GHO 7HDWUH 0XQLFLSDO 5RQGD GH 4XHUDOW VQ

70. +RUDUL GH D L GH D K 'LVVDEWH GH MXOLRO D OHV K DO PDWHL[ YHVWtEXO GHO WHDWUH ;HUUDGD VREUH OHV FROÃOHFWLYLW]DFLRQV D DWDOXQD DPE -RDQ 8OOpV OOLEHUWDUL TXH YD SDUWLFLSDU D OHV FROÃOHFWLYLW]DFLRQV 2UJDQLW]D HQWUH G (VWXGLV -RVHS (VWHU %RUUjV L $WHQHX $QDUTXLVWD ROXPQD 7HUUD L /OLEHUWDW ZZZEHUJXHGDOOLEHUWDULRUJ ;, 0DU[D +RPHQDWJH DOV 0DTXLV %DUFHORQD GLVVDEWH G DJRVW $ OHV K WUREDGD DO OORF RQ YDQ DVVDVVLQDU DO FRPSDQ -RVHS /OXtV )DFHUtDV DO 3DVVHLJ 9HUGXP FDQWRQDGD DPE HO FDUUHU 'RFWRU 3t L 0ROLVW 6DQWV %DUFHORQD

71. GLXPHQJH GH VHWHP EUH $ OHV K (O ROÃOHFWLX 1HJUHV 7HPSHVWHV L O $WHQHX /OLEHUWDUL GH 6DQWV RUJDQLW]HQ XQ UHFRUUHJXW SHOV OORFV PpV HPEOHPjWLFV GH OD OOXLWD GHOV 0DTXLV D OD FLXWDW GH %DUFHORQD (QV WUREHP D OD SODoD GH 6DQWV D GDUUHUD GHO PRQXPHQW DO LFOLVWD 9LODQRYD L OD *HOWU~ GLYHQGUHV GH VHWHPEUH $ OHV K SDVVL 3HOÃOtFXODGRFXPHQWDO L SRV WHULRU WDXOD URGRQD /D OOLoy GHOV 0DTXLV D OD OOXLWD SRVWPRGHUQD DO ORFDO (QGLPDUL 5DPEOD DVWHOO 9LODQRYD L OD *HOWU~ GLVVDEWH GH VHWHP EUH $ OHV K SDUDGHWD WHDWUH P~VLFD3ODoD 0DTXLV So 3DX DVDOV

72. /D SODoD pV YRVWUD %HUJD GLVVDEWH GH VHWHPEUH K DPLQDGD FRPHQWDGD SHU OHV EDVHV JXHUULOOHUHV SURSHUHV DOV FDQDOV GH 6DQW 0LTXHO HV VRUWLUj GHV GHO 3RQW GH 3HGUHW

73. K D OD FDUUHWHUD YHOOD GH 9LODGD +RPHQDWJH D -RDQ 9LOHOOD -RVHS 3XHUWDV L -RVHS %HUWRELOOR K 3UHVHQWDFLy GH OD UHHGLFLy DPSOLDGD L HQ FDWDOj GH OD ELRJUDILD GH -RDQ %XVTXHWV D O $WHQHX ROXPQD 7HUUD L /OLEHUWDW K RQFHUW D OD SODoD GH OD 5LEHUD 6DOOHQW GLVVDEWH VHWHPEUH $ OHV K FDPLQDGD FRPHQWDGD (QV WURED UHP D OD VRUWLGD URWRQGD HQWUDGD 6DOOHQW VXG SHU IHU OD DPLQDGD GH 6DOOHQW FDS D DVWHOOQRX SHO FDPt FRQHL[HUHP HO OORF GH GXHV EDVHV GH VXSRUW DOV PDTXLV L DO ILQDO GH OD FDPLQDGD YLVLWDUHP XQ SHWLW PXVHX TXH SDUOD GHO PDTXLV 5DPRQ 9LOD HORQL GLOOXQV GH JHQHU $ OHV K WUREDGD DO FHPHQWLUL GH HORQL HQ UHFRUG GHO FRPSDQ 4XLFR 6DEDWp 3HU PpV LQIRUPDFLy KWWSVLQGRPLQLRQHWPDU[DPDTXLV ZZZPVSDFHFRPFROOHFWLXDOHVWULQ[HUHV ZZZEHUJXHGDOOLEHUWDULRUJ 0DQUHVD GH MXOLRO D OHV K D OD =7$ %DQ]DL GH OD 0HO 3DVVL GHO YtGHR (O )RUDW DPE SUH VHQWDFLy GHO VHX GLUHFWRU GH MXOLRO K 3O (XURSD 3DVVL GH OD SHOL (O RUR GH ODV FDOLIRUQLDV DJRVW K 3DUF GH 3XLJWHUUj SDVVL GH OD SHOÃOtFXOD 'HOWD QHJDW DJRVW K D OD 'LVWUL 3XLJWHUUj GH GDOW 3DVVL GHO YtGHR RQWUDFRUULHQWH L [HUUDGD VREUH VDOLQLW]DFLy DPE PHPEUHV GH OD SODWDIRUPD 3528 6$/ DJRVW K MDUGt GH DQ ULVWX UWD 6DQWSHGRU 'RFXPHQWDO VRUSUHVD +25$5,6 17 0$15(6$62 9$//'$85$ -RUEHWHV HPDLO FQWBDLWBPDQUHVD#KRWPDLOFRP 17 L %LEOLRWHFD .DIHWD DPE IXWEROtQ L SUHXV SRSXODUV

74. 'LVVDEWH GH D K +25$5,6 62 /$ 75(0(1'$ DGD GLYHQGUHV D SDUWLU GH OHV K .DIHWD 7UHPHQGD +DFN/DE 0DQUHVD 'LD L KRUD WRWV HOV GLO OXQV GH D GHO YHVSUH /ORF 62 /D 7UHPHQGD +25$5,6 (175( '·(678',6 -26(3 (67(5 %2556 'HO %DOo QXP 'LVVDEWHV WDUGD GH D $JHQGD (QWUHYLVWD %LFLOLQGULFV VFS 5DYDO VQ 6DQW )UXLWyV GH %DJHV 7HOqIRQ L ID[ (VSHFLDOLWDW HQ 0RWR *X]]L )DQjWLFV GH OHV 266$ L '8$7, 6HUYHL '(5%, 0zELO ZHE KWWSSHUVRQDOUHGHVWEHVELFLOLQGULFV 3HUVRQD GH FRQWDFWH 3HS HPDLOSDSDJX]]L#ELFLOLQGULFVFRP 0$7(5,$/ 7Ë1, '( 0817$1$ /$ 129$ %27,*$ '( 0817$1$ '( 0$15(6$ 3VJ 3HUH ,,, *DOHULHV 0DQUHVD HQWUH

75. /RFDO 7HO OHV GLIHUHQWV HQWLWDWV D VRWD DQXQFLDGHV QR WHQHQ SHUTXq FRPSDUWLU OHV LGHRORJLHV GHOV GLIHUHQWV DUWLFOHV GH OD SXEOLFDFLy (62/7$ %(5*$ 32'5,'$ ',66$%7(6 $/ 0$7Ë '( $ + (1 ',5(7$

76. ',80(1*(6 '( $ + ',//816 '( $ + ',0$576 '( $ + $ 5¬',2 .251(7$ $/ )0 0L PDGUH UHSHWtD OD SDODEUD DERU WR FRPR TXLHQ GLFH KRPLFLGLR 0H VHQWtD PDO (O IHPLQLVPR PH DXGR PXFKR D SRGHU VHQWLU TXH IXH XQ DFWR GH DPRU UHVSRQV DELOLGDG QR KDEHU WHQLGR D HVD EHEH 0LV PpGLFDV PH DSRDURQ HQ WRGR PRPHQWR PDV DOOi GH VXV FUHHQFLDV DPEDV FDWyOLFDV MDPiV PH MX]JDURQ VLHPSUH SUL RUL]DURQ PL GHFLVLyQ PL GHVHR )XH PX GLItFLO 7DPELpQ HVFRQ GHUVH HVFRQGHU TXH OD SDQ]D FUHFtD IUHQWH D PLV DOXPQRV GDED FODVHV GH LQJOHV

77. MXVWLILFDU PLV DXVHQFLDV PHQWLU WRGR HO WLHPSR $OJXQDV DPLJDV PH MX] JDURQ GXUDPHQWH 0L FRPSDxHUR DFRPSDxy WRGR OR TXH SRGtD SDUD VX HGDG RQ PL SDGUH PL KHU PDQR QXQFD KDEOH GHO WHPD 6H TXH PL IDPLOLD SLHQVD TXH WHQLD TXH SDJDU XQ SUHFLR SRU PL HUURU 5HFXHUGR ODV SDODEUDV GH PL PDGUH $OJR WHQpV TXH SDJDU YRV 9ROYHU D OD VH[XDOLGDG IXH FRPSOL FDGR WDPELpQ XQD VH[XDOLGDG VLQ PLHGR WDPELpQ OD SHQHWUDFLyQ SRUTXH HVWDED SUHRFXSDGD FRQ TXH QR VHQWtD QDGD OD DVSLUDFLyQ GLODWD ORV P~VFXORV YDJLQDOHV OHV WRPD XQ WLHPSR YROYHU D VX HVWD GR QRUPDO 0H GHSULPt PXFKR VHQWt FXOSD FRVD TXH HQ JHQHUDO QR VLHQWR QXQFD SRUTXH QR IXH FULDGD HQ HO FDWROLFLVPR OD SDUD QRLD GH TXH QXQFD PiV LED D SRGHU WHQHU KLMRV SDUDQRLD TXH KR QR PH DFRPSDxD SRUTXH QR PH LQWHUHVD WHQHUORV HV PDV SUHIHULUtD VHU LQIpUWLO 7RGDYtD KR PH DFRPSDxD HO UXLGR GH OD DVSL UDGRUD FRQ OD TXH WH OLPSLDQ HO ~WHUR 3XHGR HVFXFKDUOR SRUTXH OD DQHVWHVLD HUD PX OHYH RQ HO WLHPSR IXL FRQRFLHQGR RWUR WLSR GH PXMHUHV TXH KDEtDQ WHQLGR PiV GH XQ DERUWR R TXH PH SHU PLWtDQ KDEODU GH HVWD H[SHULHQFLD FRQ WRWDO QDWXUDOLGDG WUDQTXLOL GDG FRPR KDEOR KR (Q $UJHQWLQD TXH OXFKDV KD WDQWR LQGLYLGXDOHV FRPR SRU SDUWH GH JUXSRV X RUJDQL]D FLRQHV

78. HQ UHODFLyQ DO DERUWR (VWi OD FDPSDxD SRU HO GHUHFKR DO DERUWR TXH HV OD OXFKD RILFLDO GH ODV IHPLQLVWDV TXH UDWLILFDQ KDFHQ PiV IXHUWH DO (VWDGR (Q ORV DxRV TXH OOHYDQ KDFLHQGR OREE SROtWLFR QR KDQ ORJUDGR QLQJ~Q DYDQFH PiV TXH VX SURSLD SURPR FLyQ FRPR SROtWLFDV R PLHPEURV GH 21* (Q JHQHUDO OR TXH LQWHQ WDQ HV PRVWUDUOH DO *RELHUQR OR TXH D VH VDEH ODV PXMHUHV HVWiQ WRGDV GH DFXHUGR R HQ VX JUDQ PDRUtD FRQ HO GHUHFKR D GHFLGLU VREUH HO SURSLR FXHUSR LQFOXHQ GR HO DERUWR 7DPELpQ OD L]TXLHUGD VH OOHYD VX WDMDGD )RUPy HQ VX PRPHQWR SDUWH GH HVWD PLVPD FDPSDxD DXQTXH VH GLIHUHQFLD SRU VX FUtWL FD DO JRELHUQR VXV PpWRGRV DXWRULWDULRV R VHFWDULRV VRQ WDPELpQ LQFRQGXFHQWHV /R KDQ YLVWR KLVWyULFDPHQWH FRPR XQ EXHQ QLFKR GH PHUFDGR SDUD FDS WDU QXHYDV PLOLWDQWHV SDUD OD OXFKD SULQFLSDO HV GHFLU OD WRPD GHO (VWDGR SDUD HVWDEOHFHU XQD GLF WDGXUD GHO SUROHWDULDGR $ QLYHO GH DFWLYLVWDV VXHOWDV KD KDELGR LQLFLDWLYDV SRU HMHPSOR HO FROHFWLYR 'H %RFD HQ %RFD R 0XMHUHV /LEUHV HQ $UJHQWLQD TXH KLFLHURQ IROOHWRV LQIRUPDWLYRV VREUH HO XVR GHO 2[DSURVW0LVRSURVWRO R OOHJDURQ LQFOXVR D WHMHU UHGHV GH DSRR SDUD DTXHOODV TXH VH SUDFWLFDURQ XQ DERUWR FDVHUR FRQ HVWD VXVWDQ FLD /D FXHVWLyQ GHO DERUWR OHJDO JUD WXLWR VHJXUR GH ORV DQWLFRQFHS WLYRV OD LQIRUPDFLyQ VREUH VH[X DOLGDG VH HQFXHQWUD HQ OD DJHQGD GHO IHPLQLVPR WDQWR LQVWLWXFLRQDO FRPR DXWyQRPR HO GH L]TXLHUGD SHUR VLHPSUH GHVGH XQ HQIRTXH TXH QR FXHVWLRQD VLQR IRUWDOHFH OD LQWHUYHQFLyQ GHO (VWDGR VREUH ODV GHFLVLRQHV LQGLYLGXDOHV OD YLGD GH ODV PXMHUHV (Q PXFKRV FDVRV FDQDOL]DQ OD UHEHOGtD HO GHVFRQWHQWR SRSXODU TXH SRGUtD VHU XWLOL]DGR WDQWR SDUD LQLFLDWLYDV GH OXFKD LQGLYLGXDO R DXWyQRPD FRPR SDUD LQVXUUHFFLyQ OOHYDQ HVH GHVFRQWHQWR KDFLD XQ OXJDU GRQGH ILQDOPHQWH QR VH ORJUD QDGD XDO HV YXHVWUD YLVLyQRSLQLyQ FRPR JUXSR VREUH HO WHPD GHO DERUWR 3URHFWLO )HWDO HVWD D IDYRU GHO GHUHFKR GH WRGD LQGLYLGXDOLGDG D GHFLGLU WRPDU GHFLVLRQHV VREUH VX SURSLR FXHUSR FXDOTXLHUD VHD OD GHFLVLyQ 1R FUHHPRV TXH ODV PXMHUHV WHQJDQ HPEDUD]RV QR GHVHDGRV VROR SRU LJQRUDQFLD VLQR SRU XQ GLVSRVLWLYR DQWHULRU TXH SUHWHQGHPRV VRFDYDU TXH HVWD UHODFLRQDGR FXDQGR QR HV HO PLVPR FRQ OD KHWHURVH[XDOLGDG REOLJDWRULD OD KHWHURQRUPDWLYL GDG OD GLYLVLyQ VH[XDO HQ HO FDS LWDOLVPR HQ YDURQHV PXMHUHV YH GH OD FRQWUDSRUWDGD )HP YDFDQFHV 'HO G¶DJRVW DO GH VHWHPEUH

79. (QWUHYLVWD $OJXQHV SUHJXQWHV KDQ HVWDW FRQWHVWDGHV SHU XQD LQWHJUDQW GHO FROÃOHFWLX L OHV GH FDUiF WHU PpV JHQHUDO OHV KDQ UHVSzV GH IRUPD FRQMXQWD XDO HV OD OHJLVODFLyQ TXH KD HQ $UJHQWLQD HQ FXDQWR DO DERUWR /D OH HV GLVWLQWD HQ FDVRV GH DERUWRV QDWXUDOHV SURGXFWR GH XQD YLRODFLyQ R HQ FDVRV GH DERUWRV YROXQWDU LRV (Q $UJHQWLQD HO DERUWR HV LOHJDO /D OH HVWDEOHFH SHQDV WDQWR SDUD OD PXMHU TXH VH OR SUDFWLFD FRPR SDUD TXLHQ UHDOL]D HO SUR FHGLPLHQWR (O $UW GHO yGLJR 3HQDO GLFH VHUi UHSULPLGD FRQ SULVLyQ GH XQR D FXDWUR DxRV OD PXMHU TXH FDXVDUH VX SURSLR DERUWR R FRQ VLQWLHUH HQ TXH RWUR VH OR FDXVDUH /D WHQWDWLYD GH OD PXMHU QR HV SXQLEOH RPR WDPSRFR HVWD SHQDGR HO DERUWR TXH VH SURGXFH HQ ORV FDVRV GH IHFXQGDFLyQ DVLVWLGD R WUDWDPLHQWRV GH IHUWLOLGDG SRUTXH FODUR HV XQ QHJRFLR 3RU XQD ODJXQD GH OD OH QR VH FRQ VLGHUD TXH HVR VHD DERUWR (O DUWtFXOR TXH HV D OD SRVWUH HO PiV LPSRUWDQWH GLFH DVt (O DERUWR SUDFWLFDGR SRU XQ PpGLFR GLSORPDGR FRQ HO FRQVHQWLPLHQWR GH OD PXMHU HQFLQWD QR HV SXQLEOH 6L VH KD KHFKR FRQ HO ILQ GH HYLWDU XQ SHOLJUR SDUD OD YLGD R OD VDOXG GH OD PDGUH VL HVWH SHOLJUR QR SXHGH VHU HYLWDGR SRU RWURV PHGLRV 6L HO HPEDUD]R SURYLHQH GH XQD YLRODFLyQ R GH XQ DWHQWDGR DO SXGRU FRPHWLGR VREUH XQD PXMHU LGLRWD R GHPHQWH (Q HVWH FDVR HO FRQVHQWLPLHQWR GH VX UHSUHVHQWDQWH OHJDO GHEHUi VHU UHTXHULGR SDUD HO DERUWR 7UDGLFLRQDOPHQWH VH FRQVLGHUy TXH HO LQFLVR GH HVWH DUWtFXOR HVWDEOHFtD TXH HQ ORV FDVRV GH HPEDUD]RV IUXWRV GH XQD YLR ODFLyQ D XQD PXMHU LGLRWD R GHPHQWH HO DERUWR QR HUD SXQLEOH 3HUR GHVGH KDFH XQRV DxRV KD VXUJLGR XQ JUXSR GH MXULVWDV TXH FRQVLGHUDQ TXH HO WpUPLQR YLRODFLyQ HV XVDGR HQ IRUPD JHQHUDO TXH HO WpUPLQR DWHQWDGR DO SXGRU HV HO TXH VH DSOLFD ~QLFDPHQWH D ODV HPEDUD]DGDV $Vt HVWH UHVTXLFLR HQ HO WH[WR SHUPLWH TXH QR VH SHQDOLFHQ ORV DERUWRV HQ FDVR GH YLRODFLyQ /DPHQWDEOHPHQWH ORV PpGLFRV QR VH DWUHYLHURQ D SUDFWLFDU HO DERUWR SRU ODV VXDV SHUPLWLHQ GR OD LQWHUYHQFLyQ LQQHFHVDULD GH OD -XVWLFLD (VWD MXGLFLDO L]DFLyQ GH ORV DERUWRV QR SXQLEOHV OOHYy DO 0LQLVWHULR GH 6DOXG D HODERUDU XQ SURWRFROR SDUD DVHJXUDU TXH ORV KRVSLWDOHV S~EOLFRV SUDFWLTXHQ ORV DERUWRV QR SXQLEOHV VLQ VROLFLWDU DXWRU L]DFLyQ MXGLFLDO 4XH RSFLRQHV WLHQH XQD PXMHU HQ HO PRPHQWR HQ TXH GHFLGH DERUWDU GH IRUPD YRO XQWDULD 3XHGH SUDFWLFDUVH XQ DERUWR HQ XQD FOtQLFD FODQGHVWLQD VLQ QLQJ~Q FRQWURO /RV SUHFLRV RVFLODQ GH ORV D ORV GyODUHV VLHQGR XQ VDODULR PtQL PR RILFLDOPHQWH GH GyODUHV 7DPELpQ SXHGH LQWHQWDU LQWHU YHQLUVH HOOD FRQ DJXMDV GH FRVHU DSLRV R GHPiV FRVDV SURYRFiQ GRVH XQ DERUWR HVSRQWiQHR ´(Q OD $UJHQWLQD OD SULPHUD FDXVD GH PXHUWH PDWHUQD HV HO DERUWR /D KRVSLWDOL]DFLyQ SRU DERUWR VH KD LQFUHPHQWDGR HQ HO SDtV HQ XQ GHVGH D XOWLPD PHGLFLyQ RILFLDO

80. HO GH HOODV FRUUHVSRQGH D PHQRUHV GH DxRV 6H LQILHUH TXH VH SURGXFHQ HQWUH DERUWRV SRU DxR (O OHJUDGR SRVWDERUWR HV OD VHJXQGD FDXVD GH KRVSLWDO L]DFLyQ GH PXMHUHV HQ HGDG IpU WLO HQ OD $UJHQWLQD RPSOLFDFLRQHV FRPR KHPRUUD JLDV LQIHFFLRQHV R SHUIRUD FLRQHV GH yUJDQRV VRQ PX IUH FXHQWHV 6HJ~Q OD 'LUHFFLyQ 1DFLRQDO GH 6DOXG 0DWHUQR ,QIDQWLO /DV PXMHUHV TXH PXHUHQ SRU SUiFWLFDV FODQGHVWLQDV VRQ FDGD YH] PiV MyYHQHV GH VHFWRUHV PX SREUHV GH QXHVWUD VRFLHGDG D TXH ODV TXH WLHQHQ PHGLRV HFRQyPLFRV VH UHDOL]DQ DERUWRV HQ EXHQDV FRQGLFLRQHV VDQLWDULDV FRQ SHUVRQDO FRP SHWHQWH TXH FREUD MXJRVDV VXPDV SRU VXV VHUYLFLRV $GHPiV TXLHQHV WLHQHQ OD LQIR SXHGHQ FRQVHJXLU FDVL FODQ GHVWLQDPHQWH 0LVRSURVWRO QRPEUH GH OD GURJD

81. X 2[DSURVW PDUFD GHO IiUPDFR

82. H LQWHQWDU SURYRFDUVH XQ DERUWR HVSRQWiQHR RQ HVD GURJD HQ QLQJ~Q FDVR OD YLGD GH OD PDGUH R VX LQWHJULGDG ItVLFD HVWD HQ MXHJR (O PHGLFDPHQWR FXHVWD SHVRV DUJHQWLQRV GyODUHV DSUR[

83. SHUR QR HV GH YHQWD OLEUH HV PHQHVWHU FRQ VHJXLU XQD UHFHWD PpGLFD R XQ DPLJR IDUPDFpXWLFR TXH WH OR YHQGD $VLPLVPR VX DSOL FDFLyQ QR HV WDQ VHQFLOOD SXHGH IDOODU DXQTXH QR WLHQH ULHVJR GH SHUIRUDFLyQ GH ~WHUR 6L VDOH PDO VROR VHQWLVWH GRORU SHUR QR KD ULHVJR GH PXHUWH IXQFLRQD FRQ XQD R YDULDV JUDQGHV FRQWUDFFLRQHV (Q WX FDVR SHUVRQDO FXDO IXH HO SURFHVR TXH VHJXLVWH SDUD OOHYDUOR DGHODQWH 0L JLQHFyORJD FRQVLJXLy XQD PpGLFD JLQHFyORJD DERUWLVWD FODQGHVWLQD TXH MXQWR D XQ FDUGLyORJR D XQD PpGLFD FOtQL FD PH DWHQGLy SRU XQ PpWRGR PX PRGHUQR SRU DVSLUDFLyQ 0L PDPD PL FRPSDxHUR OR SDJDURQ D PHGLDV FRVWR DOUHGHGRU GH GyODUHV /D FDOLGDG IXH H[FHOHQWH QR WXYH QL VHFXHODV VDOt FDPLQDQGR GH OD FOtQLFD DO GtD VLJXLHQWH IXL D WUDEDMDU HVWDED SHUIHFWD 3HUR OD FODQGHVWLQLGDG HO VHQWLUPH XQD FULPLQDO WHQHU TXH HVFRQ GHUPH OD PHGLFD WHQLD GRV VDODV XQD GRQGH WH KDFLD HO DERUWR RWUD GRQGH WH DWHQGtD SRU SUHFDXFLyQ

84. OD PHGLFD TXH HUD XQD PHUFHQDULD XQD PHUFDGHU OOHQD GH ERWR[ FROiJHQR FLUXJtDV SOiVWLFDV KDFLpQGRPH FKLVWHV GH PDO JXVWR VREUH OD HGDG GH PL FRP SDxHUR PHQRV TXH R VLQ QLQJ~Q SURIHVLRQDOLVPR GLMR $ PL WDPELpQ PH JXVWDQ MRYHQFL WRV

85. WRGR HVR IXH XQD H[SHUL HQFLD GHVJDUUDGRUD SRU OD FXDO PDV GH XQD YH] PH SUHJXQWH VL SRGUtD YROYHU D SDVDU 1R PH DUUHSLHQWR HQ OR PDV PtQLPR GH PL DERUWR IXH XQD GHFLVLyQ EXHQD WRPDGD FRQ PXFKD FRQ FLHQFLD EDVDGD HQ OD JHQHURVL GDG GH QR WUDHU XQD YLGD PDV 3HUR ODV FRQGLFLRQHV HQ ODV TXH WXYH TXH KDFHUOR ODV PHMRUHV GHO PHUFDGR VLQ HPEDUJR IXHURQ WHUULEOHV RPR YLYLVWH HO SURFHVR HQ HO iPELWR HPRFLRQDO WHQLHQ GR HQ FXHQWD TXH HV XQD SUDF WLFD LOHJDO HQ $UJHQWLQD FRQ WRGR OR TXH VRFLDOPHQWH HVWR FRQOOHYD

86. 7HQtD DxRV PH HVWDED HQGR GH PL FDVD DVL QR WXYH KHUUDPLHQWDV SDUD DVLPLODUOR (QWUHYLVWD DO FROăOHFWLX IHPLQLVWD ROHFWLYD GJHQHUR DQDUFRTXHHU 3URHFWLO )HWDO GH %XHQRV $LUHV / /HV UHIDUGHV DEULO DQ LQ ZRQ ´(Q $UJHQWLQD HO DERUWR HV LOHJDO /D OH HVWDEOHFH SHQDV WDQWR SDUD OD PXMHU TXH VH OR SUDFWLFD FRPR SDUD TXLHQ UHDOL]D HO SURFHGLPLHQWR µ RQWLQXD D OD SjJLQD DQWHULRU

El pèsol. Negre Nº 38. Juny-Juliol-Agost 2008

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (20)

Similar to El pèsol. Negre Nº 38. Juny-Juliol-Agost 2008

Similar to El pèsol. Negre Nº 38. Juny-Juliol-Agost 2008 (20)

More from Cgtmanresa Bages

More from Cgtmanresa Bages (20)

Recently uploaded

Recently uploaded (20)

El pèsol. Negre Nº 38. Juny-Juliol-Agost 2008