Sunteți pe pagina 1din 202

LAURENTIU COZLEA

- SUB REDACTIA

SEMIOLOGIA APARATULUI
DIGESTIV
SEMIOLOGIA APARATULUI
URINAR
EDITIA a II a

2015

SEMIOLOGIE MEDICALA
SEMIOLOGIA APARATULUI DIGESTIV
SEMIOLOGIA APARATULUI URINAR
EDITIA a - II a

1. Simptomele in bolile Aparatului Digestiv.


2. Examenul obiectiv al abdomenului.
3. Metode de explorare paraclinica a Aparatului Digestiv.
4. Sindroamele digestive.

Sindroamele esofagiene

Sindromul ulcerului gastro duodenal

Cancerul gastric

Sindroamele intestinale

Hemoragia digestiva superioara si inferioara

Sindromul icteric

Bolile ficatului si cailor biliare

Bolile pancreasului.
5. Semiologia Aparatului Urinar

Simptome in bolile aparatului urinar

Examen obiectiv al aparatului urinar

Investigatii paraclinice si de laborator

Patologia nefrologica

Sindromul nefropatiilor glomerulare

Sindromul nefropatiilor tubulare (interstitiale)

Sindromul insuficientei renale

Autorii:

Conferentiar Laurentiu Cozlea (sub redactia)


Sef de lucrari Dr. Anca Negovan
Asistent Universitar Dr. Radu Motoc.

3$57,&8/$5,7,/($1$01(=(,1
%2/,/($3$5$78/8,',*(67,9

d$QDOL]D DPQXQLW D VLPSWRPHORU QH YD DMXWD V QH RULHQWP Q PR]DLFXO


VLQGURPXOXLDEGRPLQDOSROLYDOHQWDOWIHOULVFPVUWFLPQWUXQPX]HXGHDIHFLXQL
GLIHULWHs +DLHJDQX 
'HL DQDPQH]D IXUQL]HD] PXOWH LQIRUPDLL VXELHFWLYH RELQXWH GH OD SDFLHQW VDX
DSDULQWRUL DFHVWHD VXQW IRDUWH YDORURDVH Q YHGHUHD VWDELOLULL GLDJQRVWLFXOXL L D
FRQGXLWHLWHUDSHXWLFH

9UVWD
/D QRXQVFXL VH FRQVWDW SUH]HQD PDOIRUPDLLORU FRQJHQLWDOH EX]D GH LHSXUH
FKHLORVFKL]LV  JXUD GH OXS SDODWRVFKL]LV  OXHWD ELILGD HWF 7XOEXUULOH GLVSHSWLFH
WUDGXVHSULQGLDUHHSRWILIUHFYHQWHQSULPXODQGHYLDFRQVHFLQDXQRUJUHHOL
Q DOLPHQWDLH Q FRSLOULH SRW DSUHD DQRPDOLL DOH GLQLORU FRQVHFLQH FDUHQLDOH
UDKLWLVP  EROL SDUD]LWDUH $SHQGLFLWD DFXW HVWH IUHFYHQW OD FRSLL DGROHVFHQL L
DGXOLWLQHUL/DDGXOLDSDUPDLIUHFYHQWXOFHUXOJDVWURGXRGHQDOVWHQR]DSLORULFHWF
LDU QHRSODVPXO JDVWULF L LQWHVWLQDO KHUQLD KLDWDO DWHURVFOHUR]D PH]HQWHULF VXQW
DSDQDMXOYUVWHORUQDLQWDWH

6H[XO
'LQWUH EROLOH VWRPDFXOXL XOFHUXO GXRGHQDO JDVWULWD FURQLF HWLOLF GLODWDLD DFXW D
VWRPDFXOXLLQHRSODVPXOJDVWULFVXQWPDLIUHFYHQWQWOQLWHODEUEDL)HPHLOHVXIHU
PDL GHV GH SWR]D JDVWULF Q FDGUXO YLVFHURSWR]HL OD PXOWLSDUH  YROYXOXV JDVWULF L
JDVWULWDXWRLPXQ

&RQGLLLOHGHYLDLPXQF
0DULL FRQVXPDWRUL GH GXOFLXUL VXQW PDL IUHFYHQW SXUWWRUL GH FDULL GHQWDUH H[LVW
R VHULH GH SURIHVLXQL FDUH H[SXQ OD VWUL GH QFRUGDUH SVLKLF GLVSHFHUL PXQFL GH
FRQGXFHUH  FDUH IDYRUL]HD] DSDULLD L SHUPDQHWL]DUHD XQRU WXOEXUUL PRWRULL L
VHFUHWRULL DOH VWRPDFXOXL LQWR[LFDLD SURIHVLRQDO FX SOXPE HVWH UHVSRQVDELO GH
DSDULLDFROLFLLVDWXUQLQHVWRPDFXOILLQGRUJDQGHHOLPLQDUHSDULDODWR[LFXOXLSUHFXP
LGHFRQVWLSDLDDWRQDOLPHQWDLDXQLODWHUDODEX]XOGHFRQGLPHQWHDOLPHQWHUHFL
ILHUELQL VDX LQVXILFLHQW PDVWLFDWH VDX SUHOXFUDWH WHUPLF RUDUXO QHUHJXODW WDKLIDJLD
VXQW LPSOLFDWH Q HWLRSDWRJHQH]D DIHFLXQLORU GLJHVWLYH $OFRROXO Q VSHFLDO EXWXULOH
WDUL FRQVXPDWH SH VWRPDFXO JRO SURGXFH JDVWULWD DOFRROLF 7XWXQXO VWLPXOHD]
VHFUHLD JDVWULF SULQ PDL PXOWH PHFDQLVPH DFLXQHD GLUHFW D XQRU VXEVWDQH
GL]ROYDWHQVDOLYHIHFWLQGLUHFWSHFDOHQHXURYHJHWDWLY VWLPXODUHDVHFUHLHLDFLGH
LLQKLEDUHDVHFUHLHLDOFDOLQHDSDQFUHDVXOXL 6HGHQWDULVPXODOLPHQWDLDFXGHILFLWGH
UH]LGXXULFHOXOR]LFHQHUHVSHFWDUHDLJLHQHLGHIHFDLHLDEX]XOGHOD[DWLYHVHVROGHD]
QWLPSFXFRQVWLSDLH

$QWHFHGHQWHOHSHUVRQDOHIL]LRORJLFH
$X R LPSRUWDQ UHGXV DYRUWXULOH SULQ SRVLELOD VXUV GH LQRFXODUH YLUDO KHSDWLWLF
QXPUXOPDUHGHVDUFLQLUHVSRQVDELOGHYLVFHURSWR]

$QWHFHGHQWHOHSHUVRQDOHSDWRORJLFH
'DWHOH RELQXWH GH OD EROQDY SXQH PHGLFXO Q SRVHVLD XQRU LQIRUPDLL YDORURDVH
OHJDWH GH EROLOH ORFDOH VDX JHQHUDOH FDUH VH VROGHD] FX DIHFLXQL GLJHVWLYH 8QHOH
EROL LQIHFLRDVH VH SRW PDQLIHVWD OD QLYHOXO SULPXOXL VHJPHQW DO WXEXOXL GLJHVWLY
GHWHUPLQQG XQHRUL VHPQH FDUDFWHULVWLFH VFDUODWLQD UXMHROD YDULFHOD HWF  %ROLOH
PHWDEROLFH GLDEHWXO ]DKDUDW VFRUEXWXO SHODJUD  FRODJHQR]HOH OXSXVXO HULWHPDWRV
VLVWHPLF  XQHOH EROL KHPDWRORJLFH OHXFHPLD  SRW V DIHFWH]H JXUD L IDULQJHOH
([LVWRVHULHGHEROLLQIHFLRDVHDFXWHLFURQLFHUHVSRQVDELOHGHDIHFWDUHJDVWULF
GL]HQWHULD L WR[LLQIHFLD DOLPHQWDU VH SRW FRPSOLFD FX JDVWULW DFXW OD EROQDYLL
FX OXHV DSDU DDQXPLWHOH FUL]H JDVWULFH WDEHWLFH 3DFLHQWXO FX UH]HFLH JDVWULF
SRDWHILEQXLWGHQHRSODVPSULPLWLYDOERQWXOXLJDVWULFVDXGHDSDULLDOLWLD]HLELOLDUH
SRVWJDVWUHFWRPLH$QWHFHGHQWHOHGHKHSDWLWYLUDO%L&PDQHYUHOHFKLUXUJLFDOHL
VWRPDWRORJLFHWUDQVIX]LLOHGHVQJHDXLPSRUWDQGHRVHELWODSDFLHQLLFXKHSDWLW
VDX FLUR] YLUDO  $QHPLD %LHUPHU LQFOXGH Q WDEORXO VX FOLQLF JDVWULWD FURQLF
DWURILF 6XIHULQHOH JDVWULFH DQWHULRDUH DQWUHQHD] FRQVHFLQH VHFXQGDUH DVXSUD
RUJDQXOXLVWHQR]DSLORULFSRDWHILFRQVHFLQDHYROXLHLXQXLXOFHUJDVWURGXRGHQDOLDU
QHRSODVPXOJDVWULFVWDGLXOHYROXWLYDOXQHLJDVWULWHDWURILFH'LQWUHEROLOHLDWURJHQH
PHQLRQP JDVWULWHOH PHGLFDPHQWRDVH GXS DQWLLQIODPDWRDUH  GLODWDLD DFXW D
VWRPDFXOXL GXSQDWHUHVDXLQWHUYHQLLFKLUXUJLFDOH LDGHUHQHQXUPDLQWHUYHQLLORU
FKLUXUJLFDOHFDUHVHSRWVROGDQWLPSFXRFOX]LHLQWHVWLQDO

$QWHFHGHQWHOHKHUHGRFRODWHUDOH
$UDW H[LVWHQD XQHL DJUHJUL IDPLOLDOH D XOFHUXOXL JDVWURGXRGHQDO D QHRSODVPXOXL
JDVWULF L D XQRU EROL LQWHVWLQDOH DOHUJLD DOLPHQWDU FRQVWLSDLD KDELWXDO FROLWD
XOFHURDV HWF 6DX GHVFULV R VHULH GH VLQGURDPH HUHGLWDUH Q FDUH HOHPHQWHOH
FRPXQHVXQWSUH]HQDSROLSLORULQWHVWLQDOLLSRVLELOLWDWHDORUGHPDOLJQL]DUH$YQGX
VHQYHGHUHSRVLELOLWLOHULGLFDWHGHFRQWDPLQDUHVHYRUDYHDQYHGHUHIRFDUHOHGH
FRQWDPLQDUHWXEHUFXORDVGLQPHGLXOIDPLOLDO

'HEXWXOEROLL
(VWHLPSRUWDQWGHSUHFL]DWLVHYRUDYHDQYHGHUHSULPHOHWXOEXUULGLJHVWLYHFDUH
IUHFYHQWVXQWGHVODELQWHQVLWDWHPRGXOLPRPHQWXOGHEXWXOXLDPSODVDUHDORUSH
SDUFXUVXO]LOHQFHHDFHSULYHWHDOLPHQWDLDSDFLHQLORUVHLQVLVWDVXSUDRUHORUGH
DOLPHQWDLH IHOXOXL DOLPHQWHORU L D RELFHLXULORU DOLPHQWDUH PRGXOXL GH SUHSDUDUH L
UDSRUWXOHLFXGXUHUHDLFXFHOHODOWHPDQLIHVWUL$QXPLWHRELFHLXULDOLPHQWDUHSRWIL
LPSOLFDWH Q HWLRSDWRJHQH]D XQRU EROL GLJHVWLYH QLWUDLL DOLPHQWHOH VUDWH DIXPDWH
FRQVHUYDWHQFDQFHUXOJDVWULF

6LPSWRPDWRORJLDEROLORUGLJHVWLYH
6HPQHOH L VLPSWRPHOH SDFLHQLORU VH SRW PSUL Q PDQLIHVWUL JHQHUDOH SUHFXP
LFWHUXO SDORDUHD VFGHUHD SRQGHUDO DOWHUDUHD VWULL JHQHUDOH GHVKLGUDWDUHD IHEUD
PRGLILFUL DOH WHJXPHQWHORU L PXFRDVHORU L PDQLIHVWUL IXQFLRQDOH SUHFXP
GXUHUHDDEGRPLQDOWXOEXUDUHDDSHWLWXOXLHUXFWDLLOHIODWXOHQDLDOWHUDUHDWUDQ]LWXOXL
LQWHVWLQDOFRQVWLSDLDLGLDUHHD

0DQLIHVWULJHQHUDOH
LFWHUXOFXQXDQHLLQWHQVLWLGLIHULWHDSDUHQEROLOHKHSDWLFHELOLDUHSDQFUHDWLFH
LYDFRQVWLWXLXQFDSLWROVHSDUDWQVHPLRORJLDKHSDWRELOLDU
SDORDUHD DSDUH Q JHQHUDO Q FD] GH KHPRUDJLL GLJHVWLYH L SRDWH IL DVRFLDW FX
DQHPLHKLSRWHQVLXQHLFRODSVYDVFXODU
VFGHUHDSRQGHUDOVHFRQVWDWODSDFLHQLLFXDIHFLXQLFRQVXPSWLYH QHRSOD]LL 
ODFHLFXVWULIHEULOHSUHOXQJLWHFXJUHDYUVWXULLGLDUHH
DOWHUDUHDVWULLJHQHUDOHDSDUHDWWQVLQGURDPHOHDEGRPLQDOHDFXWHSHUIRUDLD
RFOX]LD SDQFUHDWLWD  DFXW LQIDUFW PH]HQWHULF FW L Q DIHFLXQL JUDYH GH OXQJ
GXUDWFXSURJQRVWLFQHIDYRUDELO
GHVKLGUDWDUHDSRDWHILFRQVHFLQDYUVWXULORULVDXDGLDUHHLLVHFDUDFWHUL]HD]
SULQSHUVLVWHQDSOLXOXLFXWDQDWOLPESUMLWHWF
IHEUD HVWH IUHFYHQW QWOQLW Q SDWRORJLD GLJHVWLY LQIHFLRDV DQJLRFROLWH DFXWH
FROHFLVWLWH DFXWH DSHQGLFLWD DFXW HQWHURFROLWH EDFWHULHQH 6XEIHEULOLWDWHD
HVWH QWOQLW Q ID]HOH GH KHSDWRFLWROL] Q SHULRDGHOH HYROXWLYH DOH UHFWRFROLWHL
XOFHURKHPRUDJLFHVDXEROLL&URKQQWXEHUFXOR]DLQWHVWLQDO
SR]LLD EROQDYXOXL Q ERDOD XOFHURDV HVWH IOHFWDW DQWHULRU FX PLQLOH DSVQG Q
UHJLXQHDHSLJDVWULFQWLPSXOFROLFLORUEROQDYLLVXQWDJLWDLJVLQGXLFXGLILFXOWDWH
RSR]LLHFDUHVOHFDOPH]HGXUHUHDQSHULWRQLWHOHDFXWHVWDXQHPLFDLUHVSLU
VXSHUILFLDODEGRPHQXOQHSDUWLFLSQGODPLFULOHUHVSLUDWRULL
WLSXO FRQVWLWXLRQDO ORQJLOLQ DVWHQLF SUH]LQW PDL IUHFYHQW XOFHU JDVWULF L
HQWHURSDWLL IXQFLRQDOH 7LSXO FRQVWLWXLRQDO KLSHUVWHQLF SUH]LQW PDL DOHV DIHFLXQL
ELOLDUHSDQFUHDWLFHLXOFHUGXRGHQDO
PRGLILFULOH WHJXPHQWHORU L IDQHUHORU SRW IL XUPWRDUHOH VWHOXH YDVFXODUH Q
WHULWRULXO FDY VXSHULRU HULWUR]D SDOPDU L OHXFRQLFKLD Q FLUR]D KHSDWLF FRORUDLD
EUXQFHQXLH Q KHPRFURPDWR] SHWH EUXQH HOLSWLFH VDX QHUHJXODWH QXPLWH
OHQWLJRXUL SH EX]H L SHULRUDO DSDU Q VLQGURPXO 3HXW]-HJKHUV [DQWRDPH L
[DQWHODVPH DSDU Q FROHVWD]HOH FURQLFH KLSRWULFR] D[LODU L SXELDQ SUHFXP
L FGHUHD SUXOXL Q MXPWDWHD H[WHUQ D VSUQFHQHORU VH QWOQHWH Q FLUR]HOH
KHSDWLFHSULQFUHWHUHDQLYHOXOXLHVWURJHQLF

0DQLIHVWULIXQFLRQDOH
'XUHUHDDEGRPLQDO
(VWHXQVLPSWRPFRPXQWXWXURUEROLORUDEGRPLQDOHVDXGHYHFLQWDWH ORMHOHORPEDUH
PLFXOED]LQLSHULQHXVSDLXOUHWURSHULWRQHDOLED]DWRUDFHOXL LHVWHGHGRXIHOXUL
VRPDWLF FX UHFHSWRUL QRFLFHSWLYL OD QLYHOXO SLHOLL HVXWXOXL FHOXODU VXEFXWDQDW
PXFKL IDVFLL SHULWRQHX SDULHWDO L WUDQVPLV SULQ QHUYLL VHQ]LWLYL VSLQDOL Q JHQHUH
PDLLQWHQVLPDLSUHFLVORFDOL]DWGHFWGXUHUHDYLVFHUDO LYLVFHUDO FXUHFHSWRUL
QSHUHWHOHRUJDQHORUFDYLWDUHFDSVXODRUJDQHORUSDUHQFKLPDWRDVHYDVHLSHULWRQHXO
YLVFHUDO DYQG FD VWLPXOL GLVWHQVLD WUDFLXQHD SH PH]RXUL VSDVPXO PXVFXODWXULL
LVFKHPLDLQIODPDLDVDXLULWDLDFKLPLF 
6SUHGHRVHELUHGHGXUHUHDVRPDWLFFHDYLVFHUDO
D HVWHGHLQWHQVLWDWHPDLUHGXV
E DUHORFDOL]DUHPDLSXLQSUHFLV
F  HVWH QVRLW GH IHQRPHQH YHJHWDWLYH L HVWH SHUFHSXW QWUXQ WHULWRULX VRPDWLF
VLWXDWODGLVWDQGHYLVFHUXODIHFWDWGXUHUHUDSRUWDW
'H OD DFHVW FDUDFWHU FX LQWHQVLWDWH UHGXV L LPSUHFLV ORFDOL]DW IDFH H[FHSLH
FROLFD $FHDVWD HVWH GHILQLW FD R GXUHUH YLVFHUDO IRDUWH SXWHUQLF ELQH ORFDOL]DW
FXFDUDFWHUGHFUDPSVILHUHVDXWRUVLXQHFDUHLUDGLD]QWHULWRULXOVRPDWLFLVH
QVRHWHGHWXOEXUULYHJHWDWLYH
t FDX]HOH GXUHULL DEGRPLQDOH VXQW GH RULJLQH DEGRPLQDO H[WUDDEGRPLQDO
QHXURJHQLSVLKRJHQ
GXUHUHDDEGRPLQDOSRDWHILORFDOL]DWVDXGLIX]LHVWHFRQVHFLQDDIHFWULL
D RUJDQHORUFDYLWDUH HVRIDJVWRPDFGXRGHQLQWHVWLQFLELOLDUH 
E SHULWRQHDOH FKLPLFVDXLQIHFLRDV 
F  YDVFXODUH WURPER]D VDX LVFKHPLD PH]HQWHULF DQHYULVPXO GH DRUW
DEGRPLQDO 
G FRQVHFLQDXQRUDIHFLXQLFDUHGHWHUPLQWHQVLXQHVDXGLVWHQVLHODQLYHOXO
FDSVXOHORU RUJDQHORU VDX VWUXFWXULORU GH VXVLQHUH PH]HQWHU FDSVXOD
KHSDWLFVDXVSOHQLF 
'XUHUHDDEGRPLQDOGLIX]DSDUHQ
D  EROLDOHSHULWRQHXOXLSHULWRQLWHDFXWHSULPLWLYHVDXVHFXQGDUHSHUIRUDLLORU
RUJDQHORUFDYLWDUH
E EROL DOH LQWHVWLQXOXL VXELUH HQWHURFROLW DFXW WR[LLQIHFLH DOLPHQWDU
LOHXV
F LQWR[LFDLLDFXWHVDXFURQLFHFXFLXSHUFLPHUFXUSOXPEIXQJLFLGH
G RFOX]LDYDVHORUPH]HQWHULFHDWHURVFOHUR]WURPER]HPEROLHDQHYULVPXO
GLVHFDQWDODRUWHLDEGRPLQDOH
H EROL JHQHUDOH SRUILULD FXWDQHD WDUGD SXUSXUD +HQRFK WDEHVXO
KLSHUWLURLGLVPXOLLQVXILFLHQDFRUWLFRVXSUDUHQDO

'XUHUHD DEGRPLQDO ORFDOL]DW SUHGRPLQDQW VDX H[FOXVLY OD QLYHOXO  XQHLD GLQWUH
UHJLXQLOH WRSRJUDILFH DOH DEGRPHQXOXL FRUHVSXQGH Q JHQHUDO VXIHULQHORU RUJDQHORU
VXELDFHQWH([LVWQVQXPHURDVHH[FHSLLGHODDFHDVWUHJXO
GXUHUHDGHFDX]H[WUDDEGRPLQDOHVWHGDW
GHRUJDQHOHGHYHFLQWDWH
D WRUDFRSXOPRQDU SOHXUH]LHLSQHXPRQLHED]DOLQIDUFWPLRFDUGLF
LQIHULRUSHULFDUGLWDFXW 
E  WUDFWXO JHQLWR  XULQDU VDUFLQD H[WUDXWHULQ DQH[LWD OLWLD]D UHQDO
SLHORQHIULWDDFXWLFURQLF 
F SHUHWHOHDEGRPLQDO QHYUDOJLDLQWHUFRVWDO]RQD]RRVWHU 
G FRORDQDYHUWHEUDOLPGXYDVSLQULL
DIHFLXQLPHWDEROLFH
HQGRJHQH
D WR[LFH XUHPLDDFLGR]DGLDEHWLFWHWDQLDERDOD$GGLVRQSRUILULD 
E DOHUJLFH KLSHUVHQVLELOLWDWHODDOLPHQWH 
H[RJHQH
D WR[LFH PHGLFDPHQWRDVHSOXPE 
E ELRORJLFH WR[LQHEDFWHULHQHYHQLQGHLQVHFWHVDXHUSL 
GXUHUHDQHXURJHQDSDUHQWDEHV
GXUHUHDSVLKRJHQGLDJQRVWLFDWQDIHFLXQLOHSVLKLFH
t FDUDFWHUHOHGXUHULLDEGRPLQDOHGLQSXQFWGHYHGHUHFOLQLFVXQW
 GHEXWXO SRDWH IL DFXW EUXVF  FDUDFWHULVWLF WRUVLXQLL GH RUJDQ SDQFUHDWLWHL
DFXWH FROLFLL ELOLDUH HWF VDX FURQLF SURJUHVLY HYROXLH SRVLELO Q FRORSDWLL
FURQLFHGLVFKLQH]LLELOLDUH
VHGLXOGXUHULL
D HSLJDVWULF VXIHULQHHVRIDJRJDVWURGXRGHQDOH 
E KLSRFRQGUXO GUHSW VXIHULQH KHSDWRELOLDUH L DOH XQJKLXOXL GUHSW DO
FRORQXOXL 
F  KLSRFRQGUXO VWQJ DIHFLXQL SDQFUHDWLFH L DOH XQJKLXOXL VWQJ DO
FRORQXOXL 
G IRVDLOLDFGUHDSW DIHFLXQLDSHQGLFXODUHLOHRFHFDOHDQH[LDOH 
H IRVDLOLDFVWQJ DIHFLXQLDOHFRORQXOXLVWQJLDQH[LDOH 
I KLSRJDVWUX DIHFLXQLUHFWRVLJPRLGLHQHYH]LFDOHXWHULQH 
LUDGLHUHDGXUHULL
D KLSRFRQGUXOGUHSW XOFHUGXRGHQDODIHFLXQLDOHFRORQXOXLGUHSW 
E XPUXOGUHSW DIHFLXQLDOHYH]LFXOHLELOLDUH 
F XPUXOVWQJ DIHFLXQLSDQFUHDWLFH 
G FRORDQDYHUWHEUDOD'' SDQFUHDWLWDDFXW 

FDUDFWHUXOGXUHULL
D DUVXUQXOFHUJDVWULWHHVRIDJLWH
E SXPQDOQSHUIRUDLDGHRUJDQ
F FUDPSWRUVLXQHQFROLFDELOLDULQWHVWLQDO
G QEDUQSDQFUHDWLWDDFXW
H dIRDPHGXUHURDVsQXOFHUXOGXRGHQDO
I SOHQLWXGLQHGLVFRQIRUWQJDVWULWHFDQFHUH
FLUFXPVWDQHGHDSDULLHGXUHUHDDEGRPLQDOHVWHSURYRFDWQPDUHSDUWH
GH LQJHVWLD GH DOLPHQWH VDX PHGLFDPHQWH L GH HPLVLD PDWHULLORU IHFDOH
2 GXUHUH FDUH DSDUH Q WLPSXO GHJOXWLLHL FHO PDL SUREDELO HVWH GDW GH R
DIHFLXQHHVRIDJLDQGDFDSDUHGXSDOLPHQWDLHSRDWHILGDWGHRDIHFLXQH
JDVWURGXRGHQDO VDX ELOLDU LDU GDF HVWH GHFODQDW GH DFWXO GHIHFDLHL FHO
PDLSUREDELOHVWHFRQVHFLQDXQRUDIHFLXQLUHFWRFRORQLFH
IDFWRULLGHDPHOLRUDUHQGXUHUHDXOFHURDVVXQWUHSUH]HQDLGHLQJHVWLDGH
DOLPHQWHVDXGHPHGLFDLDDOFDOLQQWLPSFHQFROLFLOHDEGRPLQDOHFOGXUD
FRPSUHVLDORFDOLHPLVLDGHJD]HVDXVFDXQH
 IDFWRULL GH DJUDYDUH SRW IL UHSUH]HQWDL GH LQJHVWLD GH DOLPHQWH DOFRRO
PHGLFDPHQWHVWUHVHWF
QIXQFLHGHGXUDWGXUHUHDDEGRPLQDOSRDWHILFRQWLQXVDXLQWHUPLWHQW
SURYRFDWGHLQJHVWLDDOLPHQWHORU'XUHUHDQRFWXUQHVWHQWOQLWQMXUXORUHL
ILLQGGDWGHWRQXVXOYDJDOFUHVFXW
 LQWHQVLWDWHD GXUHULL DEGRPLQDOH YDULD] GH OD VHQ]DLD GH GLVFRQIRUW
DEGRPLQDO JDVWULWH GLVFKLQH]LL ELOLDUH  OD GXUHUH ODQFLQDQW Q SHUIRUDLD
RUJDQHORUFDYLWDUH
 VLPSWRPDWRORJLD GH QVRLUH SRDWH IL UHSUH]HQWDW GH DOWH VLPSWRPH
GLJHVWLYH JUHD YUVWXUL GLDUHH  GH IHQRPHQH YHJHWDWLYH WUDQVSLUDLL
SDORDUHWUHPXUWXUL GHPLJUHQ DIHFLXQLELOLDUH GHVHPQHGHLPSUHJQDUH
PDOLJQ LQDSHWHQVFGHUHSRQGHUDOSDORDUHWHURDV 
'XUHUHDHSLJDVWULFHVWHQWOQLWQEROLOHVWRPDFXOXLLQDIHFLXQLDOHRUJDQHORUGH
YHFLQWDWH
'XUHUHDGLQXOFHUXOJDVWULFVDXGXRGHQDOHVWHORFDOL]DWQHSLJDVWUXSHRVXSUDID
UHGXV GH DSUR[LPDWLY  FP FHHD FHO GHWHUPLQ SH SDFLHQW V R ORFDOL]H]H FX
GHJHWXO ,QWHQVLWDWHD GXUHULL HVWH YDULDELO ILLQG FX FDUDFWHU GH FUDPS WRUVLXQH
DUVXU L DSDUH ULWPDW GH DOLPHQWDLH FX R GXUDW FXSULQV QWUH    RUH 0RGXO
Q FDUH DOLPHQWDLD ULWPHD] GXUHUHD XOFHURDV HVWH GLIHULW Q FHOH GRX ORFDOL]UL
SULQFLSDOH DOH XOFHUXOXL Q XOFHUXO JDVWULF GXUHUHD DSDUH Q FXUVXO VDX LPHGLDW GXS
DOLPHQWDLHQWLPSFHQXOFHUXOGXRGHQDOGXUHUHDDSDUHSHVWRPDFXOJROGHFLGLQ
SXQFWGHYHGHUHDOUHODLHLFXDOLPHQWDLDVXQWKLSHUWDUGLYHODRUH$GHVHDHVWH
QVRLWGHRVHQ]DLHGHIRDPH IRDPHDGXUHURDV FDUHOREOLJSHSDFLHQWVVH
DOLPHQWH]H SHQWUX DPHOLRUDUHD GXUHULL 8Q DVSHFW FDUDFWHULVWLF DO XOFHUXOXL GXRGHQDO

HVWH DSDULLD QRFWXUQ D GXUHULL WUH]LQG EROQDYXO GLQ VRPQ WLLQG GLQ H[SHULHQ F
GXUHUHDVHFDOPHD]ODDOLPHQWDLHLSUHJWHVFGHFXVHDUSHQRSWLHUELVFXLVDX
ODSWHSHQWUXFDOPDUHDGXUHULL
6LQWHWL]QGUHODLDdDOLPHQWDLHGXUHUHsVHSRDWHVWDELOLXUPWRDUHDVXFFHVLXQHGH
HYHQLPHQWHQXOFHUXOJDVWULFDOLPHQWDLHGXUHUHFRQIRUW SULQFHGDUHDVSRQWDQD
GXUHULL LDUQXOFHUXOGXRGHQDOGXUHUHDOLPHQWDLHFRQIRUW SULQHIHFWXOGHFDOPDUH
DODOLPHQWHORULQJHUDWH 5LWPLFLWDWHDDOLPHQWDUDGXUHULLXOFHURDVHVHQXPHWHPLFD
SHULRGLFLWDWH
'XUHUHDXOFHURDVSRDWHFHGDVSRQWDQSRVWDOLPHQWDUVDXODLQJHVWLDXQRUDOLPHQWH
6XUYLQH Q SHULRDGH VH]RQLHUH GH    VSWPQL FHHD FH FRQVWLWXLH PDUHD
SHULRGLFLWDWH SHULRDG Q FDUH SDFLHQWXO VXIHU Q ILHFDUH ]L OD ILHFDUH PDV DVWIHO
QFWVHSRDWHVSXQHFPDUHDSHULRGLFLWDWHLQFOXGHPLFDSHULRGLFLWDWH
'XUHUHD GLQ JDVWULW HVWH GLIX] ILLQG LQGLFDW GH SDFLHQW FX WRDW SDOPD DSDUH
LPHGLDWGXSDOLPHQWDLHFXLQWHQVLWDWHPDUHQJDVWULWDDFXWVDXGRDUGLVFRQIRUWQ
FHDFURQLF
'XUHUHD Q FDQFHUXO JDVWULF DUH FDUDFWHU FDSULFLRV VXE WRDWH DVSHFWHOH VHGLX
LUDGLHUHRUDUULWPLFLWDWH
t WLSXULGHGXUHUHDEGRPLQDO
GXUHUHDHVRIDJLDQVHVLWXHD]QWUHLPHDPHGLHDHVRIDJXOXLUHWURVWHUQDO
FXLUDGLHUHODQLYHOXOJWXOXLLDOPDQGLEXOHLILLQGIUHFYHQWDVRFLDWFXGLVIDJLD
VDXRGLQRIDJLD
 GXUHUHD HSLJDVWULF HSLJDVWUDOJLD  VH SRDWH PDQLIHVWD VXE IRUP GH
DUVXU FUDPS IRDPH GXUHURDV SRDWH IL DVRFLDW FX DOWH VLPSWRPH
GLJHVWLYHLDSDUHQDIHFLXQLJDVWURGXRGHQDOHKHSDWRELOLDUHSDQFUHDWLFHL
DSHQGLFXODUH
 GXUHUHD JDVWULF JDVWUDOJLD  DSDUH FDUDFWHULVWLF Q FUL]D JDVWULF WDEHWLF
(VWH R GXUHUH FX GHEXW EUXVF YLROHQW FX LUDGLHUH VSUH FRDSVH L WHVWLFXOH
HVWH DVRFLDW FX YUVWXUL LQFRHUFLELOH GXUHD]    RUH L FX VIULW EUXVF
FDLGHEXWXO$OWHDIHFLXQLQFDUHVHGHVFULHPRUEXO3RWWFHUYLFDOSDUDOL]LD
JHQHUDOSURJUHVLYLVFOHUR]DQSOFL
 GXUHUHD LQWHVWLQDO HQWHUDOJLD  HVWH GHVFULV Q DIHFLXQLOH LQWHVWLQXOXL
VXELUHLDOHFRORQXOXL'XUHUHDDSUXWQDIHFLXQLDOHLQWHVWLQXOXLVXELUHDUH
FDUDFWHUGHFUDPSSHULRPELOLFDOFXGXUDWVFXUWGHPLQXWHUHSHWDW
OD    PLQXWH QVRLW GH JUHXUL YUVWXUL WXOEXUUL GH WUDQ]LW 3RDWH IL
GHFODQDWGHDOLPHQWDLHLHVWHFDOPDWGHDSOLFDUHDGHFOGXULDSVDUH
3ULQFLSDOHOHFDX]HVXQWLVFKHPLDLLQIDUFWXOLQWHVWLQDOWR[LLQIHFLDDOLPHQWDU
L VLQGURDPHOH DGHUHQLDOH 'XUHUHD GLQ DIHFLXQLOH FRORQXOXL DUH FDUDFWHU
GH FUDPS VXE IRUPD XQRU XQGH FX FDUDFWHU LQWHUPLWHQW LQLLDO ORFDOL]DWH
XOWHULRU JHQHUDOL]DWH QVRLWH GH YUVWXUL DOLPHQWDUH VDX IHFDORLGH 3RDWH
IL QVRLW GH RSULUHD WUDQ]LWXOXL SHQWUX JD]H L PDWHULL IHFDOH &DX]HOH VXQW
RFOX]LDLQWHVWLQDOHQWHURFROLWHOHYLUDOHVDXEDFWHULHQHWR[LLQIHFLDDOLPHQWDU
LQWR[LFDLDFXSOXPE

GXUHUHDGLQFROLFDKHSDWRELOLDUHVWHFXGHEXWLVIULWEUXVFGHFODQDW
GH DOLPHQWDLH ERJDW Q OLSLGH ORFDOL]DW Q KLSRFRQGUXO GUHSW FX LUDGLHUH
SRVWHULRDULQWHUVFDSXORYHUWHEUDOLQXPUXOGUHSWFXGXUDWGHFWHYDRUH
QVRLWGHJUHXULYUVWXULELOLRDVHSRVLELOIHEULLFWHU
GXUHUHDSDQFUHDWLFDUHFDUDFWHUHGLVWLQFWHQSDQFUHDWLWDDFXWIDGHFHD
FURQLF Q SDQFUHDWLWD DFXW DUH GHEXW EUXVF GH LQWHQVLWDWH PDUH ORFDOL]DW
HSLJDVWULF FX LUDGLHUH Q EDU L SRVWHULRU DFFHQWXDW GH GHFXELWXO GRUVDO
L DPHOLRUDW GH SR]LLD H]QG (VWH GHFODQDW GH DOLPHQWHOH ERJDWH Q
OLSLGH DOFRRO L OLWLD]D ELOLDU L HVWH QVRLW GH YUVWXUL ELOLRDVH PHWHRULVP
DQ[LHWDWH L KLSRWHQVLXQH SQ OD RF Q SDQFUHDWLWD FURQLF GXUHUHD DUH
DFHHDLORFDOL]DUHLLUDGLHUHGDUGHLQWHQVLWDWHPHGLHLFXGXUDWFRQWLQXVDX
LQWHUPLWHQW$SDUHQXUPDDEX]XOXLGHDOFRROLOLSLGHLVLPSWRPDWRORJLDGH
QVRLUHHVWHPDLDWHQXDW
GXUHUHDUHFWRVLJPRLGLDQFXORFDOL]DUHQIRVDLOLDFVWQJHVWHIUHFYHQW
DVRFLDWFXWHQHVPHUHFWDOHLHVWHFRQVHFLQDXQRUPRGLILFULIXQFLRQDOHVDX
RUJDQLFHUHFWRVLJPRLGLHQH
 GXUHUHD SHULWRQHDO  HVWH IUHFYHQW QWOQLW Q SHULWRQLWD DFXW FRQVHFLQD
XQXL IDFWRU PLFURELDQ SULQ SHUIRUDUHD XQXL RUJDQ FDYLWDU VWRPDF GXRGHQ
FROHFLVW DSHQGLFH  VDX FRQVHFLQD XQXL IDFWRU FKLPLF SULQ HQ]LPHOH
SDQFUHDWLFH ELOLDUH VDX LQWHVWLQDOH 'XUHUHD HVWH YLH ODQFLQDQW L HVWH
DFFHQWXDW GH PDQHYUD %OXPEHUJ FRPSULPDUHD L GHFRPSULPDUHD EUXVF D
DEGRPHQXOXL GHWXVHSHUFXLHPLFDUHDFRUSXOXLLUHVSLUDLH6HQVRHWH
GH JUHXUL YUVWXUL VXJKL PHWHRULVP FRQVWLSDLH IHEU VWDUH GH RF
2ELHFWLYVHHYLGHQLD]DSUDUHLFRQWUDFWXUPXVFXODU
GXUHUHDGLQDIHFLXQLOHYDVFXODUHDUHGHEXWEUXVFGHPDUHLQWHQVLWDWHHVWH
ORFDOL]DWSHULRPELOLFDOSRDWHILQVRLWGHYUVWXULLPHOHQLHVWHSURGXV
GHHPEROLDVDXWURPER]DDUWHULDOd$QJLQDDEGRPLQDOsVHFDUDFWHUL]HD]SULQ
GXUHUHDEGRPLQDODSUXWODRUHSRVWDOLPHQWDUFXLUDGLHUHSRVWHULRDUFX
FDUDFWHUGHdFODXGLFDLHLQWHUPLWHQWsLFXPRGLILFDUHDWUDQ]LWXOXLLQWHVWLQDO
 FROLFD DSHQGLFXODU DSDUH EUXVF HVWH YLROHQW ORFDOL]DW Q IRVD LOLDF
GUHDSWLVHQVRHWHGHJUHXULYUVWXULWUDQ]LWLQWHVWLQDOPRGLILFDWIHEU
LOHXFRFLWR]
GXUHUHDVDOSLQJRRYDULDQHVWHORFDOL]DWQIRVHOHLOLDFHLKLSRJDVWUXL
HVWHFDUDFWHULVWLFVDUFLQLLH[WUDXWHULQHLLQIODPDLLORUFURQLFHJLQHFRORJLFH
7XOEXUDUHDDSHWLWXOXL
3ULQ SRIW GH PQFDUH VDX DSHWLW VH QHOHJH GRULQD L SOFHUHD GH D PQFD 6SUH
GHRVHELUH GH DFHDVWD IRDPHD UHSUH]LQW R QHFHVLWDWH RUJDQLF L LPHGLDW GH
DOLPHQWDUH QVRLW GH XQHOH VHQ]DLL QHSOFXWH FD DPHHDO FHIDOHH DVWHQLH
LULWDELOLWDWHWUHPXUWXULWUDQVSLUDLHHWF3ULQFLSDOHOHPRGLILFULVXQW
t LQDSHWHQD FDUH UHSUH]LQW OLSVD VDX GLPLQXDUHD GRULQHL GH D PQFD L WUHEXLH
GLIHUHQLDW GH VDLHWDWHD SUHFRFH FDUH DSDUH Q FD] GH UHGXFHUH D FDSDFLWLL

JDVWULFH UH]HFLHQHRSODVPLQILOWUDWLY 
t DQRUH[LDFDUHFRQVWQDEVHQDDSHWLWXOXL$FHDVWDSRDWHIL
 WRWDOFXVXSULPDUHDSRIWHLSHQWUXRULFHDOLPHQW
 VHOHFWLY SHQWUX XQ DQXPLW WLS GH DOLPHQW FDUQH Q QHRSOD]LL JUVLPL OD
KHSDWLFL 
SURJUHVLYHVWHQWOQLWQFDQFHUXOJDVWULF
 IDOV LQGXV GH WHDPD GH D LQJHUD DQXPLWH DOLPHQWH SHQWUX D HYLWD GXUHUHD
XOFHUJDVWURGXRGHQDORGLQRIDJLH 
 QHUYRDVDUHFDVXEVWUDWSVLKLFUHIX]XOGHDPQFD
t KLSHURUH[LD UHSUH]LQW RSXVXO DQRUH[LHL L SRDWH DSDUH DWW Q FRQGLLL IL]LRORJLFH
FRQYDOHVFHQDXQRUDIHFLXQLHIRUWIL]LFVXVLQXW FWLQFRQGLLLSDWRORJLFH XOFHU
GXRGHQDOSDUD]LWR]HLQWHVWLQDOHGLDEHW]DKDUDWKLSHWLURLGLH 
t SROLIDJLDUHSUH]LQWQHYRLDGHLQJHUDUHDXQRUFDQWLWLPDULGHDOLPHQWHSHQWUXD
DWLQJHVHQ]DLDGHVDLHWDWH GLDEHW]DKDUDW 
t EXOLPLDHVWHVHQ]DLDLPSHULRDVGHDLQJHUDDOLPHQWHQFDQWLWLPDULFHGHSHVF
QHYRLOHRUJDQLVPXOXLLDSDUHQDIHFLXQLSVLKLFH
t DFRULD HVWH QWOQLW GH DVHPHQHD Q EROL SVLKLFH GDU L QHXURORJLFH L UHSUH]LQW
SLHUGHUHDVHQ]DLHLGHVDLHWDWH
t SDURUH[LD VDX DSHWLWXO YLFLDW SRDWH PEUFD PDL PXOWH IRUPH PDODFLD  IRDPHD
GH DOLPHQWH DFLGH JHRIDJLD  LQJHVWLD GH SDPQW FRSURIDJLD  LQJHVWLD GH
H[FUHPHQWH
t UXPLQDLDVDXPHULFLVPXOFRQVWQUHDGXFHUHDDOLPHQWHORUGLQVWRPDFQFDYLWDWHD
EXFDOFXUHPHVWHFDUHDDFHVWRUDILLQGGHVFULVQEROLSVLKLFH
t VLLRIRELDFRQVWQUHIX]XOGHDLQJHUDDOLPHQWHLVHQWOQHWHQEROLSVLKLFH
0RGLILFDUHDJXVWXOXL
3RDWHILVXEIRUPGH
tSLHUGHUHDJXVWXOXL DIHFLXQLQHXURORJLFH 
tSHUYHUWLUHD JXVWXOXL DFLG Q DIHFLXQL FX UHJXUJLWDLH DFLG DPDU Q
FROHFLVWRSDWLL GXOFHDJ Q GLDEHW ]DKDUDW PHWDOLF Q SDQFUHDWLWD FURQLF
LQWR[LFDLHFXSOXPEVDXFURPJXVWXOGHULGLFKLQLQVXILFLHQDKHSDWLF 
tDOWHUDUHDJXVWXOXL QEROLIHEULOHIXPDWH[FHVLYDIHFLXQLQHXURORJLFH 
6HWHD
5HSUH]LQWQHYRLDGHDEHDOLFKLGHLSRDWHILQRUPDOH[DJHUDWVDXGLPLQXDW
t 3ROLGLSVLD UHSUH]LQW H[DJHUDUHD VHQ]DLHL GH VHWH L DSDUH Q GLDEHWXO ]DKDUDW
GLDEHWXOLQVLSLGLQVLQGURDPHOHGHGHVKLGUDWDUH
t 'LPLQXDUHDVHQ]DLHLGHVHWHDSDUHQDIHFLXQLSVLKLFH
t 'LSVRIRELDUHSUH]LQWUHSXOVLDIDGHDS WXUEDUH 
0RGLILFDUHDVHFUHLHLVDOLYDUH
(VWHUHSUH]HQWDWGHKLSHUKLSRVDOLYDLHLDVLDOLH
t KLSHUVDOLYDLD VDX VLDORUHHD UHSUH]LQW FUHWHUHD FDQWLWLL GH VDOLY VHFUHWDW GH

FHOHWUHLSHUHFKLGHJODQGHVDOLYDUH(VWHGHVFULVQIRDPHJUDYLGLWDWHDOSWDUH
VWRPDWLWHVWHQR]HHVRIDJLHQHSDUD]LWR]HLQWHVWLQDOHOH]LXQLQHXURORJLFH 
t KLSRVDOLYDLD VDX [HURVWRPLD UHSUH]LQW VFGHUHD VHFUHLHL VDOLYDUH L VH WUDGXFH
VXELHFWLY SULQ dJXU XVFDWs QVRLW GH PRGLILFDUHD RELHFWLY XVFFLXQHD
PXFRDVHLEXFDOH6HQWOQHWHQVLQGURPXO6MRJUHQLQWR[LFDLDFXDWURSLQOLWLD]D
VDOLYDUGHVKLGUDWDUHYUVWQLFLKLSRYLWDPLQR]HOH$&L33
t DVLDOLD FRQVW Q UHGXFHUHD SQ OD GLVSDULLD WRWDO D VHFUHLHL VDOLYDUH $SDUH Q
GHVKLGUDWDUHQHRSOD]LLDIHFLXQLSVLKLFHVDXGXSDGPLQLVWUDUHDGHDQWLFROLQHUJLFH
*ORVRGLQLD
6HGHVFULHFDGXUHUHODQLYHOXOOLPELLLSRDWHILFRQVHFLQDXQRUEROLJHQHUDOH DQHPLD
%LHUPHUDQHPLDIHULSULYSDUD]LWR]DLQWHVWLQDOFLUR]DKHSDWLF VDXDXQRUDIHFLXQL
ORFDOH LQIODPDLLXOFHUDLLWXPRUL 
'LVIDJLD
5HSUH]LQWGLILFXOWDWHDODQJKLLUHILLQGUHVLPLWGHSDFLHQWFDRVHQ]DLHGXUHURDV
GH RSULUH D DOLPHQWHORU OD QLYHO HVRIDJLDQ 7UHEXLH GLIHUHQLDW GH RGLQRIDJLH FDUH
UHSUH]LQW GXUHUH DSUXW Q WLPSXO GHJOXWLLHL (VWH JHQHUDW GH QXPHURDVH FDX]H
ORFDOH VDX JHQHUDOH 6XIHULQHOH HVRIDJLHQH IUHFYHQW GLDJQRVWLFDWH VXQW HVRIDJLWD
GHUHIOX[XOFHUXOFDQFHUXOGLYHUWLFXOLLFDUGLRVSDVPXO&DX]HOHJHQHUDOHDOHGLVIDJLHL
SRW IL VFOHURGHUPLD VLQGURPXO 3OXPPHU9LQVRQ GLVIDJLD VLGHURSHQLF  VSDVPRILOLD
LQWR[LFDLDFXVWULFQLQQHYUR]D GLIHUHQLHUHGHdJOREXVKLVWHULFXVsDSUXWQLVWHULH 
LXQHOHOH]LXQLQHXURORJLFH'LVIDJLDSRDWHILFRPSOHWFQGDSDUHDWWSHQWUXOLFKLGH
FW L SHQWUX VROLGH LQFRPSOHW GHFODQDW GH VROLGH VDX SDUDGR[DO FQG DSDUH
QXPDLODOLFKLGH
+DOHQD
5HSUH]LQWPLURVXOQHSOFXWDOJXULLLDSDUHQWURPDUHGLYHUVLWDWHGHVLWXDLLLJLHQ
GHIHFWXRDV D FDYLWLL EXFDOH JLQJLYLWH LQWR[LFDLD FX SOXPE L ELVPXW Q VFRUEXW
EURQLHFWD]LHLVXSXUDLDSXOPRQDU0LURVXULOHSDUWLFXODUHDOHDHUXOXLH[SLUDWVXQW
t Q LQVXILFLHQD KHSDWLF PLURV GXOFHDJ GDW GH VXEVWDQHOH DURPDWLFH GLQ LQWHVWLQ
dIRHWRUH[RUHs 
t DFLGR]DGLDEHWLF PLURVGHPHUHDFUH 
t XUHPLH PLURVDVHPQWRUFXDOXULQLL LQIHQLOFHWRQXULH PLURVGHSURVRSXPHG 
([LVW IDOVH KDOLWR]H Q FDUH PLURVXO QHSOFXW HVWH VLPLW GH SDFLHQW GDU QX L GH
DQWXUDM
6XJKLXO
(VWHXQDFWUHIOH[UHSUH]HQWDWGHXQ]JRPRWSDUWLFXODULQVSLUDWRUSURGXVGHYLEUDLD
FRU]LORU YRFDOH GLQ FDX]D LQVSLUULL YLROHQWH D DHUXOXL FD XUPDUH D XQHL FRQWUDFLL
VSDVPRGLFHDGLDIUDJPXOXL3RDWHDSDUHDWWQFRQGLLLQRUPDOH FRQVXPGHEXWXUL
FDUERJD]RDVHVDXDOFRROLFHPHVHFRSLRDVH FWLQFRQGLLLSDWRORJLFH XOFHUJDVWUR
GXRGHQDO SHULWRQLWH VXEGLDIUDJPDWLFH SHULFDUGLWH PHGLDVWLQLWH QHYUR]H XUHPLH

PHQLQJLWHHQFHIDOLWHSDUD]LWR]HLQWHVWLQDOH 
(UXFWDLD UJLDOD 
&RQVWQHOLPLQDUHDJD]HORUGLQVWRPDFSULQFDYLWDWHDEXFDOLHVWHH[SUHVLDFUHWHULL
FDQWLWLLGHJD]GLQVWRPDF DHURJDVWULH (UXFWDLDSRDWHILFXPLURVDFLGVDXUQFHG
FRQVHFXWLY XQRU SURFHVH IHUPHQWDWLYH GLQ VWHQR]D SLORULF VDX SRDWH IL IU PLURV
FRQVHFXWLY DHURIDJLHL WDKLIDJLH GHJOXWXLH IUHFYHQW GLQ FDX]D KLSHUVDOLYDLHL VDX
IXPDWXOXL 
5HJXUJLWDLDJDVWULF
6H FDUDFWHUL]HD] SULQ QWRDUFHUHD DOLPHQWHORU Q FDYLWDWHD EXFDO GLQ VWRPDF IU
HIRUWLIUVILHSUHFHGDWGHJUHD(VWHFRQVHFLQDXQRUDIHFLXQLDOHMRQFLXQLL
HVRJDVWULFH KHUQLH KLDWDO QHRSODVP  D XOFHUXOXL GXRGHQDO D VSDVPXOXL VDX
VWHQR]HLSLORULFH
3LUR]LVXO
(VWH VHQ]DLD GH DUVXU HSLJDVWULF FX LUDGLHUH UHWURVWHUQDO $SDUH Q HVRIDJLWD GH
UHIOX[ VH SRDWH DVRFLD FX UHJXUJLWDLD JDVWULF HVWH DJUDYDW GH DQWHIOH[LD WRUDFHOXL
FOLQRVWDWLVPXOSRVWSUDQGLDOPHVHOHLULWDQWHGHIXPDWLDOFRRO
*UHDD
(VWH R VHQ]DLH GH]DJUHDELO JUHX GH GHILQLW FDUH IUHFYHQW SUHFHGH VDX QVRHWH
YUVWXUD &HOH GRX VLPSWRPH SRW V DSDU L LQGHSHQGHQW 6H QVRHWH GH
IHQRPHQH YHJHWDWLYH KLSHUVDOLYDLH WUDQVSLUDLL SDOSLWDLL WDKLFDUGLH OFULPDUH Q
FRQGLLL IL]LRORJLFH DSDUH Q VDUFLQ LDU SDWRORJLF Q GLYHUVH DIHFLXQL GLJHVWLYH XOFHU
JDVWURGXRGHQDO FROHFLVWLW KHSDWLW FDQFHUH  VDX H[WUDGLJHVWLYH EROL QHXURORJLFH
PLJUHQHXUHPLH 
9UVWXUD
(VWH XQ DFW UHIOH[ FX VHPQLILFDLH GH DSUDUH FDUDFWHUL]DW SULQ HOLPLQDUHD IRUDW
D FRQLQXWXOXL JDVWURLQWHVWLQDO SULQ JXU $FWXO YRPHL VH GHVIRDU Q WUHL HWDSH
JUHDFRQWUDFLDSRULXQLLSLORULFHDVWRPDFXOXLLH[SXO]LDXOWLPDFRQVHFLQDWULSOHL
DFWLYLWLPHFDQLFHQFKLGHUHDSLORUXOXLGHVFKLGHUHDFDUGLHLLFRQWUDFLDPXVFXODWXULL
DEGRPLQDOH Q IXQFLH GH PHFDQLVPXO GH GHFODQDUH YUVWXULOH VXQW GH RULJLQH
FHQWUDOVDXSHULIHULF
D  YUVWXULOH FHQWUDOH VXQW UH]XOWDWXO VWLPXOULL ]RQHL FKHPRUHFHSWRDUH FDUH
WULPLWHLPSXOVXULVSUHFHQWUXOYRPLWLY&DX]HOHVXQW
 LQWR[LFDLLH[RJHQHDOFRROQLFRWLQGLJLWDORSLDFHH
 LQWR[LFDLLHQGRJHQHLQVXILFLHQDKHSDWLFXUHPLHDFLGR]GLDEHWLF
 KLSHUWHQVLXQHD LQWUDFUDQLDQ WXPRUL L KHPRUDJLL FHUHEUDOH  $SDU EUXVF
QXVXQWSUHFHGDWHGHJUHDLVHUHDOL]HD]IUHIRUWdYUVWXULQMHWs
 EROLLQIHFLRDVHDFXWH VFDUODWLQSQHXPRQLH 
E  YUVWXULOH SHULIHULFH VXQW UH]XOWDWXO H[FLWULL FHQWUXOXL YRPLWLY GH FWUH
LPSXOVXUL FDUH SOHDF GH OD QLYHOXO WXEXOXL GLJHVWLY SHULWRQHXOXL L DQXPLWRU
YLVFHUH&DX]HOHVXQW

 EROLJDVWURGXRGHQDOH JDVWULWXOFHUVWHQR]DSLORULFFDQFHU 
 EROLLQWHVWLQDOH RFOX]LHLQWHVWLQDODSHQGLFLW 
 SDQFUHDWLWDDFXW
 KHSDWRELOLRSDWLL KHSDWLWFROHFLVWLWOLWLD]DELOLDU 
 SHULWRQLWDDFXW
 EROLH[WUDGLJHVWLYHFROLFDUHQRXUHWHUDOPHWURDQH[LWDHWF
$QDOL]DVHPLRORJLFDYUVWXULORUXUPUHWH
tIUHFYHQDSRWILRFD]LRQDOH NLQHWR]HPLJUHQ UHSHWDWH VWHQR]DSLORULF VDX
GHQHVWSQLW LQWR[LFDLLJUDYHKLSHUHPH]DJUDYLGLF 
tRUDUXO L ULWPXO PDWLQDOH DQWHULRU DOLPHQWDLHL VDUFLQ HWLOLVP D]RWHPLH 
LQWUDSUDQGLDOHVDXSRVWSUDQGLDOHSUHFRFH LVWHULH WDUGLYSRVWDOLPHQWDU VWHQR]D
SLORULF QRFWXUQH XOFHUGXRGHQDO 
tYROXPXOPLFLLUHSHWDWH VDUFLQQHYUR]H VDXDEXQGHQWH VWHQR]DSLORULF 
tPLURVXO DFLGSHQHWUDQW LQGLF QRUPR VDX KLSHUFORUKLGULH  UQFHG VWHQR]D
SLORULF IHFDORLG LOHXVSHULWRQLW VDXLQGXVDUWLILFLDOGHXQWR[LFRGRUDQW
tJXVWXO SRDWH IL DPDU ELOLRFROHFLVWRSDWLL  DFLG XOFHU VDX JDVWULWH  SXWULG Q
SURFHVHGHIHUPHQWDLH 
tFRQLQXWXO DOLPHQWDU LQGLF VWDUHD GH SOHQLWXGLQH D VWRPDFXOXL Q PRPHQWXO
GHFODQULL$OLPHQWHOHVXQWQHGLJHUDWHVDXGLJHUDWHQIXQFLHGHID]DJDVWULF
FRQLQXWXOELOLDULQGLFUHIOX[XOGXRGHQRJDVWULFLOLSVHWHFRQVWDQWQVWHQR]D
SLORULF 9UVWXULOH ELOLRDVH GH FXORDUH YHUGH dFD SUD]XOs SRUDFHH  DSDU Q
SHULWRQLWD L SDQFUHDWLWD DFXW &RQLQXW SXUXOHQW VH HYLGHQLD] Q JDVWULWD
IOHJPRQRDV VDX Q FROHFLL SXUXOHQWH GLQ YHFLQWDWHD VWRPDFXOXL GHVFKLVH
OD DFHVW QLYHO 9UVWXULOH IHFDORLGH VH HYLGHQLD] Q ILVWXOD JDVWURFROLF
9UVWXULOHDSRDVHVDXPXFRDVHDSDUQFDQFHUXOJDVWULFdDSDFDQFHURDVsQ
JDVWULWHOHFURQLFHVDUFLQLQVSDVPXOSLORULF
+HPRUDJLDGLJHVWLY
t KHPDWHPH]D VH GHILQHWH FD HOLPLQDUHD SULQ YUVWXU D XQHL FDQWLWL GH VQJH
URX VDX QHJULFLRV FX DVSHFW GH d]D GH FDIHDs FD XUPDUH D XQHL KHPRUDJLL
SURGXVHQVWRPDFHVRIDJVDXGXRGHQ GHPLQLPXPPO OLPLWDDQDWRPLFGH
ODFDUHVHDGPLWHKHPRUDJLDGLJHVWLYFDILLQGVXSHULRDUHVWHOLJDPHQWXOOXL7UHLW]
6QJHOH SRDWH IL DPHVWHFDW FX UHVWXUL DOLPHQWDUH $VSHFWXO VQJHOXL HOLPLQDW
GHSLQGH GH FDQWLWDWHD SLHUGXW L WLPSXO GH UHPDQHQ Q VWRPDF 6WRPDFXO QX
WROHUHD] FDQWLWLOH ULGLFDWH GH VQJH PRWLY SHQWUX FDUH VXQW HYDFXDWH UDSLG
VXE IRUP GH VQJH URX UXWLODQW OLFKLG VDX FRDJXODW &DQWLWLOH UHGXVH GH
VQJH UPQ XQ WLPS QGHOXQJDW Q VWRPDF VXILFLHQW SHQWUX FD KHPRJORELQD V
ILHWUDQVIRUPDWQKHPDWLQVXEDFLXQHDDFLGXOXLFORUKLGULFDVWIHOQFWSURGXVXO
HOLPLQDWVILHQFKLVODFXORDUHFKLDUQHJUXFXDVSHFWdQ]DGHFDIHDs6QJHOH
GLQ VWRPDF HVWH HYDFXDW SULQ LQWHVWLQXO VXELUH L JURV ILLQG HOLPLQDW VXE IRUPD
PHOHQHL&HOHPDLIUHFYHQWHFDX]HGHKHPDWHPH]VXQWQVWRPDFXOFHUFDQFHU

JDVWULWD HUR]LY SROLSL $OWH EROL UHVSRQVDELOH GH DSDULLH KHPDWHPH]HL VXQW
YDULFHOHHVRIDJLHQHHVRIDJLWDGHUHIOX[WXPRULOHHVRIDJLHQHVLQGURPXO0DOORU\
:HLVVGLYHUWLFXOLLLSROLSR]DGXRGHQDO
t PHOHQD UHSUH]LQW HOLPLQDUHD XQXL VFDXQ QHJUX dFD VPRDODs PRDOH OXFLRV
YROXPLQRV GHWHUPLQDW GH VQJHOH GLJHUDW SURYHQLW GLQWUR KHPRUDJLH GLJHVWLY
VXSHULRDU 3HQWUX D VH SURGXFH PHOHQD HVWH QHFHVDU R FDQWLWDWH GH PLQLPXP
PO VQJH FDUH V VWDJQH]H FHO SXLQ  RUH Q WXEXO GLJHVWLY Q VLWXDLD Q
FDUH Q VFDXQ HVWH VQJH URX VQJHUDUHD HVWH ILH OD QLYHO LQIHULRU ILH WUDQ]LWXO
LQWHVWLQDOHVWHDFFHOHUDW0HOHQDSRDWHVXFFHGHKHPDWHPH]DGDUSRDWHH[LVWDL
LQGHSHQGHQW &DX]HOH VXQW FHOH PHQLRQDWH OD KHPDWHPH] OD FDUH VH DGDXJ
LQIDUFWXO LQWHVWLQRPH]HQWHULF WXPRULOH L WXEHUFXOR]D LQWHVWLQDO LQVXILFLHQD
UHQDO 6H LPSXQH HIHFWXDUHD GLIHUHQLHULL GH FRQVXPXO GH VIHFO URLH VSDQDF
PXUHDILQHRVHULHGHPHGLFDPHQWHFDUHFRORUHD]VFDXQXOSUHFXPSUHSDUDWHOH
GH ILHU L ELVPXWXO +HPDWHPH]D L PHOHQD WUHEXLH GLIHUHQLDWH L GH KHPRELOLH
KHPRSWL]LHHSLVWD[LVLVQJHUULOHEXFDOHFQGVQJHOHHVWHQJKLLW
t UHFWRUDJLD KHPDWRFKH]LD  UHSUH]LQW HOLPLQDUHD SULQ VFDXQ GH VQJH SURDVSW
URX $SDUH Q KHPRUDJLD GLJHVWLY LQIHULRDU FX SXQFW GH SOHFDUH Q VHJPHQWHOH
GLVWDOHDOHWXEXOXLGLJHVWLY
t KHPRUDJLD GLJHVWLY RFXOW HVWH VQJHUDUHD GLJHVWLY FDUH QX PRGLILF FXORDUHD
VFDXQXOXLILLQGGRYHGLWSULQWUXQWHVWSR]LWLYGHVQJHUDUHRFXOWIHFDOVDXSULQ
SUH]HQD DQHPLHL IHULSULYH &DX]HOH VXQW PXOWLSOH DIHFLXQL DOH WUDFWXOXL GLJHVWLY
EROL VLVWHPLFH EROL DOH VQJHOXL OHXFHPLH OLPIRP  EROL DOH YDVHORU GH VQJH
WHOHDQJLHFWD]LH  VDX DOH RUJDQHORU GH YHFLQWDWH ELOLRSDQFUHDWLFH QD]REXFDOH
IDULQJLHQH 
7XOEXUDUHDWUDQ]LWXOXLLQWHVWLQDO
t GLDUHHDVHFDUDFWHUL]HD]SULQVFGHUHDFRQVLVWHQHLVFDXQHORUFUHWHUHDJUHXWLL
SHVWHJLDQXPUXOXLGHHYDFXULGHSHVWH]LFDUHFRQLQGHUHJXOUHVWXUL
DOLPHQWDUH QHGLJHUDWH QX HVWH REOLJDWRULH SUH]HQD WXWXURU WUVWXULORU  6H
GDWRUHD]XQRUIDFWRULLQWHVWLQDOLSDULHWDOLVDXHQGROXPLQDOLFHOPDLDGHVHDLQWULFDL
(WLRORJLD SRDWH IL VXJHUDW GH R VHULH GH  FDUDFWHULVWLFL DOH VFDXQXOXL D VFDXQH
OLFKLGH VDX VHPLVROLGH FX PXFXV Q LQWHVWLQXO LULWDELO E  FRQVLVWHQ VF]XW FX
VQJHQUHFWRFROLWDXOFHURKHPRUDJLFLERDOD&URKQF VFDXQJUVRVVWHDWRUHLF
YROXPLQRV GHVFKLV OD FXORDUH Q DIHFLXQLOH SDQFUHDWLFH $QDOL]D VHPLRORJLF
D VFDXQXOXL LPSXQH VXSUDYHJKHUHD IUHFYHQHL FRQVLVWHQHL RUDUXOXL FDX]HORU
GHFODQDWRDUHVLPSWRPHORUGHDFRPSDQLDPHQWLUVXQHWXOXLDVXSUDRUJDQLVPXOXL
t FRQVWLSDLD UHSUH]LQW HYDFXDUHD QWU]LDW D PDWHULLORU IHFDOH FRQVHFXWLY XQXL
WUDQ]LWLQWHVWLQDOQFHWLQLWVDXDEVRUELHLH[FHVLYHDDSHL6FDXQHOHVXQWH[SXO]DWH
FX HIRUW VDX LQFRPSOHW OD LQWHUYDOH PDUL  ]LOH  FX FRQVLVWHQ GXU L YROXP
UHGXV 3RDWH IL DVRFLDW FX GXUHUL VDX SOHQLWXGLQH DEGRPLQDO WHQHVPH UHFWDOH
VDX VHQ]DLH GH HYDFXDUH LQFRPSOHW L PHWHRULVP $QDOL]D VHPLRORJLF D
FRQVWLSDLHL XUPUHWH IUHFYHQD VFDXQHORU FRQGLLLOH GH DSDULLH  VLPSWRPHOH

GH DFRPSDQLDPHQW L UVXQHWXO JHQHUDO DO WXOEXUULL DD QXPLWD dLQWR[LFDLH


VWHUFRUDOs
7XOEXUDUHDFRQLQXWXOXLJD]RVLDHPLVLHLGHJD]HGLQLQWHVWLQ
(VWH FRQVHFLQD DFXPXOULL Q WXEXO GLJHVWLY D XQHL FDQWLWL GH DHU SHVWH OLPLWD
IL]LRORJLF GH PO FRQVHFLQD XQRU SURFHVH GH IHUPHQWDLH D JOXFLGHORU L
SXWUHIDFLHDSURWHLQHORU
t PHWHRULVPXODEGRPLQDOUHSUH]LQWFUHWHUHDFRQLQXWXOXLJD]RVLQWHVWLQDO&OLQLFVH
PDQLIHVWSULQVHQ]DLDGHGLVWHQVLHLGXUHUHDEGRPLQDOERUERULVPHLIODWXOHQ
6HDPHOLRUHD]QGHFXELWGRUVDOODDSOLFDLLORFDOHGHFOGXUVDXGXSHYDFXDUHD
FRQLQXWXOXL LQWHVWLQDO &DX]HOH VXQW DOLPHQWDLD ERJDW Q ILEUH FHOXOR]LFH
DHURIDJLDSDWRORJLFGLVPRWLOLWDWHLQWHVWLQDOGLVPLFURELVPXOLQWHVWLQDO FRQVHFLQ
D KLSRFORUKLGULHL LQVXILFLHQHL KHSDWLFH VDX VLQGURDPHORU GH PDODEVRUELH  L EROL
FDUH VFDG DEVRUELD LQWHVWLQDO D JD]HORU LVFKHPLD PH]HQWHULF KLSHUWHQVLXQHD
SRUWDO 
t HUXFWDLD UJLDOD  UHSUH]LQW HOLPLQDUHD SH JXU D JD]HORU DFXPXODWH Q WXEXO
GLJHVWLYVXSHULRULHVWHRH[SUHVLHDFUHWHULLFRQLQXWXOXLJD]RVGHODDFHVWQLYHO
)L]LRORJLFDSDUHQWDKLIDJLHFRQVXPGHPHVHDEXQGHQWHFXOLFKLGHFDUERJD]RDVH
L OD IXPWRUL 3DWRORJLF HVWH FRQVHFLQD XQRU DIHFLXQL HVRIDJLHQH FDQFHU
GLYHUWLFXOL KHUQLH KLDWDO  JDVWUR  GXRGHQDOH VWHQR]D SLORULF VWD] GXRGHQDO 
ELOLRSDQFUHDWLFHVDXSVLKLFH3RWILIUPLURV FRQVHFXWLYQJKLLULLDHUXOXL VDXFX
PLURVGHDFLGUQFHGVDXGHdRXVWULFDWHsQSURFHVHOHIHUPHQWDWLYHGLQVWRPDF
VWHQR]DSLORULF 
t IODWXOHQ UHSUH]LQW HOLPLQDUHD PDL PXOW VDX PDL SXLQ FRQWURODW D JD]HORU GLQ
LQWHVWLQ SULQ DQXV (VWH FRQVHFLQD XQRU JUHHOL DOLPHQWDUH SULQ LQJHUDUH GH
FDQWLWL ULGLFDWH GH ILEUH FHOXOR]LFH L DPLGRQ LQFRPSOHW ILHUW FDUH GHWHUPLQ
FUHWHUHDFDQWLWLLGHELR[LGGHFDUERQVXEDFLXQHDIORUHLGHIHUPHQWDLH)ORUDGH
SXWUHIDFLHGHWHUPLQFUHWHUHDFDQWLWLLGHDPRQLDFPHWDQLKLGURJHQVXOIXUDW
QFD]GHRFOX]LHLQWHVWLQDOHVWHVXSULPDWHOLPLQDUHDJD]HORULDPDWHULLORUIHFDOH
GLQLQWHVWLQ
t ERUERULVPHOHVXQW]JRPRWHOHSURGXVHGHJD]HOHFDUHWUHFSULQFRQLQXWXOOLFKLGLDQ
LQWHVWLQDO VDX SULQ ]RQH GH VWHQR] 3RW DSDUH LQ FRQGLLL QRUPDOH Q FD] GH
FRQVXPJD]RVULGLFDWVDXWUDQ]LWDFFHOHUDW

(;$0(18/2%,(&7,9

([DPHQXORELHFWLYDOFDYLWLLEXFDOHLDOIDULQJHOXL
t H[DPHQXOEX]HORUWUHEXLHVFXSULQGDWWUHJLXQHDFXWDQDWFWLFHDPXFRDV
LLQWHUHVHD]
D YROXPXOFDUHGHSLQGHGHSDUWLFXODULWLOHLQGLYLGXDOHLUDVLDOHDOHVXELHFWXOXL
3RDWHILPULWQDFURPHJDOLHPL[HGHPWXPRULHGHP4XLQFNHLKHPDQJLRP
E FXORDUHDuVXQWURLLYLLQLLQSROLFLWHPLDYHUDFLDQRWLFHQDIHFLXQLOHFDUGLDFH
FXDVSHFWFDUPLQDWQFLUR]DKHSDWLFLSDOLGHQDQHPLH
F DVSHFWXOQVWULOHGHGHVKLGUDWDUHVXQWXVFDWHLFUSDWHLDUQWR[LLQIHFLLOH
JUDYH IHEUDWLIRLG LFXLJLHQORFDOQHJOLMDWSRWILDFRSHULWHGHFUXVWHGH
FXORDUHEUXQQHJULFLRDVH
G HUXSLDIUHFYHQWQWOQLWODQLYHOXOEX]HORUHVWHKHUSHVXO SQHXPRQLHJULS
PHQLQJLWVDOPRQHOR]HVDXDQWHULRUPHQVWUXDLHLKHUSHVFDWDPHQLDO 
H  XOFHUDLLOH SRW IL FRQVHFLQD KLSRYLWDPLQR]HL % LQIHFLLORU QHRSOD]LLORU VDX
WUDXPDWLVPHORU
I FLFDWULFLOHUDGLDUHFRPLVXUDOHDSDUQOXHVXOXLFRQJHQLWDO
J DQRPDOLLDOHEX]HORUVHGHVFULXQEX]DGHLHSXUHVDXQSDUH]DIDFLDO
t H[DPHQXO]RQHLYHVWLEXODUH
6XSUDIDDLQWHUQDREUDMLORUXUPUHWH
DVSHFWXOLQIODPDLDQWUHJLLPXFRDVHEXFDOHSRDUWQXPHOHGHVWRPDWLW
 VWRPDWLWDHULWHPDWRDVPXFRDVURLHOXFLRDVQHWHGHVWHFRQVHFLQD
XQRU IDFWRUL JHQHUDOL EROL LQIHFLRDVH KLSRYLWDPLQR]D % FDUHQ GH ILHU
HWF VDXORFDOL FDULLGHQWDUHLJLHQGHIHFWXRDVWDEDJLVP 
 VWRPDWLWD HULWHPDWRSXOWDFHH  SH XQ IRQG HULWHPDWRV DSDU PLFL SHWH
JOEXL
 VWRPDWLWD  DIWRDV  YH]LFXOH FDUH GXS VSDUJHUH ODV XOFHUDLL DFRSHULWH
GHGHSR]LWHDOELFLRDVHDGHUHQWH KLSRYLWDPLQR]D%VSUXHWURSLFDOHWF 
 VWRPDWLWD XOFHURPHPEUDQRDV  XOFHUDLL FX PDUJLQL QHUHJXODWH L
DFRSHULWH GH GHSR]LWH DOEFHQXLL QVRLW GH GLVIDJLH JXVW QHSOFXW
VLDORUHHLDGHQRSDWLHVDWHOLW
 VWRPDWLWD JDQJUHQRDV  LQLLDO VH GHVFULX XOFHUDLL OD QLYHOXO PXFRDVHL
MXJDOHFDUHXOWHULRUSURJUHVHD]QVXSUDIDLQSURIXQ]LPHVSUHIRUPH
PXWLODQWH FX GLVWUXJHUHD REUD]XOXL L FKLDU D RVXOXL WDUDL VFDUODWLQ
UXMHROVXSUDLQIHFWDWFXVWUHSWRFRF 

FXORDUHDPXFRDVHLEXFDOHSRDWHILPRGLILFDWSDORDUHURHDLFLDQR]
 HUXSLLOH GH SH IDD LQWHUQ D REUDMLORU DSDU Q EROLOH LQIHFLRDVH Q UXMHRO
YDORDUH GLDJQRVWLF SUHFRFH DUH DSDULLD XQRU SXQFWH PLFL DOEH DOEVWUXL
QFRQMXUDWHGHKDORXURXSHIDDLQWHUQDREUDMLORUVDXQDQXOJLQJLYRODELDO
QGUHSWXOPRODULORUVXSHULRUL VHPQXOOXL.SOLN 
KHPRUDJLLDOHPXFRDVHLEXFDOHVHGHVFULXQWRDWHDIHFLXQLOHFDUHHYROXHD]
FXSXUSXUKHPRUDJLF
t H[DPHQXOJLQJLLORUSRDWHHYLGHQLDXUPWRDUHOHPRGLILFUL
WXPHIDFLDJLQJLYDOVHGHVFULHODSXEHUWDWHQVDUFLQVDXGXSDGPLQLVWUDUH
QGHOXQJDWGHIHQLWRLQ
 LQIODPDLD JLQJLYDO JLQJLYLW   JLQJLL WXPHILDWH URLL XQHRUL VQJHUQGH
DFRSHULWH GH GHSR]LWH DOELFLRDVH Q FD]XUL JUDYH DSDU XOFHUDLL KHPRUDJLL L
HFKLPR]HVXEPXFRDVH&ODVLILFDUH
 HULWHPDWRDV VDX FDWDUDO  URHD PDWLQDO L UDSLG UHYHUVLELO FDX]
LULWDWLYFDULLGHQWDUHSHULDMEUXWDOSURWH]HGHILFLWDUH 
 KLSHUWURILF  FUHWHUHD Q YROXP XQHRUL DWW GH LPSRUWDQW QFW
PDVFKHD] GLQLL GH]HFKLOLEUX KRUPRQDO OHXFHPLH GLDEHW ]DKDUDW
PL[HGHPHWF 
 KHPRUDJLFJLQJLLWXPHILDWHFDUHVQJHUHD]ODFHDPDLPLFDWLQJHUH
VLQGURDPHKHPRUDJLSDUHLVFRUEXW 
 XOFHURQHFURWLFQVRHWHVWRPDWLWDGHDFHVWWLS LQIHFLLOHFXIXVRVSLULOL 
 dPHWDOLFHs VXQW GHVFULVH Q LQWR[LFDLLOH FURQLFH VDWXUQLQ OL]HUHX
FHQXLXDOEVWUXLQHJULFLRVODQLYHOXOPDUJLQLLOLEHUHDJLQJLLORUGXQJDOXL
%XUWRQ 
t H[DPHQXO JODQGHORU VDOLYDUH FXSULQGH FHOH WUHL SHUHFKL GH JODQGH VDOLYDUH
SDURWLGHVXEPDQGLEXODUHLVXEOLQJXDOH7XPHILHUHDORUVHSURGXFHQVLDODGHQLWH
L VDUFRLGR] 7XPHILHUHD SDURWLGHORU HVWH GXUHURDV L VLPHWULF L VH GHVFULH Q
SDURWLGLWD HSLGHPLF Q VLQGURPXO 0LNXOLW] VXQW DIHFWDWH FRQFRPLWHQW JODQGHOH
VDOLYDUHLODFULPDOH VLQGURPXO6MJUHQLOLPIROHXFR]DFURQLF 
t H[DPHQXO GLQLORU GLQ SXQFWXO GH YHGHUH DO PHGLFXOXL LQWHUQLVW VDX
JDVWURHQWHURORJYDDYHDQYHGHUHXUPWRDUHOHPRGLILFUL
 YROXPXOPDFURGRQLHLPLFURGRQLH VLILOLV 
 FXORDUHD GLQLORU SRDWH IL JDOEHQ WUDWDPHQW FX WHWUDFLFOLQ Q FXUVXO VDUFLQLL 
YHU]XLH QFD]GHLFWHUQHRQDWDOVHYHU VDXJUL GLQLGHYLWDOL]DL 
 LPSODQWDUHDQWHYHUVLHVDXUHWURYHUVLH WXOEXUULGHGH]YROWDUHDPD[LODUHORU 
 DVSHFWXO GLQLORU Q JHQHUDO SRDWH HYLGHQLD FDULL GHQWDUH OLSVXUL GHQWDUH
DEFHVH L JUDQXORDPH GHQWDUH SURWH]DUH WRWDO VDX SDULDO Q VLILOLVXO

FRQJHQLWDO VH GHVFULX GLQLL OXL +XWFKLQVRQ FX LQFLVLYLL VXSHULRUL UDUL FX
PDUJLQHDOLEHUQVHPLOXQLFXVWULXULORQJLWXGLQDOHLWUDQVYHUVDOH7ULDGDOXL
+XWFKLQVRQ FXSULQGH GLQLL DVWIHO PRGLILFDL VXUGLWDWH GH RULJLQH ODELULQWLF L
FKHUDWLWLQWHUVWLLDO
t H[DPHQXOOLPELLDSUHFLD]PRELOLWDWHDYROXPXOFXORDUHDLSUH]HQDXOFHUDLLORU
 PRELOLWDWHD OLPELL SRDWH IL DIHFWDW Q SDUDOL]LD XQLODWHUDO GH QHUY KLSRJORV
GHYLHUH ODWHUDO GH SDUWHD DIHFWDW  Q SDUDOL]LD ELODWHUDO GH QHUY KLSRJORV
LPSRVLELOLWDWHDGHDVFRDWHOLPED QVWULOHWR[LLQIHFLRDVHJUDYH GLILFXOWDWHOD
PRELOL]DUH QLQWR[LFDLDFXDOFRRO WUHPXUWXUL 
 YROXPXO SRDWH IL DIHFWDW Q VHQVXO FUHWHULL  PDFURJORVLH DFURPHJDOLH
PL[HGHP JORVLWH HGHP 4XLQFNH  VDX DO VFGHULL  PLFURJORVLH OH]LXQL DOH
QHUYXOXLKLSRJORVWDEHVSDUDOL]LHJHQHUDOSURJUHVLY 
DVSHFWXOLFXORDUHD
 OLPEDXVFDWVDXdSUMLWsFRQVHFLQDXPLGLWLLVF]XWHDSDUHQEROL
IHEULOH VLQGURDPH GH GHVKLGUDWDUH GLDEHW ]DKDUDW GHFRPSHQVDW GLDUHH
VWHQR]SLORULF VLQGRPXO6MRJUHQQDIHFLXQLQFDUHSDFLHQLLUHVSLUFX
JXUDGHVFKLV SROLSLQD]DOLYHJHWDLLDGHQRLGLHQHVHFUHLL 
 OLPED VDEXUDO VDX dQFUFDWs  FX IDD GRUVDO DFRSHULW GH XQ VWUDW
DOELFLRV JOEXL IRUPDW GLQ FHOXOH FDUH QX VDX H[IROLDW HVWH FRQVHFLQD
QWU]LHULL JUDWDMXOXL QDWXUDO DO OLPELL ILH SULQ UHGXFHUHD PDVWLFDLHL ILH
SULQ UHGXFHUHD IOX[XOXL VDOLYDU EROL IHEULOH DIHFLXQL EXFDOH FDUH MHQHD]
PDVWLFDLDHWF 
 OLPEDdGH]PHXUsSULQKLSHUWURILDSDSLOHORUOLQJXDOH VFDUODWLQ 
 OLPED dOFXLWs  SULQ DWURILD SDSLOHORU OLQJXDOH DUH DVSHFW QHWHG L URX
FX XQ HYLGHQW FRQWUDVW QWUH SLHOH L PXFRDVH LQFOXVLY ID GH UHVWXO
PXFRDVHL EXFDOH FLUR] FDH[LH  'DF VH DVRFLD] FX JORVRGLQLH VH
GHILQHWHFDJORVLWDOXL+XQWHULVHGHVFULHQDQHPLD%LHUPHU
 OLPEDdOHPQRDVsHVWHURLHSXUSXULHYROXPLQRDVLQILOWUDWLEU]GDW
GHDQXUL DPLORLGR] 
 OLPEDILVXUDWVDXdVFURWDOsFXQXPHURDHDQXULFXDGQFLPHGH
PPFDUHLPLWGHVHQXOdVFURWDOs FRQJHQLWDO 
 OHXFRSODNLD OLPELL  DSDU SODFDUGH DOEH VLGHILL GH IRUPH L GLPHQVLXQL
GLIHULWH FD R FRQVHFLQ D XQRU DFLXQL LULWDWLYH ORFDOH (VWH R VWDUH
SUHFDQFHURDV
 PHODQRJORVLD OLPED dQHDJUs VDX dSURDVs   SULQ KLSHUWURILD L
KLSHUFKHUDWLQL]DUHD SDSLOHORU VXSUDIDD OLPELL HVWH EUXQ VDX QHDJU
DFRSHULWSDUFGHQLWHSHULQFOFLL WUDWDPHQWSUHOXQJLWFXDQWLELRWLFH 
XOFHUDLLOHSRWIL

 FKLPLFHLQWR[LFDLDFXPHUFXULQJHUDUHDGHVXEVWDQHFRUR]LYHHWF
 WUDXPDWLFHSURWH]HGHQWDUHGHIHFWXRDVHGLQLFDULDLFUL]HGHHSLOHSVLH
HWF
 QHRSOD]LFHDXDVSHFWFUDWHULIRUPFRQWXUQHUHJXODWDFRSHULWHGHRPDV
FHQXLX  PXUGDU VXQW GXUHURDVH L QVRLWH GH VLDORUHH IRHWRU RULV L
DGHQRSDWLHVDWHOLW
 LQIHFLRDVHKHUSHVOLQJXDOWXEHUFXOR]OXHVLJORVLWDIWRDV
t PLURVXO QHSOFXW DO JXULL L DHUXOXL H[SLUDW SRDWH IL GHWHUPLQDW GH FDX]H
ORFDOH IRHWRU RULV L HVWH QWOQLW OD SHUVRDQHOH FX LJLHQ ORFDO GHILFLWDU FDULL
GHQWDUH SDUDGRQWRSDWLH DEFHVH GHQWDUH SURWH]H GHQWDUH GHIHFWXRDVH DQJLQH
XOFHURQHFURWLFHHWFQDFHVWHFD]XULVHSURGXFHDOFDOLQL]DUHDUHGXFHUHDVHFUHLHL
VDOLYDUH L R FUHWHUH D VHSWLFLWDLL EXFDOH FX GH]YROWDUHD IORUHL GH SXWUHIDFLH Q
XUHPLHDSDUHIRHWRUXODPRQLDFDOSULQHOLPLQDUHDXUHHLSULQVDOLY&DX]HOHJHQHUDOH
FDUHSURGXFPLURVQHSOFXWDODHUXOXLH[SLUDWKDOLWR]HVXQWLQVXILFLHQDKHSDWLF
PLURVGHILFDWFUXGLQGROVFDWROVDXPXFHJDL RFOX]LDLQWHVWLQDO PLURVIHFDORLG 
FHWRDFLGR]D GLDEHWLF PLURV GH DFHWRQ  HWLOLVP PLURV GH DOGHKLG VDX DOFRRO 
LQWR[LFDLDFXIRVIRU PLURVGHXVWXURL EURQLWDFURQLFWDEDJLF PLURVGHWXWXQ 
LQWR[LFDLDFXFLDQXUL PLURVGHPLJGDOHDPDUH HWF
t H[DPHQXOSODQHXOXLEXFDOVHHIHFWXHD]SULQULGLFDUHDYUIXOXLOLPELLVSUHEROWD
SDODWLQ0RGLILFULOHFDUHVHSRWFRQVWDWDVXQW
 XQIUHQOLQJXDOVFXUWVDXDEVHQW
 IOHJPRQ DO VSDLXOXL VXEOLQJXDO FXQRVFXW FD dDQJLQDs OXL /XGZLJ RULJLQH
GHQWDULHWLRORJLHVWUHSWRFRFLF 
 FKLVWXULGHUPRLGHVDXPXFRLGH
 GLODWDLLYDULFRDVHDOHYHQHORUVXEOLQJXDOH
t H[DPHQXOEROWHLSDODWLQHSRDWHHYLGHQLD
 PRGLILFUL FRQJHQLWDOH SDODWRVFKL]LV VDX dJXUD GH OXSs FRQVW Q QFKLGHUHD
LQFRPSOHW D SULORU ODWHUDOH DOH SDODWXOXL FX SVWUDUHD XQHL FRPXQLFUL QWUH
FDYLWDWHDEXFDOLIRVHOHQD]DOH
PRGLILFULGREQGLWH
D EROWDRJLYDOQUDKLWLVPPLFURVIHURFLWR]DHUHGLWDU
E DVSHFWGHVSLFDWQJRPDVLILOLWLFWXEHUFXOR]DEFHVHWF
t H[DPHQXOSDODWXOXLPRDOHLDOOXHWHL
3ULQFLSDOHOHPRGLILFULFDUHSRWILFRQVWDWDWHODDFHVWQLYHOVXQW
 SDUDOL]LDYOXOXLSDODWLQuQVLQGURDPHOHEXOERSURWXEHUDQLDOHLSVHXGREXOEDUH
LQGLIWHULH YRFHQD]RQDWUHIOX[GHOLFKLGHLDOLPHQWHSHQDV 
 WXPRUL OLSRDPH DQJLRDPH HUXSLL KHUSHWLIRUPH HQDQWHPH UXMHRO
VFDUODWLQ 

 VHPQXOOXL0XOOHUSXOVDLLULWPLFHVLQFURQHFXDFWLYLWDWHDFDUGLDF LQVXILFLHQD
DRUWLF 
 HGHPXO4XLQFNHFUHWHYROXPXOYOXOXLSDODWLQLDOOXHWHLULVFQGDVIL[LHUHD
EROQDYXOXL
t H[DPHQXOIDULQJHOXLLDPLJGDOHORU
)DULQJHOH UHSUH]LQW R SRDUW GH LQWUDUH LPSRUWDQW D DJHQLORU LQIHFLRL 5HDFLD
ORFDODVWUXFWXULORUYL]LELOH DPLJGDOHYOSDODWLQOXHWSHUHLSRVWHULRUL LDFHORUGLQ
SURIXQ]LPH LQHOXOOLPIDWLFDOOXL:DOGD\HU VHQXPHWHDQJLQVDXIDULQJRDPLJGDOLW
&OLQLF VH PDQLIHVW SULQ VHQ]DLD GH XVFFLXQH D JWXOXL PRGLILFDUHD YRFLL
KLSHUVDOLYDLHGLVIDJLHIHEUFHIDOHHLDOWHUDUHDVWULLJHQHUDOH
3ULQFLSDOHOHWLSXULGHDQJLQ
 DQJLQD HULWHPDWRDV VDX FDWDUDO DUH HWLRORJLH YLUDO UXMHRO JULS  VDX
EDFWHULDQ VWUHSWRFRFLF  6H FDUDFWHUL]HD] SULQ WXPHILHUH L KLSHUHPLH
DPLJGDOLDQDOXHWHLYOXOXLSDODWLQLIDULQJHOXL
DQJLQDSXOWDFHHDUHLQLLDODVSHFWXOXQHLDQJLQHHULWHPDWRDVHSHQWUXFDDSRL
V VH UHPDUFH DSDULLD XQRU SHWH JOEXL FX DVSHFW FUHPRV GDW GH SUH]HQD
H[XGDWXOXL Q FULSWHOH DPLJGDOLHQH 8QHRUL GHSR]LWHOH VXQW DWW GH DEXQGHQWH
QFW WLQG V VH FRQWRSHDVF SHQWUX D IRUPD SVHXGRPHPEUDQH 6H GHVSULQG
FXXXULQLODVPXFRDVDLQWDFW(WLRORJLFVXQWLQFULPLQDLJHUPHQLSLRJHQL
VWUHSWRFRFXOVWDILORFRFXOSQHXPRFRFXO 
 DQJLQD IOHJPRQRDV VH PDQLIHVW FD DEFHV DPLJGDOLDQ L HVWH IUHFYHQW R
FRPSOLFDLHDFHORUGHVXV
 DQJLQD KHUSHWLIRUP KHUSDQJLQD  DUH HWLRORJLH YLUDO QV QX HVWH KHUSHV
IDULQJLDQ3HIRQGKLSHUHPLFDSDUYH]LFXOHPLFLFDUHSULQUXSHUHODVXOFHUDLL
VXSHUILFLDOH
 DQJLQD XOFHURDV WLS 'XJXHW DSDUH Q IHEUD WLIRLG L VH FDUDFWHUL]HD] SULQ
XOFHUDLLVXSHUILFLDOHLRYDODUHSHSLOLHULLDQWHULRUL
DQJLQDXOFHURPHPEUDQRDV3ODQW9LQFHQWHVWHSURGXVGHEDFLOLIX]LIRUPL
L VSLURFKHWH FDUH IRUPHD] SVHXGRPHPEUDQH SH VXSUDIDD DPLJGDOLDQ
$FHVWHDVHGHVSULQGFXXXULQLODVRPXFRDVURLHXRUVQJHUQG
 DQJLQD SVHXGR  PHPEUDQRDV DSDUH Q GLIWHULH FDUDFWHULVWLF  VFDUODWLQ
L OXHV 6H FDUDFWHUL]HD] SULQ DSDULLD XQXL H[XGDW FDUH DSRL VH WUDQVIRUP
Q IDOVH PHPEUDQH FHQXLL DGHUHQWH FDUH DFRSHU WUHSWDW PXFRDVD GLQ
YHFLQWDWH L VH H[WLQGH VSUH ODULQJH 5HDOL]HD] FUXSXO GLIWHULF FDUH SRDWH
DVIL[LDEROQDYXO
DQJLQDXOFHURQHFURWLF+HQRFKHVWHRIRUPJUDYFXDGHQRSDWLHUHJLRQDO
LVWDUHVHSWLF'HUHJXOQVRHWHVFDUODWLQDLVHFDUDFWHUL]HD]SULQXOFHUDLL
DGQFLQHUHJXODWHDFRSHULWHGHGHSR]LWHFHQXLLLIDOVHPHPEUDQH$QJLQHOH

XOFHURQHFURWLFHVXQWFDX]DWHQJHQHUDOGHVWUHSWRFRFXOEHWDKHPROLWLFDVRFLDW
FXJHUPHQLDQDHUREL
DQFUXOVLILOLWLFDPLJGDOLDQHVWHRXOFHUDLHXQLODWHUDOFXPDUJLQLDEUXSWHSH
IRQGLQGXUDWFXDGHQRSDWLHVDWHOLW
/D QLYHO DPLJGDOLDQ VH SRW SXQH Q HYLGHQ WXPRUL ORFDOL]DWH XQL VDX ELODWHUDO
OLPIRVDUFRDPHUHWLFXORVDUFRDPHFDUFLQRDPHHWF 

([DPHQXOIL]LFDODEGRPHQXOXL
7RSRJUDILDFOLQLFDDEGRPHQXOXL
([DPLQDUHDDEGRPHQXOXLVHHIHFWXHD]FXSDFLHQWXOQGHFXELWGRUVDOFXPHPEUHOH
VXSHULRDUH QWLQVH GHD OXQJXO FRUSXOXL L PHPEUHOH LQIHULRDUH IOHFWDWH SHQWUX
UHOD[DUHD PXVFXODWXULL SHUHWHOXL DEGRPLQDO ([DPLQDWRUXO VH DHD] Q GUHDSWD
SDFLHQWXOXLFXH[FHSLDSDOSULLVSOLQHL
3HQWUXDSXWHDHIHFWXDLQVSHFLDSDOSDUHDSHUFXLDLDXVFXOWDLDDEGRPHQXOXLHVWH
QHFHVDU FXQRDWHUHD PSULULL WRSRJUDILFH D DFHVWXLD 6H XWLOL]HD] GRX DVWIHO GH
PHWRGH
 FHDFODVLFPSDUWHDEGRPHQXOQQRX]RQHWRSRJUDILFHFXDMXWRUXODSDWUXOLQLL
GRX RUL]RQWDOH L GRX YHUWLFDOH /LQLD RUL]RQWDO VXSHULRDU WUHFH OD MXPWDWHD
GLVWDQHL GLQWUH PDUJLQHD VXSHULRDU D PDQXEULXOXL VWHUQDO L VLPIL]D SXELDQ LDU
OLQLD RUL]RQWDO LQIHULRDU XQHWH VSLQHOH LOLDFH DQWHURVXSHULRDUH /LQLLOH YHUWLFDOH
WUHFSULQPLMORFXODUFDGHORUFUXUDOH$VWIHOVHGHVFULXXUPWRDUHOH]RQH

)LJ7RSRJUDILDDEGRPHQXOXL

7DEHO,7RSRJUDILDDEGRPHQXOXL3URLHFLDGLIHULWHORURUJDQHSHSHUHWHOHDEGRPLQDO
+LSRFRQGUXOGUHSW
OREXOGUHSWKHSDWLF
YH]LFXODELOLDUXQJKLXO
GUHSWDOFRORQXOXL
ULQLFKLXOGUHSWLJODQGD
VXSUDUHQDO
)ODQFXOGUHSW

OREXO5LHGHOKHSDWLF
FRORQXODVFHQGHQWDQVH
MHMXQDOHLLOHDOH

)RVDLOLDFGUHDSW

(SLJDVWUXO

+LSRFRQGUXOVWQJ

OREXOKHSDWLFVWQJ
VWRPDFSLORUGXRGHQ
FRORQWUDQVYHUVHSLSORRQ
FRUSXOSDQFUHDVXOXLDRUWD
DEGRPLQDOYHQDFDY
LQIHULRDUWUXQFKLXOFHOLDF
LJDQJOLRQLLSDUDDRUWLFL
0H]RJDVWUXOVDX
UHJLXQHDRPELOLFDO
PDUHOHHSLORRQ
FRORQXOWUDQVYHUV
DQVHOHLQWHVWLQDOH
PH]HQWHUXODRUWD
DEGRPLQDOYHQDFDY
LQIHULRDUJDQJOLRQLL
PH]HQWHULFL

RSDUWHGLQOREXOKHSDWLF
VWQJVSOLQDPDUHD
WXEHUR]LWDWHJDVWULF
XQJKLXOVWQJDOFRORQXOXL
FRDGDSDQFUHDVXOXL
ULQLFKLXOVWQJJODQGD
VXSUDUHQDO

+LSRJDVWUXO

)RVDLOLDFVWQJ

DSHQGLFHOHFHFXORYDUXO
YH]LFDXULQDUXWHUXO
LWURPSDXWHULQGUHDSW
DQVHOHLQWHVWLQDOHLXQHRUL
DUWHUDLOLDFJDQJOLRQLL
IOH[XUDVLJPRLGLDQ
OLPIDWLFLLQJKLQDOLLLOLDFL

)ODQFXOVWQJ

FRORQXOGHVFHQGHQW
DQVHOHLQWHVWLQDOH

VLJPDRYDUXOLWURPSD
VWQJDUWHUDLOLDF
JDQJOLRQLLOLPIDWLFLLQJKLQDOL
LLOLDFL

)LJ7RSRJUDILDDEGRPHQXOXL

 R DOW PHWRG PDL SXLQ IRORVLW HVWH SULQ WUDVDUHD GH GRX OLQLL SHUSHQGLFXODUH
SULQ RPELOLF FDUH PSDUW DEGRPHQXO Q SDWUX VHFWRDUH DEGRPLQDOH 6H GHVFULX
VHFWRDUHOHVXSHULRUGUHSWVXSHULRUVWQJLQIHULRUGUHSWLLQIHULRUVWQJ
,QVSHFLD
8UPUHWH DSUHFLHUHD IRUPHL L YROXPXOXL DEGRPHQXOXL  D FLFDWULFLL RPELOLFDOH
DVSHFWXOWHJXPHQWXOXLLHVXWXOXLFHOXODUVXEFXWDQDWPLFULOHSHULVWDOWLFHSXOVDLLOH
DRUWHLDEGRPLQDOHLPRELOLWDWHDSHUHWHOXLDEGRPLQDOUDSRUWDWODPLFULOHUHVSLUDWRULL
IRUPDLYROXPXODEGRPHQXOXLYDULD]QUDSRUWFXYUVWDLVH[XO$VWIHOODQRX
QVFXLHVWHJOREXORVODFRSLLHVWHSODWODDGXOLXRUFRQYH[QWLPSFHODYUVWQLFL
LODIHPHLOHPXWLSDUHYROXPXOFUHWHSULQUHOD[DUHDPXVFXODWXULLSDULHWDOH
0RGLILFULOH GH YROXP VXQW ERPEDUHD L UHWUDFLD FDUH  SRW LQWHUHVD Q WRWDOLWDWH
DEGRPHQXOVDXQXPDLDQXPLWHUHJLXQL
 ERPEDUHD Q WRWDOLWDWH HVWH GHVFULV Q DQDVDUF FROHFLH SHULWRQHDO
L HGHP SDULHWDO  DVFLW PHWHRULVP LOHXV SQHXPRSHULWRQHX SULQ SHUIRUDLH
GHRUJDQFDYLWDUVDXLDWURJHQ REH]LWDWH DFXPXODUHGHDGLSR]LWDWHQHVXWXO
FHOXODU PH]HQWHU L HSLORRQ  FKLVW RYDULDQ JLJDQW VDUFLQ DYDQVDW L WXPRUL
DEGRPLQDOH YROXPLQRDVH 3ULQ DVFLW VH QHOHJH FROHFLH OLFKLGLDQ Q
FDYLWDWHD SHULWRQHDO DYQG FDX]H KLSHUWHQVLXQHD SRUWDO PHWDVWD]HOH VDX
WXEHUFXOR]D SHULWRQHDO &QG FROHFLD OLFKLGLDQ HVWH PRGHUDW SULQ DWUDFLD
JUDYLWDLRQDODFHDVWDWLQGHVRFXSHIODQFXULOH GDFSDFLHQWXOHVWHQGHFXELW
GRUVDO VDXKLSRJDVWUXO FQGSDFLHQWXOHVWHQRUWRVWDWLVP $EGRPHQXOLDXQ
DVSHFW FRPSDUDW FX DO XQHL EURDWH DEGRPHQ EDWUDFLDQ FQG FROHFLD HVWH
YROXPLQRDV L FQG VH GHVFULH DVSHFWXO GH DEGRPHQ JOREXORV FX DVSHFW
UHJXODW Q FRQWUDVW FX ERPEDUHD QHUHJXODW GDW GH WXPRULOH YROXPLQRDVH
LQWUDDEGRPLQDOH 
 ERPEDUHD UHJLRQDO DUH FRQVHFLQ XQ DEGRPHQ DVLPHWULF &DX]HOH
IUHFYHQWQWOQLWH 7DEHO,, VXQWXUPWRDUHOH
7DEHO,,&DX]HIUHFYHQWQWOQLWHDOHERPEULLUHJLRQDOHDOHDEGRPHQXOXL
+LSRFRQGUXOGUHSW
KHSDWRPHJDOLDJLJDQW
KLGURFROHFLVWXO
)ODQFXOGUHSW

(SLJDVWUXO
VWHQR]DSLORULFFDQFHUXO
JDVWULFLSDQFUHDWLF
DYDQVDWGLODWDLDDFXWD
VWRPDFXOXL
0H]RJDVWUXOVDX
UHJLXQHDRPELOLFDO

ULQLFKLXOSROLFKLVWLFWXPRUL
UHQDOHKLGURLSLRQHIUR]D
KHUQLDRPELOLFDO
SHULQLFKLSWR]DWWXPRULGH HYHQWUDLDSRVWRSHUDWRULH
FRORQDVFHQGHQW

+LSRFRQGUXOVWQJ
VSOHQRPHJDOLHJLJDQW

)ODQFXOVWQJ
ULQLFKLXOSROLFKLVWLFWXPRUL
UHQDOHKLGURLSLRQHIUR]D
SHULQLFKLSWR]DWWXPRULGH
FRORQGHVFHQGHQW

)RVDLOLDFGUHDSW

+LSRJDVWUXO

)RVDLOLDFVWQJ

ILEURPXOXWHULQVDUFLQD
rJOREXOYH]LFDOsWXPRULOH
YH]LFLLXULQDUH

 UHWUDFLD Q WRWDOLWDWH ODV V SURHPLQH DSHQGLFHOH [LIRLG UHERUGXULOH


FRVWDOH VSLQHOH LOLDFH VLPIL]D SXELDQ L DUFDGHOH FUXUDOH UHDOL]QG DVSHFWXO
GHDEGRPHQQIRUPrGHOXQWUHsDEGRPHQVFDIRLG(VWHGHVFULVQLQDQLLH
FDH[LH FROLFD VDWXUQLQ L VWDGLXO LQLLDO DO SHULWRQLWHL DFXWH JHQHUDOL]DWH
5HWUDFLD SRULXQLL VXSHULRDUH D DEGRPHQXOXL Q FRQWUDVW FX SDUWHD LQIHULRDU
FDUH Q RUWRVWDWLVP SURHPLQ rQ GHVDJs VH GHVFULH FD DEGRPHQ SHQGHQW
0RGLILFDUHDVHQWOQHWHODIHPHLOHPXOWLSDUH
$VSHFWXOVXSUDIHHLDEGRPLQDOH
SLHOHDDEGRPHQXOXLuQDVFLWHVWHSDOLGOXFLRDVLQWLQVQERDOD$GGLVRQVH
GHVFULH KLSHUSLJPHQWDLD OLQLHL DOEH DEGRPLQDOH FRORUDLD LFWHULF D WHJXPHQWHORU
VHHYLGHQLD]PDLELQHODQLYHOXOSLHOLLDEGRPLQDOH
 SLOR]LWDWHD SXELDQ  OD IHPHL DUH R GHOLPLWDUH VXSHULRDU RUL]RQWDO LDU OD
EUEDL R GHOLPLWDUH WULXQJKLXODU FX H[WLQGHUH VSUH RPELOLF Q FLUR]D KHSDWLF
L KLSRJRQDGLVP GXS SXEHUWDWH SLOR]LWDWHD GLPLQX VDX GLVSDUH /D IHPHLOH FX
YLULOLVPVXSUDUHQDOVHHYLGHQLD]RSLOR]LWDWHSXELDQGHWLSPDVFXOLQ
FLFDWULFLOHSRVWRSHUDWRULLuRIHULQIRUPDLLGHVSUHDQWHFHGHQWHOHSDFLHQWXOXL
FLUFXODLDYHQRDVFRODWHUDOuVHGHVFULHQREVWUXFLDYHQHLFDYHLQIHULRDUHFX
YHQH WRUWXRDVH Q IODQFXUL Q FDUH VQJHOH FLUFXO GH MRV Q VXV L Q REVWUXFLD
YHQHLSRUWHDVSHFWXOGHrFDSGHPHGX]sFXVHQVGHVFXUJHUHFHQWULIXJ
SXOVDLLOHDRUWHLDEGRPLQDOHuVXQWYL]LELOHODSHUVRDQHOHHPDFLDWHVDXQDQHYULVP
GHDRUWDEGRPLQDOLLQVXILFLHQDDRUWLF
HUXSLLOHFXWDQDWHuGHVFULVHODQLYHOXODEGRPHQXOXLVXQWrUR]HROHOHWLILFHsL]RQD
]RVWHU
YHUJHWXULOHVHGHVFULXQIODQFXULLKLSRJDVWUXQVDUFLQDVFLWERDOD&XVKLQJ
LREH]LWDWH
 PLFULOH SHULVWDOWLFH  QX VXQW YL]LELOH OD SHUVRDQHOH QRUPDOH /D FHL FX
FRQVWLWXLHDVWHQLFFXSHUHWHDEGRPLQDOVXELUHLUHOD[DWVHSRWREVHUYDPLFUL
YHUPLFXODUH SHULRPELOLFDOH FRQVHFLQD DFWLYLWDLL LQWHVWLQXOXL VXELUH  VHPQXO
.XVVPDXO (YLGHQLHUHD DFHVWRUD Q DOWH FRQGLLL GHQRW REVWDFROH OD QLYHOXO
RUJDQHORUWXEXODUH
PLFULOHUHVSLUDWRULLDOHDEGRPHQXOXLVXQWQRUPDOHLPDLHYLGHQWHODEUEDL
FRSLL L YUVWQLFL 5HGXFHUHD ORU VH QWOQHWH Q PHWHRULVP L DVFLW PSLHGLF
PRELOLWDWHD GLDIUDJPXOXL  $EVHQD HVWH GHVFULV Q SURFHVHOH LQIODPDWRULL
VXEGLDIUDJPDWLFH SHULWRQLWD DFXW DEFHVXO VXEGLDIUDJPDWLF  Q SDUDOL]LD QHUYXOXL

IUHQLF SDUWLFLSDUHD DEGRPHQXOXL OD UHVSLUDLH HVWH SDUDGR[DO ERPEHD] Q


H[SLUDLHLVHGHSULPQLQVSLUDLH
3R]LLDLDVSHFWXORPELOLFXOXL
/D SHUVRDQHOH QRUPDOH FLFDWULFHD RPELOLFDO HVWH VLWXDW SH OLQLD PHGLDQ OD
MXPWDWHDGLVWDQHLGLQWUHDSHQGLFHOH[LIRLGLVLPIL]DSXELDQLHVWHXVRUGHSULPDW
/LSVHWH GXS H[FL]DUHD FKLUXUJLFDO ERPEHD] r Q GHJHW GH PQXs Q DVFLWD
YROXPLQRDVLHVWHGHSULPDWrFDXQGHJHWDUsQREH]LWDWHLDQDVDUF

3DOSDUHD
7HKQLFDSDOSULLDEGRPHQXOXL
3DOSDUHDVHHIHFWXHD]QGHFXELWGRUVDOFXPHPEUHOHLQIHULRDUHIOHFWDWHFXSODQWD
VSULMLQLW Q QWUHJLPH SH SDW FX DEGRPHQXO UHOD[DW L PHPEUHOH VXSHULRDUH GH
D OXQJXO WUXQFKLXOXL ([DPLQDWRUXO VH SODVHD] OD GUHDSWD SDFLHQWXOXL YD HYLWD RULFH
DFLXQH FDUH DU SXWHD SURYRFD FRQWUDFLD UHIOH[ D PXVFXODWXULL DEGRPLQDOH PLQL
UHFLSURYRFDUHDGXUHULLHWF3DOSDUHDDEGRPHQXOXLVHYDIDFHVLVWHPDWLFSRUQLQGGH
OD]RQDRSXVLQGLFDWGHDQDPQH]FDILLQGVSRQWDQGXUHURDVSDUFXUJQGVXFFHVLY
WRDWH VHFWRDUHOH DEGRPLQDOH 6H IRORVHWH IDD SDOPDU D GHJHWHORU SULQ FRQWDFWXO
LQWLPDOQWUHJLLVXSUDIHHSDOPDUHFXSHUHWHOHDEGRPLQDO
'HWHFWDUHD XQHL IRUPDLXQL WXPRUDOH DEGRPLQDOH LPSXQH XUPWRDUHD GHVFULHUH
VHPLRORJLF VHGLXO IRUPD GLPHQVLXQLOH FRQVLVWHQD VHQVLELOLWDWHD PRELOLWDWHD
Q UDSRUW FX PLFULOH UHVSLUDWRULL ID GH SODQXULOH VXSUD L VXELDFHQWH DVSHFWXO
WHJXPHQWHORUHYHQWXDOHOHIUHFWXULVXIOXULVDXSXOVDLL
3DOSDUHDSRDWHIL
tPRQRPDQXDO
tELPDQXDO FX SDOPHOH DOWXUDWH  FDUH SHUPLWH WUHFHUHD UDSLG Q UHYLVW D
QWUHJXOXLDEGRPHQ
tELPDQXDOFXPLQLOHFDUHrVHSULYHVFsuFDUHSHUPLWHORFDOL]DUHDPDLH[DFWD
XQRUIRUPDLXQL
tELPDQXDO FX PLQLOH FDUH VH VXSUDSXQ SHQWUX QYLQJHUHD XQHL UH]LVWHQH
UHDOL]QGDVWIHORSDOSDUHrDSVDWs
3DOSDUHDVXSHUILFLDOVHDGUHVHD]VWUXFWXULORUSHUHWHOXLDEGRPLQDOQWLPSFHSDOSDUHD
SURIXQGXUPUHWHH[SORUDUHDYLVFHUHORU
3DOSDUHDSHUHWHOXLDEGRPLQDO SDOSDUHDVXSHUILFLDO 
8UPUHWH H[DPLQDUHD VXFFHVLY D SODQXULORU SHUHWHOXL DEGRPLQDO L DUH FD RELHFWLY
SUHFL]DUHDFDOLWLORUWHJXPHQWHORUHVXWXOXLVXEFXWDQDWPXFKLORULSHULWRQHXOXL
 SLHOHD DEGRPHQXOXL u Q PRG QRUPDO HVWH HODVWLF L PRELO SH SODQXULOH
SURIXQGH (D GHYLQH IODVF DVHPQWRDUH FX R dFUS QPXLDWs OD EROQDYLL
HPDFLDLGHVKLGUDWDLLODIHPHLOHPXOWLSDUH&HOXOLWDHVWHLQIODPDLDQHVXSXUDWLY
DHVXWXOXLFHOXODUVXEFXWDQDWFXWHJXPHQWURXHGHPDLDWLVHQVLELOFXDVSHFWXO

FDUDFWHULVWLFDOdFRMLLGHSRUWRFDOs
 SHQVDUHD SOLFLL FXWDQDWH DEGRPLQDOH u G LQIRUPDLL GHVSUH VWDUHD GH QXWULLH D
SDFLHQWXOXLD QDQDVDUFSLHOHDLHVXWXOFHOXODUVXQWLQILOWUDWHLSVWUH]PXOW
WLPSDPSUHQWDHODVWLFXOXLSLMDPDOHLVDXXUPDGHGLJLWRSUHVLXQHVHPQXOJRGHXOXL
E  Q WXPRULOH HVXWXOXL DGLSRV DEGRPLQDO DFHVWHD GHYLQ PDL XRU SDOSDELOH OD
LQLLHUHDPLFULLGHULGLFDUHGLQSDW
WRQXVXOPXVFXODWXULLDEGRPLQDOHuQPRGQRUPDOGVHQ]DLDGHDEGRPHQVXSOX
HODVWLF VHQ]DLH DVHPQWRDUH FX SDOSDUHD XQHL VDOWHOH SOLQH FX DHU Q FD]XUL
SDWRORJLFHSHUHWHOHDEGRPLQDOSRDWHILUHOD[DWVDXUH]LVWHQW
 UHOD[DUHD PXVFXODWXULL DEGRPLQDOH HVWH GHVFULV OD IHPHLOH PXOWLSDUH L
ODSHUVRDQHOHHPDFLDWH8QHRULVHGHVFULHDVSHFWXOGHDEGRPHQdQGHVDJs
'DFSDFLHQLLVXQWKLSHUH[FLWDELOLQXLSRWUHOD[DDEGRPHQXO'LQDFHVWPRWLY
VHLPSXQHGLVWUDJHUHDDWHQLHLDFHVWXLDSULQDQJDMDUHDOXLQWURFRQYHUVDLHL
FRQWLQXDUHDSDOSULLFXEOQGHHLLQVLVWHQ
 UH]LVWHQD OD SDOSDUH HVWH QWPSLQDW OD SDOSDUHD XQRU UHJLXQL FDUH
FRUHVSXQGQSURIXQ]LPHRUJDQHORUGHYHQLWHVHQVLELOHSULQSURFHVHLQIODPDWRULL
VDXSXUWWRDUHGHWXPRUL
DSUDUHDPXVFXODUHVWHIRUPDH[WUHPDFRQWUDFWXULLSHUHWHOXLDEGRPLQDO
L VH GHVFULH Q SHULWRQLW /D SDOSDUH VH GHVFULH KLSHUWRQLH DSRL UH]LVWHQ
OHPQRDV FDUH QX SRDWH IL QYLQV  dDEGRPHQ GH OHPQs 3URYRDF GXUHUH
LQWHQV HVWH QVRLW GH KLSHUHVWH]LH FXWDQDW L LPRELOLWDWH Q UDSRUW FX
PLFULOHUHVSLUDWRULL3RDWHILORFDOL]DWQID]HOHLQLLDOHVDXQFHOHFDUHSUHFHG
SHUIRUDUHDRUJDQHORUFDYLWDUHVDXJHQHUDOL]DWODWRWDEGRPHQXOQSULQFLSDOQ
FD] GH SHULWRQLW JHQHUDOL]DW VHFXQGDU XQXL XOFHU SHUIRUDW FROHFLVWLW VDX
DSHQGLFLWSHUIRUDW GDULQFUL]JDVWULFWDEHWLFSRUILULHDFXWLQWHUPLWHQW
FROLFVDWXUQLQWHWQRVLSROLQHYULWH HWDQROLFHGLDEHWLFHXUHPLFH 
SHULWRQHXOuQPRGQRUPDOQXSRDWHILSDOSDWQVH[LVWDIHFLXQLFDUHGHWHUPLQ
PRGLILFULODDFHVWQLYHO
D DVFLWHOHQHRSOD]LFHFXSHULWRQHXdFDUWRQDWs
E PHWDVWD]HOHSHULWRQHDOHGDXXQDVSHFWLQILOWUDWQRGXODU
F  WXEHUFXOR]D SHULWRQHDO HYROXHD] FX ]RQH LQGXUDWH FX SOFL ILEURDVH L
ILEURFDOFDUH
SDOSDUHDRUJDQHORULQWUDDEGRPLQDOH SDOSDUHDSURIXQG SUHVXSXQHDFHOHDLWHKQLFL
FD Q FD]XO SDOSULL VXSHUILFLDOH L VH H[DPLQHD] SXQFWHOH VODEH DOH SHUHWHOXL
DEGRPLQDO FDOLWDWHD YLVFHUHORU DEGRPLQDOH GHOLPLWDUHD XQRU HYHQWXDOH IRUPDLXQL
WXPRUDOHLGXUHUHDSURYRFDW
 SDOSDUHD SXQFWHORU VODEH DEGRPLQDOH u VH UHDOL]HD] SULQ SUHVLXQHD FX
SXOSD GHJHWXOXL PLMORFLX GHD OXQJXO OLQLHL DOEH FLFDWULFLL RPELOLFDOH OD QLYHOXO
PDUJLQLL GUHSLORU DEGRPLQDOL L OD QLYHOXO DUFDGHL LQJKLQDOH 3DWRORJLF VH SRW

FRQVWDWD]RQHOD[HPUJLQLWHGHLQHOILEURVFDUHSHUPLWSWUXQGHUHDGHJHWXOXL
H[SORUDWRU'DFVHFUHWHSUHVLXQHDLQWUDDEGRPLQDO SULQWXVHVDXULGLFDUHD
WUXQFKLXOXLIUVSULMLQ VHSRWSDOSDDQVHOHLQWHVWLQDOH FX]JRPRWHKLGURDHULFH 
HSLSORRQ FRQVLVWHQPRDOHHODVWLF VDXRUJDQHVROLGH
SDOSDUHDSURIXQGDRUJDQHORUDEGRPLQDOHGHOLPLWHD]
t PDUJLQHD LQIHULRDU D OREXOXL GUHSW KHSDWLF HVWH OD QLYHOXO UHERUGXOXL
FRVWDO GUHSW L FRERDU XQ FHQWLPHWUX Q LQVSLUXO SURIXQG $UH VXSUDIDD
QHGHW FRQVLVWHQ HODVWLF HVWH QHGXUHURV 'LDPHWUXO SUHKHSDWLF
QRUPDO HVWH GH  FP +HSDWRPHJDOLD SRDWH IL JOREDO VDX SDULDO
WUHEXLHFRQVHPQDWFRQVLVWHQD HODVWLFPRDOHGXUIHUP FDUDFWHUXO
PDUJLQLL LQIHULRDUH DVFXLW URWXQMLW QHUHJXODW  FDUDFWHUXO VXSUDIHHL
QHWHGQHUHJXODWPLFURVDXPDFURQRGXODU VHQVLELOLWDWHDPRELOLWDWHD
Q UDSRUW FX PLFULOH UHVSLUDWRULL SUH]HQD VDX DEVHQD SXOVXOXL VLVWROLF
QLQVXILFLHQDWULFXVSLGLDQVXIOXULQKHPDQJLRDPHOHVXSHUILFLDOHVDXQ
WXPRULOHKLSHUYDVFXODUL]DWH
t VSOLQD QRUPDO QX H SDOSDELO Q VSOHQRPHJDOLH HD RFXS KLSRFRQGUXO
VWQJ HVWH PRELO FX UHVSLUDLD SROXO LQIHULRU HVWH URWXQMLW LDU PDUJLQHD
DQWHULRDUHVWHQHUHJXODW
t SDQFUHDVXOHVWHXQRUJDQSURIXQGGLILFLOGHSDOSDWQFD]XOSDQFUHDWLWHORU
FURQLFHKLSHUWURILFHSULQSDOSDUHSURIXQGVHGHOLPLWHD]FDRIRUPDLXQH
IL[DW SH SHUHWHOH DEGRPLQDO SRVWHULRU JUHX GH SUHFL]DW GH FRQVLVWHQ
IHUPLVHQVLELO
t FROHFLVWXO GHVWLQV VH SDOSHD] Q KLSRFRQGUXO GUHSW VXE PDUJLQHD
LQIHULRDUKHSDWLFQFD]GHKLSRWRQLHYH]LFXODUVHGHVFULHRIRUPDLXQH
RYRLG SLULIRUP GH FRQVLVWHQ HODVWLF FX FRQWXU QHW L VHQVLELO
OD SDOSDUH Q KLGURSV YH]LFXODU VH GHVFULH R IRUPDLXQH URWXQG RYRLG
VDX SLULIRUP SODVDW Q DIDUD PDUJLQLL H[WHUQH D GUHSWXOXL DEGRPLQDO
GXUHURDVVSRQWDQLODSDOSDUHSDVWUQGXLFRQWXUXOQHWLPRELOLWDWHDQ
QHRSODVPXO GH SDQFUHDV FROHFLVWXO HVWH GHVWLQV QHGXUHURV SDOSDELO FX
SHUHWHHODVWLFQXPLWVHPQXO&RXUYRLVLHU7HUULHUQQHRSODVPXOYH]LFXOHL
ELOLDUHFROHFLVWXODUHSHUHLLQILOWUDLLQGXUDLLHVWHJUHXSDOSDELO
t VWHQR]DSLORULFLGLODWDLDDFXWJDVWULFGHWHUPLQGLODWDUHDVWRPDFXOXL
FDUH VH SDOSHD] Q HSLJDVWUX L KLSRFRQGUXO VWQJ (VWH R IRUPDLXQH
HODVWLFQHWFRQWXUDWLVHQVLELOQWU]LHUHDHYDFXULLJDVWULFHFXVWD]
FRQVHFXWLYGHWHUPLQFODSRWDMXOFDUHDUHVHPQLILFDLHSDWRORJLFVLFDUH
DSDUH SULQ DSOLFDUHD UHSHWDW D XQRU ORYLWXUL VFXUWH FX SXOSD GHJHWHORU Q
UHJLXQHDHSLJDVWULFSHQHPQFDWHVDXODXQLQWHUYDOPDLPDUHGHRUH
SRVWDOLPHQWDU
t FRDUGD FROLF VH SDOSHD] FD R IRUPDLXQH FLOLQGULF IHUP XQHRUL
VHQVLELO FX JUDGH YDULDWH GH PRELOLWDWH VLWXDW FHO PDL IUHFYHQW Q

IRVD LOLDF VWQJ 3DOSDUHD FRU]LL FROLFH GUHSWH HVWH GHWHUPLQDW GH
VSDVWLFLWDWHDFHFXOXLVDXFRORQXOXLDVFHQGHQWGHSURFHVHLQIODPDWRULLVDX
LQILOWUDWLYH
t FHFXOGHVWLQVVHSDOSHD]QIRVDLOLDFGUHDSWFDRIRUPDLXQHHODVWLF
QHW FRQWXUDW VHQVLELO VDX QX $SDUH Q SURFHVHOH GH IHUPHQWDLH
H[DJHUDWFXDFXPXODUHGHJD]HLVWD]FHFDO
t Q RFOX]LD LQWHVWLQDO VH SDOSHD] DQVHOH LQWHVWLQDOH GHVWLQVH FD QLWH
IRUPDLXQL FLOLQGULFH HODVWLFH VHQVLELOH L JHQHUDWRDUH GH ]JRPRWH
KLGURDHULFH
t ULQLFKLL PDULL Q YROXP XQL VDX ELODWHUDO  VH SRW SXQH Q HYLGHQ SULQ
SDOSDUH SURIXQG 6XQW IRUPDLXQL HODVWLFH XQHRUL IHUPH VDX GXUH
FX FRQWDFW ORPEDU IU PRELOL]DUH VHPQLILFDWLY Q WLPSXO PLFULORU
UHVSLUDWRULL
t IXQGXO YH]LFLL XULQDUH VH SRDWH SDOSD Q FRQGLLL IL]LRORJLFH Q VLWXDLD Q
FDUH HVWH SOLQ FX XULQ $UH FRQVLVWHQ HODVWLF HVWH QHGXUHURDV L
GLVSDUHGXSPLFLXQH
t IXQGXO XWHUXOXL JUDYLG VH SDOSHD] Q UDSRUW GH YUVWD VDUFLQLL (VWH R
IRUPDLXQH VIHULF VDX RYRLG QHGXUHURDV GH FRQVLVWHQ IHUP L
FRQWXUXULQHWH
t DRUWD DEGRPLQDO GLODWDW VH SDOSHD] OD QLYHOXO HSLJDVWUXOXL VDX
SHULRPELOLFDOQFD]GHDQHYULVP(VWHRIRUPDLXQHVIHULFVDXIXVLIRUP
SXOVDWLOFXSHUHWHQHHODVWLFXQHRULLQGXUDW
 GHSLVWDUHD XQRU PDVH WXPRUDOH SULQ SDOSDUH SURIXQG u IDFH REOLJDWRULH
SUHFL]DUHDXUPWRDUHORUFDUDFWHULVWLFLVHGLXOIRUPDGLPHQVLXQHDFRQVLVWHQD
VHQVLELOLWDWHD FRQWXUXO PRELOLWDWHD ID GH SODQXULOH VXSHUILFLDOH L SURIXQGH
IDGHRUJDQHOHQYHFLQDWHLQUDSRUWFXPLFULOHUHVSLUDWRULL6HFRQVLGHU
FIRUPDLXQLOHEHQLJQHVXQWQHGXUHURDVHDXFRQWXUQHWPRELOLWDWHSVWUDW
VXSUDID QHWHG L FRQVLVWHQ YDULDW 7XPRULOH LQWUDOXPLQDOH GHWHUPLQ
VXERFOX]LH VDX RFOX]LH DX PRELOLWDWH UHGXV VDX DEVHQW L SRW H[HUFLWD
FRPSUHVLHSHRUJDQHOHGHYHFLQWDWH
]RQHOHGXUHURDVHDEGRPLQDOH GXUHUHDSURYRFDW uGHVFULXGRXWLSXULGH
GXUHUH YLVFHUDO GLILFLO GH FDUDFWHUL]DW GH FWUH SDFLHQL JUHX GH ORFDOL]DW 
L VRPDWLF ELQH ORFDOL]DW YLH YLROHQW   1X HVWH XRDU GLIHQLHUHD GLQWUH
DFHVWHD L VH ED]HD] SH PDQHYUD &DUQHWW VH LQYLW SDFLHQWXO VL ULGLFH
WUXQFKLXOVDXPHPEUHOHLQIHULRDUHGHSHSODQXOSDWXOXLQWLPSFHH[DPLQDWRUXO
FRQWLQX SDOSDUHD PULQG SURJUHVLY SUHVLXQHD DVXSUD SHUHWHOXL DEGRPLQDO
'DF GXUHUHD HVWH GH RULJLQH YLVFHUDO SULQ FRQWUDFLD PXVFXODWXULL SHUHWHOXL
DEGRPLQDO VH UHGXFH FRQWDFWXO GLQWUH SDOPD H[DPLQDWRUXOXL L RUJDQXO OH]DW
DVWIHOQFWGXUHUHDVHUHGXFHVDXFKLDUGLVSDUH'DFGXUHUHDHVWHGHRULJLQH
SDULHWDO HD VH PHQLQH VDX LQWHQVLILF Q FXUVXO DFHVWHL PDQHYUH 'XUHUHD

SURYRFDW GH GLVWHQVLD VDX KLSHUFRQWUDFLD XQXL RUJDQ LQWUDDEGRPLQDO DUH


WHQGLQDGHDLUHGXFHLQWHQVLWDWHDODSDOSDUHDSURIXQG
 +LSHUHVWH]LD FXWDQDW HVWH R GXUHUH SURYRFDW GHVFULV Q LQIODPDLL
L LULWDLL YLVFHUDOH L FRUHVSXQGH OD VXSUDID RUJDQXOXL DIHFWDW FRQIRUP
XQHL WRSRJUDILL GHVWXO GH H[DFWH GHVFULVH FD d]RQHOH OXL +HDGs ]RQD
VWRPDFXOXL YH]LFXOHL ELOLDUH FHFXOXL DSHQGLFHOXL RYDUXOXL XUHWHUXOXL L
ULQLFKLXOXL
3XQFWHOHL]RQHOHGXUHURDVHVXQWUHYHODWRDUHDOHVXIHULQHLDQXPLWRU
RUJDQHLQWUDDEGRPLQDOH

)LJ3XQFWHOHGXUHURDVHDEGRPLQDOH


t SXQFWXO[LIRLGLDQ  uVLWXDWLPHGLDWVXEDSHQGLFHOH[LIRLGSHOLQLD
PHGLDQ(VWHVHQVLELOQDIHFLXQLOHMRQFLXQLLHVRJDVWULFHFDUGLHL
LOREXOXLVWQJKHSDWLF
t SXQFWXO HSLJDVWULF   u HVWH VLWXDW OD XQLUHD WUHLPLL VXSHULRDUH FX
FHD PLMORFLH D OLQLHL [LIRRPELOLFDOH (VWH VHQVLELO Q XOFHUXO JDVWUR
GXRGHQDO
t SXQFWXO VRODU   u HVWH VLWXDW OD XQLUHD WUHLPLL PHGLL FX FHD
LQIHULRDU D OLQLHL [LIRRPELOLFDOH &RUHVSXQGH SOH[XOXL VRODU L
HVWHVHQVLELOQPDMRULWDWHDDIHFLXQLORUGXUHURDVHDEGRPLQDOHVDX
PLFXOXLED]LQ
t SXQFWXO FROHFLVWLF   u HVWH VLWXDW LPHGLDW VXE UHERUGXO FRVWDO
GUHSWODQLYHOXOH[WUHPLWLLDQWHULRDUHDFRDVWHLD;D(VWHVHQVLELO
Q FROHFLVWLWH OLWLD]D ELOLDU GLVFKLQH]LLOH ELOLDUH GDU L Q DIHFLXQL
KHSDWLFH DSHQGLFXODUH DOH IOH[XULL KHSDWLFH D FRORQXOXL VDX
VLVWHPXOXLSLHORFDOLFHDOGUHSW
t WULXQJKLXO  SDQFUHDWLFR  FROHGRFLDQ DO OXL &KDXIIDUG HVWH VLWXDW
QWUHOLQLD[LIRRPELOLFDOLROLQLHFDUHXQHWHRPELOLFXOFXUHERUGXO
FRVWDO GUHSW WUDVDW OD R ID GH SUHFHGHQWD 3DOSDUHD DFHVWHL

]RQH SURYRDF GXUHUH Q XOFHUXO GXRGHQDO OLWLD]D FROHGRFLDQ


SDQFUHDWLWDDFXWVDXQHRSODVPXOGHFDSGHSDQFUHDV
t SXQFWXO GXRGHQDO   u HVWH VLWXDW SH OLQLD SDUDPHGLDQ GUHDSW
OD LQWHUVHFLD FX RUL]RQWDOD FDUH WUHFH SULQ RPELOLF VXE SXQFWXO
FROHFLVWLF(VWHGXUHURVQXOFHUXOGXRGHQDO
t SXQFWXO SLORULF u HVWH VLWXDW GHDVXSUD L PHGLDQ GH SXQFWXO
GXRGHQDOLHVWHGXUHURVQXOFHUXOSLORULFVSDVPXOSLORULFSUHOXQJLW
VDXQHRSODVPXOGHSLORU
t SXQFWHOH DSHQGLFXODUH u VHQVLELOH Q DSHQGLFLWD DFXW L FURQLF
VXQW
 SXQFWXO OXL 0RUULV   HVWH VLWXDW SH OLQLD VSLQRRPELOLFDO
GUHDSWODFPIDGHRPELOLF
 SXQFWXO 0DF %XUQH\   HVWH VLWXDW OD XQLUHD WUHLPLL H[WHUQH
FXWUHLPHDPHGLHDOLQLHLVSLQRRPELOLFDOHGUHSWH
 SXQFWXO OXL /DQ]   HVWH VLWXDW OD XQLUHD  WUHLPLL GUHSWH FX
WUHLPHDPLMORFLHDOLQLHLELVSLQRDVH
t SXQFWHOH PH]HQWHULFH   u VXQW VLWXDWH GH R SDUWH L DOWD D
RPELOLFXOXLLVXQWVHQVLELOHQPH]HQWHULWHLHQWHULWH
t SXQFWHOHXUHWHUDOHuVXQW
 VXSHULRU %D]\ u HVWH SDOSDELO OD LQWHUVHFLD OLQLHL
PHGLRFODYLFXODUH FX RUL]RQWDOD RPELOLFDO (VWH VHQVLELO Q
OLWLD]DUHQDOKLGURQHIUR]LSLHORQHIULW
 PLMORFLX+DOOHuHVWHSDOSDELOODLQWHUVHFLDOLQLHLELVSLQRDVHFX
YHUWLFDODFDUHWUHFHSULQVSLQDSXEHOXL(VWHGXUHURVQFROLFD
UHQDO
 LQIHULRU u QX VH SDOSHD] SH SHUHWHOH DEGRPLQDO DQWHULRU
FL SULQ WXHX UHFWDO VDX YDJLQDO OD QLYHOXO IXQGXOXL GH VDF
'RXJODV
t SXQFWHOHWXERRYDULHQH  uVHDIOODPLMORFXOSHUSHQGLFXODUHORUWUDVDWH
GLQ RPELOLF SH DUFDGHOH FUXUDOH 6XQW VHQVLELOH Q DQH[LWH L VDUFLQD
H[WUDXWHULQ
t PDQHYUD %OXPEHUJ u FRQVW Q DSDULLD GXUHULL OD GHFRPSULPDUHD EUXVF
D DEGRPHQXOXL SULQ ULGLFDUHD PLQLL FDUH SDOSHD] 6HPQLILF LULWDLH
SHULWRQHDOLHVWHFRQVLGHUDWSR]LWLY
t PDQHYUD OXL 0DQGHO QXPLW L dVHPQXO FORSRHOXOXLs HVWH GHVFULV WRW
QLULWDLDSHULWRQHDOLFRQVWQDSOLFDUHDXQRUORYLWXULFXSXOSDGHJHWHORU
OD QLYHOXO SHUHWHOXL DEGRPLQDO %ROQDYXO DFX] GXUHUH YLH Q UHJLXQHD
FRUHVSXQ]WRDUHRUJDQXOXLSHUIRUDW
t PDQHYUD -DYRUVNL /DSLQVN\ u FRQVW Q SURYRFDUHD GXUHULL SULQ SDOSDUHD
IRVHLLOLDFHGUHSWHXUPDWGHULGLFDUHDPHPEUXOXLLQIHULRUGUHSWODJUDGH
IDGHSODQXOWUXQFKLXOXL
t PDQHYUD5RZVLQJuFRQVWQSURYRFDUHDGXUHULLQ]RQDFHFRDSHQGLFXODU

SULQ PSLQJHUHD GH FWUH H[DPLQDWRU D JD]HORU GLQ FRORQXO VWQJ L


WUDQVYHUVQDVFHQGHQW
3HUFXLD
WHKQLFD SHUFXLHL u SUHVXSXQH WUHFHUHD Q UHYLVW D QWUHJLL UHJLXQL 3HUFXLD GH
DQVDPEOX VH HIHFWXHD] GH VXV Q MRV SH OLQLL SDUDOHOH VLWXDWH OD GLVWDQH GH 
FP6XQHWXOQRUPDORELQXWHVWHWLPSDQLVPXOLVHGDWRUHD]RUJDQHORUFXFRQLQXW
DHULDQVWRPDFLQWHVWLQVXELUHLFRORQ/DSHUFXLDILFDWXOXLLDVSOLQHLVHRELQH
PDWLWDWH LDU SDQFUHDVXO L ULQLFKLL GHL OLSVLL GH FRQLQXW DHULDQ VXQW LQDFFHVLELOL
SHUFXLHL
PRGLILFULOHSDWRORJLFHVXQWKLSHUVRQRULWDWHLPDWLWDWHDVXEPDWLWDWHD
 KLSHUVRQRULWDWHD u HVWH GHVFULV Q SQHXPRSHULWRQHX L FQG FUHWH
FRQLQXWXO JD]RV DO RUJDQHORU DEGRPLQDOH SXQQG Q DFHVW IHO Q WHQVLXQH
SHUHLLDFHVWRUDPHWHRULVPDHURJDVWULHGLODWDLDDFXWDVWRPDFXOXLDHURFROLH
LRFOX]LHLQWHVWLQDOQSQHXPRSHULWRQHXVHGHVFULHSHOLQJKLSHUVRQRULWDWH
L GLVSDULLD VDX GLPLQXDUHD PDWLWLL KHSDWLFH L VSOHQLFH H[SOLFDW SULQ
WHQGLQDDHUXOXLGHDRFXSDSR]LLDFHDPDLQDOW VXEGLDIUDJPDWLF 
PDWLWDWHDVDXVXEPDWLWDWHDVHGHVFULXQXUPWRDUHOHVLWXDLL
D LQWHVWLQHOHJRDOHGLQLQDQLLH
E LQWHVWLQHOHSOLQHFXPDWHULLIHFDOHQFRQVWLSDLHLPHJDFRORQ
F  IRUPDLXQL YROXPLQRDVH IU FRQLQXW DHULDQ FDUH YLQ Q FRQWDFW FX
SHUHWHOH DEGRPLQDO WXPRUL VROLGH VDX FKLVWLFH JOREXO YH]LFDO XWHUXO
JUDYLGKHSDWRVSOHQRPHJDOLD
G DVFLW
H SHULWRQLWDWXEHUFXORDV
$VFLWD GHWHUPLQ PRGLILFUL SHUFXWRULFH Q IXQFLH GH FDQWLWDWHD GH OLFKLG DFXPXODW
QFDYLWDWHDSHULWRQHDOQID]DLQLLDOOLFKLGXODVFLWLFWLQGHVRFXSHSDULOHGHFOLYH
DEGRPLQDOH VXE DFLXQHD JUDYLWDLHL $VWIHO GDF SDFLHQWXO HVWH Q RUWRVWDWLVP
PDWLWDWHD HVWH Q KLSRJDVWUX GDF SDFLHQWXO HVWH Q GHFXELW GRUVDO PDWLWDWHD VH
GHSODVHD] Q IODQFXUL LDU GDF SDFLHQWXO HVWH Q SR]LLH JHQXSHFWRUDO PDWLWDWHD VH
GHSODVHD]QUHJLXQHDRPELOLFDO&XSDFLHQWXODH]DWQGHFXELWODWHUDOGUHSWIODQFXO
VWQJGHYLQHWLPSDQLFGLQFDX]DLQWHVWLQHORUFDUHSOXWHVFQOLFKLGXODVFLWLF2WUVWXU
D PDWLWLL GLQ DVFLW HVWH FL VFKLPE FRQWXUXO GXS SR]LLD SDFLHQWXOXL Q DVFLWD
YROXPLQRDVDEGRPHQXOGHYLQHPDWQQWUHJLPHFXH[FHSLDXQHL]RQHFHQWUDOHGH
WLPSDQLVPQWXEHUFXOR]DSHULWRQHDODQVHOHLQWHVWLQDOHFDUHDXFRQLQXWDHULDQVXQW
DJORPHUDWH SULQ SURFHVH H[XGDWLYH 5H]XOW R DOWHUQDQ GH WLPSDQLVP L PDWLWDWH
FDUHUHDOL]HD]DVSHFWXOdQHLFKLHUs
$XVFXOWDLD
$UH YDORDUH UHVWUQV Q H[DPHQXO IL]LF DO DEGRPHQXOXL GDU QX IU LPSRUWDQ
3DFLHQWXOVHDHD]QGHFXELWGRUVDOVHDSOLFFXEOQGHHVWHWRVFRSXOSHSHUHWHOH
DEGRPLQDO L VH HYLW H[HUFLWDUHD RULFUHL SUHVLXQL Q PRG QRUPDO VH QUHJLVWUHD]
]JRPRWH KLGURDHULFH GH PLF LQWHQVLWDWH ORFDOL]DWH GLIX] Q FRQGLLL SDWRORJLFH VH
GHVFULX

]JRPRWHDEGRPLQDOHFXRULJLQHLQWHVWLQDOuGHVFULXXUPWRDUHOHPRGLILFUL
 Q RFOX]LD LQWHVWLQDO  VXQW ]JRPRWH LQWHUPLWHQWH GH LQWHQVLWDWH QDOW FX
WLPEUX PHWDOLF LQVWDODWH EUXVF RGDW FX DSDULLD GXUHULL FROLFDWLYH 6XQW
SURGXVH GH FRQWUDFLLOH YLJXURDVH DOH VHJPHQWXOXL LQWHVWLQDO VXSUDLDFHQW FDUH
IRUHD]WUHFHUHDJD]HORUSULQ]RQDGHVWHQR]LQWHVWLQDOLQFHWHD]RGDWFX
UHWURFHGDUHDGXUHULL
 FODSRWDMXOVSRQWDQVDXSURYRFDWHVWHFRQVHFLQDDFXPXOULLH[FHVLYHGHJD]H
LOLFKLGQ]RQHOHGLODWDWHDOHWXEXOXLGLJHVWLYQFDUHPLFULOHSHULVWDOWLFHVXQW
DEVHQWH
 GLVSDULLD ]JRPRWHORU DEGRPLQDOH VLOHQLXP DEGRPLQDO  LQGLF GLVSDULLD
SHULVWDOWLFLLGLQLOHXVXOGLQDPLFRFOX]LHLDVFLWDYROXPLQRDV
]JRPRWHDEGRPLQDOHFXRULJLQHYDVFXODUuVXQWUHSUH]HQWDWHGHVXIOXULVLVWROLFH
LVXIOXULYHQRDVH
VXIOXVLVWROLFQHSLJDVWUXQVWHQR]DDWHURVFOHURWLFDDRUWHLDEGRPLQDOH
FRDUFWDLHGHDRUWVXEGLDIUDJPDWLFDQHYULVPDRUWDEGRPLQDO
VXIOXVLVWROLFSDUDRPELOLFDOGUHSWLVWQJSULQSUHVLXQHXRDUFXVWHWRVFR
SXOQVWHQR]DGHDUWHUHUHQDOH
VXIOXVLVWROLFSDUDRPELOLFDOGUHSWQVWHQR]DDUWHUHLPH]HQWHULFHVXSHULRDUH
VXIOXVLVWROLFODQLYHOXODUWHUHLKHSDWLFHDVRFLDWFXSXOVDLDVLVWROLFDILFDWX
OXLVXJHUHD]LQVXILFLHQDWULVFXSLGLDQ
VXIOXYHQRVFRQWLQXXFXXQWLPEUXVSHFLDOGHdE]LWsQUHJLXQHDHSLJDV
WULFFDUDFWHULVWLFFLUFXODLHLFRODWHUDOHVXSHUILFLDOHGHWLSSRUWRFDYVXSHULRUOD
SDFLHQLLFLURWLFLFXKLSHUWHQVLXQHSRUWDOLPSRUWDQW
]JRPRWHDEGRPLQDOHFXRULJLQHSHULWRQHDOuVXQWUH]XOWDWXOIUHFWXULLSHULWRQHDOH
(VWH XQ ]JRPRW DVHPQWRU FX FHO SURGXV GH QGRLUHD SLHOLL SURDVSW WEFLWH
L FDUH VH DFFHQWXHD] OD DSVDUHD FX VWHWRVFRSXO L Q UDSRUW FX UHVSLUDLD
ILLQG SURGXV GH IRUPDUHD XQRU GHSR]LWH GH ILEULQ SH IRLHOH SHULWRQHDOH $SDUH
Q SURFHVH LQIODPDWRULL L QHROD]LFH Q SHULWRQLW QX VXQW GHVFULVH GHRDUHFH
FRQWUDFWXUD PXVFXODU FX LPRELOL]DUHD SHUHWHOXL DEGRPLQDO PSLHGLF DOXQHFDUHD
IRLHORUSHULWRQHDOH

)LJ$XVFXOWDLDDEGRPHQXOXL

),&$78/9(=,&8/$,&,/(%,/,$5(

3DUWLFXODULWLOHDQDPQH]HL
9UVWD
'DWRULW OLSVHL GH PDWXULWDWH D VLVWHPXOXL HQ]LPDWLF KHSDWLF Q SULPHOH ]LOH GH YLD
QRXQVFXLL SRW SUH]HQWD LFWHU PRGHUDW L WUHFWRU KHSDWLWD YLUDO DUH IUHFYHQ
FUHVFXW OD FRSLL DGROHVFHQL L DGXOLL WLQHUL FLUR]D KHSDWLF HVWH GLDJQRVWLFDW
PDL IUHFYHQW OD DGXOL Q WLPS FH QHRSODVPXO L PHWDVWD]HOH KHSDWLFH SUHGRPLQ OD
YUVWQLFL /D SDFLHQLL FX VXIHULQH ELOLDUH YUVWD HVWH XQ LQGLFLX UHODWLY /D FRSLL
L DGROHVFHQL VH PDQLIHVW DQRPDOLL FRQJHQLWDOH ,QIODPDLD YH]LFXOHL L FLORU
ELOLDUH H[WUDKHSDWLFH DQJLRFROLWH  L GLVFKLQH]LD ELOLDU VH QWOQHWH PDL IUHFYHQW OD
SHUVRDQHOHWLQHUHQWLPSFHOLWLD]DELOLDUDUHLQFLGHQPD[LPODDGXOL
6H[XOLDQWHFHGHQWHOHSHUVRQDOHIL]LRORJLFH
QFXUVXOVLQGURPXOXLSUHPHQVWUXDOVHSRWPDQLIHVWDKHSDWDOJLLLFKLDUXRDUHFUHWHUL
Q YROXP DOH ILFDWXOXL VFKLPEULOH KRUPRQDOH ILLQG UHVSRQVDELOH GH FROLFLOH ELOLDUH
FX VXEVWUDW GLVFKLQHWLF /D JUDYLGH SRDWH DSUHD FROHVWD]D LQWHUPLWHQW UHFLGLYDQW
GH VDUFLQ VH DFFHOHUHD] OLWRJHQH]D LDU KHSDWLWD YLUDO PEUDF IRUPH PDL VHYHUH
)UHFYHQD ELOLRSDWLLORU HVWH GH  RUL PDL ULGLFDW OD IHPHL FHHD FH SRDWH LQGXFH L
KHSDWLW FROHVWDWLF L FLUR]D ELOLDU &LUR]D DOFRROLF L QHRSODVPXO KHSDWLF VXQW PDL
IUHFYHQWHODEUEDL
$QWHFHGHQWHOHKHUHGRFRODWHUDOH
2 VHULH GH GHILFLWH HQ]LPDWLFH SUHFXP L FROHVWD]D LQWUDKHSDWLF UHFXUHQLDO
HYROXHD]FXLFWHUFXFDUDFWHUIDPLOLDO+HSDWLWDYLUDOVHSRDWHPDQLIHVWDODPDLPXOL
PHPEULLDLDFHOHLDLIDPLOLLSULQFRQWDJLXQHLQWUDIDPLOLDOVDXLQIHFLHVLPXOWDQDPDL
PXOWRUPHPEULLDLIDPLOLHL
$QWHFHGHQWHOHSHUVRQDOHSDWRORJLFH
/LWLD]D ELOLDU SRDWH IL FRQVHFLQD UH]HFLHL JDVWULFH REH]LWLL GLDEHWXOXL ]DKDUDW
FLUR]HL VDX PL[HGHPXOXL &ROHFLVWDWRQLD SHUVLVWHQW SRDWH IL DGHVHD FRQVHFLQD
KHSDWLWHL DFXWH YLUDOH 1HYUR]D DVWHQLF SRDWH HYROXD FX GLVFKLQH]LH ELOLDU ([LVW
SRVLELOLWDWHD FD VXIHULQH LQLLDO VLQJXODUH L ORFDOL]DWH V DQWUHQH]H UHDFLL PRUELGH
FRPSOH[H L V VH H[WLQG OD DOWH ]RQH DOH DUERUHOXL ELOLDU L FKLDU OD RUJDQHOH
GH YHFLQWDWH ,QWHUYHQLLOH FKLUXUJLFDOH DVXSUD YH]LFXOHL L FLORU ELOLDUH VXQW
IUHFYHQW XUPDWH GH XQ FRPSOH[ GH PDQLIHVWUL FXQRVFXW VXE QXPHOH GH VLQGURP
SRVWFROHFLVWHFWRPLH/DQXOSDWRJHQHWLFKHSDWLWDFXWYLUDOKHSDWLWFURQLFFLUR]D
KHSDWLF FDQFHU KHSDWLF HVWH ELQHFXQRVFXW GHVIXUQGXVH SH GXUDWD PDL PXOWRU
DQL%ROLOHDUERUHOXLELOLDUUHVSRQVDELOHGHVWD]ELOLDUSRWILIDFWRULFDX]DWRULDLFLUR]HL
ELOLDUHSULPLWLYH6WD]DKHSDWLFVHFXQGDULQVXILFLHQHLFDUGLDFHSRDWHGXFHQWLPS

ODFLUR]FDUGLDF%ROLOHLQIHFLRDVHDFXWHSRWDQWUHQDXQJUDGGHDIHFWDUHKHSDWLF
VHSWLFHPLD L GL]HQWHULD DPRHELDQ VH SRW FRPSOLFD FX DEFHV KHSDWLF ([LVW R
JDPODUJGHPHGLFDPHQWHKHSDWRWR[LFHFDUHWUHEXLHXWLOL]DWHFXSUXGHQ3ULQWUH
DFHVWHDVHQXPUXQHOHDQWLELRWLFHKLGUD]LGDDQWLKHOPLQWLFHOHVDXVUXULOHGHDXU
&RQGLLLOHGHYLDLPXQF
1HUHVSHFWDUHD PVXULORU HOHPHQWDUH GH LJLHQ DOLPHQWDU PLQL PXUGDUH OHJXPH
IUXFWH QHVSODWH  VDX  DSURYL]LRQDUHD FX DS SRWDELO GLQ VXUVH QHFRUHVSXQ]WRDUH
SRW IL UHVSRQVDELOH GH LQIHFLD FX YLUXVXO KHSDWLWHL WLS $ &RQVXPXO DEX]LY GH DOFRRO
HWLOLVP FURQLF  DUH FD L SRVLELO FRQVHFLQ DSDULLD KHSDWRSDWLHL DOFRROLFH +HSDWLWD
WR[LFSRDWHILUH]XOWDWXOH[SXQHULLODVROYHQLRUJDQLFL WHWUDFORUXUDGHFDUERQ VDXD
LQWR[LFDLHL FX FLXSHUFL &KLVWXO KLGDWLF KHSDWLF HVWH IUHFYHQW QWOQLW OD SRVHVRULL GH
FLQLVDXQVHUYLFLLOHYHWHULQDUH6HGHQWDULVPXOLDOLPHQWDLDH[FHVLYVXQWLPSOLFDWH
QOLWRJHQH]LDUDOLPHQWHOHFROHFLVWRFKLQHWLFHGHFODQHD]PDMRULWDWHDFROLFLORUELOLDUH

6LPSWRPDWRORJLDEROLORUILFDWXOXL
GXUHUHDKHSDWLF KHSDWDOJLD HVWHUH]XOWDWXOH[FLWULLUHFHSWRULORUVLWXDLQFDSVXOD
*OLVVRQ L Q SHULWRQHXO KHSDWLF ILH SULQ FUHWHUHD Q YROXP D RUJDQXOXL ILH SULQWU
XQ SURFHV LQIODPDWRU ORFDO (VWH ORFDOL]DW Q KLSRFRQGUXO GUHSW VDX HSLJDVWUX GH
LQWHQVLWDWHGLIHULWFXLUDGLHUHQVSDWHLVXEVFDSXODUGUHSWQKHSDWLWDDFXWVDX
FURQLFLQILFDWXOGHVWD]HVWHGHLQWHQVLWDWHUHGXV MHQGXUHURDVDSVDUH
VHQ]DLD GH JUHXWDWH  Q WURPER]D YHQHL VXSUDKHSDWLFH GXUHUHD VH LQVWDOHD]
UDSLG DUH LQWHQVLWDWH PDUH L HVWH DFFHQWXDW GH UHVSLUDLH Q DEFHVXO KHSDWLF
GXUHUHDHVWHYLHODQFLQDQW
'XUHUHDDEGRPLQDOGHRULJLQHKHSDWLFHVWHJUHXGHUHFXQRVFXWGLQFDX]DSRVLELOHL
LQWULFULFXGXUHUHDGDWGHVXIHULQDDOWRURUJDQHYHFLQHFROHFLVWFLELOLDUHVWRPDF
GXRGHQSDQFUHDVFRORQ
GLVSHSVLDKHSDWLFHVWHUHSUH]HQWDWGHPXOWLWXGLQHDGHIHQRPHQHGLVSHSWLFHFDUH
DSDU Q EROLOH KHSDWLFH L FDUH VXQW VDX QX DVRFLDWH KHSDWDOJLHL LQDSHWHQ JXVW
DPDUEDORQDUHIODWXOHQHUXFWDLLGLDUHHVDXFRQVWLSDLH
VLPSWRPHOH JHQHUDOH LQFOXG DVWHQLH VFGHUHD FDSDFLWLL GH PXQF SUXULW
SULQ UHWHQLH GH VUXUL ELOLDUH  DUWUDOJLL KHSDWLWD YLUDO  DPHQRUHH L WXOEXUUL GH
GLQDPLFVH[XDOODEUEDL FLUR] 

6LPSWRPDWRORJLDQEROLOHYH]LFXOHLLFLORUELOLDUH
6XIHULQDDUERUHOXLELOLDUVHH[SULPSHSODQVXELHFWLYSULQVLPSWRPHORFDOHJHQHUDOH
LODGLVWDQJUXSDWHQGRXIRUPHSULQFLSDOHGHPDQLIHVWDUH
GLVSHSVLD ELOLDU  HVWH FHO PDL IUHFYHQW H[SUHVLD FOLQLF D FROHFLVWLWHL FURQLFH L D
GLVFKLQH]LLORU ELOLDUH SXUH VDX DVRFLDWH DOWRU VXIHULQH DEGRPLQDOH JUHXUL JXVW
DPDUEDORQDUHHUXFWDLLIODWXOHQGLDUHHSUXULWPLJUHQDVWHQLHVLPSWRPHFDUH
DSDUWDUGLYSRVWDOLPHQWDUODRUHGHODLQJHVWLDGHDOLPHQWHERJDWHQOLSLGHVDX
FHOXOR]LFH

FROLFD ELOLDU HVWH FDUDFWHULVWLF OLWLD]HL ELOLDUH L GLVFKLQH]LLORU GH WLS KLSHUWRQ
'XUHUHDHVWHFRQVHFLQDGLVWHQVLHLXQXLVHFWRUDODUERUHOXLELOLDULVDXVSDVPXOXL
FDUHDSDUVHFXQGDUXQXLREVWDFRO OLWLD]VWHQR]FLFDWULFLDOHWF 
6HPLRORJLDFROLFLLELOLDUHHVWHXUPWRDUHD
 ORFDOL]DUHDGXUHULLHVWHQKLSRFRQGUXOGUHSWLXQHRULQHSLJDVWUX
 LUDGLHUHDFDUDFWHULVWLFHVWHVXEUHERUGXOFRVWDOGUHSWQVSDWHSQODFRORDQD
YHUWHEUDO Q VXV SQ Q VSDLXO LQWHUVFDSXORYHUWHEUDO L YUIXO RPRSODWXOXL
GUHSW ,UDGLHUHD Q HSLJDVWUX ULGLF VXVSLFLXQHD GH FDOFXO LQFODYDW Q FLVWLF LDU
LUDGLHUHD FDUH GHSHWH OLQLD PHGLDQ VSUH VWQJD LQGLF LQVWDODUHD XQHL
SDQFUHDWLWHDFXWH
 FDUDFWHUXO GXUHULL HVWH GH WHQVLXQH VILHUH UXSWXU VDX dVWUQJHUH Q
PHQJKLQs
 LQWHQVLWDWHDQXHVWHGHODQFHSXWPD[LP,QLLDOHVWHUHGXVGDUSHUVLVWHQW
LWUHSWDWQLQWHUYDOGHRRUGHYLQHLQVXSRUWDELO'XSDWLQJHUHDLQWHQVLWLL
PD[LPHDFHDVWDVHPHQLQHQSODWRXSQODQFHWDUHDFUL]HL
 GXUDWD XQHL FROLFL HVWH Q MXU GH  RUH &ROLFLOH GLVFKLQHWLFH SXUH SRW GXUD
FWHYD PLQXWH FHOH GH LQFODYDUH FWHYD ]LOH 'XUDWD H PDL PDUH FQG VH
DVRFLD]FROHFLVWLWDDFXW
 FRQGLLLOH GH DSDULLH VXQW DOLPHQWHOH FROHFLVWRFKLQHWLFH PDL UDU HPRLL
QHJDWLYHWUHSLGDLLVDXPHGLFDPHQWHFROHFLVWRFKLQHWLFH VXOIDWGHPDJQH]LX 
)ULJXOFLFOXOPHQVWUXDOLEROLOHGLJHVWLYHFRQFRPLWHQWHVXQWFDX]HIDYRUL]DQWH
 FRQGLLLOHGHDPHOLRUDUHVXQWDSOLFDUHDORFDOGHFOGXULDQWLVSDVWLFHOH1X
H[LVWSR]LLHFDUHVDPHOLRUH]HVLPSWRPDWRORJLD
 PRPHQWXO DSDULLHL u PDMRULWDWHD Q FXUVXO QRSLL QWUH RUHOH RR L RR FQG
SUHGRPLQLQHUYDLDYDJDO
 VLPSWRPHOHGHDFRPSDQLDPHQWVXQWJUHDYUVWXULELOLRDVHVDXDOLPHQWDUH
WUDQVSLUDLL

([DPHQXORELHFWLYJHQHUDOQEROLOHILFDWXOXL
DWLWXGLQHD L VWDUHD SVLKLF HVWH SDVLY FX VHPQH QHXURSVLKLFH GH LQWR[LFDLH
HQGRJHQ DJLWDLH FRQIX]LH EUDGLODOLH VRPQROHQ dIODSSLQJ WUHPRUs  Q
DIHFLXQLOHKHSDWLFHVHYHUHQVWDGLXOGHLQVXILFLHQKHSDWLF
WHJXPHQWHOHLPXFRDVHOHSRWSUH]HQWDXUPWRDUHOHPRGLILFUL
 VXELFWHU VDX LFWHU IUDQF FX QXDQ URLDWLF KHSDWLWD DFXW YLUDO  FX WHQW
QFKLV FLUR]QHRSODVPKHSDWLF LQWHUPLWHQWVDXSHUVLVWHQW
 SDORDUHGXSVQJHUDUHGLQYDULFHOHHVRIDJLHQHLKHPRURL]LPDLH[SULPDW
GLQFDX]DWXOEXUULORUGHFRDJXODUH
 HULWHPSDOPRSODQWDU

 SXUSXUKHPRUDJLFSULQWURPERFLWRSHQLHLWXOEXUULGHFRDJXODUH FLUR]H 
 VWHOXHYDVFXODUHQMXPWDWHDVXSHULRDUDWRUDFHOXL
 OHXFRQLFKLDXQJKLLDOEH
 FLUFXODLHFRODWHUDOSRUWRFDYHYLGHQLDWQIODQFXULVDXSHULRPELOLFDOQFDS
GHPHGX]
 UDJDGHDOHFRPLVXULLODELDOHOLPEGHSDSLODWURLHLPLURVGHLQGRO ULGLFKL DO
DHUXOXLH[SLUDW IRHWRUKHSDWLF 
VWDUHD GH QXWULLH HVWH GHILFLWDU FX VFGHUHD HVXWXOXL FHOXODU VXEFXWDQDW L D
PDVHLPXVFXODUH$WURILDPXVFXODUGHODQLYHOXOPHPEUHORUHVWHFDUDFWHULVWLFL
QFRQWUDVWFXDEGRPHQXOYROXPLQRVUHDOL]HD]DVSHFWXOdGHSLDQMHQsVDXdRP
GHVHQDWGHFRSLLs
HGHPXOHVWHPRDOHDOESXIRVVLPHWULFQKHSDWRSDWLLOHFXKLSRSURWHLQHPLH
DVFLWD  VHPQ WDUGLY GH KLSHUWHQVLXQH SRUWDO SRDWH IL GLVFUHW VDX YROXPLQRDV
GHWHUPLQPDWLWDWHGHSODVDELOQIODQFXULLKLSRJDVWUX

([DPHQXORELHFWLYDOILFDWXOXL
,QVSHFLDDEGRPHQXOXL
3RDWHHYLGHQLDGLVWHQVLHLFLUFXODLHFRODWHUDOGHWLSSRUWRFDYLFDYRFDYLQIHULRUQ
KHSDWRSDWLLOHFURQLFHFDUHHYROXHD]FXKLSHUWHQVLXQHSRUWDO
%RPEDUHD FLUFXPVFULV D KLSRFRQGUXOXL GUHSW LVDX HSLJDVWUXOXL HVWH FRQVHFLQD
FUHWHULL Q YROXP D ILFDWXOXL Q WRWDOLWDWH VDX D XQXLD GLQWUH OREL FKLVW KLGDWLF
QHRSODVP ILFDW GH VWD]  Q VSHFLDO OD SHUVRDQHOH HPDFLDWH 8QHRUL OD ERPEDUHD
DEGRPLQD VH DVRFLD] L ERPEDUHD KHPLWRUDFHOXL GUHSW &QG VH DVRFL] L
VSOHQRPHJDOLHLPSRUWDQWWRUDFHOHGHYLQHFRQRLG
QDEFHVXOKHSDWLFVDXVXEIUHQLFDSDUHHGHPORFDOL]DWODQLYHOXOED]HLKHPLWRUDFHOXL
GUHSWLKLSRFRQGUXOXLGUHSW HGHPUHYHODWRU 

3DOSDUHD
7HKQLFDSDOSULL
([LVWPDLPXOWHWHKQLFLFDUHVHDSOLFDWWQRUWRVWDWLVPFWLQFOLQRVWDWLVP
D  PHWRGD PRQRPDQXDO VH HIHFWXHD] FX EROQDYXO Q GHFXELW GRUVDO FX
PHPEUHOHLQIHULRDUHQVHPLIOH[LH SHQWUXUHOD[DUHDPXVFXODWXULLDEGRPLQDOH 
FX PHGLFXO Q SDUWHD GUHDSW 0QD VWQJ D H[DPLQDWRUXOXL HVWH SODVDW Q
UHJLXQHD ORPEDU H[HUFLWQG R SUHVLXQH QVSUH SDUWHD DQWHULRDU D FRUSXOXL
QWLPSFHPQDGUHDSWVHDHD]ODWHUDOIDGHPDUJLQHDPXFKLXOXLGUHSW
DEGRPLQDO FX GHJHWHOH QGUHSWDWH QVSUH WRUDFH H[HUFLWQG R SUHVLXQH Q
VHQV FUDQLDO L SRVWHULRU %ROQDYXO HVWH VROLFLWDW V LQVSLUH SURIXQG FX JXUD
GHVFKLV Q DSURSLHUHD DPSOLWXGLQLL PD[LPH D LQVSLUDLHL PQD GUHDSW L
PHQLQH DSVDUHD GRUVDO GDU GLPLQX SUHVLXQHD Q VHQV FUDQLDO Q DFHVW
PRPHQW PDUJLQHD DQWHULRDU D ILFDWXOXL DOXQHF L VFDS SH VXE SXOSD
GHJHWHORUH[DPLQDWRUXOXLDFHVWDSXWQGVVWDELOHDVFSR]LLDIDGHUHERUG

FRQVLVWHQD IRUPD DVFXLW URWXQMLW QHUHJXODW  VXSUDIDD VHQVLELOLWDWHD


LJUDGXOGHPRELOLWDWHFXUHVSLUDLD8OWHULRUVHVFKLPESR]LLDPLQLLDVWIHO
QFWVVHSDOSH]HQWUHDJDVXSUDIDDILFDWXOXL

)LJ3DOSDUHDPRQRPDQXDOD
ILFDWXOXL

)LJ3DOSDUHDELPDQXDODILFDWXOXL

(URULOHQWOQLWHQSUDFWLFVXQW
D SDOSDUHDFXPQDSODVDWRUL]RQWDO
E  QFHSHUHD H[DPLQULL SUHD VXV DVWIHO QFW PDUJLQHD LQIHULRDU D
ILFDWXOXLQXPDLHVWHVXUSULQV
F UHWUDJHUHDPLQLLQFXUVXOLQVSLUDLHL
E PHWRGDdSULQDFURDUHsVHH[HFXWELPDQXDOVDXPRQRPDQXDOLVHXWLOL]HD]
FQG ILFDWXO QX GHSHWH UHERUGXO FRVWDO L SHQWUX D DSUHFLD FDUDFWHULVWLFLOH
PDUJLQLL DQWHULRDUH ([DPLQDWRUXO HVWH Q SDUWHD GUHDSW D EROQDYXOXL L L
LQVLQXHD]GHJHWHOHXRUIOHFWDWHVXEUHERUGXOFRVWDOQFHUFQGVVXUSULQG
PDUJLQHDILFDWXOXLQWLPSXOLQVSLUDLHL

)LJ3DOSDUHDILFDWXOXLdSULQDFURDUHs

F PHWRGDdSULQEDORWDUHsVHHIHFWXHD]QSUH]HQDDVFLWHLFXSXOSDGHJHWHORU
H[DPLQDWRUXO LPSULP SHUHWHOXL DEGRPLQDO R SUHVLXQH EUXVF 6HQ]DLD
GH LPSDFW FX ILFDWXO VH RELQH GXS FH DYHP LPSUHVLD F D IRVW QGHSUWDW
R FDQWLWDWH GH OLFKLG )LFDWXO HVWH SHUFHSXW FD dR EXFDW GH JKHD FDUH
SOXWHWHs
3DOSDUHD SRDWH HYLGHQLD FUHWHUHD YROXPXOXL KHSDWLF KHSDWRPHJDOLH  VDX VFGHUHD
OXL
+HSDWRPHJDOLD SH FDUH QH IHULP V R DILUPP FX FHUWLWXGLQH QDLQWHD FRUHOULL
SDOSULLFXSHUFXLD HVWHGHVFULVGXSFULWHULLOHVHPLRORJLFHDGRSWDWHSHQWUXILHFDUH
IRUPDLXQHSDOSDELOLQHLQWHUHVHD]
 GDF HVWH PULW JOREDO VDX GRDU XQXO GLQWUH ORELL KHSDWLFL &UHWHULOH GLIX]H
DSDU Q KHSDWLWD DFXW L FURQLF KHSDWRPHJDOLD GH VWD] DPLORLGR]
+HSDWRPHJDOLHDVLPHWULFDSDUHQFKLVWXOKLGDWLFLQHRSODVPXOKHSDWLF
 PDUJLQHDDQWHULRDUSRDWHILLQGXUDWLQHUHJXODWQQHRSODVPXOKHSDWLFL
LQGXUDWLURWXQMLWQILFDWXOGHVWD]KHSDWLWDFURQLFLFLUR]DKLSHUWURILF
 VXSUDIDDDQWHULRDUSRDWHILQHWHG ILFDWXOGHVWD]KHSDWLWDDFXWLFURQLF 
FXPLFLQHUHJXODULWL FLUR] VDXPDULQHUHJXODULWL QHRSODVP 
 FRQVLVWHQDSRDWHYDULDQOLPLWHODUJLPRDOH KHSDWLWDDFXWYLUDODQJLRFROLW 
FUHVFXW ILFDWXO GH VWD] KHSDWLWD FURQLF  GXU FLUR]  GXU dFD SLDWUDs
QHRSODVP LHODVWLF FKLVWKLGDWLFSDOSDELO 
 PRELOLWDWHD HVWH FDUDFWHULVWLF RULFUHL KHSDWRPHJDOLL (VWH UHGXV Q
SHULKHSDWLW
 VHQVLELOLWDWHD PRGHUDW OD SDOSDUH HVWH QWOQLW Q KHSDWLWD DFXW L FURQLF
FLUR]QHRSODVPLID]HOHLQLLDOHDOHVWD]HLKHSDWLFH6HQVLELOLWDWHDHVWHYLHQ
FKLVWXO KLGDWLF LQIHFWDW DEFHV KHSDWLF L SHULKHSDWLW )LFDWXO HVWH QHGXUHURV
OD SDOSDUH Q DPLORLGR] VWHDWR] VWD]D KHSDWLF YHFKH VL FKLVWXO KLGDWLF
QHLQIHFWDW

7DEHO,,,&DX]HOHKHSDWRPHJDOLLORUGLIX]H
+HSDWRPHJDOLH
0RDOH
'XUHURDV

'XU
1HGXUHURDV

6XSUDIDUHJXODW

ILFDWGHVWD]FURQLF
ILFDWGHVWD]DFXW
KHSDWLWDDFXW

OHXFHPLL
KHSDWLWHWR[LFH DQHPLHKHPROLWLF
KHSDWRPHJDOLL
PHWDEROLFH

6FGHUHDYROXPXOXLKHSDWLF

6XSUDIDQHUHJXODW

FLUR]
PHWDVWD]H
QHRSODVP
VLILOLV

6HQWOQHWHQFLUR]LDWURILDVHQLODILFDWXOXL
3HUFXLD
7HKQLFDSHUFXLHLWRSRJUDILFHHYLGHQLD]DULDPDWLWLLDEVROXWHDILFDWXOXL6XSHULRU
OLQLD GH GHPDUFDLH QWUH VRQRULWDWHD SXOPRQDU L PDWLWDWHD RUJDQXOXL FRUHVSXQGH
ED]HL SOPQXOXL GUHSW 0DUJLQHD LQIHULRDU FRUHVSXQGH WUDQVIRUPULL PDWLWLL Q
WLPSDQLVP DEGRPLQDO L XUPHD] XQ WUDLHFW FDUH QFHSH OD XQLUHD WUHLPLL VXSHULRDUH
FX FHD PLMORFLH D OLQLHL [LIRRPELOLFDOH DMXQJH OD QLYHOXO VSDLXOXL LQWHUFRVWDO 9,,, SH
OLQLD PHGLRFODYLFXODU L DWLQJH FRDVWD ,;  OLQLD D[LODU DQWHULRDU Q PDUH VH SRDWH
FRQVLGHUD F PDUJLQH LQIHULRDU D ILFDWXOXL FRUHVSXQGH FX H[FHSLD HSLJDVWUXOXL
UHERUGXOXLFRVWDO
3HUFXLD HVWH XWLO SHQWUX GLIHUHQLHUHD KHSDWRPHJDOLHL DGHYUDWH GH FHD IDOV 6H

)LJ3HUFXLDPDUJLQLLVXSHULRDUHDILFDWXOXL

FRQVLGHU F DFHDVWD HVWH FHUW FQG GLDPHWUXO YHUWLFDO SH OLQLD PHGLRFODYLFXODU
GHSHWH FP $ULD PDWLWLL KHSDWLFH SRDWH IL GHSODVDW Q VXV DVFLW WXPRUL
DEGRPLQDOH VDXQMRV KHSDWRSWR]SQHXPRWRUDFHHPIL]HPSXOPRQDU 
$XVFXOWDLD
(VWHRPHWRGGHX]UHVWUQVQH[DPHQXOFOLQLFDOILFDWXOXL
 QSHULKHSDWLWHIUHFWXUSULQPRELOLWDWHDUHVSLUDWRULH
 QKHPDQJLRDPHLXQHOHQHRSODVPHVXIOXVLVWROLFORFDOL]DW
 QVLQGURPXO&UXYHLOKHU%DXPJDUWHQ DSOD]LDFRQJHQLWDOYHQHLVXSUDKHSDWLFH
LUHSHUPHDELOL]DUHDYHQHLRPELOLFDOHYL]LELOQ]RQDPHGLDQDDEGRPHQXOXL 
VXIOXFRQWLQXX
 dWHVWXOJUDWULLsVHDSOLFVWHWRVFRSXOSHVXSUDIDDILFDWXOXLDSRLVHH[HFXW
PLFULGHJUDWDUHFXXQJKLDSHVXSUDIDDDEGRPHQXOXLGHMRVQVXVSDUDOHO
FX PDUJLQHD LQIHULRDU D RUJDQXOXL 2 FUHWHUH EUXVF D LQWHQVLWLL VXQHWXOXL
SHUFHSXW FX VWHWRVFRSXO LQGLF IDSWXO F JUDWDUHD DUH ORF SH ]RQD FDUH

FRUHVSXQGHQSURIXQ]LPHPDUJLQLLLQIHULRDUHDILFDWXOXL

([DPHQXORELHFWLYJHQHUDOQEROLOHYH]LFXOHLLDOHFLORUELOLDUH
DWLWXGLQHD L VWDUHD SVLKLF D SDFLHQLORU Q WLPSXO FROLFLL VH FDUDFWHUL]HD] SULQ
DJLWDLHSVLKRPRWRULHLQVWDELOLWDWHSR]LLRQDOLUHVSLUDLHVXSHUILFLDO
WHJXPHQWHOHLPXFRDVHOHSDFLHQLORUFXELOLRSDWLLSRWVSUH]LQWHFRORUDLHLFWHULF
GHLQWHQVLWDWHYDULDELOFRUHVSXQ]WRDUHWLSXOXLGHLFWHU
IHEUDPRGHUDWLWUHFWRDUHHVWHXQVHPQDSURDSHQHOLSVLWGLQPDQLIHVWULOHFROLFLL
ELOLDUH GDWRUQGXVH SUREDELO XQXL PHFDQLVP YHJHWDWLY &QG HVWH SUHFHGDW GH
IULVRQLDUHYDORULPDULVHULGLFVXVSLFLXQHDGHFROHFLVWLWVDXDQJLRFROLWDFXW

([DPHQXORELHFWLYDOYH]LFXOHLLFLORUELOLDUH
 ,QVSHFLD DEGRPHQXOXL SRDWH HYLGHQLD OD SHUVRDQHOH HPDFLDWH FX KLGURFROHFLVW
VDXQHRSODVPDOYH]LFXOHLRERPEDUHFLUFXPVFULVQKLSRFRQGUXOGUHSW
3DOSDUHD
7HKQLFDSDOSULLYH]LFXOHLELOLDUHHVWHLGHQWLFFXFHDXWLOL]DWQSDOSDUHDILFDWXOXLFX
FRQFHQWUDUHDDWHQLHLDVXSUD]RQHLPLMORFLLDPDUJLQLLDQWHULRDUH8QHRULLQWHUSUHWDUHD
ILLQG GLILFLO VH DHD] SDFLHQWXO Q GHFXELW ODWHUDO VWQJ FROHFLVWXO VH DSURSLH GH
OLQLD PHGLDQ  VDX Q SR]LLH H]QG FX FRUSXO DSOHFDW DQWHULRU UHOD[DUHD SHUHWHOXL
DEGRPLQDO 
 SDOSDUHD VXSHUILFLDO UH]LVWHQD SHUHWHOXL DEGRPLQDO SRDWH PHUJH SQ OD
dDSUDUHPXVFXODUs FROHFLVWLWDDFXWJDQJUHQRDV +LSHUHVWH]LDFXWDQDWVH
QWLQGHGHODOLQLDPHGLDQVSUHKLSRFRQGUXOGUHSWVXEUHERUGXOFRVWDOGUHSW
SQQVSDWH
GXUHUHDSURYRFDW VHQVLELOLWDWHD QEROLOHYH]LFXOHLLFLORUELOLDUH
 SXQFWXOFROHFLVWLFHVWHVHQVLELOQFHOHPDLPXOWHFD]XULFXFRQGLLDVILH
SDOSDWFRUHFWDGLFXRUDVFHQGHQWQFROHFLVWLWDFURQLFLGLVFKLQH]LLOH
ELOLDUH GXUHUHD OD SDOSDUH HVWH UH]XOWDWXO XQHL SUHVLXQL LPSRUWDQWH Q
WLPSFHQFROHFLVWLWDDFXWLOLWLD]DELOLDUGXUHUHDHVWHYLHODRSUHVLXQH
PRGHUDW
 ]RQDSDQFUHDWLFRFROHGRFLDQSRDWHILVHQVLELOQFROHFLVWLWDOLWLD]LF
 PDQHYUD 0XUSK\ HVWH XWLOL]DW SHQWUX VWDELOLUHD RULJLQLL YH]LFXODUH D
GXUHULL GLQ KLSRFRQGUXO GUHSW 3DFLHQWXO HVWH DH]DW Q GHFXELW GRUVDO
FX PHPEUHOH LQIHULRDUH IOHFWDWH L H[DPLQDWRUXO Q SDUWHD GUHDSW L
LQWURGXFH YUIXULOH GHJHWHORU PLQLL GUHSWH VXE UHERUGXO FRVWDO GUHSW
H[HUFLWQG R SUHVLXQH Q VHQV SUR[LPDO L GRUVDO 3DFLHQWXO HVWH LQYLWDW
VLQVSLUHSURIXQGRFD]LHFXFDUHIXQGXOYH]LFXOHLELOLDUHYDILFRPSULPDW
QWUHGHJHWHOHH[DPLQDWRUXOXLLILFDWXODQWUHQDWQFRERUUH0DQHYUDHVWH
FRQVLGHUDWSR]LWLYFQGEROQDYXODFX]RGXUHUHYLHLLRSUHWHEUXVF
LQVSLUDLD

 VHPQXO OXL $EUDKDPV FRQVW Q SUHVLXQHD FX GRX GHJHWH LQGH[ L


PHGLXV DSXQFWXOXLVLWXDWODMXPWDWHDGLVWDQHLGLQWUHRPELOLFLFDUWLODMXO
FRDVWHL ,; PDQHYU FDUH SURGXFH GXUHUH YLH Q OLWLD]D ELOLDU VDX Q DOWH
ELOLRSDWLL
 VHPQXOdRFXOXLsDOOXL-DTXHOLQFRQVWQDSDULLDGXUHULLODSHUFXLD]RQHL
VLWXDWHLPHGLDWVXEFRVWDOGUHSW
 VHPQXO %OXPEHUJ HVWH SR]LWLY Q FROHFLVWLWD DFXW GLQ FDX]D VHQVLELOLWLL
YLEUDWLOH
SDOSDUHDSURIXQGDYH]LFXOHLELOLDUHHVWHSRVLELOQXUPWRDUHOHDIHFLXQL
 OLWLD]D ELOLDU  FDOFXO YROXPLQRV VDX PLFUROLWLD]   IRUPDLXQH RYDODU SXLQ
YROXPLQRDVGXULXRUVHQVLELO
KLGURFROHFLVWIRUPDLXQHURWXQGRYDODUSLULIRUPVDXQdOLPEGHFORSRWs
ELQHFLUFXPVFULVGHGLPHQVLXQLYDULDWHIRDUWHVHQVLELOPRELOFXUHVSLUDLD
VLWXDWVXEUHERUGXOFRVWDOGUHSW
QHRSODVPXOYH]LFXOHLELOLDUHRIRUPDLXQHGXUQHUHJXODWQHGXUHURDVVODE
GHOLPLWDWIDGHPDUJLQHDILFDWXOXL
REVWUXFLDQHRSOD]LFDFROHGRFXOXL QHRSODVPGHFDSGHSDQFUHDVQHRSODVP
FROHGRFLDQDPSXORPYDWHULDQ SURGXFHVWD]FXGLVWHQVLDYH]LFXOHLELOLDUH6H
SDOSHD]RIRUPDLXQHHODVWLFQHGXUHURDVPRELOQVRLWGHLFWHUPHFDQLF
$FHVWFRPSOH[GHPDQLIHVWULORFDOHSRDUWQXPHOHGHVHPQXOOXL&XUYRLVLHU
7HUULHU6HGHRVHEHWHGHREVWUXFLDFDOFXORDVQFDUHGLQFDX]DHSLVRDGHORU
FROHFLVWLFH UHSHWDWH VH SURGXFH QJURDUHD L VFOHUR]DUHD SHUHLORU YH]LFXOHL
FDUHQXVHPDLGHVWLQGH
YROYXOXVXOYH]LFXOHLELOLDUHRIRUPDLXQHHODVWLFGXUdQWHQVLXQHsIRDUWH
VHQVLELOFDUHDWXQFLFQGHYROXHD]VSUHLQIDUFWSDULHWDOLSHUIRUDLHDGDXJ
VHPQHOHDSUULLPXVFXODUH
3ODVWURQXO FROHFLVWLF  HVWH R PSVWDUH SURIXQG D UHJLXQLL VXEKHSDWLFH GDWRUDW
SHULFROHFLVWLWHL6HPDQLIHVWFDR]RQLQGXUDWIRDUWHVHQVLELOLPRELOFXUHVSLUDLD
FXFRQWXULVXSUDIDQHUHJXODWORFDOL]DWQKLSRFRQGUXOGUHSWFDUHSRDWHFRERUQ
IODQFXOLIRVDLOLDFGUHDSW

3$1&5($68/(;2&5,1
3DUWLFXODULWLOHDQDPQH]HL
9UVWD
/D VXJDUL L FRSLL VH GHVFULH PXFRYLVFLGR]D L DIHFWDUHD SDQFUHDVXOXL Q EROLOH
LQIHFLRDVH SDURWLGLWHSLGHPLFUXMHROYDULFHOHWF /DDGXOLSDQFUHDWLWDDFXWL
FURQLFLDUODYUVWQLFLQHRSODVPXOSDQFUHDWLF
6H[XO
%UEDLLVXIHUPDLIUHFYHQWGHQHRSODVP UDSRUW SDQFUHDWLWDFXWLFURQLFLDU
IHPHLOHPDLIUHFYHQWGHSDQFUHDWLWHVHFXQGDUHELOLRSDWLLORU
$QWHFHGHQWHOHKHUHGRFRODWHUDOH
0XFRYLVFLGR]D ILEUR]D FKLVWLF D SDQFUHDVXOXL FDUDFWHUL]DW SULQ RFOX]LD OXPLQDO
FX PDWHULDO HR]LQRILOLF FX LQVWDODUHD LQVXILFLHQHL JODQGXODUH H[RFULQH  VH WUDQVPLWH
UHFHVLYFXULVFGHGDFDPELLSULQLVXQWSXUWWRULDLWDUHL
$QWHFHGHQWHOHSHUVRQDOHSDWRORJLFH
%LOLRSDWLLOH FURQLFH OLWLD]D ELOLDU DQJLRFROLWD FROHFLVWLWD FURQLF VDX DFXW  XQHOH
EROL DOH VWRPDFXOXL XOFHU  WUDXPDWLVPHOH DEGRPLQDOH LQWHUYHQLLOH FKLUXUJLFDOH
ELOLRSDQFUHDWLFH XQHOH EROL LQIHFLRDVH IHEUD WLIRLG WR[LLQIHFLLOH DOLPHQWDUH 
KLSHUOLSRSURWHLQHPLLOH KLSHUSDUDWLURLGLVPXO XQHOH PHGLFDPHQWH JOXFRFRUWLFRL]L
LPXQRVXSUHVRDUH VXOIDVDOD]LQD  SRW IL SXVH Q HYLGHQ Q DQWHFHGHQWHOH SDFLHQLORU
FXSDQFUHDWLWDFXWVDXFURQLF
&RQGLLLOHGHYLDLPXQF
(WLOLVPXO FURQLF HVWH XQXO GLQWUH IDFWRULL HWLRORJLFL LPSRUWDQL LPSOLFDL Q SDWRJHQH]D
SDQFUHDWLWHORUFURQLFH&RQVXPXOGHDOFRROPHVHOHFRSLRDVHERJDWHQJUVLPLSRW
GHFODQDRSDQFUHDWLWDFXW,QWR[LFDLLOHFURQLFHFXSOXPELPHUFXUSRWGHWHUPLQD
OH]LXQLSDQFUHDWLFH

6LPSWRPDWRORJLDQEROLOHSDQFUHDVXOXL
'HEXWXO LQVLGLRV L HYROXLD SURJUHVLY VXQW GHVFULVH Q SDQFUHDWLWD FURQLF L
QHRSODVPXOSDQFUHDWLF'HEXWXOEUXWDOQSOLQVQWDWHDSDUHQWHYROXLDGUDPDWLF
HVWHGHVFULVQSDQFUHDWLWDDFXWQHFURWLFRKHPRUDJLFrPDUHDGUDPSDQFUHDWLFD
OXL'LHXODIR\s
'XUHUHD
'XUHUHDQSDQFUHDWLWDDFXWuDUHXUPWRDUHOHFDUDFWHUH
 ORFDOL]DUHQHWDMXODEGRPLQDOVXSHULRUrQEDUs
 LUDGLHUHurQHYDQWDLsVSUHVWQJDVXEUHERUGXOFRVWDOVSUHUHJLXQHDORPEDU
LXPU

 FDUDFWHU  FROLFDWLY Q IRUPD QHFURWLFRKHPRUDJLF SRDWH DYHD FDUDFWHU GH


VILHUHGHrORYLWXUGHSXPQDOs
 LQWHQVLWDWH FUHWH SURJUHVLY DWLQJH PD[LPXO Q PLQXWH VDX RUH UPQH
VWDLRQDUFWHYD]LOHLFHGHD]OHQW'XUHUHDVHLQWHQVLILFFXUHVSLUDLD
 VLPSWRPH GH DFRPSDQLDPHQW VXQW JUHD YUVWXUL EDORQDUH LOHXVXO
SDUDOLWLFLVWDUHGHRF7ULDGDGXUHUHYUVWXURFHVWHHYRFDWRDUHSHQWUX
GLDJQRVWLF
'XUHUHDQSDQFUHDWLWDFURQLFDUHXUPWRDUHOHFDUDFWHUH


ORFDOL]DUHQHSLJDVWUXLUHJLXQHDRPELOLFDO



LUDGLHUHQWRWDEGRPHQXOLQVSDWH



FDUDFWHUGHSUHVLXQHVDXGLVWHQVLH



GXUDWSHUVLVWHQWVDXLQWHUPLWHQW



LQWHQVLWDWHYDULDELOGHODPHGLHVSUHLQWHQV



GHFODQDWGHDOLPHQWDLH

'XUHUHDQQHRSODVPXOSDQFUHDWLFDUHXUPWRDUHOHFDUDFWHUH


ORFDOL]DUHQHSLJDVWUX



LUDGLHUHuQUHJLXQHDORPEDU



LQWHQVLWDWHVXUG



VHDFFHQWXHD]QRDSWHDLQGHFXELWGRUVDO

7XOEXUDUHDWUDQ]LWXOXLLQWHVWLQDO
(VWHILHVXEIRUPGHGLDUHH SDQFUHDWLWDFURQLF ILHLOHXVPHFDQLF LOHXVPHFRQLDO
FDVHPQGHGHEXWDOPXFRYLVFLGR]HL ILHLOHXVSDUDOLWLF SDQFUHDWLWDDFXW 
'LVSHSVLDSDQFUHDWLF
'HVFULV Q SDQFUHDWLWD FURQLF LQFOXGH JUHD VLDORUHH LQDSHWHQ DQRUH[LH
VHOHFWLYSHQWUXFDUQHJUVLPLLSLQHHUXFWDLLEDORQDUHLGLDUHH

([DPHQXORELHFWLYJHQHUDOQEROLOHSDQFUHDVXOXLH[RFULQ
IDFLHVKLSRFUDWLFuHVWHGHVFULVQIRUPHOHJUDYHDOHSDQFUHDWLWHLDFXWH(VWH
QVRLWGHVWDUHGHRF
SDORDUHDuHVWHVHFXQGDUWXOEXUULORUGHGLJHVWLHLDEVRUELH
LFWHUXOPHFDQLFGHVFULVQQHRSODVPXOGHFDSSDQFUHDWLF
DWLWXGLQHDDQWDOJLFuH]QGFXFRUSXODSOHFDWQDLQWHdSR]LLDSDQFUHDWLFs
HVWH GHVFULV Q QHRSODVPXO SDQFUHDWLF Q SDQFUHDWLWD DFXW FX FRDSVHOH
IOHFWDWHSHDEGRPHQ

VFGHUHDSRQGHUDOuQSDQFUHDWLWDFURQLFLQHRSODVPXOSDQFUHDWLFSDFLHQLL
VXQWHPDFLDLSQODFDH[LHFXIDDVXSWFXGLVSDULLDEXOHLOXL%LFKDWFX
KLSRWURILHPXVFXODUuIWL]LDSDQFUHDWLFDOXL/DQFHUHXDX[
 HGHPXO PHPEUHORU LQIHULRDUH u HVWH Q SULQFLSDO FRQVHFLQD GHQXWULLHL
SURWHLFH SDQFUHDWLWDFURQLF 

([DPHQXORELHFWLYDOSDQFUHDVXOXL
,QVSHFLDDEGRPHQXOXL
3RDWHHYLGHQLDXUPWRDUHOHPRGLILFUL
 ERPEDUHD ORFDOL]DW D HSLJDVWUXOXL  HVWH GHVFULV Q WXPRULOH FKLVWXULOH L
KHPDWRDPHOHYROXPLQRDVHDOHSDFUHDVXOXL
 ERPEDUHD GLIX] D DEGRPHQXOXL u DSDUH Q PHWHRULPXO VHFXQGDU LOHXVXOXL
SDUDOLWLF GLQ SDQFUHDWLWD DFXW QHFURWLFRKHPRUDJLF L Q DVFLWD VHFXQGDU
KLSHUWHQVLXQLLSRUWDOHGLQQHRSODVPXOFDSXOXLSDQFUHDWLF
 DEGRPHQXOVFDIRLGuGHVFULVQQHRSODVPXOSDQFUHDWLFDYDQVDW
 VHPQXO OXL &XOOHQ HFKLPR]H SHULRPELOLFDOH  L VHPQXO OXL 7XUQHU  *UH\
HFKLPR]HQIODQFXUL uGHVFULVHQSDQFUHDWLWDDFXWKHPRUDJLFOD]LOHGH
ODGHEXW
3DOSDUHD
 SDOSDUHD SURGXQG SRDWH HYLGHQLD XQHRUL WXPRUD SDQFUHDWLF ORFDOL]DW Q
HSLJDVWUXVDXKLSRFRQGUXOVWQJVLWXDWSURIXQGLLPRELOQUDSRUWFXUHVSLUDLD
&RQVLVWHQDWXPRULORUHVWHILHGXU QHRSODVPH ILHIOXFWXHQW DEFHVH ILHHODVWLF
SVHXGRFKLVWXUL  &QG HVWH ORFDOL]DW OD QLYHOXO FDSXOXL SDQFUHDWLF YH]LFXOD ELOLDU
SRDWHGHYHQLSDOSDELO VHPQXOOXL&XUYRLVLHU7HUULHU 
GXUHUHDSURYRFDW
 KLSHUHVWH]LD FXWDQDW u HVWH ORFDOL]DW Q VHPLFHQWXU GH OD OLQLD PHGLDQ
DQWHULRDUVSUHKLSRFRQGUXOVWQJSQODYHUWHEUHOH''LHVWHGHVFULV
QSDQFUHDWLWDDFXWQHFURWLFRKHPRUDJLF
 VHQVLELOLWDWHD ]RQHL SDQFUHDWLFR  FROHGRFLHQH u VH GHVFULH Q SDQFUHDWLWD
FURQLF
 VHPQXO 0D\R  5REVRQ  VHQVLELOLWDWH OD QLYHOXO XQJKLXOXL FRVWRPXVFXODU
VWQJ VLWXDW OD XQLUHD PDVHL PXVFXODUH ORPEDUH FX FRDVWD ;,, GHVFULV Q
SDQFUHDWLWDDFXWQHFURWLFRKHPRUDJLF
 PDQHYUD *URWW u HYLGHQLD] VHQVLELOLWDWH OD FRPSULPDUHD SDQFUHDVXOXL
FRQWUDFRORDQHLYHUWHEUDOH6HDHD]SDFLHQWXOQGHFXELWGRUVDOFXSXPQLLQ
ORMHOH UHQDOH ([DPLQDWRXO DHD] PQD ODWHUDO GH PXFKLXO GUHSW DEGRPLQDO
GLQSDUWHDVWQJSHFDUHOdWUDJHsVSUHOLQLDPHGLDQLSWUXQGHFXYUIXO
GHJHWHORUQSURIXQ]LPHSQODFRORDQDYHUWHEUDOQFD]GHYROXPSDQFUHDWLF
FUHVFXWPDQHYUDSURYRDFDGXUHUH

3HUFXLD
$UHXWLOLWDWHUHVWUQVQH[DPLQDUHDFOLQLFDSDQFUHVXOXL
PDWLWDWHGHSODVDELOQIODQFXULuQFD]GHDVFLW
KLSHUVRQRULWDWHDEGRPLQDOQSDQFUHDWLWDDFXW
 PDWLWDWH VXSUDRPELOLFDO dVXVSHQGDWs QWUH GRX ]RQH GH WLPSDQLVP  Q
QHRSODVPXOSDQFUHDWLF
$XVFXOWDLD
QWXPRULOHFDSXOXLSDQFUHDWLFSULQFRPSUHVLHDUWHULDOGHYHFLQWDWHVHSRWDXVFXOWD
VXIOXULQUHJLXQHDHSLJDVWULF

(;3/255,3$5$&/,1,&($/($3$5$78/8,',*(67,9

([SORUULUDGLRORJLFH
([DPHQXODEGRPLQDOSHJRO UDGLRJUDILDDEGRPLQDOVLPSO
 RIHU UHODWLY SXLQH LQIRUPDLL SHQWUX GLDJQRVWLFXO DIHFLXQLORU GLJHVWLYH GDU
HVWH SULPXO FDUH VH HIHFWXHD] Q DEGRPHQXO DFXW GDWRULW QRQLQYD]LYLWLL
FRQWUDLQGLFDLLORU SXLQH L FRVWXOXL UHGXV $UH URO LPSRUWDQW Q VWDELOLUHD VDX
H[FOXGHUHD  FDX]HORU DEGRPHQXOXL DFXW L D DWLWXGLQLL GH XUPDW GLDJQRVWLFH L
WHUDSHXWLFH 3ULQFLSDOHOHVDOHLQGLFDLLVXQW
DEGRPHQXODFXW
t QRFOX]LLOHLQWHVWLQDOHPHFDQLFH RUJDQLFH LGLQDPLFH IXQFLRQDOHLOHXV 
VH REVHUY GLVWHQVLD DQVHORU LQWHVWLQDOH SUH]HQD QLYHOHORU KLGURDHULFH
XQLFHVDXPXOWLSOHFXDVSHFWHGLIHULWHQRFOX]LLOHMRDVHIDGHFHOHQDOWH
Q RFOX]LLOH LOHRQXOXL DX GLDPHWUX PLF L YHUWLFDO Q RFOX]LLOH UHFHQWH 
ORFDOL]DWH FDXGDO VSUH GUHDSWD HWDMDWH FX LPDJLQL Q rWXEXUL GH RUJs
VFGHUHD FRQLQXWXOXL JD]RV DO FRORQXOXL 'LVWHQVLH JD]RDV OD QLYHOXO
FRORQXOXLLPDJLQLKLGURDHULFHPDULUDUHFXGLDPHWUXRUL]RQWDOPDUHDSDUQ
RFOX]LLOHFRORQXOXLQRFOX]LLOHLQWHVWLQDOH PDLDOHVFHOHSULQWUDQJXODUH Q
IXQFLHGHPRPHQWXOH[DPLQULLUDGLRJUDILDDEGRPLQDOSRDWHILQRUPDO
8QHRULLPDJLQHDHVWHrQFHRDWsSULQSUH]HQDOLFKLGXOXLSHULWRQHDO
t PRGLILFULOHGLQSDQFUHDWLWDDFXW
LOHXVXO ORFDOL]DW  rDQVD VDQWLQHOs FDUH HVWH XQ VHJPHQW GH WXE
GLJHVWLY MHMXQ GXRGHQ FRORQ WUDQVYHUV  GHVWLQV GH JD] VLWXDW Q
HSLJDVWUXDGLDFHQWSDQFUHDVXOXL
VHPQXO FRORQXOXL rUHWH]DWs JHQHUDW GH VSDVP DO FRORQXOXL FX
DFXPXODUHGHJD]HQVSDWHOHVSDVPXOXL
LOHXVXO JHQHUDOL]DWFX QLYHOH KLGURDHULFH QXPHURDVH LPDJLQH Q
rWXEXULGHRUJs QVWDGLLWDUGLYHGHHYROXLHDSDQFUHDWLWHL
EXOH DHULFH UHWURSHULWRQHDOH Q FD] GH LQIHFLH FX JHUPHQL
JD]RJHQL 
t SUH]HQD DHUXOXL Q FDYLWDWHD SHULWRQHDO SQHXPRSHULWRQHX  Q FD] GH
SHUIRUDLHGHRUJDQFDYLWDU
t PHJDFRORQXOWR[LF
QDLQWHDXQXLH[DPHQFXVXEVWDQGHFRQWUDVW
VXVSLFLXQHGHVWHQR]SLORULF YUVWXULUHEHOHFODSRWDMJDVWULF FQGVWRPDFXO
HVWHGHGLPHQVLXQLPDULFXQLYHOPDUHOLFKLGLDQ
GHLQXUHSUH]LQWLQGLFDLLH[DPHQXODEGRPLQDOSHJROSRDWHGHFHODSUH]HQD

FDOFXOLORU ELOLDUL UDGLRRSDFL D FDOFLILFULORU KHSDWLFH FKLVWH KLGDWLFH WXPRUL


FDOFLILFDWH  VDX SDQFUHDWLFH SDQFUHDWLWD FURQLF  D JD]XOXL Q SHUHWHOH
FROHVLWLF Q FROHFLVWLWD HPIL]HPDWRDV D DHUXOXL Q FLOH ELOLDUHDHURELOLH GXS
SDSLORWRPLDHQGRVFRSLF DVFLWDQFDQWLWDWHPDUHKHSDWRVSOHQRPHJDOLD

)LJ5DGLRJUDILHDEGRPLQDOrSH
JROsFXQLYHOHKLGURDHULFH
FROHFLDDXWRULORU

([DPHQXOUDGLRORJLFDOWXEXOXLGLJHVWLYFXVXEVWDQGHFRQWUDVW
 VH IDFH FX VXOIDW GH EDULX VDX FX VXEVWDQH LRGDWH  KLGURVROXELOH 6XEVWDQHOH
LRGDWHKLGURVROXELOHSRWILKLSHURVPRODUH *DVWURJUDILQ VDXKLSRRVPRODUH 8OWUDYLVW
,RSDPLUR 2PQLSDTXH  DFHVWHD GLQ XUP ILLQG UHVRUEDELOH L QHDJUDYQG RFOX]LLOH
VH IRORVHVF  Q FD] GH SHUIRUDLL SHQWUX GHPRQVWUDUHD ILVWXOHORU GLJHVWLYH RFOX]LL
LQWHVWLQDOH HWF 6H GHVFULX  WHKQLFL SHQWUX UHDOL]DUHD H[DPHQXOXL UDGLRORJLF DO
WXEXOXL GLJHVWLY FRPSUHVLXQHD UHOLHIXO PXFRV GXEOXO FRQWUDVW VXEVWDQ GH
FRQWUDVWDHUDPHVWHF JD]RJHQ  H[DPLQDUHD SULQ XPSOHUH 6H SRW DGPLQLVWUD
DQWLVSDVWLFH FDUH SULQ UHDOL]DUHD KLSRWRQLHL IDFLOLWHD] H[DPLQDUHD 3ULQ DFHDVW
WHKQLFVHSRWH[DPLQD
 HVRIDJXO  VH H[DPLQHD] Q FRQWUDVW VLPSOX L Q GXEOXFRQWUDVW Q
RUWRVWDWLVPGHFXELWGRUVDOVDXSR]LLH7UHQGHOHQEXUJ6HSRWGHFHODWXOEXUUL
GH PRWLOLWDWH HVRIDJ LGHQWDW VHJPHQWDUHD FX DVSHFW GH rWLUEXRQs SULQ
FRQWUDFLL SXWHUQLFH VXSUDSXVH  GLYHUWLFXOLL HVRIDJLHQL PDL UDU XOFHUDLL FD
SHWH EDULWDWH Q SHUHWHOH HVRIDJLDQ  OH]LXQL SURWUX]LYH WXPRUL YDULFH YL]LELOH
FDGHIHFWHGHXPSOHUH LQHOHVDXPHPEUDQHHVRIDJLHQHUHJXUJLWDLDJDVWUR
HVRIDJLDQ KHUQLL KLDWDOH YH]L PDL MRV  (VRIDJXO EHQHILFLD] QV GLQ SOLQ
SHQWUXGLDJQRVWLFXOVXIHULQHORUVDOHGHDSRUWXOHQGRVFRSLHL
 VWRPDF L GXRGHQ  H[DPHQXO UDGLRORJLF DO VWRPDFXOXL L GXRGHQXOXL D
IRVW QORFXLW Q XOWLPLL DQL GH H[DPLQDUHD HQGRVFRSLF SVWUQGXL QV
LPSRUWDQD Q VHUYLFLLOH FDUH QX GLVSXQ GH HQGRVFRSLH L SHQWUX FRPSOHWDUHD
DFHVWHLDDYQGLQGLFDLLPDMRUHQGHFHODUHDWXOEXUULORUGHPRWLOLWDWHLSHQWUX
HYLGHQLHUHDILVWXOHORU6HSRWGHFHOD

t DQRPDOLLGHSR]LLHGREQGLWHVDXFRQJHQLWDOH
t KHUQLD KLDWDO  GDF HVWH PDUH HVWH YL]LELO Q RUWRVWDWLVP LDU
GDF HVWH GH PLFL GLPHQVLXQL HVWH YL]LELO Q GHFXELW GRUVDO Q
SR]LLH 7UHQGHOHQEXUJ VDX OD PDQHYUH GH SURYRFDUH LQVSLU WXVH
GHJOXWLLHFRPSUHVLXQL
t VLWXVLQYHUVXV
t PRGLILFULGHIRUPFRQWXULYROXP
t GLODWDLH JDVWULF SULQ REVWUXFLH PHFDQLF  Q ERDOD XOFHURDV
SULQFLFDWULFL SUHSRQGHUHQWODQLYHOXOEXOEXOXLVDXFDQDOXOXLSLORULF 
FDQFHU JDVWULF LQILOWUDWLY VWHQR]H SLORULFH KLSHUWURILFH VDX SULQ
WXOEXUDUH IXQFLRQDOGLDEHW EROL QHXURORJLFH VWUL SRVWRSHUDWRULL
WUDWDPHQWHFXDQWLFROLQHUJLFHVDXFXSUHSDUDWHPRUILQLFH
t GLODWDUHD GXRGHQXOXL SRDWH DSDUH SULQ IHQRPHQH FRPSUHVLYH
H[WULQVHFL WXPRUL Q VSHFLDO SDQFUHDWLFH  DGHUHQH XOFHUH
SRVWEXOEDUH VDX SULQ WXOEXUUL IXQFLRQDOH Q SURFHVH LQIODPDWRULL
GHYHFLQWDWH SDQFUHDWLWHDFXWHFROHFLVWLWHDFXWH 
t QJXVWDUHD OXPHQXOXL YL]LELO UDGLRORJLF DSDUH SULQ HVXW
FLFDWULFLDO WXPRUL LQILOWUDWLYH HGHP PDVLY VSDVPH ORFDOL]DWH
VDX Q FD]XO GXRGHQXOXL SULQ SDQFUHDV LQHODU VDX SHQVD GH DUWHUD
PH]HQWHULF
t GLYHUWLFXOLL  RSDFLWL Q DIDUD FRQWXUXOXL ELQH GHOLPLWDWH OHJDWH
SULQWUXQ FROHW GH WXEXO GLJHVWLY UDUL OD QLYHOXO VWRPDFXOXL PDL
IUHFYHQWODQLYHOXOGXRGHQXOXL 
t GHIRUPUL DOH FDPHUHL GH DHU D VWRPDFXOXL Q FDQFHUHOH IRUQL[XOXL
JDVWULFFUHWHUHDGLVWDQHLGLQWUHED]DSOPQXOXLVWQJLFDPHUD
GHDHUQFD]GHFDQFHULQILOWUDWLY
t GHIRUPDUHD EXOEXOXL GXRGHQDO SULQ FLFDWULFL Q ERDOD XOFHURDV
EXOE Q dWULIRLs  OUJLUHD dSRWFRDYHL GXRGHQDOHs Q SDQFUHDWLWH L
FDQFHUGHFDSGHSDQFUHDV
t PRGLILFULDOHPXFRDVHL
t QLD EHQLJQ u Q XOFHUXO JDVWULF SOXV GH XPSOHUH Q DIDUD
FRQWXUXOXL GH RELFHL SH PLFD FXUEXU HYHQWXDO FX DHU QFDVWUDW
FX SOLXUL FRQYHUJHQWH XQGH SHULVWDOWLFH FH WUHF SULQ QL DVSHFW
VSDVWLF DO YHUVDQWXOXL RSXV XOFHUXOXL OLQLD +DPSWRQ FRQWXU
WUDQVSDUHQWODED]DXOFHUXOXLFHVHSDUEDULXOGLQVWRPDFGHFHOGH
ODQLYHOXOQLHL JXOHUXOQLHL SULQHGHPSHULXOFHURVQID]DDFXW 
QXOFHUXOGXRGHQDODSDUHQLDFDRSDWSHUVLVWHQWFXSOLXULOUJLWH
L GHIRUPDUHD EXOEXOXL GXRGHQDO 8OFHUHOH VXE  PP QX VXQW
HYLGHQLDWH SULQ H[DPHQ UDGLRORJLF 'LDJQRVWLFXO XOFHUXOXL HVWH Q
SUH]HQWXQGLDJQRVWLFHQGRVFRSLF
t QLD PDOLJQ  DSDUH Q FRQWXUXO JDVWULF FX XQ FUDWHU DVLPHWULF
L GLVWRUVLRQDW FX PDUJLQL DQIUDFWXDVH L SOLXUL FH VH RSUHVF OD

GLVWDQGHQLFXDEVHQDXQGHORUSHULVWDOWLFH
t ODFXQHOH VXQW GHIHFWH GH XPSOHUH FDX]DWH Q JHQHUDO GH R
SUROLIHUDUHEHQLJQ SROLSLJDVWULFL VDXPDOLJQ DVSHFWFDUDFWHULVWLF
GHFRQWXUWHUV QERDOD0HQHWULHUVHYGSOLXULJDVWULFHQJURDWH
PDL DOHV SH PDUHD FXUEXU JDVWULF 9DULFHOH JDVWULFH DSDU FD
GHIHFWH GH XPSOHUH FRPSUHVLELOH PXOWLSOH PDL DOHV OD QLYHOXO
IRUQL[XOXLGDULSHPLFDFXUEXU
 LQWHVWLQ VXELUH  H[DPLQDUHD LQWHVWLQXOXL VXELUH VH IDFH FX PRQRFRQWUDVW
L GXEOX FRQWUDVW IRORVHWH SH OQJ VXEVWDQD RSDF L FRQWUDVW DHU
GLR[LG GH FDUERQ PHWLOFHOXOR]D   ([DPLQDUHD VH IDFH OD LQWHUYDOH GH
WLPS UHJXODWH SQ FQG FRORDQD GH EDULX RSDFLILD] QWUHJ LQWHVWLQXO SQ OD
LOHRQXO WHUPLQDO (QWHURFOLVPD FRQVW Q LQWURGXFHUHD VXEVWDQHL GH FRQWUDVW
GLUHFWQMHMXQSULQWURVRQGQDVRMHMXQDOFXFDSWXOGLVWDOGLQFRORGHIOH[XUD
GXRGHQRMHMXQDO H[DPLQDUHD IFQGXVH XOWHULRU Q PRQRFRQWUDVW VDX
GXEOXFRQWUDVW 0HWRGD UDGLRORJLF GH LQYHVWLJDLH LD SVWUDW LPSRUWDQD
Q H[DPLQDUHD LQWHVWLQXOXL VXELUH VSUH GHRVHELUH GH FHOHODOWH VHJPHQWH GH
WXE GLJHVWLY XQGH XQGH HQGRVFRSLD HVWH LQYHVWLJDLD GH SULP LQWHQLH 6H
GHFHOHD]
t PRGLILFULGHFDOLEUXDOHLQWHVWLQXOXLVWHQR]HGLODWUL
t PRGLILFULGHJURVLPHDOHSHUHWHOXLLQWHVWLQDOLDOHPXFRDVHLQLHXOFHUH
PRGLILFUL QWOQLWH Q EROLOH LQIODPDWRULL DOH WUDFWXOXL GLJHVWLY  GLYHUWLFXOL
ODFXQH WXPRULSROLSLKLSHUSOD]LLGHVWUXFWXULIROLFXODUH 
 FRORQ  VH SRDWH H[DPLQD SURJUHVLD VXEVWDQHL GH FRQWUDVW EDULX  GXS
LQJHVWLH OD K WHKQLF  FH IXUQL]HD] SXLQH LQIRUPDLL PRUIRORJLFH  VDX VH
IRORVHWH LULJRVFRSLD Q PRQRFRQWUDVW L GXEOX FRQWUDVW 'XS  SUHJWLUHD
FRORQXOXL SHQWUXHOLPLQDUHDFRQLQXWXOXLIHFDO ODH[DPLQDUHDQPRQRFRQWUDVW
VH LQWURGXFH SULQ FOLVP VXEVWDQD RSDF Q FRORQ XUPULQG UDGLRVFRSLF
SURJUHVLDDFHVWHLD VHIRORVHWHPDLDOHVQVXVSLFLXQLOHGHRFOX]LHVDXILVWXOH 
3HQWUXH[DPLQDUHDQGXEOXFRQWUDVWGXSPRPHQWXORSDFLILHULLFXVXEVWDQ
GH FRQWUDVW DFHDVWD VH HYDFXHD] L VH LQWURGXFH DHU FDUH PSUHXQ FX
SHOLFXODGHVXEVWDQFHWDSHWHD]PXFRDVDUHDOL]HD]GXEOXOFRQWUDVWFHRIHU
LPDJLQLPRUIRORJLFHGHGHWDOLX6HSRWGHFHOD
t PRGLILFUL GH FDOLEUX RUJDQLFH VDX IXQFLRQDOH PHJDFRORQ PHJDUHFW
GROLFRFRORQ GROLFRVLJPRLG VSDVPH KLSRWRQLH VWHQR]H GH GLIHULWH
HWLRORJLL 
t PRGLILFULDOHPXFRDVHLPDLDOHVQEROLOHLQIODPDWRULLFURQLFHDOHFRORQXOXL
FDUH DGXJ Q HYROXLH FRPSOLFDLL JUDYH FDUH SRW IL GH DVHPHQHD
GLDJQRVWLFDWHLULJRJUDILF
t UHFWRFROLWD XOFHURKHPRUDJLF 5&8+  SHUHL QJURDL SULQ
HGHP PXFRDVFXDVSHFWQHUHJXODWXOFHUDLL YL]LELOHFDrVSLFXOL
PDUJLQDOLs VDX SHWH GH EDULX  DVSHFW GHKDXVWUDW DO FRORQXOXL

SVHXGRSROLSLGLODWDUHDLOHRQXOXLWHUPLQDOFXPRGLILFULGHPXFRDV
ODDFHVWQLYHOLGHIRUPDUHDYDOYHLLOHRFHFDOH SULQLOHLWDGHUHIOX[
rEDFNZDVKLOHLWLVs
t ERDOD&URKQ %& XOFHUDLLDIWRLGH FROHFLLPLFLGHEDULXURWXQGH
QFRQMXUDWH GH KDORX UDGLRWUDQVSDUHQW FDUH SRW OXD GLIHULWH IRUPH
DOWHUQHD] FX ]RQH FX PXFRDVD LQGHPQ DVSHFWXO JHQHUDO ILLQG
DFHODGHrSLDWUGHSDYDMs &RORQXODUHSHUHLULJL]LQJURDL SULQ
LQIODPDLHLILEUR] FXVWHQR]HLWUDLHFWHILVWXORDVH FRPSOLFDLL
IUHFYHQWHDOH%& 
t IRUPDLXQLLQWUDOXPLQDOH
tSROLSLL  VHVLOL VXQW GLILFLO GH GLDJQRVWLFDW UDGLRORJLF JHQHUQG LPDJLQH
ODFXQDU rRSDFLWDWH SURWUX]LY Q OXPHQs  rRSDFLWDWH LQHODUr  rRSDFLWDWH
OLQLDU SDWRORJLFs  Q IXQFLH GH XQJKLXO GH DERUG VDX QX VXQW YL]LELOL 3ROLSLL
SHGLFXODL VXQW PDL XRU GH HYLGHQLDW JHQHUQG LPDJLQH RSDF SURWUX]LY
Q OXPHQ VDX LPDJLQH Q rLQWs FX FHQWUXO UDGLRWUDQVSDUHQW Q IXQFLH
GH LQFLGHQD GLQ FDUH VXQW VXUSULQL 3ROLSLL FRORQLFL SRW UHSUH]HQWD OH]LXQL
FDQFHURDVHVDXSUHFDQFHURDVHGHXQGHLPSRUWDQDGHWHFWULLORULQYHVWLJDLD
HQGRVFRSLFQDFHVWVHQVDYQGLPSRUWDQPDMRU
tFDQFHU  LPDJLQLOH SH FDUH OH JHQHUHD] VXQW GLIHULWH Q IXQFLH GH DVSHFWXO
PDFURVFRSLF IRUPHOH YHJHWDQWH GDX LPDJLQL ODFXQDUH Q IRUPHOH XOFHUR
YHJHWDQWH DVSHFWXO HVWH GH QL Q ODFXQ )RUPHOH LQILOWUDWLYH JHQHUHD]
VWHQR]H FDUH Q IXQFLH GH QLYHOXO OD FDUH VH ORFDOL]HD] GDX LPDJLQL
FDUDFWHULVWLFH dUHFW DPSXWDWs dFRWRU GH PUs SH FRORQXO GHVFHQGHQW
dSDQWDORQEXIDQWsSHFRORQXOWUDQVYHUV

(QGRVFRSLDGLJHVWLY
(QGRVFRSLDHVWHXQPLMORFGHLQYHVWLJDLHFHSHUPLWHYL]XDOL]DUHDLQWHULRUXOXLRUJDQHORU
FDYLWDUH &X DMXWRUXO XQRU GLVSR]LWLYH VXQW IXUQL]DWH LPDJLQL GH OD QLYHOXO PXFRDVHL
WXEXOXL GLJHVWLY SHUPLQG VWDELOLUHD GLDJQRVWLFXOXL GH OH]LXQH FX PDUH ILGHOLWDWH
(QGRVFRSLD UHSUH]LQW VWDQGDUGXO GH DXU SHQWUX GLDJQRVWLFXO PXOWRU VXIHULQH DOH
WUDFWXOXL GLJHVWLY XOFHUH FDQFHUH EROL LQIODPDWRULL HWF (QGRVFRDSHOH PRGHUQH
IOH[LELOHVXQWILHILEURVFRDSHIRORVLQGILEUHOHRSWLFHILHYLGHRHQGRVFRDSHFHIRORVHVF
GLVSR]LWLYHHOHFWURQLFHSHQWUXSUHOXDUHDWUDQVPLWHUHDLSUHOXFUDUHDLPDJLQLL
)LEUDRSWLFHVWHIRUPDWGLQWXEXULFRQFHQWULFHGHVWLFOFXSURSULHWLGHUHIUDFLH
DOXPLQLLGLIHULWHFHWUDQVPLWOXPLQD)LEURVFRSXOHVWHIRUPDWGLQWURPXOLPH ]HFLGH
PLL  GH ILEUH RSWLFH QPQXQFKHDWH XQHOH QWUR PDQLHU QRQFRHUHQW WUDQVPLQG
OXPLQD UHFH GH OD R VXUV H[WHUQ  DOWHOH QWUR PDQLHU FRHUHQW DVWIHO QFW
ILHFDUHILEUVVHJVHDVFQDFHHDLSR]LLHODDPEHOHFDSHWHSHQWUXWUDQVPLWHUHD
LPDJLQLL
9LGHRHQGRVFRDSHOH FRQLQ XQ GLVSR]LWLY GLVWDO FKDUJHFRXSOHG GHYLFH  FH SUHLD

LPDJLQLOH SH FDUH OH SUHOXFUHD] DSRL XQ SURFHVVRU FH IXUQL]HD] XOWHULRU LPDJLQHD
XQXL PRQLWRU $YDQWDMHOH DFHVWHL WHKQLFL VXQW OHJDWH GH FRPRGLWDWHD H[DPLQULL
GH  SRVLELOLWDWHD YL]XDOL]ULL LPDJLQLORU GH FWUH PDL PXOWH SHUVRDQH SUHFXP L GH
FRRUGRQDUHD DGHFYDW Q WLPSXO PDQRSHUHORU GH UHFROWDUH GH PDWHULDO ELRSWLF L
WHUDSHXWLFH
(QGRVFRDSHOHVXQWIRUPDWHGLQ
t H[WUHPLWDWHSUR[LPDOFHFRQLQHRFXODUXO DEVHQWQFD]XOYLGHRHQGRVFRDSHORUOD
FDUHLPDJLQHDHVWHXUPULWSHXQHFUDQ URWLHGHIRFDOL]DUHURWLHGHPDQHYUDUH
DOHFDSWXOXLGLVWDOEXWRDQHGHLQVXIODUHFXDHUVSODUHDVSLUDUH
t WXE GH LQVHULH FH FRQLQH SH OQJ VLVWHPHOH GH YL]XDOL]DUH FDQDO SHQWUX
LQVWUXPHQWDU SHQVHELRSVLHSHULXSHQWUXFLWRORJLHDQVHGHSROLSHFWRPLHEDORQ
SHQWUX GLODWDUH  L DVSLUDLH GX] SULQ FDUH VH SRDWH LQVXIOD XQ MHW GH DS SHQWUX
FXUDUH(QGRVFRDSHOHIRORVLWHODH[DPLQDUHDWXEXOXLGLJHVWLYVXSHULRUDXGLDPHWUX
GH PP FRORQRVFRDSHOH DX DSUR[LPDWLY PP FX XQJKLXUL GH YHGHUH 
LOXQJLPLGLIHULWHQIXQFLHGHVFRSXOH[DPLQULL
t FDSWXOGLVWDOPRELOFRQLQHOHQWLODLRULILFLXOGHLOXPLQDUHSRDWHILPDQHYUDWVXV
MRVGUHDSWDVWQJDSHUPLQGODDQJXODUHPD[LPH[DPLQDUHDQUHWURYHUVLH$LFL
VH GHVFKLG GH DVHPHQHD FDQDOXO GH LQVWUXPHQWDUH RULILFLXO GH LQVXIODUH ([LVW
HQGRVFRDSH FX YHGHUH D[LDO SHQWUX X]XO RELQXLW  L HQGRVFRDSH FX YHGHUH
ODWHUDO IRORVLWHQ&35( 
t GXS H[DPLQDUH LQVWUXPHQWDUXO VH FXU PHFDQLF L VH GH]LQIHFWHD]  Q VROXLL
VSHFLDOH LDU SHQVHOH GH ELRSVLH L FHOHODOWH DFFHVRULL QHFHVLW VWHULOL]DUH GDF QX
VXQWGHXQLFIRORVLQ
(1'26&23,$',*(67,9683(5,2$5 ('6
('6 UHSUH]LQW H[DPLQDUHD WXEXOXL GLJHVWLY GH OD QLYHOXO VILQFWHUXOXL HVRIDJLDQ
VXSHULRUSQODQYHOXOGXRGHQXOXL
,QGLFDLLOH('6SRWILFODVLILFDWHQLQGLFDLLGLDJQRVWLFHLWHUDSHXWLFH
,QGLFDLLOHGLDJQRVWLFHVXQWGDWHGH
t VLPSWRPHFD
 KHPDWHPH]DLPHOHQDFQGSURFHGXUDHQGRVFRSLFDUHLYL]WHUDSHXWLF
 JUHDD L YUVWXULOH SHUVLVWHQWH  GXS H[FOXGHUHD FDX]HORU PHWDEROLFH VDX
QHXURORJLFH
 GLVSHSVLD FDUH QX UVSXQGH OD SURED WHUDSHXWLF PDL DOHV OD SHUVRDQHOH
SHVWH  GH DQL FX VHURORJLH SR]LWLY GH + S\ORUL VDX FRQVXPDWRDUH GH
DQWLLQIODPDWRDUHQRQVWHURLGLQH
 GLVSHSVLD FDUH DVRFLD] VFGHUH SRQGHUDO DQRUH[LH L FDUH ULGLF PDUH
VXVSLFLXQHGHFDQFHUJDVWULF
 GLVIDJLD L RGLQRIDJLD GXS H[FOXGHUHD DOWRU HWLRORJLL OH]LXQL DOH IDULQJHOXL

LQIODPDWRULLVDXWXPRUDOHWXOEXUULGHPRWLOLWDWHDIHFLXQLQHXURORJLFH
t VXSUDYHJKHUHDXQRUOH]LXQLGHFHODWHODH[DPLQULDQWHULRDUH
 XOFHUH JDVWULFH  DX LQGLFDLH GH UHHYDOXDUH HQGRVFRSLF XOFHUHOH EHQLJQH
FRQILUPDWHELRSWLF GDFVLPSWRPHOHSHUVLVWLXOFHUHOHFXPDUHVXVSLFLXQH
GHPDOLJQLWDWHGDUFXPDOLJQLWDWHDQHFRQILUPDWKLVWRORJLF
 SROLSLJDVWULFLIUHFYHQWVXQWKLSHUSODVWLFLUDUDGHQRPDWRL FXPDUHSRWHQLDO
GHPDOLJQL]DUH PDFURVFRSLFQHH[LVWQGSRVLELOLWLGHGLIHUHQHLHUHVHSUDFWLF
SROLSHFWRPLDGDFODELRSVLHUH]XOWDWXOHVWHGHKLSHUSOD]LHVXSUDYHJKHUHDQX
HVWH REOLJDWRULH GDF SROLSXO D IRVW DGHQRPDWRV VXSUDYHJKHUHD VH IDFH OD 
DQL
 SROLSR]H DGHQRPDWRDVH IDPLOLDOH  Q DIDUD OH]LXQLORU FRORQLFH DVRFLDWH FX
FDQFHUXO DFHWL SDFLHQL SRW SUH]HQWD SROLSL DGHQRPDWRL GXRGHQDOL FX DFHOL
ULVFFUHFXWGHPDOLJQL]DUHFHWUHEXLHVXSUDYHJKHDL
 KHPRUDJLD RFXOW GHFHODW Q VFDXQ FX WHVWXO +HPRFXOW  QHFHVLW HIHFWXDUHD
FRORQRVFRSLHLLD('6
 OH]LXQLDVRFLDWHFXULVFGHFDQFHUHVRIDJLDQ
HVRIDJ %DUUHWW DVRFLDW FX ULVF FUHVFXW GH DGHQRFDUFLQRP  LPSXQH
VXSUDYHJKHUHD SHQWUX GHFHODUHD SULQ ELRSVLL D GLVSOD]LHL OH]LXQH
SUHPDOLJQFHQHFHVLWVDQFLXQHWHUSHXWLF
SUHFRFHGXSLQJHVWLDGHVXEVWDQHFDXVWLFHLVXSUDYHJKHUHDVWHQR]HORU
SURGXVHGHDFHVWHD
DFDOD]LH
 VWRPDFXOUH]HFDWSHVWHDQLQDEVHQDVLPSWRPDWRORJLHL
 PRGLILFULOHUDGLRORJLFH GHIHFWHGHXPSOHUH]RQHGHULJLGLWDWHHWF QHFHVLW
FRQWUROHQGRVFRSLF
,QGLFDLLWHUDSHXWLFH
 KHPRVWD]D HQGRVFRSLF Q KHPRUDJLLOH GLJHVWLYH VXSHULRDUH YDULFHDOH FQG
VHSUDFWLFVFOHUR]DUHDVDXOLJDWXUDUHDYDULFHORUHVRIDJLHQH VDXQRQYDULFHDOH
XOFHUHHWF ODFDUHVHSRDWHSUDFWLFDHOHFWURFRDJXODUHDODVHUWHUDSLHSODVP
$UJRQLQMHFWDUHDGHDGUHQDOLQVDXDOFRRODEVROXWDSOLFDUHGHFOLSXUL
 SROLSHFWRPLLHYHQWXDOPXFRVHFWRPLLQFDQFHUHOHSUHFRFH
 GLODWDUHDLDSOLFDUHDGHSURWH]HSHQWUXPHQLQHUHDOXPHQXOXLWXEXOXLGLJHVWLY
QFD]GHVWHQR]HLFDQFHUHPDLDOHVHVRIDJLHQHGDULJHVWXULWHUDSHXWLFHOD
QLYHOXODUERUHOXLELOLDU YH]L&35( 
 H[WUDJHUHDGHFRUSLVWULQL
&RQWUDLQGLFDLLDEVROXWH
 UHIX]XOSDFLHQWXOXLVDXOLSVDGHFRRSHUDUHDSDFLHQWXOXL

 SHUIRUDLDFXQRVFXWVDXVXVSHFWDWDWXEXOXLGLJHVWLY SQHXPRSHULWRQHXOHVWH
DJUDYDWGHLQVXIODUHDGHDHUQWLPSXOHQGRVFRSLHL 
 OH]LXQLJUDYHDOHIDULQJHOXL
&RQWUDLQGLFDLLUHODWLYH
 LQVXILFLHQD UHVSLUDWRULH LVDX FDUGLDF  VHYHU SDFLHQLL YRU IL PRQLWRUL]DL
(.*SXOVR[LPHWULHHWF QFD]XOLPSXQHULLLQYHVWLJDLHLHQGRVFRSLFH
 LVFKHPLDFDUGLDFPDQLIHVWVDXLQIDUFWPLRFDUGLFUHFHQW
 SDFLHQLLFRPDWRLGDWRULWULVFXOXLGHDVSLUDLHQWLPSXOHQGRVFRSLHL VQJH
DOLPHQWHGLQVWRPDF 
 GLYHUWLFXOLLHVRIDJLHQL =HQNHU PDLDOHVGHGLPHQVLXQLPDUL ULVFGHSHUIRUDLH 
 WXOEXUUL JUDYH GH FRDJXODUH KHPRILOLL $&2  PDL DOHV GDF VH DX Q YHGHUH
PDQRSHUHWHUDSHXWLFH
 SHULRDGDSRVWRSHUDWRULHLPHGLDWGDWRULWULVFXOXLGHKLVFHQHLVXWXULORU
&RPSOLFDLL
 SQHXPRQLDGHDVSLUDLH
 SHUIRUDLD DSDUH UDU L PDL DOHV Q WLPSXO PDQRSHUHORU WHUDSHXWLFH GLODWDLL
ELRSVLL GLQ XOFHUDLL SURIXQGH IRUDUHD VWHQR]HORU WUDWDPHQWXO OH]LXQLORU
'LHXODIR\ 
 KHPRUDJLD Q VFOHUR]UL GH YDULFH SROLSHFWRPLL GLODWDLL ODVHU VDX SODVPD
$UJRQWHUDSLH 
 KLSR[HPLDVFGHUHDVDWXUDLHLR[LJHQXOXLQVQJHOHSHULIHULFGHLDSDUH
Q WLPSXO PDQRSHUHL QX DUH FRQVHFLQH FOLQLFH GHFW OD SDFLHQLL FX DIHFLXQL
SUHH[LVWHQWH SDWRORJLHUHVSLUDWRULHFDUGLDFDQHPLHYUVWHQDLQWDWH 
 VWRSFDUGLRUHVSLUDWRU
3UHJWLUHDQDLQWHDHQGRVFRSLHLSUHVXSXQH
t LQIRUPDUHDSDFLHQWXOXLDVXSUDWHKQLFLLLDYDQWDMHOHHIHFWXULLHL
t SRVWDOLPHQWDUGHRUHIULQJHVWLHGHOLFKLGHDSUR[LPDWLYRUHQDLQWHXQHRUL
LQWHUYDOHPDLOXQJLQFD]GHVWHQR]HSLORULFHDFDOD]LHHWF
t DQDPQH]DDVXSUDHYHQWXDOHORUUHDFLLDOHUJLFHFXQRVFXWHDOHSDFLHQWXOXLODGURJXULOH
IRORVLWHQWLPSXOPDQRSHUHL [LOLQDDQWLVSDVWLFHVHGDWLYH LDVXSUDDQWHFHGHQWHORU
SDWRORJLFH VXIHULQH FDUGLRUHVSLUDWRULL WXOEXUUL GH FRDJXODUH HWF  GH LQWHUYHQLL
FKLUXUJLFDOHSUHFXPLDVXSUDPHGLFDLHLDQWHULRDUH
t DQHVWH]LHORFDO IDULQJH FX[LOLQVSUD\VDXJDUJDUSHQWUXFRPEDWHUHDUHIOH[XOXL
GHYUVWXU
t VH SRW HIHFWXD VHGDUHD L DQHVWH]LD FDUH IXUQL]HD] XQ FRPIRUW VSRULW
H[DPLQDWRUXOXL GDU FDUH SRW IL JUHYDWH GH XQHOH FRPSOLFDLL SHQWUX DFHDVWD VH

IRORVHVFEHQ]RGLD]HSLQHOH PLGD]RODPPDLUDUGLD]HSDP FXVDXIUDVRFLHUHGH


DQDOJHWLFHRSLDFHH SHWLGLQDIHQWDQLO 
t DQWLELRSURILOD[LD VH XWLOL]HD]  GDWRULW ULVFXOXL GH EDFWHULHPLH SULQ LQVWUXPHQWDUH
HQGRVFRSLF RELQXLW   GDU PDL DOHV Q WLPSXO PDQRSHUHORU WHUDSHXWLFH
GLODWDLL VFOHUR]DUH GH YDULFH HVRIDJLHQH HWF  OD SDFLHQLL FX ULVF FUHVFXW GH
HQGRFDUGLW SURWH]HYDOYXODUHYDOYXORSDWLLHWF 
7HKQLFDHQGRVFRSLHL
t LQWURGXFHUHD HQGRVFRSXOXL VH IDFH SULQ LQWHUPHGLXO XQHL SLHVH EXFDOH PHQLW V
SURWHMH]HWXEXOGHFDXFLXFSQODQLYHOXOVILQFWHUXOXLHVRIDJLDQVXSHULRUFDUHHVWH
WUHFXW GXS HIRUW GH GHJOXWLLH VDX XRDU SUHVLXQH (VRIDJXO VH QWLQGH QWUH 
LGHFPGHDUFDGDGHQWDUGHODVILQFWHUXOHVRIDJLDQVXSHULRUSQODFDUGLH
(VRIDJXOHVWHXQWXEPXVFXODUFXOXPHQYLUWXDOFXGLDPHWUXOGHFP0XFRDVD
DUH XQ DVSHFW DOELFLRV VDX UR]JUL  HSLWHOLXO SDYLPHQWRV VWUDWLILFDW  SQ OD  OLQLD
= OLQLD VHUUDWD  XQGH HVWH VLWXDW MRQFLXQHD QWUH PXFRDVD HVRIDJLDQ L FHD
JDVWULF HSLWHOLXFLOLQGULF GHFXORDUHUR]VRPRQ$VSHFWXOQRUPDOHVWHGHPXFRDV
XRU WUDQVSDUHQW QHWHG FXUDW IU VHFUHLL FDUH DSDU QV GDF SDFLHQWXO D
IFXWHIRUWGHYUVWXU QHVRIDJXOGLVWDOVHREVHUYYDVFXODUL]DLDVXEPXFRDV
QIRUPGHSDOLVDGLSOLXULORQJLWXGLQDOHVXEIRUPGHUR]HW
t VH GHSHWH FDUGLD L XUPQG PLFD FXUEXU JDVWULF VH WUHFH GH OD QLYHOXO
FRUSXOXL JDVWULF Q UHJLXQHD DQWUDO 6H SRW REVHUYD SOLXULOH JDVWULFH FH VH QWLQG
GHODH[WUHPLWDWHDSUR[LPDODPDULLFXUEXULSDUDOHOLORQJLWXGLQDOSQQUHJLXQHD
DQWUDO GH RELFHL OLSVLW GH SOLXUL XQJKLXO JDVWULF PXFRVD JDVWULF XQLIRUP
SHULVWDOWLFDJDVWULF FRQWUDFLLPLQ 
t VHUHSHUHD]SLORUXOFDUHHVWHQJHQHUDOGHVFKLVLVHSWUXQGHQGXRGHQ%XOEXO
HVWH OLSVLW GH SOLXUL FX R PXFRDV PDL SDOLG XQHRUL FX DVSHFW JUDQXODU SHQWUX
FDGXSGHSLUHDJHQXQFKLXOXLVXSHULRUVVHWUHDFODH[DPLQDUHDVHJPHQWXOXL
',,DOGXRGHQXOXLFDUHSUH]LQWSOLXULFLUFXPIHUHQLDOH.HUFNULQJ YDOYXOHFRQLYHQWH 
SOLX ORQJLWXGLQDO SH SHUHWHOH PHGLDQ FRUVSXQ]WRU FROHGRFXOXL L YLOL GXRGHQDOL Q
VHJPHQWXO',,SHSHUHWHOHPHGLDQVHDIOSDSLODOXL9DWHUFDUHQXHVWHYL]LELOFX
HQGRVFRSXOFXYHGHUHD[LDO FHOFXYHGHUHODWHUDOSXWQGDVLJXUDYL]XDOL]DUHD 
t ODUHWUDJHUHDHQGRVFRSXOXLIRORVLQGLQVXIODUHDFXDHUVHREVHUYPXFRDVDILHFUXL
VHJPHQW VWUEWXW 'XS UHWUDJHUHD HQGRVFRSXOXL VXE XQJKLXO JDVWULF VH LQVXIO
VWRPDFXOLSULQDQJXODUHPD[LPVHIDFHH[DPLQDUHDQUHWURYHUVLHFDUHSHUPLWH
YL]XDOL]DUHDXQJKLXOXLJDVWULFODQLYHOXOPLFLLFXUEXULDFDUGLHLDIRUQL[XOXL
0RGLILFULSDWRORJLFHGHFHODWHODH[DPLQDUHDHQGRVFRSLF
(VRIDJ
tHVRIDJLWHOH  VXQW Q FHD PDL PDUH SDUWH OHJDWH GH ERDOD GH UHIOX[ JDVWUR
HVRIDJLDQ %5*( ([DPHQXOHQGRVFRSLFODSHUVRDQHOHFXVLPSWRPDWRORJLHGH
%5*( SLUR]LVRGLQRIDJLHGLVIDJLHHWF SRDWHHYLGHQLDHVRIDJQRUPDO GHL
SDFLHQWXOGHVFULHSLUR]LVLDUS+PHWULDHYLGHQLD]UHIOX[XOSDWRORJLF PRGLILFUL

QHVSHFLILFH HULWHPIULDELOLWDWHOLQLH=LQGLVWLQFW VDX


 HVRIDJLWDGHUHIOX[DGDXJODPRGLILFULOHQHVSHFLILFHHUR]LXQLLXOFHUDLL
SUHFXP L SOLX HVRIDJLDQ QJURDW rSOLX VDQWLQHOs XQHRUL FX  DVSHFW
GHSROLSGHIDSWH[WUHPLWDWHDSUR[LPDODXQXLIDOGJDVWULFGHSHPDUHD
FXUEXU XQHRUL XOFHUDW (QGRVFRSLF H[LVW PDL PXOWH FODVLILFUL DOH
VHYHULWLLHVRIDJLWHLFHDPDLUHFHQWILLQGFODVLILFDUHD/RV$QJHOHV
t JUDG$XQDVDXPDLPXOWHHUR]LXQLPXFRDVHVXEPPFDUHQXVH
QWLQGQWUHSOLXULHVRIDJLHQH
t JUDG%XQDVDXPDLPXOWHHUR]LXQLPXFRDVHFDUHGHSHVFPP
FDUHQXVHQWLQGQWUHSOLXULHVRIDJLHQH
t JUDG & XQD VDX PDL PXOWH HUR]LXQL VDX XOFHUDLL FDUH FRQIOXHD]
GH OD XQ SOLX VDX DOWXO GDU QX GHSHVF  GLQ FLUFXPIHULQD
HVRIDJXOXL
t JUDG'HUR]LXQLVDXXOFHUDLLHVRIDJLHQHFDUHFRQIOXHD]GHSLQG
GLQFLUFXPIHULQDHVRIDJXOXL
 HVRIDJLWHOH SRVW FDXVWLFH SURGXF OH]LXQL D FURU VHYHULWDWH GHSLQGH GH
WLSXOVXEVWDQHL DFLGFHSURGXFHRQHFUR]GHFRDJXODUHVDXED]FDUH
SURGXFH QHFUR] GH OLFKHILHUH  GH WLPSXO GH FRQWDFW GH FRQFHQWUDLD
VXEVWDQHL (QGRVFRSLD VH SRDWH HIHFWXD Q SULPHOH  GH RUH SHQWUX
HYDOXDUHDVHYHULWLL
t JUDGHULWHPHGHPHUR]LXQLQHVQJHUQGHIUXOFHUDLL
t JUDGHULWHPHGHPHUR]LXQLLXOFHUDLLPXFRDVQHFURWLFJUL
DOELFLRDVVQJHUDUHFXH[LVWHQDXQRU]RQHGHPXFRDVLQWDFWH
t JUDGXOFHUDLLH[WLQVHKHPRUDJLLGLODWDLHDWRQDHVRIDJXOXL
tYLQGHFDUHDVHIDFHFXVWHQR]HVWULFWXULQFD]XOIRUPHORUVHYHUH
 HVRIDJLWHOHPLFRWLFH &DQGLGDDOELFDQVFHOPDLIUHFYHQW DSDUHQGRVFRSLF
FX R PXFRDV HGHPDWRDV HULWHPDWRDV FX GHSR]LWH DOELFLRDVH OD
SHUVRDQHOHLPXQRGHSULPDWHVDXFXDQWLELRWHUDSLHSUHOXQJLW
 HVRIDJLWH PHGLFDPHQWRVH  SRW DSDUH SULQ LQJHVWLD IU OLFKLG VXILFLHQW
D DQXPLWRU PHGLFDPHQWH $,16 .&O ELIRVIRQDL YLWDPLQD & HWF 
(QGRVFRSLFVHHYLGHQLD]DULHIRFDOGHKLSHUHPLHHGHPHUR]LXQHUDU
HYROXQGFWUHOH]LXQLPDLVHYHUH XOFHUHVQJHUDUH 
tXOFHUHOHHVRIDJLHQHVXQWOH]LXQLUDUHODQLYHOXOHVRIDJXOXLGHILQLWHFDSLHUGHUH
GHVXEVWDQFHGHSHWHPXVFXODUDPXFRDVHLGHRELFHLVLWXDWHQD[XOOXQJ
DOHVRIDJXOXLFXED]D GHFXORDUHDOEJOEXLHVDXURLHPDURQLHQIXQFLHGH
SUH]HQDVQJHUULL LPDUJLQLGLVWLQFWH6HGHVFULXXOFHUHQFDGUXOPDLPXOWRU
VXIHULQHHVRIDJLHQHXOFHUH%DUUHWWDSUXWHQ]RQHOHGHPHWDSOD]LHLQWHVWLQDO
GHRELFHLSHSHUHWHOHSRVWHULRUXOFHUHPHGLFDPHQWRDVH YH]LPDLVXV XOFHUH
QFDGUXOHVRIDJLWHORUGHUHIOX[VDXGXSVFOHURWHUDSLH
tHVRIDJXO %DUUHWWHVWH GHILQLW GH SU]HQD Q HVRIDJXO GLVWDO OD PDL PXOW GH 

FP GH SOLXULOH JDVWULFH D HSLWHOLXOXL FLOLQGULF VSHFLDOL]DW FHOXOH FDOLFLIRUPH 


HQGRVFRSLFHYLGHQLDWSULQSUH]HQDGHDVXSUDOLQLHL=DXQHLDULLFLUFXPIHUHQLDOH
GHPXFRDVGHFXORDUHPDLLQWHQVUR]LQWHQVOLSVLWGHIDOGXULLSULQFDUHQX
VHSRWYHGHDYDVHOHVXEPXFRDVH,PSRUWDQDGLDJQRVWLFXOXLDFHVWHLPHWDSOD]LL
FRQVWQFRUHODUHDHLFXDGHQRFDUFLQRPXOHVRIDJLDQFHDQUHJLVWUDWRFUHWHUH
LPSRUWDQWQXOWLPLLDQL
tPHPEUDQHOH VWUXFWXUL PHPEUDQRDVH IRUPDWH GLQ PXFRDV L VXEPXFRDV
FH SRW QJXVWD OXPHQXO HVRIDJLDQ VXQW FRQJHQLDWHOH VDX GREQGLWH
VLWXDWH GH RELFHL Q UHJLXQHD FHUYLFDO FHD PDL IUHFYHQW ILLQG PHPEUDQD
SRVWFULFRLGLDQ $SDUQDQHPLDIHULSULYGDUSRWQVRLQHRSODVPHOHORFDOL]DWH
QUHJLXQHDFHUYLFDO
tGLYHUWLFXOLL HVRIDJLHQL VXQW GLDJQRVWLFDL PDL XRU OD H[DPHQXO EDULWDW GDU
VXQW LPSRUWDQL Q H[DPLQDUHD HQGRVFRSLF GDWRULW ULVFXOXL GH SHUIRUDLH SH
FDUHOSUH]LQWODLQVWUXPHQWDUHGLYHUWLFXOLLVXQWGLODWDLLDOHSHUHWHOXLHVRIDJLDQ
FRQLQQG WRDWH VWUDWXULOH DFHVWXLD GLYHUWLFXOL DGHYUDL  VDX VXQW KHUQLHUL
DOH PXFRDVHL SULQWUXQ GHIHFW DO VWUDWXOXL PXVFXODU SVHXGRGLYHUWLFXOL  VXQW
FODVLILFDL DVWIHO GLYHUWLFXOL =HQNHU VLWXDL Q DSURSLHUHD VILQFWHUXOXL HVRIDJLDQ
VXSHULRUDYQGRGLUHFLHSRVWHULRDUGLYHUWLFXOLPH]RHVRIDJLHQL SDUDEURQLFL 
FRQVLGHUDL FD GLYHUWLFXOL GH WUDFLXQH SULQ SURFHVH LQIODPDWRULL GH YHFLQWDWH
GLYHUWLFXOLHSLIUHQLFLDVRFLDLFXWXOEXUULGHPRWLOLWDWHHVRIDJLDQPDLDOHVOD
WLQHULGHVH[PDVFXOLQFXDJUHJDUHIDPLOLDO
tKHUQLD KLDWDO WUHFHUHD SHUPDQHQW VDX LQWHUPLWHQW D XQHL SRULXQL D
VWRPDFXOXLGHDVXSUDMRQFLXQLLHVRJDVWULFHVHFDVLILFQPDULJUXSHKHUQLD
KLDWDOSULQDOXQHFDUH D[LDO HVWHGHILQLWFDPULUHDGLVWDQHLQWUHOLQLD=L
KLDWXVXOGLDIUDJPWLFSHVWHFPLKHUQLDSDUDHVRIDJLDQGHILQLWFDDOXQHFDUHD
XQHLSRULXQLDVWRPDFXOXLSULQKLDWXVXOGLDIUDJPDWLFSHOQJHVRIDJMRQFLXQH
HVRJDVWULFUPQQGQSR]LLDIL]LRORJLF+HUQLLOHVXQWYL]LELOHLODH[DPHQXO
EDULWDWHQGRVFRSLDDGXFQGLQIRUPDLLQSOXVOHJDWHGHFRPSOLFDLL XOFHU 
tDFDOD]LD WXOEXUDUH GH PRWLOLWDWH GH HWLRORJLH QHSUHFL]DW FDUDFWHUL]DW SULQ
UHOD[DUHLQVXILFLHQWVDXDEVHQWDVILQFWHUXOXLHVRIDJLDQLQIHULRULUHGXFHUHD
SURJUHVLYDDSHULVWDOWLFLLHVRIDJLHQHGLDJQRVWLFXOVHSRDWHVWDELOLODH[DPHQXO
EDULWDW GDU HQGRVFRSLD HYLGHQLD] SH OQJ GLODWDLD HVRIDJXOXL SUH]HQD
UHVWXULORU DOLPHQWDUH D PXFRDVHL QJURDWH ([DPLQDUHD HQGRVFRSLF HVWH
REOLJDWRULH SHQWUX H[FOXGHUHD SVHXGRDFDOD]LHL PDQLIHVWDUH D XQHL EROL
WXPRUDOH SULQ LQILOWUDUHD HVRIDJXOXL GLVWDO VDX D SOH[XOXL PLHQWHULF FDQFHU
JDVWULFHVRIDJLDQSXOPRQDUOLPIRPHWF 
tYDULFHOH HVRIDJLHQH VXQW GLODWDLL YHQRDVH VXEPXFRDVH SURHPLQQG Q
OXPHQFXDVSHFWGHWUXQFKLYHQRVVLQXRDVHWRUWXRDVHGHFXORDUHDOEVWUXLH
FX GLVSR]LLH GLQVSUH FDUGLD Q GLUHFLH FHIDOLF VXQW H[SUHVLD KLSHUWHQVLXQLL
SRUWDOH L VH FODVLILF HQGRVFRSLF GXS PDL PXOWH FULWHULL XQD GLQ FODVLILFUL
UHFXQRVFQG

 *UDGYDULFHFXWUDLHFWORQJLWXGLQDOXRUHOHYDWH
 *UDG   GLODWDLL WRUWXDVH YDULFR]LWL FH SURWUX]LRQHD] FXSULQ]QG 
GLQOXPHQ
 *UDGGLODWDLLWRUWXRDVHFHSURWUX]LRQHD]RFXSQG!GLQOXPHQ
 *UDGGLODWDLLOHYHQRDVHFXDVSHFWSVHXGRWXPRUDOFHFXSULQG!GLQ
OXPHQ
tWXPRUL HVRIDJLHQH EHQLJQH SDSLORP VFXDPRV  IUHFYHQW VHVLO VDX XRU
SHGLFXODWSROLSRLGOHLRPLRPORFDOL]DWQHVRIDJXOLQIHULRUPDVVXEPXFRDV
FH SURHPLQ Q OXPHQ FX PXFRDVD VXSUDLDFHQW QHWHG VDX XOFHUDW PRELO
ID GH OH]LXQH HFRHQGRVFRSLD GHPRQVWUHD] DSDUWHQHQD OD PXVFXODUD
SURSULH 
tOH]LXQLOH HVRIDJLHQH SUHPDOLJQH VDX FDUH VH DVRFLD] FX ULVF FUHVFXW
GH GH]YROWDUH D FDQFHUXOXL VXQW UHSUH]HQWDWH GH HVRIDJXO %DUUHWW OH]LXQLOH
SRVWFDXVWLFH DFDOD]LD FX VWD] VLQGURPXO 3OXPPHU9LQVRQ GLVSOD]LD
UHSUH]LQW ID]D LQFLSLHQW GH GH]YROWDUH D FDQFHUXOXL HSLWHOLDO OD LGHQWLILFDUHD
HQGRVFRSLF D DFHVWRU OH]LXQL VH IRORVHVF FRORUDLLOH YLWDOH FX OXJRO DOEDVWUX
GHPHWLOHQWROXLGLQDVDXDXWRIOXRUHVFHQDODOXPLQYLROHWOH]LXQLOHGLVSOD]LFH
FRPSRUWQGXVHGLIHULWIDGHPXFRDVDQRUPDO
tWXPRULHVRIDJLHQHPDOLJQHFDUFLQRPVSLQRFHOXODUVHGH]YROWPDLIUHFYHQW
OD EUEDLL YUVWQLFL DOFRROLFL IXPWRUL  Q HVRIDJXO LQIHULRU OD IHPHLOH WLQHUH
Q UHJLXQHD FHUYLFDO DGHQRFDUFLQRPXOVH GH]YROW Q HVRIDJXO LQIHULRU GLQ
FHOXOHOH JODQGHORU PXFRDVH VDX GLQ HSLWHOLX PHWDSODVWLF HVRIDJXO %DUUHWW 
FDQFHUHOH QRQHSLWHOLDOH VXQW UDUH OD QLYHOXO HVRIDJXOXL OHLRPLRVDUFRP
PHODQRPHWF FDLPHWDVWD]HOH&DQFHUXOHVRIDJLDQSUHFRFHOH]LXQHPDOLJQ
OLPLWDWODPXFRDVVDXVXEPXFRDVHVWHUDUGLDJQRVWLFDWHQGRVFRSLF
$VSHFWXOHQGRVFRSLFDOFDQFHUXOXLHVRIDJLDQDYDQVDWPEUDFPDLPXOWHIRUPH
t OH]LXQL H[RILWLFH FX DVSHFW SROLSRLG FX ED]D ODUJ FX VXSUDIDD QHUHJXODW
DFRSHULWHGHHUR]LXQLFHREVWUXHD]QSURSRULLYDULDELOHOXPHQXO
t OH]LXQLXOFHUDWH XOFHURYHJHWDQWH FHOHGHPDLVXVDGXJQGH[XOFHUDLHODORFXO
VWHQR]HL
t OH]LXQLLQILOWUDWLYHGLIX]HFDUHPLFRUHD]OXPHQXOSHUHLULJL]LPXFRDVDGHDVSHFW
QHUHJXODWIULDELO
6WRPDF
tJDVWULWHOH VXQW DIHFLXQL LQIODPDWRULL DOH PXFRDVHL JDVWULFH FDUDFWHUL]DWH SULQ
PRGLILFUL KLVWRSDWRORJLFH WLSLFH GH LQIODPDLH &ODVLILFDUHD GXS DVSHFWXO
HQGRVFRSLF QX LQH FRQW GH FRUHODLLOH FX DVSHFWHOH KLVWRSDWRORJLFH GDU
SHUPLWHPSULUHDDFHVWRUDQ
 JDVWULWH KHPRUDJLFHHUR]LYH  Q FDUH OD H[DPHQXO HQGRVFRSLF VH SRW

HYLGHQLD FRQJHVWLH KHPRUDJLH VXEHSLWHOLDO SHWHLL  L HUR]LXQL


(UR]LXQLOH VXQW SODWH DFRSHULWH FX ILEULQ $FHVW WLS GH JDVWULWH DSDU FD
OH]LXQLGHVWUHVVQLQVXILFLHQHGHRUJDQWUDXPDWLVPHPDMRUHDUVXULHWF
QDJUHVLXQLOHPHGLFDPHQWRDVHLQJHVWLHGHVXEVWDQHFRUR]LYH
 JDVWULWHOH HULWHPDWRDVH VXQW ORFDOL]DWH IUHFYHQW DQWUDO DSDU FD ]RQH
HULWHPDWRDVH OHJDWH GH LQIHFLD FX + S\ORUL ILLQG FHOH PDL IUHFYHQWH
JDVWULWH'LDJQRVWLFXOHVWHFRQILUPDWODH[DPHQXOELRSWLF
 JDVWURSDWLH FRQJHVWLY DVRFLDW KLSHUWHQVLXQLL SRUWDOH VH FDUDFWHUL]HD]
SULQ FRQJHVWLH HULWHP IRFDO FX DVSHFW rSLHSWQDWs SH YUIXO SOLXULORU
HFWD]LLYDVFXODUHDVSHFWGHrSLHOHGHDUSHs
 JDVWULWDDWURILFFDUDFWHUL]DWSULQHYLGHQLHUHDFLUFXODLHLVXEPXFRDVH Q
PRGQRUPDOQHHYLGHQWODH[DPHQXOHQGRVFRSLF L]RQHFXPXFRDVPDL
QJURDWGHFXORDUHDOEJOEXL
 JDVWULWD GH UHIOX[ FDUDFWHUL]DW SULQ HGHP L HULWHP DSUXWH SULQ UHIOX[
ELOLDUPDLIUHFYHQWSHVWRPDFXORSHUDW
 JDVWULWD KLSHUWURILF HVWH FDUDFWHUL]DW GH SUH]HQD SOLXULORU JDVWULFH PDUL
XQHRUL IU VHPQLILFDLH  VDX FX DVSHFW PRQVWUXRV FHUHEULIRUP FH QX
VH UHGXF OD LQVXIODLH Q ERDOD 0HQHWULHU KLSHUSOD]LH IRYHRODU DWURILH
JODQGXODUKLSRDFLGLWDWHULVFGHFDQFHUJDVWULF VLQGURP=ROOLQJHU(OOLVRQ
KLSHUSOD]LH JODQGXODU KLSHUDFLGLWDWH KLSHUJDVWULQHPLH  KLSHUSOD]LH
OLPIRLGVDXFDQFHUH
t YDULFHOH JDVWULFH  HFWD]LL YDVFXODUH VXEPXFRDVH ORFDOL]DWH Q UHJLXQHD FDUGLDO
Q KLSHUWHQVLXQHD SRUWDO VDX WURPER]D YHQHL VSOHQLFH Q FDQFHUHOH GH FRDG GH
SDQFUHDV
t KHPDQJLRDPHOHVXQWOH]LXQLYDVFXODUHSODWHVDXXRUHOHYDWHGHFXORDUHURLH
FX PXFRDVD QFRQMXUWRDUH GH DVSHFW QRUPDO DSUXWH SULQWUR PDOIRUPDLH D
YDVHORUVXEPXFRDVHFHOPDLDGHVHDIUVHPQLILFDLHSDWRORJLF
t XOFHUHOHJDVWULFHVXQWGHILQLWHFDGHIHFWHGHVXEVWDQFHDWLQJVXEPXFRDVDVDX
R GHSHVF VXQW IUHFYHQW ORFDOL]DWH Q SRULXQHD GLVWDO D VWRPDFXOXL SH PLFD
FXUEXUQSUHDMPDXQJKLXOXLJDVWULFGDUSRWDYHDRULFHORFDOL]DUH3RWILXQLFHVDX
PXOWLSOHGHRELFHLURWXQGHVDXRYDODUHFXGLPHQVLXQLVXEFP%D]DXOFHUXOXLDUH
FXORDUHDOELFLRVJOEXLHGDWRULWILEULQHLLHVXWXOXLGHJUDQXODLHVDXFRORUDWURX
EUXQSULQSUH]HQDVQJHOXLKHPDWLQHL7UHEXLHXUPULWSUH]HQDFKHDJXULORUVDX
YDVHORUYL]LELOHFDVWLJPDWHGHVQJHUDUH0DUJLQLOHXOFHUXOXLVXQWQHWHGHHOHYDWH
FX SOLXUL FH FRQYHUJ SQ OD QLYHOXO ORU 3HQWUX H[FOXGHUHD FDUDFWHUXOXL PDOLJQ
LQGLIHUHQWGHDVSHFWXOPDFURVFRSLFWUHEXLHHIHFWXDWHELRSVLLPXOWLSOHGLQPDUJLQLOH
XOFHUXOXLLGLQHYHQWXDOHOHQRGR]LWLYL]LELOHSHIXQGXOXOFHUXOXL QXGLQGHWULWXVXO
FHDFRSHUED]DXOFHUXOXL 8OFHUHOHDXRGH]YROWDUHVWDGLDOGHVFULLQGXVHVWDGLX
GH IRUPDUH DO XOFHUXOXL $  GH YLQGHFDUH 9  L GH FLFDWUL]DUH &  FQG XOFHUXO L
UHGXFHGLPHQVLXQLOHLPRGLILFIRUPDLSOLXULOHGHYLQHYLGHQWFRQYHUJHQWH'LQ

SXQFWGHYHGHUHSDWRJHQHWLFVHGHILQHVF
 XOFHUFURQLF SHSWLF FXPDUJLQLVXSUDGHLYHODWH FDORDVH VHYLQGHFQFHW
 XOFHUH DFXWH GH VWHUVV  ELQH GHOLPLWDWH XQHRUL PXOWLSOH VH IRUPHD] L VH
YLQGHFUHSHGH
 XOFHU&XUOLQJFHDSDUHGXSDUVXULWDUGLYPDLDOHVGXRGHQDOSRWSHUIRUD
 XOFHU &XVKLQJ SULQ FUHWHUHD DFLGLWLL JDVWULFH  Q DIHFLXQL FHUHEUDOH WXPRUL
FRPHHWF 
 XOFHUXO 'LHXODIR\ XOFXV VLPSOH[  OH]LXQH VXSHUILFLDO SURGXV SULQ DJUHVLXQH
SHSWLF VDX PHFDQLF Q UHJLXQHD SUR[LPDO D VWRPDFXOXL FH VH SRDWH
PDQLIHVWDFX+'6
 OH]LXQL0DOORU\:HLVVODFHUDLLDOHMRQFLXQLLHVRJDVWULFHSULQHIRUWGHYUVWXU
ODDOFRROLFL
t SROLSL JDVWULFL VXQW IRUPDLXQL PXFRVH SURWUX]LYH FLUFXPVFULVH VHVLOH
VHPLSHGLFXODWH VDX SHGLFXODWH FDUH DSDU PDL IUHFYHQW SH PXFRDVD DWURILF
'HPDUFDUHD GH PXFRDVD YHFLQ IDFH GLIHUHQD QWUH SROLSL VWUXFWXU PXFRDV  L
WXPRULOHSROLSRLGHVDXVXEPXFRDVHIRUPDWHGLQVWUXFWXULSURIXQGH'LQSXQFWGH
YHGHUHKLVWRSDWRORJLFSRWIL
 SROLSLKLSHUSODVWLFLFHLPDLIUHFYHQLDSDUSULQKLSHUSOD]LDHVXWXOXLJODQGXODU
DXQJHQHUDOGLPHQVLXQLPLFL(LSRWILVHVLOL GHRELFHLGHGLPHQVLXQLPLFLFX
VXSUDIDD QHWHG OXFLRDV  VDX SRW IL SHGLFXODL GH GLPHQVLXQL PDL PDUL FX
VXSUDIDDQHUHJXODW 1XGHJHQHUHD]GHFWUDU
 SROLSL DGHQRPDWRL DGHQRDPH WXEXODUH VDX YLORDVH  SUH]LQW ULVF GH
WUDQVIRUPDUHPDOLJQFXFWGLPHQVLXQLOHVXQWPDLPDUL !FP DXSUHGLOHFLH
SHQWUXORFDOL]DUHDDQWUDOVXSUDIDDSRDWHILQHUHJXODWVLWXDLHQFDUHFUHWH
VXVSLFLXQHDGHPDOLJQLWDWH
 FKLVWXULOHJODQGXODUHVXQWORFDOL]DWHIXQGLFGHGLPHQVLXQLPLFLDVSHFWVWLFORV
t FDQFHUHOH JDVWULFH VH GHILQHVF DVW]L GLQ SXQFW GH YHGHUH HYROXWLY L PDL DOHV
DO GLDJQRVWLFXOXL HQGRVFRSLF Q FDQFHUH JDVWULFH SUHFRFH &*3  OH]LXQL PDOLJQH
FH LQYDGHD] PXFRDVD L HYHQWXDO VXEPXFRDVD IU V GHSHDVF PXVFXODUD
SURSULH LQGLIHUHQW GH PULPH VDX GH SUH]HQD DGHQRSDWLLORU UDU GLDJQRVWLFDWH
HQGRVFRSLF   L FDQFHUH JDWULFH DYDQVDWH &*$  GHILQLWH GH SURFHVHOH
PDOLJQHFHLQYDGH]SHUHWHOHJDVWULFQSURIXQ]LPHGHSLQGVXEPXFRDVDDFHVWD
ILLQGVWDGLXOQFDUHVXQWIUHFYHQWGLDJQRVWLFDWHQHRSOD]LLOHJDVWULFH'LVSOD]LDHVWH
FRQVLGHUDW FD SUHFHGQG DSDULLD &*3 ILLQG IUHFYHQW SH PXFRDVD DWURILF FX
PHWDSOD]LHLQWHVWLQDO
&ODVLILFDUHD&*$GLQSXQFWGHYHGHUHHQGRVFRSLFDFFHSWFODVLILFDUHD%RUPDQ
t WLSXO,YHJHWDQWPDVFXDVSHFWSROLOREDWFRQRSLGLIRUPELQHGHOLPLWDWFXED]D

ODUJPXFRDVDIULDELO
t WLSXO,,XOFHURYHJHWDQWIRUPDLXQHDGHVFULVPDLVXVFXXOFHUDLHPDUHFHQWUDO
FX ED]D QHUHJXODW FX SURIXQ]LPH LQHJDO GH FXORDUH JULPXUGDU QHFUR]D  Q
DEVHQD KHPRUDJLHL VDX D UHIOX[XOXL ELOLDU FDUH L SRW VFKLPED FXORDUHD 0DUJLQLOH
VXQW QHUHJXODWH QRGXODUH FX DVSHFW GH HULWHP QHUHJXODW VQJHUQGH FX SOLXUL
FH VH RSUHVF OD GLVWDQ GH XOFHU LDU FRERUUHD Q FUDWHU VH IDFH rQ WUHSWH r L
QXDEUXSWFDQFD]XOXOFHUHORUEHQLJQH3UH]HQDOH]LXQLORUODGLVWDQGHFUDWHUXO
SULQFLSDO L DEVHQD XQGHORU SHULVWDOWLFH OD QLYHOXO XOFHUXOXL FUHVF VXVSLFLXQHD GH
PDOLJQLWDWHDOH]LXQLLSQODFRQILUPDUHDKLVWRSDWRORJLFGLQELRSVLLPXOWLSOH
t WLSXO ,,,  LQILOWUDWLYXOFHUDW SUROLIHUDUH PDOLJQ FX XOFHUDLH PDUH FX PDUJLQL
QHUHJXODWHQFRQMXUDWGHSOLXULPDULQRGXODUHULJLGHGHFXORDUHPRGLILFDW
t WLSXO,9LQILOWUDWLYGH]YROWDUHDWXPRULLHVWHSUHGRPLQHQWVXEPXFRDVHQGRVFRSLF
VH HYLGHQLD] SOLXUL ULJLGH FX PXFRDVD PRGLILFDW SDOLG FX XOFHUDLL VDX
DEVHQD SOLXULORU SH R DULH HOHYDW ULJLG )RUPD JHQHUDOL]DW OLQLWD SODVWLF  VH
FDUDFWHUL]HD]SULQDVSHFWXOLQILOWUDWLYGLIX]DEVHQDSHULVWDOWLFLLIUGLVWHQVLELOLWDWH
ODLQVXIODLDFXDHUSUH]HQDUHVWXULORUDOLPHQWDUHGHLSLORUXOHVWHGHVFKLV
%LRSVLLOH VXQW REOLJDWRULL L WUHEXLH SUHOHYDWH GH SH YHUVDQWXO LQWHUQ DO  PDUJLQLL
XOFHUXOXL GLQ SOLQ WXPRU WLS,  GLQ WRDWH SXQFWHOH FDUGLQDOH GLQ ED]D XOFHUXOXL QX
PDWHULDOQHFURWLFFLHVXWYLDELO VDXSULQrVSDUHs ELRSVLLSUHOHYDWHGLQDFHODLORF
PDLDOHVQIRUPHOHLQILOWUDWLYHQFDUHSHQVDGHELRSVLHQXULGLFPXFRDVDQIRUP
GHrFRUWs FWPDLPXOWH FHOSXLQ 
&DQFHUHOHJDVWULFHVXQWQGLQFD]XULDGHQRFDUFLQRDPHXUPDWHFDIUHFYHQGH
OLPIRDPHOH JDVWULFH FDUH SRW PEUFD DVSHFWH HQGRVFRSLFH GLIHULWH SOLXUL JLJDQWLFH
LQILOWUDWH XOFHUH PDUL VHUSLQJLQRDVH H[FUHVFHQH SROLSRLGH $OWH FDQFHUHOH JDVWULFH
VXQWUDUHOHLRPLRVDUFRPPLREODVWRPVDUFRP.DSRVLOLPIRP0$/7
t VWRPDFXORSHUDWWUHEXLHHYDOXDWHQGRVFRSLFPDLDOHVGDWRULWULVFXOXLGHDSDULLHD
FDQFHUXOXL SHVWHDQLQWLSXO%LOOURWK,, GDULSHQWUXHYDOXDUHDERQWXOXLDDQVHL
DIHUHQWHLHIHUHQWHDJXULLGHDQDVWRPR]&HDPDLIUHFYHQWOH]LXQHHVWHXOFHUXO
ORFDOL]DWPDLDOHVSHYHUVDQWXOLQWHVWLQDOGHRELFHLGHPDULGLHPQVLXQLDQIUDFWXRV
'DFORFDOL]DUHDHVWHSHYHUVDQWXOJDVWULFVHDUHQYHGHUHULVFXOGHXOFHUPDOLJQ
'XRGHQ
t EXOELWDHVWHGHILQLWGHSUH]HQDPRGLILFULORUHQGRVFRSLFHDOHPXFRDVHLEXOEXOXL
VXJHVWLYH SHQWUX LQIODPDLH DVRFLDWH IUHFYHQW FX SUH]HQD XOFHUXOXL D LQIHFLHL
FX + S\ORUL FRQVXPXO GH $,16 $VSHFWXO HVWH GH HGHP KLSHUHPLD PXFRDVHL
SUH]HQDSHWHLLORULHUR]LXQLORU
t XOFHUXO GXRGHQDO HVWH  ORFDOL]DW Q EXOE L IRDUWH UDU Q ',, PDL IUHFYHQW SH
SHUHWHOHDQWHULRUGDULSHSHUHWHOHSRVWHULRUVDXSHSRULXQHDVXSHULRDUQSULPLL
 FP SRVWSLORULFL ILLQG OH]LXQL XQLFH VDX PXOWLSOH XQHRUL  XOFHUH ID Q ID
NLVVLQJXOFHUV 6XQWXOFHUHGHGLPHQVLXQLPLFL FP FXIRUPHYDULDWHPDUJLQL
UHJXODWHED]DXOFHUHORUGHFXORDUHDOEJOEXLHVDXQHYROXLHFXSHWHDOEHLURLL

DVSHFWrGHVDODPs SULQSURFHVGHYLQGHFDUH5LVFXOGHOH]LXQHPDOLJQILLQGPLF
OD DFHVW QLYHO LPSRUWDQD GLDJQRVWLFXOXL GLIHUHQLDO DO HQGRVFRSLLORU GH FRQWURO L
DO ELRSVLLORU SHQWUX HYDOXDUH KLVWRSDWRORJLF VXQW PDL  UHGXVH ID GH ORFDOL]DUHD
JDVWULF3URFHVXOGHYLQGHFDUHDOXOFHUHORUEXOEDUHLPSOLFFLFDWULFLFHSRWGHIRUPD
EXOEXOGXFQGODDSDULLDXQRUGLYHUWLFXOLVDXFKLDUVWHQR]DUHDEXOEXOXLODFPGH
SLORU (QGRVFRSLD Q DIDUD GLDJQRVWLFXOXL GH OH]LXQH DUH LPSRUWDQ Q SUHOHYDUHD
GHELRSVLLSHQWUXGHFHODUHD+S\ORULHYDOXDUHDFRPSOLFDLLORULPDLDOHVHYDOXDUHD
HVRIDJLWHLGHUHIOX[FDUHQVRHWHIUHFYHQWXOFHUXOGXRGHQDO
t VWHQR]D SLORULF SRDWH IL R FRPSOLFDLH D XOFHUXOXL GXRGHQDO FX ORFDOL]DUH
MX[WDSLORULF VDX XQ FDQFHU JDVWULF FX LQYD]LH SLORULF 0RGLILFULOH HQGRVFRSLFH
GHFHODWH VXQW UHSUH]HQWDWH GH HVRIDJLWD GH UHIOX[ GH GLODWDUHD L VWD]D JDVWULF
UHVWXUL DOLPHQWDUH OLFKLG GH VHFUHLH  FRQJHVWLD PXFRDVHL JDVWULFH DQWUXO
SUH]HQWQG SOLXUL FH PDVFKHD] SLORUXO VDX FKLDU FLFDWULFL 6WHQR]D SRDWH DYHD R
FRPSRQHQWVSDVWLFLPSRUWDQW
t GLYHUWLFXOLL GXRGHQDOL DGHYUDL DSDU PDL IUHFYHW OD QLYHOXO ',, MX[WDSDSLODU
IUHFYHQWILLQGPXOWLSOLIUVHPQLILFDLHSDWRORJLF3VHXGRGLYHUWLFXOLLVXQWORFDOL]DL
QEXOELDSDUSULQFLDFWUL]DUHDSRVWXOFHURDV
t SDQFUHDWLWHOHSRWGXFHODPRGLILFULDOHPXFRDVHLGXRGHQDOHFXDVSHFWKLSHUSOD]LF
SULQLQIODPDLHFURQLFFHSRDWHPHUJHSQODVWHQR]
t SDUD]LWR]HOH LQWHVWLQDOH H[ *LDUGLD ODPEOLD  SURGXF KLSHUSOD]LH QRGXODU IRFDO
FXPXFRDVHGHPDWRDVHULWHPDWRDVFXSOLXULPRGLILFDWH
t ERDODFHOLDFSURGXFHPRGLILFULDOHPXFRDVHLLQWHVWLQDOHGHFHODELOHODQLYHOXO',,
GHXQGHVHSUHOHYHD]ELRSVLLSHQWUXGLDJQRVWLF FXDWURILHGLPLQXDUHDYDOYXOHORU
FRQLYHQWHLPRGLILFULODFRORUDLLOHYLWDOH DVSHFWGHPR]DLFODFRORUDLDFXLQGLJR
FDUPLQ 
t SROLSLLGXRGHQDOLVXQWUDULSXWQGIL
 DGHQRDPH WXEXODUH VDX YLORDVH FX DVSHFW VHVLO VDX SHGLFXODW FX VXSUDIDD
OREXODWGHGLPHQVLXQLYDULDWHPPFPFXLQGLFDLHGHSROLSHFWRPLHGDWRULW
ULVFXOXLGHPDOLJQL]DUH
 KLSHUSODVWLFL SULQ KLSHUSOD]LD HSLWHOLXOXL GH VXSDUID SULQ DJUHVLXQL UHSHWDWH
IUULVFGHPDOLJQL]DUH
 EUXQHURDPH DGHQRDPHOH JODQGHORU %UXQQHU VLWXDWH Q EXOE L SUR[LPDO GH
SDSXOD Q ',, DSDU FD QRGXOL URLL FX GLPHQVLXQL GH  PP PXOWLSOLL VDX
VXE IRUPD XQXL SROLS VROLWDU PDL PDUH %LRSVLD VWDELOHWH GLDJQRVWLFXO GDU
SROLSHFWRPLD QX VH UHFRPDQG ILLQG VWUXFWXU VXEPXFRDV FUHWH ULVFXO GH
SHUIRUDLH 
t FDQFHUHOH GXRGHQDOH VXQW IRDUH UDUH DGHQRFDUFLQRP OLPIRP  0DL IUHFYHQW
GXRGHQXO HVWH LPSOLFDW Q LQYD]LLOH GH YHFLQWDWH DOH FDQFHUHORU SDQFUHDWLFH
DPSXORDPHORUPDLUDUSULQPHWDVWD]H PHODQRP 

,QWHVWLQVXELUH
6FRSXO H[DPLQULL HQGRVFRSLFH D LQWHVWLQXOXL VXELUH HVWH LQYHVWLJDLD KHPRUDJLLORU
GLJHVWLYHRFXOWHFX('6LFRORVFRSLHQHJDWLYH0RGLILFULOHFDUHSRWILGHFHODWHVXQW
WXPRULPDOLJQHLEHQLJQHGHLQWHVWLQVXELUHEROLLQIODPDWRULLLQWHVWLQDOHFXDFHDVW
ORFDOL]DUH ERDOD&URKQ XOFHUDLL FRQVXPGH$,16 DQJLRGLVSOD]LL
&HD PDL PRGHUQ WHKQLF GH LQYHVWLJDLH D LQWHVWLQXOXL VXELUH HVWH FDSVXOD
YLGHR XQ GLVSR]LWLY PLQLDWXUDO FX R IRUP FRQFHSXW DVWIHO QFW SULQ QDLQWDUHD Q
WXEXO GLJHVWLY  RUH  V IXUQL]H]H LPDJLQL XQXL GLVSR]LWLY SH FDUH SDFLHQWXO O DUH
DPSODVDWSHDEGRPHQ,PDJLQLOHFXOHVHVXQWXOWHULRUH[DPLQDWHIRORVLQGXQVRIWFDUH
SHUPLWH YL]XDOL]DUHD PXFRVHL FX YLWH]H GLIHULWH DQDOL]DUHD XQRU LPDJLQL FRPSDUDWLY
VDX SUHOXFUDUHD DFHVWRUD SHQWUX GHFHODUHD PRGLILFULORU 'H]DYDQWDMXO WHKQLFLL HVWH
LPSRVLELOLWDWHDUHFROWULLGHELRSVLL
(QWURVFRSLD SXVK HQWHURVFRS\  VH UHOL]HD] FX HQWHURVFRDSH FX OXQJLPL GH 
PQDQHVWH]LHJHQHUDOGXUDWDH[DPLQULLILQLQGGHGHPLQXWHLSHUPLWH
SH OQJ GHFHODUHD PRGLILFULORU PXFRDVHL L SUHOHYDUHD GH ELRSVLL (QWHURVFRSLD
SRDWHILFRPSOHWDWSULQHYDOXDUHDLOHRQXOXLWHUPLQDOODFRORQRVFRSLH
(QWHURVFRSLD FX VRQG FRQLQH ILEUH RSWLFH VH LQVHU WUDQVQD]DO DYDQVDUHD VH
XUPUHWHIOXRURVFRSLFLQYHVWLJDLDGXUHD]RUHGDUSUH]LQWGH]DYDQWDMXOOLSVHL
GHPDQHYUDELOLWDWH
(QWHURVFRSLD LQWUDRSHUDWRULH SHUPLWH GHFHODUHD OH]LXQLORU FDUH LPSXQ UH]ROYDUHD

RSHUDWRULH (QGRVFRSXO VH SRDWH LQWURGXFH SULQ GXRGHQ QDLQWH GH GHVFKLGHUHD
DEGRPHQXOXL SULQWURHQWHURWRPLHVDXFRORQRVFRSLF
&2/2126&23,$
&RORQRVFRSLDUHSUH]LQWLQYHVWLJDUHDHQGRVFRSLFDWXEXOXLGLJHVWLYLQIHULRU FRORQL
LOHRQXOWHUPLQDO &DL('6SRDWHIRORVLILEURVFRDSHVDXYLGHRHQGRVFRDSHSULQFLSLLOH
H[DPLQULLILLQGDFHOHDL
,QGLFDLLOHFRORQRVFRSLHLVXQWGHDVHPHQDGLDJQRVWLFHLWHUSHXWLFH
,QGLFDLLGLDJQRVWLFHSRWILGDWHGH
t VLPSWRPHFDUHFWRUDJLLOHGXUHULDEGRPLQDOHEDORQUL PDLDOHVGLVFRPIRUWQIRVD
LOLDF VWQJ  UHFWRUDJLL  PRGLILFUL DOH WUDQ]LWXOXL LQWHVLQDO FHOH UHFHQWH GDU L
GLDUHHDLFRQVWLSDLDFURQLF DVRFLDWHVDXQXFXVFGHUHSRQGHUDO
t DQRPDOLLDOHXQRULQYHVWLJDLLDQWHULRDUHVDXGXSJHVWXULWHUDSHXWLFH
 FOLVPDEDULWDWGHFHODUHDODH[DPHQXOUDGLRORJLFDXQRUGHIHFWHGHXPSOHUHD
XQRUVWHQR]H
 ELRORJLFH DQHPLD GH FDX] QHSUHFL]DW L GHFHODUHD KHPRUDJLLORU GLJHVWLYH
RFXOWHQVFDXQ ('6SUHFHGHFRORQRVFRSLD 
 SDOSDUHDXQRUPDVHDEGRPLQDOH

 HYDOXDUHD FRORQXOXL Q FD]XO GHFHOULL XQHL OH]LXQL FRORQLFH FXUDELOH SROLS


FDQFHU SHQWUXGHWHFWDUHDOH]LXQLORUVLQFURQH
 HYDOXULOH SRVWRSHUDWRULL GXS FROHFWRPLH SHQWUX GHFHODUHD OH]LXQLORU
PHWDFURQH
 HYDOXULGXSSROLSHFWRPLH
 Q EROLOH LQIODPDWRULL FURQLFH LQWHVWLQDOH %& L 5&8+  FKLDU L GXS VWDELOLUHD
GLDJQRVWLFXOXL SHQWUX HIHFWXDUHD ELRSVLLORU VWDELOLUHD JUDGXOXL GH VHYHULWDWH
L DO H[WHQVLHL OH]LXQLORU D FRPSOLFDLLORU GHFHODUHD OH]LXQLORU SUHPDOLJQH VDX
PDOLJQHHYHQWXDOSHQWUXGLDJQRVWLFXOGLIHUHQLDO
t VFUHHQLQJXO FDQFHUXOXL FRORUHFWDO L HYDOXDUHD SDFLHQLORU FX LVWRULF IDPLOLDO GH
FDQFHUFRORUHFWDO SROLSR]HIDPLOLDOHFDQFHUVSRUDGLFVDXFDQFHUXOFRORUHFWDOQRQ
SROLSR]LF GXSDQXPLWHSURWRFRDOH
,QGLFDLLWHUDSHXWLFH
t SROLSHFWRPLD HVWH FHD PDL IUHFYHQW LQGLFDLH GH RELFHL OD PRPHQWXO GHFHOULL
SROLSXOXL
t WUDWDPHQWXOSDOHDWLYDOFDQFHUXOXLGHFRORQ VWHQWDUHGLODWDUHSODVPD$UJRQWHUSLH
HOHFWURFRDJXODUHUDGLRWHUSLH 
t GLODWDUHDVWHQR]HORUEHQLJQH
t KHPRVWD]D
t H[WUDJHUHDGHFRUSLVWULQL
&RQWUDLQGLFDLLOHFRORQRVFRSLHL
t UHIX]XOVDXOLSVDGHFRRSHUDUHDSDFLHQWXOXL
t DIHFWLXQH VLVWHPLF JUDY LQIDUFW PLRFDUGLF UHFHQW RF LQVXILFLHQH FDUGLR
UHVSLUDWRULLJUDYH 
t DQHYULVPGHDRUWDEGRPLQDOSHULWRQLWHDVFLWDGLDOL]DSHULWRQHDO
t LQIODPDLLOHDFXWHDOHFRORQXOXLGDWRULWULVFXOXLGHSHUIRUDLHPHJDFROQWR[LFFROLWH
LQIHFLRDVHGLYHUWLFXOLWDDFXWDDEFHVHSDUDFROLFH
t WXOEXUULOHGHFRDJXODUHPDLDOHVQFD]XOSROLSHFWRPLLORU
&RPSOLFDLLOHFRORQRVFRSLHL
t SHUIRUDLD HVWH FHD PDL IUHFYHQW FRPSOLFDLH VHULRDV D FRORQRVFRSLHL 3RDWH
DYHDGUHSWFDX]RLQVWUXPHQWDUHEUXWDOVDXLFRQGLLLVSHFLDOHOHJDWHGHSDFLHQW
VLQGURPDGHUHQLDOLQIODPDLDSHUHWHOXLFROLFGLYHUWLFXOR]DFROLF
t LQVXIODUHDH[DJHUDWDFRORQXOXLFXDHUSRDWHSURGXFHUXSWXULVHURDVHGLDVWDWLFH
t GXUHUHDDEGRPLQDOVXEIRUPGHGLVFRPIRUWEDORQULFXFDUDFWHUFROLFDWLYHVWH
SUH]HQWODPDMRULWDWHDFRORQRVFRSLLORU
t KHPRDUJLLOHLQWUDOXPLQDOHVXQWOHJDWHGHWHKQLFLDJUHVLYHELRSVLHSROLSHFWRPLHLDU

FHOHLQWUDDEGRPLQDOHGHUXSWXUDVSOHQLFKHSDWLFVDXPH]HQWHULFH
t FRPSOLFDLLOHFDUGLRYDVFXODUHVXQWDULWPLLOHPRGLILFULOHGHVHJPHQW67GHFHODELOH
SH (.* L UHIOH[XO YDVRYDJDO OHJDW GH WUDFLXQH PH]HQWHUXOXL L SUHPHGLFDLH
PLGD]RODP 
t DOWHFRPSOLFDLLUDUHVXQWLPSDFWDUHDQWURKHUQLHYROYXOXVXOLOHXVXODGLQDPLF
t EDFWHULHPLDFXJHUPHQL*UDPQHJDWLYLGHXQGHQHYRLDGHSUHPHGLFDLHODSDFLHQLL
FXULVF SURWH]HXQWXULQHXWURSHQLHVHYHU 
3UHJWLUHDSDFLHQWXOXLSHQWUXFRORQRVFRSLH
t FRQVLPPQWLQIRUPDWDOSDFLHQWXOXL
t RSULUHD PHGLFDLHL DQWHULRDUH FH LQWHUIHU FX LQYHVWLJDLD DQWLFRDJXODQWH RUDOH
SUHSDUDWHGHILHUFUEXQHPHGLFLQDOFHFRORUHD]OLFKLGXOGHVSODUH
t SUHJWLUHDFRORQXOXLQVHDPQFXUDUHDFRPSOHWGHUHVWXULOHIHFDOH$FHDVWDVH
UHOL]HD]SULQ
 HYLWDUHDDOLPHQWHORUERJDWHQILEUHDOLPHQWDUHFX]LOHDQWHULRULQYHVWLJDLHL
 FRQVXPXOGHOLFKLGHOLPSH]LQSUH]LXDH[DPLQULL
 DGPLQLVWUDUHD GH VROXLL FDUH V UHDOL]H]H SXUJDLD VXEVWDQHOH FHOH PDL
IRORVLWHDVW]LVXQWVROXLLOHPDFURPROHFXODUH PDFURJRO FDUHHYLWWXOEXUULOH
KLGURHOHFWUROLWLFHSURGXVHGHSXUJDWLYHOHVDOLQHVDXIRUPDUHDGHPHWDQFDQ
FD]XO FHORU RVPRODUH PDQLWRO ODFWXOR] VRUELWRO  Q IXQFLH GH HILFDFLWDWHD
SUHJWLULLVHVWDELOHWHQHFHVLWDWHDHIHFWXULLGHFOLVPHQ]LXDH[DPLQULL
 SHQWUX UHFWRVLJPRLGRVFRSLH HVWH VXILFLHQW HIHFWXDUHD FOLVPHORU HYDFXDWRULL
 
t VH SRDWH DGPLQLVWUD SUHPHGLFDLH DQWDOJLF VHGDWLY  VDX VH SRDWH IDFH DQHVWH]LH
FD L OD ('6 FX UH]HUYD FUHWHULL LQFLGHQHL FRPSOLFDLLORU Q DEVHQD UHDFLLORU
SDFLHQWXOXLODGXUHUHDSURYRFDWGHLQVWUXPHQWDUH
t DQWLELREURILOD[LDODSDFLHQLLFXULVF YH]LPDLVXV 
7HKQLFDFRORQRVFRSLHL
t SDFLHQWXOHVWHDH]DWQGHFXELWODWHUDOVWQJFXJHQXQFKLLIOHFWDL
t VHWHQWHD]QDLQWDUHDFXHQGRVFRSXOSQODQLYHOXOYDOYHLLOHRFHFDOHLQQGFRQW
GHIDSWXOFHQGRVFRSLWLLH[SHULPHQWDLUHXHVFDFHDVWDQSURSRULHGH
GXUDWDSURFHGXULLILLQGQPHGLHGHGHPLQXWHPD[LPXPDFFHSWDWPLQ
t HIHFWXDUHDXQHLFRORQRVFRSLLQHFHVLWRWHKQLFEXQLIRORVLUHDWXWXURUPLMORDFHORU
GH FDUH GLVSXQH FRORQRVFRSLVWXO SHQWUX DWLQJHUHD YDOYHL LOHRFHFDOH LQWURGXFHUHD
L UHWUDJHUHD FRORQRVFRSXOXL DQJXODUHD URWDLD WXEXOXL GH LQVHULH LQVXIODUHD L
DVSLUDLD DHUXOXL LQWURGXV FRPSUHVLD H[WHUQ PRGLILFDUHD SR]LLHL SDFLHQWXOXL
LGHQWLILFDUHD IRUPULL EXFOHORU L GHEXFODUHD PHQLQHUHD SHUPDQHQW D OXPHQXOXL
QFHQWUXOLPDJLQLL

t GXS OXEUHILHUHD RULILFLXOXL DQDO L D FRORQRVFRSXOXL VH GHSHWH FDQDOXO DQDO FX
ROXQJLPHGHFPLVHSWUXQGHQUHFWXQGHVHREVHUYYDOYXOHOHVHPLOXQDUH
+RXVWRQ XQ GHVHQ YDVFXODU PDL SUHJQDQW OD  FP GH PDUJLQHD DQDO ILLQG
ORFDOL]DWMRQFLXQHDUHFWRVLJPRLGLDQ
t VLJPD DUH R OXQJLPH GH FP GDF HVWH GHVWLQV HVWH ORFXO SUHGLOHFW GH
IRUPDUHDOEXFOHORUGDWRULWPRELOLWLLVDOH$UHXQOXPHQFLUFXODUSOLXULVHPLOXQDUH
L KDXVWDULL GHVHQ YDVFXODU PDL WHUV GHFW Q UHFW 'XS GHEXFODUHD VLJPHL VH
WUHFH MRQFLXQHD VLJPGHVFHQGHQW DFHVWD GLQ XUP FX OXPHQ FLUFXODU PDL ODUJ
GHFWVLJPDSOLXULLKDXVWDULLXQHRULFXOLFKLGUHVWDQW
t XQJKLXO VSOHQLF VH SRDWH GHSL IRORVLQG PRGLILFDUHD SR]LLHL SDFLHQWXOXL VDX
FRPSUHVLXQHD H[WHUQ SXWQGXVH YL]XDOL]D VSOLQD SULQ WUDQVSDUHQD PXFRDVHL
&RORQXO WUDQVYHUV VH H[DPLQHD] FX SDFLHQWXO Q GHFXELW GRUVDO DUH R IRUP
WULXQJKLXODUGDWRULWFHORUWHQLLFROLFHOXPHQXOVXFUHWHVSUHXQJKLXOKHSDWLF
XQGHVHSRDWHREVHUYDLPSUHVLXQHDKHSDWLFGHFXORDUHDOEVWUXLHQXDUHUH]LGXX
SDUHGHVWLQVSXWQGXVHGHFHODSXOVDLLOHDRUWHLQUHJLXQHDPHGLH
t XQJKLXO FRORQLF GUHSW SRDWH IL FRQIXQGDW FX YDOYD LOHRFHFDO GDWRULW XQJKLXOXL
DVFXLWSHFDUHOIDFHFXFRORQXODVFHQGHQW5HSHUHOHDWLQJHULLUHJLXQLLLOHRFHFDOH
VXQW RULILFLXO DSHQGLFXODU YDOYD LOHRFHFDO FD R SURHPLQHQ VHPLFLUFXODU FX
FRQFDYLWDWHD VSUH OXPHQ GHSLUHD HL SHUPLQG H[DPLQDUHD LOHRQXOXL WHUPLQDO
PXFRDVDLOHDODYQGXQDVSHFWFDWLIHODWJDQXODUSULQSUH]HQDYLOLORU
0RGLILFULSDWRORJLFH
t ERDOD &URKQ  HVWH R ERDO LQIODPDWRULH FURQLFD LQWHVWLQDO Q FDUH OH]LXQLOH VXQW
ORFDOL]DWHQRULFHVHJPHQWDOWXEXOXLGLJHVWLY5HFWXOHVWHUDUDIHFWDWPDLIUHFYHQW
ILLQG LQWHUHVDWH UHJLXQHD DQDO FRORQXO L LOHRQXO WHUPLQDO FDUDFWHULVWLF ILLQG
LQWHUHVDUHDSHVHJPHQWHDWXEXOXLGLJHVWLY/H]LXQHDFDUDFWHULVWLFHVWHXOFHUDLD
GH WLS DIWRLG PP VXSHUILFLDO QFRQMXUDW GH PXFRDV HULWHPDWRDV Q
HYROXLH DSDU XOFHUDLL SURIXQGH ORQJLWXGLQDOH VHUSLQJLQRVH PP DFRSHULWH
GH ILEULQ FX FRQWXU QHUHJXODW FDUH PSUHXQ FX PXFRDVD GLQ MXU GH DVSHFW
QRUPDOFDUHSURHPLQDUHDOL]HD]DVSHFWXOGHdSLDWGHSDYDMs5HOLHIXOPXFRDVHL
HVWH GHIRUPDW GH FUDWHUHOH SURGXVH GH XOFHUDLL FH SRW SHQHWUD SHUHWHOH GXFQG
OD DSDULLD ILVWXOHORU 3ULQ YLQGHFDUHD OH]LXQLORU FH LPSOLFD ILEUR]D VH SRW SURGXFH
VWHQR]H SLUHGHUHD KDXVWUDLLORU PLFRUDUHD GLDPHWUXOXL OXPHQXOXL IRUPDUHD
GH SVHXGRGLYHUWLFXOL PDL UDU D SVHXGRSROLSLORU Q DIDUD GLDJQRVWLFXOXL H[WHQVLHL
OH]LXQLORU L FRPSOLFDLLORU VH HIHFWXHD] ELRSVLL FDUH FRQILUP GLDJQRVWLFXO OD
H[DPHQXOKLVWRSDWRORJLFVHHYLGHQLD]JUDQXORPGHWLSVDUFRLGLQWUDPXFRV 
t UHFWRFROLWD XOFHURKHPRUDJLF HVWH ERDO LQIODPDWRULH FURQLFD D FRORQXOXL
FDUDFWHUL]DW SULQ SXVHH GH DFWLYLWDWH L UHPLVLXQL DOH EROLL FH LQWHUHVHD]
QWRWGHDXQD UHFWXO QX L UHJLXQHD DQDO VDX LOHRQXO FX H[FHSLD LOHLWHL GH UHIOX[
dEDFNZDVK LOHLWLVs  /H]LXQLOH VXQW FRQWLQXH L VXQW FDUDFWHUL]DWH GH PXFRDVD
KLSHUHPLF HGHPDLDW IULDELO FX OLSVD GHVHQXOXL YDVFXODU FDUDFWHULVWLF  FX
GHSR]LWHPXFRSXUXOHQWH8OFHUHOHDSDUSULQH[IROLHUHDPXFRDVHLSDWRORJLFHVXQW

XQLFH VDX PXOWLSOH FX GLPHQVLXQL PPFP VODE GHOLPLWDWH PXFRDVD DYQG SULQ
YLQGHFDUH XQ DVSHFW JUDQXODU Q HYROXLH 5&8+ GXF OD DSDULLD SVHXGRSROLSLORU
LQIODPDWRUL OD PLFRUDUHD OXQJLPLL L D GLDPHWUXOXL OXPHQXOXL FX GLVSDULLD
KDXVWUDLLORU SULQ SURFHVH GH UHWUDFLH FRORQXO FSWQG DVSHFW WXEXODU %LRSVLD
HYLGHQLD]DEFHVHFULSWLFHLQILOWUDWLQIODPDWRUPRQRQXFOHDU
t GLYHUWLFXOLLGLODWDLLVDFFLIRUPHDOHSHUHWHOXLFROLFVHPSDUWQGLYHUWLFXOLDGHYUDL
FQGVXQWIRUPDLGLQFHOHVWUDWXULVDXSVHXGRGLYHUWLFXOLKHUQLHULDOHPXFRDVHLQ
]RQHOHGHPLQLPUH]LVWHQ6XQWPDLIUHFYHQLSHFRORQXOVLJPRLGLGHVFHQGHQW
'LYHUWLFXOLLVHREVHUYDFDQLVWHRULILFLLGHIRUPURWXQGUHJXODWPPVLWXDWH
QWUH SOLXULOH KDXVWUHORU 'DF QX H[LVW FRPSOLFDLL PXFRDVD DGLDFHQW DUH
DVSHFW QRUPDO GDU FRORQXO SDUH D DYHDX PXVFXODWXUD PDL KLSHUWURILDW FX PDL
PXOWH KDXVWUH (QGRVFRSLF WUHEXLH GHFHODWH FRPSOLFDLLOH GLYHUWLFXOLWD REVWUXFLD
GLYHUWLFXODUQFD]GHSHUIRUDLHVDXDEFHVFRORQRVFRSLDHVWHFRQWUDLQGLFDW
t SROLSLL VXQW IRUPDLXQL SURWUX]LYH ELQH GHOLPLWDWH FX DVSHFW VHVLO VHPLSHGLFXODW
VDXSHGLFXODWFDUHGLQSXQFWGHYHGHUHKLVWRSDWRORJLFSRWIL
 DGHQRDPH  YLORDVHSROLSL GH GLPHQVLXQL PDL PDUL VHVLOL FRQRSLGLIRUPL
FX VHFUHLH OD VXSUDID FX QDOW SRWHQLDO GH PDOLJQL]DUH  WXEXODUHGH
GLPHQVLXQLPDLPLFLURXQFKLVVXSUDIDDGHRELFHLQHWHGDPL[WHWXEXOR
YLORDVHGLPHQVLXQL PDL PDUL DVSHFW GHSHQGHQW GH FRPSRQHQWD KLVWRORJLF
FRQLQ GHV IRFDUH GH DWLSLH FHOXODU VDX FDQFHU 3ROLSLL DGHQRPDWRL VXQW
SULQFLSDOHOHOH]LXQLSUHFDQFHURDVHFRORQLFHDVWIHOQFWLGHQWLILFDUHDLUH]HFLD
ORUSUHFXPLVXSUDYHJKHUHDSDFLHQWXOXLDXRLPSRUWDQGHRVHELW
 SROLSL KLSHUSOD]LFL VXQW FHL PDL IUHFYHQL SROLSL FRORQLFL IUHFYHQW VHVLOL GH
FXORDUHPDLGHVFKLVGHFWPXFRDVDGLQMXUFXVXSUDIDDQHWHGDORFDOL]DLPDL
IUHFYHQWSHFRORQXOVWQJVHFRQVLGHUFQXPDOLJQL]HD]
 SROLSLMXYHQLOLGHWLSKDPDUWRPDQRVVXQWPDLIUHFYHQWSHGLFXODLURWXQ]LURX
LQWHQV OXFLRL XQHRUL FX HUR]LXQL VXSHUILFLDOH PDL IUHFYHQW VROLWDUL ORFDOL]DL
SUHGRPLQHQWUHFWLVLJPRLGQXDXSRWHQLDOGHPDOLJQL]DUH
 SROLSLL LQIODPDWRUL DSDU Q EROLOH LQIODPDWRULL DOH FRORQXOXL Q SURFHVXO GH
YLQGHFDUH DO PXFRDVHL ILLQG IRUPDL GLQ HVXW GH JUDQXODLH VXQW IUHFYHQW
SHGLFXODLSXWQGIRUPDSXQLQOXPHQXOFRORQXOXL
 DGHQRDPHOH SODWH VXQW OH]LXQL SODQH VXSUD VDX VXEGHQLYHODWH FX GLVFUHW
PRGLILFDUH GH FXORDUH ID GH PXFRDVD GLQ MXU L FDUH UHSUH]LQW R QHRSOD]LH
LQWUDHSLWHOLDOFXLPSRUWDQQFDQFHUXOFRORQLFHUHGLWDU
 SROLSR]D IDPLOLDO HVWH R DIHFLXQH HUHGLWDU FDUDFWHUL]DW SULQ SUH]HQD OD
QLYHOXO WUDFWXOXL GLJHVWLY Q VSHFLDO OD QLYHOXO FRORQXOXL D SHVWH  GH SROLSL
DGHQRPDWRLH[LVWQGVXEWLSXULDOHDFHVWXLVLQGURPVDXIRUPHDWHQXDWHWRDWH
DYQGFDHYROXLHILQDOFDQFHUXOGHFRORQ
&RORQRVFRSLDSHUPLWHSHOQJLGHQWLILFDUHDSROLSLORULUH]HFLDORU3ROLSHFWRPLDVH
HIHFWXHD] FX DMXWRUXO XQHL DQVH PHWDOLFH WUHFXW SULQWUR WHDF GH SODVWLF $QVD VH

WUHFH Q MXUXO SROLSXOXL FD XQ ODVRX LDU SULQ  ILUXO PHWDOLF YD WUHFH XQ FXUHQW HOHFWULF
GH PDUH IUHFYHQ FDUH YD VHFLRQD SROLSXO UHDOL]QG L FRDJXODUHD &RQWUDLQGLFDLLOH
WHKQLFLLVXQWSROLSLFXVSHFWGHFDQFHULQYD]LYSROLSLLVHVLOLFXFUHWHUHRUL]RQWDOFDUH
RFXSPDLPXOWGHGLQOXPHQVDXFDUHQXSRWILVWUQLFXDQVDGHSROLSHFWRPLH
GDWRULWLQYD]LHLQHRSOD]LFHHWF&RPSOLFDLLOHVXQWOHJDWHGHVQJHUDUHGHVLQGURPXO
SRVWSROLSHFWRPLH GXUHUH IHEU LULWDLH SHULWRQHDO SULQWUR PLF SHUIRUDLH EORFDW
VDXGLVHPLQDUHDHIHFWXOXLWHUPLF 

(FRJUDILDDEGRPLQDO
(FRJUDILD HVWH R PHWRGD LPDJLVWLF GH H[DPLQDUH FH IRORVHWH SHQWUX RELQHUHD
XQRU LPDJLQL VHFLRQDOH DOH FRUSXOXL XPDQ HFRXULOH SURGXVH GH XOWUDVXQHWH 7HKQLFD
HFRJUDILHL D SURJUHVDW FRQWLQXX IRORVLQG LQRYDLL WHKQLFH FH SHUPLW RELQHUHD GH
LQIRUPDLLWRWPDLGHWDOLDWHGHVSUHVWUXFWXULOHH[DPLQDWH
3HQWUX JHQHUDUHD L UHFHSLRQDUHD XOWUDVXQHWHORU VH IRORVHWH HIHFWXO SLH]RHOHFWULF
FH FRQVW Q WUDQVIRUPDUHD RVFLODLLORU HOHFWULFH Q RVFLODLL PHFDQLFH XQGD VRQRUD 
L LQYHUV $FHVW HIHFW HVWH VSHFLILF DQXPLWRU PDWHULDOH FULVWDO GH FXDU PDWHULDOH
FHUDPLFH VLQWHWLFH  FH LQWU Q FRPSRQHQD WUDQVGXFWRDUHORU HOHPHQWHOH GH ED]
DOH DSDUDWHORU HFRJUDILFH Q DIDUD DFHVWXLD HFRJUDIHOH PDL FRQLQ XQ JHQHUDWRU GH
SXOV HOHFWULF L XQ UHFHSWRU Q FDUH VXQW SUHOXFUDWH LPSXOVXULOH HOHFWULFH SURGXVH GH
XOWUDVXQHWHOH UHFHSLRQDWH GH WUDQVGXFWRU,QIRUPDLLOH VXQW VWRFDWH L SUHOXFUDWH GH
XQSURFHVRULYL]XDOL]DWHGHH[DPLQDWRUSHXQPRQLWRU
(FRXULOH LDX QDWHUH OD LQWHUIDD GLQWUH VWUXFWXUL FX GHQVLWL GLIHULWH 6WUXFWXULOH
SDUHQFKLPDWRDVH UHIOHFW XOWUDVXQHWHOH DVWIHO QFW LPDJLQHD GH SH PRQLWRU HVWH
GH QXDQ JUL GHVFKLV VSUH DOE ILLQG GHQXPLWH VWUXFWXUL HFRJHQH UHIOHFWRJHQH 
6WUXFWXULOHOLFKLGLHQHVXQWVWUEWXWHQWRWDOLWDWHGHXOWUDVXQHWHDVWIHOQFWLPDJLQHD
SHFDUHRIXUQL]HD]HVWHWUDQVVRQLFQHDJU$HUXOLRVXODXSURSULHWLGHSURSDJDUH
DXOWUDVXQHWHORUPXOWGLIHULWHGHDFHORUODOWHVWUXFWXULELRORJLFHLQXSHUPLWH[SORUDUHD
HFRJUDILFQVSDWHOHORU(FRVWUXFWXUDUHSUH]LQWWRWDOLWDWHDHFRXULORUUHWXUQDWHGHXQ
HVXW SDUHQFKLPDWRV FDUH Q JHQHUDO VH FDUDFWHUL]HD] SULQ RPRJHQLWDWH (YDOXDUHD
HFRJUDILFHVWHXQDFDOLWDWLYQHSHUPLQGFXDQWLILFDUHDGHQVLWLORUVWUXFWXULORU
3HQWUX VWXGLHUHD IOX[XULORU VDQJXLQH VH IRORVHWH HIHFWXO 'RSSOHU FH FRQVW Q
PRGLILFDUHD OXQJLPLL GH XQG UHFHSLRQDWH GDF VXUVD L UHFHSWRUXO XQGHL VRQRUH
VXQW Q PLFDUH UHODWLY 7HKQLFD GHWHUPLQ YDULDLLOH GH IUHFYHQ DOH XOWUDVXQHWHORU
JHQHUDWH GH ILLFXULOH GH KHPDWLL DIODWH Q PLFDUH ,QIRUPDLLOH IXUQL]DWH GH WHKQLFD
'RSSOHU VXQW SUH]HQD IOX[XOXL VDQJXLQ VHQVXO GH FXUJHUH YLWH]HOH GD FXUJHUH
FDUDFWHUXO IOX[XOXL VDQJXLQ WXUEXOHQW VDX ODPLQDU  ([LVW PDL PXOWH PRGDOLWL GH
H[DPLQDUH L QVFULHUH D LQIRUPDLHL HFR 'RSSOHU FDUH DX SURJUHVDW FRQWLQXX HFR
'RSSOHU FX HPLVLH FRQWLQX LGHQWLILF SUH]HQD IOX[XULORU VDQJXLQH L VHQVXO GH
FXUJHUH ILLQG IRORVLW PDL DOHV SHQWUX YDVHOH SHULIHULFH  HFR 'RSSOHU FX HPLVLH
SXOVDW VH VWXGLD] FDUDFWHULVWLFLOH IOX[XOXL VDQJXLQ QWUXQ HDQWLRQ DOHV GH
H[DPLQDWRU 'RSSOHUFRORU QLQWHULRUXOXQXLHDQWLRQVHFRGLILFFRORUIOX[XULOHFDUH

VH QGHSUWHD] VDX DSURSLH GH WUDQVGXFWRU  SRZHU 'RSSOHU GHWHFWHD] QXPDL
SUH]HQDIOX[XOXLLLQWHQVLWDWHDDFHVWXLDFRGLILFDWSULQLQWHQVLWDWHDFXORULLSHUPLQG
GHWHFWDUHD IOX[XULORU OHQWH Q YDVH PLFL  ,PSRUWDQD H[DPLQULL 'RSSOHU OD QLYHOXO
DSDUDWXOXL GLJHVWLY FRQVW Q SRVLELOLWDWHD HYDOXULL VLQGURPXOXL GH KLSHUWHQVLXQH
SRUWDO D DQRPDOLLORU FLUFXODWRULL D VWHQR]HORU YDVFXODUH D PRGHOHORU FLUFXODWRULL GLQ
DIHFLXQLOHLQIODPDWRULLLFHOHWXPRUDOHEHQLJQHVDXPDOLJQH SULPDUHVDXVHFXQGDUH 
'H]YROWDUHD DSDUDWHORU L WHKQLFLORU GH HFRJUDILH D SHUPLV RELQHUHD LPDJLQLORU
WULGLPHQVLRQDOH FKLDU Q WLPS UHDO FHHD FH IDFLOLWHD] H[DPLQDUHD Q GHWDOLX D
XQHL UHJLXQL GH LQWHUHV D VXSUDIHHORU RUJDQHORU HWF (FRJUDILD FX VXEVWDQ GH
FRQWUDVW SHUPLWH RSWLPL]DUHD LPDJLQLL HFRJUDILFH ILH SULQ HYLGHQLHUHD FLUFXODLHL
DJHQLFXWURSLVPYDVFXODU ILHDSDUHQFKLPHORU DJHQLFXWURSLVPSHQWUXVLVWHPXO
UHWLFXORKLVWLRFLWDU  WHKQLFL FH SHUPLW VSUH H[HPSOX GLDJQRVWLFXO SR]LWLY L GLIHUHQLDO
DO WXPRULORU KHSDWLFH D +73 FX VXVSLFLXQHD GH WURPER] $OWH DFKL]LLL WHKQLFH DOH
HFRJUDILHL VXQW HYDOXDUHD LPDJLVWLF DUPRQLF FX FUHWHUHD UH]ROXLHL LPDJLQLL L
YL]XDOL]DUHDIOX[XULORUVDQJXLQHVSRQWDQSUHOXFUDUHDVLPXOWDQDVHPQDOXOXLGLQSXQFW
GHYHGHUHDODPSOLWXGLQLL ELGLPHQVLRQDO IUHFYHQHL 'RSSOHU LDLQWHQVLWLL SRZHU
PRGH  VDX HFRJUDILD SDQRUDPLF dDOLSLUHDs LQIRUPDLLORU HFRJUDILFH SHQWUX FUHDUHD
XQHLLPDJLQLGHDQVDPEOX 
([DPHQXO HFRJUDILF DO DEGRPHQXOXL QX QHFHVLW SUHJWLUH VSHFLDO GDU XQ UHSDXV
DOLPHQWDU GH  RUH SHUPLWH R PDL EXQ H[DPLQDUH Q FD] GH REH]LWDWH VDX
PHWHRULVP VH SRW DGPLQLVWUD SUHSDUDWH FDUH V UHGXF FRQLQXWXO GH JD] DO WXEXOXL
GLJHVWLY FUEXQH PHGLFLQDO GLPHWLFRQ SURNLQHWLFH  3HQWUX H[DPHQXO DEGRPHQXOXL
SDFLHQWXO YD VWD Q GHFXELW GRUVDO FX DEGRPHQXO OLEHU GDU VH SRW IRORVL L DOWH
SR]LLL SHQWUX RSWLPL]DUHD H[DPLQULL GHFXELW ODWHUDO YHQWUDO PDL UDU RUWRVWDWLVP
VHGHVWDWLVPQPRGFRQYHQLRQDOVHFLXQLOHWUDQVYHUVDOHVXQWSULYLWHGLQVSUHFDXGDO
GLQVSUHSLFLRDUHOHSDFLHQWXOXL DVWIHOQFWUHJLXQLOHFUDQLDOHDSDUQVWQJDHFUDQXOXL
LDUFHOHFDXGDOHQGUHDSWD3HQWUXH[DPHQXODEGRPHQXOXLVHIRORVHVFWUDQVGXFWRDUH
OLQLDUH UDU  VDX VHFWRULDOH FX IUHFYHQD 0+] Q IXQFLH GH SURIXQ]LPHD
RUJDQHORU VWXGLDWH L GH SDUWLFXODULWLOH FRQVWLWXLRQDOH DOH SDFLHQWXOXL (FRJUDILD
DEGRPLQDO SHUPLWH GLDJQRVWLFXO XQRU DIHFLXQL GLJHVWLYH FX VXEVWUDW PRUIRORJLF
PRGLILFULGHVWUXFWXULGHGLPHQVLXQHDXQRURUJDQHFDOFXOLWXPRUL
)LFDW
([DPLQDUHD ILFDWXOXL VH IDFH IRORVLQG VHFLXQL GLQ HSLJDVWUX SHQWUX OREXO VWQJ
L FDXGDW  GLQ  KLSRFRQGUXO GUHSW VXEFRVWDO VH YG OREXO GUHSW YHQHOH KHSDWLFH
YHQD SRUW GUHSW SDWXO YH]LFLL ELOLDUH UDSRUWXULOH FX ULQLFKLXO L FRORQXO  'LQ DERUG
LQWHUFRVWDOVHYGVHJPHQWHOHVXEGLDIUDJPDWLFH9&,LYHQHOHKHSDWLFH0RGLILFULOH
SHFDUHOHSRDWHGHFHODXQH[DPHQHFRJUDILFVXQW
t PRGLILFUL DOH GLPHQVLXQLORU GLPHQVLXQLOH QRUPDOH DOH ILFDWXOXL VXQW 
FP Q D[ WUDQVYHUVDO QWUH H[WUHPLWLOH OREXOXL VWQJ L GUHSW OREXO GUHSW DUH 
 FP Q GLDPHWUXO DQWHURSRVWHULRU L  FP Q GLDPHWUXO FUDQLRFDXGDO SH OLQLD
PHGLRFODYLFXODU GUHDSW 6XQW LPSRUWDQWH UDSRUWXULOH QWUH GLDPHWUHOH DQWHUR

SRVWHULRDUHDOHORELORUKDSDWLFLOREVWQJOREGUHSWLOREVWQJOREFDXGDWFDUHVXQW
QPRGQRUPDOGH+HSDWRPHJDOLDHVWHGHILQLWGHFUHWHUHDGLPHQVLXQLORUL
PRGLILFDUHDUDSRUWXOXLGLQWUHORELLKHSDWLFLDSDUHQKHSDWRSDWLLGHGLYHVHHWLRORJLL
FLUR]H PDL DOHV DOFRROLFH  VWHDWR] KHSDWLF VWD]D VLVWHPLF EROL QHRSOD]LFH
VFGHUHDGLPHQVLXQLORUKHSDWLFHDSDUHQVWDGLLDYDQVDWHDOHFLUR]HLKHSDWLFH PDL
DOHV YLUDOH  LQLLDO PRGLILFDUHD FRQVW Q UHGXFHUHD OREXOXL GUHSW KHSDWLF ID GH
OREXOVWQJLFDXGDWFDUHDSDUKLSHUWURILDL
t PRGLILFULOH GH HFRVWUXFWXU L HFRJHQLWDWH Q PRG QRUPDO HFRJHQLWDWHD
ILFDWXOXLHVWHPDLPLFGHFWDSDQFUHDVXOXLLPDLPDUHGHFWDFRUWLFDOHLUHQDOH
LDUVWUXFWXUDHVWHRPRJHQ
 FHD PDL IUHFYHQW PRGLILFDUH FH SRDWH IL GLDJQRVWLFDW HFRJUDILF HVWH
HFRVWUXFWXUDGHWLSVWHDWR]LFFDUDFWHUL]DWGHFUHWHUHDHFRJHQLWLLILFDWXOXL
)LFDWXODSDUHPDLVWUOXFLWRUFXHYLGHQLHUHDPDLEXQDYHQHORUKHSDWLFHFX
IHQRPHQ GH DWHQXDUH SRVWHULRDU YL]XDOL]DUHD VODE D VWUXFWXULORU KHSDWLFH
SURIXQGH   FUHWHUHD GLPHQVLXQLORU GH RELFHL GLIX] ([LVW L IRUPH
SDUFHODUHFHSUH]LQWDULLGHFUXDUH KLSRHFRJHQH DOHSDUHQFKLPXOXLPDLDOHV
SHULKLODU$SDUHODDOFRROLFLQGLVOLSLGHPLLGLDEHWWH]DXULVPR]H
 Q FLUR]H VWUXFWXUD ILFDWXOXL HVWH SURIXQG DOWHUDW SDUHQFKLPXO KHSDWLF DYQG
HFRJUDILFXQDVSHFWUHWLFXODUPLFURQRGXODUVDXQRGXODU1RGXOLLGHUHJHQHUDUH
VXQWKLSRHFRJHQLFXGLPHQVLXQLPDULQFLUR]DYLUDOLELOLDUSULPLWLY SQQ
PP FXGLPHQVLXQLPDLPLFLQFLUR]DDOFRROLFFQGJHQHUHD]PRGLILFUL
GLIX]H GH HFRVWUXFWXU $FHWL QRGXOL GH UHJHQHUDUH SRW DPSUHQWD YHQHOH
KHSDWLFHDFHVWHDDYQGXQWUDLHFWVLQXRVOHSRWGLVORFDVDXFRODEDLIUHFYHQW
GHIRUPHD]FDSVXODKHSDWLF
t PRGLILFULDOHFDSVXOHLKHSDWLFHFDUHGLQOLQHDUGHYLQHQHUHJXODWVDXERVHODW
DSDUH Q DIHFLXQL WXPRUDOH VXEFDSVXODUH VDX Q FLUR]H GDWRULW QRGXOLORU GH
UHJHQDUHPDLELQHHYLGHQLDWHQSUH]HQDDVFLWHL
t WXPRULOHKHSDWLFHEHQLJQHVXQWELQHGHOLPLWDWHQXGLVORFLQXLQYHGHD]YDVHOH
KHSDWLFHODH[DPHQXO'RSSOHUQXSUH]LQWVHPQDOFLUFXODWRU&HOPDLDGHVHDVXQW
 KHPDQJLRDPHIRUPDLXQLKLSHUHFRJHQHPLFL FP PDLIUHFYHQWVLWXDWHQ
OREXOGUHSWELQHGHOLPLWDWHQXSUH]LQWVHPQDO'RSSOHUGDWRULWIOX[XULORUOHQWH
QLQWHULRU
 FKLVWH SDUD]LWDUH FKLVW KLGDWLF   IRUPDLXQL GH RELFHL WUDQVRQLFH IUHFYHQW
XQLFHGHGLPHQVLXQLPDUL FP FXYH]LFXOHILLFHQLQWHULRUVHGLPHQW
FX PHPEUDQ SURSULH HYROXLD ORU SRDWH LPSOLFD GHFRODUHD PHPEUDQHL FH
IORWHD]QOLFKLGFDOFLILFDUHD PDLDOHVDPHPEUDQHL UXSHUHDQFLOHELOLDUH
FRPSUHVLXQHSHVWUXFWXULQYHFLQDWHVXSUDLQIHFWDUHD
 FKLVWH KHSDWLFH VLPSOH  IRUPDLXQL WUDQVRQLFH RYDODUH VDX URWXQGH FX
GHOLPLWDUHQHWIUFDSVXOFXHFRXULQLQWHULRUGDWHGHPHPEUDQH
 DGHQRDPHOH KHSDWLFH  KLSRHFRJHQH ELQH GHOLPLWDWH PDL IUHFYHQW Q

DSURSLHUHDFDSVXOHLKHSDWLFH
 DEFHVH  IRUPDLXQL VODE GHOLPLWDWH LQRPRJHQH KLSRHFRJHQH GDWRULW
QHFUR]HORUFXKDORXHFRJHQQMXUGDWGHLQIODPDLDSDUHQFKLPXOXLXQHRULFX
DHUQLQWHULRUFHFUHD]UHYHUEHUDLL
t WXPRULOHKHSDWLFHPDOLJQHVXQWSULPDUHVDXVHFXQGDUH PHWDVWD]HGLQFDQFHUH
FXGLYHUVHORFDOL]UL 
 KHSDWRFDUFLQRP +&&  DUH HFRVWUXFWXU YDULDELO GH RELFHL VF]XW 
HFRJHQLWDWHD FUHWH FX FUHWHUHD Q GLPHQVLXQL D WXPRULL  FX KDORX
SHULWXPRUDOLQRPRJHQHDXGHOLPLWDUHVODESUH]LQWLQYD]LHYDVFXODULYDVH
GHQHRIRUPDLH
 FRODQJLRFDUFLQRPXO &&&   XQLF VDX PXOWLSOX DUH R VWUXFWXU KLSRHFRJHQ
FQG DUH GLPHQVLXQL PLFL HFRJHQLWDWHD FUHWH FQG FUHVF GLPHQVLXQLOH
ORFDOL]DUHDHVWHPDLIUHFYHQWVXEFDSVXODUQOREXOGUHSWSRWDSDUHGLODWULGH
FLELOLDUHLDUKDORXOSHULWXPRUDOHVWHPDLUDUQWOQLW
t VLQGURPXO GH KLSHUWHQVLXQH SRUWDO +73  VH GDWRUHD] XQXL EDUDM SUH
 LQWUD VDX SRVWVLQXVRLGDO WURPER] GH YHQ SRUW FLUR]H WURPER]H GH YHQH
VXSUDKHSDWLFH HWF  FH GHWHUPLQ FUHWHUHD SUHVLXQLORU Q VLVWHPXO YHQHL SRUWH
(FRJUDILF VH GHWHUPLQ FUHWHUHD GLDPHWUXOXL YHQHL SRUWH 93!PP Q PRG
QRUPDO93PPODQLYHOXOKLOXOXLFXYDULDLLQIXQFLHGHUHVSLUDLHLGHVWDUHD
SRVWSUDQGLDO VDX dD MHXQs  D YHQHL VSOHQLFH 96!PP QRUPDO 96PP  L D
YHQHLPH]HQWHULFHVXSHULRDUH 906!PPQPRGQRUPDO906PP $SDULLD
XQWXULORU VLVWHPLFH VH RELHFWYHD] OD QLYHO FRURQDURJDVWURHVRIDJLDQ FQG YHQD
FRURQDUJDVWULFDUHGLDPHWUXOSHVWHPPLSULQHYLGHQLHUHDHFWD]LLORUYHQRDVH
SHULHVRIDJLHQH Q SDWXO YH]LFLL ELOLDUH Q KLOXO VSOHQLF VDX DSDULLD GH WUDLHFWH
VSOHQRUHQOH 5HFDQDOL]DUHD OLJDPHQWXOXL URWXQG HVWH R DOW PRGLILFDUH Q +73
YL]LELOFDRIRUPDLXQHKLSRHFRJHQQWUHOREXOVWQJLFHOGUHSWKHSDWLF QPRG
QRUPDOVHGHFHOHD]FDRVWUXFWXUKLSHUHFRJHQ $VFLWDHVWHXQVHPQLPSRUWDQW
GH +73 GHFRPSHQVDW YL]LELO PDL DOHV SHULKHSDWLF VXEKHSDWLF SHULVSOHQLF
L Q VSDLXO UHFWRYH]LFDO WUDQVRQLF GH RELFHL IU HFRXUL Q LQWHULRU $SDUH GH
DVHPHQHDVSOHQRPHJDOLHRPRJHQFXGLDPHWUXOSHVWHFPQD[XOOXQJ QWUH
FHL GRL SROL  0RGLILFULOH KHPRGLQDPLFH VXQW HYLGHQLDWH OD H[DPHQXO 'RSSOHU
YLWH]HOH IOX[XOXL VDQJXLQ SRUWDO VXQW VF]XWH VXE FPVHF QRUPDO FPVHF
FXYDULDLLQIXQFLHGHUHVSLUDLHSR]LLHYUVW LDUGHELWXOSRUWDOHVWHOPLQ
Q PRG QRUPDO OPLQ  /D H[DPHQXO 'RSSOHU FRORU VH HYLGHQLD] XQ VHQV
GHFLUFXODLHDOVQJHOXLELGLUHFLRQDOIDGHDVSHFWXOQRUPDODOFXUJHULLVQJHOXLQ
VLVWHPXOSRUWXQLGLUHFLRQDOKHSDWRSHW'HDVHPHQHDFUHVFGHELWXOLYLWH]HOHGH
FLUFXODLHQDUWHUDKHSDWLF
&ROHFLVWLFLELOLDUH
([DPLQDUHD HFRJUDILF D FROHFLVWXOXL L DUERUHOXL ELOLDU SHUPLWH Q PDUH SDUWH
GLDJQRVWLFXO PRGLILFULORU PRUIRORJLFH FX DFHDVW ORFDOL]DUH HYLGHQLHUHD FDOFXOLORU

D WXPRULORU L D FRPSOLFDLLORU DFHVWRUD HOXFLGDUHD FDX]HORU VLQGURDPHORU LFWHULFH 


ILLQG REOLJDWRULH H[DPLQDUHD WXWXURU VWUXFWXULORU GLQ DEGRPHQXO VXSHULRU 6H

)LFDW
$VFLW
5LQLFKL

)LJ(FRJUDILHDEGRPLQDOFX
YL]XDOL]DUHDILFDWXOXLDOLFKLGXOXLGH
DVFLWLDULQLFKLXOXLGUHSW

XWLOL]HD]VHFLXQLHIHFWXDWHQHSLJDVWUXLKLSRFRQGUXOGUHSWFXSDFLHQWXOQGHFXELW
GRUVDO VDX ODWHUDO VWQJ IRORVLQG DSQHHD SRVWLQVSLUDWRULH SHQWUX RELQHUHD GH
VHFLXQL WUDQVYHUVDOH VDJLWDOH REOLFH DOH QWUHJXOXL DUERUH ELOLDU FL ELOLDUH LQWUD L
H[WUDKHSDWLFHFROHFLVW 
&ROHFLVWXOVHHYLGHQLD]FDRIRUPDLXQHSLULIRUPWUDQVRQLFFXGLDPHWUHYDULDELOH
Q IXQFLH GH VWDUHD GH FRQWUDFLH SRVWSUDQGLDO IU FD GLDPHWUXO WUDQVYHUVDO DO
DFHVWXLD V GHSHDVF  FP  FX SHUHL HFRJHQL FDUH Q VWDUHD QHFRQWUDFWDW DX
PP JURVLPH SHVWH PP VXQW SDWRORJLFL  &LOH ELOLDUH DX GLDPHWUHOH PD[LPH
GH PP Q SRULXQHD LQLLDO D FLORU ELOLDUH LQWUDKHSDWLFH &%,+  PP OD QLYHOXO
FDQDOXOXLKHSDWLFFRPXQ &+& LPPODQLYHOXOFROHGRFXOXL PD[LPPPQFD]
GHFROHFLVWHFWRPLH 0RGLILFULOHSHFDUHOHSRDWHGHFHODH[DPHQXOHFRJUDILFVXQW
t PRGLILFUL GH IRUP DOH FROHFLVWXOXL  FROHFLVW VHSWDW Q IRUP GH dERQHW
IULJLDQs PXOWLVHSWDW GXEOX VDX FX GLYHUWLFXOL ([LVW PRGLILFUL GDWRUDWH XQRU
FXGXULDOHFROHFLVWXOXLFDUHGLVSDUFXPRGLILFDUHDSR]LLHLSDFLHQWXOXLFDUHQXDX
VHPQLILFDLHSDWRORJLF
t PRGLILFULGHYROXPDOHFROHFLVWXOXL
 FUHWHUHD YROXPXOXL FROHFLVWXOXL DSDUH Q SRVW SUHOXQJLW VDX SRVWRSHUDWRU
QXWULLH SDUHQWHUDO  KLGURFROHFLVW FROHFLVWLWD DFXW REVWUXFLH ELOLDU FX
FLVWLF SHUPHELO VHPQXO &RXUYRLVLHU7HUULHU  DWRQLH Q QHXURSDWLL GLDEHWLFH
SRVWYDJRWRPLH 
 VFGHUHDYROXPXOXLDSDUHQFROHFLVWLWDVFOHURDWURILFQFDQFHUHOHYH]LFXODUH
SULQ REVWUXFLH FRPSOHW QDLQWH GH DEXDUHD FDQDOXOXL FLVWLF FROHFLVWRVWRPLL
ILVWXOHSHUIRUDLL
t OLWLD]D YH]LFXODU VH FDUDFWHUL]HD] SULQ SUH]HQD Q LQWHULRUXO FROHFLVWXOXL D XQRU
LPDJLQL KLSHUHFRJHQH FX GLPHQVLXQL YDULDELOH PPFP  XQLFH VDX PXOWLSOH FX
FRQGHXPEUSRVWHULRUPRELOHVLWXDWHQSRULXQLOHGHFOLYHXQHRULSXWQGRFXSD
QWUHJOXPHQXOYH]LFXOHL
t PRGLILFULDOHFRQLQXWXOXLYH]LFLLELOLDUH 9%

 dVOXGJHs VDX QRURLXO ELOLDU HVWH GLVSXV GHFOLY FX LQWHUID OLQLDU ID GH
FRQLQXWXO OLFKLGLDQ YH]LFXODU PRELO XQHRUL DJORPHUDW VXE IRUP GH EXOJUL
dVOXGJHEDOOVs 
 KHPRELOLH VDX FKHDJXUL Q KHPRUDJLD LQWUDFROHFLVLF JHQHUHD] LPDJLQH

)LFDW
&ROHFLVW

)LJ(FRJUDILHDEGRPLQDOFX
YL]XDOL]DUHDILFDWXOXLFROHFLVWXOXLLDXQXL
FDOFXOIORWDQWYH]LFXODU

&DOFXO
HFRJHQIUFRQGHXPEUFHRFXSSDULDOVDXWRWDOOXPHQXOYH]LFXODU
 SXURLFDUHQXHVWHVWULFWGHFOLYLFDUHGDFRFXSWRDWYH]LFDELOLDUFUHD]XQ
DVSHFWSVHXGRSDUHQFKLPDWRV
t PRGLILFULOHSHUHWHOXLFROHFLVWLFVXQWQJHQHUDO
 QJURUL GLIX]H SHVWH  PP  FH DSDU IL]LRORJLF SRVWSUDQGLDO  Q SURFHVHOH
LQIODPDWRULL XQHRUL FX DVSHFW GH dGXEOX FRQWXUs  FROHFLVWLWH DFXWH L
FURQLFH QDOWHHGHPHFHQVRHVFVWD]DFDUGLDFFLUR]DKHSDWLFKHSDWLWHOH
KLSRSURWHLQHPLLOHGHRULFHFDX]
 PRGLILFULIRFDOHDOHSHUHWHOXLFROHFLVWLFDSDUQFROHFLVWLWHDFXWHFXQHFUR]H
DEFHVHVDXKHPRUDJLLLQWUDSDULHWDOHFHGDXLPDJLQLPLFLKLSRVDXKLSHUHFRJHQH
Q JURVLPHD SHUHWHOXL 9% FRQIHULQGXL XQ DVSHFW LQRPRJHQ FROHVWHUROR]D
YH]LFXODU FH DSDUH ILH FD SROLSL FROHVWHURORWLFL SURWUX]LYL Q OXPHQ GH 
PPHFRJHQLILHFDIRUPDLXQLPLFLKLSHUHFRJHQHLQWUDSDULHWDOHFXDUWHIDFW
dQ FRDG GH FRPHWs FULVWDOHOH GH FROHVWHULQ  VDX QHUHJXODULWL GLIX]H DOH
FRQWXUXOXL LQWHULRU DO 9% dYH]LFXOD IUDJs  FDQFHUXO  YH]LFXODU SRDWH JHQHUD
QJURDUHGLIX]DSHUHWHOXLFROHFLVWLFVDXPDVHKLSRHFRJHQHLQRPRJHQHVDX
IRUPDLXQL SROLSRLGH FH RFXS R SDUWH GLQ OXPHQXO 9% GLPHQVLXQL PDL PDUL
GHFW DOH SROLSLORU FROHVWHURORWLFL SHVWH PP  Q IRUPHOH DYDQVDWH SULQ
LQYD]LHGXFQGODGLVSDULLDOXPHQXOXLYH]LFXODU
t OLWLD]D GH FL ELOLDUH  G R LPDJLQH UHIOHFWRJHQ FX FRQ GH XPEU XQLF VDX
PXOWLSO DVRFLDW FX GLODWDUHD GH FL ELOLDUH VXSUDLDFHQW REVWDFROXOXL  OLWLD]D
YH]LFXODU FDOFXOLL SRW V QX GHD XPEU SRVWHULRDU VDX SRW IL JUHX GH YL]XDOL]DW
GDFVXQWVLWXDLQFROHGRFXOGLVWDO GDWRULWUDSRUWXULORUFXGXRGHQXO FHHDFHIDF
XQHRULGLILFLOGLDJQRVWLFXO
t GLODWDUHD GH FL ELOLDUH ([DPHQXO HFRJUDILF SHUPLWH HYLGHQLHUHD GLODWULORU

GH FL ELOLDUH L LGHQWLILFDUHD REVWDFROXOXL FHO PDL IUHFYHQW UHSUH]HQWDW GH OLWLD]
FROHGRFLDQ WXPRUL PDOLJQH KHSDWLFH FDQFHUH GH FL ELOLDUH DPSXORDPH WXPRUL
DOH DPSXOHL 9DWHU  FDOFXO LQFODYDW OD QLYHOXO DPSXOHL QHRSOD]LL SDQFUHDWLFH
SDQFUHDWLWH FKLVWHSDQFUHDWLFH FRODQJLWH VFOHUR]DQWHLQIODPDWRULLHWF QIXQFLH
GHQLYHOXOREVWDFROXOXLVHFRQVWDW
 GLODWUL GH FL ELOLDUH LQWUDKHSDWLFH FDUH GHYLQ DSDUHQWH Q VWUXFWXUD
SDUHQFKLPXOXL KHSDWLF XQGH FX DSDUDWHOH RELQXLWH QX SRW IL LGHQWLILFDWH Q
PRGQRUPDO UHDOL]QGVHPQXOdHYLLGHSXFs FDLELOLDUHGLODWDWHUDPXULGH
93 
 GLODWDUHDFROHFLVWXOXLFXD[XOWUDQVYHUVDOSHVWHFPLDUFHOOXQJSHVWHFPFX
IRUP URWXQMLW FX QRURL ELOLDU GDF FLVWLFXO HVWH SHUPHDELO L REVWUXFLD HVWH
VLWXDWVXEQLYHOXODEXULLOXL
 GLODWDUHD FROHGRFXOXL SHVWH YDORULOH QRUPDOH SRW IL LGHQWLILFDWH L PRGLILFULOH
GHSHUHWHFROHGRFLDQSUH]HQDGHFDOFXOLXQLFLVDXPXOWLSOLVDXDREVWDFROXOXL
DPSXODUVDXSDQFUHDWLF
3DQFUHDV
3HQWUXH[DPLQDUHDSDQFUHDVXOXLVHIRORVHVFVHFLXQLQHSLJDVWUXSHQWUXYL]XDOL]DUHD
UHJLXQLL FDSXOXL L D FRUSXOXL L IHUHDVWUD VSOHQLF VDX VHFLXQL WUDQVORPEDUH VWQJL
SHQWUX YL]XOL]DUHD FR]LL SDQFUHDVXOXL ([DPLQDUHD VH IDFH GXS UHSDXV DOLPHQWDU L
HYHQWXDO GXS DGPLQLVWUDUHD GH OLFKLG GHJD]DW FQG VWRPDFXO GHYLQH R IHUHDVWU FH
IDYRUL]HD]H[DPLQDUHD6WUXFWXUDSDQFUHDVXOXLHVWHILQPLFURQRGXODUFXGHOLPLWDUH
QHWLHFRJHQLWDWHPDLPDUHGHFWDSDUHQFKLPXOXLKHSDWLFQIRUPGHdKDOWHUs
FX GLDPHWUHOH DQWHURSRVWHULRDUH DFFHSWDWH OD DGXOW GH PP OD QLYHOXO FDSXOXL
PP OD QLYHOXO FRUSXOXL FP OD QLYHOXO FR]LL 'XFWXO :LUVXQJ DUH GLDPHWUX
PDLPLFGHPPYL]LELOSHOXQJLPLGHPD[LPFP(FRHQGRVFRSLDFRQWULEXLHOD
GLDJQRVWLFXO IRUPDLXQLORU WXPRUDOH PLFL DOH SDQFUHDVXOXL WXPRUL HQGRFULQH  SH FDOH
WUDQVJDVWULF FX SRVELOLWDWHD HIHFWXULL SXQFLLORUELRSVLH 0RGLILFULOH SDWRORJLFH FH
SRWILGHFHODWHHFRJUDILFVXQW
t SDQFUHDWLWD DFXW  SRDWH EHQHILFLD SHQWUX GLDJQRVWLF L XUPULUH GH DSRUWXO
HFRJUDILHL GDU OH]LXQLOH VXQW PDL ELQH FXDQWLILFDWH OD H[DPHQXO FRPSXWHU
WRPRJUDILF Q SDQFUHDWLWD DFXW DSDU PRGLILFUL GH YROXP L DOWHUUL DOH VWUXFWXULL
GHFHODELOHHFRJUDILFQIXQFLHGHIRUPDFOLQLFSDQFUHDWLWDDFXWHGHPDWRDV
FUHWHUH Q YROXP FX VWUXFWXU UHODWLY RPRJHQ KLSRHFRJHQ D SDUHQFKLPXOXL
FXDPSUHQWDUHDVWRPDFXOXLSDQFUHDWLWDDFXWIRUPPHGLHFUHWHUHDQYROXP
HVWH PDL HYLGHQW GHOLPLWDUHD JODQGHL HVWH QHW GDU VWUXFWXUD HVWH LQRPRJHQ
FX]RQHGHHGHP KLSRHFRJHQH QHFUR]LKHPRUDJLH PDLHFRJHQH HOHPHQWXO
FDUDFWHULVWLF ILLQG SUH]HQD OLFKLGXOXL Q ORMD SDQFUHDWLF L D IX]HHORU SDQFUHDWLWLFH
UHWURJDVWULF LQWHULOHDO SDUDFROLF SHULVSHOQLF Q IXQGXO GH VDF 'RXJODV
 SDQFUHDWLWD DFXW QHFURWLFRKHPRUDJLF SDQFUHDVXO DUH FRQWXUXO GHIRUPDW
VWUXFWXUD SURIXQG LQRPRJHQ IX]HHOH OLFKLGH VXQW DEXQGHQWH FX HFRXUL HFRJHQH
FKHDJXULILEULQ  DSDU WURPER]H Q VLVWHPXO SRUW VSOHQRPHJDOLH SVHXGRFKLVWH

LQLLDO]RQKLSRHFRJHQQHRPRJHQVODEGHOLPLWDWFXHIHFWGHGLVORFXLUHSHQWUX
FD RGDW FX dPDWXUDUHDs FRQLQXWXO V GHYLQ WUDQVRQLF L V DSDU SHUHWHOH 
$EFHVXOSDQFUHDWLFSRDWHDSDUHSULQVXSUDLQIHFWDUHDXQRUDVHPHQHDOH]LXQLLDUH
DVSHFWKHWHURJHQFXFRQLQXWDHULFFHUHDOL]HD]UHYHUEHUDLL
t SDQFUHDWLWD FURQLF VH FDUDFWHUL]HD] SULQ PRGLILFUL DOH GLPHQVLXQLORU FUHWHUH
VDX VFGHUH  FRQWXU GHIRUPDW SUH]HQD FKLVWHORU  GDWRULW REVWUXFLLORU GXFWDOH
FDOFLILHULLQWUDSDUHQFKLPDWRDVH PDLDOHVQHWLRORJLDDOFRROLF GLODWDUHDLPSRUWDQW
DFDQDOXOXL:LUVXQJ PDLDOHVQSDQFUHDWLWDREVWUXFWLY 
t FDQFHUXO SDQFUHDWLF FHO PDL IUHFYHQW  DGHQRFDUFLQRP  HVWH GLDJQRVWLFDW
HFRJUDILF Q VWDGLL WDUGLYH PDL IUHFYHQW HVWH ORFDOL]DW Q UHJLXQHD FDSXOXL
SDQFUHDWLF FQG HVWH YL]LELO DUH GLPHQVLXQL PDUL  PP  GH RELFHL FX VWUXFWXU
SDUHQFKLPDWRDV VODE GHOLPLWDW HFRJHQLWDWH VF]XW (FRJUDILF VH GHFHOHD]
L FRPSOLFDLLOH DFHVWXLD GLODWDLL GH FL ELOLDUH LQWUDKHSDWLFH VLPHWULFH DVSHFW GH
KLGURSVYH]LFXODUGLODWDLDFROHGRFXOXLLQJXVWDUHDSURJUHVLYDDFHVWXLDGLODWDUHD
FDQDOXOXL:LUVXQJLQYD]LDVWUXFWXULORUGHYHFLQWDWH
t FKLVWHOH SDQFUHDWLFH PXOWLSOH L FKLVWXO SDQFUHDWLF VLPSOX VXQW  FRQJHQLWDOH SRW
DSDUH Q FDGUXO EROLL FKLVWLFH PXOWLRUJDQLFH UHQDOH KHSDWLFH   DSDU FD IRUPDLXQL
ELQHGHOLPLWDWHWUDQVVRQLFH
7XEGLJHVWLY
3HQWUX H[DPLQDUHD WXEXOXL GLJHVWLY VH IRORVHWH HFRJUDILD GH VXSUDID L FHD
HQGRFDYLWDU(FRJUDILDWUDQVDEGRPLQDODWXEXOXLGLJHVWLYVHHIHFWXHD]QFRQGLLLGH
UHSDXVDOLPHQWDUHYHQWXDOGXSDGPLQLVWUDUHDGHOLFKLGHGHJD]DWH SHQWUXFHUFHWDUHD
SHUWHOXL VWRPDFXOXL  VDX KLGURVRQRJUDILD FROLF GXS DGPLQLVWUDUHD XQHL FOLVPH FX
DS SHQWUX H[DPLQDUHD SHUHWHOXL FROLF  6H GHFHOHD] PRGLILFULOH SHUHWHOXL WXEXOXL
GLJHVWLY DQRPDOLL GH SHULVWDOWLF L FRQLQXW UDSRUWXULOH FX VWUXFWXULOH GLQ MXU 3HUHLL
WXEXOXLGLJHVWLYDXRVWUXFWXUQVWUDWXULODPLQDUFXRJURVLPHPHGLHGHSQOD
FPYDULDELOFXSUH]HQDXQGHORUSHULVWDOWLFH&RQLQXWXOWXEXOXLGLJHVWLYYDULD]Q
IXQFLHGHVHJPHQWLGHWLPSXOVFXUVGHODLQJHVWLDDOLPHQWHORUQVWRPDFXOdDMHXQs
QXH[LVWFRQLQXWDOLPHQWDULVDXVHFUHWRU H[LVWDHUQIRUQL[ LQWHVWLQXOVXELUHDUH
FRQLQXW PL[W PDL IUHFYHQW OLFKLGLDQ LDU FRORQXO DVFHQGHQW L WUDQVYHUV DX FRQLQXW
SUHSRQGHUHQW JD]RV SH FQG FHO GHVFHQGHQW FRQLQXW VROLG 0RGLILFULOH SDWRORJLFH
FHSRWILGHFHODWHVXQW
t VLQGURDPHOH REVWUXFWLYH FX GLIHULWH ORFDOL]UL VH FDUDFWHUL]HD] SULQ SUH]HQD
GLVWHQVLHL VXSUDLDFHQWH REVWDFROXOXL FX SHULVWDOWLF YLH PDL SXLQ Q SDUH]H
GLJHVWLYH LOHXVXUL  FX PRGLILFDUHD FRQLQXWXOXL Q VHQVXO FUHWHULL DFHVWXLD
GHDVXSUD REVWDFROXOXL L D GLPLQXULL OXL VXE QLYHOXO REVWUXFLHL FHO PDL DGHVHD
PL[W SUHGRPLQHQW OLFKLGLDQ KLSHUVHFUHLH L LQJHVWLH  FX QJURDUHD SHUHLORU
/D QLYHOXO VWRPDFXOXL Q FD] GH VWHQR] SLORULF DSDU Q FRQLQXWXO OLFKLG UHVWXUL
DOLPHQWDUHKLSHUHFRJHQHFHFUHD]DVSHFWXOGHdQLQVRDUHs2FOX]LDLQWHVWLQDOQ
REOLJODLGHQWLILFDUHDREVWDFROXOXL QHRSOD]LHVLQGURPDGHUHQLDOLQYHJLQDLH 

t VLQGURDPHOH LQIODPDWRULL GXF OD QJURUL DOH SHUHWHOXL GLJHVWLY VXE PP
GLIX]HRPRJHQHKLSRHFRJHQHFXOXPHQFHQWUDOGDUFXQJXVWDUHDOXLFXDOWHUDUHD
VWUXFWXULORUYL]LELOHQPRGQRUPDO SOLXULKDXVWUH /H]LXQLOHPXFRDVHLGDXLPDJLQL
HFRJHQH L UHYHUEHUDLL SULQ FRQLQXWXO KLGURDHULF %ROLOH LQIODPDWRULL FURQLFH
LQWHVWLQDOH ERDOD&URKQLUHFWRFROLWDXOFHURKHPRUDJLF GDXQDIDUDPRGLILFULORU
QHVSHFLILFH L DOWH PRGLILFUL HFRJUDILFH HVXW JUVRV HFRJHQ SHULOH]LRQDO
LQILOWUDUHD L ILEUR]DUHD SHUHLORU FDUH GHYLQ QHUHJXODL OLSVLL GH SHULVWDOWLF FX
VWHQR]HWUDLHFWHILVWXORDVH %& SVHXGRSROLSLFHQJURPXFRDVDGHKDXVWDUHDL
GLODWDUHDFRORQXOXL 5&8+ 
t QHRSOD]LLOH WXEXOXL GLJHVWLY VH FDUDFWHUL]HD] SULQ QJURDUH SDULHWDO FH
GHSHWH  PP FX DOWHUDUHD VWXFWXULL ODPLQDUH VHJPHQWDU OH]LXQLOH ILLQG
KLSRHFRJHQHKLSHUHFRJHQH LQRPRJHQH 5HDOL]HD]  LPDJLQL WLSLFH Q VHFLXQH
ORQJLWXGLQDO DVSHFWXO HVWH dUHQLIRUPs FX SHUHL QJURDL KLSRHFRJHQL L OXPHQ
KLSHUHFRJHQ LDU QVHFLXQH WUDQVYHUVDO DVSHFWXO HVWH GH dFRFDUGs FLUFXODU FX
SHULIHULDKLSRHFRJHQLFHQWUXO OXPHQXO KLSHUHFRJHQ6HSRWGHVFULHDGHQRSDWLLOH
VDWHOLWHKLSRHFRJHQHURWXQGHDGHUHQHVDXLQYD]LLQVWUXFWXULOHYHFLQHDOWHUDUHD
SHULVWDOWLFLLSUH]HQDDVFLWHL

(FRHQGRVFRSLD
(FRHQGRVFRSLD HVWH R PHWRG GH H[SORUDUH LPDJLVWLF FH SHUPLWH H[DPLQDUHD FX
DMXWRUXO XOWUDVXQHWHORU D XQRU VWUXFWXUL FH SRW IL DERUGDWH GLQ LPHGLDWD YHFLQWDWH
SULQ LQWURGXFHUHD WUDQVGXFWRULORU SH FL QDWXUDOH 3HQWUX DFHDVWD VH IRORVHVF
HQGRVFRDSH SH FDUH VXQW PRQWDWH WUDQGXFWRDUH QYHOLWH QWUR PHPEUDQ FDUH
OD ORFXO H[DPLQULL VH XPSOX FX DS FH FRQVWLWXLH XQ PHGLX EXQ GH WUDQVPLVLH DO
XOWUDVXQHWHORU  IDFLOLWQG H[DPLQDUHD SULQ DSOLFDUHD GLUHFW SH OH]LXQH ,PDJLQHD FH
VH RELQH FX HFRHQGRVFRSXO HVWH XQD FLUFXODU SH FDUH VH LGHQWLILF FHOH  VWUDWXUL
DOH SHUHWHOXL WXEXOXL GLJHVWLY ILLQG IRORVLW Q HFRHQGRVFRSLD GLJHVWLY VXSHULRDU L
D FRORQXOXL 0LFURWUDGXFWRDUHOH WUDGXFWRDUH HQGRFDYLWDUH LQGHSHQGHQWH  VXQW PLFL
GLVSR]LWLYHFHHPLWLUHFHSLRQHD]XOWUDVXQHWHFDUHLQWURGXVHSULQFDQDOXOGHELRSVLH
DO HQGRVFRSXOXL L DSOLFDWH GLUHFW SH OH]LXQH IXUQL]HD] LPDJLQL OLQHDUH ORFDOL]DWH GH
OD QLYHOXO OH]LXQLL (QGRVFRSLF VH LGHQWLILF OH]LXQLOH L VH UHFROWHD] PDWHULDO ELRSWLF
VXE FRQWURO YL]XDO GLUHFW LDU HFRJUDILD HQGRFDYLWDU HYDOXHD] VWUXFWXUD SDULHWDO
SURIXQ]LPHD OH]LXQLORU GHWHFWDWH GH RELFHL WXPRUL GH PLFL GLPHQVLXQL  LGHQWLILF
WXPRULOH VXEPXFRDVH DGHQRSDWLLOH VDWHOLWH UHODLD FX VWUXFWXULOH GLQ MXU DGHUHQH
LQYD]LH QHRSOD]LF  L JKLGHD] SXQFLD DVSLUDWLY SHQWUX FLWRORJLH7HKQLFD SHUPLWH
L DSOLFDUHD H[DPLQULL 'RSSOHU SHQWUX HYDOXDUHD FLUFXODLHL WXPRUDOH (FRJUDILD
HQGRFDYLWDU YL]XDOL]HD] L RUJDQHOH QYHFLQDWH WXEXOXL GLJHVWLY PHGLDVWLQ FL
ELOLDUHSDQFUHDVILFDWQFD]XO('6SURVWDWDYH]LFXOHVHPLQDOHYH]LFDXULQDUXWHU
YDJLQQFD]XOHQGRVFRSLHLGLJHVWLYHLQIHULRDUH$SRUWVHPQLILFDWLYDGXFHH[DPLQDUHD
HQGRFDYLWDU Q FD]XO VWDGLDOL]ULL FDQFHUHORU HVRIDJLHQH JDVWULFH L FRORQLFH
FODVLILFDUHD710 SUHFXPLQFD]XOWXPRULORUPLFLSDQFUHDWLFH

([SORUULIXQFLRQDOHDOHHVRIDJXOXL
0RQLWRUL]DUHDS+XOXLHVRIDJLDQ
$FHDVW LQYHVWLJDLH VH HIHFWXHD] SHQWUX RELHFWLYDUHD UHIOX[XOXL JDVWURHVRIDJLDQ
5*( LFRUHODUHDOXLFXVLPSWRPDWRORJLDVSHFLILF([SORUDUHDFRQVWQPRQLWRUL]DUHD
DPEXODWRULH WLPS GH  GH RUH D S+XOXL HVRIDJLDQ SULQ LQWURGXFHUHD WUDQVQD]DO D
XQRUHOHFWUR]L VWLFODQWLPRQLX DPSODVDLODFPGHVILQFWHUXOHVRIDJLDQLQIHULRUL
QUHJLVWUDUHDFRQWLQXDGDWHORUIXUQL]DWHGHDFHWLD'DWHOHVXQWSUHOXFUDWHHOHFWURQLF
VLVWHPHOH SHUPLQG PDUFDUHD XQRU HYHQLPHQWH Q FXUVXO ]LOHL VLPSWRPH PHVH
DFWLYLWDWH QPRGQRUPDOS+XOHVRIDJLDQHVWHPDLPDUHGH8QHSLVRGGHUHIOX[
HVRIDJLDQVHGHILQHWHSULQVFGHUHDS+XOXLVXEFXGXUDWDPLQLPGHVHF6H
DQDOL]HD]QXPUXOGHHSLVRDGHGHUHIOX[WLPSXOWRWDOGHUHIOX[ GLQK WLPSXO
GH UHIOX[ Q SR]LLH ULGLFDWFXOFDW QXPUXO GH UHIOX[XUL FX GXUDWD SHVWH  PLQXWH
UHIOX[XOFHOPDLOXQJ&HDPDLPDUHLPSRUWDQRDUHSDUDPHWUXOGDWGHGXUDWDWRWDO
QFDUHS+XOHVRIDJLDQHVWHVXE VHPQLILFDWLYFUHVFXWGDFGHSHWH L
FDUHVHFRUHOHD]ELQHFXOH]LXQLOHGHHVRIDJLWGHFHODWHHQGRVFRSLF
([DPHQXOVFLQWLJUDILF
$FHDVW H[DPLQDUH VH IRORVHWH SHQWUX GHPRQVWUDUHD UHIOX[XOXL JDVWURHVRIDJLDQ
 DVSLUDLH SXOPRQDU L SHQWUX VWXGLHUHD HYDFXULL JDVWULFH $OLPHQWHOH LQJHUDWH
GHSDFLHQWVXQWPDUFDWHFX 7FSHQWUXOLFKLGHLFX ,SHQWUXVROLGHFDOFXOQGXVH
FRQLQXWXOJDVWULFFHUHIOXHD]QHVRIDJFDUHQPRGQRUPDOQXWUHEXLHVGHSHDVF
 GLQ FDQWLWDWHD LQJHUDW &OHUHDQFHXO HVRIDJLDQ L]RWRSLF XUPUHWH WLPSXO GH
HYDFXDUHHVRIDJLDQDWUDVRUXOXLL]RWRSLFFRUHODWFXHILFLHQDPLFULORUSHULVWDOWLFH OD
GLQSDFLHQLLFX5*(HVWHSUHOXQJLW 
0DQRPHWULDHVRIDJLDQ
3ULQFLSLXO H[DPLQULL HVWH DFHODL FX DO S+PHWULHL FRQVWQG Q DPSODVDUHD
LQWUDHVRIDJLDQDXQRUGLVSR]LWLYHPLQLDWXUL]DWHSHQWUXPVXUDUHDSUHVLXQLORU3DFLHQLL
FX 5*( DX SUHVLXQHD VILQFWHUXOXL HRIDJLDQ LQIHULRU PDL UHGXV GDFW SHUVRDQHOH
QRUPDOH VXEPP+J DXFRQWUDFLLQRQSHULVWDOWLFHPDLIUHFYHQWH FHVHFRUHOHD]
FX GXUHUHD WRUDFLF QRQFRURQDULDQ  YLWH]D PDL PLF GH SURSDJDUH D FRQWUDFLLORU
L UHOD[UL WUDQ]LWRULL DOH VILQFWHUXOXL HVRIDJLDQ LQIHULRU PDL IUHFYHQWH 0DQRPHWULD
SHUPLWHFXDQWLILFDUHDIUHFYHQHLFRQWUDFLLORUQRQSHULVWDOWLFH]LXDLQRDSWHDUDSRUWXO
DFHVWRUD ID GH FRQWUDFLLOH SHULVWDOWLFH IUHFYHQD FRQWUDFLLORU QRUPDOH SHUPLQG
GLDJQRVWLFXOHWLRORJLFSRVLELODOEROLLGHUHIOX[
7HVWXOSHUIX]LHLFX+&O1 WHVWXO%HUQVWHLQ
7HVWXO FRQVW Q DGPLQLVWUDUHD FX DMXWRUXO XQXL FDWHWHU LQWURGXV OD  FP GHDVXSUD
VILFWHUXOXL HVRIDJLDQ LQIHULRU D XQHL VROXLL GH +&O FH SURGXFH VLPSWRPH SLUR]LV 
VLPLODUHFXFHOHUHVLPLWHVSRQWDQGHSDFLHQWXOFX5*(VDXVHQVLELOLWDWHODDFLG

7HVWHSHQWUXGLDJQRVWLFXOHWLRSDWRJHQLFDOVXIHULQHORU
JDVWULFHLGXRGHQDOH
'HWHUPLQDUHDVHFUHLHLDFLGH
'R]DUHDLRQLORUGH+GLQVXFXOJDVWULFUHFROWDWSULQVRQGDMJDVWULFDUHDVW]LLQGLFDLL
UHVWUQVH VLQGURPXO =ROOLQJHU(OOLVRQ KLSHUJDVWULQHPLL XOFHUH GXRGHQDOH FH QX
UVSXQG OD WUDWDPHQWXO PHGLFDPHQWRV XOFHUH SRVWRSHUDWRULL 6H GHWHUPLQ GHELWXO
DFLG ED]DO  '$% QRUPDO P(TK  L GHELWXO DFLG VWLPXODW  PD[LPDO '$0 QRUPDO
P(TK  3HQWUX VWLPXODUHD VHFUHLHL DFLGH VH IRORVHVF KLVWDPLQD KLVWDPLQD
KLGURFORULF KLVWDPLQ DFLG IRVIDWWHVWXO PD[LPDO .D\  KLVWDORJ SHQWDJDVWULQ FX
DMXWRUXOFURUDVHGHWHUPLQFDSDFLWDWHDVHFUHWRULHPD[LPLLQGLUHFWPDVDGHFHOXOH
SDULHWDOH6WLPXODUHDVHFUHLHLFXLQVXOLQD WHVWXO+ROODQGHU LSUQ]ILFWLYVHIRORVHVF
SHQWUXGHWHUPLQDUHDJUDGXOXLGHVWLPXODUHYDJDOLDSUHFLHUHDYDJRWRPLHL
([SORUDUHDPRWLOLWLLJDVWULFH
([SORUDUHD PRWLOLWLL JDVWULFH VH SUDFWLF Q HYDOXDUHD VLQGURDPHORU GLVSHSWLFH L D
VLPSWRPDWRORJLHL QHH[SOLFDWH SULQ DOWH PLMORDFH GH LQYHVWLJDLH Q DIDUD PHWRGHL
UDGLRORJLFHFXSDVWEDULWDWVHIRORVHVF
t PHWRGH ED]DWH SH XWLOL]DUHD VRQGHL UDU IRORVLWH Q SUH]HQW HVWLPHD] WLPSXO
QHFHVDU XQXL SUQ]  WHVW GH D DMXQJH Q GXRGHQ 6H IRORVHVF ILH SUQ]XUL PL[WH
ILHFRORUDQLFD]QFDUHVHGHWHUPLQGLOXLDGXRGHQDOFXGH]HYDQWDMXOSUH]HQHL
VRQGHL FH SRDWH LQWHUIHUD FX UH]XOWDWHOH WHVWXOXL 2 YDULDQW SHQWUX HYDOXDUHD
PRWLOLWLL HVWH GHWHUPLQDUHD S+XOXL LQWUDJDVWULF  GH RUH SHQWUX GHFHODUHD
FUHWHULORUDFHVWXLDSULQHSLVRDGHOHGHUHIOX[GXRGHQRJDVWULF
t PHWRGD VFLQWLJUDILF HVWH FHD PDL XWLOL]DW Q VWXGLXO PRWLOLWLL JDVWULFH 6H
IRORVHVF PDUNHUL L]RWRSLFL GLIHULL SHQWUX OLFKLGH VDX  VROLGH VWXGLLQGXVH WLPSXO
JROLULLJDVWULFHSHQWUXILHFDUHFXQRVFXWILLQGFRPSRUWDPHQWXOORUGLIHULWODHYDFXDUH
7UHFHUHD SULQ VWRPDF GH GHWHUPLQ SULQ UDGLRPHWULH H[WHUQ GDWHOH RELQXWH
SHUPLQG GHWHUPLQDUHD YLWH]HL GH HYDFXDUH JDVWULF SULQ PVXUDUHD FXUEHL GH
QMXPWLUH
t WHVWHOHUHVSLUDWRULLVHED]HD]SHIRORVLUHDDFLGRFWDQRLF PDUFDWFX & FDUHVH
PHWDEROL]HD] QXPDL OD QLYHO LQWHVWLQDO 6H PVRDU FDUERQXO UDGLRDFWLY GLQ DHUXO
H[SLUDW RELQQGXVH R FXUE FRUHODW FX WLPSXO GH HYDFXDUH JDVWULF 6H PDL
IRORVHWH Q DFHODL VFRS & Q SUQ] VROLG RFWDQRDW GH VRGLX  VDX OLFKLG DFHWDW
GHVRGLX GHWHUPLQDWXOWHULRUSULQVSHFWURIRWRPHWULHGLQDHUXOH[SLUDWFXRELQHUHD
FXUEHORUGHHYDFXDUH
t PHWRGD PDQRPHWULF HYDOXHD] FRQWUDFLLOH PXVFXODWXULL JDVWULFH PDL DOHV FHOH
DQWUDOH FRRUGRQDUHD DQWURSLORURGXRGHQDO L PRWLOLWDWHD GXRGHQDO DYQG QV
LPSRUWDQUHGXVQSUDFWLFLGH]DYDQWDMXOGLVFRPIRUWXOXLUHVLPLWGHSDFLHQW
'LDJQRVWLFXOLQIHFLHLFX+HOLFREDFWHUS\ORUL +3
3HQWUXGHWHUPLQDUHDLQIHFLHLFX+3VHIRORVHVFPHWRGHLQYD]LYH ODSDFLHQLLODFDUH
VHHIFWXHD]RHQGRVFRSLH LPHWRGHQHLQYD]LYH

t WHVWXO UDSLG FX XUHD] VH DSOLF SHQWUX IUDJPHQWXO ELRSWLF UHFROWDW HQGRVFRSLF
$FHVWD VH LQWURGXFH QWUR VROXLH GH XUHH S+   FX LQGLFDWRU GH URX IHQRO
FDUHYLUHD]ODURXODS+VXEDFLXQHDDPRQLXOXLJHQHUDWGHDFLXQHDXUHD]HL
EDFWHULHQH  6H DWHDSW  GH PLQXWH Q IXQFLH GH SRSXODLD EDFWHULDQ  GXS
FDUHVHLQWHUSUHWHD]PRGLILFDUHDFXORULLLQGLFDWRUXOXLVDX
t H[DPHQXO KLVWRSDWRORJLF DO SLHVHL ELRSVLDWH VH IDFH GXS FRORUDLH *LHPVD
:KDUWLQ6WDUU\ VDX *LPHQH] FDUH SXQ Q HYLGHQ LQIHFLD FX +3 FX PDUH
DFXUDWHH
t FXOWXUDJHUPHQXOXLQFRQGLLLPLFURDHURILOH&2OD&FRQILUPLQIHFLDFX
+3GDUHVWHPDLVFXPSLVHSUDFWLFPDLDOHVSHQWUXGHWHUPLQUHDVHQVLELOLWLL
ODDQWLELRWLFHQFD]XULOHUHIUDFWDUHODWUDWDPHQW
t PHWRGHOH QHLQYD]LYH GH RELHFWLYDUH D LQIHFLHL IRORVHVF GHWHUPLQDUHD DQWLFRUSLORU
,J* DQWL+3 SULQ PHWRGH UDSLGH RULHQWDWLYH GLQ VHUVDOLY VDX SULQ PHWRGH GH
ODERUDWRU WLS (/,6$ PDL ILGHOH FDUH SRW XUPUL Q GLQDPLF WLWUXO GH DQWLFRUSL FD
UVSXQVODWUDWDPHQWVDXSHQWUXGHWHUPLQDUHDUHFGHULORU
t RDOWPHWRGQHLQYD]LYHVWHWHVWXOUHVSLUDWRUFXXUHHPDUFDW&VDX&8UHD]D
KLGUROL]HD]XUHHDPDUFDWLJHQHUHD]&2PDUFDWFDUHDSDUHQDHUXOH[SLUDWGH
SDFLHQWODGHPLQXWH

7HVWHSHQWUXDSUHFLHUHDIXQFLHLSDQFUHDWLFHH[RFULQH
7HVWHOH IXQFLRQDOH SDQFUHDWLFH LQYHVWLJKHD] LQVXILFLHQD H[RFULQ SDQFUHDWLF PDL
DOHVQDIHFLXQLOHFURQLFHSDQFUHDWLFH
7HVWHOHGHVWLPXODUHKRUPRQDO
&HL PDL XWLOL]DL VWLPXOHQL DL VHFUHLHL SDQFUHDWLFH SHQWUX UHDOL]DUHD WHVWHORU GH
VWLPXODUH VXQW VHFUHWLQD VWLPXODWRU DO YROXPXOXL L VHFUHLHL GH ELFDUERQDW 
FROHFLVWRNLQLQD &&.VWLPXODWRUDOVHFUHLHLGHHQ]LPHSDQFUHDWLFH FHUXOHLQD DQDORJ
VLQWHWLFDO&&. 6HDGPLQLVWUHD]QSHUIX]LHHQGRYHQRDVQGR]HFHSURGXFVHFUHLH
SDQFUHDWLFPD[LPDOXNJRUSHQWUXVHFUHWLQQJNJRUSHQWUXFHUXOHLQ
3HQWUX HYDOXDUH HVWH QHFHVDU DVSLUDLD JDVWULF L LQWXEDUHD SHQWUX FROHFWDUHD
VHFUHHL SDQFUHDWLFH 3DUDPHWULL XUPULL VXQW YROXPXO FRQFHQWUDLD L GHELWXO GH
ELFDUERQDW SHQWUX VHFUHWLQ L GHELWXO OLSD]HL WULSVLQHL DPLOD]HL L FKLPLRWULSVLQHL
SHQWUX&&.9DORDUHDQRUPDODFRQFHQWUDLHLGHELFDUERQDWODVWLPXODUHDFXVHFUHWLQ
GHSHWH P(TO QWUH P(TO VHPQLILF LQVXILFLHQ XRDU LDU VXE P(T
O LQVXILFLHQ SDQFUHDWLF VHYHU 6H SUHIHU GHWHUPLQDUHD GHELWXOXL VHFUHWRU SHQWUX
GRX HQ]LPH FHO PDL VHQVLELO ILLQG GHELWXO HODVWD]HL L UDSRUWXO GHELW HODVWD]GHELW
DPLOD]
7HVWXO/XQGK
6HDGPLQLVWUHD]XQSUQ]OLFKLG ODSWHGHJUHVDWGH[WUR]XOHLYHJHWDO FHGHWHUPLQ
HOLEHUDUHD GH KRUPRQL HQGRJHQL VHFUHWLQ &&.  GLQ PXFRDVD LQWHVWLQDO FX HIHFW
FRQVHFXWLY GH VWLPXODUH DO VHFUHLHL SDQFUHDWLFH 6H DVSLU DSRL VXFXO GXRGHQDO OD

LQWHUYDOH UHJXODWH L GHWHUPLQ QLYHOXO HQ]LPHORU PDL DOHV DO WULSVLQHL $UH YDORDUH
LVWRULF GHRDUHFH HVWH GHSHQGHQW GH DOWH FRQGLLL EROL LQWHVWLQDOH LQWHUYHQLL
FKLUXUJLFDOHDVXSUDWXEXOXLGLJHVWLYFXLQGLFDLLOLPLWDWHQSUH]HQW
7HVWXOFXEHQWLURPLGD 1%73$%$
7HVWXO IRORVHWH SROLSHSWLGXO VLQWHWLF 1EHQ]RLO/WLUR]LO 1%7  DWDDW OD DFLGXO
SDUDDPLQREHQ]RLF 3$%$ FDUHGXSQJHVWLHHVWHVFLQGDWGHFKLPLRWULSVLQQ3$%$
L1%73$%$HVWHDEVRUELWFRQMXJDWODQLYHOKHSDWLFLH[FUHWDWGLQXULQXQGHHVWH
GR]DWQFD]XODFWLYLWLLFKLPLRWULSVLQLFHUHGXVHVFDGHFRQFHQWUDLDSURGXLORU3$%$
QXULQPRGLILFDUHQWOQLWQLQVXILFLHQDSDQFUHDWLF SDQFUHDWLWDFURQLF 
7HVWXOSDQFUHRODXULO
7HVWXO IRORVHWH DFWLYLWDWHD GH VFLQGDUH D HVWHUXOXL VLQWHWLF GLODXUDW GH IOXRUHVFHLQ
GHFWUHFROHVWHUROHVWHUKLGUROD]DSDQFUHDWLF)OXRUHVFHLQDHOLEHUDWHVWHDEVRUELWL
HOLPLQDWSULQXULQXQGHVHSRDWHPVXUD
7HVWHSHQWUXDSUHFLHUHDGLJHVWLHL
&UHWHUHD FDQWLWLL GH JUVLPL Q VFDXQ VWHDWRUHH SHVWH JK OD XQ DSRUW RUDO
GH J OLSLGH RUH  H[SULP PDOGLJHVWLD LQVXILFLHQD SDQFUHDWLF H[RFULQ VH
FRUHFWHD] OD DGPLQLVWUDUHD GH HQ]LPH  VDX PDODEVRUELH GH DOW FDX] QX VH
FRUHFWHD]ODDGPLQLVWDUHDGHHQ]LPHSDQFUHDWLFH
&UHWHUHD D]RWXOXL IHFDO D]RWRUHH SHVWH JK  SRDWH DSDUH Q OLSVD HQ]LPHORU
SDQFUHDWLFHLQPDODEVRUELLGHGLIHULWHHWLRORJLL

7HVWHSHQWUXLGHQWLILFDUHDKHPRUDJLLORURFXOWHQVFDXQ
7HVWHFDOLWDWLYH +DHPRFFXOW GHWHUPLQDFWLYLWDWHDSVHXGRSHUR[LGD]LFDKHPDWLQHL
GLQVFDXQ+HPDWLQDHVWHXQSURGXVGHGHJUDGDUHDOKHPRJORELQHLLGHWHUPLQYLUDMXO
GHFXORDUHDXQXLFRORUDQWVSHFLILFLPSUHJQDWQWURKUWLHSHFDUHHVWHDSOLFDWSURED
8Q WHVW HVWH SR]LWLY FQG DSDUH YLUDMXO GH FXORDUH Q FHOH  SUREH SUHOHYDWH GLQ 
VFDXQHFRQVHFXWLYH5HJLPXULOHVSHFLDOHGLQDLQWHDSUHOHYULLSUREHLQXPEXQWHVF
UH]XOWDWHOHGDUVHSRWLQWHU]LFHDOLPHQWHOHFHFRQLQSHUR[LGD]H IUXFWHOHJXPHFUXGH 
VDXSURWHLQHFXKHP FDUQHURLH 
7HVWHOHFDQWLWDWLYH +HPR4XDQW SHQWUXVQJHUULOHPLFLVXQWPDLILGHOHQXOWLPLL
DQL VDX GH]YROWDW WHVWH LPXQRORJLFH FDUH XWLOL]HD] DQWLFRUSLL PRQRFORQDOL DQWL
KHPRJORELQDXPDQFDUHVXQWPDLVHQVLELOHGDUJUHYDWHGHSUHXULPDLPDULLGHXQ
SURFHQWFRQVLGHUDELOGHUH]XOWDWHIDOVQHJDWLYH

0HWRGHGHH[SORUDUHLPDJLVWLFDOHILFDWXOXLFLORUELOLDUHL
SDQFUHDVXOXL
&RODQJLRSDQFUHDWRJUDILDUHWURJUDGHQGRVFRSLF &35(
&35( HVWH R PHWRG GH LQYHVWLJDLH HQGRVFRSLF L UDGLRORJLF FH SHUPLWH
GLDJQRVWLFXOLWUDWDPHQWXOXQRUDIHFLXQLDOHFLORUELOLDUHLSDQFUHDWLFH6HIRORVHWH
HQGRVFRSXO FX YHGHUH ODWHUDO LQWURGXV SQ Q GUHSWXO SDSLOHL GXRGHQDOH VLWXDW OD

QLYHOXOSHUHWHOXLPHGLDODO',, GHXQGHSULQWUXQFDWHWHUVHLQMHFWHD]VXEVWDQDGH
FRQWUDVWFHYDRSDFLILDVHOHFWLYFLOHELOLDUH SQODQLYHOXOFLORUELOLDUHLQWUDKHSDWLFH 
LGXFWHOHSDQFUHDWLFH&RQWUROXOLPDJLQLORUVHUHDOL]HD]UDGLRVFRSLFFHUFHWQGXVH
SURJUHVLXQHD VXEVWDQHL GH FRQWUDVW L LGHQWLILFDUHD DQRPDOLLORU GH RSDFLILHUH 'H OD
QLYHOXOSDSLOHLVHGLVWLQJXUPWRDUHOHVWUXFWXULFROHGRFFDQDOKHSDWLFFRPXQGXFWXO
FLVWLFFLOHELOLDUHLQWUDKHSDWLFHFDUHVHQJXVWHD]WUHSWDWFWUHSHULIHULH
,QGLFDLLOHLQYHVWLJDLHLVXQWOHJDWHGH
tGLDJQRVWLFXOVLQGURDPHORULFWHULFHLGHFROHVWD]
tGLDJQRVWLFXO FRPSOLFDLLORU VXUYHQLWH GXS FKLUXUJLD FLORU ELOLDUH LQFOXVLY
FROHFLVWHFWRPLL 
tGLDJQRVWLFXO VXIHULQHORU SDQFUHDVXOXL SDQFUHDWLWD DFXW ELOLDU SDQFUHDWLWD
DFXW UHFLGLYDQW VDX PRGLILFUL DOH HQ]LPHORU SDQFUHWLFH VWHDWRUHH
GLDEHW ]DKDUDW GXUHUH Q HWDMXO DEGRPLQDO VXSHULRU VDX VFGHUH Q JUHXWDWH
QHH[SOLFDWH
tSHQWUXHYDOXDUHDXQRUPRGLILFULGHFHODWHFXRFD]LDDOWRUH[DPLQUL HFRJUDILFH
UDGLRORJLFH 
tUHFROWDUHDGHVXFSDQFUHDWLFVDXELO
,QGLFDLLOHWHUSDXWLFHVXQW
tVILQFWHURWRPLDHQGRVFRSLFSHQWUXFUHDUHDXQXLDFFHVIDFLOLWDWOD&%3SHQWUX
H[WUDJHUHD FDOFXOLORU Q WUDWDPHQWXO XQRU GLVIXQFLL DOH VILQFWHUXOXL 2GGL VDX
SHQWUXPRQWDUHDSURWH]HORU
tH[WUDJHUHDGHFDOFXOL
tSURWH]DUHD FLORU ELOLDUH VDX SDQFUHDWLFH PDL DOHV Q VFRS SDOHDWLY Q EROLOH
QHRSOD]LFH
tGLODWDUHDVWULFWXULORU
tPDQRPHWULDVILQFWHUXOXL2GGL
&RQWUDLQGLFDLLOH VXQW FHOH DOH HQGRVFRSLHL GDU VH SUDFWLF DYQG Q YHGHUH
EHQHILFLLOHRELQXWHLODSDFLHQLLFXVWDUHFOLQLFODOLPLWD ERDOQHRSOD]LFDYQVDW 
&RPSOLFDLLOH PDQRSHUHL VXQW OHJDWH PDL DOHV GH VILQFWHURWRPLH SDQFUHDWLWD DFXW
SULQPDQRSHUHODQLYHOXOGXFWXOXLSDQFUHDWLFLLQMHFWDUHDGHVXEVWDQHGHFRQWUDVWVH
SRWSURGXFHFUHWHULWUDQ]LWRULLDOHHQ]LPHORUSDQFUHDWLFHSQODSDQFUHDWLWFXJUDGH
GLIHULWHGHVHYHULWDWH KHPRUDJLHEDFWHULHPLHLQIHFLL DQJLRFROLWDFROHFLVWLWDDFXW 
UHVWHQR]DUHDGXSVILQFWHURWRPLH
0RGLILFULOHSDWRORJLFHPDLIUHFYHQWHSHFDUHOHSRDWHRELHFWLYD&35(VXQW
t OLWLD]DSURGXFHLPDJLQLODFXQDUHQLQWHULRUXOFLORUELOLDUHFDOFXOLLGHGLPHQVLXQLPLFL
SRWVQXVHHYLGHQLH]HGDFVXEVDQDGHFRQWUDVWHVWHSUHDGHQVFDOFXOLLSRW
WUHFHVSRQWDQSULQSDSLODVDXSRWFUHDWUDLHFWHILVWXORDVHSULQSURFHVHLQIODPDWRULL
OD QLYHOXO LQIXQGLEXOXL SDSLODU ([WUDJHUHD FDOFXOLORU GXS VILQFWHURWRPLH VH
HIHFWXHD]FXVRQGDFXEDORQDVDXFXVRQGD'RUPLDSHQWUXFDOFXOLLGHPD[LPXP

FP 3HVWH DFHVWH GLPHQVLXQL FDOFXOLL DX LQGLFDLH GH OLWRWULSVLH QDLQWH GH
H[WUDJHUH
t VWHQR]HOHGHFDOHELOLDUSULQFLSDODSDUGXSFKLUXUJLDELOLDUVDXFROHFLVWHFWRPLH
VDX Q SDQFUHDWLWD FURQLF OD QLYHOXO VHJPHQWXOXL LQWUDSDQFUHDWLF DX FDUDFWHUH GH
EHQLJQLWDWHDVSHFWXQLIRUPPDUJLQLELQHGHOLPLWDWSRWILGHSLWHFXFDWHWHUXO
t VWHQR]HOH PDOLJQH VXQW SURGXVH SULQ LQILOWUDUH QHRSOD]LF FRODQJLRFDUFLQRP
KHSDWRFDUFLQRPFDQFHUGHYH]LFELOLDUQHRSODVPHSDSLODUHGHFDSGHSDQFUHDV
FXLQYD]LD&%3LQWUDSDQFUHDWLFH VDXGHSURFHVHFRPSUHVLYH WXPRULSDQFUHDWLFH
PHWDVWD]H DXDVSHFWDVLPHWULFDQIUDFWXRVFRQFHQWULFFXDVSHFWGHVHPLWRQ
&ROHFLVWRJUDILDRUDO
7HKQLFD IRORVHWH VXEVWDQ GH FRQWUDVW DGPLQLVWUDW RUDO FDUH VH HOLPLQ SULQ
ELO L VH FRQFHQWUHD] OD QLYHOXO YH]LFLL ELOLDUH 3HUPLWH HYLGHQLHUHD FDOFXOLORU
UDGLRWUDQVSDUHQL DSUHFLHUHD SHUPHDELOLWLL FLVWLFXOXL L D IXQFLRQDOLWLL YH]LFLL
ELOLDUH 3ULQ H[DPLQUL HIHFWXDWH Q RUWRVWDWLVP GXS FRPSUHVLD 9% GXS SUQ]
FROHFLVWRNLQHWLF %R\GHQ  VDX UHDGPLQLVWUDUHD GH VXEVWDQ GH FRQWUDVW OD  RUH
VHQVLELOLWDWHDH[DPLQULLFUHWH

)LJ
&RODQJLRSDQFUHDWRJUDILD
UHWURJUDGHQGRVFRSLF
$DVSHFWQRUPDO
%OLWLD]DELOLDU
&VWHQR]DGLVWDO
'VWHQWQFLOHELOLDUH

&

'

&RODQJLRFROHFLVWRJUDILDLQWUDYHQRDV
6XEVWDQDGHFRQWUDVWHVWHDGPLQLVWUDWLQWUDYHQRVLSHUPLWHGLDJQRVWLFXOGHOLWLD]
YH]LFXODU VDX D FLL ELOLDUH SULQFLSDOH LPDJLQHD FHD PDL FRQFOXGHQW ILLQG RELQXW
Q FD]XO YH]LFLL H[FOXV UDGLRORJLF SULQ LQFODYDUHD GH FDOFXO Q UHJLXQH LQIXQGLEXOR
FLVWLFVLWXDLHQFDUHKHSDWRFROHGRFXOVHYL]XDOL]HD]'DWRULWDSRUWXOXLGLDJQRVWLF
L WHUDSHXWLF VXSHLRU DO &35( H[SORUDUHD DUERUHOXL ELOLDU SULQ RSDFLILHUH RUDO VDX
LQWUDYHQRDVLDSLHUGXWGLQLPSRUWDQ

&RPSXWHUWRPRJUDILD &7 LUH]RQDQDPDJQHWLFQXFOHDU 501


&7 IRORVHWH SHQWUX RELQHUHD LPDJLQLORU VHFLRQDOH DOH FRUSXOXL XPDQ UD]HOH ;
501 IRORVHWH QXFOHLL GH + GLQ VWUXFWXUD HVXWXULORU PDL SUHFLV FRPSRUWDPHQWXO
SURWRQLORUODUHYHQLUHDGXSDFLXQHDDVXSUDORUDXQRUFPSXULPDJQHWLFHLDXQGHORU
HOHFWURPDJQHWLFH
([DPLQDUHD&7DILFDWXOXLVHIDFHQSUH]HQWFXDSDUDWHOHVSLUDOHFXDGPLQLVWDUHDGH
VXEVWDQHGHFRQWUDVWLPDJLQLOHILLQGQUHJLVWUDWHQID]HVXFFHVLYH DUWHULDOHWDUGLYH 
FHHDFHFUHWHDFXUDWHHDGLDJQRVWLFXOXL([LVWLWHKQLFLGHUHDOL]DUHDUHFRQVWUXFLHL
WULGLPHQVLRQDOH3HQWUXH[DPLQDUHD501DILFDWXOXLVHIRORVHVFSURWRFRDOHGLIHULWHQ
IXQFLHGHWLSXOGHSDWRORJLHVXVSHFWDW
&7 VSLUDO HVWH FRQVLGHUDW Q SUH]HQW SULQFLSDOD PHWRG GH LQYHVWLJDLH LPDJLVWLF
D SDQFUHDVXOXL VXSHULRDU HFRJUDILHL  (VWH QHFHVDU DGPLQLVWUDUHD VXEVWDQHL
GH FRQWUDVW SHQWUX R PDL EXQ YL]XDOL]DUH D SDQFUHDVXOXL ([DPHQXO &7 LGHQWLILF
SDQFUHDVXOSULQFRQWUDVWFXJUVLPHDSHULSDQFUHDWLFGHDFHHDLPDJLQLOHVXQWGHPDL
EXQFDOLWDWHODSDFLHQLLVXSUDSRQGHUDOL501SHQWUXSDQFUHDVVHHIHFWXHD]IRORVLQG
FD VXEVWDQ GH FRQWUDVW *DGROLQLXP L SHUPLWH LQYHVWLJDUHD FRQFRPLWHQW D FLORU
ELOLDUHIUHFYHQWLPSOLFDWHQSDWRORJLDSDQFUHDWLF
,QGLFDLLOH&7L501VXQWGHRELFHLFRQVHFXWLYHLQYHVWLJDLHLHFRJUDILFH
t Q EROLOH KHSDWLFH GLIX]H VWHDWR] VLQGURP %XGG&KLDUL  VH LQGLF &7 R
LPSRUWDQ GHRVHELW R DUH GLDJQRVWLFXO GLIHUHQLDO DO PRGLILFULORU Q VWDWR]D  GLQ
SDUFHODUFXWXPRULOHKHSDWLFH SHED]DGHQVLWLLDQDWRPLHLYDVFXODUHGLVSR]LLHL 
t Q FLUR] H[DPHQXO 501 IDFH GLDJQRVWLFXO GLIHUHQLDO QWUH GLIHULWHOH WLSXUL GH
QRGXOLFLURWLFL KLSRYDVFXODULFDSWHD]FRQWUDVWGDWRULWSUH]HQHLFHOXOHORU.XSIIHU 
L KHSDWRFDUFLQRP FRQLQ FHOXOH WXPRUDOH FX JUDGH GLIHULWH GH GLIHUHQLHUH VXQW
KLSHUYDVFXODUL]DL QX DX FHOXOH .XSIIHU L QX FDSWHD] SDUWLFXOHOH GLQ VXEVWDQHOH
GHFRQWUDVWIRORVLWH 
t FKLVWHOHKHSDWLFHFRPSOLFDWHLKHPDQJLRDPHOHDWLSLFHVHH[SORUHD]501(VWH
LPSRUWDQW XQHRUL GLDJQRVWLFXO GLIHUHQLDO 501 DO XQRU WXPRUL KHSDWLFH EHQLJQH
FD GH H[HPSOX DGHQRPXO KHSDWLF FH SUH]LQW ULVF GH KHPRUDJLH L WUDQVIRUPDUH
PDOLJQ GH KLSHUSOD]LD QRGXODU EHQLJQ GDWRULW GLIHUHQHL GH DWLWXGLQH
WHUDSHXWLF UH]HFLHQFD]XODGHQRPXOXL 
t Q KHSDWRFDUFLQRP L PHWDVWD]HOH KHSDWLFH LQGLFDLD HVWH GH &7  501 HVWH
LQGLFDW Q GLDJQRVWLXO OH]LXQLORU PLFL L DO FHORU FX LQGLFDLH WHUDSHXWLF Q FDUH
SUH]HQDDOWRUGHWHUPLQULVFKLPEDWLWXGLQHD
t FRODQJLRSDQFUHDWRJUDILD SULQ 501 &350  SHUPLWH YL]XDOL]DUHD QHLQYD]LY D
FLORU ELOLDUH L SDQFUHDWLFH DUH FDSDFLWDWH GH GHVFULHUH PDL ILGHO D IRUPDLXQLORU
WXPRUDOH FX SRVLELOLWDWHD UHFRQVWUXFLHL ' SHUPLWH GLDJQRVWLFXO OH]LXQLORU
H[WUDGXFWDOH H[SORUDUHD QWUHJXOXL DEGRPHQ VXSHULRU  GDU QX HVWH VHQVLELO Q
GHWHFWDUHDFDOFXOLORUUDGLRWUDQVSDUHQL
t WXPRULOH SDQFUHDWLFH VROLGH DGHQRFDUFLQRPXO  VH HYLGHQLD] OD &7 FD PDVH
KLSRYDVFXODUH DVRFLDWH FX GLODWUL GH FL ELOLDUH L GXFW :LUVXQJ LDU OD 501
JHQHUHD]VHPQDOGHLQWHQVLWDWHMRDVDVHPQWRUFXFHOGHOD&7

t SDQFUHDWLWHOHDFXWHEHQHILFLD]SHQWUXGLDJQRVWLFGDULSHQWUXVWDELOLUHDJUDYLWLL
OH]LXQLORU L DO FRPSOLFDLLORU SVHXGRFKLVWH DEFHVH HWF  GH DSRUWXO &7 L 501
FDUHVXQWLQYHVWLJDLLVXSHULRDUHHFRJUDILHL PDLDOHVQVWDELOLUHDDULLORUGHQHFUR] 
t SDQFUHDWLWDFURQLFVHGLDJQRVWLFKHD]&7L501FXPDUHDFXUDWHHSHUPLQG
HYLGHQLHUHD PRGLILFULORU GXFWDOH QJXVWUL GLODWUL WUDLHFW VLQXRV FKLVWXUL  L D
FHORUSDUHQFKLPDOH DWURILHKLSHUWURILHFLUFXPVFULV 
&RQWUDLQGLFDLLOHH[SORUULLVXQW
&7JUDYLGLWDWHDODFWDLDLQVXILFLHQDFDUGLDFLUHQDOJUDYHDOHUJLDODVXEVWDQDGH
FRQWUDVW
501  SDFHPDNHU YDOYH SURWH]H FRUSL VWLQL PHWDOLFL FODXVWURIRELD FRODERDUHD
GLILFLO
([SORUDUHDUDGLRL]RWRSLF
([SORUDUHD UDGLRL]RWRSLF FRPSOHWHD] LQIRUPDLLOH PRUIRORJLFH DGXVH GH HFRJUDILH
&7 VDX 501 FX LQIRUPDLL IXQFLRQDOH VDX HWLRSDWRJHQLFH 6H HIHFWXHD] SULQ
VFLQWLJUDILH VHFYHQLDO KHSDWRELOLDU XWLOL]QGXVH GHULYDL LPLQRGLDFHWLFL GH WLSXO
P
7F+,'$ $FHVWH VXEVWDQH VXQW LQMHFWDWH LQWUDYHQRV GLQ FLUFXODLH ILLQG H[WUDVH
VHOHFWLY L FRQFHQWUDWH OD QLYHOXO KHSDWRFLWHORU 'H OD QLYHOXO KHSDWRFLWHORU VXQW
H[FUHWDWHQELOLPSUHXQFXDFHDVWDHOLPLQDWHQLQWHVWLQ([WUDFLDORUGLQVQJH
FXDQWLILFDELOSULQWLPSXOGHQMXPWLUHGHSLQGHGHIXQFLDKHSDWRFLWULGHGHELWXO
VDQJXLQ KHSDWLF 'HULYDLL DFLGXOXL LPLQRGLDFHWLF ,'$  XUPHD] FDOHD GH HOLPLQDUH D
ELOLUXELQHLILLQGFRPSHWLWRULDLDFHVWHLDDWWQSULYLQDSUHOXULLGHFWUHKHSDWRFLWFW
LDOWUDYHUVULLKHSDWRFLWDUHLDOHOLPLQULLQFDQDOLFXOHOHELODUH&HUFHWDUHDGLQDPLF
RLPDJLQHODPLQXWHWLPSGHK DUHXQFDUDFWHUPRUIRIXQFLRQDOYL]XDOL]QGILFDWXO
FROHFLVWXOLLQWHVWLQXO&XUEHOHGLQDPLFHSHUPLWGHWHUPLQDUHDWLPSXOXLGHH[WUDFLHDO
WUDVRUXOXLWLPSXOGHWUDQ]LWKHSDWRELOLDUPRPHQWXOGHDSDULLHQ&%3FROHFLVWLOD
QLYHOXOLQWHVWLQXOXL9DORULOHQRUPDOHDOHDFHVWRUSDUDPHWULLVXQWWLPSGHQMXPWLUH
PLQXWHWLPSGHWUDQ]LWKHSDWRELOLDUPLQXWHLDUDSDULLDQ&%3FROHFLVW
LQWHVWLQDUHORFODGHPLQXWH$QDOL]DFDQWLWDWLYSHUPLWHGHFHODUHD]RQHORUGH
VWD] LQWUDVDX H[WUDKHSDWLF HYDOXDUHD PRUIRIXQFLRQDO D FROHFLVWXOXL SUH]HQD
ILVWXOHORUHYDOXDUHDSRVWFKLUXUJLFDODWUDLHFWXOXLELOLDU
0RGLILFULOHSDWRORJLFHFDUHVHSRWHYLGHQLDFXDFHDVWWHKQLFVXQWFROHFLVWLWDDFXW
YH]LFDELOLDUQXVHYHGHQLFLODRUHGHODDGPLQLVWUDUHDWUDVRUXOXLLDUQFROHFLVWLWD
JDQJUHQRDV H[LVW XQ KDORX KLSHUFDSWDQW SHULFROHFLVWLF   FROHFLVWLWD FURQLF YH]LFD
VH YL]XDOL]HD] WDUGLY  GLVNLQH]LLOH ELOLDUH VH LGHQWLILF WXOEXUUL GH PRWLOLWDWH FX
SUHOXQJLUHD WLPSXOXL GH HYDFXDUH ELOLRLQWHVWLQDO  ILVWXOH LFWHUHOH REVWUXFWLYH WLPSXO
GHDSDULLHDOUDGLRIDUPDFHXWLFXOXLQLQWHVWLQHVWHSUHOXQJLWQIXQFLHGHVHYHULWDWH 
DWUH]LLOH ELOLDUH DIHFLXQLOH PH]HQFKLPXOXL KHSDWLF Q KHSDWRSDWLL GLIX]H VDX IRFDOH
DQJLRVFLQWLJUDILDKHSDWLF

6,1'5208/8/&(58/8,*$675,&,'82'(1$/

'HILQLLH
%RDODXOFHURDVFXORFDOL]DUHJDVWULFVDXGXRGHQDOHVWHRDIHFLXQHSOXULIDFWRULDO
FURQLF FDUH HYROXHD] FX DFXWL]UL L VH FDUDFWHUL]HD] SULQ SUH]HQD XQXL FUDWHU
XOFHURVFDUHGHSHWHQSURIXQ]LPHPXVFXODUDPXFRDVHL
$QDWRPLHSDWRORJLF
0DFURVFRSLF PDMRULWDWHD XOFHUHORU DX IRUP URWXQG VDX RYDODU GDU SRW IL
WULXQJKLXODUH OLQHDUH Q KDOWHU Q UDFKHW GH WHQLV HWF  GLQWUH HOH VXQW
XQLFH ORFDOL]DUHD GXRGHQDO SUHGLOHFW ILLQG SHUHWHOH DQWHULRU L SRVWHULRU XOWLPHOH
FX WHQGLQ PDL PDUH OD KHPRUDJLL  ORFDOL]DUHD JDVWULF SUHGLOHFW HVWH SH PLFD
FXUEXU SRULXQHD YHUWLFDO 0DUJLQLOH VXQW QHW GHOLPLWDWH Q SRULXQHD SUR[LPDO L
SLHUGXW GLVWDO 'LPHQVLXQLOH VXQW YDULDELOH GH OD DELD YL]LELOH SQ OD XOFHUH JLJDQWH
GHFP3OLXULOHFRQYHUJFWUHOH]LXQHDXOFHURDVLDWLQJFUDWHUXO0LFURVFRSLFVH
FRQVWDW LQILOWUDW LQIODPDWRU SHULXOFHURV FX SUHGRPLQDQD HOHPHQWHORU LQIODPDWRULL GH
WLSDFXWQID]HOHGHDFWLYLWDWHLGHWLSFURQLFQID]DGHFLFDWUL]DUH&UDWHUXOXOFHURV
HVWH DFRSHULW FX R PHPEUDQ GH ILEULQ Q XOFHUHOH KHPRUDJLFH VH SRDWH HYLGHQLD
YDVHURGDWQFUDWHU
(WLRSDWRJHQH]
)DFWRULLLPSOLFDLQXOFHURJHQH]SRWILFODVLILFDLQGRXPDULFDWHJRULL
IDFWRULL LQGLYLGXDOL FXSULQG IDFWRULL JHQHWLFL DSUR[LPDWLY  GLQ SUHGLVSR]LLD
SHQWUX XOFHU  L EROLOH DVRFLDWH FX XOFHUXO  GXRGHQDO VLQGURPXO =ROOLQJHU (OOLVRQ
EROLSXOPRQDUHFURQLFHFLUR]DKHSDWLFLQVXILFLHQDUHQDOFURQLF 
IDFWRULL GH PHGLX LPSOLFDL Q XOFHURJHQH] VXQW LQIHFLD FX +HOLFREDFWHU S\ORUL
IXPDWXOPHGLFDPHQWHOHVWUHVXOLDOLPHQWDLD
 SUH]HQD EDFWHULHL FUHWH ULVFXO GH GH]YROWDUH D EROLL XOFHURDVH PXOWLSOLFDW
GH[SHQWUXXOFHUXOGXRGHQDOLGH[SHQWUXXOFHUXOJDVWULF QVSUH]HQD
EDFWHULHLQXHVWHRFRQGLLHVXILFLHQW+HOLFREDFWHUS\ORULILLQGFRQVLGHUDWXQ
FRIDFWRUQXOFHURJHQH]

)LJ+HOLFREDFWHUS\ORUL

 IXPWRULL DX XQ ULVF GXEOX GH D GH]YROWD XOFHUH L FRPSOLFDLLOH DFHVWRUD
L GH]YROW UH]LVWHQ OD WUDWDPHQW SULQ FUHWHUHD VHFUHLHL DFLGRSHSWLFH
PRGLILFDUHD PRWLOLWLL JDVWURGXRGHQDOH VFGHUHD IDFWRULORU GH DSUDUH L
HOLEHUDUHDGHUDGLFDOLOLEHULLFLWRNLQHSURLQIODPDWRULL
 DVRFLHUHD DQWLLQIODPDWRDUHORU QHVWHURLGLHQH HVWH FX FHUWLWXGLQH XQ IDFWRU GH
ULVF
 H[LVWHQD XOFHUHORU GH VWUHV Q WUDXPDWLVPHOH FUDQLHQH OD DUL Q VWULOH
VHSWLFHHVWHRUHDOLWDWHDFFHSWDW
$SDULLD XQXL XOFHU WUHEXLH FRQVLGHUDW H[SUHVLD XQXL GH]HFKLOLEUX QWUH IDFWRULL GH
DJUHVLXQHLFHLGHDSUDUH
7DEORXFOLQLF
0DMRULWDWHDXOFHUHORUHYROXHD]FXVLQGURPGLVSHSWLFXOFHURVFDUHHVWHGRPLQDWGH
GXUHUHDFXFDUDFWHUHVSHFLILFH
 ORFDOL]DUHD L LUDGLHUHD GXUHULL HVWH Q HSLJDVWUX LQGLFDW FX GHJHWXO SH R
VXSUDID GH FP VHGLX FDUH SRDWH YDULD Q IXQFLH GH ORFDOL]DUHD XOFHUXOXL
XOFHUXOMX[WDFDUGLDOLPHGLDWVXEDSHQGLFHOH[LIRLGFXLUDGLHUHUHWURVWHUQDOL
Q KLSRFRQGUXO VWQJ XOFHUXO GLQ WUHLPHD VXSHULRDU D VWRPDFXOXL  OD VWQJD
OLQLHLPHGLDQHXOFHUXOGLQUHJLXQHDSLORULFLGXRGHQDOORFDOL]DUHHSLJDVWULF
FXLUDGLHUHVSUHKLSRFRQGUXOGUHSWLVSDWH
 LQWHQVLWDWHD HVWH YDULDELO GH OD IRUPH XRDUH OD FHOH VHYHUH Q IXQFLH GH
PRPHQWXOHYROXWLYLGHSUDJXOH[FLWDELOLWLLGXUHURDVHDEROQDYXOXL
 FDUDFWHUXOSRDWHILVXEIRUPGHDUVXUDSVDUHSOHQLWXGLQHMXQJKL
 ULWPXORUDUPLFDSHULRGLFLWDWHDGLFDSDULLDFLFOLFQOHJWXUFXDOLPHQWDLD
HVWH FDUDFWHULVWLF EROLL L HVWH GHVFULV GLIHULW Q XOFHUXO JDVWULF L GXRGHQDO
QXOFHUHOHGXRGHQDOHGXUHUHDDSDUHWDUGLYSRVWDOLPHQWDUPEUFQGDVSHFWXO
GH dIRDPH GXUHURDVs REOLJQG SDFLHQWXO V VH DOLPHQWH]H VDX KLSHUWDUGLY
ID GH FLQ QRFWXUQ FQG WUH]HWH EROQDYXO GLQ VRPQ Q MXUXO RUHL  Q
XOFHUXO JDVWULF GXUHUHD HVWH PDL VWUQV OHJDW GH DOLPHQWDLH DSUQG OD
GLVWDQ VFXUW    PLQXWH SRVWDOLPHQWDU 6LQWHWL]QG UHODLD DOLPHQWDLH
GXUHUHVHVWDELOHWHXUPWRDUHDVXFFHVLXQHGHHYHQLPHQWHQXOFHUXOJDVWULF
DOLPHQWDLD SURYRDF GXUHUH FDUH XOWHULRU VH FDOPHD] Q WLPS FH Q XOFHUXO
GXRGHQDOGXUHUHDLQLLDOLPSXQHDOLPHQWDLDXUPDWGHFDOPDUH
 ULWPXO VH]RQLHU  PDUHD SHULRGLFLWDWH  VH FDUDFWHUL]HD] SULQ LQWHUFDODUHD GH
SHULRDGHOLEHUHDOWHUQQGFXID]HGXUHURDVHQVSHFLDOSULPYDUDLWRDPQD
 GXUDWDPLQXWH&HGHD]SURPSWVDXJUDGXDOGXSLQJHVWLDGHDOLPHQWH
VDXDOFDOLQH
 FRQGLLLGHDPHOLRUDUHVXQWFRQVXPXOGHDOLPHQWHPHGLFDPHQWHDQWLDFLGHVDX
QPRGVSRQWDQ
 VFKLPEDUHD FDUDFWHUHORU GXUHULL ULGLF VXVSLFLXQHD DOWHL DIHFLXQL VDX DSDULLD
XQHLFRPSOLFDLL VQJHUDUHSHUIRUDLHFDQFHUL]DUHJDVWULFHWF 

DOWHVLPSWRPH
 SLUR]LVLUHJXUJLWDLDDFLGQIXQFLHGHIRUDGHUHIOX[DFRQLQXWXOXLJDVWULF
QHVRIDJ
 JUHXULLYDUVWXULDFLGHFDUHGHVHRULFDOPHD]GXUHUHD
 VFGHUHDSRQGHUDOQVSHFLDOODSDFLHQLLFXXOFHUHJDVWULFHFDUHVHUHLQGHOD
DOLPHQWDLHGHWHDPDGXUHULORU
 KLSHURUH[LDODSDFLHQLLFXXOFHUGXRGHQDO
 FRQVWLSDLHSULQYDJRWRQLDGHIRQGDDFHVWRUSDFLHQLLSULQHIHFWXOFRQVWLSDQW
DOPHGLFDLHLDOFDOLQL]DQWH
([DPHQXORELHFWLYJHQHUDORIHULQIRUPDLLUHGXVHIDFLHVXOXOFHURV VXSWFXSRPHLL
SURHPLQHQL  L VWDUHD GH QXWULLH FDUH YDULD] GH OD XQ SDFLHQW OD DOWXO ([DPHQXO
DEGRPHQXOXL UHOHY VHQVLELOLWDWH HSLJDVWULF OD SDOSDUH /RFDOL]DUHD SUHGLOHFW D
XOFHUXOXLJDVWULFHVWHSHOLQLD[LIRRPELOLFDOFXFPGHDVXSUDRPELOLFXOXLQXOFHUXO
GXRGHQDOVHGLXOHVWHGHSODVDWVSUHGUHDSWDFPGHDVXSUDLODGUHDSWDRPELOLFXOXL
([SORUULSDUDFOLQLFH
HQGRVFRSLD GLJHVWLY VXSHULRDU  HVWH SULQFLSDOXO PLMORF GH GLDJQRVWLF Q ERDOD
XOFHURDV (D SHUPLWH GHVFULHUHD OH]LXQLL QXPU IRUP GLPHQVLXQL ED]D
FUDWHUXOXL PDUJLQL PXFRDV QFRQMXUWRDUH  DQDOL]D OH]LXQLORU DVRFLDWH HVRIDJLW
JDVWULW  UHFROWDUHD ELRSVLLORU SHQWUX DQDOL] KLVWRORJLF L SHQWUX GLDJQRVWLFXO
LQIHFLHLFX+HOLFREDFWHUS\ORUL WHVWXOUDSLGFXXUHD]VDXKLVWRSDWRORJLF 
/H]LXQHDXOFHURDVSRDWHIL
tXQLFGXEOVDXPXOWLSOGHGLYHUVHIRUPHURWXQGRYDODUOLQLDUQHUHJXODW
LGHGLPHQVLXQLYDULDWHH[SULPDWHGHSUHIHULQQFHQWLPHWUL
tORFDOL]DWIUHFYHQWSHPLFDFXUEXUSRULXQHDYHUWLFDO
tFUDWHUXO XOFHURV SRDWH IL FXUDW VDX SH DOEXO ILEULQHL VH SRDWH REVHUYD XQ PLF
FKHDJHVXWQHFURWLFPXFXVYVFRVYDVWURPER]DWVDXPLFLPXJXULURLHWLFL
FDUH SXQ SUREOHPD GLDJQRVWLFXOXL GLIHUHQLDO QWUH UHJHQHUDUHD EHQLJQ L
WUDQVIRUPDUHD PDOLJQ GLIHUHQLHUH UH]ROYDELO SULQ ELRSVLHUH PXOWLSO 
ELRSVLL 
tSURIXQ]LPHDXOFHUHORUGHLHYLGHQWHVWHJUHXGHDSUHFLDWGDWRULWDGXJULL
LQIODPDLHLLHGHPXOXLFDUHQJURDSHUHWHOHGLJHVWLY
tPXFRDVD SHULXOFHURDV SRDWH IL QRUPDO FRORUDW Q XOFHUHOH SH FDOH GH
FLFDWUL]DUHVDXURXDSULQVFXHUR]LXQLQFHOHDFWLYH
'HL DFHVWH FDUDFWHULVWLFL FRUHVSXQG XOFHUHORU JDVWULFH EHQLJQH HOH SRW IL DFHOHDL
L Q FHOH PDOLJQH LQFLSLHQWH PRWLY SHQWUX FDUH VH LPSXQH ELRSVLHUHD GLQ PDUJLQHD
XOFHUXOXLUHSHWDWGLQPDLPXOWH]RQHDOHFLUFXPIHULQHLLVDXGLQFUDWHU
8OFHUHOHGXRGHQDOHQXVHELRSVLD]GHRDUHFHQXSXQSUREOHPDPDOLJQLWLL
HYLGHQLHUHDLQIHFLHLFX+HOLFREDFWHUS\ORUL

Q DUD QRDVWU ERDOD XOFHURDV JDVWURGXRGHQDO HVWH DVRFLDW FX LQIHFLD FX
+HOLFREDFWHU S\ORUL Q  GLQ FD]XUL 0HWRGHOH GH GLDJQRVWLF VXQW GLUHFWH FDUH
QHFHVLW ELRSVLHUHD PXFRDVHL JDVWULFH KLVWRSDWRORJLF WHVWXO UDSLG FX XUHD] L
FXOWXUL LLQGLUHFWHFDUHQXQHFHVLWHQGRVFRSLHFXELRSVLHUH WHVWXOVHURORJLFWHVWXO
UHVSLUDWRUFXXUHHPDUFDW 
H[DPHQXOUDGLRORJLFEDULWDW
8OFHUHOH VH PDQLIHVW FD XQ SOXV GH VXEVWDQ GH FRQWUDVW UHDOL]QG DVSHFWXO GH
QL/DQLYHOXOVWRPDFXOXLQLDVHHYLGHQLD]QPDUHDPDMRULWDWHDFD]XULORU  
SULQ VHPQH GLUHFWH XQ SOXV GH XPSOHUH FDUH LHVH GLQ FRQWXUXO JDVWULF L FDUH HVWH
QHW GHOLPLWDW  L VHPQH LQGLUHFWH SOLXULOH PXFRDVHL FRQYHUJ L VH FRQWLQX SQ OD
FUDWHUXO XOFHURV LQFL]XUD VSDVWLF SH SHUHWHOH RSXV QLHL FDUH SDUH V DUDWH XOFHUXO
FX GHJHWXO GHQXPLW DQFR VSDVWLF VWRPDFXO dQ FOHSVLGUs FRQVHFLQD XQHL
FLFDWUL]ULDXOFHUXOXLPLFLLFXUEXULKLSHUVHFUHLH $FHVWHFDUDFWHULVWLFLVXQWLPSRUWDQWH
SHQWUXGLIHUHQLHUHDGHXOFHUXOPDOLJQQLDQXLHVHGLQFRQWXUXOJDVWULFSOLXULOHVXQW
QJURDWH L VH RSUHVF OD GLVWDQ GH FUDWHU SULQWUR QJURDUH WHUPLQDO QXPLW dQ
PFLXFsPDUJLQLOHVXQWQHUHJXODWHFXLQILOWUDLHHYLGHQWQMXU
/DQLYHOXOGXRGHQXOXLQLDHVWHORFDOL]DWSHXQDGLQIHHPRWLYSHQWUXFDUHVHYHGH
PDL ELQH Q 2$' 6HPQHOH LQGLUHFWH VXQW GHIRUPDUHD EXOEXOXL Q WUHIO VDX FLRFDQ
UHFHVHOH PRGLILFDWH QJXVWDUHD OXPHQXOXL SQ OD VWHQR] VSDVP SLORULF L WUDQ]LW
UDSLG
([DPHQXOUDGLRORJLFEDULWDWLSVWUHD]LPSRUWDQDGRDUSHQWUXVHUYLFLLOHFDUHQXDX
DFFHVODHQGRVFRSLDGLJHVWLYSUHIHUQGXVHH[DPHQXOQGXEOXFRQWUDVW
H[SORUDUHD IXQFLHL VHFUHWRULL JDVWULFH QLYHOXO FORUKLGULHL L GHWHUPLQDUHD
JDVWULQHPLHL
t FKLPLVPXOJDVWULFDSLHUGXWPXOWGLQDSRUWXOGLDJQRVWLFQXOFHUHOHJDVWULFHQLYHOXO
FORUKLGULHLQXQHDGXFHLQIRUPDLLVXSOLPHQWDUH(YHQWXDODDFORUKLGULHQSUH]HQD
XQXL XOFHU JDVWULF SRDWH SOHGD SHQWUX PDLJQLWDWH Q XOFHUHOHGXRGHQDOH VHFUHLD
ED]DOLFHDVWLPXODWVXQWPDLPDULGDUQXPDLODRSDUWHDDFHVWRUD([DPLQDUHD
HVWHLQXWLOLVXSUWRDUHSHQWUXSDFLHQW
t GHWHUPLQDUHD JDVWULQHPLHL VH HIHFWXHD] Q VXVSLFLXQHD GH VLQGURP =ROOLQJHU
(OOLVRQQXOFHUHOHORFDOL]DWHSHGXRGHQXOGLVWDOLQXOFHUHOHUHIUDFWDUHODWUDWDPHQW
VDXUHFLGLYDQWH
'LDJQRVWLFSR]LWLY
(VWHUH]XOWDWXOGDWHORUFOLQLFHLSDUDFOLQLFH'LQLVWRULFVHUHLQHGXUHUHDFXFDUDFWHUHOH
HLHYHQWXDOHOHVLPSWRPHGHQVRLUHHYROXLDQWLPSH[LVWHQDXQRUIDFWRULHWLRORJLFL
DQWLLQIODPDWRDUH QHVWHURLGLHQH IXPDW SUH]HQD XOFHUXOXL Q IDPLOLH  (YLGHQLHUHD
OH]LXQLL XOFHURDVH VH IDFH UDGLRORJLF L HQGRVFRSLF 'LDJQRVWLFXO HQGRVFRSLF DUH
DFXUDWHHPD[LPLVHYDIRORVLGHSULPLQWHQLHDFRORXQGHHVWHSRVLELO

'LDJQRVWLFGLIHUHQLDO
6LQGURPXO=ROOLQJHU(OOLVRQ
(VWH R WXPRU SDQFUHDWLF VHFUHWDQW GH JDVWULQ XQHRUL JUHX GH GLIHUHQLDW
GHRDUHFHGLQWUHSDFLHQLDXXOFHUHVROLWDUHORFDOL]DWHQEXOEFXVLPSWRPDWRORJLH
VLPLODU EROLL XOFHURDVH 'DF DSDU XOFHUH PXOWLSOH JLJDQWH  ORFDOL]DWH SRVWEXOEDU
UHIUDFWDUH OD WHUDSLD VWDQGDUG GDF DSDU UHFXUHQH GXS LQWHUYHQLD FKLUXUJLFDO
GDF VXQW SUH]HQWH VLPSWRPHOH HVRIDJLHQH VDX GLDUHHD VXVSLFLXQHD GH VLQGURP
=ROOLQJHU(OOLVRQHVWHGHSUHVXSXV'LDJQRVWLFXOVHVWDELOHWHSULQHYLGHQLHUHDXQHL
KLSHUJDVWULQHPLLDXQHLKLSHUFORUKLGULLED]DOHLDXQXLUVSXQVUHGXVODVWLPXODUHDFX
KLVWDPLQ
GLVSHSVLD GH WLS XOFHURV XOFHUOLNH  DUH VLPSWRPH LGHQWLFH QV HQGRVFRSLD QX
HYLGHQLD]XOFHUXO
HVRIDJLWD GH UHIOX[ SUH]LQW GXUHUH HSLJDVWULF VLPLODU FHOHL XOFHURDVH QV VH
DFFHQWXHD]QSR]LLHFXOFDWLDUHQGRVFRSLDFRQVWDWSUH]HQDHVRIDJLWHLLOLSVD
XOFHUXOXL
GXRGHQLWD  Q FDUH VLPSWRPDWRORJLD HVWH WLSLF XOFHURDV QV HQGRVFRSLD
HYLGHQLD]PRGLILFULGHWLSGXRGHQLWLF HULWHPFRQJHVWLHHUR]LXQL 
FRORQXO LULWDELO SRDWH LQWUD Q GLVFXLH DWXQFL FQG GRPLQ GXUHULOH DEGRPLQDOH
QV PRGLILFDUHD WUDQ]LWXOXL LQWHVWLQDO L DVSHFWXO HQGRVFRSLF QRUPDO RULHQWHD]
GLDJQRVWLFXO
FDQFHUXO JDVWULF SXQH FHOH PDL VHULRDVH SUREOHPH GH GLDJQRVWLF GLIHUHQLDO
&ULWHULLOHGHGLIHUHQLHUHIDGHFDQFHUXODYDQVDWVXQWFOLQLFH LQDSHWHQVFGHUH
SRQGHUDO SDORDUH  UDGLRORJLFH DVSHFWXO QLHL  HQGRVFRSLFH DVSHFWXO XOFHUXOXL
H[DPHQXO KLVWRSDWRORJLF  L FKLDU HYROXWLYH OLSVD GH QFKLGHUH D XOFHUXOXL VXE
WUDWDPHQW FRUHFW FRQGXV  Q FDQFHUHOH LQFLSLHQWH DFHVWH FULWHULL L SLHUG GLQ
YDORDUH VLQJXUXO YDODELO ILLQG ELRSVLD PXOWLSO L UHSHWDW OD QHYRLH GLQ OH]LXQHD
XOFHUDW
(YROXLD XOFHUXOXL JDVWULF L GXRGHQDO HVWH QGHOXQJDW 8Q YHFKL GLFWRQ VSXQH F
FLQH D DYXW XOFHU RGDW UPQH XOFHURV SHQWUX WRDW YLDD 3HULRDGHOH GH DFDOPLH
SRW IL QV IRDUWH OXQJL LDU R DJUHVLXQH GH RELFHL PHGLFDPHQWRDV SRDWH GXFH OD
UHGHVFKLGHUHDXOFHUXOXLVDXODDSDULLDXQHLFRPSOLFDLL
&RPSOLFDLL
KHPRUDJLD HVWH FHD PDL IUHFYHQW FRPSOLFDLH )DFWRULL IDYRUL]DQL VXQW
DQWLLQIODPDWRDUHOH QHVWHURLGLHQH YUVWD SHVWH  GH DQL DQWHFHGHQWHOH GH XOFHU
JDVWURGXRGHQDO L SUH]HQD LQIHFLHL FX +HOLFREDFWHU S\ORUL 7DEORXO FOLQLF HVWH Q
IXQFLHGHFDQWLWDWHDGHVQJHLUDSLGLWDWHDSLHUGHULLVDQJXLQHGHFRQWLQXDUHDVDX
UHFLGLYD KHPRUDJLHL L GH WHUHQXO SH FDUH DSDUH FRPSOLFDLD &XSULQGH VHPQH GH
DQHPLHDFXWLVHPQHGHH[WHULRUL]DUHSULQKHPDWHPH]LPHOHQ'LDJQRVWLFXO
HVWH VWDELOLW FOLQLF SULQ DVSLUDLH QD]RJDVWULF L HQGRVFRSLF $FHDVWD GLQ XUP
YD GHSLVWD OH]LXQHD KHPRUDJLD DFWLY LVDX VWLJPDWHOH GH VQJHUDUH RIHU GDWH
SULYLQGSURQRVWLFXOSUHFXPLSRVLELOLWLGHLQWHUYHQLHWHUDSHXWLF

SHUIRUDLDHVWHFRPSOLFDLDFHDPDLVHYHUDEROLLXOFHURDVHQHYROXLDVDXOFHUXO
SRDWH FXSULQGH L GHSL Q SURIXQ]LPH QWUHDJD JURVLPH  D SHUHWHOXL JDVWULF VDX
GXRGHQDOQDFHDVWVLWXDLHUH]XOWSHUIRUDLDFDUHSRDWHILGHGRXIHOXULOLEHU
LDFRSHULWQFD]GHSHUIRUDLDQSHULWRQHXOOLEHURULILFLXOGHFRPXQLFDUHVHDIO
ILHSHIDDDQWHULRDUDEXOEXOXLGXRGHQDOILHSHSRULXQHDDQWHULRDUDPLFLLFXUEXUL
JDVWULFH 5H]XOWDWXO HVWH VFXUJHUHD FRQLQXWXOXL JDVWULF VDX GXRGHQDO Q PDUHD
FDYLWDWHSHULWRQHDOFXDSDULLDSHULWRQLWHLJHQHUDOL]DWHQFD]GHSHUIRUDLHSHIDD
SRVWHULRDUDVWRPDFXOXLVDXGXRGHQXOXLDFHDVWDHVWHEORFDWGHRUJDQHOHGLQMXU
ILFDWHSLSORQ VDXDGHUHQHOHSHULJDVWURGXRGHQDOH6HYRUEHWHGHVSUHSHQHWUDLD
XOFHURDV Q VLWXDLD Q FDUH SURJUHVLXQHD FUDWHUXOXL LQWHUHVHD] WRDWH VWUDWXULOH
LQFOXVLY VHURDVD GDU IU UHYUVDUHD FRQLQXWXOXL JDVWULF Q FDYLWDWHD SHULWRQHDO
8OFHUHOHJDVWULFHSHQHWUHD]FHOPDLIUHFYHQWQILFDWLQFRORQUHDOL]QGILVWXOD
JDVWURFROLF 8OFHUHOH GXRGHQDOH SRVWHULRDUH SHQHWUHD] Q SDQFUHDV )DFWRULL
IDYRUL]DQL VXQW VWUHVXO FRQVXPXO GH DOFRRO L DQWLLQIODPDWRDUH QHVWHURLGLHQH
7DEORXOFOLQLFHVWHGRPLQDWGHGXUHUHDHSLJDVWULFEUXVFDWURFHFDUHGLIX]HD]
XOWHULRUQQWUHJDEGRPHQXOLFDUHSRDWHILQVRLWGHJUHDYUVWXULLUHDFLL
YDVRPRWRULL SDORDUHWUDQVSLUDLLUHFLSXOVPLFILOLIRUP ([DPHQXORELHFWLYSXQHQ
HYLGHQDOGRLOHDVHPQPDMRULQVWDODWSUHFRFHLPHGLDWVDXVLPXOWDQFXGXUHUHD
FRQWUDFWXUD (VWH YL]LELO OD LQVSHFLD DEGRPHQXOXL FDUH QX SDUWLFLS OD PLFULOH
UHVSLUDWRULL 3DOSDUHD DEGRPHQXOXL HYLGHQLD] R UH]LVWHQ ULJLG SHUPDQHQW
GXUHURDV L KLSHUHVWH]LH FXWDQDW 3HUFXLD HYLGHQLD] QORFXLUHD PDWLWLL
KHSDWLFH FX WLPSDQLVP 'LDJQRVWLFXO VH VWDELOHWH SULQ UDGLRJUDILH DEGRPLQDO SH
JRO UHSHWDW Q FD]XO Q FDUH SULPD H[DPLQDUH HVWH QHJDWLY (VWH FRQWUDLQGLFDW
XWLOL]DUHD VXEVWDQHL GH FRQWUDVW EDULWDWH /D H[DPLQULOH FXUHQWH GH ODERUDWRU VH
SRWHYLGHQLDFUHWHULDOHYLWH]HLGHVHGLPHQWDUHOHXFRFLWHORULDPLOD]HPLHL
VWHQR]D XOFHURDV FX ORFDOL]DUH SLORULF DQWUDO PHGLRJDVWULF FDUGLDO VDX
EXOEDU  HVWH R FRPSOLFDLH DSUXW GXS R HYROXLH QGHOXQJDW D XQXL XOFHU
0HFDQLVPXO GH SURGXFHUH FRQVW Q UHSHWDUHD DOWHUQDQHL XOFHUDLH YLQGHFDUH
FX DSDULLD VFOHUR]HL SDULHWDOH OD FDUH VH SRDWH DGXJD HGHPXO PXFRDVHL VSDVP
SLORULFLWXOEXUULGHPRWLOLWDWHDQWUDO&OLQLFHVWHSUH]HQWVLQGURPXOLQVXILFLHQHL
HYDFXDWRULL D VWRPDFXOXL SULQFLSDOXO VLPSWRP ILLQG YUVWXULOH $FHVWHD SRW IL
]LOQLFHGHPDLPXOWHRULSH]LVDXPDLUDUHODFWHYD]LOHRGDWGDUDEXQGHQWH
FX DOLPHQWH LQJHUDWH Q ]LOHOH SUHFHGHQWH 6H SRW DVRFLD FX JUHXUL GLVWHQVLH
DEGRPLQDO SRVWSUDQGLDO VFGHUH SRQGHUDO VDLHWDWH SUHFRFH L WXOEXUUL GH
WUDQ]LW  /D H[DPHQXO RELHFWLY VH FRQVWDW GLPLQXDUHD HVXWXOXL DGLSRV XQHRUL
SQ OD HPDFLHUH GHVKLGUDWDUH WHJXPHQWH XVFDWH FX HODVWLFLWDWH SLHGXW 
VHQVLELOLWDWH HSLJDVWULF SQ OD PSVWDUH PXVFXODU Q ID]HOH LQLLDOH DOH EROLL
HVWH FDUDFWHULVWLF HYLGHQLHUHD SHULVWDOWLFLL JDVWULFH L D FODSRWDMXOXL PDWLQDO
/D LQYHVWLJDLLOH GH ODERUDWRU VH HYLGHQLD] DQHPLH KLSRSURWHLQHPLH DQRPDOLL
DOH HFKLOLEUXOXL DFLGRED]LF L KLGURHOHFWUROLWLF (QGRVFRSLD HVWH PHWRGD GH HOHFLH
SHQWUX DSUHFLHUHD VWHQR]HL L HWLRORJLHL DFHVWHLD ([DPHQXO UDGLRORJLF SH JRO
HYLGHQLD] QLYHO KLGURDHULF JDVWULF Q WLPS FH FX VXEVWDQ GH FRQWUDVW SRDWH

HYLGHQLDVWRPDFGLODWDWFXUH]LGXXLPSRUWDQWOLSVDSDVDMXOXLGXGHQDOLVWDJQDUHD
VXEVWDQHLGHFRQWUDVWPDLPXOWHRUH
XOFHUHOH UHIUDFWDUH VXQW FHOH FDUH Q FLXGD WUDWDPHQWXOXL PHGLFDPHQWRV FRUHFW
DGPLQLVWUDWQXVHYLQGHF&DX]HOHDFHVWHLFRPSOLFDLLVXQWPXOWLSOHLQVXILFLHQWD
LQKLELLHDVHFUHLHLDFLGHODGR]HOHPHGLFDPHQWRDVHX]XDOHDQXPLWHSDUWLFXODULWL
DOH XOFHUXOXL OHJDWH GH ORFDOL]DUH L GLPHQVLXQL LPSRVLELOLWDWHD HUDGLFULL LQIHFLHL
FX +HOLFREDFWHU S\ORUL VDX FRH[LVWHQD DOWRU FRPSOLFDLL 8OFHUHOH UHIUDFWDUH VXQW
LQFOXVH Q UQGXO FRPSOLFDLLORU SHQWUX F OD IHO FD L FHOHODOWH UH]ROYDUHD HVWH
FKLUXUJLFDOGXSFHQSUHDODELOVDLQVWLWXLWXQWUDWDPHQWPHGLFDPHQWRVHQHUJLF

6,1'5208/&$1&(58/8,*$675,&

&DQFHUXOJDVWULFHVWHXQXOGLQWUHFHOHPDLIUHFYHQWHFDQFHUHQDUDQRDVWUHVWHSH
ORFXOGRLGXSFDQFHUXOEURQKRSXOPRQDULSHSULPXOORFQWUHFHOHGLJHVWLYH
$QDWRPLHSDWRORJLF
0DFURVFRSLF FDQFHUXO JDVWULF VH SUH]LQW VXE XUPWRDUHOH IRUPH IRUPDLXQH
SURWUX]LYXOFHUDWLYSURHPLQQOXPHQFXLQILOWUDUHDSHUHWHOXLJDVWULFIRUPDLQILOWUDWLY
FX QJXVWDUHD OXPHQXOXL JDVWULF VHJPHQWDU VDX GLIX] OLQLWD SODVWLF  L DVSHFW
SRLOSRLGQILQFLHGHSURIXQ]LPHDOH]LXQLLVHFODVLILFQLQFLSLHQW FXSULQGHPXFRDVD
LVDX VXEPXFRDVD  GLDJQRVWLF H[FOXVLY DQDWRPRSDWRORJLF  L DYDQVDW FXSULQGH L
PXVFXODUDLVHURDVD 
0LFURVFRSLF DWW FDQFHUXO LQFLSLHQW FW L FHO DYDQVDW VH SUH]LQW VXE GRX WLSXUL
LQWHVWLQDO DSDUH SH PHWDSOD]LH LQWHVWLQDO PHWDVWD]HD] SH FDOH KHPDWRJHQ Q
ILFDW LGLIX]VDXLQILOWUDWLY LDUHRULJLQHDQHSLWHOLXOIRYHRODUQRUPDOGLIX]HD]SH
FDOHOLPIDWLFLQYDGQGSHULWRQHXO 3UH]HQDVHFUHLHLFUHVFXWHGHPXFXVQFHOXO
SURGXFHDVSHFWXOGHdLQHOFXSHFHWHs QXFOHXOHVWHPSLQVODSHULIHULDFHOXOHLGHFWUH
PXFXV  ([WLQGHUHD FDQFHUXOXL JDVWULF VH IDFH SH WUHL FL LQYDGDUH ORFDO HVRIDJ
SDQFUHDV FRORQ WUDQVYHUV SHULWRQHX  KHPDWRJHQ KHSDWLF SXOPRQDU FHUHEUDO
RVRV LOLPIDWLF JDQJOLRQL 
(WLRSDWRJHQH]
(WLRORJLD FDQFHUXOXL JDVWULF HVWH QHFXQRVFXW 6DX GHVFULV R VHULH GH IDFWRUL ORFDOL
JHQHUDOLLGHPHGLXLPSOLFDLQGH]YROWDUHDFDQFHUXOXLJDVWULF
D HUHGLWDWHDHVWHDUJXPHQWDWSULQLQFLGHQDFUHVFXWDEROLLODSHUVRDQHOHFX
JUXSDVDQJXLQ$LGHDJUHJDUHDFUHVFXWQXQHOHIDPLOLL
E  IDFWRULL GH PHGLX VXQW UHSUH]HQWDL Q VSHFLDO GH DOLPHQWDLH VWRPDFXO ILLQG
Q FRQWDFW SUHOXQJLW FX DOLPHQWHOH ([LVW R FRUHODLH SR]LWLY QWUH DSDULLD
FDQFHUXOXL L FRQVXPXO GH VDUH DPLGRQ QLWUDL L DOLPHQWH FRQVHUYDWH SULQ
DIXPDUHVDXVUDUH
F IDFWRULORFDOLJDVWULFL PHWDSOD]LDLQWHVWLQDOLGLVSOD]LD 
G SUHFDQFHUR]HOHJDVWULFHVXQWDIHFLXQLQFDUHFDUFLQRPXODSDUHPDLIUHFYHQW
GHFW OD JUXSXO GH FRQWURO JDVWULWD DWURILF VWRPDFXO UH]HFDW DQHPLD
SHUQLFLRDVERDOD0HQHWULHU 
7DEORXFOLQLF
(VWHGLVWLQFWQFHOHGRXIRUPHLQFLSLHQWLDYDQVDW
FDQFHUXOJDVWULFLQFLSLHQWHVWHDVLPSWRPDWLFVDXVHPDQLIHVWFXIHQRPHQH
GLVSHSWLFH QHFDUDFWHULVWLFH GH WLS XOFHURV JDVWULWLFH VDX GLVFUHWH DELD
UHPDUFDELOH MHQGLVFRQIRUW ([DPHQXORELHFWLYHVWHQRUPDO

FDQFHUXOJDVWULFDYDQVDW
t SRDWHILDVLPSWRPDWLFRSHULRDGGHWLPS
t VH SRDWH PDQLIHVWD FX JUHXUL YUVWXUL GXUHUL HSLJDVWULFH LQDSHWHQ
VHOHFWLY SHQWUX FDUQH  VFGHUH SRQGHUDO DVWHQLH $FHVWH VLPSWRPH
SRWPLPDXOFHUXOVDXJDVWULWDVXQWSURJUHVLYHLIRDUWHSXLQLQIOXHQDWH
GHWUDWDPHQW
t SRDWH SUH]HQWD VLPSWRPH SDUWLFXODUH Q ORFDOL]DUHD FDUGLRWXEHUR]LWDU
GLVIDJLH VDXDQWURSLORULF LQVXILFLHQHYDFXDWRULHJDVWULF 
t SRDWH GHEXWD SULQWUR KHPRUDJLH GLJHVWLY VXSHULRDU 6QJHUULOH RFXOWH
VXQWSUH]HQWHODPDMRULWDWHDSDFLHQLORU
([DPHQXO RELHFWLY HYLGHQLD] OD LQVSHFLH EROQDYL SDOL]L  6H SRW SDOSD JDQJOLRQL
VXSUDFODYLFXODUL VWQJL VHPQXO 9LUFKRZ  D[LODUL DQWHULRU Q VWQJD KHSDWRPHJDOLH
PHWDVWD]HKHSDWLFH VDXIRUPDLXQHDWXPRUDOHSLJDVWULF
([SORUULSDUDFOLQLFH
H[DPHQXO UDGLRORJLF UHSUH]LQW FHD PDL UVSQGLW PHWRG SHQWUX GHSLVWDUHD
FDQFHUXOXL)RUPHOHLQFLSLHQWHQHFHVLWWHKQLFLVSHFLDOH FRPSUHVLHGR]DWGXEOX
FRQWUDVWLQVXIODUHGHDHU LHYLGHQLD]GRXFDWHJRULLGHVHPQHUDGLRORJLFH
D VHPQHGLUHFWH QLSHIRQGSODWSOLXLQILOWUDWYHJHWDLLGLVFUHWH 
E  VHPQH LQGLUHFWH ULJLGLWDWH VHJPHQWDU SOLX ULJLG  6HPLRORJLD UDGLRORJLF D
FDQFHUXOXLDYDQVDWHVWHELQHVWUXFWXUDW
D QIRUPHOHXOFHUDWHVHHYLGHQLD]QLFXFRQWXUQHUHJXODWFDUHQXLHVH
GLQFRQWXUXOJDVWULFDUHED]ODUJGHLPSODQWDUHSHUHWHOHQMXULQILOWUDW
ULJLGLDUSOLXULOHVHRSUHVFODGLVWDQGHQLILLQGDGHVHDQHUHJXODWHdQ
PFLXFs
E  Q IRUPHOH YHJHWDQWH VH GHVFULH LPDJLQHD ODFXQDU VDX dGHIHFW GH
XPSOHUHs
F QIRUPHOHLQILOWUDWLYHVHHYLGHQLD]ULJLWDWHVHJPHQWDUVDXDQWUHJXOXL
VWRPDFdOLQLWDSODVWLFs
H[DPHQXOHQGRVFRSLFUHSUH]LQWH[SORUDUHDFRPSOHPHQWDUGHSULPLQWHQLHLVH
FRPSOHWHD]FXSUHOHYDUHDGHELRSVLLPXOWLSOH
tFDQFHUXOJDVWULFLQFLSLHQWQHFHVLWRPDUHDWHQLHGLQSDUWHDHQGRVFRSLVWXOXL
FDUHWUHEXLHVDHYDOXH]HQWUHDJDVXSUDIDDVWRPDFXOXLLVELRSVLH]HILHFDUH
PRGLILFDUH GH FXORDUH VDX UHOLHI &RQIRUP FODVLILFULL 6RFLHWLL -DSRQH]H
GH (QGRVFRSLH 'LJHVWLY VH GHVFULX HQGRVFRSLF XUPWRDUHOH WUHL IRUPH
SURWUX]LY WLS, VXSHUILFLDO WLS,, LH[FDYDW WLS,,, 7LSXOVXSHUILFLDODUHOD
UQGXOOXLXUPWRDUHOHWUHLIRUPHHOHYDW ,,D SODW ,,E LGHSULPDW ,,F ([LVW
XQHRULIRUPHFRPELQDWH0DMRULWDWHDVHSUH]LQWVXEIRUPXOFHUDW  
tFDQFHUXOJDVWULFDYDQVDWFRQIRUPFODVLILFULL%RUUPDQQHVWHYHJHWDQWXOFHUDW

LQILOWUDWLY GLIX] VDX XOFHUDW LQILOWUDWLY /H]LXQHD YHJHWDQW HVWH FRQRSLGLIRUP


IULDELO L ELQH FLUFXPVFULV 7LSXO XOFHUDW VH SUH]LQW FD R QL LPSUHFLV
GHOLPLWDW FX PDUJLQL QHUHJXODWH FX ED] QRGXODU FH FRQLQH PDWHULDO
QHFURWLF/H]LXQHDLQILOWUDWLYVHGH]YROWQSURIXQ]LPHDSHUHWHOXLJDVWULFQX
VH GHVWLQGH OD LQVXIODUH GH DHU PXFRDVD HVWH PRGLILFDW IULDELO L DGHVHD
XOFHUDW$FHDVWIRUPQHFHVLWELRSVLLFWPDLSURIXQGH
WHVWHOHX]XDOHGHODERUDWRUQFDQFHUXOLQFLSLHQWVXQWQRUPDOHQFDQFHUXODYDQVDW
96+DFFHOHUDWDQHPLHKLSRFURPUDUDQHPLHPDFURFLWDUSUREHKHSDWLFHDOWHUDWH
LWHVWHGHFROHVWD] PHWDVWD]HKHSDWLFH 
DOWH H[DPLQUL FRPSXWHU WRPRJUDILD PHWDVWD]H KHSDWLFH FHUHEUDOH HWF L
H[WHQVLD ORFDO D WXPRULL  HFRHQGRVFRSLD HYDOXDUHD SURIXQ]LPLL FDQFHUXOXL 
DQWLJHQXOFDUFLQRHPEULRQDU
'LDJQRVWLFXOSR]LWLY
QSUDFWLFDFXUHQWLQFOXGH
t DQDOL]DDWHQWDVLPSWRPDWRORJLHLQVSHFLDOODSDFLHQLLFXLVWRULFXOFHURVODFDUH
VHPRGLILFWDEORXOFOLQLF VLQGURPGXUHURVSHUVLVWHQWDQRUH[LHVFGHUHSRQGHUDO
YUVWXULHWF 
t PRGLILFDUHD VLPSWRPDWRORJLHL OD SDFLHQLL FX ULVF FUHVFXW GH FDQFHU JDVWULW
DWURILFPHWDSOD]LHLQWHVWLQDOVWRPDFUH]HFDWHWF
t WHVWHELRORJLFHX]XDOH
t H[DPHQUDGLRORJLFJDVWULF
t H[DPHQHQGRVFRSLFFXELRSVLLPXOWLSOH
t HFRJUDILD DEGRPLQDO FRPSOHWDW HYHQWXDO GH FRPSXWHU WRPRJUDILH Q YHGHUHD
HYDOXULLH[WHQVLHLORFRUHJLRQDOHJDQJOLRQDUHLKHSDWLFH
'LDJQRVWLFGLIHUHQLDO
GLIHUHQLHUHDXOFHUJDVWULFPDOLJQXOFHUEHQLJQSULQHSXL]DUHDWXWXURUSRVLELOLWLORU
GH LQYHVWLJDLH UDGLRORJLF HQGRVFRSLF L KLVWRSDWRORJLF 7UHEXLH LQXW FRQW GH
SRVLELOLWDWHDELRSVLLORUIDOVQHJDWLYH  PRWLYSHQWUXFDUHRULFHXOFHUJDVWULF
WUHEXLH VXSUDYHJKHDW HQGRVFRSLF ILLQG LPSHULRV QHFHVDU QFKLGHUHD QLHL GXS
WUDWDPHQW
OLPIRPXO JDVWULF WUHEXLH GHRVHELW GH IRUPD LQILOWUDWLY SROLSRLG VDX XOFHUDW QX
DWW SH VHDPD WDEORXOXL FOLQLF FDUH HVWH QHFDUDFWHULVWLF DVHPQWRU FHORUODOWH
QHRSOD]LLFWSHVHDPDDVSHFWXOXLUDGLRORJLFLHQGRVFRSLFLREOLJDWRULXFRQILUPDW
KLVWRSDWRORJLF ELRSVLLPXOWLSOHLSURIXQGH 
WRDWH DIHFLXQLOH JDVWULFH EHQLJQH SROLSL ERDOD 0HQHWULHU YDULFH JDVWULFH  FDUH
QHFHVLW R HYDOXDUH HQGRVFRSLF L KLVWRORJLF DWHQW LQFOXVLY SULQ QGHSUWDUH
HQGRVFRSLFDSROLSLORU SROLSHFWRPLH 

(YROXLH&RPSOLFDLL
QJHQHUDOFRPSOLFDLLOHVXUYLQQIRUPHOHDYDQVDWHGHERDO
VLQGURPXO REVWUXFWLY SUR[LPDO SULQ LQYD]LD FDUGLHL  VDX GLVWDO SULQ DIHFWDUHD
FDQDOXOXLSLORULF 
KHPRUDJLDGLJHVWLYVXSHULRDUXQHRULIRUPHPDVLYH
ILVWXODJDVWURFROLFSULQLQYDGDUHDFRORQXOXLWUDQVYHUV
LQYDGDUHDRUJDQHORUGHYHFLQWDWHSDQFUHDVVSOLQHSLORRQHWF
PHWDVWD]HORFRUHJLRQDOHVDXODGLVWDQ
3URJQRVWLFXO GHSLQGH GH DGQFLPHD LQYD]LHL OD PRPHQWXO GLDJQRVWLFXOXL &X FW
OH]LXQHDHVWHPDLDYDQVDWFXDWWSURJQRVWLFXOHVWHPDLQHIDYRUDELO

6,1'5208/&2/218/8,,5,7$%,/
,17(67,18/,5,7$%,/

'HILQLLH
(VWHRDIHFLXQHJDVWURLQWHVWLQDOFDUDFWHUL]DWSULQPRGLILFDUHDWUDQ]LWXOXLLQWHVWLQDO
QVRLW GH GXUHUH DEGRPLQDO VDX GLVFRQIRUW Q DEVHQD XQXL VXEVWUDW RUJDQLF
GHFHODELO5HSUH]LQWFHDPDLIUHFYHQWDIHFLXQHGLJHVWLYILLQGDSUR[LPDWLYMXPWDWH
GLQ FRQVXOWDLLOH GLQWUXQ FDELQHW GH JDVWURHQWHURORJLH 'DF VH LD Q FRQVLGHUDUH
L QXPUXO ULGLFDW GH SDFLHQL VLPSWRPDWLFL GDU FDUH QX VH SUH]LQW OD PHGLF
FRQVLGHUQGXOHdQRUPDOHsLQWHVWLQXOLULWDELOHVWHRDIHFLXQHWLSdLFHEHUJs
)L]LRSDWRORJLH
$QRPDOLD GH ED] HVWH SHUWXUEDUHD PRWLOLWLL LQWHVWLQDOH DVRFLDW FX R VHQVLELOLWDWH
H[FHVLYDFRORQXOXLODGLYHULVWLPXOL&RQIRUPFRQFHSWXOXLFODVLFFRORQXOHVWHPDL
DFWLYFHHDFHDFRQGXVODGHQXPLUHDGHdFRORQVSDVWLFs7XOEXUULOHPRWRULLGHVFULVH
VHFXQGDUHDOLPHQWDLHLVWUHVXOXLPHGLFDLHLFROLQHUJLFHQXVHOLPLWHD]ODFRORQHOH
VXQWSUH]HQWHLODQLYHOXOHVRIDJXOXLGXRGHQXOXLFROHFLVWXOXLHWF
0RUIRSDWRORJLH
3ULQ GHILQLLH LQWHVWLQXO LULWDELO HVWH XQ VLQGURP IXQFLRQDO OD FDUH QX VD SXV Q
HYLGHQQLFLROH]LXQHRUJDQLF'HDFHHDHVWHOLSVLWGHPRGLILFULDQDWRPRSDWRORJLFH
PDFURVFRSLFHLPLFURVFRSLFH
(WLRSDWRJHQH]
,QWHVWLQXO LULWDELO QX DUH R HWLRORJLH FXQRVFXW 1X VDX GHVFULV IDFWRUL GH ULVF ELQH
FRQWXUDL6HFXQRVF
t IDFWRUL SDWRJHQHWLFL WXOEXUDUHD GH PRWLOLWDWHD KLSHUVHQVLELOLWDWHD YLVFHUDO
LQGLYLGXDO L SDUWLFXODULWDWHD SVLKLF D SDFLHQLORU FDUH DYQG DFHOHDL VLPSWRPH
VHSRWFRQVLGHUDVDXQXEROQDYL 
t JUXSHGHSDFLHQLODFDUHH[LVWIDFWRULFHIDYRUL]HD]GHEXWXO
D  SDFLHQLL FX FRQVWLSDLH KDELWXDO QHJOLMDW SULQ DEX] GH OD[DWLYH LQGXF XQ
dFRORQLULWDWs
E  HSLVRDGHOH LQIHFLRDVH LQWHVWLQDOH HQWHURFROLWD DFXW GL]HQWHULD DFXW SULQ
LQIODPDLDPXFRDVHLLQWHVWLQDOH
F  UHGXFHUHD ILEUHORU YHJHWDOH GLQ DOLPHQWDLH VFDGH YROXPXO EROXOXL IHFDO L
GHWHUPLQIUDJPHQWDUHDDFHVWXLDSULQFRQWUDFLLFROLFHVHJPHQWDUHSHUFHSXWH
FDGXUHUHGHSDFLHQW
G  LQWROHUDQD OD ODFWR] FDUH DUH VLPSWRPDWRORJLH DVHPQWRDUH WUHEXLH
GLIHUHQLDWGHFRORQXOLULWDELO
H DOHUJL]DUHDIDGHXQHOHDOLPHQWHSRDWHIDYRUL]DLQVWDODUHDFRORQXOXLLULWDELO

7DEORXOFOLQLF
3ULQFLSDOHVLPSWRPHOHSHED]DFURUDVHGHILQHWHLQWHVWLQXOLULWDELOVXQWGXUHUHDL
VDXGLVFRQIRUWXODEGRPLQDOLWXOEXUULOHGHWUDQ]LWFRQVWLSDLDLVDXGLDUHHDGHVFULVH
SHRGXUDWGHFHOSXLQVSWPQLFRQWLQXXVDXQX
GXUHUHD
tHVWHORFDOL]DWQIRVDLOLDFVWQJVDXKLSRJDVWUXGDUSRDWHILSUH]HQWQRULFH
UHJLXQHDEGRPLQDO
tDUH FDUDFWHU LQWHUPLWHQW H[DFHUEDW SRVWSUDQGLDO OD    PLQXWH
SRVWSUDQGLDO 
tVHDPHOLRUHD]GXSHPLVLDGHVFDXQVDXJD]H
tLQWHQVLWDWHDHVWHYDULDELOGHODMHQGXUHURDVGLVFRQIRUWDEGRPLQDOSQOD
FHDGHLQWHQVLWDWHFUHVFXW
tOLSVHWHQFXUVXOQRSLL
tQVRLWGHWHQHVPUHFWDO
GLVFRQIRUWXODEGRPLQDOHVWHRVHQ]DLHQHSOFXWORFDOL]DWODQLYHOXODEGRPHQXOXL
FDUHQXDUHLQWHQVLWDWHDGXUHULL
WXOEXUULOHGHWUDQ]LWVHUHIHUODIUHFYHQDLODFRQVLVWHQDVFDXQXOXL&RQVWLSDLD
VXE  VFDXQHVSWPQ  FHD PDL IUHFYHQW VLWXDLH VH PDQLIHVW SULQ HPLVLD
GHIHFDOHGXUHIUDJPHQWDWH VFKLEDOH VDXSULQVHQ]DLDGHHYDFXDUHLQFRPSOHW
'LDUHHD SHVWHVFDXQH]L VHWUDGXFHSULQVFDXQHPRLLPSHULRDVHPDLIUHFYHQW
SRVWSUDQGLDO VDX GXS VWUHV L HVWH DEVHQW QRDSWHD 3HULRDGHOH GH FRQVWLSDLH
DOWHUQHD]FXFHOHGHGLDUHH
HPLVLD GH PXFXV SRDWH QVRL VFDXQXO VDX HVWH LQGHSHQGHQW GH DFHDVWD 1X
H[LVWDOWHHOHPHQWHSDWRORJLFHQVFDXQ VQJHSXURL 
GLVWHQVLD DEGRPLQDO EDORQDUHD L ERUERULVPHOH VXQW VLPSWRPH SUH]HQWH
SURJUHVLYH Q FXUVXO ]LOHL L WUDQ]LWRULX DPHOLRUDWH GH HPLVLD GH JD]H HUXFWDLL L
IODWXOHQ 
VLPSWRPH L VHPQH H[WUDDEGRPLQDOH WXOEXUUL GH VRPQ PLJUHQ DQ[LHWDWH
GHSUHVLHGLVSDUHXQLHHWF
([SORUULSDUDFOLQLFH
UHFWRVLJPRLGRVFRSLD VDX FRORQRVFRSLD WRWDO HYLGHQLD] DVSHFW QRUPDO DO
PXFRDVHLLXQHRULVHFUHLHFUHVFXWGHPXFXV,QVXIODUHDGHDHUSURGXFHGXUHUH
VLPLODU FX FHD VSRQWDQ /D XQ SDFLHQW WQU IU VLPSWRPDWRORJLH GH DODUP
DQHPLHVFGHUHSRQGHUDOIHEU VHHIHFWXHD]LQLLDOUHFWRVLJPRLGRVFRSLH
LULJRJUDILDFXH[DPLQDUHQGXEOXFRQWUDVWHYLGHQLD]SHGHRSDUWHDVSHFWVSDVWLF
FX DFFHQWXDUHD KDXVWUHORU LDU SH GH DOWD H[FOXGH R VXIHULQ RUJDQLF $FHVWH
H[DPLQULVXQWJUHXWROHUDWHGHSDFLHQW

H[DPLQUL ELRFKLPLFH JOLFHPLD UHWHQLD D]RWDW KRUPRQLL WLURLGLHQL LRQRJUDPD


VHULFHWF
DOWH H[SORUUL SHQWUX H[FOXGHUHD SDUD]LWR]HORU LQWHVWLQDOH VLQGURPXOXL GH
PDODEVRUELHLVFKHPLHLPH]HQWHULFHHWF
'LDJQRVWLFXOSR]LWLY
(VWHVXJHUDWGHQDWXUDFURQLFLQWHUPLWHQWDVLPSWRPHORUIUUHSHUFXVLXQLDVXSUD
VWULLJHQHUDOHLVHVWDELOHWHSULQSUH]HQDDFHOSXLQWUHLGLQWUHXUPWRDUHOH
tGXUHUHDDEGRPLQDOUHPLVGXSHPLVLDGHJD]HVDXVFDXQ
tVFDXQHOHPDLIUHFYHQWHLPDLPRLQSUH]HQDGXUHULL
tGLVWHQVLDDEGRPLQDOYL]LELO
tVHQ]DLDGHHYDFXDUHLQFRPSOHW
tGHIHFDUHODQFHSXWXOGXUHULL
tHPLVLDGHPXFXVQVFDXQ FULWHULLOH0DQQLQJ 
'LDJQRVWLFXOGLIHUHQLDO
6HHIHFWXHD]IDGH
tWXPRULOHLQWHVWLQDOHLUHFWRFROLWDXOFHURKHPRUDJLFDIHFWDUHDVWULLJHQHUDOH
HQRVFRSLHGLJHVWLYFXELRSVLH
tEROLHQGRFULQHLQHXURORJLFHFOLQLFLWHVWHGHODERUDWRU
tEROLLQWHVWLQDOH SDUD]LWR]HLQIHFLLLVFKHPLH 
tDOWH WXOEXUUL LQWHVWLQDOH IXQFLRQDOH FRQVWLSDLD L GLDUHHD IXQFLRQDO FDUH
VXQWGRPLQDQWHIUDOWHFULWHULLFDUHVSOHGH]HSHQWUXLQWHVWLQXOLULWDELO
3URJQRVWLF
(YROXLD EROLL HVWH FURQLF $PHOLRUDUHD VLPSWRPHORU HVWH SRVLELO GDF VH SRW
LQIOXHQD IDFWRULL GHFODQDWRUL DOLPHQWDLD VWUHVXO  L GDF VH VWDELOHWH R UHODLH
FRUHVSXQ]WRDUH PHGLF SDFLHQW 1X HVWH DIHFWDW VSHUDQD GH YLD Q VFKLPE
GLVSDULLDGHILQLWLYDVLPSWRPHORUHVWHUDU

6,1'5208/&$1&(58/8,&2/25(&7$/

'HILQLLH
6XE GHQXPLUHD GH FDQFHU FRORUHFWDO VXQW FXSULQVH SURFHVHOH PDOLJQH FX SXQFW GH
SOHFDUHQPXFRDVDVDXVXEPXFRDVDFRORQLFLVHGH]YROWSHFHFFRORQDVFHQGHQW
WUDQVYHUVGHVFHQGHQWVLJPRLGLUHFW
$QDWRPLHSDWRORJLF
'LVWULEXLDFDQFHUXOXLSHVHJPHQWHOHFRORQXOXLHVWHLQHJDO
0DFURVFRSLF VH GLVWLQJ XUPWRDUHOH IRUPH YHJHWDQW SURJQRVWLF PDL EXQ SULQ
LQILOWUDUHDWDUGLYDSHUHWHOXLFROLF XOFHUDWLY XOFHUDLHFXPDUJLQLQHUHJXODWHLQILOWUDWH 
LQILOWUDWLY VWHQR]DQW FRORLG FXDVSHFWJHODWLQRVIULDELOKHPRUDJLF LPL[WH
0LFURVFRSLFIRUPDFHDPDLIUHFYHQWQWOQLWHVWHDGHQRFDUFLQRPXO
&RPSDUDWLY FX DOWH WXPRUL FDQFHUXO FRORUHFWDO VH GH]YROW OHQW GXEODUHD WXPRULL VH
SURGXFHQ]LOH
([WHQVLD WXPRULL VH UHDOL]HD] SH FDOH GLUHFW SULQ FRQWLJXLWDWH FX LQYDGDUHD
RUJDQHORUYHFLQH SHFDOHOLPIDWLFKHPDWRJHQSHULQHUYRDVLLQWUDOXPLQDO
0HWDVWD]HOH VH GH]YROW PDL IUHFYHQW Q JDQJOLRQL ILFDW SHULWRQHX RYDUH SOPQL
SOHXULRDVH
(WLRSDWRJHQH]
(VWHUH]XOWDWXOLQWHUDFLXQLLQWUHIDFWRULLJHQHWLFLLIDFWRULLGHPHGLX
t DQRPDOLLOH JHQHWLFH SRW IL PRWHQLWH GHWHUPLQQG FDQFHUXO FRORUHFWDO HUHGLWDU
 VDXGREQGLWHGHWHUPLQQGFDQFHUXOVSRUDGLF6XELHFLLFXFDQFHUHUHGLWDU
SRVHGGLQQDWHUHRDQRPDOLHJHQHWLFFDUHOHFRQIHURVXVFHSWLELOLWDWHFUHVFXW
SHQWUXFDQFHUQWLPSFHQFDQFHUXOVSRUDGLFDQRPDOLLOHJHQHWLFHVXQWGREQGLWH
QFXUVXOYLHLLVXEDFLXQHDIDFWRULORUGHPHGLX
t IDFWRULLGHPHGLXLPSOLFDLQFDUFLQRJHQH]DFRORUHFWDOVXQWGLHWDERJDWQOLSLGH
FDUQHURLHLFRQLQXWVUDFQILEUHDOLPHQWDUHLYHJHWDOHVHOHQLXFDOFLXYLWDPLQD
$ & (  L DFLG IROLF DOLPHQWH DUVH SUMLWH DSRUWXO FDORULF FUHVFXW FDUFLQRJHQL
L PXWDJHQL GLQ PHGLX $OFRROXO  Q H[FHV L IXPDWXO VH FRUHOHD] FX LQFLGHQD
FUHVFXWDFDQFHUXOXLFRORUHFWDO
7DEORXOFOLQLF
&DQFHUXO FRORUHFWDO SRDWH HYROXD PXOW WLPS DVLPSWRPDWLF LQWHUYDOXO GLQWUH DSDULLD
WXPRULL L FHD D PDQLIHVWULORU FOLQLFH SRDWH DMXQJH SQ OD FLQFL DQL 0DQLIHVWULOH
FOLQLFHSRWILVLVWHPDWL]DWHQXUPWRDUHOHJUXSH
VLPSWRPHGHWHUPLQDWHGHREVWUXFLHSULQGH]YROWDUHDLQWUDOXPLQDODWXPRULL
QFHWLQLUHDDEVHQDWUDQ]LWXOXLLQWHVWLQDOGLVWHQVLHDEGRPLQDOGXUHUHJUHD

YUVWXUL 6XQW PDL IUHFYHQW QWOQLWH Q FDQFHUXO FRORQXOXL VWQJ GLQ FDX]D
GLDPHWUXOXL UHGXV DO OXPHQXOXL 2EVWUXFLD VXJHUHD] WXPRU YROXPLQRDV L
FRQVWLWXLHIDFWRUGHSURJQRVWLFQHIDYRUDELO
 KHPRUDJLD GLJHVWLY LQIHULRDU VH GDWRUHD] DQRPDOLLORU GH YDVFXODUL]DLH
WXPRUDO VDX WUDXPDWLVPHORU PHFDQLFH SURGXVH GH EROXO IHFDO Q WXPRULOH
GLVWDOH VQJHOH HVWH GHSR]LWDW OD VXSUDIDD VFDXQXOXL L GH DFHHD HVWH XRU
GHWHFWDELO Q WLPS FH WXPRULOH SUR[LPDOH VQJHUHD] RFXOW GHWHUPLQQG
DQHPLHKLSRFURPFXDVWHQLHIDWLJDELOLWDWHGLVSQHHVDXDQJRU
 VLPSWRPH FDX]DWH GH LQYD]LD ORFRUHJLRQDO D WXPRULL VXQW GXUHUHD L
VLPSWRPH VSHFLILFH GLQ SDUWHD RUJDQXOXL LQYDGDW WHQHVPH YH]LFDOH ILVWXOH
UHFWR  YDJLQDOH SLHUGHUHD GH PDWHULL IHFDOH SH FDOH JHQLWDO  $X SURJQRVWLF
QHIDYRUDELO
 FDH[LD QHRSOD]LF VH FDUDFWHUL]HD] SULQ VFGHUH SRQGHUDO DVWHQLH
DGLQDPLHIDWLJDELOLWDWH
0DQLIHVWULOH FOLQLFH DOH FDQFHUXOXL FRORUHFWDO GHSLQG L GH WRSRJUDILD L H[WHQVLD
WXPRULL
FDQFHUXO GH]YROWDW OD QLYHOXO FHFXOXL L DVFHQGHQWXOXL VH GH]YROW OHQW DMXQJQG
OD GLPHQVLXQL PDUL QDLQWH GH D GHWHUPLQD VLPSWRPH 6LPSWRPHOH GHWHUPLQDWH
GH DQHPLD KLSRFURP SULQ VQJHUDUH RFXOW  UHSUH]LQW SULQFLSDOD PRGDOLWDWH GH
PDQLIHVWDUH0DLUDUVLPSWRPHOHGHGHEXWVXQWPHOHQDVDXUHFWRUDJLD7XPRULOH
PDULGHWHUPLQPDVHDEGRPLQDOHSDOSDELOH
FDQFHUXOGH]YROWDWODQLYHOXOFRORQXOXLGHVFHQGHQWLVLJPRLGLQWHUHVHD]IUHFYHQW
FLUFXPIHUHQLDOOXPHQXOLGLQFDX]DGLPHQVLXQLORUUHGXVHDOHDFHVWXLDGHWHUPLQ
VLPSWRPH REVWUXFWLYH GXUHUL FROLFDWLYH ]JRPRWH KLGURDHULFH PRGLILFDUHD
WUDQ]LWXOXLLQWHVWLQDO
FDQFHUXOUHFWDOGHWHUPLQFRQVWLSDLHVDXIDOVGLDUHHWHQHVPHUHFWDOHLUHFWRUDJLL
QVWDGLLOHDYDQVDWHSRDWHLQYDGDRUJDQHOHSHOYLQHGHWHUPLQQGWHQHVPHYH]LFDOH
SQHXPDWXULHILVWXOHUHFWRYDJLQDOHGXUHUHSHULQHDOVDXVDFUDW
([DPHQXORELHFWLYJHQHUDOLDODEGRPHQXOXLVHFRPSOHWHD]FXWXHXUHFWDO
([SORUULSDUDFOLQLFH
GHWHUPLQDUHD VQJHUULORU RFXOWH SULQ WHVWXO +HPRFFXOW 5H]XOWDWXO QHJDWLY QX
LQILUPSUH]HQDFDQFHUXOXL3R]LWLYLWDWHDOXLLPSXQHDOWHH[SORUULGLDJQRVWLFH
UHFWRVLJPRLGRVFRSLDH[DPLQHD]GRDUFPGLQOXQJLPHDFRORQXOXLGHODRULILFLXO
DQDO
FRORQRVFRSLDWRWDOFXSUHOHYDUHGHELRSVLLUHSUH]LQWPHWRGDHVHQLDO VWDQGDUGXO
GHDXU QGLDJQRVWLFXOFDQFHUXOXLFRORUHFWDO
LULJRJUDILD VWDQGDUG L FX GXEOX FRQWUDVW DUH R VHQVLELOLWDWH GLDJQRVWLF YDOLGDW Q
WLPS ,PDJLQLOH HYLGHQLDWH VXQW ODFXQ QHUHJXODW IRUPD YHJHWDQW  FX SOXV GH

XPEUFHQWUDO IRUPDYHJHWDQWXOFHUDWLY LDVSHFWGHdFRWRUGHPUs VWHQR] 


HFRHQGRVFRSLD VWDGLDOL]HD] LQYDGDUHD SHUHWHOXL FRORQXOXL JUVLPHD SHULUHFWDO
RUJDQHOHDGLDFHQWHLJDQJOLRQLLSHULUHFWDOL
FRPSXWHU WRPRJUDILD L UH]RQDQD PDJQHWLF QXFOHDU VXQW XWLOL]DWH SHQWUX
VWDGLDOL]DUHDWXPRULL
GHWHUPLQDUHD PDUNHULORU WXPRUDOL UHVSHFWLY D DQWLJHQXOXL FDUFLQRHPEULRQDU HVWH
YDORURDV Q XUPULUHD Q GLQDPLF D SDFLHQLORU FX FDQFHU FRORUHFWDO VXSXL XQRU
WUDWDPHQWH
'LDJQRVWLFXOSR]LWLY
6HVWDELOHWHSHFULWHULLFOLQLFHLSDUDFOLQLFH
&OLQLFVHVXVSLFLRQHD]ODGRXFDWHJRULLGHSDFLHQL
t FX PDQLIHVWUL FOLQLFH VXJHVWLYH SHVWH  DQL FX WXOEXUUL GH WUDQ]LW LQWHVWLQDO
GXUHULDEGRPLQDOHVLQGURPREVWUXFWLYLVDXDQHPLFUHFWRUDJLL
t FX EROL LQWHVWLQDOH FDUH SRW GHJHQHUD PDOLJQ SROLSR] LQWHVWLQDO IDPLOLDO
UHFWRFROLWDXOFHURKHPRUDJLFERDOD&URKQFROLWDGHLUDGLHUH 
'LDJQRVWLFXOGLIHUHQLDO
6HLPSXQHFXDIHFLXQLFDUHGHWHUPLQ
t KHPRUDJLHGLJHVWLYLQIHULRDU EROLLQIODPDWRULLKHPRURL]LFROLWLVFKHPLF 
t VWHQR]LPDVHDEGRPLQDOHSDOSDELOH WXPRULEHQLJQHOLPIRPLQWHVWLQDOYROYXOXV
LPSDFWIHFDO 
(YROXLDHVWHOHQWGDUSURJUHVLY6XQWQHFHVDULDQLSHQWUXFDRWXPRDUHGHFP
VFXSULQGQWUHDJDFLUFXPIHULQDFRORQXOXL'HSLQGHGH
tIRUPDPDFURVFRSLF
tVWDGLXOGHSLVWULL
tORFDOL]DUH
tYUVWDSDFLHQLORU
tWLSXOKLVWRORJLF
tEROLDVRFLDWH
&RPSOLFDLL
6XQWQXPHURDVHLIUHFYHQWIDFSDUWHGLQVLPSWRPDWRORJLDFDQFHUXOXLDYDQVDWDQHPLD
IHULSULYVXSUDLQIHFWDUHDXOFHUDLLORULVXSXUDLDSHULWXPRUDOSHUIRUDLDQSHULWRQHX
L ILVWXOL]DUHD Q VWRPDF LQWHVWLQ VXELUH YH]LFD XULQDU WHJXPHQW FRPSUHVLD VDX
LQYD]LD RUJDQHORU QYHFLQDWH PHWDVWD]DUHD Q JDQJOLRQL ILFDW SHULWRQHX SOPQL
SOHXURDVH

3URJQRVWLFXO
6H FRUHOHD] FX IDFWRUL FOLQLFL L PRUIRORJLFL ,GHQWLILFDUHD DFHVWRUD HVWH HVHQLDO
SHQWUX DOHJHUHD VWUDWHJLHL WHUDSHXWLFH L XUPULUHD SRVWRSHUDWRULH )DFWRULL GH
SURJQRVWLFQHIDYRUDELOVXQWRFOX]LDLSHUIRUDLDLQWHVWLQDOYUVWDODGLDJQRVWLFVXE
DQLLSUH]HQDPHWDVWD]HORUODGLVWDQ

+(025$*,$',*(67,9683(5,2$5
'HILQLLH
+HPRUDJLD GLJHVWLY VXSHULRDU VH GHILQHWH FD SLHUGHUHD GH VQJH GH OD QLYHOXO
WXEXOXLGLJHVWLYVXSHULRUHVRIDJVWRPDFLGXRGHQSQODQLYHOXOOLJDPHQWXOXL7UHLW]
(VWHXQDGLQWUHPDULOHXUJHQHGLJHVWLYHLSRDWHILFOLQLFPDQLIHVWSULQKHPDWHPH]
PHOHQ VDX UHFWRUDJLH KHPDWRNH]LH  VDX SRDWH IL RFXOW L VH PDQLIHVW GRDU SULQ
VLQGURPDQHPLF
)DFWRULLFDUHDJUDYHD]RKHPRUDJLHGLJHVWLYVXSHULRDUVXQW
(WLRORJLDVQJHUULLSRDWHILUHVSRQVDELOGHFUHWHUHDPRUWDOLWLLODDFHWLSDFLHQL
+'6SULQUXSWXUDGHYDULFHHVRIDJLHQHSRDWHILQDQXPLWHFLUFXPVWDQHLPSRVLELOGH
WUDWDW
9UVWDSDFLHQLORUGHWHUPLQRFUHWHUHDPRUWDOLWLLORJDULWPLFFXWUHFHUHDDQLORU
%ROLOH DVRFLDWH VWUQV OHJDWH GH YUVWD SDFLHQLORU PXOL GLQWUH YUVWQLFL DX EROL
FDUGLRYDVFXODUHUHQDOHSXOPRQDUHKHPDWRORJLFHIRQGFDUHFRQWULEXLHODFUHWHUHD
VXEVWDQLDODPRUWDOLWLL
$OLIDFWRULVHYHULWDWHDKHPRUDJLHLOLSVDWHQGLQHLGHDXWROLPLWDUHUHFXUHQDOLSVD
PLMORDFHORUPRGHUQHGHGLDJQRVWLF
,GHQWLILFDUHD SDFLHQLORU FX ULVF FUHVFXW HVWH XQXO GLQWUH RELHFWLYHOH LPSRUWDQWH DOH
HFKLSHLFDUHSULPHWHLWUDWHD]KHPRUDJLDGLJHVWLYVXSHULRDU
7DEORXOFOLQLF
KHPDWHPH]DFRQVWQH[WHULRUL]DUHDSULQYUVWXUDVQJHOXLURXURXEUXQFX
FKHJXULVDXQ]DGHFDIHDKHPRUDJLHSURGXVODQLYHOXOWXEXOXLGLJHVWLYSUR[LPDO
SQ OD OLJDPHQWXO OXL 7UHLW] $VSHFWXO FRQLQXWXOXL HOLPLQDW GHSLQGH GH WLPSXO GH
VWDLRQDUH D VQJHOXL Q VWRPDF GH SUH]HQD DFLGXOXL FORUKLGULF FDUH WUDQVIRUP
KHPRJORELQD Q KHPDWLQ  L GH FDQWLWDWHD GH VQJH SLHUGXW 3HQWUX SURGXFHUHD
KHPDWHPH]HLHVWHQHFHVDUFDSDFLHQWXOVSLDUGSHVWHPOVQJHFHHDFH
UHSUH]LQWXQLQGLFHGHJUDYLWDWHULGLFDWIDGHPHOHQ
PHOHQDFRQVWQHOLPLQDUHDVQJHOXLSULQVFDXQFDUHGHYLQHQHJUXOXFLRVPRDOH
LDIRUPDYDVXOXL FDSFXUDFDXUPDUHDWUDQVIRUPULLKHPRJORELQHLQKHPDWLQ
3HQWUXDSDULLDXQXLVFDXQPHOHQLFVXQWQHFHVDULPOVQJH3LHUGHUHDXQHL
FDQWLWLPDLPDULGHVQJHIDFHFDPHOHQDVSHUVLVWHSQOD]LOHLDUUHDFLLOH
FKLPLFHUPQSR]LWLYHRVSWPQ
KHPDWRNH]LD UHFWRUDJLD  UHSUH]LQW SLHUGHUH GH VQJH PDL SXLQ VDX GHORF
PRGLILFDW OD QLYHO UHFWDO (VWH FRQVHFLQD XQHL SLHUGHUL PDUL VDX PRGHUDWH GH
VQJH OD QLYHOXO WXEXOXL GLJHVWLY LQIHULRU 3RDWH IL L FRQVHFLQD SLHUGHULL OD QLYHOXO
WXEXOXLGLJHVWLYVXSHULRUDXQHLFDQWLWLPDLPDUHGHPOLDSHULVWDOWLVPXOXL
DFFHOHUDW

6LPSWRPDWRORJLDHVWHQIXQFLHGHFDQWLWHDGHVQJHSLHUGXWLHVWHGHWHUPLQDWGH
DQHPLHLGHWXOEXUULOHKHPRGLQDPLFHVHFXQGDUH3LHUGHUHDXQHLFDQWLWLGHVQJH
PDL PDUH GH  PO GXFH OD LQVWDODUHD VLPSWRPDWRORJLHL XQHL KHPRUDJLL XRDUH 
DPHHOLDVWHQLHVHWHWDKLFDUGLHKLSRWHQVLXQHQIRUPHOHPHGLLVHSLHGHDSURLPDWLY
   PO VQJH DPHHOL WUDQVSLUDLL UHFL VHWH JUHXUL SDORDUH H[WUHP
WHQVLXQHDUWHULDOQMXUGHPP+JSXOVXOEWLPLQXWLOLSRWLPLHQIRUPHOH
JUDYHVHSLHUGSHVWHPOVQJH GLQYROXPXOVDQJXLQ FXVLPSWRPDWRORJLD
DJUDYDW ID GH FHD GHVFULV DQWHULRU FX WHQVLXQH DUWHULDO VXE  PP+J SXOV
SHVWHPLQDOWHUDUHDVWULLGHFRQWLHQLRF
'LDJQRVWLFXOSR]LWLY
3DUFXUJHXUPWRDUHOHHWDSH
 VWDELOLUHD UHDOLWLL KHPRUDJLHL GLJHVWLYH VXSHULRDUH D H[FOXGHUHD FRQVXPXOXL GH
DOLPHQWH FDUH SRW FRORUD VFDXQXO VIHFOD URLH DILQHOH  VDX FX FRQLQXW VDQJXLQ
VQJHUHWH E VQJHUULOHEXFRIDULQJLHQH HSLVWD[LVGHQWDUH F PHGLFDPHQWHFDUH
FRORUHD]VFDXQXOQQHJUX ILHUELVPXW 
VWDELOLUHDVHGLXOXLKHPRUDJLHLHVWHUH]XOWDWXOXQXLFRQWH[WFOLQLF+HPDWHPH]DHVWH
XQVHPQGHKHPRUDJLHGLJHVWLYVXSHULRDUGDUDEVHQDHLQXH[FOXGHVHGLXOQDOW
0HOHQDGHQRWGHRELFHLVHGLXOQDOWQVQFD]XULUDUHFQGGHELWXOVDQJXLQHVWH
UHGXVLVHDVRFLD]FXKLSRPRWLOLWDWHFRORQLFVHSRWQUHJLVWUDVFDXQHPHOHQLFH
LQ VQJHUULOH LQIHULRDUH 5HFWRUDJLD HVWH Q JHQHUDO UH]XOWDWXO XQHL VQJHUUL
LQIHULRDUH QV SRDWH IL L UH]XOWDWXO XQHL +'6 PDVLYH VDX FX WUDQ]LW DFFHOHUDW
SRDWHILXWLOLQWURGXFHUHDXQHLVRQGHGHDVSLUDLHQDVRJDVWULFGDFVHUHXHWH
H[WUDJHUHDGHOLFKLGKHPRUDJLFVDXGDFQXFROPDWHD]8QDUJXPHQWVXSOLPHQWDU
SHQWUX+'6HVWHFUHWHUDXUHHLVDQJXLQH
VWDELOLUHDJUDYLWLLKHPRUDJLHLHVWHUH]XOWDWXOHYDOXULL
tVHPQHORUKHPRGLQDPLFHVWDELOLWDWHDLLQVWDELOLWDWHDORU
tFDQWLWLL GH VQJH SLHUGXWH SULQ PHOHQ L KHPDWHPH] VDX HYLGHQLDWH
HQGRVFRSLFQVWRPDF
tFDQWLWLLGHVQJHQHFHVDUHSHQWUXUHHFKLOLEUDUHKHPRGLQDPLF
tWHQGLQHLGHUHSHWDUHDVQJHUULLQSULPHOHGHRUH
tDVSHFWXOXL HQGRVFRSLF FDUH SRDWH SXQH Q HYLGHQ YDVH Q FUDWHUXO XOFHURV
DVSHFWFDUHUHSUH]LQWXQIDFWRUGHJUDYLWDWH
tFDX]HL VQJHUULL FHD GLQ YDULFH HVRIDJLHQH HVWH GH JUDYLWDWH FUHVFXW
FRPSDUDWLYFXFHDGLQJDVWULWDHUR]LYKHPRUDJLF
tORFDOL]ULL XOFHUXOXL EXOEDU SRVWHULRU L SH SRULXQHD YHUWLFDO D PLFLL FXUEXUL
JDVWULFHVXQWFXSRWHQLDOFUHVFXWGHVQJHUDUH
tSUH]HQDKHPDWHPH]HLVDXPHOHQHLSULPDUHSUH]HQWQGXQIDFWRUGHJUDYLWDWH
FUHVFXW

tDIHFLXQLORU DVRFLDWH FDUH SRW DJUDYD VWDUHD SDFLHQWXOXL FLUR]D KHSDWLF


LQVXILFLHQDFDUGLDFVDXUHVSLUDWRULH
tYUVWDSDFLHQWXOXLSHVWHGHDQLSURJQRVWLFXOHVWHUH]HUYDW
VWDELOLUHDHWLRORJLHLQHFHVLWRDQDOL]FOLQLFPLQXLRDVLXWLOL]DUHDXQRUH[SORUUL
SDUDFOLQLFHVSHFLILFH
(OHPHQWHOHFOLQLFHVSHFLILFHVXQWLPSRUWDQWHQYHGHUHDVWDELOLULLHWLRORJLHL
tJDVWULWDHUR]LYLQJHVWLDGH$,16VDXDOFRRO
tXOFHUXOJDVWURGXRGHQDODQWHFHGHQWHGLVSHSWLFHGXUHUHVH]RQLHULHYHQWXDO
SUH]HQDXQHLFDX]HGHFODQDWRDUH
tFLUR]D KHSDWLF SUH]HQD PRGLILFULORU FOLQLFH KHSDWRVSOHQRPHJDOLH UXEHR]
SDOPDUVWHOXHYDVFXODUHFLUFXODLHFRODWHUDOODWHURDEGRPLQDO
tVLQGURPXO0DOORU\:HLVVDSDULLDKHPDWHPH]HLGXSYUVWXULUHSHWDWHVDX
VXJKLUHEHO
tVLQGURPXO5HQGX2VOHU:HEHUWHOHDQJLHFWD]LLOHWHJXPHQWDUHVHDVRFLD]
FXSROLSR]DLQWHVWLQDOFXDQJLRGLVSOD]LLOHGLJHVWLYH
tVLQGURPXO 3HXW]  -HJHUV  SLJPHQWDUHD EX]HORU VH DVRFLD] FX SROLSR]D
LQWHVWLQDOLJDVWULF
&DX]HOHIUHFYHQWHVXQW
tYDULFHHVRIDJLHQH
tXOFHUXOJDVWURGXRGHQDO
tHVRIDJLWDJDVWULWDLGXRGHQLWDHUR]LY
tVLQGURPXO0DOORU\:HLVV
tWXPRULOHEHQLJQHVDXPDOLJQH
tPDOIRUPDLLOHYDVFXODUH
&DX]HOHUDUHVXQW
tYDULFHJDVWULFHVDXGXRGHQDOH
tILVWXOHDRUWRHQWHULFH
tJDVWURSDWLDSRUWDO
tERDOD&URKQ
tFRUSLVWULQL
tFRODJHQR]HYDVFXOLWH
([SORUULGLDJQRVWLFH
,QLLHUHD LQYHVWLJDLLORU SDUDFOLQLFH VH IDFH FRQFRPLWHQW FX HYDOXDUHD VWULL
KHPRGLQDPLFH L FX FRUHFWDUHD FRQFRPLWHQW GXS LQVWDODUHD XQRU OLQLL GH SHUIX]LH
LQWUDYHQRDVH
KHPDWRFULWXOQSULPHOHRUHSRDWHVQXDLEYDORDUHVHPQLILFDWLYGLQFDX]D

KHPRGLOXLHL&HUWHVWHIDSWXOFKHPRUDJLDQXFRQWLQXLQXHVWHDPHQLQWRDUH
GDFKHPDWRFULWXOUPQHQRUPDO
OHXFRFLWHOHVXQWFRQVHFLQDXQHLVQJHUULLPSRUWDQWHDMXQJQGOD
PP5HYHQLUHDODQRUPDOVXJHUHD]RSULUHDVQJHUULL
 XUHHD VDQJXLQ  HVWH XQ LQGLFLX EXQ DO VHYHULWLL L DO SHUVLVWHQHL KHPRUDJLHL
GLJHVWLYHVXSHULRDUHLUHYLQHODQRUPDOODRUHGHODRSULUHDVQJHUULL&UHDWLQLQD
UPQHQOLPLWHQRUPDOH
 DVSLUDLD QD]RJDVWULF  DGXFH HOHPHQWH LPSRUWDQWH Q IDYRDUHD +'6 GDF H[LVW
VQJH Q FRQLQXWXO DVSLUDW 'DF DFHVWD OLSVHWH FROPDWDUHD VRQGHL VQJHUDUH
GXRGHQDO IU UHIOX[ JDVWULF  QX VH SRDWH H[FOXGH FX FHUWLWXGLQH H[LVWDQD XQHL
VQJHUULVXSHULRDUH6QJHOHURXGLQDVSLUDWLQGLF+'6DFWLYQWLPSFH]DXO
GHFDIHDIDSWXOFKHPRUDJLDHVWHOHQWVDXRSULW
HQGRVFRSLD GLJHVWLY VXSHULRDU  HVWH H[DPLQDUHD GH SULP OLQLH DWW Q
GLDJQRVWLFXO KHPRUDJLLORU GLJHVWLYH VXSHULRDUH L DO HWLRORJLHL ORU FW L Q
WUDWDPHQWXO ORU LQMHFWDUH KHPRVWDWLF HOHFWURFRDJXODUH ODVHU  Q IXQFLH GH
PRPHQWXOLQWHUYHQLHLVHFODVLILFQ
D  HQGRVFRSLH LPHGLDW OD SUH]HQWDUHD Q VHUYLFLXO GH XUJHQ FQG H[LVW
ULVFXO GH H[DJXLQDUH 'H]DYDQWDMXO FRQVW Q LQVWDELOLWDWHD KHPRGLQDPLF
D SDFLHQWXOXL SHULFROXO GH DVSLUDLH DO FRQLQXWXOXL JDVWULF L GH GLILFXOWDWHD
H[DPLQULLGLQFDX]DFDQWLWLLFUHVFXWHGHVQJHGLQVWRPDF
E  HQGRVFRSLD GH XUJHQ HVWH LQGLFDW Q SULPHOH  RUH GH OD LQWHUQDUH
GXS FH VDX LQVWLWXLW SULPHOH PVXUL GH HYDOXDUH L WUDWDPHQW FQG
H[DPLQDUHDHQGRVFRSLFVHHYHFWXHD]PDLXRU
F  HQGRVFRSLD GH UXWLQ VH HIHFWXHD] OD SDFLHQLL VWDELOL KHPRGLQDPLF Q
FRQIRUWLVLJXUDQGHH[DPLQDUH'H]DYDQWDMXOFRQVWQIDSWXOFRVHULHGH
OH]LXQL HUR]LXQLJDVWULFHVLQGURPXO0DOORU\:HLVV SRWVDSDUQSULPHOH
GHRUH
(QGRVFRSLDGLJHVWLYVXSHULRDUSUHFL]HD]
tSUH]HQDVQJHUULL
tSUH]HQDOH]LXQLLFDX]DWRDUH FKLDUGDFVXQWPDLPXOWHOH]LXQLFXSRWHQLDOGH
VQJHUDUH Q JHQHUDO GRDU XQD HVWH UHVSRQVDELO SHQWUX HSLVRGXO KHPRUDJLF
LQYHVWLJDW 
tFDQWLWDWHDGHVQJHGLQWXEXOGLJHVWLY
tVLWXDLDVQJHUULL RSULWVDXDFWLY 
tULVFXOGHUHVQJHUDUH YDVYL]LELOQFUDWHUXOXOFHURVYDULFHFXVHPQHURLLHWF 
tPLMORFXOWHUDSHXWLFUHFRPDQGDW PHGLFDPHQWRVHQGRVFRSLFVDXFKLUXUJLFDO 
6WDGLLOH)RUUHVWDOHKHPRUDJLHLGLJHVWLYHVXSHULRDUHVXQW

,OH]LXQHDHVWHSUH]HQWLKHPRUDJLDDFWLY
,$VQJHUDUHQMHW
,%VQJHUDUHODPLQDU
,,OH]LXQHDHVWHSUH]HQWLVXQWVWLJPDWHGHVQJHUDUH
,,$SUH]HQDFKHDJXULORU
,,%SUH]HQDYDVHORUYL]LELOH
,,&SUH]HQDPHPEUDQHORUKHPDWLFH
,,,OH]LXQHDHVWHSUH]HQWIUVWLJPDWHGHVQJHUDUHVDXOH]LXQHDOLSVHWH
H[DPHQXOUDGLRORJLFEDULWDWQXHVWHLQGLFDWQVQJHUULOHDFXWHQWUXFWSHGHR
SDUWHQXSRDWHHYLGHQLDFXDFXUDWHHDGHYUDWDOH]LXQHKHPRUDJLFLDUSHGHDOW
SDUWHSRDWHPSLHGLFDHIHFWXDUHDHQGRVFRSLHLVDXDUWHULRJUDILHL
 DUWHULRJUDILD  HVWH FRQGLLRQDW GH XQ GHELW DO VQJHUULL QWUH  POPLQ
(VWH H[DPLQDUHD SRVWHQGRVFRSLH Q VSHFLDO GDF VH VXVSLFLRQHD] VQJHUDUH
HVRIDJLDQ 3LHUGHUHD GH VQJH HVWH ORFDOL]DW SULQ H[WUDYD]DUHD VXEVWDQHL GH
FRQWUDVW Q SOXV SHUPLWH LQMHFWDUHD L GH VXEVWDQH YDVRFRQVWULFWRDUH OD ORFXO
VQJHUULLVDXHPEROL]DUHYDVFXODU
 VFLQWLJUDILD  FRQVW Q LQMHFWDUHD LQWDYHQRDV GH FRORLG VDX GH HULWURFLWH PDUFDWH
FX 7FP $UH DFHOHDL LQGLFDLL FD L DUWHULRJUDILD GRDU F HVWH PDL VHQVLELO
FRQGLLRQDWGHXQGHELWDOVQJHUULLGHPOPLQ 
(YROXLH
6DXGHVFULVWUHLSRVLELOLWLGHHYROXLH
tRSULUHDVSRQWDQDVQJHUULLODGLQWUHSDFLHQL1XH[LVWFULWHULLDEVROXWH
GHGHILQLUHDKHPRUDJLHLLLQGLIHUHQWGHJUDYLWDWHDDFHVWXLDVHLPSXQHPVXUL
GHSURILOD[LHVHFXQGDU
tVQJHUDUHFRQWLQX
tUHFLGLYDUHDKHPRUDJLHLQSULPHOHGHRUH
&RPSOLFDLL
6XQWUHSUH]HQWDWHGHDJUDYDUHDDIHFLXQLORUH[LVWHQWH
tHQFHIDORSDWLHKHSDWLFODSDFLHQWXOFXFLUR]
tDQJLQD SHFWRUDO LQIDUFW PLRFDUGLF LQVXILFLHQ FDUGLDF OD SDFLHQL FX
FDUGLRSDWLHLVFKHPLF
tLQVXILFLHQUHVSLUDWRULHODSDFLHQLLFXSQHXPRSDWLLFURQLFH
3URJQRVWLF
'HSLQGHGHRVHULHGHIDFWRULGHULVFSHQWUXEROQDYLLFX+'6
tYUVWDSHVWHGHDQL
tWHQVLXQHDDUWHULDOVLVWROLFODLQWHUQDUHVXEPP+J

tDEVHQDDQWHFHGHQWHORUGLJHVWLYH
tDEVHQDDGPLQLVWUULLGHDQWLLQIODPDWRDUHQHVWHURLGH
tGXUDWDSUHOXQJLWDVQJHUULL
tERDOD FDX]DWRDUH YDULFHOH HVRIDJLHQH XOFHUXO GH ERQW JDVWULF L FDQFHUXO
JDVWULFVXQWUHVSRQVDELOHGHRUDWFUHVFXWDPRUWDOLWLL
tDEVHQDLQJHUULLGHDOFRRO
tWLSXOGHWUDWDPHQWGHXUJHQDSOLFDW
0RUWDOLWDWHDPHGLHJOREDOHVWHQMXUGH

+(025$*,$',*(67,9,1)(5,2$5

'HILQLLH
+HPRUDJLLOH GLJHVWLYH LQIHULRDUH +',  VXQW GHILQLWH FD VQJHUUL VLWXDWH GLVWDO GH
OLJDPHQWXO7UHLW]
(WLRORJLH
6QJHUDUHDUHFWDOGHQRWH[LVWHQDXQXLSURFHVSDWRORJLFFDUHWUHEXLHLGHQWLILFDW
&HOH PDL PXOWH SURYLQ GLQ FRORQ GRDU  VXQW GLQ LQWHVWLQXO VXELUH L WUDFWXO
GLJHVWLYVXSHULRU
2ULJLQHD FRORQLF D +', HVWH GLYHUWLFXOR]D ERDOD LQIODPDWRULH LQWHVWLQDO FDQFHUXO
ERDODKHPRURLGDOLPDOIRUPDLLOHDUWHULRYHQRDVH
&DX]HOH+',QIXQFLHGHYUVWVXQW
tVXEDQLKHPRURL]LLILVXULDQDOHSROLSLERDODLQIODPDWRULHLQWHVWLQDOFROLWH
LQIHFLRDVH
t SHVWH  DQL  KHPRURL]L L ILVXUL DQDOH GLYHUWLFXOR]D SROLSL L FDQFHU
DQJLRGLVSOD]LH
7DEORXOFOLQLF
2DQDPQH]PLQXLRDVSRDWHVXJHUDGLDJQRVWLFXOFRUHFW
t UHFWRUDJLD HVWH SULQFLSDOD PDQLIHVWDUH D +', 3RDWH IL GHVFULV LQ +'6   Q
FD]GHVQJHUDUHLPSRUWDQWODFDUHVHSRDWHDVRFLDVDXQXXQWUDQ]LWLQWHVWLQDO
DFFHOHUDW
t PHOHQD SRDWH IL H[SUHVLD +'6 Q VQJHUULOH LQWHVWLQXOXL VXELUH VDX Q FD] GH
WUDQ]LW LQWHVWLQDO QFHWLQLW FQG VXE DFLXQHD IORUHL LQWHVWLQDOH KHPRJORELQD HVWH
WUDQVIRUPDWQKHPDWLQ
6XSUDYHJKHUHDVFDXQXOXLHPLVSRDWHHYLGHQLD
D VQJHUDUHVXEIRUPGHSLFXULODVIULWXOGHIHFDLHLQVQJHUULOHUHFWDOH
E VQJHUDUHDVRFLDWVFDXQXOXLQRUPDOQVQJHUULOHFDQDOXOXLDQDO
F VWULXULVDQJXLQROHQWHSHRSDUWHDFLUFXPIHULQHLVFDXQXOXLVDXVFDXQ
DPHVWHFDWFXVQJHQDIHFLXQLDOHFRORQXOXLVWQJ SROLSLFDQFHU 
G VFDXQGHFRQVLVWHQVF]XWDPHVWHFDWFXVQJH UHFWRFROLWD
XOFHURKHPRUDJLFERDOD&URKQ 
H VQJHUDUHIUVFDXQ KHPRURL]LILVXUDDQDOSROLSLFDQFHU 
tGXUHUHDUHFWDOHVWHGHVFULVQERDODKHPRURLGDOILVXUDLILVWXODDQDO
tGLDUHHDDVRFLDWUHFWRUDJLHLIHEUHLLQDSHWHQHLGXUHULORUDEGRPLQDOHVXJHUHD]R

ERDOLQIODPDWRULHVDXLQIHFLRDVDFRORQXOXL
t GXUHUHD DEGRPLQDO XUPDW GH +', VXJHUHD] LVFKHPLD LQWHVWLQDO ERDOD
LQIODPDWRULHVDXUXSWXUDXQXLDQHYULVPDRUWLF
t VQJHUDUHD PDVLY QHQVRLW GH GXUHUH DEGRPLQDO VDX GH DOWH VLPSWRPH HVWH
FDUDFWHULVWLFKHPRUDJLHLGLQGLYHUWLFXOR]KHPRURL]LVDXDQJLRGLVSOD]LH
t FRQVWLSDLD UHFHQW FX VFDXQ GH FDOLEUX UHGXV SRDWH VXJHUD R QHRSOD]LH FROLF
VWQJQWLPSFHFRQVWLSDLDFURQLFLQGLFKHPRUDJLDKHPRURLGDO
([DPHQXORELHFWLY
t LQVSHFLDSRDWHHYLGHQLDGHJHWHKLSRFUDWLFHGHVFULVHQERDODLQIODPDWRULHFURQLF
LQWHVWLQDO
t SDOSDUHDSRDWHSXQHQHYLGHQ
D PDVHWXPRUDOHGHDOXQJXOFRORQXOXL FDQFHUVDXERDOD&URKQ 
E FRUGRQULJLGGXUHURVLSDOSDELOQIRVDLIODQFXOVWQJ UHFWRFROLWD
XOFHURKHPRUDJLF 
t DXVFXOWDLD DEGRPLQDO SRDWH HYLGHQLD VXIOXUL FDUH UHOHY DQJLRGLVSOD]LD VDX
DQHYULVPDRUWLF
([SORUULGLDJQRVWLFH
KHPROHXFRJUDPDHYLGHQLD]DQHPLDIHULSULY
XUHHDVDQJXLQFUHWHQHFRQFRUGDQWFXFUHDWLQLQDXQUDSRUWSHVWHSOHGHD]
SHQWUXRULJLQHDVXSHULRDUDVQJHUULL
WXHXO UHFWDO  SRDWH FRQVWDWD SUH]HQD VQJHOXL XQHRUL VXJHUQG L VHGLXO
KHPRUDJLHL 3UH]HQD GXUHULL VXJHUHD] SDWRORJLH EHQLJQ DQRUHFWDO  KHPRURL]L
ILVXUILVWXOQWLPSFHSDOSDUHDXQRUPDVHWXPRUDOHSHQWUXFDQFHUHVDXSROLSL
LULJRVFRSLDGHLSHUPLWHLGHQWLILFDUHDPDMRULWLLOH]LXQLORUFDX]DWRDUHGHKHPRUDJLL
FRORQRVFRSLD XOWHULRDU VH LPSXQH Q DFHVWH FD]XUL SUHFL]DUHD GLDJQRVWLFXOXL
ELRSVLLSROLSHFWRPLHHQGRVFRSLF FWLQFHOH5[QHJDWLY'LQDFHVWHPRWLYHQX
HVWHFRQVLGHUDWRH[DPLQDUHGHUXWLQ
UHFWRVLJPRLGRVFRSLDVHUHFRPDQGODSDFLHQLLFX+',VXEDQLFXVQJHUDUH
UHODWLY PLQRU SHQWUX HYLGHQLHUHD OH]LXQLORU GH OD QLYHOXO FDQDOXOXL DQDO DPSXOHL
UHFWDOHLVLJPHL
 FRORQRVFRSLD  HVWH H[SORUDUHD GH HOHFLH Q +', 9L]XDOL]HD] GLUHFW PXFRDVD
FROLF VH SRDWH HIHFWXD Q +', DFWLY GDU QX PDVLY L GHWHFWHD] XQ QXPU
LPSRUWDQWGHOH]LXQLPXOWHGLQWUHHOHQHGHWHFWDWHGHLULJRJUDILH
H[SORUDUHDUDGLRL]RWRSLFXWLOL]HD]GRXWHKQLFLD FX7HKQHLXFRORLGDOFDUHQX
GHWHFWHD]VQJHUULOHLQWHUPLWHQWHORFDOL]DWHVXSHULRUVDXFXGHELWVF]XWE FX
7HKQHLX OHJDW GH KHPDWLL FDUH VXUSULQG IHUHDVWUD KHPRUDJLF QWUXQ SURFHQW
PDLPDUH(VWHLQGLFDWQKHPRUDJLLOHPDVLYHLDUHUROLPSRUWDQWQGHVFRSHULUHD
DQRPDOLLORUYDVFXODUH

DUWHULRJUDILDQHFHVLWXQGHELWDOVQJHUULLGHPOPLQ'HSLVWHD]DQRPDOLLOH
YDVFXODUHLSHUPLWHHIHFWXDUHDXQRUPDQRSHUHWHUDSHXWLFHHPEROL]ULLLQMHFWDUH
GHYDVRSUHVLQ
DOWHWHKQLFLGLDJQRVWLFH
D HQWHURVFRSLDFXGXEOXEDORQ
E H[DPHQXOPLFURVFRSLFDOVFDXQXOXLSHQWUXHYLGHQLHUHDLQIHFLLORUSDUD]LWDUH
F FRSURFXOWXUDQFD]GHVXVSLFLXQHDXQHLLQIHFLLHQWHULFH
'LDJQRVWLFXOGLIHUHQLDO
$YQGQYHGHUHXUPWRDUHOHDVSHFWH
tH[FOXGHUHDIDOVHORUKHPRUDJLL
tDSUHFLHUHDVHYHULWLLKHPRUDJLHL
tSUHFL]DUHDVHGLXOXLLQIHULRUDOVQJHUULL
tSUHFL]DUHDGLDJQRVWLFXOXLHWLRORJLF
(YROXLH
GLQWUH+',VHRSUHVFVSRQWDQ6QJHUDUHDHVWHUHFXUHQWQGLQWUHFD]XULL
HVWHFRQVHFLQDXUPWRDUHORUVLWXDLL
t GLQ VXUVD UHDO LQLLDO QHGLDJQRVWLFDW FRUHFW QGHSUWDUHD XQXL SROLS FQG
VQJHUDUHDSURYHQHDGLQWURDQJKLRSODVWLH 
tUHFXUHQDGXSWUDWDPHQWXOLQLLDO DQJLRGLVSOD]LLOHFHFDOHWUDWDWHHQGRVFRSLF 
tVQJHUDUHGLQWURDGRXDOH]LXQH
&RPSOLFDLL
'HSLQGGH
tVHYHULWDWHDVQJHUULL DQHPLHDFXWVDXRFKHPRUDJLF 
tYUVWDSDFLHQWXOXL HYROXLHPDLJUDYODYUVWQLFL 
tDIHFLXQLOHDVRFLDWH FDUGLDFHUHVSLUDWRULLUHQDOHFLUR]D 
3URJQRVWLF
(VWHEXQFXRSULUHVSRQWDQQGLQFD]XULLPRUWDOLWDWHVF]XWGH
'HSLQGHGHERDODGHIRQGGHFDQWLWDWHDGHVQJHSLHUGXWGHDFFHVXOODPLMORDFHGH
GLDJQRVWLFPRGHUQHGHDIHFLXQLOHDVRFLDWHLGHPVXULOHWHUDSHXWLFHDSOLFDWH

6,1'5208/&,52=(/25+(3$7,&(

'HILQLLH
(VWH R DIHFLXQH FURQLF VWDGLXO ILQDO DO WXWXURU DIHFLXQLORU FURQLFH KHSDWLFH
FDUDFWHUL]DW SULQ LQIODPDLH L GLVWUXFLH GLIX] D SDUHQFKLPXOXL SURFHVH FDUH  DX FD
UH]XOWDWEXOYHUVDUHDLUHVWUXFWXUDUHDDUKLWHFWRQLFLLILFDWXOXL(VWHREOLJDWRULHSUH]HQD
FHORUGRXSURFHVHIXQGDPHQWDOHILEUR]DLQRGXOLLGHUHJHQHUDUH
(SLGHPLRORJLH
Q DUD QRDVWU LQIHFLLOH YLUDOH % L & OD FDUH VH DGDXJ FRQVXPXO GH DOFRRO
GHWHUPLQFUHWHUHDIUHFYHQHLFLUR]HORUKHSDWLFH
(WLRORJLH
QIXQFLHGHHWLRORJLHFLUR]HOHDXGHQXPLULSDUWLFXODUH
7DEHO9,'HQXPLULOHFLUR]HORUQIXQFLHGHHWLRORJLLOHDFHVWRUD
(WLRORJLD

'HQXPLUHDFLUR]HORU

9LUXVXULKHSDWLWLFH%%'&*

&LUR]DSRVWQHFURQLFVDXSRVWYLUDO

$OFRRO

&LUR]DSRUWDOVDXFLUR]D/DHQQHF

+HSDWLWHDXWRLPXQH

&LUR]HDXWRLPXQH

'HQXWULLHE\SDVV

&LUR]HQXWULLRQDOH

&DX]HQHFXQRVFXWH

&LUR]HFULSWRJHQHWLFH

9DVFXODUH

6LQGURPXO%XGG&KLDUL

2EVWUXFLHYHQRDV

%RDODYHQRRFOX]LY

,QVXILFLHQFDUGLDF

&LUR]DFDUGLDF
0HWDEROLF

)LHU
&XSUX

+HPRFURPDWR]
%RDOD:LOVRQ

*DODFWR]

*DODFWR]HPLH

7LUR]LQ

7LUR]LQR]FRQJHQLWDO

*OLFRJHQ

*OLFRJHQR]

DDQWLWULSVLQ
&ROHVWD]
,QWUDKHSDWLF

&LUR]DELOLDUSULPLWLY

([WUDKHSDWLF

&LUR]DELOLDUVHFXQGDU

0HGLFDPHQWH
0HWKRWUH[DWGLPHWLOQLWURVDPLQ
&LUR]PHGLFDPHQWRDV
WHWUDFORUXUGHFDUERQDPLRGDURQ

3DWRJHQH]
3XQFWXO GH SOHFDUH FRPXQ L REOLJDWRULX HVWH PRDUWHD FHOXODU QHFUR]D  $FHDVWD
VHSURGXFHILHYLROHQWFDXUPDUHDDJUHVLXQLLGLUHFWHDDJHQLORUSDWRJHQLYLUXVXUL
IDFWRULPHWDEROLFLPHGLFDPHQWHLVFKHPLHVXEVWDQHWR[LFHDOFRROVDXVUXULELOLDUH
ILH VH SURGXFH OHQW FRQVHFLQD XQXL SURFHV LQIODPDWRU VHFXQGDU PHFDQLVPHORU
LPXQHQXUPDDFHVWHLGLVWUXFLLVHSURGXFHFRODSVXOSDUHQFKLPXOXL
$OGRLOHDHOHPHQWHVWHILEURJHQH]D$FHDVWDXUPHD]WUDLHFWXOQHFUR]HLLVHGH]YROW
IRFDOVHPLFLUFXODUQLQHOHSHQWUXFDDSRLVGHYLQFHQWUROREXODUSRUWRSRUWDOL
FHQWURFHQWUDO
$OWUHLOHDHOHPHQWHVWHUHJHQHUDUHDFHOXODUFDRFRQVHFLQDQHFUR]HL1XH[LVWXQ
HFKLOLEUXQWUHGLVWUXJHUHLUHJHQHUDUHDFHDVWDGLQXUPHVWHH[FHGHQWDULSURGXFH
QRGXOL FDUH H[HUFLW SUHVLXQL DVXSUD VLVWHPXOXL YDUVFXODU FHHD FH DUH FRQVHFLQ
FUHWHUHD SUHVLXQLL SRUWDOH 3ULQ SURFHVXO GH GLVWUXFLH UHJHQHUDUH L ILEUR] LDX
QDWHUHXQWXULLQWUDKHSDWLFHQWUHDUWHUDKHSDWLFLYHQDFHQWUDOGHFLQWUHVLVWHPXO
DUWHULDOLFHOSRUWFXFRQVHFLQHDVXSUDIXQFLHLKHSDWLFH
0RUIRSDWRORJLH
$VSHFWXO PDFURVFRSLF DO ILFDWXOXL FLURWLF HVWH DWW GH FDUDFWHULVWLF QFW SHUPLWH
GLDJQRVWLFXO FX FHUWLWXGLQH DWW Q H[SORUDUHD FKLUXUJLFDO FW L Q FHD QHFURSWLF
6XSUDIDD HVWH QHUHJXODW FX JUDQXODLL ILQH VDX QRGXOL YROXPLQRL PLFUR VDX
PDFURQRGXODU  &XORDUHD SRDWH IL JDOEHQDXULH EUXQYHU]XLH VDX URFDW 9ROXPXO
HVWH YDULDELO DWURILF  GLQ YROXPXO QRUPDO   GHVFULHUHD FODVLF D OXL /DHQQHF VDX
KLSHUWURILF JUHXWDWHGHJ 
0LFURVFRSLFFLFDWULFLOHILEURDVHGLVWRUVLRQHD]DUKLWHFWXUDOREXODUQRUPDOQFLUR]D
PLFURQRGXODU VSDLLOH SRUWH VXQW LQWHUFRQHFWDWH SULQ EHQ]L ILEURDVH FDUH GLYLG VDX
VXEGLYLG OREXOLL KHSDWLFL Q LQVXOH GH SDUHFKLP VDX FKLDU Q FHOXOH L]RODWH Q FLUR]D
PDFURQRGXODUPDLPXOLOREXOLVXQWVWUDQJXODLGHEHQ]LILEURDVHJURDVH

)LJ&LUR]DPLFURQRGXODU

7DEORXOFOLQLF
t VLPSWRPDWRORJLD SDFLHQWXOXL FLURWLF HVWH FRQVHFLQD GLVIXQFLHL SDUHQFKLPXOXL
KHSDWLF DQRUH[LH VFGHUH SRQGHUDO DVWHQLH IDWLJDELOLWDWH VFGHUHD WROHUDQHL
OD HIRUW D FRQVXPXOXL GH DOFRRO VLQGURP GLVSHSWLF SDUHVWH]LL SROLQHYULWH
GLDUHH D SUH]HQHL YLUXVXOXL DUWUDOJLL FULRSDWLL D KLSHUWHQVLXQLL SRUWDOH EDORQDUH
SRVWSUDQGLDO GLVFRQIRUW DEGRPLQDO D GHILFLWXOXL VLQWH]HL IDFWRULORU GH FRDJXODUH
HSLVWD[LVJLQJLYRUDJLL
t H[DPHQXORELHFWLYJHQHUDOHYLGHQLD]XUPWRDUHOHPRGLILFUL
 LFWHUGHVFULVQID]HOHILQDOHGHHYROXLHVDXQFHOHGHDFXWL]DUHLGHWLPSXULX
QFLUR]DELOLDUSULPLWLY(VWHQVRLWGHXULQLKLSHUFURPHVFDXQHGHFRORUDWH
XUPHGHJUDWDM[DQWRDPHVDXVWHDWRUHH
 VLQGURPXOHQGRFULQVWHOXHYDVFXODUHQUHJLXQHVXSHULRDUWRUDFDOHULWHPXO
SDOPDU OHXFRQLFKLD XQJKLL DOEH  KLSRFUDWLVP GLJLWDO FRORUDLD EUXQ D
WHJXPHQWHORUPHPEUHORULQIHULRDUH
 FDUDFWHUHOH VH[XDOH VHFXQGDUH PRGLILFDWH  WHVWLFXOH DWURILFH OD EUEDL
SLOR]LWDWH GH WLS JLQRLG JLQHFRPDVWLD FDUH SRDWH IL L LDWURJHQ VHFXQGDU
WUDWDPHQWXOXLFXDQWLDOGRVWHURQLFH ODIHPHLWXOEXUULGHFLFOXPHQVWUXDOSQ
ODDPHQRUHH
 DVSHFWXO GH dRPXO SDLDQMHQs FX PXVFXODWXU DWURILDW L DEGRPHQ JOREXORV
SULQDVFLW 
t H[DPHQXO RELHFWLY DO DEGRPHQXOXL SXQH Q HYLGHQ VLQGURPXO DVFLWR
HGHPDWRV FLUFXODLH FRODWHUDO GH WLS FDYRFDYDO VDX SRUWRFDY HYLGHQLDW Q
IODQFXUL VDX SHULRPELOLFDO Q FDS GH PHGX] DVFLWD GLVFUHW VDX YROXPLQRDV
FX PDWLWDWH GHSODVDELO Q IODQFXUL HGHPH JDPELHUH Q SOXV VH HYLGHQLD]
KHSDWRVSOHQRPHJDOLH

)LJ3HUFXLDPDWLWLLGLQ
IODQFXULQDVFLW

t DIHFWDUHD DOWRU RUJDQH L VLVWHPH SULQ IDFWRUXO HWLRORJLF VDX FRQVHFLQD


LQVXILFLHQHLKHSDWLFHLKLSHUWHQVLXQLLSRUWDOH
7XEXOGLJHVWLY
 HVRIDJLWD GH UHIOX[  SULQ WXOEXUUL GH PRWLOLWDWH L FUHWHUHD SUHVLXQLL
LQWUDEGRPLQDOHGDWGHDVFLW
 JDVWULWD L +HOLFREDFWHU S\ORUL SR]LWLY  VH GHVFULH JDVWURSDWLD SRUWDO L
DWURILDJDVWULFVHFXQGDUFRQVXPXOXLGHDOFRRO
XOFHUXOJDVWURGXRGHQDOSULQFUHWHUHDVHFUHLHLGHJDVWULQFDUHGHWHUPLQ
FUHWHUHD VHFUHLHL GH DFLG FORUKLGULF L SULQ VFGHUHD UH]LVWHQHL PXFRDVHL
JDVWURGXRGHQDOH
 VWHDWRUHHD  H[FHSWQG FD]XULOH GH SDQFUHDWLW FURQLF VDX HQWHURSDWLD
DOFRROLF SRDWH IL VHFXQGDU KLSRPDJQH]HPLHL VDX OLSVHL DFL]LORU ELOLDUL GLQ
WXEXOGLJHVWLY
3DQFUHDVXOPDLDOHVODDOFRROLFLILHSULQSDQFUHDWLWDFXWUHFXUHQLDOILHSULQ
SDQFUHDWLWFURQLFPDQLIHVWFOLQLFVDXFXFDOFLILFULSDQFUHDWLFH
/LWLD]DELOLDUSULQVFGHUHDVHFUHLHLGHVUXULELOLDUH
+HPDWRORJLFVHGHVFULXXUPWRDUHOHPRGLILFUL
 WXOEXUUL GH FRDJXODUH  SULQ VFGHUHD QLYHOXOXL VDQJXLQ DO IDFWRULORU
GH FRDJXODUH FDUH VH VLQWHWL]HD] Q ILFDW H[FHSLH IDFWRUXO 9,,,  SULQ
WURPERFLWRSHQLD VHFXQGDU KLSHUVSOHQLVPXOXL L SULQ FUHWHUHD ILEULQROL]HL
&OLQLF VH PDQLIHVW SULQ HSLVWD[LV JLQJLYRUDJLL SHWHLL HFKLPR]H %LRORJLF
VFDGHLQGLFHOHGHSURWURPELQLFUHWHWLPSXOGHVQJHUDUH
DQHPLDSRDWHILPLFURFLWDUSULQVQJHUULUHSHWDWHPDFURFLWDUSULQGHILFLW
GHDFLGIROLFODDOFRROLFLKHPROLWLFSULQKLSHUVSOHQLVP
DJUHJDUHSODFKHWDUGHILFLWDUSULQDOWHUDUHDIXQFLRQDODWURPERFLWHORU
6LVWHPXOQHUYRV
HQFHIDORSDWLDKHSDWLFSULQDOWHUDUHDIXQFLHLKHSDWLFH
QHXURSDWLDSHULIHULFGHVFULVDWWODDOFRROLFLFWLQDOWHHWLRORJLL
$IHFWDUHD SXOPRQDU DSDUH WDUGLY GLVSQHH FLDQR] L GHJHWH KLSRFUDWLFH
0HFDQLVPHOH GH DIHFWDUH SXOPRQDU VXQW XQWXUL DUWHULRYHQRDVH FDUH VXQW
H[SUHVLD SXOPRQDU L SOHXUDO D VWHOXHORU FXWDQDWH DVFHQVLRQDUHD GLDIUDJPXOXL
DIHFWHD] PHFDQLVPXO GH YHQWLODLHSHUIX]LH SULQ KLSHUWHQVLXQHD SRUWDO VH
GLODW YHQHOH EURQLRODUH LDU DFHVWHD FRPSULP PLFLOH FL DHULHQH VFDGH FXUED
GH GLVRFLHUH D R[LKHPRJORELQHL SULQ VFGHUHD DILQLWLL +E SHQWUX R[LJHQ 
KLSHUWHQVLXQH SXOPRQDU SULPDU SULQ PLFURHPEROLL L YDVRFRQWULFWRULL FLUFXODQL
VH PDQLIHVW SULQ GLVSQHH GH HIRUW GXUHUH SUHFRUGLDO KHPRSWL]LH DFFHQWXDUHD
]JRPRWXOXL,, 

&ROHFLLSOHXUDOHVHGHVFULHKLGURWRUDFHOHGUHSWSULQFUHWHUHDSUHVLXQLLQGXFWXO
WRUDFLFOLPIDWLFLVDXSDVDMGLUHFWDOOLFKLGXOXLDVFLWLF
6LVWHPXOFDUGLRYDVFXODU
FROHFLLSHULFDUGLFHPDLDOHVQSUH]HQDDVFLWHLLSOHXUH]LHL
KLSRWHQVLXQHDUWHULDOSULQVFGHUHDUH]LVWHQHLYDVFXODUHSHULIHULFHLSULQ
DIHFWDUHDYHQWULFXOXOXLVWQJODDOFRROLFL
6LVWHPXOHQGRFULQDSDUPRGLILFULSULQGHILFLWXOGHPHWDEROL]DUHDDKRUPRQLORUL
SULQXQWDUHDORUQFDGUXOKLSHUWHQVLXQLLSRUWDOHIHPLQL]DUHDLQVXILFLHQDJRQDGLF
ODIHPHLKLSHUDOGRVWHURQLVPXOVHFXQGDUGLDEHWXO]DKDUDW SULQVFGHUHDLQDFWLYULL
KHSDWLFHDLQVXOLQHLLFUHWHUHDUH]LVWHQHLODLQVXOLQ 
7XOEXUULKLGURHOHFWUROLWLFH
 KLSRSRWDVHPLD  SULQ SLHUGHUHD GH SRWDVLX FRQVHFLQD
KLSHUDOGRVWHURQLVPXOXL VHFXQGDU L SULQ XWLOL]DUHD H[FHVLY D GLXUHWLFHORU GH
DQV
KLSRVRGHPLDSULQKHPRGLOXLHSULQSLHUGHUHQOLFKLGXOGHDVFLWLHGHPH
LSULQXWLOL]DUHDGLXUHWLFHORU
 6LVWHPXO RVWHRDUWLFXODU DUWUDOJLL RVWHRDUWURSDWLH RVWHRSRUR] VLQRYLWH
SHULRVWLWHHWF
([SORUULGLDJQRVWLFH
6XQWQHLQYD]LYHLLQYD]LYH
HFRJUDILD  GHVFULH XUPWRDUHOH UHIOHFWLYLWDWH LQRPRJHQ VXSUDID QHUHJXODW
QRGXODU GLPHQVLXQHD YHQHL SRUWH DVFLW $OWH LQIRUPDLL GLPHQVLXQLOH VSOLQHL
GHSLVWDUHD XQRU OH]LXQL FLUFXPVFULVH ELRSVLH GLULMDW L XWLOL]QG HFR'RSSOHU
FLUFXODLDFRODWHUDOWURPER]DGHYHQSRUWVDXYHQVSOHQLF
FRPSXWHUWRPRJUDILDLUH]RQDQDPDJQHWLFQXFOHDUDFHOHDLLQGLFDLLFDL
HFRJUDILDDEGRPLQDO
VFLQWLJUDILDKHSDWLFFRQVWQIL[DUHDUDGLRWUDVRULORUGHFWUHFHOXOHOHVLVWHPXOXL
UHWLFXORHQGRWHOLDO6HHYLGHQLD]FDSWDUHKHSDWLFUHGXVVSOLQFDSWDQWLFDSWUL
H[WUDKHSDWRVSOHQLFH
HQGRVFRSLD  DSUHFLD] SUH]HQD YDULFHORU HVRIDJLHQH H[WLQGHUHD ORU JUDGXO L
SUH]HQD VHPQHORU GH ULVF KHPRUDJLF VHPQHOH URLL  ([DPHQXO HQGRVFRSLF DO
VWRPDFXOXL SRDWH HYLGHQLD JDVWURSDWLD SRUWDOKLSHUWHQVLY DVSHFW PDUPRUDW GH
SHSHQHYHUGH (VWHXWLODWWSHQWUXSUHFL]DUHDVXUVHLGHVQJHUDUHFWLSHQWUX
DSOLFDUHDXQRUPVXULWHUDSHXWLFH OLJDWXULVFOHURWHUDSLHLQMHFWUL 
H[DPHQXOUDGLRORJLFEDULWDWSRDWHHYLGHQLDYDULFHOHHVRIDJLHQHGHJUDG,,VDX
,,,
DQJLRJUDILD L VSOHQRSRUWRJUDILD  QX VH IRORVHWH GHFW Q FLUR]D KHSDWLF FX

KHPRUDJLHGLJHVWLYODFDUHQXVDSXWXWSUHFL]DFDX]D
SDUDFHQWH]D  DUH UROXO GH D H[DPLQD OLFKLGXO DVFLWLF FQG HWLRORJLD HVWH
QHFXQRVFXWQVXVSLFLXQHGHWUDQVIRUPDUHPDOLJQVDXSHQWUXGHSLVWDUHDLQIHFLHL
SHULWRQLWDEDFWHULDQVSRQWDQ 
SXQFLD ELRSVLHKHSDWLF  VH SRDWH HIHFWXD RUE GLULMDW HFRJUDILF
FRPSXWHUWRPRJUDILF   VDX WUDQVMXJXODU 1X SRDWH IL HIHFWXDW Q DVFLWHOH
YROXPLQRDVHFQGLQGLFHOHGHSURWURPELQHVWHVXEVDXFQGWURPERFLWHOH
VFDGVXEPP
ODSDURVFRSLDVDXYLGHRODSDURVFRSLDVHXWLOL]HD]FQGFOLQLFLQHLQYD]LYQXVD
SXWXWVWDELOLGLDJQRVWLFXO
'LDJQRVWLFXO
&RQVWQDILUPDUHDVXIHULQHLKHSDWLFHFURQLFH
t VXELHFWLYDVWHQLHDGLQDPLHLQDSHWHQVFGHUHSRQGHUDO
t RELHFWLYVWHOXHYDVFXODUHLFWHUHULWHPSDOPDUKHSDWRVSOHQRPHJDOLHFLUFXODLH
FRODWHUDODVFLWHGHP
t ELRFKLPLF VFGHUHD VLQWH]HL KHSDWLFH VFGHUHD LQGLFHOXL GH SURWURPELQ D
DOEXPLQHPLHLLFROLQHVWHUD]HLLQYHUVDUHDUDSRUWXOXLDOEXPLQHJOREXOLQH DFWLYLWDWH
PH]HQFKLPDO FUHWHUHD WUDQVDPLQD]HORU  HQ]LPHOH GH FROHVWD] IRVIDWD]D
DOFDOLQ **7  PDUNHUL YLUDOL L LPXQRORJLFL $WJ+EV $WJ+EH DQWL +EH DQWL +&9
DQWLFRUSLDQWLILEUPXVFXODUQHWHGDQWL/.0$$1 SUH]HQD8%*LELOLUXELQHL
QXULQ+LSHUVSOHQLVPXOVHWUDGXFHSULQDQHPLH SRDWHILVHFXQGDUKHPRUDJLHL 
WURPERFLWRSHQLHLVDXOHXFRSHQLH
'LDJQRVWLFXOGLIHUHQLDO
6H IDFH FX WRDWH KHSDWRPHJDOLLOH FX DOWH DIHFLXQL FDUH HYROXHD] FX KLSHUWHQVLXQH
SRUWDOLFWHULVDXDVFLW
(YROXLD
3RDWHILLQLLDOVXEIRUPDFLUR]HORUFRPSHQVDWHFDUHVXQWILHFRPSOHWDVLPSWRPDWLFH
ILLQGGHVFRSHULWHQWPSOWRUILHFXVLPSWRPHPLQRUHDVWHQLHLQDSHWHQGLVSHSVLH
JD]RDVQDFHVWVWDGLXHYROXWLYSDUHQFKLPXOUHVWDQWVDWLVIDFHFHULQHOHIXQFLRQDOH
DOH RUJDQLVPXOXL L GUHSW XUPDUH SUREHOH ELRFKLPLFH QX VXQW DOWHUDWH Q FLUR]D
GHFRPSHQVDW DSDUH LFWHU DVFLW HGHPH VWHOXH YDVFXODUH DOWHUDUHD SUREHORU
ELRFKLPLFH (VWH GHFRPSHQVDUH SDUHQFKLPDWRDV LFWHU KHSDWRFLWROL]  L YDVFXODU
DVFLWHGHP 
&RQVXPXO H[FHVLY GH DOFRRO VDX R LQIHFLH YLUDO VXSUDSXV GHWHUPLQ DFXWL]UL
VDX KHSDWLWH DFXWH FDUH VH VXSUDSXQ SHVWH FLUR]D GHMD H[LVWHQW FUHWHUHD
WUDQVDPLQD]HORUIHEULFWHUDVWHQLHPDUFDWLQDSHWHQHQFHIDORSDWLHKHSDWLF
$SUHFLHUHDVWDGLXOXLHYROXWLYVHHIHFWXHD]XWLOL]QGVFRUXO&KLOG3XJK$ SXQFWH 
% SXQFWH VDX& SXQFWH YH]LWDEHOXOXUPWRU

7DEHO9,,6FRUXO&KLOG3XJK
3DUDPHWUL

3XQFWDM


$VFLW

DEVHQW

PRGHUDW

VXEWHQVLXQH

(3+

DEVHQW

JU,,,

JU,,,,9

!





%LOLUXELQHPLD PJ





!

7LPSGHSURWURPELQ
VHFXQGHSHVWHQRUPDO





!

$OEXPLQHPLD J

&RPSOLFDLL
DVFLWD UHSUH]LQW DFXPXODUHD GH OLFKLG Q FDYLWDWHD SHULWRQHDO $SDULLD DVFLWHL
VH H[SOLF SULQ FUHWHUHD SUHVLXQLL KLGURVWDWLFH GDWRULW KLSHUWHQVLXQLL SRUWDOH
UHGXFHUHD SUHVLXQLL RQFRWLFH SULQ KLSRDOEXPLQHPLH XUPDWH GH VFGHUHD
YROXPXOXL SODVPDWLF L UHGXFHUHD IOX[XOXL UHQDO FX DPRUVDUHD VHFUHLHL GH UHQLQ
DQJLRWHQVLQDOGRVHWURQ L DSRL UHWHQLD GH VRGLX L DS  &OLQLF VH PDQLIHVW FX
PDWLWDWHGHSODVDELOQIODQFXULVHPQXOYDOXOXLLSURWUX]LHRPELOLFDO6HGH]YROW
LQVLGLRV VDX VH SRDWH LQVWDOD UDSLG SRDWH IL Q FDQWLWDWH PRGHUDW VXE WHQVLXQH
VDX UHIUDFWDU OD WUDWDPHQW 'LDJQRVWLFXO GH DVFLW HVWH VLPSOX FQG DFXPXODUHD
GHOLFKLGHVWHGHSHVWHPO'DFDFXPXODUHDHVWHVXEDFHDVWFDQWLWDWHVH
YD GHFHOD LPDJLVWLF 3DUDFHQWH]D HYLGHQLD] OLFKLG VHURFLWULQ FX UHDFLD 5LYDOWD
QHJDWLYLSURWHLQHVXEJ3UH]HQDOHXFRFLWHORUSHVWHPPVDXSURWHLQH
SHVWH J GHQRW LQIHFLD OLFKLGXOXL 'H]YROWDUHD FDQFHUXOXL KHSDWLF GXFH OD
FUHWHUHDFRQFHQWUDLHLSURWHLFHHYHQWXDOODDSDULLDOLFKLGXOXLKHPRUDJLF

)LJ6HPQXOYDOXOXL

KHPRUDJLD GLJHVWLY VXSHULRDU HVWH FHD PDL IUHFYHQW FRPSOLFDLH &DX]D


SULQFLSDO VXQW YDULFHOH HVRIDJLHQH UXSWH OD SDFLHQLL FX JUDG PDUH L OD FHL OD
FDUH FUHWH EUXVF SUHVLXQHD GLQ VLVWHPXO SRUW WXVH VWUQXW HIRUW GH ULGLFDUH
FUHWHUHD UDSLG D YROXPXOXL DVFLWHL )DFWRULL GH SUHGLFLH DL KHPRUDJLHL VXQW
FLUFXODLDFRODWHUDOWHJXPHQWDUSUH]HQDDVFLWHLDOWHUDUHDFRDJXOULLLVHPQHOH
URLL HYLGHQLDWH HQGRVFRSLF &OLQLF VH PDQLIHVW SULQ KHPDWHPH] PDVLY SULQ
UHFWRUDJLL VDX PHOHQ (QGRVFRSLD FRQVWDW RUJLQHD YDULFHDO D VQJHUULL OD
XQLL SDFLHQL VQJHUDUHD HVWH FRQVHFLQD JDVWULWHL HUR]LYH JDVWURSDWLHL SRUWDO
KLSHUWHQVLYH XOFHUHORU  L DSOLF PDVXULOH WHUDSHXWLFH HQGRVFRSLFH VFOHURWHUDSLH
OLJDWXU 3URJQRVWLFXOHVWHUH]HUYDWODXQDQGHODSULPDVQJHUDUHVXSUDYLHXLHVF
QXPDLGLQWUHSDFLHQL
HQFHIDORSDWLD KHSDWLF HVWH FRQVHFLQD DIHFWULL FHUHEUDOH GLQ FDX]D DIHFWULL
KHSDWLFH $SDUH Q ID]HOH HYROXWLYH ILQDOH DOH FLUR]HORU KHSDWLFH VDX Q FD] GH
VXSUDSXQHUHDXQRUIDFWRULGHFODQDWRUL
 KHPRUDJLDGLJHVWLYVXSHULRDU SULQDSRUWSURWHLFFDUHHVWHVXUVGHDPRQLDF
LSULQKLSR[LHFDUHSURGXFHFLWROL] 
 GLXUH]H[FHVLY GHWHUPLQGH]HFKLOLEUXKLGURHOHFWUROLWLF 
 KHSDWLWHDFXWHVXSUDDGXJDWH
 LQIHFLL
 FRQVXPSURWHLFFUHVFXW
 FRQVWLSDLDUHEHO
 LQWHUYHQLLFKLUXUJLFDOH
 KLSQRWLFHLVHGDWLYH
 FRQVXPGHDOFRRO
&OLQLFVHPDQLIHVWVXEIRUPGHWXOEXUULGHFRQWLHQGHSHUVRQDOLWDWHGHLQWHOHFW
GHYRUELUHIRHWRUKHSDWLFLIODSSLQJWUHPRU DVWHUL[LV 
FDQFHUXO KHSDWLF  VH GH]YROW GXS R HYROXLH QGHOXQJDW D FLUR]HL FD XUPDUH
D UHJHQHUULL FRQWLQXH D SDUHQFKLPXOXL KHSDWLF VDX SULQ HIHFWXO FDQFHULJHQ DO
YLUXVXULORUKHSDWLWLFH%L&&OLQLFVHPDQLIHVWSULQDOWHUDUHDQPRGQHH[SOLFDELO
D VWULL JHQHUDOH LFWHU FROHVWDWLF DVFLW UHEHO OD WUDWDPHQW 'LDJQRVWLFXO VH
VWDELOHWHFOLQLFLPDJLVWLFODSDURVFRSLFSULQSXQFLHELRSVLHKHSDWLFFHOXODULWDWH
PDOLJQQOLFKLGXODVFLWLFVDXSUH]HQDDIHWRSURWHLQHL
SHULWRQLWD EDFWHULDQ VSRQWDQ  UHSUH]LQW LQIHFWDUHD OLFKLGXOXL GH DVFLW Q
DEVHQD XQHL FDX]H SDUDFHQWH] LQWHUYHQLH FKLUXUJLFDO  &DX]D DFHVWHL LQIHFLL
HVWHSHUPHDLDGLQLQWHVWLQVDXSHFDOHKHPDWRJHQ&OLQLFVHPDQLIHVWVXEIRUP
GHIHEUGXUHUHDEGRPLQDODVFLWUHIUDFWDUODWUDWDPHQW3DUDFHQWH]DHYLGHQLD]
XQ OLFKLG FX FHOXODULWDWH SHVWH  OHXFRFLWHPP PDMRULWDWHD SROLPRUIRQXFOHDUH
QHXWURILOH0RUWDOLWDWHDHVWHGHSHVWH

FRPSOLFDLLOHUHQDOHVXQW
 VLQGURPXO KHSDWRUHQDO  FRQVW Q ROLJXULH SURJUHVLY L VHYHU FX VFGHUHD
LPSRUWDQWDHOLPLQULLVRGLXOXLSULQXULQ VXEP(TO QDEVHQDDOWRUFDX]H
GHVXIHULQUHQDO)DFWRULLGHFODQDWRULVXQWWUDWDPHQWXOGLXUHWLFSDUDFHQWH]D
LPSRUWDQW KHPRUDJLLOH GLJHVWLYH VXSHULRDUH VDX LQIHFLLOH 0RUWDOLWDWHD HVWH
GH
 QHFUR]DWXEXODUDFXWHVWHPDLIUHFYHQWGHFWVLQGURPXOKHSDWRUHQDOLDUH
SURJQRVWLFPDLEXQ$SDUHODSDFLHQLLLFWHULFLLODFHLFXVXIHULQHELOLDUH6H
HYLGHQLD]KHPDWXULHPLFURVFRSLFVRGLXOXULQDUSHVWHP(TOLSLHUGHUHD
FDSDFLWLLGHFRQFHQWUDUHDXULQLL
3URJQRVWLF
'HSLQGH GH UH]HUYD IXQFLRQDO KHSDWLF FODVLILFDUHD &KLOG3XJK HVWH HILFLHQW  GH
HWLRORJLH FLUR]D DOFRROLF DUH SURJQRVWLF PDL EXQ Q FRQGLLLOH UHDOL]ULL VHYUDMXOXL
FRPSDUDWLYFXHWLRORJLDYLUDOVDXDXWRLPXQ LGHFRPSOLFDLLOHDSUXWH0DMRULWDWHD
GHFHGHD] SULQ HQFHIDORSDWLH  SULQ FDQFHU KHSDWLF L  SULQ KHPRUDJLH
GLJHVWLYVXSHULRDU

6(0,2/2*,$1()52/2*,&

$QDPQH]DLLVWRULFXOEROLORUUHQDOH
LQQGVHDPDFULQLFKLXOHVWHXQRUJDQUHWURSHULWRQHDOGHVWXOGHJUHXGHLQYHVWLJDW
SULQH[DPHQIL]LFDQDPQH]DHVWHGHRVHELWGHLPSRUWDQWSXWQGXQHRULHQWDVSUHR
DIHFWDUHDDSDUDWXOXLUHQRXULQDUVHPQHOHIXUQL]DWHGHH[DPHQXOFOLQLFILLQGGHVWXOGH
GLVFUHWH
GRPLFLOLXO]RQDJHRJUDILF H[QHIURSDWLDHQGHPLFEDOFDQLF 
YUVWDLVH[XO
tVH[XOIHPLQLQGDWRULWSDUWLFXODULWLORUJHQLWRXULQDUHSUH]LQWRIUHFYHQPDL
PDUHDLQIHFLLORUXULQDUHMRDVH
tDEX]XO GH DQDOJHWLFH Q VSHFLDO OD IHQDFHWLQ  HVWH PDL PDUH OD IHPHL 
QHIURSDWLDDQDOJHWLF
tEUEDLL WLQHUL FX LQIHFLL XULQDUH MRDVH IUHFYHQWH ULGLF VXVSLFLXQHD XQHL
SURVWDWLWHFURQLFH
tYUVWQLFLL SUH]LQW LQIHFLL XULQDUH MRDVH Q VSHFLDO SH IRQGXO XQHL XURSDWLL
REVWUXFWLYH DGHQRPVDXDGHQRFDUFLQRPGHSURVWDWVWULFWXUXUHWUDO 
tODFRSLLVHULGLFVXVSLFLXQHDXQHLDQRPDOLLFRQJHQLWDOH
 SURIHVLD
tHIRUWXOQGHOXQJDWODWHPSHUDWXULH[WUHPH RHODUL H[SOLFIUHFYHQDFUHVFXW
DOLWLD]HLXULQDUH
tH[SXQHUHDODWR[LFHLQGXVWULDOH SOXPEWHWUDFORUXUGHFDUERQFDGPLXIRVIRU
DUVHQLF VUXUL GH DXU PHUFXU  SRW SURGXFH OH]LXQL JORPHUXODUH LVDX WXEXOR
LQWHUVWLLDOH
tFOWRULLQULFXVWULHQGHPLFHSDUWLFXODUH SDUD]LWR]H 
 DOLPHQWDLD
tDEX]XOGHSURWHLQHSUHGLVSXQHODOLWLD]XULF
tDEX]XOGHYHJHWDOHIDYRUL]HD]OLWLD]DR[DOLF
$QWHFHGHQWHKHUHGRFRODWHUDOH
DQWHFHGHQWHIDPLOLDOHSR]LWLYH
tDQRPDOLLGHIRUPQXPULVHGLX
tQHIURSDWLLWXEXODUH VLQGURPXO7RQL'HEUH)DQFRQL 
tGLDEHWXOIRVIDWXULF
tGLDEHWXOLQVLSLGQHIURJHQ

 DXWR]RPDOUHFHVLY
tERDODPHGXODUFKLVWLF
 DXWR]RPDOGRPLQDQW
tERDODSROLFKLVWLFUHQDO
tDFLGR]DUHQDOGHWLSGLVWDO
tVLQGURPXO$OSHUW
 EROLUHQDOHFRUHODWHFXDQRPDOLLDOHFURPR]RPXOXL;
tERDOD)DEU\
$QWHFHGHQWHSHUVRQDOHIL]LRORJLFH
 ODIHPHLXUPULPDQWHFHGHQWHOHJUDYLGLFH
tQXPUXOLHYROXLDVDUFLQLORU
tDYRUWXUL
tFRPSOLFDLLSRVWSDUWXPSRVWDERUWXP
tXUPULUHDQGLQDPLFDWHQVLXQLLDUWHULDOHDSURWHLQXULHLH[LVWHQDHGHPHORUOD
VSWPQLGHVDUFLQ
$QWHFHGHQWHSHUVRQDOHSDWRORJLFH
 EROLLQIHFLRDVHDFXWH
tVWUHSWRFRFLLOHFXSXQFWGHSOHFDUHDPLJGDOLDQRWLFVLQXVDOGHQWDUSXOPRQDU
OHSWRVSLUR]DHUL]LSHOXOVWDILORFRFLLOHVFDUODWLQDGLIWHULDKHSDWLWDDFXWYLUDO
tIRFDUH GH LQIHFLH EXFRIDULQJLHQH 25/ GHQWDUH GHUPDWRORJLFH
JLQHFRORJLFH
 EROLLQIHFLRDVHFURQLFH
tVXSXUDLLOH FURQLFH EURQLFH RVRDVH SXOPRQDUH  SRW IL JHQHUDWRDUH GH
DPLORLGR]
tLQIHFLLOHGHIRFDU
tWXEHUFXOR]DSXOPRQDULH[WUDSXOPRQDU
tVLILOLVXO
 EROLFDUGLRYDVFXODUH
tYDOYXORSDWLLOH  FX  VXSUDSXQHUHD XQHL HQGRFDUGLWH EDFWHULHQH FX SRWHQLDO
HPEROLJHQ
tKLSHUWHQVLXQHDDUWHULDOHVHQLDOLDWHURVFOHUR]D
tKLSRWHQVLXQHDDUWHULDO
tLQVXILFLHQDFDUGLDFFRQJHVWLY

 EROLSXOPRQDUH
tLQWHUFXUHQHOHLQIHFLRDVHEURQKRSXOPRQDUH
tVXSXUDLLOHEURQKRSXOPRQDUH
tKHPRSWL]LLOHQHRULHQWHD]VSUH7%&SXOPRQDUHLDUDVRFLHUHDFXXQVLQGURP
QHIULWLFVSUHVLQGURPXO*RRGSDVWXUH
 EROLHQGRFULQHLGHVLVWHP
tGLDEHWXO]DKDUDWJXWD
tPLHORPXOPXOWLSOXOHXFHPLLOH
tOXSXVXOHULWHPDWRVGLVHPLQDWSHULDUWHULWDQRGRDVWURPEDQJHLWDREOLWHUDQW
tVFOHURGHUPLD
tKLSHUSDUDWLURLGLVPXOERDOD$GGLVRQ
 EROLXURORJLFH
tPDOIRUPDLLUHQRXULQDUH
tUHIOX[YH]LFRXUHWHUDO
tOLWLD]DXULQDU
tDGHQRPGHSURVWDW
tPDQHYUHXURORJLFHLQVWUXPHQWDOH
 EROLGLJHVWLYH
tKHSDWRSDWLLOHYLUDOHFURQLFH
tUHFWRFROLWHOHXOFHURKHPRUDJLFHERDOD&URKQ
tJDVWURHQWHURFROLWHOHDFXWH
 QHRSOD]LL

3ULQFLSDOHOHVLPSWRPHLVHPQH
3ULQFLSDOHOH VLPSWRPH L VHPQH DOH DSDUDWXOXL H[FUHWRU XULQDU VXQW GXUHUHD IHEUD
WXOEXUULOHGHPLFLXQHLGHGLXUH]SURWHLQXULDKHPDWXULDHGHPXOLKLSHUWHQVLXQHD
DUWHULDO

'XUHUHDQHIURJHQ
6H SRDWH SUH]HQWD VXE PDL PXOWH DVSHFWH FOLQLFH FROLF UHQDO GXUHUH UHQDO
QHFROLFDWLYGXUHUHKLSRJDVWULFGHRULJLQHYH]LFDOGXUHUHSHOYLSHULQHDOGHRULJLQH
XUHWUDOGXUHUHIXQLFXORVFURWDO
&ROLFDUHQDO QHIUHWLF
FDUDFWHULVWLFL
tHVWH GHFODQDW GH WUHSLGDLL HIRUWXUL IL]LFH ]JXGXLWXUL PHUV UDSLG FXUH
KLGURPLQHUDOH

tGHEXWEUXVFFDGXUHUHFRQWLQXFXH[DFHUEULFXGXUDWGHRUHVDX]LOH
tVHGLXO ORPEDU  XQJKLXO FRVWRORPEDU XQLODWHUDO FX LUDGLHUH GHD OXQJXO
XUHWHUXOXLUHVSHFWLYVSUHKLSRJDVWUXLRUJDQHOHJHQLWDOHH[WHUQH
tGXUHUHDHVWHYLROHQWH[DFHUEDWGHWXVHLQVSLUSURIXQGWXVHSDOSDUH
tSDFLHQWXOHVWHQHOLQLWLWSDOLGDJLWDWWUDQVSLUDWFXWQGRSR]LLHDQWDOJLF
tGDF REVWUXFLD VD SURGXV OD QLYHOXO MRQFLXQLL XUHWHURYH]LFDOH SRW DSUHD
GLVXULDSRODNLXULDWHQHVPH3ULQPHFDQLVPUHIOH[SRDWHVXUYHQLROLJXULD
tGH RELFHL HVWH DSLUHWLF )HEUD VH GDWRUHD] XQHL LQIHFLL XULQDUH VXSUDSXVH
SURFHVXOXLFROLFDWLY
PDQLIHVWULH[WUDUHQDOH
tGLJHVWLYHFUDPSHYUVWXULJUHDPHWHRULVPLOHXVSDUDOLWLF
tFDUGLRYDVFXODUHEUDGLFDUGLHFUL]HDQJLQRDVHKLSRWHQVLXQHDUWHULDOWDKLSQHH
FRODSV
tQHXURORJLFHGHOLUFRQYXOVLL ODSDFLHQLLIHEULOL 
 FDX]H
tOLWLD]DUHQRXULQDU FDX]DFHDPDLIUHFYHQW 
tPLJUDLD XUHWUDO D XQRU FKHDJXUL GH VQJH dGRSXUL GH SXURLs HVXW UHQDO
QHFUR]DW SURYHQLQG GLQWUXQ QHRSODVP UHQDO SLHORQHIULW DFXW XQLODWHUDO
HOLPLQDUH GH HVXW FD]HLILFDW GLQ 7%& DOH DSDUDWXOXL UHQRXULQDU DIHFLXQL
H[WUDUHQDOH FDUH REVWUXHD] FLOH XULQDUH SULQ FRPSUHVLXQH LQIODPDLH L
LQYD]LHQHRSOD]LFGHYHFLQWDWH
 H[DPHQFOLQLFLGLDJQRVWLFSR]LWLY
tPDQHYUD*LRUGDQRHVWHSR]LWLY
tSXQFWHOH XUHWHUDOH VXQW GXUHURDVH Q IXQFLH GH PLJUDUHD PDWHULDOXOXL
REVWUXFWLY
tWXHXOUHFWDOLVDXYDJLQDOHVWHUHFRPDQGDW
 H[SORUULSDUDFOLQLFH
tKHPDWXULDHVWHGHRELFHLPDFURVFRSLFXQHRULQVRLWGHOHXFRFLWXULH
tUDGLRJUDILD UHQDO dSH JROs HFRJUDILD UHQRYH]LFDO L XURJUDILD LQWUDYHQRDV
SUHFL]HD]GLDJQRVWLFXO
 GLDJQRVWLFGLIHUHQLDO
tDSHQGLFLWD DFXW FROLFD ELOLDU OXPEDJR DFXW DIHFLXQL LQIODPDWRULL JHQLWDOH
GLYHUWLFXOLWFRORQLULWDELOVLQGURDPHRFOX]LYHGHGLYHUVHHWLRORJLL

'XUHUHDORPEDUQHFROLFDWLYGHRULJLQHUHQDO
 FDUDFWHULVWLFL
tDUHLQWHQVLWDWHYDULDELO
tPHFDQLVP GH SURGXFHUH GLVWHQVLD FDSVXOHL UHQDOH REVWUXFLD YDVFXODU
SHULIHULFGLVWHQVLDPRGHUDWDFDOLFHORULVDXED]LQHWXOXL
 IRUPH
tGXUHUHDORPEDUDFXWQXDUHFDUDFWHUSDUR[LVWLFLQXHYROXHD]GHVFHQGHQW
&DX]HSLHORQHIULWDDFXWJORPHUXORSDWLLDFXWHIOHJPRQSHULQHIULWLF
tGXUHUHD ORPEDU FURQLF LQWHQVLWDWH UHGXV GDWRUDW XQRU DIHFLXQL UHQDOH
FX HYROXLH FURQLF JORPHUXORSDWLL QHIURSDWLL WXEXORLQWHUVWLLDOH FDOFXO
FRUDOLIRUP  &QG HVWH XQLODWHUDO VXVSHFW GH QHRSODVP UHQDO 7%& UHQDO
QHIURSWR]D
 GLDJQRVWLFGLIHUHQLDO
tGXUHUHD YHUWHEUDO VSRQGLOR] ORPEDU VSRQGLOLW KHUQLH GH GLVF SURFHVH
QHRSOD]LFH
tGXUHUHDPXVFXODUQVSHFLDOODQLYHOVDFURVSLQDO
tGXUHULGLDIUDJPDWLFHLSOHXURGLDIUDJPDWLFH
tGXUHULYLVFHURDEGRPLQDOHFROHFLVWLWSDQFUHDWLWDQH[LWHWF
'XUHUHDSHOYLSHULQHDOGHRULJLQHXULQDU
 FDUDFWHULVWLFL
tVHGLXOGXUHULLED]LQXOFXLUDGLHUHQSHULQHXGHDOXQJXOXUHWUHL
tVHDVRFLD]FXWXOEXUULGHPLFLXQH
 FDX]H DIHFLXQL DOH SURVWDWHL DOH YH]LFLL XULQDUH XUHWUHL YH]LFXOHORU VHPLQDOH
SHQLVXOXL
'XUHUHDGHRULJLQHYH]LFDO FLVWDOJLD
 FDUDFWHULVWLFL
tVHGLXO GXUHULL HVWH Q KLSRJDVWUX FX LUDGLHUH FWUH JODQG OD EUEDL L FWUH
PHDWXOXULQDUODIHPHL
tVHDFFHQWXHD]ODVIULWXOPLFLXQLL
 IRUPH
tGLIX]
tWLSGLVWHQVLHYH]LFDOuSULQUHWHQLHSURJUHVLYGHXULQ
tWHQHVPHYH]LFDOHuPLFLXQLLPSHULRDVHLQHILFLHQWH
 FRUHODLLFOLQLFH
tFLVWDOJLDGLXUQDSDUHQFLVWLWDEDFWHULDQOLWLD]DYH]LFDO

tFLVWDOJLD GLXUQ L QRFWXUQ HVWH DVRFLDW FX WXEHUFXOR]D YH]LFDO WXPRUL


YH]LFDOH
'XUHUHDFXORFDOL]DUHIXQLFXORVFURWDO
 FDUDFWHULVWLFL
tHVWHGHLQWHQVLWDWHPDUHFRQWLQX
tVH DFFHQWXHD] OD SDOSDUH L LUDGLD] GH OD QLYHOXO WHVWLFXOXOXL L HSLGLGLPXOXL
GHDOXQJXOFRUGRQXOXLVSHUPDWLFQKLSRJDVWUX
 FDX]H
tSURFHVHLQIODPDWRULLRUKLHSLGLGLPLWHIXQLFXOLWHDFXWH
tGLODWDLLYHQRDVHYDULFRFHO
tWUDXPDWLVPHWHVWLFXODUHVDXVFURWDOH
tPLFURFKLWR]DHSLGLGLPDU
tWRUVLXQHDFRUGRQXOXLVSHUPDWLF PDLUDU 
 GLDJQRVWLFGLIHUHQLDO
tKHUQLDLQJKLQDO
tOLWLD]DXUHWHUDO
tGLVFDUWUR]D/6FXOXPEDJRFURQLFKLSHUDOJLF

7XOEXUULOHGHGLXUH]
'LXUH]D UHSUH]LQW  FDQWLWDWHD GH XULQ HOLPLQDW QWUXQ LQWHUYDO GH WLPS 9DORULOH
QRUPDOH OD XQ VXELHFW DGXOW VH QFDGUHD] QWUH POK VDX POPLQ
&HOH PDL IUHFYHQWH WXOEXUUL DOH GLXUH]HL QWOQLWH VXQW SROLXULD ROLJXULD DQXULD
QLFWXULDLRSVLXULD
3ROLXULD
5HSUH]LQWFUHWHUHDGLXUH]HLSHVWHPOK3RDWHILIL]LRORJLFLSDWRORJLF6H
GHVFULXPDLPXOWHPHFDQLVPHGHSURGXFHUH
3ROLXULDGHILOWUDUH FUHWHUHDILOWUULLJORPHUXODUH
SROLXULD IL]LRORJLF  VH SURGXFH Q XUPD LQJHVWLHL XQHL FDQWLWL PDUL GH OLFKLGH
GXSVWUHVV GHVFUFDUHGHFDWHFRODPLQH QXUPDH[SXQHULLODIULJ
SROLXULD SDWRORJLF  KLSHUWLURLGLVP FRQYDOHVFHQD XQRU EROL LQIHFLRDVH FUL]H
GXUHURDVH FROLFL DQJRU  Q SHULRDGD GH UHPLVLXQH D XQRU VLQGURDPH GH UHWHQLH
KLGURVDOLQGHHWLRORJLHGLYHUV KHSDWLFFDUGLDF QLQVXILFLHQDUHQDODFXWu
ID]DGHUHOXDUHDGLXUH]HLQLQVXIXFLHQDUHQDOFURQLFFRPSHQVDWSULQSROLXULH
'LXUH]DRVPRWLF UHGXFHUHDUHDEVRULHLWXEXODUHGHDS
 VSHFLILF GLDEHWXOXL ]DKDUDW XQGH GLXUH]D DWLQJH O]L VH GHSHVWH SUDJXO
UHQDODOJOLFHPLHL PJ ILLQGRSROLXULHKLSHUVWHQXULFSHUVLVWHQW

 Q FD]XO DGPLQLVWUULL GH GLXUHWLFH RVPRWLFH PDQLWRO XUHH  SROLXULD


KLSHUVWHQXULFDUHXQFDUDFWHUWUDQ]LWRULX
+LGUXULH UHGXFHUHDDEVRUELHLIDFXOWDWLYHGHDS
 SROLXULDHVWHLPSUHVLRQDQWOK
 OLSVD KRUPRQXOXL DQWLGLXUHWLF GLDEHW LQVLSLG  XULQD DMXQJH OD R GHQVLWDWH GH
USXQGHODDGPLQLVWUDUHDGHKRUPRQDQWLGLXUHWLF
 OLSVDGHUVSXQVODKRUPRQXODQWLGLXUHWLFDFHOXOHRULQWGLQWXEXOGLVWDO GLDEHW
LQVLSLGQHIURJHQ 
2OLJXULD
5HGXFHUHDGLXUH]HLVXEPOK
ROLJXULDIL]LRORJLFUHGXFHUHDVHYHUDLQJHVWLHLGHOLFKLGHLGXSWUDQVSLUDLL
VHYHUH
ROLJXULDSDWRORJLF
 FDX]H UHQDOH JORPHUXORQHIULWD DFXW GHQVLWDWH QRUPDO  QHIURSDWLD
WXEXORLQWHUVWLLDO GHQVLWDWHVF]XW 
 FDX]HSUHUHQDOHLQFOXGWRDWHDIHFLXQLOHFDUHSURGXFKLSRWHQVLXQHDUWHULDO
VDXLGH]HFKLOLEUHKLGURHOHFWUROLWLFH
 FDX]HSRVWUHQDOHEROLREVWUXFWLYHUHQDOH
$QXULD
6FGHUHDGLXUH]HLVXEPOK(VWHQWRWGHDXQDSDWRORJLF
&DX]H
 IXQFLRQDOH KLSRWHQVLXQH DUWHULDO KLSRYROHPLH GH]HFKLOLEUH HOHFWUROLWLFH VDX
DFLGRED]LFHVHYHUH
 RUJDQLFH QHIURSDWLL JORPHUXODUH WXEXORLQWHUVWLLDOH YDVFXODUH REVWUXFLL DOH
FLORUXULQDUH
3URJQRVWLFXOHVWHUH]HUYDW
'LDJQRVWLFXOGLIHUHQLDOVHIDFHFXUHWHQLDDFXWGHXULQ VRQGDMXOYH]LFDOWUDQHD]
GLDJQRVWLFXO 
1LFWXULD
&DQWLWDWHDGHXULQIRUPDWLHOLPLQDWQFXUVXOQRSLLHVWHHJDOVDXPDLPDUHFD
FHDGLXUQQPRGQRUPDOGLXUH]DQRFWXUQUHSUH]LQWGLQGLXUH]DWRWDO
2SVLXULD
(OLPLQDUHDQWU]LDWDXULQHLQUDSRUWFXPRPHQWXOLQJHVWLHL ODSHVWHRUH $SDUH
Q FLUR]D KHSDWLF FX KLSHUWHQVLXQH SRUWDO WXOEXUUL DOH VHFUHLHL DOGRVWHURQXOXL
KRUPRQXOXLDQWLGLXUHWLFHVWURJHQLORU

7XOEXUULGHPLFLXQH
3ULQFLSDOHOH WXOEXUUL  GH PLFLXQH VXQW SRODNLXULD GLVXULD LQFRQWLQHQD GH XULQ
UHWHQLDGHXULQLPLFLXQHDLPSHULRDV
3RODNLXULD
'HILQLLH&UHWHUHDIUHFYHQHLPLFLXQLORUFQGHVWHFRUHODWFXFUHWHUHDYROXPXOXL
GHXULQVHQXPHWHSRODNLXULHSULQSROLXULH
7LSXUL
 WUDQ]LWRULH u Q FD]XO LQJHVWLHL FUHVFXWH GH OLFKLGH VDX GXS DGPLQLVWUDUHD GH
GLXUHWLFH
 SHUPDQHQW u GLDEHWXO LQVLSLG GLDEHWXO ]DKDUDW VDX Q LQVXILFLHQD UHQDO
FURQLF
QIXQFLHGHSHULRDGDFQGDUHLQWHQVLWDWHDPD[LPHVWH
 GLXUQ
 QRFWXUQuVSHFLILFSHQWUXDGHQRPGHSURVWDW7%&JHQLWRXULQDU
(VWH R DIHFLXQH GH RELFHL D YH]LFLL XULQDUH FLVWLW DFXW WXPRUL KLSHUWURILD
PXVFXODWXULL YH]LFDOH FDOFXOL YH]LFDOL FRPSUHVLH SHOYLQ VFOHUR] 7%& GLVWHQVLH
YH]LFDOVHFXQGDUDGHQRPXOXLGHSURVWDW
'LVXULD
'HILQLLH(PLVLDGLILFLOFXJUHXWDWHXQHRULFXXVWXULPHODQFHSHUHDGHVIXUDUHD
VDXWHUPLQDUHDDFWXOXLPLFLRQDOSDFLHQWXOFXWQGRSR]LLHDYDQWDMRDVSHQWUXDL
XXUDDFWXOPLFLXQLL
7LSXUL
 GLVXULDLQLLDOVSHFLILFWXPRULORUSURVWDWLFH
 GLVXULDWHUPLQDODSDUHQFLVWLWHFDOFXOLYH]LFDOLFHUYLFRWULJRQLWH
 GLVXULDFRPSOHWDSDUHQXUHWULWDDFXWSROLSR]DXUHWUDOOH]LXQLPHGXODUHu
WDEHVPLHOLWOHXFRQHYUD[LW
&DX]H DIHFLXQLOH YH]LFDOH L SRVWYH]LFDOH FDUH VOEHVF FRQWUDFLD GHWUXVRUXOXL
GLVHFWD]LD]FROXOYH]LFDOLPRGLILFFDOLEUXOXUHWUHL
(YROXLH LQLLDO LQWHUYLQH KLSHUWURILD GHWUXVRUXOXL XOWHULRU DSDUH UH]LGXXO YH]LFDO
(SXL]DUHDGHWUXVRUXOXLYDGXFHODLPSRVLELOLWDWHDGHDXULQDGHFLODUHWHQLHGHXULQ
5HWHQLDGHXULQ
'HILQLLH,QFDSDFLWDWHDYH]LFLLXULQDUHGHDLJROLFRQLQXWXO
7LSXUL
 LQFRPSOHW
 FRPSOHWFXLQVWDODUHDFXWVDXFURQLF

5HWHQLD LQFRPSOHW GH XULQ VH FDUDFWHUL]HD] SULQ UH]LGXX YH]LFDO UHVSHFWLY
FDQWLWDWHD GH XULQ FDUH UPQH Q YH]LF OD VIULWXO PLFLXQLL LQLLDO IU GLVWHQVLD
YH]LFLLXOWHULRUFXDSDULLDGLVWHQVLHL0ULPHDUH]LGXXOXLYH]LFDOVHDSUHFLD]FHOPDL
XRU HFRJUDILF ,QIHFLD HVWH GH RELFHL UHJXO 6H QWOQHWH Q DIHFLXQL XUHWUDOH
VWULFWXUL FDOFXOL FRUSL VWULQL  DIHFLXQL YH]LFDOH KLSHUWURILH GH FRO YH]LFDO FDOFXOL
WXPRUL  DIHFLXQL QHXURORJLFH PHGXODUH YH]LFD QHXURORJLF  DIHFLXQL DOH SURVWDWHL
SURVWDWLWDGHQRPFDQFHU 
5HWHQLD XULQDU FRPSOHW DFXW VH LQVWDOHD] EUXVF OD XQ SDFLHQW FDUH QX D PDL
SUH]HQWDWVLPSWRPHXULQDUH&OLQLFDSDUHJOREXOYH]LFDOuRIRUPDLXQHWXPRUDOFDUH
ERPEHD]QKLSRJDVWUXFXPDWLWDWHODSHUFXLHGXUHURDV6RQGDMXOYH]LFDOGHUHJXO
H[WUDJHSHVWHPOXULQ
5HWHQLDXULQDUFRPSOHWFURQLFDSDUHGDWRULWDJUDYULLEROLLGHIRQGFDUHDSURGXV
UHWHQLD 7HQHVPHOH VXQW FRQWLQXH PLFLXQLOH IFQGXVH SULQ rSUHD SOLQs VDX ILLQG
DEVHQWH,QIHFLDGHRELFHLVHLQVWDOHD]LHVWHVHYHUFXHYROXLHDVFHQGHQW&OLQLF
VHSDOSHD]JOREXOYH]LFDOLSULQVRQGDMVHHOLPLQFDQWLWLPDULGHXULQ
,QFRQWLQHQDGHXULQ
'HILQLLH SLHUGHUHD IXQFLHL GH UH]HUYRU D YH]LFLL XULQDUH XULQD VFXUJQGXVH GLQ
YH]LFSDULDOVDXWRWDOFRQWLHQWVDXLQFRQWLHQW
7LSXUL
 LQFRQWLQHQDXULQDUDGHYUDW
 LQFRQWLQHQDXULQDUIDOV
,QFRQWLQHQD XULQDU DGHYUDW XULQD VH VFXUJH FRQWLQXX LQFRQWLHQW SH PVXU
FHDSDUHQYH]LF&HOPDLIUHFYHQWDSDUHQSDUDOL]LDVILQFWHUXOXLYH]LFDOVHFXQGDU
DIHFLXQLORUPHGXODUH
,QFRQWLQHQD XULQDU IDOV YH]LFD PDL FRQLQH XULQ SRVWPLFLRQDO ILLQG SUH]HQW OD
SDFLHQLLFXUHWHQLHGHXULQFDUHPLFLRQHD]SULQdSUHDSOLQs
(QXUH]LVXO HVWH R IRUP SDUWLFXODU FH VH WUDGXFH SULQ SLHUGHUHD LQYROXQWDU L
LQFRQWLHQW GH XULQ 6H QWOQHWH OD FRSLL FX VSLQD ELILGD Q FD] GH PDWXUL]DUH
LQFRPSOHW D FRQWUROXOXL VILQFWHULDQ Q FD] GH VOELUH D SODQHXOXL SHULQHDO VDX
VILQFWHULDQXUHWURYH]LFDO
0LFLXQHDLPSHULRDV
'HILQLLH QHYRLD VWULQJHQW GH D XULQD LPHGLDW FH D DSUXW VHQ]DLD GH PLFLXQH
$SDUHQFLVWLWHPDOIRUPDLLSHOYLHQHDIHFLXQLDOHXUHWUHL

(GHPXOUHQDO
&DUDFWHULVWLFL HGHPXO QHIULWLF HVWH PRDOH DOE SXIRV ODV JRGHX FX WHPSHUDWXU
ORFDO QRUPDO L VH ORFDOL]HD] SH SOHRDSH ID VFURW YXOY L PHPEUH LQIHULRDUH
(VWH H[XGDW DSDUH dSHVWH QRDSWHs Q SDWRJHQLD HGHPXOXL UHQDO VXQW LPSOLFDWH

XUPWRDUHOHPHFDQLVPHUHWHQLDKLGURVDOLQSURWHLQXULDFDSLODULWJHQHUDOL]DW SULQ
SURFHVHDXWRLPXQH LXQHRULKLSHUDOGRVWHURQLVPXOVHFXQGDU
Q VLQGURPXO QHIURWLF HGHPXO UHQDO JHQHUDOL]DW DMXQJH SQ OD DQDVDUF DSUQG
FD XUPDUH D VFGHULL SUHVLXQLL RQFRWLFH D SODVPHL FD XUPDUH D KLSRDOEXPLQHPLHL
(VWHWUDQVXGDWGHFRQVLVWHQLPDLPRDOHDSUQGLQLLDOQSULOHGHFOLYH&QG
DOWXUL GH HGHPXO LQWHUVWLLDO FDUH LQWHUHVHD]  PHPEUHOH LQIHULRDUH HVWH LQWHUHVDW
MXPWDWHDLQIHULRDUDWUXQFKLXOXLHVWHQVRLWGHDVFLWLKLGURWRUD[
'LDJQRVWLFGLIHUHQLDO
 HGHPXOFDUGLDFHVWHELODWHUDOVLPHWULFGXUHURVODSDOSDUHHVWHPDLDFFHQWXDW
ODVIULWXO]LOHLODFDUHVHDGDXJVHPQHOHFDUGLRSDWLHLGHED]
 HGHPXO FLURWLF HVWH QVRLW REOLJDWRULX GH DVFLW FX PULUHD Q YROXP D
DEGRPHQXOXLKHSDWRVSOHQRPHJDOLH
 HGHPXO GLQ LQVXILFLHQD YHQRDV FURQLF HVWH XQL VDX ELODWHUDO DVLPHWULF FX
GLODWDUHDWUXQFKLXULORUYHQRDVHYDULFR]LWLLWXOEXUULWURILFH
 HGHPXODOHUJLFVHPDQLIHVWGXSXQDJHQWGHWHUPLQDQW QHSWXUGHLQVHFW
XQHOHPHGLFDPHQWHHWF FXHULWHPHGHPDOFRPLVXULLEXFDOHXQHRULFXSUXULW

+HPDWXULD
'HILQLLH KHPDWXULD HVWH GHILQLW FD ILLQG SUH]HQD D SHVWH  KHPDWLLFPS
PLFURVFRSLF Q VHGLPHQWXO XULQDU FHQWULIXJDW H[DPLQDW FX RELHFWLYXO PDUH DO
PLFURVFRSXOXLQXOWLPLLDQLSURED$GGLV+DPEXUJHU dVHGLPHQWXOPLQXWDWs ODFDUH
KHPDWXULDQRUPDOHVWHVXEHOHPHQWHPLQXWHVWHPDLSXLQIRORVLW
+HPDWXULDSRDWHILPDFURVFRSLFFQGFXORDUHDURLHDXULQLLHVWHYL]LELOFXRFKLXO
OLEHUVDXPLFURVFRSLFFQGKHPDWLLOHSRWILHYLGHQLDWHSULQH[DPLQDUHODPLFURVFRS
+HPDWXULDDVLPSWRPDWLFHVWHPLFURVFRSLFLQXHVWHQVRLWGHHGHPH+7$VDX
ROLJXULHuLQVXILFLHQUHQDO
(WLRORJLH
'RDUGLQWUHKHPDWXULLVXQWGHQDWXUJORPHUXODUILLQGPDLIUHFYHQWODFRSLL
/D DSUR[LPDWLY  GLQWUH SDFLHQLL FX KHPDWXULH VXUVD VQJHUULL HVWH SRVWUHQDO
GHODQLYHOXOYH]LFLLXULQDUHSURVWDWHLVDXXUHWUHL

7DEHO;,, PRGLILFDWGXS
&DX]HOHKHPDWXULHL
0RGLILFULODQLYHOXOWUDFWXOXLUHQRXULQDU
 PHWDEROLFH OLWLD]D UHQRXULQDU KLSHUFDOFLXULD KLSHUR[DOXULD KLSHUXULFR]XULD
FLVWLQXULD
 QHRSODVPHFDUFLQRPDOYH]LFLLXULQDUHSURVWDWLFUHQDOWXPRDUH:LOPV
 FKLVWH ERDOD SROLFKLVWLF DXWR]RPDO GRPLQDQW ERDOD FKLVWLF PHGXODU
ULQLFKLdQEXUHWHsFKLVWHVLPSOH
 LQIHFLLXULQDUHFLVWLWKHPRUDJLFSLHORQHIULWHWXEHUFXOR]UHQDO
9DVFXODUHLQIDUFWHUHQDOHWURPER]GHYHQUHQDO
+LGURQHIUR]
1HFUR]SDSLODUDEX]GHDQDOJHWLFHGLDEHW]DKDUDWDQHPLHIDOFLIRUPQHIURSDWLH
REVWUXFWLY
7UDXPDWLVPH
*ORPHUXORSDWLL
 JORPHUXORQHIULWHSUROLIHUDWLYHLQHSUROLIHUDWLYH
 DIHFLXQL IDPLOLDOH VLQGURP $OSRUW ERDOD )DEU\ ERDOD PHPEUDQHORU ED]DOH
JORPHUXODUHVXELUL

+HPDWXULDJORPHUXODUDUHFWHYDFDUDFWHULVWLFL
tFRQWH[WFOLQLF
DVRFLHUHDKHPDWXULHLFXHGHPHUHQDOHVDX+7$
LQIHFLHVWUHSWRFRFLFSUHPHUJWRDUH
HQGRFDUGLWEDFWHULDQFRQFRPLWHQW
VXUGLWDWHuVXJHVWLYSHQWUXVLQGURPXO$OSRUW
VHPQHGHERDOVLVWHPLFuOXSXVHULWHPDWRVGLVHPLQDW
tDVSHFWXOKHPDWXULHLXULQEUXQFDLdFRFDFRODs
tDVSHFWXOGHIRUPDWGLVPRUIDOKHPDWLLORU ODPLFURVFRSLDRSWLFQFRQWUDVWGHID] 
tH[LVWHQDFLOLQGULORUKHPDWLFLLDSURWHLQXULHLSHVWHJK
/RFDOL]DUHDKHPDWXULHLd3UREDFHORUSDKDUHsHVWHVXJHVWLY
 VQJHGLQSULPDID]PLFLRQDOGHRELFHLXUHWU
 QWRDWHID]HOHGLQULQLFKLVDXXUHWHU

 QXOWLPDID]GLQFROXOYH]LFLLLGLQSURVWDW
7HVWHVSHFLILFHGHLQYHVWLJDLH
 UDGLRJUDILDUHQDOVLPSOSRDWHGHFHODFDOFXOLUDGLRRSDFL
 HFRJUDILD HYLGHQLD] KLGURQHIUR]D FDOFXOL QHIURFDOFLQR]D WXPRUL ILLQG
QHLQYD]LY
 XURJUDILDLFLWRORJLDXULQDUVHUHFRPDQGGHUXWLQODYUVWHSHVWHGHDQL
HYHQWXDOQDVRFLHUHFXFLVWRVFRSLD
 FRPSXWHUWRPRJUDILDDUWHULRJUDILDUH]RQDQDPDJQHWLFuVXQWUHFRPDQGDWH
QFD]XULVHOHFLRQDWH
 ELRSVLDUHQDOuFQGVHVXVSHFWHD]FDUDFWHUXOJORPHUXODULVDXDH[FOXGHULL
XQRUFDX]HXURORJLFHDOHKHPDWXULHL

3URWHLQXULD
$GXOWXO H[FUHW Q PRG QRUPDO SQ OD PJK SURWHLQH WRWDOH 3URWHLQXULLOH
VH FDUDFWHUL]HD] SULQ FDQWLWDWH FRPSR]LLH L ULWP GH H[FUHLH LQWHUPLWHQWH L
SHUPDQHQWH
QIXQFLHGHPHFDQLVPXOGHSURGXFHUHVHFODVLILF
SURWHLQXULD IXQFLRQDO UHSUH]LQW FUHWHUHD WUDQ]LWRULH D H[FUHLHL GH SURWHLQH Q
GLIHULWHVLWXDLL IHEUHIRUWH[FHVLYHPRLL QDEVHQDXQHLEROLUHQDOH
SURWHLQXULDSUHUHQDO SULQVXSUDSURGXFLH DSDUHFDXUPDUHDFUHWHULLFRQFHQWUDLHL
SODVPDWLFH D SURWHLQHORU ILOWUDELOH H[HPSOX ODQXUL XRDUH L JUHOH IUDJPHQWH GH
LPXQRJOREXOLQHEHWDPLFURJOREXOLQD 
SURWHLQXULDJORPHUXODUUHSUH]LQWHOLPLQDUHDSURWHLQHORUFDXUPDUHDPRGLILFULORU
PHPEUDQHLED]DOHJORPHUXODUHGDWRUDWHSLHUGHULLGHVDUFLQLHOHFWULFHQHJDWLYHVDX
GDWRUDWHXQRUOH]LXQLVWUXFWXUDOH FDUHDXFDFRQVHFLQFUHWHUHDGLPHQVLXQLORUL
QXPUXOXLSRULORUVDXSLHUGHUHDSURWHLQHORUDQLRQLFH 3URWHLQXULDJORPHUXODUSRDWH
ILLUH]XOWDWXOXQRUPRGLILFULKHPRGLQDPLFHQSDUWLFXODUDSUHVLXQLLQFDSLODUHOH
JORPHUXODUH
SURWHLQXULD WXEXODU DSDUH Q FRQGLLLOH XQHL UHDEVRUELL LVDX VHFUHLL WXEXODUH
PRGLILFDWHDSURWHLQHORUILOWUDWHQRUPDOuQEROLHUHGLWDUHWR[LFHPHWDEROLFH
(YLGHQLHUHDXULQLLVHIDFHSULQSUREHGHXULQVDXSULQGHWHUPLQDUHDSURWHLQXULHLGLQ
XULQD UHFROWDW Q  RUH 0HWRGHOH VXQW FDOLWDWLYH L FDQWLWDWLYH PHWRGD %UHGIRUG 
(VWH LPSRUWDQW LGHQWLILFDUHD WLSXOXL SURWHLQXULHL SHVWH JK VXQW JORPHUXODUH LDU
FHOHVXEJKSRWILSUHUHQDOHGDULWXEXODUHLJORPHUXODUH
3HQWUX DSUHFLHUHD WLSXOXL GH SRWHLQXULH HVWH QHFHVDU HIHFWXDUHD HOHFWURIRUH]HL
XULQDUHGHSUHIHUDWQJHOGHSROLDFULODPLG 3$$6'6 VDXLPXQHOHFWURIRUH]DXULQDU
3URWHLQXULLOH JORPHUXODUH SRW IL QDOW VHOHFWLYH SHVWH  DOEXPLQ L WUDQVIHULQ 

VHOHFWLYH DOEXPLQ  WUDQVIHULQ L ,J*  L QHVHOHFWLY DOEXPLQ VXE 


WUDQVIHULQ,J*LDOWHSURWHLQHFXJUHXWDWHPROHFXODUSHVWHN'D 
3URWHLQXULLOHWXEXODUHFRQLQDOEXPLQLGLIHULWHIUDFLXQLSURWHLFHFXJUHXWDWH
PROHFXODUFXSULQVQWUHLN'D
6H UHFRPDQG FD WHVW VFUHHQLQJ IRORVLUHD XQXL UDSRUW SURWHLQXULH DOEXPLQXULH 
FUHDWLQLQXULHSHQWUXGHSLVWDUHDULVFXOXLGHERDOUHQDO5DSRUWXOQRUPDOHVWHVXE

0LFURDOEXPLQXULD
'HILQLLH FUHWHUHD H[FUHLHL XULQDUH GH DOEXPLQ SHVWH PLQ QRUPDO 
PLQ VDXSHVWHPJK QRUPDOPJK $FHDVWFUHWHUHHVWHXQIDFWRU
SUHGLFWRUDOSURJUHVLHLVSUHQHIURSDWLHODEROQDYLLFXGLDEHW]DKDUDWL+7$
3UH]HQD Q H[FHV GH ODQXUL XRDUH GH LPXQRJOREXOLQH ,J  Q XULQD XQRU SDFLHQL
HVWH XQ LQGLFDWRU DO FUHWHULL FRQFHQWUDLHL SODVPDWLFH D DFHVWRUD GDWRUDWH XQHL
VXSHUSURGXFLL DVRFLDWH PLHORPXOXL PXOWLSOX ,GHQWLILFDUHD DFHVWRU SURWHLQH
GHQXPLWH SURWHLQH %HQFH-RQHV  VH IDFH SULQ LPXQHOHFWURIRUH] XULQDU UHDFLD GH
WHUPRODELOLWDWHHVWHLQH[DFW 
%HWDPLFURJOREXOLQD HVWH R SURWHLQ FX JUHXWDWH PROHFXODU PLF &UHWHUHD HL Q
XULQ SHVWH PJK GHQRW OH]LXQL WXEXODUH LQIHFLL XULQDUH QDOWH LQWR[LFDLL FX
PHWDOH JUHOH Q WUDQVSODQWXO UHQDO GXS DGPLQLVWUDUHD GH DQXPLWH PHGLFDPHQWH
DPLQRJOLFR]LGH

3LXULD
'HILQLLH SUH]HQD SXURLXOXL Q XULQ 8QHRUL SXURLXO HVWH HYLGHQLDW PDFURVFRSLF
DOWHRULVHHYLGHQLD]PLFURVFRSLFOHXFRFLWHQXPHURDVHJUXSDWHQJUPH]L
1RUPDO  OHXFRFLWHFPS PLFURVFRSLF OD SURED $GGLV+DPEXUJHU VXE 
OHXFRFLWHPOPLQ
(WLRORJLH
UHQDOH
 SDUHQFKLPDWRDVH 7%& UHQDO OLWLD] VXSUDLQIHFWDW QHRSODVP QHIULWH
LQWHUVWLLDOH
 YH]LFDOHFLVWLWGLYHUWLFXOLPDOIRUPDLLOLWLD]QHRSODVPWXEHUFXOR]
 XUHWURSURVWDWLFHXUHWULWSURVWDWLW
H[WUDUHQDOHDEFHVSHULUHQDOSHULUHFWDODSHQGLFXODUFDUHVHGHVFKLGHQFLOHXULQDUH
6HGLXO SLXULHL SRDWH IL VWDELOLW SULQ SURED FHORU  SDKDUH L H[DPHQ PDFUR L
PLFURVFRSLF
&RUHODLLFOLQLFH
tSLXULHSRODNLXULHGLVXULH FLVWLWDFXW
tSLXULHSRODNLXULHGLVXULH*LRUGDQRSR]LWLY FLVWRSLHOLWDFXW

tSLXULHSRODNLXULHGLVXULH*LRUGDQRSR]LWLYVWDUHWR[LFFLOLQGUXULHOHXFRFLWDU
SLHORQHIULWDFXW
t SLXULH dVWHULOs  KHPDWXULH  SRODNLXULH QRFWXUQ  SK XULQDU DFLG  WXEHUFXOR]D
UHQRXULQDU
tSLXULHSHUVLVWHQWSURWHLQXULHGHQVLWDWHXULQDUVF]XW SLHORQHIULWFURQLF
tSLXULHPDVLYEUXWDOIUWXOEXUULXULQDUH GHVFKLGHUHGHFROHFLLQFLOHXULQDUH
t SLXULH SHUVLVWHQW  SK DOFDOLQ OD XQ OLWLD]LF  LQIHFLH FX 3URWHXV SH OLWLD] IRVIDW
DPRQLDFRPDJQH]LDQ
3QHXPDWXULD
'HILQLLH VHPQLILF SUH]HQD Q XULQ GH JD]H FDUH SURYLQ GLQ ILVWXOL]DUHD SRULXQLL
WHUPLQDOHDLQWHVWLQXOXLQFLOHXULQDUHVDXGLQIHUPHQWDUHDJOXFR]HLQXULQODEROQDYLL
FXGLDEHW]DKDUDW
&KLOXULD
'HILQLLHVHPQLILFSUH]HQDGHOLPIQXULQ6HQVRHWHGHSURWHLQXULHXQHRULL
GHKLSRSURWHLQHPLH
(WLRORJLD ILODULR]D HVWH FDX]D FHD PDL IUHFYHQW ERDO QWOQLW Q $IULFD $VLD
3ROLQH]LD  GDWRULW EORFDMXOXL FDQDOXOXL WRUDFLF SURGXV GH ILODULR] FH GXFH OD UHIOX[XO
FKLOXOXLQWUXQFKLXULORUOLPIDWLFHORPEDUHFRPXQLFDUHDFXFLOHXULQDUHVHVWDELOHWH
OD QLYHOXO ED]LQHWXOXL L OD QLYHOXO SLUDPLGHORU 0DOSLJKL SULQ IRUPDUHD GH ILVWXOH
OLPIRFDOLFHDOH$OWFDX]VXQWSURFHVHOHQHRSOD]LFHLQYDGDQWH
/LSLGXULD
8ULQD QRUPDO QX FRQLQH OLSLGH 6H QWOQHWH Q VLQGURPXO QHIURWLF SRDWH GHSL
JK SUHFXPLQERDOD)DEU\

([DPHQXOIL]LFDODSDUDWXOXLXULQDU
5LQLFKLXO
,QVSHFLD
Q PDMRULWDWHD FD]XULORU QX VH GHVFRSHU QLPLF GHRVHELW $OWHRUL VH GHFHOHD]
FLFDWULFLOH SRVWRSHUDWRULL SRVWHULRDUH GXS LQFL]LL SRVWORPERWRPLH SHQWUX QHIUHFWRPLL
VDXSLHOROLWRWRPLHUHVSHFWLYDQWHULRDUHSHQWUXXUHWHUROLWRWRPLH%RPEDUHDODQLYHOXO
XQHL ORPEH ULGLF VXVSLFLXQHD XQHL WXPRUL LDU GDF HVWH QVRLW GH HULWHP ORFDO
GXUHURVLPSXQHFHUFHWDUHDXQXLIOHJPRQSHULQHIULWLF
3DOSDUHD
0HWRGHGHSDOSDUH
5HSH]LQW PRPHQWXO SULQFLSDO DO H[DPHQXOXL UHQDO ([LVW  PHWRGH SDOSDWRULL 
ELPDQXDOHLXQDPRQRPDQXDO

0HWRGD*X\RQ
%ROQDYXO VH DIO Q GHFXELW GRUVDO FX JHQXQFKL IOHFWDL L FDSXO GH SDUWHD RSXV
H[DPLQDWRUXOXL Q YHGHUHD XQHL EXQH UHOD[UL D PXFKLORU GUHSL DEGRPLQDOL 3HQWUX
SDOSDUHD ULQLFKLXOXL GUHSW PHGLFXO LQWURGXFH GHJHWHOH PLQLL VWQJL VXE UHERUGXO
SRVWHULRUGUHSWLGHJHWHOHPLQLLGUHSWHVXEUHERUGXOFRVWDODQWHULRUGUHSW

)LJ0HWRGD*X\RQ

0HWRGD,VUDO
%ROQDYXOVHDIOQGHFXELWODWHUDOGUHSWSHQWUXULQLFKLXOVWQJLDUPHGLFXOLQWURGXFH
GHJHWHOHPLQLLVWQJLVXEUHERUGXOFRVWDODQWHULRUVWQJLGHJHWHOHPLQLLGUHSWHVXE
UHERUGXOFRVWDOSRVWHULRUVWQJ/DVIULWXOLQVSLUXOXLULQLFKLXOPULWVDXSWR]DWIDFH
FRQWDFWORPEDUSHQWUXSDOSDUHDULQLFKLXOXLRSXVVHVFKLPEGHFXELWXVXOEROQDYXOXLL
VHQVXOPLQLORU

)LJ0HWRGD,VUDO

0HWRGD*OQDUG
(VWH PRQRPDQXDO 3HQWUX SDOSDUHD ULQLFKLXOXL GUHSW PHGLFXO LQWURGXFH SROLFHOH
PLQLL VWQJL VXE UHERUGXO GUHSW DQWHULRU DO EROQDYXOXL FDUH VH DIO Q DFHDL SR]LLH
FDSHQWUXPDQHYUD*X\RQLDUFHOHODOWHGHJHWHVXEUHERUGXOFRVWDOSRVWHULRUGUHSW
/D VIULWXO XQXL LQVSLU SURIXQG PHGLFXO DSURSLH SROLFHOH GH GHJHWHOH SRVWHULRDUH
LDU ULQLFKLXO PULW VDX SWR]DW SUH]LQW FRQWDFW ORPEDU 0DQHYUD *OQDUG G UH]XOWDWH

QXPDL OD EROQDYLL DVWHQLFL HD WUHEXLH HIHFWXDW FX R GHRVHELW EOQGHH Q FD] GH
SROLFKLVWR] VDX GH QHIUREODVWRP WXPRU :LOPV  SHQWUX D QX LQGXFH KHPDWXULH
UHVSHFWLYPHWDVWD]HSHULWRQHDOH

)LJ0HWRGD*OQDUG

6HPLRORJLDSDOSDWRULH
1HIURSWR]D
([LVWJUDGH
JUDGXO,VHSDOSHD]QXPDLSROXOLQIHULRUUHQDO
JUDGXO,,SROXOLQIHULRUUHQDODWLQJHOLQLDFHXQHWHFHOHFUHVWHLOLDFH
JUDGXO,,,ULQLFKLXOFXSHGLFXOYDVFXODUOXQJVHSDOSHD]QWRWKHPLDEGRPHQXO
UHVSHFWLY
5LQLFKLXOPDUH QHIURPHJDOLD
$SDUH Q SLRQHIUR] FKLVW KLGDWLF UHQDO DGHQRFDUFLQRP UHQDO QHIURPHJDOLH
XQLODWHUDO KLGURQHIUR] XQLVDXELODWHUDO LSROLFKLVWR] QHIURPHJDOLHELODWHUDO 
3XQFWHOHUHQDOHSRVWHULRDUH
 SXQFWXOFRVWRYHUWHEUDO*X\RQVLWXDWODQLYHOXODUWLFXODLHLFRVWRYHUWHEUDOH;,,GH
RSDUWH
 SXQFWXOFRVWRPXVFXODUVLWXDWODXQLUHDPXFKLORUVDFURVSLQDOFXFRDVWDD;,,D
GHRSDUWH
 SXQFWXOVXEFRVWDO%D]\u$OEDUUDQVLWXDWODYUIXOFRDVWHLD;,GHRSDUWH
6XQW GXUHURDVH Q FD]XO LULWULL ED]LQHWXOXL VDX PDVHL SHULUHQDOH FROLF QHIULWLF
SLHORQHIULWDFXWSHULQHIULWLQIODPDWRULHVDXVXSXUDW 
'LQWUHWRDWHPHWRGHOHSDOSDWRULLPDQHYUD*X\RQDGXFHPHGLFXOXLFHOHPDLPXOWHL
SUHFLVHLQIRUPDLL

)LJ3XQFWHOHUHQDOHSRVWHULRDUH

3HUFXLD
6H H[HFXW OD QLYHOXO DPEHORU ORPEH Q PRG VXFFHVLY FX ODWXUD FXELWDO D PLQLL
GUHSWH D PHGLFXOXL Q VHQV FUDQLRFDXGDO UHSUH]HQWQG PDQHYUD *LRUGDQR 3UH]HQD
GXUHULLDUHDFHDLVHPQLILFDLHFDQFD]XOSXQFWHORUUHQDOHSRVWHULRDUH

)LJ0DQHYUD*LRUGDQR

$XVFXOWDLD
6HDGUHVHD]PDLQWLDRUWHLDEGRPLQDOHLVXFFHVLYDUWHUHORUUHQDOH SDUDRPELOLFDO 
3UH]HQD XQXL VXIOX VLVWROLF FX LUDGLHUH XQHRUL Q UHJLXQHD ORPEDU HYRF VWHQR]D
DUWHUHLUHQDOH
8UHWHUXO
6HH[DPLQHD]ODQLYHOXOSXQFWHORUXUHWHUDOH
 SXQFWXO XUHWHUDO VXSHULRU %D]\  FRUHVSXQGH ED]LQHWXOXL L VH SDOSHD] FX
LQGH[XO OD QLYHOXO QFUXFLULL OLQLHL WUDQVRPELOLFDOH FX PDUJLQHD GUHSWXOXL
DEGRPLQDO
 SXQFWXO XUHWHUDO PLMORFLX +DOOH  FRUHVSXQGH XUHWHUXOXL ORPEDU L VH SDOSHD]
FX LQGH[XO OD QLYHOXO QWUHWLHULL XQHL OLQLL FDUH XQHWH VSLQHOH LOLDFH DQWHUR
VXSHULRDUHFXPDUJLQHDGUHSWXOXLDEGRPLQDOSXLQQXQWUXODFHVWHLD

 SXQFWXO XUHWHUDO LQIHULRU 3DVWHDX  FRUHVSXQGH XUHWHUXOXL LOLDF VDX MX[WDYH]LFDO


LVHSDOSHD]SULQLQWHUPHGLXOWUDFWXOXLYH]LFDOVDXUHFWDO

)LJ6FKHPUHSUH]HQWQG
SXQFWHOHXUHWHUDOH

9H]LFDXULQDU
&DSDFLWDWHD PHGLH D DFHVWXL RUJDQ HVWH GH PO XRU PDL FUHVFXW OD IHPHLH Q
SUH]HQD XQHL FDQWLWL GH XULQ VXE PO YH]LFD XULQDU UPQH XQ RUJDQ SHOYLQ
L VH SRDWH H[DPLQD SULQ WDFW YDJLQDO VDX UHFWDO FRPELQDWH FX SDOSDUH KLSRJDVWULF
'DF YROXPXO XULQDU GHSHWH PO DSDUH JOREXO YH]LFDO DFHVW RUJDQ GHYHQLQG
DEGRPLQDO Q DFHVW FD] SHUHWHOH VXSHULRU DO YH]LFLL SUH]LQW R PDUJLQH FRQYH[
VHQVLELOVSRQWDQLODSDOSDUH

,QYHVWLJDLLSDUDFOLQLFHLGHODERUDWRUQVHPLRORJLDUHQDO
'HRDUHFH GDWHOH FOLQLFH OD EROQDYLL UHQDOL VXQW DGHVHD QHVSHFLILFH UHGXVH VDX FKLDU
DEVHQWHPHWRGHOHSDUDFOLQLFHVXQWHVHQLDOHSHQWUXGLDJQRVWLF
3HQWUX H[SORUDUHD SDUDFOLQLF FRPSOHW D EROQDYLORU UHQDOL VH DSHOHD] OD H[DPHQXO
XULQLL H[DPLQUL ELRFKLPLFH VDQJXLQH H[SORUDUHD PHFDQLVPHORU IXQFLRQDOH UHQDOH
SURSULX]LVH JORPHUXODUH L WXEXODUH  ([SORUUL LPXQRORJLFH H[ Q JORPHUXORSDWLL 
H[SORUULUDGLRORJLFHLPDJLVWLFHSXQFLDELRSVLHUHQDO

([DPHQXOXULQLL
([DPHQXOXULQLLVHIDFHRELQXLWGLQXULQDSURDVSWHPLVVDXGLQXULQDUHFROWDWSH
RUH
([DPHQXOPDFURVFRSLF
9ROXPXOXULQLLQRUHUHVSHFWLYGLXUH]DYDULD]QWUHPO
&XORDUHD XULQLL QRUPDOH HVWH JDOEHQSDO SQ OD JDOEHQ URLDWLF Q IXQFLH GH
GLXUH]DVSHFWXOILLQGWUDQVSDUHQWLOLPSHGH&XORDUHDSRDWHILPRGLILFDWGHXQHOH
PHGLFDPHQWH SLUDPLGRQLIHQROIWDOHLQDGLQOD[DWLYHRFRORUHD]QURX GHSUH]HQD
PLRJORELQHLDKHPRJORELQHLVDXXQXLQXPUPDUHGHKHPDWLL FXORDUHUR]URLHVDX
EUXQ Q IXQFLH GH FDQWLWDWHD VQJHOXL HPLV  D XURELOLQRJHQXOXL VDX SLJPHQLORU

ELOLDUL DVSHFWGHEHUHQHDJUQLFWHUHOHKHSDWLFH QSRUILQXULLXULQLOHVXQWQFKLVHOD


FXORDUHEUXQHVDXFKLDUQHJUH&RORUDUHDVHSURGXFHQXPDLQPRPHQWXOH[SXQHULL
OD OXPLQ 0RGLILFDUHD FXORULL XULQLL GXS HPLVLH VH QWOQHWH L Q PHODQLQXULH Q
PHODQRVDUFRDPH 
([DPHQXOIL]LFRFKLPLF
5HDFLD XULQLL HVWH Q PRG QRUPDO DFLG DYQG SK QWUH  3RDWH IL PRGLILFDW
GH XQHOH PHGLFDPHQWH GH DQXPLWH DIHFLXQL GLDEHW ]DKDUDW  VDX UHQDOH GHIHFWH
WXEXODUHUHQDOHuDFLGR]WXEXODUUHQDO ,QIHFLLOHXULQDUHFXDQXPLLJHUPHQLGXF
GHDVHPHQHDODPRGLILFDUHDSKXOXL EDFLOXOSURWHXVGHWHUPLQDOFDOLQL]DUHDXULQLL 
'HQVLWDWHDXULQDUYDULD]QFRQGLLLIL]LRORJLFHQOLPLWHIRDUWHODUJLQWUH
Q VWUL SDWRORJLFH GHQVLWDWHD VH UHGXFH SURSRULRQDO FX UHGXFHUHD QXPUXOXL GH
QHIURQL
'HRVHELPYDORULQRUPDOHQWUHDGLFQRUPRVWHQXULH
+LSRVWHQXULD QVHDPQ YDORUL FXSULQVH  ,]RVWHQXULD QVHDPQ FQG
GHQVLWDWHD HVWH GH  HJDO FX D SODVPHL GHSURWHLQL]DWH 6XEL]RVWHQXULD  DSDUH
FQGGHQVLWDWHDHVWHVXEYDULLQGQMXUXOFLIUHLGH
3URGXLGHFDWDEROLVPSURWHLF
6H GHWHUPLQ FUHDWLQLQXULD XUHHD XULQDU DFLGXO XULF DPLQRDFL]L XULQDUL FX URO
GLDJQRVWLFLSURJQRVWLFQVSHFLDOQLQVXILFLHQDUHQDODFXW
(OHFWUROLLLXULQDUL
(OLPLQULOH]LOQLFHDOHHOHFWUROLLORUYDULD]
tVRGLXP(T
tSRWDVLXP(T UDSRUWXO1D.ILLQGGHVDX 
tFDOFLXP(T
tFORUXOJ H[SULPDWQFORUXUGHVRGLX 
tIRVIDLP(T
tVXOIDLP(T
,QWHUSUHWDUHDORUFRUHFWVHIDFHQIXQFLHGHFRQFHQWUDLDORUSODVPDWLFGHLQJHVWLD
GHOLFKLGHGHGLXUH]GHFXUEDJUHXWDLL$WHQLHODSDFLHQLLFDUHDXSULPLWGLXUHWLFH
6HFRQVLGHUFDSLHUGHUHXULQDUDXQXLHOHFWUROLWVLWXDLLOHQFDUHHOLPLQDUHDXULQDU
DXQXLHOHFWUROLWVHPHQLQHFUHVFXWQFLXGDXQXLQLYHOVHULFVF]XW'HDFHHDHVWH
LPSRUWDQWGHWHUPLQDUHDQGLQDPLFDHOHFWUROLLORUXULQDUL
([DPHQXO XULQLL LQFOXGH L GHWHUPLQDUHD XUPWRDUHORU HOHPHQWHSLJPHQL ELOLDUL
XURELOLQRJHQPJKJOLFR]XULD DSDUHODYDORULDOHJOLFHPLHLPDLPDULGHPJ
GO FRUSLFHWRQLFL DSDUQXULQQFD]GHGLDEHW]DKDUDWGHFRPSHQVDWDOFRROLVPGXS
SRVWSUHOXQJLW 

([DPHQXOPLFURVFRSLF
6WXGLXO VHGLPHQWXOXL XULQDU H[DPLQDW OD PLFURVFRSLH RSWLF L FX FRQWUDVW GH ID]
DGXFH HOHPHQWH HVHQLDOH GH GLDJQRVWLF L GH VXSUDYHJKHUH D WHUDSLHL QHIURSDWLLORU
$FHVWHDLQFOXGHHYLGHQLHUHDGHKHPDWLLOHXFRFLWHFHOXOHHSLWHOLDOHFLOLQGULLFULVWDOH
&LOLQGULL SRW IL KLDOLQL FRQVWLWXLL GLQWUR PDWULFH PXFRSURWHLF  KHPDWLFL u FDUH
SUHVXSXQ H[LVWHQD XQRU OH]LXQL JORPHUXODUH OHXFRFLWDUL u LQGLFDWRULL XQHL DIHFWUL
WXEXORLQWHUVWLLDOHFLOLQGULLJUDQXORLuQWOQLLQLQVXILFLHQDUHQDOFURQLFDYDQVDW
HSLWHOLDOLuQID]DGHUHOXDUHDGLXUH]HLGLQLQVXILFLHQDUHQDODFXWSLJPHQWDUL
3URED $GGLV +DPEXUJHU  GHWHUPLQ QXPUXO GH HOHPHQWH KHPDWLL OHXFRFLWH L
FLOLQGULL SHXQLWDWHDGHWLPS1RUPDO/HXFRFLWHVXEPLQKHPDWLLVXE
PLQ
/DH[DPHQXOVHGLPHQWXOXLVHPDLSRDWHREVHUYDFULVWDOHFHOXOHWXPRUDOH QHRSODVP
GHYH]LFXUHWHUVDXED]LQHW OHYXULPXFLQEDFWHULLSDUD]LLVSHPDWR]RL]L
([DPHQXOEDFWHULRORJLF
'DF QXPUXO GH JHUPHQL XULQDUL RELQXL SULQ UHFROWDUH GLQ dMHWXO PLMORFLXs GLQWUR
XULQFDUHDVWDJQDWQYH]LFFHOSXLQRUHHVWHSHVWHPODWXQFLEDFWHULXULD
HVWHVRFRWLWVHPQLILFDWLYLXUPWRUXOSDVHVWHHIHFWXDUHDDQWLELRJUDPHL%DFWHULXULD
HVWHQVRLWGHOHXFRFLWXULHSDWRORJLF SLXULH QDSUR[LPDWLYGLQFD]XUL

([DPLQULELRFKLPLFHVDQJXLQH
8UHHD HVWH ILOWUDW OLEHU GH JORPHUXO   L HVWH UHDEVRUELW GH WXELL FRQWRUL
SUR[LPDOLLGLVWDOL1XHVWHXQLQGLFDWRUILGHODOUHGXFHULLILOWUDWXOXLJORPHUXODUGDWRULW
UHDEVRULHLWXEXODUH(VWHGHSHQGHQWGHGLXUH]GHDSRUWXOSURWHLFGHFDWDEROLVPXO
H[DJHUDWDOSURWHLQHORUHQGRJHQH EROLIHEULOHOL]WXPRUDOWUDXPDWLVPDGPLQLVWUDUH
GH SUHGQLVRQ  L GH IXQFLD KHSDWLF VFDGH Q KHSDWLWHOH FURQLFH HWLOLVP FURQLF 
1RUPDOPJGO PPROLO
&UHDWLQLQDHQGRJHQHVWHXQSURGXVGHGHJUDGDUHDFUHDWLQHLPXVFXODUH(VWHILOWUDW
OLEHU OD QLYHO JORPHUXODU ILLQG GH DVHPHQHD VHFUHWDW OD QLYHO WXEXODU SUR[LPDO Q
LQVXILFLHQD UHQDO  9DORDUHD VD SODVPDWLF QHLQIOXHQDW GH DSRUWXO DOLPHQWDU
GHSLQGH HVHQLDO GH PDVD PXVFXODU L GH UDWD ILOWUULL JORPHUXODUH 1RUPDO 
PJGO PROLO LYDULD]FXVH[XOYUVWDLPDVDPXVFXODU
5DSRUWXO XUHH VDQJXLQFUHDWLQHPLH u DPEHOH Q PJGO u QRUPDO  SQ OD 
DGXFHLQIRUPDLLGLDJQRVWLFHLPSRUWDQWH
&UHWHUHD UDSRUWXOXL VXUYLQH OD SDFLHQLL FX LQVXILFLHQ UHQDO FURQLF  Q FD]XO
DSRUWXOXL SURWHLF H[FHVLY D KHPRUDJLLORU JDVWURLQWHVWLQDOH D VWULORU KLSHUFDWDEROLFH
DUVXULLQIHFLLVHYHUH DWUDWDPHQWXOXLFRUWL]RQLFLQLQVXILFLHQDUHQDOIXQFLRQDO
6FGHUHD UDSRUWXOXL SOHGHD] SHQWUX R UHVWULFLH SURWHLF SHQWUX R UDEGRPLROL]
H[WLQV
&UHWHUHDSURSRULRQDODXUHHLLDFUHDWLQHPLHL FXFRQVHUYDUHDUDSRUWXOXLGLQWUHHOH 
VXJHUHD]GLDJQRVWLFXOGHQHIURSDWLHSDUHQFKLPDWRDVRUJDQLF

$FLGXOXULFQRUPDOQWUHPJGOUH]XOWDWDOFDWDEROLVPXOXLSXULQHORUFUHWHQJXW
SULPDULQLQVXILFLHQDUHQDO
7DEHO;,,, GXS
(OHFWUROLLVHULFL
&DWLRQLP(TO

$QLRQLP(TO
FORU

VRGLX

ELFDUERQDW

SRWDVLX

SURWHLQH

FDOFLX

IRVIDL

PDJQH]LX

VXOIDL
DFL]LRUJDQLFL

7RWDO



2VPRODULWDWHDSODVPHL
9DORULQRUPDOHP2VPNJDSVDXVHSRDWHFDOFXODQIXQFLHGHIRUPXOD
2VPRODULWDWH  QDWUHPLD [ODSDFLHQLLIUUHWHQLHD]RWDW
(FKLOLEUXDFLGRED]LF
6H PVRDU FXUHQW SULQ PHWRGD $VWUXS GLQ VQJHOH DUWHULDO SUHOHYDW SULQ SXQFLH
GLUHFWWUDQVFXWDQDWGLQDUWHUDUDGLDOVDXIHPXUDO
7DEHO;,9 GXS
+ Q(TO VQJHDUWHULDO

 

3KVQJHDUWHULDO

 

%LFDUERQDW PPROLO VQJHDUWHULDO

 

%LFDUERQDW PPROLO VQJHYHQRV

 

S&2 N3D VQJHDUWHULDO

 

S&2 PP+J VQJHDUWHULDO

 

&2WRWDO PPROL VQJHYHQRV

 

+LDWXVDQLRQLF PPROLO VQJHYHQRV

 

([SORUDUHDPHFDQLVPHORUIXQFLRQDOHUHQDOH
([SORUDUHDIXQFLHLJORPHUXODUH
,QGLFDWRUXO FHO PDL ILGHO GH DSUHFLHUH DO IXQFLHL UHQDOH HVWH GHWHUPLQDUHD ILOWUULL
JORPHUXODUH )*  $SUHFLHUHD DFHVWHLD VH IDFH GHWHUPLQQG FOHDUDQFHXO UHQDO
&OHDUDQFHXO UHQDO DO XQHL VXEVWDQH VH GHILQHWH  FD dXQ FRHILFHQW GH HSXUDUH

SODVPDWLFsLH[SULPQPLOLOLWULYROXPXOGHSODVPSHFDUHULQLFKLXOHVWHFDSDELOVO
HSXUH]HQXQLWDWHDGHWLPSGHVXEVWDQDVWXGLDW
&OHDUDQFHXO FUHDWLQLQHL HQGRJHQH HVWH ODUJ IRORVLW SHQWUX HVWLPDUHD QXPUXOXL
QHIURQLORUIXQFLRQDOL3UREDVHGHWHUPLQSHVDXRUH
9DORULQRUPDOH
EUEDLPOPLQP
IHPHLPOPLQP
&OHDUDQFHXO FUHDWLQLQLF GHSLQGH GH YUVW VH[ L JUHXWDWH FRUSRUDO L VH DSUHFLD]
FRQIRUPIRUPXOXLOXL&RFNURIWL*DXOW
&OFUHDW >YUVWD QDQL @[JUHXWDWHDFRUSRUDO QNJ [FUHDWLQLQVHULF Q
PJGO 

([SORUDUHDLPXQRORJLF
,QYHVWLJDUHDVLVWHPXOXLFRPSOHPHQW
3ULQPHWRGHLPXQRFKLPLFHFDLPXQGLIX]LXQHDUDGLDOHOHFWURLPXQRGLIX]LXQHL(/,6$
VHSRWHYLGHQLDYDORULVF]XWHGHFRPSOHPHQWFHLQGLFFRQVXPXOVDXGHILFLWXOORU
ILLQGQHFHVDUGHWHFWDUHDSURGXLORUGHGHJUDGDUHVDXDFWLYDUH
9DORULQRUPDOHDOHFRPSRQHQWHORUVLVWHPXOXLFRPSOHPHQW
&PJGO
&PJGO
6FGHUHD IUDFLXQLORU VLVWHPXOXL FRPSOHPHQW DSDUH Q PRG RELQXLW Q FXUVXO
JORPHUXORQHIULWHORU DFXWH SRVWVWUHSWRFRFLFH PHPEUDQRSUROLIHUDWLYH L OXSLFH L
SRDWHWUDGXFHRDFWLYDUHDFLLFODVLFHVDXDOWHUQDWLYH
,GHQWLILFDUHDFRPSOH[HORULPXQH &, QEROLOHUHQDOH
$QWLJHQHOH FDUH SDUWLFLS OD IRUPDUHD &, VXQW IRDUWH YDULDWH SURWHLQH QRQ VHOI
IUDJPHQWH SHSWLGLFH GHULYDWH GLQ YLUXVXUL EDFWHULL VDX SDUD]LL L DQXPLWH DQWLJHQH
DXWRORDJH6WXGLXOSUH]HQHLORFDOL]ULLLFRPSR]LLHLFRPSOH[HORULPXQHQJORPHUXOL
SULQ LPXQRIOXRUHVFHQ GLUHFW ,)  FRQVWLWXLH XQ HOHPHQW GH ED] Q FODVLILFDUHD
JORPHUXORQHIULWHORULGHFLHIHFWXDUHDXQXLGLDJQRVWLFGHERDOUHQDO
9DORULQRUPDOHDOHFRPSOH[HORULPXQHFLUFXODQWH &,& VXE[8,
&ULRJOREXOLQH
6XQW SURWHLQH FDUH DX SURSLHWDWHD GH D LHL GLQ ID]D GH VROXLH L GH D IRUPD XQ
SUHFLSLWDW RUL XQ JHO OD WHPSHUDWXU VXE & )HQRPHQXO HVWH UHYHUVLELO OD &
6DXGHWHUPLQDWWLSXULGHFULRJOREXOLQHPLLDVRFLDWHFXGLYHUVHDIHFWULKHPDWRORJLFH
PLHORP PXOWLSOX OHXFHPLH OLPIRFLWDU OLPIRDPH  UHQDOH JORPHUXORQHIULWD
FULRJOREXOLQHPLF EROLGHVLVWHP /(6YDVFXOLWH 

$XWRDQWLFRUSLQEROLOHUHQDOH
 DQWLFRUSLDQWLPHPEUDQED]DOJORPHUXODU $FDQWL0%* SRWILLGHQWLILFDLQVHUXO
LQULQLFKLXOSDFLHQLORUFXJORPHUXORQHIULWFX$FDQWL0%* 6GU*RRGSDVWXUH 
 DQWLFRUSL DQWLQXFOHDUL $$1   VXQW QHFHVDUL SHQWUX GLDJQRVWLFXO L PRQLWRUL]DUHD
XQRUDIHFWULUHQDOHGLQEROLGHVLVWHP GHH[/(6 
 DQWLFRUSL DQWLFLWRSODVPD QHXWURILOXOXL $1&$   VXQW DQWLFRUSL FDUH DX VSHFLILFLWDWH
DQWLJHQLF ID GH DQXPLWH HQ]LPH GLQ JUDQXODLLOH SROLPRUIRQXFOHDUHORU $VSHFWXO
GLIX] JUDQXODU  FLWRSODVPDWLF F$1&$  FRUHVSXQGH SURWHLQD]HL LDU DVSHFWXO
SHULQXFOHDU S$1&$ IL[ULLGHJUDQXODLLFLWRSODVPDWLFHQVSHFLDOPLHORSHUR[LGD]D
8QWHVWSR]LWLYVXJHUHD]QSURSRULHGHRYDVFXOLWVLVWHPLF

%LRSVLDUHQDO
3XQFLD ELRSVLH UHQDO 3%5  HVWH HIHFWXDW WUDQVFXWDQDW GXS DQHVWH]LH ORFDO
DMXWQG OD VWDELOLUHD GLDJQRVWLFXOXL HYDOXDUHD SURJQRVWLFXOXL DSUHFLHUHD FRQGXLWHL
WHUDSHXWLFHPRQLWRUL]DUHDHYROXLHLEROLLSULQSXQFLLLWHUDWLYH
,QGLFDLL VLQGURPXO QHIURWLF DO DGXOWXOXL VLQGURPXO QHIULWLF DFXW DO DGXOWXOXL
JORPHUXORQHIULWDUDSLGSURJUHVLYVLQGURPXOQHIURWLFFRUWLFRUH]LVWHQWDOFRSLOXOXLEROL
GHVLVWHP /(6YDVFXOLWHFULRJOREXOLQHPLL JORPHUXORQHIULWHFURQLFH SHQWUXDVWDELOL
HWLRORJLD  XQHOH IRUPH GH LQVXILFLHQ UHQDO DFXW ,5$  GH HWLRORJLH QHSUHFL]DW
ROLJXULHSUHOXQJLW FUL]HGHUHMHWODWUDQVSODQWXOUHQDO&RQWUDLQGLFDLLODSDFLHQLLFX
WXOEXUULGHKHPRVWD]+7$FDUHQXSRDWHILFRQWURODWSULQWUDWDPHQWLQVXILFLHQD
UHQDOFURQLF FOFUHDWLQLQLFVXEPOPLQP ULQLFKLXQLF FXH[FHSLDULQLFKLXOXL
WUDQVSODQWDW  rULQLFKL PLFLs FX VDX IU ,5& LQIHFLH XULQDU FRQWUDLQGLFDLH UHODWLY 
KLGURSLRQHIUR]ODSDFLHQLLQHFRRSHUDQL
0DWHULDOXO SUHOHYDW VH H[DPLQHD] OD PLFURVFRSXO RSWLF SULQ LPXQRIOXRUHVFHQ L
PLFURVFRSXOHOHFWURQLF

([SORUDUHDUDGLRORJLFDDSDUDWXOXLUHQRXULQDU
5DGLRJUDILDUHQDOVLPSO
5DGLRJUDILDDEGRPLQDOUHQRYH]LFDOHVWHPRGDOLWDWHDUQWJHQRORJLFFHDPDLVLPSO
DFFHVLELO XRU GH UHDOL]DW ELQH VXSRUWDW GH SDFLHQW L DSURDSH IU FRQWUDLQGLFDLL
VDUFLQD  'HWHUPLQ  Q VSHFLDO HYHQWXDOHOH LPDJLQL FDOFDUH OLWLD] QHIURFDOFLQR]
FKLVWXULUHQDOHFXFDOFLILFULKLGDWLFHVDXWXPRULUHQDOHFXFDOFLILFUL 
8URJUDILDFXVXEVWDQGHFRQWUDVW
(VWH R LQYHVWLJDLH UDGLRORJLF FX VXEVWDQ GH FRQWUDVW UDGLRSDF LQMHFWDW LY FX
VFRSXO GH YL]XDOL]D UDGLRORJLF VWUXFWXULOH DSDUDWXOXL XULQDU &X WLPSXO D GHYHQLW XQD
GLQ PRGDOLWLLOH GH ED] SHQWUX H[SORUDUHD UDGLRORJLF SHQWUX F UHOHY LQIRUPDLL
PRUIRORJLFH GHVSUH ULQLFKL L FLOH XULQDUH L WRWRGDW SHUPLWH QWUXQ JUDG ULGLFDW
DSUHFLHUHDIXQFLHLDSDUDWXOXLUHQRXULQDU

)LLQG XQ H[DPHQ FX VXEVWDQ GH FRQWUDVW FH VH HOLPLQ SULQ ILOWUDUH JORPHUXODU
XURJUDILD LY SRDWH IL UHDOL]DW QXPDL Q FD]XULOH Q FDUH IXQFLD UHQDO HVWH QRUPDO
LQGHPQ UHVSHFWLY XUHHD L FUHDWLQLQD VXQW Q OLPLWH QRUPDOH LDU GHQVLWDWHD XULQDU
GHSHWH
3UHJWLUHDXQHLXURJUDILLFRQVWQ
 HYDFXDUHDFRORQXOXLSHFDOHQDWXUDO SULQSXUJDLHFXOD[DWLYHLDGPLQLVWUDUH
GHFUEXQHPHGLFLQDOSHQWUXDEVRUELDJD]HORU 
 RFXUGHVHWHGHRUHQDLQWHGHH[DPHQXOUDGLRORJLF
 JROLUHDYH]LFLLXULQDUHQDLQWHDH[DPHQXOXLUDGLRORJLF
$OWXUL GH SUHSDUDWH WULVRGDWH KLGURVROXELOH DGPLQLVWUDWH LQWUDYHQRV 2GLVWRQ
 8URJUDILQ 8URPLUR  Q SUH]HQW VH IRORVHVF L SUHSDUDWH FX RVPRODULWDWH
MRDV P2VPNJ  u ORSDPLURQ 2PQLSDTXH 8OWUDYLVW FX UH]XOWDWH WHKQLFH
PXOW PEXQWLWH 1X WUHEXLH XLWDW GH SRWHQLDOXO QHIURWR[LF DO DFHVWRU VXEVWDQH
GH FRQWUDVW GH DFHHD QX DU VWULFD R KLGUDWDUH SUHDODELO LQWHUYHQLHL XURJUDILFH
FRUHVSXQ]WRDUH
,QGLFDLLOHXURJUDILHL
 DEGRPHQXODFXWWUDXPDWLFVDXQHWUDXPDWLFQFDUHGLDJQRVWLFXOHVWHQHFODUQ
DFHVWFD]H[FOXGHUHDXQHLDIHFLXQLQHIURXURORJLFHHVWHHVHQLDOLRULHQWHD]
H[SORUDUHDVSUHDOWHGLUHFLL
 DIHFLXQL UHQDOH VDX XURORJLFH FX UVXQHW DVXSUD VHJPHQWHORU XULQDUH
VXSUDGLDFHQWH
 OLWLD]DXULQDU
 LQIHFLLXULQDUHUHFLGLYDQWH
 KHPDWXULLOHLOHXFRFLWXULLOHFXHWLRSDWRJHQLHQHSUHFL]DW
 ULQLFKLXOWUDQVSODQWDW
&RQWDLQGLFDLLOHXURJUDILHL
 LQVXILFLHQH YLVFHUDOH FD LQVXILFLHQD UHQDO DYDQVDW LQVXILFLHQD KHSDWLF
LQVXILFLHQDFDUGLDFFRQJHVWLYLQVXILFLHQDSXOPRQDU
 EROLIHEULOHLVWULIHEULOHQHSUHFL]DWH
 VDUFLQD
 SDUDSURWHLQXULLOHGLQPLHORPGLQERDOD:DOGHQVWUP

)LJ8URJUDILHFXVXEVWDQGHFRQWUDVW
FROHFLDDXWRULORU

$UWHULRJUDILDUHQDO
3HUPLWH YL]XDOL]DUHD DUERUHOXL YDVFXODU UHQDO ILLQG IRORVLW SHQWUX HYLGHQLHUHD
XQHL VWHQR]H GH DUWHU UHQDO H[SORUDUHD XQHL PDOIRUPDLL YDVFXODUH LQWUDUHQDOH
WUDXPDWLVPHUHQDOHHYLGHQLHUHDXQXLDQHYULVPGLQWURSHULDUWHULWQRGRDVWURPER]
GHYHQUHQDOH[SORUDUHDXQHLWXPRULUHQDOH
&RQWUDLQGLFDLLOH VXQW LGHQWLFH FX FHOH GH OD XURJUDILH &DOHD GH DERUG HVWH GH
RELFHL SULQ FDWHWHULVP WUDQVFXWDQDW DO DUWHUHL IHPXUDOH OD QLYHOXO WULXQJKLXOXL 6FDUSD
L LQMHFWDUHD VXEVWDQHL GH FRQWUDVW 5H]XOWDWH QRWDELOH VDX RELQXW SULQ IRORVLUHD
DQJLRJUDILHLFXVXEVWUDFLHGLJLWDO
&DYRJUDILD L IOHERJUDILD UHQDO VHOHFWLY VXQW XWLOH FQG H[LVW VXVSLFLXQHD XQHL
WURPER]HGHYHQUHQDOQWXPRULOHUHQDOH

)LJ$UWHULRJUDILHVHOHFWLYUHQDOFX
VXEVWUDFLHGLJLWDO
,PDJLQHD $ DVSHFWrQRUPDOsDODUWHUHLUHQDOH
VWQJLGXSLPSODQWDUHGHVWHQW
,PDJLQHD % VWHQR]GHDUWHUUHQDOGUHDSW
,PDJLQHD & GLVSOD]LHILEURPXVFXODUDUWHUD
UHQDOGUHDSW

&

([SORUDUHDLPDJLVWLFDDSDUDWXOXLUHQRXULQDU
(FRJUDILDDSDUDWXOXLUHQRXULQDU
(FRJUDILD UHSUH]LQW R PHWRG QHLQYD]LY GH H[SORUDUH LQGRORU UHSHWLWLY FH RIHU
LQIRUPDLLPRUIRORJLFHLFXDMXWRUXOH[DPLQULL'RSSOHULIXQFLRQDOH,QGLFDLLOHVXQW
YDVWHLQWUQGDFWXDOPHQWHQLQYHVWLJDLLOHGHUXWLQSULQFLSDOHOHILLQG
tLQIHFLLOHXULQDUH
tFROLFDUHQDO
tWXPRULOHUHQDOHLDOHFLORUXULQDUH GLDJQRVWLFHYDOXDUHPRQLWRUL]DUH 
tGLDJQRVWLFGLIHUHQLDODOPDVHORUDEGRPLQDOHVROLGHGHFHOHFKLVWLFH
tPDOIRUPDLLOHDSDUDWXOXLXULQDU
tKHPDWXULDPDFURVFRSLF
tOLWLD]DUHQDO
tWUDXPDWLVPHOHDEGRPLQDOHLVDXUHQDOH
tULQLFKLXOQHIXQFLRQDOXURJUDILF
tDWXQFLFQGXURJUDILDHVWHFRQWUDLQGLFDW
tGLDJQRVWLFXOHWLRORJLFDOLQVXILFLHQHLUHQDOHDFXWH REVWUXFWLYHQRQREVWUXFWLY 
tHYDOXDUHDJUHIHLUHQDOH
tGLDJQRVWLFXOHWLRORJLFDOLQVXILFLHQHLUHQDOHFURQLFH
tGLDJQRVWLFXOGLIHUHQLDOGLQWUHLQVXILFLHQDUHQDODFXWLFURQLF
tORFDOL]DUHDULQLFKLXOXLQVFRSXOSURFHGXULORUGHLQWHUYHQLHGLDJQRVWLF SXQFLH
ELRSVLHUHQDO VDXWHUDSHXWLF HYDFXDUHGHFKLVWXUL 

)LJ(FRJUDILHUHQDO,PDJLQHD$HFRJHQLWDWHUHQDOQRUPDO HJDOVDXPDL
PLFGHFWILFDWXO ,PDJLQHD%KLSHUHFRJHQLWDWHUHQDOFRPSDUDWLYFXILFDWXO
(FRJUDILD HQGRUHFWDO SHUPLWH YL]XDOL]DUHD  PDL SUHFLV D SDUHQFKLPXOXL SURVWDWLF
SHQWUXHYLGHQLHUHDXQHLHYHQWXDOHWXPRUL
([DPLQDUHD'RSSOHUDDUWHUHORUUHQDOHQVLVWHPGXSOH[SHUPLWHH[DPLQDUHD

ULQLFKLQDWLYL
DSDWRORJLDDUWHULDO
tGHWHFWDUHDVHGLXOXLLH[WLQGHULLVWHQR]HORUGHDUWHUUHQDO
tHYDOXDUHDSUH]HQHLIOX[XOXLGHSLVWDUHDREVWUXFLHLYDVFXODUHFRPSOHWH
ESDWRORJLDYHQRDV
t HYDOXDUHDSUH]HQHLIOX[XOXLGHSLVWDUHDREVWUXFLHLYHQRDVHFRPSOHWH
t ELODQXOH[WHQVLHLWXPRULORUUHWURSHULWRQHDOH
t HYDOXDUHDH[WHQVLHLQYHQDFDYLQIHULRDUDXQHLWURPER]HSURIXQGHGH
PHPEUHLQIHULRDUH
ULQLFKLWUDQVSODQWDWuGLDJQRVWLFXOSUHFRFHQ
DFRPSOLFDLLPHGLFDOH
tUHMHWDFXWFURQLF
tQHFUR]WXEXODUDFXW
EFRPSOLFDLLYDVFXODUH
tSHGLFXODUHuDUWHULDOH WURPER]VWHQR] YHQRDVH WURPER]VWHQR] 
t SHULIHULFH u QHFUR] FRUWLFDO LQIDUFWXO VHJPHQWDU VWHQR]D XQHL DUWHUH
VHJPHQWDUHILVWXODUWHULRYHQRDVSVHXGRDQHYULVP

)LJ$VSHFWQRUPDOQVFDOJULD
YDVHORUUHQDOH

)LJ6HFLXQH'RSSOHUFRORU
WUDQVYHUVDODDRUWHLDEGRPLQDOHYHQHL
LDUWHUHLUHQDOHVWQJL9HQDUHQDOHVWH
SULPXOYDVrURXrODWHUDOGHDRUW

)LJ$VSHFWHFRJUDILF'RSSOHUFRORU
QRUPDODYDVFXODUL]DLHLLQWUDUHQDOH

)LJ,PDJLQHHFRJUDILF'RSSOHU
FRORUODQLYHOXOYDVHORUUHQDOH6HFLXQH
DSURDSHGHHPHUJHQDDUWHUHLUHQDOH

7RPRJUDILDFRPSXWHUL]DW
7RPRJUDILD FRPSXWHUL]DW &7 SHUPLWH RELQHUHD GH VHFLXQL Q SODQ WUDQVYHUVDO L
GLIHUHQLD] VWUXFWXULOH DQDWRPLFH SH ED]D FULWHULLORU GHQVLWRPHWULFH 8Q IDVFLFXO
LQFLGHQW GH UD]H ; FH VH QYUWHWH Q MXUXO SDFLHQWXOXL WUDYHUVHD] FRUSXO GH
UDGLRJUDILDW L SHUPLWH RELQHUHD XQHL VHFLXQL&RPSXWHUXO YD FDOFXOD GHQVLWDWHD
ILHFUXL HOHPHQW DO VHFLXQLL L UHFRQVWUXHWH LPDJLQHD  VHFLXQLL WUDQVYHUVDOH SH XQ
HFUDQ 79 $GPLQLVWUDUHD VXEVWDQHL GH FRQWUDVW PEXQWHWH UH]XOWDWHOHQ WLPSXO
YDVFXODUDEVHQDQFUFULLFXFRQWUDVWDXQHLIRUPDLXQLLQGLFFDUDFWHUVXDYDVFXODU
H[FKLVWHOH QVFKLPERQFUFDUHLQWHQVLQGLFRKLSHUYDVFXODUL]DLH H[FDQFHUXO
GHULQLFKL 
QFD]XULVHOHFLRQDWHSHUPLWHGLDJQRVWLFDUHD
tPDVHORUUHQDOHFKLVWHWXPRULDEFHVHKHPDWRDPHFDOFLILFUL
tQLQVXILFLHQDUHQDOKLGURQHIUR] JUDGFDX] EROLSDUHQFKLPDWRDVH
tSURFHVHMX[WDUHQDOHVQJHSXURLXULQOLPIWXPRUL
tVWXGLXRQFRORJLFGHWHFLHVWDGLDOL]DUHSODQQLQJPRQLWRUL]DUH
tGLYHUVHWUDXPDWLVPHWXOEXUULYDVFXODUHLQWHUYHQLRQDO
&7 KHOLFRLGDO DUH VHQVLELOLWDWH L VSHFLILFLWDWH PDL PDUH ILLQG XWLO Q GHFHODUHD
VWHQR]HORUGHDUWHUUHQDOLQIDUFWHORUUHQDOH
5H]RQDQDPDJQHWLFQXFOHDU
%ROQDYXO HVWH VXSXV DFLXQLL XQXL FPS PDJQHWLF LQWHQV L XQLIRUP FDUH SURYRDF
PDJQHWL]DUHD GLIHULWHORU HVXWXUL ELRORJLFH L DFLXQLL XQHL XQGH GH UDGLRIUHFYHQ
FDUHSUHPLWHRELQHUHDIHQRPHQXOXLGHUH]RQDQ8QGDGHUDGLRIUHFYHQWUDQVSRUW
R HQHUJLH GH XQ PLOLDUG GH RUL PDL SXLQ ULGLFDW GHFW UDGLDLD ; XWLOL]DW Q &7
L HD HVWH QRQ LRQL]DQW6H SRW RELQH LPDJLQL Q WRDWH SODQXULOH VDJLWDO FRURQDO L
WUDQVYHUVDO 3HQWUXUH]XOWDWHPDLEXQHVHIRORVHVFSURGXLGHFRQWUDVWSDUDPDJQHWLFL
*DGROLQLXP0DJQLYHVW
,QGLFDLLOHVXQWPXOWLSOH
VLQGURPXOGHPDVUHQDO
KLGURQHIUR]HLVWDELOLUHDVHGLXOXLREVWDFROXOXL
HYDOXDUHDULQLFKLXOXLWUDQVSODQWDW
HYDOXDUHDWXPRULORUVXSUDUHQDOHYH]LFDOHSURVWDWLFH
VWXGLHUHDFROHFLLORUOLFKLGLHQHUHWURSHULWRQHDOH
HYLGHQLHUHDSDWXOXLYDVFXODULDREVWUXFLLORUYDVFXODUH
([SORUULUDGLRL]RWRSLFH
3HUPLWHDSUHFLHUHDVWULLPRUIRIXQFLRQDOHUHQDOH7HKQLFLOHX]XDOHIRORVLWHVXQW
t PVXUDUHD FOHUDQFHOXL UHQDO FX DMXWRUXO WUDVRUXOXL UDGLRL]RWRSLF u SHQWUX

GHWHUPLQDUHD IOX[XOXL JORPHUXODU VH IRORVHWH Q SULQFLSDO P7F'73$ LDU SHQWUX


IOX[XOSODVPDWLFGUHQDOVHIRORVHWH,u+LSSXUDQ
t QHIURJUDPD L]RWRSLF PRGXODW FX FDSWRSULO XWLOL]DW Q VXVSLFLXQHD GH +7$
UHQRYDVFXODU

)LJ6FLQWLJUDILHUHQDO

3DWRORJLDQHIURORJLF
%RDODJORPHUXODU
%ROLOHUHQDOHSRWILFODVLILFDWHGXSFULWHULLHWLRORJLFHFOLQLFRHYROXWLYHSDWRJHQHWLFH
GDUFHOPDLX]LWDWHVWHFULWHULXOPRUIRSDWRORJLF
6LQGURPXOQHIULWLF
'HILQLLH 3ULQ VLQGURP QHIULWLF VH QHOHJH DIHFWDUHD JORPHUXODU FX HWLRORJLH
PXOWLSO H[SULPDW SULQWUR SUROLIHUDUH GLIX] VDX ORFDOL]DW D FHOXORU HQGRWHOLDOH
HSLWHOLDOHLVDXPH]DQJLDOHFXGHSR]LWHGHLPXQRJOREXOLQHFRPSOHPHQWLILULQRJHQ
OD QLYHO JORPHUXODU ILLQGXL FDUDFWHULVWLF SURWHLQXULD KHPDWXULD DPEHOH FX FDUDFWHU
JORPHUXODU KLSHUWHQVLXQHDDUWHULDOHGHPHOHLQVXILFLHQDUHQDO
QJORPHUXORSDWLLOHSULPDUHPRGLILFULOHVXQWORFDOL]DWHODULQLFKLLDUQFHOHVHFXQGDUH
HVWH YRUED GH R VXIHULQ JORPHUXODU DSUXW Q FRQWH[WXO XQHL DIHFLXQL JHQHUDOH
EROLVLVWHPLFHLQIHFLLH[SXQHULODPHGLFDPHQWH 
'LQSXQFWGHYHGHUHDOHYROXLHLJORPHUXORSDWLLOHDFXWHHYROXHD]Q]LOHVSWPQL
FHOHUDSLGSURJUHVLYH VXEDFXWH QVSWPQLSQODFWHYDOXQLLDUFHOHFURQLFHGH
ODOXQLODDQL
$QDWRPLF DYHP SUROLIHUDUH JORPHUXODU FDUH SRDWH IL GXS FXP DP SUHFL]DW L Q
GHILQLLH HQGRFDSLODU VDXLQWUDFDSLODU VSHFLILFILLQGFUHWHUHDQXPUXOXLGHFHOXOH
PH]DQJLDOH L HQGRWHOLDOH VDX H[WUDFDSLODU FX SUROLIHUDUHD FHOXOHORU HSLWHOLDOH FX
DFXPXODUH GH PRQRFLWH Q VSDLXO %RZPDQQ FX IRUPDUH GH VHPLOXQH 0RGLILFULOH
PHPEUDQDUH VH UHIHU OD VLWXDLLOH Q FDUH PHPEUDQD ED]DO JORPHUXODU HVWH
PRGLILFDW Q JHQHUDO QJURDW 6FOHUR]D UHQDO UHSUH]LQW GHSXQHUHD GH PDWHULDO

RPRJHQ QHVWUXFWXUDW FX DFHODL DVSHFW XOWUDVWUXFWXUDO L FRPSR]LLH FX PHPEUDQD


ED]DOJORPHUXODULPDWULFHDPH]DQJLDOQWLPSFHILEUR]DUHSUH]LQWGHSXQHUHDGH
FRODJHQGHWLS,L,,,
*ORPHUXORQHIULWDDFXWSRVWVWUHSWRFRFLF
'HILQLLHHVWHSURWRWLSXOGHVLQGURPQHIULWLFDFXWFHDSDUHODVSWPQLGXSXQ
HSLVRGLQIHFLRV(VWHSULQFLSDODIRUPODFRSLLGHJORPHUXORQHIULW
(WLRORJLHLHSLGHPLRORJLH
tVWUHSWRFRF KHPROLWLF GLQ JUXSXO $ GLIHULWH WXOSLQL  SHQWUX LQIHFLL
DPLJGDOLHQHLSHQWUXLQIHFLLFXWDQDWHVXQWFHOHPDLrQHIULWRJHQHs 
tDSDUH Q HSLGHPLL VDX VSRUDGLF IUHFYHQW OD FRSLL  DQL L DGROHVFHQ FX
IUHFYHQVLPLODUODDPEHOHVH[H
3DWRJHQLH $SDUH FD XUPDUH D XQXL PHFDQLVP DXWRLPXQ SULQ FRPSOH[H LPXQH
FLUFXODQWH &,&  L DSRL GHSXVH OD QLYHOXO VWUXFWXULORU JORPHUXODUH 'H DVHPHQHD
FRPSOH[HOH LPXQH &,  SRW IL IRUPDWH rLQ VLWXs DQWLJHQHOH VWUHSWRFRFLFH
HQGRVWUHSWRVLQD DFLRQHD]FDXQDQWLJHQrSODQWDWsSHQWUXDIRUPD&,
0RUIRSDWRORJLH
PDFURVFRSLFULQLFKLLVXQWPDUL
PLFURVFRSLF
PLFURVFRSLHRSWLF02SUROLIHUDUHHQGRFDSLODUGLIX]LOH]LXQLH[XGDWLYH
LPXQRIOXRUHVFHQ,)GHSXQHULJORPHUXODUHGH,J*L&
 PLFURVFRSLH HOHFWURQLF  GHSR]LWH JUDQXODUH HOHFWURQRGHQVH Q VSHFLDO
VXEHSLWHOLDO sKXPSVs PRYLOLH   VXQW OH]LXQL FDUDFWHULVWLFH GDU L
VXEHQGRWHOLDOLPH]DQJLX
7DEORXFOLQLF
t GHEXW EUXWDO OD FLUFD  ]LOH GXS R LQIHFLH IDULQJRDPLJGDOLDQ VDX OD 
VSWPQLSHQWUXRLQIHFLHFXWDQDW
t QSHULRGDGHVWDUHVHFRQVWDWVLQGURPXOQHIULWLFDFXW
D HGHPH IDFLDOH XQHRUL OD QLYHOXO PHPEUHORU LQIHULRDUH L VH QVRHVF GH
FUHWHULQJUHXWDWH
EKHPDWXULDGHRELFHLPLFURVFRSLF
F KLSHUWHQVLXQHD DUWHULDO GH RELFHL PRGHUDW IRDUWH UDU IRUPH VHYHUH FX
HQFHIDORSDWLHKLSHUWHQVLY FHIDOHHWXOEXUULGHYHGHUHFRQYXOVLL LQVXILFLHQ
FDUGLDF GLVSQHHFXRUWRSQHHWXVHFKLDUHGHPSXOPRQDUDFXW ODSHUVRDQHOH
QHWDWH
GVHPQHJHQHUDOHIHEUDVWHQLHDQRUH[LHJUHXULGXUHULDEGRPLQDOHXQHRUL
YRPFHIDOHH

HLQVXILFLHQUHQDODFXWHVWHUDULQJHQHUDOPRGHUDW
([DPLQULSDUDFOLQLFHLGHODERUDWRU
tROLJXULHFXGHQVLWDWHFUHVFXW
tKHPDWXULHPLFURVFRSLFUDUHRULPDFURVFRSLFFXFLOLQGULKHPDWLFL
tSURWHLQXULHQHVHOHFWLYQWUHJRUH
tXUHHDLFUHDWLQLQDVXQWGHRELFHLQRUPDOH
tVLQGURPLQIODPDWRUSUH]HQW96+ILEULQRJHQSURWHLQD&UHDFWLYFUHVFXWH
tDQWLVWUHSWROL]LQD2 $6/2 FUHWHGLQ]LXDDDLGHVFUHWHQOXQL
tFXOWXULEDFWHULHQHIDULQJLHQHVDXFXWDQDWHYLGHQLD]VWUHSWRFRFXOKHPROLWLF
tDQHPLH
tPRGLILFULLPXQRORJLFH&&L&+VFDGL&,&LFULRJOREXOLQHOHFUHVF
tH[DPLQULOHLPDJLVWLFHUHQDOHVXQWQHFHVDUHSHQWUXGLDJQRVWLFXOGLIHUHQLDO
tSXQFLD ELRSVLH UHQDO 3%5  QX HVWH Q JHQHUDO LQGLFDW GDU HVWH QHFHVDU
QDQXPLWHVLWXDLLLQVXILFLHQUHQDOJUDYLSHUVLVWHQWSURWHLQXULHPDVLY
VDX SHUVLVWHQD HL SHVWH  OXQL KHPDWXULH PDFURVFRSLF L +7$ VHYHU FX
R GXUDW GH SHVWH  VSWPQL KLSRFRPSOHPHQWHPLH SHUVLVWHQW OLSVD
DUJXPHQWHORUEDFWHULRORJLFHLVHURORJLFHFODUHSHQWUXLQIHFLDVWUHSWRFRFLF
'LDJQRVWLFSR]LWLY
6HED]HD]SHHOHPHQWHOHGLQWDEORXOFOLQLFLGHODERUDWRUH[SXVH
 HYLGHQLHUHD LQIHFLHL FX VWUHSWRFRF  KHPRO\WLF SH ED]D DQDPQH]HL DQJLQ
UHFHQW LDVHFUHLHLIDULQJLHQHLGHPRQVWUDUHDXQHLSHULRDGHGHODWHQID
GHLQIHFLDVWUHSWRFRFLF
 GHFOLQXXWUDQ]LWRULXDO&FXUHYHQLUHODQRUPDOQVSWPQL
 $6/2XUPULWQGLQDPLF
 DEVHQD XQHL EROL UHQDOH SUHH[LVWHQWH D SURWHLQXULHL +7$ D DQWHFHGHQWHORU
IDPLOLDOH LDEVHQDXQRUVHPQHUHQDOHQFDGUXOXQHLEROLJHQHUDOH
'LDJQRVWLFGLIHUHQLDO
 QHIURSDWLDFX,J$
 JORPHUXORQHIULWHFURQLFHQSXVHXGHDFXWL]DUHSOHGHD]SHQWUXR*1FURQLF
SULPDUuROLJXULDSHUVLVWHQWSURWHQXULDPDVLYLDVSHFWXO3%5
 SXUSXUD6FKRQOHLQ+HQRFKQHIULWDIDPLOLDOL*1PHPEUDQRSUROLIHUDWLY
(YROXLH&RPSOLFDLL
(VWH GH UHJXO IDYRUDELO Q  GLQ FD]XUL HYROXHD] VSUH YLQGHFDUH
&RPSOHPHQWXO VHULF VH QRUPDOL]HD] Q  VSWPQL LDU SURWHLQXULD L KHPDWXULD
PLFURVFRSLFSRWSHUVLVWDOXQLuDQ9LQGHFDUHDSRDWHILFRPSOHW FOLQLFELRORJLFL

IXQFLRQDO VDXFXGHIHFW SURWHLQXULHVXEJKKHPDWXULHVXEPLQDYQG


7$ QRUPDO SURWHLQXULD QX FUHWH OD HIRUW IXQFLD UHQDO L FRPSOHPHQWXO VHULF
QRUPDOH 
)RDUWHUDUHYROXLDHVWHQHIDYRUDELOVXUYHQLQGH[WUHPGHUDULGHFHVXO,QVXILFLHQD
UHQDOVHYHUWHUPLQDOVHSRDWHFRQVWLWXLQFWHYDVSWPQLVDXOXQLWUDQVIRUPQG
*1$Q*1$UDSLGSURJUHVLYuVXEGLQWRWDOXO*1$SRVWVWUHSWRFRFLFH
*ORPHUXORQHIULWDUDSLGSURJUHVLY *153 
'HILQLLH
6LQGURPXO FOLQLFRELRORJLF FDUFDWHUL]DW SULQ LQVWDODUHD LQVXILFLHQHL UHQDOH QWUXQ ULWP
DFFHOHUDW GH FWHYD VSWPQL VDX OXQL Q PHGLH  OXQL  FX KHPDWXULH FX FLOLQGUL
KHPDWLFL SURWHLQXULH JORPHUXODU PDL UDU +7$&DUDFWHUXO UDSLG SURJUHVLY VH UHIHU
OD UHGXFHUHD FX SHVWH  D ILOWUULL JORPHUXODUH 5HSUH]LQW R XUJHQ PHGLFDO
REOLJODGLDJQRVWLFUDSLG 3%5 LODWHUDSLHGHXUJHQ7HUPHQXOGH*1SUROLIHUDWLY
H[WUDFDSLODU rFUHVFHQWLFs HVWHSUDFWLFVLPLODUFX*1UDSLGSURJUHVLY
(WLRSDWRJHQLH
*153SRWDSDUHQ
*ORPHUXORSDWLLSULPDUH
 JORPHUXORQHIULWH SUROLIHUDWLYH H[WUDFDSLODUH SULPDUH VDX LGLRSDWLFH FHOH PDL
IUHFYHQWH 
 VXSUDSXVH SH DOWH JORPHUXORQHIULWH SULPDUH PHPEUDQRSUROLIHUDWLYH WLS ,,
PHPEUDQDUHQHIURSDWLDFX,J$
*ORPHUXORSDWLLVHFXQGDUHDVVRFLDWHFX
 EROL LQIHFLRDVH KHSDWLWH YLUDOH %& *1 SRVWVWUHSWRFRFLF HQGRFDUGLW
LQIHFLRDV
 EROL GH VLVWHP /(6 FULRJOREXOLQHPLH PL[W SXUSXUD 6FKRQOHLQ+HQRFK
YDVFXOLWHuSROLDUWHULWDPLFURVFRSLFVLQGURP:HJHQHU
 PHGLFDPHQWHDOORSXULQROULIDPSLFLQKLGUDOD]LQ
'LQ SXQFW GH YHGHUH DO SDWRJHQH]HL VH LQFULPLQHD] DQWLFRUSL DQWLPHPEUDQ ED]DO
JORPHUXODU H[ 6LQGURPXO *RRGSDVWXUH  SULQ FRPSOH[H LPXQH H[ SRVWLQIHFLRDVH
/(6 VDXIUGHSXQHULLPXQH SDXFLLPXQHuFDUHVXQWQJHQHUDODVVRFLDWHFXDQWLFRUSL
DQWLFLWRSODVPDWLFL$1&$  H[VLQGURPXO:HJHQHU GHQRWDWFDSUR[LPDWLYGLQWUH
SDFLHQLLFXDQWLFRUSLDQWLPHPEUDQED]DOJORPHUXODUDXL$1&$
0RUIRSDWRORJLH
0DFURVFRSLFULQLFKLGHGLPHQVLXQLQRUPDOH
0LFURVFRSLF

02 PLFURVFRSLHRSWLF DVSHFWGHJORPHUXORQHIULWSUROLIHUDWLYGLIX]H[WUDFDSLODU


ODSHVWHGLQJORPHUXOL SUH]HQDGHVHPLOXQH rFUHVFHQWs ODSHVWHGLQ
JORPHUXOL  OH]LXQL VHJPHQWDUH VDX GLIX]H QHFURWL]DQWH u GLVFRQWLQXLWDWHD VDX OLSVD
PHPEUDQHLED]DOHJORPHUXODUH 0%* 6HPLOXQHOHUHSUH]LQWSUROLIHUDUHDGHFHOXOH
Q LQWHULRUXO VSDLXOXL %RZPDQ 2EOLWHUQG FRPSOHW VSDLXO GH ILOWUDUH VHPLOXQHOH
UHSUH]LQW R OH]LXQH GH PD[LP JUDYLWDWH 2 GDW FX DSDULLD Q WLPS D ILEUR]ULL
VHPLOXQHORUOH]LXQHDGHYLQHLUHYHUVLELO
,) LPXQIOXRUHVFHQ 
 WLS, FXDQWLFRUSLDQWL0%* uGHSXQHULOLQLDUHGH,J*GHDOXQJXO0%*
 WLS,, FXFRPSOH[HLPXQH uGHSXQHULJUDQXODUHGH,J*
 WLS,,, FX$1&$ uIUGHSXQHULGH,JVDXSXWLQH
0( PLFURVFRSLHHOHFWURQLF 
 GLVFRQWLQXLWDWHDLUXSHUHD0%*PRQRFLWHLILEULQQVSDLXOXULQDUGHSR]LWH
HOHFWURQRGHQVHQWLSXO,,LQFD]XULOHVHFXQGDUHFXPHGLHUHSULQ&,
7DEORXFOLQLF
GHEXWLQVLGLRVFXVLPSWRPHQHVSHFLILFHDVWHQLHSDORDUHYUVWXULJUHXUL
7$HVWHGHRELFHLQRUPDO
VHPQHOHXHQLEROLVLVWHPLFHWUHEXLHFXWDWHFXDWHQLHLVLVWHPDWLFVFGHUHD
QJUHXWDWHDUWUDOJLLIHEUSXUSXULULGRFLFOLWVDXVFOHULWULQLWVDXVLQX]LW
LQILOWUDWHSXOPRQDUHQHYULWPXOWLSOH[KHSDWRVSOHQRPHJDOLH YDVFXOLWH/(6 
([DPLQULSDUDFOLQLFHLGHODERUDWRU
XULQDUH

tKHPDWXULHGLVPRUILFFXFLOLQGULLKHPDWLFL
tSURWHLQXULHPDVLYQHVHOHFWLY
VDQJXLQH
tXUHHDLFUHDWLQLQDVXQWFUHVFXWHuLQVXILFLHQUHQDOUDSLGSURJUHVLY
t&HVWHQRUPDO
t$QWLFRUSLDQWLPHPEUDQED]DOJORPHUXODUVDX$1&$ HVWHHVHQLDOSHQWUX
GLDJQRVWLF
t&,&FULRJOREXOLQH QIXQFLHGHSDWRJHQLH 
 LPDJLVWLFHULQLFKLGHDVSHFWLGLPHQVLXQLQRUPDOH
 SXQFLH ELRSVLH UHQDO 3%5  WUHEXLH IFXW GH XUJHQ OD SDFLHQLL OD FDUH VH
EQXLHWHR*153WUDWDPHQWXOILLQGHILFLHQWGRDUGDFHVWHLQLLDWSUHFRFHQDLQWH
GHILEUR]DUHDVHPLOXQHORU

'LDJQRVWLFXOSR]LWLY
6HSXQHQVSHFLDOSH3%5QSUH]HQDDQWLFRUSLDQWL0%*VDX$1&$ODXQVLQGURP
QHIULWLFFXRLQVXILFLHQUHQDOUDSLGSURJUHVLY
'LDJQRVWLFGLIHUHQLDO
,QVXILFLHQD UHQDO UDSLG SURJUHVLY QHFHVLW GLDJQRVWLF GLIHUHQLDO SUHVXSXQQG
H[FOXGHUHD
 XQRU DIHFLXQL QHJORPHOXUDUH FX QHFUR] WXEXODU DFXW VDX QHIULW
LQWHUVWLLDO DFXW RF PHGLFDPHQWH QHIURWR[LFH  REVWUXFLD GH FL XULQDUH
HFRJUDILHUHQDO 
 DOWH IRUPH GH *1 DFXWH SUROLIHUDWLYH HQGRFDSLODUH H[ SRVWVWUHSWRFRFLF
IRUPH VHYHUH GH *1 PHPEUDQRSUROLIHUDWLYH  GLIHUHQLHUHD VLJXU QWUH *1
DFXWH SUROLIHUDWLYH HQGRFDSLODUH  QHIULWHOH LQWHUVWLLDOH DFXWH L *1 UDSLG
SURJUHVLYH FUHVFHQWLFH SRDWHILIFXWGRDUSULQ3%5
(YROXLH
)UWUDWDPHQWQOXQLHYROXHD]VSUHLQVXILFLHQUHQDOWHUPLQDO
3URJQRVWLF
'HSLQGH  GH QXPUXO GH VHPLOXQH L GH JORPHUXOL DIHFWDL GH SHUVLVWHQD VWULL
ROLJRDQXULFH GH PRGLILFULOH LQWHUVWLLDOH GH JUDGXO UHGXFHULL ILOWUULL JORPHUXODUH GH
FDX]
*ORPHUXORQHIULWHFURQLFH
'HILQLLH
([SUHVLD SHUVLVWHQHL LVDX SURJUHVLHL XQHL OH]LXQL JORPHUXODUH LQLLDOH QVRLW GH
PRGLILFUL XULQDUH SURWHLQXULH LVDX KHPDWXULH DOWXUL GH GHJUDGDUHD SURJUHVLY
OHQW DQL]HFLGHDQL DIXQFLHLFXLQVWDODUHDLQVXILFLHQHLUHQDOHWHUPLQDOH
(WLRSDWRJHQLH
*ORPHUXORSDWLLOHSRWILSULPDUHVDXVHFXQGDUH(VWHFDUDFWHULVWLFODDPEHOHHYROXLD
VSUH LQVXILFLHQ UHQDO FURQLF FX H[FHSLD JORPHUXORQHIULWHORU FX OH]LXQL PLQLPH
*ORPHUXORQHIULWHOHVHFXQGDUHDSDUFDXUPDUHDDFLXQLLXQRUFDX]H
LQIHFLRDVH YLUXVXOKHSDWLWHL%&+,9SRVWUHSWRFRFLFH 
SRVWPHGLFDPHQWRDVH VUXULGHDXUPHUFXUSHQLFLODPLQHDQWLFRQFHSLRQDOH
$,16HWF 
 Q FDGUXO XQRU EROL GH VLVWHP OXSXV HULWHPDWRV VLVWHPLF SROLDUWULWD
UHXPDWRLGVLQGURP6MRJUHQGHUPDWRPLR]LWVDUFRLGR] 
EROLQHRSOD]LFHFDQFHUGHFRORQSXOPRQDUJDVWULFPDPDU
EROLPHWDEROLFHGLDEHW]DKDUDWDPLORLGR]

dGHQRYRsSRVWWUDQVSODQWUHQDO
EROLHUHGRIDPLOLDOHVLQGURPXO$OSRUWERDOD)DEU\
*ORPHUXORQHIULWHOH FURQLFH VH SRW FODVLILFD L Q IXQFLH GH FULWHULXO KLVWRORJLF L GH
SUH]HQDVDXQXDVLQGURPXOXLQHIURWLF
tPRGLILFUL XULQDUH SHUVLVWHQWH DVLPSWRPDWLFH KHPDWXULHSURWHLQXULH
SURWHLQXULHL]RODWQRQQHIURWLF 
tQHIURSDWLDFX,J$ ERDOD%HUJHU 
tJORPHUXORQHIULWHSULPDUHFXVLQGURPQHIURWLF
 JORPHUXORQHIULWDFXOH]LXQLPLQLPH QHIUR]DOLSRLGLF 
 JORPHUXORQHIULWHPHPEUDQDUH
 JORPHUXORQHIULWDPHPEUDQRSUROLIHUDWLY PH]DQJLRFDSLODU
KLSRFRPSOHPHQWHPLF 
 JORPHUXORQHIULWDPH]DQJLRSUROLIHUDWLY
 JORPHUXORVFOHUR]D IRFDO L VHJPHQWDU VFOHUR]D JORPHUXODU IRFDO L
VHJPHQWDU 
 JORPHUXORQHIULWHILEULODUHLLPXQRWDFWRLGH
5HIHULWRU OD SDWRJHQLH VH FRQVLGHU F SHUVLVWHQD DFWLYLWLL LPXQH D EROLL GH ED]
SHVWH FDUH VH VXSUDSXQH DUWHULRVFOHUR]D KLSHUWHQVLY OH]LXQL WXEXORLQWHUVWLLDOH
FURQLFHVFOHUR]DJORPHUXODUKLSHUOLSHPLD
0RUIRSDWRORJLH
 0DFURVFRSLF ULQLFKL PLFL VLPHWULF ELODWHUDO FX H[FHSLD JORPHUXORQHIULWHORU GLQ
GLDEHW ]DKDUDW DPLORLGR] ERDO SROLFKLVWLF  FX FRQWXU UHJXODW FRUWLFDO VXELUH
DSDUDWSLHORFDOLFHDOQRUPDO
 0LFURVFRSLF SRW DSUHD OH]LXQL SUROLIHUDWLYH PH]DQJLDOH HQGR L H[WUDFDSLODUH 
IRFDOHVDXVHJPHQWDUHGHDVHPHQHDVHSRWHYLGHQLDOH]LXQLPHPEUDQDUHSUHFXP
LOH]LXQLVFOHUR]DQWHIRFDOHVDXGLIX]H
7DEORXFOLQLF
&LUFXPVWDQHOHGHGHSLVWDUHDJORPHUXORQHIULWHORUFURQLFH
 VHPQHGHDIHFWDUHUHQDOODEROQDYLLFX+7$DQHPLH
 GHVFRSHULUHDRFD]LRQDODXQRUPRGLILFULXULQDUHDUHGXFHULLIXQFLHLUHQDOHD
KLSHUWHQVLXQLLDUWHULDOH
 H[DFHUEDUHDXQHLJORPHUXORSDWLLGXSLQIHFLL
0DQLIHVWUL FOLQLFRELRORJLFH VXQW FHOH DOH XQHL LQVXILFLHQH UHQDOH FURQLFH JOREDOH
FDUDFWHUL]DWHSULQ
 IUHFYHQDLVHYHULWDWHDKLSHUWHQVLXQLLDUWHULDOH
 SHUVLVWHQDSURWHLQXULHLDEXQGHQWHLVDXDKHPDWXULHLPDFURVFRSLFH

'DFQID]HOHLQLLDOHVHHYLGHQLD]PRGLILFULXULQDUHPLQLPHQVRLWHGHRIXQFLH
UHQDOXRUDOWHUDWQID]HOHILQDOHDSDUPRGLILFULFOLQLFHELRFKLPLFHLPHWDEROLFH
GHXUHPLH'LQSFDWHIUHFYHQWVHSXQHGLDJQRVWLFXOQVWDGLXOWDUGLY
([DPLQULSDUDFOLQLFHLGHODERUDWRU
 VDQJXLQHFDUDFWHULVWLFHLQVXILFLHQHLUHQDOH
 XULQDUHSURWHLQXULHKHPDWXULH
 LPXQRORJLFHDIHFWULVHPQLILFDWLYHDOHIUDFLXQLORUFRPSOHPHQWXOXL &+&
& PRGLILFULDOHLPXQRJUDPHLFULRJOREXOLQHORU$1&$DQWLFRUSLDQWLQXFOHDUL
DQWLFRUSL DQWL PHPEUDQ ED]DO JORPHUXODU DQWLFRUSL DQWL $'1GV DQWLJHQ
+%6DQWLFRUSLDQWL+9&HWF 
 SXQFLD ELRSVLH UHQDO 3%5  WUDQHD] GLDJQRVWLFXO PDL DOHV GDF HVWH
HIHFWXDW Q ID]HOH LQLLDOH DOH EROLL SXWQGXVH Q FRQVHFLQ VWDELOL XQ
WUDWDPHQW FRUHVSXQ]WRU Q VWDGLXO DYDQVDW DO EROLL GLPHQVLXQLOH UHGXVH DOH
ULQLFKLORU SUHFXP L PRGLILFDUHD SURIXQG D VWUXFWXULORU UHQDOH LQGLFDLD 3%5
UPQHGLVFXWDELO,PXQIOXRUHVFHQDSRDWHRIHULLQGLFLLLQWHUHVDQWH
'LDJQRVWLFGLIHUHQLDO
6HIDFHQGHRVHELFXQHIURDQJLRVFOHUR]DLFXQHIURSDWLLOHWXEXORLQWHUVWLLDOH
3HQWUXDIHFWDUHDJORPHUXODUFURQLFSOHGHD]

tYDORULOHPDULDOHSURWHLQXULHL
tKHPDWXULDGLVPRUILFFXVDXIUFLOLQGULLKHPDWLFL
tDSDUDWXOSLHORFDOLFHDOLQGHPQ
(YROXLH&RPSOLFDLL
6H ED]HD] SH WLSXO JORPHUXORSDWLHL LQLLDOH L YDULD] QWUH  GH DQL 3URJUHVLD
VSUH LQVXILFLHQ UHQDO FURQLF ,5&  WHUPLQDO GHSLQGH GH VHYHULWDWHD +7$ D
KLSHUOLSHPLHL GH DSRUWXO SURWHLF L GH IRVIDL GH SUH]HQD LQIHFLLORU D DJHQLORU
QHIURWR[LFLLQVXILFLHQDFDUGLDFFRQJHVWLYGHSOHLDGHVRGLXKLSHUSDUWLURLGLVP YH]L
,5& 
6LQGURPXOQHIURWLF
'HILQLLH
(VWH R IRUP GH PDQLIHVWDUH D XQHL JORPHUXORSDWLL Q FDUH FDUDFWHULVWLFD SULQFLSDO
HVWH SURWHLQXULD PDVLY SHVWH JP]L  FX KLSRDOEXPLQHPLH VXE JGO 
KLSRSURWHLQHPLH JOREDO VXE JGO  KLSHUOLSRSURWHLQHPLH FX OLSLGXULH L HGHPH
SUHFXP L FUHWHUHD D JOREXOLQHORU SHVWH  9HFKHD FODVLILFDUH D VLQGURDPHORU
QHIURWLFH 61  dSXUs L dLPSXUs DSDULQ SHULRDGHL SUHELRSWLFH Q OLSVD XQRU LQGLFLL
GHVSUH PRUIRORJLD JORPHUXODU HOH UHSUH]HQWDX R QFHUFDUH GH D DQWLFLSD UVSXQVXO
OD FRUWLFRWHUDSLH Q IXQFLH GH DEVHQD VDX SUH]HQD XQRU FDUDFWHULVWLFL FOLQLFH Q

VLQGURPXO QHIURWLF dSXUs  QX VH QWOQHWH KHPDWXULH +7$ VDX LQVXILFLHQ UHQDO
LDUUVSXQVXOODFRUWLFRWHUDSLHHVWHQJHQHUDOEXQQVLQGURPXOQHIURWLFdLPSXUsDSDU
XQXO  VDX PDL PXOWH GLQWUH HOHPHQWHOH PHQLRQDWH LDU UVSXQVXO OD FRUWLFRL]L HVWH
GH RELFHL QHVDWLVIFWRU %LRSVLD UHQDO D DUWDW F VLQGURDPHOH QHIURWLFH dSXUHs
L dLPSXUHs QX UHSUH]LQW HQWLWL HOH ILLQG FRQVWLWXLWH GLQ QXPHURDVH DIHFLXQL FX
HWLRSDWRJHQH]GLIHULWLWUDWDPHQWLQGLYLGXDOL]DW
(WLRORJLH
JORPHUXORSDWLLSULPDUH
JORPHUXORQHIULWHFXOH]LXQLPLQLPH
JORPHUXORQHIULWHPH]DQJLRSUROLIHUDWLYH
JORPHUXORVFOHUR]DIRFDOLVHJPHQWDO
JORPHUXORQHIULWDPHPEUDQDU
JORPHUXORQHIULWDPHPEUDQRSUROLIHUDWLY
JORPHUXORQHIULWHILEULODUHLLPXQRWDFWRLGH
VHFXQGDUDOWRUEROL
 SRVWPHGLFDPHQWRDVH DQWLFRQFHSLRQDOH VUXUL GH DXU PHUFXU
DQWLLQIODPDWRDUHQHVWHURLGLFHSHQLFLODPLQHVXEVWDQHGHFRQWUDVWFDSWRSULO
QHRSOD]LFHOHXFHPLLPHODQRPERDOD+RGJNLQOLPIRDPH
LQIHFLRDVHVLQGURPXOSRVWVWUHSWRFRFLFHQGRFDUGLWDKHSDWLWDYLUDO%LVDX
&+,9
 EROL GH VLVWHP DPLORLGR]D OXSXV HULWHPDWRV GLVHPLQDW SXUSXUD 6FKRQOHLQ
+HQRFKYDVFXOLWHDXWRLPXQH
PHWDEROLFHLHUHGLWDUHGLDEHW]DKDUDWVLQGURPXO$OSRUWERDOD)DEU\
YDULDWHWLURLGLWDDXWRLPXQSUHHFODPSVLDUHMHWFURQLF
)L]LRSDWRORJLH
0DQLIHVWULOH FOLQLFRELRORJLFH VH GDWRUHD] XQXL VLQGURP GH KLSHUSHUPHDELOLWDWH D
PHPEUDQHL ED]DOH JORPHUXODUH 0%*  FDUH GXFH OD DSDULLD SURWHLQXULHL JORPHUXODUH
YH]L SURWHLQXULL  FDUH SRDWH DSUHD FD XUPDUH D XQRU SURFHVH  YDULDWH PRGLILFUL
LPXQRORJLFHGHILFLHQHELRFKLPLFHWR[LFHEROLYDVFXODUH
&UHWHUHD SHUPHDELOLWLL PHPEUDQHL ED]DOH OD SURWHLQH HVWH FRQVHFLQD SLHUGHULL
VDUFLQLORUQHJDWLYHDOH0%* H[QJORPHUXORQHIULWDFXOH]LXQLPLQLPH LVDXOH]LXQL
VWUXFWXUDOH JORPHUXODUH FX FUHWHUHD GLPHQVLXQLORU SRULORU VDX GHIRUPDUHD SRULORU L
DSDULLDGHGLVFRQWLQXLWLDOHPHPEUDQHL FHOHODOWHWLSXULGHJORPHUXORSDWLL 
$OEXPLQXULD DQWUHQHD] R KLSRDOEXPLQHPLH LQVXILFLHQW FRPSHQVDW GH VLQWH]D
KHSDWLF DYQG GUHSW FRQVHFLQ UHGXFHUHD SUHVLXQLL RVPRWLFH L DSDULLD HGHPXOXL
QHIURWLF +LSRYROHPLD FRQVHFXWLY DVRFLDW  FX KLSRWHQVLXQHD DUWHULDO Q VSHFLDO

Q RUWRVWDWLVP  DFFHQWXDW GH DGPLQLVWUDUHD LQWHPSHVWLY GH GLXUHWLFH SRW LQGXFH


R LQVXILFLHQ UHQDO IXQFLRQDOQ DFHVW FD] HVWH QHFHVDU RSULUHD GLXUHWLFHORU L
DGPQLVWUDUHD GH DOEXPLQ &RQVHFLQHOH SURWHLQXULHL VXQW PRGLILFULOH HFKLOLEUXOXL
FRDJXOULL SULQSLHUGHUHDIDFWRULORUDQWLFRDJXODQLLILEULQROLWLFLFXSVWUDUHDIDFWRULORU
GHFRDJXODUH DPHWDEROLVPXOXLOLSLGLF VLQWH]KHSDWLFFRQFRPLWHQWFUHVFXWSHQWUX
DOEXPLQLOLSLGH LSUHGLVSR]LLDSHQWUXLQIHFLL SLHUGHULGH,J* 
(WDSHGHGLDJQRVWLF
'LDJQRVWLFSR]LWLYUHFXQRDWHUHDVLQGURPXOXLQHIURWLF 61 SHED]DPDQLIHVWULORU
FOLQLFRELRORJLFH u HGHPH SURWHLQXULH PDL PDUH JP]L KLSRDOEXPLQHPLH
VXE JGO KLSRSURWHLQHPLH JOREDO VXE JGO FUHWHUHD D JOREXOLQHORU SHVWH 
KLSHUOLSLGHPLHKLSHFROHVWHUROHPLHOLSLGXULH
'H RELFHL HGHPHOH GRPLQ WDEORXO FOLQLF $EVHQD HGHPHORU VH GDWRUHD] UHVWULFLHL
VHYHUH GH VRGLX SLHUGHULL UHQDOH GH VRGLX VLQGURP WXEXODU DVRFLDW LQVXILFLHQ
VXSUDUHQDOLDQ VDXSLHUGHULLH[WUDUHQDOHGHVRGLX H[GLDUHHQDPLORLGR] 
(GHPHOH VH ORFDOL]HD] SUHIHUHQLDO Q ]RQHOH LQWHUVWLLDOH FX SUHVLXQH MRDV L FX
FRPSOLDQ PDUH OD ID u SHULRUELWDU OD PHPEUH L OD RUJDQHOH JHQLWDOH XQHRUL VH
JHQHUDOL]HD] DQDVDUF FXDVFLWFROHFLHSOHXUDOLPDLUDUSHULFDUGLF(GHPHOH
VXQWDOEHPRLLSVWUD]LPSUHVLXQHD dVHPQXOJRGHXOXLsSUH]HQW ,SRWH]DFODVLF
DILUP F HGHPHOH VXQW FRQVHFLQD SURWHLQXULHL PDVLYH KLSRSURWHLQHPLHL VFGHULL
SUHVLXQLL RQFRWLFH D SODVPHL WUHFHULL DSHL GLQ YDVH Q LQWHUVWLLL KLSRYROHPLHL L
PHFDQLVPHORU FRPSHQVDWRULL FDUH QFHDUF V UHIDF YROXPXO FLUFXODQW $FHVWH
UVSXQVXUL XPRUDOH L QHUYRDVH VWLPXODUHD VLVWHPXOXL UHQLQDQJLRWHQVLQ
DOGRVWHURQLQWHQVLILFDUHDVHFUHLHLGHKRUPRQQDWULXUHWLFDFWLYDUHDVLVWHPXOXLQHUYRV
VLPSDWLF  IDYRUL]HD] UHWHQLD GH VRGLX L DS &RQFHSLD DFWXDO HVWH DFHHD F OD
QXPHURL SDFLHQL FX VLQGURP QHIURWLF SULQFLSDOXO IDFWRU DO UHWHQLHL KLGURVDOLQH L DO
HGHPHORUHVWHXQGHILFLWUHQDOGHHOLPLQDUHDVRGLXOXLLDSHLFRQVHFXWLYLQIODPDLHL
JORPHUXODUH dPHFDQLVP QHIULWLFs  6WXGLLOH H[SHULPHQWDOH L FOLQLFH DX DUWDW F OD
ED]D DFHVWXL GHIHFW VW LQWHQVLILFDUHD UHDEVRUELHL UHQDOH GH VRGLX OD QLYHOXO WXELORU
GLVWDOLFRQVHFXWLYXQXLUVSXQVLQDGHFYDWODSHSWLGXOQDWULXUHWLFDWULDO
3UHFL]DUHD H[LVWHQHL L QDWXULL OH]LXQLORU JORPHUXODUH VH GLIHUHQLD] FRQIRUP
FODVLILFULLFODVLFH

t VLQGURPXO QHIURWLF SXU SURWHLQXULH VHOHFWLY FX DEVHQD KHPDWXULHL D +7$


VDXDLQVXILFLHQHLUHQDOHRUJDQLFH VGUQHIURWLFFXOH]LXQLPLQLPH 

t VLQGURP QHIURWLF LPSXU FDUDFWHUL]DW SULQ DVRFLHUHD KHPDWXULHL  +7$ 


LQVXILFLHQ UHQDO VGU QHIURWLF OH]LRQDO u OH]LXQL GH WLS SUROLIHUDWLY VDX GH
GHSXQHUH 
6WDELOLUHDHWLRORJLHLVGUQHIURWLFSULPDUVDXVHFXQGDUSHED]DFRQWH[WXOXLFOLQLFD
LQYHVWLJDLLORUSDUDFOLQLFH YH]LFDX]HOH61 
(YLGHQLHUHDVXEVWUDWXOXLPRUIRORJLFSXQFLHELRSVLHUHQDO 3%5 

([DPLQULSDUDFOLQLFHLGHODERUDWRU
'H UHLQXW YDORULOH VHPQLILFDWLYH FUHVFXWH DOH SURWHLQXULHL D KLSRSURWHLQHPLHL D
KLSRDOEXPLQHPLHLFUHWHUHDDOIDJOREXOLQHORU YH]LGHILQLLD 
+LSHUOLSRSURWHLQHPLD
&ROHVWHUROHPLDHVWHFUHVFXWDSURDSHFRQVWDQWQVLQGURPXOQHIURWLF9/'/ IUDFLXQHD
FX GHQVLWDWH IRDUWH MRDV D FROHVWHUROXOXL  L WULJOLFHULGHOH WLQG V FUHDVF Q IRUPHOH
VHYHUH IUHFYHQDWLSXULORUGHGLVOLSLGHPLLQWOQLWH,,DLEu9u,,,L,9
uVXE +LSHUOLSHPLDSRDWHSUHFLSLWDDWHURVFOHUR]DLSURJUHVLXQHDLQVXILFLHQHL
UHQDOH FURQLFH ,5&  &UHWHUHD FROHVWHUROXOXL DUH ORF SH VHDPD IUDFLXQLL /'/
IUDFLXQHD FX GHQVLWDWH MRDV D FROHVWHUROXOXL  IUDFLXQH +'/ FX GHQVLWDWH QDOW D
FROHVWHUROXOXL HVWHQJHQHUDOQRUPDO/LSRSURWHLQD D  /3 D HVWHFUHVFXWQLYHOXO
HLVFDGHQWLPSXOUHPLVLXQLORUVDXGXSWUDWDPHQWDQWLSURWHLQXULFHILFLHQW
/LSLGXULDHVWHXQHOHPHQWGLDJQRVWLFLPSRUWDQWXULQDFRQLQHFRUSLJUDLRYDOLLdFUXFL
GH0DOWDs FHOXOHHSLWHOLDOHFXFRUSXVFXOLOLSLGLFLGXEOXUHIUDFWLOL /DELRSVLHFHOXOHOH
WXEXODUH UHQDOH FRQLQ LQFOX]LXQL OLSLGLFH Q LQWHULRUXO WXELORU UHQDOL VH SRW HYLGHQLD
JUVLPLLFLOLQGULJUVRL
0HFDQLVPHOHGHSURGXFHUHDKLSHUOLSHPLHLLPSOLFDWWVXSUDSURGXFLDOLSRSURWHLQHORU
FDUH FRQLQ DSRSURWHLQD % FW L UHGXFHUHD FDWDEROLVPXOXL DFHVWRUD 6FGHUHD
SUHVLXQLLRQFRWLFHDSODVPHLVWLPXOHD]VLQWH]DKHSDWLFDDSROLSRSURWHLQHORU%&,,L
(LVFDGHFDWDEROLVPXOSHULIHULFDO9/'/L/'/3DFLHQLLFXVLQGURPQHIURWLFSLHUG
QXULQVXEVWDQHFDUHIDYRUL]HD]OLSROL]D
&RPSOLFDLL
SURSULLVLQGURPXOXLQHIURWLF LQGLIHUHQWGHFDX] 
LQIHFLL
DFFLGHQWHWURPEHPEROLFH
SHUWXUEULLRQLFHLKRUPRQDOH
GHQXWULLH
RVWHRSRUR]
GHILFLWGHOHJDUHLWUDQVSRUWDOXQRUPHGLFDPHQWH
,QIHFLLOH
&HOH PDL IUHFYHQWH LQIHFLL QWOQLWH VXQW SQHXPRQLLOH L SHULWRQLWHOH SULQ
VXSUDLQIHFWDUHDDVFLWHLFKLDUVSRQWDQH *HUPHQLLFHLPDLQWOQLLVXQW6WUHSWRFRFXV
SQHXPRQLDHL(&ROL
Q FRQGLLLOH WUDWDPHQWXOXL LPXQRVXSUHVLY H[LVW ULVFXO LQIHFLLORU YLUDOH VHYHUH
KHUSHVYLUXVUXMHRO 
Q VLQGURPXO QHIURWLF SULQFLSDOLL IDFWRUL SUHGLVSR]DQL SHQWUX LQIHFLL VXQW SLHUGHULOH
XULQDUHGH,J*LGHFRPSRQHQWHDOHFRPSOHPHQWXOXL

$FFLGHQWHWURPHPEROLFH
%ROQDYLL FX VLQGURP QHIURWLF DX R IUHFYHQ FXPXODWLY GH SQ OD  D
PDQLIHVWULORUWURPEHPEROLFH
t WURPER]GHYHQUHQDOFXIUHFYHQPDLPDUHOD*1PHPEUDQDU GLQ
SDFLHQLLDGXOL *1PHPEUDQRSUROLIHUDWLYLDPLORLGR]%RDODHVWHVLPSWRPDWLF
GRDU Q  GLQWUH FD]XUL GXUHUL ORPEDUH KHPDWXULH PDFURVFRSLF H[DFHUEDUHD
SURWHLQXULHL FUHWHUHD YROXPXOXL UHQDO YDULFRFHO VWQJ YHQD WHVWLFXODU VWJ
GUHQHD]QYHQDUHQDO SLHUGHUHDIXQFLHLUHQDOH
t WURPER]H YHQRDVH SURIXQGH DOH PHPEUHORU VDX FX DOWH ORFDOL]UL IUHFYHQ PDL
ULGLFDWODDGXOL 
t WURPER]H DUWHULDOH FUHWHUHD ULVFXOXL FRURQDULDQ u GDWRULW XQXL FXPXO GH IDFWRUL
KLSHUOLSHPLH+7$ 
t HPEROLLSXOPRQDUH VLPSWRPDWLFHGRDUODRWUHLPHGLQWUHSDFLHQL 
3HUWXUEULLRQLFHLKRUPRQDOH
Q VLQGURPXO QHIURWLF SRW DSUHD VFGHUL  DOH FRQFHQWUDLLORU SODVPDWLFH DOH PDL
PXOWRULRQL ILHUFXSUX]LQF DOHXQRUYLWDPLQH PHWDEROLLGHYLWDPLQ' LKRUPRQL
WLURLGLHQLLVWHURL]L 

t DQHPLD u PLFURFLWDU KLSRFURP L UH]LVWHQW OD DGPLQLVWUDUHD GH ILHU HVWH


FRQVHFLQDSLHUGHULORUXULQDUHGHWUDQVIHULQLHULWURSRLHWLQ

t KLSRFDOFHPLD u VWLPXOHD] VHFUHLD GH SDUDWKRUPRQ L IDYRUL]HD] DSDULLD


RVWHRSDWLHLQDLQWHD,5&VHGDWRUHD]KLSRDOEXPLQHPLHLLSLHUGHULLXULQDUHGH
SURWHLQIL[DWRDUHHYLWDPLQD'

t GHILFLWXO GH ]LQF u QFHWLQHWH YLQGHFDUHD SOJLORU G LPSRWHQ L DOWHUHD]


LPXQLWDWHDFHOXODU

t VFGHUHD 7%* u SURWHLQD IL[DWRDUH GH WLUHRJOREXOLQ GXFH OD GLPLQXDUHD


QLYHOXOXL VHULF DO KRUPRQLORU WLURLGLHQL WRWDOL GDU FX PHQLQHUHD QRUPDO D
KRUPRQLORUWLURLGLHQLOLEHUL

tVFGHUHDWUDQVFRUWLQHLuPRGLILFUDSRUWXOGLQWUHFRUWL]ROXOOLEHULFHOOHJDW
OHJDWHGHLQVXILFLHQDUHQDORUJDQLF
QHYROXLDJORPHUXORSDWLHLDSDULLDDFHVWHLDVHQVRHWHGHRUHGXFHUHDSURWHLQXULHL
dIDOVDPHOLRUDUHsu FDXUPDUHDUHGXFHULLVXSUDIHHLGHILOWUDUHJORPHUXODU HOHPHQW
FHQXVHHYLGHQLD]QSUH]HQDDPLORLGR]HL
8QLL SDFLHQL FX VLQGURP QHIURWLF PDL DOHV FHL WUDWDL FX GLXUHWLFH DGPLQLVWUDWH
LQWHPSHVWLYSRWDYHDHSLVRDGHGHKLSRYROHPLHFXKLSRWHQVLXQHWDKLFDUGLHROLJXULH
VDXFKLDULQVXILFLHQUHQDODFXW ,5$ 
$GPLQLVWUDUHDGHDQWLLQIODPDWRDUHQHVWHURLGLFH $,16 FUHWHULVFXOGH,5$FDUHHVWH
PDLIUHFYHQWODYUVWQLFLLSRDWHILLUHYHUVLELO/DFRSLLKLSRYROHPLDVHGH]YROWPDL

DOHVQSHULRDGDLQLLDOGHIRUPDUHDHGHPHORUFQGSLHUGHULOHGHSURWHLQHGHSHVF
FDSDFLWDWHD GH VLQWH] KHSDWLF L PRELOL]DUHD FRPSHQVDWRULH D SURWHLQHORU GLQ
FRPSDUWLPHQWHOHH[WUDYDVFXODUH
SRVWWHUDSHXWLFH
HIHFWHVHFXQGDUHDOHWUDWDPHQWXOXLFXFRUWLFRL]LLPXQRVXSUHVRDUH

1HIURSDWLLWXEXORLQWHUVWLLDOH 17,
'HILQLLH
1HIURSDWLLOH WXEXORLQWHUVWLLDOH 17,  VH FDUDFWHUL]HD] SULQ DIHFWDUHD LQLLDO L
SUHSRQGHUHQW D LQWHUVWLLXOXL L WXELORU UHQDOL FX UHVSHFWDUHD Q SULP ID] D
JORPHUXOLORULYDVHORU 
&ODVLILFDUH(WLRSDWRJHQLH
QIXQFLHGHIDFWRULLHWLRSDWRJHQLFL17,VHFODVLILFQ
LQIHFLRDVH
DEDFWHULHQHSLHORQHIULWDFXWFURQLF7%&
EYLUDOHIHEUDKHPRUDJLFYLUXVXOFLWRPHJDOLF
FIXQJLFHFDQGLGD
QHLQIHFLRDVH
D QHIURSDWLL GLQ EROL PHWDEROLFH JXW KLSRNDOHPLH SUHOXQJLW QHIURFDOFLQR]
KLSHUXULFHPLDKLSHUR[DOXULDKLSRSRWDVHPLD
E GLQ LQWR[LFDLL PHWDOH JUHOH DQWLELRWLFH GLXUHWLFH DQDOJHWLFH FLFORVSRULQD
DQWLLQIODPDWRDUHQHVWHURLGLFHFLXSHUFL
FXURSDWLLREVWUXFWLYHUHIOX[YH]LFRXUHWHUDO
GEROLLPXQRORJLFHOXSXVHULWHPDWRVVLVWHPLF /(6 FULRJOREXOLQHPLHVLQGURP
6MRJUHQUHMHWXOULQLFKLXOXLWUDQVSODQWDW
H KHPRSDWLL EHQLJQHPDOLJQH GUHSDQRFLWR] OLPIRP OHXFHPLL PLHORP
PXOWLSOX
I GLYHUVH QHIURSDWLD HQGHPLF EDOFDQLF VDUFRLGR] QHIRSDWLD LQGXV GH
LHUEXULFKLQH]HWL
'LQSXQFWGHYHGHUHFOLQLFRHYROXWLY17,VHFODVLILFQ

tQHIURSDWLLWXEXORLQWHUVWLLDOHDFXWH ,5$ROLJRDQXULF 
tQHIURSDWLL WXEXORLQWHUVWLLDOH FURQLFH FDUDFWHUL]DWH SULQ GLVIXQFLL DOH WXELORU
SUR[LPDOLLVDXGLVWDOL 
'LQSXQFWGHYHGHUHDOORFDOL]ULLVHFODVLILFQ
FRUWLFDODUHQDOuWXEXOSUR[LPDO

t17,DFXWHDQWLELRWLFHPLHORPPXOWLSOXEROLOLPIRSUROLIHUDWLYH
t17,FURQLFHPHWDOHJUHOHEROLLPXQHFLVWLQR]PLHORPPXOWLSOX
FRUWLFDODUHQDOuWXEXOGLVWDO

t17, DFXWH DQWLELRWLFH EROL LPXQH DQDOJHWLFH DQWLLQIODPDWRDUH QHVWHURLGLFH


$,16 

t17,FURQLFHKLSHUFDOFHPLHJUDQXORPDWR]HDPLORLGR]QHIURSDWLHREVWUXFWLY
EROLLPXQH
PHGXODUDUHQDO

t17, DFXWH DQDOJHWLFH EROL PHWDEROLFH LQIHFLL EROL LPXQH PLHORP PXOWLSOX
VXOIRQDPLGHKHPRJORELQRSDWLD6

t17, FURQLFH DQDOJHWLFH LQIHFLL EROL PHWDEROLFH QHIURSDWLD REVWUXFWLY


JUDQXORPDWR]HDPLORLGR]DEROLHUHGLWDUH
SDSLODUHQDO

t17,DFXWHLQIHFLLKHPRJORELQRSDWLD6
t17,FURQLFHDQDOJHWLFHXURSDWLLGLDEHW]DKDUDWULQLFKLWUDQVSODQWDWLQIHFLL
0RUIRSDWRORJLH
1HIURSDWLLOHWXEXORLQWHUVWLLDOHDFXWHVHFDUDFWHUL]HD]SULQ
 QHFUR]IRFDODHSLWHOLXOXLWXEXODU
 LQILOWUDWLQIODPDWRULHGHPLQWHUVWLLDO
 VWUXFWXULJORPHUXODUHLYDVHGHUHJXOUHVSHFWDWH
1HIURSDWLLOHWXEXORLQWHUVWLLDOHFURQLFHVHFDUDFWHUL]HD]SULQ
 GLODWDUHDWURILHWXEXODU
 ILEUR]LQWHUVWLLDO
 LQILOWUDWLQIODPDWRUURWXQGRQXFOHDUYDULDELOFDLQWHQVLWDWH
 JORPHUXORVFOHUR]DUWHULRVFOHUR] QVWDGLLDYDQVDWH 
7DEORXFOLQLF
6LQGURPXOFOLQLFDUHFDSULQFLSDOLUHSUH]HQWDQL
 SROLXULD L QLFWXULD u GHWHUPLQDWH GH UHGXFHUHD FDSDFLWLL GH FRQFHQWUDUH D
XULQHLPDLGHVQWOQLWHQDIHFWULOHSUHGRPLQDQWPHGXODUH
LQIHFLLXULQDUHUHSHWDWH
 WHQGLQD OD GHVKLGUDWDUH u H[SUHVLH D GLPLQXULL FDSDFLWLL WXEXODUH GH
UHDEVRULHDVRGLXOXLuQHIURSDWLDFXSLHUGHUHGHVDUH SRDWHDJUDYDLQVXILFLHQD
UHQDOGLQ17,GDUVHSRDWHFRUHFWDSULQUHHFKLOLEUDUHKLGURHOHFWUROLWLF 
KLSHUWHQVLXQHDDUWHULDOuVHLQVWDOHD]WDUGLYRGDWFXDIHFWDUHDJORPHUXODU
GHVHRULFXDSDULLDLQVXILFLHQHLUHQDOH

6LQGURPXOELRORJLFDUHH[SUHVLLGLIHULWHGHPDQLIHVWDUHQIXQFLHGH
 JUDYLWDWH GH OD VLPSOH PRGLILFUL XULQDUH OD SUREH IXQFLRQDOH GLQDPLFH
DOWHUDWH OD PRGLILFUL PHWDEROLFH FH LQWHUHVHD] KRPHRVWD]LD RUJDQLVPXOXL u
DFLGR]HOHPHWDEROLFHVLQGURDPHOHGHWLS)DQFRQLLQVXILFLHQDUHQDO
VWUXFWXUDDQDWRPLFQSULQFLSDODIHFWDW
([DPLQULSDUDFOLQLFHLGHODERUDWRU
QIXQFLHGHVHGLXOOH]LXQDOVHSRWJUXSDDVWIHO
WXEXORuLQWHUVWLLDOH
H[DPHQVXPDUGHXULQ

t DOEXPLQXULH
t SLXULH
t JOLFR]XULH
t VHGLPHQWXULQDUSDWRORJLFKHPDWLLSHVWHFPSPLFURVFRSLF GHRULJLQH
MRDV IU DOWHUUL PRUIRORJLFH L IU FLOLQGUL KHPDWLFL  OHXFRFLWH SHVWH
FPS PLFURVFRSLF FX VDX IU FLOLQGUL OHXFRFLWDUL  FHOXOH HSLWHOLDOH
IORUPLFURELDQ
 VHGLPHQWXULQDUQFRORUDLD*UDP

tQ QHIURSDWLLOH LQIHFLRDVH t PLFURRUJDQLVPFPS PLFURVFRSLF u UHSUH]LQW


EDFWHULXULHPDLPDUHGHPOQSURSRULHGHGLQFD]XUL
 FRORUDLD +D\P D VHGLPHQWXOXL XULQDU DUDW SUHGRPLQHQD HR]LQRILOHORU Q
QHIURSDWLLOHPHGLFDPHQWRDVH
 SURWHLQXULHGHWLSWXEXODUSRDWHOLSVLVDXSRDWHILLQWHUPLWHQWHVWHGHUHJXOVXE
JK LDU HOHFWURIRUH]D FXSULQGH LQLLDO DOIDJOREXOLQH EHWDPLFURJOREXOLQH
OL]R]LP ODQXUL XRDUH GH LPXQRJOREXOLQH Q WLPS DSDUH DOEXPLQXULD FDUH VH
DPSOLILFRGDWFXDIHFWDUHDJORPHUXODU YH]LSURWHLQXULD 
 H[FUHLDXULQDUGHHQ]LPHQH[FHVVHFRQVWDWQQHIURSDWLLOHPHGLFDPHQWRDVH

t1DFHWLOJOXFR]DPLQLGD]D
tDODQLQDPLQRSHSWLGD]D
tOL]R]LPXO
tODFWDWGHKLGURJHQD]D
tDOIDJOXFR]LGD]D
WXEXORSUR[LPDO
DFLGR]DWXEXODUSUR[LPDOGHWLS,,
SLHUGHULHOHFWUROLWLFHGH1D VRGLX L. SRWDVLX 
 VLQGURPXO )DQFRQL u FRPSOHW VDX LQFRPSOHW FXSULQGH DPLQRDFLGXULH

KLSHUXULFR]XULHEHWDPLFURJORELQXULHKLSHUIRVIDWXULH
WXEXORGLVWDO
DFLGR]WXEXODUGLVWDOGHWLS,
VFGHUHDUHDEVRULHL1D VRGLXOXL uWHQGLQODGHVKLGUDWDUH
KLSRVWHQXULHSROLXULH
PHGXODUH
UHGXFHUHDIXQFLHLGHFRQFHQWUDUHDXULQHL
VFGHUHDUHDEVRUELHLVRGLXOXL
,QIHFLLOHXULQDUH ,8 LSLHORQHIULWHOH
'HILQLLH
%DFWHULXULDUHSUH]LQWDSUH]HQDEDFWHULLORUQXULQDFRQLQXWQFLOHXULQDUHUHIOHFW
LQIHFLDFRQLQXWXOXLWUDFWXOXLXULQDU
,QIHFLD WUDFWXOXL XULQDU ,78  UHSUH]LQW LQIHFLD HVXWXULORU WUDFWXOXL XULQDU
LQWHUHVQG GLIHULWH VHJPHQWH GH OD WULJRQXO YH]LFDO OD PHGXODUD UHQDO XUHWULWHOH
RUKLHSLGLGLPLWHOHLSURVWDWLWHOHQXIDFSDUWHGLQFDGUXOLQIHFLLORUWUDFWXOXLXULQDU
,QIHFLDXULQDU ,8 EDFWHULXULH,78
3LHORQHIULWD DFXW VDX FURQLF UH]XOWDWXO LQIHFLHL EDFWHULHQH QHVSHFLILFH D FLORU
XULQDUHQDOWHLDSDUHQFKLPXOXLUHQDO
,QIHFLD XULQDU UHFXUHQW UHFLGLYDQW  LQIHFLD XULQDU UHDSUXW LPHGLDW GXS
WUDWDPHQWXODQWLELRWLFVXQWSURGXVHGHDFHODLJHUPHQVHSRWGHPRQVWUDSULQFXOWXUL
FXVHURWLSDUH
,QIHFLLOH GH UHFGHUH DSDU GH UHJXO FX DFHODL JHUPHQ FD L FHOH UHFXUHQWH
GDUODLQWHUYDOGHPD[LPVSWPQLGHODQWUHUXSHUHDDQWLELRWLFXOXLVHSRWGDWRUD
UH]LVWHQHLPLFURRUJDQLVPXOXLODDQWLELRWLFXODOHVVDXSHUVLVWHQHLDFHVWXLDODXQQLYHO
LQDFFHVLELOGR]HLEDFWHULFLGH SURVWDWYDJLQFKLVW 
5HLQIHFLDHVWHRLQIHFLHFXDOWVSHFLHEDFWHULDQ DOWVHURWLS 
&ODVLILFDUHDLQIHFLLORUXULQDUHVHIDFHGXSGLIHULWHFULWHULL
HYROXLH,8DFXWHLFURQLFH
ORFDOL]DUH,8MRDVH FLVWLWH VDXQDOWH SLHORQHIULWH 
SUH]HQDVDXDEVHQDVLPSWRPDWRORJLHL,8VLPSWRPDWLFHVDXDVLPSWRPDWLFH
 FLUFXPVWDQHOH LQVWDOULL ,8 dVSRQWDQHs GREQGLWH Q FRPXQLWDWH  VDX ,8
dSURYRFDWHs QRVRFRPLDOH DVRFLDWH FDWHWHUL]ULL VDX LQVWUXPHQWULL FLORU
XULQDUH 
 VWDUHD PRUIRIXQFLRQDO D WUDFWXOXL XULQDU ,8 QHFRPSOLFDWH WUDFW XULQDU
LQGHPQ  VDX ,8 FRPSOLFDWH VXUYHQLQG SH IRQGXO XQHL DQRPDOLL PRUIRORJLFH

VDX IXQFLRQDOH DOH WUDFWXOXL XULQDU GXS LQVWUXPHQWUL FDWHWHUL]UL VDX DOWH
LQWHUYHQLLXURORJLFH 
,QFLGHQD
,QIHFLDXULQDUVLPSWRPDWLF

tPDLIUHFYHQWODIHWLHGHFWODELHL
tLQFLGHQDFUHWHEUXVFODIHPHLGXSQFHSHUHDDFWLYLWLLVH[XDOH
tHVWHUDUODEUEDLLVXEGHDQL
,QIHFLDXULQDUDVLPSWRPDWLF

tIUHFYHQWODYUVWQLFLGHDPEHOHVH[H
(WLRORJLD
,8QHFRPSOLFDWHVXQWSURGXVHGH

tHVFKHULFKLDFROL  
tVWDSK\ORFRFFXVVDSURSK\WLFXV  
tSURWHXVPLUDELOLV.OHEVLHOOD  
tHQWHUREDFWHU6HUUDWLDVDX3VHXGRPRQDV UDUHRUL 
,8FRPSOLFDWHDXXQVSHFWUXHWLRORJLFPXOWPDLODUJ

tEDFWHULL *UDP QHJDWLYH ( FROL 3URWHXV 3URYLGHQFLD 6HUUDWLD .OHEVLHOOD


3VHXGRPRQDV

tEDFWHULL *UDP SR]LWLYH 6WUHSWRFRFFXV IHFDOLV HQWHURFRF  6WDSK\ORFRFFXV


DXUHXV

tLQIHFLLOHWUDFWXOXLXULQDUSURGXVHGHIXQJL &DQGLGD DXRLQFLGHQFUHVFXWOD


SDFLHQLLFDWHWHUL]DLYH]LFDOGLDEHWLFLVDXLPXQRGHSULPDL
3DWRJHQH]D
$3HQHWUDUHDJHUPHQLORUODQLYHOXOFLORUXULQDUHVHIDFHQPDMRULWDWHDFD]XULORUSH
FDOHDVFHQGHQWPDLUDUSHFDOHGHVFHQGHQW KHPDWRJHQ VDXOLPIDWLF
&DOHDDVFHQGHQW
(VWH FDOHD FHD PDL IUHFYHQW   GH LQIHFLH L VH SURGXFH GDWRULW XQXL
GH]HFKLOLEUXQWUHIDFWRULLGHDSUDUHDLJD]GHLLYLUXOHQDDJHQLORUSDWRJHQL$SDULLD
LQIHFLLORULPSXQHDQXPLWHFRQGLLLVSHFLILFH

tRULJLQHDEDFWHULLORUIORUDHQWHUDO
tHWDSH SUHPHUJWRDUH LQRFXOULL YH]LFLL FRQWDPLQDUHD YHVWLEXOXOXL YDJLQDO D
WHJXPHQWHORUSHULXUHWUDOHLDXUHWUHLGLVWDOH

tEDFWHULLOH SDWRJHQH SWUXQG SULQ XUHWU Q YH]LF L GH DLFL SH WUDLHFWXO
XUHWHUHORUQFLOHXULQDUHQDOWHLQSDUHQFKLPXOUHQDO

tFRQWDPLQDUHD HVWH IDYRUL]DW GH HOHPHQWH DQDWRPRIL]LRORJLFH u OXQJLPHD


XUHWUHL EUEDWXO HVWH PDL SXLQ SUHGLVSXV OD LQIHFLH XULQDU GHFW IHPHLD OD
FDUHXUHWUDHVWHVFXUWLDOWXUDWYDJLQXOXLLUHFWXOXL 

tFRQWDPLQDUHDFXIORUHQWHUDODWHJXPHQWHORUSHULXUHWUDOHHVWHIDYRUL]DWGH
DQWLELRWLFHLXQHOHPHWRGHFRQWUDFHSWLYH GLDIUDJPHVSHUPLFLGH ODIHPHLOH
DIODWHQPHQRSDX]PRGLILFULOHLQYROXWLYHDOHPXFRDVHLYDJLQDOHIDYRUL]HD]
GHDVHPHQHDGH]YROWDUHDIORUHLHQWHUDOHGLQLQWHVWLQXOJURV

tFRQWDPLQDUHD SRDWH IL UHGXV GH VXEVWDQHOH DQWLEDFWHULHQH GH RULJLQH


SURVWDWLFVDXDDQWLFRUSLORUYDJLQDOL

tPDVDMXO XUHWUDO Q WLPSXO DFWXOXL VH[XDO IDYRUL]HD] PLJUDUHD JHUPHQLORU


SDWRJHQLQYH]LFDXULQDU
&DOHDKHPDWRJHQ
'HDVHPHQHDSUHVXSXQHDQXPLWHFRQGLLLSDUWLFXODUHSHQWUXGLVHPLQDUHDUHQDO
tIRFDUH GH LQIHFLH DIODWH OD GLVWDQ FXWDQDWH RVRDVH HQGRFDUGLWH u GH
UHJXO FX VWDILORFRF DXULX DJHQWXO EDFWHULDQ FHO PDL IUHFYHQW LPSOLFDW  VDX
SVHXGRPRQDV
tVDOPRQHOR]HOHW\SKLQVRLWHGHEDFWHULHPLHLEDFWHULXULH
tOHSWRVSLUR]H
tWXEHUFXOR]VHFXQGDU
tEDFWHULHPLLPDLUDUQWOQLWHuFXEUXFHODDFW\QRPLFHVQRFDUGLD
tFDQGLGR]H VLVWHPLFH VDX DOWH PLFR]H PDL UDUH FDUH DSDU Q FRQWH[W GH
LPXQRGHILFLHQJUDY
&DOHDOLPIDWLF
tQSUH]HQDXQHLLQIHFLLWLVXODUHGHYHFLQWDWH
%)DFWRULIDYRUL]DQL
 REVWUXFLD WUDFWXOXL XULQDU VWHQR]H FDOFXOL VWULFWXUL WXPRUL KLSHUWURILH
SURVWDWLF
 VDUFLQDDXEDFWHULXULHDVLPSWRPDWLFFXULVFGHSLHORQHIULWLQFLGHQD
GHLQIHFLLXULQDUHODJUDYLGHHVWHGHFFDGLQFD]XULQIXQFLHGHVWDWXVXO
VRFLDO
LQVWUXPHQWDUHDQHVWHULODWUDFWXOXLXULQDUGLQWUHSDFLHQLLFDWHWHUL]DL
YH]LFDOGH]YROWEDFWHULXULHFRQGLLLDJUDYDQWHuSHULRDGDOXQJGHFDWHWHUL]DUH
VH[XO IHPLQLQ ERDOD GH ED] VHYHU QJULMLUHD LQDGHFYDW D FDWHWHUXOXL
SURSDJDUHDEDFWHULLORUSRDWHILHQGROXPLQDOVDXSHULXUHWUDO
VH[XOLDFWLYLWDWHDVH[XDO
t ODEUEDLuKLSHUWURILDGHSURVWDWGXSGHDQLSURVWDWLWHOH

t OD IHPHL u SDUWLFXODULWLOH XUHWUHL WUDFWXO VFXUW YHFLQWDWHD FX RULILFLXO


DQDO PDVDMXO XUHWUHL Q WLPSXO DFWXOXL VH[XDO IDYRUL]HD] SWUXQGHUHD
JHUPHQLORUQXUHWU 
 YH]LFDQHXURJHQDIHFWDUHDLQHUYDLHL WUDXPDWLVPHVDXFRPSUHVLLPHGXODUH
GLDEHW]DKDUDWVFOHUR]PXOWLSO DQWUHQHD]WXOEXUULPLFLRQDOH
 YLUXOHQDEDFWHULDQWXOSLQLOHGH(FROLSRVHGXQHOHSURSLHWLdXURSDWRJHQHs
u SURGXFHUH GH KHPROL]LQ SUH]HQD GH SLOL ILPEULL  FH DGHU OD UHFHSWRUL
VSHFLILFLSHXURWHOLXSUH]HQDGHDHUREDFWLQuLPSOLFDWQSUHOXDUHDILHUXOXLFX
IDFLOLWDUHDFRQVHFXWLYDPXOWLSOLFULLEDFWHULHQH
 UHIOX[YH]LFRXUHWHUDOVHSURGXFHQWLPSXOPLFLXQLLVDXQFRQGLLLOHFUHWHULL
SUHVLXQLLLQWUDYH]LFDOHODFRSLLVHSURGXFHSULQDQRPDOLLDOHMRQFLXQLLXUHWHUR
YH]LFDOH ,8 VXSUDDGXJDW ILLQG GH PXOWH RUL HOHPHQWXO UHYHODWRU SHQWUX
GLDJQRVWLF
 GLDEHW ]DKDUDW SULQ JOLFR]XULH GHIHFW GH IXQFLH OHXFRFLWDU LQFLGHQ PDL
PDUHDREH]LWLLYXOYRYDJLQLWHORUQHXURSDWLDPLFURLPDFURDQJLRSDWLD
 LPXQRGHSUHVLD
 IDFWRULJHQHWLFLQXPUXOLWLSXOUHFHSWRULORUXURHSLWHOLXOXLODFDUHEDFWHULLOHSRW
VDGHUHHVWHGHWHUPLQDWJHQHWLF
7DEORXFOLQLF
 FLVWLWD VH PDQLIHVW FX GHEXW DFXW GLVXULH SRODNLXULH WHQHVPH YH]LFDOH
FLVWDOJLHVDXORPEDOJLHVHQVLELOLWDWHVXSUDSXELDQuGXUHUHKLSRJDVWULF
 XUHWULWDSUH]LQWGHEXWVXEDFXWVLPSWRPHDWHQXDWHOH]LXQLJHQLWDOH YDJLQLWH
H[RFHUYLFLWHOH]LXQLKHUSHWLFH 
 YDJLQLWDVHPDQLIHVWFXGLVXULHH[WHUQOHXFRUHHSUXULWYDJLQDOGLVSDUHXQLH
 SLHORQHIULWHOHYH]LODVXEFDSLWROXOXUPWRU
 FRUHODLD GLQWUH PDQLIHVWULOH FOLQLFH L SUH]HQD VDX ORFDOL]DUHD ,8 HVWH
LQFRQVWDQW
 IUHFYHQWSDFLHQLLFX,8MRDVVXQWDVLPSWRPDWLFL
 MXPWDWHGLQWUHSDFLHQLLFX,8LVLPSWRPDWRORJLHGHdFLVWLWsDX,8QDOW
([DPLQULSDUDFOLQLFHLGHODERUDWRU
 XURFXOWXUD

tHVWHLQYHVWLJDLDIXQGDPHQWDOQGLDJQRVWLFXO,8
tLQFOXGH LGHQWLILFDUHD JHUPHQLORU GHWHUPLQDUHD EDFWHULXULHL FDQWLWDWLYH L D
DQWLELRJUDPHL

tEDFWHULXULD GH SHVWH  JHUPHQLPO HVWH FRQVLGHUDW VHPQLILFDWLY


SHQWUX,8

tOD SDFLHQLL VLPSWRPDWLFL FX OHXFRFLWXULH SDWRORJLF R EDFWHULXULH  


JHUPHQLPOSRDWUHVLQGLFHH[LVWHQD,8

tXURFXOWXULOHSUHOHYDWHSULQFDWHWHUL]DUHDYH]LFLLXULQDUHVXQWVHPQLILFDWLYHGHOD
PLQLPXPJHUPHQLPO

tQHDQWLRDQHOHGHXULQSUHOHYDWHSULQSXQFLHVXSUDSXELDQDYH]LFLLXULQDUH
RULFHQXPUGHJHUPHQLHVWHSDWRORJLF
 H[DPHQXOGHXULQ

tOHXFRFLWXULD u OD SDFLHQLL VLPSWRPDWLFL HVWH XQ LQGLFDWRU IRDUWH VHQVLELO DO
SUH]HQHL,8DEVHQDVDSRDWHVSXQQGLVFXLHYHULGLFLWDWHDGLDJQRVWLFXOXL

tHYDOXDUHDPLFURVFRSLFDEDFWHULXULHL
 WHVWHGHORFDOL]DUHDLQIHFLLORUXULQDUH SHQWUXGHWHUPLQDUHDRULJLQLLMRDVHVDXQDOWH
DLQIHFLORUXULQDUH 

tH[DPLQDUHDVHGLPHQWXOXLXULQDUSHQWUXSUH]HQDFLOLQGULORUOHXFRFLWDUL SUH]HQL
LQFRQVWDQWQ,8QDOWHDEVHQLQ,8MRDVH 

tKLSRVWHQXULHWUDQ]LWRULHQ,8QDOWH
tFDWHWHULVPXUHWHUDOELODWHUDO
tGHWHUPLQDUHD DQWLFRUSLORU FLUFXODQL PSRWULYD DQWLJHQXOXL 2 DO EDFWHULLORU
LQIHFWDQWH WHVWSR]LWLYQ,8QDOWH 

tWHKQLFDdVSOULLsYH]LFLLXULQDUH )DLUOH\ 
tWHKQLFD $&% u DVVD\ dDQWLERG\ FRDWHG EDFWHULDs  HYLGHQLHUHD EDFWHULLORU
DFRSHULWH GH DQWLFRUSL Q XULQ Q FD]XULOH GH SLHORQHIULW DFXW L DEVHQD
DFHVWRUDQ,8MRDVHHYLGHQLDELOHSULQLPXQIOXRUHVFHQGLUHFW

tGHWHUPLQDUHDSURWHLQHL&UHDFWLYHVHULFH FUHVFXWHQ,8QDOWH uQHVSHFLILF


tPVXUDUHDHQ]LPHORUXULQDUHODFWDWGHKLGURJHQD]DXULQDUEHWDJOLFXURQLGD]D
XULQDUFUHVFQ,8QDOWH
3LHORQHIULWDDFXW 31$
'HILQLLH
3LHORQHIULWD DFXW HVWH FDUDFWHUL]DW SULQ LQIODPDLD DFXW VXSXUDWLY D FLORU XULQDUH
QDOWHLDLQWHUVWLLXOXLUHQDOFRQVHFXWLYLQIHFLHLEDFWHULHQHQHVSHFLILFH
3LRQHIULWD WHUPHQ VLQRQLP FX DEFHVXO UHQDO SRDWH V VXUYLQ FD R FRPSOLFDLH Q
HYROXLDXQHLSLHORQHIULWHDFXWH
3LRQHIUR]DLQIHFLDWUDFWXOXLXULQDULDSDUHQFKLPXOXLUHQDOGHDVXSUDXQXLREVWDFRO
WHUPHQXO GH dSLRQHIUR]s SRDWH IL XWLOL]DW VLQRQLP FX FX FHO GH dSLHORQHIULW DFXW
REVWUXFWLYs
,QFLGHQ
QFXUVXOYLHLLFFDGLQWUHIHPHLSUH]LQWXQHSLVRGGHSLHORQHIULWDFXWIU

FDDFHVWIDSWVDLERVHPQLILFDLHSURJQRVWLF
(WLRSDWRJHQLHYH]LVXEFDSLWROXOLQIHFLLOHXULQDUH
0RUIRSDWRORJLH

tPDFURVFRSLF ULQLFKLL VXQW PULL GH YROXP Q SUH]HQD REVWUXFLHL FDOLFHOH


VXQWOUJLWHSDSLOHVXQWDPSXWDWHPXFRDVDED]LQHWDOHVWHFRQJHVWLRQDWVDX
QJURDWXQHOHSDSLOHSRWILQHFURWLFH

tPLFURVFRSLF Q ]RQHOH LQIHFWDWH H[LVW IRFDUH GH LQIODPDLH DFXW


LQWHUVWLLDO ,QWHUVWLLXO HVWH HGHPDLDW L LQILOWUDW FX OHXFRFLWH SUHGRPLQDQW
SROLPRUIRQXFOHDUH WXELL VXQW QHFUR]DL FRQLQ QHXWURILOH Q OXPHQ 3ULQWUH
DFHVWH ]RQH FX VDX IU DEFHVH VH JVHVF SRULXQL GH HVXW UHQDO GH DVSHFW
KLVWRORJLF QRUPDO &KLDU L Q ]RQHOH FHOH PDL SXWHUQLF LQIODPDWH JORPHUXOLL
VXQWGHDVSHFWQRUPDO
7DEORXFOLQLF
6LPSWRPDWRORJLH
 GHEXWEUXWDOQSOLQVQWDWHDSDUHQW
 IULVRDQHIHEU WHPSHUDWXUL& 
 JUHXULYUVWXULFRQVWLSDLHVDXGLDUHH
 SRWVDSDUGXUHULORPEDUHFXFDUDFWHUFROLFDWLYGHUHJXOXQLODWHUDOHFXVDX
IUSRODNLXULHVDXGLVXULH
([DPHQRELHFWLY
 WDKLFDUGLH
 VHQVLELOLWDWH OD SDOSDUHD SURIXQG Q XQXO VDX Q DPEHOH XQJKLXUL
FRVWRYHUWHEUDOHVDXLODSDOSDUHDORMHLUHQDOH
 PRGLILFULXULQDUHPDFURVFRSLFH KHPDWXULHSLXULH 
 QVLWXDLLSDUWLFXODUH LPXQRGHSUHVLHLQIHFLHFXJHUPHQLJUDPQHJDWLY SRDWH
VDSDUVWDUHJHQHUDODOWHUDWKLSRWHQVLXQHDUWHULDOSQODRF
([DPLQULSDUDFOLQLFHLGHODERUDWRU
 H[DPHQXOGHXULQ

t SLXULH DOEXPLQXULH Q VHGLPHQWXO XULQDU DSDU KHPDWXULH OHXFRFLWXULH L


FLOLQGULLOHXFRFLWDULIORUPLFURELDQLFHOXOHHSLWHOLDOH

t OD SURED $GGLV+DPEXUJHU OHXFRFLWXULH SHVWH PLQ LVDX FLOLQGULL


OHXFRFLWDUL

t UHGXFHUHDWHPSRUDUDFDSDFLWLLGHFRQFHQWUDUHDXULQHL
t XURFXOWXUD LQGLF SUH]HQD JHUPHQXOXL FDX]DO OD YDORUL GH SHVWH 
JHUPHQLPO

 H[DPLQULVDQJXLQH

t 96+FUHVFXW
t OHXFRFLWR]
t ILEULQRJHQSURWHLQD&UHDFWLY LWRLIDFWRULLGHLQIODPDLHDFXWFUHVFXL 
t KHPRFXOWXULSR]LWLYHQFFDGLQFD]XUL
 UDGLRJUDILDUHQDOVLPSO

t FDOFXOLUDGLRRSDFL FQGHVWHFD]XO 
t FROHFLLDHULHQHQULQLFKLVDXFLOHH[FUHWRULL
t DQRPDOLLDQDWRPLFHULQLFKLQdSRWFRDYs
 HFRJUDILD

t ULQLFKLGHGLPHQVLXQLQRUPDOHVDXPULLGHYROXP
t Q 31$ REVWUXFWLY VH REVHUY REVWUXFLD WUDFWXOXL XULQDU HYHQWXDO VH
LQGHQWLILF FDX]D ULQLFKLXO DSDUH PULW FX HFRJHQLWDWH QRUPDO VDX
VF]XW

t DEFHVXO UHQDO ]RQ KLSR VDX DQHFRJHQ FX FRQWXU UHODWLY QHW ID GH
SDUHQFKLPXOQFRQMXUWRU
 XURJUDILD

t HVWHGHUHJXOQRUPDORFD]LRQDOULQLFKLXOSRDWHILPULWGHYROXPGLIX]
VDXIRFDO

t FXDOXQJLULVDXQJXVWULDOHFXSHORUFDOLFHDOH
t QXVHLQGLFQID]DFXW
t SRDWH LQGLFD SUH]HQD XQRU IDFWRUL IDYRUL]DQL FDOFXO WXPRU
KLGURQHIUR] 

t HVWHPHWRGGHHOHFLHQGLDJQRVWLFXOQHFUR]HLSDSLODUH
 FLVWRJUDILDUHWURJUDG

t QFD]GHUHFLGLYHSHQWUXHYLGHQLHUHDUHIOX[XOXLYH]LFRXUHWHUDO
 WRPRJUDILDFRPSXWHUL]DW

t VHIDFHQDLQWHLGXSDGPLQLVWUDUHDGHVXEVWDQGHFRQWUDVWQFD]XUL
VHOHFLRQDWH

t DEFHVXOUHQDOLSHULUHQDOVHGLIHUHQLD]QHWGH]RQHOHLQIODPDWRULL
t HVWH SRVLELO ORFDOL]DUHD SUHFLV D FROHFLLORU SHUPLQG GUHQDUHD
SHUFXWDQDDFHVWRUD

t VH SRDWH REVHUYD PDL ELQH GHFW OD XURJUDILH FRQVWLWXLUHD GH OH]LXQL
FLFDWULFHDOH

 UH]RQDQDPDJQHWLFQXFOHDU

t GDWRULWFRVWXOXLULGLFDWLQGLFDLLOHVXQWH[WUHPGHVWULFWH
t VHIRORVHWHQFD]GHLQVXILFLHQUHQDOVHYHUHVWHLPSRVLELOIRORVLUHD
VXEVWDQHORUGHFRQWUDVWLRGDWH FXSRWHQLDOQHIURWR[LF 
'LDJQRVWLFSR]LWLY
6HIDFHSHED]DWDEORXOXLFOLQLFLDH[DPLQULORUSDUDFOLQLFHLGHODERUDWRU
'LDJQRVWLFGLIHUHQLDO
 'XUHUHD ORPEDU GLQ 31$ SRDWH FUHD FRQIX]LL FX DIHFLXQL VXSUD VDX
LQIUDGLDIUDJPDWLFH
SLHORQHIULWDFURQLFDFXWL]DW
DSHQGLFLWDDFXW
FROHFLVWLWDDFXW
SQHXPRQLDED]DO
SDQFUHDWLWDDFXW
WXEHUFXOR]DUHQDO
 31$ODIHPHLWLQHUHWUHEXLHGLIHUHQLDWGH

tDIHFLXQLLQIODPDWRULLSHOYLQH
tVDUFLQHFWRSLF
tFKLVWRYDULDQFRPSOLFDW
 31$ FRPSOLFDW FX VHSWLFHPLH sXURVHSVLVs WUHEXLH GLIHUHQLDW GH VHSWLFHPLLOH
FX DOW SRDUW GH LQWUDUH FDWHWHUL]DUH VDX LQVWUXPHQWDUHD XURORJLF OHXFRFLWXULD
L EDFWHULXULD SOHGHD] SHQWUX VHSWLFHPLH GH RULJLQH UHQRXULQDU u H[SORUULOH
LPDJLVWLFHWUDQHD]GLDJQRVWLFXO
(YROXLH3URJQRVWLF
 GXUDWDEROLLFKLDULQOLSVDWUDWDPHQWXOXLVSHFLILFHVWHGHUHJXO]LOH
 GDFUHPLVLXQHDDUHORFVSRQWDQSLXULDLEDFWHULXULDSRWSHUVLVWD
 SURJQRVWLFXOHVWHEXQ
&RPSOLFDLL
 VXSXUDLHUHQDO
 QHFUR]SDSLODU ODGLDEHWLFL 
 VHSWLFHPLH
 DEFHGDUHUHQDOVDXSHULUHQDO

 LQVXILFHQUHQDODFXW ,5$ 
 FURQLFL]DUH
3LHORQHIULWDFURQLF 31&
'HILQLLH
3LHORQHIULWDFURQLFUHSUH]LQWLQIODPDLDFURQLFDLQWHUVWLLXOXLUHQDOLDFLORUXULQDUH
QDOWH UH]XOWDW Q XUPD LQIHFLHL EDFWHULHQH QHVSHFLILFH 6XUYLQH PDL IUHFYHQW OD
EROQDYLL FX GLYHUVH DIHFLXQL DOH WUDFWXOXL XULQDU UHIOX[ YH]LFRXUHWHUDO REVWUXFLH
YH]LFQHXURJHQVDXRFD]LRQDOQDEVHQDRULFUHLDQRPDOLLDFLORUXULQDUH
,QFLGHQ
GLQFD]XULOHGHLQVXILFLHQUHQDOWHUPLQDO
(WLRSDWRJHQLHYH]LVXEFDSLWROXOLQIHFLLXULQDUHLSLHORQHIULWH
 PDFURVFRSLF

tULQLFKLLVXQWPLFRUDLGHYROXPGHVHRULDVLPHWULFL
tVXSUDIDDFDSVXOHLSRDWHILWUDYHUVDWGH]RQHFLFDWULFHDOHUHWUDFWDWHIUHFYHQW
DPSODVDWHODFHLGRLSROLUHQDOL
 PLFURVFRSLF

tOH]LXQLOH YHFKL FXSULQG WXEL GLODWDL L FX FHOXOH DWURILDWH VHSDUDL SULQ HVXW
ILEURVFXYDVHPDULQWUHHL

tOH]LXQLPDLUHFHQWHSUH]LQWQPVXUYDULDELOLQILOWUDWLQWHUVWLLDOPRQRQXFOHDU
DWURILHVDXQHFUR]WXEXODUHVXWILEURVLQWHUVWLLDOILEUR]SHULJORPHUXODU

tED]LQHWXOLFDOLFHOHVXQWQWRWDOLWDWHDIHFWDWHHVXWXOFRQMXQFWLYVXEHQGRWHOLDO
ILLQGLQILOWUDWFXFHOXOHOLPIRFLWDUHFDUHSRWIRUPDIROLFXOLOLPIRL]LFDQWLWDWHDGH
FRODJHQHVWHPDLPDUH

tJORPHUXOLL VXQW GH RELFHL GH DVSHFW QRUPDO VDX SRW SUH]HQWD OH]LXQL GH
VFOHUR]KLDOLQR]GHSXQHULGHFRODJHQ
7DEORXFOLQLF
0DQLIHVWULOHFOLQLFHSRWILDWULEXLWHLQIHFLHLVDXGLYHUVHORUPRGLILFULPRUIRIXQFLRQDOH
UHQDOH
 VLPSWRPDWRORJLDDVRFLDWLQIHFLHLXULQDUHHVWHGHUHJXOSXLQH[SULPDW

tGLVXULH
tSRODNLXULH
tGXUHULORPEDUHGHPLFLQWHQVLWDWHVDXGLVFRPIRUWDEGRPLQDO
tVXEIHEULOLWLHSLVRGLFH
tUDUSXVHHGH31$
 PDQLIHVWULFOLQLFHDVRFLDWHDQRPDOLLORUPRUIRIXQFLRQDOHUHQDOH

tQLFWXULH
tSROLXULHuSROLGLSVLH
tWHQGLQODGHVKLGUDWDUH
tVHPQHGHLQVXILFLHQUHQDO
tHSLVRDGHGHDFLGR]PHWDEROLF
t+7$
 Q DQWHFHGHQWHOH SHUVRQDOH VXQW SUH]HQL IDFWRULL IDYRUL]DQL HQXPHUDL PDL VXV u
LQIHFLLXULQDUHMRDVHVDXQDOWHWUDWDWHVDXQX
 DQDPQH]DSXQHQHYLGHQ

tGHEXWXOLQVLGLRV
tFXVDXIUHSLVRDGHGH31$
tHSLVRDGHL]RODWHGHSRODNLXULHVDXGLVXULH
tGXUHULQORMHOHUHQDOHGHLQWHQVLWDWHYDULDELO
([DPLQULSDUDFOLQLFHLGHODERUDWRU
 XULQDUH

tOHXFRFLWXULHLQWHUPLWHQWFLOLQGULLOHXFRFLWDUL
tEDFWHULXULHLQWHUPLWHQWVHPQLILFDWLYVDXQX
tSURWHLQXULH WXEXODU J RUH SH PVXU FH VH LQVWDOHD] VFOHUR]D
JORPHUXODU SURWHLQXULD SRDWH FUHWH SQ OD YDORUL QHIURWLFH VHPQ GH
SURJUHVLXQHDFFHOHUDWVSUHLQVXILFLHQDUHQDO

tGLPLQXDUHDIXQFLHLGHFRQFHQWUDUHDXULQLLuKLSRL]RVWHQXULH
tVFGHUHDUHDEVRULHLVRGLXOXL
 VDQJXLQH

tDFLGR]PHWDEROLF
tKLSHUSRWDVHPLH
 LPDJLVWLFHLUDGLRORJLFH

tHFRJUDILF ULQLFKLL VXQW GH GLPHQVLXQL UHGXVH DVLPHWULFL FX FRQWXU ERVHODW
FX SDUHQFKLP LQHJDO VXELDW Q VLQXV SRW H[LVWD FDOFXOL GLODWUL SLHORFDOLFHDOH
VHPQHGHREVWUXFLHFKLVWHUHQDOHGREQGLWH

tUDGLRJUDILDUHQDOVLPSOSRDWHHYLGHQLDFDOFXOLLUDGLRRSDFL
tXURJUDILF ULQLFKL GH GLPHQVLXQL LQHJDO UHGXVH FX FRQWXU ERVHODW GHIRUPUL
FDOLFHDOH GH UHJXO VXELDFHQWH ERVHOXULORU GH SDUHQFKLP Q WLPS QHIURJUDPD
L SLHORJUDPD DSDU QWU]LDWH L PDL VODEH GDWRULW GHIHFWHORU GH H[FUHLH L
FRQFHQWUDUHDVXEVWDQHLGHFRQWUDVWFDOLFHOHDGLDFHQWH]RQHORUDWURILFHDSDU

DSODWL]DWH VDX ERPEDWH Q dPFLXFs  GLVWDQD LQWHUFRUWLFRSDSLODU LQGH[


SDUHQFKLPDWRV DSDUHUHGXVQSRULXQLOHGHSDUHQFKLPDIHFWDWH

tSLHORJUDILDDVFHQGHQWSHUPLWHSUHFL]DUHDXQXLHYHQWXDOREVWDFRO
tFLVWRJUDILDSHULPLFLRQDOSRDWHLQGLFDXQHYHQWXDOUHIOX[YH]LFRXUHWHUDO
tWRPRJUDILDFRPSXWHUL]DWXWLOQDEFHVHFROHFLLVXSXUDLL
tVFLQWLJUDILD UDGLRL]RWRSLF FH SRDWH LQGLFD QWU]LHUHD VHFUHLHL L H[FUHLHL
SUHFXPLUHGXFHUHDYROXPHWULFGLVDUPRQLFDULQLFKLORUFXDSDULLDGHLQFL]XUL
FRUWLFDOH
 FRQVXOW XURORJLF LVDX JLQHFRORJLF SRDWH DUWD XQ HYHQWXDO REVWDFRO FDUH
IDYRUL]HD]VWD]DXULQDU
 SXQFLDELRSVLHUHQDO 3%5 

tDUHLQGLFDLLIRDUWHUHVWUQVH
tVHHIHFWXHD]FXOWXULEDFWHULHQHGLQHVXWXOUHQDOUHFROWDW
tHVWHXWLOSHQWUXFRQILUPDUHDH[FOXGHUHDXQHLQHIURSDWLLFRQFRPLWHQWH
'LDJQRVWLFSR]LWLY
3ULQFLSDOHOHFULWHULLGHGLDJQRVWLFVXQW
 SUH]HQDQDQWHFHGHQWHDHSLVRDGHORUUHSHWDWHGHLQIHFLHXULQDU
 OHXFRFLWXULHFXFLOLQGULLOHXFRFLWDULEDFWHULXULH
 GLVIXQFLLWXEXODUHKLSRVWHQXULHSLHUGHUHXULQDUGHVRGLX 1D DFLGR]HUHQDOH
WXEXODUH
 PRGLILFUL XURJUDILFH FDUDFWHULVWLFH OH]LXQL FRUWLFDOH FLFDWULFHDOH HFWD]LL
FDOLFHDOH
'LDJQRVWLFGLIHUHQLDO
 LQIHFLLDOHWUDFWXOXLXULQDUuSLHORQHIULWDDFXWFLVWLWD7%&UHQDO
 JORPHUXORQHIULWD FURQLF u SHQWUX FDUH SOHGHD] ULQLFKLL PLFRUDL VLPHWULF GH
YROXPSURWHLQXULHGHWLSJORPHUXODUKLSHUWHQVLXQHDUWHULDOGHODGHEXWDSDUDW
SLHORFDOLFHDOQRUPDO
 QHIURDQJLRVFOHUR]DEHQLJQVDXPDOLJQSUH]LQWLDOWHVHPQHFRQVHFLQHDOH
+7$PRGLILFULDOHIXQGXOXLGHRFKL )2 FRUG
 DOWHQHIURSDWLLWXEXORLQWHUVWLLDOHuQHIURSDWLDDQDOJHWLFVHFDUDFWHUL]HD]SULQ
OH]LXQLH[WLQVHGHQHFUR]SDSLODU
(YROXLHLSURJQRVWLF
 HYROXLHOHQWFXSXVHHGHDFXWL]DUHFWUHLQVXILFLHQDUHQDOFURQLF
&RPSOLFDLL

 OLWLD]DUHQDO
 +7$uDSDUHQFXUVXOHYROXLHLEROLL
 LQVXILFLHQDUHQDOFURQLF
)RUPHFOLQLFH
 31&FXUHIOX[YH]LFRXUHWHUDOQHIURSDWLDGHUHIOX[
 31&FXREVWUXFLHuQHIURSDWLDREVWUXFWLY
 31&LGLRSDWLFH
)RUPHSDUWLFXODUHGH31&EDFWHULDQ
 WXEHUFXOR]DUHQDO

tHWLRORJLH0\FREDFWHULXPWXEHUFXORVLV
tSDWRJHQLHFDOHKHPDWRJHQVHFXQGDU
tFOLQLF DVLPSWRPDWLF DSRL SH PVXU FH DIHFWHD] DSDUDWXO H[FUHWRU GXUHUL
ORPEDUHFLVWLWKHPDWXULHPDFURVFRSLFOHXFRFLWXULHdVWHULOs

tSDUDFOLQLF XURFXOWXUL %. SLXULH FX XURFXOWXU QHJDWLY FDOFLILFUL UHQDOH


ULQLFKLXOdPDVWLFsOH]LXQLVSHFLILFHODFLVWRVFRSLH
 SLHORQHIULWD[DQWRJUDQXORPDWRDV

tLQFLGHQDDSDUHODIHPHLODYUVWDDGXOW
tHWLRORJLHGHRELFHL3URWHXVPLUDELOLV
tFOLQLFGXUHULORPEDUHLQIHFLLXULQDUHUHFXUHQWHDVWHQLHDQRUH[LHFRQVWLSDLH
VFGHUHQJUHXWDWH

tSDUDFOLQLF  UDGLRORJLF ULQLFKL PULW XQLODWHUDO FDOFXOL UHQDOL LVDX XUHWHUDOL


ULQLFKL DIXQFLRQDOL XURJUDILF FX FKLVWH VDX LPDJLQL FDYLWDUH DUWHULRJUDILF u
PDVHDYDVFXODUH 

,QVXILFLHQDUHQDODFXW ,5$
'HILQLLH
(VWHXQVLQGURPFOLQLFRELRORJLFUHDOL]DWGHUHGXFHUHDQJHQHUDOEUXVF RUH]LOHPDL
UDU VSWPQL  WRWDO VDX SDULDO GH RELFHL WHPSRUDU D IXQFLHL UHQDOH (WLRORJLD
HVWHPXOWLSODYQGFDVXEVWUDWPRUIRORJLFQPDMRULWDWHDFD]XULORUOH]LXQLGHQHFUR]
WXEXORLQWHUVWLLDO FDUDFWHUL]DW IL]LRORJLF SULQ VFGHUHD ILOWUDWDWXOXL JORPHUXODU VXE
POPLQLDUFOLQLFSULQROLJRDQXULHFUHWHUHDSURGXLORUGHUHWHQLHD]RWDWWXOEXUUL
DOH HFKLOLEUXOXL KLGURHOHFWUROLWLF L DFLGRED]LF FX HYROXLH YDULDELO Q UDSRUW FX
HWLRORJLDSUHFRFLWDWHDLQVWLWXLULLLFRUHFWLWXGLQLLWUDWDPHQWXOXL
(VWH R XUJHQ PHGLFDO L WHUDSHXWLF  GLQ SDFLHQLL LQWHUQDL Q VHFLL GH
WHUDSLHLQWHQVLYSROLYDOHQWDX,5$&D]XULGH,5$VHSRWQWOQLQVLQSUDFWLFDGH
DPEXODWRU

(WLRORJLH&ODVLILFDUH
,5$SUHUHQDO ,5$dIXQFLRQDOsD]RWHPLHSUHUHQDO
)UHFYHQ  GLQ FD]XULOH GH ,5$ HVWH FRQVHFLQD KLSRSHUIX]LHL UHQDOH DUH
FDSDFLWDWHDFHDPDLPDUHGHUHYHUVLELOLWDWH&RUHFWDUHDUDSLGLHILFLHQWDGHILFLWXOXL
GH SHUIX]LH UHQDO GHWHUPLQ Q PRG QRUPDO UHYHQLUHD OD QRUPDO D IXQFLHL UHQDOH
L HYLW WUHFHUHD Q ,5$ RUJDQLF KLSRSHUIX]LD UHQDO VHYHU L SUHOXQJLW GXFH OD
QHFUR]WXEXODUDFXWLVFKHPLF &DX]HOH,5$SUHUHQDOVXQW
 GHSOHLHYROHPLFLQWUDYDVFXODU
KHPRUDJLL
SLHUGHUL
t JDVWURLQWHVWLQDOH GLDUHHYRPVRQGQD]RJDVWULF 
t FXWDQDWHLPXFRDVH DUVXULKLSHUWHUPLH 
t UHQDOH GLXUH] RVPRWLF SRVWPHGLFDLH LQVXILFLHQ VXSUDUHQDOLDQ
GLDEHWLQVLSLG 
t Q dVSDLXO ,,,s SDQFUHDWLWH VLQGURP GH VWULYLUH KLSRDOEXPLQHPLH
SHULWRQLWHDVFLWWUDXPDWLVPH 
 GHELWFDUGLDFVF]XWPLRFDUGLRSDWLLEROLDOHVLVWHPXOXLFRQGXFWRUSHULFDUGLWH
YDOYXORSDWLLKLSHUWHQVLXQHSXOPRQDUHPEROLHSXOPRQDUYHQWLODLHPHFDQLF
FXSUHVLXQHSR]LWLY
 YDVRFRQVWULFLHUHQDO

t GR]H FUHVFXWH GH GRSDPLQ HUJRWDPLQ QRUHSLQHIULQ VXEVWDQH GH


FRQWUDVWLRGDWHFLFORVSRULQ

t EROLKHSDWLFHVLQGURPKHSDWRUHQDOKLSHUFDOFHPLHVHSWLFHPLL
 YDVRGLODWDLHVLVWHPLF

t PHGLFDPHQWRDV DQWLKLSHUWHQVLYH DJHQL FDUH UHGXF SRVWVDUFLQD


DQHVWH]LFH

t VHSWLFHPLLDQDILOD[LHLQVXILFLHQKHSDWLF
 DJHQL IDUPDFRORJLFL FH OH]HD] DFXW DXWRUHJODUHD KHPRGLQDPLF L ILOWUDWXO
JORPHUXODU GHRELFHLSHIRQGGHKLSRSHUIX]LHUHQDOSUHH[LVWHQW 

t LQKLELWRULGHHQ]LPGHFRQYHUVLH H[QVWHQR]HGHDUWHUUHQDOELODWHUDO
VDXSHULQLFKLXQLF 

t LQKLELWRUL DL VLQWH]HL GH SURVWDJODQGLQH DQWLLQIODPDWRDUH QHVWHURLGLHQH


$,16 
 VLQGURPGHKLSHUYVFR]LWDWH UDU 

t PLHORPPXOWLSOXPDFURJOREXOLQHPLHSROLFLWHPLH
 ,5$ UHQDO dLQWULQVHFs SDUHQFKLPDWRDV RUJDQLF D]RWHPLH UHQDO
LQWULQVHF
5HSUH]LQW FFD  GLQ FD]XULOH GH ,5$ ILLQG UH]XOWDWXO XQHL OH]LXQL

SDUHQFKLPDWRDVH UHQDOH WXEXODUH Q IXQFLH GH ORFDOL]DUH OH]LXQHD SRDWH IL WXEXODU
uQHFUR]WXEXODUDFXW 17$ LQWHUVWLLDOYDVFXODUVDXJORPHUXODU&DX]HOH,5$
UHQDOVXQW
 QHFUR]WXEXODUDFXW

tLVFKHPLFPDMRULWDWHDFDX]HORUFDUHSURGXF,5$IXQFLRQDO
tH[RJHQH
t DJHQL IDUPDFRORJLFL DQWLELRWLFH  Q VSHFLDO DPLQRJOLFR]LGH $,16
DQHVWH]LFHVXEVWDQHGHFRQWUDVWLRGDWHFLWRVWDWLFHFLWRNLQHUHFRPELQDWH
DGPQLVWUDWHQWXPRULVROLGHDYDQVDWHuJLQWHUIHURQ,/

t DJHQLFKLPLFLPHWDOHJUHOHHWLOHQJOLFROSHVWLFLGHVROYHQLRUJDQLFL
&WHRGDWFHOHFDX]HuLVFKHPLFLWR[LFuVHDVRFLD]QVHSWLFHPLLEROLPDOLJQH
KHPDWRORJLFHLQIHFLH+,9
 QHIURSDWLLLQWHUVWLLDOHDFXWH 1,$ 

tLQIHFLRDVHEDFWHULHQHYLUDOHIXQJLFH
tDOHUJLFHSRVWPHGLFDPHQWRDVHSHQLFLOLQFHIDORVSRULQVXOIDPLGHFLPHWLGLQ
DOORSXULQRO$,16

tLQILOWUDWLYHOLPIRDPHOHXFHPLLVDUFRLGR]
tUHMHWFHOXODUDFXW
 QHIURSDWLLJORPHUXODUH

tJORPHUXORQHIULWDDFXWVDXUDSLGSURJUHVLY
tSRVWPHGLFDPHQWRDV
 QHIURSDWLLYDVFXODUH

tDIHFWDUHD YDVHORU PDUL DQHYULVP GLVHFDQW GH DRUW WURPER]D GH DUWHU VDX
YHQUHQDOVWHQR]DLVDXREVWUXFLDDUWHUHLUHQDOH

tDIHFWDUH DUWHULRORFDSLODU VLQGURP KHPROLWLF XUHPLF QHFUR] FRUWLFDO


YDVFXOLWH
,5$SRVWUHQDO REVWUXFWLYD]RWHPLHSRVWUHQDO
5HSUH]LQWGRDUGLQFD]XULOHGH,5$$SDUHQFRQGLLLOHREVWUXFLHLIOX[XOXLXULQDU
SHIRQGXOXQHLSHUIX]LLUHQDOHQRUPDOHLDDEVHQHLOH]LXQLLSDUHQFKLPDWRDVHUHQDOH
'H UHJXO FRUHFWDUHD UDSLG D FDX]HL GXFH OD UHVWDELOLUHD IXQFLHL UHQDOH ,PSRUWDQW
HVWH ORFDOL]DUHD JUDGXO L UDSLGLWDWHD LQVWDOULL REVWDFROXOXL ,5$ SRVWUHQDO DSDUH Q
FD]XOXQXLREVWDFROVXEYH]LFDOVDXVXSUDYH]LFDOFXOH]DUHDDPEHORUFLXULQDUHVDXD
XQHLDQFD]GHULQLFKLXQLF DQDWRPLFVDXIXQFLRQDO $JHQLIDUPDFRORJLFLFXHIHFWH
SRWHQLDODQWLFROLQHUJLFH H[DQWLGHSUHVLYHWULFLFOLFHDQWLKLVWDPLQLFHIHQRWLD]LQH SRW
SUHFLSLWDUHWHQLDDFXWGHXULQFDLXQLLDJHQLDQWLDULWPLFL GLVRSLUDPLGD &DX]HOH
,5$SRVWUHQDOVXQW

 REVWUXFLHXUHWHUDO

tLQWUDOXPLQDOFDOFXOIUDJPHQWHGHQHFUR]SDSLODUFKHDJGHVQJH
tLQWUDPXUDOHGHPSRVWRSHUDWRU GXSFKLUXUJLDXUHWHUXOXL 
tH[WUDXUHWHUDOLDWURJHQ OLJDWXUDGXSLQWHUYHQLLQUHJLXQHDSHOYLDQ 
tSHULXUHWHUDOWXPRULKHPDWRDPHILEUR]
 REVWUXFLHGHFROYH]LFDO

tLQWUDOXPLQDOFDOFXOIUDJPHQWHSDSLODUHQHFUR]DWHFKHDJ
tLQWUDPXUDO FDQFHU GH YH]LF LQIHFLL YH]LFDOH FX HGHP PXUDO YH]LFD
QHXURJHQ

tH[WUDPXUDOKLSHUWURILHGHSURVWDWFDQFHUGHSURVWDW
 REVWUXFLHXUHWUDO

tYDOYHFRQJHQLWDOHILPR]VWULFWXULWXPRUL
0RUIRSDWRORJLH
0DFURVFRSLF
 ULQLFKLLVXQWPRGHUDWPULLQYROXP GLDPHWUXOORQJLWXGLQDOSRDWHFUHWHFX
FP LJUHXWDWH SHVWHJ GHFRQVLVWHQGLPLQXDW
 FRUWLFDODHVWHPDLSDOLGLPHGXODUDGHDVSHFWURXQFKLVQWUHFHOH]RQH
VHSRDWHFRQVWDWDXQOL]HUHXFRQJHVWLY
0LFURVFRSLF
 OH]LXQLOHLQWHUHVHD]SUHSRQGHUHQWWXELLSUR[LPDOLLIUHFYHQWLQWHUVWLLXO

tVH HYLGHQLD] FHOXOH PRDUWH SULQ QHFUR] VDX DSRSWR] FHOXOH Q ID] GH
UHSOLFDUHGLYL]LXQHLFHOXOHQHPRGLILFDWHGHERDO

tQHFUR]D HVWH SDULDO OD QLYHOXO WXELORU SUR[LPDOL FX OH]LXQL HSLWHOLDOH L
GLVFRQWLQXLWDWHDPHPEUDQHLED]DOHdWXEXORUKH[LVs
 OH]LXQLOH QHIURQXOXL GLVWDO VXQW GH RELFHL IRFDOH ILLQG ORFXO REVWUXFLHL SULQ FHOXOH
GHVFXDPDWHLGHWULWXVXULFHOXODUH DSRSWR]DILLQGHYLGHQWLDLFL
 ODQLYHOXOLQWHUVWLLXOXLVHUHPDUFHGHPLLQILOWUDWOLPIRSODVPRFLWDU
 QHFUR]D FRUWLFDO ELODWHUDO D D OH]LXQH FDUDFWHULVWLF Q ,5$ VH SUH]LQW
PLFURVFRSLF FX QHFUR] GH FRDJXODUH DUWHULROHOH L YHQXOHOH DGLDFHQWH SUH]LQW
WURPER]H
 PLFURDQJLRSDWLDLQIDUFWHOHKHPRUDJLFHQHFUR]DSDSLODUVXQWDOWHOH]LXQLQWOQLWH
Q,5$
 SRWDSUHDPRGLILFULKLVWRORJLFHFDUDFWHULVWLFHXQRUEROLELQHGHILQLWH

tGHJORPHUXORQHIULWuFXSUROLIHUDUHHQGRVDXH[WUDFDSLODU
tQHIURSDWLHLQWHUVWLLDO
tQHIURSDWLHREVWUXFWLY
)L]LRSDWRORJLH
,5$SUHUHQDO
+LSRYROHPLD GXFH OD VFGHUHD SUHVLXQLL DUWHULDOH PHGLL L SULQ DFHDVWD OD VWLPXODUHD
EDURUHFHSWRULORU DUWHULDOL L FDUGLDFL %DURUHFHSWRULL DFWLYDL GHFODQHD] R VHULH GH
UVSXQVXUL QHXURXPRUDOH FRRUGRQDWH PHQLWH V UHVWDELOHDVF YROXPXO VDQJXLQ
L SUHVLXQHD DUWHULDO DFWLYDUHD VLVWHPXOXL QHUYRV VLPSDWLF D VLVWHPXOXL UHQLQ
DQJLRWHQVLQDOGRVWHURQ HOLEHUDUHD GH DUJLQLQYDVRSUHVLQ $93 KRUPRQXO
DQWLGLXUHWLF  SUHFXP L SHSWLGXO QDWULXUHWLF DWULDO 1RUDGUHQDOLQD DQJLRWHQVLQD ,, L
$93 DFLRQHD] VLQHUJLF Q WHQWDWLYD GH PHQLQHUH D SHUIX]LHL FHUHEUDOH L FDUGLDFH
DQWUHQQG YDVRFRQVWULFLH Q WHULWRULLOH PXVFXORFXWDQDWH L YLVFHUDOH LQKLEQG
HOLEHUDUHD GH VDUH SULQ WUDQVSLUDLH VWLPXOQG VHWHD L DSHWLWXO SHQWUX VDUH L
SURPRYQGUHWHQLDGHVDUHLDS
3HUIX]LDJORPHUXODUSUHVLXQHDGHXOWUDILOWUDUHLILOWUDUHDJORPHUXODUVXQWFRQVHUYDWH
QWLPSXOKLSRSHUIX]LHLUHQDOHXRDUHSULQFWHYDPHFDQLVPHFRPSHQVDWRULL
 VLQWH]DGHSURVWDJODQGLQHYDVRGLODWDWRDUH SURVWDFLFOLQ3*( LR[LGXOQLWULFHVWH
FUHVFXWDQWUHQQGYDVRGLODWDLDSUHIHUHQLDODDUWHULROHORUDIHUHQWH
 UHJODUHD IOX[XOXL VDQJXLQ UHQDO FD UVSXQV OD VFGHUHD SUHVLXQLL GH SHUIX]LH VH
SURGXFH YDVRGLODWDLD DUWHULROHORU DIHUHQWH SULQWUXQ UHIOH[ PLRJHQ PHGLDW GH
EDURUHFHSWRULORFDOL
'UHSW XUPDUH SUHVLXQHD LQWUDJORPHUXODU HVWH PHQLQXW LDU ILOWUDUHD JORPHUXODU
HVWH SVWUDW 'DF KLSRSHUIX]LD GHYLQH PDL SURQXQDW DFHVWH PHFDQLVPH
FRPSHQVDWRULL VXQW GHSLWH LDU ILOWUDUHD JORPHUXODU VFDGH VH UHDOL]HD] ,5$
SUHUHQDO
0HFDQLVPXO GH DXWRUHJODUH D IOX[XOXL VDQJXLQ UHQDO HVWH HILFLHQW SQ OD R YDORDUH
GH FFD PP+J D WHQVLXQLL DUWHULDOH VLVWHPLFH PHGLL VXE DFHDVW YDORDUH ILOWUDUHD
JORPHUXODU VFDGH UDSLG /D YUVWQLFL VDX OD SDFLHQL FX QHIURDQJLRVFOHUR] VDX FX
PLFURDQJLRSDWLHGLDEHWLFYDVRGLODWDLDDUWHULROHORUDIHUHQWHSULQDXWRUHJODUHHVWHPDL
SXLQHILFLHQW
0HGLFDPHQWHOH FDUH LQWHUIHUHD] FX PHFDQLVPHOH DGDSWDWLYH DOH PLFURFLUFXODLHL
UHQDOH SRW V DQWUHQH]H WUDQVIRUPDUHD XQHL KLSRSHUIX]LL UHQDOH FRPSHQVDWH Q ,5$
SUHUHQDOVDXVGHFODQH]HSURJUHVLD,5$SUHUHQDOQ,5$UHQDOLVFKHPLF
$QWLLQIODPDWRDUHOHQHVWHURLGLFH $,16 LQKLEQGDFWLYLWDWHDFLFORR[LJHQD]HLLVLQWH]D
GH SURVWDJODQGLQH SRW V SUHFLSLWH ,5$ SUHUHQDO OD SDFLHQLL FX KLSRYROHPLH VDX
LQVXILFLHQUHQDOFURQLF ,5& 
,QKLELWRULLHQ]LPHLGHFRQYHUVLHDDQJLRWHQVLQHLSRWVUHGXFILOWUDUHDJORPHUXODUOD

SDFLHQLLFXKLSRSHUIX]LHUHQDOLQFOXVLYODFHLFXVWHQR]HELODWHUDOHGHDUWHUUHQDO
VDXVWHQR]XQLODWHUDOSHULQLFKLXQLF
QVHSWLFHPLLLRFKHPRUDJLFUHGXFHUHDILOWUDWXOXLJORPHUXODU )* LLQVWDODUHD,5$
SRDWHDSDUHFDXUPDUHDVFGHULLSUHVLXQLLGHSHUIX]LHUHQDO FRQVHFLQDUHGXFHULL
7$VLVWHPLFH LDFUHWHULLFRQVWULFLHLDUWHULROHLDIHUHQWH
,5$UHQDO
5HGXFHUHD DFFHQWXDW D ILOWUULL JORPHUXODUH VH GDWRUHD] DVRFLHULL PRGLILFULORU
KHPRGLQDPLFH FX UHWURUHVRUELD QHQJUGLW D ILOWUDWXOXL JORPHUXODU FD XUPDUH D
OH]LXQLORUHSLWHOLDOHWXEXODUH LFXREVWUXFLDWXEXODU
)LOWUDUHD JORPHUXODU ILLQG GHSHQGHQW GH IOX[XO VDQJXLQ HD YD IL DIHFWDW GH
YDVRFRQVWULFLDUHQDO FDUHHVWHPHFDQLVPXOSULQFLSDODOUHGXFHULLDFHVWHLDQ,5$ Q
SULFLSDOQID]DLQLLDO
5HGXFHUHD SUHVLXQL DUWHULDOH VDX R FRQVWULFLH VHOHFWLY D DUWHULROHL DIHUHQWH FH
YD GHWHUPLQD R UHGXFHUH D SUHVLXQLL KLGURVWDWLFH D FDSLODUHORU JORPHUXODUH  HVWH
LQIOXHQDW GH EORFDUHD OD QLYHOXO FHOXOHORU HQGRWHOLDOH D VLQWH]HL GH VXEVWDQH
YDVRGLODWDWRDUH R[LG QLWULF SURVWDFLFOLQ  LVDX GH HOLEHUDUHD GH VXEVWDQH
YDVRFRQVWULFWRDUH HQGRWHOLQ 
'H DVHPHQHD VH LD Q FRQVLGHUDUH L FRQWUDFLD FHOXOHORU PH]DQJLDOH FX UH]XOWDW Q
VFGHUHDVXSUDIHHLGLVSRQLELOHGHILOWUDUH
5HGXFHUHDXOWUDILOWUULLHVWHGDWDWWGHREVWUXFLDIOX[XOXLXULQDUQVLVWHPXOFROHFWRU
FW L GH H[LVWHQD XQHL REVWUXFLL LQWUDWXEXODUH GLQ GHWULWXVXUL FHOXODUH  2EVWUXFLD
SUHOXQJLWSHVWHFWHYDRUHYDDFFHQWXDYDVRFRQVWULFLDLQWUDUHQDO
(SLWHOLXO WXEXODU ILLQG OH]DW UHWURUHVRUELD ILOWUDWXOXL JORPHUXODU SRDWH IL XQ IDFWRU
DGLLRQDOQSURGXFHUHDQHFUR]HLWXEXODUHDFXWH 17$ QSULQFLSDOSULQQHIURWR[LFH
)LHFDUH GLQWUH PHFDQLVPHOH HQXPHUDWH YDVRFRQVWULFLD FRQWUDFLD FHOXOHORU
PH]DQJLDOHREVWUXFLDWXEXODUUHWURGLIX]LXQHDFRQWULEXLHLQGLYLGXDOVDXQDVRFLHUH
ODHYROXLD,5$UHQDOH
+LSRSHUIX]LD UHQDO FRQGXFH OD LVFKHPLD FHOXOHORU WXEXODUH UHQDOH Q SULQFLSDO
Q SRULXQHD WHUPLQDO D WXEXOXL SUR[LPDO L OD QLYHOXO UDPXULL DFHQGHQWH D DQVHL OXL
+HQOH
/LSVDGHFRQFHQWUDUHDXULQLLHVWHXQHOHPHQWGHGLIHUHQLHUHGH,5$SUHUHQDOGDUL
GHHYLGHQLHUHDUROXOXLQHIURQXOXLGLVWDOQSDWRIL]LRORJLD,5$
3DWRIL]LRORJLD OH]LXQLORU FHOXOHORU WXEXODUH HVWH FRPSOH[ LQFRPSOHW HOXFLGDW
/H]LXQLOHVXQWOHJDWHGHWXOEXUULDOHKRPHRVWD]LHLFDOFLXOXLLQWUDFHOXODUGHIRVIROLSD]
L GH UDGLFDOLL OLEHUL DL R[LJHQXOXL ([LVW PRGLILFUL DOH IXQFLHL GH VLQWH] SUHFXP L
GLVIXQFLD DFWLYLWLL 1D. $73]HL 'HSOHLD $73 LQWUDFHOXODU FRQGXFH OD FUHWHUHD
FDOFLXOXL LQWUDFHOXODU FH SRDWH OH]D FHOXOHOH HSLWHOLDOH SULQ DFWLYDUHD SURWHD]HORU

IRVIROLSD]HORULSRDWHUXSHLQWHJULWDWHDFHOXODU'LIHULWHIRIROLSD]HFDUHKLGUROL]HD]
OLSLGHOHPHPEUDQDUHSRWFRQWULEXLODDSDULLDGHOH]LXQLLVFKHPLFHUHQDOH2VHULHGH
SURGXLGHPHWDEROLVPDLIRVIROLSLGHORUVXQWYDVRFRQVWULFWRDUHLFKHPRWDFWLFHLSRW
SDUWLFLSDODHYHQLPHQWHIXQFLRQDOHLFLWRWR[LFHGLQ,5$
,5$SRVWUHQDO
QID]DLQLLDODREVWUXFLHLFRQWLQXDUHDILOWUULLJORPHUXODUHGXFHODFUHWHUHDSUHVLXQLL
LQWUDOXPLQDOHGHDVXSUDREVWDFROXOXLUH]XOWGLODWDUHDSURJUHVLYDXUHWHUXOXLSUR[LPDO
ED]LQHWXOXL L FDOLFHORU LDU DSRL UHGXFHUHD ILOWUULL JORPHUXODUH REVWUXFLD DFXW VH
DVRFLD]LQLLDOFXFUHWHUHDXRDUDIOX[XOXLVDQJXLQUHQDOGDUODVFXUWWLPSVXUYLQH
YDVRFRQVWULFLDDUWHULRODUFRQWULEXLQGODVFGHUHDILOWUULLJORPHUXODUH
7DEORXFOLQLF([DPLQULSDUDFOLQLFHLGHODERUDWRUQQHFUR]DWXEXODU
DFXW 17$
7DEORXO FOLQLF DO ,5$ SULQ 17$ SUH]LQW PDQLIHVWUL UHQDOH L H[WUDUHQDOH SROLPRUIH
FRQVHFXWLYH DJHQWXOXL HWLRORJLF VXIHULQHL UHQDOH SURSULX]LVH FRPSOLFDLLORU EROLL GH
ED]VDX,5$ ID]HLHYROXWLYHQIXQFLHGHSUH]HQDGLXUH]HL17$VHFODVLILFQ
17$FXGLXUH]DSVWUDW QRQROLJXULF 
 FDUDFWHUL]DW SULQ PHQLQHUHD GLXUH]HL Q FDQWLWDWH GH DSUR[LPDWLY 
PORUH
UHSUH]LQWGLQFD]XULOHGH,5$ SRWDMXQJHSQOD 
 DSDUHQIRUPHOHGH,5$SRVWFKLUXUJLFDOHSRVWWUDXPDWLFHSULQQHIURWR[LFHSULQ
UDEGRPLROL]LQFRQGLLLOHDGPQLVWUULLPDVLYHLSUHFRFHGHYDVRGLODWDWRDUH
 HVWH QHFHVDU PRQLWRUL]DUHD ]LOQLF D SDUDPHWULLORU XULQDUL L VDQJXLQL SXWQG
WUHFHQIRUPDROLJRDQXULF
17$ROLJRDQXULF
GLXUH]DHVWHVXEPORUH
 SDUFXUJH  ID]H FX GXUDWH YDULDELOH LQLLDO GH PHQLQHUH L GH UHOXDUH D
GLXUH]HL
)D]DLQLLDO
5HSUH]LQW SHULRDGD GH WLPS RUH ]LOH  GLQWUH PRPHQWXO GHFODQDQW SUHFLSLWDQW L
DSDULLDIHQRPHQHORUFOLQLFRELRORJLFHGH,5$
 VHLQVWDOHD]UDSLGVDXLQVLGLRVLFXSULQGHVLPSWRPHOHEROLLGHED] DIHFLXQL
RFRJHQHLQWR[LFDLLHWF 
 UHFXQRDWHUHDHLFWPDLUDSLGDUFUHWHDQVHOHGHPSLHGLFDUHDWUHFHULLQ
ID]DGHPHQLQHUH
)D]DGHPHQLQHUH
0DQLIHVWULOH FOLQLFRELRORJLFH SRW IL JUXSDWH Q VLQGURPXO XUHPLHL DFXWH L GHSLQG
GH JUDGXO GH GHILFLW IXQFLRQDO GXUDWD ROLJRDQXULHL ERDOD GH ED] L GH HILFLHQD
WUDWDPHQWXOXL

2OLJRDQXULD
 GXUHD]QPHGLH]LOH GHODFWHYDRUHSQODVSWPQL ILLQGFHYDPDL
SUHOXQJLWODSDFLHQLLQYUVWLFXEROLYDVFXODUH
 SHUVLVWHQDROLJRDQXULHLSHVWHVSWPQLSXQHQGLVFXLH17$SOHGQGSHQWUX
QHFUR]FRUWLFDOGLIX]JORPHUXORQHIULWUDSLGSURJUHVLYYDVFXOLWHUHQDOHRFOX]LD
DUWHUHLUHQDOHHPEROLHUHQDOVDXSHQWUXGHSOHLHYROHPLFVXSUDDGXJDW
 DQXULD QX HVWH FDUDFWHULVWLF 17$ SUH]HQD HL LQGLFQG GH RELFHL R QHFUR]
FRUWLFDO GLIX] JORPHUXORQHIULW UDSLG SURJUHVLYQHIURSDWLH WXEXORLQWHUVWLLDO
DFXWDOHUJLF,5$SULQREVWUXFLHRFOX]LHPHFDQLFDIOX[XOXLVDQJXLQUHQDO
0HWDEROLVPXOSURWHLF
 XUHHDLFUHDWLQLQDVXQWFUHVFXWHDYQGGHRELFHLVLWXDLL
tODSDFLHQLLROLJXULFLDIHEULOLHXFDWDEROLFLFUHWHUHDXUHHLVDQJXLQHHVWHGH
PJGO]LLDFUHDWLQHLVHULFHGHPJGO]L
tOD SDFLHQLL ROLJXULFL KLSHUFDWDEROLFL FX IHEU VHSWLFHPLH VXE WUDWDPHQW FX
FRUWLFRL]WUDXPDWLVPH FUHWHUHDXUHHLVDQJXLQHHVWHGHSHVWHPJGO]L
LDUDFUHDWLQLQHLVHULFHGHSHVWHPJGO]L
 UDWDGHFUHWHUHDFUHDWLQLQHLVHULFHQ,5$UHSUH]LQWXQLQGLFDWRUPDLILGHO
DOVHYHULWLLGHILFLWXOXLIXQFLRQDOUHQDOGHFWYDORDUHDDFHVWHLDODXQPRPHQW
GDW
 Q UDEGRPLROL] FX ,5$ GDWRULW GLVWUXFLHL PXVFXODUH PDVLYH FUHWHUHD
FUHDWLQLQHLHVWHGLVSURSRULRQDWGHPDUHFRPSDUDWLYFXXUHHD
 YDORULOHDFLGXOXLXULFVXQWFUHVFXWHGDWRULWH[FUHLHLUHQDOHQVSHFLDOQVWULOH
KLSHUFDWDEROLFHFXOH]LXQLWLVXODUHH[WLQVH
(FKLOLEUXOKLGURHOHFWUROLWLF
6WDUHDGHKLGUDWDUH
 KLSHUKLGUDWDUHJOREDO DSRUWXOGHDSGHSHWHSLHUGHULOH 
 KLSHUKLGUDWDUHH[WUDFHOXODU DSRUWVRGLFH[FHVLY 
 GHVKLGUDWDUHDHVWHUDU
6RGLX 1D 
 VF]XWDEVROXWVDXUHODWLY KLSRQDWUHPLHFXKLSRRVPRODULWDWH 
3RWDVLX . 
 KLSHUSRWDVHPLDHVWHGHRELFHLUHJXOQ,5$DSUQGFDXUPDUHDHOLPLQULORU
XULQDUH UHGXVH GH . OH]LXQLORU WLVXODUH DFLGR]HL VHYHUH KHPROL]HL DSRUWXOXL
FUHVFXWGHVUXULGHSRWDVLX
 KLSHUSRWDVHPLD GHYLQH VLPSWRPDWLF OD YDORUL GH SHVWH P(TO FQG
DSDU PRGLILFUL FOLQLFH DVWHQLH PDUFDW WHWUDSDUH] IODVF EUDGLFDUGLH SQ

OD DVLVWROLH  L (&* XQGH 7 DPSOH L DVFXLH DOXQJLUHD 456 DOXQJLUHD 35
GLVSDULLDXQHL3 
&DOFLX &D 
 KLSRFDOFHPLD u GDWRULW UHGXFHULL VLQWH]HL GH  GLKLGUR[LFDOFLIHUROXOXL FHHD
FH OLPLWHD] DEVRULD LQWHVWLQDO D FDOFLXOXL L UVSXQVXO RVRV OD SDUDWKRUPRQ
37+ 
)RVIRUXO 3 
 KLSHUIRVIDWHPLD u GDWRULW HOLPLQULORU XULQDUH VF]XWH HOLEHUULL WLVXODUH
FRQWLQXHGLHWHLERJDWHQ3
0DJQH]LX 0J 
 KLSHUPDJQH]LHPLD u FRQVHFLQD VFGHULL ILOWUDWXOXL JORPHUXODU SURFHVHORU
WXEXODUH GH WUDQVSRUW GHILFLWDUH VDX DGPLQLVWUDUHD GH DQWLDFLGH SH ED] GH
0J
(FKLOLEUXODFLGRED]LF
 DFLGR]D PHWDEROLF u DSDUH Q XUPD SLHUGHULL FDSDFLWLL GH H[FUHLH UHQDO D
LRQLORU GH + UHWHQLD DFL]LORU HQGRJHQL DQWUHQHD] VFGHUHD ELFDUERQDWXOXL
SODVPDWLF
 DOFDOR]DPHWDEROLFuDSDUHFDXUPDUHDSLHUGHULORUJDVWULFHDEXQGHQWHVDXD
XQXLDSRUWDOFDOLQH[FHVLY
0DQLIHVWULFOLQLFH
&DUGLRYDVFXODUH
 DULWPLL OD  GLQ FD]XUL  GDWRUDWH WXOEXUULORU KLGURHOHFWUROLWLFH DQHPLHL
PLRFDUGLWHL
 +7$ ODGLQFD]XUL DSDUHQVSWPQDDGRXDGDWRULWKLSHUKLGUDWULL
LDFWLYDUHDVLVWPXOXLUHQLQDQJLRWHQVLQDOGRVWHURQ
 HGHPSXOPRQDUDFXW
 VWRSFDUGLDFSRDWHVDSDUFDXUPDUHDKLSHUNDOHPLHL
 SHULFDUGLW
3XOPRQDUH
 UHVSLUDLHGHWLS&KH\QH6WRNHV.XVVPDXOuQFD]GHUHWHQLDD]RWDWPDVLY
LVDXDFLGR]PHWDEROLFVHYHU
 DSDUHdSOPQXOXUHPLFs
 LQIHFLLEURQKRSXOPRQDUHVXQWIUHFYHQWH
*DVWURLQWHVWLQDOH
 DQRUH[LHJUHXULYUVWXULYRPGLDUHHLOHXV

 KHPRUDJLLJDVWURLQWHVWLQDOH  
 KLSHUDPLOD]HPLH
 LFWHUDWXQFLFQGVHLQVWDOHD]LPSOLFHWLRORJLHPXOWLSOWUDQVIX]LLVDQJXLQH
FRQJHVWLH KHSDWLF SDVLY DJHQL PHGLFDPHQWRL KLSRWHQVLXQH DUWHULDO
WR[LQHVHSWLFHPLDuLQGLFXQSURJQRVWLFLQIDXVW
+HPDWRORJLFH
 DQHPLHQRUPRVDXKLSRFURP
 OHXFRFLWR]XRDUQSULPDVSWPQSHUVLVWHQDHLLQGLFRLQIHFLH
 WURPERFLWRSHQLDGHIHFWHFDOLWDWLYHDOHIXQFLHLWURPERFLWDUH6HSRWQFDGUDQ
VLQGURPXOFRDJXOULLLQWUDYDVFXODUHGLVHPLQDWH &,' 
1HXURORJLFH
 OHWDUJLH VRPQROHQ FRQIX]LH GH]RULHQWDUH DJLWDLH SVLKRPRWRULH FRQYXOVLL
QVSHFLDOODYUVWQLFL PLRFORQLL
 FRPD
,QIHFLLOH
 VXUYLQODGLQSDFLHQLLFX,5$
 UHSUH]LQW XQD GDF QX FHD PDL LPSRUWDQW FDX] GH PRUELGLWDWH L
PRUWDOLWDWH
 FDWHWHUHOHLQWUDYDVFXODUHFRQVWLWXLHRVXUVIUHFYHQWGHEDFWHULHPLH
0RGLILFULFXWDQDWH
 SUXULWYLQGHFDUHDQWU]LDWDSOJLORU
 SXUSXU Q YDVFXOLWH  SHWHLL HFKLPR]H Q &,' SXUSXU WURPERWLF
WURPERFLWRSHQLFu377 HGHPH
0RGLILFULRFXODUH
 XYHLWHYDVFXOLWHQHFURWL]DQWHQHIULWHLQWHUVWLLDOH
 SDUDOL]LDPXFKLORURFXODULQLQWR[LFDLLFXHWLOHQJOLFROYDVFXOLWH
0RGLILFULHQGRFULQH
 VFGHUHD HULWURSRHWLQHL D VLQWH]HL GH  GLKLGUR[LFDOFLIHURO VFGHUHD
WROHUDQHLODJOXFR]UHGXFHUHDSURVWDJODQGLQHORULEUDGLNLQLQHORU
 FUHWHUHDSDUDWKRUPRQXOXL
)D]DGHUHOXDUHDGLXUH]HL ID]DSROLXULF
Q PRG RELQXLW DSDUH OD DSUR[LPDWLY  ]LOH GH OD LQVWDODUHD ROLJRDQXULHL L QFHSH
Q PRPHQWXO Q FDUH GLXUH]D GHSHWH PO GHYLQH HILFLHQW FLQG D]RWXULD HVWH
SHVWHJK 

 VH SURGXF SLHUGHUL XULQDUH HOHFWUROLWLFH 1D . &D  FX VFGHUHD FRQFHQWUDLHL
ORUVHULFH
 DSDUHIUHFYHQWLQIHFLDXULQDU
 FDWDEROLLLVHULFLLQLLDOSRWQFFUHWHSHQWUXDVFGHDDSRLLDVHQRUPDOL]DQ
FFDVSWPQLGHODGHEXWXOSROLXULHL
 SHULRDGDGHUHFXSHUDUHHVWHOHQWXQHRULSXWQGDMXQJHSQODDQL
 QHFHVLW PRQLWRUL]DUH ]LOQLF D GLXUH]HL D FDWDEROLLORU SURWHLFL HOHFWUROLLORU
VDQJXLQLLXULQDUL
 VXEUPQFXLQVXILFLHQUHQDOQHFHVLWQGLQFOXGHUHDQWUXQSURJUDPGH
VXSOHHUHDIXQFLHLUHQDOH
'LDJQRVWLFSR]LWLYLGLIHUHQLDO
1HFHVLWSDUFXUJHUHDXQRUHWDSH
UHFXQRDWHUHDLQVXILFLHQHLUHQDOH
D GDWHOH GLQ DQDPQH] FLUFXPVWDQHOH GH DSDULLH HYROXLD GLXUH]HL EROL UHQDOH
SUHH[LVWHQWH EROL VLVWHPLFH FX UVXQHW UHQDO LQVXILFLHQ FDUGLDF VHYHU
DGPQLVWUDUH FRQFRPLWHQW GH ,(& $,16 VDX DOWH QHIURWR[LFH GHSOHLH YROHPLF
YUVWQLFLH[DPLQULFXVXEVWDQHGHFRQWUDVW ODSHUVRDQHFXULVFUHQDO 
EWDEORXOFOLQLFDOdVLQGURPXOXUHPLFDFXWsYH]LGDWHOHGHPDLVXVGHODH[DPHQXO
RELHFWLY
F PRGLILFULELRORJLFHVDQJXLQHXUHHFUHDWLQLQDFLGXULFLRQRJUDPHFKLOLEUXDFLGR
ED]LF KHPRJORELQ HOHFWURIRUH]D SURWHLQHORU L LPXQRJUDP PLHORP PXOWLSOX 
IURWLX SHULIHULF HR]LQRILOLD SOHGHD] SHQWUX QHIURSDWLH LQWHUVWLLDO DOHUJLF 
WURPERFLWRSHQLD YDVFXOLWHVLQGURPKHPROLWLFRXUHPLF377 FRDJXORJUDPD &,' 
$1&$ YDVFXOLWH  VLQGURP :HJHQHU  DQWLFRUSL DQWL0%* VLQGURP *RRGSDVWXUH 
DQWLFRUSLDQWLQXFOHDULLDQWL$'1GV /(6 
GPRGLILFULXULQDUH
 SURWHLQXULD L KHPDWXULD u JORPHUXORQHIULWH QHFUR] WXEXODU WR[LF EROL
YDVFXODUH
 H[DPHQXOVHGLPHQWXOXLXULQDU
t FLOLQGULLKLDOLQLu,5$SUHUHQDOLREVWUXFWLY
t FLOLQGULLSLJPHQWDULuQHFUR]WXEXODUDFXW
t FLOLQGULLKHPDWLFLuEROLJORPHUXODUHLLQIODPDWRULLYDVFXODUH
t OHXFRFLWHSROLPRUIRQXFOHDUHu31$QHFUR]SDSLODU
t FLOLQGULLHR]LQRILOLFLuQHIULWHLQWHUVWLLDOHDOHUJLFHDFXWH
 GR]DUHDD]RWXULHLLLRQXULHK
HDVSHFWHUDGLRORJLFHLLPDJLVWLFH

 HFRJUDILHQPRGXO%L'RSSOHUGLDJQRVWLFXOREOLWHUULLWURPERWLFHDFLUFXODLHL
UHQDOH
 XURJUDILH
 H[DPLQULUDGLRL]RWRSLFH
 &7
 501
 DUWHULRJUDILHQVWHQR]DGHDUWHUUHQDO
I SXQFLD ELRSVLH UHQDO 3%5  HVWH LQGLFDW GRDU Q XUPWRDUHOH VLWXDLL GHEXW
LQVLGLRVROLJRDQXULHSUHOXQJLWSHVWHVSWDQXULHQDEVHQDREVWUXFLHLGXS
WUDQVSODQWUHQDO
DSUHFLHUHDFDUDFWHUXOXLDFXWDOLQVXILFLHQHLUHQDOH
6HIDFHGLDJQRVWLFGLIHUHQLDOFXUHWHQLDXULQDUROLJRDQXULDGLQDOWHDIHFLXQLUHQDOH
LH[WUDUHQDOH LQVXILFLHQDFDUGLDFJOREDO LQVSHFLDOFX,5&
1DWXUDFURQLFD,5&HVWHVXJHUDWGHXUPWRDUHHOHPHQWH
 FOLQLF
tLVWRULFGHERDOUHQDO ULQLFKLSROLFKLVWLF VDXGHERDOVLVWHPLFFXDIHFWDUH
UHQDO GLDEHW]DKDUDW 
tDVWHQLH DQRUH[LH SUXULW SROLXULH SROLGLSVLH QLFWXULH VGU dSLFLRDUHORU
QHOLQLWLWHsVLPSWRPHGHREVWUXFLHVDXLQIHFLHXULQDUFURQLF
 ELRORJLFH
tDQHPLHQRUPRFURPLQRUPRFLWDU GHLQDQXPLWHFD]XULSRDWHDSUHDLQ
,5$ 
tYDORULFUHVFXWHDOHXUHHLLFUHDWLQLQHLGHSHVWHOXQL
 UDGLRORJLFHLLPDJLVWLFH
tUHGXFHUHD ELODWHUDO D GLPHQVLXQLORU ULQLFKLORU HYLGHQLDELO HFRJUDILF FX
H[FHSLDDPLORLGR]HLDGLDEHWXOXL]DKDUDWEROLLSROLFKLVWLFHUHQDOH 
tVHPQHUDGLRORJLFHGHRVWHRGLVWURILHUHQDO
VWDELOLUHDHWLRORJLH
'LDJQRVWLFXO,5$UHQDOVHVWDELOHWHGXSH[FOXGHUHDFDX]HORUSUHLSRVWUHQDOH
,5$SUHUHQDOHVWHHYRFDWGH
 DQDPQH]FLUFXPVWDQHOHXQHLGHSOHLLYROHPLFH
 WDEORXFOLQLF
tVHWH KLSRWHQVLXQH RUWRVWDWLF WDKLFDUGLH UHGXFHUHD WXUJHVFHQHL MXJXODUH
VFGHUHDWXUJRUXOXLFXWDQDWPXFRDVHXVFDWHUHGXFHUHDSHUVSLUDLHLD[LODUH

tVHPQHLVLPSWRPHGHLQVXILFLHQFDUGLDFFRQJHVWLYKHSDWRSDWLHFURQLF
FXKLSHUWHQVLXQHSRUWDOLQIHFLHVHYHUDOWHFDX]HGHKLSRYROHPLHUHODWLY
 PRGLILFULSDUDFOLQLFH
t39& SUHVLXQHDYHQRDVFHQWUDO FP+2
tVHGLPHQWXULQDUuFLOLQGULLKLDOLQL
tH[FUHLDIUDFLRQDWD1D  Q,5$SUHQDOL!Q,5$UHQDO)(1D 1DX
1DV[&UV&UX[
tRVPRODULWDWHDXULQDU!Q,5$SUHUHQDOLQ,5$UHQDO
t1DXULQDU P(TK Q,5$SUHUHQDOL!Q,5$UHQDO
tFHOHIRUPHVHSRWVXFFHGDUDSLGVDXFKLDUFRH[LVWD
,5$SRVWUHQDOHVWHHYRFDWGH
 DQDPQH]
tEUEDWQYUVWFX,5$VDXSURJUHVLY
tLVWRULFGHOLWLD]JXWQHRSODVPQHYROXLH
tLVWRULFGHDIHFLXQLFHSUHGLVSXQODQHFUR]SDSLODU GLDEHW]DKDUDW LQWR[LFDLH
DQDOJHWLFLQWHUYHQLLFKLUXUJLFDOHQ]RQDSHOYLDQVDXUHWURSHULWRQHDO
tFLUFXPVWDQHGHDSDULLHFROLFQHIUHWLFDQXULHFRPSOHWDOWHUQDUHDROLJXULHL
FXSROLXULHKHPDWXULH
tPDQLIHVWULVXJHVWLYHGHREVWUXFLHVXEYH]LFDOSRODNLXULHQLFWXULHGLVXULH
 WDEORXFOLQLFSDOSDUHDXQXLDVDXDDPELORUULQLFKLJOREYH]LFDOPRGLILFULSDWRORJLFH
ODWXHXOUHFWDOVDXYDJLQDO
 PRGLILFULSDUDFOLQLFH
tH[DPHQGHXULQQRUPDOQSUH]HQDXQHL,5SURJUHVLYH
tHOHPHQWHVXJHVWLYHSWU,5$SRVWUHQDOYL]LELOHHFRJUDILFXURJUDILFFLVWRVFRSLF
FXDMXWRUXO&7501uFHSOHGHD]SHQWUXREVWUXFLH
6HXUPUHWHQFRQWLQXDUHHWDSHOHGHGLDJQRVWLFDIRUPHLHWLRSDWRJHQLFHLFOLQLFHD
DFHVWHLD 1,$QHIURSDWLHJORPHUXODUQHIURSDWLHYDVFXODU 
(YROXLH3URJQRVWLF&DX]HGHGHFHV
(YROXLD L SURJQRVWLFXO ,5$ GHSLQGH GH GXUDWD L VHYHULWDWHD GHILFLWXOXL IXQFLRQDO
SUH]HQD L DEVHQD ROLJXULHL DPSORDUHD L ULWPXO FUHWHULL FRQFHQWUDLHL FUHDWLQLQHL
VHULFH YUVW HYROXLD HVWH PDL JUDY OD YUVWHOH H[WUHPH  QHFHVLWDWHD LQVWLWXLULL
PHWRGHORUGHVXSOHHUHDIXQFLHLUHQDOH
$SDULLD FRPSOLFDLLORU FRQVWLWXLH IDFWRUL FDUH DJUDYHD] HYROXLD SDFLHQWXOXL FX ,5$
8QHOHVWXGLLLQGLFRPRUWDOLWDWHODSDFLHQLLFX,5$SULQ17$GHSQOD5LVFXO
YDULD] Q IXQFLH GH HWLRORJLD ,5$ ILLQG PDL ULGLFDW OD ,5$ GXS WUDXPDWLVPH VDX

LQWHUYHQLLFKLUXUJLFDOHPDMRUHDSRLLQ,5$QHIURWR[LF
&HO PDL IUHFYHQW GHFHVXO DSDUH FD XUPDUH D XQRU WXOEXUUL KLGURHOHFWUROLWLFH
KLSHUSRWDVHPLH KLSHUKLGUDWDUH  LQIHFLL KHPRUDJLL JDVWURLQWHVWLQDOH FRPSOLFDLL
FDUGLRYDVFXODUHVDXSXOPRQDUH
&RPSOLFDLL,5$
 PHWDEROLFH
tQ ID]D GH ROLJRDQXULH KLSHUSRWDVHPLH DFLGR] PHWDEROLF KLSHUKLGUDWDUH
KLSRFDOFHPLHKLSHUIRVIDWHPLH
tQID]DGHSROLXULHGHVKLGUDWDUHKLSRSRWDVHPLHKLSRQDWUHPLH
 FDUGLRYDVFXODUHHGHPSXOPRQDUDFXWSHULFDUGLWDULWPLLHPEROLHSXOPRQDU
 JDVWURLQWHVWLQDOHKHPRUDJLLJDVWURLQWHVWLQDOHJUHDYRP
 QHXURORJLFHFRQYXOVLLVRPQROHQFRP
 KHPDWRORJLFHDQHPLHWURPER]HYHQRDVH&,'
 LQIHFLRDVHVHSWLFHPLLSQHXPRQLL

,QVXILFLHQUHQDOFURQLF ,5&
'HILQLLH
$QVDPEOXO PRGLILFULORU IXQFLRQDOH UHQDOH L FRQVHFLQHOH DFHVWRUD UH]XOWDWH Q
XUPDUHGXFHULLSURJUHVLYHLLUHYHUVLELOHDIXQFLLORUUHQDOHQXUPDVFGHULLQXPUXOXL
GH QHIURQL IXQFLRQDOL ,5& VH PDQLIHVW SULQ VFGHUHD ILOWUULL JORPHUXODUH UHWHQLH
D]RWDWLPDQLIHVWULSOXULYLVFHUDOH
(WLRORJLH
&RQIRUP HYDOXULORU $VRFLDLHL (XURSHQH GH 'LDOL] L 7UDQVSODQW ('7$  FD L Q
PDMRULWDWHDVWDWLVWLFLORUJORPHUXORSDWLLHFRQVWLWXLHSULQFLSDODFDX]D,5&0DLGHWDOLDW
SULQFLSDOHOHFDX]HVXQW
 QHIURSDWLLOHJORPHUXODUH  
tSULPDUH *1 IRFDO L VHJPHQWDO *1 PHPEUDQDU *1 SUROLIHUDWLY *1
FURQLFH
tVHFXQGDUH GLDEHW ]DKDUDW *1 SRVWLQIHFLRDV FRODJHQR]H /(6 SROLDUWHULWD
QRGRDVJUDQXORPDWR]D:HJHQHUVFOHUR]DVLVWHPLF DPLORLGR]
 QHIURSDWLLOHWXEXORLQWHUVWLLDOH QMXUGH 
tSLHORQHIULWDFURQLFWXEHUFXOR]DUHQDOQHIURSDWLDGHUHIOX[
tQHIURSDWLL LQWHUVWLLDOH FURQLFH PHGLFDPHQWRDVH DQDOJHWLFH DQWLLQIODPDWRDUH
QHVWHURLGLQHDQWLELRWLFH 
 QHIURSDWLLOHYDVFXODUH  
tQHIURDQJLRVFOHUR]D

tREVWUXFLDDUWHUHLUHQDOH
 QHIURSDWLLFRQJHQLWDOHLVDXHUHGLWDUH  
tULQLFKLSROLFKLVWLF
tVLQGURP$OSRUW
tERDOD)DEU\
tERDODFKLVWLFPHGXODU
 QHIURSDWLLREVWUXFWLYH
tQHIUROLWLD]
tILEUR]WXPRULUHWURSHULWRQHDOH
tDIHFLXQLDOHSURVWDWHL
&LUFDGLQFD]XULOHGH,5&DXRFDX]QHFXQRVFXW
QXOWLPLLDQLQVSHFLDOQ68$QHIURSDWLDGLDEHWLFRFXSSULPXOORFXUPDWQRUGLQH
GH QHIURSDWLLOH YDVFXODUH JORPHUXODUH GH ERDOD SROLFKLVWLF UHQDO L QHIURSDWLLOH
REVWUXFWLYH
0RUIRSDWRORJLH
0DFURVFRSLFQIXQFLHGHQHIURSDWLDGHED]GLPHQVLXQLOHLIRUPDULQLFKLORUYDULD]
 ULQLFKL PLFL VLPHWULFL FX PDUJLQL UHJXODWH Q QHIURDQJLRVFOHUR] L
JORPHUXORSDWLLFURQLFH
ULQLFKLGHGLPHQVLXQLQRUPDOHVDXFKLDUPULLVXQWQERDODSROLFKLVWLFUHQDO
GLDEHW]DKDUDWDPLORLGR]OLPIRDPH
0LFURVFRSLF
 WRDWH HOHPHQWHOH SDUHQFKLPXOXL UHQDO VXQW OH]DWH SURJUHVLY LQGLIHUHQW GH
OH]LXQHDLQLLDO
 DWURILD WXEXODU ILEUR] LQWHUVWLLDO KLDOLQL]DUHD JORPHUXOLORU SQ OD GLVWUXFLD
ORUFRPSOHWHQGDUWHULWREOLWHUDQW
QVWDGLLOHWHUPLQDOHDSDUHHVXWXOFLFDWULFHDOuILEURVVFOHUR]DQWFHQORFXLHWH
HVXWXOUHQDOFXDSDULLDVFOHUR]HLUHQDOH
 GLXUH]D UHVWDQW SUH]HQW Q XQHOH IRUPH VH ED]HD] SH XQ QXPU PLF GH
QHIURQLVQWRLUPDL
)L]LRSDWRORJLDPDULORUVLQGURDPHGLQ,5&
,5& DSDUH FD XUPDUH D XQXL SURFHV GH GLVWUXFLH SURJUHVLY D QHIURQLORU FDUH
FRQGXFHODVFGHUHDQXPUXOXLGHQHIURQLIXQFLRQDOLQSDUDOHOFXGLPLQXDUHDILOWUULL
JORPHUXODUH1HIURQLLGHYLQQPRGDGDSWDWLYKLSHUWURILFLKLSHUIXQFLRQDOLQVFRSXOGH
DFRPSHQVDGHILFLWXOQHIURQLORUGLVWUXL+LSHUIXQFLDVHQVRHWHGHFUHWHUHDIOX[XOXL
SODVPDWLFJORPHUXODULDSUHVLXQLLLQWUDJORPHUXODUHuKLSHUILOWUDUH&UHWHUHDSUHVLXQLL

LQWUDJORPHUXODUH DFFHQWXHD] GHSODVDUHD PDFURPROHFXOHORU FLUFXODQWH  SULQ SHUHLL


FDSLODUHORU JORPHUXODUH L VSUH PH]DQJLX SURGXFQG WRWRGDW OH]LXQL DOH SHUHWHOXL
FDSLODU JORPHUXODU &D XUPDUH DSDUH GHSXQHUHD GH SURWHLQH Q PH]DQJLX WRWRGDW
FX SUROLIHUDUHD FHOXOHORU PH]DQJLDOH DSDULLD KLDOLQR]HL L VFOHUR]HL JORPHUXODUH L Q
FRQVHFLQ UHGXFHUHD Q FRQWLQXDUH D VXSUDIHHL GH ILOWUDUH JORPHUXODU 3H GH DOW
SDUWH DSDU L OH]LXQL WXEXORLQWHUVWLLDOH LQWHUYHQLQG L DOWH PHFDQLVPH WRDWH ILLQG
HOHPHQWHGHSURJUHVLXQHVSUHLQVXILFLHQDUHQDOFURQLF
 KLSHUWHQVLXQHDDUWHULDOVLVWHPLF +7$ 
 GHSXQHULOHGHFDOFLXLIRVIRUQLQWHUVWLLXOUHQDO
 DSRUWSURWHLFLGHIRVIDLFUHVFXW
 PRGLILFULDOHSURILOXOXLOLSLGLF
 IDFWRULKRUPRQDOLFLWRNLQH
'LVWUXJHUHD SURJUHVLY D QXPUXOXL  L D FDOLWLORU IXQFLRQDOH DOH QHIURQLORU FX
VFGHUHD FRQVHFXWLY D ILOWUDWXOXL JORPHUXODU DUH FRQVHFLQH DVXSUD IXQFLLORU
ULQLFKLXOXL5ROXOULQLFKLXOXLQPHQLQHUHDKRPHRVWD]LHLRUJDQLVPXOXLHVWHFRPSOH[
 H[FUHLHSURGXLDLPHWDEROLVPXOXLSURWHLFDSLHOHFWUROLL
 PDWDEROLF VLQWHWL]HD] KRUPRQL HULWURSRHWLQ UHQLQ SURVWDJODQGLQH FDOFLWULRO 
FDWDEROL]HD]SURWHLQH SDUDWKRUPRQFDOFLWRQLQLQVXOLQSURODFWLQLJOXFDJRQ 
Q,5&WRDWHDFHVWHIXQFLLVXQWDOWHUDWH
6FGHUHDIXQFLHLGHH[FUHLHDPHWDEROLLORUD]RWDL
 GHWHUPLQ FUHWHUHD UHWHQLHL FDWDEROLLORU SURWHLFL XUHH FUHDWLQLQ DFLG XULF 
FX DSDULLD DQRUH[LHL JUHXULORU YRP FHIDOHH  $FHDVW FUHWHUH HVWH PDL
DFFHQWXDW FX UHGXFHUHD ILOWUULL JORPHUXODUH UHVSHFWLY FX VWDGLXO HYROXWLY DO
LQVXILFLHQHLUHQDOH
$IHFWDUHDUHJOULLHFKLOLEUXOXLKLGURHOHFWUROLWLFLDFLGRED]LF
 GLXUH]RVPRWLFQVRLWGHSROLXULHLSROLGLSVLH QVSHFLDOQRFWXUQFDUHQX
SRDWHILLQIOXHQDWGH$'+KRUPRQDQWLGLXUHWLF ILLQGSULQWUHSULPHOHVHPQH
GH,5&
 SLHUGHUHDFDSDFLWLLGHFRQFHQWUDUHDXULQHL
 VFDGHFOHDUDQFHXOGHFUHDWLQLQQVWDGLLWHUPLQDOHVXEPOPLQ
 XOWHULRU VFDGH L FDSDFLWDWHD GH GLOXLH D XULQLL  H[LVWQG ULVFXO Q FD]XO
XQXL DSRUW KLGURHOHFWUROLWLF QHFRUHVSXQ]WRU V DSDU KLSHUKLGUDWDUHD L
KLSRQDWUHPLD
 FUHWH H[FUHLD VRGDW GDWRULW SROLXULHL RVPRWLFH L VFGHULL UHDEVRULHL
WXEXODUHDVRGLXOXLFXLQVWDODUHDFRQVHFXWLYDKLSRQDWUHPLHLVHULFH
 LQLLDO SRWDVLXO VHULF HVWH QRUPDO DSRL FUHWH SURJUHVLY Q ID]HOH DYDQVDWH
DOH ,5& JUDLH XQHL FUHWHUL D VHFUHLHL GH . VXE LQIOXHQD DOGRVWHURQXOXL

7RWRGDW QHIURQLL UHVWDQL L SLHUG FDSDFLWDWHD GH H[FUHLH D VXUSOXVXOXL


GH SRWDVLX OD QLYHOXO WXELORU FRQWRUL GLVWDOL H[LVWQG ULVFXO DSDULLHL
KLSHUSRWDVHPLHLQVSHFLDOQDQXPLWHFRQGLLL
t DFLGR]PHWDEROLF
t HURULGLHWHWLFH
t QXUPDDGPLQLVWUULLXQRUPHGLFDPHQWH H[VSLURQRODFWRQLQKLELWRULGH
HQ]LPGHFRQYHUVLHDQWLLQIODPDWRDUHQHVWHURLGLFH 
 KLSRFDOFHPLDVHGDWRUHD]
t GHILFLWXOXL GH DEVRULH GLJHVWLY GH FDOFLX FD XUPDUH D UHGXFHULL VLQWH]HL
UHQDOHGHGLKLGUR[LFROHFDOFLIHURO 
t KLSHUIRVIRUHPLHL
t LQWR[LFDLHLFXDOXPLQLX
 KLSRFDOFLXULDDSDUHFDXUPDUHDGLPLQXULLILOWUULLJORPHUXODUH
 KLSHUIRVIRUHPLDDSDUHODVFGHUHDFOGHFUHDWLQLQVXEPOPLQFDXUPDUHD
VFGHULLILOWUDWXOXLJORPHUXODU
 FUHWHUHD SDUDWKRUPRQXOXL 37+  FX DSDULLD FRQVHFXWLY D
KLSHUSDUDWLURLGLVPXOXL VHFXQGDU FH YD SURGXFH DFWLYDUHD RVWHRFODVWHORU DUH
IDFWRULSUHFLSLWDQL
t KLSRFDOFHPLD
t UHGXFHUHDGLKLGUR[LFROHFDOFLIHURO
t KLSHUIRVIRUHPLD
 DFLGR]PHWDEROLFGHRELFHLQRUPRFORUHPLFFXKLDWXVDQLRQLF +$ FUHVFXW
FDUHDSDUHQXUPWRDUHOHFRQGLLL
t UHGXFHUHDDPRQLRJHQH]HLUHQDOH PHFDQLVPXOFHOPDLLPSRUWDQW 
t UHGXFHUHD UHDEVRULHL WXEXODUH D ELFDUERQDWXOXL DFFHQWXDW GH
KLSHUYROHPLDFRH[LVWHQW
t DFLGLWDWHDWLWUDELOQXHVWHVHPQLILFDWLYDIHFWDW
0RGLILFULHQGRFULQHLPHWDEROLFH
 WXOEXUULDOHPHWDEROLVPXOXLOLSLGLF
t FUHWHUHDWULJOLFHULGHORUD9/'/FROHVWHURO
t VFDGH+'/FROHVWHUROXO
t FUHWHUHDSUHEHWDOLSRSURWHLQHORUVHULFHFXDSDULLDKLSHUOLSRSURWHLQHORUWLS
,9FRQWULEXLQGODDSDULLDDWHURVFOHUR]HLdDFFHOHUDWHs
t ODSDFLHQLLKHPRGLDOL]DLFXVROXLHGHDFHWDWDFHDVWVXEVWDQFRQWULEXLH
ODKLSHUOLSHPLH

 PRGLILFULDOHPHWDEROLVPXOXLJOXFLGLF
t VFDGHWROHUDQDODJOXFR]
t KLSHULQVXOLQLVP
 PRGLILFULHQGRFULQH
t FUHWH VHFUHLD GH UHQLQ FX DFWLYDUHD ODQXOXL UHQLQDQJLRWHQVLQ
DOGRVWHURQ
t VFGHUHDVLQWH]HLUHQDOHGHHULWURSRHWLQ
t VFGHUHDVLQWH]HLPHWDEROLWXOXLDFWLYDOYLWDPLQHL'
t VFGHUHDVLQWH]HLGHSURVWDJODQGLQH
&ODVLILFDUHDLQVXILFLHQHLUHQDOHFURQLFH
&ODVLILFDUHDJHUPDQVWDELOHWHXUPWRDUHVWDGLLDOH,5&
FRPSHQVDWFOLQLF
UHWHQLHD]RWDWIL[
SUHXUHPLF
XUHPLF
$OWFODVLILFDUHIRORVLWPDLDOHVQSUDFWLFSHVWDGLLHYROXWLYHOXQGQFRQVLGHUDUH
FULWHULL GH ODERUDWRU FOHDUDQFH GH FUHDWLQLQ XUHH FUHDWLQLQ VHULF FDSDFLWDWH GH
FRQFHQWUDLH LFOLQLFH PDQLIHVWULSOXULYLVFHUDOH 
VFGHUHDUH]HUYHLUHQDOH
 FOHDUDQFHGHFUHDWLQLQHVWHQRUPDO POPLQP GDUUH]HUYDUHQDO
HVWHGLPLQXDW QXDUHORFFUHWHUHDQRUPDODILOWUULLJORPHUXODUHODDQXPLL
VWLPXOLGLHWDKLSHUSURWHLFVDUFLQD 
 XUHHDLFUHDWLQLQDVHULFVXQWQRUPDOH
 DVLPSWRPDWLF
LQVXILFLHQUHQDOLQFLSLHQW
 FOHDUDQFHGHFUHDWLQLQPOPLQP
 IXQFLDUHQDOUHVWDQWUHGXVSQODGLQQRUPDO
 FUHDWLQLQDVHULFSQODPJGOXUHHDVHULFFUHWHSQODFFDPJGO
 SROLXULHQLFWXULHVFGHUHDFDSDFLWLLGHFRQFHQWUDUHDXULQLL
 KRPHRVWD]LDFDOFLXOXLIRVIRUXOXLLSRWDVLXOXLDGHFYDW
 DSDUDOWHUULDOH37+FDOFLWULROXOXLLLQVXOLQHL
LQVXILFLHQUHQDOPHGLH
 FOHDUDQFHGHFUHDWLQLQPOPLQP

 IXQFLDUHQDOUHVWDQWGLQQRUPDO
 FUHDWLQLQDVHULFPJGOXUHHDVHULFPJGO
 SROLXULHQLFWXULHL]RVWHQXULH
 VHPQHOH L VLPSWRPHOH ,5& GHYLQ PDQLIHVWH DQHPLH WXOEXUUL DOH
PHWDEROLVPXOXLIRVIRFDOFLF+7$ LQHFHVLWFRUHFWDUH
 SDFLHQWXO WUHEXLH SUHJWLW Q YHGHUHD WUDWDPHQWXOXL GH VXSOLQLUH D IXQFLHL
UHQDOH
,QVXILFLHQUHQDOVHYHUuXUHPLD
 FOHDUDQFHGHFUHDWLQLQVFDGHVXEPOPLQP
 IXQFLDUHQDOUHVWDQWVXE
 FUHDWLQLQDVHULFSHVWHPJGOXUHHDVHULFSHVWHPJGO
 SROLXULHVDXROLJXULHuQVWDGLXODYDQVDW
 PDQLIHVWULSOXULYLVFHUDOHVHYHUH
 WUDWDPHQWXOLQGLFDWHVWHFHOGHVXSOLQLUHDIXQFLHLUHQDOH
7DEORXFOLQLFLSDUDFOLQLF
0DQLIHVWULFDUGLRYDVFXODUH
 KLSHUWHQVLXQHD DUWHULDO VLVWHPLF +7$  HVWH FRQVHFLQD KLSHUHQLQLVPXOXL D
KLSHUYROHPLHLGHQHIURSDWLDGHED]GHVHFUHLDGHFDWHFRODPLQHFRQVWLWXLH
IDFWRU GH DJUDYDUH GH SURJUHVLXQH D ,5& L GH ULVF FDUGLRYDVFXODU Q VSHFLDO
FRURQDULDQFHUHEUDO 
 SHULFDUGLWD SURGXV GH KLSHUXULFHPLH KLSHUKLGUDWDUH KLSHUSDUDWLURLGLVP
SUHFLSLWDUHGHVUXULGHFDOFLXSRDWHILFDX]GHGHFHV
 FDUGLRPLRSDWLD KLSHUWURILF DSDUH Q FRQWH[WXO SUH]HQHL +7$ D DQHPLHL D
WXOEXUULORUHOHFWUROLWLFHD37+
 DWHURVFOHUR]D dDFFHOHUDWs SDUWLFLS OD SURJUHVLD ,5& HVWH SURGXV GH +7$
KLSHUOLSRSURWHLQHPLH WROHUDQ VF]XW OD JOXFR] GHELWXO FDUGLDF FRQVWDQW
FUHVFXWFDOFLILFULPHWDVWDWLFHYDVFXODUHLPLRFDUGLFHYDOYXODUH
 HGHPXO SXOPRQDU DFXW FD L FDX]H KLSHUKLGUDWDUHD LQVXILFLHQD YHQWULFXODU
VWQJDJUDYDWGH+7$UVSXQGHODWUDWDPHQWXOFXGLDOL]
0DQLIHVWULSOHXURSXOPRQDUH
 UHVSLUDLHSDWRORJLF&KH\QHu6WRNHV.XVVPDXO
 SOPQXUHPLFFRQJHVWLHLHGHPSXOPRQDUQOLSVDKLGUDWULLHYLGHQWHDSDUH
GDWRULW FUHWHULL SHUPHDELOLWLL PHPEUDQHL FDSLODUH DOYHRODUHHYLGHQLDELO
UDGLRORJLF u FRQJHVWLH YDVFXODU SHULIHULF DVSHFW GH dDULSL GH IOXWXUHs
UVSXQGHODWUDWDPHQWXOFXGLDOL]

 SQHXPRQLLEURQKRSQHXPRQLL
 FROHFLLSOHXUDOHFDX]HKLSHUKLGUDWDUHDXUHPLD7%&VFXUJHUHDGLDIUDJPDWLF
GHOLFKLGQFDYLWDWHDSOHXUDO
 LQVXILFLHQUHVSLUDWRULH
 VLQGURPXODSQHHLQVRPQ
0DQLIHVWULKHPDWRORJLFH
 DQHPLDHVWHQRUPRFURPQRUPRFLWDUDUHJHQHUDWLYQJHQHUDOFXVLGHUHPLH
QRUPDOVDXXRUVF]XWDSDUHQVSHFLDOODSDFLHQLLFX,5&ODXQFOHDUDQFH
GHFUHDWLQLQGHVXEPOPLQPGHHWLRORJLHPXOWLIDFWRULDO
t GHILFLW GH HULWURSRHWLQ VLQWH] UHGXV SUH]HQD LQKLELWRULORU GH
HULWURSRHWLQLWR[LQHORUXUHPLFH 
t KHPROL]H[DJHUDW
t VQJHUUL
t LQWR[LFDLDFXDOXPLQLX
 WXOEXUUL GH KHPRVWD] u SURGXVH GH PRGLILFUL FDOLWDWLYH L FDQWLWDWLYH DOH
WURPERFLWHORU
 DQRPDOLLOHXFRFLWDUHuEROQDYLLFX,5&DXRVHQVLELOLWDWHVSHFLDOSHQWUXLQIHFLL
SULQGHILFLWHOHXFRFLWDUH
 LPXQRORJLFHGHILFLWLPXQLWDULQIHFLLEDFWHULHQHYLUDOHIXQJLFH
0DQLIHVWULRVRDVH
7RWDOLWDWHD PDQLIHVWULORU VFKHOHWLFH GDWRUDWH PRGLILFULORU DOH PHWDEROLVPXOXL
IRVIRFDOFLF OD SDFLHQLL FX ,5& VH QXPHWH RVWHRGLVWURILD UHQDO 6H DVRFLD]
DVWIHO Q SURSRULH YDULDELO OH]LXQL GH RVWHRPDODFLH GH dRV DGLQDPLFs FX FHOH GH
KLSHUSDUDWLURLGLVPVHFXQGDU
 RVWHRPDODFLD
tFDX]HGLPLQXDUHDVLQWH]HLGHFDOFLWULROVDXDFXPXOULLGHDOXPLQLX
tHVWHUHVSRQVDELOGHDSDULLDGXUHULORURVRDVH VSRQWDQHVDXODSUHVLXQH 
tELRORJLFFUHWHUHDIRVIDWD]HLDOFDOLQH37+UHGXV
tUDGLRORJLF PULUHD WUDQVSDUHQHL RVRDVH GHPLQHUDOL]DUHD RVRDV  VWULXULOH
/RRVHU0LONPDQ ODQLYHOXORDVHORUED]LQXOXLFHIDYRUL]HD]IUDFWXULOH 
tELRSVLDRVRDVUHOHYVFGHUHDFDOFLILFULLPDWULFHLRVRDVH
 RVWHLWDILEURFKLVWLFHVWHFRQVHFXWLYKLSHUSDUDWLURLGLVPXOXLVHFXQGDU
tHVWH UHVSRQVDELO GH DUWUDOJLL IUDFWXUL SUXULW GXUHUL PXVFXODUH FDOFLILFUL
PHWDVWDWLFH QSHUHLLYDVFXODUL 
tIDYRUL]HD]DSDULLDFDUGLRPLRSDWLHLKLSHUWURILFH

tELRORJLF
 FDOFHPLDFUHVFXWVDXVF]XW
 KLSHUIRVIDWHPLH
 FUHWHUHDDFFHQWXDWDIRVIDWD]HLDOFDOLQH
 FUHWHUHD37+
tUDGLRORJLF FUHWHUHD WUDQVSDUHQHL RVRDVH OL]D RVRDV OD QLYHOXO IDODQJHORU
H[WUHPLWLLH[WHUQHDFODYLFXOHORU
tELRSVLDRVRDVRVWHLWILEURDV
 OH]LXQLRVRDVHDGLQDPLFH DSODVWLFH 
 DPLORLGR]DGHGLDOL]
 RVWHRGLVWURILDUHQDOGXSWUDQVSODQW
0DQLIHVWULGLJHVWLYH
VWRPDWLWDJLQJLYLWHSDURWLGLWH
IRHWRUXUHPLFuPLURVXOGHXULQDPRQLDFDODOUHVSLUDLHL
DQRUH[LHJUHXULYUVWXULWXOEXUULGHVFDXQuFRQVWLSDLH
GLVSHSVLHVHGDWRUHD]D]RWHPLHL
JDVWULWHLKHPRUDJLLSULQXOFHUDLLJDVWURLQWHVWLQDOH
tFHGXFHODSLHUGHULVDQJXLQHFURQLFH
tOD FFD  GLQWUH SDFLHQL SRDWH DSUHD XOFHUXO SHSWLF FX R FRORQL]DUH PDL
IUHFYHQWFX+HOLFREDFWHUS\ORUL
 SDQFUHDWLWLQVXILFLHQSDQFUHDWLF
 DVFLWuDSDUHPDLIUHFYHQWODSDFLHQLLGLDOL]DL
 KHSDWLWHYLUDOHFXYLUXVXUL%&'*uQVSHFLDOODSDFLHQLLGLDOL]DL
0DQLIHVWULQHXURORJLFH
 FHUHEUDOH
tDFFLGHQWHYDVFXODUHFHUHEUDOHuGHWHUPLQDWHGHSXVHHKLSHUWHQVLYH
tFUL]H FRQYXOVLYH GDWRUDWH KLSHUKLGUDWULL WXOEXUULORU HOHWUROLWLFH VDX
HQFHIDORSDWLHLKLSHUWHQVLYH
tWXOEXUULGHFRQWLHQ
tFRP
 SHULIHULFH
tILEULODLLPXVFXODUHFUDPSH
tSROLQHYULWD VHQ]LWLY L PRWRULH SHULIHULF ELODWHUDO SUHGRPLQDQW QRFWXUQ
VLQGURPXOdSLFLRDUHORUQHOLQLWLWHs uPDQLIHVWDUHWLPSXULHGH,5&

0DQLIHVWULSVLKLFH
 HXIRULHQHPRWLYDWGHSUHVLHDVWHQLHDQ[LHWDWHGHPHQSVLKR]
0DQLIHVWULHQGRFULQH
 UHWDUGDUHQFUHWHUHuQLYHOSODVPDWLFFUHVFXWDO67+ KRUPRQVRPDWRWURS 
 KLSHUSDUDWLURLGLVPVHFXQGDU
 JXODSQODGLQWUHSDFLHQLFX,5&
 DPHQRUHHODIHPHLLJLQHFRPDVWLHODEUEDLuGDWRULWQLYHOXOXLVHULFED]DOFUHVFXW
DOSURODFWLQHLDWXOEXUULORUKRUPRQLORUJRQDGRWURSL
0DQLIHVWULGHUPDWRORJLFH
 SLJPHQWDLHXUHPLFFXORDUHJDOEHQPDURQLH
 SDORDUHGDWRULWDQHPLHL
 WXUJRUFXWDQDWUHGXVLOH]LXQLGHJUDWDM
 XUHPLGHd]SDGDXUHPLFsuFRQFHQWUDLDXUHHLQWUDQVSLUDLHSRDWHILDWWGHPDUH
QFWUPQHRSXOEHUHDOEILQSHVXSUDIDDWHJXPHQWHORU
 QWU]LHUHDYLQGHFULLSOJLORU
 SUXULWH[FRULDLL
0DQLIHVWULRFXODUH
 FRQMXQFWLYLWHNHUDWLWH
 GHSR]LWHIRVIRFDOFLFHudUHGH\Hs
 UHWLQRSDWLHKLSHUWHQVLY
'LDJQRVWLF
'HSLVWDUHD,5&VHSRDWHIDFHFHOPDLIUHFYHQWQXUPWRDUHOHVLWXDLL
 QFDGUXOXQXLELODQVLVWHPDWLF
 Q SUH]HQD XQRU VLPSWRPH SURSULL QHIURSDWLHL UHVSRQVDELOH GH ,5& HGHP +7$
KHPDWXULHSURWHLQXULHHWF 
 GHILFLW GH IXQFLH UHQDO SXV Q HYLGHQ FX RFD]LD XQHL H[DPLQUL ELRORJLFH GH
UXWLQVDXDXQHLFRPSOLFDLL WXOEXUULGLJHVWLYHDFFLGHQWYDVFXODUFHUHEUDOSXVHX
+7$DQHPLH 
(WDSHOHGHGLDJQRVWLFDOH,5&
DILUPDUHD H[LVWHQHL LQVXILFLHQHL UHQDOH SH ED]D YDORULORU FUHVFXWH DOH XUHHL
FUHDWLQLQHLVHULFHLDVFGHULLFOHDUDQFHXOXLFUHDWLQLQLF
DSUHFLHUHDFDUDFWHUXOXLFURQLFDOLQVXILFLHQHLUHQDOHuSUH]HQDDQHPLHLDYDORULORU
FUHVFXWH DOH XUHHL D FUHDWLQLQHL GH SHVWH  OXQL D VLQGURPXOXL XUHPLF SUHOXQJLW
SUH]HQD RVWHRGLVWURILHL UHQDOH UHGXFHUHD VLPHWULF D GLPHQVLXQLORU UHQDOH FX
H[FHSLDGLDEHWXOXL]DKDUDWDPLORLGR]ULQLFKLSROLFKLVWLF 

LGHQWLILFDUHD GDF HVWH SRVLELO D QHIURSDWLHL FDX]DOH JORPHUXODU WXEXOR


LQWHUVWLLDO YDVFXODU HUHGLWDU LVDX FRQJHQLWDO PHWDEROLF  Q IXQFLH GH
FRQWH[WXO FOLQLF VDX Q SUH]HQD UH]XOWDWHORU KLVWRSDWRORJLFH RELQXWH SULQ 3%5
DQWHULRULQVWDOULL,5&
3HQWUXGLDJQRVWLFHVWHLPSRUWDQWVWDELOLUHDVWDGLXOXLHYROXWLYDO,5& YH]LPDLVXVuSH
ED]DXUHHLFUHDWLQLQHLFOHDUDQFHGHFUHDWLQLQ SUHFXPLDIDFWRULORUDJUDYDQL
(YROXLH&RPSOLFDLL
2EVHUYDLD FOLQLF GHPRQVWUHD] F HYROXLD QHIURSDWLLORU FWUH ID]D ILQDO HVWH
YDULDELO 7HUPHQXO ILQDO GH HYROXLH DO QHIURSDWLLORU FURQLFH HVWH UHSUH]HQWDW
PRUIRORJLFGHVFOHUR]DUHQDOLDUFOLQLFGHXUHPLHuVWDGLXOWHUPLQDODO,5&
$FHDVW HYROXLH PDL UDSLG VDX PDL OHQW FWUH XUHPLH HVWH Q IXQFLH Q SULPXO
UQG GH IRUPD PRUIRFOLQLF D QHIURSDWLHL 6SUH H[HPSOX QWUXQ IHO HYROXHD] R
JORPHUXORSDWLH L DOWIHO HYROXHD] R QHIULW WXEXORLQWHUVWLLDO VDX R QHIURSDWLH
YDVFXODU%RDODSROLFKLVWLFUHQDOLQHIURSDWLLOHLQWHUVWLLDOHDXRHYROXLHPDLOHQW
GHFW JORPHUXORQHIULWHOH FURQLFH L QHIURDQJLRVFOHUR]D 0DL PXOW QF Q FDGUXO
DFHOHLDLJUXSHGHQHIURSDWLLH[LVWIRUPHFOLQLFHFXHYROXLHYDULDELO
([FHSWQG QV WLSXO GH QHIURSDWLH SURJUHVLD EROLL UHQDOH FURQLFH HVWH GHWHUPLQDW
GH H[LVWHQD XQXLD VDX PDL PXOWRU IDFWRUL FDUH DJUDYHD] VDX DFFHOHUHD] HYROXLD
QHIURSDWLHLFURQLFHVSUHID]DILQDO3ULQFLSDOLLIDFWRULDJUDYDQLDL,5&VXQWSUH]HQWDL
PDLMRV
tKLSHUWHQVLXQHDDUWHULDOVLVWHPLF
tGLVOLSLGHPLLOHFXHIHFWXOORUVHFXQGDUDWHURVFOHUR]D
tFLWRNLQHOHFKHPRNLQLQHOHIDFWRULYDVRDFWLYL
tIDFWRUXOSODFKHWDU
tPRGLILFULWXEXORLQWHUVWLLDOHuREVWDFROSHFLOHH[FUHWRDUH
tLQVXILFLHQDFDUGLDF
tDGPLQLVWUDUHDGHPHGLFDPHQWHQHIURWR[LFH
tLQIHFLL
tSURWHLQXULD
tWR[LQHOHXUHPLFH
tDQHPLD
tKLSHUSDUDWLURLGLVPXOVHFXQGDU
tPDOQXWULLDSURWHLQFDORULF
3ULQWUHSULQFLSDOHOHFRPSOLFDLL
tWXOEXUULKLGURHOHFWUROLWLFHLDFLGRED]LFH
tLQVXILFLHQDFDUGLDFJOREDO1<+$,9

tHQFHIDORSDWLDKLSHUWHQVLY
tFRDJXODUHDLQWUDYDVFXODUGLVHPLQDW
tDWHURVFOHUR]DDYDQVDWFXWRDWHFRPSOLFDLLOHFHGHULYGLQHD
tKHPRUDJLFH
tDQHPLDPDUFDW
tFRPSOLFDLLRVRDVHIUDFWXUL
tSHULFDUGLWDH[XGDWLY
tFDQFHUUHQDO
tVHSWLFHPLL
tOLPIRDPH
tVLQGURPXOGHdWXQHOFDUSLDQs

S-ar putea să vă placă și