Igiena Si Sanatatea Mediului - Grad Ligia PDF

8QLYHUVLWDWHD75$16,/9$1,$%UDRY)DFXOWDWHDGH0HGLFLQ'LVFLSOLQD,JLHQ L6QWDWHD0HGLXOXL
,*,(1 ,617$7($0(',8/8,

'U/,*,$*5$'
$VLVWHQWXQLYHUVLWDU

&835,16
,JLHQD6FXUWLVWRULF
(FRORJLHXPDQ L LJLHQ
9LD D&UHWHUHDLGH]YROWDUHDPEWUvQLUHD0RDUWHD
%LRULWPXULOH
)DFWRULLPHGLXOXLIL]LFLLQIOXHQ DORUDVXSUDVQW LL
&OLPD9UHPHD$FOLPDWL]DUHD
$HUXO
$SD
+DELWDWXO
,QVWLWX LLOHSXEOLFH
6SLWDOXO
$HURPLFURIORUD
,JLHQDDOLPHQWD LHL
/DSWHOHLSURGXVHODFWDWH
3URWHLQHOH
/LSLGHLJUVLPLDOLPHQWDUH
2X LSUHSDUDWH
&DUQHLSHWHGHULYDWH
*OXFLGHLGXOFLXUL
6WLPXODUHDGH]YROWULLFRSLOXOXLSUHFRODU
%LEOLRJUDILH
,*,(1$6&857,6725,&
,JLHQD SULPLWLY VH FRQIXQG FX SURFHVXO GH FRQVWLWXLUH D QRUPHORU HOHPHQWDUH GH
YLD 3UDFWLFLOH LJLHQHL UXGLPHQWDUH DX FDUDFWHU HPSLULF UH]XOWkQG GLQ REVHUYD LD RPXOXL L
GLQ GHSULQGHUL SULYLQG FXU HQLD FRUSRUDO vQ ORFXLQ H vQ MXUXO ORUFDOLWDWHD KUDQHL
FRPHVWLELODDSHLGHEXWSRWDELO5HVSHFWDUHDDFHVWRUQRUPHHVWHFRQVLGHUDW LQL LDOR

GDWRULHUHOLJLRDV FHDVLJXU VHFXULWDWHDELRORJLF DFRPXQLW LLSULPLWLYH
/D QLYHO WLLQ LILF SULPHOH UHJXOL L SULQFLSLL GH LJLHQ DSDU RGDW FX LQVWLWXLUHD
SURIHVLXQLLPHGLFDOHvQVFULHULOHKLSRFUDWLFHJVLPJHUPHQLLLJLHQHL*UHFLDDQWLF DHD] SH

SULP SODQLJLHQD LQGLYLGXDO LDU URPDQLL IDF WUHFHUHDOD IXQF LLOH VRFLDOH DOH LJLHQHLSXEOLFH
FRQVWUXF LL VOLGHJLPQDVWLFPDVDMFDQDOL]ULSULQDSHGXFWHELSXEOLFHWHUPH7RWvQ

5RPD DQWLF VH UHJOHPHQWHD] vQKXPDUHD FDGDYUHORU FRQWUROXO VDQLWDU DO DOLPHQWHORU
DVDQDUHDPODWLQLORUFXU HQLDRUDXOXL'HODVWUPRLLQRWULJHWRGDFLLSVWUPHOHPHQWHGH
LJLHQ SXEOLF FLVWHUQHOH SHQWUX DS GH EXW SUHFXP L L]YRDUHOH WPGXLWRDUH DFWXDOHOH
*HRDJLX%LL+HUFXODQH
&UHWLQLVPXO FD UHOLJLH RILFLDO vQVHDPQ R SHULRDG GH GHFGHUHD FRQFHSWXOXL PHQV
VDQDLQFRUSRUHVDQRRSUHRFXSDUHH[FHVLY SHQWUXLJLHQDFRUSRUDOUHSUH]HQWkQGXQSFDW
(YXO0HGLXSULQHSLGHPLLU]ERDLHLGHSODVULGHSRSXOD LLDGXFHSHUWXUEULLPSRUWDQWHvQ
YLD DHFRQRPLFRVRFLDO DSRSRDUHORU6HLPSXQHWUH]LUHDGLQLJQRUDQ LOXDUHDXQRUPVXUL

UD LRQDOHFDUDQWLQHOHJLVOD LHVDQLWDUPHGLFLRILFLDOLDLRUDHORU
6HFROHOH;9, ;9,,,UHSUH]LQW SHULRDGDGHUHQDWHUHDLJLHQHLPRGHUQHED]DW SH
FXQRWLQ H GH IL]LF FKLPLH IL]LRORJLH HWF 0HGLFLQD GH VWDW HVWH RUJDQL]DW vQ SROL LD
PHGLFDOLPHGLFLQDMXGLFLDU$SDUSULPHOHOXFUULGHDOLPHQWD LHLFRQGXLW UD LRQDOQ
FHUFHWDUH VH UHPDUF 3DUDFHOVXV FDUH GHVFULH EROLOH SURIHVLRQDOH DOH PLQHULORU L SXEOLF
WUDWDWXO'HORQJDYLWDFRQVDFUDWvQPDUHSDUWHSUREOHPHORUGH LJLHQ
3DWRORJLD LQGXVWULDO HVWH DERUGDW GH %HUQDUGLQR 5DPD]LQQL vQ FDUWHD 'HVSUH EROLOH
PHVHULDLORULDU ,RKDQ3HWHU)UDQFN UHDOL]HD] OXFUDUHDvQ YROXPH6LVWHPXOXQHL

SROL LL VDQLWDUH FRPSOHWH FDUH LQFOXGH WRDWH GRPHQLLOH LJLHQHL HO LQWURGXFH
QR LXQHDGHSURILOD[LHPHGLFDOLGHVWDWVXEOLQLLQGUROXOPHGLFXOXLvQHGXFD LDVDQLWDU
LvQLQIOXHQ DUHDDXWRULW LORU
6HFROXO;9,,,PDUFKHD] vQFHSXWXOXQRUDF LXQLGHRUJDQL]DUHVDQLWDU vQ ULOHURPkQH
FDUDQWLQHvPSRWULYDFLXPHLODJUDQL H7UDQVLOYDQLDPHGLFLDLRUDHORUVSLWDOHGHVWDWFX

URODQWLHSLGHPLFYDFFLQDUHDQWLYDULROLF REOLJDWRULHDFRSLLORU
3ULPDMXPWDWHDVHFROXOXL;,;VHFDUDFWHUL]HD] SULQSURSDJDUHDVFULV D FXQRWLQ HORU
GH LJLHQ L HSLGHPLRORJLHRUJDQLF OHJDWH vQWUR GLVFLSOLQ SURILODFWLF XQLWDU 8Q QXPH
FHOHEUX vQ 7UDQVLOYDQLD HVWH FHO DO 'U 3DYHO 9DVLFL LJLHQLVW HSLGHPLRORJ WUDGXFWRU vQ
OLPEDURPkQ D0DFURELRWLFLLvQYROXPH%UDRY
Q'U*KHRUJKH&LXFXUHDQX SUH]LQW GRPQLWRUXOXL*ULJRUH$O*KLNDSULPXOFRGGH
RUJDQL]DUH VDQLWDU GLQ 3ULQFLSDWHOH 5RPkQH 3URLHFWXO SHQWUX DH]PkQWXO PHGLFDO DO
0ROGRYHL FX XQ FDSLWRO ,JLHQD SXEOLF ,OXPLQLVPXO VWLPXOHD] R ERJDW OLWHUDWXU
DFFHVLELO PDVHORU ODUJL UHYLVWH EURXUL FU L PHGLFDOH XQHOH FX XQ SURQXQ DW FDUDFWHU GH
HGXFD LH VDQLWDU 2JOLQGD VQW LL L D IUXPXVH LL RPHQHWL(SLVFRSHVFX
$QWURSRORJLD VDX VFXUW FXQRWLQ GHVSUH RP L 'LHWHWLFD VDX vQY WXUD D SVWUD
vQWUHDJDVQWDWHDOH'U3DYHO9DVLFL
(&2/2*,(80$1 ,,*,(1
&RQFHSWRLNRV FDVDGSRVWORFGHYLD HFRQRPLH
ORJRV WLLQ
x HFRORJLDUHSUH]LQW VWXGLXOYLH XLWRDUHORUDFDV ODHOHvQPHGLXOORUGHYLD >S@

,VWRULF 2PXO SULPLWLY vL PDQLIHVW QHYRLD GH FRQVHUYDUHDSUvQGXVH vPSRWULYD IULJXOXL
IRDPHLLL]ROULLLGH]YROW HPSLULFDSWLWXGLQLVHKUQHWHVHDGSRVWHWHGHVFRSHU IRFXO
L XQHOWHOH $FHVWH UXGLPHQWH GH GHSULQGHUL HFRORJLFH DSDU SHQWUX SULPD GDW PHQ LRQDWH vQ
WH[WHOHDQWLFHGLQ(JLSW,QGLD&KLQD0HVRSRWDPLD*UHFLD,PSHULXO5RPDQ(YXO0HGLXL
5HQDWHUHD DGXF PUWXULL VFULVH GHVSUH YvQDW DJULFXOWXU SHVFXLW VHULFLFXOWXU 6HFROHOH
;9,,,;,; vQUHJLVWUHD] LPSRUWDQWH GHVFRSHULUL WLLQ LILFH vQ JHRJUDILH IL]LF ELRORJLH
,VWRULD QDWXUDO WLLQ LILF LQFOXGH VWXGLL GH ELRPHWULH VWDWLVWLF DUKLWHFWXU D FXLEXULORU
GH]YROWDUHDSXLORU>S@
3HUVRQDOLW L /LQQH%XIIRQ5HDXPXU0RHELXV+DHFNHO'DUZLQ.XOLH6HYHU RY
Q VHFROXO ;; 6KHOOIRUG GHVFRSHU OHJHD VXFFHVLXQLL HFRORJLFH LDU (OWRQ IDFH XQ VWXGLX DO
SRSXOD LLORU
Q5RPkQLD,RQ,RQHVFXGHOD%UDGHVWHIRQGDWRUXOvQY PkQWXOXLVXSHULRUDJURQRPLFDYkQG
QXPHURDVHVWXGLLGHSURWHF LD QDWXULLVROXOXLLGHFUHWHUHDDQLPDOHORU6XQWUHQXPL LVDYDQ LL

URPkQL*ULJRUH$QWLSD(PLO5DFRYL ,RQ%RUFHD*HRUJH%XMRUHDQHWFLDUGLQWUHPHGLFL
'U1LFRODH/HRQ,RQ&DQWDFX]LQR9LFWRU%DEH>S@
'RPHQLL vQUXGLWH ELRORJLD JHRJUDILD FOLPDWRORJLD PHWHRURORJLD IL]LFD FKLPLD

PDWHPDWLFDVWDWLVWLFDFLEHUQHWLFDIL]LRORJLDPRUIRORJLDJHQHWLFDELRFKLPLDHPEULRORJLD
2GDW FXGH]YROWDUHDVLOYLFXOWXULLDJRQRPLHLKLGURWHKQLHLDUKLWHFWXULLLJLHQHLVHDGDXJ QRL

VSHFLDOLWLFDUHUH]ROY SUREOHPHOHSUDFWLFHDOHHFRORJLHL
(FRORJLD XPDQ VH GH]YROW GXS SULQFLSLLOH HWLFLL PRUDOHL vPSUWLQG LGHL FRPXQH FX
VRFLRORJLDSVLKRORJLDDUWDUHOLJLDLILORVRILD
6XEGLYL]LXQL
HFRORJLHDSODQWHORUDQLPDOHORUSDVDULORUDDOJHORUDPLFURRUJDQLVPHORU
HFRORJLHDKDELWDWXOXLDPHGLXOXLDHULDQWHUHVWUXDFYDWLFDSHGXOFLPDULQHHWF
HFRORJLHXPDQVWXGLXOVRFLHW LLXPDQH
HFRORJLHDUHVXUVHORUXPDQHDWUDQVSRUWXULORUSULYLW GLQSXQFWGHYHGHUHHFRQRPLF
HFRORJLH VLVWHPLF YLD D SULYLW GXS PRGHOXO FLEHUQHWLF SH QLYHOXUL GLIHULWH GH LQWHJUDUH
ELRORJLF >S@
2%,(&7,9
6WLLQ HOHHFRORJLFHYHULILF LFHUWLILF OHJLOHFHJXYHUQHD] LQWHUDF LXQHDRUJDQLVPHORUYLL

FX PHGLXO vQFRQMXUWRU FUHWHUHD GH]YROWDUHD SURGXF LD ELRORJLF FH DVLJXU
SHUSHWXDUHDVSHFLLORULVXSUDYLH XLUHDSULYLW FDRDGDSWDUHDLQGLYL]LORUSRSXOD LLORUL

ELRFHQR]HORUODFRQGL LLOHGHH[LVWHQ >S@(FRORJLHPHGLFDO%DUQD&DOFLX
(&2/2*,$80$1
2PXOHVWHVXELHFWLRELHFWDOHFKLOLEUXOXL
(FRVLVWHPHOH XUPHD] V ILH GLULMDWH GH UD LXQHD L YRLQ D RDPHQLORU vQ VFRSXO XQXL
WUDL PDL XRU D XQHL YLH L GH FDOLWDWH L D XQHL VQW L VXSHULRDUH >S@ (FRORJLH
PHGLFDO%DUQD&DOFLX
2%,(&7,9(63(&,),&(
vQ HOHJHUHDFLFOXOXLQDWXUDOYLD PRDUWHLDSURFHVHORUGHGH]YROWDUHDGDSWDUHvPEWUkQLUH

vPEROQYLUH
FXQRDWHUHDIDFWRULORUGHPHGLXLDLQWHUGHSHQGHQ HLORUFXRUJDQLVPHOHYLLSHQWUXDSXWHD
LQWUHYHQLvQIDYRDUHDVQW LLRPXOXL
IRUPDUHDXQRUFRPSRUWDPHQWHFLYLOL]DWHDXQHLDWLWXGLQLHWLFHXPDQLVWHSULQ
x
vQOWXUDUHDULVLSHLLDGHJUDGULLEXQXULORU
SURWHF LDPHGLXOXLQDWXUDOvPSRWULYDSROXULLLDFDODPLW LORU
x
x
SODQLILFDUHDUHVXUVHORULUHFLFODUHDXQRUPDWHULDOH
HYLWDUHDJUHHOLORUDQWHULRDUHvQDOLPHQWD LHFRQVXPGHWR[LFHLVWLOGHYLD
(FRORJLDXPDQ DUHQXPHURDVHDSOLFD LLSUDFWLFH0HWRGHOHIRORVLWHVHED]HD] SHREVHUYD LL

FRQWLQXHFHVXUSULQGYDULD LLOHSHWHUPHQOXQJSURGXVHvQUkQGXOSRSXOD LLORULPDLSX LQDO
LQGLYL]LORU
3ULPHOHSURJUDPHGHHFRORJLH 3URJUDPXO%LRORJLF,QWHUQD LRQDOL
2PXO L ELRVIHUD VXQW XUPDWH GH FRQVWLWXLUHD XQRU IRUPD LXQL VSHFLDOL]DWH &RQVLOLXO
,QWHUQD LRQDO DO 8QLXQLORU WLLQ LILFH &RPLWHWXO 6SHFLDO SULYLQG SUREOHPHOH PHGLXOXL Q
SUH]HQW0LQLVWHUXO0HGLXOXLSDUWLGHOHIRUPD LXQLOHHFRORJLVWHLSROLWLFLOHVWDWDOHDXFDVFRS
IXQF LRQDUHDLQWHJUDW LHFKLOLEUDW DWXWXURUXQLW LORUFXOWXUDOHDOHOXPLL>S@
([LVW R HFRORJLH VSHFLILF XPDQ VRFLDO L FXOWXUDO SROLWLF PLOLWDU L PHQWDO FH
VXEOLQLD] WUVWXULOH DFHVWXL QRX +RPR 6DSLHQV ILLQ FRQWLHQW UD LRQDO YROXQWDU
LQYHQWLY FRQVWUXFWLY L FUHDWRDUH JkQGLQG OD YLD D IHULFLW D FHORU GLQ MXUXO VX GDU L D
JHQHUD LLORUYLLWRDUH>S@
3URJUDPHOH DFWXDOH VH UHIHU DWkW OD SURWHF LD PHGLXOXL L SODQLILFDUHD UHVXUVHORU QDWXUDOH
IRORVLUHD HQHUJLHL VRODUH HROLHQH PDUHLFH JHRWHUPLFH FkW L OD UHFLFODUHD PDWHULDOHORU
ELRGHJUDGDELOHLFRQYHUVLDPDWHULHLRUJDQLFH&HHDFHDGXFHQRX HFRORJLDDFWXDO LLJLHQD

HVWH SUHRFXSDUHD SHQWUX LQIOXHQ D SH FDUH R SRW DYHD IDFWRULL SVLKRVRFLDOL DVXSUD
HFRVLVWHPHORU XPDQH LQGLYLGXDO GH JUXS UHJLRQDO QD LRQDO VDX PRQGLDO 'HL OHJLOH
ELRORJLFHLIL]LFRFKLPLFHQXSRWILFRPSOHWPRGLILFDWHVWLOXOGHYLD DOILHFUHLVRFLHW LDUH

RLPSRUWDQ SULPRUGLDO vQVWDELOLUHDORQJHYLW LLLVQW LLLQGLYL]LORUHL$VWIHOSURJUDPHOH
SHQWUX FRPEDWHUHD VDX GLPLQXDUHD VWUHVXOXL VHGHQWDULVPXOXL IXPDWXOXL FRQVXPXOXL GH
DOFRRO GURJXUL VDUH VDX FRQGLPHQWH vQ H[FHV DX FD VFRS ILQDO FUHWHUHD FDOLW LL YLH LL L
SUHOXQJLUHDVSHUDQ HLGHYLD ODQDWHUH
$OWH SUHRFXSUL PHGLFDOH FH vPEXQW HVF vQVL FRQGL LD XPDQ VXQW FHOH OHJDWH GH
SODQLILFDUHIDPLOLDOWUDQVSODQWIHUWLOL]DUHLQYLWURFORQDUH
x
&HvQVHDPQ vQFRQFHS LDYRDVWU DILHFRORJLVW"
&21&/8=,(
$ IL HFRORJLVW vQVHDPQ D UHVSHFWD YLD D L VQWDWHD D QX WH RSXQH SURJUHVXOXL FLYLOL]D LHL
LGHDOL]vQGQDWXUDFLDVXSUDYHJKHDWUDQVIRUPULOHDQDOL]kQGSODQLILFkQG
'LF LRQDUGHWHUPHQLELRWRSELRFHQR]HFRVLVWHP
9,$$'(=92/7$5($0%751,5($02$57($
9LD D D vQFHSXW DSUR[LPDWLY DFXP WUHLPLOLDUGH GH DQL SULQ RUJDQLVPH XQLFHOXODUH L D
HYROXDWGXS XQPRGHOJHQHWLFSURSULXPDWHULHLYLL'LQSXQFWGHYHGHUHWHUPRGLQDPLFYLD D
UHSUH]LQW
VWDUHD GH HFKLOLEUX HQHUJHWLF R WHQGLQ SHUPDQHQW VSUH HQWURSLH QHJDWLY
&DUDFWHULVWLFDHVHQ LDO DRUJDQLVPHORUYLLHVWHPHWDEROLVPXOILHFUHLFHOXOH>S@
&RQWUDGLF LDGLDOHFWLF DH[LVWHQ HLFRQVW vQFDUDFWHUXOSHUPDQHQWLLQILQLWDOYLH LL SH
GH R SDUWH L vQ H[LVWHQ D OLPLWDW vQ WLPS D LQGLYLGXOXL SH GH DOW SDUWH 'HFLFRQWLQXLWDWHD
YLH LLVHPHQ LQHSULQVXFFHVLXQHDLQGLYL]LORU6SXQHPF YLD DHVWHQHPXULWRDUHGDUIRUPHOH
HLGHPDQLIHVWDUHVXQWSDVDJHUH>S@
1DWHUHD L PRDUWHD VXQW SUDJXUL FDUH QX PDUFKHD] QLFL vQFHSXWXO QLFL VIkULWXO
ILLQ HLHOHUHSUH]HQWkQGVWDGLLDOHXQHLPHWDPRUIR]HQHFHVDUHvQFLFOXOHYROX LHL>*RHWKH@
'HL GXUDWD GH YLD D FHOXOHL DQLPDOH HVWH FRQWURODW SULQ FRGXO JHQHWLF +D\IOLN
ILHFDUHRUJDQLVPUHVLPWHGLIHULWYkUVWDLPRPHQWXOVIkULWXOXL$&DUUHOL/H&RPWHGX1RX\
DSUHFLD] F R ]L GLQ YLD D XQXL RUJDQLVP WkQU HVWH PDL OXQJ GHFkW XQD GLQ YLD D XQXLD
YkUVWQLFGLQDFHHDLVSHFLH
1R LXQHDGHWLPSIL]LFFURQRORJLFIRORVLW vQPRGFXUHQWHVWHvQORFXLW vQHFRORJLHFX
FHDGHWLPSGLQDPLF FDUDFWHULVWLFILHFUHLVSHFLLSURSULXILHFUXLLQGLYLGLFKLDUGLIHULWHORU
RUJDQH>S@
&5(7(5($,'(=92/7$5($ VXQWGRX SURFHVH GLIHULWHGHLFHOHGRX QR LXQLVH

IRORVHVFDGHVHDFDVLQRQLPH
([LVW DQXPLWHFDUDFWHULVWLFLDOHGH]YROWULLXPDQH IL]LFHLQHXURSVLKLFH

&UHWHUHD
x
HVWHXQIHQRPHQFDQWLWDWLYPVXUDELOOXQJLPLSHULPHWUHYROXPHJUHXWDWHGHVSRULUHD
DUHORFvQWUXQRUJDQLVPYLXFkQGSURFHVHOHGHDVLPLOD LHGLQDPELDQ OHGHSHVFSHFHOH
x
x
GLPHQVLXQLORUFRUSRUDOHLPRGLILFDUHDIRUPHLLUDSRUWXOXLvQWUHGLIHULWHVHJPHQWH
GHGH]DVLPLOD LH
VSRULUHDPDVHLFRUSRUDOHVHIDFHSULQWURGLYL]LXQHFHOXODU
UHSUH]LQW DXJPHQWDUHDVXEVWDQ HLYLL9HUZRUQGDWRULW DGXJULLGHPDV YLHFXYDORDUH

VWUXFWXUDO LIXQF LRQDO 5RVVOH>S@
0DWXUD LDGLIHUHQ LHUHDGH]YROWDUHD

x
HVWH XQ SURFHV FDOLWDWLY GH PRGLILFDUH D VWUXFWXULL FRPSR]L LHL IXQF LRQDOLW LL
vQFHSH vQ SDUDOHO FX FUHWHUHD L VH GHVIRDU FX R YLWH] LQYHUV SURSRU LRQDO FX
x
x
FHOXOHORU HVXWXULORURUJDQHORUVLVWHPHORULvQWUHJXOXLRUJDQLVP
DFHDVWD
SUH]LQW SDUWLFXODULW LODFHOHGRX VH[HvQF GLQYLD DLQWUDXWHULQ
'H]YROWDUHD UHSUH]LQW XQFRPSOH[GHPRGLILFULPRUIRORJLFHLIXQF LRQDOHFHVH
SHWUHFWLPSGHGRX GHFHQLLvQHYROX LDRQWRJHQHWLF XPDQGLQPRPHQWXOFRQFHS LHL

SkQ ODDWLQJHUHDVWDGLXOXLGHDGXOW
'H]YROWDUHDODQLYHOVXEFHOXODU
x
&UHVWHUHD VRPDWLF SULYLW FD IHQRPHQ ERLFKLPLF UHSUH]LQW VLQWH]D GH PROHFXOH
3URWHLQD HVWH XQLWDWHD ELRFKLPLF HOHPHQWDU 'H 7RQL vQ]HVWUDW FX FDUDFWHU GH
x
x
RUJDQLFHFXJUHXWDWHPROHFXODU PDUHPDLDOHVSURWHLQH
VSHFLILFLWDWHLFXFDSDFLWDWHGHDXWRUHSURGXFHUH
)DFWRULLHVHQ LDOLvQSURFHVXOGHFUHWHUHVXQW$1'$51GLQQXFOHROLFLWRSODVP L
HQ]LPHOHVSHFLILFHFXUROvQGLYL]LXQHDFHOXODU PLWRWLF
(QHUJLDQHFHVDU IRVIRULOULLHVWHHOLEHUDW GH$73
'H]YROWDUHDODQLYHOFHOXODU
x
&UHWHUHDUHSUH]LQW IHQRPHQXOGHPXOWLSOLFDUHFDULRNLQHWLF FURPRVRPLDO
7HRULL DOH FUHWHULLIHUPHQWD LD DQDHURELRWLF JOLFROL]DGRYDGD HVWH FUHWHUHD UDSLG
)DFWRULLLPSOLFD LVXQWHQ]LPHYLWDPLQHKRUPRQLLSROLDPLQH'H7RQL
vQ HVXWXULDDFLGXOXLODFWLFVDXDOWHIHQRPHQHFHVHGHVIRDU FXFRQVXPGHR[LJHQ
9ROXPXO PD[LP DO FHOXOHL HVWH FRQWRODW JHQHWLF L SXWHUQLF FRQGL LRQDW GH IDFWRUL
SHULVWDWLFLIL]LFLFKLPLFLLQXWUL LRQDOL
&UHWHUHDVHUHDOL]HD] SULQSDWUXPHFDQLVPH
x
x
x
x
PXOWLSOLFDUHDFHOXODUHSLWHOLLPXFRDVHHOHPHQWHILJXUDWHVDQJYLQH
KLSHUWURILH FHOXODU FHOXOH QHUYRDVH L PXVFXODUH IL]LRORJLF XWHUXO vQ VDUFLQ L

SDWRORJLFPLRFDUGXOvQDQJLRFDUGLRSDWLLYDVHOHGHVkQJHUPkQkQGODIHO
GLIHUHQ LHUHFHOXODU SvQ ODvQGHSOLQLUHDIXQF LHLRUJDQXOXLVDX HVXWXOXL
vQFRUSRUDUH GH VXEVWDQ H GH GHSR]LW QHFLWRSODVPDWLFH HVXWXO RVRV FDUWLODJLQRV

DGLSRV
'H]YROWDUHDOHQLYHOWLVXODUYLVFHUDO
x
'H]YROWDUHDLQWUDXWHULQ SUHQDWDO HVWHLQWHQV vQSHULRDGDHPEULRQDUGHIRUPDUHD

YLVFHUHORUSULPHOHWUHLOXQLLFHDGHSHUIHF LRQDUHPRUIRORJLF IRHWDO LHVWHXUPDW
GHRSHULRDG SRVWQDWDO GHWUDQVIRUPULPDLOHQWH
)RUPDUHDRUJDQHORUYLWDOHLQLPFUHLHURFKLXUHFKLSDODWDGLQ LORULD
H[WUHPLW LORUSRDWHILLQWHUIHUDW GHDJUHVLXQHDXQRUIDFWRULGHPHGLXUH]XOWkQG

HPEULRSDWLLOH
3RVWQDWDO GH]YROWDUHD RUJDQHORU L HVXWXULORU OHJDWH IXQF LRQDO VH IDFH vQ LQWHUFRQ
GL LRQDUH UHFLSURFVLVWHP QHUYRV HVXW PXVFXODUVLVWHP RVRV HVXW PXVFXODUFRUG
SXOPRQDSDUDWUHVSLUDWRUVLVWHPQHUYRVFUHLHU RUJDQHGHVLP
x &UHWHUHD VH GHVIRDU DOORPHWULF vQ VHQV FHIDORFDXGDO L SUR[LPRGLVWDOILLQG
LQWHJUDW GH VLVWHPXO QHUYRV FRQWURODW JHQHWLF L OLPLWDW GH DF LXQHD LQWHQV D
IDFWRULORUPH]RORJLFL
5HDPLQWL LY FDOHQGDUXOHPEULRSDWLLORU

%LEOLRJUDILH
3HGLDWULHSUHYHQWLY GH 17ULIDQ(G0HGLFDO%XFXUHWL
,JLHQDGH0QHVFX&XFX7QVHVFX'XPLWUDFKH(GLWXUD0HGLFDO%XFXUHWL
'H]YROWDUHDODQLYHOXORUJDQLVPXOXLFDvQWUHJ
&XUEDFUHWHULLHVWHGHWLSVLJPRLGDOFXRID] GHDXWRDFFHOHUD LHLXQDGHDXWRLQKLEL LH
SXQFWXOGHLQIOH[LXQHILLQGFRUHVSXQ]WRUSXEHUW LLDSUR[LPDWLYDQLILJ
'H]YROWDUHD HVWH IDYRUL]DW GH IXQF LLOH FDUH GHSLQG GH VXSUDID UHVSLUD LH DEVRUE LH
LQWHVWLQDO H[FUH LH VFKLPEXUL RVPRWLFH L OLPLWDW GH FHOH FDUH GHSLQG GH YROXP
PHWDEROLVP>%HUWDODQII\@ILJ
'H]YROWDUHD VRPDWLF VH GHVIRDU FX FRQVXP HQHUJHWLF HVWH FRQWURODW JHQHWLF L
FRQGL LRQDW ODUJGHIDFWRULPH]RORJLFL
'H]YROWDUHDIL]LF VHDSUHFLD] SULQLQGLFDWRULDLFUHWHULL WDOLHJUHXWDWHSHULPHWUH L

LQGLFDWRUL DL PDWXUD LHL RVRDVH GHQWDUH L SXEHUWDUH QXFOHL GH RVLILFDUH IRQWDQHOH
GHQWL LHSURYL]RULHGHILQLWLYFDUDFWHUHVH[XDOHVHFXQGDUH

5
DQL
ILJ
ILJ
5
'H]YROWDUHDODQLYHOXOFROHFWLYLW LL
6HFDUDFWHUL]HD] SULQWURYDULDELOLWDWHFDQWLWDWLY DSDUDPHWULORULGLVSHUVLDYDORULORUvQ

MXUXOXQXLQLYHOPHGLX
'HSLQGHGHFRQGL LLOHGHYLD DJUXSXULORUXPDQH

3HUPLWH VWDELOLUHD VWDQGDUGHORU GH UHIHULQ
L FRPSDUDUHD vQ WLPS L VSD LX D
FROHFWLYLW LORUGXS GLIHULWHFULWHULLYkUVWVH[]RQ JHRJUDILFVWDWXVVRFLDOHWF
(VWHXQLQGLFDWRUDOEXQVWULLIL]LFHSVLKLFHLVRFLDOH
/HJLOHJHQHUDOHDOHFUHWHULL>S@
/HJHDDOWHUQDQ HL
DRDVHOHOXQJLVHDOXQJHVFLVHvQJURD DOWHUQDWLY
E OHJHD EDVFXOHL SHULRDGHOH GH DFWLYLWDWH L UHSDXV VXQW FRQWUDUH SHQWUX GRX RDVH OXQJL
FRQVHFXWLYH DOH DFHOXLDL PHPEUX H[ FkQG KXPHUXVXO FUHWH vQ OXQJLPH UDGLXVXO L XOQD
FUHVFvQJURVLPH
FGH]YROWDUHDUDSLG DXQRURUJDQHL HVXWXULHVWHvQVR LW GHRFUHWHUHPDLOHQWRVWDJQDUH

VDXFKLDURUHJUHVLXQHDDOWRUD>S@
/HJHDSURSRU LLORU
&UHWHUHD VH IDFH vQ WUHL ID]H FH UHVSHFW YDULD LLOH GH SURSRU LL vQWUH OXQJLPHD L JURVLPHD
FRUSXOXLDSUHFRODUDQLEFRODUDQLFDGROHVFHQWWkQUGXS DQLSkQ OD

VWDGLXOGHDGXOW

/HJHDSXEHUW LL
QDLQWHGHSXEHUWDWH OXQJLPHDFRUSXOXLFUHWHSH VHDPDPHPEUHORULQIHULRDUH

SUHGRPLQ SURFHVHOHGHDOXQJLUHRVRDV
VHGH]YROW PDLPXOWRDVHOH
'XS SXEHUWDWH OXQJLPHDFRUSXOXLFUHWHSHVHDPDWUXQFKLXOXL

SUHGRPLQ vQJURDUHDRVRDV
VHGH]YROW PDVDPXVFXODU
/HJHDSODVWLFLW LLIRUPDWLYHYROXWLYH>S@
'H]YROWDUHDDUHORFSULRULWDUvQGRPHQLXOIXQF LRQDOFHOPDLQHFHVDUvQWURHWDS RQWRJHQHWLF
OLPEDMYRUELWDQLOLPE VWLQDQLSRVLELOLW LFRJQLWLY LQWHOHFWLYHDQLIRU

PXVFXODU PD[LPDQL
/HJLOHJHQHUDOHDOHFUHWHULLGHVFULVHGH0ROFLDQRY >S@
5LWPXOFUHWHULLVFDGHFXvQDLQWDUHDvQYkUVW
&UHWHUHD QX HVWH VLPHWULF SHQWUXvQWUHJXO RUJDQLVP L vQ DFHOHDL SURSRU LL HD VH IDFH SH
VHJPHQWHFDUHFUHVFLQHJDO
9DULD LLOHFUHWHULLFRQGL LRQDWHGHHUHGLWDWHLGHIDFWRULLGHPHGLXRVFLOHD] vQWUHDQXPLWH

OLPLWHIL]LRORJLFH
5LWPXOGHFUHWHUHHVWHDFFHOHUDWvQSULPLLGRLDQLGHYLD DSRLVFDGHLVHDFFHQWXHD] GLQ

QRXVSUHSXEHUWDWHDSRLVFDGHRGDW FXVWDELOL]DUHDPDWXUD LHLVH[XDOH
/HJLOH3UHQDQW>S@
&XFkWFHOXOHOHVXQWPDLGLIHUHQ LDWHFXDWkWFUHWHUHDHVWHPDLvQFHDW LLQYHUV
QVWDUHDGHHFKLOLEUXVWDWXUDOQXVHPDLvQUHJLVWUHD] QLFLFUHWHULDOHQXPUXOXLGHFHOXOHQLFL
PRGLILFULDOHPULPLLORU

0%751,5($
QWUH QDWHUH L PRDUWH VH GHVIRDU DWkW FUHWHUHD L GH]YROWDUHD SkQ OD PDWXULWDWH FkW L
DWURILDLQYROX LDLUHJHQHUDUHDDFHVWHDIFkQGSDUWHGLQSURFHVXOvPEWUkQLULL
PEWUkQLUHDIL]LRORJLF vQFHSHGLQVWDGLXOGHDGXOWSHQWUXFHOHPDLPXOWHDSDUDWHLVLVWHPH
GDWRUvQGXVH X]XULL (D WUHEXLH GLIHUHQ LDW GH VHQLOLWDWHD SUHFRFHXQ SURFHV SDWRORJLF([LVW
HVXWXUL FDUH vL vQFKHLH PDL UHSHGH SURFHVXO GH GLIHUHQ LHUH L VH DWURILD] SUHFRFH WLPXVXO
VDX WDUGLY JODQGHOH VH[XDOH$OWH HVXWXUL VH UHJHQHUHD] vL vQORFXLHVF FHOXOHOH X]DWH SULQ
OH]LXQLWDXPDWLFHWR[LFHLQIHF LRDVHFXFHOXOHHPEULRQDUHQWLPSFH HVXWXOKHPDWRSRLHWLF

HSLWHOLXOFXWDQDWLPXFRDVDLQWHVWLQDO DXRPDUHFDSDFLWDWHGHUHJHQHUDUHILFDWXOULQLFKLXO
WLURLGDSDQFUHDVXOLFRUWLFRVXSUDUHQDOHOHVHUHJHQHUHD] IRDUWHSX LQ([LVW LFHOXOHFDUHQX

PDLSRWILvQORFXLWHJDQJOLRQDUHVXSUDUHQDOHLUHWLQLHQH
'XS 6FKOHLFKvPEWUkQLUHDHVWHRPRDUWHOHQWFH GXFHODDEROLUHDFRPSOHW DIXQF LHLGH
vQORFXLUHD HVXWXULORULDUGXS 5RVWDQGHDUHSUH]LQW YHULJDGHOHJWXU FXPRDUWHD'DF VH
SHWUHFHODQLYHOXOVSHFLHLvPEWUkQLUHDHVWHXQIHQRPHQGHLQYROX LHDvQWUHJLLOXPL'HFXJLV
&RQWLQXkQG WHRULD OXL +DQV 6HO\H D DGDSWULL JHQHUDOH OD VWUHV $QD $VODQ UHSUH]HQWDQW D
FROLL URPkQHWL GH HQGRFULQRORJLH DGXFH FRQWLEX LL LPSRUWDQWH OD VWXGLLOH GH JHULDWULH L
JHURQWRORJLH VXEOLQLLQG UROXO JODQGHL VXSUDUHQDOH GH D FRQWUDFDUD X]XUD3URJUDPHOH DFWXDOH
FRPELQ VWUDWHJLLPHGLFDOHLGHRFURWLUHSVLKRVRFLDOSHQWUXDvQFHWLQLSURFHVXOvPEWUkQLULL
LDvPEXQW LFDOLWDWHDYLH LLODYkUVWDDWUHLD
02$57($ QDWXUDO UHSUH]LQW vQFHWDUHD IXQF LRQULL WXWXURU DSDUDWHORU L VLVWHPHORU FX
WUHFHUHDGHODPDWHULDYLHODFHDLQHUW
([LVW PDL PXOWH IRUPH GH WUHFHUH OD PRDUWHD GHILQLWLY FRQVLGHUDWH DUWLILFLDOH RFXO
VLQFRSDFRPD2SULUHDIXQF LHLRUJDQHORUVHIDFHvQRUGLQHLQYHUV DSDUL LHLORU
ILORJHQHWLFH DGLF VXEVWDQ D FHUHEUDO FHD PDL WkQU L XOWLPD FD HYROX LH vL vQFHWHD]
SULPDDFWLYLWDWHD
%LEOLRJUDILH
3HGLDWULDSUHYHQWLY GH117ULIDQ(G0HGLFDO %XFXUHWL>S@
,JLHQDGH0QHVFX&XFX7QVHVFX'XPLWUDFKH (G0HGLFDO%XFXUHWL

%,25,7085,/(
0D[

0LQ
)LJ
'HILQL LHIHQRPHQH FLFOLFHULWPLFH FDUH VHUHSHW FXR DQXPLW SHULRGLFLWDWHDWkWvQOXPHD
SODQWHORULDQLPDOHORUFkWLODRP
$YLFHQDYRUEHWHSHQWUXSULPDGDW GHVSUHWHPSHUDPDQWHOHDQRWLPSXULORULOHJWXUDORUFX
VWULOHPRUELGHDOHRUJDQLVPXOXLOXFUXFDUHLYDJVLDSOLFD LLSUDFWLFH
PDLWkU]LXvQSURILOD[LDEROLORUVH]RQLHUH
5HQH'HVFDUWHVFRPSDU RUJDQLVPXOFXXQFHDVRUQLFLDU*DOLOHR*DOLOHLvLDVHDPQ SXOVXO
FX RVFLOD LLOH SHQGXOXOXL DFHVWHD ILLQG SULPHOH PRGHOH IL]LFH GH GHVIXUDUH OLQLDU D
SURFHVHORU YLWDOH FDUH LQWURGXF QR LQHD GH IUHFYHQ %LRULWPXULOH DX vQV L DOWH
FDUDFWHULVWLFLUH]XOWDWHGLQFDUDFWHUXOORURQGXODWRULXQHOLQLDUJUDILF
x
DPSOLWXGLQHD LQWHQVLWDWHDWULDIHQRPHQXOXLvQWUHPD[LPLPLQLP$
ID]D vQFHSXWXORVFLOD LHLID GHSXQFWXOGHRULJLQHI
x
x
SHULRDGD LQWHUYDOXOGHWLPSvQFDUHVHUHDOL]HD] 7
IUHFYHQ D QXPUXOGHSHULRDGHvQXQLWDWHDGHWLPSQ
x
'D LSURSULDGHILQL LHELRULWPXOXL'D LH[HPSOHGHULWPXULvQOXPHDYLH

3ODQHWD QRDVWU VD IRUPDW L H[LVW vQ LQWHUUHOD LH FX PHGLXO FRVPLF FX FDUH DUH XQ
VKLPESHUPDQHQWGHVXEVWDQ HQHUJLHLLQIRUPD LHQDFHVWFRQWH[WILLQ DXPDQ VDDGDSWDW
OD YDULD LLOH SHULRGLFH DOH IDFWRULORU H[WHUQL L D HYROXDWFD VSHFLH GLXUQ )UHFYHQ HOH YDULDWH
DOH ELRULWPXULORU OD RP VXQW GHWHUPLQDWH GH IUHFYHQ H L SHULRDGH GLIHULWH DOH IHQRPHQHORU
PHGLXOXLDPELDQWFXFDUHLQWU vQUH]RQDQ >S@
0RGHOHOH FLEHUQHWLFH H[SOLF FLFOXULOH ]LOQLFH OXQDUH DQXDOH$FWLYLWDWHD YLWDO HVWH
SULYLW FD XQ SURFHV RQGXODWRULX FRQWLQXX ILHFUHL PDQLIHVWUL vL FRUHVSXQG GRX ID]H
DOWHUQDQWH XQD SR]LWLY GH DFWLYLWDWH L DOWD QHJDWLY GH UHSDXV UHIDFHUH D X]XULL HOH ILLQG
UHOD LRQDWHSULQIHHGEDFNDXWRUHJODUH 'HFLODRULFHQLYHOGHRUJDQL]DUHGHODRUJDQLVPH
XQLFHOXODUH OD FHOH VXSHULRDUH GH OD PROHFXOH OD SRSXOD LL vQWUHJL SURFHVHOH YLWDOH VH
GHVIRDU ULWPLF GXS XQ PRG SURSULX GH PLFDUH FH UHSUH]LQW R PDQLIHVWDUH D WLPSXOXL
ELRORJLFLDIRVW GHQXPLWELRULWP
%LRULWPXULOH VXQW SHUHFKL GH FRQWUDULL H[ H[FLWD LHLQKLEL LH DVLPLOD LH
GH]DVLPLOD LH(OHDXRGXEO GHWHUPLQDUHH[RJHQ LHQGRJHQFDUHFRH[LVW

&ODVLILFDUHELRULWPXUL
YHJHWDOHDQLPDOHXPDQH
LQGLYLGXDOHGHJUXS
FHOXODUHWLVXODUHRUJDQLFHVLVWHPLFH
PHWDEROLFHDOHFUHWHULLDOHUHSURGXFHULLDOHVWULLSVLKLFH
PLFURULWPXULPDFURULWPXUL
6SHFWUXOELRULWPXULORU FXSULQGHULWPXULFXIUHFYHQ vQDOWPHGLHLMRDV

x
%LRULWPXULFXIUHFYHQ vQDOW FDUHDXSHULRDGDSkQ ODGHPLQXWHVXQWFHOHDOH
%LRULWPXULOHFXIUHFYHQ PHGLH FXSHULRDGDvQWUHPLQXWHL]LOHVHvPSDUWvQ
DFWLYLW LLHQ]LPDWLFHQHUYRDVHPXVFXODUHFDUGLDFHLUHVSLUDWRULL
XOWUDGLHQHFLUFDGLHQHLLQIUDGLHQH
%LRULWPXULOHFXIUHFYHQ MRDV VXQW VSWPkQDOHOXQDUHDQXDOHLPXOWLDQXDOH

RUD

ILJ
&HOHPDLLPSRUWDQWHGLQSXQFWGHYHGHUHPHGLFDOVXQWELRULWPXULOHFLUFDGLHQH FXR
GXUDW DSUR[LPDWLY GHR]LFXSULQV vQWUHLGHRUH
5LWPXO VRPQYHJKH HVWH LQGLVSHQVDELO YLH LL HFKLOLEUXOXL VLVWHPXOXL QHUYRV L
SHUIRUPDQ HORU XPDQH UHSUH]HQWkQG XQ DGHYUDW FHDV LQWHUQ FDUH FRRUGRQHD] DOWH
ULWPXULFLUFDGLHQH0RGLILFULvQRUDUXOLFDOLWDWHDVRPQXOXLGXFODGHUHJOULDOHIXQF LLORU
IL]LFHDOHSURFHVHORUHPR LRQDOHLLQWHOHFWLYH
%LRULWPXOWHPSHUDWXULLXUPHD] DFHODLJUDILFFXXQPD[LPvQWUHRUHOHLL
FX XQ PLQLP GH & QRDSWHD&XUED WHUPLF HVWH GHSHQGHQW GH ULWPXO VRPQYHJKH
VRPQXOVHSUHOXQJHWHSURSRU LRQDOFXFUHWHUHD WHPSHUDWXULLLLQYHUV$FHODLSDUDOHOLVP
GH ID] H[LVW vQWUH ULWPXO WHPSHUDWXULL L DOWH ULWPXUL ELORJLFH DO DFWLYLW LL QHUYRDVH
FDUGLDFH DO WHQVLXQLL DUWHULDOHDO SXOVXOXL2EVHUYP F OXPLQD MRDF XQ URO LPSRUWDQW vQ
UHDOL]DUHD ID]HL SR]LWLYH D WXWXURU ELRULWPXULORU ID]D GH ]L OD DFHDVWD FRQWULEXLQG L
DFWLYLW LOHGHVIXUDWHLDOLPHQWD LD
%LRULWPXOSHUIRUPDQ HL XPDQHGHSLQGHGHSULPHOHGRX ULWPXULGDULGHDQWUHQDPHQW
FRPSOH[LWDWHD VDUFLQLL VWDUH GH VQWDWH FDUDFWHULVWLFL LQGLYLGXDOHQ JHQHUDO GLPLQHD D

HVWHRSWLP VWRFULLSHWHUPHQVFXUWDGDWHORUVDXUHPHPRUULLFHOHPDLEXQHSHUIRUPDQ H
SHQWUX PHPRULD SH WHUPHQ OXQJ ILLQG vQUHJLVWUDWH GXSDPLD]D L VHDUD vQ SDUDOHO FX
WHPSHUDWXUDPD[LP DFRUSXOXL
$O LLQGLFDWRULDLVWULLGHVQWDWHVXQW ELRULWPXULOHFHUHSUH]LQW IXQF LLOHUHVSLUDWRULLH[FUH LD
UHQDO SURFHVHOH PHWDEROLFH FRQVWLWXHQ LL VkQJHOXL VHQVLELOLWDWHD OD PHGLFDPHQWH LQFLGHQ D
GHFHVHORU

$SOLFD LL SUDFWLFH %LRULWPXULOH UHSUH]LQW R GRYDG D RELHFWLYLW LL WLPSXOXL D XQLW LL
PDWHULDOHLDGLYHUVLW LLOXPLLYLL2UJDQLVPHOHVHDGDSWHD] ODFRQGL LLOHDPELDQ HLGDWRULW
KRPHRVWD]LHL FDSDFLW LL GH DL PHQ LQH FRQVWDQWHOH vQWUXQ FkPS GH YDULD LH IL]LRORJLF
LQWUHXQPD[LPLXQPLQLP
([LVW R FURQRIL]LRORJLH L R FURQRSDWRORJLH XWLOH PHGLFLORUELRORJLORUL DOWRU VSHFLDOLWLQ
IL]LRORJLH VH GHVFRSHU YDULD LLOH ULWPLFH DOH XQHL IXQF LL DPSOLWXGLQHD IUHFYHQ D QLYHOXO
PHGLXLVHDQDOL]HD] VWDWLVWLFLDUvQPHGLFLQDFOLQLF VHXUPUHVFLQIOXHQ HOHSHFDUHOHDUH
DFHDVW YDULDELOLWDWHvQWLPSDVXSUDGLDJQRVWLFXOXLSURJQRVWLFXOXLLWUDWDPHQWXOXL
x
(VWHLPSRUWDQW RUDODFDUHH[DPLQPEROQDYXO"
&XPVHDOFWXLHWHRUDUXOPHGLFD LHLDFWLYHSHQWUXDILHILFLHQW "
&XPVHPRGLILF ULWPXOFLUFDGLDQDOXQRUIXQF LLvQGLIHULWHPDODGLL"
*KLGXUL GH YDORUL QRUPDOH DOH XQRU LQGLFDWRUL IL]LRORJLFL IDF GRYDGD YDULD LLORU GLXUQH
PXOLFRWLGLHQHVDXOXQDUHXQHRULVH]RQLHUHVDXDQXDOH
%LRULWPRPHWULD HVWHXWLO vQGHWHUPLQDUHD]LOHORULDSHULRDGHORUFULWLFHODEROQDYLLFX
SDWRORJLHFDUGLRYDVFXODUGLJHVWLYSVLKLDWULFUHVSLUDWRULHUHXPDWLVPDOPHWDEROLF,DW
FkWHYDGRPHQLLPHGLFDOHFHvLSURSXQV UVSXQG ODvQWUHEULOHGHPDLVXV
x
vQ PHGLFLQD SUHYHQWLY FURQRLJLHQD SRDWH LQWHUYHQL vQ SURILOD[LD EROLORU L D
DFFLGHQWHORUGDWRUDWHIDFWRULORUPHWHRURORJLFL]RQDOLUHVSHFWLYVFKLPEULLWHPSRUDUHVDX
SHUPDQHQWHD FRQGL LLORUGHYLD LGHPXQFFOWRULLGLQWURHPLVIHU vQDOWDGHFDOUL

x
x
x
x
GHIXVRUDUPRGLILFDUHDRELFHLXULORUDOLPHQWDUHLDVWLOXOXLGHYLD
vQ PHGLFLQD PXQFLL FURQRSDWRORJLD SH DSDUDWH L VLVWHPH RIHU PRGHOXO XQRU YDULD LL
VH]RQLHUH VDX DQXDOH DOH PDODGLLORU vQ IXQF LH GH RUDUXO PXQFLL GH DQXPLWH FRQGL LL GH
PLFURFOLPDWFHLQIOXHQ HD] SURFHVHYLWDOH
vQIDUPDFRORJLHHIHFWHOHPHGLFDPHQWHORUvQIXQF LHGHRUDUXODGPLQLVWUULL
vQ FKLUXUJLH SODQLILFDUHD LQWHUYHQ LLORU vQ FXUVXO ]LOHL L D WUDQVSODQWXOXL vQ IXQF LH GH
ULWPLFLWDWHDPLWR]HORURUJDQHORUGRQDWLSULPLW
vQPHGLFLQDVSRUWLYDGDSWDUHDHIRUWXOXLODSHULRDGHOHGHDQWUHQDPHQWLFRPSHWL LH

'LF LRQDUGHWHUPHQL
x
x
x
x
x
x
x
x
DFURID]PVXU DWLPSXOXLGHODSXQFWXOGHUHIHULQ ODSXQFWXOFHOPDLvQDOWDOXQXLULWP
GHILQLWGHXQPRGHOPDWHPDWLFFRVGHILQLW SULQXQLW LGHWLPSVHFPLQRUH]LOHDQL

VDXXQLW LIL]LRORJLFHQU EWLLQLPQUUHVSLUD LL
FURQRWROHUDQ LQWHUYDOH GH WLPS VHPQLILFDWLYH VWDWLVWLF vQ FDUH H[LVW R UH]LVWHQ
FUHVFXW OD DQXPLWH WUDWDPHQWH VDX GLIHUHQ H GUDPDWLFH vQ UVSXQVXO RUJDQLVPXOXL OD
WHUDSLLFRQVLGHUDWHQHGXQWRDUH
GHVLQFURQL]DUHVWDUH D GRX VDX PDL PXOWH YDULDELOH ULWPLFH FDUH DX IRVW vQ SUHDODELO
VLQFURQL]DWHGDUDXvQFHWDWV PDLILHSHDFHHDLIUHFYHQ VDXDFURID]
GLVFURQLVPDOWHUUL vQ VWUXFWXUD WLPSXOXL DVRFLDWH FX LQVXILFLHQ H IL]LFH IL]LRORJLFH VDX
PHQWDOH
LQIUDGLDQULWPFXRIUHFYHQ PDLPDUHGHFkWFLUFDGLDQ
LQWHUYDOGHVLJXUDQ GHFRQILGHQ FHOJVLWSULQPHWRGHVWDWLVWLFHSHQWUXXQVLQJXU

SDUDPHWUXLQYHVWLJDW
ULWPPVXUWRDUH D VHULHL ELRORJLFH GHPRQVWUDW vQWUR IRUP DOJRULWPLF FX PHWRGH

VWDWLVWLFH FDUH UHOHY F DQXPLWH HYHQLPHQWH UHDSDU OD LQWHUYDOH HJDOH GH WLPS L VXQW
SUHGLFWLELOHGLQSXQFWGHYHGHUHPDWHPDWLF
VLQFURQL]DUHVWDUH D XQXL VLVWHP vQ FDUH GRX VDX PDL PXOWH YDULDELOH SHULRGLFH DX
DFHHDLIUHFYHQ VH[WHUQ GHWHUPLQDW GHXQIDFWRUGHPHGLXVLQFURQL]DWRUL
VLQWHUQ GHWHUPLQDW GHXQLQGLFDWRUGHULWPSDFHPDNHU
VSHFWUXO WLPSXOXLELRORJLF WRWDOLWDWHDULWPXULORUELRORJLFHFXIUHFYHQ HGLIHULWH
VWUXFWXUD WLPSXOXLELRORJLF VXPDWXWXURUULWPXULORUELRORJLFHDOHILHFUXLVSHFWUX
%LEOLRJUDILH
7UDWDWGH,JLHQ GH60QHVFX(G0HGLFDO%XFXUHWL
&URQRELRORJLDLPHGLFLQDGH'WHIOHD(GPHGLFDO %XFXUHWL

)$&725,,0(',8/8,),=,&,,1)/8(1 $/25$6835$617,,
&/,0$95(0($$&/,0$7,=$5($
&RQFHSWFOLP >NOLPD@GLQOLPEDJUHDF GHYLD LDvQFOLQD LDUDGLD LHLVRODUH

&OLPD HVWH FDUDFWHUL]DW GH WRWDOLWDWHD IDFWRULORU IL]LFL FRVPLFL DWPRVIHULFL WHUHWUL
WHOXULFLELRORJLFL L PHWHRURFOLPDWLFL WHPSHUDWXU SUHFLSLWD LL vQVRULUH QHEXOR]LWDWH

XPLGLWDWH YkQWFDUDFWHULVWLFL SHQWUX R DQXPLW UHJLXQH WLPS vQGHOXQJDW L FDUH DF LRQHD]
DVXSUDRPXOXL(D UHSUH]LQW VXPD WXWXURUVWULORU GH YUHPH GLQWUXQ WHULWRULX GHOLPLWDW FX R
PDUH VWDELOLWDWH vQ WLPS VXIHULQG PRGLILFUL DSUHFLDELOH QXPDL OD LQWHUYDOH GH VHFROH VDX
PLOHQLL>S@
9UHPHD HVWHVWDUHDFRQGL LLORUPHWHRURORJLFH LQWHUGHSHQGHQWHSHQWUXXQ LQWHUYDOPDLVFXUW

GH WLPS PRGLILFkQGXVH FKLDU GH PDL PXOWH RUL SH ]L(D GHSLQGH L GH DOWH SURFHVH IL]LFH
SHWUHFXWH vQ DWPRVIHU vQ DULD WHULWRULXOXL VXEMDFHQW FXP DU IL FDQWLWDWHD GH UDGLD LL VRODUH
SUHVLXQHDLYL]LELOLWDWHDDWPRVIHULFLRQL]DUHDFkPSXOHOHFWULFFDUDFWHUXOQRULORUHWF
0RGLILFULOH SHULRGLFH DOH YUHPLL]LOQLFHVDX DQXDOHVHSURGXF WUHSWDWL QXSUH]LQW DF LXQL

DFXWHDVXSUDRUJDQLVPXOXLFLGRDULQIOXHQ HD] ULWPLFLWDWHDXQRUIXQF LLFRPSOH[H
0RGLILFULOH QHSHULRGLFH VXQW FDX]DWH GH PLFDUHD PDVHORU GH DHU FH VH GHSODVHD] vQ
WURSRVIHU
0DVHOH GH DHU VH FODVLILF vQ PDVH FRQWLQHQWDOH VDX PDULWLPH UHVSHFWLY GLQ ]RQH SRODUH
WHPSHUDWHVDXWURSLFDOH
)URQWXODWPRVIHULF DSDUHOD]RQDGHFRQWDFWGLQWUHGRX PDVHGHDHU([LVW IURQWXUL FDOGHL

UHFL LPSRUWDQWH SHQWUX VWDUHD GH VQWDWH SUHFXP L FRPELQD LL DOH DFHVWRUD IURQWXUL GH
RFOX]LH FH QX LQIOXHQ HD] RUJDQLVPXO vQ PRG GHRVHELW(OH SRW IL vQVR LWH DGHVHD GH FLFORQL
YkUWHMXULSXWHUQLFHEUXVFLQVWDODWHGHQRULJURLGHVFUFULHOHFWULFHSUHFLSLWD LLVXEIRUP
GHDYHUVH
$QWLFLFORQLL IRUPD LvQ]RQHFXSUHVLXQHDWPRVIHULF ULGLFDWVXQWOLSVL LGHIURQWXULLDGXF

YUHPHVWDELOFDOG YDUDLUHFHLDUQD

7,385,/('(&/,0$7,,1)/8(1 $/25$6835$25*$1,608/8,
3HVXSUDID DSPkQWXOXLH[LVW FLQFL]RQHFOLPDWLFHGHED]XQDWURSLFDOGRX WHPSHUDWHL

GRX SRODUHLvQF GRX ]RQHFOLPDWLFHVXEWURSLFDOH
=21(/(32/$5(
6HvQWLQGSkQ ODODWLWXGLQHDGHFRUHVSXQ]WRDUHL]RWHUPHLDQXDOH
&DUDFWHULVWLFL
DOWHUQDQ D]LQRDSWHSRODU
WHPSHUDWXUDPHGLHDQXDO HVWHVXE]HURJUDGH&HOVLXV
XPLGLWDWHDUHODWLY HVWHPDUH
vQVRULUHD HVWH UHGXV L UHJLPXO GH UDGLD LL VDWLVIFWRU GDWRULW DHUXOXL SXU FH SHUPLWH
SWUXQGHUHDORUPDLDOHVvQSHULRDGDOXQJLORU]LOHSRODUH
GHQVLWDWHDUHGXV DSRSXOD LHLHVFKLPRL
,QIOXHQ DDVXSUDRUJDQLVPXOXL
UH]LVWHQ D RUJDQLVPXOXL OD WHPSHUDWXUL VF]XWH SULQ PRGLILFUL DOH WHUPRUHJOULL
YDVRFRQVULF LHSHULIHULFFXLQWHQVLILFDUHDFLUFXOD LHLVDQJYLQHvQRUJDQHOHLQWHUQHLPXFRDVH

FUHWHIOX[XOVDQJYLQvQH[WUHPLW LLFUHWHYROXPXOFLUFXODQW
PRGLILFUL VH]RQLHUH DOH IXQF LLORU IL]LRORJLFH vQ SURFHVXO DFOLPDWL]ULL FUHWHUHD
PHWDEROLVPXOXL ED]DO FUHWHUHD VFKLPEXULORU JD]RDVH LQWHQVLILFDUHD DFWLYLW LL VLVWHPXOXL

KLSRIL]RKLSRWDODPRFRUWLFRVXSUDUHQDOLDQ vQ VSHFLDO D JODQGHL WLURLGHR DOW SHULRGLFLWDWH D
FLFOXOXLRYDURPHQVWUXDO
SDUWLFXODULW LDOHFXUEHLGHGH]YROWDUHQRXQVFXWXODUHJUHXWDWHLOXQJLPHPDLPDULGHFkWvQ
DOWH]RQHGXS OXQLVLWXD LDLQYHUVkQGXVH
SDWRORJLD VSHFLILF HVWH UHSUH]HQWDW GH EROL LQIHF LRDVH UDUH GDU DYkQG IRUPH JUDYH GH
PDQLIHVWDUH vQ VSHFLDO vQ FD]XO PLFURRUJDQLVPHORU DHURJHQH FHHD FH GRYHGHWH IDSWXO F
]RQHOH SRODUH GHL UHFL QX VXQW VWHULOH VD GRYHGLW F H[LVW R PDUH YDULHWDWH GH VSHFLL
PLFURELHQH FDUH VH vQPXO HVF YDUD L FRQWULEXLH OD PLQHUDOL]DUH vQ SHULRDGD LHUQLL EDFLOLL
GL]HQWHULFLvLPHQ LQYLWDOLWDWHDLYLUXOHQ DLGXS LHUQDWvQ]SDG
UDKLWLVPXO L DWHURVFOHUR]D QX DSDU vQ FLXGD IULJXOXL L D KLEHUQULL GDWRULW UHJLPXOXL
DOLPHQWDUERJDWvQFDUQHLJUVLPLQHVDWXUDWHDGHVHDFRVXPDWHvQVWDUHFUXG
$FOLPDWL]DUHD LPLJUDQ LORU vQDFHVWH]RQHGXUHD] Fk LYDDQLFHOHPDLPDULPRGLILFULDYkQG

ORFvQSULPXODQGHODPXWDUH

=21(/(7(03(5$7(
6XQWVLWXDWHvQWUHFHOHGRX L]RWHUPHDQXDOHGHLUHVSHFWLY]HURJUDGHFRUHVSXQ]WRDUH
SDUDOHOHORUL
&DUDFWHULVWLFL
DOWHUQDQ DFHORUSDWUXDQRWLPSXULFXVFKLPEULIUHFYHQWHDOHYUHPLLLYDULD LLGHFOLP IRDUWH

PDUL
GLIHUHQ HPDULGHODRUHJLXQHODDOWDvQIXQF LHGHLQIOXHQ DPDULWLP VDXFRQWLQHQWDO

vQVRULUHPHGLH
GHQVLWDWHPDUHGHORFXLWRULDJORPHUULXUEDQH
3DWRORJLHVSHFLILFLQIHF LLYLUDOHLPLFURELHQHvQVSHFLDOUHVSLUDWRULLFX FDUDFWHUVH]RQLHU

EROLFURQLFHGHJHQHUDWLYHIUHFYHQW5$$DUWURSDWLLEROLOHFLYLOL]D LHL
=21$7523,&$/
6LWXDW GHRSDUWHLFHDODOW DHFXDWRUXOXLVHSDUDW GH]RQHOHWHPSHUDWHSULQFHOHGRX ]RQH
VXEWURSLFDOH
&DUDFWHULVWLFL
WHPSHUDWXULULGLFDWH
vQVRULUHPD[LP
VFKLPEULGHYUHPHFXFDUDFWHUULWPLF
6XEGLYL]LXQLFOLPDWWURSLFDO
PDULWLP FDOGLXPHGXPLGLWDWHULGLFDW
GHXVFDWGHVWHSVDYDQSUHHULLGHHUWWHPSHUDWXULPD[LPH
GHvQO LPH SHVWHP SUHVLXQHDWPRVIHULF VF]XWFDQWLW LPDULGHUDGLD LL

%LEOLRJUDILH
7UDWDWGHLJLHQ GH0QHVFXYRO,(G0HGLFDO %XFXUHWL

,JLHQDGH0QHVFX&XFX'XPLWUDFKH (G0HGLFDO

$(58/
QYHOLXOJD]RVDOSPkQWXOXLGHQXPLWLDWPRVIHU WHUHVWU HVWHXQIDFWRUHVHQ LDODOH[LVWHQ HL

YLH LLSHSPkQW
&RPSR]L LH DWPRVIHUD XVFDW HVWH UHSUH]HQWDW GH D]RW vQ SURSRU LH GH R[LJHQ
ELR[LGGHFDUERQUHVWXOGHILLQGJD]H1H+H&+.U;H+
5D R]RQ L YDSRUL GH DS 5H]XOW GH DLFL F FHOH GRX JD]H SULQFLSDOH D]RWXO L
R[LJHQXOVHDIO vQUDSRUWGHOD1UHVSHFWLY2
,PSRUWDQ D]RWXO GLQ DHU UHSUH]LQW R YHULJ LPSRUWDQW vQ FLUFXLWXO D]RWXOXL vQ QDWXU
R[LJHQXOLQWHUYLQHvQUHVSLUD LDYHJHWDO LDQLPDOLDUELR[LGXOGHFDUERQvQIRWRVLQWH]
1HYRLDGHDHUHVWHGHPGHRUHDGLF DSUR[LPDWLYNJDHURUHvQDWPRVIHU
GHVFKLV L P GH RUH vQWUR vQFSHUH5H]XOW LPSRUWDQ D SHQWUX VQWDWH D
FRPSR]L LHL FKLPLFH D DHUXOXL LQVSLUDW GDU L D SURSULHW LORU VDOH IL]LFH WHPSHUDWXU
XPLGLWDWHFXUHQ LGHDHUSUHVLXQHUDGLD LL
9LFLHUHD DHUXOXL UHSUH]LQW DOWHUDUHD SURSULHW LORU IL]LFH DOH DHUXOXL vQWUXQ VSD LX vQFKLV
QHYHQWLODW L DJORPHUDW FD UH]XOWDW DO DFWLYLW LL IL]LRORJLFH D RDPHQLORU L DSDUL LD vQ PRG
VHFXQGDU D XQRU PRGLILFUL DOH FRPSR]L LHL VDOH FKLPLFH VFGHUHD R[LJHQXOXL FUHWHUHD
ELR[LGXOXLGHFDUERQDFXPXODUHDXQRUJD]HGHIHUPHQWD LHLDXQRUSURGXLWR[LFL]RRWR[LQH
VHFUH LLWHJXPHQWDUH
3ROXDUHD DHUXOXL UHSUH]LQW SUH]HQ D vQ DWPRVIHU D XQRU VXEVWDQ H VWULQH GH FRPSR]L LD
QRUPDO DDHUXOXL FDUHvQIXQF LHGHFRQFHQWUD LHWLSGHVXEVWDQ LWLPSGHDF LXQHSURYRDF
DOWHUDUHDPHGLXOXLGHYLD XPDQVWULGHGLVFRQIRUWPDODGLLDIHFWHD] IORUDLIDXQD
9LFLHUHDDHUXOXL
6HSURGXFHvQWUXQVSD LXvQFKLVQHYHQWLODWLDJORPHUDW
$XORFXUPWRDUHOHSURFHVHIL]LRORJLFH

UHVSLUD LD; 29 &29 WHPSHUDWXUDL9XPLGLWDWHDSULQDHUXOH[SLUDW
SLHUGHUHDGHFOGXU DRUJDQLVPXOXLSULQFRQGXF LHDHUXOPDLFDOGFXGHQVLWDWHPDLPLF

VHGHSODVHD] vQvQFSHUHLDUDSDVHHYDSRU ODVXSUDID DSLHOLLLDPXFRDVHLUHVSLUDWRULL
HOLPLQDUHDSURGXLORUGHPHWDEROLVPSULQSLHOHDFLGEXWLULFYDOHULFFDSURLFLSULQWXEXO

GLJHVWLY1++6LQGROVFDWROPHUFDSWDQL
9LFLHUHD DHUXOXL SURGXFH HIHFWH DFXWH L FURQLFH DVXSUD RUJDQLVPXOXL XPDQ vQ IXQF LH GH
WLPSXOGHWLPSXOGHH[SXQHUHODFRQGL LLOHGHPDLVXV

(IHFWHOHDFXWH VHPDQLIHVW UDSLGvQFkWHYDPLQXWHVDXRUHSULQFHIDOHHYHUWLMJUHD YRP

VHQ]D LH GH VXSUDvQFO]LUHVXIRFDUHDVWHQLHVRPQROHQ OLSRWLPLH VDXFKLDU PRDUWH$FHVWHD
VH REVHUY PDL IUHFYHQW vQ VOLOH GH VSHFWDFROH FLQHPD FRQIHULQ H OLIWXUL FKHVRDQH
DGSRVWXUL HUPHWLF vQFKLVH PLQHVOL GH IHUPHQWDUH D EHULL vQFSHUL PLFL QHDHULVLWH VDX
VXSUDvQFO]LWH
(IHFWHOHFURQLFH VHLQVWDOHD] vQWLPSODSHUVRDQHOHFDUHOXFUHD] ]LOQLFVDXORFXLHVFvQDVWIHO
GH FRQGL LL(OH FRQVWDX vQ DQRUH[LH DQHPLH SDORDUH DGLQDPLH IDWLJDELOLWDWH VFGHUHD
UH]LVWHQ HLRUJDQLVPXOXLLUHWDUGVWDWXURSRQGHUDOODFRSLLPXOWPDLVHQVLELOLODKLSR[LHGHFkW
DGXO LL
'HWHUPLQDUHD YLFLHULL DHUXOXL VH SRDWH IDFH ILH PVXUkQG VHSDUDW WHPSHUDWXUD XPLGLWDWHD
YLWH]D FXUHQ LORU GH DHU ILH IRORVLQG FD LQGLFDWRU FRQFHQWUD LD ELR[LGXOXL GH FDUERQ GLQ
vQFSHUL
$HUXODWPRVIHULFDUHvQPRGQRUPDORFRQFHQWUD LHPLF D&2GHODYDORUL GH

SURSULHW LOH IL]LFH DOH DHUXOXL VXQW DWvW GH PRGLILFDWH vQFkW DFHVWD SRDWH IL
FRQVLGHUDWYLFLDW
'HWHUPLQDUHDSUDFWLF DFRQFHQWUD LHLELR[LGXOXLGHFDUERQVHIDFHSULQPVXUDUHDFRQVXPXOXL
GH &2 FH VH IL[HD] SH R VROX LH GH KLGUR[LG GH EDULX %D2+ FDUH VHGLPHQWHD] SH
IXQGXOIODFRQXOXL'LQVXSHUQDWDQWVHGHWHUPLQ WLWUXOILQDODOVROX LHLGH%D2+LVHIDFH
GLIHUHQ DID GHWLWUXOLQL LDOSHED]DXQHLIRUPXOHGHFDOFXOVHGHWHUPLQ FRQFHQWUD LD&2

GLQDHU
(VWHLPSRUWDQWV QRWPWHPSHUDWXUDLSUHVLXQHDDHUXOXLODORFXOGHWHUPLQULL
1RUPH YDORULPD[LPDGPLVH91
x
x
vQDHUXOvQFSHULORUVDX
vQVSLWDOHVDX
2EVHUYD LLFUHWHULUHGXVHDOH&2GHFLGH[91SRWV DSDU vQvQFSHUL

vQFKLVHQHYHQWLODWHVXILFLHQWLDUFUHWHULPDULGHFLGH[91VHvQUHJLVWUHD] vQ
VSD LLvQFKLVHODPDUHDGkQFLPHLvQVOLGHIHUPHQWDUHDEHULL
3URILOD[LDYLFLHULLDHUXOXLVHUHDOL]HD] SULQ
YHQWLOD LH QDWXUDO SHUPDQHQW SULQ REHUOLFKWXUL SRULL SHUH LORU FRXULOH GH YHQWLOD LH
QHHWDQHLWDWHD XLORU L IHUHVWUHORU VDX WHPSRUDU SULQ GHVFKLGHUHD IHUHVWUHORU vQ DEVHQ D
SHUVRDQHORUGLQvQFSHUHvQUHFUHD LLVDXvQWUHVFKLPEXUL

YHQWLOD LHDUWLILFLDO LQVXIODUHGHDHUvQLQWHULRUH[KDXVWDUHDDHUXOXLvQH[WHULRUVDXDPEHOH

RSHUD LLvQVOLGHVSRUWFLQHPDWRJUDIHKDOHLQGXVWULDOHHWF
DHUFRQGL LRQDW DHUXOVXSXVRSHUD LLORUGHSXULILFDUHUFLUHvQFO]LUHXVFDUHVDX
XPLGLILFDUHFKLDUGH]LQIHF LHWRDWHLQVWDOD LLOHGHYHQWLOD LHWUHEXLHV vQGHSOLQHDVF DQXPLWH

FRQGL LLGHFRQIRUWV QXLQWURGXF DHUSROXDWV QXSURGXF ]JRPRWWUHSLGD LLFUHWHUHD
EUXVF DWHPSHUDWXULLDHUXOXLGLQLQWHULRU
0,&52&/,0$78/,,1)/8(1 $/8,$6835$25*$1,608/8,80$1
'HILQL LH 0LFURFOLPDWXO VDX DPELDQ D WHUPLF UHSUH]LQW XQ FRPSOH[ GH IDFWRUL IL]LFL DL
PHGLXOXL WHPSHUDWXU XPLGLWDWH PLFDUHD DHUXOXL UDGLD LD FDORULF FH LQIOXHQ HD] VWDUHD
WHUPLF DRUJDQLVPXOXLVDXVFKLPEXOGHFOGXU FXPHGLXOvFRQMXUWRU>S@
QIXQF LHGHVSD LXOXQGHVHUHDOL]HD] VFKLPEXOGHFOGXUYRUELPGHPLFURFOLPDWLQGLYLGXDO

VXEYHVWLPHQWDUDOORFXLQ HLDOFDUWLHUXOXLDOORFDOLW LLXUEDQUXUDOVXEXUEDQSHULXUEDQ
0HWRGHOH GH GHWHUPLQDUH SRW LQYHVWLJD VHSDUDW ILHFDUH IDFWRU IL]LF GH PLFURFOLPDW PHWRGH
VLPSOH VDXDF LXQHDORUFRQFRPLWHQWFRPELQDWPHWRGHFRPSOH[H
$0HWRGHVLPSOHGHGHWHUPLQDUHDPLFURFOLPDWXOXL
$'(7(50,1$5($7(03(5$785,,$(58/8,
(FKLOLEUXO WHUPLF DO RUJDQLVPXOXL VH PHQ LQH SULQ IXQF LD GH WHUPRUHJODUH 3LHUGHUHD GH
FOGXU WHUPROL]D VH UHDOL]HD] SULQ SDWUX PHFDQLVPH UDGLD LH FRQGXF LH FRQYHF LH L
HYDSRUDUHD DSHL 3HQWUX D HYLWD VXSUDvQFO]LUHD RUJDQHORU YLWDOH LQWU vQ IXQF LXQH L
YDVRGLODWD LDSHULIHULF
7HPSHUDWXUD SUHD vQDOW D PHGLXOXL GXFH OD KLSHUWHUPLH DFFHOHUHD] SXOVXO GHUHJOHD]
DFWLYLWDWHD VLVWHPXOXL FDUGLRYDVFXODU LQIOXHQ kQG QHJDWLY L VLVWHPXO QHUYRV FHQWUDOVFDGH
DWHQ LDSUHFL]LDFRRUGRQDUHDPLFULORULYLWH]DGHUHDF LH
QFD]XOXQRUWHPSHUDWXULSUHDVF]XWH vQPHGLXRUJDQLVPXOSXQHvQIXQF LHPHFDQLVPHOHGH
WHUPRJHQH] FRQWUDF LD PXVFXODU IULVRQXO SLORHUHF LD YDVRFRQVWULF LD SHULIHULF3DWRORJLD
GDW GHIULJHVWHUHSUH]HQWDW GHEROLDOHDSDUDWXOXLUHVSLUDWRUDOHVLVWHPXOXLQHUYRVSHULIHULF
DOHVLVWHPXOXLPXVFXODULDUWLFXODU
3HQWUXUHDOL]DUHDXQHLVWULGHFRQIRUWDSDFLHQ LORURGHRVHELW LPSRUWDQ DUHWHPSHUDWXUDvQ

vQFSHULOH VSLWDOLFHWL LDU SHQWUX GHVIXUDUHD DFWLYLW LORU FX XQ UDQGDPHQW RSWLP FHD vQ
vQFSHULOH GH OXFUX7DEHOXO GH PDL MRV IDFH FkWHYD UHFRPDQGUL SULYLQG YDORULOH RSWLPH GH
WHPSHUDWXU

7DEHOQU9DORULRSWLPHGHWHPSHUDWXU vQVSLWDOHORFXLQ HLDOWHvQFSHUL
1U
&UW
'(180,5($1&3(5,,
QFSHULXQGHVHHIHFWXHD] PXQFLJUHOH
6OLGHVSRUW

6OLGHFODV

QFSHULGHORFXLW
&DPHUHGHEDLHED]LQHGHvQRW
6DORDQHSHQWUXEROQDYLGHWLUHRWR[LFR]
6DORDQHSHQWUXEROQDYLIHEULOL
6DORDQHSHQWUXDGXO LEROQDYL7%&KLSRWHUPLH
6DORDQHSRVWRSHUDWRULL$7,DULOX]HVOLGHRSHUD LL
&DELQHWHPHGLFDOH
6DORDQHSHQWUXEROQDYLFXKLSRWLURLGLH
6DORDQHSHQWUXQRXQVFX LLSUHPDWXUL
WHUPRPHWUXOFXDOFRRO
WHUPRPHWUXOFXPHUFXU
PD[LPDOH
x
WHUPRPHWUXOPHGLFDO
WHUPRPHWUXOFXFXUVRUPHWDOLF
IRORVLWHH[SHULPHQWDO
x
x

FXOLFKLG

([LVW PDLPXOWHWLSXULGHWHUPRPHWUH
$&
QFSHULXQGHVHHIHFWXHD] HIRUWPHGLX
$SDUDWHOHGHGHWHUPLQDUHDWHPSHUDWXULLVHQXPHVFWHUPRPHWUH
7HPSHUDWXUD
WHUPRPHWUXOGHPD[LP LPLQLP
WHUPRJUDIXO

0VXUDUHDWHPSHUDWXULLvQvQFSHUL VHHIHFWXHD] vQGLIHULWHSXQFWH
SHDFHHDLRUL]RQWDO FXRVXUV GHvQFO]LUHVDXGHUFLUHOD P GLVWDQ GHHD
SHYHUWLFDOHYLWkQGLQIOXHQ DUDGLD LHLFDORULFHUDGLD LHVRODU GLUHFWRELHFWHvQFO]LWHVDX

UFLWHODvQO LPLGLIHULWHGXS GHVWLQD LDvQFSHULL
ODFPGHWDYDQ DSUHFLHUHDXQLIRUPLW LLDHUXOXLFDOG

ODFPGHSRGHD WHPSHUDWXUDODQLYHOXOSLFLRDUHORU
ODLPGHSRGHD QLYHOXOGHUHVSLUD LHDODGXOWXOXLvQH]kQGLvQSLFLRDUH

ODFPGHSRGHD QLYHOXOGHUHVSLUD LHDOFRSLOXOXL
OD FPGHSRGHD QLYHOXOSDWXOXLvQWUXQVDORQGHVSLWDO
7HPSHUDWXUDSRDWHYDULDvQIXQF LHGHGHQVLWDWHDvQvQFSHUHLGXUDWDSRSXOULLHLDFWLYLW LOH

GHVIXUDWHVLVWHPXOLUHJLPXOGHvQFO]LUHVH]RQGHDFHHDSHULRGLFLWDWHDGHWHUPLQULORUVH
YD VWDELOL GH OD FD] OD FD] Q DQFKHWHOH HSLGHPLRORJLFH GHWHUPLQDUHD FRQGL LLORU GH
PLFURFOLPDW VH IDFH GH GRX RUL SH DQ vQ VH]RDQH H[WUHPH FkWH FLQFL ]LOH FRQVHFXWLY L GH
GRX RULSH]L
x
'D L H[HPSOH GH VLPSWRPH SH FDUH OHD L UHVLP LW vQ FRQGL LL GH VXSUDvQFRUGDUH D
IXQF LHLGHWHUPRUHJODUH
1RUPHGHWHPSHUDWXU
'LQWDEHOXOQUREVHUYPF H[LVW QHYRLGLIHULWHGHWHPSHUDWXUvQWUXQVDORQGHEROQDYL

ID GHXQDWHOLHUGHOXFUXvQWUHRVDO GHFODV LRVDO GHVSRUWvQWUHRFDPHU GH]LLRVDO
GH EDLH HWF9RUELP GHVSUH R WHPSHUDWXU GH FRPIRUW GLIHULW vQ IXQF LH GH GHVWLQD LD
vQFSHULLYkUVWDLVWDUHDIL]LRORJLF DSHUVRDQHORUFHRSRSXOHD]
QPHGLHWHPSHUDWXUDGHFRQIRUWHVWHFXSULQV vQWUHL &FRQIRUP2UG06QU
9,FRQVLGHUkQGRSWLPHWHPSHUDWXULOHODFDUHRUJDQLVPXOQXWUHEXLHV IDF XQHIRUW

VSHFLDOGHDGDSWDUH
R&SHQWUXGRUPLWRDUH
R&SHQWUXFDPHUHGH]L
R& SHQWUX VOL GH EDLH DFHVWH YDORUL PRGLILFkQGXVH GDF HVWH YRUED GH FRSLL PLFL VDX
EWUkQLYDORULPDLULGLFDWHFXR &SHQWUXILHFDUHvQFSHUHDYkQGvQYHGHUHSDUWLFXODULW LOH

WHUPRUHJOULLODDFHVWHYkUVWH
$OWHQRUPHVHUHIHU ODGLIHUHQ HOHRSWLPHGHWHPSHUDWXU GLQvQFSHUL
JUDGLHQWXOWHUPLF GLIHUHQ DGHWHPSHUDWXU GLQWUHGRX SXQFWHODXQPRPHQWGDW

910D[&SHDFHHDLYHUWLFDO!& :

LJUDVLHFDPHU LQVDOXEU
0D[R&SHDFHHDLRUL]RQWDO!R&: FXUHQ LGHDHUGHLQWHQVLWDWHPDUH
DPSOLWXGLQHWHUPLF GLIHUHQ DvQWUHWHPSHUDWXUDPD[LP LFHDPLQLPvQGHRUH

910D[R&
$'(7(50,1$5($80,',7 ,,$(58/8,
,PSRUWDQW SDUDPHWUX DO PLFURFOLPDWXOXL XPLGLWDWHD DHUXOXL LQIOXHQ HD] SVWUDUHD vQ FRQGL LL
RSWLPH D PDWHULDOHORU GH FRQVWUXF LH D PRELOLHUXOXL vPEUFPLQWHL L DOLPHQWHORU ILLQG XQ
IDFWRUGHULVFvQDSDUL LDvPEROQYLULORUDWXQFLFkQGQXVHvQFDGUHD] vQOLPLWHQRUPDOH
8PLGLWDWHDvQDOW DOWXULGHWHPSHUDWXULMRDVHvQFSHULUHFLFXLJUDVLHQHvQVRULWHGXFHOD
VFGHUHD UH]LVWHQ HL RUJDQLVPXOXL L IDYRUL]HD] DSDUL LD EROLORU UHVSLUDWRULL EURQLWH
IUHFYHQWH DVWP EURQLF D VXIHULQ HORU GH QDWXU LQIODPDWRULH OD QLYHOXO VLVWHPXOXL RVWHR
DUWLFXODU 5$$ DUWULW UHXPDWRLG L DO DSDUDWXOXL XURJHQLWDOLQIHF LL SHOYLHQH vQ VSHFLDO OD
IHPHLFDUHDXRVHQVLELOLWDWHFUHVFXW
'DF vQVR HWH WHPSHUDWXUL FUHVFXWH XPLGLWDWHD vQDOW vPSLHGLF SLHUGHUHD FOGXULL SULQ
HYDSRUDUHOLPLWkQGSRVLELOLW LOHRUJDQLVPXOXLGHDGDSWDUHDIXQF LHLWHUPRUHJOULL
8PLGLWDWHD PRGHUDW OD WHPSHUDWXUL VF]XWH vQ PHGLX PLFRUHD] SLHUGHULOH GH FOGXU DOH
RUJDQLVPXOXLLDUODWHPSHUDWXULULGLFDWHDMXW HYDSRUDUHDILLQGEHQHILF vQDPEHOH VLWXD LL
8PLGLWDWHD IRDUWH MRDV LQIOXHQ HD] QHJDWLY RUJDQLVPXO IDYRUL]kQG XVFDUHD PXFRDVHORU
JXUQDVJkWULQLWDDWURILFLGHVFXDPDUHDSLHOLL
([LVW PDL PXOWH PRGDOLW L GH FDUDFWHUL]DUH D XPLGLW LL FD XPLGLWDWH PD[LP8P
XPLGLWDWH DEVROXW8DVDXXPLGLWDWHUHODWLY 8U
8P YDSRULGHDS QHFHVDU SHQWUXDVDWXUDFRPSOHWPGHDHUODRWHPSHUDWXU WR&

: HVWHRFRQVWDQW IL]LF FHGHSLQGHGHWHPSHUDWXU LVHFLWHWHGLQWDEHOH
8D YDSRULGHDS FRQ LQXW HIHFWLYvQWUXQPGHDHUODXQPRPHQWGDW

8U 8D8P[
: DUDW JUDGXOGHVDWXUD LHDODWPRVIHUHLFXYDSRULGHDS VHH[SULP SURFHQWXDO
8QLW LGHPVXU SHQWUX8PL8D>JUDPH+2PDHU@VDX>PP+JPDHU@

0HWRGHOHGHGHWHUPLQDUHDXPLGLW LL
8DDPHWRGDJUDYLPHWULF UH LQHUHDSHRVXEVWDQ KLJURVSLFDYDSRULORUGHDS

GLQWUXQYROXPGHWHUPLQDWGHDHU
8UE PHWRGDSVLKURPHWULF VWDELOLUHD GLIHUHQ HLGLQWUHWHPSHUDWXUDXVFDW LFHD

XPHGPVXUDWHFXDMXWRUXOSVLKURPHWUXOXL$VVPDQQLFDOFXOXOXPLGLW LL
UHODWLYHSHED]DXQRUIRUPXOHWDEHOHVDXDQRPRJUDPHLSVLKURPHWULFH

FPHWRGDKLJURPHWULF DEVRUE LDYDSRULORUGHDS GLQDHUPVXUDW FXKLJURPHWUXO

6DXVVXUHSULQDOXQJLUHDILUXOXLGHSUEORQGGLUHFWSURSRU LRQDO FXFUHWHUHD8U
GPHWRGDKLJURJUDILF vQVFULHUHDvQGLQDPLF DXPLGLW LLUH]XOWkQGXQJUDILF
KLJURJUDPD
1RUPH PVXUPYDORDUHDPD[LP D8U

91
9DORULH[WUHPH
2SWLP
8PLGLWDWHIRDUWHMRDV
$'(7(50,1$5($0,& 5,,$(58/8,
&XUHQ LLGHDHUVHFDUDFWHUL]HD] SULQGRX PULPL

GLUHF LDGHPLFDUH
YLWH]D
'HWHUPLQDUHDGLUHF LHLGHPLFDUHDDHUXOXL
vQVHDPQ D VWDELOL GLQ FH SDUWH EDWH YkQWXO FXQRDWHUHD GLUHF LLORU UHSHWDWH GH YkQW GLQWUR
ORFDOLWDWHUR]D YkQWXULORU DUH LPSRUWDQ SHQWUX SODQLILFDUHDFRQVWUXF LLORUDWkWDFDVHORUGH
ORFXLWFkWLDLQVWLWX LLORUPHGLFDOHVDXSHQWUXFRSLL
VHUYHWHFDLQGLFHGHVFKLPEDUHDWLPSXOXLvQ(XURSD
YDUDYkQWXULOHGHHVWDGXFWLPSXVFDWYkWXULOHGHYHVWDGXFWLPSXPHGLUFRURVLDU
LDUQDYkQWXULOHGHHVWDGXFWLPSUHFHLFHOHGHYHVWDGXFWLPSFDOG
vQvQFSHUL VHIDFHFXDMXWRUXOIXPLJDWRUXOXLOXPkQDUH LJDUFORUXU GHDPRQLX

vQH[WHULRU VHUHDOL]HD] FX
JLUXHWD XQWXEPHWDOLFFXSDOHWHDPSODVDWSHDFRSHULXULSHVWkOSLVDXvQORFXULYLUDQHOD
PvQO LPHIL[DWFXRFRQWUDJUHXWDWHSDOHWHOHLQGLF SDUWHDVSUHFDUHVHGHSODVHD] DHUXO
PDQDGHYkQW XQWUXQFKLGHFRQGLQSkQ]SHXQLQHOPHWDOLFSULQVSHRWLM FHVHURWHWH

ED]DPDUHDFRQXOXLLQGLF GLUHF LDGLQFDUHYLQFXUHQ LLGHDHU
'HWHUPLQDUHDYLWH]HLGHPLFDUHDDHUXOXL
vQVHDPQ VWDELOLUHDGLVWDQ HLSDUFXUVHGHPDVDGHDHUvQXQLWDWHDGHWLPS>PVHF@
VHUYHWHODDSUHFLHUHDYHQWLOD LHLXQHLvQFSHULLDPLFURFOLPDWXOXLLQGLYLGXDOILLQGXQXOGLQ
IDFWRULLFDUHLQIOXHQ HD] GLUHFWVFKLPEXOGHFOGXU GLQWUHRUJDQLVPLPHGLX
VHUHDOL]HD] vQvQFSHUL FXFDWDWHUPRPHWUXOLDUvQH[WHULRU FXDQHPRPHWUXOURWDWLYFXFXSH

VDXFXSDOHWH

1RUPH
vQvQFSHUL91 PVHF

vQH[WHULRU 91 PVHF
$OWHUHFRPDQGUL
vQLQVWLWX LLGHFRSLL91 PVHF

vQVOLOHVSRUWLYH 91 PVHF
vQKDOHILHUELQ L 91 PVHF
2EVHUYD LL
ODYLWH]HGHVXEPVHFVFKLPEXOGHDHUHVWHLQVXILFLHQWDSDUHVHQ]D LDGHDHUQHPLFDW
OD YLWH]H GH SHVWH PVHF RUJDQLVPXO UHVLPWH vQ PRG QHSOFXW VHQ]D LD GH FXUHQW FDUH
SRDWHSURGXFHUFLUHDORFDO LDSRLJHQHUDO
PLFDUHD DHUXOXL LQIOXHQ HD] SURFHVHOH UHVSLUDWRULL FRQVXPXO GH HQHUJLH L VWDUHD QHXUR
SVLKLF
vQ SURFHVHOH GH WHUPRUHJODUH PLFDUHD DHUXOXL DMXW OD UFLUHD RUJDQLVPXOXL SULQ HYDSRUDUH
FkWWLPSWHPSHUDWXUDPHGLXOXLHVWHULGLFDW LXPLGLWDWHDVF]XW LGHYLQH LQHILFLHQW DWXQFL

FkQG WHPSHUDWXUD DHUXOXLHVWH PDLPDUHGHFkW WHPSHUDWXUDFRUSXOXL VDXDHUXOHVWH VDWXUDWGH
YDSRULWHUPROL]DILLQGOLPWDW
%0HWRGHFRPSOH[HGHDSUHFLHUHDPLFURFOLPDWXOXL
6H IRORVHVF vQ SUDFWLF PDL GHV vQWUXFkW IDFWRULL IL]LFL GH PLFURFOLPDW WHPSHUDWXUD
XPLGLWDWHD PLFDUHD DHUXOXL LQIOXHQ HD] RUJDQLVPXO SULQ DF LXQHD ORU FRQFRPLWHQW L
FRPELQDW$FHVWHPHWRGHSRWILJUXSDWHvQWUHLFDWHJRULLIL]LFHIL]LRORJLFHLSVLKRORJLFH
%0(72'(/(),=,&(
$SUHFLD] VFKLPEXOGHFOGXU GLQWUHRUJDQLVPLPHGLXH[SULPkQGSULQWURVLQJXU YDORDUH
LQGLFHUH]XOWDQWDFDORULF DFRPELQD LLORUIDFWRULORUGHPLFURFOLPDW
)RORVHVF LQVWUXPHQWH LQWHJUDWRDUH FDUH IDF R DQDORJLH OLPLWDW FX VROLFLWULOH RUJDQLVPXOXL
XPDQIU DVLPXODUHDF LLIL]LRORJLFH
&HOPDLGHVIRORVLWvQSUDFWLF HVWHFDWDWHUPRPHWUXOOXL+LOO

%0(72'(/(),=,2/2*,&(
6XQWRELHFWLYH vQWUXFkWPVRDU PRGLILFDUHDXQRUPULPLIL]LRORJLFHVWUkQVOHJDWHGHIXQF LD

GH WHUPRUHJODUH WHPSHUDWXUD FHQWUDO D FRUSXOXL WHPSHUDWXUD FXWDQDW SURFHVXO VXGRUDO
DFWLYLWDWHD DSDUDWXOXL FDUGLRYDVFXODUIXQF LD UHVSLUDWRULH L VWDUHD IXQF LRQDO D VLVWHPXOXL

QHUYRV
7HPSHUDWXUDFHQWUDO
HVWHRFRQVWDQW DRUJDQLVPXOXLFXYDORULQRUPDOHFXSULQVHvQWUHLR&
G LQGLFD LLDVXSUDvQFRUGULLIXQF LHLGHWHUPRUHJODUHDWXQFLFkQGHVWHPRGLILFDW
HVWH XQ LQGLFDWRU IL]LRORJLF ULJLG SX LQ FRQFOXGHQW vQWUXFkW HIRUWXUL PDUL GH DGDSWDUH D
RUJDQLVPXOXLODWHPSHUDWXULH[WUHPHDOHPHGLXOXLDPELDQWGHWHUPLQ YDULD LLPLFLDOH
7FGHR&
QFRQGL LLGHFRQIRUWWHUPLFLODDFWLYLW LRELQXLWHH[LVW YDULD LLIL]LRORJLFHODWHPSHUDWXUL
PDUL L HIRUW IL]LF LQWHQV SRDWH V DSDU KLSHUWHUPLD LDU OD WHPSHUDWXUL VF]XWH vQ ID]D
GHFRPSHQVDW VHSRDWHLQVWDODKLSRWHUPLDvQPRGLUHYHUVLELO
'LQWDEHOXOGHPDLMRVUH]XOW VROLFLWDUHDWHUPRUHJOULLvQIXQF LHGHYDULD LLOHGHWHPSHUDWXU

9$5,$,,
R&
62/,&,7$5(
IL]LRORJLF
R &
VODE
R &
PRGHUDW
R &
0D[LPID]DFRPSHQVDW
&

R
R &
LQWHQV
0D[LPID]DGHFRPSHQVDW
7DEHOQU
7HPSHUDWXUDFXWDQDW
HVWH XQ LQGLFDWRU IL]LRORJLF IRDUWH VHQVLELO WUDQVIHUXO FDORULF UHDOL]kQGXVH vQ FHD PDL PDUH
SDUWHSULQWHJXPHQW
YDULD] vQIXQF LHGHJURVLPHDVWUDWXOXLDGLSRVLGHSDWXOYDVFXODUVXEMDFHQW
HVWH PDL ULGLFDW OD IUXQWH R & ID GH PHPEUXO LQIHULRU R & DFHDVW
GLIHUHQ SH YHUWLFDO ILLQG GHQXPLW JUDGLHQW WHUPLF YDORDUHD OXL QRUPDO HVWH GH R& vQ

VHQV GHVFUHVFWRU LQYHUVDUHD VFGHUHD FUHWHUHD VDX GLVSDUL LD OXL LQGLFkQG vQFRUGDUHD
IXQF LHLGHWHUPRUHJODUH
YDULD] vQOLPLWHPLFLIL]LRORJLFH R&VXEIRUPDXQXLSODWRXWHUPLFODDFHHDLSHUVRDQvQ

DFHHDL]RQ WHJXPHQWDUvQDFHOHDLFRQGL LLGHDPELDQ WHUPLFODPRPHQWHGLIHULWHLGH
DVHPHQHD vQWUH GRX ]RQH WHJXPHQWDUH VLPHWULFH OREXO XUHFKLL YkUIXO RPRSODWXOXL
WHUPRVLPHWULD QHGHSLQGR&PRGLILFULOHLQGLF vQFRUGDUHDIXQF LHLGHWHUPRUHJODUH
vQUHJLVWUHD] YDORULUHDOHSkQ ODDSDUL LDVXGRUD LHLDSRLSULQLQWHUYHQ LDHYDSRUULLYDORULOH

PVXUDWHVXQWPDLPLFLGHFkWvQUHDOLWDWH
3URFHVXOVXGRUDO
DUHLPSRUWDQ vQFHSkQGFXR&FkQGDSDUHRWUDQVSLUD LHXRDUGHYLQHPVXUDELOGHOD

R&FkQGWUDQVSLUD LDFUHWHvQLQWHQVLWDWHGLUHFWSURSRU LRQDOFXWHPSHUDWXUDDVWIHOvQFkWOD
SHVWHR&DSURDSHvQWUHDJDFDQWLWDWHGHFOGXU VHSLHUGHSULQHYDSRUDUH
H[SULP VROLFLWDUHD LQWHQV D DSDUDWXOXL GH WHUPRUHJODUH SULQ DSDUL LD WUDQVSLUD LHL
DEXQGHQWHUHVSHFWLY GHSLUHD PRPHQWXOXL GH FRQIRUW WHUPLF vQ FD]XO XQHL DFWLYLW L IL]LFH
RELQXLWHGHELWVXGRUDOPDLPDUHGHRU
VW ODED]DXQRULQGLFDWRULIL]LRORJLFLFRPSOHFL
,QGLFHOH GH VROLFLWDUH WHUPLF +HDW 6WUHVV ,QGH[+,6 LQGLFH IL]LF GHILQLW SULQ
UDSRUWXO vQWUH FDQWLWDWHD GH DS HYDSRUDW OD R DQXPLW DPELDQ WHUPLF L FDQWLWDWHD GH
DS QHFHVDU DILHYDSRUDW ODDFHHDLWHPSHUDWXU SHQWUXPHQ LQHUHDKRPHRVWD]LHL
,QGLFHOH GHVWUHVWHUPLF,QGH[RI7KHUPDO6WUHVV UDSRUWXO vQWUHFDQWLWDWHD GH DS
DVXGDW L FDQWLWDWHD WRWDO GH DS FH DU WUHEXL V ILH DVXGDW SHQWUX PHQ LQHUHD
KRPHRWHUPLHLHVWHXQLQGLFDWRUIL]LRORJLFPDLYDORURVGHFkW
$FWLYLWDWHDDSDUDWXOXLFDUGLRYDVFXODU
VH DSUHFLD] SULQ PVXUDUHD SXOVXOXL D WHQVLXQLL DUWHULDOH L REVHUYDUHD PRGLILFULORU GH
PRWULFLWDWHDYDVHORUWHJXPHQWDUH
SXOVXOFUHWHFXDSUR[LPDWLYGHEWLPLQXWvQFHSkQGFX R&vQDHUODILHFDUHFUHWHUH
FX R& D WHPSHUDWXULL FHQWUDOH SHVWH GH EWL PLQXW ID GH SXOVXO QRUPDOUHSUH]LQW R
VXSUDvQFRUGDUHDIXQF LHLGHWHUPRUHJODUHFUHWHUDSXOVXOXLVHvQUHJLVWUHD] vQDPELDQ HIRDUWH
FDOGHGDULIRDUWHUHFLSHVHDPDWHUPRSURGXF LHL
WHQVLXQHD DUWHULDO VFDGH vQ DPELDQ H FDOGH L FUHWH vQ FHOH UHFL PDL FX VHDP FkQG VH
DVRFLD] LHIRUWXOIL]LFvQDPEHOHVLWXD LLGDF VHGHSHWHFDSDFLWDWHDGHWHUPRUHJODUHVH

SURGXFHSUEXLUHDWHQVLXQLLDUWHULDOH

)XQF LDUHVSLUDWRULH
VH PRGLILF vQ H[SXQHUHD OD FOGXUFD IUHFYHQ ULWP L DOXU D FXUEHL GH YHQWLOD LH
SXOPRQDU FkQG IXQF LD GH WHUPRUHJODUH HVWH GHSLW UHVSLUD LD GHYLQH UDU VXSHUILFLDO L
QHUHJXODW
6LVWHPXOQHUYRV
vL PRGLILF SULQFLSDOHOH IXQF LLFRJQLWLYHDWHQ LD L SVLKRPRWRULL LQWHQVLWDWHD L WLPSXO GH
UHDF LH SULQ GLQDPLFD ORU SXWHP XUPUL QLYHOHOH FULWLFH GH H[SXQHUH OD R DPELDQ GH
GLVFRQIRUW
%0(72'(36,+2/2*,&(
6XQWVXELHFWLYHH[SULPkQGVHQ]D LDGHFRQIRUWWHUPLF GHELQHFDSHUFHS LHFDORULF DXQXL

LQGLYLG DX OD ED] H[SHULHQ HOH OXL <DJORX 68$ HIHFWXDWH SULQ FRPELQDUHD vQ DQXPLWH
vQFSHULDSDUDPHWULORUGHPLFURFOLPDWLLQWHURJDUHDXOWHULRDU DSHUVRDQHORUDIODWH vQXQWUX
)RORVHVF WHPSHUDWXUD HIHFWLY 7( FD LQGLFDWRU VLQWHWHWLF H[SUHVLH D UH]XOWDQWHL IL]LFH D
DF LXQLL FHORU WUHL SDUDPHWUL GH PLFURFOLPDW WHPSHUDWXU XPLGLWDWH L YLWH] GH PLFDUH D
DHUXOXL
'HWHUPLQDUHDWHPSHUDWXULLHIHFWLYH
3ULQFLSLL
$FHOHDLYDORULDOHWHPSHUDWXULLXPLGLW LLLYLWH]HLGHPLFDUHDDHUXOXLSURGXFDFHHDL
VHQ]D LHWHUPLF ODPDUHDPDMRULWDWHDVXELHF LORULQYHVWLJD L
$FHHDL VHQ]D LH WHUPLF VH RE LQH L OD DOWH FRPELQD LL DOH IDFWRULORU GH PLFURFOLPDW vQ
FRQGL LL GH FRPSHQVDUH SURSRU LRQDO DFHVWHD DX IRVW GHQXPLWH FRQGL LL HFKLYDOHQWH L
QRWDWHFXDFHOHDLJUDGHGHWHPSHUDWXU HIHFWLY
7HPSHUDWXUDHIHFWLY 7(HVWHHJDO FXWHPSHUDWXUDDHUXOXLDWXQFLFkQG PLFDUHD DHUXOXL

HVWHGHPVHFLXPLGLWDWHDUHODWLY GH
3UDFWLFSXWHPFLWLGLQWDEHOH7(FXQRVFkQG
WHPSHUDWXUDDHUXOXLGHWHUPLQDW FXWHUPRPHWUXO
XPLGLWDWHDUHODWLY GHWHUPLQDW FXSVLKURPHWUXOL
YLWH]DGHPLFDUHDDHUXOXLGHWHUPLQDW FXFDWDWHUPRPHWUXO
2DOW PRGDOLWDWHGHGHWHUPLQDUHD7(HVWH FLWLUHDHLFXDMXWRUXOQRPRJUDPHL

6XQWQHFHVDUHXUPWRDUHOHGDWH

WHPSHUDWXUDEXOEXOXLXVFDWDOSVLKURPHWUXOXL
WHPSHUDWXUDEXOEXOXLXPHGDOSVLKURPHWUXOXL
YLWH]DGHPLFDUHDDHUXOXLvQPVHF
=RQD GHFRQIRUWWHUPLF DUHROLPLW VXSHULRDU GH7(SHVWH FDUHWR LVXELHF LLDXVHQ]D LDGH

FDOG L XQD LQIHULRDU VXE FDUH WR L DX VHQ]D LD GH IULJ/D PLMORFXO GLVWDQ HL vQWUH FHOH GRX
OLPLWH VH JVHWH OLQLD GH FRQIRUW 7( OD FDUH DSURDSH WRDWH SHUVRDQHOH VH JVHVF vQ FRQIRUW
WHUPLF
3HQWUXFOLPDWXOGLQ DUD QRDVWU]RQDGHFRQIRUWWHUPLFvQORFXLQ HVWHFXSULQV vQWUH

91 R7(LDUQDLR7(YDUD
=RQDGHFRQIRUWVHPRGLILF vQIXQF LHGHHIRUWHVWHPDLUHGXV vQFD]XOHIHFWXULLPXQFLORU
JUHOH GH YkUVW SUHPDWXULL L YkUVWQLFLL DX R ]RQ GH FRQIRUW PDL PDUH FD DGXO LL L GH
IDFWRULLLQGLYLGXDOLFRQVWLWX LHDQWUHQDPHQWDGDSWDUHVWDUHGHVQWDWH
QWUHEUL
x
&DUHHVWHGLIHUHQ DGLQWUHYLFLHUHLSROXDUH"
&XPGHILQL LPLFURFOLPDWXO"
x
x
&DUHVXQWYDORULOHRSWLPHGHWHPSHUDWXU DDHUXOXLvQGLIHULWHvQFSHUL"
&DUHVXQWHIHFWHOHSROXULLDFXWHLFURQLFH"
%LEOLRJUDILH
$SOLFD LLSUDFWLFHvQVQWDWHDPHGLXOXLVXEUHGDF LDSURI'U&DUPHQ,RQX
$XWRUL'U&DUPHQ,RQX 'U9DOHULD/D]D'U,OHDQD5XVX'U9LRULFD,RQX 'U

0RQLFD3RSD(GLWXUD0HGLFDO 8QLYHUVLWDU ,XOLX+D LHJDQX&OXM1DSRFD

$3$
*(1(5$/,7,
,PSRUWDQ
3ULPHOHIRUPHGHYLD DXOXDWQDWHUHvQDS$SDLQWU vQFRPSR]L LDRUJDQLVPHORUYLLQ

MXUXODSHORUVHFRQVWUXLHVFDH]ULXPDQHGDWRULW QHYRLORUIL]LRORJLFHLPXOWLSOHORUVDOH
XWLOL]ULFRPXQLWDUHFDVQLFHXUEDQLVWLFHLQGXVWULDOHDJULFROH&RQVXPXO]LOQLFHVWHGH
OLWULGHDS GHRUHSHQWUXQHYRLOHIL]LRORJLFHFDUHFUHVFvQFRQGL LLGHFOGXU LHIRUWIL]LF
LQWHQVSvQ ODOLWULGHDS SH]LOLWULGHDS VXQWQHFHVDULSHQWUXQHYRLPHQDMHUHGLQ
FDUHOLWULGHDS SHQWUXLJLHQDFRUSRUDOUHVWXOSHQWUXJWLWVSODWXOKDLQHORUYDVHORULDO
ORFXLQ HL
&RPSR]L LDFKLPLF DDSHL
QQDWXUDSDQXVHJVHWH QLFLRGDW vQVWDUHSXU(DFRQ LQHJD]HGL]ROYDWHVDXvQVXVSHQVLH

2&2+6VXEVWDQ HPLQHUDOH+&O),62&2 VXEVWDQ HRUJDQLFHGHVFRPSXVH
GHIORUDLGHIDXQDQDWXUDO DDSHLvQVXEVWDQ HPLQHUDOH
2[LGDUHDLUHGXFHUHDDXORFvQ WUHSWHVXFFHVLYVDXVLPXOWDQvQIXQF LHGHSUH]HQ DR[LJHQXOXL

vQDSGXS VFKHPDGHPDLMRV
6XEVWDQ HRUJDQLFHo VXEVWDQ HELRJHQHo 1+ o QLWUL Lo QLWUD L R[LGDUH
m
m +
UHGXFHUH
'HILQL LL
$SDSRWDELODSDEXQ GHEXWFDUHvQGHSOLQHWHQRUPHOHLJLHQLFRVDQLWDUHFRUHVSXQ]WRDUH
VWDQGDUGHORUQD LRQDOHLHXURSHQH
3ROXDUHD LPSXULILFDUHDDSHLFXVFKLPEDUHDFRPSR]L LHLFKLPLFHLSLHUGHUHDXWLOL]ULORUSH

FDUHOHDYHDvQPRGQRUPDODFHDVWDDIHFWvQGVWDUHDGHVQWDWHDSRSXOD LHL
$XWRSXULILFDUHDDSHL
D ELRORJLF GHVFRPSXQHUHDVXEVWDQ HORURUJDQLFHvQVXEVWDQ HPLQHUDOHVXEDF LXQHD

PLFURRUJDQLVPHORUFDUHIRUPHD] IORUDQDWXUDO DDSHL
E IL]LFRFKLPLFWRWDOLWDWHDUHDF LLORU GH R[LGDUHUHGXFHUHFRQMXJDUHSUHFLSLWDUH
DGVRUE LHDEVRUE LHFRQFHQWUDUHIL[DUHLVFRDWHUHDWR[LFXOXLFDUHDXFDUH]XOWDW

UHGXFHUHDFRQFHQWUD LHLVDOHvQPDVDPDUHDDSHL
7(0 5HDPLQWL LY FLUFXLWXODSHLvQQDWXU

&/$6,),&$5($$3(/25
2ELHFWXODQDOL]HORUGHODERUDWRUvQLJLHQ vOFRQVWLWXLHDSDSRSWDELO
2YRPUHJVLvQFODVLILFULOHGHPDLMRVFDDS GHFDWHJRULDvQWvLGXOFHSURYHQLW GHOD

VXSUDID VDXGLQSURIXQ]LPHGLQVXUVHORFDOHVDXFHQWUDOHGHDSURYL]LRQDUH
$ GXS XWLOL]DUHDSHOHVHFODVLILF vQWUHLFDWHJRULL
x
&DWHJRULD,
DSDGHEXWJWLWvPELHUHLQFOXVLYGLQED]LQHLWUDQGXUL
DSDGLQLQGXVWULDDOLPHQWDU LFHDIRORVLW SHQWUXLULJD LLVSHFLDOH

x
&DWHJRULDD,,D
&DWHJRULDD,,,D
DSDSHQWUXVDOXEULWDWHL DJUHPHQWFLPHOHIvQWvQLDUWH]LHQHVSRUWXULQDXWLFH
DSHLQGXVWULDOHLDJULFROHIRORVLWHODIDEULFDUHDXQRUSURGXVHLQGXVWULDOHFXH[FHS LDFHORU
DOLPHQWDUHODLULJD LLQHYRLDQLPDOHLvQJULMLULJRVSRGULLDJULFROH
% GXS VWUDWXULOHGHVROSHFDUHOHVWUEDWDSHOHVHFODVLILF vQ
$3('(6835$)$
FXUJWRDUHLVWWWRDUH
QDWXUDOHLDUWLILFLDOH
GXOFLLVUDWH
$3('($'1&,0(VXEWHUDQH
IUHDWLFHLFDSWLYHDVFHQVLRQDOHLDUWH]LHQH
& GXS FRQ LQXWXOvQVXEVWDQ HPLQHUDOHDSHOHVHFODVLILF vQ
VODEPLQHUDOL]DWHVXEPJOLWUX
PLQHUDOL]DWHvQWUHPJOLWUX
SXWHUQLFPLQHUDOL]DWHSHVWHPJOLWUX
' DSHOHUH]LGXDOHVHFODVLILF vQ
DSHPHQDMHUH
DSHLQGXVWULDOH
DSHDJULFROH

5(&2/7$5($,75$1632578/352%( /25'($3
3HQWUXDQDOL]HOHGHODERUDWRUDSDVHUHFROWHD] GLQLQVWDOD LLFHQWUDOHGHODFRQVXPDWRU
DSDGHURELQHWVDXGHODVXUVODFUvX$SDGLQVXUVHORFDOHHVWHDSDGLQIvQWvQLSX XUL
L]YRDUH
9ROXPHOHQHFHVDUHYDULD] vQWUHPOLFv LYDOLWULGHDS
3HQWUXILHFDUHUHFROWDUHVHvQWRFPHWHRIL vQFDUHVHSUHFL]HD]GDWDRUD
ORFDOLWDWHDORFXOGHXQGHVDIFXWUHFROWDUHDQXPHOHLIXQF LDFHORUFDUHDXIFXWRVFRSXO
HLDQDOL]HGHODERUDWRUFXUHQWHFRPSOHWHVDXVSHFLDOHFRQGL LLOHPHWHRURORJLFHL
WHPSHUDWXUDDSHL
6HQRWHD] SHQWUXODFXULLUvXULGLVWDQ DGHODSXQFWXOGHUHFROWDUHSvQ ODPDOSvQ ODORFXOGH

YUVDUHDOHIOXHQ LORUDGvQFLPHDDSHLvQSXQFWXOUHFROWULL
5HFROWDUHDGLQUvXVDXODFVHIDFHGLQWUR]RQ VLWXDW ODGLVWDQ GHPDOXULLGHIXQGXODSHL
GLQVWUDWXOGLQPLMORF6HIRORVHVFvQDFHVWVFRSYDVHVSHFLDOHGLQVWLFOSUHY]XWHFXGRSURGDW
LJUHXW LSHQWUXVFXIXQGDUHWUDQVSDUHQWHFXUDWHGH]LQIHFWDWHVWHULOL]DWHvQSUHDODELO$FHVWH
YDVHVHXPSOX SvQ ODUHIX]IU V OVPORFDHUXOXLFDUHDUSXWHDLQWUDvQUHDF LHvQWLPSXO
WUDQVSRUWXOXLFXGLIHULWHVXEVWDQ HGLQFRPSR]L LDDSHL
QFD]XOVXUVHORUORFDOHVHGHVFULXSHOvQJ GDWHOHGHPDLVXVVWDUHDSHUH LORUIvQWvQLL
VLVWHPXOGHVFRDWHUHD DSHLDXWRPDWVDXFXJOHDWDFXODQ VDXFXPSQFvWHJRVSRGULL

GHVHUYHWHGLVWDQ DGHODJXUDIvQWvQLLODRJOLQGDGHDSDGvQFLPHDIvQWvQLLQXPUXOGH
SRPSULSHPLQXWvQFD]XOVLVWHPHORUDXWRPDWH&XDSDGLQSULPDH[WUDJHUHVHFOWHWHJOHDWD
VDX IODFRQXOGHUHFROWDUHDSRLDSDVHDUXQF*OHDWDVHLQWURGXFHFRPSOHWVXERJOLQGDGHDS
LVHVFRDWHSOLQHYLWvQGPDUJLQLOHIvQWvQLLDWvWODLQWURGXFHUHDFvWLODVFRDWHUHDHL3URED
SHQWUXGHWHUPLQULVHUHFROWHD] GLQPLMORFXOJOH LL
$QXPLWHSURSULHW LDOHDSHLVHGHWHUPLQ SHORFSHQWUXUHFROWDUHIRORVLQGXVHWUXVH
SRUWDELOHSUHY]XWHFXVWLORXULPLFLSHQLUHDFWLYLLQHFHVDUL
75$1632578/352%(/25'($3
)ODFRDQHOHVDXYDVHOHGHUHFROWDUHDH]DWHvQO]LVDXFLVWHUQHL]RWHUPHODJUDGH
&HOVLXVIHULWHGHRFXULLGHLQIOXHQ DWHPSHUDWXULLH[WHUQHVHWUDQVSRUW FvWPDLUHSHGH

SRVLELOSHQWUXDILOXDWHvQOXFUXvQPD[LPXPRUH

35235,(7,25*$*$12/(37,&(
*XVWXOLPLURVXO
3ULPHOHGHWHUPLQULvQDFHVWVHQVDXIRVWHPSLULFH*XVWXODSHLDIRVWDSUHFLDWSULQ
FRQVXPXOHLGHFWUHGLIHULWHORWXULGLIHULWHGHSRSXOD LHGLQWURDQXPLW UHJLXQHLFRPSDUDW
FXDSDGLQDOWHUHJLXQLJHRJUDILFHVDXSURYHQLW GLQVXUVHGLIHULWH6DXIRORVLWWHUPHQLFDJXVW
GXOFHDPUXLVUDWDFULRUVOFLXPHWDOLFDS GXUDS PRDOHLDS FXJXVWEXQ
6DFRQVWDWDWF H[LVW ROHJWXU VWUvQV vQWUHJXVWXODSHLLFRPSR]L LDHLFKLPLF
$VWIHODSDFXFRQ LQXWFUHVFXWGHPDJQH]LXHVWHDPUXLHFHDFDUHFRQ LQHPXOWHVUXULGH

FDOFLXHVWHVOFLHFORUXOLXUPHOHGHXULQ vQDS GDXJXVWVUDWILHUXOvQH[FHV XQJXVW
PHWDOLFELR[LGXOGHFDUERQ XQJXVWDFULRUvQ HSWRUKLGURJHQXOVXOIXUDWLXUPHOHGHIHFDOH

XQPLURVUHVSLQJWRUJUH RV
QPRGDVHPQWRUPLURVXODSHLSRDWHILGHQDWXUDWGHVXEVWDQ HOHSURSULLFRQ LQXWHvQ
H[FHVVDXGHDOWHOHVWULQHGHFRPSR]L LDHLQDWXUDO
$YvQGvQYHGHUHFDUDFWHUXOVXELHFWLYDOGHWHUPLQULORUSUHFXPLLPSRUWDQ DJXVWXOXLL
PLURVXOXLDSHLSHQWUXVQWDWHHIHFWHOHSVLKLFHvQUHJLVWUDWHDVXSUDORWXULORUFDUHFRQVXPDX
DSDFXSURSULHW LRUJDQROHSWLFHQHFRUHVSXQ]WRDUHVDXVWDELOLWFvWHYDFRQGL LLSHQWUXFHL
VXSXLDFHVWRUH[SHULHQ HV QXILHIXPWRULVDXFRQVXPDWRULFURQLFLGHDOFRROFRQGLPHQWH

PvQFUXULVDXEXWXULILHUELQ LV DLE QHDOWHUDWHFHOHGRX VLP XULV ILHSHUIHFWVQWRLOD
PRPHQWXOGHWHUPLQULL3HQWUXRPDLPDUHH[DFWLWDWHVDVWDELOLWRVFDO SHQWUXJXVWLXQD
SHQWUXPLURV(VWHFRQVLGHUDW SRWDELO DSDFDUHVHvQFDGUHD] vQWUH]HURLGRX JUDGHGHJXVW

DS FXJXVWSOFXWLQVLSLG UHVSHFWLY]HURLGRX JUDGHGHPLURVDSDLQRGRU
'D LH[HPSHGHDS FXJXVWSDUWLFXODULPHQ LRQD L]RQDvQFDUHD LJVLWR

&XPHVWHDSDGLQUHJLXQHDXQGHORFXL L"

35235,(7,),=,&(
WLPF DSDSRWDELO HVWHLQVLSLGLQRGRULQFRORUDGLF OLSVLW GHJXVWPLURVL
FXORDUH'DF SULPHOHGRX SURSULHW LVXQWFRQVLGHUDWHRUJDQROHSWLFHILLQGDSUHFLDWH
VXELHFWLYFXDMXWRUXORUJDQHORUQRDWUHGHVLP FXORDUHDHVWHRPULPHIL]LFPVXUDELO
RELHFWLYODIHOFDLWHPSHUDWXUDSKXOWXUELGLWDWHDFRQGXFWLYLWDWHDHOHFWULFUDGLRDFWLYLWDWHD
QDWXUDO LDUWLILFLDO DDSHL
(QXPHUPvQFRQWLQXDUHSULQFLSLXOPHWRGHLGHODERUDWRUIRORVLWHLYDORULOHQRUPDOH
91SHQWUXILHFDUHPULPHvQSDUWHUHIHULQGXQHQXPDLODDSDSRWDELO
&8/2$5($$3(,
)RORVLPSHQWUXPVXUDUHDHLRVFDO JUDGDW GHSODWLQ FREDOW

91 JUDGHGHFXORDUH
7(03(5$785$$3(,
6HPVRDU FXDMXWRUXOWHUPRPHWUHORU
91JUDGH&HOVLXV
(IHFWHDVXSUDVQW LL
$SDUHFHVXEJUDGH&HOVLXVSURGXFHUFHOLODULQJLWHDIHFWvQGYRUELUHDDFFHOHUHD]
WUDQ]LWXOLQWHVWLQDOSURYRFvQGGLDUHLFKLDULvQOLSVDJHUPHQLORUSDWRJHQLSULQDFHDVWDILLQG
SHULFXORDV PDLDOHVODFRSLL
$SDFDOGSHVWHJUDGH&HOVLXVHVWHIDGVOFLHQXVDWLVIDFHVHQ]D LDGHVHWHL
SRDWHSURYRFDIHQRPHQHGLJHVWLYHFROLFLDEGRPLQDOHJUH XULYUVWXULLQDSHWHQ
S+XO$3(,
(VWHGDWGHVXPDLRQLORU SR]LWLYLGH+LGURJHQGL]ROYD LvQDS

91S+QHXWUX
9PD[LPDGPLVLELOH S+XRUDOFDOLQ
3+XODSHLYDULD] GHODRUHJLXQHJHRJUDILF ODDOWDvQIXQF LHGHVROXULOHSHFDUHOHVWUEDWH

DSDUHVSHFWLYDVWIHOYRUELPGHDSHGXUHFXXQFRQ LQXWFUHVFXWGHVUXULLGHFLFXXQS+
PDLDOFDOLQLGHDSHPRLVDXOLSVLWHGHVUXULFXXQS+QHXWUX

(IHFWHDVXSUDVQW LL
3+XOFUHVFXWDOFDOLQUHSUH]LQW XQIDFWRUGHSURWHF LHvPSRWULYDvPEROQYLULORU
FDUGLR YDVFXODUHGHWLSXODULWPLLORULQIDUFWXOXLPLRFDUGLFDFXWGDWRULW FRQ LQXWXOXLFUHVFXWvQ

VUXULGHFDOFLXLRQLPSRUWDQWvQSURFHVHOHPHWDEROLFHGLQFHOXODFDUGLDF
3+XOVF]XWQHXWUXDFLGUHGXFHULVFXOGHIRUPDUHDOLWLD]HLUHQDOHYH]LFDOHL
ELOLDUHGHFLHVWHIDFWRUSURWHFWRUSHQWUXDFHDVW SDWRORJLH
785%,',7$7($$3(,
(VWHGDW GHWRDWHSDUWLFXOHOHDIODWHvQVXVSHQVLHFXH[FHS LD LRQLORUPHWDOHORU
DOFDOLQH6HREVHUY FXRFKLXOOLEHURWXOEXUDUHDDSHLFDUHVHSRDWHPVXUDGLUHFWFXDMXWRUXO
WXUELGLPHWUXOXL
91JUDGHGHWXUELGLWDWH
&21'8&7,9,7$7($(/(&75,& $$3(,
6HPVRDU FXDMXWRUXOFRQGXFWLYLPHWUXOXLLFDUDFWHUL]HD] DFWLYLWDWHDHOHFWULF DDSHL

9186LHPHQVFP
5$',2$&7,9,7$7($$3(,
5HSUH]LQW VXPDUDGLRDFWLYLW LLQDWXUDOHLDUWLILFLDOH

DFWLYLWDWHDDOIDJOREDO %TGP
DFWLYLWDWHDEHWDJOREDO %TGP
'(7(50,1$5($32/85,,0,&52%,(1($$3(,
'HILQL LH$QDOL]DEDFWHULRORJLF DDSHLUHSUH]LQW XQFRPSOH[GHH[DPHQHGHODERUDWRU
IFXWHFHVFRSXOGHDDSUHFLDJUDGXOGHvQFUFWXU PLFURELDQ DXQHLDSHIHOXOLSURYHQLHQ D

JHUPHQLORUSHQWUXDRFDUDFWHUL]DGLQSXQFWGHYHGHUHVDQLWDULD VWDELOLSRVLELOLWDWHDGHD
SXWHDILIRORVLW FDDWDUHVDXGXS RSUHDODELO SUHOXFUDUH$SDDUHRIORU PLFURELDQ SURSULH

LRIORU SROXDQWGHSURYHQLHQ XPDQ LDQLPDO)ORUDQDWXUDO HVWHIRUPDW GLQVSHFLL
EDFWHULHQHFXUROvQSURFHVHOHGHGHJDGDUHDVXEVWDQ HORURUJDQLFHGLQDSSvQ ODVXEVWDQ H

PLQHUDOHIORUDSROXDQW HVWHIRUPDW GLQVSHFLLVDSURILWHSDWRJHQHLFRQGL LRQDWSDWRJHQH
$VWIHOSULQLQWHUPHGLXODSHLPLFURELLYLUXVXULOHLSDUD]L LLGHSURYHQLHQ XPDQ VDX
DQLPDO SRWWUDQVPLWHvPEROQYLULFHHYROXHD] DGHVHDVXEIRUP GHHSLGHPLLKLGULFH

QFRQWUROXOSRWDELOLW LLDSHLVDXVWDELOLWJUXSHGHJHUPHQLGHQXPLWHLQGLFDWRUL
3UH]HQ DLQXPUXOORUDSUHFLD] RFRQWDPLQDUHPDLYHFKHVDXPDLUHFHQW LULVFXOGH
DSDUL LHDXQRULQIHF LLWUDQVPLVHSULQDSFHOPDLIUHFYHQWFXSRDUW GHLQWDUHGLJHVWLY
'XS UHFROWDUHLWUDQVSRUWSUREHOHGHDS VXQWSUHOXDWHGHODERUDWRU6HOXFUHD] FXYROXPH

PLFLGHDSvQWUHPOPDLXRUGHSUHOXFUDW3HQWUXRPDLPXOW SUHFL]LHVH
UHDOL]HD] GLOX LLVXFFHVLYH3HQWUXFDOFXOXOQXPUXOXLSUREDELOGH

JHUPHQLVHIRORVHVFWDEHOHGHFDOFXODSUR[LPDWLY
67$1'$5'8/$3(,327$%,/(
2UJDQROHSWLF
*XVWJUDGH
0LURVJUDGH
)L]LF
&XORDUHJUDGH3W&R
7HPSHUDWXUDJUDGH&HOVLXV
3+0D[
&RQGXFWLYLWDWHDHOHFWULF86LHPHQVFP
5DGLRDFWLYLWDWHDQDWXUDO LDUWLILFLDODFWLYLWDWHDDOIDJOREDO %TGP

DFWLYLWDWHDEHWDJOREDO %TGP
3$5$0(75,,'(&$/,7$7($,$3(,32 7$%,/(
6XQWPLFURELRORJLFLFKLPLFLLLQGLFDWRUL
3HQWUXDSDFRPHUFLDOL]DW vQVWLFOHVDXDOWHUHFLSLHQWH
3DUDPHWULLPLFURELRORJLFL&0$
(&ROL(QWHURFRFL3VHXGRPRQDVDHUXJLQRVD
91PO
1XPUGHFRORQLLOD &91PO
1XPUGHFRORQLLOD &91PO
3DUDPHWULLFKLPLFL
$FULODPLGKLGURFDUEXULSROLFLFOLFHDURPDWHSHVWLFLGH91PJO
%HQ]HQ0HUFXU
91 PJO

$V6H3E&&OWULFORUHWHQ&LDQXULOLEHUH%URPD L91PJO
&ORUXU GHYLQLOQLWUL LWRWDOSHVWLFLGH91PJO

&DGPLXVWLELX
91 PJO
&LDQXULWRWDOH1LWUD L
91PJO
%DFWHULLFROLIRUPHL&ORVWULGLXPSHUIULQJHQV
91PO
3DUDPHWULLLQGLFDWRUL
%LEOLRJUDILH
/HJHDQUGLQLXOLHSULYLQGFDOLWDWHDDSHLSRWDELOH
1RUPHPHWRGRORJLFHSHQWUXVXSUDYHJKHUHDVDQLWDU DFDOLW LLDSHLHEXW /DERUDWRUXO

GHLJLHQDDSHL,63%XFXUHWL
,JLHQDVXEUHGDF LD&RUGHDQX&RFRUD0QHVFX%XFXUHWL
6WDQGDUGGHVWDWGLQHODERUDWGH0LQLVWHUXO6QW LL$FDGHPLDGH
WLLQ H0HGLFDOH,QVWLWXWXOGH,JLHQ L6QWDWH3XEOLF %XFXUHWL$SUREDWGH
,QVWLWXWXO5RPkQGH6WDQGDUGL]DUH6WU-HDQ/RXLV&DOGHURQQU%XFXUHWL

+$%,7$78/
'HQXPLP KDELWDW PHGLXO DUWLILFLDO FUHDW L ORFXLW GH RP ORFXLQ D ORFXO GH PXQF
LQVWLWX LLGHvQY PkQWLFXOWXUDGPLQLVWUDWLYHSHQWUXRFURWLUHVRFLDO LDVLVWHQ PHGLFDO

/DIHOFDLYHVWLPHQWD LDLDOLPHQWD LDKDELWDWXOHVWHXQLQGLFDWRUDOJUDGXOXLGHFLYLOL]D LH
LFXOWXU DOXQHLVRFLHW LDOQLYHOXOXLPHGLXGHHGXFD LHDOXQHLFROHFWLYLW LLQXvQXOWLPXO
UkQG XQ LQGLFDWRU LQGLUHFW DO VWULL GH VQWDWH DO DFHVWHLD 3ULYLW GLQ SXQFW GH YHGHUH DO
VSD LXOXLSHFDUHvORFXSILHFDUHLQGLYLGHVWHXQORFDWDUDYkQGFRPSRUWDPHQWHLSXQFWH
GHYHGHUHFRQGL LRQDWHGHSURSULDH[SHULHQ GHYLD LGHXQDQXPLWQLYHOGHLQVWUXLUH3XWHP

YRUELGHFLGHRFXOWXU DORFXLULLFDUH]XOWDWDOHYROX LHLVRFLDOH
/RFXLQ D IDFH SDUWH GLQ FRQVWUXF LLOH QHLQGXVWULDOHQHSURGXFWLYH GLUHFW PRWLY SHQWUX FDUH VH
SURGXFH DGHVHD XQ GHFDODM vQWUH QHYRLD VRFLDO GH ORFXLUH FHUHUHD L UHVXUVHOH GLVSRQLELOH
EDQL PDWHULDOH PDQRSHU FRQGL LLOH HFRQRPLFH QX VH ULGLF vQWRWGHDXQD OD QLYHOXO
SURJUHVHORUVRFLDOHFHHDFHGXFHODRFUL] GHORFXLQ HVDXODX]XUDPRUDO DDFHVWRUDvQDLQWHD

X]XULLIL]LFH
3URWRWLSXO ORFXLQ HL FRQWHPSRUDQH LQGLYLGXDO VDX FROHFWLY XUEDQ VDX UXUDO HVWH
FDVDWUDGL LRQDOFRQVWUXLW VSRQWDQvQWUXQDQXPLWPHGLXQDWXUDOVWUXFWXUDW LPRGHODW vQ

WLPSGHIDFWRULRELHFWLYLLVXELHFWLYL
&DX]HOH RELHFWLYH FH DX JHQHUDW DVSHFWXO PRUIRORJLF DO ORFXLQ HL VXQW QDWXUDOH FOLPD
UHOLHIXOPDWHULDOHOHGHFRQVWUXF LHH[LVWHQWHUHVXUVHOHHQHUJHWLFHGLQ]RQ LDUWLILFLDOH
RFXSD LLOH SRVLELOH L UHOD LLOH VRFLDOH DXWRKWRQH WUDGL LRQDOH(OH YRU JHQHUD FHULQ HOH
QHFHVLW L DOHLQGLYLGXOXLDGLF DFHOH FRQGL LLPLQLPHGHORFXLUHGHWHUPLQDWHGHPULPHDL

FRPSRQHQ DIDPLOLHLFDWHJRULDVRFLRSURIHVLRQDO DPHPEULORUHLLQLYHOXOYHQLWXULORU
&DX]HOH VXELHFWLYH FH GXF OD DSDUL LD XQRU FHULQ HDVSLUD LL VXQW UHSUH]HQWHWH GH IDFWRUL
VRFLDOLFXOWXUDOLLGHRUGLQSVLKRORJLFWHPSHUDPHQWDODSUXWHvQ JHQHUDO FDUH]XOWDWDOXQRU
PXWD LL GH RELFHLXUL L FRPSRUWDPHQWH GLQWUXQ WHULWRULX vQ DOWXO GH OD R FXOWXU OD DOWD
5H]XOWDWHOHORUVXQWDGHVHDQHJDWLYHGDF QXH[LVW RED] FRPXQ GHUHOLHIFOLP LUHVXUVH
SURGXFkQGXVH FKLDU GH]HFKLOLEUH L GL]DUPRQLL vQ SHLVDMXO VRFLHW LL UHVSHFWLYH DFROR XQGH
OLPLWHOHVXSHULRDUHQXSRWILQHWWUDVDWH
3HQWUXDPRGLILFDvQVHQVFRQVWUXFWLYWLSRORJLDORFXLQ HLWUDGL LRQDOHHVWHELQHV SUHOXPGH

OD DFHDVWDHOHPHQWH RULJLQDOH FD UHSHUH GH FUHDWLYLWDWHSVWUkQG YDORULOH HWLFH L HVWHWLFH DOH
VSD LXOXLvQDQVDPEOX

3ROLWLFD GH ORFXLQ H HVWH VSHFLILF ILHFUHL HWDSH GH GH]YROWDUH VRFLDOHFRQRPLF
,QGXVWULDOL]DUHDRUDHORULXUEDQL]DUHDVDWHORUDXJHQHUDWWUDLXOvQFRPXQLDXGXVODQHYRLD
VWDQGDUGL]ULL GLQ PRWLYH HFRQRPLFH &RQFHS LD ILORVRILF D OXL 7D\ORU L )RUG D
IXQF LRQDOLVPXOXLvLJVHWHH[SUHVLHvQPDLQDGHORFXLWDDQLORUGHQXPLW XOWHULRU
ORFXLQ PRGHUQ 7RW FH VH FRQVWUXLHWH vQ ]LOHOH QRDVWUH L vQWUXQHWH FRQGL LL QRL GH
WLSL]DUH GHVFKLV HODVWLF IOH[LELOLWDWH SHUVRQDOL]DUH YDULHWDWH HVWH GHQXPLW JHQHULF
ORFXLQ FRQWHPSRUDQDGHFYDW PRELOLW LLVRFLDOH
7(5,725,8/&/,0$9,$$62&,$/ 75$',,$'(/2&8,5(
3XQFWXO GH SOHFDUH SHQWUX DPHQDMDUHD JRVSRGULHL vO FRQVWLWXLH WHUHQXO DJULFRO 'LQ
FHOH PDL YHFKL WLPSXUL RPXO D PDQLIHVWDW R WHQGLQ QDWLY LQVWLQFWLY GH DL SURWHMD
WHULWRULXOSURGXFWLYIRORVLQGRPLF VXSUDID SHQWUXFRQVWUXF LHLDUUHVWXOSHQWUXFXOWXUL$D
VDQVFXWLGHHDH[WLQGHULLFDVHLSHYHUWLFDOFKLDULODVDWH7RWGHQDWXU HFRORJLVWHVWHL
vQFOLQD LDGHDLIHULDGSRVWXOGHDUL YkQWXULSXWHUQLFHIULJVDXXPLGLWDWHH[FHVLY$VWIHO

ILHFDUH]RQ FOLPDWLFFXIRUPHOHHLGHUHOLHIDUHXQDQXPLWPRGHOGHORFXLQ
6DWHOH GH PXQWH PDL SX LQ SRSXODWH DX FDVHOH L]RODWH DOWXUL GH HOH ILLQG FRQVWUXLWH
JUDMGXULOH SHQWUX DQLPDOH GHSR]LWHOH SHQWUX SURGXVH IkQDUXO WRWXO vQ FXU L LQWHULRDUH
vQJUGLWHGHQXPLWHRFROSURWRWLSXOHVWHVWkQD
6DWHOHGHFkPSLHPDLDGXQDWHFXFDVHGHVHDXIRVWFRQVWUXLWHFXO LPHDVSUHXOL LFXUWHD
VSUH LQWHULRU vQ SURIXQ]LPH vQLUkQGXVH DQH[HOH JRVSRGUHWL EXFWULD GH YDU XUD
JUGLQDOLYDGD
6DWHOHVXEFDUSDWLFHVHvQLU GHDOXQJXOYLORUODRVWUDG SULQFLSDODYkQGvQSUHOXQJLUHD

FXU LLSHGHDOXULORWXULOXQJLSDUDOHOHGHOLYH]LLSRGJRULL
0RGHOXO WUDGL LRQDO UXUDO HVWH FDVD SHQWUX R VLQJXU IDPLOLH Q DUD QRDVWU HD DUH
IRUP GUHSWXQJKLXODU R WLQG L XQD VDX GRX FDPHUH&DPHUD FXUDW HVWH GHVWLQDW
J]GXLULLRDVSH LORUGHSR]LWULL]HVWUHLKDLQHORUGHVUEWRDUHHYHQWXDOIUXFWHORULDUFHDODOW
vQFSHUH HVWH SHQWUXORFXLW GRUPLW JWLW HVXW 7LQGD KROXO DFWXDO VH SUHOXQJHWH vQ FDVHOH
PDULGHWLSFRQDFUH]XOWkQGFDPHUHQHGLIHUHQ LDWHFDIRUP LFDPULPH
Q ]RQH LQWHQV SRSXODWH FDVD HWDMDW D DSUXW GH WLPSXULX L vQ UXUDO 2ODQGD DYkQG LQWUUL
GLIHULWH GH SH JDOHULL H[WHULRDUH SHQWUX PDL PXOWH IDPLOLL Q DIDUD IXQF LHL HFRQRPLFH
ORFXLQ DvQO DW SRDWHV MRDFHLXQUROGHDSUDUHILLQGIRORVLW FDUHIXJLX
&RQGL LLOH QDWXUDOH vQ VLQH SRW UHSUH]HQWD ]RQH GH VHFXULWDWH PXQWHOH JROIXULOH L ODJXQHOH
DGSRVWHVFXQHRULRUDHvQWUHJL9HQH LD0H[LFR1HZ<RUN

&OLPDMRDF XQUROKRWUkWRUvQRULHQWDUHDLDUKLWHFWXUDORFXLQ HL
&OLPDFDOG L XVFDW UHJVLW vQ PXOWH VDWH L RUDH DUDEH OH G DFHVWRUD vQI LDUHD XQRU
FHW LFX]LGXULDOEHFH UHIOHFW VRDUHOHSURWHMkQG WRWFH HVWHvQLQWHULRU GHFOGXUD H[FHVLY
GLQWLPSXOYHULL8PEUDPDLSRDWHILRE LQXW SULQRULHQWDUHDFDPHUHORUGHYDU VSUHQRUGSULQ
DPHQDMDUHDGHWHUDVHJDOHULLLORJLLQFSHULOHRSWLPHVXQWvQDOWHFXSHUH LGHOHPQWUDIRUD L

FX VLVWHPH QDWXUDOH GH YHQWLODUH$FROR XQGH H[LVW SRVLELOLW L LDUQD VH UHDOL]HD] R PXWDUH
VH]RQLHU vQDOWHvQFSHULPDLFDOGH
&OLPDFDOG LXPHGVSHFLILF XQRU]RQHGLQ $VLD-DSRQLD$IULFD $PHULFD&HQWUDO L

$PHULFDGH6XGGHWHUPLQ QHYRLDGHDORFXLLGHDPXQFLPXOWvQWUXQVSD LXGHVFKLVSHDSH
ODJXQH /RFXLQ HOH VXQW UVILUDWH FX SHUH L WUDIRUD L L FXUHQ L GH DHU FH SHUPLW HOLPLQDUHD
DHUXOXLXPHG
&OLPD UHFH SUHVXSXQH UH]LVWHQ OD YkQW IULJ L vQJKH FRQGL LH SH FDUH R vQGHSOLQHVF
ORFXLQ HOHGHWLS,DJORRvQIRUP GHKHPLVIHUFRQVWUXLWHGLQFDOXSXULGH]SDGDFSHULWHOD

LQWHULRU FX EOQXULQ QRUGXO (XURSHL FOGLULOH VXQW ]XJUYLWH OD H[WHULRU vQ FXORUL vQFKLVH
SHQWUX D DEVRUEL UDGLD LD FDORULF DX IHUHVWUH PDUL RULHQWDWH VSUH VRDUH L VXQW SUHY]XWH FX
GHSR]LWHSHQWUXSURYL]LLOHGHLDUQ
&OLPD WHPSHUDW IDYRUL]HD] GHVIXUDUHD XQXL VWLO GH YLD HFKLOLEUDW vQWUH LQWHULRUXO L
H[WHULRUXOORFXLQ HL3URWHF LDWHUPLF VDUHDOL]DWLQL LDOSULQORFXLQ HvQJURSDWHGHWLSERUGHL

GLQOHPQvQFRPXQDSULPLWLYUHJVLWSkQ ODvQFHSXWXOVHFROXOXL;;VXEIRUPDGHPLVROXOXL
GLQ SU LOH YHFKL DOH RUDHORU VDX FD XQ DFRSHUL GLQ WUHVWLH vQ GRX SDQWH vQ -DSRQLD
3URWHF LDvPSRWULYDSORLORUVHUHDOL]HD] SULQWURIRUP SROLJRQDO DRFROXOXLvQJUGLWFXXQ

]LGLXQDFRSHULGHOHPQLSULQRULHQWDUHDFDVHLSHGLUHF LDGHFXUJHUHDDSHORUGHSORDLH
2ULHQWDUHDRSWLP DFDPHUHORUGHORFXLWHVWHVSUHVXGVXGHVWVDXVXGYHVWVSUHSROXO
RSXV ILLQG GLVSXVH EXFWULD PDJD]LD DWHOLHUXO VWDXOXOVSD LL WDPSRQ vQ GLUHF LD
YvQWXULORUGLQVSUH QRUG /RFXLQ HOH FX HWDM DX OD SDUWHU ILH JUDMGXULOH SHQWUX DQLPDOH vQ ULOH
EDOFDQLFH ILH vQFSHUL GH LDUQ OD DUDEL SHQWUX D SURILWD GH LQHU LD WHUPLF D SPkQWXOXL
2GDW FXGH]YROWDUHDPDQXIDFWXULLGLQVHFROXO;9,,DSDUODSDUWHUXOXQRUORFXLQ HDWHOLHUHL
SUYOLLvQVSHFLDOvQ*HUPDQLDLDUODURPkQL GHSR]LWHSHQWUXIUXFWHLYLQSHQWUXUHFX]LWD
GH OD FUX 3LYQL D HVWH QHFHVDU PDL DOHV vQ ]RQHOH GH GHHUW GDU VH UHJVHWH L vQ FHOH
WHPSHUDWH
$SDU vQ HYROX LD FDVHL HXURSHQH SRGXOIRORVLW FD L]RODWRU WHUPLF L ORF GH DIXPWRDUH
SULVSDLFHUGDFXODFWXDOXOEDOFRQGHVFKLV VSD LLGHOXFUXLGHGRUPLWYDUDGHXPEULUHL

DHULVLUHvQUHVWXODQXOXL

9LD DVRFLDO LWHPSHUDPHQWXORDPHQLORU GLQGLIHULWH]RQHVXQWRJOLQGLWHvQPRGXOGH
RUJDQL]DUH L FRPSDUWLPHQWDUH D JRVSRGULLORU $VWIHO vQ &KLQD JVLP XQ VLVWHP vQFKLV
HUPHWLF VLPHWULF FRQVHUYDWRU vQ FDUH IDPLOLD IHXGDO vL SVWUHD] XUPDLL vQ DFHHDL FXUWH
vQJUGLW FX]LGXULvQDOWHGHWUHLPHWULSULQFDUHQXVHSULYHWHGLQH[WHULRU&DVHOHVXQWMRDVH
FX XQ VLQJXU QLYHO L SULYHVF VSUH FHQWUXO FXU LL -DSRQLD VH FDUDFWHUL]HD] SULQWUXQ VLVWHP
FRQFHQWULFGHVFKLVGHDJORPHUDUHDORFXLQ HORUGLQWUXQVHQWLPHQWGHDSURSLHUHFHVXJHUHD]
ORLDOLWDWHD ID GH RJXQL QXPHURWDUHD FDVHORU VH IDFH vQ RUGLQHD FRQVWUXLULL ORU QHILLQG
DQXPLWHGLUHF LLRUGRQDWHGHvQLUXLUHLDUVSD LLOHYHFLQHSRWILSHUPDQHQWYL]XDOL]DWH
&OLPD PHGLWHUDQHDQ IDFH WUHFHUHD vQWUH FOLPD GH GHHUW L FHD WHPSHUDW vPELQkQG
HOHPHQWHOHFXOWXUDOHDIULFDQHFXFHOHHXURSHQH
Q)UDQ DGHVXGL6SDQLDH[LVW PXOWHVSD LLGHVFKLVHSLH HSXEOLFHSDUFXULEXOHYDUGHODUJL

IRORVLWHFDSXQFWHGHFRQYHUJHQ XUEDQDDFXPvQORFXLQ VDORDQHOHPDULUHXQHVFSULQWU
XQVLVWHPUDGLDUWR LORFDWDULLSULQLQWUULVHSDUDWH
Q *UHFLD DSDUH LGHHD GH VSHFLDOL]DUH D vQFSHULORU SHQWUX RDVSH L GHSR]LWDUH vPELHUH
JWLWGLVSXVHvQMXUXOXQHLFXU LLQWHULRDUHSDWLRFXED]LQGHFROHFWDUHDDSHORUGHSORDLHQ
*HUPDQLDORFXLQ DHVWHGHWLSOLQLDULHUDUKL]DWRUGRQDWFRQIRUWXOILLQGDVLJXUDWGHFRPDVDUHD
GLYHUVHORU DFWLYLW L vQ DFHHDL vQFSHUH ILHFDUH PHPEUX DO IDPLOLHL DUH FkWH R FDPHU OD
DFHVWHDDGXJkQGXVHRVXIUDJHULHFRPXQ
Q $QJOLD GDWRULW GHQVLW LL FUHVFXWH D SRSXOD LHL VH DJORPHUHD] FOGLUL FROHFWLYH SH VWU]L
vQJXVWHORFXLQ D67$6PXQFLWRUHDVFGHYHQLQGUDSLGXQPRGHOSHQWUXvQWUHDJD(XURS&HL
vQVWUL LvLFRQVWUXLHVFYLOHFOGLULSDUWLFXODUHWLSFOXEXULELEOLRWHFLFDVWHOHDLFLILLQGFHOPDL
SXWHUQLF UHSUH]HQWDW VSHFLDOL]DUHD SH IXQF LXQL D ILHFUXL HGLILFLX L D ILHFUHL vQFSHUL
FDPHUD GH ]L OLYLQJURRP GLIHULW GH VXIUDJHULH GLQLQJURRP 'DWRULW FOLPHL WHPSHUDW
RFHDQLF XPHG VXQW GHV vQWkOQLWH SDUFXULOH VFXDUXULOH SHOX]HOH FX JD]RQ FH GDX DVSHFWXO
WUDGL LRQDOGHRUDHJUGLQHQJOH]HWL
%LEOLRJUDILH
/RFXLQ DFRQWHPSRUDQ SUREOHPHLSXQFWHGHYHGHUHGH'U$UK0LKDLO&DIIH(G

7HKQLF %XFXUHWL

&(5&(7$5($6$1,7$5 $/2&8,1(,
'LQSXQFWGHYHGHUHDOFRQGL LLORULJLHQLFRVDQLWDUHDORFXLQ HLXUPULP
x
$PSODVDUHD vQ ]RQD GH ORFXLW VDOXEU SH XQ WHUHQ XRU vQFOLQDW SHQWUX D IDYRUL]D
VFXUJHUHD DSHORU PHWHRULFH DYkQG DSD VXEWHUDQ OD FHO SX LQ XQ PHWUX GH IXQGD LH FHOH
PDL DYDQWDMRDVH SHQWUX VWDELOLWDWHD FRQVWUXF LHL VXQW FRPELQD LLOH GH VRO DUJLORV QLVLSRV
x
x
x

x

VROXODUJLORVIDYRUL]HD] LJUDVLDLDUFHOQLVLSRVDOXQHFDUHD
&LOH GH DFFHV DVLJXU DSURYL]LRQDUHD UDSLG GLQ ]RQD FRPHUFLDO SLH H PDJD]LQH
HGXFD LD L GHVWLQGHUHD vQ WLPSXO OLEHU SULQ LQVWLWX LL GH vQY PkQW FXOWXU L ]RQH GH
DJUHPHQWFROLWHDWUHSDUFXULFOXEXULVOLGHVSRUWH[SR]L LLHWF
&RQGL LL IXQF LRQDOH UH HOH GH DOLPHQWDUH FX DS L FDQDOL]DUH GH FROHFWDUH UH]LGXXUL
LQVWDOD LLGHJD]HOHFWULFHWHUPLFHGHYHQWLODUHLWUDWDUHDDHUXOXL
6WUXFWXUDFOGLULL
WLS FDVYLOEORFQXPUGHHWDMHLDSDUWDPHQWH
RULHQDUH LGHDOVSUHVXGVXGHVWVXGYHVWFHOSX LQFDPHUHOHGH]LLGRUPLWRUXOSHQWUXD

DVLJXUDvQVRULUHDIHULWHGHVRDUHGDUDHULVLWHEXFWULDFPDUDEDLD
PDWHULDOHGHFRQVWUXF LH QDWXUDOHSLDWUOHPQVDXDUWLILFLDOHEHWRQFUPLG
SUHIDEULFDWHPDWHULDOSODVWLFvQGHSOLQLQGFRQGL LLGHUH]LVWHQ vQWUH LQHUHLVHFXULWDWH

WHUPRIRQR LKLGURL]RODQWHJUHXLQIODPDELOHLHIWLQHGXUDELOHODYDELOH
&DUDFWHULVWLFLIXQF LRQDOHRELHFWLYHDOHORFXLQ HL
GHVFULHUH DPSODVDUHvQFOGLUHPULPHGRWULFRPXQHVWDUHSHUH LIHUHVWUH

SODQLILFDUHLQWHULRDU QXPUGHvQFSHULLGHVWLQD LDILHFUHLD GLPHQVLXQL
FRQGL LLGHPLFURFOLPDWLOXPLQDWQDWXUDODUWLILFLDO
WHPSHUDWXUXPLGLWDWHFXUHQ LGHDHU
]JRPRWLQWHULRUH[WHULRU
VWDUHGHFXU HQLHDHURPLFURIORU JHUPHQLSHRELHFWHLVXSUDIH H
FRQGL LLGHFRQIRUWGHQVLWDWHD QXPUXOGHORFDWDULQXPUXOGHFDPHUH
YLFLHUHDDHUXOXLLQGLFDWRU PRQR[LGXOGHFDUERQ
FXEDMXO YROXPXOGHDHUQHFHVDUXQHLSHUVRDQHSHQWUXDL
GHVIXUDDFWLYLWDWHDvQFRQGL LLRSWLPHIL]LRORJLFH
PXOWLSOXOGHVFKLPE FRHILFLHQWXOGHYHQWLOD LHGHFkWHRUL

DHUXOGLQvQFSHUHWUHEXLHvPSURVSWDW

1RUPH

'HQVLWDWHDLGHDO QUORFDWDULQUFDPHUHGHORFXLW
9PLQLPQUFDPHUH QUORFDWDUL
x

x

90D[LPQUORFDWDUL QUFDPHUH
&XEDMXO PSHUVRDQ FXRPHGLHGH PSHUVRDQ

0XOWLSOXOGHVFKLPE9FDPHU9EXFWULHL9EDLH
6XSUDID DPvQFSHUH
QO LPHDPDGLF PLQLPPHWUXSHVWHvQO LPHDPHGLHDORFDWDULORU

&RQGL LLGHSURSRU LRQDOLWDWHO LPHvQO LPHD/XQJLPH
&DUDFWHULVWLFLVXELHFWLYH
DPELDQ DJHQHUDODDFXPUH]XOW GLQDQFKHWDUHDORFDWDULORUFRQWURDOHLJLHQLFR VDQLWDUH

vQ GLIHULWH DQRWLPSXUL VWXGLL FOLQLFH VWDWLVWLFH DOH SDWRORJLHL VSHFLILFH H[SHULPHQWH vQ
FDPHUH WHVWvQFKLVHFHUHSURGXFvQWRFPDLFRQGL LLOHPHGLXOXLGHORFXLWVWXGLDWLQFOXGHL

FOLPDWXOSVLKRORJLFGLQWUHORFDWDUL
,175(%5,7(0(
'D LH[HPSOHGHEROLGDWRUDWHPLFURFOLPDWXOXLVSD LXOXLGHORFXLW
$OFWXL L XQ FKHVWLRQDU GH RSLQLH FX SULYLUH OD SROXDUHD LQWHUQ L OD FHD
H[WHULRDU ORFXLQ HL
,167,78,,/(38%/,&(
2 GHRVHELW LPSRUWDQ GLQ SXQFW GH YHGHUH HSLGHPLRORJLF DUH VXSUDYHJKHUHD
FRQGL LLORU GH LJLHQ GLQ XQLW LOH PHGLFDOHFXOWXUDOH L GH vQY PvQW DGPLQLVWUDWLYH
LQGXVWULDOHLFRPHUFLDOHXQLW LGHFD]DUHDVLVWHQ VRFLDO LUHFUHHUHSUHFXPLXQLW LOHGH

SUHVWULVHUYLFLLvQWUH LQHUHFRUSRUDOLJLHQDYHVWLPHQWDUUHSDUD LLFRQIHF LL3HQWUXREXQ
GHVIXUDUHDDFWLYLW LORUVSHFLILFHWRDWHDFHVWHLQVWLWX LLLXQLW LWUHEXLHV SULPHDVF DYL]XO

HSLGHPLRORJLFLDXWRUL]D LDGHIXQF LRQDUHLDUSHUVRQDOXODQJDMDWV ILHLQVWUXLWLGLQSXQFWGH
YHGHUHDOFXQRWLQ HORUVDQLWDUHPLQLPHLFRQWURODWPHGLFDOSHULRGLF

&ODVLILFDUH
8QLW L PHGLFDOH VSLWDOH SROLFOLQLFL GLVSHQVDUH L FDELQHWH PHGLFDOH VDQDWRULL

SUHYHQWRULL VWD LXQL EDOQHRFOLPDWHULFH L FHQWUH GH UHFXSHUDUH ODERUDWRDUH VHUYLFLL
+RVSLFH DVRFLD LL PHGLFDOH SDUWLFXODUH L GH VWDW RUJDQL]D LL JXYHUQDPHQWDOH L QRQ
x
x
x
x
x
x
x
x
JXYHUQDPHQWDOH
8QLW LFXOWXUDOHL GHvQY PvQWFUHHJUGLQL HFROLOLFHHXQLYHUVLW LFROHJLLFDVHGH

FXOWXUWHDWUHFLQHPDWRJUDIHRSHU
8QLW L GH vQWUH LQHUH FRUSRUDO FRDIXU IUL]HULH FRVPHWLF PDVDM PDQLFKLXU
SHGLFKLXUELSXEOLFHSLVFLQHED]LQHWUDQGXUL
8QLW LSHQWUXLJLHQDYHVWLPHQWDUVSOWRULHFXU WRULHYRSVLWRULH
8QLW LGHvQWUH LQHUHvPEUFPLQWHvQFO PLQWHUHSDUD LLFRQIHF LLDSDUDWH

HOHFWURFDVQLFHFHDVXULELMXWHULLVHUYLFHDXWR
8QLW LGHFD]DUHKRWHOPRWHOFDPSLQJWDEUFDEDQFPLQGHHOHYLVWXGHQ L

QHIDPLOLWL
/RFDOXULSHQWUXDFWLYLW LGHUHFUHHUHED]HLFRPSOH[HVSRUWLYHSDWLQRDUFOXEXULFRODUH
VWXGHQ HWLVSRUWLYHFD]LQRXULGLVFRWHFLVOLGHGDQVGHVSHFWDFROHGHMRFXULGLVWUDFWLYH
ELOLDUGLQWHUQHWHWF
8QLW LFRPHUFLDOHPDJD]LQHSLH HFRPSOH[HFRPHUFLDOH
8QLW LDGPLQLVWUDWLYHLLQGXVWULDOHEQFLLQWUHSULQGHULHWF
7RDWH DFHVWH XQLW L VXQW FROHFWLYH UHODWLY RPRJHQH FD SHUVRQDO SURSULX L IRDUWH
KHWHURJHQHFDXWLOL]DWRUL'LQSXQFWGHYHGHUHVDQLWDUHOHPHQWHOHFRPXQHVXQWDSURYL]LRQDUHD
FXDS SRWDELOHYDFXDUHDUH]LGXXULORUVROLGHLOLFKLGHFRQGL LLOHGHPLFURFOLRPDWVLVWHPXO

GH vQFO]LUH GH YHQWLOD LHLOXPLQDWXO QDWXUDO L DUWLILFLDO 3HQWUX ILHFDUH WLS GH XQLWDWH H[LVW
QRUPDWLYH GH SURLHFWDUH FH FXSULQG FRQGL LLOH PLQLPH GH FDOLWDWH QHFHVDUH SH WRDW GXUDWD
IXQF LRQULLGHVWLQD LDILHFUHLvQFSHULFLUFXLWHGRWULLQWHULRDUHLQVWDOD LLFLGHDFFHV
2ULFHPRGLILFDUHWUHEXLHVHPQDODW LDSUREDWSULQWURQRX DXWRUL]D LHLXQQRXDYL]VDQLWDU

175(%5,
x
&DUH HVWH IUHFYHQ D FX FDUH Y DGUHVD L XQLW LORU GH vQWUH LQHUH FRUSRUDO" &H
/DFHGLVWDQ GHFDV VHJVHVFJUGLQL DVDXFRDODFRSLLORUXQLYHUVLWDWHD"
LPEXQW LULVDUSXWHDDGXFH"
&DUHVXQWDFWLYLW LOHGHUHFUHHUHSHFDUHOHSUHIHUD L"

63,7$/8/
3ULPHOH vQJULMLUL PHGLFDOH FROHFWLYH DX IRVW DFRUGDWH GH FWUH FOXJUL EROQDYLORU
FRQVLGHUD L SURVFULL L HOLPLQD L GLQ VRFLHWDWH (L HUDX J]GXL L vQ XQLW L FOHULFDOH UX
YHQWLODWHFXFDPHUHPLFLvQWXQHFRDVHDVHPQWRDUHFKLOLLORU
5]ERDLHOH DX WUDQVIRUPDW XQLW LOH GH vQJULMLUH vQ VSLWDOH GH WLS FD]DUP FX VSD LL
PDUL PDL ELQH RUJDQL]DWH L GRWDWH GDU QHGLIHUHQ LDWH FHHD FH IDYRUL]D UVSvQGLUHD UDSLG D
LQIHF LLORU
&HULQ HOHVDQLWDUHUHIHULWRDUHODDPSODVDUHFRQVWUXF LHGRWULLIXQF LRQDUHDSDUDELD
ODWUHFHUHDGLQWUHVHFROHOH;,;L;;RGDW FXVSLWDOXOPRGHUQ
$PSODVDUHD VSLWDOHORUVHIFHDvQWUHFXWvQDIDUDORFDOLW LORUGDUDVW]LHOHVXQWVLWXDWH
FHQWUDO L XRU DFFHVLELOH ORFXLWRULORU GLQ XUEDQ L UXUDO 7HUHQXO VH DOHJH vQ ]RQD GH ORFXLW
ILLQG XRU vQFOLQDW VDX GUHSW SH XQ VRO DUJLORVQLVLSRV IHULW GH VXUVH GH SROXDUH ]JRPRW L
YvQWXULSULQFLSDOH6XSUDID DPHGLHHVWHGHGHPHWULSWUD LSHQWUXXQSDWGHVSLW
DO DYvQG vQ YHGHUH L VSD LLOH GLQ MXU SDUFXUL DOHL ]RQH GH SDUFDUH FUHPDWRULXO VWD LD GH
HSXUDUH D DSHORU UH]LGXDOH VWD LD GH R[LJHQ FHQWUDOD WHUPLF SODWIRUPD SHQWUX UH]LGXXUL
VROLGH
2ULHQWDUHD FOGLULLVHIDFHFXvQFSHULOHSULQFLSDOH VDORDQHVOLGHWUDWDPHQWVSUHVXG
VXGHVWSHQWUXDEHQHILFLDGHLOXPLQDWQDWXUDOLDQH[HOHVSUHQRUGYHVWLSR]L LLLQWHUPHGLDUH
0DWHULDOHOHGHFRQVWUXF LH WUHEXLHV ILHKLGURLIRQRL]RODQWHQHLQIODPDELOHUH]LVWHQWH
LXRUGHvQWUH LQXWDOHVHGXS FULWHULLGHFDOLWDWHL HFRQRPLFH
)XQF LRQDOLWDWHD VSLWDOXOXL VH DVLJXU SULQ vPSU LUHD OXL SH VHF LL SH JUXSH GH
SDWRORJLHYvUVWVH[
6HF LD FXSULQGH XQLW L GH vQJULMLUH FX FvWH PD[LP VDORDQH ILHFDUH FX
FDPHUH GH WUDWDPHQW FDPHUH GH JDUG vQFSHUL SHQWUX PHGLFL SHQWUX HIXO GH VHF LH L
vQFSHUL SHQWUX DVLVWHQWH L SHQWUX DVLVWHQWD HI FX JUXSXUL VDQLWDUH SHUVRQDOH PRQLWRU VDX
VDORQ GH VXSUDYHJKHUH DO EROQDYLORUVOL GH LQYHVWLJD LL VSHFLDOHLQWHUYHQ LL FKLUXUJLFDOH VDX
JLPQDVWLF PHGLFDO
8QLWDWHDGHvQJULMLUHDUHXQPHGLFHIGHVHF LHLRDVLVWHQW HIPDLPXO LPHGLFL
DVLVWHQWH L LQILUPLHUH FDUH VH URWHVF vQ VFKLPEXUL GH ]L L JU]L GH QRDSWH 3RDWH FXSULQGH
QXPDLMXPWDWHGLQVHF LHDGLF SvQ ODGHSDWXUL
3HQWUX VFGHUHD ULVFXOXL HSLGHPLRORJLF VH UHFRPDQG VHSDUDUHD SDWRORJLHL FX ULVF
VHSWLFGHUHVWXOFD]XULORUDVHSWLFHGHFLDPSODVDUHDORUODHWDMHGLIHULWH'HDVHPHQHDvQWU XQ

VSLWDO GH EROL LQIHF LRDVHEROLOH GLJHVWLYH YRU IL OD SDUWHU L FHOH UHVSLUDWRULL OD HWDMHOH
VXSHULRDUH
6SLWDOHOHGHSHGLDWULHVXQWRUJDQL]DWHSHJUXSHGHYvUVWGHMRVvQVXVvQFHSvQGFXQRX
QVFX LVXJDULLWHUPLQvQGFXFRSLLLPDULODXOWLPXOHWDMVHUYLFLLOHGHXUJHQ $7, VXQWOD

SDUWHUXUPHD] FKLUXUJLDLPDLVXVEROLOHLQWHUQH$LFLSULPLUHDYL]LWDWRULORUVHIDFHSHKROXUL
VSHFLDO DPHQDMDWH LDU SHQWUX VXSRUWXO SVLKLF DO PLFLORU SDFLHQ L VXQW GHVWLQDWH FDPHUH GH
WHUDSLHSULQMRF*UXSXULOHVDQLWDUHFXELLGXXULVXQWODFDSHWHOHFRULGRDUHORU
6HFWRUXOJRVSRGUHVFLQFOXGHVHUYLFLLGHDOLPHQWD LHRILFLXOLVDODGHPHVHSUHFXPL
VHUYLFLLGHvQWUH LQHUHD LJLHQHLVSD LLSHQWUXLQVWUXPHQWHLVROX LLGHFXU HQLHYHVWLDUHGXXUL

SHUVRQDOER[HLGHEDUDOHSHQWUXFRXULUXIHLOHQMHULHFXUDW FD]DUPDPHQWPRDOH
6SLWDOHOHPRGHUQHL FHOHSDUWLFXODUHDXXQQXPUPDLPDUHGHUH]HUYHSUHY]XWHFX
JUXSVDQLWDUSURSULXRDPELDQ PDLSOFXW FDUHUHSURGXFHPLFURFOLPDWXOORFXLQ HL
&OLQLFLOHSDUWLFXODUHFRQVWUXLWHvQVLVWHPXOURRPLQJLQDVLJXU SHQWUXILHFDUHPDP
XQVSD LXSULYDWvPSUHXQ FXQRXQVFXWXOSvQ ODH[WHUQDUH
6SLWDOXO HVWH XQLWDWHD GH ED] FH DVLJXU DVLVWHQ D PHGLFDO FRPSOHW VDX GH
VSHFLDOLWDWHSUHYHQWLYFXUDWLY LGHUHFXSHUDUHSHQWUXEROQDYLLLQWHUQD LLDPEXODWRULGHSH

WHULWRULXODURQGDW
6SLWDOHOHVXQW VXERUGRQDWH0LQLVWHUXOXL6QW LLVDXDOWRUPLQLVWHUHDOWUDQVSRUWXULORU
PLQLVWHUXOXL GH LQWHUQH VSLWDOH PLOLWDUH (OH DX vQ VXERUGLQHD ORU SROLFOLQLFL GHVWLQDWH
DVLVWHQ HL vQ DPEXODWRULX LDU DFHVWHD DX VXERUGRQDWH GLVSHQVDUH PHGLFDOH L FDELQHWH GH
PHGLFLQ GHIDPLOLH
6SLWDOXOFDUHvQGHSOLQHWHLIXQF LDGHvQY PvQWPHGLFDOLGHFHUFHWDUHGHYLQH6SLWDO
&OLQLF 8QLYHUVLWDU 5HQXPLWH SULQ YHFKLPH L SUHVWLJLX VDX SULQ vQWLQGHUH ,QVWLWXWHOH
0HGLFDOHVDX&HQWUHOH0HGLFDOHVHJVHVFvQRUDHOHPDUL
$OWH IRUPH GH DVLVWHQ PHGLFDO RUJDQL]DW VXQW SUHYHQWRULLOH L VDQDWRULLOH SHQWUX
EROQDYL SVLKLFL L WXEHUFXORL VLWXDWH GH RELFHL vQ DIDUD ORFDOLW LL ED]HOH GH UHFXSHUDUH GLQ
VWD LXQL EDOQHRFOLPDWHULFH FX WUDWDPHQW SULQ IL]LRWHUDSLH NLQHWRWHUDSLH VDX DOWH SURFHGHH
SHQWUXFRQYDOHVFHQ LFXDIHF LXQLFDUGLRYDVFXODUHUHXPDWLVPDOHRVWHRDUWLFXODUHQHXURORJLFH
6DX GH]YROWDW OD RUD DFWXDO DVRFLD LL PHGLFDOH L VHUYLFLL GH DVLVWHQ SVLKRVRFLDO
JXYHUQDPHQWDOHLQRQJXYHUQDPHQWDOHLVHUYLFLL+RVSLFHSHQWUXVXSUDYHJKHUHDODGRPLFLOLX
([LVW VSLWDOHJHQHUDOHLGHVSHFLDOLWDWHLQWHUQHSHGLDWULHRQFRORJLHEROLLQIHF LRDVH
GHUPDWRORJLHQHXURORJLHUHFXSHUDUHSVLKLDWULHSQHXPRIWL]LRORJLHHWF
2UJDQL]DWH SH SULQFLSLXO WHULWRULDO VSLWDOHOH SRW IL MXGH HQH PXQLFLSDOH RUHQHWL
FRPXQDOH

$FWLYLW LOH FDUHVHGHVIRDU vQVSLWDOHVXQW
PHGLFDOHLQYHVWLJD LLWUDWDPHQWFRQVXOWD LLVXSUDYHJKHUHDLDVLVWDUHDEROQDYLORU
GHFHUFHWDUHvQY PvQWVWXGLXFOLQLFVWDWLVWLFREVHUYD LHH[SHULPHQWH[SORUDUHIXQF LRQDO

WHKQLFHH[SORDWDUHvQWUH LQHUHUHSDUDUHDDSDUDWXULLLDHFKLSDPHQWHORU
DGPLQLVWUDWLYHDSURYL]LRQDUHDOLPHQWD LHFXU HQLH
HFRQRPLFHJHVWLRQDUHDUHVXUVHORU
RUJDQL]DUHFRQGXFHUHSROLWLF GHSHUVRQDOSODQLILFDUHHYDOXDUH
8WLOL]DWRULL VSLWDOXOXLVXQW
SDFLHQ LLSHJUXSHGHEROLYvUVWVH[
SHUVRQDOXOPHGLFDOLGHFHUFHWDUHWHKQLFLDGPLQLVWUDWLY
VWXGHQ LFXUVDQ LSUDFWLFDQ L
DSDU LQWRULYL]LWDWRULvQVR LWRUL
&RQVWUXLUHDVSLWDOHORU VH UHDOL]HD] GLQ IRQGXULSXEOLFHGH OD EXJHWXO GH VWDW EXJHWH
ORFDOHIRQGXULVSHFLDOHFRQVWLWXLWHSULQOHJHvQDIDUDEXJHWHORUIRQGXULSULYDWHGHODSHUVRDQH
IL]LFHVDXMXULGLFHFUHGLWHJDUDQWDWHLFRQWUDFWHGHVWDWSUHFXPLGLQIRQGXULPL[WHSXE OLFH
L SULYDWH (OH WUHEXLH V vQGHSOLQHDVF SH WRDW GXUDWD GH H[LVWHQ D FRQVWUXF LHL FRQGL LL
PLQLPHGHFDOLWDWHLGHUH]LVWHQ
6WUXFWXULOHGHUH]LVWHQ DOHFOGLULORUVSLWDOLFHWLVXQWIXQGD LDFRORDQHOH

SODIRQXOLSRGHDXDVWvOSLLGHVXV LQHUHJULQ]LOHLSHUH LLGHUH]LVWHQ
&RPSRQHQWHOHIXQF LRQDOHDUKLWHFWXUDOHVXQWIHUHVWUHOHXLOHDFRSHULXOSHUH LL
LQWHULRUL'RWULOHLXWLOLW LOHVXQWPXOWPDLYDORURDVHHFRQRPLFUHSUH]HQWvQGSHVWHGLQ
FRVWXULOHWRWDOH(OHWUHEXLHELQHDPSODVDWHLvQWUH LQXWHSHQWUXFGHFHOHPDLPXOWHRULSRWIL
FDX]HGHLQFHQGLLVFXUWFLUFXLWHH[SOR]LLSUEXLULDOHVWUXFWXULLSXWvQGSHULFOLWDDFWLYLWDWHD
PHGLFDO LYLD DXWLOL]DWRULORU([HPSOHVLVWHPHGHvQFO]LUHGHFRQGL LRQDUHDDHUXOXL
LQVWDOD LLHOHFWULFHERLOHUHED]LQHGHKLGURWHUDSLHHFKLSDPHQWHPHGLFDOHSHQWUXUDGLRORJLHL
WRPRJUDILHFRPSXWHUL]DW
([LVW PRGHOH WLSRORJLFH GH VSLWDOH FDUH VH SRW DOHJH vQDLQWH GH SURLHFWDUH VH
XUPUHWHSRWHQ LDOXOGHIOH[LELOLWDWHDOVSD LLORULDOPRGXOXLGHUDFRUGDUHODLQVWDOD LLSHQWUX
DSXWHDILPRGHUQL]DWHLUHHFKLSDWHFXDSDUDWXU ODILHFDUHDQLPD[LPGHDQLIU D
SHUWXUEDWRDW DFWLYLWDWHDGLQLQWHULRU
6LVWHPXOSDYLOLRQDU VHDOHJHSHQWUXVSLWDOHPDULRUHQHWLPXQLFLSDOHFXSHVWH
GHSDWXULLLQVWLWX LLDYvQGDYDQWDMXOXQHLPDLEXQHRUJDQL]ULLDGPLQLVWUULSHQWUXILHFDUH

FOGLUHvQSDUWHGDUHVWHPDLFRVWLVLWRU

6LVWHPXOPRQREORF HVWHGHVWLQDWVSLWDOHORUPLFLLPLMORFLLFRPXQDOHFXGH
SDWXULGHLHVWHPDLHFRQRPLFLJLHQDHVWHGHILFLWDU
6LVWHPXO DUWLFXODW VH UHIHU OD VHFWRUXO GH VSLWDOL]DUH VHSDUDW GH VHUYLFLLOH WHKQLFR
DGPLQLVWUDWLYH L JRVSRGUHWL FOGLUHD DUH IRUP GH OLWHUD / VDX & R DULS ILLQG UH]XOWDW
XQHRULGLQFRQVWUXF LLXOWHULRDUHPDLPRGHUQH
6LVWHPXOWHQWDFXODU VHUHJVHWHvQPDULOHFOLQLFLLVSLWDOHXQLYHUVLWDUHUVSvQGLWHSH
FROLQH VDX SH XQ UHOLHI vQWLQV XQGH ]RQH IXQF LRQDOH UHODWLY DXWRQRPH VXQW FRQHFWDWH OD XQ
YROXPFHQWUDO
6SLWDOHOHVXQWFRPSDUWLPHQWDWHvQ ]RQHIXQF LRQDOHGXS FULWHULLGHLJLHQ LDVHSVLH
6SD LLOHSRWILVWHULOHDVHSWLFHVDXVHSWLFHDYvQGvQWUHHOH]RQHFXUROGHEDULHU VDXILOWUXGH

FRQWUROLLJLHQL]DUH&LUFXLWHOHSRWILPHGLFDOHVDXQHPHGLFDOHvQFKLVHVDXGHVFKLVHVHSWLFH
VDXDVHSWLFH
7(0(
QFDGUD LVSD LLOHGHPDLMRVvQWURFDWHJRULHGLQXUPWRDUHOHVHSWLFDVHSWLFVDXVWHULO
EORFRSHUDWRU$7,VDO GHQDWHULVWHULOL]DUHFHQWUDO
VDORDQH$7,QRXQVFX LDULDOWHVDORDQH
ODERUDWRDUHUDGLRORJLHIDUPDFLH
SURVHFWXU
LQWHUQULXUJHQ H
'D LH[HPSOHGHFLUFXLWHGLQVSLWDO
(QXPHUD LVXUVHOHGHWUDQVPLWHUHDLQIHF LLORUvQWUXQVSLWDO
'HVFULH LDYDQWDMHOHLGH]DYDQWDMHOHVLVWHPXOXLURRPLQJLQ
*VL LVROX LLGHRSWLPL]DUHDDFWLYLW LLGLQVSLWDOHIRORVLQGDFHODLVSD LX

%LEOLRJUDILH
1RUPDWLY GH SURLHFWDUH D FOGLULORU VSLWDOLFHWL ,QGLFDWLY 13 HODERUDW GH

,QVWLWXWXO GH 3URLHFWDUH FHUFHWDUH L WHKQLF GH FDOFXO vQ FRQVWUXF LL DSUREDW GH
0LQLVWHUXO/XFUULORU3XEOLFHLDPHQDMULLWHULWRULXOXLFX2UGLQXO1GLQ
,JLHQDGH3URI'U0DQROH&XFX*KH7QVHVFX6HEDVWLDQ'XPLWUDFKH(G
0HGLFDO %XFXUHWL

$(520,&52)/25$
'HWHUPLQDUHDFRQWDPLQULLPLFURELHQHLIXQJLFHDDHUXOXLRELHFWHORULVXSUDIH HORU
6FRSXOHVWHGHWHUPLQDUHDFRQGL LLORUGHLJLHQ LVWDELOLUHDSRWHQ LDOXOXLGHWUDQVPLWHUH
DHURJHQ D JHUPHQLORU SDWRJHQL L FRQGL LRQDW SDWRJHQL GLQ VSLWDOH ODERUDWRDUH FUHH
JUGLQL HFROLXQLW LGHLQGXVWULHDOLPHQWDUIDUPDFLLVOLSXEOLFHORFXLQ H
3URYHQLHQ DJHUPHQLORUHVWHGLQPHGLXDSVROYHJHWD LHVDXXPDQ LDQLPDO
&ODVLILFDUHDJHUPHQLORU
VDSURIL LFRQGL LRQDWSDWRJHQLLSDWRJHQL

EDFWHULLYLUXVXULVDXSDUD]L L
SVLKURILOL&VDXPH]RILOL&GXS WHPSHUDWXUDRSWLP GHGH]YROWDUH

GHSURYHQLHQ UHVSLUDWRULH9LUXL SROLR6WUHSWRFRF +HPROLWLF$QWUD[
FXWDQDW6WDILORFRFXO0LFR]HOH
GLJHVWLY &ROLIRUPLL9LUXVXO+HSDWLWHL$
6XUVDGHLQIHF LH SULQFLSDO HVWHRPXOEROQDYVDXSXUWWRU
3RDUWDGHLQWUDUH HVWHQDVXOVDXIDULQJHOH
&DOHDGHWUDQVPLWHUH HVWHDHURJHQSULQWXVHVWUQXWH[SHFWRUD LHVDXYRUELUHFXSURQXQ DUHD

XQRUFRQVRDQHW
3LFWXULOHOXL)O&JHVHWUDQVPLWODPHWULVHGLPHQWHD] UDSLGLDXFHOPDLPDUHSRWHQ LDO

LQIHFWRJHQ6XQWDOFWXLWHGLQWURFHOXO GHVFXDPDWJHUPHQPLFURELDQLvQYHOLKLGULF
1XFOHLL:HOOVVDXQXFOHROLLQXPDLDXvQYHOLKLGULFSLHUGGLQYLUXOHQ LVHWUDQVPLWSvQ OD
PHWULGHSUWDUH(LDGHU GHSXOEHULLVHWUDQVIRUP vQSUDIEDFWHULDQULGLFDW GHFXUHQ LL

GHDHULSXUWDWSHGLVWDQ HPXOWPDLPDULGHDFHHDSRWHQ LDOXOLQIHFWRJHQHVWHPDLPLF
3ULQFLSDOHOHEROLFXWUDQVPLWHUHDHURJHQ VXQWEROLOHLQIHFWRFRQWDJLRDVHDOHFRSLOULHL
UXMHROD UXEHROD YDULFHOD VFDUODWLQD WXVHD FRQYXOVLY JULSD L DOWH YLUR]H WXEHUFXOR]D
DQWUD[XO6WUHSWRFRFXO+HPROLWLFL9LULGDQV
QVDORDQHOHGHDULLRSHUD LGHODVXSUDID DSLHOLLVHSRWGHVSULQGHvQDHU6WDILORFRFL
FHOPDLUH]LVWHQWODWUDWDPHQWILLQG6WDILORFRFXO$XUHX
2DWPRVIHU FRQWDPLQDW FXJHUPHQLGLQLQWHVWLQ&ROLIRUPLGHQRW XQJUDGFUHVFXWGH
LQVDOXEUL]DUHDvQFSHULORULXQSRWHQ LDOLQIHFWRJHQULGLFDW

1H LQWHUHVHD] vQ PRG GHRVHELW JHUPHQLL FDUH UH]LVW L VH vQPXO HVF OD WHPSHUDWXUD
FRUSXOXL RPHQHVF & GHQXPL L JHUPHQL PH]RILOL &X FvW QXPUXO GH JHUPHQL HVWH PDL
PDUHFXDWvWFUHWHSUREDELOLWDWHDFDSULQWUHHLV H[LVWHLJHUPHQLSDWRJHQL
'LQ DFHVWH FRQVLGHUHQWH VDX DOHV XUPWRDUHOH JUXSH GH LQGLFDWRUL EDFWHULRORJLFL GH
FRQWDPLQDUHDDHUXOXL
WRWDOJHUPHQLPH]RILOLOD&:
JHOR] VLPSO JHOR] VvQJH
6WUHSWRFRFL+HPROLWLFLLYLULGDQV:
JHOR] VvQJHYLROHWGHJHQ LDQ
&ROLIRUPL:
'ULJDOVNLVDX9RJHOVDQJ
6WDILORFRFL
PHGLL&KDSPDQKLSHUFORUXUDWH
,Q VFKHPD GH PDL VXV DP UHGDW PHGLLOH GH FXOWXU IRORVLWH OD GHWHUPLQDUHD LQGLFDWRULORU
EDFWHULRORJLFLGLQDHU
0HWRGHSHQWUXGHWHUPLQDUHDFRQWDPLQULLDHUXOXL
0HWRGDVHGLPHQWULLDOXL.RFKPVRDU IUDF LXQHDVHGLPHQWDELO DIORUHLGLQDHU
)RORVLPSOFL3HWULFXVXSUDID DGHFP H[SXVHWLPSGHPLQXWHvQPHGLXFXXLOHL

IHUHVWUHOHvQFKLVH3UHVXSXQHPF GLQWUXQPLFURRUJDQLVPVHGH]YROW RFRORQLH
)RORVLPXQYROXPGHDHUGHOLWULDGLF GP VDXGHP
)RUPXOD OXL 2PHOLDQVNL QH SHUPLWH V FDOFXOP 1 JHUPHQL P UDSRUWvQG Q[ OD
SURGXVXO6[W XQGHQQXPUGHFRORQLLQXPUDWH
6VXSUDID DSOFLL3HWULFP
WWLPSXOGHH[SXQHUHPLQXWH
3OFLOH 3HWULVH DD] SH SRGHDSH PDVD GLQ ID D RJOLQ]LL vQ VDORQ SH PDVDGH WUDWDPHQW OD
vQO LPLGLIHULWHLvQGLIHULWHFRO XULDOHvQFSHULL
0HWRGDDVSLUULLSULQILOWUDUHVDXSULQLPSDFWIRORVLQGDSDUDWXOOXL.URWRY
QPHWRGDSULQLPSDFW1JHUPHQLP VHFDOFXOHD]UDSRUWvQGQ[OD9XQGH
QQXPUGHFRORQLL
9YROXPXOGHDHU
GDWRULW WUDQVIRUPULLvQP

1RUPH
17*HVWHQXPUXOWRWDOGHJHUPHQLPH]RILOLP
JHUPHQLPH]RILOLPvQvQFSHULGHORFXLW
JHUPHQLPH]RILOLPvQLQVWLWX LLGHFRSLL
JHUPHQLPH]RILOLPvQVDORDQHGHVSLWDOEXFWULLVOLGHSDQVDPHQWHL$7,
JHUPHQLPH]RILOLPvQ VDORDQHGHQRXQVFX L
JHUPHQLPH]RILOLPvQVOLGHRSHUD LHLGHQDWUH
JHUPHQLPH]RILOLPvQVOLGHRSHUD LHQHXURFKLUXUJLHLWUDQVSODQWGHRUJDQH

1XPUXOGH6WUHSWRFRFLKHPROLWLFLWUHEXLHV ILH0D[LPGLQ17*
6WDILORFRFLLSDWRJHQLLJHUPHQLL&ROLIRUPLWUHEXLHV ILHDEVHQ L
&RQWUROXOEDFWHULRORJLFDOVXSUDIH HORU
6HIDFHvQVFRSXOGHDGHWHUPLQDJUDGXOGHFXU HQLHDOvQFSHULORUVSHFLDOHLDOSHUVRQDOXOXL
0HGLLOHGHFXOWXU VXQWDFHOHDL
0HWRGHOHIRORVLWHPDLGHVVXQW
0HWRGDWDPSRQXOXLVWHULO
6HUHFROWHD] GHSHVXSUDID DXQXLSWUDWGHGHFP FXDMXWRUXOXQXLWDPSRQVFRVGLQWUR

HSUXEHW FXVROX LHL]RWRQLF VWHULOGXS FHVDIODPEDWJXUDHSUXEHWHL
'LQVXVSHVLHVHIDFGLOX LLVHvQVPvQ HD] SHPHGLXVROLGLVHLQFXEHD]

OD&WLPSGHGHRUH
6HFDOFXOHD] 1JHUPHQLFPFDRVXP GLQQ[G[1[6XQGH

QQXPUGHFRORQLLQXPUDWH
1QXPUXOSOFL3HWULIRORVLWH
GLQYHUVXOGLOX LHL
6VXSUDID DSOFLL3HWULFP
6HUHFROWHD] GHSHPDVDGLQVDORQGHSHFHDUDISLMDPDXDEROQDYXOXLFXWLDFXLQVWUXPHQWH
FKLUXUJLFDOHVWHULOL]DWHLQVWUXPHQWHPvQDFKLUXUJXOXLLDDVLVWHQWHLPHGLFDOHHWF
1RUPH
17*QXPUGHJHUPHQLPH]RILOLOD&FP
91vQvQFSHULRELQXLWH
vQVOLGHVSLWDO
vQVOLGHRSHUD LH

3HVXSUDID DPvLQLL
91JHUPHQLSHQWUXSHUVRQDOXOPHGLX
JHUPHQLSHQWUXPvQDFKLUXUJXOXL
3HXQLWDWHDFRQYHQ LRQDO GHVXSUDID GHFP

91 JHUPHQLOD&
VXSUDID FXUDW
VXSUDID UHODWLYFXUDW
SHVWHVXSUDID PXUGDU
0HWRGD SULQ FRQWDFW VH DSOLF VXSUDID D SDOPHL VDX D XQXL DOLPHQW SDFKHW GH XQW SH
PHGLXOGHFXOWXU VROLGGLQFXWLD3HWULVHODV PLQXWHVHLQFXEHD] OD &WLPSGHGH

RUHLVHFLWHWHQXPUXOGHFRORQLLSHVXSUDID
0HWRGDSHOLFXOHORUDGH]LYHVHVFRWGLQFXWLLVWHULOHLVHDSOLF SHVXSUDID DPHGLXOXLFX

SHQVDVWHULOVHODV PLQXWHVHLQFXEHD]VHFDOFXOHD] QXPUXOGHJHUPHQL
0HWRGD VSOULL PvLQLORU vQ VHU IL]LRORJLF VWHULO GLQ VXVSHQVLD UH]XOWDW VH vQVPvQ HD]
PHGLLGHFXOWXU VROLGHLVHLQFXEHD]VHFDOFXOHD] QXPUXOGHJHUPHQL
0VXULGHSUHYHQLUHLFRPEDWHUHDFRQWDPLQULLPLFURELHQHDDHUXOXL
,]RODUHDVXUVHLGHLQIHF LHODGRPLFLOLXVDXODVSLWDO
'HSLVWDUHDSXUWWRULORUVQWRL
0VXULvQIRFDUvQFROHFWLYLW LOHGHFRSLLvQFD]GHHSLGHPLL
(YLWDUHDDJORPHUD LLORUvQSHULRDGHOHGHYvUIDOHHSLGHPLLORU
'H]LQIHF LDDHUXOXLSULQPHWRGHIL]LFHVDXFKLPLFH
9HQWLOD LDvQFSHULORU
&XU HQLD SHUPDQHQW
(GXFD LDSHQWUXVQWDWHSULYLQGOLPLWDUHDSURSDJULLvQDHUDJHUPHQLORUPLFURELHQL
,JLHQDEROQDYLORULDSHUVRQDOXOXL

,*,(1$$/,0(17$ ,(,
2ELHFWLYH
,
&XQRDWHUHD
JUXSHORUGHDOLPHQWHSURGXVGHED]GHULYDWH
VWUXFWXULLORUFRQ LQXWGHSURWHLQHOLSLGHJOXFLGHPLQHUDOHYLWDPLQH
UROXOXLQXWULWLYHQHUJHWLFSODVWLFHWF
SRVLELOLW LORU GH FRQWDPLQDUH L DOWHUDUH SH WRW SDUFXUVXO GH OD UHFROWDUH SURGXFHUH
WUDQVSRUWGHSR]LWDUHSUHSDUDUHFRQVXP
,,

6WDELOLUHD
XQHLUD LLHFKLOLEUDWHFDQWLWDWLYLFDOLWDWLYRSWLP SHQWUXYkUVWDVH[XOFRQGL LLOHGHHIRUW

IL]LFLLQWHOHFWXDOVWDUHDIL]LRORJLF DRUJDQLVPXOXL
UD LDGHFUHWHUHLGH]YROWDUHDFRSLOXOXLGHODDQLDQLDQLDQL
UD LDGHvQWUH LQHUHDDGXOWXOXLLDYkUVWQLFXOXL
UD LDIHPHLLJUDYLGHLDFHOHLFDUHDOSWHD]
UD LDPXQFLWRUXOXLvQIXQF LHGHJUXSDGHHIRUWLFRQGL LLOHGHPHGLX

UHJLPXOLJLHQRGLHWHWLFGHFUX DUHLUHIDFHUHvQGLIHULWHEROL
PVXULORULUHJXOLORUGHLJLHQ QHFHVDUHSHQWUXDSUHYHQLvPEROQYLUHD
xHYLWDUHDGH]HFKLOLEUHORUDOLPHQWDUHSULQFDUHQ VDXH[FHV
xHGXFD LDSHQWUXvQVXLUHDXQRUFRPSRUWDPHQWHLRELFHLXULDOLPHQWDUHVDQRJHQH
xDSUHFLHUHDVWULLGHQXWUL LHDXQHLFROHFWLYLW LDVRFLDW FXDQFKHWDDOLPHQWDU
,,, (YDOXDUHD RUJDQL]ULL DFWLYLW LL vQ VHFWRUXO DOLPHQWDU XQLW L GH SURGXF LH GHSR]LWDUH
GHVIDFHUHLODUJFRQVXPSULQ FRQWUROXO LJLHQLFRVDQLWDUDOSHUVRQDOXOXLDOPHGLXOXLGHOXFUX
L DO SURGXVHORU GH OD PDWHULD SULP OD SURGXVXO ILQLW QRUPH OHJLVOD LH PHWRGRORJLH GH
FRQWURO

*583(/('($/,0(17(
/DSWHLSURGXVHODFWDWH
&DUQHLSHWHGHULYDWH
2X LSUHSDUDWH
/HJXPHLIUXFWHGHULYDWH
3URGXVHFHUHDOLHUHLOHJXPLQRDVHXVFDWH
=DKULSURGXVH]DKDURDVH
*UVLPLDOLPHQWDUH
%XWXULDOFRROLFHLQHDOFRROLFH
3ODQGHOHF LH

UHSUH]HQWDQWXOJUXSHL
VWUXFWXU LUROvQRUJDQLVP

GHULYDWHSUHSDUDWH
UD LDRSWLP ]LOQLF
SRVLELOL LGHFRQWDPLQDUHDOWHUDUH
PVXULGHLJLHQ QHFHVDUH
SDWRORJLDVSHFLILF
GHWHUPLQULGHODERUDWRU
LQWHUSUHWDUHDXQXLEXOHWLQGHDQDOL]
$OWHWHPH
&RQVHUYHDSHUWL]DWHLWHKQLFLGHFRQVHUYDUHDDOLPHQWHORU
&RQGLPHQWHOHLHIHFWXOORUDVXSUDVWULLGHVQWDWH
3ULQFLSLLGHJDVWURWHKQLHvQUHJLPXULOHLJLHQRGLHWHWLFH

/$37(/(,352'86(/(/$&7$7(
5HSUH]HQWDQWXOJUXSHLODSWHOHGXOFHGHYDF
Q DUDQRDVWU VHFRQVXP LODSWHGHRDLHFDSUELYROL PXOWPDLERJDWHvQOLSLGHvQ
$IULFD ODSWH GH FPLO vQ $PHULFD GH 6XG ODSWH GH ODP vQ &DXFD] L 0RQJROLD ODSWH
IHUPHQWDW GH LDS L GH PJUL vQ ]RQH UHFL ODSWH GH UHQ SRODU 'H DFHHD VH YD SUHFL]D
SHQWUXDOWHSUHSDUDWHGHFkWODSWHOHGHYDFVSHFLDLGHQXPLUHDH[DFW WHOHPHDGHRDLHODSWH
FRYVLWODSWHEWXWHWF
1RX QVFXWXO HVWH VLQJXUXO SXL GH PDPLIHU FDUH VH SRDWH DOLPHQWD L FX ODSWHOH DOWRU
VSHFLLGHL ODSWHOHGHPDP DUH PXOWHFDOLW LGHPQHGH UHPDUFDW HVWH QHVUDW DOEXPLQRV

ERJDW vQ ]LQF L YLWDPLQH LPXQJOREXOLQH DFL]L JUDL QHVDWXUD L FROHVWHURO SURWHLQH GH
FDOLWDWHD,WRDWHDYkQGRDEVRUE LHLQWHVWLQDO PXOWPDLEXQ GHFkWGLQODSWHOHGHYDFXQGH
HQ]LPHOH VXQW GLVWUXVH SULQ VWHULOL]DUH SURSRU LD GH DFL]L JUDL VDWXUD L HVWH PDL PDUH L
FD]HLQD PXOW PDL ELQH UHSUH]HQWDW GHFkW SURWHLQHOH ]HUXOXL FRDJXOHD] ,DW FkWHYD PRWLYH
FDUHV QHFRQYLQJ DVXSUDLPSRUWDQ HLDOLPHQWD LHLQDWXUDOH vQSULPHOHDVHOXQLGHYLD

VWDELOLUHDUHOD LHLDIHFWLYHPDPIW
DGDSWDUH PHWDEROLF SHUIHFW OD QHYRLOH VXJDUXOXL SULQ DXWRUHJODUHD FRPSR]L LHL L

SURWHF LHDQWLDOHUJLF LDQWLLQIHF LRDV
YROXPXOXLGHODSWHGHODRPDV ODXUPWRDUHD
SURWHF LHFRQWUDFHSWLY LDQWLFDQFHULJHQ DPDPHLSHGXDWDDOSWULL
DYDQWDMHFRQRPLFDOLPHQWLHIWLQFRPRGGHDGPLQLVWUDWvQFRQGL LLRSWLPHGHWHPSHUDWXU
IU DQHFHVLWDYUHRSUHOXFUDUHSUHDODELO
5HJXOLGHLJLHQ SULYLQGDOLPHQWD LDQDWXUDO
SUHJWLUHDVkQLORUVHIDFHGLQXOWLPHOHOXQLGHVDUFLQSULQWUXQPDVDMXRUFXSURVRSXOXPHG
SHQWUXIRUPDUHDPDPHORDQHORULH[SULPDUHDFRORVWUXOXL
SHWRDW SHULRDGDDOSWULLVHYDDVLJXUDRLJLHQ ULJXURDV DVkQLORULDPkLQLORUPDPHLR

GHWHQVLRQDUHDDFHVWHLDSULQDMXWRUXOGDWGHPHPEULLIDPLOLHL
PDPDDH]DW FkWPDLFRPRGvQWLPSXODOSWULLYDVXSUDYHJKHDFRSLOXODH]DWFXID DVSUH

HDFXFDSXORULHQWDWREOLFvQVXVVSULMLQLW GHEUD XOPDPHLFXQULOHOLEHUHLEX]HOHIL[DWH
HWDQSHDUHRODPDPDUSHQWUXDQXvQJKL LDHU
SULPXOVXSWDUHORFODFkWHYDRUHGXS QDWHUHDSRLODFHUHUHGDUQXPDLGHVGHGRX RUH

LQWHUYDOQHFHVDUGLJHVWLHLFRPSOHWHDXQHLPHVH
PDVDGHQRDSWHGLVSDUHGXS WUHLOXQLLDULQWHUYDOXOGLQWUHPHVHFUHWHODRUH

GXUDWDXQXLVXSWODVkQHVWHvQPHGLHGHGHPLQXWHLQWHUYDOGHWLPSvQFDUHFRSLOXOSRDWH
IDFHSDX]HH[SORUHD] PHGLXOFRPXQLFPDPHLLPSUHVLLVWULDIHFWLYH
ODVIkULWXOILHFUHLPHVHHELQHV ULGLFPVXJDUXOvQSR]L LHYHUWLFDO LVOORYLPXRUSH

VSDWHSHQWUXDHOLPLQDDHUXO
PDPDWUHEXLHV UHVSHFWHXQUHJLPLJLHQRGLHWHWLFIDU DOFRROFDIHDFRQGLPHQWHLX LV VH

DE LQ vQPVXUDSRVLELOXOXLGHODFRQVXPXOGH DQWLELRWLFHRSLDFHHVRPQLIHUHVDXDOWH
GURJXULFHVHYRUUHJVLvQODSWH
QFD]XOXQRUFRQWUDLQGLFD LLDOHDOLPHQWD LHLQDWXUDOH VHYDUHFXUJHODIRUPXOHGHODSWH
SUDIDGDSWDWHVLWXD LHLLQWROHUDQ ODODFWR]ODSURWHLQHOHGLQODSWHOHGHYDFFHOLDFKLH
JDVWURHQWHULWHVLQGURDPHGHPDODGVRUE LHGLDUHLVXJDUSUHPDWXUGLVPDWXUGLVWURILFVDX
PDP FX7%&VHSWLFHPLHLQVXILFLHQ UHQDOFDUGLDFKHSDWLFFXPDPHORDQHRPELOLFDWH

VDXFXUDJDGHVkQJHUkQGHDIODW vQGLYHUVHWUDWDPHQWHHWF
VHYDGDVXJDUXOXLV VXJ FXELEHURQXODWkWVWLFOHOHFkWLWHWLQHOHILLQGELQHVWHULOL]DWHDVWIHO

VHGH]YROW PXFKLLPDVWLFDWRULFDLvQDOLPHQWD LDODVkQ
'HULYDWHGLQODSWHVDXSURGXVHODFWDWH
,
&XFRPSR]L LHPRGLILFDW
ODSWHKLSHUSURWHLF FRQ LQXWGHSURWHLQHSkQ ODID GHFkWHVWHQRUPDO
ODSWHYLWDPLQL]DWvPERJ LWvQYLWDPLQHOH'L&

,,
ODSWHIOXRUL]DWFXVROX LH1D)68$$QJOLD(OYH LDSURWHF LHDQWLFDULRJHQ

ODSWHGHJUHVDWLSDU LDOGHJUHVDW
ODSWHRPRJHQL]DW SULQSUHVDUHDSDUWLFXOHORUGHJUVLPHvQILOWUHPDLXRUGLJHUDELO
2E LQXWHSULQGHVKLGUDWDUH
ODSWHFRQGHQVDW HYDFXDUHSDU LDO DDSHLDGDRVGH]DKU
ODSWHSUDI HYDFXDUHDDSHLvQSURSRU LHGHLDGDRVGH]DKUYLWDPLQHFRORUDQ L

DURPDWL]DQ LPLQHUDOHVDXOHJXPHLILQXULGHFHUHDOH IRUPXOHVSHFLDOH
/DSWHOHSUDIVHSRDWHRE LQHSULQPHWRGDYDO XULORU WUHFHULvQVWUDWVXE LUHSHVXSUDID D
vQFO]LW DGRLFLOLQGULFDUHVHURWHVFvQVHQVRSXVLVIUkPDUHDFUXVWHL DVWIHOIRUPDWHVDX

SULQDWRPL]DUH SXOYHUL]DUHvQSLFWXULILQHFDRFHD vQWURFDPHU FXFXUHQ LGHDHUFDOG
XUPDW GHXVFDUHDLQVWDQWDQHHDODSWHOXLOD&
$YDQWDMXOvOFRQVWLWXLHFUHWHUHDGXUDWHLGHFRQVHUYDELOLWDWHODSWHOHSUDISRDWHILS VWUDWSkQ
ODXQDQGH]LOHGXS DPEDODUH5HFRQVWLWXLUHDLQVWDQWDQHHVHIDFHSULQSUHVUDUHDvQSORDLHD
SXOEHULLGHODSWHvQWUXQYDVFXDS ILDUW LUFLW OD&JUDPHODSWHSUDIL

PODS UHIDFXQOLWUXGHODSWH

,,,
3URGXVHODFWDWHDFLGH
6HRE LQSULQIHUPHQWD LDODFWLF VSRQWDQ VDXGLULMDWDODFWR]HLVXEDF LXQHDEDFWHULLORU

VDSURILWH6WUHSWRFRFFXVODFWLV6WHUPRSKLOXV6FUHPRULV/DFWREDFLOOXVDFLGRSKLOXV/
EXOJDULFXVHWF6XQWSURGXVHXRUGLJHUDELOHPDLERJDWHvQYLWDPLQHLPDLSX LQSHULVDELOH

PHGLXODFLGILLQGQHSULHOQLFSHQWUXvQPXO LUHDIORUHLSDWRJHQH

ODSWHOHEWXW VHSUHSDU SULQvQVPkQ DUHDFXPDLDDODSWHOXLSDVWHXUL]DWVDXSULQ
ODSWHOHDFLGRILO UH]XOW GLQvQVPkQ DUHDODSWHOXLSDVWHXUL]DWFX/DFWREDFLOOXVDFLGRSKLOXV

IHUPHQWDUHDVSRQWDQ DODSWHOXLLQWHJUDOVDXSDU LDOGHJUHVDWHVWHVXE LUHDUH]HU

HVWHFUHPRVILODQWPDLILQGHFkWODSWHOHEWXW
LDXUWXO
VHRE LQHSULQDGXJDUHDGHPDLDVSHFLILF ODSWHOXLGHYDFRDLHFDSU VDX
ELYROL 6WUHSWRFRFFXVWHUPRSKLOXVL/DFWREDFLOOXVEXOJDULFXVDGHU GHERUFDQQXDUH

]HUHVWHRULJLQDUGLQ$VLD0LF L3HQLQVXOD%DOFDQLF
ODSWHOHFRYVLW VHSUHSDU GLQODSWHLQWHJUDOGHRDLHVDXGHYDFSULQvQVPkQ DUHFX

/DFWREDFLOOXVEXOJDULFXVL/OHLFKPDQLLHVWHDOEJURVFRQVLVWHQWIU ]HU
FKHILUXORULJLQDUGLQ&DXFD]VHSUHSDU GLQJUDQXOHOHGHFKHILUDJORPHUULGHFD]HLQ
IRUPDWHSULQvQVPkQ DUHDODSWHOXLFXVWUHSWRFRFLLEDFLOLODFWLFLvQVLPELR] FXGURMGLLOH

vQFKHILUXOVODEGHR]LSUHGRPLQ IHUPHQWD LDODFWLFLDUvQFHOWDUHGHWUHL]LOH
SUHGRPLQ IHUPHQWD LDDOFRROLFDUHRFRQVLVWHQ VSXPRDVJXVWDFUXvQ HSWRUHVWH

DURPDWL]DWLvQGXOFLW
,93URGXVHRE LQXWHSULQIHUPHQWDUHLFRDJXODUHEUkQ]HWXUL
%UkQ]HWXULOHVHRE LQILHSULQIHUPHQWD LDODFWLF DODSWHOXLSDVWHXUL]DWLUFLWOD
&FkQGUH]XOW EUkQ]DSURDVSW GHYDF GXS HOLPLQDUHD]HUXOXLILHSULQFRDJXODUHFX
ODEIHUPHQWGHQXPLWSRSXODUSUHVXU VDXFKHDJHQ]LP SURGXV GHVWRPDFXOPLHORUYL HLORU
LH]LORUVDXSXUFHLORUFkQGUH]XOW FDXOGXOFHGHYDFGHRDLHVDXFRPELQDW'LQ]HUVHRE LQH

XUGDSULQSUHFLSLWHUHDODFWDOEXPLQHLLODFWRJOREXOLQHLLVHSDUDUHDFKHDJXOXL
3HQWUXDFUHWHGXUDWDGHFRQVHUYDUHLVDSLGLWDWHDEUkQ]HWXULOHVXQWVXSXVHXQXLSURFHV
FRPSOH[GHWUDQVIRUPULELRFKLPLFHLPLFURELRORJLFHGHQXPLWPDWXUDUHVXEDF LXQHD
EDFWHULLORUOHYXULORULPXFHJDLXULORUvQFRQGL LLVSHFLDOHGHWHPSHUDWXUXPLGLWDWHLFXUHQ L
GHDHUVHGHVFRPSXQWR LQXWULHQ LLQWURSULP ID]GHIHUPHQWDUHGLQODFWR] VHIRUPHD]
DFLGODFWLFFDUERQLFSURSLRQLFDFHWLFLDUSURWHLQHOHVXQWGHVFRPSXVHSDU LDOODDOEXPR]HL
SHSWRQHWRDWHDFHVWHDGkQGJXVWXOLPLURVXOFDUDFWHULVWLFDURPDWSOFXWQDGRXDID] DUH
ORFRKLGUROL] DSURWHLQHORUFXIRUPDUHGHDPLQRDFL]LDPLQHDPRQLDFLDOLSLGHORU
UH]XOWkQGJOLFHULQDFL]LJUDLLFHWRQH

QIXQF LHGHVRUWLPHQWXOILQDOGRULWEUkQ]HWXULOHSURDVSHWHFDXULVXQWVXSXVHGXS
IHUPHQWDUHXQRUSURFHVHWHKQRORJLFHGLIHULWHRSULUHIUPkQWDUHVUDUHXVFDUHDIXPDUH
PXFHJLUHvQWRDW PDVDSURGXVXOXLSDUDILQDUHGHYHQLQGEUkQ]HWXULPDWXUDWH
FDFDYDOXUL([SXQHUHDODIULJHVWHXOWLPDRSHUD LHFDUHRSUHWHIHUPHQWD LD
6SUHGHRVHELUHGHFDFDYDOXULXQGHVUDUHDVHIDFHvQVDUDPXU WLPSGHRUH
WHOHPHDXDVHFRQVHUY SULQSVWUDUHvQEXWRDLHGHOHPQFXDS VUDWWLPSGHGH]LOH

)HUPHQWD LDVHSURGXFHFXPDLDVSHFLILF GH6WUHSWRFRFFXVODFWLFVDX6FDVHLLFKHDJVH
DGDXJ FORUXU GHFDOFLXLD]RWDWGHSRWDVLXDSRLVHSUHVHD]VHWDLHvQFDOXSXULLVH LQHvQ

VDUH6HGHSR]LWHD] ODUHFH
'XS IHOXOVSHFLHL

&/$6,),&$5($%51=(785,/25
EUkQ] GHYDF %9WHOHPHDGHYDF

EkQ] GHEXUGXIWHOHPHDGHRL
'XS FDOLWDWH

EUkQ] VXSHULRDU FRUHVSXQGHWXWXURUVWDQGDUGHORU
D,, D LFXGHIHFWHRUJDQROHSWLFHLIL]LFRFKLPLFH
, QXPDLFXGHIHFWHIL]LFH
'XS FRQ LQXWXOGHJUVLPL

VODEHGLHWHWLFHEUkQ]DVODE GHYDFLXUGD
JUDVHFDFDYDOXULOHEUkQ]DGHEXUGXIEUkQ]DWRSLW
'XS SURVSH LPH

SURDVSHWH%9XUGDFDXOGXOFH
PDWXUDWHFDFDYDOXULOHEUkQ]DGHEXUGXIWHOHPHDXD
'XS SURFHVXOWHKQRORJLF

SDVWHPRLWHOHPHDFDFDYDO3HQWHOHX
SDVWHWDUL3DUPH]DQ

SDVWHVHPLWDUL'DOLD
RSULWH'REURJHD'DOLD3HQWHOHX
WRSLWH FUqPHSHQWUXFRSLLFXDGDRVXULGHYLWDPLQHFDUQHFRQGLPHQWHYHUGH XUL

IUPkQWDWH EUkQ]DGHEXUGXI

6WUXFWXU LUROvQRUJDQLVP
/DSWHOHHVWHRVROX LHDSRDV FHFRQ LQHGL]ROYDWHVDXvQVXVSHQVLHVXEVWDQ HPLQHUDOH
HQ]LPHKRUPRQLYLWDPLQHSURWHLQHOLSLGHJOXFLGH3URSRU LDORUGLIHU vQIXQF LHGHVSHFLH

FHOPDLVODEILLQGODSWHOHGHYDFvQFRPSDUD LHFXODSWHOHGHFDSURDLHLELYROL
x
6HOHFWD LSURGXVHOHGLHWHWLFHID GHFHOHFXXQFRQ LQXWFUHVFXWGHOLSLGHLGHVDUH

SUHSDUDWHOHGXOFLLSHFHOHDFLGHLUHFRPDQGD LOHvQGLIHULWHDIHF LXQL
3URWHLQHOHGLQODSWHVXQWSURWHLQHVXSHULRDUHGHFODVD,FXXQFRHILFLHQWGHXWLOL]DUHGLJHVWLY
IRDUWH EXQ FRQ LQ WR L DPLQRDFL]LL HVHQ LDOL)(1 ,=2 /(8 /,6 0(7 75(753 9$/
+,6vQSURSRU LLRSWLPHFUHWHULLLGH]YROWULLRUJDQLVPHORUWLQHUHPHQ LQHULLHFKLOLEUXOXL
D]RWDWUHSDUD LHLX]XULL
5ROXOORUHVWHSODVWLF LvQPRGVHFXQGDUHQHUJHWLF
3ULQFLSDOHOHSURWHLQHVXQWFD]HLQDFDUHSUHFLSLW ODS+ SXQFWL]RHOHFWULFVXEDF LXQHD

DFLGXOXLODFWLFVDXDODEIHUPHQWXOXLUH]XOWkQGEUkQ]HWXULL
ODFWDOEXPLQDL ODFWLJOREXOXLQDGLQ]HU
3URFHQWXOGHSURWHLQHFUHWHGHODvQODSWHODvQEUkQ]HWXUL
*OXFLGHOH UHSUH]HQWDWHGHODFWR] VHJVHVFvQ SURSRU LHGHvQODSWHLvLGDXJXVWXO
GXOFHDJFDUDFWHULVWLF/DFWD]DUH]XOWDW GLQIHUPHQWD LDODFWLFGHVFRPSXQHODFWR]DvQJOXFR]

LJDODFWR]DEVHQ DHLODFRSLOLQWROHUDQ DODODFWR]GHWHUPLQ IHQRPHQHGLVSHSWLFHL
QHFHVLW vQORFXLUHDODSWHOXLGHYDF SULQIRUPXOHVSHFLDOHGHODSWHSUDILDUQLYHOXOUHGXVGH

ODFWD] ODDGXOWHVWHFRQVLGHUDWIL]LRORJLFVLWXD LHvQFDUHVHUHFRPDQG SUHSDUDWHOHDFLGH
/LSLGHOH GLQODSWHVHJVHVFVXEIRUP GHSDUWLFXOHILQHHPXVLRQDWHFHHDFHOHIDFHXRUGH

GLJHUDW/DSWHOHFRQ LQHFDQWLW LPDULGHFROHVWHUROLIRVIDWLGHOHFLWLQFHIDOLQ QHFHVDUH
PLHOLQL]ULLVLVWHPXOXLQHUYRVLFUHWHULLJOREDOHDRUJDQLVPXOXLWkQULJUVLPLQHXWUHHVWHUL
DL JOLFHULQHL FX DFL]L JUDL VDWXUD L L SROLQHVDWXUD L DFHWLD GLQ XUP ILLQG vQ SURSRU LH PXOW
PDLPLF DFLGXOOLQROHLFOLQROHQLFLDUDKLGRQLF
3UHSDUDWHOHJUDVHGLQODSWHDXSURSULW LDWHURVFOHUR]DQWHLKLSHUFROHVWHUROHPLDQWHPRWLY
SHQWUXFDUHQXVHUHFRPDQG vQUD LDEWUkQLORULDEROQDYLORUFXULVF
3URFHQWXOGHOLSLGHYDULD] GHOD vQODSWHSkQ ODvQEUkQ]HWXUL
/LSLGHOHLJOXFLGHOHDXUROHQHUJHWLF SULQDUGHUHDORUHOLEHUkQGFHDPDLPDUHSDUWHGLQ
FDORULLOHQHFHVDUHDFRSHULULLQHYRLORURUJDQLVPXOXLPHWDEROLVPED]DOPLFDUHGLJHVWLH
FUHWHUHUHSDUDUHDX]XULLVDUFLQ LDOSWDUHHIRUWIL]LFGHRVHELWHWF
6UXULOHPLQHUDOH GDXODSWHOXLFDOLWDWHDGHDOLPHQWFXHIHFWDOFDOLQL]DQWPRWLYSHQWUXFDUHVH
UHFRPDQG vQEROLOHFXDFLGLWDWHJDVWULF

&DOFLXOLIRVIRUXOVHJVHVFvQSURSRU LDRSWLP IL[ULLvQRDVHLGLQ L &D3
vQSOXVH[LVW IDFWRULIDYRUDELOLDEVRUE LHLYLWDPLQD'ODFWR]DLDFLGXO

FLWULFLOLSVHVFDFLGXOR[DOLFLDFLGXOILWLF IDFWRULGHLQVROXELOL]DUHDFDOFLXOXL
/DSWHOHFRQ LQHL0J.FDQWLW LPLFLGH)H&XL0QXQUHJLPXQLODWHUDOODFWDWIU

FDUQHOHJXPHLIUXFWHGXFHODDQHPLHIHULSULYKLSRFURPPLFURFLWDU
/DSWHOHHVWHXQDOLPHQWVUDWFRQ LQHPXOW1DL&OPRWLYSHQWUXFDUHQXVHUHFRPDQG FHORU

FXUHVWULF LHVRGDW EROLUHQDOHWUDWDPHQWHDQWLLQIODPDWRULL
9LWDPLQHOH VXQW ERJDWUHSUH]HQWDWH L DX OD IHO FD L PLQHUDOHOH URO ELRFDWDOLWLF LUHJODWRU
9LWDPLQHOH OLSRVROXELOH $ ' ( . VH JVHVF GL]ROYDWH vQ IUDF LXQHD JUDV D ODSWHOXL
SURSRU LDORU ILLQGPDLPDUHvQOXQLOHGHYDUWRDPQFkQGKUDQDDQLPDOHORUHVWHSURDVSW L

ERJDW vQDFHVWHYLWDPLQHID GHDQRWLPSXOUHFH
9LWDPLQHOHKLGURVROXELOHVXQW
% WLDPLQD
% ULERIODYLQD
% DFLGXOSDQWRWHQLF
% SLULGR[LQD
% FLDQFREDODPLQD
33 QLDFLQD
& DFLGXODVFRUELF
*D]HOH GL]ROYDWH vQ ODSWH ELR[LG GH FDUERQ R[LJHQ L D]RW VH HOLPLQ SULQ ILHUEHUH vQ
FDLPDF'DWRULW SUH]HQ HLR[LJHQXOXLHVWHELQHFDGXS SDVWHXUL]DUHDPEDODUHDV VHIDF vQ

SXQJLVDXFDUWRDQHRSDFHSHQWUXDHYLWDR[LGDUHD
+RUPRQLL GLQ ODSWH FUHVF vQ WLPSXO JHVWD LHL DQLPDOXOXL VFKLPEkQG SURSULHW LOH
RUJDQROHSWLFHGHDFHHD VHUHFRPDQG FDODSWHOH DPUXLGLQDFHDSHULRDG V QXILH GDWVSUH
FRQVXPIRORVLQGFDKUDQ SHQWUXDQLPDOHOHWLQHUH
/DSWHOH PDL FRQ LQH DQWLFRUSL HQ]LPH L PLFURRUJDQLVPH VDSURILWHIORUD SURSULH GH
IHUPHQWD LH
5D LDRSWLP ]LOQLF YDULD] FXYkVWDUHJLPXOGHHIRUWL]RQDJHRJUDILF
(VWH GH PO ODSWH OD DGXOW /HGHUHU PO OD FRSLO L DGROHVFHQW PO OD IHPHLD
JUDYLG LODPXQFLWRULvQPHGLXWR[LFLHIRUWPDUHPOODEWUkQL
5D LDGHEUkQ]HWXULHVWHGH PJSH]L6HSRWIRORVLHFKLYHOHQ HOHDOLPHQWDUH

3527(,1(/(
6XQWVXEVWDQ HQXWULWLYHSUH]HQWHvQWRDWHRUJDQLVPHOHYLL
6XQWDOFWXLWHGLQDPLQRDFL]LQHHVHQ LDOLLHVHQ LDOLDGXLQXPDLSULQDOLPHQWD LH

IHQLODODQLQL]ROHXFLQOHXFLQOL]LQPHWLRQLQWUHRQLQWULSWRIDQYDOLQ
'LQKLGUROL]DSURWHLQHORUUH]XOW SHSWLGHDQJLRWHQVLQDEUDGLNLQLQDJDVWULQDSLUH[LQD
JOXWDWLRQXOFXGLIHULWHUROXULvQRUJDQLVP
3URWHLQHOHVLPSOHVHQXPHVFKDORSURWHLQH DOEXPLQHJOREXOLQHVFOHURSURWHLQHLDU
FHOHFRQMXJDWHKHWHURSURWHLQHIRVIRJOLFROLSRFURPRPHWDORLQXFOHRSURWHLQH
&DOLWDWHDSURWHLQHORUDOLPHQWDUHHVWHGDW GHFRPSR]L LDORUvQDPLQRDFL]LHVHQ LDOL
6HGHRVHEHVFWUHLFODVHGHSURWHLQH
,
,,
,,,
3URWHLQHFXYDORDUHELRORJLF ULGLFDW VDXVXSHULRDU FRQ LQWR LDPLQRDFL]LL
HVHQ LDOLvQSURFHQWHDGHFYDWHRUJDQLVPXOXLXPDQVXQWHILFLHQWHvQSURPRYDUHD
FUHWHULLLUHSDUDUHDX]XULLLVHJVHVFvQFDUQHODSWHLRX
3URWHLQHFXYDORDUHELRORJLF PHGLHFRQ LQWR LDPLQRDFL]LLHVHQ LDOLGDUXQLLvQ

SURFHQWUHGXVDPLQRDFL]LOLPLWDWLYLLVHJVHVFvQFHUHDOHOHJXPLQRDVHXVFDWH
OHJXPHLIUXFWH
3URWHLQHFXYDORDUHELRORJLF LQIHULRDUGLQFDUHOLSVHVFXQXOVDXPDLPXO L
DPLQRDFL]LHVHQ LDOLLDUFHLODO LVXQWvQFDQWLW LGH]HFKLOLEUDWHH[]HLQDGLQ

SRUXPEVDXFRODJHQXOGLQ HVXWXULOHFRQMXQFWLYHDQLPDOH
5D LDGHSURWHLQHHVWHGHvQWURDOLPHQWD LHPL[WID GHOLSLGHL

JOXFLGH
2QHYRLHPDLPDUHGHSURWHLQHDXFRSLLLvQFUHWHUHIHPHLOHJUDYLGHLFHOHFDUHDO SWHD]
PXQFLWRULLvQPHGLXWR[LFLVSRUWLYLL
5ROXOSURWHLQHORU
3ODVWLFIRUPDUHGH]YROWDUHUHvQQRLUHUHSHUDUHDX]XULL
7URILFLDQWLWR[LF DVLJXU WURILFLWDWHDQRUPDO D HVXWXULORULRUJDQHORUDVXSUDFURUD

DF LRQHD] VXEVWDQ HOHQRFLYHLHFKLSDPHQWXOHQ]LPDWLFQHFHVDUPHWDEROL]ULLQR[HORU
SULQR[LGULUHGXFHULKLGUROL]HFRQMXJUL
,PXQLWDU SULQDQWLFRUSLJDPDJOREXOLQH FvQGUD LDHVWHERJDW vQSURWHLQH

0HWDEROLFLHQGRFULQ LQWU vQVWUXFWXUDXQRUHQ]LPHVDXVLQWHWL]HD]
KRUPRQLDF LRQHD] FDVLVWHPHWDPSRQFRQWULEXLHODPHQ LQHUHDHFKLOLEUXOXLDFLGRED]LF

/,3,'(/(,*56,0,/($/,0(17$5(
'HILQL LHVXEVWDQ HRUJDQLFHFRPSRQHQWHDOHPDWHULHLYLLFXDVSHFWRQFWXRVLQVROXELOHvQ
DSVROXELOHvQVROYHQ LRUJDQLFLHWHUDOFRROEHQ]HQ
&RPSR]L LHFKLPLFHVWHUL DLDFL]LORUJUDLFXGLIHUL L DOFRROLOLSLGHVLPSOHVDXFX

DPLQRDOFRROLIRVID LJOXFLGH OLSLGHFRPSOH[H
$FL]LLJUDL FRQ LQODQ XULFXQXPUSDUGHDWRPLGHFDUERQGHODODvQJUVLPLOH

DOLPHQWDUHVDWXUD LVDXQHVDWXUD L
x
6$785$,
& EXWLULF& FDSURLF
VROXELOLvQDS
& FDSULOLF& FDSULQLF LQVROXELOLvQDS
vQODSWHOHGHYDFRDLH
FDSUELYROL
& ODXULF& PLULVWLF& DUDKLF vQDOLPHQWHYHJHWDOHLDQLPDOHFDQWLW LPLFL

& SDOPLWLF& VWHDULF FHLPDLUVSkQGL L
*UVLPLOHORUVXQWVROLGHODWHPSHUDWXUDRELQXLWDXSXQFWGHWRSLUHvQDOWLLQGLFHGH
LRGVF]XWVXQWJUHXGLJHUDELOHXQWXQWXU GHSRUFVHXERYLQ

x
1(6$785$,
& SDOPLWROHLF& ROHLF RGXEO OHJWXU

& OLQROHLF
GRX GXEOHOHJWXUL
& DUDKLGRQLF
SDWUXGXEOHOHJWXUL
OLQROHQLF WUHLGXEOHOHJWXUL
$FLGXOROHLF HVWHFHOPDLUVSkQGLWDFLGJUDVVHJVHWHvQ

XOHLGHPVOLQH GHDUDKLGHGHJHUPHQLGHSRUXPE
OLSLGHOHGLQRX
JUVLPHGHSRUFLGHYLWGHSDVUH
$FLGXOOLQROHLF GHQXPLWLPSURSULXYLWDPLQD)HVWHDGHYUDWXODFLGSROLQHVDWXUDW
HVHQ LDOGLQHOVLQWHWL]kQGXVHDFLGXOOLQROHQLFLDUDKLGRQLFVHJVHWHvQ

XOHLGHSRUXPEGHIORDUHDVRDUHOXLGHVRLD
ODSWHGHYDF JUVLPHGHYLW LGHRDLH
RXXQWXU GHSRUFGHSDVUH
$FLGXODUDKLGRQLF VHJVHWHvQFDQWLWDWHPDUHvQXOHLXOGHSHWHvQFDQWLW LPLFLvQJUVLPLOH

DQLPDOHH[FOXVLY

$FL]LL JUDL QHVDWXUD L VH JVHVF vQ IRUPHOH QDWXUDOH &,6vQ JUVLPLOH DOLPHQWDUH VXQW
OLFKL]LODWHPSHUDWXULRELQXLWHPDLXRUGHGLJHUDWLGHDEVRUELWDGL LRQHD] XRUODGXEOHOH

OHJWXUL
KLGURJHQ VHVDWXUHD]VHVROLGLILFIRUPkQGSODQWRO
KDORJHQLLRGGHFLDXXQLQGLFHGHLRGPDUHLQGLFkQGJUDGXOPDUHGHQHVDWXUDUH
R[LJHQ VH R[LGHD] IRUPkQG DOGHKLGHFHWRQH L SHUR[L]L FH GDX JXVW L PLURVGH UkQFHG
VXQWPDLSHULVDELOLGHFkWFHLVDWXUD L
/,3,'(/(6,03/(
&RQ LQGRDU&+2 VXQWHVWHULDLXQXLDOFRROFXDFL]LJUDLGXS QDWXUDDOFRROXOXLVH

FODVLILF vQJOLFHULGHVWHULGHLFHULGH
*/,&(5,'(/( JUVLPLQHXWUH

VXQWHVWHULDLJOLFHULQHLFXDFL]LJUDLFXODQ VFXUW&XOHLXULVDXFXODQ OXQJ
WULJOLFHULGHOHUHSUH]LQW JUVLPLGHUH]HUY SHQWUX HVXWXULOHYHJHWDOHVDXDQLPDOHLDU
&JUVLPLVROLGH
PRQR LGLJOLFHULGHOHVXQWIRUPHLQWHUPHGLDUHvQVLQWH]DLKLGUROL]DORU
67(5,'(/( VXQWHVWHULDLVWHUROLORUFXDFL]LJUDL

]RRVWHUROL&2/(67(52/8/SUH]HQWvQFDQWLW LPDULvQILFDWFUHLHUQHUYLSHULIHULFL
ILWRVWHUROLLPLFRVWHUROL
VXEVWDQ UHWLFXODW LvQFDQWLW LPLFLvQWRDWHFHOXOHOH
&(5,'(/(

VXQWHVWHULDLDOFRROLORUVXSHULRUL& &FXDFL]LJUDLFXODQ OXQJ&&
VHJVHVFvQFHUXULOHGHSHVXSUDID DOHJXPHORUIUXFWHORUSHFDUHOHSURWHMHD] LPSRWULYD

GHVKLGUDWULLvQFHDUDGHDOELQHvQODQROLQDGHSHOkQDGHRDLH
QXVXQWKLGUROL]DWHQLFLDEVRUELWHvQWXEXOGLJHVWLYQXDXUROQXWULWLY
/,3,'(/(&203/(;(
&RQ LQSHOkQJ DOFRROLLDFL]LJUDLJOXFLGHDPLQRDOFRROLDFLGIRVIRULF

)26)$7,'(/(VDXJOLFHURIRVIROLSLGHOH
x
VXQWFHOHPDLUVSkQGLWH
SDUWLFLS ODIRUPDUHDPHPEUDQHORUFHOXODUHLVXEFHOXODUH
x
x

LQWU vQVWUXFWXUDOLSLGHORUGHFRQVWLWX LH
GXS QDWXUDDOFRROXOXLVXQW
/(&,7,1(vQJEHQXILFDWFUHLHUODSWHvQXOHLXULYHJHWDOHQHUDILQDWH
&(()$/,1(6(5,1)26)$7,'(,12=,72/)26)$7,'(

6),1*2/,3,'(/( JOLFHUROXOHVWHvQORFXLWFXVILQJR]LQXQDPLQRDOFRRO
x
x
6ILQJRPLHOLQH
6ILQJRJOLFROLSLGH &(5(%52=,'(vQFUHLHUFRQ LQJOXFR] VDXJDODFWR]

*$1*/,2=,'(vQQHUYLLSHULIHULFLFRQ LQJDODFWR]
'LJHVWLDLDEVRUE LDOLSLGHORUVHIDFHPDLXRUFkQG
x
VXQWILQHPXOVLRQDWHFDvQJOEHQXXOGHRXXQWIULFVPkQWkQPDLRQH]FUqPH
DXSXQFWGHWRSLUHPLFLLQGLFHGHLRGPDUH
KLGUROL]HD] PDLXRUVXQWOLFKLGHODWHPSHUDWXUDFRUSXOXLXOHLXUL
/DKLGUROL] SDUWLFLS WRDWHHQ]LPHOHOLSROLWLFHOLSD]DJDVWULFSDQFUHDWLFIRVIROLSD]D
FROHVWHUROHVWHUD]DDFL]LLLVUXULOHELOLDUHPRQR LGLJOLFHULGHOHPHWDEROLVPXOORUQHFHVLW

FDQWLW LFRUHVSXQ]WRDUHGHYLWDPLQHvQUD LH
*56,0,/($/,0(17$5(
$XRSUH]HQ GLIHULW vQUD LHvQIXQF LHGHFOLPDWXO]RQHLJHRJUDILFHFDUHDGHWHUPLQDW
RELQXLQ DORFXLWRULORUGHDOHFRQVXPD
x
H[FOXVLYJUVLPLDQLPDOHvQ]RQDSRODU
JUVLPLYHJHWDOHLDQLPDOHvQ]RQDWHPSHUDW
x
x
PDLDOHVJUVLPLYHJHWDOHvQ]RQDWURSLFDO
)RORVLUHDORUHVWHLQGLYLGXDOL]DW vQIXQF LHGHVXIHULQ HLGHYkUVW
ODFRSLLSUHGRPLQ JUVLPLOHDQLPDOHODDGXO LFHOHYHJHWDOH
vQEROLOHKHSDWLFHLJDVWULFHDSDUHRUHSXOVLHID GHRXSUMHOLLJUVLPLYHJDWDOH
3URSULHW LOHORURUJDQROHSWLFHDXRPDUHLPSRUWDQ vQDUWDFXOLQDUGHDFHHDXQHOHVH
IRORVHVFIRDUWHUDUILLQGGH]DJUHDELOHVHXOGHRDLH
*UVLPLOHDOLPHQWDUHVHJVHVFvQRUJDQLVPXODQLPDOFDSULQFLSDO IRUP GHGHSR]LWDUH
DHQHUJLHLLQWU vQVWUXFWXUD HVXWXULORUVDXDPHPEUDQHORUFHOXODUHLDUvQSODQWHVXQW

ORFDOL]DWHvQVHPLQ H6HFODVLILF vQJUVLPLDQLPDOHYHJHWDOHLKLGURJHQDWH
*56,0,/($1,0$/( VXQW VROLGHVHPLVROLGHVDXOLFKLGH
6HSRWFRQVXPDFDDWDUHVOQLQDGHSRUF SURDVSW VDXFRQVHYDW ILDUWVUDW
FRQGLPHQWDWDIXPDWVDXVXIHU SURFHVHGHSUHOXFUDUHWHUPLFvQXUPDFURUDUH]XOW

XQWXUDGHSRUF

0DWHULDSULP IRORVLW SHQWUXSUHSDUDUHDXQWXULLHVWHJUVLPHDGHDFRSHULUHHYLWkQG
FXU LUHDJUVLPHDLPHGLDWGHVXESLHLEk]DUHDGHSHPH]HQWHULHSLSORRQLRVkQ]D
JUVLPHDUHWURSHULWRQHDO'XS UHFROWDUHDLJLHQLF D HVXWXULORUJUDVHSULQWRSLUHDXPHGFX

XQFXUHQWGHYDSRULGHDSVHRE LQHRSDVW ILQvQXUPDGLVWUXJHULLPHPEUDQHORUFHOXODUH
DOHDGLSRFLWHORUWUHFXW SULQWURVHUSHQWLQ ILHELQWHvQDEVHQ DR[LJHQXOXLGHFDQWDWUH]XOW R

JUVLPHIOXLG FDUHVHUFHWHEUXVFVHRPRJHQL]HD] vQWUXQPDOD[RULDSRLVHDPEDOHD]
3URGXVXOILQDORE LQXWvQXUPDDFHVWRURSHUD LLDUHSURSULHW LRUJDQROHSWLFH
FRUHVSXQ]WRDUHFXORDUHGHVFKLVJXVWLPLURVSOFXWHRDQXPLW SODVWLFLWDWHL
PDOHDELOLWDWH3RDWHILSVWUDWWLPSGHWUHLOXQLOD&LPDLPXOWOD&
'HIHFWHGHDVSHFWVHSRWGDWRUDJUHHOLORUvQWHKQRORJLDGHIDEULFDUHWRSLUHOHQW OD
FD]DQXQWXU JUDQXODWWXOEXUHvQFKLV ODFXORDUHLDUFHOHGHJXVWLPLURVIRORVLULLXQHL
PDWHULLSULPHGLUHFWGHSHSLHLFXUHVWXULGHPXFKLVkQJHVDXDOWHUDW XQWXU FXPLURVGH

VXGRDUHGHDUVVDXSXWULILF
6SUHGHRVHELUHGHVOQLQ FDUHFRQ LQHOLSLGHLDGXFHXQDSRUWGH 4JUDP
XQWXUDGHSRUFDUHOLSLGHXQLQGLFHGHLRGIRDUWHVF]XWLXQSXQFWGHWRSLUH
vQDOW&GHFLHVWHJUHXPHWDEROL]DELO
8QWXUDGHSDVUH UD JkVF FXUFJLQ DUHRFXORDUHJDOEHQ FDUDFWHULVWLF L R
YDORDUHQXWULWLY PXOWPDLPDUHGHFkWFHDDPDPLIHUHORUFRQ LQHPDLPXO LDFL]LJUDL

QHVDWXUD LLPDLSX LQLVDWXUD LHVWHPDLXRUGLJHUDELO
8QWXUDWRSLW GHJkVF DUHOD&DVSHFWXOXQHLPDVHVHPLIOXLGHRPRJHQHLDUSULQ
vQFO]LUHGHYLQHWUDQVSDUHQWIU LPSXULW LLQGLFHOHGHLRGHVWHLSXQFWXOGHWRSLUH

&
8OHLXOGHSHWH HVWHH[WUDVGLQILFDWXOGHPRUXQWRQEDWRJKHULQJVRPRQFRGHVWH
ERJDWvQYLWDPLQH$L'LvQDFL]LJUDLQHVDWXUD LDUDKLGRQLFHLFRVDSHQWHQRLF
GRFRVDKH[HQRLFSUHFXUVRULDLSURVWDJODQGLQHORUWURPER[DQLORULSURVWDFLFOLQHORUFH
UHJOHD] PXOWHIXQF LLvQRUJDQLVP7$DJUHJDUHDSODFKHWDUDFLGLWDWHDJDVWULFWRQXVXO

PXVFXODWXULLQHWHGHDYDVHORUGHVkQJHLDEURQKLLORU
8QWXOIULFDLVPkQWkQDVXQWJUVLPLDQLPDOHSURYHQLWHGLQODSWH
)ULFD HVWHXQOLFKLGRPRJHQGXOFHGHFXORDUHDOEUH]XOWDWGLQODSWHGHYDFQHILHUW
VDXFHQWULIXJDWFRQ LQHJUVLPLILQHPXOVLRDWHSURWHLQHODFWR]
YLWDPLQHLPLQHUDOHDS$UHRDFLGLWDWHGH7LRSXWHUHFDORULF GH4
JUDPGHSURGXV
6PkQWkQD HVWHDOEJOEXLHDUHRFRQVLVWHQ PDLGHQVXQLIRUPJXVWLPLURVGXOFH
DFULRUDFHHDLFRPSR]L LHFKLPLFGDUDFLGLWDWHPDLPDUHLXQFRQ LQXWGHSURWHLQHXRU

FUHVFXWID GHIULF6HRE LQHGLQODSWHGXOFHSULQDFLGLILHUHVSRQWDQVDXSULQvQVPkQ DUHD

ODSWHOXLSDVWHXUL]DWLGLQIULFDUHRSXWHUHFDORULF GH4
8QWXO VH RE LQH GLQ VPkQWkQ SULQ FHQWULIXJDUH VDX EDWHUHH[LVW XQW GH RDLHVH
IRORVHWHWRSLWODIDEULFDUHDFDFDYDOXOXLXQWGHELYROL GHDFHHDYRPPHQ LRQDVSHFLDGDF

QXHVWHYRUEDGHXQWGHYDF
0DWHULD SULP IRORVLW WUHEXLH V ILH R VPkQWkQ GH FDOLWDWHIOXLG IU DJORPHUUL GH
JUVLPH VXEVWDQ H SURWHLFH VDX LPSXULW LQX VH DGPLWH R VPkQWkQ SUHD DFLG YkVFRDV
PXFLODJLQRDVFXJXVWDPDUVDXPLURVUkQFHG
6H YRU HIHFWXD FRUHFW L vQ FRQGL LL GH LJLHQ WRDWH RSHUD LLOH WHKQRORJLFH
QHXWUDOL]DUHDGXFHUH OD S+ QRUPDOL]DUHDGXFHUH OD JUVLPH SDVWHXUL]DUH
GH]RGRUL]DUH PDWXUDUH SULQ UFLUH L vQVPkQ DUH FX IORU DFLGLILDQW 6WU /DFWLF L
&UHPRULVLDURPDWL]DQW6WU'LDFHWLODFHWLF&LWURYRUXVL3DUDFLWURYRUXV%DWHUHDDUHFDVFRS
LQWHJUDUHDJOREXOHORUGLVSHUVDWHGHJUVLPHLDUVSODUHDLPDOD[DUHDvQGHSUWHD] ]DUD'XS
VUDUHXQWXOHVWH DPEDODWLSRDWHILSVWUDWOD&LXPLGLWDWHWLPSGH]HFH]LOH
VDXPDLPXOWOD&
&RPSR]L LDFKLPLF LSURSULHW LOHEDFWHULRORJLFHGHOLPLWHD] WUHLFDWHJRULLGHXQWGH
FDOLWDWHVXSHULRDUGHFDOLWDWHD,LD,,D
x
8QWXOGHFDOLWDWHVXSHULRDU FRQ LQHOLSLGHSURWHLQHJOXFLGHYLWDPLQH$
'PLQHUDOH1D&O(VWHGHUH LQXWSURSRU LDPDUHGHDFL]LJUDLVDWXUD LEXWLULFFDSURLF

FDSULOLFFDSULQLFLGHFROHVWHURODGXFHvQUD LH4JUDPLDUHRDFLGLWDWHGH
7
8QWXOGHFDOLWDWHD,LD,, DFRQ LQHOLSLGHPDLPXOWHPXFHJDLXULLGURMGLLSHJUDP

GHSURGXVLDUHRDFLGLWDWHGHSkQ OD7
3URSULHW L RUJDQROHSWLFHXQWXO SURDVSW DUH R VXSUDID FRQWLQX FX OXFLX VSHFLILF FXORDUH
DOEJOEXLHXQLIRUPSHVHF LXQHDUHXQDVSHFWXQLIRUPIU SHWHJROXULGHDHULSLFWXULGH

DSFRQVLVWHQ DOXLHVWHFRPSDFWRQFWXRDVPLURVXOLJXVWXOSOFXWHDURPDWHVSHFLILFH
'HIHFWHOHXQWXOXLVHSRWGDWRUDXQRUJUHHOLvQSURFHVHOHWHKQRORJLFHGHIDEULFDUHSVWUULLOXL
vQFRQGL LLQHLJLHQLFHVDXSURYHQLHQ HLGLQPDWHULLSULPHQHFRUHVSXQ]WRDUH
$VWIHO XQWXO OLSLFLRV SUHD PRDOH VDX VIUkPLFLRV UH]XOW GLQWUR EDWHUH SUHOXQJLW D
VPkQWkQLLILH OD R WHPSHUDWXU SUHD ULGLFDW UHVSHFWLY SUHD MRDV LDU FHO DSRV GLQ GLVSHUVLD
]DUHLvQXQW8QWXODOESURYLQHGLQWURVPkQWkQ VUDF vQFDURWLQHFHOPDUPRUDWGLQWUXQDSUHD

DFLG VDXGLQDGXJDUHDFRORUDQWXOXLGLUHFWvQSURGXVXO ILQDOSHWHOHGLQXQWVHSRWGDWRUDILH
H[FHVXOXLGHSLJPHQ LILHPLFURRUJDQLVPHORUFURPRJHQH

'HIHFWHOH GH JXVW L PLURV VXQW vQ JHQHUDO UH]XOWDWXO DOWHUULL3XWHP JVL XQW DFUX UkQFHG
VSXQRV FX JXVW DPDU PHWDOLF GH SHWH GH PXFHJDL VDX DOWH JXVWXUL L PLURVXUL VWULQH
DERUELWH vQ FXUVXO GHSR]LWULL $OWHUDUHD VH SURGXFH SULQ OLSROL] VXE DF LXQHD
EDFWHULLORU3VHXGRPRQDV
IOXRUHVFHQV
IUDJL
SXWUHIDFLHQV
%DFWSURGLJLRVXP
D
PXFHJDLXULORU2LGLXP $VSHUJLOOXV 3HQLFLOOLXP &ODGRVSRULXP VDX SULQ SURWHROL] VXE

DF LXQHD(QWHUREDFWHU3URWHXVYXOJDULV3VHXGRPRQDVSXWUHIDFLHQV
*56,0,/(+,'52*(1$7( VXQWGHQXPLWHLVHXYHJHWDOVDXSODQWRO
0DUJDULQHOH VHRE LQSULQVROLGLILFDUHDKLGURJHQDUHDXOHLXULORUYHJHWDOHLGHSHWHL
DPHVWHFXOORUFXODSWHSDVWHXUL]DWLDFLGLILDW$GL LDGHKLGURJHQODGXEOHOHOHJWXULVHIDFHOD
FDOG VXE SUHVLXQH vQ SUH]HQ D FDWDOL]DWRULORU 1L &X )H DX ORF vQ SDUDOHO L UHDF LL GH
L]RPHUL]DUHUH]XOWkQGIRUPHQHQDWXUDOHGHDFL]LJUDLWUDQVFLVWUDQVWUDQVWUDQV6HDGDXJ
OHFLWLQHPRQR LGLJOLFHULGHFDDJHQ LHPXOJDWRULDSFRORUDQ LDURPHVDUHL]DKUVHDJLW
FRPSR]L LD SHQWUXD VH DPHVWHFD ID]D DSRDV FX FHD XOHLRDV DSRL VH UFHWHEUXVF vQWUHDJD
PDV SHQWUX SODVWLFLWDWH 6H XUPUHWH vQ SUH]HQW SULQ IRORVLUHD XQRU WHKQRORJLL DYDQVDWH
ULGLFDUHDYDORULLQXWULWLYHLDSURSLHUHDPDUJDULQHLGHFDOLW LOHXQWXOXLVHDGDXJ YLWDPLQH
DQWLR[LGDQ L$ ( & L ' FDURWHQL L FRQVHUYDQ L DPLGRQ SHQWUX LGHQWLILFDUH UHDF LD
/XJROHVWHSR]LWLY SHQWUXPDUJDULQ LQHJDWLY SHQWUXXQW
9DORDUHDFDORULF DPDUJDULQHLHVWHGH4JUDPGHSURGXV
*56,0,/(9(*(7$/(VHFRQVXP VXEIRUP GHXOHLXULVDXXQW
8OHLXULOH VXQW RE LQXWH GLQ VHPLQ H ROHDJLQRDVH ELQH FRDSWH XVFDWH HYHQWXDO SUMLWH
SXULILFDWHFXRDQXPLW DFLGLWDWHDFHVWHDVHPDFLQVHvQFO]HVFVHSUHVHD] ODGH

DWPRVIHUHLVHRE LQWXUWHURWGLQFDUHVHH[WUDJHFXVROYHQ LRUJDQLFLXOHLXOUH]LGXDO$XORF
VXFFHVLY RSHUD LL GH UDILQDUH GHPXFLODJLQDUH VDSRQLILFDUH GHFRORUDUH L GH]RGRUL]DUH vQ
XUPDFURUDUH]XOW XOHLXULSXUHFXXQFRQ LQXWGHSkQ ODJUVLPL
8OHLXOGHIORDUHDVRDUHOXL HVWHFHOPDLGHVIRORVLWvQDOLPHQWD LHFRQ LQHDFL]LLJUDL
ROHLFOLQROHLF LSDOPLWLFSRWHILRE LQXWLSULQSUHVDUHODUHFH
8OHLXOGHVRLD VHDGDXJ vQPH]HOXULFRQ LQHLDFLGPLULVWLFLWRFRIHUROL
8OHLXO GH JHUPHQL GH SRUXPE DUH PLURV GH PODL L FRQ LQH DQWLR[LGDQ L
QDWXUDOLWRFRIHUROLLVXEVWDQ H QHVDSRQLILFDELOHILWRVWHUROL
8OHLXOGHPVOLQH HVWHXQOLFKLGJDOEHQYHU]XLH[WUDVGLQIUXFWHHVWHIRORVLWPDLGHVOD
VDODWHLWUDWDPHQWHLQXODSUMLUHYDORDUHFDORULF4JUDP

8OHLXOGHGRYOHDF FRQ LQHDFL]LLROHLFOLQROHLFVWHDULFLSDOPLWLF
8OHLXOGHQXF VHR[LGHD] XRULGHYLQHGLQJDOEHQYHU]XLDFLGOLQROHLF
8OHLXOGHDUDKLGH QXUkQFH]HWHPXOWWLPSFRQ LQHJUVLPLVDWXUDWHLQHVDW

8OHLXOGHVXVDQ HVWHGXOFHFRQ LQH$*VDWXUD LLQHVDWXUD LILWRVWHUROL
8QWXOGHFRFRV HVWHDOELFLRVDUHXQPLURVFDUDFWHULVWLFSXQFWGHWRSLUH&LGH
VROLGLILFDUH&
8QWXOGHFDFDRIRORVLWODSURGXVH FRVPHWLFHHVWH VROLGXQVXURVDOEJOEXLFXPLURV
DURPDW GH FLRFRODW L JXVW GXOFHDJ SXQFW GH WRSLUH & L GH VROLGLILFDUH &
FRQ LQHDFLGROHLFOLQROHLFPLULVWLFSDOPLWLFVWHDULFLDUDKLF
5ROXULvQRUJDQLVP
HQHUJHWLF ILLQGLQVROXELOHLDU]kQGFRPSOHWJUVLPLOHVHGHVFRPSXQSkQ OD&2L+2

HOLEHUkQG .FDO JUDP HOH UHSUH]LQW FHD PDL EXQ IRUP GH VWRFDUH D HQHUJLHL vQ
RUJDQLVPvQPDJD]LQDW vQ HVWXODGLSRVQXLQHUWFLUHPRGHODW GHKRUPRQL
SODVWLF LQWU vQVWUXFWXUDWXWXURUFHOXOHORUIRVIROLSLGHGHFRQVWLWX LHFUHLHU613ILFDWVDX
FROHVWHUROLvQVXEVWDQ DUHWLFXODWvQVLQWH]DDFL]LORUELOLDULDYLWDPLQHL'DKRUPRQLORU

&65LVH[XDOLLQGLVSHQVDELOHRUJDQLVPHORUWLQHUHvQFUHWHUH
PHWDEROLF VWLPXOHD] DFWLYLWDWHDXQRUHQ]LPHLDEVRUE LDYLWDPLQHORUOLSRVROXELOH

QLYHOXOFROHVWHUROXOXLvQVkQJHHVWHVF]XWGHDFL]LLJUDLQHVDWXUD L
FXOLQDU FUHVFVDSLGLWDWHDDOLPHQWHORULWLPSXOORUGHGLJHVWLHvQVWRPDFVDWXU

5D LDLHIHFWHOHFRVXPXOXLQHDGHFYDW
QDOFWXLUHDUD LHLDOLPHQWDUHYRP LQHVHDPDGHJUVLPLOHDVFXQVHvQFDUQHODSWH
RXSUHFXPLGHFHOHIRORVLWHODSUHSDUDUHDPkQFUXULORUSULQXUPDUHOLSLGHOHFDDWDUHSXUH
YRUILvQWUXQSURFHQWPDLVF]XW
2UJDQLVPXO WkQU DUH QHYRLH SHQWUX FUHWHUH L GH]YROWDUH SHQWUX PLHOLQL]DUHD
VLVWHPXOXL QHUYRV L IRUPDUHD SULQFLSDOHORU VWUXFWXUL GH JUVLPL SXUH UHVWXO
DVFXQVH GHSLUHD DFHVWXL SURFHQW QHFHVLWkQG L FDQWLW L VXSOLPHQWDUH GH YLWDPLQH
OLSRVROXELOHSHQWUXPHWDEROL]DUH
3HUVRDQHOH VHGHQWDUH VDX FDUH GHVIRDU PXQFL XRDUH YRU DYHD QHYRLH GH
JUVLPL SXUH UHVSHFWLY OLSLGH vQ UD LD ]LOQLF SHQWUX D DFRSHUL XQ FRQVXP PHGLX GH
.FDORULL Q FRQGL LL GH IULJ YkQW XPH]HDO L HIRUWXUL IL]LFH PDUL FX R FKHOWXLDO GH
.FDO SURFHQWXO GH JUVLPL DMXQJH OD GLQ UD LH ([SULPDWH SH NLORJUDP FRUS
QHYRLOH GH JUVLPL VXQW GH JUDPHNJF RUH OD VHGHQWDUL L IHPHL vQ SHULRDGD

PDWHUQLW LL UHVSHFWLY JUDPHNJF]L OD FRSLL L vQ PXQFL JUHOH3URSRU LD LGHDO GLQWUH
JUVLPLOHYHJHWDOHLFHOHDQLPDOHHVWH YHJHWDOHUHVWXODQLPDOHFXPHQ LXQHDF vQ

FRSLOULHSUHGRPLQ WRDWHDOLPHQWHOHGHQDWXU DQLPDODSRLH[LVW RWHQGLQ JHQHUDO GHDOH
VFGHDFRQVXPXO
*OREDOUD LDQRUPDO DRPXOXLVQWRVFXSULQGHOLSLGHFRQ LQkQGFkWHR
WUHLPHGLQILHFDUHWLSGHDFL]LJUDLVDWXUD LPRQRQHVDWXUD LLSROLQHVDWXUD L
8QFRQVXP FUHVFXWGHJUVLPL GXFHODREH]LWDWHGHWLSKLSHUSODVWLFVDXKLSHUWURILF
GLVOLSLGHPLH DWHURVFOHUR] ULVF GH EROL FRURQDULHQH DOH FLORU ELOLDUH LQVXILFLHQ KHSDWR
SDQFUHDWLF
7R LDFHWLEROQDYLODIHOFDLFHLFXVLQGURDPHGHPDODGVRUE LHJDVWULWHHQWHULWH
GXRGHQRMHMXQLWHKHSDWLWHFLUR]YRUDYHDUHJLPXULLJLHQRGLHWHWLFHVUDFHvQJUVLPL
3UH]HQ D DFHVWRUD vQ DOLPHQWD LH DU SXWHD SURYRFD VFDXQH VWHDWRUHLFH IDOVH GLUHL FH GXF OD
GHVKLGUDWDUH FUL]H JUHD L YUVWXUL LQDSHWHQ OD DGXO L FKLDU DQRUH[LH L LQWR[LFD LL OD
FRSLL 6H YD UHFRPDQGD HYLWDUHD SURGXVHORU JUDVH D FRQVHUYHORU GLQ FDUQH GH SRUF L D
SURFHGHHORULQGLJHVWHGHSUHSDUDUHFXPVXQWSUMHOLOHvQXQWXUFHOSX LQSkQ ODYkUVWDGH

DQL
$SRUWXO VF]XW GH JUVLPL vQVHDPQ FDQWLW L PDL PLFL GH DFL]L JUDL HVHQ LDOL L GH
YLWDPLQH OLSRVROXELOH vQ UD LH FHHD FH DWUDJH GXS VLQH WRDW SDWRORJLD GHWHUPLQDW GH
FDUHQ HOH YLWDPLQHORU $ ( ' . WXOEXUUL WURILFH DOH WHJXPHQWHORU L IDQHUHORU
GHVFXDPD LLDIHF LXQLRFXODUHLJHQLWDOHvQSOXVLQWROHUDQ ODIULJDVWHQLHDQHUJLH
([SHULHQ HHIHFWXDWHSHSXLLGHRERODQSULYD LGHDFL]LJUDLSROLQHVDWXUD LGRYHGHVF
VWDJQDUHD ORU vQ FUHWHUH FGHUHD SUXOXL GHUPDWR]H H[IROLDWLYH IUDJLOLWDWH FDSLODUHWF
IHQRPHQHUHYHUVLELOHRGDW FXDGPLQLVWUDUHDJUVLPLORUSRWULYLWH
$/7(5$5($*56,0,/25VHSURGXFHSULQ
x
UkQFH]LUH R[LGDUH D DFL]LORU JUDL FX IRUPDUH GH SHUR[L]L DOGHKLGH FHWRQH HVWHUL
VXEVWDQ HXUkWPLURVLWRDUHLvQFKLVHODFXORDUHDUHORFODWHPSHUDWXULULGLFDWHvQSUH]HQ D
XUPHORU PHWDOLFH &X )H &U L D XQRU LPSXULW L RUJDQLFH vQ DEVHQ D DQWLR[LGDQ LORU
x
x
QDWXUDOLYLWDPLQH$(&
KLGUROL] VXEDF LXQHDOLSD]HORUSURSULLVDXEDFWHULHQHUH]XOWkQGDFL]LJUDLLJOLFHULQ

VHSURGXFHODOXPLQSHFHOXOHOH]DWHJHUPLQDWH
SROLPHUL]DUH FRQMXJDUHD L VWHUHRL]RPHUL]DUHD OD QLYHOXO GXEOHORU OHJWXUL FX IRUPDUH

GHSURGXLWR[LFLQHQDWXUDOL75$16&,675$1675$1675$16

28 ,35(3$5$7(
5HSUH]HQWDQWRXOGHJLQ
7RDWHRXOHSVULORUGRPHVWLFHLVOEDWLFHVXQWFRPHVWLELOHGDUVHFRQVXP PXOWPDL
UDUGHFkWFHOHGHJLQ&HHDFHOHGLIHUHQ LD] HVWHPULPHDLFRPSR]L LDORU
&HOHPDLPDULVXQWRXOHGHVWUX GHJkVFJFXUFJLUD JLDUFHOHPDL
PLFL VXQW RXOH GH ELELOLFJ SRUXPEHO L SUHSHOL /D UkQGXO ORU RXOH GH JLQ VXQW
FRQVLGHUDWHPLFLVXEJUDPHLPDULSHVWHvQPHGLHDXGHJUDPH
'HULYDWHLSUHSDUDWHGLQRX
QDIDU GHRXOvQVWDUHSURDSW SVWUDWODUHFHWLPSGHGRX VSWPkQLvQFRQGL LLGH
XPLGLWDWHVF]XWH[LVW SUHSDUDWHGLQRX IRORVLWHvQODERUDWRDUHLvQLQGXVWULDDOLPHQWDU OD

RE LQHUHD SURGXVHORU GH SDWLVHULHFRIHWULH L D XQRU PH]HOXUL 6H XUPUHWH FUHWHUHD
FRQVHUYDELOLW LLSULQGLIHULWHSURFHGHH
x
3ULQ GHVKLGUDWDUH VH RE LQHSUDIXO GH RX LQWHJUDO VDXVHSDUDW SUDIGH JOEHQX L SUDIGH
DOEX vQ DFHVW VFRS VXQW VRUWDWH RXOH SURDVSHWH SULQ RYRVFRSLH VSDUWH EWXWH SHQWUX
RPRJHQL]DUH VWUHFXUDWH SHQWUX vQGHSUWDUHD FRMLORU L PHPEUDQHORU GHVKLGUDWDWH vQ
GXODSXUL GH XVFDUH FX DEXUL VDX vQ WXQHO DSRL DPEDODWH vQ DWPRVIHU GH 1 VDX &2
vPSRWULYDXPH]LULLPXFHJLULLLUkQFH]LULL3UDIXODVWIHORE LQXWVHSRDWHSVWUDOD&L
x
RXPLGLWDWHUHODWLY GH
3ULQ FRQJHODUH VH RE LQH PHODQMXO GH RX RXO VFRV GLQ FRDM L SDVWHXUL]DW HVWH LQL LDO
vQJKH DWOD&WLPSGHGHRUHDSRLSVWUDWOD&
1XYRPUHFRPDQGDFRSLLORULEROQDYLORUSUHSDUDWHvQFDUHRXOHVWHFRQVHUYDW
QJRVSRGULH FRQVHUYDUHDRXOXLVHSRDWHIDFHSULQ
5HIULJHUDUHOD&8U DH]DWFXSROXOPDUHvQVXVLURWLWSHULRGLF
,QWURGXFHUHDvQDS GHYDUSUHSDUDW GHRUHSRULLDVWXSkQGXVHFX&D&2
x
x
x
QYHOLUHvQKkUWLHVDXSVWUDUHvQOGL HFXUXPHJXFHQXPODLvQFPDU
8QJHUHDFRMLLFXXQWXU VDXLPHUVLDvQEDLHGHXOHLOD& LPSHUPHDELOL]DUH
2SULUHWLPSGHVHFXQGHvQDS FORFRWLWDVWIHOIRUPkQGXVHRSHOLFXO ILQ GHSURWHLQH

FRDJXODWHvQLQWHULRUXOFRMLL
$1$720,& GHODVXSUDID VSUHLQWHULRURXOSUH]LQW SHVHF LXQH

x
x
&XWLFXODVDXDOEXJLQHHDRSHOLFXO GHPXFXVXVFDW
&RDMDIRUPDW GLQVUXULGHFDOFLX&D&2LDYkQGSRUL

0HPEUDQDSDULHWDO FSWXHWHID DLQWHUQ DFRMLL
&DPHUDGHDHUIRUPDW vQWUHFHOHGRX PHPEUDQHODLHLUHDGLQRYLGXFW
x
x
x
0HPEUDQDYLVFHUDO DFRSHU DOEXXOODVXSUDID
$OEXXOFXWUHLVWUDWXULFRQFHQWULFHLGRX FRUGRDQH DOD]HOH

*OEHQXXOFXGLVFXOJHUPLQDWLYPRUXODLYLWHOXVXOQXWULWLY
3URFHQWXDORXOFRQ LQHDSUR[LPDWLYJOEHQXDOEXLFRDM
&+,0,& RXOHVWHDOFWXLWGLQGRX VLVWHPHFRORLGDOHGHFRQFHQWUD LHGLIHULW

x
*OEHQXXO RHPXOVLHGHSURWHLQHLOLSLGHvQWUXQPHGLXGHDSFRQ LQkQGWRDWH
VXEVWDQ HOH D]RWDWH QHFHVDUH GH]YROWULL RUJDQLVPXOXL SVULLYLWDPLQHVUXUL L

HQ]LPH'DWRULW FRPSR]L LHL IRDUWH HFKLOLEUDWH L VWDELOH vQ DPLQRDFL]L 0(7
&,69$/)(17,5 SURWHLQHOH GLQ RX VXQW DOHVH FD VWDQGDUG SHQWUX DSUHFLHUHD YDORULL
ELRORJLFH D DOWRU WLSXUL GH SURWHLQH$FHVWHD VXQW RYRYLWHOLQD L JOREXOLQHOH(OH UHSUH]LQW
JUDPHJUDPHUHVSHFWLYJUDPHODXQRXGHJUDPH/LSLGHOH GLQJOEHQX
VXQW WULJOLFHULGH IRVIROLSLGHOHFLWLQ FHIDOLQ FROLQ L FROHVWHURO0LQHUDOHOH 3

PJ&DPJ)HPJ6.1D0JLROLJRHOHPHQWH,&X0Q=QDX
DF LXQHDFLGLILDQW9LWDPLQHOH OLSRVROXELOH$'(.SUHFXPLRPDUHSDUWHGLQFHOH
KLGURVROXELOH % %%%33 VXQW FRQFHQWUDWH WRDWH vQ JOEHQX$FHVWD PDL FRQ LQH
SLJPHQ L OXWHLQ [DQWLQ ]HD[DQWLQ L HQ]LPH OLSD]H WULEXWLUD]DPHWLOEXWLUD]D
x
SURWHD]HFROLQHVWHUD]HGLDVWD]H
$OEXXO R GLVSHUVLH FRORLGDO GH SURWHLQH vQ DS PDLFRQ LQH XUPH GH OLSLGH L
JOXFLGHVUXULPLQHUDOHPXOWVXOISX LQ1D.&O&D3)HSX LQHYLWDPLQH %%
SLJPHQ L RYRIODYLQ L HQ]LPH SURWHD]H 3URWHLQHOH DOEXXOXL VXQW

RYDOEXPLQD RYRJOREXOLQD RYRPXFRLGH RYRPXFLQ OL]R]LP DQWLWULSWD] IDFWRU
DQWLWULSWLF L DYLGLQ DQWLELRWLQ XOWLPHOH GRX DOHUJL]DQWH LULWDQWH ILLQG DQLKLODWH

SULQILHUEHUH
5ROXOvQRUJDQLVPHVWH vQSULPXOUkQG QXWULWLY ILLQGXQDOLPHQWYDORURVELRORJLFHFRQRPLF

XRUGHRE LQXWLGHFRQVHUYDWFDUHFUHWHVDSLGLWDWHDDOLPHQWHORUIRORVLWvQVDODWHPDLRQH]H
FUqPH3ULQ FRQ LQXWXO GH SURWHLQH L OLSLGH DQLPDOH DUH URO SODVWLF LQWHUYLQH vQ FUHWHUH L
UHSDUDUHDX]XULLvQIRUPDUHDLvQWULUHDVLVWHPXOXLQHUYRV3ULQOLSLGHDUHURO HQHUJHWLF
IXUQL]HD] 4JUDPSULQ YLWDPLQH L PLQHUDOH DUH URO FDWDOLWLF L ELRUHJODWRU
DQWLDQHPLDQW FRQ LQH)HDQWLUDKLWLF FRQ LQH&D
5HFRPDQGULvQGLHWH

+LSRVRGDWHEROLUHQDOHFDUGLRYDVFXODUHFRQ LQXWVF]XWGH1D&O
+LSRSURWHLFHJXWKLSHUXULFHPLLvQORFXLHWHFDUQHD

+LSRJOXFLGLFHREH]LWDWHGLDEHW]DKDUDWQXFRQ LQHJOXFLGH

&ROHFLVWRSDWLLDWRQHHIHFWFROHFLVWRNLQHWLF
5HJLPXULGHFUX DUHJDVWULWHKLSHUDFLGHXOFHUHHQWHURFROLWHRGRXFXODSWH

5HIDFHUHSRVWWUDXPDWLPHVWULSRVWKHSDWLFHFRQ LQHSURWHLQHGHFDOLWHD,
&RQWUDLQGLFD LL

&RSLLPLFL DOHUJLLODSURWHLQHOHGLQDOEX
/LWLD]HELOLDUHLQVXILFLHQ SDQFUHDWLFFLUR] KHSDWLF

&ROHFLVWRSDWLLKLSHUNLQHWLFH
+LSHUFROHVWHUROHPLLDWHURPDWR]
'LJHVWLELOLWDWHD RXOXL GHSLQGH GH PRGXO GH SUHSDUDUH L LQIOXHQ HD] WLPSXO GH HYDFXDUH DO
VWRPDFXOXLDVWIHO

2XOPRDOHILHUWPLQVHGLJHU vQRUHDUHXQFRHILFLHQWGHGLJHVWLHGH
2XO SUHSDUDW FX XQW vQ EDLH PDULQ VH GLJHU vQ RUH FRHILFLHQW GH GLJHVWLH VXSHULRU
2XOFUXGGLQRGRXSUVHWHVWRPDFXOGXS RUHFRHILFLHQWGHGLJHVWLH

RXOXLSUHSDUDWvQJUVLPLvQFLQVHWR[LFFDUHUPvQHvQVWRPDFRUH
5D LDRSWLP ]LOQLF

RX]LVDXRX VSWPvQ ODFRSLLLDGROHVFHQ L
RXODGRX ]LOHUHVSHFWLYRX SHVSWPvQ ODDGXO LLEWUvQL
RXOD]LOHVDXRX SHVSWPvQ ODJUDYLGHLOX]H
3RVLELOLW LGHFRQWDPLQDUHDOWHUDUH
6XUVH
FORDFVROXPHGFXLEDUPXUGDUJHUPHQLLSWUXQGSULQSRULLGLQFRDM
DSDVDXIXUDMHOHLQJHUDWHGHJLQUD VDXJvVF
SHUVRQDOPXUGDUVDXEROQDYODPDQLSXODUHWUDQVSRUWSUHOXFUDUH
XWLODMHUHFLSLHQWHPXUGDUH
YHFWRULRERODQL
*HUPHQL 6DOPRQHOD WR[LLQIHF LL DOLPHQWDUH PXFHJDLXUL3HQLFLOOLXP $VSHUJLOOXV 0XFRU

2LGLXP6WDILORFRFLFRDJXOD]R(&ROLHQWHURSDWRJHQ3URWHXV%&HUHXV
6XEVWDQ HFKLPLFHSHVWLFLGH PLFRWR[LQHDQWLELRWLFHPHWDOHWR[LFH
$OWHUDUHDRXOXL VH SURGXFH vQ FRQGL LL GH SVWUDUH vQGHOXQJDW OD WHPSHUDWXU vQDOW L
XPLGLWDWHPDLPDUHVDXPLF GH6HSURGXFKLGUROL]HDOHSURWHLQHORULOLSLGHORUVXE
DF LXQHD HQ]LPHORU SURSULL L D PLFURRUJDQLVPHORU SWUXVH SULQ FRDM$OEXXO VH PDFHUHD]

DOD]HOH VH OLFKHILD] JOEHQXXO SUVHWH SR]L LD FHQWUDO L VH DPHVWHF FX DOEXXO&UHVF
GLPHQVLXQLOH FDPHUHL GH DHU RXO SOXWHWH OD VXSUDID D DSHL DSDU SHWH GDWH GH PXFHJDLXUL
PLURVXUvWGDWRULW +61+PHUFDSWDQLORUHIHFWHWR[LFHLLULWDQWHDVXSUDWXEXOXLGLJHVWLY
2XOH FX GHIHFWH VXQW PDL XRU DOWHUDELOH RX FX FRDMD VXE LUH FUSDW FX SRUL SUHD
PDUL RX IU FRDM DOEX VDX JOEHQX RX VvQJHUDWH URLL FX FRUSL VWULQL FX PLURV GH
SHWHVDXGHPXFHJDL
0VXULGHLJLHQ QHFHVDUH SHQWUXDSUHYHQLWR[LLQIHF LLOHDOLPHQWDUH

FRQWUROXOvQDLWHLGXS VSDUJHUHLvQOWXUDUHDRXORUYHFKLLFXGHIHFWH
VSDUJHUHDVHSDUDWIRORVLUHDGHFX LWHLYDVHVWHULOH

VSODUHDFXDS FDOG LGH]LQIHF LDvQVROX LHFORULJHQ

FRQVHUYDUHDFRUHFWSULQSURFHGHHOHPHQ LRQDWHDQWHULRU
3DWRJLDVSHFLILF

&DUHQ D o VWDJQDUHDvQFUHWHUHPRQRWRQLDUD LHLLOLSVD VHQ]D LHLGHVD LHWDWH
&RQVXPXOGHRX YHFKLo KHSDWLWHLULWD LLSDQFUHDWLWWR[LLQIHF LL

([FHVXOo KLSHUFROHVWHUROHPLHSDQFUHDWLWDOHUJLL
2XOHSUHSDUDWHJUHXLQGLJHVWo GLVNLQH]LLELOLDUHSDQFUHDWLWHJDVWULWH
'HWHUPLQULGHODERUDWRU

([DPHQ RUJDQROHSWLF DVSHFW FRQVLVWHQ FXORDUH PLURV JXVW vQDLQWH L GXS VSDUJHUH
([IL]LFHGHQVLWDWHDRXOXLHVWHXQLQGLFDWRUDOSURVSH LPLLSUREDVFXIXQGULL
SURED2926&23,(,VDX0,5$-8/8,
vQDS RELQXLWGXS ]LOHVW YHUWLFDOSHIXQGODVHULGLF ODVXSUDID
vQDS FXVDUH]LOHVW YHUWLFDOODIXQGXODSHL]LOHvQVWUDWXOGLQPLMORF

]LOHSOXWHWHFXFDPHUDGHDHUvQVXV
([FKLPLFHIRVID LLGLQDOEXSHVWLFLGHDQWLELRWLFHPHWDOHPHWDORL]L
([PLFURELRORJLFH6DOPRQHOHOHGHSHFRDM LGLQFRQ LQXW
%$GDWDORFXOQUSURFYHUEDOGHUHFROWDUHQXPHSUREDRXGHJLQ
1 FRDMD vQWUHDJFXUDWQHWHGXQLIRUPDOEJOEXLHIU SHWHGHJUVLPHVDXH[FUHPHQWH
2YRVFRSLHFDPHUDGHDHUFXFRQWXUUHJXODWSR]L LHIL[) PPJOEHQXXOFHQWUDOXRU

PRELODOEXWUDQVOXFLGIU SHWHVDXFRUSXULVWULQH
*UHXWDWHDPHGLH JUDPH
&RQFOX]LHSUREDFRUHVSXQGHFHULQ HORUVDQLWDUH

&$51(3(7(,35(3$5$7(
$FHDVW JUXS GH DOLPHQWH LQFOXGH WRDWH SU LOH GLQ FRUSXO DQLPDOHORU L SVULORU
GRPHVWLFHVDXVOEDWLFHPDPLIHUHLHUELYRUHvQRWWRDUHHWFQUHJLPXODOLPHQWDUDOGLIHULWHORU
JUXSH GH SRSXOD LH VH YD JVL SUHGRPLQDQW SHWH vQ ]RQD PULORU RFHDQHORU IOXYLLORU
UHVSHFWLYFDUQHGHRDLHERXDIULFDQFPLOvQ]RQDHFXDWRULDOXQGHFRQVXPXOGHFDUQHGH
SRUFHVWHSURKLELW
5HSUH]HQWDQ LGLQILHFDUHJUXS

0DPLIHUH GRPHVWLFHERYLQHRYLQHSRUFLQHFDEDOLQH
3VUL GRPHVWLFHJLQDUD DFXUFDQXOSRUXPEHOXOELELOLFD
3HWL GHDS GXOFHDOXWLXFOLQELEDQFUDSSVWUYVRPQ
&UXVWDFHHKRPDULODQJXVWHUDFLFUHYH L
%DWUDFLHQLEURDVFDYHUGHGHDS
VOEDWLFHLHSXULFDSUHPLVWUH L
VOEDWLFHID]DQXOUD DJkVFDSRWvUQLFKHDSUHSHOL D
GHDS VUDWVFUXPELHQLVHWUXWKRQVWDYULGPRUXQFDOFDQEDUEXQ
0ROXWHPHOFLVWULGLLFDUDFDWL HVFRLFL
)RUPHGHFRQVXPLSUHSDUDWH
&DUQH

SURDVSW
FRQJHODW&GXS UHIULJHUDUHHVWHWUHFXW SULQWXQHOHIULJRULILFHLDSRLSVWUDW OD
UHIULJHUDW &
&OXQLGH]LOH
JODVDW DFRSHULW FX XQ VWUDW VXE LUH GH JKHD vPSRWULYD R[LGULL JUVLPLORU GH OD
VXSUDID
0H]HOXUL&ODVLILFDUH
,'XS FRQ LQXW

GLQFDUQHWRFDWVDODPFvUQDWWREVvQJHUHWHFDOWDER
PDWHULDSULPFDUQHVOQLQRULFYLVFHUHVvQJHSODVP
PDWHULLDX[LOLDUHVDUH]DKUFRQGLPHQWHFRQVHUYDQ LDURPH
GLQFDUQHQHWRFDWXQF SUHVDWPXFKL LJQHVFFRVWL SDVWUDPJDUIVOQLQ
]RQHDQDWRPLFHVDXRUJDQHGLQFDUFDVHVXQWIDVRQDWHVUDWHVLPSOXVDXvQVDUDPXUILHUWH
VDXDIXPDWH

,,&XGXUDW GHSVWUDUH

VFXUW]LOHSDUL]HUFUHPYXUWLXQF GH3UDJD
OXQJDQVDODPGHLDUQ LGHYDUJKLXGHP
PHGLHOXQLVDODP%XFXUHWLLLWDOLHQHVF
,,,'XS PRGGHSUHSDUDUHLFRQVHUYDELOLWDWHPH]HOXULGHFDWHJRULD

, ILHUWHFRQVXPDWHSURDVSHWHSDUL]HUFUHPYXUWLSRORQH]
D,,,D FUXGHDIXPDWHVDODPGH6LELXJKLXGHPEDELF

D,,D ILHUWHVHPLDIXPDWHVDODP%XFXUHWL3RLDQDLWDOLDQUXVHVFYvQWRUHVF

D,9D SDVWHILQHRPRJHQHGLQFDUHLFRQGLPHQWHSDWHXULOHEUYXUWL
D 9D ILHUWHFXJHODWLQDFRDJXODWWREHLSLIWLLGHQXPLWHSURVSWXUL
&RQVHUYHRE LQXWHSULQVWHULOL]DUHDFUQLLLSHWHOXLDXWRFODYDUHODSHVWH &LvQFKLGHUH

HUPHWLF vQUHFLSLHQWHPHWDOLFHVDXGHVWLFOVRVXULOHJXPHEXOLRQHWF
3URFHGHHOHGHFRQVHUYDUHHQXPHUDWHDQWHULRUFRQJHODUHDIXPDUHVUDUHVDXVWHULOL]DUH
DXFDVFRSQXQXPDLFUHWHUHDGXUDWHLGHSVWUDUHDSUHSDUDWHORUFLLUHGXFHUHDQXPUXOXLGH
JHUPHQLHIHFWEDFWHULRVWDWLFLvPEXQW LUHDJXVWXOXLLPLURVXOXL
&RQGLPHQWHOH IRORVLWH SRW IL LX L SLSHU ERLD FHDS XVWXURL VDX DURPDWH FLPEUX
FXLRDUHFRULDQGUXVFRU LRDULHQXSULHQLEDKDUIRLGHGDILQVHPLQ HGHFKLPLRQ
$OWHDGDRVXULVXQWGHULYDWHSURWHLFHGLQVRLDODSWHSUDIIXOJLGHFDUWRILR X VDXSUDIGHRX
IRORVLWHPDLDOHVODPH]HOXULOHILHUWHLVHPLDIXPDWHFDWHJRULDD,,DLD9D
0HPEUDQHOHvQFDUHVHLQWURGXFHURWXOVXQWVLQWHWLFHVDXQDWXUDOH LQWHVWLQHDQWHULRU
YHULILFDWHVSODWHLGH]LQIHFWDWHvQVROX LH GH .0Q23ULQDIXPDUHPHPEUDQDVH

SHUJDPHQWL]HD] LVHvQFKLGHODFXORDUHFUHVFvQGFRQVHUYDELOLWDWHD
,QGLIHUHQW GHVSHFLHDQLPDOHOHSRWILFODVLILFDWHGXS FRPSR]L LDPDVHLFRUSRUDOHvQ
VODEHJUDVHIRDUWHJUDVHILHFDUH HVXWSDUWLFLSvQGFXXQDQXPLWSURFHQW
x
x
x
HVXWXORVRV vQIXQF LHGHVSHFLHHVWHDOFWXLWGLQVUXULGH&D0J1D
HVXWXO FRQMXQFWLY UHSUH]HQWDW GH DSRQHYUR]H OLJDPHQWH WHQGRDQH FRQ LQH
ILEUHGHFRODJHQHODVWLQUHWLFXOLQFHOXOHYDVHLQHUYL
HVXWXO JUDV YDULD] LQYHUV SURSRU LRQDO FX HVXWXO PXVFXODU VH JVHWH
VXEFXWDQDWVDXvQWUHILEUHOHPXVFXODUHSHPHPEUDQDSHULWRQHDO LODVXSUDID DRUJDQHORU

LQWHUQHFD HVXWFRQMXQFWLYOD[XPSOXWFXJUVLPH

HVXWXO PXVFXODU FRQ LQH SURWHLQH OLSLGH XUPH GH JOXFLGH VUXUL PLQHUDOH
YLWDPLQHLHQ]LPH HVXWXOFHOPDLYDORURVQXWULWLY
3URWHLQHOH GLQFDUQHUHSUH]LQW vQPHGLHJUDPGHSURGXV(OHSRWIL

x
,QWUDFHOXODUHGHFDOLWDWHVXSHULRDUFRQ LQWR LDPLQRDFL]LLHVHQ LDOL9 0(7/,6
FRODJHQXO KLGUROL]HD] SULQILHUEHUHLIRUPHD] JHODWLQD: SLIWLHDVSLF
x

([WUDFHOXODUHIU YDORDUHQXWULWLY
HODVWLQD QHGLJHUDWVHHOLPLQ SULQIHFDOH: HIHFWDQWLFRQVWLSDQW
1XFOHRSURWHLQHvQFDUQHDPDFUSULQGHJUDGDUH: DFLGXULFJXWOLWLD] XULF
/LSLGHOH YDULD] vQWUHvQFDUQHDVODEvQFDUQHDJUDV LvQPH]HOXUL
6XQWUHSUH]HQWDWHGHDFL]LJUDLVDWXUD LLFROHVWHUROvQSURFHQWHPDLPDULODFDUQHDGH
SRUFGHDFHHDGLJHVWLELOLWDWHDHLHVWHPDLVF]XW
/DFDUQHDGHSHWHJUVLPHDVHJVHWHGLVWULEXLW vQWUHILEUHOHPXVFXODUHSULQ
SUHSDUDUHVHWRSHWHLOHvPELEFHHDFHvLFRQIHU JXVWXOGHRVHELW/DIHOVHvQWvPSO LFX

FDUQHDDOE GHSDVUHFDUHFRQ LQHILEUHILQHL HVXWFRQMXQFWLYSX LQGH]YROWDW&DUQHDGH
SHWHFRQ LQH$*SROLQHVDWXUD LFXSURSULHW LKLSRFROHVWHUROHPL
DQWHLDQWLDWHURVFOHUR]DQWHYH]LJUVLPLOHDOLPHQWDUH
/LSLGHOHVXQWPDLERJDWUHSUH]HQWDWHODIHPHOHGHFvWODPDVFXOLLQGLIHUHQWGHVSHFLHGH
DFHHD FDUQHD ORU HVWH PDL JXVWRDV9vQDWXO DUH JUVLPH SX LQ L SURWHLQH vQ SURFHQW PDL
ULGLFDWGHFvWSVULOHGHFXUWH
*OXFLGHOHWRWDODEVHQWHGLQPH]HOXULVHJVHVFvQSURSRU LLPLFLvQFDUQHDGHSXLSRUFLYLW
FDXUPHGHJOXFLGH
9LWDPLQHOH

/LSRVROXELOH$'VXQWSUH]HQWHvQILFDWJUVLPLSHWH
+LGURVROXELOHGLQFDUQH%%%%33DFLGIROLF
0LQHUDOHOH 3 . )H =Q &X VH JVHVF vQ SURFHQW PDUH vQ YLVFHUH 3 , ) vQ SHWH FDUQHD
FRQ LQHFDQWLW LPLFLGH&D1DLYLWDPLQD&

'XS FRQ LQXWXOORULFXORDUHYLVFHUHOH VHFODVLILF vQ

$OEH FUHLHUSDQFUHDVVWRPDFPGXY
5RLL ILFDWLQLPSOPvQLOLPEVSOLQULQLFKL
&HO PDL YDORURV GLQ SXQFW GH YHGHUH QXWULWLY HVWH ILFDWXO UH]HUYD GH JOXFLGH YLWDPLQH L
PLQHUDOHDRUJDQLVPXOXLDSRLFUHLHUXOLQLPDULQLFKLXOSOPvQXOOLPEDLWLPXVXO

5D LD]LOQLF GHFDUQHSHWHLSUHSDUDWH
,QWURGXV WUHSWDWvQDOLPHQWD LDFRSLOXOXLGHODYvUVWDGHOXQLvQSURSRU LHPLF ID
GHUHVWXOJUXSHORUJUDPH]LFDQWLWDWHDGHFDUQHVHFUHWHFXJDQSvQ ODDQL

J]L FXJDQSvQ ODDQLLFXJDQSvQ ODPDWXULWDWH
x
UD LDPHGLH]LOQLF DDGROHVFHQWXOXLLDDGXOWXOXL HVWHGHJUDPH]L
UD LDvQHIRUWXULPDUL IL]LFHLLQWHOHFWXDOHSRDWHDMXQJHODJUDPH]L
x
x
UD LDIHPHLLJUDYLGHLDFHOHLFDUHDOSWHD] HVWHGH JUDPH]L
UD LDEWUvQLORU HVWHUHSUH]HQWDW GHFDUQHVODEvQPHGLH JUDPH]L
3RVLELOLW LGHFRQWDPLQDUHDOWHUDUH
x
x
x
x
6XUVHOHGHLQVDOXEUL]DUHVXQWSLHOHDPXUGDU DDQLPDOXOXLVvQJHOH VDXFRQ LQXWXO
LQWHVWLQDO PvLQLOHPXUGDUHDOHSHUVRQDOXOXLDSDIRORVLWXWLODMHOHDPEDODMHOHLPDLUDU
VROXOLYHFWRULL
&LOHGHWUDQVPLWHUHVXQWGLUHFWHJHUPHQLLSWUXQGvQRUJDQLVPXOXPDQSHFDOHGLJHVWLY
VDXSULQFRQWDFWFXWDQDW
&RQWDPLQDUHDFXKHOPLQ L7ULFKLQHOOD6S7DHQLD6ROLXPL6DJLQDWD
'LSKLORERWULXPODWXP LPSXQHQHFHVLWDWHDH[DPHQXOXLSDUD]LWRORJLF
3ROXDUHDPLFURELDQYLUDO 6DOPRQHOD$QWUD[3URWHXV&ROL<HUVLQLDHQWHURFROLWLFD
YLUXVXOIHEUHL4YLUXVXOIHEHLDIWRDVHUDELHLEDFLOXOERWXOXLQLFVXEWLOLVPH]HQWHULFXV
.RFKEUXFHOHOHLFXPXFHJDLXUL 0XFRU$VSHUJLOXV3HQLFLOOLXP LPSXQH
UHVSHFWDUHDUHJXOLORUGHLJLHQ SHWRWSDUFXUVXOGHODUHFROWDUHWUDQVSRUWGLVWULEX LH

x
SUHSDUDUHLFRQVXP
3ROXDUHDFXVXEVWDQ HFKLPLFHVHSRDWHSURGXFHSULQSHVWLFLGHOH RUJDQRFORUXUDWHL
KLGURFDUEXULSROLFLFOLFHDURPDWHGLQIXUDMHDQWLELRWLFH DQDEROL]DQWHVDXWUDQFKLOL]DQWH

GDWHDQLPDOXOXLUHVWXULGHPHWDOHLPHWDORL]L GHSHXWLODMHDPEDODMHLFRQVHUYDQ L
QHSHUPLLVDXFDUHGHSHVFOLPLWHOHPD[LPDGPLVLELOHGLQVWDV
0VXULGHSUHYHQLUH
x
VDFULILFDUHDDQLPDOHORUQXPDLvQDEDWRDUHVDXFHQWUHDXWRUL]DWH
UHFROWDUHDFRUHFWLJLHQLF DPDWHULHLSULPHFXH[DQJKLQDUHDFRPSOHW LJROLUHDDWHQW D
L]RODUHDDQLPDOHORUVXVSHFWHLGLVWUXJHUHDSURGXVHORUSURYHQLWHGHODFHOHEROQDYH
WXEXOXLGLJHVWLYSHQWUXDQXFRQWDPLQDUHVWXORUJDQHORU

H[DPLQDUHDFDUFDVHORUDVvQJHOXLD HVXWXOXLFRQMXQFWLYVXEFXWDQDWDH[XGDWHORUFDYLWDUH
UHVSHFWDUHDWLPSLORUGHH[SXQHUHDEXF LORUPDULGHFDUQHvQVSD LLDHULVLWHGH]YvQWDUH
x
x
x
LDYLVFHUHORUGHFWUHPHGLFXOYHWHULQDUPDUFDUHDVQWRV
UFLUHSHQWUXHYLWDUHDvQFLQJHULLLSHQWUXLQVWDODUHDULJLGLW LLFDGDYHULFHDPDWXUULLLD
IH]DQGULLIUJH]LULL DSRLVHIDFHWUDQDUHD SHUHJLXQLDQDWRPLFH
DVLJXUDUHDXQXLODQ IULJRULILFFRUHVSXQ]WRUSHWRWSDUFXUVXOFUQLLLIRORVLUHDPHWRGHORU
GHFRQVHUYDUHFXHIHFWEDFWHULRVWDWLFRSULUHDIXPDUHFRQJHODUH
LQVWUXLUHDSHUVRQDOXOXLSXUWDUHDHFKLSDPHQWXOXLGHSURWHF LHDGHFYDWLUHVSHFWDUHD
UHJXOLORUGHLJLHQ VSHFLILFHRSHUDWLLORUSUHVWDWH&0$L&03
DVLJXUDUHDFXU HQLHLPDLQLORUXWLODMHORUDPEDODMHORULvQORFXLUHDFHORUX]DWH
3DWRORJLDVSHFLILF
&DUQHDDUHXQHIHFWVWLPXODWRULHQHUJL]DQW DVXSUD
x
$SDUDWXOXLGLJHVWLYGDWRULW SURGXLORUGHPHWDEROLVPDPLQRDFL]LSHSWRQHDFLGODFWLFL
61&FUHWHFDSDFLWDWHDGHPXQF LUDQGDPHQWXO
FRQGLPHQWHORUVWLPXOHD] VHFUH LDGHVXFJDVWULFVXFSDQFUHDWLFLELO

0HWDEROLVPXOXLDFFHOHUHD] FUHWHUHDLGH]YROWDUHD
&RQVXPXOH[DJHUDW GHFDUQHGHWHUPLQ JXWDLOLWLD]DXULF
&RQVXPXO XQLODWHUDO IU DOLPHQWH GLQ JUXSHOH ODSWH IUXFWH L OHJXPH GHWHUPLQ DFLGR]
WLVXODUFDUHQ vQFDOFLXUDKLWLVPODFRSLLLRVWHRSRUR] ODDGXOW
&RQVXPXOVF]XW GHFDUQHGHWHUPLQ DQHPLLQXWUL LRQDOHIUHFYHQWHODFRSLL

5HFRPDQGPFRQVXPXOGHFDUQH
x
IU VDUHFRQGLPHQWHvQEROLFDUGLRYDVFXODUHLUHQDOH
SUHSDUDW SULQ ILHUEHUH vQ EROLOH VWRPDFXOXL L FROHFLVWXOXL HVWH FRQWUDLQGLFDW EXOLRQXO
IU JUVLPLODEWUvQLLFRSLL
VXSDGHFDUQHvQXOFHUXOJDVWURGXRGHQDO
'HWHUPLQULOHGHODERUDWRUVWDELOHVFVWDUHDGHVDOXEULWDWHSURVSH LPHDFRPSR]L LDFUQLLL

D SURGXVHORU GHULYDWH Q DFHVW VFRSVH SUHSDU H[WUDFWXO GH FDUQH J FDUQHWRFDW PUXQW
PODS GLVWLODWRPRJHQL]DWILOWUDWPLQGLQFDUHVHGHWHUPLQ
x
1+FXUHDFWLY1HVVOHU FRORUD LHJDOEHQ ODFDUQHDDOWHUDWGXS SULPHOHSLFWXUL
+6FXDFHWDWGHSOXPE vQQHJULUHDKvUWLHLGHILOWUXODFDUQHDDOWHUDW
1+&OFXUHDFWLY(EHU QRUDOEvQWRWYROXPXOEDORQXOXLODFDUQHDDOWHUDW

3KXOFXUHDFWLY*ULHVV 91!ODFDUQHDQRUPDO3KODFDUQHDDOWHUDW
1LWUL LL91 PJJSURGXVGHWHUPLQDUHGLUHFW FX54IOH[
$]RWXOXRUKLGUROL]DELOSXVvQOLEHUWDWHGH1D2+91 PJ1+JSURGXV
%XOHWLQHGHDQDOL]GDWDORFXOQUSURFYHUEDOGHUHFROWDUHQXPHOHSURED
([DPHQXORUJDQROHSWLF YDFXSULQGHXUPWRDUHOHGDWHvQIXQF LHGHSUREDDQDOL]DW
x
&DUQHVXSUDID DVHF LXQHDFRQVLVWHQ DDVSHFWXOJUVLPLLWHQGRDQHORUOLFKLGXOXLVLQRYLDO

VXSUDIH HORUDUWLFXODUHPGXYHLRDVHORUDOEXOLRQXOXLODILHUEHUHPLURVXO
3URGXVDOWHUDW VXSUDIH HXPHGHOLSLFLRDVHFXSHWHFHQXLLYHU]XLGHPXFHJDLFXPXFXV
SHWHQGRDQHLDUWLFXOD LLJUVLPHDPDWFHQXLHPGXYDGLVFRQWLQXEXOLRQWXOEXUH
PXUGDUPLURVUvQFHGFRQVLVWHQ DPRDOHIODVFODV XUPHODGLJLWRSUHVLXQH
x
3HWHSURDVSWVRO]LLSLHOHDFRQVLVWHQ DFUQLLRSHUFXOLLEURQKLLOHRFKLLPLURVXO
3URGXVDOWHUDW VRO]LLXRUGHWDDELOLPD LOLSLFLRLFXPXFR]LW LSLHOHDFOHLRDVIDFHFXWH

DEGRPHQXOGHIRUPDWFDUQHDPRDOHVHGHVSULQGHXRUGHSHRDVHSVWUHD] LPSUHVLXQHD
GLJLWDORSHUFXOLLVHGHIRUPHD] SODVWLFEURQKLLOHXVFDWHFHQXLLYHU]XLRFKLLvQIXQGD LvQ

RUELWHFRUQHHDWXOEXUHRSDFPLURVXOUHVSLQJWRUHPDQ JD]H
x
3DVUHWLDWSHQHOHFUHDVWDPXFRDVDQD]DOSODJDGHODJvWSLHOHDDEGRPHQXOXLRFKLL
FRQVLVWHQ DFUQLLLULJLGLWDWHDFDGDYHULFPLURVXO
3URGXVDOWHUDW SHQHOHPDWHFLRFXOLDQXVXOFXGHSR]LWHXUvWPLURVLWRDUHSLHOHDDOEDVWU
YLRODFHHSODJDOLYLGIU VvQJHRFKLLGHVFKLLFXFRUQHHDWXOEXUHRSDFFDUQHDPRDOH
IODVFSLFLRDUHOHVHGHIRUPHD] SODVWLFPLURVQHSOFXW
$OWHH[DPLQULGHODERUDWRU L
&RQFOX]LDSUREDFRUHVSXQGHQXGSGYLJLHQLFRVDQLWDU

*/8&,'(/(
'HQXPLUHD YHFKHGHKLGURFDUERQDWH SURYLQHGHODDFHHDLSURSRU LH+2FDLvQDS
&ODVLILFDUHD ORUVHSRDWHIDFHGXS QXPUXOGHDWRPLGHFDUERQGLQPROHFXOvQ
0RQR]DKDULGHR]H& SHQWR]HDUDELQR]D[LOR]D[LOXOR]DULEXOR]D
2OLJR]DKDULGHGL]DKDULGHODFWR]D]DKDUR]DPDOWR]DFHORELR]D
& KH[R]HJOXFR]DIUXFWR]DJDODFWR]DPDQR]DUDPQR]D
WUL]DKDULGHUDILQR]D
WHWUD]DKDULGHVWDFKLR]D
3ROL]DKDULGHGLJHUDELOHDPLGRQGH[WULQHJOLFRJHQ
QHGLJHUDELOHFHOXOR]DKHPLFHOXOR]DSHFWLQHOHJXPHOHOLJQLQHOH
5ROXUL vQRUJDQLVP
HQHUJHWLFJUDPJOXFLGH: 4&2+2
61&
x
*OXFR]D FRQWULEXLH OD IRUPDUHD UH]HUYHORU GH JOLFRJHQ DVLJXU HQHUJLD SHQWUX
LSHQWUXPXFKLvQFRQWUDF LLUDSLGHFkQGOXFUHD] SHGDWRULHGHR[LJHQ
*UVLPLOHDUGvQIRFXOJOXFLGHORULDUJOXFLGHOHFUX SURWHLQHOH
SODVWLF PXFRSROL]DKDULGHOHIRUPHD] VXEVWDQ DIXQGDPHQWDO LQWHUFHOXODU
IXQF LRQDODFLGJOXFXURQLFDFLGKLDOXURQLFFRQGURLWLQ LPXFRLWLQVXOID LKHSDULQ$'1

$51LPXQRSROL]DKDULGHIDFWRULQWULQVHFDQWLSHUQLFLRVJDODFWROLSLGHvQ61
GLJHVWLYJOXFLGHOHQHGLJHUDELOH
DFHOXOR]DLKHPLFHOXOR]DDFFHOHUHD] WUDQ]LWXOLQWHVWLQDOFHHDFHDUHXUPWRDUHOHHIHFWH

VFGHUHD FRHILFLHQWXOXL GH DEVRUE LH DO VXEVWDQ HORU QXWULWLYH 3 / * DVLPLODELOH
PLQHUDOH L YLWDPLQH GH DFHHD UHFRPDQGP UHJLPXUL LJLHQRGLHWHWLFH ERJDWH vQ ILEUH
SDFLHQ LORUFXGLVOLSLGHPLLREH]LWDWHGLDEHW]DKDUDWDWHURVFOHUR]
VFGHUHD FROHVWHUROXOXL FXU DUHD WXEXOXL GLJHVWLY GH PLFURUJDQLVPH SULQ vQJOREDUHD
VXEVWDQ HORU RUJDQLFH D SURGXLORU GH VHFUH LH L GH GHVFXDPDUH D PXFRDVHORU VXSD GH
PRUFRYLSXOSDGHPHUHVDXGHFSXQLERJDWHvQSHFWLQH
vQOWXUDUHDFRQVWLSD LHL
ESHFWLQHOHLJXPHOHVROXELOHvQDSIRUPHD] XQJHOFDUHvQWvU]LHJROLUHDWXEXOXLGLJHVWLY

HOHOHDJ FDWLRQLFHVHSLHUGvQIHFDOH&D0J=Q)H&X
FPDWHULDOXOILEURVGH]YROW IORU GHIHUPHQWD LHGLQFDUHPLFURRUJDQLVPHOHGLQFRORQSRW

VLQWHWL]DYLWDPLQH%L.vQFDQWLW LH[FHVLYHvQVDJUDYHD] DIHF LXQLLQIODPDWRULL
JDVWULWHXOFHUHGXRGHQLWHHQWHULWHFROLWHGHIHUPHQWD LHLXOFHURDVH
5HGXFHUHDvQUD LHDSURSRU LHLGHILEUHDOLPHQWDUHFDXUPDUHDFUHWHULLFRQVXPXOXLGH
SURGXVH UDILQDWH GXOFLXUL RUH] GHFRUWLFDW ILQ DOE DUH GUHSW FRQVHFLQ H DSDUL LD FROLWHL
VSDVWLFHDGLYHUWLFXOR]HLDKHPRURL]LORUDFDQFHUXOXLGHFRORQ
'8/&,85,/(
6H FDUDFWHUL]HD] SULQ YDULHWDWHD GH DURPH L FXORUL SULQ UROXO ORU HQHUJHWLF HOLEHUvQG
UDSLG 4 JUDP SURGXV&RQVXPDWH vQ H[FHV OLPLWH] DEVRUE LD &D )H L =Q vQ
RUJDQLVP
&ODVLILFDUHDORUVHSRDWHIDFHvQIXQF LHGHSURFHQWXOGHJOXFLGHSHFDUHvOFRQ LQ
*OXFLGHUDILQDWH JOXFLGHFDQWLW LLQILPHGHSURWHLQHOLSLGHPLQHUDOHYLWDPLQH

x
x
x
x
x
=DKUXOHVWHXQSURGXVUDILQDWFHFRQ LQH]DKDUR] DSURDSHXUPHGH1D.L)H
=DKUXOLQYHUWLWVHRE LQHSULQKLGUROL]DDFLG VDXHQ]LPDWLF D]DKUXOXLHVWHXQDPHVWHF
GHJOXFR]IUXFWR] LDFLGFLWULFDYvQGRSXWHUHGHvQGXOFLUHGHGRX RULPDLPDUHGHFvW

]DKUXOGDWRULW IUXFWR]HLFXPDLGXOFHGHFvW]DKDUR]D
%RPERDQHOHLFDUDPHOHOHVHRE LQGLQWURPDV ILHUELQWHGHFDUDPHO]DKULJOXFR] VDX

]DKULQYHUWLWvQFDUHVHvQJOREHD] FRORUDQ LDURPHDFL]LHYHQWXDOODSWHFDFDR FDIHD
DOXQHQXFLDUDKLGHIUXFWHvQDOFRROVDXFLRFRODW LVHPRGHOHD] vQGLIHULWHIRUPH
+DOYL DHVWHXQVLURSFRQFHQWUDWLDHUDWSULQEDWHUHvQVWDUHILHUELQWH
5DKDWXOUH]XOW SULQILHUEHUHDXQXLDPHVWHFGH]DKUJOXFR] LDPLGRQSvQ ODJHOLILFDUH

DGXJvQGXVHDSRL GLIHULWHLQJUHGLHQWH
HUEHWXOHVWHXQVLURSILHUWSvQ ODVDWXUDUHUFLWLVROLGLILFDWVXEIRUP GHPLFURFULVWDOH
3URGXVHGLQ]DKULIUXFWH JOXFLGHSHFWLQHPLQHUDOHSURWHLQHDFL]LRUJDQLFL
DURPHFRORUDQ L
x
0DUPHODGHOHIUXFWHERJDWHvQSHFWLQHPHUHSHUHJXWXLFDLVH
-HOHXULVXFXULGHIUXFWHERJDWHvQSHFWLQHILHUEHUHFX]DKUVDX]DKULQYHUWLWDJDUDJDU
0DJLXQXOSUXQH]DKUvQFDQWLWDWHPLF

)UXFWHJODVDWHILHUWHvQVLURSGH]DKUVFXUVHXVFDWH: FUXVW GH]DKU
3URGXVHGLQ]DKULVHPLQ HROHDJLQRDVHJOXFLGHOLSLGHSURWHLQHPLQHUDOH
YLWDPLQHDURPH
x
&LRFRODWDVHPLQ HGHFDFDRSUMLWHGHFRUWLFDWHPFLQDWHDGDRVGH]DKUXQWGHFDFDR
ODSWHOHFLWLQVvPEXULGHIUXFWHIXOJLGHFHUHDOHFDIHD: FRQ LQHFDIHLQWHREURPLQ
WDQDQ LILWD LLR[DOD L
+DOYDXDVHPLQ HGHIORDUHDVRDUHOXLSUMLWHPFLQDWHDPHVWHFDWHFXFDQWLW LHJDOHGH

KDOYL ILHUELQWHDGDRVGHFDFDRIUXFWHFLRFRODW
0L[WXULFRPSOH[H JOXFLGHSURFHQWHPDLPDULGHSURWHLQHOLSLGHPLQHUDOHL
YLWDPLQHUH]XOWDWHGLQDOWHLQJUHGLHQWHODSWHIULFXQWRXPDUJDULQILQ DOEDPLGRQ
IUXFWHSURDVSHWHQXFLDOXQHDUDKLGH
x
3URGXVHGHSDWLVHULHLFRIHWULHFKHFXULFR]RQDFLIXUVHFXULWRUWXULSUMLWXULvQJKH DW
0RGDOLW LGHFRQWDPLQDUHDOWHUDUH
6XUVHOHGHFRQWDPLQDUHVXQWOXFUWRULLGLQVHFWRUXODOLPHQWDUGHODDPEDODUHSUHSDUDUH
FRQVXPDWRULLYHFWRULLXWLODMHOHLDPEDODMHOH*HUPHQLLPLFURELHQLSRWSURYHQLGHSHPvLQL
VXSUDIH HVDXYDVHPXUGDUHVDXGLQFLOHUHVSLUDWRULL6DOPRQHOOD6KLJHOD(&ROOL
6WDILORFRFLFRDJXOD]RSR]LWLYL&O:HOFKL
8UPHOHGHPHWDOH&X3E=Q6Q$VSRWFRQWDPLQDSURGXVHOHGDWRULW DFLGLW LL
FUHVFXWHLDWHPSHUDWXULLvQDOWHODIDEULFDUH
6HFRQVLGHU QHFRUHVSXQ]WRURULFHSURGXVFHFRQ LQHFRORUDQ LvQGXOFLWRULDURPHVDX
FRQVHUYDQ LQHDXWRUL]D LVDXSHVWHOLPLWHOHDGPLVH
$OWHUDUHDVHSURGXFHPDLXRUGDF PDWHULDSULP QXHVWHGHFDOLWDWH SURGXVHODFWDWH
FXDFLGLWDWHFUHVFXWIUXFWHORYLWHVHPLQ HQHFRDSWHVDXJHUPLQDWHGDF QXVvQWUHVSHFWDWH

FRQGL LLOHGHWHPSHUDWXU LXPLGLWDWHSHWRWSDUFXUVXOGHODSUHSDUDUHODFRQVXP
&HOHPDLSHULVDELOHVXQWPL[WXULOHFRPSOH[HFDUH VHSRWDOWHUDSULQPXFHJLUHL
IHUPHQWDUHFLRFRODWDLKDOYDXDFDUHUvQFH]HVFGDWRULW JUVLPLORU3UHSDUDWHOHGLQ]DKUL
IUXFWHVHSRW]DKDULVLSULQvQYHFKLUHLDUERPERDQHOHVHDJORPHUHD] LVHOLSHVFODFOGXU

67,08/$5($'(=92/75,,&23,/8/8,35(&2/$5
'H]YROWDUHDQRUPDO DFRSLOXOXLLDGROHVFHQWXOXLHVWHFHOPDLLPSRUWDQWRELHFWLYDO
LJLHQHLFRODUH$FHVWGRPHQLXUHXQHWHVWXGLLPHGLFDOHSVLKRVRFLDOHLSHGDJRJLFH
SHQWUXDHODERUDVWDQGDUGHGHGH]YROWDUHODILHFDUHYvUVW LPVXULGHVWLPXODUHDFUHWHULL
VDXGHUHFXSHUDUH
QVHQVODUJFUHWHUHDLGH]YROWDUHDVHFRQIXQG FDQR LXQL7RWXLHOHQXVXQW
VLQRQLPH
&UHWHUHDVHUHIHU ODDVSHFWXOFDQWLWDWLYODPULUHDGLPHQVLXQLORUFRUSRUDOH
GLDPHWUHOXQJLPLYROXPHGLUHFWPVXUDELOHvQWLPSFHGH]YROWDUHDGHILQHWH
PDWXUL]DUHDGLIHUHQ LHUHDFHDUHORFODILHFDUHQLYHOFHOXORUJDQVDXVLVWHPRUJDQLVPvQ
DQVDPEOX
&HOHGRX IHQRPHQHVHGHVIRDU vQSDUDOHOFXYLWH]HGLIHULWHSvQ ODPDWXULWDWH
DQL3HPDVXU FH FUHWHUHDXQXLRUJDQLQFHWHD]vQFHSHPDWXUD LDOXLPDQLIHVWDW

SULQvQGHSOLQLUHDIXQF LHL
([LVW RSHULRG RSWLP SHQWUXILHFDUHVFKLPEDUHPDUHGLQRUJDQLVPvQY DUHD
PHUVXOXLvQWUHOXQLDOLPEDMXOXLvQWUHDQLPDWXUL]DUHDVH[XDO vQWUH DQL

(OHQXWUHEXLHGHYDQVDWHGLQGRULQ DGHDDYHDXQFRSLOSUHFRFHGDUQLFLOVDWHV
DSDU ODYRLDvQWvPSOULLvQWLPSPXOWGXS YvUVWDPHQ LRQDW vQVWDQGDUGQDFHVWVFRSV

DXHODERUDWWHVWHSHQWUXSULQ LLHGXFDWRULPHQLWHVLRULHQWH]HDVXSUDYvUVWHLUHDOHD
FRSLOXOXLGLQSXQFWGHYHGHUHDODFKL]L LLORUSHFDUHOHDGREvQGLW
3HQWUXRPDLXRDU vQ HOHJHUHYRPDQDOL]DGH]YROWDUHDFRSLOXOXLSDVFXSDVSH
FRPSRUWDPHQWHPRWRUYHUEDOFRJQLWLYVLVRFLDODIHFWLY
7HVWXO'HQYHUWUDGXVGLQOLPEDHQJOH] LDGDSWDWSHQWUXFRSLOXOGLQJUGLQL QH
VHPQDOHD] RULFHvQWvU]LHUHODXQDQXPLWQLYHOPSU LUHDSHJUXSHGHFRSLLPLFPLMORFLH
PDUHVLSUHJWLWRDUHDXXUDWPXQFDHGXFDWRDUHLLDIUDJPHQWDWVDUFLQLOHGHvQY DWvQWUHSWH
VXFFHVLYH2VHULHGHDOWHWHVWHLFKHVWLRQDUHHODERUDWHGHVSHFLDOLWLPHGLFLSVLKRORJL
VRFLRORJLSHGDJRJLQHDMXW V FXDQWLILFPQLYHOXOGHFXQRWLQWHDOFRSLOXOXLGH]YROWDUHD

LQWHOHFWXDO DWHQ LHPHPRULHLQWHOLJHQ LPDJLQD LHLIL]LF DSWLWXGLQLPRWRULL
vQGHPvQDUHUH]LVWHQ ODHIRUW
3HUVRQDOLWDWHDFRSLOXOXLLFRPSRUWDPHQWXOSRWILRJOLQGLWHvQOLPEDMvQWLPSXOMRFXOXL
LvQUHOD LDOXLFXFHLGLQMXU

'LQSXQFWGHYHGHUHIL]LFFRSLOXOGHJUGLQL SRDWHFvQWULLQWUHNJODDQLVLNJ
ODDQLLSRDWHPVXUDvQvQO LPHvQWUHFPODDQLVLFPODDQLIHWHOHILLQGvQJHQHUDO
PDLPLFLGHFvWELH LLGHDFHHDLYvUVW LPDLvQGHPkQDWLFH
&RSLLLGLQPHGLXOXUEDQDOLPHQWD LLvQJULML LFRUHVSXQ]WRUVHGH]YROW PDLELQH
GHFvWFHLGLQUXUDODGHVHDVROLFLWD LvQJRVSRGULHODPXQFLJUHOHVDXODFUHWHUHDIUD LORUPDL

PLFLHLVWDJQHD] vQJUHXWDWHLFKLDUvQvQO LPHGLQFDX]DHIRUWXULORUIL]LFHSUHDPDUL
/DDFHDVW YvUVW DQLFRSLOXODUHDVSHFWXOXQXLDGXOWLPDWXUGLVSURSRU LRQDWFX
FDSXOPDUHWUXQFKLXOGUHSWIU WDOLHPHPEUHOHVXE LULFXPXVFXODWXUDVODEGH]YROWDW(VWH
SHULRDGDvQFDUHVHSHUIHF LRQHD] PLFULOHOHJDWHGHPRWULFLWDWHDJURVLHU 0*FDSWUXQFKL

PHPEUHLQIHULRDUHLFHOHOHJDWHGHPRWULFLWDWHDILQ 0)PHPEUHVXSHULRDUH
DQLJUXSDPLFFRSLOXOGH]YROWDWQRUPDO
0275,&,7$7($*526,(5
VDUHSHORFVDUHvQOXQJLPH
EDODQVHD] XQSLFLRUFvWHYDVHFXQGH
VW vQWUXQSLFLRUDSRLSHFHOODOWVHFXQGH
XUF LFRERDU VLQJXUVFULOHIRORVLQGDPEHOHSLFLRDUHDOWHUQDWLY
VDUHvQWUXQSLFLRU
VDUHSHVWHXQREVWDFRO
0275,&,7$7($),1
SOLD] KvUWLDGXS GHPRQVWUD LH
GHVHQHD] XQGUHSWXQJKLGXS PRGHO
x
x
x
x
x
x
x
x
x
FRSLD] FHUFXO
GHVHQHD] RPXOGLQSDWUXSUWL
VXSUDSXQHFXEXUL
FRQVWUXLHWH XQSRGGXS PRGHO
vQLU ELOHSHRWLMPUJHOHSHD
vQXUXEHD]GHXUXEHD]
VHvQFKHLHVHGHVFKHLH
VHvPEUDFVHGH]EUDF
VHvQFDO VHGHVFDO

VHVSDO SHPvLQLSHID SHGLQ L
VHDOLPHQWHD] VLQJXUFXFDQDOLQJXUL DIXUFXOL D
DQL DQLJUXSDPLMORFLH
x
x
0275,&,7$7($*526,(5
VDUHXRUSHXQSLFLRUDSRLSHFHOODOW
PHUJHvQDLQWHSHROLQLHGUHDSW
0275,&,7$7($),1
SULQGHPLQJHDDUXQFDW GHDOWFLQHYDFWUHHOvQFHUFULUHXLWHGLQ
GHVHQHD] RPXOFXGHWDOLLFDSPHPEUHWUXQFKLRFKL
GHVHQHD] SWUDWXOGXS PRGHO
DQLDQLJUXSDPDUH
0275,&,7$7($*526,(5
PHUJHvQDSRLvQOLQLHGUHDSW
VDUHDOHDUJVHFD U FXVLJXUDQ
x
x
EDVFXOHD] XQSLFLRUVHFXQGH
IDFHIOH[LLH[WHQVLLGXS VULWXUL
0275,&,7$7($),1
SULQGHRPLQJHDUXQFDW GLQID vQFHUFULUHXLWHGLQ
GHVHQHD] RPXOLFDVDFXGHWDOLLLRULJLQDOLWDWH
GHVHQHD] XQURPEGXS PRGHO
RFKL JXU QDV SU FDSJvW WUXQFKL PHPEUH KDLQHUHVSHFWLY IHUHVWUH DFRSHUL FX
LJOKRUQHWF
6WLPXODUHDDFWLYLW LLPRWRULLJURVLHUH
6H IDFH SULQ H[HUFL LL IL]LFH PLQXWH vQ FDGUXO DFWLYLW LL GH LQVWUXLUH L
SULQJLPQDVWLF GHvQYLRUDUHPLQXWHGLPLQHD D
/D JUXSD PLF VXQW LQGLFDWH MRFXULOH GLQDPLFH FX PLQJHD FX EDVFXODQWH
JOHWXHORSH LFUXFLRDUH

/D JUXSD PLMORFLH MRFXULOH SRW IL FRPELQDWH FX PX]LF LPLWvQG SDLL GH GDQV
VDXJLPQDVWLFDDHURELFGDQVXOGHVRFLHWDWH
/DJUXSDPDUHvQFHSVSRUWXULOHSURSULX]LVHvQFDUHPLFULOHGHYLQFRPSOH[H
FRQFRPLWHQWHFRPELQDWHFXHIRUWXULPXVFXODUHSUHOXQJLWHVULWXULFXFRDUGDRWURQ
WULFLFOHW ELFLFOHW vQRW VFKL SDWLQDM JLPQDVWLF ULWPLF EDOHW IRWEDO DFHVWHD GLQ
XUP SRW IL SUDFWLFDWH LQGLYLGXDO VDX vQ FDGUXO XQRU FOXEXUL VSRUWLYH GXS R
SUHVHOHF LH
6WLPXODUHDDFWLYLWD LLPRWRULLILQH
6HIDFH SULQDFWLYLW LFHDQWUHQHD] UDSLGLWDWHDLSUHFL]LDPLFULORUPvLQLLGHVHQXO
FRODMXOSODVWLOLQDSLFWXUDFXSHQVXODLDFXDUHOHFRQVWUXF LLGLQFXEXULVDXIUDJPHQWH
GHSLHVHSX]]OHOHJRGRPLQR
6LPXOWDQFXvQGHPvQDUHDLFRRUGRQDUHDVHGH]YROW DWHQ LDLPDJLQD LDVSLULWXO
GHREVHUYD LHFUHDWLYLWDWHDLQL LDWLYD
'DF REVHUYP R EXQ GH]YROWDUH D PRWLOLW LL JURVLHUH L WHQGLQ D OD PLFDUH
SHUPDQHQW D FRSLOXOXL GDU R VWvQJFLH L R OLSVD GH vQGHPvQDUH vQ DFWLYLW LOH GH
SUHFL]LHYRPLQVLVWDDVXSUDDFHVWRUDGLQXUPSHQWUXDUHFXSHUDKDQGLFDSXOPRWRU
L DO DGXFH OD QLYHOXO VWDQGDUGXOXL ,QYHUV SH FRSLLL VWDWLFL L PHWLFXORL vL YRP
DQWUHQDvQMRFXULGLQDPLFHFDUHVLDFWLYH]H
175(%5,,7(0(
x
'HVFULH LGLIHUHQ HOHGHGH]YROWDUHPRWRULHvQWUHIHWHOHLELH LLGHDFHHDLYvUVW
&HPHWRGHD LDSOLFDSHQWUXUHFXSHUDUHDvQWvU]LHULORUvQFRPSRUWDPHQWXOPRWRU"
x
x
2EVHUYD LFRSLLLvQWLPSXOMRFXOXLDFDVODFUHJUGLQL VDXvQSDUF
([LVW GHFDODMHvQWUHFRPSRUWDPHQWXOUHDOLGDWHOHGLQOLWHUDWXUDGHVSHFLDOLWDWH"

&203257$0(178/9(5%$/
6H UHIHU OD OLPEDMXO YRUELW DWvW GLQ SXQFW GH YHGHUH FDQWLWDWLY QXPU GH FXYLQWH
URVWLWH SH PLQXWGHELW YHUEDO FvW L FDOLWDWLY DFXUDWH HD H[SULPULL FRQVWUXF LL JUDPDWLFDOH
FRUHFWHQR LXQLFODUHIRORVLWHSRWULYLW
DQLJUXSDPLFXQFRSLOGH]YROWDWQRUPDO
x
x
x
x
x
IRORVHWHFRUHFWSOXUDOXO
IRORVHWH FRUHFW SUHSR]L LD VSD LDO VXV MRV vQ ID vQ VSDWH vQXQWUX vQDIDU VXE
GHDVXSUDLHVWHRULHQWDWvQVSD LX
SRYHVWHWHFRHUHQWRVLWXD LHFRQFUHW GLQYLD DOXL

vQYD XRULFXLQWHUHVSRH]LL
vQFHSHV vQYH HROLPE VWULQ
DQL DQLJUXSDPLMORFLH
x
IRORVHWH FRUHFW L DGYHUEXO GH WLPS D]L PvLQH LHUL DFXP DSRL L HVWH RULHQWDW
GHILQHWHFRUHFWQR LXQLX]XDOHFHDFIXUFXOL FDVJUGLQXPEUHOJDUGPLQJH
x
x
x
WHPSRUDOLVSD LDO
ODFHIRORVHWHILHFDUH"
H[SOLF GLQFHHVWHIFXWXQSDQWRIROLQJXU RX

QXPU
UHFLW LFvQW
DQLDQLJUXSDPDUH
x
IRORVHWHFRUHFWWLPSXOvQSURSR]L LLVDXIUD]H
SRDWHVROIHJLDvQY DXQLQVWUXPHQWPX]LFDO
GHILQHWHGLQFXYLQWH
6WLPXODUHDFRPSRUWDPHQWXOXLYHUEDO
/D JUXSD PLF VH IDFH SULQ OHFWXUL SH FDUH FRSLOXO OH DVFXOW DSRL OH UHSURGXFH OD
vQFHSXWSULQLPLWD LHDSURDSHLGHQWLFLFDLQWRQD LHDSRLOHUHSRYHVWHWHOHUHLQYHQWHD]
/D JUXSHOH PLMORFLH L PDUH FRSLOXO YD IL VWLPXODW V vQYH H FvW PDL PXOWH SRH]LL L
FvQWHFH SULOHM FX FDUH YD SXQH vQWUHEUL SH PDUJLQHD ORU vL YD GH]YROWD YRFDEXODUXO L
PHPRULD
/DJUXSDPDUHSRYHWLOHGHYLQYLLvQWUXFKLSDWHvQSLHVHGHWHDWUXSHFDUHFRSLOXOOH
LQWHUSUHWHD]MXFvQGSHUvQGGLIHULWHUROXULvLGH]YROWPDVWIHOLPDJLQD LDH[SUHVLYLWDWHD
PLPLFDJHVWXULOHLHPSDWLDSXWHUHDGHDvQ HOHJHVLWXD LLGLQYLD SHFDUHOHDVLPLOHD] FX

FHOHGLQSRYHVWH

&203257$0(178/&2*1,7,9
&XQRDWHUHD HVWH OD vQFHSXW VHQ]RULDO VDX GH WLS SULPDU VH ED]HD] SH RUJDQHOH GH
VLP Y]DX]PLURVJXVWSLSLWLDUGXS SULPLLDQLGHYLD HVWHGHWLSVXSHULRULQWHOHFWLY
VHGH]YROW IXQF LLOHSVLKLFHDWHQ LDPHPRULDVLJvQGLUHD0DLWvU]LXH[SHULHQ HOHFRQFUHWH

WULWHQHRIHU DQVDXQHLFXQRDWHULVRFLDOH FHDPDLDSURSLDW GHUHDOLWDWH
DQLJUXSDPLFFRSLOXOQRUPDOGH]YROWDW
x
LLFXQRDWHLGHQWLWDWHDQXPHSUHQXPHYvUVWVH[
JUXSHD] SHFDWHJRULLIUXFWHDQLPDOHIORUL
x
x
x
x
VRUWHD] RELHFWHGXS FODVHGHYDORULPULPHOXQJLPHFXORDUHJUHXWDWH

FXQRDWHLUHFXQRDWHFXORULOH
UHFXQRDWHIUDJPHQWHOHFDUHOLSVHVFGLQWUXQGHVHQLQFRPSOHW
vLFXQRDWHSU LOHFRUSXOXL
DQLDQLJUXSDPLMORFLH
x
GHRVHEHWHPRPHQWHOH]LOHL
GHQXPHWHFRSDFLPLMORDFHGHWUDQVSRUWDUWLFROHGHvPEUFPLQWH
x
x
vQ HOHJHDQWRQLPH SHUHFKLGHFRQWUDULLFDOGUHFHPDUHPLFWDUHPRDOHQHWHGDVSUX
VWDELOHWHGHRVHELULLDVHPQULvQWUHRELHFWHPLQJHSRUWRFDOVRDUHPLQJHDYLRQ
SRUXPEHO
DQLDQLJUXSDPDUH
x
FXQRDWHDQRWLPSXULOHL]LOHOHVSWPvQLL
FXQRDWHSU LOHVWvQJLLGUHSWHDOHFRUSXOXL
x
x
x
x
x
x
x
QXPDU SvQ OD]HFHVDXPDLPXOW
FRPSOHWHD] ODFXQHGLQWUXQWH[WFXQRVFXWSRYHVWH

UHSHW LUXULGHFXYLQWHVDXFLIUH
VWDELOHWHDQWRQLPHOHXQRUFXYLQWH
GHQXPHWHFDWHJRULLPDLFRPSOH[HPHVHULLIRUPHJHRPHWULFHYHVHOLQVWUXPHQWH
PX]LFDOH
SHUVRQDOL]HD] SRYHVWLULOH
DOFWXLHWHSURSR]LWLLGXS XQFXYvQWGDWVDXRLPDJLQHGDW
6WLPXODUHDFXQRDWHULL VHSRDWHIDFHSULQYL]LWHODJUDGLQD]RRORJLFvQSDUFXULODWHDWUXOGH
SSXLODFLUF/HFWXUDLSRYHVWLULOHvLGH]YROW LLQWXL LDSRVLELOWDWHDGHDDQWLFLSDDQXPLWH
HYHQLPHQWH&XFvWDQWXUDMXOHVWHPDLLQVWUXLWFXDWvWFRSLOXOYDILPDLHGXFDW

&203257$0(178/62&,$/ $)(&7,9
6HUHIHU ODUHOD LDFRSLOXOXLSUHFRODUFXSULQ LLIUD LLSULHWHQLLJUXSXOGHFROHJLGHOD
JUDGLQLWSUHFXPLODGLVFLSOLQ LDXWRJRVSRGULUHLJLHQDDOLPHQWD LHUHJLPGHDFWLYLWDWH

RGLKQ
QWUHVLDQLVHFRQWXUHD] FRQWLLQ DGHVLQH(8DSDUHVHQWLPHQWXOSURSULHW LL
$/0(8HJRLVPXOHJRFHQWULVPXOGRULQ DGHDIDFHVLQJXUWRWXOGHDILXWLODGPLUDW
UHFXQRVFXWGHFHLODO LFD&(/0$,
6H GHILQHWH LGHQWLWDWHD VH[XDO GH JHQ SULQ MRFXUL KDLQH L FRPSRUWDPHQWH VSHFLILF
PDVFXOLQHVDXIHPLQLQH
DQLJUXSDPLF FRSLOXOQRUPDOGH]YROWDW
x
VHVSDO VLQJXUSHPvLQLLVHWHUJHGDF DIRVWvQY DW
SXQHvQWUHEULFvQGQXWLHFHYD
x
x
x
VHvQFDO LVHGHVFDO VLQJXU
HVWH VRFLDELO VHOHFWLY FX DO L FRSLL L FX DGXO LL VH DSURSLH L VH MRDF QXPDL FX
XQLLPDQLIHVW RSR]L LHID GHDO LL
H[HFXW VDUFLQLFDVQLFHY]XWHVDXvQY DWH
67,08/$5($GH]YROWULLVRFLR DIHFWLYHVHIDFHSULQHGXFD LH

&RSLOXO YD IL vQY DW V VH VSHOHV VH DOLPHQWH]H L V VH vPEUDFH VLQJXU QFXUDMP
WHQGLQ DGHDDMXWDvQJRVSRGULHGHDILXWLOIU DLGHSLSRVLELOLW LOHUHDOHDOHYvUVWHLQX
YD FUD QX YD ULGLFD JUHXW L SUHD PDUL QX YD IL DQJDMDW vQ ULWXDOXUL RERVLWRDUH VSODW GH
YDVHKDLQHvQFSHULvQPRGUHSHWDWFLYDILOVDWV SDUWLFLSHGHYRLHODVHUYLUHDLSUHJWLUHD
PHVHLODRUGLQHLFXU HQLHODVXSUDYHJKHUHDIUD LORUPDLPLFL
LGH]YROWPSUHRFXSULOHGHWLPSOLEHUSULOHMFXFDUHFRSLOXOVHVRFLDOL]HD]PX]LFD
VSRUWXULOHMRFXULOHSRWILFROHFWLYHLvLGH]YROW VSLULWXOGHHFKLS
(YROX LDMRFXOXLODFRSLODIRVWVWXGLDW GH5RVH9LFHQWvQ&XQRDWHUHDFRSLOXOXL (GLWXUD

GLGDFWLF L SHGDJRJLF %XFXUHWL (QXPHUP PDL MRV SULQFLSDOHOH WLSXUL GH MRFXUL L
YvUVWHOHODFDUHVXQWSUDFWLFDWH

-RFXULGHH[SORUDUH DQLMXFULLFRORUDWHPX]LFDOHGHVLOLFRQPRLvQPLFDUHFH
-RFXULGLVWUXFWLYH DQL UHIOHFW GLVSURSRU LDGLQWUHGH]YROWDUHDUHDO DHXOXLL
x
x
x
x
VWLPXOHD] WRDWHVLP XULOHLQHYRLDGHGHSODVDUH
GRULQ D GH SXWHUH D FRSLOXOXL UXSH SDJLQL GLQ FU L VFRDWH RFKLL SSXLLGHPRQWHD]
PDLQLVSDUJHYDVH
-RFXULGHLPLWD LH DQL H[SULP GRULQ DGHDILSULPLWvQOXPHDDGXO LORUGHD

ILXWLOVHMRDF GHDPDPDGHDGRFWRUXOGHDYvQ]WRDUHDGHDSURIHVRDUDHWF
-RFXULGHDJLOLWDWH DQL UHIOHFW GRULQ DFRSLOXOXLGHDVHDILUPDSULQWUHFROHJL
vQWUROXPHH[WHULRDU SRVLELO vQFDUHVHDGDSWHD] SHUPDQHQW6HMRDF FXPLQJHDFX

ELFLFOHWDVDUHFRDUGDFRQVWUXLHWHGHVHQHD]
-RFXULGHFRPSHWL LH DQLH[SULP GRULQ DGHDILDSUREDWGHDILOLGHU
FRQFXUVXUL
-RFXULFXUHJXOL DQLLQWHUHVXOSHQWUXFvWLJSXWHUHHVWHGXEODWGHFRQWLLQ DGH
VLQHGHGRULQ DGHDILSURWHMDWvQWURFRPSHWL LHSULQUHJXOLVHMRDF DKWDEOHFU L

ELOHMRFXULvQFHUFSHLUXULSHHFKLSHVSRUWXULRUJDQL]DWH
'HLVSHFLILFHDQXPLWRUYvUVWHDFHVWHMRFXULSRWILLQL LDWHLODYvUVWHPDLPLFLLFRQWLQXDWHvQ
DGROHVFHQ LWLQHUH H
5ROXO FRPSOH[ DO MRFXOXL D IRVW UHFXQRVFXW GH FWUH WR L SHGDJRJLL L WHUDSHX LL GHD
OXQJXOWLPSXOXLGHUHFUHHUHGLVWUDF LHFHUFHWDUHH[SORUDUHXFHQLFLHSHQWUXRFXSD LLGHPDL

WvU]LXFDOPDUHDVXSUULLDOXQJDUHD SOLFWLVHOLLGH]YROWDUHDVLP XOXLDUWLVWLFSODVWLFSUDFWLFD
ULWPXOXLDFUHDWLYLW LLDVROLGDULW LLGLVFLSOLQHLFRUHFWLWXGLQLLVWLPXODUHDFRPSRUWDPHQWHORU
HWLFHVLPRUDOH
2%6(59$,,,&20(17$5,,
&UHWHUHDFRSLOXOXLHVWHVSHFWDFXORDV vQSULPLLWUHLDQLGHYLD QDFHVWLQWHUYDOXQ
URO KRWUvWRU UHYLQH IDFWRULORU GH PHGLX DOLPHQWD LH RFURWLUH L HGXFD LH vQ IDPLOLH VRPQ
VXILFLHQW VWLPXODUH FRUHVSXQ]WRDUH $YvQG vQ YHGHUH PHGLXO VRFLDO GLIHULW GLQ FDUH SURYLQ
FRSLLFDUHVHvQVFULXODWUHLDQLvQJUGLQL HDUILJUHXLOLSVLWGHRELHFWLYLWDWHVLFRPSDUPSH
XQLLFXDO LLGLQSXQFWGHYHGHUHDOGH]YROWULL'HPXOWHRULDFKL]L LLOHORUPRWRULLFRJQLWLYH
YHUEDOHVDXSVLKRVRFLDOHGHSLQGGHJUDGXOGHLQVWUXLUHDOFHORUFDUHLDXFUHVFXWvQGHDSURDSH
EXQLFLSULQ LEDE\VLWWHULDYvQGYvUVWHLRFXSD LLGLIHULWH

3ULQXUPDUHFRQVLGHUPF SULPDKDOWvQHYDOXDUHDFRSLOXOXLYDILJUGLQL DORFXO
GHXQGHVHSRUQHWHGHOD]HURvQHGXFD LHLVHvQFHDUF SULQPHWRGHVSHFLILFHGHVWLPXODUH

DGXFHUHDODQRUPDODFHORUUPDLvQXUP FXDQXPLWHDFKL]L LL
'HLPHWRGHOHSVLKRSHGDJRJLFHLPHGLFDOHHQXPHUDWHDQWHULRUVHDGUHVHD] vQPRGGHRVHELW
ILHFUXLFRPSRUWDPHQWPRWRUFRJQLWLYYHUEDOVDXVRFLDODIHFWLYWUHEXLHV PHQ LRQPF
GH]YROWDUHDVHIDFHVLPXOWDQvQWRDWHGLUHF LLOHGHH[HPSOXVWLPXODUHDPRWULFLW LLYDGH]YROWD

LFXQRDWHUHDFRSLOXOXLVDXVWLPXODUHDOLPEDMXOXLvOYDDSURSLDPDLPXOWGHFHLGLQMXUGHFLvL
YDGH]YROWDDIHFWXOLVHQWLPHQWXOGHJUXS
1XPDLGLQPRWLYHGLGDFWLFHDPDERUGDWVHSDUDWFHOHSDWUXFRPSRUWDPHQWHvQUHDOLWDWHHOH
LQWULFvQGXVHLLQWHUFRQGL LRQvQGXVHUHFLSURF
&HD PDL LPSRUWDQW PHWRG GH VWLPXODUH JOREDO D FRSLOXOXL SUHFRODU UPvQH vQV
RUJDQL]DUHDXQXLUHJLPDGHFYDWGHDFWLYLWDWHLRGLKQUHVSHFWvQGFvWHYDSULQFLSLL
x
$GDSWDUHD FRQ LQXWXOXL L GXUDWHL SURJUDPXOXL OD FDSDFLWDWHD GH OXFUX D YvUVWHL
*UDGDUHDHIRUWXOXLLDvQY ULLGHODVLPSOXODFRPSOH[GHODFRQFUHWODDEVWUDFWGHOD
FRSLOXOXL
DSURSLDWODGHSUWDWLGHODXRUODJUHXSRWULYLWSXWHULLOXLGHvQ HOHJHUH
5HVSHFWDUHD VXFFHVLXQLL DFWLYLWDWH UHFUHHUH RGLKQ L D GXUDWHL ORU IL]LRORJLFH
x
x
SUHYD]XW GHQRUPHOHGHLJLHQ
$VLJXUDUHDXQXLPLFURFOLPDWIDYRUDELODGLF DPHGLXOXLIL]LFvQFDUHFRSLLLVL
GHVIRDUHRSWLPDFWLYLWDWHD
'HSULQGHUHDXQRUUHJXOLGHLJLHQ LQGLYLGXDO LFROHFWLY
(YLWDUHDRERVHOLLLDVXSUDVROLFLWULL
x
x
$VLJXUDUHDXQHLDOLPHQWD LLFRUHVSXQ]WRDUHYvUVWHL
3UHYHQLUHDFD]XULORUGHLQDGDSWDUHDEVHQWHLVPLDEDQGRQDOJUGLQL HL
'LQSXQFWGHYHGHUHDORUDUXOXLJUGLQL HOHVHFODVLILF vQXQLW LFXRUDUQRUPDO
RUHSUHOXQJLW RUHVDXVSWPvQDOGHWLSFUH VDXJUGLQL VSHFLDO

,PSDFWXOFRSLOXOXLFXSURFHVXOGHHGXFD LH vQY PvQWHVWHPDUHLJHQHUHD]
DGHVHDSUREOHPHGHDGDSWDUHDVHPQWRDUHFXFHOHDOHFRODUXOXLGHFODVDvQWvL
'HDFHHD ULGH]YROWDWHLHPDQFLSDWHFDSULQFLSLLSHGDJRJLFHDXDOHVVROX LDIUHFYHQWULL
JUGLQL HL ]LOHSHVSWPvQ ODvQFHSXWLQX]LOQLFvQSULPXODQODJUXSDPLF QWUH

WLPSFRSLOXOSRDWHILVXSUDYHJKHDWDFDV LGHVSULQGHUHDGHIDPLOLHVDXGHERQ VHIDFH

WUHSWDWLFXWDFW$FHDVWDSUHVXSXQHvQV RFKHOWXLDO VXSOLPHQWDUIOH[LELOLWDWHDWvWGLQ

SDUWHDSULQ LORUFvWLGLQSDUWHDLQVWLWX LHLGHHGXFD LH RFURWLUHFDUHSUHLDFRSLOXO
Q5RPkQLDVDDGRSWDWVLVWHPXOJUGLQL HORUvQVLVWHPSULYDWXQGHVHOXFUHD] FX
JUXSHPDLPLFLGHFRSLLVSD LXOPDLLQWLPOVvQGORFPDPHLVOVXSUDYHJKH]HvQSULPHOH
]LOHGDF SOvQJHGXS HD'RWULOHVXQWDGHVHDPDLEXQHVLLJLHQDSRDWHILSVWUDW FXJULM vQ

FRQVWUXFWLLOHGHWLSYLO FX HWDMHGHVWLQDWHXQHLPLQLJUGLQL H
&RQVWUXF LLOHFODVLFHWLSDSDUWDPHQWHvQEORFXULGHORFXLWRIHU DYDQWDMXOXQXLVSD LXPXOW
PDLPDUHGHVWLQDWILHFUXLFRSLOSHQWUXFD vQFSHULOHGHJUXS VXQWDGHVHDVHSDUDWHSULQWUXQ

JOD]YDQWGHGRUPLWRUDVWIHOvQFvWILHFDUHFRSLOUHVSLU XQYROXPGXEOXGHDHUDWvWODMRDFFvW
LvQWLPSXOVRPQXOXL
&DGUHOHGLGDFWLFHPDLYHFKLDXGRYHGLWRPDLEXQ vQ HOHJHUHDSURFHVXOXLLQVWUXFWLY
HGXFDWLYLRH[SHULHQ DSODQLILFULLDFWLYLW LLSUHFRODULORUFHHDFHULGLF QLYHOXOORUGH

GH]YROWDUH
Q]LOHOHQRDVWUHQXPHURLSULQ LRSWHD] vQV SHQWUXJUGLQL HOHFXRUDUSUHOXQJLWGH
RUHLFXSUHGDUHvQOLPELVWULQHHYHQWXDOFXQR LXQLGHFDOFXODWRUVDXVSRUWXULGHLDUQ
(VWHRQRXDRULHQWDUHSUHFRFHSHQWUXFHLFXWLPSSX LQGHVXSUDYHJKHUHDFRSLOXOXLLFX
SRVLELOLW LPDWHULDOHPDLPDUL'H]YROWDWGHWLPSXULXvQVSLULWXOGLVFLSOLQHLDOHIRUWXOXL
RUJDQL]DWDOvQY ULLPHWRGLFHVXSHULRDUHDOWRUFRSLLGHDFHHDLYvUVWPLFXOXFHQLFLQWU vQ

FRDODYLH LLLGREvQGHWHDWLWXGLQLVSHFLILFHYLLWRUXOXLVSRUWLYDUWLVWVDXSROLJORW/LPLWD
DFHVWRUFHUFXULUHVWUvQVHDUILFRPSRUWDPHQWHOHHOLWLVWHLFRQYLQJHUHDILHF UXLvQY FHOF

HVWHDOIHOFHOPDLVSHFLDOGHRVHELWFHHDFHQDWHvQHYROX LHSHUVRQDOLW LGLILFLOHL
JUHXGHFRQWURODWHJRFHQWULVPHJRLVP
*UGLQL HOHVSHFLDOHVHSODVHD] ODFHDODOW H[WUHPHOHDGXFvQGFRSLLFXSUREOHPH
VRFLDOHDEDQGRQD LVDXRUIDQLFXKDQGLFDSFXSUREOHPHILQDQFLDUH
(LVXQWJ]GXL LSHWRDW SHULRDGDVSWPvQLLLDUVvPEDWDLGXPLQLFDGRDUXQLLvLSHWUHF
WLPSXOvQIDPLOLHFHLODO LUPvQvQGDGHVHDWRWvQJULMDSHUVRQDOXOXL
6HvQWvPSO DGHVHDFDLGLQDFHWLFRSLLV VHUHFUXWH]HLQGLYL]LFXXQPDWHULDOJHQHWLF
EXQFDUHSUHOXFUD LFRUHVSXQ]WRUVHGRYHGHVFPDLUREXWLLPDLSUHJWL LSHQWUXYLD
QOLQLLPDULSURFHVXOHGXFDWLYGHFXUJHDVHPQWRUGDUILHFDUHFRSLOUVSXQGHGLIHULW
ODVHPQDOHOHLPHVDMHOHSULPLWHGHODFHLODO LVHFRPSRUW vQWUXQPRGSUHVWDELOLWSDU LDO

SULQWUXQFRGJHQHWLF&HHDFHQXDSXWXWUHDOL]DQDWXUDSXWHPFRUHFWDXQHRULSULQWU R
HGXFD LHDGHFYDW'HDLFLLLPSRUWDQ DFRYvULWRDUHDIUHFYHQWULLJUDGLQL HLGHFWUHFvW

PDLPXO LFRSLL

'DF VWXGLHP FRPSDUDWLY RUDUHOH JUXSHL PLFL PLMORFLL L PDUL FRQVWDWP F HOH VXQW
DOFWXLWHGLQMRFXULODDOHJHUHLDFWLYLW LREOLJDWRULLVHSDUDWH SULQ JXVWDUHVLSOLPEULvQDHU

OLEHU$FWLYLW LOHREOLJDWRULLGXUHD] GRDUGHPLQXWHODJUXSDPLFRRU ODJUXSDPLMORFLH
L R RU L MXPWDWH OD JUXSD PDUH 7UHEXLH V LQHP FRQW FD GLQ DFHVW LQWHUYDO FRSLOXO GH
JUXSDPLF vQYD FHYDQRXGRDUPLQXWHFHOGLQJUXSDPLMORFLHGRDUPLQXWHLFHOGLQ
JUXSD PDUH PLQXWH LQWHUYDOH GH WLPS vQ FDUH VH SRW FRQFHQWUD UHVWXO ILLQG GHVWLQDW
UHSHWL LHLQR LXQLORUPDLYHFKL
$FWLYLW LOHGHUHFUHHUHWUHEXLHV DFRSHUH RUHSH]LvPSU LWHvQLQWHUYDOHGH
RUHVDXGHRRU LMXPWDWHLDUDFWLYLWDWHDIL]LF V ILHGHPLQXWH GLPLQHD DPLQXWHGXS

ILHFDUHDFWLYLWDWHGHvQY DUHFDUHVROLFLW FRSLOXOL PLQXWHVXEIRUP GHMRFFROHFWLY
6RPQXOIL]LRORJLFFHVWLPXOHD] FUHWHUHDLGH]YROWDUHDQRUPDO HVWHGH RUHOD
DQLGLQFDUH RUHQRDSWHDL RUH]LXDLDUODDQLPLQLPRUHQRDSWHD
HYHQWXDORRUDGXSDPLD]D2UDGHFXOFDUHQXWUHEXLHV ILHGXSDLFHDGHWUH]LUH
vQDLQWHGHGLPLQHD DSHQWUXDQXFUHDRERVHDODFURQLF
6HSUHIHU YL]LRQDUHDVSHFWDFROHORULDSLHVHORUGHWHDWUXvQORFGHILOPHLFDVHWHYLGHR
DFHVWHDGLQXUP PD[LPXPRUHSH]LODIHOMRFXOSHFDOFXODWRU
&RSLOXOGH DQLDUHWUHLPHVHSULQFLSDOHSH]LLJXVWULWLPSXOGHVWLQDWDOLPHQWD LHL
VF]vQGRGDW FXYvUVWD/DDQLPDVDGXUHD] GH PLQXWHLvQF GHPLQXWHVXQW
GHVWLQDWHSUHJWLULLSHQWUXPDV LUHOD[ULLSRVWSUDQGLDOH/DDQLVXQWGHVWLQDWHGRDU
PLQXWHSHQWUXJXVWULVLGHPLQXWHSHQWUXPDVDGHSUvQ]SUHJWLUHDILLQGPDLVFXUW
VSODUHWHUJHUHDH]DUHODPVX
'H]YROWDUHDQRUPDO DXQXLSUHFRODUVHDVLJXU LSULQWURGLHW HFKLOLEUDW FDQWLWDWLY
LFDOLWDWLY$VWIHOvQWUHDQLWUHEXLHDWLQVQLYHOXOGHFDORULLSH]LLDUvQWUHDQL
FDORULLSH]LSULQFLSDOHOHSURGXVHQHFHVDUHFUHWHULLILLQGFHOHDQLPDOHODSWHFDUQH
RX&DQWLW LOHPHGLLSH]LFDUHWUHEXLHGDWHFRSLOXOXLVXQWGDWHvQWDEHOXO
9vUVWD/DSWH
&DUQH
2X
*UVLPL
&HUHDOH
/HJIUXFWH =DKU
DQLJ
J
]L
J
J
J
DQLJ
J
]L
J
J
J
0DVDWUHEXLHVHUYLW UHVSHFWvQGWRDWHQRUPHOHGHLJLHQ DDOLPHQWD LHLLUHJXOLOHGH
DOFWXLUHDPHQLXULORUDVWIHOvQFvWV ILHDSHWLVDQWHSURDVSHWHYDULDWHLV QXSURGXF

vPEROQYLULvQFROHFWLYLW L

J
J
x
x
x
x
0LFURFOLPDWXOvQJUGLQL WUHEXLHV vQGHSOLQHDVF QRUPHOHGHFRQIRUW
7HPSHUDWXULGH&L&YDUDvQGRUPLWRDUHLVOLOHGHJUXS
7HPSHUDWXULGH&ODEL
8PLGDWHUHODWLY GHDVLJXUDW SULQYDVHFXDS SHFDORULIHUH

9LWH]DFXUHQ LORUGHDHUvQvQFSHULPHWULVHFXQG
6HYRUDHULVLGRUPLWRDUHOHvQDLQWHGHVRPQXOGHSUvQ]LFHOGHQRDSWHVHYRUFXU D
VOLOHGHPHVHLFDPHUHOHFRSLLORUGRDUvQDEVHQ DDFHVWRUDFvQGVXQWODSOLPEDUHSULQDVSLUDW
LPWXUDWXPHG
&HOHPDLLPSRUWDQWHRELHFWLYHYL]DWHGLQSXQFWGHYHGHUHDOLJLHQHLFRODUHVXQW
DQH[HOHEXFWULDEDLDVSOWRULDXVFWRULD0RELOLHUXOWUHEXLHV FRUHVSXQG FDGLPHQVLXQL

PDWHULDOVWDUHGHFXU HQLHV vPSLHGLFHSURGXFHUHD]JRPRWXOXLLQXWLOLDDFFLGHQWHORU
-XFULLOH WUHEXLH V ILH ODYDELOH QHWR[LFH XRU GH vQWUH LQXW L GHVWLQDWH GH]YROWULL
LQWHOLJHQ HLLFUHDWLYLW LLFRSLOXOXLVSLULWXOXLGHHFKLSVLP XOXLSUDFWLF
(OHYRUILDYL]DWHGH2ILFLXOGH3URWHF LHD&RQVXPDWRUXOXLSHQWUXILHFDUHYvUVW
,JLHQD]LOQLF DvQFSHULORUYHVHOHLLFHDLQGLYLGXDO DFRSLLORUWUHEXLHSULYLWHFD
SULQFLSDOHPVXULvQSUHYHQLUHDHSLGHPLLORULDVLJXUDUHDXQHLVQW LDFROHFWLYLW LL3HQWUXD
XXUDvQWUH LQHUHDFXU HQLHLvQLQWHULRUFRSLLLYRUDYHDSDSXFLGHFDV LKDLQHGHMRDF FvWPDL

FRPRGHLSX LQSUHWHQ LRDVHFRORUDWHODUJLGLQPDWHULDOHQDWXUDOHEXPEDFOvQWULFRW
MHUVHvQIXQF LHGHDQRWLPSLGHWHPSHUDWXU
7HQGLQ DDFWXDO GHHPDQFLSDUHDvQY PvQWXOXLDSURSLH DUDQRDVWU GHFHODODOWH UL
HXURSHQHGLQSXQFWGHYHGHUHDOSURJUDPHORUFXULFXODUH$VWIHOYRUILVWLPXOD LGLQFHvQFH
PDLPXO LFRSLLGHDVHDQLV VHvQVFULHvQFODVDvQWvL&HLDPvQD LFXXQDQGHODvQFHSHUHD
FRODUL]ULLvLYRUSUHOXQJLHGXFD LDvQJUGLQL ODJUXSDSUHJWLWRDUHSvQ ODYvUVWDGHDSWH
DQL7UHEXLHVXEOLQLDW vQV LPSRUWDQ DYvUVWHLODFDUHFRSLOXOHVWHDSWV DVLPLOH]HFvWPDLPXOW

DFHDVWDFRERUvQGvQ0DUHD%ULWDQLHFKLDUODFLQFLDQL
*HQHUD LLOHDFWXDOHVXQWWRWPDLGH]YROWDWHSVLKRPRWRUPRWLYSHQWUXFDUHHVWHGHGRULWV
VWLPXOPLQWUDUHDODWLPSvQWUXQSURFHVRUJDQL]DWGHvQY PvQWGLQSXQFWGHYHGHUH
HFRQRPLFXQDQGHFRDO PDLGHYUHPHvQVHDPQ WLPSFvWLJDWvQIDYRDUHDWvQUXOXLFDUHYD

SXWHDILvQFDGUDWvQPXQF ODDEVROYLUHDHL

&21&/8=,,
x
x
x
&RSLOXO SUHFRODULQVWUXLWvQJUGLQL VHDFRPRGHD] PXOWPDLXRUODFRDO
-RFXOHVWHODIHOGHQHFHVDUSHQWUXGH]YROWDUHDIL]LF LQHXURSVLKLF DFRSLOXOXLFDL

DOLPHQWD LDVRPQXODHUXOSURDVSWORFXLQ DFXUDW LIDPLOLDHFKLOLEUDW
1LFLRLQL LDWLY GHHWLFKHWDUHDXQXLFRSLOGUHSWUHWDUGDWVDXDQRUPDOGH]YROWDWQX

YDILDFFHSWDW IU RHYDOXDUHGHVSHFLDOLWDWHDPHGLFXOXLSVLKRORJXOXLLHGXFDWRDUHL
$ELDDSRLYDILVXSXVXQXLSURJUDPVSHFLDOGHVWLPXODUHVDXUHFXSHUDUH
%,%/,2*5$),(
7UDWDW GH LJLHQ YRO ,,, (GLWXUD 0HGLFDO %XFXUHWL 6HUJLX 0QHVFX *KH
7QVHVFX&8UVRLX
3HGLDWULHSUHYHQWLY GH17ULIDQ(G0HGLFDO%XFXUHWL
7UDWDWGHSHGLDWULHYRO(G0HGLFDO %XFXUHWL GH3URI'U3WUX0LO&RQI

'UW0LOHD
3HGLDWULHYRO,'U)ORUHD,RUGFKHVFX(G1D LRQDO
0HGLFDO %XFXUHWL
,JLHQDFRSLOXOXLLDGROHVFHQWXOXL OXFUUL SUDFWLFHVXEUHGDF LDHIGHOXFUUL'U(

)XLRDJ ,0)%XFXUHWL)DFXOWDWHDGH0HGLFLQ *HQHUDOGLVFLSOLQD,JLHQ

%,%/,2*5$),(
$SOLFD LLSUDFWLFHvQVQWDWHDPHGLXOXLVXEUHGDF LDSURI'U&DUPHQ,RQX $XWRUL
'U&DUPHQ,RQX 'U9DOHULD/D]D'U,OHDQD5XVX'U9LRULFD,RQX 'U0RQLFD
3RSD(GLWXUD0HGLFDO 8QLYHUVLWDU ,XOLX+D LHJDQX&OXM1DSRFD
$OLPHQWD LDUD LRQDO DRPXOXLVQWRVLEROQDY,XOLDQ0LQFX'RULQD%RERLD

(GLWXUD0HGLFDO %XFXUHWL
&KLPLDVDQLWDU DPHGLXOXLGH6HUJLX0QHVFX0DQROH&XFX(GLWXUD0HGLFDO
%XFXUHWL
,JLHQDDOLPHQWD LHLLQXWUL LHL QR LXQLSUDFWLFHVXEUHGDF LDSURI'U&DUPHQ,RQX

$XWRUL'U&DUPHQ,RQX 'U0RQLFD3RSD'U&DUPHQ&DOID'U'DQD6kUEX'U
'DQLHOD&XUHX'U9LRULFD,RQX 'U9DOHULD/D]D'U%RJGDQD1VXL(GLWXUD
0HGLFDO 8QLYHUVLWDU ,XOLX+D LHJDQX&OXM1DSRFD
0HGLFDO %XFXUHWL
,JLHQDVXEUHGDF LD0QHVFX$&RUGHDQX&RFRUD(GLWXUD8QLYHUVXO%XFXUHWL
,JLHQDFRSLOXOXLLDGROHVFHQWXOXL OXFUULSUDFWLFHVXEUHGDF LDHIGHOXFUUL'U(

)XLRDJ ,0)%XFXUHWL)DFXOWDWHDGH0HGLFLQ *HQHUDOGLVFLSOLQD,JLHQ
,PSDFWXORPDOLPHQWD LH,XOLDQ0LQFX(GLWXUD0HGLFDO %XFXUHWL
/RFXLQ DFRQWHPSRUDQ SUREOHPHLSXQFWHGHYHGHUHGH'U$UK0LKDLO&DIIH(G

7HKQLF %XFXUHWL
1XWUL LHLGLHWRWHUDSLH0LUFHD3HWUHVFX$XURUDX LDQX(GLWXUD0HGLFDO

%XFXUHWL
3HGLDWULHSUHYHQWLY GH17ULIDQ(G0HGLFDO%XFXUHWL

3HGLDWULHYRO,'U)ORUHD,RUGFKHVFX(G1D LRQDO
7UDWDWGHLJLHQ YRO,VXEUHGDF LD6HUJLX0QHVFXFRRUGRQDWRUL+XJR6UDXV

*KHRUJKH=DPILU(GLWXUD0HGLFDO %XFXUHWL
7UDWDWGHLJLHQ YRO,,VXEUHGDF LD6HUJLX0QHVFXFRRUGRQDWRUL&DURO%HG|

6HEDVWLDQ'XPLWUDFKH(GLWXUD0HGLFDO %XFXUHWL
7UDWDWGHLJLHQ YRO,,,VXEUHGDF LD6HUJLX0QHVFXFRRUGRQDWRUL*KH7QVHVFX

&8UVRLX(GLWXUD0HGLFDO %XFXUHWL

7UDWDWGHSHGLDWULHYROGH3URI'U3WUX0LO&RQI'UW0LOHD(G0HGLFDO
%XFXUHWL
/HJHDQUGLQLXOLHSULYLQGFDOLWDWHDDSHLSRWDELOH
1RUPDWLY GH SURLHFWDUH D FOGLULORU VSLWDOLFHWL ,QGLFDWLY 13 HODERUDW GH
,QVWLWXWXO GH 3URLHFWDUH FHUFHWDUH L WHKQLF GH FDOFXO vQ FRQVWUXF LL DSUREDW GH
0LQLVWHUXO/XFUULORU3XEOLFHLDPHQDMULLWHULWRULXOXLFX2UGLQXO1GLQ
1RUPHPHWRGRORJLFHSHQWUXVXSUDYHJKHUHDVDQLWDU DFDOLW LLDSHLGHEXW

/DERUDWRUXOGHLJLHQDDSHL,QVWLWXWXOGH6QWDWH3XEOLF %XFXUHWL
2UGLQXO0LQLVWHUXOXL6QW LLSHQWUXDSUREDUHD1RUPHORUGHLJLHQ SULYLQG
DOLPHQWHOHLSURWHF LDVDQLWDU DDFHVWRUD1UGLQ0RQLWRUXO2ILFLDODO

5RPkQLHLLXQLH
2UGLQXO0LQLVWHUXOXL6QW LLSHQWUXDSUREDUHD1RUPHORUGHLJLHQ SULYLQG
SURGXF LDSUHOXFUDUHDGHSR]LWDUHDSVWUDUHDWUDQVSRUWXOLGHVIDFHUHDDOLPHQWHORU
1U
6WDQGDUGGHVWDWGLQHODERUDWGH0LQLVWHUXO6QW LLSULYLQG

FDOLWDWHDDSHLSRWDELOH

Igiena Si Sanatatea Mediului - Grad Ligia PDF

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Igiena Si Sanatatea Mediului - Grad Ligia PDF

Încărcat de

Drepturi de autor:

Formate disponibile

8QLYHUVLWDWHD75$16,/9$1,$%UDRY)DFXOWDWHDGH0HGLFLQ'LVFLSOLQD,JLHQ L6QWDWHD0HGLXOXL

)DFWRULLPHGLXOXLIL]LFLLQIOXHQ DORUDVXSUDVQW LL

FRPHVWLELO DDSHLGHEXW SRWDELO 5HVSHFWDUHDDFHVWRUQRUPHHVWHFRQVLGHUDW LQL LDOR

SURIHVLXQLLPHGLFDOHvQVFULHULOHKLSRFUDWLFHJVLPJHUPHQLLLJLHQHL*UHFLDDQWLF DHD] SH

FRQVWUXF LL VOLGHJLPQDVWLFPDVDM FDQDOL]ULSULQDSHGXFWHELSXEOLFHWHUPH7RWvQ

YLD DHFRQRPLFRVRFLDO DSRSRDUHORU6HLPSXQHWUH]LUHDGLQLJQRUDQ LOXDUHDXQRUPVXUL

6HFROHOH;9, ;9,,,UHSUH]LQW SHULRDGDGHUHQDWHUHDLJLHQHLPRGHUQHED]DW SH

PHVHULDLORU  LDU ,RKDQ3HWHU)UDQFN UHDOL]HD] OXFUDUHDvQ YROXPH6LVWHPXOXQHL

6HFROXO;9,,,PDUFKHD] vQFHSXWXOXQRUDF LXQLGHRUJDQL]DUHVDQLWDU vQ ULOHURPkQH

FDUDQWLQHvPSRWULYDFLXPHLODJUDQL H 7UDQVLOYDQLD PHGLFLDLRUDHORUVSLWDOHGHVWDWFX

3ULPDMXPWDWHDVHFROXOXL;,;VHFDUDFWHUL]HD] SULQSURSDJDUHDVFULV D FXQRWLQ HORU

Q'U*KHRUJKH&LXFXUHDQX SUH]LQW GRPQLWRUXOXL*ULJRUH$O*KLNDSULPXOFRGGH

x HFRORJLDUHSUH]LQW VWXGLXOYLH XLWRDUHORUDFDV ODHOHvQPHGLXOORUGHYLD >S@

3HUVRQDOLW L /LQQH%XIIRQ5HDXPXU0RHELXV+DHFNHO'DUZLQ.XOLH6HYHU RY

QXPHURDVHVWXGLLGHSURWHF LD QDWXULLVROXOXLLGHFUHWHUHDDQLPDOHORU6XQWUHQXPL LVDYDQ LL

'RPHQLL vQUXGLWH ELRORJLD JHRJUDILD FOLPDWRORJLD PHWHRURORJLD IL]LFD FKLPLD

2GDW FXGH]YROWDUHDVLOYLFXOWXULLDJRQRPLHLKLGURWHKQLHLDUKLWHFWXULLLJLHQHLVHDGDXJ QRL

6WLLQ HOHHFRORJLFHYHULILF LFHUWLILF OHJLOHFHJXYHUQHD] LQWHUDF LXQHDRUJDQLVPHORUYLL

SHUSHWXDUHDVSHFLLORULVXSUDYLH XLUHDSULYLW FDRDGDSWDUHDLQGLYL]LORUSRSXOD LLORUL

vQ HOHJHUHDFLFOXOXLQDWXUDOYLD PRDUWHLDSURFHVHORUGHGH]YROWDUHDGDSWDUHvPEWUkQLUH

SURWHF LDPHGLXOXLQDWXUDOvPSRWULYDSROXULLLDFDODPLW LORU

(FRORJLDXPDQ DUHQXPHURDVHDSOLFD LLSUDFWLFH0HWRGHOHIRORVLWHVHED]HD] SHREVHUYD LL

3ULPHOHSURJUDPHGHHFRORJLH  3URJUDPXO%LRORJLF,QWHUQD LRQDOL

ELRGHJUDGDELOHLFRQYHUVLDPDWHULHLRUJDQLFH&HHDFHDGXFHQRX HFRORJLDDFWXDO LLJLHQD

ELRORJLFHLIL]LFRFKLPLFHQXSRWILFRPSOHWPRGLILFDWHVWLOXOGHYLD DOILHFUHLVRFLHW LDUH

&HvQVHDPQ vQFRQFHS LDYRDVWU DILHFRORJLVW"

VWDUHD GH HFKLOLEUX HQHUJHWLF R WHQGLQ SHUPDQHQW VSUH HQWURSLH QHJDWLY

&DUDFWHULVWLFDHVHQ LDO DRUJDQLVPHORUYLLHVWHPHWDEROLVPXOILHFUHLFHOXOH>S@

&RQWUDGLF LDGLDOHFWLF DH[LVWHQ HLFRQVW vQFDUDFWHUXOSHUPDQHQWLLQILQLWDOYLH LL SH

ILLQ HLHOHUHSUH]HQWkQGVWDGLLDOHXQHLPHWDPRUIR]HQHFHVDUHvQFLFOXOHYROX LHL>*RHWKH@

1R LXQHDGHWLPSIL]LFFURQRORJLFIRORVLW vQPRGFXUHQWHVWHvQORFXLW vQHFRORJLHFX

&5(7(5($,'(=92/7$5($ VXQWGRX SURFHVH GLIHULWHGHLFHOHGRX QR LXQLVH

([LVW DQXPLWHFDUDFWHULVWLFLDOHGH]YROWULLXPDQH IL]LFHLQHXURSVLKLFH

HVWHXQIHQRPHQFDQWLWDWLYPVXUDELO OXQJLPLSHULPHWUHYROXPHJUHXWDWH GHVSRULUHD

DUHORFvQWUXQRUJDQLVPYLXFkQGSURFHVHOHGHDVLPLOD LHGLQDPELDQ OHGHSHVFSHFHOH

UHSUH]LQW DXJPHQWDUHDVXEVWDQ HLYLL 9HUZRUQ GDWRULW DGXJULLGHPDV YLHFXYDORDUH

0DWXUD LDGLIHUHQ LHUHDGH]YROWDUHD

SUH]LQW SDUWLFXODULW LODFHOHGRX VH[HvQF GLQYLD DLQWUDXWHULQ

'H]YROWDUHD UHSUH]LQW XQFRPSOH[GHPRGLILFULPRUIRORJLFHLIXQF LRQDOHFHVH

SHWUHFWLPSGHGRX GHFHQLLvQHYROX LDRQWRJHQHWLF XPDQGLQPRPHQWXOFRQFHS LHL

&UHWHUHDUHSUH]LQW IHQRPHQXOGHPXOWLSOLFDUHFDULRNLQHWLF FURPRVRPLDO

)DFWRULLLPSOLFD LVXQWHQ]LPHYLWDPLQHKRUPRQLLSROLDPLQH 'H7RQL 

vQ HVXWXULDDFLGXOXLODFWLF VDXDOWHIHQRPHQHFHVHGHVIRDU FXFRQVXPGHR[LJHQ

KLSHUWURILH FHOXODU FHOXOH QHUYRDVH L PXVFXODUH IL]LRORJLF XWHUXO vQ VDUFLQ L

GLIHUHQ LHUHFHOXODU SvQ ODvQGHSOLQLUHDIXQF LHLRUJDQXOXLVDX HVXWXOXL

vQFRUSRUDUH GH VXEVWDQ H GH GHSR]LW QHFLWRSODVPDWLFH HVXWXO RVRV FDUWLODJLQRV

'H]YROWDUHDLQWUDXWHULQ SUHQDWDO HVWHLQWHQV vQSHULRDGDHPEULRQDUGHIRUPDUHD

)RUPDUHDRUJDQHORUYLWDOH LQLPFUHLHURFKLXUHFKLSDODW DGLQ LORULD

H[WUHPLW LORUSRDWHILLQWHUIHUDW GHDJUHVLXQHDXQRUIDFWRULGHPHGLXUH]XOWkQG

x &UHWHUHD VH GHVIRDU DOORPHWULF vQ VHQV FHIDORFDXGDO L SUR[LPRGLVWDOILLQG

5HDPLQWL LY FDOHQGDUXOHPEULRSDWLLORU

 'H]YROWDUHDIL]LF VHDSUHFLD] SULQLQGLFDWRULDLFUHWHULL WDOLHJUHXWDWHSHULPHWUH L

 6HFDUDFWHUL]HD] SULQWURYDULDELOLWDWHFDQWLWDWLY DSDUDPHWULORULGLVSHUVLDYDORULORUvQ

 'HSLQGHGHFRQGL LLOHGHYLD DJUXSXULORUXPDQH

L FRPSDUDUHD vQ WLPS L VSD LX D

FROHFWLYLW LORUGXS GLIHULWHFULWHULL YkUVWVH[]RQ JHRJUDILFVWDWXVVRFLDOHWF 

F GH]YROWDUHDUDSLG DXQRURUJDQHL HVXWXULHVWHvQVR LW GHRFUHWHUHPDLOHQWRVWDJQDUH

FRUSXOXLD SUHFRODUDQLE FRODUDQLF DGROHVFHQWWkQUGXS DQLSkQ OD

QDLQWHGHSXEHUWDWH  OXQJLPHDFRUSXOXLFUHWHSH VHDPDPHPEUHORULQIHULRDUH

'XS SXEHUWDWH  OXQJLPHDFRUSXOXLFUHWHSHVHDPDWUXQFKLXOXL

/HJHDSODVWLFLW LLIRUPDWLYHYROXWLYH  >S@

'H]YROWDUHDDUHORFSULRULWDUvQGRPHQLXOIXQF LRQDOFHOPDLQHFHVDUvQWURHWDS RQWRJHQHWLF

OLPEDMYRUELWDQLOLPE VWLQDQLSRVLELOLW LFRJQLWLY LQWHOHFWLYHDQLIRU

8QLYHUVLWDWHD75$16,/9$1,$%UDRY)DFXOWDWHDGH0HGLFLQ'LVFLSOLQD,JLHQ L6QWDWHD0HGLXOXL

)DFWRULLPHGLXOXLIL]LFLLQIOXHQ DORUDVXSUDVQW LL

FRPHVWLELODDSHLGHEXWSRWDELO5HVSHFWDUHDDFHVWRUQRUPHHVWHFRQVLGHUDW LQL LDOR

SURIHVLXQLLPHGLFDOHvQVFULHULOHKLSRFUDWLFHJVLPJHUPHQLLLJLHQHL*UHFLDDQWLF DHD] SH

FRQVWUXF LL VOLGHJLPQDVWLFPDVDMFDQDOL]ULSULQDSHGXFWHELSXEOLFHWHUPH7RWvQ

YLD DHFRQRPLFRVRFLDO DSRSRDUHORU6HLPSXQHWUH]LUHDGLQLJQRUDQ LOXDUHDXQRUPVXUL

6HFROHOH;9, ;9,,,UHSUH]LQW SHULRDGDGHUHQDWHUHDLJLHQHLPRGHUQHED]DW SH

PHVHULDLORULDU ,RKDQ3HWHU)UDQFN UHDOL]HD] OXFUDUHDvQ YROXPH6LVWHPXOXQHL

6HFROXO;9,,,PDUFKHD] vQFHSXWXOXQRUDF LXQLGHRUJDQL]DUHVDQLWDU vQ ULOHURPkQH

FDUDQWLQHvPSRWULYDFLXPHLODJUDQL H7UDQVLOYDQLDPHGLFLDLRUDHORUVSLWDOHGHVWDWFX

Q'UKHRUJKH&LXFXUHDQX SUH]LQW GRPQLWRUXOXLULJRUH$O*KLNDSULPXOFRGGH

x HFRORJLDUHSUH]LQW VWXGLXOYLH XLWRDUHORUDFDV ODHOHvQPHGLXOORUGHYLD >S@

3HUVRQDOLW L /LQQH%XIIRQ5HDXPXU0RHELXV+DHFNHO'DUZLQ.XOLH6HYHU RY

QXPHURDVHVWXGLLGHSURWHF LD QDWXULLVROXOXLLGHFUHWHUHDDQLPDOHORU6XQWUHQXPL LVDYDQ LL

'RPHQLL vQUXGLWH ELRORJLD JHRJUDILD FOLPDWRORJLD PHWHRURORJLD IL]LFD FKLPLD

2GDW FXGH]YROWDUHDVLOYLFXOWXULLDJRQRPLHLKLGURWHKQLHLDUKLWHFWXULLLJLHQHLVHDGDXJ QRL

SHUSHWXDUHDVSHFLLORULVXSUDYLH XLUHDSULYLW FDRDGDSWDUHDLQGLYL]LORUSRSXOD LLORUL

vQ HOHJHUHDFLFOXOXLQDWXUDOYLD PRDUWHLDSURFHVHORUGHGH]YROWDUHDGDSWDUHvPEWUkQLUH

(FRORJLDXPDQ DUHQXPHURDVHDSOLFD LLSUDFWLFH0HWRGHOHIRORVLWHVHED]HD] SHREVHUYD LL

3ULPHOHSURJUDPHGHHFRORJLH 3URJUDPXO%LRORJLF,QWHUQD LRQDOL

ELRGHJUDGDELOHLFRQYHUVLDPDWHULHLRUJDQLFH&HHDFHDGXFHQRX HFRORJLDDFWXDO LLJLHQD

ELRORJLFHLIL]LFRFKLPLFHQXSRWILFRPSOHWPRGLILFDWHVWLOXOGHYLD DOILHFUHLVRFLHW LDUH

VWDUHD GH HFKLOLEUX HQHUJHWLF R WHQGLQ SHUPDQHQW VSUH HQWURSLH QHJDWLY

&DUDFWHULVWLFDHVHQ LDO DRUJDQLVPHORUYLLHVWHPHWDEROLVPXOILHFUHLFHOXOH>S@

&RQWUDGLF LDGLDOHFWLF DH[LVWHQ HLFRQVW vQFDUDFWHUXOSHUPDQHQWLLQILQLWDOYLH LL SH

ILLQ HLHOHUHSUH]HQWkQGVWDGLLDOHXQHLPHWDPRUIR]HQHFHVDUHvQFLFOXOHYROX LHL>*RHWKH@

1R LXQHDGHWLPSIL]LFFURQRORJLFIRORVLW vQPRGFXUHQWHVWHvQORFXLW vQHFRORJLHFX

&5(7(5($,'(=92/7$5($ VXQWGRX SURFHVH GLIHULWHGHLFHOHGRX QR LXQLVH

([LVW DQXPLWHFDUDFWHULVWLFLDOHGH]YROWULLXPDQH IL]LFHLQHXURSVLKLFH

HVWHXQIHQRPHQFDQWLWDWLYPVXUDELOOXQJLPLSHULPHWUHYROXPHJUHXWDWHGHVSRULUHD

DUHORFvQWUXQRUJDQLVPYLXFkQGSURFHVHOHGHDVLPLOD LHGLQDPELDQ OHGHSHVFSHFHOH

UHSUH]LQW DXJPHQWDUHDVXEVWDQ HLYLL9HUZRUQGDWRULW DGXJULLGHPDV YLHFXYDORDUH

0DWXUD LDGLIHUHQ LHUHDGH]YROWDUHD

SUH]LQW SDUWLFXODULW LODFHOHGRX VH[HvQF GLQYLD DLQWUDXWHULQ

'H]YROWDUHD UHSUH]LQW XQFRPSOH[GHPRGLILFULPRUIRORJLFHLIXQF LRQDOHFHVH

SHWUHFWLPSGHGRX GHFHQLLvQHYROX LDRQWRJHQHWLF XPDQGLQPRPHQWXOFRQFHS LHL

&UHWHUHDUHSUH]LQW IHQRPHQXOGHPXOWLSOLFDUHFDULRNLQHWLF FURPRVRPLDO

)DFWRULLLPSOLFD LVXQWHQ]LPHYLWDPLQHKRUPRQLLSROLDPLQH'H7RQL

vQ HVXWXULDDFLGXOXLODFWLFVDXDOWHIHQRPHQHFHVHGHVIRDU FXFRQVXPGHR[LJHQ

KLSHUWURILH FHOXODU FHOXOH QHUYRDVH L PXVFXODUH IL]LRORJLF XWHUXO vQ VDUFLQ L

GLIHUHQ LHUHFHOXODU SvQ ODvQGHSOLQLUHDIXQF LHLRUJDQXOXLVDX HVXWXOXL

vQFRUSRUDUH GH VXEVWDQ H GH GHSR]LW QHFLWRSODVPDWLFH HVXWXO RVRV FDUWLODJLQRV

'H]YROWDUHDLQWUDXWHULQ SUHQDWDO HVWHLQWHQV vQSHULRDGDHPEULRQDUGHIRUPDUHD

)RUPDUHDRUJDQHORUYLWDOHLQLPFUHLHURFKLXUHFKLSDODWDGLQ LORULD

H[WUHPLW LORUSRDWHILLQWHUIHUDW GHDJUHVLXQHDXQRUIDFWRULGHPHGLXUH]XOWkQG

x &UHWHUHD VH GHVIRDU DOORPHWULF vQ VHQV FHIDORFDXGDO L SUR[LPRGLVWDOILLQG

5HDPLQWL LY FDOHQGDUXOHPEULRSDWLLORU

'H]YROWDUHDIL]LF VHDSUHFLD] SULQLQGLFDWRULDLFUHWHULL WDOLHJUHXWDWHSHULPHWUH L

6HFDUDFWHUL]HD] SULQWURYDULDELOLWDWHFDQWLWDWLY DSDUDPHWULORULGLVSHUVLDYDORULORUvQ

'HSLQGHGHFRQGL LLOHGHYLD DJUXSXULORUXPDQH

FROHFWLYLW LORUGXS GLIHULWHFULWHULLYkUVWVH[]RQ JHRJUDILFVWDWXVVRFLDOHWF

FGH]YROWDUHDUDSLG DXQRURUJDQHL HVXWXULHVWHvQVR LW GHRFUHWHUHPDLOHQWRVWDJQDUH

FRUSXOXLDSUHFRODUDQLEFRODUDQLFDGROHVFHQWWkQUGXS DQLSkQ OD

QDLQWHGHSXEHUWDWH OXQJLPHDFRUSXOXLFUHWHSH VHDPDPHPEUHORULQIHULRDUH

'XS SXEHUWDWH OXQJLPHDFRUSXOXLFUHWHSHVHDPDWUXQFKLXOXL

/HJHDSODVWLFLW LLIRUPDWLYHYROXWLYH>S@

'H]YROWDUHDDUHORFSULRULWDUvQGRPHQLXOIXQF LRQDOFHOPDLQHFHVDUvQWURHWDS RQWRJHQHWLF

OLPEDMYRUELWDQLOLPE VWLQDQLSRVLELOLW LFRJQLWLY LQWHOHFWLYHDQLIRU

9DULD LLOHFUHWHULLFRQGL LRQDWHGHHUHGLWDWHLGHIDFWRULLGHPHGLXRVFLOHD] vQWUHDQXPLWH

5LWPXOGHFUHWHUHHVWHDFFHOHUDWvQSULPLLGRLDQLGHYLD DSRLVFDGHLVHDFFHQWXHD] GLQ

&XFkWFHOXOHOHVXQWPDLGLIHUHQ LDWHFXDWkWFUHWHUHDHVWHPDLvQFHDW LLQYHUV

OH]LXQLWDXPDWLFHWR[LFHLQIHF LRDVHFXFHOXOHHPEULRQDUHQWLPSFH HVXWXOKHPDWRSRLHWLF

WLURLGDSDQFUHDVXOLFRUWLFRVXSUDUHQDOHOHVHUHJHQHUHD] IRDUWHSX LQ([LVW LFHOXOHFDUHQX

'XS 6FKOHLFKvPEWUkQLUHDHVWHRPRDUWHOHQWFH GXFHODDEROLUHDFRPSOHW DIXQF LHLGH

vQORFXLUHD HVXWXULORULDUGXS 5RVWDQGHDUHSUH]LQW YHULJDGHOHJWXU FXPRDUWHD'DF VH

SHWUHFHODQLYHOXOVSHFLHLvPEWUkQLUHDHVWHXQIHQRPHQGHLQYROX LHDvQWUHJLLOXPL'HFXJLV

3HGLDWULDSUHYHQWLY GH117ULIDQ(G0HGLFDO %XFXUHWL>S@

5HQH'HVFDUWHVFRPSDU RUJDQLVPXOFXXQFHDVRUQLFLDUDOLOHRDOLOHLvLDVHDPQ SXOVXO

DPSOLWXGLQHD LQWHQVLWDWHDWULDIHQRPHQXOXLvQWUHPD[LPLPLQLP$

ID]D vQFHSXWXORVFLOD LHLID GHSXQFWXOGHRULJLQHI

'D LSURSULDGHILQL LHELRULWPXOXL'D LH[HPSOHGHULWPXULvQOXPHDYLH

VKLPESHUPDQHQWGHVXEVWDQ HQHUJLHLLQIRUPD LHQDFHVWFRQWH[WILLQ DXPDQ VDDGDSWDW

0RGHOHOH FLEHUQHWLFH H[SOLF FLFOXULOH ]LOQLFH OXQDUH DQXDOH$FWLYLWDWHD YLWDO HVWH

GH]DVLPLOD LH(OHDXRGXEO GHWHUPLQDUHH[RJHQ LHQGRJHQFDUHFRH[LVW

6SHFWUXOELRULWPXULORU FXSULQGHULWPXULFXIUHFYHQ vQDOWPHGLHLMRDV

%LRULWPXULFXIUHFYHQ vQDOW FDUHDXSHULRDGDSkQ ODGHPLQXWHVXQWFHOHDOH

%LRULWPXULOHFXIUHFYHQ PHGLH FXSHULRDGDvQWUHPLQXWHL]LOHVHvPSDUWvQ

%LRULWPXULOHFXIUHFYHQ MRDV VXQW VSWPkQDOHOXQDUHDQXDOHLPXOWLDQXDOH

5LWPXO VRPQYHJKH HVWH LQGLVSHQVDELO YLH LL HFKLOLEUXOXL VLVWHPXOXL QHUYRV L

%LRULWPXOSHUIRUPDQ HL XPDQHGHSLQGHGHSULPHOHGRX ULWPXULGDULGHDQWUHQDPHQW