PARTEA I

Anul 171 (XV) Ñ Nr. 161 bis LEGI, DECRETE, HOTÃRÂRI ªI ALTE ACTE Joi, 13 martie 2003

SUMAR

Pagina

Anexa la Ordinul ministrului industriei ºi resurselor

nr. 86/2003 pentru aprobarea Prescripþiei tehnice
PT C 3-2003, ediþia 1, ”Cerinþe tehnice privind
utilizarea recipientelor-butelii cu capacitate pânã la
26 litri pentru GPLÒ ................................................. 1Ð43

ACTE ALE ORGANELOR DE SPECIALITATE

ALE ADMINISTRAÞIEI PUBLICE CENTRALE
MINISTERUL INDUSTRIEI ªI RESURSELOR

ORDIN
pentru aprobarea Prescripþiei tehnice PT C 3-2003, ediþia 1, ”Cerinþe tehnice
privind utilizarea recipientelor-butelii cu capacitate pânã la 26 litri pentru GPLÒ *)
În aplicarea Hotãrârii Guvernului nr. 1.340/2001 privind organizarea ºi funcþionarea Inspecþiei de Stat pentru
Controlul Cazanelor, Recipientelor sub Presiune ºi Instalaþiilor de Ridicat, publicatã în Monitorul Oficial al României,
Partea I, nr. 37 din 21 ianuarie 2002,
în temeiul Hotãrârii Guvernului nr. 19/2001 privind organizarea ºi funcþionarea Ministerului Industriei ºi Resurselor,
cu modificãrile ºi completãrile ulterioare,
ministrul industriei ºi resurselor emite urmãtorul ordin:

Art. 1. Ñ Se aprobã Prescripþia tehnicã PT C 3-2003,
ediþia 1, ”Cerinþe tehnice privind utilizarea recipientelor-
butelii cu capacitate pânã la 26 litri pentru GPLÒ,
cuprinsã în anexa care face parte integrantã din prezen-
tul ordin.
Art. 2. Ñ Prezentul ordin va fi publicat în Monitorul
Oficial al României, Partea I.

Ministrul industriei ºi resurselor,

Dan Ioan Popescu

Bucureºti, 13 februarie 2003.

Nr. 86.
*) Ordinul nr. 86/2003 a fost publicat în Monitorul Oficial al României, Partea I, nr. 161 din 13 martie 2003, ºi este reprodus ºi în acest
numãr bis.
 2 MONITORUL OFICIAL AL ROMÂNIEI, PARTEA I, Nr. 161 bis/13.III.2003
ANEXÃ*)
MINISTERUL INDUSTRIEI ªI RESURSELOR
INSPECÞIA DE STAT PENTRU CONTROLUL CAZANELOR,
RECIPIENTELOR SUB PRESIUNE ªI INSTALAÞIILOR DE RIDICAT Ñ ISCIR

Ñ REGLEMENTARE TEHNICÃ NAÞIONALÃ Ñ

P R E S C R I P Þ I E T E H N I C Ã PT C 3-2003,
ediþia 1, ”Cerinþe tehnice privind utilizarea recipientelor-butelii cu capacitate pânã la 26 litri pentru GPLÒ

Colecþia Inspecþiei de Stat pentru Controlul Cazanelor,

Recipientelor sub Presiune ºi Instalaþiilor de Ridicat Ñ ISCIR

Ñ Ediþie oficialã Ñ

Scopul principal al prescripþiilor tehnice este crearea unui cadru legal unitar în vederea aplicãrii întocmai a pre-
vederilor Hotãrârii Guvernului nr. 1.340/2001 privind asigurarea protecþiei utilizatorilor, mediului înconjurãtor ºi proprietãþii.
Prevederile prezentei prescripþii tehnice sunt obligatorii pentru toþi agenþii economici care efectueazã verificarea
tehnicã periodicã, umplerea, repararea, transportul, distribuirea, scoaterea din uz ºi casarea recipientelor-butelii cu capa-
citate pânã la 26 litri pentru GPL (propan, butan ºi amestec butan-propan), precum ºi pentru utilizatorii acestor recipiente-
butelii.
Utilizatorii prezentei prescripþii tehnice sunt rãspunzãtori de aplicarea corectã a acesteia.

ISCIR
Str. Sf. Elefterie nr. 47Ñ49, sector 5
BUCUREªTI www.iscir.ro
Cod: 762111

Telefon: (+4021) 411.97.60; 411.97.61

Fax: (+4021) 411.98.70
E-mail: iscir@fx.ro

Reproducerea sau utilizarea integralã sau parþialã a prezentei prescripþii tehnice în orice publicaþie ºi prin orice
procedeu (electronic, mecanic, fotocopiere, microfilmare etc.) este interzisã dacã nu existã acordul scris al ISCIR.
Utilizatorii prezentei prescripþii tehnice sunt obligaþi sã se asigure cã sunt în posesia ediþiei oficiale tipãrite.

*) Anexa este reprodusã în facsimil.

 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


 *(1(5$/,7 ,

6FRS

3UH]HQWD SUHVFULS LH WHKQLF  IDFH SDUWH GLQ UHJOHPHQW ULOH WHKQLFH QD LRQDOH UHIHULWRDUH OD
UHFLSLHQWHOHEXWHOLLFXFDSDFLWDWHDSkQ ODOLWULSHQWUX*3/SURSDQEXWDQúLDPHVWHF
EXWDQSURSDQGHQXPLWHvQFRQWLQXDUH³EXWHOLL´
3UH]HQWD SUHVFULS LH WHKQLF  FXSULQGH FHULQ HOH PLQLPH SULYLQG YHULILFDUHD WHKQLF 
SHULRGLF  XPSOHUHD UHSDUDUHD WUDQVSRUWXO GLVWULEXLUHD VFRDWHUHD GLQ X] FDVDUHD
XWLOL]DUHDúLVLJXUDQ DvQH[SORDWDUHDEXWHOLLORUFXFDSDFLWDWHSkQ ODOLWULSHQWUX*3/úL
VH DGUHVHD]  DJHQ LORU HFRQRPLFL DXWRUL]D L GH F WUH ,6&,5,163(&7 úL XWLOL]DWRULORU
I U  D LQWHU]LFH UHVWUkQJH VDX vPSLHGLFD LQWURGXFHUHD SH SLD  úLVDX H[SORDWDUHD
EXWHOLLORU FX FDSDFLWDWH SkQ  OD  OLWUL SHQWUX *3/ FDUH UHVSHFW  FRQGL LLOH WHKQLFH
GLQSUH]HQWDSUHVFULS LHWHKQLF 
 $XWRULWDWHD WHKQLF  QD LRQDO  FDUH DVLJXU  SXQHUHD vQ DSOLFDUH úL UHVSHFWDUHD
SUHYHGHULORU GLQ SUH]HQWD SUHVFULS LH WHKQLF  HVWH ,6&,5 ± ,QVSHF LD GH 6WDW SHQWUX
&RQWUROXO &D]DQHORU 5HFLSLHQWHORU VXE 3UHVLXQH úL ,QVWDOD LLORU GH 5LGLFDW FDUH vQ
FRQIRUPLWDWH FX SUHYHGHULOH +RW UkULL *XYHUQXOXL QU  HVWH RUJDQXO GH
VSHFLDOLWDWH FX SHUVRQDOLWDWH MXULGLF  vQ VXERUGLQHD 0LQLVWHUXOXL ,QGXVWULHL úL 5HVXUVHORU
DYkQG FD SULQFLSDO RELHFW GH DFWLYLWDWH DVLJXUDUHD vQ QXPHOH VWDWXOXL D SURWHF LHL
XWLOL]DWRULORUúLDVLJXUDQ HLvQIXQF LRQDUHSHQWUXLQVWDOD LLOHúLHFKLSDPHQWHOHVXESUHVLXQH
vQFDWHJRULDF URUDVHLQWHJUHD] úLEXWHOLLOHFXFDSDFLWDWHSkQ ODOLWULSHQWUX*3/

 7HUPHQLúLGHILQL LL

   DFFLGHQW  RULFH HYHQLPHQW FDUH SRDWH SURGXFH DYDULL U QLUL PXWLO UL VDX FKLDU GHFHVXO
SHUVRDQHORUGDWRUDWEXWHOLHLDFFHVRULLORUVDXDSDUDWXOXLFRQVXPDWRUGH*3/

 DJHQW HFRQRPLF  SHUVRDQ  MXULGLF  DXWRUL]DW  GH ,6&,5,163(&7 SHQWUX SUHVWDUHD GH
DFWLYLW L OXFU UL VSHFLDOL]DWH XPSOHUH UHSDUDUH YHULILFDUH WHKQLF  SHULRGLF  WUDQVSRUW
GLVWULEXLUHVFRDWHUHGLQX]úLFDVDUH8QDJHQWHFRQRPLFSUHVWDWRUGHVSHFLDOLWDWHSRDWHIL
DXWRUL]DWGH,6&,5,163(&7vQFRQIRUPLWDWHFXSUHYHGHULOHSUH]HQWHLSUHVFULS LLWHKQLFH
SHQWUXVHWXULOHGHDFWLYLW LVSHFLDOL]DWHPHQ LRQDWHODSFW

 DSDUDWFRQVXPDWRUDSDUDWFDUHRIHU SRVLELOLWDWHDXWLOL] ULLHQHUJLHLWHUPLFHRE LQXWHSULQ
DUGHUHD*3/vQFRQGL LLGHVLJXUDQ 

 DXWRUL]D LHGRFXPHQWHPLVGH,6&,5,163(&7SULQFDUHVHDWHVW FDSDELOLWDWHDWHKQLF 

   DXQXLDJHQWHFRQRPLFGHDHIHFWXDXUP WRDUHOHVHWXULGHDFWLYLW L
   D DFWLYLWDWHD GH XPSOHUH UHSDUDUH YHULILFDUH WHKQLF  SHULRGLF  VFRDWHUH GLQ
X]úLFDVDUHDEXWHOLLORU
   E DFWLYLWDWHDGHUHSDUDUHYHULILFDUHWHKQLF SHULRGLF VFRDWHUHGLQX]úLFDVDUH
DEXWHOLLORU
   F DFWLYLWDWHDGHWUDQVSRUWDEXWHOLLORU
G DFWLYLWDWHDGHGLVWULEXLUHDEXWHOLLORU

   D XQHL SHUVRDQH IL]LFH GH D GHVI úXUD R DFWLYLWDWH GLQ GRPHQLXO SUH]HQWHL
SUHVFULS LL WHKQLFH vQ FDGUXO XQHL VRFLHW L DXWRUL]DWH  XPSOHUH WUDQVSRUW úL
GLVWULEXLUH

 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 

 $XWRUL]D LLOHVROLFLWDWHGHDJHQWXOHFRQRPLFVDXGHSHUVRDQDIL]LF VXQWHPLVHVHSDUDW

SHQWUXILHFDUHVHWGHDFWLYLWDWH

 DYDULH  RULFH HYHQLPHQW SURGXV OD R EXWHOLH VDX OD XQ DSDUDW FRQVXPDWRU GH *3/ FDUH
VFRDWHGLQIXQF LXQHSDU LDOVDXGHILQLWLYEXWHOLDVDXDSDUDWXOUHVSHFWLY

 FDSDFLWDWH  YROXPXO PD[LP GH DS  FDUH vQFDSH vQ EXWHOLH SkQ  OD XPSOHUHD FRPSOHW  D
DFHVWHLDI U VXSUDSUHVLXQHúLODWHPSHUDWXUDPHGLXOXLDPELDQW

 *3/JD]SHWUROLHUOLFKHILDWFDUHSRDWHILSURSDQEXWDQVDXDPHVWHFEXWDQSURSDQ

 HYDOXDUHD FRQIRUPLW LL  DFWLYLWDWHD DO F UHL RELHFW HVWH GHWHUPLQDUHD vQ PRG GLUHFW VDX
LQGLUHFWDIDSWXOXLF VXQWvQGHSOLQLWHFRQGL LLOHVSHFLILFDWH

 LQVWUXF LXQL GH XWLOL]DUH  LQVWUXF LXQL SULYLQG H[SORDWDUHD EXWHOLHL HODERUDWH GH DJHQWXO
HFRQRPLFDXWRUL]DWGH,6&,5,163(&7úLFDUHVXQWGLVWULEXLWHXWLOL]DWRUXOXL

 QHFRQIRUPLWDWHQHvQGHSOLQLUHDFRQGL LLORUVSHFLILFDWH

 RSHUDWRU GLVWULEXLWRU  SHUVRQDO DQJDMDW DO DJHQWXOXL HFRQRPLF LQVWUXLW SHQWUX HIHFWXDUHD
RSHUD LLORUGHGLVWULEXLUHúLFDUHHVWHDXWRUL]DWGH,6&,5,163(&7

 RSHUDWRU VWD LH GH XPSOHUH  SHUVRQDO DQJDMDW DO DJHQWXOXL HFRQRPLF LQVWUXLW SHQWUX
HIHFWXDUHDRSHUD LLORUGHWULHUHúLGHXPSOHUHúLFDUHHVWHDXWRUL]DWGH,6&,5,163(&7

 RSHUDWRU WUDQVSRUW  SHUVRQDO DQJDMDW DO DJHQWXOXL HFRQRPLF LQVWUXLW SHQWUX HIHFWXDUHD
RSHUD LLORUGHPDQLSXODUHúLGHWUDQVSRUWúLFDUHHVWHDXWRUL]DWGH,6&,5,163(&7

 SHUVRQDOL]DUHRSHUD LXQHDGHPDUFDUHDDSDUWHQHQ HLEXWHOLHLODDJHQWXOHFRQRPLFFDUHD
LQWURGXVR SH SLD  úL FDUH DWHVW  DVXPDUHD UHVSRQVDELOLW LORU FH GHFXUJ GLQ SXQHUHD vQ
FLUFXOD LHDEXWHOLHL

UHFLSLHQWVXESUHVLXQHRULFHUHFLSLHQWWUDQVSRUWDELOH[HFXWDWGLQR HOQHDOLDWSULQVXGDUH
FDUHSRDWHILUHXPSOXWGHPDLPXOWHRUL

 UHSDUDUH  DQVDPEOX GH OXFU UL úL RSHUD LXQL VSHFLDOL]DWH FDUH DX FD VFRS UHDGXFHUHD
SURGXVXOXL OD SDUDPHWULL LQL LDOL GH IXQF LRQDUH vQ FRQGL LL GH VLJXUDQ  SULQ vQGHS UWDUHD
QHFRQIRUPLW LORU

UHVSRQVDELOFXVXSUDYHJKHUHDOXFU ULORU56/SHUVRQDODQJDMDWDODJHQWXOXLHFRQRPLF
DXWRUL]DW GH ,6&,5,163(&7 V  VXSUDYHJKH]H DFWLYLWDWHD VSHFLILF  SHQWUX FDUH HVWH
DXWRUL]DWGH,6&,5,163(&7DJHQWXOHFRQRPLFUHVSHFWLY

 VWD LHGHXPSOHUHLQVWDOD LDGLQFDGUXODJHQWXOXLHFRQRPLFDXWRUL]DWGH,6&,5,163(&7
FDUHHVWHXWLOL]DW ODXPSOHUHDEXWHOLLORU

 XWLOL]DWRU  SHUVRDQ  IL]LF  VDX MXULGLF  GH LQ WRDUH D XQXL DSDUDW FRQVXPDWRU GH *3/ OD
FDUHVHFXSOHD] REXWHOLH
7HUPHQHFKLYDOHQW EHQHILFLDUVDXFRQVXPDWRU



 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,

'RPHQLXGHDSOLFDUH

&DWHJRULLGHEXWHOLL

3UH]HQWDSUHVFULS LHWHKQLF VHUHIHU OD
D EXWHOLL FX FDSDFLWDWH SkQ  OD  GH OLWUL SHQWUXÄDUDJD]´  GHILQLW vQ VWDQGDUGXO65

EEXWHOLLFXFDSDFLWDWHSkQ ODGHOLWULSHQWUX*3/

3ULQEXWHOLHVHvQ HOHJHDQVDPEOXOIRUPDWGLQ
  UHFLSLHQWVXESUHVLXQH
  URELQHWFXYHQWLOVDXVXSDS FXELO 
  FDSDF GH SURWHF LH GHPRQWDELO SHQWUX EXWHOLLOH I U  JDUG  GH SURWHF LH
QHGHPRQWDELO 

 'H OD GDWD LQWU ULL vQ YLJRDUH D SUH]HQWHL SUHVFULS LL WHKQLFH DX YRLH V  FLUFXOH vQ
5RPkQLDXUP WRDUHOHEXWHOLL
  FHOH FDUH SRDUW  PDUFDMXO QD LRQDO GH FRQIRUPLWDWH &6 DSOLFDW GH SURGXF WRU
DJHQWXO HFRQRPLF FRQVWUXFWRU VDX GH UHSUH]HQWDQWXO DXWRUL]DW DO DFHVWXLD úL VXQW vQVR LWH
GHGHFODUD LDGHFRQIRUPLWDWH&6UHGDFWDW WUDGXV vQOLPEDURPkQ 
 FHOHFDUHSRDUW PDUFDMXOHXURSHDQGHFRQIRUPLWDWH&(DSOLFDWGHXQSURGXF WRU
DJHQWHFRQRPLFFRQVWUXFWRUGLQWUXQVWDWPHPEUXDO8QLXQLL(XURSHQHúLVXQWvQVR LWHGH
GHFODUD LDGHFRQIRUPLWDWH&(WUDGXV vQOLPEDURPkQ 
  FHOHFDUHDXIRVWSXVHvQFLUFXOD LHvQDLQWHGHGDWDLQWU ULLvQYLJRDUHD2UGLQXOXL
PLQLVWUXOXLLQGXVWULHLúLUHVXUVHORUQUPRGLILFDWFX2UGLQXOPLQLVWUXOXLLQGXVWULHL
úLUHVXUVHORUQU

$FFHVRULL

3ULQDFFHVRULLVHvQ HOHJFRPSRQHQWHOHQHFHVDUHUHDOL] ULLOHJ WXULLvQWUHEXWHOLHúLDSDUDWXO
FRQVXPDWRUGH*3/
 ÌQFHSkQG FX GDWD LQWU ULL vQ YLJRDUH D SUH]HQWHL SUHVFULS LL WHKQLFH DX GUHSWXO V  FLUFXOH
XUP WRDUHOHWLSXULGHFRPSRQHQWH
D UHJXODWRU GH SUHVLXQH RPRORJDW  SHQWUX FHO H[HFXWDW vQDLQWH GH GDWD LQWU ULL vQ
YLJRDUHD2UGLQXOXLPLQLVWUXOXLLQGXVWULHLúLUHVXUVHORUQUVDXFHUWLILFDW
DYkQGDSOLFDWPDUFDMXO&6VDX&(
E WXEIXUWXQUH]LVWHQWODJD]SHWUROLHUOLFKHILDWFRQIRUP67$6
F FROLHUHGHVWUkQJHUHFXPHOFVDXFXúXUXE FRQIRUP67$6RPRORJDWH
VDXFHUWLILFDWH

 5HIHULQ HQRUPDWLYH

 3UH]HQWD SUHVFULS LH WHKQLF  IDFH UHIHULUL H[SOLFLWH VDX LPSOLFLWH OD DFWH OHJLVODWLYH
VWDQGDUGHQRUPDWLYHSUHVFULS LLWHKQLFHúLDOWHUHJOHPHQW ULQD LRQDOH

/HJLúLKRW UkUL

x /HJHDQUSULYLQGHYDOXDUHDFRQIRUPLW LLSURGXVHORU
x 'HFUHWQUSULYLQGQRUPHJHQHUDOHGHSUHYHQLUHúLVWLQJHUHDLQFHQGLLORU
x +RW UkUHD*XYHUQXOXLQUSULYLQGVWDELOLUHDFRQGL LLORUGHLQWURGXFHUHSHSLD 
DHFKLSDPHQWHORUVXESUHVLXQH
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 

x +RW UkUHD*XYHUQXOXLQUSULYLQGRUJDQL]DUHDúLIXQF LRQDUHD,QVSHF LHLGH

6WDWSHQWUX&RQWUROXO&D]DQHORU5HFLSLHQWHORUVXE3UHVLXQHúL,QVWDOD LLORUGH5LGLFDW
x +RW UkUHD*XYHUQXOXLQUSULYLQGREOLJD LLOHFHUHYLQDJHQ LORUHFRQRPLFL
SHUVRDQH IL]LFH VDX MXULGLFH  vQ FRPHUFLDOL]DUHD SURGXVHORU GH IRORVLQ  vQGHOXQJDW 
GHVWLQDWHFRQVXPDWRULORU
x +RW UkUHD *XYHUQXOXL QU  SULYLQG Ä3URGXVH úL VHUYLFLL FDUH SRW SXQH vQ
SHULFROYLD DV Q WDWHDVHFXULWDWHDPXQFLLúLSURWHF LDPHGLXOXL´
x 2UGRQDQ D*XYHUQXOXLQUSULYLQGSURWHF LDFRQVXPDWRULORU
x 2UGLQDOPLQLVWUXOXLLQGXVWULHLúLUHVXUVHORUQUSULYLQG³$SUREDUHDXQRU
UHJOHPHQW ULWHKQLFHSHQWUXUHFLSLHQWHOHEXWHOLL´
x 2UGLQDOPLQLVWUXOXLLQGXVWULHLúLUHVXUVHORUQUSULYLQG³0RGLILFDUHD2UGLQXOXL
PLQLVWUXOXLLQGXVWULHLúLUHVXUVHORUQUSULYLQGDSUREDUHDXQRUUHJOHPHQW UL
WHKQLFHSHQWUXUHFLSLHQWHOHEXWHOLL´
 
6WDQGDUGHúLQRUPDWLYH

6WDQGDUGHOHúLQRUPDWLYHOHDSOLFDELOHVXQWPHQ LRQDWHvQDQH[D$

$EUHYLHUL

*3/ *D]SHWUROLHUOLFKHILDWSURSDQEXWDQúLDPHVWHFEXWDQSURSDQ
,7 ,QVSHF LDWHULWRULDO 
37 3UHVFULS LH7HKQLF 
56/ 5HVSRQVDELOFXVXSUDYHJKHUHDOXFU ULORU

 (9$/8$5($&21)250,7 ,,ù,,1752'8&(5($3(3,$ 

 (YDOXDUHDFRQIRUPLW LL

 (YDOXDUHDFRQIRUPLW LLEXWHOLLORUVHHIHFWXHD] vQDLQWHGHLQWURGXFHUHDSHSLD DDFHVWRUD
GHF WUHRUJDQLVPHGHFHUWLILFDUHGHVHPQDWH
/LVWDRUJDQLVPHORUGHFHUWLILFDUHGHVHPQDWHSHQWUXHYDOXDUHDFRQIRUPLW LLSURGXVHORUHVWH
SUH]HQWDW vQ0RQLWRUXO2ILFLDO
(YDOXDUHDFRQIRUPLW LLEXWHOLLORUHVWHFRQILUPDW SULQ
  PDUFDMXO QD LRQDO GH FRQIRUPLWDWH &6 DSOLFDW SH EXWHOLH GH SURGXF WRU DJHQWXO
HFRQRPLFFRQVWUXFWRUVDXGHUHSUH]HQWDQWXODXWRUL]DWDODFHVWXLD
PDUFDMXOHXURSHDQGHFRQIRUPLWDWH&(DSOLFDWSHEXWHOLHGHXQSURGXF WRU DJHQW
HFRQRPLFFRQVWUXFWRUGLQWUXQVWDWPHPEUXDO8QLXQLL(XURSHQH
%XWHOLLOHYRUILvQVR LWHGHGHFODUD LDGHFRQIRUPLWDWH&6VDX&(UHGDFWDW WUDGXV vQOLPED
URPkQ 
0DUFDMXO GH FRQIRUPLWDWH QD LRQDO VDX HXURSHDQ DSOLFDW SH R EXWHOLH VHPQLILF  IDSWXOF 
EXWHOLD UHVSHFWLY  UHVSHFW  FHULQ HOH HVHQ LDOH GH VHFXULWDWH DSOLFDELOH GLQ 2UGLQXO PLQLVWUXOXL
LQGXVWULHLúLUHVXUVHORUQU$QH[DQU

 ,QWURGXFHUHDSHSLD 

 ,QWURGXFHUHD SH SLD  D EXWHOLLORU YD IL I FXW  FRQIRUP SUHYHGHULORU 2UGLQXOXL PLQLVWUXOXL
LQGXVWULHL úL UHVXUVHORU QU  PRGLILFDW FX 2UGLQXO PLQLVWUXOXL LQGXVWULHL úL UHVXUVHORU QU




 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,

 9HULILFDUHD UHVSHFW ULL SUHYHGHULORU 2UGLQXOXL PLQLVWUXOXL LQGXVWULHL úL UHVXUVHORU QU
 PRGLILFDW FX 2UGLQXO PLQLVWUXOXL LQGXVWULHL úL UHVXUVHORU QU  SULYLQG
LQWURGXFHUHDSHSLD YDILI FXW GH,6&,5,163(&7

 3HUVRQDOL]DUHDEXWHOLLORU

$JHQ LL HFRQRPLFL DXWRUL]D L FDUH IDF GRYDGD GH LQHULL GH EXWHOLL SRW V úL SHUVRQDOL]H]H
EXWHOLLOH3HUVRQDOL]DUHDEXWHOLLORUVHIDFHSULQSRDQVRQDUHDFXXQSRDQVRQSURSULXúLVHFRQILUP 
SULQSRDQVRQDUHDGHF WUH,6&,5,163(&7$FHVWHEXWHOLLYRUSXWHDILYRSVLWHVDXOLVHYDSXWHD
DSOLFDXQVHPQGHLGHQWLILFDUHDODJHQWXOXLHFRQRPLFDXWRUL]DW
0RGXOGHSHUVRQDOL]DUHVHYDFRPXQLFDOD,6&,5,163(&7$JHQWXOHFRQRPLFYDvQFHSH
DF LXQHDGHSHUVRQDOL]DUHHIHFWLY QXPDLGXS SULPLUHDFRQILUP ULLGHOD,6,&5,163(&7
3HUVRQDOL]DUHDVHYDSXWHDIDFHQXPDLSHQWUXEXWHOLLOHDOF URUFRQVWUXFWRUQXP UúLDQGH
IDEULFD LHDXIRVWWUDQVPLVHOD,6&,5,163(&7

 &(5,1 ( 7(+1,&( 35,9,1' 9(5,),&$5($ 7(+1,&  3(5,2',&  /$
6&$'(1  803/(5($ 5(3$5$5($ 75$1632578/ ',675,%8,5($
6&2$7(5($',18=ù,&$6$5($%87(/,,/25

&HULQ HOHWHKQLFHVSHFLILFDWHvQDFHVWFDSLWROVXQWFRQGL LLOHPLQLPHREOLJDWRULLUHIHULWRDUH
OD YHULILFDUHD WHKQLF  SHULRGLF  OD VFDGHQ  XPSOHUHD UHSDUDUHD WUDQVSRUWXO GLVWULEXLUHD
GRFXPHQWD LDGHvQVR LUHLQVWUXF LXQLGHPRQWDUHúLXWLOL]DUHVFRDWHUHDGLQX]úLFDVDUHDEXWHOLLORU
FXFDSDFLWDWHDSkQ ODOLWULSHQWUX*3/

 9(5,),&$5($7(+1,& 3(5,2',& /$6&$'(1 $%87(/,,/25

 *HQHUDOLW L
 
 9HULILFDUHD WHKQLF  SHULRGLF  D EXWHOLLORU VH YD IDFH QXPDL GH F WUH DJHQ L HFRQRPLFL DXWRUL]D L
,6&,5,163(&7
%XWHOLLOHSHQWUX*3/YRUILVXSXVHXQRUYHULILF ULWHKQLFHSHULRGLFHODVFDGHQ ODLQWHUYDOHGH
PD[LPDQLGDF DJHQWXOHFRQRPLFFRQVWUXFWRUQXDSUHY ]XWXQLQWHUYDOPDLPLF'DWDSULPHLYHULILF UL
VHYDVWDELOLvQIXQF LHGHGDWDIDEULFD LHL
9HULILFDUHDWHKQLF SHULRGLF ODVFDGHQ FRQVW vQ
x YHULILFDUHDVW ULLJHQHUDOHDEXWHOLHLUHYL]LDH[WHULRDU úLLQWHULRDU 
x vQFHUFDUHDODSUHVLXQH
'DF UH]XOWDWHOHDFHVWRUYHULILF ULWHKQLFHSHULRGLFHVXQWFRUHVSXQ] WRDUHDJHQWXOHFRQRPLFFDUHD
HIHFWXDWYHULILFDUHDYDPDUFDSULQSRDQVRQDUHOXQDúLDQXOXUP WRDUHLYHULILF ULWHKQLFHSHULRGLFHDO WXULGH
SRDQVRQXOUHVSRQVDELOXOXLFXVXSUDYHJKHUHDOXFU ULORUDQJDMDWDODJHQWXOXLHFRQRPLFDXWRUL]DW
 
 9HULILFDUHDVW ULLJHQHUDOHDEXWHOLHL
 
5HYL]LDH[WHULRDU 

  $FHDVW  UHYL]LH FRQVW  vQ H[DPLQDUHD DVSHFWXOXL VXSUDIH HL H[WHULRDUH D EXWHOLLORU YHULILFDUHD
GLPHQVLRQDO  D DFHVWRUD SUHFXP úL YHULILFDUHD  H[LVWHQ HL úL FRQ LQXWXOXL PDUFDMHORU $FHDVW  UHYL]LH DUH
GUHSWVFRSGHSLVWDUHDQHFRQIRUPLW LORUFDUHQXSHUPLWXWLOL]DUHDEXWHOLLORU
  %XWHOLLOHVXQWDGPLVHODUHYL]LDH[WHULRDU GDF VXQWvQGHSOLQLWHXUP WRDUHOHFRQGL LL
D SHOLFXODGHYRSVHDSURWHFWRDUHQXHVWHGHWHULRUDW 
E SRVWDPHQWXOúLJDUGDGHSURWHF LHQHGHPRWDELO QXSUH]LQW GHIRUPD LLVDXUXSHUL
F VXGXULOH GH IL[DUH GH UHFLSLHQW D SRVWDPHQWXOXL VDX D J U]LL GH SURWHF LH QHGHPRWDELO  VXQW
FRUHVSXQ] WRDUH
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 

 G URELQHWXOHVWHvQVWDUHEXQ GHIXQF LRQDUHúLI U GHIRUPD LL

 H ILOHWXO SLHVHL GH JkW HVWH FXUDW úL QX SUH]LQW  VSLUH GHWHULRUDWH LDU OD vQúXUXEDUHD URELQHWXOXL
GLVWDQ DvQWUHPDUJLQHDLQIHULRDU DS WUDWXOXLURELQHWXOXLúLSLHVDGHJkWHVWHvQWUHúLPP
 I ILOHWXOSLHVHLGHJkWSHQWUXFDSDFXOGHSURWHF LHSHUPLWHDVDPEODUHDVLJXU DDFHVWXLDSHQWUX
EXWHOLLOHSUHY ]XWHFXFDSDFGHSURWHF LH
 J UHFLSLHQWXOVXESUHVLXQHVHvQFDGUHD] vQWROHUDQ HOHDGPLVHSHQWUXGHIRUPD LLOHSHUPDQHQWH
    GHIRUPD LLSHPDQHQWHORFDOHPD[LPGLQGLDPHWUXOH[WHULRUQRPLQDO
GHIRUPD LLSHUPDQHQWHXQLIRUPHSHWRDW VXSUDID DFLUFXODU DEXWHOLHLPD[LPGLQ
GLDPHWUXOH[WHULRUQRPLQDO
  K SHILHFDUHEXWHOLHH[LVW XUP WRDUHOHLQVFULS LRQ UL
    SULQSRDQVRQDUHSHSRVWDPHQWSHSLHVDGHJkWVDXSHJDUGDGHSURWHF LHQHGHPRQWDELO 
x VLJODDJHQWXOXLHFRQRPLFFRQVWUXFWRU
x QXP UXOGHIDEULFD LH
x DQXOúLOXQDIDEULFD LHL
x PDVDEXWHOLHLFXURELQHWFXYHQWLOVDXVXSDS I U FDSDFGHSURWHF LHvQNJ
x FDSDFLWDWHDEXWHOLHLvQOLWUL
x SUHVLXQHDGHvQFHUFDUHvQ03DEDU
x OXQDúLDQXOVFDGHQ HLDFRUGDWH
x SRDQVRQXO DJHQWXOXL HFRQRPLF GH XPSOHUH GH LQ WRU DO EXWHOLHL SHQWUX
EXWHOLLOHSHUVRQDOL]DWH
x SRDQVRQXO ,6&,5,163(&7 ,7 GH FRQILUPDUH D SHUVRQDOL]DULL EXWHOLHL
SHQWUXEXWHOLLOHSHUVRQDOL]DWH
    SULQYRSVLUHSHFRUSXOEXWHOLHL
x OXQDúLDQXOVFDGHQ HLDFRUGDWH
x IOXLGXOSHQWUXFDUHDIRVWFRQVWUXLW EXWHOLD
 
ÌQFD]XOvQFDUHVXQWFRQVWDWDWHQHFRQIRUPLW LOHGHIHFWHOHSUH]HQWDWHvQDQH[D%EXWHOLLOH
VHYRUFDVD
ÌQFD]XOvQFDUHVHFRQVWDW F XQDVDXPDLPXOWHGLQFRQGL LLOHSUHY ]XWHODOLWDIQX
VXQWUHVSHFWDWHEXWHOLLOHVHYRUUHSDUDFRQIRUPSUHYHGHULORUSFW'XS HIHFWXDUHDUHSDUD LHLVH
UHLDYHULILFDUHDWHKQLF SHULRGLF 
 
5HYL]LDLQWHULRDU 

$FHDVW YHULILFDUHVHYDIDFHFXHQGRVFRSXOúLVHYDFRPSOHWDFXRP VXUDUHFXXOWUDVXQHWH
DJURVLPLLSHUHWHOXLEXWHOLHLvQFRQIRUPLWDWHFXSUHYHGHULOHSUHVFULS LLORUWHKQLFH,6&,5vQYLJRDUH
úLFRQGL LLOHGLQDQH[D&GHF WUHXQODERUDWRUDXWRUL]DWGH,6&,5,163(&7
5H]XOWDWHOHDFHVWRUP VXU ULYRUILFRQVHPQDWHvQEXOHWLQHvQWRFPLWHFRQIRUPDQH[HL'
  *URVLPHDSHUHWHOXLS U LLFLOLQGULFHúLDIXQGXOXLDPEXWLVDWQXWUHEXLHV ILHPDLPLF GHFkW
6PLQ 'PPFXFRQGL LDFDDFHDVW YDORDUHV QXILHPDLPLF GHPPXQGH'
HVWHGLDPHWUXOH[WHULRUQRPLQDODOEXWHOLHLvQPP
  'DF vQFHOSX LQXQSXQFWJURVLPHDP VXUDW YDILLQIHULRDU YDORULLPLQLPHDGPLVHSULQ
SURLHFWVDX6PLQEXWHOLLOHYRUILFDVDWH

ÌQFHUFDUHDODSUHVLXQH

%XWHOLLOHFDUHDXFRUHVSXQVYHULILF ULORUGHODSFWúLYRUILVXSXVHODvQFHUFDUHDOD
SUHVLXQH
ÌQFHUFDUHDODSUHVLXQHVHYDHIHFWXDSHQWUXILHFDUHEXWHOLHvQSDUWHvQSUH]HQ DLQVSHFWRUXOXLGH
VSHFLDOLWDWHDO,6&,5,163(&7,7ODSUHVLXQHDGHvQFHUFDUHLQGLFDW GHFRQVWUXFWRU
 ÌQFHUFDUHDVHYDHIHFWXDFXFRPEXVWLELOSHQWUXX]QHLQGXVWULDOWLS3SHWURO
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,

%XWHOLLOHYRUILPHQ LQXWHODSUHVLXQHDGHvQFHUFDUHWLPSGHPLQXWH'XS SULPHOHPLQXWHYRUIL

ORYLWHXúRUGHDOXQJXOvPELQ ULORUVXGDWHFXXQFLRFDQGHFXSUXI U PXFKLLDVFX LWHGH±J'XS 
WUHFHUHDFHORUPLQXWHVHYDH[DPLQDFXDWHQ LHILHFDUHEXWHOLH
 ÌQFHUFDUHDVHFRQVLGHU UHXúLW GDF QXVHFRQVWDW VFXUJHULO FULP ULVDXGXS vQFHUFDUHQXVXQW
GHIRUPD LLSHUPDQHQWHVXSHULRDUHFHORUPHQ LRQDWHODSFW
%XWHOLLOH YRU IL SUH]HQWDWH OD vQFHUFDUHD OD SUHVLXQH ELQH FXU DWH vQ VSHFLDO vQ ]RQD vPELQ ULORU
VXGDWH
 3HQWUXvQFHUFDUHEXWHOLLOHVHYRUDúH]DDVWIHOFDH[DPLQDUHDV VHIDF vQEXQHFRQGL LL$úH]DUHD
EXWHOLLORUSHVWDQGXOGHSURE VHYDIDFHvQWUXQPRGFDUHV SHUPLW IL[DUHDVLJXU DEXWHOLLORUSHVWDQG
7UHEXLHVWDELOLWHP VXULVSHFLDOHGHSURWHF LHSHQWUXSHUVRQDOXOFDUHHIHFWXHD] vQFHUFDUHDODSUHVLXQH
,QVWDOD LDSHQWUXvQFHUFDUHDEXWHOLLORUWUHEXLHV ILHPHQ LQXW vQSHUIHFW VWDUHGHIXQF LRQDUHúLYDIL
HFKLSDW FXFHOSX LQGRX PDQRPHWUHPRQWDWHSHURELQHWHFXWUHLF L
3HQWUXUHDOL]DUHDSUHVLXQLLVHYRUXWLOL]DSRPSHGHSUHVLXQHFDUHV QXSURYRDFHXUFDUHDEUXVF VDX
FXúRFXULDSUHVLXQLL9LWH]DGHFUHúWHUHDSUHVLXQLLQXYDGHS úLEDUPLQXW
'XS HIHFWXDUHDvQFHUF ULLSUHVLXQHDGLQEXWHOLLVHYDFRERUvWUHSWDWúLI U úRFXULDSRLEXWHOLLOHVH
JROHVFFRPSOHWGHSHWURO
%XWHOLLOH OD FDUH VDX FRQVWDWDW VFXUJHUL O FULP UL VDX GHIRUPD LL SHUPDQHQWH VXSHULRDUH FHORU
PHQ LRQDWHODSFWYRUILFDVDWHDVWIHOvQFkWV QXPDLILHSRVLELO SXQHUHDORUvQFLUFXOD LH

 &RQGL LL úL REOLJD LL SULYLQG DJHQ LL HFRQRPLFL FDUH HIHFWXHD]  YHULILFDUHD WHKQLF 
SHULRGLF DEXWHOLLORU

9HULILFDUHDWHKQLF SHULRGLF DEXWHOLLORUVHYDHIHFWXDOD
 DJHQ LL HFRQRPLFL DXWRUL]D L SHQWUX XPSOHUH UHSDUDUH YHULILFDUH WHKQLF  SHULRGLF 
VFRDWHUHGLQX]úLFDVDUH
DJHQ LLHFRQRPLFLDXWRUL]D LSHQWUXUHSDUDUHYHULILFDUHWHKQLF SHULRGLF VFRDWHUHGLQX]
úLFDVDUH
$JHQ LLHFRQRPLFLHQXPHUD LPDLVXVWUHEXLHV ILHDXWRUL]D LGH,6&,5,163(&7SHQWUXDFHDVW 
DFWLYLWDWH vQ FRQIRUPLWDWH FX SUHYHGHULOH DQH[HL ( úL FRUHVSXQ] WRU DFWLYLW LORU SHQWUX FDUH VH DFRUG 
DXWRUL]D LD
$FHúWLDJHQ LHFRQRPLFLDXXUP WRDUHOHREOLJD LL
 V  VROLFLWH vQ VFULV OD ,6&,5,163(&7 ,7  GHOHJDUHD XQXL  LQVSHFWRU GH VSHFLDOLWDWH  OD
HIHFWXDUHDYHULILF ULORUPHQ LRQDWHODSFWFXFHOSX LQ]LOHOXFU WRDUHvQDLQWH
V SRVHGHúLV PHQ LQ vQEXQHFRQGL LLvQWUHJXOHFKLSDPHQWQHFHVDUYHULILF ULL
V DVLJXUHWRDWHFRQGL LLOHQHFHVDUHSHQWUXHIHFWXDUHDYHULILF ULORU
V  FRPSOHWH]H ³'HFODUD LD GH FRQIRUPLWDWH SHQWUX YHULILFDUHD WHKQLF  SHULRGLF ´ FRQIRUP
PRGHOXOXLGLQ DQH[D + 2 FRSLH D DFHVWHL GHFODUD LLúL D WDEHOXOXL DQH[DWYRU IL WULPLVHvQ
PD[LPGH]LOHOD,6&,5,163(&7,7
5H]XOWDWHOH YHULILF ULORU WHKQLFH SHULRGLFH YRU IL vQVFULVH vQWUXQ UHJLVWUX LQXW OD ]L úL vQWRFPLW
FRQIRUP PRGHOXOXL GLQ DQH[D , 5HJLVWUXO YD IL QXPHURWDW úQXUXLW VLJLODW úL YD SXUWD úWDPSLOD ,6&,5
,163(&7,7vQUD]DF UHLDDJHQWXOHFRQRPLFvúLDUHVHGLXO 
 $JHQ LLHFRQRPLFLSHQWUXXPSOHUHUHSDUDUHúLYHULILFDUHWHKQLF SHULRGLF YRUWUDQVPLWHOXQDUSkQ 
ODDOXQLLUDSRUWDUHDFRQIRUPPRGHOXOXLGLQDQH[D.SHQWUXOXQDDQWHULRDU OD,6&,5,163(&7úLVSUH
úWLLQ OD,6&,5,163(&7,7GLQ]RQDvQFDUHDJHQWXOHFRQRPLFvúLDUHVHGLXO 
3HQWUXDFWLYLWDWHDGHYHULILFDUHWHKQLF SHULRGLF VHYRUXWLOL]DQXPDLDSDUDWHGHP VXUDUHúLFRQWURO
YHULILFDWHPHWURORJLFSUHFXPúLFDOLEUHúLúDEORDQHFRUHVSXQ] WRDUH

 803/(5($%87(/,,/25

 8PSOHUHDEXWHOLLORUVHYDIDFHGHF WUHDJHQ LLHFRQRPLFLDXWRUL]D LGH,6&,5,163(&7FDUHYRU
IRORVLvQDFHVWVFRSSHUVRQDODXWRUL]DWFDRSHUDWRULVWD LHGHXPSOHUH
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 

2SHUDWRUXOVWD LHGHXPSOHUHHVWHSHUVRQDOXODQJDMDWDODJHQWXOXLHFRQRPLFDXWRUL]DWGH,6&,5
,163(&7 LQVWUXLW SHQWUX HIHFWXDUHD RSHUD LLORU GH WULHUH úL XPSOHUH úL FDUH HVWH DXWRUL]DW GH ,6&,5 
,163(&7
&RQGL LLOHGHDXWRUL]DUHSHQWUXDFHVWHDFWLYLW LVXQWVSHFLILFDWHvQDQH[D(

 $JHQ LLHFRQRPLFLQXSRWHIHFWXDXPSOHUHDEXWHOLLORUGHFkWGXS YHULILFDUHDUHVSHFW ULLFRQGL LLORU
PHQ LRQDWHODSFW

 (VWHVWULFWLQWHU]LV XPSOHUHDEXWHOLLORUFDUHSUH]LQW QHFRQIRUPLW LOHPHQ LRQDWHvQDQH[D
% VDX DX VFDGHQ D GH YHULILFDUH WHKQLF  SHULRGLF  GHS úLW  ÌQF OFDUHD DFHVWHL SUHYHGHUL GXFH OD
UHWUDJHUHDDXWRUL]D LHL

 $JHQ LL HFRQRPLFL YRU SXWHD XPSOH EXWHOLLOH SHUVRQDOL]DWH DOH DOWXL SURSULHWDU QXPDL FX
FRQVLP PkQWXODFHVWXLD

 ÌQDLQWHGHXPSOHUHVHYRUHOLPLQDHYHQWXDOHOHUH]LGXXULLQWHULRDUHGLQEXWHOLH

 %XWHOLLOHSRWILXPSOXWHQXPDLFXDFHO*3/SHQWUXFDUHDXIRVWFRQVWUXLWH
%XWHOLOHSHQWUXSURSDQSRWILXPSOXWHúLFXDPHVWHFEXWDQSURSDQvQV QXWUHEXLHV VHGHS úHDVF 
vQF UF WXUDPD[LP DGPLV SHQWUXWLSXOGHJD]FXFDUHHVWHXPSOXW 

 ÌQF UFDUHDPD[LP DEXWHOLLORUSHQWUX*3/VHVWDELOHúWHSHED]DJUDGXOXLGHXPSOHUHFRQIRUP
SUHYHGHULORUDQH[HL-WDEHOúLWDEHO
*UDGXOGHXPSOHUHVHGHWHUPLQ FXXUP WRDUHDUHOD LH

*UDGXOGHXPSOHUH  GHQVLWDWHDID]HLOLFKLGHOD & IDFWRUXOGHFRUHF LH)DO


YROXPXOXL

)DFWRUXOGHFRUHF LH)DOYROXPXOXLvQIXQF LHGHWHPSHUDWXUDGHvQF UFDUHVHGHWHUPLQ FXUHOD LD

 GHQVLWDWHDID]HLOLFKLGHODWHPSHUDWXUDGHvQF UFDUH
) 
 GHQVLWDWHDID]HLOLFKLGHODWHPSHUDWXUDGH &



0DVDvQF UF WXULLPD[LPHDGPLVHvQEXWHOLHVHFDOFXOHD] FXIRUPXOD

0DVDvQF UF WXULL JUDGXOGHXPSOHUHNJOLWUX YROXPXOEXWHOLHLOLWUL

ÌQF UFDUHDPD[LP DEXWHOLLORUYDILFDOFXODW SHED]DJUDGXOXLGHXPSOHUHFRQIRUPSUHFL] ULORU
GLQDQH[D-GDUQXYDGHS úLSURFHQWYROXPHWULFFDOFXODWvQFRQGL LLVWDQGDUG7  .S  

EDU

 3HQWUXP VXUDUHDPDVHLvQF UF WXULLVHSRDWHXWLOL]DRULFHVLVWHPGHFkQW ULUHFXFRQGL LDFD
vQFKLGHUHDDGPLVLHLJD]XOXLvQEXWHOLHV VHIDF vQPRGVLJXUvQPRPHQWXOvQFDUHEXWHOLDVDvQF UFDWFX
FDQWLWDWHDVWDELOLW GHJD]
 ÌQFD]XOHIHFWX ULLXPSOHULLEXWHOLLORUFXGLVSR]LWLYHDXWRPDWHDJHQ LLHFRQRPLFLVXQWREOLJD LV 
YHULILFHSHUPDQHQWSULQVRQGDMYDORDUHDvQF UF WXULLEXWHOLLORU
 ÌQFD]XOvQFDUHYRUILFRQVWDWDWHVXSUDvQF UF ULDJHQ LLHFRQRPLFLYRUOXDP VXULFRUHVSXQ] WRDUH
SHQWUXHYLWDWDUHDvQFRQWLQXDUHDGHS úLULLvQF UF WXULLPD[LPHDGPLVHLDUEXWHOLLOHVXSUDvQF UFDWHYRUIL
SXVHvQFLUFXOD LHQXPDLGXS HOLPLQDUHDFDQWLW LLGHJD]VXSOLPHQWDUHID GHFHDQRPLQDO 
 6LVWHPXO GH FkQW ULUH SHQWUX P VXUDUHD YDORULL vQF UF WXULL YD DYHD SUHFL]LD GH  NJ úL YD IL
YHULILFDWPHWURORJLF
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


 'XS XPSOHUHWRDWHEXWHOLLOHYRUILVXSXVHXQHLvQFHUF ULODHWDQúHLWDWHSULQVFXIXQGDUHDDFHVWRUD
vQWUREDLHGHDS FDOG ODWHPSHUDWXUDGH«&WLPSGHPLQLPPLQXWH

 %XWHOLLOH UHVSLQVH OD vQFHUFDUHD OD HWDQúHLWDWH YRU IL L]RODWH JROLWH úL vQ IXQF LH GH QDWXUD
GHIHFWXOXLYRUILWULPLVHODUHSDUDUHVDXFDVDUH

 %XWHOLLORUDGPLVHODvQFHUFDUHDODHWDQúHLWDWHOLVHYDDWDúDRHWLFKHW GHFRQWUROQHGHWDúDELO 
UH]LVWHQW vQWLPSLQGLFkQGXVHGDWDXPSOHULLDJHQWXOHFRQRPLFúLVFKLPEXOvQFDUHVDI FXWXPSOHUHD
 'HDVHPHQHDVHYDvQVFULHUHFRPDQGDUHDFDHWLFKHWDUHVSHFWLY V ILHS VWUDW GHF WUHXWLOL]DWRUL
SkQ ODJROLUHDEXWHOLHLSHQWUXDSXWHDLGHQWLILFDvQFD]GHGHIHFWDUHFLQHDI FXWXPSOHUHD'XS HWLFKHWDUH
URELQHWXOYDILVLJLODWFRUHVSXQ] WRUH[HPSOXFXIROLHWHUPRFRQWUDFWLO GXS PRQWDUHDSLXOL HLGH
VLJXUDQ 
 /DEXWHOLLOHFDUHQXDXJDUG GHSURWHF LHVHYRUPRQWDFDSDFHGHSURWHF LH

 $JHQ LLHFRQRPLFLVXQWREOLJD LV  LQ XQUHJLVWUXGHHYLGHQ ]LOQLF vQFDUHV FRQVHPQH]H
FRPSRQHQ DHFKLSHORUGHXPSOHUHSHVFKLPEQXP UXOGHEXWHOLLXPSOXWHSHVFKLPEúLFHUWLILFDWXOGH
FDOLWDWHDO*3/FXFDUHVDI FXWXPSOHUHD
 $JHQ LLHFRQRPLFLVXQWREOLJD LV FRPSOHWH]HSHQWUXEXWHOLLOHvQF UFDWHÄ'HFODUD LDGH
FRQIRUPLWDWHSHQWUXXPSOHUHEXWHOLL´FRQIRUPPRGHOXOXLGLQDQH[D2FDUHV vQVR HDVF EXWHOLLOHvQWLPSXO
WUDQVSRUWXOXLODGLVWULEXLWRU8WLOL]DWRUXOODFHUHUHSRDWHSULPLRFRSLHGHSHÄ'HFODUD LDGHFRQIRUPLWDWH
SHQWUXXPSOHUHEXWHOLL´

 $JHQ LLHFRQRPLFLVXQWREOLJD LV vQWRFPHDVF úLV DILúH]HLQVWUXF LXQLLQWHUQHSULYLQGXPSOHUHD
YHULILFDUHDSULQVRQGDMDXPSOHULLGHSR]LWDUHDúLPDQLSXODUHDEXWHOLLORUúLV YHULILFHSHULRGLFFXQRDúWHUHDúL
DSOLFDUHDDFHVWRUDGHF WUHSHUVRQDOXOGHGHVHUYLUH
 'HSR]LWDUHDEXWHOLLORUVHYDIDFHvQGHSR]LWHDPHQDMDWHFRQIRUPUHJOHPHQW ULORUOHJDOHLQYLJRDUH
 
 $JHQ LLHFRQRPLFLDXREOLJD LDGHDSULPLEXWHOLLOHFXRULFHJUDGGHX]XU FRUR]LXQHVDXGHIRUPD LL
FKLDUGDF YRUWUHEXLV ILHFDVDWH
 1HUHVSHFWHUHDDFHVWHLREOLJD LLHVWHXQPRWLYGHUHWUDJHUHDDXWRUL]D LHLGHIXQF LRQDUH

 $JHQ LL HFRQRPLFL YRU WUDQVPLWH OXQDU SkQ  OD  D OXQLL OD ,6&,5,163(&7 úL VSUH úWLLQ  OD
,6&,5,163(&7 ,7 GLQ ]RQD vQ FDUH DJHQWXO HFRQRPLF vúL DUHVHGLXO UDSRUWDUHD SHQWUXOXQD DQWHULRDU 
SULYLQGVLWXD LDEXWHOLLORUFRQIRUPPRGHOXOXLGLQDQH[D.

5(3$5$5($%87(/,,/25

 5HSDUDUHDEXWHOLLORUSRDWHILHIHFWXDW GHDJHQ LLHFRQRPLFLSHQWUXXPSOHUHUHSDUDUHúLYHULILFDUH
WHKQLF SHULRGLF VFRDWHUHGLQX]úLFDVDUHúLGHDJHQ LLHFRQRPLFLFDUHGLVSXQGHPLMORDFHOHWHKQLFH
FRUHVSXQ] WRDUHGHH[HFX LHúLYHULILFDUHúLVXQWDXWRUL]D LvQSUHDODELOGH,6&,5,163(&7FRQIRUP
SUHYHGHULORUDQH[HL(
 $JHQWXOHFRQRPLFDXWRUL]DWSHQWUXUHSDUD LLU VSXQGHGHFDOLWDWHDUHSDUD LHL
 1XVHDGPLWUHSDUD LLODFDUHVHLQWHUYLQHFXOXFU ULGHVXGXU ODUHFLSLHQW
 1XVHDGPLWHUHPHGLHUHDODFDOGVDXODUHFHDGHIRUPD LLORUSHUPDQHQWHDOHUHFLSLHQWXOXL
 6HDGPLWHUHSDUDUHDSULQVXGXU DSRVWDPHQWXOXLVDXDJ U]LLGHSURWHF LHQHGHPRQWDELOHFX
FRQGL LDFDQRLOHFRUGRDQHGHVXGXU V ILHODRGLVWDQ PDLPDUHGHPPID GHUHFLSLHQW
 $JHQ LLHFRQRPLFLUHSDUDWRULGHEXWHOLLWUHEXLHV DLE XQUHJLVWUXGHHYLGHQ DEXWHOLLORUUHSDUDWH
LQXWOD]LFRQIRUPPRGHOXOXLGLQDQH[D/5HJLVWUXOYDILQXPHURWDWúQXUXLWVLJLODWúLúWDPSLODWGH,6&,5
,163(&7,7vQUD]DF UHLDDJHQWXOHFRQRPLFvúLDUHVHGLXO
 5HSDUD LDVHYDHIHFWXDQXPDLODEXWHOLLOHFDUHQXSUH]LQW QHFRQIRUPLW LOHPHQ LRQDWHvQDQH[D%
QHFRQIRUPLW LFHGXFODFDVDUHDDFHVWRUD
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


 6HSRWHIHFWXDXUP WRDUHOHUHSDUD LL

 DUHSDUDUHDSRVWDPHQWXOXLFDUHSUH]LQW UXSHULvQSROLJRQXOGHVXV LQHUHVDXQXPDLDVLJXU 
VWDELOLWDWHDVDXDJ U]LLGHSURWHF LHQHGHPRQWDELOHFDUHSUH]LQW UXSHULSHQWUXDGXFHUHDODIRUPDúL
GLPHQVLXQLOHLQL LDOH

 EvQORFXLUHDURELQHWXOXLFXYHQWLOVDXDVXSDSHLFXELO FXRSLHV QRX FXPDUFDM&6VDX&(GXS 
YHULILFDUHDúLGDF HVWHFD]XOGXS UHPHGLHUHDILOHWXOXLLQWHULRUDOSLHVHLGHJkW/DvQúXUXEDUHDURELQHWXOXL
GLVWDQ DvQWUHPDUJLQHDLQIHULRDU DS WUDWXOXLURELQHWXOXLúLSLHVDGHJkWWUHEXLHV ILHvQWUHúLPP
 0RPHQWXO GH VWUkQJHUH YD IL FHO SUHY ]XW vQ FHUWLILFDWXO GH FDOLWDWH DO SURGXF WRUXOXL
URELQHWXOXL
 ,QDLQWH GH PRQWDUH SH SDUWHD FRQLF  ILOHWDW  VH YD DSOLFD R SHOLFXO  GH HWDQúDQW DGHFYDW
OXFUXOXLFX*3/FRQIRUP65
 'XS DFHDVW UHSDUDUHEXWHOLLOHYRUILVXSXVHXQHLvQFHUF ULODHWDQúHLWDWHSULQvQFHUFDUHDEXWHOLLORU
FXDHUFRPSULPDWODSUHVLXQHDGHEDUúLLQWURGXFHUHDORUvQWUXQED]LQFXDS OD²&WLPSGH²
PLQXWHFXURELQHWXOvQSR]L LDvQFKLV'XS VFRDWHUHDEXWHOLHLGLQDS VHPRQWHD] SHURELQHWRSLXOL 
vQIXQGDW DSRLVHGHVFKLGHUR]HWDURELQHWXOXLúLEXWHOLDVHLQWURGXFHGLQQRXvQDS vQF O]LW WLPS²
PLQXWH
 1XVHDGPLWVF S ULGHDHUODQLFLXQDGLQWUHvQFHUF UL

 FUHIDFHUHDSURWHF LHLDQWLFRUR]LYHDEXWHOLHL

 GUHFWLILFDUHDILOHWXOXLH[WHULRUDOSLHVHLGHJkWSHQWUXFDSDFXOGHSURWHF LH

 'XS UHSDUDUHVHYDP VXUDPDVDEXWHOLHLúLGDF HVWHFD]XOVHYDSRDQVRQDQRXDYDORDUH
DQXOkQGXVHFHDYHFKHGXS FDUHEXWHOLDYDSXWHDILUHSXV vQFLUFXOD LH
 'XS  WHUPLQDUHD OXFU ULORU GH UHSDUDUH DJHQWXO HFRQRPLF YD HPLWH GHFODUD LD GH FRQIRUPLWDWH
SHQWUXUHSDUDUHSHQWUXORWXOGHEXWHOLLUHSDUDWHFRQIRUPPRGHOXOXLGLQDQH[D+úLvQWHUPHQGHPD[LP
]LOHRYDWUDQVPLWHOD,6&,5,163(&7,7

 6&2$7(5($',18=ù,&$6$5($%87(/,,/25

 6FRDWHUHDGLQX]úLFDVDUHDEXWHOLLORUVHYDIDFHGHF WUHDJHQ LHFRQRPLFLDXWRUL]D LGH,6&,5
,163(&7
 6HYRUVFRDWHREOLJDWRULXGLQX]úLYRUILFDVDWHGLVWUXVHEXWHOLLOHFDUHSUH]LQW QHFRQIRUPLW LOH
GLQDQH[D%
6FRDWHUHDGLQX]DEXWHOLLORUvQYHGHUHDFDV ULLVHYDIDFHSHED]DSURFHVHORUYHUEDOHvQFKHLDWHGH
F WUHFRPLVLLLQVWLWXLWHvQFRQIRUPLWDWHFXGLVSR]L LLOHOHJDOH'LQFRPLVLHYDIDFHSDUWHREOLJDWRULXúLXQ
LQVSHFWRU GH VSHFLDOLWDWH DO ,6&,5,163(&7 ,7 ÌQWUXQLUHD FRPLVLHL YD IL DQXQ DW  vQ VFULV OD ,6&,5
,163(&7,7FX]LOHvQDLQWHDGDWHLVWDELOLWH$GUHVDGHvQDLQWDUHYDDYHDRDQH[ vQFDUHYRUILQRWDWH
IDEULFDQWXOúLVHULDILHF UHLEXWHOLLFHXUPHD] DILFDVDW 
$JHQ LL HFRQRPLFL VXQW REOLJD L V  GLVWUXJ  LPHGLDW EXWHOLLOH VFRDVH GLQ X] vQ XUPD SURFHVXOXL
YHUEDOvQFKHLDWGHFRPLVLHÌQDLQWHGHGLVWUXJHUHVHYRUGHPRQWDURELQHWHOHúLVHYDDVLJXUDJROLUHDFRPSOHW 
DEXWHOLLORU'LVWUXJHUHDEXWHOLLORUVHYDIDFHSULQWXUWLUHvQFRQIRUPLWDWHFXSURFHGXULOHGHOXFUXvQSUH]HQ D
LQVSHFWRUXOXLGHVSHFLDOLWDWHDO,6&,5,163(&7,7DVWIHOvQFkWV QXPDLILHSRVLELO RYLLWRDUHXWLOL]DUHD
DFHVWRUD3URFHVXOYHUEDOvQWRFPLWYDFRQ LQHVHULLOHEXWHOLLORUGLVWUXVH
&RSLDSURFHVHORUYHUEDOHDOHFRPLVLHLúLDOHLQVSHFWRUXOXLGHVSHFLDOLWDWHYDILWUDQVPLV OD,6&,5
,163(&7



 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



 '(32=,7$5($%87(/,,/25

 'HSR]LWHOH GHVWLQDWH S VWU ULL EXWHOLLORU XPSOXWH VDX JRDOH GLQ FDGUXO DJHQ LORU HFRQRPLFL YRU IL
FRQVWUXLWH úL DPHQDMDWH vQ FRQIRUPLWDWH FX OHJLVOD LD vQ YLJRDUH VXSUDWHUDQ vQ VSD LL GHVFKLVH úL vQ
FRQIRUPLWDWHFXSURLHFWHOHDYL]DWHGHIDFWRULLDELOLWD LSULQOHJH

 $úH]DUHD EXWHOLLORU vQ GHSR]LWH VH YD IDFH vQ VWLYH vQ SR]L LH YHUWLFDO  6H DGPLWH GHSR]LWDUHD
EXWHOLLORUJRDOHúLvQSR]L LHRUL]RQWDO 6WLYDYDILIRUPDW SHvQ O LPHGLQWUXQQXP UGHEXWHOLLJRDOHVDX
SOLQHVWDELOLWSULQSURFHGXULGHOXFUXDOHDJHQ LORUHFRQRPLFL0RGXOGHDúH]DUHúLPDQLSXODUHDEXWHOLLORUQX
WUHEXLHV SUH]LQWHSHULFROGHDFFLGHQWDUHúLVDXGHGHWHULRUDUHDEXWHOLLORU

 'HSR]LWHOHLQGLYLGXDOHGHVWLQDWHS VWU ULLEXWHOLLORUvQYHGHUHDGLVWULEXLULLYRUUHVSHFWDSUHYHGHULOH
13²

 75$1632578/ù,0$1,38/$5($%87(/,,/25

 7UDQVSRUWXOEXWHOLLORUVHYDIDFHGHF WUHDJHQ LHFRQRPLFLDXWRUL]D LGH,6&,5,163(&7
&RQGL LLOHGHDXWRUL]DUHSHQWUXDFHDVW DFWLYLWDWHVXQWVSHFLILFDWHvQDQH[D(

 7UDQVSRUWXO EXWHOLLORU YD IL HIHFWXDW GH SHUVRQDOXO DQJDMDW DO DJHQWXOXL HFRQRPLF LQVWUXLW SHQWUX
HIHFWXDUHDRSHUD LLORU GHWUDQVSRUWúL PDQLSXODUH úL FDUH HVWH DXWRUL]DWGH ,6&,5 ±,163(&7 FD RSHUDWRU
WUDQVSRUWFRQIRUPSUHYHGHULORUDQH[HL3

 7UDQVSRUWXO EXWHOLLORU VH YD IDFH QXPDL FX PLMORDFH GH WUDQVSRUW FRQVWUXLWH úL HFKLSDWH vQ
FRQIRUPLWDWHFXUHJOHPHQW ULOHSULYLQGWUDQVSRUWXOP UIXULORUSHULFXORDVHUHVSHFWkQGXVH
  SHQWUX F LOH IHUDWH FRQGL LLOH LPSXVH GH 5,' &RQYHQ LD UHIHULWRDUH OD WUDQVSRUWXO
LQWHUQD LRQDO IHURYLDU &27,) DSHQGLFH % ± 5HJXOL XQLIRUPH SULYLQG FRQWUDFWXO GH WUDQVSRUW IHURYLDU
LQWHUQD LRQDO DO P UIXULORU &,0 $QH[D  ± 5HJXODPHQWXO SULYLQG WUDQVSRUWXO LQWHUQD LRQDO IHURYLDU DO
P UIXULORUSHULFXORDVH
  SHQWUX F LOH UXWLHUH UHJOHPHQW ULOH $XWRULW LL 5XWLHUH 5RPkQH úL UHJOHPHQW ULOH
LQWHUQD LRQDOH $'5 $FRUGXO HXURSHDQ UHIHULWRU OD WUDQVSRUWXO LQWHUQD LRQDO DO P UIXULORU SHULFXORDVH SH
F LOHUXWLHUH
  SHQWUXF LOHPDULWLPHUHJOHPHQW ULOH$15$XWRULWDWHD1DYDO 5RPkQ 

 9HKLFXOHOH FDUH WUDQVSRUW  EXWHOLL XPSOXWH QX DX YRLH V  VWD LRQH]H I U  VXSUDYHJKHUH 1X HVWH
SHUPLVFDYHKLFXOHOHV WUDQVSRUWHúLDOWHPDWHULDOHVDXRDPHQLFXH[FHS LDRSHUDWRULORUGHWUDQVSRUW

 ÌQWLPSXOWUDQVSRUWXOXLúLPDQLSXO ULLHVWHREOLJDWRULXFDEXWHOLLOH
  V ILHDúH]DWHvQSR]L LHYHUWLFDO 
 V ILHSUHY ]XWHFXFDSDFODUDFRUGXOURELQHWXOXLSLXOL DGHVLJXUDQ 
 V  DLE  DSOLFDW FDSDFXO GH SURWHF LH vQ FD]XO EXWHOLLORU I U  JDUG  GH SURWHF LH
QHGHPRQWDELO 
0DQLSXODUHDEXWHOLLORUVHYDIDFHSULQLQWHUPHGLXOFDSDFHORUGHSURWHF LHVDXDOJ U]LORUGHSURWHF LH
QHGHPRQWDELOH
(VWHLQWHU]LVFDvQWLPSXOGHSR]LW ULLWUDQVSRUWXOXLúLPDQLSXO ULLEXWHOLLOHJRDOHVDXXPSOXWHV 
ILH WUkQWLWH VDX ORYLWH VDX V  DLE  OLSV  FDSDFXO GH SURWHF LH SHQWUX EXWHOLLOH I U  JDUG  GH SURWHF LH
QHGHPRQWDELO 



 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 

 ',675,%8,5($ù,87,/,=$5($%87(/,,/25ù,'2&80(17$ ,$'(Ì162 ,5(

,16758& ,81,'(0217$5(ù,87,/,=$5($%87(/,,/25

 'LVWULEXLUHDEXWHOLLORUVHYDIDFHGHF WUHDJHQ LLHFRQRPLFLDXWRUL]D LGH,6&,5,163(&7
&RQGL LLOHGHDXWRUL]DUHSHQWUXDFHDVW DFWLYLWDWHVXQWVSHFLILFDWHvQDQH[D(

 /DGLVWULEXLUHDEXWHOLLORUF UHXWLOL]DWRULLFDVQLFLVHUHFRPDQG FDRSHUDWRUXOWUDQVSRUWV LQVWDOH]H
EXWHOLDODORFXOGHXWLOL]DUHYHULILFkQGEXQDHWDQúDUHDDFHVWHLDvQSR]L LDvQFKLVúLGHVFKLVDURELQHWXOXLúL
VFKLPEkQG JDUQLWXUD GH OD UHJXODWRUXO GH SUHVLXQH 'H DVHPHQHD VH YD YHULILFD HWDQúHLWDWHD vQWUHJLL
LQVWDOD LL9HULILFDUHDVHYDHIHFWXDFXHPXOVLLGHWHFWRUGHJD]HVDXDOWHPLMORDFHDGHFYDWH
ÌQFD]XOvQFDUHPRQWDUHDEXWHOLHLODDSDUDWXOFRQVXPDWRUGH*3/VHIDFHGHF WUHXWLOL]DWRULDFHúWLD
VXQW REOLJD L V  UHVSHFWH SUHYHGHULOH LQVWUXF LXQLORU SHQWUX XWLOL]DUHD EXWHOLLORU HODERUDWH GH DJHQWXO
HFRQRPLFSHQWUXXPSOHUHúLvQPkQDWHGHRSHUDWRUXOGLVWULEXLWRUVDXRSHUDWRUXOWUDQVSRUW
$FHVWHLQVWUXF LXQLWUHEXLHV SUHYDG FHOSX LQXUP WRDUHOH
 OD ILHFDUH PRQWDUH QRX  D EXWHOLHL VH YD XWLOL]D R JDUQLWXU  GH HWDQúDUH QRX  vQWUH
URELQHWXO EXWHOLHL úL UHJXODWRUXO GH SUHVLXQH SH FDUH RSHUDWRUXO WUDQVSRUW VDX XWLOL]DWRUXO R YD PRQWD
REOLJDWRULXvQORFXOFHOHLYHFKL
 SHQWUX OLPLWDUHD SUHVLXQLL GH *3/ FDUH DMXQJH OD DSDUDWXO FRQVXPDWRU EXWHOLD YD IL
SUHY ]XW FXXQDGLQXUP WRDUHOHSRVLELOLW LGHUHGXFHUHUHJODUHDSUHVLXQLL
x UHJXODWRUGHSUHVLXQH
x VXSDS FXELO úLDUFDVWIHOFRQVWUXLW vQFkWV OLPLWH]HSUHVLXQHD

 9HULILFDUHD HWDQúHLW LL EXWHOLHL D DFFHVRULLORU UHJXODWRU GH SUHVLXQH úL WXE GH FDXFLXF úL D
DSDUDWXOXL FRQVXPDWRU GH *3/ VH YD IDFH GH F WUH XWLOL]DWRU úL  VDX RSHUDWRU WUDQVSRUW ILLQG LQWHU]LV 
IRORVLUHDIO F ULLvQDFHVWVFRS

 /HJ WXUD vQWUH EXWHOLH úL DSDUDWHOH FRQVXPDWRDUHGH*3/  VH YD IDFH FXWXE GH FDXFLXF IXUWXQ
UH]LVWHQW OD SURGXVH SHWUROLHUH FRQIRUP 67$6  DYkQG OXQJLPHD GH  P 'DWRULW 
vPE WUkQLULLVHUHFRPDQG vQORFXLUHDWXEXOXLGXS ILHFDUHDQLGHXWLOL]DUH
/DILHFDUHPRQWDUHDEXWHOLHLWXEXOVHYHULILF V QXDLE SRULFU S WXULFDSHWHO UJLWHHWF
)L[DUHDWXEXOXLVHYDIDFHQXPDLFXFROLHUHGHVWUkQJHUHFXPHOFVDXFXúXUXEFRQIRUP67$6
(VWHLQWHU]LVDVHO VDOLEHU IL[DUHDIXUWXQXOXLSHUHJXODWRUúLDSDUDWXOFRQVXPDWRUGH*3/

 (VWHLQWHU]LVDVHIDFHJROLUHDEXWHOLHLFXDMXWRUXOXQRUVXUVHGHF OGXU UHVSHFWLYIRFGLUHFWSULQ
VFXIXQGDUHD vQ DS  FDOG  HWF 'H DVHPHQHD VH LQWHU]LFH XWLOL]DUHD EXWHOLHL vQ YHFLQ WDWHD XQRU VXUVH GH
vQF O]LUHH[WHULRDUHVREHUDGLDWRDUHHWFVXEVWDQ HLQIODPDELOHH[SOR]LELOHVDXOHWDOH

 (VWHLQWHU]LV WUDQVYD]DUHDJD]XOXLGLQEXWHOLHvQDOWHUHFLSLHQWH

 ÌQWRWWLPSXOXWLOL] ULLEXWHOLLOHYRUIL LQXWHQXPDLvQSR]L LHYHUWLFDO I U DOLVHPRGLILFDSR]L LD
ÌQFKLGHUHDúLGHVFKLGHUHDURELQHWXOXLFXYHQWLOVHYDIDFHQXPDLFXPkQDOLEHU I U DIRORVLDOWHPLMORDFH
FKHLFOHúWLHWF
(VWHLQWHU]LV PRGLILFDUHDSR]L LHLEXWHOLHLSULQSULQGHUHGHUHJXODWRUXOGHSUHVLXQHVDXGHIXUWXQ

 3HWRDW GXUDWDFkWDSDUDWXOFRQVXPDWRUGH*3/HVWHvQIXQF LXQHDFHVWDYDILVXSUDYHJKHDWGDF 
LQVWUXF LXQLOHGHXWLOL]DUHDOHDSDUDWXOXLFRQVXPDWRUQXSUHY GDOWFHYD

 'DF vQWLPSXOIXQF LRQ ULLDSDUDWXOXLFRQVXPDWRUDSDUIO F ULODURELQHWXOEXWHOLHLUHJXODWRUXOGH
SUHVLXQHWXEVDXURELQHWHOHDSDUDWXOXLFRQVXPDWRUVHYDvQFKLGHLPHGLDWURELQHWXOEXWHOLHLVHYDVWLQJH
IRFXOFXRFkUS XPHG úLVHYDDQXQ DGHIHF LXQHDODVHUYLFLXOSHUPDQHQWGHUHFODPD LLGLQFDGUXODJHQ LORU
HFRQRPLFLSHQWUXXPSOHUHUHSDUDUHúLYHULILFDUHWHKQLF SHULRGLF DEXWHOLLORUSUHY ]XWODSFW
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,

 ÌQFD]XOvQFDUHvQvQF SHUHDXQGHVHDIO EXWHOLDVHVLPWHPLURVGHJD]VHYDFRQWURODURELQHWXO

EXWHOLHL úL VH YD vQFKLGH 6H YRU OXD P VXUL LPHGLDWH SHQWUX DHULVLUHD vQF SHULL úL VH YD DQXQ D LPHGLDW
VHUYLFLXO SHUPDQHQW GH UHFODPD LL GLQ FDGUXO DJHQ LORU HFRQRPLFL PHQ LRQD L OD SFW  ÌQ vQF SHUHD
UHVSHFWLY  HVWH LQWHU]LV D VH SURGXFH IO F UL SULQ DSULQGHUHD FKLEULWXULORU O PSLORU HWF VDX D VH DF LRQD
vQWUHUXSWRDUHHOHFWULFHVDXRULFHDOWHFKLSDPHQWJHQHUDWRUGHVFkQWHL

 6FKLPEDUHDEXWHOLLORUJRDOHFXXQHOHSOLQHVHYDIDFHQXPDLODFHQWUHVSHFLDOHGHGLVWULEXLUHSXQFWH
GH OXFUX DOH DJHQ LORU HFRQRPLFL DXWRUL]D L SHQWUX XPSOHUH UHSDUDUH úL YHULILFDUH WHKQLF  SHULRGLF  D
EXWHOLLORUVFRDWHUHGLQX]úLFDVDUHDXWRUL]D LúLSHQWUXGLVWULEXLUHVDXODDJHQ LHFRQRPLFLDXWRUL]D LGH
,6&,5,163(&7SHQWUXGLVWULEXLUH

 $JHQWXO HFRQRPLF DXWRUL]DW SHQWUX GLVWULEXLUH HVWH REOLJDW V  GLIX]H]H XWLOL]DWRULORU LQVWUXF LXQL
SHQWUXILHFDUHEXWHOLHFDUHV FXSULQG FHOSX LQSUHYHGHULOHPHQ LRQDWHODSXQFWHOH«úLV 
GHVI úRDUHRDFWLYLWDWHGHLQIRUPDUHDXWLOL]DWRULORUSULQPLMORDFHDGHFYDWH

3HUVRDQHOHMXULGLFHFDUHIRORVHVFEXWHOLLOHvQVFRSXULLQGXVWULDOHYRUvQWRFPLLQVWUXF LXQLSULYLQG
PRGXOGHXWLOL]DUHGHSR]LWDUHúLWUDQVSRUWDODFHVWRUD

 $JHQ LL HFRQRPLFL GH GLVWULEXLUH DX REOLJD LD GH D SULPL QXPDL EXWHOLL XPSOXWH FDUH DX HWLFKHWD
DWDúDW 

 $JHQ LL HFRQRPLFL DX REOLJD LD GH D SULPL EXWHOLLOH FX RULFH JUDG GH X]XU  FRUR]LXQH VDX
GHIRUPD LLFKLDUGDF YRUWUHEXLV ILHFDVDWH
 1HUHVSHFWHUHDDFHVWHLREOLJD LLHVWHXQPRWLYGHUHWUDJHUHDDXWRUL]D LHLGHIXQF LRQDUH


 $8725,=$5($ $*(1 ,/25 (&2120,&, $ 5(63216$%,/8/8, &8
6835$9(*+(5($/8&5 5,/25ù,$3(5621$/8/8,23(5$725

 $XWRUL]DUHDDJHQ LORUHFRQRPLFLúLDUHVSRQVDELOXOXLFXVXSUDYHJKHUHDOXFU ULORU56/

$JHQ LL HFRQRPLFLWUHEXLHV ILHDXWRUL]D LGH,6&,5,163(&7vQFRQIRUPLWDWHFXSUHYHGHULOH
DQH[HL(
ÌQ YHGHUHD DFRUG ULL DXWRUL]D LHL DJHQWXO HFRQRPLF HVWH REOLJDW V  vQWRFPHDVF  R GRFXPHQWD LH
WHKQLF SHQWUXDFWLYLW LOHSHQWUXFDUHVROLFLW DXWRUL]DUHD&RQ LQXWXOGRFXPHQWD LHLWHKQLFHHVWHFXSULQVvQ
DQH[D)$FHDVW GRFXPHQWD LHVHYDvQDLQWDOD,6&,5,163(&7
,6&,5,163(&7YHULILF GRFXPHQWD LDSUH]HQWDW GHDJHQWXOHFRQRPLFFDUHVROLFLW DXWRUL]DUHDúL
GHFLGHDVXSUDDFRUG ULLDXWRUL]D LHLFDUHYDILFRQIRUPPRGHOXOXLGLQDQH[D1
$XWRUL]D LLOHDFRUGDWHGH,6&,5,163(&7VXQWYDODELOHGRLDQLGHODGDWDHOLEHU ULL
,QYHGHUHDUHvQQRLULLDXWRUL]D LHLDJHQWXOHFRQRPLFYDGHSXQHOD,6&,5,163(&7FXFHOSX LQ
GH ]LOH FDOHQGDULVWLFH vQDLQWH GH H[SLUDUHD WHUPHQXOXL GH YDODELOLWDWH DO DXWRUL]D LHL R FHUHUH VFULV  GH
UHvQQRLUHDDFHVWHLD

 $XWRUL]DUHDSHUVRQDOXOXLRSHUDWRU

$XWRUL]DUHD GH F WUH ,6&,5,163(&7 D SHUVRQDOXOXL RSHUDWRU VH YD IDFH vQ FRQIRUPLWDWH FX
SUHYHGHULOHDQH[HL3

 ',632=, ,,),1$/(

 $JHQ LLHFRQRPLFLSHQWUXXPSOHUHUHSDUDUHúLYHULILFDUHWHKQLF SHULRGLF VFRDWHUHGLQX]úLFDVDUH
DEXWHOLLORUWUHEXLHV RUJDQL]H]HVHUYLFLLSHUPDQHQWHGLVSHFHUDWHGRWDWHFXWHOHIRDQHDOHF URUQXPHUHV 
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 

ILHDGXVHODFXQRúWLQ XWLOL]DWRULORUGHEXWHOLLSHQWUXSULPLUHDVHVL] ULORUSULYLQGGHIHF LXQLOHSURGXVHOD

DFHVWHDúLFDUH QX DX FRQGXV OD DYDULL VDX DFFLGHQWH/D DQXQ DUHD DFHVWRU GHIHF LXQL DJHQWXO HFRQRPLF
SHQWUX XPSOHUH UHSDUDUH YHULILFDUH WHKQLF  SHULRGLF  VFRDWHUH GLQ X] úL FDVDUH D EXWHOLLORU YD WULPLWH
LPHGLDWXQGHOHJDWSHQWUXDFRQVWDWDúLUHPHGLDGHIHF LXQLOHUHVSHFWLYH

ÌQFD]XOvQFDUHVHSURGXFDYDULLVDXDFFLGHQWHDJHQ LLHFRQRPLFLVXQWREOLJD LV DQXQ HLPHGLDW
SULQ ID[ VDX WHOHIRQLF ,6&,5,163(&7 ,7 vQ UD]D F UHLD VD SURGXV DYDULD VDX DFFLGHQWXO vQ VFRSXO
FHUFHW ULLFDX]HORU1HUHVSHFWDUHDDFHVWHLSUHYHGHULGXFHODUHWUDJHUHDDXWRUL]D LHLÌQFD]XODFFLGHQWHORUvQ
FDUHVDXSURGXVY W P ULVDXGHFHVXOXQRUSHUVRDQHDJHQWXOHFRQRPLFDUHREOLJD LDGHDDQXQ DLPHGLDW
,QVSHFWRUDWXOSHQWUXSURWHF LDPXQFLLúL3DUFKHWXO3URFXUDWXUD

 8WLOL]DWRUXO SUHFXP úL FRQGXFHUHD DJHQ LORUHFRQRPLFL SHQWUX XPSOHUHUHSDUDUHúLYHULILFDUH
WHKQLF SHULRGLF DEXWHOLLORUVXQWREOLJD LV LDP VXULFDVLWXD LDSURGXV GHDYDULHVDXvQWLPSXO
DFFLGHQWXOXL V  U PkQ  QHPRGLILFDW  SkQ  OD VRVLUHD LQVSHFWRUXOXL GH VSHFLDOLWDWH DO ,6&,5
,163(&7,7FXH[FHS LDFD]XOXLvQFDUHVLWXD LDUHVSHFWLY DUFRQVWLWXLXQSHULFROSHQWUXYLD DúL
V Q WDWHDSHUVRDQHORU

 3UH]HQWD SUHVFULS LH WHKQLF  VH DSOLF  vPSUHXQ  FX SUHYHGHULOH GLQ OHJLVOD LD vQ YLJRDUH SULYLQG
SUHYHQLUHD úL VWLQJHUHD LQFHQGLLORU SURWHF LD PXQFLL SURWHF LD FRQVXPDWRULORU SURWHF LD PHGLXOXL HWF ÌQ
FD]XO vQ FDUH H[LVW  SUHYHGHUL DOH GLIHULWHORU IRUXUL FDUH VH UHIHU  OD DFHODúL VXELHFW VH YRU DSOLFD DFHOH
SUHYHGHULFDUHFRQGXFODRPDLPDUHVLJXUDQ vQXWLOL]DUHDEXWHOLLORU

 ,6&,5,163(&7DUHGUHSWXOV FRQWUROH]HRULGHFkWHRULFRQVLGHU QHFHVDUPRGXOGHHIHFWXDUHD
YHULILF ULLWHKQLFHSHULRGLFHXPSOHULLUHSDU ULLWUDQVSRUWXOXLGLVWULEXLULLPDQLSXO ULLúLXWLOL] ULLEXWHOLLORU
vQFKHLQGSURFHVHYHUEDOH'LVSR]L LLOHvQVFULVHvQSURFHVHOHYHUEDOHVXQWREOLJDWRULL,6&,5,163(&7DUH
GUHSWXOV FHDU LDUDJHQ LLHFRQRPLFLVXQWREOLJD LV SXQ ODGLVSR]L LHWRDWHGDWHOHúLLQIRUPD LLOHQHFHVDUH
SUHFXPúLXWLODMXOHFKLSDPHQWXOúLSHUVRQDOXOQHFHVDUHIHFWX ULLYHULILF ULORUÌQXUPDDFWLYLW LORUHIHFWXDWH
OD DJHQ LL HFRQRPLFL GH F WUH ,6&,5,163(&7 VH YRU vQWRFPL SURFHVHYHUEDOH úL VH YRU DSOLFD WDULIH
FRQIRUPHSUHYHGHULORUSUHVFULS LLORU,6&,5vQYLJRDUH

 8PSOHUHD EXWHOLLORU FDUH SUH]LQW  QHFRQIRUPLW LOH PHQ LRQDWH vQ DQH[D % VDX DX VFDGHQ D GH
YHULILFDUHWHKQLF SHULRGLF GHS úLW GXFHODUHWUDJHUHDDXWRUL]D LHLDFRUGDWHDJHQWXOXLHFRQRPLF
8WLOL]DUHDGHSHUVRQDOQHDXWRUL]DWGHF WUH,6&,5,163(&7SHQWUXDFWLYLW LOHPHQ LRQDWHvQDQH[D
3GXFHODUHWUDJHUHDDXWRUL]D LHLDFRUGDWHDJHQWXOXLHFRQRPLF
1HUDSRUWDUHDODWHUPHQDVLWXD LHLFRQIRUPDQH[HL.VDXIXUQL]DUHDGHGDWHIDOVHVDXLQFRPSOHWH
SRDWHGXFHODUHWUDJHUHDDXWRUL]D LHLDFRUGDWHDJHQWXOXLHFRQRPLF

 1HUHVSHFWDUHDSUHYHGHULORUSUH]HQWHLSUHVFULS LLWHKQLFHDWUDJHGXS VLQHvQFRQGL LLOHSUHY ]XWHGH
OHJHVDQF LXQLFRQWUDYHQ LRQDOHPHUJkQGSkQ ODUHWUDJHUHDDXWRUL]D LHLDFRUGDWH

 3UHYHGHULOHSUH]HQWHLSUHVFULS LLWHKQLFHLQWU vQYLJRDUHODGDWDSXEOLF ULLvQ0RQLWRUXO2ILFLDODO
5RPkQLHL3DUWHD,

 /D GDWD LQWU ULL vQ YLJRDUH D SUH]HQWHL SUHVFULS LL WHKQLFH ³3UHVFULS LL WHKQLFH SHQWUX SURLHFWDUHD
H[HFX LDUHSDUDUHDvQF UDUHDXWLOL]DUHDYHULILFDUHDúLVFRDWHUHDGLQX]DUHFLSLHQWHORUEXWHOLLFXFDSDFLWDWH
GHSkQ ODGHOLWULSHQWUXEXWDQDUDJD]&´vúLvQFHWHD] YDODELOLWDWHD

 2ULFHDOWHGLVSR]L LLFRQWUDUHSUHYHGHULORUSUH]HQWHLSUHVFULS LLWHKQLFHvúLvQFHWHD] YDODELOLWDWHD

 8WLOL]DWRULLSUH]HQWHLSUHVFULS LLWHKQLFHVXQWREOLJD LV VHDVLJXUHF VXQWvQSRVHVLDXOWLPHLHGL LLúL
DWXWXURUPRGLILF ULORUDS UXWHGXS SXEOLFDUH

 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$$

6WDQGDUGHúLQRUPDWLYH


65 *D]SHWUROLHUOLFKHILDW&RQGL LLúLPHWRGHGHvQFHUFDUH
65 %XWHOLLSHQWUXJD]SHWUROLHUOLFKHILDWFXFDSDFLWDWHDGHOLWUL
67$6 3URGXVHSHWUROLHUH&RPEXVWLELOOLFKLGSHQWUXX]QHLQGXVWULDOWLS
3úLWLS0
67$6 &XORULúLLQGLFDWRDUHGHVHFXULWDWH&RQGL LLWHKQLFHJHQHUDOH
67$6 &XORULúLLQGLFDWRDUHGHVHFXULWDWH5HSUH]HQW UL
67$6 5RELQHWSHQWUXEXWHOLLGHJD]SHWUROLHUOLFKHILDW
67$6 7XEXULGHFDXFLXF7XESHQWUXJD]SHWUROLHUOLFKHILDW
67$6 ,QVWDOD LLúLHFKLSDPHQWHHOHFWULFHvQ]RQHFXSHULFROGHH[SOR]LH
GDWRULW JD]HORUúLOLFKLGHORULQIODPDELOH3UHVFULS LLGHSURLHFWDUH
úLPRQWDUH
67$6 &ROLHUHGHVWUkQJHUH
65 (1   3URGXVHPHWDOLFH7LSXULGHGRFXPHQWHGHLQVSHF LH
$
65,62 9RSVHOHúLODFXULÌQFHUFDUHDODFDURLDM
65,62 9RSVHOHúLODFXUL'HWHUPLQDUHDJURVLPLLSHOLFXOHL
65,62 %XWHOLLSHQWUXJD]VXGDWHGHR HOUHvQF UFDELOH
, 1RUPDWLY SHQWUX H[SORDWDUHD úL vQWUH LQHUHD LQVWDOD LLORU GH
XWLOL]DUHD*3/DUDJD]
1'30 1RUPH GHSDUWDPHQWDOH GH SURWHF LD PXQFLL vQ 0LQLVWHUXO
0,&K ,QGXVWULHL&KLPLFH
1'36, 1RUPHGHSDUWDPHQWDOHGHSUHYHQLUHúLVWLQJHUHDLQFHQGLLORUGLQ
0,&K UDPXUDLQGXVWULHLFKLPLFHúLSHWURFKLPLFH
13&,&K 1RUPDWLYGHSDUWDPHQWDOGHSURLHFWDUHúLH[HFX LHDFRQVWUXF LLORU
úL LQVWDOD LLORU GLQ SXQFW GH YHGHUH DO SUHYHQLULL LQFHQGLLORU vQ
LQGXVWULDFKLPLF 
13 1RUPDWLY SHQWUX SURLHFWDUHD H[HFX LD H[SORDWDUHD úL
SRVWXWLOL]DUHD SXQFWHORU GH GHVIDFHUH D EXWHOLLORU FX *3/ OD
FRQVXPDWRUL
3 1RUPHWHKQLFHGHSURLHFWDUHúLUHDOL]DUHDFRQVWUXF LLORUSULYLQG
SURWHF LDODDF LXQHDIRFXOXL














 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


$1(;$%


7DEHOFXQHFRQIRUPLW LFDUHLPSXQFDVDUHDEXWHOLLORU

'HIHFWH 'HVFULHUH
'HIHFWHGHQDWXU IL]LF 
'DF vQFHOSX LQXQSXQFWJURVLPHDP VXUDW YDILLQIHULRDU YDORULLPLQLPHDGPLVHSULQSURLHFWVDX6PLQ
'HIRUPD LLSHUPDQHQWHORFDOH± 8PIO WXULYL]LELOHSHFRUSXOEXWHOLHLFDUHGHS úHVFGLQGLDPHWUXO
XPIO WXUL H[WHULRUQRPLQDODOEXWHOLHL
'HIRUPD LLSHUPDQHQWHORFDOH± ÌQIXQG WXULvQFRUSXOEXWHOLHLFDUHQXVXQWQLFLS WUXQVHúLQLFLXPIODWHúL
vQIXQG WXULDGkQFLWXUL FDUHQXGHS úHVFGLQGLDPHWUXOH[WHULRUQRPLQDODOEXWHOLHLGDUD
F URUDGkQFLPHGHS úHúWHóGLQvQWLQGHUHDVD
&UHVW WXULVDXUL]XUL $VSHFWFXGHSODVDUHVDXUDQIRUVDUHGLQPDWHULDOXOFRUSXOXLEXWHOLHLFkQG
JURVLPHDGHSHUHWHU PDV GXS FUHVWDUHVDXUL]HVWHHJDO FX6PLQ  

&UHVW WXULVDXUL]XULvQFUXFLúDWH ,QWHUVHF LDDGRX VDXPDLPXOWHFUHVW WXULVDXUL]XUL

'HIRUPD LLSHUPDQHQWHORFDOH± ,QIXQGDUHvQFRUSXOEXWHOLHLFXFUHVW WXULVDXUL]XUL
vQIXQG WXULDGkQFLWXUL
FRPELQDWHFXFUHVW WXULVDXUL]XUL
'HIRUPD LLSHUPDQHQWHXQLIRUPH &UHúWHUHDXQLIRUP DGLDPHWUXOXLEXWHOLHLFXSHVWHGLQGLDPHWUXO
SHWRDWHVXSUDID DFLUFXODU D
EXWHOLHL
)LVXUL
6XSUDSXQHULGHPDWHULDO
&LXSLWXULL]RODWH
H[WHULRUQRPLQDODOEXWHOLHL
)LVXU VDXFU S WXU vQFRUSXOEXWHOLHL
'HIHFWFHVHSRDWHFRQIXQGDFXRILVXU 
'HIHFWHSURGXVHGHFRUR]LXQH
&RUR]LXQLSXQFWLIRUPHL]RODWHvQFRUSXOEXWHOLHLFXRFRQFHQWUD LHPDL
PDUHGHRFLXSLWXU FP FkQGDGkQFLPHDFRUR]LXQLLUHGXFH


JURVLPHDODRYDORDUHHJDO FX6PLQ  

3O JLGHFRUR]LXQH 5HGXFHUHDJURVLPLLSHUHWHOXLSHRVXSUDID FDUHQXGHS úHúWHGLQ

VXSUDID DEXWHOLHLFkQGJURVLPHDP VXUDW SHQWUXRULFDUHSODJ 
FRURGDW HVWHHJDO FX6PLQ  

&RUR]LXQHJHQHUDOL]DW  5HGXFHUHDJURVLPLLSHUHWHOXLSHRVXSUDID FDUHGHS úHúWHGLQ

VXSUDID DEXWHOLHLGDF JURVLPHDP VXUDW HVWHHJDO FX6PLQ  

&LXSLWXULvQODQ VDXFRUR]LXQH ùLUGHSXQFWHVDXFDYLW LDPSODVDWHORQJLWXGLQDOVDXFLUFXPIHUHQ LDO

OLQLDU  FkQGOXQJLPHDWRWDO PDVXUDW VXSXV FRUR]LXQLLGHS úHúWH
FLUFXPIHULQ DEXWHOLHLúLJURVLPHDP VXUDW HVWHHJDO FX6PLQ  

&RUR]LXQHILVXUDQW  &RUR]LXQHDVRFLDW VDXORFDOL]DW vQLPHGLDWDYHFLQ WDWHDFRUGRDQHORU

GHVXGXU FkQGJURVLPHDP VXUDW HVWHHJDO FX6PLQ  

'HWHULRUDUHSULQIRF
$UVXULORFDOHúLVDXJHQHUDOL]DWH $UVXULGHFDUEXU ULGHPDWHULDOGHIRUPD LLORFDOHSURGXVHSULQIRF
WRSLWXULORFDOHVWURSLGHPHWDOGHVXGDUH
$OWHGHWHULRU ULORFDOH ÌQF O]LUHDORFDO H[FHVLY FDUHDSURGXV
DUGHUHDYRSVHOHL
YRSVHDDIXPDW GDF VWUDWXOGHYRSVHDU PDVvúLSLHUGHDGHUHQ D
FRQWRUVLXQL
WRSLUHDUHSHUHORUPHWDOLFHDOHRUJDQHORUGHvQFKLGHUH




 6PLQ 'PPFXFRQGL LDFDDFHDVW YDORDUHV QXILHPDLPLF GHPP

 'GLDPHWUXOXLH[WHULRUQRPLQDODOEXWHOLHLvQPP
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


$1(;$%VIkUúLW

'HIHFWH 'HVFULHUH
,QVFULS LRQ UL
/LSVDDFHOSX LQXQHL VLJODDJHQWXOXLHFRQRPLFFRQVWUXFWRU
LQVFULS LRQ ULGLQXUP WRDUHOH QXP UXOúLDQXOIDEULFD LHL
PDVDEXWHOLHLFXURELQHWFXYHQWLOVDXVXSDS I U FDSDFGHSURWHF LHvQ
NJ
FDSDFLWDWHDEXWHOLHLvQOLWUL
SUHVLXQHDGHvQFHUFDUHKLGUDXOLF vQ03DEDU




$1(;$&

3ODQSHQWUXP VXUDUHDFXXOWUDVXQHWHDJURVLPLLSHUHWHOXLEXWHOLHL


'
 
 6HP VRDU JURVLPHDSHUHWHOXL
  FDORWHLVXSHULRDUHFDSDFXOVXSHULRU
  FDORWHLLQIHULRDUHFDSDFXOLQIHULRU
  S U LLFLOLQGULFH
 3XQFWHOHGHP VXUDUHVXQW
   SHQWUXFDSDFXOVXSHULRU
 x vQ GRX  SXQFWH HFKLGLVWDQWH SH XQ FHUF FX
 GLDPHWUXO' ['H[W
       SHQWUXFDSDFXOLQIHULRU

       x vQFHQWUXOFDSDFXOXL

       x vQ GRX  SXQFWH HFKLGLVWDQWH SH XQ FHUF FX
       GLDPHWUXOPD[LPDFFHVLELO'
 
        SHQWUXSDUWHDFLOLQGULF
 
       x SH GRX  JHQHUDWRDUH
  HFKLGLVWDQWH
  XQXO SH
 SDUWHD
       VXSHULRDU
 úLXQXOSHSDUWHDLQIHULRDU 
        
 



 '
     
 'H[W

    

        
,QPRGREOLJDWRULXVHYDP VXUDJURVLPHDSHUHWHOXLvQ]RQHOHFXGHIHFWHDVHYHGHDDQH[D%



 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


$1(;$'
  
$JHQWXOHFRQRPLF'HQXPLUH««««««««««««$GUHV «««««««««««««
/DERUDWRU 'HQXPLUH«««««««««««««$GUHV «««««««««««««
  1XP UDXWRUL]D LH,6&,5«««««««'DWDODFDUHH[SLU «««««««


%8/(7,1'((;$0,1$5(86*526,0,
   1U«««««««««GDWD«««««««««

%HQHILFLDU«««««««««««««««««««««««««««««««««««
'HQXPLUHDSURGXVXOXL««««««««««««««««««««««««««««««
6XEDQVDPEOX««««««««««««««««««««««««««««««««««
1UIDEULFD LH«««««««««««««««««««««««««««««««««
&RQVWUXLWvQDQXO«««««««««««««««««««««««««««««««««
&RQIRUPFRPHQ]LLLQWHUQHQU««««««««««««««««««««««««««««


*URVLPHDPDWHULDOXOXLFRQIRUPGRFXPHQWD LHLWHKQLFH«««««««««««««««««
0DWHULDO«««««««««GLDPHWUXOHOHPHQWXOXL«««««««««««««««««
&RQGL LLGHH[FXWDUHDH[DPLQ ULL
$SDUDWXOIRORVLW«««««««««6HULD«««««««««««««««««««
'RPHQLXOGHOXFUXPP«««««$PSOLILFDUHG%GXS FD]««««««««««
9LWH]DXOWUDVRQLF «««««««« 7LSFXSODQW««««««««««««««««
)UHFYHQ D0+]«««««««« 7LSWUDGXFWRU««««««««««««««««
'RPHQLXOWUDGXFWRUXOXL««««««7LSHWDORQ«««««««««««««««««

0RGXOGHFLWLUHDJURVLPLL««««««««««««««««««««««««««««

([DPLQDUHD VD HIHFWXDW vQ FRQIRUPLWDWH FX SUHYHGHULOH SUHVFULS LLORU WHKQLFH &ROHF LD ,6&,5 vQ
GRPHQLX


6FKL DHOHPHQWXOXLP VXUDWFXLQGLFDUHDSXQFWHORUvQFDUHVDXHIHFWXDWP VXU WRULOHGHJURVLPHFX86
úLYDORULOHRE LQXWHVXQWDQH[DWHODSUH]HQWXOEXOHWLQFDUHFRQ LQHXQQXP UGH«««««ILOH
2EVHUYD LL
««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««


23(5$725 15$8725,=$ ,((;3,5 /$  '$7$  6(01 785$



     ù()/$%25$725(1'





(1'±([DPLQ ULQHGLVWUXFWLYH


  021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$(

$XWRUL]DUHDDJHQ LORUHFRQRPLFLSHQWUXHIHFWXDUHDDFWLYLW LORUGHXPSOHUHUHSDUDUHYHULILFDUH
WHKQLF SHULRGLF VFRDWHUHGLQX]FDVDUHWUDQVSRUWúLGLVWULEXLUHDEXWHOLLORUFXFDSDFLWDWHDSkQ OD
OLWULSHQWUX*3/úLDXWRUL]DUHDUHVSRQVDELOXOXLFXVXSUDYHJKHUHDOXFU ULORU56/

( $XWRUL]DUHDDJHQWLORUHFRQRPLFL

( ÌQYHGHUHDDFRUG ULLDXWRUL]D LHLDJHQWXOHFRQRPLFFDUHVROLFLW DXWRUL]DUHDYDvQDLQWDOD,6&,5
,163(&7RGRFXPHQWD LHWHKQLF vQWRFPLW FRQIRUPSUHYHGHULORUDQH[HL)

( ÌQFD]XOvQGHSOLQLULLFRQGL LLORUGHDXWRUL]DUHSUHY ]XWHvQSUHVFULS LDWHKQLF ,6&,5,163(&7YD
HOLEHUDDXWRUL]D LDvQWRFPLW FRQIRUPPRGHOXOXLGLQDQH[D1

( 2EOLJD LLOHúLU VSXQGHULOHDJHQ LORUHFRQRPLFLDXWRUL]D LVXQWXUP WRDUHOH

D V  GHVI úRDUH DFWLYLW LOH DXWRUL]DWH FRQIRUP SURFHGXULORU GH OXFUX úL SUHYHGHULORU SUHVFULS LHL
WHKQLFH

E V vQWRFPHDVF úLV GLIX]H]HLQVWUXF LXQLGHXWLOL]DUHSHQWUXILHFDUHEXWHOLH

F SHQWUXDFWLYLW LOHGHXPSOHUHUHSDUDUHYHULILFDUHODVFDGHQ VFRDWHUHGLQX]úLFDVDUHSUHFXPúL
SHQWUXDFWLYLW LOHGHWUDQVSRUWDJHQ LLHFRQRPLFLVXQWREOLJD LV QXPHDVF UHVSRQVDELOFXVXSUDYHJKHUHD
OXFU ULORU56/

G SHQWUXDFWLYLW LOHGHGLVWULEXLUHDJHQ LLHFRQRPLFLVXQWREOLJD LV DLE DQJDMDWSHUVRQDORSHUDWRU
DXWRUL]DWQHILLQGQHFHVDU56/

H V  IRORVHDVF  OD DFWLYLW LOH GH XPSOHUH WUDQVSRUW úL GLVWULEX LH SHUVRQDO LQVWUXLW úL DXWRUL]DW GH
,6&,5,163(&7

I V  GH LQ  SUHVFULS LLOH WHKQLFH &ROHF LD ,6&,5 VSHFLILFH GRPHQLXOXL GH DFWLYLW L SHQWUX FDUH
VROLFLW DXWRUL]DUHD

 J V vQWRFPHDVF úLV  LQ OD]LUHJLVWUHGHHYLGHQ SHQWUXILHFDUHFDWHJRULHGHDFWLYLW LSHQWUXFDUHD
IRVWDXWRUL]DW

K V  LD P VXUL FRUHVSXQ] WRDUH DVWIHO FD UHVSRQVDELOXO FX VXSUDYHJKHUHD OXFU ULORU DXWRUL]DW GH
,6&,5,163(&7V vúLSRDW vQGHSOLQLvQEXQHFRQGL LLVDUFLQLOHSUHY ]XWH

L V FRPXQLFHvQVFULVvQWHUPHQGH]LOHOD,6&,5,163(&7RULFHVFKLPEDUHDUHVSRQVDELOXOXL
FX VXSUDYHJKHUHD OXFU ULORU úL V  R GHILQLWLYH]H QXPDL GXS  FRQILUPDUHD DFHVWXLD GH ,6&,5,163(&7
SkQ  OD GHILQLWLYDUHD VFKLPE ULL SHUVRQDOXOXL WHKQLF UHVSHFWLY QX VH YRU SXWHD HIHFWXD DFWLYLW L FDUH IDF
RELHFWXODXWRUL]D LHL

M V WUDQVPLW OXQDUSkQ ODGDWDGHDOXQLLOD,6&,5,163(&7úLVSUHúWLLQ OD,6&,5,163(&7
,7GLQ]RQDGHDFWLYLWDWHvQFDUHDJHQWXOHFRQRPLFvúLDUHVHGLXOUDSRUWDUHDSHQWUXOXQDDQWHULRDU SULYLQG
x DFWLYLWDWHDGHYHULILFDUHWHKQLF SHULRGLF 
x DFWLYLWDWHDGHXPSOHUHEXWHOLL

 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$(VIkUúLW


N V WUDQVPLW OD,6&,5,163(&7úLVSUHúWLLQ OD,6&,5,163(&7,7GLQ]RQDGHDFWLYLWDWHvQFDUH
DJHQWXOHFRQRPLFvúLDUHVHGLXORFRSLHDSURFHVHORUYHUEDOHGHFDVDUHDEXWHOLLORU

O V LPSOHPHQWH]H6LVWHPXOGH0DQDJHPHQWDO&DOLW LL


( $XWRUL]DUHDUHVSRQVDELOXOXLFXVXSUDYHJKHUHDOXFU ULORU56/

( 5HVSRQVDELOXO FX VXSUDYHJKHUHD OXFU ULORU DO DJHQWXOXL HFRQRPLF DXWRUL]DW GH ,6&,5,163(&7
HVWHQRPLQDOL]DWvQDXWRUL]D DHOLEHUDW DJHQWXOXLHFRQRPLFUHVSHFWLYFRQIRUPSUHYHGHULORUSFW(

( 3HQWUXDILDXWRUL]DW56/YDVXV LQHXQH[DPHQOD,6&,5,163(&7,7

( 2EOLJD LLOHúLU VSXQGHULOHUHVSRQVDELOXOXLFXVXSUDYHJKHUHDOXFU ULORU56/VXQWXUP WRDUHOH

D V  FXQRDVF  OHJLVOD LD vQ GRPHQLX SUHVFULS LLOH WHKQLFH VSHFLILFH &ROHF LD ,6&,5 VWDQGDUGHOH úL
QRUPDWLYHOHvQYLJRDUHSULYLQGDFWLYLWDWHDSHQWUXFDUHDIRVWDXWRUL]DW

E V vQFKHLHGRFXPHQWHGHYHULILFDUHvQFDUHV FRQVHPQH]HFRQVWDW ULOHúLUH]XOWDWHOHYHULILF ULORUúL
H[DPLQ ULORU
   GHFODUD LDGHFRQIRUPLWDWHSHQWUXUHSDUDUHúLYHULILFDUHWHKQLF SHULRGLF 
   GHFODUD LDGHFRQIRUPLWDWHSHQWUXXPSOHUH

F V  DSOLFH vQ FD]XULOH SUHY ]XWH GH SUHVFULS LD WHKQLF  SRDQVRQXO GH YHULILFDUH SH EXWHOLLOH
YHULILFDWH

G V VHPQH]H UHJLVWUHOH GH HYLGHQ  D DFWLYLW LORU H[HFXWDWH OD DJHQWXO HFRQRPLFúLV  XUP UHDVF 
LQHUHDDFHVWRUDOD]LFDUHVXQW
    UHJLVWUXOSULYLQGYHULILFDUHDWHKQLF SHULRGLF DEXWHOLLORU
    UHJLVWUXOSULYLQGXPSOHUHDEXWHOLLORU
   UHJLVWUXOSHQWUXHYLGHQ DEXWHOLLORUUHSDUDWH

H V VHPQH]HUDSRUWDUHDOXQDU SULYLQGVLWXD LDXPSOHULLEXWHOLLORU

I V SDUWLFLSHODLQVWUXLULOHSHULRGLFHRUJDQL]DWHGH,6&,5












 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,




$1(;$)

'RFXPHQWHQHFHVDUHDXWRUL] ULLUHDXWRUL] ULLDJHQ LORUHFRQRPLFL
SHQWUXHIHFWXDUHDDFWLYLW LORUGHXPSOHUHUHSDUDUHYHULILFDUHWHKQLF SHULRGLF VFRDWHUHGLQX]
FDVDUHWUDQVSRUWúLGLVWULEXLUHDEXWHOLLORUSHQWUXJD]HSHWUROLHUHOLFKHILDWH

  $GUHV GHVROLFLWDUHvQFDUHWUHEXLHV SUHFL]H]H
 GRPHQLXOGHDFWLYLWDWHSHQWUXFDUHVROLFLW DXWRUL]DUHD
 GDWHOHVRFLHW LLDGUHV WHOHIRQID[FRQWEDQFD
  6WDWXWXO DFWXO FRQVWLWXWLY DJHQWXOXL HFRQRPLF DFWXDOL]DW OD ]L vQ FDUH V  ILH SUHFL]DW H[SOLFLW
GRPHQLXOGHDFWLYLWDWHLQFOXVLYFRGXO&$(1DIHUHQWSHQWUXFDUHVROLFLW DXWRUL]DUHDFRSLH
  &HUWLILFDWXOGHvQPDWULFXODUHDODJHQWXOXLHFRQRPLFOD5HJLVWUXO&RPHU XOXLFRSLH
  &HUWLILFDWXOGHvQUHJLVWUDUHILVFDOVDX&RGXQLFGHvQUHJLVWUDUHDODJHQWXOXLHFRQRPLF
FRSLH
  3URFHGXUDSULYLQGPRGXOGHHIHFWXDUHDDFWLYLW LLVROLFLWDWHVFRSGRPHQLXGHDSOLFDUHGRFXPHQWH
GHUHIHULQ GHILQL LLúLDEUHYLHULUHVSRQVDELOLW LGHVFULHUHDFWLYLW LvQUHJLVWU UL
  'RFXPHQWD LDWHKQLF DLQVWDOD LHLGHXPSOHUHVFKHP IXQF LRQDO DYL]DW GH,6&,5,163(&7
VDXGHXQDJHQWHFRQRPLFGHSURLHFWDUHDXWRUL]DWGH,6&,5,163(&7SHED] GHvPSXWHUQLFLUH
  3ODQXOGHDPSODVDUHDDJHQWXOXLHFRQRPLFúLSODQXOGH]RQDUH(;DYL]DWHGH,6&,5,163(&7
  /LVW  FRPSOHW  FX GRW ULOH XWLODMHOH VFXOHOH GLVSR]LWLYHOH úL DSDUDWHOH GH P VXUDUH úL FRQWURO
XWLOL]DWHODDFWLYLW LOHVROLFLWDWHFXDFWHGRYHGLWRDUHGHSURYHQLHQ GLQFDUHV UH]XOWHSURSULHWDWHD
  %XOHWLQH GH YHULILF UL PHWURORJLFH SHQWUX WRDWH DSDUDWHOH GH P VXUDUH úL FRQWURO XWLOL]DWH OD
DFWLYLWDWHDGHXPSOHUHUHSDUDUHúLYHULILFDUHWHKQLF SHULRGLF DEXWHOLLORU
'HFL]LLOH GH QXPLUH D SHUVRQDOXOXL SURSXV SHQWUX DXWRUL]DUH FD UHVSRQVDELO FX VXSUDYHJKHUHD
OXFU ULORUHPLVHGHFRQGXFHUHDDJHQWXOXLHFRQRPLFFRQIRUPPRGHOXOXLGLQDQH[D*vQRULJLQDO
3HUVRQDOXOSURSXVSHQWUX56/QXWUHEXLHV DLE IXQF LLGHFRQGXFHUH
 &XUULFXOXPYLWDHDOSHUVRQDOXOXLSURSXVSHQWUXDXWRUL]DUHQXPDLSHQWUX56/VHPQDWvQRULJLQDO
 'LSORPHOHGHDEVROYLUHHPLVHGHXQLW LOHGHvQY PkQWDOHSHUVRQDOXOXLSURSXVSHQWUXDXWRUL]DUH
FDUHVSRQVDELOFXVXSUDYHJKHUHDOXFU ULORUFRSLL
 & U LOH GH PXQF  DOH SHUVRQDOXOXL SURSXV SHQWUX DXWRUL]DUH FD UHVSRQVDELO FX VXSUDYHJKHUHD
OXFU ULORUGLQFDUHV UHLDV F DFHVWDHVWHDQJDMDWXODJHQWXOXLHFRQRPLFFRSLLLQWHJUDOOHJDOL]DWH
 /LVWD FRPSOHW  FX SHUVRQDOXO RSHUDWRU DO DJHQWXOXL HFRQRPLF VXE IRUP  GH WDEHO FDUH YD
FXSULQGH QXPHOH úL SUHQXPHOH IXQF LD PHVHULD DFWLYLWDWHD SH FDUH R HIHFWXHD]  úL SXQFWXO GH
OXFUX
$XWRUL]D LLOHGHIXQF LRQDUHRE LQXWHGHDJHQWXOHFRQRPLFGHODXUP WRDUHOHLQVWLWX LLvQFRQGL LLOH
GHPDLMRV
REOLJDWRULX
   D0LQLVWHUXOGH,QWHUQH,QVSHFWRUDWXO*HQHUDODO&RUSXOXL3RPSLHULORU0LOLWDUL
  E0LQLVWHUXO/XFU ULORU3XEOLFH7UDQVSRUWXOXLúL/RFXLQ HL
 vQWHUPHQGHGH]LOHGHODHOLEHUDUHDDXWRUL]D LHL,6&,5SHQWUXDJHQ LLHFRQRPLFLFDUHVH
DXWRUL]HD] úLREOLJDWRULXSHQWUXDJHQ LLHFRQRPLFLFDUHVHUHDXWRUL]HD] 
 F0LQLVWHUXO$SHORU3 GXULORUúL3URWHF LHL0HGLXOXL
 G,16(0(;
 H0LQLVWHUXO0XQFLLúL6ROLGDULW LL6RFLDOH
 I0LQLVWHUXO6 Q W LLúL)DPLOLHL
$XWRUL]D LDHOLEHUDW GH,6&,5,163(&7SHQWUXODERUDWRUXOGHFRQWUROQHGLVWUXFWLYúLFRQWUDFWXOGH
FRODERUDUHFXDFHVWODERUDWRUFRSLH


 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$)VIkUúLW

  3HQWUXDXWRUL]DUHDDFWLYLW LORUGHXPSOHUHUHSDUDUHYHULILFDUHWHKQLF SHULRGLF VFRDWHUHGLQX]úL
FDVDUHVXQWQHFHVDUHGRFXPHQWHOHGHODSFW
  3HQWUXDXWRUL]DUHDDFWLYLW LORUGHUHSDUDUHYHULILFDUHWHKQLF SHULRGLF VFRDWHUHGLQX]úLFDVDUH
VXQWQHFHVDUHGRFXPHQWHOHGHODSFW
  3HQWUXDXWRUL]DUHDDFWLYLW LORUGHWUDQVSRUWVXQWQHFHVDUH
     GRFXPHQWHOHGHODSFW
     GRFXPHQWHGRYHGLWRDUHF PLMORDFHOHGHWUDQVSRUWGH LQXWHVXQWDSWHSHQWUXWUDQVSRUWXO
EXWHOLLORU
  3HQWUXDXWRUL]DUHDDFWLYLW LORUGHGLVWULEXLUHVXQWQHFHVDUHGRFXPHQWHOHGHOD
SFWOLWD






































 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$*



'HFL]LHSHQWUXQXPLUHDUHVSRQVDELOXOXLFXVXSUDYHJKHUHDOXFU ULORU56/


$17(78/$*(178/8,(&2120,&    


'(&,=,(
1UGLQ


 $JHQWXOHFRQRPLF UHSUH]HQWDWSULQ


PDQDJHUGLUHFWRU

  $YkQGvQYHGHUHOHJLVOD LDFXSULYLUHODXWLOL]DUHDvQFRQGL LLGHVHFXULWDWHDEXWHOLLORUSULQ
FDUH DJHQ LL HFRQRPLFL FDUH GH LQ úL XWLOL]HD]  DFHVWH EXWHOLL VXQW REOLJD L V  QXPHDVF  SHUVRQDO
WHKQLF GH VSHFLDOLWDWH LQJLQHUL VXELQJLQHUL PDLúWUL VDX WHKQLFLHQL GH VSHFLDOLWDWH SHQWUX
DFWLYLWDWHD GH D EXWHOLLORU FDUH V  ILH
DXWRUL]DWGH,6&,5,163(&7vQYHGHUHDDSOLF ULLSUHYHGHULORUSUHVFULS LHLWHKQLFH37&
  
'(&,'(

   'XO 'QD GH VSHFLDOLWDWHDYkQG IXQF LD GH
 vQFHSkQG FX GDWD GHVH QXPHúWH UHVSRQVDELO FX VXSUDYHJKHUHD
OXFU ULORU GH D EXWHOLLORU GLQ FDGUXO
««««««««««XUPkQGDILDXWRUL]DWGH,6&,5,163(&7
  5HVSRQVDELOXOFXVXSUDYHJKHUHDOXFU ULORUGHD
EXWHOLLORU HVWH REOLJDW V  FXQRDVF  úL V  DSOLFH vQWRFPDL SUHYHGHULOH OHJLVOD LHL vQ YLJRDUH úL DOH
SUHVFULS LHLWHKQLFH37&VDUFLQLOHOXLILLQGFHOHFDUHUH]XOW GLQSUHVFULS LDWHKQLF 37&
   $FWLYLWDWHD UHVSRQVDELOXOXL FX VXSUDYHJKHUHD OXFU ULORU GH
D EXWHOLLORU YD IL FRRUGRQDW  úL vQGUXPDW 
GLQSDUWHDFRQGXFHULLGHFDUHU VSXQGHvPSUHXQ FXDFHVWDGHOXDUHD
P VXULORUSHQWUXDSOLFDUHDSUHYHGHULORUOHJLVOD LHLvQYLJRDUHúLDOHSUHVFULS LHLWHKQLFH37&
   ÌQF OFDUHD REOLJD LLORU SUHY ]XWH vQ SUHVFULS LD WHKQLF  37 &  DWUDJH GXS  FD]
U VSXQGHUHDGLVFLSOLQDU PDWHULDO FLYLO VDXSHQDO DFHORUYLQRYD L
   3UH]HQWD GHFL]LH DQXOHD]  GHFL]LD DQWHULRDU  QU ««««« GLQ «««« úL
GHYLQHGHILQLWLY GXS DXWRUL]DUHDUHVSRQVDELOXOXLGHF WUH,6&,5,163(&7



  0$1$*(5     2),&,8/-85,',&
  1XPHOHúLSUHQXPHOH    1XPHOHúLSUHQXPHOH
  6HPQ WXUDúLúWDPSLOD     6HPQ WXUD
 

 'DWD



 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$+


'(&/$5$ ,('(&21)250,7$7( 

SHQWUXUHSDUDUHYHULILFDUHWHKQLF SHULRGLF 

1U'DWD
$JHQWXOHFRQRPLF«««
$GUHVD«««
1UGHvQPDWULFXODUHOD5HJLVWUXO&RPHU XOXL««««
'HFODU PSHSURSULHU VSXQGHUHF DPUHSDUDWYHULILFDWWHKQLFSHULRGLFXQQUGH««EXF
UHFLSLHQWHEXWHOLLGHOLWULSHQWUX«««FRQIRUPSUHVFULS LHLWHKQLFH37
&&ROHF LD,6&,5
1XPHUHOHúLDQLLGHIDEULFD LHPDVDEXWHOLLORUFXSLHV GHJkWúLJDUG GHSURWHF LHQHGHPRWDELO SRVWDPHQW
úL URELQHW FX YHQWLO VDX VXSDS  I U  FDSDF GH SURWHF LH GXS  FD] FDSDFLWDWHD EXWHOLLORU SUHVLXQHD GH
vQFHUFDUHKLGUDXOLF úLLQVFULS LRQ ULOHVXSOLPHQWDUHHIHFWXDWHVXQWFXSULQVHvQWDEHOXODQH[DWSUH]HQWHL
5HFLSLHQWHOHEXWHOLLDXIRVWUHSDUDWHúLYHULILFDWHFXUH]XOWDWHFRUHVSXQ] WRDUH
5HFLSLHQWHOHEXWHOLLFRUHVSXQGSUHYHGHULORUSUHVFULS LHLWHKQLFH37&&ROHF LD,6&,5



'LUHFWRU0DQDJHU    
1XPHOH      
3UHQXPHOH      
'DWD      
VHPQ WXUDúLúWDPSLOD       




ùHIDWHOLHUGHUHSDUD LLYHULILF ULWHKQLFH 5HVSRQVDELOFXVXSUDYHJKHUHDOXFU ULORUDXWRUL]DW
GH,6&,5,163(&7
1XPHOH      1UDXWRUL]D LH
3UHQXPHOH      1XPHOH
'DWD      3UHQXPHOH
VHPQ WXUD       'DWD
         VHPQ WXUD



   




     




 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$,



5(*,6758
35,9,1'6,78$ ,$9(5,),& 5,/257(+1,&(3(5,2',&($/(%87(/,,/25

1U 1XP  $JHQ &RQ &RQ %XOHWL 3UHVL 'DWD 'DWD 'DWD 5H 'HFOD $OWH
FUW UXOGH WXO VWDW UL VWDW UL QXOGH XQHD YHULIL OD XUP  ]XOWD UD LHGH PHQ
IDEULFD HFR OD OD H[DPL GH F ULL FDUHD WRDUHL WHOH FRQIRU LXQL
LHDO QRPLF UHYL UHYL QDUH86 vQFHU SUHFH DYXW YHULIL YHULIL PLWDWH
EXWHOLHL FRQ ]LD ]LD JURVLPL FDUH GHQWH ORF F UL F ULL SHQWUX
DQXO VWUXF H[WH LQWHUL 1UGDWD EDU vQFHU WHKQL úL YHULIL
IDEULFD WRU ULRD RDU  FDUHD FH GLVSR FDUH
LHL U  SHULR ]L LLOH WHKQLF 
GLFH GDWH SHULR
GLF 
1UGDWD
            
            





$1(;$-





9DORDUHDJUDGXOXLGHXPSOHUHvQIXQF LHGHGHQVLWDWH

           7DEHOXO

'HQVLWDWHDVSHFLILF  *UDGXOGHXPSOHUH 'HQVLWDWHDVSHFLILF  *UDGXOGHXPSOHUH
OD& NJOLWUX OD& NJOLWUX
«  « 
«  « 
«  « 
«  « 
«  « 
«  « 
«   








 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$-FRQWLQXDUH


9DORDUHDIDFWRUXOXLGHFRUHF LHDYROXPXOXLvQIXQF LHGHWHPSHUDWXU 

           7DEHOXO

'HQVLWDWHDOD&NJGP
7HP             
SHUD
WXUD
GH
XP
SOHUH
P
VXUDW 

& ³)³)DFWRUGHFRUHF LHDYROXPXOXL
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             





 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$-VIkUúLW

9DORDUHDIDFWRUXOXLGHFRUHF LHDYROXPXOXLvQIXQF LHGHWHPSHUDWXU 

          7DEHOXOVIkUúLW
           
'HQVLWDWHDOD&NJGP
7HP             
SHUD
WXUD
GH
XP
SOHUH
P
VXUDW 

& ³)³)DFWRUGHFRUHF LHDYROXPXOXL
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             






 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$.



$17(78/
$*(178/8,(&2120,&



5$3257$5(35,9,1'6,78$ ,$803/(5,,%87(/,,/25
3(/81$«««««««$18/«««


1XP U 1XP U 1XP U 1XP U 1XP U 1XP U 1XP U 1XP U 1XP U
EXWHOLL EXWHOLL EXWHOLL EXWHOLL EXWHOLL EXWHOLL EXWHOLL EXWHOLL EXWHOLL
JRDOHvQ JRDOHQRL LQWUDWH YHULILFDWH DGPLVH UHVSLQVH UHSDUDWHúL vQF UFDWH FDVDWH
VWRF DFKL]L L OD GXS  GXS  DGPLVH
RQDWH VFDGHQ  YHULILFDUHD YHULILFDUHD SHQWUX
OD OD XPSOHUH
VFDGHQ  VFDGHQ 
1( 158 16 19 1$ 15 15( 1, 1&
        
        

1( QXP UXOGHEXWHOLLJRDOHvQVWRFH[LVWHQWHvQVWD LHODILQHOHOXQLLDQWHULRDUHFHOHLGH
UDSRUWDWDSWHSHQWUXDILXPSOXWH
158 QXP UXOGHEXWHOLLJRDOHQRLDFKL]L LRQDWHGHVWD LHvQOXQDGHUDSRUWDWDSWHSHQWUXDIL
XPSOXWH
16 QXP UXOGHEXWHOLLJRDOHLQWUDWHvQVWD LHvQOXQDGHUDSRUWDW
19 QXP UXOWRWDOGHEXWHOLLYHULILFDWHODVFDGHQ vQOXQDGHUDSRUWDW
1$ QXP UXOGHEXWHOLLDGPLVHGXS YHULILFDUHDODVFDGHQ vQOXQDGHUDSRUWDW
15 QXP UXOGHEXWHOLLUHVSLQVHGXS YHULILFDUHDODVFDGHQ vQOXQDGHUDSRUWDW
15( QXP UXOGHEXWHOLLUHSDUDWHúLDGPLVHSHQWUXXPSOHUHvQOXQDGHUDSRUWDW
1, QXP UXOGHEXWHOLLvQF UFDWHvQOXQDGHUDSRUWDW
1& QXP UXOGHEXWHOLLFDVDWHvQOXQDGHUDSRUWDW





'LUHFWRU0DQDJHU 5HVSRQVDELOFXVXSUDYHJKHUHDOXFU ULORUDXWRUL]DW
GH,6&,5,163(&7
1XPH«««««««      1UDXWRUL]D LH
3UHQXPH««««««      1XPHOH
VHPQ WXUDúLúWDPSLOD      3UHQXPHOH 
         VHPQ WXUD



127 6LWXD LDVHWUDQVPLWHSkQ ODGDWDGHDOXQLLXUP WRDUHFHOHLGHUDSRUWDW


 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$/


5(*,6758
3(1758(9,'(1 $%87(/,,/255(3$5$7(

1U $JHQW $JHQW 1XP UXOGH /XQD 0DVD /XFU ULGH 'HFOD 1XPHOHúL $OWH
FUW HFRQR HFRQRPLF IDEULFD LHDO úL EXWHOLHL UHSDUDUH UD LHGH VHPQ WXUD PHQ L
PLF FRQVWUXF EXWHOLHL DQXO NJ H[HFXWDWH FRQIRU 56/ XQL
GH LQ  WRU DQXO UHSD PLWDWH
WRU IDEULFD LHL UD LHL SHQWUX
UHSDUDUH
1UGDWD
         
         
         







 0DVDEXWHOLHLFXSRVWDPHQWSLHV GHJkWJDUG GHSURWHF LHQHGHPRQWDELO GXS FD]úLURELQHW
FXYHQWLOVDXVXSDS GDUI U FDSDFGHSURWHF LHGXS UHSDUDUH


























 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$0



520Æ1,$ ,163(& ,$
,QVSHF LDGHVWDWSHQWUXFRQWUROXO 3URFHV±YHUEDO 7(5,725,$/ ««««««
FD]DQHORUUHFLSLHQWHORUVXE GHYHULILFDUHWHKQLF  $GUHVD«««««««««««
SUHVLXQHúLLQVWDOD LLORUGHULGLFDW QU««««« 7HOHIRQ««««««««««
,6&,5 )D[««««««««««««

ÌQFKHLDW DVW ]L «««««« FX RFD]LD «««««« HIHFWXDW vQ ED]D +*  +*  úL
'HFUHWXOXL QU  PRGLILFDW úL FRPSOHWDW SULQ 'HFUHWXO QU  DSOLFDELOH úL 3UHVFULS LLORU WHKQLFH
&ROHF LD,6&,5OD«««««««««««««««««««««««««««««««««««««««
'HQXPLUHDDJHQWXOXLHFRQRPLF««««««««««««««««GLQORFDOLWDWHD««««««««««««
VWU««««««««««««««QU««««MXGH VHFWRU«««««««FRGILVFDO««««««««
9HULILFDUHDVDHIHFWXDWOD««««««««««««GLQORFDOLWDWHD«««««««««««««««««
VWU«««««««««««««QU««««MXGH VHFWRU«««««««««««««««««««
6XEVHPQDWXOï  «««««««««««««««««««««««««««« DP FRQVWDWDW XUP WRDUHOH
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««««««««
$P GDW XUP WRDUHOH GLVSR]L LL ««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««««««««
'XS  DFHDVW  YHULILFDUH VD DGPLVð «««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««
6FDGHQ DXUP WRDUHLYHULILF ULVHIL[HD] ODGDWDGH««««««««««««««««««««««««««
3HQWUXDFHDVW YHULILFDUHVHYDSO WLVXPDGH««««««««OHLGHF WUH««««««««««««««
GLQ ORFDOLWDWHD ««««««««« VWU ««««««««««« QU «« MXGH VHFWRU «««««« vQ FRQW
«««««««««««GHVFKLVOD%DQFD«««««««««««««ILOLDOD««««««««««««

$POXDWODFXQRúWLQ 

2UJDQGH'LUHFWRUXODJHQWXOXL5HVSRQVDELOFX'HOHJDWXODJHQWXOXL
YHULILFDUHHFRQRPLFVDXVXSUDYHJKHUHDúLHFRQRPLFPRQWDWRU
GHOHJDWXOV XYHULILFDUHDWHKQLF UHSDUDWRU

««««««««««««««««««««««
««««««««««««««««««

ï )XQF LDQXPHOHúLSUHQXPHOH

ð 6HYRUvQVFULHSDUDPHWULLGHIXQF LRQDUHDLLQVWDOD LHLIXQF LHGHIHOXOWLSXODFHVWHLD









 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,



$1(;$1

,6&,5
,6&,5,163(&7


1U'DWD

$8725,=$ ,(
FRQIRUP39QUGDWD

 $JHQWXOHFRQRPLF
6&«««««««««6$65/
/RFDOLWDWHD«««-XGH XO««6WU««1U«%O«6F«(W«$S«
ÌQUHJLVWUDUHOD5HJLVWUXO&RPHU XOXL-«««&RGILVFDO5««VDX&8,««


 'RPHQLXODXWRUL]D LHL



 3HUVRQDODXWRUL]DW






 0HQ LXQL

2ULFHVFKLPEDUHID GHSUH]HQWDGXFHODDQXODUHDGHGUHSWD$8725,=$ ,(,GDF QX
HVWH DQXQ DW  vQ WHUPHQ GH  ]LOH  GH OD SURGXFHUHD HL úL FRQILUPDW  vQ WHUPHQ GH  ]LOH GH
,6&,5,163(&7HPLWHQW 
$JHQWXO HFRQRPLF SULQ UHSUH]HQWDQ LL V L OHJDOL vPSUHXQ  FX SHUVRDQHOH DXWRUL]DWH
U VSXQGGHUHVSHFWDUHDSUHYHGHULORUOHJDOHvQGRPHQLX

 7HUPHQXOGHYDODELOLWDWHDO$8725,=$ ,(,'HOD«««««SkQ OD«««««

   
,163(&725'(67$7ù() ,QVSHFWRUùHI,6&,5,163(&7



     ,QVSHFWRUGHVSHFLDOLWDWH


 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 



$1(;$2


'(&/$5$ ,('(&21)250,7$7(
SHQWUXXPSOHUHEXWHOLL 

1U'DWD



$JHQWXOHFRQRPLF«««
$GUHVD«««
1UGHvQPDWULFXODUHOD5HJLVWUXO&RPHU XOXL««««
'HFODU P SH SURSULH U VSXQGHUH F  DP XPSOXW XQ QU GH ««EXF EXWHOLL GH
OLWULFXFRQIRUPSUHVFULS LHLWHKQLFH37&±&ROHF LD
,6&,5úL651XPHOHFRQGXF WRUXOXLVWD LHGHXPSOHUHVHPQ WXUD
$YL]GHH[SHGL LHQU
)DFWXUDILVFDO QU
$PDSOLFDWHWLFKHWDGHFRQWUROQHGHWDúDELO FXGDWDúLDPVLJLODWFRUHVSXQ] WRUURELQHWXO
%XWHOLLOHDXIRVWXPSOXWHFXFRQIRUPFHUWLILFDWXOXLGHFDOLWDWHQUHPLVGH
IXUQL]RUXOUDILQ ULD



'LUHFWRU0DQDJHU  5HVSRQVDELO FX VXSUDYHJKHUHD OXFU ULORU DXWRUL]DW
  GH,6&,5,163(&7
1XPHOH     1UDXWRUL]D LH 
3UHQXPHOH     1XPHOH
'DWD     3UHQXPHOH
VHPQ WXUDúLúWDPSLOD      'DWD
VHPQ WXUD




 
      
      
      
       
         



   



 

  021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


$1(;$3


$XWRUL]DUHDSHUVRQDOXOXLRSHUDWRU


3 *HQHUDOLW L

  3HUVRQDOXORSHUDWRUFDUHHIHFWXHD] DFWLYLW LGHXPSOHUHWUDQVSRUWúLGLVWULEXLUHWUHEXLHV 
ILH LQVWUXLW úL DXWRUL]DW GH ,6&,5,163(&7 ,7 $XWRUL]D LD VH HOLEHUHD]   LQGLYLGXDO SHUVRDQHORU
FDUHSULQSURPRYDUHDH[DPHQHORUGHDXWRUL]DUHIDFGRYDGDvQGHSOLQLULLFRQGL LLORUVSHFLILFDWHvQ
SUH]HQWDDQH[ SULYLQGFDSDELOLWDWHDWHRUHWLF úLSUDFWLF GHDH[HUFLWDDFWLYLWDWHDSHQWUXFDUHHVWH
DXWRUL]DW

3 &RQGL LLGHDXWRUL]DUH

3 3HQWUX D IL vQVFULúL OD FXUVXO GH LQVWUXLUH vQ YHGHUHD DXWRUL] ULL GH ,6&,5,163(&7 ,7
FDQGLGD LLWUHEXLHV vQGHSOLQHDVF XUP WRDUHOHFRQGL LL
D DXYkUVWDGHFHOSX LQDQLvPSOLQL L
E DXDEVROYLWvQY PkQWXOREOLJDWRULX
F VXQWDS LPHGLFDOSHQWUXSUHVWDUHDDFWLYLW LLGHRSHUDWRU

3 2UJDQL]DUHDFXUVXULORUvQYHGHUHDDXWRUL] ULLGHF WUH,6&,5,163(&7,7

3 ,Q YHGHUHD DXWRUL] ULL SHUVRQDOXOXL RSHUDWRU ,6&,5,163(&7 ,7 YD RUJDQL]D SHULRGLF
FXUVXULGHLQVWUXLUH
 'XS  DEVROYLUHD FXUVXOXL GH LQVWUXLUH SDUWLFLSDQ LORU OL VH YRU HOLEHUD DGHYHULQ H  GH
LQVWUXLUHFRQIRUPPRGHOXOXLGLQDQH[D5

3 &XUVXULOHGHLQVWUXLUHvQYHGHUHDDXWRUL] ULLFDRSHUDWRUVWD LHGHXPSOHUHYRUILXUPDWHGHR
SUDFWLF  OD VWD LD GH XPSOHUH 'XS  HIHFWXDUHD SUDFWLFLL VH YD RE LQH DGHYHULQ D GH SUDFWLF 
FRQIRUPPRGHOXOXLGLQDQH[D6

3([DPLQDUHDFXUVDQ LORUúLHOLEHUDUHDFDUQHWXOXLGHDXWRUL]DUH

3  3HQWUX SDUWLFLSDUHD OD H[DPHQXO GH DXWRUL]DUH FDQGLGDWXO YD SUH]HQWD XQ GRVDU FDUH V 
FXSULQG XUP WRDUHOHGRFXPHQWH
  FHUWLILFDWGHQDúWHUHFRSLH
  FHUWLILFDWGHDEVROYLUHDvQY PkQWXOXLREOLJDWRULXFRSLH
  FHUWLILFDWPHGLFDOFXPHQ LXQHDÄ$SWSHQWUXSUHVWDUHDDFWLYLW LLGHRSHUDWRU´
  DGHYHULQ GHLQVWUXLUH
  DGHYHULQ GHSUDFWLF 
 IRWRJUDILHWLSEXOHWLQGHLGHQWLWDWH
 
3 $XWRUL]DUHDRSHUDWRULORUVHIDFHSHED]DXQXLH[DPHQDOF UXLUH]XOWDWYDILFRQVHPQDW
vQWUXQSURFHVYHUEDOWLSFRQIRUPPRGHOXOXLGLQDQH[D7

3 3H ED]D GDWHORU GLQ SURFHVXOYHUEDO ,6&,5,163(&7 ,7 YD HOLEHUD FDQGLGD LORU FDUH DX
UHXúLWODH[DPHQXQFDUQHWGHDXWRUL]DUHWLSFRQIRUPPRGHOXOXLGLQDQH[D8
 &DUQHWXOGHDXWRUL]DUHVHvQPkQHD] GHF WUH,6&,5,163(&7,7DEVROYHQ LORUFDUH
DXUHXúLWODH[DPHQVXEVHPQ WXU GHSULPLUH
 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


$1(;$3FRQWLQXDUH

3 &DQGLGDWXO5(63,16VHSRDWHSUH]HQWDODRQRX H[DPLQDUHvQWHUPHQGHPD[LP]LOH
GHODWHUPLQDUHDFXUVXOXLÌQDFHDVW SHULRDG GHWLPSFDQGLGDWXOvúLYDvPEXQ W LSUHJ WLUHD
WHRUHWLF úLYDHIHFWXDXQQRXVWDJLXGHSUDFWLF FRQILUPDWSULQHOLEHUDUHDXQHLQRLDGHYHULQ HGH
SUDFWLF FRQIRUPPRGHOXOXLGLQDQH[D6

3 &DQGLGD LLDGPLúLYRUSULPLXQFDUQHWGHDXWRUL]DUHWLSFRQIRUPDQH[HL8
  
3 ÌQFD]XOSLHUGHULLFDUQHWXOXLGHDXWRUL]DUHvQED]DXQHLFHUHULVFULVHGLQSDUWHDSRVHVRUXOXL
úLODFDUHVHYDDQH[DGRYDGDSXEOLF ULLSLHUGHULLFDUQHWXOXLvQ0RQLWRUXO2ILFLDODO5RPkQLHL
FRQIRUPSUHYHGHULORUOHJDOHDSOLFDELOHvQDVWIHOGHFD]XUL,6&,5,163(&7,7HPLWHQW YDHOLEHUD
XQQRXFDUQHWGHDXWRUL]DUHGXSOLFDW

3 9DODELOLWDWHD DXWRUL]D LHLHVWHGHXQ DQ /DH[SLUDUHDYDODELOLWDW LLSHUVRDQHOH DXWRUL]DWH
vQFRQIRUPLWDWHFXSUHYHGHULOHSUH]HQWHLDQH[HDXREOLJD LDV VHSUH]LQWHDQXDOSHQWUXSUHOXQJLUHD
YDODELOLW LLDXWRUL]D LHLLDUGLQGRLvQGRLDQLV SUH]LQWHúLFHUWLILFDWPHGLFDOFXPHQ LXQHDÄ$SW
SHQWUXSUHVWDUHDDFWLYLW LLGHRSHUDWRU´

3 3HUVRDQHORU DXWRUL]DWH vQ FRQIRUPLWDWH FX SUHYHGHULOH SUH]HQWHL DQH[H FDUH SUDFWLF 
DFWLYLWDWHDGHRSHUDWRUVWD LHGHXPSOHUHSHQWUXFDUHGH LQFDUQHWGHDXWRUL]DUHúLQXVHSUH]LQW OD
H[DPLQ ULOHPHQ LRQDWHOD3VDXSHUVRDQHORUDXWRUL]DWHFDUHvQXUPDH[DPLQ ULORUUHVSHFWLYH
RE LQ UH]XOWDWH QHFRUHVSXQ] WRDUH OL VH YRU UHWUDJH FDUQHWHOH GH DXWRUL]DUH GH F WUH ,6&,5
,163(&7,7SHWLPSOLPLWDWVDXGHILQLWLYGXS FD]

3 6DQF LRQDUHDSHUVRQDOXOXLDXWRUL]DW

 3HUVRQDOXO DXWRUL]DW vQ FRQIRUPLWDWH FX SUHYHGHULOH SUH]HQWHL DQH[H SRDWH IL YHULILFDW GH
F WUHLQVSHFWRULLGHVSHFLDOLWDWHDL,6&,5,163(&7,7vQWLPSXOHIHFWX ULLDFWLYLW LORUFXSULYLUH
ODPRGXOFXPvúLvQGHSOLQHúWHVDUFLQLOHGHVHUYLFLXúLFXPDSOLF FXQRúWLQ HOHWHRUHWLFHúLSUDFWLFH
6HSRWOXDXUP WRDUHOHP VXUL
D VHVL]DUHDFRQGXFHULLDJHQWXOXLHFRQRPLFXQGHvúLGHVI úRDU DFWLYLWDWHDRSHUDWRUXOSHQWUX
DSOLFDUHDGHVDQF LXQLSUHY ]XWHvQUHJXODPHQWXOGHRUGLQHLQWHULRDU 
E FRQVHPQDUHDvQFDUQHWXOGHDXWRUL]DUHDDEDWHULLFRQVWDWDWH
F DSOLFDUHDXQHLDPHQ]LvQFD]XOvQFDUHDEDWHUHDVHvQFDGUHD] vQSUHYHGHULOHOHJLVOD LHLvQ
YLJRDUHSULYLQGVWDELOLUHDúLVDQF LRQDUHDFRQWUDYHQ LLORU
G UHWUDJHUHDFDUQHWXOXLGHDXWRUL]DUHSHWLPSOLPLWDWVDXGHILQLWLYvQIXQF LHGHJUDYLWDWHD
DEDWHULLFRPLVH
H UHWUDJHUHD GHILQLWLY  D FDUQHWXOXL GXS  FRPLWHUHD D  DEDWHUL FRQVHPQDWH vQ FDUQHWXO GH
DXWRUL]DUH

3 'LVSR]L LLILQDOH

3 3HUVRQDOXO DXWRUL]DW FRQIRUP SUHYHGHULORU SUH]HQWHL DQH[H HVWH REOLJDW V  SRDUWH
SHUPDQHQWODORFXOGHPXQF FDUQHWXOGHDXWRUL]DUHDVXSUDVD

3 ÌQ FD]XO X]XULL DYDQVDWH VDX GHWHULRU ULL DFFLGHQWDOH D FDUQHWXOXL GH DXWRUL]DUH HOLEHUDWGH
,6&,5,163(&7 ,7 vQ ED]D XQHL FHUHUL VFULVH úL PRWLYDWH ,6&,5,163(&7 ,7 YD HOLEHUD DOW
FDUQHW GH DXWRUL]DUH SHQWUX vQORFXLUHD FHOXL X]DW FX FRQGL LD GHSXQHULL FDUQHWXOXL GH DXWRUL]DUH
X]DWOD,6&,5,163(&7,7

 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


$1(;$3VIkUúLW


3 2ULFHPRGLILFDUHDG XJLUHVDXúWHUV WXU HIHFWXDW vQFDUQHWXOGHDXWRUL]DUHQHvQUHJLVWUDW 
vQHYLGHQ DWHKQLF D,6&,5,163(&7,7HPLWHQWHúLI U VHPQ WXUDúLúWDPSLODLQVSHFWRUXOXLGH
VSHFLDOLWDWH DO ,6&,5,163(&7 ,7 FDUH D HIHFWXDW FHOH GH PDL VXV DWUDJH GXS  VLQH DQXODUHD
FDUQHWXOXLGHDXWRUL]DUHúLVDQF LRQDUHDFHOXLYLQRYDWFRQIRUPOHJLL






$1(;$5

0RGHOGHDGHYHULQ GHLQVWUXLUHSHQWUXDXWRUL]DUHDRSHUDWRULORU


,6&,5,163(&7,7
««««««««


$'(9(5,1 '(,16758,5(
1U««GLQ«««««
 3ULQSUH]HQWDVHDGHYHUHúWHF GOGQD««««««««««««««««««««
DQJDMDWDQJDMDW OD«««««««««««Q VFXWQ VFXW ODGDWDGH«««««««««
vQORFDOLWDWHD«««««««««««VHFWRUMXGH «««««««DYkQGFDVWXGLLGHED] 
««««««««««««úL  FDOLILFDUHD ««««««««««D XUPDW FXUVXO GH LQVWUXLUH
LQXWOD««««««««««««GHOD««««««SkQ OD«««
 3UH]HQWD DGHYHULQ  VD HOLEHUDW SHQWUX DL VHUYL FXUVDQWXOXL OD H[DPHQXO GH DXWRUL]DUHGH
F WUH,6&,5,163(&7,7FDRSHUDWRU««««««««««««««««««««


,163(&725ù(),163(&725'(63(&,$/,7$7(
1XPHOHSUHQXPHOHVHPQ WXUDúWDPSLOD   1XPHOHSUHQXPHOHVHPQ WXUD









 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


$1(;$6


0RGHOGHDGHYHULQ GHHIHFWXDUHDSUDFWLFLLREOLJDWRULLSHQWUXDXWRUL]DUHD
RSHUDWRULORUVWD LHGHXPSOHUH

81,7$7($         
««««««««««««
/RFDOLWDWHD««««««««

$'(9(5,1 '(35$&7,& 
1U«««««GLQ««««««
 3ULQSUH]HQWDVHDGHYHUHúWHF GOGQD«««««««««««««««««««
Q VFXWQ VFXW ODGDWDGH«««««vQORFDOLWDWHD«««««««««««««««««
VHFWRUMXGH XO«««««««DQJDMDWDQJDMDW OD««««««««« ««««««« 

««««««««««««««««««««««««««««««««««««««
DHIHFWXDWSUDFWLFDOD««««««VXEVXSUDYHJKHUHDGOXLGQHL««««««««««
«« «««««««««««GHOD««««««««SkQ OD««««««««


WRWDOL]kQG««««««RUH
 ÌQDFHVWWLPSGOGQD««««««««««««««««úLDvQVXúLWGHSULQGHULOH
SUDFWLFHDFRUHVSXQVFHULQ HORUúLVHSRDWHSUH]HQWDODH[DPHQXOGHDXWRUL]DUH
 3UH]HQWDDGHYHULQ VDHOLEHUDWSHQWUXDLVHUYLODH[DPHQXOGHDXWRUL]DUH

',5(&7255(63216$%,/&86835$9(*+(5($6835$9(*+(725
    /8&5 5,/25  '(35$&7,& 


1XPHOHSUHQXPHOH  1XPHOHSUHQXPHOHVHPQ WXUD1XPHOHSUHQXPHOH
VHPQ WXUDúWDPSLOD       VHPQ WXUD











6HYDVFULHGHQXPLUHDDJHQWXOXLHFRQRPLFúLORFDOLWDWHDGHUHúHGLQ 
6HYDVFULHQXPHOHúLSUHQXPHOHVXSUDYHJKHWRUXOXLGHSUDFWLF VXEVXSUDYHJKHUHDF UXLDVDHIHFWXDW
SUDFWLFD






 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


$1(;$7


,6&,5,163(&7,7
««««««««««




   352&(6±9(5%$/1U««««««GLQ«««««
 FXUH]XOWDWHOHRE LQXWHODH[DPHQXOGHDXWRUL]DUHFDRSHUDWRUDXUP WRULORUFDQGLGD L
1U 1X 'DWD /RFXO &13 3UHJ 

8QL 5H]XOWDWXO 1X 6HP 2EV
FUW PHOH QDú QDúWHULL WLUHD WDWHDOD RE LQXWOD P UXO Q WX
úL WHULL ORFD úFRODU  FDUHOX H[DPHQ FDUQH UDGH
SUH OLWDWH DQWH FUHD]  $GPLV$ WXOXLGH SUL
QX MXGH  ULRDU  úLORFD 5HVSLQV5 DXWR PLUH
PHOH OLWDWHD WHR SUDF UL]DUH
UHWLF WLF
           
           
  'RVDUHOHFDQGLGD LORUGHPDLVXVDXIRVWYHULILFDWHGHF WUHFRPLVLHúLJ VLWH
FRPSOHWHLDUFHOHDOHFDQGLGD LORUUHXúL LvPSUHXQ FXOXFUDUHDVFULV úLXQH[HPSODUGLQSURFHVXO
YHUEDODXU PDVOD,6&,5,163(&7,7RUJDQL]DWRDUHDFXUVXOXL





35(ù(',17(&20,6,(,163(&725'(63(&,$/,7$7(
QXPHSUHQXPHVHPQ WXUDúWDPSLOD  QXPHSUHQXPHVHPQ WXUDúWDPSLOD
    
«««««««««««««  




         







 &13±FRGQXPHULFSHUVRQDO




 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


$1(;$8

&RSHUWDFDUQHWXOXLGHDXWRUL]DUH
6LJOD,6&,5


$8725,=$ ,(


,QVSHF LDGHVWDWSHQWUXFRQWUROXOFD]DQHORU
UHFLSLHQWHORUVXESUHVLXQHúLLQVWDOD LLORUGHULGLFDW
,6&,5



3HSULPDFRSHUW vQLQWHULRU

3RVHVRUXO DXWRUL]D LHL DUH REOLJD LD V  FXQRDVF  úL V  DSOLFH vQWRFPDL SUHYHGHULOH
SUHVFULS LLORU WHKQLFH &ROHF LD ,6&,5 úL DOH LQVWUXF LXQLORU VSHFLILFH UHIHULWRDUH OD H[SORDWDUHD
LQVWDOD LLORUUHVSHFWLYH $FHVWD WUHEXLH V  VH SUH]LQWH GLQ GRL vQ GRL DQL  OD H[DPHQXO  PHGLFDOúL
DQXDOODYHULILFDUHDFXQRúWLQ HORUOD,6&,5,163(&7,7
$XWRUL]D LDHVWHSHUVRQDO VHYDS VWUDSHUPDQHQWDVXSUDSRVHVRUXOXLvQEXQ VWDUHúLVHYD
SUH]HQWDODFHUHUHDGHOHJDWXOXL,6&,5úLDRUJDQHORUvPSXWHUQLFLWHDOHGH LQ WRUXOXL
3RVHVRUXODXWRUL]D LHLQXSRDWHGHVHUYLGHFkWLQVWDOD LLGHWLSXOFHORUvQVFULVHvQDXWRUL]D LH
(VWH LQWHU]LV  GHVHUYLUHD LQVWDOD LLORU GDF  DFHVWHD QX VXQW DXWRUL]DWH V  IXQF LRQH]H
H[FHSWkQG FD]XULOH vQ FDUH VH H[HFXW  YHULILF UL úL vQFHUF UL vQ YHGHUHD SXQHULL vQ IXQF LXQH VDX
RPRORJ ULLSURWRWLSXULORU$XWRUL]D LDVHSRDWHUHWUDJHGHF WUHRUJDQHOHRILFLDOHGHYHULILFDUHDOH
GH LQ WRUXOXL FkQG SRVHVRUXO HVWH J VLW VXE LQIOXHQ D DOFRROXOXL vQ WLPSXO VHUYLFLXOXL VDX FkQG VH
FRQVWDW F DV YkUúLWDEDWHULJUDYHFDUHSHULFOLWHD] VHFXULWDWHDLQVWDOD LHLúLDSHUVRDQHORU
$XWRUL]D LDSRDWHILUHWUDV GH,6&,5,163(&7SHED]DFHUHULLGH LQ WRUXOXLFkQG
VHFRQVWDW DEDWHULGHODLQVWUXF LXQLOHGHGHVHUYLUHDLQVWDOD LLORU
 SHUVRQDOXO DUH R VODE  SUHJ WLUH vQ PHVHULD UHVSHFWLY  úL G  GRYDG  GH OLSV  GH LQWHUHV vQ
vPSURVS WDUHDFXQRúWLQ HORUSURIHVLRQDOH
 VH FRQVWDW  PRGLILF UL DG XJLUL VDX úWHUV WXUL vQ FDUQHWXO GH DXWRUL]DUH I U  YL]D ,6&,5
,163(&7 0RGLILFDUHD FDUQHWXOXL GH DXWRUL]DUH VH FRQVLGHU  IDOVLILFDUH GH DFWH SXEOLFH úL VH
VDQF LRQHD] FRQIRUPOHJLL
GXS QRWDUHDDDEDWHULvQFDUQHWFkQGVHUHWUDJHGHILQLWLYDXWRUL]D LD
ÌQFD]XOSLHUGHULLFDUQHWXOXLGHDXWRUL]DUHSHUVRDQDvQFDX] SRDWHRE LQHXQQRXFDUQHWGHOD
,6&,5,163(&7 vQ ED]D XQHL FHUHUL VFULVH YL]DWH GH XQLWDWHD XQGH OXFUHD]  úL FX FRQGL LD
SXEOLF ULLSLHUGHULLFRQIRUPQRUPHORUOHJDOHSULYLQGSLHUGHUHDDFWHORURILFLDOH
BBBBBBBBBBBBBB
ÌQFD]XOvQFDUHHVWHQHFHVDUWH[WXOVHYDFRQWLQXDúLSHLQWHULRUXOXOWLPHLFRSHUWH







 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


$1(;$8FRQWLQXDUH



3DJLQD
520Æ1,$
,QVSHF LDGH6WDWSHQWUX&RQWUROXO&D]DQHORU5HFLSLHQWHORUVXE3UHVLXQHúL,QVWDOD LLORUGH5LGLFDW
,6&,5

$8725,=$ ,(

1U«« «««


         
          
BBBBBBBBBBBBBBBBBBBBB

 1XP UXODXWRUL]D LHLVHYDVFULHSHILHFDUHSDJLQ vQSDUWHDGHMRV

 ÌQSDUWHDGHMRVGUHDSWDVDXVWkQJDVHYDVFULHQXP UXOSDJLQLLUHVSHFWLYHSHWRDWH
SDJLQLOHFDUQHWXOXL







3DJLQD

$8725,=$ ,('(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1XPHOH««««««««««««««««««««««««««««««
3UHQXPHOH«««««««««««««««««««««««««««««
'DWDúLORFXOQDúWHULL«««««««««««««««««««««««««
&13«««««««« ««««««««««««««««««««««


6HDXWRUL]HD] DGHVHUYL««««««««««««««««««««««««
(OLEHUDWGH ««««««««« «««««««««««««««««««
 

««««««««««««««««««««««««««««««««««
vQED]DSURFHVXOXLYHUEDOQU««««««««GLQ««««««««««««
,QVSHFWRUGHVSHFLDOLWDWHDO,6&,5,163(&7,7««««««««««««««
       6HPQ WXUDúLúWDPSLOD
   1U««««««  
BBBBBBBBBB     
&RPSOHWDUHDFDUQHWXOXLVHYDIDFHFXWXúQHJUX
&13&RGQXPHULFSHUVRQDO
'HQXPLUHD,6&,5,163(&7,7HPLWHQWH






 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,, 


$1(;$8FRQWLQXDUH




3DJLQD 
       /RFSHQWUXIRWRJUDILH
      6HPQ WXUDSRVHVRUXOXL
    
'DWDHOLEHU ULL«««««««
&RPSOHWDWGH«««««««
  
,163(&725ù()
QXPHOHSUHQXPHOHVHPQ WXUDúWDPSLOD

1U«««« 





3DJLQLOHúL


(;7,1'(5($9$/$%,/,7 ,,$8725,=$ ,(,

,6&,5,163(&7,7««««««««««««««««««««««««
1U3URFHVYHUEDOúLGDWD«««««««««««««««««««««««
6HDXWRUL]HD] DGHVHUYL«««««««««GLQJUXSD««««««««««
7LSXO«««««««««

    3UHúHGLQWHFRPLVLH

    «««««««      
      
  QXPHOHSUHQXPHOHVHPQ WXUDúWDPSLOD

«««««««««««««««««««««««««««««««««

««««««««««««««««««««««««««««««««««

         1U««««««

127$±7H[WXOGHODSFWVHYDUHSHWDGHGRX RULSHSDJLQ 




 021,7258/2),&,$/$/520Æ1,(,3$57($,1UELV,,,


$1(;$8VIkUúLW


3DJLQLOHúL


(;$0,1 5,$18$/(

1USURFHVYHUEDO 'HQXPLUHDGH LQ WRUXOXL 3UHúHGLQWHOHFRPLVLHL
'DWD QXPHOHSUHQXPHOH
VHPQ WXUDúWDPSLOD
  
    
    1UBBBBBBBBBBBBB

BBBBBBBBBBBB
3HILHFDUHSDJLQ VHYRUWLS ULUkQGXUL










3DJLQLOHúL

$%$7(5,
GHODQRUPHOHOHJDOHvQYLJRDUH

 1DWXUDDEDWHULL ,QVSHFWRUXOFDUHD
1USURFHVYHUEDO 6DQF LXQHD FRQVWDWDWDEDWHUHD
'DWD QXPHOHSUHQXPHOH
VHPQ WXUDúWDPSLOD
  


1UBBBBBBBBBBBBB
BBBBBBBBBBBB
3HILHFDUHSDJLQ VHYRUWLS ULUkQGXUL



 P R E Þ U R I L E
publicaþiilor legislative pentru anul 2003
Ñ pe suport tradiþional Ñ
Valoarea Valoarea
Nr. Nr. abonamentului abonamentului trimestrial
crt. Denumirea publicaþiei anual anual Ñ lei Ñ
de apariþii
Ñ lei Ñ Trim. I Trim. II Trim. III Trim. IV

1. Monitorul Oficial, Partea I, în limba românã 710 7.900.000 1.975.000 2.172.500 2.389.750 2.628.750
2. Monitorul Oficial, Partea I, în limba românã, 50 1.480.000 Ñ Ñ Ñ Ñ
numere bis*)
3. Monitorul Oficial, Partea I, în limba maghiarã 250 6.585.000 1.646.250 1.646.250 1.646.250 1.646.250
4. Monitorul Oficial, Partea a II-a 300 10.380.000 2.595.000 2.595.000 2.595.000 2.595.000
5. Monitorul Oficial, Partea a III-a 700 2.105.000 526.250 526.250 526.250 526.250
6. Monitorul Oficial, Partea a IV-a 2.100 8.900.000 2.225.000 2.225.000 2.225.000 2.225.000
7. Monitorul Oficial, Partea a VI-a 250 8.195.000 2.048.750 2.048.750 2.048.750 2.048.750
8. Colecþia Legislaþia României 4 2.070.000 517.500 569.250 626.150 688.750
9. Colecþia de hotãrâri ale Guvernului ºi alte 12 3.450.000 862.500 948.750 1.043.600 1.147.950
acte normative
10. Repertoriul actelor normative 1 520.000 Ñ Ñ Ñ Ñ
11. Decizii ale Curþii Constituþionale 1 390.000 Ñ Ñ Ñ Ñ
12. Ediþii trilingve 12 2.075.000 Ñ Ñ Ñ Ñ

**) Cu excepþia numerelor bis în care se publicã acte cu un volum extins ºi care intereseazã doar un numãr restrâns de utilizatori.

Publicaþiile Regiei Autonome ”Monitorul OficialÒ menþionate la punctele 1Ð7 sunt purtãtoare de T.V.A. în cotã de
19%, iar cele menþionate la punctele 8Ð12 sunt scutite de T.V.A.
Pentru siguranþa clienþilor, abonamentele la publicaþiile Regiei Autonome ”Monitorul OficialÒ se pot efectua prin
urmãtorii difuzori:
◆ COMPANIA NAÞIONALÃ ”POªTA ROMÂNÃÒ Ñ S.A. Ñ prin oficiile sale poºtale
◆ RODIPET Ñ S.A. Ñ prin toate filialele
◆ INTERPRESS SPORT Ñ S.R.L. Ñ Bucureºti, str. Hristo Botev nr. 6
(telefon/fax: 313.85.07; 313.85.08; 313.85.09)
◆ PRESS EXPRES Ñ S.R.L. Ñ Otopeni, str. Flori de Câmp nr. 9
(telefon/fax: 772.66.87; 0745.133.712)
◆ M.T. PRESS IMPEX Ñ S.R.L. Ñ Bucureºti, bd. Basarabia nr. 256
(telefon/fax: 255.48.15; 255.48.16)
◆ INFO EUROTRADING Ñ S.A. Ñ Bucureºti, Splaiul Independenþei nr.202A
(telefon/fax: 212.73.54)
◆ ZIRKON MEDIA Ñ S.R.L. Ñ Bucureºti, bd. Nicolae Grigorescu nr. 29A, bl. N22, ap. 38
(telefon/fax: 340.31.09)
◆ ACTA LEGIS Ñ S.R.L. Ñ Bucureºti, str. Banul Udrea nr. 10,
(telefon/fax: 411.91.79)
◆ CURIER PRESS Ñ S.R.L. Ñ Braºov, str. Traian Grozãvescu nr. 7
(telefon/fax: 0268/47.05.96)
◆ ELIDA Ñ S.R.L. Ñ Braºov, str. Bisericii Române nr. 92
(telefon/fax: 0268/47.74.64)
◆ MIMPEX Ñ S.R.L. Ñ Hunedoara, str. Ion Creangã nr. 2, bl. 2, ap. 1
(telefon/fax: 0254/71.92.43)
◆ CALLIOPE Ñ S.R.L. Ñ Ploieºti, str. Candiano Popescu nr. 36
(telefon/fax: 0244/51.40.52, 0244/51.48.01)

EDITOR: PARLAMENTUL ROMÂNIEI Ñ CAMERA DEPUTAÞILOR

Regia Autonomã ”Monitorul OficialÒ, str. Izvor nr. 2Ð4, Palatul Parlamentului, sectorul 5, Bucureºti,
cont nr. 2511.1Ñ12.1/ROL Banca Comercialã Românã Ñ S.A. Ñ Sucursala ”UnireaÒ Bucureºti
ºi nr. 5069427282 Direcþia de Trezorerie ºi Contabilitate Publicã a Municipiului Bucureºti
(alocat numai persoanelor juridice bugetare).
Adresa pentru publicitate: Centrul pentru relaþii cu publicul, Bucureºti, ºos. Panduri nr. 1,
bloc P33, parter, sectorul 5, tel. 411.58.33 ºi 411.97.54, tel./fax 410.77.36.
Tiparul : Regia Autonomã ”Monitorul OficialÒ, tel. 490.65.52, 335.01.11/2178 ºi 402.21.78,
E-mail: marketing@ramo.ro, Internet: www.monitoruloficial.ro

Monitorul Oficial al României, Partea I, nr. 161 bis/13.III.2003 conþine 44 de pagini. Preþul de vânzare 161.800 lei ISSN 1453Ñ4495
Acest numãr al Monitorului Oficial al României a fost tipãrit în afara abonamentului.