0LQLVWHUXO(GXFDLHLL&HUFHWULLWLLQLILFH

&HQWUXO1DLRQDOGH(YDOXDUHL([DPLQDUH

([DPHQXOGHEDFDODXUHDWQDLRQDO
3URED(D
/LPEDLOLWHUDWXUDURPkQ
0RGHO


%$5(0'((9$/8$5(,'(127$5(

)LOLHUDWHRUHWLF3URILOXOUHDO)LOLHUDWHKQRORJLF
)LOLHUDYRFDLRQDO7RDWHSURILOXULOHFXH[FHSLDSURILOXOXLSHGDJRJLF


x 6HSXQFWHD]RULFHIRUPXODUHPRGDOLWDWHGHUH]ROYDUHFRUHFWDFHULQHORU
x 1X VH DFRUG SXQFWDMH LQWHUPHGLDUH DOWHOH GHFkW FHOH SUHFL]DWH H[SOLFLW vQ EDUHP 1X VH
DFRUGIUDFLXQLGHSXQFW
x 6H DFRUG  SXQFWH GLQ RILFLX 1RWD ILQDO VH FDOFXOHD] SULQ vPSULUHD OD  D
SXQFWDMXOXLWRWDODFRUGDWSHQWUXOXFUDUH


68%,(&78/,

GHSXQFWH

FkWHSXQFWSHQWUXQXPLUHDILHFUXLVLQRQLPSRWULYLWSHQWUXVHQVXOGLQWH[WDOFXYLQWHORULQGLFDWH
GHH[HPSOXYHQLFLHHWHUQLWDWHRJOLQGHDUHIOHFWD
[S SXQFWH
 H[SOLFDUHD UROXOXL FUDWLPHL vQ VHFYHQD LQGLFDW GH H[HPSOX PDUFKHD] SURQXQDUHD OHJDW D
SXQFWH
GRXFXYLQWHPDUFKHD]FGHUHDXQHLYRFDOH
 FRQVWUXLUHD RULFUXL HQXQ vQ FDUH VH IRORVHWH R ORFXLXQHH[SUHVLH FDUH FRQLQH VXEVWDQWLYXO
LQGLFDW
SXQFWH
 FkWH  SXQFWH SHQWUX WUDQVFULHUHD RULFURU GRX PUFL OH[LFRJUDPDWLFDOH DOH VXELHFWLYLWLL
SUH]HQWHvQWH[WXOGDWGHH[HPSOXFUHGHDPQH
SXQFWH
FkWHSXQFWHSHQWUXSUHFL]DUHDRULFURUGRXPRWLYHOLWHUDUHSUH]HQWHvQWH[WXOGDWGHH[HPSOX
GRUXOWFHUHD
[S SXQFWH
FkWHSXQFWHSHQWUXVHOHFWDUHDRULFURUGRXVHFYHQHFDUHFRQWXUHD]GLPHQVLXQHDWHPSRUDOGH
H[HPSOXVXQWHPvQHOHLvQYHQLFLH'HPXOWvQWLQHGUDJRVWHDVDVWLQV
[S SXQFWH
FkWHSXQFWSHQWUXLGHQWLILFDUHDRULFURUGRXILJXULGHVWLOGLIHULWHGLQSULPHOHGRXVWURIHDOH
WH[WXOXLGDW
[S SXQFWH
FkWHSXQFWSHQWUXSUH]HQWDUHDDGHFYDWDVHPQLILFDLHLILHFUHLDGLQWUHFHOHGRXILJXULGHVWLO
LGHQWLILFDWH
[S SXQFWH
FkWHSXQFWSHQWUXPHQLRQDUHDRULFURUGRXWUVWXULDOHJHQXOXLOLULFSUH]HQWHvQWH[WXOGDWGH
H[HPSOXWUDQVPLWHUHDvQPRGGLUHFWDXQRULGHLLVHQWLPHQWHSUH]HQDLQVWDQHLFRPXQLFULLOLULFHHXO
OLULF
[S SXQFWH
 FkWHSXQFWSHQWUXLOXVWUDUHDFXFkWHXQH[HPSOXGLQWH[WXOGDWDILHFUHLDGLQWUHFHOHGRX
WUVWXULPHQLRQDWH
[S SXQFWH
FRPHQWDUHDXOWLPHLVWURIHSULQHYLGHQLHUHDUHODLHLGLQWUHLGHHDSRHWLFLPLMORDFHOHDUWLVWLFH
FRPHQWDUH DGHFYDW L QXDQDW   S FRPHQWDUH VFKHPDWLF H]LWDQW   S vQFHUFDUH GH
FRPHQWDUHS
SXQFWH
UHVSHFWDUHDSUHFL]ULLSULYLQGQXPUXOGHFXYLQWH
SXQFW

68%,(&78/DO,,OHD

GHSXQFWH

VWUXFWXUDGLVFXUVXOXLGHWLSDUJXPHQWDWLY
x IRUPXODUHDLGHLORUvQVFULVWH[WFODURUJDQL]DWFRHUHQWFXHFKLOLEUXvQWUHFRPSRQHQWHS
WH[WSDULDORUJDQL]DWIUHFKLOLEUXvQWUHFRPSRQHQWHS
SXQFWH
x XWLOL]DUHD PLMORDFHORU OLQJYLVWLFH XWLOH H[SULPULL XQHL DSUHFLHUL GH H[HPSOX YHUEH GH RSLQLH
DGYHUEHORFXLXQL DGYHUELDOH GH PRG IRORVLWH FD LQGLFL DL VXELHFWLYLWLL HYDOXDWLYH
FRQMXQFLLORFXLXQLFRQMXQFLRQDOHFXURODUJXPHQWDWLYXWLOL]DWHSHQWUXH[SULPDUHDUDSRUWXULORUGH
WLS FDX]DO FRQVHFXWLY ILQDO FRQFOX]LY HWF FRQHFWRUL DUJXPHQWDWLYL XWLOL]DUH DGHFYDW   S
XWLOL]DUHSDULDODGHFYDWS
SXQFWH
FRQLQXWXODUJXPHQWULL
x IRUPXODUHDLSRWH]HLDSURSULHLRSLQLLIDGHSUREOHPDWLFDSURSXV
SXQFWH
x FkWHSXQFWHSHQWUXHQXQDUHDILHFUXLDGLQWUHFHOHGRXDUJXPHQWHDGHFYDWHLSRWH]HL

[S SXQFWH
x FkWHSXQFWHSHQWUXGH]YROWDUHDFRUHVSXQ]WRDUHDILHFUXLDGLQWUHFHOHGRXDUJXPHQWHHQXQDWH
GH]YROWDUHFODUQXDQDWSvQFHUFDUHGHGH]YROWDUHVFKHPDWLVPS[S SXQFWH
x IRUPXODUHDXQHLFRQFOX]LLSHUWLQHQWH
SXQFWH
3UREVFULV/LPEDLOLWHUDWXUDURPkQ
0RGHO
%DUHPGHHYDOXDUHLGHQRWDUH
)LOLHUDWHRUHWLF3URILOXOUHDO)LOLHUDWHKQRORJLF)LOLHUDYRFDLRQDO7RDWHSURILOXULOHFXH[FHSLDSURILOXOXLSHGDJRJLF
3DJLQDGLQ

0LQLVWHUXO(GXFDLHLL&HUFHWULLWLLQLILFH
&HQWUXO1DLRQDOGH(YDOXDUHL([DPLQDUH

UHVSHFWDUHDQRUPHORUOLPELLOLWHUDUHLDSUHFL]ULLSULYLQGQXPUXOGHFXYLQWH
x UHJLVWUXOVWLOLVWLFDGHFYDWFHULQHL SXQFW
x UHVSHFWDUHDQRUPHORUGHH[SULPDUHJUHHOLOH[LFDOHVDXPRUIRVLQWDFWLFHSJUHHOLS
VDXPDLPXOWHJUHHOLS  SXQFWH
x UHVSHFWDUHDQRUPHORUGHRUWRJUDILHLGHSXQFWXDLHJUHHOLRUWRJUDILFHLGHSXQFWXDLHS
JUHHOLSVDXPDLPXOWHJUHHOLS
SXQFWH
x UHVSHFWDUHDSUHFL]ULLSULYLQGQXPUXOGHFXYLQWH 



SXQFW



1RWQYHGHUHDDFRUGULLSXQFWDMXOXLWH[WXOWUHEXLHVILHvQFRQFRUGDQFXSUREOHPDWLFD
SXVvQGLVFXLH
1XVXQWREOLJDWRULLH[HPSOHOHGLQRSHUHOLWHUDUH


68%,(&78/DO,,,OHD

GHSXQFWH

&RQLQXWSXQFWH
FkWHSXQFWHSHQWUXSUH]HQWDUHDVWDWXWXOXLVRFLDOSVLKRORJLFPRUDOHWFDOILHFUXLDGLQWUHSHUVRQDMHOH
DOHVHGLQWH[WXOQDUDWLYVWXGLDWSUH]HQWDUHDGHFYDWLQXDQDWSSUH]HQWDUHVFKHPDWLFVDX
VXSHUILFLDOS
[S SXQFWH
HYLGHQLHUHDSULQGRXHSLVRDGHFLWDWHVHFYHQHFRPHQWDWHDPRGXOXLvQFDUHHYROXHD]UHODLD
GLQWUHFHOHGRXSHUVRQDMH
SXQFWH
x SUH]HQWDUHDHYROXLHLUHODLHLGLQWUHSHUVRQDMHSUH]HQWDUHDGHFYDWLQXDQDWSvQFHUFDUH
GHSUH]HQWDUHVDXWHQGLQGHUH]XPDUHS
x FkWHSXQFWSHQWUXLOXVWUDUHDHYROXLHLSULQFkWHXQHSLVRGFLWDWVDXVHFYHQFRPHQWDW[S S
FkWHSXQFWSHQWUXSUH]HQWDUHDILHFUHLDGLQWUHFHOHSDWUXHOHPHQWHGHVWUXFWXUGHFRPSR]LLHLGH
OLPEDMDOHWH[WXOXLQDUDWLYVWXGLDWVHPQLILFDWLYHSHQWUXDQDOL]DUHODLHLGLQWUHFHOHGRXSHUVRQDMH


[S SXQFWH
 VXVLQHUHD XQHL RSLQLL GHVSUH PRGXO vQ FDUH R LGHH VDX WHPD WH[WXOXL QDUDWLY VWXGLDW VH UHIOHFW vQ
HYROXLD UHODLHL GLQWUH FHOH GRX SHUVRQDMH VXVLQHUH DGHFYDW L QXDQDW   S vQFHUFDUH GH
VXVLQHUHVDXVFKHPDWLVPSVLPSOIRUPXODUHDRSLQLHLS
SXQFWH


5HGDFWDUHSXQFWH
RUJDQL]DUHDLGHLORUvQVFULV
SXQFWH
x WH[W FODU RUJDQL]DW FRHUHQW FX HFKLOLEUX vQWUH LQWURGXFHUH FXSULQV L vQFKHLHUH vQ FDUH
FRQVWUXFLDSDUDJUDIHORUVXEOLQLD]LGHLOHvQVXFFHVLXQHORJLFS
x WH[WSDULDORUJDQL]DWFXGH]HFKLOLEUXvQWUHFRPSRQHQWHvQFDUHFRQVWUXFLDSDUDJUDIHORUQX
VXEOLQLD]LGHLOHvQVXFFHVLXQHORJLFS
x WH[WYDJRUJDQL]DWIUHYLGHQLHUHDWUHFHULLGHODRLGHHODDOWDS
DELOLWLGHDQDOL]LGHDUJXPHQWDUH
SXQFWH
x UHODLHDGHFYDWvQWUHLGHHLDUJXPHQWXWLOL]DUHGHDUJXPHQWHFRQYLQJWRDUHIRUPXODUHGH
MXGHFLGHYDORDUHUHOHYDQWHS
x UHODLH SDULDO DGHFYDW vQWUH LGHH L DUJXPHQW XWLOL]DUH GH DUJXPHQWH LQVXILFLHQW GH
FRQYLQJWRDUHIRUPXODUHGHMXGHFLSDULDOUHOHYDQWHS
x UHODLHQHUHOHYDQWvQWUHLGHHLDUJXPHQWVFKHPDWLVPS
XWLOL]DUHDOLPELLOLWHUDUHVWLOLYRFDEXODUSRWULYLWHWHPHLFODULWDWHDHQXQXOXLYDULHWDWHDOH[LFXOXL
VLQWD[DGHFYDWSYRFDEXODUUHVWUkQVPRQRWRQS
SXQFWH
RUWRJUDILDHURULSHURULSVDXPDLPXOWHHURULS
SXQFWH
SXQFWXDLDHURULSHURULSVDXPDLPXOWHHURULS
SXQFWH
DH]DUHDvQSDJLQOL]LELOLWDWHD
SXQFW
UHVSHFWDUHDSUHFL]ULLSULYLQGQXPUXOGHFXYLQWH
SXQFW


Q YHGHUHD DFRUGULL SXQFWDMXOXL SHQWUX UHGDFWDUH HVHXO WUHEXLH V DLE PLQLPXP  GH
FXYLQWHLVGH]YROWHVXELHFWXOSURSXV




3UREVFULV/LPEDLOLWHUDWXUDURPkQ
0RGHO
%DUHPGHHYDOXDUHLGHQRWDUH
)LOLHUDWHRUHWLF3URILOXOUHDO)LOLHUDWHKQRORJLF)LOLHUDYRFDLRQDO7RDWHSURILOXULOHFXH[FHSLDSURILOXOXLSHGDJRJLF
3DJLQDGLQ