$1$/,=$$&7,9,7

&$3,72/8/

,,'(352'8&

,(

,&20(5&,$/,=$5(

 352%/(0( *(1(5$/( 35,9,1' $1$/,=$ $&7,9,7

,, '( 352'8&

,( ,

&20(5&,$/,=$5(
$FWLYLWDWHD HFRQRPLF  D XQHL VRFLHW

L FRPHUFLDOH D XQHL vQWUHSULQGHUL FRQVW  SUDFWLF vQ

SURGXFHUHD GH EXQXUL L VHUYLFLL L FRPHUFLDOL]DUHD DFHVWRUD vQ VFRSXO RE LQHULL GH SURILW Q FDGUXO
DFWLYLW

LL GH FRPHUFLDOL]DUH SURGXVHOH vQWUHSULQGHULL VXQW OLYUDWH F WUH DOWH XQLW

SRW IL VRFLHW

L FRPHUFLDOH FDUH

L FRPHUFLDOH vQWUHSULQGHUL FDUH IRORVHVF SURGXVHOH FXPS UDWH SHQWUX FRQVXPXO

LQWHUPHGLDU SURGXFWLY VDX FD HOHPHQWH DOH FDSLWDOXOXL IL[ VDX XQLW
SRW DSDU LQH DFWLYLW

LOH HFRQRPLFH FXPS U WRDUH

LL GH FRPHU  FX ULGLFDWD HQ JURV FDUH OD UkQGXO ORU GHVIDF SURGXVHOH

FXPS UDWHILHFXGHVWLQD LDGHFRQVXPLQWHUPHGLDUSURGXFWLYVDXPLMORDFHIL[HILHFXGHVWLQD LDGH

FRQVXPILQDOSULQLQWHUPHGLXOXQLW

LORUGHFRPHU FXDP QXQWXO

3HQWUXRULFHXQLWDWH HFRQRPLF  DFWLYLWDWHDGHSURGXF LH L FRPHUFLDOL]DUH VDX DFWLYLWDWHD GH

H[SORDWDUH UHSUH]LQW  RELHFWLYXO SULQFLSDO DO DFWLYLW

LL HFRQRPLFH LQGLIHUHQW GH IRUPD GH

SURSULHWDWH GHRDUHFH SULQ DFHDVWD VH UHDOL]HD]  EXQXULOH L VHUYLFLLOH QHFHVDUH VDWLVIDFHULL QHYRLORU
GHFRQVXPSURGXFWLYLFRQVXPILQDODOHVRFLHW

LL2ULFHDFWLYLWDWHGHH[SORDWDUHRULFHDFWLYLWDWHGH

SURGXF LH L FRPHUFLDOL]DUH HVWH XUPDUHD XQHL FRPHQ]L H[SOLFLWH SULQ FDUH VH RQRUHD]  FHUHUHD GH
SURGXVHLVHUYLFLL
3H GH DOW  SDUWH vQ FRQWH[WXO XQHL HFRQRPLL GH SLD

 FRQFXUHQ LDOH XQLW

LOH HFRQRPLFH

vQWUHSULQGHULOH vL GHVI RDU  DFWLYLWDWHD DWkW vQ FDGUXO XQXL VLQJXU GRPHQLX GH DFWLYLWDWH LQGXVWULH
FRQVWUXF LLPRQWDM WUDQVSRUWXUL DJULFXOWXU  WXULVP FRPHU  HWF FkW L vQ FDGUXO PDL PXOWRU
GRPHQLL GH DFWLYLWDWH Q YHGHUHD RE LQHULL XQRU UH]XOWDWH HFRQRPLFRILQDQFLDUH FkW PDL EXQH D
HILFLHQWL] ULLDFWLYLW

LLORUGHFLvQYHGHUHDRE LQHULLXQXLSURILWFkWPDLPDUHVRFLHW

LOHFRPHUFLDOH

vQWUHSULQGHULOH GHVI RDU  GH FHOH PDL PXOWH RUL R DFWLYLWDWH SROLYDOHQW  XQHOH PHUJkQG GH OD
SURGXF LD GH EXQXUL SURSULX]LV  SkQ  OD GHVIDFHUHD FX DP QXQWXO D DFHVWRU EXQXUL 0XOWH GLQ
VRFLHW

LOH FRPHUFLDOH vQ VSHFLDO FHOH FX FDSLWDO SULYDW GHVI RDU  FRQFRPLWHQW R DFWLYLWDWH

LQGXVWULDO GH FRQVWUXF LLPRQWDM GH WUDQVSRUWXUL DJULFRO  D vQ YHGHUHD UHGXFHULL FKHOWXLHOLORU GH
H[SORDWDUH L GHFL vQ YHGHUHD VSRULULL UHQWDELOLW

LL ORU 'DU GHVLJXU F  VXQW L PXOWH vQWUHSULQGHUL

FDUH GHVI RDU  R DFWLYLWDWH GH H[SORDWDUH VSHFLILF  XQXL VLQJXU GRPHQLX GH DFWLYLWDWH LQGXVWULDO 
DJULFRO GHFRQVWUXF LLPRQWDMGHWXULVPFRPHU FXULGLFDWDFRPHU FXDP QXQWXOD
5H]XOW  F  DFROR XQGH HVWH FD]XO L YROXPXO GH DFWLYLWDWH SURGXF LD L VHUYLFLLOH DO XQHL
XQLW

LHFRQRPLFHSRDWHV ILHGLYHUVLILFDWUHVSHFWLY VWUXFWXUDW SH SULQFLSDOHOH GRPHQLL GH DFWLYLWDWH

vQFDUHDFWLYHD] DFHVWDLDUvQFDGUXOGRPHQLLORUGHDFWLYLWDWHV VHUHDOL]H]HVWUXFWXU ULGH DFWLYLW

VSHFLILFHILHF UXLGRPHQLXGHDFWLYLWDWH
'HFL vQ FD]XO DQDOL]HL VWDWLVWLFH D DFWLYLW

LL GH SURGXF LH L FRPHUFLDOL]DUH HVWH RSRUWXQ FD

DFHDVW  DQDOL]  V  ILH DERUGDW  SH GRPHQLL GH DFWLYLWDWH LDU vQ ILQDO V  VH HIHFWXH]H R DQDOL]  GH
DQVDPEOX OD QLYHOXO VRFLHW

LL FRPHUFLDOH 'H DVHPHQHD DQDOL]D DFWLYLW

FRPHUFLDOL]DUH VH SRDWH DGUHVD L DFHORU VRFLHW

LL GH SURGXF LH L

L FRPHUFLDOH FDUH vL GHVI RDU  DFWLYLWDWHD GH

H[SORDWDUH vQWUXQ VLQJXU GRPHQLX GH DFWLYLWDWH LQGXVWULH FRQVWUXF LLPRQWDM DJULFXOWXU  WXULVP
FRPHU FXULGLFDWDVDXFXDP QXQWXOHWF
3URGXF LD L VHUYLFLLOH H[HFXWDWH vQ FDGUXO DFWLYLW

LL GH H[SORDWDUH GHVI XUDW  GH R VRFLHWDWH

FRPHUFLDO  vQWUHSULQGHUH SRW IL H[SULPDWH UHVSHFWLY vQ XQLW

FRQYHQ LRQDOH L vQ XQLW
FRPHUFLDOL]DUH DO XQHL XQLW
IL]LFLLYDORULFL

L IL]LFH XQLW

L QDWXUDOH VDX QDWXUDO

L YDORULFH 'HFL DQDOL]D YROXPXOXL GH DFWLYLWDWH SURGXF LH LVDX

L HFRQRPLFH VH HIHFWXHD]  UHVSHFWLY SULQ LQWHUPHGLXO XQRU LQGLFDWRUL



$1$/,=$

35,1&,3$/,/25

,1',&$725,

9$/25,&,

$,

352'8&

,(,

6(59,&,,/25
$VSHFWHJHQHUDOHSULYLQGLQGLFDWRULLYDORULFLDLSURGXF LHLLVHUYLFLLORU
Q FD]XO H[SULP ULL YDORULFH D SURGXF LHL L VHUYLFLLORU YROXPXOXL GH DFWLYLWDWH LQWHUYLQ
SUH XULOHSURGXVHORUP UIXULORUVDXVHUYLFLLORU
([SULPDUHDYDORULF DYROXPXOXLGHDFWLYLWDWHFRQGXFHODGHQDWXU ULDOHDFHVWXLDFDXUPDUHD
LQIOXHQWHLPRGLILF ULLSUH XULORULDFHDVWDFXDWkWPDLPXOWFXFkWUDWDLQIOD LHLHVWHPDLULGLFDW 'H
DFHHD  VH LPSXQH FX QHFHVLWDWH FD vQ DQDOL]D QLYHOXOXL L GLQDPLFLL LQGLFDWRULORU YDORULFL DL
SURGXF LHLLVHUYLFLLORUV ILHHYLGHQ LDW VHSDUDWLQIOXHQ DPRGLILF ULLSUH XULORUDVXSUDQLYHOXOXLL
GLQDPLFLLDFHVWRULQGLFDWRUL
3ULQFLSDOLL LQGLFDWRUL YDORULFL DL SURGXF LHL L VHUYLFLLORU YROXPXOXL GH DFWLYLWDWH VXQW
UHVSHFWLY SURGXF LD H[HUFL LXOXL SURGXF LD EUXW  SURGXF LD PDUI  FLIUD GH DIDFHUL YDORDUHD
DG XJDW LH[FHGHQWXOGHH[SORDWDUH
Q FHHD FH SULYHWH YROXPXO WRWDO GH DFWLYLWDWH HFRQRPLF  GH H[SORDWDUH D vQWUHSULQGHULL
DFHVWD HVWH UHIOHFWDW SULQ LQWHUPHGLXO LQGLFDWRULORU SURGXF LD H[HUFL LXOXL SURGXF LD EUXW  SHQWUX
GRPHQLLOHGHDFWLYLWDWHLQGXVWULHFRQVWUXF LLPRQWDMLDJULFXOWXU YHQLWXULEUXWHSHQWUXWUDQVSRUWXO
GH P UIXUL L GH F O WRUL SUHFXP L SHQWUX DFWLYLWDWHD GH WXULVP YROXPXO GHVIDFHULORU GH P UIXUL
SHQWUX FRPHU XO FX ULGLFDWD L DP QXQWXO YROXPXO GHVIDFHULORU SRDWH IL GHQXPLW L  YHQLWXUL
EUXWH
'HFL SHQWUX FDOFXOXO YROXPXOXL WRWDO GH DFWLYLWDWH DO XQHL XQLW

L HFRQRPLFH FDUH GHVI RDU

R DFWLYLWDWH GH H[SORDWDUH FRUHVSXQ] WRDUH PDL PXOWRU GRPHQLL GH DFWLYLWDWH DFHVW LQGLFDWRU VH YD
GHWHUPLQDSHQWUXILHFDUHGRPHQLXGHDFWLYLWDWHvQSDUWHLDUYROXPXOJOREDOGHDFWLYLWDWHGHODQLYHOXO
LL HFRQRPLFH YD UH]XOWD GLQ vQVXPDUHD QLYHOXULORU RE LQXWH SH GRPHQLXO GH

GH DQVDPEOX DO XQLW

DFWLYLWDWH

Q FHHD FH SULYHWH LQGLFDWRULL YDORULFL FLIUD GH DIDFHUL YDORDUHD DG XJDW  L H[FHGHQWXO GH
H[SORDWDUH DFHWLD VXQW FRPXQL WXWXURU GRPHQLLORU GH DFWLYLWDWH DYkQG SUDFWLF DFHODL PRG GH
FDOFXOLDFHHDLDULHGHFXSULQGHUH

$QDOL]DSURGXF LHLH[HUFL LXOXL

'HWHUPLQDUHDQLYHOXOXLSURGXF LHLH[HUFL LXOXL
3URGXF LD H[HUFL LXOXL GHQXPLW  L SURGXF LD EUXW   VDX YHQLWXUL EUXWH UHSUH]LQW  QLYHOXO
YDORULF DO vQWUHJXOXL YROXP GH DFWLYLWDWH GH H[SORDWDUH DO XQHL XQLW

L HFRQRPLFH GHVI XUDW  vQWUR

DQXPLW SHULRDG GHWLPSOXQ WULPHVWUXVHPHVWUXVDXDQ

$FHVW LQGLFDWRU DUH R PDUH SXWHUH LQIRUPD LRQDO  vQWUXFkW SULQ P ULPHD L VWUXFWXUD OXL
UHIOHFW  vQWUHJXO HIRUW GHSXV GH R XQLWDWH HFRQRPLF  vQWUR DQXPLW  SHULRDG  GH WLPS SHQWUX
GHVI XUDUHDDFWLYLW

LLVDOHGHH[SORDWDUH

&HD PDL JHQHUDO  PHWRG  GH FDOFXO DO QLYHOXOXL SURGXF LHL H[HUFL LXOXL VH ED]HD]  SH
LQIRUPD LLOH GLQ ILD FRQWXOXL GH SURILW L SLHUGHUH UHVSHFWLY GLQ FDSLWROXO YHQLWXUL GLQ H[SORDWDUH
FRQIRUPWDEHOXOXL

7DEHOXO
,QGLFDWRUL

1UUG

9kQ] ULGHP UIXULFW

([HUFL LXOILQDQFLDU
3UHFHGHQW

QFKHLDW



3URGXF LDYkQGXW
9(1,785,

FW




&LIUDGHDIDFHULUGUG
',1

FW



3URGXF LDVWRFDW FW

(;3/2$7$5(



VROGFUHGLWRU





VROGGHELWRU



3URGXF LDLPRELOL]DW
FW



3URGXF LDH[HUFL LXOXL

UG



LQkQGVHDPD GH LQIRUPD LLOH GLQ WDEHOXO  SHQWUX GHWHUPLQDUHD QLYHOXOXL SURGXF LHL
H[HUFL LXOXLSRDWHILIRORVLW UHOD LD
4
4

4

3
3 3  vQFDUH

4HSURGXF LDH[HUFL LXOXL

3


SURGXF LDYkQGXW 

3

SURGXF LDVWRFDW 

3

SURGXF LDLPRELOL]DW 
'DF  VH LQH VHDPD GH VWUXFWXUD SURFHVXOXL WHKQRORJLF DO DFWLYLW

LL GH H[SORDWDUH SHQWUX

GHWHUPLQDUHDQLYHOXOXLSURGXF LHLH[HUFL LXOXLXUPHD] DILIRORVLWHUHOD LLGHFDOFXOVSHFLILFHILHF UXL

GRPHQLXGHDFWLYLWDWH
$VWIHO SHQWUX GHWHUPLQDUHD QLYHOXOXL SURGXF LHL H[HUFL LXOXL DIHUHQW  DFWLYLW

LL LQGXVWULDOH

XUPHD] DILOXDWHvQFRQVLGHUDUHXUP WRDUHOHHOHPHQWHFRPSRQHQWH

SURGXVHOHILQLWH3 3HQWUXSHULRDGDDQDOL]DW SURGXVHOHILQLWHSRWILSURGXVHILQLWHOLYUDWH
3I
VDXVHSRWUHJ VLvQPRGLILFDUHDVWRFXOXLGHSURGXVHILQLWHFDGLIHUHQ

vQWUHVWRFXOGHSURGXVH

ILQLWHGH OD VIkULWXO SHULRDGHL 3I  L VWRFXO GH OD vQFHSXWXO SHULRDGHL DQDOL]DWH 3I   'HFL SRDWH IL
VFULV UHOD LD
3I


VHPLIDEULFDWH

PDL

SX LQ

3I

FHOH

3I

3I  

FRQVXPDWH

SURGXFWLY

V

Q

SHULRDGD

DQDOL]DW

VHPLIDEULFDWHOH SURGXVH 6 SRW IL FRQVXPDWH SHQWUX SURGXF LD SURSULH GHFL VH SRW UHJ VL ILH VXE
IRUPD FRQVXPXOXL LQWHUQ SURGXFWLY V ILH SRW IL OLYUDWH OD WHU L FD DWDUH 6
 ILH VH UHJ VHVF FD
GLIHUHQ

 vQWUH VWRFXO GH OD VIkULWXO SHULRDGHL DQDOL]DWH 6  L VWRFXO H[LVWHQW OD vQFHSXWXO DFHOHLDL

SHULRDGH6  'HFLSRDWHILFRQVLGHUDW UHOD LD

6

V6

6

LDUvQFDOFXOXOSURGXF LHLH[HUFL LXOXLVHYRULQFOXGH

6  

6V

6

SURGXF LDQHWHUPLQDW OXDW FDGLIHUHQ

6

6  

vQWUHVWRFXOGHODVIkULWXOSHULRDGHLDQDOL]DWH1 

LFHOGHODvQFHSXWXODFHOHLDLSHULRDGH1  DGLF 1 1  
 GLIHUHQ D GH VWRFXUL GH PDWUL H VFXOH GLVSR]LWLYH YHULILFDWRDUH UHDOL]DWH SULQ PLMORDFH
SURSULL0 0  
 OXFU UL FX FDUDFWHU LQGXVWULDO H[HFXWDWH SHQWUX WHU  /   VDX SRW IL H[HFXWDWH SHQWUX QHYRLOH
SURGXFWLYHSURSULLDOHvQWUHSULQGHULLO'HFLODFDOFXOXOSURGXF LHLH[HUFL LXOXLYRUILFRQVLGHUDWH/ 
/O
OXFU ULOHGHFHUFHWDUH WLLQ LILF  /  WHUPLQDWH L UHFHS LRQDWH vQ FXUVXO SHULRDGHL DQDOL]DWH
LIRORVLWHSHQWUXQHYRLOHSURSULLDOHvQWUHSULQGHULL
UHSDUD LLOHFDSLWDOH5H[HFXWDWHvQUHJLHSURSULH
DPEDODMHOHFDUHVXQWHYLGHQ LDWHvQPRGGLVWLQFWvQSUH XOGHOLYUDUHDOSURGXVHORUILQLWHVDX
VHPLIDEULFDWHORU OLYUDWH D $PEDODMHOH D F URU YDORDUH HVWH LQFOXV  vQ FRVWXO SURGXVHORU VDX
VHPLIDEULFDWHORU OLYUDWH QX VXQW HYLGHQ LDWH vQ FDGUXO LQGLFDWRUXOXL PHQ LRQDW HOH UHJ VLQGXVH vQ
YDORDUHDSURGXVHORUILQLWHVDXDVHPLIDEULFDWHORUOLYUDWH
FRQWUDYDORDUHDSUHOXFU ULLPDWHULDOHORUSULPHLPDWHULDOHORUDGXVHGHFOLHQ L9 
FRQWUDYDORDUHDPDWHULLORUSULPHLPDWHULDOHORUDGXVHGHFOLHQ L9 
LQkQGVHDPDGHDFHVWHHOHPHQWHFRPSRQHQWHDOHSURGXF LHLH[HUFL LXOXLSHQWUXGHWHUPLQUHD
QLYHOXOXLDFHVWXLLQGLFDWRUSRDWHILIRORVLW UHOD LD
4  

3I6V1 1  0 0  /O/ 5D9 9

3HQWUX HYLGHQ LHUHD XQRU DVSHFWH FDOLWDWLYH OHJDW  GH SURGXF LD EUXW  LQGXVWULDO  SRW IL
FDOFXODWH JUHXW

LLOH VSHFLILFH DOH HOHPHQWHORU FRPSRQHQWH vQ WRWDO SURGXF LH LQGXVWULDO  EUXW  Q

YHGHUHD UHDOL] ULL XQHL HILFLHQ H VSRULWH HVWH GH GRULW FD HOHPHQWHOH FRPSRQHQWH 3I
 6
 L /  V
vQUHJLVWUH]H JUHXW

L VSHFLILFH FkW PDL PDUL vQWUXFkW DFHVWHD SUHVXSXQ FHD PDL PDUH YLWH]  GH

WUDQVIRUPDUH vQ FLIU  GH DIDFHUL vQ  YHQLWXUL vQFDVDWH D YROXPXOXL GH DFWLYLWDWH LQGXVWULDO  'H
DVHPHQHDHVWHGHGRULWFDUHSDUD LLOHFDSLWDOHH[HFXWDWHvQUHJLHSURSULHV ILHUHDOL]DWHFX FKHOWXLHOL
FkW PDL PLFL L GH FDOLWDWH FkW PDL EXQ  vQWUXFkW DFHVWH OXFU UL QX VXQW JHQHUDWRDUH GLUHFWH GH
YHQLWXUL
,QGLFDWRUXOSURGXF LDH[HUFL LXOXLDUHPDLPXOWHXWLOL] ULvQDQDOL] FXPVXQW
 VW  OD ED]D GHWHUPLQ ULL FDSDFLW

LORU GH SURGXF LH D QXP UXOXL GH XWLODMH D YROXPXOXL

UHVXUVHORUGHPXQF DQRUPHORUGHPXQF DP ULPLLPLMORDFHORUFLUFXODQWHGHSURGXF LH

HVWHIRORVLWODDQDOL]DPXWD LLORUVWUXFWXUDOHGLQDFWLYLWDWHDGHH[SORDWDUHLQGXVWULDO 
HVWHIRORVLWODGHWHUPLQDUHDLDQDOL]DGLQDPLFLLYROXPXOXLGHDFWLYLWDWHLQGXVWULDO 
 HVWH IRORVLW SHQWUX HYLGHQ LHUHD FRUHOD LLORU FX DO L LQGLFDWRUL YDORULFL DL YROXPXOXL GH
DFWLYLWDWHLQGXVWULDO 
HVWHIRORVLWFHOPDLIUHFYHQWODGHWHUPLQDUHDQLYHOXOXLSURGXFWLYLW
3HQWUX

DFWLYLWDWHD

GH

FRQVWUXF LLPRQWDM

QLYHOXO

LQGLFDWRUXOXL

LLPXQFLL
SURGXF LD

SURGXF LDEUXW SRDWHILGHWHUPLQDWSHED]DUHOD LHL

4

4 

3  6 6

6  1

1  3 

vQFDUH
4
3

4 

SURGXF LDH[HUFL LXOXLDIHUHQW DFWLYLW

LLGHFRQVWUXF LLPRQWDM

 SURGXF LDGHFRQVWUXF LLPRQWDMWHUPLQDW 

H[HUFL LXOXL

6U

VHPLIDEULFDWHGLQEHWRQDUPDWH[HFXWDWHGHXQLWDWHDGHFRQVWUXF LLPRQWDMLOLYUDWHODWHU L

6 6 

 VWRFXO GH VHPLIDEULFDWH GLQ EHWRQ DUPDW H[HFXWDWH GH FRQVWUXFWRU L H[LVWHQWH vQ VWRF
UHVSHFWLYODVIkULWXOLODvQFHSXWXOSHULRDGHLDQDOL]DWH

1  1    VWRFXO GH SURGXF LH QHWHUPLQDW  GH FRQVWUXF LLPRQWDM H[LVWHQW SH DQWLHU UHVSHFWLY OD
VIkULWXOLvQFHSXWXOSHULRDGHLDQDOL]DWH
3 

SUHVW ULGHVHUYLFLLGHFRQVWUXF LLPRQWDMSHQWUXWHU LSULQLQWHUPHGLXODWHOLHUHORUSURSULLGH

SURLHFWDUHDOVWD LLORUGHXWLODMWUDQVSRUWD
3URGXF LD WHUPLQDW  GH FRQVWUXF LLPRQWDM UHSUH]LQW  DFHOH OXFU UL GH FRQVWUXF LLPRQWDM

DFHOH DUWLFROH GH GHYL] OD FDUH DX IRVW H[HFXWDWH SkQ  OD VIkULWXO SHULRDGHL DQDOL]DWH WRDWH
RSHUD LXQLOH WHKQRORJLFH HOHPHQWDUH SUHY ]XWH vQ GHYL] L FDUH DX IRVW UHFHS LRQDWH GH EHQHILFLDU
SULQGLULJLQWHOHGHDQWLHUSkQ ODVIkULWXOSHULRDGHLDQDOL]DWH 6SUH H[HPSOX OD DUWLFROXO GH GHYL]
OXFU UL GH S PkQW SRW V  LQWHUYLQ  FD RSHUD LXQL WHKQRORJLFH HOHPHQWDUH V SDUHD S PkQWXOXL
vQF UFDUHDvQPLMORFXOGHWUDQVSRUWWUDQVSRUWXOSkQ ODORFXOGHGHVF UFDUHGHVF UFDUHDS PkQWXOXL
vPSU WLHUHDDFHVWXLDQLYHODUHDLFRPSDFWDUHDS PkQWXOXL
3URGXF LD QHWHUPLQDW  GH FRQVWUXF LLPRQWDM 1 1 LQFOXGH SURGXF LD QHWHUPLQDW  IL]LF L
UHVSHFWLY SURGXF LD QHGHFRQWDELO  GRFXPHQWD LH WHKQLFRHFRQRPLF  LQFRPSOHW  VDX QHDSUREDW 
FDOLWDWH D SURGXF LHL GH FRQVWXF LLPRQWDM FDUH QX FRUHVSXQGH FX GRFXPHQWD LD WHKQLFRHFRQRPLF
DSUREDW HWF


$WkW SURGXF LD GH FRQVWUXF LLPRQWDM WHUPLQDW  FkW L FHD QHWHUPLQDW  VH H[SULP  vQ SUH XUL

GHGHYL]
3HQWUX SURGXF LD DJULFRO  QLYHOXO LQGLFDWRUXOXL SURGXF LD H[HUFL LXOXL SRDWH IL GHWHUPLQDW SH
ED]DUHOD LHL
4

4

3
3

3 

vQFDUH
4

4 SURGXF LDH[HUFL LXOXLSURGXF LDEUXW GLQDJULFXOWXU 

3

SURGXF LDYHJHWDO 

3 

SURGXF LDDQLPDO 

3 

 SUHVW UL GH VHUYLFLL DJULFROH SHQWUX WHU L  vQ VSHFLDO vQ FDGUXO OXFU ULORU DJULFROH GH
PHFDQL]DUH
Q FDGUXO DFWLYLW

LL GH WUDQVSRUW GH P UIXUL L F O WRUL FD LQGLFDWRU YDORULF DO vQWUHJXOXL

YROXPGHDFWLYLWDWHGHH[SORDWDUHVHXWLOL]HD] LQGLFDWRUXOGHQXPLWYHQLWXULEUXWHFDUHUHSUH]LQW
FRQWUDYDORDUHD vQ SUH XULOH GH WDULIDUH D VHUYLFLLORU GH WUDQVSRUW WXWXURU VHUYLFLLORU GH WUDQVSRUW DO
P UIXULORU L F O WRULORU HIHFWXDWH vQWUR DQXPLW  SHULRDG  GH WLPS OXQ  WULPHVWUX VHPHVWUX VDX
DQ
Q FDGUXO DFWLYLW

LL GH WXULVP FD LQGLFDWRU YDORULF DO vQWUHJXOXL YROXP GH DFWLYLWDWH GH

H[SORDWDUH VH XWLOL]HD]  GH DVHPHQHD LQGLFDWRUXO GHQXPLW YHQLWXUL EUXWH  L HO UH]XOW  GLQ
vQVXPDUHDGLYHUVHORUVHUYLFLLGHWXULVPFD]DUHPDV  DJUHPHQWWUDQVSRUWHWFHYDOXDWHODSUH XULOH
GHWDULIDUHDOHDFHVWRUD
Q FDGUXO DFWLYLW

LL GH FRPHU  FX ULGLFDWD VDX FX DP QXQWXO LQGLFDWRUXO YDORULF FH P VRDU

vQWUHJXO YROXP GH DFWLYLWDWH HVWH UHSUH]HQWDW GH YROXPXO WRWDO DO GHVIDFHULORU GH P UIXUL OD FDUH VH
DGDXJ  L GLYHUVHOH SUHVW UL GH VHUYLFLL FRPHUFLDOH VSUH H[HPSOX S VWUDUHD GH P UIXUL vQ FXVWRGLH
D
,QGLFDWRUXO SURGXF LD H[HUFL LXOXL SURGXF LD EUXW  VW  OD ED]D IRUP ULL L GHWHUPLQ ULL DOWRU
LQGLFDWRUL YDORULFL DL SURGXF LHL L VHUYLFLLORU FXP VXQW SURGXF LD PDUI  FLIUD GH DIDFHUL YDORDUHD
DG XJDW  VDX OD ED]D IRUP ULL XQRU LQGLFDWRUL VLQWHWLFL FXP VXQW UDWD FLIUHL GH DIDFHUL FDOFXODW  vQ

UDSRUW FX SURGXF LD H[HUFL LXOXL UDWD YDORULL DG XJDWH FDOFXODW  vQ UDSRUW FX SURGXF LD H[HUFL LXOXL
HWF

$QDOL]DIDFWRULDO

vQVWDWLF

LFRPSDUDW

DSURGXF LHLH[HUFL LXOXL

,QGLFDWRUXO SURGXF LD H[HUFL LXOXL SRDWH IL GHVFRPSXV vQWUXQ QXP U GH GRL VDX PDL PXO L
IDFWRUL GH LQIOXHQ

 vQ IXQF LH GH VFRSXO DQDOL]HL HIHFWXDWH L GH LQIRUPD LLOH XWLOL]DWH vQ DQDOL] 

UHVSHFWLY SRW IL FRQVWUXLWH L DQDOL]DWH PDL PXOWH PRGHOH IDFWRULDOH DOH LQGLFDWRUXOXL PHQ LRQDW
$FHVWHPRGHOHIDFWRULDOHVXQWGHUHJXO QLWHPRGHOHPXOWLSOLFDWLYHDGLF IDFWRULLGHLQIOXHQ

DSDU

vQPRGHOHVXEIRUPDXQRUSURGXVHGHIDFWRUL$VWIHO
'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

 SURGXFWLYLWDWHD PXQFLL GHWHUPLQDW  vQ UDSRUW FX SURGXF LD H[HUFL LXOXL :

 47IDFWRU

FDOLWDWLY
 QXP UXO PHGLX GH VDODULD L GH PXQFLWRUL  IDFWRU FDQWLWDWLY 7 SRDWH IL FRQVWUXLW L
DQDOL]DWPRGHOXOPXOWLSOLFDWLYELIDFWRULDO
4

:7vQFDUH

SURGXF LDH[HUFL LXOXLH[SULPDW vQSUH XULFXUHQWH

SURGXFWLYLWDWHDPXQFLLH[SULPDW vQSUH XULFXUHQWH

QXP UXOPHGLXGHVDODULD LPXQFLWRUL

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

SURGXFWLYLWDWHDPXQFLLFDOFXODW vQSUH XULFRPSDUDELOH: 

LQGLFHOHSUH XULORUSURGXF WRULORULQGLFHOHSUH XULORUFXULGLFDWDQRWDWFX, 
QXP UXOPHGLXGHVDODULD L7
UH]XOW XUP WRUXOPRGHO

4 =

4  ,#

,#

,#

= :

,#

vQFDUH
4

SURGXF LDH[HUFL LXOXLH[SULPDW vQSUH XULFRPSDUDELOH

SURGXFWLYLWDWHDPXQFLLFDOFXODW vQSUH XULFRPSDUDELOH

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

FRHILFLHQWXOGHXWLOL]DUHUDQGDPHQWXODOFDSLWDOXOXLIL[.! 

FRHILFLHQWXOGHvQ]HVWUDUHDPXQFLLFXFDSLWDOIL[. " 
QXP UXOPHGLXGHVDODULD LPXQFLWRUL7
UH]XOW PRGHOXO

4
)

)
7

.X

vQFDUH
4

SURGXF LDH[HUFL LXOXLH[SULPDW vQSUH XULFXUHQWH

)YDORDUHDPHGLHDFRPSRQHQWHORUFDSLWDOXOXLIL[H[SULPDW vQSUH XULFXUHQWH

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

FRHILFLHQWXOGHXWLOL]DUHDOFDSLWDOXOXLIL[FDOFXODWSHED]D SURGXF LHL H[HUFL LXOXL L YDORULL

PHGLLDPLMORDFHORUIL[HH[SULPDW vQSUH XULFRPSDUDELOH.! 

 FRHILFLHQWXO GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ FDOFXODW SH ED]D P ULPLL FDSLWDOXOXL IL[
H[SULPDWvQSUH XULFRPSDUDELOH. " 
LQGLFHOHSUH XULORUSURGXF WRULORU, 
 QXP UXO PHGLX GH VDODULD L PXQFLWRUL 7 SRDWH IL FRQVWUXLW L DQDOL]DW PRGHOXO
PXOWLSOLFDWLYWHWUDIDFWRULDO

4=

4  ,/
)

,/

7 =

,/

7 = .2 .1 ,/

7 

vQFDUH

&

 YDORDUHD PHGLH D FRPSRQHQWHORU FDSLWDOXOXL IL[ PLMORDFHORU IL[H GHWHUPLQDW  vQ SUH XUL

FRQVWDQWH
),' 

)
44 7,SVHPQLILFD LLOHGDWHDQWHULRU

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

FRHILFLHQWXOGHXWLOL]DUHDOFDSLWDOXOXLIL[FDOFXODWSHED]DSURGXF LHLH[HUFL LXOXLH[SULPDW

vQ SUHWXUL FXUHQWH 4 L SH ED]D
(*) YDORULL PHGLL D PLMORDFHORU IL[H GLUHFW SURGXFWLYH H[SULPDW  vQ
SUH XULFXUHQWH)QRWDWSULQ.!

 JUHXWDWHD
(*) VSHFLILF  D PLMORDFHORU IL[H GLUHFW SURGXFWLYH vQ YDORDUHD PHGLH WRWDO  D

PLMORDFHORUIL[HJ

))

 FRHILFLHQWXO GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ . "  FDOFXODW SH ED]D YDORULL PHGLL D
PLMORDFHORUIL[HH[SULPDW vQSUH XULFXUHQWH)
 QXP UXO PHGLX GH VDODULD L VDX GH PXQFLWRUL 7 SRDWH IL FRQVWUXLW L DQDOL]DW PRGHOXO
PXOWLSOLFDWLYWHWUDIDFWRULDO

6
4

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

6
4

 FRHILFLHQWXO GH XWLOL]DUH DO PLMORDFHORU& IL[H GLUHFW SURGXFWLYH FDOFXODW SH ED]D SURGXF LHL

H[HUFL LXOXL H[SULPDW  vQ SUH XUL FRPSDUDELOH 4 

IL[H GLUHFW
& L SH ED]D YDORULL PHGLL D
&
(,+ PLMORDFHORU

SURGXFWLYHH[SULPDW vQSUH XULFRPSDUDELOH) FRHILFLHQWQRWDWSULQ.!

- (*).



JUHXWDWHD

VSHFLILF 

D

PLMORDFHORU

IL[H

GLUHFW

SURGXFWLYH

vQ

WRWDO

PLMORDFH

IL[H

) ) 
 FRHILFLHQWXO GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ FDOFXODW SH ED]D YDORULL PHGLL D

PLMORDFHORUIL[HH[SULPDW vQSUH XULFRQVWDQWH. "

) 7

LQGLFHOHSUH XULORUSURGXF WRULORU, 

QXP UXOPHGLXGHVDODULD LPXQFLWRUL7
SRDWHILFRQVWUXLWXUP WRUXOPRGHOPXOWLSOLFDWLYSHQWDIDFWRULDO
4 =

4  ,7

= . :

9 = ;


)

)

> 9 =< ?

.8

7
,7

,7

7 =

)

)

)
7

;
,7

7 =

 'DF  vQ FD]XO XQHL XQLW

L HFRQRPLFH FDUH HVWH VWUXFWXUDW  SH GRX  VDX PDL PXOWH

VXEXQLW

L VHF LL SXQFWH GH OXFUX SXQFWH GH GHVIDFHUH HWF VH LDX vQ FRQVLGHUDUH IDFWRULL GH

LQIOXHQ


JUHXWDWHDVSHFLILF DSURGXF LHLH[HUFL LXOXLDIHUHQW VXEXQLW

LLFXLQGH[XOL (J A

YROXPXOWRWDODOSURGXF LHLH[HUFL LXOXLFDOFXODWODQLYHOXOGHDQVDPEOXDOFHORUQVXEXQLW

DOH vQWUHSULQGHULL DQDOL]DWH

D
B 4

D E

 SRDWH IL FRQVWUXLW L DQDOL]DW XUP WRUXO PRGHO PXOWLSOLFDWLY

ELIDFWRULDO

4J

= JJ

J G

4J

vQFDUH
4

UHSUH]LQW  YROXPXO SURGXF LHL H[HUFL LXOXL DIHUHQW  VXEXQLW

LL L L H[SULPDW vQ SUH XUL

FXUHQWH
'HVLJXU F  vQ IXQF LH GH VFRSXO DQDOL]HL GH QDWXUD LQIRUPD LLORU IRORVLWH GH VWUXFWXUD
RUJDQL]DWRULF  D vQWUHSULQGHULL SRW IL FRQVWUXLWH L DQDOL]DWH L DOWH PRGHOH IDFWRULDOH DOH
SURGXF LHLH[HUFL LXOXL
(VWHGHUHPDUFDWF vQFDGUXOPRGHOHORU IDFWRULDOHPXOWLSOLFDWLYHDOHSURGXF LHL H[HUFL LXOXL
SUH]HQWDWHPDLVXVIDFWRULLGHLQIOXHQ
HVWHIDFWRUXOGHLQIOXHQ

DXIRVWVFULLvQRUGLQHDGHVFUHVF WRDUHDFDOLW

FHOPDLFDOLWDWLYXUPDWGHIDFWRUXOGHLQIOXHQ

LLORUSULPXO

PDLSX LQFDOLWDWLYDPG

L WHUPLQkQG FX IDFWRUXO FDQWLWDWLY 0RGXO GH RUGRQDUH DO IDFWRULORU GH LQIOXHQ

 HVWH HVHQ LDO vQ

DSOLFDUHD PHWRGHL GH SRQGHUDUH D VXEVWLWX LHL vQ ODQ  06/ vQ FDGUXO DQDOL]HL vQ GLQDPLF  D
RULF UXLLQGLFDWRUYDORULFVDXIL]LF
$QDOL]D IDFWRULDO  vQ VWDWLF  D SURGXF LHL H[HUFL LXOXL SUHVXSXQH vQ SULQFLSDO LGHQWLILFDUHD
IDFWRULORU GH LQIOXHQ
IDFWRULORUGHLQIOXHQ

 SULQ LQWHUPHGLXO XQHL DQDOL]H FDOLWDWLYH D SURGXF LHL H[HUFL LXOXL RUGRQDUHD
ILHvQRUGLQHDGHVFUHVF WRDUHDFDOLW

LLORUDDFXPVDSURFHGDWvQPRGHOHOH

PXOWLSOLFDWLYHIDFWRULDOHGHPDLVXVILHvQRUGLQHDQDWXUDO GHDSDUL LHDIDFWRULORUGHLQIOXHQ

vQRUGLQHLQYHUV ID
LQIOXHQ

DGLF

GHSULPDYDULDQW GHRUGRQDUHGHWHUPLQDUHDQLYHOXOXLILHF UXLDGLQIDFWRULLGH

UHVSHFWLYGLQSHULRDGDDQDOL]DW LGLQSHULRDGDOXDW FDED] GHFRPSDUD LH

3HQWUX DQDOL]D FRPSDUDW  D SURGXF LHL H[HUFL LXOXL DQDOL]D vQ GLQDPLF  VDX FRPSDUDUHD

QLYHOXOXLUHDOL]DWvQSHULRDGDDQDOL]DW FXQLYHOXOSUHY ]XWSHQWUXSHULRDGDUHVSHFWLY VDXFXQLYHOXO

UHDOL]DW GH ILUPHOH FRQFXUHQWH SRDWH IL IRORVLW RULFDUH GLQWUH PRGHOHOH PXOWLSOLFDWLYH IDFWRULDOH
PHQ LRQDWH Q IXQF LH GH VWUXFWXUD RUJDQL]DWRULF  D vQWUHSULQGHULL L GH VFRSXO DQDOL]HL FRPSDUDWH
XUPHD] 

D

IL

IRORVL L

LQGLFLL

LQGLYLGXDOL

vQWUHSULQGHULOHQHVWUXFWXUDWHSHVXEXQLW

L

PRGLILF ULOH

DEVROXWH

FRUHVSXQ] WRDUH

SHQWUX

LVDXLQGLFLLLQGLYLGXDOLLGHJUXSvQVR L LGHPRGLILF ULOH

DEVROXWH FRUHVSXQ] WRDUH SHQWUX vQWUHSULQGHULOH VWUXFWXUDWH SH VXEXQLW

L 'H DVHPHQHD vQ FDGUXO

XQHL DQDOL]H FRPSDUDWH DQDOL]D SRDWH IL HIHFWXDW  QXPDL SH WRWDO LQGLFDWRU I U  GHVFRPSXQHUH SH
IDFWRULGHLQIOXHQ

VDXSHWRWDOLQGLFDWRULSHIDFWRULGHLQIOXHQ

Q FDGUXO XQHL DQDOL]H FRPSDUDWH VH IRORVHWH GH UHJXO  FD PHWRG  GH SRQGHUDUH PHWRGD
VXEVWLWX LHLvQODQ 06/$FHDVW PHWRG SUHVXSXQHDDFXPVDPDLSUHFL]DWRUGRQDUHDvQWUXQ
IHOVDXDOWXODIDFWRULORUGHLQIOXHQ

$ERUG PFXWLWOXGHH[HPSOXDQDOL]DFRPSDUDW DSURGXF LHLH[HUFL LXOXLSHED]DPRGHOXOXL

WHWUDIDFWRULDO

4 = .N

.M

,L

$ Q FD]XO XQHL vQWUHSULQGHUL  FDUH QX HVWH VWUXFWXUDW  SH VXEXQLW
VXEXQLW

LGLQFDGUXOXQHLvQWUHSULQGHULFDUHHVWHVWUXFWXUDW SHVXEXQLW

L VDX vQ FD]XO XQHL

L

QWUR DVWIHO GH VLWXD LH DQDOL]D FRPSDUDW  SUHVXSXQH IRORVLUHD LQGLFLORU LQGLYLGXDOL L D
PRGLILF ULORUDEVROXWHFRPSDUDWH
vQRUGLQHDGHVFUHVF WRDUHDFDOLW

,QFD]XOVFULHULLIDFWRULORUGHLQIOXHQ

LLORU

QDFHVWFD]IRUPDPRGHOXOXLPXOWLSOLFDWLYIDFWRULDOHVWHFHDGDW PDLVXVDGLF 

4 = .^

.]

,\

6LVWHPXOGHLQGLFLLQGLYLGXDOL
D ,QGLFHOH LQGLYLGXDO JHQHUDO FDUH P VRDU  FRQFRPLWHQW DF LXQHD WXWXURU FHORU SDWUX
IDFWRULGHLQIOXHQ

DVXSUDSURGXF LHLH[HUFL LXOXL

4Q

LQ R P

4P

.U Q .T Q ,

.T P

.U P

Q 7Q
S

P 7P

E,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXL

FDOLWDWLY.X

&



L` c b

jd

c h

a
. g `
a
. g b

a
. f `
a
. f `

, e

7`
`

, e

7`
`

F,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY . Z Y

uo
nm s

Lk n

l m

l,m

l
q k

, p

lm

, p

7 k

7 k

G,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY,[ 

7
7

H,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDQWLWDWLY7

.
.

&RQIRUP PHWRGHL VXEVWLWX LHL vQ ODQ  FHL FLQFL LQGLFL LQGLYLGXDOL IRUPHD]  XQ VLVWHP GH
LQGLFLYHULILFDWGHUHOD LD

4
  

= L

4  .
  

4  .

  

4  ,

  

4  7
  

6LVWHPXOPRGLILF ULORUDEVROXWHLQGLYLGXDOH
D

0RGLILFDUHD

DEVROXW 

LQGLYLGXDO 

JHQHUDO 

FRQFRPLWHQWDF LXQHDFHORUSDWUXIDFWRULGHLQIOXHQ

D| } z

SH

WRWDO

LQGLFDWRU

DVXSUDSURGXF LHLH[HUFL LXOXL

= 4| - 4z
= . | .  | , ~ | 7| - . z

. z

,~ z

7z

FDUH

P VRDU 

E0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY.

F0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY.

- .



G0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY, 

H0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDQWLWDWLY7

&RQIRUP DFHOHLDL PHWRGH D VXEVWLWX LHL vQ ODQ  FHOH FLQFL PRGLILF UL DEVROXWH LQGLYLGXDOH
IRUPHD] XQVLVWHPDOPRGLILF ULORUDEVROXWHYHULILFDWGHUHOD LD

4  .

4
 

= D

4  .

+ D

 

4  ,

+ D

 

4 7

+ D

 

 

DGLF PRGLILFDUHDDEVROXW LQGLYLGXDO JHQHUDO HVWHGDW GHVXPDDOJHEULF DPRGLILF ULORUDEVROXWH

LQGLYLGXDOHIDFWRULDOH
Q WRDWH UHOD LLOH GH OD D OD H FLIUD  UHSHUHD]  QLYHOXO LQGLFDWRUXOXL IDFWRUXOXL GH
LQIOXHQ

 DQDOL]DW UHDOL]DW vQ SHULRDGD FXUHQW  SHULRDGD DQDOL]DW  LDU FLIUD  UHSHUHD]  QLYHOXO

LQGLFDWRUXOXLIDFWRUXOXLGHLQIOXHQ

DQDOL]DWILHvQSHULRDGDOXDW FDED] GHFRPSDUD LHGHUHJXO 

SHULRDGDSUHFHGHQW ILHQLYHOXOSODQLILFDWSURJUDPDWSHQWUXSHULRDGDDQDOL]DW ILHQLYHOXOUHDOL]DW

GHFRQFXUHQ


vQRUGLQHDQDWXUDO GHDSDUL LHDORU

,,QFD]XOVFULHULLIDFWRULORUGHLQIOXHQ

QDFHVWFD]IRUPDPRGHOXOXLPXOWLSOLFDWLYWHWUDIDFWRULDODQDOL]DWHVWHXUP WRDUHD
4

= 7

6LVWHPXOGHLQGLFLLQGLYLGXDOL
D ,QGLFHOH LQGLYLGXDO JHQHUDO FDUH P VRDU  DF LXQHD FXPXODW  D FHORU SDWUX IDFWRUL GH
LQIOXHQW 

,
,

.
.

E,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDQWLWDWLY7

.
.

.
.

F,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY,S

G,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY.




H,QGLFHOHLQGLYLGXDOIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY.

&RQIRUP PHWRGHL GH SRQGHUDUH 06/ FHL FLQFL LQGLFL LQGLYLGXDOL GH PDL VXV IRUPHD]  XQ
VLVWHPGHLQGLFLLQGLYLGXDOLFDUHHVWHYHULILFDWGHUHOD LD



L

  


  


   


   


DGLF LQGLFHOHLQGLYLGXDOJHQHUDOHVWHHJDOFXSURGXVXOvQO Q XLWDOLQGLFLORUIDFWRULDOL

6H SRDWH REVHUYD FX XXULQ

 F  FHOH GRX  YDULDQWH GH RUGRQDUH D IDFWRULORU GH LQIOXHQ

VXQWHFKLYDOHQWHHOHFRQGXFkQGSUDFWLFODDFHODLVLVWHPGHLQGLFL
6LVWHPXOGHPRGLILF ULDEVROXWHLQGLYLGXDOH
D0RGLILFDUHDDEVROXW LQGLYLGXDO JHQHUDO SHWRWDOLQGLFDWRU

D

= 4 - 4



= 7 , 

.




.

- 7 , 

.

.




E0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDQWLWDWLY7

# "
 

= 7 

- 7


!






F0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY,S

- (%, .
' (

= 7'

- ,

+ '

%
+

$%

$&%

G0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY.

9 2 3 0 8 :4
3

2
7

/2

/0

E = ? < D F@
?

= 7

;=

;>=

;&<

/10

H0RGLILFDUHDDEVROXW LQGLYLGXDO IDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY.

&RQIRUP DFHOHLDL PHWRGH D VXEVWLWX LHL vQ ODQ  FHOH FLQFL PRGLILF UL DEVROXWH LQGLYLGXDOH
IRUPHD] XQVLVWHPDOPRGLILF ULORUDEVROXWHLQGLYLGXDOHYHULILFDWGHUHOD LD

J H I

= D

O H Q
J H I

+ D

O H P M
J H I

+ D

O H N LG
J H I

+ D

O H N G
J H I K

DGLF  PRGLILFDUHD DEVROXW  LQGLYLGXDO  JHQHUDO  SH WRWDO LQGLFDWRU HVWH HJDO  FX VXPD DOJHEULF  D
PRGLILF ULORUDEVROXWHLQGLYLGXDOHIDFWRULDOH
6H SRDWH REVHUYD FX XXULQ
RUGRQDUH D IDFWRULORU GH LQIOXHQ

 F  L vQ FD]XO PRGLILF ULORU DEVROXWH FHOH GRX  YDULDQWH GH

 VXQW HFKLYDOHQWH HOH FRQGXFkQG SUDFWLF OD DFHODL VLVWHP DO

PRGLILF ULORUDEVROXWH


5HOD LLOH GH OD $, L GH OD $,, VH IRORVHVF vQ FD]XO SURGXF LHL H[HUFL LXOXL UHDOL]DW  GH R

vQWUHSULQGHUHFDUHQXHVWHVWUXFWXUDW SHVXEXQLW

L

QFD]XOXQHLvQWUHSULQGHULVWUXFWXUDW SHVXEXQLW

LLGDF VHGRUHWHV VHHIHFWXH]HDQDOL]D

FRPSDUDW DSURGXF LHLH[HUFL LXOXLDIHUHQWHXQHLVLQJXUHVHF LLVLPEROXULOHIRORVLWHYRUILvQVR LWHL

GH LQGH[XO GH H[SOLFLWDUH DO VHF LHL UHVSHFWLY VLPEROXO L QWUXQ DVWIHO GH FD] PRGHOXO PXOWLSOLFDWLY
WHWUDIDFWRULDODQDOL]DWYDGHYHQL

= .

a
` ]

a
_]

7]

^ ]

VDX
4

WY

XZW Y

%QFD]XOXQHLvQWUHSULQGHULFDUHHVWHVWUXFWXUDW SHVXEXQLW

QWUR DVWIHO GH VLWXD LH SHQWUX DQDOL]D FRPSDUDW  D SURGXF LHL H[HUFL LXOXL XUPHD]  D IL
IRORVL L LQGLFL GH JUXS vQVR L L GH PRGLILF ULOH DEVROXWH FRUHVSXQ] WRDUH GDF  DQDOL]D FRPSDUDW  VH
HIHFWXHD]  OD QLYHO GH DQVDPEOX DO vQWUHSULQGHULL VDX LQGLFL LQGLYLGXDOL vQVR L L GH PRGLILF ULOH
DEVROXWHFRUHVSXQ] WRDUHGDF DQDOL]DFRPSDUDW VHGHVI RDU ODQLYHOXOXQHLVHF LL
$ERUG PHIHFWXDUHDXQHLDQDOL]HFRPSDUDWH DSURGXF LHLH[HUFL LXOXL OD QLYHOXO GH DQVDPEOX
DOvQWUHSULQGHULLIRORVLQGVFULHUHD IDFWRULORUGHLQIOXHQ

vQRUGLQHD GHVFUHVF WRDUH D FDOLW

LORU GHFL

SHQWUXHIHFWXDUHDDQDOL]HLFRPSDUDWHVHYDSRUQLGHODPRGHOXOPXOWLSOLFDWLYIDFWRULDO
6LVWHPXOLQGLFLORUGHJUXS

b h

b h

i
gd

i
fd

e d

D ,QGLFHOH GH JUXS FDUH P VRDU  DF LXQHD FXPXODW  D FHORU SDWUX IDFWRUL GH LQIOXHQ
WRWDOLQGLFDWRU

m
ks r
t lx t
, uzy
v

n u

mj

n u

nu

=
4

n
v

n u

mj

n u

w
qn u
w
qn
v

w
pn u

o n u

w
pn

o n

nu

E,QGLFHOHGHJUXSIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY.RTS

|
}

 ~{

{

F,QGLFHOHGHJUXSIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY. V

 SH


          

  

 


 

 

 

 

 



 



G,QGLFHOHGHJUXSIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDOLWDWLY,

"
#$)  ' ( % # '  !

  $

 $

&
 %
&
 %

 & %
 & %

 $

$

 %

$

H,QGLFHOHGHJUXSIDFWRULDOFDUHP VRDU LQIOXHQ DIDFWRUXOXLFDQWLWDWLY7

'HVLJXUF LFHLFLQFLLQGLFLGHJUXSGHPDLVXVIRUPHD] vQ

FDGUXO06/XQVLVWHPGHLQGLFLGHJUXSYHULILFDWGHUHOD LD

*
1+ / +
4

= ,

 

*
1+ / + . 0 +
 .

 

*
1+ / + - 0 +
 .

 

*
1+ / + ,
4

 ,

 

*
1+ / +

7

 

6LVWHPXOPRGLILF ULORUDEVROXWHGHJUXS
D0RGLILFDUHDDEVROXW GHJUXSJHQHUDO SHWRWDOLQGLFDWRU

=
4 -
4

=
.

. ,

7 -
.

. ,

E0RGLILFDUHDDEVROXW GHJUXSIDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY.RTS

(.

F0RGLILFDUHDDEVROXW GHJUXSIDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY. V

- .

G0RGLILFDUHDDEVROXW GHJUXSIDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDOLWDWLY,S

 

- ,

H0RGLILFDUHDDEVROXW GHJUXSIDFWRULDO GDWRUDW LQIOXHQ HLIDFWRUXOXLFDQWLWDWLY7 S

OPQSR ] [
^ \aT b
_

N
\ MLa Z \

VK ^

`
YV_

`
XV

WV_

V^

- 7

V_

QWUH FHOH FLQFL PRGLILF UL DEVROXWH GH JUXS GH PDL VXV H[LVW  UHOD LD GH VLVWHP DO
PRGLILF ULORUDEVROXWH

cj h c

 

ic
c
g
cj h

4  .

=D

 

ic
f
c
cj h

4  .

+D

 

cj h c e c

4  ,

+D

 

cj h c c

+D

 

7

$QDOL]DSURGXF LHLPDUI
3URGXF LD PDUI  UHSUH]LQW  DFHD SDUWH D SURGXF LHL H[HUFL LXOXL FDUH HVWH GHVWLQDW  YkQ] ULL
F WUHWHU L
Q FD]XO DFWLYLW

LL LQGXVWULDOH SURGXF LD PDUI  FXSULQGH XUP WRDUHOH HOHPHQWH PDL

LPSRUWDQWH

 SURGXVHOHILQLWHGHVWLQDWHYkQ] ULL3 

 OXFU ULOHLQGXVWULDOHH[HFXWDWHSHQWUXWHU L/ 

465

 FRQWUDYDORDUHDSUHOXFU ULLPDWHULLORUSULPHLPDWHULDOHORUDGXVHGHFOLHQ L9

 FRQWUDYDORDUHD DPEDODMHORU FDUH QX VXQW VXSRUWDWH SULQ FRVWXUL FL VH HYLGHQ LD]  GLVWLQFW
vQSUH XOGHOLYUDUHDOSURGXVHORUD

WHU L/

798

 OXFU ULOH GH FHUFHWDUH  WLLQ LILF  WHUPLQDWH L UHFHS LRQDWH GDF  VXQW H[HFXWDWH SHQWUX


 VHPLIDEULFDWHOHH[HFXWDWHGHvQWUHSULQGHUHLOLYUDWHODWHU L6 
'HFLQLYHOXOSURGXF LHLPDUI LQGXVWULDO SRDWHILGHWHUPLQDWSHED]DUHOD LHL

XQGH3

5;2=< > ?G@CB

5;2=< > ?A@CB

465

3 / 9

D/

Q FDGUXO DFWLYLW



LL GH FRQVWUXF LLPRQWDM SURGXF LD PDUI  FXSULQGH XUP WRDUHOH HOHPHQWH

SURGXF LDGHFRQVWUXF LLPRQWDMWHUPLQDW 3 

VHPLIDEULFDWHOH GLQ EHWRQ DUPDW H[HFXWDWH GH FRQVWUXFWRUL L OLYUDWH OD WHU L VDX FDUH VXQW

GHVWLQDWHOLYU ULLF WUHWHU L6 



6

UHSUH]LQW SURGXF LDPDUI LQGXVWULDO 

PDLLPSRUWDQWH


DFE

SUHVW ULOHGHVHUYLFLLGHFRQVWUXF LLPRQWDMF WUHWHU L3 

'HFLQLYHOXOSURGXF LHLPDUI GHFRQVWUXF LLPRQWDMSRDWHILGHWHUPLQDWSHED]DUHOD LHL

3
Q FDGUXO DFWLYLW

5;2=< 76IJB

3 6 3

LL GH WXULVP L DOLPHQWD LH SXEOLF  YDORDUHD SURGXF LHL PDUI  UH]XOW  GLQ

vQVXPDUHDFRQWUDYDORULLVHUYLFLLORUGHWXULVPLDOLPHQWD LHSXEOLF H[HFXWDWHSHQWUXWHU L

Q FDGUXO DFWLYLW

LL DJULFROH SURGXF LD PDUI  UHSUH]LQW  FRQWUDYDORDUHD WXWXURU SURGXVHORU

YHJHWDOH L DQLPDOH GHVWLQDWH YkQ] ULL F WUH WHU L OD FDUH VH DGDXJ  L FRQWUDYDORDUHD SUHVW ULORU GH
VHUYLFLLDJULFROHH[HFXWDWHSHQWUXWHU L
Q FDGUXO DFWLYLW

LL GH WUDQVSRUW DO P UIXULORU L F O WRULORU SURGXF LD PDUI  UHSUH]LQW

FRQWUDYDORDUHDWXWXURUSUHVW ULORUGHVHUYLFLLGHWUDQVSRUWGHP UIXULLF O WRULH[HFXWDWHF WUHWHU L

3URGXF LDPDUI YkQGXW LvQFDVDW HVWHFHDPDLLPSRUWDQW FRPSRQHQW DFLIUHLGHDIDFHULD
XQHLvQWUHSULQGHUL

3HQWUX DQDOL]D IDFWRULDO  vQ VWDWLF  L FRPSDUDW  D SURGXF LHL PDUI  SRW IL IRORVLWH SUDFWLF
DFHOHDLYDULDQWHGHPRGHOHIDFWRULDOHFDLvQFD]XOSURGXF LHLH[HUFL LXOXL
3URGXF LDPDUI  HVWHRSDUWHFRPSRQHQW DSURGXF LHLH[HUFL LXOXLLvQVFRSXORE LQHULLXQXL
SURILWFkWPDLPDUHHVWHHILFLHQWFDUDSRUWXO3

5;2 k

4 V ILHFkWPDLPDUHSUDFWLFV WLQG F WUHXQX

$QDOL]DFLIUHLGHDIDFHUL

3UREOHPHJHQHUDOHSULYLQGFLIUDGHDIDFHUL
&LIUD GH DIDFHUL UHSUH]LQW  VXPD WRWDO  D YHQLWXULORU vQFDVDWH GH R XQLWDWH HFRQRPLF  vQWUR
DQXPLW SHULRDG GHWLPSGHUHJXO vQGHFXUVGHXQDQ
Q FLIUD GH DIDFHUL HVWH LQFOXV  YDORDUHD IDFWXULORU vQWRFPLWH L vQFDVDWH GH R vQWUHSULQGHUH
vQ SHULRDGD DQDOL]DW  SHQWUX YkQ]DUHD GH SURGXVH VDX H[HFXWDUHD GH VHUYLFLL 6XQW GH DVHPHQHD
LQFOXVHLXUP WRDUHOHFRPSRQHQWHFDUHQXVXQWGLUHFWOHJDWHGHSURFHVXOGHH[SORDWDUH
YkQ]DUHDIDFWXUDUHDHQHUJLHLHOHFWULFHWHUPLFHJD]HORULDDSHL
YkQ]DUHDGHHXULORULUHEXWXULORU
FRQFHVLRQ ULLvQFKLULHULGHFO GLULXQLW

LGHSURGXF LHXWLODMHDIODWHvQSURSULHWDWH

vQFDV ULSHQWUXSDWHQWHYkQGXWHLWD[HGHOLFHQ

FRPLVLRDQH
vQFDV ULSHQWUXIDFLOLW

LDFRUGDWHSHUVRQDOXOXLGHH[HPSOXFDQWLQD

1XVXQWLQFOXVHvQFLIUDGHDIDFHUL
IXUQL]DUHDGHSURGXVHLVHUYLFLLvQWUHVXEXQLW

LOHDIODWHvQVWUXFWXUDvQWUHSULQGHULL

YkQ]DUHDGHWHUHQXULLDFWLYHDIODWHvQSURSULHWDWH
YkQ]DUHDGHDF LXQL
vQFDV ULGHGREkQ]LLGLYLGHQGH
DOWHYHQLWXULILQDQFLDUH
'HDVHPHQHDVHH[FOXGHWD[DSHYDORDUHDG XJDW IDFWXUDW GHSURGXF WRUFOLHQWXOXL
3H GH DOW  SDUWH FLIUD GH DIDFHUL LQFOXGH WRDWH FHOHODOWH FKHOWXLHOL IDFWXUDWH GH H[HPSOX
FKHOWXLHOLGHDPEDODUHLWUDQVSRUW
1LYHOXOLQGLFDWRUXOXLFLIUDGHDIDFHULUH]XOW GLUHFWGLQILDFRQWXOXLGHSURILWLSLHUGHUHDD
FXPUH]XOW LGLQWDEHOXOP ULPHDLQGLFDWRUXOXLILLQGGHWHUPLQDW GHSR]L LLOH
YkQ] ULGHP UIXUL0IY
SURGXF LDYkQGXW 3Y
'HFLUHOD LDGHFDOFXODOQLYHOXOXLFLIUHLGHDIDFHULSRDWHILVFULV DVWIHO
&$

0IY3Y

$QDOL]DGLDJQRVWLFDFLIUHLGHDIDFHULSUHVXSXQHDERUGDUHDXQRUSUREOHPHFXPVXQW
DQDOL]DVWUXFWXULLLGLQDPLFLLFLIUHLGHDIDFHUL
DQDOL]DIDFWRULDO DFLIUHLGHDIDFHUL
 DQDOL]D FLIUHL GH DIDFHUL vQ FRUHOD LH FX FDSDFLWDWHD GH SURGXF LH GH H[SORDWDUH L FX
FHUHUHDGHSURGXVHLVHUYLFLL
GHWHUPLQDUHDFLIUHLGHDIDFHULPLQLPHLDFLIUHLGHDIDFHULPHGLLSHRDQXPLW SHULRDG GH
WLPSD

$QDOL]DJHQHUDO

DGLQDPLFLLLVWUXFWXULLFLIUHL

GHDIDFHUL
$QDOL]D  JHQHUDO  D GLQDPLFLL FLIUHL GH DIDFHUL DGLF  D HYROX LHL DFHVWHLD SUHVXSXQH D VH
U VSXQGHODvQWUHE ULFXPVXQW
FDUHVXQWVXUVHOHSULQFLSDOHGHYHQLWXULDOHXQHLXQLW

LHFRQRPLFH"

FDUHHVWHHYROX LDORUvQXOWLPLLDQLLFkWGHVWDELOHVXQW"
FDUHHVWHWHQGLQ DGHHYROX LHDDFHVWRUVXUVHvQYLLWRUXODSURSLDW"
FXPVXQWGHWHUPLQDWHYHQLWXULOHLFDUHHVWHPRGXOGHvQFDVDUHDORU"
FDUHHVWHSR]L LDSHSLD


DvQWUHSULQGHULLDQDOL]DWH"

Q FHHD FH SULYHWH VWUXFWXUD FLIUHL GH DIDFHUL DFHDVWD SRDWH IL GHWHUPLQDW  L DQDOL]DW  GXS

PDLPXOWHFULWHULLFXPVXQW
 6WUXFWXUD FLIUHL GH DIDFHUL SH SURGXVH L VHUYLFLL 3HQWUX DL GLPLQXD ULVFXULOH VDX SHQWUX
DL UHGXFH FRQGL LLOH GH LQFHUWLWXGLQH FDUH DSDU SH VHJPHQWHOH GH SLD

 SH FDUH RSHUHD]  PXOWH

ILUPH vQWUHSULQGHUL vL GLYHUVLILF  RIHUWD GH SURGXVH L VHUYLFLL DYkQG DVWIHO R VWUXFWXU  YDULDW  D
YHQLWXULORUGHvQFDVDW
 6WUXFWXUD FLIUHL GH DIDFHUL GXS  SLH HOH GH SURYHQLHQ

 D YHQLWXULORU vQFDVDWH Q DQDOL]D

VXUVHORU GH YHQLWXUL vQFDVDWH VDX vQFDVDELOH HVWH ELQH V  VH SOHFH GH OD PRGXO GH RSHUDUH SH SLD
DJHQWXOXL HFRQRPLF UHVSHFWLY GDF  RSHUHD]  SH R VLQJXU  SLD
ILHFDUH SLD

 DO

 VDX SH PDL PXOWH SLH H vQWUXFkW

 SRDWH DYHD R HYROX LH SURSULH GLVWLQFW  FX LQIOXHQ H DVXSUD UH]XOWDWHORU RE LQXWH GH

vQWUHSULQGHUH'HDFHHDVXQWQHFHVDUHLQIRUPD LLOHJDWHGHVXUVHOHGHYHQLWXULHYROX LDORUvQXOWLPD

SHULRDG GHWLPSSUHFXPLPRGXOORUGHDJUHJDUHSHGLIHULWHQLYHOXUL
6WUXFWXUDFLIUHLGHDIDFHULGHWHUPLQDW vQIXQF LHGHWLSXOGHDFWLYLWDWHGLQFDUHSURYLQH
FLIUDGHDIDFHULSURYHQLW GLQDFWLYLWDWHDGHED] 
FLIUDGHDIDFHULSURYHQLW GLQDFWLYLW

LVHFXQGDUHLDX[LOLDUHLGLQSUHVW ULGHVHUYLFLL

'HVLJXUF FLIUDGHDIDFHULSURYHQLW GLQDFWLYLWDWHDGHED] GH LQHFHDPDLPDUHSRQGHUH

 6WUXFWXUD FLIUHL GH DIDFHUL GHWHUPLQDW  vQ IXQF LH GH GRPHQLXO GH DFWLYLWDWH GLQ FDUH
SURYLQH vQ FD]XO XQRU XQLW

L HFRQRPLFH FDUH GHVI RDU  DFWLYLW

L GH H[SORDWDUH VSHFLILFH PDL

PXOWRUGRPHQLLGHDFWLYLWDWH
FLIUDGHDIDFHULSURYHQLW GLQDFWLYLW

LLQGXVWULDOH

LGHPGLQDFWLYLWDWHDGHFRQVWUXF LLPRQWDM
LGHPGLQDFWLYLWDWHDGHWUDQVSRUWDOP UIXULORULF O WRULORU
LGHPGLQDFWLYLWDWHDDJULFRO 
LGHPGLQDFWLYLWDWHDGHFRPHU FXULGLFDWDLFXDP QXQWXO
LGHPGLQDFWLYLWDWHDGHWXULVP
&DX]HOHSULQFLSDOHFDUHSRWV GXF ODQHUHDOL]DUHDXQHLFLIUHGHDIDFHULSURJUDPDWHVXQW
 VXSUDHYDOXDUHD FHUHULL L GLPHQVLRQDUHD QHFRUHVSXQ] WRDUH D YROXPXOXL DFWLYLW
H[SORDWDUH
QHHIHFWXDUHDYROXPXOXLGHDFWLYLWDWHSUHY ]XWGLQGLIHULWHFDX]H
VF GHUHDFHUHULLVROYDELOHDSRWHQ LDOLORUFXPS U WRUL
FDOLWDWHQHFRUHVSXQ] WRDUHDSURGXVHORULVHUYLFLLORUH[HFXWDWH
DSDUL LDGHQRLSURGXVHVDXVHUYLFLLFRQFXUHQWH

LL GH

$QDOL]DUHDIDFWRULDO
$QDOL]D

IDFWRULDO 

D

vQVWDWLF

XQXL

LFRPSDUDW

IHQRPHQ

HFRQRPLF

DFLIUHLGHDIDFHUL
VDX

HFRQRPLFRILQDQFLDU

GHVFRPSXQHUHDDFHVWXLDvQWUXQQXP UPDLPLFVDXPDLPDUHGHIDFWRULGHLQIOXHQ
3HQWUXGHVFRPSXQHUHDSHIDFWRULGHLQIOXHQ

SUHVXSXQH

DFLIUHLGHDIDFHULSRWILFRQVWUXLWHLDQDOL]DWH

PDLPXOWHPRGHOHFXPVXQW
([SULPDUHDFLIUHLGHDIDFHULFDSURGXVDOIDFWRULORUGHLQIOXHQ
SURGXFWLYLWDWHDPXQFLL:

7ml6npo

47

 JUDGXO GH YDORULILFDUH D SURGXF LHL H[HUFL LXOXL DGLF  UDWD FLIUHL GH DIDFHUL GHWHUPLQDW  vQ
UDSRUWFXSURGXF LDH[HUFL LXOXLU

QXP UXOPHGLXDOVDODULD LORU7

LQkQG VHDPD GH DFHWL IDFWRUL GH LQIOXHQ

 SRDWH IL FRQVWUXLW L DQDOL]DW XUP WRUXO PRGHO

PXOWLSOLFDWLYWULIDFWRULDODOFLIUHLGHDIDFHUL
4

&

&$

7 =

~{ }

'DF VH LQHVHDPDGRDUGHIDFWRULLGHLQIOXHQ

SURGXF LDH[HUFL LXOXL4

 UDWD FLIUHL GH DIDFHUL GHWHUPLQDW  vQ UDSRUW FX SURGXF LD H[HUFL LXOXL U

79qrnpo

  SRDWH IL

FRQVWUXLWLDQDOL]DWXUP WRUXOPRGHOPXOWLSOLFDWLYELIDFWRULDODOFLIUHLGHDIDFHUL
'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ
&$ = 4

&$
4

w{z | v

VDX

&$ =

&$
4

4 = U

wyx | v

 SURGXFWLYLWDWHD PXQFLL FDOFXODW  SH ED]D SURGXF LHL H[HUFL LXOXL H[SULPDW  vQ SUH XUL
FRPSDUDELOHZ 
UDWDFLIUHLGHDIDFHULGHWHUPLQDW vQUDSRUWFXSURGXF LDH[HUFL LXOXLU

7mlsnpo

LQGLFHOHSUH XULORUFXULGLFDWD,S
QXP UXOPHGLXDOVDODULD LORU7
SRDWHILFRQVWUXLWLDQDOL]DWXUP WRUXOPRGHOPXOWLSOLFDWLYWHWUDIDFWRULDODOFLIUHLGHDIDFHUL

&$ =

4  ,S
7

&$
4

,S 7 =

4
7

&$
4

,S 7 = Z U

,S 7 

vQ FDUH 4 L &$ UHSUH]LQW  UHVSHFWLY SURGXF LD H[HUFL LXOXL L FLIUD GH DIDFHUL H[SULPDWH vQ SUH XUL
FXUHQWH
'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

 FRHILFLHQWXO GH XWLOL]DUH D FDSLWDOXOXL IL[ FDOFXODW SH ED]D H[SULP ULORU vQ SUH XUL

FRPSDUDELOHN 
 FRHILFLHQWXO vQ]HVWU ULL PXQFLL FX FDSLWDO IL[ FDOFXODW SH ED]D SURGXF LHL H[HUFL LXOXL

H[SULPDW vQSUH XULFRPSDUDELOHN 

7ml6npo

 UDWD FLIUHL GH DIDFHUL GHWHUPLQDW  vQ UDSRUW FX SURGXF LD H[HUFL LXOXL SH ED]D H[SULP ULL
DFHVWHLDLDFLIUHLGHDIDFHULvQSUH XULFXUHQWHU

LQGLFHOHSUH XULORUFXULGLFDWD,S
QXP UXOPHGLXDOVDODULD LORU7
SRDWHILFRQVWUXLWLDQDOL]DWXUP WRUXOPRGHOPXOWLSOLFDWLYSHQWDIDFWRULDODOFLIUHLGHDIDFHUL

4  ,S

&$ =

= .

{
.

&$

,S 7 =

)
7

&$
4

,S 7 =

,S 7 

XQGH
4

SURGXF LDH[HUFL LXOXLH[SULPDW vQSUH XULFXUHQWH

4 

LGHPH[SULPDW vQSUH XULFRPSDUDELOH

 YDORDUHD PHGLH D FRPSRQHQWHORU FDSLWDOXOXL IL[ PLMORDFHORU IL[H H[SULPDW  vQ SUH XUL

) 

FRPSDUDELOH
) 

 )  ,S XQGH ) UHSUH]LQW  YDORDUHD PHGLH D PLMORDFHORU IL[H H[SULPDW  vQ SUH XUL

FXUHQWH

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

 FRHILFLHQWXO GH XWLOL]DUH D FDSLWDOXOXL IL[ PLMORDFHORU IL[H FDOFXODW SH ED]D SURGXF LHL

H[HUFL LXOXL H[SULPDWH vQ SUH XUL FRPSDUDELOH 4  L SH ED]D YDORULL PHGLL D PLMORDFHORU IL[H
SURGXFWLYHH[SULPDWHvQSUH XULFRPSDUDELOH) 
JUHXWDWHDVSHFLILF DYDORULLPHGLLDPLMORDFHORUIL[HGLUHFWSURGXFWLYH H[SULPDW vQSUH XUL

< B

FRPSDUDELOH vQ WRWDO YDORDUH PHGLH D PLMORDFHORU IL[H H[SULPDW  vQ SUH XUL FRPSDUDELOH ) 
JUHXWDWHVSHFLILF QRWDW SULQJ

 FRHILFLHQWXO GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ FDOFXODW SH ED]D YDORULL PHGLL D
PLMORDFHORUIL[HWRWDOHH[SULPDW vQSUH XULFRPSDUDELOH.

UDWDFLIUHLGHDIDFHULFDOFXODW vQUDSRUWFXSURGXF LDU

7ml6npo

LQGLFHOHSUH XULORUSURGXF WRULORU,S

QXP UXOPHGLXGHVDODULD L7

SRDWHILFRQVWUXLWLDQDOL]DWXUP WRUXOPRGHOPXOWLSOLFDWLYKH[RIDFWRULDODOFLIUHLGHDIDFHUL
=

&$





)
4

7
)

)
J

SURGXF LDIL]LF YkQGXW H[SULPDW vQXQLW

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

4
&$

&$

LQDWXUDOHVDXQDWXUDOFRQYHQ LRQDOHT

>

SUH XOXQLWDUGHYkQ]DUHDOSURGXF LHLIL]LFHS 

A>

SRDWHILFRQVWUXLWXUP WRUXOPRGHOPXOWLSOLFDWLYELIDFWRULDODOFLIUHLGHDIDFHUL
&$ =

>

vQFDUHS  UHSUH]LQW SUH XOXQLWDUGHOLYUDUHGHYkQ]DUHIRORVLWvQFD]XOvQFDUHSURGXF LDIL]LF HVWH

GHVI FXW SHRVLQJXU SLD

GHGHVIDFHUHLODDFHODLSUH XQLWDUGHYkQ]DUH

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ
SURGXF LDIL]LF YkQGXW H[SULPDW vQXQLW

>

LQDWXUDOHVDXQDWXUDOFRQYHQWLRQDOHT

SUH XOPHGLXXQLWDUGHYkQ]DUH`S 

A>

SRDWHILFRQVWUXLWLDQDOL]DWXUP WRUXOPRGHOPXOWLSOLFDWLYELIDFWRULDODOFLIUHLGHDIDFHUL

&$ =

S 

vQFDUH

>

`S   SUH XO PHGLX XQLWDU GH OLYUDUH FDOFXODW FD R PHGLH DULWPHWLF  SRQGHUDW  D SUH XULORU XQLWDUH
LQGLYLGXDOH GH YkQ]DUH vQUHJLVWUDWH SH GLYHUVHOH SLH H SH FDUH RSHUHD]  vQWUHSULQGHUHD

DQDOL]DW  VDX FD R PHGLH DULWPHWLF  SRQGHUDW  FDOFXODW  SH ED]D SUH XULORU LQGLYLGXDOH GH
YkQ]DUHvQUHJLVWUDWHvQGLIHULWHPRPHQWHGHWLPSSHDFHHDLSLD

XQGH
T

GHGHVIDFHUH

  Q

UHSUH]LQW FDQWLWDWHDYkQGXW GLQSURGXVXOVRUWLPHQWXOLSHSLD

VDXvQPRPHQWXOM

QQXP UXOWRWDOGHSURGXVHVRUWLPHQWHYkQGXWHGHvQWUHSULQGHUH

PQXP UXOWRWDOGHSLH HSHFDUHRSHUHD] vQWUHSULQGHUHDODYkQ]DUHDSURGXVXOXLVRUWLPHQWXOXL
L VDX P SRDWH V  UHSUH]LQWH QXP UXO WRWDO GH YDULDQWH GH SUH XUL GH YkQ]DUH vQUHJLVWUDWH
SHQWUXSURGXVXOLFDUHDIRVWYkQGXWvQPRPHQWHGLIHULWHLODSUH XULGLIHULWHSHDFHHDLSLD
GHGHVIDFHUHvQFDGUXOSHULRDGHLDQDOL]DWH
$QDOL]DIDFWRULDO vQVWDWLF DFLIUHLGHDIDFHULSUHVXSXQHvQSULQFLSDO
 LGHQWLILFDUHD IDFWRULORU GH LQIOXHQ

 SULQ LQWHUPHGLXO XQHL DQDOL]H FDOLWDWLYH D FLIUHL GH

DIDFHUL
RUGRQDUHDIDFWRULORUGHLQIOXHQ

ILHvQRUGLQHDGHVFUHVF WRDUHD FDOLW

QDWXUDO  GH DSDUL LH D IDFWRULORU GH LQIOXHQ

 DGLF  vQ RUGLQH LQYHUV  ID

LLORUILHvQ RUGLQHD

 GH SULPD YDULDQW  GH

RUGRQDUH
 GHWHUPLQDUHD QLYHOXOXL ILHF UXLD GLQWUH IDFWRULL GH LQIOXHQ

 UHVSHFWLY SHQWUX SHULRDGD

DQDOL]DW LSHQWUXSHULRDGDOXDW FDED] GHFRPSDUD LH

 DQDOL]D FDOLWDWLY  D OHJ WXULORU GH GHSHQGHQ

 GLQWUH IDFWRULL GH LQIOXHQ

 IRORVL L vQ

PRGHOHOHIDFWRULDOHDOHFLIUHLGHDIDFHUL
3HQWUX DQDOL]D FRPSDUDW  D FLIUHL GH DIDFHUL DQDOL]D vQ GLQDPLF  VDX FRPSDUDUHD QLYHOXOXL
UHDOL]DW vQ SHULRDGD DQDOL]DW  FX QLYHOXO SUHY ]XW SHQWUX SHULRDGD UHVSHFWLY  VDX FX QLYHOXO UHDOL]DW
GHILUPHOH FRQFXUHQWHSRDWHILIRORVLWRULFDUH GLQWUH PRGHOHOH PXOWLSOLFDWLYH IDFWRULDOH PHQ LRQDWH
DDFXPVDSURFHGDWLvQFD]XODQDOL]HLFRPSDUDWHDSURGXF LHLH[HUFL LXOXL
$QDOL]DFLIUHLGHDIDFHULvQFRUHOD LHFXFDSDFLWDWHD
GHSURGXF LHLFXFHUHUHDGHSURGXVHLVHUYLFLL
3ULQFLSDOHOH HOHPHQWH GH FDUH GHSLQGH P ULPHD FLIUHL GH DIDFHUL VXQW FDSDFLWDWHD GH
SURGXF LHUHVXUVHOHPDWHULDOHXPDQHLILQDQFLDUHFHUHUHDGHSURGXVHLVHUYLFLL
)LHFDUH HOHPHQW SRDWH FRQVWLWXL R UHVWULF LH vQ GHWHUPLQDUHD P ULPLL FLIUHL GH DIDFHUL vQ
GHWHUPLQDUHD RELHFWLYHORU SH R DQXPLW  SHULRDG  GH WLPS GDU L XQ IDFWRU VWLPXODWRU 'H H[HPSOX
GDF  H[LVW  FHUHUH SURGXF WRUXO SHQWUX D FkWLJD PDL PXOW YD F XWD V L VSRUHDVF  FDSDFLWDWHD GH
SURGXF LH'DF QXH[LVW FHUHUHSHQWUXXQSURGXVLQXVHIRORVHWHLQWHJUDOFDSDFLWDWHDGHSURGXF LH
GH FDUH GLVSXQH SURGXF WRUXO YD SURFHGD OD PRGLILF UL vQ VWUXFWXUD SURGXF LHL L OD DGDSWDUHD
FDSDFLW

LLGHSURGXF LHQRLLVWUXFWXULDSURGXF LHLvQFRQIRUPLWDWHFXFHUHUHD

'HVLJXU F  PHFDQLVPHOH GH UHJODUH D DFWLYLW

FRPSOH[H OXkQGXVH vQ FDOFXO QDWXUD DFWLYLW

LL GH H[SORDWDUH GH SURGXF LH VXQW PXOW PDL

LL VSHFLILFXO ILHF UXL GRPHQLX GH DFWLYLWDWH DF LXQHD

IDFWRULORUVRFLRSROLWLFLHWF
8UP ULQG XQ DVHPHQHD SURFHV OD XQ PRPHQW GDW OD VIkULWXO XQHL SHULRDGH ILHFDUH
vQWUHSULQ] WRUVHDIO vQWURDQXPLW VLWXD LHvQFHHDFHSULYHWH FRQFRUGDQ DGLQWUHSRVLELOLW

LOHVDOH

GH SURGXF LH L FHUHUHD VROYDELO  ,JQRUDUHD XQXL DVHPHQHD DVSHFW DUH HIHFWH SH WHUPHQ OXQJ FDUH
SRWV FRQGXF ODIDOLPHQWXOvQWUHSULQGHULL
'H DFHHD vQ FDGUXO DQDOL]HL FLIUHL GH DIDFHUL GLQ DFWLYLWDWHD GH ED]  vQ FRUHOD LH FX
FDSDFLWDWHDGHSURGXF LHLFHUHUHVHDUHvQYHGHUHWRFPDLP VXUDvQFDUHSULQGHFL]LLOHDGRSWDWHVD
DVLJXUDWRDVHPHQHDFRQFRUGDQ

FDUHV YDORULILFHvQWURSURSRU LHFRUHVSXQ] WRDUHSRWHQ LDOXOGH

H[SORDWDUHSURGXFWLYDOvQWUHSULQGHULL

&RQFOX]LLOH

GHVSULQVH

FRQVWLWXLH

LQIRUPD LL

GH

IXQGDPHQWDUH

D

SUHYL]LXQLORU

SHQWUX

SHULRDGHOHXUP WRDUHSUHFXPLDSURJUDPHORUSHWHUPHQOXQJUHIHULWRDUHODSROLWLFDGHLQYHVWL LL

6XE DVSHFW PHWRGRORJLF DQDOL]D FLIUHL GH DIDFHUL vQ FRUHOD LH FX FDSDFLWDWHD GH SURGXF LH L
FHUHUHDVHED]HD] SHLQGLFDWRULLVLQWHWL]D LGLQWDEHOXO
7DEHOXO

,QGLFDWRUL

&DSDFLWDWHDGHSURGXF LH

3URGXF LDPDUI IDEULFDW

vQSUH XULGHOLYUDUH

&LIUDGHDIDFHULGLQ
DFWLYLWDWHDGHED]

&HUHUHDHVWLPDW OD
vQFHSXWXOLQWHUYDOXOXL

80

3HULRDGHOHSUHFHGHQWH

3HULRDGDDQDOL]DW

0HGLD

3UHY ]XW

5HDOL]DW













0LOXE













0LOXE













0LOXE



























































0LOXE

*UDGXOGHIRORVLUHD
FDSDFLW

LLGHSURGXF LH

UGUG


*UDGXOGHVDWLVIDFHUHD
FHUHULLUGUG

5DWDFLIUHLGHDIDFHULvQ
UDSRUWFXSURGXF LDJUDGXO
GHYDORULILFDUHDSURGXF LHL
PDUI UGUG

*UDGXOGHYDORULILFDUHD
FDSDFLW

LLGHSURGXF LH

UGUG

Q OHJ WXU  FX FHUHUHD HVWLPDW  DFHDVWD SRDWH IL HYDOXDW  SH ED]  GH VWXGLL GH PDUNHWLQJ
VWXGLL GH SLD

 VDX SRDWH V  UHSUH]LQWH VHJPHQWXO SURSULX GH SLD

 L FHUHUHD HVWH GHWHUPLQDW  vQ

DFHVW FD] SH ED]D VROLFLW ULORU VDX SH ED]D FRPHQ]LORU DFFHSWDUHD I FkQGXVH SULQ FRQWUDFWH
HFRQRPLFH
$QDOL]kQGGDWHOHGLQWDEHOXOSRWILIRUPXODWHXUP WRDUHOHFRQFOX]LL
&HUHUHDQXD IRVW VDWLVI FXW  QLFL vQ SHULRDGHOH SUHFHGHQWH QLFL vQ FHD FXUHQW  GHFL SLD D
QXFRQVWLWXLHRUHVWULF LHFLXQIDFWRUGHVWLPXODUH
 3URGXF LD PDUI  YkQGXW  L vQFDVDW  FLIUD GH DIDFHUL GLQ DFWLYLWDWHD GH ED]  HVWH
LQIHULRDU  SURGXF LHL PDUI  IDEULFDWH vQ FRQGL LLOH QHVDWLVIDFHULL FHUHULL GH SLD

 FHHD FH GHQRW  XQ

JUDGGHYDQGDELOLWDWHDOSURGXF LHLPDUI PDLVF ]XWSUREDELOGLQFDX]DXQHLFDOLW

LGLVFXWDELOHVDX

DXQRUOLSVXULvQDFWLYLWDWHDGHGHVIDFHUH
*UDGXOGHIRORVLUHDFDSDFLW

LLGHSURGXF LHSXQHvQ HYLGHQ

UH]HUYHOH H[LVWHQWHUH]HUYH

GH VSRULUH D SURGXF LHL I U  LQYHVWL LL VXSOLPHQWDUH SH OkQJ  UH]XOWDWHOH UHODWLY EXQH vQ FHHD FH
SULYHWHIRORVLUHDHIHFWLY DFDSDFLW

LLGHSURGXF LH

 QWUHSULQGHUHD VD SUHRFXSDW LQ JHQHUDO SHQWUX UHGXFHUHD LPRELOL] ULORU vQ VWRFXUL GH
SURGXVH ILQLWH L GH IDFWXUL QHvQFDVDWH IDSW FRQILUPDW GH UDWD UHODWLY vQDOW  D FLIUHL GH DIDFHUL vQ
UDSRUWFXSURGXF LDPDUI IDEULFDW 
 Q FHHD FH SULYHWH JUDGXO GH YDORULILFDUH D FDSDFLW

LL GH SURGXF LH GHWHUPLQDW SUDFWLF GH

P ULPHD FLIUHL GH DIDFHUL DFHVWD HVWH UHODWLY VF ]XW DWkW vQ SHULRDGHOH SUHFHGHQWH  FkW L vQ
SHULRDGDFXUHQW GDWRULW QHYkQ] ULLvQvQWUHJLPHDSURGXF LHLPDUI IDEULFDWH
Q DFWLYLWDWHD GH FRQGXFHUH FkW L vQ GLDJQRVWLFXO QHFHVDU HYDOX ULL vQWUHSULQGHULL WUHEXLH V
VHIDF HVWLP ULDVXSUDHYROX LHLFLIUHLGHDIDFHULLDUSHED]DDFHVWHLDLDFHORUODO LLQGLFDWRUL
'H DFHHD vQ IXQGDPHQWDUHD FLIUHL GH DIDFHUL L D SURJUDPXOXL GH IDEULFD LH SH OkQJ
GLDJQRVWLFXOLQWHUQWUHEXLHDYXWHvQYHGHUHLSLD DLFRQFXUHQ D
$VWIHOvQOHJ WXU FXSLD DVHYDIDFHRDQDOL] FDQWLWDWLY SHQWUXDHYLGHQ LDSRVLELOLWDWHDGH
DEVRUE LH D SURGXVHORU L VHUYLFLLORU SH FDUH OH UHDOL]HD]  vQWUHSULQGHUHD SUHFXP L R DQDOL]

FDOLWDWLY  FDUH DUH GUHSW VFRS FXQRDWHUHD JXVWXULORU QHYRLORU SUHIHULQ HORU L FRPSRUWDPHQWXOXL
FXPS U WRULORUID

GHSURGXVHOHvQWUHSULQGHULL

'H DFHHD HVWH LPSRUWDQW  vQ DQDOL]  L VHJPHQWDUHD SLH HL vPS U LUHD  SLH HL FX
FRQFXUHQ LL L R VHJPHQWDUH D SLH HL SURSULL vQ IXQF LH GH XWLOL]DWRUL FRQVXP LQGXVWULDO FRQVXP
IDPLOLDO HWF Q DFHVW VFRS VH IRORVHWH LQGLFDWRUXO GHQXPLW FRWD SURSULH GH SLD
SURGXVXOXLVHUYLFLXOXLLIRORVLQGUHOD LD

&

vQFDUH

&

FRWDSURSULHGHSLD

DvQWUHSULQGHULLSHQWUXGHVIDFHUHDSURGXVXOXLVRUWLPHQWXOXLL

VDXSHPDLPXOWHSLH H

 WRWDOXO YkQ] ULORU GLQ SURGXVXO L SH SLD D GDW  VDX SH WRDWH SLH HOH SH FDUH VH YLQGH

SURGXVXOVRUWLPHQWXOL

'LQ UHOD LD GH PDL VXV UH]XOW  F  YROXPXO YkQ] ULORU SURSULL SH SLD

HYLGHQ LDWFDXQSURGXVDOIDFWRULORUGHLQIOXHQ


FRWDSURSULHGHSLD



YROXPXOWRWDODOYkQ] ULORUSHSLD



DIHUHQW SURGXVXOXLL&

&

vQFDUH

 JUHXW

&

9

3HQWUXDGHWHUPLQDFRWDSURSULHPHGLHGHSLD

DvQWUHSULQGHULLSRDWHILIRORVLW UHOD LD

&

LOH VSHFLILFH DOH YROXPXOXL GH YkQ] UL SH SLD

YkQ] ULORU SH SLD

 GLQ SURGXVXO L SRDWH IL

GLQSURGXVXOVRUWLPHQWXOLDGLF 

9

 DIHUHQW

YkQ] ULOHSURSULLGLQSURGXVXOLSHRVLQJXU SLD

 &

&

 GLQ SURGXVXO L vQ YROXPXO WRWDO DO

 DOH FHORU Q WLSXUL GH SURGXVH VRUWLPHQWH FDUH LQWU  vQ FLIUD GH DIDFHUL D

vQWUHSULQGHULLDQDOL]DWH
QQXP UXOWRWDOGHWLSXULGHSURGXVHVRUWLPHQWHYkQGXWHSHSLD
'HFL FRWD SURSULH PHGLH GH SLD
IDFWRULORUGHLQIOXHQ

 D XQHL vQWUHSULQGHUL SRDWH IL SXV  vQ HYLGHQ

H[SOLFLWD LPDLVXV&

DOFRWHLSURSULLPHGLLGHSLD

GHvQWUHSULQGHUHDDQDOL]DW 

 LUHVSHFWLY J

 FD SURGXV DO

$FHVWPRGHOPXOWLSOLFDWLYELIDFWRULDO

SRDWHILIRORVLWvQDQDOL]DFRPSDUDW DLQGLFDWRUXOXLUHVSHFWLY

0RGHOHGHGHWHUPLQDUHDFLIUHLGHDIDFHULPLQLPHSUREDELOH
Q FDGUXO DQDOL]HLGLDJQRVWLF D FLIUHL GH DIDFHUL R SUREOHP  GHRVHELW GH LPSRUWDQW  R
UHSUH]LQW  GHWHUPLQDUHD FLIUHL GH DIDFHUL PLQLPH FDUH V  DVLJXUH H[LVWHQ D L VXSUDYLH XLUHD
vQWUHSULQGHULLVLWXD LHvQFDUHSURILWXOHVWHHJDOFX]HURDGLF 

&$

XQGH
&$

&

T F

&)

FLIUDGHDIDFHULPLQLP SUHY ]XW SUREDELO 

WRWDOXOFKHOWXLHOLORUIL[HDOHvQWUHSULQGHULLQLYHOXOSUHY ]XW
WRWDOXOFKHOWXLHOLORUYDULDELOHDOHvQWUHSULQGHULLQLYHOXOSUHY ]XW

SURGXF LDIL]LF IDEULFDW QLYHOXOSUHY ]XW

FRVWXULYDULDELOHXQLWDUHQLYHOXOSUHY ]XW

3HQWUXH[HPSOLILFDUHVHIRORVHVFGDWHOH
VXPDFKHOWXLHOLORUIL[HSUHY ]XWHPLLXE
FRVWXOYDULDELOWRWDODOSURGXVHORUYkQGXWHPLLXE
FLIUDGHDIDFHULSURJUDPDW PLLXE
QDFHVWFD]FLIUDGHDIDFHULPLQLP SUREDELO YDDYHDP ULPHD
&$

= &)

T F

=  + 

=   PLL X P 

3HQWUXRDIDFHUHFDUHVHDIO vQGHUXODUHFLIUDGHDIDFHULPLQLP SUREDELO HVWHLQGLFDWV ILH

GHWHUPLQDW SHED]DUHOD LHL

&$

 -

&$

vQFDUH
&

&

WRWDOFKHOWXLHOLIL[HSUHY ]XWHQLYHOSUHY ]XW

T F

WRWDOXOFRVWXULORUYDULDELOHSUHY ]XWH

&$

P ULPHDFLIUHLGHDIDFHULSURJUDPDWH
QFD]XOLQIRUPD LLORUGHPDLVXVUH]XOW 

&$





 -



 PLL

 XP



/D QLYHOXO XQXL SURGXV FDQWLWDWHD PLQLP  FDUH WUHEXLH YkQGXW  SHQWUX D QX vQUHJLVWUD
SLHUGHULSRDWHILGHWHUPLQDW FXDMXWRUXOUHOD LHL

S -F

vQFDUH
T

FDQWLWDWHDPLQLP FDUHWUHEXLHYkQGXW 

IVXPDFKHOWXLHOLORUIL[HDIHUHQWHSURGXVXOXLFRQVLGHUDWQLYHOSUHY ]XW

F

FRVWXOYDULDELOXQLWDUSUHY ]XW
SUH XOXQLWDUGHYkQ]DUHSUHY ]XW
3HQWUXH[HPSOLILFDUHVHIRORVHVFGDWHOH
SUH XOXQLWDUGHYkQ]DUHSUHY ]XWXPEXF
FRVWXOYDULDELOXQLWDUSUHY ]XWXPEXF
WRWDOFKHOWXLHOLIL[HDIHUHQWHSURGXVXOXLUHVSHFWLYQLYHOXOSURJUDPDWXE
QDFHVWFD]FDQWLWDWHDPLQLP FDUHDUXUPDV ILHYkQGXW GLQSURGXVXOUHVSHFWLYHVWH
T





EXF

'HFL GDF  VH FRPHUFLDOL]HD]   EXF

L GLQ SURGXVXO FRQVLGHUDW VH UHFXSHUHD]  vQWUHDJD

PDV DFKHOWXLHOLORUIL[HLYDULDELOHHIHFWXDWHFXSURGXVXOUHVSHFWLYDGLF 


WRWDOFKHOWXLHOLYDULDELOH



XP



WRWDOFKHOWXLHOLIL[HXP
7RWDOXP

LDU SURILWXO vQUHJLVWUDW YD IL QXO GHRDUHFH SUH XO WRWDO GH YkQ]DUH DO FHORU DVH EXF
XE

L SURGXVH 

XEHVWHHJDOFXFKHOWXLHOLOHWRWDOHRFD]LRQDWHGHIDEULFDUHDDFHVWRUD
Q FDGUXO HYDOX ULL YROXPXOXL GH DFWLYLWDWH L D SHUIRUPDQ HORU XQHL vQWUHSULQGHUL FLIUD GH

DIDFHULHVWHLQGLFDWRUXOHVHQ LDOGHDQDOL] 'HUHJXO P ULPHDDFHVWXLLQGLFDWRUVHGHWHUPLQ SHQWUX

ILHFDUHH[HUFL LXILQDQFLDUGHFLDQXDO
$QDOL]DYDORULLDG

XJDWH

3UREOHPHJHQHUDOHSULYLQGYDORDUHDDG

XJDW

9DORDUHD DG XJDW  HVWH XQXO GLQWUH FHL PDL LPSRUWDQ L LQGLFDWRUL YDORULFL DL SURGXF LHL L
VHUYLFLLORU L vQ FDGUXO DQDOL]HL VWDWLVWLFRHFRQRPLFH D vQWUHSULQGHULL DFHVW LQGLFDWRU DUH R UHOHYDQ
GHRVHELW 
9DORDUHDDG XJDW  9$UHSUH]LQW DSRUWXODGXVGHvQWUHSULQGHUHvQ FDGUXO DFWLYLW
RE LQHUHD SURGXVHORU VDX VHUYLFLLORU FDUH FRQVWLWXLH RELHFWXO DFWLYLW

LL VDOH OD

LL HFRQRPLFH GHVI XUDWH GH

DFHDVWD
&RQIRUP GHILQL LHL GDWH GH 0LQLVWHUXO )LQDQ HORU GLQ 5RPkQLD YDORDUHD DG XJDW  HVWH

HFKLYDOHQW  FX GLIHUHQ D GLQWUH YkQ] ULOH L FXPS U ULOH DIHUHQWH DFHOXLDL VWDGLX DO FLUFXLWXOXL
HFRQRPLF

,QGLFDWRUXOYDORDUHDDG XJDW VHFRQVLGHU LVHFDOFXOHD] vQGRX YDULDQWHLDQXPH

 9DORDUHD DG XJDW  EUXW  9$% FDUH UHSUH]LQW  DSRUWXO EUXW DGXV GH DJHQWXO HFRQRPLF OD
RE LQHUHD SURGXVHORU L VHUYLFLLORU H[HFXWDWH GH HO LQFOXVLY DPRUWL]DUHD DFWLYHORU LPRELOL]DWH
FRUSRUDOHLQHFRUSRUDOH
 9DORDUHD DG XJDW  QHW  9$1 FDUH UHSUH]LQW  DSRUWXO QHW DGXV GH DJHQWXO HFRQRPLF OD
UHDOL]DUHD SURGXVHORU L VHUYLFLLORU H[HFXWDWH GH HO 9DORDUHD DG XJDW  QHW  UHSUH]LQW  SUDFWLF
YDORDUHD QRXFUHDW  vQWUR DQXPLW  SHULRDG  GH WLPS GH F WUH DJHQWXO HFRQRPLF FRQVLGHUDW 'HFL
DFHVW LQGLFDWRU QX LQFOXGH L DPRUWL]DUHD DFWLYHORU LPRELOL]DWH FRUSRUDOH L QHFRUSRUDOH $P L
QLYHOXOOXLSRDWHILGHWHUPLQDWSHED]DUHOD LHL

9$1

9$%$P

LQkQG VHDPD GH PHWRGRORJLD &RQWXULORU 1D LRQDOH YDORDUHD DG XJDW   9$  FDOFXODW  OD

QLYHOGHvQWUHSULQGHUHSRDWHILGHWHUPLQDW UHVSHFWLY


ODSUH XULOHIDFWRULORU



ODSUH XULOHSLH HL

9DORDUHD DG XJDW  H[SULPDW  vQ SUH XULOH SLH HL 9$

LQGLUHFWHQHWH,

 VH RE LQH DG XJkQG LPSR]LWHOH

ODYDORDUHDDG XJDW FDOFXODW ODSUH XULOHIDFWRULORU9$

FRQIRUPUHOD LHL

 
2UGRQDQ DQULXOLHGDW GH*XYHUQXO5RPkQLHLSHQWUXLQWURGXFHUHDLDSOLFDUHDWD[HLSHYDORDUHDG XJDW 

QVXSOLPHQWOD5HYLVWDGH)LQDQ H&UHGLW&RQWDELOLWDWHQUSDJ

9$SS

Q

9$SI, LQG

VDX9$SI

9$SS, LQG

&RQIRUP DFHOHHDL PHWRGRORJLL D &RQWXULORU 1D LRQDOH LPSR]LWHOH LQGLUHFWH QHWH VH RE LQ

SULQ GHGXFHUHD GLQ LPSR]LWHOH LQGLUHFWH EUXWH ,
vQWUHSULQGHULLFRQVLGHUDWH6DGLF 
,

,

 D VXEYHQ LLORU DFRUGDWH GH F WUH VWDW

6

,PSR]LWHOH LQGLUHFWH EUXWH FRQ LQ LPSR]LWHOH SH SURGXF LH 79$ DFFL]H L DVLPLODWHOH ORU L
LPSR]LWHOHSHLPSRUWWD[HOHYDPDOHSO WLWHGHvQWUHSULQGHUH79LDVLPLODWHOHORU
6H SRDWH DSUHFLD F  WD[D SH YDORDUH DG XJDW  79$ DFFL]HOH $

 L WD[HOH YDPDOH 79

VXQWHOHPHQWHDOHYDORULLQRXFUHDWHGHF WUHvQWUHSULQGHUHLGHFLHOHWUHEXLHOXDWHvQFRQVLGHUDUHOD
GHWHUPLQDUHD QLYHOXOXL LQGLFDWRULORU YDORULFL DL SURGXF LHL LQFOXVLY OD GHWHUPLQDUHD QLYHOXOXL YDORULL
DG XJDWH 'H DVHPHQHD vQ IXQF LH GH VFRSXO DQDOL]HL HIHFWXDWH LPSR]LWHOH LQGLUHFWH QHWH SRW IL
H[FOXVH GLQ DQDOL]  SULQ FRQVLGHUDUHD QLYHOXOXL LQGLFDWRULORU YDORULFL DL SURGXF LHL L VHUYLFLLORU OD
SUH XULOHIDFWRULORU
$ERUG P vQ FRQWLQXDUH FDOFXOXO P ULPLL 9$% OD QLYHO GH vQWUHSULQGHUH UHVSHFWLY OD

SUH XULOHSLH HL9$%

3RDWH IL GHWHUPLQDW  UHVSHFWLY P ULPHD 9$% DIHUHQW  SURGXF LHL H[HUFL LXOXL OD SUH XULOH

SLH HL 9$%

Gm

 L P ULPHD 9$% DIHUHQW  FLIUHL GH DIDFHUL OD SUH XULOH SLH HL 9$%

FDOFXOXORULF UHLDGLQWUHDFHVWHGRX YDULDQWHDOH9$%SRDWHILIRORVLW UHVSHFWLY

 3HQWUX

PHWRGDGHSURGXF LHPHWRGDVLQWHWLF 

PHWRGDDQDOLWLF 
LDUFHOHGRX PHWRGHWUHEXLHV FRQGXF SUDFWLFODDFHOHDLUH]XOWDWH

0HWRGHGHGHWHUPLQDUHDYDORULLDG
$&DOFXOXOYDORULLDG

XJDWHODQLYHOGHvQWUHSULQGHUH

XJDWHEUXWHSULQPHWRGDGHSURGXF LH

,&DOFXOXOYDORULLDG XJDWHEUXWHDIHUHQW SURGXF LHLH[HUFL LXOXL9$%

Q FHHD FH SULYHWH QLYHOXO SURGXF LHL H[HUFL LXOXL DFHDVWD QX LQFOXGH L WD[D SH YDORDUHD

DG XJDWD DGLF  79$ H[LJLELO  79$  FDUH HVWH HYLGHQ LDW  VHSDUDW vQ IDFWXULOH GH OLYUDUH DOH
SURGXVHORU L VHUYLFLLORU vQWUHSULQGHULL DO WXUL GH SUH XO GH OLYUDUH DO SURGXVHORU L VHUYLFLLORU 'H
DVHPHQHD SURGXF LD H[HUFL LXOXL 4

4 QX LQFOXGH GH UHJXO  QLFL 79$ FDUH DU IL GDWRUDW

EXJHWXOXLSXEOLFGDF vQWUHDJDSURGXF LHDH[HUFL LXOXLDUILIRVWYkQGXW ODWHU LvQSHULRDGDvQFDUHD

IRVW RE LQXW  79$

 3H GH DOW  SDUWH 79$ GH SODW  OD EXJHW 79$

 HVWH XQ HOHPHQW DO YDORULL

QRXFUHDWH GH vQWUHSULQGHUH L HD VH YD LQFOXGH vQ YDORDUHD DG XJDW  EUXW  DIHUHQW  SURGXF LHL
H[HUFL LXOXLLH[SULPDW vQSUH XULOHSLH HL9$%

yG

LQkQG VHDPD GH DFHVWH SUHFL] UL SHQWUX FDOFXOXO 9$% DIHUHQW  SURGXF LHL H[HUFL LXOXL
UHVSHFWLYODSUH XULOHSLH HLSRDWHILIRORVLW UHOD LD

9$%
vQFDUH79$

.4&,

79$



UHSUH]LQW WD[DSHYDORDUHDDG XJDW GHGXFWLELO LDIHUHQW SURGXF LHLH[HUFL LXOXL.

UHSUH]LQW 79$FHUHYLQHODXQOHX9$%LDU&, UHSUH]LQW FRQVXPXOLQWHUPHGLDUDIHUHQWSURGXF LHL

H[HUFL LXOXL L FDUH HVWH IRUPDW GLQ FRQVXPXUL L FKHOWXLHOL PDWHULDOH H[FOXVLY DPRUWL]DUHD DFWLYHORU
LPRELOL]DWHFRUSRUDOHFXPVXQW
 FXPS U UL GH PDWHULL SULPH PDWHULDOH FRQVXPDELOH FRPEXVWLELO DS  DEXU HQHUJLH
DPEDODMHVHPLIDEULFDWHD

 
/752,(2=$+$5,$&RQVLGHUD LLSULYLQGGHWHUPLQDUHDLDQDOL]DYDORULLDG XJDWHODQLYHOGHvQWUHSULQGHUHvQ

5HYLVWDGH)LQDQ H&UHGLW&RQWDELOLWDWHQU

 YDULD LD VWRFXOXL GH PDWHULL SULPH PDWHULDOH FRQVXPDELOH FRPEXVWLELO DS  DPEDODMH
VHPLIDEULFDWHGLQDIDU DVWRFXOGHODvQFHSXWXOSHULRDGHLPLQXVVWRFXOGHODVIDULWXOSHULRDGHL
 DOWH FKHOWXLHOL PDWHULDOH WUDQVSRUW SRW  WHOHFRPXQLFD LL FKLULL SHQWUX XWLODMHOH vQFKLULDWH
GHSODV ULGHWD ULDVLJXU ULHWF
 FKHOWXLHOL FDUH VH VFDG GLQ YHQLWXUL FKHOWXLHOL FX SUHJ WLUHD L SHUIHF LRQDUHD SURIHVLRQDO 
FKHOWXLHOL FX UHFODPD SURWRFRO SXEOLFLWDWH FRPLVLRDQH SO WLWH DJHQ LORU HFRQRPLFL FX DFWLYLWDWH GH
FRPHU  H[WHULRU VXPHOH SO WLWH SHQWUX FRQWUDFWHOH GH FHUFHWDUH GH LQWHUHV QD LRQDO L QHLQFOXVH vQ
FRVWXUL
Q UHOD LD GH PDL VXV H[SUHVLD N 4 UHSUH]LQW  P ULPHD SURGXF LHL H[HUFL LXOXL PDMRUDW
FX WD[D SH YDORDUH DG XJDW  GH  N WD[  SUHY ]XW  VHSDUDW vQ GRFXPHQWHOH GH OLYUDUH D
SURGXVHORU L VHUYLFLLORU vQWUHSULQGHULL LDU . UHSUH]LQW  79$ FH UHYLQH OD XQ OHX 9$% (VWH GH
SUHFL]DW F  WD[HOH YDPDOH L DVLPLODWHOH ORU 79 VXQW LQFOXVH vQ FRVWXO SURGXVHORU L VHUYLFLLORU
H[HFXWDWHGHvQWUHSULQGHUHLDUvQFHHDFHSULYHWHDFFL]HOHDFHVWHDVXQWLQFOXVHvQSUH XOGHOLYUDUHDO
SURGXVHORULVHUYLFLLORUFDHOHPHQWDOYDORULLQRXFUHDWHDO WXULGHSURILWFXSUHFL]DUHDF  DFFL]HOH
WUHEXLH Y UVDWH OD EXJHWXO SXEOLF vQ FRQIRUPLWDWH FX SUHYHGHULOH OHJDOH vQ YLJRDUH $O WXUL GH SUH XO
GH OLYUDUH HVWH HYLGHQ LDW  VHSDUDW vQ GRFXPHQWHOH GH OLYUDUH D SURGXVHORU L VHUYLFLLORU 79$ GH
 .FDOFXODW DVXSUDSUH XOXLGHOLYUDUH

Q FHHD FH SULYHWH FRQVXPXO LQWHUPHGLDU DIHUHQW GH SURGXF LH H[HUFL LXOXL &,  DFHVWD
SRDWHILSUHOXDWGLQFRQWXULOHGHFRQWDELOLWDWHFROHFWRDUHGHFKHOWXLHOLPDWHULDOHH[FOXVLYDPRUWL]DUHD
DFWLYHORULPRELOL]DWHFRUSRUDOHFDUHHVWHXQHOHPHQWGLVWLQFWDOYDORULLDG XJDWHEUXWH
Q FHHD FH SULYHWH 79$ GHGXFWLELO  DIHUHQW  SURGXF LHL H[HUFL LXOXL H[HFXWDWH 79$

SUHY ]XW vQUHOD LDGHPDLVXVHDSRDWHILGHWHUPLQDW SULQDSOLFDUHDSURFHQWXOXLGH.DVXSUD

FRQVXPXOXLLQWHUPHGLDUDIHUHQWSURGXF LHLH[HUFL LXOXLFRQIRUPUHOD LHL
79$

. &,

3HQWUX FDOFXOXO WD[HL SH YDORDUHD DG XJDW  FDUH DU WUHEXL SO WLW  OD EXJHWXO SXEOLF GDF
vQWUHDJDSURGXF LHDH[HUFL LXOXLDUILYkQGXW ODWHU LvQSHULRDGDSHQWUXFDUHHDDIRVWFDOFXODW WD[D
SH YDORDUHD DG XJDW  FDUH HVWH XQ HOHPHQW DO YDORULL DG XJDWH DIHUHQWH SURGXF LHL H[HUFL LXOXL
H[SULPDW vQSUH XULOHSLH HLLFDUHHVWHLQFOXV GHMDvQ9$%
SRDWHILIRORVLW UHOD LD

79$

. 9$%



yG

FRQIRUPUHOD LHLGDWHSHQWUX9$%

yG

 + .

,,&DOFXOXOYDORULLDG XJDWHEUXWHDIHUHQWHFLIUHLGHDIDFHUL
1LYHOXO DFHVWXL LQGLFDWRU SRDWH IL GHWHUPLQDW SULQ PXOWLSOLFDUHD P ULPLL YDORULORU DG XJDWH

EUXWH DIHUHQWH SURGXF LHL EUXWH 9$%

H[HUFL LXOXLU

FRQIRUPUHOD LHL

 

9$%


yG

 FX UDWD FLIUHL GH DIDFHUL FDOFXODW  vQ UDSRUW FX SURGXF LD

= 9$%


&$
4

= 9$%


  

vQFDUH&$UHSUH]LQW FLIUDGHDIDFHULI U 79$DIHUHQW LDU4UHSUH]LQW SURGXF LD H[HUFL LXOXLI U

79$DIHUHQW DPEHOHH[SULPDWHvQSUH XULFXUHQWH
%&DOFXOXOYDORULLDG

XJDWHEUXWHSULQPHWRGDDQDOLWLF

0HWRGDDQDOLWLF GHFDOFXODOYDORULLDG XJDWHEUXWHSUHVXSXQHGHWHUPLQDUHDQLYHOXOXLDFHVWXL

LQGLFDWRUSULQvQVXPDUHDHOHPHQWHORUVDOHFRPSRQHQWH
,&DOFXOXOYDORULLDG XJDWHEUXWHDIHUHQWHSURGXF LHLH[HUFL LXOXL9$%

yG

3ULQFLSDOHOHHOHPHQWHFRPSRQHQHWHDOHYDORULLDG XJDWHEUXWHVXQWXUP WRDUHOH

DPRUWL]DUHDDFWLYHORULPRELOL]DWHFRUSRUDOHLQHFRUSRUDOH$ 

FKHOWXLHOLVDODULDUHQHWH& 
LPSR]LWHOHGLUHFWHSHVDODULLSHFO GLULSHPLMORDFHOHGHWUDQVSRUWHWFQRWDWHFX,'

GLIHUHQ DGLQWUHFKHOWXLHOLOHILQDQFLDUHLYHQLWXULOHILQDQFLDUH& 9 

 WD[D SH YDORDUH DG XJDW  DIHUHQW  SURGXF LHL H[HUFL LXOXL L FDUH DU IL GDWRUDW  EXJHWXOXL
SXEOLFGDF vQWUHDJDSURGXF LHDH[HUFL LXOXLDUILIRVWYkQGXW ODWHU L79$
DFFL]HOHvQFDVDWHLGDWRUDWHODEXJHW$  

WD[HOHYDPDOHLDVLPLODWHOHORUSO WLWHGHF WUHvQWUHSULQGHUH79



 FKHOWXLHOLOH FDUH VH VFDG GLQ YHQLWXUL &

 DGLF  WD[H SHQWUX FHUFHWDUH DORFD LD SHQWUX

FRSLLSO WLW GH vQWUHSULQGHUH IRQGXO GH UH]HUY  L DOWH IRQGXUL VSHFLDOH GRQD LL HIHFWXDWH vQ VFRSXUL
XPDQLWDUHIRQGXOGHGH]YROWDUHD
VXEYHQ LLDORFDWHGHVWDW6FDUHVHVFDG
SURILWXOEUXW
'HFL SHQWUX FDOFXOXO YDORULL DG XJDWH EUXWH DIHUHQWH SURGXF LHL H[HUFL LXOXL L H[SULPDW  vQ

y G
yG

SUH XULOHSLH HL9$%

9$%

UHVSHFWLYSHED]DPHWRGHLDQDOLWLFHSRDWHILIRORVLW UHOD LD

$

&

,'& 9 79$

$  79&

3U6

,,&DOFXOXOYDORULLDG XJDWHEUXWHDIHUHQWHFLIUHLGHDIDFHUL

QDFHVWVFRSSRDWHILIRORVLW RUHOD LHVLPLODU FXFHDGHODSDUDJUDIXO$,,DGLF 

9$%

m A

9$%

yG

U

3HQWUX FDOFXOXO RULF UHLD GLQWUH YDULDQWHOH 9$% OD SUH XULOH IDFWRULORU 9$%

IRORVLW  R UHOD LH GH WLSXO UHOD LHL 9$

 9$

  ,

 SRDWH IL

 LDU SHQWUX FDOFXOXO YDULDQWHORU GH YDORDUH

DG XJDW QHW 9$1VHYDIRORVLRUHOD LHGHIRUPD9$1

9$%$ 

&DOFXOHOHSUHVXSXVHGHUHOD LLOHGHPDLVXVSRWILIRORVLWHODGHWHUPLQDUHDQLYHOXOXL9$%VDX

DOOXL9$1SHQWUXDFHOHDLSHULRDGHGHWLPSSHQWUXFDUHVHFDOFXOHD] LFHLODO LLQGLFDWRULYDORULFLDL
SURGXF LHL L VHUYLFLLORU SURGXF LD H[HUFL LXOXL SURGXF LD PDUI  FLIUD GH DIDFHUL  UHVSHFWLY SHQWUX
SHULRDGH FDOHQGDULVWLFH vQWUHJL OXQ  WULPHVWUX VHPHVWUX VDX DQ vQ WLPS FH VSUH H[HPSOX
GHFRQW ULOHFXEXJHWXOSXEOLFSULYLQGWD[DSHYDORDUHDDG XJDW QX LQVHDPDGH DVWIHOGHORFDOL] UL
vQWLPSHOHFRQVWLWXLQGXQIOX[FRQWLQXXGHDOXQJXOvQWUHJXOXLDQFDOHQGDULVWLFVDXILVFDO
Q FHHDFHSULYHWH DQDOL]DYDORULLDG XJDWHSRDWH ILHIHFWXDW  DWkWRDQDOL]  vQ VWDWLF  FkW L
RDQDOL] vQGLQDPLF ILHSHQWUXYDORDUHDDG XJDW EUXW ILHSHQWUXYDORDUHDDG XJDW QHW 

$QDOL]DVWUXFWXUDO

DYDORULLDG

XJDWH

$QDOL]D VWUXFWXUDO  D YDORULL DG XJDWH DUH vQ YHGHUH vQ SULQFLSDO H[DPLQDUHD QLYHOXOXL
ILHF UXLD GLQWUH HOHPHQWHOH FRPSRQHQWH DOH YDORULL DG XJDWH SUHFXP L D JUHXW

LORU VSHFLILFH DOH

DFHVWRUD vQ WRWDOXO YDORULL DG XJDWH LDU vQ FDGUXO XQHL DQDOL]HGLDJQRVWLF D YDORULL DG XJDWH  VH
IRUPXOHD]  L P VXULOH SULYLQG vPEXQ W

LUHD UDSRUWXOXL GLQWUH GLYHUVHOH HOHPHQWH DOH DFHVWXL

LQGLFDWRU$VWIHOSHED]DQLYHOXOXLYDORULLDG XJDWHLDHOHPHQWHORUVDOHVWUXFWXUDOHSRWILFRQVWUXL L
PDLPXO LLQGLFDWRULVLQWHWLFLGHDQDOL] FXPVXQW
*UDGXOGHLQWHJUDUHSHYHUWLFDO VDXUDWDYDORULLDG XJDWHvQUDSRUWFXFLIUDGHDIDFHULFDUH
VH GHWHUPLQ  FD UDSRUW vQWUH QLYHOXO YDORULL DG XJDWH GH UHJXO  9$% L FLIUD GH DIDFHUL FRQIRUP
UHOD LHL

vQFDUH9$%

m A

L9$1

m A

   

9$%




&$ 

 VDX U

 

9$1
&$ 




UHSUH]LQW UHVSHFWLY9$%DIHUHQW FLIUHLGHDIDFHULL9$1DIHUHQW FLIUHL

GH DIDFHUL H[SULPDWH vQ SUH XULOH SLH HL LDU &$
LQFOXVLY79$

 

 UHSUH]LQW  FLIUD GH DIDFHUL OD SUH XULOH SLH HL GHFL

&X FkW QLYHOXO DFHVWXL LQGLFDWRU WLQGH PDL PXOW F WUH XQLWDWH FX DWkW UHVXUVHOH PDWHULDOH L
XPDQHGHFDUHGLVSXQHvQWUHSULQGHUHDVXQWIRORVLWHPDLHILFLHQW
 &RQWULEX LD IDFWRUXOXL XPDQ OD IRUPDUHD YDORULL DG XJDWH EUXWH VDX QHWH LQGLFDWRU FDUH
SRDWHILGHWHUPLQDWSHED]DUHOD LHL

  "!
U

&V9$#$# 

vQFDUH

  "!

UDWDFKHOWXLHOLORUVDODULDOHFDOFXODW vQUDSRUWFXYDORDUHDDG XJDW 

&VL9$#%# VHPQLILFD LLOHGDWHDQWHULRU

6XE DVSHFW FDOLWDWLY SRQGHUHD FKHOWXLHOLORU VDODULDOH vQ P ULPHD YDORULL DG XJDWH WUHEXLH V
ILHUHODWLYPLF vQDYDQWDMXOSURILWXOXLEUXWUHVSHFWLYDFHVWHFKHOWXLHOLVDODULDOHWUHEXLHV VHED]H]H
SHQLYHOXOSURGXFWLYLW

LLPXQFLLLSHFDOLWDWHDSURGXVHORULVHUYLFLLORUH[HFXWDWH

 $SRUWXO DFWLYHORU LPRELOL]DWH OD FUHDUHD YDORULL DG XJDWH EUXWH DGLF  UDWD DPRUWL] ULL
DFWLYHORULPRELOL]DWHFRUSRUDOHLQHFRUSRUDOHFDOFXODW vQUDSRUWFX9$%FRQIRUPUHOD LHL

!'&' !(

$P9$%#$# 

Q FRQWH[WXO XQXL SURJUHV WLLQ LILFRWHKQLF DFFHOHUDW XQ QLYHO ULGLFDW DO DFHVWXL LQGLFDWRU
FRQVWLWXLHSUHPL]DXQHLSURGXFWLYLW

LULGLFDWHLDXQHLFDOLW

LVXSHULRDUHDSURGXVHORU L VHUYLFLLORU

H[HFXDWH
5DWDYDORULLDG XJDWHFDOFXODW vQUDSRUWFXSURGXF LDEUXW VDXFXSURGXF LDPDUI 

!)+*

9$#%# 4#$# 

vQ FDUH 9$#$#  L 4#$#  UHSUH]LQW  UHVSHFWLY YDORDUHD DG XJDW  L SURGXF LD H[HUFL LXOXL H[SULPDWH vQ
SUH XULOHSLH HL
Q FD]XO XQHL DFWLYLW
DFHDVWD

UHIOHFWkQG

R

L HILFLHQWH QLYHOXO DFHVWXL LQGLFDWRU WUHEXLH V  WLQG  F WUH XQLWDWH

IRORVLUH

UD LRQDO 

D

UHVXUVHORU

PDWHULDOH

L

XPDQH

GH

FDUH

GLVSXQH

vQWUHSULQGHUHD
 &RQWULEX LD SURILWXOXL OD IRUPDUHD YDORULL DG XJDWH DGLF  UDWD SURILWXOXL GHWHUPLQDW  vQ
UDSRUWFXYDORDUHDDG XJDW FDOFXODW FRQIRUPUHOD LHL

,)-  !

3U9$#%#

'HVLJXU F  QLYHOXO DFHVWXL LQGLFDWRU HVWH ELQH V  ILH FkW PDL ULGLFDW GDU vQ DD P VXU  vQFkW
vQWUHSULQGHUHD DQDOL]DW  V  UH]LVWH FRQFXUHQ HL vQ GRPHQLX L V L S VWUH]H VDX FKLDU V L
FRQVROLGH]HSR]L LDSHSLD

&RQWULEX LDFHORUODOWHHOHPHQWHFRQVWLWXWLYHODIRUPDUHDYDORULLDG XJDWH

$QDOL]D FRPSDUDW  D YDORULL DG XJDWH VH ED]HD]  vQ SULQFLSDO SH FRPSDUDUHD QLYHOXOXL GLQ
SHULRDGD DQDOL]DW  FX QLYHOXO GLQWUR SHULRDG  DQWHULRDU  OXDW  FD ED]  GH UHIHULQ

 VDX SH

FRPSDUDUHD QLYHOXOXL HIHFWLY DO YDORULL DG XJDWH FX QLYHOXO SUHY ]XW HYHQWXDO FX QLYHOXO UHDOL]DW GH
ILUPHOHFRQFXUHQWH
$QDOL]DFRPSDUDW
3HQWUX

R

DVWIHO

GH

DYDORULLDG

DQDOL] 

SRW

IL

XJDWH
IRORVL L

LQGLFL

VWDWLVWLFL

L

PRGLILF ULOH

DEVROXWH

FRUHVSXQ] WRDUH Q IXQF LH GH QDWXUD GDWHORU H[LVWHQWH SRW IL IRORVL L LQGLFL LQGLYLGXDOL FX VDX I U
GHVFRPSXQHUHD SH IDFWRUL GH LQIOXHQ
IDFWRUL GH LQIOXHQ

 L UHVSHFWLY LQGLFLL GH JUXS FX VDX I U  GHVFRPSXQHUHD SH

 LQGLFL vQVR L L L GH PRGLILF ULOH DEVROXWH FRUHVSXQ] WRDUH Q FD]XO LQGLFLORU

IDFWRULDOL L DO PRGLILF ULORU DEVROXWH IDFWRULDOH VH IRORVHWH GH UHJXO  FD PHWRG  GH SRQGHUDUH
PHWRGDVXEVWLWX LHLvQODQ 06/

'HFL SHQWUX DQDOL]D FRPSDUDW  D YDORULL DG XJDWH VH SRDWH SRUQL GH OD QLYHOXO DFHVWXL
LQGLFDWRU QHGHVFRPSXV SH IDFWRUL GH LQIOXHQ
GHVFRPSXVSHIDFWRULGHLQIOXHQ

 ILH GH OD DFHODL QLYHO DO YDORULL DG XJDWH GDU

3HQWUX DQDOL]D FRPSDUDW  SH IDFWRUL GH LQIOXHQ

 D YDORULL DG XJDWH SRW IL IRORVLWH

XUP WRDUHOH PRGHOH PXOWLSOLFDWLYH IDFWRULDOH DOH YDORULL DG XJDWH vQ IXQF LH GH FRQ LQXWXO
LQIRUPD LLORUH[LVWHQWHLGHVFRSXODQDOL]HLHIHFWXDWH
'DF VXQWOXD LvQFRQVLGHUDUHQXPDLIDFWRULLGHLQIOXHQ

SURGXF LDH[HUFL LXOXLODSUH XULOHSLH HL4SS

 JUHXWDWHD VSHFLILF  D YDORULL DG XJDWH vQ SURGXF LD H[HUFL LXOXL U

!)+*

 UH]XOW  PRGHOXO

PXOWLSOLFDWLYELIDFWRULDO

0
3 3
9$

= 4 3
3

9$ 3
3

= 4 3
3

4 3
3

4 0

12

'DF VXQWOXD LvQFRQVLGHUDUHQXPDLIDFWRULLGHLQIOXHQ

FLIUDGHDIDFHULODSUH XULOHSLH HLLQFOXVLY79$&$SS

 JUHXWDWHD VSHFLILF  D YDORULL DG XJDWH DIHUHQWH FLIUHL GH DIDFHUL vQ
FLIUHL GH DIDFHUL
!)WRWDOXO
+.!

DGLF  UDWD YDORULL DG XJDWH FDOFXODW  vQ UDSRUW FX FLIUD GH DIDFHUL U

VH RE LQH PRGHOXO

PXOWLSOLFDWLYELIDFWRULDO

6 7

9$9 9

67

= &$9 9

9$9 9

= &$9 9

&$9 9

8 7 5
67

vQ FDUH &$SS UHSUH]LQW  FLIUD GH DIDFHUL OD SUH XULOH SLH HL GHFL LQFOXVLY 79$

.!

GH SODW  OD EXJHW

XQGH
79$

= >
;<

= 79$

:
;<

&$

vQFDUH&$L4QXLQFOXGL79$DIHUHQW 
'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

SURGXF LDH[HUFL LXOXLODSUH XULOHSLH HLH[SULPDW vQSUH XULFRPSDUDELOH4#$#

LQGLFHOHSUH XULORUSURGXF WRULORU,S
UDWDYDORULLDG XJDWHFDOFXODW vQUDSRUWFXSURGXF LDH[HUFL LXOXLU

!)+*



VHRE LQHPRGHOXOPXOWLSOLFDWLYWULIDFWRULDO

?
D
D
9$

D
D
4
,B

,B

D
D
9$
4D
D

= 4D
D

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

,B

@A E ?

 SURGXFWLYLWDWHD PXQFLL H[SULPDW  vQ SUH XUL FXUHQWH L FDOFXODW  SH VHDPD SURGXF LHL
H[HUFL LXOXL:
UDWDYDORULLDG XJDWHFDOFXODW vQUDSRUWFXSURGXF LDH[HUFL LXOXLU

!)+*

QXP UXOPHGLXGHVDODULD L7
VH RE * LQH SHQWUX YDORDUHD DG XJDW   DIHUHQW  SURGXF LHL H[HUFL LXOXL L H[SULPDW  vQ SUH XULOH SLH HL
9$#$#

PRGHOXOPXOWLSOLFDWLYWULIDFWRULDO

F
I%I
9$

I%I
4
7

I%I
9$
4 I%I

7 = : U

GH J F

'HPHQ LRQDWF vQPRGHOHOHPXOWLSOLFDWLYHGHODLIDFWRULLGHLQIOXHQ

DXIRVW

WUHFX LvQRUGLQHDQDWXUDO GHDSDUL LHDORUIDFWRUXO FDQWLWDWLYXUPDWGHIDFWRUXOFDOLWDWLYUHVSHFWLY

IDFWRUXO FDQWLWDWLY XUPDW GH IDFWRUXO PDL SXWLQ FDOLWDWLY L DSRL GH IDFWRUXO PDL FDOLWDWLY LDU vQ
UHOD LD GH OD  IDFWRULL GH LQIOXHQ

 DX IRVW WUHFX L vQ RUGLQHD GHVFUHVF WRDUH D FDOLW

LL ORU VFULHUHD

ORUWHUPLQkQGXVHFXIDFWRUXOFDQWLWDWLYQFDGUXOPHWRGHLGHSRQGHUDUHDVXEVWLWX LHLvQODQ IDFWRULL

GH LQIOXHQ

 WUHEXLH RUGRQD L ILH vQ RUGLQHD ORU QDWXUDO  GH DSDUL LH ILH vQ RUGLQHD ORU FDOLWDWLY

GHVFUHVF WRDUHILHFDUHGLQWUH FHOH GRX  VLWXD LL SUHVXSXQkQG XQ DQXPLW VLVWHP GH SRQGHUH vQ FDGUXO
06/ vQ DD IHO vQFkW FHOH GRX  VLWXD LL V  ILH HFKLYDOHQWH XQD FX FHDODOW   $D VSUH H[HPSOX
PRGHOXOPXOWLSOLFDWLYWULIDFWRULDOGHODSUHVXSXQHvQFDGUXO06/XUP WRUXOVLVWHPGHLQGLFLGH
DQDOL] vQGLQDPLF vQFDGUXOXQHLvQWUHSULQGHULVWUXFWXUDW SHVXEXQLW

L

DLQGLFHOHGHJUXSVLQWHWLFSHWRWDOLQGLFDWRU

X"Y [

9$ Z Z
W

9$ Z Z
W

4 Z Z

^
4 Z Z ]

X"Y \

_ , Z _ U_
,

U]

X"Y \

Z ]

W
W

ELQGLFHOHGHJUXSIDFWRULDOFDUHFXDQWLILF LQIOXHQ DIDFWRUXOXLFDQWLWDWLY4#

O OQ
LM P

TVU
N N
T
4 N N S

N S

US

N S

US

LM
R

LM

K
R
K

FLQGLFHOHGHJUXSIDFWRULDOFDUHFXDQWLILF LQIOXHQ DIDFWRUXOXLFDOLWDWLY,S

q
,

rt u s
l V

4
4

x y
pp
xzy
pp

p w

Uw
Uw

no

v m

no

v m

GLQGLFHOHGHJUXSIDFWRULDOFDUHFXDQWLILF LQIOXHQ DFHOXLPDLFDOLWDWLYGLQWUHIDFWRULU

,
{

4 

,

4 

,

}"~
}"~

!)+*

|
|

5HOD LDGHVLVWHPDLQGLFLORUGHJUXSGHODDODGSUHVXSXQHV ILHYHULILFDW HJDOLWDWHD

D

EFG

'HVLJXU F  SRW IL FDOFXODWH L PRGLILF ULOH vQ YDORDUH DEVROXW  FRUHVSXQ] WRDUH FHORU SDWUX
LQGLFL GH JUXS GH PDL VXV HIHFWXkQG GLIHUHQ D vQWUH QXP U WRUXO L QXPLWRUXOXL LQGLFHOXL
FRUHVSXQ] WRU
Q IXQF LH GH QDWXUD GDWHORU H[LVWHQWH L GH QLYHOXO OD FDUH VH HIHFWXHD]  DQDOL]D FRPSDUDW 
VLVWHPXO GH LQGLFL GH JUXS GH PDL VXV SRDWH IL WUDQVIRUPDW L vQWUXQ VLVWHP GH LQGLFL LQGLYLGXDOL
vQVR LWGHPRGLILF ULOHDEVROXWHFRUHVSXQ] WRDUH
0RGHOXO PXOWLSOLFDWLY GH OD  SUHVXSXQH vQ FDGUXO DFHOHHDL PHWRGH D VXEVWLWX LHL vQ ODQ
06/ XUP WRUXO VLVWHP GH LQGLFL GH JUXS GH DQDOL]  vQ GLQDPLF  D YDORULL DG XJDWH DIHUHQWH
SURGXF LHLEUXWHLH[SULPDW vQSUH XULOHSLH HLvQFD]XOXQHLvQWUHSULQGHULVWUXFWXUDWHSHVXEXQLW
DLQGLFHOHGHJUXSVLQWHWLFSHWRWDOLQGLFDWRU

` jk i

9$h
h

d
a


h
h
9$

c
c
: U

:
a

egf b d
egf b d

7c

ELQGLFHOHGHJUXSIDFWRULDOFDUHFXDQWLILF LQIOXHQ DFHOXLPDLFDOLWDWLYGLQWUHIDFWRUL:

:
:

7
7

L

FLQGLFHOHGHJUXSIDFWRULDOFDUHFXDQWLILF LQIOXHQ DXUP WRUXOXLIDFWRUFDOLWDWLYU

"
"

)+

GLQGLFHOHGHJUXSIDFWRULDOFDUHFXDQWLILF LQIOXHQ DIDFWRUXOXLFDQWLWDWLY7

:
:

7
7

LvQFD]XOFHORUSDWUXLQGLFLGHJUXSGHPDLVXVVHYHULILF UHOD LDGHVLVWHPGHLQGLFL

D
UHVSHFWLY

LQGLFHOH

VLQWHWLF

SH

WRWDO

EFG

LQGLFDWRU

HVWH

HJDO

FX

SURGXVXO

LQGLFLORU

IDFWRULDOL

FRUHVSXQ] WRUL
8Q  VLVWHP GH LQGLFL FRUHVSXQ] WRUL FHOXL GH PDL VXV SRDWH IL FRQVWUXLW L OD QLYHO LQGLYLGXDO
VHF LHGHSURGXF LHSXQFWGHOXFUXHWFGH DVHPHQHDSRWILFRQVWUXLWH L DQDOL]DWH L PRGLILF ULOH
DEVROXWHFRUHVSXQ] WRDUHFHORUGRX VLVWHPHGHLQGLFLGHJUXSLLQGLYLGXDOL
'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

 SURGXFWLYLWDWHD PXQFLL FDOFXODW  SH ED]D SURGXF LHL H[HUFL LXOXL OD SUH XULOH SLH HL L

H[SULPDW vQSUH XULFRQVWDQWH: 

UDWDYDORULLDG XJDWHFDOFXODW vQUDSRUWFXSURGXF LDH[HUFL LXOXLU

)+

LQGLFHOHSUH XULORUSURGXF WRULORU,S

QXP UXOPHGLXGHVDODULD L7
VH RE LQH XUP WRUXO PRGHO PXOWLSOLFDWLY WHWUDIDFWRULDO DO YDORULL DG XJDWH DIHUHQWH SURGXF LHL
H[HUFL LXOXLLFDOFXODW ODSUH XULOHSLH HL

9$%

 ,

4%

9$%
4%

7 =

4%
7

9$%

4%

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

7 = :

 FRHILFLHQWXO UDQGDPHQWXO GH XWLOL]DUH DO PLMORDFHORU

IL[H FDOFXODW SH ED]D H[SULP ULL

LQGLFDWRULORUYDORULFLFRUHVSXQ] WRULvQSUH XULFRQVWDQWH.



 vQ]HVWUDUHD PXQFLL FX FDSLWDO IL[ FDOFXODW  SH ED]D YDORULL PHGLL D PLMORDFHORU IL[H

H[SULPDW vQSUH XULFRQVWDQWH.

UDWDYDORULLDG XJDWHFDOFXODW vQUDSRUWFXSURGXF LDH[HUFL LXOXLU

)+

LQGLFHOHSUH XULORUSURGXF WRULORU,S

QXP UXOPHGLXGHVDODULD L7
VH RE LQH XUP WRUXO PRGHO PXOWLSOLFDWLY SHQWDIDFWRULDO DO YDORULL DG XJDWH DIHUHQWH SURGXF LHL
H[HUFL LXOXLLFDOFXODW vQSUH XULOHSLH HL

4
9$
=
SS

vQ FDUH )

4
,
SS
S

)

4
9$
)
SS

,
7

4
SS

4

9$
4
SS )
SS

9$ 4
7 =

, 7 = . . U
, 7
S
S
X
v
S

7
4
)
SS

),  UHSUH]LQW  YDORDUHD PHGLH OXQDU  WULPHVWULDO  VHPHVWULDO  VDX  DQXDO  D

PLMORDFHORUIL[HH[SULPDW vQSUH XULFRQVWDQWH

3HQWUX FDOFXOXO YDORULL PHGLL D PLMORDFHORU IL[H H[SULPDW  vQ SUH XUL FXUHQWH ) SRDWH IL
IRORVLW UHOD LD

) = )

- )H =
=

vQFDUH
) 

YDORDUHDPLMORDFHORUIL[HH[LVWHQWHODvQFHSXWXOSHULRDGHLGHFDOFXO

YDORDUHDPLMORDFHORUIL[HLQWUDWHvQFXUVXOSHULRDGHLSHQWUXFDUHVHFDOFXOHD] )

= 

QXP UXO]LOHORUGHIXQF LRQDUHDOPLMORDFHORUIL[HLQWUDWH

)H

YDORDUHDPLMORDFHORUIL[HLHLWHGLQvQWUHSULQGHUHvQFXUVXOSHULRDGHLGHFDOFXO

= 

QXP UXO]LOHORUGHQHIXQF LRQDUHDOPLMORDFHORUIL[HLHLWH

= 

QXP UXO]LOHORUFDOHQGDULVWLFHDOSHULRDGHLSHQWUXFDUHVHFDOFXOHD] )

'DF VHLDXvQFRQVLGHUDUHIDFWRULLGHLQIOXHQ

 FRHILFLHQWXO UDQGDPHQWXO GH XWLOL]DUH DO PLMORDFHORU IL[H

FDOFXODW SH ED]D SURGXF LHL

H[HUFL LXOXL OD SUH XULOH SLH HL L H[SULPDW  vQ SUH XUL FRQVWDQWH 4$

 L SH ED]D  YDORULL PHGLL D

PLMORDFHORUIL[HGLUHFWSURGXFWLYHH[SULPDW vQSUH XULFRQVWDQWH) FRHILFLHQWQRWDWSULQ

(. ) 

 JUHXWDWHD VSHFLILF  D PLMORDFHORU IL[H GLUHFW SURGXFWLYH H[SULPDWH vQ SUH XUL FRQVWDQWH vQ
WRWDOXO
PLMORDFHORU IL[H GH FDUH GLVSXQH vQWUHSULQGHUHD DQDOL]DW  H[SULPDW  vQ SUH XUL FRQVWDQWH

 vQ]HVWUDUHD PXQFLL FX  FDSLWDO IL[ FDOFXODW  SH ED]D YDORULL PHGLL D PLMORDFHORU IL[H

H[SULPDW vQSUH XULFRQVWDQWH.

UDWDYDORULLDG XJDWHFDOFXODW vQUDSRUWFXSURGXF LDH[HUFL LXOXLU

)+

LQGLFHOHSUH XULORUSURGXF WRULORU,S

QXP UXOPHGLXGHVDODULD L7
VH RE LQH XUP WRUXO PRGHO PXOWLSOLFDWLY KH[DIDFWRULDO DO YDORULL DG XJDWH DIHUHQWH SURGXF LHL
H[HUFL LXOXLLFDOFXODW ODSUH XULOHSLH HL

9$

4

() )

() )

 ,

4

)
)

)
7

6H SRDWH REVHUYD FX XXULQ

9$
4

7 =

7 =  . 
J

 F  vQ UHOD LLOH GH OD    L  IDFWRULL GH LQIOXHQ

IRVW VFULL vQ RUGLQHD GHVFUHVF WRDUH D FDOLW

 DX

LL XOWLPXO IDFWRU ILLQG GH ILHFDUH GDW  IDFWRUXO

FDQWLWDWLY
Q FD]XO DQDOL]HORU FRPSDUDWH IRORVLWH FLIUD XQX WUHFXW  vQ SDUWHD GUHDSW  MRV D IDFWRULORU GH
LQIOXHQ

 UHSHUHD]  QLYHOXO IDFWRUXOXL LQGLFDWRUXOXL UHVSHFWLY GLQ SHULRDGD DQDOL]DW  SHULRDGD

FXUHQW  LDU FLIUD ]HUR UHSHUHD]  QLYHOXO IDFWRUXOXL LQGLFDWRUXOXL UHVSHFWLY vQUHJLVWUDW vQ SHULRDGD
GH ED]  GH UHJXO  R SHULRDG  DQWHULRDU  FHOHL DQDOL]DWH VDX QLYHOXO vQUHJLVWUDW GH ILUPHOH
FRQFXUHQWHVDXQLYHOXOSUHY ]XW
3HQWUX DQDOL]D vQ GLQDPLF  D YDORULL DG XJDWH SH PDL PXOWH SHULRDGH GH WLPS SRDWH IL
IRORVLW PHWRGDVHULLORUFURQRORJLFH
(VWH GH PHQ LRQDW F  vQ FHHD FH SULYHWH

YDULDQWHOH GH 79$ IRORVLWH vQ UHOD LLOH VDX

H[SOLFLW ULOH GH PDL VXV DGLF  79$  79$

 79$

 L 79$

 HOH QX VH IRORVHVF vQ HYLGHQ D

ILQDQFLDUFRQWDELO DvQWUHSULQGHULLHOHILLQGLQWURGXVHLIRORVLWHvQH[SULP ULOHGHPDLVXVGRDUvQ

YHGHUHDFDOFXO ULLYDORULLDG XJDWHEUXWHDIHUHQWHSURGXF LHLH[HUFL LXOXL
QHYLGHQ DILQDQFLDUFRQWDELO 79$DSDUHVXEXUP WRDUHOHYDULDQWH
79$JHQHUDO FRQWXOVLQWHWLFGHJUDGXO,
79$GHSODW FRQWXOVLQWHWLFGHJUDGXO,,

79$GHUHFXSHUDWFRQWXOVLQWHWLFGHJUDGXO,,
79$GHGXFWLELO FRQWXOVLQWHWLFGHJUDGXO,,
 79$ QHH[LJLELO  79$ DIHUHQW  UDWHORU QHVFDGHQWH OD P UIXULOH YkQGXWH vQ UDWH 79$
vQJOREDW  vQ P UIXULOH GLQ VWRF L QHYkQGXWH vQF  IHQRPHQ VSHFLILF DFWLYLW

LL GH FRPHU  FRQWXO

VLQWHWLFGHJUDGXO,,
7D[D SH YDORDUHD DG XJDW  QX VH LQFOXGH vQ FRVWXUL GHFkW vQ FD]XO vQ FDUH vQWUHSULQGHUHD
FRQVLGHUDW QX DIRVWvQUHJLVWUDW vQUH HDXD0LQLVWHUXOXLGH )LQDQ HFDSO WLWRU GH 79$ HVWH YRUED
GH DFHOH vQWUHSULQGHUL FDUH vQUHJLVWUHD]  R FLIU  GH DIDFHUL VXE XQ DQXPLW SODIRQ VWDELOLW SH ED]D
QRUPHORUOHJDOHvQYLJRDUH
$QDOL]DH[FHGHQWXOXLGHH[SORDWDUH
([FHGHQWXOGHH[SORDWDUHHVWHXQLQGLFDWRUYDORULFDOYROXPXOXLGHDFWLYLWDWHDOSURGXF LHLL
VHUYLFLLORUFDUHVHGHWHUPLQ SHED]DYDORULLDG XJDWHEUXWH
Q OLWHUDWXUD HFRQRPLFRILQDQFLDU  GH VSHFLDOLWDWH L vQ SUDFWLFD HFRQRPLFRILQDQFLDU  VXQW
IRORVLWH PDL PXOWH YDULDQWH DOH DFHVWXL LQGLFDWRU L vQ IXQF LH GH FRQ LQXWXO L VFRSXO DQDOL]HL
HFRQRPLFRILQDQFLDUH HIHFWXDWH VH IRORVHWH XQD VDX DOWD GLQWUH DFHVWH YDULDQWH 3ULQFLSDOHOH
YDULDQWHDOHH[FHGHQWXOXLGHH[SORDWDUHVXQW
([FHGHQWXOJOREDOGHH[SORDWDUHGHWHUPLQDWSHED]DUHOD LHL
(*(

9$%$

& ,76

vQFDUH
H[FHGHQWXOJOREDOGHH[SORDWDUH

(*(

YDORDUHDDG XJDW EUXW DIHUHQW SURGXF LHLH[HUFL LXOXLLH[SULPDW vQSUH XULOHSLH HL

9$%$
& 

FKHOWXLHOLOHVDODULDOHFKHOWXLHOLOHFXSHUVRQDOXO

,7

LPSR]LWHOHLWD[HOHGDWRUDWH

6

VXEYHQ LLOHDFRUGDWHGHVWDWSHQWUXFUHWHULGHSUH XULLWDULIH

LQkQG VHDPD GH UHOD LD GH FDOFXO DO 9$% SULQ PHWRGD DQDOLWLF  H[FHGHQWXO JOREDO GH

H[SORDWDUHSRDWHILGHWHUPLQDWLSHED]DUHOD LHL
(*(

$

& 9 &

3 6

vQFDUH
$ 

P ULPHDDPRUWL] ULLDFWLYHORULPRELOL]DWHFRUSRUDOHLQHFRUSRUDOHVXSXVHDPRUWL] ULL

& 9 

FKHOWXLHOLUHVSHFWLYYHQLWXULILQDQFLDUHvQUHJLVWUDWHGHvQWUHSULQGHUH

&

FKHOWXLHOLFDUHVHVFDGGLQYHQLWXUL

3 

SURILWXOEUXWUHDOL]DW

6

VXEYHQ LLSULPLWHGHvQWUHSULQGHUH
,QGLFDWRUXO H[FHGHQWXO JOREDO GH H[SORDWDUH VH IRORVHWH OD FDOFXOXO XQRU YDULDQWH DOH UDWHORU

GHUHQWDELOLWDWH
([FHGHQWXOEUXWGHH[SORDWDUHHVWHXQLQGLFDWRUYDORULFDOSURGXF LHLLVHUYLFLLORUFDOFXODW
SHED]DUHOD LHL
(%(
vQFDUH
(%(
9$%$
&
,7

H[FHGHQWXOEUXWGHH[SORDWDUH
VHPQLILFD LDGDW DQWHULRU
WRWDOXOFKHOWXLHOLORUVDODULDOH
LPSR]LWHLWD[HGDWRUDWH

9$%$

& ,7

LQkQG VHDPD  GH UHOD LD GH FDOFXO DO YDORULL DG XJDWH EUXWH DIHUHQWH SURGXF LHL H[HUFL LXOXL
GXS  PHWRGD DQDOLWLF  UH]XOW  XUP WRDUHD UHOD LH DQDOLWLF  GH FDOFXO  DO H[FHGHQWXOXL EUXW GH
H[SORDWDUH

vQFDUH$ & 9  &

(%(

$

& 9 &

3 

L3 DXVHPQLILFD LLOHGDWHDQWHULRU

LDFHVWLQGLFDWRU(%(VHIRORVHWHODFDOFXOXOXQRUYDULDQWHDOHUDWHLUHQWDELOLW

LL

 ([FHGHQWXO QHW GH H[SORDWDUH VH GHWHUPLQ  SH ED]D H[FHGHQWXOXL EUXW GH H[SORDWDUH
UHVSHFWLY GHGXFkQG GLQ DFHVWD P ULPHD DPRUWL] ULL DFWLYHORU LPRELOL]DWH FRUSRUDOH L QHFRUSRUDOH
VXSXVHDPRUWL] ULL$PGHFL
(1(

(%($

& 9 &

 &RUHOD LL LPSRUWDQWH FDUH WUHEXLH V

3

 H[LVWH vQWUH LQGLFDWRULL YDORULFL DL SURGXF LHL

LVHUYLFLLORU
3HQWUX FD DFWLYLWDWHD vQWUHSULQGHULL V  VH GHVI RDUH vQ FRQGL LL GH HILFLHQ

 HVWH QHFHVDU FD

vQWUHSULQFLSDOLLLQGLFDWRULYDORULFLDLSURGXF LHLLVHUYLFLLORUV ILHUHVSHFWDWHPDLPXOWHFRUHOD LLGH

ED] 
 'LQDPLFD FLIUHL GH DIDFHUL WUHEXLH V  ILH FHO SX LQ HJDO  FX GLQDPLFD SURGXF LHL PDUI
IDEULFDWHDGLF 
,

,)

!

vQFDUH

,)

LQGLFHOHGHGLQDPLF DOFLIUHLGHDIDFHUL
LQGLFHOHGHGLQDPLF DOSURGXF LHLPDUI 
$FHDVW LQHJDOLWDWHSUHVXSXQHGLPLQXDUHDVWRFXULORUGHSURGXVHQHYkQGXWH
'LQDPLFDSURGXF LHLPDUI WUHEXLHV RGHYDQVH]HSHFHDDSURGXF LHLH[HUFL LXOXLDGLF 
,)

,)

VHPQLILFD LDGDW DQWHULRU

, 

LQGLFHOHGHGLQDPLF

!,

vQFDUH

DOSURGXF LHLH[HUFL LXOXL

$FHDVW  LQHJDOLWDWH SUHVXSXQH FD SRQGHUHD SURGXF LHL PDUI  vQ SURGXF LD H[HUFL LXOXL V
FUHDVF GHODRSHULRDG ODDOWDvQWUXFkWSURGXF LDPDUI HVWHFHDFDUHFRQGXFHODUHDOL]DUHDGHSURILW
vQ PRG H[SOLFLW ,QHJDOLWDWHD UHVSHFWLY  SUHVXSXQH GH DVHPHQHD UHGXFHUHD VWRFXULORU GH SURGXF LH
QHGHWHUPLQDW LDSURGXF LHLLPRELOL]DWHGDUSkQ ODRDQXPLW OLPLW  FDUH V  SHUPLW  GHVI XUDUHD
QRUPDO DDFWLYLW

LLGHH[SORDWDUH

'LQDPLFDYDORULLDG XJDWHWUHEXLHV GHYDQVH]HGLQDPLFDSURGXF LHLH[HUFL LXOXLDGLF 

,
vQFDUH,

!,



UHSUH]LQW LQGLFHOHGHGLQDPLF DOYDORULLDG XJDWHEUXWHVDXQHWH

$FHDVW  LQHJDOLWDWH SUHVXSXQH FUHWHUHD  DSRUWXOXL DGXV GH vQWUHSULQ]DWRU OD UHDOL]DUHD
SURGXVHORU L VHUYLFLLORU FDUH IRUPHD]  RELHFWXO DFWLYLW

LL VDOH GH H[SORDWDUH GHFL FUHWHUHD

HILFLHQ HL IRORVLULL UHVXUVHORU XPDQH PDWHULDOH L ILQDQFLDUH DOH vQWUHSULQGHULL FHHD FH VH UHDOL]HD] 
SUDFWLF SULQ UHGXFHUHD SHUPDQHQW  D FRQVXPXOXL LQWHUPHGLDU vQ IDYRDUHD YDORULL QRX FUHDWH L SULQ
IRORVLUHDHILFLHQW DPLMORDFHORUIL[H
  'LQDPLFD YDORULL DG XJDWH EUXWH WUHEXLH V  GHYDQVH]H GLQDPLFD QLYHOXOXL FRQVXPXOXL
LQWHUPHGLDUDGLF 
,
,

!,  vQFDUH

LQGLFHOHGHGLQDPLF DOYDORULLDG XJDWHEUXWH

LQGLFHOHGHGLQDPLF DOFRQVXPXOXLLQWHUPHGLDU

, 

$FHDVW LQHJDOLWDWHHVWHSUHVXSXV vQIRUPDHLJHQHUDO GHLQHJDOLWDWHDGHOD

L vQ DFHVW FD] SHQWUX FUHWHUHD HILFLHQ HL DFWLYLW

LL GH H[SORDWDUH D vQWUHSULQGHULL HVWH

QHFHVDU  R YDORULILFDUH VXSHULRDUH D UHVXUVHORU PDWHULDOH L XPDQH UHVSHFWLY R IRORVLUH FkW PDL
HILFLHQW DDFHVWRUD
 'HWHUPLQDUHD HIHFWHORU HFRQRPLFRILQDQFLDUH DOH PRGLILF ULL SULQFLSDOLORU LQGLFDWRUL
YDORULFLDLSURGXF LHLLVHUYLFLLORU
0RGLILFDUHD vQ WLPS D SULQFLSDOLORU LQGLFDWRUL YDORULFL DL SURGXF LHL L VHUYLFLLORU SURYRDF  R
VHULH GH HIHFWH HFRQRPLFRILQDQFLDUH SR]LWLYH VDX QHJDWLYH GXS  FXP HVWH YRUED UHVSHFWLY GH
FUHWHUHDVDXGHVFUHWHUHDQLYHOXOXLDFHVWRUD
$VWIHOFUHWHUHDVDXGHVFUHWHUHDSURGXF LHLH[HUFL LXOXLLQIOXHQ HD] GLUHFW
9DORDUHDDG XJDW QHW 

D9$1

= 4 - 4 

9$1

= D

XQGH
4

 SURGXF LD H[HUFL LXOXL UHVSHFWLY GLQ SHULRDGD GH ED]  L SHULRDGD FXUHQW  H[SULPDW  vQ
SUH XULFXUHQWH
YDORDUHDDG XJDW QHW GLQSHULRDGDGHED] 

9$1

)+

D9$1

UDWD9$1FDOFXODW vQUDSRUWFXSURGXF LDH[HUFL LXOXLvQUHJLVWUDW vQSHULRDGDGHED] 

PRGLILFDUHDDEVROXW D9$1SHVHDPDPRGLILF ULLSURGXF LHLH[HUFL LXOXL4
9DORDUHDDG XJDW EUXW 

D9$%

= 4 - 4 

9$%

= D

"

(ILFLHQ DUDQGDPHQWXOPLMORDFHORUIL[H

D.



 

vQFDUH
D.

PRGLILFDUHDDEVROXW DFRHILFLHQWXOXLGHXWLOL]DUHDOPLMORDFHORUIL[HSHVHDPDPRGLILF ULL

SURGXF LHLH[HUFL LXOXL

) 

 YDORDUHD PHGLH D PLMORDFHORU IL[H FDOFXODW  SHQWUX SHULRDGD FXUHQW  DQDOL]DW  L

H[SULPDW vQSUH XULFXUHQWH
&KHOWXLHOLOHFXDPRUWL]DUHDFHUHYLQODOHLYROXPGHDFWLYLWDWH


$

P 



P 



vQFDUH
D

$%%

   FUHWHUHD VDX GHVFUHWHUHD DEVROXW  D FKHOWXLHOLORU FX DPRUWL]DUHD FH UHYLQ OD  OHL
SURGXF LHDH[HUFL LXOXLSHVHDPDPRGLILF ULLSURGXF LHLH[HUFL LXOXL

 P ULPHD DPRUWL] ULL DFWLYHORU LPRELOL]DWH FRUSRUDOH L QHFRUSRUDOH VXSXVH DPRUWL] ULL
vQUHJLVWUDW vQSHULRDGDGHED] 
&KHOWXLHOLOHVDODULDOHFHUHYLQODOHLSURGXF LHDH[HUFL LXOXL

 4

&

vQFDUH

%$%%

D 

&

V

&

 -

V

 

  FUHWHUHD VDX GHVFUHWHUHD FKHOWXLHOLORU VDODULDOH FH UHYLQ OD  OHL SURGXF LH D
H[HUFL LXOXLSHVHDPDPRGLILF ULLSURGXF LHLH[HUFL LXOXL

&

VXPDFKHOWXLHOLORUVDODULDOHGLQSHULRDGDGHED] 
&KHOWXLHOLOHIL[HFHUHYLQODOHLSURGXF LHDH[HUFL LXOXL

 4

&

&

I 



&

I 

 

vQFDUH

%%$%

D

FUHWHUHDVDXGHVFUHWHUHDFKHOWXLHOLORUIL[HFHUHYLQODOHLSURGXF LHDH[HUFL LXOXLSH

VHDPDPRGLILF ULLSURGXF LHLH[HUFL LXOXL

&

PDVDFKHOWXLHOLORUIL[HDOHvQWUHSULQGHULLGLQSHULRDGDGHED] 
  &KHOWXLHOLOH FX GREkQ]LOH L DOWH FKHOWXLHOL EDQFDUH FH UHYLQ OD  OHL SURGXF LH D

H[HUFL LXOXL

4

&G

&

G

 -

&

G



vQFDUH

$%%%

D 

FUHWHUHDVDXGHVFUHWHUHDFKHOWXLHOLORUFXGREkQ]LOHLDOWHFKHOWXLHOLEDQFDUHFHUHYLQOD
OHLSURGXF LHDH[HUFL LXOXLSHVHDPDPRGLILF ULLSURGXF LHLH[HUFL LXOXL

&

FKHOWXLHOLOHFXGREkQ]LOHLDOWHFKHOWXLHOLEDQFDUHvQUHJLVWUDWHvQSHULRDGDGHED] 
3URILWXOFHUHYLQHODOHLSURGXF LHDH[HUFL LXOXL












vQFDUH

$%%%

D)

  FUHWHUHD VDX GHVFUHWHUHD SURILWXOXL FH UHYLQH OD  OHL SURGXF LH D H[HUFL LXOXL SH
VHDPDPRGLILF ULLSURGXF LHLH[HUFL LXOXL

PDVDSURILWXOXLEUXWvQUHJLVWUDWvQSHULRDGDGHED] 
&UHWHUHDVDXGHVFUHWHUHDSURGXF LHLPDUI LQIOXHQ HD] GLUHFW
 3R]L LLOH GH OD  OD  UHIHULWRDUH OD HIHFWHOH HFRQRPLFRILQDQFLDUH DOH PRGLILF ULL

SURGXF LHLH[HUFL LXOXL

3URILWXOEUXWSRWHQ LDO

3U

= 3

PI 

- 3

PI

U

PI

= D

3PI

 

 3

vQFDUH

)

D)

  FUHWHUHD VDX GHVFUHWHUHD PDVHL SURILWXOXL EUXW SRWHQ LDO SH VHDPD PRGLILF ULL SURGXF LHL
PDUI 

3
3

QLYHOXOYDORULFDOSURGXF LHLPDUI GLQSHULRDGDGHED] LFXUHQW 

PDVDSURILWXOXLEUXWvQUHJLVWUDW vQSHULRDGDGHED] 

&UHWHUHDVDXGHVFUHWHUHDFLIUHLGHDIDFHULLQIOXHQ HD] 

3URILWXOEUXWUHDOL]DW

 

=  &$

- &$

 

&$

= D

   

 
  

vQFDUH



D)
&$

FUHWHUHDVDXGHVFUHWHUHDSURILWXOXLEUXWUHDOL]DWSHVHDPDPRGLILF ULLFLIUHLGHDIDFHUL

FLIUDGHDIDFHULvQUHJLVWUDW UHVSHFWLYvQSHULRDGDGHED] LFXUHQW 

PDVDSURILWXOXLEUXWUHDOL]DWvQSHULRDGDGHED]
+
)

 UDWD SURILWXOXL EUXW UHDOL]DW FDOFXODW  vQ UDSRUW FX FLIUD GH DIDFHUL L vQUHJLVWUDW  vQ SHULRDGD

GHED] 
9DORDUHDDG XJDW EUXW DIHUHQW FLIUHLGHDIDFHUL


D  

= &$"

- &$! 

9$% !



&$!



= D"

U!

 



vQFDUH
D #$&%

9$%
D
U




  FUHWHUHD VDX GHVFUHWHUHD 9$% DIHUHQWH FLIUHL GH DIDFHUL SH VHDPD PRGLILF ULL FLIUHL GH
DIDFHUL
YDORDUHDDG XJDW EUXW DIHUHQW FLIUHLGHDIDFHULLvQUHJLVWUDW vQSHULRDGDGHED] 




PRGLILFDUHDDEVROXW
#$'% 


DFLIUHLGHDIDFHULvQSHULRDGDFXUHQW FRPSDUDWLYFXSHULRDGDGHED] 

UDWDYDORULLDG XJDWHEUXWHFDOFXODW vQUDSRUWFXFLIUDGHDIDFHULLvQUHJLVWUDW vQSHULRDGD

GHED] 
(ILFLHQ DDFWLYHORUGHH[SORDWDUH
D( ,-

+,

&$
$(

 -

&$)
$(



vQFDUH

&.+

D(

FUHWHUHDVDXGHVFUHWHUHDHILFLHQ HLDFWLYHORUGHH[SORDWDUHSHVHDPDPRGLILF ULLFLIUHLGH

DIDFHUL

$(

VROGXOPHGLXDODFWLYHORUGHH[SORDWDUHvQUHJLVWUDWvQSHULRDGDDQDOL]DW FXUHQW 
(ILFLHQ DPLMORDFHORUIL[H

D(

)  &$

&$

)

 -

&$

)

 

vQFDUH

4 2 1 3 /0

FUHWHUHDVDXGHVFUHWHUHDFRHILFLHQWXOXLGHXWLOL]DUHDOPLMORDFHORUIL[HFDOFXODWFXDMXWRUXO

LQGLFDWRUXOXLFLIUDGHDIDFHULSHVHDPDPRGLILF ULLFLIUHLGHDIDFHUL
) 5 YDORDUHDPHGLHDPLMORDFHORUIL[HFDOFXODW SHQWUXSHULRDGDFXUHQW 
(ILFLHQ DDFWLYHORUFLUFXODQWH

D(

:9 8 9:

&$
$&

 -

&$7
$&

 

vQFDUH

;=<?> <;

D(

  FUHWHUHD VDX GHVFUHWHUHD HILFLHQ HL IRORVLULL DFWLYHORU FLUFXODQWH SH VHDPD PRGLILF ULL
FLIUHLGHDIDFHUL

$& 5 

VROGXOPHGLX]LOQLFDODFWLYHORUFLUFXODQWHFDOFXODWSHQWUXSHULRDGDFXUHQW 
 9LWH]D GH URWD LH D DFWLYHORU FLUFXODQWH FRQVLGHUDW  SULQ LQWHUPHGLXO GXUDWHL PHGLL D XQHL

URWD LL

DC B CD
D EF

$&
&$A

@
 -

$&

&$

@
 

vQFDUH
D9G

;=<?>H<;

  FUHWHUHD VDX GHVFUHWHUHD GXUDWHL PHGLL D XQHL URWD LL D DFWLYHORU FLUFXODQWH SH VHDPD
PRGLILF ULLFLIUHLGHDIDFHUL

$&&$]LOH
$& I


9 G GXUDWDPHGLHDXQHLURWD LLH[SULPDW vQ]LOH

VROGXOPHGLX]LOQLFDODFWLYHORUFLUFXODQWHFDOFXODWSHQWUXSHULRDGDGHED] 
QXPDUXO]LOHORUFDOHQGDULVWLFHDOHDQXOXL
$1$/,=$352'8&

,(,),=,&(

$VSHFWHJHQHUDOHSULYLQGSURGXF LDIL]LF
3URGXF LD IL]LF  UHSUH]LQW  WRWDOLWDWHD EXQXULORU L VHUYLFLLORU UH]XOWDWH GLQ DFWLYLWDWHD
HFRQRPLF DXQHLvQWUHSULQGHULEXQXULLVHUYLFLLFDUHSRWILSXVHvQFLUFXLWXOHFRQRPLF
QDQDOL]DVWDWLVWLF LHFRQRPLF SURGXF LDIL]LF HVWHQHFHVDU SHQWUXXUP ULUHDPRGXOXLvQ
FDUH ILUPHOH vL UHDOL]HD]  REOLJD LLOH FRQWUDFWXDOH SHQWUX XUP ULUHD PRGXOXL vQ FDUH VH DVLJXU
FRQFRUGDQ DGLQWUHFHUHUHLRIHUW 3HED]DSURGXF LHLIL]LFHVHSRDWHVWDELOLJUDGXOGHYDORULILFDUHD
XQRUFDWHJRULLGHUHVXUVHPDWHULDOH
'HDVHPHQHDSURGXF LDIL]LF VW ODED]DFDOFXO ULLWXWXURULQGLFDWRULORUYDORULFL
QWUXFkWSURGXF LDIL]LF HVWHH[SULPDW vQXQLW
vQ XQLW

LQDWXUDOHPOPFPSEXF

LWRQHHWFVDX

L QDWXUDOFRQYHQWLRQDOH F ONP FRQYHQ LRQDOL SHQWUX WUDQVSRUWXULOH DHULHQH WRQHNP

FRQYHQ LRQDOH SHQWUX WUDQVSRUWXULOH IHURYLDUH DXWR L QDYDOH HWF HD HVWH IHULW  GH XQHOH GHIRUP UL
FDUH UH]XOW  GLQ H[SULPDUHD YDORULF  D YROXPXOXL GH DFWLYLWDWH PRWLY SHQWUX FDUH HVWH SUHIHUDELO FD
LQGLFDWRUXO SURGXF LD IL]LF  V  ILH IRORVLW RULXQGH L RUL GH FkWH RUL HVWH SRVLELO 'DU vQWUXFkW
SURGXF LD IL]LF  HVWH HWHURJHQ  H[SULPDUHD JOREDO  D YROXPXOXL GH DFWLYLWDWH OD QLYHOXO DJHQWXOXL
HFRQRPLF SRDWH IL UHDOL]DW  GRDU SULQ LQWHUPHGLXO LQGLFDWRULORU YDORULFL DL YROXPXOXL GH DFWLYLWDWH
SURGXF LHLLVHUYLFLLORU
Q DQDOL]D RSHUDWLY  D SURGXF LHL IL]LFH VH DUH vQ YHGHUH vQGHSOLQLUHD SURJUDPXOXL GH
IDEULFD LH SH VHF LL HFKLSH GH OXFUX UHVSHFWLY SH DOWH VXEGLYL]LXQL RUJDQL]DWRULFH 'H DVHPHQHD VH
DUHvQYHGHUHLFRPSDUDUHD UH]XOWDWHORUGLQSHULRDGDFXUHQW FX FHOHGLQWURSHULRDG DQWHULRDU FX
QLYHOXOSURJUDPDWVDXFXILUPHOHFRQFXUHQWH
$QDOL]DUHDOL]

ULLSURJUDPXOXLGHSURGXF LHSHWRWDOLSHVRUWLPHQWH

3HQWUXFDUDFWHUL]DUHDUHDOL] ULLSURJUDPXOXLGHIDEULFD LHSRWILXWLOL]DWHXUP URDUHOH PHWRGH

PDLLPSRUWDQWH
0HWRGDLQGLFLORU
&RHILFLHQWXOPHGLXGHVRUWLPHQW
&RHILFLHQWXOGHQRPHQFODWXU DSURGXVHORU
0HWRGDLQGLFLORU
Q FHHD FH SULYHWH LQGLFLL DFHWLD SRW IL FDOFXOD L SH VRUWLPHQWH VDX SH WLSXUL GH SURGXVH SH
ED]DUHOD LHL

N O P
LK L Q

K
M OP

LK

LQJ

T
T

vQFDUH

> R&S T U

L5

LQGLFHOHLQGLYLGXDOGHUHDOL]DUHDSUHYHGHULORUSHQWUXSURGXVXOVDXVRUWLPHQWXOGHWLSXOM

>I
T U

L5

LQGLFHOHLQGLYLGXDODOGLQDPLFLLSHQWUXSURGXVXOVDXVRUWLPHQWXOGHWLSXOM

T FDQWLWDWHDSURGXV GLQVRUWLPHQWXOVDXSURGXVXOM

&RHILFLHQWXOPHGLXGHVRUWLPHQW
&X DMXWRUXO LQGLFLORU LQGLYLGXDOL QX VH SRDWH GD R LPDJLQH GH DQVDPEOX VLQWHWLF  SULYLQG
JUDGXOGHUHDOL]DUHDSURJUDPXOXLGHIDEULFD LHSHVRUWLPHQWHODQLYHOXOILUPHL
QYHGHUHDHOLPLQ ULLDFHVWXLQHDMXQVVHIRORVHWHLQGLFDWRUXOGHQXPLWFRHILFLHQWXOPHGLXGH
VRUWLPHQW`.V 
&RHILFLHQWXO PHGLX GH VRUWLPHQW VH ED]HD]  SH SULQFLSLXO QHFRPSHQV ULL XQRU QHUHDOL] UL OD
XQHOHVRUWLPHQWHFXGHS LULOHvQUHJLVWUDWHODDOWH VRUWLPHQWH Q YLUWXWHD DFHVWXL SULQFLSLX P ULPHD
PD[LP DFRHILFLHQWXOXLPHGLXGHVRUWLPHQWHVWHHJDO FXXQLWDWHD
3UDFWLF`.V

vQXUP WRDUHOHVLWXD LL

D

&kQGSURJUDPXOGHIDEULFD LHDIRVWUHDOL]DWODWRDWHVRUWLPHQWHOHvQSURSRU LHGH

E

&kQGSURJUDPXOGHIDEULFD LHDIRVWUHDOL]DWLVDXGHS LWODWRDWHVRUWLPHQWHOHLQGLIHUHQWGH

SURSRU LDGHGHS LUH

F

&kQGDXIRVWvQUHJLVWUDWHGHS LULDOHSURJUDPXOXLGHIDEULFD LHODWRDWHVRUWLPHQWHOH

1LYHOXOFRHILFLHQWXOXLPHGLXGHVRUWLPHQWSRDWHILGHWHUPLQDWSHED]DUHOD LHL

.Y

[\
Z WX

WX

WX

vQFDUH
T]_^

R'S 

 YDORDUHD SURGXF LHL UHFDOFXODW  vQ OLPLWD SUHYHGHULORU GHWHUPLQDW  SULQ FRPSDUDUHD
YDORULL UHDOL]DWH SH SURGXVH FX YDORDUHD SUHY ]XW  vQ SURJUDP L OXDUHD vQ FDOFXO D
QLYHOXOXLPLQLPFRQIRUPSULQFLSLXOXLQHDGPLWHULLFRPSHQV ULORUDGLF 
T]_^

R'S

&RHILFLHQWXOGHQRPHQFODWXU

R'S SR'S Ta b SR'S @

PLQ>T

DSURGXVHORU

&RHILFLHQWXOPHGLXGHVRUWLPHQWSUH]LQW QHDMXQVXOF QXDUDW 

D

'DF  SURJUDPXO GH IDEULFD LH D IRVW UHDOL]DW vQWUR SURSRU LH IRDUWH PLF  GRDU OD XQXO VDX
FkWHYDVRUWLPHQWHLODFHOHODOWHDIRVWUHDOL]DWLGHS LW

E

'DF  SURJUDPXO GH IDEULFD LH QX D IRVW UHDOL]DW  OD PDL PXOWH VRUWLPHQWH GDU vQ SURSRU LL
PLFL
6XEDVSHFWFDOLWDWLYVLWXD LLOHDLEFRQVLGHUDWHPDLVXVQXVXQWLGHQWLFHFXWRDWHF SULQ

FDOFXOXO FRHILFLHQWXOXL PHGLX GH VRUWLPHQW `.V  FHOH GRX  VLWXD LL DU SXWHD V  GXF  OD DFHODL

UH]XOWDWVDXODUH]XOWDWHIRDUWHDSURSLDWH

3HQWUX D vQO WXUD DFHVW QHDMXQV FRHILFLHQWXO PHGLX GH VRUWLPHQW VH FRPSOHWHD]  FX
LQGLFDWRUXO GHQXPLW FRHILFLHQWXO GH QRPHQFODWXU  D SURGXVHORU DO F UXL QLYHO SRDWH IL GHWHUPLQDW
FXDMXWRUXOUHOD LHL

= -

.c

vQFDUH
Q
1

QXP UXOSR]L LLORUODFDUHQXVDUHDOL]DWSURJUDPXOGHIDEULFD LH

 QXP UXO WRWDO DO SR]L LLORU GLQ SURJUDPXO GH IDEULFD LH QRPHQFODWXUD GH SURGXVH
SURJUDPDWH

$SOLFD LHQFDGUXOXQHLVHF LLGHSURGXF LHVHH[HFXW SDWUXVRUWLPHQWHUHVSHFWLY$%&L'3H

ED]D LQIRUPD LLORU GLQ HYLGHQ D WHKQLFRRSHUDWLY  D VHF LHL L GLQ HYLGHQ D ILQDQFLDUFRQWDELO  D
ILUPHLDXIRVWRE LQXWHSULQSUHOXFUDUHVWDWLVWLF GDWHOHGLQWDEHOXO
7DEHOXO
9DORDUHDSURGXF LHLvQSUH XUL

dfehg
i ejg

3URGXF LD
,QGLFLLLQGLYLGXDOL

FRPSDUDELOH
'HQXPLUH
SURGXV

DLGLQDPLFLLL

PLOOHL

kml Skml 

T S

$EDWHULQHJDWLYH

o p qhr s tu v

ID

UHDOL]DW

OLPLWHOHSUHYHGHULORU

PLOOHL

kml 

SUHYD]XW

GHSODQ

UHFDOFXODW vQ
PLOOHL
PLQ>T



















&











'









727$/











kml { Skml

nH{ Skml

qwr x S y T o x S Hy z

|} ~{ Skml

Q FD]XO DQDOL]HL JUDGXOXL GH UHDOL]DUH D VRUWLPHQWXOXL SUHY ]XW FX DMXWRUXO LQGLFLORU
SURFHQWXO JHQHUDO GH  DVFXQGH vQVHPQDWH QHUHDOL] UL OD VRUWLPHQWHOH % L & vQ WLPS FH OD
VRUWLPHQWXO'SURJUDPXOGHIDEULFD LHDIRVWGHS LWFX
'HDFHHDFDOFXO PvQFRQWLQXDUHFRHILFLHQWXOPHGLXGHVRUWLPHQW

.Y

[\
Z WX

S
S

WX

WX




= VDX. Y  = 

'HFL FX WRDWH F  OD XQHOH VRUWLPHQWH $ L ' SURJUDPXO GH IDEULFD LH D IRVW GHS LW
SURJUDPXOJHQHUDOGHIDEULFD LHSHVRUWLPHQWHDIRVWUHDOL]DWGRDUvQSURSRU LHGH
&RHILFLHQWXO PHGLX GH VRUWLPHQW QX HYLGHQ LD]  vQV  OD FkWH GLQ VRUWLPHQWH SURGXVH QX D
IRVW UHDOL]DW SURJUDPXO GH IDEULFD LH L GH DFHHD FDOFXO P vQ FRQWLQXDUH FRHILFLHQWXO GH
QRPHQFODWXU DSURGXVHORU

.

= -

Q
1

= -




=  

'HFL SURJUDPXO GH IDEULFD LH D IRVW UHDOL]DW GRDU OD .`

 GLQ SURGXVH LDU OD UHVWXO GH

GLQVRUWLPHQWHSURJUDPXOGHIDEULFD LHQXDIRVWUHDOL]DW

 $QDOL]D VWUXFWXULL SURGXF LHL IL]LFH L D UHIOHFW

ULL PRGLILF

ULL HL vQ SULQFLSDOHOH

SHUIRUPDQ HHFRQRPLFRILQDQFLDUHDOHvQWUHSULQGHULL
QWUXFkW SURJUDPXO GH SURGXF LH SH VRUWLPHQWH VH UHDOL]HD]  vQ SURSRU LL GLIHULWH DFHDVWD
FRQGXFH L OD PRGLILF UL vQ VWUXFWXUD SURGXF LHL D YROXPXOXL GH DFWLYLWDWH UHVSHFWLY OD PRGLILF UL
DOHSRQGHULORUGLIHULWHORUSURGXVHvQYROXPXOWRWDOGHSURGXF LH

3ULQ FRPSDUDUHD JUHXW

LORU VSHFLILFH HIHFWLYH FX FHOH SURJUDPDWH OD ILHFDUH SURGXV VH

FRQVWDW GDF VDUHVSHFWDWVDXQXVWUXFWXUDGHWHUPLQDW SULQSURJUDPXOGHSURGXF LH

3HQWUX UHIOHFWDUHD JUDGXOXL GH UHDOL]DUH D VWUXFWXULL SURJUDPDWH VH FDOFXOHD]  LQGLFDWRUXO
GHQXPLWFRHILFLHQWXOPHGLXGHVWUXFWXU `.m QDFHVWVFRSSRDWHILIRORVLW UHOD LD

vQFDUH
DJ

= J

- J

LDUH[SUHVLDDJ ^ UHSUH]LQW DEDWHUHDvQPLQXVDJUHXW

LLVSHFLILFHHIHFWLYHDSURGXVXOXLFXLQGH[XO

L GH OD JUHXWDWHD VSHFLILF  FRUHVSXQ] WRDUH SUHY ]XW  SULQ SURJUDPXO GH IDEULFD LH 0 ULPHD Q
UHSUH]LQW  QXP UXO GH VRUWLPHQWH DOH F URU JUHXW
JUHXW

L VSHFLILFH HIHFWLYH VH DEDW vQ PLQXV ID

 GH

LOHVSHFLILFHFRUHVSXQ] WRDUHSUHY ]XWHSULQSURJUDPXOGHIDEULFD LH

&RHILFLHQWXO PHGLX GH VWUXFWXU  UHIOHFW  LQWHQVLWDWHD PRGLILF ULL VWUXFWXULL SURGXF LHL OD

QLYHOXOGHDQVDPEOXDOSURGXF LHLIL]LFH

$SOLFD LH QFDGUXOXQHLVHF LLGHSURGXF LHVHH[HFXW SDWUXVRUWLPHQWHUHVSHFWLY$%&L'3H

ED]D LQIRUPD LLORU GLQ HYLGHQ D WHKQLFRRSHUDWLY  D VHF LHL L GLQ HYLGHQ D ILQDQFLDU FRQWDELO  D
ILUPHLDXIRVWRE LQXWHSULQSUHOXFUDUHVWDWLVWLF GDWHOHGLQWDEHOXO
7DEHOXO

1U
FUW

e m j


j e j e &e  

f $_$$ m
 $$w

m e
e 

mj


e m j

mj e
=

Hj e j eH
e m j

mj





















&











'









727$/











3H ED]D UH]XOWDWHORU GLQ WDEHOXO  SRDWH IL FDOFXODW FRHILFLHQWXO PHGLX GH VWUXFWXU  FDUH

UHIOHFW  SUDFWLF JUDGXO vQ FDUH D IRVW UHVSHFWDW  UHDOL]DW  VWUXFWXUD SUHY ]XW  SULQ SURJUDPXO GH
IDEULFD LH

VDX
.

=  -

D J

=  -

  

  




   

'HFL VWUXFWXUD SURJUDPDW  D SURGXF LHL IL]LFH GLQ FDGUXO VHF LHL GH SURGXF LH FRQVLGHUDWH D
IRVWUHDOL]DW vQSURSRU LHGH
0RGLILFDUHD

VWUXFWXULL

SURGXF LHL

IDEULFDWH

SHUIRUPDQ HHFRQRPLFRILQDQFLDUHDOHvQWUHSULQGHULL

VH

UHIOHFW 

vQ

SULQFLSDO

vQ

XUP WRDUHOH

5DWDHILFLHQ HLFRVWXULORUGHH[SORDWDUH

F
S





3URILOXOGHH[SORDWDUHDIHUHQWSURGXF LHLPDUI IDEULFDWH

`SU`SU 3 
vQFDUH
3 

SURGXF LDPDUI GLQSHULRDGDDQDOL]DW 

`SU 

SURILWXOODXQOHXSURGXF LHLPDUI FDOFXODWSHQWUXSHULRDGDGHED] 

`SU

SURILWXOODXQOHXSURGXF LHPDUI UHFDOFXODWvQIXQF LHGHVWUXFWXUDHIHFWLY DSURGXF LHL

SU =

SU
=

T S

S - T F

(ILFLHQ DDFWLYHORUGHH[SORDWDUH
 SU
- SU  3

$(

(ILFLHQ DPLMORDFHORUIL[H
 SU
- SU
)  YDORDUH

5DWDUHQWDELOLW

PHGLH

DQXDOD

LLUHVXUVHORUFRQVXPDWH

F
T
-

 -

F
T
-

 

vQFDUH
T

  T

F WRWDOUHVXUVHFRQVXPDWHvQSHULRDGDFXUHQW ODFRVWXULOHSHULRDGHLGHED] 

3 

T

F   SURILWXO H[HUFL LXOXL FXUHQW vQ FRQGL LLOH FRVWXULORU L SUH XULORU SHULRDGHL GH ED]

F SURILWXODIHUHQWSHULRDGHLGHED] 3$ 

F WRWDOUHVXUVHFRQVXPDWHvQSHULRDGDGHED] ODFRVWXULOHGLQSHULRDGDGHED] 
 5DWDUHQWDELOLW

LLFRPHUFLDOH

 -

 

vQFDUH
T 

FDQWLWDWHDGHSURGXVHYkQGXWHGLQWUXQDQXPLWVRUWLPHQWVDXSURGXV



$1$/,=$

&$/,7

,,

352'86(/25

),1$1&,$5($/(02',),&

,

$

()(&7(/25

(&2120,&2

5,,$&(67(,$

3URFHGHHLPHWRGHGHDSUHFLHUHLGHDQDOL]

DFDOLW

LLSURGXVHORU

&DOLWDWHDXQXLSURGXVUHSUH]LQW JUDGXOvQFDUHSURGXVXOUHVSHFWLYSULQPXO LPHD

FDUDFWHULVWLFLORUVDOHVDWLVIDFHQHYRLDSHQWUXFDUHDIRVWIDEULFDW
&DOLWDWHDSURGXF LHLSRDWHILDSUHFLDW vQPDLPXOWHIHOXULLDQXPH
 &RHILFLHQWXO HFKLYDOHQ HL WHKQLFH VDX P ULPHD SDUDPHWUXOXL XQLF SULQ FDUH vQVXLULOH XQXL
SURGXVVXQWUHGXVHODXQDVLQJXU FHDFDUHLQWHUHVHD] SHEHQHILFLDU
 &RHILFLHQWXO GH H[SORDWDUH VDX DO SXQFWDMXOXL FDUH VH XWLOL]HD]  vQ FD]XO SURGXVHORU
FRPSOH[H DFHVW LQGLFDWRU SUHVXSXQH VWDELOLUHD OLVWHL vQVXLULORU FDOLWDWLYH DOH SURGXVXOXL GHILQLUHD
RUGLQLL GH LPSRUWDQ

 D ORU DSUHFLHUHD ILHF UHL vQVXLUL FX XQ DQXPLW QXP U GH SXQFWH L UHVSHFWLY

VWDELOLUHDFRHILFLHQWXOXLGHH[SORDWDUH1LYHOXODFHVWXLLQGLFDWRUSRDWHILGHWHUPLQDWSHED]DUHOD LHL

.m

&

J L

vQFDUH
J 

SRQGHUHDILHF UHLvQVXLULFDOLWDWLYH

L

vQVXLUHDFDOLWDWLY UHIOHFWDW GHQXP UXOGHSXQFWHDFRUGDWHDFHVWHLD

$SOLFD LH /X P XQ SURGXV FX vQVXLULOH VDOH SULQFLSDOH RUGRQDWH GXS  LPSRUWDQ

 L FX

HYLGHQ LHUHD SXQFWDMXOXL DFRUGDW ILHF UHL vQVXLUL 3HQWUX ILHFDUH vQVXLUH H[LVW  XQ SXQFWDM PD[LP
VWDQGDUGL]DWVDXDQWHFDOFXODWLUHVSHFWLYXQSXQFWDMHIHFWLYDFRUGDWvQIXQF LHGHJUDGXOGHUHDOL]DUH
DvQVXLULLFRQVLGHUDWH'DWHOHVXQWSUH]HQWDWHvQWDEHOXO
7DEHOXO
3XQFWDMXOVWDQGDUGL]DW

3XQFWDMXOHIHFWLY

SUHY ]XW

6SHFLILFDUH
vQVXLUH

*UHXW

' $ 




VSHFLILFH
J



L



3XQFWDMXO

*UHXW

HIHFWLY

VSHFLILFH

DFRUGDWL




L

QVXLUHD













QVXLUHD













QVXLUHD













QVXLUHD











727$/













'LQ7DEHOXOUH]XOW GLUHFWP ULPHDFRHILFLHQWXOXLGHH[SORDWDUHUHVSHFWLY

D

P ULPHDPHGLHPD[LP HVWHGHSXQFWH

E

P ULPHDPHGLHHIHFWLY HVWHSXQFWH
3H ED]D UH]XOWDWHORU GH OD D L E SRDWH IL GHWHUPLQDW JUDGXO GH UHDOL]DUH D FDOLW

LL

SUHY ]XWH

.

  =










 

 
  =

 = 
 

'HFL IRORVLQG PHWRGD FRHILFLHQWXOXL GH SXQFWDM VH FRQVWDW  F  QLYHOXO SUHY ]XW GH FDOLWDWH
SHQWUXSURGXVXOUHVSHFWLYDIRVWUHDOL]DWGRDUvQSURSRU LHGH

 2 DOW  PHWRG  GH DSUHFLHUH D FDOLW

LL SURGXVHORU P UIXULORU HVWH UHIOHFWDW  GH GLQDPLFD

UHIX]XULORU GLQ SDUWHD EHQHILFLDULORU IRORVLQG SRQGHUHD SURGXVHORU UHIX]DWH vQ WRWDOXO SURGXF LHL
OLYUDWH
 'LQDPLFD UHFODPD LLORU GLQ SDUWHD EHQHILFLDULORU IRORVLQGXVH QXP UXO GH UHFODPD LL
YDORDUHD SURGXVHORU UHFODPDWH VDX QXP UXO GH UHFODPD LL FH UHYLQ OD XQ PLOLRQ GH OHL SURGXVH
OLYUDWH
 'LQDPLFD FKHOWXLHOLORU FX UHPHGLHULOH vQ WHUPHQXO GH JDUDQ LH UHVSHFWLY SULQ LQWHUPHGLXO
LQGLFDWRULORU
FKHOWXLHOLWRWDOHRFD]LRQDWHvQXUPDUHFODPD LLORU
FKHOWXLHOLFXUHFODPD LLOHFHUHYLQODXQPLOLRQOHLGHSURGXVHOLYUDWH
 ,QGLFDWRULL WHKQLFRHFRQRPLFL VSHFLILFL ILHF UHL UDPXUL UDQGDPHQWXO PDLQLORU YLWH]D GH
OXFUX FRQVXPXO GH PDWHULL SULPH vQ H[SORDWDUH GXUDELOLWDWHD FRPRGLWDWHD OD IRORVLUH JUDGXO GH
ILQLVDUHHWF
 Q FD]XO XQHL SURGXF LL GLIHUHQ LDELOH SH FODVH GH FDOLWDWH VH SRDWH FDOFXOD FRHILFLHQWXO
PHGLXGHFDOLWDWH
&RHILFLHQWXOPHGLXGHFDOLWDWHSRDWHILGHWHUPLQDWGXS PDLPXOWHPHWRGHLDQXPH
D

3HED]DFODVHORUGHFDOLWDWH

'

(
*

*,

*,

'

'

.
=

*,

*,

*,

vQFDUH
T 

FDQWLWDWHGHSURGXVHGLQFODVDFDOLWDWHDLIDEULFDWHGLQSURGXVXOM

LQGLF FDOLWDWHDSHQWUXSURGXVHOHGHWLSXOMGHRELFHLVHFRQVLGHU FDOLW

.

J

LOH , ,,,,,GHFLL

  


JUHXWDWHDVSHFLILF SHQWUXSURGXVXOMGLQFODVDGHFDOLWDWHLvQWRWDOSURGXVHGHWLSXOM
3HED]DSUH XOXLPHGLXSHFDOLW

E

L

.
/

02

.
/

02

02
=

.
/

02

02
1

vQFDUH

S

SUH XOPHGLXXQLWDUvQIXQF LHGHFDOLW

LSHQWUXSURGXVXOGHWLSXOM

S! 

SUH XOXQLWDUSHQWUXSURGXVHOHGHFDOLWDWHLGLQSURGXVXOM

T! 

FDQWLWDWHDGHSURGXVHGHFDOLWDWHDLGLQSURGXVXOM

F

3ULQLQWHUPHGLXOFRHILFLHQWXOXLPHGLXGHHFKLYDOHQ

vQFD]XOvQFDUHVHRSHUHD] FXFDOLW

L

H[WUDVXSHUEXQ VDWLVI F WRDUHHWF

Q DFHVW FD] SHQWUX GHWHUPLQDUHD FRHILFLHQWXOXL GH FDOLWDWH VH DFRUG  SHQWUX ILHFDUH FODV  GH
FDOLWDWHFkWHXQFRHILFLHQWGHHFKLYDOHQ
6SUHH[HPSOX
SHQWUXFDOLWDWHDVXSHU.#%$
SHQWUXFDOLWDWHDH[WUD.#&




." 

SHQWUXFDOLWDWHDEXQ .#3

DPG

1LYHOXOFRHILFLHQWXOXLPHGLXGHHFKLYDOHQ

SRDWHILGHWHUPLQDWSHED]DUHOD LHL

.R

T OQ

O K

. R OQ
L

T OQ

O K

.R

O K

OQ J OQ

vQFDUH
.

45 

 FRHILFLHQWXO PHGLX GH FDOLWDWH SHQWUX SURGXVXO M GHWHUPLQDW SH ED]D FRHILFLHQ LORU GH
HFKLYDOHQ

."76
U

! 

FRHILFLHQWXOGHHFKLYDOHQ

DFRUGDWSHQWUXFDOLWDWHDLDSURGXVXOXLM

QXP UXOWRWDOGHFODVHGHFDOLWDWHvQFDUHVHJUXSHD] SURGXF LDSURGXVXOXLM

$SOLFD LH &RQVLGHU P XQ SURGXV vPS U LW vQ WUHL FODVH GH FDOLWDWH L UHVSHFWLY DSUHFLDW FX WUHL
FRHILFLHQ LGHHFKLYDOHQ

LQIRUPD LLOHGLQWDEHOXO
7DEHOXO

&DQWLWDWHDPLLEXF
T

&ODVDGH
FDOLWDWH

9;:

#<
AB C D E

8
F

#
GH I = >7G@
AB C J

T .H 

8

&RHILFLHQWXOGH

PLLOHL

= >?@

LHFKLYDOHQWH

&DQWLW

6WUXFWXUDSURGXF LHL

3UH XOXQLWDU

8

HFKLYDOHQ

9;:

8

#<

>?@

.H

#
GH I >7G@

9;:

8

#<

= >?@ #

#
GH I =
>7G@ #

,VXSHU















,,H[WUD

















,,,EXQ 













727$/





"





"





3HED]DGDWHORUGLQWDEHOXOQH SURSXQHP V  GHWHUPLQ P P ULPHD FRHILFLHQWXOXL PHGLX

GH FDOLWDWH SH ED]D FHORU WUHL PHWRGH FRQVLGHUDWH PHWRGH FDUH SULQ GHILQL LH QX FRQGXF OD DFHODL
UH]XOWDW
D

'HWHUPLQDUHD QLYHOXOXL FRHILFLHQWXOXL PHGLX GH FDOLWDWH SH ED]D vPS U LULL vQ FODVHOH GH
FDOLWDWH,,,,,,

] V T

Y S Z[

Y S WX

]Y

] V T

]Y

 

]Y
+

 

 


 

 


 






  

  

'HFLSHED]DFRHILFLHQWXOXLPHGLXGHFDOLWDWHGHWHUPLQDWSHED]DFODVHORUGHFDOLWDWH , ,,L

,,, VH SRDWH DSUHFLD F  vQ SHULRDGD DQDOL]DW  FDOLWDWHD SURGXVXOXL FRQVLGHUDW  M  VD vPEXQ W
ID

GHFDOLWDWHDPHGLHSUHY ]XW FX

  

   



=    

LW

E

'HWHUPLQDUHDFRHILFLHQWXOXLPHGLXGHFDOLWDWHSULQLQWHUPHGLXOSUH XOXLPHGLX

x y

t o;
u v

t rs
o

xt

x p

xt

xt

  +   +  

  +   +  








=    PLL

   PLL

OHL  EXF 

OHL  EXF 

'HFL SH ED]D SUH XOXL PHGLX FDOFXODW VH SRDWH DSUHFLD F  vQ SHULRDGD DQDOL]DW  FDOLWDWHD
SURGXF LHL FRQVLGHUDWH VD VLWXDW SHVWH FHD SUHY ]XW  vQWUXFkW SUH XO PHGLX HIHFWLY GHWHUPLQDW GH
VWUXFWXUDSHFODVHGHFDOLWDWHDSURGXVHORUHVWHPDLPDUHGHFkWSUH XOPHGLXSUHY ]XW
F

'HWHUPLQDUHDFRHILFLHQWXOXLPHGLXGHFDOLWDWHSHED]DFRHILFLHQ LORUGHHFKLYDOHQ

|
}

~ z ;

~ z~

~ z
T

  +     +    

  +     +    


'HFLLVXEDVSHFWXOFRHILFLHQ LORUGHHFKLYDOHQ

  

  


=   

=   

FDOLWDWHDSURGXF LHLGLQSHULRDGDDQDOL]DW

HVWHVXSHULRDU FHOHLSUHY ]XWHLDQXPHFX



-   = 



3HQWUX D FDUDFWHUL]D FDOLWDWHD SURGXF LHL OD QLYHOXO GH DQVDPEOX DO ILUPHL SRW IL XWLOL]DWH FHO
SX LQXUP WRDUHOHGRX PHWRGH
 3ULQ GHWHUPLQDUHD JUHXW

LL VSHFLILFH D YDORULL SURGXVHORU GH FDOLWDWH VXSHULRDU  vQ

YDORDUHDWRWDO DSURGXVHORUGLYL]LELOHSHFODVHGHFDOLWDWH

^ _

3HQWUX
DSUHFLHUHD FDOLW
am
b

YDORDUHDSURGXVHORUGHFDOLWDWHVXSHULRDU
YDORDUHDWRWDO

DSURGXVHORUGLYL]LELOHSHFODVHGHFDOLWDWH

LL SURGXF LHL GLQ SHULRDGD DQDOL]DW  SRDWH IL FRPSDUDW  J"

acb
`

 FX

Jdfeg"h
ijk%l

&RHILFLHQWXOPHGLXJHQHUDOL]DWDOFDOLW

LLFDUHSRDWHILGHWHUPLQDWSHED]DILHF UXLDGLQWUH

FHL WUHL FRHILFLHQ L PHGLL GH FDOLWDWH FDOFXOD L SH WLSXUL GH VRUWLPHQWH VDX GH SURGXVH GDU vQWUXFkW
SURGXF LD IL]LF  HVWH HWHURJHQ  HD YD IL SRQGHUDW  FX SUH XO PHGLX

( S n )  FRUHVSXQ]

WRU ILHF UXL

VRUWLPHQWVDXSURGXVvQSDUWHvQIXQF LHGHVWUXFWXUDSHFODVHGHFDOLWDWH
$VWIHOGDF YUHPV  LQHPVHDPDGHFRHILFLHQ LLPHGLLGHFDOLWDWHSHSURGXVHGHWHUPLQD LSH
ED]D FODVHORU GH FDOLWDWH , ,, L ,,, VDX SH ED]D FRHILFLHQ LORU GH HFKLYDOHQ
UHOD LLOH

 SRW IL FRQVLGHUDWH

D  .

E .

=
T

vQFDUH
.

  FRHILFLHQWXO PHGLX GH FDOLWDWH JHQHUDOL]DW GLQ SHULRDGD GH ED]  VDX QLYHOXO SURJUDPDW L
SHULRDGDFXUHQW 

FRHILFLHQ LLPHGLLGHFDOLWDWHSHQWUXSURGXVXOVRUWLPHQWXOGHWLSXOMGLQSHULRDGDGHED] L
SHULRDGDFXUHQW 

T

FDQWLWDWHDWRWDO GHSURGXF LHIL]LF UHDOL]DW GLQSURGXVXOVRUWLPHQWXOMvQSHULRDGDGHED]

LSHULRDGDFXUHQW 

PQXP UXOWRWDOGHWLSXULGHVRUWLPHQWHIDEULFDWH

  SUH XO PHGLX XQLWDU GH YkQ]DUH GHWHUPLQDW SHQWUX SURGXVXO M SH ED]D FODVHORU GH FDOLWDWH

J

UHVSHFWLYGLQSHULRDGDGHED] LSHULRDGDFXUHQW 
VWUXFWXUDSURGXF LHLIL]LFHHYDOXDWHvQSUH XULFRPSDUDELOHSHWLSXULGHSURGXVHVRUWLPHQWH
'HVLJXU F  SHQWUX DQDOL]D JHQHUDO  D FDOLW

LL SURGXF LHL IL]LFH VH YD FRPSDUD P ULPHD

HIHFWLY  D FRHILFLHQWXOXOXL JHQHUDOL]DW GH FDOLWDWH FX P ULPHD FRUHVSXQ] WRDUH SURJUDPDW  VDX FX
FHDGLQSHULRDGDGHED] VDXFXFHDUHDOL]DW GHFRQFXUHQ

'HWHUPLQDUHDHIHFWHORUHFRQRPLFRILQDQFLDUHDOHPRGLILF ULLFDOLW
PEXQ W

LUHD FDOLW

LLSURGXVHORU

LL SURGXF LHL VH UHIOHFW  vQ SULPXO UkQG DVXSUD P ULPLL YDORULL

SURGXF LHL IL]LFH IDEULFDWH L ELQHvQ HOHV vQ ILQDO HD VH UHIOHFW  vQ UHQWDELOLWDWHD ILUPHL Q DFHVW
FRQWH[W PRGLILFDUHD FDOLW

LL SURGXF LHL FRQVLGHUDW  SULQ LQWHUPHGLXO SUH XOXL PHGLX GHWHUPLQDW GH

FDOLWDWHDSURGXF LHLFRQGXFHODPRGLILFDUHDXUP WRULORULQGLFDWRULYDORULFLPDLLPSRUWDQ L

9DORDUHDSURGXF LHLIDEULFDWH

D4

T 

vQFDUH
4

SURGXF LDYDORULF vQDFHVWFD]SURGXF LDPDUI 

FDQWLWDWHDIDEULFDW GLQSURGXVXOVDXVRUWLPHQWXOMGLQSHULRDGDFXUHQW 

 SUH XO PHGLX XQLWDU GH YkQ]DUH DO SURGXVXOXL M UHVSHFWLY GLQ SHULRDGD GH ED]  L SHULRDGD
FXUHQW GHWHUPLQDWSHED]DFDOLW

LLSURGXF LHL

$FHDVW  PRGLILFDUH DUH UHSHUFXVLXQL GLUHFWH DVXSUD FLIUHL GH DIDFHUL L DVXSUD YDORULL
DG XJDWHSUHFXPLDVXSUDSURILWXOXLILUPHL
5DWDGHHILFLHQ

DFKHOWXLHOLORUODOHLYHQLWXULGLQH[SORDWDUH

DU

T F



T F



T S

vQFDUH
F7

T S

   FRVWXULOH GH SURGXF LH XQLWDUH SHQWUX SURGXVXO M UHVSHFWLY GLQ SHULRDGD GH ED]  L SHULRDGD
FXUHQW 

UDWDUHQWDELOLW

LLFKHOWXLHOLORUGHH[SORDWDUHGHSURGXF LH

1LYHOXOFKHOWXLHOLORUIL[HODOHLSURGXF LH

DU

&

 -

&



3URILWXOEUXWDIHUHQWFLIUHLGHDIDFHUL

D 3

T  S

- S

vQFDUH
T

 FDQWLWDWHDGLQVRUWLPHQWXOMYkQGXW vQSHULRDGDFXUHQW 
(ILFLHQ DXWLOL] ULLFDSLWDOXOXLSURSULX

D(

 

vQFDUH
.f

WRWDOXOFDSLWDOXULORUSURSULLDOHILUPHLGLQSHULRDGDFXUHQW 
QUHOD LDGHPDLVXVQXP U WRUXOUDSRUWXOXLFRQVLGHUDWUHSUH]LQW VSRUXOGHSURILWRE LQXWGH

ILUP vQSHULRDGDFXUHQW SHVHDPDPRGLILF ULLSUH XULORUPHGLLDOHSURGXVHORUvQSHULRDGDFXUHQW

ID

GHSHULRDGDGHED] GHWHUPLQDW GHFDOLWDWHDSURGXF LHLIL]LFHLDUUH]XOWDWXOvQWUHJLLUHOD LLGHOD

UHSUH]LQW SURILWXOVXSOLPHQWDURE LQXWODOHLFDSLWDOSURSULXSHVHDPDvPEXQ W

LULLFDOLW

LL

SURGXF LHL GDF  UH]XOWDWXO DUH VHPQXO DOJHEULF SOXV VDX SLHUGHUHD GH SURILW FH UHYLQH OD  OHL
FDSLWDOSURSULXGDF UH]XOWDWXODUHVHPQXOPLQXV