Professional Documents
Culture Documents
$VLJXUDLYFDLFLWLWDFHVWJKLGLQFOXVLYFDSLWROXO0VXUL
GH6LJXUDQ= vQDLQWHGHDIRORVLDSDUDWXO
$FHVWJKLGYYDDMXWDVSXWHLXWLOL]DDSDUDWXOIRWRvQPRG
FRUHVSXQ]WRU
3VWUDLDFHVWJKLGvQWUXQORFVLJXUSHQWUXXWLOL]DUHXOWHULRDU
5201
nainte de utilizare
,QIRUPDLLLQLLDOH
&RQLQXWSDFKHW
QDLQWHGHXWLOL]DUHDVLJXUDLYFSDFKHWXOFRQLQHXUPWRDUHOHDUWLFROH
'DFDOLSVHWHFHYDFRQWDFWDLFRPHUFLDQWXOGHODFDUHDLDFKL]LLRQDW
DSDUDWXO
$SDUDW
Baterie
1%/+
QFUFWRUEDWHULH
&%/<&%/<(
&XUHDGHPkQ
1XGHFRMLLHWLFKHWDEDWHULHL
6XQWLQFOXVHLPDWHULDOHLPSULPDWH
1XHVWHLQFOXVQLFLXQFDUGGHPHPRULH=
&DUGXULGHPHPRULHFRPSDWLELOH
3XWHLXWLOL]DXUPWRDUHOHFDUGXULGHPHPRULHFRPHUFLDOL]DWHVHSDUDW
LQGLIHUHQWGHFDSDFLWDWHDDFHVWRUD
FDUGXULGHPHPRULH6'
FDUGXULGHPHPRULH6'+&
FDUGXULGHPHPRULH6';&
&DUGXULFRQIRUPHFXVWDQGDUGHOH6'7RWXLQXWRDWHFDUGXULOHDXIRVWYHULFDWH
GDFIXQFLRQHD]vPSUHXQFXDSDUDWXO
1RWLFULSUHOLPLQDUHLLQIRUPDLL
MXULGLFH
/DvQFHSXWIDFHLFkWHYDIRWRJUDLLYHULFDLOHSHQWUXDYDVLJXUD
FLPDJLQLOHDXIRVWvQUHJLVWUDWHFRUHFW9UXJPVOXDLODFXQRWLQ
FUPD&DQRQ,QFVXEVLGLDUHOHLOLDOHOHDFHVWHLDLGLVWULEXLWRULLVL
QXVXQWUVSXQ]WRULSHQWUXQLFLXQIHOGHGDXQHGHFRQVHFLQFDUHSRW
DSUHDGLQFDX]DYUHXQXLGHIHFWDODSDUDWXOXLVDXDOXQXLDFFHVRULX
LQFOXVLYDOFDUGXULORUGHPHPRULHFDUHDXFDUH]XOWDWSLHUGHUHDXQHL
LPDJLQLFHXUPHD]VHvQUHJLVWUDWVDXGLJLWDOL]DW
,PDJLQLOHvQUHJLVWUDWHGHDSDUDWYRUIRORVLWHvQVFRSSHUVRQDO(YLWDL
VUHDOL]DLvQUHJLVWUULQHDXWRUL]DWHFDUHvQFDOFOHJHDGUHSWXULORUGH
DXWRULLQHLFRQWGHIDSWXOFLvQFD]XOXQRUIRWRJUDLSHUVRQDOH
DFHVWHDSRWvQFOFDGUHSWXULOHGHDXWRUVDXDOWHGUHSWXULOHJDOHvQ
FDGUXOUHDOL]ULLXQRUDFLXQLVDXDXQRUH[SR]LLLVDXvQDQXPLWH
vQHOHJHULFRPHUFLDOH
3HQWUXLQIRUPDLLUHIHULWRDUHODJDUDQLDDSDUDWXOXLVDX'HSDUWDPHQWXO
GHVXSRUW&DQRQFRQVXOWDLLQIRUPDLLOHGHVSUH*DUDQLHRIHULWH
vPSUHXQFXPDQXDOXO
'HLPRQLWRUXO/&'HVWHIDEULFDWvQFRQGLLLGHSUHFL]LHH[WUHPL
SHVWHGLQSL[HOLVXQWFRQIRUPLFXVSHFLFDLLOHGHGHVLJQvQ
FD]XULUDUHDQXPLLSL[HOLSRWGHIHFLVDXSRWDSUHDVXEIRUPDXQRU
SXQFWHURLLVDXQHJUH$FHDVWDQXHVWHRGHIHFLXQHQSOXVDFHVW
OXFUXQXDIHFWHD]LPDJLQLOHvQUHJLVWUDWH
0RQLWRUXO/&'SRDWHDFRSHULWFXRIROLHVXELUHGHSODVWLFSHQWUX
SURWHFLHvPSRWULYDGHWHULRUULORUvQWLPSXOWUDQVSRUWXOXLQFD]GH
DFRSHULUHvQGHSUWDLIROLDvQDLQWHDGHXWLOL]DUHDDSDUDWXOXL
&kQGIRORVLLDSDUDWXOSHQWUXRSHULRDGPDLPDUHDFHVWDVHSRDWH
vQFO]L$FHVWOXFUXQXLQGLFXQGHIHFW
&RQYHQLLvQDFHVWJKLG
QDFHVWJKLGVLPEROXULOHVXQWIRORVLWHSHQWUXUHSUH]HQWDUHDEXWRDQHORU
LDFRPXWDWRDUHORUDIHUHQWHDOHDSDUDWXOXLSHFDUHDSDUVDXFXFDUH
VHDVHDPDQ
QFRQWLQXDUHEXWRDQHOHLFRPHQ]LOHDSDUDWXOXLVXQWUHSUH]HQWDWH
GHVLPEROXUL1XPHUHOHGLQSDUDQWH]HFRUHVSXQGQXPHUHORUSHQWUX
EXWRDQHDDWHvQ'HQXPLUHDSULORUFRPSRQHQWH=
[ @ %XWRQVXVvQVSDWH
[ @ %XWRQVWkQJDvQVSDWH
[ @ %XWRQGUHDSWDvQVSDWH
[ @ %XWRQMRVvQVSDWH
0RGXULOHGHvQUHJLVWUDUHLVLPEROXULOHSHHFUDQLWH[WXOVXQWLQGLFDWH
vQSDUDQWH]HSWUDWH
,QIRUPDLLLPSRUWDQWHSHFDUHWUHEXLHVOHWLL
6IDWXULLVXJHVWLLSHQWUXRXWLOL]DUHPDLEXQDDSDUDWXOXL
= [[3DJLQLFXLQIRUPDLLFRQH[HvQDFHVWH[HPSOX[[UHSUH]LQWXQ
QXPUGHSDJLQ
,QVWUXFLXQLOHGLQDFHVWJKLGVXQWYDODELOHSHQWUXDSDUDWXOFXVHWULOH
LPSOLFLWH
QPRGFRQYHQLRQDOWRDWHFDUGXULOHGHPHPRULHDFFHSWDWHVXQW
GHQXPLWHFDUGGHPHPRULH
6LPEROXULOH )RWRJUDLL )LOPHGHVXEWLWOXULLQGLFSHQWUXFH
HVWHIRORVLWIXQFLDGDFHVWHSHQWUXIRWRJUDLVDXOPH
'HQXPLUHDSULORUFRPSRQHQWH
(3)(4)(5)(6) (7) (8)
(9)
(10) (11)
(2)
(1)
(12)
2ELHFWLY
%XWRQ212))SRUQLWRSULW
0LFURIRQ
=RQDQWHQ:L)L
'LIX]RU
%OL
%XWRQ]RRRP
)RWRJUDHUH
%XWRQ> 5LGLFDUHEOL@
Redare:
[
[
WHOHIRWR@
>
[ XQJKLZLGH@
PULUH@
LQGH[@
%XWRQGHFODQDWRU
/XPLQ
)RORVLWFXIXQFLL1)&=
(13) (14)
6HPQ1
6XSRUWSHQWUXWUHSLHG
&DSDFWHUPLQDO'&
&DSDFFDUGGHPHPRULHEDWHULH
'HQXPLUHDSULORUFRPSRQHQWH
(1)
(6)
(7)
(8)
(11)
(12)
(9)
(13)
(14)
(10)
(15)
(FUDQPRQLWRU/&'
6XSRUWFXUHD
%XWRQ> &RQHFWDUHODGLVSR]LWLYH
PRELOH@
7HUPLQDO+'0,70
&RPXWDUHPRG
%XWRQ>
%XWRQ>
$XWR=RRP@
[
:L)L@6XV
%XWRQ> 0DFUR@6WkQJD
5HGDUH@
,QGLFDWRU
%XWRQILOPDUH
%XWRQ)81&)XQFLH6(7
%XWRQ> %OL@'UHDSWD
%XWRQ>
%XWRQ>
$ILDM@-RV
0HQLX@
&XSULQV
nainte de utilizare........... 2
,QIRUPDLLLQLLDOH2
&RQLQXWSDFKHW3
&DUGXULGHPHPRULHFRPSDWLELOH3
1RWLFULSUHDODELOHLLQIRUPDLL
MXULGLFH4
&RQYHQLLvQDFHVWJKLG5
'HQXPLUHDSULORUFRPSRQHQWH
2SHUDLXQLRELQXLWHDOH
DSDUDWXOXL
0VXULGHVLJXUDQ
*KLGGHED] .................. 19
8WLOL]DUHGHED]19
3UHJWLULLQLLDOH
7HVWDUHDDSDUDWXOXL
0RG$XWR0RGKLEULGDXWR45
)RWRJUDHUHFXVHWULVWDELOLWH
GHDSDUDW
&DUDFWHULVWLFLFRPXQHX]XDOH
)XQFLLGHSHUVRQDOL]DUHD
LPDJLQLL
)XQFLLGHIRWRJUDHUHDMXWWRDUH
3HUVRQDOL]DUHDRSHUDLXQLORU
DSDUDWXOXL
$OWHPRGXULGHIRWRJUDHUH79
%XFXUDLYGHPDLPXOWHLPDJLQL
SHQWUXHFDUHIRWRJUDHUH
)RWRJUDHUHFUHDWLY
6FHQHVSHFLFH
$SOLFDUHDGHHIHFWHVSHFLDOH
0RGXULVSHFLDOHSHQWUX
DOWHVFRSXUL
0RGXO399
)RWRJUDHUHvQ3URJUDP$(
>3@0RGH
/XPLQR]LWDWHDLPDJLQLL
([SXQHUH
&XORULLPDJLQH
,QWHUYDOGHIRWRJUDHUH
LIRFDOL]DUH
%OL
$OWH6HWUL
0RGUHGDUH121
9L]XDOL]DUH
5VIRLUHLOWUDUHGHLPDJLQL
2SLXQLGHYL]XDOL]DUHLPDJLQL
3URWHMDUHLPDJLQL
WHUJHUHLPDJLQL
5RWLUHDLPDJLQLORU
0DUFDUHDLPDJLQLORUFDIDYRULWH
(GLWDUHIRWRJUDL
(GLWDUHOPH
)XQFLL:L)L161
)XQFLL:L)LGLVSRQLELOH
7ULPLWHLLPDJLQLFWUHXQ
VPDUWSKRQH
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
&XSULQV
7ULPLWHLLPDJLQLFWUHXQ
VHUYLFLX:HE
,PSULPDUHDLPDJLQLORUZLUHOHVV
GHODRLPSULPDQWFRQHFWDW
7UDQVPLWHUHDGHLPDJLQL
FWUHDOWDSDUDW
2SLXQLWULPLWHUHLPDJLQL
7UDQVPLWHUHDGHLPDJLQLvQ
PRGDXWRPDW,PDJH6\QF
8WLOL]DUHDXQXL6PDUWSKRQHSHQWUX
DYL]XDOL]DLPDJLQLOHGLQDSDUDWL
SHQWUXDFRQWURODDSDUDWXO
(GLWDUHVDXWHUJHUHVHWUL:L)L
0HQLXVHWUL219
5HJODUHDIXQFLLORUGHED]
DOHDSDUDWXOXL
$FFHVRULL233
+DUWVLVWHP234
$FFHVRULLRSLRQDOH
8WLOL]DUHDGHDFFHVRULL
RSLRQDOH
8WLOL]DUHVRIWZDUH244
,PSULPDUHDLPDJLQLORU
$QH[263
'HSDQDUH
0HVDMHSHHFUDQ
,QIRUPDLLSHHFUDQ
7DEHOHFXIXQFLLLPHQLXUL
0VXULGHSUHFDXLH
6SHFLFDLL
,QGH[
3UHFDXLLUHIHULWRDUHOD:L)L
:LUHOHVV/$1
2SHUDLXQLRELQXLWHDOHDSDUDWXOXL
)RWRJUDILHUH
)RORVLLVHWULOHVWDELOLWHGHDSDUDW0RGXO$XWR0RGKLEULGDXWR
= =
9HULFDLPDLPXOWHHIHFWHDSOLFDWHHFUHLIRWRJUDLIRORVLQGVHWULOH
GHWHUPLQDWHGHDSDUDW0RGIRWRJUDHUHFUHDWLY
=
)RWRJUDHUHDFRUHFWDRDPHQLORU
3RUWUHWH
=
3H]SDG
=
3RWULYLUHDXQRUVFHQHVSHFLFH
/XPLQR]LWDWHVF]XW
=
$UWLFLL
=
2SHUDLXQLRELQXLWHDOHDSDUDWXOXL
$SOLFDUHDGHHIHFWHVSHFLDOH
&XORULLQWHQVH
=
(IHFWSRVWHU
=
(IHFWRFKLGHSHWH
=
(IHFWGHPLQLDWXU
=
(IHFWDSDUDWGH
MXFULH
=
0RQRFURP
=
6IRFDOL]DLSHIHH
= = =
)UDIRORVLEOLXO%OLRSULW
= =
&XPLQHvQIRWRJUDH$XWRGHFODQDWRU
= =
$GXJDUHDXQHLWDPSLOHFXGDW
=
&OLSXULLIRWRJUDLvPSUHXQ0RYLH'LJHVW
=
2SHUDLXQLRELQXLWHDOHDSDUDWXOXL
6YL]XDOL]DL
9L]XDOL]DUHLPDJLQL0RGUHGDUH
=
5HGDUHDXWRPDW3UH]HQWDUH
=
3HWHOHYL]RU
=
3HFDOFXODWRU
= 244
5VIRLLUDSLGLPDJLQLOH
=
WHUJHLLPDJLQLOH
=
6ILOPDL6YL]XDOL]DLILOPHOH
6OPDL
=
9L]XDOL]DUHOPH0RGGHUHGDUH
=
,PSULPDL
,PSULPDLIRWRJUDLOH
=
2SHUDLXQLRELQXLWHDOHDSDUDWXOXL
6DOYDL
6DOYDLLPDJLQLOHvQFDOFXODWRUSULQFDEOX
=
)RORVLLIXQFLL:L)L
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
=
PSUWLLLPDJLQLOHRQOLQH
=
7ULPLWHLLPDJLQLFWUHFDOFXODWRU
=
0VXULGHVLJXUDQ
QDLQWHGHDIRORVLSURGXVXOYUXJPVYDVLJXUDLFDLFLWLW
PVXULOHGHVLJXUDQGHVFULVHPDLMRV$VLJXUDLYvQWRWGHDXQDF
SURGXVXOHVWHXWLOL]DWFRUHFW
0VXULOHGHSUHFDXLLLQGLFDWHDLFLDXVFRSXOGHDSUHYHQLUQLUHD
RULFUHLSHUVRDQHVDXGHWHULRUDUHDEXQXULORU
$VLJXUDLYFDLYHULFDWPDQXDOHOHGHXWLOL]DUHLQFOXVHFDUHFRQLQ
DFFHVRULLOHYkQGXWHVHSDUDWSHFDUHOHYHLIRORVL
$YHUWLVPHQW
,QGLFULVFXOGHYWPULVHULRDVHVDXFKLDU
PRDUWH
1XGHFODQDLEOLXOvQDSURSLHUHDRFKLORU
QFD]FRQWUDUYHGHUHDYSRDWHDIHFWDW$WXQFLFkQGIRORVLLEOLXO
SVWUDLFHOSXLQXQPHWUXGLVWDQIDGHFRSLL
1XOVDLDSDUDWXOODvQGHPkQDFRSLLORU
'DFSHWUHFHLQXUXODFFLGHQWDOvQMXUXOJkWXOXLFRSLLORUSRDWHSURYRFD
DV[LHUHDDFHVWRUD
'DFDSDUDWXOIRORVHWHXQFDEOXGHDOLPHQWDUHGDFDFHVWDHVWHSHWUHFXW
DFFLGHQWDOvQMXUXOJkWXOXLFRSLLORUSRDWHSURYRFDDV[LHUHDDFHVWRUD
)RORVLLQXPDLVXUVHOHGHDOLPHQWDUHUHFRPDQGDWH
1XvQFHUFDLVGH]DVDPEODLVWUDQVIRUPDLVDXVLQHLSURGXVXO
OkQJRVXUVGHFOGXU
1XGHFRMLLHWLFKHWDEDWHULHLGDFEDWHULDDUHXQD
1XWUkQWLLVDXQXVXSXQHLDSDUDWXOODLPSDFWHVHYHUH
1XDWLQJHLLQWHULRUXOSURGXVXOXLGDFDIRVWWUkQWLWVDXGHWHULRUDWvQWUXQ
DOWPRG
2SULLLPHGLDWXWLOL]DUHDSURGXVXOXLGDFDFHVWDGHJDMIXPXQPLURV
VWUDQLXVDXQXIXQFLRQHD]QRUPDO
1XIRORVLLVROYHQLRUJDQLFLFXPDUDOFRROEHQ]LQVDXGLOXDQWSHQWUX
DFXUDDSDUDWXO
1XSHUPLWHLSWUXQGHUHDOLFKLGHORUVDXDRELHFWHORUVWULQHvQLQWHULRU
0VXULGHVLJXUDQ
$FHVWHDSRWFDX]DRFXULHOHFWULFHVDXLQFHQGLL
'DFSURGXVXOVHXGVDXGDFSWUXQGvQLQWHULRUOLFKLGHVDXRELHFWH
VWULQHVFRDWHLEDWHULDVDXVFRDWHLGLQSUL]
1XSULYLLSULQYL]RUGDFPRGHOXOGXPQHDYRDVWUDUHXQXOODVXUVH
SXWHUQLFHGHOXPLQSUHFXPVRDUHOHvQWUR]LVHQLQ
QFD]FRQWUDUYHGHUHDYSRDWHDIHFWDW
1XDWLQJHLSURGXVXOvQWLPSXOIXUWXQLORUGDFHVWHFRQHFWDWODSUL]
$FHVWHDSRWFDX]DRFXULHOHFWULFHVDXLQFHQGLL2SULLLPHGLDWXWLOL]DUHD
HFKLSDPHQWXOXLLGHSUWDLY
)RORVLLGRDUEDWHULLUHFRPDQGDWH
1XOVDLEDWHULDvQDSURSLHUHDVDXVXEDFLXQHDIRFXOXL
%DWHULDSRDWHH[SORGDVDXVHSRDWHVFXUJHSURYRFkQGRFXULHOHFWULFHVDX
LQFHQGLLQFD]XOvQFDUHVFXUJHULOHVDXHOHFWUROLLLEDWHULHLLQWUvQFRQWDFWFX
RFKLLJXUDSLHOHDVDXvPEUFPLQWHDFOWLLFXMHWSXWHUQLFGHDS
'DFDSDUDWXOIRORVHWHXQvQFUFWRUDYHLJULMODXUPWRDUHOH
'HFXSODLFDEOXOGHDOLPHQWDUHvQPRGSHULRGLFLFXDMXWRUXO
XQHLFkUSHXVFDWHWHUJHLRULFHXUPGHSUDILPXUGULHFDUH
VDGHSXVSHPXISHH[WHULRUXOERUQHLGHDOLPHQWDUHLvQ]RQD
vQFRQMXUWRDUH
1XLQWURGXFHLVDXVFRDWHLWHFUXOGHDOLPHQWDUHFXPkLQLOHXPHGH
1XIRORVLLHFKLSDPHQWXOSHQWUXDFWLYLWLFDUHGHSHVFFDSDFLWDWHD
PXIHLGHDOLPHQWDUHVDXDDFFHVRULLORUSHQWUXFRQHFWDUH$QX
VHXWLOL]DvQFD]XOvQFDUHFDEOXOGHDOLPHQWDUHVDXWHFUXOVXQW
GHWHULRUDWHVDXQXVXQWELQHLQWURGXVHvQSUL]
1XSHUPLWHLPXUGULHLVDXRELHFWHORUPHWDOLFHSUHFXPDFHVDX
FKHLVLQWUHvQFRQWDFWFXERUQHOHVDXPXID
1XWLDLPRGLFDLVDXSXQHLRELHFWHJUHOHSHFDEOXOGHDOLPHQWDUH
$FHVWHDSRWFDX]DRFXULHOHFWULFHVDXLQFHQGLL
2SULLDSDUDWXOvQORFXULOHvQFDUHXWLOL]DUHDDFHVWXLDHVWHLQWHU]LV
8QGHOHHOHFWURPDJQHWLFHHPLVHGHDSDUDWSRWDIHFWDPRGXOGHIXQFLRQDUHDO
LQVWUXPHQWHORUHOHFWURQLFHVDXDDOWRUGLVSR]LWLYH$YHLRJULMGHRVHELWDWXQFL
FkQGIRORVLLDSDUDWXOvQORFXULXQGHXWLOL]DUHDGLVSR]LWLYHORUHOHFWURQLFHHVWH
LQWHU]LVGHH[HPSOXvQLQWHULRUXODYLRDQHORUVDXvQLQFLQWDLQVWLWXLLORUPHGLFDOH
0VXULGHVLJXUDQ
1XSHUPLWHLDSDUDWXOXLVHvQFRQWDFWFXSLHOHDSHQWUXSHULRDGHPDUL
GHWLPS
&KLDUGDFDSDUDWXOQXHVWHSHUFHSXWFDLQGHUELQWHDFHVWOXFUXSRDWH
GXFHODDUVXULODWHPSHUDWXULVF]XWHPDQLIHVWDWHSULQvQURLUHDSLHOLL
)RORVLLXQWUHSLHGvQORFXULFDOGHVDXGDFDYHLSUREOHPHFXFLUFXODLD
VkQJHOXLVDXSLHOHVHQVLELO
$WHQLH
,QGLFULVFXOGHYWPDUH
$WXQFLFkQGLQHLDSDUDWXOGHQXUDYHLJULMVQXvOORYLLVQXvO
VXSXQHLXQRURFXULSXWHUQLFHVDXVQXVHEORFKH]HvQDOWHRELHFWH
$YHLJULMVQXORYLLVDXVQXDSVDLSXWHUQLFSHOHQWLOH
$FHVWOXFUXSRDWHGXFHODGHWHULRUDUHDDSDUDWXOXL
(YLWDLVVXSXQHLHFUDQXOXQRURFXULSXWHUQLFH
QFD]XOvQFDUHHFUDQXOVHVSDUJHIUDJPHQWHOHUH]XOWDWHYSRWUQL
$WXQFLFkQGIRORVLLEOLXODYHLJULMVQXvODFRSHULLFXGHJHWHOHVDX
FXKDLQHOH
$FHDVWDSRDWHGXFHODDUVXULVDXODGHWHULRUDUHDEOLXOXL
(YLWDLXWLOL]DUHDSODVDUHDVDXGHSR]LWDUHDSURGXVXOXLvQXUPWRDUHOH
ORFXUL
/RFXULH[SXVHOXPLQLLSXWHUQLFHDVRDUHOXL
/RFXULH[SXVHODWHPSHUDWXULGHSHVWH&)
=RQHXPHGHVDXSUIXLWH
$FHVWHDSRWFDX]DVFXUJHULVXSUDvQFO]LUHVDXH[SOR]LDEDWHULHLDYkQGFD
UH]XOWDWXQVFXUWFLUFXLWXQLQFHQGLXDUGHULVDXDOWHGDXQH
6XSUDvQFO]LUHDVDXGHWHULRDUHDEDWHULHLSRWGXFHODVFXUWFLUFXLWLQFHQGLX
DUGHULVDXDOWHGDXQH
(IHFWXOGHSUH]HQWDUHSRDWHFDX]DGLVFRQIRUWGDFXUPULLR
SUH]HQWDUHSHQWUXXQWLPSvQGHOXQJDW
&kQGIRORVLLOHQWLOHRSLRQDOHOWUHVDXDGDSWRDUHSHQWUXOWUHGDF
HVWHFD]XODVLJXUDLYFDWDDLDFFHVRULLOHIHUP
QFD]XOvQFDUHRELHFWLYXOVHGHXUXEHD]LFDGHDFHVWDVHSRDWH
VSDUJHLYSXWHLWLDvQFLREXUL
0VXULGHVLJXUDQ
/DDSDUDWHOHFDUHULGLFLODVMRVEOLXODXWRPDWDVLJXUDLYF
GHJHWHOHQXVXQWvQDSURSLHUHFkQGVHODVvQMRVSHQWUXDHYLWD
FLXSLWXULOH
([LVWSHULFROGHUQLUH
$WHQLH
,QGLFULVFXOGHGLVWUXJHULPDWHULDOH
1XvQGUHSWDLDSDUDWXOFWUHVXUVHGHOXPLQSXWHUQLFHGHH[HPSOX
OXPLQDVRDUHOXLVDXROXPLQDUWLFLDOSXWHUQLF
QFD]FRQWUDUSXWHLGHWHULRUDVHQ]RUXOGHLPDJLQHVDXDOWHFRPSRQHQWH
LQWHUQH
$WXQFLFkQGXWLOL]DLDSDUDWXOSHRSODMFXQLVLSVDXvQWUXQORFFXYkQW
DYHLJULMVQXSWUXQGSUDILQLVLSvQDSDUDW
/DDSDUDWHOHFDUHULGLFLODVMRVEOLXODXWRPDWQXvPSLQJHLEOLXOvQ
MRVLQXvOULGLFDLIRUDW
$FHVWOXFUXSRDWHFDX]DGHIHFLXQLDOHDSDUDWXOXL
WHUJHLSUDIXOVDXDOWHPDWHULLVWULQHGHSHEOLFXREXFDWGH
PDWHULDOPRDOH
&OGXUDHPLVGHEOLSRDWHSURGXFHDUVXULVDXSRDWHGXFHODGHIHFWDUHD
DSDUDWXOXL
6FRDWHLLGHSR]LWDLEDWHULDFkQGQXIRORVLLDSDUDWXO
2ULFHVFXUJHUHDEDWHULHLSRDWHGXFHODGHWHULRUDUHDSURGXVXOXL
QDLQWHGHDDUXQFDEDWHULDDFRSHULLERUQHOHFXREDQGVDXDOL
L]RODWRUL
&RQWDFWXOFXDOWHPDWHULDOHGLQPHWDOSRDWHFDX]DLQFHQGLLVDXH[SOR]LL
'HFXSODLvQFUFWRUXOGHEDWHULHIRORVLWFXSURGXVXODWXQFLFkQGQX
HVWHIRORVLW1XDFRSHULLFXREXFDWGHPDWHULDOVDXDOWHRELHFWHFkQG
HVWHSRUQLW
'DFOVDLvQFUFWRUXOvQSUL]SHQWUXRSHULRDGPDLOXQJGHWLPSHVWH
SRVLELOFDDFHVWDVVHVXSUDvQFO]HDVFVDXVVHGHIRUPH]HFDX]kQG
XQLQFHQGLX
1XOVDLEDWHULDvQDSURSLHUHDDQLPDOHORUGHFRPSDQLH
QFD]XOvQFDUHDQLPDOHOHGHFRPSDQLHPXFEDWHULDSRWFDX]DVFXUJHUL
VXSUDvQFO]LUHDVDXH[SOR]LDDFHVWRUDSURYRFkQGLQFHQGLLLGDXQH
0VXULGHVLJXUDQ
'DFDSDUDWXOIRORVHWHPDLPXOWHEDWHULLQXIRORVLLEDWHULLFDUHVXQW
vQFUFDWHGLIHULWQXIRORVLLEDWHULLQRLLYHFKLvPSUHXQ1XLQWURGXFHL
EDWHULLOHFXERUQHOHLLQYHUVDWH
$FHVWOXFUXSRDWHFDX]DGHIHFLXQLDOHDSDUDWXOXL
1XYDH]DLGDFDYHLDSDUDWXOvQEX]XQDU
QFD]FRQWUDUSXWHLSURYRFDGHIHFLXQLVDXSXWHLGHWHULRUDHFUDQXO
$WXQFLFkQGSXQHLDSDUDWXOvQJHDQWDVLJXUDLYFHFUDQXOQXLQWU
vQFRQWDFWFXRELHFWHGXUH'HDVHPHQHDvQFKLGHLHFUDQXODVWIHO
vQFkWVHFXIDDVSUHDSDUDWGDFDSDUDWXODUHXQHFUDQFDUHVH
vQFKLGH
1XDWDDLRELHFWHGXUHODDSDUDW
QFD]FRQWUDUSXWHLSURYRFDGHIHFLXQLVDXSXWHLGHWHULRUDHFUDQXO
*KLGGHED]
2SHUDLXQLGHED]
,QIRUPDLLLLQVWUXFLXQLGHED]GHODSUHJWLULLQLLDOHODIRWRJUDHUHL
redare
3UHJWLULLQLLDOH
3UHJWLLYSHQWUXIRWRJUDDWDVWIHO
$WDDUHDFXUHOHL
(2)
(1)
3HWUHFHLFDSWXOFXUHOHLSULQRULFLXO
DIHUHQWLDSRLWUDJHLGHFHOODOWFDSW
DOFXUHOHLSULQEXFODIRUPDWODFDSWXO
SHWUHFXW
&XPVLQHLDSDUDWXO
3XQHLFXUHDXDvQMXUXOvQFKHLHWXULLPkLQLL
&kQGIDFHLIRWRJUDLLQHLPkLQLOH
DSURSLDWHGHFRUSLLQHLDSDUDWXOELQH
SHQWUXDHYLWDLQVWDELOLWDWHD'DFDL
ULGLFDWEOLXOQXLQHLGHJHWXOSHDFHVWD
3UHJWLULLQLLDOH
QFUFDUHDEDWHULLORU
QDLQWHGHXWLOL]DUHvQFUFDLEDWHULDFXDMXWRUXOvQFUFWRUXOXLGLQGRWDUH
$YHLJULMVvQFUFDLEDWHULDvQSUHDODELOGHRDUHFHDSDUDWXOQXHVWH
FRPHUFLDOL]DWFXEDWHULDvQFUFDW
(1)
(2)
,QWURGXFHLEDWHULD
'XSFHDLDOLQLDWVHPQHOH GHSH
EDWHULHLvQFUFWRULQWURGXFHLEDWHULD
vPSLQJkQGRvQXQWUXLDSRLvQMRV
QFUFDLEDWHULD
&%/<:6FRDWHLPXIDLEDJDL
vQFUFWRUXOvQSUL]
&%/<(,QWURGXFHLFDEOXOGH
DOLPHQWDUHvQvQFUFWRUDSRLLQWURGXFHL
FHOODOWFDSWvQVXUVDGHDOLPHQWDUH
/XPLQDGHvQFUFDUHYDGHYHQLSRUWRFDOLH
LDUvQFUFDUHDYDvQFHSH
'XSFHDLWHUPLQDWGHvQFUFDWOXPLQD
GHYLQHYHUGH
(1)
(2)
6FRDWHUHDEDWHULHL
'XSFHDLVFRVGLQSUL]vQFUFWRUXO
VFRDWHLEDWHULDvPSLQJkQGRvQXQWUX
LDSRLvQVXV
3HQWUXDSURWHMDEDWHULDLSHQWUXDRSVWUDvQFRQGLLLRSWLPHQX
WUHEXLHVRvQFUFDLvQPRGFRQWLQXXPDLPXOWGHGHRUH
QFD]XOvQFUFWRDUHORUSHQWUXFDUHVHIRORVHWHXQFDEOXGH
DOLPHQWDUHQXDWDDLvQFUFWRUXOVDXFDEOXOODDOWHRELHFWH
3URFHGkQGDVWIHOSXWHLGHIHFWDVDXGHWHULRUDSURGXVXO
3UHJWLULLQLLDOH
3HQWUXGHWDOLLUHIHULWRDUHODWLPSXOGHvQFUFDUHLODQXPUXOGH
IRWRJUDLLWLPSXOGHvQUHJLVWUDUHFXEDWHULDvQFUFDWODPD[LP
FRQVXOWDL1XPUXOGHIRWRJUDL7LPSGHvQUHJLVWUDUH7LPSGH
UHGDUH=
%DWHULLOHvQFUFDWHVHGHVFDUFvQWLPSFKLDUGDFQXVXQW
IRORVLWHQFUFDLEDWHULDvQVDXLPHGLDWGXS]LXDXWLOL]ULL
QFUFWRUXOSRDWHIRORVLWvQ]RQHFXYROWDMGH9
$&+]3HQWUXSUL]HFXIRUPDWGLIHULWIRORVLLXQDGDSWRU
GLVSRQLELOvQFRPHU1XIRORVLLWUDQVIRUPDWRDUHHOHFWULFHSHQWUX
FOWRULLGHRDUHFHDFHVWHDDUSXWHDDIHFWDEDWHULD
,QWURGXFHLEDWHULDLFDUGXOGHPHPRULH
,QWURGXFHLEDWHULDGLQGRWDUHVLXQFDUGGHPHPRULHYkQGXWVHSDUDW
LQHLFRQWGHIDSWXOFvQDLQWHGHDIRORVLXQFDUGGHPHPRULHQRXVDXXQ
FDUGGHPHPRULHIRUPDWDWFXDOWGLVSR]LWLYDUWUHEXLVIRUPDWDLFDUGXOGH
PHPRULHFXDFHVWDSDUDW=
(2)
(1)
'HVFKLGHLFDSDFXO
*OLVDLFDSDFXOLGHVFKLGHLO
,QWURGXFHLEDWHULD
QWLPSFHLQHLEDWHULDFXWHUPLQDOHOH
vQGUHSWDWHDDFXPHVWHLQGLFDWDSVDL
EXWRQXOGHEORFDUHDEDWHULHLvQ
GLUHFLDVJHLLLLQWURGXFHLEDWHULDSkQ
FHVHvQFKLGHEXWRQXOSHQWUXEORFDUH
(1)
22
(2)
'DFLQWURGXFHLEDWHULDvQGLUHFLD
JUHLWDFHDVWDQXPDLSRDWHEORFDW
vQSR]LLDFRUHFW$YHLvQWRWGHDXQDJULM
FDEDWHULDVHvQGUHSWDWFRUHFWLVVH
[H]HvQSR]LLDFRUHFW
3UHJWLULLQLLDOH
9HULFDLEXWRQXOGHSURWHFLHDGDWHORU
FDUGXOXLLLQWURGXFHLFDUGXOGHPHPRULH
1XSXWHLHIHFWXDvQUHJLVWUULSHFDUGXULGH
PHPRULHSUHY]XWHFXEXWRQGHSURWHFLHD
GDWHORUDWXQFLFkQGEXWRQXOHVWHvQSR]LLD
EORFDW6FKLPEDLEXWRQXOSHQWUXSURWHFLD
GDWHORUSHSR]LLDGHGHEORFDUH
,QWURGXFHLFDUGXOGHPHPRULHFXHWLFKHWD
vQSR]LLDLQGLFDWSkQFkQGVH
[HD]FXXQFOLF
(1)
$VLJXUDLYFLQWURGXFHLFDUGXOvQ
VHQVXOFRUHFW,QWURGXFHUHDFDUGXOXL
GHPHPRULHvQGLUHFLDJUHLWSRDWH
GHWHULRUDDSDUDWXO
(1)
(2)
QFKLGHLFDSDFXO
/VDLvQMRVFDSDFXOLLQHLODSVDW
vQWLPSFHvOJOLVDLSkQFkQGVHvQFKLGH
FXXQFOLF
3HQWUXPDLPXOWHGHWDOLLUHIHULWRDUHODQXPUXOGHIRWRJUDLVDX
ODGXUDWDGHvQUHJLVWUDUHSHFDUGXOGHPHPRULHYH]L1XPUGH
IRWRJUDLSHFDUGGHPHPRULH=
6FRDWHUHDEDWHULHLLDFDUGXOXLGHPHPRULH
6FRDWHUHDEDWHULHL
'HVFKLGHLFDSDFXOLDSVDLSHSLHGLFD
SWEDWHULHvQGLUHFLDVJHLL
%DWHULDYDLHL
23
3UHJWLULLQLLDOH
6FRDWHLFDUGXOGHPHPRULH
PSLQJHLFDUGXOGHPHPRULHSkQFkQG
DX]LLXQFOLFLDSRLULGLFDLXRUPkQD
&DUGXOGHPHPRULHYDVFRVFXXQ
GHFOLF
6HWDUHDGDWHLLDRUHL
6HWDLFRUHFWGDWDLRUDGXSFXPXUPHD]GDFHFUDQXO>'DWD2UD@
HVWHDDWGHFkWHRULSRUQLLDSDUDWXO,QIRUPDLLOHDVWIHOLQGLFDWHYRU
vQUHJLVWUDWHvQSURSULHWLOHLPDJLQLLDWXQFLFkQGIRWRJUDDLLYRUIRORVLWH
DWXQFLFkQGYHLJHVWLRQDLPDJLQLOHGXSGDWDIRWRJUDHULLVDXDWXQFLFkQG
YHLLPSULPDLPDJLQLOHFXGDWDODYHGHUH
'HDVHPHQHDGDFGRULLSXWHLDGXJDRWDPSLOFXGDW=
3RUQLLDSDUDWXO
$SVDLEXWRQXO3251,7235,7
(FUDQXO>'DW2U@YDDDW
6HWDLGDWDLRUD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQDUWLFRO
$SVDLEXWRDQHOH> ][
PHQLRQDGDWDLRUD
@SHQWUXD
&kQGWHUPLQDLDSVDLEXWRQXO>
24
@
3UHJWLULLQLLDOH
6SHFLFDLORFDLDGHDFDV
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
IXVXORUDUORFDO
)LQDOL]DLSURFHVXOGHVHWDUH
&kQGWHUPLQDLDSVDLEXWRQXO> @
'XSPHVDMXOGHFRQUPDUHHFUDQXO
SHQWUXVHWULQXYDPDLDDW
3HQWUXDRSULDSDUDWXODSVDLEXWRQXO
3251,7235,7
'DFQXVHWDLGDWDRUDLIXVXORUDUHFUDQXO>'DW2U@YD
DDWGHHFDUHGDWFkQGYHLSRUQLDSDUDWXO,QWURGXFHL
LQIRUPDLLFRUHFWH
25
3UHJWLULLQLLDOH
6FKLPEDUHDGDWHLLDRUHL
5HJODLGDWDLRUDGXSFXPXUPHD]
$FFHVDLHFUDQXOPHQLXOXL
$SVDLEXWRQXO>
@
$OHJHL>'DWD2UD@
'HSODVDLEXWRQXOGH]RRPSHQWUXDDOHJH
WDEXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>'DW2U@LDSRLDSVDLEXWRQXO> @
6FKLPEDLGDWDLRUD
8UPDL3DVXOGHOD6HWDUHDGDWHLLD
RUHL= SHQWUXDUHJODVHWULOH
$SVDLEXWRQXO>
HFUDQXOPHQLXOXL
@SHQWUXDvQFKLGH
$SDUDWXOIRWRHVWHSUHY]XWFXREDWHULHGDWRULQFOXVEDWHULH
GHUH]HUY6HWULOHGHGDWRUSRWUHLQXWHSHQWUXDSUR[LPDWLY
VSWPkQLGXSFHVFRDWHLEDWHULD
%DWHULDGHGDWRUYDvQFUFDWvQDSUR[LPDWLYRUHGXSFH
LQWURGXFHLREDWHULHvQFUFDWVDXGXSFHFRQHFWDLDSDUDWXOOD
XQNLWFXDGDSWRU$&FRPHUFLDOL]DWVHSDUDW= FKLDUGDF
DSDUDWXOHVWHOVDWRSULW
&kQGEDWHULDGHGDWRUVDGHVFUFDWHFUDQXO>'DW2U@YD
DDWDWXQFLFkQGSRUQLLDSDUDWXO6HWDLGDWDLRUDFRUHFWH
XUPkQGSDLLGHOD6HWDUHDGDWHLLDRUHL=
3UHJWLULLQLLDOH
/LPEGHDDUH
6FKLPEDLOLPEDGHDDUHGXSQHFHVLWL
,QWUDLvQPRGXO5HGDUH
$SVDLEXWRQXO>
@
$FFHVDLHFUDQXOSHQWUXVHWUL
$SVDLLLQHLDSVDWEXWRQXO> @DSRL
@
DSVDLLPHGLDWEXWRQXO>
6HWDLOLPEDDDMXOXL
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHROLPEDSRLDSVDLEXWRQXO> @
2GDWFHOLPEDDDMXOXLDIRVWVHWDW
HFUDQXOFXVHWULQXYDPDLDDW
2UDFXUHQWHVWHDDWGDFDWHSWDLSUHDPXOWODSDVXOGXS
@Q
FHDSVDLEXWRQXO> @vQDLQWHVDSVDLEXWRQXO>
DFHVWFD]DSVDLEXWRQXO> @SHQWUXDUHQXQDODRUDFXUHQWL
UHSHWDLSDVXO
'HDVHPHQHDSXWHLVFKLPEDOLPEDGHDDUHDSVkQGEXWRQXO
@LDOHJkQG>/LPED @GHODWDEXO> @
[
QFHUFDLDSDUDWXO
)RWRJUDILL
)LOPH
8UPDLDFHVWHLQFWUXFLXQLSHQWUXDSRUQLDSDUDWXOUHDOL]DLIRWRJUDLVDX
OPHLDSRLYL]XDOL]DLOH
)RWRJUDHUH6PDUW$XWR
3HQWUXVHOHFWDUHDWRWDOLDXWRPDWDVHWULORURSWLPHSHQWUXDQXPLWH
VFHQHQXWUHEXLHGHFkWVOVDLDSDUDWXOVVWDELOHDVFVXELHFWXOL
FRQGLLLOHGHIRWRJUDHUH
3RUQLLDSDUDWXO
$SVDLEXWRQXO3251,7235,7
(FUDQXOGHSRUQLUHHVWHDDW
,QWUDLvQPRGXO>
@
6HWDLFRPXWDWRUXOSHQWUXPRGOD>
@
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
@LDSRL
[ ][ @SHQWUXDDOHJH>
DSVDLEXWRQXO> @GLQQRX
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
@LDSRLDSVDLEXWRQXO> @
[
QGUHSWDLDSDUDWXOFWUHXQVXELHFW
$SDUDWXOYDVFRDWHXQVXQHWGLVFUHWvQ
WLPSFHVWDELOHWHVFHQD
6LPEROXULOHFDUHUHSUH]LQWPRGXO
VFHQHLPRGXOGHVWDELOL]DUHLPDJLQH
VXQWDDWHvQSDUWHDGHVXVGUHDSWDD
HFUDQXOXL
&DGUHOHDDWHvQMXUXOIHHOHORUFDUHVXQW
GHWHFWDWHLQGLFIDSWXOFDFHVWHDVHD
vQUD]DGHIRFDOL]DUH
QFHUFDLDSDUDWXO
&RPSXQHLIRWRJUDD
3HQWUXDIDFH]RRPVDXDPULVXELHFWXO
GHSODVDLEXWRQXOGH]RRPFWUH
[ @WHOHIRWRLvQGHSUWDLVXELHFWXOFX
DMXWRUXO]RRPXOXLGHSODVkQGXOFWUH> ]
XQJKLZLGH
)RWRJUDDL
5HDOL]DUHDGHIRWRJUDL
)RFDOL]DL
$SVDLXRUEXWRQXOGHFODQDWRUSkQOD
MXPWDWH$SDUDWXOYDIDFHELSGHGRXRUL
GXSIRFDOL]DUHLDUFDGUHOHVXQWDDWH
SHQWUXDLQGLFD]RQHOHGLQLPDJLQHFDUH
VXQWIRFDOL]DWH
'DFPHVDMXO>5LGLFDLEOLXO@DSDUHSH
HFUDQGHSODVDLFRPXWDWRUXO> @SHQWUXD
ULGLFDEOLXO$FHVWDVHYDGHFODQDFkQG
IRWRJUDDL'DFSUHIHUDLVQXIRORVLL
EOLXOvPSLQJHLOvQMRVFXGHJHWXOvQVSUH
DSDUDW
QFHUFDLDSDUDWXO
)RWRJUDDL
$SVDLEXWRQXOGHFODQDWRUSkQOD
FDSW
QWLPSFHIRWRJUDDLVHYDDX]LVXQHWXO
EXWRQXOXLGHFODQDWRULDUvQFRQGLLL
GHOXPLQR]LWDWHVF]XWEOLXOVHYD
GHFODQDvQPRGDXWRPDW
LQHLDSDUDWXOQHPLFDWSkQFkQG
VXQHWXOGHFODQDWRUXOXLQXVHPDLDXGH
'XSFHDDLIRWRJUDDDSDUDWXOYD
UHYHQLODHFUDQXOGHIRWRJUDHUH
)LOPDUH
QFHSHLvQUHJLVWUDUHD
(1)
$SVDLEXWRQXOSHQWUXOPDUH$SDUDWXO
YDHPLWHXQELSFkQGvQFHSHvQUHJLVWUDUHD
LDUPHVDMXO> 5HF@YDLQGLFDWLPSXOVFXUV
6XQWDDWHEDUHQHJUHvQSDUWHDGHVXV
LGHMRVDHFUDQXOXLLVXELHFWXOHVWH
XRUPULW%DUHOHQHJUHLQGLFIDSWXOF
]RQHOHUHVSHFWLYHQXVXQWvQUHJLVWUDWH
&DGUHOHDDWHvQMXUXOIHHOHORUFDUHVXQW
GHWHFWDWHLQGLFIDSWXOFDFHVWHDVHD
vQUD]DGHIRFDOL]DUH
'XSFHvQFHSHvQUHJLVWUDUHDSXWHLV
OXDLGHJHWXOGHSHEXWRQXOGHOPDUH
)LQDOL]DLvQUHJLVWUDUHD
$SVDLGLQQRXEXWRQXOGHOPDUHLRSULL
vQUHJLVWUDUHD$SDUDWXOYDVFRDWHGRX
ELSXULvQWLPSFHOPDUHDVHRSUHWH
QFHUFDLDSDUDWXO
9L]XDOL]DUH
'XSvQUHJLVWUDUHDGHLPDJLQLVDXOPHOHSXWHLYL]XDOL]DSHHFUDQGXS
FXPXUPHD]
,QWUDLvQPRGXO5HGDUH
$SVDLEXWRQXO>
@
8OWLPDIRWRJUDHHVWHDDW
$OHJHLRLPDJLQH
3HQWUXDYHGHDLPDJLQHDDQWHULRDU
DSVDLEXWRQXO> @3HQWUXDYHGHD
XUPWRDUHDLPDJLQHDSVDLEXWRQXO> @
3HQWUXDDFFHVDPRGXO$DUH'HUXODUH
DSVDLLLQHLDSVDWHEXWRDQHOH> ][ ]
WLPSGHFHOSXLQRVHFXQGQDFHVW
PRGDSVDLEXWRDQHOH> ][ @SHQWUXD
UVIRLSULQWUHLPDJLQL
3HQWUXDYvQWRDUFHODDDUHDXQHL
VLQJXUHLPDJLQLDSVDLEXWRQXO> @
)LOPHOHVXQWLGHQWLFDWHFXDMXWRUXO
@3HQWUXDUHGDOPH
VLPEROXOXL>
PHUJHLODSDVXO
QFHUFDLDSDUDWXO
5HGDLOPH
WHUJHUHDLPDJLQLORU
3XWHLDOHJHLWHUJHSHUkQGLPDJLQLOHQHGRULWH$YHLJULMFkQGWHUJHL
LPDJLQLOHGHRDUHFHDFHVWHDQXSRWUHFXSHUDWH
$OHJHLRLPDJLQHSHFDUHGRULLVR
WHUJHL
$SVDL> ][ @SHQWUXDDOHJHRLPDJLQH
WHUJHLLPDJLQHD
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH> @LDSRLDSVDL
EXWRQXO> @GLQQRX
'XSDDUHDPHVDMXOXL>WHUJHUH"@
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>WHUJHUH@LDUDSRLDSVDLEXWRQXO> @
,PDJLQHDFXUHQWHVWHDFXPWHDUV
3HQWUXDDQXODWHUJHUHDDSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH>$QXODUH@
LDSRLDSVDLEXWRQXO> @
3XWHLVHOHFWDPDLPXOWHLPDJLQLSHQWUXWHUJHUHGHRGDW
=
32
Ghid avansat
,QIRUPDLLGHED]GHVSUHDSDUDW
$OWHRSHUDLXQLGHED]LPDLPXOWHPRGDOLWLGHDYEXFXUDGHDSDUDWXO
GXPQHDYRDVWULQFOXVLYRSLXQLSHQWUXIRWRJUDHUHLUHGDUH
33
3RUQLWRSULW
0RGIRWRJUDHUH
$SVDLEXWRQXO3251,235,7SHQWUXD
SRUQLDSDUDWXOLSHQWUXDYSUHJWLV
IRWRJUDDL
3HQWUXDRSULDSDUDWXODSVDLGLQQRX
EXWRQXO3251,7235,7
0RGUHGDUH
$SVDLEXWRQXO>
@SHQWUXDSRUQL
DSDUDWXOLSHQWUXDSXWHDYHGHD
IRWRJUDLOH
3HQWUXDRSULDSDUDWXODSVDLGLQQRX
@
EXWRQXO>
3HQWUXDWUHFHvQPRGXO5HGDUHGLQPRGXO)RWRJUDHUHDSVDL
@
EXWRQXO>
3HQWUXDWUHFHODPRGXO)RWRJUDHUHGLQPRGXO5HGDUHDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWH=
2ELHFWLYXOYDUHWUDVGXSDSUR[LPDWLYXQPLQXWLPHGLDWFH
DSDUDWXOVHDvQPRGXO5HGDUH3XWHLRSULDSDUDWXODWXQFLFkQG
@
RELHFWLYXOHVWHUHWUDVDSVkQGEXWRQXO>
34
3RUQLWRSULW
)XQFLLGHHFRQRPLVLUHDHQHUJLHL2SULUHDXWRPDW
3HQWUXDHFRQRPLVLEDWHULDDSDUDWXOYDGH]DFWLYDvQPRGDXWRPDW
HFUDQXO$DMRSULWLDSRLVHYDRSULVLQJXUGXSRDQXPLWSHULRDGGH
LQDFWLYLWDWH
(FRQRPLVLUHDHQHUJLHLvQPRGXO)RWRJUDHUH
(FUDQXOHVWHGH]DFWLYDWvQPRGDXWRPDWGXSDSUR[LPDWLYXQPLQXWGH
LQDFWLYLWDWH3HVWHDSUR[LPDWLYGRXPLQXWHRELHFWLYXOHVWHUHWUDVLDU
DSDUDWXOVHRSUHWH3HQWUXDDFWLYDHFUDQXOLSHQWUXDYSUHJWLGH
IRWRJUDHUHFkQGHFUDQXOHVWHRSULWGDURELHFWLYXOHVWHvQFDIDUDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWH=
(FRQRPLVLUHDHQHUJLHLvQPRGXO5HGDUH
$SDUDWXOVHYDRSULDXWRPDWGXSDSUR[LPDWLYFLQFLPLQXWHGHLQDFWLYLWDWH
3XWHLGH]DFWLYDRSULUHDDXWRPDWDDSDUDWXOXLLPRGLFDWLPSXO
SkQVHRSUHWHHFUDQXOGXSFXPGRULL=
&RPHQ]LOHGHLPSULPDUHQXSRWDGXJDWHvQWLPSFHDSDUDWXO
HVWHFRQHFWDWODDOWHGLVSR]LWLYHSULQ:L)L= VDXFkQG
HVWHFRQHFWDWODFDOFXODWRU=
35
%XWRQGHFODQDWRU
3HQWUXDYDVLJXUDFIRWRJUDLOHVXQWFODUHvQFHSHLvQWRWGHDXQDSULQ
DSVDUHDEXWRQXOGHFODQDWRUSkQODMXPWDWHLLPHGLDWFHVXELHFWXO
VHDvQUD]DGHIRFDOL]DUHDSVDLEXWRQXOSkQODFDSWSHQWUXD
IRWRJUDD
QDFHVWPDQXDORSHUDLLOHDIHUHQWHEXWRQXOXLGHFODQDWRUVXQWGHVFULVH
DSVkQGEXWRQXOSkQODMXPWDWH sau SkQODFDSW
$SVDLSkQODMXPWDWH$SVDL
XRUSHQWUXDIRFDOL]D
$SVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWH$SDUDWXOYDVFRDWHGRXELSXUL
LDUFDGUHOHVXQWDDWHvQMXUXO]RQHORU
DDWHvQUD]DGHIRFDOL]DUH
$SVDLSkQODFDSW'LQSR]LLD
GHDSVDUHSkQODMXPWDWHDSVDL
SkQODFDSWSHQWUXDIRWRJUDD
$SDUDWXOYDvQFHSHVIDFIRWRJUDLFkQG
DX]LLVXQHWXOGHFODQDWRUXOXL
LQHLDSDUDWXOQHPLFDWSkQFkQG
VXQHWXOGHFODQDWRUXOXLQXVHPDLDXGH
,PDJLQLOHSRWQHIRFDOL]DWHGDFIRWRJUDDLIUDDSVDPDL
vQWkLSHEXWRQXOGHFODQDWRUSkQODMXPWDWH
'XUDWDUHGULLVXQHWXOXLREWXUDWRUXOXLYDULD]vQIXQFLHGHWLPSXO
QHFHVDUSHQWUXIRWRJUDHUH(VWHSRVLELOVGXUH]HPDLPXOWvQ
FD]XOXQRUVFHQHGHIRWRJUDHUHLDULPDJLQLOHYRUQHFODUHGDF
PLFDLDSDUDWXOVDXGDFVXELHFWXOVHPLFvQDLQWHGHRSULUHD
VXQHWXOXLGHFODQDWRUXOXL
2SLXQLDDUHIRWRJUDH
$SVDLEXWRQXO> @SHQWUXDYHGHDDOWHLQIRUPDLLSHHFUDQVDXSHQWUXD
DVFXQGHLQIRUPDLLOH3HQWUXPDLPXOWHGHWDOLLGHVSUHLQIRUPDLLOHDDWH
FRQVXOWDL,QIRUPDLLSHHFUDQ=
,QIRUPDLLOHVXQWDDWH
1LFLRLQIRUPDLHQXHVWHDDW
/XPLQR]LWDWHDHFUDQXOXLFUHWHDXWRPDWFXDMXWRUXOIXQFLHLGH
DDMQRFWXUQDWXQFLFkQGIRWRJUDDLvQFRQGLLLGHOXPLQR]LWDWH
VF]XWLDUGXPQHDYRDVWUYHLSXWHDUHDOL]DPDLXRU
FRPSXQHUHDIRWRJUDLORU7RWXLHVWHSRVLELOFDOXPLQR]LWDWHD
LPDJLQLORUGHSHHFUDQVQXHDFHHDLFXOXPLQR]LWDWHDGLQ
IRWRJUDLOHGXPQHDYRDVWULQHLFRQWFQLFLRGLVWRUVLRQDUH
GHLPDJLQHVDXPLFDUHQHFODUDXQXLVXELHFWQXYRUDIHFWD
LPDJLQLOHvQUHJLVWUDWH
3HQWUXRSLXQLGHDDUHUHGDUHFRQVXOWDL&RPXWDLPRGXULOHGH
DDUH=
8WLOL]DUHDPHQLXOXL)81&
&RQJXUDLIXQFLLOHGHIRWRJUDHUHIRORVLWHvQPRGRELQXLWFXDMXWRUXO
PHQLXOXL)81&GXSFXPXUPHD]
1XXLWDLFDUWLFROHOHGHPHQLXLRSLXQLOHYDULD]vQIXQFLHGHPRGXOGH
IRWRJUDHUH= VDXPRGXOGHUHGDUH=
$FFHVDLPHQLXO)81&
$SVDLEXWRQXO>
@
$OHJHLXQDUWLFROGLQPHQLX
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQDUWLFROGLQPHQLXLDSRLDSVDL
EXWRQXO> ] sau [ @
2SLXQLGLVSRQLELOHVXQWOLVWDWHOkQJ
DUWLFROHOHGLQPHQLXvQSDUWHDGUHDSW
(2)
(1)
QIXQFLHGHDUWLFROHGLQPHQLXIXQFLLOH
SRWVSHFLFDWHSULQVLPSODDSVDUHD
EXWRDQHORU> ] sau [ @VDXXQDOWHFUDQ
YDDDWSHQWUXFRQJXUDUHDIXQFLHL
6HOHFWDLRRSLXQH
$SVDLEXWRDQHOH>
XQDUWLFRO
][
@SHQWUXDDOHJH
2SLXQLOHHWLFKHWDWHFXVLPEROXO>
]
SRWFRQJXUDWHSULQDSVDUHDEXWRQXOXL
[
@
3HQWUXDUHYHQLODDUWLFROHOHGLQPHQLX
DSVDLEXWRQXO> @
8WLOL]DUHDPHQLXOXL)81&
)LQDOL]DLSURFHVXOGHVHWDUH
$SVDLEXWRQXO>
@
(FUDQXODSUXWvQDLQWHVDSVDL
EXWRQXO> @GHODSDVXOHVWHDDW
GLQQRXLQGLFkQGRSLXQHDSHFDUHDL
FRQJXUDWR
3HQWUXDDQXODRVHWDUHDFFLGHQWDOSXWHLUHYHQLODVHWULOH
LPSOLFLWHDOHDSDUDWXOXL=
8WLOL]DUHDHFUDQXOXLSHQWUXPHQLX
&RQJXUDLRPXOWLWXGLQHGHIXQFLLFXDMXWRUXOHFUDQXOXLSHQWUXPHQLX
GXSFXPXUPHD]$UWLFROHOHGHPHQLXVXQWJUXSDWHvQIXQFLHGH
XWLOLWDWHDDFHVWRUDvQWDEXULSUHFXPIRWRJUDHUH> ], redare [
@LDD
PDLGHSDUWH$WHQLHVHWULOHGLVSRQLELOHYDULD]vQIXQFLHGHPRGXOGH
IRWRJUDHUHVHOHFWDWVDXGHPRGXOGHUHGDUH= =
$FFHVDLHFUDQXOPHQLXOXL
$SVDLEXWRQXO>
@
$OHJHLXQWDE
'HSODVDLEXWRQXOGH]RRPSHQWUXDDOHJH
WDEXO
'XSFHDLDSVDWEXWRDQHOH> ][ ]
SHQWUXDDOHJHXQWDELQLLDOSXWHLWUHFH
GHODXQWDEODDOWXODSVkQGEXWRDQHOH
[ ][ @
8WLOL]DUHDHFUDQXOXLSHQWUXPHQLX
$OHJHLXQDUWLFROGLQPHQLX
$SVDLEXWRDQHOH>
XQDUWLFRO
][
@SHQWUXDDOHJH
3HQWUXDUWLFROHOHGHPHQLXFXRSLXQL
QHDDWHPDLvQWkLDSVDLEXWRQXO> ]
sau [ @SHQWUXDWUHFHGHODXQHFUDQOD
DOWXOLDSRLDSVDLEXWRDQHOH> ][ ]
SHQWUXDVHOHFWDDUWLFROXOGLQPHQLX
3HQWUXDUHYHQLODHFUDQXODQWHULRU
@
DSVDLEXWRQXO>
6HOHFWDLRRSLXQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RRSLXQH
)LQDOL]DLSURFHVXOGHVHWDUH
$SVDLEXWRQXO>
@SHQWUXDUHYHQL
ODHFUDQXODDWvQDLQWHGHDDSVD
@GHODSDVXO
EXWRQXO>
3HQWUXDDQXODRVHWDUHDFFLGHQWDOSXWHLUHYHQLODVHWULOH
LPSOLFLWHDOHDSDUDWXOXL=
7DVWDWXUSHHFUDQ
)RORVLLWDVWDWXUDGHSHHFUDQSHQWUXDLQWURGXFHLQIRUPDLLSHQWUX
FRQH[LXQL:L)L= /XQJLPHDLWLSXOGHLQIRUPDLLSHFDUHOHSXWHL
LQWURGXFHGHSLQGHGHIXQFLDSHFDUHRIRORVLL
,QWURGXFHUHDGHVLPEROXULDOIDQXPHULFH
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHXQFDUDFWHULDSRLDSVDLEXWRQXO
[ @SHQWUXDOLQWURGXFH
'HSODVDUHDFXUVRUXOXL
$OHJHL>
[ @
] sau [
@LDSVDLEXWRQXO
WHUJHUHDVLPEROXULORUDOIDQXPHULFH
$OHJHL> @LDSVDLEXWRQXO>
&DUDFWHUXODQWHULRUYDWHUV
@
&RQUPDUHWH[WLQWURGXVLUHYHQLUHOD
HFUDQXODQWHULRU
$SVDLEXWRQXO>
42
@
$DUHLQGLFDWRU
,QGLFDWRUXOGLQVSDWHOHDSDUDWXOXL= VHYDDSULQGHVDXYDFOLSLvQ
IXQFLHGHVWDWXVXODSDUDWXOXL
&XORDUH
Status
LQGLFDWRU
6WDWXVDSDUDW
3RUQLW
9HUGH
&OLSLUH
&kQGLQGLFDWRUXOYHUGHFOLSHWHQXSRUQLLDSDUDWXOQXGHVFKLGHL
FDSDFXOGHODFDUGXOGHPHPRULHEDWHULHLQXVFXWXUDLDSDUDWXO
GHRDUHFHSXWHLFRPSURPLWHLPDJLQLOHVDXSXWHLGHWHULRUD
DSDUDWXOVDXFDUGXOGHPHPRULH
43
&HDV
3XWHLYHULFDRUDFXUHQW
$SVDLLLQHLDSVDWEXWRQXO>
@
2UDFXUHQWYDDDW
'DFLQHLDSDUDWXOvQSR]LLHYHUWLFDO
vQWLPSFHIRORVLLIXQFLDSHQWUXFHDV
DFHVWDYDDDLPDJLQLOHvQSR]LLH
YHUWLFDO$SVDLEXWRDQHOH> ][ @SHQWUX
DVFKLPEDFXORDUHDDDMXOXL
$SVDLEXWRQXO> @GLQQRXSHQWUXD
DQXODDDUHDFHDVXOXL
&kQGDSDUDWXOHVWHRSULWDSVDLLLQHLDSVDWEXWRQXO>
DSVDLEXWRQXOGHSRUQLUHSHQWUXDDUHDFHDVXOXL
44
@DSRL
0RG$XWR
0RGKLEULGDXWR
8QPRGFRQYHQDELOSHQWUXUHDOL]DUHDGHIRWRJUDLIDFLODYkQGXQFRQWURO
PDLEXQDVXSUDPRGXOXLGHIRWRJUDHUH
45
)RWRJUDHUHFXVHWULVWDELOLWHGH
DSDUDW
3HQWUXVHOHFWDUHDWRWDOLDXWRPDWDVHWULORURSWLPHSHQWUXDQXPLWH
VFHQHQXWUHEXLHGHFkWVOVDLDSDUDWXOVVWDELOHDVFVXELHFWXOL
FRQGLLLOHGHIRWRJUDHUH
)RWRJUDHUH6PDUW$XWR
)RWRJUDILL
)LOPH
3RUQLLDSDUDWXO
$SVDLEXWRQXO3251,7235,7
(FUDQXOGHSRUQLUHHVWHDDW
,QWUDLvQPRGXO>
@
6HWDLFRPXWDWRUXOSHQWUXPRGOD>
@
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
@LDSRL
[ ][ @SHQWUXDDOHJH>
DSVDLEXWRQXO> @GLQQRX
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[
@LDSRLDSVDLEXWRQXO> @
QGUHSWDLDSDUDWXOFWUHXQVXELHFW
$SDUDWXOYDVFRDWHXQVXQHWGLVFUHWvQ
WLPSFHVWDELOHWHVFHQD
6LPEROXULOHFDUHUHSUH]LQWPRGXO
VFHQHLPRGXOGHVWDELOL]DUHLPDJLQH
VXQWDDWHvQSDUWHDGHVXVGUHDSWDD
HFUDQXOXL= 53, =
&DGUHOHDDWHvQMXUXOIHHOHORUFDUHVXQW
GHWHFWDWHLQGLFIDSWXOFDFHVWHDVHD
vQUD]DGHIRFDOL]DUH
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
(1)
&RPSXQHLIRWRJUDD
3HQWUXDIDFH]RRPVDXDPULVXELHFWXO
GHSODVDLEXWRQXOGH]RRPFWUH
[ @WHOHIRWRLvQGHSUWDLVXELHFWXOFX
DMXWRUXO]RRPXOXLGHSODVkQGXOFWUH> ]
XQJKLZLGH%DUD]RRPFDUHLQGLF
SR]LLD]RRPXOXLHVWHDDW
3HQWUXDIDFH]RRPLQVDXRXWUDSLG
PLFDLEXWRQXO]RRPSkQODFDSWFWUH
[ @WHOHVDX> @ZLGHLSHQWUXD
IDFH]RRPLQVDXRXWvQFHWPXWDLEXWRQXO
SXLQvQGLUHFLDGRULW
)RWRJUDDL
5HDOL]DUHDGHIRWRJUDL
)RFDOL]DL
$SVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWH$SDUDWXOYDIDFHELSGHGRXRUL
GXSIRFDOL]DUHLDUFDGUHOHVXQWDDWH
SHQWUXDLQGLFD]RQHOHGLQLPDJLQHFDUH
VXQWIRFDOL]DWH
'LYHUVHFDGUH$)VXQWDDWHDWXQFL
FkQGPDLPXOWH]RQHVHDvQUD]DGH
IRFDOL]DUH
'DFPHVDMXO>5LGLFDLEOLXO@DSDUHSH
HFUDQGHSODVDLFRPXWDWRUXO> @SHQWUXD
ULGLFDEOLXO$FHVWDVHYDGHFODQDFkQG
IRWRJUDDL'DFSUHIHUDLVQXIRORVLL
EOLXOvPSLQJHLOvQMRVFXGHJHWXOvQVSUH
DSDUDW
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
)RWRJUDDL
$SVDLEXWRQXOGHFODQDWRUSkQODFDSW
QWLPSFHIRWRJUDDLVHYDDX]LVXQHWXO
EXWRQXOXLGHFODQDWRULDUvQFRQGLLL
GHOXPLQR]LWDWHVF]XWEOLXOVHYD
GHFODQDvQPRGDXWRPDW
LQHLDSDUDWXOQHPLFDWSkQFkQG
VXQHWXOGHFODQDWRUXOXLQXVHPDLDXGH
'XSFHDDLIRWRJUDDDSDUDWXOYD
UHYHQLODHFUDQXOGHIRWRJUDHUH
)LOPDUH
QFHSHLvQUHJLVWUDUHD
(1)
$SVDLEXWRQXOSHQWUXOPDUH$SDUDWXOYD
HPLWHXQELSFkQGvQFHSHvQUHJLVWUDUHDLDU
PHVDMXO> 5HF@YDLQGLFDWLPSXOVFXUV
6XQWDDWHEDUHQHJUHvQSDUWHDGHVXV
LGHMRVDHFUDQXOXLLVXELHFWXOHVWH
XRUPULW%DUHOHQHJUHLQGLFIDSWXOF
]RQHOHUHVSHFWLYHQXVXQWvQUHJLVWUDWH
&DGUHOHDDWHvQMXUXOIHHOHORUFDUHVXQW
GHWHFWDWHLQGLFIDSWXOFDFHVWHDVHD
vQUD]DGHIRFDOL]DUH
'XSFHvQFHSHvQUHJLVWUDUHDSXWHLV
OXDLGHJHWXOGHSHEXWRQXOGHOPDUH
5HGLPHQVLRQDLVXELHFWXOL
UHFRPSXQHLFDGUXOGXSFXPGRULL
3HQWUXDUHGLPHQVLRQDVXELHFWXOSURFHGDL
ODIHOFDODSDVXO7RWXLVXQHWXOUHDOL]DWGH
IXQFLRQDUHDDSDUDWXOXLYDvQUHJLVWUDW7RWXL
QRWDLFOPHOHUHDOL]DWHFXYDORULOHGH]RRP
DDWHFXDOEDVWUXYRUDYHDDVSHFWJUDQXODW
$WXQFLFkQGUHFRPSXQHLIRWRJUDLOH
IRFDOL]DUHDOXPLQR]LWDWHDLFXORULOHYRU
UHJODWHvQPRGDXWRPDW
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
)LQDOL]DLvQUHJLVWUDUHD
$SVDLGLQQRXEXWRQXOGHOPDUHLRSULL
vQUHJLVWUDUHD$SDUDWXOYDVFRDWHGRX
ELSXULvQWLPSFHOPDUHDVHRSUHWH
QUHJLVWUDUHDVHYDRSULvQPRGDXWRPDW
DWXQFLFkQGFDUGXOGHPHPRULHHVWHSOLQ
)RWRJUDHUHvQPRGXOKLEULGDXWR
)RWRJUDILL
)LOPH
3XWHLUHDOL]DXQOPVFXUWDOXQHL]LOHSXULVLPSOXSULQUHDOL]DUHDGH
IRWRJUDL$SDUDWXOvQUHJLVWUHD]XQFOLSGHVHFXQGHvQDLQWHGH
HFDUHIRWRJUDHFDUHDSRLVXQWFRPELQDWHvQWUXQOPGLJHVW
,QWUDLvQPRGXO>
@
6HWDLFRPXWDWRUXOSHQWUXPRGOD>
@
&RPSXQHLIRWRJUDD
8UPDLSDLLGHOD)RWRJUDHUH
6PDUW$XWR= SHQWUXDvQFDGUD
LDUHDOL]DIRWRJUDD
3HQWUXOPHGLJHVWLPSUHVLRQDQWH
vQGUHSWDLDSDUDWXOFWUHVXELHFWFX
DSUR[LPDWLYSDWUXVHFXQGHvQDLQWHGH
IRWRJUDHUH
)RWRJUDDL
8UPDLSDVXOGHOD)RWRJUDHUH6PDUW
$XWR= SHQWUXDIRWRJUDD
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
$SDUDWXOvQUHJLVWUHD]DWkWRIRWRJUDH
FkWLXQFOLSYLGHR&OLSXOFDUHVHWHUPLQ
FXIRWRJUDDLFXVXQHWXOREWXUDWRUXOXL
IRUPHD]XQVLQJXUFDSLWROvQOPXOGLJHVW
'XUDWDGHYLDDEDWHULHLHVWHPDLPLFvQDFHVWPRGGHFkWvQ
@GHRDUHFHFOLSXULOHVXQWvQUHJLVWUDWHSHQWUXHFDUH
PRGXO>
IRWRJUDH
)LOPHOHUH]XPDWQXYRUSXWHDvQUHJLVWUDWHGDFUHDOL]DLR
]
IRWRJUDHLPHGLDWFHDLSRUQLWDSDUDWXOGDFDOHJHLPRGXO>
VDXGDFIRORVLLDSDUDWXOvQDOWHPRGXUL
6XQHWHOHGHRSHUDUHDOHDSDUDWXOXLYRUvQUHJLVWUDWHvQOPXOUH]XPDW
&DOLWDWHDOPXOXLGLJHVWHVWH> @LQXSRDWHVFKLPEDW
6XQHWHOHQXVXQWUHGDWHGDFDSVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWHVDXSRUQLLDXWRGHFODQDWRUXO
&OLSXULOHVXQWVDOYDWHFDLHUHGHOPHVHSDUDWHvQXUPWRDUHOHFD]XUL
@
FKLDUGDFDFHVWHDDXIRVWvQUHJLVWUDWHvQDFHHDL]LvQPRGXO>
'DFGLPHQVLXQHDXQXLOPXOXLUH]XPDWDWLQJHDSUR[LPDWLY
*%VDXWLPSXOGHvQUHJLVWUDUHWRWDODMXQJHODDSUR[GH
PLQXWHLGHVHFXQGH
)LOPXOUH]XPDWHVWHSURWHMDW=
6HWULOHRUGHYDU= VDXIXVRUDU= 222) sunt
VFKLPEDWH
(VWHFUHDWXQGLUHFWRUQRX=
6XQHWHOHREWXUDWRUXOXLvQUHJLVWUDWHQXSRWPRGLFDWHVDXWHUVH
'DFSUHIHUDLVvQUHJLVWUDLOPHGLJHVWIUIRWRJUDLUHJODL
VHWDUHDvQDLQWH$OHJHL0(18= !WDE> @!>7LS'LJHVW@
!>)UIRWRJUDL@=
&DSLWROHOHLQGLYLGXDOHSRWHGLWDWH=
5HGDUHOPHUH]XPDW'LJHVW
$DLRIRWRJUDHUHDOL]DWvQPRGXO> @SHQWUXDUHGDOPXOGLJHVW
UHDOL]DWvQDFHHDL]LVDXVSHFLFDLGDWDOPXOXLGLJHVWSHFDUHGRULLVvO
UHGDL=
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
)RWRJUDL)LOPH
'DFDSDUDWXOHVWHSRUQLWvQWLPSFHLQHLDSVDWEXWRQXO> ],
VXQHWHOHYRUGH]DFWLYDWH3HQWUXDDFWLYDVXQHWHOHGLQQRX
@LDOHJHL>0XWH@GLQWDEXO> @LDSRL
DSVDLEXWRQXO>
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH>2SULW@
8QVLPEROLQWHUPLWHQW>
@YYDDYHUWL]DFHVWHIRDUWHSUREDELO
)RWRJUDL
FDLPDJLQLOHVHGLVWRUVLRQDWHGLQFDX]DWUHPXUXOXLDSDUDWXOXL
QDFHVWFD]DH]DLDSDUDWXOSHXQWUHSLHGVDXOXDLDOWHPVXUL
SHQWUXDOPHQLQHQHPLFDW
'DFIRWRJUDLOHVXQWvQWXQHFDWHGHLEOLXOVHGHFODQHD]
DSURSLDLYPDLPXOWGHVXELHFW3HQWUXGHWDOLLUHIHULWRDUHODUD]D
EOLXOXLFRQVXOWDL,QWHUYDOEOL=
(VWHSRVLELOFDVXELHFWXOVHSUHDDSURDSHGDFDSDUDWXOHPLWH
XQVLQJXUELSDWXQFLFkQGEXWRQXOGHFODQDWRUHVWHDSVDWSkQOD
MXPWDWH3HQWUXGHWDOLLGHVSUHLQWHUYDOXOGHIRFDOL]DUHLQWHUYDOXO
GHIRWRJUDHUHYH]L,QWHUYDOGHIRWRJUDHUH=
3HQWUXDUHGXFHHIHFWXOGHRFKLURLLLSHQWUXDDMXWDIRFDOL]DUHD
OXPLQDSRDWHDFWLYDWFkQGIRWRJUDDLvQFRQGLLLGHOXPLQR]LWDWH
VF]XW
6LPEROXO> @FDUHFOLSHWHDDWFkQGvQFHUFDLVIRWRJUDDL
LQGLFIDSWXOFQXSXWHLIDFHIRWRJUDLSkQFkQGEOLXOQXHVWH
vQFUFDWFRPSOHW3XWHLIRWRJUDDGLQQRXLPHGLDWFHEOLXOHVWH
SUHJWLWGHFLDSVDLEXWRQXOGHFODQDWRUSkQODFDSWVDXGDLL
GUXPXOLDSVDLOGLQQRX
'HLSXWHLIRWRJUDDGLQQRXvQDLQWHGHDDDWHFUDQXOGH
IRWRJUDHUHHVWHSRVLELOFDIRFDOL]DUHDOXPLQR]LWDWHDLFXORULOH
VHGHWHUPLQDWHGHIRWRJUDDDQWHULRDU
3XWHLPRGLFDGXUDWDGHDDUHDLPDJLQLORUGXSFHIRWRJUDDL
=
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
)LOPH
QDLQWHGHDUHDOL]DXQOPFRERUkLEOLXOFXGHJHWXO$YHLJULM
VQXDWLQJHLPLFURIRQXOFkQGOPDL'DFOVDLEOLXOULGLFDW
VDXGDFEORFDLPLFURIRQXOHVWHSRVLELOFDVXQHWXOVQXVH
vQUHJLVWUH]HVDXHVWHSRVLELOFDDFHVWDVHvQUHJLVWUDWQHFODU
(1)
(YLWDLDWLQJHUHDDOWRUFRPHQ]LDOHDSDUDWXOXLvQDIDUGHEXWRQXO
GHOPDUHDWXQFLFkQGOPDLGHRDUHFHVXQHWHOHHPLVHGHDSDUDW
YRUvQUHJLVWUDWH
'XSvQFHSHUHDOPULL]RQDDDWDLPDJLQLLVHVFKLPEL
VXELHFWHOHVXQWPULWHSHQWUXDSHUPLWHFRUHFWDUHDPLFULORU
DSDUDWXOXL3HQWUXDFDSWXUDVXELHFLLODDFHHDLGLPHQVLXQHFD
FHDGHGLQDLQWHPRGLFDLVHWDUHDGHVWDELOL]DUH=
QUHJLVWUDUHDDXGLRHVWHPRQRDXUDO
52
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
6LPEROXULVFHQH
)RWRJUDILL
)LOPH
@VFHQHOHVWDELOLWHGHDSDUDWVXQWLQGLFDWHGH
QPRGXULOH> @L>
VLPEROXODDWLVHWULOHFRUHVSXQ]WRDUHVXQWVHOHFWDWHDXWRPDWSHQWUX
IRFDOL]DUHDXWRPDWOXPLQR]LWDWHDVXELHFWXOXLLFXORDUH
&kQGIRWRJUDDLRDPHQL
Fundal
2DPHQL
n
PLFDUH
8PEUHSH
ID
&XORDUHD
de fundal a
VLPEROXOXL
/XPLQRV
/XPLQDWGLQVSDWH
VDXFXUHH[LL
&XFHUDOEDVWUX
&HUDOEDVWUXL
OXPLQDWGLQVSDWH
*UL
$OEDVWUX
GHVFKLV
5HHFWRDUH
QWXQHFDW
QWXQHFDW
IRORVLQGWUHSLHG
$OEDVWUX
vQFKLV
53
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
&kQGIRWRJUDDLDOLVXELHFL
Fundal
Alte
VXELHFWH
n
PLFDUH
n
DSURSLHUH
&XORDUHD
de fundal a
VLPEROXOXL
/XPLQRV
*UL
/XPLQDWGLQVSDWH
VDXFXUHH[LL
&XFHUDOEDVWUX
$OEDVWUX
GHVFKLV
&HUDOEDVWUXL
OXPLQDWGLQVSDWH
$SXV
3RUWRFDOLX
5HHFWRDUH
QWXQHFDW
QWXQHFDW
IRORVLQGWUHSLHG
$OEDVWUX
vQFKLV
1XVHDHD]SHQWUXOPH
$DWvQVFHQHvQWXQHFDWHFkQGDSDUDWXOHVWHLQXWQHPLFDWFDLFXPDU
DH]DWSHXQWUHSLHG
QFHUFDLVIRWRJUDDLvQPRGXO> @= GDFVLPEROXO
VFHQHLQXVHSRWULYHWHFXFRQGLLLOHGHIRWRJUDHUHHIHFWLYHVDX
GDFQXSXWHLIRWRJUDDFXHIHFWHOHFXORULOHVDXOXPLQR]LWDWHDSH
FDUHOHGRULL
54
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
6LPEROXULSHQWUXVWDELOL]DUHDLPDJLQLL
)RWRJUDILL
)LOPH
6WDELOL]DUHDRSWLPDLPDJLQLORUSHQWUXFRQGLLOHGHIRWRJUDHUHHVWH
DFWLYDWvQPRGDXWRPDW,6LQWHOLJHQWQSOXVXUPWRDUHOHVLPEROXULVXQW
@
DDWHvQPRGXULOH> @L>
6WDELOL]DUHDLPDJLQLLSHQWUXIRWRJUDL1RUPDO
6WDELOL]DUHDLPDJLQLLSHQWUXIRWRJUDLFkQGIDFHLSDQQLQJ
3DQQLQJ
6WDELOL]DUHDLPDJLQLLSHQWUXIRWRJUDLPDFURQWLPSXOOPULL>
]
HVWHDDWLHVWHIRORVLWVWDELOL]DUHDLPDJLQLLSHQWUXOPDUHD
PDFUR,6KLEULG
6WDELOL]DUHDLPDJLQLLSHQWUXOPHFXHIHFWGHUHGXFHUHD
WUHPXUXOXLDSDUDWXOXLVSUHH[HPSOXDWXQFLFkQGOPDLvQWLPSFH
YGHSODVDLGLQDPLF
6WDELOL]DUHDLPDJLQLLSHQWUXWUHPXUVXEWLODODSDUDWXOXLGH
H[HPSOXDWXQFLFkQGOPDLFXWHOHIRWR3RZHUHG
)UVWDELOL]DUHDLPDJLQLLGHRDUHFHDSDUDWXOHVWHPRQWDWSHXQ
WUHSLHGVDXLQXWQHPLFDWSULQDOWHPLMORDFH2ULFXPvQWLPSXO
OPULL> @HVWHDDWLHVWHIRORVLWVWDELOL]DUHDLPDJLQLLSHQWUX
DFRQWUDFDUHYLEUDLLOHSURGXVHGHYkQWVDXDOWHVXUVHGHYLEUDLL
,6WUHSLHG
$DWFkQGIDFHLSDQQLQJXUPULQGVXELHFWHOHvQPLFDUHFXDSDUDWXO&kQG
XUPULLVXELHFWHFDUHVHGHSODVHD]SHRUL]RQWDOVWDELOL]DUHDLPDJLQLLUHGXFH
GRDUWUHPXUXOYHUWLFDODODSDUDWXOXLLDUVWDELOL]DUHDRUL]RQWDOVHRSUHWHQPRG
VLPLODUFkQGXUPULLVXELHFWHOHFDUHVHGHSODVHD]SHYHUWLFDOVWDELOL]DUHD
LPDJLQLLUHGXFHGRDUWUHPXUXORUL]RQWDODODSDUDWXOXL
3HQWUXDDQXODVWDELOL]DUHDLPDJLQLLVHWDL>0RG,6@OD>2SULW@
= QDFHVWFD]VLPEROXO,6QXYDDDW
@VLPEROXO>
@QXHVWHDDW
QPRGXO>
55
)RWRJUDHUHFXVHWULVWDELOLWHGHDSDUDW
&DGUHSHHFUDQ
)RWRJUDILL
)LOPH
@PDLPXOWHFDGUHYRUDDWHGHvQGDWFHDSDUDWXO
QPRGXO>
GHWHFWHD]VXELHFWHOHFWUHFDUHDLvQGUHSWDWDSDUDWXO
8QFDGUXDOEDSDUHvQMXUXOVXELHFWXOXLVDXDOIHHLXQHLSHUVRDQH
SHFDUHDSDUDWXOvOVWDELOHWHFDLQGVXELHFWXOSULQFLSDOLDUFDGUHOHGH
FXORDUHJULVXQWDDWHvQMXUXODOWRUIHHGHWHFWDWH&DGUHOHXUPHD]
VXELHFWHOHvQPLFDUHDDWHODRDQXPLWGLVWDQSHQWUXDOHSVWUDvQ
UD]DGHIRFDOL]DUH
7RWXLGDFDSDUDWXOGHWHFWHD]GHSODVDUHDXQXLVXELHFWGRDUFDGUXO
DOEYDUPkQHSHHFUDQ
$WXQFLFkQGDSVDLEXWRQXOGHFODQDWRUSkQODFDSWLDUDSDUDWXO
GHWHFWHD]GHSODVDUHDXQXLVXELHFWXQFDGUXDOEDVWUXYDDDWLDU
IRFDOL]DUHDLOXPLQR]LWDWHDLPDJLQLLVXQWUHJODWHFRQVWDQW6HUYR$)
QFHUFDLVIRWRJUDDLvQPRGXO> @= GDFQXHVWH
DDWQLFLXQFDGUXvQFD]XOvQFDUHFDGUHOHQXVXQWDDWHvQMXUXO
VXELHFWHORUGRULWHVDXvQFD]XOvQFDUHFDGUHOHVXQWDDWHSH
IXQGDOVDXvQ]RQHOHVLPLODUH
&DUDFWHULVWLFLFRPXQHX]XDOH
)RFDOL]DUHFkWPDLDSURDSHSHVXELHFWH=RRPGLJLWDO
)RWRJUDILL
)LOPH
$WXQFLFkQGVXELHFWHOHVXQWSUHDGHSDUWHSHQWUXDPULIRORVLQG]RRPXO
RSWLFIRORVLL]RRPXOGLJLWDOSHQWUXDPULSkQODDSUR[LPDWLY[
'HSODVDLEXWRQXOGH]RRPFWUH
> @
LQHLDSVDWEXWRQXOSkQODRSULUHD
]RRPXOXL
=RRPXOVHRSUHWHDWXQFLFkQGHVWH
DWLQVFHDPDLPDUHYDORDUHvQDLQWHFD
LPDJLQHDVGHYLQJUDQXODWFDUHHVWH
DWXQFLLQGLFDWSHHFUDQ
(1)
'HSODVDLGLQQRXEXWRQXOGH]RRP
FWUH> @
HVWHIDFWRUXOGH]RRPDFWXDO
=RRPXOYDDSURSLDLPDLPXOWVXELHFWXO
'DFGHSODVDLEXWRQXOGH]RRPEDUDGH]RRPYDDDWFDUH
LQGLFSR]LLD]RRPXOXL&XORDUHDEDUHLGH]RRPVHYDVFKLPED
vQIXQFLHGHLQWHUYDOXOGH]RRP
,QWHUYDODOEGLVWDQ]RRPRSWLFFkQGLPDJLQHDQXDSDUHJUDQXODW
,QWHUYDOJDOEHQGLVWDQ]RRPGLJLWDOFkQGLPDJLQHDQXHVWH
JUDQXODWvQPRGHYLGHQW=RRP3OXV
,QWHUYDODOEDVWUXGLVWDQ]RRPGLJLWDOFkQGLPDJLQHDDSDUHJUDQXODW
'HRDUHFHLQWHUYDOXODOEDVWUXQXHVWHGLVSRQLELOODDQXPLWHVHWUL
GHUH]ROXLH= SXWHLRELQH]RRPPD[LPXUPkQGSDVXO
&DUDFWHULVWLFLFRPXQHX]XDOH
3HQWUXDGH]DFWLYD]RRPXOGLJLWDODOHJHL0(18= !WDE
[ @!>=RRP'LJLWDO@!>2SULW@
=RRPvQPRGDXWRPDWSHPVXUFHVXELHFWXOVH
PLF$XWR=RRP
)RWRJUDILL
)LOPH
$SDUDWXOIDFH]RRPDXWRPDWSHQWUXDSVWUDRIDGHWHFWDW= OD
RGLPHQVLXQHFRQVWDQWSHHFUDQ'DFSHUVRDQDVHDSURSLHDSDUDWXOYD
IDFHDXWRPDW]RRPRXWLLQYHUV
,QWUDLvQPRGXO$XWR=RRP
$SVDLEXWRQXO>
[
@
@HVWHDDW
(VWHDDWXQFDGUXDOEvQMXUXOIHHL
GHWHFWDWHLDSDUDWXOIDFH]RRPLQLRXW
DXWRPDWSHQWUXDSVWUDVXELHFWXOSH
HFUDQ
'DFHVWHGHWHFWDWPDLPXOWGHRID
XQFDGUXDOEDSDUHvQMXUXOVXELHFWXOXL
SULQFLSDOLDUFDGUHOHGHFXORDUHJULVXQW
DDWHvQMXUXODPD[LPvQFGRXIHH
$SDUDWXOIDFH]RRPLQLRXWDXWRPDW
SHQWUXDSVWUDVXELHFWXOSHHFUDQ
)RWRJUDDL
&KLDULGXSFHDLIRWRJUDDWFDGUXO
YDFRQWLQXDVHDDWLDUDSDUDWXOYD
FRQWLQXDVIDF]RRPDXWRPDW
$SVDLEXWRQXO> @GLQQRX>
] este
DDWL$XWR=RRPHVWHGH]DFWLYDW
&DUDFWHULVWLFLFRPXQHX]XDOH
(VWHSRVLELOFDIHHOHVQXHGHWHFWDWHODDQXPLWHYDORUL]RRP
VDXGDFSHUVRDQDDUHFDSXOvQFOLQDWVDXQXVHXLWGLUHFWOD
DSDUDW
3XWHLIDFH]RRPFXEXWRQXOGH]RRPGDUQLYHOXOGH]RRPRULJLQDO
YDUHVWDELOLWODFkWHYDVHFXQGHGXSFHHOLEHUDLEXWRQXOGH
]RRP
$XWR=RRPHVWHGH]DFWLYDWvQXUPWRDUHOHVLWXDLL
&kQGHVWHPRGLFDWPRGXOGHvQUHJLVWUDUH
@EXWRQXOOPDUHVDX> ]
&kQGHVWHDSVDWEXWRXO>
&kQGDSVDL> @vQWLPSFHEOLXOHVWHULGLFDW
'DFSHUVRDQDDFUHLIDHVWHGHWHFWDWVHPLFVSUH
PDUJLQHDHFUDQXOXLDSDUDWXOIDFH]RRPRXWSHQWUXFDSHUVRDQD
VUPkQvQLPDJLQH
1XSXWHLVFKLPED]RRPXOGXSFHDLDSVDWEXWRQXO
GHFODQDWRUSkQODFDSWvQPRGXODXWRGHFODQDWRU=
3HQWUXDDDVXELHFWXOSHHFUDQvQPRGFRQVWDQWFkQGDFHVWDVH
PLFVDXvQDQXPLWHFRQGLLLGHIRWRJUDHUHHSRVLELOFDIDDV
QXHDDWODRGLPHQVLXQHFRQVWDQW
&kQGQXHVWHGHWHFWDWQLFLRIDDSDUDWXOIDFH]RRPSkQODXQ
DQXPLWQLYHOLDSRLVHRSUHWHGLQ]RRPSkQFHHVWHGHWHFWDW
RID
&DUDFWHULVWLFLFRPXQHX]XDOH
8WLOL]DUHDDXWRGHFODQDWRUXOXL
)RWRJUDILL
)LOPH
&XDMXWRUXODXWRGHFODQDWRUXOXLSXWHLVDSUHLLGXPQHDYRDVWU
vQIRWRJUDLOHGHJUXSVDXvQDOWHIRWRJUDLIFXWHFXDXWRGHFODQDUH
$SDUDWXOYDIDFHRIRWRJUDHODDSUR[LPDWLYVHFXQGHGXSFHDLDSVDW
EXWRQXOGHFODQDWRU
&RQJXUDLVHWDUHD
$SVDLEXWRQXO> @DOHJHL>
LDSRLDOHJHL> @=
@vQPHQLX
'XSFHDLHIHFWXDWVHWDUHD>
DDW
@YD
&DUDFWHULVWLFLFRPXQHX]XDOH
)RWRJUDDL
3HQWUXIRWRJUDL$SVDLEXWRQXO
GHFODQDWRUSkQODMXPWDWHSHQWUXD
IRFDOL]DSHVXELHFWLDUDSRLDSVDLOSkQ
ODFDSW
3HQWUXOPH$SVDLEXWRQXOSHQWUX
OPDUH
'XSFHDLSRUQLWFURQRPHWUXOOXPLQD
YDFOLSLLDUDSDUDWXOYDHPLWHXQVXQHW
VSHFLFDXWRGHFODQDWRUXOXL
&XGRXVHFXQGHvQDLQWHGHUHDOL]DUHD
IRWRJUDHLFOLSLWXOLVXQHWXOVHYRU
LQWHQVLFD/XPLQDYDUPkQHDSULQVvQ
FD]XOvQFDUHVHGHFODQHD]EOLXO
3HQWUXDDQXODIRWRJUDHUHDGXSFHDL
DFWLYDWDXWRGHFODQDWRUXODSVDLEXWRQXO
@
[
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
DOHJHL> @ODSDVXO
8WLOL]DUHDDXWRGHFODQDWRUXOXLSWDSUHYHQLPLFDUHDDSDUDWXOXL
)RWRJUDILL
)LOPH
$FHDVWRSLXQHvQWkU]LHDFLXQHDGHFODQDWRUXOXLFXDSUR[LPDWLYGRX
VHFXQGHGXSFHDLDSVDWEXWRQXOGHFODQDWRU'DFDSDUDWXOQXVW[
vQWLPSFHDSVDLEXWRQXOGHFODQDWRUDFHVWOXFUXQXYDDIHFWDIRWRJUDD
UHDOL]DW
8UPDLSDVXOGHOD8WLOL]DUH
DXWRGHFODQDWRU= LDOHJHL> @
'XSFHDLHIHFWXDWVHWDUHD> @YD
DDW
8UPDLSDVXOGHOD8WLOL]DUH
DXWRGHFODQDWRU= SHQWUXD
IRWRJUDD
&DUDFWHULVWLFLFRPXQHX]XDOH
3HUVRQDOL]DUHDDXWRGHFODQDWRUXOXL
)RWRJUDILL
)LOPH
$OHJHL> @
8UPDLSDVXOGHOD8WLOL]DUH
DXWRGHFODQDWRU= DOHJHL>
@
DSVDLEXWRQXO>
@L
&RQJXUDLVHWDUHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
vQWkU]LHUHDVDXQXPUXOGHFDGUH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
YDORDUHLDSRLDSVDLEXWRQXO> @
'XSFHDLHIHFWXDWVHWDUHD> @YDDDW
8UPDLSDVXOGHOD8WLOL]DUH
DXWRGHFODQDWRU= SHQWUXD
IRWRJUDD
3HQWUXOPHUHDOL]DWHFXDMXWRUXOGHFODQDWRUXOXLVHWDUHDGH
DPkQDUHUHSUH]LQWWLPSXOGLQDLQWHVvQFHDSvQUHJLVWUDUHDGDU
VHWDUHDIRWRJUDLQXDUHQLFLXQHIHFW
'DFVSHFLFDLPDLPXOWHIRWRJUDLOXPLQR]LWDWHDLPDJLQLLLQLYHOXO
GHDOEYRUGHWHUPLQDWHGHSULPDIRWRJUDH(VWHQHYRLHGHPDL
PXOWWLPSvQWUHUHDOL]DUHDDGRXIRWRJUDLDWXQFLFkQGEOLXOVH
GHFODQHD]VDXFkQGDLVSHFLFDWFUHDOL]DLPDLPXOWHIRWRJUDL
)RWRJUDHUHDVHYDRSULDXWRPDWFkQGFDUGXOGHPHPRULHHVWHSOLQ
$WXQFLFkQGHVWHVSHFLFDWRvQWkU]LHUHPDLPDUHGHGRXVHFXQGH
FXGRXVHFXQGHvQDLQWHGHUHDOL]DUHDIRWRJUDHLOXPLQDFDUH
FOLSHWHLVXQHWXODXWRGHFODQDWRUXOXLVHYRULQWHQVLFD/XPLQDYD
UPkQHDSULQVvQFD]XOvQFDUHVHGHFODQHD]EOLXO
&DUDFWHULVWLFLFRPXQHX]XDOH
$GXJDUHDXQHLWDPSLOHFXGDW
)RWRJUDILL
)LOPH
$SDUDWXOSRDWHDGXJDGDWDLRUDGHIRWRJUDHUHSHLPDJLQLvQFROXOGLQ
GUHDSWDMRV
7RWXLHVWHELQHGHWLXWFWDPSLOHOHFXGDWHQXSRWHGLWDWHVDXWHUVH
DDGDUFRQUPDLvQDLQWHFGDWDLRUDVXQWFRUHFWH=
&RQJXUDLVHWDUHD
$SVDLEXWRQXO>
@DOHJHL
>WDPSLOGDW @GHODWDEXO> @LDSRL
DOHJHLRSLXQHDGRULW=
'XSFHDLHIHFWXDWVHWDUHD>
DDW
@YD
)RWRJUDDL
3HPVXUFHIRWRJUDDLDSDUDWXO
DGDXJGDWDGHIRWRJUDHUHVDXRUDvQ
FROXOGHMRVGUHDSWDDOLPDJLQLORU
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
DOHJHL>2SULW@ODSDVXO
WDPSLOHOHFXGDWHQXSRWHGLWDWHVDXWHUVH
&DUDFWHULVWLFLFRPXQHX]XDOH
)RWRJUDLOHUHDOL]DWHIUDGXJDUHDXQHLWDPSLOHFXGDWSRW
LPSULPDQWHFXWDPSLOGXSFXPXUPHD]
7RWXLDGXJDUHDGDWHLLDRUHLODLPDJLQLOHFDUHFRQLQGHMD
DFHVWHLQIRUPDLLYDDYHDFDUH]XOWDWLPSULPDUHDDFHVWRULQIRUPDLL
GHGRXRUL
,PSULPDLIRORVLQGIXQFLLOHLPSULPDQWHL=
)RORVLLVHWULOH'32)GHLPSULPDUH= SHQWUXDLPSULPD
)RWRJUDHUHFRQWLQX
)RWRJUDILL
)LOPH
QPRGXO>
@LQHLEXWRQXOGHFODQDWRUDSVDWSkQODFDSWSHQWUXD
IRWRJUDDFRQWLQXX
3HQWUXPDLPXOWHGHWDOLLUHIHULWRDUHODYLWH]DGHIRWRJUDHUHYH]L9LWH]
IRWRJUDHUHFRQWLQX
&RQJXUDLVHWDUHD
$SVDLEXWRQXO> @DOHJHL>
LDSRLDOHJHL> @=
@vQPHQLX
'XSFHDLHIHFWXDWVHWDUHD>
DDW
@YD
)RWRJUDDL
$SVDLEXWRQXOGHFODQDWRUSkQOD
FDSWSHQWUXDIRWRJUDD
&DUDFWHULVWLFLFRPXQHX]XDOH
QWLPSXOIRWRJUDHULLFRQWLQXHIRFDOL]DUHDH[SXQHUHDLFXORDUHD
VXQWEORFDWHvQSR]LLDODQLYHOXOVWDELOLWDWXQFLFkQGDSVDLEXWRQXO
GHFODQDWRUSkQODMXPWDWH
1XSRDWHIRORVLWFXDXWRGHFODQDWRU=
)RWRJUDHUHDSRDWHRSULWWHPSRUDULIRWRJUDHUHDvQUDIDO
SRDWHvQFHWLQLWvQIXQFLHGHFRQGLLLOHGHIRWRJUDHUHGH
VHWULOHDSDUDWXOXLLGHSR]LLD]RRPXOXL
3HPVXUFHIDFHLPDLPXOWHIRWRJUDLSURFHVXOGHIRWRJUDHUH
SRDWHvQFHWLQLW
)RWRJUDHUHDSRDWHvQFHWLQLWGDFEOLXOVHGHFODQHD]
)XQFLLGHSHUVRQDOL]DUHDLPDJLQLL
0RGLFDUHD5DSRUWXOXLGH$VSHFW
)RWRJUDILL
)LOPH
)RORVLWODDDUHSHWHOHYL]RDUHOH+'FXHFUDQODWVDXODDOWH
DDMHDVHPQWRDUH
$FHVWDHVWHDFHODLUDSRUWGHDVSHFWVSHFLFOPXOXLGH
PP(VWHIRORVLWODLPSULPDUHDLPDJLQLORUGH[LQFLVDXOD
LPSULPDUHDvQIRUPDWGHFDUWHSRWDO
5DSRUWXOGHDVSHFWQDWLYDOHFUDQXOXLDSDUDWXOXL)RORVLWOD
DDUHSHWHOHYL]RDUHOHFXGHQLLHVWDQGDUGVDXODDOWHDDMH
DVHPQWRDUH)RORVLWLSHQWUXLPSULPDUHDGHLPDJLQLGH[
LQFLVDXODLPSULPDUHDvQIRUPDWWLS$
5DSRUWGHDVSHFWSWUDW
1XHVWHGLVSRQLELOvQPRGXO>
@
)XQFLLGHSHUVRQDOL]DUHDLPDJLQLL
6FKLPEDUHDQXPUXOXLGHSL[HOLGHvQUHJLVWUDUH
'LPHQVLXQHDLPDJLQLL
)RWRJUDILL
)LOPH
3XWHLDOHJHGLQQLYHOXULGHUH]ROXLHGHLPDJLQHGXSFXPXUPHD]
3HQWUXPDLPXOWHGHWDOLLUHIHULWRDUHODQXPUXOGHIRWRJUDLIFXWHOD
HFDUHUH]ROXLHFDUHSRWvQFSHDSHFDUGXOGHPHPRULHYH]L1XPUGH
IRWRJUDLSHFDUGGHPHPRULH=
$SVDLEXWRQXO> @DOHJHL> @GLQPHQLX
LDOHJHLRSLXQHDGRULW=
2SLXQHDSHFDUHDLFRQJXUDWRHVWH
DDWDFXP
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
[ @
0DLPXOWHGHWDOLLUHIHULWRDUHODDOHJHUHDUH]ROXLHLvQ
IXQFLHGHGLPHQVLXQHDKkUWLHLSHQWUXLPDJLQLGH
$[LQ
$$[[LQ
[LQ[LQ&DUWHSRWDO
3HQWUXWULPLWHUHSULQHPDLOLDOWHXWLOL]ULDVHPQWRDUH
1XHVWHGLVSRQLELOvQPRGXO>
@
)XQFLLGHSHUVRQDOL]DUHDLPDJLQLL
&RUHFWDUHRFKLURLL
)RWRJUDILL
)LOPH
5RHDDRFKLORUFDUHDSDUHDWXQFLFkQGIRWRJUDDLFXEOLSRDWH
FRUHFWDWGXSFXPXUPHD]
$FFHVDLHFUDQXO>6HWULEOL@
$SVDLEXWRQXO>
@DOHJHL>6HWUL
EOL@GHODWDEXO> @LDSRLDSVDL
EXWRQXO> @=
&RQJXUDLVHWDUHD
$OHJHL>&RUHFWDUHRFKLURLL@LDSRL
DOHJHL>3RUQLUH@=
'XSFHDLHIHFWXDWVHWDUHD>
@YDDDW
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
>2SULW@
&RUHFWDUHDRFKLORUURLLSRDWHDSOLFDWvQDOWH]RQHGHFkW]RQD
RFKLORUGDFDSDUDWXOLQWHUSUHWHD]JUHLWIDUGXOURXFDSXSLOH
URLLGHH[HPSOX
'HDVHPHQHDSXWHLFRUHFWDLPDJLQLOHH[LVWHQWH=
'HDVHPHQHDSXWHLDFFHVDHFUDQXOGHODSDVXODWXQFLFkQG
EOLXOHVWHULGLFDWDSVkQGEXWRQXO> @LDSVkQGLPHGLDWEXWRQXO
@
[
)XQFLLGHSHUVRQDOL]DUHDLPDJLQLL
0RGLFDUHDFDOLWLLLPDJLQLLOPXOXL
)RWRJUDILL
)LOPH
VHWULGHFDOLWDWHDLPDJLQLLVXQWGLVSRQLELOH3HQWUXLQIRUPDLLUHIHULWRDUH
ODOXQJLPHDOPXOXLODHFDUHQLYHOGHFDOLWDWHDLPDJLQLLFDUHYDvQFSHD
SHFDUGXOGHPHPRULHFRQVXOWDL
7LPSGHvQUHJLVWUDUHSHUFDUGGH
PHPRULH=
$SVDLEXWRQXO> @DOHJHL
[ @GLQPHQLXLDOHJHLRSLXQHDGRULW
=
2SLXQHDSHFDUHDLFRQJXUDWRHVWH
DDWDFXP
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
[ @
Calitatea
LPDJLQLL
3L[HOL
vQUHJLVWUDL
5DWFDGUH
Detalii
[
FSV
3HQWUXOPDUH)XOO+'
[
FSV
3HQWUXOPDUH+'
[
FSV
3HQWUXOPDUHVWDQGDUG
GHQLWLRQ
)XQFLLGHIRWRJUDHUHDMXWWRDUH
$DUHDJULOHL
)RWRJUDILL
)LOPH
*ULOHOHSRWDDWHSHHFUDQvQSODQRUL]RQWDOLYHUWLFDOvQWLPSFH
vQUHJLVWUDL
$SVDLEXWRQXO>
@DOHJHL>*ULOH@
GHODWDEXO> @LDSRLDOHJHL>3RUQLW@
=
'XSFHDLIFXWVHWDUHDJULODYD
DDWSHHFUDQ
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
>2SULW@
*ULOHOHQXYRUvQUHJLVWUDWHvQIRWRJUDLOHGXPQHDYRDVWU
)XQFLLGHIRWRJUDHUHDMXWWRDUH
0ULUHD]RQHLIRFDOL]DWH
)RWRJUDILL
)LOPH
3XWHLYHULFDIRFDOL]DUHDDSVkQGEXWRQXOGHFODQDWRUSkQODMXPWDWH
SHQWUXDPUL]RQDGHIRFDOL]DUHGLQFDGUXO$)
&RQJXUDLVHWDUHD
$SVDLEXWRQXO>
SXQFW$)@GHODWDEXO>
>3RUQLW@=
@DOHJHL>=RRP
@LDSRLDOHJHL
9HULFDLIRFDOL]DUHD
$SVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWH)DDGHWHFWDWFDVXELHFW
SULQFLSDOYDPULW
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
DOHJHL>2SULW@ODSDVXO
=RQDIRFDOL]DWQXHVWHPULWvQXUPWRDUHOHFD]XULFkQGEXWRQXO
GHFODQDWRUHVWHDSVDWSkQODMXPWDWH
'DFIDDQXDIRVWGHWHFWDWGDFSHUVRDQDDIRVWSUHD
DSURDSHGHDSDUDWVDXIDDDFHVWHLDHVWHSUHDPDUHSHQWUX
HFUDQVDXGDFDSDUDWXOGHWHFWHD]GHSODVDUHDVXELHFWXOXL
&kQGHVWHIRORVLW]RRPXOGLJLWDO=
&kQGHVWHIRORVLW8UPULUH$)=
&kQGHVWHIRORVLWXQ79FDDDM=
@
1XHVWHGLVSRQLELOvQPRGXO>
)XQFLLGHIRWRJUDHUHDMXWWRDUH
9HULFDUHRFKLvQFKLL
)RWRJUDILL
)LOPH
@HVWHDDWDWXQFLFkQGDSDUDWXOGHWHFWHD]SHUVRDQHFXRFKLLvQFKLL
&RQJXUDLVHWDUHD
$SVDLEXWRQXO>
@DOHJHL
>'HWHFWDUHFOLSLUH@GHODWDEXO> @LDSRL
DOHJHL>3RUQLW@=
)RWRJUDDL
[ @FOLSHWHFkQGDSDUDWXOGHWHFWHD]R
SHUVRDQDFUHLRFKLVXQWvQFKLL
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
DOHJHL>2SULW@ODSDVXO
'DFDLDOHVHIHFWXDUHDGHIRWRJUDLPXOWLSOHvQPRGXO> ]
DFHDVWIXQFLHHVWHGLVSRQLELOGRDUSHQWUXIRWRJUDDQDO
8QFDGUXHVWHDDWvQMXUXORDPHQLORUFXRFKLLvQFKLLFkQGDL
VHOHFWDW>VHF@>VHF@>VHF@VDX>0HQLQHUH@vQ>7LPSGH
DDUH@=
$FHDVWIXQFLHQXHVWHGLVSRQLELOvQPRGXOIRWRJUDHUHFRQWLQX
=
)XQFLLGHIRWRJUDHUHDMXWWRDUH
6FKLPEULOHVHWULORUDIHUHQWHPRGXOXL,6
)RWRJUDILL
)LOPH
'H]DFWLYDUHDVWDELOL]ULLLPDJLQLL
$UWUHEXLVVHWDLIXQFLDGHVWDELOL]DUHDLPDJLQLLOD>2SULW@DWXQFLFkQG
IRORVLLXQWUHSLHGVDXDOWHPLMORDFHSHQWUXDLQHDSDUDWXOQHPLFDW
$FFHVDLHFUDQXOSHQWUXVHWUL
$SVDLEXWRQXO>
@DOHJHL>6HWUL
,6@GHODWDEXO> @LDSRLDSVDLEXWRQXO
[ @=
&RQJXUDLVHWDUHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>0RG,6@DSRLDSVDLEXWRDQHOH> ][ ]
SHQWUXDDOHJH>2SULW@
&RQWLQXX
2SULW
6WDELOL]DUHDRSWLPDLPDJLQLORUSHQWUXFRQGLLOH
GHIRWRJUDHUHHVWHDFWLYDWvQPRGDXWRPDW,6
LQWHOLJHQW=
'H]DFWLYHD]VWDELOL]DUHDLPDJLQLL
)XQFLLGHIRWRJUDHUHDMXWWRDUH
)LOPDUHFXVXELHFLODDFHHDLGLPHQVLXQHFDvQDLQWH
GHvQFHSHUHDOPULL
)RWRJUDILL
)LOPH
QPRGQRUPDOGXSvQFHSHUHDOPULL]RQDDDWDLPDJLQLLVHVFKLPE
LVXELHFWHOHVXQWPULWHSHQWUXDSHUPLWHFRUHFWDUHDPLFULORUDSDUDWXOXL
5HGXFHUHDHIHFWXOXLVWDELOL]ULLLPDJLQLLYSHUPLWHVFDSWXUDLVXELHFLLOD
DFHHDLGLPHQVLXQHFDFHDGHGLQDLQWHGHIRWRJUDHUH
8UPDLSDLLGHOD6FKLPEULOHVHWULORU
DIHUHQWHPRGXOXL,6= SHQWUXD
DFFHVDHFUDQXO>6HWUL,6@
$OHJHL>'\QDPLF,6@LDSRLDOHJHL>@
=
3XWHLVHWD>0RG,6@OD>2SULW@DVWIHOvQFkWVXELHFWHOHVXQW
vQUHJLVWUDWHODDFHHDLGLPHQVLXQHFDFHHDFHHUDLQGLFDWvQDLQWH
>,6'LQDPLF@QXSRDWHVHOHFWDWFkQG>0RG,6@HVWHVHWDWOD>2SULW@
=
Pentru [ @>,6'LQDPLF@HVWH[DWOD>@
3HUVRQDOL]DUHDXWLOL]ULLDSDUDWXOXL
3HUVRQDOL]DLIXQFLLOHDSDUDWXOXLFXDMXWRUXOWDEXOXL> @GLQHFUDQXO
PHQLXOXLGXSFXPXUPHD]
3HQWUXLQVWUXFLXQLUHIHULWRDUHODIXQFLLOHPHQLXOXLYH]L8WLOL]DUHD
HFUDQXOXLSHQWUXPHQLX=
'H]DFWLYDUHDOXPLQLL$)
)RWRJUDILL
)LOPH
'H]DFWLYDUHDOXPLQLLSWUHGXFHUHDHIHFWXOXLGHRFKLURLL
)RWRJUDILL
)LOPH
3XWHLGH]DFWLYDOXPLQDSHQWUXUHGXFHUHDHIHFWXOXLGHRFKLURLLFDUHVH
DSULQGHSHQWUXDUHGXFHDFHVWHIHFWDWXQFLFkQGEOLXOVHGHFODQHD]vQ
FRQGLLLGHOXPLQR]LWDWHVF]XW
$FFHVDLHFUDQXO>6HWULEOL@
$SVDLEXWRQXO>
@DOHJHL>6HWUL
EOL@GHODWDEXO> @LDSRLDSVDL
EXWRQXO> @=
3HUVRQDOL]DUHDXWLOL]ULLDSDUDWXOXL
&RQJXUDLVHWDUHD
$OHJHL>/XPLQRFKLURLL@LDSRLDOHJHL
>2SULW@=
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
>3RUQLW@
0RGLILFDUHDVWLOXOXLGHDILDUHDLPDJLQLLGXSIRWRJUDILHUH
)RWRJUDILL
)LOPH
3XWHLPRGLFDGXUDWDGHDDUHDLPDJLQLORULFHLQIRUPDLLVHDDWH
GXSFHIRWRJUDDL
0RGLFDUHDSHULRDGHLGHDDUHDLPDJLQLLGXSIRWRJUDHUH
$FFHVDLHFUDQXO>9L]XDOL]DUH
LPDJLQHGXSIRWRJUDHUH@
$SVDLEXWRQXO>
@DOHJHL
>9L]XDOL]DUHLPDJLQHGXSIRWRJUDHUH@GH
ODWDEXO> @LDSRLDSVDLEXWRQXO> ]
=
&RQJXUDLVHWDUHD
$OHJHL>7LPSGHDDUH@LDSRLDOHJHL
RSLXQHDGRULW
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
>5DSLG@
3HUVRQDOL]DUHDXWLOL]ULLDSDUDWXOXL
5DSLG
VHF
VHF
VHF
0HQLQHUH
2SULW
$HD]LPDJLQLOHQXPDLSkQFkQGSXWHLIRWRJUDDGLQQRX
$HD]LPDJLQLSHQWUXRDQXPLWSHULRDG&KLDUL
vQWLPSFHIRWRJUDDHVWHDDWSXWHLUHDOL]DDOW
IRWRJUDHDSVkQGGLQQRXEXWRQXOGHFODQDWRU
$HD]LPDJLQLSkQDSVDLEXWRQXOGHFODQDWRUODMXPWDWH
1LFLRLPDJLQHQXYDPDLDDWGXSFHIDFHLIRWRJUDLOH
0RGLFDUHDHFUDQXOXLDDWGXSIRWRJUDHUH
0RGLFDLPRGXOvQFDUHLPDJLQLOHVXQWDDWHGXSIRWRJUDHUHGXSFXPXUPHD]
6HWDL>7LPSGHDDUH@OD>VHF@>
VHF@>VHF@VDX>0HQLQHUH@=
&RQJXUDLVHWDUHD
$OHJHL>,QIRDDUH@LDSRLDOHJHL
RSLXQHDGRULW
3HQWUXDUHYHQLODVHWDUHDRULJLQDO
UHSHWDLDFHDVWSURFHGXUGDUDOHJHL
>2SULW@
2SULW
$HD]GRDULPDJLQHD
Detaliat
$HD]GHWDOLLGHVSUHIRWRJUDHUH=
&kQG>7LPSGHDDUH@= HVWHVHWDWOD>2SULW@VDX>5DSLG@
>,QIRDDWH@HVWHVHWDWOD>2SULW@LQXSRDWHPRGLFDW
'DFDSVDLEXWRQXO> @vQWLPSFHRLPDJLQHHVWHDDWGXS
IRWRJUDHUHSXWHLVFKLPEDLQIRUPDLLOHDDWH1RWDLFVHWULOH
>,QIRDDUH@QXVHPRGLF'DFDSVDLEXWRQXO> @SXWHL
IDFHXUPWRDUHOHRSHUDLXQL
3URWHMDUH=
)DYRULWH=
WHUJHUH=
$OWHPRGXULGHIRWRJUDHUH
)DFHLIRWRJUDLPDLIUXPRDVHvQGLYHUVHVFHQHLIDFHLIRWRJUDLFXHIHFWH
GHLPDJLQHXQLFHVDXUHDOL]DWHFXDMXWRUXOXQRUIXQFLLVSHFLDOH
%XFXUDLYGHPDLPXOWHLPDJLQLSHQWUX
ILHFDUHIRWRJUDILHUH)RWRJUDILHUHFUHDWLY
)RWRJUDILL
)LOPH
$SDUDWXOGHWHUPLQVXELHFWXOLFRQGLLLOHGHIRWRJUDHUHLDSOLFHIHFWH
VSHFLDOHvQPRGDXWRPDWLUHFRPSXQHFDGUXOSHQWUXDVFRDWHvQHYLGHQ
VXELHFWXO6XQWvQUHJLVWUDWHDVHLPDJLQLSHQWUXHFDUHFDGUX3XWHL
UHDOL]DPDLPXOWHIRWRJUDLFXHIHFWHIRORVLQGVHWULGHWHUPLQDWHGHDSDUDW
,QWUDLvQPRGXO>
@
6HWDLFRPXWDWRUXOSHQWUXPRGOD>
@
)RWRJUDDL
$SVDLEXWRQXOGHFODQDWRUSkQOD
FDSW&kQGDSDUDWXOIRWRJUDD]VHYD
DX]LVXQHWXOXQXLREWXUDWRUGHWUHLRUL
'XSFHDXIRVWDDWHFHOHDVHLPDJLQL
vQVXFFHVLXQHYRUDDWHWRDWHSHQWUX
DSUR[LPDWLYGRXVHFXQGH
3HQWUXDSVWUDLPDJLQHDDDWSkQ
DSVDLSHEXWRQXOGHFODQDWRUSkQOD
MXPWDWHDSVDLEXWRQXO> @3HQWUX
DDUHDSHvQWUHJHFUDQXOvQDFHVWVWDGLX
DOHJHLRLPDJLQHDSVkQGEXWRDQHOH
[ ][ ][ ][ @LDSRLDSVDLEXWRQXO> @
3HQWUXDUHYHQLODDDMXORULJLQDODSVDL
@
EXWRQXO>
)RWRJUDHUHDYDGXUDPDLPXOWFkQGHVWHGHFODQDWEOLXO
GDULQHLDSDUDWXOQHPLFDWSkQFkQGVHDXGHVXQHWXO
GHFODQDWRUXOXLGHWUHLRUL
&HOHDVHLPDJLQLVXQWDGPLQLVWUDWHvPSUHXQFDXQJUXS
=
$DUHDVLPXOWDQDFHORUDVHLPDJLQLDDFXPHVWHLQGLFDWvQ
SDVXOHVWHGLVSRQLELOGRDULPHGLDWGXSIRWRJUDHUH
%XFXUDLYGHPDLPXOWHLPDJLQLSHQWUXHFDUHIRWRJUDHUH)RWRJUDHUHFUHDWLY
$DUHLPDJLQLvQWLPSXOUHGULL
&HOHDVHLPDJLQLGHODHFDUHIRWRJUDHUHVXQWJHVWLRQDWHvPSUHXQ
FDXQJUXSLGRDUSULPDLPDJLQHGLQVHULHHVWHDDWvQWLPSXOUHGULL
]
3HQWUXDVHPQDOL]DIDSWXOFLPDJLQHDIDFHSDUWHGLQWUXQJUXS>
YDDSUHDvQSDUWHDVWkQJDVXVDHFUDQXOXL
'DFWHUJHLRLPDJLQHGHJUXS= WRDWHLPDJLQLOHFDUH
IDFSDUWHGLQJUXSXOUHVSHFWLYYRUWHUVH$YHLJULMDWXQFLFkQG
WHUJHLLPDJLQLOH
,PDJLQLOHGHJUXSSRWUHGDWHLQGLYLGXDO= LQHJUXSDWH
=
3URWHMDUHD= XQHLLPDJLQLFDUHIDFHSDUWHGLQWUXQJUXS
LPSOLFSURWHMDUHDWXWXURULPDJLQLORUGLQJUXSXOUHVSHFWLY
,PDJLQLOHGHJUXSSRWYL]XDOL]DWHLQGLYLGXDOGDFVXQWYL]XDOL]DWH
FXDMXWRUXOIXQFLHL&XWDUHLPDJLQH= VDX0L[DUH
LQWHOLJHQW= QDFHVWFD]LPDJLQLOHYRUQHJUXSDWH
WHPSRUDU
8UPWRDUHOHDFLXQLQXVXQWGLVSRQLELOHSHQWUXLPDJLQLOHJUXSDWH
PULUH= HWLFKHWDUHFDSUHIHUDWH= HGLWDUH
= LPSULPDUH= VHWDUHDLPSULPULLSHQWUXR
VLQJXULPDJLQH= VDXDGXJDUHODXQDOEXPIRWR
= 3HQWUXDIDFHWRDWHDFHVWHDHYL]XDOL]DLLPDJLQLOH
LQGLYLGXDO= VDXDQXODLJUXSDUHDPDLvQWkL=
$DUHDVLPXOWDQDDFXPHVWHLQGLFDWvQSDVXOHVWH
GLVSRQLELOGRDULPHGLDWGXSIRWRJUDHUH
%XFXUDLYGHPDLPXOWHLPDJLQLSHQWUXHFDUHIRWRJUDHUH)RWRJUDHUHFUHDWLY
$OHJHUHHIHFWH
)RWRJUDILL
3XWHLDOHJHHIHFWHSHQWUXLPDJLQLUHDOL]DWHvQPRGXO>
)LOPH
@
'XSFHDOHJHLPRGXO>
EXWRQXO>
@
@DSVDL
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQHIHFWLDSRLDSVDLEXWRQXO> @
$XWR
,PDJLQLOHVHDVHDPQIRWRJUDLORUYHFKL
0RQRFURP
,PDJLQLOHVXQWJHQHUDWHvQWURVLQJXU
FXORDUH
6SHFLDO
,PDJLQLHYLGHQLDWHGLVWLQFWLYH
Natural
7RDWHHIHFWHOH
5HWUR
,PDJLQLQHSUHOXFUDWHFXDVSHFWQDWXUDO
6FHQHVSHFLFH
$OHJHLXQPRGFDUHVHSRWULYHWHFXVFHQDGHIRWRJUDHUHLDUDSDUDWXOYD
FRQJXUDVHWULOHvQPRGDXWRPDWSHQWUXDIDFHIRWRJUDLRSWLPH
,QWUDLvQPRGXO>
@
6HWDLFRPXWDWRUXOSHQWUXPRGOD>
@
$OHJHLXQPRGGHIRWRJUDHUH
$SVDLEXWRQXO> @DOHJHL
@GLQPHQLXLDSRLDOHJHLXQPRG
[
GHIRWRJUDHUH=
)RWRJUDDL
)RWRJUDHUHDSRUWUHWHORU3RUWUHW
)RWRJUDILL
)LOPH
)RWRJUDDLGLYHUVHSHUVRDQHFXHIHFWGH
DWHQXDUH
5HDOL]DLIRWRJUDLSHWLPSGHQRDSWH
IUDIRORVLXQWUHSLHG6FHQGH
QRDSWHGLQPkQ
)RWRJUDILL
)LOPH
,PDJLQLVXSHUEHDOHVFHQHORUQRFWXUQH
VDXSRUWUHWHFXIXQGDOQRFWXUQIUD
QHYRLHVLQHLDSDUDWXO[FDSH
WUHSLHG
2VLQJXULPDJLQHHVWHFUHDWSULQ
FRPELQDUHDPDLPXOWRUIRWRJUDL
UHGXFkQGPLFDUHDDSDUDWXOXLL]JRPRWXO
GHLPDJLQH
6FHQHVSHFLFH
)RWRJUDDLvQFRQGLLLGHOXPLQR]LWDWH
VF]XW/XPLQR]LWDWHVF]XW
)RWRJUDILL
)LOPH
)RWRJUDDLvQFRQGLLLPLQLPHGHWUHPXUDO
DSDUDWXOXLLGHQHFODULWDWHDVXELHFWHORU
FKLDULvQFRQGLLLGHLOXPLQDUHVF]XW
)RWRJUDILHUHSHIXQGDOFX]SDG=SDG
)RWRJUDILL
)LOPH
)RWRJUDLOXPLQRDVHFRORUDWHvQPRGQDWXUDO
DOHRDPHQLORUSHIXQGDOHFX]SDG
)RWRJUDHUHDUWLFLL$UWLFLL
)RWRJUDILL
)LOPH
)RWRJUDLLQWHQVHDOHDUWLFLLORU
6XELHFWHOHDSDUPDLPDULvQPRGXO> @FRPSDUDWFXDOWHPRGXUL
QPRGXO> @HVWHSRVLELOFDIRWRJUDLOHVDLEXQDVSHFW
JUDQXODWGHRDUHFHYDORDUHD,62= HVWHPULWSHQWUXDVH
SRWULYLFRQGLLLORUGHIRWRJUDHUH
'HRDUHFHDSDUDWXOYDIRWRJUDDvQFRQWLQXXvQPRGXO> @LQHLO
IHUPvQWLPSFHIRWRJUDDL
QPRGXO> @GDFPLFDLDSDUDWXOvQPRGH[FHVLYVDXDQXPLWHFRQGLLLGH
IRWRJUDHUHSRWDYHDFDUH]XOWDWDOWXOGHFkWFHOGRULWGHGXPQHDYRDVWU
QPRGXO> @PRQWDLDSDUDWXOSHXQWUHSLHGVDXOXDLDOWHPVXUL
SHQWUXDOVWDELOL]DLSHQWUXDSUHYHQLPLFDUHDDSDUDWXOXL
6XSOLPHQWDUVHWDL>0RG,6@OD>2SULW@DWXQFLFkQGIRORVLLXQWUHSLHG
VDXDOWHPLMORDFHSHQWUXDLQHDSDUDWXOQHPLFDW=
6FHQHVSHFLFH
'DFIRORVLLXQWUHSLHGSHQWUXVFHQHQRFWXUQHGDFIRWRJUDDL
@vQORFGHPRGXO> @YHLRELQHUH]XOWDWHPDL
vQPRGXO>
EXQH=
5H]ROXLDPRGXOXL> ] este de [ @[LQXSRDWH
VFKLPEDW
QPRGXO> @GHLQXVXQWDDWHFDGUHFkQGDSVDLEXWRQXO
SkQODMXPWDWHIRFDOL]DUHDRSWLPHVWHWRWXLUHDOL]DW
$SOLFDUHDGHHIHFWHVSHFLDOH
$GXJDLPXOWHHIHFWHLPDJLQLORUDWXQFLFkQGIDFHLIRWRJUDL
$OHJHLXQPRGGHIRWRJUDHUH
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJHXQPRGGH
IRWRJUDHUH
)RWRJUDDL
)RWRJUDDLvQFXORULYLL6XSHU9LYLG
)RWRJUDILL
)LOPH
)DFHLIRWRJUDLvQFXORULERJDWHLQWHQVH
)DFHLIRWRJUDLWLSSRVWHU(IHFW
SRVWHU
)RWRJUDILL
)LOPH
)RWRJUDLFXDVSHFWGHDVDXLOXVWUDLL
YHFKL
$SOLFDUHDGHHIHFWHVSHFLDOH
)RWRJUDHUHDFXHIHFWRELHFWLYRFKLGHSHWH
(IHFWRFKLGHSHWH
)RWRJUDILL
)LOPH
)RWRJUDDLFXHIHFWGHLPDJLQHGLVWRUVLRQDWUHDOL]DWFXXQRELHFWLYRFKL
GHSHWH
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJH> @
$OHJHLXQQLYHOGHHIHFW
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHXQQLYHOGHHIHFWL
DSRLDSVDLEXWRQXO> @
9HLYHGHDRSUHYL]XDOL]DUHDIRWRJUDHL
FDUHYDIFXWFXHIHFWXOUHVSHFWLY
)RWRJUDDL
)DFHLFkWHYDIRWRJUDLGHWHVWSHQWUXDYDVLJXUDFRELQHL
UH]XOWDWHOHGRULWH
$SOLFDUHDGHHIHFWHVSHFLDOH
)RWRJUDHUHDGHPRGHOHDVHPQWRDUH
PLQLDWXULORU(IHFWGHPLQLDWXU
)RWRJUDILL
)LOPH
&UHD]HIHFWXOXQXLPRGHOvQPLQLDWXUSULQHVWRPSDUHD]RQHORUGH
GHDVXSUDLGHVXE]RQDVHOHFWDW
'HDVHPHQHDSXWHLIDFHOPHFXDVSHFWPLQLDWXUDOSULQDOHJHUHDYLWH]HL
GHUHGDUHvQDLQWHGHvQUHJLVWUDUHDOPXOXL2DPHQLLLRELHFWHOHGLQVFHQ
VHYRUGHSODVDPDLUHSHGHvQWLPSXOUHGULL5HLQHLIDSWXOFVXQHWXOQX
YDvQUHJLVWUDW
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJH> @
9DDDWXQFDGUXDOEFDUHLQGLF]RQD
GLQLPDJLQHFDUHQXYDHVWRPSDW
$OHJHLSRULXQHDSHFDUHVHYDD[D
IRFDOL]DUHD
$SVDLEXWRQXO>
@
'HSODVDLEXWRQXOGH]RRPSHQWUXD
UHGLPHQVLRQDFDGUXOLDSRLDSVDL
EXWRDQHOH> ][ @SHQWUXDOGHSODVD
3HQWUXOPHDOHJHLYLWH]DGHUHGDUH
DOPXOXL
$SVDLEXWRQXO>
@LDSRLDSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJHYLWH]D
5HYHQLLODHFUDQXOSHQWUX
IRWRJUDHUHLIDFHLIRWRJUDL
$SVDLEXWRQXO>
@LUHYHQLLOD
HFUDQXOGHIRWRJUDHUHLDSRLIRWRJUDDL
$SOLFDUHDGHHIHFWHVSHFLDOH
9LWH]GHUHGDUHLWLPSGHUHGDUHHVWLPDWSHQWUX
FOLSXULGHXQPLQXW
9LWH]
7LPSGHUHGDUH
$SUR[LPDWLYVHFXQGH
$SUR[LPDWLYVHFXQGH
$SUR[LPDWLYVHFXQGH
)LOPHOHVXQWUHGDWHODFSV
=RRPXOQXHVWHGLVSRQLELOFkQGOPDL$YHLJULMVVHWDL]RRPXO
vQDLQWHGHDOPD
)DFHLFkWHYDIRWRJUDLGHWHVWSHQWUXDYDVLJXUDFRELQHL
UH]XOWDWHOHGRULWH
3HQWUXDVFKLPEDRULHQWDUHDFDGUXOXLSHYHUWLFDODSVDL
EXWRDQHOH> ][ @ODSDVXO3HQWUXDUHYHQLODRULHQWDUHD
RUL]RQWDODSVDLEXWRDQHOH> ][ @
3HQWUXDPXWDFDGUXODWXQFLFkQGDFHVWDDUHSR]LLH
RUL]RQWDODSVDLEXWRDQHOH> ][ @LSHQWUXDPXWDFDGUXO
DWXQFLFkQGDFHVWDDUHSR]LLHYHUWLFDODSVDLEXWRDQHOH> ][ @
LQHUHDDSDUDWXOXLvQSR]LLHYHUWLFDOYDVFKLPEDRULHQWDUHD
FDGUXOXL
&DOLWDWHDLPDJLQLLOPXOXLHVWHGH> @ODXQUDSRUWGHDVSHFWGH
@L> @ODXQUDSRUWGHDVSHFWGH>
@= $FHVWH
[
VHWULGHFDOLWDWHQXSRWPRGLFDWH
$SOLFDUHDGHHIHFWHVSHFLDOH
)RWRJUDHUHFXHIHFWGHDSDUDWGHMXFULH(IHFW
GHDSDUDWGHMXFULH
)RWRJUDILL
)LOPH
$FHVWHIHFWIDFHFDIRWRJUDLOHVSDUDIRVWIFXWHFXXQDSDUDWGH
MXFULHSULQSURFHVXOGHYLJQHWDUHFROXULDOHLPDJLQLLPDLvQFKLVHOD
FXORDUHLQHFODUHLSULQPRGLFDUHDvQWUHJXOXLFRORULWDOIRWRJUDHL
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
@
= SHQWUXDDOHJH>
$OHJHLXQWRQGHFXORDUH
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHXQWRQGHFXORDUHL
DSRLDSVDLEXWRQXO> @
9HLYHGHDRSUHYL]XDOL]DUHDIRWRJUDHL
FDUHYDIFXWFXHIHFWXOUHVSHFWLY
3
Standard
Cald
5HFH
)RWRJUDDL
)RWRJUDLOHDXDVSHFWXOXQRULPDJLQLUHDOL]DWHFXXQ
DSDUDWGHMXFULH
,PDJLQLOHDXXQWRQPDLFDOGGHFkWFXRSLXQHD
>6WDQGDUG@
,PDJLQLOHDXXQWRQPDLUHFHGHFkWFXRSLXQHD
>6WDQGDUG@
)DFHLFkWHYDIRWRJUDLGHWHVWSHQWUXDYDVLJXUDFRELQHL
UH]XOWDWHOHGRULWH
$SOLFDUHDGHHIHFWHVSHFLDOH
)RWRJUDHUHvQ0RQRFURP
)RWRJUDILL
)LOPH
5HDOL]DLLPDJLQLDOEQHJUXVHSLDVDXDOEDVWUXLDOE
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJH> @
$OHJHLXQWRQGHFXORDUH
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHXQWRQGHFXORDUHL
DSRLDSVDLEXWRQXO> @
9HLYHGHDRSUHYL]XDOL]DUHDIRWRJUDHL
FDUHYDIFXWFXHIHFWXOUHVSHFWLY
3
%:
6HSLD
$OEDVWUX
)RWRJUDDL
)RWRJUDLDOEQHJUX
,PDJLQLvQWRQXULVHSLD
,PDJLQLDOEDOEDVWUH
0RGXULVSHFLDOHIRORVLWHvQDOWHVFRSXUL
$XWRIRWRJUDHUHGXSGHWHFWDUHDIHHL
'HFODQDWRULQWHOLJHQW
)RWRJUDILL
)LOPH
$XWRIRWRJUDHUHGXSGHWHFWDUHD]kPEHWXOXL
$SDUDWXOIDFHIRWRJUDLvQPRGDXWRPDWGXSFHGHWHFWHD]XQ]kPEHW
FKLDUGDFQXDLDSVDWEXWRQXOGHFODQDWRU
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
= LDOHJHL> @LDSRLDSVDL
EXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
$SDUDWXOLQWUvQPRGXOGHIRWRJUDHUHvQ
VWDQGE\LDUPHVDMXO>'HWHFWDUH]kPEHW
SRUQLW@HVWHDDW
QGUHSWDLDSDUDWXOFWUHRSHUVRDQ
'HHFDUHGDWFkQGDSDUDWXOGHWHFWHD]
XQ]kPEHWYDIDFHRIRWRJUDHGXSFH
OXPLQDVHDSULQGH
3HQWUXDRSULWHPSRUDUGHWHFWDUHD
]kPEHWXOXLDSVDLEXWRQXO> @$SVDL
EXWRQXO> @GLQQRXSHQWUXDUHDFWLYD
GHWHFWDUHD
7UHFHLODDOWPRGGXSFHWHUPLQDLGHIRWRJUDDWVDXDSDUDWXOYD
FRQWLQXDVIDFIRWRJUDLGHFkWHRULGHWHFWHD]XQ]kPEHW
0RGXULVSHFLDOHIRORVLWHvQDOWHVFRSXUL
'HDVHPHQHDSXWHLIDFHIRWRJUDLvQPRGRELQXLWSULQ
DFLRQDUHDEXWRQXOXLGHFODQDWRU
$SDUDWXOSRDWHGHWHFWD]kPEHWHPDLXRULDWXQFLFkQGIHHOH
VXELHFWVXQWvQGUHSWDWHFWUHDSDUDWLGHVFKLGJXULOHGHVWXOGH
ODUJDVWIHOvQFkWGLQLLVHYL]LELOL
3HQWUXDPRGLFDQXPUXOGHIRWRJUDLDSVDLEXWRDQHOH
[ ][ @GXSFHDOHJHL> @ODSDVXO>'HWHFWDUHFOLSLUH@
= HVWHGLVSRQLELOGRDUSHQWUXLPDJLQHDQDO
)RWRJUDILHUHDXWRGXS'HWHFWDUHFOLSLW$XWRGHFODQDUHODFOLSLUH
)RWRJUDILL
)LOPH
QGUHSWDLDSDUDWXOFWUHRSHUVRDQLDSVDLEXWRQXOGHFODQDWRUSkQ
ODFDSW$SDUDWXOYDIRWRJUDDGXSDSUR[LPDWLYVHFXQGHGXSFH
GHWHFWHD]XQFOLSLW
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
= LDOHJHL> @LDSRLDSVDL
EXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
&RPSXQHLIRWRJUDDLDSVDL
EXWRQXOGHFODQDWRUSkQOD
MXPWDWH
$YHLJULMFDvQMXUXOIHHLSHUVRDQHLFDUH
YDFOLSLVDSDUXQFDGUXYHUGH
$SVDLEXWRQXOGHFODQDWRUSkQ
ODFDSW
$SDUDWXOLQWUDFXPvQPRGXOVWDQGE\LDU
PHVDMXO>&OLSLLSHQWUXDIRWRJUDD@HVWH
DDW
/XPLQDFOLSHWHLVHDXGHVXQHWXO
DXWRGHFODQDWRUXOXL
0RGXULVSHFLDOHIRORVLWHvQDOWHVFRSXUL
8LWDLYODDSDUDWLFOLSLL
$SDUDWXOYDIRWRJUDDODDSUR[LPDWLYGRX
VHFXQGHGXSFHDGHWHFWDWFOLSLWXOSHUVRDQHL
DFUHLIDVHDvQLQWHULRUXOFDGUXOXL
3HQWUXDDQXODIRWRJUDHUHDGXSFHDL
DFWLYDWDXWRGHFODQDWRUXODSVDLEXWRQXO
@
[
'DFQXHVWHGHWHFWDWFOLSLWXOFOLSLLvQFHWGLQQRX
(VWHSRVLELOVQXHGHWHFWDWFOLSLWXOGDFRFKLLVXQWDVFXQLGH
SUGHRFFLXOVDXGHRFKHODUL
QFKLGHUHDLGHVFKLGHUHDDPELORURFKLYDGHDVHPHQHD
FRQVLGHUDWXQFOLSLW
QFD]XOvQFDUHFOLSLUHDQXHVWHGHWHFWDWDSDUDWXOYDIDFHR
IRWRJUDHGXSDSUR[LPDWLYVHFXQGH
3HQWUXDPRGLFDQXPUXOGHIRWRJUDLDSVDLEXWRDQHOH
[ ][ @GXSFHDOHJHL> @ODSDVXO>'HWHFWDUHFOLSLUH@
= HVWHGLVSRQLELOGRDUSHQWUXLPDJLQHDQDO
'DFQXVHDQLPHQLvQ]RQDGHIRWRJUDHUHDWXQFLFkQGEXWRQXO
GHFODQDWRUHVWHDSVDWSkQODFDSWDSDUDWXOYDIDFHRIRWRJUDH
LPHGLDWFHRSHUVRDQLQWUvQ]RQDGHIRWRJUDHUHLFOLSHWH
)RWRJUDHUHDXWRPDWGXSGHWHFWDUHDXQHLQRL
SHUVRDQH$XWRGHFODQDUHID
)RWRJUDILL
)LOPH
$SDUDWXOYDIRWRJUDDODDSUR[LPDWLYGRXVHFXQGHGXSFHDGHWHFWDW
IDDXQHLDOWHSHUVRDQHGHH[HPSOXDIRWRJUDIXOXLDSWUXQVvQ]RQDGH
IRWRJUDHUH= $FHDVWIXQFLHHVWHXWLODWXQFLFkQGGRULLVDSUHL
LGXPQHDYRDVWUvQWURIRWRJUDHGHJUXSVDXvQIRWRJUDLVLPLODUH
$OHJHL>
@
8UPDLSDLLGHOD6FHQHVSHFLFH
= LDOHJHL> @LDSRLDSVDL
EXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
0RGXULVSHFLDOHIRORVLWHvQDOWHVFRSXUL
&RPSXQHLIRWRJUDDLDSVDL
EXWRQXOGHFODQDWRUSkQOD
MXPWDWH
$VLJXUDLYFIDDSHFDUHIRFDOL]DLHVWH
vQFDGUDWGHXQFDGUXYHUGHLDUFHOHODOWH
IHHVXQWvQFDGUDWHGHFDGUHGHFXORDUH
DOE
$SVDLEXWRQXOGHFODQDWRUSkQ
ODFDSW
$FXPDSDUDWXOYDLQWUDvQPRGXOVWDQGE\
LDUPHVDMXO>3ULYLLVSUHDSDUDWSHQWUXD
vQFHSHQXPUWRDUHDLQYHUV@YDDDW
/XPLQDFOLSHWHLVHDXGHVXQHWXO
DXWRGHFODQDWRUXOXL
$OWXUDLYFHORUODOWHVXELHFWHvQ
]RQDGHIRWRJUDHUHLSULYLLFWUH
DSDUDW
'XSFHDSDUDWXOGHWHFWHD]RID
QRXOXPLQDYDFOLSLPDLGHVLVXQHWXO
DXWRGHFODQDWRUXOXLVHYDLQWHQVLFD
&kQGEOLXOVHGHFODQHD]OXPLQD
UPkQHDSULQV'XSDSUR[LPDWLYGRX
VHFXQGHDSDUDWXOYDIDFHRIRWRJUDH
3HQWUXDDQXODIRWRJUDHUHDGXSFHDL
DFWLYDWDXWRGHFODQDWRUXODSVDLEXWRQXO
[
@
&KLDUGDFIDDGXPQHDYRDVWUQXHVWHGHWHFWDWGXSFHY
DOWXUDLJUXSXOXLDSDUDWXOYDIDFHRIRWRJUDHGXSVHFXQGH
3HQWUXDPRGLFDQXPUXOGHIRWRJUDLDSVDLEXWRDQHOH
[ ][ @GXSFHDOHJHL> @ODSDVXO>'HWHFWDUHFOLSLUH@
= HVWHGLVSRQLELOGRDUSHQWUXLPDJLQHDQDO
0RGXULVSHFLDOHIRORVLWHvQDOWHVFRSXUL
)RWRJUDHUHFXH[SXQHUHOXQJWLPSOXQJGHH[SXQHUH
)RWRJUDILL
)LOPH
$OHJHLXQWLPSGHH[SXQHUHGHVHFXQGHSHQWUXDIRWRJUDHFX
H[SXQHUHSUHOXQJLWQDFHVWFD]PRQWDLDSDUDWXOSHXQWUHSLHGVDXOXDL
DOWHPVXULSHQWUXDSUHYHQLWUHPXUXODSDUDWXOXL
$OHJHL> @
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJH> @
$OHJHLWLPSXOGHH[SXQHUH
9HULFDLH[SXQHUHD
$SVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWHSHQWUXDYHULFDH[SXQHUHD
SHQWUXWLPSXOGHH[SXQHUHDOHV
)RWRJUDDL
(VWHSRVLELOFDOXPLQR]LWDWHDLPDJLQLLGHSHHFUDQODSDVXOFkQG
DSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWHVQXHODIHOFX
OXPLQR]LWDWHDIRWRJUDLORUSHFDUHOHUHDOL]DL
/DXQWLPSGHH[SXQHUHGHVHFXQGHVDXPDLVFXUWYDH[LVWDR
vQWkU]LHUHvQDLQWHGHDSXWHDIRWRJUDDGLQQRXGHRDUHFHDSDUDWXO
SURFHVHD]LPDJLQLOHSHQWUXDUHGXFH]JRPRWXO
6HWDL>0RG,6@OD>2SULW@DWXQFLFkQGIRORVLLXQWUHSLHGVDXDOWH
PLMORDFHSHQWUXDLQHDSDUDWXOQHPLFDW=
0RGXULVSHFLDOHIRORVLWHvQDOWHVFRSXUL
'DFEOLXOVHGHFODQHD]IRWRJUDDSRDWHVXSUDH[SXVQ
DFHVWFD]VHWDLEOLXOOD> @LIRWRJUDDLGLQQRX=
)RWRJUDHUHFRQWLQXvQUDIDO)RWRJUDHUHvQ
UDIDO
)RWRJUDILL
)LOPH
3XWHLUHDOL]DPDLPXOWHIRWRJUDLvQVXFFHVLXQHUDSLGLQkQGEXWRQXO
GHFODQDWRUDSVDWSkQODFDSW3HQWUXPDLPXOWHGHWDOLLUHIHULWRDUHOD
YLWH]DGHIRWRJUDHUHYH]L9LWH]IRWRJUDHUHFRQWLQX=
$OHJHL> @
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJH> @
)RWRJUDDL
$SVDLEXWRQXOGHFODQDWRUSkQOD
FDSWSHQWUXDIRWRJUDD
5H]ROXLDHVWH> @[LQXSRDWHVFKLPEDW
)RFDOL]DUHDOXPLQR]LWDWHDLPDJLQLLLFXORDUHDVXQWGHWHUPLQDWH
GHODSULPDIRWRJUDH
)RWRJUDHUHDSRDWHRSULWWHPSRUDULIRWRJUDHUHDvQUDIDO
SRDWHvQFHWLQLWvQIXQFLHGHFRQGLLLOHGHIRWRJUDHUHGH
VHWULOHDSDUDWXOXLLGHSR]LLD]RRPXOXL
3HPVXUFHIDFHLPDLPXOWHIRWRJUDLSURFHVXOGHIRWRJUDHUH
SRDWHvQFHWLQLW
0RGXO3
0DLPXOWHIRWRJUDLvQVWLOXOGXPQHDYRDVWUGHIRWRJUDHUHSUHIHUDW
,QVWUXFLXQLOHGLQDFHVWFDSLWROVXQWYDODELOHFkQGFRPXWDWRUXOGHPRG
setat la [ @LPRGXOOD> @
[ @3URJUDP$($(([SXQHUHDXWRPDW
QDLQWHGHDIRORVLRIXQFLHSUH]HQWDWvQDFHVWFDSLWROvQDOWHPRGXUL
GHFkW> @DVLJXUDLYFIXQFLDHVWHGLVSRQLELOvQPRGXOUHVSHFWLY
=
)RWRJUDHUHvQ3URJUDP$(0RG>3@
)RWRJUDILL
)LOPH
3XWHLSHUVRQDOL]DPXOWHVHWULGHIXQFLHSHQWUXDVHSRWULYLFXVWLOXO
GXPQHDYRDVWUGHIRWRJUDHUH
,QWUDLvQPRGXO> @
8UPDLSDLLGHOD6FHQHVSHFLFH
= SHQWUXDDOHJH> @
3HUVRQDOL]DLVHWULOHGXSFXP
GRULL==LDSRL
IRWRJUDDL
'DFQXSXWHLRELQHRH[SXQHUHDGHFYDWDWXQFLFkQGDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWHWLPSXOGHH[SXQHUHL
YDORULOHGLDIUDJPHLYRUDDWHFXSRUWRFDOLXQDFHVWFD]
vQFHUFDLVPRGLFDLYDORDUHD,62= VDXVDFWLYDL
EOLXOGDFVXELHFWHOHVXQWvQWXQHFDWH= FHHDFHSRDWH
SHUPLWHH[SXQHUHDGHFYDW
)LOPHOHSRWvQUHJLVWUDWHLvQPRGXO> @DSVkQGEXWRQXO
OPDUH2ULFXPDQXPLWHVHWUL)81&= L0(18
= DUSXWHDUHJODWHDXWRPDWSHQWUXDvQUHJLVWUDOPH
/XPLQR]LWDWHDLPDJLQLL([SXQHUH
5HJODUHDOXPLQR]LWLLLPDJLQLL&RPSHQVDUHD
H[SXQHULL
)RWRJUDILL
)LOPH
([SXQHUHDVWDQGDUGVHWDWGHDSDUDWSRDWHUHJODWvQWUHSWHGH
VWRSvQWURJDPGHODWR
$SVDLEXWRQXO> @LDOHJHL> @vQ
PHQLXQWLPSFHYXLWDLODHFUDQ
DSVDLEXWRDQHOH> ][ @SHQWUXDUHJOD
OXPLQR]LWDWHD=
1LYHOXOGHFRUHFWDUHSHFDUHODLDOHV
HVWHDFXPDDW
/XPLQR]LWDWHDLPDJLQLL([SXQHUH
0RGLFDUHDPHWRGHLGHPVXUDUH
)RWRJUDILL
)LOPH
(YDOXDWLY
Medie
SRQGHUDW
FHQWUDO
6SRW
3HQWUXFRQGLLLGHIRWRJUDHUHWLSLFHLQFOXVLY
IRWRJUDLFXOXPLQGLQVSDWH5HJOHD]DXWRPDW
H[SXQHUHDSHQWUXDVHSRWULYLFRQGLLLORUGH
IRWRJUDHUH
6WDELOHWHOXPLQR]LWDWHDPHGLHSHvQWUHDJD
VXSUDIDDLPDJLQLLFDOFXODWFRQVLGHUkQG
OXPLQR]LWDWHDGLQ]RQDFHQWUDOFDLQGFHDPDL
LPSRUWDQW
0VXUWRDUHDHVWHUHVWULFLRQDWODDVHvQFDGUDvQ
LQWHUYDOXO> @FDGUX3XQFW$(DDWvQFHQWUXO
HFUDQXOXL
/XPLQR]LWDWHDLPDJLQLL([SXQHUH
6FKLPEDUHDYDORULL,62
)RWRJUDILL
)LOPH
$SVDLEXWRQXO> @DOHJHL
[ @GLQPHQLXLDOHJHLRSLXQHDGRULW
=
2SLXQHDSHFDUHDLFRQJXUDWRHVWH
DDWDFXP
$872
5HJOHD]DXWRPDWYDORDUHD,62SHQWUXDVH
SRWULYLPRGXOXLLFRQGLLLORUGHIRWRJUDHUH
3HQWUXIRWRJUDHUHvQH[WHULRUSHYUHPH
IUXPRDV
3HQWUXIRWRJUDHUHvQFRQGLLLGHFHUQRURVVDX
ODDSXV
3HQWUXIRWRJUDHUHGHVFHQHGHQRDSWHVDXvQ
FDPHUHvQWXQHFDWH
9DORULOH,62ULGLFDWHRIHURVHQVLELOLWDWHPDLPDUHLYDORULOH,62PDLPLFL
RIHURVHQVLELOLWDWHPDLPLF
3HQWUXDYHGHDYDORDUHD,62VHWDWDXWRPDWFkQGYDORDUHD
,62HVWHVHWDWOD>$872@DSVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWH
'HLDOHJHUHDXQHLYDORUL,62PDLPLFLSRDWHUHGXFHDVSHFWXO
JUDQXODWDOLPDJLQLLH[LVWXQULVFPDLPDUHFDLPDJLQLOHVH
QHFODUHvQDQXPLWHFRQGLLLGHIRWRJUDHUH
$OHJHUHDXQHLYDORUL,62PDLPDUHYDFUHWHWLPSXOGHH[SXQHUH
FDUHSRDWHUHGXFHPLFDUHDDSDUDWXOXLLSRDWHvPEXQWLUD]D
GHDFLXQHDEOLXOXL7RWXLHVWHSR]LELOFDIRWRJUDLOHVDLE
DVSHFWJUDQXODW
/XPLQR]LWDWHDLPDJLQLL([SXQHUH
&RUHFWDUHDOXPLQR]LWLLLPDJLQLLL&RQWUDVW
)LOPH
)RWRJUDILL
QDLQWHGHDIRWRJUDD]RQHOHH[FHVLYGHOXPLQRDVHVDXIRDUWHvQWXQHFDWH
SUHFXPIHHVDXIXQGDOXULSRWGHWHFWDWHLUHJODWHDXWRPDWOD
OXPLQR]LWDWHRSWLP'HDVHPHQHDFRQWUDVWXOJHQHUDODOLPDJLQLLSRDWH
FRUHFWDWDXWRPDWvQDLQWHGHIRWRJUDHUHSHQWUXDSXQHPDLELQHvQ
HYLGHQVXELHFWXO
$SVDLEXWRQXO>
@DOHJHL
>L&RQWUDVW@GHODWDEXO> @LDSRLDOHJHL
>$XWR@=
'XSFHDLHIHFWXDWVHWDUHD>
DDW
@YD
QDQXPLWHFRQGLLLGHIRWRJUDHUHFRUHFWDUHDSRDWHLQH[DFW
VDXSRDWHFDX]DXQDVSHFWJUDQXODWDOLPDJLQLL
'HDVHPHQHDSXWHLFRUHFWDLPDJLQLOHH[LVWHQWH=
&XORULLPDJLQH
5HJODUHDQLYHOXOXLGHDOE
)RWRJUDILL
)LOPH
3ULQUHJODUHDQLYHOXOXLGHDOE:%SXWHLFRQIHULXQDVSHFWPDLQDWXUDO
FXORULORUGLQVFHQDSHFDUHGRULLVRVXUSULQGHL
$SVDLEXWRQXO> @DOHJHL
[ @GLQPHQLXLDOHJHLRSLXQHDGRULW
=
2SLXQHDSHFDUHDLFRQJXUDWRHVWH
DDWDFXP
$XWR
/XPLQD]LOHL
QQRUDW
7XQJVWHQ
6HWHD]DXWRPDWQLYHOXOGHDOERSWLPSHQWUX
FRQGLLLOHGHIRWRJUDHUH
3HQWUXIRWRJUDHUHvQH[WHULRUSHYUHPH
IUXPRDV
3HQWUXIRWRJUDHUHvQFRQGLLLGHFHUQRURVVDX
ODDSXV
3HQWUXIRWRJUDHUHvQOXPLQLQFDQGHVFHQW
RELQXLW
)OXRUHVFHQW
3HQWUXIRWRJUDHUHvQOXPLQXRUHVFHQWDOE
)OXRUHVFHQW+
3HQWUXIRWRJUDHUHvQOXPLQXRUHVFHQWGH]L
3HUVRQDOL]DW
3HQWUXVHWDUHDPDQXDODXQXLQLYHOGHDOE
=
&XORULLPDJLQH
1LYHOGHDOESHUVRQDOL]DW
)RWRJUDILL
)LOPH
3HQWUXDRELQHFXORULFXDVSHFWQDWXUDOvQOXPLQDvQFDUHIRWRJUDDL
UHJODLQLYHOXOGHDOESHQWUXDVHSRWULYLFXVXUVDGHOXPLQSHFDUHRDYHL
ODGLVSR]LLH6HWDLQLYHOXOGHDOEvQDFHHDLVXUVGHOXPLQFDUHYD
IRORVLWSHQWUXDIDFHIRWRJUDD
8UPDLSDLLGHOD5HJODUHDQLYHOXOXLGH
DOE= SHQWUXDDOHJH> @
QGUHSWDLDSDUDWXOFWUHXQVXELHFW
FRPSOHWDOEDVWIHOvQFkWWRWHFUDQXOVH
DOE$SVDLEXWRQXO>
@
1XDQDHFUDQXOXLVHPRGLFGXSFH
LQIRUPDLLOHGHVSUHQLYHOXOGHDOEDXIRVW
vQUHJLVWUDWH
&XORULOHSRWDYHDXQDVSHFWQHQDWXUDOGDFVFKLPEDLVHWULOH
DSDUDWXOXLGXSFHvQUHJLVWUDLGDWHOHGHVSUHQLYHOXOGHDOE
0RGLFDUHDWRQXULORUGHFXORDUHDOHLPDJLQLL0\&RORUV
)RWRJUDILL
)LOPH
0RGLFDLWRQXULOHGHFXORDUHDLPDJLQLLGXSFXPGRULLGHH[HPSOX
WUDQVIRUPkQGLPDJLQLOHvQLPDJLQLVHSLDVDXDOEQHJUX
$SVDLEXWRQXO> @DOHJHL
[ @GLQPHQLXLDOHJHLRSLXQHDGRULW
=
2SLXQHDSHFDUHDLFRQJXUDWRHVWH
DDWDFXP
&XORULLPDJLQH
0\&RORUVRSULW
9LYLG
Neutru
(YLGHQLHUHDFRQWUDVWXOXLLDVDWXUDLHLGH
FXORDUHIFkQGLPDJLQLOHPDLFODUH
7RQXULOHUHGXFFRQWUDVWXOLVDWXUDLDGHFXORDUH
SHQWUXLPDJLQLQXDDGHLQWHQVH
6HSLD
&UHD]LPDJLQLvQWRQXULVHSLD
$1
&UHD]LPDJLQLDOEQHJUX
)LOPSR]LWLY
&RPELQHIHFWHOHGHDOEDVWUXLQWHQVYHUGH
LQWHQVLURXLQWHQVSHQWUXDRELQHLPDJLQL
LQWHQVHGDUFXDVSHFWQDWXUDODVHPQWRDUH
FXLPDJLQLOHXQXLOPSR]LWLY
7RQGHSLHOH
PDLGHVFKLV
7RQGHSLHOH
PDLvQFKLV
$OEDVWUXDSULQV
9HUGHDSULQV
5RXLQWHQV
&XORDUH
SHUVRQDOL]DW
'HVFKLGHWRQXOSLHOLL
QFKLGHWRQXOSLHOLL
$FFHQWXHD]QXDQHOHGHDOEDVWUXvQLPDJLQL
,QWHQVLFFXORULOHFHUXOXLRFHDQXOXLLDOHDOWRU
VXELHFWHGHFXORDUHDOEDVWU
$FFHQWXHD]QXDQHOHGHYHUGHvQLPDJLQL
,QWHQVLFFXORULOHPXQLORUIUXQ]LXOXLLDOH
DOWRUVXELHFWHGHFXORDUHYHUGH
$FFHQWXHD]QXDQHOHGHURXvQLPDJLQL
,QWHQVLFFXORDUHDVXELHFWHORUGHFXORDUH
URLH
5HJODLFRQWUDVWXOFODULWDWHDVDWXUDLD
GHFXORDUHLDOWHVHWULGXSFXPGRULL
=
&XORULLPDJLQH
&XORDUHSHUVRQDOL]DW
)RWRJUDILL
)LOPH
$OHJHLQLYHOXOGRULWGHFRQWUDVWDOLPDJLQLLFODULWDWHDVDWXUDLDGHFXORDUH
WRQXULOHGHURXYHUGHDOEDVWUXLWRQXULOHSLHOLLvQWURJDPGHODOD
$FFHVDLHFUDQXOSHQWUXVHWUL
8UPDLSDLLGHOD0RGLFDUHDWRQXULORU
GHFXORDUHDOHLPDJLQLL0\&RORUV
= SHQWUXDDOHJH> @LDSRL
DSVDLEXWRQXO>
@
&RQJXUDLVHWDUHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQDUWLFROLDSRLVSHFLFDLYDORDUHD
DSVkQGEXWRDQHOH> ][ @
3HQWUXHIHFWHPDLSXWHUQLFHPDLLQWHQVH
VDXWRQXULDOHSLHOLLPDLvQFKLVHUHJODL
YDORDUHDODGUHDSWDLDUSHQWUXHIHFWH
PDLSXLQLQWHQVHHVWRPSDWHVDXSHQWUX
WRQXULGHSLHOHPDLGHVFKLVHUHJODL
YDORDUHDODVWkQJD
$SVDLEXWRQXO>
GHQLWLYDVHWDUHD
@SHQWUXD
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
)RWRJUDHUHFXIXQFLH&ORVHXS0DFUR
)RWRJUDILL
)LOPH
3HQWUXDUHVWUkQJHDULDGHIRFDOL]DUHODVXELHFWHDDWHDSURDSHVHWDL
DSDUDWXOOD> @3HQWUXGHWDOLLGHVSUHLQWHUYDOXOGHIRFDOL]DUHYH]L,QWHUYDO
GHIRWRJUDHUH=
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH> @LDSRLDSVDL
EXWRQXO> @
'XSFHDLHIHFWXDWVHWDUHD> @YD
DDW
'DFEOLXOVHGHFODQHD]SRDWHDSUHDHIHFWXOGHYLJQHWDUH
&kQGSR]LLD]RRPHVWHvQLQWHUYDOXOEULLJDOEHQHGHVXEEDUDGH
]RRP> @GHYLQHJULLDSDUDWXOQXSRDWHIRFDOL]D
3HQWUXDSUHYHQLWUHPXUXODSDUDWXOXLvQFHUFDLVPRQWDLDSDUDWXO
SHXQWUHSLHGLVIRWRJUDDLFXDSDUDWXOVHWDWOD> @=
)RWRJUDHUHDRELHFWHORUDDWHODGLVWDQ,QQLW
3HQWUXDUHGXFHIRFDOL]DUHDODVXELHFWHOHDDWHODGLVWDQVHWDLDSDUDWXOOD> @
3HQWUXGHWDOLLGHVSUHLQWHUYDOXOGHIRFDOL]DUHYH]L,QWHUYDOGHIRWRJUDHUH=
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH> @LDSRLDSVDL
EXWRQXO> @
'XSFHDLHIHFWXDWVHWDUHD>
DDW
@YD
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
7HOHFRQYHUWRUGLJLWDO
)RWRJUDILL
)LOPH
'LVWDQDIRFDODRELHFWLYXOXLSRDWHPULWDGH[VDXDSUR[LPDWLY
[$FHVWOXFUXSRDWHUHGXFHWUHPXUXODSDUDWXOXLGHRDUHFHYLWH]D
GHFODQDWRUXOXLHVWHPDLPDUHGHFkWDUGDFDLIDFH]RRPLQFOXVLY
IRORVLQG]RRPXOGLJLWDOODDFHHDLYDORDUHD]RRPXOXL
$SVDLEXWRQXO>
@DOHJHL>=RRP
'LJLWDO@GHODWDEXO> @LDSRLDOHJHL
RSLXQHDGRULW=
9L]XDOL]DUHDHVWHPULWLDU]RRPXOHVWH
DDWSHHFUDQ
7HOHFRQYHUWRUXOGH]RRPGLJLWDOQXSRDWHIRORVLWFX]RRPXO
GLJLWDO= VDX]RRPSXQFW$)=
7LPSXOGHH[SXQHUHSRDWHHFKLYDOHQWDWXQFLFkQGGHSODVDL
@SHQWUXWHOHIRWRPD[LP
EXWRQXOGH]RRPSkQODFDSWFWUH>
LDUDWXQFLFkQGGDL]RRPSHQWUXDPULVXELHFWXOODDFHHDL
GLPHQVLXQHXUPkQGSDVXOGHOD)RFDOL]DUHFkWPDLDSURDSHSH
VXELHFWH=RRPGLJLWDO=
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
6FKLPEDLPRGXOGH&DGUX$)
)RWRJUDILL
)LOPH
)DFH$L$)
)RWRJUDILL
)LOPH
'HWHFWHD]IHHOHRDPHQLORULDSRLVHWHD]IRFDOL]DUHDH[SXQHUHD
GRDUPRGXOGHPVXUDUHHYDOXDWLYLQLYHOXOGHDOEGRDU> @
'XSFHvQGUHSWDLDSDUDWXOFWUHVXELHFWXQFDGUXDOEYDDSUHDvQ
MXUXOIHHLSHUVRDQHLVWDELOLWHGHFWUHDSDUDWVHVXELHFWXOSULQFLSDOL
FHOPXOWGRXFDGUHJULVXQWDDWHvQMXUXODOWRUIHHGHWHFWDWH
&kQGDSDUDWXOGHWHFWHD]PLFDUHFDGUHOHYRUXUPULVXELHFWHOHvQ
PLFDUHvQWURDQXPLWGLVWDQ
'XSFHDSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWHYRUDDWH
PD[LPQRXFDGUHGHFXORDUHYHUGHvQMXUXOIHHORUSHFDUHVHIDFH
IRFDOL]DUHD
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
'DFIHHOHQXVXQWGHWHFWDWHVDXGDFGRDUFDGUHOHJULYRU
DDWHIUQLFLXQFDGUXGHFXORDUHDOEFHOPXOWQRXFDGUH
GHFXORDUHYHUGHVXQWDDWHvQ]RQHOHGHIRFDOL]DUHDWXQFLFkQG
DSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWH
'DFIHHOHQXVXQWGHWHFWDWHDWXQFLFkQG6HUYR$)=
HVWHVHWDWOD>3RUQLW@FDGUXO$)YDDSUHDvQFHQWUXOHFUDQXOXL
FkQGDSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWH
([HPSOHGHIHHFDUHQXSRWGHWHFWDWH
6XELHFLLFDUHVHDODGLVWDQVDXIRDUWHDSURDSH
6XELHFLLFDUHVHDvQvQWXQHULFVDXvQOXPLQ
3UROXULGHIHHIHHGLQXQJKLVDXSDULDODVFXQVH
$SDUDWXOSRDWHLQWHUSUHWDJUHLWIHHOHFDUHQXDSDULQRDPHQLORU
FDIHHXPDQH
1LFLXQFDGUX$)QXHVWHDDWGDFDSDUDWXOQXSRDWHIRFDOL]D
DWXQFLFkQGDSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWH
$OHJHUHDSHUVRDQHLSHFDUHGRULLVIRFDOL]DL8UPULUH$)
)RWRJUDILL
)LOPH
)RWRJUDDLGXSFHDOHJHLXQVXELHFWSHFDUHVIRFDOL]DLGXSFXP
XUPHD]
$OHJHL>8UPULUH$)@
8UPDLSDLLGHOD6FKLPEDLPRGXOGH
&DGUX$)= SHQWUXDDOHJH
>8UPULUH$)@
[
@YDDDWvQFHQWUXOHFUDQXOXL
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
$OHJHLXQVXELHFWSHFDUHV
IRFDOL]DL
QGUHSWDLDSDUDWXOvQDDIHOvQFkW> @V
HvQGUHSWDWFWUHVXELHFWXOGRULWLDSRL
DSVDLEXWRQXO> @
$WXQFLFkQGVXELHFWXOHVWHGHWHFWDW
DSDUDWXOVFRDWHXQVHPQDOVRQRULDU
[ @HVWHDDW&KLDUGDFVXELHFWXO
VHGHSODVHD]DSDUDWXOYDFRQWLQXD
VXUPUHDVFVXELHFWXOSHRDQXPLW
GLVWDQ
'DFQXHVWHGHWHFWDWQLFLXQVXELHFW>
YDDDW
3HQWUXDDQXODXUPULUHDDSVDLEXWRQXO
[ @GLQQRX
)RWRJUDDL
$SVDLEXWRQXOGHFODQDWRUSkQOD
MXPWDWH> @VHVFKLPEvQ> @DOEDVWUX
FDUHXUPUHWHVXELHFWXOSHPVXUFH
DSDUDWXOFRQWLQXVUHJOH]HIRFDOL]DUHD
LH[SXQHUHD6HUYR$)=
$SVDLEXWRQXOGHFODQDWRUSkQOD
FDSWSHQWUXDIRWRJUDD
&KLDULGXSFHDLIRWRJUDDW> @YD
FRQWLQXDVHDDWLDUDSDUDWXOYD
FRQWLQXDVXUPUHDVFVXELHFWXO
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
$SDUDWXOSRDWHGHWHFWDVXELHFWHFKLDUGDFDSVDLEXWRQXO
GHFODQDWRUSkQODMXPWDWHIUDDSVDEXWRQXO> @'XSFH
IDFHLIRWRJUDD> @HVWHDDWvQFHQWUXOHFUDQXOXL
&HQWUX
)RWRJUDILL
)LOPH
8QFDGUXO$)YDDDWvQFHQWUX)RDUWHHFLHQWSHQWUXIRFDOL]DUHVLJXU
8QFDGUXJDOEHQ$)HVWHDDWFX> @GDFDSDUDWXOQXSRDWH
IRFDOL]DFkQGDSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWH
3HQWUXDUHGXFHGLPHQVLXQHDFDGUXOXL$)DSVDLEXWRQXO
@LVHWDL>'LPHQVLXQHFDGUX$)@GHODWDEXO> @OD>0LF@
[
=
'LPHQVLXQHDFDGUXOXL$)HVWHVHWDWOD>1RUPDO@DWXQFLFkQG
IRORVLL]RRPXOGLJLWDO= VDXWHOHFRQYHUWRUXOWHOHGLJLWDO
=
3HQWUXDFRPSXQHIRWRJUDLDVWIHOvQFkWVXELHFLLVHSR]LLRQDL
vQWURPDUJLQHVDXvQFROvQWkLvQGUHSWDLDSDUDWXOSHQWUXD
FXSULQGHVXELHFWXOvQFDGUXO$)LDSRLLQHLDSVDWEXWRQXO
GHFODQDWRUODMXPWDWHQWLPSFHLQHLDSVDWEXWRQXOOD
MXPWDWHUHFRPSXQHLIRWRJUDDDDFXPGRULLLDSRLDSVDL
EXWRQXOSkQODFDSW%ORFDUHIRFDOL]DUH
3R]LLDFDGUXOXL$)HVWHPULWFkQGDSVDLEXWRQXOGHFODQDWRU
SkQODMXPWDWHFX>=RRPSXQFW$)@= VHWDWOD>3RUQLW@
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
)RWRJUDHUHDFX6HUYR$)
)RWRJUDILL
)LOPH
$FHVWPRGYYDDMXWDVSXWHLIDFHIRWRJUDLDOHVXELHFWHORUDDWH
vQPLFDUHGHRDUHFHDSDUDWXOFRQWLQXVIRFDOL]H]HSHVXELHFWLV
UHJOH]HH[SXQHUHDFkWWLPSDSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWH
&RQJXUDLVHWDUHD
$SVDLEXWRQXO>
@DOHJHL>6HUYR
$)@GHODWDEXO> @LDSRLDOHJHL>3RUQLW@
=
)RFDOL]DUH
)RFDOL]DUHDLH[SXQHUHDYRUSVWUDWH
DFRORXQGHFDGUXO$)GHFXORDUHDOEDVWU
HVWHDDWvQWLPSFHLQHLDSVDWEXWRQXO
GHFODQDWRUSkQODMXPWDWH
(VWHSRVLELOFDIRFDOL]DUHDVQXSRDWUHDOL]DWvQDQXPLWH
FRQGLLLGHIRWRJUDHUH
QFRQGLLLGHOXPLQR]LWDWHVF]XWHVWHSRVLELOFD6HUYR$)VQX
HDFWLYDWFDGUHOH$)DUSXWHDVQXGHYLQDOEDVWUHFkQGDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWHQDFHVWFD]IRFDOL]DUHDL
H[SXQHUHDVXQWVHWDWHFRQIRUPPRGXOXLGHFDGUX$)
QFD]XOvQFDUHQXSXWHLRELQHH[SXQHUHDGRULWWLPSXOGH
H[SXQHUHLYDORULOHGLDIUDJPHLVXQWDDWHFXSRUWRFDOLX(OLEHUDL
EXWRQXOGHFODQDWRULDSRLDSVDLOSkQODMXPWDWH
>=RRPSXQFW$)@GHODWDEXO> @QXHVWHGLVSRQLELO=
1XHVWHGLVSRQLELODWXQFLFkQGIRORVLLDXWRGHFODQDWRUXO
=
,QWHUYDOGHIRWRJUDHUHLIRFDOL]DUH
6FKLPEDUHDVHWULLGHIRFDOL]DUH
)RWRJUDILL
)LOPH
3XWHLVFKLPEDRSLXQHDLPSOLFLWDDSDUDWXOXLGHDIRFDOL]DFRQVWDQW
SHVXELHFWHOHFWUHFDUHHVWHvQGUHSWDWFKLDULDWXQFLFkQGEXWRQXO
GHFODQDWRUQXHVWHDSVDWQVFKLPESXWHLOLPLWDIRFDOL]DUHDDSDUDWXOXL
ODPRPHQWXOvQFDUHDSVDLEXWRQXOGHFODQDWRUSkQODMXPWDWH
$SVDLEXWRQXO>
FRQWLQXX@GHODWDEXO>
>2SULW@=
3RUQLW
2SULW
@DOHJHL>$)
@LDSRLDOHJHL
$FHDVWVHWDUHYDMXWVQXUDWDLGLYHUVHRSRUWXQLWL
GHIRWRJUDHUHGHRDUHFHDSDUDWXOIRFDOL]HD]FRQVWDQW
SHVXELHFWHvQDLQWHGHDDSVDEXWRQXOGHFODQDWRUSkQ
ODMXPWDWH
3VWUHD]EDWHULDGHRDUHFHDSDUDWXOQXIRFDOL]HD]vQ
PRGFRQVWDQW
%OL
0RGLFDUHDPRGXOXL%OL
)RWRJUDILL
)LOPH
3XWHLVFKLPEDPRGXOEOLSHQWUXDVHSRWULYLFXVFHQDGHIRWRJUDHUH
3HQWUXGHWDOLLUHIHULWRDUHODUD]DEOLXOXLFRQVXOWDL,QWHUYDOEOL=
5LGLFDLEOLXO
0XWDLEXWRQXO> @
&RQJXUDLVHWDUHD
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHXQPRGGHEOLL
DSRLDSVDLEXWRQXO> @
2SLXQHDSHFDUHDLFRQJXUDWRHVWH
DDWDFXP
(FUDQXOGHVHWDUHQXSRDWHDFFHVDWGDFDSVDLEXWRQXO> ]
FkQGEOLXOQXHVWHULGLFDW'HSODVDLFRPXWDWRUXO> @SHQWUXD
ULGLFDEOLXODSRLFRQJXUDLVHWDUHD
%OL
$XWR
6HGHFODQHD]DXWRPDWvQFRQGLLLGHOXPLQR]LWDWHVF]XW
3RUQLW
'HFODQHD]SHQWUXHFDUHIRWRJUDH
6LQFURQL]DUHOHQW
'HFODQHD]SHQWUXDOXPLQDVXELHFWXOSULQFLSDOSUHFXPRDPHQLvQWLPS
FHIRWRJUDDLFXXQWLPSGHH[SXQHUHOXQJSHQWUXDDYHDIXQGDOXOOXPLQDW
QPRGXO> @PRQWDLDSDUDWXOSHXQWUHSLHGVDXOXDLDOWHPVXUL
SHQWUXDOVWDELOL]DLSHQWUXDSUHYHQLPLFDUHDDSDUDWXOXL
6XSOLPHQWDUVHWDL>0RG,6@OD>2SULW@DWXQFLFkQGIRORVLLXQWUHSLHG
VDXDOWHPLMORDFHSHQWUXDLQHDSDUDWXOQHPLFDW=
QPRGXO> @FKLDUGXSFHEOLXOVHGHFODQHD]DVLJXUDLY
FVXELHFWXOQXVHPLFSkQFHVXQHWXOREWXUDWRUXOXLQXVH
RSUHWH
2SULW
3HQWUXIRWRJUDHUHIUEOL
QFD]XOvQFDUHXQVLPEROLQWHUPLWHQW> @HVWHDDWFkQGDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWHvQFRQGLLLvQFDUHDSDUDWXO
VHSRDWHPLFDODOXPLQR]LWDWHVF]XWDH]DLDSDUDWXOSHXQ
WUHSLHGVDX[DLDSDUDWXOSULQDOWHPLMORDFH
$OWHVHWUL
6FKLPEDUHDUDSRUWXOXLGHFRPSUHVLH&DOLWDWHDLPDJLQLL
)RWRJUDILL
)LOPH
6FKLPEULOHVHWULORUDIHUHQWHPRGXOXL,6
)RWRJUDILL
)LOPH
$OHJHL>'RDUIRWRJUDHUH@ODSDLL
GHOD'H]DFWLYDUHDVWDELOL]ULLLPDJLQLL
=
'DFVWDELOL]DUHDLPDJLQLLQXSRDWHSUHYHQLWUHPXUXODSDUDWXOXL
PRQWDLDSDUDWXOSHXQWUHSLHGVDXOXDLDOWHPVXULSHQWUXDO
PHQLQHQHPLFDWQDFHVWFD]VHWDL>0RGXO,6@OD>2SULW@
6HWDUHDHVWHPRGLFDWOD>&RQWLQXX@SHQWUXvQUHJLVWUDUHDOPHORU
0RGUHGDUH
9SXWHLGLVWUDSULYLQGIRWRJUDLOHLFXWkQGSULQHOHVDXHGLWkQGXOHGXS
FXPGRULL
3HQWUXDSUHJWLDSDUDWXOSHQWUXDFHVWHRSHUDLXQLDSVDLEXWRQXO
@SHQWUXDLQWUDvQPRGXO5HGDUH
[
(VWHSRVLELOVQXSXWHLUHGDVDXHGLWDLPDJLQLOHFDUHDXIRVW
UHGHQXPLWHVDXGHMDHGLWDWHSHXQFDOFXODWRUVDXLPDJLQLOHGHSH
DOWHDSDUDWH
9L]XDOL]DUH
)RWRJUDILL
)LOPH
'XSvQUHJLVWUDUHDGHLPDJLQLVDXOPHOHSXWHLYL]XDOL]DSHHFUDQGXS
FXPXUPHD]
,QWUDLvQPRGXO5HGDUH
$SVDLEXWRQXO>
@
8OWLPDIRWRJUDHHVWHDDW
$OHJHLRLPDJLQH
3HQWUXDYHGHDLPDJLQHDDQWHULRDU
DSVDLEXWRQXO> @3HQWUXDYHGHD
XUPWRDUHDLPDJLQHDSVDLEXWRQXO> @
3HQWUXDDFFHVDPRGXO$DUH'HUXODUH
DSVDLLLQHLDSVDWHEXWRDQHOH> ][ ]
WLPSGHFHOSXLQRVHFXQGQDFHVW
PRGDSVDLEXWRDQHOH> ][ @SHQWUXD
UVIRLSULQWUHLPDJLQL
3HQWUXDYvQWRDUFHODDDUHDXQHL
VLQJXUHLPDJLQLDSVDLEXWRQXO> @
3HQWUXDUVIRLLPDJLQLOHJUXSDWHGXS
GDWDGHIRWRJUDHUHDSVDLEXWRDQHOH
[ ][ @vQPRGXO$DUH'HUXODUH
9L]XDOL]DUH
)LOPHOHVXQWLGHQWLFDWHFXDMXWRUXO
VLPEROXOXL>
@3HQWUXDUHGDOPH
PHUJHLODSDVXO
5HGDLOPH
3HQWUXDvQFHSHUHGDUHDDSVDLEXWRQXO
[ @DSVDLEXWRDQHOH> ][ @SHQWUX
a alege [ @LDSRLDSVDLEXWRQXO> ]
GLQQRX
5HJODLYROXPXO
$SVDLEXWRDQHOH>
YROXPXO
][
@SHQWUXDUHJOD
3HQWUXDUHJODYROXPXOFkQGEDUD
QXPDLHVWHDDWDSVDLEXWRDQHOH
[ ][ @
(1)
2SULLWHPSRUDUUHGDUHD
3HQWUXDRSULWHPSRUDUVDXSHQWUXDUHOXD
UHGDUHDDSVDLEXWRQXO> @
'XSFHDLWHUPLQDWGHOPDW>
DDW
@YD
9L]XDOL]DUH
3HQWUXDWUHFHODPRGXO)RWRJUDHUHGLQPRGXO5HGDUHDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWH
3HQWUXDGH]DFWLYD$DUHGHUXODUHDOHJHL0(18= !
@!>$DUHGHUXODUH@!>2SULW@
WDE>
'DFSUHIHUDLVVHDH]HFHDPDLUHFHQWIRWRJUDHUHDOL]DW
]
FkQGLQWUDLvQPRGXO5HGDUHDOHJHL0(1,8= !WDE>
!>5HOXDUH@!>8OWLPDIRWRJUDH@
3HQWUXDVFKLPEDWUDQ]LLDDDWvQWUHLPDJLQLDFFHVDL0(1,8
@!>7UDQ]LLH@
= LDOHJHLHIHFWXOGRULWvQWDEXO>
&RPXWDLPRGXULOHGHDDUH
)RWRJUDILL
)LOPH
$SVDLEXWRQXO> @SHQWUXDYHGHDDOWHLQIRUPDLLSHHFUDQVDXSHQWUXD
DVFXQGHLQIRUPDLLOH3HQWUXPDLPXOWHGHWDOLLGHVSUHLQIRUPDLLOHDDWH
FRQVXOWDL
5HGDUH$DUHLQIRUPDLLGHWDOLDWH=
1LFLRLQIRUPDLHDDW
$DUHVLPSOGHLQIRUPDLL
$DUHGHLQIRUPDLLGHWDOLDWH
9L]XDOL]DUH
$YHUWL]DUHVXSUDH[SXQHUHSHQWUX(YLGHQLHUHLPDJLQH
)RWRJUDILL
)LOPH
3XQFWHOHGHHYLGHQLHUHHVWRPSDWHGLQLPDJLQHFOLSHVFSHHFUDQvQDDMXO
FXLQIRUPDLLGHWDOLDWH=
+LVWRJUDP
)RWRJUDILL
)LOPH
*UDFXOGLQDDMXOFXLQIRUPDLLGHWDOLDWH
= HVWHRKLVWRJUDPFDUHLQGLF
GLVWULEXLUHDOXPLQR]LWLLvQLPDJLQH
$[DRUL]RQWDOUHSUH]LQWJUDGXOGH
OXPLQR]LWDWHLDUD[DYHUWLFDODUDW
QLYHOXOGHOXPLQR]LWDWHGHODHFDUHQLYHO
9L]XDOL]DUHDKLVWRJUDPHLHVWHXQPRGGH
DYHULFDH[SXQHUHD
$DUHLQIRUPDLL*36
)RWRJUDILL
)LOPH
&XDMXWRUXOXQXLWHOHIRQLQWHOLJHQW
FRQHFWDWZLUHOHVVODDSDUDWSXWHLSXQH
JHRWDJLPDJLQLORUGLQDSDUDWSXWHL
DGXJDLQIRUPDLLSUHFXPODWLWXGLQH
ORQJLWXGLQHLDOWLWXGLQH= 3XWHL
UHYHGHDDFHDVWLQIRUPDLHvQHFUDQXOFX
LQIRUPDUH*36
/DWLWXGLQHDORQJLWXGLQHDDOWLWXGLQHDL
87&VXQWHQXPHUDWHGHVXVvQMRV
$DUHGHLQIRUPDLL*36QXHVWHGLVSRQLELOSHQWUXLPDJLQLFDUH
QXDXDFHDVWLQIRUPDLH
>@HVWHDDWvQORFGHYDORULSHQWUXDUWLFROHOHFDUHQXVXQW
GLVSRQLELOHSHVPDUWSKRQHVDXDUWLFROHFDUHQXDXIRVWvQUHJLVWUDWH
FRUHFW
9L]XDOL]DUH
87&&RRUGLQDWHG8QLYHUVDO7LPH7LPS8QLYHUVDO&RRUGRQDW
DFHHODLFX*UHHQZLFK0HDQ7LPH
9L]XDOL]DUHOPHVFXUWHUHDOL]DWHFkQGIRWRJUDDL
'LJHVW0RYLHV
)RWRJUDILL
9L]XDOL]DLOPHvQUHJLVWUDWHDXWRPDWvQPRGXO>
IRWRJUDHUH
)LOPH
@= vQWUR]LGH
$OHJHLRLPDJLQH
)RWRJUDLOHUHDOL]DWHvQPRGXO> ] sunt
@
HWLFKHWDWHFXVLPEROXO>
5HGDLOPXOGLJHVWPRYLH
$SVDLEXWRQXO> @LDSRLDOHJHL>
vQPHQLX=
)LOPXOFUHDWvQ]LXDUHDOL]ULL
IRWRJUDLORUHVWHUHGDWGHOD
vQFHSXW
'XSXQPRPHQW>
@QXYDPDLDDWDWXQFLFkQGIRORVLL
DSDUDWXOFXDDMXOSHQWUXLQIRUPDLLGH]DFWLYDW=
9L]XDOL]DUH
9L]XDOL]DUHGXSGDW
)LOPHOHGLJHVWPRYLHVSRWY]XWHvQIXQFLHGHGDW
$OHJHLXQOP
$SVDLEXWRQXO>
@DOHJHL>/LVW
5HGDUHOPHGLJHVW@GHODWDEXO>
@L
DSRLDOHJHLRGDW=
5HGDLOPXO
$SVDLEXWRQXO>
UHGDUHD
@SHQWUXDvQFHSH
%URZVLQJLOWUDUHDLPDJLQLORU
1DYLJDUHSULQLPDJLQLGXSLQGH[
)RWRJUDILL
)LOPH
3ULQDDUHDPDLPXOWRULPDJLQLvQWUXQLQGH[SXWHLJVLUDSLGLPDJLQLOH
SHFDUHOHFXWDL
$DUHDLPDJLQLORUvQWUXQLQGH[
'HSODVDLEXWRQXOGH]RRPFWUH> ]
SHQWUXDDDXQLQGH['DFGHSODVDL
EXWRQXOGLQQRXQXPUXOGHIRWRJUDL
DDWHYDPULW
3HQWUXDDDPDLSXLQHLPDJLQL
GHSODVDLEXWRQXOGH]RRPFWUH> @'H
HFDUHGDWFkQGGHSODVDLEXWRQXOYRU
DDWHPDLSXLQHLPDJLQL
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH>
DOHJHRLPDJLQH
][
][ ][ @SHQWUXD
8QFDGUXSRUWRFDOLXYDDDWvQMXUXO
LPDJLQLLVHOHFWDWH
$SVDLEXWRQXO> @SHQWUXDYL]XDOL]D
LPDJLQHDVHOHFWDWvQWUXQDDMFXR
VLQJXULPDJLQH
%URZVLQJLOWUDUHDLPDJLQLORU
*VLUHDLPDJLQLORUFDUHVVHSRWULYHDVFXQRUFRQGLLLVSHFLILFH
)RWRJUDILL
)LOPH
3XWHLJVLUDSLGLPDJLQLOHGRULWHSHXQFDUGGHPHPRULHSOLQFX
IRWRJUDLSULQOWUDUHDDDMXOXLFXLPDJLQLFRQIRUPFRQGLLLORULPSXVH
GHGXPQHDYRDVWU'HDVHPHQHDSXWHLSURWHMD= VDXWHUJH
= DFHVWHLPDJLQLGHRGDW
2DPHQL
$HD]LPDJLQLOHFXIHHGHWHFWDWH
'DWDUHDOL]ULL
$HD]LPDJLQLUHDOL]DWHODRDQXPLWGDW
)DYRULWH
)RWRJUDL
)LOPH
$HD]LPDJLQLHWLFKHWDWHFDIDYRULWH=
$HD]IRWRJUDLOPHVDXOPHUHDOL]DWHvQ
PRGXO> @=
$OHJHLRFRQGLLHGHFXWDUH
9L]XDOL]DLLPDJLQLOHOWUDWH
,PDJLQLOHFDUHFRUHVSXQGFRQGLLLORU
LPSXVHGHGXPQHDYRDVWUVXQWDDWH
vQFDGUHJDOEHQH3HQWUXDYL]XDOL]DGRDU
DFHVWHLPDJLQLDSVDLEXWRDQHOH> ][ @
3HQWUXDDQXODDDUHDOWUDWDOHJHL
[ @ODSDVXO
'DFDSDUDWXOQXJVHWHQLFLRLPDJLQHFDUHVFRUHVSXQG
FRQGLLLORUFRQGLLLOHUHVSHFWLYHQXVXQWGLVSRQLELOH
%URZVLQJLOWUDUHDLPDJLQLORU
3HQWUXDDDVDXSHQWUXDDVFXQGHDOWHLQIRUPDLLDSVDL
EXWRQXO> @ODSDVXO
2SLXQLOHSHQWUXYL]XDOL]DUHDLPDJLQLORUJVLWHSDVXOLQFOXG
1DYLJDUHSULQLPDJLQLGXSLQGH[= 0ULUHDLPDJLQLORU
= L9L]XDOL]DUHDSUH]HQWULORU= 3XWHLSURWHMD
WHUJHVDXLPSULPDWRDWHLPDJLQLOHRELQXWHLOHSXWHLDGXJD
vQWUXQDOEXPIRWRDOHJkQG>6HOHFWDLWRDWHLPDJLQLOHGHOD
FXWDUH@GLQ3URWHMDUHDLPDJLQLORU= WHUJHUHDWXWXURU
LPDJLQLORU= $GXJDUHDGHLPDJLQLODOLVWDGHLPSULPDUH
'32)= VDX$GXJDUHDGHLPDJLQLvQWUXQDEXPIRWR
=
QFD]XOvQFDUHHGLWDLLPDJLQLOHLOHVDOYDLFDLHUQRX=
= XQPHVDMHVWHDDWLLPDJLQLOHJVLWHQXYRUPDL
DDWH
%URZVLQJLOWUDUHDLPDJLQLORU
9L]XDOL]DUHDGHLPDJLQLLQGLYLGXDOHGLQWUXQJUXS
)RWRJUDILL
)LOPH
,PDJLQLOHUHDOL]DWHvQPRGXO>
] sau [ @= = VXQWJUXSDWH
LGRDUSULPDLPDJLQHGLQJUXSHVWHDDW2ULFXPSXWHLYL]XDOL]D
LPDJLQLOHLQGLYLGXDO
$OHJHLRLPDJLQHJUXSDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
@
LPDJLQHHWLFKHWDWFX>
$OHJHL>
@
$SVDLEXWRQXO>
PHQLX=
@LDSRLDOHJHL>
@vQ
9L]XDOL]DLLQGLYLGXDOLPDJLQLOHGLQWU
XQJUXS
'DFDSVDLEXWRDQHOH> ][ @YRU
DDWHGRDULPDJLQLOHGLQJUXS
3HQWUXDDQXODUHGDUHDJUXSDWDSVDL
EXWRQXO> @DOHJHL> @vQPHQLXL
DSVDLEXWRQXO> @GLQQRX=
%URZVLQJLOWUDUHDLPDJLQLORU
2SLXQLGHYL]XDOL]DUHLPDJLQL
0ULUHDLPDJLQLORU
)RWRJUDILL
)LOPH
0ULUHDXQHLLPDJLQL
'DFGHSODVDLEXWRQXOGH]RRPFWUH
[ @YHLIDFH]RRPLQLYHLPUL
LPDJLQHDL>
@HVWHDDW3XWHL
PULLPDJLQLOHGHSkQOD[SULQ
DSVDUHDFRQWLQXDEXWRQXOXLGH]RRP
3R]LLDDSUR[LPDWLYD]RQHLDDWH
HVWHLQGLFDWSHQWUXUHIHULQ
(1)
3HQWUXDIDFH]RRPRXWGHSODVDLEXWRQXO
GH]RRPFWUH> @3XWHLVUHYHQLLOD
DDMXOFXRVLQJXULPDJLQHFRQWLQXkQG
VLQHLDSVDWSHHO
0XWDLSR]LLDGHDDUHLVFKLPEDL
LPDJLQLOHGXSFXPGRULL
3HQWUXDPXWDSR]LLDGHDDUHDSVDL
EXWRDQHOH> ][ ][ ][ @
QWLPSFH>
@HVWHDDWSXWHL
WUHFHOD>
@SULQDSVDUHDEXWRQXOXL
[ @3HQWUXDWUHFHODDOWHLPDJLQLvQWLPS
FHIDFHL]RRPSHHOHDSVDLEXWRDQHOH
[ ][ @$SVDLEXWRQXO> @GLQQRXSHQWUX
DUHYHQLODVHWDUHDRULJLQDO
3XWHLUHYHQLODDDMXOXQHLVLQJXUHLPDJLQLDSVkQGEXWRQXO
@
[
2SLXQLGHYL]XDOL]DUHLPDJLQL
9L]XDOL]DUHDSUH]HQWULORU
)RWRJUDILL
)LOPH
5HGDLvQPRGDXWRPDWLPDJLQLOHGHSHXQFDUGGHPHPRULHGXSFXP
XUPHD])LHFDUHLPDJLQHHVWHDDWWLPSGHDSUR[LPDWLYWUHLVHFXQGH
$SVDLEXWRQXO> @DOHJHL> @GLQPHQLX
LDOHJHLRSLXQHDGRULW=
3UH]HQWDUHDYDvQFHSHODFkWHYDVHFXQGH
GXSFHPHVDMXO>QFUFDUHLPDJLQH@HVWH
DDW
$SVDLEXWRQXO>
SUH]HQWDUHD
@SHQWUXDRSUL
)XQFLLOHGHHFRQRPLVLUHDHQHUJLHL= VXQWGH]DFWLYDWHvQ
WLPSXOSUH]HQWULORU
3HQWUXDRSULWHPSRUDUVDXDUHOXDSUH]HQWULOHDSVDLEXWRQXO
[ @
3XWHLWUHFHODDOWHLPDJLQLvQWLPSXOUHGULLDSVkQGEXWRDQHOH
[ ][ @3HQWUXGHUXODUHvQDLQWHVDXvQDSRLLQHLDSVDWH
EXWRDQHOH> ][ @
QDDUHDOWUDW= GRDULPDJLQLOHFDUHvQWUXQHVF
FRQGLLLOHGHFXWDUHVXQWDDWH
2SLXQLGHYL]XDOL]DUHLPDJLQL
0RGLFDUHDVHWULORUGHSUH]HQWDUH
3XWHLVHWDSUH]HQWULOHVVHUHSHWHLSXWHLPRGLFDWUHFHUHDGHODR
LPDJLQHODDOWDLSXWHLDDGXUDWDHFUHLLPDJLQL
$FFHVDLHFUDQXOSHQWUXVHWUL
$SVDLEXWRQXO>
@DSRLDOHJHL
@=
>3UH]HQWDUH@GHODWDEXO>
&RQJXUDLVHWDUHD
$OHJHLXQDUWLFROGLQPHQLXSHQWUXDO
FRQJXUDLDSRLDOHJHLRSLXQHDGRULW
=
3HQWUXDSRUQLSUH]HQWDUHDFXVHWULOH
GXPQHDYRDVWUDOHJHL>6WDUW@LDSVDL
EXWRQXO> @
3HQWUXDUHYHQLODHFUDQXOGHPHQLX
DSVDLEXWRQXO>
@
>7LPSUHGDUH@QXSRDWHPRGLFDWDWXQFLFkQG>%XOH@HVWHDOHV
FD>(IHFW@
2SLXQLGHYL]XDOL]DUHLPDJLQL
5HGDUHDDXWRGHLPDJLQLVLPLODUH0L[DUHLQWHOLJHQW
)RWRJUDILL
)LOPH
3RUQLQGGHODLPDJLQHDFXUHQWDSDUDWXOYRIHUSDWUXLPDJLQLDVHPQWRDUHFX
DFHDVWDSHFDUHOHDLSXWHDYHGHD'XSFHDOHJHLVYHGHLXQDGLQWUHDFHVWH
LPDJLQLDSDUDWXOYYDSXQHODGLVSR]LLHDOWHSDWUXLPDJLQL$FHDVWDHVWHXQ
PRGIRDUWHSOFXWGHDUHGDLPDJLQLOHvQWURRUGLQHQHDWHSWDWQFHUFDLDFHDVW
IXQFLHGXSFHDLIFXWPDLPXOWHIRWRJUDLvQPDLPXOWHVFHQH
$OHJHL0L[DUHLQWHOLJHQW
$SVDLEXWRQXO>
PHQLX=
@LDSRLDOHJHL>
@vQ
3DWUXLPDJLQLGLQFDUHSXWHLDOHJHYRU
DDWH
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHLPDJLQHDSHFDUHGRULLVRYHGHL
vQFRQWLQXDUH
,PDJLQHDSHFDUHDLDOHVRHVWHDDW
vQFHQWUXvQFRQMXUDWGHXUPWRDUHOH
SDWUXLPDJLQLGLQFDUHDLSXWHDDOHJH
3HQWUXDDUHDSHWRWHFUDQXODLPDJLQLLGLQ
FHQWUXDSVDLEXWRQXO> @3HQWUXDUHYHQLOD
DDMXORULJLQDODSVDLGLQQRXEXWRQXO> @
$SVDLEXWRQXO>
@SHQWUXDUHYHQL
ODDDMXOXQHLVLQJXUHLPDJLQL
0L[DUHDLQWHOLJHQWQXHVWHGLVSRQLELOvQXUPWRDUHOHFD]XUL
([LVWPDLSXLQGHGHIRWRJUDLUHDOL]DWHFXDFHVWDSDUDW
QDFHVWPRPHQWHVWHDDWRLPDJLQHQHDFFHSWDW
,PDJLQLOHVXQWSUH]HQWDWHvQDDMXOSHQWUXOWUDUH=
QWLPSXOUHGULLGHJUXS=
3URWHMDUHDLPDJLQLORU
)RWRJUDILL
)LOPH
3URWHMDLLPDJLQLOHLPSRUWDQWHSHQWUXDSUHYHQLWHUJHUHDDFFLGHQWDO
=
$SVDLEXWRQXO> @LDSRLDOHJHL>
]
vQPHQLX= >3URWHMDW@HVWHDDW
3HQWUXDDQXODSURWHFLDUHSHWDLDFHVW
@GLQQRXDSRL
SURFHVLDOHJHL>
DSVDLEXWRQXO> @
,PDJLQLOHSURWHMDWHSHXQFDUGGHPHPRULHYRUWHUVHGDF
IRUPDWDLFDUGXO= =
,PDJLQLOHSURWHMDWHQXSRWWHUVHFXIXQFLDGHWHUJHUHD
DSDUDWXOXL3HQWUXDOHWHUJHPDLvQWkLDQXODLVHWULOHGH
SURWHFLH
3URWHMDUHDLPDJLQLORU
8WLOL]DUHDPHQLXOXL
$FFHVDLHFUDQXOSHQWUXVHWUL
$SVDLEXWRQXO>
@LDOHJHL
>3URWHMDUH@GHODWDEXO>
@=
$OHJHLRPHWRGGHVHOHFLH
$OHJHLXQDUWLFROGLQPHQLXLRRSLXQH
GXSFXPGRULL=
3HQWUXDUHYHQLODHFUDQXOGHPHQLX
@
DSVDLEXWRQXO>
3URWHMDUHDLPDJLQLORU
$OHJHUHDXQHLLPDJLQLLQGLYLGXDOH
$OHJHL>6HOHFWDUH@
8UPkQGSDVXOGHOD8WLOL]DUHD
PHQLXOXL= DOHJHL>6HOHFWDUH@L
DSVDLEXWRQXO> @
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @> ]
HVWHDDW
3HQWUXDDQXODSURWHFLDDSVDLEXWRQXO
[ @GLQQRX> @QXYDPDLDDW
5HSHWDLDFHVWSURFHVSHQWUXDDOHJHDOWH
LPDJLQL
3URWHMDLLPDJLQHD
$SVDLEXWRQXO>
@8QPHVDMGH
FRQUPDUHHVWHDDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
,PDJLQLOHQXYRUSURWHMDWHGDFWUHFHLODPRGXOGH)RWRJUDHUH
VDXGDFRSULLDSDUDWXOvQDLQWHGHDWHUPLQDSURFHVXOGHVHWDUH
ODSDVXO
3URWHMDUHDLPDJLQLORU
6HOHFWDUHDXQXLLQWHUYDO
$OHJHL>6HOHFWDUHLQWHUYDO@
8UPkQGSDVXOGHOD8WLOL]DUHD
PHQLXOXL= DOHJHL>6HOHFWDUH
LQWHUYDO@LDSVDLEXWRQXO> @
$OHJHLRLPDJLQHGHvQFHSXW
$SVDLEXWRQXO>
@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
$OHJHLRLPDJLQHSHQWUXHGLWDUH
$SVDLEXWRQXO> @SHQWUXDDOHJH>8OWLPD
LPDJLQH@DSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
,PDJLQLOHGLQDLQWHDSULPHLLPDJLQLQXSRW
VHOHFWDWHFDXOWLPDLPDJLQH
3URWHMDUHDLPDJLQLORU
3URWHMDLLPDJLQLOH
$SVDLEXWRQXO> @SHQWUXDDOHJH
>3URWHMDUH@DSRLDSVDLEXWRQXO> @
3HQWUXDDQXODSURWHMDUHDSHQWUXLPDJLQLJUXSDWHDOHJHL
>'HEORFDUH@ODSDVXO
3URWHMDLWRDWHLPDJLQLOHLQVWDQWDQHX
$OHJHL>3URWHMDUHWRDWHLPDJLQLOH@
8UPkQGSDVXOGHOD8WLOL]DUHD
PHQLXOXL= DOHJHL>3URWHMDUH
WRDWHLPDJLQLOH@LDSVDLEXWRQXO> @
3URWHMDLLPDJLQLOH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
WHUJHUHDWXWXURUSURWHFLLORULQVWDQWDQHX
3XWHLWHUJHWRDWHSURWHFLLOHGHODWRDWHLPDJLQLOHRGDW
3HQWUXDWHUJHWRDWHSURWHFLLOHGHRGDWDOHJHL>1HSURWHMDUHWRDWH
LPDJLQLOH@ODSDVXOGHOD3URWHMDUHWRDWHLPDJLQLOHLQVWDQWDQHXLDSRL
WUHFHLODSDVXO
WHUJHUHDLPDJLQLORU
)RWRJUDILL
)LOPH
3XWHLDOHJHLWHUJHSHUkQGLPDJLQLOHQHGRULWH$YHLJULMFkQGWHUJHL
LPDJLQLOHGHRDUHFHDFHVWHDQXSRWUHFXSHUDWH7RWXLLPDJLQLOH
SURWHMDWH= QXSRWWHUVH
$OHJHLRLPDJLQHSHFDUHGRULLVR
WHUJHL
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RLPDJLQH
WHUJHLLPDJLQHD
$SVDLEXWRQXO>
PHQLX=
@LDSRLDOHJHL> @vQ
'XSDDUHDPHVDMXOXL>WHUJHUH"@
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>WHUJHUH@LDUDSRLDSVDLEXWRQXO> @
,PDJLQHDFXUHQWHVWHDFXPWHDUV
3HQWUXDDQXODWHUJHUHDDSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH>$QXODUH@
LDSRLDSVDLEXWRQXO> @
WHUJHUHDLPDJLQLORU
WHUJHUHDWXWXURULPDJLQLORU
3XWHLVHOHFWDPDLPXOWHLPDJLQLSHQWUXWHUJHUHGHRGDW$YHLJULMFkQG
WHUJHLLPDJLQLOHGHRDUHFHDFHVWHDQXSRWUHFXSHUDWH7RWXLLPDJLQLOH
SURWHMDWH= QXSRWWHUVH
$OHJHUHDXQHLPHWRGHGHVHOHFWDUH
$FFHVDLHFUDQXOSHQWUXVHWUL
$SVDLEXWRQXO>
@DSRLDOHJHL
@=
>WHUJHUH@GHODWDEXO>
$OHJHLRPHWRGGHVHOHFLH
$OHJHLXQDUWLFROGLQPHQLXLRRSLXQH
GXSFXPGRULL=
3HQWUXDUHYHQLODHFUDQXOGHPHQLX
@
DSVDLEXWRQXO>
WHUJHUHDLPDJLQLORU
$OHJHUHDXQHLLPDJLQLLQGLYLGXDOH
$OHJHL>6HOHFWDUH@
8UPDLSDVXOGHOD$OHJHUHDXQHL
PHWRGHGHVHOHFLH= DOHJHL
>6HOHFWDUH@LDSVDLEXWRQXO> @
$OHJHLRLPDJLQH
'XSFHDLDOHVRLPDJLQHXUPkQGSDVXO
GHOD$OHJHUHDLPDJLQLORULQGLYLGXDO
= > @HVWHDDW
3HQWUXDWHUJHHWLFKHWDDSVDLEXWRQXO
[ @GLQQRX> @QXYDPDLDDW
5HSHWDLDFHVWSURFHVSHQWUXDDOHJHDOWH
LPDJLQL
WHUJHLLPDJLQHD
$SVDLEXWRQXO>
@8QPHVDMGH
FRQUPDUHHVWHDDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
WHUJHUHDLPDJLQLORU
6HOHFWDUHDXQXLLQWHUYDO
$OHJHL>6HOHFWDUHLQWHUYDO@
8UPDLSDVXOGHOD$OHJHUHDXQHL
PHWRGHGHVHOHFLH= DOHJHL
>6HOHFWDUHLQWHUYDO@LDSVDLEXWRQXO>
@
$OHJHLLPDJLQLOH
8UPDLSDLLGHOD6HOHFWDUH
LQWHUYDO= SHQWUXDDOHJH
LPDJLQLOH
WHUJHLLPDJLQLOH
$SVDLEXWRQXO> @SHQWUXDDOHJH
>WHUJHUH@DSRLDSVDLEXWRQXO> @
$OHJHLWRDWHLPDJLQLOHLQVWDQWDQHX
$OHJHL>6HOHFWDUHWRDWHLPDJLQLOH@
8UPDLSDVXOGHOD$OHJHUHDXQHL
PHWRGHGHVHOHFLH= DOHJHL
>6HOHFWDUHWRDWHLPDJLQLOH@LDSVDL
EXWRQXO> @
WHUJHLLPDJLQLOH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
5RWLUHDLPDJLQLORU
)RWRJUDILL
)LOPH
6FKLPEDLRULHQWDUHDLPDJLQLORULVDOYDLOHGXSFXPXUPHD]
$OHJHL> @
$SVDLEXWRQXO>
PHQLX=
@LDSRLDOHJHL> @vQ
5RWLLLPDJLQHD
8WLOL]DUHDPHQLXOXL
$OHJHL>5RWLUH@
$SVDLEXWRQXO>
>5RWLUH@GHODWDEXO>
@LDOHJHL
@=
5RWLLLPDJLQHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RLPDJLQH
'HHFDUHGDWFkQGDSVDLEXWRQXO>
LPDJLQHDVHURWHWHFX
3HQWUXDUHYHQLODHFUDQXOGHPHQLX
DSVDLEXWRQXO>
@
],
5RWLUHDLPDJLQLORU
5RWLUHDQXHVWHSRVLELODWXQFLFkQG>$XWRURWLUH@HVWHVHWDWOD
>2SULW@=
'H]DFWLYDUHDDXWRURWLULL
8UPDLDFHWLSDLSHQWUXDGH]DFWLYDDXWRPDWURWLUHDLPDJLQLLFDUHURWHWH
LPDJLQLOHvQIXQFLHGHRULHQWDUHDDSDUDWXOXL
$SVDLEXWRQXO>
@DOHJHL
@LDSRLDOHJHL
>$XWRURWLUH@GHODWDEXO>
>2SULW@=
0DUFDUHDLPDJLQLORUFDIDYRULWH
)RWRJUDILL
)LOPH
3XWHLRUJDQL]DLPDJLQLOHHWLFKHWkQGXOHFDIDYRULWH$OHJkQGRFDWHJRULHvQ
UHGDUHOWUDWSXWHLUHVWULFLRQDXUPWRDUHOHRSHUDLLSHQWUXWRDWHDFHVWH
LPDJLQL
9L]XDOL]DUH= 9L]XDOL]DUHDSUH]HQWULORU=
3URWHMDUHDLPDJLQLORU= WHUJHUHDLPDJLQLORU=
$GXJDUHDGHLPDJLQLODOLVWDGHLPSULPDUH'32)=
$GXJDUHDGHLPDJLQLvQWUXQDEXPIRWR=
$SVDLEXWRQXO>
PHQLX=
@LDSRLDOHJHL>
@vQ
0HVDMXO>(WLFKHWDWHFDIDYRULWH@HVWH
DDW
3HQWUXDDQXODSURWHFLDUHSHWDLDFHVW
SURFHVLDOHJHL> @GLQQRXDSRL
DSVDLEXWRQXO> @
8WLOL]DUHDPHQLXOXL
$OHJHL>)DYRULWH@
$SVDLEXWRQXO>
>)DYRULWH@GHODWDEXO>
@LDOHJHL
@=
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @> ]
HVWHDDW
3HQWUXDDQXODSURWHFLDDSVDLEXWRQXO
[ @GLQQRX> @QXYDPDLDDW
5HSHWDLDFHVWSURFHVSHQWUXDDOHJH
LPDJLQLVXSOLPHQWDUH
0DUFDUHDLPDJLQLORUFDIDYRULWH
&RQJXUDLVHWDUHD
$SVDLEXWRQXO>
@8QPHVDMGH
FRQUPDUHHVWHDDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
,PDJLQLOHQXYRUHWLFKHWDWHFDIDYRULWHGDFWUHFHLODPRGXOGH
)RWRJUDHUHVDXGDFRSULLDSDUDWXOvQDLQWHGHDWHUPLQDSURFHVXO
GHVHWDUHGHODSDVXO
,PDJLQLOHIDYRULWHYRUDSUHFLDWHFXWUHLVWHOH
DWXQFLFkQGVXQWWUDQVIHUDWHSHXQFDOFXODWRUFDUHIRORVHWH
:LQGRZVVDX:LQGRZV1XHVWHYDODELOSHQWUXOPH
(GLWDUHDIRWRJUDLORU
(GLWDUHDGHLPDJLQL= = HVWHGLVSRQLELOGRDU
FkQGFDUGXOGHPHPRULHDUHVXFLHQWVSDLXOLEHU
5HGLPHQVLRQDUHDLPDJLQLORU
)RWRJUDILL
)LOPH
6DOYDLRFRSLHDLPDJLQLLODRUH]ROXLHPDLPLF
$OHJHL>5HGLPHQVLRQDUH@
$SVDLEXWRQXO>
@LDOHJHL
]
>5HGLPHQVLRQDUH@GHODWDEXO>
=
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
$OHJHLRGLPHQVLXQHGHLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
GLPHQVLXQHDLDSRLDSVDLEXWRQXO> @
0HVDMXO>6DOYDUHLPDJLQHQRX"@YD
DDW
(GLWDUHDIRWRJUDLORU
6DOYDLQRXDLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
,PDJLQHDHVWHVDOYDWDFXPFDLHUQRX
9HULFDLQRXDLPDJLQH
0HVDMXO>6DOYDUHLPDJLQHQRX"@YD
DDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>'D@LDSRLDSVDLEXWRQXO> @
,PDJLQHDVDOYDWHVWHDFXPDDW
(GLWDUHDQXHVWHSRVLELOSHQWUXLPDJLQLOHUHDOL]DWHODRUH]ROXLH
de [ @=
,PDJLQLOHQXSRWUHGLPHQVLRQDWHODRUH]ROXLHPDLPDUH
7LHUH
)RWRJUDILL
)LOPH
3XWHLDOHJHRSRULXQHGLQWURLPDJLQHSHFDUHVRVDOYDLvQWUXQLHU
VHSDUDW
$OHJHL>7LHUH@
$SVDLEXWRQXO>
>7LHUH@GHODWDEXO>
@LDSRLDOHJHL
@=
(GLWDUHDIRWRJUDLORU
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
(1)
(2) (3)
5HJODL]RQDGHGHFXSDUH
8QFDGUXYDDDWvQMXUXO]RQHLFDUH
XUPHD]VHGHFXSDW
,PDJLQHDRULJLQDOHVWHLQGLFDWvQSDUWHD
GHVXVVWkQJDLDURSUH]HQWDUHDLPDJLQLL
GHFXSDWHYDDSUHDvQSDUWHDGHMRV
GUHDSWD3XWHLYHGHDLUH]ROXLDGXS
GHFXSDUH
3HQWUXDUHGLPHQVLRQDFDGUXOGHSODVDL
EXWRQXOGH]RRP
3HQWUXDPXWDFDGUXODSVDLEXWRDQHOH
[ ][ ][ ][ @
3HQWUXDPRGLFDRULHQWDUHDFDGUXOXL
DSVDLEXWRQXO> @
$SVDLEXWRQXO>
@
6DOYDLFDLPDJLQHQRXLYHULFDL
8UPDLSDLLGHOD5HGLPHQVLRQDUH
LPDJLQL=
(GLWDUHDQXHVWHSRVLELOSHQWUXLPDJLQLOHUHDOL]DWHODRUH]ROXLH
de [ @= VDXUHGLPHQVLRQDWHOD> @=
,PDJLQLOHSHQWUXGHFXSDUHYRUDYHDDFHODLUDSRUWGHDVSHFWGXS
FHDXIRVWGHFXSDWH
,PDJLQLOHGHFXSDWHYRUDYHDRUH]ROXLHPDLPLFGHFkWLPDJLQLOH
QHGHFXSDWH
(GLWDUHDIRWRJUDLORU
0RGLFDUHDWRQXULORUGHFXORDUHDOHLPDJLQLL0\&RORUV
)RWRJUDILL
)LOPH
3XWHLUHJODFXORULOHLPDJLQLLLDSRLSXWHLVDOYDLPDJLQHDHGLWDWFD
LHUVHSDUDW3HQWUXPDLPXOWHGHWDOLLGHVSUHHFDUHRSLXQHFRQVXOWDL
0RGLFDUHDWRQXULORUGHFXORDUHDOHLPDJLQLL0\&RORUV=
$OHJHL>0\&RORUV@
$SVDLEXWRQXO>
@LDSRLDOHJHL
@=
>0\&RORUV@GHODWDEXO>
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
6HOHFWDLRRSLXQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
RSLXQHLDSRLDSVDLEXWRQXO> @
6DOYDLFDLPDJLQHQRXLYHULFDL
8UPDLSDLLGHOD5HGLPHQVLRQDUH
LPDJLQL=
&DOLWDWHDLPDJLQLLIRWRJUDLORUSHFDUHOHHGLWDLGHPDLPXOWHRUL
vQIHOXODFHVWDYDGLQFHvQFHPDLVF]XWLHVWHSRVLELOVQX
SXWHLRELQHFXORDUHDGRULW
&XORDUHDLPDJLQLORUHGLWDWHFXDMXWRUXODFHVWHLIXQFLLSRDWHXRU
GLIHULWGHFXORDUHDLPDJLQLORUUHDOL]DWHFXDMXWRUXOIXQFLHL0\
&RORUV=
(GLWDUHDIRWRJUDLORU
&RUHFWDUHDOXPLQR]LWLLLPDJLQLLL&RQWUDVW
)RWRJUDILL
)LOPH
=RQHOHH[FHVLYGHOXPLQRDVHVDXIRDUWHvQWXQHFDWHSUHFXPIHHVDX
IXQGDOXULSRWGHWHFWDWHLUHJODWHDXWRPDWODOXPLQR]LWDWHRSWLP'H
DVHPHQHDFRQWUDVWXOJHQHUDOLQVXFLHQWDOLPDJLQLLHVWHFRUHFWDWDXWRPDW
SHQWUXDVFRDWHPDLPXOWSHUVRQDMXOvQHYLGHQ$OHJHLGLQWUHSDWUX
QLYHOXULGHFRUHFWDUHLDSRLVDOYDLLPDJLQHDFDLHUVHSDUDW
$OHJHL>L&RQWUDVW@
$SVDLEXWRQXO>
@LDSRLDOHJHL
@=
>L&RQWUDVW@GHODWDEXO>
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
6HOHFWDLRRSLXQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
RSLXQHLDSRLDSVDLEXWRQXO> @
6DOYDLFDLPDJLQHQRXLYHULFDL
8UPDLSDLLGHOD5HGLPHQVLRQDUH
LPDJLQL=
3HQWUXDQXPLWHLPDJLQLFRUHFWDUHDDUSXWHDQHSRWULYLWVDXDU
SXWHDFDX]DXQDVSHFWJUDQXODWDOLPDJLQLLUHVSHFWLYH
,PDJLQLOHSRWDYHDXQDVSHFWJUDQXODWGXSHGLWDUHDUHSHWDWFX
DMXWRUXODFHVWHLIXQFLL
(GLWDUHDIRWRJUDLORU
'DF>$XWR@QXDUHUH]XOWDWHOHDWHSWDWHvQFHUFDLVFRUHFWDL
LPDJLQLOHIRORVLQGVHWULOH>/RZ@>0HGLXP@VDX>+LJK@
&RUHFWDUHDHIHFWXOXLGHRFKLURLL
)RWRJUDILL
)LOPH
&RUHFWHD]DXWRPDWLPDJLQLOHDIHFWDWHGHHIHFWXORFKLURLL3XWHLVDOYD
LPDJLQLOHFRUHFWDWHvQWUXQLHUVHSDUDW
$OHJHL>&RUHFWDUHRFKLURLL@
$SVDLEXWRQXO>
@LDSRLDOHJHL
]
>&RUHFWDUHRFKLURLL@GHODWDEXO>
=
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RLPDJLQH
&RUHFWDLLPDJLQHD
$SVDLEXWRQXO>
@
2FKLLURLLGHWHFWDLGHDSDUDWYRU
FRUHFWDLLDUFDGUHOHYRUDDWHvQMXUXO
]RQHORULPDJLQLORUFRUHFWDWH
0ULLVDXUHGXFHLLPDJLQLOHGXSFXP
DYHLQHYRLH8UPDLSDLLGHOD0ULUHD
LPDJLQLORU=
(GLWDUHDIRWRJUDLORU
6DOYDLFDLPDJLQHQRXLYHULFDL
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>)LLHUQRX@LDSRLDSVDLEXWRQXO
[ @
,PDJLQHDHVWHVDOYDWDFXPFDLHUQRX
8UPDLSDVXOGHOD5HGLPHQVLRQDUH
LPDJLQL=
(VWHSRVLELOFDXQHOHLPDJLQLVQXHFRUHFWDWHvQPRG
FRUHVSXQ]WRU
3HQWUXDUHVFULHLPDJLQHDFRUHFWDWSHVWHLPDJLQHDRULJLQDO
DOHJHL>5HVFULHUH@ODSDVXOQDFHVWFD]LPDJLQHDRULJLQDOYD
WHDUV
,PDJLQLOHSURWHMDWHQXSRWVXSUDVFULVH
(GLWDUHDOPHORU
)RWRJUDILL
)LOPH
3XWHLvQGHSUWDSRULXQLOHGHODvQFHSXWXOLVIkULWXOOPHORU
$OHJHL> @
8UPDLSDLLGHOD9L]XDOL]DUH
= DOHJHL> @LDSVDLEXWRQXO
[ @
3DQRXOSHQWUXHGLWDUHDOPHORULEDUDGH
HGLWDUHYRUDDWH
2
(1)
6SHFLFDLFHSRULXQLGRULLV
WLDL
HVWHSDQRXOSHQWUXHGLWDUHDOPHORUL
HVWHEDUDGHHGLWDUH
$SVDLEXWRDQHOH>
[ ] sau [ @
(2)
][
@SHQWUXDDOHJH
3HQWUXDYHGHDSRULXQLOHSHFDUHOH
SXWHLWLDLGHQWLFDWHFX> @SHHFUDQ
DSVDLEXWRDQHOH> ][ @SHQWUXDGHSODVD
[ @7LDLvQFHSXWXOOPXOXLGHOD> ])
DOHJkQG> @LWLDLVIkULWXOOPXOXL
DOHJkQG> @
&KLDUGDFPXWDL> @vQDOWSR]LLHGHFkW
VHPQXO> @vQ> @SRULXQHDvQDLQWHGH
FHOPDLDSURSLDWVHPQ> @GHODVWkQJD
YDGHFXSDWvQWLPSFHvQ> @SRULXQHD
GXSFHOPDLDSURSLDWVHPQ> ] de la
GUHDSWDYDGHFXSDW
(GLWDUHDOPHORU
9HULFDLOPXOHGLWDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @)LOPXO
HGLWDWYDDFXPUHGDW
3HQWUXDHGLWDGLQQRXOPXOUHSHWDL
SDVXO
3HQWUXDDQXODHGLWDUHDDSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH> @
$SVDLEXWRQXO> @DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH>2.@LDUDSRL
DSVDLEXWRQXO> @GLQQRX
6DOYDLOPXOHGLWDW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>)LLHUQRX@LDSRLDSVDLEXWRQXO
[ @
)LOPXOHVWHVDOYDWDFXPFDLHUQRX
3HQWUXDUHVFULHOPXOWLDWSHVWHOPXORULJLQDODOHJHL
>5HVFULHUH@GHODSDVXOQDFHVWFD]OPXORULJLQDOYDWHUV
'DFQXHVWHVXFLHQWVSDLXSHFDUGXOGHPHPRULHYD
GLVSRQLELOGRDURSLXQHD>6XSUDVFULHUH@
(VWHSRVLELOVQXSXWHLVDOYDOPHOHGDFVHWHUPLQEDWHULDvQ
WLPSFHVDOYDLVHWULOH
$WXQFLFkQGHGLWDLOPHHVWHELQHVIRORVLLREDWHULHFRPSOHW
vQFUFDWVDXXQNLWFXDGDSWRU$&FRPHUFLDOL]DWVHSDUDW
=
(GLWDUHDOPHORU
(GLWDUH'LJHVW0RYLHV
)RWRJUDILL
)LOPH
6HOHFWDLFOLSXOSHFDUHVvOWHUJHL
8UPDLSDLLGHOD9L]XDOL]DUHOPH
VFXUWHUHDOL]DWHFkQGIRWRJUDDL'LJHVW
0RYLHV= SHQWUXDDOHJHXQOP
vQUHJLVWUDWvQPRGXO> @LDSRLDSVDL
EXWRQXO> @SHQWUXDDFFHVDSDQRXOGH
FRQWUROSHQWUXOP
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ ] sau [ @LDSRLDSVDLEXWRQXO> @
$OHJHL> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
&OLSXOVHOHFWDWHVWHUHGDWvQPRGUHSHWDW
&RQUPDLWHUJHUHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
&OLSXOHVWHWHUVLDUOPXOHVWHUHVFULV
[ @QXHVWHDDWGDFVHOHFWDLXQFOLSDWXQFLFkQGDSDUDWXOHVWH
FRQHFWDWODRLPSULPDQW
)XQFLL:L)L
7ULPLWHLLPDJLQLOHZLUHOHVVGHODDSDUDWFWUHGLYHUVHGLVSR]LWLYH
FRPSDWLELOHLIRORVLLDSDUDWXOFXVHUYLFLLZHE
QDLQWHGHDIRORVL:L)LDYHLJULMVFLWLL3UHFDXLLUHIHULWRDUHOD
:L)L:LUHOHVV/$1=
)XQFLL:L)LGLVSRQLELOH
3XWHLWULPLWHLSULPLLPDJLQLLSXWHLFRQWURODDSDUDWXOGHODGLVWDQ
FRQHFWkQGXOODDFHVWHGLVSR]LWLYHLVHUYLFLLSULQLQWHUPHGLXO:L)L
7HOHIRDQHLQWHOLJHQWHLWDEOHWH
7ULPLWHLLPDJLQLSHWHOHIRDQHLQWHOLJHQWHLWDEOHWHFDUHEHQHFLD]GH
IXQFLL:L)L'HDVHPHQHDSXWHLIRWRJUDDGHODGLVWDQVDXIRORVL
JHRWDJSHQWUXIRWRJUDLOHGXPQHDYRDVWUGHODXQWHOHIRQLQWHOLJHQW
VDXRWDEOHW
3HQWUXVLPSOLFDUHvQDFHVWPDQXDOWHOHIRDQHOHLQWHOLJHQWHWDEOHWHOH
LDOWHGLVSR]LWLYHFRPSDWLELOHVXQWGHQXPLWHFROHFWLYVPDUWSKRQHVDX
WHOHIRQLQWHOLJHQW
&DOFXODWRU
)RORVLLVRIWZDUHSHQWUXDVDOYDLPDJLQLOHGLQDSDUDWSHXQFDOFXODWRU
FRQHFWDWSULQLQWHUPHGLXO:L)L
6HUYLFLLZHE
$GXJDLLQIRUPDLLOHFRQWXOXLGXPQHDYRDVWUvQDSDUDWSHQWUXVHUYLFLXO
RQOLQHGHIRWRJUDL&$121L0$*(*$7(:$<VDXDOWHVHUYLFLL:HE
SHQWUXDWULPLWHLPDJLQLOHGLQDSDUDWFWUHDFHVWHVHUYLFLL,PDJLQLOH
FDUHQXDXIRVWWULPLVHGLQDSDUDWSRWWULPLVHFWUHXQFDOFXODWRUVDX
VHUYLFLXZHESULQLQWHUPHGLXO&$121L0$*(*$7(:$<
,PSULPDQWH
7ULPLWHLLPDJLQLOHZLUHOHVVFWUHRLPSULPDQWFRPSDWLELO3LFW%ULGJH
FDUHDFFHSW'36SULQ,3SHQWUXDOHLPSULPD
$OWDSDUDW
7ULPLWHLLPDJLQLOHZLUHOHVVvQWUHDSDUDWH&DQRQFX:L)LFRPSDWLELOH
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
&RQHFWDLDSDUDWXOODXQWHOHIRQLQWHOLJHQWLWULPLWHLLPDJLQLOHvQRULFDUH
GLQWUHPRGXULOHGHPDLMRV
&RQHFWDUHYLD1)&=
3XULVLPSOXDWLQJHLXQWHOHIRQLQWHOLJHQW$QGURLGFRPSDWLELO1)&
YHUVLXQH62VDXPDLQRXGHVHPQXO1DODSDUDWXOXLSHQWUXD
FRQHFWDGLVSR]LWLYHOH
&RQHFWDLYODXQGLVSR]LWLYDWULEXLWEXWRQXOXL> @=
3XULVLPSOXDSVDLEXWRQXO> @SHQWUXDYFRQHFWDODGLVSR]LWLYH
$FHDVWDVLPSOLFWULPLWHUHDLPDJLQLORUFWUHXQVPDUWSKRQH=
8QVLQJXUVPDUWSKRQHSRDWHDWULEXLWEXWRQXOXL> @
&RQHFWDUHSULQLQWHUPHGLXOPHQLXOXL:L)L=
3XWHLFRQHFWDDSDUDWXOODXQWHOHIRQLQWHOLJHQWFDLFXPODLFRQHFWD
ODXQFDOFXODWRUVDXODXQDOWGLVSR]LWLY3RWDGXJDWHPDLPXOWH
VPDUWSKRQHXUL
QDLQWHGHDOFRQHFWDODDSDUDWWUHEXLHVLQVWDODLvQDLQWHSHWHOHIRQXO
LQWHOLJHQWDSOLFDLDJUDWXLWGHGLFDW&DPHUD&RQQHFW3HQWUXPDLPXOWH
GHWDOLLGHVSUHDFHDVWDSOLFDLHWHOHIRDQHLQWHOLJHQWHDFFHSWDWHLIXQFLL
LQFOXVHFRQVXOWDLVLWHXO&DQRQ
'DFDYHLXQDSDUDW&DQRQFRPSDWLELO:L)LLFRQHFWDL
DSDUDWXOLVPDUWSKRQHXOSULQLQWHUPHGLXOXQHLFRQH[LXQL:L)L
UHFRPDQGPPRGLFDUHDDSOLFDLHLGHSHVPDUWSKRQHGHOD
&DPHUD:LQGRZOD&DPHUD&RQQHFW
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQHFRPSDWLELO
NFC
'DFIRORVLLXQWHOHIRQLQWHOLJHQW$QGURLGFRPSDWLELO1)&YHUVLXQH62
VDXPDLQRXSURFHVXOGHLQVWDODUHDO&DPHUD&RQQHFWLFRQHFWDUHD
GLVSR]LWLYHORUSULQLQWHUPHGLXO1)&VHVLPSOLF
$FLXQHDFDUHDUHORFFkQGGLVSR]LWLYHOHVXQWFRQHFWDWHSULQLQWHUPHGLXO
1)&GHSLQGHGHPRGXOvQFDUHVHDDSDUDWXOFkQGVXQWDWLQVH
GLVSR]LWLYHOH
'DFDSDUDWXOHVWHRSULWVDXvQPRGXOGHIRWRJUDHUHFkQG
GLVSR]LWLYHOHVXQWDWLQVHSXWHLDOHJHLWULPLWHLPDJLQLSHHFUDQXOGH
VHOHFWDUH'XSFHGLVSR]LWLYHOHVHFRQHFWHD]SXWHLIRWRJUDDGHOD
GLVWDQVDXIRORVLJHRWDJSHQWUXIRWRJUDLOHGXPQHDYRDVWU=
(VWHXRUVYUHFRQHFWDLODGLVSR]LWLYHUHFHQWHFDUHVXQWOLVWDWHvQ
PHQLXO:L)L
'DFDSDUDWXOHVWHvQPRGXOUHGDUHFkQGGLVSR]LWLYHOHVXQWDWLQVH
HVWHDDWXQHFUDQFDUHDUDWROLVWDLPDJLQLORUFDUHSRWWULPLVH
DVWIHOvQFkWVSXWHLDOHJHLWULPLWHLPDJLQL
8UPDLLQVWUXFLXQLOHGLQXUPWRDUHDVHFLXQHSHQWUXFRQH[LXQLLQLLDWH
1)&SHQWUXFkQGDSDUDWXOHVWHRSULWVDXvQWUXQPRGGHIRWRJUDHUH
&RQHFWDUHYLD1)&FkQGDSDUDWXOHVWHRSULWVDXvQWU
XQPRGGHIRWRJUDHUH
,QVWDODL&DPHUD&RQQHFW
$FWLYDL1)&SHVPDUWSKRQHLDWLQJHL
VHPQHOH1DOHGLVSR]LWLYHORU )
SHQWUXDSRUQL*RRJOH3OD\DXWRPDWSH
VPDUWSKRQH'XSFHHVWHDDWSDJLQD
SHQWUXGHVFUFDUH&DPHUD&RQQHFW
GHVFUFDLLLQVWDODLDSOLFDLD
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
6WDELOLLFRQH[LXQHD
$VLJXUDLYFDSDUDWXOHVWHRSULWVDX
vQWUXQPRGGHIRWRJUDHUH
$WLQJHLVHPQXO1 GHSHXQ
VPDUWSKRQHFX&DPHUD&RQQHFWLQVWDODW
GHVHPQXO1DODSDUDWXOXL
$SDUDWXOSRUQHWHDXWRPDW
'XSDDUHDPHVDMXOXL>1XPH
GLVSR]LWLY@DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH>2.@LDUDSRL
DSVDLEXWRQXO> @
&DPHUD&RQQHFWSRUQHWHSH
VPDUWSKRQH
$SDUDWXOLVPDUWSKRQHXOVXQWFRQHFWDWH
DXWRPDW
5HJODLVHWDUHDGH
FRQGHQLDOLWDWH
'XSFHHVWHDDWDFHVWHFUDQDSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH>'D@L
DSRLDSVDLEXWRQXO> @
$FXPSXWHLIRORVLWHOHIRQXOLQWHOLJHQW
SHQWUXDUVIRLLPSRUWDVDXSHQWUXD
SXQHJHRWDJLPDJLQLORUGLQDSDUDWVDX
SHQWUXDIRWRJUDDGHODGLVWDQ
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
7ULPLWHLRLPDJLQH
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUX
DDOHJH>6HOHFWDUHLWULPLWHUH@LDSRL
DSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6HOHFWDUH@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHRLPDJLQHSHQWUXWULPLWHUHDSVDL
EXWRQXO> @SHQWUXDRELID> @LDSRL
@
DSVDLEXWRQXO>
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>7ULPLWHUH@LDSRLDSVDLEXWRQXO
[ @
7UDQVIHUXOGHLPDJLQHYDvQFHSH(FUDQXO
VHvQWXQHFvQWLPSXOWUDQVIHUXOXLLPDJLQLL
>7UDQVIHUGHQLWLYDW@HVWHDDWGXSFH
LPDJLQHDHVWHWULPLVLHFUDQXOSHQWUX
WUDQVIHUXOLPDJLQLORUHVWHDDWGLQQRX
3HQWUXDvQFKLGHFRQH[LXQHDDSVDL
@DSVDLEXWRDQHOH
EXWRQXO>
[ ][ @GHSHHFUDQXOGHFRQUPDUHSHQWUX
DDOHJH>2.@LDUDSRLDSVDLEXWRQXO> @
3XWHLIRORVLLVPDUWSKRQHXOSHQWUXD
WHUPLQDFRQH[LXQHD
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
$WXQFLFkQGIRORVLL1)&WUHEXLHVLQHLFRQWGHXUPWRDUHOH
(YLWDLLPSDFWXOSXWHUQLFvQWUHDSDUDWLVPDUWSKRQH$FHVWOXFUX
SRDWHGHWHULRUDGLVSR]LWLYXO
QIXQFLHGHVPDUWSKRQHHVWHSRVLELOFDGLVSR]LWLYHOVQXVH
UHFXQRDVFLPHGLDWQDFHVWFD]vQFHUFDLVLQHLGLVSR]LWLYHOH
vPSUHXQvQWURSR]LLHXRUGLIHULW'DFQXVHUHDOL]HD]
FRQH[LXQHDLQHLGLVSR]LWLYHOHDWLQVHSkQFHHFUDQXO
DSDUDWXOXLHVWHDFWXDOL]DW
'DFvQFHUFDLVFRQHFWDLvQWLPSFHDSDUDWXOHVWHRSULWHVWH
SRVLELOVHDDWXQPHVDMSHHFUDQXOVPDUWSKRQHXOXLFDUH
YFHUHVSRUQLLDSDUDWXO3RUQLLDSDUDWXOGLQQRXLDWLQJHL
GLVSR]LWLYHOHGLQQRX
1XSXQHLDOWHRELHFWHvQWUHDSDUDWLVPDUWSKRQH'H
DVHPHQHDOXDLDPLQWHFKXVHOHDSDUDWXOXLVDXVPDUWSKRQH
XOXLVDXDFFHVRULLOHVLPLODUHSRWEORFDFRPXQLFDUH
7RDWHLPDJLQLOHGHSHDSDUDWSRWY]XWHGHSHWHOHIRQXO
LQWHOLJHQWFRQHFWDWGDFDOHJHL>'D@ODSDVXO3HQWUXDSVWUD
FRQGHQLDOHLPDJLQLOHGLQDSDUDWDVWIHOvQFkWVQXSRDW
Y]XWHGHSHWHOHIRQXOLQWHOLJHQWDOHJHL>1X@ODSDVXO
'XSFHDLvQUHJLVWUDWXQWHOHIRQLQWHOLJHQWSXWHLPRGLFDVHWULOH
GHFRQGHQLDOLWDWHSHQWUXHOGHSHDSDUDW=
&RQH[LXQLOHDXQHYRLHGHXQFDUGGHPHPRULHvQDSDUDW
3XWHLPRGLFDQXPHOHDSDUDWXOXLFDUHHVWHDDWSHGLVSR]LWLYOD
SDVXO=
1XWRDWHVPDUWSKRQHXULOHFRPSDWLELOH1)&DXVHPQXO1
3HQWUXGHWDOLLFRQVXOWDLPDQXDOXOGHLQVWUXFLXQLDOVPDUWSKRQH
XOXL
'HDVHPHQHDSXWHLWULPLWHPDLPXOWHLPDJLQLGHRGDWLSXWHL
PRGLFDGLPHQVLXQHDLPDJLQLLvQDLQWHGHDRWULPLWH=
3XWHLWULPLWHLPDJLQHDDFWXDODOHJkQG>7ULPLWHLDFHDVWLPDJLQH@
SHHFUDQXOGHODSDVXO
3HQWUXDGH]DFWLYDFRQH[LXQLOH1)&DOHJHL0(1,8= !
WDE> @!>6HWUL:L)L@!>1)&@!>2SULW@
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
&RQHFWDUHYLD1)&FkQGDSDUDWXOHVWHvQPRGXO
5HGDUH
$SVDLEXWRQXO>
DSDUDWXO
@SHQWUXDSRUQL
$WLQJHLVHPQXO1 GHSHXQ
VPDUWSKRQHFX&DPHUD&RQQHFWLQVWDODW
= GHVHPQXO1DODSDUDWXOXL
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHRLPDJLQHSHQWUXWULPLWHUHLDSRL
DSVDLEXWRQXO> @> @HVWHDDW
3HQWUXDDQXODVHOHFWDUHDDSVDL
EXWRQXO> @GLQQRX> @QXYDPDL
DDW
5HSHWDLDFHVWSURFHVSHQWUXDDOHJH
LPDJLQLVXSOLPHQWDUH
'XSFHWHUPLQDLGHDOHVLPDJLQLOH
DSVDLEXWRQXO>
@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>7ULPLWHUH@LDSRLDSVDLEXWRQXO> @
,PDJLQHDHVWHWULPLV&RQH[LXQHDHVWH
vQFKLVDXWRPDWGXSWULPLWHUHDLPDJLQLL
'DFDSDUHXQPHVDMSHDSDUDWvQWLPSXOFRQH[LXQLLLYVROLFLW
VLQWURGXFHLQXPHOHXUPDLSDVXOGHOD7ULPLWHLLPDJLQLFWUH
XQVPDUWSKRQHFRPSDWLELO1)&= SHQWUXDOLQWURGXFH
$SDUDWXOQXvQUHJLVWUHD]VPDUWSKRQHXULOHODFDUHYFRQHFWDL
SULQ1)&vQPRGXOUHGDUH
3XWHLSUHVHWDRGLPHQVLXQHGRULWSHQWUXWUDQVIHUXOLPDJLQLORU
=
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
7ULPLWHUHFWUHXQWHOHIRQLQWHOLJHQWDWULEXLWEXWRQXOXL
'XSFHYDLFRQHFWDWLQLLDOODXQVPDUWSKRQHSULQDSVDUHDEXWRQXOXL
[ @SXWHLSXULVLPSOXVDSVDLEXWRQXO> @GXSDFHHDSHQWUXDY
FRQHFWDGLQQRXLSHQWUXDYL]XDOL]DLVDOYDLPDJLQLOHGLQDSDUDWSH
GLVSR]LWLY
$FHWLSDLYDUDWFXPVIRORVLLDSDUDWXOFDXQSXQFWGHDFFHVGDU
SXWHLIRORVLLXQSXQFWGHDFFHVGHMDH[LVWHQW=
,QVWDODL&DPHUD&RQQHFW
3HQWUXL3KRQHL3DGVDXL3RGWRXFK
GHVFUFDLLLQVWDODL&DPHUD&RQQHFW
GLQ$SS6WRUH
3HQWUXVPDUWSKRQHXULFX$QGURLG
GHVFUFDLLLQVWDODL&DPHUD&RQQHFW
GLQ*RRJOH3OD\
$SVDLEXWRQXO> @
$SVDLEXWRQXO> @
'XSDDUHDPHVDMXOXL>1XPH
GLVSR]LWLY@DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH>2.@LDUDSRL
DSVDLEXWRQXO> @
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
$OHJHL> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
66,'XODSDUDWXOXLHVWHDDW
&RQHFWDLVPDUWSKRQHXOOD
UHHD
QPHQLXOGHVHWUL:L)LDOWHOHIRQXOXL
LQWHOLJHQWDOHJHL66,'XOQXPHOH
UHHOHLDDWSHDSDUDWSHQWUXDVWDELOLR
FRQH[LXQH
3RUQLL&DPHUD&RQQHFW
3RUQLL&DPHUD&RQQHFWSHVPDUWSKRQH
'XSFHDSDUDWXOUHFXQRDWHWHOHIRQXO
LQWHOLJHQWHVWHDDWXQHFUDQSHQWUX
VHOHFWDUHDGLVSR]LWLYXOXL
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
$OHJHLXQVPDUWSKRQHODFDUHV
YFRQHFWDL
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
WHOHIRQXOLQWHOLJHQWLDSRLDSVDLEXWRQXO
[ @
'XSFHHVWHVWDELOLWRFRQH[LXQHFX
VPDUWSKRQHXOQXPHOHDFHVWXLDHVWH
DDWSHDSDUDW$FHVWHFUDQVHYD
vQFKLGHvQDSUR[LPDWLYXQPLQXW
,PSRUWDLLPDJLQLOH
)RORVLLVPDUWSKRQHXOSHQWUXDLPSRUWD
LPDJLQLOHGLQDSDUDWSHVPDUWSKRQH
3XWHLIRORVLLVPDUWSKRQHXOSHQWUXD
WHUPLQDFRQH[LXQHDDSDUDWXOVHYDRSUL
DXWRPDW
&RQH[LXQLOHDXQHYRLHGHXQFDUGGHPHPRULHvQDSDUDW
3XWHLPRGLFDQXPHOHDSDUDWXOXLFDUHHVWHDDWSHGLVSR]LWLYOD
SDVXO=
3HQWUXRVHFXULWDWHPDLEXQSXWHLDDRSDUROODHFUDQXO
GHODSDVXODFFHVkQG0(18= LDOHJkQGWDEXO> ]
!>6HWUL:L)L@!>3DURO@!>$FWLYDW@QDFHVWFD]LQWURGXFHL
SDURODDDWSHDSDUDWvQFkPSXOSHQWUXSDUROGHSHWHOHIRQXO
LQWHOLJHQWGHODSDVXO
8QVLQJXUVPDUWSKRQHSRDWHDWULEXLWEXWRQXOXL> @3HQWUXD
DWULEXLXQDGLIHULWvQSULPXOUkQGWHUJHLRSHFHDDFWXDOGLQ
0(18= !WDE> @!>%XWRQFRQHFWDUHODGLVSR]LWLYH
PRELOH@
1XWRDWHVPDUWSKRQHXULOHFRPSDWLELOH1)&DXVHPQXO1
3HQWUXGHWDOLLFRQVXOWDLPDQXDOXOGHLQVWUXFLXQLDOVPDUWSKRQH
XOXL
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
$GXJDUHDXQXLWHOHIRQLQWHOLJHQWIRORVLQGPHQLXO:L)L
$FHWLSDLYDUDWFXPVIRORVLLDSDUDWXOFDXQSXQFWGHDFFHVGDU
SXWHLIRORVLLXQSXQFWGHDFFHVGHMDH[LVWHQW=
,QVWDODL&DPHUD&RQQHFW
3HQWUXL3KRQHL3DGVDXL3RGWRXFK
GHVFUFDLLLQVWDODL&DPHUD&RQQHFW
GLQ$SS6WRUH
3HQWUXVPDUWSKRQHXULFX$QGURLG
GHVFUFDLLLQVWDODL&DPHUD&RQQHFW
GLQ*RRJOH3OD\
$FFHVDLPHQLXO:L)L
$SVDLEXWRQXO>
DSDUDWXO
$SVDLEXWRQXO>
@SHQWUXDSRUQL
@
'DFHVWHDDWHFUDQXO>1XPH
GLVSR]LWLY@DOHJHL>2.@=
$OHJHL> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @LDSRLDSVDLEXWRQXO> @
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
$OHJHL>$GXJDLXQGLVSR]LWLY@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>$GXJDLXQGLVSR]LWLY@LDSRLDSVDL
EXWRQXO> @
66,'XODSDUDWXOXLHVWHDDW
$OHJHLXQVPDUWSKRQHODFDUHVY
FRQHFWDLDDFXPHVWHGHVFULVODSDLL
GHOD7ULPLWHUHFWUHXQWHOHIRQ
LQWHOLJHQWDWULEXLWEXWRQXOXL=
5HJODLVHWDUHDGH
FRQGHQLDOLWDWH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>'D@LDSRLDSVDLEXWRQXO> @
$FXPSXWHLIRORVLWHOHIRQXOLQWHOLJHQW
SHQWUXDUVIRLLPSRUWDVDXSHQWUXD
SXQHJHRWDJLPDJLQLORUGLQDSDUDWVDX
SHQWUXDIRWRJUDDGHODGLVWDQ
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
7ULPLWHLRLPDJLQH
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUX
DDOHJH>6HOHFWDUHLWULPLWHUH@LDSRL
DSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6HOHFWDUH@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHRLPDJLQHSHQWUXWULPLWHUHDSVDL
EXWRQXO> @SHQWUXDRELID> @LDSRL
@
DSVDLEXWRQXO>
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>7ULPLWHUH@LDSRLDSVDLEXWRQXO
[ @
7UDQVIHUXOGHLPDJLQHYDvQFHSH(FUDQXO
VHvQWXQHFvQWLPSXOWUDQVIHUXOXLLPDJLQLL
>7UDQVIHUGHQLWLYDW@HVWHDDWGXSFH
LPDJLQHDHVWHWULPLVLHFUDQXOSHQWUX
WUDQVIHUXOLPDJLQLORUHVWHDDWGLQQRX
3HQWUXDvQFKLGHFRQH[LXQHDDSVDL
@DSVDLEXWRDQHOH
EXWRQXO>
[ ][ @GHSHHFUDQXOGHFRQUPDUHSHQWUX
DDOHJH>2.@LDUDSRLDSVDLEXWRQXO> @
3XWHLIRORVLLVPDUWSKRQHXOSHQWUXD
WHUPLQDFRQH[LXQHD
3HQWUXDDGXJDPDLPXOWHWHOHIRDQH
LQWHOLJHQWHUHSHWDLSURFHGXUDGHPDLVXV
vQFHSkQGFXSDVXO
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
7RDWHLPDJLQLOHGHSHDSDUDWSRWY]XWHGHSHWHOHIRQXO
LQWHOLJHQWFRQHFWDWGDFDOHJHL>'D@ODSDVXO3HQWUXDSVWUD
FRQGHQLDOHLPDJLQLOHGLQDSDUDWDVWIHOvQFkWVQXSRDW
Y]XWHGHSHWHOHIRQXOLQWHOLJHQWDOHJHL>1X@ODSDVXO
'XSFHDLvQUHJLVWUDWXQWHOHIRQLQWHOLJHQWSXWHLPRGLFDVHWULOH
GHFRQGHQLDOLWDWHSHQWUXHOGHSHDSDUDW=
&RQH[LXQLOHDXQHYRLHGHXQFDUGGHPHPRULHvQDSDUDW
'XSFHYDLFRQHFWDWODGLVSR]LWLYHSULQLQWHUPHGLXOPHQLXOXL:L
)LGHVWLQDLLOHUHFHQWHYRUDDWHSULPHOHFkQGDFFHVDLPHQLXO
:L)L9SXWHLFRQHFWDXRUGLQQRXGDFDSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHGLVSR]LWLYXOLDSRLDSVDLEXWRQXO> @
3HQWUXDDGXJDXQGLVSR]LWLYQRXDDLHFUDQXOGHVHOHFWDUH
DGLVSR]LWLYXOXLGDFDSVDLEXWRDQHOH> ][ @LDSRLFRQJXUDL
VHWDUHD
'DFGRULLVQXHDDWHXOWLPHOHGLVSR]LWLYHDOHJHL0(18
= !WDE> @!>6HWUL:L)L@!>,VWRULFGLVSR]LWLYH@!>2SULW@
'HDVHPHQHDSXWHLWULPLWHPDLPXOWHLPDJLQLGHRGDWLSXWHL
PRGLFDGLPHQVLXQHDLPDJLQLLvQDLQWHGHDRWULPLWH=
3XWHLWULPLWHLPDJLQHDDFWXDODOHJkQG>7ULPLWHLDFHDVWLPDJLQH@
SHHFUDQXOGHODSDVXO
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
)RORVLUHDXQXLDOWSXQFWGHDFFHV
&kQGFRQHFWDLDSDUDWXOODXQWHOHIRQLQWHOLJHQWFXEXWRQXO> @VDXSULQ
LQWHUPHGLXOPHQLXOXL:L)LSXWHLDOHJHLXQSXQFWGHDFFHVH[LVWHQW
3UHJWLLSHQWUXFRQH[LXQH
$FFHVDLHFUDQXO>$WHSWDUHSHQWUX
FRQHFWDUH@HXUPkQGSDLLGHOD
7ULPLWHUHFWUHXQWHOHIRQLQWHOLJHQW
DWULEXLWEXWRQXOXL= VDXSDLL
GHOD$GXJDUHDXQXLWHOHIRQLQWHOLJHQW
IRORVLQGPHQLXO:L)L=
&RQHFWDLVPDUWSKRQHXOODSXQFWXO
GHDFFHV
$OHJHL>6FKLPEDUHUHHD@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6FKLPEDUHUHHD@LDSRLDSVDLEXWRQXO
[ @
2OLVWFXSXQFWHOHGHDFFHVGHWHFWDWHYD
DDW
7ULPLWHLLPDJLQLFWUHXQVPDUWSKRQH
&RQHFWDLYODXQSXQFWGHDFFHV
LDOHJHLWHOHIRQXOLQWHOLJHQW
3HQWUXSXQFWHOHGHDFFHVFRPSDWLELOH
:36FRQHFWDLYODSXQFWXOGHDFFHV
LDOHJHLXQWHOHIRQLQWHOLJHQWDDFXP
HVWHGHVFULVODSDLLGHOD8WLOL]DUHD
GH3XQFWHGHDFFHVFRPSDWLELOH:36
=
3HQWUXSXQFWHOHGHDFFHVFDUHQXVXQW
FRPSDWLELOH:36XUPDLSDLLGHOD
&RQHFWDUHOD3XQFWHOHGHDFFHVOLVWDWH
= SHQWUXDYFRQHFWDODSXQFWXO
GHDFFHVLVDOHJHLWHOHIRQXOLQWHOLJHQW
&RQJXUDLVHWULOHGH
FRQGHQLDOLWDWHLWULPLWHLLPDJLQL
8UPDLSDLLGHOD$GXJDUHDXQXL
WHOHIRQLQWHOLJHQWIRORVLQGPHQLXO:L)L
= SHQWUXDFRQJXUDVHWULOHGH
FRQGHQLDOLWDWHLWULPLWHLLPDJLQL
$FFHVV3RLQWXULDQWHULRDUH
3HQWUXDYUHFRQHFWDDXWRPDWODXQSXQFWGHDFFHVDQWHULRUXUPDLSDVXO
GHOD7ULPLWHUHFWUHXQWHOHIRQLQWHOLJHQWDWULEXLWEXWRQXOXL=
VDXSDVXOGHOD$GXJDUHDXQXLWHOHIRQLQWHOLJHQWIRORVLQGPHQLXO:L)L
=
3HQWUXDIRORVLLDSDUDWXOFDDFFHVVSRLQWDOHJHL>6FKLPEDUHUHHD@SH
HFUDQXODDWFkQGVWDELOLLRFRQH[LXQHLDSRLDOHJHL>0RGSXQFWGH
DFFHVDSDUDW@
3HQWUXDYUHFRQHFWDODXQSXQFWGHDFFHVDQWHULRUXUPDLSURFHGXUD
GHODSDVXOGHOD)RORVLUHDXQXLDOWSXQFWGHDFFHV=
3HQWUXDVFKLPEDDFFHVVSRLQWXULDOHJHL>6FKLPEDUHUHHD@SH
HFUDQXODDWFkQGVWDELOLLRFRQH[LXQHLDSRLXUPDLSURFHGXUDGHOD
SDVXOGHOD)RORVLUHDXQXLDOWSXQFWGHDFFHV=
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
3UHJWLUHSHQWUXvQUHJLVWUDUHDXQXLFDOFXODWRU
9HULFDLFDOFXODWRUXO
$SDUDWXOVHSRDWHFRQHFWDYLD:L)LODFDOFXODWRDUHFDUHUXOHD]
XUPWRDUHOHVLVWHPHGHRSHUDUH3HQWUXFHULQHDOHVLVWHPXOXLGHWDOLDWHL
LQIRUPDLLGHVSUHFRPSDWLELOLWDWHLQFOXVLYVXSRUWXOvQVLVWHPHGHRSHUDUH
QRLFRQVXOWDLVLWHXOZHE&DQRQ
:LQGRZV
:LQGRZV63
0DF26;
0DF26;VDXRYHUVLXQHPDLQRX
:LQGRZV6WDUWHUL+RPH%DVLFQXVXQWDFFHSWDWH
:LQGRZV1YHUVLXQHDHXURSHDQL.1YHUVLXQHDSHQWUX
&RUHHDGHVXGQHFHVLWGHVFUFDUHDLLQVWDODUHDVHSDUDWD
SDFKHWXOXL0HGLD)HDWXUH
3HQWUXGHWDOLLYHULFDLXUPWRUXOVLWH
KWWSJRPLFURVRIWFRPIZOLQN"/LQN,G
,QVWDODUH6RIWZDUH
:LQGRZVL0DF26;VXQWIRORVLWHvQDFHVWFD]FDH[HPSOX
'HVFUFDLVRIWZDUHXO
&XXQFDOFXODWRUFRQHFWDWOD,QWHUQHW
DFFHVDLKWWSZZZFDQRQFRPLFSG
$FFHVDLVLWHXOSHQWUXUHJLXQHDVDXDUD
GXPQHDYRDVWU
'HVFUFDLVRIWZDUHXO
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
,QVWDODLLHUHOH
)DFHLFOLFSH>,QVWDODUHXRDU@LXUPDL
LQVWUXFLXQLOHGHSHHFUDQSHQWUXDQDOL]D
SURFHVXOGHLQVWDODUH
,QVWDODUHDSRDWHGXUDvQIXQFLHGHFkW
GHSHUIRUPDQWHVWHFDOFXODWRUXOLGH
FRQH[LXQHDOD,QWHUQHW
)DFHLFOLFSH>)LQDOL]DUH@VDX>5HVWDUW@SH
HFUDQGXSLQVWDODUH
(VWHQHFHVDUDFFHVXOOD,QWHUQHWLDUFRVWXULOHDIHUHQWHFRQWXOXL,63
LWD[HOHGHDFFHVWUHEXLHSOWLWHVHSDUDW
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
&RQJXUDUHFDOFXODWRUSHQWUXRFRQH[LXQH:L)LGRDU
:LQGRZV
3HXQFDOFXODWRUFX:LQGRZVFRQJXUDLXUPWRDUHOHVHWULvQDLQWHGHD
SXWHDFRQHFWDDSDUDWXOODFDOFXODWRUZLUHOHVV
&RQUPDLFRQHFWDUHD
FDOFXODWRUXOXLODDFFHVVSRLQW
3HQWUXLQVWUXFLXQLGHVSUHYHULFDUHD
FRQHFWULLODUHHDFRQVXOWDLPDQXDOXOGH
XWLOL]DUHDOFDOFXODWRUXOXL
&RQJXUDLVHWDUHD
)DFHLFOLFvQXUPWRDUHDRUGLQHPHQLX
[Start] !>$OO3URJUDPV@!>&DQRQ8WLOLWLHV@!
>&DPHUD:LQGRZ@!>:L)LFRQQHFWLRQVHWXS@
QDSOLFDLDFDUHVHGHVFKLGHXUPDL
LQVWUXFLXQLOHGHSHHFUDQLFRQJXUDL
VHWULOH
8UPWRDUHOHIHUHVWUHGHVHWULVXQWFRQJXUDWHFkQGUXODL
SURJUDPXOODSDVXO
3RUQLLVWUHDPLQJXOPHGLD
$FHVWOXFUXYDSHUPLWHDSDUDWXOXLVYDGJVHDVF
FDOFXODWRUXOSHFDUHVvODFFHVH]HSULQ:L)L
3RUQLLGHVFRSHULUHDUHHOHL
$FHVWOXFUXYDSHUPLWHFDOFXODWRUXOXLVYDGJVHDVF
DSDUDWXO
$FWLYDUHD,&03,QWHUQHW&RQWURO0HVVDJH3URWRFRO
$FHDVWDYYDSHUPLWHVYHULFDLVWDWXVXOGHFRQHFWDUHOD
UHHD
$FWLYDL8QLYHUVDO3OXJ 3OD\83Q3
$FHVWOXFUXYDSHUPLWHGLVSR]LWLYHORUGLQUHHDVVHGHWHFWH]H
UHFLSURFvQPRGDXWRPDW
$QXPLWHVRIWZDUHXULGHVHFXULWDWHSRWSUHYHQLGHQLWLYDUHD
VHWULLDDFXPDIRVWGHVFULV9HULFDLVHWULOHVRIWZDUHXOXLGH
VHFXULWDWH
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
6DOYDUHDLPDJLQLORUvQWUXQFDOFXODWRUFRQHFWDW
&RQHFWDLYODDFFHVVSRLQWYLD:L)LGXSFXPXUPHD]
&RQVXOWDLLPDQXDOXOGHXWLOL]DUHDODFFHVVSRLQWXOXL
&RQUPDUHFRPSDWLELOLWDWH$FFHVV3RLQW
&RQUPDLFURXWHUXO:L)LVDXVWDLDGHED]VXQWFRQIRUPHFX
VWDQGDUGHOH:L)L:L)L=
0HWRGHOHGHFRQH[LXQHGHSLQGGDFDFFHVVSRLQWXOHVWHFRPSDWLELOFX
:L)L3URWHFWHG6HWXS:36= VDXQX= 3HQWUXSXQFWHOH
GHDFFHVQRQ:36YHULFDLXUPWRDUHOHLQIRUPDLL
'HQXPLUHDUHHOHL66,'(66,'
66,'VDX(66,'SHQWUXSXQFWXOGHDFFHVSHFDUHvOIRORVLL$FHVWHD
PDLVXQWGHQXPLWHLGHQXPLUHSXQFWGHDFFHVVDXGHQXPLUHUHHD
$XWHQWLFDUHUHHDFULSWDUHLQIRUPDLLPHWRGFULSWDUHPRGFULSWDUH
0HWRGGHFULSWDUHDGDWHORUvQWLPSXOWUDQVPLVLHLZLUHOHVV9HULFDL
FHVHWULGHVHFXULWDWHVXQWIRORVLWH:3$36.$(6:3$36.
7.,3:3$36.$(6:3$36.7.,3:(3RSHQV\VWHP
DXWKHQWLFDWLRQVDXIUQLFLRVHWDUHGHVHFXULWDWH
3DUROSDUROFULSWDUHSDUROUHHD
&KHLDIRORVLWODFULSWDUHDGDWHORUvQWLPSXOWUDQVPLVLHLZLUHOHVV
'HQXPLWHLFKHLHFULSWDUHVDXFKHLHUHHD
,QGH[SDUROWUDQVPLWHUHSDURO
3DURODVHWDWFkQGVHIRORVHWH:(3SHQWUXDXWHQWLFDUHUHHD
FULSWDUHLQIRUPDLL)RORVLLFDVHWDUH
'DFHVWHQHYRLHGHVWDWXVXODGPLQLVWUDWRUXOXLGHVLVWHPSHQWUXD
UHJODVHWULOHUHHOHLFRQWDFWDLDGPLQLVWUDWRUXOVLVWHPXOXLSHQWUX
PDLPXOWHGHWDOLL
$FHVWHVHWULVXQWIRDUWHLPSRUWDQWHSHQWUXVLJXUDQDUHHOHL)LL
GHRVHELWGHDWHQLDWXQFLFkQGVFKLPEDLDFHVWHVHWUL
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
3HQWUXLQIRUPDLLGHVSUHFRPSDWLELOLWDWHD:36LSHQWUX
LQVWUXFLXQLUHIHULWRDUHODPRGXOGHYHULFDUHDVHWULORUFRQVXOWDL
PDQXDOXOGHXWLOL]DUHDOSXQFWXOXLGHDFFHV
5RXWHUXOHVWHXQGLVSR]LWLYFDUHFUHD]RVWUXFWXUGHUHHD/$1
SHQWUXFRQHFWDUHDPDLPXOWRUFDOFXODWRDUH8QURXWHUFDUHFRQLQH
IXQFLL:L)LVHQXPHWHURXWHU:L)L
$FHVWJKLGIDFHUHIHULUHODWRDWHURXWHUHOH:L)LLVWDLLOHGHED]
FDSXQFWHGHDFFHVDFFHVSRLQW
'DFIRORVLLOWUXGHDGUHV0$&SHUHHDXD:L)LDYHLJULMV
LQWURGXFHLDGUHVD0$&DDSDUDWXOXLGXPQHDYRDVWUvQSXQFWXO
GHDFFHV3XWHLYHULFDDGUHVD0$&DDSDUDWXOXLGXPQHDYRDVWU
DOHJkQG0(18= !WDE> @!>6HWUL:L)L@!>9HULFDUH
DGUHV0$&@
8WLOL]DUHDGH3XQFWHGHDFFHVFRPSDWLELOH:36
:36IDFHUHDOL]DUHDFRQH[LXQLLPDLXRDUFkQGFRQHFWDLGLVSR]LWLYHSULQ
:L)L3XWHLIRORVLH0HWRGDGHFRQJXUDUHSULQDSVDUHDEXWRQXOXLVDX
0HWRGD3,1SHQWUXVHWULSHXQGLVSR]LWLYFDUHDFFHSW:36
&RQUPDLFRQHFWDUHD
FDOFXODWRUXOXLODDFFHVVSRLQW
3HQWUXLQVWUXFLXQLUHIHULWRDUHOD
YHULFDUHDFRQH[LXQLLFRQVXOWDLPDQXDOXO
GHXWLOL]DUHDOGLVSR]LWLYXOXLLDODFFHVV
SRLQWXOXL
$FFHVDLPHQLXO:L)L
$SVDLEXWRQXO>
DSDUDWXO
$SVDLEXWRQXO>
@SHQWUXDSRUQL
@
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
'XSDDUHDPHVDMXOXL>1XPH
GLVSR]LWLY@DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH>2.@LDUDSRL
DSVDLEXWRQXO> @
$OHJHL>
@
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
alege [ @LDSRLDSVDLEXWRQXO> @
$OHJHL>$GXJDLXQGLVSR]LWLY@
$SVDL> ][ @SHQWUXDDOHJH>$GXJDL
XQGLVSR]LWLY@LDSRLDSVDLEXWRQXO> @
$OHJHL>&RQHFWDUH:36@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>&RQH[LXQH:36@LDSRLDSVDLEXWRQXO
[ @
$OHJHL>0HWRGD3%&@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>0HWRGD3%&@LDSRLDSVDLEXWRQXO
[ @
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
6WDELOLLFRQH[LXQHD
/DSXQFWXOGHDFFHVLQHLDSVDWEXWRQXO
GHFRQH[LXQH:36WLPSGHFkWHYD
VHFXQGH
3HDSDUDWDSVDLEXWRQXO>
WUHFHODXUPWRUXOSDV
@SHQWUXD
$SDUDWXOVHFRQHFWHD]ODSXQFWXOGH
DFFHVLOLVWHD]GLVSR]LWLYHOHFRQHFWDWH
ODHOvQHFUDQXO>6HOHFWDLXQGLVSR]LWLY@
$OHJHLGLVSR]LWLYXOLQW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
QXPHOHGLVSR]LWLYXOXLLQWLDSRLDSVDL
EXWRQXO> @
,QVWDODLXQGULYHUGRDUSULPD
FRQH[LXQHOD:LQGRZV
&kQGDFHVWHFUDQHVWHDDWSHDSDUDW
IDFHLFOLFSHPHQLXO6WDUWGLQFDOFXODWRU
IDFHLFOLFSH>&RQWURO3DQHO@LDSRLFOLF
SH>$GGDGHYLFH@
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
'XEOXFOLFSHVLPEROXODSDUDWXOXL
FRQHFWDW
,QVWDODUHGULYHUXOXLYDvQFHSH
'XSFHLQVWDODUHDGULYHUXOXLVDvQFKHLDW
LDUFRQH[LXQHDGLQWUHDSDUDWLFDOFXODWRU
DIRVWDFWLYDWHFUDQXO$XWR3OD\YD
DDW3HHFUDQXODSDUDWXOXLQXYD
DDWQLPLF
10
$DL&DPHUD:LQGRZ
:LQGRZV$FFHVDL&DPHUD:LQGRZ
IFkQGFOLFSH>'RZQORDGV,PDJHV)URP
&DQRQ&DPHUD@
0DF26&DPHUD:LQGRZHVWHDDW
DXWRPDWFkQGHVWHUHDOL]DWRFRQH[LXQH
:L)LvQWUHDSDUDWLFDOFXODWRU
11
,PSRUWDLLPDJLQLOH
)DFHLFOLFSH>,PSRUWDLLPDJLQLGLQ
DSDUDW@LDSRLGDLFOLFSH>,PSRUWDL
LPDJLQLOHQHWUDQVIHUDWH@
,PDJLQLOHVXQWDFXPVDOYDWHvQGLUHFWRUXO
)RWRJUDLGLQFDOFXODWRUvQGLUHFWRDUH
VHSDUDWHGHQXPLWHGXSGDW
)DFHLFOLFSH>2.@vQHFUDQXOFDUHHVWH
DDWGXSFHLPSRUWXOGHLPDJLQLVD
vQFKHLDW
&kQGUHYHGHLLPDJLQLOHLPSRUWDWHSHXQ
FDOFXODWRUIRORVLLvQWRWGHDXQDVRIWZDUH
FRPSDWLELOFXLPDJLQLOHvQUHJLVWUDWH
FXDFHVWDSDUDWVRIWZDUHLQVWDODWSH
FDOFXODWRUVDXXQVRIWZDUHJHQHUDO
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
'XSFHYDLFRQHFWDWODGLVSR]LWLYHSULQLQWHUPHGLXOPHQLXOXL:L
)LGHVWLQDLLOHUHFHQWHYRUDDWHSULPHOHFkQGDFFHVDLPHQLXO
:L)L9SXWHLFRQHFWDXRUGLQQRXGDFDSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHGLVSR]LWLYXOLDSRLDSVDLEXWRQXO> @
3HQWUXDDGXJDXQGLVSR]LWLYQRXDDLHFUDQXOGHVHOHFWDUH
DGLVSR]LWLYXOXLGDFDSVDLEXWRDQHOH> ][ @LDSRLFRQJXUDL
VHWDUHD
'DFGRULLVQXHDDWHXOWLPHOHGLVSR]LWLYHDOHJHL0(18
= !WDE> @!>6HWUL:L)L@!>,VWRULFGLVSR]LWLYH@!>2SULW@
3XWHLPRGLFDQXPHOHDSDUDWXOXLFDUHHVWHDDWSHGLVSR]LWLYOD
SDVXO=
&kQGDSDUDWXOHVWHFRQHFWDWODXQFDOFXODWRUHFUDQXODSDUDWXOXL
HVWHJRO
0DF26'DFQXHVWHDDW&DPHUD:LQGRZIDFHLFOLFSH
VLPEROXO>&DPHUD:LQGRZ@GLQ'RFN
3HQWUXDYGHFRQHFWDGHODDSDUDWRSULLDSDUDWXO
'DFDOHJHL>0HWRGD3,1@ODSDVXOXQFRG3,1YDDDWSH
HFUDQ1XXLWDLVVHWDLDFHVWFRGvQSXQFWXOGHDFFHV$OHJHL
XQGLVSR]LWLYvQHFUDQXO>6HOHFWDLXQGLVSR]LWLY@3HQWUXGHWDOLL
VXSOLPHQWDUHFLWLLPDQXDOXOGHXWLOL]DUHIXUQL]DWvPSUHXQFX
DFFHVVSRLQWXO
&RQHFWDUHOD3XQFWHOHGHDFFHVOLVWDWH
9L]XDOL]DLOLVWDSXQFWHORUGHDFFHV
9L]XDOL]DLUHHOHOHGLQ]RQSXQFWHGH
DFFHVDDFXPHVWHGHVFULVODSDLL
GHOD8WLOL]DUHDGH3XQFWHGHDFFHV
FRPSDWLELOH:36=
$OHJHLXQSXQFWGHDFFHV
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RUHHDSXQFWGHDFFHVLDSRLDSVDL
EXWRQXO> @
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
,QWURGXFHLSDURODDFFHVVSRLQW
XOXL
$SVDLEXWRQXO> @SHQWUXDDFFHVD
WDVWDWXUDLDSRLLQWURGXFHLSDUROD
=
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>8UPWRUXO@LDSRLDSVDLEXWRQXO> @
$OHJHL>$XWR@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>$XWR@LDSRLDSVDLEXWRQXO> @
3HQWUXDVDOYDLPDJLQLOHSHXQFDOFXODWRU
FRQHFWDWXUPDLSURFHGXUDGHODSDVXO
GLQ8WLOL]DUHDGH3XQFWHGHDFFHV
FRPSDWLELOH:36=
3HQWUXDDDSDURODSXQFWXOXLGHDFFHVFRQVXOWDLFDUFDVD
SXQFWXOXLGHDFFHVVDXPDQXDOXOGHXWLOL]DUH
9RUDDWHSkQODSXQFWHGHDFFHV'DFQXHVWHGHWHFWDW
QLFLXQSXQFWGHDFFHVFKLDUGDFDOHJHL>5HvPSURVSWDUH@
ODSDVXODOHJHL>6HWULPDQXDOH@ODSDVXOSHQWUXDVHWD
PDQXDOXQSXQFWGHDFFHV8UPULLLQVWUXFLXQLOHGHSHHFUDQL
LQWURGXFHLXQ66,'VHWULOHGHVHFXULWDWHLRSDURO
&kQGIRORVLLXQSXQFWGHDFFHVODFDUHYDLFRQHFWDWGHMDSHQWUX
DYFRQHFWDODDOWGLVSR]LWLY>
@HVWHDDWSHQWUXSDUROODSDVXO
3HQWUXDIRORVLDFHHDLSDURODSVDLEXWRDQHOH> ][ ]
SHQWUXDDOHJH>8UPWRUXO@LDSRLDSVDLEXWRQXO> @
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
$FFHVV3RLQWXULDQWHULRDUH
9SXWHLUHFRQHFWDODDFFHVVSRLQWXULDQWHULRDUHDXWRPDWGDFXUPDL
SDVXOGHOD8WLOL]DUHDGH3XQFWHGHDFFHVFRPSDWLELOH:36=
3HQWUXDYFRQHFWDODGLVSR]LWLYSULQLQWHUPHGLXODFFHVVSRLQW
FRQUPDLFGLVSR]LWLYXOLQWHVWHGHMDFRQHFWDWODHOLDSRLXUPDL
SURFHGXUDGHODSDVXOGHOD8WLOL]DUHDGH3XQFWHGHDFFHV
FRPSDWLELOH:36=
3HQWUXDVFKLPEDDFFHVVSRLQWXULDOHJHL>6FKLPEDUHUHHD@SH
HFUDQXODDWFkQGVWDELOLLRFRQH[LXQHLDSRLXUPDLHSURFHGXUD
GHODSDVXOGHOD8WLOL]DUHDGH3XQFWHGHDFFHVFRPSDWLELOH:36
= VDXSURFHGXUDGHODSDVXOGHOD&RQHFWDUHOD3XQFWHOHGH
DFFHVOLVWDWH=
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX
:HEvQUHJLVWUDW
QUHJLVWUDUHGHVHUYLFLLZHE
)RORVLLXQVPDUWSKRQHVDXFDOFXODWRUSHQWUXDDGXJDvQDSDUDWVHUYLFLLOH
ZHESHFDUHGRULLVOHIRORVLL
8QVPDUWSKRQHVDXXQFDOFXODWRUFXXQEURZVHULFRQH[LXQHOD
,QWHUQHWVXQWQHFHVDUHSHQWUXDGHQLWLYDVHWULOHDSDUDWXOXLSHQWUX
&$121L0$*(*$7(:$<LDOWHVHUYLFLLZHE
9HULFDL&$121L0$*(*$7(:$<SHQWUXGHWDOLLGHVSUHEURZVHU
0LFURVRIW,QWHUQHW([SORUHUHWFLQFOXVLYVHWULLLQIRUPDLLUHIHULWRDUH
ODYHUVLXQH
3HQWUXLQIRUPDLLGHVSUHULOHVDXUHJLXQLOHXQGH&$121L0$*(
*$7(:$<HVWHGLVSRQLELOYL]LWDLVLWHXOZHE&DQRQKWWSZZZ
FDQRQFRPFLJ
7UHEXLHVDYHLXQFRQWGHVHUYLFLLZHEDOWXOGHFkW&$121L0$*(
*$7(:$<GDFGRULLVvOIRORVLL3HQWUXGHWDOLLVXSOLPHQWDUH
YHULFDLVLWHXULOHZHESHQWUXHFDUHVHUYLFLXSHFDUHGRULLVvO
vQUHJLVWUDL
(VWHSRVLELOVYLVHVROLFLWHWD[HSHQWUXFRQH[LXQHD,63LSHQWUX
SXQFWXOGHDFFHV
QUHJLVWUDUH&$121L0$*(*$7(:$<
'XSFHFRQHFWDLDSDUDWXOL&$121L0$*(*$7(:$<DGXJDL
&$121L0$*(*$7(:$<FDXQVHUYLFLXZHEGHVWLQDLHSHDSDUDW
$XWHQWLFDLYvQ&$121L0$*(
*$7(:$<LDFFHVDLSDJLQDGH
OHJWXUSHQWUXVHWDUHDDSDUDWXOXL
'HSHXQFDOFXODWRUVDXVPDUWSKRQH
DFFHVDLKWWSZZZFDQRQFRPFLJ
SHQWUXDYL]LWDVLWHXO&$121L0$*(
*$7(:$<
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX:HEvQUHJLVWUDW
'XSFHHVWHDDWSDJLQDGH
DXWHQWLFDUHLQWURGXFHLXWLOL]DWRUXOL
SDURODSHQWUXDYDXWHQWLFD'DFQX
DYHLXQFRQW&$121L0$*(*$7(:$<
XUPDLLQVWUXFLXQLOHDDWHSHQWUXD
GHQLWLYDvQUHJLVWUDUHDFDPHPEUX
JUDWXLW
$OHJHLWLSXODSDUDWXOXL
3HQWUXDFHVWPRGHO>
PHQLXO:L)L
@HVWHDDWvQ
'XSFHDOHJHL>
@RSDJLQHVWH
DDWSHQWUXLQWURGXFHUHDFRGXOXLGH
DXWHQWLFDUHQDFHDVWSDJLQODSDVXO
YHLLQWURGXFHFRGXOGHDXWHQWLFDUH
DDWSHDSDUDWGXSSDLL
$FFHVDLPHQLXO:L)L
$SVDLEXWRQXO>
DSDUDWXO
$SVDLEXWRQXO>
@SHQWUXDSRUQL
@
'XSDDUHDPHVDMXOXL>1XPH
GLVSR]LWLY@DSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH>2.@LDUDSRL
DSVDLEXWRQXO> @
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX:HEvQUHJLVWUDW
$OHJHL>
@
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
@LDSRLDSVDLEXWRQXO> @
alege [
$OHJHL>$XWHQWLFDUH@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>$XWHQWLFDUH@LDSRLDSVDLEXWRQXO> @
6WDELOLLRFRQH[LXQHFXXQSXQFW
GHDFFHV
&RQHFWDLYODSXQFWXOGHDFFHVDDFXP
HVWHGHVFULVODSDLLGHOD8WLOL]DUHD
GH3XQFWHGHDFFHVFRPSDWLELOH
:36= VDXSDLLGHOD
&RQHFWDUHOD3XQFWHOHGHDFFHVOLVWDWH
=
'XSFHDSDUDWXOHVWHFRQHFWDWOD
&$121L0$*(*$7(:$<YLDDFFHVV
SRLQWXQFRGGHDXWHQWLFDUHHVWHDDW
0HQLQHLDDWDFHVWHFUDQSkQFH
QDOL]DLSDVXO
,QWURGXFHLFRGXOGHDXWHQWLFDUH
3HVPDUWSKRQHVDXFDOFXODWRULQWURGXFHL
FRGXOGHDXWHQWLFDUHDDWSHDSDUDWL
PHUJHLODSDVXOXUPWRU
8QQXPUGHDVHFLIUHSHQWUXFRQUPDUH
HVWHDDW
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX:HEvQUHJLVWUDW
9HULFDLQXPUXOGHFRQUPDUHL
GHQLWLYDLSURFHVXOGHVHWDUH
3HHFUDQXOGHODSDVXODSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH>2.@L
DSRLDSVDLEXWRQXO> @1XPUXOSHQWUX
FRQUPDUHHVWHDDW
$VLJXUDLYFQXPUXOGHFRQUPDUHGH
SHDSDUDWVHSRWULYHWHFXQXPUXOGHSH
VPDUWSKRQHVDXFDOFXODWRU
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
'HQLWLYDLSURFHVXOGHVHWDUHSH
VPDUWSKRQHVDXFDOFXODWRU
[ @= L&$121L0$*(
*$7(:$<VXQWDFXPDGXJDWHFD
GHVWLQDLLLVLPEROXO>
@VHVFKLPEvQ
@
[
8QPHVDMHVWHDDWSHVPDUWSKRQH
VDXFDOFXODWRUSHQWUXDLQGLFDIDSWXOF
SURFHVXOHVWHGHQLWLYDW3HQWUXDDGXJD
DOWHVHUYLFLLZHEXUPDLSURFHGXUDGHOD
QUHJLVWUDUHDOWHVHUYLFLLZHE=
GHODSDVXO
&RQH[LXQLOHDXQHYRLHFDvQDSDUDWVH[LVWHXQFDUGGHPHPRULH
FXLPDJLQLSHHO
3XWHLPRGLFDQXPHOHDSDUDWXOXLFDUHHVWHDDWSHGLVSR]LWLYOD
SDVXO=
'XSFHYDLFRQHFWDWODGLVSR]LWLYHSULQLQWHUPHGLXOPHQLXOXL:L
)LGHVWLQDLLOHUHFHQWHYRUDDWHSULPHOHFkQGDFFHVDLPHQLXO
$SVDLEXWRDQHOH> ][ @SHQWUXDDFFHVDHFUDQXOGHDOHJHUHDO
GLVSR]LWLYXOXLLDSRLFRQJXUDLVHWDUHD
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX:HEvQUHJLVWUDW
QUHJLVWUDUHDOWHVHUYLFLLZHE
3XWHLDGXJDDGXJDDSDUDWXOXLLDOWHVHUYLFLLZHEvQSOXVIDGH
&$121L0$*(*$7(:$<7UHEXLHVvQUHJLVWUDLPDLvQWkL&$121
L0$*(*$7(:$<SHDSDUDW=
$FFHVDLHFUDQXOGHVHWULDO
VHUYLFLXOXLZHE
8UPDLSDVXOGHODQUHJLVWUDUH&$121
L0$*(*$7(:$<= SHQWUXDY
DXWHQWLFDOD&$121L0$*(*$7(:$<
LDSRLDFFHVDLHFUDQXOGHVHWULDO
VHUYLFLXOXLZHE
&RQJXUDLVHUYLFLXOZHESHFDUH
GRULLVvOIRORVLL
8UPDLLQVWUXFLXQLOHDDWHSH
VPDUWSKRQHVDXFDOFXODWRUSHQWUXDVHWD
VHUYLFLXOZHE
$OHJHL>
@
QPRGXOUHGDUHDSVDLEXWRQXO>
SHQWUXDDFFHVDPHQLXO:L)L
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
@LDSRLDSVDLEXWRQXO> @
alege [
6HWULOHVHUYLFLXOXLZHEVXQWDFXP
DFWXDOL]DWH
'DFVHVFKLPEVHWULOHFRQJXUDWHXUPDLDFHWLSDLGLQQRX
SHQWUXDDFWXDOL]DVHWULOHDSDUDWXOXL
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX:HEvQUHJLVWUDW
QFUFDUHLPDJLQLFWUHVHUYLFLL:HE
$FFHVDLPHQLXO:L)L
$SVDLEXWRQXO>
DSDUDWXO
$SVDLEXWRQXO>
@SHQWUXDSRUQL
@
$OHJHLGHVWLQDLD
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHVLPEROXOVHUYLFLXOXL:HEODFDUHV
YFRQHFWDLLDSRLDSVDLEXWRQXO> @
'DFVXQWIRORVLWHPDLPXOWHGHVWLQDLL
VDXPDLPXOWHRSLXQLGHSDUWDMDUHFX
XQVHUYLFLXZHEDOHJHLDUWLFROXOGRULWSH
HFUDQXO>6HOHFWDUHUHFLSLHQW@DSVkQG
EXWRDQHOH> ][ @LDSRLDSVDLEXWRQXO
[ @
7ULPLWHLRLPDJLQH
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUX
DDOHJH>6HOHFWDUHLWULPLWHUH@LDSRL
DSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6HOHFWDUH@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHRLPDJLQHSHQWUXWULPLWHUHDSVDL
EXWRQXO> @SHQWUXDRELID> @LDSRL
@
DSVDLEXWRQXO>
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>7ULPLWHUH@LDSRLDSVDLEXWRQXO
[ @
7ULPLWHLLPDJLQLFWUHXQVHUYLFLX:HEvQUHJLVWUDW
$WXQFLFkQGvQFUFDLSH<RX7XEHFLWLL
WHUPHQLLVHUYLFLXOXLDOHJHL>6XQWGH
DFRUG@LDSVDLEXWRQXO> @
7UDQVIHUXOGHLPDJLQHYDvQFHSH(FUDQXO
VHvQWXQHFvQWLPSXOWUDQVIHUXOXLLPDJLQLL
'XSFHHVWHWULPLVLPDJLQHD>2.@
HVWHDDW$SVDLEXWRQXO> @SHQWUXD
UHYHQLODHFUDQXOGHUHGDUH
&RQH[LXQLOHDXQHYRLHFDvQDSDUDWVH[LVWHXQFDUGGHPHPRULH
FXLPDJLQLSHHO
'HDVHPHQHDSXWHLWULPLWHPDLPXOWHLPDJLQLGHRGDWSXWHL
UHGLPHQVLRQDLPDJLQLOHLDGXJDFRPHQWDULLvQDLQWHGHDOH
WULPLWH=
3XWHLWULPLWHLPDJLQHDDFWXDODOHJkQG>7ULPLWHLDFHDVWLPDJLQH@
SHHFUDQXOGHODSDVXO
5HFRPDQGPXWLOL]DUHDDSOLFDLHLGHGLFDWH&DQRQ2QOLQH3KRWR
$OEXPFkQGYL]XDOL]DLSHVPDUWSKRQHLPDJLQLOHWULPLVHFWUH
&$121L0$*(*$7(:$<&XWDL&DQRQ2QOLQH3KRWR$OEXP
vQ$SS6WRUHSHQWUXL3KRQHLL3DGVDXvQ*RRJOH3OD\SHQWUX
VPDUWSKRQHXULOH$QGURLGLGHVFUFDLLLQVWDODLDSOLFDLD
,PSULPDUHDLPDJLQLORUZLUHOHVVGHOD
RLPSULPDQWFRQHFWDW
&RQHFWDLDSDUDWXOODRLPSULPDQWYLD:L)LSHQWUXDLPSULPDGXSFXP
XUPHD]
$FHWLSDLYDUDWFXPVIRORVLLDSDUDWXOFDXQSXQFWGHDFFHVGDU
SXWHLIRORVLLXQSXQFWGHDFFHVGHMDH[LVWHQW=
$FFHVDLPHQLXO:L)L
$FFHVDLPHQLXO:L)LDDFXPHVWH
GHVFULVvQSDVXOGHOD$GXJDUHDXQXL
WHOHIRQLQWHOLJHQWIRORVLQGPHQLXO:L)L
=
$OHJHL>
@
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
alege [ @LDSRLDSVDLEXWRQXO> @
$OHJHL>$GXJDLXQGLVSR]LWLY@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>$GXJDLXQGLVSR]LWLY@LDSRLDSVDL
EXWRQXO> @
66,'XODSDUDWXOXLHVWHDDW
,PSULPDUHDLPDJLQLORUZLUHOHVVGHODRLPSULPDQWFRQHFWDW
&RQHFWDLLPSULPDQWDODUHHD
QPHQLXOGHVHWUL:L)LDOLPSULPDQWHL
DOHJHL66,'XOQXPHOHUHHOHLDDWSH
DSDUDWSHQWUXDVWDELOLRFRQH[LXQH
$OHJHLLPSULPDQWD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
QXPHOHLPSULPDQWHLLDSRLDSVDL
EXWRQXO> @
$OHJHLRLPDJLQHSHQWUXLPSULPDUH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RLPDJLQH
$SVDLEXWRQXO> @DOHJHL>
DSVDLEXWRQXO> @GLQQRX
@LDSRL
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>,PSULPDUH@LDSRLDSVDLEXWRQXO> @
3HQWUXLQVWUXFLXQLGHWDOLDWHGHVSUH
LPSULPDUHYH]L,PSULPDUHDLPDJLQLORU
=
3HQWUXDvQFKLGHFRQH[LXQHDDSVDL
EXWRQXO> @DSVDLEXWRDQHOH> ][ ] de
SHHFUDQXOGHFRQUPDUHSHQWUXDDOHJH
>2.@LDUDSRLDSVDLEXWRQXO> @
,PSULPDUHDLPDJLQLORUZLUHOHVVGHODRLPSULPDQWFRQHFWDW
&RQH[LXQLOHDXQHYRLHFDvQDSDUDWVH[LVWHXQFDUGGHPHPRULH
FXLPDJLQLSHHO
'XSFHYDLFRQHFWDWODGLVSR]LWLYHSULQLQWHUPHGLXOPHQLXOXL:L
)LGHVWLQDLLOHUHFHQWHYRUDDWHSULPHOHFkQGDFFHVDLPHQLXO
:L)L9SXWHLFRQHFWDXRUGLQQRXGDFDSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHGLVSR]LWLYXOLDSRLDSVDLEXWRQXO> @
3HQWUXDDGXJDXQGLVSR]LWLYQRXDDLHFUDQXOGHVHOHFWDUH
DGLVSR]LWLYXOXLGDFDSVDLEXWRDQHOH> ][ @LDSRLFRQJXUDL
VHWDUHD
'DFGRULLVQXHDDWHXOWLPHOHGLVSR]LWLYHDOHJHL0(18
= !WDE> @!>6HWUL:L)L@!>,VWRULFGLVSR]LWLYH@!>2SULW@
3HQWUXDIRORVLXQDOWSXQFWGHDFFHVXUPDLSDLLGHOD
)RORVLUHDXQXLDOWSXQFWGHDFFHV=
7UDQVPLWHUHDGHLPDJLQLFWUHDOWDSDUDW
&RQHFWDLGRXDSDUDWHSULQ:L)LLWULPLWHLLPDJLQLOHGHODXQDSDUDWOD
DOWXOGXSFXPXUPHD]
'RDUDSDUDWHOHPDUFD&DQRQGRWDWHFXIXQFLH:L)LSRWFRQHFWDWH
ZLUHOHVV1XYSXWHLFRQHFWDODDSDUDWH&DQRQFDUHQXDXIXQFLH
:L)LFKLDUGDFHVWHFRPSDWLELOFXFDUGXUL(\H)L
$FFHVDLPHQLXO:L)L
$FFHVDLPHQLXO:L)LDDFXPHVWH
GHVFULVvQSDVXOGHOD$GXJDUHDXQXL
WHOHIRQLQWHOLJHQWIRORVLQGPHQLXO:L)L
=
$OHJHL>
@
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
alege [ @LDSRLDSVDLEXWRQXO> @
$OHJHL>$GXJDLXQGLVSR]LWLY@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>$GXJDLXQGLVSR]LWLY@LDSRLDSVDL
EXWRQXO> @
8UPDLSDLLGHSHDSDUDWXOLQW
,QIRUPDLLOHGHVSUHFRQH[LXQHDDSDUDWXOXL
YRUDGXJDWHFkQGPHVDMXO>QFHSHL
FRQH[LXQHDODDSDUDWXOLQW@YDDDW
SHDPEHOHHFUDQHDOHDSDUDWHORU
7UDQVPLWHUHDGHLPDJLQLFWUHDOWDSDUDW
7ULPLWHLRLPDJLQH
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUX
DDOHJH>6HOHFWDUHLWULPLWHUH@LDSRL
DSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6HOHFWDUH@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJHRLPDJLQHSHQWUXWULPLWHUHDSVDL
EXWRQXO> @SHQWUXDRELID> @LDSRL
@
DSVDLEXWRQXO>
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>7ULPLWHUH@LDSRLDSVDLEXWRQXO
[ @
7UDQVIHUXOGHLPDJLQHYDvQFHSH(FUDQXO
VHvQWXQHFvQWLPSXOWUDQVIHUXOXLLPDJLQLL
>7UDQVIHUGHQLWLYDW@HVWHDDWGXSFH
LPDJLQHDHVWHWULPLVLHFUDQXOSHQWUX
WUDQVIHUXOLPDJLQLORUHVWHDDWGLQQRX
3HQWUXDvQFKLGHFRQH[LXQHDDSVDL
@DSVDLEXWRDQHOH
EXWRQXO>
[ ][ @GHSHHFUDQXOGHFRQUPDUHSHQWUX
DDOHJH>2.@LDUDSRLDSVDLEXWRQXO> @
7UDQVPLWHUHDGHLPDJLQLFWUHDOWDSDUDW
&RQH[LXQLOHDXQHYRLHGHXQFDUGGHPHPRULHvQDSDUDW
'XSFHYDLFRQHFWDWODGLVSR]LWLYHSULQLQWHUPHGLXOPHQLXOXL:L
)LGHVWLQDLLOHUHFHQWHYRUDDWHSULPHOHFkQGDFFHVDLPHQLXO
:L)L9SXWHLFRQHFWDXRUGLQQRXGDFDSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJHGLVSR]LWLYXOLDSRLDSVDLEXWRQXO> @
3HQWUXDDGXJDXQGLVSR]LWLYQRXDDLHFUDQXOGHVHOHFWDUH
DGLVSR]LWLYXOXLGDFDSVDLEXWRDQHOH> ][ @LDSRLFRQJXUDL
VHWDUHD
'DFGRULLVQXHDDWHXOWLPHOHGLVSR]LWLYHDOHJHL0(18
= !WDE> @!>6HWUL:L)L@!>,VWRULFGLVSR]LWLYH@!>2SULW@
'HDVHPHQHDSXWHLWULPLWHPDLPXOWHLPDJLQLGHRGDWLSXWHL
PRGLFDGLPHQVLXQHDLPDJLQLLvQDLQWHGHDRWULPLWH=
3XWHLWULPLWHLPDJLQHDDFWXDODOHJkQG>7ULPLWHLDFHDVWLPDJLQH@
SHHFUDQXOGHODSDVXO
2SLXQLWULPLWHUHLPDJLQL
3XWHLDOHJHPDLPXOWHLPDJLQLSHQWUXDOHWULPLWHGHRGDWLSXWHL
PRGLFDUH]ROXLDGLPHQVLXQHDLPDJLQLLvQDLQWHGHDRWULPLWH$QXPLWH
VHUYLFLL:HEYSHUPLWVDGQRWDLLPDJLQLOHSHFDUHOHWULPLWHL
7UDQVPLWHUHDGHPDLPXOWHLPDJLQL
3XWHLVHOHFWDXQLQWHUYDOGHLPDJLQLSHQWUXDWULPLVHVDXSXWHLWULPLWH
WRDWHLPDJLQLOHHWLFKHWDWHFDIDYRULWHGLQHFUDQXOGHWULPLWHUHDLPDJLQLORU
$OHJHL>6HOHFWDLLWULPLWHL@
3HHFUDQXOSHQWUXWUDQVIHUXOLPDJLQLL
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6HOHFWDUHLWULPLWHUH@LDSRLDSVDL
EXWRQXO> @
$OHJHLRPHWRGGHVHOHFLH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RPHWRGGHVHOHFWDUH
6HOHFWDLXQLQWHUYDO
$OHJHL>6HOHFWDUHLQWHUYDO@
8UPkQGSDVXOGHOD7UDQVPLWHUHDGH
PDLPXOWHLPDJLQL= DOHJHL
>6HOHFWDUHLQWHUYDO@LDSVDLEXWRQXO> @
2SLXQLWULPLWHUHLPDJLQL
$OHJHLLPDJLQLOH
8UPDLSDLLGHOD6HOHFWDUH
LQWHUYDO= SHQWUXDDOHJH
LPDJLQLOH
&kQGWULPLWHLLOPHDOHJHL>,QFOOPH@
DSVkQGEXWRDQHOH> ][ ][ ][ @LDSRL
DSVDLEXWRQXO> @> @HVWHDDW
$SVDLEXWRDQHOH> ][ ][ ][ @SHQWUXD
DOHJH>2.@LDSRLDSVDLEXWRQXO> @
7ULPLWHLLPDJLQLOH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>7ULPLWHUH@LDSRLDSVDLEXWRQXO> @
7ULPLWHUHDLPDJLQLORUHWLFKHWDWHFD)DYRULWH
3XWHLWULPLWHWRDWHLPDJLQLOHHWLFKHWDWHFDIDYRULWH= vPSUHXQ
$OHJHL>)DYRULWH@
8UPkQGSDVXOGHOD7UDQVPLWHUHDGH
PDLPXOWHLPDJLQL= DOHJHL
>)DYRULWH@LDSVDLEXWRQXO> @
(VWHDDWXQHFUDQSHQWUXVHOHFWDUHD
LPDJLQLORUFDUHDHD]GRDULPDJLQLOH
HWLFKHWDWHFDIDYRULWH3XWHLVQX
WULPLWHLLPDJLQLOHGDFDSVDLEXWRQXO
[ @SHQWUXDWHUJH> @GXSVHOHFWDUHD
LPDJLQLORU
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
7ULPLWHLLPDJLQLOH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>7ULPLWHUH@LDSRLDSVDLEXWRQXO> @
2SLXQLWULPLWHUHLPDJLQL
1XSXWHLDOHJH>)DYRULWH@ODSDVXOGDFQXDYHLLPDJLQL
HWLFKHWDWHFDIDYRULWH
1RWHODWUDQVPLWHUHDGHLPDJLQL
1XLQHLGHJHWXOVDXDOWHRELHFWHSHDQWHQD:L)L= "!'DFR
DFRSHULLSXWHLPLFRUDYLWH]DGHWUDQVIHUDLPDJLQLL
QIXQFLHGHVWDUHDUHHOHLSHFDUHRXWLOL]DLHVWHSRVLELOVGXUH]H
PDLPXOWVWULPLWHLXQOP1XXLWDLVYHULFDLGLQFkQGvQFkQG
QLYHOXOEDWHULHLDSDUDWXOXL
6HUYLFLLOHZHESRWOLPLWDQXPUXOGHLPDJLQLVDXGXUDWDOPHORUSHFDUH
OHSXWHLWULPLWH
&kQGWULPLWHLOPHFWUHVPDUWSKRQHVFDOLWDWHDLPDJLQLLSRDWH
GHSLQGHvQIXQFLHGHVPDUWSKRQH3HQWUXGHWDOLLFRQVXOWDLPDQXDOXO
GHLQVWUXFLXQLDOVPDUWSKRQHXOXL
3HHFUDQSXWHUHDVHPQDOXOXLZLUHOHVVHVWHLQGLFDWGHXUPWRDUHOH
VLPEROXUL>
@ULGLFDW> @PHGLX> @VF]XW> @VODE
7ULPLWHUHDLPDJLQLORUFWUHVHUYLFLL:HEYDGXUDPDLSXLQFkQGWULPLWHL
LPDJLQLFDUHDXIRVWGHMDWULPLVHFWUHVHUYHUXO&$121L0$*(
*$7(:$<
2SLXQLWULPLWHUHLPDJLQL
$OHJHUHDQXPUXOXLGHSL[HOLGHvQUHJLVWUDUH
'LPHQVLXQHDLPDJLQLL
3HHFUDQXOGHWUDQVIHUDUHDLPDJLQLLDOHJHL> @DSVkQGEXWRDQHOH
[ ][ @LDSRLDSVDLEXWRQXO> @3HHFUDQXODDWDOHJHLVHWDUHD
SL[HOLORUvQUHJLVWUDLGLPHQVLXQHDLPDJLQLLDSVkQGEXWRDQHOH> ][ @L
DSRLDSVDLEXWRQXO> @
3HQWUXDWULPLWHLPDJLQLODGLPHQVLXQHDRULJLQDOVHOHFWDL>1X@FD
RSLXQHGHUHGLPHQVLRQDUH
'DFDOHJHL> @LPDJLQLOHFDUHVXQWPDLPDULGHFkWGLPHQVLXQHD
VHOHFWDWvQDLQWHGHWULPLWHUHYRUUHGLPHQVLRQDWH
)LOPHOHQXSRWUHGLPHQVLRQDWH
'LPHQVLXQHDLPDJLQLLSRDWHFRQJXUDWLvQ0(18= !
WDE> @!>6HWUL:L)L@!>5HGLPHQVLRQDUHSHQWUXWULPLWHUH@
2SLXQLWULPLWHUHLPDJLQL
$GXJDUHDGHFRPHQWDULL
)RORVLQGDSDUDWXOSXWHLDGXJDFRPHQWDULLLPDJLQLORUSHFDUHOHWULPLWHL
FWUHDGUHVHGHHPDLOVHUYLFLLGHUHHOHVRFLDOHHWF1XPUXOGHFDUDFWHUH
LVLPEROXULFDUHSRWLQWURGXVHSRDWHGLIHULvQIXQFLHGHVHUYLFLXO:HE
$FFHVDLHFUDQXOSHQWUXDDGXJD
FRPHQWDULL
3HHFUDQXOGHWUDQVIHUDUHDLPDJLQLL
DOHJHL> @DSVkQGEXWRDQHOH
[ ][ ][ ][ @LDSRLDSVDLEXWRQXO>
2
3
@
$GXJDLXQFRPHQWDULX=
7ULPLWHLLPDJLQHD
&kQGQXHVWHLQWURGXVXQFRPHQWDULXFRPHQWDULXOFDUHHVWHVHWDW
vQ&$121L0$*(*$7(:$<HVWHWULPLVDXWRPDW
3XWHLDGQRWDPDLPXOWHLPDJLQLvQDLQWHGHDOHWULPLWH$FHODL
FRPHQWDULXHVWHDGXJDWWXWXURULPDJLQLORUWULPLVHvPSUHXQ
7UDQVPLWHUHDGHLPDJLQLvQPRG
DXWRPDW,PDJH6\QF
,PDJLQLOHGHSHFDUGXOGHPHPRULHFDUHQXDXIRVWWUDQVIHUDWHGHMDSRW
WULPLVHFWUHXQFDOFXODWRUVDXVHUYLFLXZHESULQLQWHUPHGLXO&$121
L0$*(*$7(:$<
,PDJLQLOHQXSRWWULPLVHGRDUFWUHVHUYLFLLZHE
3UHJWLULLQLLDOH
3UHJWLUHDDSDUDWXOXL
QUHJLVWUDL> @FDGHVWLQDLH3XWHLDWULEXLL> @EXWRQXOXL> @DVWIHOvQFkW
SXULVLPSOXVDSVDLEXWRQXO> @SHQWUXDWULPLWHLPDJLQLOHFDUHQX
DXIRVWWUDQVIHUDWHGHMDGHSHFDUGSHXQFDOFXODWRUYLD&$121L0$*(
*$7(:$<
$GXJDL> @FDGHVWLQDLH
$GXJDL> @FDGHVWLQDLHDDFXPHVWH
GHVFULVvQQUHJLVWUDUH&$121L0$*(
*$7(:$<=
'DFvQFUFDLLPDJLQLFWUHXQVHUYLFLX
:HEDXWHQWLFDLYvQ&$121L0$*(
*$7(:$<= DOHJHLPRGHOXO
DSDUDWXOXLLDSRLDDLHFUDQXOSHQWUX
FRQJXUDUHDVHUYLFLXOXL:HELDOHJHL
VHUYLFLXO:HEFWUHFDUHGRULLV
vQFUFDLLPDJLQLGLQVHWULOH,PDJH6\QF
&RQVXOWDLPHQLXOGHDMXWRUDO&$121
L0$*(*$7(:$<SHQWUXPDLPXOWH
GHWDOLL
7UDQVPLWHUHDGHLPDJLQLvQPRGDXWRPDW,PDJH6\QF
$OHJHLWLSXOGHLPDJLQLFDUH
XUPHD]VHWULPLVHGRDUFkQG
WULPLWHLOPHFXLPDJLQL
$SVDLEXWRQXO>
:L)L@GHODWDEXO>
@LDOHJHL>6HWUL
@=
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>,PDJH6\QF@DSRLDSVDLEXWRDQHOH
[ ][ @SHQWUXDDOHJH>)RWRJUDL)LOPH@
WHUJHLVHWULOHEXWRQXOXL> @GDFHVWH
DWULEXLWGHMDXQWHOHIRQLQWHOLJHQWEXWRQXOXL
=
$FFHVDLHFUDQXOSHQWUXFRQH[LXQHD
PRELOXOXLDDFXPHVWHGHVFULVODSDVXO
GHOD7ULPLWHUHFWUHXQWHOHIRQLQWHOLJHQW
DWULEXLWEXWRQXOXL= DSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH> @L
DSRLDSVDLEXWRQXO> @
3UHJWLUHDFDOFXODWRUXOXL
,QVWDODLLFRQJXUDLVRIWZDUHXOSHFDOFXODWRUXOLQW
,QVWDODLVRIWZDUHXO
,QVWDODLVRIWZDUHXOSHXQFDOFXODWRU
FRQHFWDWOD,QWHUQHW=
QUHJLVWUDLDSDUDWXO
:LQGRZVQEDUDGHOXFUXIDFHLFOLF
GUHDSWDSH> @LDSRLIDFHLFOLFSH>$GG
QHZFDPHUD@
0DF26QEDUDPHQLXOXLIDFHLFOLF
SH> @LDSRLIDFHLFOLFSH>$GGQHZ
FDPHUD@
7UDQVPLWHUHDGHLPDJLQLvQPRGDXWRPDW,PDJH6\QF
(VWHDDWROLVWDDSDUDWHORUFRQHFWDWH
OD&$121L0$*(*$7(:$<$OHJHL
DSDUDWXOGHODFDUHYRUWULPLVH
LPDJLQLOH
,PHGLDWFHDSDUDWXOHVWHvQUHJLVWUDWL
FDOFXODWRUXOHVWHSUHJWLWVSULPHDVF
LPDJLQLVLPEROXOVHVFKLPEvQ> @
7UDQVPLWHUHDGHLPDJLQL
,PDJLQLOHWULPLVHGLQDSDUDWVXQWVDOYDWHDXWRPDWSHFDOFXODWRU
'DFQXHVWHSRUQLWFDOFXODWRUXOFWUHFDUHGRULLVWULPLWHLLPDJLQLOH
DFHVWHDYRUVWRFDWHWHPSRUDUSHVHUYHUXO&$121L0$*(*$7(:$<
,PDJLQLOHVWRFDWHVXQWWHUVHSHULRGLFDDFDVLJXUDLYFSRUQLL
FDOFXODWRUXOLVDOYDLLPDJLQLOH
7ULPLWHLLPDJLQLOH
'DFDLDWULEXLWGHMD>
DSVDLEXWRQXO> @
@EXWRQXOXL> ],
'DFQXDLDWULEXLWEXWRQXOvQDFHVW
PRGDOHJHL> @DDFXPHVWHGHVFULVOD
SDLLGHODQFUFDUHLPDJLQLFWUH
VHUYLFLL:HE=
,PDJLQLOHHWLFKHWDWHFXVLPERO> @DXIRVW
WULPLVH
6DOYDLLPDJLQLOHvQFDOFXODWRU
,PDJLQLOHVXQWVDOYDWHDXWRPDWSH
FDOFXODWRUFkQGvOSRUQLL
,PDJLQLOHVXQWWULPLVHDXWRPDWFWUH
VHUYLFLLZHEGHSHVHUYHUXO&$121
L0$*(*$7(:$<FKLDUGDFHVWHRSULW
FDOFXODWRUXO
7UDQVPLWHUHDGHLPDJLQLvQPRGDXWRPDW,PDJH6\QF
$WXQFLFkQGWULPLWHLLPDJLQLHVWHELQHVIRORVLLREDWHULHFRPSOHW
vQFUFDWVDXXQNLWFXDGDSWRU$&FRPHUFLDOL]DWVHSDUDW
=
&KLDUGDFLPDJLQLOHDXIRVWLPSRUWDWHSHFDOFXODWRUSULQDOWH
PHWRGHRULFHLPDJLQHFDUHQXDIRVWWULPLVFWUHFDOFXODWRU
SULQLQWHUPHGLXO&$121L0$*(*$7(:$<YDWULPLVFWUH
FDOFXODWRU
7ULPLWHUHDHVWHPDLUDSLGFkQGGHVWLQDLDHVWHXQFDOFXODWRU
DDWvQDFHHDLUHHDFXDSDUDWXOGHRDUHFHLPDJLQLOHVXQW
WULPLVHYLDXQDFFHVVSRLQWvQORFGH&$121L0$*(*$7(:$<
,PDJLQLOHVWRFDWHvQFDOFXODWRUVXQWWULPLVHFWUH&$121L0$*(
*$7(:$<GHFLFDOFXODWRUXOWUHEXLHVHFRQHFWDWOD,QWHUQHW
9L]XDOL]DUHDLPDJLQLORUWULPLVHSULQLQWHUPHGLXO,PDJH
6\QFSHVPDUWSKRQH
'DFLQVWDODL&DQRQ2QOLQH3KRWR$OEXP&DQRQ23$SHVPDUWSKRQHY
SHUPLWHVYL]XDOL]DLLVGHVFUFDLSHVPDUWSKRQHLPDJLQLOHWULPLVHGH
,PDJH6\QFLVDOYDWHWHPSRUDUSH&$121L0$*(*$7(:$<
(VWHQHFHVDUXUPWRDUHDVHWDUH
7UHEXLHVQDOL]DWFRQJXUDUHDSHQWUX3UHJWLUHDFDOFXODWRUXOXL
=
&XWDL&DQRQ2QOLQH3KRWR$OEXPvQ$SS6WRUHSHQWUXL3KRQHLL3DG
VDXvQ*RRJOH3OD\SHQWUXVPDUWSKRQHXULOH$QGURLGLGHVFUFDLL
LQVWDODLDSOLFDLD
$XWHQWLFDLYvQ&$121L0$*(*$7(:$<= DOHJHL
PRGHOXODSDUDWXOXLGYVLDSRLDDLHFUDQXOSHQWUXFRQJXUDUHD
VHUYLFLXOXL:HELPRGLFDLVHWULOH,PDJH6\QFDVWIHOvQFkWVSXWHL
UVIRLLGHVFUFDGHSHVPDUWSKRQH&RQVXOWDLPHQLXOGHDMXWRUDO
&$121L0$*(*$7(:$<SHQWUXPDLPXOWHGHWDOLL
7UDQVPLWHUHDGHLPDJLQLvQPRGDXWRPDW,PDJH6\QF
,PDJLQLOHWHUVHGLQ&$121L0$*(*$7(:$<QXPDLSRW
YL]XDOL]DWHGXSRSHULRDGGHWLPS
1XSXWHLYL]XDOL]DLPDJLQLOHWULPLVHvQDLQWHVPRGLFDLVHWULOH
,PDJH6\QFDVWIHOvQFkWVSXWHLUVIRLLGHVFUFDGHSH
VPDUWSKRQH
3HQWUXGHWDOLLGHVSUHXWLOL]DUHD&DQRQ2QOLQH3KRWR$OEXP
FRQVXOWDLPHQLXO$MXWRUDO&DQRQ2QOLQH3KRWR$OEXP
8WLOL]DUHDXQXL6PDUWSKRQHSWDYL]XDOL]D
LPDJLQLOHGLQDSDUDWLSWDFRQWURODDSDUDWXO
3XWHLUHDOL]DXUPWRDUHOHDFLXQLFXDSOLFDLD&DPHUD&RQQHFWSHQWUX
WHOHIRDQHOHLQWHOLJHQWH
5VIRLLLPDJLQLOHGHSHDSDUDWLVDOYDLOHSHWHOHIRQXOLQWHOLJHQW
,PDJLQLFXJHRWDJGHSHDSDUDW=
)RWRJUDDLGHODGLVWDQ=
6HWULOHGHFRQGHQLDOLWDWHWUHEXLHFRQJXUDWHvQDLQWHSHQWUXD
SHUPLWHYL]XDOL]DUHDLPDJLQLORUSHVPDUWSKRQH= =
=
*HRWDJJLQJGHLPDJLQLSHDSDUDW
'DWHOH*36vQUHJLVWUDWHSHXQWHOHIRQLQWHOLJHQWIRORVLQGDSOLFDLDGHGLFDW
&DPHUD&RQQHFWSRWDGXJDWHLPDJLQLORUGHSHDSDUDW,PDJLQLOHVXQW
HWLFKHWDWHFXLQIRUPDLLFDUHLQFOXGODWLWXGLQHDORQJLWXGLQHDLDOWLWXGLQHD
QDLQWHGHDIRWRJUDDDVLJXUDLYFGDWDLRUDLIXVXORUDU
ORFDOVXQWVHWDWHFRUHFWDDFXPHVWHGHVFULVvQ6HWDUHDGDWHL
LDRUHL= 'HDVHPHQHDXUPDLSDLLGHOD)XVRUDU
= SHQWUXDVSHFLFDRULFHGHVWLQDLHGHIRWRJUDHUHGLQ
DOWHIXVXULRUDUH
(VWHSRVLELOVLORFDOL]DLVDXLGHQWLFDLGHDOWHSHUVRDQHGDF
IRORVLLGDWHGHVSUHORFXOvQFDUHYDDLvQIRWRJUDLOHVDXOPHOH
FXJHRWDJ$YHLJULMDWXQFLFkQGvPSUWLLDFHVWHLPDJLQLFX
DOLLGHH[HPSOXFkQGSRVWDLLPDJLQLOHRQOLQHXQGHOHSRWYHGHD
WRL
8WLOL]DUHDXQXL6PDUWSKRQHSW
)RWRJUDHUHGHODGLVWDQ
&kQGYXLWDLODHFUDQXOGHIRWRJUDHUHSHVPDUWSKRQHvOSXWHLIRORVL
SHQWUXDIRWRJUDDGHODGLVWDQ
6HFXUL]DLDSDUDWXO
&kQGvQFHSHIRWRJUDHUHDGHODGLVWDQ
RELHFWLYXOYDLHLDIDU0LFDUHD
RELHFWLYXOXLOD]RRPSRDWHPXWDDSDUDWXO
GLQSR]LLDLQLLDO6WDELOL]DLDSDUDWXO
IRORVLQGXQWUHSLHGVDXSULQDOWHPHWRGH
&RQHFWDLDSDUDWXOLVPDUWSKRQHXO
==
QVHWULOHGHFRQGHQLDOLWDWHDOHJHL
>'D@
$OHJHLIRWRJUDHUHDGHODGLVWDQ
Q&DPHUD&RQQHFWGHSHWHOHIRQXO
LQWHOLJHQWDOHJHLIRWRJUDHUHGHOD
GLVWDQ
2ELHFWLYXOYDLHLDIDU1XDSVDLOkQJ
RELHFWLYLDVLJXUDLYFQLFLXQRELHFWQX
LOYDEORFD
&kQGDSDUDWXOHVWHSUHJWLWLSHQWUX
IRWRJUDHUHDGHODGLVWDQRLPDJLQHD
GLQDSDUDWYDDDWSHVPDUWSKRQH
QDFHVWPRPHQWXQPHVDMHVWHDDWSH
DSDUDWLWRDWHRSHUDLXQLOHFXH[FHSLD
DSVULLEXWRQXOXLGHSRUQLUHVXQW
GH]DFWLYDWH
)RWRJUDDL
)RORVLLVPDUWSKRQHXOSHQWUXDIRWRJUDD
8WLOL]DUHDXQXL6PDUWSKRQHSW
$SDUDWXOIXQFLRQHD]vQPRGXO> @vQWLPSXOIRWRJUDHULLGHOD
GLVWDQ2ULFXPDQXPLWHVHWUL)81&L0(18SHFDUHOHDL
FRQJXUDWvQDLQWHVHSRWVFKLPEDDXWRPDW
)LOPDUHDQXHVWHGLVSRQLELO
2ULFHPLFDUHWHDUVDVXELHFWXOXLLQGLFDWSHVPDUWSKRQHGLQ
FDX]DFRQH[LXQLLQXYDDIHFWDLPDJLQHDvQUHJLVWUDW
1XVXQWDDWHFDGUH$)5HDOL]DLRLPDJLQHWHVWSHQWUXDYHULFD
IRFDOL]DUHD
,PDJLQLOHUHDOL]DWHQXVXQWWUDQVIHUDWHFWUHVPDUWSKRQH)RORVLL
VPDUWSKRQHXOSHQWUXDUVIRLLLPSRUWDLPDJLQLOHGLQDSDUDW
(GLWDUHVDXWHUJHUHVHWUL:L)L
(GLWDLVDXWHUJHLVHWULOH:L)LGXSFXPXUPHD]
(GLWDUHDLQIRUPDLLORUGHFRQHFWDUH
$FFHVDLPHQLXO:L)LLDOHJHL
GLVSR]LWLYXOSHFDUHGRULLVvOHGLWDL
$SVDLEXWRQXO>
DSDUDWXO
$SVDLEXWRQXO>
@SHQWUXDSRUQL
@
$SVDL> ][ @SHQWUXDDFFHVDHFUDQXOGH
DOHJHUHDOGLVSR]LWLYXOXLDSVDL> ][ ][ ][ ]
SHQWUXDDOHJHVLPEROXOGLVSR]LWLYXOXLSHFDUH
GRULLVvOHGLWDLLDSRLDSVDL> @
$OHJHL>(GLWDLXQGLVSR]LWLY@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>(GLWDLXQGLVSR]LWLY@LDSRLDSVDL
EXWRQXO> @
$OHJHLGLVSR]LWLYXOSHFDUHGRULLV
vOHGLWDL
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
GLVSR]LWLYXOSHFDUHGRULLVvOHGLWDLL
DSRLDSVDLEXWRQXO> @
$OHJHLDUWLFROXOSHFDUHGRULLVvO
HGLWDL
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQDUWLFROSHFDUHGRULLVvOHGLWDLLDSRL
DSVDLEXWRQXO> @
$UWLFROHOHSHFDUHOHSXWHLPRGLFD
GHSLQGGHGLVSR]LWLYVDXVHUYLFLX
(GLWDUHVDXWHUJHUHVHWUL:L)L
&RQH[LXQH
$UWLFROHFDUHSRWFRQJXUDWH
>6FKLPEDUHQXPHGLVSR]LWLY@
=
6HUYLFLL
ZHE
2
>9L]XDOL]DUHVHWUL@=
>WHUJHLLQIRUPDLLOHGHFRQHFWDUH@
2
=
2&RQJXUDELO1XSRDWHFRQJXUDW
0RGLFDUHDSVHXGRQLPXOXLXQXLGLVSR]LWLY
3XWHLPRGLFDSVHXGRQLPHOHGLVSR]LWLYHORUGHQXPLULOHGHDDUHFDUH
VXQWDDWHSHDSDUDW
8UPkQGSDVXOGHOD(GLWDUHD
LQIRUPDLLORUGHFRQHFWDUH=
DOHJHL>0RGLFDLQXPHGLVSR]LWLY@L
DSVDLEXWRQXO> @
6HOHFWDLFkPSXOGHLQWURGXFHUHLDSVDL
EXWRQXO> @)RORVLLWDVWDDDWSHQWUXD
LQWURGXFHXQSVHXGRQLPQRX=
WHUJHUHDLQIRUPDLLORUGHFRQHFWDUH
WHUJHLLQIRUPDLLOHGHVSUHFRQHFWDUHLQIRUPDLLOHGHVSUHGLVSR]LWLYHOHOD
FDUHYDLFRQHFWDWGXSFXPXUPHD]
8UPkQGSDVXOGHOD(GLWDUHD
LQIRUPDLLORUGHFRQHFWDUH=
DOHJHL>WHUJHUHLQIRUPDLLGHFRQHFWDUH@
LDSVDLEXWRQXO> @
'XSDDUHDPHVDMXOXL>WHUJHUH"@
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDUDSRLDSVDLEXWRQXO> @
,QIRUPDLLOHGHVSUHFRQHFWDUHYRU
WHUVH
(GLWDUHVDXWHUJHUHVHWUL:L)L
0RGLFDUHDQXPHOXLDSDUDWXOXL
3XWHLPRGLFDQXPHOHDSDUDWXOXLFDUHHVWHDDWSHGLVSR]LWLY
$OHJHL>6HWUL:L)L@
$SVDLEXWRQXO>
:L)L@GHODWDEXO>
@LDOHJHL>6HWUL
@=
$OHJHL>6FKLPEDUHQXPH
GLVSR]LWLY@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>6FKLPEDUHQXPHGLVSR]LWLY@LDSRL
DSVDLEXWRQXO> @
0RGLFDLQXPHOHGLVSR]LWLYXOXL
$SVDLEXWRQXO> @)RORVLLWDVWD
DDWSHQWUXDLQWURGXFHXQQXPHQRX
=
8QPHVDMHVWHDDWGDFSVHXGRQLPXOSHFDUHODLLQWURGXV
vQFHSHFXXQVLPEROVDXVSDLX$SVDLEXWRQXO> @LLQWURGXFHL
XQDOWSVHXGRQLP
3XWHLPRGLFDQXPHOHFkQGIRORVLLIXQFLD:L)LSULPDGDW
GDFVHOHFWDLFkPSXOSHQWUXLQWURGXFHUHGHSHHFUDQXO>1XPH
GLVSR]LWLY@DDWGDFDSVDLEXWRQXO> @LIRORVLLWDVWDWXUD
DDW
(GLWDUHVDXWHUJHUHVHWUL:L)L
5HYHQLUHDODVHWULOHLPSOLFLWHSHQWUX:L)L
5HYHQLLODVHWULOHLPSOLFLWHSHQWUX:L)LGDFWUDQVIHUDLGUHSWXOGH
SURSULHWDWHDODSDUDWXOXLDOWHLSHUVRDQHVDXGDFYGHEDUDVDLGHDFHVWD
'DFUHVHWDLVHWULOH:L)LYHLWHUJHLWRDWHVHWULOHSHQWUXVHUYLFLLZHE
$VLJXUDLYFGRULLVUHVHWDLWRDWHVHWULOH:L)LvQDLQWHGHDXWLOL]D
DFHDVWRSLXQH
$OHJHL>6HWUL:L)L@
$SVDLEXWRQXO>
:L)L@GHODWDEXO>
@LDOHJHL>6HWUL
@=
$OHJHL>5HVHWDUHVHWUL@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>5HVHWDUHVHWUL@LDSRLDSVDLEXWRQXO
[ @
5HYHQLLODVHWULOHLPSOLFLWH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
6HWULOH:L)LVXQWDFXPUHVHWDWH
3HQWUXDUHVHWDDOWHVHWULvQDIDUGH:L)LODYDORULOHLPSOLFLWH
DOHJHL>5HVHWDUHWRWDO@GHODWDEXO> @=
0HQLXGHVHWUL
3HUVRQDOL]DLVDXUHJODLIXQFLLOHDSDUDWXOXLSHQWUXPDLPXOWFRQIRUW
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
)XQFLLOHGHED]DOHDSDUDWXOXLVXQWFRQJXUDWHvQWDEXO> @GLQ0(1,8
= 3HUVRQDOL]DLIXQFLLOHIRORVLWHvQPRGRELQXLWGXSFXPGRULL
SHQWUXPDLPXOWFRQIRUW
2SULUHDVXQHWHORUGHIXQFLRQDUHDDSDUDWXOXL
2SULLVXQHWHOHDSDUDWXOXLLDOHOPHORUvQIHOXOXUPWRU
$OHJHL>6LOHQLRV@LDSRLDOHJHL>3RUQLUH@
6XQHWXOGHIXQFLRQDUHDODSDUDWXOXLSRDWHRSULWSULQDSVDUHD
EXWRQXOXL> @vQWLPSFHSRUQLLDSDUDWXO
6XQHWXOQXVHYDDX]LvQWLPSXOOPHORU= GDFRSULL
VXQHWHOHDSDUDWXOXL3HQWUXDUHGDVXQHWXOvQWLPSXOOPHORU
DSVDLEXWRQXO> @5HJODLYROXPXOFXDMXWRUXOEXWRDQHORU
[ ][ @GXSFXPGRULL
5HJODUHDYROXPXOXL
5HJODLYROXPXOVXQHWHORULQGLYLGXDOHDOHDSDUDWXOXLvQIHOXOXUPWRU
$OHJHL>9ROXP@LDSRLDSVDLEXWRQXO
[ @
$OHJHLXQDUWLFROLDSRLDSVDL
EXWRDQHOH> ][ @SHQWUXDUHJODYROXPXO
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
$VFXQGHUH6IDWXULLVXJHVWLL
6IDWXULOHLVXJHVWLLOHVXQWLQGLFDWHvQPRGQRUPDOFkQGDOHJHLDUWLFROH
)81&= VDX0(18= 'DFGRULLSXWHLGH]DFWLYD
DFHDVWLQIRUPDLH
$OHJHL>6IDWXUL 6XJHVWLL@LDSRLDOHJHL
>2SULW@
'DWLRU
5HJODLGDWDLRUDGXSFXPXUPHD]
$OHJHL>'DW2U@LDSRLDSVDLEXWRQXO
[ @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RRSLXQHDSRLDSVDLEXWRDQHOH> ][ ]
SHQWUXDUHJODVHWULOH
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
)XVRUDU
3HQWUXDYDVLJXUDFIRWRJUDLOHGXPQHDYRDVWUDXRUDLGDWDORFDO
FRUHFWDWXQFLFkQGFOWRULLvQVWULQWDWHvQUHJLVWUDLGHVWLQDLDvQ
SUHDODELOLWUHFHLODIXVXORUDUGLQ]RQDUHVSHFWLY$FHDVWIXQFLH
DYDQWDMRDVHOLPLQQHYRLDGHPRGLFDUHDVHWULLGH'DW2UvQPRG
PDQXDO
QDLQWHGHDIRORVLIXVXORUDUDYHLJULMVVHWDLGDWDLRUDLIXVXORUDU
ORFDODDFXPHVWHGHVFULVOD6HWDUHDGDWHLLDRUHL=
6SHFLFDLGHVWLQDLD
$OHJHL>)XVRUDU@LDSRLDSVDLEXWRQXO
[ @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ /XPH@LDSRLDSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
GHVWLQDLD
3HQWUXDVHWDIXVXOGHYDURUvQ
DYDQVDOHJHL> @DSVkQGEXWRDQHOH
[ ][ @LDSRLDOHJHL> @DSVkQG
EXWRDQHOH> ][ @
$SVDLEXWRQXO>
@
7UHFHLODIXVXORUDUDO]RQHL
UHVSHFWLYH
$SVDLEXWRDQHOH> ][ @SHQWUXD
alege [ /XPH@LDSRLDSVDLEXWRQXO
@
[
[ @HVWHDDWDFXPSHHFUDQXOGH
IRWRJUDHUH=
5HJODUHDGDWHLVDXDRUHLvQWLPSFHYDDLvQPRGXO> ]
= YDDFWXDOL]DDXWRPDWRUDLGDWDGLQ> $FDV@
222
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
&URQRPHWUDUHDUHWUDJHULLRELHFWLYXOXL
2ELHFWLYXOHVWHUHWUDVGHRELFHLGLQPRWLYHGHVLJXUDQODDSUR[LPDWLY
@vQPRGXO)RWRJUDHUH=
XQPLQXWGXSFHDLDSVDWEXWRQXO>
3HQWUXFDRELHFWLYXOVVHUHWUDJLPHGLDWGXSFHDSVDLEXWRQXO>
],
VHWDLWLPSXOGHUHWUDJHUHOD>VHF@
$OHJHL>5HWUDJHUHRELHFWLY@LDSRLDOHJHL
>VHF@
8WLOL]DUHPRG(FR
$FHDVWIXQFLHYSHUPLWHVFRQVHUYDLHQHUJLDvQPRGXOGHIRWRJUDHUH
&kQGDSDUDWXOQXHVWHIRORVLWHFUDQXOVHvQWXQHFSXLQSHQWUXDUHGXFH
FRQVXPDUHDEDWHULHL
&RQJXUDLVHWDUHD
$OHJHL>0RG(FR@LDSRLDOHJHL>$FWLYDW@
[
@HVWHDDWDFXPSHHFUDQXOGH
IRWRJUDHUH=
(FUDQXOVHvQWXQHFDWXQFLFkQGDSDUDWXOQX
HVWHIRORVLWSHQWUXDSUR[LPDWLYGRXVHFXQGH
GXSDSUR[LPDWLY]HFHVHFXQGHHFUDQXOVH
RSUHWH$SDUDWXOVHRSUHWHVLQJXUGXS
DSUR[LPDWLYWUHLPLQXWHGHLQDFWLYLWDWH
)RWRJUDDL
3HQWUXDDFWLYDHFUDQXOLSHQWUXDY
SUHJWLGHIRWRJUDHUHFkQGHFUDQXOHVWH
RSULWGDURELHFWLYXOHVWHvQFDIDUDSVDL
EXWRQXOGHFODQDWRUSkQODMXPWDWH
223
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
5HJODMHSHQWUXHFRQRPLVLUHDHQHUJLHL
5HJODLWLPSXOGHGH]DFWLYDUHDXWRPDWDDSDUDWXOXLLDHFUDQXOXL
UHVSHFWLY$XWRDOLPHQWDUHRSULWL$DMRSULWGXSFXPGRULL=
$OHJHL>(FRQRPLVLUHHQHUJLH@LDSRL
DSVDLEXWRQXO> @
'XSFHDLDOHVXQDUWLFRODSVDL
EXWRDQHOH> ][ @SHQWUXDOHUHJODGXS
QHFHVLWL
3HQWUXDHFRQRPLVLEDWHULDvQPRGQRUPDOWUHEXLHVDOHJHL
>3RUQLW@SHQWUX>2SULUHDXWRPDW@L>PLQ@VDXPDLSXLQSHQWUX
>$DMRSULW@
6HWDUHD>$DMRSULW@HVWHDSOLFDWFKLDUGDFVHWDL>2SULUH
DXWRPDW@OD>2SULW@
$FHVWHIXQFLLGHHFRQRPLVLUHDHQHUJLHLQXVXQWGLVSRQLELOHFkQG
DLVHWDWPRGXO(FR= OD>3RUQLW@
224
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
/XPLQR]LWDWHDHFUDQXOXL
5HJODLOXPLQR]LWDWHDHFUDQXOXLGXSFXPXUPHD]
$OHJHL>/XPLQR]LWDWHDHFUDQXOXL@LDSRL
DSVDLEXWRDQHOH> ][ @SHQWUXDUHJOD
OXPLQR]LWDWHD
3HQWUXOXPLQR]LWDWHPD[LPDSVDLLLQHLDSVDWEXWRQXO> ]
WLPSGHFHOSXLQRVHFXQGDWXQFLFkQGHFUDQXOGHIRWRJUDHUH
HVWHDSVDWVDXFkQGDSDUHDDMXOSHQWUXRVLQJXULPDJLQH
$FHDVWDYDVFKLPEDVHWDUHD>/XPLQR]LWDWH/&'@GHODWDEXO> ])
3HQWUXDUHYHQLODOXPLQR]LWDWHDRULJLQDODSVDLLLQHLDSVDW
EXWRQXO> @GLQQRXWLPSGHFHOSXLQRVHFXQGVDXUHVWDUWDL
DSDUDWXO
$VFXQGHUHDHFUDQXOXLGHSRUQLUH
'DFSUHIHUDLSXWHLGH]DFWLYDDDUHDHFUDQXOXLGHSRUQLUHDDWvQPRG
QRUPDODWXQFLFkQGSRUQLLDSDUDWXO
$OHJHL>,PDJLQHGHSRUQLUH@LDSRL
DOHJHL>2SULW@
225
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
)RUPDWDUHDFDUGXULORUGHPHPRULH
QDLQWHGHDIRORVLXQQRXFDUGGHPHPRULHVDXXQFDUGIRUPDWDWFXDOWGLVSR]LWLY
WUHEXLHVIRUPDWDLFDUGXOFXDFHVWDSDUDW)RUPDWDUHDWHUJHWRDWHGDWHOHGH
SHFDUGXOGHPHPRULHQDLQWHGHIRUPDWDUHFRSLDLLPDJLQLOHGHSHFDUGXOGH
PHPRULHSHXQFDOFXODWRUVDXOXDLDOWHPVXULSHQWUXDOHSURWHMD
$FFHVDLHFUDQXO>)RUPDWDUH@
$OHJHL>)RUPDWDUH@LDSRLDSVDL
EXWRQXO> @
$OHJHL>2.@
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>$QXODUH@DSVDLEXWRDQHOH> ][ @SHQWUX
DDOHJH>2.@LDSRLDSVDLEXWRQXO> @
)RUPDWDLFDUGXOGHPHPRULH
3HQWUXDvQFHSHSURFHVXOGHIRUPDWDUH
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
&kQGDLWHUPLQDWIRUPDWDUHDPHVDMXO
>)RUPDWDUHFRPSOHWFDUGGHPHPRULH@
YDDDW$SVDLEXWRQXO> @
3ULQIRUPDWDUHDVDXWHUJHUHDGDWHORUGHSHXQFDUGGHPHPRULH
VFKLPEDLGRDULQIRUPDLLOHGHJHVWLRQDUHDLHUXOXLGHSHFDUG
LDUDFHVWOXFUXQXUHSUH]LQWRJDUDQLHDWHUJHULLFRPSOHWHD
FRQLQXWXOXL$WXQFLFkQGWUDQVIHUDLVDXYGHEDUDVDLGHFDUGXULOH
GHPHPRULHOXDLPVXULGHSURWHMDUHDLQIRUPDLLORUSHUVRQDOHGDF
HVWHQHFHVDUGHH[HPSOXSULQGLVWUXJHUHD]LFDFDUGXULORU
&DSDFLWDWHDWRWDODFDUGXOXLLQGLFDWSHHFUDQXOGHIRUPDWDUH
SRDWHPDLPLFGHFkWFDSDFLWDWHDGHFODUDW
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
)RUPDWDUHVLPSO
(IHFWXDLIRUPDWDUHVLPSOvQDFHVWHFD]XUL>(URDUHFDUGGHPHPRULH@
HVWHDDWDSDUDWXOQXIXQFLRQHD]FRUHFWFLWLUHDVFULHUHDFDUGXOXL
GHPHPRULHPHUJHOHQWIRWRJUDHUHDvQUDIDOIXQFLRQHD]OHQWVDX
vQUHJLVWUDUHDOPHORUVHRSUHWHEUXVF)RUPDWDUHDVLPSOWHUJHWRDWH
GDWHOHGHSHFDUGXOGHPHPRULHQDLQWHGHIRUPDWDUHDVLPSOFRSLDL
LPDJLQLOHGHSHFDUGXOGHPHPRULHSHXQFDOFXODWRUVDXOXDLDOWHPVXUL
SHQWUXDOHSURWHMD
3HHFUDQXOGHODSDVXOGHOD)RUPDWDUH
FDUGXULGHPHPRULH= DSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH
>)RUPDWDUHVLPSO@LDSRLDSVDL
EXWRDQHOH> ][ @SHQWUXDVHOHFWDDFHDVW
RSLXQH6LPEROXO> @HVWHDDW
8UPDLSDLLGHOD)RUPDWDUH
FDUGXULGHPHPRULH= SHQWUXD
FRQWLQXDSURFHVXOGHIRUPDWDUH
)RUPDWDUHDVLPSOGXUHD]PDLPXOWGHFkW)RUPDWDUHDFDUGXULORU
GHPHPRULH= GHRDUHFHGDWHOHVXQWWHUVHGLQWRDWH
]RQHOHGHVWRFDUHGHSHFDUGXOGHPHPRULH
3XWHLDQXODIRUPDWDUHDVLPSOvQFXUVDOHJkQG>6WRS@QDFHVW
FD]WRDWHGDWHOHYRUWHUVHGDUFDUGXOGHPHPRULHSRDWH
IRORVLWQRUPDO
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
1XPHURWDUHLHU
)RWRJUDLOHVXQWQXPHURWDWHvQPRGDXWRPDWvQRUGLQHDVHFYHQHORU
LVDOYDWHvQGLUHFWRDUHDFkWHGHIRWRJUDL3XWHLPRGLFD
PRGXOvQFDUHDSDUDWXODOHJHQXPHUHOHGHLHU
$OHJHL>1XPHURWDUHLHU@LDSRLDOHJHL
RRSLXQH
&RQWLQXX
5HVHWDUHDXWR
,PDJLQLOHVXQWQXPHURWDWHFRQVHFXWLYSkQOD
IRWRJUDDFXQXPUXOHIHFWXDWVDOYDWFKLDU
GDFVFKLPEDLFDUGXULOHGHPHPRULH
1XPHURWDUHDLPDJLQLORUVHUHVHWHD]GHOD
GDFVFKLPEDLFDUGXULOHGHPHPRULHVDXDWXQFL
FkQGFUHDLXQQRXGLUHFWRU
,QGLIHUHQWGHRSLXQHDVHOHFWDWODDFHDVWVHWDUHIRWRJUDLOHSRW
QXPHURWDWHvQPRGFRQVHFXWLYGXSXOWLPXOQXPUDOLPDJLQLORU
GHSHFDUGXULOHGHPHPRULHLQWURGXVH3HQWUXDvQFHSHVDOYDUHD
IRWRJUDLORUGHODIRORVLLXQFDUGGHPHPRULHQHVFULVVDX
IRUPDWDW=
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
6WRFDUHGHLPDJLQLSHED]GHGDWH
QORFVVDOYDLLPDJLQLvQGLUHFWRDUHOHFUHDWHvQHFDUHOXQSXWHLSXQH
DSDUDWXOVFUHH]HGLUHFWRDUHvQHFDUH]LFkQGIRWRJUDDLSHQWUXDVWRFD
IRWRJUDLOHUHDOL]DWHvQ]LXDUHVSHFWLY
$OHJHL>&UHDUHGLUHFWRU@LDSRLDOHJHL
>=LOQLF@
,PDJLQLOHYRUVDOYDWHvQGLUHFWRDUH
FUHDWHODGDWDHFUHLIRWRJUDHUL
$DM0HWULF1RQ0HWULF
6FKLPEDLXQLWDWHDGHPVXUDUWDWvQLQIRUPDLLOHGHVSUHDOWLWXGLQHD
*36= EDUDGH]RRP= LRULXQGHHVWHQHYRLHGLQPFP
vQIWLQ
$OHJHL>8QLWL@LDSRLDOHJHL>IWLQ@
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
9HULFDUHVLPEROXULFHUWLFUL
$QXPLWHVLPEROXULSHQWUXFHUWLFULOHFHUXWHGHDSDUDWSRWYL]XDOL]DWHSH
HFUDQ$OWHVLPEROXULGHFHULWLFDUHVXQWLPSULPDWHvQDFHVWJKLGSHFXWLD
DSDUDWXOXLVDXSHFRUSXODSDUDWXO
$OHJHL>$DUHORJRFHUWLFDUH@LDSRL
DSVDLEXWRQXO> @
/LPEGHDDUH
6FKLPEDLOLPEDGHDDUHGXSQHFHVLWL
$OHJHL>/LPE
EXWRQXO> @
@LDSRLDSVDL
$SVDLEXWRDQHOH> ][ ][ ][ ]
SHQWUXDDOHJHROLPEDSRL
DSVDLEXWRQXO> @
'HDVHPHQHDSXWHLDFFHVDHFUDQXO>/LPE@vQPRGXOGH5HGDUH
DSVkQGLLQkQGDSVDWEXWRQXO> @LDSVkQGLPHGLDWEXWRQXO
@
[
5HJODUHDIXQFLLORUGHED]DOHDSDUDWXOXL
5HJODUHDDOWRUVHWUL
'HDVHPHQHDXUPWRDUHOHVHWULSRWUHJODWHFXDMXWRUXOWDEXOXL>
@
>6LVWHPYLGHR@=
>6HWUL:L)L@=
>%XWRQGHFRQHFWDUHODGLVSR]LWLYHPRELOH@=
5HYHQLUHDODVHWULOHLPSOLFLWHDOHDSDUDWXOXL
'DFVFKLPEDLvQPRGDFFLGHQWDORVHWDUHSXWHLUHYHQLODVHWULOH
LPSOLFLWHDOHDSDUDWXOXL
$FFHVDLHFUDQXO>5HVHWDUHWRWDO@
$OHJHL>5HVHWDUHWRWDO@LDSRLDSVDL
EXWRQXO> @
5HYHQLLODVHWULOHLPSOLFLWH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
6HWULOHLPSOLFLWHVXQWUHDFWLYDWHDFXP
8UPWRDUHOHIXQFLLQXUHYLQODVHWULOHLPSOLFLWH
6HWULOHWDEXOXL> @>'DWD2UD@= >)XVXORUDU@= 222)
>/LPED @= L>6LVWHPYLGHR@=
'DWHOHGHQLYHOGHDOESHUVRQDOL]DWSHFDUHOHDLvQUHJLVWUDW
=
0RGIRWRJUDHUH
6HWUL:L)L=
232
$FFHVRULL
)RORVLLFXSOFHUHDSDUDWXOFXDMXWRUXODFFHVRULLORU&DQRQRSLRQDOHLDO
DOWRUDFFHVRULLFRPSDWLELOHFRPHUFLDOL]DWHVHSDUDW
233
+DUWVLVWHP
$FFHVRULLLQFOXVH
&XUHDGHPkQ
QFUFWRUEDWHULH
&%/<&%/<(
Baterie
1%/+
&DEOX86%FDSWDSDUDW0LQL% 2
&LWLWRUFDUGXUL
Carduri de
PHPRULH
&DOFXODWRU
&DEOX+'0,
FDSWDSDUDWWLS'
3
&DEOXUL
$OLPHQWDUH
&DEOX$9$9&'&
.LWDGDSWRU$&
$&.'&
%OLXUL
796LVWHP
YLGHR
3LFW%ULGJH
,PSULPDQWHFRPSDWLELOH
%OLFXSXWHUH
PDUH
+)'&
'LVSRQLELOGHDVHPHQHDSHQWUXDFKL]LLRQDUHVHSDUDW
(VWHGLVSRQLELOLXQDFFHVRULX&DQRQRULJLQDO&DEOXLQWHUID,)&3&8
)RORVLLXQFDEOXGLVSRQLELOvQFRPHUGHPD[LPP
234
+DUWVLVWHP
6HUHFRPDQGXWLOL]DUHDDFFHVRULLORU&DQRQRULJLQDOH
$FHVWSURGXVDIRVWFUHDWSHQWUXDRELQHSHUIRUPDQHH[FHOHQWHGDFHVWH
IRORVLWvPSUHXQFXDFFHVRULL&DQRQRULJLQDOH
&DQRQQXYDUVSXQ]WRUSHQWUXQLFLXQIHOGHGHWHULRUULDOHDFHVWXL
SURGXVLVDXDFFLGHQWHFXPDULQFHQGLLHWFFDX]DWHGHGHIHFWDUHD
DFFHVRULLORUQHRULJLQDOH&DQRQGHH[HPSOXVFXUJHUHDLVDXH[SOR]LD
VHWXOXLGHEDWHULL/XDLODFXQRWLQFDFHDVWJDUDQLHQXVHDSOLF
UHSDUDLLORUDSUXWHvQXUPDGHIHFWULLDFFHVRULLORUQHRULJLQDOH&DQRQGHL
SXWHLVROLFLWDDVWIHOGHUHSDUDLLFRQWUDFRVW
235
$FFHVRULLRSLRQDOH
8UPWRDUHOHDFFHVRULLDOHDSDUDWXOXLVHFRPHUFLDOL]HD]VHSDUDW7UHEXLH
VLQHLFRQWFGLVSRQLELOLWDWHDHVWHvQIXQFLHGH]RQLFDQXPLWH
DFFHVRULLDUSXWHDVQXPDLHGLVSRQLELOH
$OLPHQWDUH
%DWHULH1%/+
%DWHULHUHvQFUFDELOOLWLXLRQ
QFUFWRUEDWHULL&%/<&%/<(
QFUFWRUSHQWUXEDWHULH1%/+
%DWHULDLQFOXGHXQFDSDFSHFDUHvOSXWHLSR]LLRQDDVWIHOvQFkWV
WLLGDFEDWHULDHVWHvQFUFDWLPHGLDW$SOLFkQGFDSDFXODVWIHO
vQFkW VHYL]LELOSHEDWHULDvQFUFDWLDSOLFkQGXODVWIHO
vQFkW VQXHYL]LELOSHREDWHULHQHvQFUFDW
(VWHFRPSDWLELOVLFXEDWHULD1%/
.LWDGDSWRU$&$&.'&
3HQWUXDOLPHQWDUHIRORVLQGHQHUJLH
FDVQLF(VWHUHFRPDQGDWDWXQFLFkQG
IRORVLLDSDUDWXOSHQWUXSHULRDGHPDLPDUL
GHWLPSVDXDWXQFLFvQGFRQHFWDLDSDUDWXO
ODRLPSULPDQWVDXODXQFDOFXODWRU1X
SRDWHIRORVLWODvQFUFDUHDEDWHULHLvQ
DSDUDW
QFFWRUXOGHEDWHULHLDGDSWRUXO$&SRWIRORVLWHvQ]RQHFX
YROWDMGH9$&+]
3HQWUXSUL]HFXIRUPDWGLIHULWIRORVLLXQDGDSWRUGLVSRQLELOvQ
FRPHU1XIRORVLLWUDQVIRUPDWRDUHHOHFWULFHSHQWUXFOWRULL
GHRDUHFHDFHVWHDDUSXWHDDIHFWDEDWHULD
$FFHVRULLRSLRQDOH
%OLXUL
%OLFXSXWHUHPDUH+)'&
%OLH[WHUQSHQWUXOXPLQDUHDVXELHFLORU
FDUHQXVHDvQUD]DEOLXOXLvQFRUSRUDW
$OWHDFFHVRULL
&DEOXLQWHUID,)&3&8
3HQWUXDFRQHFWDDSDUDWXOODXQFDOFXODWRU
VDXRLPSULPDQW
&DEOX$9$9&'&
&RQHFWDLDSDUDWXOODXQWHOHYL]RUSHQWUX
DYSXWHDEXFXUDGHLPDJLQLSHXQHFUDQ
PDLPDUH
$FFHVRULLRSLRQDOH
,PSULPDQWH
,PSULPDQWH&DQRQFRPSDWLELOH
3LFW%ULGJH
&KLDULIUDIRORVLXQFDOFXODWRUSXWHL
LPSULPDLPDJLQLFRQHFWkQGDSDUDWXOGLUHFW
ODRLPSULPDQW
3HQWUXGHWDOLLDGUHVDLYFHOXLPDL
DSURSLDWGHDOHU&DQRQ
8WLOL]DUHDGHDFFHVRULLRSLRQDOH
)RWRJUDILL
)LOPH
)RWRJUDILL
)LOPH
5HGDUHSHXQWHOHYL]RU
3ULQFRQHFWDUHDDSDUDWXOXLODXQWHOHYL]RUSXWHLYHGHDIRWRJUDLOHSHXQ
HFUDQPDLPDUH
3HQWUXGHWDOLLUHIHULWRDUHODFRQHFWDUHVDXODWUHFHUHDGHODRLQWUDUHOD
DOWDFLWLLPDQXDOXOWHOHYL]RUXOXL
(VWHSRVLELOFDDQXPLWHLPDJLQLVQXVHDH]HDWXQFLFkQGVXQW
YL]XDOL]DWHSHXQWHOHYL]RU=
5HGDUHDSHWHOHYL]RDUH+LJK'HQLWLRQ
)RWRJUDILL
)LOPH
3XWHLYHGHDIRWRJUDLOHSHXQWHOHYL]RUFRQHFWkQGDSDUDWXOODXQ+'79
FXXQFDEOX+'0,GLVSRQLELOvQFRPHUPD[LPPFXXQFRQHFWRUWLS'
ODFDSWXOGLQVSUHDSDUDW)LOPHOHUHDOL]DWHODRFDOLWDWHDLPDJLQLLGH> ]
sau [ @SRWYL]XDOL]DWHODKLJKGHQLWLRQ
$VLJXUDLYFDSDUDWXOL
WHOHYL]RUXOVXQWRSULWH
&RQHFWDLDSDUDWXOOD79
/DWHOHYL]RULQWURGXFHLPXIDFDEOXOXLvQ
LQWUDUHD+'0,FRQIRUPLQGLFDLLORU
8WLOL]DUHDGHDFFHVRULLRSLRQDOH
3HDSDUDWGHVFKLGHLFDSDFXOWHUPLQDOXOXL
LLQWURGXFHLPXIDFDEOXOXLvQWHUPLQDO
3RUQLLWHOHYL]RUXOLWUHFHLSH
LQWUDUHH[WHUQ
7UHFHLLQWUDUHD79ODLQWUDUHDH[WHUQOD
FDUHDLFRQHFWDWFDEOXOODSDVXO
3RUQLLDSDUDWXO
$SVDLEXWRQXO>
DSDUDWXO
@SHQWUXDSRUQL
,PDJLQLOHGLQDSDUDWVXQWDFXPDDWH
SHWHOHYL]RU1XDSDUHQLPLFSHHFUDQXO
DSDUDWXOXL
&kQGWHUPLQDLRSULLDSDUDWXOL
WHOHYL]RUXOvQDLQWHGHDGHFRQHFWDFDEOXO
6XQHWHOHGHIXQFLRQDUHDOHDSDUDWXOXLQXYRUUHGDWHvQWLPSFH
DSDUDWXOHVWHFRQHFWDWODXQ+'79
8WLOL]DUHDGHDFFHVRULLRSLRQDOH
5HGDUHDSHWHOHYL]RDUH6WDQGDUG'HQLWLRQ
)RWRJUDILL
)LOPH
&RQHFWDUHDDSDUDWXOXLODXQWHOHYL]RUFXDMXWRUXOXQXLFDEOX$9$9&
'&FRPHUFLDOL]DWVHSDUDWYSHUPLWHVYHGHLIRWRJUDLOHSHXQ
HFUDQPDLPDUHDOWHOHYL]RUXOXLIRORVLQGFRPHQ]LOHDSDUDWXOXL
$VLJXUDLYFDSDUDWXOL
WHOHYL]RUXOVXQWRSULWH
&RQHFWDLDSDUDWXOOD79
/DWHOHYL]RULQWURGXFHLPXIDFDEOXOXLvQ
LQWUULOHYLGHRFRQIRUPLQGLFDLLORU
3HDSDUDWGHVFKLGHLFDSDFXOWHUPLQDOXOXL
LLQWURGXFHLPXIDFDEOXOXLvQWHUPLQDO
$DLLPDJLQLOH
8UPDL3DLLGHOD5HGDUHDSH
WHOHYL]RDUH+LJK'HQLWLRQ=
SHQWUXDDDLPDJLQLOH
$DUHDFRUHFWQXYDSRVLELOGHFkWvQFD]XOvQFDUHIRUPDWXO
GHLHLUHDOFDPHUHLYLGHR176&VDX3$/VHSRWULYHWHFX
IRUPDWXO793HQWUXDVFKLPEDIRUPDWXOGHLHLUHYLGHRDSVDL
@LDOHJHL>6LVWHPYLGHR@GHODWDEXO> @
EXWRQXO>
8WLOL]DUHDGHDFFHVRULLRSLRQDOH
&kQGDSDUDWXOLWHOHYL]RUXOVXQWFRQHFWDWHSXWHLGHDVHPHQHD
IDFHIRWRJUDLvQWLPSFHSUHYL]XDOL]DLIRWRJUDLOHSHXQHFUDQPDL
PDUHFHODOWHOHYL]RUXOXL3HQWUXDIDFHIRWRJUDLXUPDLDFHHDL
SDLFXFHLGHODIRORVLUHDHFUDQXOXLDSDUDWXOXL2ULFXP]RRP
SXQFW$)= QXHVWHGLVSRQLELO
$OLPHQWDUHDDSDUDWXOXLGHODRVXUVGHX]FDVQLF
)RWRJUDILL
)LOPH
$OLPHQWDUHDDSDUDWXOXLFXXQDGDSWRU$&.LW$&.'&FRPHUFLDOL]DW
VHSDUDWHOLPLQQHYRLDGHDPRQLWRUL]DQLYHOXOGHEDWHULHUPDV
1
2
$VLJXUDLYFDSDUDWXOHVWHRSULW
,QWURGXFHLGLVSR]LWLYXOGHFXSODUH
8UPDLSDVXOGHOD,QWURGXFHUHD
EDWHULHLLDFDUGXOXLGHPHPRULH
= SHQWUXDGHVFKLGHFDSDFXO
(1)
QWLPSFHLQHLGLVSR]LWLYXOGHFXSODUH
FXWHUPLQDOHOHDDFXPHVWHLQGLFDW
LQWURGXFHLGLVSR]LWLYXOGHFXSODUHODIHO
FXPDLSURFHGDFXREDWHULHXUPkQG
SDVXOGHOD,QWURGXFHUHDEDWHULHLLD
FDUGXOXLGHPHPRULH=
8UPDLSDVXOGHOD,QWURGXFHUHD
EDWHULHLLDFDUGXOXLGHPHPRULH
= SHQWUXDvQFKLGHFDSDFXO
&RQHFWDLDGDSWRUXOODGLVSR]LWLY
'HVFKLGHLFDSDFXOLLQWURGXFHLPXID
DGDSWRUXOXLSkQODFDSWvQGLVSR]LWLYXO
GHFXSODUH
242
8WLOL]DUHDGHDFFHVRULLRSLRQDOH
&RQHFWDLFDEOXOGHDOLPHQWDUH
,QWURGXFHLFDSWXOFDEOXOXLGHDOLPHQWDUH
vQDGDSWRUXOFRPSDFWLDSRLLQWURGXFHL
FHOODOWFDSWvQSUL]
3RUQLLDSDUDWXOLIRORVLLOGXSFXP
GRULL
'XSFHWHUPLQDLRSULLDSDUDWXOL
VFRDWHLFDEOXOGHDOLPHQWDUHGLQSUL]
1XGHFRQHFWDLDGDSWRUXOLQXVFRDWHLFDEOXOGHDOLPHQWDUH
vQWLPSFHDSDUDWXOHVWHvQFSRUQLWQFD]FRQWUDUIRWRJUDLOH
GXPQHDYRDVWUDUSXWHDWHUVHVDXDLSXWHDGHWHULRUDDSDUDWXO
1XFRQHFWDLDGDSWRUXOVDXFDEOXODGDSWRUXOXLODDOWHRELHFWH
3URFHGkQGDVWIHOSXWHLGHIHFWDVDXGHWHULRUDSURGXVXO
243
8WLOL]DUHVRIWZDUH
'XSFHDLGHVFUFDWVRIWZDUHXOGHSHVLWHXO&DQRQLODLLQVWDODW
SXWHLIDFHXUPWRDUHOHDFWLYLWLSHFDOFXODWRUXOGXPQHDYRDVWU
&DPHUD:LQGRZ
6DOYDLLPDJLQLOHvQFDOFXODWRU
,PDJH7UDQVIHU8WLOLW\
&RQJXUDLLUHFHSLRQDLLPDJLQLFX,PDJH6\QF=
0DS8WLOLW\
$HD]LQIRUPDLLOH*36vQUHJLVWUDWHvQLPDJLQLSHRKDUW
&kQGUHYHGHLVDXHGLWDLLPDJLQLOHLPSRUWDWHSHXQFDOFXODWRU
IRORVLLvQWRWGHDXQDVRIWZDUHFRPSDWLELOFXLPDJLQLOHvQUHJLVWUDWH
FXDFHVWDSDUDWVRIWZDUHLQVWDODWSHFDOFXODWRUVDXXQVRIWZDUH
JHQHUDO
&RQHFWDUHODFDOFXODWRUYLDFDEOX
9HULFDLFDOFXODWRUXO
6RIWZDUHXOSRDWHIRORVLWSHXUPWRDUHOHFDOFXODWRDUH3HQWUXFHULQHDOH
VLVWHPXOXLGHWDOLDWHLLQIRUPDLLGHVSUHFRPSDWLELOLWDWHLQFOXVLYVXSRUWXOvQ
VLVWHPHGHRSHUDUHQRLFRQVXOWDLVLWHXOZHE&DQRQ
:LQGRZV
:LQGRZV63
0DF26;
0DF26;
&kQGWULPLWHLLPDJLQLFWUHFDOFXODWRUYLD:L)LYHULFDLFHULQHOH
VLVWHPXOXLGLQ9HULFDLFDOFXODWRUXO=
244
8WLOL]DUHVRIWZDUH
,QVWDODUH6RIWZDUH
:LQGRZVL0DF26;VXQWIRORVLWHvQDFHVWFD]FDH[HPSOX
'HVFUFDLVRIWZDUHXO
&XXQFDOFXODWRUFRQHFWDWOD,QWHUQHW
DFFHVDLKWWSZZZFDQRQFRPLFSG
$FFHVDLVLWHXOSHQWUXUHJLXQHDVDXDUD
GXPQHDYRDVWU
'HVFUFDLVRIWZDUHXO
,QVWDODLLHUHOH
)DFHLFOLFSH>,QVWDODUHXRDU@LXUPDL
LQVWUXFLXQLOHGHSHHFUDQSHQWUXDQDOL]D
SURFHVXOGHLQVWDODUH,QVWDODUHDSRDWH
GXUDvQIXQFLHGHFkWGHSHUIRUPDQWHVWH
FDOFXODWRUXOLGHFRQH[LXQHDOD,QWHUQHW
)DFHLFOLFSH>)LQDOL]DUH@VDX>5HVWDUW@SH
HFUDQGXSLQVWDODUH
(VWHQHFHVDUDFFHVXOOD,QWHUQHWLDUFRVWXULOHDIHUHQWHFRQWXOXL,63
LWD[HOHGHDFFHVWUHEXLHSOWLWHVHSDUDW
245
8WLOL]DUHVRIWZDUH
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
&RQHFWDUHDDSDUDWXOXLODXQFDOFXODWRUFXXQFDEOX86%GLVSRQLELOvQ
FRPHUWHUPLQDOXOGLQVSUHDSDUDWHVWH0LQL%YSHUPLWHVLPSRUWDL
vQUHJLVWUULOH
1
(2)
(1)
&RQHFWDLDSDUDWXOODFDOFXODWRU
&XDSDUDWXOvQFKLVGHVFKLGHLFDSDFXO
&XDMXWRUXOPXIHLPDLPLFLDFDEOXOXL
GHLQWHUIDLQFOXVRULHQWDWvQGLUHFLD
LQGLFDWLQWURGXFHLERUQDSkQODFDSW
vQWHUPLQDOXODSDUDWXOXL
,QWURGXFHLPXIDPDLPDUHDFDEOXOXL
86%vQSRUWXO86%DOFDOFXODWRUXOXL
3HQWUXGHWDOLLGHVSUHFRQH[LXQLOH86%SH
FDOFXODWRUFRQVXOWDLPDQXDOXOGHXWLOL]DUH
DOFDOFXODWRUXOXL
3RUQLLDSDUDWXOSHQWUXDDFFHVD
&DPHUD:LQGRZ
$SVDLEXWRQXO>
DSDUDWXO
@SHQWUXDSRUQL
0DF26&DPHUD:LQGRZHVWHDDW
DWXQFLFkQGDSDUDWXOHVWHFRQHFWDWOD
FDOFXODWRU
:LQGRZV8UPDLSDLLHQXPHUDLPDL
MRV
3HHFUDQXOFDUHHVWHDDWIDFHLFOLFSH
OHJWXUD>
@
8WLOL]DUHVRIWZDUH
$OHJHL>'RZQORDGV,PDJHV)URP&DQRQ
&DPHUD@LIDFHLFOLFSH>2.@
'XEOXFOLF>
@
6DOYDLLPDJLQLOHvQFDOFXODWRU
)DFHLFOLFSH>,PSRUWDLLPDJLQLGLQ
DSDUDW@LDSRLGDLFOLFSH>,PSRUWDL
LPDJLQLOHQHWUDQVIHUDWH@
,PDJLQLOHVXQWDFXPVDOYDWHvQGLUHFWRUXO
)RWRJUDLGLQFDOFXODWRUvQGLUHFWRDUH
VHSDUDWHGHQXPLWHGXSGDW
'XSFHLPDJLQLOHVXQWVDOYDWHvQFKLGHL
]
&DPHUD:LQGRZDSVDLEXWRQXO>
SHQWUXDRSULDSDUDWXOLVFRDWHLFDEOXO
&kQGUHYHGHLLPDJLQLOHLPSRUWDWHSHXQ
FDOFXODWRUIRORVLLvQWRWGHDXQDVRIWZDUH
FRPSDWLELOFXLPDJLQLOHvQUHJLVWUDWH
FXDFHVWDSDUDWVRIWZDUHLQVWDODWSH
FDOFXODWRUVDXXQVRIWZDUHJHQHUDO
8WLOL]DUHVRIWZDUH
:LQGRZV'DFHFUDQXOGHODSDVXOQXHVWHDDWIDFHLFOLF
SHVLPEROXO> @GLQEDUDGHDFWLYLWL
0DF26'DFQXHVWHDDW&DPHUD:LQGRZGXSSDVXOIDFHL
FOLFSHVLPEROXO>&DPHUD:LQGRZ@GLQ'RFN
'HLSXWHLVDOYDLPDJLQLOHvQFDOFXODWRUFRQHFWkQGXYDSDUDWXO
ODFDOFXODWRUIUDIRORVLVRIWZDUHXOSRWDSUHDXUPWRDUHOH
OLPLWUL
3RDWHGXUDFkWHYDPLQXWHGHFkQGFRQHFWDLDSDUDWXOOD
FDOFXODWRUSkQFkQGLPDJLQLOHYRUDFFHVLELOH
,PDJLQLOHUHDOL]DWHSHRULHQWDUHYHUWLFDOSRWWUDQVIHUDWHSH
RUL]RQWDO
6HWULOHSHQWUXSURWHMDUHDLPDJLQLLSRWWHUVHGLQLPDJLQLOH
VDOYDWHSHFDOFXODWRU
3RWDSUHDDQXPLWHSUREOHPHDWXQFLFkQGVDOYDLLPDJLQLVDX
LQIRUPDLLGHVSUHLPDJLQLvQIXQFLHGHYHUVLXQHDVLVWHPXOXLGH
RSHUDUHGHVRIWZDUHXOXWLOL]DWVDXGHGLPHQVLXQLOHLHUHORU
,PSULPDUHDLPDJLQLORU
)RWRJUDILL
)LOPH
)RWRJUDLOHGXPQHDYRDVWUSRWLPSULPDWHIRDUWHXRUSULQFRQHFWDUHD
DSDUDWXOXLODRLPSULPDQW3HDSDUDWSXWHLDOHJHLPDJLQLOHSHQWUXDVHWD
LPSULPDUHDvQFDOXSSHQWUXDSUHJWLFRPHQ]LOHSHQWUXVHUYLFLLOHGHFUHDUH
IRWRJUDLLSHQWUXDSUHJWLFRPHQ]LVDXSHQWUXDLPSULPDLPDJLQLOH
SHQWUXDOEXPHIRWR
QDFHVWH[HPSOXDIRVWIRORVLWRLPSULPDQWIRWRFRPSDFW&DQRQ
6(/3+<&3(FUDQHOHDDWHLIXQFLLOHGLVSRQLELOHVXQWGLIHULWHvQIXQFLH
GHLPSULPDQW'HDVHPHQHDSHQWUXPDLPXOWHLQIRUPDLLFRQVXOWDL
PDQXDOXOLPSULPDQWHL
,PSULPDUHIDFLO
)RWRJUDILL
)LOPH
&RQHFWDUHDDSDUDWXOXLODRLPSULPDQWFRPSDWLELO3LFW%ULGJHFXXQ
FDEOX86%GLVSRQLELOvQFRPHUWHUPLQDOXOGLQVSUHDSDUDWHVWH0LQL%Y
SHUPLWHVLPSULPDLvQUHJLVWUULOH
$VLJXUDLYFDSDUDWXOL
LPSULPDQWDVXQWRSULWH
&RQHFWDLDSDUDWXOODLPSULPDQW
'HVFKLGHLFDSDFXOWHUPLQDOXOXLQWLPS
FHLQHLFRQHFWRUXOPDLPLFvQGLUHFLD
LQGLFDWLQWURGXFHLOvQWHUPLQDOXO
DSDUDWXOXL
&RQHFWDLFRQHFWRUXOPDLPDUHOD
LPSULPDQW3HQWUXDOWHGHWDOLLUHIHULWRDUH
ODFRQHFWDUHFLWLLPDQXDOXOLPSULPDQWHL
,PSULPDUHDLPDJLQLORU
3
4
3RUQLLLPSULPDQWD
3RUQLLDSDUDWXO
$SVDLEXWRQXO>
DSDUDWXO
@SHQWUXDSRUQL
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RLPDJLQH
$FFHVDLHFUDQXOGHLPSULPDUH
$SVDLEXWRQXO> @DOHJHL>
DSVDLEXWRQXO> @GLQQRX
@LDSRL
,PSULPDLLPDJLQHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>,PSULPDUH@LDSRLDSVDLEXWRQXO> @
,PSULPDUHDYDvQFHSHDFXP
3HQWUXDLPSULPDDOWHLPDJLQLUHSHWDL
SURFHGXUDGHPDLVXVSRUQLQGGHODSDVXO
GXSFHVDWHUPLQDWLPSULPDUHD
'XSFHDLWHUPLQDWGHLPSULPDWRSULL
DSDUDWXOLLPSULPDQWDLGHFRQHFWDL
FDEOXO
3HQWUXLPSULPDQWH&DQRQFRPSDWLELOH3LFW%ULGJHFRPHUFLDOL]DWH
VHSDUDWFRQVXOWDL,PSULPDQWH=
,PSULPDUHDLPDJLQLORU
&RQJXUDUHDVHWULORUGHLPSULPDUH
)RWRJUDILL
)LOPH
$FFHVDLHFUDQXOGHLPSULPDUH
8UPDLSDLLGHOD,PSULPDUHIDFLO
= SHQWUXDDFFHVDDFHVWHFUDQ
&RQJXUDLVHWDUHD
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQDUWLFROLDSRLDSVDLEXWRDQHOH> ][ ]
SHQWUXDDOHJHRRSLXQH
6HSRWULYHWHFXVHWULOHFXUHQWHDOH
LPSULPDQWHL
Data
,PSULPLPDJLQLOHFXGDWDDGXJDW
1XPUXO ,PSULPLPDJLQLOHFXQXPUXOGHLHU
LHUXOXL DGXJDW
,PSULPLPDJLQLOHFXGDWDLFXQXPUXOGH
$PEHOH
LHUDGXJDW
2SULW
6HSRWULYHWHFXVHWULOHFXUHQWHDOH
,PSOLFLW
LPSULPDQWHL
2SULW
,PSOLFLW
3RUQLW
2FKL
URLL
1UGH
FRSLL
7LHUH
6HWUL
KkUWLH
)RORVHWHLQIRUPDLLGHODPRPHQWXO
IRWRJUDHULLSHQWUXDLPSULPDFXVHWULRSWLPH
&RUHFWHD]RFKLLURLL
$OHJHLQXPUXOGHFRSLLSHQWUXLPSULPDUH
$OHJHLR]RQSUHIHUDWGLQLPDJLQHSHFDUH
VRLPSULPDL=
6SHFLFDLGLPHQVLXQHDKkUWLHLDH]DUHDvQ
SDJLQLDOWHGHWDOLL=
,PSULPDUHDLPDJLQLORU
'HFXSDUHDLPDJLQLORUvQDLQWHGHLPSULPDUH
)RWRJUDILL
)LOPH
3ULQGHFXSDUHDLPDJLQLORUvQDLQWHGHLPSULPDUHSXWHLLPSULPDRDQXPLW
]RQGLQLPDJLQHvQORFGHLPDJLQHDvQWUHDJ
$OHJHL>7LHUH@
'XSFHXUPDLSDVXOGHOD&RQJXUDUH
VHWULLPSULPDUH= SHQWUXD
DFFHVDHFUDQXOGHLPSULPDUHDOHJHL
>7LHUH@LDSVDLEXWRQXO> @
8QFDGUXGHGHFXSDUHYDDDW
LQGLFkQG]RQDGLQLPDJLQHSHFDUHVR
LPSULPDL
5HJODLFDGUXOGHGHFXSDUHGXS
FXPGRULL
3HQWUXDUHGLPHQVLRQDFDGUXOGHSODVDL
EXWRQXOGH]RRP
3HQWUXDPXWDFDGUXODSVDLEXWRDQHOH
[ ][ ][ ][ @
3HQWUXDURWLFDGUXODSVDLEXWRQXO>
@
$SVDLEXWRQXO>
@DSVDL
EXWRDQHOH> ][ @SHQWUXDDOHJH>2.@LDU
DSRLDSVDLEXWRQXO> @
,PSULPDLLPDJLQHD
8UPDLSDVXOGHOD,PSULPDUHIDFLO
= SHQWUXDLPSULPD
(VWHSRVLELOVQXSXWHLIDFHLPSULPDUHDSHQWUXLPDJLQLOHGH
GLPHQVLXQLPLFLVDXFXXQDQXPLWUDSRUWGHDVSHFW
(VWHSRVLELOFDGDWHOHVQXHLPSULPDWHFRUHFWGDFGHFXSDL
LPDJLQLOHUHDOL]DWHFXVHWDUHD>WDPSLOGDW @VHOHFWDW
252
,PSULPDUHDLPDJLQLORU
$OHJHUHDGLPHQVLXQLLKkUWLHLLSDJLQDUHDvQDLQWHGHLPSULPDUH
)RWRJUDILL
)LOPH
$OHJHL>6HWULKkUWLH@
'XSFHXUPDLSDVXOGHOD&RQJXUDUH
VHWULLPSULPDUH= SHQWUXD
DFFHVDHFUDQXOGHLPSULPDUHDOHJHL
>6HWULKkUWLH@LDSVDLEXWRQXO> @
$OHJHLGLPHQVLXQHDSHQWUXKkUWLH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RRSLXQHLDSRLDSVDLEXWRQXO> @
$OHJHLXQWLSGHKkUWLH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
RRSLXQHLDSRLDSVDLEXWRQXO> @
$OHJHLIRUPDWXO
$SVDLEXWRDQHOH>
RRSLXQH
][
@SHQWUXDDOHJH
'DFDOHJHL>1XS@DSVDLEXWRDQHOH
[ ][ @SHQWUXDPHQLRQDQXPUXOGH
LPDJLQLSHRIRDLH
$SVDLEXWRQXO>
@
,PSULPDLLPDJLQHD
253
,PSULPDUHDLPDJLQLORU
2SLXQLGHIRUPDWGLVSRQLELOH
,PSOLFLW
6HSRWULYHWHFXVHWULOHFXUHQWHDOHLPSULPDQWHL
&XPDUJLQL
,PSULPULFXVSDLXQHFRORUDWvQMXUXOLPDJLQLL
)UPDUJLQL
,PSULPDUHIUFKHQDUH
1XS
$OHJHLFkWHLPDJLQLVLPSULPDLSHRIRDLH
)RWRJUDH
WLS&,
,PSULPDUHGHLPDJLQLvQVFRSXULGHLGHQWLFDUH
)XQFLHGLVSRQLELOGRDUSHQWUXLPDJLQLOHFXUH]ROXLHGH/L
XQUDSRUWGHDVSHFWGH
'LPHQVLXQH
[
$OHJHLGLPHQVLXQHDSHQWUXLPSULPDUH$OHJHLGLQWUH
GLPHQVLXQLGH[LQFDUWHSRWDOVDXLPSULPULvQ
IRUPDWZLGH
,PSULPDUHDGHIRWRJUDLWLSEXOHWLQ
)RWRJUDILL
)LOPH
$OHJHL>)RWR&,@
8UPDLSDLLGHOD$OHJHUHD
GLPHQVLXQLLKkUWLHLLDDH]ULLvQSDJLQ
vQDLQWHGHLPSULPDUH= DOHJHL
>)RWR&,@LDSVDLEXWRQXO> @
$OHJHLPDUJLQHDPDLOXQJVDX
PDUJLQHDPDLVFXUW
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
XQDUWLFRO$OHJHLOXQJLPHDDSVkQG
EXWRDQHOH> ][ @LDSRLDSVDLEXWRQXO
[ @
$OHJHL]RQDSHQWUXLPSULPDUH
8UPDLSDVXOGHOD'HFXSDUHD
LPDJLQLORUvQDLQWHGHLPSULPDUH= 252)
SHQWUXDDOHJH]RQDGHLPSULPDUH
4
254
,PSULPDLLPDJLQHD
,PSULPDUHDLPDJLQLORU
,PSULPDUHGHVFHQHGHOP
)RWRJUDILL
)LOPH
$FFHVDLHFUDQXOGHLPSULPDUH
8UPDLSDLLGHOD,PSULPDUHIDFLO
= SHQWUXDDOHJHXQOP$FHVW
HFUDQHVWHDDW
$OHJHLRPHWRGGHLPSULPDUH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
[ @DSRLDSVDLEXWRDQHOH> ][ @SHQWUX
DDOHJHPHWRGDGHLPSULPDUH
,PSULPDLLPDJLQHD
2SLXQHLPSULPDUHOPH
8QD
VLQJXU
,PSULPVFHQDFDUHHVWHDDWFDIRWRJUDH
6HFYHQ
,PSULPRVHULHGHVFHQHXQDQXPLWLQWHUYDOVHSDUDWSH
RVLQJXUIRDLHGHKkUWLH'HDVHPHQHDSXWHLLPSULPD
QXPUXOGLUHFWRUXOXLQXPUXOLHUXOXLLWLPSXOUPDV
SHQWUXFDGUXVHWkQG>7LWOX@OD>3RUQLW@
3HQWUXDDQXODLPSULPDUHDFkQGHVWHvQGHVIXUDUHDSVDL
EXWRQXO> @DOHJHL>2.@LDUDSRLDSVDLEXWRQXO> @GLQQRX
>)RWR&,@L>6HFYHQ@QXSRWDOHVHSHLPSULPDQWHOH&DQRQ
FRPSDWLELOH3LFW%ULGJHPRGHOHOH&3&3LPRGHOHPDL
YHFKL
255
,PSULPDUHDLPDJLQLORU
$GXJDUHDGHLPDJLQLODOLVWDGHLPSULPDUH'32)
)RWRJUDILL
)LOPH
&RQJXUDUHDVHWULORUGHLPSULPDUH
)RWRJUDILL
)LOPH
6SHFLFDLIRUPDWXOGHLPSULPDUHGDFGRULLVDGXJDLGDWDVDX
QXPUXOLHUXOXLLDOWHVHWULGXSFXPXUPHD]$FHVWHVHWULVHDSOLF
WXWXURULPDJLQLORUGLQOLVWDGHLPSULPDUH
$SVDLEXWRQXO>
@LDSRLDOHJHL
>6HWULGHLPSULPDUH@GHODWDEXO> @
$OHJHLLFRQJXUDLVHWULOHGXSFXP
GRULL=
Standard
7LS
LPSULPDUH
Data
6HYRULPSULPDPDLPXOWHLPDJLQLPDLPLFL
SHRFRDO
$PEHOH
6XQWLPSULPDWHDWkWIRUPDWHVWDQGDUGFkWL
IRUPDWHLQGH[
3RUQLW
2SULW
1XPUXO
LHUXOXL
3RUQLW
$QXOHD]
datele
'32)
3RUQLW
6HYDLPSULPDRVLQJXULPDJLQHSHRFRDO
,QGH[
2SULW
2SULW
,PDJLQLOHVXQWLPSULPDWHFXGDWDGH
IRWRJUDHUH
,PDJLQLOHVXQWLPSULPDWHFXQXPUXOGHLHU
/LVWDGHLPSULPDUHSHQWUXWRDWHLPDJLQLOH
HVWHDQXODWGXSLPSULPDUH
,PSULPDUHDLPDJLQLORU
QDQXPLWHFD]XULQXWRDWHVHWULOH'32)SRWDSOLFDWHODLPSULPDUHGH
FWUHLPSULPDQWVDXGHFWUHVHUYLFLXOSHQWUXGH]YROWDUHIRWR
[ @SRDWHDSUHDSHDSDUDWSHQWUXDYDYHUWL]DFH[LVWVHWUL
GHLPSULPDUHSHFDUGXOGHPHPRULHFDUHDXIRVWFRQJXUDWHSH
DOWDSDUDW0RGLFDUHDVHWULORUGHLPSULPDUHFXDMXWRUXODFHVWXL
DSDUDWSRDWHvQVHPQDUHVFULHUHDVHWULORUDQWHULRDUH
6HWDUHD>'DW@OD>3RUQLW@SRDWHIDFHFDGDWDVHLPSULPDGH
GRXRULSHDQXPLWHLPSULPDQWH
'DFVSHFLFDL>,QGH[@HVWHSRVLELOVQXPDLSXWHLDOHJH>3RUQLW@
SHQWUX>'DW@L>1ULHU@vQDFHODLWLPS
,PSULPDUHDFXLQGH[QXHVWHGLVSRQLELOSHDQXPLWHLPSULPDQWH
&DQRQFRPSDWLELOH3LFW%ULGJHFRPHUFLDOL]DWHVHSDUDW
'DWDHVWHLPSULPDWvQWUXQIRUPDWFDUHVHSRWULYHWHFXGHWDOLLOH
VHWULLGLQ>'DWD2UD@GHODWDEXO> @=
6HWDUHDLPSULPULLSHQWUXLPDJLQLLQGLYLGXDOH
)RWRJUDILL
)LOPH
$OHJHL>6HOHFWDUH,PDJLQL
&DQWLWDWH@
$SVDLEXWRQXO>
@DOHJHL
>6HOHFWDUHLPDJLQL FDQWLWDWH@ODWDEXO
[ @LDSRLDSVDLEXWRQXO> @
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
$FXPSXWHLVSHFLFDQXPUXOGHFRSLL
'DFVSHFLFDLLPSULPDUHFXLQGH[
SHQWUXLPDJLQHDFHDVWDYDHWLFKHWDW
FXVLPEROXO> @3HQWUXDDQXOD
LPSULPDUHDFXLQGH[DSVDLEXWRQXO> ]
GLQQRX> @QXYDPDLDDW
,PSULPDUHDLPDJLQLORU
6SHFLFDLQXPUXOGHLPSULPUL
$SVDLEXWRDQHOH> ][ @SHQWUXDVSHFLFD
QXPUXOGHLPSULPULSkQOD
3HQWUXDVHWDLPSULPDUHDDOWRULPDJLQLL
SHQWUXDVSHFLFDQXPUXOGHLPSULPUL
UHSHWDLSDLL
&DQWLWDWHDGHLPSULPDUHQXSRDWH
VSHFLFDWSHQWUXLPSULPULOHFXLQGH[
3XWHLDOHJHFHLPDJLQLGRULLVLPSULPD
LXUPkQGSDVXO
'XSFHDLWHUPLQDWDSVDLEXWRQXO
@SHQWUXDUHYHQLODHFUDQXOGH
[
PHQLX
6HWDUHDLPSULPULLSHQWUXRJDPGHLPDJLQL
)RWRJUDILL
)LOPH
8UPkQGSDVXOGHOD6HWDUHDLPSULPULL
SHQWUXRVLQJXULPDJLQH=
DOHJHL>6HOHWDUHLQWHUYDO@LDSVDL
EXWRQXO> @
8UPDLSDLLGHOD6HOHFWDUH
LQWHUYDO= SHQWUXDDOHJH
LPDJLQLOH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>&RPDQG@LDSRLDSVDLEXWRQXO> @
6HWDUHDLPSULPULLSHQWUXWRDWHLPDJLQLOH
)RWRJUDILL
)LOPH
8UPkQGSDVXOGHOD6HWDUHDLPSULPULL
SHQWUXRVLQJXULPDJLQH=
DOHJHL>6HOHWDUHWRDWHLPDJLQLOH@L
DSVDLEXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
,PSULPDUHDLPDJLQLORU
WHUJHUHDWXWRURULPDJLQLORUGLQ/LVWDGHLPSULPDUH
8UPkQGSDVXOGHOD6HWDUHDLPSULPULL
SHQWUXRVLQJXULPDJLQH=
DOHJHL>$QXODLWRDWHVHOHFLLOH@LDSVDL
EXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
,PSULPDUHDLPDJLQLORUDGXJDWHSH/LVWDGH
LPSULPDUH'32)
)RWRJUDILL
)LOPH
'XSFHDLDGXJDWLPDJLQLOHSHOLVWD
GHLPSULPDUH= = DFHVW
HFUDQHVWHDDWGXSFHFRQHFWDL
DSDUDWXOODRLPSULPDQWFRPSDWLELO
3LFW%ULGJH$SVDLEXWRDQHOH> ][ ]
SHQWUXDDOHJH>,PSULPDUHDFXP@LDSRL
DSVDLVLPSOXEXWRQXO> @SHQWUXD
LPSULPDLPDJLQLOHGLQOLVWDGHLPSULPDUH
2ULFHMREGHLPSULPDUH'32)SHFDUH
ODLRSULWWHPSRUDUYDUHOXDWGHOD
XUPWRDUHDLPDJLQH
,PSULPDUHDLPDJLQLORU
$GXJDUHDGHLPDJLQLvQWUXQDEXPIRWR
)RWRJUDILL
)LOPH
3XWHLVHWDDOEXPHIRWRFXDMXWRUXODSDUDWXOXLVHOHFWkQGSkQOD
GHLPDJLQLSHXQFDUGGHPHPRULHSHFDUHOHSXWHLLPSRUWDFXDMXWRUXO
VRIWZDUHXOXLGLQFDOFXODWRUXQGHOHSXWHLVWRFDvQWUXQGLUHFWRU
GHGLFDW$FHDVWIXQFLHHVWHIRDUWHHFLHQWDWXQFLFkQGIDFHLDOEXPH
IRWRLPSULPDWHRQOLQHVDXFkQGLPSULPDLDOEXPHOHIRWRFXDMXWRUXO
LPSULPDQWHLSHUVRQDOH
$OHJHUHDXQHLPHWRGHGHVHOHFWDUH
$SVDLEXWRQXO>
@DOHJHL>6HWDUH
@LDSRL
DOEXPIRWR@GHODWDEXO>
DOHJHLFXPYHLVHOHFWDLPDJLQLOH
[ @SRDWHDSUHDSHDSDUDWSHQWUXDYDYHUWL]DFH[LVWVHWUL
GHLPSULPDUHSHFDUGXOGHPHPRULHFDUHDXIRVWFRQJXUDWHSH
DOWDSDUDW0RGLFDUHDVHWULORUGHLPSULPDUHFXDMXWRUXODFHVWXL
DSDUDWSRDWHvQVHPQDUHVFULHUHDVHWULORUDQWHULRDUH
$GXJDUHDLQGLYLGXDODLPDJLQLORU
)RWRJUDILL
)LOPH
$OHJHL>6HOHFWDUH@
8UPkQGSURFHGXUDGHOD$OHJHUHDXQHL
PHWRGHGHVHOHFWDUH= DOHJHL
>6HOHFWDUH@LDSVDLEXWRQXO> @
,PSULPDUHDLPDJLQLORU
$OHJHLRLPDJLQH
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJHR
LPDJLQHLDSRLDSVDLEXWRQXO> @
[
@HVWHDDW
3HQWUXDWHUJHLPDJLQHDGLQDOEXPXO
IRWRDSVDLEXWRQXO> @GLQQRX> ] nu
YDPDLDDW
5HSHWDLDFHVWSURFHVSHQWUXDDOHJHDOWH
LPDJLQL
'XSFHDLWHUPLQDWDSVDLEXWRQXO
@SHQWUXDUHYHQLODHFUDQXOGH
[
PHQLX
$GXJDUHDWXWXURULPDJLQLORUvQWUXQDOEXPIRWR
)RWRJUDILL
)LOPH
8UPkQGSURFHGXUDGHOD$OHJHUHDXQHL
PHWRGHGHVHOHFWDUH= DOHJHL
>6HOHFWDUHWRDWHLPDJLQLOH@LDSVDL
EXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
6FRDWHUHDWXWXURULPDJLQLORUGLQWUXQ$OEXPIRWR
)RWRJUDILL
)LOPH
8UPkQGSURFHGXUDGHOD$OHJHUHDXQHL
PHWRGHGHVHOHFWDUH= DOHJHL
>$QXODUHWRDWHVHOHFLLOH@LDSVDL
EXWRQXO> @
$SVDLEXWRDQHOH> ][ @SHQWUXDDOHJH
>2.@LDSRLDSVDLEXWRQXO> @
$QH[
,QIRUPDLLXWLOHDWXQFLFkQGIRORVLLDSDUDWXO
'HSDQDUH
QFD]XOvQFDUHFUHGHLFH[LVWRSUREOHPFXDSDUDWXOYHULFDLPDL
vQWkLXUPWRDUHOH'DFVROXLLOHGHPDLMRVQXYUH]ROYSUREOHPHOHOXDL
OHJWXUDFXGHSDUWDPHQWXOGHVXSRUW&DQRQ
$OLPHQWDUH
1XVHvQWkPSOQLPLFDWXQFLFkQGDSVDLEXWRQXO3251,7235,7
9HULFDLGDFEDWHULDHVWHvQFUFDW=
9HULFDLGDFEDWHULDHVWHLQWURGXVvQGLUHFLDFRUHFW=
9HULFDLGDFDLvQFKLVELQHFDSDFXOFDUGXOXLGHPHPRULHDOEDWHULHL=
7HUPLQDOHOHPXUGDUHDOHEDWHULHLUHGXFGLQUDQGDPHQWXODFHVWHLDQFHUFDLV
FXUDLWHUPLQDOHOHFXXQEHLRUGHEXPEDFLVUHLQWURGXFHLEDWHULDGHFkWHYD
RUL
%DWHULDVHGHVFDUFUHSHGH
5DQGDPHQWXOEDWHULHLVFDGHODWHPSHUDWXULPLFLQFHUFDLVvQFO]LLEDWHULLOH
SXQkQGXOHvQEX]XQDUGHH[HPSOXLDVLJXUkQGXYFWHUPLQDOHOHQXDWLQJ
RELHFWHPHWDOLFH
7HUPLQDOHOHPXUGDUHDOHEDWHULHLUHGXFGLQUDQGDPHQWXODFHVWHLDQFHUFDLV
FXUDLWHUPLQDOHOHFXXQEHLRUGHEXPEDFLVUHLQWURGXFHLEDWHULDGHFkWHYD
RUL
'DFDFHVWHPVXULQXDMXWLDUEDWHULDVHWHUPLQODIHOGHUHSHGHGXSFHDL
vQFUFDWRvQVHDPQFDDMXQVODQDOXOGXUDWHLGHYLD&XPSUDLRQRX
EDWHULH
2ELHFWLYXOQXVHUHWUDJH
1XGHVFKLGHLFDSDFXOFDUGXOXLGHPHPRULHEDWHULHLvQWLPSFHDSDUDWXOHVWH
SRUQLWQFKLGHLFDSDFXOSRUQLLDSDUDWXOLDSRLRSULLOGLQQRX=
%DWHULDVHXP
8PDUHDEDWHULHLHVWHQRUPDOLQXUHSUH]LQWPRWLYGHvQJULMRUDUH7RWXLGDF
DFHVWOXFUXDIHFWHD]SR]LLDEDWHULHLvQDSDUDWDGUHVDLYXQXLFHQWUXGHVXSRUW
&DQRQ
$ILDUHSHXQWHOHYL]RU
,PDJLQLOHVXQWGLVWRUVLRQDWHVDXQXSRWDDWHSHXQWHOHYL]RU=
'HSDQDUH
)RWRJUDILHUH
1XSXWHLIRWRJUDD
$DMFLXGDWSHHFUDQvQFRQGLLLGHOXPLQR]LWDWHVF]XW=
$DMFLXGDWSHHFUDQODIRWRJUDHUH
5HLQHLIDSWXOFXUPWRDUHOHSUREOHPHGHDDUHQXYRUDIHFWDIRWRJUDLOHFL
GRDUOPHOH
(FUDQXOSRDWHFOLSLLDUEHQ]LOHRUL]RQWDOHDUSXWHDDYHDOXPLQXRUHVFHQWVDX
GH/('
1LFLRWDPSLOFXGDWDQXDSDUHSHLPDJLQL
&RQJXUDLVHWDUHD>WDPSLOGDW @= 5HLQHLIDSWXOFWDPSLOHOH
QXVXQWDGXJDWHLPDJLQLORUvQPRGDXWRPDWvQVSHFLDOGHRDUHFHDLFRQJXUDW
VHWDUHD>'DW7LPS@=
WDPSLOHOHFXGDWQXVXQWDGXJDWHvQPRGXULOHGHIRWRJUDHUH= vQFDUH
VHWDUHD>WDPSLOGDW @QXSRDWHFRQJXUDW=
[ @FOLSHWHSHHFUDQDWXQFLFkQGEXWRQXOGHFODQDWRUHVWHDSVDWLDU
IRWRJUDHUHDQXHVWHSRVLELO=
[ @HVWHDDWSHHFUDQFkQGEXWRQXOGHFODQDWRUHVWHDSVDWSkQOD
MXPWDWH=
6HWDL>0RG,6@OD>&RQWLQXX@=
5LGLFDLEOLXOLVHWDLPRGXOGHEOLOD> @=
0ULLYDORDUHD,62=
$VH]DLDSDUDWXOSHXQWUHSLHGVDXOXDLDOWHPVXULSHQWUXDOPHQLQHQHPLFDW
6XSOLPHQWDUVHWDL>0RG,6@OD>2SULW@DWXQFLFkQGIRORVLLXQWUHSLHGVDXDOWH
PLMORDFHSHQWUXDLQHDSDUDWXOQHPLFDW=
)RWRJUDLOHVXQWGHIRFDOL]DWH
$SVDLEXWRQXOGHFODQDWRUSkQODMXPWDWHSHQWUXDIRFDOL]DSHVXELHFWH
vQDLQWHVvODSVDLSkQODFDSWSHQWUXDIRWRJUDD=
$VLJXUDLYFVXELHFWHOHVHDvQUD]DGHIRFDOL]DUH=
6HWDL>/XPLQ$)@OD>3RUQLW@=
$VLJXUDLYFIXQFLLOHGHFDUHQXDYHLQHYRLHSUHFXPIXQFLDPDFURVXQW
GH]DFWLYDWH
'HSDQDUH
1LFLXQFDGUX$)QXHVWHDDWLDUDSDUDWXOQXIRFDOL]HD]FkQGEXWRQXO
GHFODQDWRUHVWHDSVDWSkQODMXPWDWH
3HQWUXDDYHDFDGUHOH$)DDWHLRIRFDOL]DUHFRUHFWvQFHUFDLVFRPSXQHL
IRWRJUDDFX]RQHOHFXVXELHFWHFXFRQWUDVWPDUHFHQWUDWHvQDLQWHGHDDSVD
EXWRQXOGHFODQDWRUSkQODMXPWDWH$OWIHOvQFHUFDLVDSVDLEXWRQXO
GHFODQDWRUSkQODMXPWDWHvQPRGUHSHWDW
6XELHFLLGLQIRWRJUDLVXQWSUHDvQWXQHFDL
5LGLFDLEOLXOLVHWDLPRGXOGHEOLOD> @=
5HJODLOXPLQR]LWDWHDIRORVLQGFRPSHQVDUHDH[SXQHULL=
5HJODLFRQWUDVWXOIRORVLQGL&RQWUDVW= =
)RORVLLPVXUDUHVSRW=
6XELHFWHOHDSDUSUHDOXPLQRDVHSXQFWHOHOXPLQRDVHDSDUWHUVH
&RERUkLEOLXOLVHWDLPRGXOGHEOLOD> @=
5HJODLOXPLQR]LWDWHDIRORVLQGFRPSHQVDUHDH[SXQHULL=
)RORVLLPVXUDUHVSRW=
5HGXFHLLOXPLQDUHDSHVXELHFWH
)RWRJUDLOHVXQWSUHDvQWXQHFDWHGHLEOLXOVDGHFODQDW=
)RWRJUDDLvQLQWHUYDOXOGHDFRSHULUHDEOLXOXL=
0ULLYDORDUHD,62=
6XELHFWHOHIRWRJUDDWHFXEOLVXQWSUHDOXPLQRDVHSXQFWHOHOXPLQRDVHDSDUWHUVH
)RWRJUDDLvQLQWHUYDOXOGHDFRSHULUHDEOLXOXL=
&RERUkLEOLXOLVHWDLPRGXOGHEOLOD> @=
3XQFWHDOEHDSDUvQIRWRJUDLOHIFXWHFXEOL
$FHVWOXFUXHVWHFDX]DWGHOXPLQDEOLXOXLFDUHUHHFWSUDIXOLSDUWLFXOHOHGHDHU
)RWRJUDLFXDVSHFWJUDQXODWSURQXQDW
0LFRUDLYDORDUHD,62=
9DORULOH,62PDLPDULVHWDWHvQDQXPLWHPRGXULGHIRWRJUDHUHSRWDYHDFD
UH]XOWDWLPDJLQLJUDQXODWH=
6XELHFWHOHVXQWDIHFWDWHGHHIHFWXORFKLURLL=
6HWDL>/XPLQRFKLURLL@OD>3RQLW@= 1RWDLIDSWXOFDWXQFLFkQGOXPLQD
SHQWUXUHGXFHUHDHIHFWXOXLGHRFKLURLL= HVWHSRUQLWWLPSGHDSUR[LPDWLY
RVHFXQGQXSXWHLIDFHIRWRJUDLGHRDUHFHOXPLQDQHXWUDOL]HD]HIHFWXOGH
RFKLURLL3HQWUXUH]XOWDWHRSWLPHUXJDLVXELHFLLVSULYHDVFVSUHOXPLQSHQWUX
UHGXFHUHDHIHFWXOXLGHRFKLURLL'HDVHPHQHDvQFHUFDLVDYHLPDLPXOWOXPLQ
SHQWUXVFHQHOHGHLQWHULRULVIRWRJUDDLODGLVWDQHFkWPDLPLFL
(GLWDLLPDJLQLOHIRORVLQGIXQFLDGHFRUHFWDUHRFKLURLL=
'HSDQDUH
QUHJLVWUDUHDSHFDUGXOGHPHPRULHGXUHD]SUHDPXOWVDXIRWRJUDHUHDvQ
UDIDOVHGHVIRDUOHQW
)RORVLLDSDUDWXOSHQWUXDHIHFWXDIRUPDWDUHDVLPSODFDUGXOXLGHPHPRULH=
6HWULOHGHIRWRJUDHUHVDXVHWULOHPHQLXOXL)81&QXVXQWGLVSRQLELOH
6HWULOHGLVSRQLELOHSRWYDULDvQIXQFLHGHPRGXOGHIRWRJUDHUH&RQVXOWDL
VHFLXQLOH)XQFLLGLVSRQLELOHvQHFDUHPRGGHIRWRJUDHUH0HQLX)81&L
7DEIRWRJUDHUH= =
5HDOL]DUHDGHILOPH
7LPSXOUPDVDDWHVWHLQFRUHFWVDXvQUHJLVWUDUHDHVWHvQWUHUXSW
)RORVLLDSDUDWXOSHQWUXDIRUPDWDFDUGXOGHPHPRULHVDXWUHFHLSHXQFDUGFDUHVXSRUW
vQUHJLVWUDUHDODYLWH]PDUH&KLDUGDFWLPSXOUPDVDDWHVWHLQFRUHFWOXQJLPHDOPHORUGH
SHFDUGXOGHPHPRULHYDDFHHDLFXWLPSXOGHvQUHJLVWUDUHUPDV==
@HVWHDDWLIRWRJUDHUHDVHRSUHWHvQPRGDXWRPDW
=RQDWDPSRQDPHPRULHLLQWHUQHDDSDUDWXOXLHVWHRFXSDWGHRDUHFHDSDUDWXO
QXSRDWHvQUHJLVWUDSHFDUGXOGHPHPRULHVXFLHQWGHUDSLGQFHUFDLXQDGLQ
XUPWRDUHOHPVXUL
)RORVLLDSDUDWXOSHQWUXDHIHFWXDIRUPDWDUHDVLPSODFDUGXOXLGHPHPRULH=
6FGHLFDOLWDWHDLPDJLQLL=
7UHFHLODXQFDUGGHPHPRULHFDUHVXSRUWvQUHJLVWUDUHDODYLWH]PDUH=
8WLOL]DUHD]RRPXOXLQXHVWHSRVLELO
8WLOL]DUHD]RRPXOXLQXHVWHSRVLELOFkQGOPDLvQPRGXO>
@=
6XELHFWHOHDUDWGLVWRUVLRQDWH
6XELHFWHOHFDUHWUHFSULQIDDDSDUDWXOXLUDSLGSRWDSUHDGLVWRUVLRQDWH$FHDVWD
QXHVWHRGHIHFLXQH
5HGDUH
5HGDUHDQXHVWHSRVLELO
5HGDUHDLPDJLQLORUVDXDOPHORUQXHVWHSRVLELOGDFIRORVLLXQFDOFXODWRU
SHQWUXDUHGHQXPLLHUHOHVDXGDFPRGLFDLVWUXFWXUDGLUHFWRUXOXL
5HGDUHDVHRSUHWHVDXvQUHJLVWUDUHDVXQHWXOXLQXDUHORF
7UHFHLODXQFDUGSHFDUHDLHIHFWXDWRIRUPDWDUHVLPSOFXDMXWRUXODSDUDWXOXL=
3RWH[LVWDPLFLvQWUHUXSHULDWXQFLFkQGUHGDLOPHFRSLDWHSHFDUGXULGHPHPRULH
FDUHDXYLWH]HGHFLWLUHPLFL
$WXQFLFkQGOPHOHVXQWUHGDWHSHFDOFXODWRUSRWGLVSUHDFDGUHLHVWHSRVLELOFD
VXQHWXOVQXHUHGDWvQFD]XOvQFDUHFDOFXODWRUXOQXHVWHIRDUWHSHUIRUPDQW
'HSDQDUH
6XQHWXOQXVHDXGHvQWLPSXOOPHORU
&DUGGHPHPRULH
&DUGXOGHPHPRULHQXHVWHUHFXQRVFXW
5HSRUQLLDSDUDWXOFXFDUGXOGHPHPRULHvQHO=
&DOFXODWRU
1XVHSRWWUDQVIHUDLPDJLQLvQWUXQFDOFXODWRU
$WXQFLFkQGvQFHUFDLVWUDQVIHUDLLPDJLQLSHFDOFXODWRUFXDMXWRUXOXQXLFDEOX
vQFHUFDLVUHGXFHLYLWH]DGHWUDQVIHUGXSFXPXUPHD]
$SVDLEXWRQXO>
@SHQWUXDDFFHVDPRGXO5HGDUHLQHLDSVDWEXWRQXO
[
@vQWLPSFHDSVDLEXWRDQHOH> @L> @vQDFHODLWLPS3HHFUDQ
DSVDLEXWRDQHOH> ][ @SHQWUXDDOHJH>%@LDSRLDSVDLEXWRQXO> @
:L)L
1XVHSRDWHDFFHVDPHQLXO:L)LGDFDSVDLEXWRQXO>
@
0HQLXO:L)LQXHVWHGLVSRQLELOvQPRGXOGHIRWRJUDHUH7UHFHLODPRGXOUHGDUH
LvQFHUFDLGLQQRX
QPRGXOUHGDUHPHQLXO:L)LQXSRDWHDFFHVDWvQWLPSXOUHGULLFXLQIRUPDLL
GHWDOLDWHvQWLPSXODULLPULWHVDXODDDUHLQGH[7UHFHLODDDUHRVLQJXU
LPDJLQHLODXQPRGGHYL]XDOL]DUHDOWXOGHFkWGHWDOLDWQDFHODLPRGPHQLXO:L
)LQXSRDWHDFFHVDWvQWLPSXOUHGULLGHLPDJLQLJUXSDWHVDXUHGULLGHLPDJLQL
OWUDWHvQFRQGLLLOHVSHFLFDWH$QXODUHJUXSDUHVDXUHGDUHLPDJLQLOWUDWH
0HQLXO:L)LQXSRDWHDFFHVDWFkQGDSDUDWXOHVWHFRQHFWDWODRLPSULPDQWOD
XQFDOFXODWRUVDXODXQ79FXXQFDEOX'HFRQHFWDLFDEOXO
'HSDQDUH
1XVHSRDWHDGXJDXQGLVSR]LWLYGHVWLQDLH
8QQXPUGHPD[LPXPGHLQIRUPDLLGHFRQH[LXQHSRWDGXJDWHDSDUDWXOXL
WHUJHLLQIRUPDLLOHGHFRQH[LXQHFDUHQXPDLVXQWQHFHVDUHLDSRLDGXJDL
GLVSR]LWLYHGHVWLQDLLQRL=
)RORVLLXQFDOFXODWRUVDXXQVPDUWSKRQHSHQWUXDvQUHJLVWUDVHUYLFLL:HE
=
3HQWUXDDGXJDXQVPDUWSKRQHLQVWDODLPDLvQWkLDSOLFDLD&DPHUD&RQQHFWSH
VPDUWSKRQH=
3HQWUXDDGXJDXQFDOFXODWRULQVWDODLPDLvQWkL&DPHUD:LQGRZSHFDOFXODWRU
9HULFDLGHDVHPHQHDLFDOFXODWRUXOLPHGLXO:L)LLVHWULOH=
=
1XIRORVLLDSDUDWXOOkQJVXUVHGHLQWHUIHUHQSHQWUXVHPQDOXO:L)LSUHFXP
FXSWRDUHFXPLFURXQGHGLVSR]LWLYH%OXHWRRWKVDXDOWHHFKLSDPHQWHFDUH
RSHUHD]vQEDQGDGH*+]
$GXFHLDSDUDWXOPDLDSURDSHGHGLVSR]LWLYXOODFDUHGRULLVYFRQHFWDL
SUHFXPDFFHVVSRLQWLDVLJXUDLYFQXVXQWRELHFWHvQWUHGLVSR]LWLYH
1XVHSRDWHFRQHFWDODXQSXQFWGHDFFHV
&RQUPDLFSXQFWXOGHDFFHVHVWHVHWDWODXQFDQDOFRPSDWLELOFXDSDUDWXOXL
= $YHLJULMFHVWHUHFRPDQGDWFDvQORFGHVHWDUHDXWRPDWD
FDQDOXOXLVVHVSHFLFHXQFDQDOFRPSDWLELOPDQXDO
,PDJLQLOHQXSRWWULPLVH
'LVSR]LWLYXOLQWQXDUHVXFLHQWVSDLXGHVWRFDUH0ULLVSDLXOGHVWRFDUHSH
GLVSR]LWLYXOLQWLWULPLWHLGLQQRXLPDJLQLOH
%XWRQXOSHQWUXSURWHFLDGDWHORUDOFDUGXOXLGHPHPRULHGLQDSDUDWXOLQWHVWH
VHWDWSHSR]LLDGHEORFDUH6FKLPEDLEXWRQXOSHQWUXSURWHFLDGDWHORUSHSR]LLD
GHGHEORFDUH
,PDJLQLOHQXVXQWWULPLVHFWUH&$121L0$*(*$7(:$<VDXDOWHVHUYLFLLZHE
GDFDLPXWDWVDXUHGHQXPLWLHUHOHLPDJLQHVDXGLUHFWRDUHOHGLQFDOFXODWRU
FDUHDXSULPLWLPDJLQLWULPLVHIRORVLQG,PDJH6\QFYLDXQDFFHVVSRLQW=
QDLQWHGHPXWDUHDVDXUHGHQXPLUHDDFHORULHUHVDXGLUHFWRDUHGLQFDOFXODWRU
DVLJXUDLYFLPDJLQHOHDXIRVWWULPLVHGHMDFWUH&$121L0$*(*$7(:$<
VDXDOWHVHUYLFLLZHE
1XVHSRWUHGLPHQVLRQDLPDJLQLOHSHQWUXWUDQVPLWHUH
,PDJLQLOHQXSRWUHGLPHQVLRQDWHODRUH]ROXLHPDLPDUHGHFkWUH]ROXLDSHFDUH
RDX
)LOPHOHQXSRWUHGLPHQVLRQDWH
'HSDQDUH
'XUHD]PXOWSHQWUXDWULPLWHLPDJLQL&RQH[LXQHDZLUHOHVVHVWH
vQWUHUXSW
(VWHSRVLELOVGXUH]HPDLPXOWVWULPLWHLPDLPXOWHLPDJLQLQFHUFDLV
UHGLPHQVLRQDLLPDJLQLOHSHQWUXDUHGXFHWLPSXOGHWULPLWHUH=
(VWHSRVLELOVGXUH]HPDLPXOWVWULPLWHLOPHOH
1XIRORVLLDSDUDWXOOkQJVXUVHGHLQWHUIHUHQSHQWUXVHPQDOXO:L)LSUHFXP
FXSWRDUHFXPLFURXQGHGLVSR]LWLYH%OXHWRRWKVDXDOWHHFKLSDPHQWHFDUH
RSHUHD]vQEDQGDGH*+](VWHSRVLELOVGXUH]HPDLPXOWVWULPLWHL
@
LPDJLQLFKLDUGDFHVWHDDW>
$GXFHLDSDUDWXOPDLDSURDSHGHGLVSR]LWLYXOODFDUHGRULLVYFRQHFWDL
SUHFXPDFFHVVSRLQWLDVLJXUDLYFQXVXQWRELHFWHvQWUHGLVSR]LWLYH
'RULLVWHUJHLLQIRUPDLLGHVSUHFRQH[LXQHD:L)LvQDLQWHGHDGHEDUDVD
DSDUDWXOVDXVvOGDLDOWFXLYD
5HVHWDLVHWULOH:L)L=
0HVDMHSHHFUDQ
'DFDSDUHXQPHVDMGHHURDUHUHDFLRQDLvQIHOXOXUPWRU
)RWRJUDILHUHVDXUHGDUH
1LFLXQFDUGGHPHPRULH
(VWHSRVLELOVLQWURGXVFDUGXOGHPHPRULHvQGLUHFLDJUHLW5HLQWURGXFHL
FDUGXOGHPHPRULHvQGLUHFLDFRUHFW=
&DUGGHPHPRULHEORFDW
%XWRQXOSHQWUXSURWHFLDGDWHORUDOFDUGXOXLGHPHPRULHHVWHVHWDWSHSR]LLD
GHEORFDUH6FKLPEDLEXWRQXOSHQWUXSURWHFLDGDWHORUSHSR]LLDGHGHEORFDUH
=
1XSXWHLvQUHJLVWUD
$LvQFHUFDWVIRWRJUDDLIUVDYHLXQFDUGGHPHPRULHvQDSDUDW3HQWUXD
IRWRJUDDLQWURGXFHLXQFDUGGHPHPRULHvQGLUHFLDFRUHFW=
(URDUHFDUGGHPHPRULH=
'DFDFHODLPHVDMGHHURDUHDSDUHFKLDULGXSFHDLLQWURGXVXQFDUGGH
PHPRULHIRUPDWDW= vQGLUHFLDFRUHFWFRQWDFWDLGHSDUWDPHQWXOGH
VXSRUW&DQRQ=
6SDLXLQVXFLHQWSHFDUG
1XH[LVWVSDLXVXFLHQWSHFDUGXOGHPHPRULHSHQWUXDIRWRJUDD=
= = VDXSHQWUXDHGLWDLPDJLQL= WHUJHLLPDJLQLOH
GHFDUHQXPDLDYHLQHYRLH= VDXLQWURGXFHLXQFDUGGHPHPRULHFX
VXFLHQWVSDLXOLEHU=
QFUFDLEDWHULD=
1LFLRLPDJLQH
&DUGXOGHPHPRULHQXFRQLQHQLFLRLPDJLQHFDUHVSRDWDDW
3URWHMDWH=
,PDJLQHQHLGHQWLFDW-3(*,QFRPSDWLELO,PDJLQHSUHDPDUH1XHVWH
SRVLELOUHGDUHD029
,PDJLQLOHQHDFFHSWDWHVDXLPDJLQLOHGHWHULRUDWHQXSRWDDWH
(VWHSRVLELOVQXSXWHLDDLPDJLQLFDUHDXIRVWHGLWDWHVDXUHGHQXPLWHSHXQ
FDOFXODWRUVDXLPDJLQLUHDOL]DWHFXDOWDSDUDW
0HVDMHSHHFUDQ
1XVHSRDWHPUL1XSRDWHUHGDDFHVWPDWHULDOvQ0L[DUHLQWHOLJHQW1X
VHSRDWHURWL1XSRDWHPRGLFDLPDJLQHD1XVHSRDWHPRGLFD,PDJLQH
QHVHOHFWDELO
8UPWRDUHOHIXQFLLSRWLQGLVSRQLELOHSHQWUXLPDJLQLOHFDUHDXIRVWUHQXPLWHVDXGHMD
HGLWDWHSHXQFDOFXODWRUVDXSHQWUXLPDJLQLOHUHDOL]DWHFXDOWDSDUDW)XQFLLOHPDUFDUH
FXDVWHUL[
QXVXQWGLVSRQLELOHSHQWUXOPH
0ULUH=
0L[DUHLQWHOLJHQW=
5RWLUH=
)DYRULWH
= (GLWDUH=
/LVWGHLPSULPDUH=
L6HWDUH$OEXPIRWR
=
,QWHUYDOGHVHOHFWDUHQHYDOLG
/LPLWDGHVHOHFWDUHGHSLW
$XIRVWVHOHFWDWHPDLPXOWGHLPDJLQLSHQWUX/LVWDGHLPSULPDUH=
VDXSHQWUX6HWDUHDGHDOEXPIRWR= $OHJHLGHLPDJLQLVDXPDL
SXLQH
6HWULOHSHQWUX/LVWDGHLPSULPDUH= VDXSHQWUX6HWDUHGH$OEXPIRWR
= QXDXSXWXWVDOYDWHFRUHFW5HGXFHLQXPUXOLPDJLQLORUVHOHFWDWHL
vQFHUFDLGLQQRX
$LvQFHUFDWVDOHJHLPDLPXOWGHGHLPDJLQLvQ3URWHMDUH= WHUJHUH
= )DYRULWH= /LVWGHLPSULPDUH= VDX6HWDUHDOEXP
IRWR=
(URDUHGHGHQXPLUH
1XDLSXWXWFUHDGLUHFWRUXOVDXLPDJLQLOHQXDXSXWXWvQUHJLVWUDWHGHRDUHFHFHO
PDLPDUHQXPUGHGLUHFWRUDFFHSWDWSHQWUXVWRFDUHDGHLPDJLQLSHFDUGD
IRVWGHMDDWLQVLDUFHOPDLPDUHQXPUGHLPDJLQHVXSRUWDWSHQWUXLPDJLQLOH
GLQGLUHFWRDUHDIRVWGHDVHPHQHDDWLQV/DWDEXO> @PRGLFDL>1XPHURWDUH
LHU@OD>5HVHWDUHDXWR@= VDXIRUPDWDLFDUGXOGHPHPRULH=
(URDUHRELHFWLY
$FHDVWHURDUHSRDWHDYHDORFvQFD]XOvQFDUHRELHFWLYXOHVWHUHLQXWvQWLPSFH
VHGHSODVHD]VDXDWXQFLFkQGDSDUDWXOHVWHIRORVLWvQORFXULFXSUDIVDXQLVLS
$DUHDIUHFYHQWDDFHVWXLPHVDMGHHURDUHSRDWHLQGLFDRGHIHFLXQHD
DSDUDWXOXLQDFHVWFD]OXDLOHJWXUDFXXQUHSH]HQWDQWDOGHSDUWDPHQWXOXLGH
VXSRUW&DQRQ
$IRVWGHWHFWDWRHURDUHDDSDUDWXOXLQXPUHURDUH)
'DFDFHVWPHVDMFXHURDUHDSDUHLPHGLDWGXSIRWRJUDHUHHVWHSRVLELOFD
LPDJLQHDVQXIRVWVDOYDW7UHFHLODPRGXO5HGDUHSHQWUXDYHULFDLPDJLQHD
$DUHDIUHFYHQWDDFHVWXLPHVDMGHHURDUHSRDWHLQGLFDRGHIHFLXQHD
DSDUDWXOXLQDFHVWFD]QRWDLQXPUXOHURULLExxLFRQWDFWDLXQUHSUH]HQWDQWDO
GHSDUWDPHQWXOXLGHVXSRUW&DQRQ
0HVDMHSHHFUDQ
(URDUHLHU
(URDUHGHLPSULPDUH
5HFLSLHQWXOSHQWUXWXUH]LGXDOHVWHSOLQ
&RQWDFWDLXQUHSUH]HQWDQWDOGHSDUWDPHQWXOXLGHVXSRUW&DQRQSHQWUXDVROLFLWD
DVLVWHQSHQWUXvQORFXLUHDUHFLSLHQWXOXLSHQWUXWXUH]LGXDO
0HVDMHSHHFUDQ
:L)L
&RQH[LXQHQHUHDOL]DW
1XDXIRVWUHFXQRVFXWHDFFHVVSRLQWXUL9HULFDLVHWULOHSHQWUXDFFHVVSRLQW
=
1XVDJVLWQLFLXQGLVSR]LWLY2SULLLSRUQLLGLQQRXDSDUDWXOLvQFHUFDLGLQQRX
FRQH[LXQHD
9HULFDLGLVSR]LWLYXOODFDUHGRULLVYFRQHFWDLLDVLJXUDLYFHVWHSUHJWLW
SHQWUXFRQHFWDUH
1XVHSRDWHJVLSXQFWGHDFFHV
%XWRQXO:36SHPDLPXOWHSXQFWHGHDFFHVDXIRVWDSVDWHvQDFHODLWLPS
QFHUFDLVYFRQHFWDLGLQQRX
1XDXIRVWJVLWHDFFHVVSRLQWXUL
$VLJXUDLYFDFFHVVSRLQWXOHVWHSRUQLW
&kQGYFRQHFWDLODXQSXQFWGHDFFHVPDQXDODVLJXUDLYFLQWURGXFHL66,'
FRUHFW
3DUROLQFRUHFW6HWULGHVHFXULWDWH:L)LLQFRUHFWH
9HULFDLVHWULOHGHVHFXULWDWHSHQWUXDFFHVVSRLQW=
&RQLFWDGUHV,3
5HVHWDLDGUHVD,3DVWIHOvQFkWVQXLQWUHvQFRQLFWFXDOWDGUHV
'HFRQHFWDW5HFHSLHQHUHDOL]DW7UDQVPLWHUHHXDW
(VWHSRVLELOVLvQWUXQPHGLXvQFDUHVHPQDOHOH:L)LVXQWEORFDWH
(YLWDLIRORVLUHDIXQFLLORU:L)LDOHDSDUDWXOXLSHOkQJFXSWRDUHFXPLFURXQGH
GLVSR]LWLYH%OXHWRRWKLDOWHGLVSR]LWLYHFDUHRSHUHD]vQEDQGD*+]
$GXFHLDSDUDWXOPDLDSURDSHGHGLVSR]LWLYXOODFDUHGRULLVYFRQHFWDL
SUHFXPDFFHVVSRLQWLDVLJXUDLYFQXVXQWRELHFWHvQWUHGLVSR]LWLYH
9HULFDLGLVSR]LWLYXOFRQHFWDWSHQWUXDYDVLJXUDFQXDUHHURUL
7ULPLWHUHHXDW
(URDUHFDUGGHPHPRULH
'DFDFHODLPHVDMGHHURDUHDSDUHFKLDULGXSFHDLLQWURGXVXQFDUGGH
PHPRULHIRUPDWDWvQGLUHFLDFRUHFWFRQWDFWDLGHSDUWDPHQWXOGHVXSRUW&DQRQ
5HFHSLHHXDW
6SDLXLQVXFLHQWSHFDUG
1XH[LVWVSDLXVXFLHQWSHFDUGXOGHPHPRULHGLQDSDUDWXOLQWSHQWUXDSULPL
LPDJLQLWHUJHLLPDJLQLOHSHQWUXDIDFHORFSHFDUGXOGHPHPRULHVDXLQWURGXFHL
XQFDUGGHPHPRULHFXVSDLXVXFLHQW
0HVDMHSHHFUDQ
5HFHSLHHXDW
&DUGGHPHPRULHEORFDW
%XWRQXOSHQWUXSURWHFLDGDWHORUDOFDUGXOXLGHPHPRULHGLQDSDUDWXOLQWHVWH
VHWDWSHSR]LLDEORFDUH6FKLPEDLEXWRQXOSHQWUXSURWHFLDGDWHORUSHSR]LLDGH
GHEORFDUH
5HFHSLHHXDW
(URDUHGHGHQXPLUH
6SDLXLQVXFLHQWSHVHUYHU
WHUJHLLPDJLQLOHFDUHQXPDLVXQWQHFHVDUHLDXIRVWvQFUFDWHSH&$121
L0$*(*$7(:$<SHQWUXDFUHDVSDLX
6DOYDLLPDJLQLOHWULPLVHSULQLQWHUPHGLXO,PDJH6\QF= SHFDOFXODWRU
9HULFDLVHWULOHGHUHHD
9HULFDLSHQWUXDVLJXULFVHSRDWHFRQHFWDODLQWHUQHWFDOFXODWRUXOFXVHWULOH
GHUHHDFXUHQWH
,QIRUPDLLSHHFUDQ
)RWRJUDHUHD$DUHLQIRUPDLL
(28)
(29)
(9) (10)(11)(12) (13) (14) (15)
(30)
(1)
(3)
(16)
(17)
(18)
(4)
(19)
(5)
(20)
(2)
(31)
(6)
(7)
(21)
(32) (33)
(8)
(22)(23)
1LYHOEDWHULH=
7LPSUPDV=
1LYHOGHDOE=
0\&RORUV=
0ULUH]RRP=
7HOHFRQYHUWRUGLJLWDO=
0RGIRWRJUDILHUH=
,QWHUYDOGHIRFDOL]DUH=
0RG(FR= 223, )
*ULOH=
0RGIRWRJUDILHUH=
6LPEROVFHQ= 53)
$YHUWLVPHQWWUHPXUDSDUDW=
0HWRGGHPVXUDUH=
&RPSUHVLHIRWRJUDILL=
6HWDUH3L[HOLvQUHJLVWUDL=
&DGUX$)=
0RGKLEULGDXWR=
0RGEOL=
&RUHFWDUHDHIHFWXOXLGH
RFKLURLL=
)RWRJUDILLFDUHSRWIL
vQUHJLVWUDWH=
WDPSLOFXGDWD=
$XWRGHFODQDWRU=
7LPSGHH[SXQHUH
&DOLWDWHILOP=
&DGUXVSRW=
,QIRUPDLLSHHFUDQ
9DORDUHGLDIUDJP
6LPEROPRG,6= 55)
1LYHOFRPSHQVDUH
H[SXQHUH=
'HWHFWDUHFOLSLUH=
L&RQWUDVW=
)XVRUDU= 222)
9DORDUH,62=
6WDELOL]DUHLPDJLQH=
$XWR]RRP=
%DUD]RRP=
QPRGXO>
@LQGLFQXPUXOGHFDGUHGLVSRQLELOH
1LYHOEDWHULH
8QVLPEROVDXXQPHVDMSHHFUDQYDLQGLFDQLYHOXOGHvQFUFDUHDOEDWHULHL
$DM
Detalii
QFUFDUHVXFLHQW
8RUGHVFUFDWGDUVXFLHQW
%HFURXFDUH
FOLSHWH
>QFUFDLEDWHULD@
$SURDSHGHVFUFDWvQFUFDLEDWHULDFkW
PDLFXUkQG
'HVFUFDWQFUFDLEDWHULDLPHGLDW
,QIRUPDLLSHHFUDQ
5HGDUH$DUHLQIRUPDLLGHWDOLDWH
(8) (9) (10) (11) (12)(13) (14)
(1)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(2)
(3)
(4)
(5)
(6)
(7)
(24) (25)(26)
,PDJH6\QF=
1XPUGLUHFWRU1XPUILLHU
=
+LVWRJUDP=
5HGDUHJUXS=
1ULPDJLQHFXUHQWQUWRWDOGH
LPDJLQL
&RPSUHVLH&DOLWDWHLPDJLQH
= 6HWDUHSL[HOL
vQUHJLVWUDL= 03ILOPH
7LPSXOGHH[SXQHUH)RWRJUDILL
&DOLWDWHDLPDJLQLL5DWFDGUH
)LOPH=
3URWHMDUH=
9DORDUHGLDIUDJP
)DYRULWH=
%OL=
1LYHOFRPSHQVDUHH[SXQHUH
=
'LPHQVLXQHILLHU
,QWHUYDOGHIRFDOL]DUH=
0HWRGGHPVXUDUH=
)RWRJUDILL6HWDUHSL[HOLvQUHJLVWUDL
=
)LOPH7LPSGHUHGDUH=
1LYHOEDWHULH=
'DWDRUDIRWRJUDILHULL = 24)
0RGIRWRJUDILHUH=
,QIRUPDLLSHHFUDQ
(GLWDUHDIRWRJUDILLORU=
1LYHOGHDOE=
&RUHFWDUHDHIHFWXOXLGHRFKLURLL
= =
(VWHSRVLELOFDDQXPLWHLPDJLQLVQXVHDH]HDWXQFLFkQGVXQW
YL]XDOL]DWHSHXQWHOHYL]RU=
5H]XPDWXO3DQRXOXLGHFRQWUROSHQWUXOPH
8UPWRDUHOHRSHUDLXQLVXQWGLVSRQLELOHGLQSDQRXOGHFRQWURODOOPXOXL
DFFHVDWDDFXPHVWHGHVFULVvQ9L]XDOL]DUH=
,HLUH
Redare
6ORZ0RWLRQ$SVDLEXWRDQHOH> ][ @SHQWUXDUHJODYLWH]DGH
UHGDUH1XVHDXGHQLFLXQVXQHW
'HUXODUHvQVSDWH
VDXFOLSDQWHULRU= 3HQWUXDFRQWLQXD
VGHUXODLvQDSRLLQHLDSVDWEXWRQXO> @
&DGUXODQWHULRU3HQWUXGHUXODUHUDSLGvQDSRLLQHLDSVDW
EXWRQXO> @
8UPWRUXOFDGUX3HQWUXGHUXODUHUDSLGvQIDLQHLDSVDW
EXWRQXO> @
'HUXODLvQID
VDXODFOLSXOXUPWRU= 3HQWUXD
FRQWLQXDVGHUXODLvQDLQWHLQHLDSVDWEXWRQXO> @
WHUJHUHFOLSDDWGRDUFkQGXQOPGLJHVWPRYLHHVWHVHOHFWDW
=
(GLWDUH=
,QGLFDWXQFLFkQGDSDUDWXOHVWHFRQHFWDWODRLPSULPDQW
FRPSDWLELO3LFW%ULGJH=
$HD]FDGUXOFXDSUR[LPDWLYVHFXQGHvQDLQWHVDXGXSFDGUXOSUH]HQW
QWLPSXOUHGULLXQXLOPSXWHLGHUXODvQDLQWHVDXvQDSRLVDXOD
FOLSXODQWHULRUVDXXUPWRUDSVkQGEXWRDQHOH> ][ @
)XQFLLL7DEHOHFXPHQLXUL
)XQFLLGLVSRQLELOHvQHFDUHPRGGHvQUHJLVWUDUH
0RGIRWRJUDHUH
)XQFLH
&RPSHQVDUHH[SXQHUH=
%OL=
2
2
2
2
2
2
2
2
2
2
2
2
2
2
,QWHUYDOGHIRFDOL]DUH=
8UPULUH$)VHOHFWDUHVXELHFW=
6FKLPEDUHDDUHLQIRUPDLLIRWRJUDHUH
=
1XHVWHGLVSRQLELOGDUWUHFHOD>
@vQDQXPLWHFD]XUL
)XQFLLL7DEHOHFXPHQLXUL
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
)XQFLLL7DEHOHFXPHQLXUL
0HQLX)81&
0RGIRWRJUDHUH
)XQFLH
0HWRGGHPVXUDUH=
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
0\&RORUV=
1LYHOGHDOE=
9DORDUH,62=
$872
$XWRGHFODQDWRU=
6HWULDXWRGHFODQDWRU=
$PkQDUH
3
)RWRJUDL
4
0RGIRWRJUDHUH=
1LYHOXOGHDOEQXHVWHGLVSRQLELO
6HWDWODXQLQWHUYDOGHFRQWUDVWFODULWDWHVDWXUDLDGHFXORDUHURX
YHUGHDOEDVWUXLWRQXOSLHOLL
1XSRDWHVHWDWODVHFXQGHvQPRGXULOHXQGHQXSXWHLVHOHFWDQXPUXOGH
IRWRJUDL
2IRWRJUDHQXSRDWHPRGLFDWvQPRGXULOHXQGHQXSXWHLVHOHFWDQXPUXO
GHIRWRJUDL
)XQFLLL7DEHOHFXPHQLXUL
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
)XQFLLL7DEHOHFXPHQLXUL
0RGIRWRJUDHUH
)XQFLH
5DSRUWDVSHFWIRWRJUDL=
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
3L[HOLvQUHJLVWUDL=
&RPSUHVLH=
&DOLWDWHOP=
$XWR=RRP=
)XQFLLL7DEHOHFXPHQLXUL
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
)XQFLLL7DEHOHFXPHQLXUL
7DEIRWRJUDHUH
0RGIRWRJUDHUH
)XQFLH
&DGUH$)=
)DFH$L$)
8UPULUH$)
Centru
2
2
2
2
2
2
'LPHQVLXQHFDGUX$)=
Standard
0LF
2
2
2
2
=RRPGLJLWDO=
Standard
2SULW
[[
2
2
2
2
2
2
2
2
2
=RRPSXQFW$)=
3RUQLW
2SULW
2
2
2
2
2
2
2
2
6HUYR$)=
3RUQLW
2SULW
2
2
2
2
$)FRQWLQX=
3RUQLW
2SULW
2
2
2
2
'LVSRQLELOFkQGFDGUXO$)HVWHVHWDWSH>&HQWUX@
>3RUQLW@DWXQFLFkQGVHGHWHFWHD]GHSODVDUHDVXELHFWXOXLvQPRGXO>
@
)XQFLLL7DEHOHFXPHQLXUL
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
)XQFLLL7DEHOHFXPHQLXUL
0RGIRWRJUDHUH
)XQFLH
/XPLQ$)=
3RUQLW
2SULW
2
2
2
2
2
2
2
2
2
2
3RUQLW
2SULW
2
2
2
2
2
2
2
2
3RUQLWRSULW
2
2
2
2
2
2
2
2
2
2
'HWHFWDUHFOLSLUH=
3RUQLW
2SULW
2
2
2
2
2
2
2
2
*ULOH=
3RUQLWRSULW
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
6HWULEOL= =
&RUHFLHRFKLURLL
/DPSSHQWUXRFKL
URLL
L&RQWUDVW=
$XWR
2SULW
9L]XDOL]DUHLPDJLQHGXSIRWRJUDHUH=
2SULW5DSLG
$DUHRU
VHFVHFVHF
0HQLQHUH
1XHVWHDDW
,QIRUPDLLDDM
Detaliat
6HWUL,6=
6WDELOL]DUHDLPDJLQLL
0RG,6'LQDPLF
2SULW
3RUQLW
'RDUIRWRJUDHUH
2
)XQFLLL7DEHOHFXPHQLXUL
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
)XQFLLL7DEHOHFXPHQLXUL
0RGIRWRJUDHUH
)XQFLH
WDPSLOFXGDWD =
2SULW
'DW'DWRU
2
2
2
2
2
2
2
2
7LSGLJHVW=
&XIRWRJUDL)UIRWRJUDL
)XQFLLL7DEHOHFXPHQLXUL
2
2
2
2
2
2
2
2
2
2
2
2
)XQFLLL7DEHOHFXPHQLXUL
7DE6HWDUH
$UWLFRO
3DJLQUHIHULQ
6LOHQLRV
=
9ROXP
=
6IDWXUL VXJHVWLL
=
'DW2U
= 24
)XVRUDU
= 222
5HWUDJHUHRELHFWLY
= 223
0RG(FR
= 223
(FRQRPLVLUHHQHUJLH
= 35, = 224
/XPLQR]LWDWH/&'
= 225
,PDJLQHSRUQLUH
= 225
)RUPDWDUH
= =
1XPHURWDUHLHU
=
&UHHD]GLUHFWRU
=
8QLWL
=
6LVWHPYLGHR
=
6HWUL:L)L
=
%XWRQGHFRQHFWDUHODGLVSR]LWLYH
PRELOH
=
$DUHVLPEROFHUWLFDUH
=
/LPE
=
5HVHWDUHWRWDO
=
)XQFLLL7DEHOHFXPHQLXUL
7DE5HGDUH
$UWLFRO
/LVWDUH5HGDUHOPH'LJHVW
0RYLH
3DJLQUHIHULQ
Prezentare
=
WHUJHUH
=
3URWHMDUH
=
5RWLUH
=
)DYRULWH
=
6HWULDOEXPIRWR
=
L&RQWUDVW
=
&RUHFWDUHRFKLURLL
=
7LHUH
=
5HGLPHQVLRQDUH
=
0\&RORUV
=
7UDQ]LLH
=
$DUHGHUXODUH
=
,PDJLQLJUXSDWH
=
$XWRURWLUH
=
Reluare
=
=
)XQFLLL7DEHOHFXPHQLXUL
7DE,PSULPDUH
$UWLFRO
,PSULPDUH
3DJLQUHIHULQ
6HOHFWDL,PDJLQL &DQWLWDWH
=
6HOHFWDLLQWHUYDO
=
6HOHFWDLWRDWHLPDJLQLOH
=
$QXODLWRDWHVHOHFLLOH
=
6HWULGHLPSULPDUH
=
0HQLX)81&PRG5HGDUH
$UWLFRO
3DJLQUHIHULQ
5RWLUH
=
3URWHMDUH
=
)DYRULWH
=
WHUJHUH
=
,PSULPDUH
=
5HGDUHJUXS
=
5HGDUHOP
=
5HGDUH'LJHVW0RYLHFRQHFWDW
=
0L[DUHLQWHOLJHQW
=
&XWDUHLPDJLQH
=
Prezentare
=
&RQGLLLGHPDQHYUDUH
$SDUDWXOHVWHXQGLVSR]LWLYHOHFWURQLFGHPDUHSUHFL]LH(YLWDLVvO
VFSDLSHMRVVDXVvOORYLLGHVXSUDIHHWDUL
1XSR]LLRQDLDSDUDWXOvQDSURSLHUHGHPDJQHLPRWRDUHVDXDOWH
GLVSR]LWLYHFDUHJHQHUHD]FkPSXULPDJQHWLFHSXWHUQLFH$FHVWOXFUX
SRDWHGXFHODGHIHFLXQLVDXGHWHULRUDGDWHOHLPDJLQLORU
'DFSHDSDUDWVDXSHHFUDQDMXQJVWURSLGHDSVDXGHPXUGULH
WHUJHLFXRFkUSXVFDWLPRDOHSUHFXPFkUSHOHSHQWUXWHUJHUHD
RFKHODULORU1XIUHFDLLQXIRUDL
1XIRORVLLQLFLRGDWPDWHULDOHGHFXUDUHFDUHFRQLQVROYHQLRUJDQLFL
SHQWUXDFXUDDSDUDWXOVDXHFUDQXO
)RORVLLRSHULHPRDOHSHQWUXDvQGHSUWDSUDIXOGHSHRELHFWLYQFD]XO
vQFDUHFXUDUHDHVWHGLFLODGUHVDLYGHSDUWDPHQWXOXLGHVXSRUW
&DQRQ
3HQWUXDSUHYHQLIRUPDUHDFRQGHQVXOXLSHDSDUDWvQXUPDVFKLPEULORU
EUXWHGHWHPSHUDWXUDWXQFLFkQGDSDUDWXOHVWHWUDQVIHUDWGLQWUXQ
PHGLXUHFHvQWUXQPHGLXFDOGSXQHLDSDUDWXOvQWURSXQJGHSODVWLF
FXYLGUHVLJLODELOLOVDLOVVHUHJOH]HWUHSWDWODWHPSHUDWXUD
UHVSHFWLYvQDLQWHGHDOVFRDWHGLQSXQJ
'DFDSDUHFRQGHQVSHDSDUDWRSULLLPHGLDWXWLOL]DUHDDFHVWXLDQ
FD]XOvQFDUHFRQWLQXDLVIRORVLLDSDUDWXOvQVWDUHDDFHDVWDDFHVWDVH
SRDWHGHWHULRUD6FRDWHLEDWHULDLFDUGXOGHPHPRULHLDWHSWDLSkQ
FHXPH]HDODVDHYDSRUDWFRPSOHWvQDLQWHGHDUHOXDIRORVLUHD
'HSR]LWDLEDWHULLOHSHFDUHQXOHIRORVLLvQWURSXQJGHSODVWLFVDXvQ
DOLUHFLSLHQL3HQWUXDPHQLQHSHUIRUPDQDEDWHULHLGDFQXYHLIRORVL
EDWHULDSHQWUXXQLQWHUYDOPDLPDUHGHWLPSvQFUFDLRRGDWSHDQL
DSRLIRORVLLDSDUDWXOSkQVHGHVFDUFvQDLQWHGHDRGHSR]LWD
6SHFLFDLL
6SHFLFDLLDSDUDW
3L[HOLHIHFWLYL
0D[
'LVWDQIRFDO
RELHFWLY
0RQLWRU/&'
)RUPDWLHU
7LSGDWH
,QWHUID
6XUVGH
DOLPHQWDUH
'LPHQVLXQL
FRQIRUP
LQVWUXFLXQLORU
&,3$
*UHXWDWH
FRQIRUP
LQVWUXFLXQLORU
&,3$
$SUR[LPDWLYPLOLRDQHGHSL[HOL
[]RRP:7PP
HFKLYDOHQWOPPP:7PP
/&'7)7FRORUGHFPLQ
3L[HOLHIHFWLYLDSUR[SXQFWH
&RPSDWLELOFX5HJXODGHFUHDUHDVLVWHPXOXLGH
LHUHDODSDUDWXOXL'32)9HUVLXQHD
)RWRJUDL([LI-3(*
)LOPH039LGHR03(*$9&+$XGLR
03(*$$&/&PRQR
86%GHPDUHYLWH]
,HLUH+'0,
,HLUHDQDORJLFDXGLRPRQR
,HLUHDQDORJLFYLGHR176&3$/
%DWHULH1%/+
.LWDGDSWRU$&$&.'&
[[PP[[LQ
$SUR[JDSUR[R]LQFOXVLYEDWHULDL
FDUGXOGHPHPRULH
$SUR[JGRDUDSDUDWXO
6SHFLFDLL
:L)L
Standarde
0HWRG
WUDQVPLWHUH
0RGXUL
FRPXQLFDUH
,(((EJQ
'RDUEDQG*+]
0RGXODLH2)'0,(((JQ
0RGXODLH'666,(((E
0RGLQIUDVWUXFWXU
PRG$GKRF
2
&RPSDWLELOLWDWHVHWDUH:L)LSURWHMDW
:L)L&(57,),(',%66
Canale
FRPSDWLELOH
FK
6HFXULWDWH
:(3:3$36.$(67.,3
:3$36.$(67.,3
'LVWDQIRFDO]RRPGLJLWDOHFKLYDOHQWOPPP
=RRPGLJLWDO>6WDQGDUG@
7HOHFRQYHUWRUGLJLWDO[
7HOHFRQYHUWRUGLJLWDO[
PP
5HSUH]LQWGLVWDQDIRFDOFRPELQDW
GLQWUH]RRPRSWLFL]RRPGLJLWDO
PP
PP
6SHFLFDLL
1XPUXOGHIRWRJUDL7LPSGHvQUHJLVWUDUH7LPSGHUHGDUH
1XPUGHIRWRJUDL
$SUR[GHIRWRJUDL
1XPUGHIRWRJUDL0RG(FRSRUQLW
7LPSGHvQUHJLVWUDUHOPH
7LPSGHvQUHJLVWUDUHOPH)LOPDUH
FRQWLQX
2)
7LPSGHUHGDUH
3
$SUR[GHIRWRJUDL
$SUR[RU
$SUR[RUPLQ
$SUR[RUH
7LPSLLVXQWvQXUPWRDUHOHFRQGLLLGHvQUHJLVWUDUH
0RG$872
&DOLWDWHDLPDJLQLL> ]
QUHJLVWUDUHUHSHWDWRSULUH]RRPSRUQLUHRSULUH
7LPSLLVXQWvQXUPWRDUHOHFRQGLLLGHvQUHJLVWUDUH
0RG$872
&DOLWDWHDLPDJLQLL> ]
)URSHUDLLSUHFXP]RRP
QUHJLVWUDUHLPHGLDWGXSRSULUHFkQGGLPHQVLXQHDLHUXOXLDMXQJHOD*%VDX
WLPSXOGHvQUHJLVWUDUHDMXQJHODPLQVHF
7LPSXOSHQWUXIRWRJUDLUHGDUHvQWURSUH]HQWDUH
1XPUXOGHIRWRJUDLFDUHSRWIFXWHVHED]HD]SHVWDQGDUGXOGH
PVXUWRULDOH&DPHUD ,PDJLQJ3URGXFWV$VVRFLDWLRQ&,3$
QDQXPLWHFRQGLLLGHIRWRJUDHUHQXPUXOIRWRJUDLORUSRVLELOHL
WLPSXOGHOPDUHSRWGHGXUDWPDLPLFGHFkWFHDPHQLRQDWPDL
VXV
1XPUGHIRWRJUDLWLPSGHvQUHJLVWUDUHFXEDWHULDvQFUFDWFRPSOHW
6SHFLFDLL
1XPUGHIRWRJUDLSHFDUGGHPHPRULH
1XPUGHSL[HOL
vQUHJLVWUDL
5DWGH
FRPSUHVLH
1XPUGHIRWRJUDLSHFDUGGH
PHPRULHDSUR[LPDWLY
*%
/DUJH
0[
0HGLXP
0[
0HGLXP
0[
6PDOO
0[
9DORULOHGLQWDEHOVXQWPVXUDWHvQFRQIRUPLWDWHFXVWDQGDUGHOH&DQRQ
LVHSRWVFKLPEDvQIXQFLHGHVXELHFWFDUGXOGHPHPRULHLVHWULOH
DSDUDWXOXL
7LPSGHvQUHJLVWUDUHSHUFDUGGHPHPRULH
&DOLWDWHDLPDJLQLL
7LPSGHvQUHJLVWUDUHSHUFDUGGHPHPRULH
*%
KPLQVHF
KPLQVHF
KPLQVHF
9DORULOHGLQWDEHOVXQWPVXUDWHvQFRQIRUPLWDWHFXVWDQGDUGHOH&DQRQ
LVHSRWVFKLPEDvQIXQFLHGHVXELHFWFDUGXOGHPHPRULHLVHWULOH
DSDUDWXOXL
QUHJLVWUDUHDVHYDRSULDXWRPDWDWXQFLFkQGGLPHQVLXQHDLHUXOXL
FOLSXOXLDMXQJHOD*%VDXFkQGWLPSXOGHvQUHJLVWUDUHDMXQJHOD
DSUR[LPDWLYPLQXWHLGHVHFXQGHFkQGOPDLvQ> ] [ ] sau
DSUR[LPDWLYRRUFkQGOPDLvQ> @
QUHJLVWUDUHDVHSRDWHRSULFKLDUGDFGXUDWDPD[LPDDFOLSXOXLQX
DIRVWDWLQVSHDQXPLWHFDUGXULGHPHPRULH6XQWUHFRPDQGDWH
FDUGXULOH6'6SHHG&ODVVVDXRYHUVLXQHPDLQRX
6SHFLFDLL
,QWHUYDOEOL
8QJKLZLGHPD[LP
7HOHIRWRPD[LP
FPPIW
PIW
,QWHUYDOGHIRWRJUDHUH
0RG
IRWRJUDHUH
,QWHUYDO
de
IRFDOL]DUH
8QJKLZLGH
PD[LP )
7HOHIRWRPD[LP
FP
LQLQQLW
FP
LQLQQLW
FP
LQIW
$OWHPRGXUL
P
LQLQQLW
P
LQLQQLW
1XHVWHGLVSRQLELOvQDQXPLWHPRGXULGHIRWRJUDHUH
9LWH]IRWRJUDHUHFRQWLQX
0RGIRWRJUDHUH
9LWH]
$SUR[IRWRJUDLVHF
$SUR[IRWRJUDLVHF
7LPSGHH[SXQHUH
0RGXO>
],
VHWDUHDDXWRPDWD VHF
LQWHUYDOXOXL
'LDIUDJP
IQXPU
II:II7
QIXQFLHGHSR]LLD]RRPXOXLHVWHSRVLELOFDDQXPLWHYDORULDOHGLDIUDJPHLVQX
HGLVSRQLELOH
6SHFLFDLL
%DWHULH1%/+
7LS
%DWHULHUHvQFUFDELOOLWLXLRQ
9ROWDMQRPLQDO
'&9
&DSDFLWDWHQRPLQDO
P$K
&LFOXULGHvQFUFDUH
$SUR[LPDWLYGHGHRUL
7HPSHUDWXUGHRSHUDUH&)
QFUFWRUEDWHULL&%/<&%/<(
$OLPHQWDUH
,QGH[
$
$FFHVRULL
$DMPULW
$DM79
$OLPHQWDUH
$SDUDW
5HVHWDUHWRWDO
$UWLFLL0RGIRWRJUDHUH
$XWRGHFODQDUHID0RG
IRWRJUDHUH
$XWRGHFODQDWRU
$XWRGHFODQDUHID0RG
IRWRJUDHUH
$XWRGHFODQDWRUODVHFXQGH
$XWRGHFODQDWRUODFOLSLUH0RG
IRWRJUDHUH
3HUVRQDOL]DUHD
DXWRGHFODQDWRUXOXL
$XWRGHFODQDWRUODFOLSLUH0RG
IRWRJUDHUH
C
&DEOX$9
&DEOX$96WHUHR
&DEOX+'0,
&DGUH$)
&OWRULLFXDSDUDWXO
&DPHUD&RQQHFW
&DPHUD:LQGRZ
&$121L0$*(*$7(:$<
&DUGXULGHPHPRULH
7LPSGHvQUHJLVWUDUH
&XWDUH
Ceas 44
&HQWUX0RG&DGUX$)
&RQHFWDUHIRORVLQGXQ
$FFHVV3RLQW
&RQHFWDUHODGLVSR]LWLYHPRELOH
&RQLQXWSDFKHW
&RUHFWDUHRFKLURLL
&XORDUHQLYHOGHDOE
&XUHD
B
Bateria
(FRQRPLVLUHHQHUJLH
QFUFDUH
0RG(FR
1LYHO
Baterii
(FRQRPLVLUHHQHUJLH
%OL
3RUQLW
6LQFURQL]DUHOHQW
%ORFDUH)RFDOL]DUH
D
'DW2U
$GXJDUHDXQHLWDPSLOH
FXGDW
%DWHULDSHQWUXGDWRU
)XVRUDU
0RGLFDUH
6HWUL
'HFODQDWRULQWHOLJHQW
0RG)RWRJUDHUH
'HSDQDUH
'HWHFWDUHFOLSLUH
'LVSR]LWLYGHFXSODUH'&
,QGH[
'32)
(FRQRPLVLUHHQHUJLH
(FUDQ
/LPEGHDDUH
3LFWRJUDPH
(GLWDUH
&RUHFWDUHRFKLURLL
L&RQWUDVW
0\&RORUV
5HGLPHQVLRQDUHDLPDJLQLORU
7LHUH
(GLWDUHDVDXWHUJHUHDLQIRUPDLLORUGH
FRQHFWDUH
(IHFWDSDUDWGHMXFULH0RG
)RWRJUDHUH
(IHFWGHSRVWHU0RG)RWRJUDHUH
(IHFWPLQLDWXU0RG)RWRJUDHUH
(IHFWRFKLGHSHWH0RG
)RWRJUDHUH
(QHUJLHFDVQLF
([SXQHUH
&RPSHQVDUH
F
)D$L$)0RG&DGUX$)
)DYRULWH
)LOPH
&DOLWDWHLPDJLQLUH]ROXLHUDW
FDGUH
(GLWDUH
7LPSGHvQUHJLVWUDUH
)RFDOL]DUH
&DGUH$)
6HUYR$)
=RRPSXQFW$)
)RWRJUDHUH
,QIRUPDLLGHVSUHIRWRJUDHUH
)RWRJUDHUHFRQWLQX
)RWRJUDHUHvQUDIDO
PRGIRWRJUDHUH
)RWRJUDHUHGHODGLVWDQ
)RWRJUDHUHvQUDIDOPRG
IRWRJUDHUH
)RWRJUDLFUHDWLYH
)XQFLL:L)L
)XVRUDU
*ULOH
H
+LEULGDXWRPRGIRWRJUDHUH
I
L&RQWUDVW
,OXPLQDUHVF]XW
0RG)RWRJUDHUH
,PDJH6\QF
,PDJLQL
3HULRDGGHDDUH
3URWHMDUH
WHUJHUH
,PDJLQLDOELQHJUX
,PDJLQLLQWRQXULVHSLD
,PSULPDUH
QFUFWRUEDWHULH
,QGLFDWRU
,QWHUYDOIRFDOL]DUH
0DFUR
.LWDGDSWRU$&
,QGH[
/LPEGHDDUH
M
0DFURLQWHUYDOIRFDOL]DUH
Meniu
2SHUDLXQLGHED]
7DEHO
0HQLX)81&
2SHUDLXQLGHED]
7DEHO
0HQLX:L)L
0HVDMHGHHURDUH
0HWRGGHPVXUDUH
0L[DUHLQWHOLJHQW
0RG$XWR0RGIRWRJUDHUH
0RG$8720RGIRWRJUDHUH
0RG(FR
0RGSXQFWGHDFFHVDSDUDW
0RQRFURP0RG)RWRJUDHUH
0\&RORUV
N
1LYHOGHDOEFXORDUH
1LYHOGHDOESHUVRQDOL]DW
1XPHURWDUHLHU
30RGIRWRJUDHUH
3LFW%ULGJH
3L[HOLGHvQUHJLVWUDUH'LPHQVLXQHD
LPDJLQLL
3RUWUHW0RG)RWRJUDHUH
3UH]HQWDUH
3URJUDP$(
3URWHMDUH
5DSRUWDVSHFW
5DWGHFRPSUHVLH&DOLWDWHDLPDJLQLL
5HGLPHQVLRQDUHDLPDJLQLORU
5HVHWDUHWRWDO
5RWLUH
6DOYDUHDLPDJLQLORUvQFDOFXODWRU
6FHQHGHQRDSWHGLQPkQ0RGGH
IRWRJUDHUH
6HUYR$)
6HWULDOEXPIRWR
6RIWZDUH
,QVWDODUH
6DOYDUHDLPDJLQLORUvQ
FDOFXODWRU
6WDELOL]DUHDLPDJLQLL
WHUJHUH
6XQHWH
6XSHU9LYLG0RG)RWRJUDHUH
T
7LHUH
7HOHFRQYHUWRUGLJLWDO
7HUPLQDO
7LPSOXQJGHH[SXQHUH0RG
)RWRJUDHUH
7UDQVPLWHUHDGHLPDJLQL
7UDQVPLWHUHDGHLPDJLQLFWUHDOW
DSDUDW
7ULPLWHLLPDJLQLFWUHR
LPSULPDQW
7ULPLWHLLPDJLQLFWUHVHUYLFLL
:HE
,QGH[
7ULPLWHLLPDJLQLFWUHXQ
FDOFXODWRU
7ULPLWHLLPDJLQLFWUHXQ
VPDUWSKRQH
U
8UPULUH$)
V
9DORDUH,62
9L]XDOL]DUH
$DMPULW
$DM79
$DUHDXQHLVLQJXUHLPDJLQL
$DUHLQGH[
&XWDUHLPDJLQH
0L[DUHLQWHOLJHQW
3UH]HQWDUH
3UHFDXLLUHIHULWRDUHOD:L)L:LUHOHVV/$1
&RQIRUPOHJLVODLHLUHIHULWRDUHODPRQHGHOHLQWHUQDLRQDOHLODFRPHUXO
LQWHUQDLRQDOHVWHQHFHVDUDXWRUL]DLDGHH[SRUWVDXDXWRUL]DLDGH
VHUYLFLLGHWUDQ]DFLHGLQSDUWHDJXYHUQXOXLMDSRQH]SHQWUXH[SRUWXOGH
UHVXUVHVDXVHUYLFLLVWUDWHJLFHLQFOXVLYDFHVWSURGXVvQDIDUD-DSRQLHL
'HRDUHFHDFHVWSURGXVLQFOXGHXQVRIWZDUHDPHULFDQSHQWUX
HQFULSWDUHDFHVWDVHYDVXSXQH5HJOHPHQWULORUSUHY]XWHGH
'HSDUWDPHQWXOGHDGPLQLVWUDUHDH[SRUWXULORUDO68$LQXSRDWH
H[SRUWDWVDXDGXVvQWURDUDDWVXEHPEDUJRFRPHUFLDOLPSXVGH
FWUH68$
$YHLJULMVQRWDLVHWULOH/$1ZLUHOHVVSHFDUHOHIRORVLL
6HWUL:LUHOHVV/$1VDOYDWHSHQWUXDFHVWSURGXVSRWPRGLFDWHVDX
WHUVHGLQFDX]DRSHUULLLQFRUHFWHDSURGXVXOXLGLQFDX]DHIHFWXOXLGH
XQGHUDGLRVDXDHOHFWULFLWLLVWDWLFHDDFFLGHQWHORUVDXDGHIHFLXQLORU
$YHLJULMVQRWDLVHWULOH/$1ZLUHOHVVSHFDUHOHIRORVLLFDPVXU
GHSUHFDXLH5HLQHL&DQRQQXvLDVXPvQQLFLXQIHOUVSXQGHUHD
SHQWUXRULFHIHOGHGHWHULRUULVDXSLHUGHULGLUHFWHLLQGLUHFWHUH]XOWDWH
GLQGHJUDGDUHDSURGXVXOXL
$WXQFLFkQGGDLDFHVWSURGXVXQHLDOWHSHUVRDQHFkQGYGHEDUDVDL
GHHOVDXvOWULPLWHLODUHSDUDWQXXLWDLVQRWDLVHWULOHGH/$1
ZLUHOHVVLVUHVHWDLSURGXVXOODVHWULOHLPSOLFLWHVWHUJHLVHWULOH
GDFHVWHQHFHVDU
&DQRQQXRIHUGHVSJXELULvQFD]XOSLHUGHULLVDXVXVWUDJHULL
SURGXVXOXL
&DQRQQXDFFHSWUHVSRQVDELOLWDWHDSHQWUXSLHUGHULVDXGDXQH
UH]XOWDWHGLQDFFHVXOQHDXWRUL]DWVDXXWLOL]DUHDGLVSR]LWLYHORULQW
vQUHJLVWUDWHSHDFHVWSURGXVGLQFDX]DSLHUGHULLVDXIXUWXOXLDFHVWXLD
$YHLJULMVIRORVLLSURGXVXOFRQIRUPLQGLFDLLORUGLQDFHVWJKLG
$YHLJULMVIRORVLLIXQFLD/$1ZLUHOHVVDDFHVWXLSURGXVFRQIRUP
LQGLFDLLORULQFOXVHvQDFHVWJKLG&DQRQQXvLDVXPUHVSRQVDELOLWDWHD
SHQWUXGHWHULRUULOHVDXSLHUGHULOHVXIHULWHFKLDUGDFIXQFLDL
SURGXVXOVXQWIRORVLWHvQDOWHPRGXULGHFkWFHOHGHVFULVHvQDFHVWJKLG
3UHFDXLLUHIHULWRDUHODLQWHUIHUHQDFXXQGHUDGLR
$FHVWSURGXVSRDWHDIHFWDWGHLQWHUIHUHQHGLQSDUWHDDOWRUGLVSR]LWLYH
FDUHHPLWXQGHUDGLR3HQWUXDHYLWDLQWHUIHUHQHOHDVLJXUDLYF
IRORVLLDFHVWSURGXVFkWPDLGHSDUWHGHDFHVWHGLVSR]LWLYHVDXHYLWDL
XWLOL]DUHDGLVSR]LWLYHORUvQDFHODLWLPSFXXWLOL]DUHDDFHVWXLSURGXV
0VXULGHVLJXUDQ
'HRDUHFH:L)LIRORVHWHXQGHUDGLRSHQWUXDWUDQVPLWHVHPQDOHVXQW
QHFHVDUHPVXULGHVLJXUDQPDLIHUPHGHFkWvQFD]XOvQFDUHIRORVLLXQ
FDEOX/$1
$WXQFLFkQGIRORVLL:L)LWUHEXLHVLQHLFRQWGHXUPWRDUHOH
)RORVLLGRDUUHHOHSHFDUHVXQWHLDXWRUL]DLVOHIRORVLL
$FHVWDSDUDWFDXWUHHOH:L)LDDWHvQDSURSLHUHLDHD]UH]XOWDWXO
SHHFUDQ5HHOHOHSHFDUHQXVXQWHLDXWRUL]DLVOHIRORVLLUHHOH
QHFXQRVFXWHDUSXWHDGHDVHPHQHDDDWH7RWXLFRQHFWDUHD
ODVDXvQFHUFDUHDGHDIRORVLDFHOHUHHOHDUSXWHDFRQVLGHUDWDFFHV
QHDXWRUL]DW$YHLJULMVIRORVLLGRDUDFHOHUHHOHSHFDUHVXQWHL
DXWRUL]DWVOHIRORVLLLQXvQFHUFDLVYFRQHFWDLODDOWHUHHOH
'DFVHWULOHGHVLJXUDQQXDXIRVWUHDOL]DWHvQPRGFRUHVSXQ]WRUSRW
DSUHDXUPWRDUHOHSUREOHPH
0RQLWRUL]DUHDWUDQVPLVLHL
'LYHULWHULFXLQWHQLLUXYRLWRDUHDUSXWHDPRQLWRUL]DWUDQVPLVLLOH:L
)LLDUSXWHDvQFHUFDVLvQVXHDVFGDWHOHSHFDUHOHWUDQVPLWHL
$FFHVQHDXWRUL]DWODUHHD
'LYHULWHULFXLQWHQLLUXYRLWRDUHDUSXWHDRELQHDFFHVQHDXWRUL]DW
ODUHHDXDSHFDUHRXWLOL]DLLDUSXWHDVIXUHVPRGLFHVDXV
GLVWUXJLQIRUPDLLOH'HDVHPHQHDSXWHLFGHDYLFWLPDDOWRUWLSXUL
GHDFFHVQHDXWRUL]DWSUHFXPDVXPDUHDLGHQWLWLLFD]vQFDUHFLQHYD
vLDVXPRLGHQWLWDWHSHQWUXDRELQHDFFHVODLQIRUPDLLQHDXWRUL]DWH
VDXDWDFXULVSULQJERDUGFD]vQFDUHFLQHYDRELQHDFFHVXOQHDXWRUL]DW
ODUHHDXDGXPQHDYRDVWUVXEIRUPGHVSULQJERDUGSHQWUXDL
DFRSHULXUPHOHDWXQFLFkQGVHLQOWUHD]vQDOWHVLVWHPH
3HQWUXDSUHYHQLDFHVWHSUREOHPHDYHLJULMVVHFXUL]DLWHPHLQLF
UHHDXDGXPQHDYRDVWU:L)L
$YHLJULMVIRORVLLIXQFLD:L)LDDFHVWXLDSDUDWGXSFHDLvQHOHV
IRDUWHELQHPVXULOHGHVLJXUDQSHQWUXUHHOHOH:L)LLVFkQWULL
ULVFXULOHLDYDQWDMHOHDWXQFLFkQGHIHFWXDLVHWULOHGHVHFXULWDWH
$SDUDWXOSRDWHLPSULPDSHLPSULPDQWH3LFWEULGJH
FRPSDWLELOHSULQUHHOH:L)L6WDQGDUGHOHWHKQLFH
3LFW%ULGJHvQOHVQHVFFRQHFWDUHDGLUHFWODDSDUDWH
GLJLWDOHLPSULPDQWHLDOWHGLVSR]LWLYH'HDVHPHQHD
QRXVWDQGDUGGHQXPLW'36SULQ,3SHUPLWHFRQH[LXQH
3LFW%ULGJHvQPHGLLGHUHHOHLDUDSDUDWXOHVWH
FRPSDWLELOLFXDFHVWVWDQGDUG
0UFLFRPHUFLDOHLOLFHQH
0LFURVRIWL:LQGRZVVXQWPUFLFRPHUFLDOHVDXPUFLFRPHUFLDOH
vQUHJLVWUDWHDOH0LFURVRIW&RUSRUDWLRQvQ6WDWHOH8QLWHLVDXvQDOWHUL
0DFLQWRVKL0DF26UHSUH]LQWPUFLFRPHUFLDOHDOH$SSOH,QF
vQUHJLVWUDWvQ68$LDOWHUL
$SS6WRUHL3KRQHLL3DGUHSUH]LQWPUFLFRPHUFLDOHDOH$SSOH,QF
6LJOD6';&HVWHRPDUFFRPHUFLDOD6'&//&
+'0,ORJRXO+'0,L+LJK'HQLWLRQ0XOWLPHGLD,QWHUIDFHVXQWPUFL
FRPHUFLDOHVDXPUFLFRPHUFLDOHvQUHJLVWUDWHDOH+'0,/LFHQVLQJ//&
:L)L:L)L$OOLDQFH:3$:3$L:L)L3URWHFWHG6HWXS
VXQWPUFLFRPHUFLDOHVDXPUFLvQUHJLVWUDWHDOH:L)L$OOLDQFH
6HPQXO1HVWHRPDUFvQUHJLVWUDWD1)&)RUXP,QFvQ6WDWHOH8QLWH
LvQDOWHUL
7RDWHFHOHODOWHPUFLFRPHUFLDOHDSDULQSURSULHWDULORUUHVSHFWLYL
'LVSR]LWLYXODUHvQFRUSRUDWDRWHKQRORJLHH[)$7OLFHQLDWGH0LFURVRIW
$FHVWSURGXVHVWHOLFHQLDWvQED]DSDWHQWHORU$7 7SHQWUXVWDQGDUGXO
03(*LSRDWHIRORVLWSHQWUXFRGLFDUHDLVDXGHFRGLFDUHD
YLGHRFOLSXULORUFRPSDWLELOHFXIRUPDWXO03(*LVDXGHFRGLFDUHD
YLGHRFOLSXULORUFRPSDWLELOHFXIRUPDWXO03(*FDUHDXIRVWFRGLFDWH
GRDUSHQWUXRSHUVRDQLvQVFRSXULQHFRPHUFLDOHVDXGHXQ
IXUQL]RUGHPDWHULDOHYLGHROLFHQLDWvQED]DSDWHQWHORU$7 7SHQWUX
DVLJXUDUHDPDWHULDOHORUYLGHRFRPSDWLELOHFXIRUPDWXO03(*1X
VHJDUDQWHD]LQXVHDVLJXUQLFLROLFHQSHQWUXDOWHXWLOL]ULSHQWUX
VWDQGDUGH03(*
1RW
5HSURGXFHUHDQHDXWRUL]DWDDFHVWXLJKLGHVWHLQWHU]LV
7RDWHPVXUWRULOHVHED]HD]SHVWDQGDUGHOHGHWHVWDUH&DQRQ
6SHFLFDLLOHSURGXVXOXLLDVSHFWXOH[WHULRUSRWPRGLFDWHIU
QRWLFDUHSUHDODELO
,OXVWUDLLOHLLPDJLQLOHFXHFUDQXOGLQDFHVWJKLGSRWXRUGLIHULWHID
GHDSDUDWXOSHFDUHvOGHLQHL
)UDOXDvQFRQVLGHUDUHHOHPHQWHOHGHPDLVXV&DQRQQXvLDVXP
QLFLRUVSXQGHUHSHQWUXGHWHULRUULOHGDWRUDWHRSHUULLJUHLWHDDFHVWRU
SURGXVH
0(02
0(02
0(02
0(02
0(02
0(02
0(02
0(02
0(02
0(02
0(02
0(02
0(02
322
0(02
323