Professional Documents
Culture Documents
Manual de Utilizare ClasaA 2010 PDF
Manual de Utilizare ClasaA 2010 PDF
0DQXDOGHXWLOL]DUH
6LPEROXUL
< $YHUWLVPHQW
= 1RWSULYLQGSURWHFLDPHGLXOXL
3RVLELOGHWHULRUDUHDDXWRYHKL
FXOXOXL
R 5HFRPDQGDUH
$FLXQHQHFHVDU
6LPEROGHFRQWLQXDUH
SDJLQD 7ULPLWHUHODRSDJLQ
$ILDM $ILDMSHGLVSOD\XOPXOWLIXQFLR
QDOGLVSOD\XOVLVWHPXOXL
&20$1'
%LQHDLYHQLWvQOXPHD0HUFHGHV%HQ] G ,QIRUPDLLGHVSUHIXQFLLOHLPSRUWDQWHGLQ
QDLQWHGHDSRUQLODGUXPYUHFRPDQGPV GRWDUHDDXWRYHKLFXOXOXLGXPQHDYRDVWU
YIDPLOLDUL]DLFXDXWRYHKLFXOXOLVSDUFXU VXQWGLVSRQLELOHvQ0DQXDOXOGHXWLOL]DUH
JHLDFHVWPDQXDOvQVSHFLDOQRWHOHSULYLQG LQWHUDFWLYSXEOLFDWSH,QWHUQHWODDGUHVD
VLJXUDQDLDYHUWLVPHQWHOH$VWIHOFRQGXFH KWWSZZZPHUFHGHVEHQ]GH
UHDDXWRYHKLFXOXOXLYDILPDLSOFXWLYHL EHWULHEVDQOHLWXQJ
HYLWDVLWXDLLOHSHULFXORDVHSHQWUXGXPQHD (FKLSDGHUHGDFWDUHDGRFXPHQWDLHLWHKQLFH
YRDVWUVDXSHQWUXDOWHSHUVRDQH 'DLPOHU$*YGRUHWHRFRQGXFHUHSOFXW
'RWULOHVDXGHQXPLUHDPRGHOXOXLGHDXWRYH LvQVLJXUDQ
KLFXODUSXWHDVGLIHUHvQIXQFLHGH
=PRGHO
=FRPDQG
=VSHFLILFDLLOHULL
=GLVSRQLELOLWDWH
,OXVWUDLLOHGLQDFHVWPDQXDOSUH]LQWXQDXWR
YHKLFXOFXYRODQXOSHSDUWHDVWkQJ/DDXWR
YHKLFXOHOHFXYRODQXOSHSDUWHDGUHDSWGLV
SXQHUHDGLIHULWHORUHOHPHQWHLFRPHQ]LHVWH
VFKLPEDWvQPRGFRUHVSXQ]WRU
0HUFHGHV%HQ]DFWXDOL]HD]FRQVWDQWDXWR
YHKLFXOHOHSURGXVHFXWHKQRORJLLGHXOWLP
JHQHUDLH
3ULQXUPDUH0HUFHGHV%HQ]vLUH]HUYGUHS
WXOGHDUHDOL]DPRGLILFULvQXUPWRDUHOH
GRPHQLL
=GHVLJQ
=HFKLSDPHQWH
=IXQFLLWHKQLFH
'LQDFHVWPRWLYRULFHUHFODPDLLED]DWHSH
LQIRUPDLLOHLOXVWUDLLOHVDXGHVFULHULOHGLQ
DFHVWPDQXDOVXQWFRQVLGHUDWHQHIRQGDWH
8UPWRDUHOHVXQWSULLQWHJUDQWHDOHDXWRYH
KLFXOXOXL
=0DQXDOXOGHXWLOL]DUH
=,QVWUXFLXQLOHSHVFXUW
=&DLHWXOGHVHUYLFH
=$QH[HOHUHIHULWRDUHODGRWULOHDXWRYHKLFX
OXOXL
0HQLQHLvQWRWGHDXQDDFHVWHGRFXPHQWHvQ
DXWRYHKLFXO'DFYLQGHLDXWRYHKLFXOXO
WUDQVPLWHLDFHVWHGRFXPHQWHQRXOXLSURSULH
WDU
q1st
&XSULQV
,QGH[ 3UH]HQWDUHJHQHUDO
,QWURGXFHUH 6LJXUDQD
'HVFKLGHUHDLvQFKLGHUHD
6FDXQHOHYRODQXOLRJOLQ]LOH
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
6LVWHPXOGHFOLPDWL]DUH
&RQGXFHUHDLSDUFDUHD
&RPSXWHUXOGHERUGLDILDMHOH
QFUFDUHGHSR]LWDUHLGRWUL
QWUHLQHUHLvQJULMLUH
$VLVWHQvQFD]GHDYDULH
3QHXULLMDQWH
'DWHWHKQLFH
,QGH[
$ $7$6LVWHPGHDODUPDQWLIXUW
$FWLYDUHDGH]DFWLYDUHD
$%66LVWHPDQWLEORFDUHODIUkQDUH 'H]DFWLYDUHDDODUPHL
)XQFLRQDUHQRWH $7$6LVWHPXOGHDODUPDQWLIXUW
/DPSGHDYHUWL]DUH )XQFLRQDUH
$%66LVWHPXODQWLEORFDUHODIUk $XWRQRPLDFRPSXWHUGHERUG
QDUH $8727521,&
0HVDMDILDW 0HVDMDILDW
$FFLGHQWREVHUYDLL $XWRYHKLFXO
$FYDSODQDUHD 'HVFXLHUHGHXUJHQ
$GXJDUHDGHOLFKLGGHVSODUHD (FKLSDPHQW
IDUXULORU 3DUFDUHDSHQWUXSHULRDGHvQGHOXQ
$GXJDUHDGHOLFKLGGHVSODUHD JDWH
SDUEUL]XOXL 3RUQLUHDSULQWUDFWDUH
$GHUHQDSQHXULORU 5LGLFDUH
$ILDMXOLQWHUYDOHORUSHQWUXHIHF 6HWULLQGLYLGXDOHFRPSXWHUGH
WXDUHDUHYL]LLORUWHKQLFH$66<67 ERUG
3/86 7UDFWDUH
$ILDUHDXQXLPHVDMSULYLQGUHYL]LD 7UDQVSRUWDUH
WHKQLFFRPSXWHUXOGHERUG 9HGHUHGLQH[WHULRU
$LUEDJODWHUDO $YDULH
$LUEDJWLSFRUWLQ YH]L3QHXGH]XPIODW
$LUEDJXUL
$FWLYDUH %
$LUEDJIURQWDORIHUSDVDJHU
ID %DQFKHWDGLQVSDWH
$LUEDJODWHUDO 5DEDWDUHDvQDLQWH
$LUEDJWLSFRUWLQ %$66LVWHPGHDVLVWDUHODIUkQDUH
$LUEDJXULSHQWUXFDSWRUDFHSH %DWHULD
SDUWHDODWHUDO 0HVDMDILDW
,QGLFDLLLPSRUWDQWHSULYLQGVLJX 5HFRPDQGULLPSRUWDQWHSULYLQG
UDQD VLJXUDQDFKHLH
$LUEDJXULSHQWUXFDSWRUDFHSH %DWHULH
SDUWHDODWHUDO $PSODVDUH
$OLPHQWDUHUHPRUF &RQHFWDUH
$OLPHQWDUHDFXFRPEXVWLELO 'HFRQHFWDUH
$OLPHQWDUHDUHPRUFLL 'HPRQWDUHPRQWDUH
$SHODUHDXQHLGHIHFLXQL QFUFDUH
YH]L0HVDMDILDW 3RUQLUHDVLVWDW
$VLVWHQWODSDUFDUH 5HFRPDQGULSULYLQGVLJXUDQD
0HVDMDILDW 9HULILFDUHFKHLH
$VLVWHQDODSDUFDUH %HFXUL
3$5.7521,& )D]DOXQJDIDUXULORU
$66<673/86 )D]DVFXUWDIDUXULORU
YH]L$ILDMXOLQWHUYDOHORUSHQWUX ,OXPLQDUHDVXSOLPHQWDUvQYLUDMH
HIHFWXDUHDUHYL]LLORUWHKQLFH QORFXLUH
$66<673/86 /DPSDSOFXHLGHvQPDWULFXODUH
,QGH[
)UkQH ,
$%6
)UkQDGHSDUFDUH ,OXPLQDUHDKDELWDFOXOXL
/DPSGHDYHUWL]DUH &RQWUROPDQXDO
/LFKLGGHIUkQQRWH ,OXPLQDUHDGHXUJHQ
)UkQHOH /DPSGHOHFWXU
%$6 6LVWHPXOGHFRQWURODXWRPDW
0HVDMDILDW 6WLQJHUHDWHPSRUL]DWFRPSXWHU
)UHFYHQH GHERUG
6WDLHUDGLRELGLUHFLRQDO ,OXPLQDUHDSDQRXOXLGHLQVWUX
7HOHIRQPRELO PHQWH
)XQFLDGHEORFDUHDFRPHQ]LORU YH]L,OXPLQDUHDSDQRXOXLGHLQVWUXPHQWH
*HDPXULODWHUDOHVSDWH ,OXPLQDUHGHXUJHQvQFD]GHDFFL
)XQFLDGHGHVFKLGHUHGHFRQIRUW GHQW
)XQFLDGHLOXPLQDUHVXSOLPHQWDU ,OXPLQDUHLQVWUXPHQWH
vQYLUDMHPHVDMDILDW ,QGLFDUHWUDVHXFRPSXWHUGH
)XQFLDGHvQFKLGHUHGHFRQIRUW ERUG
)XQFLDGHYHQWLODLHSHWLPSGH ,QGLFDWRUGHVFKLPEDUHDWUHSWHORU
YDU GHYLWH]
YH]L)XQFLDGHGHVFKLGHUHFRQIRUW ,QGLFDWRUSHQWUXWUHDSWDGHYLWH]
)XQFLD($6<(175< ,QGLFDWRUXOGHUHYL]LLWHKQLFH
)XQFLH(&2VWDUWVWRS YH]L$ILDMXOLQWHUYDOHORUSHQWUX
HIHFWXDUHDUHYL]LLORUWHKQLFH
$66<673/86
*
,QGLFDWRUXOGHVWDUHDFHQWXULORUGH
*HDPXUL VLJXUDQVSDWH
YH]L*HDPXULODWHUDOH ,QGLFDWRUXOLQWHUYDOHORUGHUHYL]LL
*HDPXULLQVWUXFLXQLGHFXUDUH WHKQLFH$66<673/86
*HDPXULHOHFWULFH ,QGLFDWRUXOQLYHOXOXLGHFDUEXUDQW
YH]L*HDPXULODWHUDOH $SHODUHDDXWRQRPLHLFRPSXWHU
*HDPXULODWHUDOH GHERUG
&HHVWHGHIFXWGDF ,QGLFDWRU
'HVFKLGHUHGHFRQIRUW ,QHOHGHDQFRUDUH
'HVFKLGHLvQFKLGHL ,QVWUXFLXQLJHQHUDOHUHIHULWRDUHOD
QFKLGHUHGHFRQIRUW vQFUFDUH
2EVHUYDLLLPSRUWDQWHSULYLQG
VLJXUDQD
5HVHWDUH
QFO]LUH
YH]L&OLPDWL]DUH
+
QFO]LUHDOXQHWHL
+D\RQ 'HIHFLXQH
0HVDMDILDW QFO]LUHOXQHW
+D\RQXO $FWLYDUHGH]DFWLYDUH
'LPHQVLXQLOHGHGHVFKLGHUH QFKLGHUHFHQWUDOL]DW
,QVWUXFLXQLLPSRUWDQWHSULYLQG QFXLHUHDXWRPDWFRPSXWHUGH
VLJXUDQD ERUG
,QGH[
QFXLHUH .
$XWRPDW
'LQLQWHULRUEXWRQXOGHvQFKLGHUH .LFNGRZQ
FHQWUDOL]DW
QFXLHUHGHXUJHQ /
QFXLHUHDFHQWUDOL]DW /DPHOHWHUJWRDUHORU
&KHLD &XUDUH
QFXLHUHGHXUJHQ QORFXLUH
$XWRYHKLFXO /DPSDGHDYHUWL]DUH3$66(1*(5
QORFXLUHDEHFXULORU $,5%$*2))DLUEDJSDVDJHUGH]DF
)DUXUL WLYDW
QWLQ]WRUGHFHQWXU /DPSDGHSR]LLH
$FWLYDUH YH]L/DPSDGHSR]LLH
)XQFLH /DPSDGHSR]LLHPHVDMDILDW
QWUHLQHUH /DPSDPDUWRU/,0
%HQ]LRUQDPHQWDOH 6LVWHPXO63(('7521,&YDULDELO
'LVSOD\ 7(0320$7
'LVSR]LWLYGHFXSODUHDUHPRUFLL /DPSDSOFXHLGHvQPDWULFXODUH
'LVSR]LWLYGHFXUDUHFXvQDOW PHVDMDILDW
SUHVLXQH /DPSGHFHDPHVDMDILDW
)DUXUL /DPSGHPHUVvQDSRLPHVDMDIL
*HDPXUL DW
+XVHOHVFDXQHORU /DPSGHSR]LLHPHVDMDILDW
/DPHOHWHUJWRDUHORU /DQXULOHDQWLGHUDSDQWH
1RWH /PSLGHDYHUWL]DUHLLQGLFDWRDUH
2UQDPHQWHGLQOHPQ 3UH]HQWDUHJHQHUDO
2UQDPHQWHGLQPDWHULDOSODVWLF /PSLOHPDUWRULGHDYHUWL]DUH
5RL &HQWXUDGHVLJXUDQ
6HQ]RUL /DPSDPDUWRU/,0VLVWHPXO
6SOWRULHDXWRPDW 63(('7521,&YDULDELO
HYLGHHDSDPHQW /DPSDPDUWRU/,0WHPSRPDW
9RSVHD /PSLPDUWRULGHDYHUWL]DUH
$%6
- &DUEXUDQWGHUH]HUY
-DOX]HDXDSRUWEDJDMXOXL 'LDJQRVWLFDUHDPRWRUXOXL
-DOX]HOHOHUXODQWH (63
7UDSDSDQRUDPLFJOLVDQWFX )UkQH
ODPHOH 3$66(1*(5$,5%$*2))DLUEDJ
YH]L-DOX]HOHOHUXODQWH SDVDJHUGH]DFWLYDW
-DQWH 5H]HUYRUGHFDUEXUDQW
'LPHQVLXQHMDQWHGLPHQVLXQH 656
SQHXUL /PSLVHPQDOL]DWRDUHGHGLUHFLH
,QVSHFLH /LFKLGGHIUkQ
,QVWUXFLXQL 1RWH
/LFKLGGHUFLUHPRWRU
,QGLFDWRUXOWHPSHUDWXULL
0HVDMGHSHGLVSOD\
,QGH[
5HFRPDQGUL 0
9HULILFDUHDQLYHOXOXL
/LFKLGGHVSODUHDSDUEUL]XOXL 0DVDSURSULH
PHVDMDILDW 0DVFDSLWRQDW,&6
/LPEDFRPSXWHUGHERUG 0DVHOHDXWRYHKLFXOXOXL
/LPLWDWRUGHYLWH] 0HQLXFRPSXWHUGHERUG
63(('7521,& $ILDMVWDQGDUG
/LQLDGHVWDUHFRPSXWHUGHERUG $XGLR
6HOHFWDUHDDILDMXOXL &RPSXWHUGHUXODM
/LQLHGHVWDUHFRPSXWHUGHERUG '9'
'LVSOD\PXOWLIXQFLRQDO 1DYLJDLH
/XFUXOSHWLPSGHLDUQ 6HWUL
/XPLQGHORFDOL]DUHFRPSXWHUGH 7HOHIRQ
ERUG 0HQLXFRPSXWHUXOGHERUG
/XPLQL 0HPRULDGHPHVDMH
$FWLYDUHDGH]DFWLYDUHDIXQFLHL 3UH]HQWDUHJHQHUDODPHQLXOXL
GHVWLQJHUHWHPSRUL]DWDLOX 0HQLXDXGLRFRPSXWHUGHERUG
PLQULLKDELWDFOXOXLFRPSXWHUGH 0HQLXOFRPSXWHUGHERUG
ERUG 5HYHQLUHDODVHWULOHGLQIDEULF
$FWLYDUHDGH]DFWLYDUHDOXPLQLLGH 0HVDMGHGHIHFLXQH
ORFDOL]DUHFRPSXWHUGHERUG YH]L0HVDMDILDW
$FWLYDUHDGH]DFWLYDUHDOXPLQLORU 0HVDMH
GLXUQHFRPSXWHUGHERUG YH]L0HVDMDILDW
$FWLYDUHDGH]DFWLYDUHDVWLQJHULL 0HVDMHDILDWH
WHPSRUL]DWHOXPLQLH[WHULRDUH $SHODUHDFRPSXWHUXOGHERUG
FRPSXWHUGHERUG $XWRYHKLFXO
&RPXWDWRUGHOXPLQL &KHLH
&RQGXFHUHDDXWRYHKLFXOXOXLvQ )UkQHOH
DIDUDULL ,QGLFDWRUXOLQWHUYDOHORUGHUHYL]LL
)D]DOXQJDIDUXULORU WHKQLFH$66<673/86
)D]DVFXUWDIDUXULORU 0RWRU
)XQFLDGHLOXPLQDUHVXSOLPHQWDU 3QHXULOH
vQYLUDMH 6LVWHPHGHDVLVWDUHDFRQGXFHULL
/XPLQLGLXUQH 6LVWHPHOHGHVLJXUDQ
0RGXOGHIXQFLRQDUHDXWRPDWD WHUJHUHFRPSXWHUXOGHERUG
IDUXULORU 0RGGHIXQFLRQDUHSHUPDQHQWD
5D]DGHDFLXQHDIDUXULORU IDUXULORU
6HPQDOL]DWRDUHGHDYDULH YH]L/XPLQLGLXUQH
/XPLQLGHIUkQ 0RGLILFDUHDSURJUDPULL
$GDSWLYH &KHLH
/XPLQLGLXUQH 0RGXOGHIXQFLRQDUHvQUHJLPGH
$FWLYDUHGH]DFWLYDUHFRPSXWHU DYDULH
GHERUG 6LVWHPXO$8727521,&
/XPLQLH[WHULRDUH 0RWRU
YH]L/XPLQL )XQFLRQDUHQHUHJXODW
/XPLQLOHGHIUkQ /DPSGHDYHUWL]DUHGLDJQRVWLFD
0HVDMDILDW UHDPRWRUXOXL
/XPLQLOHGHIUkQDGDSWLYH 0HVDMHDILDWH
,QGH[
6LVWHPXO$8727521,& 6LVWHPXOWHPSRPDW
'HIHFLXQH 0DQHWDVLVWHPXOXLWHPSRPDW
0RGXOGHIXQFLRQDUHvQUHJLPGH 6LVWHPXO7RS7HWKHU
DYDULH 6SDLXGHGHSR]LWDUH
6LVWHPXOGHDODUP 1RWHLPSRUWDQWHSULYLQGVLJXUDQD
YH]L$7$ 6SDLXOVXSOLPHQWDU
6LVWHPXOGHDODUPDQWLIXUW 6SOWRULHDXWRPDW
YH]L$7$ 6SWDU
6LVWHPXOGHDVLVWDUHDFRQGXFHULL 'HPRQWDUHPRQWDUH
6LVWHPXOGHDVLVWDUHDFWLYODSDU 6SWDUXOPXOWLFRQWXU
FDUH 6SWDUXOVFDXQXOXL
6LVWHPXOGHDVLVWDUHDFWLYODSDU 5DEDWDUHDvQIDvQVSDWH
FDUH 6SHHGWURQLF
7UDFWDUHDXQHLUHPRUFL 0HVDMDILDW
6LVWHPXOGHDVLVWDUHODSDUFDUH 3HUPDQHQW
6LVWHPXOGHDVLVWDUHDFWLYODSDU 63(('7521,&
FDUH 6566LVWHPGHUHWHQLHVXSOLPHQ
6LVWHPXOGHFOLPDWL]DUH WDU
$HUFRQGLLRQDW ,QWURGXFHUH
+HDWPDWLF /DPSDGHDYHUWL]DUHIXQFLRQDUH
6LVWHPXOGHFOLPDWL]DUHDXWRPDW 6566LVWHPXOGHUHWHQLHVXSOL
GHOX[7+(5027521,& PHQWDU
6LVWHPXOGHSURWHFLHDQWLUHPRU /DPSDGHDYHUWL]DUH
FDUH 6566LVWHPXOVXSOLPHQWDUGH
6LVWHPXOGHUXODUHSHSDQ02([ UHWHQLH
WHQGHG 0HVDMDILDW
6LVWHPXOGHVSODUHDIDUXULORU 6WDWLVWLFLSULYLQGFRQVXPXOFRP
6LVWHPXOGHYHQWLODLHDVFDXQHORU SXWHUGHERUG
/DPSPDUWRUGHGHIHFLXQH 6WDLHGHHPLVLHUHFHSLH
6LVWHPXO($6<9$5,2 ,QVWDODUH
6LVWHPXO($6<9$5,23/86 6WDLHUDGLRELGLUHFLRQDO
6LVWHPXO(63SURJUDPXOHOHFWUR )UHFYHQH
QLFGHFRQWURODOVWDELOLWLL 3XWHUHGHWUDQVPLVLHPD[LP
0HVDMDILDW 6WLQJHUHDvQWkU]LDW
6LVWHPXO,62),;GHIL[DUHDVFDX ,OXPLQDUHDKDELWDFOXOXLFRPSXWHU
QHORUSHQWUXFRSLL GHERUG
6LVWHPXO3$5.7521,& 6WLQJHUHDWHPSRUL]DWDIDUXULORU
,QGLFDWRUGHDYHUWL]DUH YH]L6WLQJHUHWHPSRUL]DWDLOX
6LVWHPXO6SHHGWURQLF PLQULLH[WHULRDUH
9DULDELO 6WLQJHUHWHPSRUL]DW
6LVWHPXO63(('7521,&SHUPD /XPLQLH[WHULRDUHFRPSXWHUGH
QHQW ERUG
6LVWHPXO63(('7521,&YDULDELO 6XEPHQLXFRPSXWHUGHERUG
6LVWHPXO67((5&21752/ $XWRYHKLFXO
6LVWHPXO6XSOLPHQWDUGH5HWHQLH &RQIRUW
YH]L656 ,OXPLQDUH
3DQRXGHLQVWUXPHQWH
,QGH[
7UDSDJOLVDQW 9RODQ
2EVHUYDLLLPSRUWDQWHSULYLQG %XWRDQHFRPSXWHUGHERUG
VLJXUDQD ,QVWUXFLXQLGHVLJXUDQLPSRU
YH]L7UDSDSDQRUDPLFJOLVDQWFX WDQWH
ODPHOH 5HJODUHPDQXDO
7UDSDSDQRUDPLFJOLVDQWFX 9RODQPXOWLIXQFLRQDO
ODPHOH 8WLOL]DUHDFRPSXWHUXOXLGHERUG
'HVFKLGHUHDvQFKLGHUHD 9RODQXOPXOWLIXQFLRQDO
-DOX]HOHOHUXODQWH 3UH]HQWDUHJHQHUDO
7UDVHX 9RSVHDLQVWUXFLXQLGHFXUDUH
YH]L,QGLFDUHWUDVHXFRPSXWHUGHERUG
7UHDSWDGHPHUVvQDSRL
&XSODUHWUDQVPLVLHPDQXDO
7ULXQJKLXOUHIOHFWRUL]DQW
7UXVDGHSULPDMXWRU
7UXVDGHVFXOHDDXWRYHKLFXOXOXL
7UXV7,5(),7
HDYGHHDSDPHQWLQVWUXFLXQL
GHFXUDUH
8
8OHL
YH]L8OHLGHPRWRU
8OHLGHPRWRU
$GLWLYLSHQWUXOXEULILDQL
&DSDFLWDWHGHXPSOHUH
&RPSOHWDUH
0HVDMGHSHGLVSOD\
1RWHSULYLQGFDOLWLOHXOHLXOXL
9kVFR]LWDWH
9
9HGHUHGLQH[WHULRU
9HKLFXO
&RERUkUHD
9LGHR'9'
9,1
9LWH]RPHWUX
6HWDUHDXQLWLLGHPVXUSHQWUX
GLVWDQFRPSXWHUGHERUG
9LWH]RPHWUXGLJLWDOFRPSXWHUGH
ERUG
9LWH]RPHWUXOGLJLWDO
,QWURGXFHUH
3URWHFLDPHGLXOXL 6WLOXOSHUVRQDOGHFRQGXFHUH
=1XDSVDLSHGDODGHDFFHOHUDLHODSRUQL
1RWH
UHDPRWRUXOXL
1RWSULYLQGSURWHFLDPHGLXOXL =1XvQFO]LLPRWRUXOvQWLPSXOVWDLRQULL
'DLPOHUDSOLFRSROLWLFGHFODUDWGHSURWH DXWRYHKLFXOXOXL
MDUHLQWHJUDWDPHGLXOXLvQFRQMXUWRU =&RQGXFHLFXDWHQLHLPHQLQHLvQWRW
2ELHFWLYHOHQRDVWUHYL]HD]XWLOL]DUHDUHVXU GHDXQDRGLVWDQDGHFYDWIDGHDXWR
VHORUQDWXUDOHFDUHIRUPHD]ED]DH[LVWHQHL YHKLFXOXOGLQID
QRDVWUHvQWURPDQLHUFDUHVLDvQFRQVLGH =(YLWDLDFFHOHUDUHDEUXVFIUHFYHQWD
UDUHDWkWQHFHVLWLOHQDWXULLFkWLSHFHOHDOH DXWRYHKLFXOXOXL
XPDQLWLL =6FKLPEDLWUHSWHOHGHYLWH]ODWLPSLXWLOL
3XWHLFRQWULEXLLGXPQHDYRDVWUODSURWHMD ]DLILHFDUHWUHDSWQXPDLSkQODGLQ
UHDPHGLXOXLSULQXWLOL]DUHDDXWRYHKLFXOXOXLvQ WXUDLDPD[LPVSHFLILFDWSHQWUXWUHDSWD
PRGUHVSRQVDELOIDGHPHGLXOvQFRQMXUWRU UHVSHFWLY
&RQVXPXOGHFDUEXUDQWLUDWDGHX]XUD =2SULLPRWRUXOFkQGVWDLRQDLvQWUDILF
PRWRUXOXLDWUDQVPLVLHLDIUkQHORULDSQHX
ULORUGHSLQGGHXUPWRULLIDFWRUL
=FRQGLLLOHGHXWLOL]DUHDDXWRYHKLFXOXOXL 5HWXUQDUHDDXWRYHKLFXOHORUX]DWH
=VWLOXOSHUVRQDOGHFRQGXFHUH
0HUFHGHV%HQ]YSUHLDDXWRYHKLFXOXOPDUFD
3XWHLFRQWURODDPELLIDFWRUL5HLQHL 0HUFHGHV%HQ]SHQWUXDSXWHDVOGH]DVDP
XUPWRDUHOHDVSHFWH EOH]HvQWUXQPRGUHVSRQVDELOGLQSXQFWGH
&RQGLLLOHGHXWLOL]DUH YHGHUHDOSURWHFLHLPHGLXOXLFRQIRUP'LUHF
=(YLWDLFOWRULLOHVFXUWHvQWUXFkWDFHVWHD WLYHL8(SULYLQG&DVDUHD$XWRYHKLFXOHORU
FUHVFFRQVXPXOGHFDUEXUDQW $FHDVWDHVWHYDODELOvQFD]XODXWRYHKLFXOHORU
=$VLJXUDLYFSUHVLXQHDvQSQHXULDUH FXRPDVPD[LPDGPLVGHSkQODW
vQWRWGHDXQDYDORDUHDFRUHFW FRQIRUPUHJOHPHQWULORUvQYLJRDUHODQLYHO
=(YLWDLvQFUFDUHDLQXWLODDXWRYHKLFXOXOXL
QDLRQDO0HUFHGHV%HQ]vQGHSOLQHWHGHPDL
PXOLDQLWRDWHFHULQHOHOHJDOHGHSURLHFWDUH
=0RQLWRUL]DLFRQVXPXOGHFDUEXUDQWDODXWR
DDXWRYHKLFXOHORUvQWUXQPRGFDUHVSHUPLW
YHKLFXOXOXL UHFLFODUHDLUHXWLOL]DUHD([LVWRUHHDGH
='HPRQWDLSRUWEDJDMXOGHSHDFRSHUL SXQFWHGHSUHGDUHLFHQWUHGHGH]DVDPEODUH
DWXQFLFkQGQXYHVWHQHFHVDU FDUHVXQWvQPVXUVUHFLFOH]HXQDXWRYH
=QWUHLQHUHDSHULRGLFDDXWRYHKLFXOXOXL KLFXOvQWURPDQLHUUHVSRQVDELOGLQSXQFWGH
FRQWULEXLHODSURWHMDUHDPHGLXOXL'LQDFHVW YHGHUHDOSURWHFLHLPHGLXOXL2SLXQLOHGH
PRWLYHVWHLQGLFDWUHVSHFWDUHDLQWHUYDOHORU UHFLFODUHDDXWRYHKLFXOHORULSLHVHORUVHDIO
VSHFLILFDWHSHQWUXHIHFWXDUHDUHYL]LLORUWHK vQWURFRQWLQXGH]YROWDUHLvPEXQWLUH
QLFH 3ULQXUPDUHDXWRYHKLFXOXO0HUFHGHV%HQ]YD
=/XFUULOHGHvQWUHLQHUHWUHEXLHvQFUHGLQDWH FRQWLQXDVVDWLVIDFIUSUREOHPHQRUPHOH
vQWRWGHDXQDXQXLDWHOLHUGHVSHFLDOLWDWH GHUHFLFODUHPDLH[LJHQWHGLQYLLWRU3XWHL
DXWRUL]DWGHH[HPSOXXQXLFHQWUXDXWRUL]DW RELQHGHWDOLLVXSOLPHQWDUHGHSHSDJLQDGH
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ] LQWHUQHW0HUFHGHV%HQ]GLQDUDvQFDUHY
DIODLVDXVXQkQGODQXPUXOFRUHVSXQ]WRU
,QWURGXFHUH
'RWDUHDDXWRYHKLFXOXOXL MH]HFRUHVSXQ]WRURFXSDQLLDXWRYHKLFXOXOXL
([LVWGHDVHPHQHDSHULFROXOVSLHUGHLFRQ
QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKLSD WUROXODVXSUDDXWRYHKLFXOXOXLLVSURYRFDL
PHQWHOHVWDQGDUGLRSLRQDOHFXFDUHHVWH XQDFFLGHQW
GRWDWDXWRYHKLFXOXOGXPQHDYRDVWUFDUH
HUDXGLVSRQLELOHvQPRPHQWXOSXEOLFULLDFHV 3HULFROGHDFFLGHQWLUQLUH
WXL0DQXDOGHXWLOL]DUH3RWH[LVWDGLIHUHQH /XFUULOHLQFRUHFWHVDXPRGLILFULOHDGXVH
vQWUHHFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWH DXWRYHKLFXOXOXLGHH[HPSOXPRGLILFDUHDWUD
UL5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO VHXOXLFDEOXULORUHOHFWULFHDUSXWHDDYHDFD
GXPQHDYRDVWUVQXGLVSXQGHWRDWHIXQF UH]XOWDWIXQFLRQDUHDLQFRUHFWDVLVWHPHORU
LLOHGHVFULVHvQDFHVWPDQXDO$FHVWIDSWHVWH GHVLJXUDQ$VWIHOHVWHSRVLELOFDVLVWHPHOH
YDODELOLSHQWUXVLVWHPHOHLIXQFLLOHSULYLQG GHVLJXUDQVQXYPDLSURWHMH]HFRUHV
VLJXUDQD(VWHSRVLELOFDHFKLSDPHQWHOHFX SXQ]WRUSHGXPQHDYRDVWUVDXDOWHSHU
FDUHHVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU VRDQH([LVWGHDVHPHQHDSHULFROXOVSLHU
VGLIHUHGHFHOHSUH]HQWDWHvQGHVFULHULL GHLFRQWUROXODVXSUDDXWRYHKLFXOXOXLLVSUR
LOXVWUDLL7RDWHVLVWHPHOHFDUHVHDIOODERU YRFDLXQDFFLGHQW
GXODXWRYHKLFXOXOXLGXPQHDYRDVWUVXQWHQX 'LQDFHVWPRWLYWRDWHOXFUULOHLPRGLILFULOH
PHUDWHvQFRQWUDFWXORULJLQDOGHFXPSUDUHD DGXVHDXWRYHKLFXOXOXLGHH[HPSOXPRQWDUHD
DXWRYHKLFXOXOXL'DFDYHLvQWUHEULY GHHFKLSDPHQWHWUHEXLHHIHFWXDWHGHFWUH
UXJPVYDGUHVDLXQXL&HQWUXGHYkQ]UL XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
LVHUYLFH0HUFHGHV%HQ]
3HULFROGHDFFLGHQW
7UHFHUHDFXYLWH]ULGLFDWSHVWHREVWDFROH
6LJXUDQDIXQFLRQDO
VDXFRQGXFHUHDSHXQWHUHQDFFLGHQWDWSRDWH
1RWHSULYLQGVLJXUDQD DYHDXQLPSDFWVHYHUDVXSUD]RQHLGHVXE
FDURVHULHSQHXULORUVDXURLORUDXWRYHKLFXOX
3HULFROGHDFFLGHQWLUQLUH OXL$FHVWOXFUXDUSXWHDGHWHUPLQDGHWHULRUD
/XFUULOHHIHFWXDWHDVXSUDDXWRYHKLFXOXOXL UHDDXWRYHKLFXOXOXLIDSWFHSRDWHFRQGXFHOD
WUHEXLHvQFUHGLQDWHvQWRWGHDXQDXQXLDWHOLHU SURGXFHUHDXQXLDFFLGHQW$FHDVWSRVLELOL
GHVSHFLDOLWDWHDXWRUL]DW(VWHSULRULWDUvQFUH WDWHH[LVWLvQFD]XODXWRYHKLFXOHORUGRWDWH
GLQDUHDOXFUULORUFHLPSOLFVLJXUDQDLVLV FXHOHPHQWHGHSURWHFLHSHQWUX]RQDGHVXE
WHPHOHGHVLJXUDQSUHFXPLDOXFUULORUGH FDURVHULH
vQWUHLQHUHXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL 3ULQXUPDUHVHUHFRPDQGFRQGXFHUHDFX
]DW$WHOLHUXOWUHEXLHVGHLQFXQRWLQHOHL YLWH]HUHGXVHODWUHFHUHDSHVWHREVWDFROH(YL
HFKLSDPHQWHOHWHKQLFHQHFHVDUHHIHFWXULL WDLDWLQJHUHDVROXOXLFXSDUWHDLQIHULRDUD
OXFUULORUQDFHVWVFRS0HUFHGHV%HQ]Y DXWRYHKLFXOXOXLvQPRPHQWXOGHSODVULLSH
UHFRPDQGVDSHODLODXQFHQWUXDXWRUL]DW WHUHQDFFLGHQWDWLGDFHVWHQHFHVDUDSHODL
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ] ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
YHULILFDUHDDXWRYHKLFXOXOXL
3HULFROGHDFFLGHQWLUQLUH
$QXPLWHVLVWHPHGHVLJXUDQIXQFLRQHD] 3HULFROGHDFFLGHQW
GRDUDWXQFLFkQGPRWRUXOHVWHSRUQLW'LQ /XFUULOHLQFRUHFWHIHFWXDWHDVXSUDHFKLSD
DFHVWPRWLYQXRSULLQLFLRGDWPRWRUXOvQ PHQWHORUHOHFWURQLFHLDVRIWZDUHXOXLDIH
WLPSXOFRQGXFHULLDXWRYHKLFXOXOXLQFD]FRQ UHQWSRWvPSLHGLFDIXQFLRQDUHDDFHVWRUHFKL
WUDUHVWHSRVLELOFDVLVWHPHOHGHVLJXUDQGLQ SDPHQWH6LVWHPHOHHOHFWURQLFHVXQWLQWHUFR
DXWRYHKLFXOXOGXPQHDYRDVWUVQXIXQFLR QHFWDWHSULQLQWHUIHH0RGLILFDUHDDFHVWRU
QH]HFRUHFWLSULQXUPDUHVQXPDLSURWH
,QWURGXFHUH
VLVWHPHHOHFWURQLFHSRDWHFDX]DGHIHFLXQL 3HULFROGHUQLUH
FKLDUVLVWHPHORUFDUHQXDXIRVWPRGLILFDWH 3HDXWRYHKLFXOH[LVWGLYHUVHHWLFKHWHDXWR
$VWIHOGHGHIHFLXQLSRWSHULFOLWDJUDYVLJX FRODQWHGHDYHUWL]DUH6FRSXODFHVWRUDHVWHGH
UDQDIXQFLRQDODDXWRYHKLFXOXOXLLvQFRQ DDWUDJHDWHQLDDVXSUDSRWHQLDOHORUSHULFROH
VHFLQVLJXUDQDSHUVRQDO 'LQDFHVWPRWLYQXvQGHSUWDLQLFLXQXOGLQWUH
'LQDFHVWPRWLYWRDWHOXFUULOHFDUHLPSOLF DXWRFRODQWHOHGHDYHUWL]DUHFXH[FHSLDFD]X
PRGLILFULDGXVHFRPSRQHQWHORUHOHFWURQLFH ULORUvQFDUHDFHVWOXFUXHVWHVSHFLILFDWH[SOLFLW
WUHEXLHHIHFWXDWHGHFWUHXQDWHOLHUGHVSH vQFRQLQXWXODXWRFRODQWXOXL
FLDOLWDWHDXWRUL]DW 'DFOHvQGHSUWDLDSDUHSHULFROXOUQLULLGLQ
FDX]DLPSRVLELOLWLLGHDUHFXQRDWHDQXPLWH
SHULFROH
QPDWULFXODUHDDXWRYHKLFXOXOXL
(VWHSRVLELOFD0HUFHGHV%HQ]VVROLFLWH
&HQWUHORUDXWRUL]DWHGHYkQ]ULLVHUYLFHV *DUDQLHLPSOLFLW
HIHFWXH]HYHULILFULWHKQLFHDVXSUDDQXPLWRU $YHLvQYHGHUHLQGLFDLLOHGLQDFHVW
DXWRYHKLFXOHSHQWUXvPEXQWLUHDFDOLWLLL PDQXDOGHH[SORDWDUHSHQWUXRSHUDUHD
DVLJXUDQHL FRUHVSXQ]WRDUHDDXWRYHKLFXOXOXLGYV
'DFDXWRYHKLFXOXOQXDIRVWDFKL]LLRQDWGH SUHFXPLFXSULYLUHODSRVLELOHOHGDXQHDOH
ODXQGHDOHUDXWRUL]DWLQXDIRVWQLFLRGDW DXWRYHKLFXOXOXL'DXQHOHDVXSUDYHKLFXOX
YHULILFDWODXQ&HQWUXDXWRUL]DWGHYkQ]ULL OXLGYVFDUHDSDUGLQFDX]DvQFOFULORU
VHUYLFH0HUFHGHV%HQ]HVWHSRVLELOVQX FODUHDOHDFHVWRULQGLFDLLQXVXQWDFRSHULWH
ILJXUH]HvQUHJLVWUDWSHQXPHOHGXPQHD QLFLGHUVSXQGHUHDSHQWUXGHIHFLXQLD
YRDVWUOD0HUFHGHV%HQ]0HUFHGHV%HQ]Y 0HUFHGHV%HQ]QLFLGHJDUDQLDSHQWUX
SRDWHFRPXQLFDYHULILFULOHSURJUDPDWH DXWRYHKLFXOHQRLUHVSHFWLYUXODWHD'DLPOHU
QXPDLGDFGHLQHGDWHOHGXPQHDYRDVWUGH $*
vQUHJLVWUDUH
6HUHFRPDQGvQUHJLVWUDUHDDXWRYHKLFXOXOXL
ODXQ&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH 'DWHPHPRUDWHvQDXWRYHKLFXO
0HUFHGHV%HQ]
'DWHSULYLQGGHIHFLXQLOH
QFD]XOVFKLPEULLGRPLFLOLXOXLVDXSURSULHWD
UXOXLDXWRYHKLFXOXOXLLQIRUPDL0HUFHGHV &RPSRQHQWHOHGHFLVLYHSHQWUXIXQFLRQDUHD
%HQ]FkWPDLFXUkQGSRVLELO DXWRYHKLFXOXOXLVXQWSUHY]XWHFXPHPRULLGH
VWRFDUHDGHIHFLXQLORUFDGRWDUHVWDQGDUG
([LVWLGLVSR]LWLYHGHVWRFDUHDGDWHORUUHIH
8WLOL]DUHDFRUHFW ULWRDUHODFRPSRUWDPHQWXOGLQSXQFWGH
YHGHUHWHKQLFDOFRPSRQHQWHORUDXWRYHKLFX
&kQGFRQGXFHLDXWRYHKLFXOXOWUHEXLHVUHV OXOXLvQGLIHULWHVLWXDLLGHFRQGXFHUHGH
SHFWDLXUPWRDUHOHFHULQH H[HPSOXGHFODQDUHDXQXLDLUEDJLQWHUYHQLD
=QRWHOHSULYLQGVLJXUDQDGLQDFHVWPDQXDO VLVWHPXOXL(63
=VHFLXQHD'DWHWHKQLFHGLQPDQXDO $FHVWHGDWHVXQWXWLOL]DWHH[FOXVLYSHQWUX
=UHJOHPHQWULOHQDLRQDOHvQPDWHULHGHWUD =DDMXWDODUHPHGLHUHDGHIHFLXQLORU
ILF =DDMXWD0HUFHGHV%HQ]vQRSWLPL]DUHDL
=UHJOHPHQWULOHQDLRQDOHvQPDWHULHGH
GH]YROWDUHDIXQFLLORUDXWRYHKLFXOXOXL
vQPDWULFXODUH 'DWHOHQXSRWILXWLOL]DWHSHQWUXDGHWHFWD
GHSODVULOHDXWRYHKLFXOXOXL
,QWURGXFHUH
$WXQFLFkQG0HUFHGHV%HQ]HIHFWXHD]UHYL
]LDWHKQLFDFHVWHLQIRUPDLLSRWILFLWLWHGLQ
PHPRULLOHGHGHIHFLXQL&LWLUHDHVWHHIHF
WXDWGHDQJDMDLLDXWRUL]DLDLUHHOHLGHVHU
YLFH0HUFHGHV%HQ]FXDMXWRUXOXQRUFRPSX
WHUHVSHFLDOHGHGLDJQRVWLFDUH
'XSFHRGHIHFLXQHDIRVWUHPHGLDWLQIRU
PDLDHVWHWHDUVGLQPHPRULH$OWHGDWHGLQ
PHPRULHVXQWVXSUDVFULVHvQPRGFRQVWDQW
$OWHGLVSR]LWLYHGHPHPRUDUHDGDWH
ORU
QIXQFLHGHGRWDUHDDXWRYHKLFXOXOXLDFHVWD
SRDWHILGRWDWFXVLVWHPHGHWHOHFRPXQLFDLL
LVDXGHGLYHUWLVPHQWGHH[HPSOXGLVSR]L
WLYHGHQDYLJDLHVLVWHPHGHWHOHIRQ&XDMX
WRUXODFHVWRUDSXWHLPHPRUDLHGLWDGDWHOH
QHFHVDUHIXQFLRQULLGLVSR]LWLYXOXLUHVSHFWLY
,QIRUPDLLVXSOLPHQWDUHSULYLQGIXQFLRQDUHD
GHH[HPSOXUHIHULWRDUHODWHUJHUHDGDWHORU
SRWILJVLWHvQLQVWUXFLXQLOHGHXWLOL]DUHVHSD
UDWH
9HGHUHGLQH[WHULRU
3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDO
3DQRXOGHLQVWUXPHQWH
9RODQXOPXOWLIXQFLRQDO
&RQVRODFHQWUDO
8QLWDWHDGHFRPDQGSODIRQLHU
3DQRXOGHFRPDQGLQWHJUDWvQSRU
WLHU
9HGHUHGLQH[WHULRU
9HGHUHGLQH[WHULRU
3UH]HQWDUHJHQHUDO
3RVWXOGHFRQGXFHUH
3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C 'HVFKLGHFDSRWDPRWRUXOXL m &RQWUROHD]VLVWHPXO+HDW
PDWLFVLVWHPXOGHFOLPDWL
D &RQH[LXQHSHQWUXGLDJQRV ]DUHVDXVLVWHPXO7+(502
WLFDUHODERUG 7521,&
&RPXWDWRUFRPELQDW n &RQWDFWHOHFWURQLFGHSRU
0DQHWDVLVWHPXOXLWHPSR QLUH
PDW o 5HJOHD]YRODQXO
&OD[RQ p 5HJODUHDUD]HLGHDFLXQHD
3DQRXOGHLQVWUXPHQWH IDUXULORU
k ,QGLFDWRUGHDYHUWL]DUHDO q &RPXWDWRUGHOXPLQL
VLVWHPXOXL3$5.7521,&
l 8QLWDWHDGHFRPDQGSODIR
QLHU
3DQRXOGHLQVWUXPHQWH
3DQRXOGHLQVWUXPHQWH
3UH]HQWDUHJHQHUDO
3UH]HQWDUHJHQHUDO
$XWRYHKLFXOHGRWDWHFXVLVWHP$8727521,&
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO
3DQRXOGHLQVWUXPHQWH
/PSLPDUWRULGHDYHUWL]DUH
3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C /,0 l 'LDJQRVWLFDUHDPRWRUXOXL
D (63 m 1LYHOXOUH]HUYHLGHFDUEX
UDQW
6HPQDOL]DUHDGLUHFLHL
n )D]DOXQJDIDUXULORU
6HPQDOL]DUHDGLUHFLHL
o )D]DVFXUWDIDUXULORU
$%6
p &HQWXUGHVLJXUDQ
0RWRUGLHVHOSUHvQFO]LUH
q )UkQH
k 656
9RODQXOPXOWLIXQFLRQDO
9RODQXOPXOWLIXQFLRQDO
3UH]HQWDUHJHQHUDO
&RQVRODFHQWUDO
3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C 6HPQDOL]DWRDUHOHGHDYDULH m 0DQHWDVFKLPEWRUXOXLGH
YLWH]H
D s/DPSDPDUWRUSHQWUX
0DQHWDVHOHFWRUXOXL
GH]DFWLYDUHDDLUEDJXOXL
SDVDJHUXOXLGLQID n 6LVWHPXO$8727521,&
VHOHFWDUHDSURJUDPXOXLGH
6LVWHPXODXGLR&20$1'
FRQGXFHUH
$36FRQVXOWDLLQVWUXFLX
QLOHGHXWLOL]DUHVHSDUDWH o )UkQDGHSDUFDUH
5HJODUHDvQFO]LULLVFDXQH p &RWLHU
ORU
q &RPSDUWLPHQWGHGHSR]L
)XQFLD(&26WDUW6WRS WDUH
6HQ]RUXOGHPLFDUHvQ r 6XSRUWSHQWUXSDKDUH
KDELWDFOXSURWHFLDDQWLUH
PRUFDUH
k 6LVWHPXO3$5.7521,&
l &RPSDUWLPHQWGHGHSR]L
WDUH
6FUXPLHUD
%ULFKHWD
8QLWDWHDGHFRPDQGSODIRQLHU
8QLWDWHDGHFRPDQGSODIRQLHU
3UH]HQWDUHJHQHUDO
'LVSXQHUHDFRPHQ]LORUSRDWHYDULDvQIXQFLH
GHGRWDUHDDXWRYHKLFXOXOXL
3DQRXOGHFRPDQGLQWHJUDWvQSRUWLHU
3DQRXOGHFRPDQGLQWHJUDWvQSRUWLHU
3UH]HQWDUHJHQHUDO
)XQFLD 3DJLQD )XQFLD 3DJLQD
C k5HJOHD]RJOLQ]LOH $XWRYHKLFXOFXXL
H[WHULRDUH DFWLYHD]GH]DFWLYHD]
IXQFLDGHEORFDUHDFRPHQ
D 3OLD]GHSOLD]RJOLQ ]LORUSHQWUXJHDPXULOHODWH
]LOHH[WHULRDUH UDOHVSDWH
q6HOHFWHD]RJOLQGD k 6'HVFXLHDXWRYHKLFX
H[WHULRDUGUHDSWD OXO
b'HVFKLGHvQFKLGH l 7QFXLHDXWRYHKLFXOXO
JHDPXULOHODWHUDOHID
m 'HVFKLGHSRUWLHUD
b$XWRYHKLFXOFXXL
'HVFKLGHvQFKLGHJHDPX n p6HOHFWHD]RJOLQGD
ULOHODWHUDOHVSDWH H[WHULRDUVWkQJD
'RWDUHDDXWRYHKLFXOXOXL
6LJXUDQDSDVDJHULORU
3UH]HQDFRSLLORUODERUG
6LVWHPHOHSHQWUXVLJXUDQDFRQGX
FHULL
6LJXUDQD
6LVWHPHOHDQWLIXUW
6LJXUDQDSDVDJHULORU
'RWDUHDDXWRYHKLFXOXOXL IXQFLDFHQWXULLGHVLJXUDQIUvQVDR
VXEVWLWXL7RLSDVDJHULLDXWRYHKLFXOXOXLWUH
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL EXLHVSRDUWHSHUPDQHQWLvQPRGFRUHFW
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH FHQWXUDGHVLJXUDQFKLDUGDFDXWRYHKL
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU FXOXOHVWHGRWDWFXDLUEDJXUL$LUEDJXULOHQX
VXQWGHFODQDWHvQWRDWHWLSXULOHGHDFFL
6LJXUDQD
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH GHQWHGHRDUHFHvQDQXPLWHVLWXDLL
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL GHFODQDUHDDLUEDJXULORUQXDUVSRULSUR
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO WHFLDRIHULWSDVDJHULORUDXWRYHKLFXOXOXLvQ
GXPQHDYRDVWUVQXGLVSXQGHWRDWH FRQGLLLOHvQFDUHDFHWLDSRDUWvQPRG
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW FRUHFWFHQWXULOHGHVLJXUDQ'HFODQDUHD
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF DLUEDJXULORURIHUSURWHFLHVXSOLPHQWDU
LLOHSULYLQGVLJXUDQD QXPDLvQFD]XOSXUWULLFRUHFWHDFHQWXULORU
GHVLJXUDQGHRDUHFH
=FHQWXUDGHVLJXUDQDMXWODPHQLQHUHD
6LJXUDQDSDVDJHULORU SR]LLHLRSWLPHDSDVDJHUXOXLIDGHDLU
EDJ
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX =GHH[HPSOXvQFD]XOXQHLFROL]LXQLIURQ
UDQD
WDOHFHQWXUDGHVLJXUDQSRDWHSUHYHQL
&HQWXULOHGHVLJXUDQGLVSR]LWLYHOHGHSUH vQPDLPDUHPVXUSURLHFWDUHDSDVDJH
WHQVLRQDUHDOHDFHVWRUDOLPLWDWRDUHOHGHIRU UXOXLVSUH]RQDGHLPSDFWILLQGDVWIHOPDL
DOHFHQWXULORULDLUEDJXULOHVXQWVLVWHPHGH LQGLFDWSHQWUXDSURWHMDvPSRWULYDDFFL
UHWHQLHFRPSOHPHQWDUHLQWHUFRQHFWDWH GHQWULL
$FHVWHDUHGXFULVFXOGHDFFLGHQWDUHvQDQX 3ULQXUPDUHvQDFFLGHQWHOHvQFDUHHVWH
PLWHWLSXULSUHGHILQLWHGHVLWXDLLSHULFXORDVH GHFODQDWXQDLUEDJDFHVWDDVLJXUSURWHF
VSRULQGDVWIHOVLJXUDQDSDVDJHULORU&XWRDWH LHVXSOLPHQWDUIDGHFHQWXUDGHVLJX
DFHVWHDFHQWXULOHGHVLJXUDQLDLUEDJXULOH UDQvQVQXPDLGDFDFHDVWDHVWHSXU
QXRIHUvQJHQHUDOSURWHFLHvPSRWULYDRELHF WDWFRUHFW
WHORUFDUHSWUXQGvQDXWRYHKLFXOGLQH[WHULRU
3HQWUXDJDUDQWDIDSWXOFVLVWHPHOHGHUHWHQ 3HULFROGHDFFLGHQWLUQLUH
LHSRWIXUQL]DQLYHOXOPD[LPGHSURWHFLHWUH /XFUULOHGHvQWUHLQHUHDVXSUDDXWRYHKLFXOX
EXLHVYDVLJXUDLF OXLWUHEXLHHIHFWXDWHQXPDLODDWHOLHUHGHVSH
FLDOLWDWHDXWRUL]DWHFDUHGHLQHFKLSDPHQWHOH
=VFDXQXOLWHWLHUDVXQWUHJODWHFRUHV
LFXQRWLQHOHWHKQLFHQHFHVDUH
SXQ]WRU3DJLQD
QDFHVWVFRS0HUFHGHV%HQ]UHFRPDQGXQ
=FHQWXUDGHVLJXUDQDIRVWIL[DWFRUHV
FHQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
SXQ]WRU3DJLQD GHV%HQ]
=DLUEDJXULOHVHSRWXPIODFRUHVSXQ]WRUvQ
(VWHSULRULWDUvQFUHGLQDUHDOXFUULORUFH
FD]XOvQFDUHVXQWGHFODQDWH LPSOLFVLJXUDQDLVLVWHPHOHGHVLJXUDQ
3DJLQD XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW'DF
=YRODQXOHVWHUHJODWFRUHVSXQ]WRU
DFHVWHOXFUULQXVXQWUHDOL]DWHvQPRGFRUHFW
3DJLQD VLJXUDQDIXQFLRQDODDXWRYHKLFXOXOXLDU
=VLVWHPHOHGHUHWHQLHQXDXIRVWPRGLILFDWH SXWHDILDIHFWDW([LVWSHULFROXOGHDFFLGHQW
VDXUQLUH
G $LUEDJXULOHVXSOLPHQWHD]SURWHFLDRIH
ULWSDVDJHULORUFDUHSRDUWFHQWXULGHVLJX
UDQ7RWXLDFHVWHDVXQWGRDUXQVLVWHP
GHUHWHQLHVXSOLPHQWDUFDUHFRPSOHWHD]
6LJXUDQDSDVDJHULORU
3HULFROGHUQLUH /DPSDGHDYHUWL]DUHSHQWUXVLVWHPXO
(VWHSRVLELOFDVLVWHPXOGHUHWHQLHVQX 656
IXQFLRQH]HFRUHVSXQ]WRUvQFD]XOvQFDUH )XQFLLOH656VXQWYHULILFDWHFXUHJXODULWDWH
XUPWRDUHOHHFKLSDPHQWHDXIRVWPRGLILFDWH DWXQFLFkQGSXQHLFRQWDFWXOLFkQGPRWRUXO
VDXGDFOXFUULOHDVXSUDDFHVWRUDQXDXIRVW HVWHSRUQLW$VWIHOHVWHDVLJXUDWGHWHFWDUHD
6LJXUDQD
HIHFWXDWHFRUHFW vQWLPSXWLODGHIHFLXQLORU
=VLVWHPXOGHUHWHQLHDOFWXLWGLQFHQWXULOH /DSXQHUHDFRQWDFWXOXLODPSDGHDYHUWL]DUH
GHVLJXUDQLHOHPHQWHOHGHDQFRUDUHDOH ~DVLVWHPXOXL656VHDSULQGHSHSDQRXO
DFHVWRUDGLVSR]LWLYHOHGHSUHWHQVLRQDUH GHLQVWUXPHQWH$FHDVWDVHVWLQJHGXS
OLPLWDWRDUHOHGHIRUDLUEDJXULOH QXPDLFkWHYDVHFXQGHGHODSRUQLUHDPRWR
=FDEOXULOHHOHFWULFH UXOXL
=VLVWHPHOHHOHFWURQLFHLQWHUFRQHFWDWH
3HULFROGHUQLUH
(VWHSRVLELOFDDLUEDJXULOHVDXGLVSR]LWLYHOHGH QFD]XOvQFDUH656QXIXQFLRQHD]FRUHV
SUHWHQVLRQDUHDFHQWXULORUVQXILHGHFODQ SXQ]WRUHVWHSRVLELOFDVLVWHPHOHLQGLYLGXDOH
DWHGHH[HPSOXvQFD]GHDFFLGHQWvQVLWXDLL VILHDFWLYDWHDFFLGHQWDOVDXFDDFHVWHDVQX
vQFDUHGHFHOHUDUHDDUILVXILFLHQWSHQWUXD VHGHFODQH]HvQFD]XOXQXLDFFLGHQWvQFDUH
GHFODQDvQPRGQRUPDODFHVWHVLVWHPHVDX DUHORFRIUkQDUHEUXVF
HVWHSRVLELOFDVLVWHPHOHVILHGHFODQDWH $DYXWORFRGHIHFLXQHGDF
FkQGQXHVWHFD]XO1XHIHFWXDLQLFLRGDW
=ODPSDGHDYHUWL]DUH~DVLVWHPXOXL656
PRGLILFULODVLVWHPHOHGHUHWHQLH
1XHIHFWXDLQLFLRGDWPRGLILFULODVLVWHPHOH QXVHDSULQGHGXSSXQHUHDFRQWDFWXOXL
HOHFWURQLFHVDXODVRIWZDUHXODVRFLDWDFHV =PRWRUXOHVWHSRUQLWLODPSDGHDYHUWL]DUH
WRUD ~DVLVWHPXOXL656QXVHVWLQJHGXS
FkWHYDVHFXQGH
=PRWRUXOHVWHSRUQLWLODPSDGHDYHUWL]DUH
6566LVWHPXOVXSOLPHQWDUGHUHWHQ ~DVLVWHPXOXL656VHDSULQGHGLQQRX
LH QDVWIHOGHFD]XULDSHODLLPHGLDWODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DWSHQWUXYHULILFDUHD
,QWURGXFHUH VLVWHPXOXL656QDFHVWVFRS0HUFHGHV
QHYHQWXDOLWDWHDXQXLDFFLGHQWVLVWHPXO656 %HQ]YUHFRPDQGVYDGUHVDLXQXL&HQWUX
UHGXFHULVFXOFDSDVDJHULLVVHORYHDVFGH DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV
RELHFWHOHDIODWHvQKDELWDFOX$FHVWDSRDWH %HQ]
UHGXFHGHDVHPHQHDIRUHOHODFDUHSDVDJH (VWHSULRULWDUvQFUHGLQDUHDOXFUULORUFH
ULLVXQWVXSXLvQPRPHQWXOSURGXFHULLXQXL LPSOLFVLJXUDQDLVLVWHPHOHGHVLJXUDQ
DFFLGHQW XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
656FRQVWGLQ
=/DPSDGHDYHUWL]DUH656~
=$LUEDJXULOH
=XQLWDWHDGHFRPDQGDDLUEDJXULORUFXVHQ
]RULGHLPSDFW
=GLVSR]LWLYHOHGHSUHWHQVLRQDUHDFHQWXULORU
GHVLJXUDQGLQIDLDFHQWXULORUVFDX
QHORUODWHUDOHGLQVSDWH
=OLPLWDWRDUHOHGHIRUDOHFHQWXULORUGHVLJX
UDQDOHRIHUXOXLLSDVDJHUXOXLGLQID
6LJXUDQDSDVDJHULORU
'HFODQDUHDGLVSR]LWLYHORUGHSUHWHQ &XWRDWHDFHVWHDGHFODQDUHDILHFUXLVLV
VLRQDUHDFHQWXULORUDOLPLWDWRDUHORUGH WHPvQSDUWHGHSLQGHGHXUPWRULLIDFWRUL
IRUSHQWUXFHQWXULLDDLUEDJXULORU FDUHDXIRVWGHWHUPLQDLvQID]HOHLQLLDOHDOH
LPSDFWXOXL
QFD]XOXQHLFROL]LXQLXQLWDWHDGHFRPDQGD
DLUEDJXULORUSURFHVHD]GDWHIL]LFHLPSRU =WLSXOGHDFFLGHQW
6LJXUDQD
WDQWHSULYLQGYLWH]DGHGHFHOHUDUHVDXGH FROL]LXQHIURQWDO
DFFHOHUDUHDDXWRYHKLFXOXOXLGLQSULPDID]D FROL]LXQHODWHUDO
LPSDFWXOXLSUHFXP =JUDYLWDWHDDFFLGHQWXOXLvQVSHFLDO
=GXUDWD UDWDGHGHFHOHUDUHDDXWRYHKLFXOXOXL
=GLUHFLD UDWDGHDFFHOHUDUHDDXWRYHKLFXOXOXL
=LDPSORDUHDDFHVWHLD
$FFHOHUDUHDVDXGHFHOHUDUHDDXWRYHKLFXOXOXL
3HED]DDFHVWRUGDWHXQLWDWHDGHFRPDQGD LYHFWRUXOIRUHLGHLPSDFWVXQWVWDELOLWHvQ
DLUEDJXULORUGHFODQHD]SUHYHQWLYGLVSR]LWL SULQFLSDOHYDOXkQG
YHOHGHSUHWHQVLRQDUHDFHQWXULORU
=GLVWULEXLDIRUHORUvQWLPSXOFROL]LXQLL
QFD]XOXQHLUDWHPDLPDULGHGHFHOHUDUHVDX
=XQJKLXOGHLPSDFW
DFFHOHUDUHDDXWRYHKLFXOXOXLvQGLUHFLHORQJL
=FDUDFWHULVWLFLOHGHGHIRUPDUHDOHDXWRYHKL
WXGLQDODLUEDJXULOHIURQWDOHVXQWGHDVHPH
QHDDFWLYDWH FXOXOXL
=FDUDFWHULVWLFLOHRELHFWXOXLFXFDUHDXWRYH
$XWRYHKLFXOXOGXPQHDYRDVWUHVWHSUHY]XW
FXDLUEDJXULIURQWDOHDGDSWLYHFXGHFODQDUH KLFXOXODLQWUDWvQFROL]LXQH
vQGRXWUHSWHQFD]XOXQHLFROL]LXQLXQLWDWHD )DFWRULLFDUHSRWILGHWHFWDLLPVXUDLGRDU
GHFRPDQGDDLUEDJXULORUHYDOXHD]GHFHOH GXSFHFROL]LXQHDDDYXWORFQXDXXQURO
UDUHDDXWRYHKLFXOXOXL&kQGVHDWLQJHSULPXO GHFLVLYvQGHFODQDUHDXQXLDLUEDJLQLFLQX
SUDJGHDFWLYDUHDLUEDJXOIURQWDOHVWHXPSOXW UHSUH]LQWXQLQGLFLXDVXSUDDFHVWHLD
FXVXILFLHQWJD]SHQWUXDUHGXFHULVFXODFFL (VWHSRVLELOFDDXWRYHKLFXOXOVILHGHIRUPDW
GHQWULL$LUEDJXOIURQWDOHVWHXPIODWFRPSOHW vQPRGVHPQLILFDWLYGHH[HPSOXODQLYHOXO
GRDUODDWLQJHUHDXQXLDOGRLOHDSUDJvQFkWHYD FDSRWHLVDXDULSLLIUFDDLUEDJXOVVH
PLOLVHFXQGH GHFODQH]H$FHVWOXFUXVHvQWkPSOvQFD]XO
3UDJXULOHGHDFWLYDUHDGLVSR]LWLYXOXLGHSUH vQFDUHVXQWDIHFWDWHQXPDLSULOHFDUHSRWIL
WHQVLRQDUHDFHQWXULLLDDLUEDJXOXLVXQWYDULD GHIRUPDWHUHODWLYXRULDUSUDJXOGHDFWLYDUH
ELOHLVXQWDGDSWDWHUDWHLGHGHFHOHUDUHD QXHVWHDWLQV3HGHDOWSDUWHHVWHSRVLELOFD
DXWRYHKLFXOXOXL$FHVWSURFHVHVWHGHQDWXU DLUEDJXULOHVVHGHFODQH]HFKLDUGDFDXWR
DQWLFLSDWLY$FHVWHDWUHEXLHVILHGHFODQ YHKLFXOXOVXIHUQXPDLGHIRUPULPLQRUH
DWHvQWLPSXWLOODvQFHSXWXOFROL]LXQLL $FHVWOXFUXVHvQWkPSOGHH[HPSOXvQFD]XO
vQFDUHVXQWDIHFWDWHSULIRDUWHULJLGHDOH
G 1XWRDWHDLUEDJXULOHVXQWGHFODQDWHvQ
DXWRYHKLFXOXOXLSUHFXPORQMHURDQHOHDWLQ
FD]GHDFFLGHQW'LYHUVHOHVLVWHPHDLUEDJ
JkQGXVHRUDWGHGHFHOHUDUHVXILFLHQWGH
IXQFLRQHD]LQGHSHQGHQW
ULGLFDW
6LJXUDQDSDVDJHULORU
$LUEDJXULOH VFDXQXOHVWHRFXSDWGHXQFRSLOSURWHMDWGH
XQVLVWHPGHUHWHQLH
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX =3DVDJHULLDXWRYHKLFXOXOXLvQVSHFLDOFRSLLL
UDQD
QXWUHEXLHVLVSULMLQHFDSXOGHJHDPXUL
8PIODUHDDLUEDJXOXLvQFHWLQHWHLOLPLWHD] vQ]RQDGHXPIODUHDDLUEDJXOXLODWHUDOVDX
6LJXUDQD
GHSODVDUHDSDVDJHULORUvQLQWHULRUXODXWRYHKL DDLUEDJXOXLODWHUDOSHQWUXFDSWRUDFH
FXOXOXL =6LVWHPHOHGHUHWHQLHSHQWUXFRSLLRULHQWDWH
'HFODQDUHDDLUEDJXULORUHVWHvQVRLWGHXQ FRQWUDUVHQVXOXLGHGHSODVDUHQXWUHEXLH
]JRPRWSXWHUQLFLGHHOLEHUDUHDXQHLPLFL LQVWDODWHSHVFDXQXOSDVDJHUXOXLGLQID
FDQWLWLGHSUDI&XH[FHSLDXQRUVLWXDLL GHFkWvQFD]XOvQFDUHDLUEDJXOIURQWDOFRUHV
H[FHSLRQDOH]JRPRWXOSURGXVQXYYD SXQ]WRUDFHVWXLDDIRVWGH]DFWLYDW$LUED
DIHFWDDX]XO3UDIXOHOLEHUDWQXHVWHvQJHQH JXOSDVDJHUXOXLGLQIDHVWHGH]DFWLYDW
UDOSHULFXORVSHQWUXVQWDWH/DPSDGHDYHU GDFSHDFHVWDHVWHPRQWDWXQVLVWHPGH
WL]DUH656~VHDSULQGH UHWHQLHSHQWUXFRSLLFXVLVWHPGHUHFX
6LPEROXO656$,5%$*LQGLFORFXOGHLQVWD QRDWHUHDXWRPDWDVFDXQXOXLSHQWUX
ODUHDODLUEDJXULORU FRSLL/DPSDPDUWRUs3$66(1*(5
$,5%$*2))DLUEDJSDVDJHUGH]DFWLYDW
3HULFROGHUQLUH WUHEXLHVILHDSULQVFRQVWDQW
$LUEDJXULOHRIHUXQQLYHOGHSURWHFLHVXSOL QFD]XOvQFDUHVFDXQXOSDVDJHUXOXLGLQID
PHQWDUWRWXLDFHVWHDQXVHVXEVWLWXLHFHQ DODXWRYHKLFXOXOXLQXHVWHSUHY]XWFXXQ
WXULORUGHVLJXUDQ VLVWHPGHUHFXQRDWHUHDXWRPDWDVFDX
3HQWUXDUHGXFHULVFXOGHUQLUHJUDYVDX QXOXLSHQWUXFRSLLVDXvQFD]XOvQFDUHVLV
FKLDUIDWDOODGHFODQDUHDXQXLDLUEDJUHV WHPXOGHUHWHQLHSHQWUXFRSLLRULHQWDWFRQ
SHFWDLLQVWUXFLXQLOHGHPDLMRV WUDUVHQVXOXLGHGHSODVDUHQXHVWHSUHY]XW
=SDVDJHULLDXWRYHKLFXOXOXLvQVSHFLDO FXRDVWIHOGHIXQFLHFRSLLLWUHEXLHSURWH
IHPHLOHvQVUFLQDWHWUHEXLHVSRDUWH MDLFXDMXWRUXOXQXLVLVWHPGHUHWHQLHSHQ
vQWRWGHDXQDFRUHFWFHQWXULOHGHVLJXUDQL WUXFRSLLDH]DWSHXQVFDXQDGHFYDWGLQ
VVHVSULMLQHSHVSWDUFDUHWUHEXLHSR]L VSDWHQFD]XOLQVWDOULLXQXLVLVWHPGH
LRQDWDSURDSHYHUWLFDO&DSXOWUHEXLHVVH UHWHQLHSHQWUXFRSLLRULHQWDWvQVHQVXOGH
SRDWVSULMLQLSHWHWLHUDSUR[LPDWLYODQLYH GHSODVDUHSHVFDXQXOSDVDJHUXOXLGLQID
OXORFKLORU HVWHQHFHVDUGHSODVDUHDVFDXQXOXLvQDSRL
=&RSLLLFXvQOLPHDVXEPVDXFXYkUVWD
SkQODFDSWXOFXUVHL
=$VLJXUDLYFEX]XQDUHOHDUWLFROHORUGH
VXEDQLWUHEXLHSURWHMDLFRUHVSXQ]WRU
SULQLQWHUPHGLXOXQRUVLVWHPHGHUHWHQLH vPEUFPLQWHQXFRQLQRELHFWHGXUHVDX
DGHFYDWHSHQWUXFRSLL DVFXLWH
=7RLSDVDJHULLWUHEXLHVVHOHFWH]HRSR]LLH =1XYDSOHFDLvQIDGHH[HPSOXSHVWH
DVFDXQXOXLFDUHHVWHFkWPDLGHSDUWHSRVL FDSDFXODLUEDJXOXLIURQWDODORIHUXOXL
ELOGHDLUEDJXUL3R]LLDVFDXQXOXLRIHUXOXL SDVDJHUXOXLGLQIDvQVSHFLDOFkQGDXWR
WUHEXLHVSHUPLWFRQGXFHUHDvQVLJXUDQ YHKLFXOXOVHDIOvQPLFDUH
DDXWRYHKLFXOXOXL7RUDFHOHRIHUXOXLWUH =1XSXQHLSLFLRDUHOHSHSODQDGHERUG
EXLHVILHFkWPDLGHSDUWHSRVLELOIDGH =0DQHYUDLYRODQXOQXPDLGHFRURDQDDFHV
VHFLXQHDFHQWUDODFDSDFXOXLDLUEDJXOXL WXLD$FHDVWSR]LLHSHUPLWHGHFODQDUHD
IURQWDO FRPSOHWDDLUEDJXOXLvQFD]GHDFFLGHQW
='HSODVDLVFDXQXOSDVDJHUXOXLGLQIDFkW 3XWHLILDFFLGHQWDWvQFD]XOvQFDUHDLUEDJXO
PDLvQVSDWHSRVLELO$FHVWOXFUXHVWHGHR HVWHGHFODQDWLPkLQLOHVXQWSODVDWHSH
VHELWGHLPSRUWDQWPDLDOHVvQFD]XOvQFDUH SRULXQHDFHQWUDODYRODQXOXL
6LJXUDQDSDVDJHULORU
=1XYVSULMLQLLGHSRUWLHUHFkQGYDIODLvQ 3HULFROGHUQLUH
LQWHULRUXODXWRYHKLFXOXOXL 'XSGHFODQDUHDDLUEDJXOXLSULOHFRPSR
=$VLJXUDLYFQXH[LVWSHUVRDQHDQLPDOH QHQWHDOHDFHVWXLDVXQWILHUELQL(YLWDLDWLQ
VDXRELHFWHvQWUHRFXSDQLLDXWRYHKLFXOXOXL JHUHDDFHVWRUDvQFD]FRQWUDUHVWHSRVLELOV
L]RQDGHXPIODUHDDLUEDJXULORU VXIHULLDUVXUL
6LJXUDQD
=1XDPSODVDLRELHFWHvQWUHVSWDUHOHVFDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QHORULSRUWLHUH SHQWUXvQORFXLUHDDLUEDJXULORUQFD]FRQWUDU
=1XVXVSHQGDLRELHFWHGXUHGHH[HPSOX SDVDJHULLQXYRUPDLILSURWHMDLGHDLUEDJXUL
XPHUDHGHPkQHUHOHGHVXVLQHUHVDXGH vQHYHQWXDOLWDWHDSURGXFHULLXQXLQRXDFFL
FkUOLJHOHSHQWUXKDLQH GHQW
=1XDWDDLDFFHVRULLGHSRUWLHUHGHH[HP
SOXVXSRUWXULSHQWUXSDKDUH $LUEDJXULOHIURQWDOH
5LVFXOGHDFFLGHQWDUHSURYRFDWGHXQDLUEDJ $LUEDJXULOHIURQWDOHVXQWGHVWLQDWHVXSOL
vQH[SDQVLXQHQXSRDWHILH[FOXVGDWILLQG PHQWULLSURWHFLHLODQLYHOXOFDSXOXLLSLHS
YLWH]DGHXPIODUHIRDUWHULGLFDWDDLUEDJXOXL WXOXLRIHUXOXLLSDVDJHUXOXLID
3HULFROGHUQLUH
)XQFLRQDOLWDWHDDLUEDJXOXLSRDWHILJDUDQWDW
QXPDLvQFD]XOvQFDUHXUPWRDUHOHHOHPHQWH
QXVXQWDFRSHULWHFXHPEOHPHVDXDXWRFR
ODQWH
=SRULXQHDFHQWUDOFDSLWRQDWDYRODQXOXL
=FDSDFXODLUEDJXOXLIURQWDOSHQWUXSDVDJHUXO
GLQID
=SDUWHDODWHUDOH[WHULRDUDVSWDUHORU
VFDXQHORUGLQID
=FDSLWRQDMXOODWHUDOGHOkQJVSWDUXOEDQ
=RQDGHH[SDQVLXQHDDLUEDJXOXLIURQWDOSHQ
WUXRIHUCHVWHVLWXDWvQIDDYRODQXOXL]RQD
FKHWHLVSDWH
GHH[SDQVLXQHDDLUEDJXOXLIURQWDOSHQWUX
SDVDJHUXOGLQIDDHVWHVLWXDWvQIDDL
3HULFROGHUQLUH
GHDVXSUDWRUSHGRXOXL$FHVWHDVXQWGHFODQ
QWLPSXOXPIOULLDLUEDJXULORUHVWHHOLEHUDWR
DWH
FDQWLWDWHPLFGHSUDI(VWHSRVLELOFDSUDIXO
VFDX]H]HGLILFXOWLWHPSRUDUHGHUHVSLUDLH =vQID]HOHLQLLDOHDOHXQXLDFFLGHQWFDUH
SHUVRDQHORUEROQDYHGHDVWPVDXFXSUREOHPH LPSOLFYDORULPDULDOHDFFHOHUDLHLVDX
UHVSLUDWRULL GHFHOHUDLHLDXWRYHKLFXOXOXLSHD[DORQJLWX
3HQWUXHYLWDUHDHYHQWXDOHORUGLILFXOWLUHVSL GLQDO
UDWRULLHVWHUHFRPDQGDWVSUVLLDXWRYHKL =GDFVLVWHPXOVWDELOHWHFGHFODQDUHD
FXOXOLPHGLDWFHSXWHLUHDOL]DDFHVWOXFUX'H DLUEDJXOXLSRDWHRIHULSURWHFLHVXSOLPHQ
DVHPHQHDSXWHLGHVFKLGHXQJHDPSHQWUXD WDUSHOkQJFHDRIHULWGHFHQWXUDGH
SHUPLWHLQWUDUHDDHUXOXLSURDVSWvQKDELWDFOX VLJXUDQ
3UDIXOQXHVWHSHULFXORVSHQWUXVQWDWHLQX =vQFD]XOvQFDUHFHQWXUDGHVLJXUDQHVWH
LQGLFSUH]HQDXQXLLQFHQGLXvQDXWRYHKLFXO IL[DW
=LQGHSHQGHQWGHDOWHDLUEDJXULGLQDXWRYH
KLFXO
6LJXUDQDSDVDJHULORU
$LUEDJXULOHIURQWDOHQXVXQWGHFODQDWHvQ $LUEDJXULOHSHQWUXFDSWRUDFHVSRUHVFSUR
FD]XOUVWXUQULLDXWRYHKLFXOXOXLFXH[FHSLD WHFLDFDSXOXLLWRUDFHOXLQXvQVLDEUDH
VLWXDLLORUvQFDUHVLVWHPXOGHWHFWHD]RUDW ORURFXSDQLORUDIODLvQSDUWHDDXWRYHKLFXOX
vQDOWDGHFHOHUULLDXWRYHKLFXOXOXLSHD[DORQ OXLvQFDUHDUHORFFROL]LXQHD
JLWXGLQDO $LUEDJXULOHODWHUDOHVSDWHVSRUHVFQLYHOXOGH
6LJXUDQD
$LUEDJXOXLIURQWDOSHQWUXSDVDJHUXOGLQ SURWHFLHRIHULWWRUDFHOXLGDUQXLFDSXOXL
IDDHVWHGHFODQDWQXPDLGDFVFDXQXO JkWXOXLVDXEUDHORUSDVDJHULORUGHSHSDUWHD
UHVSHFWLYHVWHRFXSDWVDXGDFODPSDPDUWRU DXWRYHKLFXOXOXLDIHFWDWGHLPSDFW
s3$66(1*(5$,5%$*2))DLUEDJSDVD
JHUGH]DFWLYDWGHSHFRQVRODFHQWUDOQXHVWH
DSULQV3DJLQD$FHVWOXFUXLQGLF
IDSWXOFSHVFDXQXOSDVDJHUXOXLGLQIDQX
VHDIOXQVLVWHPGHUHWHQLHSHQWUXFRSLLFX
IXQFLHGHUHFXQRDWHUHDXWRPDWVDXFVLV
WHPXOGHUHWHQLHSHQWUXFRSLLFXIXQFLHGH
UHFXQRDWHUHDXWRPDWDIRVWPRQWDWLQFR
UHFW
1XDPSODVDLRELHFWHJUHOHSHVFDXQXO
SDVDJHUXOXLGLQID6LVWHPXOSRDWHFRQVL
GHUDFVFDXQXOUHVSHFWLYHVWHRFXSDW6LV $LUEDJXULOHIURQWDOHSHQWUXFDSWRUDFHCL
WHPHOHGHUHWHQLHGHSHVFDXQXOSDVDJH DLUEDJXULOHODWHUDOHVSDWHDVHGHFODQHD]
UXOXLGLQIDVXQWGHFODQDWHvQFD]XOXQXL OkQJ]RQDH[WHULRDUDSHUQHLVFDXQHORU
DFFLGHQWQORFXLLVLVWHPHOHGHUHWHQLH $FHVWHDVXQWGHFODQDWH
GHFODQDWH =SHSDUWHDDXWRYHKLFXOXOXLXQGHDUHORF
LPSDFWXO
$LUEDJXULOHODWHUDOHSHQWUXFDSWRUDFH =vQID]DLQLLDODXQXLDFFLGHQWFXYDORULPDUL
DLUEDJXULODWHUDOHVSDWH
DOHDFFHOHUDLHLVDXGHFHOHUDLHLODWHUDOHD
'DFDXWRYHKLFXOXOHVWHGRWDWFXDLUEDJXULWLS DXWRYHKLFXOXOXLGHH[HPSOXvQFD]XOXQXL
FRUWLQVFDXQHOHGLQIDYRUILHFKLSDWHFX LPSDFWODWHUDO
DLUEDJXULODWHUDOHvQORFXODLUEDJXULORUSHQWUX =LQGHSHQGHQWGHXWLOL]DUHDFHQWXULLGHVLJX
FDSWRUDFHSHSDUWHDODWHUDO UDQ
=LQGHSHQGHQWGHDLUEDJXULOHIURQWDOH
3HULFROGHUQLUH
=LQGHSHQGHQWGHGLVSR]LWLYHOHGHSUHWHQVLR
QFD]XOvQFDUHGRULLVIRORVLLKXVHSHQWUX
VFDXQH0HUFHGHV%HQ]YUHFRPDQGFDGLQ QDUHDFHQWXULORU
PRWLYHGHVLJXUDQVXWLOL]DLQXPDLKXVH
DSUREDWHvQYHGHUHDXWLOL]ULLvQDXWRYHKLFXOHOH $LUEDJXULOHWLSFRUWLQ
0HUFHGHV%HQ]
6FRSXODLUEDJXULORUWLSFRUWLQHVWHDFHODGHD
+XVHOHSHQWUXVFDXQHWUHEXLHVILHSUHY]XWH VSRULJUDGXOGHSURWHFLHODQLYHOXOFDSXOXL
FXRFXVWXUFXUXSHUHFRQWURODWSHQWUXDLU GDUQXLDOWRUDFHOXLVDXEUDHORURFXSDQLORU
EDJXULOHODWHUDOHQFD]FRQWUDUHVWHSRVLELO GHSHSDUWHDDXWRYHKLFXOXOXLDIHFWDWGH
FDDLUEDJXULOHSHQWUXFDSWRUDFHVQXVH LPSDFW
XPIOHFRUHVSXQ]WRULVQXRIHUHSURWHFLD
QHFHVDUvQFD]GHDFFLGHQW$FHVWHKXVHSRW
ILSURFXUDWHGHODRULFDUHFHQWUXDXWRUL]DWGH
YkQ]ULLVHUYLFH0HUFHGHV%HQ]
6LJXUDQDSDVDJHULORU
$LUEDJXULOHWLSFRUWLQVXQWLQWHJUDWHvQUDPD 3HULFROGHUQLUH
SODIRQXOXLLDU]RQDGHXPIODUHDDFHVWRUDVH 1XVXVSHQGDLRELHFWHGHH[HPSOXXPHUDH
VLWXHD] GHWLMHOHWHWLHUHORUQFD]FRQWUDUHVWHSRVLELO
=vQ]RQDFXSULQVvQWUHSRUWLHUDGLQID FDWHWLHUHOHDFWLYHVQXIXQFLRQH]HFRUHV
PRQWDQWXO$LSRUWLHUDGLQVSDWHPRQ SXQ]WRULVQXRIHUHSURWHFLDQHFHVDUvQ
6LJXUDQD
DFHVWHDVXQWDPSODVDWHSHIDDLQWHULRDU 3HULFROGHUQLUH
VDXH[WHULRDUDKDLQHORUGXPQHDYRDVWU &HQWXULOHGHVLJXUDQPXUGDUHVDXGHWHULR
GHH[HPSOXRFKHODULLQVWUXPHQWHGHVFULV UDWHSUHFXPLFHOHFDUHDXIRVWVROLFLWDWH
FKHLHWF&HQWXUDSRDWHILGHWHULRUDWL LQWHQVvQWUXQDFFLGHQWVDXDXIRVWPRGLILFDWH
GXPQHDYRDVWUSXWHLVXIHULOH]LXQL QXPDLRIHUQLYHOXOGHSURWHFLHYL]DWQDQX
6LJXUDQD
=&HQWXUDGHVLJXUDQWUHEXLHSXUWDWQXPDL PLWHFLUFXPVWDQHDFHVWIDSWSRDWHGHWHU
GHRVLQJXUSHUVRDQODXQPRPHQWGDW PLQDDFFLGHQWDUHDJUDYVDXIDWDOvQFD]XO
&RSLLLQXWUHEXLHVFOWRUHDVFQLFLRGDW XQXLDFFLGHQW
vQEUDHOHDOWXLSDVDJHU5HWHQLDDFHVWRUD 'LQDFHVWPRWLYYHULILFDLSHULRGLFGDFFHQ
QXPDLHVWHSRVLELOvQFD]XOVFKLPEULORU WXULOHGHVLJXUDQVXQWGHWHULRUDWHVDXPXU
EUXWHGHGLUHFLHDOIUkQULLSXWHUQLFHVDX GDUH
DOXQXLDFFLGHQW$FHVWHVLWXDLLSRWGHWHU &HQWXULOHGHVLJXUDQGHWHULRUDWHVDXFDUHDX
PLQDDFFLGHQWDUHDJUDYVDXFKLDUIDWDOD IRVWVROLFLWDWHLQWHQVvQWUXQDFFLGHQWWUHEXLH
FRSLOXOXLLDDOWRUSDVDJHUL vQORFXLWHGHXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
=3HUVRDQHOHFXvQOLPHDVXEPQXSRW ]DW$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
SXUWDFRUHFWFHQWXUDGHVLJXUDQ'LQ UL]DWFDUHGHLQHFXQRWLQHOHLHFKLSDPHQ
DFHVWPRWLYSURWHFLDSHUVRDQHORUFXvQOL WHOHWHKQLFHQHFHVDUHHIHFWXULLOXFUULORUQ
PHDVXEPWUHEXLHDVLJXUDWSULQLQWHU DFHVWVFRS0HUFHGHV%HQ]UHFRPDQGDSH
PHGLXOXQRUVLVWHPHGHUHWHQLHDGHFYDWH ODUHDODXQ&HQWUXDXWRUL]DWGHYkQ]ULLVHU
=&RSLLLFXvQOLPHDVXEPVDXFXYkUVWD YLFH0HUFHGHV%HQ]
VXEDQLQXSRWSXUWDFRUHFWFHQWXUDGH 0HUFHGHV%HQ]UHFRPDQGFDGLQPRWLYHGH
VLJXUDQ3ULQXUPDUHDFHWLDWUHEXLHDH VLJXUDQVXWLOL]DLQXPDLFHQWXULGHVLJX
]DLvQVLVWHPHGHUHWHQLHDGHFYDWHSHQWUX UDQFDUHDXIRVWVSHFLDODSUREDWHSHQWUX
FRSLLLQVWDODWHSHXQVFDXQGLQDXWRYHKLFXO DXWRYHKLFXOXOGXPQHDYRDVWUGHFWUH0HU
3XWHLJVLPDLPXOWHLQIRUPDLLvQVXEFDSL FHGHV%HQ]
WROXO3UH]HQDFRSLLORUODERUGGLQVHFLX
QHD6LJXUDQDODERUGD0DQXDOXOXLGHXWL
3ULQGHUHDFHQWXULORUGHVLJXUDQ
OL]DUH8UPDLLQVWUXFLXQLOHGHLQVWDODUHIXU
QL]DWHGHSURGXFWRUSHQWUXPRQWDUHDVLV
WHPXOXLGHUHWHQLHSHQWUXFRSLL
=1XIL[DLQLFLRGDWRELHFWHFXDMXWRUXOFHQ
WXULLGHVLJXUDQGDFDFHDVWDHVWHXWLOL
]DWGHXQXOGLQWUHSDVDJHULLDXWRYHKLFXOX
OXL
$9(57,60(17
QFD]XOvQFDUHVSWDUXOQXHVWHvQSR]LLH
DSURDSHYHUWLFDOFHQWXUDGHVLJXUDQQX
RIHUQLYHOXOGHSURWHFLHFRUHVSXQ]WRUQ
DQXPLWHVLWXDLLDFHDVWDDUSXWHDFDX]DUQLUL
JUDYHVDXFKLDUGHFHVXOvQFD]GHDFFLGHQW
QDLQWHGHvQFHSHUHDFOWRULHLDVLJXUDLYF
VFDXQXOHVWHUHJODWFRUHVSXQ]WRULDU
VSWDUXOVHDIOvQSR]LLHDSURDSHYHUWLFDO $XWRYHKLFXOFXXL
6LJXUDQD 6LJXUDQDSDVDJHULORU
5HJODLvQOLPHDFHQWXULLDVWIHOvQFkWDFHDVWD
VWUHDFSHVWHPLMORFXOXPUXOXL
3HQWUXULGLFDUHGHSODVDLJKLGDMXOFHQWXULL
vQVXV
$FHVWDVHIL[HD]vQGLYHUVHSR]LLL
$XWRYHKLFXOFXXL
3HQWUXFRERUkUHDSVDLFRQWLQXXHOH
5HJODLVFDXQXOLGHSODVDLVSWDUXOvQSR]L PHQWXOGHHOLEHUDUHDOJKLGDMXOXLFXOL
LHDSURDSHYHUWLFDO3DJLQD VDQWC
7UDJHLXRUFHQWXUDGHVLJXUDQGLQJKL 'HSODVDLJKLGDMXOFHQWXULLvQMRV
GDMXOC (OLEHUDLHOHPHQWXOCLYHULILFDLGDFJKL
3DUWHDSHQWUXXPUDFHQWXULLGHVLJXUDQ
GDMXOFHQWXULLVDIL[DW
WUHEXLHWUHFXWSHVWHPLMORFXOXPUXOXLL
SRULXQHDGHED]LQDFHQWXULLWUHEXLHV
WUHDFSHVWHED]LQIUDILUVXFLWH (OLEHUDUHDFHQWXULORUGHVLJXUDQ
)L[DLOLPEDFHQWXULLGHVLJXUDQDvQFDWD $SVDLEXWRQXOGHHOLEHUDUH
UDPDGHEORFDUH 3DJLQDLJKLGDLOLPEDFHQWXULLD
$XWRYHKLFXOHFXXLDVLJXUDLYFJKL 3DJLQDvQDSRLvQJKLGDMXOFXOLVDQWC
GDMXOSLYRWDQWHVWHvQSR]LLDFRUHFW 3DJLQD
$XWRYHKLFXOHFXXLGDFHVWHQHFHVDU
UHJODLvQOLPHDFHQWXULL3DJLQD 6HPQDOXOGHDYHUWL]DUHDVXSUDFHQWXULL
7RDWHPRGHOHOHGDFHVWHFD]XOWUDJHLvQ GHVLJXUDQSHQWUXRIHULSDVDJHUXO
VXVSRULXQHDSHQWUXXPUDFHQWXULLSHQWUX GLQID
DRVWUkQJHSHVWHFRUS /DPSDGHDYHUWL]DUHSHQWUXFHQWXUDGHVLJX
3HQWUXLQIRUPDLLVXSOLPHQWDUHGHVSUHHOLEH UDQvDIODWSHSDQRXOGHLQVWUXPHQWH
UDUHDFHQWXULLGHVLJXUDQFXDMXWRUXOEXWR YUHDPLQWHWHVYDVLJXUDLFWRLSDVDJH
QXOXLGHHOLEHUDUHYH]L(OLEHUDUHDFHQWX ULLDXWRYHKLFXOXOXLSRDUWFHQWXULOH$FHDVWD
ULORUGHVLJXUDQ3DJLQD SRDWHOXPLQDFRQWLQXXVDXLQWHUPLWHQW(VWH
SRVLELOGHDVHPHQHDVILHHPLVXQVHPQDO
5HJODUHDvQOLPLLFHQWXULORUGHVLJX VRQRUGHDYHUWL]DUH
UDQ /DPSDGHDYHUWL]DUHSHQWUXFHQWXUDGHVLJX
UDQvVHVWLQJHLVHPQDOXOVRQRUvQFH
1XPDLODDXWRYHKLFXOHOHFXXLQOLPHD WHD]GXSFHRIHUXOLSDVDJHUXOGLQIDvL
FHQWXULLGHVLJXUDQSRDWHILUHJODWSHQWUX IL[HD]FHQWXULOHGHVLJXUDQ'DFDXWRYH
VFDXQXORIHUXOXLLFHODOSDVDJHUXOXLGLQID KLFXOXOVWDLRQHD]LHVWHGHVFKLVRSRU
WLHUODPSDGHDYHUWL]DUHSHQWUXFHQWXUDGH
6LJXUDQDSDVDJHULORU
VLJXUDQvVHVWLQJHLVHPQDOXOVRQRU =vUHDUVHDWEHOWVHQJDJHG
vQFHWHD] 6XQWIL[DWHFHQWXULQVSDWH
1XPDLSHQWUXDQXPLWHULFKLDUGDFRIHUXO =vUHDUVHDWEHOWVHQJDJHG
VDXSDVDJHUXOGLQIDLDXIL[DWFHQWXULOHGH 6XQWIL[DWHFHQWXULQVSDWH
VLJXUDQODPSDGHDYHUWL]DUHSHQWUXFHQWXUD
G ,QGLFDWRUXOGHVWDUHDFHQWXULORUGHVLJX
6LJXUDQD
GHVLJXUDQvVHDSULQGHWLPSGHDVH
UDQVSDWHHVWHGLVSRQLELOQXPDLvQDQX
VHFXQGHGXSSRUQLUHDPRWRUXOXL/DPSDVH
PLWHUL
VWLQJHGXSFHDWkWRIHUXOFkWLSDVDJHUXO
IDLDXIL[DWFHQWXULOHGHVLJXUDQ
'LVSR]LWLYHOHGHSUHWHQVLRQDUHDFHQWX
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHGHVSUH ULORUOLPLWDWRDUHOHGHIRUSHQWUXFHQ
ODPSDGHDYHUWL]DUHSHQWUXFHQWXUDGHVLJX WXUL
UDQvYH]L/PSLOHPDUWRULGHDYHU
WL]DUHGHSHSDQRXOGHLQVWUXPHQWHFHQWX &HQWXULOHGHVLJXUDQSHQWUXVFDXQHOHGLQ
ULOHGHVLJXUDQ3DJLQD IDLSHQWUXVFDXQHOHODWHUDOHGLQVSDWHVXQW
HFKLSDWHFXGLVSR]LWLYHGHSUHWHQVLRQDUH
,QGLFDWRUXOGHVWDUHDOFHQWXULORUGH 'LVSR]LWLYHOHGHSUHWHQVLRQDUHDFHQWXULORUGH
VLJXUDQVSDWH VLJXUDQWHQVLRQHD]FHQWXULOHvQFD]GH
DFFLGHQWVWUkQJkQGXOHvQMXUXOFRUSXOXLSDVD
,QGLFDWRUXOGHVWDUHDFHQWXULORUGHVLJXUDQ JHUXOXL
VSDWHYDUDWGDFSDVDJHULLGLQVSDWHLDX 'LVSR]LWLYHOHGHSUHWHQVLRQDUHQXFRUHFWHD]
IL[DWFHQWXULOHGHVLJXUDQ SR]LLLOHGHHGHUHQHFRUHVSXQ]WRDUHVDX
,QGLFDWRUXOGHVWDUHDFHQWXULORUGHVLJXUDQ FHQWXULOHSXUWDWHLQFRUHFW
VSDWHYDUDWVFDXQXOVSDWHDFUXLFHQWXU $FHVWHDQXGHSODVHD]SDVDJHULLFWUH
DIRVWIL[DW VSWDUXOVFDXQXOXL
,QGLFDWRUXOGHVWDUHDFHQWXULORUGHVLJXUDQ QFD]XOvQFDUHFHQWXUDGHVLJXUDQHVWH
VSDWHHVWHDILDWSHGLVSOD\XOPXOWLIXQFLRQDO SUHY]XWFXXQOLPLWDWRUGHIRULDFHVWD
WLPSGHFLUFDGHVHFXQGHGDF HVWHGHFODQDWIRUDH[HUFLWDWDVXSUDRFX
=SRUQLLGHSHORFLDWLQJHLRYLWH]GHDSUR SDQWXOXLVFDXQXOXLHVWHUHGXV
[LPDWLYNPK /LPLWDWRDUHOHGHIRUDOHFHQWXULORUSHQWUX
=SDVDJHULLGLQVSDWHIL[HD]VDXGHVIDFFHQ VFDXQHOHGLQIDVXQWUHJODWHvQIXQFLHGH
WXULOHGHVLJXUDQvQWLPSXOFOWRULHL DLUEDJXULOHIURQWDOHFDUHSUHLDXRSDUWHGLQ
=RSHUVRDQXUFVDXFRERDUGLQDXWRYHKL IRUDGHGHFHOHUDUH$VWIHOIRUDH[HUFLWDW
FXO DVXSUDFRUSXOXLSDVDJHULORUHVWHGLVWULEXLW
3XWHLGHDVHPHQHDDQXODLPHGLDWLQGLFDWR DVXSUDXQHLVXSUDIHHPDLPDUL
UXOGHVWDUHDFHQWXULORUGHVLJXUDQVSDWH 'LVSR]LWLYHOHGHSUHWHQVLRQDUHDOHFHQWXULORU
3DJLQD SRWILGHFODQDWHQXPDLFkQG
3HGLVSOD\XOPXOWLIXQFLRQDOSRWILDILDWH =FRQWDFWXOHVWHSXV
XUPWRDUHOHPHVDMH =VLVWHPHOHGHUHWHQLHVXQWIXQFLRQDOHYH]L
=v1RUHDUVHDWEHOWHQJDJHG1X /DPSDGHDYHUWL]DUH6563DJLQD
HVWHIL[DWQLFLRFHQWXUQVSDWH =OLPELOHFHQWXULORUGHVLJXUDQGLQIDFX
=vUHDUVHDWEHOWHQJDJHG IL[DUHvQWUHLSXQWHVXQWIL[DWHvQFDWDUDPHOH
(VWHIL[DWRFHQWXUQVSDWH GHEORFDUH
'LVSR]LWLYHOHGHSUHWHQVLRQDUHDFHQWXULORU
VFDXQHORUODWHUDOHGLQVSDWHVXQWGHFODQDWH
3UH]HQDFRSLLORUODERUG
LQGLIHUHQWGDFFHQWXULOHGHVLJXUDQVXQW WLDVVXIHUHOH]LXQLJUDYHVDXPRUWDOHFDX]DWH
IL[DWHVDXQX GHH[SXQHUHDSUHOXQJLWODWHPSHUDWXULIRDUWH
'LVSR]LWLYHOHGHSUHWHQVLRQDUHDFHQWXULORU PDULVDXVF]XWH
VXQWGHFODQDWHvQIXQFLHGHWLSXOLJUDYLWD 1XH[SXQHLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
WHDDFFLGHQWXOXL ODOXPLQDGLUHFWDVRDUHOXL(VWHSRVLELOFD
6LJXUDQD
=vQFD]XOXQXLLPSDFWGLQIDVDXGLQVSDWH SULOHDOHDFHVWXLDVVHvQFO]HDVFSXWHU
GDFDXWRYHKLFXOXOHVWHGHFHOHUDWVDX QLFSURYRFkQGDUVXULFRSLLORU
DFFHOHUDWUDSLGSHD[DORQJLWXGLQDOvQWLP QFD]XOvQFDUHFRSLOXOGHVFKLGHXQDGLQWUH
SXOHWDSHORULQLLDOHDOHLPSDFWXOXL SRUWLHUHHVWHSRVLELOFDDFHVWDVDXDOWHSHU
=vQFD]XOXQXLLPSDFWODWHUDOSHSDUWHD VRDQHVILHUQLWHFDXUPDUHDDFHVWXLIDSW
RSXVFHOHLSHFDUHVDSURGXVLPSDFWXO &RSLOXOSRDWHILUQLWvQPRPHQWXOvQFDUHYUHD
GDFDXWRYHKLFXOXOHVWHGHFHOHUDWVDX VSUVHDVFDXWRYHKLFXOXOVDXSRDWHILDFFL
DFFHOHUDWUDSLGSHD[DODWHUDO GHQWDWGHXQDOWDXWRYHKLFXOGLQWUDILF
'HFODQDUHDDLUEDJXULORUHVWHvQVRLWGHXQ
]JRPRWSXWHUQLFLGHHOLEHUDUHDXQHLPLFL 3HULFROGHUQLUH
FDQWLWLGHSUDI&XH[FHSLDXQRUVLWXDLL 2ELHFWHOHIL[DWHLQFRUHFWVDXSR]LLRQDWH
H[FHSLRQDOH]JRPRWXOSURGXVQXYYD QHDGHFYDWVSRUHVFSHULFROXOGHDFFLGHQWDUHD
DIHFWDDX]XO3UDIXOHOLEHUDWQXHVWHvQJHQH FRSLOXOXLvQFD]GH
UDOSHULFXORVSHQWUXVQWDWH/DPSDGHDYHU =DFFLGHQW
WL]DUHDVLVWHPXOXL656~VHDSULQGH =PDQHYUGHIUkQDUH
3HULFROGHUQLUH =VFKLPEDUHEUXVFDGLUHFLHL
QFD]XOvQFDUHGLVSR]LWLYHOHGHSUHWHQVLRQDUH 1XWUDQVSRUWDLRELHFWHJUHOHVDXGXUHvQKDEL
DXIRVWGHFODQDWHDFHVWHDQXYRUPDLIXUQL]D WDFOXGHFkWvQFD]XOvQFDUHDFHVWHDVXQW
SURWHFLHvQHYHQWXDOLWDWHDSURGXFHULLXQXL IL[DWH0DLPXOWHLQIRUPDLLVXQWGLVSRQLELOHvQ
QRXDFFLGHQW'HDFHHDHVWHQHFHVDUVY VHFLXQHD,QVWUXFLXQLJHQHUDOHUHIHULWRDUHOD
DGUHVDLXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW vQFUFDUHGLQLQGH[
SHQWUXvQORFXLUHDGLVSR]LWLYHORUGHSUHWHQVLR
QDUHFDUHVDXGHFODQDW QFD]XOvQFDUHWUDQVSRUWDLXQFRSLOvQDXWR
5HVSHFWDLQRUPHOHSULYLQGVLJXUDQDOD YHKLFXOSURWHMDLOSULQLQWHUPHGLXOXQXLVLV
vQGHSUWDUHDGLVSR]LWLYHORUGHSUHWHQVLRQDUH WHPGHUHWHQLHSHQWUXFRSLLDGHFYDWYkUVWHL
'HWDOLLFXSULYLUHODDFHVWHQRUPHVXQWGLVSR LGLPHQVLXQLORUFRSLOXOXLLUHFRPDQGDWSHQ
QLELOHODRULFDUHFHQWUXDXWRUL]DWGHYkQ]ULL WUXDILXWLOL]DWvQDXWRYHKLFXOHOH0HUFHGHV
VHUYLFH0HUFHGHV%HQ] %HQ]$FHVWVLVWHPWUHEXLHLQVWDODWSHXQXO
GLQWUHVFDXQHOHDGHFYDWHGLQVSDWH$VLJXUDL
YFVLVWHPXOGHUHWHQLHSHQWUXFRSLLSURWH
3UH]HQDFRSLLORUODERUG MHD]FRSLOXOSHWRDWGXUDWDFOWRULHL
3XWHLRELQHLQIRUPDLLGHVSUHVLVWHPHOHGH
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX UHWHQLHSHQWUXFRSLLDGHFYDWHGHODRULFDUH
UDQD FHQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
GHV%HQ]
3HULFROGHUQLUH
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL G /DFXUDUHDVLVWHPHORUGHUHWHQLHSHQ
FXOFKLDUGDFDFHWLDVXQWDVLJXUDLvQWUXQ WUXFRSLLHVWHSUHIHUDELOVXWLOL]DLXQSUR
VLVWHPGHUHWHQLHDGHFYDW$FHWLDVHSRW GXVGHvQWUHLQHUH0HUFHGHV%HQ]3XWHL
DFFLGHQWDFXGLYHUVHFRPSRQHQWHDOHDXWRYH RELQHLQIRUPDLLVXSOLPHQWDUHvQDFHDVW
KLFXOXOXL(VWHGHDVHPHQHDSRVLELOFDDFH SULYLQGHODRULFDUH&HQWUXDXWRUL]DWGH
YkQ]ULLVHUYLFH0HUFHGHV%HQ]
3UH]HQDFRSLLORUODERUG
6LVWHPHOHGHUHWHQLHSHQWUXFRSLL QXHVWHPRQWDWSHXQVFDXQDGHFYDWQHYHQ
WXDOLWDWHDXQHLPDQHYUHGHIUkQDUHSXWHUQLF
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX GHVFKLPEDUHEUXVFDGLUHFLHLVDXDXQXL
UDQD DFFLGHQWFRSLOXOQXSRDWHILSURWHMDW&RSLOXO
0HUFHGHV%HQ]UHFRPDQGXWLOL]DUHDH[FOX SRDWHILUQLWJUDYVDXFKLDUIDWDO'HDFHHDOD
6LJXUDQD
VLYDVLVWHPHORUGHUHWHQLHSHQWUXFRSLLHQX LQVWDODUHDXQXLVLVWHPGHUHWHQLHSHQWUX
PHUDWHOD3DJLQD FRSLLHVWHQHFHVDUUHVSHFWDUHDLQVWUXFLXQL
ORUGHLQVWDODUHIXUQL]DWHGHSURGXFWRUXOVLV
3HULFROGHUQLUH WHPXOXL
3HQWUXUHGXFHUHDULVFXOXLGHUQLUHJUDYVDX (VWHSUHIHUDELOLQVWDODUHDVLVWHPHORUGH
FKLDUIDWDODFRSLOXOXLvQFD]GHDFFLGHQWIUk UHWHQLHSHQWUXFRSLLSHVFDXQHOHGLQVSDWH
QDUHEUXVFVDXVFKLPEDUHEUXVFDGLUHFLHL &RSLLLEHQHILFLD]vQJHQHUDOGHXQQLYHOVSRULW
=FRSLLLFXvQOLPHDVXEPLYkUVWDVXE GHSURWHFLHSHDFHVWHVFDXQH
DQLWUHEXLHVILHvQWRWGHDXQDSURWHMDL %D]DVLVWHPXOXLWUHEXLHVILHSHUPDQHQWvQ
SULQLQWHUPHGLXOXQRUVLVWHPHGHUHWHQLH FRQWDFWFXSHUQDVFDXQXOXL3ULQXUPDUHQX
VSHFLDOHPRQWDWHSHXQVFDXQFRUHV DPSODVDLQLFLRGDWRELHFWHGHH[HPSOX
SXQ]WRUDODXWRYHKLFXOXOXL$FHVWOXFUX SHUQHVXEVLVWHPXOGHUHWHQLHSHQWUXFRSLL
HVWHQHFHVDUvQWUXFkWFHQWXULOHGHVLJXUDQ )RORVLLVLVWHPHOHGHUHWHQLHSHQWUXFRSLL
QXVXQWSURLHFWDWHSHQWUXFRSLL QXPDLvPSUHXQFXKXVHOHRULJLQDOHQORFXLL
=1XDH]DLFRSLLLFXvQOLPHDVXEP KXVHOHGHWHULRUDWHQXPDLFXDOWHOHRULJLQDOH
VDXFXYkUVWDVXEDQLSHVFDXQXOSDVD 0HUFHGHV%HQ]
JHUXOXLGLQID([FHSLHFRSLOXOHVWHSUR 9UHFRPDQGPVXWLOL]DLVLVWHPHGHUHWHQ
WHMDWFXDMXWRUXOXQXLVLVWHPGHUHFXQRD LHSHQWUXFRSLLFDUHDXIRVWRPRORJDWHSHQWUX
WHUHDXWRPDWDVFDXQHORUSHQWUXFRSLL DXWRYHKLFXOHOH0HUFHGHV%HQ]
LQVWDODWSHVFDXQXOSDVDJHUXOXLGLQIDL
$XWRYHKLFXOHSUHY]XWHFXIXQFLHGHVXSOL
HVWHDH]DWvQWUXQVLVWHPGHUHWHQLHSHQ
PHQWDUHDFDSDFLWLLGHvQFUFDUHSULQUDED
WUXFRSLLSUHY]XWFXIXQFLHGHUHFXQRD
WDUHDVSWDUXOXLEDQFKHWHLGLQVSDWHQXXWLOL
WHUHDXWRPDW
]DLVLVWHPHGHUHWHQLHSHQWUXFRSLLRULHQWDWH
=QFD]XOLQVWDOULLXQXLVLVWHPGHUHWHQLH
FRQWUDUVHQVXOXLGHGHSODVDUHSHVFDXQXOFHQ
SHQWUXFRSLLRULHQWDWvQVHQVXOGHGHSODVDUH WUDOGLQVSDWH
SHVFDXQXOSDVDJHUXOXLGLQIDHVWHQHFH
VDUGHSODVDUHDVFDXQXOXLvQDSRLSkQOD
FDSWXOFXUVHL
6FDXQXOSHQWUXFRSLLPRQWDWSHVFDXQXO
SDVDJHUXOXLGLQID
=QQLFLXQFD]QXSHUPLWHLFRSLLORUV
FOWRUHDVFvQEUDHOHDOWXLSDVDJHU'LQ
FDX]DIRUHORUFDUHDSDUvQPRPHQWXOXQHL
PDQHYUHGHIUkQDUHGHVFKLPEDUHEUXVF
DGLUHFLHLVDXDOXQXLDFFLGHQWSURWHMDUHD
FRSLOXOXLDUILLPSRVLELO$FHVWDDUSXWHDIL
SURLHFWDWvQKDELWDFOXLUQLWJUDYVDXFKLDU
IDWDOGLQFDX]DLPSDFWXOXLFXGLYHUVHFRP
SRQHQWHDOHDXWRYHKLFXOXOXL
3HULFROGHUQLUH
6LVWHPXOGHUHWHQLHSHQWUXFRSLLQXvLSRDWH
$XWRFRODQWGHDYHUWL]DUHVLWXDWSHSDUDVRODUXO
vQGHSOLQLIXQFLDGHSURWHFLHvQFD]XOvQFDUH SDVDJHUXOXLGLQID
3UH]HQDFRSLLORUODERUG
$LUEDJXOIURQWDOSHQWUXSDVDJHUXOGLQIDQX
HVWHGH]DFWLYDW
=vQDXWRYHKLFXOHOHIUVLVWHPGHUHFXQRD
WHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLL
LQVWDODWSHVFDXQXOSDVDJHUXOXLGLQID
6LJXUDQD
=vQDXWRYHKLFXOHOHFXVLVWHPGHUHFXQRD
WHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLL
LQVWDODWSHVFDXQXOSDVDJHUXOXLGLQID
GDFQXHVWHLQVWDODWQLFLXQVLVWHPGH
UHWHQLHSHQWUXFRSLLFXVLVWHPGHUHFX
6LPEROGHDYHUWL]DUHUHIHULWRUODVLVWHPHOHGHUHWHQ QRDWHUHDXWRPDWSHVFDXQXOSDVDJHUXOXL
LHSHQWUXFRSLLRULHQWDWHFRQWUDUVHQVXOXLGHGHSOD GLQID
VDUH
=vQDXWRYHKLFXOHOHFXVLVWHPGHUHFXQRD
3HULFROGHUQLUH WHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLL
QFD]XOvQFDUHDLUEDJXOIURQWDOSHQWUXSDVD LQVWDODWSHVFDXQXOSDVDJHUXOXLGLQIDvQ
JHUXOGLQIDQXHVWHGH]DFWLYDW FD]XOvQFDUHODPSDGHDYHUWL]DUH3$66(1
=FRSLOXOSURWHMDWSULQLQWHUPHGLXOXQXLVLVWHP
*(5$,5%$*2))sDLUEDJSDVDJHU
GH]DFWLYDWQXHVWHDSULQV
GHUHWHQLHSHQWUXFRSLLDPSODVDWSHVFDX
QXOSDVDJHUXOXLGLQIDDUSXWHDILUQLWJUDY 3HSODQDGHERUGLSHDPEHOHIHHDOHSDUD
VDXFKLDUPRUWDOvQPRPHQWXOGHFODQULL VRODUXOXLGHSHSDUWHDSDVDJHUXOXLH[LVWDXWR
DLUEDJXOXLDIHUHQW5LVFXOHVWHFXDWkWPDL FRODQWHGHDYHUWL]DUHPHQLWHVYDWUDJ
PDUHvQFD]XOvQFDUHFRSLOXOVHDIOvQLPH DWHQLDDVXSUDDFHVWXLSHULFRO
GLDWDDSURSLHUHDDLUEDJXOXLSHQWUXSDVDJH ,QIRUPDLLSULYLQGVLVWHPHOHGHUHWHQLHSHQWUX
UXOGLQIDvQPRPHQWXOGHFODQULLDFHV FRSLLUHFRPDQGDWHVXQWGLVSRQLELOHODRULFDUH
WXLD FHQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
=1XWUDQVSRUWDLQLFLRGDWFRSLLLvQVLVWHPH GHV%HQ]
GHUHWHQLHRULHQWDWHFRQWUDUVHQVXOXLGH
GHSODVDUHSHVFDXQXOSDVDJHUXOXLGLQID 6LVWHPXOGHUHFXQRDWHUHDXWRPDWD
0RQWDLVLVWHPXOGHUHWHQLHSHQWUXFRSLL VFDXQXOXLSHQWUXFRSLLPRQWDWSHVFDX
RULHQWDWFRQWUDUVHQVXOXLGHGHSODVDUHGRDU QXOSDVDJHUXOXLGLQID
SHXQXOGLQWUHVFDXQHOHGLQVSDWHDGHFYDWH
vQDFHVWVFRS
='HSODVDLvQWRWGHDXQDVFDXQXOSDVDJHUXOXL
GLQIDFkWPDLvQVSDWHSRVLELOvQPRPHQWXO
vQFDUHGRULLVDH]DLXQFRSLOSHDFHVWD
SULQLQWHUPHGLXOXQXLVLVWHPGHUHWHQLH
SHQWUXFRSLLRULHQWDWvQVHQVXOGHGHSOD
VDUH
3UH]HQDFRSLLORUODERUG
'DFDXWRYHKLFXOXOQXHVWHGRWDWFXVLVWHP 3URFHGDLGXSFXPXUPHD]
GHUHFXQRDWHUHDXWRPDWDVFDXQHORUSHQWUX =QXLQVWDODLXQVLVWHPGHUHWHQLHSHQWUX
FRSLLLQVWDODWSHVFDXQXOSDVDJHUXOXLGLQID
FRSLLRULHQWDWFRQWUDUVHQVXOXLGHGHSODVDUH
DFHVWOXFUXHVWHLQGLFDWSULQWUXQDXWRFRODQW
SHORFXOSDVDJHUXOXLGLQID
VSHFLDO$FHVWDXWRFRODQWHVWHDSOLFDWSHSDU
=LQVWDODLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
6LJXUDQD
WHDODWHUDODSODQHLGHERUGSHSDUWHDSDVD
JHUXOXLGLQID$XWRFRODQWXOHVWHYL]LELOOD RULHQWDWFRQWUDUVHQVXOXLGHGHSODVDUHSH
GHVFKLGHUHDSRUWLHUHLSDVDJHUXOXLGLQID XQXOGLQWUHVFDXQHOHODWHUDOHGLQVSDWH
VDX
=XWLOL]DLH[FOXVLYVLVWHPHGHUHWHQLHSHQWUX
FRSLLRULHQWDWHvQVHQVXOGHGHSODVDUHLQVWD
ODWHSHVFDXQXOSDVDJHUXOXLGLQIDL
GHSODVDLVFDXQXOFkWPDLvQVSDWHSRVLELO
=vQFUHGLQDLXQXLDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWYHULILFDUHDVLVWHPXOXLGHUHFX
QRDWHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLL
DPSODVDWSHVFDXQXOSDVDJHUXOXLGLQID
3HQWUXDDVLJXUDIXQFLRQDUHDFRUHFWDVLV
WHPXOXLGHUHFXQRDWHUHDXWRPDWDVFDXQX
6HQ]RULLSHQWUXUHFXQRDWHUHDDXWRPDWD OXLSHQWUXFRSLLDPSODVDWSHVFDXQXOSDVDJH
VFDXQXOXLSHQWUXFRSLLVXQWLQWHJUDLvQVFDX UXOXLGLQIDQXDPSODVDLQLFLRGDWRELHFWH
QXOSDVDJHUXOXLGLQIDLGHWHFWHD]GDFD GHH[HPSOXSHUQHVXEVLVWHPXOGHUHWHQLH
IRVWPRQWDWXQVFDXQVSHFLDOSHQWUXFRSLL SHQWUXFRSLL%D]DVLVWHPXOXLWUHEXLHVILH
0HUFHGHV%HQ]FXVLVWHPGHUHFXQRDWHUH SHUPDQHQWvQFRQWDFWFXSHUQDVFDXQXOXL8Q
DXWRPDWQDVWIHOGHFD]XULODPSDPDUWRU VLVWHPGHUHWHQLHSHQWUXFRSLLLQFRUHFWLQVWD
3$66(1*(5$,5%$*2))sCDLUEDJ ODWQXvLYDSXWHDvQGHSOLQLIXQFLDSURWHFWLY
SDVDJHUGH]DFWLYDWVHDSULQGH$LUEDJXOIURQ vQFD]GHDFFLGHQWSXWkQGFKLDUSURYRFD
WDODOSDVDJHUXOXLGLQIDHVWHGH]DFWLYDW OH]LXQL
3HULFROGHUQLUH G &KLDUGDFDLUEDJXOSDVDJHUXOXLGLQID
'DFODPSDPDUWRUs3$66(1*(5$,5 HVWHGH]DFWLYDWGHVLVWHPXOGHUHFXQRD
%$*2))DLUEDJSDVDJHUGH]DFWLYDWQXVH WHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLL
DSULQGHFkQGHVWHLQVWDODWVLVWHPXOGHUHWHQ XUPWRDUHOHHOHPHQWHUPkQIXQFLRQDOH
LHSHQWUXFRSLLDLUEDJXOIURQWDODOSDVDJHUXOXL SHDFHDVWSDUWH
GLQIDQXDIRVWGH]DFWLYDWQPRPHQWXO =DLUEDJXOODWHUDODLUEDJXOODWHUDOSHQWUX
GHFODQULLDLUEDJXOXLIURQWDOSHQWUXSDVDJH
FDSWRUDFH
UXOGLQIDFRSLOXOSRDWHILDFFLGHQWDWJUDY
=DLUEDJXOFRUWLQ
VDXFKLDUIDWDO
=GLVSR]LWLYXOGHSUHWHQVLRQDUHDFHQWXULL
$XWRYHKLFXOHIUVLVWHPGHUHFXQRDWHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLLSHVFDXQXOSDVDJHUXOXLGLQID
GDFURWLLFKHLDvQFRQWDFWvQSR]LLDODPSDGHDYHUWL]DUH3$66(1*(5$,5%$*2))DLUEDJSDVDJHUGH]DF
WLYDWsVHDSULQGHVFXUWGDUQXDUHQLFLRIXQFLH$FHVWOXFUXQXLQGLFIDSWXOFHVWHDFWLYDWVLVWHPXOGH
UHFXQRDWHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLLLQVWDODWSHVFDXQXOSDVDJHUXOXLGLQID
3UH]HQDFRSLLORUODERUG
3HULFROGHUQLUH LHSHQWUXFRSLLSULQLQWHUPHGLXOFHQWXULLGH
1XDPSODVDLGLVSR]LWLYHHOHFWURQLFHSHVFDX VLJXUDQFXIL[DUHvQWUHLSXQFWH
QXOSDVDJHUXOXLGLQIDGHH[HPSOX
=ODSWRSXULvQIXQFLXQH
3HULFROGHUQLUH
6LVWHPXOGHUHWHQLHSHQWUXFRSLLQXvLSRDWH
=WHOHIRDQHPRELOH
6LJXUDQD
vQGHSOLQLIXQFLDGHSURWHFLHvQFD]XOvQFDUH
=FDUGXULFXWUDQVSRQGHUGHH[HPSOXSHU
QXHVWHPRQWDWSHXQVFDXQDGHFYDWQHYHQ
PLVHGHVFKLVDXFDUGXULGHDFFHV WXDOLWDWHDXQHLPDQHYUHGHIUkQDUHGHVFKLP
6HPQDOHOHGHODDFHVWHGLVSR]LWLYHHOHFWUR EDUHEUXVFDGLUHFLHLVDXDXQXLDFFLGHQW
QLFHSRWFDX]DLQWHUIHUHQHFXVHQ]RULLVLVWH FRSLOXOQXSRDWHILSURWHMDW&RSLOXOSRDWHIL
PXOXLGHUHFXQRDWHUHDXWRPDWDVFDXQXOXL UQLWJUDYVDXFKLDUPRUWDO'HDFHHDODLQVWD
SHQWUXFRSLL$FHVWOXFUXSRDWHGXFHODDSDUL ODUHDXQXLVLVWHPGHUHWHQLHSHQWUXFRSLL
LDXQHLGHIHFLXQLDVLVWHPXOXLQFRQVHFLQ HVWHQHFHVDUUHVSHFWDUHDLQVWUXFLXQLORUGH
DFHDVWDSRDWHSURYRFDDSULQGHUHDOPSLLPDU LQVWDODUHLGHXWLOL]DUHFRUHFWIXUQL]DWHGH
WRU3$66(1*(5$,5%$*2))DLUEDJSDVDJHU SURGXFWRUXOVLVWHPXOXL
GH]DFWLYDWsIUFDXQVFDXQSHQWUXFRSLL 'LQPRWLYHGHVLJXUDQSHVFDXQHOHGLQ
FXVLVWHPGHUHFXQRDWHUHDXWRPDWVILH VSDWHLQVWDODLH[FOXVLYVLVWHPHGHUHWHQLH
PRQWDWFHHDFHvQVHDPQFDLUEDJXOSDVD SHQWUXFRSLL,62),;
JHUXOXLGLQIDQXVHYDGHFODQDvQHYHQWXD
9UHFRPDQGPVXWLOL]DLQXPDLVLVWHPHGH
OLWDWHDSURGXFHULLXQXLDFFLGHQW'HDVHPH
UHWHQLHSHQWUXFRSLL,62),;FDUHDXIRVW
QHDHVWHSRVLELOFDODPSDGHDYHUWL]DUHDVLV
UHFRPDQGDWHSHQWUXDXWRYHKLFXOHOH0HUFH
WHPXOXL656~VVHDSULQGLVDXODPSD
GHV%HQ]
GHDYHUWL]DUH3$66(1*(5$,5%$*2))DLU
6LVWHPHOHGHUHWHQLHSHQWUXFRSLLLQVWDODWH
EDJSDVDJHUGH]DFWLYDWs3$66(1*(5
LQFRUHFWVHSRWGHVSULQGHLSRWDFFLGHQWD
$,5%$*2))VQXVHDSULQGVFXUWODURWLUHD
JUDYVDXFKLDUIDWDOFRSLOXOVDXDOLSDVDJHULDL
FKHLLvQFRQWDFWvQSR]LLD
DXWRYHKLFXOXOXL/DLQVWDODUHDVLVWHPXOXLGH
UHWHQLHSHQWUXFRSLLDVLJXUDLYFDFHVWD
6LVWHPXO,62),;GHIL[DUHDVFDXQHORU HVWHIL[DWvQLQHOHOHGHDQFRUDUHGHSHDPEHOH
SHQWUXFRSLLvQ]RQDGLQVSDWH SUL
,62),;HVWHXQVLVWHPVWDQGDUGL]DWGHIL[DUH
DVLVWHPHORUVSHFLDOHGHUHWHQLHSHQWUXFRSLL 3HULFROGHUQLUH
SHVFDXQHOHGLQVSDWH3HSDUWHDGUHDSWL LQHLFRQWGHIDSWXOFvQFD]XOvQFDUHVXQW
VWkQJDEDQFKHWHLVXQWPRQWDWHLQHOHGH GHWHULRUDWHVDXVROLFLWDWHLQWHQVvQPRPHQWXO
DQFRUDUHSHQWUXGRXVLVWHPHGHUHWHQLH SURGXFHULLXQXLDFFLGHQWHVWHSRVLELOFDVLV
SHQWUXFRSLL,62),; WHPHOHGHUHWHQLHSHQWUXFRSLLVDXGLVSR]LWL
YHOHGHIL[DUHDOHDFHVWRUDVQXLSRDWH[HU
3HULFROGHUQLUH FLWDIXQFLDGHSURWHFLHQPRPHQWXOSURGX
6LVWHPHOHGHUHWHQLHSHQWUXFRSLLIL[DWHSULQ FHULLXQXLDFFLGHQWDOXQHLPDQHYUHGHIUkQDUH
LQWHUPHGLXOVLVWHPXOXL,62),;QXRIHUVXIL VDXGHVFKLPEDUHEUXVFDGLUHFLHLDFHVW
FLHQWSURWHFLHSHQWUXFRSLLLFXJUHXWDWHD OXFUXSRDWHGXFHODUQLUHDJUDYVDXFKLDU
SHVWHNJ'LQDFHVWPRWLYHVWHLQWHU]LV IDWDODFRSLOXOXLSURWHMDWSULQLQWHUPHGLXO
WUDQVSRUWDUHDFRSLLORUDFURUJUHXWDWH DFHVWRUVLVWHPH
GHSHWHNJvQWUXQVLVWHPGHUHWHQLH 'LQDFHVWPRWLYVLVWHPHOHGHUHWHQLHFDUHDX
SHQWUXFRSLLIL[DWSULQLQWHUPHGLXOXQXLVLVWHP IRVWGHWHULRUDWHVDXVROLFLWDWHvQWUXQDFFLGHQW
,62),;QFD]XOvQFDUHJUHXWDWHDFRSLOXOXL WUHEXLHVILHYHULILFDWHLPHGLDWvPSUHXQFX
GHSHWHNJDVLJXUDLVLVWHPXOGHUHWHQ
3UH]HQDFRSLLORUODERUG
HOHPHQWHOHGHDQFRUDUHDIHUHQWHODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
&kQGLQVWDODLVLVWHPXOGHUHWHQLHSHQWUX
FRSLLDVLJXUDLYFFHQWXUDGHVLJXUDQ
6LJXUDQD
DVFDXQXOXLGLQPLMORFQXHVWHEORFDWQ
FD]FRQWUDUFHQWXUDGHVLJXUDQDUSXWHD
ILGHWHULRUDW
C ,QHOHGHDQFRUDUH
0RQWDLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
,62),;8UPDLLQVWUXFLXQLOHGHLQVWDODUH 'HSODVDLWHWLHUDCvQVXV
IXUQL]DWHGHSURGXFWRUSHQWUXPRQWDUHD (OLEHUDLVSWDUXOEDQFKHWHLDLUDEDWDLO
VLVWHPXOXLGHUHWHQLHSHQWUXFRSLL,62),; vQDLQWH
*KLGDLFHQWXUDVLVWHPXOXL7RS7HWKHU
6LVWHPXO7RS7HWKHU SHVXEWHWLHUDCvQWUHFHOHGRXWLMHGH
IL[DUHDOHWHWLHUHL
3HULFROGHUQLUH
)L[DLFkUOLJXO7RS7HWKHUDOFHQWXULL7RS
$VLJXUDLYFVSWDUXOEDQFKHWHLHVWHIL[DW
7HWKHUvQSXQFWXOGHDQFRUDUH7RS
FRPSOHW&kQGLQGLFDWRDUHOHGHYHULILFDUHGH
FXORDUHURLHGHSHSDUWHDGUHDSWLVWkQJ 7HWKHU
QXPDLVXQWYL]LELOHVSWDUXOEDQFKHWHLHVWH $VLJXUDLYF
IL[DWFRPSOHW'DFVSWDUXOEDQFKHWHLQX =FkUOLJXO7RS7HWKHUHVWHSULQVvQSXQF
HVWHIL[DWSDVDJHULLDUSXWHDILUQLLvQHYHQ WXOGHDQFRUDUH7RS7HWKHUFRQIRUP
WXDOLWDWHDXQXLDFFLGHQWGHH[HPSOXGHFWUH
LQGLFDLHLGLQLPDJLQH
RELHFWHOHSURLHFWDWHvQIDGLQSRUWEDJDM
=FHQWXUD7RS7HWKHUQXHVWHUVXFLW
6LVWHPXO7RS7HWKHUDVLJXUXQSXQFWVXSOL =ODDXWRYHKLFXOHOHFXMDOX]HDSHQWUXSRUW
PHQWDUGHOHJWXUvQWUHVLVWHPXOGHUHWHQLH EDJDMFHQWXUD7RS7HWKHUHVWHJKL
SHQWUXFRSLLDVLJXUDWFX,62),;LEDQFKHW GDWSULQWUHVSWDUXOEDQFKHWHLDLMDOX
$FHVWVLVWHPDMXWODUHGXFHUHDSHULFROXOXLGH ]HDXDSRUWEDJDMXOXLGDFDFHDVWDGLQ
UQLUH XUPHVWHPRQWDW
(OHPHQWHOHGHDQFRUDUH7RS7HWKHUVXQW 5DEDWDLvQDSRLVSWDUXOEDQFKHWHLDSkQ
VLWXDWHSHSDUWHDGLQVSDWHDVSWDUXOXLEDQ
VHIL[HD]
FKHWHL
,QGLFDWRUXOGHYHULILFDUHGHFXORDUHURLHQX
PDLHVWHYL]LELO
3UH]HQDFRSLLORUODERUG
'HSODVDLGLQQRXWHWLHUDCSXLQvQMRV
GDFHVWHQHFHVDU3DJLQD$YHL
JULMVQXPRGLILFDLWUDVHXOFRUHFWDOFHQ
WXULL7RS7HWKHU
0RQWDLVLVWHPXOGHUHWHQLHSHQWUXFRSLL
6LJXUDQD
,62),;FX7RS7HWKHU5HVSHFWDLLQVWUXF
LXQLOHGHPRQWDUHIXUQL]DWHGHSURGXFWRU
$VLJXUDLYFFHQWXUD7RS7HWKHUHVWH
WHQVLRQDW
3UH]HQDFRSLLORUODERUG
3UREOHPHDOHVLVWHPXOXLGHUHFXQRDWHUHDXWRPDWDVFDXQXOXLSHQWUXFRSLL
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
/DPSDPDUWRUs 3HVFDXQXOSDVDJHUXOXLGLQIDHVWHLQVWDODWXQVFDXQSHQWUXFRSLL
3$66(1*(5$,5%$* VSHFLDO0HUFHGHV%HQ]SUHY]XWFXVLVWHPGHUHFXQRDWHUHDXWR
6LJXUDQD
2))DLUEDJSDVDJHU PDWQFRQVHFLQDLUEDJXOSHQWUXSDVDJHUXOGLQIDDIRVW
GH]DFWLYDWVLWXDWSH GH]DFWLYDW
FRQVRODFHQWUDOHVWH
DSULQV 3HULFROGHUQLUH
3HVFDXQXOSDVDJHUXOXLGLQIDQXHVWHLQVWDODWXQVFDXQSHQWUX
FRSLL6LVWHPXOGHUHFXQRDWHUHDVFDXQXOXLSHQWUXFRSLLHVWH
GHIHFW
'HDVHPHQHDHVWHSRVLELOFDODPSDGHDYHUWL]DUH~656L
VDXODPSDGHDYHUWL]DUHs3$66(1*(5$,5%$*2))VQXVH
DSULQGSHQWUXVFXUWWLPSDWXQFLFkQGSXQHLFRQWDFWXO
QGHSUWDLHFKLSDPHQWHOHHOHFWURQLFHGHSHVFDXQXOSDVDJHUX
OXLGLQIDGHH[HPSOX
=ODSWRSXUL
=WHOHIRQXOPRELO
=FDUGXULFXWUDQVSRQGHUGHH[HPSOXSHUPLVHGHVFKLVDXGH
DFFHV
'DFODPSDPDUWRUs3$66(1*(5$,5%$*2))DLUEDJSDVD
JHUGH]DFWLYDWHVWHDSULQVvQFRQWLQXDUH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6FDXQXOSHQWUXFRSLLLQWHJUDW =LQHLFRQWGHIDSWXOFXQFRSLOFXYkUVWD
VXEGRLDQLVDXFDUHFkQWUHWHPDLSXLQ
,QVWUXFLXQLLPSRUWDQWHGHVLJXUDQ GHNJQHFHVLWXQVLVWHPGHUHWHQLH
3HULFROGHUQLUH SHQWUXFRSLLGLIHULW,QIRUPDLLSULYLQGDOWH
3HQWUXDUHGXFHUHULVFXOGHUQLUHJUDYVDX VLVWHPHGHUHWHQLHSHQWUXFRSLLVXQWGLV
FKLDUIDWDODFRSLOXOXLvQFD]GHDFFLGHQWIUk SRQLELOHODRULFDUH&HQWUXDXWRUL]DWGH
QDUHEUXVFVDXVFKLPEDUHEUXVFDGLUHFLHL YkQ]ULLVHUYLFH0HUFHGHV%HQ]
=6SWDUXOEDQFKHWHLGLQVSDWHWUHEXLHVILH
=1XPRGLILFDLVFDXQXOSHQWUXFRSLLLQWHJUDW
IL[DWFRUHVSXQ]WRU
=$WXQFLFkQGVFDXQXOSHQWUXFRSLLHVWHXWLOL
]DWWHWLHUDWUHEXLHVILHUHJODWFRUHFW 6FDXQHOHSHQWUXFRSLLVXQWLQWHJUDWHvQSULOH
PRGLILFDLSR]LLDWHWLHUHLDVWIHOvQFkWFDSXO ODWHUDOHDOHSHUQHORUVFDXQHORUGLQVSDWH
FRSLOXOXLVVHVSULMLQHSHFHQWUXOWHWLHUHLOD $FHVWHDUHVSHFWFHULQHOHOHJDOHDOH&((
QLYHOXORFKLORU 5HJXODPHQWXO
=QORFXLLVFDXQHOHSHQWUXFRSLLLQWHJUDWH
0HUFHGHV%HQ]UHFRPDQGXWLOL]DUHDVFDX
FDUHDXIRVWGHWHULRUDWHVDXVXSXVHXQHL QXOXLLQWHJUDWSHQWUXFRSLLFXYkUVWHvQWUH
SUHVLXQLSXWHUQLFHFDXUPDUHDXQXLDFFL DSUR[LPDWLYGRLLGRLVSUH]HFHDQLVDXFXR
GHQW JUHXWDWHFRUSRUDOvQWUHNJLNJ
3UH]HQDFRSLLORUODERUG
3HQWUXFRSLLLFXYkUVWDvQWUHDSUR[LPDWLYGRL 7UDJHLXRUFHQWXUDGHVLJXUDQGLQGHUX
LDVHDQLVDXFXRJUHXWDWHvQWUHDSUR[LPDWLY ODWRU
NJLNJWUHEXLHVXWLOL]DLGHDVH 7UHFHLVHFLXQHDSHQWUXED]LQDFHQWXULLGH
PHQHDRPDVFDSLWRQDW,&6VSHFLDODSUR VLJXUDQSULQFkUOLJXOD
EDWSHQWUXVFDXQXOSHQWUXFRSLLLQWHJUDW )L[DLOLPEDFHQWXULLvQFDWDUDP
3DJLQD
6LJXUDQD
$VLJXUDLYFFHQWXUDGHVLJXUDQ
=HVWHWUHFXWSHVWH]RQDSHOYLDQFkWPDLMRV
SRVLELOSHVWHED]LQ
=HVWHVWUkQVSHVWHED]LQWUJkQGvQVXVGH
SDUWHDSHQWUXXPUDFHQWXULLGHVLJXUDQ
=HVWHVWUkQVSHVWHVHFLXQHDFHQWUDOD
XPUXOXLFRSLOXOXL
=QXHVWHUVXFLWLQXHVWHSHWUHFXWSHVWH
JkWVDXSHVXEEUDXOFRSLOXOXL
'DFHVWHFD]XOUHJODLWHWLHUD
3DJLQD
'HSOLHUHDVFDXQXOXLSHQWUXFRSLL
$SVDLFODSHWDGHHOLEHUDUHC
3OLHUHDVFDXQXOXLSHQWUXFRSLL
6FDXQXOSHQWUXFRSLLLQWHJUDWVHGHSOLD]vQ
VXV
PSLQJHLVFDXQXOSHQWUXFRSLLvQDSRLOD
PD[LPSkQVHIL[HD]
)L[DUHDFHQWXULLGHVLJXUDQSHQWUXFRSLL
3HULFROGHUQLUH
3HQWUXDUHGXFHUHULVFXOGHUQLUHJUDYVDX
FKLDUIDWDODFRSLOXOXLvQFD]GHDFFLGHQWIUk
QDUHEUXVFVDXVFKLPEDUHEUXVFDGLUHFLHL
=3DUWHDSHQWUXXPUDFHQWXULLGHVLJXUDQ $SVDLFODSHWDGHHOLEHUDUHC
WUHEXLHWUHFXWSHVWHVHFLXQHDFHQWUDOD PSLQJHLVFDXQXOSHQWUXFRSLLFWUHEDQ
XPUXOXLQLFLRGDWSHVWHJkWLWUHEXLH FKHWSkQFkQGVHIL[HD]
vQWLQVELQHSHVWHSLHSWXOFRSLOXOXL6HFLX
QHDSHQWUXED]LQDFHQWXULLWUHEXLHIL[DW
0DVDFDSLWRQDWSHQWUXVFDXQXOSHQWUX
SHVWH]RQDED]LQXOXLLQXSHVWHDEGRPHQ
FRSLLLQWHJUDW
LWUHEXLHVWUkQVSHFRUSXOFRSLOXOXL6WUkQ
JHLGLQQRXFHQWXUDGHVLJXUDQGDFHVWH ,QVWUXFLXQLLPSRUWDQWHGHVLJXUDQ
QHFHVDU
3HQWUXFRSLLLFXYkUVWDvQWUHDSUR[LPDWLYGRL
=6LVWHPXOGHUHWHQLHSHQWUXFRSLOVHXWLOL
LSDWUXDQLVDXFXRJUHXWDWHFRUSRUDOvQWUH
]HD]LQGLYLGXDO DSUR[LPDWLYNJLNJWUHEXLHVXWLOL
=&HQWXUDGHVLJXUDQWUHEXLHWUHFXWSULQ ]DLGHDVHPHQHDRPDVFDSLWRQDWVSHFLDO
FkUOLJ DSUREDWSHQWUXVFDXQXOSHQWUXFRSLLLQWH
=&HQWXUDGHVLJXUDQQXWUHEXLHVILHEOR JUDW
FDWRULUVXFLWLQXWUHEXLHVLQWUHvQ 3XWHLRELQHRPDVFDSLWRQDWDSUREDWFX
FRQWDFWFXPXFKLLDVFXLWH QXPUXO(&(GHODXQ&HQWUXDXWR
3UH]HQDFRSLLORUODERUG
UL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]FX 3HULFROGHUQLUH
FRGXO% 3HQWUXDUHGXFHULVFXOGHUQLUHJUDYVDX
6FDXQXOSHQWUXFRSLLLQWHJUDWFXPDVFDSL FKLDUIDWDODFRSLOXOXLvQFD]GHDFFLGHQWIUk
WRQDW,&6QXWUHEXLHXWLOL]DWSULQDWDDUH QDUHEUXVFVDXVFKLPEDUHEUXVFDGLUHFLHL
GLUHFWODXQVFDXQSHQWUXVXJDULSHQWUXFDUH =ODPRQWDUHDPHVHLFDSLWRQDWH,&6WUHEXLH
6LJXUDQD
HVWHSHUPLVRJUHXWDWHPD[LPGHNJ VUHVSHFWDLLQVWUXFLXQLOHGHPDLMRV
3HULFROGHUQLUH =QXPRGLILFDLPDVDFDSLWRQDW,&6
QFD]XOvQFDUHQXHVWHXWLOL]DWLLQVWDODW =$WXQFLFkQGVFDXQXOSHQWUXFRSLLHVWHXWLOL
FRUHFWSHVFDXQXOSHQWUXFRSLLLQWHJUDWPDVD ]DWWHWLHUDWUHEXLHVILHUHJODWDVWIHOvQFkW
FDSLWRQDW,&6QXSRDWHRIHULSURWHFLDFRUHV FDSXOFRSLOXOXLVVHVSULMLQHSHFHQWUXO
SXQ]WRDUH$VWIHODUILLPSRVLELOSURWHMDUHD WHWLHUHLODQLYHOXORFKLORU
FRSLOXOXLvQFD]XOSURGXFHULLXQXLDFFLGHQWDO =GDFPDVDFDSLWRQDW,&6HVWHGHWHULRUDW
XQHLIUkQULEUXWHVDXDOXQHLVFKLPEULQHD VDXDIRVWVROLFLWDWLQWHQVFDXUPDUHDXQXL
WHSWDWHGHGLUHFLHSXWkQGUH]XOWDDFFLGHQWD DFFLGHQWDFHDVWDWUHEXLHvQORFXLW
UHDJUDYVDXFKLDUIDWDODDFHVWXLD'LQDFHVW =LQHLFRQWGHIDSWXOFXQFRSLOFXYkUVWD
PRWLYODPRQWDUHDPHVHLFDSLWRQDWH,&6WUH VXEDQLVDXFDUHFkQWUHWHPDLSXLQGH
EXLHVUHVSHFWDLLQVWUXFLXQLOHGHPDLMRV NJQHFHVLWXQVLVWHPGHUHWHQLHSHQ
0DVDFDSLWRQDW,&6HVWHDGHFYDWGRDUSHQ WUXFRSLLGLIHULW,QIRUPDLLSULYLQGDOWHVLV
WUXDILIRORVLWvPSUHXQFXVFDXQXOSHQWUX WHPHGHUHWHQLHSHQWUXFRSLLVXQWGLVSRQL
FRSLLLQWHJUDWGHSOLDW ELOHODRULFDUH&HQWUXDXWRUL]DWGHYkQ]ULL
3HQWUXORFXULOHGLQVSDWHXWLOL]DLH[FOXVLY VHUYLFH0HUFHGHV%HQ]
PHVHOHFDSLWRQDWH,&6UHFRPDQGDWHSHQWUX
DXWRYHKLFXOHOH0HUFHGHV%HQ] $VLJXUDLYFPDVDFDSLWRQDW,&6QX
0HVHOHFDSLWRQDWH,&6PRQWDWHLQFRUHFWVH SRDWHILEORFDWVDXGHWHULRUDWGHH[HP
SRWGHVSULQGHLSRWDFFLGHQWDJUDYVDXFKLDU SOXFkQG
IDWDOFRSLOXOVDXDOLSDVDJHULDLDXWRYHKLFXOX =vQFKLGHLSRUWLHUHOH
OXL'XSPRQWDUHDPHVHLFDSLWRQDWH,&6DVL =UHJODLVFDXQXO
JXUDLYFDFHDVWDHVWHFRUHFWIL[DW =GHSR]LWDLPDVDFDSLWRQDW,&6VDX
WUDQVSRUWDLRELHFWHJUHOH
3HULFROGHUQLUH
1XPRGLILFDLPDVDFDSLWRQDWVFDXQXOSHQ
WUXFRSLLLQWHJUDWVDXFHQWXULOHGHVLJXUDQ
0DVDFDSLWRQDW,&6WUHEXLHXWLOL]DWQXPDL
vPSUHXQFXRKXV+XVDQXWUHEXLHVFRDV
GHSHPDVD,&6VDXvQORFXLWFXRKXVGHOD
DOWSURGXFWRUQFD]FRQWUDUDSUREDUHDRIL
FLDOGHYLQHQXOLDUIXQFLDGHSURWHFLH
SRDWHILOLPLWDW
1XH[SXQHLLQXWLOPDVDFDSLWRQDW,&6OD
FOGXUVDXODDFLXQHDGLUHFWDUD]HORU
VRODUH$QXPLWHSULDOHPHVHL,&6SRWVVH
vQFO]HDVFSXWHUQLFSURYRFkQGDUVXULvQFRQ
WDFWFXFRUSXOFRSLLORU
3UH]HQDFRSLLORUODERUG
0RQWDUHDPHVHLFDSLWRQDWH,&6 6WUkQJHLDPEHOHSULDOHFHQWXULL$VLJX
'HSOLDLVFDXQXOSHQWUXFRSLLLQWHJUDW UDLYFFHQWXUDGHVLJXUDQQXHVWH
3DJLQD UVXFLW
$H]DLFRSLOXOSHVFDXQXOSHQWUXFRSLLLQWH 5HJODLWHWLHUDC3DJLQD
JUDW
6LJXUDQD
'HSR]LWDUHDPHVHLFDSLWRQDWH,&6
5DEDWDLvQMRVDPEHOHSLFLRDUHLk
$H]DLPDVDFDSLWRQDW,&6DSHVWH
3HULFROGHUQLUH
0DVDFDSLWRQDW,&6WUHEXLHVILHIL[DW
VFDXQXOSHQWUXFRSLLLQWHJUDW
FRUHFWvQDXWRYHKLFXOLGHSR]LWDWvQVLJX
3HULFROGHUQLUH UDQvQSRUWEDJDMQFD]FRQWUDUDFHDVWDV
DUSXWHDGHVSULQGHvQHYHQWXDOLWDWHDXQXL
$VLJXUDLYF
DFFLGHQWDXQHLIUkQULEUXWHVDXVFKLPEUL
=WUDVHXOFHQWXULLHVWHFRQIRUPFXGHVFULHUHD
EUXWHGHGLUHFLHLDUSXWHDUQLSDVDJHULL
GHPDLMRV VDXGHWHULRUDDXWRYHKLFXOXO
=FHQWXUDGHVLJXUDQQXHVWHUVXFLW
=PDVDFDSLWRQDW,&6HVWHDSURDSHGHFRU 3OLDLDPEHOHSLFLRDUHLk
SXOFRSLOXOXL
=FHQWXUDGHVLJXUDQHVWHWUHFXWSULQFkU
OLJ
=FHQWXUDGHVLJXUDQQXHVWHEORFDWRUL
UVXFLWLQXLQWUvQFRQWDFWFXPXFKLL
DVFXLWH
QFD]FRQWUDUDUSXWHDVQXILHSRVLELOSUR
WHMDUHDFRSLOXOXLvQFD]XOSURGXFHULLXQXLDFFL
GHQWDOXQHLIUkQULEUXWHVDXDOXQHL
VFKLPEULQHDWHSWDWHDGLUHFLHLSXWkQG
UH]XOWDDFFLGHQWDUHDJUDYVDXFKLDUIDWDOD
DFHVWXLD
7UDJHLXRUFHQWXUDGHVLJXUDQGLQGHUX
ODWRU
7UHFHLVHFLXQHDLQIHULRDUDFHQWXULLGH
VLJXUDQSULQFkUOLJXO
$WDDLVHFLXQHDVXSHULRDULLQIHULRDUD
FHQWXULLvQJKLGDMXOGLQSDUWHDVWkQJDFHQ
WXULL
7UDJHLDPEHOHVHFLXQLDOHFHQWXULLvQJKL
GDMXOGLQSDUWHDGUHDSWLIL[DLOH
)L[DLOLPEDFHQWXULLGHVLJXUDQvQFDWD
UDPDDFHVWHLD
$SURSLDLPDVDFDSLWRQDW,&6DGHFRUSXO
FRSLOXOXL
3UH]HQDFRSLLORUODERUG
3R]LLRQDUHDDGHFYDWDVLVWHPXOXLGHUHWHQLHSHQWUXFRSLL
6LJXUDQD
OXQL
6LVWHPGHUHWHQLHSHQWUX /DDXWRYHKLFXOHOHFXVLVWHP /DDXWRYHKLFXOHOHFXVLV
FRSLLSHVFDXQXOSDVDJHUXOXL GHUHFXQRDWHUHDXWRPDWD WHPGHUHFXQRDWHUHDXWR
GLQID VFDXQXOXLSHQWUXFRSLLLQVWD PDWDVFDXQXOXLSHQWUX
ODWSHVFDXQXOSDVDJHUXOXL FRSLLLQVWDODWSHVFDXQXO
GLQIDFRQIRUPUHFR SDVDJHUXOXLGLQIDFRQ
PDQGULORU IRUPUHFRPDQGULORU
6LVWHPGHUHWHQLHSHQWUX 8QLYHUVDOVDXFRQIRUPUHFR 8QLYHUVDOVDXFRQIRUP
FRSLLLQVWDODWSHORFXULOHODWH PDQGULORU UHFRPDQGULORU
UDOHGLQVSDWH
6LVWHPGHUHWHQLHSHQWUX 8QLYHUVDOVDXFRQIRUPUHFR 8QLYHUVDOVDXFRQIRUP
FRSLLLQVWDODWSHVFDXQXOFHQ PDQGULORU UHFRPDQGULORU
WUDODOEDQFKHWHLGLQVSDWH
6LVWHPHOHGHUHWHQLHSHQWUXFRSLLGLQFDWHJRULD8QLYHUVDOSRWILLGHQWLILFDWHSHED]DHWLFKHWHL
SRUWRFDOLLGHDSUREDUH
8WLOL]DLH[FOXVLYVLVWHPHGHUHWHQLHSHQWUXFRSLLFXGLVSR]LWLYGHUHFXQRDWHUHDXWRPDWDVFDXQXOXLSHQWUX
FRSLL
'HSODVDLVFDXQXOSDVDJHUXOXLFkWPDLVXVLPDLvQVSDWHSRVLELO
6LJXUDQD 3UH]HQDFRSLLORUODERUG
(WLFKHWDWDDWSHXQVLVWHPGHUHWHQLHSHQWUXFRSLLH[HPSOX
6LVWHPHGHUHWHQLHSHQWUXFRSLLUHFRPDQGDWH
'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDFkWPDLvQVSDWHLFkWPDLVXVSRVLELO
6LVWHPXOGHUHWHQLHSHQWUXFRSLLSRDWHILLQVWDODWQXPDLSHXQXOGLQVFDXQHOHH[WHULRDUHGLQVSDWH
3UH]HQDFRSLLORUODERUG
6LJXUDQD
3URGXFWRU %ULWD[5|PHU %ULWD[5|PHU
7LS '823/86 .,'
1XPUGHDSUREDUH ( (
( (
1XPUGHFRPDQG $ $
6LVWHPGHUHFXQRDWHUHDXWRPDW 'D 'D
DVFDXQXOXLSHQWUXFRSLL
1XPUGHFRPDQG $ $
6LVWHPGHUHFXQRDWHUHDXWRPDW 1X 1X
DVFDXQXOXLSHQWUXFRSLL
3URWHFLDGHVLJXUDQSHQWUXFRSLL
3URWHFLDGHVLJXUDQSHQWUXFRSLL
SHQWUXSRUWLHUHOHGLQVSDWH
3HULFROGHDFFLGHQWLGHUQLUH
'DFvQDXWRYHKLFXOFOWRUHVFLFRSLLDFWL
YDLSURWHFLDGHVLJXUDQSHQWUXFRSLLSHQWUX
SRUWLHUHOHGLQVSDWHLJHDPXULOHODWHUDOHGLQ
VSDWHQFD]FRQWUDUFRSLLLSRWGHVFKLGHJHD
PXULOHVDXSRUWLHUHOHvQWLPSXOGHSODVULLDXWR
YHKLFXOXOXLLDVWIHOVHSRWDFFLGHQWDVDXSRW 3HQWUXDFWLYDUHDSVDLvQMRVPDQHWDVLV
FDX]DDFFLGHQWDUHDDOWRUSHUVRDQH WHPXOXLGHSURWHFLHSHQWUXFRSLLvQVHQVXO
LQGLFDWGHVJHDWDD
1XPDLODDXWRYHKLFXOHOHFXXLSXWHLEORFD
9HULILFDLIXQFLRQDUHDFRUHVSXQ]WRDUHD
ILHFDUHSRUWLHUGLQVSDWHVHSDUDWFXDMXWRUXO
VLVWHPHORUGHVLJXUDQSHQWUXFRSLL3RUWLH SURWHFLHLGHVLJXUDQSHQWUXFRSLL
UHOHGLQVSDWHQXSRWILGHVFKLVHGLQLQWHULRU 3HQWUXGH]DFWLYDUHDSVDLvQVXVPDQHWD
GDFHVWHDFWLYDWSURWHFLDGHVLJXUDQSHQ VLVWHPXOXLGHSURWHFLHSHQWUXFRSLLvQVHQ
WUXFRSLL'DFDXWRYHKLFXOXOHVWHGHVFXLDW VXOLQGLFDWGHVJHDWDC
SRUWLHUDSRDWHILGHVFKLVQXPDLGLQH[WHULRU
'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDFkWPDLvQVSDWHLFkWPDLVXVSRVLELO
'DFXWLOL]DLXQVLVWHPGHUHWHQLHSHQWUXFRSLLIUVLVWHPGHUHFXQRDWHUHDXWRPDWGHSODVDLVFDXQXO
SDVDJHUXOXLGLQIDFkWPDLvQVSDWHLPDLvQVXVSRVLELO
6LVWHPHOHSHQWUXVLJXUDQDFRQGXFHULL
SRUWLHUHOHGLQVSDWHLJHDPXULOHODWHUDOHGLQ ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
VSDWHQFD]FRQWUDUFRSLLLSRWGHVFKLGHJHD UDQD
PXULOHVDXSRUWLHUHOHvQWLPSXOGHSODVULLDXWR
YHKLFXOXOXLLDVWIHOVHSRWDFFLGHQWDVDXSRW 3HULFROGHDFFLGHQW
FDX]DDFFLGHQWDUHDDOWRUSHUVRDQH 5LVFXOSURGXFHULLXQXLDFFLGHQWFUHWHVHPQL
ILFDWLYvQFD]XOvQFDUHFRQGXFHLFXYLWH]
$FHDVWIXQFLHHVWHGLVSRQLELOQXPDLOD H[FHVLY$FHVWOXFUXHVWHYDODELOPDLDOHVvQ
DXWRYHKLFXOHOHFXXL FD]XOvQFDUHYLUDLVDXYGHSODVDLSHGUXPXUL
XPHGHVDXDOXQHFRDVHVDXDWXQFLFkQGQX
UHVSHFWDLGLVWDQDGHVLJXUDQIDGHDXWR
YHKLFXOXOGLQID
6LVWHPHOHSHQWUXVLJXUDQDFRQGXFHULLGHV
FULVHvQDFHDVWVHFLXQHQXSRWGLPLQXD
DFHVWHULVFXULLQXVHSRWVXVWUDJHOHJLORUIL]L
FLL
'LQDFHVWPRWLYDGDSWDLYvQWRWGHDXQDVWLOXO
GHFRQGXFHUHODVWDUHDGUXPXOXLLODFRQGL
LLOHPHWHRFXUHQWH5HVSHFWDLGLVWDQDGH
VLJXUDQIDGHFHLODOLSDUWLFLSDQLODWUDILF
3HQWUXDFWLYDUHGH]DFWLYDUHDSVDL LIDGHRELHFWHOHvQWkOQLWH
FRPXWDWRUXOC
&RPXWDWRUXOCUPkQHDSVDWVDXVH G QFRQGLLLGHLDUQXWLOL]DLvQWRWGHDXQD
ULGLFQFD]XOvQFDUHFRPXWDWRUXOHVWH SQHXULGHVH]RQ06LGDFHVWHQHFH
DSVDWJHDPXULOHODWHUDOHGLQVSDWHSRWIL VDUODQXULDQWLGHUDSDQWH1XPDLvQDFHVW
DFLRQDWHQXPDLSULQLQWHUPHGLXOFRPXWD PRGSXWHLDVLJXUDXQPD[LPXPGHHIL
WRDUHORUVLWXDWHSHSRUWLHUDRIHUXOXL FLHQDVLVWHPHORUSHQWUXVLJXUDQDFRQ
GXFHULLGHVFULVHvQDFHDVWVHFLXQH
6LVWHPHOHSHQWUXVLJXUDQDFRQGXFH
ULL $%66LVWHPXODQWLEORFDUHODIUkQDUH
3UH]HQWDUHJHQHUDODVLVWHPHORUSHQ 5HFRPDQGULLPSRUWDQWHGHVLJXUDQ
WUXVLJXUDQDFRQGXFHULL
3HULFROGHDFFLGHQW
QDFHDVWVHFLXQHYHLJVLLQIRUPDLLGHV 1XDSVDLSHGDODGHIUkQGHPDLPXOWHRUL
SUHXUPWRDUHOHVLVWHPHSHQWUXVLJXUDQD vQVHFYHQUDSLGSRPSDUH$FLRQDLIHUP
FRQGXFHULL LFRQVWDQWSHGDODGHIUkQ3RPSDUHDSHGD
=$%6$QWLORFN%UDNLQJ6\VWHP6LVWHP OHLGHIUkQUHGXFHHILFLHQDIUkQULL
DQWLEORFDUHODIUkQDUH
=%$6%UDNH$VVLVW6\VWHP6LVWHPXOGH 6LVWHPXO$%6UHJOHD]SUHVLXQHDGHDFLR
DVLVWDUHODIUkQDUH QDUHDIUkQHORUDVWIHOvQFkWVSUHYLQEORFD
=/XPLQLOHGHIUkQDGDSWLYH UHDURLORUODIUkQDUH$FHVWOXFUXYSHUPLWH
6LVWHPHOHSHQWUXVLJXUDQDFRQGXFHULL
VPHQLQHLFRQWUROXOGLUHFLHLvQWLPSXO $SVDLSXWHUQLFSHGDODGHIUkQSkQOD
IUkQULL WHUPLQDUHDVLWXDLHLGHIUkQDUHGHXUJHQ
6LVWHPXO$%6IXQFLRQHD]FkQGYLWH]DDXWR 6LVWHPXO$%6SUHYLQHEORFDUHDURLORU
YHKLFXOXOXLHVWHGHFHOSXLQNPKLQGLIH )UkQHOHYRUUHYHQLODUHJLPXOQRUPDOGHIXQF
UHQWGHVWDUHDVXSUDIHHLFDURVDELOXOXL LRQDUHGXSHOLEHUDUHDSHGDOHLGHIUkQ6LV
6LJXUDQD
$FHVWDLQWUvQIXQFLXQHODGHSODVDUHDSH WHPXO%$6HVWHGH]DFWLYDW
VXSUDIHHDOXQHFRDVHFKLDULDWXQFLFkQG
DFLRQDLXRUIUkQHOH 3HULFROGHDFFLGHQW
QFD]XOXQHLGHIHFLXQLDVLVWHPXOXL%$6VLV
)UkQDUH WHPXOGHIUkQDUHUPkQHGLVSRQLELOFXDPSOL
ILFDUHDIRUHLGHIUkQDUHFRPSOHWIXQFLRQDO
QFD]XOvQFDUHVLVWHPXO$%6LQWUvQIXQFLXQH 3HGHDOWSDUWHvQDFHDVWVLWXDLHIRUDGH
vQWLPSXOIUkQULLYHLVLPLRSXOVDLHvQ IUkQDUHQXHVWHDXWRPDWDPSOLILFDWvQFD]XO
SHGDODGHIUkQ IUkQULLGHXUJHQLHVWHSRVLELOPULUHD
'DFVLVWHPXO$%6LQWHUYLQHFRQWLQXDL GLVWDQHLGHIUkQDUH
VDSVDLIHUPSHGDODGHIUkQSkQODGLV
SDULLDFDX]HLFDUHLPSXQHIUkQDUHD
3HQWUXDDFLRQDFRPSOHWIUkQDDFLRQDL /XPLQLOHGHIUkQDGDSWLYH
FXIRUPD[LPSHGDODGHIUkQ
G /XPLQLOHGHIUkQDGDSWLYHVXQWGLVSRQL
3HULFROGHDFFLGHQW ELOHQXPDLSHQWUXDQXPLWHUL
'DFVLVWHPXO$%6HVWHGHIHFWURLOHVHSRW 'DFIUkQDLEUXVFGHODRYLWH]PDLPDUHGH
EORFDvQPRPHQWXOIUkQULL$FHVWIHQRPHQ NPKVDXGDFIUkQDUHDHVWHDVLVWDWSULQ
OLPLWHD]PDQHYUDELOLWDWHDDXWRYHKLFXOXOXLvQ LQWHUPHGLXOVLVWHPXOXL%$6OXPLQLOHGHIUkQ
WLPSXOIUkQULLLPUHWHGLVWDQDGHIUkQDUH OXPLQHD]LQWHUPLWHQWvQVHFYHQUDSLGQ
'H]DFWLYDUHDVLVWHPXOXL$%6GDWRULWXQHL DFHVWPRGSDUWLFLSDQLLODWUDILFDIODLvQVSD
GHIHFLXQLDQWUHQHD]GHDVHPHQHDGH]DFWL WHOHGXPQHDYRDVWUVXQWDYHUWL]DLvQWUXQ
YDUHDVLVWHPHORU%$6L(63QDQXPLWHVLWXD PRGPDLXRUGHVHVL]DW
LLFUHWHULVFXOGHUDSULLDXWRYHKLFXOXOXL 'DFIUkQDLEUXVFGHODRYLWH]PDLPDUHGH
7UHEXLHVYDGDSWDLVWLOXOGHFRQGXFHUHOD NPKSkQODRSULUHDFRPSOHWVHPQDOL
FRQGLLLOHGHGUXPLFHOHPHWHR ]DWRDUHOHGHDYDULHVXQWDFWLYDWHDXWRPDW
'DFIUkQDHVWHDFLRQDWGLQQRXOXPLQLOHGH
'DFSHGDODGHIUkQYLEUHD]DFHDVWDDU IUkQYRUOXPLQDFRQWLQXX6HPQDOL]DWRDUHOH
SXWHDLQGLFDFRQGLLLGHGUXPSHULFXORDVH GHDYDULHVHVWLQJDXWRPDWGDFYGHSODVDL
DYkQGUROXOGHDYUHDPLQWLVFRQGXFHLFX FXRYLWH]PDLPDUHGHNPK$FHVWHD
DWHQLH SRWILVWLQVHGHDVHPHQHDFXDMXWRUXOEXWR
QXOXLGHDFLRQDUHDVHPQDOL]DWRDUHORUGHDYD
ULH3DJLQD
%$66LVWHPXOGHDVLVWDUHDIUkQULL
6LVWHPXO%$6LQWHUYLQHDWXQFLFkQGHVWH
QHFHVDUIUkQDUHDGHXUJHQ/DDSVDUHD
(633URJUDPHOHFWURQLFGHFRQWURO
UDSLGDSHGDOHLGHIUkQVLVWHPXO%$6DPSOL
DOVWDELOLWLL
ILFDXWRPDWSUHVLXQHDGHDFLRQDUHDIUkQH 6LVWHPXO(63PRQLWRUL]HD]VWDELOLWDWHD
ORUVFXUWkQGDVWIHOGLVWDQDGHIUkQDUH GLQDPLFLWUDFLXQHD7UDFLXQHDUHSUH]LQW
HILFLHQDDGHUHQHLSQHXULORUSHFDURVDELO
QFD]XOvQFDUHVLVWHPXO(63GHWHFWHD]F
DXWRYHKLFXOXOVHDEDWHGHODGLUHFLDGRULWGH
6LVWHPHOHDQWLIXUW
RIHUSHQWUXDOVWDELOL]DHVWHDSOLFDWR 6LVWHPXOGHDVLVWDUHDGLUHFLHL67((5
DFLXQHGHIUkQDUHDVXSUDXQHLDVDXPDLPXO &21752/
WRUURL'DFHVWHQHFHVDUSXWHUHDPRWRUXOXL
HVWHGHDVHPHQHDPRGLILFDWSHQWUXDPHQ 6LVWHPXOGHDVLVWDUHDGLUHFLHL67((5&21
LQHDXWRYHKLFXOXOSHWUDVHXOGRULWvQOLPLWHOH 752/YDMXWSULQWUDQVPLWHUHDFWUHYRODQD
XQHLIRUHVHVL]DELOHvQVHQVXOQHFHVDUVWDEL
IL]LFHSRVLELOH6LVWHPXO(63vODVLVWSH
6LJXUDQD
OL]ULLDXWRYHKLFXOXOXL
RIHUvQPRPHQWXOSRUQLULLGHSHORFSHGUX
PXULXPHGHVDXDOXQHFRDVH6LVWHPXO(63 $VLVWHQDODYLUDUHHVWHDVLJXUDWvQVSHFLDO
SRDWHUHDOL]DGHDVHPHQHDVWDELOL]DUHDDXWR GDF
YHKLFXOXOXLvQWLPSXOIUkQULL =DPEHOHURLGHSHDFHHDLODWXUVXQW
&kQGVLVWHPXO(63LQWHUYLQHODPSDGHDYHU VLWXDWHSHRVXSUDIDXPHGVDXDOXQH
WL]DUHrOXPLQHD]LQWHUPLWHQWSHSDQRXO FRDVDWXQFLFkQGIUkQDL
GHLQVWUXPHQWH =DXWRYHKLFXOXOvQFHSHVGHUDSH]H
3XWHLFRQWURODGLUHFLDvQRULFHPRPHQW
3HULFROGHDFFLGHQWDUH
'DFODPSDGHDYHUWL]DUHrOXPLQHD] 3HULFROGHDFFLGHQWDUH
LQWHUPLWHQWSHSDQRXOGHLQVWUXPHQWHSURFH 'DFH[LVWRGHIHFLXQHDVLVWHPXOXL(63
GDLDVWIHO QXYHLEHQHILFLDGHDVLVWHQGLQSDUWHDVLV
=DFLRQDLSHGDODGHDFFHOHUDLHQXPDLDWkW WHPXOXL67((5&21752/6LVWHPXOGHGLUHF
FkWHVWHQHFHVDUODSRUQLUHDGHSHORF LHYDFRQWLQXDVIXQFLRQH]HVHUYRDVLVWDW
=DGDSWDLYVWLOXOGHFRQGXFHUHODFRQGLLLOH
GHGUXPLFHOHPHWHR
6LVWHPHOHDQWLIXUW
QFD]FRQWUDUDXWRYHKLFXOXOSRDWHGHUDSD
6LVWHPXO(63QXSRDWHGLPLQXDSHULFROXOGH 6LVWHPXOGHLPRELOL]DUH
DFFLGHQWvQFD]XOvQFDUHFRQGXFHLFXYLWH] 6LVWHPXOGHLPRELOL]DUHvPSLHGLFSRUQLUHD
H[FHVLY6LVWHPXO(63QXSRDWHDQXODOHJLOH DXWRYHKLFXOXOXLIURFKHLHDXWRUL]DW
IL]LFLL
3HQWUXDFWLYDUHVFRDWHLFKHLDGLQFRQ
/XDLFRQWDFWXODWXQFLFkQG WDFW
3HQWUXGH]DFWLYDUHSXQHLFRQWDFWXO
=VHHIHFWXHD]YHULILFDUHDIUkQHLGHSDU
FDUHFXDMXWRUXOXQXLVWDQGGLQDPRPHWULF G 6LVWHPXOGHLPRELOL]DUHHVWHGH]DFWLYDW
=DXWRYHKLFXOXOHVWHUHPRUFDWFXSXQWHD vQWRWGHDXQDGXSSRUQLUHDPRWRUXOXL
IDVDXVSDWHULGLFDW
QFD]FRQWUDUDFLRQDUHDIUkQHORUGHFWUH
VLVWHPXO(63DUSURYRFDGHWHULRUDUHDLUH $7$VLVWHPXOGHDODUPDQWLIXUW
FXSHUDELODVLVWHPXOXLGHIUkQDUHGHSH 6XQWJHQHUDWHVHPQDOHGHDODUPYL]XDOHL
SXQWHDIDVSDWH DFXVWLFHGDFVLVWHPXOGHDODUPHVWHDFWLYDW
G 8WLOL]DLQXPDLURLFXSQHXULGHGLPHQ LVHGHVFKLGH
VLXQLOHUHFRPDQGDWH1XPDLDVWIHOVLVWHPXO =RSRUWLHU
(63IXQFLRQHD]FRUHVSXQ]WRU =DXWRYHKLFXOXOSULQLQWHUPHGLXOFKHLLPHFD
QLFHGHDYDULH
=KD\RQXO
=FDSRWDPRWRUXOXL
6LVWHPHOHDQWLIXUW
$ODUPDQXVHRSUHWHQLFLGDFSRUWLHUDGHV =JHDPXULOHODWHUDOHVXQWvQFKLVH
FKLVFDUHDGHFODQDWRHVWHvQFKLVGH =WUDSDSDQRUDPLFODPHODUHVWHvQFKLV
H[HPSOX =QXH[LVWRELHFWHGHH[HPSOXPDVFRWH
VXVSHQGDWHGHRJOLQGDUHWURYL]RDUHVDX
GHPkQHUHOHGHVXVLQHUHGHSHFDSLWR
6LJXUDQD
QDMXOSODIRQXOXL
$VWIHOSUHYHQLLGHFODQDUHDLQRSRUWXQD
DODUPHORU
QFXLDLDXWRYHKLFXOXOFXFKHLD
3URWHFLDDQWLUHPRUFDUHLVHQ]RUXOGH
PLFDUHvQKDELWDFOXVXQWDFWLYDWHGXS
SUR[LPWLYGHVHFXQGH
'H]DFWLYDUHDSURWHFLHLDQWLUHPRUFDUHL
3HQWUXDFWLYDUHvQFXLDLDXWRYHKLFXOXO DVHQ]RUXOXLGHPLFDUHvQKDELWDFOX
SULQLQWHUPHGLXOFKHLL 'HVFXLDLDXWRYHKLFXOXOFXFKHLD
/DPSDPDUWRUCVHDSULQGHLQWHUPLWHQW 3URWHFLDDQWLUHPRUFDUHLVHQ]RUXOGH
6LVWHPXOGHDODUPHVWHDFWLYDWGXSDSUR PLFDUHvQKDELWDFOXVXQWGH]DFWLYDWHDXWR
[LPDWLYVHFXQGH PDW
3HQWUXGH]DFWLYDUHGHVFXLDLDXWRYHKLFX 3HQWUXDSUHYHQLRDODUPLQRSRUWXQGH]DF
OXOFXDMXWRUXOFKHLL WLYDLSURWHFLDDQWLUHPRUFDUHLVHQ]RUXOGH
3HQWUXRSULUHDDODUPHLLQWURGXFHLFKHLD PLFDUHvQKDELWDFOXvQFD]XOvQFDUH
vQFRQWDFW =DXWRYHKLFXOXOHVWHWUDQVSRUWDWVDXUHPRU
6LVWHPXOGHDODUPHVWHGH]DFWLYDW FDW
VDX =DXWRYHKLFXOXOHVWHvQFUFDWGHH[HPSOXSH
$SVDLWDVWD6VDX7GHSHFKHLH XQEDFVDXWUDQVSRUWRUGHDXWRYHKLFXOH
6LVWHPXOGHDODUPHVWHGH]DFWLYDW =DXWRYHKLFXOXOHVWHSDUFDWSHRVXSUDID
PRELOGHH[HPSOXvQWUXQJDUDMVXSUDH
WDMDW
)XQFLDGHSURWHFLHDQWLUHPRUFDUHL =vQDXWRYHKLFXOUPkQSHUVRDQHVDXDQLPDOH
VHQ]RUXOGHPLFDUHvQKDELWDFOX =DXWRYHKLFXOXOHVWHvQFXLDWvQWLPSFHJHD
'DFVLVWHPXOGHSURWHFLHDQWLUHPRUFDUHL PXULOHODWHUDOHUPkQGHVFKLVH
VHQ]RUXOGHPLFDUHvQKDELWDFOXDXIRVWDFWL =DXWRYHKLFXOXOHVWHvQFXLDWvQWLPSFHWUDSD
YDWHHVWHGHFODQDWXQVHPQDOGHDODUP SDQRUDPLFODPHODUUPkQHGHVFKLV
YL]XDOLDFXVWLFDWXQFLFkQG
=HVWHGHWHFWDWRPLFDUHvQKDELWDFOXGH
H[HPSOXGDFFLQHYDSWUXQGHvQLQWHULRUXO
DXWRYHKLFXOXOXL
=VHPRGLILFXQJKLXOGHvQFOLQDUHDDXWRYH
KLFXOXOXLGHH[HPSOXGDFDFHVWDHVWHULGL
FDWGHODXQXOGLQFDSHWH
$FWLYDUHDSURWHFLHLDQWLUHPRUFDUHLD
VHQ]RUXOXLGHPLFDUHvQKDELWDFOX
$VLJXUDLYF
6LVWHPHOHDQWLIXUW
'H]DFWLYDUHDSURWHFLHLDQWLUHPRUFDUHL
DVHQ]RUXOXLGHPLFDUHvQKDELWDFOX
6FRDWHLFKHLDGLQFRQWDFW
6LJXUDQD
$SVDLEXWRQXOC
/DPSDPDUWRUDOXPLQHD]LQWHUPLWHQW
SHQWUXVFXUWWLPS
QFXLDLDXWRYHKLFXOXOFXFKHLD
3URWHFLDDQWLUHPRUFDUHLVHQ]RUXOGH
PLFDUHvQKDELWDFOXUPkQGH]DFWLYDWH
SkQFkQG
=DXWRYHKLFXOXOHVWHGHVFXLDWGLQQRX
=XQDGLQWUHSRUWLHUHHVWHGHVFKLVL
vQFKLVGLQQRX
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
'RWDUHDDXWRYHKLFXOXOXL
&KHLD
3RUWLHUHOH
3RUWEDJDMXO
*HDPXULOHODWHUDOH
7UDSDJOLVDQW
'HVFKLGHUHDLvQFKLGHUHD
&KHLD
'RWDUHDDXWRYHKLFXOXOXL
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL
'HVFKLGHUHDLvQFKLGHUHD
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO
GXPQHDYRDVWUVQXGLVSXQGHWRDWH
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW
C 73HQWUXvQFXLHUHDDXWRYHKLFXOXOXL
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF
LLOHSULYLQGVLJXUDQD D 63HQWUXGHVFXLHUHDDXWRYHKLFXOXOXL
/DPSPDUWRUSHQWUXvQFUFDUHDEDWHULHL
FKHLL
&KHLD /DGHVFXLHUHVHPQDOL]DWRDUHOHGHGLUHFLH
)XQFLLOHFKHLL OXPLQHD]VFXUWRGDW/DvQFXLHUHVHPQDOL
]DWRDUHOHOXPLQHD]LQWHUPLWHQWGHWUHLRUL
QFKLGHUHLGHVFKLGHUHFHQWUDOL]DW 'DFQXGHVFKLGHLXQDGLQWUHSRUWLHUHVDX
&KHLDvQFKLGHGHVFKLGHFHQWUDOL]DW KD\RQXOGXSGHVFXLHUHDDXWRYHKLFXOXOXL
DFHVWDYDILvQFXLDWGLQQRXvQPRGDXWRPDW
=SRUWLHUHOH
$XWRYHKLFXOXOVHYDvQFXLDGXSDSUR[LPDWLY
=KD\RQXO GHVHFXQGH
=FODSHWDEXRQXOXLUH]HUYRUXOXLGHFDUEX
UDQW 6HWULGLQIDEULF
3HULFROGHDFFLGHQW 3HQWUXGHVFKLGHUHFHQWUDOL]DWDSVDL
QFD]XOvQFDUHFRSLLLUPkQQHVXSUDYHJKHDL WDVWD6
vQDXWRYHKLFXODFHWLDSRWV 'DFQXGHVFKLGHLXQDGLQWUHSRUWLHUHVDX
=GHVFKLGRULFkQGRSRUWLHUGLQLQWHULRU KD\RQXOvQDSUR[LPDWLYGHVHFXQGHGXS
FKLDUGDFDFHDVWDDIRVWvQFXLDW GHVFXLHUHDDXWRYHKLFXOXOXL
=SRUQHDVFDXWRYHKLFXOXOFXDMXWRUXOFKHLL
=DXWRYHKLFXOXOHVWHvQFXLDWGLQQRX
UPDVHvQLQWHULRUXODFHVWXLD
=VLVWHPXOGHDODUPDQWLIXUWHVWHGLQQRX
=HOLEHUH]HIUkQDGHSDUFDUH
DFWLYDW
$VWIHODFHWLDDUSXWHDVLSHULFOLWH]HSUR
3HQWUXvQFKLGHUHFHQWUDOL]DWDSVDL
SULDVLJXUDQLSHDDOWRUSHUVRDQH1XOVDL
WDVWD7
QLFLRGDWFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXO/XDLvQWRWGHDXQDFKHLDFXGXPQHD
YRDVWUODSUVLUHDDXWRYHKLFXOXOXLFKLDU 6HWULLQGLYLGXDOH
GDFOLSVLLGRDUSHQWUXVFXUWWLPS 3XWHLPRGLILFDVHWULOHVLVWHPXOXLGHvQFXLHUH
DVWIHOvQFkWVILHGHVFXLDWHQXPDLSRUWLHUD
RIHUXOXLLFODSHWDEXRQXOXLUH]HUYRUXOXLGH
FDUEXUDQW$FHDVWIXQFLHSRDWHILXWLOvQ
FD]XOvQFDUHFOWRULLGHVHRULVLQJXU
3HQWUXPRGLILFDUHDVHWULL$SVDL
VLPXOWDQWDVWHOH6L7WLPSGHDSUR
&KHLD
[LPDWLYDVHVHFXQGHSkQFkQGODPSDGH &KHLDPHFDQLFGHDYDULH
YHULILFDUHDEDWHULHLOXPLQHD]LQWHUPLWHQW
GHGRXRUL ,QIRUPDLLJHQHUDOH
&KHLDYDIXQFLRQDGXSFXPXUPHD] 'DFGHVFXLDLLGHVFKLGHLSRUWLHUDRIHUXOXL
FXDMXWRUXOFKHLLPHFDQLFHGHDYDULHVLVWHPXO
3HQWUXDGHVFXLDSRUWLHUDRIHUXOXL
GHDODUPDQWLIXUWYDILGHFODQDWDXWRPDW
DSVDLGHGRXRULWDVWD6
3DJLQD
3HQWUXGHVFKLGHUHFHQWUDOL]DWDSVDL
([LVWPDLPXOWHPRGXULGHRSULUHDDODUPHL
'HVFKLGHUHDLvQFKLGHUHD
GHGRXRULWDVWD6
$SVDLWDVWD6VDX7GHSHFKHLH
3HQWUXvQFKLGHUHFHQWUDOL]DWDSVDL
WDVWD7 VDX
,QWURGXFHLFKHLDvQFRQWDFW
'DFGHVFXLDLDXWRYHKLFXOXOSULQLQWHUPHGLXO
0RGLILFDUHDVHWULORUVLVWHPXOXLGH FKHLLPHFDQLFHGHDYDULHFODSHWDEXRQXOXL
vQFXLHUH UH]HUYRUXOXLGHFDUEXUDQWQXYDILGHVFXLDW
DXWRPDW
3XWHLPRGLILFDVHWDUHDVLVWHPXOXLGHvQFXLHUH
DVWIHOvQFkWVVHGHVFXLHGRDUSRUWLHUDRIH 3HQWUXDGHVFXLDFODSHWDEXRQXOXL
UXOXLLFODSHWDSHQWUXDOLPHQWDUHFXFDUEX UH]HUYRUXOXLGHFDUEXUDQWLQWURGXFHL
UDQW$FHVWOXFUXHVWHXWLOvQFD]XOvQFDUH FKHLDvQFRQWDFW
FOWRULLVLQJXUvQPRGIUHFYHQW
3HQWUXPRGLILFDUHDVHWULLDSVDLL 6FRDWHUHDFKHLLPHFDQLFHGHDYDULH
PHQLQHLDSVDWWDVWD6VLPXOWDQFX
WDVWD7SHQWUXDSUR[LPDWLYDVH
VHFXQGHSkQFkQGODPSDPDUWRUDEDWH
ULHL3DJLQDOXPLQHD]LQWHUPLWHQW
GHGRXRUL
$FXPFKHLDIXQFLRQHD]GXSFXP
XUPHD]
3HQWUXDGHVFXLDSRUWLHUDRIHUXOXL
DSVDLWDVWD6RGDW
3HQWUXGHVFKLGHUHFHQWUDOL]DWDSVDL
WDVWD6GHGRXRUL $SVDLEXWRQXOGHHOLEHUDUHCvQVHQVXO
3HQWUXvQFKLGHUHFHQWUDOL]DWDSVDL LQGLFDWGHVJHDWLVFRDWHLVLPXOWDQ
WDVWD7 FKHLDPHFDQLFGHDYDULHD
5HYHQLUHDODVHWULOHLPSOLFLWHGH %DWHULDFKHLL
IDEULF
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
$SVDLVLPXOWDQWDVWD6LWDVWD7 UDQD
WLPSGHDSUR[LPDWLYDVHVHFXQGHSkQ
3HQWUXvQORFXLUHDEDWHULLORUHVWHUHFRPDQGDW
FkQGODPSDPDUWRUDEDWHULHLOXPLQHD]
VDSHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
LQWHUPLWHQWGHGRXRUL
]DWGHH[HPSOXODXQ&HQWUXDXWRUL]DWGH
YkQ]ULLVHUYLFH0HUFHGHV%HQ]
&KHLD
3HULFROGHLQWR[LFDUH
%DWHULLOHFRQLQVXEVWDQHWR[LFHLFDXVWLFH
'LQDFHVWPRWLYQXWUHEXLHOVDWHODvQGHPkQD
FRSLLORU
QFD]XOLQJHUULLXQHLEDWHULLFRQVXOWDLGH
XUJHQXQPHGLF
1RWSULYLQGSURWHFLDPHGLXOXL
'HVFKLGHUHDLvQFKLGHUHD
1XDUXQFDLEDWHULLOHvPSUHXQFXUHVWXULOH
PHQDMHUH$FHVWHDFRQLQVXEVWDQHIRDUWH
WR[LFH 6FRDWHLFDSDFXOFRPSDUWLPHQWXOXLEDWH
QFUHGLQDLEDWHULLOHGHVFUFDWHXQXLDWHOLHU ULHL
GHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOXXQXL /RYLLvQPRGUHSHWDWFKHLDvQSDOPDGXP
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH QHDYRDVWUSkQFkQGEDWHULDLHVH
GHV%HQ]VDXXQXLSXQFWGHFROHFWDUHVSHFLDO
,QWURGXFHLEDWHULDQRXFXERUQDSR]LWLY
SHQWUXEDWHULLX]DWH
vQVXV3HQWUXDFHDVWDIRORVLLRODYHWIU
VFDPH
9HULILFDUHDEDWHULHL ,QWURGXFHLvQWkLFOHPHOHIURQWDOHDOHFDSD
$SVDLWDVWD7VDX6 FXOXLFRPSDUWLPHQWXOXLEDWHULHLLDSRL
'DFODPSDPDUWRUDEDWHULHLVHDSULQGH DSVDLSHQWUXDOvQFKLGH
VFXUWDFHDVWDIXQFLRQHD]FRUHVSXQ]WRU 9HULILFDLIXQFLRQDUHDWXWXURUWDVWHORUSH
DXWRYHKLFXO
QORFXLUHDEDWHULHL
$YHLQHYRLHGHREDWHULH&59
6FRDWHLHOHPHQWXOGHXUJHQGHODFKHLH
3DJLQD
$SVDLHOHPHQWXOGHXUJHQDOFKHLLDvQ
GHVFKLGHUHDGLQFKHLHvQVHQVXOLQGLFDWGH
VJHDWSkQFkQGFDSDFXOFRPSDUWLPHQ
WXOXLEDWHULHLCVHGHVFKLGH1XLQHL
FDSDFXOvQFKLVvQDFHVWWLPS
&KHLD
3UREOHPHFXFKHLD
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
$XWRYHKLFXOXOQXSRDWH %DWHULDWHOHFRPHQ]LLHVWHGHVFUFDWVDXDSURDSHGHVFUFDW
ILvQFXLDWGHVFXLDWSULQ 2ULHQWDLYkUIXOFKHLLVSUHPkQHUXOSRUWLHUHLRIHUXOXLGHODR
LQWHUPHGLXOFKHLL GLVWDQGHDSUR[LPDWLYFPLvQFHUFDLGLQQRXVGHVFXLDL
VDXVvQFXLDLDXWRYHKLFXOXO
'HVFKLGHUHDLvQFKLGHUHD
'DFDFHDVWSURFHGXUQXGUH]XOWDWH
'HVFXLDLDXWRYHKLFXOXOSULQLQWHUPHGLXOFKHLLPHFDQLFHGHDYD
ULH3DJLQD
9HULILFDLEDWHULDFKHLLLvQORFXLLRGDFHVWHQHFHVDU
3DJLQD
&KHLDHVWHGHIHFW
QFXLDLDXWRYHKLFXOXOFRQIRUPGHVFULHULLGLQVHFLXQHDQFXLH
UHDDXWRYHKLFXOXOXLFKHLDPHFDQLFGHDYDULH
3DJLQDVDXGHVFXLDLOXWLOL]kQGFKHLDPHFDQLFGHDYD
ULH3DJLQD
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUXYHULILFDUHD
FKHLL
$LSLHUGXWRFKHLH
$SHODLODXQ&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV
%HQ]SHQWUXDRDQXOD
&RPXQLFDLLPHGLDWSLHUGHUHDFKHLLFRPSDQLHLODFDUHDIRVWDVL
JXUDWDXWRYHKLFXOXO
'DFHVWHQHFHVDUOXDLGHDVHPHQHDPVXULSHQWUXvQORFXLUHD
vQFXLHWRULORU
$LSLHUGXWFKHLDPHFD
QLFGHDYDULH &RPXQLFDLLPHGLDWSLHUGHUHDFKHLLFRPSDQLHLODFDUHDIRVWDVL
JXUDWDXWRYHKLFXOXO
'DFHVWHQHFHVDUOXDLGHDVHPHQHDPVXULSHQWUXvQORFXLUHD
vQFXLHWRULORU
0RWRUXOQXSRDWHILSRU 'LVSR]LWLYXOGHLPRELOL]DUHDYRODQXOXLHVWHEORFDWPHFDQLF
QLWFXDMXWRUXOFKHLL 6FRDWHLFKHLDLUHLQWURGXFHLRvQFRQWDFW5RWLLvQDFHODLWLPS
YRODQXOvQDPEHOHGLUHFLL
3RUWLHUHOH
3RUWLHUHOH 3HQWUXvQFXLHUHDSVDLEXWRQXOC
3HQWUXGHVFXLHUHDSVDLEXWRQXOD
'HVFXLHUHDLGHVFKLGHUHDSRUWLHUHORU
GLQLQWHULRU
'DFVLVWHPXOGHSURWHFLHSHQWUXFRSLLQXD )XQFLDGHvQFXLHUHDXWRPDW
IRVWDFWLYDWSXWHLGHVFKLGHRSRUWLHUGLQ
LQWHULRUFKLDUGDFDIRVWvQFXLDW G $XWRYHKLFXOXOHVWHvQFXLDWDXWRPDWOD
3DJLQD SXQHUHDFRQWDFWXOXLLSXQHUHDvQPLFDUH
'HVFKLGHUHDLvQFKLGHUHD
DURLORU3ULQXUPDUHFkQGDXWRYHKLFXOXO
HVWHvPSLQVVDXvQWLPSXOWHVWULLIUkQHORU
SHXQVWDQGGLQDPRPHWULFHVWHSRVLELOV
ILHEORFDWDFFHVXOvQLQWHULRU
3XWHLGH]DFWLYDIXQFLDGHvQFXLHUHDXWRPDW
SULQLQWHUPHGLXOFRPSXWHUXOXLGHERUG
3DJLQD
'HVFXLHUHDSRUWLHUHLRIHUXOXLFKHLD
PHFDQLFGHDYDULH
7UDJHLPkQHUXOSRUWLHUHLD 'DFDXWRYHKLFXOXOQXPDLSRDWHILGHVFXLDW
'DFSRUWLHUDHVWHvQFXLDWEXWRQXOGH FHQWUDOL]DWFXFKHLD
VLJXUDQCVHYDULGLFD3RUWLHUDHVWHGHV 6FRDWHLHOHPHQWXOGLQFKHLDPHFDQLFGH
FXLDWLSRDWHILGHVFKLV DYDULH3DJLQD
%ORFDUHDLGHEORFDUHDFHQWUDOL]DWGL
LQWHULRU
3HULFROGHDFFLGHQW
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXO$FHWLDSRWGHVFKLGHRSRUWLHUGLQLQWH
ULRUFKLDUGDFHVWHvQFXLDWFUHkQGRVLWXDLH
SHULFXORDVDWkWSHQWUXHLvQLLFkWLSHQWUX
DOWHSHUVRDQH
,QWURGXFHLFKHLDPHFDQLFGHDYDULHvQ
EXWXFXOSRUWLHUHLRIHUXOXLSkQODFDSWXO
FXUVHL
5RWLLFKHLDPHFDQLFGHDYDULHVSUH
VWkQJDSkQODFDSWXOFXUVHLvQSR]LLD
GLPHQLQHLRvQDFHDVWSR]LLH
7UDJHLUDSLGPkQHUXOSRUWLHUHL
%XWRQXOGHVLJXUDQVHULGLF
3RUWLHUDHVWHGHVFXLDW
GRDUSHQWUXDXWRYHKLFXOHFXXL
3RUWEDJDMXO
5RWLLFKHLDPHFDQLFGHDYDULHvQSR]LLD $SVDLEXWRQXOGHvQFXLHUHGHSHSRUWLHUD
LQLLDOLvQGHSUWDLR RIHUXOXL3DJLQD
7UDJHLUDSLGPkQHUXOSRUWLHUHL %XWRQXOGHVLJXUDQGHSHSRUWLHUDRIH
UXOXLHVWHFRERUkW
'DFHVWHQHFHVDUDSVDLPDQXDOEXWRQXO
QFXLHUHDDXWRYHKLFXOXOXL GHVLJXUDQ
QFKLGHLSRUWLHUDRIHUXOXLGLQH[WHULRU
QFXLHUHGHXUJHQ
QWLQGHLYSULQGHVFKL]WXUDKD\RQXOXLL
'HVFKLGHUHDLvQFKLGHUHD
QFD]XOvQFDUHFKHLDHVWHGHIHFWSXWHL DSVDLEXWRQXOGHVLJXUDQGHSHSRUWLHUD
vQFXLDSRUWLHUHOHLSRUWEDJDMXOXUPkQG RIHUXOXL
LQVWUXFLXQLOHXUPWRDUHQFD]XOvQFDUH G $VLJXUDLYFOXDLFKHLDDXWRYHKLFXOXOXL
vQFKLGHUHDFHQWUDOL]DWHVWHGHIHFWQX FXGXPQHDYRDVWULQXRXLWDLvQDXWRYH
SXWHLvQFXLDSRUWEDJDMXO KLFXO
QFKLGHLKD\RQXO
$XWRYHKLFXOFXXL
$VLJXUDLYFSRUWLHUHOHLKD\RQXOVXQW
QFKLGHLSRUWLHUDSDVDJHUXOXLGLQIDSRU vQFXLDWH
WLHUDGLQVSDWHGHSHDFHHDLSDUWHLKD\R
QXO
'HVFKLGHLSRUWLHUDRIHUXOXLLSRUWLHUDGLQ 3RUWEDJDMXO
VSDWHGHSHDFHHDLSDUWH
$SVDLEXWRQXOGHvQFXLHUHGHSHSRUWLHUD ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
RIHUXOXL3DJLQD UDQD
%XWRDQHOHGHVLJXUDQGHSHSRUWLHUDSDVD 1XOVDLFKHLDvQFRPSDUWLPHQWXOSHQWUX
JHUXOXLGLQIDLGHSHSRUWLHUHOHGLQVSDWH EDJDMQFD]FRQWUDUSXWHLUPkQHvQFXLDWvQ
VXQWFRERUkWH DIDUDDXWRYHKLFXOXOXL
'DFHVWHQHFHVDUDSVDLPDQXDOEXWRD
3HULFROGHLQWR[LFDUH
QHOHGHVLJXUDQGHSHSRUWLHUDSDVDJHUX
OXLGLQIDLGHSHSRUWLHUHOHVSDWH 'DFPRWRUXOHVWHSRUQLWLKD\RQXOHVWHGHV
FKLVJD]HOHGHHDSDPHQWSRWSWUXQGHvQ
QFKLGHLSRUWLHUDRIHUXOXLGLQH[WHULRU
KDELWDFOX$FHVWIDSWSRDWHDYHDGUHSWXUPDUH
$SVDLEXWRQXOGHVLJXUDQGHSHSRUWLHUD
LQWR[LFDUHDSHUVRDQHORUGLQKDELWDFOX$DGDU
RIHUXOXLSULQSRUWLHUDVSDWHGHVFKLV DVLJXUDLYFKD\RQXOHVWHvQWRWGHDXQD
G $VLJXUDLYFOXDLFKHLDDXWRYHKLFXOXOXL vQFKLVFkQGPRWRUXOHVWHvQIXQFLXQH
FXGXPQHDYRDVWULQXRXLWDLvQDXWRYH
KLFXO /DGHVFKLGHUHKD\RQXOVHGHSODVHD]vQ
VXVLvQVSDWH3ULQXUPDUHDYHLJULMV
QFKLGHLSRUWLHUDVSDWHGHSHSDUWHDRIH
H[LVWHVXILFLHQWVSDLXGHDVXSUDLvQVSD
UXOXL
WHOHKD\RQXOXL
$VLJXUDLYFSRUWLHUHOHLKD\RQXOVXQW
vQFXLDWH G 3XWHLJVLGHWDOLLUHIHULWRDUHODGLPHQVLX
QLOHGHVFKLGHULLKD\RQXOXLvQFDGUXOVHFLXQLL
$XWRYHKLFXOFXXL 'DWHWHKQLFH3DJLQD
QFKLGHLSRUWLHUDSDVDJHUXOXLGLQID
'HVFKLGHLSRUWLHUDRIHUXOXLLKD\RQXO
*HDPXULOHODWHUDOH
'HVFKLGHUHDvQFKLGHUHDGLQH[WHULRU *HDPXULOHODWHUDOH
'HVFKLGHUHD ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
3XWHLGHVFKLGHKD\RQXOGRDUGDFDFHVWDD
IRVWPDLvQWkLGHVFXLDW 3HULFROGHUQLUH
$SVDLWDVWD6GHSHFKHLH /DGHVFKLGHUHDXQXLJHDPODWHUDODVLJXUDLY
FQLFLRSHUVRDQQXSRDWHILSULQVvQWUH
'HVFKLGHUHDLvQFKLGHUHD
JHDPLFDGUXOSRUWLHUHL1XYVSULMLQLLSH
JHDPXULOHODWHUDOHLQXOHDWLQJHLvQWLPSXO
GHVFKLGHULL(VWHSRVLELOVYEORFDLvQWUH
JHDPLFDGUXOSRUWLHUHLGLQFDX]DPLFULL
GHVFHQGHQWHDJHDPXOXL'DFH[LVWXQDVH
PHQHDSHULFROHOLEHUDLFRPXWDWRUXOVDXWUD
JHLOvQVXVSHQWUXDvQFKLGHJHDPXO
3HULFROGHUQLUH
$VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
7UDJHLGHPkQHUC DFLXQHDJHDPXOXLvQWLPSFHvOvQFKLGHL'DF
H[LVWXQDVHPHQHDSHULFROHOLEHUDLFRPX
5LGLFDLKD\RQXO
WDWRUXOVDXDSVDLOSHQWUXDGHVFKLGHGLQQRX
JHDPXO
QFKLGHUHD
3HULFROGHUQLUH
3HULFROGHUQLUH
&RSLLLVHSRWDFFLGHQWDGDFGHVFKLGVDX
$VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH vQFKLGVLQJXULJHDPXULOHODWHUDOH
DFLXQHDKD\RQXOXLvQWLPSFHvOvQFKLGHL
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO/XDLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUODSUVLUHDDXWRYHKLFXOXOXLFKLDU
GDFOLSVLLGRDUSHQWUXVFXUWWLPS
3HULFROGHUQLUH
1XOVDLFRSLLLQHVXSUDYHJKHDLvQDXWRYHKL
FXOFKLDUGDFVXQWSURWHMDLGHXQVLVWHPGH
UHWHQLHSHQWUXFRSLL&RSLLLSRW
=VVHUQHDVFJUDYVDXFKLDUPRUWDOvQFRQ
WDFWFXGLYHUVHFRPSRQHQWHDOHDXWRYHKL
FXOXOXL
7UDJHLKD\RQXOvQMRVFXPkQDvQQLDC =VVXIHUHOH]LXQLJUDYHVDXFKLDUIDWDOHFD
QFKLGHLKD\RQXODSVkQGGLQH[WHULRU UH]XOWDWDOH[SXQHULLSUHOXQJLWHODWHPSHUD
'DFHVWHQHFHVDUvQFXLDLDXWRYHKLFXOXO WXULIRDUWHULGLFDWHVDXIRDUWHVF]XWH
FXDMXWRUXOWDVWHL7GHSHFKHLH
*HDPXULOHODWHUDOH
QFD]XOvQFDUHFRSLLLGHVFKLGRSRUWLHU 3HQWUXGHVFKLGHUHDSVDLFRPXWDWRUXO
H[LVWULVFXO FRUHVSXQ]WRU
=VUQHDVFJUDYVDXFKLDUIDWDODOWHSHU 3HQWUXvQFKLGHUHWUDJHLFRPXWDWRUXO
VRDQH FRUHVSXQ]WRU
=VSUVHDVFDXWRYHKLFXOXOUQLQGXVH G 'DFDSVDLFRPXWDWRUXOSkQGLQFROR
VDXILLQGDFFLGHQWDLJUDYVDXIDWDOGHDXWR GHSXQFWXOGHUH]LVWHQHVWHLQLLDWXQSUR
YHKLFXOHOHGLQWUDILF FHVDXWRPDWGHGHVFKLGHUHvQFKLGHUHvQ
GLUHFLDFRUHVSXQ]WRDUH3XWHLRSULGHSOD
'HVFKLGHUHDLvQFKLGHUHD
'DFvQDXWRYHKLFXOFOWRUHVFLFRSLLDFWL
VDUHDDXWRPDWDSVkQGGLQQRXFRPXWD
YDLSURWHFLDGHVLJXUDQSHQWUXFRSLLIXQF
WRUXO
LDGHEORFDUHDFRPHQ]LORUQFD]FRQWUDU
FRSLLLSRWGHVFKLGHSRUWLHUHOHVDXJHDPXULOH
vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLLVHSRW
)XQFLDGHVFKLGHUHGHFRQIRUW
DVWIHODFFLGHQWDVDXSRWFDX]DDFFLGHQWDUHD
DOWRUSHUVRDQH $YHLSRVLELOLWDWHDGHDDHULVLDXWRYHKLFXOXOXL
vQDLQWHGHDSRUQLODGUXPQDFHVWVFRSXWL
OL]DLFKHLDSHQWUXDUHDOL]DVLPXOWDQXUPWRD
'HVFKLGHUHDLvQFKLGHUHDJHDPXULORU UHOH
ODWHUDOH =GHVFKLGHUHDJHDPXULORUODWHUDOH
=GHVFKLGHUHDWUDSHLJOLVDQWHSDQRUDPLFH
ODPHODUHVDXGHSODVDUHDDFHVWHLDvQSR]LLD
GHYHQWLODLH
G )XQFLDGHGHVFKLGHUHGHFRQIRUWSRDWHIL
DFWLYDWGRDUSULQLQWHUPHGLXOFKHLL&KHLD
WUHEXLHVVHDIOHvQDSURSLHUHDPkQHUXOXL
SRUWLHUHLRIHUXOXL
2ULHQWDLYkUIXOFKHLLVSUHPkQHUXOSRUWLHUHL
RIHUXOXL
'HVFXLDLDXWRYHKLFXOXODSVkQGWDVWD
C 6WkQJDID 6
D 'UHDSWDID 0HQLQHLDSVDWWDVWD6SkQFkQG
'UHDSWDVSDWH JHDPXULOHODWHUDOHVHDIOvQSR]LLDGRULW
6WkQJDVSDWH 7UDSDJOLVDQWSDQRUDPLFODPHODUVH
RSUHWHvQSR]LLDSHQWUXYHQWLODLH
&RPXWDWRDUHOHWXWXURUJHDPXULORUODWHUDOH
3HQWUXDGHVFKLGHWUDSDJOLVDQWSDQR
VXQWVLWXDWHSHSRUWLHUDRIHUXOXL'HDVHPH
QHDH[LVWFkWHXQFRPXWDWRUSHILHFDUHSRU UDPLFODPHODUPHQLQHLGLQQRX
WLHUSHQWUXJHDPXODIHUHQW DSVDWWDVWD6SkQFkQGWUDSDJOL
VDQWSDQRUDPLFODPHODUVHDIOvQSR]L
5RWLLFKHLDvQFRQWDFWvQSR]LLD
LDGRULW
G 3XWHLDFLRQDvQFRQWLQXDUHJHDPXULOH
ODWHUDOHLGXSRSULUHDPRWRUXOXL$FHDVW
IXQFLHUPkQHDFWLYWLPSGHFLQFLPLQXWH
VDXSkQODGHVFKLGHUHDXQHLDGLQSRUWLH
UHOHGLQID
*HDPXULOHODWHUDOH
)XQFLDvQFKLGHUHGHFRQIRUW 5RWLLFKHLDvQFRQWDFWvQSR]LLD
7UDJHLFRPXWDWRUXODIHUHQWGHSHSDQRXO
$WXQFLFkQGvQFXLDLDXWRYHKLFXOXOSXWHLUHD
GHFRPDQGDOSRUWLHUHLSkQFkQGJHDPXO
OL]DVLPXOWDQXUPWRDUHOH
ODWHUDOVHvQFKLGHFRPSOHW3DJLQD
=vQFKLGHUHDJHDPXULORUODWHUDOH
0HQLQHLFRPXWDWRUXOWUDVWLPSGHvQFR
=vQFKLGHUHDWUDSHLJOLVDQWHSDQRUDPLFH
VHFXQG
ODPHODUH
'DFJHDPXOVHUHGHVFKLGHXRU
'HVFKLGHUHDLvQFKLGHUHD
3HULFROGHUQLUH 7UDJHLLPHGLDWFRPXWDWRUXOFRUHVSXQ]WRU
/XDLPVXULSHQWUXDHYLWDDFFLGHQWDUHDSHU LPHQLQHLOWUDVWLPSGHDSUR[LPDWLYR
VRDQHORUGLQMXUODXWLOL]DUHDIXQFLHLGHvQFKL VHFXQG
GHUHGHFRQIRUWQFD]XODSDULLHLXQXLSHULFRO
GHDFFLGHQWDUHSURFHGDLDVWIHO
=HOLEHUDLWDVWD7
3UREOHPHFXJHDPXULOHODWHUDOH
=PHQLQHLDSVDWWDVWD6SkQFkQG
3UREOHPXQJHDPODWHUDOQXSRDWHIL
JHDPXULOHODWHUDOHLWUDSDSDQRUDPLF
vQFKLVGLQFDX]FH[LVWRELHFWHEORFDWH
ODPHODUVHGHVFKLGGLQQRX
vQWUHDFHVWDLFDGUXOSRUWLHUHL
G &KHLDWUHEXLHVVHDIOHvQDSURSLHUHD QGHSUWDLRELHFWHOHUHVSHFWLYH
PkQHUXOXLSRUWLHUHLRIHUXOXL QFKLGHLJHDPXOODWHUDO
2ULHQWDLYkUIXOFKHLLVSUHPkQHUXOSRUWLHUHL 3UREOHPXQJHDPODWHUDOQXSRDWHIL
RIHUXOXL vQFKLVGLQFDX]FRELHFWHOHEORFDWHSH
QFXLDLDXWRYHKLFXOXOXLDSVkQGWDVWD LQDGHJKLGDMREVWUXFLRQHD]FXUVD
7 DVFHQGHQW
0HQLQHLDSVDWWDVWD7SkQFkQG QGHSUWDLRELHFWHOHUHVSHFWLYH
JHDPXULOHODWHUDOHLWUDSDJOLVDQWSDQRUD QFKLGHLJHDPXOODWHUDO
PLFODPHODUVHvQFKLGFRPSOHW
3UREOHPXQJHDPODWHUDOQXSRDWHIL
9HULILFDLGDFJHDPXULOHODWHUDOHLWUDSD
vQFKLVLQXSXWHLGHWHUPLQDFDX]D
JOLVDQWSDQRUDPLFODPHODUVXQWvQFKLVH
3HULFROGHUQLUH
QFKLGHUHDFXSXWHUHDJHDPXULORUODWHUDOH
5HVHWDUHDJHDPXULORUODWHUDOH IUIXQFLDGHSURWHFLHODVWUkQJHUHDUSXWHD
SURYRFDUQLJUDYHVDXFKLDUIDWDOH$VLJXUDL
)LHFDUHJHDPODWHUDOWUHEXLHUHVHWDWvQFD]XO
YFQLFLRSHUVRDQQXSRDWHILSULQVOD
vQFDUH
vQFKLGHUHDJHDPXULORUODWHUDOH
=EDWHULDDIRVWGHFRQHFWDWVDXGHVFUFDW
=JHDPXULOHODWHUDOHVHUHGHVFKLGXRUGXS QFD]XOvQFDUHXQJHDPODWHUDOHVWHREVWUXF
FHDXIRVWvQFKLVHFRPSOHW LRQDWvQWLPSXOvQFKLGHULLLVHUHGHVFKLGH
=JHDPXOODWHUDOQXVHPDLGHVFKLGHVDX SDULDO
vQFKLGHFRPSOHW ,PHGLDWGXSEORFDUHDJHDPXOXLWUDJHLGLQ
QRXFRPXWDWRUXODIHUHQWvQVXVLPHQLQHL
ODVWIHOSkQODvQFKLGHUHDFRPSOHWDJHD
PXOXL
*HDPXOODWHUDOVHvQFKLGHFXIRUVSRULW
7UDSDJOLVDQW
QFD]XOvQFDUHXQJHDPODWHUDOHVWHREVWUXF 1XSHUPLWHLYUHXQXLRELHFWVDWkUQHSULQ
LRQDWGLQQRXvQWLPSXOvQFKLGHULLLVHUHGHV WUDSDJOLVDQWQFD]FRQWUDUHOHPHQWHOH
FKLGHSDULDO GHHWDQDUHDUSXWHDILGHWHULRUDWH
,PHGLDWGXSEORFDUHDJHDPXOXLWUDJHLGLQ G $WXQFLFkQGWUDSDJOLVDQWHVWHGHVFKLV
QRXFRPXWDWRUXODIHUHQWvQVXVLPHQLQHL SHOkQJVXQHWHOHRELQXLWHDOIOX[XOXLGH
ODVWIHOSkQODvQFKLGHUHDFRPSOHWDJHD DHUDLSXWHDDX]LL]JRPRWGHUH]RQDQ
PXOXL $FHVWHDVXQWFDX]DWHGHIOXFWXDLLPLQRUH
*HDPXOODWHUDOHVWHvQFKLVIUIXQFLDDQWL DOHSUHVLXQLLvQLQWHULRUXODXWRYHKLFXOXOXL
'HVFKLGHUHDLvQFKLGHUHD
SULQGHUH 6FKLPEDLSR]LLDWUDSHLJOLVDQWHVDXGHV
FKLGHLXRUXQJHDPSHQWUXDUHGXFHVDX
HOLPLQDDFHVWH]JRPRWH
7UDSDJOLVDQW
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX $FLRQDUHDWUDSHLSDQRUDPLFHODPH
UDQD ODUH
3HULFROGHUQLUH 'HVFKLGHUHDLvQFKLGHUHD
$VLJXUDLYFQLFLRSHUVRDQQXSRDWHIL
SULQVODvQFKLGHUHDWUDSHLJOLVDQWHQFD]XOvQ
FDUHH[LVWULVFXOGHSULQGHUHHOLEHUDLFRPX
WDWRUXOLDSVDLOVFXUWvQRULFHGLUHFLHSHQ
WUXDRSULGHSODVDUHDWUDSHLJOLVDQWH
3HULFROGHUQLUH
&RSLLLVDUSXWHDUQLGDFXWLOL]HD]WUDSDJOL
VDQW
1XOVDLQLFLRGDWFRSLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO/XDLvQWRWGHDXQDFKHLDFXGXP
QHDYRDVWUFkQGSUVLLDXWRYHKLFXOXOFKLDU 8QLWDWHDGHFRPDQGGHSHSODIRQLHU
GDFSOHFDLGRDUSHQWUXVFXUWWLPS C 3HQWUXGHVFKLGHUH
D 3HQWUXvQFKLGHUH
3HULFROGHUQLUH
6WLFODGLQFDUHHVWHIDEULFDWWUDSDSDQRUD
5RWLLFKHLDvQSR]LLDvQFRQWDFW
PLFIL[VDUSXWHDVSDUJHvQFD]XOXQXLDFFL 3HQWUXGHVFKLGHUHDSVDLLPHQLQHL
GHQW DSVDWFRPXWDWRUXOVvQVHQVXOLQGLFDW
'DFQXSXUWDLFHQWXUDGHVLJXUDQH[LVW GHVJHDWC
ULVFXOGHDILDUXQFDWSULQGHVFKLGHUHDDSUXW 7UDSDSDQRUDPLFJOLVDQWFXODPHOHVH
vQFD]XOvQFDUHDXWRYHKLFXOXOVHUVWRDUQ RSUHWHvQSR]LLDGHYHQWLODLH
'LQDFHVWPRWLYSXUWDLvQWRWGHDXQDFHQWXUD $SVDLGLQQRXFRPXWDWRUXOVvQVHQVXO
GHVLJXUDQSHQWUXDUHGXFHSHULFROXOGH LQGLFDWGHVJHDWCLPHQLQHLDSVDW
UQLUH SkQODDWLQJHUHDSR]LLHLGRULWH
3HQWUXvQFKLGHUHDSVDLFRPXWDWRUXO
'HVFKLGHLWUDSDSDQRUDPLFJOLVDQW VvQVHQVXOLQGLFDWGHVJHDWDL
GRDUDWXQFLFkQGDFHDVWDQXHVWHDFRSHULW
PHQLQHLDSVDWSkQODDWLQJHUHDSR]LLHL
FX]SDGVDXJKHDQFD]FRQWUDUDU
GRULWHVDXSkQFkQGWUDSDSDQRUDPLFJOL
SXWHDVXUYHQLGHIHFLXQL
VDQWFXODPHOHVHvQFKLGHFRPSOHW
7UDSDJOLVDQW
3R]LLDGHYHQWLODLH
3XWHLULGLFDSDUWHDGLQVSDWHDODPHOHLIURQ
WDOHDWUDSHLSDQRUDPLFDJOLVDQWHSHQWUXD
DVLJXUDYHQWLODLD
5RWLLFKHLDvQSR]LLDvQFRPXWDWRU
$SVDLFRPXWDWRUXOVvQVHQVXOLQGLFDW
GHVJHDWCLPHQLQHLDSVDW
'HVFKLGHUHDLvQFKLGHUHD
7UDSDSDQRUDPLFJOLVDQWFXODPHOHVH
RSUHWHvQSR]LLDGHYHQWLODLH
'HVFKLGHUHDLvQFKLGHUHDMDOX]HOHORU
UXODQWH
-DOX]HOHOHUXODQWHCDOHWUDSHLSDQRUDPLFH
JOLVDQWHFXODPHOHVDXDOHWUDSHLSDQRUDPLFH
IL[HSURWHMHD]LQWHULRUXODXWRYHKLFXOXOXLGH
OXPLQDVRDUHOXL
-DOX]HOHOHUXODQWHSRWILGHVFKLVHLvQFKLVH
PDQXDOvQVHQVXOLQGLFDWGHVJHDWLQGLIH
UHQWGHSR]LLDWUDSHLSDQRUDPLFHJOLVDQWHFX
ODPHOH
'RWDUHDDXWRYHKLFXOXOXL
3R]LLDFRUHFWDVFDXQXOXLRIHUX
OXL
6FDXQHOH
9RODQXO
2JOLQ]LOH
6FDXQHOHYRODQXOLRJOLQ]LOH
3R]LLDFRUHFWDVFDXQXOXLRIHUXOXL
'RWDUHDDXWRYHKLFXOXOXL $WXQFLFkQGUHJODLVFDXQXODVLJXUDLYF
=PHQLQHLFRUSXOFkWPDLGHSDUWHSRVLELO
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL GHDLUEDJXOIURQWDOSHQWUXRIHU
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH =VXQWHLDH]DWvQWURSR]LLHYHUWLFDO
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU DGHFYDW
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L =YSXWHLIL[DFHQWXUDGHVLJXUDQvQPRG
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH
FRUHFW
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL
=VSWDUXOVFDXQXOXLDIRVWGHSODVDWvQSR]L
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO
GXPQHDYRDVWUVQXGLVSXQGHWRDWH LHDSURDSHYHUWLFDO
=XQJKLXOGHvQFOLQDUHDVFDXQXOXLHVWH
6FDXQHOHYRODQXOLRJOLQ]LOH
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF UHJODWDVWIHOvQFkWVVHUHDOL]H]HRVXV
LLOHSULYLQGVLJXUDQD LQHUHOHMHUDFRDSVHORU
=SXWHLDSVDSHGDOHOHFXXXULQ
9HULILFDLGDFWHWLHUDHVWHUHJODWFRUHV
3R]LLDFRUHFWDVFDXQXOXLRIHUXOXL SXQ]WRU3DJLQD
$VLJXUDLYFWHWLHUDHVWHUHJODWDVWIHO
vQFkWFDSXOVVHSRDWVSULMLQLSHVHFLXQHD
FHQWUDODDFHVWHLDDSUR[LPDWLYODQLYHOXO
RFKLORU
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQGHOD
3DJLQD
9HULILFDLGDFYRODQXOCHVWHUHJODWFRUHV
SXQ]WRU
5HJODLPDQXDOYRODQXO3DJLQD
$WXQFLFkQGUHJODLYRODQXODVLJXUDLYF
=SXWHLLQHYRODQXODYkQGFRDWHOHXRU
vQGRLWH
=YSXWHLPLFDOLEHUSLFLRDUHOH
=SXWHLYHGHDFODUWRDWHLQGLFDWRDUHOHGH
SHSDQRXOGHLQVWUXPHQWH
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQGHOD
3DJLQD
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQGHOD 9HULILFDLGDFDLIL[DWFRUHVSXQ]WRUFHQ
3DJLQD WXUDGHVLJXUDQD3DJLQD
9HULILFDLGDFDLUHJODWFRUHVSXQ]WRU &HQWXUDGHVLJXUDQWUHEXLH
VFDXQXO =VVWHDELQHvQWLQVSHVWHFRUS
5HJODUHDPDQXDODVFDXQXOXL =VWUHDFSHVWHPLMORFXOXPUXOXL
3DJLQD =VVXVLQ]RQDSHOYLDQWUHFkQGSHVWH
5HJODUHDHOHFWULFDVFDXQXOXL DUWLFXODLLOHED]LQXOXL
3DJLQD QDLQWHGHDSRUQLODGUXPUHJODLRJOLQGD
UHWURYL]RDUHLRJOLQ]LOHH[WHULRDUH
3DJLQDDVWIHOvQFkWVDYHLRYL]L
6FDXQHOH
ELOLWDWHDGHFYDWDVXSUDFRQGLLLORUGHGUXP 3HQWUXDHYLWDGHWHULRUDUHDVFDXQHORULD
LWUDILF VLVWHPXOXLGHvQFO]LUHDVFDXQHORUUHVSHF
WDLXUPWRDUHOHLQVWUXFLXQL
=QXYUVDLOLFKLGHSHVFDXQH'DFYUVDL
6FDXQHOH XQOLFKLGSHVFDXQHXVFDLOHFkWPDL
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX UHSHGHSRVLELO
=GDFKXVHOHVFDXQHORUVXQWXPHGHVDX
UDQD
XGHQXDFWLYDLVLVWHPXOGHvQFO]LUHD
3HULFROGHUQLUH VFDXQHORU'HDVHPHQHDVLVWHPXOGH
6FDXQHOHSRWILUHJODWHFkQGFKHLDHVWHVFRDV vQFO]LUHDVFDXQHORUQXWUHEXLHXWLOL]DW
6FDXQHOHYRODQXOLRJOLQ]LOH
GLQFRQWDFWLXQDGLQWUHSRUWLHUHHVWHGHV SHQWUXXVFDUHDVFDXQHORU
FKLV3ULQXUPDUHQXOVDLFRSLLLQHVXSUDYH =FXUDLKXVHOHVFDXQHORUFRQIRUPUHFR
JKHDLvQDXWRYHKLFXO$FHWLDSRWILDFFLGHQ PDQGULORUFRQVXOWDLVHFLXQHDQWUHL
WDLGHVFDXQHvQWLPSXOGHSODVULLDFHVWRUD QHUHDVXSUDIHHORULQWHULRDUH
=QXWUDQVSRUWDLRELHFWHJUHOHSHVFDXQH
3HULFROGHDFFLGHQW 1XDH]DLRELHFWHDVFXLWHSHSHUQHOH
5HJODLVFDXQXORIHUXOXLQXPDLvQWLPSXOVWD VFDXQHORUGHH[HPSOXFXLWHFXLHVDX
LRQULLDXWRYHKLFXOXOXLQFD]FRQWUDUGHSOD VFXOH6FDXQHOHWUHEXLHRFXSDWHSHFkW
VDUHDVFDXQXOXLYSRDWHGLVWUDJHDWHQLDGH SRVLELOGRDUGHSDVDJHUL
ODFRQGLLLOHGHGUXPLGHWUDILFLHVWHSRVLELO =DWXQFLFkQGVLVWHPXOGHvQFO]LUHDVFDX
VSLHUGHLFRQWUROXODVXSUDDXWRYHKLFXOXOXL QHORUHVWHDFWLYQXDFRSHULLVFDXQHOHFX
$FHVWIDSWSRDWHSURGXFHXQDFFLGHQW PDWHULDOHL]RODQWHGHH[HPSOXSWXUL
KDLQHJHQLKXVHVFDXQHSHQWUXFRSLL
$9(57,60(17 VDXVFDXQHFXSHUQGHvQODUH
$VLJXUDLYFQXVHSRDWHSULQGHQLPHQL
vQWUHHOHPHQWHFkQGUHJODLVFDXQHOH &kQGGHSODVDLVFDXQXODVLJXUDLYFQX
H[LVWRELHFWHvQVSDLXOGHVWLQDWSLFLRDUH
5HVSHFWDLQRWHOHSULYLQGDLUEDJXULOH
ORUVDXvQVSDWHOHVFDXQHORUQFD]FRQWUDU
)L[DLFRSLLLFRQIRUPUHFRPDQGULORUFRQVXO DLSXWHDGHWHULRUDVFDXQHOHLRELHFWHOH
WDLVHFLXQHD3UH]HQDFRSLLORUODERUG UHVSHFWLYH
$9(57,60(17 G 7HWLHUHOHVFDXQHORUGLQIDLGLQVSDWH
$VLJXUDLYFSDUWHDSRVWHULRDUDFDSXOXL SRWILGHPRQWDWH
HVWHVXVLQXWGHFHQWUXOWHWLHUHLODQLYHOXO 3HQWUXLQIRUPDLLVXSOLPHQWDUHDGUHVDLY
RFKLORU'DFQXYVSULMLQLLFRUHFWFDSXOGH XQXL&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH
WHWLHUSXWHLVXIHULROH]LXQHFHUYLFDOJUDY 0HUFHGHV%HQ]
vQFD]GHDFFLGHQW1XFRQGXFHLQLFLRGDW G 6XELHFWHDVRFLDWH
GDFWHWLHUHOHQXVXQWvPELQDWHLIL[DWH
=6XSOLPHQWDUHDFDSDFLWLLSRUWEDJDMXOXL
FRUHFW
GHPRQWDUHDSOLHUHDEDQFKHWHLGLQ
3HULFROGHUQLUH VSDWH
3DVDJHULLWUHEXLHVFOWRUHDVFQXPDLSH
VFDXQHOHFDUHDXWHWLHUHOHPRQWDWH'DF
VFDXQXOHVWHRFXSDWGHSODVDLWHWLHUDvQSR]L
LHYHUWLFDO$VWIHOvQFD]GHDFFLGHQWVH
UHGXFHSHULFROXOGHUQLUHDSDVDJHULORU
6FDXQHOH
5HJODUHDPDQXDODVFDXQXOXL 5HJODUHDHOHFWULFDVFDXQHORU
6FDXQHOHYRODQXOLRJOLQ]LOH
C QOLPHDWHWLHUHL
5HJODUHDvQIDVSDWHDVFDXQHORU D 8QJKLXOVSWDUXOXL
5LGLFDLPkQHUXOCLGHSODVDLVFDXQXOvQ 5HJODUHDVFDXQXOXLvQVHQVORQJLWXGLQDO
IDVDXvQVSDWH 8QJKLXOSHUQHLVFDXQXOXL
(OLEHUDLPkQHUXOCGLQQRX QOLPHDVFDXQXOXL
$VLJXUDLYFVFDXQXOVHIL[HD]vQSR]LLH &KHLDWUHEXLHVVHDIOHvQSR]LLDVDX
FXXQVXQHWVSHFLILF
vQFRQWDFWVDXSRUWLHUDUHVSHFWLYWUHEXLH
VILHGHVFKLV
8QJKLXOVSWDUXOXL
'HWHQVLRQDLVSWDUXOVFDXQXOXL
5RWLLUR]HWDvQIDVDXvQVSDWH 5HJODUHDWHWLHUHORU
5HJODUHDPDQXDODWHWLHUHORU
QOLPHDVFDXQXOXL
5HJODUHDvQOLPLLWHWLHUHL
7UDJHLPkQHUXOvQVXVVDXvPSLQJHLOvQ
MRVvQPRGUHSHWDWSkQODDWLQJHUHDvQOL
PLLGRULWHDVFDXQXOXL
8QJKLXOSHUQHLVFDXQXOXL
5HJODLXQJKLXOSkQFkQGVHUHDOL]HD]VXV
LQHUHDOHMHUDFRDSVHORU
5RWLLUR]HWDDvQIDVDXvQVSDWH
3HQWUXULGLFDUHWUDJHLWHWLHUDvQSR]LLD
GRULW
3HQWUXFRERUkUHDSVDLEXWRQXOGHHOL
EHUDUHCvQVHQVXOVJHLLLDSVDLWHWLHUD
vQMRVSkQvQSR]LLDGRULW
6FDXQHOH
5HJODUHDXQJKLXOXLWHWLHUHL 5HJODUHDXQJKLXOXLWHWLHUHORUGLQVSDWH
5HJODLWHWLHUDDVWIHOvQFkWDFHDVWDVVHDIOH
FkWPDLDSURDSHSRVLELOGHFDSXOGXPQHD
YRDVWU
3XWHLUHJODGRDUFHOHGRXWHWLHUHDOHVFDX
QHORUODWHUDOH
6FDXQHOHYRODQXOLRJOLQ]LOH
$SVDLVDXWUDJHLPDUJLQHDVXSHULRDUD
WHWLHUHLvQGLUHFLDVJHLL
5HJODUHDHOHFWULFDWHWLHUHORU
3HQWUXDUHJODvQOLPHDWHWLHUHORU
GHSODVDLEXWRQXOGHUHJODUHDWHWLHUHL
7UDJHLvQDLQWHVDXvPSLQJHLvQDSRLSDUWHD
3DJLQDvQVXVVDXvQMRVvQVHQVXO LQIHULRDUDWHWLHUHL
LQGLFDWGHVJHDW 0RQWDUHDGHPRQWDUHDWHWLHUHORUVFDXQH
ORUGLQVSDWH
7HWLHUHOHVFDXQHORUGLQVSDWH
3HULFROGHUQLUH
5HJODUHDvQOLPLLWHWLHUHORUGLQVSDWH 3DVDJHULLWUHEXLHVFOWRUHDVFQXPDLSH
VFDXQHOHFDUHDXWHWLHUHOHPRQWDWH$VWIHOvQ
FD]GHDFFLGHQWVHUHGXFHULVFXOGHUQLUHD
SDVDJHULORUGLQVSDWH
'DFWHWLHUDHVWHFRPSOHWFRERUkWHVWH
QHFHVDUDSVDUHDEXWRQXOXLGHHOLEH
UDUHC
3HQWUXULGLFDUHWUDJHLWHWLHUDvQSR]LLD 3HQWUXDVFRDWHWHWLHUDGHSODVDLXRUvQ
GRULW IDVSWDUXOVFDXQXOXL3DJLQD
3HQWUXGHPRQWDUHWUDJHLWHWLHUDvQVXV
3HQWUXFRERUkUHDSVDLEXWRQXOGHHOL
EHUDUHCLDSVDLWHWLHUDvQMRVSkQvQ SkQFkQGVHRSUHWH
SR]LLDGRULW $SVDLEXWRQXOGHHOLEHUDUHCLWUDJHL
WHWLHUDGLQJKLGDMH
6FDXQHOH
3HQWUXUHPRQWDUHLQWURGXFHLWHWLHUDDVW 5HJODUHDVXSRUWXOXLORPEDU
IHOvQFkWVWULDLLOHGHSHWLMVILHSHSDUWHD
VWkQJFkQGSULYLLvQVHQVXOGHGHSODVDUHD 3XWHLUHJODFRQWXUXOVFDXQHORUGLQIDSHQ
DXWRYHKLFXOXOXL WUXRVXVLQHUHRSWLPDVSDWHOXL
$SVDLWHWLHUDSkQFkQGDX]LLXQFOLFOD
IL[DUHDDFHVWHLD
5DEDWDUHDvQIDVDXvQVSDWHD
VSWDUHORUVFDXQHORUGLQID
6FDXQHOHYRODQXOLRJOLQ]LOH
'DWRULWIXQFLHL($6<(175<SXWHL
GHSODVDPDLPXOWVFDXQXOvQIDGXSFHDL
UDEDWDWvQIDVSWDUXOLVFDXQXOVHDIOvQ
MXPWDWHDSRVWHULRDUDJDPHLGHUHJODUH
$FHVWOXFUXIDFLOLWHD]LQWUDUHDLLHLUHDSDVD 'HSODVDLPDQHWDGHUHJODUHCvQGLUHFLD
JHULORUvQLGLQFRPSDUWLPHQWXOGLQVSDWH VJHLLSkQODRELQHUHDSR]LLHLGRULWH
5HJODUHDVSWDUXOXLPXOWLFRQWXU
3XWHLUHJODFRQWXUXOVFDXQHORUGLQIDvQ
PRGLQGLYLGXDOSHQWUXDDVLJXUDXQVSULMLQ
RSWLPSHQWUXVSDWH
5DEDWDUHDVSWDUXOXLvQID
PSLQJHLXRUVSWDUXOvQVSDWHWUDJHLvQ
IDPkQHUXOGHHOLEHUDUHDVFDXQXOXLCL
UDEDWDLvQIDVSWDUXOSkQFkQGVH
IL[HD]
QWLPSFHFRQWLQXDLVWUDJHLPkQHUXOGH C 3HQWUXUHJODUHDFRQWXUXOXLVSWDUXOXLvQ
HOLEHUDUHGHSODVDLVFDXQXOvQID ]RQDORPEDU
7UDJHLvQMRVEDQGDGHJKLGDUH D 3HQWUXUHJODUHDFRQWXUXOXLVSWDUXOXLvQ
]RQDVXSHULRDUDVSDWHOXL
5DEDWDUHDVSWDUXOXLvQDSRL 3HQWUXUHJODUHDVXSRUWXULORUODWHUDOHDOH
VSWDUXOXL
WUDJHLPkQHUXOGHHOLEHUDUHLGHSODVDL
VFDXQXOvQVSDWHSkQFkQGVHIL[HD] $YHLJULMFDFKHLDVILHvQSR]LLDvQ
5DEDWDLvQDSRLVSWDUXOSkQODIL[DUHD
FRQWDFW
6HWDLSR]LLDGRULWFXDMXWRUXOWDVWHLDGHF
VFDXQXOXLLDVSWDUXOXL
7UDJHLEDQGDGHJKLGDUHvQVXV
YDWH
'LVSRQLELOGRDUSHQWUXDXWRYHKLFXOHOHFXWUHLXL
9RODQXO
$FWLYDUHDGH]DFWLYDUHDVLVWHPXOGH &KHLDWUHEXLHVVHDIOHvQFRQWDFWvQSR]LLD
vQFO]LUHDVFDXQXOXL VDX
3HQWUXDFWLYDUHDSVDLUHSHWDWEXWR
$FWLYDUHGH]DFWLYDUH QXOCSkQODVHWDUHDWUHSWHLGHvQFO]LUH
3HULFROGHUQLUH GRULWH
6HWDUHDUHSHWDWDVLVWHPXOXLGHvQFO]LUHD 3HQWUXGH]DFWLYDUHDSVDLvQPRGUHSH
VFDXQHORUODWUHDSWDSRDWHDYHDGUHSWUH]XO WDWEXWRQXOCSkQFkQGWRDWHOPSLOH
WDWWHPSHUDWXULH[FHVLYHDOHVFDXQHORU PDUWRUVHVWLQJ
6QWDWHDSDVDJHULORUFDUHDXRVHQVLELOLWDWH
OLPLWDWODWHPSHUDWXUVDXRDELOLWDWHOLPLWDW 3UREOHPHODVLVWHPXOGHvQFO]LUHD
6FDXQHOHYRODQXOLRJOLQ]LOH
GHDUHDFLRQDODWHPSHUDWXULH[FHVLYGHvQDOWH VFDXQHORU
SRDWHILDIHFWDWVDXDFHWLDSRWFKLDUSUH
]HQWDOH]LXQLVLPLODUHDUVXULORU$DGDUQXXWL 'DFXQDVDXPDLPXOWHOPSLPDUWRULQWH
OL]DLvQPRGUHSHWDWWUHDSWDGHWHPSHUDWXU JUDWHvQEXWRQXOGHFRPDQGDVLVWHPXOXLGH
SHQWUXVFDXQH vQFO]LUHDVFDXQHORUOXPLQHD]LQWHUPLWHQW
VLVWHPXOVDGH]DFWLYDWDXWRPDW7HQVLXQHD
&HOHWUHLOPSLPDUWRUURLLLQWHJUDWHvQEXWRQ VLVWHPXOXLHOHFWULFGHODERUGXODXWRYHKLFXOX
LQGLFQLYHOXOGHvQFO]LUHVHOHFWDW OXLHVWHSUHDVF]XWGHRDUHFHVXQWFRQHFWDL
SUHDPXOLFRQVXPDWRULHOHFWULFL
G 'DFWHQVLXQHDIXUQL]DWGHEDWHULHHVWH
SUHDVF]XWvQFO]LUHDVFDXQHORUSRDWHIL 'HFRQHFWDLFRQVXPDWRULLHOHFWULFLGHFDUH
GH]DFWLYDW QXDYHLQHYRLHSUHFXPvQFO]LUHDOXQHWHL
VDXLOXPLQDUHDKDELWDFOXOXL
,PHGLDWFHEDWHULDHVWHvQFUFDWVXILFLHQW
VLVWHPXOGHvQFO]LUHDVFDXQHORUVHYDUHDF
WLYDDXWRPDW
9RODQXO
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
$9(57,60(17
6FDXQXORIHUXOXLLDOSDVDJHUXOXLGLQID 5HJODLYRODQXOGRDUFkQGDXWRYHKLFXOXOVWD
6LVWHPXOWUHFHDXWRPDWGLQWUHDSWDGH LRQHD]LQXGHPDUDLGHFkWDWXQFLFkQG
vQFO]LUHvQWUHDSWDGXSDSUR[LPDWLYFLQFL PHFDQLVPXOGHUHJODUHDOYRODQXOXLHVWHEOR
PLQXWH FDWvQSR]LLHQFD]FRQWUDUHVWHSRVLELOV
6LVWHPXOWUHFHDXWRPDWGLQWUHDSWDGH FRQGXFHLIUFDPHFDQLVPXOGHUHJODUHDO
vQFO]LUHvQWUHDSWDGXSDSUR[LPDWLY]HFH YRODQXOXLVILHEORFDWvQSR]LLH'UHSW
PLQXWH XUPDUHHVWHSRVLELOFDGHSODVDUHDDFFLGHQ
WDODYRODQXOXLVYGLVWUDJDWHQLDGHOD
6LVWHPXOHVWHGH]DFWLYDWDXWRPDWGXSDSUR
FRQGLLLOHUXWLHUHSXWkQGSURYRFDXQDFFL
[LPDWLYGHPLQXWHGHODVHWDUHDODWUHDSWD
GHQW
GHvQFO]LUH
&XWRDWHDFHVWHDPDQHYUDELOLWDWHDDXWRYHKL
FXOXOXLQXHVWHDIHFWDW
2JOLQ]LOH
5HJODUHDYRODQXOXL 2JOLQ]LOH
2JOLQGDUHWURYL]RDUH
2JOLQGUHWURYL]RDUHUHJODUHPDQXDO
DQWLRUELUH
6FDXQHOHYRODQXOLRJOLQ]LOH
C 0DQHWGHHOLEHUDUH
D 3HQWUXUHJODUHDvQOLPLLYRODQXOXL
3HQWUXUHJODUHDSR]LLHLYRODQXOXLvQVHQV
ORQJLWXGLQDO
7UDJHLFRPSOHWvQH[WHULRUPDQHWDGHHOL 0RGDQWLRUELUHGHSODVDLFRPXWDWRUXOGH
EHUDUHC UHJODUHDQWLRUELUHCvQIDVDXvQVSDWH
0HFDQLVPXOGHUHJODUHDFRORDQHLGHGLUHF
LHHVWHHOLEHUDW 2JOLQGDUHWURYL]RDUHFXUHJODUHDXWR
5HJODLYRODQXOvQSR]LLDGRULW PDWDQWLRUELUH
PSLQJHLPDQHWDGHHOLEHUDUHCFRPSOHW 2JOLQGDUHWURYL]RDUHLQWUDXWRPDWvQPRGXO
VSUHLQWHULRUSkQVHIL[HD] DQWLRUELUHFkQGFRQWDFWXOHVWHSXVLDUIDVFL
0HFDQLVPXOGHUHJODUHDFRORDQHLGHGLUHF FXOXOLQFLGHQWDOXQRUIDUXULFDGHSHVHQ]RUXO
LHHVWHEORFDW LQWHJUDWvQRJOLQGDUHWURYL]RDUH
9HULILFDLGDFPHFDQLVPXOGHUHJODUHD 2JOLQGDUHWURYL]RDUHQXLQWUvQPRGXODQWL
FRORDQHLGHGLUHFLHHVWHEORFDWQDFHVW RUELUHGDFHVWHFXSODWWUHDSWDGHPHUVvQD
VHQVvQFHUFDLVvPSLQJHLYRODQXOvQVXV SRLVDXHVWHDFWLYDWLOXPLQDUHDKDELWDFOXOXL
VDXvQMRVVDXVvOGHSODVDLvQVHQVORQJL
WXGLQDO 3HULFROGHDFFLGHQW
'DFIDVFLFXOXOLQFLGHQWSURYHQLQGGHODIDUX
ULOHDOWRUDXWRYHKLFXOHQXDWLQJHVHQ]RUXOLQWH
JUDWvQRJOLQGDUHWURYL]RDUHGHH[HPSOXGDF
QLYHOXOEDJDMHORUGLQDXWRYHKLFXOHVWHSUHD
ULGLFDWIXQFLDGHUHJODUHDXWRPDWDQWL
RUELUHQXHVWHIXQFLRQDO
)DVFLFXOXOLQFLGHQWYSRDWHRUEL&DXUPDUH
HVWHSRVLELOVILLGLVWUDVGHODXUPULUHDFRQ
GLLLORUGHWUDILFLVSURYRFDLXQDFFLGHQWQ
DFHVWFD]UHJODLRJOLQGDUHWURYL]RDUHPDQXDO
2JOLQ]LOH
2JOLQ]LOHH[WHULRDUH 3OLHUHDLGHSOLHUHDHOHFWULFDRJOLQ]LORU
H[WHULRDUH
5HJODUHDRJOLQ]LORUH[WHULRDUH
3HULFROGHDFFLGHQWDUH
2JOLQ]LOHH[WHULRDUHUHGXFGLPHQVLXQLOHLPD
JLQLLUHIOHFWDWHQUHDOLWDWHRELHFWHOHVXQWPDL
DSURDSHGHFkWSDU(VWHSRVLELODSUHFLHUHD
HURQDWDGLVWDQHLIDGHDXWRYHKLFXOHOHGLQ
VSDWHLSURGXFHUHDXQXLDFFLGHQWGHH[HP
SOXvQFD]XOVFKLPEULLEHQ]LLGHFLUFXODLH
6FDXQHOHYRODQXOLRJOLQ]LOH
'LQDFHVWPRWLYHVWHQHFHVDUVYHULILFDLGLV
WDQDIDGHDXWRYHKLFXOXOGLQVSDWHSULYLQG
SHVWHXPU
&KHLDWUHEXLHVVHDIOHvQFRQWDFWvQSR]LLD
2JOLQ]LOHH[WHULRDUHFRQYH[HDVLJXUOUJLUHD VDX
FkPSXOXLYL]XDO $SVDLVFXUWEXWRQXOC
2JOLQ]LOHH[WHULRDUHVXQWvQFO]LWHDXWRPDW $PEHOHRJOLQ]LH[WHULRDUHVXQWSOLDWHVDX
GDFHVWHDFWLYDWvQFO]LUHDOXQHWHLLWHP GHSOLDWH
SHUDWXUDH[WHULRDUHVWHVF]XW
G $VLJXUDLYFRJOLQ]LOHH[WHULRDUHVXQW
vQWRWGHDXQDGHSOLDWHFRPSOHWvQWLPSXO
GHSODVULLDXWRYHKLFXOXOXLvQFD]FRQWUDU
DFHVWHDSRWYLEUD
5HVHWDUHDRJOLQ]LORUH[WHULRDUH
'DFEDWHULDDIRVWGHFRQHFWDWVDXHVWH
GHVFUFDWRJOLQ]LOHWUHEXLHUHVHWDWHQFD]
FRQWUDURJOLQ]LOHH[WHULRDUHQXVHYRUSOLD
GDFVHOHFWDLIXQFLD)ROGLQPLUURUVZKHQ
ORFNLQJ3OLHUHRJOLQ]LH[WHULRDUHODvQFXLHUHD
&KHLDWUHEXLHVVHDIOHvQFRQWDFWvQSR]LLD DXWRYHKLFXOXOXLGHSHFRPSXWHUXOGHERUG
VDX 3DJLQD
$SVDLEXWRQXODSHQWUXUHJODUHDRJOLQ]LL &KHLDWUHEXLHVVHDIOHvQFRQWDFWvQSR]LLD
H[WHULRDUHGUHDSWDVDXEXWRQXOSHQWUX
UHJODUHDFHOHLGLQVWkQJD $SVDLVFXUWEXWRQXOC
/DPSDPDUWRUGHFXORDUHURLHGLQEXWRQVH
DSULQGH
3OLHUHDLGHSOLHUHDDXWRPDWDRJOLQ]L
'XSXQDQXPLWLQWHUYDOGHWLPSDFHDVWDVH ORUH[WHULRDUH
YDVWLQJH$WkWWLPSFkWODPSDPDUWRUHVWH
DSULQVSXWHLUHJODRJOLQGDVHOHFWDWSULQ 'DFIXQFLD)ROGLQPLUURUVZKHQORFNLQJ
LQWHUPHGLXOEXWRQXOXLC 3OLHUHRJOLQ]LH[WHULRDUHODvQFXLHUHDDXWRYH
$SVDLEXWRQXOGHUHJODUHCvQVXVvQMRV
KLFXOXOXLHVWHDFWLYDWSHFRPSXWHUXOGHERUG
3DJLQD
ODVWkQJDVDXODGUHDSWDSkQODUHJODUHD
RJOLQ]LLH[WHULRDUHvQSR]LLDGLQFDUHDYHLR
YL]LELOLWDWHDGHFYDWDVXSUDFRQGLLLORUGH
WUDILF
2JOLQ]LOH
=RJOLQ]LOHH[WHULRDUHVXQWSOLDWHDXWRPDWGH
vQGDWFHSRUWLHUHOHVXQWvQFXLDWHGLQH[WH
ULRU
=RJOLQ]LOHH[WHULRDUHVXQWGHSOLDWHDXWRPDW
ODGHVFXLHUHDDXWRYHKLFXOXOXLLODGHVFKL
GHUHDSRUWLHUHLRIHUXOXLVDXDSDVDJHUXOXL
GLQID
G 2JOLQ]LOHQXVHGHSOLD]DXWRPDWGDF
DQWHULRUDXIRVWSOLDWHPDQXDO
6FDXQHOHYRODQXOLRJOLQ]LOH
2JOLQGH[WHULRDUGHSODVDWGLQSR]LLH
'DFRRJOLQGH[WHULRDUDIRVWGHSODVDWGLQ
SR]LLDFRUHFWSURFHGDLGXSFXPXUPHD]
$XWRYHKLFXOHOHIURJOLQ]LH[WHULRDUH
DFLRQDWHHOHFWULFFRUHFWDLPDQXDOSR]L
LDRJOLQ]LLH[WHULRDUH
$XWRYHKLFXOHOHFXRJOLQ]LH[WHULRDUH
DFLRQDWHHOHFWULFDSVDLUHSHWDWEXWR
QXOGHSOLHUHDRJOLQ]LL3DJLQDSkQ
FkQGDFHDVWDVHIL[HD]FXXQVXQHWVSHFL
ILF
&DUFDVDRJOLQ]LLHVWHIL[DWGLQQRXvQSR]L
LDFRUHVSXQ]WRDUHLSXWHLUHJODRJOLQGD
FDGHRELFHL3DJLQD
'RWDUHDDXWRYHKLFXOXOXL
,OXPLQDUHDH[WHULRDU
,OXPLQDUHDKDELWDFOXOXL
QORFXLUHDEHFXULORU
WHUJWRDUHOHGHSDUEUL]
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
,OXPLQDUHDH[WHULRDU
'RWDUHDDXWRYHKLFXOXOXL vQFUHGLQDLFRPXWDUHDIDUXULORUvQPRGXOID]
VFXUWDVLPHWULFXQXLDWHOLHUGHVSHFLDOLWDWH
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL DXWRUL]DWGHH[HPSOXXQXLFHQWUXDXWRUL]DW
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]6HUYLFH
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU &HQWUHFkWPDLFXUkQGGXSUHYHQLUHDvQDU
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL &RPXWDWRUXOGHOXPLQL
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO 8WLOL]DUH
GXPQHDYRDVWUVQXGLVSXQGHWRDWH
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF
LLOHSULYLQGVLJXUDQD
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
,OXPLQDUHDH[WHULRDU
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
&DPVXUGHVLJXUDQ0HUFHGHV%HQ]Y
UHFRPDQGFRQGXFHUHDDXWRYHKLFXOXOXLFX
Gc /DPSDGHSR]LLHGHSHSDUWHDVWkQJ
OXPLQLOHDSULQVHLSHWLPSGH]L8WLOL]DUHD
IDUXULORUYDULD]vQIXQFLHGHUHJOHPHQWULOH Hd /DPSDGHSR]LLHGHSHSDUWHD
vQYLJRDUHvQDUDUHVSHFWLYLDREOLJDLLORU GUHDSW
DVXPDWHGHILHFDUHRIHUQDQXPLWHUL I? 6WLQJHUHOXPLQLOXPLQLGLXUQH
PRGXOGHIXQFLRQDUHSHUPDQHQWDIDUXULORU JX 0RGXOGHDFLRQDUHDXWRPDWDIDUX
VXQWDFWLYDWDXWRPDWODSRUQLUHDPRWRUXOXL ULORUOXPLQLGLXUQH
K` /PSLGHSR]LLHODPSSOFXGH
vQPDWULFXODUHLLOXPLQDUHLQVWUX
,QGLFDLLSULYLQGFRQGXFHUHDDXWRYH PHQWHGHERUG
KLFXOXOXLvQDIDUDULL LX )D]DVFXUWDIDUXULORUID]DOXQJD
&RPXWDUHDIDUXULORUvQPRGXOID]VFXUW IDUXULORU
VLPHWULFvQWLPSXOFRQGXFHULLvQ M^ $XWRYHKLFXOHIUSURLHFWRDUHGH
VWULQWDWHFRPXWDLIDUXULOHvQPRGXOID] FHDOPSLOHGHFHDVSDWH
VFXUWVLPHWULFvQULOHvQFDUHVHFLUFXOSH MZ $XWRYHKLFXOHFXSURLHFWRDUHGH
SDUWHDRSXVDFDURVDELOXOXLIDGHDUDGH FHDSURLHFWRDUHOHGHFHD
vQPDWULFXODUHDDXWRYHKLFXOXOXL$VWIHOQXYHL N^ $XWRYHKLFXOHFXSURLHFWRDUHGH
RUELRIHULLFDUHFRQGXFGLQVHQVRSXV/XPL FHDOPSLOHGHFHDVSDWH
QLOHVLPHWULFHYRUOXPLQDRVXSUDIDPDLPLF
GHSHPDUJLQHDFDURVDELOXOXL 6HPQDOL]DWRDUHOHGLUHFLHID]DOXQJDIDUX
ULORULFOD[RQXORSWLFVXQWDFLRQDWHFXDMX
QDLQWHVPHUJHLvQDVWIHOGHULvQFUHGLQDL
WRUXOFRPXWDWRUXOXLFRPELQDW
FRPXWDUHDIDUXULORUXQXLDWHOLHUGHVSHFLDOL
3DJLQD
WDWHDXWRUL]DWGHH[HPSOXXQXLFHQWUXDXWR
UL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]FkW 6WLQJHLOPSLOHGHSR]LLHvQPRPHQWXO
PDLDSURDSHGHIURQWLHUSRVLELO SUVLULLDXWRYHKLFXOXOXL$VWIHOVHHYLW
&RPXWDUHDIDUXULORUvQPRGXOID]VFXUW GHVFUFDUHDEDWHULHL
DVLPHWULFODUHYHQLUHDGLQVWULQWDWH
,OXPLQDUHDH[WHULRDU
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
DSVDLFRPXWDWRUXOGHOXPLQLSkQOD vQWRWGHDXQDSHGHSOLQUHVSRQVDELOGHLOXPL
FDSWXOFXUVHL QDUHDDXWRYHKLFXOXOXL
3HULFROGHDFFLGHQWDUH
)D]DVFXUWDIDUXULORU
QFRQGLLLGHvQWXQHULFLFHDURWLLFRPX
3HQWUXDDSULQGHID]DVFXUWDIDUXUL WDWRUXOGHOXPLQLGLQSR]LLDXvQSR]LLD
ORUURWLLFKHLDvQSR]LLDvQFRQWDFWVDX XvQWLPSXWLOQFD]FRQWUDUIDUXULOHSRWIL
SRUQLLPRWRUXO VWLQVHWHPSRUDULSXWHLSURYRFDXQDFFLGHQW
5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
X 3HQWUXDFWLYDUHDPRGXOXLGHIXQFLR
/DPSDPDUWRUXVHDSULQGHSHSDQRXO QDUHDXWRPDWDIDUXULORUURWLLFRPXWD
GHLQVWUXPHQWH WRUXOGHOXPLQLvQSR]LLDX
3HQWUXDVWLQJHID]DVFXUWDIDUXULORU
&kQGFKHLDHVWHvQFRQWDFWvQSR]LLD
URWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD OXPLQLOHGHSR]LLHVXQWDSULQVHVDXVWLQVH
? DXWRPDWvQIXQFLHGHLQWHQVLWDWHDLOX
PLQULLDPELDQWH
&kQGPRWRUXOIXQFLRQHD]vQIXQFLHGH
/XPLQLOHGLXUQH LQWHQVLWDWHDLOXPLQULLDPELHQWDOHID]D
QULOHXQGHQXHVWHREOLJDWRULHXWLOL]DUHD VFXUWDIDUXULORUHVWHDSULQVVDXVWLQV
OXPLQLORUvQWLPSXO]LOHLSXWHLDFWLYDGH]DF DXWRPDW
WLYDIXQFLDGD\WLPHGULYLQJOLJKWVOXPLQL &kQGVHDSULQGHID]DVFXUWDIDUXULORU
GLXUQHSULQLQWHUPHGLXOFRPSXWHUXOXLGHERUG ODPSDPDUWRUXVHDSULQGHSHSDQRXO
3DJLQD GHLQVWUXPHQWH
3HQWUXDFWLYDUHDOXPLQLORUGLXUQHDFWL
YDLIXQFLDOXPLQLGLXUQHSULQLQWHUPHGLXO 3URLHFWRDUHOHGHFHDLOXPLQLOHGH
FRPSXWHUXOXLGHERUG FHDVSDWH
5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
6WLQJHLOXPLQLOH
?VDXX
&kQGPRWRUXOHVWHSRUQLWID]DVFXUWD
'HVFKLGHLSRUWEDJDMXO
IDUXULORUHVWHDSULQV 'HVFKLGHLSDQRXOODWHUDO3DJLQD
,OXPLQDUHDH[WHULRDU
&RPXWDWRUXOFRPELQDW
6HPQDOL]DWRDUHOHGLUHFLH
$SVDLFOHPDGHUHLQHUHCvQDFHODL
WLPSvQVHQVXOLQGLFDWGHVJHDWLVFRDWHL
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
IDVXQJXOEHFXOXL
C )D]DOXQJDIDUXULORU
D 6HPQDOL]DWRUXOGHGLUHFLHGUHDSWD
&OD[RQXORSWLF
6HPQDOL]DWRUXOGHGLUHFLHVWkQJD
3HQWUXDVHPQDOL]DVFXUWGHSODVDLVFXUW
FRPXWDWRUXOFRPELQDWGLQFRORGHSXQFWXO
GHUH]LVWHQvQVHQVXOLQGLFDWGH
VJHDWDDVDX
6HPQDOL]DWRUXOGHGLUHFLHFRUHVSXQ]WRU
VHDSULQGHVFXUWGHWUHLRUL
)DVXQJXOEHFXOXL 3HQWUXDVHPQDOL]DGHSODVDLFRPXWDWR
C /DPSGHIUkQODPSGHSR]LLH UXOFRPELQDWGLQFRORGHSXQFWXOGHUH]LV
D /DPSGHPHUVvQDSRL WHQvQVHQVXOLQGLFDWGHVJHDWDD
6HPQDOL]DWRDUHGHGLUHFLH VDX
/DPSGHFHDVSDWHODPSGHSR]LLH
)D]OXQJDIDUXULORU
$SVDLXRUEHFXODIHUHQWvQIDVXQJURWLL
OVSUHVWkQJDLVFRDWHLO 3HQWUXDDSULQGHID]DOXQJDIDUXULORU
,QWURGXFHLQRXOEHFvQIDVXQJLURWLLOVSUH URWLLFKHLDvQSR]LLDvQFRQWDFWVDXSRUQLL
GUHDSWD PRWRUXO
0RQWDLIDVXQJXOLDSVDLOIHUP 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD
&OHPHOHGHUHLQHUHGHSHIDVXQJHPLWXQ X
VXQHWVSHFLILFODFXSODUH
QFKLGHLSDQRXOODWHUDO3DJLQD
,OXPLQDUHDH[WHULRDU
'HSODVDLVFXUWFRPXWDWRUXOFRPELQDWGLQ ]DWRUXOVLWXDWSHSDUWHDUHVSHFWLYDDXWR
FRORGHSXQFWXOGHUH]LVWHQvQVHQVXO YHKLFXOXOXL
LQGLFDWGHVJHDWDC 3HQWUXGH]DFWLYDUHDVHPQDOL]DWRDUHORU
/DPSDPDUWRUWVHDSULQGHSHSDQRXO GHDYDULHDSVDLEXWRQXOC
GHLQVWUXPHQWH
6HPQDOL]DWRDUHOHGHDYDULHVHVWLQJDXWRPDW
3HQWUXDVWLQJHID]DVFXUWDIDUXULORU
GXSFHDXWRYHKLFXOXODWLQJHGLQQRXRYLWH]
GHSODVDLFRPXWDWRUXOFRPELQDWvQDSRLvQ GHSHVWHNPKGXSIUkQDUHDFRPSOHWD
SR]LLDQRUPDO DFHVWXLD
/DPSDPDUWRUWGHSHSDQRXOGHLQVWUX
PHQWHVHVWLQJH G 6HPQDOL]DWRDUHOHGHDYDULHFRQWLQXV
IXQFLRQH]HFKLDUGDFPRWRUXOHVWHRSULW
&OD[RQXORSWLFIODVK
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
3HQWUXDFWLYDUHURWLLFKHLDvQFRQWDFWvQ 5HJODUHDIDVFLFXOHORUIDUXULORUIDUXUL
SR]LLDVDXVDXSRUQLLPRWRUXO FXKDORJHQ
7UDJHLVFXUWFRPXWDWRUXOFRPELQDWvQVHQ &RPXWDWRUXOSHQWUXUHJODUHDIDUXULORUSHUPLWH
VXOLQGLFDWGHVJHDWD DMXVWDUHDIDVFLFXOHORUvQIXQFLHGHJUDGXOGH
vQFUFDUHDDXWRYHKLFXOXOXL
6HPQDOL]DWRDUHOHGHDYDULH
&RPXWDWRUXOSHQWUXUHJODUHDIDUXULORU
Z 6FDXQXORIHUXOXLLFHODOSDVDJHUXOXLGLQ
6HPQDOL]DWRDUHOHGHDYDULHVXQWDFWLYDWH IDVXQWRFXSDWH
DXWRPDW G 6FDXQXORIHUXOXLDOSDVDJHUXOXLGLQID
=GDFHVWHGHFODQDWXQDLUEDJ
LORFXULOHGLQVSDWHVXQWRFXSDWH
H 6FDXQXORIHUXOXLDOSDVDJHUXOXLGLQID
=GDFDXWRYHKLFXOXOGHFHOHUHD]UDSLGGHOD
LORFXULOHGLQVSDWHVXQWRFXSDWHLDUFRP
RYLWH]GHSHVWHNPKLVHRSUHWH
SDUWLPHQWXOSHQWUXEDJDMHHVWHvQFUFDW
3HQWUXDFWLYDUHDVHPQDOL]DWRDUHORUGH
I 1XHVWHQHFHVDU
DYDULHDSVDLEXWRQXOC
7RDWHVHPQDOL]DWRDUHOHGHGLUHFLHOXPL 3RUQLLPRWRUXO
QHD]LQWHUPLWHQW'DFDSULQGHLVHPQDOL 5RWLLFRPXWDWRUXOSHQWUXUHJODUHDIDVFLFX
]DWRUXOGHGLUHFLHFRUHVSXQ]WRUXQHLDGLQ OXOXLIDUXULORUvQSR]LLDFRUHVSXQ]WRDUH
WUHGLUHFLLFXDMXWRUXOFRPXWDWRUXOXLFRP vQFUFWXULLSHFDUHRWUDQVSRUWDLvQDXWR
ELQDWYDOXPLQDLQWHUPLWHQWGRDUVHPQDOL YHKLFXO
,OXPLQDUHDKDELWDFOXOXL
6LVWHPXOGHVSODUHIDUXULORU &RQGXFHLFXIDUXULOHDSULQVH
)DUXULOHVHYRUGH]DEXULGXSSDUFXUJHUHD
)DUXULOHVXQWVSODWHDXWRPDWGDFIXQFLD XQHLGLVWDQHVFXUWH
:LSHZLWKZDVKHUIOXLGWHUJHUHFXOLFKLG
GHVSODUHDSDUEUL]XOXLHVWHDFWLYDWGHFLQFL 'DFXPH]HDODQXGLVSDUHFDUFDVDIDUXOXLQX
RULvQWLPSFHIDUXULOHVXQWDSULQVHLPRWRUXO HVWHvQFKLVHWDQLDSHUPLVSWUXQGHUHD
HVWHSRUQLW3DJLQD&kQGFRQWDFWXO XPH]HOLLvQLQWHULRU
HVWHOXDWVLVWHPXOGHVSODUHDXWRPDWD $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
IDUXULORUHVWHUHVHWDWLFRQWRUXOHVWHDGXVOD ]DWSHQWUXYHULILFDUHDIDUXULORU
,OXPLQDUHDKDELWDFOXOXL
)XQFLDGHLOXPLQDUHVXSOLPHQWDUvQ
YLUDMHIDUXULEL[HQRQ 3UH]HQWDUHJHQHUDODLOXPLQULLKDEL
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
WDFOXOXL
)XQFLDGHLOXPLQDUHVXSOLPHQWDUvQYLUDMH
3DQRXOGHFRPDQGGLQSODIRQLHUDIDDXWRYHKL
vPEXQWHWHLOXPLQDUHDVXSUDIHHLFDURVD FXOHOHFXXQFRPXWDWRUXOEDVFXODQW
ELOHvQVHQVXOGHYLUDUHGHH[HPSOXVSRULQG
C J$FWLYDUHDLOXPLQULLKDELWDFOXOXL
YL]LELOLWDWHDvQWLPSXOYLUDMHORUVWUkQVH
$FHDVWIXQFLHSRDWHILDFWLYDWGRDUDWXQFL D $FWLYDUHDLOXPLQULLDXWRPDWHDKDELWDFOX
FkQGID]DVFXUWDIDUXULORUHVWHDSULQV OXL
$FWLYGDFYGHSODVDLFXYLWH]HPDLPLFL 3'H]DFWLYDUHDLOXPLQULLKDELWDFOX
GHNPKLDSULQGHLVHPQDOL]DWRDUHOHGH OXLLOXPLQULLDXWRPDWHDKDELWDFOXOXL
GLUHFLHVDXURWLLYRODQXO =$SULQGHUHDVWLQJHUHDOPSLLGHOHF
,QDFWLYGDFYGHSODVDLFXYLWH]HPDLPDUL WXUGLQ]RQDGLQIDDKDELWDFOXOXL
GHNPKVDXVWLQJHLVHPQDOL]DWRUXOGH
GLUHFLHVDXURWLLYRODQXOvQSR]LLDSHQWUX
PHUVXOGUHSWvQDLQWH
/DPSDGHLOXPLQDUHVXSOLPHQWDUvQYLUDMH
SRDWHUPkQHDSULQVSHQWUXVFXUWWLPSvQV
VHVWLQJHDXWRPDWGXSPD[LPWUHLPLQXWH
)DUXULDEXULWHSHLQWHULRU
QFD]XOvQFDUHXPLGLWDWHDvQDWPRVIHUHVWH
ULGLFDWIDUXULOHVHSRWDEXULSHLQWHULRU
,OXPLQDUHDKDELWDFOXOXL
&RQWUROXODXWRPDWDOLOXPLQULLKDELWD
FOXOXL
3HQWUXDFWLYDUHDXWRYHKLFXOHFXXQ
FRPXWDWRUEDVFXODQWGHSODVDLFRPXWD
WRUXOEDVFXODQWvQSR]LLDFHQWUDOD
3HQWUXDFWLYDUHDXWRYHKLFXOHFX
EXWRDQHDSVDLEXWRQXO3
3HQWUXGH]DFWLYDUHDXWRYHKLFXOHFXXQ
FRPXWDWRUEDVFXODQWGHSODVDLFRPXWD
3DQRXOGHFRPDQGGLQSODIRQLHUDIDDXWRYHKL WRUXOEDVFXODQWvQSR]LLD3
FXOHFXEXWRDQH
3HQWUXGH]DFWLYDUHDXWRYHKLFXOHFX
C D$FWLYDUHDGH]DFWLYDUHDLOXPLQULL
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
EXWRDQHDSVDLEXWRQXO3
]RQHLGLQVSDWHDKDELWDFOXOXL
D 3$FWLYDUHDGH]DFWLYDUHDLOXPLQULL ,OXPLQDUHDKDELWDFOXOXLHVWHDFWLYDWGDF
DXWRPDWHDKDELWDFOXOXL =GHVFXLDLDXWRYHKLFXOXO
=$SULQGHUHDVWLQJHUHDOPSLLGHOHF =GHVFKLGHLRSRUWLHU
WXUGLQGUHDSWDID =VFRDWHLFKHLDGLQFRQWDFW
=$SULQGHUHDVWLQJHUHDOPSLLGHOHF ,OXPLQDUHDKDELWDFOXOXLHVWHDFWLYDWSHQWUXR
WXUGLQVWkQJDID SHULRDGVFXUWGHWLPSDWXQFLFkQGFKHLD
J$FWLYDUHDGH]DFWLYDUHDLOXPLQULL HVWHVFRDVGLQFRQWDFW3XWHLDFWLYDDFHDVW
]RQHLGLQIDDKDELWDFOXOXL GH]DFWLYDUHvQWkU]LDWSULQLQWHUPHGLXOFRP
SXWHUXOXLGHERUG3DJLQD
&RQWUROXOPDQXDODOLOXPLQULLKDELWD
FOXOXL
3HQWUXDFWLYDUHDGH]DFWLYDUHDLOX
PLQULL]RQHLGLQVSDWHDKDELWDFOXOXL
DSVDLEXWRQXOC
3HQWUXDSULQGHUHDVWLQJHUHDOPSLORU
GHOHFWXUDSVDLEXWRQXO=
3DQRXOGHFRPDQGvQSODIRQLHUDVSDWH
C 6WLQJHUHDOPSLLGHOHFWXU ,OXPLQDUHDGHXUJHQFXUHDFLHOD
D $SULQGHUHDOPSLLGHOHFWXU LPSDFW
QFD]XOvQFDUHIXQFLDGHFRQWURODXWRPDWDO
LOXPLQULLKDELWDFOXOXLHVWHDFWLYDWLDXWRYH
&RQWUROXOLOXPLQULLKDELWDFOXOXL KLFXOXOHVWHLPSOLFDWvQWUXQDFFLGHQWKDELWD
FOXOHVWHLOXPLQDWDXWRPDW
1RWHLPSRUWDQWH
3HQWUXDSUHYHQLGHVFUFDUHDEDWHULHLDXWR
YHKLFXOXOXLIXQFLLOHGHLOXPLQDUHDKDELWDFOX
OXLVXQWGH]DFWLYDWHDXWRPDWGXSRDQXPLW
SHULRDGGHWLPSFXH[FHSLDFD]XOXLvQFDUH
FKHLDHVWHvQSR]LLDvQFRQWDFW
QORFXLUHDEHFXULORU
3HQWUXDGH]DFWLYDLOXPLQDUHDGH $OWHWLSXULGHEHFXUL
XUJHQvQFD]GHDFFLGHQWDSVDLEXWRQ
GHDFLRQDUHDVHPQDOL]DWRDUHORUGHDYDULH 3HULFROGHUQLUH
VDX %HFXULOHLOPSLOHSRWGHYHQLIRDUWHILHUELQL
'LQDFHVWPRWLYOVDLEHFXULOHVVHUFHDVF
QFXLDLLDSRLGHVFXLDLDXWRYHKLFXOXOXWL
vQDLQWHGHDOHvQORFXLQFD]FRQWUDUHVWH
OL]kQGFKHLDRELQXLW
SRVLELOVVXIHULLDUVXULODDWLQJHUHDDFHVWRUD
1XOVDLEHFXULOHODvQGHPkQDFRSLLORUQFD]
FRQWUDUFRSLLLOHSRWGHWHULRUDLVHSRWDFFL
QORFXLUHDEHFXULORU
GHQWD
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX 1XXWLOL]DLQLFLRGDWEHFXULFDUHDXIRVW
UDQD VXSXVHRFXULORUPHFDQLFH$FHVWHDSRW
H[SORGDLYSRWUQL
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
%HFXULOHFX[HQRQ
%HFXULOHFXKDORJHQVXQWSUHVXUL]DWHLSRW
3XWHLDIODGDFDXWRYHKLFXOXOGXPQHDYRDVWU H[SORGDvQWLPSXOvQORFXLULLvQVSHFLDOGDF
HVWHGRWDWFXEHFXULFX[HQRQDVWIHOFRQXOGH VXQWIRDUWHILHUELQL'LQDFHVWPRWLYODvQOR
OXPLQSURLHFWDWGHEHFXULOHFX[HQRQVH FXLUHDDFHVWRUEHFXULHVWHUHFRPDQGDWSXU
GHSODVHD]GHVXVvQMRVLLQYHUVDWXQFLFkQG WDUHDGHRFKHODULLPQXLGHSURWHFLH
PRWRUXOHVWHSRUQLW3HQWUXDSXWHDREVHUYD
DFHDVWDOXPLQLOHWUHEXLHDSULQVHvQDLQWHGH ([LVWEHFXULFXH[FHSLDFHORUFX[HQRQSH
SRUQLUHDPRWRUXOXL FDUHQXOHSXWHLvQORFXLSHUVRQDOQORFXLL
GRDUEHFXULOHVSHFLILFDWH3DJLQD
3HULFROGHUQLUH $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%HFXULOHFX[HQRQIXQFLRQHD]VXEvQDOWWHQ SHQWUXvQORFXLUHDEHFXULORUSHFDUHQXOH
VLXQH$WLQJHUHDFRQWDFWHORUHOHFWULFHDOH SXWHLVFKLPEDFKLDUGXPQHDYRDVWU
EHFXULORUFX[HQRQSUH]LQWULVFGHHOHFWURFX QDFHVWVFRS0HUFHGHV%HQ]YUHFRPDQG
WDUHLDFFLGHQWDUHJUDYVDXFKLDUIDWDO'LQ VDSHODLODXQFHQWUXDXWRUL]DWGHYkQ]ULL
DFHVWPRWLYQXvQGHSUWDLQLFLRGDWFDSDFXO VHUYLFH0HUFHGHV%HQ](VWHSULRULWDUvQFUH
GHSURWHFLHDOEHFXULORUFX[HQRQ GLQDUHDOXFUULORUFHLPSOLFVLJXUDQDLVLV
1XvQORFXLLSHUVRQDOEHFXULOH[HQRQFLDSHODL WHPHOHGHVLJXUDQXQXLDWHOLHUGHVSHFLDOL
ODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUH WDWHDXWRUL]DW
GHLQHFXQRWLQHOHWHKQLFHLHFKLSDPHQWHOH 'DFDYHLQHYRLHGHDVLVWHQSHQWUXvQOR
QHFHVDUHHIHFWXULLOXFUULORUUHVSHFWLYH FXLUHDEHFXULORUDSHODLODXQDWHOLHUGHVSH
QDFHVWVFRS0HUFHGHV%HQ]YUHFRPDQG FLDOLWDWHDXWRUL]DW
VDSHODLODXQFHQWUXDXWRUL]DWGHYkQ]ULL 1XDWLQJHLSDUWHDGLQVWLFODEHFXULORUQRLFX
VHUYLFH0HUFHGHV%HQ](VWHSULRULWDUvQFUH PkLQLOHJRDOH6XSUDIDDGLQVWLFOSRDWHIL
GLQDUHDOXFUULORUFHLPSOLFVLJXUDQDLVLV DIHFWDWFKLDULGHFHOHPDLPLFLXUPHGH
WHPHOHGHVLJXUDQXQXLDWHOLHUGHVSHFLDOL PXUGULUHUHGXFkQGXVHGXUDWDGHYLDD
WDWHDXWRUL]DW EHFXULORU8WLOL]DLvQWRWGHDXQDRODYHWIU
VFDPHVDXDWLQJHLGRDUED]DEHFXOXLDWXQFL
%HFXULOHLOPSLOHVXQWHOHPHQWHLPSRUWDQWH
FkQGvOPRQWDL
SHQWUXXWLOL]DUHDvQVLJXUDQDDXWRYHKLFXOX
OXL'LQDFHVWPRWLYHVWHQHFHVDUVYDVL 8WLOL]DLGRDUEHFXULOHGHWLSXOFRUHVSXQ]WRU
JXUDLFDFHVWHDIXQFLRQHD]vQWRWGHDXQD 'DFQLFLQRXOEHFQXVHDSULQGHDSHODLODXQ
FRUHFW9HULILFDLFXUHJXODULWDWHUHJODUHDIDUX DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULORU %HFXULOHLOPSLOHVXQWHOHPHQWHLPSRUWDQWH
SHQWUXXWLOL]DUHDvQVLJXUDQDDXWRYHKLFXOX
QORFXLUHDEHFXULORU
OXL'LQDFHVWPRWLYHVWHQHFHVDUVYDVL
JXUDLFDFHVWHDIXQFLRQHD]vQWRWGHDXQD
FRUHFW9HULILFDLFXUHJXODULWDWHUHJODUHDIDUX
ULORU
3UH]HQWDUHJHQHUDOvQORFXLUHDEHFX
ULORUWLSXULGHEHFXUL
3XWHLvQORFXLXUPWRDUHOHEHFXUL7LSXOGHEHF
HVWHVSHFLILFDWvQOHJHQG
/PSLOHGHSR]LLHVSDWH
C /PSLOHGHIUkQGHSR]LLH3:
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
D /PSLOHGHPHUVvQDSRL3:
6HPQDOL]DWRDUHOHGHGLUHFLH3<:
/PSLOHGHFHDVSDWHODPSDGHSR]LLH
VSDWH3:
)DUXULFXKDORJHQ
C 6HPQDOL]DWRDUHOHGHGLUHFLH3<:
D )D]DOXQJDIDUXULORU+:
/PSLODWHUDOHOPSLGHSR]LLH::
)D]DVFXUWDIDUXULORU+:
/DPSDSOFXHLGHvQPDWULFXODUH
C /DPSDSOFXHLGHvQPDWULFXODUH&:
QORFXLUHDEHFXULORUOPSLORUID
'HPRQWDUHDPRQWDUHDUH]HUYRUXOXLGH
OLFKLGSHQWUXVSODUH
5H]HUYRUXOGHOLFKLGGHVSODUHDSDUEUL]XOXL
WUHEXLHvQGHSUWDWGLQFRPSDUWLPHQWXOPRWR
)DUXUL%L[HQRQ
UXOXLvQDLQWHGHDSXWHDvQORFXLXQEHFDOIDUXOXL
C 6HPQDOL]DWRDUHOHGHGLUHFLH3<: GLQSDUWHDVWkQJ
D /DPSDSHQWUXLOXPLQDUHDDGDSWLYvQ
YLUDMH+:
QORFXLUHDEHFXULORU
5RWLLIDVXQJXOEHFXOXLVSUHGUHDSWDL
WUDJHLOvQDIDU
6FRDWHLEHFXOGLQIDVXQJXODFHVWXLD
,QWURGXFHLQRXOEHFvQIDVXQJXOEHFX
OXL
,QWURGXFHLIDVXQJXOEHFXOXLvQODPSL
URWLLOVSUHGUHDSWD
$OLQLDLED]DFDSDFXOXLGHSURWHFLHDL
UDEDWDLOSkQVHIL[HD]
)DUXOGLQSDUWHDVWkQJPRQWDLUH]HUYRUXO
3HQWUXGHPRQWDUHURWLLGLVSR]LWLYXOGH FXOLFKLGGHVSODUH3DJLQD
IL[DUHCVSUHVWkQJD
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
6FRDWHLUH]HUYRUXOFXOLFKLGGHVSODUHD
)D]DOXQJDIDUXULORUIDUXULFXKDOR
GLQVXSRUW JHQOPSLSHQWUXLOXPLQDUHVXSOLPHQ
3XQHLGHRSDUWHUH]HUYRUXODFXIXUWXQX WDUvQYLUDMHIDUXULEL[HQRQ
ULOHGHFRQH[LXQHSHRSDUWH$YHLJULMV
QXFXUJOLFKLGXOGHVSODUH
3HQWUXPRQWDUHLQWURGXFHLJKLGDMXOGH
UHLQHUHGHSHSDUWHDLQIHULRDUvQPDQR
QXOGHFDXFLXFGHSHVXSRUWXOORQJLWXGLQDO
LSRWULYLLUH]HUYRUXOFXOLFKLGDvQVXSRUW
5RWLLGLVSR]LWLYXOGHIL[DUHCVSUHGUHDSWD
)D]DVFXUWDIDUXULORUIDUXULFXKDOR
JHQ 6WLQJHLOXPLQLOH
'HVFKLGHLFDSRWDPRWRUXOXL
)DUXOGLQVWkQJDVFRDWHLUH]HUYRUXOGH
OLFKLGGHVSODUH3DJLQD
$SVDLvQMRVFOHPDGHUHLQHUHDFDSDFXOXL
GHSURWHFLHCLVFRDWHLFDSDFXOD
5RWLLVXSRUWXOEHFXOXLVSUHVWkQJDL
WUDJHLvQDIDU
6FRDWHLEHFXOGLQIDVXQJ
0RQWDLXQEHFQRXvQIDVXQJ
,QWURGXFHLIDVXQJXOEHFXOXLvQIDUL
6WLQJHLOXPLQLOH
'HVFKLGHLFDSRWD URWLLOVSUHGUHDSWD
3R]LLRQDLED]DFDSDFXOXLGHSURWHFLHD
)DUXOGLQSDUWHDVWkQJGHPRQWDLUH]HU
YRUXOFXOLFKLGGHVSODUH3DJLQD LUDEDWDLvQVXVSkQVHIL[HD]
)DUXOGLQVWkQJDPRQWDLUH]HUYRUXOGH
$SVDLFOHPDGHUHLQHUHCvQMRVLVFRD
WHLFDSDFXOFDUFDVHLD OLFKLGGHVSODUH3DJLQD
QORFXLUHDEHFXULORU
/PSLODWHUDOHOPSLGHSR]LLHIDUXUL
FXKDORJHQ
6WLQJHLOXPLQLOH
'LUHFLRQDLURLOHGLQIDVSUHLQWHULRU
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
6WLQJHLOXPLQLOH 'HVIDFHLXUXEXOGHUHLQHUHCDOFDSD
'HVFKLGHLFDSRWD FXOXLGHSURWHFLH
)DUXOGLQSDUWHDVWkQJGHPRQWDLUH]HU 5DEDWDLFDSDFXOGHSURWHFLHGLQSDVDMXO
QORFXLUHDEHFXULORU
QORFXLUHDEHFXULORUOPSLORUVSDWH /PSLOHGHSR]LLHVSDWH
'HVFKLGHUHDLvQFKLGHUHDSDQRXULORU 6WLQJHLOXPLQLOH
ODWHUDOH 'HVFKLGHLSRUWEDJDMXO
'HVFKLGHLSDQRXOODWHUDO3DJLQD
3HQWUXDSXWHDvQORFXLEHFXULOHOPSLORUGH
SR]LLHVSDWHWUHEXLHVGHVFKLGHLSDQRXO
ODWHUDOGLQFRPSDUWLPHQWXOSHQWUXEDJDMHPDL
vQWkL
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
$SVDLFOHPDGHUHLQHUHCvQDFHODL
WLPSvQVHQVXOLQGLFDWGHVJHDWLVFRDWHL
IDVXQJXOEHFXOXL
3DQRXOODWHUDOVWkQJD
)DVXQJXOEHFXOXL
3DQRXOODWHUDOGUHDSWD C /DPSGHIUkQODPSGHSR]LLH
3HQWUXGHVFKLGHUHURWLLEXWRQXOGHHOL D /DPSGHPHUVvQDSRL
EHUDUHCODvQGLUHFLDLQGLFDWGH
6HPQDOL]DWRDUHGHGLUHFLH
VJHDWLVFRDWHLSDQRXOODWHUDOD
/DPSGHFHDVSDWHODPSGHSR]LLH
3DUWHDVWkQJvQGHSUWDLFRPSUHVRUXO
3DUWHDGUHDSWvQGHSUWDLFRPSDUWLPHQ
$SVDLXRUEHFXODIHUHQWvQIDVXQJURWLL
WXOGHGHSR]LWDUH OVSUHVWkQJDLVFRDWHLO
,QWURGXFHLQRXOEHFvQIDVXQJLURWLLOVSUH
3HQWUXvQFKLGHUH3DUWHDVWkQJLQWURGX
FHLODORFFRPSUHVRUXO GUHDSWD
0RQWDLIDVXQJXOLDSVDLOIHUP
3DUWHDGUHDSWLQWURGXFHLODORFFRPSDU
WLPHQWXOGHGHSR]LWDUH &OHPHOHGHUHLQHUHGHSHIDVXQJHPLWXQ
VXQHWVSHFLILFODFXSODUH
PRQWDLSDQRXODLURWLLEXWRQXOGHHOL
QFKLGHLSDQRXOODWHUDO3DJLQD
EHUDUHCODvQGLUHFLDRSXVVJHLL
WHUJWRDUHOHGHSDUEUL]
/PSLOHSOFXHLGHvQPDWULFXODUH $FWLYDUHDGH]DFWLYDUHDWHUJWRDUH
ORUGHSDUEUL]
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
6WLQJHLOXPLQLOH
&RPXWDWRUXOFRPELQDW
'HVFKLGHLKD\RQXO G WHUJWRDUHGHSDUEUL]RSULWH
8WLOL]kQGRXUXEHOQLHOLEHUDLDPEHOH
H ,)XQFLRQDUHLQWHUPLWHQWVHQ]RUGH
SULDOHOPSLLSOFXHLGHvQPDWULFX
SORDLH
ODUHCvQGLUHFLDLQGLFDWGHVJHDW
I ,,)XQFLRQDUHFRQVWDQWIUHFYHQ
'HPRQWDLODPSDSOFXHLGHvQPDWULFX
UHGXV
ODUHC
J ,,,)XQFLRQDUHFRQVWDQWIUHFYHQULGL
QORFXLLEHFXO FDW
,QWURGXFHLODORFODPSDSOFXHLGHvQPD &LFOXXQLFGHWHUJHUH
WULFXODUHCDSVDLRSkQVHIL[HD] FXUDUHDSDUEUL]XOXLFXOLFKLGGH
VSODUH
5RWLLFKHLDvQFRQWDFWvQSR]LLDVDX
WHUJWRDUHOHGHSDUEUL]
5RWLLFRPXWDWRUXOFRPELQDWvQSR]LLD
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX FRUHVSXQ]WRDUH
UDQD
$XWRYHKLFXOHFXVHQ]RUGHSORDLHGDF
3HULFROGHDFFLGHQW SDUEUL]XOGHYLQHPXUGDUvQFRQGLLLGH
'DFODPHOHVXQWX]DWHDFHVWHDQXPDLWHUJ YUHPHXVFDWHVWHSRVLELOFDWHUJWRDUHOH
SDUEUL]XOvQPRGFRUHVSXQ]WRU(VWHSRVLELO GHSDUEUL]VVHDFWLYH]HDFFLGHQWDO(VWH
VQXPDLSXWHLXUPULFRQGLLLOHGHWUDILFL SRVLELOFDDVWIHOVVHGHWHULRUH]HODPHOH
VSURYRFDLXQDFFLGHQWQORFXLLODPHOH WHUJWRDUHORUGHSDUEUL]VDXVVH]JkULH
WHUJWRDUHORUGHSDUEUL]GHGRXRULSHDQ SDUEUL]XO
SUHIHUDELOSULPYDUDLWRDPQD 'LQDFHVWPRWLYWUHEXLHVGH]DFWLYDL
vQWRWGHDXQDWHUJWRDUHOHGHSDUEUL]SH
YUHPHXVFDW
WHUJWRDUHOHGHSDUEUL]
$FWLYDUHDGH]DFWLYDUHDWHUJWRUXOXL QORFXLUHDODPHLWHUJWRUXOXLGHSDU
OXQHWHL EUL]
'HPRQWDUHDODPHORUWHUJWRDUHORU
6FRDWHLFKHLDGLQFRQWDFW
QGHSUWDLEUDXOWHUJWRUXOXLGHSHSDU
EUL]
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
&RPXWDWRUXOFRPELQDW
C &RPXWDWRUXO
H WHUJHUHDFXOLFKLGGHVSODUH
I ,$FWLYDUHDIXQFLRQULLLQWHUPLWHQWH
J 'H]DFWLYDUHDIXQFLRQULLLQWHUPLWHQWH
$SVDLDPEHOHFOHPHGHHOLEHUDUHD
K WHUJHUHDFXOLFKLGGHVSODUH
3OLDLODPDWHUJWRUXOXLCvQGLUHFLDLQGL
5RWLLFKHLDvQFRQWDFWvQSR]LLDVDX FDWGHVJHDWDGHSHEUDXOWHUJWRUX
5RWLLFRPXWDWRUXOCGHSHFRPXWDWRUXO OXL
FRPELQDWvQSR]LLDFRUHVSXQ]WRDUH QGHSUWDLODPDWHUJWRUXOXLCvQGLUHF
&kQGWHUJWRUXOOXQHWHLHVWHDFWLYDWSLF LDLQGLFDWGHVJHDWD
WRJUDPDFRUHVSXQ]WRDUHDSDUHSHSDQRXO
GHLQVWUXPHQWH 0RQWDUHDODPHORUWHUJWRDUHORU
QORFXLUHDODPHORUWHUJWRDUHORU
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
3HULFROGHDFFLGHQW
'DFWHUJWRDUHOHGHSDUEUL]UPkQDFWLYDWH
EUDHOHDFHVWRUDSRWvQFHSHVVHGHSODVH]H
DFFLGHQWDOLVYUQHDVF
6FRDWHLvQWRWGHDXQDFKHLDGLQFRQWDFW
vQDLQWHGHDvQORFXLODPHOHWHUJWRDUHORU
QORFXLUHDODPHLWHUJWRUXOXLOXQHWHL
3HQWUXDHYLWDGHWHULRUDUHDODPHORU 3HULFROGHUQLUH
WHUJWRDUHORUGHSDUEUL]DVLJXUDLYF
'DFWHUJWRUXOOXQHWHLHVWHDFWLYDWEUDHOH
DWLQJHLQXPDLEUDXOWHUJWRUXOXLGLQ
DFHVWRUDSRWvQFHSHVVHGHSODVH]HDFFLGHQ
WHUJWRUXOGHSDUEUL]
WDOLVYUQHDVF
6FRDWHLvQWRWGHDXQDFKHLDGLQFRQWDFW
vQDLQWHGHDvQORFXLODPDWHUJWRUXOXL
WHUJWRDUHOHGHSDUEUL]
'HPRQWDUHDODPHLWHUJWRUXOXL 1XXWLOL]DLLQVWUXPHQWHGHH[HPSOXDFH
SHQWUXUHJODUHDGX]HORUQFD]FRQWUDU
H[LVWSHULFROXOGHWHULRUULLDFHVWRUD
6FRDWHLFKHLDGLQFRQWDFW
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
QGHSUWDLEUDXOWHUJWRUXOXLGHSH
OXQHWSkQODIL[DUHDDFHVWXLDvQSR]LLH 3LYRWDLGX]HOHCSHYHUWLFDO
5RWLLWHUJWRUXOCvQVHQVXOLQGLFDWGH (IHFWXDLXQWHVWVFXUWGHWHUJHUHFXOLFKLG
VJHDWDSkQHVWHHOLEHUDWGLQVXSRUWXO GHVSODUH3DJLQD
GHSHEUDXOWHUJWRUXOXL 'X]HOHVXQWFRUHFWSR]LLRQDWHGDFMHWXO
QGHSUWDLODPDWHUJWRUXOXLC
GHDSDWLQJHDSUR[LPDWLYFHQWUXOSDUEUL]X
OXL
0RQWDUHDODPHORUWHUJWRDUHORU
PSLQJHLODPDQRXDWHUJWRUXOXLCSH
EUDXOWHUJWRUXOXLSkQODIL[DUHDDFHVWHLD 3UREOHPHFXWHUJWRDUHOHGHSDUEUL]
vQSR]LLH &XUVDWHUJWRDUHORUGHSDUEUL]HVWH
$VLJXUDLYFODPDWHUJWRUXOXLCHVWH REVWUXFLRQDW
DPSODVDWFRUHFW
&XUVDWHUJWRDUHORUGHSDUEUL]SRDWHIL
$GXFHLODPDCvQSR]LLHSDUDOHOFXEUD
vPSLHGLFDWGHIUXQ]HVDXGH]SDG0RWR
XOWHUJWRUXOXL UDXOGHDFLRQDUHDWHUJWRDUHORUGHSDUEUL]
3OLDLEUDXOWHUJWRUXOvQSR]LLDQRUPDO DIRVWGHFXSODW
SHOXQHW 'LQPRWLYHGHVLJXUDQHVWHUHFRPDQGDW
VVFRDWHLFKHLDGLQFRQWDFW
QOWXUDLFDX]DFHREVWUXFLRQHD]FXUVD
5HJODUHDGX]HORUGHVSODUH WHUJWRDUHORU
9HULILFDLvQPRGUHJXODWGX]HOHGHVSODUH 3RUQLLGLQQRXWHUJWRDUHOHGHSDUEUL]
'DFVXQWGHSODVDWHOHSXWHLUHDH]D
3HULFROGHUQLUH WHUJWRDUHOHGHSDUEUL]QXIXQFLR
'DFWHUJWRDUHOHGHSDUEUL]UPkQDFWLYDWH
QHD]
EUDHOHDFHVWRUDSRWvQFHSHVVHGHSODVH]H 0RWRUDXOGHDFLRQDUHDWHUJWRDUHORUGH
DFFLGHQWDOLVYUQHDVF SDUEUL]HVWHGHIHFW
6FRDWHLFKHLDGLQFRQWDFWvQDLQWHGHDUHJOD
SR]LLDGX]HORUGHVSODUH
WHUJWRDUHOHGHSDUEUL]
6HOHFWDLRDOWWUHDSWGHYLWH]SHQWUX
WHUJWRDUHOHGHSDUEUL]SULQLQWHUPHGLXO
FRPXWDWRUXOXLFRPELQDW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DWSHQWUXYHULILFDUHDWHUJWRDUHORUGH
SDUEUL]
/XPLQLOHLWHUJWRDUHOHGHSDUEUL]
'RWDUHDDXWRYHKLFXOXOXL
3UH]HQWDUHJHQHUDODVLVWHPHORU
GHFOLPDWL]DUH
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH
5HJODUHDRULILFLLORUGHYHQWLODLH
6LVWHPXOGHFOLPDWL]DUH
3UH]HQWDUHJHQHUDODVLVWHPHORUGHFOLPDWL]DUH
'RWDUHDDXWRYHKLFXOXOXL WHPSHUDWXUDGRULWvQKDELWDFOXYDILDWLQV
PDLUDSLG
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL G )LOWUXOLQWHJUDWHOLPLQPDMRULWDWHDSDUWL
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH FXOHORUGHSUDILvQGHSUWHD]FRPSOHW
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU SROHQXOGLQDHUXOYHQWLODW8WLOL]DUHDXQXLILO
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L WUXvQIXQGDWGHWHUPLQUHGXFHUHDFDQWLWLL
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH GHDHUDGPLVvQKDELWDFOX'LQDFHVWPRWLY
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL UHVSHFWDLvQWRWGHDXQDLQWHUYDOXOGHvQOR
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO FXLUHDILOWUXOXLVSHFLILFDWvQ&DLHWXOGHVHU
GXPQHDYRDVWUVQXGLVSXQGHWRDWH YLFH'HRDUHFHGXUDWDGHYLDDILOWUXOXL
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW GHSLQGHGHLQIOXHQHOHGHPHGLXFXPDUIL
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF JUDGXOGHSROXDUHDDHUXOXLHVWHSRVLELOFD
LLOHSULYLQGVLJXUDQD LQWHUYDOXOVILHPDLVFXUWGHFkWFHOVSHFL
ILFDWvQ&DLHWXOGHVHUYLFH
3UH]HQWDUHJHQHUDODVLVWHPHORUGH
6LVWHPXOGHFOLPDWL]DUH
FOLPDWL]DUH
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
3HULFROGHDFFLGHQW
5HVSHFWDLVHWULOHUHFRPDQGDWHvQSDJLQLOH
XUPWRDUHQFD]FRQWUDUIHUHVWUHOHVDU
SXWHDDEXUL&DXUPDUHHVWHSRVLELOVQX
SXWHLXUPULFRQGLLLOHGHWUDILFLVSURYR
FDLXQDFFLGHQW
6LVWHPXOGHFOLPDWL]DUHVLVWHPXOGHFOLPDWL
]DUHDXWRPDW7+(5027521,&GHOX[DXWR
PDWFRQWUROHD]WHPSHUDWXUDLXPLGLWDWHDvQ
KDELWDFOXLILOWUHD]VXEVWDQHOHQHGRULWHGLQ
DHU
6LVWHPXO+HDWPDWLFVLVWHPXOGHFOLPDWL
]DUHVLVWHPXOGHFOLPDWL]DUHDXWRPDW7+(5
027521,&GHOX[HVWHRSHUDLRQDOGRDU
DWXQFLFkQGPRWRUXOIXQFLRQHD]$FHDVWD
IXQFLRQHD]RSWLPDWXQFLFkQGFRQGXFHLFX
JHDPXULOHODWHUDOHLWUDSDSDQRUDPLFJOL
VDQWODPHODUvQFKLVH
G 'DFWHPSHUDWXUDHVWHULGLFDWYHQWLODL
DXWRYHKLFXOXOSHQWUXRVFXUWSHULRDGGH
WLPSGHH[HPSOXSULQLQWHUPHGLXOIXQFLHL
GHGHVFKLGHUHGHFRQIRUW3DJLQD
$FHDVWDYDDFFHOHUDSURFHVXOGHUFLUHL
6LVWHPGHFOLPDWL]DUHDXWRPDW7+(5027521,&GHOX[IXQFLDGHXWLOL]DUHDFOGXULLUH]LGXDOHSRDWHILDFWL
YDWGH]DFWLYDWGRDUDWXQFLFkQGFRQWDFWXOHVWHOXDW
3UH]HQWDUHJHQHUDODVLVWHPHORUGHFOLPDWL]DUH
3DQRXOGHFRPDQGDOVLVWHPXOXL+HDWPDWLF
)XQFLH G 1RWHUHFRPDQGUL
C 6HWDUHDWHPSHUDWXULL
6LVWHPXOGHFOLPDWL]DUH
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
D $FWLYDUHDGH]DFWLYDUHDPRGX 0HQLQHLDFWLYDWPRGXOGHUHFLUFXODUHDDHUXOXLGRDU
OXLGHUHFLUFXODUHDDHUXOXL SHQWUXSXLQWLPSGHH[HPSOXGDFH[LVWPLURVXUL
QHSOFXWHvQH[WHULRUVDXvQWLPSXOWUDYHUVULLXQXL
WXQHOQPRGXOGHUHFLUFXODUHDDHUXOXLGHRDUHFHQX
PDLLQWUDHUGLQH[WHULRUvQKDELWDFOXJHDPXULOHVH
SRWDEXUL
6HWDUHDGHELWXOXLGHDHU
$FWLYDUHDGH]DFWLYDUHDVLVWH $FWLYDLVLVWHPXOGHFOLPDWL]DUHSULQURWLUHDEXWRQXOXL
PXOXLGHFOLPDWL]DUH GHFRPDQGVSUHGUHDSWDvQSR]LLDGRULWFX
H[FHSLDSR]LLHL
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
$FWLYDUHDGH]DFWLYDUHDVLVWH
PXOXLGHvQFO]LUHDOXQHWHL
5HJODUHDGLVWULEXLHLDHUXOXL
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
3UH]HQWDUHJHQHUDODVLVWHPHORUGHFOLPDWL]DUH
3DQRXOGHFRPDQGDOVLVWHPXOXLGHDHUFRQGLLRQDW
)XQFLH G 1RWHUHFRPDQGUL
C 6HWDUHDWHPSHUDWXULL 6HWDLWHPSHUDWXUDOD
6LVWHPXOGHFOLPDWL]DUH
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
D $FWLYDUHDGH]DFWLYDUHDPRGX 0HQLQHLDFWLYDWPRGXOGHUHFLUFXODUHDDHUXOXLGRDU
OXLGHUHFLUFXODUHDDHUXOXL SHQWUXSXLQWLPSGHH[HPSOXGDFH[LVWPLURVXUL
QHSOFXWHvQH[WHULRUVDXvQWLPSXOWUDYHUVULLXQXL
WXQHOQPRGXOGHUHFLUFXODUHDDHUXOXLGHRDUHFHQX
PDLLQWUDHUGLQH[WHULRUvQKDELWDFOXJHDPXULOHVH
SRWDEXUL
6HWDUHDGHELWXOXLGHDHU
$FWLYDUHDGH]DFWLYDUHDVLVWH $FWLYDLVLVWHPXOGHFOLPDWL]DUHURWLQGEXWRQXO
PXOXLGHFOLPDWL]DUH VSUHGUHDSWDvQSR]LLDGRULWH[FHSWkQGSR]LLD
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
$FWLYDUHDGH]DFWLYDUHDVLVWH
PXOXLGHvQFO]LUHDOXQHWHL
6HWDUHDGLVWULEXLHLDHUXOXL
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
$FWLYDUHDGH]DFWLYDUHDIXQF
LHLGHUFLUHFXGH]XPLGLILFD
UHDDHUXOXL
3UH]HQWDUHJHQHUDODVLVWHPHORUGHFOLPDWL]DUH
3DQRXOGHFRPDQGDOVLVWHPXOXLDXWRPDWGHFOLPDWL]DUH7+(5027521,&GHOX[
)XQFLH G 1RWHUHFRPDQGUL
C 6HWDUHDGHELWXOXLGHDHU
6LVWHPXOGHFOLPDWL]DUH
D 6HWDUHDVLVWHPXOXLGHFOLPDWL $FWLYDLVLVWHPXOGHFOLPDWL]DUHFXDMXWRUXOEXWRDQH
]DUHODPRGXODXWRPDW ORUXLZ/PSLOHPDUWRULQWHJUDWHvQEXWRD
QHOHXLZVHDSULQG
'H]DEXULUHDSDUEUL]XOXL 0HQLQHLIXQFLDGHGH]DEXULUHDFWLYGRDUSkQOD
FXUDUHDFRPSOHWDSDUEUL]XOXL
&UHWHUHDWHPSHUDWXULLSHSDU 6HWDLWHPSHUDWXUDOD
WHDVWkQJ
$FWLYDUHDGH]DFWLYDUHDVLVWH $FWLYDLVLVWHPXOGHFOLPDWL]DUHFXDMXWRUXOEXWRDQH
PXOXLGHFOLPDWL]DUH ORUXLZ/PSLOHPDUWRULQWHJUDWHvQEXWRD
QHOHXLZVHDSULQG
&UHWHUHDWHPSHUDWXULLSHSDU 6HWDLWHPSHUDWXUDOD
WHDGUHDSW
k $FWLYDUHDGH]DFWLYDUHDVLVWH
PXOXLGHvQFO]LUHDOXQHWHL
l $FWLYDUHDGH]DFWLYDUHDIXQF 8WLOL]DLIXQFLDFOGXUUH]LGXDOSHQWUXDvQFO]L
LHLGHXWLOL]DUHDFOGXULLUH]L VDXYHQWLODKDELWDFOXOGXSOXDUHDFRQWDFWXOXL)XQF
GXDOH LDFOGXUUH]LGXDOSRDWHILDFWLYDWLGH]DFWLYDW
GRDUFkQGPRWRUXOHVWHRSULW
m 6HWDUHDGLVWULEXLHLDHUXOXL
n $FWLYDUHDGH]DFWLYDUHDIXQF $FWLYDLVLVWHPXOGHFOLPDWL]DUHFXDMXWRUXOEXWRDQH
LHLGHUFLUHFXGH]XPLGLILFD ORUXLZ/PSLOHPDUWRULQWHJUDWHvQEXWRD
UHDDHUXOXL QHOHXLZVHDSULQG
o 5HGXFHUHDWHPSHUDWXULLSH 6HWDLWHPSHUDWXUDOD
SDUWHDGUHDSW
p 'LVSOD\
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH
)XQFLH G 1RWHUHFRPDQGUL
q 5HGXFHUHDWHPSHUDWXULLSH 6HWDLWHPSHUDWXUDOD
SDUWHDVWkQJ
r $FWLYDUHDGH]DFWLYDUHDPRGX 0HQLQHLDFWLYDWPRGXOGHUHFLUFXODUHDDHUXOXLGRDU
OXLGHUHFLUFXODUHDDHUXOXL SHQWUXSXLQWLPSGHH[HPSOXGDFH[LVWPLURVXUL
QHSOFXWHvQH[WHULRUVDXvQWLPSXOWUDYHUVULLXQXL
WXQHOQFD]FRQWUDUJHDPXULOHVHSRWDEXULvQPRGXO
GHUHFLUFXODUHDDHUXOXLGHRDUHFHvQKDELWDFOXQXHVWH
DGPLVDHUGLQH[WHULRU
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH 6LVWHPGHFOLPDWL]DUHDXWRPDW7+(502
7521,&GHOX[
$FWLYDUHDGH]DFWLYDUHDVLVWHPXOXLGH 5RWLLFKHLDvQSR]LLDvQFRQWDFW
6LVWHPXOGHFOLPDWL]DUH
FOLPDWL]DUH
3HQWUXDFWLYDUHDSVDLEXWRQXOX
,QIRUPDLLLPSRUWDQWH /DPSDPDUWRULQWHJUDWvQEXWRQXOXVH
DSULQGH'HELWXOGHDHULGLVWULEXLDDHUXOXL
G &kQGVLVWHPXOGHFOLPDWL]DUHHVWHGH]DF
VXQWFRQWURODWHDXWRPDW
WLYDWIXQFLLOHGHDOLPHQWDUHFXDHULGH
FLUFXODUHDDHUXOXLVXQWGHDVHPHQHD VDX
GH]DFWLYDWH$OHJHLDFHDVWVHWDUHGRDU $SVDLEXWRQXOx
SHQWUXVFXUWWLPSvQFD]FRQWUDUIHUHVWUHOH /DPSDPDUWRULQWHJUDWvQEXWRQXOxVH
VDUSXWHDDEXUL VWLQJH6HWULOHVHOHFWDWHDQWHULRUVXQWGLQ
QRXDFWLYDWH
G $FWLYDLVLVWHPXOGHFOLPDWL]DUHvQSULQFL
3HQWUXGH]DFWLYDUHDSVDLEXWR
SDOFXDMXWRUXOEXWRQXOXLX
3DJLQD QXOx
/DPSDPDUWRULQWHJUDWvQEXWRQXOxVH
$FWLYDUHGH]DFWLYDUH DSULQGH
6LVWHP+HDWPDWLFVLVWHPGHFOLPDWL]DUH
5RWLLFKHLDvQSR]LLDvQFRQWDFW $FWLYDUHDGH]DFWLYDUHDIXQFLHLGH
3HQWUXDFWLYDUHURWLLEXWRQXOVSUH UFLUHFXGH]XPLGLILFDUHDDHUXOXL
GUHDSWDSkQvQSR]LLDGRULWFXH[FHSLD ,QIRUPDLLLPSRUWDQWH
SR]LLHL3DJLQD3DJLQD
3HQWUXGH]DFWLYDUHURWLLEXWRQXOVSUH
)XQFLDGHUFLUHFXGH]XPLGLILFDUHDDHUXOXL
HVWHGLVSRQLELOGRDUDWXQFLFkQGPRWRUXO
VWkQJDSkQvQSR]LLD3DJLQD
HVWHSRUQLW$HUXOGLQKDELWDFOXHVWHUFLWL
3DJLQD
GH]XPLGLILFDWvQIXQFLHGHWHPSHUDWXUD
VHOHFWDW
3HULFROGHDFFLGHQW
'DFGH]DFWLYDLIXQFLDGHUFLUHFXGH]XPL
GLILFDUHDDHUXOXLvQFRQGLLLGHWHPSHUDWXUL
H[WHULRDUHULGLFDWHDXWRYHKLFXOXOQXYDILUFLW
LDUDHUXOQXYDILGH]XPLGLILFDW(VWHSRVLELOFD
JHDPXULOHVVHDEXUHDVFPDLUDSLG$FHVW
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH
IDSWSRDWHGLPLQXDYL]LELOLWDWHDDVXSUDWUDIL 6HWDUHDVLVWHPXOXLGHFOLPDWL]DUHvQ
FXOXLLvQFRQVHFLQSRDWHILFDX]DXQXL PRGXOGHIXQFLRQDUHDXWRPDW
DFFLGHQW
'RDUVLVWHPXOGHFOLPDWL]DUHDXWRPDW7+(5
$WXQFLFkQGVLVWHPXO7+(5027521,&IXQF 027521,&GHOX[HVWHSUHY]XWFXIXQFLD
LRQHD]vQPRGXOGHUFLUHHVWHSRVLELOFD FRQWURODXWRPDWDOVLVWHPXOXLGHFOLPDWL
DSDGHFRQGHQVVVHVFXUJVXEDXWRYHKLFXO ]DUH
$FHVWOXFUXHVWHQRUPDOLQXLQGLFYUHR QPRGXODXWRPDWWHPSHUDWXUDVHWDWHVWH
GHIHFLXQH PHQLQXWDXWRPDWODXQQLYHOFRQVWDQW6LV
)XQFLDGHUFLUHFXGH]XPLGLILFDUHDDHUXOXL WHPXOUHJOHD]DXWRPDWWHPSHUDWXUDDHUXOXL
HVWHGLVSRQLELOGRDUFXVLVWHPGHFOLPDWL]DUH IXUQL]DWGHELWXOLPRGXOGHGLVWULEXLHDO
VDXVLVWHPGHFOLPDWL]DUHDXWRPDW7+(502 DFHVWXLD
7521,&GHOX[ 0RGXODXWRPDWYDIXQFLRQDODQLYHOXORSWLP
GDFHVWHDFWLYDWLIXQFLDGHUFLUHFXGH]X
G )XQFLDGHUFLUHFXGH]XPLGLILFDUHDDHUX PLGLILFDUHDDHUXOXL'DFHVWHQHFHVDUIXQF
OXLXWLOL]HD]DJHQWIULJRULILF5D$FHVW LDGHUFLUHFXGH]XPLGLILFDUHDDHUXOXLSRDWH
6LVWHPXOGHFOLPDWL]DUH
DJHQWGHUFLUHQXFRQLQHIUHRQLSULQ ILGH]DFWLYDW
XUPDUHQXGXQHD]VWUDWXOXLGHR]RQ
5RWLLFKHLDvQSR]LLDvQFRQWDFW
6HWDLWHPSHUDWXUDGRULW
$FWLYDUHGH]DFWLYDUH
3HQWUXDFWLYDUHDSVDLEXWRQXOX
3HQWUXDFWLYDUHDSVDLEXWRQXOZ /DPSDPDUWRULQWHJUDWvQEXWRQXOXVH
/DPSDPDUWRULQWHJUDWvQEXWRQXOZVH DSULQGH'HELWXOGHDHULGLVWULEXLDDHUXOXL
DSULQGH VXQWFRQWURODWHDXWRPDW
3HQWUXGH]DFWLYDUHDSVDLEXWRQXO
Z
3HQWUXGH]DFWLYDUHDSVDLEXWR
/DPSDPDUWRULQWHJUDWvQEXWRQXOZVH QXOX
VWLQJH)XQFLDGHUFLUHFXGH]XPLGLILFD /DPSDPDUWRULQWHJUDWvQEXWRQXOXVH
UHDDHUXOXLHVWHSUHY]XWFXRIXQFLHGH VWLQJH'HELWXOGHDHUHVWHFRQWURODWvQIXQF
GH]DFWLYDUHWHPSRUL]DW LHGHQLYHOXOVHOHFWDW(VWHVHWDWSR]LLD
SHQWUXGLVWULEXLDDHUXOXL
3UREOHPHFXIXQFLDGHUFLUHFXGH]X
PLILFDUHDDHUXOXL
6HWDUHDWHPSHUDWXULL
QFD]XOvQFDUHODPSDPDUWRULQWHJUDWvQ
EXWRQXOZQXVHVWLQJHODGH]DFWLYDUH 6LVWHP+HDWPDWLFVLVWHPGHFOLPDWL
IXQFLDGHUFLUHFXGH]XPLGLILFDUHDDHUXOXL ]DUH
HVWHRSULWGLQFDX]DXQHLGHIHFLXQL)XQFLD 3XWHLVHWDWHPSHUDWXUDSHQWUXvQWUHJXOKDEL
GHUFLUHFXGH]XPLGLILFDUHDDHUXOXLQXPDL WDFOX
SRDWHILDFWLYDW 5RWLLFKHLDvQSR]LLDvQFRQWDFW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL 3HQWUXFUHWHUHUHGXFHUHURWLLEXWR
]DW QXOCVSUHGUHDSWDVDXVSUHVWkQJD
3DJLQD3DJLQD0RGLILFDL
WHPSHUDWXUDQXPDLvQWUHSWHPLFLQFHSHL
FXWHPSHUDWXUDGH
6LVWHPGHFOLPDWL]DUH
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH
6LVWHPGHFOLPDWL]DUHDXWRPDW7+(5 6HWDUHDGHELWXOXLGHDHU
027521,&GHOX[
6LVWHP+HDWPDWLFVLVWHPGHFOLPDWL
3XWHLVHOHFWDVHWULGLIHULWHGHWHPSHUDWXU ]DUH
SHQWUXSDUWHDRIHUXOXLLFHDDSDVDJHUXOXL
GLQID 5RWLLFKHLDvQSR]LLDvQFRQWDFW
5RWLLFKHLDvQSR]LLDvQFRQWDFW 3HQWUXFUHWHUHUHGXFHUHURWLLEXWRQXO
3HQWUXFUHWHUHUHGXFHUHDSVDLEXWR
VSUHGUHDSWDVDXVSUHVWkQJD
QXOcVDXd 3DJLQD3DJLQD
0RGLILFDLWHPSHUDWXUDQXPDLvQWUHSWH
PLFLQFHSHLFXWHPSHUDWXUDGH 6LVWHPGHFOLPDWL]DUHDXWRPDW7+(5
027521,&GHOX[
5RWLLFKHLDvQSR]LLDvQFRQWDFW
6HWDUHDGLVWULEXLHLDHUXOXL 3HQWUXFUHWHUHUHGXFHUHURWLL
DHUXOHVWHGLVWULEXLWSULQRULILFLLOHGH UR]HWDCVSUHGUHDSWDVDXVSUHVWkQJD
6LVWHPXOGHFOLPDWL]DUH
GH]DEXULUH 3DJLQD
DHUXOHVWHGLVWULEXLWSULQRULILFLLOHGH
GH]DEXULUH
DHUXOHVWHGLVWULEXLWvQvQWUHJXOKDELWD 'H]DEXULUHDSDUEUL]XOXL
FOX 3XWHLXWLOL]DDFHDVWIXQFLHSHQWUXGHJLYUD
DHUXOHVWHGLVWULEXLWSULQRULILFLLOHGLQ UHDSDUEUL]XOXLVDXGH]DEXULUHDLQWHULRUXOXL
VSDLXOSHQWUXSLFLRDUHLSULQRULILFLLOH SDUEUL]XOXLLDJHDPXULORUODWHUDOH
GHYHQWLODLHODWHUDOH
G 0HQLQHLIXQFLDGHGH]DEXULUHDFWLY
DHUXOHVWHGLVWULEXLWSULQRULILFLLOHGH
GRDUSkQODFXUDUHDFRPSOHWDSDUEUL
YHQWLODLHFHQWUDOHLODWHUDOH ]XOXL
6LVWHP+HDWPDWLFVLVWHPGHFOLPDWL 6LVWHP+HDWPDWLFVLVWHPGHFOLPDWL
]DUH ]DUH
5RWLLFKHLDvQSR]LLDvQFRQWDFW 5RWLLFKHLDvQSR]LLDvQFRQWDFW
5RWLLEXWRQXOSkQODVLPEROXOFRUHV 3HQWUXDFWLYDUHDFWLYDLUFLUHDFXGH]X
SXQ]WRU3DJLQD3DJLQD PLGLILFDUHDDHUXOXL
%XWRQXOSRDWHILURWLWLSkQvQ]RQDGLQWUH 'H]DFWLYDLPRGXOGHUHFLUFXODUHDDHUXOXL
FHOHGRXVLPEROXUL
5RWLLEXWRQXOCVDXvQSR]LLD
3DJLQD3DJLQD
6LVWHPGHFOLPDWL]DUHDXWRPDW7+(5
027521,&GHOX[ 3HQWUXGH]DFWLYDUHURWLLEXWRQXOC
LvQSR]LLDGRULWvQDIDUGHSR]LLD
5RWLLFKHLDvQSR]LLDvQFRQWDFW
3DJLQD3DJLQD
5RWLLEXWRQXOmSkQODVLPEROXOFRUHV
SXQ]WRU3DJLQD%XWRQXOSRDWHIL
URWLWLSkQvQ]RQDGLQWUHFHOHGRXVLP
EROXUL
6LVWHPGHFOLPDWL]DUH
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH
6LVWHPGHFOLPDWL]DUHDXWRPDW7+(5 6LVWHPXOGHFOLPDWL]DUHWUHFHvQPRGXOGH
027521,&GHOX[ FRPDQGPDQXDO
5RWLLFKHLDvQSR]LLDvQFRQWDFW
3HQWUXDFWLYDUHDSVDLEXWRQXOn
'H]DEXULUHDJHDPXULORU
/DPSDPDUWRULQWHJUDWvQEXWRQXOnVH
DSULQGH QFD]XODEXULULLJHDPXULORUSHLQWHULRU
6LVWHPXOGHFOLPDWL]DUHUHDOL]HD] $FWLYDLIXQFLDUFLUHFXGH]XPLGLILFDUHD
XUPWRDUHDFLXQL DHUXOXLZ
=DFWLYHD]UFLUHDFXGH]XPLGLILFDUHD
$FWLYDLPRGXOGHIXQFLRQDUHDXWRPDW
DHUXOXL X
=VSRUHWHGHELWXOGHDHU
QFD]XOvQFDUHJHDPXULOHVHDEXUHVFvQ
=FUHWHWHPSHUDWXUD FRQWLQXDUHDFWLYDLIXQFLDGHGH]DEXULUH
=GLVWULEXLHDHUXOFWUHSDUEUL]LJHDPXULOH 3DJLQD
ODWHUDOHID
6LVWHPXOGHFOLPDWL]DUH
G $FHDVWVHWDUHWUHEXLHPHQLQXWGRDU
=GH]DFWLYHD]PRGXOGHUHFLUFXODUHD
SkQODFXUDUHDFRPSOHWDSDUEUL]XOXL
DHUXOXL
3HQWUXGH]DFWLYDUHDSVDLEXWR QFD]XODEXULULLJHDPXULORUSHH[WHULRU
QXOn
$FWLYDLWHUJWRDUHOHGHSDUEUL]
/DPSDPDUWRULQWHJUDWvQEXWRQXOnVH
VWLQJH6HWULOHVHOHFWDWHDQWHULRUVXQWGLQ
5RWLLUR]HWDGHUHJODUHDGLVWULEXLHLDHUXOXL
QRXDFWLYDWH)XQFLDGHUFLUHFXGH]XPL FWUHVLPEROXOVDX
GLILFDUHDDHUXOXLUPkQHDFWLYDW0RGXOGH G 0HQLQHLIXQFLDGHGH]DEXULUHDFWLY
UHFLUFXODUHDDHUXOXLUPkQHGH]DFWLYDW GRDUSkQODFXUDUHDFRPSOHWDSDUEUL
VDX ]XOXL
$SVDLEXWRQXOX
/DPSDPDUWRULQWHJUDWvQEXWRQXOnVH
6LVWHPXOGHvQFO]LUHDOXQHWHL
VWLQJH'HELWXOGHDHULGLVWULEXLDDHUXOXL
VXQWFRQWURODWHDXWRPDW $FWLYDUHGH]DFWLYDUH
VDX
3HULFROGHDFFLGHQW
$SVDLXQXOGLQWUHEXWRDQHOHc
&XUDLWRDWHJHDPXULOHGHJKHDVDX
VDXdSHQWUXFRQWUROXOWHPSHUDWXULL
]SDGvQDLQWHGHSRUQLUHDvQFOWRULH'LPL
/DPSDPDUWRULQWHJUDWvQEXWRQXOnVH
QXDUHDYL]LELOLWLLSRDWHFUHDVLWXDLLSHULFX
VWLQJH$HUXOHVWHGLVWULEXLWFWUHSDUEUL] ORDVHSHQWUXGXPQHDYRDVWUVDXSHQWUXDOWH
6LVWHPXOGHFOLPDWL]DUHWUHFHvQPRGXOGH SHUVRDQH
FRPDQGPDQXDO
VDX 6LVWHPXOGHvQFO]LUHDOXQHWHLFRQVXPPXOW
5RWLLEXWRQXOCVSUHGUHDSWDVDXVSUH HQHUJLHHOHFWULF'HDFHHDHVWHLQGLFDWVvO
VWkQJD3DJLQD RSULLLPHGLDWGXSFXUDUHDOXQHWHLGHRD
/DPSDPDUWRULQWHJUDWvQEXWRQXOnVH UHFHDFHVWDVHGH]DFWLYHD]DXWRPDWQXPDL
VWLQJH$HUXOHVWHGLVWULEXLWFWUHSDUEUL] GXSFkWHYDPLQXWH
QIXQFLHGHWHPSHUDWXUDH[WHUQ
'LVSRQLELOGRDUFXVLVWHPGHFOLPDWL]DUHVDXVLVWHPGHFOLPDWL]DUHDXWRPDW7+(5027521,&GHOX[
6LVWHPGHFOLPDWL]DUHDXWRPDW7+(5027521,&GHOX[
8WLOL]DUHDVLVWHPHORUGHFOLPDWL]DUH
'DFWHQVLXQHDIXUQL]DWGHEDWHULHHVWHSUHD SHUVRDQH$FHVWIDSWSRDWHGLPLQXDYL]LELOLWD
VF]XWHVWHSRVLELOFDVLVWHPXOVVHGH]DF WHDDVXSUDWUDILFXOXLLvQFRQVHFLQSRDWHIL
WLYH]H FDX]DXQXLDFFLGHQW
5RWLLFKHLDvQSR]LLDvQFRQWDFW
$SVDLEXWRQXOeq
5RWLLFKHLDvQSR]LLDvQFRQWDFW
3HQWUXDFWLYDUHDSVDLEXWRQXO
/DPSDPDUWRULQWHJUDWvQEXWR
QXOeqVHDSULQGHVDXVH /DPSDPDUWRULQWHJUDWvQEXWRQXOVH
VWLQJH DSULQGH
G 0RGXOGHUHFLUFXODUHDDHUXOXLVHDFWL
3UREOHPHSULYLQGVLVWHPXOGHvQFO]LUH YHD]DXWRPDWODWHPSHUDWXULH[WHULRDUH
DOXQHWHL ULGLFDWH&kQGPRGXOGHUHFLUFXODUHDDHUX
OXLHVWHDFWLYDWDXWRPDWODPSDPDUWRULQWH
'DFODPSDPDUWRULQWHJUDWvQEXWRQXOVLV
JUDWvQEXWRQXOQXHVWHDSULQV
WHPXOXLGHvQFO]LUHDOXQHWHLqe
OXPLQHD]LQWHUPLWHQWWHQVLXQHDGHDOLPHQ $GPLVLDDHUXOXLGLQH[WHULRUDUHORFGXS
DSUR[LPDWLYGHPLQXWH
6LVWHPXOGHFOLPDWL]DUH
WDUHHVWHSUHDUHGXVVDXDFRSHULXOHVWH
FRERUkW6LVWHPXOGHvQFO]LUHDOXQHWHLVD 3HQWUXGH]DFWLYDUHDSVDLEXWR
GH]DFWLYDWSUHDGHYUHPHVDXQXSRDWHILDFWL QXO
YDW /DPSDPDUWRULQWHJUDWvQEXWRQXOVH
'HFRQHFWDLFRQVXPDWRULLFDUHQXVXQW VWLQJH
QHFHVDULGHH[HPSOXOPSLOHGHOHFWXU
G 0RGXOGHUHFLUFXODUHDDHUXOXLVHGH]DFWL
VLVWHPXOGHLOXPLQDUHDKDELWDFOXOXLHWF
YHD]DXWRPDW
,PHGLDWFHEDWHULDHVWHvQFUFDWVXILFLHQW
VLVWHPXOGHvQFO]LUHDOXQHWHLVHYDUHDFWLYD =GXSDSUR[LPDWLYFLQFLPLQXWHODWHPSH
DXWRPDW UDWXULH[WHULRDUHVLWXDWHVXEDSUR[LPDWLY
=GXSDSUR[LPDWLYFLQFLPLQXWHGDF
$FWLYDUHDGH]DFWLYDUHDPRGXOXLGH IXQFLDGHUFLUHFXGH]XPLGLILFDUHD
UHFLUFXODUHDDHUXOXL DHUXOXLHVWHGH]DFWLYDW
=GXSDSUR[LPDWLYGHPLQXWHODWHP
3XWHLRSULDGPLVLDGHDHUGLQH[WHULRUGDF
DFHVWDDQWUHQHD]SWUXQGHUHDPLURVXULORU SHUDWXULH[WHULRDUHVLWXDWHSHVWHDSUR[L
QHSOFXWHvQDXWRYHKLFXO$HUXOGLQKDELWDFOX PDWLY
YDILDSRLUHFLUFXODW
8WLOL]DUHDPRGXOXLGHUHFLUFXODUHDDHUXOXL
)XQFLDGHVFKLGHUHvQFKLGHUHGHFRQ
HVWHLGHQWLFSHQWUXWRDWHSDQRXULOHGH
IRUWFXEXWRQSHQWUXUHFLUFXODUHD
FRPDQG
DHUXOXL
3HULFROGHDFFLGHQW
3HULFROGHUQLUH
/DWHPSHUDWXULH[WHULRDUHIRDUWHVF]XWHDFWL
YDLPRGXOGHUHFLUFXODUHDDHUXOXLGRDUSHQWUX /DGHVFKLGHUHDVDXvQFKLGHUHDJHDPXULORU
VFXUWWLPSQFD]FRQWUDUJHDPXULOHVHSRW ODWHUDOHDVLJXUDLYFQXVHDIOQLPHQLvQ
DEXULGLPLQXkQGYL]LELOLWDWHDLSXQkQGDVWIHO UD]DGHDFLXQHGLQWUHDFHVWHDLFDGUXOSRU
vQSHULFROVLJXUDQDSURSULHLSHFHDDDOWRU WLHUHL1XYVSULMLQLLLQXDPSODVDLRELHFWH
6LVWHPGHFOLPDWL]DUHVLVWHPGHFOLPDWL]DUHDXWRPDW7+(5027521,&GHOX[
6LVWHP+HDWPDWLF
6LVWHPGHFOLPDWL]DUHVLVWHPGHFOLPDWL]DUHDXWRPDW7+(5027521,&GHOX[
5HJODUHDRULILFLLORUGHYHQWLODLH
SHJHDPXULOHODWHUDOHvQWLPSFHDFHVWHDVXQW $FWLYDUHDGH]DFWLYDUHDIXQFLHLGH
GHVFKLVHVDXvQFKLVH&DXUPDUHDPLFULL XWLOL]DUHDFOGXULLUH]LGXDOH
JHDPXOXLHVWHSRVLELOEORFDUHDGXPQHD
)XQFLDGHXWLOL]DUHDFOGXULLUH]LGXDOHHVWH
YRDVWUVDXDRELHFWHORUvQWUHJHDPLFDGUXO
GLVSRQLELOQXPDLvPSUHXQFXVLVWHPXOGH
SRUWLHUHL'DFH[LVWXQDVHPHQHDSHULFRO
FOLPDWL]DUHDXWRPDW7+(5027521,&GHOX[
DSVDLGLQQRXEXWRQXOQFD]GHQHFH
VLWDWHDFLRQDLEXWRQXOGHRSULUHGHVFKLGHUH 3XWHLXWLOL]DFOGXUDUH]LGXDODPRWRUXOXL
VDXvQFKLGHUHDJHDPXULORUSHQWUXDLQYHUVD SHQWUXDvQFO]LDXWRYHKLFXOXOVWDLRQDUWLPS
PLFDUHDDFHVWRUD GHSkQODGHPLQXWHGXSRSULUHDPRWR
UXOXL,QWHUYDOXOGHvQFO]LUHGHSLQGHGHWHP
$VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
SHUDWXUDVHWDW
DFLXQHDWUDSHLSDQRUDPLFHODPHODUHODGHV
FKLGHUHDLvQFKLGHUHDDFHVWHLD'DFH[LVW G $HURWHUPDIXQFLRQHD]ODWXUDLLUHGXVH
XQDVHPHQHDSHULFRODSVDLGLQQRXEXWRQXO LQGLIHUHQWGHVHWDUHDGHELWXOXLGHDHU
QFD]GHQHFHVLWDWHDFLRQDLEXWRQXO G QFD]XODFWLYULLIXQFLHLGHXWLOL]DUHD
GHRSULUHGHVFKLGHUHVDXvQFKLGHUHDWUDSHL FOGXULLUH]LGXDOHODWHPSHUDWXULULGLFDWH
6LVWHPXOGHFOLPDWL]DUH
SDQRUDPLFHODPHODUHSHQWUXDLQYHUVDPLFD HVWHDFWLYDWQXPDLYHQWLODLD$HURWHUPD
UHDDFHVWHLD IXQFLRQHD]ODWXUDLLPHGLL
)XQFLDGHvQFKLGHUHGHFRQIRUWLQHL 5RWLLFKHLDvQSR]LLDvQFRQWDFWVDXVFRD
DSVDWEXWRQXOSkQFkQGJHDPXULOH WHLR
ODWHUDOHLWUDSDSDQRUDPLFJOLVDQWODPH 3HQWUXDFWLYDUHDSVDLEXWRQXOK
ODUVXQWvQFKLVH /DPSDPDUWRULQWHJUDWvQEXWRQXOKVH
/DPSDPDUWRULQWHJUDWvQEXWRQXOVH DSULQGH
DSULQGH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH
3HQWUXGH]DFWLYDUHDSVDLEXWRQXO
DFWLYDW
K
)XQFLDGHGHVFKLGHUHGHFRQIRUWLQHL /DPSDPDUWRULQWHJUDWvQEXWRQXOKVH
DSVDWEXWRQXOSkQFkQGJHDPXULOH VWLQJH
ODWHUDOHUHYLQvQSR]LLDLQLLDO
/DPSDPDUWRULQWHJUDWvQEXWRQXOVH G )XQFLDGHXWLOL]DUHDFOGXULLUH]LGXDOH
VWLQJH0RGXOGHUHFLUFXODUHDDHUXOXLHVWH HVWHGH]DFWLYDWDXWRPDW
GH]DFWLYDW7UDSDSDQRUDPLFJOLVDQW =GXSGHPLQXWH
ODPHODUVHGHSODVHD]SkQvQSR]LLDSHQ =FkQGFRQWDFWXOHVWHSXV
WUXYHQWLODLH =GDFWHQVLXQHDIXUQL]DWGHEDWHULH
G 'DFGHVFKLGHLJHDPXULOHODWHUDOHVDX VFDGH
WUDSDSDQRUDPLFJOLVDQWODPHODUPDQXDO =GDFWHPSHUDWXUDOLFKLGXOXLGHUFLUH
GXSvQFKLGHUHDSULQLQWHUPHGLXOIXQFLHL HVWHSUHDVF]XW
GHvQFKLGHUHGHFRQIRUWDFHVWHDYRU
UPkQHvQDFHDVWSR]LLHODGHVFKLGHUHD
SULQLQWHUPHGLXOIXQFLHLGHGHVFKLGHUHGH 5HJODUHDRULILFLLORUGHYHQWLODLH
FRQIRUW
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
3HULFROGHUQLUH
$HUXODGPLVSULQRULILFLLOHGHYHQWLODLHSRDWH
ILIRDUWHILHUELQWHVDXIRDUWHUHFH$FHVWD
5HJODUHDRULILFLLORUGHYHQWLODLH
SRDWHSURYRFDDUVXULVDXGHJHUWXULDOHSLHOLL 5HJODUHDRULILFLLORUGHYHQWLODLHODWH
GHVFRSHULWHDIODWHvQLPHGLDWDDSURSLHUHDRUL UDOHSHQWUX
ILFLLORUGHYHQWLODLH1XDSURSLDLSULOHGHV
FRSHULWHDOHFRUSXOXLGHRULILFLLOHGHYHQWLODLH
'DFHVWHQHFHVDUUHGLUHFLRQDLGHELWXOGH
DHUVSUHRDOW]RQDKDELWDFOXOXL
3HQWUXDDVLJXUDXQGHELWGHDHUQHUHVWULFLR
QDWvQKDELWDFOXSULQRULILFLLOHGHYHQWLODLHY
UXJPVUHVSHFWDLXUPWRDUHOHLQVWUXFLXQL
=SVWUDLSUL]HOHGHDHUGHSHFDSRWDPRWR
UXOXLFXUDWHGHH[HPSOXIUJKHD
]SDGVDXIUXQ]H
=QXDFRSHULLQLFLRGDWRULILFLLOHGHYHQWLODLH 3HQWUXGHVFKLGHUHvQFKLGHUHURWLL
VDXJULOHOHGHDGPLVLHLGHHYDFXDUHGLQ UR]HWDvQVXVVDXvQMRV
6LVWHPXOGHFOLPDWL]DUH
KDELWDFOX
G 2ULILFLLOHGHGH]DEXULUHSHQWUXJHDPXULOH
G 3HQWUXHYLWDUHDFXUHQLORUGHDHUQHGRULL ODWHUDOHCQXVHvQFKLGQLFLRGDWFRPSOHW
GHSODVDLFXUVRDUHOHRULILFLLORUGHYHQWLODLH FKLDUGDFRULILFLXOGHYHQWLODLHODWHUDOD
VSUHFHQWUX
HVWHvQFKLV
5HJODUHDRULILFLLORUGHYHQWLODLHFHQ
5HJODUHDRULILFLLORUGHYHQWLODLHSHQ
WUDOH
WUXWRUSHGRX
$WXQFLFkQGVLVWHPXOGHFOLPDWL]DUHVLVWHPXO
DXWRPDWGHFOLPDWL]DUHGHOX[7+(502752
1,&HVWHDFWLYDWWRUSHGRXOSRDWHILYHQWLODW
GHH[HPSOXSHQWUXUFLUHDFRQLQXWXOXL1LYH
OXOGHELWXOXLGHDHUGHSLQGHGHVHWULOHGHEL
WXOXLLGLVWULEXLHLDHUXOXL
QFKLGHLRULILFLXOGHYHQWLODLHDWXQFLFkQG
DFWLYDLPRGXOGHvQFO]LUH
/DWHPSHUDWXULH[WHULRDUHULGLFDWHGHVFKL
GHLRULILFLXOGHYHQWLODLHLDFWLYDLIXQFLD
C 2ULILFLXGHYHQWLODLHFHQWUDOVWkQJD
GHUFLUHFXGH]XPLGLILFDUHDDHUXOXLQFD]
D 2ULILFLXGHYHQWLODLHFHQWUDOGUHDSWD FRQWUDUDUWLFROHOHVHQVLELOHODWHPSHUDWXU
5R]HWDRULILFLXOXLGHYHQWLODLHFHQWUDO SVWUDWHvQWRUSHGRXVHSRWGHWHULRUD
GUHDSWD
5R]HWDRULILFLXOXLGHYHQWLODLHFHQWUDO
VWkQJD
3HQWUXGHVFKLGHUHvQFKLGHUHURWLLUR]H
WHOHLvQVXVVDXvQMRV
5HJODUHDRULILFLLORUGHYHQWLODLH
C 5R]HWDRULILFLXOXLGHYHQWLODLH
D 2ULILFLXGHYHQWLODLH
3HQWUXDGHVFKLGHvQFKLGHURWLL
UR]HWDCVSUHGUHDSWDVDXVSUHVWkQJD
6LVWHPXOGHFOLPDWL]DUH
5HJODUHDRULILFLLORUGHYHQWLODLHSHQ
WUX]RQDGLQVSDWHDKDELWDFOXOXL
6HWDUHDRULILFLLORUGHYHQWLODLHFHQWUDOH
GLQSDUWHDGLQVSDWHDKDELWDFOXOXL
C 2ULILFLXOGHYHQWLODLHSHQWUX]RQDGLQ
VSDWHDKDELWDFOXOXLVWkQJD
D 2ULILFLXOGHYHQWLODLHSHQWUX]RQDGLQ
VSDWHDKDELWDFOXOXLGUHDSWD
5R]HWDGHFRQWURODRULILFLXOXLGHYHQWLODLH
SHQWUX]RQDGLQVSDWHDKDELWDFOXOXL
3HQWUXGHVFKLGHUHvQFKLGHUHURWLL
UR]HWDVSUHVWkQJDVDXVSUHGUHDSWD
'RWDUHDDXWRYHKLFXOXOXL
1RWHSULYLQGURGDMXO
&RQGXFHUHD
&RQGXFHUHDLSDUFDUHD
7UDQVPLVLDPDQXDO
6LVWHPXO$8727521,&
$OLPHQWDUHDFXFRPEXVWLELO
3DUFDUHD
5HFRPDQGULSULYLQGFRQGXFHUHD
DXWRYHKLFXOXOXL
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
7UDFWDUHDXQHLUHPRUFL
&RQGXFHUHD
'RWDUHDDXWRYHKLFXOXOXL 'XSSDUFXUJHUHDSULPLORUNPSXWHL
VROLFLWDWUHSWDWDXWRYHKLFXOXOSkQODYLWH]D
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL PD[LPGHGHSODVDUHLWXUDLDPD[LPD
&RQGXFHUHDLSDUFDUHD
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH PRWRUXOXL
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH &RQGXFHUHD
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO UDQD
GXPQHDYRDVWUVQXGLVSXQGHWRDWH
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW 3HULFROGHDFFLGHQW
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF 1XDPSODVDLRELHFWHvQVSDLXOGHVWLQDW
LLOHSULYLQGVLJXUDQD SLFLRDUHORURIHUXOXL'DFDFHVWVSDLXHVWH
DFRSHULWFXPRFKHWHVDXFRYRUDHDVLJXUDL
YFDFHVWHDVXQWIL[DWHFRUHVSXQ]WRULF
1RWHSULYLQGURGDMXO QXREVWUXFLRQHD]FXUVDSHGDOHORU
,QVWUXFLXQLLPSRUWDQWHGHVLJXUDQ 1XVXSUDSXQHLPDLPXOWHFRYRUDH
QFD]FRQWUDURELHFWHOHQHIL[DWHFRUHV
3HULFROGHDFFLGHQW SXQ]WRUVDXFRYRUDHOHSRWILSULQVHvQWUH
3OFXHOHJDUQLWXULOHQRLGHIUkQDVLJXUSHU SHGDOHODDFFHOHUDUHDVDXIUkQDUHDEUXVFD
IRUPDQHRSWLPHGHIUkQDUHDELDGXSSDUFXU DXWRYHKLFXOXOXL1XYDILSRVLELOIUkQDUHD
JHUHDFkWRUYDVXWHGHNLORPHWUL3kQDWXQFL DPEUHLHUHDVDXDFFHOHUDUHDDXWRYHKLFXOXOXL
FRPSHQVDLDFHVWLQFRQYHQLHQWDSVkQG FRQIRUPLQWHQLLORURIHUXOXL$VWIHOGHVLWXDLL
SHGDODGHIUkQFXPDLPXOWSXWHUH$FHDVW SRWFDX]DDFFLGHQWHLUQLUL
UHFRPDQGDUHHVWHYDODELOLGXSVFKLPED
UHDSOFXHORUJDUQLWXULORUVDXDGLVFXULORUGH 3HULFROGHDFFLGHQW
IUkQ 1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
3ULPLLNP GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
&XFkWYSUHRFXSDLPDLPXOWGHPRWRUFkQG OXOSRDWHGHUDSD3XWHLSLHUGHFRQWUROXODVX
HVWHQRXFXDWkWYHLEHQHILFLDPDLPXOWGH SUDDXWRYHKLFXOXOXLLSURYRFDXQDFFLGHQW
SHUIRUPDQHOHDFHVWXLDSHYLLWRU
QFO]LLUDSLGPRWRUXO1XVROLFLWDLPRWR
=3ULQXUPDUHFRQGXFHLDXWRYHKLFXOXOFX UXOODPD[LPvQDLQWHFDDFHVWDVILDWLQV
GLYHUVHYLWH]HGHGHSODVDUHLWXUDLLDOH WHPSHUDWXUDGHIXQFLRQDUH
PRWRUXOXLSHSDUFXUVXOSULPLORUNP &RPXWDLWUDQVPLVLDDXWRPDW$872752
=(YLWDLVXSUDVROLFLWDUHDPRWRUXOXLvQ 1,&vQSR]LLDGRULWQXPDLvQWLPSXOVWD
DFHDVWSHULRDGGHH[HPSOXSULQDFFHOH LRQULLDXWRYHKLFXOXOXL
UDUHDODPD[LPDDXWRYHKLFXOXOXL 3HFkWSRVLELOHYLWDLSDWLQDUHDURLORU
=6FKLPEDLWUHSWHOHGHYLWH]ODWLPSFHO PRWULFHODSRUQLUHDGHSHORFSHRVXSUDID
WkU]LXDWXQFLFkQGDFXOWXURPHWUXOXLVHDIO DOXQHFRDVQFD]FRQWUDUHVWHSRVLELO
ODGH]RQDURLHDWXURPHWUXOXL GHWHULRUDUHDWUHQXOXLGHUXODUH
=1XFRPXWDLPDQXDOvQWURWUHDSWGHYLWH]
LQIHULRDUvQVFRSXOIUkQULLDXWRYHKLFXOXOXL
$XWRYHKLFXOHOHFXVLVWHP$8727521,&
&RQGXFHUHD
3R]LLLOHFKHLL G 3XWHLSRUQLPRWRUXOQXPDLDWXQFLFkQG
SHGDODGHDPEUHLDMHVWHFRPSOHWDSVDW
&RQGXFHUHDLSDUFDUHD
7UDQVPLVLDDXWRPDW$8727521,&
'HSODVDLPDQHWDVHOHFWRUXOXLvQSR]LLD3
G 0RWRUXOSRDWHILSRUQLWLDWXQFLFkQG
VHOHFWRUXOGHYLWH]HVHDIOvQSR]LLD1
3URFHGXUDGHSRUQLUH
3HQWUXDSRUQLXQPRWRUSHEHQ]LQ
URWLLFKHLDvQSR]LLDDFRQWDFWXOXL
Z 3HQWUXDVFRDWHFKHLD
3DJLQDLHOLEHUDLRLPHGLDWGXS
G $OLPHQWDUHDXQRUFRQVXPDWRULHOHFWULFL SRUQLUHDPRWRUXOXL
GHH[HPSOXWHUJWRDUHOHGHSDUEUL] 3HQWUXDSRUQLXQPRWRUGLHVHOURWLL
H &RQWDFWDOLPHQWDUHDWXWXURUFRQVXPD FKHLDvQFRQWDFWvQSR]LLD
WRULORULSR]LLDGHPHUVDDXWRYHKLFX 3DJLQD
OXOXL /DPSDPDUWRUDSUHvQFO]LULL(GHSH
I 3HQWUXSRUQLUHDPRWRUXOXL SDQRXOGHLQVWUXPHQWHVHDSULQGH
&kQGODPSDPDUWRUDSUHvQFO]LULL(VH
G &KLDUGDFFKHLDLQWURGXVHVWHDXQXLDOW
DXWRYHKLFXODFHDVWDVHYDURWLvQFRPXWD VWLQJHURWLLFKHLDvQFRQWDFWvQSR]LLD
WRUXOGHFRQWDFW7RWXLFRQWDFWXOQXYDIL 3DJLQDLHOLEHUDLRLPHGLDWGXS
SXV0RWRUXOQXSRDWHILSRUQLW SRUQLUHDPRWRUXOXL
G 'DFPRWRUXOHVWHFDOGDFHVWDSRDWHIL
SRUQLWIUSUHvQFO]LUH
3RUQLUHDPRWRUXOXL
G $XWRYHKLFXOHSUHY]XWHFXWUDQVPLVLH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD DXWRPDW$8727521,&SXWHLXWLOL]DGH
DVHPHQHDIXQFLDWRXFKVWDUWIXQFLDGH
3HULFROGHLQWR[LFDUH
SRUQLUHODRDWLQJHUHQDFHVWVFRSURWLL
1XOVDLQLFLRGDWPRWRUXOvQIXQFLXQHvQ FKHLDvQSR]LLD3DJLQDvQFRQWDFW
VSDLLvQFKLVH*D]HOHGHHDSDPHQWFRQLQ LHOLEHUDLRLPHGLDW0RWRUXOSRUQHWH
PRQR[LGGHFDUERQ,QKDODUHDJD]HORUGHHD DXWRPDW
SDPHQWSUH]LQWXQULVFSHQWUXVQWDWHL
SRDWHFDX]DSLHUGHUHDFXQRWLQHLVDXFKLDU
GHFHVXO 3RUQLUHDGHSHORF
1XDSVDLSHGDODGHDFFHOHUDLHODSRU 7UDQVPLVLDPDQXDO
QLUHDPRWRUXOXL
0HQLQHLDSVDWSHGDODGHIUkQ
7UDQVPLVLDPDQXDO $SVDLFRPSOHWSHGDODGHDPEUHLDM
6FKLPEDLvQSULPDWUHDSWGHYLWH]VDXvQ
0HQLQHLDSVDWSHGDODGHIUkQ FHDGHPHUVvQDSRL5
$SVDLFRPSOHWSHGDODGHDPEUHLDM (OLEHUDLIUkQDGHSDUFDUH3DJLQD
'HSODVDLVFKLPEWRUXOGHYLWH]HvQSR]LLD
QHXWU1
&RQGXFHUHD
(OLEHUDLSHGDODGHIUkQ 'HDVHPHQHDSXWHLGH]DFWLYDIXQFLDGH
(OLEHUDLFXDWHQLHSHGDODGHDPEUHLDML vQFXLHUHDXWRPDW3DJLQD
DSVDLXRUSHGDODGHDFFHOHUDLH
&RQGXFHUHDLSDUFDUHD
6LVWHPXOGHDVLVWHQODSRUQLUHDvQ
6FKLPEDLWUHDSWDGHYLWH]vQWLPSXWLOL UDPS
HYLWDLSDWLQDUHDURLORUQFD]FRQWUDU
H[LVWSRVLELOLWDWHDGHWHULRUULLDXWRYHKLFX $FHVWVLVWHPGHDVLVWHQYDMXWVSRUQLL
OXOXL GHSHORFvQUDPS$XWRYHKLFXOXOHVWHUHLQXW
SHQWUXVFXUWWLPSGXSFHULGLFDLSLFLRUXOGH
G 8UPDLLQVWUXFLXQLOHGHVFKLPEDUHDWUHS SHSHGDODGHIUkQ$VWIHOVHDVLJXUVXILFLHQW
WHORUSHQWUXXQVWLOGHFRQGXFHUHHFRQRPLF WLPSSHQWUXGHSODVDUHDSLFLRUXOXLGHSH
DILDWHSHGLVSOD\XOPXOWLIXQFLRQDO SHGDODGHIUkQSHFHDGHDFFHOHUDLHvQYHGH
G QFKLGHUHDFHQWUDOL]DWDSRUWLHUHORUHVWH UHDSRUQLULLGHSHORFDDXWRYHKLFXOXOXLIU
DFWLYDWDXWRPDWODSRUQLUHDGHSHORF GHSODVDUHDDFHVWXLDvQDSRL
%XWRDQHOHGHVLJXUDQGHSHSRUWLHUHVXQW 3HULFROGHDFFLGHQW
FRERUkWH
1XSUVLLQLFLRGDWDXWRYHKLFXOXOFkWWLPS
3XWHLGHVFKLGHvQRULFHPRPHQWSRUWLHUHOH DFHVWDHVWHUHLQXWGHVLVWHPXOGHDVLVWHQ
GLQLQWHULRU ODSRUQLUHDvQUDPS'XSDSUR[LPDWLYR
'HDVHPHQHDSXWHLGH]DFWLYDIXQFLDGH VHFXQGIXQFLDGHDVLVWHQQXYDPDLIUkQD
vQFXLHUHDXWRPDW3DJLQD DXWRYHKLFXOXOLDUDFHVWDVHSRDWHGHSODVD
6LVWHPXO$8727521,& (OLEHUDLSHGDODGHIUkQ
G 'XSFHOXDLSLFLRUXOGHSHSHGDODFHVWD
G 0DQHWDVHOHFWRUXOXLSRDWHILGHSODVDWGLQ
YDILUHLQXWWLPSGHDSUR[LPDWLYRVHFXQG
SR]LLD3vQSR]LLDGRULWGRDUDSVkQG
SHGDODGHIUkQ1XPDLSURFHGkQGDVWIHO 3RUQLLDXWRYHKLFXOXO
HVWHHOLEHUDWGLVSR]LWLYXOGHEORFDUHDODFHV 6LVWHPXOGHDVLVWHQODSRUQLUHDvQUDPSQX
WHLD HVWHGLVSRQLELOvQXUPWRDUHOHVLWXDLL
0HQLQHLDSVDWSHGDODGHIUkQ =ODSRUQLUHDGHSHORFSHRVXSUDIDRUL]RQ
6HOHFWDLSR]LLD'VDX5 WDOVDXvQSDQW
(OLEHUDLIUkQDGHSDUFDUH3DJLQD =ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
(OLEHUDLSHGDODGHIUkQ $8727521,&PDQHWDVHOHFWRUXOXLHVWH
$SVDLFXDWHQLHSHGDODGHDFFHOHUDLH GHSODVDWvQSR]LLD1
=IUkQDGHSDUFDUHHVWHDFLRQDW
G 6FKLPEDUHDvQWURWUHDSWVXSHULRDUGH =VLVWHPXO(63HVWHGHIHFW
YLWH]DUHORFODWXUDLLPDLPDULGXSSRU
QLUHDODUHFH$FHVWIDSWDMXWFRQYHUWRUXO
FDWDOLWLFVDWLQJPDLUDSLGWHPSHUDWXUDGH )XQFLD(&2VWDUWVWRS
IXQFLRQDUH
G QFKLGHUHDFHQWUDOL]DWDSRUWLHUHORUHVWH 1RWHJHQHUDOH
DFWLYDWDXWRPDWODSRUQLUHDGHSHORF G )XQFLD(&2VWDUWVWRSHVWHGLVSRQLELO
%XWRDQHOHGHvQFXLHUHGHSHSRUWLHUHVXQW GRDUSHQWUXPRGHOHOH$L$FX
FRERUkWH WUDQVPLVLHPDQXDO
3XWHLGHVFKLGHSRUWLHUHOHGLQLQWHULRUvQ )XQFLD(&2VWDUWVWRSGHFRQHFWHD]DXWR
RULFHPRPHQW PDWPRWRUXOGHvQGDWFHRSULLDXWRYHKLFXOXO
$FHDVWDSRUQHWHGLQQRXPRWRUXOGHvQGDW
&RQGXFHUHD
FHDSVDLSHGDODGHDPEUHLDM)XQFLD(&2 3HQWUXFDIXQFLD(&2VWDUWVWRSVILHIXQF
VWDUWVWRSHVWHDFWLYDWGHILHFDUHGDWFkQG LRQDOLFDVLPEROXO(&2VDSDUSHGLVSOD\
SRUQLLPRWRUXOXWLOL]kQGFKHLD WUHEXLHvQGHSOLQLWHXUPWRDUHOHFRQGLLL
&RQGXFHUHDLSDUFDUHD
=ODPSDPDUWRUGLQEXWRQXO(&2VHDSULQGH
2SULUHDDXWRPDWDPRWRUXOXL vQYHUGH
)XQFLD(&2VWDUWVWRSGHFRQHFWHD]DXWR =PRWRUXODDWLQVWHPSHUDWXUDQRUPDOGH
PDWPRWRUXOGHvQGDWFHRSULLDXWRYHKLFXOXO IXQFLRQDUH
)XQFLD(&2VWDUWVWRSHVWHGLVSRQLELOFkQG =FDSRWDPRWRUXOXLHVWHvQFKLV
SHGLVSOD\XOPXOWLIXQFLRQDODSDUHDILDMXO =WHPSHUDWXUDH[WHULRDUVHvQFDGUHD]vQ
(&2 LQWHUYDOXODGHFYDW
=QLYHOXOGHvQFUFDUHDOEDWHULHLHVWHVXIL
FLHQW
=VLVWHPXOGHIUkQDUHHVWHVWDELO
=SRUWLHUDRIHUXOXLHVWHvQFKLVLFHQWXUDGH
VLJXUDQHVWHFXSODW
0RWRUXOVHRSUHWHDXWRPDWGDF
=YLWH]DHVWHUHGXV
=HVWHFXSODWWUHDSWDQHXWU1
=SHGDODGHDPEUHLDMQXHVWHDSVDW
$ILDM(&2H[HPSOX
3RUQLUHDDXWRPDWDPRWRUXOXL
)UkQDLSkQODRSULUHDFRPSOHWDDXWRYH
KLFXOXOXL 'XSRSULUHDDXWRPDWDPRWRUXOXLIXQFLD
3HGLVSOD\XOPXOWLIXQFLRQDODSDUHLQVWUXF (&2VWDUWVWRSvOSRUQHWHGLQQRXDXWRPDW
LXQHDGHDVFKLPEDvQWUHDSWDQHXWU1 FkQGDXWRYHKLFXOXOHVWHVWDLRQDULHVWH
DSVDWSHGDODGHDPEUHLDM
$SVDLSHGDODGHDPEUHLDM
0RWRUXOSRUQHWHDXWRPDW
6FKLPEDLILHvQWUHDSWDvQWkLILHvQFHDGH
PHUVvQDSRLLSRUQLLGHSHORF
1XFXSODLvQWURWUHDSWGHYLWH]IUD
DSVDSHGDODGHDPEUHLDMvQWUXFkWDFHVW
IDSWGH]DFWLYHD]IXQFLDGHSRUQLUHDXWR
PDWDPRWRUXOXL'UHSWXUPDUHEDWHULDQX
SRDWHILUHvQFUFDWLIXQFLDGHGH]DEXULUH
,QVWUXFLXQHGHVFKLPEDUHDWUHSWHLGHYLWH] DVLVWHPXOXL7+(5027521,&QXHVWHGLV
H[HPSOX SRQLELO
6FKLPEDLvQWUHDSWDQHXWU1LHOLEHUDL G 'DFHIHFWXDLPDQHYUHGHGLUHFLHIXQF
SHGDODGHDPEUHLDM LD(&2VWDUWVWRSQXYDRSULDXWRPDW
0RWRUXOHVWHRSULWDXWRPDW PRWRUXODXWRYHKLFXOXOXL0RWRUXOYDILRSULW
GRDUODXUPWRDUHDRSULUHDDXWRYHKLFXOX
OXLGXSFHDLFRQGXVFXRYLWH]GHFHO
SXLQNPK
&RQGXFHUHD
G 2SLXQHDGHSRUQLUHDXWRPDWDPRWRUX
OXLGLQFDGUXOIXQFLHL(&2VWDUWVWRSSRU
QHWHPRWRUXOPDLOLQGHFkWvQFD]XOSURFH
&RQGXFHUHDLSDUFDUHD
GHXOXLQRUPDOGHSRUQLUHFXFKHLD
0RWRUXOHVWHSRUQLWDXWRPDWFXIXQFLD(&2
VWDUWVWRSGDF
=YLWH]DGHSHWHXQDQXPHSUDJ
=HVWHDSVDWEXWRQXO(&2
=HVWHVHOHFWDWIXQFLDGHGH]DEXULUHDVLV
WHPXOXLDXWRPDWGHFOLPDWL]DUHGHOX[
7+(5027521,&
'HDVHPHQHDPRWRUXOHVWHSRUQLWDXWRPDW
FkQGVLPEROXO(&2GLVSDUHGHSHGLVSOD\XO
PXOWLIXQFLRQDO$FHDVWDVHvQWkPSOFkQGQX
PDLHVWHvQGHSOLQLWRFRQGLLHSHQWUXRSULUHD
DXWRPDWDPRWRUXOXLGHH[HPSOXGDF
=HVWHGHFODQDWGHVLVWHPXOGHIUkQDUH
=QLYHOXOGHvQFUFDUHDOEDWHULHLDVF]XW
=FHQWXUDRIHUXOXLHVWHGHFXSODWVDXSRU
WLHUDDFHVWXLDHVWHGHVFKLV
=FDSRWDPRWRUXOXLHVWHGHVFKLV
'H]DFWLYDUHDDFWLYDUHDIXQFLHL(&2
VWDUWVWRS
C 3HQWUXDDFWLYDGH]DFWLYDIXQFLD(&2
VWDUWVWRS
D /DPSPDUWRU
'DFODPSDPDUWRUDHVWHVWLQVIXQFLD
(&2VWDUWVWRSHVWHGH]DFWLYDWQDFHVWFD]
PRWRUXOQXVHYDGHFRQHFWDDXWRPDWFkQG
DXWRYHKLFXOXOVHRSUHWH
G 'HILHFDUHGDWFkQGPRWRUXOHVWHSRUQLW
HVWHDFWLYDWIXQFLD(&2VWDUWVWRS
RSLRQDO
&RQGXFHUHD
3UREOHPHSULYLQGPRWRUXO
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD
0RWRUXOQXSRUQHWH =(FKLSDPHQWHOHHOHFWURQLFHDOHPRWRUXOXLVXQWGHIHFWH
'HPDURUXOIXQFLR =6LVWHPXOGHDOLPHQWDUHHVWHGHIHFW
QHD] =7HQVLXQHDIXUQL]DWGHEDWHULHHVWHLQVXILFLHQWGHRDUHFH
DFHDVWDGLQXUPHVWHSUHDVODEVDXGHVFUFDW
5RWLLFKHLDvQFRQWDFWvQSR]LLDvQDLQWHGHDvQFHUFDVUHSRU
QLLPRWRUXO
QFHUFDLGLQQRXVSRUQLLPRWRUXO3DJLQD(YLWDLWHQ
WDWLYHOHGHSRUQLUHDPRWRUXOXLH[FHVLYGHOXQJLLUHSHWDWH
GHRDUHFHDFHVWHDDXFDUH]XOWDWGHVFUFDUHDEDWHULHL
'DFPRWRUXOQXSRUQHWHGXSFkWHYDvQFHUFUL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOQXSRUQHWH 5H]HUYRUXOGHFDUEXUDQWHVWHJRO
'HPDURUXOIXQFLR 5HDOLPHQWDL
QHD]/DPSDGHDYHU
WL]DUHDVXSUDQLYHOXOXL
FDUEXUDQWXOXLHVWH
DSULQVLLQGLFDWRUXO
QLYHOXOXLGHFDUEXUDQW
LQGLF
0RWRUXOQXSRUQHWH 7HQVLXQHDIXUQL]DWGHEDWHULHHVWHLQVXILFLHQWGHRDUHFHDFHDVWD
1XDX]LLGHPDURUXOvQ GLQXUPHVWHSUHDVODEVDXGHVFUFDW
IXQFLXQH $SHODLODSURFHGXUDGHSRUQLUHDVLVWDWDPRWRUXOXL
3DJLQD
'DFPRWRUXOQXSRUQHWHvQFLXGDWHQWDWLYHORUGHSRUQLUHDVLVWDW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'HPDURUXODIRVWVXSUDvQFO]LW
/VDLGHPDURUXOVVHUFHDVFWLPSGHDSUR[LPDWLYGRX
PLQXWH
QFHUFDLGLQQRXVSRUQLLPRWRUXO
'DFPRWRUXOvQFQXSRUQHWH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDQVPLVLDPDQXDO
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
$XWRYHKLFXOHFXPRWRU ([LVWRGHIHFLXQHODHFKLSDPHQWHOHHOHFWURQLFHVDXODFRPSR
&RQGXFHUHDLSDUFDUHD
SHEHQ]LQ QHQWHOHPHFDQLFHDOHVLVWHPXOXLGHFRPDQGDPRWRUXOXL
0RWRUXOIXQFLRQHD] $FLRQDLXRUSHGDODGHDFFHOHUDLH
FXvQWUHUXSHULLG $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUXHOLPLQDUHD
UDWHXUL FDX]HLGHIHFLXQLL
QFD]FRQWUDUFDUEXUDQWXOQHDUVSRDWHSWUXQGHvQFRQYHUWRUXO
FDWDOLWLFFDX]kQGGHWHULRUDUHDDFHVWXLD
7HPSHUDWXUDOLFKLGXOXL 1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW/LFKLGXOGHUFLUHHVWH
GHUFLUHGHSHWH SUHDILHUELQWHLQXVHPDLUHDOL]HD]UFLUHDVXILFLHQWDPRWRUXOXL
(VWHSRVLELOGH 2SULLLPHGLDWFHHVWHSRVLELOLSHUPLWHLPRWRUXOXLLOLFKLGXOXL
DVHPHQHDFDODPSDGH GHUFLUHVUHYLQODWHPSHUDWXUDQRUPDO
DYHUWL]DUHSHQWUXOLFKL
9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUH3DJLQD5HVSHFWDL
GXOGHUFLUHVILH
QRWHOHGHDYHUWL]DUHUHIHULWRDUHODDFHDVWSURFHGXULDGXJDL
DSULQVLVILHHPLVXQ
OLFKLGGHUFLUHGDFHVWHQHFHVDU
VHPQDOVRQRUGHDYHUWL
]DUH 'DFQLYHOXOOLFKLGXOXLGHUFLUHHVWHFRUHFWHVWHSRVLELOFDYHQWL
ODWRUXOUDGLDWRUXOXLVILHGHIHFW/LFKLGXOGHUFLUHHVWHSUHDILHU
ELQWHLQXVHPDLUHDOL]HD]UFLUHDVXILFLHQWDPRWRUXOXL
'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHPDLPLFGH
SXWHLFRQWLQXDGHSODVDUHDSkQODFHOPDLDSURSLDWDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW
QDFHVWLQWHUYDOHYLWDLVROLFLWDUHDLQWHQVDPRWRUXOXLGHH[HP
SOXFRQGXFHUHDSHWHUHQDFFLGHQWDWLRSULULOHSRUQLULOHIUHF
YHQWH
7UDQVPLVLDPDQXDO 7UDQVPLVLDPDQXDOFXDVHWUHSWHGH
YLWH]H
7UDQVPLVLDPDQXDOFXFLQFLWUHSWHGH
YLWH]H
0DQHWDVFKLPEWRUXOXL
0DQHWDVFKLPEWRUXOXL $WXQFLFkQGVFKLPEDLGLQWUHDSWDDDvQ
WUHDSWDDDWUHEXLHVvPSLQJHLFRPSOHW
PDQHWDVFKLPEWRUXOXLVSUHGUHDSWDQFD]
6LVWHPXO$8727521,&
FRQWUDUSXWHLVFKLPEDDFFLGHQWDOvQ VXVGHSODVDLRFWUHVWkQJDLDSRLvQ
WUHDSWDDDVDXDDGHWHULRUkQGWUDQV VSDWH
PLVLD
&RQGXFHUHDLSDUFDUHD
1XGHSLLYLWH]DPD[LPSHQWUXILHFDUH
WUHDSWGHYLWH] 5HFRPDQGDUHSULYLQGVFKLPEDUHD
'DFVHOHFWDLRWUHDSWLQIHULRDUODR WUHSWHLGHYLWH]
YLWH]SUHDULGLFDWIUkQDUHSULQLQWHUPH 5HFRPDQGULOHSULYLQGVFKLPEDUHDWUHSWHLGH
GLXOWUDQVPLVLHLSXWHLFDX]DVXSUDWXUDUHD YLWH]YDMXWVDGRSWDLXQVWLOGHFRQGX
PRWRUXOXLLvQFRQVHFLQGHWHULRUDUHD FHUHHFRQRPLF7UHDSWDUHFRPDQGDWHVWH
DFHVWXLD LQGLFDWSHGLVSOD\XOPXOWLIXQFLRQDO
/DFRERUkUHDXQHLSRULXQLOXQJLGHSDQW
DEUXSWvQVSHFLDOGDFDXWRYHKLFXOXOHVWH
vQFUFDWVDXWUDFWDLRUHPRUFWUHEXLHV
VFKLPEDLODWLPSvQWUHDSWDVDX
$FHVWSURFHGHXXWLOL]HD]HIHFWXOIUkQHLGH
PRWRU6LVWHPXOGHIUkQDUHQXYDILVXSUD
VROLFLWDWSUHYHQLQGXVHvQFO]LUHDLX]XUD
H[FHVLYDDFHVWXLD
7UHDSWDQHXWU1FkQGIXQFLD(&2
VWDUWVWRSHVWHDFWLY 6FKLPEDLWUHDSWDGHYLWH]FRQIRUPUHFR
QWUHDSWDQHXWU1PRWRUXOHVWHRSULWGDF PDQGULLCLQGLFDWHSHGLVSOD\XOPXOWL
YLWH]DDXWRYHKLFXOXOXLVFDGHVXEXQDQXPH IXQFLRQDOGHSHSDQRXOGHLQVWUXPHQWH
SUDJLSHGDODGHDPEUHLDMQXHVWHDSVDW
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQGIXQFLD
(&2VWDUWVWRS3DJLQD 6LVWHPXO$8727521,&
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
&XSODUHDWUHSWHLGHPHUVvQDSRL
3HULFROGHDFFLGHQW
&XSODLWUHDSWDGHPHUVvQDSRLQXPDL
FkQGDXWRYHKLFXOXOVWDLRQHD]vQFD]FRQ &XUVDSHGDOHORUQXWUHEXLHVILHREVWUXFLR
WUDUHVWHSRVLELOGHWHULRUDUHDWUDQVPLVLHL QDWvQQLFLXQIHO1XDPSODVDLRELHFWHvQVSD
LXOGHVWLQDWSLFLRDUHORURIHUXOXL'DFDFHVW
G )XQFLD(&2VWDUWVWRSQXHVWHGLVSRQL VSDLXHVWHDFRSHULWFXPRFKHWHVDXFRYR
ELOFkQGHVWHFXSODWWUHDSWDGHPHUVvQD UDHDVLJXUDLYFDFHVWHDVXQWIL[DWH
SRL FRUHVSXQ]WRULFQXREVWUXFLRQHD]FXUVD
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG SHGDOHORU
IXQFLD(&2VWDUWVWRS3DJLQD 1XVXSUDSXQHLPDLPXOWHFRYRUDH
7UDQVPLVLHPDQXDOFXWUHSWHGH
YLWH]GHSODVDLPDQHWDVFKLPEWRUXOXL 3HULFROGHDFFLGHQW
FWUHGUHDSWDLDSRLvQVSDWH 1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
7UDQVPLVLHPDQXDOFXWUHSWHGH SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
YLWH]WUDJHLPDQHWDVFKLPEWRUXOXLvQ IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
6LVWHPXO$8727521,&
OXOSRDWHGHUDSD3XWHLSLHUGHFRQWUROXODVX 3R]LLDWUDQVPLVLHLLGLVSOD\XOSURJUD
SUDDXWRYHKLFXOXOXLLSURYRFDXQDFFLGHQW PXOXLGHFRQGXFHUH
&RQGXFHUHDLSDUFDUHD
0DQHWDVFKLPEWRUXOXLGHYLWH]H
,QWURGXFHUH
6LVWHPXO$8727521,&HVWHRWUDQVPLVLH
DXWRPDWYDULDELOFRQWLQXXFRQWURODWHOHF
WURQLF5DSRUWXOGHWUDQVPLVLHHVWHPRGLILFDW
FRQWLQXX$FHDVWDSHUPLWHDGDSWDUHDRSWLP
ODVWLOXOLQGLYLGXDOGHFRQGXFHUHLXQFRQIRUW
VSRULWvQWLPSXOGHSODVULL
C 'LVSOD\XOSHQWUXSR]LLDWUDQVPLVLHL
0DQHWDVHOHFWRUXOXL D 'LVSOD\XOSURJUDPXOXLGHFRQGXFHUH&
6VDX&60
'DFDLVHOHFWDWRSLXQHDGHVFKLPEDUHD
YLWH]HORUSULQWURDWLQJHUHVDXSR]LLD'D
PDQHWHLVHOHFWRUXOXLSXWHLYHGHDWUHDSWDGH
YLWH]FXUHQWSHGLVSOD\XOPXOWLIXQFLRQDO
3XWHLLQIOXHQDUDSRUWXOWUDQVPLVLHL$872
7521,&DWXQFLFkQGPDQHWDVHOHFWRUXOXLVH
DIOvQSR]LLD'VFKLPEkQGWUHDSWDGHYLWH]
PDQXDO
3 3R]LLDSHQWUXSDUFDUHLGLVSR]LWLYXOGH 3R]LLLOHWUDQVPLVLHL
EORFDUHDPDQHWHLVHOHFWRUXOXL
5 7UHDSWDGHPHUVvQDSRL E 3R]LLDGHSDUFDUH
1 3R]LLDQHXWU 3UHYLQHGHSODVDUHDDFFLGHQWDOD
' 3R]LLDGHPHUV DXWRYHKLFXOXOXLFkQGDFHVWDHVWH
RSULW'HSODVDLPDQHWDVHOHFWRUX
OXLvQSR]LLD3QXPDLFkQGDXWRYH
KLFXOXOHVWHVWDLRQDW
3XWHLVFRDWHFKHLDGLQFRQWDFW
QXPDLFkQGPDQHWDVHOHFWRUXOXLVH
DIOvQSR]LLD3'DFVFRDWHL
FKHLDGLQFRQWDFWPDQHWDVHOHFWR
UXOXLHVWHEORFDW
F 3R]LLDGHPHUVvQDSRL
6HOHFWDLSR]LLD5QXPDLvQWLPSXO
VWDLRQULLDXWRYHKLFXOXOXL
6LVWHPXO$8727521,&
D 3R]LLDQHXWU 3URFHVXONLFNGRZQ
1XDUHORFWUDQVPLVLDSXWHULLGHOD 8WLOL]DLDFHDVWPDQHYUSHQWUXDFFHOHUDUH
PRWRUODURLOHPRWULFH PD[LP
&RQGXFHUHDLSDUFDUHD
(OLEHUDUHDIUkQHORUSHUPLWHGHSOD $SVDLFRPSOHWSHGDODGHDFFHOHUDLH
VDUHDOLEHUDDXWRYHKLFXOXOXLGH 7UDQVPLVLDVFKLPEvQWURWUHDSWLQIH
H[HPSOXvQVFRSXOvPSLQJHULLVDX ULRDUvQIXQFLHGHWXUDLDPRWRUXOXL
WUDFWULLDFHVWXLD (OLEHUDLXRUSHGDODGHDFFHOHUDLHGXSFH
'DFVLVWHPXO(63HVWHGH]DFWL DIRVWDWLQVYLWH]DGRULW
YDWVDXGHIHFWQXVHOHFWDLSR]LLD 7UDQVPLVLDVFKLPEGLQQRXvQWURWUHDSW
1GHFkWvQFD]XOvQFDUHH[LVWSHUL VXSHULRDU
FROXOGHUDSULLDXWRYHKLFXOXOXLGH
H[HPSOXSHFDURVDELODOXQHFRV 7UDFWDUHDXQHLUHPRUFL
: 3R]LLDGHPHUV QWLPSXOXUFULLSDQWHORUFRQGXFHLODWXUD
7UDQVPLVLDVHOHFWHD]DXWRPDW LLPHGLLDOHPRWRUXOXL
UDSRUWXORSWLPSHQWUXGHSODVDUHD &RPXWDLvQWUHDSWDGHYLWH]VDXvQ
vQDLQWH IXQFLHGHvQFOLQDLDSDQWHLVDXUDPSHL
FKLDUGDFWHPSRPDWXOVDXVLVWHPXO
63(('7521,&HVWHDFWLYDW
6FKLPEDUHDWUHSWHORUGHYLWH]
7UDQVPLVLDDXWRPDW$8727521,&VHOHF
WHD]DXWRPDWYLWH]HOHFkQGPDQHWDVHOHFWR %XWRQXOSHQWUXVHOHFWDUHDSURJUDPX
UXOXLVHDIOvQSR]LLD'&RPSRUWDPHQWXO OXL
WUDQVPLVLHLDXWRPDWHHVWHGHWHUPLQDWGH %XWRQXOGHVHOHFWDUHDSURJUDPXOXLYSHU
=SURJUDPXOGHVFKLPEDUHDYLWH]HORUVHOHF PLWHVVHOHFWDLFDUDFWHULVWLFLGHUXODUHGLIH
WDW ULWHSHQWUXDXWRYHKLFXO
&63DJLQD
=SR]LLDSHGDOHLGHDFFHOHUDLH
=YLWH]DGHGHSODVDUH
5HFRPDQGULSULYLQGFRQGXFHUHD
DXWRYHKLFXOXOXL
3R]LLDSHGDOHLGHDFFHOHUDLH
6WLOXOGHFRQGXFHUHLQIOXHQHD]PRGXOGH
VFKLPEDUHDWUHSWHORUGHYLWH]GHFWUH %XWRQGHVHOHFWDUHDSURJUDPXOXL
WUDQVPLVLDDXWRPDW$8727521,&
=DFFHOHUDUHUHGXVFRPXWDUHUDSLGvQ &&RPIRUW VWLOGHFRQGXFHUHFRQIRU
WUHDSWVXSHULRDU WDELOLHFRQRPLF
=DFFHOHUDUHDFFHQWXDWFRPXWDUHvQWkU]LDW 66SRUW VWLOGHFRQGXFHUHVSRUWLY
vQWUHDSWDVXSHULRDU
6LVWHPXO$8727521,&
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHUHIHUL $FWLYDUHDPDQXDO
WRDUHOD3URJUDPXOGHVFKLPEDUHDWUHSWH
ORUGHYLWH]3DJLQD ,QWURGXFHUH
&RQGXFHUHDLSDUFDUHD
$SVDLUHSHWDWEXWRQXOGHVHOHFWDUHDSUR $WXQFLFkQGPDQHWDVHOHFWRUXOXLVHDIOvQ
JUDPXOXLCSkQFkQGSHGLVSOD\XOPXOWL SR]LLD'SXWHLVFKLPEDLPDQXDOWUHDSWDGH
IXQFLRQDOHVWHDILDWOLWHUDFRUHV YLWH]
SXQ]WRDUHSURJUDPXOXLGHUXODUHSHFDUH
GRULLVvOVHOHFWDL $FLRQDUHDPDQXDO
$SVDLPDQHWDVHOHFWRUXOXLXRUFWUH
VWkQJDvQVHQVXOVLPEROXOXL'VDXFWUH
3URJUDPXOGHFRQGXFHUHvQUHJLP GUHDSWDVSUH'
DXWRPDW 0VHDILHD]SHGLVSOD\XOPXOWLIXQFLRQDO
3URJUDPXO&VHFDUDFWHUL]HD]SULQ $FLRQDUHDPDQXDOHVWHGHFODQDW
=VHWULDOHPRWRUXOXLFDUHDVLJXUFRQIRUWXO
=XQFRQVXPRSWLPGHFDUEXUDQWGDWRUDWIDS &RPXWDUHDvQWURWUHDSWVXSHULRDU
WXOXLFWUDQVPLVLDDXWRPDW$8727521,& 'HSODVDLPDQHWDVHOHFWRUXOXLXRUFWUH
FXSOHD]WUHSWHOHVXSHULRDUHPDLGHYUHPH GUHDSWDVSUH'
=DXWRYHKLFXOXOGHPDUHD]LLQWUvQWUHSWHOH 7UDQVPLVLDDXWRPDWVFKLPEvQWUHDSWD
GHPHUVvQDLQWHLvQDSRLPDLXRUFX LPHGLDWVXSHULRDULQIHULRDUvQIXQFLHGH
H[FHSLDVLWXDLLORUFkQGSHGDODGHDFFHOH WUHDSWDVHOHFWDWFXUHQW
UDLHHVWHDSVDWSkQODFDSWXOFXUVHL
=VHQVLELOLWDWHVSRULWDVWIHOHVWHDPHOLRUDW
G 'DFWXUDLDPRWRUXOXLDWLQJHOLPLWD
FRPSRUWDPHQWXODXWRYHKLFXOXOXLSHFDUR PD[LPSHUPLVSHQWUXWUHDSWDGHYLWH]
VDELODOXQHFRVGHH[HPSOX FXUHQWLFRQWLQXDLVDSVDLSHGDODGH
DFFHOHUDLHVLVWHPXO$8727521,&FRPXW
=WUDQVPLVLDDXWRPDW$8727521,&
DXWRPDWvQWUHDSWDVXSHULRDUGHYLWH]
VFKLPEvQWUHSWHOHVXSHULRDUHPDL
GHYUHPHDVWIHODXWRYHKLFXOXOUXOHD]OD
&RPXWDUHDvQWURWUHDSWLQIHULRDU
WXUDLLPDLPLFLDOHPRWRUXOXLLSUREDELOL
WDWHDFDURLOHVSDWLQH]HHVWHUHGXV 'HSODVDLPDQHWDVHOHFWRUXOXLXRUFWUH
3URJUDPXO6VHFDUDFWHUL]HD]SULQ VWkQJDVSUH'
=FRQILJXUDLHVSRUWLYDPRWRUXOXL
7UDQVPLVLDDXWRPDWVFKLPEvQWUHDSWD
LPHGLDWLQIHULRDUvQIXQFLHGHWUHDSWD
=DXWRYHKLFXOXOHVWHSRUQLWGHSHORFvQSULPD
VHOHFWDWFXUHQW
WUHDSWGHYLWH]
=WUDQVPLVLDDXWRPDW$8727521,& G 3HQWUXDSUHYHQLVXSUDWXUDUHDPRWRUXOXL
VFKLPEPDLWkU]LXvQWUHDSWDVXSHULRDU WUDQVPLVLDDXWRPDWQXVFKLPEvQWUR
=VFKLPEDUHDvQWkU]LDWDWUHSWHORUGHFWUH WUHDSWLQIHULRDUGDFGHSODVDLPDQHWD
WUDQVPLVLDDXWRPDW$8727521,&SRDWH VHOHFWRUXOXLvQSR]LLD'DWXQFLFkQGYLWH]D
GHWHUPLQDXQFRQVXPPDLPDUHGHFDUEX DXWRYHKLFXOXOXLHVWHSUHDPDUH
UDQW G 'DFWXUDLDPRWRUXOXLVFDGHVXEOLPLWD
LQIHULRDUSHUPLVSHQWUXWUHDSWDFXUHQW
VHOHFWDWVLVWHPXO$8727521,&FRPXW
DXWRPDWvQWURWUHDSWLQIHULRDU
6LVWHPXO$8727521,&
6HOHFWDUHDWUHSWHLGHYLWH]RSWLPH
'HSODVDLPDQHWDVHOHFWRUXOXLGHYLWH]H
XRUFWUHVWkQJDvQVSUHVLPEROXO'L
&RQGXFHUHDLSDUFDUHD
PHQLQHLRvQDFHDVWSR]LLH
7UDQVPLVLDDXWRPDWVFKLPEvQWURJDP
GHYLWH]HFDUHSHUPLWHDFFHOHUDUHDLGHFH
OHUDUHDRSWLPDDXWRYHKLFXOXOXL3HQWUXD
UHDOL]DDFHDVWDWUDQVPLVLDDXWRPDW
VFKLPEvQWUXQDGLQWUHSWHOHLQIHULRDUHGH
YLWH]
QWUHUXSHUHDDFWLYULLPDQXDOH
$SVDLPDQHWDVFKLPEWRUXOXLGHYLWH]H
VSUH'LPHQLQHLvQDFHDVWSR]LLHSkQ
FkQGSHHFUDQXOPXOWLIXQFLRQDOVHDIL
HD]'
7UDQVPLVLDYDFRPXWDGLQWUHDSWDFXUHQW
vQSR]LLD'
VDX
$SVDLVFXUWEXWRQXOGHVHOHFWDUHDSUR
JUDPXOXLFDUHVHDIOOkQJPDQHWDVHOHF
WRUXOXL3DJLQD
/LWHUDLQGLFkQGXOWLPXOSURJUDPGHFRQGX
FHUHVHOHFWDW&VDX6HVWHDILDWGLQQRX
SHGLVSOD\XOPXOWLIXQFLRQDO7UDQVPLVLDYD
FRPXWDGLQWUHDSWDFXUHQWvQSR]LLD'
G 'DFUHSRUQLLPRWRUXOLHVWHVHOHFWDW
0DFLRQDUHDPDQXDOVLVWHPXO$872
7521,&FRPXWvQSURJUDPXOGHFRQGXFHUH
vQUHJLPDXWRPDW&VDX6'DFDIRVW
VHOHFWDWSURJUDPXOGHFRQGXFHUHvQUHJLP
DXWRPDW&VDX6WUDQVPLVLDDXWRPDWYD
UHYHQLODSURJUDPXOFRUHVSXQ]WRUGH
VFKLPEDUHDUDSRUWXOXLGHWUDQVPLWHUHGXS
UHSRUQLUHDPRWRUXOXL
6LVWHPXO$8727521,&
3UREOHPHDOHWUDQVPLVLHL
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD
7UDQVPLVLDSUH]LQW 7UDQVPLVLDSLHUGHXOHL
SUREOHPHODVFKLPED $SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
UHDYLWH]HORU YHULILFDUHDWUDQVPLVLHL
&DSDFLWDWHDGHDFFHOH 7UDQVPLVLDDXWRPDWIXQFLRQHD]vQUHJLPGHDYDULH
UDUHHVWHGLPLQXDW 2SULLDXWRYHKLFXOXO
2SLXQHDGHVFKLPEDUH 6HOHFWDLSR]LLD3DWUDQVPLVLHL
PDQXDODYLWH]HORUQX
5RWLLFKHLDvQSR]LLDvQFRQWDFW
PDLIXQFLRQHD]
$WHSWDLPLQLPVHFXQGHvQDLQWHGHUHSRUQLUHDPRWRUXOXL
7UDQVPLVLDQXPDLHIHF
6HOHFWDLSR]LLD'VDX5DWUDQVPLVLHL
WXHD]VFKLPEDUHD
WUHSWHORUGHYLWH] $SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
YHULILFDUHDWUDQVPLVLHL
'HEORFDUHDPDQXDODPDQHWHLVHOHF $XWRYHKLFXOHFXGHVLJQLOLQLLGHHFKL
WRUXOXLGHYLWH]HGLQSR]LLDSHQWUX SDPHQWH&/$66,&VDX$9$17*$5'(
SDUFDUH
QHYHQWXDOLWDWHDXQHLGHIHFLXQLODVLVWHPXO
HOHFWULFHVWHSRVLELOGHEORFDUHDPDQXDOD
PDQHWHLVHOHFWRUXOXLGHYLWH]HSHQWUXDR
VFRDWHGLQSR]LLD3GHH[HPSOXGDFGRULL
WUDFWDUHDDXWRYHKLFXOXOXL
$FLRQDLIUkQDGHSDUFDUH
,QWURGXFHLXQLQVWUXPHQWDGHFYDWCGH
H[HPSOXRXUXEHOQLvQGHVFKL]WXU
$SVDLLQVWUXPHQWXOCvQVHQVXOLQGLFDW
GHVJHDWLGHSODVDLVLPXOWDQPDQHWD
VHOHFWRUXOXLGLQSR]LLD3
6FRDWHLLQVWUXPHQWXOC
0DQHWDVHOHFWRUXOXLSRDWHILGHSODVDW
6FRDWHLVXSRUWXOSHQWUXSDKDUHCWUJkQG DFXPOLEHUSkQUHYLQHvQSR]LLD3
vQVXV
$OLPHQWDUHDFXFRPEXVWLELO
$XWRYHKLFXOHFXGHVLJQQLYHOGHHFKL 3HULFROGHLQFHQGLX
SDUH(/(*$1&(VDXFXFRPSDUWLPHQWXO 1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHDDXWR
RSLRQDOGHGHSR]LWDUHGLQIDDFRWLHUHL YHKLFXOHORUFXPRWRUGLHVHO1XDPHVWHFDL
&RQGXFHUHDLSDUFDUHD
FDUEXUDQWGLHVHOFXEHQ]LQ$FHVWOXFUXGHWH
ULRUHD]VLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
LPRWRUXOH[LVWkQGLSRVLELOLWDWHDDSDULLHL
XQXLLQFHQGLX
1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DL
FDUEXUDQWGLHVHOSHQWUXDOLPHQWDUHDDXWR
YHKLFXOHORUFXPRWRUSHEHQ]LQ&KLDULR
FDQWLWDWHPLFGHFDUEXUDQWLQDGHFYDW
SRDWHGHWHULRUDVLVWHPXOGHLQMHFLH
3HULFROGHUQLUH 1XSXQHLFRQWDFWXOGDFDLDOLPHQWDWGLQ
7LMDGHGHFXSODUHDSRDWHILILHUELQWH'H JUHHDOFXFDUEXUDQWLQFRUHFWQFD]FRQ
DFHHDSHQWUXDDSVDWLMDGHGHFXSODUHXWLOL WUDUFDUEXUDQWXOYDSWUXQGHvQFRQGXFWHOH
]DLRXUXEHOQLVDXDOWRELHFWVLPLODUvQFD] GHFRPEXVWLELOQWLLQDLXQDWHOLHUGHVSH
FRQWUDUHVWHSRVLELOVVXIHULLDUVXUL FLDOLWDWHDXWRUL]DWLVROLFLWDLJROLUHDFRP
SOHWDUH]HUYRUXOXLGHFDUEXUDQWLDFRQ
)RORVLLXQRELHFWDGHFYDWCSHQWUXD GXFWHORUGHFDUEXUDQW
DSVDWLMDGHGHFXSODUHDLGHSODVDL
VLPXOWDQPDQHWDVHOHFWRUXOXLGLQSR]LLD3
0DQHWDVHOHFWRUXOXLSRDWHILGHSODVDW %HQ]LQD(1
DFXPOLEHUSkQUHYLQHvQSR]LLD3
)XHOJUDGH
8WLOL]DLQXPDLEHQ]LQSUHPLXPIU
$OLPHQWDUHDFXFRPEXVWLELO SOXPEFXFLIUDRFWDQLFGHPLQLP
&25&20FRQIRUPVWDQGDUGXOXL
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX HXURSHDQ(1VDXXQHLUHJOHPHQWUL
UDQD VLPLODUH
3HULFROGHH[SOR]LH QFD]FRQWUDUSXWHLFDX]DUHGXFHUHDSXWH
ULLPRWRUXOXLVDXGHWHULRUDUHDDFHVWXLD
&DUEXUDQWXOHVWHH[WUHPGHLQIODPDELO)XPD
WXOXWLOL]DUHDIRFXOXLLDIOFULORUGHVFKLVH 1XXWLOL]DLXUPWRDUHOH
VXQWLQWHU]LVHvQWLPSXOPDQLSXOULLFDUEXUDQ =(EHQ]LQFXHWDQRO
WXOXL
=(HWDQRO
2SULLPRWRUXOvQDLQWHGHUHDOLPHQWDUH
=0EHQ]LQFXPHWDQRO
=0EHQ]LQFXPHWDQRO
3HULFROGHUQLUH
=0PHWDQRO
1XDWLQJHLFDUEXUDQWXO
=GLHVHO
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX
LQKDODUHDYDSRULORUGXQHD]VQWLL 1XDPHVWHFDLFDUEXUDQLLGHDFHVWWLSFX
EHQ]LQDLQXXWLOL]DLDGLWLYLVSHFLDOLQFD]
FRQWUDUH[LVWSRVLELOLWDWHDGHWHULRUULL
PRWRUXOXL1XVXQWLQFOXLDLFLDGLWLYLLXWLOL
$OLPHQWDUHDFXFRPEXVWLELO
FDUHFDUEXUDQWXOUHFRPDQGDWQXHVWHGLV 8WLOL]DLQXPDLFDUEXUDQWGLHVHOFDUHUHV
SRQLELOSXWHLXWLOL]DEHQ]LQVWDQGDUGIU SHFWVWDQGDUGXOHXURSHDQ(1VWDQ
SOXPEFXFLIUDRFWDQLF GDUGXOJHUPDQ',1VDXRUHJOHPHQ
&25&208WLOL]DUHDDFHVWXLWLS WDUHHFKLYDOHQWQFD]FRQWUDUSXWHL
GHFDUEXUDQWSRDWHDYHDFDHIHFWUHGXFHUHD FDX]DUHGXFHUHDSXWHULLPRWRUXOXLVDX
SHUIRUPDQHORUPRWRUXOXLLFUHWHUHDFRQ GHWHULRUDUHDDFHVWXLD
VXPXOXLGHFDUEXUDQW(YLWDLDFFHOHUDUHDOD $XWRYHKLFXOHGRWDWHFXILOWUXGHSDUWL
PD[LPDDXWRYHKLFXOXOXL FXOHGLHVHOvQVWDWHOHFDUHQXVXQWPHP
&DOLWDWHDFDUEXUDQWXOXLvQXQHOHULSRDWH EUHDOH8QLXQLL(XURSHQHXWLOL]DLQXPDL
ILLQIHULRDUXWLOL]DUHDDFHVWXLDSXWkQG FDUEXUDQWGLHVHO(XURFXXQFRQLQXWGHVXOI
FDX]DDFXPXODUHDUH]LGXXULORUvQMXUXOVXSD PDLPLFGHSSPQFD]FRQWUDUHVWH
SHORUGHDGPLVLHQDVWIHOGHFD]XULGXS SRVLELOGHWHULRUDUHDVLVWHPXOXLGHFRQWURO
FHFRQVXOWDLRULFDUH&HQWUXDXWRUL]DWGH DOHPLVLLORU
YkQ]ULLVHUYLFH0HUFHGHV%HQ]SXWHL
DGXJDvQEHQ]LQDGLWLYXOFRGSURGXV $XWRYHKLFXOHGRWDWHFXILOWUXGHSDUWL
$5HVSHFWDLLQVWUXFLX FXOHGLHVHOvQULOHvQFDUHFDUEXUDQWXO
QLOHLUDSRUWXULOHGHDPHVWHFDUHLQGLFDWH GLHVHODUHXQFRQLQXWPDLPDUHGHVXOI
SHFRQWDLQHU XOHLXOGHPRWRUWUHEXLHVFKLPEDWPDLIUHF
YHQW3XWHLRELQHLQIRUPDLLVXSOLPHQWDUH
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG&DU UHIHULWRDUHODLQWHUYDOHOHGHVFKLPEDUHD
EXUDQWXOFRQVXOWDLVHFLXQHD XOHLXOXLGHPRWRUGHODRULFDUH&HQWUXDXWR
3DJLQD UL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
0RWRDUHOHWXUER 8WLOL]DUHDXQXLWLSGHFDUEXUDQWFDUHQX
UHVSHFWSUHYHGHULOHVWDQGDUGXOXLHXUR
8WLOL]DLH[FOXVLYEHQ]LQVXSHUIUSOXPE SHDQ(1VDXDOHVWDQGDUGXOXLJHUPDQ
FXFLIUDRFWDQLFGHPLQLP&25 ',1SRDWHDYHDFDHIHFWFUHWHUHD
&20FRQIRUPVWDQGDUGXOXLHXURSHDQ(1 JUDGXOXLGHX]XUGHWHULRUDUHDPRWRUXOXLL
VDXXQXLVWDQGDUGHFKLYDOHQW DVLVWHPXOXLGHHYDFXDUH
QFD]FRQWUDUSXWHLFDX]DUHGXFHUHDSXWH 1XXWLOL]DLXUPWRDUHOH
ULLPRWRUXOXLVDXGHWHULRUDUHDDFHVWXLD
=FDUEXUDQWSHQWUXPRWRDUHGLHVHOPDUL
G &DPVXUWHPSRUDUGRDUvQFD]XOvQ WLPH
FDUHFDUEXUDQWXOUHFRPDQGDWQXHVWHGLV =SURGXVHSHWUROLHUHSHQWUXvQFO]LUH
SRQLELOSXWHLXWLOL]DEHQ]LQSUHPLXPIU =FDUEXUDQWELRGLHVHO
SOXPEFXFLIUDRFWDQLF&25&20
=XOHLYHJHWDO
$FHDVWDSRDWHUHGXFHSHUIRUPDQHOHPRWR
UXOXLLFUHWHFRQVXPXOGHFDUEXUDQW7UH =EHQ]LQ
EXLHHYLWDWDFFHOHUDUHDODPD[LPDDXWR =SDUDILQ
YHKLFXOXOXL =NHURVHQ
1XDPHVWHFDLFDUEXUDQLLGHDFHVWWLSFX
FDUEXUDQWXOGLHVHOLQXXWLOL]DLDGLWLYLVSH
FLDOLQFD]FRQWUDUH[LVWSRVLELOLWDWHD
GHWHULRUULLPRWRUXOXL$FHVWOXFUXQXHVWH
YDODELOSHQWUXDGLWLYLLGHvPEXQWLUHDIOXL
$OLPHQWDUHDFXFRPEXVWLELO
GLWLLFRQVXOWDLVHFLXQHD7HPSHUDWXUL SHFWDLLQVWUXFLXQLOHGHGR]DUHIXUQL]DWHGH
H[WHULRDUHUHGXVH SURGXFWRU
8WLOL]DLXQILOWUXODDGXJDUHDGHFDUEX $PHVWHFDLDGLWLYXOFXFDUEXUDQWXOGLHVHOFkW
&RQGXFHUHDLSDUFDUHD
UDQWGLQWUXQUHFLSLHQWQFD]FRQWUDUFRQ WLPSIOXLGLWDWHDDFHVWXLDGLQXUPHVWHFHD
GXFWHOHGHFDUEXUDQWLVDXVLVWHPXOGH DGHFYDWQFD]FRQWUDUGHIHFLXQLOHFHSRW
LQMHFLHGLHVHOSRWILEORFDWHGHSDUWLFXOHOH DSUHDSRWILUHPHGLDWHQXPDLvQFO]LQGvQWUH
GLQUHFLSLHQW JXOVLVWHPGHDOLPHQWDUHGHH[HPSOXSDU
FkQGDXWRYHKLFXOXOvQWUXQJDUDMvQFO]LW
3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG&DU
5HVSHFWDLLQIRUPDLLOHIXUQL]DWHGHSUR
EXUDQWXOFRQVXOWDLVHFLXQHD
GXFWRUXODGLWLYXOXLDWXQFLFkQGvOXWLOL]DL8WL
3DJLQD
OL]DLQXPDLDGLWLYLGHvPEXQWLUHDIOXLGLWLL
FDUHDXIRVWWHVWDLLDSUREDLGH0HUFHGHV
7HPSHUDWXULH[WHULRDUHVF]XWH %HQ]3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHvQ
QOXQLOHGHLDUQVXQWGLVSRQLELOHWLSXULGH DFHDVWSULYLQGHODRULFDUH&HQWUXDXWRUL]DW
FDUEXUDQWGLHVHOFXIOXLGLWDWHVXSHULRDUSHQ GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
WUXFRQGLLLWHUPLFHVF]XWHQ(XURSDGLIH
ULWHOHFODVHGHFDUEXUDQWGLHVHOSHQWUXWHP
SHUDWXULVF]XWHVXQWVSHFLILFDWHvQVWDQGDU $OLPHQWDUHDFXFRPEXVWLELO
GXO(13HQWUXDHYLWDSUREOHPHOHGH
&ODSHWDEXRQXOXLUH]HUYRUXOXLGHFDU
IXQFLRQDUHXWLOL]DLFDUEXUDQWGLHVHOFDUH
EXUDQW
UHVSHFWVSHFLILFDLLOHFOLPDWLFHSUHY]XWHGH
VWDQGDUGXO(1/DWHPSHUDWXULH[WUHPGH /DGHVFKLGHUHDVDXvQFKLGHUHDDXWRYHKLFXOX
VF]XWHHVWHSRVLELOFDIOXLGLWDWHDFDUEXUDQ OXLFXDMXWRUXOFKHLLFODSHWDEXRQXOXLUH]HU
WXOXLVILHQHFRUHVSXQ]WRDUH$FHVWOXFUX YRUXOXLHVWHGHVFXLDWVDXvQFXLDWDXWRPDW
HVWHYDODELOLSHQWUXFDUEXUDQWXOFDUHQXD &ODSHWDEXRQXOXLUH]HUYRUXOXLGHFDUEXUDQW
IRVWDGDSWDWFRQGLLLORUFOLPDWLFHGHH[HPSOX HVWHDPSODVDWvQSDUWHDGUHDSWVSDWHD
FDUEXUDQWGLHVHOXWLOL]DWvQUHJLXQLFXWHPSH DXWRYHKLFXOXOXL3R]LLDDFHVWHLDHVWHDILDW
UDWXULPDLULGLFDWH SHSDQRXOGHLQVWUXPHQWH6JHDWDGH
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHUHIHUL OkQJSRPSDGHDOLPHQWDUHLQGLFSDUWHD
WRDUHODSURSULHWLOHVSHFLILFHDOHFDUEX DXWRYHKLFXOXOXLSHFDUHVHDIOEXRQXOGHDOL
UDQWXOXLXWLOL]DWvQGLIHULWHULDSHODLOD PHQWDUH
FRPSDQLLOHSHWUROLHUHGHH[HPSOXVWDLLOH
GHEHQ]LQ
$GLWLYLLSHQWUXvPEXQWLUHDIOXLGLWLL
3XWHLXWLOL]DDGLWLYLSHQWUXvPEXQWLUHDIOXL
GLWLLvQYHGHUHDDVLJXUULLXQHLUH]LVWHQH
RSWLPHODIULJDFDUEXUDQWXOXLGLHVHO(ILFLHQD
DGLWLYXOXLGHvPEXQWLUHDIOXLGLWLLQXSRDWH
ILJDUDQWDWSHQWUXILHFDUHWLSGHFDUEXUDQW
'R]DUHDFRUHFWLDPHVWHFDUHDRSWLPVXQW
GRLIDFWRULHVHQLDOLSHQWUXvPEXQWLUHD C 3HQWUXGHVFKLGHUHDFODSHWHLEXRQXOXL
UH]LVWHQHLFDUEXUDQWXOXLODWHPSHUDWXUL UH]HUYRUXOXLGHFDUEXUDQW
VF]XWHQDQXPLWHVLWXDLLRGR]DUHH[FHVLY D 3HQWUXIL[DUHDFDSDFXOXLEXRQXOXLUH]HU
SRDWHUHGXFHUH]LVWHQDFDUEXUDQWXOXLODWHP YRUXOXLGHFDUEXUDQW
SHUDWXULVF]XWHLQXHVWHUHFRPDQGDW5HV
$OLPHQWDUHDFXFRPEXVWLELO
7DEHOFXYDORULOHSUHVLXQLLvQSQHXUL 'HVFKLGHLKD\RQXO
7LSXOGHFDUEXUDQW 'HVFKLGHLFDSDFXOGLQSDUWHDGUHDSWD
FRPSDUWLPHQWXOXLSHQWUXEDJDMH
&RQGXFHUHDLSDUFDUHD
'HVFKLGHUH 3DJLQD
$SVDLFODSHWDEXRQXOXLUH]HUYRUXOXLGH
FDUEXUDQWvQVHQVXOLQGLFDWGHVJHDWDC
5RWLLFDSDFXOUH]HUYRUXOXLEXRQXOXLGH
FDUEXUDQWVSUHVWkQJDLVFRDWHLO
,QWURGXFHLFDSDFXOEXRQXOXLUH]HUYRUXOXL
GHFDUEXUDQWvQVXSRUWXOVLWXDWSHSDUWHD
LQWHULRDUDFODSHWHLD
,QWURGXFHLFRPSOHWJkWXOGHXPSOHUHDO
SLVWROXOXLSRPSHLGHFDUEXUDQWvQUH]HUYRU
LDOLPHQWDL
8PSOHLUH]HUYRUXOGRDUSkQODRSULUHDSLV 7UDJHLGLVSR]LWLYXOGHGHEORFDUHGHDYD
WROXOXLSRPSHLGHFDUEXUDQW ULHCvQVHQVXOLQGLFDWGHVJHDW
&ODSHWDEXRQXOXLUH]HUYRUXOXLHVWHGHV
8PSOHUHDH[FHVLYDUH]HUYRUXOXLSRDWH FXLDW
GHWHULRUDVLVWHPXOGHDOLPHQWDUH 'HVFKLGHLFODSHWDEXRQXOXLUH]HUYRUXOXL
GHFDUEXUDQW
QFKLGHUH
)L[DLODORFFDSDFXOEXRQXOXLUH]HUYRUXOXL
GHFDUEXUDQWLURWLLOVSUHGUHDSWD'DF
VHvQFKLGHFRUHFWYHLDX]LVXQHWXOVSHFLILF
QFKLGHLFODSHWDEXRQXOXLUH]HUYRUXOXLGH
FDUEXUDQW
'HVFXLHUHDGHDYDULHDFODSHWHLEXR
QXOXLUH]HUYRUXOXLGHFDUEXUDQW
3HULFROGHUQLUH
(VWHSRVLELOFDPXFKLLOHGHSHSDUWHDLQWH
ULRDUDFDURVHULHLVILHDVFXLWH3ULQXUPDUH
H[LVWSHULFROXOGHUQLUHDWXQFLFkQGXWLOL]DL
GLVSR]LWLYXOGHGHEORFDUHGHDYDULHDFODSHWHL
EXRQXOXLUH]HUYRUXOXLGHFDUEXUDQW(YLWDL
FRQWDFWXOFXPXFKLLOHGHSHSDUWHDLQWHULRDU
DFDURVHULHL
'LVSR]LWLYXOGHGHEORFDUHvQFD]GHDYDULHD
FODSHWHLEXRQXOXLUH]HUYRUXOXLGHFDUEXUDQW
VHDIOvQVSDWHOHFDSLWRQDMXOXLODWHUDODOFRP
SDUWLPHQWXOXLSHQWUXEDJDMH
$OLPHQWDUHDFXFRPEXVWLELO
3UREOHPHDOHFDUEXUDQWXOXLLUH]HUYRUXOXLGHFDUEXUDQW
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD
$XWRYHKLFXOXOSUH]LQW 3HULFROGHH[SOR]LHVDXLQFHQGLX
VFXUJHULGHFDUEXUDQW
([LVWRGHIHFLXQHODFLUFXLWXOGHDOLPHQWDUHVDXODUH]HUYRUXOGH
FDUEXUDQW
5RWLLLPHGLDWFKHLDvQFRQWDFWvQSR]LLD3DJLQDL
VFRDWHLR
1XSRUQLLvQQLFLXQFD]PRWRUXO
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&ODSHWDEXRQXOXL &ODSHWDEXRQXOXLUH]HUYRUXOXLHVWHvQFXLDW
UH]HUYRUXOXLQXSRDWHIL VDX
GHVFKLV %DWHULLOHFKHLLVXQWGHVFUFDWH
'HVFXLDLDXWRYHKLFXOXOFXFKHLDPHFDQLFGHDYDULH
3DJLQD
'HVFKLGHLKD\RQXO
'HVFXLDLPDQXDOFODSHWDEXRQXOXLUH]HUYRUXOXLGHFDUEXUDQW
XWLOL]kQGGLVSR]LWLYXOGHGHEORFDUHvQFD]GHDYDULH
3DJLQD
3DUFDUHD
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&ODSHWDEXRQXOXLUH]HUYRUXOXLGHFDUEXUDQWHVWHGHVFXLDWGDU
&RQGXFHUHDLSDUFDUHD
PHFDQLVPXOGHGHVFKLGHUHHVWHEORFDW
'HVFXLDLPDQXDOFODSHWDEXRQXOXLUH]HUYRUXOXLGHFDUEXUDQW
XWLOL]kQGGLVSR]LWLYXOGHGHEORFDUHvQFD]GHDYDULH
3DJLQD
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOQXSRUQHWH 5H]HUYRUXOGHFDUEXUDQWDODXWRYHKLFXOXOXLFXPRWRUGLHVHOHVWH
FRPSOHWJRO
5HDOLPHQWDLDXWRYHKLFXOXOFXFHOSXLQOLWULGHFDUEXUDQW
3XQHLFRQWDFWXOSHQWUXFHOSXLQVHFXQGH3DJLQD
3RUQLLPRWRUXOvQPRGFRQWLQXXWLPSGHPD[LPVHFXQGH
SkQFkQGIXQFLRQHD]XQLIRUP
VDX
3RUQLLPRWRUXOSULQLQWHUPHGLXOIXQFLHLWRXFKVWDUWQDFHVW
VFRSURWLLFKHLDvQFRQWDFWvQSR]LLD3DJLQDLHOLEH
UDLRLPHGLDW
'DFPRWRUXOvQFQXSRUQHWH
3XQHLGLQQRXFRQWDFWXOSHQWUXDSUR[LPDWLYVHFXQGH
3DJLQD
3RUQLLGLQQRXPRWRUXOvQPRGFRQWLQXXWLPSGHPD[LP
VHFXQGHSkQFkQGIXQFLRQHD]XQLIRUP
VDX
3RUQLLGLQQRXPRWRUXOSULQLQWHUPHGLXOIXQFLHLWRXFKVWDUW
'DFPRWRUXOQXSRUQHWHGXSWUHLvQFHUFUL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3DUFDUHD 3HULFROGHLQFHQGLX
$VLJXUDLYFVLVWHPXOGHHYDFXDUHQXLQWU
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
QLFLRGDWvQFRQWDFWFXPDWHULDOHXRULQIOD
UDQD
PDELOHFXPDUILLDUEDXVFDWVDXEHQ]LQDQ
3HULFROGHDFFLGHQW FD]FRQWUDUPDWHULDOXOUHVSHFWLYVHSRDWH
6FRDWHLFKHLDGLQFRQWDFWQXPDLFkQGDXWR DSULQGHLSRDWHLQFHQGLDDXWRYHKLFXOXO
YHKLFXOXOVWDLRQHD]GHRDUHFHDFLRQDUHD
3HQWUXDDVLJXUDDXWRYHKLFXOXOvPSRWULYD
GLUHFLHLHVWHLPSRVLELOFkQGFKHLDHVWH
GHSODVULLDFFLGHQWDOH
VFRDVGLQFRQWDFW
=DFLRQDLIUkQDGHSDUFDUH
1XOVDLQLFLRGDWFRSLLLQHVXSUDYHJKHDLvQ
DXWRYHKLFXO$FHWLDSRWHOLEHUDDFFLGHQWDO =SHQWUXDXWRYHKLFXOHOHFXWUDQVPLVLH
IUkQDGHSDUFDUHHOHFWULF$FHVWIDSWSRDWH PDQXDOFXSODLSULPDWUHDSWGHYLWH]
FDX]DXQDFFLGHQWJUDYVDXPRUWDO VDXWUHDSWDGHPHUVvQDSRL
3DUFDUHD
=SHQWUXDXWRYHKLFXOHOHFXWUDQVPLVLHDXWR )UkQDGHSDUFDUH
PDW$8727521,&PDQHWDVHOHFWRUXOXL
WUHEXLHVVHDIOHvQSR]LLD3LFKHLDWUH
&RQGXFHUHDLSDUFDUHD
EXLHVILHVFRDVGLQFRQWDFW
=vQUDPSHVDXSDQWHDEUXSWHEUDFDLURLOH
GLQIDVSUHPDUJLQHDFDURVDELOXOXL
2SULUHDPRWRUXOXL
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
3HULFROGHDFFLGHQW
$VLVWDUHDGLUHFLHLLDIUkQULLQXHVWHGLVSR 3HQWUXDFLRQDUH7UDJHLIHUPPDQHWD
QLELOFkQGPRWRUXOQXHVWHvQIXQFLXQHQ IUkQHLGHSDUFDUHCvQVXV
DFHVWFD]DFLRQDUHDGLUHFLHLLIUkQDUHD /DPSDPDUWRUMGHSHSDQRXOGHLQVWUX
QHFHVLWXQHIRUWFRQVLGHUDELOPDLPDUH PHQWHVHDSULQGHGDFPRWRUXOHVWHvQ
QFRQVHFLQHVWHSRVLELOVSLHUGHLFRQWUR IXQFLXQH
OXODVXSUDDXWRYHKLFXOXOXLSURYRFkQGXQDFFL 3HQWUXHOLEHUDUH$SVDLSHGDODGHIUkQ
GHQWLUQLUHDGXPQHDYRDVWUVDXDDOWRUSHU LPHQLQHLRDSVDW
VRDQH /DDXWRYHKLFXOHOHFXWUDQVPLVLH$872752
1XRSULLQLFLRGDWPRWRUXOvQWLPSXOFRQGX 1,&GLVSR]LWLYXOGHEORFDUHDPDQHWHL
FHULL VHOHFWRUXOXLHVWHHOLEHUDW
$SVDLEXWRQXOGHHOLEHUDUHDGHSHIUkQD
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO GHSDUFDUHCLGHSODVDLPDQHWDIUkQHLGH
SDUFDUHvQMRVSkQODFDSWXOFXUVHL
6FKLPEDLvQSULPDWUHDSWGHYLWH]VDX /DPSDPDUWRUMGHSHSDQRXOGHLQVWUX
WUHDSWDGHPHUVvQDSRL5
PHQWHVHVWLQJH
5RWLLFKHLDvQFRQWDFWvQSR]LLDLVFRD
WHLR
6LVWHPXOGHLPRELOL]DUHHVWHDFWLYDW 3DUFDUHDDXWRYHKLFXOXOXL
$FLRQDLIHUPIUkQDGHSDUFDUH
'DFDXWRYHKLFXOXOHVWHSDUFDWSHQWUXR
SHULRDGPDLPDUHGHSDWUXVSWPkQLEDWH
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDW ULDSRDWHILGHWHULRUDWvQXUPDGHVFUFULL
$8727521,& FRPSOHWH
'HSODVDLPDQHWDVHOHFWRUXOXLvQSR]LLD3 'HFRQHFWDLEDWHULD3DJLQDVDX
5RWLLFKHLDvQFRQWDFWvQSR]LLDLVFRD FRQHFWDLRODXQUHGUHVRU
WHLR G ,QIRUPDLLVXSOLPHQWDUHUHIHULWRDUHOD
6LVWHPXOGHLPRELOL]DUHHVWHDFWLYDW UHGUHVRDUHSRWILRELQXWHGHODXQDWHOLHU
$FLRQDLIHUPIUkQDGHSDUFDUH GHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOXGHOD
XQ&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH
0HUFHGHV%HQ]
'DFDXWRYHKLFXOXOHVWHSDUFDWSHQWUXR
SHULRDGPDLPDUHGHDVHVSWPkQLDFHVWD
SRDWHVXIHULGHWHULRUUL
5HFRPDQGULSULYLQGFRQGXFHUHDDXWRYHKLFXOXOXL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
]DWSHQWUXFRQVXOWDQ GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD
&RQGXFHUHDLSDUFDUHD
5HFRPDQGULSULYLQGFRQGXFHUHD 3HULFROGHDFFLGHQW
DXWRYHKLFXOXOXL $VLJXUDLYFQXSXQHLvQSHULFROSHFHLODOL
SDUWLFLSDQLODWUDILFDWXQFLFkQGIUkQDL
5HFRPDQGULJHQHUDOHSULYLQGFRQGX
FHUHDDXWRYHKLFXOXOXL
3DQWHGHVFHQGHQWH
'HSODVDUHDDXWRYHKLFXOXOXLFXPRWRUXO
RSULW /DFRERUkUHDXQHLSRULXQLOXQJLGHSDQW
DEUXSWvQVSHFLDOGDFDXWRYHKLFXOXOHVWH
3HULFROGHDFFLGHQW vQFUFDWVDXWUDFWDLRUHPRUFWUHEXLHV
1XRSULLQLFLRGDWPRWRUXOFkQGDXWRYHKLFX VHOHFWDLGLQWLPSRWUHDSWGHYLWH]LQIH
OXOVHDIOvQPLFDUH ULRDUVDXvQFD]XODXWRYHKLFXOHORUFX$872
$VLVWDUHDGLUHFLHLVDXDIUkQULLQXHVWHGLV 7521,&VVHOHFWDLWUHDSWDGHYLWH]
SRQLELODWXQFLFkQGPRWRUXOQXHVWHvQIXQF VDX
LXQH G $FHVWOXFUXHVWHYDODELOLGDFDLDFWLYDW
9DILQHFHVDUXQHIRUWVHPQLILFDWLYPDLPDUH VLVWHPXOWHPSRPDWVDX63(('7521,&
SHQWUXPHQLQHUHDGLUHFLHLLSHQWUXIUkQDUH $VWIHOYHLXWLOL]DIUkQDGHPRWRULDUYLWH]D
DVWIHOvQFkWSXWHLSLHUGHFRQWUROXODXWRYHKL DXWRYHKLFXOXOXLYDILPHQLQXWIUDILQHFH
FXOXOXLLFDX]DXQDFFLGHQW VDUVROLFLWDUHDIUkQHORUODIHOGHLQWHQV6LV
WHPXOGHIUkQDUHQXYDILVXSUDVROLFLWDWSUH
YHQLQGXVHvQFO]LUHDLX]XUDH[FHVLYDIUk
8OHLXOGHPRWRU QHORU'DFHVWHQHYRLHGHRIUkQDUHVXSOL
3HQWUXDXWRYHKLFXOHOHFXILOWUXGHSDU PHQWDUDSVDLSHGDODGHIUkQvQPRGUHSH
WLFXOHGLHVHO WDWLQXFRQWLQXX
'DFDXWRYHKLFXOXOHVWHFRQGXVvQSULQFLSDO
SHGLVWDQHVFXUWHHVWHSRVLELOVDSDU
6DUFLQLPDULLXRDUH
GHIHFLXQLvQWLPSXOFXUULLDXWRPDWHDILO 3HULFROGHDFFLGHQW
WUXOXLGHSDUWLFXOHGLHVHO$FHVWOXFUXSRDWH 1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ
DYHDFDHIHFWGHWHULRUDUHDPRWRUXOXL3ULQ vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP
XUPDUHvQFD]XOvQFDUHFRQGXFHLIUHFYHQW SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW
SHGLVWDQHVFXUWHUXODLSHDXWRVWUDGVDX LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW
SHGUXPXULH[WUDXUEDQHWLPSGHGH IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH
PLQXWHFHOSXLQODILHFDUHNP IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU
$FLRQDUHDIUkQHORU 'DFIUkQHOHDXIRVWVROLFLWDWHLQWHQVQXRSULL
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX DXWRYHKLFXOXOLPHGLDWFLPDLFRQGXFHLR
UDQD SHULRDGGHWLPS$FHVWIDSWSHUPLWHIOX[XOXL
GHDHUVUHDOL]H]HRUFLUHPDLUDSLGDIUk
3HULFROGHDFFLGHQW QHORU
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU 'DFXWLOL]DLIUkQDFXPRGHUDLHWUHEXLHV
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD LYHULILFDLRFD]LRQDOHILFLHQDQDFHVWVHQV
5HFRPDQGULSULYLQGFRQGXFHUHDDXWRYHKLFXOXOXL
IUkQDLPDLHQHUJLFODRYLWH]PDLPDUH$VWIHO 3OFXHJDUQLWXULQRLGHIUkQ
HVWHDPHOLRUDWDGHUHQDIUkQHORU
3HULFROGHDFFLGHQWDUH
&RQGXFHUHDLSDUFDUHD
&DURVDELOXPHG 3OFXHOHJDUQLWXULOHGHIUkQQRLDVLJXUR
IUkQDUHRSWLPGXSSDUFXUJHUHDFkWRUYDVXWH
QFD]XOvQFDUHFRQGXFHLvQWLPSXOXQHLSORL GHNLORPHWULQDLQWHGHDWLQJHUHDDFHVWXLQLYHO
WRUHQLDOHIUDIUkQDSHQWUXPDLPXOWWLPS RSWLPWUHEXLHVFRPSHQVDLHIHFWXOUHGXVGH
DWXQFLFkQGIUkQDLSULPDRDUHVWHSRVLELO IUkQDUHDFLRQkQGIUkQDPDLSXWHUQLF$FHDVW
vQWkU]LHUHDHIHFWXOXLGHIUkQDUH$FHVWHIHFW UHFRPDQGDUHHVWHYDODELOLSHQWUXFD]XULOH
VHSRDWHSURGXFHLGXSVSODUHDDXWRYHKL vQFDUHGLVFXULOHLSOFXHOHJDUQLWXULOHGH
FXOXOXL IUkQDXIRVWvQORFXLWH
(VWHQHFHVDUDSVDUHDPDLIHUPDSHGDOHL
GHIUkQ0HQLQHLRGLVWDQPDLPDUHID 0HUFHGHV%HQ]UHFRPDQGFDGLQPRWLYHGH
GHDXWRYHKLFXOXOGLQID VLJXUDQVXWLOL]DLH[FOXVLYSOFXHJDUQL
'XSFHDLFRQGXVSHFDURVDELOXPHGVDXDL WXULGHIUkQFDUHDXIRVWRPRORJDWHSHQWUX
VSODWDXWRYHKLFXOXOIUkQDLSXWHUQLFLQkQG DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUH
FRQWGHFRQGLLLOHGHWUDILF$FHDVWDFLXQH FRUHVSXQGVWDQGDUGXOXLGHFDOLWDWHHFKLYD
YDvQFO]LGLVFXULOHGHIUkQFHHDFHYDGHWHU OHQW3OFXHOHJDUQLWXULOHGHIUkQFDUHQXDX
PLQDXVFDUHDPDLUDSLGDDFHVWRUDLSURWH IRVWRPRORJDWHSHQWUXDXWRYHKLFXOHOH0HUFH
MDUHDORUvPSRWULYDFRUR]LXQLL GHV%HQ]VDXFDUHQXDXXQQLYHOGHFDOLWDWH
FRUHVSXQ]WRUSRWDIHFWDQHJDWLYVLJXUDQD
5HGXFHUHDHIHFWXOXLGHIUkQDUHSHFDUR IXQFLRQDODDXWRYHKLFXOXOXL
VDELOXODFRSHULWFXVDUH
3HULFROGHDFFLGHQWDUH $GHUHQDSQHXULORU
6WUDWXOGHVDUHGHSHGLVFXULOHGHIUkQLGH
3HULFROGHDFFLGHQW
SHSOFXHOHJDUQLWXULOHGHIUkQSRWFDX]D
QWLPSFHSHFDURVDELOXVFDWDXWRYHKLFXOXO
vQWkU]LHUHDHIHFWXOXLGHIUkQDUHGXFkQGOD
SRDWHILSHGHSOLQFRQWURODWODDQXPLWHYLWH]H
PULUHDVHPQLILFDWLYDGLVWDQHLGHIUkQDUH
SHFDURVDELOXPHGVDXDFRSHULWFXSROHLHVWH
IDSWFDUHSRDWHSURYRFDXQDFFLGHQW
QHFHVDUUHGXFHUHDYLWH]HLSHQWUXDRELQH
3HQWUXDHYLWDDFHVWSHULFROWUHEXLH DFHODLQLYHOGHVLJXUDQvQWUDILFQFD]FRQ
=VIUkQDLFXDWHQLHGLQFkQGvQFkQGvQ WUDUDLSXWHDSURYRFDXQDFFLGHQW
WLPSXOGHSODVULLSHFDURVDELODFRSHULWFX 7UHEXLHVDFRUGDLRDWHQLHVSHFLDOFRQGL
VDUHIUDSXQHvQSHULFROVLJXUDQDDOWRU LLORUGHGUXPGDFWHPSHUDWXUDH[WHULRDU
SDUWLFLSDQLODWUDILF$FHVWOXFUXDMXWOD DUHYDORULDSURSLDWHFHOHLGHvQJKH
vQGHSUWDUHDVWUDWXOXLGHVDUHFDUHSUREDELO
QFD]XOvQFDUHVXSUDIDDFDURVDELOXOXLHVWH
DvQFHSXWVVHDFXPXOH]HSHGLVFXULOHL
DFRSHULWGHSROHLGHH[HPSOXvQXUPD
SOFXHOHJDUQLWXULOHGHIUkQ
vQJKHULLDSHLGLQFRQGHQVDUHDFHLLIUkQD
=VPHQLQHLRGLVWDQGHIUkQDUHPDLPDUH
UHDDXWRYHKLFXOXOXLYDDQWUHQDIRUPDUHDXQXL
IDGHDXWRYHKLFXOXOGLQIDLVFRQGX VWUDWVXELUHGHDSVXEURLFDUHUHGXFHFRQ
FHLFXIRDUWHPXOWDWHQLH VLGHUDELODGHUHQDSQHXULORUQDVWIHOGHFRQ
=IUkQDLFXDWHQLHODILQDOXOXQHLGHSODVULL GLLLPHWHRURORJLFHHVWHQHFHVDUVFRQGXFHL
LPHGLDWGXSvQFHSHUHDDOWHLDDVWIHOvQFkW FXRDWHQLHVSRULW
UHVWXULOHGHVDUHVILHvQGHSUWDWHGHSH
GLVFXULOHGHIUkQ
5HFRPDQGULSULYLQGFRQGXFHUHDDXWRYHKLFXOXOXL
&RQGXFHUHSHGUXPXULXPHGH 3QHXULGHLDUQ
$FYDSODQDUHD 8WLOL]DLSQHXULGHLDUQFkQGWHPSHUDWXUD
H[WHULRDUFRERDUVXELGUXPXULOH
&RQGXFHUHDLSDUFDUHD
QFD]XOvQFDUHDSDDFXPXODWSHFDURVDELO VXQWDFRSHULWHGH]SDGVDXJKHD'RDU
GHSHWHRDQXPLWDGkQFLPHH[LVWSHUL SQHXULOHSHQWUXLDUQFDUHDXLVLPEROXOXQXL
FROXODFYDSODQULLDXWRYHKLFXOXOXLFKLDUGDF IXOJGH]SDGMDOWXULGHPDUFDMXO
=FRQGXFHLFXYLWH]UHGXV 06IXUQL]HD]FHDPDLEXQDGHUHQvQ
=SQHXULOHDXRDGkQFLPHFRUHVSXQ]WRDUHD FRQGLLLGHFDURVDELOVSHFLILFHLHUQLL'RDU
SURILOXOXLGHUXODUH DFHVWHSQHXULSHUPLWIXQFLRQDUHDRSWLPD
VLVWHPHORUGHDVLVWDUHDFRQGXFHULL$%6L
'LQDFHVWPRWLYQXFRQGXFHLSULQDQXULOH
FUHDWHGHURLOHDOWRUDXWRYHKLFXOHLIUkQDL (63vQFRQGLLLGHLDUQGHRDUHFHDXIRVW
FXDWHQLH FRQFHSXWHvQPRGVSHFLDOSHQWUXUXODUHDSH
]SDG
&RQGXFHUHSHGUXPXULLQXQGDWH 8WLOL]DLSQHXUL06GHDFHODLWLSLFXSURILO
GHUXODUHLGHQWLFSHQWUXWRDWHURLOHSHQWUXD
'DFHVWHQHFHVDUVFRQGXFHLSHSRULXQL PHQLQHFDSDFLWDWHDGHPDQHYUDUHDDXWRYH
GHFDURVDELODFRSHULWHGHDSDYHLvQYHGHUH KLFXOXOXL
XUPWRDUHOHDVSHFWH
3HULFROGHDFFLGHQW
=DGkQFLPHDPD[LPDGPLVDDSHLSULQFDUH
3QHXULOH06FXDGkQFLPHDSURILOXOXLVXSUD
SRDWHWUHFHDXWRYHKLFXOXOHVWHGHFP
IHHLGHUXODUHVXEPPWUHEXLHvQORFXLWH
=QXFRQGXFHLFXRYLWH]PDLPDUHGHFkW
LPHGLDW$FHVWHDQXPDLVXQWDGHFYDWHXWL
YLWH]DPHUVXOXLSHMRV OL]ULLSHWLPSGHLDUQvQVSHFLDOGLQFDX]D
LQHLFRQWGHIDSWXOFDXWRYHKLFXOHOH DGHUHQHLLQVXILFLHQWH3XWHLSLHUGHFRQWUROXO
FDUHVHGHSODVHD]vQIDVDXGLQVHQV DVXSUDDXWRYHKLFXOXOXLLSURYRFDXQDFFL
RSXVJHQHUHD]YDOXUL$FHDVWDSRDWHDYHD GHQW
GUHSWUH]XOWDWGHSLUHDDGkQFLPLLPD[LPH
DGPLVHDVWUDWXOXLGHDS 5HVSHFWDLvQWRWGHDXQDOLPLWDPD[LPGH
YLWH]VSHFLILFDWSHQWUXSQHXULOH06XWLOL
1HUHVSHFWDUHDDFHVWRUUHFRPDQGULSRDWH
]DWH
DYHDGUHSWXUPDUHGHIHFWDUHDPRWRUXOXLD
VLVWHPHORUHOHFWULFHVDXDWUDQVPLVLHL 'DFPRQWDLSQHXUL06SHQWUXFDUHOLPLWD
PD[LPGHYLWH]VSHFLILFDWHVWHPDLPLF
GHFkWYLWH]DPD[LPDDXWRYHKLFXOXOXLHVWH
&RQGXFHUHSHWLPSGHLDUQ QHFHVDUDPSODVDUHDXQXLVHPQGHDYHUWL]DUH
FRUHVSXQ]WRUvQFkPSXOYL]XDODORIHUXOXL
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX $FHVWDSRDWHILRELQXWGHODXQDWHOLHUGH
UDQD VSHFLDOLWDWHDXWRUL]DWGHH[HPSOXGHODXQ
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
3HQWUXSUHJWLUHDDXWRYHKLFXOXOXLSHQWUX
GHV%HQ]
VH]RQXOUHFHDSHODLODXQDWHOLHUGHVSHFLDOL
WDWHDXWRUL]DWGHH[HPSOXODXQ&HQWUXDXWR QDVWIHOGHFD]XULHVWHUHFRPDQGDWUHGXFH
UL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ] UHDYLWH]HLPD[LPHDDXWRYHKLFXOXOXLXWLOL]kQG
vQDLQWHGHVRVLUHDLHUQLL VLVWHPXO63(('7521,&SHUPDQHQWDVWIHO
5HVSHFWDLUHFRPDQGULOHGLQVHFLXQHD8WL vQFkWVQXGHSHDVFYLWH]DPD[LPDGPLV
OL]DUHDSHWLPSGHLDUQ3DJLQD SHQWUXSQHXULOH063DJLQD
'LVSRQLELOQXPDLvQDQXPLWHUL
5HFRPDQGULSULYLQGFRQGXFHUHDDXWRYHKLFXOXOXL
'DFDLPRQWDWSQHXUL06 H[FOXVLYODQXULFX]DOHPLFL&kQGUXODLFX
9HULILFDLSUHVLXQHDvQSQHXUL ODQXULOHDQWLGHUDSDQWHPRQWDWHWUHEXLHV
3DJLQD YGHSODVDLH[FOXVLYvQOLQLHGUHDSWQFD]
&RQGXFHUHDLSDUFDUHD
FRQWUDUHVWHSRVLELOFDDFHVWHDVLQWUHvQ
3HULFROGHDFFLGHQW FRQWDFWFXHOHPHQWHOHFDURVHULHLFkQGEUD
'DFPRQWDLURDWDGHUH]HUYSHSDUFXUVXO FDLURLOHGLQID
XWLOL]ULLSQHXULORU06OXDLvQFRQVLGHUDUH 3HQWUXDXWRYHKLFXOHOHFXMDQWHGLQRHO
IDSWXOFVWDELOLWDWHDDXWRYHKLFXOXOXLYDIL
'DFGRULLVPRQWDLODQXULDQWLGHUD
DIHFWDWQHJDWLYGHLQVWDELOLWDWHDODYLUDMHSUR
SDQWHSHURLFXMDQWHGLQRHOvQGHSUWDL
YRFDWGHSQHXULOHGHWLSXULGLIHULWH'LQDFHVW
PDLvQWkLFDSDFHOHGHURDWUHVSHFWLYHQ
PRWLYHVWHQHFHVDUVYDGDSWDLVWLOXOGH
FD]FRQWUDUDFHVWHDDUSXWHDILGHWHULRUDWH
FRQGXFHUHQRLORUFRQGLLLLVFRQGXFHLFX
DWHQLHVSRULW 'DFDYHLPRQWDWHODQXULDQWLGHUDSDQWHQX
$SHODLODFHOPDLDSURSLDWDWHOLHUGHVSHFLDOL SXWHLXWLOL]DVLVWHPXODFWLYGHDVLVWDUHODSDU
WDWHDXWRUL]DWFDUHGHLQHHFKLSDPHQWXOL FDUH3DJLQD
FXQRWLQHOHWHKQLFHQHFHVDUHSHQWUXvQORFXL 1XGHSLLYLWH]DPD[LPDGPLVGH
UHDURLLGHUH]HUYQDFHVWVFRS0HUFHGHV NPK
%HQ]YUHFRPDQGVDSHODLODXQ&HQWUX
DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV &DURVDELODOXQHFRV
%HQ](VWHSULRULWDUvQFUHGLQDUHDOXFUULORU
FHLPSOLFVLJXUDQDLVLVWHPHOHGHVLJXUDQ 3HULFROGHDFFLGHQW
XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW 1XVFKLPEDLvQWURWUHDSWGHYLWH]LQIH
ULRDUSHQWUXDDPSOLILFDHIHFWXOIUkQHLGH
PRWRUSHFDURVDELODOXQHFRV$FHDVWDSRDWH
/DQXULDQWLGHUDSDQWH
SURYRFDSLHUGHUHDDGHUHQHLURLORUPRWULFHL
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]Y DXWRYHKLFXOXOSRDWHGHUDSD
UHFRPDQGVXWLOL]DLGRDUODQXULDQWLGHUD
SDQWHFDUHDXIRVWRPRORJDWHVSHFLDOSHQWUX &RQGXFHLFXDWHQLHVSRULWSHVXSUDIHHGH
DXWRYHKLFXOHOH0HUFHGHV%HQ]VDXFDUHDXXQ FDURVDELODOXQHFRDVH(YLWDLPDQHYUHOH
VWDQGDUGGHFDOLWDWHFRUHVSXQ]WRU EUXWHGHDFFHOHUDUHYLUDUHLIUkQDUH
'DFLQWHQLRQDLVPRQWDLODQXULDQWLGHUD 'DFDXWRYHKLFXOXOHVWHvQSHULFROGHDGHUDSD
SDQWHDYHLvQYHGHUHXUPWRDUHOHDVSHFWH VDXQXSRDWHILRSULWFkQGVHGHSODVHD]FX
=ODQXULOHDQWLGHUDSDQWHQXSRWILPRQWDWHSH
YLWH]UHGXV
WRDWHFRPELQDLLOHMDQWSQHXFRQVXOWDL $XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDO
LQIRUPDLLOHUHIHULWRDUHOD-DQWHLSQHXUL FRPXWDLvQSR]LLDQHXWU
GLQVHFLXQHD'DWHWHKQLFH $XWRYHKLFXOHOHFXVLVWHP$8727521,&
=ODQXULOHDQWLGHUDSDQWHQXSRWILPRQWDWHSH GHSODVDLPDQHWDVHOHFWRUXOXLvQSR]LLD1
URLOHGHUH]HUYGHH[HPSOXSHURDWDGH QFHUFDLVPHQLQHLFRQWUROXODVXSUD
WLS0LQLVSDUH DXWRYHKLFXOXOXLSULQFRUHFWDUHDGLUHFLHL
=0RQWDLODQXULOHDQWLGHUDSDQWHQXPDLvQ
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHSULYLQG
SHUHFKHLQXPDLSHURLOHGLQID5HV
FRQGXFHUHDFXODQXULDQWLGHUDSDQWHFRQ
SHFWDLLQVWUXFLXQLOHGHPRQWDUHIXUQL]DWH
VXOWDL3DJLQD
GHSURGXFWRU
3HQWUXDXWRYHKLFXOHOHFXMDQWHGH
/DQXULOHDQWLGHUDSDQWHWUHEXLHPRQWDWH
QXPDLSHQWUXDVLVWHQODGHPDUDM8WLOL]DL
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
&RQGXFHUHvQDIDUDULL $XWRYHKLFXOHOHFXIDUXULFXIDVFLFXOFRQ
FHQWUDWVDXFXIDUXULEL[HQRQSHQWUX
1RWHJHQHUDOH FRPXWDUHDIDUXULORUDSHODLODXQDWHOLHUGH
&RQGXFHUHDLSDUFDUHD
2UHHDH[WLQVGHFHQWUHDXWRUL]DWHGH VSHFLDOLWDWHDXWRUL]DWGHH[HPSOXODXQ
YkQ]ULLVHUYLFH0HUFHGHV%HQ]HVWHGLVSR &HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HU
QLELOLvQDOWHUL1XPHUHOHGHWHOHIRQDOH FHGHV%HQ]
OLQLHLGHDVLVWHQWHKQLFGLVSRQLELOHGLQ $WXQFLFkQGFRQGXFHLGLQQRXSHDFHHDL
VWULQWDWHVHJVHVFvQVHFLXQHD6HU SDUWHDGUXPXOXLFDvQDUDvQFDUHDIRVWvQPD
YLFHKDFDLHWXOXLGHVHUYLFH WULFXODWDXWRYHKLFXOXOFRPXWDLODORFIDUXULOH
QDQXPLWHULHVWHGLVSRQLELOGRDUFDUEXUDQW vQPRGXOID]VFXUWDVLPHWULFFkWGHUHSHGH
FXFLIURFWDQLFLQIHULRDU,QIRUPDLLVXSOL SRVLELOGXSWUHFHUHDJUDQLHL
PHQWDUHGHVSUHFDOLWDWHDFDUEXUDQWXOXLVXQW
GLVSRQLELOHOD3DJLQD
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
0RGXOVLPHWULFSHQWUXID]DVFXUWD 7HPSRPDWXO
IDUXULORU
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
&RPXWDUHD UDQD
QFD]XOvQFDUHFOWRULLvQULXQGHWUDILFXO
VHGHVIRDUSHVHQVXORSXVDOGUXPXOXLID 7HPSRPDWXOYDMXWVPHQLQHLRYLWH]GH
GHDUDXQGHDXWRYHKLFXOXODIRVWvQPDWULFXODW GHSODVDUHFRQVWDQW&kQGFRERUkLSHR
ID]DVFXUWDIDUXULORUWUHEXLHFRPXWDWvQ SDQWOXQJVDXDEUXSWWUHEXLHVVHOHFWDL
PRGXOVLPHWULFVDXSDULDOPDVFDW$FHVW RWUHDSWGHYLWH]LQIHULRDUvQVSHFLDOGDF
IDSWSUHYLQHRUELUHDRIHULORUFDUHVHGHSOD DXWRYHKLFXOXOHVWHvQFUFDWVDXWUDFWHD]R
VHD]GLQVHQVRSXV UHPRUF$VWIHOYHLXWLOL]DIUkQDGHPRWRU
IUDVROLFLWDVLVWHPXOGHIUkQDUHODIHOGH
QDLQWHGHDFRQGXFHvQDFHVWHULHIHFWXDL LQWHQVSUHYHQLQGXVHvQFO]LUHDLX]XUD
FRPXWDUHDFkWPDLDSURDSHGHJUDQL$WXQFL H[FHVLYDIUkQHORU
FkQGXWLOL]DLIDUXULVLPHWULFHPDUJLQHDEHQ]LL
GHUXODUHQXHVWHLOXPLQDWDWkWGHPXOWvQ 3HULFROGHDFFLGHQW
OLPHLOXQJLPHSHFkWHVWHQRUPDO 1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
$XWRYHKLFXOHOHGRWDWHFXIDUXULFXKDOR SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
JHQPDVFDLIDUXULOHFXEDQGGHPDVFDUH IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
VSHFLDO GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD
G 3XWHLRELQHEDQGGHPDVFDUHGHODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HP 8WLOL]DLVLVWHPXOWHPSRPDWGRDUvQFD]XOvQ
SOXGHODXQ&HQWUXGH6HUYLFH0HUFHGHV FDUHFRQGLLLOHGHGUXPLGHWUDILFSHUPLW
%HQ] PHQLQHUHDXQHLYLWH]HFRQVWDQWHSHQWUXR
SHULRDGvQGHOXQJDW3XWHLPHPRUDRULFH
0HUFHGHV%HQ]UHFRPDQGXWLOL]DUHD
YLWH]GHGHSODVDUHFHGHSHWHNPK
H[FOXVLYDEHQ]LORUGHPDVFDUHRULJLQDOH
0HUFHGHV%HQ]QDFHVWFD]IDUXULOHSRWIL $9(57,60(17
GHWHULRUDWH &RQWUROXOFURD]LHUHLQXSRDWHLQHFRQWGH
'XSUHYHQLUHDvQULvQFDUHVHFRQGXFH FRQGLLLOHGHGUXPLGHWUDILF
SHDFHHDLSDUWHDGUXPXOXLFDvQDUDXQGH $FRUGDLvQWRWGHDXQDDWHQLHFRQGLLLORUGLQ
DIRVWvQPDWULFXODWDXWRYHKLFXOXOEDQGDGH WUDILFFKLDULFkQGFRQWUROXOFURD]LHUHLHVWH
PDVFDUHWUHEXLHvQGHSUWDW DFWLYDW
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
&RQWUROXOFURD]LHUHLHVWHQXPDLXQVLVWHPGH 3HQWUXPHPRUDUHDYLWH]HLFXUHQWHVDXD
DVLVWHQFDUHYDMXWFkQGFRQGXFHL'XP XQHLYLWH]HLQIHULRDUH
QHDYRDVWUVXQWHLVLQJXUXOUHVSRQVDELOGH 3HQWUXFRPXWDUHDvQWUHVLVWHPXOWHPSR
&RQGXFHUHDLSDUFDUHD
YLWH]DYHKLFXOXOXLLGHIUkQDUHDvQWLPSXWLO PDWLVLVWHPXO63(('7521,&YDULDELO
3HQWUXGH]DFWLYDUHDVLVWHPXOXLWHPSRPDW
3HULFROGHDFFLGHQWDUH
1XXWLOL]DLVLVWHPXOWHPSRPDW 6HOHFWDUHDWHPSRPDWXOXL
=vQFRQGLLLGHGUXPLGHWUDILFLPSURSULL
SHQWUXPHQLQHUHDXQHLYLWH]HFRQVWDQWH
9HULILFDLGDFODPSDPDUWRUDHVWH
GHH[HPSOXWUDILFDJORPHUDWVDXGUXPXUL VWLQV
FXVHUSHQWLQHQFD]FRQWUDUDLSXWHD 'DFHVWHVWLQVWHPSRPDWXOHVWHGHMD
SURYRFDXQDFFLGHQW VHOHFWDW
=SHFDURVDELODOXQHFRV)UkQDUHDVDXDFFH 'DFHVWHDSULQVDSVDLPDQHWDWHPSR
OHUDUHDSRWSURYRFDSLHUGHUHDDGHUHQHL PDWXOXLvQVHQVXOLQGLFDWGHVJHDWD
URLORUPRWULFHLDXWRYHKLFXOXOSRDWH /DPSDPDUWRU/,0DGHSHPDQHWDVLVWH
GHUDSD PXOXLWHPSRPDWVHVWLQJH7HPSRPDWXO
=FkQGYL]LELOLWDWHDHVWHUHGXVGHH[HPSOX HVWHVHOHFWDW
GDWRULWFHLLSORLLLQWHQVHVDXQLQVRULL
0HPRUDUHDLPHQLQHUHDYLWH]HL
0DQHWDVLVWHPXOXLWHPSRPDW FXUHQWH
&XDMXWRUXOPDQHWHLVLVWHPXOXLWHPSRPDW 3XWHLPHPRUDYLWH]DFXUHQWGDFYGHSOD
SXWHLFRQWURODVLVWHPXOWHPSRPDWLVLVWH VDLFXSHVWHNPK
PXO63(('7521,&YDULDELO $FFHOHUDLDXWRYHKLFXOXOODYLWH]DGRULW
/DPSDPDUWRU/,0LQWHJUDWvQPDQHWDVLVWH 'HSODVDLVFXUWPDQHWDVLVWHPXOXLWHPSR
PXOXLWHPSRPDWLQGLFVLVWHPXOVHOHFWDW PDWvQVXVCVDXvQMRV
=/DPSDPDUWRU/,0HVWHVWLQVVLVWHPXO (OLEHUDLSHGDODGHDFFHOHUDLH
WHPSRPDWHVWHVHOHFWDW 6LVWHPXOWHPSRPDWHVWHDFWLYDW$XWRYHKL
=/DPSDPDUWRU/,0HVWHDSULQV(VWH FXOXOPHQLQHDXWRPDWYLWH]DPHPRUDW
VHOHFWDWVLVWHPXO63(('7521,&YDULDELO G (VWHSRVLELOFDVLVWHPXOWHPSRPDWVQX
SRDWPHQLQHYLWH]DPHPRUDWODGHSOD
VDUHDvQSDQWVDXUDPS$WXQFLFkQG
DXWRYHKLFXOXODMXQJHSHWHUHQSODWVH
UHYLQHODYLWH]DPHPRUDW
G $XWRYHKLFXOHFXWUDQVPLVLHPDQXDO
FkQGVHOHFWDLDOWWUHDSWGHYLWH]
DSVDLXRUSHGDODGHDFFHOHUDLHSHQWUX
RVFKLPEDUHPDLEXQDWUHSWHL
/DDSVDUHDDPEUHLDMXOXLLVFKLPEDUHD
WUHSWHLGHYLWH]WXUDLDPRWRUXOXLSRDWH
C 3HQWUXPHPRUDUHDYLWH]HLFXUHQWHVDXD FUHWHSXLQFkWWLPSQXHVWHFXSODWQLFLR
XQHLYLWH]HVXSHULRDUH WUHDSWGHYLWH]
D /DPSDPDUWRU/,0
3HQWUXDSHODUHDXOWLPHLYLWH]HPHPRUDWH
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
=FRQGXFHLvQWRWGHDXQDFXPRWRUXOWXUDW (IHFWXDUHDGHUHJOULvQWUHSWHGHFkWH
VXILFLHQWGDUQXH[FHVLY NPK
=6FKLPEDLWUHSWHOHGHYLWH]ODWLPS
'HSODVDLVFXUWPDQHWDWHPSRPDWXOXLvQ
&RQGXFHUHDLSDUFDUHD
=3HFkWSRVLELOHYLWDLUHWURJUDGDUHDFX VXVCSHQWUXRYLWH]VXSHULRDUVDXvQ
PDLPXOWGHRWUHDSWRGDW MRVSHQWUXRYLWH]LQIHULRDU
8OWLPDYLWH]PHPRUDWHVWHFUHVFXWVDX
$SHODUHDYLWH]HLPHPRUDWHXOWLPDGDW UHGXV
3HULFROGHDFFLGHQW
6HOHFWDLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU 'H]DFWLYDUHDWHPSRPDWXOXL
GDFYDORDUHDYLWH]HLUHVSHFWLYHYHVWH ([LVWPDLPXOWHPRGXULGHGH]DFWLYDUHDVLV
FXQRVFXWLGDFDFHDVWDHVWHDGHFYDWSHQ WHPXOXLWHPSRPDW
WUXFRQGLLLOHFXUHQWHGHGUXPLWUDILFQFD]
'HSODVDLVFXUWPDQHWDVLVWHPXOXLWHPSR
FRQWUDUDFFHOHUDUHDVDXIUkQDUHDEUXVF
PDWvQDLQWH
SRDWHFUHDVLWXDLLSHULFXORDVHSHQWUXGXP
QHDYRDVWUVDXSHQWUXDOWHSHUVRDQH VDX
IUkQDL
'HSODVDLVFXUWPDQHWDVLVWHPXOXLWHPSR VDX
PDWvQVSUHGXPQHDYRDVWU
$FLRQDLVFXUWPDQHWDVLVWHPXOXLWHPSR
(OLEHUDLSHGDODGHDFFHOHUDLH PDWvQVHQVXOLQGLFDWGHVJHDWD
6LVWHPXOWHPSRPDWHVWHDFWLYDWLPRGLILF (VWHVHOHFWDWVLVWHPXO63(('7521,&YDULD
YLWH]DDXWRYHKLFXOXOXLSHQWUXDFRLQFLGHFX ELO/DPSDPDUWRU/,0DGHSHPDQHWD
XOWLPDYLWH]PHPRUDW VLVWHPXOXLWHPSRPDWVHDSULQGH
6LVWHPXOWHPSRPDWHVWHGH]DFWLYDWDXWRPDW
6HWDUHDYLWH]HL
GDF
'HSODVDLVFXUWPDQHWDWHPSRPDWXOXLvQ =HVWHGHWHFWDWIHQRPHQXOGHDFYDSODQDUH
VXVCSHQWUXRYLWH]VXSHULRDUVDXvQ GHH[HPSOX
MRVSHQWUXRYLWH]LQIHULRDU =DFLRQDLSHGDODDPEUHLDMXOXLSHQWUXR
0HQLQHLPDQHWDWHPSRPDWXOXLvQDFHDVW SHULRDGGHWLPSPDLPDUHGHSDWUX
SR]LLHSkQODDWLQJHUHDYLWH]HLGRULWH VHFXQGHODDXWRYHKLFXOHFXWUDQVPLVLH
(OLEHUDLPDQHWDWHPSRPDWXOXL PDQXDO
1RXDYLWH]HVWHPHPRUDW =ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
$8727521,&VHOHFWDLSR]LLD1vQWLPSXO
G 6LVWHPXOWHPSRPDWQXHVWHGH]DFWLYDW
GHSODVULLDXWRYHKLFXOXOXL
GDFDSVDLSHGDODGHDFFHOHUDLH'DF
DFFHOHUDLVFXUWSHQWUXDHIHFWXDGHH[HP G /DRSULUHDPRWRUXOXLXOWLPDYLWH]PHPR
SOXRGHSLUHWHPSRPDWXOUHJOHD]YLWH]D UDWHVWHWHDUVGLQPHPRULH
ODXOWLPDYDORDUHPHPRUDWGXSFH
GHSLUHDHVWHvQFKHLDW
G $XWRYHKLFXOHOHFXVLVWHP$8727521,& 6LVWHPXO63(('7521,&
'DFGHFHOHUDLDXWRYHKLFXOXOXWLOL]kQG ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
PDQHWDWHPSRPDWXOXLVLVWHPXO$872752 UDQD
1,&FRPXWvQWURWUHDSWLQIHULRDUGDF
6LVWHPXO63(('7521,&DVLJXUUHVSHFWDUHD
DFHDVWGHFHOHUDUHHVWHLQVXILFLHQW
OLPLWHLGHYLWH]PHPRUDWH&kQGFRERUkLSH
RSDQWOXQJVDXDEUXSWWUHEXLHVVHOHF
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
WDLRWUHDSWGHYLWH]LQIHULRDUvQVSHFLDO /DPSDPDUWRU/,0LQWHJUDWvQPDQHWDVLVWH
GDFDXWRYHKLFXOXOHVWHvQFUFDWVDXWUDF PXOXLWHPSRPDWLQGLFVLVWHPXOVHOHFWDW
WHD]RUHPRUF$VWIHOYHLXWLOL]DIUkQDGH =/DPSDPDUWRU/,0HVWHVWLQVHVWH
&RQGXFHUHDLSDUFDUHD
PRWRUIUDVROLFLWDVLVWHPXOGHIUkQDUHODIHO VHOHFWDWWHPSRPDWXO
GHLQWHQVSUHYHQLQGXVHvQFO]LUHDLX]XUD
=/DPSDPDUWRU/,0HVWHDSULQV(VWH
H[FHVLYDIUkQHORU
VHOHFWDWVLVWHPXO63(('7521,&YDULDELO
3HULFROGHDFFLGHQW 3XWHLXWLOL]DPDQHWDVLVWHPXOXLWHPSRPDW
1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ SHQWUXDOLPLWDYLWH]DDXWRYHKLFXOXOXLODRULFH
vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP YDORDUHFHGHSHWHNPKFkQGPRWRUXO
SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW HVWHvQIXQFLXQH
LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW
IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH
IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU
3HULFROGHDFFLGHQW
1XFRPXWDLvQWURWUHDSWGHYLWH]LQIHULRDU
SHQWUXDDPSOLILFDIUkQDGHPRWRUSHVXSUD
IHHDOXQHFRDVH$FHDVWDSRDWHSURYRFDSLHU
GHUHDDGHUHQHLURLORUPRWULFHLDXWRYHKLFX
OXOSRDWHGHUDSD
C 3HQWUXPHPRUDUHDYLWH]HLFXUHQWHVDXD
3XWHLVHWDROLPLWGHYLWH]YDULDELOVDXSHU XQHLYLWH]HVXSHULRDUHURWXQMLWODXQPXO
PDQHQW WLSOXGH]HFH
=YDULDELOSHQWUXOLPLWHOHJDOHGHYLWH]GH D /DPSDPDUWRU/,0
H[HPSOXvQ]RQHORFXLWH 3HQWUXUHYHQLUHDODXOWLPDYLWH]PHPR
=SHUPDQHQWSHQWUXOLPLWHGHYLWH]SHWHU UDWVDXSHQWUXDHIHFWXDUHJOULILQHvQ
PHQOXQJGHH[HPSOXvQFD]XOFRQGXFHULL SDLGHNPK
FXSQHXULGHLDUQ3DJLQD 3HQWUXPHPRUDUHDYLWH]HLFXUHQWHVDXD
XQHLYLWH]HLQIHULRDUHURWXQMLWODXQPXO
3HULFROGHDFFLGHQW WLSOXGH]HFH
6LVWHPXO6SHHGWURQLFHVWHFRQFHSXWGRDUFD
3HQWUXFRPXWDUHDvQWUHVLVWHPXOWHPSR
XQVLVWHPGHDVLVWDUHDFRQGXFHULL6XQWHLSH
PDWLVLVWHPXO63(('7521,&YDULDELO
GHSOLQUHVSRQVDELOGHVWDELOLUHDYLWH]HLDXWR
YHKLFXOXOXLLGHIUkQDUHDvQWLPSXWLO
3HQWUXGH]DFWLYDUHDVLVWHPXOXL63(('
7521,&YDULDELO
G 9LWH]DLQGLFDWGHYLWH]RPHWUXSRDWH 6HOHFWDUHDVLVWHPXOXL63(('7521,&
GLIHULvQWURPLFPVXUGHYLWH]DOLPLW YDULDELO
PHPRUDW
9HULILFDLGDFODPSDPDUWRU/,0DHVWH
DSULQV
6LVWHPXO63(('7521,&YDULDELO
'DFHVWHDSULQVVLVWHPXOXL63(('752
1RWHJHQHUDOH 1,&YDULDELOHVWHGHMDVHOHFWDW
&XDMXWRUXOPDQHWHLVLVWHPXOXLWHPSRPDW
SXWHLFRQWURODVLVWHPXOWHPSRPDWLVLVWH
PXO63(('7521,&YDULDELO
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
'DFHVWHVWLQVDSVDLPDQHWDWHPSR SOD\XOPXOWLIXQFLRQDO'DFHVWHQHFHVDU
PDWXOXLvQVHQVXOLQGLFDWGHVJHDWD DFLRQDLIUkQHOH
/DPSDPDUWRU/,0DGHSHPDQHWDVLVWH
$SHODUHDYLWH]HLPHPRUDWHXOWLPDGDW
&RQGXFHUHDLSDUFDUHD
PXOXLWHPSRPDWVHDSULQGH(VWHVHOHFWDW
VLVWHPXO63(('7521,&YDULDELO 3HULFROGHDFFLGHQW
6HOHFWDLXQDGLQWUHYLWH]HOHPHPRUDWHGRDU
3HULFROGHDFFLGHQW GDFYDORDUHDYLWH]HLUHVSHFWLYHYHVWH
'DFvQFUHGLQDLFRQGXFHUHDDXWRYHKLFXOXOXL FXQRVFXWLGDFDFHDVWDHVWHDGHFYDWSHQ
XQHLDOWHSHUVRDQHLQIRUPDLQRXORIHUDVX WUXFRQGLLLOHFXUHQWHGHGUXPLWUDILFQFD]
SUDOLPLWHLGHYLWH]PHPRUDWH FRQWUDUIUkQDUHDEUXVFSRDWHFUHDVLWXDLL
8WLOL]DLVLVWHPXO63(('7521,&YDULDELO SHULFXORDVHSHQWUXGXPQHDYRDVWUVDXSHQ
QXPDLGDFVXQWHLVLJXUFQXYDWUHEXLV WUXDOWHSHUVRDQH
DFFHOHUDLEUXVFODRYLWH]VLWXDWGHDVXSUD
OLPLWHLGHYLWH]PHPRUDWHQFD]FRQWUDUDL 'HSODVDLVFXUWPDQHWDVLVWHPXOXLWHPSR
SXWHDSURYRFDXQDFFLGHQW PDWvQVSUHGXPQHDYRDVWU
1XSXWHLGHSLYLWH]DPHPRUDWGHFkWGDF
(IHFWXDUHDGHUHJOULvQWUHSWHGHFkWH
GH]DFWLYDLVLVWHPXO63(('7521,&YDULDELO
NPK
SULQ
'HSODVDLVFXUWPDQHWDWHPSRPDWXOXLvQ
=XWLOL]DUHDPDQHWHLWHPSRPDWXOXL
VXVCSHQWUXRYLWH]VXSHULRDUVDXvQ
=DSVDUHDSHGDOHLGHDFFHOHUDLHGLQFRORGH MRVSHQWUXRYLWH]LQIHULRDU
SXQFWXOGHUH]LVWHQNLFNGRZQ
VDX
1XSXWHLGH]DFWLYDVLVWHPXO6SHHGWURQLF $SVDLFRQWLQXXPDQHWDWHPSRPDWXOXL
YDULDELOSULQDFLRQDUHDIUkQHORU
SkQODVHWDUHDYLWH]HLGRULWH'HSODVDL
0HPRUDUHDYLWH]HLFXUHQWH VFXUWPDQHWDWHPSRPDWXOXLvQVXVCSHQ
WUXRYLWH]VXSHULRDUVDXvQMRVSHQWUX
3XWHLXWLOL]DPDQHWDVLVWHPXOXLWHPSRPDW
SHQWUXDOLPLWDYLWH]DDXWRYHKLFXOXOXLODRULFH RYLWH]LQIHULRDU
YDORDUHFHGHSHWHNPKFkQGPRWRUXO
(IHFWXDUHDGHUHJOULvQWUHSWHGHFkWH
HVWHvQIXQFLXQH
NPK
'HSODVDLVFXUWPDQHWDVLVWHPXOXLWHPSR
3HQWUXFUHWHUHDYLWH]HLGHSODVDLVFXUW
PDWvQVXVCVDXvQMRV PDQHWDWHPSRPDWXOXLvQVSUHGXPQHD
9LWH]DFXUHQWHVWHPHPRUDW6LVWHPXO YRDVWU
63(('7521,&URWXQMHWHYLWH]DODFHOPDL
VDX
DSURSLDWPXOWLSOXGH]HFH0HVDMXO/LPLW
0HQLQHLPDQHWDWHPSRPDWXOXLvQDFHDVW
/LPLWLYLWH]DPHPRUDWYRUILDILDWHvQ
SDUWHDGHVXVDGLVSOD\XOXLPXOWLIXQFLRQDO SR]LLHSkQODVHWDUHDYLWH]HLGRULWH
WLPSGHDSUR[LPDWLYVHFXQGH/DPSD
PDUWRUJDOEHQ/,0GLQSDQRXOGHLQVWUX 'H]DFWLYDUHDVLVWHPXOXL63(('7521,&
PHQWHVHDSULQGH YDULDELO
([LVWPDLPXOWHPRGXULGHGH]DFWLYDUHDVLV
G 3HSDQWHOHGHVFHQGHQWHHVWHSRVLELO WHPXOXL63(('7521,&YDULDELO
GHSLUHDYLWH]HLOLPLWvQFLXGDVLVWHPXOXL 'HSODVDLVFXUWPDQHWDVLVWHPXOXLWHPSR
63(('7521,&QDFHVWFD]YDILHPLVXQ
PDWvQDLQWH
VHPQDOVRQRULPHVDMXO/LPLWH[FHHGHG
9LWH]OLPLWGHSLWYDILDILDWSHGLV VDX
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
$FLRQDLVFXUWPDQHWDVLVWHPXOXLWHPSR WHDGHDHIHFWXDRULFHPDQHYUFXDWHQLD
PDWvQVHQVXOLQGLFDWGHVJHDWD DGHFYDW
/DPSDPDUWRU/,0DGHSHPDQHWDVLVWH 6XQWHLvQSHUPDQHQUHVSRQVDELOGHVLJX
&RQGXFHUHDLSDUFDUHD
PXOXLWHPSRPDWVHVWLQJH6LVWHPXO UDQDDXWRYHKLFXOXOXLLWUHEXLHVDFRUGDLvQ
63(('7521,&YDULDELOHVWHGH]DFWLYDW FRQWLQXDUHDWHQLHSHUVRDQHORULRELHFWHORU
(VWHVHOHFWDWWHPSRPDWXO DIODWHvQMXUXODXWRYHKLFXOXOXLvQWLPSXOSDUFULL
6LVWHPXO63(('7521,&YDULDELOHVWHGH]DF VDXHIHFWXULLGHPDQHYUHQFD]FRQWUDU
WLYDWDXWRPDWGDFSHGDODGHDFFHOHUDLHHVWH SXWHLSXQHvQSHULFRODWkWVLJXUDQDGXPQHD
DSVDWFRPSOHWNLFNGRZQLYLWH]DFXUHQW YRDVWUFkWLSHFHDDDOWRUSHUVRDQH
GHGHSODVDUHGLIHUGHYDORDUHDPHPRUDWFX
PD[LPNPK 3HULFROGHUQLUH
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR
3HULFROGHDFFLGHQW YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH
1XSXWHLGH]DFWLYDVLVWHPXO6SHHGWURQLF QFD]FRQWUDUDFHVWHDSRWILUQLWH
YDULDELOSULQDFLRQDUHDIUkQHORU
3$5.7521,&HVWHXQVLVWHPHOHFWURQLFGH
G /DRSULUHDPRWRUXOXLXOWLPDYLWH]PHPR DVLVWDUHDSDUFULLSULQLQWHUPHGLXOXOWUDVXQH
UDWHVWHWHDUVGLQPHPRULH WHORU$FHVWDIXUQL]HD]LQGLFDLLYL]XDOHL
VRQRUHDVXSUDGLVWDQHLGLQWUHDXWRYHKLFXOL
6LVWHPXO63(('7521,&SHUPDQHQW XQREVWDFRO
3XWHLXWLOL]DFRPSXWHUXOGHERUGSHQWUXD 6LVWHPXO3$5.7521,&HVWHDFWLYDWDXWRPDW
OLPLWDSHUPDQHQWYLWH]DODRYDORDUHVLWXDW DWXQFLFkQG
vQWUHNPKGHH[HPSOXvQYHGHUHDXWL =SXQHLFRQWDFWXO
OL]ULLSQHXULORUGHLDUQLYLWH]DPD[LPD =HOLEHUDIUkQDGHSDUFDUH
DXWRYHKLFXOXOXL3DJLQD 6LVWHPXO3$5.7521,&HVWHGH]DFWLYDWOD
9LWH]DPHPRUDWHVWHDILDWSHGLVSOD\XO YLWH]HFHGHSHVFNPK&kQGYLWH]DGH
PXOWLIXQFLRQDOFXSXLQWLPSvQDLQWHGHDWLQ GHSODVDUHHVWHUHGXVVXEDFHDVWOLPLWVLV
JHUHDDFHVWHLD WHPXOHVWHUHDFWLYDW
6LVWHPXO63(('7521,&SHUPDQHQWUPkQH 6LVWHPXO3$5.7521,&PRQLWRUL]HD]]RQD
DFWLYDWLvQFD]XOGH]DFWLYULLVLVWHPXOXL GLQMXUXODXWRYHKLFXOXOXLSULQLQWHUPHGLXOD
63(('7521,&YDULDELO DVHVHQ]RULVLWXDLvQEDUDGHSURWHFLHID
1XSXWHLGHSLYLWH]DOLPLWPHPRUDWFKLDU LDSDWUXVHQ]RULVLWXDLvQEDUDGHSURWHFLH
GDFDSVDLSHGDODGHDFFHOHUDLHGLQFRORGH VSDWH
SXQFWXOGHUH]LVWHQNLFNGRZQ
6LVWHPXO3$5.7521,&
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
3HULFROGHDFFLGHQW
3$5.7521,&HVWHGRDUXQVLVWHPGHDVLVWDUH
DFRQGXFHULLILLQGSRVLELOFDDFHVWDVQX
GHWHFWH]HWRDWHREVWDFROHOH8WLOL]DUHDDFHV
C 6HQ]RULvQEDUDGHSURWHFLHIDVWkQJD
WXLVLVWHPQXYHOLEHUHD]GHUHVSRQVDELOLWD
H[HPSOX
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
5D]DGHDFLXQHDVHQ]RULORU RELHFWHFkQGDFHVWHDVHDIOvQLPHGLDWD
DSURSLHUHDDXWRYHKLFXOXOXLQFD]FRQWUDU
6HQ]RULLQXWUHEXLHVILHDFRSHULLGHSUDI
HVWHSRVLELOGHWHULRUDUHDDXWRYHKLFXOXOXL
JKHDVDXQRURLvQFD]FRQWUDUFDSDFLWDWHD
&RQGXFHUHDLSDUFDUHD
VDXDRELHFWHORUUHVSHFWLYH
GHIXQFLRQDUHDDFHVWRUDSRDWHILUHGXV
&XUDLLSHULRGLFDYkQGJULMVHYLWDL]Jk 6XUVHOHGHXOWUDVXQHWHFXPDUIL
ULHUHDVDXGHWHULRUDUHDDFHVWRUD VSOWRULLOHDXWRPDWHIUkQHOHSQHXPDWLFH
3DJLQD DOHXQXLFDPLRQVDXXQFLRFDQSQHXPDWLF
SRWSURYRFDIXQFLRQDUHDGHIHFWXRDVD
VLVWHPXOXL3$5.7521,&
'LVWDQPLQLP
&HQWUX DSUR[LPDWLYFP
([WUHPLWL DSUR[LPDWLYFP
'DFH[LVWXQREVWDFROvQUD]DGHDFLXQHD
VHQ]RULORUWRDWHLQGLFDWRDUHOHGHDYHUWL]DUH
VHDSULQGLHVWHHPLVXQVHPQDOVRQRUQ
9HGHUHODWHUDO FD]XOvQFDUHGLVWDQDVFDGHVXEOLPLWD
PLQLPDFHDVWDQXYDPDLILLQGLFDW
,QGLFDWRDUHGHDYHUWL]DUH
,QGLFDWRDUHOHGHDYHUWL]DUHSUH]LQWGLVWDQD
vQWUHVHQ]RULREVWDFRO,QGLFDWRUXOGHDYHU
WL]DUHSHQWUX]RQDGLQIDHVWHVLWXDWSH
SODQDGHERUGGHDVXSUDRULILFLLORUGHYHQWL
ODLHFHQWUDOH,QGLFDWRUXOGHDYHUWL]DUHSHQWUX
]RQDGLQVSDWHHVWHVLWXDWSHFDSLWRQDMXOSOD
IRQXOXLvQFRPSDUWLPHQWXOGLQVSDWH
9HGHUHGHVXV
6HQ]RULID
&HQWUX DSUR[LPDWLYFP
([WUHPLWL DSUR[LPDWLYFP
6HQ]RULVSDWH
&HQWUX DSUR[LPDWLYFP
([WUHPLWL DSUR[LPDWLYFP
/DSDUFDUHDDXWRYHKLFXOXOXLDFRUGDLR
DWHQLHGHRVHELWRELHFWHORUVLWXDWHGHDVX
SUDVDXVXEQLYHOXOVHQ]RULORUSUHFXPJKL
YHFHFXIORULVDXEDUHGHUHPRUFDUH6LVWH
PXO3$5.7521,&QXGHWHFWHD]DVWIHOGH
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
6LVWHP$8727521,&
3R]LLDWUDQVPL ,QGLFDWRUGHDYHUWL
&RQGXFHUHDLSDUFDUHD
VLHL ]DUH
' (VWHDFWLYDWLQGLFDWR
UXOSHQWUX]RQDGLQ
ID
5VDX1 (VWHDFWLYDWLQGLFDWR
UXOSHQWUX]RQDGLQ
VSDWHL]RQDGLQID
,QGLFDWRUXOGHDYHUWL]DUHSHQWUX]RQDIURQWDO
C 6HJPHQWHSHSDUWHDVWkQJDDXWRYHKLFX 3 1XHVWHDFWLYDWQLFLXQ
OXOXL LQGLFDWRU
D 6HJPHQWHSHSDUWHDGUHDSWDDXWRYHKL
FXOXOXL 6HDSULQGXQXOVDXPDLPXOWHVHJPHQWHSH
6HJPHQWHFDUHLQGLFVWDUHGHGLVSRQLEL PVXUFHDXWRYHKLFXOXOVHDSURSLHGHXQ
OLWDWHIXQFLRQDO REVWDFROvQIXQFLHGHGLVWDQDGLQWUHDXWR
YHKLFXOLREVWDFRO
,QGLFDWRDUHOHGHDYHUWL]DUHSHQWUXILHFDUH =]RQDGLQIDGHODDODVHOHDVHJPHQWYD
SDUWHDDXWRYHKLFXOXOXLVXQWGLYL]DWHvQFLQFL
ILHPLVXQVHPQDOVRQRULQWHUPLWHQWGH
VHJPHQWHJDOEHQHLGRXVHJPHQWHURLL
DYHUWL]DUHGXSDODSWHOHDVHJPHQWYDIL
6LVWHPXO3$5.7521,&HVWHIXQFLRQDOGDF
HPLVXQVHPQDOVRQRUFRQWLQXXGHDYHUWL
VHJPHQWHOHGHFXORDUHJDOEHQFDUHLQGLF
]DUH(VWHLQGLFDWIDSWXOFDLDWLQVGLVWDQD
GLVSRQLELOLWDWHDIXQFLRQDOVHDSULQG
PLQLP
3R]LLDPDQHWHLVFKLPEWRUXOXLVDXvQFD]XO =]RQDGLQVSDWHGHODDODVHOHDVHJPHQW
VLVWHPXOXL$8727521,&DPDQHWHLVHOHFWR
vQVXVYDILHPLVXQVHPQDOVRQRULQWHUPL
UXOXLGHWHUPLQFDUHGLQWUHLQGLFDWRDUHHVWH
WHQWGHDYHUWL]DUHQFHSkQGFXDODSWHOHD
DFWLYDWDWXQFLFkQGPRWRUXOIXQFLRQHD]
VHJPHQWYDILHPLVXQVHPQDOVRQRUFRQ
7UDQVPLVLHPDQXDO WLQXXGHDYHUWL]DUHWLPSGHPD[LPGRX
VHFXQGH(VWHLQGLFDWIDSWXOFDLDWLQVGLV
3R]LLDPDQHWHL ,QGLFDWRUGHDYHUWL
WDQDPLQLP6HPQDOXOVRQRUFRQWLQXX
VFKLPEWRUXOXL ]DUH
HVWHvQWUHUXSWLPHGLDWGDFGHVHOHFWDL
7UHSWHOHGHPHUV (VWHDFWLYDWLQGLFDWR WUHDSWDGHPHUVvQDSRLSHQWUXPRGHOHOHFX
vQDLQWH UXOSHQWUX]RQDGLQ WUDQVPLVLHPDQXDOVDXGDFVHOHFWDL
VDX ID SR]LLLOH'VDX3SHQWUXPRGHOHOHGRWDWHFX
3R]LLDQHXWU VLVWHP$8727521,&
7UHDSWDGHPHUV (VWHDFWLYDWLQGLFDWR
vQDSRL UXOSHQWUX]RQDGLQ
VSDWHL]RQDGLQID
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
'H]DFWLYDUHDDFWLYDUHDVLVWHPXOXL
3$5.7521,&
&RQGXFHUHDLSDUFDUHD
C 3HQWUXDGH]DFWLYDDFWLYDVLVWHPXO3$5.
7521,&
D /DPSPDUWRU
'DFODPSDPDUWRUDVHDSULQGHVLVWHPXO
3$5.7521,&HVWHGH]DFWLYDW
G 6LVWHPXO3$5.7521,&HVWHDFWLYDWDXWR
PDWFkQGURWLLFKHLDvQSR]LLDvQFRQWDFW
7UDFWDUHDXQHLUHPRUFL
6LVWHPXO3$5.7521,&HVWHGH]DFWLYDWSHQ
WUX]RQDGLQVSDWHODHIHFWXDUHDFRQH[LXQLL
HOHFWULFHvQWUHDXWRYHKLFXOLUHPRUF
$WXQFLFkQGGLVSR]LWLYXOGHWUDFWDUHSHQ
WUXUHPRUFQXHVWHXWLOL]DWVFRDWHLFkUOL
JXOGHUHPRUFDUH5D]DGHDFLXQHPLQLP
SHQWUXVLVWHPXO3$5.7521,&HVWHFDOFX
ODWGHODEDUDGHSURWHFLHSkQODXQ
REVWDFROQXGHODFkUOLJXOGHUHPRUFDUH
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
3UREOHPHDOHVLVWHPXOXL3$5.7521,&
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD
3HLQGLFDWRUXOGHDYHU 6LVWHPXO3$5.7521,&DIXQFLRQDWGHIHFWXRVLVDGH]DFWLYDW
WL]DUHDOVLVWHPXOXL DXWRPDW
3$5.7521,&VHDSULQG 'DFSUREOHPDSHUVLVWDSHODLODXQDWHOLHUGHVSHFLDOLWDWH
GRDUVHJPHQWHOHURLL DXWRUL]DWSHQWUXYHULILFDUHDVLVWHPXOXL3$5.7521,&
'HDVHPHQHDHVWH
HPLVXQVHPQDOVRQRU
FXGXUDWDGHDSUR[LPD
WLYGRXVHFXQGH
6LVWHPXO3$5.7521,&
HVWHGH]DFWLYDWGXS
DSUR[LPDWLYGH
VHFXQGHLODPSDPDU
WRUGLQEXWRQXO3$5.
7521,&VHDSULQGH
3HLQGLFDWRUXOGHDYHU 6HQ]RULLVLVWHPXOXL3$5.7521,&VXQWPXUGDULVDXH[LVWLQWHUIH
WL]DUHDOVLVWHPXOXL UHQH
3$5.7521,&VHDSULQG &XUDLVHQ]RULLVLVWHPXOXL3$5.7521,&3DJLQD
GRDUVHJPHQWHOHURLL 5HSXQHLFRQWDFWXO
6LVWHPXO3$5.7521,&
HVWHGH]DFWLYDWGXS $FHDVWSUREOHPSRDWHILFDX]DWGHRVXUVH[WHUQGHXQGH
DSUR[LPDWLYGH UDGLRVDXXOWUDVXQHWH
VHFXQGH
9HULILFDLIXQFLRQDUHDVLVWHPXOXL3$5.7521,&vQDOWORFDLH
6LVWHPXODFWLYGHDVLVWHQODSDUFDUH 3HULFROGHDFFLGHQWDUH
6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUHHVWH
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
GRDUXQVLVWHPDX[LOLDULDUSXWHDUHFRPDQGD
UDQD
ORFXULGHSDUFDUHQHDGHFYDWHGHH[HPSOX
6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUHHVWHXQ ORFXULvQFDUHSDUFDUHDHVWHLQWHU]LVGUXPXUL
VLVWHPHOHFWURQLFGHDVLVWDUHDSDUFULLFX GHDFFHVVXSUDIHHLQDGHFYDWHHWF
XOWUDVXQHWH$FHVWHDVXQWXWLOL]DWHSHQWUX 6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUH
PVXUDUHDOLPLLGUXPXOXLSHDPEHOHODWXUL PVRDUVSDLXOGHSDUFDUHDWXQFLFkQGWUH
DOHDXWRYHKLFXOXOXL/RFXULOHGHSDUFDUHDGHF FHLSHVWHHO1LFLRPRGLILFDUHXOWHULRDUD
YDWHVXQWLQGLFDWHSULQDILDUHDVLPEROXOXL VSDLXOXLGHSDUFDUHQXYDPDLILOXDWvQFRQ
SHQWUXSDUFDUH&RPDQGDDFWLYDGLUHFLHLY VLGHUDLH'HH[HPSOXVHSRDWHvQWkPSODFD
SRDWHDVLVWDvQWLPSXOSDUFULL3XWHLIRORVLL DXWRYHKLFXOXOSDUFDWvQIDDVDXvQVSDWHOH
VLVWHPXO3$5.7521,&3DJLQD$WXQFL ORFXOXLGHSDUFDUHVVHGHSODVH]HvQDOWSR]L
FkQGVLVWHPXO3$5.7521,&HVWHGH]DFWLYDW LHVDXFDSHORFXOUHVSHFWLYVILHLQWURGXVXQ
QLFLVLVWHPXOGHDVLVWDUHDFWLYODSDUFDUHQX REVWDFRO
HVWHGLVSRQLELO 8WLOL]DUHDDFHVWXLVLVWHPQXYVFXWHWHGH
UHVSRQVDELOLWDWHDGHDHIHFWXDRULFHPDQHYU
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
FXDWHQLHQFD]XOvQFDUHYJKLGDLGRDU )RORVLLVLVWHPXOGHDVLVWDUHDFWLYODSDUFDUH
GXSVLVWHPXOGHDVLVWDUHDFWLYODSDUFDUH SHQWUXVSDLLOHGHSDUFDUH
DLSXWHDSURYRFDXQDFFLGHQWFXXUPULDVX =SDUDOHOHFXGLUHFLDGHGHSODVDUH
&RQGXFHUHDLSDUFDUHD
SUDGXPQHDYRDVWULDDOWRUSHUVRDQH =DIODWHSHGUXPXULGUHSWHQXvQYLUDMH
6XQWHLSHUPDQHQWUHVSRQVDELOGHVLJXUDQD =DPSODVDWHODDFHHDLvQOLPHFDLFDURVD
DXWRYHKLFXOXOXLLWUHEXLHVDFRUGDLvQFRQ ELOXOQXSHWURWXDUGHH[HPSOX
WLQXDUHDWHQLHSHUVRDQHORULRELHFWHORU
5HFRPDQGULSULYLQGSDUFDUHD
DIODWHvQMXUXODXWRYHKLFXOXOXLvQWLPSXOSDUFULL
VDXHIHFWXULLGHPDQHYUH =3HGUXPXULOHvQJXVWHFRQGXFHLFkWPDL
DSURDSHGHORFXOGHSDUFDUH
3HULFROGHDFFLGHQWDUH =/RFXULOHGHSDUFDUHDFRSHULWHFXGHHXUL
2ELHFWHOHFDUHVHDIOGHDVXSUDUD]HLGH LDUEvQDOWVDXRFXSDWHSDULDOFXEDUHGH
DFLXQHDVLVWHPXOXLGHDVLVWDUHQXVXQW UHPRUFDUHDUSXWHDVQXILHLGHQWLILFDWH
GHWHFWDWHODPVXUDUHDORFXOXLGHSDUFDUH FRUHFW
$FHVWHRELHFWHGHH[HPSOXvQFUFWXULVXV =1LQVRDUHDVDXSORDLDLQWHQVDUSXWHD
SHQGDWHVHFLXQLVSDWHSURHPLQHQWHVDX vPSLHGLFDPVXUDUHDFRUHFWDORFXOXLGH
UDPSHGHvQFUFDUHDOHDXWRYHKLFXOHORUGH SDUFDUH
WUDQVSRUWPUIXULQXVXQWGHWHFWDWHODFDOFX =QWLPSXOSURFHGXULLGHSDUFDUHLQHLFRQW
ODUHDSURFHGXULLGHSDUFDUHQFD]XULGHDFHVW GHPHVDMHOHGHDYHUWL]DUHRIHULWHGHVLVWH
JHQVLVWHPXOGHDVLVWDUHDFWLYODSDUFDUHY PXO3$5.7521,&3DJLQD
SRDWHJKLGDSUHDGHYUHPHvQVSDLXOGHSDU =3XWHLLQWHUYHQLvQRULFHPRPHQWDVXSUD
FDUH$FHVWOXFUXDUSXWHDSURYRFDRFROL]LXQH
SURFHGXULLGHFRPDQGDGLUHFLHLSHQWUX
'LQDFHVWPRWLYHVWHUHFRPDQGDWVHYLWDL
FRUHFWDUHQDFHVWFD]VLVWHPXOGHDVLV
XWLOL]DUHDVLVWHPXOXLGHDVLVWDUHODSDUFDUHvQ
WDUHDFWLYODSDUFDUHYDILGH]DFWLYDW
DVWIHOGHVLWXDLL
='DFWUDQVSRUWDLRvQFUFWXUFDUH
3HULFROGHDFFLGHQWDUH GHSHWHPDUJLQHDDXWRYHKLFXOXOXLQX
WUHEXLHVXWLOL]DLVLVWHPXOGHDVLVWDUHOD
QWLPSXOSDUFULLSDUWHDGLQIDDDXWRYHKL
SDUFDUH
FXOXOXLVHYDvQWRDUFHVSUHDXWRYHKLFXOHOHFDUH
=1XXWLOL]DLQLFLRGDWVLVWHPXOGHDVLVWDUH
YLQGLQVHQVRSXV8QHRULvQWLPSXOSDUFULL
DXWRYHKLFXOXOYDSWUXQGHSHSRULXQLDOHEHQ GDFVXQWPRQWDWHODQXULDQWLGHUDSDQWH
]LLSHFDUHWUDILFXOVHGHVIRDUGLQVHQV VDXURDWDGHUH]HUYGHXUJHQ
RSXV =$VLJXUDLYFSUHVLXQHDvQSQHXULDUH
6XQWHLUHVSRQVDELOvQRULFHPRPHQWSHQWUX vQWRWGHDXQDYDORDUHDFRUHFW$FHDVWD
VLJXUDQLWUHEXLHVILLDWHQWODWRLSDUWLFL LQIOXHQHD]vQPRGGLUHFWFDUDFWHULVWLFLOH
SDQLLODWUDILFFHVHDSURSLHVDXVH GHSDUFDUHDOHDXWRYHKLFXOXOXL
vQGHSUWHD]'DFHVWHQHFHVDURSULLDXWR =3R]LLDDXWRYHKLFXOXOXLvQORFXOGHSDUFDUH
YHKLFXOXOVDXDQXODLSURFHGXUDGHSDUFDUHFX GXSILQDOL]DUHDSURFHGXULLGHSLQGHGH
DMXWRUXOVLVWHPXOXLGHDVLVWDUHDFWLYODSDU GLYHULIDFWRUL3ULQWUHDFHWLDVHQXPU
FDUH SR]LLDLIRUPDDXWRYHKLFXOHORUSDUFDWHvQ
IDLvQVSDWHLFRQGLLLOHORFXOXLGHSDU
3HULFROGHUQLUH FDUHQDQXPLWHFD]XULVLVWHPXOGHDVLV
$VLJXUDLYFvQVSDLXOGHPDQHYUDODXWR WDUHDFWLYODSDUFDUHYSRDWHJKLGDSUHD
YHKLFXOXOXLQXVHDIOSHUVRDQHVDXDQLPDOH PXOWVDXLQVXILFLHQWQDOWHFD]XULYDU
QFD]FRQWUDUDFHVWHDSRWILUQLWH SXWHDGLUHFLRQDSHVWHERUGXUVDXSHWUR
WXDU'DFHVWHQHFHVDURSULLSURFHGXUD
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
GHSDUFDUHSULQLQWHUPHGLXOVLVWHPXOXLGH
DVLVWDUH
=3XWHLGHDVHPHQHDFXSODSUHDGHYUHPH
&RQGXFHUHDLSDUFDUHD
RWUHDSWGHPHUVvQDLQWH$XWRYHKLFXOXOVH
UHGLUHFLRQHD]LQXVHPDLGHSODVHD]vQ
VSDLXOGHSDUFDUHQFD]XOvQFDUHHVWH
VFKLPEDWSUHDGHYUHPHWUHDSWDGHYLWH]
SHQWUXDUHDOL]DSDUFDUHDSURFHGXUDGH
SDUFDUHYDILvQWUHUXSW
'DFWUHEXLHVWUHFHLSHVWHREVWDFROH
GHH[HPSOXERUGXULFRQGXFHLFXYLWH] /RFGHSDUFDUHGHWHFWDWH[HPSOX
UHGXVLQXvQXQJKLDVFXLWQFD]FRQWUDU C /RFGHSDUFDUHGHWHFWDWvQVWkQJD
DLSXWHDGHWHULRUDMDQWHOHVDXSQHXULOH D 6LPEROSHQWUXSDUFDUH
/RFGHSDUFDUHGHWHFWDWvQGUHDSWD
'HWHFWDUHDORFXULORUGHSDUFDUH
6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUHYD
6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUHHVWH GHWHFWDGRDUORFXULOHGHSDUFDUH
DFWLYDWDXWRPDWODGHSODVDUHDvQDLQWH6LVWH
=FDUHVXQWSDUDOHOHFXVHQVXOGHGHSODVDUH
PXOHVWHIXQFLRQDOODYLWH]HGHSkQODDSUR
[LPDWLYNPKQWLPSXOIXQFLRQULL =FDUHDXROLPHGHFHOSXLQP
DFHVWDORFDOL]HD]LPVRDULQGHSHQGHQW =FDUHDXROXQJLPHFXFHOSXLQPPDL
ORFXULOHGHSDUFDUHDIODWHvQDPEHOHSULDOH PDUHGHFkWDXWRYHKLFXOXO
DXWRYHKLFXOXOXL/DYLWH]HPDLPLFL 'HWHFWDUHDXQXLVSDLXGHSDUFDUHHVWHDIL
GHNPKYDILDILDWVLPEROXOSHQWUXSDU DWvQWLPSFHWUHFHLSHVWHHOFXDXWRYHKL
FDUHFDLQGLFDWRUGHVWDUHSHSDQRXOGHLQVWUX FXOXOLDWXQFLFkQGYDIODLODRGLVWDQGH
PHQWH&DVHWDUHVWDQGDUGVLVWHPXOGHDVLV PD[LPP
WDUHDFWLYODSDUFDUHLQGLFGRDUORFXULOHGH
SDUFDUHGLQGUHSWXOSDVDJHUXOXLID&HOH 3DUFDUHD
GLQVSUHSDUWHDRIHUXOXLVXQWLQGLFDWHGXSFH
HVWHDFWLYDWVHPQDOL]DWRUXOGHGLUHFLHGHSH 3HULFROGHDFFLGHQWDUH
SDUWHDUHVSHFWLY3HQWUXDSDUFDDXWRYHKL 6LVWHPXO3$5.7521,&VLVWHPXOGHDVLVWDUH
FXOXOvQWUXQORFDIODWSHSDUWHDRIHUXOXLPHQ DFWLYODSDUFDUHVXQWVLVWHPHDX[LOLDUHLDU
LQHLVHPQDOL]DWRUXOGHGLUHFLHDFWLYDW SXWHDVQXGHWHFWH]HWRDWHREVWDFROHOH8WL
$FHVWDWUHEXLHVUPkQDFWLYDWSkQFkQG OL]DUHDDFHVWRUDQXYVFXWHWHGHUHVSRQVD
FRQILUPDLXWLOL]DUHDVLVWHPXOXLGHDVLVWDUH ELOLWDWHDGHDHIHFWXDPDQHYUHOHFXDWHQLH
DFWLYODSDUFDUHSULQDSVDUHDEXWRQXOXL
6XQWHLSHUPDQHQWUHVSRQVDELOGHVLJXUDQD
AGHSHYRODQXOPXOWLIXQFLRQDO
DXWRYHKLFXOXOXLLWUHEXLHVDFRUGDLvQFRQ
QFD]XOGHWHFWULLXQXLVSDLXGHSDUFDUHHVWH WLQXDUHDWHQLHSHUVRDQHORULRELHFWHORU
DILDWGHDVHPHQHDRVJHDWRULHQWDWVSUH DIODWHvQMXUXODXWRYHKLFXOXOXLvQWLPSXOSDUFULL
GUHDSWDVDXVSUHVWkQJD VDXHIHFWXULLGHPDQHYUHQFD]FRQWUDUHVWH
SRVLELOVYSXQHLvQSHULFRODWkWSHGXP
QHDYRDVWUFkWLDOWHSHUVRDQH
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
2SULLDXWRYHKLFXOXODWXQFLFkQGVLPEROXO WLYNPKGHRDUHFHvQFD]FRQWUDUVLVWH
FDUHLQGLFORFXOGHSDUFDUHGRULWHVWHDILDW PXOGHDVLVWDUHDFWLYODSDUFDUHYDIL
SHSDQRXOGHLQVWUXPHQWH GH]DFWLYDW
&RQGXFHUHDLSDUFDUHD
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO G &kQGSDUFDLvQVSDLLvQJXVWHFHOPDLELQH
FXSODLWUHDSWDGHPHUVvQDSRL HVWHVGDLDXWRYHKLFXOXOvQDSRLFkWPDL
$XWRYHKLFXOHGRWDWHFXVLVWHP$872752 PXOWSRVLELOQWLPSXODFHVWHLDFLXQLUHV
1,&GHSODVDLPDQHWDVHOHFWRUXOXLvQSR]L SHFWDLPHVDMHOHVLVWHPXOXL3$5.7521,&
LD5 2SULLLPHGLDWFHVLVWHPXO3$5.7521,&
3HGLVSOD\XOPXOWLIXQFLRQDOHVWHDILDW HPLWHVHPQDOXOGHDYHUWL]DUHFRQWLQXXVDX
PHVDMXO3DUN$VVLVW$FWLYDWH"(VWH FKLDUPDLGHYUHPH
DFWLYDWVLVWHPXOGHDVLVWDUHOD &kQGSDUFDLvQVSDLLvQJXVWHHVWHSRVLELO
SDUFDUH"&KHFNYHKLFOHVXUURXQ VILHQHFHVDUHIHFWXDUHDPDLPXOWRU
GLQJV9HULILFDL]RQDGLQMXUXO PDQHYUH
DXWRYHKLFXOXOXL<HV'D1R
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOPHVDMXO
1X
3DUN$VVLVWDFWLYH3OHDVHVKLIWWR
3HQWUXDQXODUHDSURFHGXULLDSVDLEXWRQXO
DIRUZDUGJHDU6LVWHPXOGHDVLVWDUH
hGHSHYRODQXOPXOWLIXQFLRQDOVDXSRU ODSDUFDUHHVWHDFWLYDW&XSODLR
QLLGHSHORF WUHDSWGHYLWH]SHQWUXGHSODVDUHD
VDX QDLQWHHVWHDILDWSHGLVSOD\XOPXOWLIXQF
3HQWUXDSDUFDIRORVLQGVLVWHPXOGHDVLV LRQDO
WDUHDFWLYODSDUFDUHDSVDLEXWRQXO $XWRYHKLFXOHGRWDWHFXVLVWHP$8727521,&
AGHSHYRODQXOPXOWLIXQFLRQDO PHVDMXO3DUN$VVLVWDFWLYH3OHDVH
3HGLVSOD\XOPXOWLIXQFLRQDOHVWHDILDW VKLIWWR'6LVWHPXOGHDVLVWDUHOD
PHVDMXO3DUN$VVLVWDFWLYH3OHDVH SDUFDUHHVWHDFWLYDW&RPXWDLOD'
DFFHOHUDWHDQGEUDNHWKHYHKLFOH HVWHDILDWSHGLVSOD\XOPXOWLIXQFLRQDO
\RXUVHOI6LVWHPXOGHDVLVWDUHOD $XWRYHKLFXOHFXWUDQVPLVLHPDQXDOFkQG
SDUFDUHHVWHDFWLY$FFHOHUDLL DXWRYHKLFXOXOVWDLRQHD]FXSODLvQ
DSRLIUQDLDXWRYHKLFXOXO WUHDSWDvQWkLGHYLWH]
3HULFROGHDFFLGHQWDUH $XWRYHKLFXOHGRWDWHFXVLVWHP$872752
&kQGSDUFDLWUHEXLHVYDVLJXUDLFQX 1,&GHSODVDLPDQHWDVHOHFWRUXOXLvQSR]L
H[LVWREVWDFROHvQDSURSLHUHDDXWRYHKLFXOXOXL LD'vQWLPSFHDXWRYHKLFXOXOVWDLRQHD]
vQWLPSXOvQWUHJLLRSHUDLXQL8WLOL]DUHDVLVWH 6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUH
PXOXLGHDVLVWDUHDFWLYODSDUFDUHQXYVFX URWHWHLPHGLWYRODQXOvQFHOODOWVHQV
WHWHGHUHVSRQVDELOLWDWHDGHDHIHFWXDRULFH 0HVDMXO3DUN$VVLVWDFWLYH3OHDVH
PDQHYUFXDWHQLH$FHVWDGRDUYDVLVW DFFHOHUDWHDQGEUDNHWKHYHKLFOH
LQWHUYHQLQGvQPRGDFWLYvQPDQHYUHOHGHSDU \RXUVHOI6LVWHPXOGHDVLVWDUHOD
FDUH SDUFDUHHVWHDFWLYDW$FFHOHUDLL
3HQWUXDRSULDXWRYHKLFXOXOVDXDHYLWDSURGX IUQDLDXWRYHKLFXOXOGXPQHD
FHUHDXQXLDFFLGHQWWUHEXLHFDGXPQHD YRDVWUQLYHVWHDILDWSHGLVSOD\XO
YRDVWUVDFLRQDLIUkQHOH PXOWLIXQFLRQDO
G 3HQWUXRSDUFDUHRSWLPDWHSWDLWHUPL
(OLEHUDLYRODQXOPXOWLIXQFLXQL QDUHDSURFHGXULLGHFRPDQGDGLUHFLHL
'DLvQSRLDXWRYHKLFXOXOILLQGJDWDVIUk vQDLQWHGHDYGHSODVDvQDLQWH
QDLvQRULFHPRPHQWQWLPSXOPDQHYUHLGH
PHUVvQDSRLQXGHSLLYLWH]DGHDSUR[LP
6LVWHPHOHGHDVLVWDUHDFRQGXFHULL
&RQGXFHUHDLSDUFDUHD
HPLWHVHPQDOXOGHDYHUWL]DUHFRQWLQXXVDX $SVDLEXWRQXOVLVWHPXOXL3DUNWURQLFGH
FKLDUPDLGHYUHPH SHFRQVRODFHQWUDO3DJLQD
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDOPHVDMXO 6LVWHPXO3$5.7521,&HVWHGH]DFWLYDWL
3DUN$VVLVWDFWLYH3OHDVHVKLIWLQWR VLVWHPXO$FWLYH3DUNLQJ$VVLVWHVWHDQXODW
UHYHUVHJHDU6LVWHPXOGHDVLVWDUH LPHGLDW0HVDMXO3DUN$VVLVWFDQFHO
ODSDUFDUHHVWHDFWLYDW&XSODL OHG6LVWHPXOGHDVLVWDUHDFWLY
WUHDSWDGHPHUVQDSRLHVWHDILDWSH ODSDUFDUHDIRVWDQXODWYDILDILDW
GLVSOD\XOPXOWLIXQFLRQDO SHGLVSOD\XOPXOWLIXQFLRQDO
$XWRYHKLFXOHGRWDWHFXVLVWHP$8727521,& 6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUHHVWH
PHVDMXO3DUN$VVLVWDFWLYH3OHDVH DQXODWDXWRPDWGDF
VKLIWWR56LVWHPXOGHDVLVWDUHOD =HVWHVFKLPEDWWUHDSWDGHYLWH]HVWH
SDUFDUHHVWHDFWLYDW'HSODVDL FRPXWDWWUDQVPLVLDSUHDGHYUHPH
PDQHWDVHOHFWRUXOXLQSR]LLD5HVWH =SDUFDUHDFXDMXWRUXOVLVWHPXOXLGHDVLVWDUH
DILDWSHGLVSOD\XOPXOWLIXQFLRQDO
DFWLYODSDUFDUHQXPDLHVWHSRVLELO
(VWHSRVLELOVILHQHFHVDUHPDLPXOWH
=YLWH]DGHSHWHNPK
VFKLPEULDOHWUHSWHORUGHYLWH]VHOHFWUL
=XQDGLQWUHURLSDWLQHD]VLVWHPXO(63
DXWRPDWHDOHWUHSWHORUGHYLWH]
LQWHUYLQHVDXVHGHIHFWHD]QDFHVWH
,PHGLDWGXSFHVDWHUPLQDWSRFHGXUDGH FD]XULVHDSULQGHODPSDGHDYHUWL]DUH
SDUFDUHHVWHDILDWPHVDMXO3DUNLQJDVVLV rGHSHSDQRXOGHLQVWUXPHQWH
WDQFHILQLVKHG3OHDVHWDNHRYHU
(VWHHPLVXQVHPQDOVRQRUGHDYHUWL]DUH
$VLVWDUHDODSDUFDUHVDQFKHLDW
6LPEROXOSHQWUXVSDLXOGHSDUFDUHGLVSDUHL
9URJSUHOXDLFRPDQGD6LVWHPXOGH
GLVSOD\XOPXOWLIXQFLRQDODILHD]PHVDMXO
DVLVWDUHDFWLYODSDUFDUHHVWHDFXPGH]DFWL
YDW6LVWHPXO3$5.7521,&HVWHvQFGLVSR 3DUN$VVLVWFDQFHOOHG6LVWHPXOGH
QLELO DVLVWDUHDFWLYODSDUFDUHDIRVW
DQXODW
(IHFWXDLPDQHYUHGDFHVWHQHFHVDU
$WXQFLFkQGVLVWHPXOGHDVLVWDUHDFWLYODSDU
5HVSHFWDLvQWRWGHDXQDPHVDMHOHGHDYHU
FDUHDIRVWDQXODWWUHEXLHVPDQHYUDLGLQ
WL]DUHDILDWHGHVLVWHPXO3$5.7521,& QRXYRODQXOGXPQHDYRDVWUvQLY
3DJLQD
7UDFWDUHDXQHLUHPRUFL
'H]DFWLYDUHDVLVWHPXOXLDFWLYGHDVLV
WHQODSDUFDUH QFD]XODXWRYHKLFXOHORUFXGLVSR]LWLYGH
FXSODUHDUHPRUFLLOXQJLPHDPLQLPDORFXOXL
3XWHLDQXODRULFkQGVLVWHPXOGHDVLVWDUH GHSDUFDUHHVWHPDLPDUH
DFWLYODSDUFDUH 1XXWLOL]DLVLVWHPXOGHDVLVWDUHDFWLYODSDU
2SULLPLFDUHDYRODQXOXLPXOWLIXQFLRQDO FDUHGDFODDXWRYHKLFXOHVWHFXSODWR
VDXPDQHYUDLYRODQXOGXPQHDYRDVWU UHPRUF/DHIHFWXDUHDFRQH[LXQLLHOHFWULFH
vQLY vQWUHDXWRYHKLFXOLUHPRUFVLVWHPXOGHDVLV
6LVWHPXOGHDVLVWDUHDFWLYODSDUFDUHYDIL WDUHDFWLYODSDUFDUHHVWHGH]DFWLYDW6LVWH
DQXODWLPHGLDW0HVDMXO3DUN$VVLVW PXO3$5.7521,&HVWHGH]DFWLYDWSHQWUX
FDQFHOOHG6LVWHPXOGHDVLVWDUH ]RQDGLQVSDWH
7UDFWDUHDXQHLUHPRUFL
7UDFWDUHDXQHLUHPRUFL 3HULFROGHDFFLGHQW
1XvQFHUFDLvQQLFLXQFD]VUHHFKLOLEUDL
1RWHVSULYLQGWUDFWDUHDXQHLUHPRUFL
DQVDPEOXODXWRYHKLFXOUHPRUFPULQGYLWH]D
&RQGXFHUHDLSDUFDUHD
1RWHLPSRUWDQWHSULYLQGVLJXUDQD GHGHSODVDUH
3HULFROGHDFFLGHQW ,QIRUPDLLJHQHUDOH
$WXQFLFkQGDSURSLDLDXWRYHKLFXOXOGH
UHPRUFDVLJXUDLYFQLPHQLQXVHDIO 'HWDOLLUHIHULWRDUHODGLPHQVLXQLOHGHLQVWDODUH
vQWUHUHPRUFLDXWRYHKLFXO LODVDUFLQLOHSHUPLVHVXQWGLVSRQLELOHvQVHF
&XSODLLGHFXSODLUHPRUFDFXPDUHDWHQLH LXQHD'DWHWHKQLFH3DJLQD
'DFQXHVWHFXSODWFRUHFWGHDXWRYHKLFXO &kUOLJXOGHUHPRUFDUHSRDWHVXSRUWDRVDUFLQ
DFHDVWDVHSRDWHGHVSULQGH PD[LPGHWUDFWDUHGHNJ7RWXLVDUFLQD
$VLJXUDLYFVXQWUHVSHFWDWHXUPWRDUHOH GHWUDFWDUHQXWUHEXLHVGHSHDVFFLIUD
YDORUL LQGLFDWSHGLVSR]LWLYXOGHWUDFWDUHL
=VDUFLQDPD[LPDGPLVSHFkUOLJXOGH
SOFXHOHGHLGHQWLILFDUHDUHPRUFLL6HDSOLF
YDORDUHDFHDPDLUHGXV
UHPRUFDUH
=PDVDPD[LPDGPLVDUHPRUFLL 8WLOL]DLXQFkUOLJGHUHPRUFDUHFXVDUFLQ
=VDUFLQDPD[LPDGPLVSHSXQWHDVSDWHD FkWPDLDSURSLDWGHVDUFLQDPD[LP
DXWRYHKLFXOXOXLFXFDUHVHUHDOL]HD]WUDF DGPLVQFD]XOXWLOL]ULLXQXLFkUOLJGH
WDUHD UHPRUFDUHFXVDUFLQDVXENJUHPRUFD
VDUSXWHDGHVSULQGH
=PDVDPD[LPDGPLVDDQVDPEOXOXLDXWR
YHKLFXOUHPRUF 5HLQHLFVDUFLQDGHWUDFWDUHUHDOWUHEXLH
VF]XWGLQVDUFLQDXWLOLVDUFLQDSXQLL
9DORULOHPD[LPHDGPLVHDSOLFDELOHVXQWVSH
VSDWH
FLILFDWHvQGRFXPHQWDLDDXWRYHKLFXOXOXL
9DORULOHDSUREDWHGHSURGXFWRUVXQWPHQLR 'DFHVWHSRVLELOODWUDFWDUHDXQHLUHPRUFL
QDWHSHSOFXHOHGHLGHQWLILFDUHLDUFHOHUHIH VHWDLSUHVLXQHDvQSQHXULFRUHVSXQ]WRDUH
ULWRDUHODDXWRYHKLFXOXOFXFDUHVHUHDOL]HD] PDVHLPD[LPHDGPLVHPHQLRQDWSHWDEHOXO
WUDFWDUHDvQVHFLXQHD'DWHWHKQLFHGLQ GLQLQWHULRUXOFODSHWHLEXRQXOXLUH]HUYRUXOXL
GRFXPHQWDLDDXWRYHKLFXOXOXL GHFDUEXUDQWYDORULOHVXSHULRDUHDOHLQWHUYD
OXOXL
3HULFROGHDFFLGHQW G QOLPHDFkUOLJXOXLGHUHPRUFDUHYDULD]
5HVSHFWDLvQWRWGHDXQDOLPLWDPD[LPGH vQIXQFLHGHVDUFLQDDXWRYHKLFXOXOXL'DF
YLWH]VWDELOLWSHQWUXDQVDPEOXULOHDXWRYHKL HVWHQHFHVDUXWLOL]DLRUHPRUFFXEDUGH
FXOUHPRUFvQ*HUPDQLDFKLDULvQULOHFDUH UHPRUFDUHUHJODELOSHvQOLPH
SHUPLWGHSLUHDDFHVWHLD$FHVWOXFUXVFDGH
ULVFXOGHDFFLGHQW 5HFRPDQGULSULYLQGFRQGXFHUHDDXWR
YHKLFXOXOXL
3HULFROGHDFFLGHQW
Q*HUPDQLDYLWH]DPD[LPSHUPLVSHQWUX
1XDSVDLQLFLRGDWFRQWLQXXSHGDODGHIUkQ DQVDPEOXULOHDXWRYHKLFXOUHPRUFHVWHGH
vQWLPSXOGHSODVULLDXWRYHKLFXOXOXLGHH[HP NPKVDXNPKvQIXQFLHGHWLSXO
SOXQXX]DLIUkQHOHSULQDSOLFDUHDFRQVWDQW UHPRUFLLQDQXPLWHULVXQWSHUPLVHYLWH]H
LXRDUGHSUHVLXQHDVXSUDSHGDOHL$FHVW PDLPDULSHQWUXDQVDPEOXULOHDXWRYHKLFXO
IDSWSURYRDFVXSUDvQFO]LUHDVLVWHPXOXLGH UHPRUFQDLQWHGHvQFHSHUHDFOWRULHLYHUL
IUkQDUHPUHWHGLVWDQDGHIUkQDUHLSRDWH ILFDLFDUHHVWHYLWH]DPD[LPSHUPLVPHQ
FRQGXFHODGHWHULRUDUHDFRPSOHWDIUkQHORU LRQDWvQGRFXPHQWHOHUHPRUFLL
7UDFWDUHDXQHLUHPRUFL
QFD]XODQXPLWRUDXWRYHKLFXOH0HUFHGHV 5HFRPDQGULSULYLQGFRQGXFHUHDDXWR
%HQ]VDUFLQDPD[LPDGPLVSHSXQWHD YHKLFXOXOXL
VSDWHHVWHVSRULWODWUDFWDUHDXQHLUHPRUFL =0HQLQHLRGLVWDQPDLPDUHIDGHDXWR
&RQGXFHUHDLSDUFDUHD
&RQVXOWDLVHFLXQHD'DWHWHKQLFHSHQWUXD
YHKLFXOXOGLQIDDWXQFLFkQGWUDFWDLR
DIODGDFDXWRYHKLFXOXOGXPQHDYRDVWUVH
UHPRUF
vQFDGUHD]vQDFHDVWFDWHJRULH'DFXWLOL]DL
=(YLWDLIUkQDUHDEUXVF'DFHVWHSRVLELO
RSDUWHDVDUFLQLLPD[LPHDGPLVHSHSXQWHD
VSDWHVXSOLPHQWDUHODWUDFWDUHDXQHLUHPRUFL PDLvQWkLIUkQDLXRUSHQWUXDSHUPLWH
DQVDPEOXODXWRYHKLFXOUHPRUFQXSRDWH UHPRUFLLVvQFHWLQHDVF0ULLDSRLUDSLG
GHSLRYLWH]PD[LPGHNPKGLQ IRUDGHIUkQDUH
PRWLYHFDUHLQGHFHUWLILFDWXOGHvQPDWULFX =&DSDFLWDWHDGHSRUQLUHvQUDPSGLQSR]LLD
ODUH$FHVWOXFUXHVWHYDODELOLSHQWUXULOHvQ GHVWDLRQDUHHVWHUDSRUWDWODQLYHOXOPULL
FDUHYLWH]DPD[LPDGPLVSHQWUXDQVDP &kQGFRQGXFHLvQUHJLXQLPRQWDQHWUHEXLH
EOXULDXWRYHKLFXOUHPRUFHVWHPDLPDUHGH VLQHLFRQWGHIDSWXOFSXWHUHDXWLOD
NPK PRWRUXOXLLLPSOLFLWFDSDFLWDWHDGHXUFDUH
&DUDFWHULVWLFLOHGHPDQHYUDUHDDXWRYHKLFX DUDPSHORUVFDGRGDWFXFUHWHUHDDOWLWX
OXOXLVHPRGLILFvQPRPHQWXOvQFDUHDWDDL GLQLL
RUHPRUF 'DFUHPRUFDvQFHSHVVHEDODQVH]HODWHUDO
$QVDPEOXODXWRYHKLFXOUHPRUF QXDFFHOHUDL
=HVWHPDLJUHX QXHIHFWXDLPDQHYUHGHFRUHFWDUHDWUDLHF
=DUHRFDSDFLWDWHOLPLWDWGHDFFHOHUDUHL WRULHL
XUFDUHDUDPSHORU GDFHVWHQHFHVDUIUkQDL
=QHFHVLWRGLVWDQGHIUkQDUHPDLPDUH
=HVWHDIHFWDWPDLPXOWGHUDIDOHOHODWHUDOHGH
YkQW 0RQWDUHDFkUOLJXOXLGHUHPRUFDUH
=QHFHVLWRFRQGXFHUHPDLDWHQW 5HLQHLQXPUXOFKHLLFkUOLJXOXLGHUHPRU
=FRQVXPPDLPXOWFDUEXUDQW FDUH
/DFRERUkUHDXQHLSDQWHOXQJLLDEUXSWHWUH G 3XWHLIRORVLDFHVWQXPUSHQWUXDRELQH
EXLHVVHOHFWDLvQWLPSXWLORWUHDSWGHYLWH] RFKHLHGHVFKLPEGHODXQFHQWUXDXWRUL]DW
LQIHULRDUVDXODDXWRYHKLFXOHFXWUDQVPLVLH GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
$8727521,&VHOHFWDLWUHDSWDGHYLWH]
VDX 3HULFROGHUQLUH
G $FHVWOXFUXHVWHYDODELOLGDFDLDFWLYDW QFD]XOvQFDUHFkUOLJXOGHUHPRUFDUHQXVH
IL[HD]FRUHVSXQ]WRUDQVDPEOXODXWRYHKL
VLVWHPXOWHPSRPDWVDX63(('7521,&
FXOUHPRUFQXHVWHVLJXULVDUSXWHDGHV
$VWIHOYHLXWLOL]DIUkQDGHPRWRULDUYLWH]D SULQGH&DXUPDUHSXWHLSURYRFDXQDFFL
DXWRYHKLFXOXOXLYDILPHQLQXWIUDILQHFH GHQW0RQWDLFkUOLJXOGHUHPRUFDUHFXDWHQLH
VDUVROLFLWDUHDIUkQHORUODIHOGHLQWHQV6LV LDVLJXUDLYFHVWHIL[DWFRUHVSXQ]WRU
WHPXOGHIUkQDUHQXYDILVXSUDVROLFLWDWSUH
YHQLQGXVHvQFO]LUHDLX]XUDH[FHVLYDIUk $XWRYHKLFXOHOHIUIXQFLD(&2VWDUW
QHORU'DFHVWHQHYRLHGHRIRUGHIUkQDUH VWRSFkUOLJXOGHUHPRUFDUHVHDIOvQFRP
VXSOLPHQWDUDSVDLSHGDODGHIUkQvQPRG SDUWLPHQWXOSHQWUXGHSR]LWDUHGLQSDUWHD
UHSHWDWLQXFRQWLQXX GUHDSWDSRUWEDJDMXOXL
7UDFWDUHDXQHLUHPRUFL
'HVFKLGHLFRPSDUWLPHQWXOSHQWUXGHSR]L
WDUHGLQSDUWHDGUHDSWDSRUWEDJDMXOXL
3DJLQD
&RQGXFHUHDLSDUFDUHD
5DEDWDLFDSDFXOvQMRV
7UDJHLFDSDFXOGHSURWHFLHCvQMRVvQ
VHQVXOLQGLFDWGHVJHDWvQDIDUDQLHL
SHQWUXFkUOLJXOGHUHPRUFDUH
3XQHLFDSDFXOGHSURWHFLHCODQLDSHQ
$XWRYHKLFXOHOHIUIXQFLD(&2VWDUWVWRS WUXFkUOLJXOGHUHPRUFDUH
'HVIDFHLFXUHDXDGHIL[DUHD
6FRDWHLFkUOLJXOGHUHPRUFDUHCGLQQLD
DFHVWXLD
$XWRYHKLFXOHOHFXIXQFLD(&2VWDUW
VWRSFkUOLJXOGHUHPRUFDUHVHDIOvQQLD
VSHFLDODDFHVWXLDGLQFRPSDUWLPHQWXOSHQ
WUXGHSR]LWDUHVXESRGHDXDSRUWEDJDMXOXL
'HVIDFHLSRGHDXDSRUWEDJDMXOXL
3DJLQD
6FRDWHLFDSDFXOGHSURWHFLHDGHODGLV
SR]LWLYXOGHEORFDUHSHUR]HW
,QWURGXFHLFKHLDCvQFRQWDFW
0DUFDMXOURXGHSHUR]HWWUHEXLHVILH
DOLQLDWFX]RQDYHUGHGHSHFkUOLJXOGH
UHPRUFDUHSR]LLDGHIL[DUH'DFQXVH
vQWkPSODD
5RWLLFKHLDCvQVHQVXOLQGLFDWGHVJHDW
&KHLDHVWHHOLEHUDW
$XWRYHKLFXOHOHFXIXQFLD(&2VWDUWVWRS
6FRDWHLFkUOLJXOGHUHPRUFDUHCGLQQLD
DFHVWXLDD
7UDFWDUHDXQHLUHPRUFL
&RQGXFHUHDLSDUFDUHD
6FRDWHLUR]HWDGHODFkUOLJXOGHUHPRU 5DEDWDLSUL]DUHPRUFLLCvQMRV
FDUHLURWLLVSUHGUHDSWDSkQFkQGVH
IL[HD] 3HULFROGHDFFLGHQWDUH
=RQDYHUGHGHSHFkUOLJXOGHUHPRUFDUH &kUOLJXOGHUHPRUFDUHHVWHIL[DWVLJXUGRDU
HVWHDOLQLDWFXPDUFDMXOURXGHSHUR]HW DWXQFLFkQGPDUFDMXOYHUGHGHSHUR]HWHVWH
,QWURGXFHLFkUOLJXOGHUHPRUFDUHvQQLD DOLQLDWFX]RQDYHUGHGHSHFkUOLJXOGHUHPRU
DFHVWXLDvQVHQVXOLQGLFDWGHVJHDW FDUHLFKHLDSRDWHILVFRDV&kUOLJXOGH
SkQFkQGVHIL[HD] UHPRUFDUHVHSRDWHGHVIDFHGDFQXHVWHIL[DW
5R]HWDVHURWHWHDVWIHOvQFkWPDUFDMXO VLJXU
YHUGHGHSHDFHDVWDVHDOLQLD]FX]RQH &kUOLJXOGHUHPRUFDUHWUHEXLHVILHEORFDWLDU
YHUGHGHSHFkUOLJXOGHUHPRUFDUH FKHLDWUHEXLHVILHVFRDVDWXQFLFkQGHVWH
WUDFWDWRUHPRUF'RDUvQDFHVWPRGFkUOLJXO
GHUHPRUFDUHHVWHIL[DWVLJXULH[LVWJDUDQLD
FQXVHYDGHVIDFHvQWLPSXOGHSODVULLDXWR
YHKLFXOXOXLQFD]XOvQFDUHFkUOLJXOGHUHPRU
FDUHQXSRDWHILEORFDWLFKHLDQXSRDWHIL
VFRDVVFRDWHLFkUOLJXOGHUHPRUFDUHL
FXUDLO
QFD]XOvQFDUHFkUOLJXOGHUHPRUFDUHWRWQX
SRDWHILIL[DWEORFDWGXSFHDIRVWFXUDW
GHPRQWDLOQDFHVWFD]FkUOLJXOGHUHPRU
FDUHQXSRDWHILIRORVLWSHQWUXWUDFWDUHDXQHL
UHPRUFLGHRDUHFHQXHVWHJDUDQWDWRIXQF
5RWLLFKHLDCSkQODRSULUHvQVHQXOLQGL LRQDUHVLJXU
FDWGHVJHDWSHQWUXEORFDUH $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6FRDWHLFKHLDC SHQWUXYHULILFDUHDvQWUHJXOXLVLVWHPGHUHPRU
$SVDLFDSDFXOGHSURWHFLHDSHGLVSR FDUH0HUFHGHV%HQ]YUHFRPDQGVDSHODL
]LWLYXOGHEORFDUH ODXQXOGLQWUHFHQWUHOHDXWRUL]DWHGHYkQ]ULL
VHUYLFH0HUFHGHV%HQ]SHQWUXDFHVWOXFUX
G 3XWHLGHSR]LWDFKHLDvQQLDFkUOLJXOXLGH QFUHGLQDUHDOXFUULORUFHLPSOLFVLVWHPHOH
UHPRUFDUHGLQSRUWEDJDM GHVLJXUDQXQXLDWHOLHUGHVSHFLDOLWDWHDXWR
UL]DWHVWHSULRULWDU
7UDFWDUHDXQHLUHPRUFL
&XSODUHDXQHLUHPRUFL HIHFWXOGHUHVRUWJHQHUDWGHIUkQDFXLQHULH
SRDWHSURGXFHGHWHULRUDUHDDXWRYHKLFXOX
3HULFROGHUQLUH OXL
&RQGXFHUHDLSDUFDUHD
1XGHFXSODLUHPRUFDDWXQFLFkQGHVWHDFLR $VLJXUDLYFDLGHSODVDWVHOHFWRUXOvQ
QDWIUkQDFXLQHULHQFD]FRQWUDUYSXWHL SR]LLD3
SULQGHPkQDvQWUHEDUDGHSURWHFLHLFHDGH
$FLRQDLIUkQDGHSDUFDUH
UHPRUFDUH
$VLJXUDLDXWRYHKLFXOXOvPSRWULYDGHSODVULL
$VLJXUDLYFDLGHSODVDWVHOHFWRUXOvQ DFFLGHQWDOH
SR]LLD3 'HWDDLFDEOXOUHPRUFLLLDSRLGHFXSODL
$FLRQDLIUkQDGHSDUFDUH UHPRUFD
$H]DLUHPRUFDvQVSDWHOHDXWRYHKLFXOXOXL
SHRVXSUDIDSODQ
&XSODLUHPRUFD 'HPRQWDUHDFkUOLJXOXLGHUHPRUFDUH
5HDOL]DLFRQH[LXQHDHOHFWULFvQWUHDXWRYH 6FRDWHLFDSDFXOGHSURWHFLHDOGLVSR]LWL
KLFXOLUHPRUF YXOXLGHIL[DUHDOUR]HWHL
'HEORFDLGLVSR]LWLYXOGHIL[DUHDOUR]HWHLFX
DMXWRUXOFKHLL
'HFXSODUHDXQHLUHPRUFL 3ULQGHLIHUPFkUOLJXOGHUHPRUFDUH7UDJHL
UR]HWDGHSHFkUOLJXOGHUHPRUFDUHLURWLL
3HULFROGHUQLUH
RVSUHGUHDSWDSkQFkQGVHIL[HD]vQSR]L
,PHGLDWFHGHFXSODLFkUOLJXOGHUHPRUFDUH LH
DXWRYHKLFXOXOVHULGLFXRUSHQWUXFDIRVW =RQDYHUGHGHSHFkUOLJHVWHDOLQLDWFX
HOLEHUDWGHJUHXWDWH'XSDFHHDDXWRYHKL PDUFDMXOURXGHSHUR]HW
FXOXOFRERDUODQLYHOXOQRUPDO
6FRDWHLFkUOLJXOGHUHPRUFDUHWUJkQGXOvQ
$VLJXUDLYFQLFLRSHUVRDQQXVHDIOvQ MRV
DSURSLHUHDSDVDMHORUURLORUVDXDSULLLQIH
&XUDLFkUOLJXOGHUHPRUFDUHGDFHVWH
ULRDUHDFDURVHULHLQFD]FRQWUDUHVWHSRVL
PXUGDU
ELODFFLGHQWDUHDGXPQHDYRDVWUVDXDDOWRU
SHUVRDQH 3XWHLJVLLQIRUPDLLGHVSUHFXUDUHDL
vQWUHLQHUHDGLVSR]LWLYXOXLGHWUDFWDUHD
3HULFROGHUQLUH UHPRUFLLvQVHFLXQHD3DJLQD
$XWRYHKLFXOXOHVWHFRERUkWLPHGLDWFHGHFR
QHFWDLFDEOXOUHPRUFLL$VLJXUDLYFQLFLR
SHUVRDQQXVHDIOvQDSURSLHUHDSDVDMHORU 3VWUDUHDFkUOLJXOXLGHUHPRUFDUH
URLORUVDXDSULLLQIHULRDUHDFDURVHULHLQ
3HULFROGHDFFLGHQW
FD]FRQWUDUHVWHSRVLELODFFLGHQWDUHDGXP
1XWUDQVSRUWDLQLFLRGDWvQLQWHULRUXODXWRYH
QHDYRDVWUVDXDDOWRUSHUVRDQH
KLFXOXOXLXQFkUOLJGHUHPRUFDUHQHIL[DW
,PHGLDWFHGHFXSODLUHPRUFDDXWRYHKLFXOXO
QFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLSRWIL
VHULGLFXRUSHQWUXFDIRVWHOLEHUDWGH
UQLLGDFDFHVWDHVWHSURLHFWDWvQFD]GH
JUHXWDWH$VLJXUDLYFQXH[LVWSHULFROXO
=IUkQDUHEUXVF
DFFLGHQWULLGXPQHDYRDVWUVDXDDOWRUSHU
VRDQHvQWLPSXODFHVWXLSURFHV =PRGLILFDUHEUXVFDGLUHFLHL
=DFFLGHQW
1XGHFXSODLRUHPRUFGDFDFHDVWDGLV
SXQHGHIUkQFXLQHULHvQWUHEDUDGHSUR $XWRYHKLFXOHIUIXQFLH(&2VWDUW
WHFLHLFHDGHUHPRUFDUHvQFD]FRQWUDU VWRSGHVFKLGHLFRPSDUWLPHQWXOGHGHSR
7UDFWDUHDXQHLUHPRUFL
]LWDUHGLQSDUWHDGUHDSWDFRPSDUWLPHQ $FWLYDUHDLGH]DFWLYDUHDVXUVHLGHDOL
WXOXLSHQWUXEDJDMH PHQWDUHURWLLFKHLDvQFRQWDFWvQSR]LLD
7UDJHLFDSLWRQDMXOvQMRV UHVSHFWLYvQSR]LLD
&RQGXFHUHDLSDUFDUHD
$XWRYHKLFXOHFXIXQFLHVWDUWVWRSULGL
FDLSRGHDXDFRPSDUWLPHQWXOXLSHQWUX
EDJDMH 5HPRUFLOHFXFRQHFWRUFXSLQL
QGHSUWDLFDSDFXOGHSURWHFLHDOGHJDMULL
,QIRUPDLLJHQHUDOH
FkUOLJXOXLGHUHPRUFDUH
3XQHLFDSDFXOODORF 'DFUHPRUFDHVWHSUHY]XWFXXQFRQHFWRU
FXSLQLDFHVWDSRDWHILFRQHFWDWODSUL]DFX
3VWUDLFkUOLJXOGHUHPRUFDUHFXFKHLD
SLQLDFkUOLJXOXLGHUHPRUFDUHSULQLQWHU
LQVHUDWvQDFHVWDvQGHJDMDUHDDIHUHQW
PHGLXOXQXLDGDSWRUVDXGDFHVWHFD]XOFX
$XWRYHKLFXOHIUIXQFLH(&2VWDUW
XQFDEOXDGDSWRU3XWHLRELQHDPEHOHSUR
VWRSIL[DLFkUOLJXOGHUHPRUFDUHXWLOL]kQG GXVHGHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FXUHDXDGHSULQGHUH GHH[HPSOXODXQ&HQWUXDXWRUL]DWGHYkQ]UL
3OLDLSUL]DUHPRUFLLvQVXV LVHUYLFH0HUFHGHV%HQ]
,QVWDODUHDDGDSWRUXOXL
$OLPHQWDUHDUHPRUFLL
3UL]DUHPRUFLLDXWRYHKLFXOXOXLHVWHGRWDWGLQ
IDEULFDLHFXRVXUVGHDOLPHQWDUHSHUPD
QHQWLRVXUVFDUHHVWHSRUQLWSULQLQWHU
PHGLXOFRQWDFWXOXL
$OLPHQWDUHDSHUPDQHQWHVWHDVLJXUDWSULQ
PXIDUHPRUFLLFXSLQL
$OLPHQWDUHDDFWLYDWFXDMXWRUXOFRQWDFWXOXL
HVWHDVLJXUDWSULQLQWHUPHGLXOPXIHLFX
SLQL
3XWHLFRQHFWDFRQVXPDWRULFXRSXWHUH 5DEDWDLSUL]DvQMRV
GHSkQOD:ODVXUVDGHDOLPHQWDUH 'HVFKLGHLFDSDFXOSUL]HL
SHUPDQHQWLGHSkQOD:ODVXUVD ,QWURGXFHLFRQHFWRUXOFXJKLGDMCvQFDQH
GHDOLPHQWDUHDFWLYDWSULQLQWHUPHGLXO
FRQWDFWXOXL OXUDSUL]HLDLURWLLOFRPSOHWVSUH
GUHDSWD
(VWHLQWHU]LVvQFUFDUHDEDWHULHLUHPRUFLL
)L[DLFDSDFXO
FXDMXWRUXOVXUVHLGHDOLPHQWDUH
'DFXWLOL]DLXQFDEOXDGDSWRUIL[DLOOD
)XQFLRQDUHDFRUHVSXQ]WRDUHDVHPQDOL]D
UHPRUFFXDMXWRUXOHOHPHQWHORUGHDQFR
WRDUHORUGHGLUHFLHDOHUHPRUFLLHVWHDVLJX
UDUH
UDWQXPDLvQFD]XOXWLOL]ULLXQRUEHFXUL
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHVSUH $VLJXUDLVXILFLHQWOLEHUWDWHGHPLFDUH
PRGXOGHLQVWDODUHDFLUFXLWXOXLHOHFWULFDO FDEOXOXLSHQWUXDQXVHGHVSULQGHODHIHF
UHPRUFLLGHODXQDWHOLHUGHVSHFLDOLWDWHDXWR WXDUHDYLUDMHORU
UL]DWGHH[HPSOXGHODRULFDUH&HQWUXDXWRUL
]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
7UDFWDUHDXQHLUHPRUFL
3UREOHPHODWUDFWDUHDXQHLUHPRUFL
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RQGXFHUHDLSDUFDUHD
&kUOLJXOGHUHPRUFDUH 3HULFROGHDFFLGHQWDUH
QXSRDWHILEORFDW
&kUOLJXOGHUHPRUFDUHHVWHPXUGDU
&KHLDQXSRDWHIL
'LVSR]LWLYXOGHWUDFWDUHHVWHGHWHULRUDW
VFRDVGHODFkUOLJXOGH
UHPRUFDUH 6FRDWHLFkUOLJXOGHUHPRUFDUHLFXUDLO3DJLQDQ
FD]XOvQFDUHFkUOLJXOGHUHPRUFDUHWRWQXSRDWHILEORFDWVFRD
WHLO1XWUHEXLHVPDLILHIRORVLWSHQWUXDWUDFWDRUHPRUF
GHRDUHFHXWLOL]DUHDVLJXUQXHVWHJDUDQWDW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUXYHULILFDUHD
vQWUHJXOXLGLVSR]LWLYGHWUDFWDUH
'RWDUHDDXWRYHKLFXOXOXL
,QVWUXFLXQLLPSRUWDQWHSULYLQG
&RPSXWHUXOGHERUGLDILDMHOH
VLJXUDQD
$ILDMHLXWLOL]DUH
0HQLXULLVXEPHQLXUL
0HVDMHDILDWH
/PSLOHPDUWRULGHDYHUWL]DUHGH
SHSDQRXOGHLQVWUXPHQWH
$ILDMHLXWLOL]DUH
'RWDUHDDXWRYHKLFXOXOXL DSHODUHDODXQ&HQWUXGH6HUYLFH0HUFHGHV
%HQ](VWHSULRULWDUvQFUHGLQDUHDOXFUULORU
&RPSXWHUXOGHERUGLDILDMHOH
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL FHLPSOLFVLJXUDQDLVLVWHPHOHGHVLJXUDQ
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L 3HULFROGHDFFLGHQW
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH &RPSXWHUXOGHERUGvQUHJLVWUHD]LDILHD]
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL QXPDLPHVDMHGHHURDUHLDYHUWLVPHQWHSUR
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO YHQLWHGHODDQXPLWHVLVWHPH'LQDFHVWPRWLY
GXPQHDYRDVWUVQXGLVSXQGHWRDWH WUHEXLHVYDVLJXUDLSHUVRQDOFDXWRYHKL
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW FXOXOSUH]LQWVLJXUDQvQXWLOL]DUHQFD]FRQ
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF WUDUHVWHSRVLELOSURGXFHUHDXQXLDFFLGHQW
LLOHSULYLQGVLJXUDQD GDWRULWFRQGXFHULLXQXLDXWRYHKLFXOQHVLJXU
3HULFROGHDFFLGHQWLUQLUH
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX 6LJXUDQDIXQFLRQDODDXWRYHKLFXOXOXLSRDWH
UDQD ILDIHFWDWGHHIHFWXDUHDLQFRUHFWDOXFUULORU
GHvQWUHLQHUH&DXUPDUHDLSXWHDSLHUGH
3UH]HQWDUHDJHQHUDOFRPSOHWDLQVWUXPHQ FRQWUROXODVXSUDDXWRYHKLFXOXOXLLSURYRFDXQ
WXOXLGHERUGHVWHGLVSRQLELOvQVHFLXQHD DFFLGHQWQSOXVHVWHSRVLELOFDVLVWHPHOHGH
3UH]HQWDUHJHQHUDO3DJLQD VLJXUDQVQXPDLDVLJXUHSURWHFLDFRUHV
3HULFROGHDFFLGHQW SXQ]WRDUHDRIHUXOXLLDSDVDJHULORU
8WLOL]DLFRPSXWHUXOGHERUGQXPDLFkQGFRQ /XFUULOHGHvQWUHLQHUHWUHEXLHvQFUHGLQDWH
GLLLOHGHGUXPLGHWUDILFRSHUPLWQFD] vQWRWGHDXQDXQXLDWHOLHUGHVSHFLDOLWDWHDXWR
FRQWUDUDWHQLDGXPQHDYRDVWUYDILGLVWUDV UL]DW$WHOLHUXOGHVSHFLDOLWDWHDXWRUL]DWWUH
LQXYYHLPDLSXWHDFRQFHQWUDvQPRG EXLHVGHLQHFKLSDPHQWXOLFXQRWLQHOH
FRUHVSXQ]WRUDVXSUDFRQGXFHULLSURYRFkQG WHKQLFHQHFHVDUHHIHFWXULLOXFUULORUQDFHVW
DVWIHOXQDFFLGHQW VFRS0HUFHGHV%HQ]YUHFRPDQGVDSH
ODLODXQFHQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH
3HULFROGHDFFLGHQWDUH 0HUFHGHV%HQ](VWHSULRULWDUvQFUHGLQDUHD
OXFUULORUFHLPSOLFVLJXUDQDLVLVWHPHOHGH
QFD]XOXQHLGHIHFLXQLDSDQRXOXLGHLQVWUX
VLJXUDQXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL
PHQWHVDXDGLVSOD\XOXLPXOWLIXQFLRQDOQX
]DW
PDLSRWILDILDWHQLFLXQIHOGHPHVDMH
QDFHVWFD]QXYHLDYHDDFFHVODLQIRUPDLL
SULYLQGFRQGLLLOHGHUXODUHSUHFXPYLWH]DGH
GHSODVDUHWHPSHUDWXUDH[WHULRDUOPSLOHGH
$ILDMHLXWLOL]DUH
DYHUWL]DUHPDUWRUPHVDMHOHGHVHPQDODUHD ,QGLFDWRUXOGHWHPSHUDWXUDOLFKLGX
GHIHFLXQLORUVDXDGLVIXQFLLORUXQRUVLVWHPH OXLGHUFLUH
0DQHYUDELOLWDWHDDXWRYHKLFXOXOXLSRDWHIL
DIHFWDW'LQDFHVWPRWLYHVWHQHFHVDU ,QGLFDWRUXOWHPSHUDWXULLOLFKLGXOXLGHUFLUH
DGDSWDUHDFRUHVSXQ]WRDUHDVWLOXOXLGHFRQ HVWHVLWXDWSHSDUWHDVWkQJDSDQRXOXLGH
GXFHUHLDYLWH]HLGHGHSODVDUH LQVWUXPHQWH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWH QFRQGLLLQRUPDOHGHIXQFLRQDUHLFXQLYHOXO
DXWRUL]DWFDUHGHLQHFXQRWLQHOHWHKQLFHL VSHFLILFDWGHOLFKLGGHUFLUHWHPSHUDWXUD
HFKLSDPHQWHOHQHFHVDUHHIHFWXULLOXFUULORU OLFKLGXOXLDUSXWHDFUHWHSkQOD
QDFHVWVFRS0HUFHGHV%HQ]UHFRPDQG
$ILDMHLXWLOL]DUH
/DWHPSHUDWXULH[WHULRDUHULGLFDWHLODSDU
FXUJHUHDXQRUGLVWDQHOXQJLvQUDPSWHP
&RPSXWHUXOGHERUGLDILDMHOH
SHUDWXUDOLFKLGXOXLGHUFLUHDUSXWHDFUHWH
SkQODOLPLWDPD[LP
7XURPHWUX
=RQDURLHDWXURPHWUXOXLLQGLFSODMDGH
VXSUDWXUDUHDPRWRUXOXL
1XFRQGXFHLDXWRYHKLFXOXOFXPRWRUXO
VXSUDWXUDWQFD]FRQWUDUPRWRUXOYDIL
GHWHULRUDW
3HQWUXSURWHMDUHDPRWRUXOXLDOLPHQWDUHDFX
FDUEXUDQWHVWHvQWUHUXSWODDWLQJHUHD]RQHL
GHVXSUDWXUDLH
C 'LVSOD\PXOWLIXQFLRQDO
2XWVLGHWHPSHUDWXUHGLVSOD\ D
3HQWUXVHOHFWDUHDVXEPHQLXULORUvQ
7HPSHUDWXUDH[WHULRDUHVWHDILDWSHGLV PHQLXO6HWWLQJVVHWUL
SOD\XOPXOWLIXQFLRQDO 3HQWUXPRGLILFDUHDYDORULORU
$9(57,=$5( 3HQWUXUHJODUHDYROXPXOXL
/DWHPSHUDWXULXRUSHVWHSXQFWXOGHvQJKH j
RVHDXDSRDWHILvQJKHDWPDLDOHVvQ]RQHOH 3HQWUXHIHFWXDUHDDFFHSWDUHDVDX
GHSGXUHVDXSHSRGXULQFD]XOXQXLPRGGH SHQWUXUHVSLQJHUHDWHUPLQDUHDXQXL
FRQGXFHUHQHDGDSWDWFRQGLLLORUGHGUXP DSHOWHOHIRQLF
DXWRYHKLFXOXOSRDWHLQWUDvQGHUDSDM'LQ
DFHDVWFDX]WUHEXLHVYDGDSWDLvQWRW Ah
GHDXQDPRGXOGHFRQGXFHUHLYLWH]DODFRQ 3HQWUXGHUXODUHDvQDSRLLvQDLQWHvQ
GLLLOHPHWHR FDGUXOXQXLPHQLX
0RGLILFULOHWHPSHUDWXULLH[WHULRDUHVXQWLQGL
FDWHFXRXRDUvQWkU]LHUH
8WLOL]DUHDFRPSXWHUXOXLGHERUG
&RPSXWHUXOGHERUGHVWHDFWLYDWGHvQGDWFH
URWLLFKHLDvQFRQWDFWvQSR]LLD
3XWHLFRQWURODGLVSOD\XOPXOWLIXQFLRQDOL
VHWULOHFRPSXWHUXOXLGHERUGSULQLQWHUPH
GLXOWDVWHORUVLWXDWHSHYRODQXOPXOWLIXQFLR
QDO
$ILDMHLXWLOL]DUH
Ah
&RPSXWHUXOGHERUGLDILDMHOH
$SVDLVFXUW
$XGLRQPHQLXO$XGLRSHQWUX
VHOHFWDUHDXQHLSLHVHDXGLRVDXvQ
IXQFLHGHVHWULSHQWUXVHOHFWDUHD
XQXLSRVWPHPRUDWVDXDSRVWXOXL
XUPWRUDQWHULRU
$XGLR$XGLR$36L
&20$1'$36QPHQLXO$XGLR
SHQWUXVHOHFWDUHDXQXLSRVWPHPR
UDWDXQHLSLHVHDXGLRVDXDXQHL C =RQDGHDILDUHDPHQLXULORUVDXVXEPH
VFHQHYLGHR QLXULORU
$XGLR$XGLR$36L D %DUDGHVWDUHFXWHPSHUDWXUDH[WHULRDU
&20$1'$36QPHQLXO7HOH VDXYLWH]D3DJLQD
SKRQHWHOHIRQSHQWUXFRPXWDUHDOD
DJHQGDWHOHIRQLFLVHOHFWDUHDXQXL
QXPHVDXDXQXLQXPUGHWHOHIRQ
Ah
$SVDLFRQWLQXX$XGLR$XGLR
$36L&20$1'$36
QPHQLXO$XGLRSHQWUXVHOHFWDUHD
SRVWXOXLDQWHULRUXUPWRUVDXVHOHF
WDUHDXQHLSLHVHDXGLRFXDMXWRUXO
IXQFLHLGHGHUXODUHUDSLG
QPHQLXO7HOHSKRQHWHOHIRQSHQ
WUXGHFODQDUHDGHUXOULLUDSLGHvQ
DJHQGDWHOHIRQLF
3HQWUXVHOHFWDUHDXQXLPHQLXSHQWUX
GHUXODUHvQDSRLLvQDLQWH
'LVSOD\XOPXOWLIXQFLRQDO
3HQWUXDFWLYDUHDGLVSOD\XOXLPXOWLIXQFLRQDO
=3XQHLFRQWDFWXO
=$SULQGHLOXPLQLOH
='HVFKLGHLSRUWLHUDRIHUXOXL
=$SVDLEXWRQXOGHUHVHWDUHOGHSH
SDQRXOGHLQVWUXPHQWH
9DORULOHVHWULOHSUHFXPLPHVDMHOHVXQWDIL
DWHSHGLVSOD\XOPXOWLIXQFLRQDO
0HQLXULLVXEPHQLXUL
0HQLXULLVXEPHQLXUL
&RPSXWHUXOGHERUGLDILDMHOH
3UH]HQWDUHJHQHUDODPHQLXULORU
1XPUXOGHPHQLXULDILDWHGHSLQGHGHHFKLSDPHQWXORSLRQDODODXWRYHKLFXOXOXL
)XQFLH
C PHQLXO'LVSOD\VWDQGDUG3DJLQD
=6LVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHvQSQHXUL3DJLQD
=,QGLFDWRUXOGHUHYL]LLWHKQLFH$66<673/863DJLQD
=1LYHOXOXOHLXOXLGHPRWRU3DJLQD
D PHQLXO$XGLR3DJLQD
PHQLXO1DYLJDWLRQ1DYLJDLH3DJLQD
PHQLXO0HVVDJHPHPRU\0HVDMHPHPRUDWH3DJLQD
PHQLXO6HWWLQJV6HWUL3DJLQD
PHQLXO7ULSFRPSXWHU&RPSXWHUGHERUG3DJLQD
k PHQLXO7HOHSKRQH7HOHIRQ3DJLQD
3HQWUXVLVWHPXO$XGLRFRPSXWHUXOGHERUGDILHD]PHQLXULOH$XGLRL7HOHSKRQHvQOLPED
HQJOH]/LPEDXWLOL]DWvQDFHVWHPHQLXULQXGHSLQGHGHOLPEDVHOHFWDWSHQWUXGLVSOD\XO
PXOWLIXQFLRQDO
6LVWHPHOH$XGLR$XGLR$36L&20$1'$36
0HQLXOHVWHYL]LELOGRDUFkQGHVWHDILDWXQPHVDM
0HQLXULLVXEPHQLXUL
QIXQFLHGHVLVWHPXODXGLRFDUHDIRVWLQVWDODWPHQLXULOH$XGLR1DYLJDWLRQL7HOHSKRQH
VXQWXRUGLIHULWH([HPSOHOHGDWHvQ0DQXDOXOGHXWLOL]DUHVHUHIHUODDXWRYHKLFXOHOHHFKLSDWH
&RPSXWHUXOGHERUGLDILDMHOH
FXVLVWHP&20$1'$36
0HQLXOGLVSOD\XOXLVWDQGDUG $ILDUHDYLWH]RPHWUXOXLGLJLWDOVDXD
WHPSHUDWXULLH[WHULRDUH
'LVSOD\VWDQGDUG
QFD]XOvQFDUHDLVHOHFWDWYLWH]RPHWUXOGLJL
$SVDLEXWRQXOVDXGHSHYRODQ WDOSHQWUXOLQLDGHVWDUH3DJLQDDLFL
SHQWUXDVHOHFWDDILDMXOVWDQGDUG YDILDILDWWHPSHUDWXUDH[WHULRDU
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDGLVSOD\XOVWDQGDUG
$SVDLEXWRQXOAVDXhSHQWUXD
VHOHFWDYLWH]RPHWUXOGLJLWDOVDXWHPSHUD
WXUDH[WHULRDU
$ILDMVWDQGDUG
C &RQWRUXOGHUXODMSDULDO
D &RQWRUXOGHUXODMWRWDO
QPHQLXO6WDQGDUGGLVSOD\$ILDMVWDQGDUG
SXWHLVHOHFWDXUPWRDUHOHIXQFLLDSVkQG
AVDXh 9LWH]RPHWUXOGLJLWDOH[HPSOX
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGH C 9LWH]RPHWUXOGLJLWDO
SUHVLXQHvQSQHXUL3DJLQD
=YLWH]RPHWUXOGLJLWDOVDXWHPSHUDWXUDH[WH
ULRDU3DJLQD
0HQLXODXGLR
=DILDMXOLQWHUYDOHORUSHQWUXHIHFWXDUHDUHYL 6HOHFWDUHDXQXLSRVWUDGLR
]LLORUWHKQLFH$66<673/86
&RPXWDUHDJDPHLGHIUHFYHQLPHPRUDUHD
3DJLQD
QRLORUSRVWXULGHUDGLRHVWHSRVLELOQXPDL
=QLYHOXOXOHLXOXLGHPRWRU3DJLQD
SULQLQWHUPHGLXOVLVWHPXOXLDXGLRVDX
3HQWUXUHVHWDUHDFRQWRUXOXLGHUXODM &20$1'$36
SDULDODSVDLLPHQLQHLDSVDWEXWRQXO $FWLYDLVLVWHPXODXGLRVDXVLVWHPXO
GHUHVHWDUHGLQSDUWHDVWkQJDSDQRXOXLGH &20$1'$36LVHOHFWDL5DGLRXOYH]L
LQVWUXPHQWHSkQODUHVHWDUHDDFHVWXLD LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO$XGLR
$XWRYHKLFXOHSHQWUX0DUHD%ULWDQLHWHPSHUDWXUDH[WHULRDUHVWHDILDWSHUPDQHQW
0HQLXULLVXEPHQLXUL
$XGLR 3RUQLLVLVWHPXODXGLRLVHOHFWDL&'
SOD\HUXOFRQVXOWDLLQVWUXFLXQLOHGHXWLOL
&RPSXWHUXOGHERUGLDILDMHOH
$SVDLEXWRQXOAVDXhSHQWUXD
]DUHVHSDUDWH
VHOHFWDSRVWXOGRULW
7LSXOGHFXWDUHGHSLQGHGHVHWDUHDUHIHUL $SVDLEXWRQXOVDXGHSHYRODQ
WRDUHODVHOHFWDUHDSRVWXULORU SHQWUXDVHOHFWDPHQLXO$XGLR
3DJLQD6HVHOHFWHD]XUPWRUXO $SVDLEXWRQXOAVDXhSHQWUXD
SRVWPHPRUDWVDXvQFHSHFXWDUHDSRVWX VHOHFWDRSLHVGHSH&'
ULORU
$ILDMXO&'SOD\HUXOXLH[HPSOX
C *DPGHIUHFYHQ C )XQFWLRQ5HGDUHQXPUXO&'XOXLHVWH
D 3RVWXOFXUHQW DILDWLvQFD]XOXQHLPDJD]LLGH&'XUL
$XGLR$XGLR$36VDX&20$1'$36 D 3LHVDFXUHQW
3HQWUXVHOHFWDUHDXQXLSRVWPHPRUDW
DSVDLVFXUWEXWRQXOAVDXh
8WLOL]DUHDSOD\HUXOXLDXGLRVDXDVXUVH
ORUDXGLR
3HQWUXVHOHFWDUHDXQXLSRVWGLQOLVWDGH
SRVWXULDSVDLFRQWLQXXSHQWUXVFXUW 'DWHOHDXGLRGHSHGLYHUVHGLVSR]LWLYHVDX
WLPSEXWRQXOAVDXh VXUVHDXGLRSRWILUHGDWHvQIXQFLHGHHFKL
3HQWUXDVHOHFWDXQSRVWFXDMXWRUXO
SDPHQWHOHPRQWDWHvQDXWRYHKLFXO
IXQFLHLGHFXWDUHDSVDLFRQWLQXX $FWLYDLVLVWHPXODXGLRVDX&20$1'$36
SHQWUXVFXUWWLPSEXWRQXOAVDXh LVHOHFWDLXQLWDWHDVDXRVXUVGHUHGDUH
DXGLRYH]LLQVWUXFLXQLOHGHXWLOL]DUHVHSD
G 0RGXOUDGLR'$%'LJLWDO$XGLR%URDG UDWH
FDVWLQJUDGLRGLIX]LXQHGLJLWDOYH]L $SVDLEXWRQXOVDXGHSHYRODQ
LQVWUXFLXQLOHGHXWLOL]DUHVHSDUDWH SHQWUXDVHOHFWDPHQLXO$XGLR
8WLOL]DUHD&'SOD\HUXOXLVLVWHPXO
$XGLR
&'XULOHFXSLHVHvQIRUPDW03:0$SRWIL
UHGDWHSHXQLWDWHD$XGLR
'XSPHPRUDUHDSRVWXOXLFXUHQWDORFDLDGHPHPRUDUHYDILDILDW
'RDUGDFQXHVWHGLVSRQLELOQLFLROLVWGHSRVWXUL
1XPDLSHQWUXDQXPLWHUL
&RPSXWHUXOGHERUGLDILDMHOH 0HQLXULLVXEPHQLXUL
&RPSXWHUXOGHERUGLDILDMHOH
=5HYHQLUHDODVHWULOHLPSOLFLWH
=0RGLILFDUHDVHWULORUSDQRXOXLGHLQVWUX
PHQWH
=0RGLILFDUHDVHWULORUGDWHLRUHL
=0RGLILFDUHDVHWULORULOXPLQULL
=0RGLILFDUHDVHWULORUDXWRYHKLFXOXOXL
=0RGLILFDUHDVHWULORUGHFRQIRUW
5HYHQLUHDODVHWULOHLPSOLFLWHGH
IDEULF
C 'LUHFLDGHGHSODVDUH
'LQPRWLYHGHVLJXUDQQXWRDWHIXQFLLOHSRW
ILUHVHWDWHVLVWHPXO63(('7521,&SHUPD
)XQFLDGHLQGLFDUHDWUDVHXOXLDFWLY QHQWSRDWHILVHWDWQXPDLGLQVXEPHQLXO
3HGLVSOD\XOPXOWLIXQFLRQDOVXQWDILDWH 9HKLFOHDXWRYHKLFXO6XEPHQLXO+HDG
LQVWUXFLXQLOHGHQDYLJDLHGHH[HPSOX ODPSPRGH0RGIXQFLRQDUHIDUXUL
GLQVXEPHQLXO/LJKWLQJLOXPLQDUHHVWH
UHVHWDWQXPDLGDFDXWRYHKLFXOXOVWDLR
QHD]
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
VHWUL
$SVDLFRQWLQXXEXWRQXOGHUHVHWDUHGLQ
SDUWHDVWkQJDSDQRXOXLGHLQVWUXPHQWH
WLPSGHDSUR[LPDWLYWUHLVHFXQGH
3HGLVSOD\XOPXOWLIXQFLRQDOYDILDILDWXQ
PHVDMFDUHYVROLFLWVDSVDLGLQQRX
EXWRQXOGHUHVHWDUHSHQWUXFRQILUPDUH
$SVDLGLQQRXEXWRQXOGHUHVHWDUH
0HQLXO6HWUL
6HWULOHSHQWUXPDMRULWDWHDIXQFLLORUYRU
,QWURGXFHUH UHYHQLODRSLXQLOHVHWDWHLPSOLFLW
VDX
'DFGRULLVSVWUDLVHWULOHQXDSVDL
EXWRQXOGHUHVHWDUHDGRXDRDU
'XSDSUR[LPDWLYFLQFLVHFXQGHHVWHDILDW
GLQQRXPHQLXO6HWWLQJVVHWUL
$SVDLEXWRQXOVDXSHQWUXD
VHOHFWDXQPHQLXGLIHULW
$FHDVWIXQFLHQXHVWHGLVSRQLELOODDXWRYHKLFXOHOHFXVLVWHPXO$XGLR$36$XGLR$36VDX&20$1'
$36
0HQLXULLVXEPHQLXUL
3DQRXOGHLQVWUXPHQWH $SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
&RPSXWHUXOGHERUGLDILDMHOH
6HOHFWDUHDXQLWLLGHPVXUSHQWUXGLV VHWUL
WDQ
$SVDLASHQWUXDDSHODOLVWDGHVXE
)XQFLD'LVSOD\XQLW6SHHGRGRP PHQLXUL
8QLWDWHGHPVXUSHQWUXDILDUHD
$SVDLEXWRQXOVDXSHQWUXD
YLWH]RPHWUXOXLFRQWRUXOXLGHUXODM
YSHUPLWHVDOHJHLGDFDQXPLWHPHVDMH VHOHFWDVXEPHQLXO,QVWFOXVWHU
VXQWDILDWHvQNPKVDXPSK SDQRXOGHLQVWUXPHQWH
$SVDLEXWRQXOASHQWUXDVHOHFWD
8QLWDWHDGHPVXUVHOHFWDWSHQWUXGLVWDQ
HVWHYDODELOSHQWUX /DQJXDJHOLPE
$SVDLEXWRQXOVDXSHQWUXD
=YLWH]RPHWUXOGLJLWDO
VHOHFWDOLPEDGRULW
=FRQWRUXOGHUXODMSDULDOLWRWDO
$SVDLEXWRQXOAVDXSHQ
=FRPSXWHUXOGHUXODM
WUXDVHOHFWDXQDOWDILDM
=LQVWUXFLXQLOHGHQDYLJDLHGLQPHQLXO1DYL
JDWLRQQDYLJDLH 6HOHFWDUHDDILDMXOXLOLQLHLGHVWDUH
=63(('7521,& $XWRYHKLFXOHSHQWUX0DUHD%ULWDQLHDFHDVW
$SVDLEXWRQXOVDXGHSHYRODQ IXQFLHQXHVWHGLVSRQLELO
SHQWUXDVHOHFWDPHQLXO6HWWLQJV $SVDLEXWRQXOVDXGHSHYRODQ
VHWUL SHQWUXDVHOHFWDPHQLXO6HWWLQJV
$SVDLASHQWUXDDSHODOLVWDGHVXE VHWUL
PHQLXUL $SVDLASHQWUXDDSHODOLVWDGHVXE
$SVDLEXWRQXOVDXSHQWUXD PHQLXUL
VHOHFWDVXEPHQLXO,QVWFOXVWHU $SVDLEXWRQXOVDXSHQWUXD
SDQRXOGHLQVWUXPHQWH VHOHFWDVXEPHQLXO,QVWFOXVWHU
$SVDLASHQWUXDVHOHFWDIXQFLD'LV SDQRXOGHLQVWUXPHQWH
SOD\XQLW6SHHGRGRP8QLWDWHGH $SVDLASHQWUXDVHOHFWD6WDWXV
PVXUSHQWUXDILDUHDYLWH]RPH OLQHGLVSOD\DILDMXOOLQLHLGH
WUXOXLFRQWRUXOXLGHUXODM VWDUH
$SVDLEXWRQXOVDXSHQWUXD $SVDLEXWRQXOVDXSHQWUXD
VHOHFWDNPVDXPLOHVPLOHFDXQLWDWHGH VHOHFWDDILDMXOOLQLHLGHVWDUHYLWH]D
PVXUSHQWUXGLVWDQ 6SHHGYLWH]DVDXWHPSHUDWXUDH[WH
$SVDLEXWRQXOAVDXSHQ ULRDU2XWVLGHWHPSWHPSHUDWXUD
WUXDVHOHFWDXQDOWDILDM H[WHULRDU
$FXPDILDMXOVHOHFWDWYDDSUHDSHUPD
6HOHFWDUHDOLPELL QHQWvQ]RQDLQIHULRDUDGLVSOD\XOXLPXOWL
&XDMXWRUXOIXQFLHL/DQJXDJHOLPE IXQFLRQDO'DFQDYLJDLSULQPHQLXO6WDQ
SXWHLVHOHFWDOLPEDGHDILDUHDPHVDMHORUSH GDUGGLVSOD\GLVSOD\VWDQGDUG
SDQRXOGHLQVWUXPHQWH 3DJLQDYHLDYHDDFFHVODDILDMXO
FDUHQXDIRVWVHOHFWDW
$SVDLEXWRQXOAVDXSHQ
WUXDVHOHFWDXQDOWDILDM
$XWRYHKLFXOHOHSHQWUX0DUHD%ULWDQLHYLWH]RPHWUXOGLJLWDODUHDILDMXOvQWRWGHDXQDvQNPK
0HQLXULLVXEPHQLXUL
2UDGDWD $SVDLEXWRQXOVDXSHQWUXD
VHWDRYDORDUH
&RPSXWHUXOGHERUGLDILDMHOH
$FHVWVXEPHQLXHVWHGLVSRQLELOH[FOXVLYSHQ
$SVDLEXWRQXOAVDXSHQ
WUXDXWRYHKLFXOHOHIUVLVWHPDXGLRVDXFX
$XGLRVDX$XGLR WUXDVHOHFWDXQDOWDILDM
6XEPHQLXO7LPH'DWHRUGDWYSHUPLWH
VVHWDLRUDLGDWD ,OXPLQDUHD
$XWRYHKLFXOXOGXPQHDYRDVWUSRDWHDYHD
$FWLYDUHDGH]DFWLYDUHDOXPLQLORUGLXUQH
XUPWRUXOVLVWHPDXGLR
'DFDLDFWLYDWIXQFLDGHLOXPLQDUHGLXUQL
$ $XGLRVDX$XGLR FRPXWDWRUXOGHOXPLQLVHDIOvQSR]LLD?
% $XGLR$36 VDXXOPSLOHGHSR]LLHID]DVFXUWD
& &20$1'$36 IDUXULORULODPSDSOFXHLGHvQPDWULFXODUH
&RQVXOWDLLQVWUXFLXQLOHGHXWLOL]DUHVHSD YRUILDSULQVHDXWRPDWFkQGPRWRUXOHVWHvQ
UDWHSHQWUXDDIODFHVLVWHPDXGLRHVWH IXQFLXQH
LQVWDODWvQDXWRYHKLFXOXOGXPQHDYRDVWU 'DFURWLLFRPXWDWRUXOGHOXPLQLvQWURDOW
SR]LLHVHYRUDSULQGHOPSLOHDIHUHQWH'DF
QIXQFLHGHVLVWHPXODXGLRPRQWDWRUDL GRULLVVWLQJHLOXPLQLOHGLXUQHvQFRQGLLLGH
GDWDVXQWWUDQVPLVHGHVDWHOLLL*36LSULQ vQWXQHULFURWLLPDLvQWkLFRPXWDWRUXOGHOXPLQL
XUPDUHQXSRWILVHWDWHSULQLQWHUPHGLXOFRP vQSR]LLDXVDXX
SXWHUXOXLGHERUGYH]LWDEHOXOGHPDLMRV
QULOHXQGHQXHVWHREOLJDWRULHXWLOL]DUHD
$ % & OXPLQLORUGLXUQHVHWDUHDGLQIDEULFHVWH
&RQVWDQW
6HWDUHUHDOL]DWFXDMXWRUXOFRP ;
SXWHUXOXLGHERUG $SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
5HFHSLHDXWRPDWDGDWHORU ; ; VHWUL
WUDQVPLVHGHVDWHOLLL*36 $SVDLASHQWUXDDSHODOLVWDGHVXE
PHQLXUL
$SVDLEXWRQXOVDXGHSHYRODQ $SVDLEXWRQXOVDXSHQWUXD
SHQWUXDVHOHFWDPHQLXO6HWWLQJVVHWUL
VHOHFWDVXEPHQLXO/LJKWLQJOXPLQL
$SVDLEXWRQXOASHQWUXDDSHODIXQF
$SVDLEXWRQXOASHQWUXDVHOHFWD
LDGHVHOHFWDUHDVXEPHQLXULORU
+HDGODPSPRGHPRGIXQFLRQDUH
$SVDLEXWRQXOVDXSHQWUXD
IDUXUL
VHOHFWDVXEPHQLXO7LPH'DWHRUGDW $SVDLEXWRQXOVDXSHQWUXD
3HQWUXVHWDUHDFHDVXOXLDSVDLEXWRQXO
VHWDPRGXOGHIXQFLRQDUHDIDUXULORU
AGHSHYRODQSHQWUXDVHOHFWD7LPH 0DQXDOVDX&RQVWDQWOXPLQLOHGLXUQH
+RXUVRUHVDX7LPH0LQXWHV $SVDLEXWRQXOAVDXSHQ
PLQXWH WUXDVHOHFWDXQDOWDILDM
VDX
3HQWUXVHWDUHDGDWHLDSVDLEXWRQXO $FWLYDUHDGH]DFWLYDUHDOXPLQLLGHORFDOL
ASHQWUXDVHOHFWD'DWH6HWGD\ ]DUH
VHWDUH]L'DWH6HWPRQWKVHWDUH QFD]XODFWLYULLOXPLQLLGHORFDOL]DUHGXS
OXQVDX'DWH6HW\HDUVHWDUHDQ GHVFXLHUHDDXWRYHKLFXOXOXLFXDMXWRUXOFKHLL
VHYRUDSULQGHXUPWRDUHOHOXPLQL
0HQLXULLVXEPHQLXUL
=OXPLQLOHGHSR]LLH $SVDLEXWRQXOVDXSHQWUXD
=OPSLOHSOFXHLGHvQPDWULFXODUH VHOHFWDVXEPHQLXO/LJKWLQJ,OXPL
&RPSXWHUXOGHERUGLDILDMHOH
=OPSLOHGHFHD QDUH
$SVDLEXWRQXOASHQWUXDVHOHFWD
/XPLQDGHORFDOL]DUHHVWHGH]DFWLYDWDXWR
PDWGXSGHVHFXQGHVDXODGHVFKLGHUHD IXQFLD+HDGOGHOD\VZLWFKRII
SRUWLHUHLRIHUXOXL VWLQJHUHDWHPSRUL]DWDIDUXUL
$SVDLEXWRQXOVDXGHSHYRODQ
ORU
SHQWUXDVHOHFWDPHQLXO6HWWLQJVVHWUL $SVDLEXWRQXOVDXSHQWUXD
$SVDLEXWRQXOASHQWUXDDSHODIXQF DFWLYDVDXGH]DFWLYDIXQFLD+HDGO
LDGHVHOHFWDUHDVXEPHQLXULORU GHOD\VZLWFKRIIVWLQJHUHDWHPSR
$SVDLEXWRQXOVDXSHQWUXD
UL]DWDIDUXULORU
$SVDLEXWRQXOAVDXSHQ
VHOHFWDVXEPHQLXO/LJKWLQJLOXPLQDUH
$SVDLEXWRQXOASHQWUXDVHOHFWD
WUXDVHOHFWDXQDOWDILDM
6XUURXQGOLJKWLQJOXPLQLGHORFDOL]DUH 3HQWUXDGH]DFWLYDWHPSRUDUIXQFLDGHVWLQ
JHUHWHPSRUL]DW
$SVDLEXWRQXOVDXSHQWUXD
QDLQWHGHDSUVLDXWRYHKLFXOXOURWLL
DFWLYDVDXGH]DFWLYDIXQFLD6XUURXQG
OLJKWLQJOXPLQLGHORFDOL]DUH FKHLDvQFRQWDFWvQSR]LLD
5RWLLFKHLDvQFRQWDFWvQSR]LLDLDSRL
$SVDLEXWRQXOAVDXSHQ
vQDSRLvQSR]LLD
WUXDVHOHFWDXQDOWDILDM
6WLQJHUHDWHPSRUL]DWHVWHGH]DFWLYDW
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHVWLQ 6WLQJHUHDWHPSRUL]DWHVWHUHDFWLYDWOD
JHUHWHPSRUL]DWDOPSLORUH[WHULRDUH XUPWRDUHDSRUQLUHDPRWRUXOXL
&kQGDFWLYDLIXQFLD+HDGOGHOD\
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHVWLQ
VZLWFKRIIVWLQJHUHDWHPSRUL]DWD
JHUHWHPSRUL]DWDLOXPLQULLKDELWDFOXOXL
IDUXULORULOXPLQDUHDH[WHULRDUUPkQH
DFWLYWLPSGHvQFVHFXQGHGXSvQFKL &kQGDFWLYDLIXQFLD,QWHUOLJKWLQJ
GHUHDSRUWLHUHORUvQFRQGLLLGHvQWXQHULF GHOD\VZRIIVWLQJHUHDWHPSRUL]DW
DLOXPLQULLKDELWDFOXOXLLVFRDWHL
'DFQLFLXQDGLQWUHSRUWLHUHQXHVWHGHVFKLV
FKHLDGLQFRQWDFWLOXPLQDUHDKDELWDFOXOXL
vQDFHVWLQWHUYDOGXSRSULUHDPRWRUXOXLVDX
UPkQHDFWLYWLPSGHVHFXQGH
GDFXQDGLQWUHSRUWLHUHQXDIRVWvQFKLV
GXSGHVFKLGHUHOXPLQLOHH[WHULRDUHVHVWLQJ $SVDLEXWRQXOVDXGHSHYRODQ
GXSGHVHFXQGH SHQWUXDVHOHFWDPHQLXO6HWWLQJV
'DFDLDFWLYDWIXQFLDGHVWLQJHUHWHPSRUL VHWUL
]DWDOXPLQLORUH[WHULRDUHGXSRSULUHD $SVDLASHQWUXDDSHODOLVWDGHVXE
PRWRUXOXLXUPWRDUHOHOXPLQLUPkQDSULQVH PHQLXUL
=OXPLQLOHGHSR]LLH $SVDLEXWRQXOVDXSHQWUXD
=OPSLOHSOFXHLGHvQPDWULFXODUH VHOHFWDVXEPHQLXO/LJKWLQJ,OXPL
=OPSLOHGHFHD QDUH
$SVDLEXWRQXOASHQWUXDVHOHFWD
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV ,QWHUOLJKWLQJGHOD\VZRII
VHWUL VWLQJHUHDWHPSRUL]DWDLOX
PLQULLKDELWDFOXOXL
$SVDLASHQWUXDDSHODOLVWDGHVXE
$SVDLEXWRQXOVDXSHQWUXD
PHQLXUL
DFWLYDVDXGH]DFWLYDIXQFLD,QWHUOLJK
0HQLXULLVXEPHQLXUL
&RPSXWHUXOGHERUGLDILDMHOH
OXL VHWUL
$SVDLEXWRQXOAVDXSHQ $SVDLASHQWUXDDSHODOLVWDGHVXE
WUXDVHOHFWDXQDOWDILDM PHQLXUL
$SVDLEXWRQXOVDXSHQWUXD
$XWRYHKLFXO VHOHFWDVXEPHQLXO9HKLFOHDXWRYHKL
FXO
6HWDUHDSRVWXULORUGHUDGLR
6HOHFWDLA6SHHGOLPLWW\UHV
$FHDVWIXQFLHHVWHGLVSRQLELOGRDU OLPLWGHYLWH]SQHXUL
vPSUHXQFXVLVWHPXO$XGLR
$SVDLEXWRQXOVDXSHQWUXD
3XWHLXWLOL]DIXQFLD$XGLR6HDUFK&XWDUH
VHWDVLVWHPXO63(('7521,&SHUPDQHQWvQ
SRVWGHUDGLRSHQWUXDVHWDFXWDUHDXQXL
WUHSWHGH]HFHNPNPKSkQOD
SRVWGHILHFDUHGDWFkQGDSDUDWXOUDGLRHVWH
NPK6HWDUHD2IIGH]DFWLYHD]VLV
SXVvQIXQFLXQHVDXVHOHFWDUHDXQXLDGLQ
WHPXO63(('7521,&SHUPDQHQW
SRVWXULOHGHMDPHPRUDWH
$SVDLEXWRQXOAVDXSHQ
$SVDLEXWRQXOVDXGHSHYRODQ
WUXDVHOHFWDXQDOWDILDM
SHQWUXDVHOHFWDPHQLXO6HWWLQJV6HWUL
$SVDLEXWRQXOASHQWUXDDSHODVHOHF $FWLYDUHDGH]DFWLYDUHDIXQFLHLGH
WDUHDVXEPHQLXULORU vQFXLHUHDXWRPDW
$SVDLEXWRQXOVDXSHQWUXD /DDFWLYDUHDIXQFLHL$XWRPDWLFGRRUORFN
VHOHFWDVXEPHQLXO9HKLFOH$XWRYHKLFXO QFXLHUHDXWRPDWDSRUWLHUHORU
$SVDLEXWRQXOASHQWUXDVHOHFWD DXWRYHKLFXOXOGXPQHDYRDVWUYDILvQFKLVFHQ
$XGLRVHDUFK&XWDUHSRVWGHUDGLR WUDOL]DWODYLWH]HGHSHVWHDSUR[LPDWLY
NPK
$SVDLEXWRQXOVDXSHQWUXD
VHOHFWDVHWDUHD)UHTXHQF\)UHFYHQVDX G ,QIRUPDLLVXSOLPHQWDUHGHVSUHIXQFLDGH
0HPRU\0HPRULH vQFXLHUHDXWRPDWDSRUWLHUHORU
'DFHVWHVHOHFWDWVHWDUHD)UHTXHQF\ 3DJLQD
vQFHSHFXWDUHDSRVWXULORUGHUDGLR'DF $SVDLEXWRQXOVDXGHSHYRODQ
HVWHVHOHFWDWVHWDUHD0HPRU\HVWHVHOHF SHQWUXDVHOHFWDPHQLXO6HWWLQJV
WDWSULPXOSRVWGHUDGLRPHPRUDW VHWUL
$SVDLEXWRQXOAVDXSHQ $SVDLASHQWUXDDSHODOLVWDGHVXE
WUXDVHOHFWDXQDILDMGLIHULW PHQLXUL
$SVDLEXWRQXOVDXSHQWUXD
6HWDUHDVLVWHPXOXL63(('7521,&SHUPD
QHQW VHOHFWDVXEPHQLXO9HKLFOHDXWRYHKL
FXO
3XWHLXWLOL]DIXQFLD6SHHGOLPLWW\UHV
$SVDLASHQWUXDVHOHFWD$XWRPDWLF
OLPLWGHYLWH]SQHXULSHQWUXD
VHWDVLVWHPXO63(('7521,&SHUPDQHQW GRRUORFNQFXLHUHDXWRPDWDSRU
3DJLQD WLHUHORU
$SVDLVDXSHQWUXDDFWLYDVDX
GH]DFWLYD$XWRPDWLFGRRUORFN
QFXLHUHDXWRPDWDSRUWLHUHORU
$SVDLEXWRQXOAVDXSHQ
WUXDVHOHFWDXQDOWDILDM
0HQLXULLVXEPHQLXUL
$FWLYDUHDGH]DFWLYDUHDIXQFLHLGHSOLHUH
$SVDLEXWRQXOVDXGHSHYRODQ
DRJOLQ]LORUODvQFXLHUHDDXWRYHKLFXOXOXL
SHQWUXDVHOHFWDPHQLXOWULSFRPSXWHU
&kQGDFWLYDLIXQFLD)ROGPLUULQZKHQ FRPSXWHUGHUXODM
ORFNLQJ3OLHUHRJOLQ]LODQFXLH
$SVDLEXWRQXOAVDXhSHQWUXD
UHDDXWRYHKLFXOXOXLRJOLQ]LOHH[WHULRDUH
YRUILSOLDWHODvQFXLHUHDDXWRYHKLFXOXOXL VHOHFWD)URPVWDUWGXSSRUQLUHVDX
2JOLQ]LOHH[WHULRDUHVXQWGHSOLDWHGDFGHV )URPUHVHWGXSUHVHWDUH
FXLDLDXWRYHKLFXOXOLGHVFKLGHLSRUWLHUD
RIHUXOXLVDXDSDVDJHUXOXLGLQID
'DFDLDFWLYDWIXQFLDLFRPDQGDLSOLHUHD
RJOLQ]LORUH[WHULRDUHSULQLQWHUPHGLXOEXWRQX
OXLGHSHSRUWLHU3DJLQDRJOLQ]LOHQX
YRUILGHSOLDWHDXWRPDWQDFHVWVFRSXWLOL]DL
EXWRQXOGHSHSRUWLHU
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO6HWWLQJV
VHWUL
$SVDLASHQWUXDDSHODOLVWDGHVXE 6XEPHQLXO$IWHUVWDUW'XSSRUQLUHGLQFRP
PHQLXUL SXWHUXOGHUXODMH[HPSOX
$SVDLEXWRQXOVDXSHQWUXD C 'LVWDQD
VHOHFWDVXEPHQLXO&RQYHQLHQFHFRQ D 7LPSXO
IRUW 9LWH]DPHGLH
$SVDLEXWRQXOASHQWUXDVHOHFWD &RQVXPXOPHGLXGHFDUEXUDQW
)ROGPLUULQZKHQORFNLQJ3OLHUH
RJOLQ]LODQFXLHUHDDXWRYHKLFXOX 6XEPHQLXO)URPVWDUWGXSSRUQLUH
OXL GLQFRPSXWHUXOGHUXODMHVWHUHVHWDWDXWRPDW
DWXQFLFkQG
$SVDLEXWRQXOVDXSHQWUXD
=FRQWDFWXOHVWHOXDWWLPSGHPDLPXOWGH
DFWLYDGH]DFWLYDIXQFLD)ROGPLUULQ
RUH
ZKHQORFNLQJ3OLHUHRJOLQ]LOD
=DIRVWGHSLWQXPUXOGHGHRUH
QFXLHUHDDXWRYHKLFXOXOXL
=DIRVWGHSLWQXPUXOGHGHRUH
$SVDLEXWRQXOAVDXSHQ
WUXDVHOHFWDXQDOWDILDM 6XEPHQLXO)URPUHVHWGXSUHVHWDUH
GLQFRPSXWHUXOGHUXODMHVWHUHVHWDWvQFD]XO
vQFDUHFOWRULDHVWHPDLOXQJGHGH
0HQLXOFRQWRUXOXLGHUXODMSDULDO RUHVDXNLORPHWUL
3XWHLVHOHFWDNPVDXPLOHVPLOHFDXQL
&RQWRUGHUXODMSDULDO)URPVWDUW WDWHGHPVXUSHQWUXGLVWDQ
'XSSRUQLUHVDX)URPUHVHW'XS 3DJLQD
UHVHWDUH
9DORULOHGLQVXEPHQLXO)URPVWDUWGXS
SRUQLUHVHUHIHUODvQFHSXWXOXQHLFOWRULL
LDUFHOHGLQVXEPHQLXO)URPUHVHWGXS
0HQLXULLVXEPHQLXUL
5HVHWDUHDYDORULORU 0HQLXOWHOHIRQXOXL
&RPSXWHUXOGHERUGLDILDMHOH
$SVDLEXWRQXOVDXGHSHYRODQ ,QWURGXFHUH
SHQWUXDVHOHFWDPHQLXOWULSFRPSXWHU
FRPSXWHUGHUXODM )XQFLLOHLDILDMHOHGHSLQGGHHFKLSDPHQWHOH
$SVDLEXWRQXOAVDXhSHQWUXD
RSLRQDOHLQVWDODWHODERUGXODXWRYHKLFXOXOXL
VHOHFWDIXQFLDSHFDUHGRULLVRUHVHWDL 3XWHLDH]DWHOHIRQXOPRELOvQVXSRUWXOVSH
FLDO3DJLQDVDXSXWHLVWDELOLRFRQH
$SVDLFRQWLQXXEXWRQXOGHUHVHWDUHGLQ
[LXQH%OXHWRRWKFXVLVWHPXODXGLRVDXVLV
SDUWHDVWkQJDSDQRXOXLGHLQVWUXPHQWH
WHPXO&20$1'$36YH]LLQVWUXFLXQLOHGH
SkQFkQGYDORULOHVXQWUHVHWDWHOD
XWLOL]DUHVHSDUDWH
$ILDUHDDXWRQRPLHL 3HULFROGHDFFLGHQW
5HVSHFWDLQRUPHOHOHJDOHFXSULYLUHODXWLOL]D
$SVDLEXWRQXOVDXGHSHYRODQ
UHDWHOHIRQXOXLPRELOvQDXWRYHKLFXOvQYLJRDUH
SHQWUXDVHOHFWDPHQLXOWULSFRPSXWHU vQDUDGXPQHDYRDVWU
FRPSXWHUGHUXODM
QFD]XOvQFDUHXWLOL]DUHDWHOHIRQXOXLPRELOvQ
$SVDLEXWRQXOAVDXhSHQWUXD
WLPSXOGHSODVULLDXWRYHKLFXOXOXLHVWHSHUPLV
VHOHFWD5DQJHDXWRQRPLH GHOHJLVODLDORFDODFHVWDWUHEXLHXWLOL]DW
3HGLVSOD\XOPXOWLIXQFLRQDOYDILDILDW QXPDLFkQGFRQGLLLOHGHGUXPLWUDILFVXQW
DXWRQRPLDDSUR[LPDWLYDDXWRYHKLFXOXOXL IDYRUDELOHQFD]FRQWUDUH[LVWSHULFROXOGLV
FDUHHVWHFDOFXODWvQIXQFLHGHVWLOXOGXP WUDJHULLDWHQLHLGHODFRQGLLLOHGHWUDILFLSUR
QHDYRDVWUFXUHQWGHFRQGXFHUHLGHQLYH GXFHULLXQXLDFFLGHQWFXXUPULDVXSUDGXP
OXOGHFDUEXUDQW'DFvQUH]HUYRUPDLHVWH QHDYRDVWULDDOWRUSHUVRDQH
GRDURFDQWLWDWHPLFGHFDUEXUDQWvQORFXO
DXWRQRPLHLYDILDILDWVLPEROXOXQXLDXWR 3RUQLLWHOHIRQXOPRELOLVLVWHPXODXGLRVDX
YHKLFXOFDUHVHDOLPHQWHD] &20$1'$36YH]LLQVWUXFLXQLOHGHXWLOL
]DUHVHSDUDWH
$ILDUHDYDORULLFXUHQWHDFRQVXPXOXL $SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HOHSKRQHWHOH
$SVDLEXWRQXOVDXGHSHYRODQ
IRQ
SHQWUXDVHOHFWDPHQLXOWULSFRPSXWHU
FRPSXWHUGHUXODM 3HGLVSOD\XOPXOWLIXQFLRQDOYDILDILDW
$SVDLEXWRQXOAVDXhSHQWUXD XUPWRUXOPHVDM
=(QWHU3,1,QWURGXFHLFRGXO3,1
VHOHFWD&RQVXPSWLRQFRQVXP
&RQVXPXOFXUHQWGHFDUEXUDQWHVWHDILDW 7HOHIRQXOPRELODIRVWDH]DWvQVXSRUWXO
VSHFLDOLFRGXO3,1QXDIRVWLQWURGXV
,QWURGXFHLFRGXO3,1GLUHFWGHSHWHOHIRQ
VDXSULQLQWHUPHGLXOVLVWHPXOXL/,1*8$
7521,&VLVWHPXOXLDXGLRVDX&20$1'
$36
7HOHIRQXOPRELOYDFXWDRUHHD
=5HDG\3UHJWLWGHXWLOL]DUHVDX
QXPHOHRSHUDWRUXOXLGHUHHDWHOHIRQXO
PRELODJVLWRUHHDLHVWHSUHJWLWVSUL
PHDVFDSHOXUL
=1R6HUYLFH1LFLRUHHD1XHVWHGLV
SRQLELOQLFLRUHHD
0HQLXULLVXEPHQLXUL
$FFHSWDUHDXQXLDSHO $SVDLWDVWDjSHQWUXDDSHODQXPUXO
VDX
&RPSXWHUXOGHERUGLDILDMHOH
'DFYDSHOHD]FLQHYDFkQGDLVHOHFWDW
PHQLXO7HOHSKRQHWHOHIRQSHGLVSOD\XO 'DFQXPDLGRULLVLQLLDLDSHOXODSVDL
PXOWLIXQFLRQDOYDILDILDWXQPHVDMGHH[HP WDVWD
SOX
5HDSHODUH
&RPSXWHUXOGHERUGPHPRUHD]XOWLPHOH
QXPHVDXQXPHUHDSHODWHvQPHPRULDDSHOX
ULORUHIHFWXDWH
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HOHSKRQHWHOH
IRQ
$SVDLEXWRQXOjSHQWUXDDFFHVD
PHPRULDDSHOXULORUHIHFWXDWH
$SVDLEXWRQXOAVDXhSHQWUXD
$SVDLEXWRQXOjGHSHYRODQSHQWUXD VHOHFWDQXPHOHVDXQXPUXOGRULW
SUHOXDDSHOXO $SVDLEXWRQXOjSHQWUXDDSHOD
3XWHLSUHOXDDSHOXOLGDFQXDLVHOHFWDW QXPUXO
PHQLXO7HOHSKRQHWHOHIRQ
5HVSLQJHUHDVDXWHUPLQDUHDXQXLDSHO
$SVDLEXWRQXOGHSHYRODQ
3XWHLSUHOXDDSHOXOLGDFQXDLVHOHFWDW
PHQLXO7HOHSKRQHWHOHIRQ
)RUPDUHDXQXLQXPUGLQDJHQGDWHOH
IRQLF
3XWHLLQWURGXFHQXPHUHQRLvQDJHQGSULQ
LQWHUPHGLXOWHOHIRQXOXLPRELOYH]LLQVWUXFLX
QLOHGHXWLOL]DUHVHSDUDWH'DFWHOHIRQXO
PRELOHVWHIXQFLRQDOSXWHLVHOHFWDLIRUPD
RULFkQGXQQXPUGLQDJHQG
$SVDLEXWRQXOVDXGHSHYRODQ
SHQWUXDVHOHFWDPHQLXO7HOHSKRQHWHOH
IRQ
$SVDLEXWRQXOAVDXhSHQWUXD
VHOHFWDQXPHOHGRULW
3HQWUXDGHUXODUDSLGOLVWDPHQLQHL
DSVDWWDVWDAVDXhWLPSGHSHVWH
RVHFXQG
0HVDMHDILDWH
0HVDMHDILDWH
&RPSXWHUXOGHERUGLDILDMHOH
$VFXQGHUHDPHVDMHORUDILDWH
0HVDMHOHVXQWDILDWHSHGLVSOD\XOPXOWLIXQFLRQDO
$SVDLEXWRQXOAVDXhGHSHYRODQSHQWUXDVHOHFWDDOWDILDM
VDX
$SVDLEXWRQXOGHUHVHWDUHGHSHSDQRXOGHLQVWUXPHQWH3DJLQD
0HVDMXODILDWHVWHWHUV
0HVDMHOHFXSULRULWDWHULGLFDWVXQWHYLGHQLDWHFXURXSHGLVSOD\XOPXOWLIXQFLRQDO
1XSXWHLDVFXQGHPHVDMHOHFXSULRULWDWHULGLFDW$FHVWHPHVDMHVXQWDILDWHFRQWLQXXSH
GLVSOD\XOPXOWLIXQFLRQDOSkQODUHPHGLHUHDFDX]HLPHVDMHORU
$QXPLWHPHVDMHVXQWvQVRLWHGHXQVHPQDOVRQRUGHDYHUWL]DUHVDXGHXQWRQFRQWLQXX
9UHFRPDQGPVLQHLFRQWGHLQGLFDLLOHRIHULWHGHPHVDMHLVXUPDLLQVWUXFLXQLOHVXSOL
PHQWDUHGLQDFHVWPDQXDO
0HQLXOPHPRULHLSHQWUXPHVDMH
&RPSXWHUXOGHERUGPHPRUHD]DQXPLWHPHVDMHPHPRUDWH3XWHLDSHODDFHVWHPHVDMHDIL
DWHvQPHQLXOPHVVDJHPHPRU\PHVDMHPHPRUDWH
0HQLXOPHVVDJHPHPRU\PHVDMHPHPRUDWHHVWHDILDWQXPDLGDFDXIRVWPHPRUDWHDQX
PLWHPHVDMH
$SVDLvQPRGUHSHWDWEXWRQXOVDXSkQFkQGHVWHDILDWPHQLXORULJLQDOVDX
PHQLXOPHVVDJHPHPRU\PHVDMHPHPRUDWH
'DFH[LVWPHVDMHDILDWHSHGLVSOD\XOPXOWLIXQFLRQDODSDUHGHH[HPSOXPHVVDJHV
PHVDMH
8WLOL]kQGEXWRQXOAVDXhGHUXODLPHVDMHOHDILDWH
&kQGOXDLFRQWDFWXOWRDWHPHVDMHOHPHPRUDWHYRUILWHUVHFXH[FHSLDFkWRUYDPHVDMHFX
SULRULWDWHULGLFDW'XSUHPHGLHUHDFDX]HORUGHIHFLXQLORULQGLFDWHGHPHVDMHOHFXSULRULWDWH
ULGLFDWVXQWWHUVHLPHVDMHOHFRUHVSXQ]WRDUH
0HVDMHDILDWH
6LVWHPHOHGHVLJXUDQ
&RPSXWHUXOGHERUGLDILDMHOH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
v 3HULFROGHUQLUH
QFD]XOvQFDUHSHGLVSOD\XOPXOWLIXQFLRQDOHVWHDILDWDFHVWVLP
EROXQDGLQWUHFHQWXULOHGHVLJXUDQSHQWUXORFXULOHGLQVSDWHD
IRVWGHFXSODWGLQFDWDUDPDGHEORFDUHvQWLPSXOGHSODVULL
&RPXQLFDLOHSDVDJHULORUGLQVSDWHVLIL[H]HFHQWXULOHGH
VLJXUDQ
,QIRUPDLLVXSOLPHQWDUHFXSULYLUHODLQGLFDWRUXOGHVWDUHSHQWUX
FHQWXULOHGHVLJXUDQVSDWH3DJLQD
(63 3HULFROGHDFFLGHQW
XQDYDLODEOH6HH (633URJUDPXOHOHFWURQLFGHVWDELOLWDWHQXIXQFLRQHD]WHP
2ZQHU
V0DQXDOQX SRUDU'HH[HPSOXSURFHVXOGHDXWRGLDJQR]QXVDvQFKHLDW
IXQFLRQHD]YH]L
0DQXDOXOGHXWLOL $XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
]DUH =VLVWHPXOGHDVLVWHQODIUkQDUH%$6
=VLVWHPXOGHDVLVWDUHODGLUHFLH67((5&21752/
=VLVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV
3DUFXUJHLFXDWHQLHRGLVWDQVFXUWHIHFWXkQGFkWHYDPDQH
YUHVLPSOHODYLWH]HPDLPDULGHNPK
'DFPHVDMXOGLVSDUHIXQFLLOHHQXPHUDWHPDLVXVVXQWGLQQRX
GLVSRQLELOH
QFD]XOvQFDUHPHVDMXOFRQWLQXVILHDILDW
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6LVWHPXO(63QXHVWHGLVSRQLELOGLQFDX]DWHQVLXQLLUHGXVH'H
H[HPSOXEDWHULDQXVHvQFDUF
$XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
=VLVWHPXOGHDVLVWHQODIUkQDUH%$6
=VLVWHPXOGHDVLVWDUHODGLUHFLH67((5&21752/
=VLVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
(63 3HULFROGHDFFLGHQW
LQRSHUDWLYH6HH 6LVWHPXO(63QXIXQFLRQHD]GLQFDX]DXQHLGHIHFLXQL
2ZQHU
V0DQXDOQX
IXQFLRQHD]YH]L $XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
0DQXDOXOGHXWLOL =VLVWHPXOGHDVLVWHQODIUkQDUH%$6
]DUH =VLVWHPXOGHDVLVWDUHODGLUHFLH67((5&21752/
=6LVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
~ 3HULFROGHUQLUH
5HVWUDLQWV\VWHP 6LVWHPHOHGHUHWHQLHVXQWGHIHFWH
PDOIXQFWLRQ&RQ $SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VXOWZRUNVKRS
'HIHFLXQHOD
QLYHOXOVLVWHPXOXL
GHUHWHQLHDSH
ODLODXQDWHOLHU
0HVDMHDILDWH
$FLRQDUHDIUkQHORU
&RPSXWHUXOGHERUGLDILDMHOH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
$%6 3HULFROGHDFFLGHQW
$%6(63XQDYDLOD 6LVWHPHOH$%66LVWHPXODQWLEORFDUHODIUkQDUHL(63(OHFWUR
EOH6HH2ZQHU
V QLF6WDELOLW\3URJUDPQXWHPSRUDULQGLVSRQLELOH'HH[HPSOXSUR
0DQXDO$%6(63 FHVXOGHDXWRGLDJQR]QXVDvQFKHLDW
LQGLVSRQLELOH
YH]L0DQXDOXOGH $XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
XWLOL]DUH =%$66LVWHPGHDVLVWHQODIUkQDUH
=6LVWHPXOGHDVLVWDUHDGLUHFLHL67((5&21752/
=6LVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV3ULQXUPDUHHVWHSRVLELOEORFDUHDURLORU
GHH[HPSOXvQFD]XOIUkQULLSXWHUQLFH
3DUFXUJHLFXDWHQLHRGLVWDQVFXUWHIHFWXkQGFkWHYDPDQH
YUHVLPSOHODYLWH]HPDLPDULGHNPK
'DFPHVDMXOGLVSDUHIXQFLLOHHQXPHUDWHPDLVXVVXQWGLQQRX
GLVSRQLELOH
QFD]XOvQFDUHPHVDMXOFRQWLQXVILHDILDW
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
3HULFROGHDFFLGHQW
6LVWHPHOH$%6L(63QXVXQWGLVSRQLELOHWHPSRUDUGLQFDX]D
WHQVLXQLLGHDOLPHQWDUHVF]XWH'HH[HPSOXEDWHULDQXVH
vQFDUF
$XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
=6LVWHPXOGHDVLVWHQODIUkQDUH%$6
=6LVWHPXOGHDVLVWDUHDGLUHFLHL67((5&21752/
=6LVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV3ULQXUPDUHHVWHSRVLELOEORFDUHDURLORU
GHH[HPSOXvQFD]XOIUkQULLSXWHUQLFH
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
$%6 3HULFROGHDFFLGHQW
$%6(63LQRSHUD 6LVWHPHOH$%6L(63QXVXQWGLVSRQLELOHGLQFDX]DXQHLGHIHF
WLYH6HH2ZQHU
V LXQL
0DQXDO$%6(63
QXIXQFLRQHD] $XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
YH]L0DQXDOXOGH =6LVWHPXOGHDVLVWHQODIUkQDUH%$6
XWLOL]DUH =6LVWHPXOGHDVLVWDUHDGLUHFLHL67((5&21752/
=6LVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV3ULQXUPDUHHVWHSRVLELOEORFDUHDURLORU
GHH[HPSOXvQFD]XOIUkQULLSXWHUQLFH
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$ &RQGXFHLFXIUkQDGHSDUFDUHDFLRQDW8QVHPQDOVRQRUGH
DYHUWL]DUHHVWHGHDVHPHQHDHPLV
5HOHDVHSDUNLQJ (OLEHUDLIUkQDGHSDUFDUH
EUDNH(OLEHUDL
IUQDGHSDUFDUH
M 3HULFROGHDFFLGHQW
&KHFNEUDNHIOXLG /LFKLGXOGHIUkQGLQUH]HUYRUHVWHLQVXILFLHQWQSOXVODPSDGH
OHYHO9HULILFDL DYHUWL]DUHGHFXORDUHURLHMVHDSULQGHSHSDQRXOGHLQVWUX
QLYHOXOOLFKLGXOXL PHQWHLHVWHHPLVXQVHPQDOVRQRUGHDYHUWL]DUH
GHIUQ 2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
FRQGLLLGHVLJXUDQDFRUGkQGDWHQLHFRQGLLLORUGHGUXPLGH
WUDILF1XFRQWLQXDLvQQLFLXQFD]FOWRULD
$FLRQDLIUkQDGHSDUFDUH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1XDGXJDLOLFKLGGHIUkQ$FHDVWRSHUDLXQHQXYDUH]ROYD
SUREOHPD
& 3OFXHOHJDUQLWXULOHGHIUkQDXDWLQVOLPLWDFULWLFGHX]XU
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
%UDNHZHDU8]XUD
SOFXHORUGH
IUQ
/XPLQL
G 0HVDMHDILDWHSULYLQG/('XULOH
$FHVWPHVDMHVWHDILDWGRDUGDFWRDWH/('XULOHVXQWGHIHFWH
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
I /DPSDSHQWUXLOXPLQDUHDVXSOLPHQWDUvQYLUDMHVWkQJDVDX
GUHDSWDHVWHGHIHFW
&RUQHULQJOLJKW 9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
OHIW,OXPLQDUHD
XQDWHOLHU3DJLQD
VXSOLPHQWDUQ
YLUDMHSHSDUWHD VDX
VWQJ $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX
&RUQHULQJOLJKW
ULJKW,OXPLQDUHD
VXSOLPHQWDUQ
YLUDMHSHSDUWHD
GUHDSW
I )D]DVFXUWDIDUXOXLGLQSDUWHDVWkQJVDXGUHDSWHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
'LSSHGEHDPOHIW
XQDWHOLHU3DJLQD
)D]DVFXUW
VWQJD VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'LSSHGEHDPULJKW
)D]DVFXUW
GUHDSWD
I /DPSDGHSR]LLHGLQSDUWHDVWkQJVDXGUHDSWDUHPRUFLLHVWH
GHIHFW
7UDLOHUWDLOODPS 9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
OHIW/DPSDGH
XQDWHOLHU
SR]LLHVWQJDD
UHPRUFLL VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDLOHUWDLOODPS
ULJKW/DPSDGH
SR]LLHGUHDSWDD
UHPRUFLL
I 6HPQDOL]DWRUXOGHGLUHFLHGLQSDUWHDVWkQJVDXGUHDSWDUHPRU
FLLHVWHGHIHFW
7UDLOHUWXUQVLJ 9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
QDOOHIW6HPQDOL
XQDWHOLHU
]DWRUGHGLUHFLH
VWQJDDOUHPRUFLL VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7UDLOHUWXUQVLJ
QDOULJKW6HPQDOL
]DWRUGHGLUHFLH
GUHDSWDDOUHPRU
FLL
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
I /DPSDGHIUkQDUHPRUFLLHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
7UDLOHUEUDNHODPS
XQDWHOLHU
/DPSDGHIUQD
UHPRUFLL VDX
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I 6HPQDOL]DWRUXOGHGLUHFLHGLQSDUWHDVWkQJVDXGUHDSWVSDWH
HVWHGHIHFW
7XUQVLJQDOUHDU 9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
OHIW6HPQDOL]DWRU
XQDWHOLHU3DJLQD
GHGLUHFLHVWQJD
VSDWH VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7XUQVLJQDOUHDU
ULJKW6HPQDOL]D
WRUGHGLUHFLH
GUHDSWDVSDWH
I 6HPQDOL]DWRUXOGHGLUHFLHGLQSDUWHDVWkQJVDXGUHDSWIDHVWH
GHIHFW
7XUQVLJQDOIURQW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
OHIW6HPQDOL]DWRU
XQDWHOLHU3DJLQD
GHGLUHFLHVWQJD
ID VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7XUQVLJQDOIURQW
ULJKW6HPQDOL]D
WRUGHGLUHFLH
GUHDSWDID
I 6HPQDOL]DWRUXOGHGLUHFLHLQWHJUDWvQRJOLQGDH[WHULRDUGLQVWkQJD
VDXGUHDSWDHVWHGHIHFW
7XUQVLJQDOOHIW 9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
PLUURU6HPQDOL]D
XQDWHOLHU3DJLQD
WRUGHGLUHFLH
LQWHJUDWQ VDX
RJOLQGDGLQVWQJD $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX
7XUQVLJQDOULJKW
PLUURU6HPQDOL]D
WRUGHGLUHFLH
LQWHJUDWQ
RJOLQGDGLQ
GUHDSWD
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
I /DPSDVXSOLPHQWDUGHIUkQHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
UGEUDNHODPS
XQDWHOLHU3DJLQD
/DPSDVXSOLPHQ
WDUGHIUQ VDX
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /DPSDGHSR]LLHIUkQVWkQJDVDXGUHDSWDVSDWHHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
%UDNHWDLOODPS
XQDWHOLHU3DJLQD
OHIW/DPSDGH
IUQSR]LLH VDX
VWQJDVSDWH $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX
%UDNHWDLOODPS
ULJKW/DPSDGH
IUQSR]LLH
GUHDSWDVSDWH
I /DPSDGHSR]LLHGLQVWkQJDVDXGUHDSWDVSDWHHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
7DLOODPSOHIW
XQDWHOLHU3DJLQD
/DPSDGHSR]LLH
VWQJDVSDWH VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
7DLOODPSULJKW
/DPSGHSR]LLH
GUHDSWDVSDWH
I /DPSDGHSR]LLHVDXODPSDGHFHDVSDWHHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
/HIWKDQG7DLO
XQDWHOLHU3DJLQD
ODPSUHDUIRJODPS
/DPSDGHSR]LLH VDX
ODPSDGHFHD $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VWQJDVSDWH
VDX
5LJKWKDQG7DLO
ODPSUHDUIRJODPS
/DPSDGHSR]LLH
ODPSDGHFHD
GUHDSWDVSDWH
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
I )D]DOXQJDIDUXOXLGLQSDUWHDVWkQJVDXGUHDSWHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
0DLQEHDPOHIW
XQDWHOLHU3DJLQD
)D]DOXQJDIDUX
OXLVWQJD VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0DLQEHDPULJKW
)D]DOXQJDIDUX
OXLGUHDSWD
I /DPSDGLQSDUWHDVWkQJVDXFHDGLQSDUWHDGUHDSWDSOFXHLGH
vQPDWULFXODUHHVWHGHIHFW
/LFHQFHSODWHODPS
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
/DPSDSOFXHLGH
XQDWHOLHU3DJLQD
QPDWULFXODUH
VDX
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I 3URLHFWRUXOGHFHDGHSHSDUWHDVWkQJVDXGUHDSWHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
)RJODPSOHIW3UR
XQDWHOLHU3DJLQD
LHFWRUXOGHFHD
VWQJD VDX
VDX $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
)RJODPSULJKW3UR
LHFWRUXOGHFHD
GUHDSWD
I /DPSDGHSR]LLHGLQVWkQJDVDXGUHDSWDIDHVWHGHIHFW
9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
3DUNLQJODPSIURQW
XQDWHOLHU3DJLQD
OHIW/DPSGH
SR]LLHVWQJD VDX
ID $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
VDX
3DUNLQJODPSIURQW
ULJKW/DPSGH
SR]LLHGUHDSWD
ID
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
I /DPSDGHPHUVvQDSRLGHSHSDUWHDVWkQJVDXGUHDSWHVWH
GHIHFW
5HYHUVLQJODPS 9HULILFDLGDFYHVWHSHUPLVVvQORFXLLEHFXOIUDPHUJHOD
OHIW/DPSGH
XQDWHOLHU3DJLQD
PHUVQDSRLVWQJD
VDX VDX
5HYHUVLQJODPS $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULJKW/DPSGH
PHUVQDSRL
GUHDSWD
I 6HQ]RUXOGHOXPLQHVWHGHIHFW)D]DVFXUWDIDUXULORUHVWH
DSULQV
$872OLJKWVLQRSH 2SULLOXPLQLOHGLXUQHSULQLQWHUPHGLXOFRPSXWHUXOXLGHERUG
UDWLYH6LVWHPXO
3DJLQD
DXWRPDWGHDSULQ
$SULQGHLLVWLQJHLOXPLQLOHFXDMXWRUXOFRPXWDWRUXOXLFRUHV
GHUHDOXPLQLORU
QXIXQFLRQHD] SXQ]WRU
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
I /XPLQLOHVXQWvQFDSULQVHDWXQFLFkQGSUVLLDXWRYHKLFXOXO8Q
VHPQDOVRQRUGHDYHUWL]DUHHVWHGHDVHPHQHDHPLV
6ZLWFKRIIOLJKWV 5RWLLFRPXWDWRUXOGHOXPLQLvQSR]LLD?VDXq
6WLQJHLOXPL
QLOH VDX
'DFODPSDGHFHDVSDWHHVWHDSULQVDSVDLFRPXWDWRUXO
GHOXPLQLSkQODFDSWXOFXUVHL
0HVDMHDILDWH
0RWRU
&RPSXWHUXOGHERUGLDILDMHOH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
$QXPLWHVLVWHPHHOHFWURQLFHDOHDXWRYHKLFXOXOXLQXSRWIXUQL]D
LQIRUPDLLFRPSXWHUXOXLGHERUG3RWILGHIHFWHXUPWRDUHOHVLV
WHPH
=DILDMXOWHPSHUDWXULLOLFKLGXOXLGHUFLUH
=WXURPHWUXO
=DILDMXOVLVWHPXOXLWHPSRPDWVDX63(('7521,&
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
1LYHOXOOLFKLGXOXLGHUFLUHHVWHSUHDVF]XW
$GXJDLOLFKLGGHUFLUHFRQVXOWkQGvQSUHDODELOUHFRPDQGULOH
7RSXSFRRODQW6HH
GLQQRWHOHGHDYHUWL]DUH3DJLQD
2ZQHU
V0DQXDO
QFD]XOvQFDUHHVWHQHFHVDUDGXJDUHDGHOLFKLGGHUFLUHPDL
$GXJDLOLFKLG
GHUFLUHYH]L IUHFYHQWGHFkWHVWHQRUPDODSHODLODXQDWHOLHUGHVSHFLDOLWDWH
0DQXDOXOGHXWLOL DXWRUL]DWSHQWUXYHULILFDUHDVLVWHPXOXLGHUFLUHDPRWRUXOXL
]DUH
/LFKLGXOGHUFLUHHVWHSUHDILHUELQWH
2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
&RRODQW6WRSFDU
FRQGLLLGHVLJXUDQDSRLRSULLPRWRUXODFRUGkQGDWHQLHFRQ
WXUQHQJRII
GLLLORUUXWLHUHLGHWUDILF
1LYHOXOOLFKLGX
$VLJXUDLYFDOLPHQWDUHDFXDHUDUDGLDWRUXOXLQXHVWH
OXLGHUFLUH
2SULLDXWRYHKLFX REVWUXFLRQDWGHH[HPSOXFX]SDGQRURLVDXJKHD
OXOLPRWRUXO $WHSWDLSkQODGLVSDULLDPHVDMXOXLvQDLQWHGHUHSRUQLUHD
PRWRUXOXLQFD]FRQWUDUH[LVWSHULFROXOGHIHFWULLPRWRUXOXL
$WHQLHODLQGLFDWRUXOWHPSHUDWXULLOLFKLGXOXLGHUFLUH
'DFWHPSHUDWXUDFUHWHGLQQRXDSHODLLPHGLDWODXQDWHOLHU
GHVSHFLDOLWDWHDXWRUL]DW
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
(VWHSRVLELOVVHILUXSWFXUHDXDWUDSH]RLGDOPXOWLFDQDO
2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
FRQGLLLGHVLJXUDQDSRLRSULLPRWRUXODFRUGkQGDWHQLHFRQ
GLLLORUUXWLHUHLGHWUDILF
'HVFKLGHLFDSRWD
9HULILFDLFXUHDXDWUDSH]RLGDOPXOWLFDQDO
QFD]XOvQFDUHFXUHDXDWUDSH]RLGDOPXOWLFDQDOHVWHUXSW
QXFRQWLQXDLFOWRULD$VWIHOVHSUHYLQHVXSUDvQFO]LUHD
PRWRUXOXL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QFD]XOvQFDUHFXUHDXDWUDSH]RLGDOPXOWLFDQDOQXHVWH
GHWHULRUDW
$WHSWDLSkQODGLVSDULLDPHVDMXOXLvQDLQWHGHUHSRUQLUHD
PRWRUXOXLQFD]FRQWUDUH[LVWSHULFROXOGHIHFWULLPRWRUXOXL
$WHQLHODLQGLFDWRUXOWHPSHUDWXULLOLFKLGXOXLGHUFLUH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
0RWRUXOGHDFLRQDUHDYHQWLODWRUXOXLHVWHGHIHFW
'DFWHPSHUDWXUDOLFKLGXOXLGHUFLUHHVWHVXESXWHL
FRQWLQXDFRQGXFHUHDDXWRYHKLFXOXOXLSkQODFHOPDLDSURSLDW
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
(YLWDLVROLFLWDUHDLQWHQVDPRWRUXOXLGHH[HPSOXFRQGXFHUHD
SHGUXPXULPRQWDQHLRSULULOHSRUQLULOHIUHFYHQWH
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
= 1XVHPDLHIHFWXHD]vQFUFDUHDEDWHULHL
&DX]HOHSRVLELOHVXQW
=DOWHUQDWRUXOHVWHGHIHFW
=FXUHDXDWUDSH]RLGDOPXOWLFDQDOHVWHUXSW
2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
FRQGLLLGHVLJXUDQDSRLRSULLPRWRUXODFRUGkQGDWHQLHFRQ
GLLLORUUXWLHUHLGHWUDILF
'HVFKLGHLFDSRWD
9HULILFDLFXUHDXDWUDSH]RLGDOPXOWLFDQDO
QFD]XOvQFDUHFXUHDXDWUDSH]RLGDOPXOWLFDQDOHVWHUXSW
QXFRQWLQXDLFOWRULD$VWIHOVHSUHYLQHVXSUDvQFO]LUHD
PRWRUXOXL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
QFD]XOvQFDUHFXUHDXDWUDSH]RLGDOPXOWLFDQDOQXHVWH
GHWHULRUDW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$XWRYHKLFXOHFXPRWRUSHEHQ]LQQLYHOXOXOHLXOXLGHPRWRUHVWH
SUHDVF]XW
(QJLQHRLOOHYHO 9HULILFDLQLYHOXOXOHLXOXLGHPRWRU3DJLQD
&KHFNOHYHO1LYH
'DFHVWHQHFHVDUDGXJDLXOHLGHPRWRU3DJLQD
OXOXOHLXOXLGH
PRWRUYHULILFDL 'DFHVWHQHFHVDUDGXJDUHDGHXOHLGHPRWRUPDLIUHFYHQW
QLYHOXO GHFkWvQPRGQRUPDOYHULILFDLGDFPRWRUXOSUH]LQWVFXUJHUL
GHXOHL
$XWRYHKLFXOHFXPRWRUGLHVHOQLYHOXOXOHLXOXLGHPRWRUHVWHSUHD
VF]XW
$GGOLWUHRI 9HULILFDLQLYHOXOXOHLXOXLGHPRWRU3DJLQD
HQJLQHRLOZKHQ
'DFHVWHQHFHVDUDGXJDLXOHLGHPRWRU3DJLQD
QH[WUHIXHOOLQJ
$GXJDLOLWUX 'DFHVWHQHFHVDUDGXJDUHDGHXOHLGHPRWRUPDLIUHFYHQW
GHXOHLGHPRWRU GHFkWvQPRGQRUPDOYHULILFDLGDFPRWRUXOSUH]LQWVFXUJHUL
ODXUPWRDUHDDOL GHXOHL
PHQWDUH
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
$XWRYHKLFXOHFXPRWRUGLHVHOQLYHOXOXOHLXOXLGHPRWRUHVWHSUHD
VF]XW([LVWSHULFROXOGHWHULRUULLPRWRUXOXL
(QJLQHRLOOHYHO 2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
6WRSFDUWXUQ
FRQGLLLGHVLJXUDQDSRLRSULLPRWRUXODFRUGkQGDWHQLHFRQ
HQJRII1LYHOXO
GLLLORUUXWLHUHLGHWUDILF
XOHLXOXLGHPRWRU
$FLRQDLIUkQDGHSDUFDUH
RSULLDXWRYHKLFX
OXOLPRWRUXO $GXJDLXOHLGHPRWRU3DJLQDLYHULILFDLQLYHOXODFHV
WXLD3DJLQD
$XWRYHKLFXOHFXPRWRUGLHVHO$LDGXJDWSUHDPXOWXOHLGHPRWRU
([LVWULVFXOGHWHULRUULLPRWRUXOXLVDXDFRQYHUWRUXOXLFDWDOLWLF
(QJLQHRLOOHYHO $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUXvQGHSUWDUHD
5HGXFHRLOOHYHO
H[FHVXOXLGHXOHLSULQDVSLUDUH5HVSHFWDLQRUPHOHOHJDOH
1LYHOXOXOHLXOXL
GHPRWRUUHGXFHL
QLYHOXOXOHLXOXL
GHPRWRU
$XWRYHKLFXOHFXPRWRUGLHVHO6LVWHPXOGHPVXUDUHHVWHGHIHFW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&DQQRWPHDVXUHRLO
OHYHO1LYHOXO
XOHLXOXLGHPRWRU
QXSRDWHIL
PVXUDW
$XWRYHKLFXOHFXPRWRUSHEHQ]LQSUHVLXQHDXOHLXOXLGHPRWRU
HVWHSUHDVF]XW([LVWSHULFROXOGHWHULRUULLPRWRUXOXL
(QJLQHRLOSUHV 2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
VXUH6WRSFDU
FRQGLLLGHVLJXUDQDSRLRSULLPRWRUXODFRUGkQGDWHQLHFRQ
WXUQHQJRII3UH
GLLLORUUXWLHUHLGHWUDILF
VLXQHDXOHLXOXLGH
$FLRQDLIUkQDGHSDUFDUH
PRWRURSULLDXWR
YHKLFXOXOLPRWR 9HULILFDLQLYHOXOXOHLXOXLGHPRWRU3DJLQD
UXO 'DFHVWHQHFHVDUDGXJDLXOHLGHPRWRU3DJLQD
$PDLUPDVRFDQWLWDWHUHGXVGHFDUEXUDQWvQUH]HUYRU
1XXLWDLVUHDOLPHQWDLODFHDPDLDSURSLDWVWDLHGHDOLPHQ
WDUH
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
1LYHOXOFDUEXUDQWXOXLDFRERUkWSkQODFRWDGHUH]HUY
5HDOLPHQWDLODXUPWRDUHDVWDLHGHDOLPHQWDUH
$XWRYHKLFXOHFXPRWRUGLHVHOvQILOWUXOGHFDUEXUDQWH[LVWDS
6FXUJHLFRPSOHWDSDGLQILOWUX
&OHDQIXHOILOWHU $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
&XUDLILOWUXO
GHFDUEXUDQW
6LVWHPGHDVLVWDUHDFRQGXFHULL
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
NPK 9LWH]DPD[LPDIRVWGHSLW
0D[LPXPVSHHG 5HGXFHLYLWH]D
H[FHHGHG9LWH]
PD[LPGHSLW
3DUN$VVLVW 3RUWLHUDRIHUXOXLHVWHGHVFKLVLFHQWXUDGHVLJXUDQQXHVWH
FDQFHOOHG6LVWH FXSODW
PXOGHDVLVWDUHOD 5HSHWDLSURFHVXOGHSDUFDUHFXSRUWLHUDRIHUXOXLvQFKLVL
SDUFDUHDIRVW FHQWXUDFXSODW
GH]DFWLYDW
$LDWLQVDFFLGHQWDOYRODQXOPXOWLIXQFLRQDOvQWLPSFHIXQFLDGH
LQWHUYHQLHDVXSUDVLVWHPXOXLGHGLUHFLHHUDDFWLY
$VLJXUDLYFQXDWLQJHLYRODQXOPXOWLIXQFLRQDOvQWLPSFH
IXQFLDGHLQWHUYHQLHDVXSUDVLVWHPXOXLGHGLUHFLHHVWHDFWLY
$XWRYHKLFXOXODvQFHSXWVGHUDSH]HLVLVWHPXO(63DLQWHUYHQLW
8WLOL]DLXOWHULRUVLVWHPXODFWLYGHDVLVWDUHODSDUFDUH
3DUN$VVLVW 7RFPDLDLHIHFWXDWQXPHURDVHPDQHYUHGHYLUDUHLSDUFDUH
LQRSHUDWLYH6LV 6LVWHPXODFWLYGHDVLVWDUHODSDUFDUHYDILGLQQRXGLVSRQLELOGXS
WHPXOGHDVLVWDUH DSUR[LPDWLYPLQXWH
ODSDUFDUHQXHVWH 2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
IXQFLRQDO FRQGLLLGHVLJXUDQDFRUGkQGDWHQLHFRQGLLLORUGHGUXPLGH
WUDILF
2SULLLUHSRUQLLPRWRUXO
'DFPHVDMXOGHDYHUWL]DUHQXGLVSDUHDSHODLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DW
1XPDLSHQWUXDQXPLWHUL
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
6LVWHPXO3$5.7521,&HVWHGHIHFW
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
6LVWHPXO63(('7521,&LWHPSRPDWXOVXQWGHIHFWH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
63(('7521,&LQRSH
UDWLYH6LVWHPXO
63(('7521,&QX
IXQFLRQHD]
3QHXUL
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
7\UHSUHVV3UH 3HULFROGHDFFLGHQW
VLXQHDQSQHXUL
6LVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHvQSQHXULD
&KHFNW\UHV9HUL GHWHFWDWRSLHUGHUHVHPQLILFDWLYGHSUHVLXQH
ILFDLSQHXULOH
2SULLDXWRYHKLFXOXOIUDHIHFWXDPDQHYUHEUXWHGHYLUDUHVDX
GHIUkQDUHQDFHDVWVLWXDLHLQHLFRQWGHFRQGLLLOHGHWUDILF
9HULILFDLSQHXULOHLGDFHVWHQHFHVDUVFKLPEDLURDWD
3DJLQD
9HULILFDLSUHVLXQHDvQSQHXULLFRUHFWDLSUHVLXQHDvQSQHXUL
GDFHVWHQHFHVDU
5HSRUQLLVLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHvQ
SQHXULLPHGLDWFHSUHVLXQHDvQSQHXULHVWHFHDFRUHFW
3DJLQD
$XWRYHKLFXO
&RPSXWHUXOGHERUGLDILDMHOH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
6KLIWWR1&RPX $LvQFHUFDWVSRUQLLPRWRUXOFkQGWUDQVPLVLDVHDIODvQSR]LLD
WDLQSR]LLD1 5VDX'
WRVWDUWSHQWUX
DSRUQL 6HOHFWDLSR]LLD3VDX1DWUDQVPLVLHL
7UDQVPLVVLRQ 3HGLVSOD\XOPXOWLIXQFLRQDOHVWHDILDWLOLWHUD)SHLQGLFDWRUXO
WUDQVPLVLD WUHSWHLGHYLWH]
FRQVXOWZRUNVKRS 1XPDLSRDWHILJDUDQWDWIXQFLRQDUHDvQFRQGLLLGHVLJXUDQD
DSHODLODXQDWH VLVWHPXOXL$8727521,&
OLHU 2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
FRQGLLLGHVLJXUDQDFRUGkQGDWHQLHFRQGLLLORUGHGUXPLGH
WUDILF
&RPXWDLWUDQVPLVLDvQSR]LLD3
5RWLLFKHLDvQFRQWDFWvQSR]LLD
$WHSWDLPLQLPVHFXQGHvQDLQWHGHUHSRUQLUHDPRWRUXOXL
&RPXWDLWUDQVPLVLDvQSR]LLD'VDX5
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUX
YHULILFDUHDWUDQVPLVLHL
P +D\RQXOHVWHGHVFKLV
QFKLGHLKD\RQXO
Q (VWHGHVFKLVFHOSXLQXQDGLQWUHSRUWLHUH
QFKLGHLWRDWHSRUWLHUHOH
QFQXDLDFWLYDWWHOHIRQXOPRELO
,QWURGXFHLFRGXO3,1DOFDUWHOHL6,0
(QWHU3,1,QWURGX
FHLFRGXO3,1
&RQH[LXQHD%OXHWRRWKGLQWUHWHOHIRQXOPRELOLVLVWHPXODXGLR
VDX&20$1'QXHVWHDFWLYDW
%OXHWRRWKUHDG\
%OXHWRRWKGLVSR
'DFGRULLSXWHLDFWLYDFRQH[LXQHD%OXHWRRWKGLQWUHWHOHIRQXO
QLELO PRELOLVLVWHPXODXGLRVDX&20$1'$36YH]L,QVWUXFLXQLOHGH
XWLOL]DUHVHSDUDWH
0HVDMHDILDWH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
7HOHIRQXOPRELOQXHVWHDH]DWvQVXSRUW
$H]DLWHOHIRQXOPRELOvQVXSRUW3DJLQD
1RWHOHSKRQH
1LFLXQWHOHIRQQ
VXSRUW
$XWRYHKLFXOHOHFXIDUXULEL[HQRQ1LYHOXOOLFKLGXOXLvQUH]HUYRUXO
GHOLFKLGSHQWUXVSODUHDSDUEUL]XOXLDVF]XWVXEQLYHOXOPLQLP
7RSXSZDVKHU $GXJDLOLFKLGGHVSODUH3DJLQD
IOXLG$GXJDL
OLFKLGGHVSODUH
d 3HULFROGHDFFLGHQW
3RZHUVWHHULQJPDO 'LUHFLDQXPDLHVWHDVLVWDW(VWHQHFHVDUPDLPXOWIRUSHQWUX
IXQFWLRQ6HH DFLRQDUHDGLUHFLHL
2ZQHU
V0DQXDO (VWHGH]DFWLYDWLVLVWHPXO67((5&21752/
6HUYRGLUHFLH 9HULILFDLGDFSXWHLDSOLFDIRUDVXSOLPHQWDUQHFHVDU
GHIHFWYH]L 'DFSXWHLPDQHYUDGLUHFLDvQVLJXUDQFRQGXFHLvQFRQ
0DQXDOXOGHXWLOL WLQXDUHFXDWHQLHSkQODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
]DUH
'DFQXSXWHLPDQHYUDGLUHFLDvQVLJXUDQQXFRQWLQXDL
FOWRULD&RQWDFWDLFHOPDLDSURSLDWDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DW
&KHLH
$ILULSHGLVSOD\ 3RVLELOHFDX]HXUPULLPVROXLL
9 $LLQWURGXVRFKHLHQHSRWULYLWvQFRQWDFW
8WLOL]DLFKHLDFRUHFW
.H\GRHVQRW
EHORQJWRYHKLFOH
&KHLDQXDSDULQH
DXWRYHKLFXOXOXL
9 &KHLDVHDIOvQFRQWDFW
6FRDWHLFKHLDGLQFRQWDFW
5HPRYHNH\6FRD
WHLFKHLDGLQFRQ
WDFW
9 (VWHQHFHVDUvQORFXLUHDFKHLL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
<RXQHHGDQHZNH\
$YHLQHYRLHGHR
FKHLHQRX
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
&RPSXWHUXOGHERUGLDILDMHOH
$FLRQDUHDIUkQHORU
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
) &RQGXFHLFXIUkQDGHSDUFDUHDFLRQDW
/DPSDURLHGHDYHUWL (OLEHUDLIUkQDGHSDUFDUH
]DUHSHQWUXVLVWHPXOGH /DPSDGHDYHUWL]DUHVHVWLQJHLDUVHPQDOXOVRQRUvQFHWHD]
IUkQDUHVHDSULQGHvQ
WLPSXOGHSODVULLDXWR
YHKLFXOXOXL8QVHPQDO
VRQRUGHDYHUWL]DUH
HVWHGHDVHPHQHD
HPLV
) 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH /LFKLGXOGHIUkQGLQUH]HUYRUHVWHLQVXILFLHQW
URLHDVLVWHPXOXLGH
2SULLDXWRYHKLFXOXOLPHGLDWFHDFHVWOXFUXVHSRDWHUHDOL]DvQ
IUkQDUHHVWHDSULQV
FkQGPRWRUXOHVWHSRU FRQGLLLGHVLJXUDQDFRUGkQGDWHQLHFRQGLLLORUGHGUXPLGH
QLW8QVHPQDOVRQRUGH WUDILF1XFRQWLQXDLvQQLFLXQFD]FOWRULD
DYHUWL]DUHHVWHGHDVH $FLRQDLIUkQDGHSDUFDUH
PHQHDHPLV $SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$FRUGDLDWHQLHFHORUODOWHPHVDMHGHSHGLVSOD\XOPXOWLIXQF
LRQDO
1XDGXJDLOLFKLGGHIUkQ$FHDVWRSHUDLXQHQXYDUH]ROYDSUR
EOHPD
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
&HQWXULGHVLJXUDQ
&RPSXWHUXOGHERUGLDILDMHOH
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
v /DPSDGHDYHUWL]DUHSHQWUXFHQWXUDGHVLJXUDQOHDPLQWHWH
/DPSDURLHGHDYHUWL RIHUXOXLLSDVDJHUXOXLGLQIDVvLIL[H]HFHQWXULOH
]DUHSHQWUXFHQWXUDGH )L[DLFHQWXUDGHVLJXUDQ3DJLQD
VLJXUDQUPkQH
DSULQVWLPSGH
VHFXQGHGXSSRUQLUHD
PRWRUXOXL
v 3HULFROGHUQLUH
/DPSDURLHGHDYHUWL &HQWXUDRIHUXOXLQXHVWHIL[DW
]DUHSHQWUXFHQWXULOHGH
)L[DLFHQWXUDGHVLJXUDQ3DJLQD
VLJXUDQVHDSULQGH
GXSSRUQLUHDPRWRUX 6HPQDOXOGHDYHUWL]DUHvQFHWHD]
OXLQSOXVHVWHHPLVXQ
VHPQDOVRQRUGHDYHUWL
]DUHWLPSGHSkQOD
VHFXQGH
v 3HULFROGHUQLUH
/DPSDURLHGHDYHUWL RIHUXOVDXSDVDJHUXOGLQIDQXDUHFHQWXUDGHVLJXUDQIL[DW
]DUHSHQWUXFHQWXULOHGH
)L[DLFHQWXUDGHVLJXUDQ3DJLQD
VLJXUDQVHDSULQGH
GXSSRUQLUHDPRWRUX /DPSDGHDYHUWL]DUHVHVWLQJH
OXLODvQFKLGHUHDSRUWLH
UHLRIHUXOXLVDXDSDVD
3HULFROGHUQLUH
JHUXOXLGLQID ([LVWRELHFWHSHVFDXQXOSDVDJHUXOXLID
QGHSUWDLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDLGHSR
]LWDLOHvQWUXQORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJH
1XPDLSHQWUXDQXPLWHUL
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
v 3HULFROGHUQLUH
/DPSDURLHGHDYHUWL RIHUXOVDXSDVDJHUXOGLQIDQXDUHFHQWXUDGHVLJXUDQIL[DW
]DUHSHQWUXFHQWXUDGH QDFHVWWLPSYGHSODVDLFXRYLWH]PDLPDUHGHNPKVDX
VLJXUDQVHDSULQGH DLGHSLWSHQWUXVFXUWWLPSYLWH]DGHNPK
LQWHUPLWHQWLHVWHHPLV
XQVHPQDOVRQRULQWHU )L[DLFHQWXUDGHVLJXUDQ3DJLQD
PLWHQWGHDYHUWL]DUH /DPSDGHDYHUWL]DUHVHVWLQJHLDUVHPQDOXOVRQRULQWHUPLWHQW
vQFHWHD]
3HULFROGHUQLUH
([LVWRELHFWHSHVFDXQXOSDVDJHUXOXLIDQDFHVWWLPSYGHSOD
VDLFXRYLWH]PDLPDUHGHNPKVDXDLGHSLWSHQWUXVFXUW
WLPSYLWH]DGHNPK
QGHSUWDLRELHFWHOHGHSHVFDXQXOSDVDJHUXOXLGLQIDLGHSR
]LWDLOHvQWUXQORFVLJXU
/DPSDGHDYHUWL]DUHVHVWLQJHLDUVHPQDOXOVRQRULQWHUPLWHQW
vQFHWHD]
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
6LVWHPHGHVLJXUDQ
&RPSXWHUXOGHERUGLDILDMHOH
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
% 3HULFROGHDFFLGHQW
/DPSDJDOEHQGHDYHU 6LVWHPXOGHDQWLEORFDUHODIUkQDUH$%6DIRVWGH]DFWLYDWGLQFDX]D
WL]DUH$%6HVWHDSULQV
XQHLGHIHFLXQL'LQDFHVWPRWLYVLVWHPHSUHFXP(633URJUDPXO
vQWLPSXOIXQFLRQULL
HOHFWURQLFGHVWDELOLWDWH%$66LVWHPGHDVLVWHQODIUkQDUH
PRWRUXOXL
VLVWHPXO67((5&21752/VLVWHPXOGHDVLVWHQODSRUQLUHDvQ
UDPSLVLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQ
SQHXULVXQWGHDVHPHQHDGH]DFWLYDWH
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV3ULQXUPDUHHVWHSRVLELOEORFDUHDURLORU
GHH[HPSOXvQFD]XOIUkQULLSXWHUQLFH
$FRUGDLDWHQLHFHORUODOWHPHVDMHGHSHGLVSOD\XOPXOWLIXQF
LRQDO
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
'DFXQLWDWHDGHFRPDQGDVLVWHPXOXL$%6HVWHGHIHFWHVWH
SRVLELOFDLDOWHVLVWHPHVQXIXQFLRQH]HGHH[HPSOXVLVWHPXO
GHQDYLJDLHVDXWUDQVPLVLDDXWRPDW
% 3HULFROGHDFFLGHQW
/DPSDJDOEHQGHDYHU 7HQVLXQHDIXUQL]DWGHEDWHULHHVWHLQVXILFLHQW6LVWHPXO$%6D
WL]DUH$%6HVWHDSULQV IRVWGH]DFWLYDWGLQFDX]DWHQVLXQLLUHGXVH
vQWLPSXOIXQFLRQULL
PRWRUXOXL 'LQDFHVWPRWLYYRUILGH]DFWLYDWHLVLVWHPHSUHFXP(63%$6
67((5&21752/VLVWHPXOGHDVLVWHQODSRUQLUHDvQUDPSL
VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV3ULQXUPDUHHVWHSRVLELOEORFDUHDURLORU
GHH[HPSOXvQFD]XOIUkQULLSXWHUQLFH
2SULLFRQVXPDWRULLDFURUIXQFLRQDUHQXHVWHQHFHVDUGH
H[HPSOXVLVWHPXOGHvQFO]LUHDOXQHWHLVDXLOXPLQDUHDKDELWD
FOXOXL
6LVWHPXO$%6YDILGLQQRXIXQFLRQDOLPHGLDWFHWHQVLXQHDOD
ERUGUHYLQHODYDORDUHDFRUHVSXQ]WRDUH
'DFODPSDGHDYHUWL]DUHHVWHDSULQVvQFRQWLQXDUH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUXYHULILFDUHD
EDWHULHLLDOWHUQDWRUXOXL
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
r 3HULFROGHDFFLGHQW
/DPSDGHDYHUWL]DUH
6LVWHPXO(63VDXVLVWHPXOGHFRQWURODOWUDFLXQLLDLQWHUYHQLW
JDOEHQ(63VH SHQWUXFH[LVWXQULVFGHGHUDSDUHVDXFHOSXLQXQDGLQWUHURL
DSULQGHLQWHUPLWHQWvQ DvQFHSXWVSDWLQH]H
WLPSXOGHSODVULLDXWR
$FLRQDLSHGDODGHDFFHOHUDLHQXPDLDWkWFkWHVWHQHFHVDUOD
YHKLFXOXOXL
SRUQLUHDGHSHORF
(OLEHUDLSHGDODGHDFFHOHUDLHvQWLPSXOGHSODVULLDXWRYHKLFX
OXOXL
$GDSWDLYVWLOXOGHFRQGXFHUHODFRQGLLLOHGHGUXPLFRQGLLLOH
PHWHRFXUHQWH
1XGH]DFWLYDLVLVWHPXO(63
([FHSLL3DJLQD
r 3HULFROGHDFFLGHQW
/DPSDJDOEHQGHDYHU
6LVWHPXO(63QXHVWHIXQFLRQDOGLQFDX]DXQHLGHIHFLXQL6LV
WL]DUH(63HVWH
WHPXO(63QXYDVWDELOL]DDXWRYHKLFXOXOGDFDFHVWDvQFHSHV
DSULQVvQWLPSXOIXQF
GHUDSH]HVDXGDFRURDWvQFHSHVSDWLQH]H
LRQULLPRWRUXOXL
$XIRVWGH]DFWLYDWHLXUPWRDUHOHVLVWHPH
=VLVWHPHOH$%6L%$6
=VLVWHPXOGHDVLVWDUHODGLUHFLH67((5&21752/
=VLVWHPXOGHDVLVWHQODSRUQLUHDvQUDPS
=VLVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQHGLQSQHXUL
6LVWHPXOGHIUkQDUHFRQWLQXVIXQFLRQH]HQRUPDOGDUIUIXQF
LLOHDPLQWLWHPDLVXV3ULQXUPDUHHVWHSRVLELOEORFDUHDURLORU
GHH[HPSOXvQFD]XOIUkQULLSXWHUQLFH
$FRUGDLDWHQLHFHORUODOWHPHVDMHGHSHGLVSOD\XOPXOWLIXQF
LRQDO
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
&RPSXWHUXOGHERUGLDILDMHOH
~ 3HULFROGHUQLUH
/DPSDURLHGHDYHUWL 6LVWHPHOHGHUHWHQLHVXQWGHIHFWHQFD]GHDFFLGHQWHVWHSRVLELO
]DUH656HVWHDSULQV FDDLUEDJXULOHVDXGLVSR]LWLYHOHGHSUHWHQVLRQDUHDFHQWXULORUGH
vQWLPSXOIXQFLRQULL VLJXUDQVILHGHFODQDWHDFFLGHQWDOVDXFDDFHVWHDVQXILH
PRWRUXOXL GHFODQDWH
&RQWLQXDLFOWRULDFXDWHQLH
$SHODLLPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
~ &RQHFWRUXOHOHFWULFDOVFDXQXOXLGHWDDELODOSDVDJHUXOXLGLQID
/DPSDURLHGHDYHUWL QXHVWHFXSODW
]DUH656HVWHDSULQV &XSODLFRQHFWRUXOvQGLVSR]LWLYXOGHFXSODUHDOVFDXQXOXL
vQWLPSXOIXQFLRQULL 3DJLQD
PRWRUXOXLQSOXV
ODPSDPDUWRUs
3$66(1*(5$,5%$*
2))DLUEDJSDVDJHU
GH]DFWLYDWGHSHFRQ
VRODFHQWUDOVH
DSULQGHLQWHUPLWHQWL
HVWHHPLVXQVHPQDO
VRQRUGHDYHUWL]DUH
/PSLOHPDUWRULGHDYHUWL]DUHGHSHSDQRXOGHLQVWUXPHQWH
0RWRU
&RPSXWHUXOGHERUGLDILDMHOH
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
(VWHSRVLELOVH[LVWHRGHIHFLXQHGHH[HPSOX
/DPSDJDOEHQGHDYHU =DVLVWHPXOGHJHVWLRQDUHDPRWRUXOXL
WL]DUHSHQWUXGLDJQRVWL =ODVLVWHPXOGHLQMHFLHDFDUEXUDQWXOXL
FDUHDPRWRUXOXLHVWH =ODVLVWHPXOGHHYDFXDUH
DSULQVvQWLPSXOIXQF
=ODVLVWHPXOGHDSULQGHUHvQFD]XODXWRYHKLFXOHORUFXPRWRUSH
LRQULLPRWRUXOXL
EHQ]LQ
=ODVLVWHPXOGHDOLPHQWDUHFXFDUEXUDQW
(VWHSRVLELOFDYDORULOHOLPLWSHQWUXHPLVLLOHGHQR[HVILHGHSLWH
LPRWRUXOVIXQFLRQH]HvQUHJLPGHDYDULH
$SHODLFkWPDLFXUkQGSRVLELOODXQDWHOLHUGHVSHFLDOLWDWHSHQWUX
YHULILFDUHDDXWRYHKLFXOXOXL
$XWRYHKLFXOHFXPRWRUGLHVHOUH]HUYRUXOGHFDUEXUDQWHVWHFRP
/DPSDJDOEHQGHDYHU SOHWJRO3DJLQD
WL]DUHSHQWUXGLDJQRVWL 3RUQLLPRWRUXOGHWUHLVDXSDWUXRULFRQVHFXWLYGXSDOLPHQWDUH
FDUHDPRWRUXOXLHVWH 'DFODPSDJDOEHQGHDYHUWL]DUHSULYLQGGLDJQRVWLFDUHDVH
DSULQVvQWLPSXOIXQF VWLQJHPRGXOGHIXQFLRQDUHvQUHJLPGHDYDULHHVWHDQXODW1X
LRQULLPRWRUXOXL HVWHQHFHVDUYHULILFDUHDDXWRYHKLFXOXOXL
/DPSDJDOEHQGHDYHU 1LYHOXOFDUEXUDQWXOXLDFRERUkWSkQODFRWDGHUH]HUY
WL]DUHSULYLQGQLYHOXO 5HDOLPHQWDLODSULPDVWDLHGHDOLPHQWDUH
FDUEXUDQWXOXLHVWH
DSULQVvQWLPSXOIXQF
LRQULLPRWRUXOXL
'RWDUHDDXWRYHKLFXOXOXL
,QVWUXFLXQLJHQHUDOHUHIHULWRDUHOD
vQFUFDUH
&RPSDUWLPHQWHGHGHSR]LWDUH
QFUFDUHGHSR]LWDUHLGRWUL
6SDLLOHGHGHSR]LWDUH
'RWUL
&RPSDUWLPHQWHGHGHSR]LWDUH
'RWDUHDDXWRYHKLFXOXOXL =&kQGWUDQVSRUWDLRvQFUFWXUQX
GHSLLPDVDPD[LPDGPLVVDXVDUFLQD
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL PD[LPSHILHFDUHSXQWHLQFOX]kQGSDVD
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH JHULL
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU =$PSODVDLvQFUFWXULOHJUHOHFkWPDLvQID
QFUFDUHGHSR]LWDUHLGRWUL
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L LPDLMRVSRVLELOvQFRPSDUWLPHQWXOSHQWUX
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH EDJDMH
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL =QFUFWXUDQXWUHEXLHVGHSHDVFPDU
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO JLQHDVXSHULRDUDVSWDUHORU
GXPQHDYRDVWUVQXGLVSXQGHWRDWH =$PSODVDLvQWRWGHDXQDvQFUFWXUDVSULML
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW QLWGHVSWDUHOHVFDXQHORUGLQVSDWHVDX
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF GHSHUQHOHVFDXQHORUGDFDFHVWHDDXIRVW
LLOHSULYLQGVLJXUDQD UDEDWDWHvQID
=&DSDFLWDWHDPD[LPDFRPSDUWLPHQWXOXL
GHGHSR]LWDUHDIODWVXESRGHDXDFRPSDUWL
,QVWUXFLXQLJHQHUDOHUHIHULWRDUHOD
PHQWXOSHQWUXEDJDMHHVWHNJ
vQFUFDUH
='DFHVWHSRVLELODH]DLvQWRWGHDXQD
vQFUFWXUDvQVSDWHOHVFDXQHORUQHRFX
3HULFROGHUQLUH
SDWH
$PSODVDLLIL[DLvQFUFWXUDFRQIRUPGHV =)L[DLvQFUFWXUDSULQLQWHUPHGLXOXQRUGLV
FULHULLGLQLQVWUXFLXQLOHJHQHUDOHUHIHULWRDUHOD
SR]LWLYHVROLGHLUH]LVWHQWHODX]XU&SWX
vQFUFDUH
LLPXFKLLOHDVFXLWHSHQWUXDOHSURWHMD
QFD]FRQWUDUvQFUFWXUDQHDVLJXUDWFRUHV
SXQ]WRUSRDWHGXFHODDFFLGHQWDUHDSDVDJH G 'LVSR]LWLYHOHGHIL[DUHVXQWGLVSRQLELOHOD
ULORUDXWRYHKLFXOXOXLvQFD]XOXQHLIUkQULDO RULFHDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH
XQHLVFKLPEULEUXWHGHGLUHFLHVDXvQFD] H[HPSOXODRULFDUHFHQWUXDXWRUL]DWGH
GHDFFLGHQW YkQ]ULLVHUYLFH0HUFHGHV%HQ]
3XWHLJVLPDLPXOWHLQIRUPDLLvQVHFLXQHD 1XVXSUDvQFUFDLRVLQJXUSDUWHDSRGH
)L[DUHDvQFUFWXULL OHLUDEDWDELOHDSRUWEDJDMXOXL6DUFLQD
&KLDUGDFXUPDLLQVWUXFLXQLOHJHQHUDOHUHIH PD[LPDGPLVSHSRGHDXDUDEDWDELOD
ULWRDUHODvQFUFDUHSUH]HQDvQFUFWXULLVSR SRUWEDJDMXOXLHVWHGHNJ'LVWULEXLL
UHWHULVFXULOHvQFD]XOXQXLDFFLGHQW vQFUFWXUDvQPRGHJDOSHVXSUDIDDSRGH
OHLSHQWUXDHYLWDGHWHULRUDUHDDFHVWHLD
3HULFROGHLQWR[LFDUH 'DFHVWHQHFHVDUSR]LLRQDLRSODF
$VLJXUDLYFKD\RQXOHVWHvQWRWGHDXQD VROLGVXEvQFUFWXU9UXJPVUHLQHL
vQFKLVFkQGPRWRUXOHVWHvQIXQFLXQHQFD] FVDUFLQDSHSRGHDXDSRUWEDJDMXOXLYD
FRQWUDUHVWHSRVLELOSWUXQGHUHDJD]HORUGH FUHWHFkQGvQFUFWXUDHVWHDQFRUDW
HDSDPHQWvQKDELWDFOXLDVIL[LHUHDSDVDJH
ULORU
&RPSDUWLPHQWHGHGHSR]LWDUH
0DQHYUDELOLWDWHDXQXLDXWRYHKLFXOvQFUFDW
GHSLQGHGHGLVWULEXLDvQFUFWXULL'LQDFHVW ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
PRWLYODWUDQVSRUWDUHDXQHLvQFUFWXULWUH UDQD
EXLHVXUPDLLQVWUXFLXQLOHSUH]HQWDWHvQ 3HULFROGHUQLUH
FRQWLQXDUH &RPSDUWLPHQWHOHGHGHSR]LWDUHWUHEXLHVILH
vQFKLVHDWXQFLFkQGVXQWvQFUFDWH3ODVHOH
&RPSDUWLPHQWHGHGHSR]LWDUH
SHQWUXEDJDMHQXVXQWFRQFHSXWHSHQWUXIL[D &RPSDUWLPHQWXOGHGHSR]LWDUHGLQFRQ
UHDRELHFWHORUJUHOH VRODFHQUDO
(VWHSRVLELODFFLGHQWDUHDGXPQHDYRDVWU QFD]XOvQFDUHDXWRYHKLFXOXOQXHVWHGRWDWFX
VDXDDOWRUSHUVRDQHGLQFDX]DRELHFWHORUSUR SDFKHWXOSHQWUXIXPWRUL
vQORFXOVFUXPLHUHL
LHFWDWHvQKDELWDFOXvQFD]XOvQFDUH HVWHLQVWDODWXQFRPSDUWLPHQWGHGHSR]LWDUH
QFUFDUHGHSR]LWDUHLGRWUL
=IUkQDLSXWHUQLF SUHY]XWFXRSUL]GH9
=VFKLPEDLEUXVFGLUHFLD
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW
2ELHFWHOHFXPXFKLLDVFXLWHLFHOHIUDJLOHQX
WUHEXLHWUDQVSRUWDWHvQSODVDSHQWUXEDJDMH
&RPSDUWLPHQWHOHGHGHSR]LWDUHGLQ
ID
XO
G QIXQFLHGHGRWULOHDXWRYHKLFXOXOXLvQ 3HQWUXGHVFKLGHUHJOLVDLFDSDFXOC
WRUSHGRXH[LVWRFRQH[LXQH$8;,1VDXR
vQDLQWH
,QWHUIDPHGLD$FHDVWDUHSUH]LQWRLQWHU
IDXQLYHUVDOSHQWUXHFKLSDPHQWHOHDXGLR
SRUWDELOHSUHFXPGLVSR]LWLYHOHL3RGVDX &RPSDUWLPHQWXOGHGHSR]LWDUHFRP
86%YH]LLQVWUXFLXQLOHGHXWLOL]DUHVHSD SDUWLPHQWXOWHOHIRQXOXLGHVXEFRWLHU
UDWHDOHVLVWHPXOXL$XGLRVDX&20$1'6
$36
G QWRUSHGRXH[LVWVSDLLGHGHSR]LWDUH
SHQWUXPRQHGHSL[XULLFDUGXULGHFUHGLW
LGHVHUYLFH
G 7RUSHGRXOSRDWHILYHQWLODW
3DJLQD
3HQWUXGHVFKLGHUHDSVDLXRUSHFDSD
FXOFRPSDUWLPHQWXOXLGHGHSR]LWDUHC
&RPSDUWLPHQWXOGHGHSR]LWDUHCVHGHV
FKLGH
&DVHWHOHGHGHSR]LWDUHGHVXEVFDXQX
OXLRIHUXOXLLDOSDVDJHUXOXLGLQID
3HQWUXGHVFKLGHUHWUDJHLPkQHUXOCL &DSDFLWDWHDPD[LPDFXWLLORUGHGHSR]LWDUH
GHVFKLGHLFDSDFXOWRUSHGRXOXL HVWHGHNJ
3HQWUXvQFKLGHUHvPSLQJHLvQVXVFDSDFXO
WRUSHGRXOXLSkQVHEORFKHD]
&RPSDUWLPHQWHGHGHSR]LWDUH
&RPSDUWLPHQWXOGHGHSR]LWDUHvQSDUWHD
GLQVSDWH
QFUFDUHGHSR]LWDUHLGRWUL
,PDJLQHDSUH]LQWVFDXQXORIHUXOXL
3HQWUXGHVFKLGHUHULGLFDLSXLQFDVHWD
GHGHSR]LWDUHLWUDJHLRvQDIDUFXDMXWR 3HQWUXDGHVFKLGHWUDJHLSDUWHDVXSH
UXOPkQHUXOXLLQWHJUDW ULRDUDFRPSDUWLPHQWXOXLGHGHSR]L
G QFXWLDGHGHSR]LWDUHSXWHLDPSODVDFDU WDUHCGHPDUJLQHDPkQHUXOXL
FDVHGH&'XULD2SULWRUXOCvPSLHGLF
GHSODVDUHDFDUFDVHORU &RPSDUWLPHQWHOHGHGHSR]LWDUHGLQ
SRUWEDJDM
&RPSDUWLPHQWHOHGHGHSR]LWDUHGLQ 3HULFROGHUQLUH
SDUWHDGLQVSDWHDKDELWDFOXOXL &DSDFLWDWHDPD[LPDFDVHWHORUGHGHSR]L
WDUHHVWHGHNJ2ELHFWHOHDIODWHvQFRP
&RPSDUWLPHQWXOGHGHSR]LWDUHGHVXE SDUWLPHQWXOGLQSDUWHDVWkQJWUHEXLHGHSR]L
FRWLHU WDWHGRDUvQVSDLLOHVSHFLDOFUHDWHLDVLJXUDWH
FXDMXWRUXOVXSRUWXULORUFRUHVSXQ]WRDUHQ
3HULFROGHDFFLGHQWDUH FD]FRQWUDUFRPSDUWLPHQWXOGHGHSR]LWDUHVH
$VLJXUDLYFQXHVWHQLPHQLDFFLGHQWDW SRDWHGHVFKLGHLDUSDVDJHULLDXWRYHKLFXOXOXL
DWXQFLFkQGJOLVDLFRWLHUD SRWILUQLLGHRELHFWHOHSURLHFWDWHvQKDELWD
FOXvQFD]XOXQHLIUkQULDOXQHLVFKLPEUL
EUXWHGHGLUHFLHVDXvQFD]GHDFFLGHQW
&RPSDUWLPHQWHOHGHGHSR]LWDWHVXQWVLWXDWH
vQSRUWEDJDMvQSDUWHDVWkQJLGUHDSW
G &RPSDUWLPHQWXOGLQSDUWHDVWkQJFRQ
LQHWUXVDGHSULPDMXWRUWUXVDGHVFXOHD
DXWRYHKLFXOXOXLFULFXOWULXQJKLXOUHIOHFWR
UL]DQWLWUXVD7,5(),7
3HQWUXGHVFKLGHUHJOLVDLFRWLHUDCvQ
ID
6SDLLOHGHGHSR]LWDUH
'HPRQWDUHDPRQWDUHDVFDXQXOXL
GHWDDELODOSDVDJHUXOXLGLQID
'HPRQWDUHDVFDXQXOXLSDVDJHUXOXLGLQ
ID
QFUFDUHGHSR]LWDUHLGRWUL
3HQWUXDHYLWDGHWHULRUDUHDWHWLHUDWUH
EXLHFRERUkWFRPSOHWvQDLQWHGHGHPRQ
WDUHDVFDXQXOXLSDVDJHUXOXLGLQID
&RPSDUWLPHQWXOGHGHSR]LWDUHGLQSDUWHDGUHDSW
1XDFLRQDLPDQHWDvQDLQWHGHDVFRDWH
FRQHFWRUXOQFD]FRQWUDUDFLRQDUHD
PDQHWHLSRDWHSURYRFDGHIHFWDUHDPHFD
&RPSDUWLPHQWXOGHGHSR]LWDUHGLQSDUWHDVWkQJ QLVPXOXLLDFRPSRQHQWHORUHOHFWURQLFH
3HQWUXGHVFKLGHUHURWLLPkQHUXOCvQ 'HSODVDLVFDXQXOSDVDJHUXOXLFkWPDLvQ
VHQVXOLQGLFDWGHVJHDWLUDEDWDLFDSD VSDWHSRVLELO
FXOvQMRVD 'HFRQHFWDLFRQHFWRUXOC
6HHPLWHXQVHPQDOVRQRU0DQHWD
HVWHDGHEORFDWQFD]XOvQFDUHPRWRUXO
6SDLLOHGHGHSR]LWDUH HVWHSRUQLWODPSDPDUWRUs3$66(1
*(5$,5%$*2))DLUEDJSDVDJHUGH]DFWL
3ODVHSHQWUXGHSR]LWDUH
YDWOXPLQHD]LQWHUPLWHQWLDUODPSDGH
3HULFROGHUQLUH DYHUWL]DUH~VHDSULQGHGXSXQVFXUW
8WLOL]DLSODVDSHQWUXEDJDMHQXPDLSHQWUX LQWHUYDO
RELHFWHXRDUH1XXWLOL]DLSODVDSHQWUXWUDQV 'HSODVDLVFDXQXOSDVDJHUXOXLGLQIDvQ
SRUWDUHDRELHFWHORUJUHOHFXPXFKLLDVFXLWH SR]LLDFHQWUDO
VDXFDVDQWH(VWHSRVLELOFDDFHDVWDVQX 6FDXQXOSRDWHILGHPRQWDWIUDILvQFOLQDW
SRDWSURWHMDFRUHVSXQ]WRURELHFWHOHvQFD] GRDUFkQGVHDIOvQDFHDVWSR]LLH
GHDFFLGHQW 3R]LLRQDLFRQHFWRUXOCVXEVFDXQDVWIHO
3ODVHOHSHQWUXEDJDMHVXQWDPSODVDWHvQVSD vQFkWFDEOXOVQXSRDWILSULQVvQFDGUXO
LXOSHQWUXSLFLRDUHOHSDVDJHUXOXLGLQIDL VFDXQXOXL
SHVSDWHOHVFDXQXOXLRIHUXOXLLDOSDVDJHUX
OXLGLQID
6SDLLOHGHGHSR]LWDUH
&RQHFWRUXOWUHEXLHUDFRUGDWDVWIHOvQFkWDLU
EDJXOSDVDJHUXOXLGLQIDVVHSRDW
GHFODQDvQFD]GHDFFLGHQW
QFD]XOvQFDUHDFHVWDQXHVWHUDFRUGDWL
PRWRUXOHVWHSRUQLWODPSDGHDYHUWL]DUH
QFUFDUHGHSR]LWDUHLGRWUL
s3$66(1*(5$,5%$*2))DLUEDJSDVD
JHUGH]DFWLYDWOXPLQHD]LQWHUPLWHQWLDU
ODPSDGHDYHUWL]DUH~VHDSULQGHGXSXQ
VFXUWLQWHUYDO
'HSODVDLPDQHWDDvQIDLWUDJHLRvQ
VXV
6FDXQXODOXQHFGLQLQHOHOHGHPRQWDUHGLQ
ID
3ULQGHLVFDXQXOGHSDUWHDGLQVSDWHD
VSWDUXOXLLGHPDUJLQHDGLQIDDSHUQHL
VFDXQXOXL
6FRDWHLVFDXQXOSULQSRUWLHUDSDVDJHUXOXL
GLQID
'HVFKLGHLFDVHWDGHFDEOXULLDPSOD
C ,QHOHOHGHPRQWDUHGLQVSDWH
VDLFRQHFWRUXOCvQLQWHULRUXOVX
D ,QHOHOHGHPRQWDUHGLQID
QFKLGHLFDVHWDGHFDEOXUL
&RQHFWRU
3HULFROGHUQLUH &DVHWGHFDEOXUL
6FDXQXOSDVDJHUXOXLGLQIDFDUHDIRVW 0DQHW
GHPRQWDWHVWHGRWDWFXXQDLUEDJODWHUDO &DGUXOVFDXQXOXL
DFWLY1XUDFRUGDLFRQHFWRUXOVFDXQXOXLODR
VXUVGHDOLPHQWDUHvQFD]FRQWUDUDLUEDJXO
/XDLFRQHFWRUXOGLQFDVHWDGH
VHSRDWHGHFODQD3VWUDLVFDXQXOvQDIDUD FDEOXULLSR]LLRQDLOvQID
DFFHVXOXLFRSLLORU 3ULQGHLVFDXQXOGHSDUWHDGLQVSDWHD
VSWDUXOXLLGHPDUJLQHDGLQIDDSHUQHL
0RQWDUHDVFDXQXOXLSDVDJHUXOXLGLQ VFDXQXOXL
ID 6FRDWHLVFDXQXOSULQSRUWLHUDSDVDJHUXOXL
GLQID
3HULFROGHUQLUH 'HSODVDLVFDXQXOvQSR]LLDFRUHV
,QHOHOHGHPRQWDUHWUHEXLHSURWHMDWHGHSUDI SXQ]WRDUHGHDVXSUDLQHOHORUGHPRQWDUH
LDOWHSDUWLFXOHSHQWUXFDVFDXQXOSDVDJHUXOXL ,QWURGXFHLFkUOLJXOVFDXQXOXLvQLQHOHOHGH
GLQIDVVHIL[H]HvQPRGFRUHVSXQ]WRU PRQWDUHGLQVSDWHC
6SDLLOHGHGHSR]LWDUH
$SVDLSDUWHDGLQIDDVFDXQXOXLSkQVH 6XSOLPHQWDUHDFDSDFLWLLSRUWEDJD
IL[HD] MXOXL
0DQHWDUHYLQHvQSR]LLDLQLLDO'RDU
DWXQFLVFDXQXOHVWHIL[DWvQSR]LLDFRUHFW 'HVFKLGHUHDLvQFKLGHUHDVSDLXOXL
*KLGDLFRQHFWRUXOSHVWHFDGUXOVFDX
VXSOLPHQWDU
QFUFDUHGHSR]LWDUHLGRWUL
QXOXL 3HULFROGHUQLUH
,QWURGXFHLFRQHFWRUXOvQGLVSR]LWLYXOGH 1XXWLOL]DLIXQFLDGHVXSOLPHQWDUHDFDSD
FXSODUHDOVFDXQXOXL FLWLLSRUWEDJDMXOXLSHQWUXDWUDQVSRUWD
RELHFWHFDUHQXDXIRVWIL[DWH
3HULFROGHUQLUH QFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLSRWIL
QDLQWHGHDSRUQLGHSHORFDVLJXUDLYF UQLLGHRELHFWHOHSURLHFWDWHvQKDELWDFOXvQ
VFDXQXOVDIL[DWvQPRGFRUHVSXQ]WRU FD]XOXQHLIUkQULDOXQHLVFKLPEULEUXWHGH
GLUHFLHVDXvQFD]GHDFFLGHQW
5DEDWDUHDvQIDvQVSDWHDVSWDUX 3HQWUXDEHQHILFLDGHIXQFLDGHVXSOLPHQWDUH
OXLVFDXQXOXLSDVDJHUXOXLGLQID DFDSDFLWLLSRUWEDJDMXOXLvQFRQGLLLRSWLPH
LSHQWUXDSUHYHQLPXUGULUHDVDXGHWHULRUD
UHDFRWLHUHLDFHDVWDWUHEXLHGHPRQWDW
3DJLQD
3HQWUXDUDEDWDvQIDGHSODVDLVSWDUXO
XRUvQDSRL
7UDJHLPkQHUXOGHHOLEHUDUHCLUDEDWDL
3HQWUXGHVFKLGHUHUDEDWDLvQMRV
WRWDOVSWDUXOSHSHUQDVFDXQXOXLSkQFkQG
FRWLHUDC
VHIL[HD]
3HQWUXDUDEDWDvQVSDWHDSVDLSXLQ
VSWDUXOLDFLRQDLPDQHWDGHHOLEH
UDUHC
5DEDWDLvQDSRLVSWDUXOSkQODIL[DUH
'HSODVDLPHFDQLVPXOGHEORFDUHvQVHQ
VXOLQGLFDWGHVJHDW
'HSODVDLFDSDFXODvQODWHUDO
6SDLLOHGHGHSR]LWDUH
&DSDFXODHVWHPHQLQXWGHVFKLVGHXQ 0RQWDUHDFRWLHUHL
PDJQHW
3HQWUXvQFKLGHUHGHSODVDLFDSDFXODLQ
SRUWEDJDMvQSR]LLDLQLLDOSkQVHEOR
QFUFDUHGHSR]LWDUHLGRWUL
FKHD]
'DFHVWHQHFHVDUUDEDWDLFRWLHUDFRP
SOHWvQVXV
'HPRQWDUHDFRWLHUHL
3R]LLRQDLFRUHFWFRWLHUD
$SVDLFRWLHUDvQSR]LLDLQLLDOSkQOD
IL[DUH
'LVSR]LWLYXOGHHOLEHUDUHFRERDU$YHL
JULMFD]RQDURLHCDGLVSR]LWLYXOXLGH
HOLEHUDUHVQXPDLILHYL]LELO'RDUDWXQFL
FRWLHUDHVWHIL[DWvQSR]LLDFRUHFW
3HULFROGHUQLUH
5DEDWDLvQMRVFRWLHUDC &RWLHUHOHWUHEXLHIL[DWHFRUHVSXQ]WRUFkQG
DXWRYHKLFXOXOHVWHvQPLFDUH
QFD]FRQWUDURFRWLHUFDUHQXDIRVWIL[DW
FRUHVSXQ]WRUvLSRDWHDFFLGHQWDSHSDVDJHULL
DXWRYHKLFXOXOXLvQFD]XOXQHLIUkQULDOXQHL
VFKLPEULEUXWHGHGLUHFLHVDXvQFD]GH
DFFLGHQW
/RFXOFHQWUDOGHSHEDQFKHWDGLQVSDWHQXWUH
EXLHRFXSDWFkQGFRWLHUDHVWHGHPRQWDW
1XUDEDWDLFRWLHUDGDFQXDIRVWIL[DW
vQSR]LLDFRUHFWvQFD]FRQWUDUPHFDQLV
7UDJHLGLVSR]LWLYXOGHHOLEHUDUHDvQVXVL PXODFHVWHLDVHSRDWHGHIHFWD
IL[DLOvQDFHDVWSR]LLH
7UDJHLFRWLHUDCvQDIDULvQDLQWH
6XSOLPHQWDUHDFDSDFLWLLSRUWEDJD
$SXFDLWHWLHUDGHSDUWHDODWHUDOCSHQ MXOXL
WUXFDOWIHOVHGHVIDFVXSRUWXULOHSHQWUX
SDKDUH ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
G 'LVSR]LWLYXOGHHOLEHUDUHDUPkQHGHV UDQD
FKLVGXSCGHPRQWDUHDFRWLHUHL 3HULFROGHUQLUH
1XDSVDLGLVSR]LWLYXOGHHOLEHUDUHGXS $VLJXUDLYFQXVHDIOQLPHQLvQUD]DGH
GHPRQWDUHDFRWLHUHLvQFD]FRQWUDUPHFD DFLXQHDVSWDUHORUvQWLPSFHOHUDEDWDL
QLVPXODFHVWHLDSRDWHILGHWHULRUDW
6SDLLOHGHGHSR]LWDUH
3HQWUXDSUHYHQLGHWHULRUDUHDVSWDUHORU $XWRYHKLFXOHFXXL
vQDLQWHGHUDEDWDUHDDFHVWRUDvQID
=WHWLHUHOHWUHEXLHFRERUkWHFRPSOHW
=VFDXQHOHGLQIDWUHEXLHGHSODVDWH
vQDLQWHFkWPDLPXOWSRVLELO
QFUFDUHGHSR]LWDUHLGRWUL
=SHUQHOHVFDXQHORUWUHEXLHSOLDWHvQID
VDXGHPRQWDWH
6SWDUHOHVFDXQHORUODWHUDOHGLQVSDWHSRWIL
UDEDWDWHvQDLQWHVHSDUDWSHQWUXDVXSOLPHQWD
FDSDFLWDWHDFRPSDUWLPHQWXOXLSHQWUXEDJDMH
5DEDWDUHDvQDLQWHDEDQFKHWHLGLQVSDWH 3OLDLSHUQDVFDXQXOXLGLQGUHDSWDVDXGLQ
VWkQJDDvQID
$XWRYHKLFXOHFXLXL
,QWURGXFHLFHQWXUDGHVLJXUDQvQRSUL
WRUC
$XWRYHKLFXOHFXXL 7UDJHLPDQHWDGHHOLEHUDUHDVSWDUXOXL
GLQVWkQJDVDXGLQGUHDSWD
6SWDUXOFRUHVSXQ]WRUHVWHFRERUkW
5DEDWDLVSWDUXOvQIDSkQFkQGDFHVWD
VHVSULMLQSHVXSRUWXODUWLFXODW
'HSODVDLVFDXQHOHGLQIDvQSR]LLDGRULW
5DEDWDUHDvQDSRLDEDQFKHWHLGLQVSDWH
7UDJHLPkQHUXOGHGHEORFDUHDSHUQHL
VFDXQXOXLC
3HUQDVFDXQXOXLHVWHGHEORFDW
3OLDLvQIDSHUQDVFDXQXOXLGLQGUHDSWD
VDXGLQVWkQJD
6SDLLOHGHGHSR]LWDUH
5DEDWDLVSWDUXOvQVSDWHSkQODIL[DUHD
DFHVWXLD
,QGLFDWRUXOGHYHULILFDUHDIL[ULLGHFXORDUH
URLHCQXPDLHVWHYL]LELO
QFUFDUHGHSR]LWDUHLGRWUL
$VLJXUDLYFQXEORFDLFHQWXUDGHVLJX
UDQODGHSOLHUHDVSWDUXOXLEDQFKHWHL
VSDWHQFD]FRQWUDUDFHDVWDVHSRDWH
GHWHULRUD
5DEDWDLSHUQDVFDXQXOXLvQVSDWH
'DFHVWHFD]XOUHJODLSR]LLDWHWLHUHORU
3DJLQD
3OLDLvQIDSHUQDVFDXQXOXLGLQGUHDSWD
VDXGLQVWkQJDDvQDLQWH
'HSODVDLVFDXQHOHGLQIDvQSR]LLDGRULW
'DFLQGLFDWRUXOGHYHULILFDUHDIL[ULLGH
FXORDUHURLHCHVWHYL]LELOvQVHDPQF
VSWDUXOQXHVWHIL[DWFRUHVSXQ]WRU
3HULFROGHUQLUH
$YHLJULMFDVSWDUXOVILHIL[DWFRUHFW,QGL
FDWRDUHOHGHYHULILFDUHDIL[ULLGHFXORDUH
URLHGHSHSDUWHDGUHDSWLVWkQJDUWUHEXL
VQXPDLILHYL]LELOHQFD]FRQWUDUVSWDUHOH
QXVXQWIL[DWHvQSR]LLDFRUHFW
3DVDJHULLDUSXWHDILUQLLvQHYHQWXDOLWDWHD
XQXLDFFLGHQWGHH[HPSOXGHFWUHRELHFWHOH $FLRQDLPkQHUXOGHHOLEHUDUHLULGLFDL
SURLHFWDWHvQIDGLQSRUWEDJDM SHUQDVFDXQXOXL
6FRDWHLSHUQDVFDXQXOXL
'HPRQWDUHDSHUQHORUVFDXQHORU
'DFGRULLVGHPRQWDLVSWDUXOSOLDL
,QWURGXFHLFHQWXUDGHVLJXUDQvQ EDODPDXDvQMRV
vQWLQ]WRUXOC 'DFGRULLGRDUVUDEDWDLVSWDUXOvQMRV
SR]LLRQDLEDODPDXDDVWIHOvQFkWV
SRDWHVHUYLGUHSWVXSRUWSHQWUXVSWDUFRQ
IRUPLPDJLQLLGHPDLVXV
6SDLLOHGHGHSR]LWDUH
G $XWRYHKLFXOHFXWUXV7,5(),7VDXURDW
GHUH]HUY0LQLVSDUH
3XWHLGHSR]LWDSHUQHOHVFDXQHORUVXE
SRGHDXDYDULDELODFRPSDUWLPHQWXOXLSHQ
WUXEDJDMH
QFUFDUHGHSR]LWDUHLGRWUL
$XWRYHKLFXOHFXURDWGHUH]HUYVLVWHP
GHGLIX]RDUHVDXVLVWHPDXGLR
1XSXWHLGHSR]LWDSHUQHOHVFDXQHORUVXE
SRGHDXDYDULDELODFRPSDUWLPHQWXOXLSHQ
WUXEDJDMH
6LPEROGHDYHUWL]DUHSHFRQHFWRUXOLQGLFDWRUXOXLGH
VWDUHDOFHQWXULLGHVLJXUDQGLQVSDWH
0RQWDUHDSHUQHORUVFDXQHORU
$SVDLFDWDUDPDFHQWXULLGHVLJXUDQC
'DFHVWHQHFHVDUUDEDWDLEDODPDXDvQ SHVXSUDIDDFDQHODWLVFRDWHLFDWDUDPD
VXV'RDUDVWIHOSHUQDSRDWHILGHSODVDWvQ FHQWXULLGHVLJXUDQCGLQVXSRUW
SR]LLDFRUHVSXQ]WRDUH
*OLVDLSHUQDVFDXQXOXLvQGLVSR]LWLYHOHGH G QFD]XOvQFDUHFRQWDFWXOHVWHSXVvQSDU
IL[DUH WHDVXSHULRDUDGLVSOD\XOXLPXOWLIXQFLRQDO
G 3HQWUXRSR]LLRQDUHPDLIDFLODSHUQHORU HVWHDILDWXQPHVDMFRUHVSXQ]WRUVFDX
UHVSHFWDLLQGLFDLLOHVJHLORUGHSHVSD QHORUGLQVSDWH'DFGHH[HPSOXDPEHOH
WHOHDFHVWRUD FHQWXULGHVLJXUDQDXIRVWGHVIFXWHHVWH
DILDWPHVDMXOv1RUHDUVHDWEHOW
5DEDWDLSHUQDVFDXQXOXLvQVSDWH HQJDJHG1XHVWHIL[DWQLFLRFHQ
WXUQVSDWH
'HPRQWDUHDVSWDUXOXL ,QWURGXFHLFRQHFWRUXOCvQVRFOXODFHV
5DEDWDLSHUQDVFDXQXOXLvQDLQWH WXLDDGLQSRGHDXDDXWRYHKLFXOXOXL
3DJLQD $FLRQDLFODSHWDvQVXVLIL[DLRvQ
DFHDVWSR]LLH
6SDLLOHGHGHSR]LWDUH
$FLRQDLFODSHWDGHHOLEHUDUHDVSWDUXOXL 5DEDWDLVSWDUXOvQVSDWHSkQODIL[DUHD
EDQFKHWHLGLQVWkQJDVDXGLQGUHDSWD DFHVWXLD
,QGLFDWRUXOGHYHULILFDUHDIL[ULLGHFXORDUH
6SWDUXOFRUHVSXQ]WRUDOEDQFKHWHL URLHDQXPDLHVWHYL]LELO
HVWHGHEORFDW $VLJXUDLYFPDQHWDVHDIOvQSR]LLH
QFUFDUHGHSR]LWDUHLGRWUL
5DEDWDLVSWDUXOvQIDWUHFkQGSULQ RUL]RQWDOSHSRGHDXDDXWRYHKLFXOXOXL
SR]LLDYHUWLFDOSkQFkQGIRUPHD]XQ 6FRDWHLFRQHFWRUXOGLQQLHOHGLQSRGHDXD
XQJKLGH DXWRYHKLFXOXOXL
LQHLVSWDUXOFXPkQDOLEHULULGLFDL 5HLQWURGXFHLFRQHFWRUXOvQPDQHWLDVL
OWUJkQGGHPDQHW JXUDLYFVDIL[DW
G 3HQWUXIDFLOLWDUHDRSHUDLHLH[LVWRQL G $VLJXUDLYFDLIL[DWFRQHFWRUXOFRUHFW
SHVSDWHOHVSWDUXOXLODGLQvQOLPHD vQPDQHWGHRDUHFHvQFD]FRQWUDUSDQRXO
DFHVWXLDFHHDFHXXUHD]PDQHYUDUHD GHLQVWUXPHQWHQXYYDPDLLQIRUPDGDF
FHQWXULOHGHVLJXUDQGLQVSDWHVXQWIL[DWH
6FRDWHLVSWDUXOGLQDXWRYHKLFXOSULQ
SRUWLHUDGLQVSDWH 0RQWDLSHUQHOHVFDXQHORUFRQIRUPFHULQ
HORU
5DEDWDLSHUQDVFDXQXOXLvQVSDWH
0RQWDUHDVSWDUXOXL
'DFHVWHFD]XOUHJODLSR]LLDWHWLHUHORU
3DJLQD
'DFLQGLFDWRUXOGHYHULILFDUHDIL[ULLGH
FXORDUHURLHDHVWHYL]LELOvQVHDPQF
VSWDUXOQXHVWHIL[DWFRUHVSXQ]WRU
3HULFROGHUQLUH
$YHLJULMFDVSWDUXOVILHIL[DWFRUHFW,QGL
FDWRDUHOHGHYHULILFDUHDIL[ULLGHFXORDUH
URLHGHSHSDUWHDGUHDSWLVWkQJDUWUHEXL
VQXPDLILHYL]LELOHQFD]FRQWUDUVSWDUHOH
QXVXQWIL[DWHvQSR]LLDFRUHFW
$PSODVDLVSWDUXOvQFHSkQGGHODSLFLRD
UHOHVFDXQXOXLGLQIDvQXUXEXULOHGHEOR 3DVDJHULLDUSXWHDILUQLLvQHYHQWXDOLWDWHD
FDUHGLQQLHC XQXLDFFLGHQWGHH[HPSOXGHFWUHRELHFWHOH
SURLHFWDWHvQIDGLQSRUWEDJDM
3OLDLSHUQDVFDXQXOXLvQVSDWH
)L[DUHDvQFUFWXULL
,QHOHGHDQFRUDUH
$9(57,=$5(
QFUFDLXQLIRUPLQHOHOHGHSULQGHUH
6SDLLOHGHGHSR]LWDUH
QFD]FRQWUDUGYVVDXDOWHSHUVRDQHSXWHLIL )L[DUHDvQFUFWXULLFkQGVFDXQHOHDXIRVW
UQLLGHvQFUFWXUDFDUHVHGHSODVHD] GHPRQWDWH
QHFRQWURODWvQFD]XULOHvQFDUH
=IUkQDLEUXVF
QFUFDUHGHSR]LWDUHLGRWUL
=VFKLPEDLUDSLGGLUHFLD
=VXQWHLLPSOLFDWvQWUXQDFFLGHQW
QOHJWXUFXDFHDVWDDYHLvQYHGHUHLQVWUXF
LXQLOHGHvQFUFDUH
%DQFKHWDGLQVSDWHHVWHGHPRQWDW
5HVSHFWDLXUPWRDUHOHLQVWUXFLXQLODIL[DUHD
vQFUFWXULL
7UHFHLFXUHOHOHGHIL[DUHvQFUXFLDWSHVWH
vQFUFWXUFRQIRUPLQGLFDLHLGLQILJXU
=IL[DLvQFUFWXUDFXDMXWRUXOLQHOHORUGH
)L[DLvQFUFWXUDFXDMXWRUXOLQHOHORUGH
DQFRUDUH
DQFRUDUHVDXDOLQHOHORUGHPRQWDUHDOH
=QXXWLOL]DLEHQ]LVDXSODVHHODVWLFHSHQWUX
VFDXQHORU
IL[DUHDvQFUFWXULLGHRDUHFHDFHVWHDVXQW
FRQFHSXWHH[FOXVLYSHQWUXSURWHFLDvPSR 3HULFROGHUQLUH
WULYDDOXQHFULLRELHFWHORUXRDUH $H]DLvQFUFWXUDDVWIHOvQFkWDFHDVWDVQX
=QXWUHFHLFXUHOHOHGHIL[DUHSHVWHPXFKLL DIHFWH]HPDQHYUDELOLWDWHDDXWRYHKLFXOXOXL
DVFXLWHVDXFROXUL (YLWDLUHVWUkQJHUHDFkPSXOXLYL]XDODORIH
=FSWXLLPXFKLLOHDVFXLWHSHQWUXDOHSUR UXOXLQFD]XOvQFDUHVFDXQXOSDVDJHUXOXLGLQ
WHMD IDHVWHGHPRQWDWvQFUFWXUDQXWUHEXLHV
GHSHDVFPDUJLQHDVXSHULRDUDFDSLWRQD
)L[DUHDvQFUFWXULORUvQFRPSDUWLPHQWXO MXOXLSRUWLHUHL
SHQWUXEDJDMH
&SWXLLPXFKLLOHDVFXLWHSHQWUXDOHSUR
WHMD$VWIHOYHLUHGXFHULVFXOVIkLHULLLYHL
SUHYHQLX]DUHDHOHPHQWHORUGHIL[DUH
5HVSHFWDLLQVWUXFLXQLOHGHPDLMRV
=vQFUFWXUDQXWUHEXLHVGHSHDVFPDU
JLQHDVXSHULRDUDFDSLWRQDMXOXLSRUWLHUHL
=vQFUFWXULOHOXQJLWUHEXLHDPSODVDWHGRDU
MRVvQSDUWHDDQWHULRDUDVSDLXOXLGHVWLQDW
SLFLRDUHORUSDVDJHUXOXLGLQID
(OHPHQWHOHGHIL[DUHQXWUHEXLHDWDDWHGH
)L[DLvQFUFWXUDFXDMXWRUXOLQHOHORUGH LQHOXOGHPRQWDUHGLQSDUWHDGLQID
DQFRUDUHCVDXFXDMXWRUXOLQHOHORUGH GUHDSWDQFD]FRQWUDUFRPXWDWRUXOFRUHV
PRQWDUHDOHVFDXQHORUGDFDFHVWHDDX SXQ]WRUVFDXQXOXLSDVDJHUXOXLGLQID
IRVWGHPRQWDWH SRDWHILGHWHULRUDW
$VLJXUDUHDXQHLvQFUFWXULXRDUHFXDMX
WRUXOXQHLSODVHGHIL[DUH
$H]DLSODVDGHIL[DUHSHVWHvQFUFWXU
3ULQGHLFkUOLJHOHSODVHLGHIL[DUHvQLQHOHOH
GHDQFRUDUH
6SDLLOHGHGHSR]LWDUH
&kUOLJSHQWUXJHQL FRPSDUWLPHQWXOXLSHQWUXEDJDMHHVWHIL[DW
ELQH'DFEDJDMHOHQXVXQWIL[DWHFRUHV
3HULFROGHUQLUH SXQ]WRUDFHVWHDSRWILDUXQFDWHSHVWHVSWDU
8WLOL]DLFkUOLJHOHSHQWUXJHQLQXPDLSHQWUX vQKDELWDFOXGHH[HPSOXvQFD]XOIUkQULL
DQFRUDUHDRELHFWHORUXRDUH1XOHXWLOL]DL SXWHUQLFHDVFKLPEWRULORUEUXWHGHGLUHFLH
QFUFDUHGHSR]LWDUHLGRWUL
SHQWUXWUDQVSRUWDUHDRELHFWHORUJUHOHFX VDXvQFD]GHDFFLGHQW(VWHSRVLELOSURGX
PXFKLLDVFXLWHVDXFDVDQWH/DIUkQDUHD FHUHDXQXLDFFLGHQWFXFRQVHFLQHDVXSUD
EUXVFVFKLPEDUHDVXELWDGLUHFLHLVDXvQ GXPQHDYRDVWUVDXDDOWRUSHUVRDQH
FD]XOSURGXFHULLXQXLDFFLGHQWFkUOLJHOHSHQ
WUXJHQLQXYRUDVLJXUDvQGHDMXQVRELHFWHOH /DvQFUFDUHDDXWRYHKLFXOXOXLDVLJXUDL
$FHVWOXFUXSRDWHSURYRFDUQLUHDGXPQHD YFvQFUFWXUDGLQSRUWEDJDMQX
YRDVWUVDXDDOWRUSHUVRDQH GHSHWHPDUJLQHDLQIHULRDUDJHDPXUL
ORUODWHUDOH1XDPSODVDLRELHFWHJUHOHSH
&kUOLJXOSRDWHVXSRUWDRJUHXWDWHPD[LP MDOX]HDXDFRPSDUWLPHQWXOXLSHQWUXEDJDMH
GHNJ1XvOXWLOL]DLSHQWUXDIL[DR
vQFUFWXU -DOX]HDXDFRPSDUWLPHQWXOXLSHQWUXEDJDMHVH
JVHWHvQVSDWHOHVSWDUXOXLEDQFKHWHLGLQ
([LVWXQFkUOLJSHQWUXJHQLvQSDUWHDVWkQJ VSDWH
DSRUWEDJDMXOXL
([WLQGHUHDLUHWUDFWDUHDMDOX]HOHLSHQ
WUXSRUWEDJDM
3HQWUXGHVFKLGHUHDSVDLFkUOLJXOSHQ
WUXJHQLCvQGLUHFLDLQGLFDWGHVJHDW
&kUOLJXOSHQWUXJHQLCVHGHSODVHD]vQ 3HQWUXH[WLQGHUHWUDJHLMDOX]HDXDFRP
DIDU SDUWLPHQWXOXLSHQWUXEDJDMHCvQVSDWHL
3HQWUXvQFKLGHUHDSVDLFkUOLJXOSHQWUX
SULQGHLRvQGLVSR]LWLYHOHGHIL[DUHGLQ
JHQLCSkQFkQGVHIL[HD] GUHDSWDLVWkQJD
3HQWUXUHWUDFWDUHGHVSULQGHLMDOX]HDXD
FRPSDUWLPHQWXOXLSHQWUXEDJDMHCGLQGLV
-DOX]HDSHQWUXSRUWEDJDM
SR]LWLYHOHGHIL[DUHGLQVWkQJDLGLQGUHDSWD
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX LJKLGDLRvQDLQWHFXDMXWRUXOPkQHUXOXL
UDQD SkQFkQGHVWHUHWUDFWDWFRPSOHW
3HULFROGHDFFLGHQWLUQLUH G 3XWHLSOLDDFHDVHFLXQHDMDOX]HOHLFRP
-DOX]HDXDFRPSDUWLPHQWXOXLSHQWUXEDJDMHQX SDUWLPHQWXOXLSHQWUXEDJDMHFDUHUPkQH
HVWHXQVLVWHPGHUHWHQLHQFUFWXUDGLQ YL]LELO
FRPSDUWLPHQWXOSHQWUXEDJDMHWUHEXLHIL[DW
FRUHVSXQ]WRU$VLJXUDLYFMDOX]HDXD
6SDLLOHGHGHSR]LWDUH
&RPSDUWLPHQWXOGHGHSR]LWDUHGHVXE
QFUFDUHGHSR]LWDUHLGRWUL
SRGHDXDSRUWEDJDMXOXL
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
UDQD
3HULFROGHUQLUH
QFKLGHLvQWRWGHDXQDSRGHDXDSRUWEDJDMXOXL
FkQGWUDQVSRUWDLRELHFWHvQFRPSDUWLPHQWXO
GHGHSR]LWDUHGHVXEDFHDVWD
3HQWUXVFRDWHUHDVLJXUDLYFMDOX]HDXD QFD]FRQWUDUSDVDJHULLDXWRYHKLFXOXOXLSRWIL
FRPSDUWLPHQWXOXLSHQWUXEDJDMHCHVWH UQLLGHRELHFWHOHSURLHFWDWHvQKDELWDFOXvQ
UXODW FD]XOXQHLIUkQULDOXQHLVFKLPEULEUXWHGH
$SVDLPkQHUXODGLQSDUWHDGUHDSWLQIH GLUHFLHVDXvQFD]GHDFFLGHQW
ULRDUVSUHVWkQJD
6FRDWHLMDOX]HDXDFRPSDUWLPHQWXOXLSHQ
&DSDFLWDWHDPD[LPDFRPSDUWLPHQWXOXL
GHGHSR]LWDUHDIODWVXESRGHDXDSRUWEDJD
WUXEDJDMHC
MXOXLHVWHGHNJ
3HQWUXIL[DUHSULQGHLMDOX]HDXDFRPSDU
WLPHQWXOXLSHQWUXEDJDMHCvQQLDGLQSDU 'HPRQWDUHDPRQWDUHDSRGHOHLSRUWED
WHDVWkQJ JDMXOXLPRGHOHFXXLIUSRGHD
$SVDLPkQHUXODVSUHGUHDSWD YDULDELODSRUWEDJDMXOXL
3HUPLWHLMDOX]HOHLFRPSDUWLPHQWXOXLSHQ 3XWHLGHPRQWDSRGHDXDSRUWEDJDMXOXLSHQWUX
WUXEDJDMHCVVHIL[H]HvQQLDFRUHV DIDFLOLWDvQFUFDUHDLGHVFUFDUHDFRPSDU
SXQ]WRDUH WLPHQWXOXLGHGHSR]LWDUH
3HQWUXGHPRQWDUHULGLFDLSRGHDXDSRUW
EDJDMXOXLSkQIRUPHD]XQXQJKLGHDSUR
6LVWHPXO($6<9$5,2 [LPDWLY
/DPRGHOHOHFXWUHLXLIXQFLLOH3RGHDXD 6FRDWHLSRGHDXDSRUWEDJDMXOXL
YDULDELODSRUWEDJDMXOXL3DJLQD 3HQWUXPRQWDUHLQWURGXFHLSRGHDXD
L'HPRQWDUHDSHUQHLEDQFKHWHL SRUWEDJDMXOXLvQLQDGHJKLGDMODXQXQJKL
3DJLQDVXQWFRPELQDWHvQFDGUXOVLV GHDSUR[LPDWLY
WHPXOXL($6<9$5,2 &RERUkLSRGHDXDSRUWEDJDMXOXL
6LVWHPXO($6<9$5,23/86
/DPRGHOHOHFXFLQFLXLIXQFLLOH'HPRQWD
UHDSHUQHLEDQFKHWHL
3DJLQD'HPRQWDUHDVSWDUXOXL
3DJLQD'HPRQWDUHDVFDXQXOXLSDVD
JHUXOXLGLQID3DJLQDL5DEDWDUHD
VSWDUXOXLVFDXQXOXLSDVDJHUXOXLGLQID
6SDLLOHGHGHSR]LWDUH
'HVFKLGHUHDvQFKLGHUHDSRGHOHLSRUW IL[DUHDVLJXUIRUPDUHDXQHLVXSUDIHHGH
EDJDMXOXLPRGHOHFXSRGHDYDULDELOD GHSR]LWDUHSODQHDWXQFLFkQGEDQFKHWDGLQ
SRUWEDJDMXOXL VSDWHHVWHUDEDWDWvQDLQWH
QFUFDUHGHSR]LWDUHLGRWUL
3HQWUXGHVFKLGHUHWUDJHLPkQHUXOC 3HQWUXULGLFDUHULGLFDLSRGHDXDSRUWED
SkQDMXQJHvQSR]LLHYHUWLFDOLDSRLULGL JDMXOXLDFXDMXWRUXOPkQHUXOXLCvQVHQ
FDLSRGHDXDSRUWEDJDMXOXLD VXOLQGLFDWGHVJHDWLWUDJHLRIHUP
vQVXV
&RERUkLSRGHDXDSRUWEDJDMXOXLDODORF
3HQWUXDFHDVWDGHSODVDLSRGHDXDSRUWED
JDMXOXLvQDIDUDVWIHOvQFkWDFHDVWDVVH
IL[H]HvQJKLGDMXOGHODQLYHOXOVXSHULRU
3RGHDXDSRUWEDJDMXOXLDVHIL[HD]vQ
SR]LLDVXSHULRDU
3HQWUXFRERUkUHULGLFDLXRUSRGHDXD
SRUWEDJDMXOXLDFXDMXWRUXOPkQHUXOXLC
LWUDJHLRSXLQFWUHGXPQHDYRDVWU
&RERUkLXRUSRGHDXDSRUWEDJDMXOXLDOD
$SVDLFkUOLJXOSHQWUXJHDQW
ORFQDFHODLWLPSDSVDLSRGHDXDSRUW
3DJLQD
EDJDMXOXLSHQWUXDDMXQJHODQLYHOXOLQIHULRU
&kUOLJXOSHQWUXJHDQWVHGHSODVHD]vQ
3RGHDXDSRUWEDJDMXOXLDVHIL[HD]vQ
H[WHULRU
SR]LLDLQIHULRDU
3R]LLRQDLSRGHDXDSRUWEDJDMXOXLDSHVWH
FkUOLJXOSHQWUXJHDQW
3HQWUXvQFKLGHUHDSVDLFkUOLJXOSHQWUX 6LVWHPHOHGHWUDQVSRUWSHSODIRQ
JHDQWSkQVHIL[HD]
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
&RERUkLSRGHDXDSRUWEDJDMXOX UDQD
5HJODUHDvQOLPLLSRGHOHLSRUWEDJDMXOXL 3HULFROGHDFFLGHQWDUHLUQLUH
'DFVXQWIL[DWHLQFRUHFWSRUWEDJDMXOGHDFR
&DSDFLWDWHDFRPSDUWLPHQWXOXLGHGHSR]LWDUH SHULVXSRUWXOSHQWUXVFKLXULVDXvQFUFWXUD
GHVXESRGHDXDSRUWEDJDMXOXLSRDWHILPULW DFHVWRUDVHSRWGHVSULQGHGHSHDFRSHUL
VDXUHGXVvQIXQFLHGHQHFHVLWLQDFHVW $FHVWRELHFWHSRWILSURLHFWDWHGXFkQGOD
VFRSSRGHDXDSRDWHILIL[DWODGRXQLYHOXUL UQLUHDGXPQHDYRDVWUVDXDDOWRUSHUVRDQH
GHvQOLPHGLIHULWH'LVSR]LWLYXOVXSHULRUGH VDXFDX]kQGXQDFFLGHQW5HVSHFWDLLQVWUXF
'RWUL
LXQLOHGHLQVWDODUHDOHSURGXFWRUXOXLL 3OLDLFDSDFHOHCvQVXV
LQVWUXFLXQLOHVSHFLDOHGHXWLOL]DUH )L[DLSRUWEDJDMXOGHDFRSHULGRDUGH
6DUFLQDGHSHDFRSHULGHWHUPLQULGLFDUHD SXQFWHOHGHDQFRUDUHGHVXEFDSDFHOHC
FHQWUXOXLGHJUHXWDWHDODXWRYHKLFXOXOXLFX 5HVSHFWDLLQVWUXFLXQLOHGHLQVWDODUHDOH
FRQVHFLQHGLUHFWHDVXSUDPDQHYUDELOLWLL
QFUFDUHGHSR]LWDUHLGRWUL
SURGXFWRUXOXL
7UHEXLHVUHVSHFWDLVDUFLQDPD[LPSHDFR
SHULGHNJ$GDSWDLYSHUPDQHQWVWLOXO
GHFRQGXFHUHODFRQGLLLOHGHGUXPWUDILFL 'RWUL
GHYUHPHLFRQGXFHLFXPDLPXOWSUXGHQ
DWXQFLFkQGWUDQVSRUWDLvQFUFWXULSHDFR 6XSRUWSHQWUXSDKDUH
SHUL
QDLQWHGHXWLOL]DUH
3HULFROGHUQLUH 3HULFROGHUQLUH
8WLOL]DLSRUWEDJDMHGHDFRSHULGRDUDWXQFL 0HQLQHLVXSRUWXOSHQWUXSDKDUvQFKLVDWXQFL
FkQGDFRSHULXOHVWHULGLFDW3RUWEDJDMXOL FkQGDXWRYHKLFXOXOVHDIOvQPLFDUHQFD]
vQFUFWXUDDFHVWXLDSRWSXQHvQSHULFROVLJX FRQWUDUGXPQHDYRDVWUVDXDOLSDVDJHULDL
UDQDSDVDJHULORUGDFDFRSHULXOHVWHFRER DXWRYHKLFXOXOXLSXWHLILDFFLGHQWDLGHRELHF
UkW WHOHSURLHFWDWHvQKDELWDFOXvQFD]XOvQFDUH
=IUkQDLSXWHUQLF
0HUFHGHV%HQ]UHFRPDQGXWLOL]DUHD
H[FOXVLYDSRUWEDJDMHORUGHDFRSHULWHV =VFKLPEDLEUXVFGLUHFLD
WDWHLDSUREDWHSHQWUXDXWRYHKLFXOHOH0HU =VXQWHLLPSOLFDWvQWUXQDFFLGHQW
FHGHV%HQ]$VWIHOSUHYHQLLGHWHULRUDUHD 8WLOL]DLVXSRUWXULOHSHQWUXSDKDUHQXPDLSHQ
DXWRYHKLFXOXOXL WUXUHFLSLHQWHGHGLPHQVLXQLSRWULYLWHL
'HSR]LWDLVDUFLQDSHSRUWEDJDMXOGHDFR SUHY]XWHFXFDSDFQFD]FRQWUDUFRQLQXWXO
SHULDVWIHOvQFkWDXWRYHKLFXOXOVQXILH DFHVWRUDVDUSXWHDYUVD
GHWHULRUDWFKLDUGDFVHDIOvQPLFDUH 6XSRUWXULOHSHQWUXSDKDUHQXWUHEXLHXWLOL]DWH
$VLJXUDLYFvQIXQFLHGHGRWULOHDXWR SHQWUXUHFLSLHQWHFDUHFRQLQOLFKLGHILHUELQL
YHKLFXOXOXLVXQWSRVLELOH QFD]FRQWUDUSXWHLVXIHULDUVXUL
=ULGLFDUHDFRPSOHWDWUDSHLSDQRUDPLFH
ODPHODUHJOLVDQWH 6XSRUWSHQWUXSDKDUvQFRQVRODFHQWUDO
=GHVFKLGHUHDFRPSOHWDKD\RQXOXL
0RQWDUHDVLVWHPHORUGHWUDQVSRUWSH
SODIRQ
C 6XSRUWXULSHQWUXSDKDUH
'RWUL
6XSRUWXOSHQWUXSDKDUHLQWHJUDWvQ
FRWLHUDVFDXQHORUGLQVSDWH
1XYDH]DLLQXYVSULMLQLLSHFRWLHUD
GHSOLDWSHQWUXDHYLWDGHWHULRUDUHDDFHV
QFUFDUHGHSR]LWDUHLGRWUL
WHLD
3OLDLFRWLHUDQXPDLDWXQFLFkQGVXSRUWXO
SHQWUXSDKDUHHVWHvQFKLVQFD]FRQWUDU
HVWHSRVLELOGHWHULRUDUHDVXSRUWXOXLSHQ
WUXSDKDUH
C /DPSDRJOLQ]LL
D 6XSRUW
&OHPGHIL[DUHGHH[HPSOXSHQWUXWLFKH
WHOHGHSDUFDUH
2JOLQGLQWHJUDWvQSDUDVRODU
&DSDFXORJOLQ]LL
2JOLQGDGHFXUWRD]LHGLQSDUDVRODU
/DPSDGHLOXPLQDUHDRJOLQ]LLCIXQFLRQHD]
5DEDWDLvQMRVFRWLHUDEDQFKHWHLGLQVSDWH QXPDLGDFSDUDVRODUXOHVWHIL[DWvQRSULWR
3HQWUXGHVFKLGHUHDSVDLSDUWHDIURQ UXODLFDSDFXORJOLQ]LLDIRVWUDEDWDWvQ
WDODVXSRUWXOXLSHQWUXSDKDUH VXV
6XSRUWXOSHQWUXSDKDUHVHH[WLQGHDXWR
PDW /XPLQDVRODUGLQODWHUDO
'HSOLDLSDUDVRODUXO
'HWDDLSDUDVRODUXOGLQVXSRUWXOD
3DUDVRODUH
5DEDWDLSDUDVRODUXOvQODWHUDO
3HULFROGHDFFLGHQW
$FRSHULLRJOLQ]LOHGLQSDUDVRODUHvQWLPSXO
FRQGXFHULLDXWRYHKLFXOXOXLQFD]FRQWUDU 6FUXPLHU
OXPLQDUHIOHFWDWYSRDWHRUELREVWUXFLR
QkQGXYYL]LELOLWDWHDDVXSUDFRQGLLLORUGH 6FUXPLHUDGLQSRVWXOGHFRQGXFHUH
WUDILFLFDXUPDUHSXWHLSURYRFDXQDFFLGHQW
'RWUL
3HQWUXGHVFKLGHUHJOLVDLFDSDFXOC
vQDLQWHSkQODIL[DUH
3HQWUXVFRDWHUHDVFUXPLHUHLULGLFDL
VFUXPLHUDDvQVXVLVFRDWHLR
QFUFDUHGHSR]LWDUHLGRWUL
3HQWUXDPRQWDODORFVFUXPLHUDDSVDL
SHVFUXPLHUDvQVXSRUWSkQVHIL[HD]
6FUXPLHUDGLQ]RQDGLQVSDWHDKDELWD
FOXOXL
&RQVRODFHQWUDOID
5RWLLFKHLDvQFRQWDFWvQSR]LLD
*OLVDLFDSDFXOCvQDLQWHSkQVHIL[HD]
$SVDLEULFKHWDvQLQWHULRUD
%ULFKHWDDHVWHSURLHFWDWDXWRPDWvQ
H[WHULRUFkQGHOHPHQWXOGHvQFO]LUHHVWH
vQFLQVODURX
3UL]HGH9
3HQWUXGHVFKLGHUHWUDJHLVFUXPLHUDGH
PDUJLQHDVXSHULRDUCSHQWUXDRVFRDWH QDLQWHGHXWLOL]DUH
3HQWUXVFRDWHUHDVFUXPLHUHLWUDJHL
QFD]XOvQFDUHXWLOL]DLWRDWHSUL]HOHDXWR
VFUXPLHUDvQDIDUGLQFRORGHRSULWRU YHKLFXOXOXLDVLJXUDLYFQXFRQVXPDL
3HQWUXDPRQWDODORFVFUXPLHUDLQWUR PDLPXOWGH$QFD]FRQWUDUVLJXUDQD
GXFHLODORFVFUXPLHUDGHVXV YDILVXSUDVROLFLWDW
$SVDLVFUXPLHUDvQVXSRUWSkQVH
3UL]HOHSRWILXWLOL]DWHSHQWUXDOLPHQWDUHD
IL[HD] DFFHVRULLORUFXXQFRQVXPPD[LPGH:
GHH[HPSOXOPSLVDXvQFUFWRDUHSHQWUX
WHOHIRDQHPRELOH
%ULFKHW 'DFXWLOL]DLSUL]DSHULRDGHOXQJLGHWLPSFX
3HULFROGHUQLUHLLQFHQGLX PRWRUXORSULWHVWHSRVLELOFDEDWHULDVVH
GHVFDUFH
3HQWUXPDQLSXODUHDEULFKHWHLILHUELQLXWLOL]DL
QXPDLPkQHUXODFHVWHLDQFD]FRQWUDUSXWHL
VXIHULDUVXUL 3UL]DGLQSRVWXOGHFRQGXFHUH
/XDLPVXULSHQWUXHOLPLQDUHDSHULFROXOXLGH 1XFRQHFWDLFRPSUHVRUXOHOHFWULFOD
DFFLGHQWDUHDFRSLLORUFHFOWRUHVFvQDXWR DFHDVWSUL]
YHKLFXOSULQDWLQJHUHDEULFKHWHLILHUELQLVDX QFD]XODXWRYHKLFXOHORUFXSDFKHWSHQWUX
GHSURYRFDUHDXQXLLQFHQGLXSULQPDQLSXOD QHIXPWRULRSUL]HVWHDPSODVDWSHFRQ
UHDDFHVWHLD VRODFHQWUDO
'RWUL
SURGXFHULLXQXLDFFLGHQWFXXUPULSHQWUX
GXPQHDYRDVWULSHQWUXDOWHSHUVRDQH
$SDUDWHOHGHHPLVLHUHFHSLHVDXID[XWLOL]DWH
IUDQWHQHH[WHULRDUHFXFRHILFLHQWGHUHIOH
[LHUHGXVSRWEUXLDHFKLSDPHQWHOHHOHFWURQLFH
QFUFDUHGHSR]LWDUHLGRWUL
DOHDXWRYHKLFXOXOXLLSRWDIHFWDQHJDWLYVLJX
UDQDIXQFLRQDODDXWRYHKLFXOXOXLSUHFXPL
VLJXUDQDSHUVRQDO'LQDFHVWPRWLYXWLOL]DL
DFHVWHHFKLSDPHQWHQXPDLGDFVXQWFRUHFW
FRQHFWDWHODRDQWHQH[WHULRDUVHSDUDWFX
XQFRHILFLHQWGHUHIOH[LHUHGXV
5LGLFDLFDSDFXOSUL]HLC
3HULFROGHUQLUH
3UL]DGLQFRPSDUWLPHQWXOSHQWUXEDJDMH 5DGLDLLOHHOHFWURPDJQHWLFHH[FHVLYHSRW
3UL]DVHDIOvQFRPSDUWLPHQWXOGHGHSR]LWDUH GXQDVQWLL/DXWLOL]DUHDXQHLDQWHQH
GLQSDUWHDVWkQJDFRPSDUWLPHQWXOXLSHQWUX H[WHULRDUHYUHFRPDQGPVOXDLvQFDOFXO
EDJDMH GH]EDWHULOHWLLQLILFHSULYLQGHIHFWXOQRFLYDO
FkPSXULORUHOHFWURPDJQHWLFHDVXSUD
VQWLL
3HQWUXRUHFHSLHGHFDOLWDWHRSWLPODXWLOL
]DUHDWHOHIRDQHORUPRELOHvQDXWRYHKLFXOL
SHQWUXDUHGXFHLQWHUIHUHQHOHGLQWUHDFHVWHD
LHFKLSDPHQWHOHHOHFWURQLFHDOHDXWRYHKLFX
OXOXL0HUFHGHV%HQ]YUHFRPDQGXWLOL]DUHD
DQWHQHLH[WHULRDUH2DQWHQH[WHULRDUGLUL
MHD]FWUHH[WHULRUXOYHKLFXOXOXLFkPSXULOH
HOHFWURPDJQHWLFHHPLVHGHXQHFKLSDPHQW
IUILULQWHQVLWDWHDFkPSXOXLPDJQHWLFvQ
'HVFKLGHLFRPSDUWLPHQWXOGHGHSR]LWDUH LQWHULRUXOYHKLFXOXOXLHVWHLQIHULRDUFHOHL
3DJLQD GLQWUXQDXWRWXULVPFDUHQXHVWHSUHY]XWFX
5LGLFDLFDSDFXOSUL]HLC DQWHQH[WHULRDU
G ([LVWGLYHUVHVXSRUWXULGHWHOHIRDQH
PRELOHFDUHSRWILLQVWDODWHODERUGXODXWR
7HOHIRQPRELO YHKLFXOXOXLQXQHOHFD]XULDFHVWHDGLIHU
3HULFROGHDFFLGHQW vQIXQFLHGHDU$FHVWHVXSRUWXULGHWHOH
IRQVXQWGLVSRQLELOHODDWHOLHUHOHDXWRUL]DWH
5HVSHFWDLQRUPHOHOHJDOHvQYLJRDUHvQDUDvQ
GHVSHFLDOLWDWHGHH[HPSOXODRULFDUHFHQ
FDUHYDIODLFHVHUHIHUODXWLOL]DUHDHFKLSD
WUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
PHQWHORUPRELOHSHQWUXFRPXQLFDLLvQDXWR
GHV%HQ]
YHKLFXO
)XQFLLOHLVHUYLFLLOHGLVSRQLELOHDWXQFL
QFD]XOvQFDUHXWLOL]DUHDHFKLSDPHQWHORU
FkQGXWLOL]DLWHOHIRQXOPRELOGHSLQGGH
PRELOHGHFRPXQLFDLLvQWLPSXOGHSODVULL
PRGHOXOGHWHOHIRQLRSHUDWRUXOGHUHHD
DXWRYHKLFXOXOXLHVWHSHUPLVGHOHJHDFHVWHD
WUHEXLHXWLOL]DWHQXPDLFkQGFRQGLLLOHGHWUD
ILFRSHUPLWQFD]FRQWUDUH[LVWSHULFROXO
GLVWUDJHULLDWHQLHLGHODFRQGLLLOHGHWUDILFL
'RWUL
,QWURGXFHUHDWHOHIRQXOXLPRELO
'HVFKLGHLFRPSDUWLPHQWXOWHOHIRQXOXL
3DJLQD
$H]DLVXSRUWXOWHOHIRQXOXLPRELOvQSUHLQ
QFUFDUHGHSR]LWDUHLGRWUL
VWDODUHFRQVXOWDLLQVWUXFLXQLOHGHLQVWD
ODUHVHSDUDWHDOHVXSRUWXOXLWHOHIRQXOXL
PRELO
,QWURGXFHLWHOHIRQXOPRELOvQVXSRUWXODIH
UHQWFRQVXOWDLLQVWUXFLXQLOHGHLQVWDODUH
VHSDUDWHDOHVXSRUWXOXLWHOHIRQXOXLPRELO
'DFLQWURGXFHLWHOHIRQXOPRELOvQVXSRUW *OLVDLvQDSRLVFDXQHOH
SXWHLYRUELFXSHUVRDQDDSHODWSULQLQWHU 3HQWUXIL[DUHDH]DLFRYRUDXOvQSR]LLD
PHGLXOVLVWHPXOXLKDQGVIUHH FRUHVSXQ]WRDUH
3XWHLFRQWURODWHOHIRQXOFXDMXWRUXOEXWRDQH $SVDLFDSVHOHCSHRSULWRDUHD
ORUjLGHSHYRODQXOPXOWLIXQFLR
3HQWUXVFRDWHUHWUDJHLFRYRUDHOHGLQ
QDO3XWHLXWLOL]DDOWHIXQFLLDOHWHOHIRQXOXL
RSULWRDUHD
PRELOSULQLQWHUPHGLXOFRPSXWHUXOXLGHERUG
3DJLQD 6FRDWHLFRYRUDXO
&kQGVFRDWHLFKHLDGLQFRQWDFWWHOHIRQXO
PRELOUPkQHDFWLYGDUQXPDLSXWHLXWLOL]D
VLVWHPXOKDQGVIUHH )ROLLDQWLUHIOHFWRUL]DQWH
'DFHIHFWXDLXQDSHOLGRULLVVFRDWHL 0RQWDUHDXOWHULRDUDIROLLORUDQWLUHIOHFWRUL
FKHLDGLQFRQWDFWWUHEXLHPDLvQWkLVVFRDWHL ]DQWHSHLQWHULRUXOJHDPXULORUSRDWHDIHFWD
WHOHIRQXOPRELOGLQVXSRUWQFD]FRQWUDU UHFHSLDUDGLRVDXDWHOHIRQXOXLPRELO$FHVW
FRQYRUELUHDYDILvQWUHUXSW OXFUXHVWHYDODELOvQVSHFLDOSHQWUXIROLLGLQWU
XQPDWHULDOFRQGXFWRUVDXPHWDOLF3XWHL
RELQHLQIRUPDLLVXSOLPHQWDUHGHVSUHIROLL
&RYRUDSHSDUWHDRIHUXOXL DQWLUHIOHFWRUL]DQWHGHODRULFDUH&HQWUXDXWR
UL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
3HULFROGHDFFLGHQWDUH
'DFDXIRVWDH]DWHFRYRUDHDVLJXUDLYF
H[LVWVSDLXGHPDQHYUVXILFLHQWvQMXUXO
SHGDOHORULDUFRYRUDHOHDXIRVWIL[DWHFRUHV
SXQ]WRU
$FHVWHDWUHEXLHvQWRWGHDXQDIL[DWHSULQLQWHU
PHGLXOFDSVHORULRSULWRDUHORU
QDLQWHGHDSRUQLvQFOWRULHYHULILFDLVWDEL
OLWDWHDFRYRUDHORULIL[DLOHGDFHVWHQHFH
VDU&RYRUDHOHIL[DWHQHFRUHVSXQ]WRUSRW
DOXQHFDLSRWVWkQMHQLFXUVDSHGDOHORU
1XVXSUDSXQHLPDLPXOWHFRYRUDH
'RWDUHDDXWRYHKLFXOXOXL
&RPSDUWLPHQWXOPRWRUXOXL
6HUYLFH
QWUHLQHUHDDXWRYHKLFXOXOXL
QWUHLQHUHLvQJULMLUH
&RPSDUWLPHQWXOPRWRUXOXL
'RWDUHDDXWRYHKLFXOXOXL $XWRYHKLFXOHFXPRWRUSHEHQ]LQ6LVWH
PXOHOHFWURQLFGHDSULQGHUHIXQFLRQHD]OD
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL vQDOWWHQVLXQH'LQDFHVWPRWLYQXDWLQJHL
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH QLFLRGDWFRPSRQHQWHOHVLVWHPXOXLGHDSULQ
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU GHUHERELQHOHGHLQGXFLHFDEOXULOHILHOH
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L EXMLLORUSUL]DGHYHULILFDUHGDF
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH =PRWRUXOHVWHvQIXQFLXQH
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL =DUHORFSRUQLUHDPRWRUXOXL
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO
=FRQWDFWXOHVWHSXVLDUHORFSRUQLUHD
GXPQHDYRDVWUVQXGLVSXQGHWRDWH
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW PDQXDODPRWRUXOXL
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF QFD]FRQWUDUYSXWHLHOHFWURFXWDVDXSXWHL
QWUHLQHUHLvQJULMLUH
LLOHSULYLQGVLJXUDQD VXIHULOH]LXQLJUDYHVDXFKLDUIDWDOH
$XWRYHKLFXOHFXPRWRUGLHVHO6LVWHPXO
HOHFWURQLFGHLQMHFLHIXQFLRQHD]ODvQDOW
&RPSDUWLPHQWXOPRWRUXOXL WHQVLXQH'LQDFHVWPRWLYQXWUHEXLHQLFLR
GDWVDWLQJHLFRPSRQHQWHOHVLVWHPXOXLGH
&DSRWDPRWRUXOXL LQMHFLHGDF
'HVFKLGHUHDFDSRWHLPRWRUXOXL =PRWRUXOHVWHvQIXQFLXQH
=DUHORFSRUQLUHDPRWRUXOXL
3HULFROGHDFFLGHQW
=FRQWDFWXOHVWHSXV
1XDFLRQDLFODSHWDGHGHVLJXUDQDUHDFDSR
WHLPRWRUXOXLvQWLPSXOGHSODVULLDXWRYHKLFX QFD]FRQWUDUYSXWHLHOHFWURFXWDVDXSXWHL
OXOXLQFD]FRQWUDUFDSRWDVHSRDWHGHVFKLGH VXIHULOH]LXQLJUDYHVDXFKLDUIDWDOH
LYSRDWHREWXUDYL]LELOLWDWHD
$VLJXUDLYFWHUJWRDUHOHGHSDUEUL]
3HULFROGHUQLUH VXQWGH]DFWLYDWH
([LVWSHULFROXOGHDFFLGHQWDUHFkQGFDSRWD 3HULFROGHUQLUH
HVWHGHVFKLVFKLDUGDFPRWRUXOQXHVWHvQ /DPHOHLEUDHOHWHUJWRDUHORUGHSDUEUL]DU
IXQFLXQH SXWHDILSXVHvQPLFDUH
8QHOHSLHVHDOHPRWRUXOXLVHSRWvQFO]LH[FH &kQGFDSRWDPRWRUXOXLHVWHGHVFKLVEUDHOH
VLY WHUJWRDUHORUDUSXWHDSURYRFDUQLUHDGXP
3HQWUXDHYLWDSHULFROXODUVXULORUDWLQJHLGRDU QHDYRDVWUVDXDDOWRUSHUVRDQH
FRPSRQHQWHOHPRWRUXOXLGHVFULVHvQ0DQXDOXO $QWHULRUGHVFKLGHULLFDSRWHLPRWRUXOXLDVLJX
GHXWLOL]DUHLUHVSHFWDLLQVWUXFLXQLOHUHIHUL UDLYFWHUJWRDUHOHGHSDUEUL]VXQWGH]DF
WRDUHODVLJXUDQvQDFHDVWSULYLQ WLYDWHLFKHLDDIRVWVFRDVGLQFRQWDFW
3HULFROGHUQLUH
9HQWLODWRUXOVLWXDWvQWUHUDGLDWRULPRWRU
SRDWHSRUQLDXWRPDWFKLDULDWXQFLFkQG
FKHLDHVWHVFRDVGLQFRQWDFW'HDFHHDHYL
WDL]RQDGHURWDLHDSDOHWHORUYHQWLODWRUXOXL
QFD]FRQWUDUSXWHLILUQLW
&RPSDUWLPHQWXOPRWRUXOXL
$FLRQDLFODSHWDGHGHVLJXUDQDUHCD 6FRDWHLWLMDGLQVXSRUW
QWUHLQHUHLvQJULMLUH
FDSRWHLPRWRUXOXL 5RWLLWLMDvQVXVLLQWURGXFHLRvQGHJD
&DSRWDPRWRUXOXLHVWHHOLEHUDW MDUHD
$VLJXUDLYFWHUJWRDUHOHGHSDUEUL]
QXVXQWULGLFDWHQFD]FRQWUDUWHUJWRD QFKLGHUHDFDSRWHLPRWRUXOXL
UHOHVDXFDSRWDPRWRUXOXLSRWILGHWHULRUDWH
3HULFROGHUQLUH
QFKLGHLFDSRWDPRWRUXOXLFXDWHQLHSHQWUX
DHYLWDDFFLGHQWDUHDSHUVRDQHORUGLQMXU
5LGLFDLXRUFDSRWDLVFRDWHLWLMDGLQ
GHJDMDUHD
5RWLLWLMDvQMRVLDSVDLOvQVXSRUW
SkQVHIL[HD]
&RERUkLFDSRWDPRWRUXOXLLOVDLRV
FDGOLEHUGHODDSUR[LPDWLYFP
9HULILFDLIL[DUHDFRUHVSXQ]WRDUHDFDSR
7UDJHLPkQHUXOGHGHEORFDUHDFDSRWHL WHLPRWRUXOXL
PRWRUXOXLDVSUHH[WHULRUGHSUWkQGXOGH QFD]XOvQFDUHFDSRWDPRWRUXOXLSRDWHIL
JULODUDGLDWRUXOXLLULGLFDLFDSRWDDSXFkQG SXLQULGLFDWQXHVWHIL[DWFRUHVSXQ]WRU
GHSDUWHDVDLQIHULRDUFXDMXWRUXOJULOHL 'HVFKLGHLRGLQQRXLvQFKLGHLRFXPDL
UDGLDWRUXOXL PXOWIRU
1XWUDJHLGHPkQHUDSHQWUXULGLFDUHD
FDSRWHLQFD]FRQWUDUDFHVWDSRDWHIL
GHWHULRUDW
8OHLGHPRWRU
,QVUXFLXQLSULYLQGQLYHOXOXOHLXOXLGH
PRWRU
QIXQFLHGHVWLOXOGHFRQGXFHUHDXWRYHKLFX
OXOFRQVXPPD[LPOGHXOHLODNP
&RQVXPXOGHXOHLSRDWHILPDLPDUHvQFD]XO
vQFDUHDXWRYHKLFXOXOHVWHQRXVDXGDFPRWR
UXOHVWHXWLOL]DWvQPRGIUHFYHQWODWXUDLLPDUL
&RPSDUWLPHQWXOPRWRUXOXL
$WXQFLFkQGVHHIHFWXHD]YHULILFDUHDQLYHOX 6FRDWHLMRMDGHXOHLCGLQWXEXODIHUHQW
OXLXOHLXOXLGHPRWRU WHUJHLMRMDC
=SDUFDLDXWRYHKLFXOXOSHRVXSUDIDSODQ ,QWURGXFHLXRUMRMDCvQWXEXOVXSkQ
=GDFPRWRUXODDWLQVWHPSHUDWXUDQRUPDO ODFDSWLDSRLVFRDWHLRGLQQRX
GHIXQFLRQDUHDFHVWDWUHEXLHRSULWWLPSGH 1LYHOXOXOHLXOXLHVWHFRUHFWGDFVHVLWXHD]
FHOSXLQFLQFLPLQXWH vQWUHPDUFDMXOGHQLYHOPLQLPLPDUFDMXO
=GDFPRWRUXOQXDDWLQVWHPSHUDWXUDQRU GHQLYHOPD[LPD
PDOGHIXQFLRQDUHDFHVWDWUHEXLHRSULW $GXJDLXOHLGDFHVWHQHFHVDU
WLPSGHFHOSXLQGHPLQXWHGHH[HPSOX
GDFPRWRUXODIXQFLRQDWGRDUSHQWUXR
9HULILFDUHDQLYHOXOXLXOHLXOXLGHPRWRU
SHULRDGVFXUWGHWLPS
FXDMXWRUXOFRPSXWHUXOXLGHERUG
QWUHLQHUHLvQJULMLUH
9HULILFDUHDQLYHOXOXLXOHLXOXLGHPRWRU QFD]XODXWRYHKLFXOHORUHFKLSDWHFXPRWRU
FXDMXWRUXOMRMHLGHXOHL GLHVHOQLYHOXOXOHLXOXLGHPRWRUSRDWHILYHUL
ILFDWSULQLQWHUPHGLXOFRPSXWHUXOXLGHERUG
QFD]XODXWRYHKLFXOHORUHFKLSDWHFXPRWRU
3HQWUXPRGHOHOHHFKLSDWHFXPRWRUSHEHQ
GLHVHOQLYHOXOXOHLXOXLGHPRWRUSRDWHILYHUL
]LQXWLOL]DLMRMDGHXOHLSHQWUXYHULILFDUHD
ILFDWSULQLQWHUPHGLXOFRPSXWHUXOXLGHERUG
QLYHOXOXLGHXOHLGHPRWRU
3HQWUXPRGHOHOHHFKLSDWHFXPRWRUSHEHQ
&KHLDWUHEXLHVVHDIOHvQFRQWDFWvQSR]LLD
]LQXWLOL]DLMRMDGHXOHLSHQWUXYHULILFDUHD
QLYHOXOXLGHXOHLGHPRWRU
$SVDLEXWRQXOAVDXhGHSHYRODQ
SHQWUXDVHOHFWDXUPWRUXOPHVDM
$XWRYHKLFXOHFXPRWRUSHEHQ]LQH[HPSOX
0VXUDUHDGXUHD]FkWHYDVHFXQGH3HGLV
SOD\XOPXOWLIXQFLRQDOYDILDILDWXUPWRUXO
PHVDM
=(QJLQHRLOOHYHO2.1LYHOXOXOHLX
OXLGHPRWRUHVWHDGHFYDW
=$GGOLWUHWRUHDFKPD[LPXPRLO
OHYHO$GXJDLOLWUXSHQWUX
FRPSOHWDUHSQODQLYHOXOPD[LP
$XWRYHKLFXOHFXPRWRUWXUERGLHVHOH[HPSOX
&RPSDUWLPHQWXOPRWRUXOXL
=$GGOLWUHVWRUHDFKPD[RLO SRUQLWSHQWUXRVFXUWSHULRDGGHWLPS
OHYHO$GXJDLOLWULSHQWUX DWHSWDLDSUR[LPDWLYGHPLQXWHvQDLQWH
FRPSOHWDUHSQODQLYHOXOPD[LP GHHIHFWXDUHDPVXUWRULL
=$GGOLWUHVWRUHDFKPD[RLO
G 'DFGRULLVvQWUHUXSHLSURFHGXUDGH
OHYHO$GXJDLOLWULSHQWUXFRP
PVXUDUHDSVDLEXWRQXOhVDXA
SOHWDUHSQODQLYHOXOPD[LP
GHSHYRODQXOPXOWLIXQFLRQDO
$GXJDLXOHLGDFHVWHQHFHVDU
'DFPRWRUXODWLQJHWHPSHUDWXUDQRUPDOGH &RPSOHWDUHDQLYHOXOXLGHXOHLGHPRWRU
IXQFLRQDUHLSHGLVSOD\HVWHDILDWPHVDMXO
(QJLQHRLOOHYHO5HGXFHRLOOHYHO 1RWSULYLQGSURWHFLDPHGLXOXL
1LYHOXOXOHLXOXLGHPRWRU5HGX /DDGXJDUHDGHXOHLGHPRWRUOXDLPVXUL
QWUHLQHUHLvQJULMLUH
FHLQLYHOXOXOHLXOXLGHPRWRUQLYH SHQWUXDHYLWDYUVDUHDDFHVWXLD,QILOWUDUHD
OXOXOHLXOXLGHPRWRUHVWHSUHDULGLFDW XOHLXOXLvQVROVDXvQFXUVXULOHGHDSDIHFWHD]
QGHSUWDLH[FHVXOGHXOHLSULQVLIRQDUH
PHGLXOvQFRQMXUWRU
([FHVXOGHXOHLGHPRWRUSRDWHFDX]D
GHWHULRUDUHDPRWRUXOXLVDXDFRQYHUWRUXOXL
FDWDOLWLF
'DFSHGLVSOD\HVWHDILDWPHVDMXO6ZLWFK
LJQLWLRQRQWRFKHFNHQJLQHRLO
OHYHO3XQHLFRQWDFWXOSHQWUXD
YHULILFDQLYHOXOXOHLXOXLGHPRWRU
5RWLLFKHLDvQFRQWDFWvQSR]LLD
'DFSHGLVSOD\HVWHDILDWPHVDMXO2EVHUYH
ZDLWLQJWLPH5HVSHFWDLLQWHUYDOXO &DSDFXOUH]HUYRUXOXLXOHLXOXLGHPRWRUH[HPSOX
GHDWHSWDUH
5RWLLFDSDFXOCVSUHVWkQJDLvQGHSUWDL
'DFPRWRUXODWLQJHWHPSHUDWXUDQRUPDO
O
GHIXQFLRQDUHUHSHWDLPVXUWRDUHD
$GXJDLFDQWLWDWHDQHFHVDUGHXOHL
GXSDSUR[LPDWLYFLQFLPLQXWH
'DFPRWRUXODWLQJHWHPSHUDWXUDQRUPDO QDFHVWVHQVUHVSHFWDLVSHFLILFDLLOHGHSH
GHIXQFLRQDUHGHH[HPSOXGDFDIRVW FRPSXWHUXOGHERUGVDXXPSOHLFXDWHQLH
SRUQLWSHQWUXRVFXUWSHULRDGGHWLPS SkQODPDUFDMXOPD[LPGHSHMRMDGHXOHL
UHSHWDLPVXUWRDUHDGXSDSUR[LPDWLY G 'LIHUHQDGLQWUHPDUFDMXOPLQLPLFHO
GHPLQXWH PD[LPDOMRMHLGHXOHLHVWHGHDSUR[LPDWLY
'DFSHGLVSOD\HVWHDILDWPHVDMXO(QJLQH OLWUL
RLOOHYHOQRWZKHQHQJLQHRQ1LYH
1XDGXJDLXOHLvQH[FHV'DFQLYHOXO
OXOXOHLXOXLGHPRWRULQGLVSRQLELO
XOHLXOXLVHVLWXHD]GHDVXSUDPDUFDMXOXL
FQGPRWRUXOHVWHQIXQFLXQH
PD[LPGHSHMRMDIRVWDGXJDWSUHDPXOW
2SULLPRWRUXO XOHLQDFHVWFD]HVWHSRVLELOGHWHULRUDUHD
'DFPRWRUXODWLQJHWHPSHUDWXUDQRUPDO PRWRUXOXLVDXDFRQYHUWRUXOXLFDWDOLWLF
GHIXQFLRQDUHDWHSWDLDSUR[LPDWLYFLQFL QGHSUWDLH[FHVXOGHXOHLSULQVLIRQDUH
PLQXWHvQDLQWHGHHIHFWXDUHDPVXUWRULL 3HQWUXLQIRUPDLLVXSOLPHQWDUHUHIHULWRDUHOD
'DFPRWRUXODWLQJHWHPSHUDWXUDQRUPDO XOHLXOGHPRWRU3DJLQD
GHIXQFLRQDUHGHH[HPSOXGDFDIRVW
&RPSDUWLPHQWXOPRWRUXOXL
$H]DLODORFFDSDFXOCSHJkWXOGH 'DFDFHVWQLYHOGHSHWHPDUFDMXOFX
XPSOHUHLURWLLVSUHGUHDSWD DSUR[LPDWLYFPFkQGHVWHFDOGFDQWL
$VLJXUDLYFDFHVWDHVWHELQHIL[DW WDWHDGHOLFKLGGHUFLUHGLQYDVXOGHH[SDQ
VLXQHDHVWHVXILFLHQW
'DFHVWHQHFHVDUDGXJDLOLFKLGGHUFLUH
9HULILFDUHDLFRPSOHWDUHDQLYHOXOXL WHVWDWLDSUREDWGH0HUFHGHV%HQ]
DOWRUIOXLGHGHOXFUX $H]DLODORFFDSDFXOCLURWLLOVSUH
9HULILFDUHDQLYHOXOXLOLFKLGXOXLGHUFLUH GUHDSWDSkQODFDSWXOFXUVHL
3HQWUXLQIRUPDLLVXSOLPHQWDUHUHIHULWRDUHOD
9HULILFDLQLYHOXOOLFKLGXOXLGHUFLUHQXPDL
OLFKLGXOGHUFLUHFRQVXOWDLVHFLXQHD
FkQGDXWRYHKLFXOXOVWDLRQHD]SHWHUHQSODQ
3DJLQD
LPRWRUXOHVWHUHFH
QWUHLQHUHLvQJULMLUH
5RWLLFKHLDvQFRQWDFWvQSR]LLD
6LVWHPHOHGHVSODUHDSDUEUL]XOXLIDUX
3DJLQD ULORU
9HULILFDLLQGLFDWRUXOWHPSHUDWXULLOLFKLGXOXL
GHUFLUHGHSHSDQRXOGHLQVWUXPHQWH 5H]HUYRUXOFXOLFKLGGHVSODUHDSDUEUL]XOXL
HVWHXWLOL]DWDWkWGHVLVWHPXOGHVSODUHDSDU
3HULFROGHUQLUH EUL]XOXLFkWLGHFHOGHVSODUHDIDUXULORU
6LVWHPXOGHUFLUHHVWHSUHVXUL]DW'LQDFHVW $9(57,60(17
PRWLYGHXUXEDLFDSDFXOUH]HUYRUXOXLGH
/LFKLGXOGHVSODUHDOSDUEUL]XOXLHVWHH[WUHP
OLFKLGGHUFLUHQXPDLGXSUFLUHDPRWRUXOXL
GHLQIODPDELO)RFXOIOFULOHGHVFKLVHL
7HPSHUDWXUDDILDWDOLFKLGXOXLGHUFLUHWUH
IXPDWXOVXQWLQWHU]LVHFkQGPDQHYUDLFRQ
EXLHVILHVXEQFD]FRQWUDUSXWHL
FHQWUDWGHOLFKLGGHVSODUH
VXIHULDUVXULGDFHVWHHOLEHUDWOLFKLGGHUFLUH
ILHUELQWH 8WLOL]DLH[FOXVLYOLFKLGGHVSODUHDSDU
EUL]XOXLDGHFYDWSHQWUXVXSUDIHHOHGLQ
PDWHULDOSODVWLFDOHOHQWLOHORUOPSLORU
/LFKLGXOGHVSODUHQHDGHFYDWSRDWHGHWH
ULRUDOHQWLOHOHGLQSODVWLFDOHIDUXULORU
1XXWLOL]DLDSGLVWLODWVDXGHLRQL]DWvQ
UH]HUYRUXOFXOLFKLGGHVSODUHQFD]FRQ
WUDULQGLFDWRUXOQLYHOXOXLGHOLFKLGGH
VSODUHSRDWHILGHWHULRUDW
G 3HSDUFXUVXODQXOXLFRPSOHWDLFXOLFKLG
FRQFHQWUDWSHQWUXVSODUHDSDUEUL]XOXLGH
H[HPSOX0%6XPPHU)LW
5RWLLXRUFDSDFXOCVSUHVWkQJDDSUR[L
PDWLYRMXPWDWHGHWXUSHQWUXDSHUPLWH
HJDOL]DUHDSUHVLXQLORU
&RQWLQXDLVURWLLFDSDFXOCVSUHVWkQJD
LvQGHSUWDLO
'DFQLYHOXOOLFKLGXOXLGHUFLUHDWLQJHPDU
FDMXOGHSHRULILFLXOUH]HUYRUXOXLFkQG
OLFKLGXOHVWHUHFHFDQWLWDWHDGHOLFKLGGH
UFLUHGLQYDVXOGHH[SDQVLXQHDHVWHVXIL
FLHQW
6HUYLFH
,QGLFDWRUXOLQWHUYDOHORUGHHIHFWXDUHDUHYL]LL
ORUWHKQLFH$66<673/86YLQIRUPHD]FDUH
HVWHGDWDXUPWRDUHLUHYL]LL
'DFWHUPHQXOSHQWUXHIHFWXDUHDXQHLUHYL]LL
WHKQLFHDIRVWGHSLWYDILHPLVLXQVHPQDO
VRQRU
3HGLVSOD\XOPXOWLIXQFLRQDOYDILDILDWWLPS
GHFkWHYDVHFXQGHXQPHVDMSULYLQGUHYL]LD
WHKQLFGHH[HPSOX
6HUYLFH$GXHLQNP
5H]HUYRUXOGHOLFKLGGHVSODUHH[HPSOX 6HUYLFH$SHVWHNP
QWUHLQHUHLvQJULMLUH
2PRJHQL]DLvQSUHDODELODPHVWHFXOGH 6HUYLFH$GXHQRZ6HUYLFH$VFDGHQW
OLFKLGGHVSODUHDSDUEUL]XOXLvQWUXQUHFL 6HUYLFH$RYHUGXHE\NP
SLHQWVHSDUDW 6HUYLFH$GHSLWFXNP
/DWHPSHUDWXULSHVWHSXQFWXOGH /LWHUDLQGLFWLPSXOQHFHVDUHIHFWXULLUHYL]LHL
vQJKHXPSOHLUH]HUYRUXOGHOLFKLGGH GHFWUHDWHOLHUXOGHVSHFLDOLWDWHDXWRUL]DW
VSODUHFXXQDPHVWHFGHDSLFRQFHQWUDW /LWHUD$LQGLFFHDPDLVFXUWGXUDWLDUOLWHUD
GHOLFKLGGHVSODUHGHH[HPSOX0%6XP +SHFHDPDLOXQJ
PHU)LW ,QGLFDWRUXOLQWHUYDOHORUGHHIHFWXDUHDUHYL]LL
/DWHPSHUDWXULVXESXQFWXOGHvQJKH ORUWHKQLFH$66<673/86QXLDvQFDOFXO
XPSOHLUH]HUYRUXOGHOLFKLGGHVSODUHFX SHULRDGHOHGHWLPSvQFDUHEDWHULDDIRVWGHFR
XQDPHVWHFGHDSDGLWLYDQWLJHOLFRQ QHFWDW
FHQWUDWGHOLFKLGGHVSODUHGHH[HPSOX0% 5HVSHFWDUHDGDWHORUSUHY]XWHSHQWUXUHYL
:LQWHU)LW9DULDLSURSRULDDPHVWHFXOXLvQ ]LLOHWHKQLFH
IXQFLHGHWHPSHUDWXUDH[WHULRDU
5HLQHLGDWDUHYL]LHLDILDWHvQDLQWHGHD
3HQWUXGHVFKLGHUHWUDJHLFDSDFXOCvQ GHFRQHFWDEDWHULD
VXVDSXFkQGGHFODSHW VDX
$GXJDLOLFKLGGHVSODUHSUHDPHVWHFDW &DOFXODLGDWDSURJUDPDWVF]kQGLQWHUYD
3HQWUXvQFKLGHUHDSVDLFDSDFXOCSH OHOHFkQGEDWHULDDIRVWGHFRQHFWDWGLQ
JkWXOGHXPSOHUHSkQVHIL[HD] GDWDDILDWGXSUHFRQHFWDUHDVD
$VFXQGHUHDXQXLPHVDMSULYLQGHIHFWXD
6HUYLFH UHDUHYL]LLORUWHKQLFH
,QGLFDWRUXOLQWHUYDOHORUGHHIHFWXDUHD $SVDLEXWRQXOGHUHVHWDUHGLQSDUWHD
UHYL]LLORUWHKQLFH$66<673/86 VWkQJDSDQRXOXLGHLQVWUXPHQWH
3DJLQD
0HVDMHSULYLQGHIHFWXDUHDUHYL]LLORUWHK
QLFH
$ILDUHDXQXLPHVDMSULYLQGHIHFWXDUHD
,QIRUPDLLSULYLQGWLSXULOHGHUHYL]LLWHKQLFHL UHYL]LLORUWHKQLFH
LQWHUYDOHOHODFDUHVXQWHIHFWXDWHDFHVWHD
3XQHLFRQWDFWXO
YH]L&DLHWXOGHVHUYLFHVHSDUDW
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHvQ
DFHDVWSULYLQGHODRULFDUH&HQWUXDXWRUL]DW
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
QWUHLQHUHDDXWRYHKLFXOXOXL
$SVDLEXWRQXOVDXGHSH =VROYHQL
YRODQSHQWUXDVHOHFWDPHQLXOVWDQGDUG =DJHQLGHFXUDUHFDUHFRQLQVROYHQL
GLVSOD\3DJLQD 1XIUHFDL
$SVDLEXWRQXOAVDXhSHQWUXD
1XDWLQJHLVXSUDIHHOHVDXSHOLFXOHOHSUR
VHOHFWDLQGLFDWRUXOLQWHUYDOHORUGHHIHF WHFWRDUHFXRELHFWGXUHGHH[HPSOXUDFOHWH
WXDUHDUHYL]LLORUWHKQLFH$66<673/86 GHJKHDVDXELMXWHULLQFD]FRQWUDUHVWH
(VWHDILDWGDWDSURJUDPDWSHQWUXUHYL]LD SRVLELO]JkULHUHDVDXGHWHULRUDUHDVXSUD
WHKQLF IHHORULDSHOLFXOHORUSURWHFWRDUH
1RWSULYLQGSURWHFLDPHGLXOXL
5HLQHLXUPWRDUHOHDVSHFWH
$PEDODMHOHJRDOHLODYHWHOHX]DWHWUHEXLH
8QDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HP vQGHSUWDWHvQPRGHFRORJLF
QWUHLQHUHLvQJULMLUH
SOXXQ&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH
0HUFHGHV%HQ]SRDWHUHVHWDLQGLFDWRUXO 1XSDUFDLDXWRYHKLFXOXOSHQWUXSHULRDGH
LQWHUYDOHORUGHHIHFWXDUHDUHYL]LLORUWHKQLFH vQGHOXQJDWHGHWLPSLPHGLDWGXSFXUDUH
$66<673/86GXSHIHFWXDUHDUHYL]LHL vQSULQFLSDOGXSFXUDUHDURLORUFXDJHQW
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGH GHFXUDUHVSHFLDO$JHQLLGHFXUDUH
H[HPSOXUHIHULWRDUHODUHYL]LLOHWHKQLFHGHOD SHQWUXURLSRWFDX]DFRURGDUHDUDSLGD
XQ&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HU GLVFXULORUGHIUkQLDSOFXHORUHOHPHQ
FHGHV%HQ]6HUYLFHVDXGLUHFWGHOD0HUFH WHORUGHIULFLXQHDOHIUkQHL'LQDFHVWPRWLY
GHV%HQ] FRQGXFHLDXWRYHKLFXOXOFkWHYDPLQXWH
GXSFXUDUH)UkQDUHDFUHWHWHPSHUD
'DFLQGLFDWRUXOGHUHYL]LLWHKQLFH WXUDODQLYHOXOGLVFXULORULSOFXHORUGH
$66<673/86DIRVWVHWDWvQPRGQHFRUHV IUkQXVFkQGXOH$FXPSXWHLSDUFDDXWR
SXQ]WRUDFHDVWVHWDUHSRDWHILFRUHFWDW YHKLFXOXO
ODRULFHFHQWUXDXWRUL]DWGHYkQ]ULLVHU
YLFH0HUFHGHV%HQ]
/XFUULOHGHVHUYLFHWUHEXLHVILHHIHFWXDWH QWUHLQHUHDH[WHULRUXOXL
FRQIRUPGHVFULHULLGLQFDLHWXOGHVHUYLFHQ
FD]FRQWUDUSRDWHDSUHDX]XUDDFFHQ 6SOWRULHDXWRPDW
WXDWFDUHDUSURYRFDGHWHULRUDUHDDXWRYH
3HULFROGHDFFLGHQWDUH
KLFXOXOXLVDXDVXEDQVDPEOXULORUSULQFLSDOH
(ILFLHQDVLVWHPXOXLGHIUkQDUHHVWHUHGXV
GXSVSODUHDDXWRYHKLFXOXOXL$FHVWIDSW
QWUHLQHUHDDXWRYHKLFXOXOXL SRDWHSURGXFHXQDFFLGHQW'LQDFHVWPRWLY
GXSVSODUHDDXWRYHKLFXOXOXLFRQGXFHLFX
1RWHSULYLQGvQWUHLQHUHD PXOWDWHQLHSkQFkQGIUkQHOHVHXVXF
QWUHLQHUHDUHJXODWDDXWRYHKLFXOXOXLHVWHR 3XWHLDSHODODFXUDUHDDXWRYHKLFXOXOXLSULQ
FRQGLLHHVHQLDOSHQWUXSVWUDUHDFDOLWLL LQWHUPHGLXOVSOULLDXWRPDWHFKLDUGHODvQFH
DFHVWXLDvQWLPS SXW
8WLOL]DLSURGXVHOHGHFXUDUHLvQWUHLQHUH 'DFDXWRYHKLFXOXOHVWHIRDUWHPXUGDUVH
UHFRPDQGDWHLDSUREDWHGH0HUFHGHV%HQ] UHFRPDQGSUHVSODUHDvQDLQWHGHWUHFHUHD
1XFXUDLQLFLRGDWDXWRYHKLFXOXOFX SULQVSOWRULDDXWRPDW
SURGXVHSUHFXP $WXQFLFkQGXWLOL]DLRVSOWRULHDXWR
=ODYHWHGLQPDWHULDOGXUDVSUXVDXXVFDW PDWWLSWXQHODVLJXUDLYFPDQHWD
=DJHQLGHFXUDUHDEUD]LYL VHOHFWRUXOXLWUDQVPLVLHLDXWRPDWH$872
QWUHLQHUHDDXWRYHKLFXOXOXL
7521,&VHDIOvQSR]LLD1vQFD]FRQWUDU =RUQDPHQWH
DXWRYHKLFXOXOSRDWHILGHWHULRUDW =IDQWHOHGHYHQWLODLH
$VLJXUDLYFJHDPXULOHODWHUDOHVXQW (OHPHQWHOHGHHWDQDUHVDXFRPSRQHQWHOH
vQFKLVHFRPSOHWLFDHURWHUPDSHQWUX HOHFWULFHGHWHULRUDWHSRWSURYRFDGLVIXQFLL
YHQWLODUHvQFO]LUHHVWHGH]DFWLYDWL DOHVLVWHPHORUVDXVFXUJHUL
FRPXWDWRUXOWHUJWRDUHORUGHSDUEUL]HVWH
vQSR]LLDQFD]FRQWUDUWKHVHQ]RUXOGH &XUDUHDURLORU
SORDLHVDXOXPLQDUSXWHDILDFWLYDWSUR
1XXWLOL]DLSURGXVHDFLGHGHFXUDUHD
YRFkQGGHFODQDUHDDFFLGHQWDOD
URLORUSHQWUXDvQGHSUWDSUDIXOGHSH
WHUJWRUXOXL$FHVWIDSWSRDWHFDX]DGHWH
IUkQHQFD]FRQWUDUHVWHSRVLELOGHWHULR
ULRUDUHDDXWRYHKLFXOXOXL
UDUHDXUXEXULORUURLORULDFRPSRQHQWHORU
QWUHLQHUHLvQJULMLUH
'XSFXUDUHDvQWURVSOWRULHDXWRPDW VLVWHPXOXLGHIUkQDUH
vQGHSUWDLSULQWHUJHUHFHDUDGHSHSDUEUL]
LGHSHODPHOHWHUJWRDUHORU3URFHGkQG 1XSDUFDLDXWRYHKLFXOXOSHQWUXSHULRDGH
DVWIHOSUHYHQLLDSDULLDXUPHORUSHSDUEUL]L vQGHOXQJDWHGHWLPSLPHGLDWGXSFXUDUH
UHGXFHL]JRPRWXOWHUJWRDUHORUFHSRDWHIL vQSULQFLSDOGXSFXUDUHDURLORUFXDJHQW
FDX]DWGHUH]LGXXULOHGHSHSDUEUL] GHFXUDUHVSHFLDO$JHQLLGHFXUDUH
SHQWUXURLSRWFDX]DFRURGDUHDUDSLGD
GLVFXULORUGHIUkQLDSOFXHORUHOHPHQ
'LVSR]LWLYHGHFXUDUHFXvQDOWSUH
WHORUGHIULFLXQHDOHIUkQHL'LQDFHVWPRWLY
VLXQH
FRQGXFHLDXWRYHKLFXOXOFkWHYDPLQXWH
3HULFROGHDFFLGHQWDUH GXSFXUDUH)UkQDUHDFUHWHWHPSHUD
1XXWLOL]DLGLVSR]LWLYHGHFXUDUHGHvQDOW WXUDODQLYHOXOGLVFXULORULSOFXHORUGH
SUHVLXQHFXGX]HGHGLVWULEXLHFLUFXODUHSROL IUkQXVFkQGXOH$FXPSXWHLSDUFDDXWR
]RDUHSHQWUXDFXUDDXWRYHKLFXOXOvQVSH YHKLFXOXO
FLDOSQHXULOH$FHVWHDSRWGHWHULRUDSQHXULOH
LSRWGXFHODSURGXFHUHDXQXLDFFLGHQW &XUDUHDVXSUDIHHLYRSVLWH
=JkULHWXULOHGHSXQHULOHFRUR]LYH]RQHOHDIHF
0HQLQHLvQWRWGHDXQDRGLVWDQGHFHO
WDWHGHFRUR]LXQHLGHWHULRUULOHFDX]DWHGH
SXLQFPvQWUHGX]DGLVSR]LWLYXOXLFX vQWUHLQHUHDHIHFWXDWQHJOLMHQWVDXQHDGHF
vQDOWSUHVLXQHLDXWRYHKLFXO5HVSHFWDL YDWQXSRWILUHSDUDWHvQWRWGHDXQDFRPSOHWQ
LQIRUPDLLOHIXUQL]DWHGHSURGXFWRUXOHFKL DVHPHQHDFD]XULDSHODLLPHGLDWODXQDWHOLHU
SDPHQWXOXLSULYLQGGLVWDQDQHFHVDU GHVSHFLDOLWDWHDXWRUL]DWGHH[HPSOXODRUL
'HSODVDLSHUPDQHQWGX]DGLVSR]LWLYXOXLvQ FDUH&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH
WLPSXOFXUULLDXWRYHKLFXOXOXL 0HUFHGHV%HQ]
1XvQGUHSWDLMHWXOGLVSR]LWLYHORUGH QGHSUWDLLPHGLDWLPSXULWLOHIUDIUHFD
FXUDUHFXvQDOWSUHVLXQHVSUH SUHDSXWHUQLF
=SQHXUL 8PH]LLUHVWXULOHGHLQVHFWHFXVSUD\SHQWUX
=JDUQLWXULOHSRUWLHUHORU vQGHSUWDUHDLQVHFWHORUDSRLVSODLOH
=FRPSRQHQWHOHVLVWHPXOXLHOHFWULF 8PH]LLXUPHOHGHH[FUHPHQWHGHSVULFX
=EDWHULH DSDSRLVSODLOH
=FRQHFWRUL QGHSUWDLOLFKLGXOGHUFLUHOLFKLGXOGH
=OXPLQL IUkQULQLOHYHJHWDOHXOHLXULOHFDUEXUDQ
LLLJUVLPHDWHUJkQGXOHXRUFXRODYHW
=HOHPHQWHOHGHHWDQDUH
vQPXLDWvQJD]ODPSDQWVDXOLFKLGSHQWUX
EULFKHWH
QWUHLQHUHDDXWRYHKLFXOXOXL
QGHSUWDLSHWHOHGHJXGURQFXDMXWRUXO &XUDUHDODPHORUWHUJWRDUHORU
GHWHUJHQLORUVSHFLDOLSHQWUXvQGHSUWDUHD
JXGURQXOXL 3HULFROGHUQLUH
QGHSUWDLFHDUDFXDMXWRUXOGHWHUJHQLORU 'H]DFWLYDLWHUJWRDUHOHGHSDUEUL]LVFRD
VSHFLDOLSHQWUXvQGHSUWDUHDVLOLFRQXOXL WHLFKHLDGLQFRQWDFWvQDLQWHGHFXUDUHD
SDUEUL]XOXLVDXDODPHORUWHUJWRDUHORUGH
1XDSOLFDL SDUEUL]QFD]FRQWUDUWHUJWRDUHOHVDU
=DXWRFRODQWH SXWHDGHSODVDLYDUSXWHDUQLvQDFHVWIHO
=SHOLFXOH
1XWUDJHLGHODPDWHUJWRUXOXLQFD]
=SOFLPDJQHWLFHVDXPDWHULDOHVLPLODUH FRQWUDUHVWHSRVLELOGHWHULRUDUHDDFHV
SHVXSUDIHHOHYRSVLWHQFD]FRQWUDUHVWH WHLD
QWUHLQHUHLvQJULMLUH
SRVLELOGHWHULRUDUHDYRSVHOHL 1XFXUDLODPHOHWHUJWRDUHORUSUHD
GHVLQXDSOLFDLRSUHVLXQHSUHDPDUHSH
&XUDUHDJHDPXULORU DFHVWHDQFD]FRQWUDUHVWHSRVLELOGHWH
3HULFROGHUQLUH ULRUDUHDVWUDWXOXLGHJUDILW$FHVWOXFUXDU
SXWHDFDX]D]JRPRWHvQWLPSXOIXQFLRQULL
'H]DFWLYDLWHUJWRDUHOHGHSDUEUL]LVFRD
WHUJWRDUHORU
WHLFKHLDGLQFRQWDFWvQDLQWHGHFXUDUHD
SDUEUL]XOXLVDXDODPHORUWHUJWRDUHORUGH QGHSUWDLEUDHOHWHUJWRDUHORUGHSDU
SDUEUL]QFD]FRQWUDUWHUJWRDUHOHVDU EUL]
SXWHDGHSODVDLYDUSXWHDUQLvQDFHVWIHO WHUJHLFXJULMODPHOHWHUJWRUXOXLXWLOL
]kQGRODYHWXPHG
&XUDLVXSUDIDDLQWHULRDULFHDH[WH 5HDGXFHLWHUJWRDUHOHGHSDUEUL]vQSR]L
ULRDUDJHDPXULORUFXRODYHWXPHGLXQ LDQRUPDOvQDLQWHGHSXQHUHDFRQWDFWXOXL
DJHQWGHFXUDUHUHFRPDQGDWLDSUREDW
GH0HUFHGHV%HQ] QDFHVWVFRSLQHLIHUPEUDXO
WHUJWRUXOXL3DUEUL]XOSRDWHILGHWHULRUDW
1XXWLOL]DLODYHWHXVFDWHDJHQLDEUD]LYL
GDFEUDXOWHUJWRUXOXLVHORYHWHEUXVF
VROYHQLVDXDJHQLGHFXUDUHSHED]GH GHDFHVWD
VROYHQLSHQWUXFXUDUHDSULLLQWHULRDUHD
JHDPXULORU1XXWLOL]DLRELHFWHGXUHSHQWUX
&XUDUHDIDUXULORU
FXUDUHDSULLLQWHULRDUHDJHDPXULORUGH
H[HPSOXUDFOHWHGHJKHDVDXELMXWHULLQ &XUDLOHQWLOHOHGLQSODVWLFDOHIDUXULORUXWL
FD]FRQWUDUH[LVWSHULFROXOGHWHULRUULL OL]kQGXQEXUHWHXGLXQDJHQWGHFXUDUH
JHDPXULORU QHXWUXGHH[HPSOXDPSRQDXWR0HUFH
&XUDLFDQDOHOHGHVFXUJHUHDDSHLGHSH GHV%HQ]VDXODYHWH
SDUEUL]LOXQHWODLQWHUYDOHUHJXODWHQ 8WLOL]DLGRDUDJHQLGHFXUDUHVDXODYHWH
DQXPLWHVLWXDLLGHSXQHULOHGHIUXQ]H DGHFYDWHSHQWUXOHQWLOHOHGLQSODVWLFDOH
SHWDOHLSROHQSRWvPSLHGLFDVFXUJHUHD IDUXULORU3URGXVHOHQHSRWULYLWHSRW]JkULD
DSHL$FHVWOXFUXSRDWHGHWHUPLQDDSDULLD VDXGHWHULRUDOHQWLOHOHGLQSODVWLFDOHIDUX
FRUR]LXQLLLGHWHULRUDUHDFRPSRQHQWHORU ULORU
HOHFWURQLFH
QWUHLQHUHDDXWRYHKLFXOXOXL
&XUDUHDVHQ]RULORU &XUDUHDGLVSR]LWLYXOXLGHWUDFWDUHD
UHPRUFLL
&kUOLJXOGHUHPRUFDUHWUHEXLHFXUDWGDF
HVWHPXUGDUVDXFRURGDW
QGHSUWDLUXJLQDFXRSHULHGHVkUP
QGHSUWDLQRURLXOFXRODYHWFXUDWLIU
VFDPHVDXFXRSHULH
1XFXUDLFkUOLJXOGHUHPRUFDUHFXXQ
DSDUDWGHFXUDUHVXESUHVLXQH1XXWLOL
]DLVROYHQL
QWUHLQHUHLvQJULMLUH
&XUDLVHQ]RULLCVLVWHPHORUGHDVLVWDUH
DFRQGXFHULLFXDSDPSRQDXWRLR
ODYHWPRDOH
'DFHIHFWXDLFXUDUHDVHQ]RULORUSULQ
LQWHUPHGLXOXQXLGLVSR]LWLYFXSUHVLXQH C 3LQGHJKLGDUH
vQDOWPHQLQHLvQWRWGHDXQDRGLVWDQGH
D %LOHGHIL[DUH
FHOSXLQFPvQWUHGX]DGLVSR]LWLYXOXLFX
vQDOWSUHVLXQHLDXWRYHKLFXO5HVSHFWDL 6XSUDIHHGHJKLGDUH
LQIRUPDLLOHIXUQL]DWHGHSURGXFWRUXOHFKL 0DQHWGHHOLEHUDUH
SDPHQWXOXLSULYLQGGLVWDQDQHFHVDU %LODGLQFDSWXOFkUOLJXOXL
'XSFXUDUHXQJHLVDXJUHVDLXRUSR]L
&XUDUHDHYLORUGHHDSDPHQW
LLOHGHODCODLGHJDMDUHDFkUOLJXOXLGH
,PSXULWLOHvQFRPELQDLHFXHIHFWXOSLHWUL UHPRUFDUHDODXWRYHKLFXOXOXL
XOXLGHSHFDURVDELOLDOIDFWRULORUFRUR]LYL 7UDWDLGLVSR]LWLYXOGHEORFDUHFXXQXOHL
GHPHGLXSRWFDX]DDSDULLDXQRUSHWHGH FDUHQXFRQLQHDFL]LVDXULQL
UXJLQSHVXSUDIDDHYLORUGHHDSDPHQW $VLJXUDLYFGLVSR]LWLYXOGHWUDFWDUHD
QWUHLQHUHDDFHVWRUDvQPRGUHJXODWDVLJXU
UHPRUFLLIXQFLRQHD]DGHFYDWODDWDDUHD
SVWUDUHDVXSUDIHHLVWUOXFLWRDUHGHODvQFH
SHDXWRYHKLFXO
SXWvQVSHFLDOLDUQDLGXSVSODUH
1XFXUDLHYLOHGHHDSDPHQWFXDJHQL 5HVSHFWDLUHFRPDQGULOHSULYLQGvQJULML
DOFDOLQLFXPDUILFHLSHQWUXFXUDUHDMDQ UHDIXUQL]DWHGHSURGXFWRUXOUHPRUFLL
WHORU G /XFUULOHGHvQWUHLQHUHFHWUHEXLHHIHF
8WLOL]DLXQSURGXVGHvQWUHLQHUHDVXSUD WXDWHDVXSUDFkUOLJXOXLGHUHPRUFDUHLD
IHHORUFURPDWHDSUREDWGH0HUFHGHV GLVSR]LWLYXOXLGHWUDFWDUHSRWILGHDVHPH
%HQ] QHDvQFUHGLQDWHRULFUXLFHQWUXDXWRUL]DW
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
QWUHLQHUHDDXWRYHKLFXOXOXL
1RWSULYLQGSURWHFLDPHGLXOXL 3HVXSUDIHHOHGLQPDWHULDOSODVWLFQXVH
/DYHWHOHPXUGDUHWUHEXLHvQGHSUWDWHvQPRG YRUDSOLFD
HFRORJLF =DXWRFRODQWH
=SHOLFXOH
=UHFLSLHQWHFXXOHLXULSDUIXPDWHVDXDOWH
QWUHLQHUHDLQWHULRUXOXL RELHFWHDVHPQWRDUH
&XUDUHDGLVSOD\XOXL QFD]FRQWUDUVXSUDIHHOHGLQPDWHULDO
SODVWLFSRWILGHWHULRUDWH
QDLQWHGHFXUDUHDGLVSOD\XOXLDVLJXUDL
YFDFHVWDHVWHVWLQVLVDUFLW $YHLJULMFDSURGXVHOHFRVPHWLFHL
&XUDLVXSUDIDDGLVSOD\XOXLFXRODYHW
ORLXQLOHGHSURWHFLHVRODUVDXGHSURWHF
LHFRQWUDLQVHFWHORUVQXLQWUHvQFRQWDFW
QWUHLQHUHLvQJULMLUH
RELQXLWGLQPLFURILEULXQDJHQWGH
FXUDUHSHQWUXHFUDQH7)7/&' FXRUQDPHQWHOHGLQSODVWLFDOHDXWRYHKLFX
OXOXL$VWIHOVHPHQLQHDVSHFWXOGHvQDOW
3HQWUXXVFDUHDVXSUDIHHLGLVSOD\XOXLIROR
FDOLWDWHDVXSUDIHHORU
VLLRODYHWXVFDWGLQPLFURILEU
WHUJHLSULOHGLQSODVWLFFXRODYHW
1XFXUDLQLFLRGDWGLVSOD\XOFXSUR XPHGIUVFDPHGHH[HPSOXRODYHWGLQ
GXVHSUHFXP PLFURILEU
=GLOXDQLFDUHFRQLQDOFRROVDXEHQ]LQ 0XUGULUHLQWHQVXWLOL]DLSURGXVHOHGH
=DJHQLGHFXUDUHDEUD]LYL FXUDUHLvQWUHLQHUHUHFRPDQGDWHL
=GHWHUJHQLFDVQLFLGLVSRQLELOLvQFRPHU
DSUREDWHGH0HUFHGHV%HQ]
&XORDUHDVXSUDIHHLVHSRDWHVFKLPEDWHP
$FHWLDSRWGHWHULRUDVXSUDIDDGLVSOD\ SRUDU$WHSWDLSkQFHDFHDVWDVHXVXF
XOXL1XDSVDLSHVXSUDIDDGLVSOD\XOXLvQ
WLPSFHvOFXUDLQFD]FRQWUDUGLVSOD\XO
SRDWHILGHWHULRUDWvQPRGLUHPHGLDELO &XUDUHDVXSUDIHHORUGLQOHPQLD
EHQ]LORURUQDPHQWDOH
&XUDUHDRUQDPHQWHORUGLQPDWHULDO WHUJHLRUQDPHQWHOHGLQOHPQLEHQ]LOH
SODVWLF RUQDPHQWDOHFXRODYHWXPHGIU
VFDPHGHH[HPSOXRODYHWGLQPLFURILEU
3HULFROGHUQLUH 0XUGULUHLQWHQVXWLOL]DLSURGXVHOHGH
1XXWLOL]DLDJHQLGHFXUDUHSHED]GHVRO FXUDUHLvQWUHLQHUHUHFRPDQGDWHL
YHQLVDXSXOYHUL]DWRDUHSHQWUXDFXUD DSUREDWHGH0HUFHGHV%HQ]
SODQDGHERUGVDXVHFLXQHDFDSLWRQDWD
YRODQXOXL$JHQLLGHFXUDUHFDUHFRQLQVRO 1XXWLOL]DLDJHQLGHFXUDUHSHED]GH
YHQLSRWFRQIHULVXSUDIHHLXQDVSHFWSRURV VROYHQLSUHFXPVROYHQWSHQWUXJXGURQ
FHHDFHSRDWHFRQGXFHODOH]LXQLJUDYHvQFD]XO DJHQLGHFXUDUHSHQWUXMDQWHSURGXVHGH
GHVSULQGHULLLSURLHFWULLvQLQWHULRUDSULORU OXVWUXLUHVDXFHDUQFD]FRQWUDUH[LVW
GLQPDWHULDOSODVWLFvQPRPHQWXOGHFODQULL SHULFROXOGHWHULRUULLVXSUDIHHL
XQXLDLUEDJ
&XUDUHDKXVHORUVFDXQHORU
1XIRORVLLODYHWHGLQPLFURILEUSHQWUX
FXUDUHDKXVHORUGLQSLHOHQDWXUDODUWLIL
FLDOVDX$OFDQWDUD8WLOL]DUHDIUHFYHQW
DDFHVWRUDSRDWHGHWHULRUDKXVHOH
QWUHLQHUHDDXWRYHKLFXOXOXL
5HVSHFWDLXUPWRDUHOHLQVWUXFLXQLGH
FXUDUHDKXVHORU
=FXUDLKXVHOHRULJLQDOHGLQSLHOHFXR
ODYHWXPHGDSRLWHUJHLOHFXRODYHW
XVFDW$VLJXUDLYFSLHOHDQXVHXG
QFD]FRQWUDUDFHDVWDSRDWHGHYHQL
DVSULVHSRDWHILVXUD8WLOL]DLQXPDL
DJHQLGHFXUDUHDVXSUDIHHORUGLQ
SLHOHWHVWDWHLDSUREDWHGH0HUFHGHV
%HQ]3XWHLDFKL]LLRQDDFHVWHSURGXVH
GHODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
GHH[HPSOXXQ&HQWUXDXWRUL]DWGH
QWUHLQHUHLvQJULMLUH
YkQ]ULLVHUYLFH0HUFHGHV%HQ]
=FXUDLVXSUDIHHOHGLQSLHOHDUWLILFLDO
FXRODYHWXPH]LWvQWURVROXLHFDUHV
FRQLQGHWHUJHQWGHH[HPSOXGHWHU
JHQWOLFKLG
=FXUDLKXVHOHGLQPDWHULDOWH[WLOFXR
ODYHWGLQPLFURILEUXPH]LWvQWURVROX
LHFDUHVFRQLQGHWHUJHQWGH
H[HPSOXGHWHUJHQWOLFKLG)UHFDLFX
DWHQLHLWHUJHLvQWRWGHDXQDvQWUHDJD
VHFLXQHDVFDXQXOXLSHQWUXDHYLWD
OVDUHDGHXUPHYL]LELOH/VDLVFDXQXO
VVHXVXFH5H]XOWDWHOHFXUULLGHSLQG
GHWLSXOGHPXUGULHLGHYHFKLPHDDFHV
WHLD
=FXUDLKXVHOHGLQSLHOH$OFDQWDUDFXR
ODYHWXPHGWHUJHLvQWRWGHDXQD
vQWUHDJDVHFLXQHDVFDXQXOXLSHQWUXD
HYLWDOVDUHDGHXUPHYL]LELOH
G 5HLQHLIDSWXOFvQWUHLQHUHDUHJXODW
HVWHHVHQLDOSHQWUXDDVLJXUDPHQLQHUHD
FDOLWLLVXSUDIHHORUDWkWDDVSHFWXOXLFkW
LDFRQIRUWXOXL
&XUDUHDFHQWXULORUGHVLJXUDQ
8WLOL]DLDSFOGXFXUDWLVSXQ
1XFXUDLFHQWXULOHGHVLJXUDQFX
DJHQLGHFXUDUHFKLPLFL1XXVFDLFHQ
WXULOHGHVLJXUDQODWHPSHUDWXULPDLPDUL
GHVDXSULQH[SXQHUHDDFHVWRUDOD
OXPLQDVRODUGLUHFW
'RWDUHDDXWRYHKLFXOXOXL
'XSXQDFFLGHQW
8QGHSRWJVL"
3QHXGH]XPIODW
%DWHULD
3RUQLUHDDVLVWDW
5HPRUFDUHDLSRUQLUHDSULQUHPRU
FDUH
6LJXUDQH
$VLVWHQvQFD]GHDYDULH
'RWDUHDDXWRYHKLFXOXOXL
'RWDUHDDXWRYHKLFXOXOXL
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO
GXPQHDYRDVWUVQXGLVSXQGHWRDWH
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF
$VLVWHQvQFD]GHDYDULH
LLOHSULYLQGVLJXUDQD
8QGHSRWJVL"
'XSXQDFFLGHQW
3UREOHPD 3RVLELOHFDX]HXUPULLPVROXLL
$XWRYHKLFXOXOSUH]LQW 3HULFROGHH[SOR]LHVDXLQFHQGLX
VFXUJHULGHFDUEXUDQW
([LVWRGHIHFLXQHODFLUFXLWXOGHDOLPHQWDUHVDXODUH]HUYRUXOGH
FDUEXUDQW
5RWLLLPHGLDWFKHLDvQSR]LLD3DJLQDvQFRQWDFWL
VFRDWHLR
QQLFLXQFD]QXUHSRUQLLPRWRUXO
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
$VLVWHQvQFD]GHDYDULH
1XSXWHLGHWHUPLQD
DPSORDUHDGHWH $SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
ULRUULORU
1XSXWHLGHSLVWDQLFLR
GHIHFLXQH 3RUQLLPRWRUXOvQPRGQRUPDO
8QGHSRWJVL" 7UXVDGHVFXOHDDXWRYHKLFXOXOXL
7UXVD7,5(),7
7ULXQJKLXOUHIOHFWRUL]DQW
'HVIDFHLGLVSR]LWLYXOGHIL[DUHFXEDQG
6FRDWHUHDWULXQJKLXOXLUHIOHFWRUL]DQW 9HOFURLVFRDWHLWULXQJKLXOUHIOHFWRUL]DQW
7ULXQJKLXOUHIOHFWRUL]DQWVHDIOvQFRPSDUWL
PHQWXOGHGHSR]LWDUHGLQSDUWHDVWkQJD
FRPSDUWLPHQWXOXLSHQWUXEDJDMH $PSODVDUHDWULXQJKLXOXLGHDYHUWL]DUH
'HVFKLGHLKD\RQXO
'HVFKLGHLFRPSDUWLPHQWXOGHGHSR]LWDUH
'HSOLDLVXSRUWXOvQMRVLvQODWHUDO
5LGLFDLVHJPHQWHOHUHIOHFWRUL]DQWHODWH
C 7UXVDGHSULPDMXWRU UDOHDSHQWUXDIRUPDXQWULXQJKLLIL[DL
D &ULF OHSULQLQWHUPHGLXOFDSVHLC
7ULXQJKLXOUHIOHFWRUL]DQW
8QGHSRWJVL"
7UXVDGHSULPDMXWRU
7UXVDGHSULPDMXWRUVHDIOvQFRPSDUWLPHQ
WXOGHGHSR]LWDUHGLQVWkQJDSRUWEDJDMXOXL
'HVFKLGHLKD\RQXO
7UDJHLRSULWRUXOCvQVXV
$VLVWHQvQFD]GHDYDULH
6FRDWHLH[WLQFWRUXOD
G (VWHQHFHVDUUHXPSOHUHDH[WLQFWRUXOXL
GXSILHFDUHXWLOL]DUHLYHULILFDUHDDFHVWXLD
3HQWUXGHVFKLGHUHDFRPSDUWLPHQWXOXL DQXDOVDXRGDWODGRLDQLQFD]FRQWUDU
GHGHSR]LWDUHURWLLEXWRQXOURWDWLYCvQ HVWHSRVLELOFDDFHVWDVQXIXQFLRQH]HvQ
VLWXDLLGHXUJHQ
VHQVXOLQGLFDWGHVJHDWLUDEDWDLFDSD
FXOD 5HVSHFWDLUHJOHPHQWULOHvQYLJRDUHSHQWUX
ILHFDUHDU
7UXVDGHVFXOHDDXWRYHKLFXOXOXL
7UXVDGHVFXOHDDXWRYHKLFXOXOXLLWUXVD7,5(
),7VHDIOvQSDUWHDVWkQJDFRPSDUWLPHQ
WXOXLGHGHSR]LWDUHGLQFRPSDUWLPHQWXOSHQ
WUXEDJDMH
G $XWRYHKLFXOHOHQXVXQWSUHY]XWHGLQ
IDEULFFXXQHOWHOHQHFHVDUHSHQWUXvQOR
FXLUHDXQHLURLGHH[HPSOXFULFVDXPDQL
6FRDWHUHDWUXVHLGHSULPDMXWRUGHVID YHO3HQWUXDRELQHVFXOHOHDSUREDWHSHQ
FHLFOHPHOHGHIL[DUH WUXDXWRYHKLFXOXOGXPQHDYRDVWUDSHODLOD
VFRDWHLWUXVDGHSULPDMXWRU XQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGH
H[HPSOXODXQ&HQWUXDXWRUL]DWGHYkQ]UL
G 9HULILFDLDQXDOGDWHOHGHH[SLUDUHDSUR LVHUYLFH0HUFHGHV%HQ]
GXVHORUGLQWUXVDGHSULPDMXWRUQORFXLL
OHGDFHVWHQHFHVDULDGXJDLSURGXVHOH
FDUHOLSVHVF
([WLQFWRUXO
([WLQFWRUXOVHDIOVXESDUWHDGLQIDDVFDX
QXOXLRIHUXOXL
3QHXGH]XPIODW
WDUHDFkUOLJXOXLGHUHPRUFDUHDLFkUOLJXO
GHUHPRUFDUHC
C &RPSUHVRUXOSHQWUXXPIODUHDSQHXULORU
VLWXDWvQVSDWHOHWUXVHLGHSULPDMXWRU
$VLVWHQvQFD]GHDYDULH
D &ULF
7ULXQJKLXOUHIOHFWRUL]DQW
5RWLLXUXEXOGHIL[DUHVSUHVWkQJD
7UXVGHVFXOHLFDOGHURLSOLDELO G $XWRYHKLFXOHOHFXXQVXEZRRIHUvQVSDLXO
7UXVD7,5(),7 SHQWUXURDWDGHUH]HUYODvQGHSUWDUHWUH
EXLHVUHVSHFWDLGDWHOHGLQHWLFKHWHOHDSOL
7UXVDGHVFXOHFRQLQH
FDWHSHVXEZRRIHU
=RFDOGHURLSOLDELO
QGHSUWDLURDWDGHUH]HUYVDXURDWDGH
=VFKHPDGHFRUHVSRQGHQDVLJXUDQHORU
UH]HUY0LQLVSDUH
=XQFULF
3HQWUXLQIRUPDLLVXSOLPHQWDUHGHVSUHVFKLP
=XQLQHOGHUHPRUFDUH
EDUHDXQHLURLLPRQWDUHDURLLGHUH]HUY
YH]L3DJLQD
5RDWDGHUH]HUYURDWGHUH]HUYGH
XUJHQ0LQLVSDUH 3QHXGH]XPIODW
5RDWDGHUH]HUYVDXURDWDGHUH]HUY0LQLV
SDUHHVWHGHSR]LWDWVXESRGHDXDSRUWEDJD
3UHJWLUHDDXWRYHKLFXOXOXL
MXOXL $XWRYHKLFXOXOSRDWHILGRWDWFX
5LGLFDLSRGHDXDSRUWEDJDMXOXL =RWUXV7,5(),7
3DJLQD =RURDWGHUH]HUYGHXUJHQ
=RURDWGHUH]HUY
=VLVWHPXOGHUXODUHSHSDQ02([WHQGHG
3DJLQD
G 3UHJWLUHDDXWRYHKLFXOXOXLQXHVWHQHFH
VDUODDXWRYHKLFXOHOHFXVLVWHPXOGHUXODUH
SHSDQ02([WHQGHG
G $XWRYHKLFXOHOHSUHY]XWHFXVLVWHPXOGH
UXODUHSHSDQ02([WHQGHGQXVXQWGRWDWH
FXWUXV7,5(),73ULQXUPDUHGDFDLPRQ
WDWSQHXULIUSURSULHWLGHUXODUHSHSDQ
$XWRYHKLFXOHFXIXQFLH(&2VWDUW GHH[HPSOXSQHXULGHLDUQYUHFR
VWRSVFRDWHLFRPSDUWLPHQWXOGHGHSR]L PDQGPVHFKLSDLDXWRYHKLFXOXOFXR
3QHXGH]XPIODW
WUXV7,5(),77UXVHOH7,5(),7SRWILSURFX 3HULFROGHDFFLGHQW
UDWHGHH[HPSOXGHODXQ&HQWUXDXWRUL]DW 6LJXUDQDSHUVRQDOHVWHSHULFOLWDWLDJHQWXO
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ] GHHWDQDUHQXSRDWHRIHULDVLVWHQvQ
2SULLDXWRYHKLFXOXOFkWPDLGHSDUWHSRVLELO XUPWRDUHOHVLWXDLL
GH]RQDGHWUDILFSHWHUHQIHUPSODQL =GDFWLHWXULOHVDXSHUIRUDLLOHvQSQHXVXQW
QHDOXQHFRV PDLPDULGHPP
3RUQLLVHPQDOL]DWRDUHOHGHDYDULH =GDFMDQWDHVWHGHWHULRUDW
$FLRQDLIUkQDGHSDUFDUH =GDFDLFRQGXVDXWRYHKLFXOXOSHSDQVDX
5RWLLURLOHGLQIDvQSR]LLDSHQWUXGHSOD DYkQGRSUHVLXQHLQVXILFLHQWvQSQHXUL
VDUHDvQDLQWH 1XFRQWLQXDLFOWRULD$SHODLODXQDWHOLHU
$XWRYHKLFXOHOHFXWUDQVPLVLHPDQXDO GHVSHFLDOLWDWHDXWRUL]DWFDUHGHLQHFXQR
$VLVWHQvQFD]GHDYDULH
FXSODLSULPDWUHDSWGHYLWH]VDXWUHDSWD WLQHOHLHFKLSDPHQWHOHWHKQLFHQHFHVDUH
GHPHUVvQDSRL SHQWUXHIHFWXDUHDOXFUULORU
$XWRYHKLFXOHOHFXVLVWHP$872752 QDFHVWVFRS0HUFHGHV%HQ]YUHFRPDQG
1,&'HSODVDLPDQHWDVHOHFWRUXOXLvQSR]L VDSHODLODXQFHQWUXDXWRUL]DWGHYkQ]ULL
LD3 VHUYLFH0HUFHGHV%HQ](VWHSULRULWDUvQFUH
GLQDUHDOXFUULORUFHLPSOLFVLJXUDQDLVLV
2SULLPRWRUXO WHPHOHGHVLJXUDQXQXLDWHOLHUGHVSHFLDOL
6FRDWHLFKHLDGLQFRQWDFW WDWHDXWRUL]DW
7RLRFXSDQLLWUHEXLHVSUVHDVFDXWR 1XvQGHSUWDLQLFLXQFRUSVWULQFDUHD
YHKLFXOXO$VLJXUDLYFDFHWLDSUVHVF SWUXQVvQSQHXGHH[HPSOXXUXEXULVDX
DXWRYHKLFXOXOvQVLJXUDQ FXLH
$VLJXUDLYFvQWLPSXOvQORFXLULLXQHLURL 6FRDWHLWUXVD7,5(),7DXWRFRODQWXODQH[DW
QXVHDIOQLFLRSHUVRDQvQ]RQDSHULFX PD[NPKLFRPSUHVRUXOHOHFWULFGLQ
ORDV3HUVRDQHOHFDUHQXSDUWLFLSGLUHFW WDYDGLQFRPSDUWLPHQWXOGHGHSR]LWDUH
ODVFKLPEDUHDURLLWUHEXLHVVWHDGH 3DJLQD
H[HPSOXvQVSDWHOHJOLVLHUHLGHVLJXUDQ
&RERUkLGLQDXWRYHKLFXOLQHLFRQWGH
FRQGLLLOHGHWUDILF
QFKLGHLSRUWLHUDRIHUXOXL
$PSODVDLWULXQJKLXOUHIOHFWRUL]DQW
3DJLQDODRGLVWDQDGHFYDW5HV
SHFWDLSUHYHGHULOHOHJDOH
7UXVD7,5(),7
8WLOL]DUHDWUXVHL7,5(),7 $SOLFDLSDUWHDCDDXWRFRODQWXOXLvQFkP
3XWHLXWLOL]DWUXVD7,5(),7SHQWUXDHWDQD SXOYL]XDODORIHUXOXL
SHUIRUDLLPLQRUHvQVSHFLDOFHOHGLQ]RQDSUR $SOLFDLSDUWHDDDDXWRFRODQWXOXLvQDSUR
ILOXOXLGHUXODUH8WLOL]DUHDDJHQWXOXL7,5(),7 SLHUHDYHQWLOXOXLURLLFXSQHXOGHWHULRUDW
HVWHSRVLELOSkQODWHPSHUDWXULH[WHULRDUH
GH
3QHXGH]XPIODW
3HULFROGHUQLUH 7UXV7,5(),7YHUVLXQHD
$JHQWXOGHHWDQDUH7,5(),7QXWUHEXLHV
LQWUHvQFRQWDFWFXSLHOHDRFKLLVDX
vPEUFPLQWHD
='DFDJHQWXOGHHWDQDUHLQWUvQFRQWDFW
FXRFKLLVDXSLHOHDFOWLLLPHGLDWFXPXOW
DSFXUDW
=6FKLPEDLLPHGLDWvPEUFPLQWHDFDUHD
IRVWFRQWDPLQDWFXDJHQWGHHWDQDUH
7,5(),7
='DFDSDUHRUHDFLHDOHUJLFFRQVXOWDL
LPHGLDWXQPHGLF
$VLVWHQvQFD]GHDYDULH
'HVFKLGHLFDSDFXOD
1XOVDLDJHQWXO7,5(),7SHQWUXSQHXULOD
vQGHPkQDFRSLLORU 6FRDWHLFRQHFWRUXOFXFDEOXOLIXUWXQXO
=QFD]XOLQJHUULLDJHQWXOXLGHHWDQDUH
GLQFDUFDV
7,5(),7FOWLLYELQHJXUDLEHLPXOW QXUXEDLFDSWXOIXUWXQXOXLvQIODQD
DS kDUHFLSLHQWXOXLFXDJHQWGHHWDQDUH
=1XLQGXFHLVWDUHDGHYRP&RQVXOWDLLPH 7,5(),7C
GLDWXQPHGLF $PSODVDLUHFLSLHQWXOFXDJHQWGHHWDQDUH
=1XLQKDODLYDSRULLHPDQDLGHDJHQWXO7,5( 7,5(),7CFXFDSXOvQMRVvQGHJDMDUHD
),7 DFRPSUHVRUXOXLHOHFWULF
G 'DFH[LVWVFXUJHULGHDJHQWGHHWDQDUH
7,5(),7DWHSWDLSkQODXVFDUHDDFHVWXLD
8OWHULRUDFHVWDSRDWHILvQGHSUWDWVXE
IRUPDXQHLSHOLFXOHGHVXEVWDQXVFDW
'DFSHKDLQHUPkQHDJHQWGHHWDQDUH
7,5(),7FXUDLOHFkWPDLUDSLGFXSHUFOR
UHWLOHQ
3HULFROGHUQLUH
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQIXUQL
]DWHGHSURGXFWRULQVFULSLRQDWHSHDXWRFR
ODQWXOFRPSUHVRUXOXLHOHFWULF QGHSUWDLFDSDFXOYHQWLOXOXLmDOSQHXOXL
GHIHFW
$XWRYHKLFXOXOHVWHHFKLSDWFXXQXOGLQFHOH
GRXWLSXULGHFRPSUHVRDUHHOHFWULFH
=9HUVLXQHDIXUWXQXOFXPDQRPHWUXL
FDEOXOVXQWGHSR]LWDWHVXEXQFDSDF
=9HUVLXQHDPDQRPHWUXOHVWHvQFRPSUH
VRUXOHOHFWULF
3QHXGH]XPIODW
$VLJXUDLYFURELQHWXOGHGHSUHVXUL]DUH 7UXV7,5(),7YHUVLXQHD
nGHSHPDQRPHWUXoHVWHvQFKLVFRP
SOHW
QXUXEDLFDSWXOIXUWXQXOXLGHXPSOHUH
lSHYHQWLOXOm
,QWURGXFHLFRQHFWRUXOvQSUL]DGHDOL
PHQWDUHDEULFKHWHL3DJLQDVDX
vQWURSUL]GH9GLQDXWRYHKLFXO
3DJLQD
5RWLLFKHLDvQFRQWDFWvQSR]LLD
3DJLQD
$VLVWHQvQFD]GHDYDULH
'HSODVDLFRPXWDWRUXOGHSHFRPSUHVRU 6FRDWHLFRQHFWRUXOFXFDEOXOLIXUWXQXO
vQSR]LLD, GLQFDUFDV
&RPSUHVRUXOHOHFWULFHVWHSRUQLW3QHXO QXUXEDLFDSWXOIXUWXQXOXLvQIODQD
HVWHXPIODW DUHFLSLHQWXOXLFXDJHQWGHHWDQDUH
G 0DLvQWkLDJHQWXOGHHWDQDUH7,5(),7 7,5(),7C
HVWHSRPSDWvQSQHX3UHVLXQHDSRDWH $PSODVDLUHFLSLHQWXOFXDJHQWGHHWDQDUH
FUHWHSHQWUXVFXUWWLPSODDSUR[LPDWLY 7,5(),7CFXFDSXOvQMRVvQGHJDMDUHDD
N3DEDUSVL DFRPSUHVRUXOXLHOHFWULF
1XRSULLFRPSUHVRUXOHOHFWULFvQ
DFHDVWID]
/VDLFRPSUHVRUXOHOHFWULFVIXQFLRQH]H
WLPSGHFLQFLPLQXWH'XSFLQFLPLQXWH
SUHVLXQHDvQSQHXWUHEXLHVILHGHPLQLP
N3DEDUSVL
1XOVDLFRPSUHVRUXOHOHFWULFvQIXQF
LXQHPDLPXOWGHRSWPLQXWHIUSDX]Q
FD]FRQWUDUDFHVWDVHSRDWHVXSUDvQFO]L
&RPSUHVRUXOSRDWHILXWLOL]DWGLQQRXGXS
UHYHQLUHDODWHPSHUDWXUDQRUPDO QGHSUWDLFDSDFXOYHQWLOXOXLkDOSQHXOXL
QFD]XOvQFDUHHVWHDWLQVRSUHVLXQHGH GHIHFW
N3DEDUSVLGXSFLQFLPLQXWH QXUXEDLFDSWXOIXUWXQXOXLGHXPSOHUH
YH]L3DJLQD lSHYHQWLOXOk
QFD]XOvQFDUHQXHVWHDWLQVRSUHVLXQHGH
N3DEDUSVLGXSFLQFLPLQXWH ,QWURGXFHLFRQHFWRUXOvQSUL]DGHDOL
YH]L3DJLQD PHQWDUHDEULFKHWHL3DJLQDVDXvQWU
RSUL]GH9GLQDXWRYHKLFXO
3DJLQD
3QHXGH]XPIODW
5RWLLFKHLDvQFRQWDFWvQSR]LLD 3HULFROGHDFFLGHQWDUH
3DJLQD QFD]XOvQFDUHSUHVLXQHDQXDWLQJHYDORDUHD
'HSODVDLFRPXWDWRUXOGHSHFRPSUHVRU GHN3DEDULSVLQLFLGXSFLQFL
vQSR]LLD, PLQXWHSQHXOHVWHSUHDGHWHULRUDW
&RPSUHVRUXOHOHFWULFHVWHSRUQLW3QHXO 1XFRQWLQXDLFOWRULD$SHODLLPHGLDWODXQ
HVWHXPIODW DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUHGHLQH
G 0DLvQWkLDJHQWXOGHHWDQDUH7,5(),7 FXQRWLQHOHWHKQLFHLHFKLSDPHQWHOHQHFH
HVWHSRPSDWvQSQHX3UHVLXQHDSRDWH VDUHHIHFWXULLOXFUULORU0HUFHGHV%HQ]Y
FUHWHSHQWUXVFXUWWLPSODDSUR[LPDWLY UHFRPDQGVDSHODLODXQ&HQWUXDXWRUL]DW
N3DEDUSVL GHYkQ]ULLVHUYLFH0HUFHGHV%HQ](VWH
1XRSULLFRPSUHVRUXOHOHFWULFvQ SULRULWDUvQFUHGLQDUHDOXFUULORUFHLPSOLF
DFHDVWID] VLJXUDQDLVLVWHPHOHGHVLJXUDQXQXLDWH
$VLVWHQvQFD]GHDYDULH
OLHUGHVSHFLDOLWDWHDXWRUL]DW
/VDLFRPSUHVRUXOHOHFWULFVIXQFLRQH]H
WLPSGHFLQFLPLQXWH'XSFLQFLPLQXWH
SUHVLXQHDvQSQHXWUHEXLHVILHGHPLQLP (VWHDWLQVSUHVLXQHDGHN3D
N3DEDUSVL EDUSVLvQSQHXUL
1XOVDLFRPSUHVRUXOHOHFWULFvQIXQF 'HSODVDLFRPXWDWRUXOGHSHFRPSUHVRUXO
LXQHPDLPXOWGHRSWPLQXWHIUSDX]Q HOHFWULFvQSR]LLD
FD]FRQWUDUDFHVWDVHSRDWHVXSUDvQFO]L &RPSUHVRUXOHOHFWULFHVWHRSULW
QGHSUWDLWUXVD7,5(),7GHSHURDW
&RPSUHVRUXOSRDWHILXWLOL]DWGLQQRXGXS
UHYHQLUHDODWHPSHUDWXUDQRUPDO 3HULFROGHUQLUH
QFD]XOvQFDUHHVWHDWLQVRSUHVLXQHGH (VWHSRVLELOFDIXUWXQXOGHDHUVILHvQFILHU
N3DEDUSVLGXSFLQFLPLQXWH ELQWH3URFHGDLFXDWHQLHSHQWUXDHYLWDSUR
YH]L3DJLQD GXFHUHDGHDUVXULODGHWDDUHDFRPSUHVRUXOXL
QFD]XOvQFDUHQXHVWHDWLQVRSUHVLXQHGH HOHFWULF
N3DEDUSVLGXSFLQFLPLQXWH
YH]L3DJLQD 'XSXWLOL]DUHGLQIXUWXQXOGHXPSOHUHDU
SXWHDVPDLFXUJDJHQWGHHWDQDUH7,5(
1XHVWHDWLQVSUHVLXQHDGHN3D ),7$FHVWDDUSXWHDSWD
EDUSVLvQSQHXUL 3ULQXUPDUHLQWURGXFHLIXUWXQXOGH
XPSOHUHvQSXQJDGLQSODVWLFvQFDUHDIRVW
QFD]XOvQFDUHQXHVWHDWLQVRSUHVLXQHGH GHSR]LWDWWUXVD7,5(),7
N3DEDUSVLGXSFLQFLPLQXWH
'HSR]LWDLWUXVD7,5(),7FRPSUHVRUXOHOHF
'HSODVDLFRPXWDWRUXOGHSHFRPSUHVRUXO
WULFLWULXQJKLXOUHIOHFWRUL]DW
HOHFWULFvQSR]LLD
3XQHLLPHGLDWDXWRYHKLFXOXOvQPL
&RPSUHVRUXOHOHFWULFHVWHRSULW
FDUH
'HXUXEDLIXUWXQXOGHXPSOHUHGHODYHQWLO
&RQGXFHLFXYLWH]IRDUWHUHGXVvQDLQWH 3HULFROGHDFFLGHQW
VDXvQDSRLSHRGLVWDQGHDSUR[LPDWLY 1XGHSLLYLWH]DPD[LPGHNPK
P $XWRFRODQWXOFXLQVFULSLDPD[NPK
8PIODLGLQQRXSQHXO WUHEXLHVILHDPSODVDWvQFkPSXOYL]XDODO
RIHUXOXL
0DQHYUDELOLWDWHDDXWRYHKLFXOXOXLSRDWHIL
DIHFWDW
3QHXGH]XPIODW
2SULLGXSDSUR[LPDWLYPLQXWHLYHUL
ILFDLSUHVLXQHDvQSQHXULSULQLQWHUPHGLXO
FRPSUHVRUXOXLHOHFWULF
3HULFROGHDFFLGHQWDUH
'DFSUHVLXQHDvQSQHXHVWHPDLPLFGH
N3DEDULSVLSQHXOHVWHSUHD
GHWHULRUDW1XFRQWLQXDLFOWRULD$SHODL
LPHGLDWODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW
FDUHGHLQHFXQRWLQHOHWHKQLFHLHFKLSD
PHQWHOHQHFHVDUHHIHFWXULLOXFUULORU0HU
FHGHV%HQ]YUHFRPDQGVDSHODLODXQ 7UXVD7,5(),7YHUVLXQHD
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
$VLVWHQvQFD]GHDYDULH
3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL
GHV%HQ](VWHSULRULWDUvQFUHGLQDUHD YHUVLXQHDDSVDLEXWRQXOGHGHSUH
OXFUULORUFHLPSOLFVLJXUDQDLVLVWHPHOHGH VXUL]DUHmGHOkQJPDQRPHWUXn
VLJXUDQXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW 'HSR]LWDLWUXVD7,5(),7FRPSUHVRUXOHOHF
WULFLWULXQJKLXOUHIOHFWRUL]DW
&RUHFWDLSUHVLXQHDvQSQHXGDFHVWHGH &RQGXFHLDXWRYHKLFXOXOFWUHFHOPDLDSUR
FHOSXLQN3DEDUSVLSHQWUX SLDWDWHOLHUGHVHUYLFHSHQWUXvQORFXLUHD
YDORULOHVSHFLILFHFRQVXOWDLWDEHOXOGHSH SQHXOXL
FODSHWDEXRQXOXLUH]HUYRUXOXLGHFDUEX $SHODLFkWPDLFXUkQGSRVLELOODXQDWHOLHU
UDQW GHVSHFLDOLWDWHFDOLILFDWGHH[HPSOXODXQ
3HQWUXDFUHWHSUHVLXQHDvQSQHXULSRU &HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HU
QLLFRPSUHVRUXOHOHFWULF FHGHV%HQ]SHQWUXvQORFXLUHDWUXVHL7,5(
),7
1RWSULYLQGSURWHFLDPHGLXOXL
7UXVD7,5(),7IRORVLWWUHEXLHvQFUHGLQDW
SHQWUXFDVDUHXQXLDWHOLHUGHVSHFLDOLWDWHGH
H[HPSOXXQXLFHQWUXDXWRUL]DWGHYkQ]ULL
VHUYLFH0HUFHGHV%HQ]
/DILHFDUHSDWUXDQLDSHODLODXQDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWGHH[HPSOXODXQ
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HU
FHGHV%HQ]SHQWUXvQORFXLUHDWUXVHL7,5(
7UXVD7,5(),7YHUVLXQHD ),7
3HQWUXDUHGXFHSUHVLXQHDvQSQHXUL
YHUVLXQHDGHVFKLGHLURELQHWXOGH
GHSUHVXUL]DUHnGHSHPDQRPHWUXo QORFXLUHDXQHLURLLPRQWDUHDURLL
GHUH]HUY
3UHJWLUHDDXWRYHKLFXOXOXL
3HULFROGHDFFLGHQWDUH
'LPHQVLXQLOHMDQWHLLDOHSQHXOXLURLLGH
UH]HUYGHXUJHQURLLGHUH]HUYSRWGLIHUL
3QHXGH]XPIODW
GHFHOHDOHSQHXOXLGHIHFW/DXWLOL]DUHDXQHL SDUWLPHQWXOGHGHSR]LWDUHGHVXESRGHDXD
URLGHUH]HUYGHXUJHQURLGHUH]HUY SRUWEDJDMXOXL
PDQHYUDELOLWDWHDDXWRYHKLFXOXOXLDUSXWHDIL 6FRDWHLXUPWRDUHOHRELHFWHGLQFRPSDU
PRGLILFDW WLPHQWXOGHGHSR]LWDUHGLQSDUWHDVWkQJD
$GDSWDLYVWLOXOGHFRQGXFHUHQRLORUFRQGLLL SRUWEDJDMXOXL
1XXWLOL]DLQLFLRGDWDXWRYHKLFXOXOFXPDL =WUXVDGHVFXOHDDXWRYHKLFXOXOXL
PXOWGHRURDWGHUH]HUYGHXUJHQURDW =FDODSOLDELO
GHUH]HUYDFUHLGLPHQVLXQLGLIHUGHFHOH =FULFXO
DOHUHVWXOXLURLORU
$VLJXUDLDXWRYHKLFXOXOvPSRWULYDSXQHULL
8WLOL]DLRURDWGHUH]HUYGHXUJHQURDW
DFFLGHQWDOHvQPLFDUH
GHUH]HUYFXGLPHQVLXQLGLIHULWHGRDUWHPSR
UDU
$VLVWHQvQFD]GHDYDULH
1XGHSLLYLWH]DPD[LPGHNPKGDF
$VLJXUDUHDDXWRYHKLFXOXOXLvPSRWULYD
ODDXWRYHKLFXOHVWHPRQWDWRURDWGHUH]HUY
SXQHULLDFFLGHQWDOHvQPLFDUH
GHXUJHQ 'DFDXWRYHKLFXOXOGXPQHDYRDVWUHVWH
SUHY]XWFXRFDODFHDVWDHVWHGHSR]LWDWvQ
3HULFROGHDFFLGHQWDUH WUXVDGHVFXOHDDXWRYHKLFXOXOXL
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW 3DJLQD
FDUHGHLQHFXQRWLQHOHWHKQLFHLHFKLSD &DODSOLDELOHVWHRPVXUGHVLJXUDQVXSOL
PHQWHOHQHFHVDUHSHQWUXvQORFXLUHDURLLGH PHQWDUFDUHSUHYLQHGHSODVDUHDDFFLGHQWDO
UH]HUYGHXUJHQURLLGHUH]HUYFkWPDL DDXWRYHKLFXOXOXLGHH[HPSOXODVFKLPEDUHD
FXUkQGSRVLELO0HUFHGHV%HQ]YUHFRPDQG XQHLURL
VDSHODLODXQ&HQWUXDXWRUL]DWGHYkQ]ULL
VHUYLFH(VWHSULRULWDUvQFUHGLQDUHD
OXFUULORUFHLPSOLFVLJXUDQDLVLVWHPHOHGH
VLJXUDQXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW
G $XWRYHKLFXOHOHFDUHQXVXQWSUHY]XWHFX
URDWGHUH]HUYGHXUJHQURDWGH
UH]HUYQXVXQWHFKLSDWHFDGRWDUHVWDQ
GDUGFXRWUXVGHVFXOHSHQWUXVFKLPEDUHD
URLORU3HQWUXLQIRUPDLLVXSOLPHQWDUHSUL
YLQGXQHOWHOHQHFHVDUHSHQWUXVFKLPEDUHD
5LGLFDLDPEHOHFRPSRQHQWHC
XQHLURLGHH[HPSOXFDODGHURDWPDQL
YHODVDXWLMDGHFHQWUDUHDSHODLODXQ&HQ 'HSOLDLSDUWHDLQIHULRDUD
WUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH ,QWURGXFHLERVDMHOHSULLLQIHULRDUHvQRUL
GHV%HQ] ILFLLOHFRUHVSXQ]WRDUHGHSHED]
3UHJWLLDXWRYHKLFXOXOFRQIRUPGHVFULHULL 3HVXSUDIDSODQDPSODVDLFDOHVDX
DQWHULRDUH3DJLQD DOWHRELHFWHVLPLODUHvQIDDLvQVSDWHOHURLL
'DFHVWHFXSODWRUHPRUFGHFXSODLR GLDJRQDORSXVHFHOHLSHFDUHGRULLVR
6FRDWHLURDWDGHUH]HUYGHXUJHQ VFKLPEDL
0LQLVSDUHVDXURDWDGHUH]HUYGLQFRP QSDQWHDPSODVDLFDOHVDXDOWHRELHFWH
VLPLODUHvQIDDURLORUSXQLORUIDLVSDWH
3QHXGH]XPIODW
5LGLFDUHDDXWRYHKLFXOXOXL
3HULFROGHUQLUH
&ULFXODUHGRDUUROXOGHDULGLFDDXWRYHKLFXOXO
SHQWUXRSHULRDGVFXUWGHWLPSSHUPLkQG
VFKLPEDUHDURLL
'DFLQWHQLRQDLVOXFUDLVXEDXWRYHKLFXO
DFHVWDWUHEXLHULGLFDWSHGLVSR]LWLYHGHVXVL
QHUH
&ULFXOWUHEXLHDPSODVDWSHRVXSUDIDSODQ
VWDELOFXDGHUHQDGHFYDW1XXWLOL]DL
-DQWHGHRHOSUHY]XWHFXFDSDFH
EXFLGHOHPQVDXRELHFWHVLPLODUHFDVXSRUW
$VLVWHQvQFD]GHDYDULH
SHQWUXFULFQFD]FRQWUDUDXWRYHKLFXOXODU $XWRYHKLFXOHOHFXMDQWHGHRHOLQWURGX
SXWHDDOXQHFDGHSHFULFLDLSXWHDVXIHULUQL FHLFXDWHQLHPkLQLOHvQGRXGLQWUHGHFX
JUDYH SDMHOHFDSDFXOXLLvQGHSUWDLO
1XSRUQLLPRWRUXOvQWLPSXOVFKLPEULLXQHL
URL
1XYDH]DLVXEDXWRYHKLFXOFkQGDFHVWD
HVWHULGLFDWSHFULF'DFQXULGLFDLDXWRYH
KLFXOXOFRQIRUPSURFHGXULLGHVFULVHPDLVXV
DFHVWDSRDWHVDOXQHFHGHSHFULFGHH[HP
SOXODSRUQLUHDPRWRUXOXLVDXODGHVFKLGHUHD
RULvQFKLGHUHDXQHLDGLQWUHSRUWLHUHVDXD
KD\RQXOXLLSXWHLILJUDYDFFLGHQWDW
3HULFROGHDFFLGHQWDUH
$PSODVDUHDLQFRUHFWDFULFXOXLSRDWH &XDMXWRUXOPDQLYHOHLCVOELLXUXEXULOH
DQWUHQD URLLSHFDUHGRULLVRvQORFXLLHIHFWXkQG
=DOXQHFDUHDDXWRYHKLFXOXOXLGHSHFULF
DSUR[LPDWLYRURWDLHFRPSOHW1XGHVID
FHLFRPSOHWXUXEXULOH
=DFFLGHQWDUHDGXPQHDYRDVWUVDXDDOWRU
SHUVRDQH 3XQFWHOHGHDSOLFDUHDFULFXOXLVXQWVLWXDWHvQ
=GHWHULRUDUHDDXWRYHKLFXOXOXL
VSDWHOHSDVDMHORUURLORUIDLvQIDDSDVD
MHORUURLORUVSDWH
'HDFHHDHVWHLPSRUWDQWVDVLJXUDLDPSOD
6FRDWHLFKHLDWXEXODULFKHLDFXFOLFKHW
VDUHDFRUHFWDFULFXOXLvQSXQFWHOHGHDSOL
FDUHFRUHVSXQ]WRDUHQDLQWHGHDDPSODVD
GLQWUXVDGHVFXOHDDXWRYHKLFXOXOXL
FULFXOvQGHSUWDLQRURLXOFDUHVHSRDWHDFX ,QWURGXFHLFKHLDWXEXODUvQFKHLDFXFOL
PXODvQSXQFWHOHGHDSOLFDUH5HLQHLFFULFXO FKHWLPRQWDLRSHFULFDVWIHOvQFkWPDU
WUHEXLHSR]LLRQDWvQGHJDMDUHDVSHFLDO FDMXO$8)VILHYL]LELO
SUHY]XWSHQWUXFULF
3QHXGH]XPIODW
0RQWDUHDXQHLURLQRL
3HULFROGHDFFLGHQW
QORFXLLXUXEXULOHGHWHULRUDWHVDXFRURGDWH
1XXQJHLQLFLRGDWSLXOLHOHURLORUFXOXEUL
ILDQWVDXYDVHOLQQFD]FRQWUDUXUXEXULOH
VHSRWVOELvQEXWXFXOURLL
$9(57,=$5(
'DFXQILOHWGLQEXWXFXOURLLHVWHGHWHULRUDW
QXYGHSODVDLPDLGHSDUWH$SHODLODXQDWH
$PSODVDLFULFXOvQSXQFWXOGHDSOL OLHUGHVSHFLDOLWDWHFDOLILFDWFDUHGLVSXQHGH
$VLVWHQvQFD]GHDYDULH
FDUHD FXQRWLQHOHGHVSHFLDOLWDWHLVFXOHOHSHQWUX
UHDOL]DUHDOXFUULORUQHFHVDUH0HUFHGHV
%HQ]YUHFRPDQGSHQWUXDFHDVWDXQSXQFW
GHVHUYLFHVDXXQ6HUYLFHK0HUFHGHV
%HQ]([HFXWDUHDvQVSHFLDODOXFUULORUFH
DIHFWHD]VLJXUDQDSUHFXPLDOXFUULORUOD
VLVWHPHOHUHOHYDQWHSHQWUXVLJXUDQGHFWUH
XQDWHOLHUFDOLILFDWGHVSHFLDOLWDWHHVWHREOLJD
WRULH
3HULFROGHDFFLGHQW
8WLOL]DLQXPDLXUXEXULSURLHFWDWHVSHFLDO
$VLJXUDLYFED]DFULFXOXLHVWHVLWXDW SHQWUXURLLDXWRYHKLFXO'LQPRWLYHGHVLJX
H[DFWVXESXQFWXOGHDSOLFDUH UDQ0HUFHGHV%HQ]YUHFRPDQGVXWLOL
]DLGRDUXUXEXULGHURDWFDUHDXIRVWDSUR
5RWLLFKHLDFXFOLFKHWSkQFkQGFULFXO EDWHSHQWUXDXWRYHKLFXOHOH0HUFHGHV%HQ]L
HVWHDPSODVDWvQvQWUHJLPHSHSXQFWXO SHQWUXURDWDUHVSHFWLY8WLOL]DUHDDOWRUXUX
GHDSOLFDUHDLED]DVDHVWHDPSODVDW EXULSRDWHGXFHODVOELUHDDFHVWRUDvQWLPSXO
XQLIRUPSHVRO IXQFLRQULLVDXODGHWHULRUDUHDVLVWHPXOXLGH
5RWLLFKHLDFXFOLFKHWSkQFkQGURDWD IUkQDUH
VHULGLFFXPD[LPXPWUHLFHQWLPHWULGHD 1XVWUkQJHLFRPSOHWXUXEXULOHGHURDW
VXSUDVROXOXL DWXQFLFkQGDXWRYHKLFXOXOHVWHULGLFDWSHFULF
$XWRYHKLFXOXOSRDWHDOXQHFDGHSHFULF
'HPRQWDUHDXQHLURL
&XUDLVXSUDIHHOHGHFRQWDFWDOHURLLL
'HVIDFHLXUXEXULOHGHURDW DOHEXWXFXOXL
1XDH]DLXUXEXULOHvQQLVLSVDXSH
VXSUDIHHPXUGDUHQFD]FRQWUDUILOHWXO
XUXEXULORUURLORULEXWXFXOURLLDUSXWHDIL
GHWHULRUDWHvQWLPSXOvQXUXEULL
6FRDWHLURDWD
3QHXGH]XPIODW
5RWLLFULFXOvQSR]LLDLQLLDOLGHSR]LWDLO
vPSUHXQFXUHVWXOWUXVHLGHVFXOHDDXWR
YHKLFXOXOXLvQFRPSDUWLPHQWXOSHQWUXGHSR
]LWDUHDOFRPSDUWLPHQWXOXLSHQWUXEDJDMH
G $WXQFLFkQGFRQGXFHLFXURDWDGHUH]HUY
GHXUJHQPRQWDWVLVWHPXOGHDYHUWL]DUH
SULYLQGSLHUGHUHDGHSUHVLXQHvQSQHXQX
SRDWHIXQFLRQDvQPRGDGHFYDW5HSRUQLL
VLVWHPXOGHDYHUWL]DUHSULYLQGSLHUGHUHDGH
SUHVLXQHvQSQHXGRDUGXSFHURDWD
,QWURGXFHLURDWDGHUH]HUYGHXUJHQ GHIHFWDIRVWvQORFXLWFXXQDQRX
URDWDGHUH]HUYSHEXWXFXOURLLLvPSLQ
$VLVWHQvQFD]GHDYDULH
JHLR
6LVWHPXOGHUXODUHSHSDQ02([WHQ
6WUkQJHLPDQXDOXUXEXULOHURLORU
GHG
&RERUkUHDDXWRYHKLFXOXOXL 6LVWHPXOGHUXODUHSHSDQ02([WHQGHGSHU
PLWHFRQWLQXDUHDFOWRULHLFKLDUGDFXQXO
,QWURGXFHLFKHLDWXEXODUvQFKHLDLQHODU VDXPDLPXOWHGLQWUHSQHXULOHDXWRYHKLFXOXOXL
FXFOLFKHWLSR]LLRQDLRSHFULFDVWIHO VXQWFRPSOHWGH]XPIODWH
vQFkWOLWHUHOH$%VILHYL]LELOH 6LVWHPXOGHUXODUHSHSDQ02([WHQGHG
5RWLLFKHLDLQHODUFXFOLFKHWSkQFkQG SRDWHILXWLOL]DWQXPDLvQFRPELQDLHFXVLVWH
DXWRYHKLFXOXOUHYLQHGLQQRXFXWRDWJUHX PXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUHVLXQH
WDWHDSHVRO vQSQHXULVDXFXFHOGHPRQLWRUL]DUHDSUHVLX
3XQHLFULFXOvQWURSDUWH QLLvQSQHXUL
'LVWDQDPD[LPFHSRDWHILSDUFXUVvQ
PRGXOGHUXODUHSHSDQGHSLQGHGHJUDGXOGH
vQFUFDUHDDXWRYHKLFXOXOXL$FHDVWDHVWHGH
NPGDFDXWRYHKLFXOXOHVWHvQFUFDWSDU
LDOLGHNPGDFHVWHvQFUFDWFRPSOHW
'LVWDQDPD[LPFHSRDWHILSDUFXUVvQ
PRGXOGHUXODUHSHSDQHVWHFRQWRUL]DW
vQFHSkQGGLQPRPHQWXODSDULLHLSHGLVSOD\XO
PXOWLIXQFLRQDODDYHUWLVPHQWXOXLUHIHULWRUOD
SLHUGHUHDGHSUHVLXQHvQSQHXUL
1XGHSLLYLWH]DPD[LPGHNPK
6WUkQJHLXUXEXULOHURLLvQPRGXQLIRUP
GXSPRGHOXOvQGLDJRQDOvQRUGLQHDLQGL 3HULFROGHDFFLGHQW
FDWGHODCOD&XSOXOGHVWUkQJHUH 0DQHYUDELOLWDWHDDXWRYHKLFXOXOXLGXPQHD
WUHEXLHVILHGH1P YRDVWUYDILDIHFWDWFkQGFRQGXFHLvQPRGXO
GHUXODUHSHSDQGHH[HPSOX
3HULFROGHDFFLGHQWDUH =ODHIHFWXDUHDYLUDMHORU
9HULILFDLFXSOXOGHVWUkQJHUHLPHGLDWGXSFH =vQWLPSXOIUkQULL
DIRVWVFKLPEDWURDWD5RLOHVHSRWGHVIDFH =ODDFFHOHUDUHUDSLG
GDFQXVXQWVWUkQVHODXQFXSOXGH
1P 'LQDFHVWPRWLYHVWHQHFHVDUDGDSWDUHD
FRUHVSXQ]WRDUHDVWLOXOXLGHFRQGXFHUHHYL
%DWHULD
WDUHDPDQHYUHORULDFFHOHUULORUEUXWHSUH WUXV7,5(),77UXVHOH7,5(),7SRWILSURFX
FXPLDFRQGXFHULLSHVWHREVWDFROHGHH[HP UDWHGHH[HPSOXGHODXQ&HQWUXDXWRUL]DW
SOXSHVWHERUGXULJURSLLSHWHUHQDFFLGHQ GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
WDW$FHDVWLQGLFDLHHVWHYDODELOPDLDOHVvQ
FD]XOXQXLJUDGULGLFDWGHvQFUFDUHDDXWRYH
KLFXOXOXL %DWHULD
'LVWDQDPD[LPDGPLVFHSRDWHILSDUFXUV ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
vQPRGXOGHUXODUHSHSDQGHSLQGHvQPDUH UDQD
PVXUGHVROLFLWULOHODFDUHHVWHVXSXVDXWR
YHKLFXOXO$FHDVWDSRDWHILPDLPLFvQFD]GH 3HQWUXDSUHOXQJLODPD[LPGXUDWDGHYLDD
UXODUHODYLWH]HULGLFDWHVDUFLQLPDULPDQHYUH EDWHULLORUHVWHQHFHVDUFDDFHVWHDVILHSHU
EUXWHFRQGLLLGLILFLOHGHGUXPWHPSHUDWXUL PDQHQWvQFUFDWHVXILFLHQW
$VLVWHQvQFD]GHDYDULH
H[WHULRDUHH[FHVLYHHWFVDXPDLPDUHGDF 9HULILFDLJUDGXOGHvQFUFDUHDEDWHULHLPDL
UXODLFXIRDUWHPDUHDWHQLH IUHFYHQWGDFXWLOL]DLDXWRYHKLFXOXOSUHSRQ
1XFRQWLQXDLVYGHSODVDLvQPRGXOGH GHUHQWSHQWUXFOWRULLVFXUWHVDXGDFDFHVWD
UXODUHSHSDQGDF HVWHPHQLQXWvQVWDUHGHQHIXQFLRQDUHSHQ
WUXSHULRDGHvQGHOXQJDWHGHWLPS
=DX]LLSRFQLWXUL
3HQWUXDSUHYHQLGHWHULRUULOHFDX]DWHGH
=DXWRYHKLFXOXOvQFHSHVYLEUH]H
FRUR]LXQHvQORFXLLEDWHULDQXPDLFXXQD
=VHVL]DLDSDULLDIXPXOXLLDPLURVXOXLGH SUHY]XWFXFDSDFFHQWUDOGHYHQWLODLH
FDXFLXF QORFXLLEDWHULDGRDUFXXQDVLPLODUUHFR
=VLVWHPXO(63LQWHUYLQHvQPRGFRQVWDQW PDQGDWGH0HUFHGHV%HQ]
=REVHUYDLILVXULvQWDORDQHOHSQHXULORU &RQVXOWDLXQ&HQWUXDXWRUL]DWGHYkQ]ULL
'XSFRQGXFHUHDvQPRGXOGHUXODUHSHSDQ VHUYLFH0HUFHGHV%HQ]GDFGRULLVSDUFDL
HVWHQHFHVDUYHULILFDUHDMDQWHORUODXQDWHOLHU DXWRYHKLFXOXOSHULRDGHPDLOXQJLGHWLPS
GHVSHFLDOLWDWHDXWRUL]DWFDUHGHLQHFXQR
3HULFROGHUQLUH
WLQHOHWHKQLFHLHFKLSDPHQWHOHQHFHVDUH
HIHFWXULLOXFUULORU3QHXOGHIHFWWUHEXLHvQOR QWLPSXOPDQLSXOULLEDWHULLORUGHDXWRYHKLFXO
FXLWvQWRDWHFD]XULOH UHVSHFWDLPVXULOHGHVLJXUDQLOXDL
PVXULGHSURWHFLH
QDFHVWVFRS0HUFHGHV%HQ]YUHFRPDQG
VDSHODLODXQ&HQWUXDXWRUL]DWGHYkQ]ULL 3HULFROGHH[SOR]LH
VHUYLFH0HUFHGHV%HQ](VWHSULRULWDUvQFUH
GLQDUHDOXFUULORUFHLPSOLFVLJXUDQDLVLV
WHPHOHGHVLJXUDQXQXLDWHOLHUGHVSHFLDOL )XPDWXOOXFUXOFXIRFXOL
WDWHDXWRUL]DW FXIOFULOHGHVFKLVHVXQW
LQWHU]LVHvQWLPSXOPDQL
G 'DFvQORFXLLXQXOVDXWRDWHSQHXULOHDVL SXOULLEDWHULHL(YLWDLSUR
JXUDLYFXWLOL]DLGRDUSQHXULFHSRDUW GXFHUHDGHVFkQWHL
PDUFDMXO02([WHQGHGGHGLPHQVLXQLOH
$FLGXOGLQEDWHULHHVWH
VSHFLILFDWHSHQWUXDXWRYHKLFXO
FDXVWLF(YLWDLFRQWDFWXO
G $XWRYHKLFXOHOHSUHY]XWHFXVLVWHPXOGH DFHVWXLDFXSLHOHDRFKLLVDX
UXODUHSHSDQ02([WHQGHGQXVXQWGRWDWH vPEUFPLQWHD
FXWUXV7,5(),73ULQXUPDUHGDFDLPRQ 3XUWDLHFKLSDPHQWGHSUR
WDWSQHXULIUSURSULHWLGHUXODUHSHSDQ WHFLHDGHFYDWPDLDOHV
GHH[HPSOXSQHXULGHLDUQYUHFR PQXLVDORSHWLPDVF
PDQGPVHFKLSDLDXWRYHKLFXOXOFXR
%DWHULD
QGHSUWDLLPHGLDWDFLGXO WH[WLO1XWUDJHLLQXJOLVDLEDWHULDSH
YUVDWDFFLGHQWDOSULQ FRYRDUHVDXDOWHPDWHULDOHVLQWHWLFH
FOWLUHFXDSFXUDW'DF =QXDWLQJHLQLFLRGDWEDWHULDvQDLQWHGHDY
HVWHQHFHVDUFRQVXOWDLXQ ILGHVFUFDWGHHYHQWXDOHOHVDUFLQLHOHFWURV
PHGLF WDWLFH3HQWUXDFHDVWDSUVLLDXWRYHKLFX
3XUWDLRFKHODULGHSURWHF OXOLDWLQJHLFDURVHULDDFHVWXLD
LH =QXWHUJHLEDWHULDFXODYHWHWH[WLOH%DWHULD
SRDWHH[SORGDFDXUPDUHDXQHLvQFUFUL
HOHFWURVWDWLFHVDXDVFkQWHLORUFDUHVDU
LQHLFRSLLLODGLVWDQ
2SULLPRWRUXOLVFRDWHLFKHLDvQDLQWHGH
GHFRQHFWDUHDILHORUGHODERUQHOHEDWHULHL
$VLVWHQvQFD]GHDYDULH
5HVSHFWDLLQVWUXFLXQLOH QFD]FRQWUDUHVWHSRVLELOGLVWUXJHUHD
RIHULWHvQ0DQXDOXOGHXWLOL XQRUFRPSRQHQWHHOHFWURQLFHFXPDUIL
]DUH DOWHUQDWRUXO
G 'DFSDUFDLDXWRYHKLFXOXOLQXDYHL
1RWSULYLQGSURWHFLDPHGLXOXL QHYRLHGHQLFLXQFRQVXPDWRUHOHFWULFVFRD
1XDUXQFDLEDWHULLOHvPSUHXQFXUHVWXULOH
WHLFKHLDGLQFRQWDFW$XWRYHKLFXOXOYDXWL
PHQDMHUHQGHSUWDLEDWHULLOHX]DWHvQPRG
OL]DRFDQWLWDWHIRDUWHUHGXVGHHQHUJLH
HFRORJLFQFUHGLQDLEDWHULLOHGHVFUFDWH
FRQVHUYkQGDVWIHOHQHUJLDEDWHULHL
XQXL&HQWUXGH6HUYLFH0HUFHGHV%HQ]VDX 0HUFHGHV%HQ]YUHFRPDQGVQXUHDOL]DL
XQXLSXQFWVSHFLDOGHFROHFWDUHDEDWHULLORU SHUVRQDOOXFUULDVXSUDEDWHULHLGHH[HPSOX
VFRDWHUHDvQFUFDUHDVDXvQORFXLUHDDFHV
3HULFROGHUQLUH WHLD3HQWUXHIHFWXDUHDDFHVWRUOXFUULDSH
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ] ODLvQWRWGHDXQDODXQDWHOLHUGHVSHFLDOLWDWH
UHFRPDQGXWLOL]DUHDH[FOXVLYDEDWHULLORU DXWRUL]DWGHH[HPSOXODXQ&HQWUXDXWRUL]DW
FDUHDXIRVWWHVWDWHLDSUREDWHSHQWUXDXWR GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
YHKLFXOGHFWUH0HUFHGHV%HQ]$FHVWHEDWH
ULLRIHUSURWHFLHVXSHULRDUODLPSDFWSHQWUX
DSUHYHQLSURGXFHUHDGHDUVXULFKLPLFHvQ $PSODVDUHDEDWHULHL
FD]XOGHWHULRUULLEDWHULHLFDXUPDUHDXQXL $XWRYHKLFXOXOHVWHHFKLSDWFXREDWHULH
DFFLGHQW $FHDVWDHVWHVLWXDWvQVSDLXOSHQWUXSLFLRDUH
3HQWUXDSUHYHQLDUVXULOHFKLPLFHUHVSHFWDL FRUHVSXQ]WRUVFDXQXOXLGLQGUHDSWDID
XUPWRDUHOHLQVWUXFLXQLGHVLJXUDQODPDQL FkQGVHSULYHWHvQVHQVXOGHGHSODVDUHD
SXODUHDEDWHULLORU DXWRYHKLFXOXOXL
=QXYDSOHFDLDVXSUDEDWHULLORU $FLRQDLIUkQDGHSDUFDUHLSHQWUXDXWR
=QXDH]DLRELHFWHGLQPHWDOSHEDWHULHQ YHKLFXOHOHGRWDWHFXWUDQVPLVLHDXWRPDW
FD]FRQWUDUHVWHSRVLELOSURGXFHUHDXQXL $8727521,&GHSODVDLPDQHWDVHOHFWRUX
VFXUWFLUFXLWLDSULQGHUHDDPHVWHFXOXLGH OXLvQSR]LLD3
JD]HGLQEDWHULH 'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFLGH
=DVLJXUDLYFQXVXQWHLvQFUFDWHOHFWURV H[HPSOXVLVWHPXODXGLRYHQWLODWRUXOHWF
WDWLFGHH[HPSOXvQFD]XOSXUWULLGHDUWL 5RWLLFKHLDvQFRQWDFWvQSR]LLD
FROHGHvPEUFPLQWHGLQPDWHULDOVLQWHWLF 3DJLQDLVFRDWHLR
VDXFDUH]XOWDWDOIUHFULLGHXQPDWHULDO
%DWHULD
QGHSUWDLFRYRUDXO C %RUQDSR]LWLY
D %DWHULD
$VLVWHQvQFD]GHDYDULH
6FRDWHLXUXEXOGHIL[DUHCSULQURWLUH
VSUHVWkQJDGHH[HPSOXFXDMXWRUXOXQHL %RUQDQHJDWLY
PRQHGH 'HFRQHFWDLILDERUQHLQHJDWLYHDEDWHULHL
5LGLFDLFDSDFXOD
6FRDWHLFDSDFXOERUQHLSR]LWLYH
'HFRQHFWDLILDERUQHLSR]LWLYHDEDWHULHL
G 3HQWUXLQIRUPDLLVXSOLPHQWDUHUHIHUL
'HFRQHFWDLIXUWXQXOGHYHQWLODLH
WRDUHODGHFRQHFWDUHDEDWHULHL
3DJLQD
0RQWDUHDLGHPRQWDUHDEDWHULHL
'HFRQHFWDUHDEDWHULHL 'HPRQWDUHDEDWHULHLGHFRQHFWDLEDWHULD
3HULFROGHDFFLGHQW 3DJLQD
6OELLXUXEXOGHIL[DUHDEDWHULHL
'DFEDWHULDHVWHGHFRQHFWDW
=HIHFWXOGHDPSOLILFDUHDIRUHLGHIUkQDUHQX 6FRDWHLEDWHULD
YDILGLVSRQLELOQDFHVWFD]YDILQHFHVDU 0RQWDUHDEDWHULHLSDUFXUJHLHWDSHOH
RIRUGHIUkQDUHPDLPDUHLDUFXUVDSHGD GHVFULVHvQFDGUXOVHFLXQLL'HPRQWDUHD
OHLYDILPDLOXQJ'DFHVWHFD]XODFLRQDL EDWHULHLvQRUGLQHLQYHUV
FXIRUPD[LPSHGDODGHIUkQ
=PDQHWDVHOHFWRUXOXLHVWHEORFDWvQSR]LLD
3ODDXWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW QFUFDUHDEDWHULHL
$8727521,&
3HULFROGHUQLUH
/DGHFRQHFWDUHDEDWHULHLUHVSHFWDL (IHFWXDLvQFUFDUHDEDWHULHLQXPDLvQWUXQ
vQWRWGHDXQDRUGLQHDRSHUDLXQLORULQGLFDW VSDLXELQHYHQWLODWQWLPSXOvQFUFULLEDWH
vQFRQWLQXDUH5HVSHFWDLRUGLQHDGHGHFR ULHLHVWHSRVLELOHOLEHUDUHDGHJD]LSURGX
QHFWDUHFRQHFWDUHDILHORUERUQHORUEDWH FHUHDXQRUPLFLH[SOR]LL$FHDVWDSRDWHSUR
ULHLLQXvQFXUFDLILHOHGHODERUQHOHEDWH YRFDUQLUHDGXPQHDYRDVWUVDXDDOWRUSHU
ULHLQFD]FRQWUDUHVWHSRVLELOGHWHULRUD VRDQHVDXSRDWHGXFHODGHWHULRUDUHDYRSVHOHL
UHDVLVWHPXOXLHOHFWURQLFDODXWRYHKLFXOXOXL VDXSURGXFHUHDGHFRUR]LXQHDFLGDVXSUD
DXWRYHKLFXOXOXL
3XWHLRELQHLQIRUPDLLGHVSUHUHGUHVRDUHOH
FDUHSHUPLWvQFUFDUHDEDWHULHLIUFD
DFHDVWDVILHGHPRQWDWGHODRULFHDWHOLHUGH
VSHFLDOLWDWHDXWRUL]DWGHH[HPSOXGHODRUL
%DWHULD
FDUH&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH GHSOLHUHDDFHVWRUDRVLQJXUGDW
0HUFHGHV%HQ] 3DJLQD
3HULFROGHUQLUH
([LVWSHULFROXODUVXULORUFKLPLFHvQWLPSXO
vQFUFULLGDWRULWJD]HORUHOLEHUDWHGLQEDWH
ULH1XYDSOHFDLGHDVXSUDEDWHULHLvQWLPSXO
SURFHVXOXLGHvQFUFDUH
3HULFROGHUQLUH
$FLGXOGHEDWHULHHVWHFDXVWLF(YLWDLFRQWDF
WXODFHVWXLDFXSLHOHDRFKLLVDXvPEUFPLQ
$VLVWHQvQFD]GHDYDULH
WHD
1XvQFUFDLQLFLRGDWEDWHULDPRQWDWSH
DXWRYHKLFXOGHFkWGDFXWLOL]DLXQUHGUH
VRUWHVWDWLDSUREDWGH0HUFHGHV%HQ]
$FHVWWLSGHUHGUHVRDUHSHUPLWHvQFUFDUHD
EDWHULHLIUFDDFHDVWDVILHGHPRQWDW
8WLOL]DLQXPDLUHGUHVRDUHFXWHQVLXQHD
GHvQFUFDUHGHPD[LP9
&LWLLLQVWUXFLXQLOHGHXWLOL]DUHDUHGUHVRUX
OXLvQDLQWHGHDHIHFWXDvQFUFDUHDEDWHULHL
5HFRQHFWDUHDEDWHULHL
/DFRQHFWDUHDEDWHULHLUHVSHFWDLvQWRW
GHDXQDRUGLQHDRSHUDLXQLORULQGLFDWvQ
FRQWLQXDUH1XLQYHUVDLQLFLRGDWSRODULWD
WHDILHORUEDWHULHLQFD]FRQWUDUHVWH
SRVLELOGHWHULRUDUHDVLVWHPHORUHOHFWUR
QLFHDOHDXWRYHKLFXOXOXL
'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFLGH
H[HPSOXVLVWHPXODXGLRYHQWLODWRUXOHWF
&RQHFWDLILDERUQHLSR]LWLYHLIL[DLFDSD
FXO
&RQHFWDLILDERUQHLQHJDWLYH
G QFD]XOvQFDUHDOLPHQWDUHDEDWHULHLDIRVW
vQWUHUXSWGHH[HPSOXEDWHULDDIRVW
UHFRQHFWDWWUHEXLHVHIHFWXDLXUPWRD
UHOHRSHUDLXQL
=VHWDLRUD3DJLQD
=UHVHWDLIXQFLDSHQWUXSOLHUHDGHSOLHUHD
DXWRPDWDRJOLQ]LORUH[WHULRDUHSULQ
3RUQLUHDDVLVWDW
3RUQLUHDDVLVWDW
3HULFROGHUQLUH
'LQFDX]DJD]HORUHOLEHUDWHGLQEDWHULHvQWLPSXOSRUQLULLDVLVWDWHDXQXLDXWRYHKLFXOH[LVWSHULFROXO
DUVXULORUFXDFLG1XYDSOHFDLDVXSUDEDWHULHLFkQGVHHIHFWXHD]SRUQLUHDDVLVWDWDPRWRUXOXL
3HULFROGHH[SOR]LH
*D]HOHHOLEHUDWHGLQEDWHULHvQWLPSXOSRUQLULLDVLVWDWHSRWSURYRFDPLFLH[SOR]LL(YLWDLSURGXFHUHD
GHVFkQWHL(YLWDLSUH]HQDIOFULORUGHVFKLVHLIXPDWXOvQSUHDMPDEDWHULHL
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQODPDQLSXODUHDEDWHULHLDXWRYHKLFXOXOXL/HSXWHLJVLvQ
VHFLXQHD%DWHULHGLQLQGH[
$VLVWHQvQFD]GHDYDULH
(YLWDLWHQWDWLYHOHSUHOXQJLWHLUHSHWDWHGHSRUQLUHQFD]FRQWUDUFDUEXUDQWXOQHDUVSRDWH
SWUXQGHvQFRQYHUWRUXOFDWDOLWLFFDX]kQGGHWHULRUDUHDDFHVWXLDLSURYRFkQGXQLQFHQGLX
1XXWLOL]DLXQGLVSR]LWLYGHvQFUFDUHUDSLGSHQWUXDSRUQLPRWRUXO
&DEOXULOHGHSRUQLUHDVLVWDWQXWUHEXLHVILHGHWHULRUDWH
&DEOXULOHGHSRUQLUHDVLVWDWQXWUHEXLHVLQWUHvQFRQWDFWFXDOWHRELHFWHPHWDOLFHFkQG
VXQWFRQHFWDWHODEDWHULH
'DFEDWHULDDXWRYHKLFXOXOXLHVWHGHVFUFDWPRWRUXOSRDWHILSRUQLWXWLOL]kQGEDWHULDXQXLDOW
DXWRYHKLFXOVDXREDWHULHH[WHUQSULQLQWHUPHGLXOFDEOXULORUSHQWUXSRUQLUHDVLVWDW
5HVSHFWDLXUPWRDUHOHLQVWUXFLXQL
1XWRDWHDXWRYHKLFXOHOHSHUPLWDFFHVXOODEDWHULH'DFQXDYHLDFFHVODEDWHULDFHOXLODOW
DXWRYHKLFXOHIHFWXDLSURFHGXUDGHSRUQLUHDVLVWDWXWLOL]kQGREDWHULHH[WHUQVDXXQGLV
SR]LWLYSHQWUXSRUQLUHDDVLVWDW
(IHFWXDLSURFHGXUDGHSRUQLUHDVLVWDWQXPDLFkQGPRWRUXOHVWHUHFHLFRQYHUWRUXOFDWDOLWLF
VDUFLW
1XSRUQLLPRWRUXOGDFEDWHULDHVWHvQJKHDW3HUPLWHLEDWHULHLVVHvQFO]HDVFPDLvQWkL
3RUQLUHDDVLVWDWSRDWHILHIHFWXDWQXPDLSULQLQWHUPHGLXOEDWHULLORUFXRWHQVLXQHQRPLQDO
GH9
8WLOL]DLFDEOXULSHQWUXSRUQLUHDDVLVWDWFXXQRVHFLXQHWUDQVYHUVDOFRUHVSXQ]WRDUHL
FOHWLGHFRQHFWDUHL]RODL
&DEOXULOHGHSRUQLUHDVLVWDWQXWUHEXLHVLQWUHvQFRQWDFWFXGLIHULWHFRPSRQHQWHSUHFXP
IXOLDVDXUDGLDWRUXO$FHVWHFRPSRQHQWHVHSXQvQPLFDUHFkQGPRWRUXOHVWHSRUQLW
'DFEDWHULDHVWHFRPSOHWGHVFUFDWOVDLEDWHULDIXUQL]RDUHFRQHFWDWWLPSGHFkWHYD
PLQXWHvQDLQWHGHDvQFHUFDVSRUQLLDXWRYHKLFXOXO$VWIHOEDWHULDGHVFUFDWVHvQFDUF
vQWURPLFPVXU
G 3XWHLRELQHFDEOXULSHQWUXSRUQLUHDVLVWDWLPDLPXOWHLQIRUPDLLUHIHULWRDUHODDFHDVW
SURFHGXUGHODRULFDUH&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
$VLJXUDLYFFHOHGRXDXWRYHKLFXOHQXLQWUvQFRQWDFW
$FLRQDLIUkQDGHSDUFDUH
'RDUSHQWUXDXWRYHKLFXOHOHGRWDWHFXPRWRUSHEHQ]LQ
1XPDLSHQWUXDXWRYHKLFXOHOHFXPRWRUSHEHQ]LQ
3RUQLUHDDVLVWDW
7UDQVPLVLHPDQXDOFRPXWDLvQSR]LLDQHXWU
$8727521,&GHSODVDLPDQHWDVHOHFWRUXOXLvQSR]LLD3
'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFLGHH[HPSOXVLVWHPXODXGLRYHQWLODWRUXOHWF
'HVFKLGHLFDSRWDPRWRUXOXL3DJLQD
'HVFKLGHLSRUWLHUDSDVDJHUXOXLGLQIDLVFRDWHLFDSDFXOGLQ]RQDLQIHULRDUDKDELWDFOXOXL
SHSDUWHDSDVDJHUXOXLGLQID3DJLQD
$VLVWHQvQFD]GHDYDULH
1XPUXOGHSR]LLHLGHQWLILFEDWHULDvQFUFDWDFHOXLODOWDXWRYHKLFXOVDXXQGLVSR]LWLY
VLPLODUGHSRUQLUHDVLVWDW
6FRDWHLFDSDFXOERUQHLSR]LWLYHC
&RQHFWDLERUQDSR]LWLYCDDXWRYHKLFXOXOXLSHUVRQDOODERUQDSR]LWLYDDEDWHULHLIXU
QL]RDUHSULQLQWHUPHGLXOFDEOXOXLSHQWUXSRUQLUHDVLVWDWvQFHSkQGFXEDWHULDDXWRYHKL
FXOXOXLSHUVRQDO
3RUQLLPRWRUXODXWRYHKLFXOXOXLIXUQL]RULOVDLOVIXQFLRQH]HODUDODQWL
&RQHFWDLERUQDQHJDWLYDEDWHULHLIXUQL]RDUHODERUQDQHJDWLYDDXWRYHKLFXOXOXL
SHUVRQDOSULQLQWHUPHGLXOFDEOXOXLSHQWUXSRUQLUHDVLVWDWFRQHFWkQGXOPDLvQWkLODEDWHULD
IXUQL]RDUH
3RUQLLPRWRUXO
'HFRQHFWDLPDLvQWkLFDEOXOFDUHOHDJERUQDQHJDWLYLERUQDQHJDWLYDSRLSHFHO
FDUHOHDJERUQDSR]LWLYCLERUQDSR]LWLYDvQFHSkQGvQWRWGHDXQDFXEDWHULDDXWRYH
KLFXOXOXLSHUVRQDO
$SHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWSHQWUXYHULILFDUHDEDWHULHLGHH[HPSOXODXQ
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
5HPRUFDUHDLSRUQLUHDSULQUHPRUFDUH
5HPRUFDUHDLSRUQLUHDSULQUHPRU 1XXWLOL]DLLQHOXOGHUHPRUFDUHvQVFRSXO
FDUH HOLEHUULLXQXLDXWRYHKLFXOEORFDWGHRDUHFH
RDVWIHOGHDFLXQHDUSXWHDGXFHODGHWH
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX ULRUDUHDDXWRYHKLFXOXOXLQFD]XOvQFDUH
UDQD DYHLvQGRLHOLHOLEHUDLDXWRYHKLFXOXOFXDMX
5HVSHFWDLUHJOHPHQWULOHOHJDOHvQYLJRDUHvQ WRUXOXQHLPDFDUDOH
ILHFDUHDUUHIHULWRDUHODWUDFWDUHDLSRUQLUHD QFD]XOWUDFWULLVDXDOSRUQLULLSULQUHPRU
SULQWUDFWDUHDDOWXLDXWRYHKLFXO FDUHDDOWXLDXWRYHKLFXOSRUQLLGHSHORF
3HULFROGHDFFLGHQW OHQW'DFIRUDGHWUDFLXQHHVWHSUHD
PDUHDXWRYHKLFXOHOHSRWVXIHULGHWHULRUUL
QFD]XOvQFDUHVXQWHLQHYRLWVWUDFWDLDXWR
YHKLFXOXOWUHEXLHVXWLOL]DLREDUGHWUDFWDUH $XWRYHKLFXOHOHFXWUDQVPLVLHDXWRPDW
$VLVWHQvQFD]GHDYDULH
ULJLGGDF $8727521,&QXWUHEXLHVILHSRUQLWHSULQ
=PRWRUXOQXHVWHSRUQLW WUDFWDUHQFD]FRQWUDUHVWHSRVLELOFD
=VLVWHPXOGHIUkQDUHHVWHGHIHFW WUDQVPLVLDVILHGHWHULRUDW
=VLVWHPXOGHDOLPHQWDUHFXHQHUJLHVDXVLV 0DQHWDVHOHFWRUXOXLWUHEXLHVILHGHSODVDW
WHPXOHOHFWULFDODXWRYHKLFXOXOXLHVWH vQSR]LLD1ODWUDFWDUHDDXWRYHKLFXOHORU
GHIHFW GRWDWHFXWUDQVPLVLH$8727521,&
6HUYRGLUHFLDLVLVWHPXOGHDVLVWHQODIUk %DWHULDWUHEXLHVILHFRQHFWDWLvQFUFDW
QDUHQXIXQFLRQHD]FkQGPRWRUXOQXHVWH QFD]FRQWUDUQXYHLSXWHD
SRUQLWQDFHVWFD]YHLDYHDQHYRLHGHXQ =URWLFKHLDvQFRQWDFWvQSR]LLD
HIRUWFRQVLGHUDELOPDLPDUHSHQWUXDFLRQDUHD =GHSODVDPDQHWDVHOHFWRUXOXLGHYLWH]HvQ
GLUHFLHLLSHQWUXDIUkQDLDUFXUVDSHGDOHLYD
SR]LLD1vQFD]XODXWRYHKLFXOHORUGRWDWHFX
ILPDLOXQJ'DFHVWHFD]XODFLRQDLFX
WUDQVPLVLH$8727521,&
IRUPD[LPSHGDODGHIUkQ
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDW
QDLQWHGHWUDFWDUHDVLJXUDLYFPDQHYUD
$8727521,&GHEORFDLPDQXDOPDQHWD
UHDDXWRYHKLFXOXOXLHVWHSRVLELOLFRORDQDGH
VHOHFWRUXOXLGHYLWH]HvQSR]LLD3
GLUHFLHQXHVWHEORFDW
3DJLQD
3HQWUXWUDFWDUHDVDXSRUQLUHDSULQWUDFWDUHD
DOWXLDXWRYHKLFXOPDVDDFHVWXLDQXWUHEXLHV G 'H]DFWLYDLIXQFLDGHvQFXLHUHDXWRPDW
GHSHDVFPDVDPD[LPDGPLVDDXWRYH 3DJLQDvQDLQWHGHWUDFWDUHDDXWRYH
KLFXOXOXLSHUVRQDO KLFXOXOXLQFD]FRQWUDUSXWHLILEORFDWvQ
H[WHULRUFkQGDXWRYHKLFXOXOHVWHvPSLQVVDX
6HUHFRPDQGWUDQVSRUWDUHDDXWRYHKLFXOXOXL WUDFWDW
vQORFXOWUDFWULLDFHVWXLD 'H]DFWLYDLSURWHFLDDQWLUHPRUFDUH
'LVWDQDPD[LPDGPLVSHQWUXUHPRU 3DJLQDvQDLQWHGHWUDFWDUHDDXWRYH
FDUHHVWHGHNP9LWH]DPD[LPDGPLV KLFXOXOXL
vQFD]XOUHPRUFULLHVWHGHNPK
3HQWUXGLVWDQHGHWUDFWDUHPDLOXQJLGH
0RQWDUHDGHPRQWDUHDLQHOXOXLGH
NPHVWHQHFHVDUULGLFDUHDDXWRYHKL
UHPRUFDUH
FXOXOXLLWUDQVSRUWDUHDDFHVWXLDSHRSODW
IRUP 0RQWDUHDLQHOXOXLGHUHPRUFDUH
)L[DLFDEOXOVDXEDUDGHWUDFWDUHH[FOXVLY QFD]XODXWRYHKLFXOHORUGRWDWHFXGLVSR]LWLY
SHLQHOHOHGHUHPRUFDUHQFD]FRQWUDU GHWUDFWDUHDUHPRUFLLGDFLQWHQLRQDLV
HVWHSRVLELOGHWHULRUDUHDDXWRYHKLFXOXOXL XWLOL]DLDXWRYHKLFXOXOSHQWUXWUDFWDUHPRQ
5HPRUFDUHDLSRUQLUHDSULQUHPRUFDUH
3HULFROGHUQLUH
HDYDGHHDSDPHQWSRDWHILILHUELQWH(VWH 5HPRUFDUHDDXWRYHKLFXOXOXLFXSXQ
SRVLELOVVXIHULLDUVXULGDFYHQLLvQFRQWDFW WHDIDULGLFDW
FXHDYDGHHDSDPHQW([HUFLWDLRDWHQLH
GHRVHELWODvQGHSUWDUHDFDSDFXOXLGLQ 'DFUHPRUFDLDXWRYHKLFXOXOFXSXQWHDID
VSDWH ULGLFDWHVWHLPSRUWDQWVUHVSHFWDLLQVWUXF
LXQLOHSULYLQGVLJXUDQD3DJLQD
$VLVWHQvQFD]GHDYDULH
'LVSR]LWLYHOHGHSULQGHUHDLQHOHORUGHUHPRU 'DFDXWRYHKLFXOXOHVWHUHPRUFDWFXSXQ
FDUHVHJVHVFvQEDUHOHGHSURWHFLH$FHVWHD WHDIDULGLFDWFRQWDFWXOWUHEXLHOXDWQ
VXQWORFDOL]DWHvQIDLvQVSDWHVXEFDSDFH
FD]FRQWUDULQWHUYHQLDVLVWHPXOXL(63
SRDWHFDX]DGHWHULRUDUHDVLVWHPXOXLGHIUk
QDUH
/DDXWRYHKLFXOHOHFXVLVWHPGHWUDQVPLVLH
$8727521,&PDQHWDVHOHFWRUXOXLWUHEXLH
VILHvQSR]LLD1QFD]FRQWUDUVLVWHPXO
GHWUDQVPLVLHSRDWHILGHWHULRUDW
5RWLLFKHLDvQSR]LLDvQFRQWDFW
'DFDXWRYHKLFXOXOVWDLRQHD]DSVDLL
PHQLQHLDSVDWSHGDODGHIUkQ
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO
FRPXWDLvQSR]LLDQHXWU
VDX
$XWRYHKLFXOHFXVLVWHP$8727521,&
FRPXWDLVLVWHPXO$8727521,&vQSR]LLD
QHXWU1
(OLEHUDLSHGDODGHIUkQ
(OLEHUDLIUkQDGHSDUFDUH
$SVDLSHPDUFDMXOGHSHFDSDFXOCvQ
'H]DFWLYDLIXQFLDGHvQFXLHUHDXWRPDW
GLUHFLDVJHLL
3DJLQD
6FRDWHLFDSDFXOC 3RUQLLVHPQDOL]DWRDUHOHGHDYDULH
QXUXEDLFRPSOHWLQHOXOGHUHPRUFDUHL 3DJLQD
VWUkQJHLO 5RWLLFKHLDvQFRQWDFWvQSR]LLDLOVDL
RvQFRQWDFW
'HPRQWDUHDLQHOXOXLGHUHPRUFDUH
6OELLLQHOXOGHUHPRUFDUHLGHXUXEDLO
5HPRUFDUHDLSRUQLUHDSULQUHPRUFDUH
5HPRUFDUHDDXWRYHKLFXOXOXLFXSXQ PLWHQWQXPDLVHPQDOL]DWRDUHOHGHGLUHFLH
WHDVSDWHULGLFDW GHSHSDUWHDFRUHVSXQ]WRDUH/DUHVHWD
UHDFRPXWDWRUXOXLFRPELQDWVHPQDOL]DWRD
/DUHPRUFDUHDXQXLDXWRYHKLFXOFXSXQWHD UHOHGHDYDULHOXPLQHD]GLQQRXLQWHUPL
VSDWHULGLFDWHVWHLPSRUWDQWVUHVSHFWDL WHQW
LQVWUXFLXQLOHGHVLJXUDQ3DJLQD
'DFDXWRYHKLFXOXOHVWHUHPRUFDWFXSXQ
WHDVSDWHULGLFDWFRQWDFWXOWUHEXLHOXDWQ 7UDQVSRUWDUHDDXWRYHKLFXOXOXL
FD]FRQWUDULQWHUYHQLDVLVWHPXOXL(63 ,QHOHOHGHUHPRUFDUHVDXGLVSR]LWLYXOGHWUDF
SRDWHFDX]DGHWHULRUDUHDVLVWHPXOXLGHIUk WDUHSRWILXWLOL]DWHSHQWUXXUFDUHDDXWRYHKL
QDUH FXOXOXLSHRSODWIRUPvQVFRSXOWUDQVSRUWULL
DFHVWXLD
$VLVWHQvQFD]GHDYDULH
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO
5HPRUFDUHDDXWRYHKLFXOXOXLFX
'HSODVDLPDQHWDVHOHFWRUXOXLvQSR]LLD
DPEHOHSXQLSHVRO
QHXWU
5HVSHFWDLLQVWUXFLXQLOHGHVLJXUDQODWUDF $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDW
WDUHDDXWRYHKLFXOXOXL3DJLQD $8727521,&5RWLLFKHLDvQFRQWDFWvQ
3HULFROGHDFFLGHQW SR]LLD
'HSODVDLPDQHWDVHOHFWRUXOXLGHYLWH]HvQ
6HUYRGLUHFLDLVLVWHPXOGHDVLVWHQODIUk
QDUHQXIXQFLRQHD]FkQGPRWRUXOQXHVWH SR]LLD1
SRUQLW(VWHQHYRLHGHXQHIRUWFRQVLGHUDELO 'XSvQFUFDUHDDXWRYHKLFXOXOXL
PDLPDUHSHQWUXPHQLQHUHDGLUHFLHLLSHQ
WUXIUkQDUH$GDSWDLYVWLOXOGHFRQGXFHUHD
3UHYHQLLGHSODVDUHDDXWRYHKLFXOXOXLSULQ
DXWRYHKLFXOXOXLQRLORUFRQGLLL
DFLRQDUHDIUkQHLGHSDUFDUH
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO
5RWLLFKHLDvQFRQWDFWvQSR]LLD FXSODLSULPDWUHDSWGHYLWH]VDXWUHDSWD
'XSFHDXWRYHKLFXOXOVHRSUHWHDSVDL GHPHUVvQDSRL
SHGDODGHIUkQLPHQLQHLRDSVDW $XWRYHKLFXOHFXWUDQVPLVLHDXWRPDW
$XWRYHKLFXOHFXWUDQVPLVLHPDQXDO $8727521,&GHSODVDLPDQHWDVHOHFWR
DSVDLSHGDODGHDPEUHLDM UXOXLGHYLWH]HvQSR]LLD3
'HSODVDLPDQHWDVHOHFWRUXOXLvQSR]LLD 5RWLLFKHLDvQFRQWDFWvQSR]LLDLVFRD
QHXWU WHLR
VDX $VLJXUDLDXWRYHKLFXOXO
$XWRYHKLFXOHFXWUDQVPLVLHDXWRPDW $QFRUDLDXWRYHKLFXOXOQXPDLGHURLVDX
$8727521,&GHSODVDLPDQHWDVHOHFWR GHMDQWHQXGHSLHVHFXPDUILSXQLOHVDX
UXOXLvQSR]LLD1 FRPSRQHQWHOHVLVWHPXOXLGHGLUHFLHQFD]
(OLEHUDLSHGDODGHIUkQ FRQWUDUHVWHSRVLELOGHWHULRUDUHDDXWRYH
(OLEHUDLIUkQDGHSDUFDUH KLFXOXOXL
$SULQGHLVHPQDOL]DWRDUHOHGHDYDULH
3DJLQD
G /DWUDFWDUHDDXWRYHKLFXOXOXLFXVHPQDOL
]DWRDUHOHGHDYDULHDSULQVHXWLOL]DLFRPX
WDWRUXOFRPELQDWSHQWUXDVHPQDODVFKLP
EDUHDGLUHFLHLQDFHVWFD]VHDSULQGLQWHU
6LJXUDQH
3HULFROGHUQLUH UDQD
HDYDGHHDSDPHQWSRDWHILILHUELQWH(VWH 6LJXUDQHOHGLQGRWDUHDDXWRYHKLFXOXOXLVXQW
SRVLELOVVXIHULLDUVXULGDFYHQLLvQFRQWDFW GHVWLQDWHvQWUHUXSHULLFLUFXLWHORUGHIHFWHQ
FXHDYDGHHDSDPHQW([HUFLWDLRDWHQLH FD]XODUGHULLXQHLVLJXUDQHWRDWHFRPSRQHQ
GHRVHELWODvQGHSUWDUHDFDSDFXOXLGLQ WHOHGLQFLUFXLWLIXQFLLOHDVRFLDWHDFHVWRUD
VSDWH YRUILLQGLVSRQLELOH
'LVSR]LWLYHOHGHSULQGHUHDLQHOHORUGHUHPRU 3HULFROGHLQFHQGLX
FDUHVHJVHVFvQEDUHOHGHSURWHFLH$FHVWHD 8WLOL]DLQXPDLVLJXUDQHRPRORJDWHSHQWUX
VXQWORFDOL]DWHvQIDLvQVSDWHVXEFDSDFH DXWRYHKLFXOHOH0HUFHGHV%HQ]FXDPSHUDMXO
FRUHVSXQ]WRUSHQWUXVLVWHPXOUHVSHFWLY1X
vQFHUFDLUHSDUDUHDVLJXUDQHORUGHIHFWHVDX
vQORFXLUHDDFHVWRUDFXGLVSR]LWLYHDUWL]DQDOH
6XSUDVROLFLWDUHDFLUFXLWXOXLSRDWHFDX]DXQ
LQFHQGLX$SHODLODXQDWHOLHUGHVSHFLDOLWDWH
DXWRUL]DWGHH[HPSOXODXQ&HQWUXDXWRUL]DW
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]SHQWUX
LGHQWLILFDUHDLUHPHGLHUHDSUREOHPHL
6LJXUDQHOHDUVHWUHEXLHvQORFXLWHFXVLJX
UDQHFXDFHOHDLFDUDFWHULVWLFLFDUHSRWIL
LGHQWLILFDWHSULQFXORDUHLDPSHUDM&DUDFWH
ULVWLFLOHVLJXUDQHORUVXQWVSHFLILFDWHvQ
VFKHPDGHFRUHVSRQGHQDVLJXUDQHORU2UL
FDUH&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH
0HUFHGHV%HQ]YVWODGLVSR]LLHSHQWUX
DVLVWHQvQDFHVWVHQV
QFD]XOvQFDUHVLJXUDQDQRXLQWURGXVVH
DUGHDSHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWR
$SVDLSHPDUFDMXOGHSHFDSDFXOCvQ UL]DWGHH[HPSOXODXQ&HQWUXDXWRUL]DWGH
GLUHFLDVJHLL YkQ]ULLVHUYLFHGH6HUYLFH0HUFHGHV%HQ]
SHQWUXLGHQWLILFDUHDLUHPHGLHUHDSUREOHPHL
6FRDWHLFDSDFXOC
8WLOL]DLQXPDLVLJXUDQHRPRORJDWHSHQ
QXUXEDLFRPSOHWLQHOXOGHUHPRUFDUHL
WUXDXWRYHKLFXOHOH0HUFHGHV%HQ]FX
VWUkQJHLO
DPSHUDMXOFRUHVSXQ]WRUSHQWUXVLVWHPHOH
6LJXUDQH
UHVSHFWLYHQFD]FRQWUDUHVWHSRVLELO
GHWHULRUDUHDFRPSRQHQWHORUVDXDVLVWHPH
ORU
QDLQWHGHVFKLPEDUHDXQHLVLJXUDQH
3DUFDLDXWRYHKLFXOXOLDFLRQDLIUkQDGH
SDUFDUH
'H]DFWLYDLWRLFRQVXPDWRULLHOHFWULFL
6FRDWHLFKHLDGLQFRQWDFW
C 6FKHPDGHFRUHVSRQGHQDVLJXUDQHORU
6LJXUDQHOHLVFKHPDGHFRUHVSRQGHQD
D %ORFXOGHVLJXUDQH
$VLVWHQvQFD]GHDYDULH
VLJXUDQHORUVHDIOSHFXWLDGHVLJXUDQHGLQ
]RQDLQIHULRDUDKDELWDFOXOXLSHSDUWHDSDVD
JHUXOXLGLQID
3DQRXOGHVLJXUDQHDIODWVXE
SRGHDXDGLQIDDVFDXQXOXLSDVDJHUX
OXLGLQID
%ORFXOGHVLJXUDQHVHDIOvQVSDLXOGHVWLQDW
SLFLRDUHORUSDVDJHUXOXLGLQIDvQIDDVFDX
QXOXL
6FRDWHLFRYRDUHOH
5RWLLXUXEXOGHIL[DUHDVSUHVWkQJDGH
H[HPSOXFXDMXWRUXOXQHLPRQH]L
5LGLFDLFDSDFXOCLVFRDWHLO
6FRDWHLFRYRUDXOFDUHDFRSHUEDWHULD
'RWDUHDDXWRYHKLFXOXOXL
,QVWUXFLXQLLPSRUWDQWHSULYLQG
VLJXUDQD
'LUHFWLYHFHWUHEXLHUHVSHFWDWH
QWUHLQHUHDLvQJULMLUHDMDQWHORUL
SQHXULORU
3UHVLXQHDvQSQHXUL
6HQVGHURWDLH
3HUPXWDUHDURLORU
&RPELQDLLOHGHSQHXULLMDQWH
3QHXULLMDQWH
'LUHFWLYHFHWUHEXLHUHVSHFWDWH
'RWDUHDDXWRYHKLFXOXOXL QLFLRUHVSRQVDELOLWDWHDVXSUDHYHQWXDOHORU
GHWHULRUUL3XWHLRELQHLQIRUPDLLVXSOL
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL PHQWDUHGHVSUHSQHXULMDQWHLFRPELQDLL
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH DSUREDWHvQWUHDFHVWHDGHODRULFDUHFHQWUX
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L %HQ]
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH 3QHXULOHUHDSDWHQXVXQWWHVWDWHLQLFL
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL UHFRPDQGDWHGH0HUFHGHV%HQ]vQWUXFkW
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO vQFD]XODFHVWRUDGHWHULRUULOHDQWHULRDUH
GXPQHDYRDVWUVQXGLVSXQGHWRDWH QXSRWILvQWRWGHDXQDGHWHFWDWH'LQDFHVW
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW PRWLY0HUFHGHV%HQ]QXSRDWHJDUDQWD
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF VLJXUDQDDXWRYHKLFXOXOXL1XPRQWDL
LLOHSULYLQGVLJXUDQD SQHXULUHFRQGLLRQDWHGDFQXDYHLLQIRU
PDLLFXSULYLUHODXWLOL]DUHDORUDQWHULRDU
,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX 1XVXQWSHUPLVHPRGLILFULDOHVLVWHPXOXLGH
UDQD IUkQDUHVDXDOHURLORULQLFLXWLOL]DUHDGLVWDQ
LHUHORUVDXDVFXWXULORUDQWLSUDISHQWUXIUkQH
$FHVWOXFUXDQXOHD]YDODELOLWDWHDFHUWLILFDWX
3HULFROGHDFFLGHQWDUH OXLGHvQPDWULFXODUHDODXWRYHKLFXOXOXL
3QHXULOHMDQWHOHLDFFHVRULLOHFDUHQXDXIRVW
G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHV
3QHXULLMDQWH
VSHFLDODXWRUL]DWHGH0HUFHGHV%HQ]SHQWUX
DXWRYHKLFXOVDXQXVXQWXWLOL]DWHvQPRGFRUHV SUHSQHXULLMDQWHGHODRULFDUH&HQWUX
SXQ]WRUSRWDIHFWDVLJXUDQDFRQGXFHULL&D DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV
XUPDUHSXWHLSURYRFDXQDFFLGHQWQDLQWHGH %HQ]
DOHDFKL]LLRQDLQIRUPDLYGDFVXQWDGHF
YDWHLFDUHVXQWSUHYHGHULOHOHJDOHLUHFR
PDQGULOHSURGXFWRUXOXLODXQFHQWUXDXWR 'LUHFWLYHFHWUHEXLHUHVSHFWDWH
UL]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
=0RQWDLQXPDLMDQWHLSQHXULGHDFHODLWLS
'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ] LDFHHDLPDUF
YUHFRPDQGVXWLOL]DLQXPDLSQHXUL =0RQWDLQXPDLSQHXULGHGLPHQVLXQLFRUHV
MDQWHLDFFHVRULLFDUHDXIRVWVSHFLDODSUR SXQ]WRDUH
EDWHSHQWUXDXWRYHKLFXOGHFWUH0HUFH ='XSPRQWDUHDXQRUSQHXULQRLURGDLOHFX
GHV%HQ]$FHVWHSQHXULVXQWDGDSWDWHVSH YLWH]PRGHUDWSHQWUXSULPLLNP
FLDOSHQWUXXWLOL]DUHDvPSUHXQFXVLVWHPH GHRDUHFHSQHXULOHDWLQJSHUIRUPDQHOH
SUHFXP$%6VDX(63LVXQWPDUFDWHGXS PD[LPHQXPDLGXSSDUFXUJHUHDDFHVWHL
FXPXUPHD] GLVWDQH
=02 0HUFHGHV%HQ]2ULJLQDO =1XFRQGXFHLFXSQHXULFXDGkQFLPH
=02( 0HUFHGHV%HQ]2ULJLQDO([WHQGHG UHGXVDSURILOXOXLGHUXODUHSHQWUXFDVW
SQHXULFXSURSULHWLGHUXODUHSHSDQ IHOHVWHUHGXVFDSDFLWDWHDGHWUDFLXQHvQ
=02 0HUFHGHV%HQ]2ULJLQDO$0* FRQGLLLGHFDURVDELOXPHGDFYDSODQDUH
3QHXULOH0HUFHGHV%HQ]2ULJLQDO([WHQGHG =QWLPSFHFRQGXFHLILLDWHQLODYLEUDLL
SRWILXWLOL]DWHH[FOXVLYSHMDQWHFDUHDXIRVW ]JRPRWHLFDUDFWHULVWLFLGHPDQHYUDELOL
VSHFLDODSUREDWHGHFWUH0HUFHGHV%HQ] WDWHQHRELQXLWHGHH[HPSOXGHYLHUHDGH
QFD]XOXWLOL]ULLDOWRUWLSXULGHSQHXULMDQWH ODWUDLHFWRULH$FHVWIDSWSRDWHLQGLFDIDSWXO
LDFFHVRULL0HUFHGHV%HQ]QXvLDVXP FMDQWHOHVDXSQHXULOHVXQWGHWHULRUDWHQ
FD]XOvQFDUHEQXLLFXQSQHXHVWHGHIHFW
QWUHLQHUHDLvQJULMLUHDMDQWHORULSQHXULORU
UHGXFHLLPHGLDWYLWH]DGHGHSODVDUH2SULL FDSDFHRPRORJDWHGH0HUFHGHV%HQ]SHQ
DXWRYHKLFXOXOGHvQGDWFHHVWHSRVLELOL WUXDXWRYHKLFXOXOGXPQHDYRDVWU
YHULILFDLMDQWHOHLSQHXULOH0DQHYUDELOLWD =9HULILFDLSHULRGLFSUHVLXQHDvQWRDWHSQHX
WHDDXWRYHKLFXOXOXLDUSXWHDILDIHFWDWLGH ULOHLQFOXVLYvQFHODOURLLGHUH]HUYGH
XQHOHGHIHFWHDVFXQVHDOHSQHXULORU'DF XUJHQVDXDOURLLGHUH]HUYvQVSHFLDO
QXLGHQWLILFDLQLFLXQVHPQGHGHWHULRUDUH vQDLQWHGHGHSODVULOHSHGLVWDQHOXQJLL
DSHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL GDFHVWHQHFHVDUFRUHFWDLR
]DWGHH[HPSOXODRULFDUH&HQWUXDXWRUL]DW 3DJLQD
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]SHQWUX
YHULILFDUHDSQHXULORULDMDQWHORU
=/DSDUFDUHDVLJXUDLYFSQHXULOHQXVXQW 3URILOXOEHQ]LLGHUXODUH
GHIRUPDWHODFRQWDFWXOFXERUGXUDVDXFX
DOWHREVWDFROH'DFHVWHQHFHVDUFRQGX 3HULFROGHDFFLGHQW
FHLSHVWHERUGXULGHQLYHOULSHQWUXOLPLWD 5HLQHLIDSWXOF
UHDYLWH]HLVDXREVWDFROHVLPLODUHFXR =DGHUHQDSQHXULORUODFDURVDELOXOXPHG
YLWH]GHUXODUHUHGXVLFXURLOHvQXQJKL VFDGHUDSLGGDFDGkQFLPHDSURILOXOXLGH
REWX]IDGHREVWDFROQFD]FRQWUDUHVWH UXODUHHVWHPDLPLFGHPP3ULQXUPDUH
SRVLELOGHWHULRUDUHDSQHXULORUvQVSHFLDOD SQHXULOHFXRDGkQFLPHLQVXILFLHQWDSUR
IODQFXULORUDFHVWRUD ILOXOXLGHUXODUHWUHEXLHvQORFXLWH
=3QHXULOHGHLDUQFXDGkQFLPHDSURILOXOXLGH
3QHXULLMDQWH
UXODUHVXEPPWUHEXLHvQORFXLWHvQWUXFkW
QWUHLQHUHDLvQJULMLUHDMDQWHORUL QXPDLSRWDVLJXUDRDGHUHQFRUHV
SQHXULORU SXQ]WRDUH
9HULILFDUHDMDQWHORULSQHXULORU =HVWHSRVLELOFDSURILOXOGHUXODUHDOSQHXULORU
VQXVHX]H]HXQLIRUP'HDFHHDWUHEXLH
=9HULILFDLvQPRGUHJXODWSQHXULOHLMDQWHOH
VYHULILFDLFXUHJXODULWDWHDGkQFLPHDSUR
SHQWUXDLGHQWLILFDHYHQWXDOHOHGHIHFLXQL
ILOXOXLGHUXODUHSHvQWUHDJDVXSUDIDD
GHH[HPSOXWLHWXULSHUIRUDLLXPIOWXULL
SQHXULORU'DFHVWHQHFHVDUURWLLYRODQXO
GHIRUPULDOHSQHXULORUILVXULVDXFRUR]LXQH
DVWIHOvQFkWVSXWHLREVHUYDSURILOXOGH
DFFHQWXDWODQLYHOXOMDQWHORUODLQWHUYDOH
UXODUHPDLXRU
GHFHOSXLQ]LOHSUHFXPLGXS
GHSODVULOHSHWHUHQDFFLGHQWDWVDXvQFRQ QFD]FRQWUDUSXWHLSLHUGHFRQWUROXODVXSUD
GLLLGHGUXPGLILFLOH-DQWHOHGHWHULRUDWHSRW DXWRYHKLFXOXOXLLSURYRFDXQDFFLGHQWGLQ
FDX]DSLHUGHULGHSUHVLXQHvQSQHXUL FDX]DDGHUHQHLUHGXVHDSQHXULORUODFDURVD
ELO
=9HULILFDLFXUHJXODULWDWHDGkQFLPHDSURIL
OXOXLEHQ]LLGHUXODUHSUHFXPLvQWUHDJD
VXSUDIDDEHQ]LLGHUXODUHDSQHXULORU
3DJLQD'DFHVWHQHYRLHEUDFDL 'HSR]LWDUHDSQHXULORU
URLOHGLQIDODPD[LPSHQWUXDHIHFWXD 'HSR]LWDLSQHXULOHFDUHQXVXQWXWLOL]DWHvQWU
YHULILFDUHDIODQFXULORULQWHULRDUHDOHSQHXUL XQORFUFRURVLXVFDWSUHIHUDELOODvQWXQHULF
ORU (YLWDLFRQWDFWXODFHVWRUDFXXOHLXOYDVHOLQD
=7RDWHYHQWLOHOHURLORUWUHEXLHVILHGRWDWH EHQ]LQDVDXFDUEXUDQWXOGLHVHO
FXXQFDSDFFDUHVOHSURWHMH]HvPSRWULYD
PXUGULHLLXPH]HOLL1XPRQWDLSHYHQWLOH
DOWHRELHFWHGHH[HPSOXVLVWHPHGHPRQL &XUDUHDSQHXULORU
WRUL]DUHDSUHVLXQLLvQSQHXULvQDIDUGH 1XXWLOL]DLGLVSR]LWLYHFXMHWGHvQDOWSUH
FDSDFHOHORUVWDQGDUGVDXDOWHWLSXULGH VLXQHFXGX]HGHGLVWULEXLHFLUFXODUHMHWXUL
3UHVLXQHDvQSQHXUL
3UHVLXQHDvQSQHXUL
6SHFLILFDLLSULYLQGSUHVLXQHDvQ
SQHXUL
7DEHOXOFXYDORULOHSUHVLXQLLvQSQHXULUHFR
PDQGDWHSHQWUXGLIHULWHFRQGLLLGHIXQFLR
QDUHHVWHVLWXDWSHLQWHULRUXOFODSHWHLEXR
QXOXLUH]HUYRUXOXLGHFDUEXUDQW QORFXOGLPHQVLXQLLFRPSOHWHvQWDEHODU
9DORDUHDYDODELOSHQWUXURDWDGHUH]HUYHVWH SXWHDILLQGLFDWGRDUGLDPHWUXOMDQWHLGH
LQGLFDWSHDFHDVWDLvQVHFLXQHD'DWHWHK H[HPSOX5
QLFH
QFD]XOWUDFWULLXQHLUHPRUFLXPIODLSQHX
ULOHGLQVSDWHODSUHVLXQHDPD[LPLQGLFDWvQ
WDEHOXOGHSHLQWHULRUXOFODSHWHLEXRQXOXL
3QHXULLMDQWH
UH]HUYRUXOXLGHFDUEXUDQW
&RQGLLLOHGHvQFUFDUHGHQXPLWHvQFUFDUH
SDULDOLvQFUFDUHFRPSOHWVXQWGHILQLWH
vQWDEHOvQIXQFLHGHQXPUXOGHSDVDJHULL
PDVDEDJDMHORU1XPUXOUHDOGHVFDXQHDU
SXWHDYDULDSHQWUXLQIRUPDLLVXSOLPHQWDUH
YUXJPVFRQVXOWDLGRFXPHQWHOHGHvQPD
WULFXODUHDOHDXWRYHKLFXOXOXLGXPQHDYRDVWU 'LDPHWUXOMDQWHLCHVWHRSDUWHDFRGXOXLFH
'DFQXH[LVWVSHFLILFDLLFRQWUDUHSUHVLX UHSUH]LQWGLPHQVLXQHDSQHXOXLLHVWHLQGL
QLOHvQSQHXULLQGLFDWHSHFODSHWDEXRQXOXL FDWSHIODQFXOSQHXOXL
UH]HUYRUXOXLGHFDUEXUDQWVXQWYDODELOHSHQWUX
3HULFROGHDFFLGHQWDUH
WRDWHSQHXULOHDSUREDWHSHQWUXDFHVWDXWRYH
KLFXO 2SUHVLXQHSUHDULGLFDWVDXSUHDUHGXVvQ
SQHXULSRDWHDYHDHIHFWHQHJDWLYHDVXSUD
VLJXUDQHLDXWRYHKLFXOXOXLFHHDFHSRDWH
GXFHODSURGXFHUHDGHDFFLGHQWH'HDFHHD
WUHEXLHVYHULILFDLSHULRGLFLVFRUHFWDL
GDFHVWHQHFHVDUSUHVLXQHDvQWRDWHSQHX
ULOHvQVSHFLDOvQDLQWHGHGHSODVULOHSHGLV
WDQHOXQJL
3HQWUXDPVXUDSUHVLXQHDvQSQHXULXWLOL]DL
XQPDQRPHWUXDGHFYDW$VSHFWXOH[WHULRUDO
SQHXULORUQXSHUPLWHHYDOXDUHDDGHFYDWD
SUHVLXQLL
'DFSUHVLXQHDLQGLFDWSHQWUXSQHXULHVWH
SUHFHGDWGHGLPHQVLXQHDSQHXULORUDWXQFL
3UHVLXQHDvQSQHXUL
3HULFROGHDFFLGHQWDUH FRUHVSXQ]WRUvQWLPSXOFRQGXFHULLDXWRYH
(VWHLQWHU]LVPRQWDUHDDOWRUFDSDFHGHFkW KLFXOXOXL
GHFkWFHOHVWDQGDUGSHYHQWLOHOHSQHXULORU 3XWHLXWLOL]DGHDVHPHQHDYDORULDOHSUH
6LVWHPHOHGHPRQLWRUL]DUHDSUHVLXQLLvQ VLXQLLDGHFYDWHSHQWUXVDUFLQLPDLPDUL
SQHXULPDLDOHVFHOHPRQWDWHXOWHULRUSRW $FHVWHDVXQWSHUPLVHLQXYRUDIHFWDQHJD
VXSUDVROLFLWDLGHWHULRUDYHQWLOXOODvQXUXED WLYIXQFLRQDUHDDXWRYHKLFXOXOXL
UHDSHDFHVWD'HVLJQXODFHVWRUDPHQLQH
1RWSULYLQGSURWHFLDPHGLXOXL
YHQWLOXOGHVFKLVvQSHUPDQHQFHHDFHSRDWH
9HULILFDLSUHVLXQHDvQSQHXULSHULRGLFODFHO
SURYRFDLHLUHDDHUXOXL
SXLQ]LOH
3HULFROGHDFFLGHQW
'DFSUHVLXQHDvQWUXQSQHXVFDGHvQPRG
6LVWHPXOGHDYHUWL]DUHDVXSUDSLHUGH
UHSHWDW
ULLGHSUHVLXQHvQSQHXUL
=YHULILFDLGDFH[LVWFRUSXULVWULQHvQ
DFHVWD ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
=FKHFNZKHWKHUWKHZKHHOLVORVLQJDLURUWKH UDQD
YDOYHLVOHDNLQJ QWLPSXOGHSODVULLDXWRYHKLFXOXOXLVLVWHPXO
=YHULILFDLGDFSHYHQWLOHOHSQHXULORUDXIRVW GHDYHUWL]DUHPRQLWRUL]HD]SUHVLXQHDvQ
PRQWDWHH[FOXVLYFDSDFHDSUREDWHGH0HU SQHXULSULQFRPSDUDUHDYLWH]HORUGHURWDLH
FHGHV%HQ] DOHURLORU$FHVWIDSWvLSHUPLWHVGHWHFWH]H
3QHXULLMDQWH
3UHVLXQHDSUHDVF]XWvQSQHXULSRDWHDIHFWD SLHUGHUHDVHPQLILFDWLYGHSUHVLXQHGLQSQHXO
QHJDWLYVLJXUDQDDXWRYHKLFXOXOXLLSRDWH XQHLURL'DFYLWH]DGHURWDLHDXQHLURLVH
FRQGXFHODDFFLGHQWH PRGLILFGLQFDX]DVFGHULLSUHVLXQLLGLQ
SQHXSHGLVSOD\XOPXOWLIXQFLRQDOHVWHDILDW
3UHVLXQHDvQSQHXULWUHEXLHFRUHFWDWSHFkW XQPHVDMGHDYHUWL]DUHFRUHVSXQ]WRU
SRVLELODWXQFLFkQGDFHVWHDVXQWUHFLQIXQF
LHGHWHPSHUDWXUDPHGLXOXLDPELDQWGH 3HULFROGHDFFLGHQWDUH
YLWH]DFXFDUHFRQGXFHLLGHVROLFLWDUHD 6LVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUH
SQHXULORUWHPSHUDWXUDLSULQXUPDUHSUHVLX VLXQHvQSQHXULQXYDYHUWL]HD]DVXSUD
QHDDFHVWRUDVHSRDWHPRGLILFDFXDSUR[LPD UHJOULLLQFRUHFWHDSUHVLXQLLvQSQHXUL7DEHOXO
WLYN3DEDUSVLSHULQHL GHSHSDUWHDLQWHULRDUDFODSHWHLEXRQXOXL
FRQWGHDFHVWDVSHFWODYHULILFDUHDSUHVLXQLL UH]HUYRUXOXLGHFDUEXUDQWYYDDMXWDVGHFL
vQSQHXULOHvQFO]LWHLFRUHFWDLRGRDUGDF GHLGDFHVWHQHFHVDUFRUHFWDUHDDFHVWHLD
HVWHSUHDVF]XWSHQWUXFRQGLLLOHFXUHQWHGH 6LVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUH
IXQFLRQDUH VLXQHvQSQHXULQXSRDWHvQORFXLYHULILFDUHD
&RQGXFHUHDFXSUHVLXQLSUHDULGLFDWHVDX UHJXODWDSUHVLXQLLGLQSQHXULGHRDUHFHVLV
SUHDVF]XWHvQSQHXULDUHFDHIHFW WHPXOQXSRDWHGHWHFWDSLHUGHUHDDSUR[LPDWLY
=VFXUWDUHDGXUDWHLGHYLDDSQHXULORU
HJDODSUHVLXQLLvQPDLPXOWHSQHXUL
=GHWHULRUDUHDDFFHQWXDWDSQHXULORU
6LVWHPXOGHPRQLWRUL]DUHDSUHVLXQLLvQSQHXUL
QXYSRDWHDYHUWL]DvQFD]XOXQHLSLHUGHUL
=XQLPSDFWQHJDWLYDVXSUDPDQHYUDELOLWLL
EUXWHGHSUHVLXQHFDX]DWGHH[HPSOXGH
LFDXUPDUHDVXSUDVLJXUDQHLvQWLPSXO SHUIRUDUHDSQHXOXLGHFWUHXQFRUSVWULQ
FRQGXFHULLGHH[HPSOXSRDWHDSUHDIHQR
QFD]XOXQHLSLHUGHULEUXWHGHSUHVLXQHRSULL
PHQXOGHDFYDSODQDUH
DXWRYHKLFXOXODFLRQkQGIUkQHOHFXDWHQLH1X
G 9DORULOHSUHVLXQLLSHQWUXVDUFLQLUHGXVH HIHFWXDLPDQHYUHEUXWHGHYLUDUHSHSDUFXU
VXQWYDORULOHPLQLPHFDUHYRIHUFRQIRUWXO VXOvQFHWLQLULLDXWRYHKLFXOXOXL
6HQVGHURWDLH
)XQFLRQDUHDVLVWHPXOXLGHDYHUWL]DUHDVXSUD &KHLDWUHEXLHVVHDIOHvQFRQWDFWvQSR]LLD
SLHUGHULLGHSUHVLXQHvQSQHXULHVWHOLPLWDW 3DJLQD
VDXvQWkU]LDWGDF $SVDLFRQWLQXXEXWRQXOVDX
=SHURLVXQWPRQWDWHODQXULDQWLGHUDSDQWH GHSHYRODQXOPXOWLIXQFLRQDOSkQFkQGSH
=UXODLSHFDURVDELOSHWLPSGHLDUQ GLVSOD\XOPXOWLIXQFLRQDODSDUHDILDMXO
=FRQGXFHLSHRVXSUDIDDFRSHULWFXQLVLS
VWDQGDUG3DJLQD
$SVDLEXWRQXOhVDXASkQFkQG
VDXSLHWUL
=DGRSWDLXQVWLOGHFRQGXFHUHVSRUWLYFX SHGLVSOD\XOPXOWLIXQFLRQDODSDUHPHVDMXO
YLWH]HULGLFDWHvQYLUDMHLDFFHOHUULUDSLGH 5XQ)ODW,QGLFDWRUDFWLYH0HQX5
%XWWRQ,QGLFDWRUGHUXODUHSH
=WUDFWDLRUHPRUFIRDUWHJUHDVDXIRDUWH
SDQDFWLYDW0HQLXEXWRQXO5
PDUH
$SVDLEXWRQXOGHUHVHWDUH3DJLQD
=UXODLFXvQFUFWXUPDUHvQDXWRYHKLFXO
GHSHSDQRXOGHLQVWUXPHQWH
VDXSHDFRSHUL
3HGLVSOD\XOPXOWLIXQFLRQDODSDUHPHVDMXO
5HVWDUW5XQ)ODW,QGLFDW"<HV&DQ
5HSRUQLUHDVLVWHPXOXLGHDYHUWL]DUH FHO5HSRUQLUHLQGLFDWRUGHUXODUH
DVXSUDSLHUGHULLGHSUHVLXQHvQSQHXUL SHSDQ"'D$QXODUH
5HDFWLYDLVLVWHPXOGHDYHUWL]DUHDVXSUDSLHU 'DFGRULLVFRQILUPDLUHDFWLYDUHD
GHULLGHSUHVLXQHvQSQHXULGDFDL
$SVDLEXWRQXO
=PRGLILFDWSUHVLXQHDvQSQHXUL
3QHXULLMDQWH
3HGLVSOD\XOPXOWLIXQFLRQDODSDUH
=vQORFXLWMDQWHOHVDXSQHXULOH XUPWRUXOPHVDM
=PRQWDWMDQWHVDXSQHXULQRL
5XQ)ODW,QGLFDWRUUHVWDUWHG
QDLQWHGHUHDFWLYDUHFRQVXOWDLWDEHOXOGH ,QGLFDWRUXOGHUXODUHSHSDQ
SHSDUWHDLQWHULRDUDFODSHWHLEXRQXOXL UHSRUQLW
UH]HUYRUXOXLSHQWUXDYDVLJXUDFSUHVLX 'XSRSHULRDGGHDXWRSURJUDPDUHVLV
QLOHvQFHOHSDWUXSQHXULVXQWVHWDWHFRUHFW WHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLSUHVLX
SHQWUXFRQGLLLOHUHVSHFWLYHGHIXQFLRQDUH QLLGLQSQHXULYDPRQLWRUL]DSUHVLXQHD
5HVSHFWDLGHDVHPHQHDQRWHOHGLQVHF VHWDWvQWRDWHFHOHSDWUXSQHXUL
LXQHDSULYLQGSUHVLXQHDvQSQHXUL 'DFGRULLVDQXODLUHDFWLYDUHD
3DJLQD
$SVDLEXWRQXO
3HULFROGHDFFLGHQW VDX
6LVWHPXOGHDYHUWL]DUHDVXSUDSLHUGHULLGHSUH $WHSWDLSkQFHPHVDMXO5HVWDUW5XQ
VLXQHGLQSQHXULSRDWHSUH]HQWDDYHUWLVPHQWH )ODW,QGLFDW"<HV&DQFHOGLVSDUH
XWLOHQXPDLGDFDLVHWDWSUHVLXQHDFRUHFW 3UHVLXQHDvQSQHXULPHPRUDWODXOWLPD
vQSQHXUL UHDFWLYDUHYDILPRQLWRUL]DWvQFRQWLQXDUH
'DFVHVHWHD]RSUHVLXQHLQFRUHFWvQ
SQHXULDFHVWHYDORULYRUILPRQLWRUL]DWH
8QSQHXFXSUHVLXQHLQVXILFLHQWDUFDX]D 6HQVGHURWDLH
LQVWDELOLWDWHDDXWRYHKLFXOXOXLvQWLPSXORID
WXOXLPULQGDVWIHOSHULFROXOGHSURGXFHUHD 3QHXULOHFXVHQVGHURWDLHVSHFLILFDWRIHU
XQXLDFFLGHQW DYDQWDMHVXSOLPHQWDUHGHH[HPSOXGDF
H[LVWULVFXODSDULLHLIHQRPHQXOXLGHDFYD
SODQDUH3XWHLEHQHILFLDGHDFHVWHDYDQWDMH
GRDUGDFUHVSHFWDLVHQVXOGHURWDLHLQGLFDW
&RPELQDLLOHGHSQHXULLMDQWH
0DUFDMXOVXEIRUPGHVJHDWGHSHWDORQXO &XUDLELQHVXSUDIHHOHGHFRQWDFWDOHMDQ
SQHXOXLLQGLFVHQVXOFRUHFWGHURWDLH WHORULGLVFXULOHGHIUkQODILHFDUHSHUPXWDUH
5RDWDGHUH]HUYGHXUJHQURDWDGHUH]HUY DURLORU9HULILFDLSUHVLXQHDvQSQHXULLGDF
SRDWHILPRQWDWFRQWUDUVHQVXOXLGHURWDLH HVWHQHFHVDUUHSRUQLLVLVWHPXOGHDYHUWL]DUH
5HVSHFWDLUHVWULFLDSULYLQGWLPSXOGHXWLOL DVXSUDSLHUGHULLGHSUHVLXQHvQSQHXUL
]DUHSUHFXPLOLPLWDUHDYLWH]HLGHGHSODVDUH
VSHFLILFDWHSHURDWDGHUH]HUYGHXUJHQ
URDWDGHUH]HUY &RPELQDLLOHGHSQHXULLMDQWH
5HLQHLXUPWRDUHOHDVSHFWH
3HUPXWDUHDURLORU 'LQPRWLYHGHVLJXUDQ0HUFHGHV%HQ]
YUHFRPDQGVXWLOL]DLQXPDLSQHXUL
3HULFROGHDFFLGHQWDUH MDQWHLDFFHVRULLFDUHDXIRVWVSHFLDODSUR
6FKLPEDLURLOHGLQIDFXFHOHGLQVSDWH EDWHSHQWUXDXWRYHKLFXOGHFWUH0HUFH
QXPDLGDFDXDFHLDLSDUDPHWULGHH[HPSOX GHV%HQ]$FHVWHSQHXULVXQWDGDSWDWHVSH
GLPHQVLXQHDGkQFLPHGHGHIRUPDUHHWF FLDOSHQWUXXWLOL]DUHDvPSUHXQFXVLVWHPH
SUHFXP$%6VDX(63LVXQWPDUFDWHGXS
9HULILFDLFXSOXOGHVWUkQJHUHDXUXEXULORU
FXPXUPHD]
GXSILHFDUHvQORFXLUHSHUPXWDUHODXQDWHOLHU
=02 0HUFHGHV%HQ]2ULJLQDO
GHVSHFLDOLWDWHDXWRUL]DWFDUHGHLQHHFKLSD
PHQWXOLFXQRWLQHOHWHKQLFHQHFHVDUH =02( 0HUFHGHV%HQ]2ULJLQDO([WHQGHG
3QHXULLMDQWH
HIHFWXULLOXFUULORU0HUFHGHV%HQ]YUHFR SQHXULFXSURSULHWLGHUXODUHSHSDQ
PDQGVDSHODLODXQ&HQWUXDXWRUL]DWGH =02 0HUFHGHV%HQ]2ULJLQDO$0*
YkQ]ULLVHUYLFH0HUFHGHV%HQ](VWHSULRUL 3QHXULOH0HUFHGHV%HQ]2ULJLQDO([WHQGHG
WDUvQFUHGLQDUHDOXFUULORUFHLPSOLFVLJX SRWILXWLOL]DWHH[FOXVLYSHMDQWHFDUHDXIRVW
UDQDLVLVWHPHOHGHVLJXUDQXQXLDWHOLHUGH VSHFLDODSUREDWHGHFWUH0HUFHGHV%HQ]
VSHFLDOLWDWHDXWRUL]DW QFD]XOXWLOL]ULLDOWRUWLSXULGHSQHXULMDQWH
XUXEXULOHGHURDWVHSRWGHVSULQGHGDFQX LDFFHVRULL0HUFHGHV%HQ]QXvLDVXP
VXQWVWUkQVHODXQFXSOXGH1P QLFLRUHVSRQVDELOLWDWHDVXSUDHYHQWXDOHORU
0HUFHGHV%HQ]UHFRPDQGFDGLQPRWLYHGH GHWHULRUUL3XWHLRELQHLQIRUPDLLVXSOL
VLJXUDQVXWLOL]DLQXPDLXUXEXULGHURDW PHQWDUHGHVSUHSQHXULMDQWHLFRPELQDLL
GHPULPHDGHFYDWFDUHDXIRVWDSUREDWH DSUREDWHvQWUHDFHVWHDGHODRULFDUHFHQWUX
SHQWUXDXWRYHKLFXOHOH0HUFHGHV%HQ] DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV
%HQ]
QIXQFLHGHFRQGLLLOHGHXWLOL]DUHSQHXULOH
URLORUGLQIDVHX]HD]vQPRGGLIHULWIDGH QFD]XOPRQWULLDOWRUWLSXULGHSQHXUL
FHOHGLQVSDWH3HUPXWDLURLOHvQDLQWHFD GHFkWFHOHWHVWDWHLUHFRPDQGDWHGH0HU
GLIHUHQLHUHDPRGHOXOXLGHX]XUVGHYLQ FHGHV%HQ]FDUDFWHULVWLFLSUHFXPPDQH
SUHDHYLGHQW3QHXULOHURLORUGLQIDVH YUDELOLWDWHDQLYHOXOGH]JRPRWLFRQVXPXO
X]HD]SUHSRQGHUHQWSHPDUJLQHDH[WHULRDU GHFDUEXUDQWSRWILDIHFWDWHQHJDWLYQSOXV
SHFkQGFHOHDOHURLORUGLQVSDWHVHX]HD] vQFD]XOFRQGXFHULLDXWRYHKLFXOXOXLFX
SHSRULXQHDFHQWUDO vQFUFWXULJUHOHYDULDLLOHGLPHQVLXQLORU
SQHXULORUSRWFDX]DLQWUDUHDORUvQFRQWDFW
/DDXWRYHKLFXOHOHFXSQHXULIDLVSDWHFX
FXFDURVHULDLFRPSRQHQWHOHSXQLORU
DFHOHDLGLPHQVLXQLURLOHSRWILvQORFXLWH
$FHVWHIHQRPHQHSRWFRQGXFHODGHWHULR
vQWUHHOHODILHFDUHNPNPvQ
UDUHDSQHXULORUVDXDDXWRYHKLFXOXOXL
IXQFLHGHJUDGXOGHX]XUDSQHXULORU1X
LQYHUVDLVHQVXOGHURWDLHDSQHXULORU G 3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHGHV
SUHSQHXULLMDQWHGHODRULFDUH&HQWUX
&RPELQDLLOHGHSQHXULLMDQWH
DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV
%HQ]
G 7DEHOXOFXYDORULOHSUHVLXQLLvQSQHXULHVWH
VLWXDWSHLQWHULRUXOFODSHWHLEXRQXOXLUH]HU
YRUXOXLGHFDUEXUDQW3HQWUXLQIRUPDLL
VXSOLPHQWDUHSULYLQGSUHVLXQHDvQSQHXUL
YH]L3DJLQD
G 1RWHSULYLQGGRWULOHDXWRYHKLFXOXOXL
(FKLSDLvQWRWGHDXQDDXWRYHKLFXOXO
=FXSQHXULGHDFHHDLGLPHQVLXQHSHR
DQXPLWSXQWHVWkQJDGUHDSWD
=FXDFHODLWLSGHSQHXULvQWUXQDQXPLW
PRPHQWSQHXULGHYDUSQHXULGHLDUQ
SQHXUL02([WHQGHG
G $XWRYHKLFXOHOHSUHY]XWHFXVLVWHPXOGH
UXODUHSHSDQ02([WHQGHGQXVXQWGRWDWH
FXWUXV7,5(),7
3ULQXUPDUHGDFDLPRQWDWSQHXULIU
SURSULHWLGHUXODUHSHSDQGHH[HPSOX
3QHXULLMDQWH
SQHXULGHLDUQYUHFRPDQGPVHFKLSDL
DXWRYHKLFXOXOFXRWUXV7,5(),7
7UXVHOH7,5(),7VXQWGLVSRQLELOHODRULFH
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWGHH[HP
SOXODFHQWUHOHDXWRUL]DWHGHYkQ]ULLVHU
YLFH0HUFHGHV%HQ]
&RPELQDLLOHGHSQHXULLMDQWH
3QHXULGHDFHOHDLGLPHQVLXQL
$PEHOHSXQL
$$$&',$&',
$$$&',
5 3QHXULSHQWUXYDU 57
3QHXULSHQWUX 5706M
LDUQ
-DQWH -[+(7
5 3QHXULSHQWUXYDU 57
3QHXULSHQWUX 5706M
LDUQ
-DQWH -[+(7
5 3QHXULSHQWUX 59
YDU
3QHXULLMDQWH
-DQWH -[+(7
$PEHOHSXQL
$$&', $7XUER
5 3QHXULSHQWUXYDU 5+ 59
3QHXULSHQWUX 5706M 5706M
LDUQ
-DQWH -[+(7 -[+(7
5 3QHXULSHQWUX 59 59
YDU
-DQWH -[+(7 -[+(7
7HKQRORJLD%OXH()),&,(1&<
/DQXULSHQWUXLDUQSHUPLVHGRDUSHQWUXDVLVWDUHDSRUQLULL
'RDUFXVXVSHQVLLVSRUW
&RPELQDLLOHGHSQHXULLMDQWH
3QHXUL02([WHQGHG
$PEHOHSXQL
7RDWHPRGHOHOH
5 3QHXULSHQWUX 5+06M02([WHQGHG
LDUQ
-DQWHGLQDOLDMXRU -[+(7
5 3QHXULSHQWUX 5902([WHQGHG
YDU
-DQWHGLQDOLDMXRU -[+(7
(FKLSDPHQW$0*
$PEHOHSXQL
7RDWHPRGHOHOH
3QHXULLMDQWH
5RDWDGHUH]HUY
QIXQFLHGHDUPRWRULMDQWHDXWRYHKLFXOXOSRDWHILHFKLSDWFXNLWXO7,5(),7RURDWGH
UH]HUYGHXUJHQ0LQLVSDUHVDXRURDWGHUH]HUY
G $XWRYHKLFXOHOHFXSQHXUL02([WHQGHGSQHXULFXSURSULHWLGHUXODUHSHSDQQXVXQW
HFKLSDWHGLQIDEULFFXNLWXO7,5(),7
3QHXULFXSURSULHWLGHUXODUHSHSDQLGRDUvPSUHXQFXVLVWHPXOGHDYHUWL]DUHDSLHUGHULLSUHVLXQLLGLQ
SQHXULDFWLYDW
1XVXQWSHQWUXMDQWHGLQRHO
'RDUFXVXVSHQVLLVSRUW
/DQXULSHQWUX]SDGSHUPLVHGRDUSHQWUXDVLVWDUHDSRUQLULL
8WLOL]DUHDODQXULORUSHQWUX]SDGQHSHUPLV
'RDUFXVXVSHQVLLVSRUW
&RPELQDLLOHGHSQHXULLMDQWH
5RDWDGHUH]HUYGHXUJHQ0LQLVSDUH
7RDWHPRGHOHOH
5 3QHXUL 750
3UHVLXQHDGLQSQHXUL EDUN3DSVL
-DQWH %[+(7
3QHXULLMDQWH
1XHVWHSHUPLVXWLOL]DUHDODQXULORUSHQWUX]SDG
'RWDUHDDXWRYHKLFXOXOXL
1RWHFXSULYLUHODGDWHOHWHKQLFH
3LHVHOHLFRPSRQHQWHOHRULJLQDOH
0HUFHGHV%HQ]
(FKLSDPHQWHOHHOHFWURQLFHDOH
DXWRYHKLFXOXOXL
3OFXHOHGHLGHQWLILFDUHDOHDXWR
YHKLFXOXOXL
)OXLGHOHGHOXFUXLFDSDFLWLOH
DIHUHQWH
'DWHOHDXWRYHKLFXOXOXL
'LPHQVLXQLOHGHGHVFKLGHUHD
FDSRWHLSRUWEDJDMXOXL
'LVSR]LWLYXOGHWUDFWDUHDUHPRUFLL
'DWHWHKQLFH
(FKLSDPHQWHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL
'RWDUHDDXWRYHKLFXOXOXL PRQWDUHVDXPRGLILFDUHQXPDLGDFVHFRQ
IRUPHD]QRUPHORUOHJDOHvQGRPHQLX7RDWH
G QDFHVWPDQXDOVXQWGHVFULVHWRDWHHFKL FRPSRQHQWHOHRULJLQDOH0HUFHGHV%HQ]UHV
SDPHQWHOHVWDQGDUGLRSLRQDOHFXFDUH SHFWDFHVWHQRUPH8WLOL]DUHDFRPSRQHQWH
HVWHGRWDWDXWRYHKLFXOXOGXPQHDYRDVWU ORUFDUHQXVXQWRPRORJDWHSRDWHDWUDJHGXS
FDUHHUDXGLVSRQLELOHvQPRPHQWXODFKL]L VLQHDQXODUHDWDORQXOXLGHvQPDWULFXODUHDO
LRQULLDFHVWXLD3RWH[LVWDGLIHUHQHvQWUH DXWRYHKLFXOXOXL$FHVWOXFUXVHSRDWHvQWkP
HFKLSDPHQWHOHGLVSRQLELOHvQGLIHULWHUL SODGDF
5HLQHLFHVWHSRVLELOFDDXWRYHKLFXOXO =UHVSHFWLYHOHFRPSRQHQWHGHWHUPLQPRGL
GXPQHDYRDVWUVQXGLVSXQGHWRDWH ILFDUHDWLSXOXLDXWRYHKLFXOXOXLDVWIHOvQFkW
IXQFLLOHGHVFULVHvQDFHVWPDQXDO$FHVW DFHVWDGLIHUGHFHOSHQWUXFDUHDIRVWHOL
IDSWHVWHYDODELOLSHQWUXVLVWHPHOHLIXQF EHUDWWDORQXOGHvQPDWULFXODUH
LLOHSULYLQGVLJXUDQD =PRGLILFULOHDGXVHUHSUH]LQWXQULVFSHQWUX
VLJXUDQDFHORUODOLSDUWLFLSDQLODWUDILF
=PRGLILFULOHDIHFWHD]QHJDWLYHPLVLLOHGH
1RWHFXSULYLUHODGDWHOHWHKQLFH QR[HL]JRPRW
8WLOL]DUHDFRPSRQHQWHORUFDUHQXVXQWRPR
G 'DWHOHWHKQLFHDXIRVWVWDELOLWHvQFRQIRU
ORJDWHSRDWHDIHFWDQHJDWLYVLJXUDQDIXQF
PLWDWHFX'LUHFWLYHOH&(7RDWHGDWHOHVH
LRQDODDXWRYHKLFXOXOXL'LQDFHVWPRWLY
DSOLFGRWULORUVWDQGDUGDOHDXWRYHKLFXOX
0HUFHGHV%HQ]UHFRPDQGXWLOL]DUHDSLHVH
OXL'LQDFHVWPRWLYHVWHSRVLELOFDGDWHOH
ORUFRPSRQHQWHORUVXSOLPHQWDUHLDFFHVR
WHKQLFHUHDOHVGLIHUHSHQWUXDXWRYHKLFX
ULLORURULJLQDOH0HUFHGHV%HQ]RPRORJDWH
OHOHFXGRWULRSLRQDOH3XWHLRELQHLQIRU
VSHFLDOSHQWUXDXWRYHKLFXO
PDLLVXSOLPHQWDUHvQDFHDVWSULYLQGHOD
'DWHWHKQLFH
RULFDUHFHQWUXDXWRUL]DWGHYkQ]ULLVHU 1RWSULYLQGSURWHFLDPHGLXOXL
YLFH0HUFHGHV%HQ] 'DLPOHU$*IXUQL]HD]GHDVHPHQHDSLHVHL
'DWHOHWHKQLFHVXQWGLVSRQLELOHSH,QWHUQHWOD DQVDPEOXULUHFRQGLLRQDWHFDUHDXDFHHDL
DGUHVDKWWSZZZPHUFHGHVEHQ]FRP FDOLWDWHFDLFRPSRQHQWHOHQRL3HQWUXDFHV
WHDVHRIHUDFHHDLJDUDQLHFDLSHQWUXSLH
VHOHQRL
3LHVHOHLFRPSRQHQWHOHRULJLQDOH
0HUFHGHV%HQ] 6SHFLILFDLvQWRWGHDXQDvQFRPHQ]LOHSHQWUX
SLHVHGHVFKLPERULJLQDOHQXPUXOGHLGHQWL
0HUFHGHV%HQ]WHVWHD]SLHVHOHFRPSRQHQ ILFDUHDODXWRYHKLFXOXOXLLVHULDPRWRUXOXL
WHOHVXSOLPHQWDUHLDFFHVRULLOHRULJLQDOHFDUH $FHVWHGDWHVXQWGLVSRQLELOHSHSOFXHOHGH
DXIRVWRPRORJDWHH[SUHVSHQWUXDXWRYHKLFXO LGHQWLILFDUHDOHDXWRYHKLFXOXOXLGHH[HPSOX
vQFHHDFHSULYHWHILDELOLWDWHDVLJXUDQDvQ 3DJLQD
IXQFLRQDUHLVIHUDGHXWLOL]DUHQFLXGDVWX
GLLORUGHSLDvQGHVIXUDUH0HUFHGHV%HQ]
QXSRDWHJDUDQWDFDOLWDWHDDOWRUSLHVH3ULQ (FKLSDPHQWHOHHOHFWURQLFHDOHDXWR
XUPDUH0HUFHGHV%HQ]QXvLDVXPQLFLR YHKLFXOXOXL
UHVSRQVDELOLWDWHvQXUPDXWLOL]ULLXQRUDVWIHO 0RGLILFDUHDHFKLSDPHQWHORUHOHFWUR
GHSLHVHODDXWRYHKLFXOXO0HUFHGHV%HQ] QLFHDOHPRWRUXOXL
FKLDUGDFDFHVWHDVXQWDSUREDWHvQPRGRIL
FLDOVDXLQGHSHQGHQW 3HULFROGHDFFLGHQW
Q*HUPDQLDVDXvQDOWHULDQXPLWHSLHVHVDX /XFUULOHDVXSUDVLVWHPHORUHOHFWURQLFHL
FRPSRQHQWHVXQWDSUREDWHRILFLDOSHQWUX FRPSRQHQWHORUDVRFLDWHWUHEXLHHIHFWXDWH
(FKLSDPHQWHOHHOHFWURQLFHDOHDXWRYHKLFXOXOXL
QXPDLODDWHOLHUHGHVSHFLDOLWDWHDXWRUL]DWH DFHVWVFRSVDSHODLODXQ&HQWUXDXWRUL]DW
FDUHGHLQFXQRWLQHOHWHKQLFHLHFKLSDPHQ GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
WHOHQHFHVDUHQDFHVWVFRS0HUFHGHV%HQ] 3XWHUHDGHHPLVLHODED]DDQWHQHLQXWUHEXLH
YUHFRPDQGVYDGUHVDLXQXL&HQWUX VGHSHDVFYDORULOHPD[LPHHQXPHUDWH
DXWRUL]DWGHYkQ]ULLVHUYLFH0HUFHGHV PDLMRV
%HQ](VWHSULRULWDUvQFUHGLQDUHDOXFUULORU
FHLPSOLFVLJXUDQDLVLVWHPHOHGHVLJXUDQ *DPDGHIUHFYHQ 3XWHUHPD[LPGH
XQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL]DWQFD] WUDQVPLVLH3($.
FRQWUDUIXQFLRQDOLWDWHDLVLJXUDQDDXWRYH 8QGHVFXUWHI :
KLFXOXOXLSRWILDIHFWDWH 0+]
/XFUULOHGHvQWUHLQHUHDVXSUDVLVWHPHORU JDPDGHIUHFYHQ :
HOHFWURQLFHDOHPRWRUXOXLLFRPSRQHQWHORU GHP
DVRFLDWHFXPDUILXQLWLOHGHFRPDQG
VHQ]RULLLFRQGXFWRDUHOHWUHEXLHHIHFWXDWH JDPDGHIUHFYHQ :
QXPDLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL]DW GHP
GHH[HPSOXODXQ&HQWUXDXWRUL]DWGH 5DGLRGHWLSWUXQ :
YkQ]ULLVHUYLFH0HUFHGHV%HQ]QFD] NLQJ7HWUD
FRQWUDUFRPSRQHQWHOHDXWRYHKLFXOXOXLVH
SRWX]DPDLUDSLGLFHUWLILFDWXOGHvQPDWUL JDPDGHIUHFYHQ :
FXODUHDODXWRYHKLFXOXOXLSRDWHILDQXODW GHFP
*60$036 :
,QVWDODUHDVWDLLORUGHHPLVLHUHFHSLH *60 :
'DWHWHKQLFH
LDWHOHIRDQHORUPRELOHHFKLSDPHQWH
UDGLR 8076 :
5HVSHFWDLVSHFLILFDLLOHWHKQLFH QFD]XOvQFDUHHFKLSDPHQWHOHFDUHWUDQVPLW
,6276GHLPSOHPHQWDUHDUHJOH SHIUHFYHQHUDGLRDXIRVWLQVWDODWHFRUHV
PHQWULLDSOLFDELOHSHQWUXWUDQVPLWRDUHOH SXQ]WRUSRWILXWLOL]DWHXUPWRDUHOHSR]LLL
5)IUHFYHQHUDGLR SHQWUXDQWHQ
QFD]XOvQFDUHDXWRYHKLFXOXOGXPQHDYRDVWU
HVWHSUHY]XWFXGLVSR]LWLYHGHFRQHFWDUHD
XQRUVWDLLGHHPLVLHUHFHSLHGHH[HPSOX
WD[LXULDXWRYHKLFXOHGHvQFKLULDWVDXDXWRYH
KLFXOHRILFLDOHXWLOL]DLVXUVHOHGHDOLPHQWDUH
VDXFRQH[LXQLOHDQWHQHORUPHQLWHVILHIROR
VLWHvPSUHXQFXFDEOXULOHGHED]/DLQVWD
ODUHUHVSHFWDLLQVWUXFLXQLOHVXSOLPHQWDUH
DOHSURGXFWRUXOXL
3HQWUXLQVWDODUHDSRVWYkQ]DUHDHFKLSD
PHQWHORUGHWUDQVPLVLHFXIUHFYHQUDGLR
DSHODLODXQDWHOLHUGHVSHFLDOLWDWHDXWRUL
]DW0HUFHGHV%HQ]YUHFRPDQGFDvQ
1XH[LVWQLFLXQIHOGHUHVWULFLLFXSULYLUHOD
SR]LLLOHDQWHQHORUvQH[WHULRUXODXWRYHKLFXOX
OXLSHQWUXXUPWRDUHOHJDPHGHIUHFYHQH
UDGLRGHWLSWUXQNLQJ7HWUDJDPGHIUHF
YHQGHFP*60$036*60
L8076
7UHEXLHUHVSHFWDWHSUHYHGHULOHOHJDOHSULYLQG
LQVWDODUHD
(FKLSDPHQWHOHFDUHWUDQVPLWSHIUHFYHQH
UDGLRFXRSXWHUHPD[LPGHWUDQVPLVLHGH
3R]LLLOHDQWHQHL P:3($.SRWILXWLOL]DWHvQDXWRYHKLFXO
C =RQDGLQIDDSODIRQXOXL
IUUHVWULFLL
D =RQDGLQVSDWHDSODIRQXOXL QFD]XOvQFDUHQXVXQWUHVSHFWDWH
LQVWUXFLXQLOHFXSULYLUHODLQVWDODUHDLXWL
$ULSVSDWH
OL]DUHDDFHVWRUHPLWRDUHUDGLRGHH[HP
$9(57,60(17 SOXJDPHOHGHIUHFYHQHDSUREDWHSXWHUHD
0RGHUQL]DUHDLQFRUHFWFXWUDQVPLWRDUH5) PD[LPLSR]LLLOHDQWHQHLFHUWLILFDWXOGH
SRDWHIDFHFDVLVWHPHOHHOHFWURQLFHDOHDXWR vQPDWULFXODUHDODXWRYHKLFXOXOXLSRDWHIL
YHKLFXOXOXLVIXQFLRQH]HLQFRUHFW6LJXUDQD DQXODW
vQIXQFLRQDUHDDXWRYHKLFXOXOXLLLPSOLFLWLD
GXPQHDYRDVWUSRWDYHDGHVXIHULW
6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV 3OFXHOHGHLGHQWLILFDUHDOHDXWRYHKL
PLVLHSULQUDGLRIUHFYHQODXQDWHOLHUGHVSH FXOXOXL
'DWHWHKQLFH
FLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]UHFR 3OFXDGHLGHQWLILFDUHDDXWRYHKLFX
PDQGVXWLOL]DLXQ&HQWUXGH6HUYLFH0HU OXOXLvPSUHXQFXQXPUXOGHLGHQWL
FHGHV%HQ]vQDFHVWVFRS ILFDUHDODXWRYHKLFXOXOXL9,1LFRGXO
YRSVHOHL
$9(57,60(17
0RGHUQL]DUHDLQFRUHFWFXWUDQVPLWRDUH5)
SRDWHJHQHUDUDGLDLLHOHFWURPDJQHWLFHVSR
ULWHvQLQWHULRUXODXWRYHKLFXOXOXL8WLOL]DUHD
XQHLDQWHQHH[WHULRDUHHVWHSHUPLVGRDU
OXkQGXVHvQFDOFXOLGH]EDWHULOHWLLQLILFH
FXUHQWHSULYLQGSRVLELOHOHULVFXULDVXSUD
VQWLLFRPSRUWDWHGHFkPSXULOHHOHFWUR
PDJQHWLFH
6ROLFLWDLLQVWDODUHDHFKLSDPHQWXOXLGHWUDQV
PLVLHSULQUDGLRIUHFYHQODXQDWHOLHUGHVSH
FLDOLWDWHDXWRUL]DW0HUFHGHV%HQ]UHFR 'HVFKLGHLSRUWLHUDGLQGUHDSWDID
PDQGVXWLOL]DLXQ&HQWUXGH6HUYLFH0HU 9HLREVHUYDSOFXDGHLGHQWLILFDUHDDXWR
FHGHV%HQ]vQDFHVWVFRS YHKLFXOXOXLC
0RGLILFULOHSULYLQGDPSODVDUHDSXWHUHDL
IUHFYHQHOHDQWHQHORUWUHEXLHVILHDSUREDWH
vQSUHDODELOGH0HUFHGHV%HQ]
3R]LLDGHLQVWDODUHUHFRPDQGDWSHODWXUDRULHQWDWVSUHSDUWHDFHQWUDODFDURVDELOXOXL
)OXLGHOHGHOXFUXLFDSDFLWLOHDIHUHQWH
'HVFKLGHLFDSRWDPRWRUXOXL
3DJLQD
9HLYHGHDQXPUXOGHLGHQWLILFDUHDODXWR
YHKLFXOXOXL9,1C
6HULDPRWRUXOXL
6HULDPRWRUXOXLHVWHJUDYDWSHFDUWHUXODFHV
WXLD3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHvQ
DFHDVWSULYLQGHODRULFDUH&HQWUXDXWRUL]DW
([HPSOXGHSOFXGHLGHQWLILFDUHDDXWRYHKLFX GHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
OXOXL
C 3OFXGHLGHQWLILFDUHDDXWRYHKLFXOXOXL
D 3URGXFWRUXODXWRYHKLFXOXOXL )OXLGHOHGHOXFUXLFDSDFLWLOHDIH
1XPUXODXWRUL]DLHLWLS8( UHQWH
1XPUXOGHLGHQWLILFDUHDDXWRYHKLFXOXOXL ,QVWUXFLXQLLPSRUWDQWHSULYLQGVLJX
9,1 UDQD
0DVDWRWDOPD[LPDGPLVDDXWRYHKL 3ULQWUHIOXLGHOHGHOXFUXVHQXPU
FXOXOXL
=FDUEXUDQLGHH[HPSOXEHQ]LQFDUEXUDQW
0DVDWUDFWDWPD[LPSHUPLV
GLHVHO
k 6DUFLQDPD[LPDGPLVSHSXQWHDID
=OXEULILDQLGHH[HPSOXXOHLXOGHPRWRU
l 6DUFLQDPD[LPDGPLVSHSXQWHDVSDWH XOHLXOGHWUDQVPLVLH
'DWHWHKQLFH
m &RGXOYRSVHOHL =OLFKLGGHUFLUH
=OLFKLGGHIUkQ
=OLFKLGGHVSODUHDSDUEUL]XOXL
1XPUXOGHLGHQWLILFDUHDODXWRYHKL
FXOXOXL9,1 0HUFHGHV%HQ]UHFRPDQGXWLOL]DUHDH[FOX
VLYDSURGXVHORUVSHFLDOWHVWDWHLRPRORJDWH
3HOkQJIDSWXOFHVWHVSHFLILFDWSHSOFXD SHQWUXDXWRYHKLFXOHOH0HUFHGHV%HQ]LSUH
GHLGHQWLILFDUHQXPUXOGHLGHQWLILFDUHDO ]HQWDWHvQFDSLWROXOFRUHVSXQ]WRUGLQ0DQXD
DXWRYHKLFXOXOXL9,1HVWHWDQDWLSHFDUR OXOGHXWLOL]DUH0HUFHGHV%HQ]GHRDUHFH
VHULH$FHVWDVHDIOSHSHUHWHOHGHVSULWRU
=SLHVHOHGHVFKLPELIOXLGHOHGHOXFUXVXQW
GLQFRPSDUWLPHQWXOPRWRUXOXL
FRPSDWLELOH
=GHWHULRUULOHSURGXVHGDWRULWXWLOL]ULLGH
IOXLGHGHOXFUXQHDSUREDWHQXVXQWDFRSH
ULWHGHJDUDQLH
3XWHLUHFXQRDWHIOXLGHOHGHOXFUX0HUFHGHV
%HQ]GXSXUPWRDUHOHLQVFULSLLDIODWHSH
UHFLSLHQWHOHDFHVWRUD
=$SUREDUH0%GHH[HPSOX$SUREDUH0%
=$SUREDUH0%GHH[HPSOX$SUREDUH0%
)OXLGHOHGHOXFUXLFDSDFLWLOHDIHUHQWH
$OWHGHQXPLULVDXUHFRPDQGULSULYLQGQLYHOXO &DSDFLWDWHDUH]HUYRUXOXL
GHFDOLWDWHVDXRVSHFLILFDLHFRQIRUPFX
QXPUXOXQHLILHWHKQLFH0%GHH[HPSOX0% &DSDFLWDWHWRWDO O
QXDXIRVWQHDSUDWDSUREDWHGH0HU
'LQFDUHFDUEXUDQWGH $SUR[LPDWLY
FHGHV%HQ]
UH]HUY O
3XWHLRELQHLQIRUPDLLVXSOLPHQWDUHvQ
DFHDVWSULYLQGHODRULFDUH&HQWUXDXWRUL]DW
GHYkQ]ULLVHUYLFH0HUFHGHV%HQ] 1XXWLOL]DLEHQ]LQSHQWUXDOLPHQWDUHD
DXWRYHKLFXOHORUFXPRWRUGLHVHO1XXWLOL]DL
3HULFROGHUQLUH FDUEXUDQWGLHVHOSHQWUXDOLPHQWDUHDDXWR
&kQGPDQHYUDLGHSR]LWDLVDXvQGHSUWDLGH YHKLFXOHORUFXPRWRUSHEHQ]LQ1XDPHV
RULFHWLSGHOLFKLGHGHOXFUXYUXJPVUHV WHFDLFDUEXUDQWGLHVHOFXEHQ]LQ&KLDUL
SHFWDLOHJLVODLDGLQGRPHQLXSHQWUXDQXY FDQWLWLOHUHGXVHGLQWLSXOGHFDUEXUDQW
SXQHvQSHULFROSHGXPQHDYRDVWULSHFHL QHFRUHVSXQ]WRUFDX]HD]GHWHULRUDUHD
ODOL VLVWHPXOXLGHLQMHFLH'HIHFLXQLOHSURYR
3VWUDLFRQVXPDELOHOHSHQWUXDXWRYHKLFXOvQ FDWHGHDOLPHQWDUHDFXFDUEXUDQWQHDGHF
DIDUDDFFHVXOXLFRSLLORU YDWQXVXQWDFRSHULWHGHJDUDQLH
3HQWUXDYSURWHMDVQWDWHDQXSHUPLWHL ,QIRUPDLLVXSOLPHQWDUHSULYLQGDOLPHQWDUHDL
FRQWDFWXODFHVWRUSURGXVHFXRFKLLVDXUQLOH WLSXULOHGHFDUEXUDQW3DJLQD
GHVFKLVH&RQVXOWDLLPHGLDWXQPHGLFvQFD]XO
LQJHUULLRULFUXLOLFKLGGHOXFUX 1RWHSULYLQGFRQVXPXOGHFDUEXUDQW
$XWRYHKLFXOXOYDFRQVXPDPDLPXOWFDUEXUDQW
,QGLFDLHSULYLQGPHGLXODPELDQW
GHFkWvQPRGQRUPDOvQXUPWRDUHOHVLWXDLL
6FRDWHLGLQX]GHHXULOHLPDWHULDOHOHFRQ
'DWHWHKQLFH
=ODWHPSHUDWXULIRDUWHVF]XWH
VXPDELOHLQkQGFRQWGHPHGLX
=vQWUDILFXOXUEDQ
=vQWLPSXOFOWRULLORUVFXUWH
&DUEXUDQWXO =ODWUDFWDUHDXQHLUHPRUFL
=SHWUDVHHPRQWDQH
1RWHLPSRUWDQWHSULYLQGVLJXUDQD
G 1XPDLSHQWUXDQXPLWHULYDORULOH
3HULFROGHH[SOR]LH FXUHQWHDOHFRQVXPXOXLLHPLVLLORUDXWRYH
&DUEXUDQWXOHVWHH[WUHPGHLQIODPDELO)XPD KLFXOXOXLVXQWGLVSRQLELOHvQGRFXPHQWHOH
WXOXWLOL]DUHDIRFXOXLLDIOFULORUGHVFKLVH &2&&(57,),&$78/'(&21)250,7$7(
VXQWLQWHU]LVHvQWLPSXOPDQLSXOULLFDUEXUDQ &($FHVWHGRFXPHQWHYVXQWIXUQL]DWH
WXOXL vPSUHXQFXDXWRYHKLFXOXO
2SULLPRWRUXOvQDLQWHGHUHDOLPHQWDUH 9DORULOHFRQVXPXOXLSHQWUXDXWRYHKLFXOHFH
UHVSHFWVWDQGDUGXOGHHPLVLL(852DX
3HULFROGHUQLUH IRVWGHWHUPLQDWHvQFRQIRUPLWDWHFX'LUHF
1XDWLQJHLFDUEXUDQWXO WLYD8(&((vQWLPSFHYDORULOH
&RQWDFWXOGLUHFWDOFDUEXUDQWXOXLFXSLHOHDVDX SHQWUXDXWRYHKLFXOHOHFHUHVSHFWVWDQGDU
LQKDODUHDYDSRULORUGXQHD]VQWLL GXO(852VDXXQXOVXSHULRUDXIRVWGHWHU
PLQDWHFRQIRUP5HJXODPHQWXOXL&(QU
vQDPEHOHFD]XULSHED]DYHU
VLXQLLvQYLJRDUHQFRQGLLLQRUPDOHGH
IXQFLRQDUHSRWDSUHDGHYLHULGHODDFHVWH
YDORUL
)OXLGHOHGHOXFUXLFDSDFLWLOHDIHUHQWH
1XXWLOL]DLDGLWLYLVSHFLDOLGHRDUHFHDFH LQGLFDWSHUHFLSLHQWXOXOHLXOXLLHVWHLQGLFDW
WLDSRWGXFHODDSDULLDXQRUGHIHFLXQLL SULQLQVFULSLD$SUREDWGH0%LSULQGHQX
GHWHULRUULDOHPRWRUXOXL'DXQHOHSURYR PLUHDFRUHVSXQ]WRDUHGHH[HPSOX$SUR
FDWHGHXWLOL]DUHDXQRUDVWIHOGHDGLWLYLQX EDUH0%
VXQWDFRSHULWHGHJDUDQLD0HUFHGHV%HQ] 7DEHOXOLQGLFXOHLXULOHGHPRWRUDSUREDWH
SHQWUXDXWRYHKLFXOXOGXPQHDYRDVWU
1RWSULYLQGSURWHFLDPHGLXOXL
&2GLR[LGXOGHFDUERQHVWHXQJD]FRQVL 0RWRDUHSHEHQ]LQ $SUREDUH0%
GHUDWGHFRPXQLWDWHDWLLQLILFFDILLQGUHV
$
SRQVDELOvQFHDPDLPDUHPVXUGHvQFO]LUHD
$
JOREDOHIHFWXOGHVHU(PLVLLOHGH&2DOH
DXWRYHKLFXOXOXLGXPQHDYRDVWUYDULD]SUR $
SRULRQDOFXFRQVXPXOGHFDUEXUDQWLSULQ $
XUPDUHSRWILLQIOXHQDWHGH $
=XWLOL]DUHDHILFLHQWDFDUEXUDQWXOXLGHFWUH $785%2
PRWRU
=VWLOXOGHFRQGXFHUH
=DOLIDFWRULQRQWHKQLFLFXPDUILLQIOXHQHOH
0RWRDUHGLHVHO $SUREDUH0%
PHGLXOXLLFRQGLLLOHGHGUXP $XWRYHKLFXOHIUILOWUXGHSDUWLFXOHGLH
3XWHLFRQWULEXLODPLFRUDUHDHPLVLLORUGH VHO
&2FRQGXFkQGFXDWHQLHLHIHFWXkQGOD
$&',
WLPSUHYL]LLOHWHKQLFHSHULRGLFHLRSHUDLXQLOH
$&',
GHvQWUHLQHUHDDXWRYHKLFXOXOXL
'DWHWHKQLFH
$&',
$&',
8OHLXOGHPRWRU
$XWRYHKLFXOHFXILOWUXGHSDUWLFXOHGLH
5HLQHLXUPWRDUHOHDVSHFWH VHO
&DOLWDWHDXOHLXOXLGHPRWRUHVWHXQIDFWRU $&',
HVHQLDOSHQWUXEXQDIXQFLRQDUHDPRWRUXOXL $&',
LSUHOXQJLUHDGXUDWHLGHXWLOL]DUHDDFHVWXLD $&',
'XSWHVWHULJXURDVH0HUFHGHV%HQ]DSURE
$&',
XOHLXULGHPRWRUFDUHFRUHVSXQGVWDQGDUGHORU
WHKQLFHDFWXDOH
3ULQXUPDUHSHQWUXPRWRDUHOH0HUFHGHV 3XWHLDFFHVDRSUH]HQWDUHJHQHUDODXOHLX
%HQ]SRWILXWLOL]DWHGRDUXOHLXULGHPRWRU ULORUGHPRWRUDSUREDWHSH,QWHUQHWODDGUHVD
DSUREDWHGH0HUFHGHV%HQ] KWWSEHYRPHUFHGHVEHQ]FRPLQWURGX
FkQGGHQXPLUHDSURGXVXOXLGHH[HPSOX
,QIRUPDLLVXSOLPHQWDUHSULYLQGXOHLXULOHGH
PRWRUWHVWDWHLRPRORJDWHSRWILRELQXWHGH
ODRULFDUH&HQWUXDXWRUL]DWGHYkQ]ULLVHU
YLFH0HUFHGHV%HQ]0HUFHGHV%HQ]UHFR
PDQGUHDOL]DUHDVFKLPEXULORUGHXOHLODXQ
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH
GHV%HQ]$SUREDUHD0HUFHGHV%HQ]HVWH
%OXH()),&,(1&<
'RDUSHQWUXDQXPLWHUL
)OXLGHOHGHOXFUXLFDSDFLWLOHDIHUHQWH
G 'DFXOHLXULOHGHPRWRUSUH]HQWDWHvQ &RQVXOWDLWDEHOXOGHPDLMRVSHQWUXDYDVL
WDEHOQXVXQWGLVSRQLELOHSXWHLDGXJD JXUDFXWLOL]DLFODVLILFDUHD6$(YkVFR]LWDWH
PD[LPOGLQXUPWRDUHOHXOHLXULGHPRWRU DGHFYDWSHQWUXWHPSHUDWXULOHVSHFLILFH
RVLQJXUGDWSkQODXUPWRUXOVFKLPE UHJLXQLLvQFDUHHVWHXWLOL]DWDXWRYHKLFXOXO
GHXOHL 3URSULHWLOHODWHPSHUDWXULMRDVHDOHXOHLXUL
=DXWRYHKLFXOHFXPRWRUSHEHQ]LQ$SUR ORUGHPRWRUSRWILDIHFWDWHVHPQLILFDWLYvQ
EDUHD0%VDX$&($$ WLPSXOIXQFLRQULGHH[HPSOXGHX]XULGH
GHSXQHULOHGHFDODPLQLFDUEXUDQW3ULQ
=DXWRYHKLFXOHFXPRWRUGLHVHO$SUREDUHD
XUPDUHUHFRPDQGPUHVSHFWDUHDLQWHUYDOH
0%VDX$&($& ORUSHQWUXVFKLPEXOGHXOHLXWLOL]kQGXQXOHL
GHPRWRUDSUREDWFXFODVLILFDUHD6$(DGHF
&DSDFLWL YDW
8UPWRDUHOHYDORULVHUHIHUODVFKLPEDUHD
XOHLXOXLLDILOWUXOXLGHXOHL
0RGHOGHDXWRYHKL &DQWLWDWHGHvQOR
FXO FXLWFXILOWUXGH
XOHL
$ O
$
$
$
$
'DWHWHKQLFH
$785%2
/LFKLGXOGHIUkQ
$&', O
3HULFROGHDFFLGHQW
$&',
/LFKLGXOGHIUkQDEVRDUEHSHUPDQHQWXPH
$&', O ]HDODGLQDHUDFHVWOXFUXGHWHUPLQFRERUk
$&', UHDSXQFWXOXLGHILHUEHUHDODFHVWXLD
'DFSXQFWXOGHILHUEHUHDOLFKLGXOXLGHIUkQ
$GLWLYLSHQWUXOXEULILDQL HVWHSUHDUHGXVHVWHSRVLELODFXPXODUHDGH
YDSRULvQLQWHULRUXOVLVWHPXOXLGHIUkQDUHOD
1XDPHVWHFDLDGLWLYLSHQWUXOXEULILDQLFX XWLOL]DUHDLQWHQVDIUkQHORUGHH[HPSOXOD
XOHLXOGHPRWRU$FHVWOXFUXSRDWHGHWHULRUD GHSODVDUHDvQSRULXQLH[WLQVHGHSDQW
PRWRUXO'DXQHOHSURYRFDWHGHXWLOL]DUHD $FHVWIHQRPHQGLPLQXHD]HILFLHQDVLVWHPX
XQRUDVWIHOGHDGLWLYLQXVXQWDFRSHULWHGH OXLGHIUkQDUH
JDUDQLD0HUFHGHV%HQ] 6FKLPEDLOLFKLGXOGHIUkQODLQWHUYDOHUHJX
ODWH,QWHUYDOHOHGHVFKLPEDUHDOLFKLGXOXLGH
9kVFR]LWDWHDXOHLXOXLGHPRWRU IUkQVXQWVSHFLILFDWHvQ&DLHWXOGH6HUYLFH
9kVFR]LWDWHDGHVFULHFDUDFWHULVWLFLOHGHFXU
8WLOL]DLQXPDLOLFKLGGHIUkQDSUREDWGH0HU
JHUHDOHIOXLGXOXL'DFXQXOHLGHPRWRUDUH
FHGHV%HQ]3XWHLRELQHLQIRUPDLLVXSOL
RYkVFR]LWDWHULGLFDWDFHVWOXFUXvQVHDPQ
PHQWDUHUHIHULWRDUHODOLFKLGHOHGHIUkQGHOD
FHVWHGHQVYkVFR]LWDWHDUHGXVvQVHDPQ
FXOHLXOHVWHPDLSXLQGHQV
%OXH()),&,(1&<
'DWHOHDXWRYHKLFXOXOXL
RULFDUH&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH &RQFHQWUDLDGHDQWLJHODJHQWDQWLFRUR]LXQH
0HUFHGHV%HQ] vQVLVWHPXOGHUFLUHWUHEXLH
G 'HUHJXOvQFRPSDUWLPHQWXOPRWRUXOXL =VILHGHFHOSXLQ$FHVWDPHVWHFYD
VHDIORQRWGHVWLQDWVYUHDPLQWHDVF SURWHMDVLVWHPXOGHUFLUHvPSRWULYDvQJKH
GDWDXUPWRDUHLvQORFXLULDOLFKLGXOXLGH XOXLSkQODWHPSHUDWXULGH
IUkQ =VQXGHSHDVFSURWHFLHvPSRWULYD
vQJKHXOXLSkQODWHPSHUDWXULGH
vQFD]FRQWUDUGLVLSDUHDFOGXULLYDILPDL
/LFKLGXOGHUFLUH SXLQHILFLHQW
1RWHLPSRUWDQWHSULYLQGVLJXUDQD 'DFDXWRYHKLFXOXODSLHUGXWOLFKLGGHUFLUH
DGXJDLDSLDJHQWDQWLJHODQWLFRUR]LXQH
/LFKLGXOGHUFLUHFRQVWGLQWUXQDPHVWHFGH vQFDQWLWLHJDOH0HUFHGHV%HQ]UHFRPDQG
DSLDJHQWDQWLJHODQWLFRUR]LXQH$FHVWD XWLOL]DUHDvQDFHVWVFRSDXQXLDJHQWDQWLJHO
vQGHSOLQHWHXUPWRDUHOHIXQFLL DQWLFRUR]LXQHDSUREDWSHQWUXDXWRYHKLFXOHOH
=SURWHFLHDQWLFRUR]LXQH 0HUFHGHV%HQ]
=SURWHFLHDQWLvQJKH 6LVWHPXOGHUFLUHFRQLQHRUH]HUYFDUH
=FUHWHUHDSXQFWXOXLGHILHUEHUH WUHEXLHvQORFXLWGXSDQLVDXFHOPDL
WkU]LXGXSSDUFXUJHUHDDGHNP
G /DOLYUDUHDDXWRYHKLFXOXOXLDFHVWDHVWH
*DUDQLDHVWHYDODELOGRDUGDFDGXJDL
DOLPHQWDWFXXQOLFKLGGHUFLUHFDUHJDUDQ
DJHQWDQWLJHODQWLFRUR]LXQHDSUREDWGH
WHD]SURWHFLDvPSRWULYDvQJKHXOXLLFRUR
0HUFHGHV%HQ]LGDFHVWHUHVSHFWDW
]LXQLL
UDSRUWXOGHDPHVWHFUHFRPDQGDW
$GXJDLQXPDLOLFKLGGHUFLUHDPHVWHFDW
'DWHWHKQLFH
vQSUHDODELOFXFDQWLWDWHDGRULWGHDJHQW
DQWLJHOQFD]FRQWUDUH[LVWSRVLELOLWDWHD 'DWHOHDXWRYHKLFXOXOXL
GHWHULRUULLPRWRUXOXL
'DWHOHDXWRYHKLFXOXOXL$
,QIRUPDLLVXSOLPHQWDUHFXSULYLUHODOLFKLGXO
GHUFLUHLODDOLPHQWDUHSRWILRELQXWH 'LPHQVLXQLOHDXWRYHKLFXOXOXL
FRQVXOWkQG6SHFLILFDLLOH0HUFHGHV%HQ]
SHQWUX)OXLGHOHGHOXFUX)LD0%QXPUXO /XQJLPHDDXWRYH PP
GHH[HPSOXSH,QWHUQHWOD KLFXOXOXL(&(
KWWSEHYRPHUFHGHVEHQ]FRP3XWHL
/LPHDDXWRYHKL PP
FRQVXOWDGHDVHPHQHDXQ&HQWUXDXWRUL
FXOXOXLLQFOXVLY
]DWGHYkQ]ULLVHUYLFH0HUFHGHV%HQ]
RJOLQ]LOHH[WH
8WLOL]DLvQWRWGHDXQDXQDPHVWHFGHOLFKLG ULRDUH
GHUFLUHDGHFYDWFKLDULvQULOHFXFOLP
IRDUWHFDOG QOLPHDDXWRYH PP
KLFXOXOXL
QFD]FRQWUDUVLVWHPXOGHUFLUHQXYDIL
SURWHMDWVXILFLHQWvPSRWULYDFRUR]LXQLLLDU $PSDWDPHQWXO PP
SXQFWXOGHILHUEHUHYDILSUHDFRERUkW
'DFDQWLJHOXODJHQWXODQWLFRUR]LXQHHVWH
SUH]HQWvQFRQFHQWUDLDFRUHFWSXQFWXOGH
ILHUEHUHDOOLFKLGXOXLGHUFLUHVHYDVLWXDvQ
MXUXOWHPSHUDWXULLGH
'DWHOHDXWRYHKLFXOXOXL
0DVHOHDXWRYHKLFXOXOXL 'LPHQVLXQLOHDXWRYHKLFXOXOXL
0DVDSURSULHvQFRQIRUPLWDWHFX'LUHF QOLPHDDXWRYH PP
WLYD&(WUDQVPLVLHPDQXDO KLFXOXOXL
/LPX]LQ $PSDWDPHQWXO PP
&RXSp
0DVHOHDXWRYHKLFXOXOXL
0DVDSURSULHvQFRQIRUPLWDWHFX'LUHF
WLYD&(FXVLVWHP$8727521,& 0DVDSURSULHFRQIRUPGLUHFWLYHL8(
/LPX]LQ /LPX]LQ
&RXSp &RXSp
0DVDSURSULHLQFOXGHPDVDRIHUXOXL 0DVDSURSULHLQFOXGHPDVDRIHUXOXL
NJEDJDMXONJLPDVDWXWXURUOLFKL NJEDJDMXONJLPDVDWXWXURUOLFKL
GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ
(OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ (OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ
PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU
FLQDXWLOPD[LP FLQDXWLOPD[LP
6DUFLQDPD[LP NJ 6DUFLQDPD[LP NJ
SHSODIRQ SHSODIRQ
6DUFLQDPD[LPD NJ 6DUFLQDPD[LPD NJ
'DWHWHKQLFH
SRUWEDJDMXOXL SRUWEDJDMXOXL
,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH ,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH
JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH
KLFXOXOXL3DJLQD KLFXOXOXL3DJLQD
'DWHOHDXWRYHKLFXOXOXL$%OXH() 'DWHOHDXWRYHKLFXOXOXL$
),&,(1&<
'LPHQVLXQLOHDXWRYHKLFXOXOXL
'LPHQVLXQLOHDXWRYHKLFXOXOXL
/XQJLPHDDXWRYH PP
/XQJLPHDDXWRYH PP KLFXOXOXL(&(
KLFXOXOXL(&(
/LPHDDXWRYHKL PP
/LPHDDXWRYHKL PP FXOXOXLLQFOXVLY
FXOXOXLLQFOXVLY RJOLQ]LOHH[WH
RJOLQ]LOHH[WH ULRDUH
ULRDUH
QOLPHDDXWRYH PP
KLFXOXOXL
$PSDWDPHQWXO PP
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
'DWHOHDXWRYHKLFXOXOXL
0DVHOHDXWRYHKLFXOXOXL 'LPHQVLXQLOHDXWRYHKLFXOXOXL
0DVDSURSULHFRQIRUPGLUHFWLYHL8( QOLPHDDXWRYH PP
WUDQVPLVLHPDQXDO KLFXOXOXL
/LPX]LQ $PSDWDPHQWXO PP
&RXSp
0DVHOHDXWRYHKLFXOXOXL
0DVDSURSULHFRQIRUPGLUHFWLYHL8(FX
VLVWHP$8727521,& 0DVDSURSULHFRQIRUPGLUHFWLYHL8(
/LPX]LQ /LPX]LQ
&RXSp &RXSp NJ
0DVDSURSULHLQFOXGHPDVDRIHUXOXL 0DVDSURSULHLQFOXGHPDVDRIHUXOXL
NJEDJDMXONJLPDVDWXWXURUOLFKL NJEDJDMXONJLPDVDWXWXURUOLFKL
GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ
(OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ (OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ
PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU
FLQDXWLOPD[LP FLQDXWLOPD[LP
6DUFLQDPD[LP NJ 6DUFLQDPD[LP NJ
SHSODIRQ SHSODIRQ
6DUFLQDPD[LPD NJ 6DUFLQDPD[LPD NJ
'DWHWHKQLFH
SRUWEDJDMXOXL SRUWEDJDMXOXL
,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH ,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH
JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH
KLFXOXOXL3DJLQD KLFXOXOXL3DJLQD
'DWHOHDXWRYHKLFXOXOXL$%OXH() 'DWHOHDXWRYHKLFXOXOXL$
),&,(1&<
'LPHQVLXQLOHDXWRYHKLFXOXOXL
'LPHQVLXQLOHDXWRYHKLFXOXOXL
/XQJLPHDDXWRYH PP
/XQJLPHDDXWRYH PP KLFXOXOXL(&(
KLFXOXOXL(&(
/LPHDDXWRYHKL PP
/LPHDDXWRYHKL PP FXOXOXLLQFOXVLY
FXOXOXLLQFOXVLY RJOLQ]LOHH[WH
RJOLQ]LOHH[WH ULRDUH
ULRDUH
QOLPHDDXWRYH PP
KLFXOXOXL
$PSDWDPHQWXO PP
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
'DWHOHDXWRYHKLFXOXOXL
0DVHOHDXWRYHKLFXOXOXL 0DVHOHDXWRYHKLFXOXOXL
0DVDSURSULHFRQIRUPGLUHFWLYHL8( 0DVDSURSULHFRQIRUPGLUHFWLYHL8(
WUDQVPLVLHPDQXDO WUDQVPLVLHPQXDO
/LPX]LQ /LPX]LQ
&RXSp &RXSp
0DVDSURSULHFRQIRUPGLUHFWLYHL8(FX 0DVDSURSULHFRQIRUPGLUHFWLYHL8(FX
VLVWHP$8727521,& VLVWHP$8727521,&
/LPX]LQ /LPX]LQ
&RXSp &RXSp
0DVDSURSULHLQFOXGHPDVDRIHUXOXL 0DVDSURSULHLQFOXGHPDVDRIHUXOXL
NJEDJDMXONJLPDVDWXWXURUOLFKL NJEDJDMXONJLPDVDWXWXURUOLFKL
GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ
(OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ (OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ
PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU
FLQDXWLOPD[LP FLQDXWLOPD[LP
6DUFLQDPD[LP NJ 6DUFLQDPD[LP NJ
SHSODIRQ SHSODIRQ
6DUFLQDPD[LPD NJ 6DUFLQDPD[LPD NJ
'DWHWHKQLFH
SRUWEDJDMXOXL SRUWEDJDMXOXL
,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH ,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH
JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH
KLFXOXOXL3DJLQD KLFXOXOXL3DJLQD
'DWHOHDXWRYHKLFXOXOXL$7XUER 'DWHOHDXWRYHKLFXOXOXL$&',
'LPHQVLXQLOHDXWRYHKLFXOXOXL 'LPHQVLXQLOHDXWRYHKLFXOXOXL
/XQJLPHDDXWRYH PP /XQJLPHDDXWRYH PP
KLFXOXOXL(&( KLFXOXOXL(&(
/LPHDDXWRYHKL PP /LPHDDXWRYHKL PP
FXOXOXLLQFOXVLY FXOXOXLLQFOXVLY
RJOLQ]LOHH[WH RJOLQ]LOHH[WH
ULRDUH ULRDUH
QOLPHDDXWRYH PP QOLPHDXWRYHKL PP
KLFXOXOXL FXOXO
$PSDWDPHQWXO PP $PSDWDPHQWXO PP
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
'DWHOHDXWRYHKLFXOXOXL
0DVHOHDXWRYHKLFXOXOXL 0DVHOHDXWRYHKLFXOXOXL
0DVDSURSULHFRQIRUPGLUHFWLYHL8( 0DVDSURSULHFRQIRUPGLUHFWLYHL8(
/LPX]LQ /LPX]LQ
&RXSp &RXSp
0DVDSURSULHLQFOXGHPDVDRIHUXOXL 0DVDSURSULHLQFOXGHPDVDRIHUXOXL
NJEDJDMXONJLPDVDWXWXURUOLFKL NJEDJDMXONJLPDVDWXWXURUOLFKL
GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ
(OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ (OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ
PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU
FLQDXWLOPD[LP FLQDXWLOPD[LP
6DUFLQDPD[LP NJ 6DUFLQDPD[LP NJ
SHSODIRQ SHSODIRQ
6DUFLQDPD[LPD NJ 6DUFLQDPD[LPD NJ
SRUWEDJDMXOXL SRUWEDJDMXOXL
,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH ,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH
JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH
KLFXOXOXL3DJLQD KLFXOXOXL3DJLQD
'DWHOHDXWRYHKLFXOXOXL$&', 'DWHOHDXWRYHKLFXOXOXL$&',
'DWHWHKQLFH
%OXH()),&,(1&<
'LPHQVLXQLOHDXWRYHKLFXOXOXL
'LPHQVLXQLOHDXWRYHKLFXOXOXL
/XQJLPHDDXWRYH PP
/XQJLPHDDXWRYH PP KLFXOXOXL(&(
KLFXOXOXL(&(
/LPHDDXWRYHKL PP
/LPHDDXWRYHKL PP FXOXOXLLQFOXVLY
FXOXOXLLQFOXVLY RJOLQ]LOHH[WH
RJOLQ]LOHH[WH ULRDUH
ULRDUH
QOLPHDDXWRYH PP
QOLPHDDXWRYH PP KLFXOXOXL
KLFXOXOXL/LPX]LQ
$PSDWDPHQWXO PP
QOLPHDDXWRYH PP
KLFXOXOXL&RXSp
$PSDWDPHQWXO PP
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
'DWHOHDXWRYHKLFXOXOXL
0DVHOHDXWRYHKLFXOXOXL 0DVHOHDXWRYHKLFXOXOXL
0DVDSURSULHFRQIRUPGLUHFWLYHL8( 0DVDSURSULHFRQIRUPGLUHFWLYHL8(
WUDQVPLVLHPDQXDO WUDQVPLVLHPDQXDO
/LPX]LQ /LPX]LQ
&RXSp &RXSp
0DVDSURSULHFRQIRUPGLUHFWLYHL8(FX 0DVDSURSULHFRQIRUPGLUHFWLYHL8(FX
VLVWHP$8727521,& VLVWHP$8727521,&
/LPX]LQ /LPX]LQ
&RXSp &RXSp
0DVDSURSULHLQFOXGHPDVDRIHUXOXL 0DVDSURSULHLQFOXGHPDVDRIHUXOXL
NJEDJDMXONJLPDVDWXWXURUOLFKL NJEDJDMXONJLPDVDWXWXURUOLFKL
GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ GHORUUH]HUYRUXOGHFDUEXUDQWSOLQ
(OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ (OHPHQWHOHGHGRWDUHRSLRQDOVHDGDXJ
PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU PDVHLSURSULLDDXWRYHKLFXOXOXLLUHGXFVDU
FLQDXWLOPD[LP FLQDXWLOPD[LP
6DUFLQDPD[LP NJ 6DUFLQDPD[LP NJ
SHSODIRQ SHSODIRQ
6DUFLQDPD[LPD NJ 6DUFLQDPD[LPD NJ
'DWHWHKQLFH
SRUWEDJDMXOXL SRUWEDJDMXOXL
,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH ,QIRUPDLLPDLH[DFWHFXSULYLUHODPDVHVH
JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH JVHVFSHSOFXDGHLGHQWLILFDUHDDXWRYH
KLFXOXOXL3DJLQD KLFXOXOXL3DJLQD
'DWHOHDXWRYHKLFXOXOXL$&',
'LPHQVLXQLOHDXWRYHKLFXOXOXL
/XQJLPHDDXWRYH PP
KLFXOXOXL(&(
/LPHDDXWRYHKL PP
FXOXOXLLQFOXVLY
RJOLQ]LOHH[WH
ULRDUH
QOLPHDDXWRYH PP
KLFXOXOXL
$PSDWDPHQWXO PP
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
9DORULOHOLSVQXHUDXGLVSRQLELOHODPRPHQWXOWLSULULLPDQXDOXOXL
'LVSR]LWLYXOGHWUDFWDUHDUHPRUFLL
'LPHQVLXQLOHGHGHVFKLGHUHDFDSRWHL 'DFPRQWDLXQGLVSR]LWLYGHWUDFWDUHvQ
SRUWEDJDMXOXL IXQFLHGHWLSXODXWRYHKLFXOXOXLVHSRW
LPSXQHPRGLILFULDOHVLVWHPXOXLGHUFLUH
'HDVHPHQHDUHVSHFWDLSXQFWHOHGHDQFR
UDUHGHSHDVLX
'DFPRQWDLXOWHULRUXQGLVSR]LWLYGH
WUDFWDUHIUDvQORFXLYHQWLODWRUXOUDGLDWR
UXOXLHOHFWULFLFRPSRQHQWHOHVLVWHPXOXLGH
UFLUHVDUFLQDWRWDOGHWUDFWDUHFXLIU
IUkQHPDVDUHPRUFLLSOXVvQFUFWXUDDFHV
WHLDHVWHUHGXVODPD[LPNJQFD]XO
vQFDUHDFHDVWYDORDUHHVWHGHSLW
PRWRUXODXWRYHKLFXOXOXLSRDWHILGHWHULRUDW
C QOLPHGHGHVFKLGHUH $VWIHOGHGHIHFWHQXVXQWDFRSHULWHGH
D 6SDLXPD[LPGHDVXSUDFDSXOXL JDUDQLH3ULQXUPDUHUHVSHFWDLvQWRW
GHDXQDVDUFLQDPD[LPGHWUDFWDUHPD[
C D NJ
'DWHWHKQLFH
G 9DORULOHPHQLRQDWHSRWGLIHULGHYDORULOH
UHDOHvQIXQFLHGHSQHXULOHXWLOL]DWHJUDGXO
GHvQFUFDUHDDXWRYHKLFXOXOXLHFKLSDPHQ
WHOHRSLRQDOHLVWDUHDVXVSHQVLHL
'LVSR]LWLYXOGHWUDFWDUHDUHPRUFLL
'LPHQVLXQLGHLQVWDODUH
3HULFROGHDFFLGHQW
0RQWDLGLVSR]LWLYXOGHWUDFWDUHQXPDLODXQ
DWHOLHUGHVSHFLDOLWDWHDXWRUL]DWFDUHGHLQH
HFKLSDPHQWXOLFXQRWLQHOHWHKQLFHQHFH 3XQFWHGHDQFRUDUHDGLVSR]LWLYXOXLGHWUDFWDUH
VDUHHIHFWXULLOXFUULORUQDFHVWVFRS0HU C 3XQFWHGHDQFRUDUH
FHGHV%HQ]YUHFRPDQGVDSHODLODXQ D 'LPHQVLXQHvQFRQVRO
&HQWUXDXWRUL]DWGHYkQ]ULLVHUYLFH0HUFH /LQLDFHQWUDOSXQWHVSDWH
GHV%HQ](VWHSULRULWDUvQFUHGLQDUHD
OXFUULORUFHLPSOLFVLJXUDQDLVLVWHPHOHGH 'LPHQVLXQHDvQFRQVROSHQWUXGLVSR]LWLYHOH
VLJXUDQXQXLDWHOLHUGHVSHFLDOLWDWHDXWRUL GHWUDFWDUHLQVWDODWHGLQIDEULFHVWHGH
]DW PP
'LVSR]LWLYXOGHWUDFWDUHDUHPRUFLL
6DUFLQLOHUHPRUFLL
IUkQH
6DUFLQPD[LPDGPLV NJ NJ NJ
SHQWUXUHPRUFIUIUkQH
6DUFLQDPD[LPDGPLV NJ NJ NJ
SHFXSODMXOGHWUDFWDUH
6DUFLQDPD[LPDGPLV NJ NJ NJ
SHSXQWHDVSDWHDDXWRYH
KLFXOXOXLODWUDFWDUHDXQHL
UHPRUFL
%OXH()),&,(1&<
/DXQXQJKLGHDWDFGHODSRUQLUHDGHSHORFvQUDPS
6DUFLQDSHFkUOLJXOGHUHPRUFDUHQXHVWHLQFOXVvQVDUFLQDUHPRUFLL
'DWHSULYLQGSXEOLFDUHD
,QWHUQHW
,QIRUPDLLVXSOLPHQWDUHGHVSUHDXWRYHKLFX
OHOH0HUFHGHV%HQ]LGHVSUH'DLPOHU$*
VXQWGLVSRQLELOHvQFDGUXOXUPWRDUHORUZHE
VLWHXUL
KWWSZZZPHUFHGHVEHQ]FRP
KWWSZZZGDLPOHUFRP
%LURXOHGLWRULDO
3XWHLWULPLWHRULFHvQWUHEULVDXVXJHVWLLUHIH
ULWRDUHODDFHVWPDQXDOHFKLSHLGHUHGDFWDUH
DGRFXPHQWDLHLWHKQLFHODXUPWRDUHD
DGUHV
'DLPOHU$*+3&5
'6WXWWJDUW*HUPDQLD
(VWHLQWHU]LVUHWLSULUHDWUDGXFHUHDVDX
RULFHDOWWLSGHUHSURGXFHUHLQWHJUDOVDXSDU
LDOIUSHUPLVLXQHVFULVGLQSDUWHD'DLP
OHU$*
'DWDHGLLHL
q1st